Un caso exitoso de negociación diplomática: el reconocimiento de la República Popular China. Bonilla Saus, Javier Universidad ORT Uruguay Da Ronch, Diego Universidad ORT Uruguay Castro, Guzmán Universidad ORT Uruguay Brum, Pablo Universidad ORT Uruguay Noviembre 2007 Abstract Desde la división de China entre el gobierno de Taipei y el de la República Popular, en 1949, el Uruguay mantuvo relaciones diplomáticas con el primero. Para 1985, nuestro país era uno de los pocos del mundo que no tenía relaciones con el gigante asiático continental. Tras casi tres años de gestión diplomática, el tres de febrero de 1988, el Uruguay reconocía oficialmente a la República Popular como la única China y establecía relaciones diplomáticas con ella. Dicho reconocimiento fue el resultado de una serie de procesos políticos, de carácter interno y externo, que impulsaron a diversos tomadores de decisión a optar por el establecimiento de relaciones diplomáticas con la República Popular de China (RPC)1 . El proceso a través del cual se decidió y gestionó esta iniciativa diplomática fue particularmente complejo. Este trabajo pretende reconstruir el laborioso camino por el cual se van, primero, creando las condiciones para construir un diálogo sustantivo con la RPC y, posteriormente, se generan las decisiones que conducen a un cambio trascendente en el posicionamiento del país en el ámbito internacional. Este cambio del país en la cuestión de “las dos Chinas” requirió, además de montar la nueva relación con la RPC, instrumentar el proceso de neutralización de la política de Taiwán y de su “lobby”, particularmente activo durante el régimen de facto presente en Uruguay desde 1973. El reconocimiento de la RPC puede catalogarse como un caso exitoso de negociación diplomática y es un buen ejemplo de definición y ejecución de la política exterior del Uruguay. La necesidad del despliegue de buena parte de la capacidad política y diplomática del Estado y del gobierno nacional para obtener el objetivo fijado hace de este acontecimiento un caso de estudio de particular interés y expresa claramente la capacidad de un país pequeño para llevar a cabo un complicado proceso diplomático en defensa de sus intereses políticos y comerciales Palabras clave: negociaciones internacionales, relaciones diplomáticas, Uruguay,China,1985-1988 Documento de Trabajo, Nro.34, Noviembre de 2007. Universidad ORT Uruguay. Facultad de Administración y Ciencias Sociales. ISSN 1510-7477 $EVWUDFW 'HVGH OD GLYLVLyQ GH &KLQD HQWUH HO JRELHUQR GH 7DLSHL \ HO GH OD 5HS~EOLFD 3RSXODU HQ HO8UXJXD\PDQWXYRUHODFLRQHVGLSORPiWLFDVFRQHOSULPHUR3DUDQXHVWURSDtV HUDXQRGHORVSRFRVGHOPXQGRTXHQRWHQtDUHODFLRQHVFRQHOJLJDQWHDVLiWLFRFRQWLQHQWDO 7UDV FDVL WUHV DxRV GH JHVWLyQ GLSORPiWLFD HO WUHV GH IHEUHUR GH HO 8UXJXD\ UHFRQRFtDRILFLDOPHQWHDOD5HS~EOLFD3RSXODUFRPROD~QLFD&KLQD\HVWDEOHFtDUHODFLRQHV GLSORPiWLFDVFRQHOOD 'LFKR UHFRQRFLPLHQWR IXH HO UHVXOWDGR GH XQD VHULH GH SURFHVRV SROtWLFRV GH FDUiFWHU LQWHUQR \ H[WHUQR TXH LPSXOVDURQ D GLYHUVRV WRPDGRUHV GH GHFLVLyQ D RSWDU SRU HO HVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDVFRQOD5HS~EOLFD3RSXODUGH &KLQD 53& (O SURFHVR D WUDYpV GHO FXDO VH GHFLGLy \ JHVWLRQy HVWD LQLFLDWLYD GLSORPiWLFD IXH SDUWLFXODUPHQWHFRPSOHMR (VWHWUDEDMRSUHWHQGHUHFRQVWUXLUHOODERULRVRFDPLQRSRUHOFXDOVHYDQSULPHURFUHDQGR ODV FRQGLFLRQHV SDUD FRQVWUXLU XQ GLiORJR VXVWDQWLYR FRQ OD 53& \ SRVWHULRUPHQWH VH JHQHUDQODVGHFLVLRQHVTXHFRQGXFHQDXQFDPELRWUDVFHQGHQWHHQHOSRVLFLRQDPLHQWRGHO SDtV HQ HO iPELWR LQWHUQDFLRQDO (VWH FDPELR GHO SDtV HQ OD FXHVWLyQ GH ³ODV GRV &KLQDV´ UHTXLULy DGHPiV GH PRQWDU OD QXHYD UHODFLyQ FRQ OD 53& LQVWUXPHQWDU HO SURFHVR GH QHXWUDOL]DFLyQ GH OD SROtWLFD GH 7DLZiQ \ GH VX ³OREE\´ SDUWLFXODUPHQWH DFWLYR GXUDQWH HO UpJLPHQGHIDFWRSUHVHQWHHQ8UXJXD\GHVGH (O UHFRQRFLPLHQWR GH OD 53& SXHGH FDWDORJDUVH FRPR XQ FDVR H[LWRVR GH QHJRFLDFLyQ GLSORPiWLFD \ HV XQ EXHQ HMHPSOR GH GHILQLFLyQ \ HMHFXFLyQ GH OD SROtWLFD H[WHULRU GHO 8UXJXD\ /D QHFHVLGDG GHO GHVSOLHJXH GH EXHQD SDUWH GH OD FDSDFLGDG SROtWLFD \ GLSORPiWLFDGHO(VWDGR\GHOJRELHUQRQDFLRQDOSDUDREWHQHUHOREMHWLYRILMDGRKDFHGHHVWH DFRQWHFLPLHQWRXQFDVRGHHVWXGLRGHSDUWLFXODULQWHUpV\H[SUHVDFODUDPHQWHODFDSDFLGDG GHXQSDtVSHTXHxRSDUDOOHYDUDFDERXQFRPSOLFDGRSURFHVRGLSORPiWLFRHQGHIHQVDGH VXVLQWHUHVHVSROtWLFRV\FRPHUFLDOHV (OFRQWH[WR,QWHUQDFLRQDOGHQXHVWURFDVR /D KLVWRULD VLJQLILFDWLYD GH ODV UHODFLRQHV GH OD 53& FRQ HO PXQGR RFFLGHQWDO FRQWHPSRUiQHR FRPLHQ]D HQ UHDOLGDG HQ $ SDUWLU GH HVD IHFKD OD PD\RUtD GHO PXQGRRFFLGHQWDOFRPHQ]yOLGHUDGRSRU((88DDFHUFDUVHDOD53&EDMRODPRGDOLGDG GH ³UHODFLRQHV GH (VWDGR D (VWDGR´ ,QWHUHVD UHFRUGDU TXH HVWR RFXUULy HQ SOHQD *XHUUD )UtD SRU OR TXH HVWH FDPELR GH SRVLFLyQ GH ORV SDtVHV RFFLGHQWDOHV FRQVWLWX\y XQ YLUDMH UDGLFDO UHVSHFWR D ODV SROtWLFDV H[WHULRUHV WUDGLFLRQDOHV TXH HVWRV SDtVHV HVWDEOHFLHURQ LQPHGLDWDPHQWHGHVSXpVGHOD*XHUUD0XQGLDO &RQYLHQH GHMDU HVWDEOHFLGR GHVGH HO LQLFLR TXH HQ DUDV GH DFRWDU ODV GLPHQVLRQHV GH HVWH WUDEDMR QR VH WRPy HQ FXHQWD OD LQWHUYHQFLyQ GHO 3RGHU /HJLVODWLYR DFWRU SROtWLFR LPSRUWDQWH HQ HO SURFHVR GH HVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDVFRQOD53&6yORVHKDFHPHQFLyQDO/HJLVODWLYRFXDQGRHOSURFHVR GHWRPDGHGHFLVLRQHVDTXtUHODWDGRTXHWUDQFXUUHHQVXVSULPHUDVHWDSDVHQODyUELWDGHO(MHFXWLYRUHTXLHUHGH DOJXQDUHIHUHQFLDDSRVLFLRQHVWRPDGDVHQHOVHQRGHO3RGHU/HJLVODWLYR $OOt VH LQFOX\HQ ORV ((88 &DQDGi OD PD\RUtD GH (XURSD 2FFLGHQWDO -DSyQ \ HQ JHQHUDO ODV GHPiV GHPRFUDFLDVOLEHUDOHVRFFLGHQWDOHVHVWDEOHV /D PiV QRWRULD H[FHSFLyQ D OD SROtWLFD GH PDUJLQDOL]DFLyQ GH OD 5HS~EOLFD 3RSXODU GH &KLQD IXH OD GH )UDQFLD \D TXH HVWH SDtV ODUJDPHQWH PDUFDGR SRU OD YLVLyQ JDXOOLVWD GH OD SROtWLFD LQWHUQDFLRQDO VLHPSUH UHKXVy ± \ HQ SDUWH WRGDYtD UHK~VD ± D DOLQHDUVH HQ XQ ³RFFLGHQWDOLVPR XQLGLPHQVLRQDO´ SXUDPHQWH LQVWUXPHQWDO GH OD SROtWLFD H[WHULRU GH ORV ((88 (VWD WUDGLFLyQ GH ³DXWRQRPtD UHODWLYD´ GH )UDQFLD DQWH OD SROLWLFDLQWHUQDFLRQDOHVWDGRXQLGHQVHSXHGHUHHQFRQWUDUVH KR\FRQ PDWLFHVHQDOJXQDVGH ODV SROtWLFDV GH OD 8QLyQ (XURSHD /D SRVWXUD HXURSHD DQWH OD JXHUUD GH ,UDN HV XQ EXHQ HMHPSOR GH OR VHxDODGR )UDQFLD UHFRQRFLyRILFLDOPHQWHDOJRELHUQRFRPXQLVWDGHOD5HS~EOLFD3RSXODU&KLQDHQ 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 (O SDVR LQLFLDO \ DO PLVPR WLHPSR WUDVFHQGHQWH VH OOHYD D FDER HQ HO PDUFR GH OD HVWUDWHJLD GH OD DGPLQLVWUDFLyQ 1L[RQ RULHQWDGD D H[SORWDU ODV FUHFLHQWHV GLIHUHQFLDV VXUJLGDV HQWUH OD 8QLyQ 6RYLpWLFD \ OD 53& /D DSUR[LPDFLyQ GH ORV ((88 DO JRELHUQR FRPXQLVWDGH&KLQDDEULyODVSXHUWDVGHHVWHSDtVDOPXQGRRFFLGHQWDO6yORHQWUH\ FLQFXHQWD\VLHWH(VWDGRVUHFRQRFLHURQRILFLDOPHQWHDOD5HS~EOLFD3RSXODUFRPRHO JRELHUQR OHJtWLPR GH &KLQD (QWUH HVWRV VH HQFRQWUDURQ (VWDGRV FRPR &DQDGi HO 5HLQR 8QLGR$OHPDQLD)HGHUDO,WDOLD\-DSyQ (Q $PpULFD /DWLQD SRU VX SDUWH ORV JRELHUQRV GHPRFUiWLFRV TXH FRQ PiV FHOHULGDG VH DGDSWDURQDODQXHYDVLWXDFLyQIXHURQORVGH&KLOH3HU~0p[LFR\$UJHQWLQD(OJRELHUQR GHO%UDVLOUHVXOWyEDVWDQWHPiVUHWLFHQWHDHVWDEOHFHUUHODFLRQHVFRQHOJRELHUQRFRPXQLVWD HQ GHWULPHQWR GHO GH 7DLZiQ &RPR VH SXHGH DGYHUWLU HQ OD 7DEOD VLJXLHQWH HO 8UXJXD\ IXH FRPSDUDWLYDPHQWH XQR GH ORV SDtVHV TXH PiV WDUGtDPHQWH WRPDUtD QRWD GHO QXHYR JLURGH2FFLGHQWHDQWHOD53& 7DEOD&URQRORJtDGHOHVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDVHQWUH&KLQD\ORV SDtVHVODWLQRDPHULFDQRV 3DtV &XED &KLOH 3HU~ 0p[LFR $UJHQWLQD *X\DQD -DPDLFD 7ULQLGDG\7REDJR 9HQH]XHOD %UDVLO 6XULQDP %DUEDGRV (FXDGRU &RORPELD $QWLJXD\%DUEXGD %ROLYLD *UHQDGD 1LFDUDJXD %HOLFH )HFKDGHO(VWDEOHFLPLHQWR GH5HODFLRQHV'LSORPiWLFDV 3DUDPiVLQIRUPDFLyQYpDVH.,66,1*(5+HQU \³'LSORPDF\´(G6LPRQ6FKXVWHU1HZ<RUN SS\HQ/(:,6*$'',6- RKQ³7KH&ROG:DU´(G3HQJXLQ%RRNV1HZ<RUNSS 1yWHVHVLQHPEDUJRTXHWRGDYtDKR\PDQWLHQHQUHODFLRQHVFRQ7DLZiQSDtVHVODWLQRDPHULFDQRVWDOHVFRPR *XDWHPDOD3DQDPi\3DUDJXD\ 8QLYHUVLGDG2578UXJXD\ 8UXJXD\ /DV%DKDPDV 6DQWD/XFtD 'RPLQLFD /D LQWHQVLGDG GH HVWD ³ROD GH UHFRQRFLPLHQWRV´ VH H[SOLFD SRU XQD VHULH GH IDFWRUHV (O SULQFLSDO GH HOORV HV OD DGRSFLyQ GH OD 5HVROXFLyQ GH OD $VDPEOHD *HQHUDO GH ODV 1DFLRQHV8QLGDVHQRFWXEUHGH/DPLVPDUH]DEDHQWpUPLQRVFRQWXQGHQWHV ³>OD$VDPEOHD*HQHUDO@GHFLGHUHVWLWXLUDOD5HS~EOLFD3RSXODUGH&KLQDWRGRVVXV GHUHFKRV \ UHFRQRFHU D ORV UHSUHVHQWDQWHV GH VX *RELHUQR FRPR ~QLFRV UHSUHVHQWDQWHV OHJtWLPRV GH &KLQD HQ ODV 1DFLRQHV 8QLGDV DVt FRPR H[SXOVDU LQPHGLDWDPHQWHDORVUHSUHVHQWDQWHVGH&KLDQJ.DLVKHNGHOSXHVWRTXHRFXSDQ LOHJtWLPDPHQWH HQ ODV 1DFLRQHV 8QLGDV \ HQ WRGRV ORV RUJDQLVPRV FRQ HOODV UHODFLRQDGRV´ (VWD 5HVROXFLyQ WXYR XQ LPSDFWR WUDVFHQGHQWH HQ HO &RQVHMR GH 6HJXULGDG GH ODV 1DFLRQHV8QLGDVGRQGHDOJRELHUQRGH&KLQDOHFRUUHVSRQGtDXQDVLHQWRSHUPDQHQWHFRQ GHUHFKRDYHWRHQVXFDOLGDGGHJDQDGRUGHOD6HJXQGD*XHUUD0XQGLDO'HELGRDTXHHO JRELHUQRFKLQRHQ\ORVDxRVSUHFHGHQWHVHUDOLGHUDGRSRU-LDQJ-LHVKLIXHpOTXLHQ PDQWXYRHODVLHQWRHQHO&RQVHMRGH6HJXULGDGD~QGHVSXpVGHVXGHUURWD\H[SXOVLyQGHO FRQWLQHQWH /DPHQFLRQDGD5HVROXFLyQFRQVWLWX\yXQp[LWRVLJQLILFDWLYRGHODGLSORPDFLDFKLQD$GHPiV GHSDVDUDRFXSDUXQOXJDUHQHO&RQVHMRGH6HJXULGDGFODUDPHQWHFRUUHODFLRQDGRFRQVX FRQGLFLyQ GH SRWHQFLD QXFOHDU GH JUDQGHV GLPHQVLRQHV EXHQD SDUWH GH OD KRVWLOLGDG SROtWLFD HQWUH pVWH SDtV \ ORV SDtVHV RFFLGHQWDOHV VH UHGXMR HQ FRQWUDVWH FRQ OR TXH RFXUULUtD FRQ OD 8QLyQ 6RYLpWLFD TXH VH UHDILUPy KDVWD VX SURSLR ILQDO FRPR EORTXH SROtWLFDPHQWH³DOWHUQDWLYR´DORFFLGHQWDO (O FRVWR SDUD OD &KLQD GH HVWH SURFHVR GH ³LQWHJUDFLyQ´ GLSORPiWLFD IXH UHODWLYDPHQWH UD]RQDEOH VH DXWRLPSXVR XQD GLVPLQXFLyQ HQ OD LQWHQVLGDG GH VX UHWyULFD \ DFFLRQDU DJUHVLYRV KDFLD ORV SDtVHV RFFLGHQWDOHV UHGXMR OD TXLPpULFD E~VTXHGD GH ³H[SDQGLU HO FRPXQLVPRPDRtVWD´\FRQFHQWUy VXV SUHWHQVLRQHV GH LQIOXHQFLD SROtWLFD GLUHFWD DVt FRPR OD SUHVHQFLD GH VX DSDUDWR PLOLWDU \ GH LQWHOLJHQFLD D VX HVIHUD GH LQIOXHQFLD LQPHGLDWD 9LHWQDP/DRV&DPER\D0\DQPDU&RUHDGHO1RUWH\OD8QLyQ6RYLpWLFD $XQTXH((88IXHHOSDtVTXHPiVFRQWULEX\ySDUD³DEULU´HOPXQGRDOD53&UHFLpQHQ RFWXEUHGHEDMROD$GPLQLVWUDFLyQ&DUWHUVHLQWHUUXPSHQODVUHODFLRQHVIRUPDOHVFRQ 7DLZiQ\VHHVWDEOHFHXQDHPEDMDGDHQ%HLMLQJ6LQHPEDUJRDSDUWLUGHDTXHOPLVPRDxR FRPHQ]y XQ QXHYR SHUtRGR GH WHQVLyQ HQWUH &KLQD 7DLZiQ \ ORV ((88 &RPR 5HVROXFLyQGHOD$VDPEOHD*HQHU DOGH1DFLRQHV8QLGDVGHRFWXEUHGH'LVSRQLEOHHQ ,QWHUQHWKWWSGDFFHVVGGVXQRUJGRF5(62/87,21*(115,0*15SGI! &RQRFLGRWDPELpQFRPR&KLDQJ.DLVKHN([LVWHQGRVIRUPDVGHWUDQVFULELUORVQRPEUHVFKLQRVDODOIDEHWR URPDQR HO SLQ\LQ \ HO VLVWHPD :DGH*LOHV (Q HO SUHVHQWH WUDEDMR VH HPSOHD HO SULPHUR SXHV HV HO PiV PRGHUQR\XWLOL]DGR-LDQJ-LHVKL\&KLDQJ.DLVKHN0DR=HGRQJ\0DR7VHWXQJ%HLMLQJ\3HNtQVHUHILHUH VLHPSUHDXQDVRODSHUVRQDROXJDUSHURURPDQL]DGRGHGRVPDQHUDVGLVWLQWDV 'H WRGDV IRUPDV %HLMLQJ QR GHMy GH UHDOL]DU DOJXQDV RSHUDFLRQHV SURSLDV GHO FRPXQLVPR H[SDQVLRQLVWD FRPRHOHVSLRQDMHHQODERUDWRULRVQXFOHDUHVGHOJRELHUQRHVWDGRXQLGHQVH³&KLQD6WROH1XFOHDU6HFUHWV) URP /RVÈODPRV862IILFLDOV6D\´LQ³7+(1(: <25.7,0(6´>RQOLQH@>FLWDGRGLFLHPEUH @'LVSRQLEOHHQ,QWHUQHWKWWS7DLZiQVHFXULW\RUJ1HZV1<7KWP 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 FRQVHFXHQFLDpVWRV~OWLPRVVHFRPSURPHWLHURQDWUDYpVGHOD³7DLZDQ5HODWLRQV$FW´D GHIHQGHUODLVODHQFDVRGHDJUHVLyQGHOD53& (Q OD HVWHOD GH ODV UHIRUPDV HFRQyPLFDV FKLQDV LQLFLDGDV HQ XQ SDU GH DxRV PiV WDUGH OOHJDUtD HO IXHUWH LPSXOVR FRPHUFLDO \ GH LQYHUVLRQHV DFWXDOPHQWH HQ FXUVR TXH SRVWHULRUHVDFRQWHFLPLHQWRVFRPRODPDWDQ]DGH7LDQDQPHQQRGHWXYLHURQQLJHQHUDURQ XQDYHUGDGHUDPDUJLQDOL]DFLyQGHOD53&GHODFRPXQLGDGLQWHUQDFLRQDO $PpULFD/DWLQDQXQFDHQIUHQWyFXHVWLRQHVHVWUDWpJLFDVUHOHYDQWHVFRQOD53&eVWDWHQtD SRFDLQIOXHQFLDHQODUHJLyQODPiVLPSRUWDQWHHUDODTXHHMHUFtDVREUHHOJUXSRSHUXDQR 6HQGHUR /XPLQRVR \ HQ UHDOLGDG HO PRYLPLHQWR FRPXQLVWD ODWLQRDPHULFDQR HVWDED GLULJLGR GLUHFWDPHQWH GHVGH &XED \ OD 8QLyQ 6RYLpWLFD ³FRPSHWLGRUHV´ LPSODFDEOHV GH %HLMLQJ/RVVIXHURQORVDxRVGHORVDXWRULWDULVPRVPLOLWDUHVHQ$PpULFD/DWLQD0XFKRV SDtVHVGHOFRQWLQHQWHVXIULHURQJROSHVGH(VWDGR\JRELHUQRVGHIDFWRDQWLFRPXQLVWDVTXH WHQGtDQ QDWXUDOPHQWH D SUHIHULU D 7DLZiQ IUHQWH D OD 53& (O SDUDGLJPD GH HVWRV JRELHUQRVIXHOD³'RFWULQDGH6HJXULGDG1DFLRQDO´TXHRWRUJDEDDODV)XHU]DV$UPDGDVOD WDUHDGHHQIUHQWDUDOPDU[LVPROHQLQLVPR/DGLFRWRPtD³&KLQD3RSXODUYV7DLZiQ´HUDXQD GLV\XQWLYD SHUIHFWDPHQWH DGHFXDGD SDUD SUDFWLFDU HO UHFKD]R DO FRPXQLVPR \ HOOR FRQWULEX\yHQRUPHPHQWHDFLPHQWDUODLQIOXHQFLDGH7DLZiQHQ$PpULFD/DWLQD $SHVDUGHHOORPXFKRVJRELHUQRVODWLQRDPHULFDQRVRSWDURQSRUYLQFXODUVHFRQOD53&HQ ORVDxRVV$OJXQRVFRPR&XED\&KLOHEDMR6DOYDGRU$OOHQGHORKLFLHURQSRUVLPSDWtD LGHROyJLFDRWURVSRUUD]RQHVGLYHUVDV%UDVLOORKL]REDMRXQDGLFWDGXUDPLOLWDUGHGHUHFKD 0p[LFR EDMR OD WUDGLFLRQDO UHWyULFD DQWLQRUWHDPHULFDQD GHO 3DUWLGR 5HYROXFLRQDULR ,QVWLWXFLRQDO\9HQH]XHODHQUpJLPHQGHPRFUiWLFR (OFRQWH[WRQDFLRQDO (O8UXJXD\KDEtDGHMDGRGHWHQHUUHODFLRQHVGLSORPiWLFDVFRQ&KLQDWUDVODIXQGDFLyQGHOD 5HS~EOLFD 3RSXODU HQ 6X ~OWLPR DJHQWH GLSORPiWLFR DOOt KDEtD VLGR GHVLJQDGR HQ %DMRODDGPLQLVWUDFLyQGHO3UHVLGHQWH/XtV%DWOOH%HUUHVQRREVWDQWHSDUHFHKDEHU KDELGR FRQVFLHQFLD GH OD VLWXDFLyQ SRFR UHDOLVWD TXH FRQVLVWtD HQ PDQWHQHU D OD 53& PDUJLQDGDGHOFRQFLHUWRLQWHUQDFLRQDOGHQDFLRQHV (O YHLQWLVLHWH GH MXQLR GH FRPHQ]DED XQD GLFWDGXUD TXH JREHUQDUtD HO SDtV GXUDQWH PiVGHRQFHDxRV/DF~SXODFDVWUHQVHGHHQWRQFHVDVtFRPRJUDQSDUWHGHORVPDQGRV PHGLRV H LQIHULRUHV HVWDEDQ LQIOXLGRV SRU HO SHQVDPLHQWR DQWLFRPXQLVWD \ OD ³'RFWULQD GH 6HJXULGDG1DFLRQDO´UHYHUEHUDFLRQHVGHOD*XHUUD)UtDYLYLGDHQHVWDVODWLWXGHV 'HVGH DTXHO HQWRQFHV KDVWD KR\ FDGD YH] TXH DXPHQWD OD WHQVLyQ HQWUH &KLQD \ 7DLZiQ KD\ XQ LQYROXFUDPLHQWRGH((88FRPRRFXUULyHQSDUWLFXODUHQOD~OWLPDFULVLVHQ(QDTXHOHQWRQFHV&KLQD UHVSRQGLyFRQ PDQLREUDV PLOLWDUHV \DPHQD]DVDODVSULPHUDVHOHFFLRQHVOLEUHVHQODLVODHQ ODV TXH DGHPiV UHVXOWy YLFWRULRVR XQ SDUWLGR IDYRUDEOH D OD GHFODUDFLyQ GH LQGHSHQGHQFLD +DVWD ORV DWHQWDGRV GHO 2QFH GH 6HSWLHPEUH \ HO FRPLHQ]R GH OD JXHUUD FRQ HO ,VODP UDGLFDO HO IODVKSRLQW &KLQD7DLZiQ HUD XQR GH ORV Pi[LPRV SUREOHPDV HVWUDWpJLFRPLOLWDUHV SDUD ((88 3DUD FRPSUHQGHU PHMRU FyPR &KLQD GRPLQy HO SHQVDPLHQWRHVWUDWpJLFRHVWDGRXQLGHQVHKDVWDHO2QFHGH6HSWLHPEUHSXHGHYHUVH%$51(777KRPDV³7KH 3HQWDJRQ¶V1HZ0DS´(G3XWQDP1HZ<RUN 3RVWHULRUPHQWHHQ\HQVHHQYLDUtDQ(PEDMDGRUHVD7DLZiQ ³0L SDGUH HQ HO DxR IXH LQYLWDGR D XQD YLVLWD RILFLDO D ((88 SRU HO 3UHVLGHQWH (LVHQKRZHU H LQWHUURJDGR VREUH 1DFLRQHV 8QLGDV DQWH HO &OXE GH OD 3UHQVD GH ((88 VHxDOy TXH VL &KLQD QR HVWDED LQWHJUDQGR1DFLRQHV8QLGDVHVWHRUJDQLVPRQRHUDXQILHOUHSUHVHQWDQWHGHODSREODFLyQGHOPXQGRSXHVWR TXHHQDTXHOPRPHQWR&KLQDWHQtDPLOORQHVGHKDELWDQWHV´(QWU HYLVWDDOH[3U HVLGHQWHGHOD5HS~EOLFD 'U - RU JH%DWOOHHO0RQWHYLGHR ³6HHVWDEDDSXQWRGHUHFRQRFHUDOD5HS~EOLFD3RSXODU&KLQDFXDQGRYLQRHOJROSHGH(VWDGRGHO(Q HVD RSRUWXQLGDG HVWDEDQ DYDQ]DGDV ODV QHJRFLDFLRQHV SHUR HO OREE\ GH 7DLZiQ IXH PX\ IXHUWH DQWH ORV PLOLWDUHVHLPSLGLyHVHUHFRQRFLPLHQWR´(QWU HYLVWDDO6U (PE3HOD\R'tD]HO0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 3RU WDQWR OD HOHFFLyQ HQWUH 53& \ 7DLZiQ QR VH SUHVHQWDED PX\ GLItFLO \ GXUDQWH OD GLFWDGXUD PLOLWDU HO 8UXJXD\ PDQWXYR UHODFLRQHV GLSORPiWLFDV FRQ 7DLZiQ (O IDFWRU LGHROyJLFRVLQ HPEDUJR QRIXH HO ~QLFR LPSRUWDQWH 5HFXpUGHVHTXH HO HQHPLJR Q~PHUR XQRGHXQJRELHUQRDQWLFRPXQLVWDHUDSRUGHILQLFLyQOD8QLyQ6RYLpWLFD\VLQHPEDUJROD GLFWDGXUD XUXJXD\D QR LQWHUUXPSLy VXV UHODFLRQHV FRQ HVH SDtV ¢3RU TXp DSOLFy RWUR FULWHULRFRQOD53&"(VGLItFLOVDEHUORFRQFHUWH]DSHURXQDUD]yQSULPRUGLDOHUDHOKHFKR GH TXH 7DLZiQ RIUHFtD GLVWLQWDV IRUPDV GH D\XGD HFRQyPLFD \ H[WHQVRV YLDMHV D IXQFLRQDULRV \PLOLWDUHV SDUD FXOWLYDU OD UHODFLyQ $GHPiVTXL]iV ODUHODFLyQ FRQ OD 8566 IXHODH[FHSFLyQ\QRODQRUPD$GLFLRQDOPHQWHIUHQWHDOD8QLyQ6RYLpWLFDQRH[LVWtDXQD DOWHUQDWLYD SROtWLFDPHQWH DItQ D ODV GLFWDGXUDV ODWLQRDPHULFDQDV FRPR OR HUD 7DLZiQ 6LQ HPEDUJR HO JRELHUQR PiV DQWLFRPXQLVWD GH $PpULFD /DWLQD OD GLFWDGXUD GH $XJXVWR 3LQRFKHW HQ &KLOH QR KDEtD HOLPLQDGR ODV UHODFLRQHV GLSORPiWLFDV FRQ OD &KLQD PDRtVWD TXH KDEtD LQDXJXUDGR 6DOYDGRU $OOHQGH 'H KHFKR HQ ORV FKLOHQRV LQIRUPDEDQ DO 9LFHFDQFLOOHUGH8UXJXD\VREUHVXVUHODFLRQHVFRQHVHSDtV ³$HVWHUHVSHFWR&KLOHWLHQHXQDEXHQDH[SHULHQFLD/D5HS~EOLFD3RSXODU&KLQD VH KDPRVWUDGR UHVSHWXRVD GHO GHUHFKR LQWHUQR FKLOHQR « 6H KD HVWDEOHFLGR XQD EXHQD UHODFLyQ ELODWHUDO FRQ EXHQRV UHVXOWDGRV FRPHUFLDOHV \ TXH KD UHVXOWDGRPX\LPSRUWDQWHFRPRDSHUWXUDDWRGDHOiUHDGHO3DFtILFR(QPDWHULD SROtWLFD&KLQD3RSXODUSDUHFHTXHUHUPDUFDUGLIHUHQFLDVFRQOD8566HYLWDQGR ODLQWURPLVLyQLQWHUQD\SRURWUDSDUWHHQHOiPELWRLQWHUQDFLRQDOQRKDYRWDGRHQ FRQWUDGH&KLOHHQPDWHULDGH'HUHFKRV+XPDQRV´ 7DLZiQ VDEtD FyPR FDXWLYDU DO JRELHUQR PLOLWDU /R KDFtD HQ GRV IUHQWHV GLIHUHQWHV HO FRPHUFLDO \ HO ³SROtWLFR´ (Q HO IUHQWH FRPHUFLDO ODV H[SRUWDFLRQHV XUXJXD\DV FUHFLHURQ VLJQLILFDWLYDPHQWH DXQTXH HQ UHDOLGDG OD FLIUD DEVROXWD GHGLFKDV H[SRUWDFLRQHV VLHPSUH IXHUHODWLYDPHQWHEDMD *UiILFR1R&RPHUFLRGH8UXJXD\FRQ7DLZiQ )XHQWH0LQGH55(( (QPDU]RGHVHUH~QHQHO&DQFLOOHU&DUORV0DHVR\HO(PEDMDGRUGH7DLZiQ.RQVLQ 6KDK5iSLGDPHQWHFRPLHQ]DQDKDEODUGHLQYHUVLRQHVHVSHFtILFDVGH7DLZiQHQ8UXJXD\ (OGtDYHLQWHGLDORJDQVREUHHOFRPHUFLR 0LQGH55((³0HPRUDQGXP´0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 ³/XHJR HO 6HxRU (PEDMDGRU LQIRUPy TXH FRQ HO HVIXHU]R FRPELQDGR GH ORV VHFWRUHVS~EOLFR\SULYDGRKDQUHVXHOWRLPSRUWDUPiV GH 86 PLOORQHV GH SURGXFWRVSURFHGHQWHVGHQXHVWURSDtVGXUDQWH 7ULJR HPEDUTXHV GH D PLO WRQHODGDV HQ WRWDO SRU YDORU GH 86 PLOORQHV 6RUJRHPEDUTXHGHPLOWRQHODGDVSRUYDORUGH86 &XHURV OLFLWDFLyQ OLPLWDGD D 8UXJXD\ SRU 86 PLOORQHV KDEUi RWUDV HQ QRYLHPEUH\GLFLHPEUH´ (OQLYHOGHGHWDOOH\ODHVSHFLILFLGDGGHODFXHUGREDVWDQSDUDFRPSUHQGHUODIRUPDHQTXH VH DGPLQLVWUDED HO YtQFXOR ELODWHUDO \ VX FUtWLFR FRPSRQHQWH ILQDQFLHUR /D OLFLWDFLyQ GH FXHURV³OLPLWDGDH[FOXVLYDPHQWH D 8UXJXD\´ HV SDUWLFXODUPHQWH OODPDWLYD $TXt HPHUJH HO DVSHFWR³SROtWLFR´GHOWUDWDPLHQWRTXH7DLZiQGLVSHQVDEDDOJRELHUQRGLFWDWRULDOXUXJXD\R 'LVWLQWRV GRFXPHQWRV GH GHWDOODQ FyPR RIUHFtD DELHUWDPHQWH LQFHQWLYRV SDUD PDQWHQHUD8UXJXD\GHVXODGR 2WURDVSHFWRTXHUHYHODODYHUGDGHUDFDUDGHODUHODFLyQHQWUHODVGLFWDGXUDVGH7DLZiQ\ 8UXJXD\DSDUHFHPiVWDUGHHQODPLVPDFRQYHUVDFLyQ6HJ~QODVQRWDVGHODUHXQLyQ >(O 0LQLVWUR@ ³9ROYLy D UHLWHUDU OD WUDVFHQGHQFLD GH XQD SRVLEOH DVLVWHQFLD ILQDQFLHUD GH OD 5HS~EOLFD GH &KLQD D QXHVWUR SDtV SXHV GLFKR DSRUWH ILQDQFLHUR VH UHIOHMDUi LQPHGLDWDPHQWH D WUDYpV GH OD UHGLVWULEXFLyQ GH OD ULTXH]D HQ HO QLYHO GH VXSHUYLYHQFLD GH QXHVWUR SXHEOR HQ HVWH WHPD LQGLFy TXH OR KHFKR HQ OR FRQVLGHUD XQD ³RSHUDFLyQSLORWR´´ (QRWUDVSDODEUDVHO&DQFLOOHUXUXJXD\RVROLFLWDEDDOUHSUHVHQWDQWHGH7DLZiQHQOHQJXDMH GLSORPiWLFRTXHVXSDtVDSRUWDVHPiVGLQHUReVWHUHVSRQGLyHPSOHDQGRHOPLVPRLGLRPD ³(QIRUPDFRQILGHQFLDO PDQLIHVWy TXH pO FUHtD KDEHU OOHJDGR DO OtPLWH GH VX LQIOXHQFLD SHUVRQDO HQ HO DVXQWR « $QWH OD LPSRVLELOLGDG LQGLFDGDVXJLULyTXHQXHVWURSDtVORSODQWHHDOPiVDOWRQLYHOFXDQGR VHUHDOLFHODSUy[LPDUHXQLyQHQ7DLSHL´ (VD~OWLPDDFRWDFLyQGHO(PEDMDGRULQGLFDTXL]iVTXHODHVWUDWHJLDGHVXSDtVGHLQYHUWLU HQ8UXJXD\QRHUDLOLPLWDGD3RVWHULRUPHQWH\DEDMRHOJRELHUQRGHPRFUiWLFRHVWDWLPLGH] GH7DLZiQOHVLPSHGLUtDUHIRU]DUVXLQWHQWRGHPDQWHQHUHO FRPSURPLVR GH 8UXJXD\ 'RV GtDVGHVSXpVHO&DQFLOOHU\HO(PEDMDGRUYXHOYHQDUHXQLUVH(VWDYH]GLVFXWHQLQYHUVLRQHV WDLZDQHVDVHQ8UXJXD\HQRWUDVSDODEUDV QXHYDPHQWHTXHIOX\D PiV GLQHUR GHVGH OD LVOD ³(O 6U 0LQLVWUR HQIDWL]y VREUH OD QHFHVLGDG GH TXH VH UHDOLFH XQ HQIRTXHILORVyILFRGHORV DFWXDOHVWpUPLQRV GH OD UHODFLyQ $VLPLVPR GHVWDFyODQHFHVLGDGGHHIHFWXDUHVTXHPDVGHFRUWR\PHGLDQRSOD]R WHQLHQGRHQFXHQWDTXHVHUHTXLHUHQVROXFLRQHVFRQUiSLGDUHVSXHVWD HQ HO HVSHFWUR HFRQyPLFRVRFLDO (Q HVH FRQWH[WR LQFOX\y OD 0LQGH55((³(QWUHYLVWDGHO6HxRU0LQLVWUR0DHVRFRQHO(PEDMDGRUGHOD5HS~EOLFDGH&KLQD´ GHPDU]RGH0RQWHYLGHR (OJRELHUQRGHOD5HS~EOLFDGH&KLQDR7DLZiQWXYRFDUiFWHUGLFWDWRULDOKDVWDORVVHLQFOXVLYHHQWUDGRV ORVV'XUDQWHWRGRHVHSHUtRGRHOSDUWLGRJREHUQDQWHIXHHO*XRPLQGDQJ\HOJREHUQDQWHTXHVLJXLyD-LDQJ -LHVKLIXHVXKLMR ,ELGHP ,ELGHP 0iVHVSHFtILFDPHQWHHQ³ORVUXEURVGHVRMD\SXOSDGHSDSHOHV´0LQGH55((³(QWUHYLVWDGHO6HxRU 0LQLVWUR0DHVR&RQ(O(PEDMDGRUGHOD5HS~EOLFDGH&KLQD´GHPDU]RGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ QHFHVLGDG GH QXHVWUR SDtV GH UHFLELU µLQYHUVLyQ ILQDQFLHUD SXUD¶ TXH LPSOLTXHXQDSR\RLQPHGLDWRDODVILQDQ]DVGHO(VWDGR´ /DV UHIHUHQFLDV DO ³HQIRTXH ILORVyILFR´ \ D OD ³QHFHVLGDG GH HIHFWXDU HVTXHPDV D FRUWR \ PHGLDQR SOD]R´ LQGLFDQ TXH VH EXVFD IRUWDOHFHU HO YtQFXOR DQWLFRPXQLVWD HQWUH DPEDV GLFWDGXUDV DVt FRPR D OD QHFHVLGDG GH FRPSOHWDU DFXHUGRV \ QHJRFLRV DQWHV GHO UHWRUQR GH OD GHPRFUDFLD (VWH DQiOLVLV VH YH UHIRU]DGR SRU XQ PHQVDMH GHO (PEDMDGRU 6KDK DO 3URVHFUHWDULRGHOD6HFUHWDUtDGH3ODQHDPLHQWR&RRUGLQDFLyQ\'LIXVLyQ-RVp0LFKHOOL ³+D\ PXFKDV FRVDV TXH UHTXLHUHQ XQ SURQWR HQFXHQWUR HQWUH QRVRWURV DQWHV GH 6HPDQD 6DQWD 4XLHUR HPSH]DU D SURFHVDU DOJXQRV GH ORV SURJUDPDV PiV LPSRUWDQWHV XQD YH] TXH XVWHG LQGLTXH OD GLUHFFLyQ DSURSLDGD (Q YLVWD GH DFRQWHFLPLHQWRV SROtWLFRV HQ 8UXJXD\ SRGHPRV VXIULU VHULDV SpUGLGDV D PHQRV TXH FRPHQFHPRVDOJXQRVGHHOORVDWLHPSR´ 8QRVPHVHVPiVWDUGHHOWH[WRGHXQ3UR\HFWRGH&RQYHQLRTXHOD&DQFLOOHUtDHQYtDDOD (PEDMDGDWDLZDQHVDUHODWDHO³DFXHUGR´TXHHQUHDOLGDGHVXQFRPSURPLVRGH7DLSHLSRU ODFRPSUDGHOHWUDVGHOD7HVRUHUtDXUXJXD\DSRUXQPRQWRGH86 /D GRFXPHQWDFLyQ GLVSRQLEOH LQGLFD TXH OD UD]yQ PiV SUREDEOH SRU OD FXDO HO JRELHUQR GLFWDWRULDO GH 8UXJXD\ DSR\DED SROtWLFDPHQWH D 7DLZiQ HUD HO KHFKR GH TXH pVWH ~OWLPR DSR\DED VX UHWyULFD FRQ GLQHUR PiV TXH OD DILQLGDG DQWLFRPXQLVWD /D LQVLVWHQFLD GHO UpJLPHQ PLOLWDU HQ DIHUUDUVH D 7DLZiQ HQ GHWULPHQWR GH &KLQD GXUy KDVWD HO ILQDO 8Q FRPXQLFDGRGHO&RQVHMHURGH(VWDGR&DUORV*HOSLDO3UHVLGHQWH*UHJRULRÈOYDUH]ORLQFLWD D PHMRUDU OD FDOLGDG \ HO WDPDxR GH OD GHOHJDFLyQ HQ 7DLSHL GH IRUPD GH H[SDQGLU VXV YtQFXORVFRQODLVOD(OPHQVDMHIXHHPLWLGRHOWUHVGHRFWXEUHGHPX\SRFRDQWHV GHO UHWRUQR GH OD GHPRFUDFLD (Q OD PLVPD OtQHD DOJXQRV GtDV DQWHV HO YHLQWH GH VHSWLHPEUH OD &RPLVLyQ GH 5HODFLRQHV ([WHULRUHV GHO &RQVHMR GH (VWDGR GH HQWRQFHV DFXVDUHFLERGHXQLQIRUPH(QHOPLVPRHO&DQFLOOHU0DHVRH[SOLFDODUHODFLyQGHOSDtVFRQ 7DLZiQ \ ORV SRVLEOHV LQWHQWRV GH &KLQD SRU DEULU UHODFLRQHV GLSORPiWLFDV (O &RQVHMR OH UHVSRQGHDO&DQFLOOHUGLFLpQGROHTXHVHHQIRFyGHPDVLDGRHQWHPDVFRPHUFLDOHV\TXHHV QHFHVDULRXQPD\RUHQIRTXHLGHROyJLFR(QJHQHUDOHQWUHPDU]R\VHSWLHPEUHGHVH GLHURQ XQD VHULH GH FRQVXOWDV \ GLVFXVLRQHV HQ HO JRELHUQR PLOLWDU UHVSHFWR D OD UHODFLyQ FRQ 7DLZiQ (VWR PiV DOJXQDV UD]RQHV JHRSROtWLFDV KDFtD TXH ORV LQFHQWLYRV SDUD PDQWHQHUODQRIXHVHQVLJQLILFDWLYRV 0LQGH55((³(QWUHYLVWDGHO6HxRU0LQLVWUR0DHVR&RQ(O(PEDMDGRUGHOD5HS~EOLFDGH&KLQD´ GHPDU]RGH0RQWHYLGHR ³7KHUHDUHPDQ\WKLQJVZKLFKUHTXLUHDTXLFNPHHWLQJEHWZHHQXVEHIRUH+RO\:HHN, VR ZDQW WR VWDUW SURFHVVLQJVRPHRIWKHPRUHLPSRUWDQWSURJUDPPHVRQFH\RXLQGLFDWHWKHSURSHUGLUHFWLRQ,QYLHZRISROLWLFDO GHYHORSPHQWV LQ 8UXJXD\ ZH PD\ ORVH D JUHDW GHDO XQOHVV ZH VWDUW VRPH RI WKHP RQ WLPH´ 1RWD GHO (PEDMDGRU 7DLZiQpVHQ8U XJXD\.RQVLQ6KDKGHOGHDEULOGH0RQWHYLGHR 0LQGH55((³3UR\HFWRGH&RQYHQLR´GHVHSWLHPEUHGH0RQWHYLGHR 3XHGHPHGLUVHSRUHMHPSORDWUDYpVGHORVWHPDVTXHFRQVXPtDQODVGLVFXVLRQHVHQWUHDPERVSDtVHV&RPR VH PRVWUyHQODVFLWDVGHGRFXPHQWRVOD PD\RUSDUWHVLQRODWRWDOLGDGUHIHUtD D GHWDOOHV PX\ HVSHFtILFRV GH QHJRFLRV\YLVLWDV\QRDFRQGHQDVGHOPDRtVPRXRWUDVDFWLYLGDGHVDQWLFRPXQLVWDV 2WUDQRWDD*UHJRULRÈOYDUH]HVWDYH]GLFWDGDSRUHO&RURQHO-XDQ7XFFLTXHDFDEDEDGHYROYHUGH7DLSHL GHFtD ³6H SODQWHy OD DVSLUDFLyQ GH FRQWDU FRQ XQD 5HSUHVHQWDFLyQ 'LSORPiWLFD GHO 8UXJXD\ OR FXDO FRQWULEXLUtD DO DFUHFHQWDPLHQWRGH ODV UHODFLRQHV GLSORPiWLFDV \ FRPHUFLDOHV HQWUH DPERV SDtVHV´ 0LQ GH 55((GHPDU]RGH0RQWHYLGHR &KLQD DGHPiV GH VHU PLHPEUR SHUPDQHQWH GHO &RQVHMR GH 6HJXULGDG GH 1DFLRQHV 8QLGDV HVWDED HPHUJLHQGRFRPRSRWHQFLDSROtWLFDPLOLWDU\HUDXQSDtVHFRQyPLFDPHQWHPXFKRPiVJUDQGH\SREODGRTXH 7DLZiQ 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 8QD DSHUWXUD KDFLD OD 53& D WUDYpV GH ORV FDXFHV RILFLDOHV VH WUDQVIRUPDED HQ XQD RSRUWXQLGDG GH HQRUPH SRWHQFLDO TXH VH LUtD GHVFXEULHQGR \ GHVDUUROODQGR SDXODWLQDPHQWH3RUDTXHOHQWRQFHV\DVHSRGtDQREVHUYDUORVHIHFWRVGHODVUHIRUPDVGH 'HQJ;LDRSLQJ (O SULPHU FRQWDFWR UHOHYDQWH HQWUH 8UXJXD\ \ &KLQD 3RSXODU D QLYHO JXEHUQDPHQWDO RFXUULy HO YHLQWLFLQFR GH VHSWLHPEUH GH $TXHO GtD VH UHXQLHURQ ORV FDQFLOOHUHV GH DPERVSDtVHVHQ1HZ<RUNHQHO(GLILFLRGHOD6HFUHWDUtD*HQHUDOGH1DFLRQHV8QLGDV/D UHXQLyQ KDEtD VLGR FRQYRFDGD SRU :X ;XHTLDQ HO 0LQLVWUR FKLQR (O PHPRUDQGXP TXH QDUUDODUHXQLyQH[SOLFLWDHOSURSyVLWRGHDTXHOODFRQYRFDWRULD ³0LHQWUDVTXHHO0LQLVWURFKLQRLQLFLyHOGLiORJRFRQFHQWUDQGRVXDWHQFLyQHQ HO HVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV D OD PD\RU EUHYHGDG HO &DQFLOOHU0DHVRUHILULyTXHQRHUDRSRUWXQRDQDOL]DUHOWHPDSRUHQFRQWUDUVH HO 8UXJXD\ DO ILQDO GH XQ SHUtRGR GH JRELHUQR SHUR TXH Vt YHtD FRPR PX\ SRVLWLYRVDFHUFDPLHQWRVHQiUHDVWDQWUDVFHQGHQWHVFRPRODFRPHUFLDO´ (Q HO UHVWR GH OD FRQYHUVDFLyQVHWUDWDURQ WHPDV FRPHUFLDOHV &KLQD DVHJXUy DO 8UXJXD\ TXHVXVQHJRFLRVFRQ7DLZiQQRVHYHUtDQDIHFWDGRVSRUHOHVWDEOHFLPLHQWRGHUHODFLRQHV GLSORPiWLFDV FRQ OD 53& H LQFOXVLYH ³PDQLIHVWy TXH VH HQFRQWUDED HQ FRQGLFLRQHV GH RIUHFHURSRUWXQLGDGHVFRPHUFLDOHVFLHUWDV\VHJXUDVDVtFRPRDSR\RWpFQLFR\ILQDQFLHURD ORVHIHFWRVGHTXHHO8UXJXD\GHQLQJXQDPDQHUDUHVXOWDUDHYHQWXDOPHQWHSHUMXGLFDGRHQ VXVFRUULHQWHVFRPHUFLDOHVGHH[SRUWDFLyQ´ 8UXJXD\ IXH HQWRQFHV HO REMHWLYR GH XQD FDPSDxD FKLQD GH GLiORJR GLSORPiWLFR TXH FRLQFLGLyFRQHOILQDOGHODGLFWDGXUDDXQTXHTXL]iVHOJRELHUQRFKLQRFRQVFLHQWHGHHOOR &RQHOORQRVUHIHULPRVDOFRQMXQWRGHPHGLGDVTXHGHVPDQWHODURQHOFROHFWLYLVPRHQ&KLQDHLQWURGXMHURQ SURJUHVLYDPHQWH OD GLQiPLFD GHO PHUFDGR (Q PHQRV GH XQD GpFDGD ODV UHIRUPDV LPSXOVDGDV SRU 'HQJ ;LDRSLQJOOHYDURQD&KLQDGHVHUXQSDtVGHFDPSHVLQRVDXQDSRWHQFLDLQGXVWULDO/DVUHIRUPDVDEDUFDURQWRGD OD HFRQRPtD H LQFOX\HURQ GHVGH ORV SHUPLVRV SDUD SURGXFLU \ WUDEDMDU IXHUD GH ORV Q~FOHRV FROHFWLYLVWDV JUDQMDV IiEULFDV HWF OD OLEHUDFLyQ GH ORV H[FHGHQWHV SURGXFLGRV SDUD OD YHQWD HQ HO PHUFDGR DELHUWR ODV HOLPLQDFLRQHV VREUH ORV FRQWUROHV GH SUHFLRV KDVWD OD DSHUWXUD GH ]RQDV HFRQyPLFDV HVSHFLDOHV \ QXPHURVDV PHGLGDVPiVTXHQRHVGHOFDVRGHWDOODUDTXt 8QSUHFHGHQWHTXHGDWDGHHVODLQYLWDFLyQGHO(PEDMDGRUGHOD53&HQ%UDVLODO(PEDMDGRUXUXJXD\R DXQDOPXHU]RHQTXHVHKRPHQDMHDEDDWRGRVORV-HIHVGH0LVLyQGH$PpULFD/DWLQD\HO&DULEH³$OHQWRQFHV -HIH GH 0LVLyQ GH OD 5HS~EOLFD LQVLVWHQWHPHQWH VH OH OODPy SDUD FRQFXUULU D GLFKR DOPXHU]R (O PLVPR QR FRQFXUULySRUQRWHQHUUHODFLRQHVGLSORPiWLFDVFRQHVHSDtV«(OPHQFLRQDGRFRQVHMHURIXHVHQWDGRHQVLWLR GHKRQRUHVWDQGRPHMRUXELFDGRTXHPXFKRV-HIHVGH0LVLyQ´(OFRQVHMHURDOTXHVHKDFHUHIHUHQFLDHUDXQ IXQFLRQDULR GH PHQRU UDQJR GH OH (PEDMDGD TXH IXH HQYLDGR HQ OXJDU GHO (PEDMDGRU GH IRUPD GH VLPXOWiQHDPHQWHQRGHVKRQUDUODLQYLWDFLyQFKLQDQLFRQFHGHUXQDDSHUWXUDUHDOHQODVUHODFLRQHVELODWHUDOHV (QRWUDVUHXQLRQHVODPLVPD(PEDMDGDFKLQDOHFRPXQLFDDODXUXJXD\DTXHHVWiLQWHUHVDGDHQ³HVWDEOHFHUXQD FRUULHQWHFRPHUFLDOFRQHOREMHWLYRGHLQLFLDUXQSURFHVRGHFRQWDFWRVTXHHYHQWXDOPHQWHSXGLHUDFRQFUHWDUVH HQXQSRVLEOHHVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDVFRQQXHVWURSDtV´0LQGH55((³$PSOLDFLyQGH ,QIRUPDFLyQ&RQ5HVSHFWR$/D5HS~EOLFD3RSXODU&KLQD´0RQWHYLGHR$ODxRVLJXLHQWHXQWpOH[GH OD (PEDMDGD GH 8UXJXD\ HQ 6DQWLDJR GH &KLOH GHFtD ³9LFHFDQFLOOHU FKLQR H[S~VROH DO 9LFHFDQFLOOHU &RYDUUXELDV«GHVHRpVWHWUDQVPLWLHUDLQWHUpVLQLFLDUJHVWLRQHVHVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDVFRQ 528 VREUH EDVH URPSLPLHQWR UHODFLRQHV GLSORPiWLFDV FRQ 7DLZiQ GHMDQGR RILFLQD FRPHUFLDO´ 0LQ GH 55((³6XPDULRGHO0HPRUDQGXP6REUH/D5HS~EOLFD3RSXODU&KLQD6X3HUILO,QWHUQDFLRQDO\3RVLEOH (VWDEOHFLPLHQWR GH 5HODFLRQHV &RQ (O 8UXJXD\´ GH IHEUHUR GH 0RQWHYLGHR $ ILQHV GH OOHJDUtDODSULPHUDGHOHJDFLyQFRPHUFLDOGHOD53&D0RQWHYLGHR\8UXJXD\FRPHQ]DUtDHOWUiQVLWRKDFLDXQ DFHUFDPLHQWRFRQHVHSDtV 0LQGH55((³0HPRUDQGXP´GHVHSWLHPEUHGH0RQWHYLGHR ,ELGHP $VtORUHFRQRFtDXQPHPRUDQGRGH³/DPD\RUSDUWHGHORVPLVPRV>DFHUFDPLHQWRV@SRUQRGHFLUOD FDVLWRWDOLGDGIXHURQLQLFLDWLYDVGHOD5HS~EOLFD3RSXODU&KLQD´0LQGH55((³0HPRUDQGXP´ 0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ SUHILULyQRHVSHUDUDPDU]R GHO DxR VLJXLHQWH SDUD FRPHQ]DU HO SURFHVR GH DSUR[LPDFLyQ GLSORPiWLFD(QFXDOTXLHUFDVRODUHXQLyQGHORV&DQFLOOHUHVIXHXQSHTXHxRLQWHQWR3RFDV VHPDQDVPiVWDUGHVHLQWHQVLILFDUtDQODVJHVWLRQHVGHOD53& (QQRYLHPEUHGHDUULEyDOSDtVXQDGHOHJDFLyQGHOJRELHUQRFKLQRHQFDEH]DGDSRU HO 'LUHFWRU GHO %XUy SDUD $VXQWRV 5HJLRQDOHV GHO 0LQLVWHULR GH 5HODFLRQHV (FRQyPLFDV \ &RPHUFLDOHV FRQ HO ([WUDQMHUR 6HJ~Q HO (PE *XLOOHUPR 9DOOHV HQWRQFHV HQ OD 'LUHFFLyQ GH $VXQWRV (FRQyPLFRV ,QWHUQDFLRQDOHV ³«EiVLFDPHQWH VH KDEOy GH WHPDV FRPHUFLDOHV SHUR DSXQWDED D XQ IRUWDOHFLPLHQWR«HQ OD PHQWH GH DPERV HVWDED HO IRUWDOHFLPLHQWRGHODVUHODFLRQHV>«@3HURHOJRELHUQRPLOLWDUQRTXLVRWRPDUODGHFLVLyQGH DYDQ]DUPiVHQHOHVWDEOHFLPLHQWRGHUHODFLRQHV´ 8QPHPRUDQGXPGHO'HSDUWDPHQWRGH$VXQWRV3ROtWLFRV%LODWHUDOHVGLULJLGRDOD'LUHFFLyQ GH3ROtWLFD([WHULRUGHWDOODXQPRPHQWRFODYHGHODYLVLWDGHODGHOHJDFLyQFKLQD ³(Q HO FDVR SDUWLFXODU GH 8UXJXD\ HVWDPRV GLVSXHVWRV D HVWDEOHFHU \ GHVDUUROODU UHODFLRQHV GH WRGR WLSR SDUD EHQHILFLR GH DPERV SDtVHV 0iV DGHODQWH HO VHxRU =HSX HQ VX DQiOLVLV GHO LQWHUFDPELR FRPHUFLDO ELODWHUDO DILUPy TXH VL ODV UHODFLRQHVELODWHUDOHVHQRWURVFDPSRVVLJQLILFDQDOJXQDSpUGLGDGHPHUFDGRV SDUD 8UXJXD\&KLQD3RSXODUORFRPSHQVDUi$TXtVHHVWDED UHILULHQGR D OD UHDFFLyQ GH 7DLZiQDQWHODHYHQWXDOLQLFLDFLyQGHUHODFLRQHVGLSORPiWLFDVHQWUHORVGRVSDtVHV´ 'HKHFKRODGHOHJDFLyQFKLQDIXHD~QPiVDXGD] ³(OVHxRU6KLNDQJTXLHQKDEODXQSHUIHFWRHVSDxROLQGLFyTXHWRGRIXHSRVLWLYR DXQTXH pO KXELHUD GHVHDGR OD LQLFLDFLyQ GH UHODFLRQHV GLSORPiWLFDV \D FRPR UHVXOWDGR GH OD YLVLWD GH OD PLVLyQ TXH LQWHJUD VHxDOy TXH KD OHtGR OD SUHQVD QDFLRQDOHQHVWRVGtDV\TXHGHDFXHUGRDVXVDSUHFLDFLRQHV\ODVFRQYHUVDFLRQHV PDQWHQLGDV FXDOTXLHUD GH ORV SDUWLGRV SROtWLFRV XUXJXD\RV FRQ SRVLELOLGDGHV GH WULXQIDU HQ ODV HOHFFLRQHV D OOHYDUVH D FDER D ILQ GH PHV WRPDUtDQ GHFLVLRQHV D IDYRUGHODDSHUWXUDGHUHODFLRQHVGLSORPiWLFDVFRQVXSDtV´ $O ILQDO GH DTXHOOD UHXQLyQ VH DFRUGy XQD YLVLWD SDUD HO DxR VLJXLHQWH GH XQD PLVLyQ FRPHUFLDO XUXJXD\D D %HLMLQJ /RV IXWXURV FRQWDFWRV VH KDUtDQ D WUDYpV GH ODV FRUUHVSRQGLHQWHV PLVLRQHV GLSORPiWLFDV HQ 1HZ <RUN R %XHQRV $LUHV (QWRQFHV HO FRPHUFLR WRWDO GH 8UXJXD\ FRQ OD 53& URQGDED ORV 86 /D GHOHJDFLyQ YLVLWDQWHVHUHXQLyWDPELpQFRQLQWHJUDQWHVGHOVHFWRUSULYDGRHQSDUWLFXODUGHOD8QLyQGH ([SRUWDGRUHV\OD&iPDUDGH,QGXVWULDV 0iV HVSHFtILFDPHQWH HQWUH HO RFKR \ HO GLHFLVpLV GH DTXHO PHV YLVLWD TXH LQVXPLy XQD FDQWLGDG GH GtDV H[WUDRUGLQDULDFRQVLGHUDQGRTXHYHQtDQGHXQSDtVFRQHOFXDO8UXJXD\QRWHQtDUHODFLRQHVSROtWLFDV 0LQGH55((³0HPRUDQGXP´ GHQRYLHPEUHGH0RQWHYLGHR 3ULPHU (PEDMDGRU HQ OD 53& \ DFWXDOPHQWH HO HPEDMDGRU XUXJXD\R DQWH OD 2UJDQL]DFLyQ 0XQGLDO GHO &RPHUFLR (QWU HYLVWDDO(PE*XLOOHU PR9DOOHVGHQRYLHPEUHGH0RQWHYLGHR /LX=HSXHQWRQFHV'LUHFWRUGHOD7HUFHUD'LUHFFLyQGH$VXQWRV5HJLRQDOHVGHO0LQLVWHULRGH5HODFLRQHV (FRQyPLFDV\&RPHUFLDOHVGH53&IXHHOMHIHGHDTXHOODGHOHJDFLyQ 0LQGH55((³0HPRUDQGXP´GHGLFLHPEUHGH0RQWHYLGHR &RQVHMHUR GH OD 'LUHFFLyQ GH ODV $PpULFDV \ 2FHDQtD GH OD &DQFLOOHUtD FKLQD \ 3UHVLGHQWH $OWHUQR GH OD GHOHJDFLyQ $PRGRFRPSDUDWLYRHQODVH[SRUWDFLRQHVGH%UDVLOD&KLQDOOHJDURQDOPRQWRGH86 ODVGH3HU~D86ODVGH&KLOHHQD86\ODVGH$UJHQWLQDHQHVHPLVPRDxR OOHJDURQD860LQGH55((³0HPRUDQGXP´ 0RQWHYLGHR 0LQGH55((³$FWD) LQDO´GHQRYLHPEUHGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 (V LQWHUHVDQWH OD UHIOH[LyQ ILQDO GHO PHPRUDQGXP WRPD FRPR XQ KHFKR LQPLQHQWH HO HVWDEOHFLPLHQWR GH UHODFLRQHV RILFLDOHV FRQ OD 53& \D HQ \ UHFRPLHQGD TXH VH PDQWHQJD XQD RILFLQD FRPHUFLDO HQ 7DLSHL 5HFXpUGHVH TXH QR KDEtD HQWUDGR HQ IXQFLRQHVDXQHOQXHYRJRELHUQRGHPRFUiWLFR\TXHHOSDtVVHJXtDEDMRHOPDQGRPLOLWDU(O DFWD ILQDO GH OD YLVLWD GH OD GHOHJDFLyQ TXH HUD OD YHUVLyQ RILFLDO GH OR GLVFXWLGR HQ HVD RFDVLyQ QR KDFtD UHIHUHQFLD HQ QLQJ~Q PRPHQWR DO LQWHQWR FKLQR GH HVWDEOHFLPLHQWR GH UHODFLRQHVSROtWLFDV6XSHQ~OWLPRSiUUDIRDSHQDVUH]D ³$PEDV 3DUWHV FRLQFLGLHURQ HQ OD LPSRUWDQFLD GH OD SUHVHQWH YLVLWD FRQVLGHUDQGR TXH OD PLVPD VH UHDOL]y HQ XQ DPELHQWH GH DPSOLD FRPSUHQVLyQ \ FRQWULEX\y DO PD\RU GHVDUUROOR GH ODV UHODFLRQHV HFRQyPLFRFRPHUFLDOHV \ GH RWUDV iUHDV GH LQWHUpVSDUDORVGRVSDtVHV´ (Q DTXHO HQWRQFHV OD &DQFLOOHUtD WHQtD XQD RSLQLyQ EDVWDQWH GLVWLQWD GH OD TXH WHQtD OD F~SXODPLOLWDU\SHUFLEtDTXHODLQLFLDWLYDGH&KLQDQRPRULUtDDKt(O(PE*XLOOHUPR9DOOHV UHFXHUGD TXH PLHQWUDV HVWXYR GHVWDFDGR HQ -DSyQ PDQLIHVWy HQ VX LQWHUpV SRU YLDMDU D &KLQD FRPR SDUWH GH XQD FRPLWLYD ODWLQRDPHULFDQD /DV DXWRULGDGHV PLOLWDUHVVHORSURKLELHURQ ¢3RUTXpEXVFy &KLQDFRQWDQWR pQIDVLV XQ DFHUFDPLHQWR DO 8UXJXD\" (Q KDFtD \D VHLV DxRV TXH ODV UHIRUPDV GH 'HQJ ;LDRSLQJ KDEtDQ FRPHQ]DGR \ OD HFRQRPtD FKLQD FUHFtDYHOR]PHQWH8QSDtVWDQSHTXHxRFRPR8UXJXD\QRUHSUHVHQWDEDXQDRSRUWXQLGDG QLSROtWLFDQLFRPHUFLDOSDUD&KLQDHQSDUWLFXODUEDMRXQJRELHUQRPLOLWDUDQWLFRPXQLVWD'H KHFKR HUD PiV OyJLFR HVSHUDU TXH 8UXJXD\ VH DFHUFDVH D OD &KLQD TXH OD SRWHQFLD DVLiWLFDPDQLIHVWDUDVXLQWHUpVSRUQXHVWURSDtV ³&RPR FRQFOXVLyQ GH OD FKDUOD LQIRUPDO FRQ HO VHxRU 6KLNDQJ GHER VHxDODU TXH ODV SUy[LPDV DFFLRQHV YLQFXODGDV DO HVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV VRQ GH LQLFLDWLYD XUXJXD\D « \ TXH TXHGD SHQGLHQWH SDUD HO DxR SUy[LPR OD YLVLWD GH XQD GHOHJDFLyQ FRPHUFLDO GH OD 5HS~EOLFD D 3HNtQ´ 0LQ GH 55((³$FWD) LQDO´GHQRYLHPEUHGH0RQWHYLGHR ³(VRSLQLyQGHHVWH'HSDUWDPHQWRTXHDQWHVGHFXDOTXLHUDFFLyQHQEHQHILFLRGHODDSHUWXUDFRQ&KLQD 3RSXODU8UXJXD\GHEHUtDHVWDEOHFHUHQIRUPDHIHFWLYD\SHUPDQHQWHXQDRILFLQDFRPHUFLDOHQOD5HS~EOLFD GH&KLQD7DLZiQFX\DSHUPDQHQFLDGHEHUiVHUQHJRFLDGDFRQOD5HS~EOLFD3RSXODU&KLQDHQHOPRPHQWR HQTXHVHGHFLGDODLQLFLDFLyQGHUHODFLRQHVELODWHUDOHVFRQHVHSDtV´0LQGH55((³$FWD) LQDO´GH QRYLHPEUHGH0RQWHYLGHR ,ELGHP <D XQ GRFXPHQWR GH FLWDED DO PHQRV WUHV ³IXQGDPHQWRV GH FDUiFWHU JHQHUDO´ SRU ORV FXDOHV VHUtD FRQYHQLHQWH HO HVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV FRQ 53& OD QHFHVLGDG GH WHQHU XQD SROtWLFD ³UHDOLVWD´TXHUHFRQR]FDHOKHFKRGHTXH&KLQDSRVHHXQDVLHQWRSHUPDQHQWHHQHO&RQVHMRGH6HJXULGDGGH 1DFLRQHV8QLGDV\³VHSHUILODFRPRWHUFHUDVXSHUSRWHQFLD´VXSRWHQFLDOFRPRPHUFDGR³VLVHWLHQHHQFXHQWD ORQXPHURVRGHVXSREODFLyQ\ODDSHUWXUDDOPXQGRH[WHULRUTXHVHKDRSHUDGRHQ&KLQD´\ILQDOPHQWH³OD HYHQWXDOFRQFUHFLyQGHDFXHUGRVGHFRRSHUDFLyQFRQOD5HS~EOLFDHQGLIHUHQWHVFDPSRVHVSHFLDOPHQWHHQHO GHO LQWHUFDPELR WHFQROyJLFR´ 0LQ GH 55(( ³6XPDULR GHO 0HPRUDQGXP 6REUH /D 5HS~EOLFD 3RSXODU &KLQD6X3HUILO,QWHUQDFLRQDO\3RVLEOH(VWDEOHFLPLHQWRGH5HODFLRQHV&RQ(O8UXJXD\´GHIHEUHURGH 0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 7DEOD1R/LVWDGHSDtVHVTXHPDQWHQtDQUHODFLRQHVFRQ7DLZiQDO GHPDU]RGH • • • • • • • • • • • $UDELD6DXGLWD &RUHDGHO6XU &RVWD5LFD 'RPLQLFD (O6DOYDGRU *XDWHPDOD +DLWt +RQGXUDV ,VODV6DORPyQ 0DODZL 1DXUX • • • • • • • • • • • 3DQDPi 3DUDJXD\ 5HSXEOLFD'RPLQLFDQD 6DQ9LFHQWH\*UDQDGLQDV 1LFDUDJXD 6XGiIULFD 6ZD]LODQGLD 7RQJD 7XYDOX 8UXJXD\ 9DWLFDQR 8QD SLVWD SDUD HQWHQGHU OD GLSORPDFLD FKLQD OD DSRUWD HO GLVFXUVR GHO 6U /LX =HSX WUDQVFULWRHQHOPHPRUDQGXPGHODVUHXQLRQHVFRQODGHOHJDFLyQTXHOLGHUyHQQRYLHPEUH GH ³(OMHIHGHODGHOHJDFLyQFKLQDUHFRUGyTXHHOSULQFLSLRIXQGDPHQWDO\REMHWLYR SULPDULR GH OD SROtWLFD H[WHULRU GH VX SDtV HUD OD SD] PXQGLDO HO DOLYLR GH ODV WHQVLRQHVLQWHUQDFLRQDOHVODOXFKDSRUHOGHVDUPHGHODVVXSHUSRWHQFLDV\HQ FRQWUDGHWRGDSUiFWLFDKHJHPyQLFD GH SDtV DOJXQR 6HxDOy TXH OD 5HS~EOLFD 3RSXODU &KLQD DGRSWy KDFH \D PiV GH DxRV ORV FLQFR SULQFLSLRV EiVLFRV SDUD OD FRH[LVWHQFLD SDFtILFD HQWUH ORV SDtVHV « (QXQFLy ORV SULQFLSLRV UHIHULGRV FRPR ORV GH UHVSHWR PXWXR GH OD VREHUDQtD GH ORV (VWDGRV OD QR DJUHVLyQ UHFtSURFD OD QR LQJHUHQFLD HQ DVXQWRV LQWHUQRV GH RWURV SDtVHV UHODFLRQHVEDVDGDVHQLJXDOGDG\SURYHFKRPXWXR\SRU~OWLPRODFRH[LVWHQFLD SDFtILFD(OVHxRU=HSXPDQLIHVWyTXHEDMRHVRVSRVWXODGRVVHKDQHVWDEOHFLGR UHODFLRQHV GLSORPiWLFDV FRQ PiV GH SDtVHV « $JUHJy TXH OD UHODFLyQ DPLVWRVDFRQORVSDtVHVGHO7HUFHU0XQGRHVWiHQWUHORVREMHWLYRVSULPDULRVGH OD SROtWLFD H[WHULRU FKLQD DWULEX\HQGR JUDQ LPSRUWDQFLD D OD FRODERUDFLyQ FRQ ORV SDtVHV HQ YtDV GH GHVDUUROOR FRQ ORV TXH VX SDtV WLHQH PXFKRV SXQWRV FRPXQHV µ(VWDPRV GLVSXHVWRV D GHVDUUROODU ODV UHODFLRQHV \ OD FRODERUDFLyQ FRQ WRGRV ORV SDtVHV ODWLQRDPHULFDQRV¶ FRQ ILQHV GH FRRSHUDFLyQ WpFQLFD \ GHVDUUROOR FRQMXQWR \ HQ HVD OtQHD KHPRV YHQLGR DO 8UXJXD\ SDUD XQ DSR\R PXWXRµHQHOFDPSRHFRQyPLFRFRPHUFLDODVtFRPRHQRWURVFDPSRV¶´ 6LHPSUH TXH VH DQDOL]DQ H[SUHVLRQHV RILFLDOHV GH IXQFLRQDULRV FRPXQLVWDV HV QHFHVDULR VHSDUDUODSURSDJDQGDGHOFRQWHQLGRVXVWDQWLYRGHOPHQVDMH/DSULPHUDVXHOHLQVXPLUOD PD\RUtD GH ODV SDODEUDV PLHQWUDV TXH HO VHJXQGR VL H[LVWH DSDUHFH V~ELWD \ PX\ EUHYHPHQWH 'HO ODUJR GLVFXUVR GHO VHxRU =HSX VyOR VH SXHGH FRQFOXLU TXH &KLQD VH SURSRQtD HQWRQFHV PDQWHQHU UHODFLRQHV GLSORPiWLFDV \ FRPHUFLDOHV FRQ WRGD $PpULFD /DWLQD 6X PRWLYDFLyQ SULQFLSDO HUD TXL]iV ³FRPSOHWDU´ VX DSHUWXUD D WRGD OD UHJLyQ ODWLQRDPHULFDQD/DVHFXQGDULDHVWiFRQWHQLGDHQXQRGHORVSXQWRVGHODUHXQLyQHQ1HZ <RUNHQWUHORVGRV&DQFLOOHUHV (VWDQGR HVWH DUWtFXOR HQ YtDV GH FRUUHFFLyQ &RVWD 5LFD DQXQFLD HQ HO PHV GH MXOLR VX GHFLVLyQ GH HVWDEOHFHUUHODFLRQHVFRQOD53& 0LQGH55((³0HPRUDQGXP´GHGLFLHPEUHGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 ³(O &DQFLOOHU FKLQR GHVWDFy TXH VX SDtV VH HQFRQWUDED ILUPHPHQWH LQWHUHVDGR HQ VHJXLU DGTXLULHQGR ODQDV \ FXHURV XUXJXD\RV FRQ YLVWDV D LQFUHPHQWDU HO LQWHUFDPELR FRPHUFLDO SHUR TXH SRU HO PRPHQWR QR SRGtD VHxDODU HO PLVPR LQWHUpVSRUSURGXFWRVGHSHVFDHQSDUWLFXODUFRQVHUYDVGHSHVFDGR´ /D SROtWLFD H[WHULRU FKLQD HVWDEOHFH UHODFLRQHV GLSORPiWLFDV FHUFDQDV FRQ DTXHOORV SDtVHV FDSDFHVGHSURSRUFLRQDUOHPDWHULDVSULPDVGHFDUiFWHUHVWUDWpJLFRSDUDVXGHVDUUROOR$Vt HQPDWHULDGHSHWUyOHRVHUHODFLRQDFRQ9HQH]XHODRFRQHO6XGiQSDtVHVTXHSXHGHQ SURYHHUOH GH UHFXUVRV HQHUJpWLFRV (VWR LQFRPRGD D 2FFLGHQWH SXHVWR TXH KDFH TXH %HLMLQJ OHJLWLPH HO FRPHUFLR FRQ GLFWDGXUDV LQYROXFUDGDV HQ JUDYHV YLRODFLRQHV D ORV GHUHFKRV \ OLEHUWDGHV KXPDQDV /D PLVPD GLSORPDFLD SUDJPiWLFD IXH DSOLFDGD HQ RWURV VHFWRUHV GHFLVLYRV (Q ORV DxRV V OD LQGXVWULD FKLQD FRQRFLy HO JUDQ ERRP GH ORV WH[WLOHV)XHODSULPHUDIDVHGHLQGXVWULDOL]DFLyQFDSLWDOLVWDLQLFLDGDSRU'HQJ;LDRSLQJOD DEXQGDQFLD GH PDQR GH REUD \ HO KHFKR GH TXH QR UHVXOWDVH QHFHVDULR TXH pVWD IXHVH DOWDPHQWH FDSDFLWDGD SDUD VX LPSXOVR KL]R GH OD LQGXVWULD WH[WLO XQ HOHPHQWR FODYH HQ HO SURFHVR LQLFLDO GH PRGHUQL]DFLyQ HFRQyPLFD 3URQWR ORV WH[WLOHV GH HVH SDtV SDVDURQ D FRPSHWLUFRQORVGH((88\(XURSD /DODQDHVFRQMXQWDPHQWHFRQHODOJRGyQ\DOJXQDVILEUDVVLQWpWLFDVXQDGHODVSULQFLSDOHV PDWHULDV SULPDV WH[WLOHV < ODQD 8UXJXD\ WLHQH HQ DEXQGDQFLD <D DQWHV GH FRPHQ]DURQ ODV SULPHUDV H[SRUWDFLRQHV D &KLQD (V FRQFHELEOH TXH DO PHQRV XQ FRPSRQHQWH GHO LQWHUpV FKLQR SRU HO 8UXJXD\ IXHVH VX QHFHVLGDG GH FRPSUDU PiV ODQD XUXJXD\D'HKHFKRXQDYH]LQLFLDGRHOFRPHUFLRHQWUHDPERVSDtVHVODWRWDOLGDGGHODV YHQWDVD&KLQDHVWXYRFRQIRUPDGDSRUWRSVGHODQD(Q\HVHSURGXFWRIXHHO GH ODV H[SRUWDFLRQHV D &KLQD HQ EDMy OLJHUDPHQWH DO \ HQ EDMy QXHYDPHQWHD/DVSULPHUDVH[SRUWDFLRQHVTXHQRIXHURQWRSVGHODQDHQHVRVDxRV IXHURQODFDUQHYDFXQDORVFHUHDOHVORVFXHURV\ODODQDODYDGD'HIRUPDSUHPRQLWRULDHO PLVPRPHPRUDQGXPTXHDSRUWDHVWRVGHWDOOHVH[SOLFDORVLJXLHQWH ³/DV LPSRUWDFLRQHV GHVGH OD 5HS~EOLFD 3RSXODU GH &KLQD PXHVWUDQ PD\RU GLYHUVLILFDFLyQDQLYHOGHSURGXFWR\D~QFXDQGRDFWXDOPHQWHODFLIUDUHSUHVHQWD ODGpFLPDSDUWHGHODVH[SRUWDFLRQHVXUXJXD\DVDGLFKRSDtVHVWiQLQWHJUDGDVSRU SURGXFWRV FRQ PD\RU YDORU DJUHJDGR OR TXH LQFLGH VREUH ORV WpUPLQRV GH LQWHUFDPELR 'DGD HVWD VLWXDFLyQ OD 5HS~EOLFD QR GHEHUtD FRQWHQWDUVH FRQ XQ LQFUHPHQWRVXVWDQFLDOGHVXVH[SRUWDFLRQHVDOD5HS~EOLFD3RSXODUGH&KLQDVLQR TXH GHEHUtD VLPXOWiQHDPHQWH SURPRYHU OD FRORFDFLyQ GH SURGXFWRV FRQ PD\RU YDORUDJUHJDGRHQHVHPHUFDGR´ (VHFRPHQWDULRIXHHVFULWRHQSHURHVHQWHUDPHQWHSHUWLQHQWHSDUDHOIOXMRFRPHUFLDO DOGtDGHKR\FRQXQDVDOYHGDG&KLQDH[SRUWDYDULDVYHFHVPiVGHORTXHKDFtDHQDTXHO DxR\GHKHFKRPiVGHORTXHH[SRUWD8UXJXD\(QHVWH SHUtRGR HQWRQFHVFRQYLYH XQ VHFWRU HPSUHVDULDO XUXJXD\R TXH VH DEUH D OD 53& FRQ XQ JRELHUQR TXH OD UHFKD]D SROtWLFDPHQWH$~QFXDQGRSDUDHUDQQXPHURVRVORVFRQWDFWRVFRQIXQFLRQDULRVGHO 0LQGH55((³0HPRUDQGXP´ GHVHSWLHPEUHGH0RQWHYLGHR ³&KiYH]9LDMD$&KLQD3DUD) LUPDU$FXHUGRV(QHUJpWLFRV´(Q(O2EVHU YDGRU GHDJRVWRGH VG :, 1*),(/'+$<(65XSHU W³6DWLVI\LQJ&KLQD¶V'HPDQG) RU(QHUJ\´ (Q%%& >RQOLQH@>HQHUR@'LVSRQLEOHHQ,QWHUQHW KWWSQHZVYRWHEEFFRXNPSDSSVSDJHWRROVSULQWQHZVEEFFRXNKLDVLDSDFLILFVWP! ³/D GHOHJDFLyQ FRPHUFLDO GH &KLQD UHFRPHQGy D OD SDUWH XUXJXD\D ORV SURGXFWRV GH H[SRUWDFLyQ GH &KLQDFRPRSURGXFWRVWH[WLOHVGHODLQGXVWULDOLJHUDSURGXFWRVDXWyFWRQRV\JDQDGHURVREMHWRVDUWHVDQDOHV SURGXFWRV TXtPLFRV PLQHUDOHV \ PHWDOHV DVt FRPR PDTXLQDULD FRQ HO GHVHR GH H[SDQGLU VX H[SRUWDFLyQ D 8UXJXD\´0LQGH55((³$FWDGH&RQYHUVDFLRQHVSUR\HFWR´QRYLHPEUHGH0RQWHYLGHR1RHV FDVXDOLGDGTXHHOSULPHUSURGXFWRTXHVHPHQFLRQDHVHOWH[WLO 0LQGH55((³0HPRUDQGR´GHQRYLHPEUHGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ JRELHUQRFKLQRODGLFWDGXUDWHUPLQyVXH[LVWHQFLDVLQFRQFUHWDUODDSHUWXUDDHVHSDtV(Q VHUHDOL]DQODVSULPHUDVHOHFFLRQHVOLEUHVGHVGH-XOLR06DQJXLQHWWLHVHOHFWR 3UHVLGHQWH GH OD 5HS~EOLFD SDUD HO SHUtRGR 6HUi VX DGPLQLVWUDFLyQ OD TXH OOHYDUiDGHODQWHODVQHJRFLDFLRQHVSDUDHOUHFRQRFLPLHQWRGHOD53& (O'HEDWH&KLQDR7DLZiQ /DGLVFXVLyQVREUHHOWHPDGHOUHFRQRFLPLHQWRGH&KLQDYDDHVWDUHQODDJHQGDQDFLRQDO GHVGH HO FRPLHQ]R PLVPR GHO SHUtRGR GH JRELHUQR GHO 3UHVLGHQWH 6DQJXLQHWWL 6HJ~Q SDODEUDVGHOHQWRQFHV3UHVLGHQWH ³&XDQGROOHJDPRVDOJRELHUQRHQHODxRQRVHQFRQWUDPRVFRQTXH\DKDEtD XQGHEDWH«LQVWDODGRHQODVRFLHGDG´ 1LHQHOJRELHUQRQLHQODVRFLHGDGFLYLOODFXHVWLyQHUDQRYHGDG(QHOiPELWRLQWHUQDFLRQDO HOUHFRQRFLPLHQWRGHOD53&HUDXQDUHDOLGDGDVXPLGD(VWRQRHOLPLQDEDODSRVLELOLGDGGH TXHGLFKRUHFRQRFLPLHQWRFUHDVHXQGHEDWHSROtWLFRLQWHUQR,QFOXVLYHHO8UXJXD\WHQtDXQ DWUDVR VLJQLILFDWLYR HQ OD VROXFLyQ GH XQD FXHVWLyQ TXH $PpULFD /DWLQD YHQtD UHVROYLHQGR WLHPSRDWUiVVLQFRPSOLFDFLRQHVSROtWLFDVPD\RUHV $ SHVDU GH TXH OD LGHD GH VXVSHQGHU ODV UHODFLRQHV FRQ 7DLZiQ \D WHQtD FRQVLGHUDEOH DSR\R HQ OD FODVH SROtWLFD \ ORV HPSUHVDULRV OD UXSWXUD GH UHODFLRQHV QR OOHJy KDVWD SULQFLSLRVGH(VWDWDUGDQ]DVHGHELyDYDULRVHVFROORVHQWUHORVTXHHVWiQODUHODWLYD GLILFXOWDG GHO *RELHUQR XUXJXD\R SDUD IRUPDU FRQVHQVRV SROtWLFRV \ OD SHUPDQHQFLD GH LQWHUHVHVWDLZDQHVHVHQHO8UXJXD\ $GLIHUHQFLDGHORVRVWHQLGRSRU/LQFROQ%L]]R]HURQXHVWUDLQYHVWLJDFLyQLQGLFyTXHQRHV DFHUWDGRVRVWHQHUTXH³«ODWRPDGHGHFLVLyQVREUHODVGRV&KLQDV\DHVWDEDUHDOL]DGDHQ HO PRPHQWR HQ TXH DVXPH HO DFWXDO JRELHUQR UHSUHVHQWDWLYR«´ 1R VRODPHQWH HVWD KLSyWHVLVQRORJUDH[SOLFDUORVFDVLWUHVDxRVWUDQVFXUULGRVKDVWDTXHVHWRPDODGHFLVLyQGH HVWDEOHFHU UHODFLRQHV FRQ OD 53& 0iV UDGLFDOPHQWH HVWD H[SOLFDFLyQ LJQRUD HO FRPSOHMR SURFHVR SROtWLFR LQWHUQR TXH IXH QHFHVDULR OOHYDU DGHODQWH D ORV HIHFWRV GH FRQFLOLDU ODV GLYHUVDVSRVLFLRQHVTXHHQHO3DUWLGRGHJRELHUQR\DXQPiVDOOiSXJQDEDQSRUPDQWHQHU R PRGLILFDUHOVWDWXTXRGHQXHVWUDVUHODFLRQHVFRQODVGRV&KLQDV &RPRPXHVWUDOD*UiILFDODVUHODFLRQHVFRQ7DLZiQQRVXSRQtDQXQEHQHILFLRFRPHUFLDO GH JUDQ PDJQLWXG SDUD HO SDtV ([LVWtDQ SHTXHxRV SDJRV SUHEHQGDV \ IDFLOLGDGHV TXH UHDOL]DED 7DLZiQ D RILFLQDV GH OHJLVODGRUHV GH PLOLWDUHV \ GHO 3RGHU (MHFXWLYR SHUR ODV (QWU HYLVWDDO'U - XOLR06DQJXLQHWWLGHVHWLHPEUHGH0RQWHYLGHR 8UXJXD\VHUiHOYLJpVLPRSDtVODWLQRDPHULFDQRHQUHFRQRFHUDOD5HS~EOLFD3RSXODU&KLQD %,==2=(52/LQFROQ³7RPDGHGHFLVLRQHVHQSROtWLFDH[WHULRUXUXJXD\D(OFDVRGHODVGRV&KLQDV´ &XDGHUQRV GHO &/$(+ 0RQWHYLGHR (QHUR GH (Q GLFKR WH[WR HO DXWRU VRVWLHQH TXH OD GHFLVLyQ GH HVWDEOHFHUODVUHODFLRQHVFRQOD53&HUDXQD³ «WRPDGHGHFLVLyQ«UHDOL]DGDHQHOPRPHQWR«´ TXHDVXPHHO JRELHUQR GHPRFUiWLFR GH 6RVWLHQH DGHPiV TXH HO UHODWLYDPHQWH ODUJR SHUtRGR WUDQVFXUULGR KDVWD HO HVWDEOHFLPLHQWR GH UHODFLRQHV FRQ OD &KLQD 3RSXODU ³ «DWDxH D OD YDORUDFLyQ GHO PRPHQWR DGHFXDGR´ %L]]R]HUR QR H[SOtFLWD FRPR VH GHILQH HVH ³ «PRPHQWR DGHFXDGR´ PiV TXH UHILULpQGRVH D XQD VXSXHVWD PD[LPL]DFLyQGHUHVXOWDGRVFX\DVFDUDFWHUtVWLFDVUHVXOWDQLQWDQJLEOHVSDUDHOOHFWRU6XHQIRTXHSRURWUDSDUWH QRWRPDHQFXHQWDTXHDGHPiVGHODVGLILFXOWDGHVSROtWLFDVLQWHUQDV\DPHQFLRQDGDVODSUHVHQFLDGH7DLZiQVH KDFtDVHQWLUHQDVSHFWRVHFRQyPLFRVILQDQFLHURV\GHOREE\LQJ(OKHFKRGHTXHHOPRQWRGHODVWUDQVDFFLRQHV \ HO FRQMXQWR GH ORV UHFXUVRV HQ MXHJR HQ OD RSFLyQ SRU XQD X RWUD &KLQD IXHVH GH UHODWLYD LPSRUWDQFLD QR VLJQLILFDED TXH HO JRELHUQR QR SHUFLELHVH OD H[LVWHQFLD GH REVWiFXORV SDUD OD GHFLVLyQ GH RSWDU SRU OD &KLQD 3RSXODU$OUHVSHFWRVRQSDUWLFXODUPHQWHH[SOtFLWDVODVHQWUHYLVWDVFRQHO'U-XOLR0D6DQJXLQHWWL\HO(PE &DUORV3pUH]GHO&DVWLOOR 8QHMHPSORFOiVLFRGHFyPRIXQFLRQDEDODUHODFLyQHQWUH7DLZiQ\8UXJXD\GXUDQWHODGLFWDGXUDVHYHHQ XQ GRFXPHQWR GH OD (PEDMDGD GH 7DLZiQ GH HQHUR GH (O WH[WR GLULJLGR D OD &DQFLOOHUtD XUXJXD\D 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 UHODFLRQHV FDUHFtDQ HQ EXHQD PHGLGD GH ³VXVWDQFLD´ /D LQYHUVLyQ WDLZDQHVD PiV VyOLGD HQ 8UXJXD\ HUD VHJ~Q HO (PE *XLOOHUPR 9DOOHV HO ILQDQFLDPLHQWR GH DSUR[LPDGDPHQWH RFKHQWDPLOWRQHODGDVGHVRMD(VHSURJUDPDLQFOXtDVXEVLGLRVSDUDHODOPDFHQDPLHQWROD FRVHFKD\ODGLVWULEXFLyQGHOSURGXFWR *UiILFD&RPHUFLRFRQ&KLQD\7DLZiQ± )XHQWH0LQGH55(( &RPR SXHGH DGYHUWLUVH HQ ORV IOXMRV FRPHUFLDOHV FRQ &KLQD \ 7DLZiQ SUHGRPLQDQ ODV H[SRUWDFLRQHV3DUDODVTXHWHQtDQDOD53&FRPRGHVWLQRVXSHUDEDQSRUPXFKRD ODVTXHLEDQD7DLZiQ/DVLPSRUWDFLRQHVGHDPERVSDtVHVHUDQHVFDVDV\YHQtDQPiVGH 7DLZiQTXHGH&KLQD'HVGHXQDSHUVSHFWLYDHVWULFWDPHQWHFRPHUFLDOORVDUJXPHQWRVSDUD HOHJLU D OD 53& HUDQ UHODWLYDPHQWH VyOLGRV SHUR QR SRU HOOR GHFLVLYRV 3HUR HO GHEDWH SROtWLFRUHFLpQFRPHQ]DED(OSURFHVRGHUHFRQRFLPLHQWROOHYDUtDPiVGHGRVDxRV\QR IXH XQD WDUHD VHQFLOOD FRQVHJXLU HO DSR\R SROtWLFR SDUD FRQFOXLU OD UHODFLyQ FRQ 7DLZiQ \ DFHSWDUD&KLQDFRQWLQHQWDOFRPROD~QLFD&KLQD /DSXJQDHQWUHORVLPSXOVRUHVGHOUHFRQRFLPLHQWRGHOD53&\ORVVHFWRUHVTXHOXFKDEDQ SRU HO PDQWHQLPLHQWR GHO VWDWXV TXR WHQGUtD YDULDV HWDSDV \ GLVWLQWRV REVWiFXORV TXH GLILFXOWDUtDQHODYDQFHGHOSURFHVR H[SOLFDTXHVHRUJDQL]DHQ7DLSHLXQD&RQYHQFLyQ$QXDOGHOD&RPLVLyQGH$VLVWHQFLD9RFDFLRQDO3DUD/RV 0LOLWDUHV5HWLUDGRV(QVXVHJXQGRSiUUDIRUH]D³&RQODLQWHQFLyQGHHVWDEOHFHU\PDQWHQHUFRQWDFWRVFRQODV RUJDQL]DFLRQHVGH0LOLWDUHV5HWLUDGRVGHORVSDtVHVDPLJRVHO 3UHVLGHQWH GH OD UHIHULGD &RPLVLyQ *HQHUDO &KHQJ:HL\XDQKDFHOOHJDUXQDLQYLWDFLyQDODV)XHU]DV$UPDGDVGHOD5HS~EOLFD2ULHQWDOGHO8UXJXD\SDUD TXH XQ UHSUHVHQWDQWH GH DOWR UDQJR HQ VLWXDFLyQ DFWLYDR GH UHWLUR SXHGD SDUWLFLSDU GH GLFKD &RQYHQFLyQ \ YLVLWDUOD5HS~EOLFDGH&KLQD/D&RPLVLyQWRPDUiDVXFDUJRORVJDVWRVWDQWRGHSDVDMHDpUHRGHLGD\YXHOWD FRPRORVGHHVWDGtDGHKDVWDGtDVHQOD5HS~EOLFDGH&KLQD´ (QWU HYLVWDDO(PE*XLOOHU PR9DOOHVGHQRYLHPEUHGH0RQWHYLGHR ³(OPHURKHFKRGHTXHSDVDUDQGRVDxRVWHGHPXHVWUDTXHQRIXHIiFLO´(QWU HYLVWDDO(PE&DU ORV3pU H] GHO&DVWLOORGHDJRVWRGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ (O3DUODPHQWRVHFRQYLUWLyHQXQRGHORVWHUUHQRVGRQGHFREUyYLGDHVWDOXFKDGHLQWHUHVHV HQWUH ODV IXHU]DV SURWDLZDQHVDV \ ODV IDYRUDEOHV D OD 53& (O HVWXGLR GH ORV DUFKLYRV SDUODPHQWDULRV SHUPLWH HQWHQGHU SDUFLDOPHQWH OD OyJLFD GH OD GHIHQVD GH TXLHQHV DERJDEDQSRUHOPDQWHQLPLHQWRGHODUHODFLyQFRQ7DLZiQ(QHVHiPELWRHVSDUDGLJPiWLFD ODH[SRVLFLyQTXHUHDOL]yHOHQWRQFHV6HQDGRUGHO3DUWLGR&RORUDGR'RQ5DXPDU-XGHHQ WRUQRDODGLFRWRPtD&KLQD7DLZiQ-XGHHVWUXFWXUyVXGHIHQVDGHODUHODFLyQFRQ7DLZiQ GHVGHXQDYLVLyQHVHQFLDOPHQWHPRUDOLVWDGHODSROtWLFDLQWHUQDFLRQDO -XGHWRPyGRVDUJXPHQWRVFHQWUDOHVSDUDDIURQWDUHOGHEDWH(OSULPHURJLUDHQWRUQRDOD VXSXHVWDSUHVLyQFKLQDSDUDTXH8UXJXD\URPSLHVHUHODFLRQHVFRQ7DLZiQ(OHQIRTXHGH OD53&FRQGLFLRQDHOHVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDVDODUXSWXUDFRQ7DLZiQ 3DUD HO 6HQDGRU -XGH HOOR VXSRQtD XQD IRUPD ³WRWDOLWDULD´ \ FRQWUDULD DO SULQFLSLR GH OD DXWRGHWHUPLQDFLyQHQODVUHODFLRQHVLQWHUQDFLRQDOHV ³3HQVDPRVTXHHVWHWLSRGHFRQGLFLRQDPLHQWRTXHLPSRQHD8UXJXD\URPSHU UHODFLRQHVFRQ7DLZiQSDUDOXHJRHVWDEOHFHUODVFRQ3HNtQHVDEVROXWDPHQWH UHSUREDEOH\UHVXOWDDIUHQWRVRSDUDQXHVWUDFRQGLFLyQGHSDtVGHPRFUiWLFR(V HO XVR LOHJLWLPR GH OD FRDFFLyQ GLSORPiWLFD GHVHPER]DGD \ WRWDOLWDULD TXH SUHWHQGH DLVODU D 7DLZiQ \ H[FOXLUOR FRPR SDtV GH OD FRPXQLGDG GH ODV QDFLRQHVORTXHQRVSDUHFHXQDLQLTXLGDG´ 'HWUiVGHHVWHDUJXPHQWRVHHQFXHQWUDQGRVFRQFHSWRVWHyULFRV8QRGHHOORVHVODQRFLyQ GH TXH XQ (VWDGR WLHQH XQ GHUHFKR LQDOLHQDEOH D OD DXWRGHWHUPLQDFLyQ HQ HO FRQFLHUWR LQWHUQDFLRQDO DVt FRPR VREHUDQtD DEVROXWD HQ VXV GHFLVLRQHV HQ PDWHULD LQWHUQDFLRQDO 3DUD HO 6HQDGRU -XGH ODV FRQGLFLRQHV TXH SODQWHDED &KLQD VXSRQtDQ XQD LQWURPLVLyQ \ XQD YLRODFLyQ GH HVWRV GHUHFKRV GHO 8UXJXD\ (O VHJXQGR FRQFHSWR HV OD GLVWLQFLyQ TXH SUHWHQGHKDFHUHO6HQDGRUHQFXDQWRDODFDOLGDGGHORVJRELHUQRV7RPDD7DLZiQFRPR EXHQRGHPRFUiWLFR\D&KLQDFRPRPDORWRWDOLWDULR\FRPXQLVWD(VWDGLVWLQFLyQHQWUH HO EXHQR \ HO PDOR HV GHFLU XQD FDWHJRUL]DFLyQ PRUDO GH OD SROtWLFD LQWHUQDFLRQDO HV FRUULHQWHHQODOtQHDLGHDOLVWDOLEHUDOGHOHVWXGLRGHODVUHODFLRQHVLQWHUQDFLRQDOHV ³$SR\DU OD WHVLV GH 3HNtQ DEVROXWDPHQWH WRWDOLWDULD H LPSHULDOLVWD HV pWLFDPHQWH LQPRUDO \ MXUtGLFDPHQWH LOHJDO « 7DLZiQ HV XQ SDtV OLEUH \ eVWDHVODSROtWLFDGHOD53&GH³XQDVROD&KLQD´/DDUJXPHQWDFLyQGH-XGHWHQGUtDVX~QLFRDVLGHURHQHO KHFKRGHTXH7DLZiQKXELHVHVLGRHIHFWLYDPHQWHXQDGHPRFUDFLDOLEHUDO\HQXQDDFHSWDFLyQGHTXHODSROtWLFD H[WHULRUGHEHHVWDUJXLDGDH[FOXVLYDPHQWHSRUMXLFLRVVREUHHOFDUiFWHUGHPRFUiWLFRRQRGHOJRELHUQRGHFDGD SDtV 7U DQVFU LSFLyQGH6HVLyQGHO6HQDGRGHIHFKD0RQWHYLGHR /RFXDOQRHUDFLHUWR/DVSULPHUDVHOHFFLRQHVOLEUHVHQ7DLZiQRFXUULHURQHQ 0HDUVKHLPHUHVFULEH³ «ORVWHyULFRVOLEHUDOHVIUHFXHQWHPHQWHFUHHQTXHDOJXQRVHVTXHPDVLQWHUQRVHM GHPRFUDFLD VRQ LQKHUHQWHPHQWH SUHIHULEOHV D RWURV HM GLFWDGXUD 3DUD ORV OLEHUDOHV SRU OR WDQWR KD\ µEXHQRV¶\µPDORV¶HVWDGRVHQHOVLVWHPDLQWHUQDFLRQDO/RVEXHQRVHVWDGRVWLHQHQSROtWLFDVGHFRRSHUDFLyQ\ UDUDPHQWHLQLFLDQJXHUUDVSRUVXFXHQWDPLHQWUDVTXHORVPDORVHVWDGRVFDXVDQFRQIOLFWRVFRQRWURVHVWDGRV\ WLHQHQXQDWHQGHQFLDDXVDUODIXHU]DSDUDVDOLUVHFRQODVX\D$VtODFODYHSDUDODSD]HVSREODUDOPXQGRGH EXHQRV HVWDGRV´ 0($56+(,0(5 - RKQ ³7KH 7UDJHG\RI *UHDW 3RZHU 3ROLWLFV´ (G:: 1RUWRQ DQG &RPSDQ\ 1HZ <RUN &DUDFWHUL]DQGR D XQD GH ODV IDFHWDV GH OD WUDGLFLyQ GH SROtWLFD H[WHULRU HVWDGRXQLGHQVHFRPRSDUDGLJPDGHSHQVDPLHQWRLGHDOLVWDODTXHKDVHJXLGRORVSDVRVGH7KRPDV:RRGURZ :LOVRQ+HQU\.LVVLQJHUH[SRQHORVLJXLHQWH³ (VWRVSULQFLSLRV:LOVRQLDQRVVRVWLHQHQTXHODSD]GHSHQGH GHODGLVHPLQDFLyQGHODGHPRFUDFLDTXHORVHVWDGRV GHEHUtDQ VHU MX]JDGRV SRU ORV PLVPRV FULWHULRV pWLFRV TXH ORV LQGLYLGXRV \ TXH HO LQWHUpV QDFLRQDO FRQVLVWH HQ DGKHULU D XQ VLVWHPD XQLYHUVDO GH OH\HV´ .,66,1*(5+HQU \³'LSORPDF\´ 6LPRQ6FKXVWHU1HZ<RUN3DUDXQDH[FHOHQWHFUtWLFDPiVDOOi TXH VHD WDPELpQ XQD GH ODV SULPHUDV D ORV SULQFLSLRV OLEHUDOLGHDOLVWDV YpDVH +$//(77 &$55 (GJDU G ³7KH 7ZHQW\ <HDUV¶ &ULVLV ´ 3HUHQQLDO 1HZ <RUN $ VX YH] SDUD XQD EXHQD UHSUHVHQWDFLyQGHOGHEDWHUHDOLVPRLGHDOLVPRHQSROtWLFDLQWHUQDFLRQDOYHUHOHUFDStWXORGH'28*+(57< - DPHV 3)$/7=*5$)) 5REHU W ³7HRUtDV HQ 3XJQD HQ ODV 5HODFLRQHV ,QWHUQDFLRQDOHV´ *UXSR (GLWRU /DWLQRDPHULFDQR%XHQRV$LUHV 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 GHPRFUiWLFR 3HNtQ HV XQ UpJLPHQ WRWDOLWDULR D\HU LQYDULDEOHPHQWH XQLGR D OD GLFWDGXUDPRVFRYLWD´ (OSULPHUDUJXPHQWRPHGLDQWH HO FXDO HO 6HQDGRU LQWHQWD GHPRVWUDUTXH &KLQDIDOWD D ORV SULQFLSLRV GHPRFUiWLFRV WUDGLFLRQDOHV GHO 8UXJXD\ HQ PDWHULD LQWHUQDFLRQDO HV GHFLU OD DXWRGHWHUPLQDFLyQ GH ORV SXHEORV \ OD VREHUDQtD (VWDWDO HV IDOVR /D FRQGLFLyQ GH ³XQD VROD &KLQD´ HV XQD SROtWLFD GH (VWDGR PX\ DQWLJXD HQ HO PDQHMR GH ODV UHODFLRQHV LQWHUQDFLRQDOHVGHOD53&)XHDSOLFDGDWDQWRDSDtVHVSHTXHxRVFRPR8UXJXD\FRPRD JUDQGHVSRWHQFLDVVLHQGRORV((88HOPHMRUHMHPSOR /D FRQGLFLyQ VLQH TXD QRQ GH WHUPLQDU ODV UHODFLRQHV RILFLDOHV FRQ 7DLZiQ SDUD OXHJR FRPHQ]DUODVFRQOD53&VXSRQtDVLHPSUHSDUDOD53&XQDSUHYLDDFHSWDFLyQGHOWHUFHU SDtV(QUHVXPHQpVWHHUDOLEUHGHHOHJLUORTXHTXLVLHVH\OD53&QXQFDORREOLJyDTXHOD UHFRQRFLHVH FRPR OD ~QLFD &KLQD 6L SUHWHQGtD HQWDEODU UHODFLRQHV FRQ pVWD GHEtD FRUWDU ORV OD]RV GLSORPiWLFRV FRQ 7DLZiQ 6L GHFLGtD TXH OD PHMRU RSFLyQ HUD PDQWHQHU ODV DPDUUDV RILFLDOHV FRQ OD LVOD HUD HQWHUDPHQWH OLEUH GH KDFHUOR (UJR HVWD FRQGLFLyQ QR VXSRQH VWULFWX VHQVX XQD LQMHUHQFLD FKLQD HQ OD WRPD GH GHFLVLRQHV XUXJXD\D eVWD VH JHVWLRQyVREHUDQDPHQWH\HQEDVHDXQDQiOLVLVDXWyQRPRGHORVFRVWRV\EHQHILFLRV /D VHJXQGD SDUWH GHO GLVFXUVR GH 5DXPDU -XGH HV GREOHPHQWH IDOD] (Q SULPHU OXJDU FRPR VH VHxDODUD HO FDUiFWHU ³GHPRFUiWLFR´ GH 7DLZiQ HQ HVDV IHFKDV HUD PiV TXH FXHVWLRQDEOH (Q VHJXQGR OXJDU OD GLSORPDFLD ³LGHRORJL]DGD´ Q~FOHR GH OD SUHGLFD GHO 6HQDGRU HV FRQWUDULD D OD WUDGLFLyQ XUXJXD\D HQ HO PDQHMR GH ODV UHODFLRQHV LQWHUHVWDWDOHV /D DSOLFDFLyQ GH GLFKR FULWHULR OLPLWDUtD VHULDPHQWH OD FDSDFLGDG GHO SDtV SDUD DFWXDU HQ HO FRQFLHUWR LQWHUQDFLRQDO H LQFOXVR SDUD FRPHUFLDU HQ HO PXQGR (VWH UD]RQDPLHQWR VXSRQH XQ ³LGHDOLVPR´ H[DFHUEDGR VyOR PDQWHQLGR SRU XQD PLQ~VFXOD SURSRUFLyQGHODFRPXQLGDGLQWHUQDFLRQDOTXHHQVXYDVWDPD\RUtDLQFOX\HQGRDFDVLWRGD $PpULFD/DWLQDKDEtDHVWDEOHFLGRUHODFLRQHVFRQ53&6LLQFOXVRHOSULQFLSDOFRQWULQFDQWH GHO FRPXQLVPR ORV ((88 KDEtDQ RSWDGR SRU OD 53& VH YROYtD FDVL LPSRVLEOH DUJXPHQWDU OD QHJDWLYD D GLDORJDU FRQ &KLQD HQ EDVH DO DUJXPHQWR DQWLFRPXQLVWD 3DUD 8UXJXD\SRVLFLRQDUVHDIDYRUGH7DLZiQ\FRQWUDOD53&LEDHQFRQWUDGHOVHQWLGRFRP~Q GH OD WHQGHQFLD LQWHUQDFLRQDO \ GHO LQWHUpV FRPHUFLDO (O H[ 3UHVLGHQWH 'U -XOLR 0 6DQJXLQHWWLORH[SUHVDPX\FODUDPHQWH ³&KLQDHVWDEDUHFRQRFLGDSRU((88*UDQ%UHWDxD\)UDQFLDHVWDEDFODURTXH HOPXQGRRFFLGHQWDOKDEtDVXSHUDGRODVLWXDFLyQ\ODVSRWHQFLDVODHVWDEDQ UHFRQRFLHQGR(VGHFLUTXHHOFRQGLFLRQDPLHQWRLGHROyJLFRQRIXQFLRQDEDHO KHFKRGHTXH&KLQDVHPDQWXYLHUDGHQWURGHODLGHRORJtDFRPXQLVWDQRHVWDED VLJQLILFDQGRXQREVWiFXORSDUDTXHHVSHFLDOPHQWH((88ODUHFRQRFLHUD´ 7U DQVFU LSFLyQGHVHVLyQGHO6HQDGRGHOGtD0RQWHYLGHR 6HJ~Q&DUORV/XMiQH[LVWHQGRVHVWLORVGLSORPiWLFRVELHQGLIHUHQFLDGRVHOSUDJPiWLFR\HOLGHRORJL]DGR $VtORVGHILQH³(OWLSRLGHDOHVWLORLGHRORJL]DGRVHGHILQHSRUODLQIOH[LELOLGDGHQVXVSRVLFLRQHVODULJLGH]HO GRJPDWLVPR HO FDUiFWHU XQLGLPHQVLRQDO GH VX FRQFHSFLyQ GHO PXQGR VX UHGXFFLRQLVPR PRQRFDXVDO HO MDFRELQLVPR FRQIURQWDFLRQLVWD \ FRQ SRFD FDSDFLGDG GH UHFWLILFDFLyQ GH UXPERV HO HVWLOR GLSORPiWLFR LGHRORJL]DGR SXHGH VHU GH WRWDO DOLQHDFLyQ FRQ ORV SRGHURVRV VL OD LGHRORJtD VXVWHQWDGD HV FRLQFLGHQWH R OOHJDUDOHQIUHQWDPLHQWRVXLFLGDVLVHGLYHUJHFRQHOORVDVXYH]VHEDVDHQXQDFRVPRYLVLyQFRQIOLFWLYDGHODV UHODFLRQHV LQWHUQDFLRQDOHV \ YH HO SRVLFLRQDPLHQWR GHO SDtV HQ HO PXQGR HQ WpUPLQRV GH XQ MXHJR GH VXPD FHURGDFHQWUDOLGDGDOIHQyPHQRGHOSRGHUHQODVUHODFLRQHVHQWUHORVHVWDGRVQDFLRQHVSHURSXHGHFDHUHQ H[FHVRV LGHDOLVWDV SURGXFWR GHO YROXQWDULVPR H[SOtFLWR HQ VX FRQFHSFLyQ GHO VLVWHPD LQWHUQDFLRQDO $QiORJDPHQWHODVFDUDFWHUtVWLFDVGHOHVWLORSUDJPiWLFRVRQODIOH[LELOLGDG\HOUHDOLVPRHQODYDORUDFLyQGHVXV SURSLDVIXHU]DV«´/8- È1&DU ORV³&DPELRGH5pJLPHQ\3ROtWLFD,QWHUQDFLRQDO(O&DVR8UXJXD\R´ 0RQWHYLGHR'LY&XOWXUDGHOD,QWHQGHQFLD0GH0RQWHYLGHRS 8QLYHUVLGDG2578UXJXD\ (QFXDQWRD³«ODUHODFLyQTXH((88WHQtDFRQ&KLQD¢QRVRWURVtEDPRVDVHU PiVDQWLFRPXQLVWDVTXHHOOtGHUGHODQWLFRPXQLVPR"(UDVHUPiVUHDOLVWDVTXHHO UH\HUDLQJHQXR\DGHPiVHUDPDUJLQDUHOSDtVGHOHVFHQDULR´ /RV DUJXPHQWRV SROtWLFRV GHO 6HQDGRU -XGH SDUD QR UHODFLRQDUVH FRQ &KLQD UHVXOWDQ HQWRQFHV SUREOHPiWLFRV /D LGHD GH TXH OD 53& VH LQPLVFXtD HQ OD SROtWLFD H[WHULRU GH 8UXJXD\ HUD IDOVD \ HO DUJXPHQWR SURGHPRFUDFLD OLEHUDO \ DQWLWRWDOLWDULVWD HQIUHQWDED OD HURVLyQGHODUHDOLGDGHQODFRPXQLGDGLQWHUQDFLRQDO\DUHFRQRFtDDPSOLDPHQWHDOD 53& FRPR D OD &KLQD ³OHJtWLPD´ $GHPiV 8UXJXD\ VH KD DEVWHQLGR XVXDOPHQWH GH FRQGLFLRQDUVXVUHODFLRQHVGLSORPiWLFDVDOKHFKRGHTXHHORWUR(VWDGRWHQJDXQJRELHUQR GHPRFUiWLFRRQR (Q OD PLVPD OtQHD GH GHIHQVD GHO PDQWHQLPLHQWR GH UHODFLRQHV FRQ 7DLZiQ VH HVWUXFWXUDURQ DGHPiV DUJXPHQWRV GH FDUiFWHU HFRQyPLFR (O 6HQDGRU -XGH HMHUFH QXHYDPHQWH XQ JUDQ SURWDJRQLVPR HQ HO GHEDWH (O SXQWR HVHQFLDO GHO GHEDWH HV HO FRPHUFLR HQWUH ORV SDtVHV WDQWR HO H[LVWHQWH HQ HVH PRPHQWR FRPR HO SRWHQFLDO (Q FRQFRUGDQFLD FRQ HVWR HO 6HQDGRU -XGH H[SRQH ODV YHQWDMDV TXH WLHQH HO PDQWHQHU OD UHODFLyQFRQ7DLZiQ$VtORH[SUHVDHQXQDVHVLyQSDUODPHQWDULD ³¢4Xp WLSR GH LQWHUFDPELR FRPHUFLDO UHDOL]D 3HNtQ" ¢&XiO HV HVH WLSR GH LQWHUFDPELR"&RQUHVSHFWRDVXVFRPSUDVD8UXJXD\VXLQWHUFDPELRUHILHUHXQD PtQLPD GLYHUVLILFDFLyQ GH SURGXFWRV LPSRUWDGRV IXQGDPHQWDOPHQWH ODQDV \ FXHURV XUXJXD\RV \ GHVGH HO DxR OOHYDQ IXQGDPHQWDOPHQWH WRSV´ &RQWUDULRDHVWR³1XHVWURLQWHUFDPELRFRQ7DLZiQRIUHFHYHQWDMDVFLHUWDV7RGDV QXHVWUDV H[SRUWDFLRQHV FRQ H[FHSFLyQ GH OD KDULQD GH SHVFDGR REWLHQHQ XQ SUHFLRVXSHULRUDOFRPSHWLWLYRLQWHUQDFLRQDO´ +D\SUREOHPDVGHFRQVLVWHQFLDHQHODUJXPHQWRGHO6HQDGRU-XGH(QSULPHUOXJDU\FRPR PXHVWUD OD *UiILFD 1R ODV YHQWDV GH 8UXJXD\ KDFLD &KLQD HUDQ VXSHULRUHV D ODV TXH ORJUDED FRQ 7DLZiQ GHVGH PHGLDGRV GH (Q VHJXQGR OXJDU HO FRPHQWDULR VREUH OD ³FDOLGDG´GHOIOXMRH[SRUWDGRUUHVXOWDHQJDxRVR7DLZiQVXEVLGLDED\SODQHDEDSROtWLFDPHQWH WRGD VX UHODFLyQ FRPHUFLDO FRQ 8UXJXD\ (Q RWUDV SDODEUDV ODV FRPSUDV GH ELHQHV XUXJXD\RVD~QFRQSUHFLRVVXSHULRUHVDORVLQWHUQDFLRQDOHVVLORTXHGLFH-XGHHVFLHUWR HUDQ DUWLILFLDOHV \ GLVHxDGDV SDUD REWHQHU DSR\R SROtWLFR 3RU OR WDQWR QR VH WUDWDED GH FRPHUFLRUHDO\HUDXQDLOXVLyQVXSRQHUTXHODVYHQWDVD7DLZiQSRGtDQVRVWHQHUVHDODUJR SOD]R&LHUWDPHQWHODIDOWDGHYDORUDJUHJDGRGHORVELHQHVH[SRUWDGRVD&KLQDHUD\HVXQ SUREOHPD SHUR GLItFLOPHQWH SXHGD FRQVLGHUiUVHOR HO IDFWRU PiV LPSRUWDQWH D OD KRUD GH GHFLGLUVLHVWDEOHFHURQRUHODFLRQHVFRQOD53& (QWU HYLVWDDO'U - XOLR06DQJXLQHWWLGHVHWLHPEUHGH0RQWHYLGHR 7UDGLFLRQDOPHQWH8UXJXD\VHKDDEVWHQLGRGHKDFHUMXLFLRVGHYDORUVREUHODFDOLGDGGHORVJRELHUQRVGH RWURV (VWDGRV VDOYR HQ FRQWDGDV RFDVLRQHV ODV FXDOHV VLHPSUH VH GLHURQ HQ iPELWRV PXOWLODWHUDOHV (VWR UHVSRQGHDODEDMDFDSDFLGDGGHOSDtVGHLQIOXLUDRWURV(VWDGRVPiVTXHDXQDIDOWDGHLQWHUpVHQHOIRPHQWRGH OD GHPRFUDFLD /D SRVLFLyQ PiV FRP~Q GH 8UXJXD\ HV PDQWHQHU UHODFLRQHV GLSORPiWLFDV D~Q FRQ UHJtPHQHV UHVSHFWRDORVFXDOHVWXYRRWLHQHSURIXQGDVUHVHUYDVFRPROD$OHPDQLDQDFLRQDOVRFLDOLVWDOD8QLyQ6RYLpWLFD R &XED 7U DQVFU LSFLyQGH6HVLyQGHO6HQDGRGHOGtD0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 *UiILFD([SRUWDFLRQHVXUXJXD\DVKDFLDDPEDV&KLQDV± )XHQWH0LQLVWHULRGH55(( $FWRVHJXLGRHO6HQDGRUGDVXRSLQLyQVREUHODVYHQWDMDVGHPDQWHQHUODUHODFLyQFRQXQ 7DLZiQTXHHQVXYLVLyQWLHQHXQSRWHQFLDOHFRQyPLFRPD\RUTXHHOGHOD53& ³3LHQVR TXH VH GHEH HYLWDU XQD IDODFLD PX\ FRP~Q SRU OD FXDO DSDUHFH 3HNtQ FRQ PiV GH PLO PLOORQHV GH KDELWDQWHV \ 7DLZiQ FRQ VyOR YHLQWH PLOORQHV GH KDELWDQWHV GH OR FXDO VH FROLJH XQ SRGHUtR HFRQyPLFR HVSHFWDFXODU GH 3HNtQ \ XQD GHELOLGDG DEVROXWD GH 7DLZiQ (VWR HV DEVROXWDPHQWH IDOVR VHxRU 3UHVLGHQWH (O ,QJUHVR DQXDO SHU FiSLWD HQ 3HNtQ DVFLHQGH D GyODUHV DQXDOHVIUHQWHD7DLZiQTXHVXSHUDORVGyODUHVSHUFiSLWD/DVUHVHUYDV GHGLYLVDVUHILHUHQTXH3HNtQWLHQH GH GyODUHVIUHQWH D 7DLZiQ TXH SRVHH GH GyODUHV /D GHXGD H[WHUQD GH 7DLZiQ HV GH GH GyODUHV OD GH 3HNtQ HV GH GH GyODUHV (O FRPHUFLRH[WHULRUDODxRGHWHUPLQDSDUD3HNtQXQGpILFLWGH GHGyODUHVIUHQWHD7DLZiQFRQXQVXSHUiYLWGHGHGyODUHV'H WRGRVHVWRV GDWRV VH UHILHUH TXH 3HNtQ HV XQ JLJDQWH GH SDSHO IUHQWH D 7DLZiQ TXHHVXQSHTXHxRGHKLHUUR´ 6HJ~Q-XGH HVRV LQGLFDGRUHV OOHYDQ LQYDULDEOHPHQWH D TXH ORV EHQHILFLRV GH OD UHODFLyQ FRQ7DLZiQVXSHUHQDPSOLDPHQWHORVGHUHFRQRFHUDOD53&(QSDODEUDVVX\DV ³(Q XQ WHUUHQR KLSRWpWLFR VL VXSXVLpUDPRV TXH 8UXJXD\ QR WXYLHUD UHODFLRQHV GLSORPiWLFDVQLFRPHUFLDOHVQLFRQ3HNtQQLFRQ7DLZiQ\WXYLHUDTXHRSWDUSRU XQD GH HOODV SRU UD]RQHV HVWULFWDPHQWH HFRQyPLFDV ODV YHQWDMDV TXH OH RIUHFH 7DLZiQVRQLQILQLWDPHQWHPiVLPSRUWDQWHVTXHODVGH3HNtQ´ (ODUJXPHQWRH[SXHVWRSRUHO6HQDGRUHVGHFRUWHFODUDPHQWHHFRQRPLFLVWD\UHSURGXFH VLQLQJHQXLGDGDUJXPHQWRVTXHVXHOHQHVJULPLUDOJXQRVHFRQRPLVWDVFXDQGRLQJUHVDQHQ HODQiOLVLVGHORVWHPDVGHFRPHUFLRLQWHUQDFLRQDO(VFLHUWRTXHWDQWRHQWRQFHVFRPRKR\ 7U DQVFU LSFLyQGHVHVLyQGHO6HQDGRGHGLFLHPEUHGH0RQWHYLGHR1LQJXQDGHHVDVFLIUDVVDOYROD GHOLQJUHVRDQXDOSHUFiSLWDFRQVWLWX\HXQDUJXPHQWRSRGHURVRDIDYRURHQFRQWUDGHXQDHFRQRPtD\PHQRV D~QDIDYRURHQFRQWUDGHODGHFLVLyQGHHVWDEOHFHUUHODFLRQHVGLSORPiWLFDVFRQXQRXRWURSDtV 7U DQVFU LSFLyQGHVHVLyQGHO6HQDGRGHGLFLHPEUHGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ HOSRGHUGHFRPSUDGHOFLXGDGDQRWDLZDQpVSURPHGLRHVPX\VXSHULRUDOGHOFKLQR7DLZiQ PDQWLHQH XQDIRUWDOH]D HFRQyPLFD QRWDEOH \ HV XQ VRFLR FRPHUFLDO GH SULPHUD FDWHJRUtD 6LQ HPEDUJR HO SRWHQFLDO TXH SUHVHQWD OD HFRQRPtD FKLQD HV LQVRVOD\DEOH %DVWD FRQ REVHUYDUVXGHVHPSHxRGLDULRDVtFRPRHOFUHFLPLHQWRGHODV~OWLPDVGpFDGDV$XQTXHHQ ORV V OD GH &KLQD HUD XQD HFRQRPtD TXH FUHFtD YHOR]PHQWH VHJXUDPHQWH SRFRV LPDJLQDEDQ OR TXH RFXUULUtD HQ ORV V 6X GHVDUUROOR HQ HVD GpFDGD PXOWLSOLFDUtD VX YHORFLGDG\DSHVDUGHTXH7DLZiQFUHFLyOD53&VXSHUyDPSOLDPHQWHDODHFRQRPtDGH ODLVOD(QHO3%,GHFDGDXQDHVWDVHFRQRPtDVHUDGH86\86 PLOODUGRVUHVSHFWLYDPHQWH(QRWUDVSDODEUDVODHFRQRPtDGH7DLZiQHQWUDVHLVYHFHVHQ ODGH&KLQD/DVGXGDVUHVSHFWRDFXiOHFRQRPtDHUDODPiVSRGHURVDTXHGDQGLVLSDGDVDO FRPSDUDUHVRVGDWRVVLQSHUMXLFLRGHTXHHO3%,SHUFiSLWDGH7DLZiQD~QKR\HVPD\RU TXH HO GH &KLQD 3RU OR WDQWR HO DUJXPHQWR GHO 6HQDGRU -XGH UHVXOWD HTXLYRFDGR \ HOOR LQGHSHQGLHQWHPHQWHGHORVIOXMRVUHDOHVGHFRPHUFLRFRQ8UXJXD\ /D RSRVLFLyQ GHO OREE\ WDLZDQpV HQ HO 3DUODPHQWR IXH XQR GH ORV JUDQGHV HVFROORV TXH HQIUHQWy OD SURSXHVWD GHO *RELHUQR GH UHFRQRFHU D OD 5HS~EOLFD 3RSXODU FRPR OD ~QLFD &KLQD (O VHJXQGR IXH OD SRVLELOLGDG GH TXH HO *RELHUQR GH 7DLZiQ LQLFLDVH XQD JHVWLyQ SDUDHYLWDUOD /DUHDFFLyQWDLZDQHVD &RUURERUDGD OD H[LVWHQFLD GH JUXSRV R LQGLYLGXDOLGDGHV SROtWLFDV \ GH RWUD tQGROH TXH SUHJRQDEDQ SRU HO PDQWHQLPLHQWR GH OD UHODFLyQ ELODWHUDO GHO 8UXJXD\ FRQ 7DLZiQ HV QHFHVDULRSDVDUDREVHUYDUFXiOIXHODUHDFFLyQGHODLVODDQWHODSRVLELOLGDGGHOFDPELRHQ ODV UHODFLRQHV GLSORPiWLFDV FRQ 8UXJXD\ ¢6H WRPy DOJXQD LQLFLDWLYD SDUD LPSHGLUOR R VH GHMyODVLWXDFLyQVHJXLUVXFDXFHQDWXUDO" /D HVWUDWHJLD GLSORPiWLFD GH 7DLZiQ FRQVLVWH HQ RWRUJDU LQFHQWLYRV HQ VX PD\RUtD HFRQyPLFRV SDUD ORV SDtVHVTXHPDQWHQJDQUHODFLRQHV RILFLDOHV FRQ HOOD 3RU HQGH VH SRGUtD SHQVDU TXH DQWH OD LQPLQHQFLD GHO SUR\HFWR XUXJXD\R GH UHFRQRFHU D OD 53& HO HVWDGR WDLZDQpV VH HVIRU]DUtD D WUDYpV GH RIHUWDV HFRQyPLFDV SDUD FRQWUDUUHVWDUOD 'H KHFKR \D WDQ WHPSUDQR FRPR HQ HO JRELHUQR GH 7DLSHL VH SUHRFXSDED GH DVHJXUDUVHGHO³FRUUHFWR´FRPSRUWDPLHQWRGH8UXJXD\ 7DLZiQQRHVWDEDLPSHGLGRGHUHDOL]DURIHUWDVTXHIXHVHQIXQFLRQDOHVDVXOyJLFRLQWHUpV HQSUHVHUYDUODUHODFLyQELODWHUDO/DLGHDGHUHFRQRFHUDOD53&HQGHWULPHQWRGHODLVODVH GHVDUUROOy HQ DOJXQRV FtUFXORV JXEHUQDPHQWDOHV XUXJXD\RV WHQLHQGR HQ FXHQWD ORV EHQHILFLRV\ORVFRVWRVTXHpVWDSXGLHVHDFDUUHDU8QRIUHFLPLHQWRLQWHUHVDQWHGH7DLZiQ TXHFRQYHQFLHVHDOJRELHUQRSRUFRQVLGHUDUORXQDRSRUWXQLGDGVXSHULRUDOHVWDEOHFLPLHQWR GH OD UHODFLyQ FRQ &KLQD TXL]iV SRGUtD KDEHU ORJUDGR HO PDQWHQLPLHQWR GHO VWDWXV TXR GLSORPiWLFR YLJHQWH /R TXH JXLDED DO JRELHUQR HUD HQWRQFHV OD RSRUWXQLGDG TXH FRQVWLWXtDQ &KLQD \ 7DLZiQ SDUD 8UXJXD\ \ QR XQD DSUHFLDFLyQ SVHXGR LGHROyJLFD GHO FDUiFWHU GH ORV JRELHUQRV 3RU HQGH WRGDV ODV SXHUWDV HVWDEDQ DELHUWDV HQWUH HOODV ODV RIHUWDVTXHSXGLHVHUHDOL]DUHOJRELHUQRGH7DLSHL 0HGLGR HQ GyODUHV QRPLQDOHV \ VHJ~Q HO )0, /D WDEOD FRPSOHWD HVWi GLVSRQLEOH HQ KWWSZZZLPIRUJH[WHUQDOSXEVIWZHRGDWDZHRUHSWDVS[! 9pDVHHOSXQWR³ (O'HEDWH&KLQDR7DLZiQ´ GHOSUHVHQWHWUDEDMR (Q DTXHO DxR DQWH OD LQPLQHQWH OOHJDGD GH XQD GHOHJDFLyQ FRPHUFLDO GH OD 53& HQ E~VTXHGD GH SURYHHGRUHVGHWRSVGHODQDOD(PEDMDGDGH7DLZiQHQ0RQWHYLGHROHVROLFLWyD8UXJXD\TXH³WHQJDDELHQ OLPLWDU ILUPHPHQWH ODV DFWLYLGDGHV GH ORV DJHQWHV GH 3HNtQ D HVSHFtILFRV FRQWDFWRV FRPHUFLDOHV \ HYLWDU FXDOTXLHU LQWULJD SROtWLFD´ (V QRWRULR HO WRQR GHPDQGDQWH \ KDVWD H[LJHQWH GHO WH[WR 0LQ GH 55(( ³6XPDULR GHO 0HPRUDQGXP 6REUH /D 5HS~EOLFD 3RSXODU &KLQD 6X 3HUILO ,QWHUQDFLRQDO \ 3RVLEOH (VWDEOHFLPLHQWRGH5HODFLRQHV&RQ(O8UXJXD\´GHIHEUHURGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 (VWD IRUPD GH SHUFLELU ODV UHODFLRQHV LQWHUQDFLRQDOHV SXHGH FRQVLGHUDUVH D SULPHUD YLVWD FRPR HILFLHQWH SHUR QR QHFHVDULDPHQWH OR HV $FDUUHD HO GHIHFWR GH GHMDU DO SDtV D OD HVSHUDGHORTXHKDJDQRWURVGHFDGDRIHUWD\FDGDQHJRFLRSXQWXDOTXHGHFLGDHOUXPER GHVXVUHODFLRQHVH[WHULRUHV/DUHODFLyQFRPHUFLDOTXH8UXJXD\WHQtDFRQ7DLZiQHUDGH SRFDLPSRUWDQFLD\HUDFRQGXFLGDVLQPD\RUHVHVWUDWHJLDV6HJHVWLRQDEDGtDDGtD\DxRD DxRHQEDVHDLQWHUFDPELRVGHUHJDORVSURFODPDV\DOJRGHFRPHUFLRLQWHUQDFLRQDO(Q FDPELRHOSUR\HFWRGHHVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDVFRQ&KLQDHUDXQDLGHD D ODUJR SOD]R TXH PX\ SUHVXPLEOHPHQWH SHUPLWLUtD EHQHILFLDU DO SDtV GH PDQHUD FRQVLVWHQWH(OKHFKRGHTXHVHFRQVLGHUDVHGXUDQWHXQWLHPSRVLKDEtDTXHDEDQGRQDUD 7DLZiQ \ SUHIHULU D OD &KLQD 3RSXODU HQ EDVH D OR TXH pVWD RIUHFLHVH D ~OWLPR PRPHQWR LQGLFDTXHHVDSUHIHUHQFLDQRSURYHQtDGHTXHVHFRQVLGHUDVH³DXWRPiWLFDPHQWH´DOD53& FRPR OD PHMRU RSFLyQ SDUD HO SDtV /D RIHUWD GH 7DLZiQ SDUD PDQWHQHU OD DGKHVLyQ GH 8UXJXD\QRHUDVXILFLHQWHPHQWHEXHQD3RUORWDQWRODSUHIHUHQFLDSRUOD&KLQD3RSXODU QR GHSHQGLy H[FOXVLYDPHQWH GH OD DGRSFLyQ GH XQD SHUVSHFWLYD D ODUJR SOD]R VREUH OD LQVHUFLyQHFRQyPLFDGHOSDtV3DUDDOJXQRVDFWRUHVODRSFLyQSRUOD53&WXYRHOSHUILOGH XQD JHVWLyQ SHQVDGD SDUD OD REWHQFLyQ GH EHQHILFLRV LQPHGLDWRV TXH EDMR GHWHUPLQDGDV FLUFXQVWDQFLDV SRGUtD HYHQWXDOPHQWH FDPELDU XQRV SRFRV DxRV GHVSXpV (VD HV XQD GLIHUHQFLD HQWUH SDtVHV \ SROtWLFDV H[WHULRUHV FRQ SUR\HFWRV HVWUDWpJLFRV D ODUJR SOD]R \ RWURVTXHWLHQHQXQDWHQGHQFLDKDFLDODLPSURYLVDFLyQ\ODSULRUL]DFLyQGHORVEHQHILFLRVD FRUWRSOD]R /RV FDVRV GH SDtVHV TXH PDQWHQtDQ LQWDFWR HO YtQFXOR GLSORPiWLFR JUDFLDV D IXHUWHV LQFHQWLYRV HFRQyPLFRV TXH UHDOL]DED HO UpJLPHQ WDLZDQpV QR HUDQ OHMDQRV GH OD UHDOLGDG XUXJXD\D(OFDVRPiVLOXVWUDWLYRGHELGRDVXFHUFDQtDHVHOGH3DUDJXD\+DVWDHOGtD GH KR\ HVH (VWDGR UHFRQRFH D 7DLZiQ \ QR D OD 53& (Q OD GHFLVLyQ GHO 3DUDJXD\ HQ UHODFLyQ D QXHVWUR WHPD SHVDQ PiV ORV LQFHQWLYRV HFRQyPLFRV FRPHUFLDOHV SROtWLFRV TXHRIUHFtDHOJRELHUQRWDLZDQpVTXHODVYHQWDMDVTXHVHSRGtDQH[WUDHUGHXQDKLSRWpWLFD UHODFLyQFRQOD 53& (V GXGRVRTXH 3DUDJXD\ HVWp YHODQGR SRU HO LQWHUpV QDFLRQDO HQ OD GHFLVLyQ GH PDQWHQHU HO YtQFXOR GLSORPiWLFR FRQ 7DLZiQ (O GH HVH SDtV HV XQ PRGHOR TXHFRPR\DIXHPHQFLRQDGRDQWHULRUPHQWHVHUHSLWHHQ$PpULFD&HQWUDO 3DUDHOH[3UHVLGHQWH-XOLR06DQJXLQHWWL ³(UDXQDVXHUWHGHUHODFLyQWXUtVWLFDPiVTXHGHRWURWLSR´ (QWU HYLVWDDO'U - XOLR06DQJXLQHWWLGHVHWLHPEUHGH0RQWHYLGHR $VtORH[SUHVy(PE&DUORV3pUH]GHO&DVWLOOR³«VLORVWDLZiQHVHVKXELHUDQVLGRPiVLQWHOLJHQWHVHQ HVD pSRFD VL KXELHUDQ RIUHFLGR UHHVWUXFWXUDU OD GHXGD H[WHUQD QR Vp VL OH KDEUtD YHQGLGR D 6DQJXLQHWWL HO DFXHUGRFRPHUFLDOGHPLOORQHV´$~QFRQSHUVRQDVFRQVFLHQWHVGHHOORFRPRHOSURSLR3pUH]'HO&DVWLOOR TXH QR GXGDEDQ HQ DSR\DU OD LQLFLDWLYD GH OD 53& HUD LQHYLWDEOH TXH XQD RIHUWD VXILFLHQWHPHQWH EXHQD GH 7DLZiQIXHVHFRQVLGHUDGDFRQFXLGDGRHLQFOXVLYHDFHSWDGD(QWU HYLVWDDO(PE&DU ORV3pU H]GHO&DVWLOOR GHDJRVWRGH0RQWHYLGHR &RPRORGHPRVWUyHOKHFKRTXHHQORVDxRVVREUHWRGRHQVHSODQWHyHQHO3DUODPHQWR±FRQ DGKHVLRQHVVRUSUHQGHQWHPHQWHQXPHURVDVODSURSXHVWDGHOUHWRUQRDODVUHODFLRQHVGLSORPiWLFDVFRQ7DLZiQ (VWDPDQHUDGHHQFDUDUDOJXQRVFDVRVGHSROtWLFDH[WHULRUQRUHILHUHREYLDPHQWHDOD&DQFLOOHUtD'HKHFKR HQHOFDVRGH&KLQD\FRPRVHGRFXPHQWyDQWHULRUPHQWH&DQFLOOHUtDWHQtDFRPRLQVWLWXFLyQODFRQYLFFLyQGH TXHVHGHEtDQUHVWDEOHFHUUHODFLRQHVFRQOD53&D~QEDMRHOJRELHUQRPLOLWDU1RVUHIHULPRVDOKHFKRGHTXHOD &DQFLOOHUtD QR WLHQH HO FRQWURO H[FOXVLYR GH OD SROtWLFD H[WHULRU VLQR TXH DFWRUHV WDQWR SROtWLFRV FRPR LQVWLWXFLRQDOHV LQWHUYLHQHQ WDPELpQ HQ OD WRPD GH GHFLVLRQHV HQ OD PDWHULD VHFWRUHV SROtWLFRV HPSUHVDULDOHV RSLQLyQS~EOLFDVHFWRUHVGHO3DUODPHQWRODOHQWLWXG\FRPSOHMLGDGGHORVSURFHVRVGLSORPiWLFRV\WRGRWLSRGH IDFWRUHV TXH SXHGHQ KDFHU SULPDU YROXQWDULD R LQYROXQWDULDPHQWH OR TXH VH OODPD SDUD DEUHYLDU HO ³FRUWR SOD]R´ 3DUDJXD\VHKDDLVODGRFRPRHO ~QLFRVRFLRGH7DLZiQHQ$PpULFDGHO6XU/RVUHJDORV \VXEVLGLRVTXH UHFLEH GH OD LVOD VRQ QRWRULRV SHUR HV FXHVWLRQDEOH HO DSRUWH UHDO TXH pVWD SXHGD KDFHU D VX HFRQRPtD &RQVLGpUHVHHOEDMREHQHILFLRTXHWUDtDQD8UXJXD\\DTXHVHFRQFHQWUDEDQHQSHUVXDGLUDORVWRPDGRUHVGH GHFLVLRQHVSHURQRHQFRQWULEXLUGHFLVLYDPHQWHDOGHVDUUROORQDFLRQDO;X4LQJGHOD(PEDMDGDGH&KLQDHQ 8UXJXD\ H[SOLFD ³3RU HMHPSOR 3DUDJXD\ VLJXH VLHQGR DOLDGR GH 7DLZiQ WRGDYtD QR HVWDEOHFLy UHODFLRQHV GLSORPiWLFDVFRQ&KLQD\&KLQDHQWLHQGHVXVLWXDFLyQLQWHUQDSRUTXH7DLZiQWLHQHPXFKRVSURJUDPDVSRU HMHPSORHOHGLILFLRGHVX3DUODPHQWRVXVPHMRUHVDXWRSLVWDVVXVPHMRUHVSXHQWHVIXHURQFRQVWUXLGRVSRUORV 8QLYHUVLGDG2578UXJXD\ (QHOFDVRXUXJXD\RHOJRELHUQRWDLZDQpVQRIXHWRPDGRSRUVRUSUHVD1RVHOHLQIRUPy GHV~ELWRTXH8UXJXD\UHFRQRFHUtDDOD53&QLPXFKRPHQRVTXHKXELHVHXQDGHFLVLyQ WRPDGD (O HQWRQFHV 3UHVLGHQWH -XOLR 0D 6DQJXLQHWWL DGYLUWLy DO FRPLHQ]R GH VX DGPLQLVWUDFLyQTXH HVWR HUD XQD SRVLELOLGDG 6HJ~Q HO 3ULPHU 0DQGDWDULR HO GH PDU]R GHGtDHQTXHDVXPtDFRPR3UHVLGHQWHOHSODQWHyORVLJXLHQWHDXQDGHOHJDFLyQGH DOWRVIXQFLRQDULRVGHOJRELHUQR7DLZDQpV ³0LUHQ TXH HVWi HVWH WHPD SODQWHDGR QR OR LJQRUHQ HQWLHQGDQ TXH HV DVt \ FRPSUHQGDQTXHHVWRQRVHDUUHJODFRQLQYLWDUWURSHOHVGHOHJLVODGRUHVDYLDMDUD 7DLZiQ(VXQDFRVDPiVVHULDPiVLPSRUWDQWHHQWLHQGDQTXHWRGDVODVUD]RQHV SROtWLFDV HVWiQ GHO ODGR GHO UHFRQRFLPLHQWR GH &KLQD 3RSXODU \ TXH XVWHGHV WHQGUtDQTXHKDFHUXQHVIXHU]RPX\SDUWLFXODUFRQHOSDtVSDUDSRGHUSRUORPHQRV SRVWHUJDU XQD GHFLVLyQ TXH GHVGHPL SXQWR GH YLVWD HV LQHYLWDEOH $V~PDQOR DVt HVWRQRHVSDUDPDxDQDSHURVtSDUDSDVDGRPDxDQD´ (VWRSUXHEDTXH OD YDULDEOH ³WLHPSR´QRIXH XQ HOHPHQWR GH LPSHGLPHQWR D OD DSOLFDFLyQ GHSROtWLFDVTXHSRGUtDKDEHUHVWUXFWXUDGR7DLZiQSDUDPDQWHQHUDOJRELHUQRXUXJXD\RGH VX ODGR (O 3UHVLGHQWH 6DQJXLQHWWL HVWDED VXELHQGR OD DSXHVWD DO H[WHQGHUOH D OD GHOHJDFLyQ WDLZDQHVD XQ DYLVR WDQ VHYHUR &RPR VH GHVSUHQGH GH ODV SDODEUDV GHO H[ 3UHVLGHQWH VL ELHQ OD RSFLyQ GH UHFRQRFHU D OD 53& HUD UHODWLYDPHQWH FHUFDQD \ HVWDED ODWHQWH OD GHFLVLyQ QR KDEtD VLGR WRPDGD D~Q 6LJXLHQGR OD PHFiQLFD QRUPDO GH ORV JRELHUQRV8UXJXD\PDQHMDEDXQDVHULHGHRSFLRQHV$HVDDOWXUDQRKDEtDQLQJXQDTXH SULPDUD GHFLVLYDPHQWH VREUH OD RWUD IDOWDED ODXGDU FXiO VXSRQtD PD\RUHV YHQWDMDV SDUD ORVLQWHUHVHVQDFLRQDOHV3RUORWDQWRHQHVWDHWDSDWRGDYtDODVLQLFLDWLYDVTXHSURSXVLHUD HOJRELHUQRWDLZDQpVSRGtDQVHUGHVHTXLOLEUDQWHV (VWDVLWXDFLyQHUDFRQRFLGDSRUORVDFWRUHVTXHOOHYDUtDQDFDERHOSURFHVRGHQHJRFLDFLyQ FRQ 53& HQ ORV DxRV VLJXLHQWHV (O HPEDMDGRU &DUORV 3pUH] GHO &DVWLOOR XQ DFWRU IXQGDPHQWDO HQ ODV WUDWDWLYDV GLSORPiWLFDV DTXt HVWXGLDGDV OR H[SUHVD GH OD VLJXLHQWH PDQHUDUHIRU]DQGRODYLVLyQSUHVLGHQFLDO ³7DLZiQDPLFULWHULRSHFyGHXQDIDOWDGHYLVLyQGHODUJRSOD]RSRUTXHVLHQHVH PRPHQWR OH KXELHUD GLFKR DO JRELHUQR GH 6DQJXLQHWWL \ GH 0DUFKHVDQR FRPR PLQLVWUR GHO ,QWHULRU µOHV UHHVWUXFWXUDPRV OD GHXGD H[WHUQD¶ KDEUtD KHFKR XQ JHVWRVLPEyOLFRLPSRUWDQWHTXLpQVDEHVLQRHVWDUtDPRVWRGDYtDFRQ7DLZiQ« 6LORVWLSRVQRVKXELHUDQUHHVWUXFWXUDGRODGHXGDDDxRVHUDXQDGHXGDGH PXFKRPiVGHPLOORQHVGHGyODUHV´ 7DLZiQQRRIUHFLyXQDUHVSXHVWDRILFLDOFRKHUHQWHDHVWDSURJUHVLYDSpUGLGDGHXQDOLDGR 'XUDQWHODGLFWDGXUDPLOLWDUHOJRELHUQRGH7DLSHLVHKDEtDGHGLFDGRDHVWDEOHFHUYtQFXORV HQ HO VHQR GHO JRELHUQR XUXJXD\R TXH FRQVWLWXtDQ XQ ³OREE\´ \ XQD UHG GH LQIOXHQFLDV HILFLHQWH 6X H[LVWHQFLD OD UDWLILFDQ GLSORPiWLFRV FRPR *XLOOHUPR 9DOOHV LQYROXFUDGRV HQ QHJRFLDFLRQHVFRQILGHQFLDOHVFRQ&KLQD ³(VWDED OD GLILFXOWDG FRQ 7DLZiQ HQ WpUPLQRV GH HVSLRQDMH \ GH SHQHWUDFLyQ GH WRGR HO (VWDGR XUXJXD\R FRQ VXV DPLVWDGHV FRQ VXV JHVWLRQHV VREUH WRGR HVSLRQDMH HQ HO VHQWLGR GH VDEHU H[DFWDPHQWH FDGD SDVR TXH VH GDED´ 9DOOHV DJUHJD³«GiEDPRVXQSDVR\\DVHVDEtDDGyQGHtEDPRV TXp VH GHFtD TXp WDLZiQHVHV´ (QWU HYLVWD DO 6U ;X 4LQJ $JU HJDGR GH 3U HQVD GH OD (PEDMDGD GH OD 5HS~EOLFD 3RSXODU &KLQDHQ8U XJXD\GHRFWXEUHGH0RQWHYLGHR (QWU HYLVWDDO'U - XOLR06DQJXLQHWWLGHVHWLHPEUHGH0RQWHYLGHR (QWU HYLVWDDO(PE&DU ORV3pU H]GHO&DVWLOORGHDJRVWRGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 VHKDFtDWRGRFDGDYH]TXHXQRHVFULEtDXQPHPRUDQGXPQRVHVDEHSRU TXpSHURWHUPLQDEDHQFRQRFLPLHQWRGHORVWDLZDQHVHV´ /RFLHUWRHVTXHHOJRELHUQRWDLZDQpVQROOHYyDGHODQWHXQJUDQHVIXHU]RSDUDFRQVHUYDU VXYtQFXORFRQ8UXJXD\7XYRRSRUWXQLGDGHV\iPELWRVGRQGHPDQLIHVWDUVXVRIHUWDVFRPR OD&RPLVLyQ0L[WDTXHDPERVSDtVHVLQWHJUDEDQ/DVWHQVLRQHVVDOLHURQDIORWHHQDJRVWR GH HQ RSRUWXQLGDG GH OD GpFLPD UHXQLyQ DQXDO (O JRELHUQR XUXJXD\R \D HVWDED QHJRFLDQGR FRQ OD 53& \ HO UHSUHVHQWDQWH GH 7DLZiQ OR VDEtD JUDFLDV D VX DFFHVR SULYLOHJLDGR D OD LQIRUPDFLyQ (O (PE 3pUH] GHO &DVWLOOR SUHVLGLy ODUHXQLyQ HQ OD FXDO OD GHOHJDFLyQWDLZDQHVDVHOLPLWyDRIUHFHU³FKLURODV´HQXQD³DFWLWXGDUURJDQWH\FRQYHQFLGD GHTXHQRHVWDEDHQULHVJRODUHODFLyQGLSORPiWLFDELODWHUDO´VHJ~QHO(PE9DOOHV(QXQ PRPHQWR HO (PE 3pUH] GHO &DVWLOOR OOHJy D FRPXQLFDUOH DO 9LFHPLQLVWUR 7DLZDQpV TXH OLGHUDED VX GHOHJDFLyQ TXH ³«XVWHG QR VH HVWi GDQGR FXHQWD GHO ULHVJR TXH HVWi DVXPLHQGR´ /D WHQVLyQ OOHJDUtD D VX SXQWR FXOPLQDQWH FRQ RWUD FUXGD UHYHODFLyQ GHO GLSORPiWLFR XUXJXD\R ³4XLHUR GHFLUOH TXH XVWHG QR HVWi HQWHQGLHQGR TXH XVWHG HVWi DUULHVJDQGRODVUHODFLRQHVFRQ 8UXJXD\´ /D GHOHJDFLyQ WDLZDQHVD QRUHDFFLRQy $Vt OR SUHVHQWDHOH[3UHVLGHQWH-XOLR0D6DQJXLQHWWL ³&UHR TXH QR HQWHQGLHURQ HO PHQVDMH R QR HVWDEDQ GLVSXHVWRV D KDFHU HQ 8UXJXD\ QLQJ~Q HVIXHU]R SDUWLFXODU FRPR HO TXH KDQ VHJXLGR KDFLHQGR HQ RWURV SDtVHV TXH WRGDYtD UHFRQRFHQ D 7DLZiQ FRPR 3DUDJXD\ HQ $PpULFD GHO 6XU \ DOJXQRV GH $PpULFD &HQWUDO 1R HQWHQGLHURQ HO VHQWLGR GH TXH HO ~QLFRPRGR HQ TXH 7DLZiQ SRGUtD KDEHU ORJUDGR HVWDEOHFHU DOJXQD UD]yQ SRGHURVD SDUD TXH 8UXJXD\QRVLJXLHUDHORWURFDPLQRHUDDOJ~QDFXHUGRFRPHUFLDOPX\IXHUWHPX\ LPSRUWDQWH PX\ VLJQLILFDWLYR DOJR TXH SXGLHUD VHU WDQ LPSRUWDQWH FRPR SDUD UHPRYHUODVRWUDVUD]RQHVFODUDVTXHKDEtDSDUDUHFRQRFHUD&KLQD3RSXODU´ 3DUD HO (PE 9DOOHV ORV WDLZDQHVHV ³«VHJXtDQ FRQYHQFLGRV GH TXH SDJDQGR YLDMHV ORJUDEDQWRGR´/DLQDFFLyQGHOUpJLPHQGH)RUPRVDGHMyODYtDOLEUHSDUDTXHODLGHDGHO HVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV FRQ OD 53& VH FRQVROLGDVH HQ VHFWRUHV GHO JRELHUQRHOSUR\HFWRFREUyIXHU]D\IXHHVWXGLDGRFRQPD\RUGHWDOOH\SURIHVLRQDOLVPR +DFLDODDSHUWXUDGHUHODFLRQHVFRQ&KLQD /D PDQHUD GH LPSXOVDU OD JHVWLyQ GHO HVWDEOHFLPLHQWR GH UHODFLRQHV FRQ OD 53& HUD HVWDEOHFHU XQD UHODFLyQ HVWUHFKD HQWUH HVWH UHFRQRFLPLHQWR GLSORPiWLFR GH OD 53& \ OD GHPRVWUDFLyQGHODH[LVWHQFLDGHFODURVLQWHUHVHVQDFLRQDOHVHQPDWHULDGHFRPHUFLRGHOD LPDJHQLQWHUQDFLRQDOGHOSDtVHWFHQODPHGLGDHQTXHGHVGHHOSXQWRGHYLVWDLGHROyJLFR OD&KLQD3RSXODUVHJXtDDOPHQRVUHWyULFDPHQWHSRVLFLRQiQGRVHHQODVDQWtSRGDVGHXQ GLVFXUVRSROtWLFRFRPRHOGHO8UXJXD\<UHFRUGHPRVGHXQ8UXJXD\HQSOHQRSURFHVRGH ³UHFXSHUDFLyQ GHPRFUiWLFD´ /R TXH ORV LPSXOVRUHV GHO UHFRQRFLPLHQWR GHEtDQ FRQVHJXLU HQWRQFHVHUD³GHVDFWLYDU´ODDUJXPHQWDFLyQHQHOWHUUHQRLGHROyJLFR\IXQGDUODQHFHVLGDG GHO HVWDEOHFLPLHQWR GH UHODFLRQHV HQ EDVH D XQD EDWHUtD GH DUJXPHQWRV VREUH WRGR GH FDUiFWHU HFRQyPLFRFRPHUFLDO TXH FRQYHQFLHVHQ D ORV WRPDGRUHV GH GHFLVLRQHV DXQ QR FRQYHQFLGRV H LQFOXVR D DOJXQRV GH ORV SDUWLGDULRV GHO ³VWDWX TXR´ HQ HO WHPD VREUH ODV YHQWDMDV GHO HVWDEOHFLPLHQWR GH OD QXHYD UHODFLyQ GLSORPiWLFD $O PLVPR WLHPSR OD HVWUXFWXUDFLyQGHHVRVDUJXPHQWRVSHUPLWLUtDTXHHO3UHVLGHQWHTXH\DKDEtDHQYLDGRXQ PHQVDMHPDVTXHH[SOtFLWRD7DLZiQWXYLHVHHQVXVPDQRVORVHOHPHQWRVQHFHVDULRVSDUD WRPDUODGHFLVLyQLQFOXVRFRQWUDORVSDUWLGDULRVGH7DLZiQGHQWUR\IXHUDGHVXSDUWLGR (QWU HYLVWDDO(PE*XLOOHU PR9DOOHVGHQRYLHPEUHGH0RQWHYLGHR ,ELGHP (QWU HYLVWDDO'U - XOLR0D6DQJXLQHWWLGHVHWLHPEUHGH0RQWHYLGHR (QWU HYLVWDDO(PE*XLOOHU PR9DOOHVGHQRYLHPEUHGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ (O LQLFLR GHO SURFHVR SURYLQR GHO 0LQLVWUR GH 5HODFLRQHV ([WHULRUHV GH OD DGPLQLVWUDFLyQ 6DQJXLQHWWLHO&U(QULTXH,JOHVLDVUHFRQRFLGRHFRQRPLVWDGHH[WUDFFLyQQDFLRQDOLVWDFRQ DPSOLD H[SHULHQFLD HQ FXHVWLRQHV GH SODQLILFDFLyQ \ GHVDUUROOR IXHUWHPHQWH YLQFXODGR D QLYHO ODWLQRDPHULFDQR HQ ORV iPELWRV DFDGpPLFRV \ HQ ORV RUJDQLVPRV PXOWLODWHUDOHV (O HQWRQFHV&DQFLOOHUKDEtDVLGRXQPX\MRYHQSURPRWRUGHOD&,'(\3UHVLGHQWHGHOIODPDQWH %DQFR&HQWUDOGHOJRELHUQRQDFLRQDOLVWDHQ8UXJXD\\HQ&KLOHKDEtDHVWDGRDOIUHQWHGH OD&(3$/6XHQIRTXHGHODSROtWLFDH[WHULRUWHQtDXQIXHUWHDFHQWR³LQWHUQDFLRQDOLVWD´\ SRVHtD XQD YLVLyQ JHQHUDO GH OD UHDOLGDG LQWHUQDFLRQDO TXH VHJXUDPHQWH OH KDFtD DGYHUWLU ORV LQFRQYHQLHQWHV \ KDVWD ORV ULHVJRV GH FRQWLQXDU HQ UHODFLyQ FRQ 7DLZiQ 6X SHUILO HQFDMDED SHUIHFWDPHQWH FRQ OD LGHD GH HVWDEOHFHU UHODFLRQHV FRQ OD &KLQD 3RSXODU \ VX EDFNJURXQGSHUVRQDOORXELFDEDQHFHVDULDPHQWHFRPRXQLPSXOVRUGHXQDSROtWLFDH[WHULRU D OD YH] ³UHQRYDGD´ IUHQWH D ODV SROtWLFDV GH OD GLFWDGXUD VHQVDWD \ FRQ REMHWLYRV HVWUDWpJLFRV FODURV SDUD HO SDtV 6HJXUDPHQWH SDUD HO &DQFLOOHU ,JOHVLDV ORV VXSXHVWRV ³OD]RV LGHROyJLFRV´ FRQ 7DLZiQ PDQWHQLGRV D WUDYpV GH LQFHQWLYRV ILQDQFLHURV ³SDUWLFXODULVWDV´ QR HUDQ YLUWXGHV HQ OD SROtWLFD H[WHULRU GHO SDtV SRU HO FRQWUDULR HUDQ HVFROORV /DSRVLFLyQGHOHQWRQFHV&DQFLOOHUOHRWRUJDEDFDQDOHVIOXLGRVSDUDOOHJDUDO3UHVLGHQWHGH OD 5HS~EOLFD \ VX FUHGLELOLGDG SHUVRQDO HUD JUDQGH PiV DOOi GH VXV RUtJHQHV SDUWLGDULRV (VWRHQDOJ~QVHQWLGRLQFUHPHQWDEDHOSRGHUUHODWLYRGHO&DQFLOOHUDODKRUDGHLQIOXLUHQOD WRPDGHGHFLVLRQHVHQHOWHUUHQRLQWHUQDFLRQDO$GLIHUHQFLDGHO&DQFLOOHUODSRVLFLyQGHO 3UHVLGHQWH 6DQJXLQHWWL HV FRPR FRUUHVSRQGH XQD SRVLFLyQ HVWULFWDPHQWH SROtWLFD /D 3UHVLGHQFLD GH OD 5HS~EOLFD JHVWLRQD SHUPDQHQWHPHQWH HTXLOLEULRV SROtWLFRV OR TXH OD SRVLFLRQDGHIRUPDGLVWLQWDTXHODGHOD&DQFLOOHUtDHQODWRPDGHGHFLVLRQHV(O3UHVLGHQWH 6DQJXLQHWWLHQSDUWLFXODUHVSRUQDWXUDOH]DXQSROtWLFR3RUWDQWRVXiPELWRGHRSHUDFLyQ HV\GHEHVHUDQWHWRGRHOiPELWRQDFLRQDO\DTXHVXSRGHUVHIXQGDPHQWDHQXQDYRWDFLyQ GH FDUiFWHU H[FOXVLYDPHQWH QDFLRQDO PDV DOOi GH TXH GHVGH VX SRVLFLRQDPLHQWR FRPR 3UHVLGHQWH GH OD 5HS~EOLFD WDPELpQ LQWHUYHQJD HQ OD DUHQD LQWHUQDFLRQDO 3HUR OD GLIHUHQFLD GH SHUVSHFWLYD FRQ ,JOHVLDV TXH FRPR \D YLPRV HV XQD ILJXUD TXH YLHQH GHO H[WHULRU\TXHFRPR&DQFLOOHUWUDEDMDHQHOiPELWRLQWHUQDFLRQDOHVHYLGHQWH (Q WpUPLQRV JHQHUDOHV HQWRQFHV QHFHVDULDPHQWH ORV SURFHGLPLHQWRV \ HVWUDWHJLDV SROtWLFDV GH XQ 3UHVLGHQWH WLHQHQ TXH VHU GLVWLQWRV GH ORV GH XQ &DQFLOOHU GHO SHUILO GH ,JOHVLDV < HQ HO FDVR TXH QRV RFXSD HVWDV GLIHUHQFLDV QR SRGtDQ GHMDU GH HVWDU SUHVHQWHV0LHQWUDVTXHHO&DQFLOOHU,JOHVLDVRSHUDEDIXQGDPHQWDOPHQWHDWHQWRDODOHFWXUD LQWHUQDFLRQDOGHODVGHFLVLRQHVGHSROtWLFDH[WHULRUGHOSDtVHO3UHVLGHQWH6DQJXLQHWWLVH (V GH FRQRFLPLHQWR S~EOLFR TXH HO QRPEUH GH ( ,JOHVLDV SDUD RFXSDU OD &DQFLOOHUtD OH IXH SURSXHVWR DO 3UHVLGHQWH 6DQJXLQHWWL SRU :LOVRQ )HUUHLUD HQ HO PDUFR GH OD SROtWLFD GH OD pSRFD GH SURSRUFLRQDU ³JREHUQDELOLGDG´DOQXHYRJRELHUQRGHPRFUiWLFR$SHVDUGHHOOR\GHVXVUDtFHVQDFLRQDOLVWDVHO&U,JOHVLDV QRHUD³XQ KRPEUHGHO3DUWLGR1DFLRQDO´VXDXWRQRPtDSHUVRQDO \WpFQLFDHUDSRUWRGRVUHFRQRFLGD(QHVH FRQWH[WRHVGHVXSRQHUTXHDXQDULHVJRGHSRVSRQHUODVDVSLUDFLRQHVGHPXFKRVFDQGLGDWRVGHVXSDUWLGRDOD &DQFLOOHUtDHO3UHVLGHQWH6DQJXLQHWWLDFHSWyFRQEHQHSOiFLWRODSURSXHVWDGH)HUUHLUD/DWUD\HFWRULDQDFLRQDOH LQWHUQDFLRQDOGH,JOHVLDVHUDPX\GHVWDFDGD\OHDVHJXUDEDDOQXHYRJRELHUQRXQD³HVFXFKD´GHSULPHUQLYHODO PHQRV HQ $PpULFD /DWLQD 0iV WDUGH EDMR OD 3UHVLGHQFLD GHO 'U 6DQJXLQHWWL HO &U (QULTXH ,JOHVLDV VHUtD SURSXHVWR SRU HO JRELHUQR GHO 8UXJXD\ SDUD UHHPSOD]DU D 'RQ $QWRQLR 2UWL] 0HQD HQ HO %,' \ GHVLJQDGR 3UHVLGHQWH GH GLFKR RUJDQLVPR (O H[FDQFLOOHU HVWDED HQ OD OLVWD GH ORV DFWRUHV D HQWUHYLVWDU HQ HO PDUFR GH QXHVWUR WUDEDMR SHUR VX HQWUHYLVWD QR SXGR FRQFUHWDUVH *UDFLDV D ORV EXHQRV RILFLRV GHO (PEDMDGRU $JXVWtQ (VSLQRVD IXH SRVLEOH KDFHUOH OOHJDU DOJXQDV SUHJXQWDV JHQHUDOHV VREUH HO WHPD TXH HO &U ,JOHVLDV UHVSRQGLy RSRUWXQDPHQWH 1RIDOWDQODVOHFWXUDVVLPSOLVWDVTXHWLHQGHQDFUHHUTXHHQHOVHQRGHXQ*DELQHWHSOXULSDUWLGDULRHOSRGHU UHODWLYRGHORVGLVWLQWRV0LQLVWURVHVWiHQIXQFLyQGLUHFWDGHODSR\RSROtWLFRSDUWLGDULRFRQHOTXHFXHQWDQ(VWH DSR\RHVVyORXQRGHORVHOHPHQWRVTXHGHWHUPLQDQVXSHVRSROtWLFRFXHQWDQWDPELpQVXFDSDFLGDGWpFQLFDVX H[SHULHQFLDSURIHVLRQDOVXUHODFLyQSHUVRQDOFRQHO3UHVLGHQWHHWF(QHOFDVRGH,JOHVLDVFRQWDEDQWRGRVHVWRV HOHPHQWRV\DGHPiVVXFDSDFLGDGSDUDFRQVHUYDUFLHUWDGLVWDQFLDFRQODSROtWLFDHVWULFWDPHQWHSDUWLGDULDHUD XQHOHPHQWRLPSRUWDQWHHQVXUHODFLRQDPLHQWRHQHO*DELQHWH\FRQHO3UHVLGHQWH6DQJXLQHWWL 9pDVHODOODPDGD\FyPRYLVXDOL]DHO&DQFLOOHUODH[LVWHQFLDGHUHODFLRQHVGLSORPiWLFDVFRQ7DLZiQ 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 YHtD HQIUHQWDGR D JHVWLRQDU SROtWLFDPHQWH HQ HO iPELWR LQWHUQR ODV SUHVLRQHV QHJRFLDFLRQHV RIHUWDV HQWUH RWUDV PXFKDV YDULDEOHV TXH OD SRVLELOLGDG GH XQD QXHYD UHODFLyQ FRQ &KLQD 3RSXODU SRQtDQ HQ PDUFKD (QWUH ORV IDFWRUHV TXH VHJXUDPHQWH KXER GH JHVWLRQDU HVWDEDQ ODV SUHVLRQHV GHO OREE\ WDLZDQpV \ VREUH WRGR OD LQIOXHQFLD GH 7DLZiQHQVHFWRUHVGHVXSURSLRSDUWLGR (O &DQFLOOHU ,JOHVLDV HVWXYR VHFXQGDGR SRU HO (PEDMDGRU 3pUH] GHO &DVWLOOR eVWH VH GHVHPSHxyFRPR'LUHFWRU*HQHUDOSDUD$VXQWRV(FRQyPLFRVGHOD&DQFLOOHUtDHQWUH \$VtFRPR,JOHVLDV3pUH]GHO&DVWLOORVHSXHGHFRQVLGHUDUXQKRPEUHTXHSURYLHQH GHO iPELWR LQWHUQDFLRQDO 6XV SUHIHUHQFLDV HQ FXDQWR D OD GLV\XQWLYD &KLQD7DLZiQ FRQFXHUGDQFRQODVGHO0LQLVWUR$XQTXHVXFDSDFLGDGGHSDUWLFLSDUHQHOMXHJRSROtWLFRHV GLVWLQWD\VXVFDQDOHVGHDFFLyQ\VXSRGHUVRQPHQRUHVTXHORVGHO&DQFLOOHUODSRVLFLyQ HVWUDWpJLFD \ ORV LQWHUHVHV TXH ORV PXHYHQ VRQ VLPLODUHV ,QGHSHQGLHQWHPHQWH GH OR DQWHULRUHVLPSRUWDQWHGHMDUHVWDEOHFLGRTXHODODERUGHO(PE3pUH]GHO&DVWLOORIXHFRPR YLPRVHVHQFLDOHQODVSULPHUDVLQVWDQFLDVGHQHJRFLDFLyQGLSORPiWLFDVLQRXUXJXD\DV (O 0LQLVWUR ,JOHVLDV WHQtD XQD YLVLyQ PX\ FODUD GH OD GLV\XQWLYD GLSORPiWLFD ³&KLQD YV 7DLZiQ´/DVYHQWDMDVGHHVWDEOHFHUUHODFLRQHVRILFLDOHVFRQOD&KLQD3RSXODUHUDQSDUDpO PX\ VLJQLILFDWLYDV \ PDQWHQHU OD UHODFLyQ FRQ OD LVOD QR VROR VXSRQtD OD SpUGLGD GH RSRUWXQLGDGHV HFRQyPLFRFRPHUFLDOHV VLQR TXH WDPELpQ SRGtD UHSHUFXWLU HQ OD LPDJHQ LQWHUQDFLRQDOGHOSDtV(QSDODEUDVGHO(PE3pUH]GHO&DVWLOOR ³>HQ HO 0LQLVWUR ,JOHVLDV@ ³«PH GLFH µ7HQHPRV XQD PDQFKD QHJUD QR WHQHPRVUHODFLRQHVFRQ&KLQDWHQHPRVUHODFLRQHVFRQ7DLZiQ´ /DE~VTXHGDGHXQEXHQSRVLFLRQDPLHQWRGHOSDtVHQHOFRQFLHUWRJOREDOGHODVQDFLRQHV HQWpUPLQRVGHVX³LPDJHQLQWHUQDFLRQDO´HVXQDFRQVWDQWHHQODFRQGXFFLyQGHODSROtWLFD H[WHULRU (Q ORV DxRV GH *XHUUD )UtD FRQ XQ PXQGR ELSRODU FODUDPHQWH GLYLGLGR HQ HO ³0XQGR /LEUH´ \ HO ³%ORTXH &RPXQLVWD´ OD SRVLFLyQ TXH XQ GHWHUPLQDGR (VWDGR DGRSWDUD HUD SDUWH HVHQFLDO GH VX SROtWLFD H[WHULRU \ GH VX SDSHO HQ HO PXQGR 3RU HMHPSOR OD UHODFLyQGHXQDQDFLyQFRQODVGHPiVQRHUDODPLVPDVLSHUWHQHFtDDO3DFWRGH9DUVRYLDR VL HUD SDUWH GH OD 27$1 R LQFOXVLYH GHO EORTXH RFFLGHQWDO /D SHUWHQHQFLD D XQD X RWUD FRDOLFLyQ VLJQDED SDXWDV GH FRPSRUWDPLHQWR LQWHUQDFLRQDO DVt FRPR PXFKDV FDUDFWHUtVWLFDVSROtWLFDVGHOSDtV 7HUPLQDGRHOPXQGRELSRODU\HQXQDVLWXDFLyQPiVFRQFUHWDFRPRODTXHQRVRFXSDHQ HO IRQGR VH WUDWDED GH TXH HO 8UXJXD\ VH DGHFXDVH D OD QXHYD VLWXDFLyQ GHO VLVWHPD LQWHUQDFLRQDO/DGLV\XQWLYDHQWUH7DLZiQ R OD &KLQD \D KDEtD VLGR UHVXHOWD HQJUDQ SDUWH GHO HVFHQDULR LQWHUQDFLRQDO VREUH WRGR HQWUH VXV DFWRUHV PiV LPSRUWDQWHV &KLQD KDEtD VDOLGRYLFWRULRVDDOVHUUHFRQRFLGDSRUODFRPXQLGDGLQWHUQDFLRQDOHQGHWULPHQWRGH7DLZiQ 6HU DMHQR D HVWD UHDOLGDG HUD HQPiV GH XQ VHQWLGR PDUJLQDUVH LQWHUQDFLRQDOPHQWH \ HO 8UXJXD\VHXELFDEDFRQXQJUXSRGHSDtVHVTXHVHJXtDQUHFRQRFLHQGRD7DLZiQORTXHQR HUD SUHFLVDPHQWH XQ HMHPSOR SDUD HO UHVWR GH ORV SDtVHV VLJQLILFDWLYRV GH OD DUHQD LQWHUQDFLRQDO 3RU RWUD SDUWH HQ XQPRPHQWR HQ HOTXH VH HVWDED VDOLHQGR GH XQD ODUJD GLFWDGXUD\VHEXVFDEDYROYHUDDSDUHFHUFRPRXQ(VWDGRGHPRFUiWLFRODVUHODFLRQHVFRQ +DVWDDTXtKHPRVGHVWDFDGRSDUWLFXODUPHQWHHQHVWHWUDEDMRHODFWLYLVPRGHOEDQGR³SUR7DLZiQ´SHURQR GHEH GH ROYLGDUVH TXH VLPXOWiQHDPHQWH RSHUD XQD SRVLFLyQ SROtWLFD ³SUR&KLQD 3RSXODU´ TXH QR HUD GHVGHxDEOH 9pDVH HO SXQWR ³(O 'HEDWH &KLQD R 7DLZiQ´ /D RSRVLFLyQ PiV PDUFDGD D OD SURSXHVWD GH UHFRQRFHUD&KLQD3RSXODUSURYLQRGH5DXPDU-XGH6HQDGRUGHO3DUWLGR&RORUDGR,QFOXVRYDULRVPLHPEURV GHO3RGHU(MHFXWLYRLQWHJUDQWHVGHO*DELQHWHHVWDEDQHQGHVDFXHUGRFRQODPHGLGD (QWU HYLVWDDO(PE&DU ORV3pU H]GHO&DVWLOORGHDJRVWRGH0RQWHYLGHR 6HSXHGHDUJXPHQWDUTXHXQGHWHUPLQDGR(VWDGRHQHO PXQGRGH*XHUUD)UtDSRGUtDSRVLFLRQDUVHHQHO EORTXH1R$OLQHDGRRGHO7HUFHU0XQGR(VWRVXSRQGUtDWDPELpQXQSRVLFLRQDPLHQWRJOREDOTXHDIHFWDUtDHO FDXFHGHODVUHODFLRQHVLQWHUQDFLRQDOHVGHGLFKRSDtV(VWRVLQHQWUDUHQODOHJtWLPDGLVFXVLyQVREUHODHYLGHQWH IDODFLDGHOD³QHXWUDOLGDG´GHDOJXQRVGHORVSDtVHVVXSXHVWDPHQWH³1R$OLQHDGRV´ 8QLYHUVLGDG2578UXJXD\ 7DLZiQ QR UHVXOWDEDQ UHGLWXDEOHV HQ PDWHULD GH LPDJHQ LQWHUQDFLRQDO &RPR H[SUHVD HO HQWRQFHV 'LUHFWRU *HQHUDO GH $VXQWRV 3ROtWLFRV GH OD &DQFLOOHUtD (PEDMDGRU $JXVWtQ (VSLQRVD ³8Q SDtV FRPR 8UXJXD\ TXH KDEtD PDQLIHVWDGR XQD DGKHVLyQ WDQ IXHUWH DO GHUHFKR LQWHUQDFLRQDO QR SRGtD LJQRUDU HO KHFKR GH TXH &KLQD HUD HO UHSUHVHQWDQWHOHJtWLPRHQOD2UJDQL]DFLyQGHODV 1DFLRQHV 8QLGDV GHVGH KDFtD GpFDGDV«´SRUORTXHXUJtD³«UHJXODUL]DUODVLWXDFLyQ´ (Q D FLQFR DxRV GHO SULPHU FRQWDFWR GH &KLQD 3RSXODU FRQ 8UXJXD\ HQ DUDV GHO HVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDVSXHGHREVHUYDUVHXQDLVODGRSHURLQWHUHVDQWH HMHUFLFLR GH SUHVLyQ GH SDUWH GH HVWD (PSUHVDULRV GHO VHFWRU ODQHUR OH H[SUHVDQ DO JRELHUQR XUXJXD\R VX PDOHVWDU FRQ XQD QXHYD LPSRVLFLyQ DUDQFHODULD D ODV ODQDV XUXJXD\DV ³/D UD]yQ VHJ~Q ORV LQWHUPHGLDULRV FKLQRV HQ QHJRFLRV ODQHURV VHUtD OD GH GLIHUHQFLDU D ORV SDtVHV TXH QR WLHQHQ UHODFLRQHV GLSORPiWLFDV FRQ &KLQD 3RSXODU D WUDYpV GH XQ WUDWDPLHQWR DUDQFHODULR PHQRV IDYRUDEOH \ D VX YH] SURYRFDUXQDGHFLVLyQSROtWLFDDOUHVSHFWR´ (OQXHYRJRELHUQRGHO8UXJXD\VHGLULJtDHQDTXHOPRPHQWRKDFLDHOHVWDEOHFLPLHQWRGH UHODFLRQHV RILFLDOHV FRQ &KLQD SHUR GXGDED /D ODQD HUD SUiFWLFDPHQWH OD ~QLFD KHUUDPLHQWD GH QHJRFLDFLyQ TXH &KLQD SRGtD XWLOL]DU \ OR KL]R GH IRUPD LQWHOLJHQWH 1yWHVHTXHTXLHQHVLQWHUSUHWDQGHHVDIRUPDODSRVLFLyQFKLQDVRQLQWHUPHGLDULRVGHHVD QDFLRQDOLGDG TXH SUHVXQWDPHQWH FRQRFtDQ ELHQ OD IRUPD GH KDFHU QHJRFLRV LQWHUQDFLRQDOHVHQVXSDtV(ODXWRUGHOPHPRUDQGXPTXHFRQWLHQHODFLWDRSLQDORPLVPR ³7DQWR SRU YtD SULYDGD FRPR GLSORPiWLFD OD 5HS~EOLFD 3RSXODU &KLQD SODQWHD OD QHFHVLGDG GH SURIXQGL]DU ODV UHODFLRQHV ELODWHUDOHV D WUDYpV GHO UHVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV SOHQDV $ VX YH] H[LVWHQ PXHVWUDV GH XQD HYHQWXDO µSUHVLyQ¶FRPHUFLDODILQGHDFHOHUDUGLFKRSURFHVR´ 'HIRUPDFDUDFWHUtVWLFDFXDQGRHO(PEDMDGRUGH8UXJXD\HQ$UJHQWLQD'U/XtV%DUULRV 7DVVDQR OH H[SUHVy VX PDOHVWDU DO UHVSHFWR DO HQYLDGR FKLQR D HVWH SDtV pVWH LQPHGLDWDPHQWHGHVFDUWyGHSODQRODKLSyWHVLVGHODSUHVLyQ (OSURFHVRGHWRPDGHGHFLVLyQ\VXVFRQWUDGLFFLRQHV (QWpUPLQRVJHQHUDOHVHVSRVLEOHDILUPDU TXHOD&DQFLOOHUtDIXHHOOXJDUGHLQFXEDFLyQGHO SUR\HFWR GHO FDPELR GH 7DLZiQ D OD 53& 3HUR HQ FRQFUHWR OD WDUHD TXH WHQtDQ ORV IXQFLRQDULRVGHHVWH0LQLVWHULRHQWUHORVTXHHVWDEDQHO&DQFLOOHU,JOHVLDV\HO(PE3pUH] GHO&DVWLOORHUDWUDQVIRUPDUODLQLFLDWLYDGH,JOHVLDVHQXQDRULHQWDFLyQGHSROtWLFDQDFLRQDO 3HUR FRPR HV VDELGR WRGR SURFHVR GH WRPD GH GHFLVLRQHV FRQVWLWX\H XQ FRQMXQWR GH PHFDQLVPRV TXH SXHGH VHU WHyULFDPHQWH DQDOL]DGR GH GLYHUVDV PDQHUDV 1XHVWUR FDVR (QWU HYLVWDDO(PE$JXVWtQ(VSLQRVDGHPD\RGH0RQWHYLGHR 0LQGH55((³0HPRUDQGXP´VHSWLHPEUHGH0RQWHYLGHR 0LQGH55((³0HPRUDQGXP´VHSWLHPEUHGH0RQWHYLGHR ³1R HV DVt \ HV WRWDOPHQWH FRQWUDULR D OD SROtWLFD FRPHUFLDO GH &KLQD TXH VH EDVD HQ XQ WUDWDPLHQWR LJXDOLWDULR GH WRGRV ORV SDtVHV FRQ ORV FXDOHV WHQHPRV UHODFLRQHV FRPHUFLDOHV´ ³1RWD GH OD (PEDMDGD GHO 8UXJXD\HQ$UJHQWLQD´GHVHSWLHPEUHGH%XHQRV$LUHV 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 GHHVWXGLRSDUHFHVHUFRQVLVWHQWHPHQWHLQWHUSUHWDEOHPHGLDQWHODFRQFHSFLyQGHOOODPDGR PRGHORGH³3ROtWLFD*XEHUQDPHQWDO´GH*UDKDP$OOLVRQ /DYLUWXGGHHVWHPRGHORH[SOLFDWLYRGHODWRPDGHGHFLVLRQHVIUHQWHDH[SOLFDFLRQHVPiV WUDGLFLRQDOHV HV TXH VH DOHMD GH OD FRQFHSFLyQ GHO (VWDGR HQWHQGLGR FRPR XQD HQWLGDG PRQROtWLFDHLQGLYLVLEOH6HHYLWDLQFOXVRODFRQRFLGDWHQGHQFLDDFRQVLGHUDUDO(VWDGRFRPR VLVHWUDWDVHGHXQLQGLYLGXRPiVRPHQRVUDFLRQDO\GRWDGRGHXQDYROXQWDG~QLFD3RUHO FRQWUDULR XQD GHWHUPLQDGD WRPD GH GHFLVLyQJXEHUQDPHQWDO FRPR OD TXH QRV RFXSD QR SXHGHVHJ~Q$OOLVRQVHUH[SOLFDGDFRPRODHOHFFLyQUDFLRQDOGHXQHVWDGRKRPRJpQHR\ DQWURSRPyUILFRVLQRTXHpVWDHQUHDOLGDGHVHOUHVXOWDGRGHXQDFRPSOHMDVHULHGHMXHJRV GHUHJDWHRSROtWLFRHQWUHGLYHUVRVDFWRUHVLQWUDHVWDWDOHV ³(O PRGHOR QR FRQVLGHUD D XQ DFWRU XQLWDULR VLQR D YDULRV DFWRUHV FRPR MXJDGRUHV MXJDGRUHV TXH QRVyOR DWLHQGHQ FXHVWLRQHV HVWUDWpJLFDV HVSHFtILFDV VLQR WDPELpQ GLYHUVRV SUREOHPDV LQWUDQDFLRQDOHV MXJDGRUHV TXH DFW~DQ QR HQ EDVH D XQ FRQMXQWR FRQVLVWHQWH GH REMHWLYRV HVWUDWpJLFRV VLQR GH DFXHUGR D YDULDGDV FRQFHSFLRQHV UHODWLYDV D ILQHV QDFLRQDOHV RUJDQL]DFLRQDOHV \ SHUVRQDOHV MXJDGRUHV TXH WRPDQ GHFLVLRQHV JXEHUQDPHQWDOHV QR D WUDYpV GH XQD HOHFFLyQ ~QLFD \ UDFLRQDO VLQR D WUDYpV GHO WLUH \ DIORMH FDUDFWHUtVWLFR GH OD SROtWLFD´ (VWHSURFHVRGHWRPDGHGHFLVLRQHVUHSUHVHQWDGRSRUHOMXHJRHQWUHORVDFWRUHVSRGUtDGDU D HQWHQGHU XQ SURFHVR GH GHFLVLyQ UHODWLYDPHQWH FDyWLFR X DQiUTXLFR (OOR QR HV H[DFWDPHQWHDVtSRUTXHH[LVWHXQDGLYHUVLGDGGHQRUPDVTXHUHJXODQGLFKRMXHJRODPiV QRWRULD GH HOODV HV OD &RQVWLWXFLyQ GH OD 5HS~EOLFD SHUR WDPELpQ VH GHEHQ WRPDU HQ FXHQWDQRUPDVOHJDOHVGHFUHWRVUHJODVLQIRUPDOHVFRQVXHWXGLQDULDVHQWUHRWUDV 8Q HOHPHQWR FODYH SDUD HQWHQGHU HO PRGHOR SURSXHVWR SRU $OOLVRQ HV HO URO TXH SDVD D FXPSOLU HO 3UHVLGHQWH GH OD 5HS~EOLFD HQ GLFKR PRGHOR (Q HO HQIRTXH DOOLVRQLDQR HO 3UHVLGHQWH GHMD GH VHU XQD ILJXUD FHQWUDO \ RPQLSRWHQWH HQ OD WRPD GH GHFLVLRQHV SDUD SDVDUDVHUXQMXJDGRUPiVDXQTXHTXL]iVHOPiVSRGHURVRHQODPHFiQLFDSROtWLFDGHOD WRPD GH GHFLVLRQHV JXEHUQDPHQWDOHV (VWH ~OWLPR DVSHFWR HV HVHQFLDO SDUD HQWHQGHU HO FDVRGHHVWXGLRGHHVWHWUDEDMR (Q OD SHUVSHFWLYD GH $OOLVRQ ORV DFWRUHV TXH SDUWLFLSDQ HQ HO MXHJR GH OD WRPD GH GHFLVLRQHV WLHQHQ GLIHUHQWHV WLSRV GH LQWHUHVHV (QWUH HOORV VH HQFXHQWUD HO LQWHUpV RUJDQL]DFLRQDO eVWH VXSRQHTXH ODV SUHUURJDWLYDV GH OD RUJDQL]DFLyQ D ODFXDO HO MXJDGRU UHSUHVHQWDYDQDLQIOXLUHQJUDQ PHGLGDVX SRVLFLRQDPLHQWR FRQ UHVSHFWR DOWHPD $OOLVRQ OOHJD LQFOXVR D FDUDFWHUL]DU HVWD UHODFLyQ HQWUH OD SRVWXUD LQVWLWXFLRQDO GHO MXJDGRU \ ORV REMHWLYRVTXHVLJXHVXRUJDQL]DFLyQGHODVLJXLHQWHIRUPD³(OOXJDUGRQGHVHHVWiSDUDGR GHSHQGHGHOOXJDUGRQGHVHHVWiVHQWDGR´ /D SURSXHVWD WHyULFD GH *UDKDP $OOLVRQ FRQVWLWX\H XQ LQWHQWR GH LOXPLQDU ORV VLHPSUH FRPSOLFDGRV SURFHVRVGHWRPDGHGHFLVLRQHVHQODVSROtWLFDVGHXQ(VWDGR(OWH[WRGH$OOLVRQHVWDGLYLGLGRHQWUHVJUDQGHV SDUWHV TXH SUHVHQWDQ WUHV PRGDOLGDGHV GH OOHYDU D FDER XQD IRUPXODFLyQ WHyULFD GH ORV SURFHVRV GH WRPD GH GHFLVLRQHV HQ SROtWLFD /RV GRV SULPHURV HO ³0RGHOR GHO $FWRU 5DFLRQDO´ \ HO ³0RGHOR GH 3URFHVR 2UJDQL]DFLRQDO´VRQPRGHORVWUDWDGRVDQWHULRUPHQWHSRUGLVWLQWRVDXWRUHV(O0RGHORGHO$FWRU5DFLRQDOKD VLGR XWLOL]DGR SRU UHQRPEUDGRV DFDGpPLFRV FRPR -RKQ 0HDUVKHLPHU .HQQHWK :DOW] +DQV - 0RUJHQWKDX 0LOWRQ)ULHGPDQHQWUHPXFKRVRWURV$OOLVRQSUHWHQGHGLVWLQJXLUVHGHHVDVSURSXHVWDVWUDGLFLRQDOHV(ODSRUWH JHQXLQRGH$OOLVRQHVWiHQODWHUFHUSDUWHGHVXWH[WR\HVEDXWL]DGRSRUHODXWRUFRPRHO³0RGHORGH3ROtWLFD *XEHUQDPHQWDO´9HU$//,621*U DKDP³/D(VHQFLDGHOD'HFLVLyQ$QiOLVLV([SOLFDWLYRGHOD&ULVLVGH ORV0LVLOHVHQ&XED´*UXSR(GLWRU/DWLQRDPHULFDQR%XHQRV$LUHVSS $//,621*U DKDPRSFLWSS $//,621*U DKDPRSFLWSS 8QLYHUVLGDG2578UXJXD\ (Q HO FDVR GH OD &DQFLOOHUtD XUXJXD\D DQWH OD GLV\XQWLYD ³&KLQD YV 7DLZiQ´ H[LVWtD HIHFWLYDPHQWHXQLQWHUpVRUJDQL]DFLRQDOTXHYDDVHUFRP~QDORVMXJDGRUHVSURYHQLHQWHV GH OD GLFKD LQVWLWXFLyQ TXH SDUWLFLSHQ HQ OD WRPD GH GHFLVLRQHV 6HJ~Q %L]]R]HUR HO JRELHUQROHHVWDEOHFHDOD&DQFLOOHUtDXQDVHULHGHREMHWLYRV\SULRULGDGHVTXHWHQtDQFRPR ILQODUHLQVHUFLyQLQWHUQDFLRQDOGHOSDtVSRVWGLFWDGXUD(VWHSURFHVRGHQRUPDOL]DFLyQGH ODVUHODFLRQHVH[WHULRUHVGHOSDtVHUDQHFHVDULDPHQWHXQFDPELRGHLPDJHQSHURWDPELpQ DIHFWDUtD RWURV iPELWRV FRPR OD HFRQRPtD /D UHDQXGDFLyQ GH UHODFLRQHV ELODWHUDOHV FRQ SDtVHV FRPR &XED \ &KLQD VH HQPDUFD HQ HVWD HVWUDWHJLD GH UHDQXGDU ORV OD]RV FRQ OD WRWDOLGDGGHODFRPXQLGDGLQWHUQDFLRQDO &RQVHFXHQWHPHQWH QL HO &DQFLOOHU FRQVLGHUDGR XQ MHIH HQ OD LQVWLWXFLyQ EDMR VX UHVSRQVDELOLGDG QL ORV IXQFLRQDULRV GH OD PLVPD GHSHQGHQFLD PLHPEURV GH HTXLSR TXHORDFRPSDxDQYDQDVHULQPXQHVDOLQWHUpVRUJDQL]DFLRQDO$SR\DUiQHOSUR\HFWRGH UHLQVHUFLyQ LQWHUQDFLRQDO GHO 8UXJXD\ HUJR WDPELpQ LPSXOVDUiQ HO UHFRQRFLPLHQWR GH OD 5HS~EOLFD3RSXODU&KLQD 'HQWURGHHVWHDOLQHDPLHQWRGHOD&DQFLOOHUtDHVLQVRVOD\DEOHHOSDSHOGHO(PE3pUH]GHO &DVWLOORHQODSULPHUDHWDSDGHOSURFHVReVWHHQWHQGtDTXHHOPDQWHQLPLHQWRGHODUHODFLyQ FRQ7DLZiQHVWDEDDOHMDGRGHODUHDOLGDG\TXHHOVHQWLGRFRP~Q\HOLQWHUpVGH8UXJXD\ DSXQWDEDQ DO HVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV FRQ OD 53& 6HJXtD OD OtQHD GH SHQVDPLHQWRGHO&DQFLOOHU(QSDODEUDVGHOSURSLR(PEDMDGRU ³1RSRGpVLJQRUDUD &KLQD 9HWR HQ HO &RQVHMR GH 6HJXULGDG XQD TXLQWD SDUWH GH OD SREODFLyQ PXQGLDO XQ SDtV TXH HVWi FUHFLHQGR FRPR HVWi FUHFLHQGR +D\UHDOLGDGHVHQHVWHPRPHQWRSDUD8UXJXD\ORTXHLPSHUDVRQORVLQWHUHVHV GHODUJRSOD]R«&KLQD3RSXODU´ &XDQGR HO &DQFLOOHU OH KDFH VDEHU VX SRVLFLyQ HO (PE 3pUH] 'HO &DVWLOOR VH GLVSRQH LQPHGLDWDPHQWHDLPSOHPHQWDUXQDVROXFLyQDODSUHRFXSDFLyQGHO0LQLVWUR/DSURSXHVWD QHFHVLWDEDGHXQD³FDPSDxDGHSURPRFLyQ´QDFLRQDO\GHXQDHVWUDWHJLDGHQHJRFLDFLyQ $QWH HO FRPXQLFDGR TXH OH KL]R ,JOHVLDV 3pUH] GHO &DVWLOOR UHVSRQGLy HQ ORV VLJXLHQWHV WpUPLQRV ³<RPHRFXSRGHOWHPDSHURWUDWHPRVGHEXVFDUXQDIRUPDTXHVHDFRQYLQFHQWH SDUDWRGRV´ 6HJ~QHO(PE3pUH]GHO&DVWLOORHOSODQWHRTXHGHEtDUHDOL]DUVHSDUDOOHYDUDGHODQWHODV QHJRFLDFLRQHVHUDXQSODQWHRFHQWUDGRHQODVYHQWDMDVTXHRIUHFtDQODVRSRUWXQLGDGHVGHO FRPHUFLRFRQOD53&3UHVHQWDUHOWHPDHQWpUPLQRVFRPHUFLDOHVHUDHODUJXPHQWRPiV IXHUWHTXHVHSRGtDLQWHUSRQHU(OORSHUPLWtDSRUXQODGRVDOYDUODVREMHFLRQHVGHTXLHQHV QRGHVHDEDQURPSHUFRQ7DLZiQFRPRHO0LQLVWURGHO,QWHULRU'U$QWRQLR0DUFKHVDQR\ HO6HQDGRU5DXPDU-XGH\SRUHORWURSURSRUFLRQDUXQDUJXPHQWRVyOLGRDTXLHQGHEtD VRUWHDU ORV HVFROORV SROtWLFRV JHQHUDGRV SRU HO JUXSR ³SUR7DLZiQ´ HVHQFLDOPHQWH HO 3UHVLGHQWH 6DQJXLQHWWL $VHJXUDU HO FUHFLPLHQWR QHWR GHO FRPHUFLR PHGLDQWH HO ³ «HOHOHQFRJXEHUQDPHQWDOKDEtDDGHODQWDGRODLQWHQFLyQGHQRUPDOL]DUODVLWXDFLyQXUXJXD\DHQWRGRV ORVIUHQWHV$VtORH[SUHVDXQRGHORV³ LQWHUQDFLRQDOLVWDV´ GHO3DUWLGR&RORUDGR(GXDUGR3D]$JXLUUHTXLHQ IXHUD HOHFWR FRPR 6HQDGRU DO PDQLIHVWDU HQ GLFLHPEUH GH TXH ³ OD SROtWLFD GH QXHVWUR 3DUWLGR HV HVWDEOHFHU UHODFLRQHV FRQ WRGRV ORV SDtVHV GHO PXQGR HQ FXDQWR WRGRV ORV SDtVHV VH DYHQJDQ D UHVSHWDU \ FXPSOLUHOGHUHFKRLQWHUQDFLRQDO¶´ %,==2=(52/LQFROQRSFLWS /RVMHIHVHQODWLSRORJtDGH$OOLVRQVHUtDQHOSUHVLGHQWH\VXF~SXOD /RVPLHPEURVGHHTXLSRVHUtDQORVDX[LOLDUHVLQPHGLDWRVGHFDGDMHIH(QWUHHVWRVHQFRQWUDPRVDORV(PE &DUORV3pUH]GHO&DVWLOOR'U/XLV%DUULRV7DVVDQRHQWUHRWURV (QWU HYLVWDDO(PE&DU ORV3pU H]GHO&DVWLOORGHDJRVWRGH0RQWHYLGHR ,ELGHP ,ELGHP 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 HVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV FRQ 53& HUD XQ REMHWLYR FRKHUHQWH \ FRQYHQLHQWHSDUDHOJRELHUQRXUXJXD\RVREUHWRGRDQWHODQHJDWLYDGH7DLZiQGHRIUHFHU PHMRUHV RIHUWDV 3RU HQGH VL VH TXHUtD FRQVHJXLU XQD GHFLVLyQ JXEHUQDPHQWDO SDUD HVWDEOHFHU UHODFLRQHV FRQ &KLQD 3RSXODU KDEtD TXH FRQVHJXLU XQ EXHQ SDTXHWH GH LQFHQWLYRV HFRQyPLFRFRPHUFLDOHV \ SUHVHQWDUORV SRVWHULRUPHQWH DO 3UHVLGHQWH DO JRELHUQRHQVXFRQMXQWRDOVLVWHPDSROtWLFR\DODRSLQLyQS~EOLFD (Q OD UHGXFLGD ELEOLRJUDItD H[LVWHQWH \ HQ ODV GLIHUHQWHV RSLQLRQHV GH ORV DFWRUHV TXH SDUWLFLSDURQGHOSURFHVRFRH[LVWHQGRVJUDQGHVYLVLRQHVVREUHORVSULQFLSDOHVDUJXPHQWRV H LQFHQWLYRV TXH GHVHPSHxDURQ XQ URO VXVWDQWLYR HQ OD WRPD GH GHFLVLyQ GHO (VWDGR XUXJXD\R 8QDSULPHUDOtQHDGHSHQVDPLHQWRSURSRQHODSUHHPLQHQFLDGHOIDFWRUSROtWLFRGLSORPiWLFR FRPR DUJXPHQWR SDUD HO UHFRQRFLPLHQWR GH OD 53& 6L ELHQ QR VH GHVHVWLPD OD YDULDEOH HFRQyPLFD FRPR XQ FRPSOHPHQWR QHFHVDULR SDUD HIHFWLYL]DU OD GHFLVLyQ ODV UD]RQHV SROtWLFDVVHHQWLHQGHQFRPRHOGLVSDUDGRUODKHUUDPLHQWDGXUDQWHHOSURFHVR\HOILQ~OWLPR GHO PLVPR 'HQWUR GH HVWH JUXSR HQFRQWUDPRV DFDGpPLFRV FRPR /LQFROQ %L]]R]HUR \ ILJXUDVTXHSDUWLFLSDURQDFWLYDPHQWHGHOSURFHVRFRPRHO(PE$JXVWtQ(VSLQRVD6HJ~Q HO(PE(VSLQRVD ³ /D JUDQ SUHRFXSDFLyQ GHO 3UHVLGHQWH 6DQJXLQHWWL \ GHO &DQFLOOHU ,JOHVLDV HUD TXH8UXJXD\QRTXHGDUDPDUJLQDGRGHO'HUHFKR,QWHUQDFLRQDO´$VXYH]pVWH HQWLHQGH TXH KD\ TXLHQHV SLHQVDQ TXH ³«HO LQWHUpV GH 8UXJXD\ HUD H[FOXVLYDPHQWH HQ OD SDUWH GHO FRPHUFLR\ HVWR QR HV DVt QRVRWURV GHVGH OD SHUVSHFWLYD GH SROtWLFD H[WHULRU \ TXH HV OD TXH FRPSDUWtD HO 3UHVLGHQWH 6DQJXLQHWWL\HO&DQFLOOHU,JOHVLDVHVTXH8UXJXD\QRSRGtDLJQRUDUDXQDFWRU WDQLPSRUWDQWHGH OD FRPXQLGDG LQWHUQDFLRQDO FRPR OR HUD &KLQD 0iV DOOi GH TXH FRPSUDUD R QR FRPSUDUD 3RUTXH QR VH WLHQHQ UHODFLRQHV GLSORPiWLFDV VRODPHQWHSRUHOKHFKRGHTXHKD\DEXHQFRPHUFLR´ (O(PE(VSLQRVDTXL]iGHELGRDVXFRQGLFLyQGH'LUHFWRUGH3ROtWLFDGHOD&DQFLOOHUtDHQ HVH PRPHQWR DVXPH TXH OD GHFLVLyQ GH UHFRQRFHU D OD 53& HVWXYR JXLDGD SRU XQD YROXQWDGHVWULFWDPHQWHSROtWLFRGLSORPiWLFDLQFOX\HQGRHOFDVRFKLQRGHQWURGHOSUR\HFWRGH UHVWDXUDFLyQ\GH³GHVLGHRORJL]DFLyQ´GHODVUHODFLRQHVLQWHUQDFLRQDOHVGHO8UXJXD\PXFKR PiV DPSOLR TXH VLJXLy OD &DQFLOOHUtD HQ HVH PRPHQWR (Q SDODEUDV GHO PLVPR (PE (VSLQRVD ³&KLQDHQWUyHQHVHSDTXHWH(QHOSDTXHWHGHODUHKDELOLWDFLyQGHO8UXJXD\HQ HO HVFHQDULR LQWHUQDFLRQDO YROYHU D XELFDU DO SDtV FRPR XQ UHIHUHQWH HQ HO 'HUHFKR ,QWHUQDFLRQDO UHVSHWXRVR GH OD LPSRUWDQFLD GHO 'HUHFKR ,QWHUQDFLRQDO´ 3RURWUDSDUWHHQXQDVHJXQGDOtQHDGHSHQVDPLHQWRRWUDVHULHGHDFWRUHVLQYROXFUDGRV FRQ HO SURFHVR RSLQDQ TXH IXH HO IDFWRU HFRQyPLFRFRPHUFLDO HO TXH WXYR PiV SHVR (Q UHDOLGDGUHVXOWDGLItFLOGLVFHUQLUVLTXLHQHVDUJXPHQWDEDQVREUHODVYHQWDMDV³FRPHUFLDOHV´ GHODUHODFLyQFRQOD53&ORKDFtDQDWHQLGRVHVWULFWDPHQWHDHVDFRQYLFFLyQRXVDEDQHO DUJXPHQWRGHODVYHQWDMDVFRPHUFLDOHVDORVHIHFWRVGHQR³DEULU´XQDGLVFXVLyQLGHROyJLFD HQWRUQR DOWHPD (VWD VHJXQGD OtQHD VRVWLHQHTXH OD UHODFLyQ FRPHUFLDO \ILQDQFLHUD FRQ (VSHUWLQHQWHDFODUDUTXHQLQJXQDGHHVWDVVHUiH[FOX\HQWHVLQRTXHFDGDXQDVHLQFOLQDDODSULPDFtDGH FLHUWRVLQFHQWLYRVTXHH[SOLFDQPHMRUODWRPDGHGHFLVLRQHVTXHRWURV (QWU HYLVWDDO(PE$JXVWtQ(VSLQRVDGHPD\RGH0RQWHYLGHR ,ELGHP 8QLYHUVLGDG2578UXJXD\ 7DLZiQVHKDEtDDJRWDGRPLHQWUDVTXHDVXYH]ODTXH8UXJXD\PDQWHQtDFRQOD53& KDEtDFUHFLGRHQORV~OWLPRVDxRVGHODGLFWDGXUD3RUDTXHOHQWRQFHVDGHPiV\DVHYHtD FODUDPHQWH TXH HO FUHFLPLHQWR HFRQyPLFR GH &KLQD 3RSXODU HUD ILUPH \ VH SUR\HFWDED KDFLDHOIXWXURFRPRXQDGHODVSULQFLSDOHVHFRQRPtDVGHOPXQGR$VtORYHHO&DQFLOOHUGH DTXHOHQWRQFHVHO&DQFLOOHU(QULTXH,JOHVLDV ³(O SULQFLSDO LQFHQWLYR HQ OD DGPLQLVWUDFLyQ 6DQJXLQHWWL IXH HFRQyPLFR QR SROtWLFR « 6ROR FXDQGR SXGLPRV GHPRVWUDU OD LPSRUWDQFLD GH &KLQD FRPR LPSRUWDGRU GH QXHVWUDV ODQDV FDUQHV SHVFDGRV VRMD HWF SXGLPRV SHUVXDGLUOR GH GDU HO SDVR KDFLD ODV UHODFLRQHV SOHQDV FRQ &KLQD « (O 3UHVLGHQWHHVWXYRVLHPSUHDELHUWRDOGLiORJR\GLVSXHVWRDFRQYHQFHUVHSHURD FRQGLFLyQ GH GHPRVWUDUOH ODV FODUDV YHQWDMDV HFRQyPLFDV &XDQGR HOODV VH GLHURQDFHSWyWRPDUODGHFLVLyQ´ 1DWXUDOPHQWHHO&DQFLOOHU,JOHVLDVTXHGHDFXHUGRDORGHFODUDGRSRUHO(PE3pUH]GHO &DVWLOORFRQVLGHUDEDODVUHODFLRQHVFRQ7DLZiQFRPR³XQDPDQFKD´DFRWDTXHXQIDFWRU QR H[FOX\H DO RWUR ³«HO REMHWLYR SROtWLFR GH WHQHU UHODFLRQHV FRQ XQD TXLQWD SDUWH GH OD SREODFLyQ GHO SODQHWD HUD DOJR D WHQHU HQ FXHQWD´ $VLPLVPR HO SURSLR 3UHVLGHQWH 6DQJXLQHWWLH[SUHVyGLUHFWDPHQWHTXH³)XHURQODVGRVFRVDV´ /D YHUVLyQ GHO (PE 3pUH] GHO &DVWLOOR HV TXH DQWH ODV GLVFXVLRQHV FRQ HO &DQFLOOHU ,JOHVLDVUHVSHFWRDTXpKDFHUUHVSHFWRDOSUREOHPD&KLQD7DLZiQ³$PtVHPHRFXUULyOR GHO FRPHUFLR´ (V GHFLU pVWH VHUtD XQ UXPER WiFWLFR GH DFFLyQ D SDUWLU GHO FXDO FRPHQ]DUtD D WUDEDMDU OD DGPLQLVWUDFLyQ HQ VLQ SHUMXLFLR GH TXH OD &DQFLOOHUtD HUD SHUIHFWDPHQWHFRQVFLHQWHGHODLPSRUWDQFLDGHODQHJRFLDFLyQSROtWLFDGHOUHVWDEOHFLPLHQWR GHUHODFLRQHVFRQOD53& 6HHQFRQWUDEDHQIXQFLRQDPLHQWRHQHVHPRPHQWRXQJUXSRGHHVWXGLRHQOD&DQFLOOHUtD GLULJLGRSRUHO(PE3pUH]GHO&DVWLOOROODPDGR³*UXSR3HUILOHV´(VWDEDFRPSXHVWRSRU XQD VHULH GH HFRQRPLVWDV TXH FRODERUDEDQ FRQ HO (PEDMDGRU HQ GLIHUHQWHV WHPDV (O JUXSR SDUWLFLSy DFWLYDPHQWH HQ OD HODERUDFLyQ GHO ERFHWR GH DFXHUGR FRPHUFLDO TXH VH SUHVHQWDUtDHQ&KLQDTXHVHFRQYHUWLUtDHQHOQ~FOHRGHODVQHJRFLDFLRQHVFRQ%HLMLQJ/D PDJQLWXG HFRQyPLFD GH OD SURSXHVWD XUXJXD\D KDEtD VLGR HVWDEOHFLGD HQ XQ PtQLPR GH 86\GHDKtKDFLDDUULEDFXDOTXLHUFLIUDHUDLGHDO (V LQWHUHVDQWH UHFDOFDU TXH HQ HVWD HWDSD ORV DYDQFHV \ ODV LQLFLDWLYDV TXH VH VXFHGtDQ HVWDEDQLPSUHJQDGRVSRUXQIXHUWHKHUPHWLVPR6HJ~QGHFODUDHO(PE3pUH]GHO&DVWLOOR >&RQ OD D\XGD GHO ³*UXSR 3HUILOHV´@ ³«QRV SXVLPRV D WUDEDMDU HQ XQ DFXHUGR FRPHUFLDOWRGRVHFUHWR´ (Q HO ODSVR GH VHLV PHVHV VH WHUPLQD HO SUR\HFWR GH DFXHUGR FRPHUFLDO \ HV HQ HVH PRPHQWR RFWXEUH GH TXH VH SURGXFH HO SULPHU YLDMH D OD 53& 8QR GH ORV LQWHJUDQWHVGHODGHOHJDFLyQXWLOL]yODH[SUHVLyQGHTXHHVDIXH³XQDPLVLyQVHPLRILFLDO´ (QULTXH,JOHVLDVVHUHILHUHDHOODFRPR³ODUDTXtWLFDUHODFLyQFRPHUFLDOFRQ7DLZiQ´(QWU HYLVWDYtDH PDLODO&U (QU LTXH,JOHVLDVGHMXQLRGH ,ELGHP ,ELGHP (QWU HYLVWDDO'U - XOLR06DQJXLQHWWLGHVHWLHPEUHGH0RQWHYLGHR (QWU HYLVWDDO(PE&DU ORV3pU H]'HO&DVWLOORGHDJRVWRGH0RQWHYLGHR 0iVHVSHFtILFDPHQWH³3HUILOHVGH([SRUWDFLyQSDUD8UXJXD\´ (QWU HYLVWDDO(PE&DU ORV3pU H]GHO&DVWLOORGHDJRVWRGH0RQWHYLGHR ,ELGHP 6HJ~QHO(PE9DOOHVODPLVLyQ³VHPLRILFLDO´HUDWDOSRUTXH³QRVHVDEtDKDVWDGyQGHVHSRGtDDYDQ]DU KDVWDGyQGHVHSRGtDOOHJDU´(QWU HYLVWDDO(PE*XLOOHU PR9DOOHVGHQRYLHPEUHGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 4XL]iVORTXHSUHWHQGHH[SUHVDUHO(PE9DOOHVHVTXHRILFLDOPHQWHHO3UHVLGHQWHGHOD 5HS~EOLFD \ HO &DQFLOOHU GHVLJQDEDQ D OD PLVLyQ FRPR GH FDUiFWHU FRPHUFLDO /D PLVLyQ FRQMXQWDGHOD&DQFLOOHUtD\HO0LQLVWHULRGH(FRQRPtD\)LQDQ]DVHUDSUHVLGLGDSRUHO,QJ 5REHUWR 9i]TXH] HQWRQFHV 0LQLVWUR GH *DQDGHUtD $JULFXOWXUD \ 3HVFD 8QR GH ORV SUHVLGHQWHVDOWHUQRVHUDHO(PE&DUORV3pUH]GHO&DVWLOOR eVWH WXYR FRPR DFRPSDxDQWH HQ &KLQD DO HQWRQFHV &RQVHMHUR *XLOOHUPR 9DOOHV 6HJ~Q pO HO REMHWLYR GHO YLDMH HUD ³EiVLFDPHQWH GDU XQD VHxDO SRVLWLYD GHVGH HO SXQWR GH YLVWD SROtWLFR \ HQ OR HFRQyPLFR HQ OR FRPHUFLDO FRQFUHWDPHQWH VRVWHQHU QXHVWUDV H[SRUWDFLRQHVGHODQDFXHURSHVFDGR\VRQGHDUFtWULFRVWDPELpQ´/DQHJRFLDFLyQFRQ ORV UHSUHVHQWDQWHV GH ORV 0LQLVWHULRV GH &RPHUFLR ([WHULRU \ $JULFXOWXUD IXH EDVWDQWH SHFXOLDU /R LQXVXDO IXH OD IDFLOLGDG FRQ OD TXH VH OOHJy D XQ DFXHUGR HQ HO FXDO OD SURSXHVWDTXHKDEtD SUHSDUDGR HO *UXSR 3HUILOHVIXH DFHSWDGD HQ VX WRWDOLGDG 6HJ~Q HO (PE3pUH]GHO&DVWLOOR ³)XHODQHJRFLDFLyQPiVFRUWDTXHWXYHHQPLYLGDGXUyXQVHJXQGR\PHGLRVL KXELpUDPRV YHQLGR FRQ PLOORQHV GH GyODUHV QRV KDEUtDQ GLFKR TXH Vt LJXDO´ 8UXJXD\ORJUyODILUPDGHXQDFXHUGRFRPHUFLDOTXHURQGDEDORV86(QOD QHJRFLDFLyQ RFXUULy DOJR LQHVSHUDGR /RV IXQFLRQDULRV FKLQRV OH SURSXVLHURQ D OD PLVLyQ XUXJXD\DHOHVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDV(O(PE3pUH]GHO&DVWLOORVHxDOD ³'HVSXpVHPSH]DPRVDKDEODUFRQORVFKLQRVHPSH]DPRVDVXELUGHQLYHO\HQ XQPRPHQWRVHQRVSODQWHyHOWHPDµ«ORTXHXVWHGHVQRVHVWiQSODQWHDQGRVRQ UHODFLRQHVGLSORPiWLFDV«´´\«GLMLPRVTXHVt´ (VWH SURFHVR FRQVWLWX\H XQ EXHQ HMHPSOR GHO IXQFLRQDPLHQWR GHO PRGHOR GH $OOLVRQ *HQHUDOPHQWHODYLVLyQWUDGLFLRQDOGHOIXQFLRQDPLHQWRGHXQD&DQFLOOHUtDHQWLHQGHTXHHQ OR TXH FRQFLHUQH D DVXQWRV UHOHYDQWHV FRPR HO HVWDEOHFLPLHQWR R LQWHUUXSFLyQ GH UHODFLRQHVFRQRWURSDtVODVWUDWDWLYDVFRQOOHYDQHOFRQVHQWLPLHQWRH[SOtFLWRHLQFOXVLYHOD SDUWLFLSDFLyQ GLUHFWD GH 3UHVLGHQWHV \ &DQFLOOHUHV (Q UHDOLGDG QR VLHPSUH HV DVt +DVWD SRUUD]RQHVGHSUXGHQFLDSROtWLFD\GH³SURWHFFLyQ´ GH OD LPDJHQ 3UHVLGHQFLDO FXDQGR HO -HIH GHO (MHFXWLYR LQWHUYLHQH GLUHFWDPHQWH HV SRUTXH HO IRQGR GH OD FXHVWLyQ \D HVWi SUiFWLFDPHQWH DFRUGDGR HQWUH ORVIXQFLRQDULRV GH QLYHO LQWHUPHGLR VXSHULRU $VLPLVPR OR ³QRUPDO´QRHVTXHGHFLVLRQHVGHHVWDHQYHUJDGXUD SROtWLFD VHDQ WRPDGDV HQ XQ GLiORJR DSDUHQWHPHQWHVXEVLGLDULRGHXQDQHJRFLDFLyQFRPHUFLDOVLQRTXHSRUORJHQHUDOVHWUDWD GH XQD QHJRFLDFLyQ LQLFLDGD HVSHFtILFDPHQWH SDUD HVH ILQ 3RU OR WDQWR HO SURFHVR GH OD DSUR[LPDFLyQ SROtWLFD HQWUH 8UXJXD\ \ &KLQD UHVXOWD XQ FDVR LQWHUHVDQWH \ SHFXOLDU GH HMHFXFLyQGHODVGHFLVLRQHVGHSROtWLFDH[WHULRU &RPHQ]DED HQWRQFHV HO SURFHVR GH HVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV D SDUWLU GH XQ DFXHUGR FRPHUFLDO EDVDGR HQ XQD ³OX] YHUGH´ GH FDUiFWHU SROtWLFR SDUD HO UHVWDEOHFLPLHQWRGHUHODFLRQHVHPLWLGDSRUIXQFLRQDULRVFRQYHQFLGRVGHODFRUUHFFLyQGH OD PHGLGD SHUR TXH QR HVWDEDQ IRUPDOPHQWH PDQGDWDGRV SDUD DSUREDU GLFKR WHPD 6HJXUDPHQWHODUDSLGH]FRQTXHVHOOHJyDOHQWHQGLPLHQWRHQHOiUHDFRPHUFLDOIXHVHXQD FRQVHFXHQFLD GH HVD SRVLELOLGDG GHO Vt XUXJXD\R DO UHFRQRFLPLHQWR GH OD 53& (O (QWU HYLVWDDO(PE*XLOOHU PR9DOOHVGHQRYLHPEUHGH0RQWHYLGHR (QWU HYLVWDDO(PE&DU ORV3pU H]GHO&DVWLOORGHDJRVWRGH0RQWHYLGHR (QWU HYLVWDDO(PE&DU ORV3pU H]GHO&DVWLOORGHDJRVWRGH0RQWHYLGHR (YLGHQWHPHQWHHO³Vt´HPLWLGRSRUODGHOHJDFLyQFRPHUFLDOXUXJXD\DQRFRPSURPHWtDGHILQLWLYDPHQWHQL ODRSLQLyQGHO&DQFLOOHUQLODGHO3UHVLGHQWHGHOD5HS~EOLFDSHURVHJXUDPHQWHVLUYLyFRPRVHxDOSDUDTXHORV LQWHUORFXWRUHV GH OD 53& DGYLUWLHVHQ TXH HO 8UXJXD\ HVWDED GLVSXHVWR D DYDQ]DU HQ HO FDPLQR GHO HVWDEOHFLPLHQWRGHUHODFLRQHVGLSORPiWLFDV 8QLYHUVLGDG2578UXJXD\ DFXHUGR VH HVWUXFWXUy D WUDYpV GHO LQFUHPHQWR GH XQD VHULH GH SURGXFWRV GH H[SRUWDFLyQ /RV SURGXFWRV VHOHFFLRQDGRV LQFOXtDQ ORV SURGXFWRV TXH WUDGLFLRQDOPHQWH VH OH YHQGtDQ D &KLQD 3RSXODU ODQD \ FXHURV SHUR WDPELpQ RWURV TXH D\XGDEDQ D UHDFWLYDUODHFRQRPtD\GLYHUVLILFDUODVH[SRUWDFLRQHV6HJ~QHO(PE3pUH]GHO&DVWLOOR ³(QHOHQ8UXJXD\KDEtDXQDFDSDFLGDGRFLRVDPX\JUDQGHHQWRQFHVDSDUWH GHORVWUDGLFLRQDOHVTXHOHVYHQGtDPRVODQD\FXHURVPHWLPRVDFHLWHPDQWDV ERWDVPLOLWDUHVXQDVHULHGHSURGXFWRV´ (Q HIHFWR HO FRQYHQLR OR H[SUHVD GH HVWD PDQHUD ³&RQVLGHUDQGR OD YROXQWDG « GH 8UXJXD\ GH GLYHUVLILFDU VXV H[SRUWDFLRQHV « &KLQD GDUi FUHFLHQWH SULRULGDG D OD LPSRUWDFLyQ GH SURGXFWRV QR WUDGLFLRQDOHV XUXJXD\RV « $ HVWH ILQ VH HQWLHQGHQ SURGXFWRV QR WUDGLFLRQDOHV WRGR PHQRV WRSV GH ODQD \ FXHURV FXUWLGRV FRPR SRU HMHPSOR FHUHDOHV \ JUDQRV SHVFDGR FRQJHODGR « FDODPDUHV FtWULFRV SURGXFWRV OiFWHRV PDGHUD « PDQXIDFWXUDV \ PDQWDV GH ODQD\GHFXHUR«´ $GLFLRQDOPHQWHHO*RELHUQRGH&KLQDFXPSOLyFRQVXSURPHVDGHFRPSHQVDUODVSpUGLGDV UHVXOWDQWHVGHODLQWHUUXSFLyQGHUHODFLRQHVFRQ7DLZiQ ³&KLQDWRPDQRWDGHORVSURJUDPDVGHFXOWLYRGHVRMDTXHVHHVWiQOOHYDQGR DFDERHQ«8UXJXD\\KDUiHVIXHU]RVSDUDFRPSUDUDOSUHFLRDFHSWDEOHSDUD DPEDVSDUWHV«FDQWLGDGHVDQXDOHVGHVRMDHQJUDQR´ /D,PSOHPHQWDFLyQGHO$FXHUGR (QHVWDIDVHVHSUHVHQWDRWUDGHODVFDUDFWHUtVWLFDVSHFXOLDUHVGHOSURFHVRGHQHJRFLDFLyQ FRQOD53&/RVWpUPLQRVGHODFXHUGRFRPHUFLDO\DHVWDEDQQHJRFLDGRV\DFHSWDGRVVLQ HPEDUJR IDOWDED OD DSUREDFLyQ RILFLDO GH SDUWH GHO &DQFLOOHU ,JOHVLDV \ GHO 3UHVLGHQWH 6DQJXLQHWWLGHORGLVFXWLGRHQHOiUHDSROtWLFDHQPDWHULDGHUHVWDEOHFLPLHQWRGHUHODFLRQHV GLSORPiWLFDV $XQTXH DPERV FRPR YLPRV \D VH KDEtDQ SURQXQFLDGR D IDYRU GH OD QHFHVLGDG HVWDEOHFHU UHODFLRQHV FRQ OD 53& WHyULFDPHQWH ODV GRV LQVWDQFLDV GHFLVLYDV &DQFLOOHU\3UHVLGHQWHQRHVWDEDQHQFRQRFLPLHQWRGHTXHODVFRQYHUVDFLRQHVDYDQ]DUtDQ FRQODUDSLGH]TXHORKLFLHURQHQ%HLMLQJ (VWRVXSRQtDTXHGDGD ODIXHUWH DSXHVWD DGHODQWDGDSRU ORV GLSORPiWLFRV FKLQRV \ OD OX] YHUGH HPLWLGD SRU VXV SDUHV XUXJXD\RV ODV WUDWDWLYDV VH GLHURQ HQ XQ RUGHQ OyJLFR \ FURQROyJLFR SHFXOLDU HQ HO PDUFR GH XQD QHJRFLDFLyQ FRPHUFLDO VH DYDQ]D IXHUWHPHQWH SRUTXHVHDGHODQWDHQXQDQHJRFLDFLyQSROtWLFDGHWUDVFHQGHQFLD<HVWDQHJRFLDFLyQTXH DYDQ]DEDKDFLDHOHVWDEOHFLPLHQWRGHUHODFLRQHVFRQOD53&GHEtDUHVROYHUVHUiSLGDPHQWH HQHOiPELWR QDFLRQDO SDUD OXHJR SDVDU HIHFWLYDPHQWH D ODV QHJRFLDFLRQHV GLSORPiWLFDV IRUPDOHV (OPRGHORGH$OOLVRQSHUPLWHH[SOLFDUHVWDDSDUHQWHIDOWDGHFRQJUXHQFLDHQHOSURFHVRGH WRPDGHGHFLVLRQHV \ OD QXHYD VLWXDFLyQ FUHDGD \DTXH HQ HO iPELWR SROtWLFR QDFLRQDO HO ³(O *RELHUQR GH OD 5HS~EOLFD 3RSXODU &KLQD H[SUHVD IRUPDOPHQWH VX GHFLVLyQ GH WRPDU WRGDV ODV PHGLGDVQHFHVDULDVSDUDHVWLPXODUDVXVFRUSRUDFLRQHVHVWDWDOHVGHFRPHUFLRH[WHULRU«SDUDTXHLPSRUWHQ SURGXFWRV RULJLQDULRV « GH OD 5HS~EOLFD 2ULHQWDO GHO 8UXJXD\ HQ IRUPD FUHFLHQWH´ ³&KLQD 3RSXODU 8UXJXD\&RQYHQLR&RPHUFLDO´GHIHEUHURGH1HZ<RUN (QWU HYLVWDDO(PE&DU ORV3pU H]GHO&DVWLOORGHDJRVWRGH0RQWHYLGHR ³&KLQD3RSXODU8UXJXD\&RQYHQLR&RPHUFLDO´GHIHEUHURGH1HZ<RUN ³&KLQD3RSXODU8UXJXD\&RQYHQLR&RPHUFLDO´GHIHEUHURGH1HZ<RUN 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 JRELHUQR QR VH KDEtD DXQ SURQXQFLDGR IRUPDOPHQWH SRU HO HVWDEOHFLPLHQWR GH UHODFLRQHV FRQOD53& (QUHDOLGDGFRPRGLMLPRVODIDOWDGHFRQJUXHQFLDHVVRORDSDUHQWH\~QLFDPHQWHKDEUiGH VRUSUHQGHU DTXLHQHV VLJXHQ DIHUUDGRV D OD WHRUtD LQJHQXD GH TXH OD WRPD GH GHFLVLRQHV UHODWLYDV D ODV SROtWLFDV HVWDWDOHV HV XQ SURFHVR HVHQFLDOPHQWH OLQHDO YHUWLFDO \ TXH VH GHVDUUROODHQXQD~QLFDGLUHFFLyQ(QUHDOLGDGHQQXHVWURFDVRWDQWRHO&DQFLOOHUFRPRHO 3UHVLGHQWH \D VH KDEtDQ SURQXQFLDGR H[SOtFLWD SHUR JHQpULFDPHQWH HQ HO VHQWLGR GH HVWDEOHFHU ODV UHODFLRQHV FRQ OD 53& (Q WpUPLQRV GH $OOLVRQ HO Pi[LPR -HUDUFD HO 3UHVLGHQWH HV HO MXJDGRU PiV SRGHURVR HQ HO MXHJR GH OD WRPD GH GHFLVLRQHV \ SRU OR WDQWRLQWHQWDHQFDX]DUHOMXHJRSDUDTXHHOUHVXOWDGRVHDFRKHUHQWHFRQVXVFRQYLFFLRQHV HLQWHUHVHV(OORQRVLJQLILFDTXHQHFHVDULDPHQWHHOMXJDGRUPiVSRGHURVRWHQJDTXHVHU HOTXHPXHVWUHLQLFLDOPHQWHVXMXHJR3UHFLVDPHQWHSRUTXHHVHO3UHVLGHQWHHVHOTXHVH UHVHUYDHOGHUHFKRGH³FHUUDU´R³QRFHUUDU´HOMXHJRDXQDFRVWDGHGHVFDOLILFDUVLDVtOR HQWLHQGHQHFHVDULRDDTXHOORVMXJDGRUHVTXHDUULHVJDURQODDSXHVWDDQWHVTXHpO(VRHV HVWULFWDPHQWH HO SRGHU GHFLVLYR HQ ODWRPD GH GHFLVLRQHV TXH FRUUHVSRQGH DO 3UHVLGHQWH GH OD 5HS~EOLFD LQWHUYHQLU HQ HO MXHJR FXDQGR FRPR \ GRQGH OH VHD PiV IDYRUDEOH GH DFXHUGRDVXVFRQYLFFLRQHV\DODVDSXHVWDVGHORVGHPiVMXJDGRUHV (Q HO FDVR GH ODV QHJRFLDFLRQHV VLQRXUXJXD\DV XQ JUXSR GH IXQFLRQDULRV JXEHUQDPHQWDOHVGDFDELGDDODRIHUWDFKLQDHQHOPDUFRGHXQDQHJRFLDFLyQFRPHUFLDOVLQ HO FRQVHQWLPLHQWR H[SUHVR GHO 3UHVLGHQWH HQ HO WHPD ³HVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV´3HURGLFKRVIXQFLRQDULRVFRQRFHQSHUIHFWDPHQWHODVRSLQLRQHVGHO&DQFLOOHU \ GHO 3UHVLGHQWH HQ OD PDWHULD (VWD YHUVLyQ GH ORV KHFKRV FRLQFLGH FRQ XQD GH ODV WUHV SRVLEOHV GHVFULSFLRQHV TXH KDFH 1HXVGWDGW VREUH HO DFFLRQDU SUHVLGHQFLDO 6HJ~Q pVWH ³«KD\ RSRUWXQLGDGHV HQ ODV TXH HO SUHVLGHQWH DSDUHFH FRPR HO EODQFR GH ODV WiFWLFDV GHVSOHJDGDVSRUXQJUXSREXURFUiWLFR´&RPRVHYHUiHOSURFHVRGHUHFRQRFLPLHQWRGH &KLQDFRQWLQHQWDOSRUHO8UXJXD\VHDVHPHMDEDVWDQWHDGLFKDVLWXDFLyQ 8QD YH] FRQFOXLGD OD QHJRFLDFLyQ³VLPSOH´HQ SDODEUDV GHO (PE 3pUH] 'HO &DVWLOOR ORV GLSORPiWLFRVUHJUHVDQGH&KLQD$VXDUULEROHSUHVHQWDQDO&DQFLOOHU,JOHVLDVHOERFHWRTXH KDEtDQDFRUGDGRFRQVXFRQWUDSDUWHFKLQD(VWHHUDXQSDVRIXQGDPHQWDOQRVyORSRUTXH VH KDEtD REWHQLGR FRQ LQHVSHUDGD IDFLOLGDG HO FRQVHQWLPLHQWR GH OD RWUD SDUWH VLQR WDPELpQ SRUTXH VH FRQWDED FRQ XQD KHUUDPLHQWD LQYDORUDEOH SDUD LQFOLQDU OD EDODQ]D D IDYRUGHOD53&HODFXHUGRFRPHUFLDO (O TXLG GH OD FXHVWLyQ HUD REWHQHU OD DSUREDFLyQ H[SOtFLWD GHO 3UHVLGHQWH WDQWR HQ OR GLSORPiWLFR FRPR HQ HO iUHD FRPHUFLDO 6LQ HVD DSUREDFLyQ HO HVWDEOHFLPLHQWR GH UHODFLRQHV FRQ OD 53& HVWDED GHVWLQDGR D FRPSOLFDUVH 3~EOLFDPHQWH HO SDtV HVSHUDED TXHODPLVLyQREWXYLHVHXQDFXHUGRFRPHUFLDOSHURHODYDQFHTXHVHKDEtDUHDOL]DGRKDFLD HO HVWDEOHFLPLHQWR GH UHODFLRQHV GLSORPiWLFDV HUD XQ WHPD PD\RU TXH UHSHUFXWtD HQ WHUUHQRVSROtWLFRVEDVWDQWHPiVFRPSOHMRV (O3UHVLGHQWHDVtFRPRHO&DQFLOOHU\DKDEtDQPDQLIHVWDGRKDFtDWLHPSRVXLQWHQFLyQGH HVWDEOHFHUUHODFLRQHVGLSORPiWLFDVFRQ&KLQDHQDOJ~QPRPHQWR+DEtDQDSUREDGRHOYLDMH LQLFLDOGHO (PE &DUORV 3pUH] GHO &DVWLOOR \ GHO 0LQ &RQ*XLOOHUPR 9DOOHV SHUR FRPR VH PHQFLRQyDQWHULRUPHQWH³«ORTXHQRVH VDEtD HUD KDVWD GyQGHVH SRGtD DYDQ]DU KDVWD GyQGHVHSRGtDOOHJDUHUDVHPLRILFLDO´ 3DUDPXFKRVDFWRUHVTXHYLYLHURQDTXHOPRPHQWRSUHFLVRQXQFDTXHGyGHOWRGRFODURFXiO HUD OD SRVWXUD GHO 3UHVLGHQWH HQ HO PRPHQWR GH HQYLDU OD PLVLyQ D %HLMLQJ ¢(VWDED 1(867$'7 5LFKDU G ³3UHVLGHQWLDO 3RZHU´ LQ $//,621 *U DKDP RS FLW SS 1HZ <RUN (QWU HYLVWDDO(PE*XLOOHU PR9DOOHVGHQRYLHPEUHGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ GHFLGLGR UHDOPHQWH D HVWDEOHFHU D FXDOTXLHU SUHFLR UHODFLRQHV GLSORPiWLFDV FRQ OD &KLQD 3RSXODURHVWDEDHQYLDQGRHVDPLVLyQSDUDHYDOXDUWDQWRODVUHDFFLRQHVSROLWLFDVLQWHUQDV FRPRHOYHUGDGHURFRPSURPLVRGHOD53&SDUDWUDQVIRUPDUVHHQXQSDUWHQDLUHGLVSXHVWRD QHXWUDOL]DU ORV FRVWRV TXH SDUD HO 8UXJXD\ VLJQLILFDUtD OD UXSWXUD FRQ 7DLZiQ" 0X\ SUREDEOHPHQWH HO 3UHVLGHQWH \ SDUWLFXODUPHQWH HO &DQFLOOHU HVWDEDQ DGYLUWLHQGR TXH GHVGH%HLMLQJFRPHQ]DEDQDOOHJDUDOJXQDVVHxDOHVGHLPSDFLHQFLD $OUHVSHFWRUHVXOWDGHFLVLYRXQGRFXPHQWRGHOD(PEDMDGDGH8UXJXD\ HQ $UJHQWLQDTXH QDUUDXQDUHXQLyQHQWUHHO(PEDMDGRUGH&KLQDHQDTXHOSDtV\QXHVWUR(PEDMDGRU%DUULRV 7DVVDQR(QPHGLRGHXQDGLVFXVLyQVREUHHOHVWDEOHFLPLHQWRGHUHODFLRQHVSROtWLFDVHQWUH DPERV SDtVHV HO (PEDMDGRU FKLQR GLFH TXH D VX JRELHUQR ³«OH UHVXOWDED HVHQFLDO WHQHU GHPRVWUDFLRQHV GH QXHVWUD VLQFHULGDG GH SURSyVLWRV GDQGR DOJ~Q SDVR FRQFUHWR SDUD HYLWDU TXH VH SXGLHUD SHQVDU TXH HVWDPRV HQ HO GREOH MXHJR GH XVDU D 7DLZiQ FRPR SDODQFDFRQ&KLQD3RSXODU\YLFHYHUVDFRQVLJXLHQGRDVtPD\RUHVYHQWDMDVGHDPERV´ 6LpVWDHUDODLGHDGHDOJ~QVHFWRUGHODDGPLQLVWUDFLyQ6DQJXLQHWWLHOJRELHUQRGH%HLMLQJ HUDSOHQDPHQWHFRQVFLHQWHGHHOOR\DGHVGHSRUORTXHHOHQYtRGHODPLVLyQDGTXLUtD XQDLPSRUWDQFLDIXQGDPHQWDO 'DGRV ORV UHVXOWDGRV GH OD PLVLyQ VH KL]R QHFHVDULR SDVDU D XQD QXHYD HWDSD GH OD HVWUDWHJLD 3DUD HOOR HQWUD HQ MXHJR RWUD SLH]D IXQGDPHQWDO HQ HO SURFHVR GH UHFRQRFLPLHQWR GH OD 53& HO (PE %DUULRV 7DVVDQR 6X LPSRUWDQFLD HQ HVWD HWDSD SURYLHQH GH GRV HOHPHQWRV IXQGDPHQWDOHV (O SULPHUR HV TXH HUD XQD SHUVRQD PX\ FHUFDQD \ HVWLPDGD SRU HO 3UHVLGHQWH OR FXDO OR WUDQVIRUPDED HQ XQ IDFWRU GH SRVLEOH LQIOXHQFLDHQODVGHFLVLRQHVSUHVLGHQFLDOHV6HJXQGRHO(PE%DUULRV7DVVDQRRFXSDEDHO SXHVWRGH(PEDMDGRUHQ$UJHQWLQDHOSDtVPiVFHUFDQRTXHFRQWDED FRQ XQD (PEDMDGD GHOD53& 3RUORWDQWRHOQXHVWURUHSUHVHQWDQWHHQ$UJHQWLQDVHFRQYLUWLyHQHORSHUDGRUIXQGDPHQWDO GH ODV LQVWDQFLDV VXEVLJXLHQWHV GHO SURFHVR GH HVWDEOHFLPLHQWR GH UHODFLRQHV FRQ 53& ,QIRUPDGR %DUULRV 7DVVDQR GH ORV UHVXOWDGRV GH OD PLVLyQ \ GH WRGR OR FRQFHUQLHQWH D OD UHODFLyQ TXH VH KDEtD HVWDEOHFLGR HQWUH HO DFXHUGR FRPHUFLDO \ HO SUR\HFWR GH UHFRQRFLPLHQWR GH OD 53& VH PDQLILHVWD FODUDPHQWH D IDYRU GH GLFKD LQLFLDWLYD \ DFHSWD WRPDUHOFRQWUROGHODVQHJRFLDFLRQHVGLSORPiWLFDVFRQORVUHSUHVHQWDQWHVFKLQRV /D WDUHD VXSRQtD XQD GREOH UHVSRQVDELOLGDG 8QD GH HOODV IXH FRQWLQXDU HO SURFHVR GH QHJRFLDFLyQFRQORVUHSUHVHQWDQWHVFKLQRVSDUDORFXDOFRQWyFRQHODSR\RGHHQWUHRWURV HOIXWXUR3UHVLGHQWH -RUJH %DWOOH /D RWUD \TXL]i OD PiV LPSRUWDQWH IXH OD GH DFRUGDU FRQ HO 3UHVLGHQWH 6DQJXLQHWWL ODV PHGLGDV SROtWLFDV LQWHUQDV SDUD FRQYHQFHU GHILQLWLYDPHQWH D ORV VHFWRUHV SROtWLFRV FODYHV GHO 3DUWLGR \ GHO SDtV GH ODV YHQWDMDV GH OOHYDUDGHODQWHHOHVWDEOHFLPLHQWRGHODVUHODFLRQHVRILFLDOHVFRQOD53&6HJ~Q*XLOOHUPR 9DOOHV TXH HVWXYR HQ %XHQRV $LUHV ³%DUULRV 7DVVDQR H[SUHVD PiV OD YLVLyQ SROtWLFD´ (O FDUiFWHUGHFLVLYRGHVXSDSHOIXH³7RWDOIXQGDPHQWDO\DEVROXWR´ /DV QHJRFLDFLRQHV GLUHFWDV FRQ ORV UHSUHVHQWDQWHV FKLQRV VH OOHYDURQ D FDER PD\RULWDULDPHQWH D WUDYpV GH ODV HPEDMDGDV HQ $UJHQWLQD GH DPERV SDtVHV 3RU (PEDMDGDGHO8U XJXD\HQ$U JHQWLQD³1RWD&RQILGHQFLDO´GHVHSWLHPEUHGH%XHQRV$LUHV ³8UXJXD\KL]RORTXHGHEtDKDFHUFRQ&KLQDVHLQVWDOyHQXQSURFHVRTXHFRPHQ]yFRQDTXHOODJHVWLyQ TXH HQ QRPEUH GHO JRELHUQR GH 8UXJXD\ KLFLPRV HO HPEDMDGRU %DUULRV 7DVVDQR \ TXLHQ KDEOD DQWH ODV DXWRULGDGHVGLSORPiWLFDVFKLQDV´(QWU HYLVWDDO'U - RU JH%DWOOHGHDJRVWRGH0RQWHYLGHR (QWU HYLVWDDO(PE*XLOOHU PR9DOOHVGHQRYLHPEUHGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 LQWHUPHGLR GH HVWDV VH FRQFUHWDURQ DOJXQDV PRGLILFDFLRQHV DO SULPHU SUR\HFWR GHO (PE 3pUH]GHO&DVWLOOR /DRWUDJUDQODERUOOHYDGDDFDERSRUHO(PE%DUULRV7DVVDQRIXHODGHFRQFHUWDUFRQHO 3UHVLGHQWHORVSDVRVSROtWLFRVQHFHVDULRVDOOHYDUDGHODQWHLQWHUQDPHQWH6XFRQGLFLyQGH ³DPLJR´FHUFDQRGH6DQJXLQHWWLIXHXQDVSHFWRFUXFLDO6HJ~QHO(PE3pUH]GHO&DVWLOOR ³3DUDJDQDUHQODLQWHUQDVHQHFHVLWyDOJXLHQTXHHVWXYLHUDPX\FHUFD\WXYLHUD PXFKDLQIOXHQFLDHQ6DQJXLQHWWL<IXH%DUULRV7DVVDQRTXHHUDtQWLPRDPLJRGH pO\GHVSXpVIXH&DQFLOOHUFXDQGR,JOHVLDVVHIXHDO%,'´ /D DSDULFLyQ GHO (PE %DUULRV 7DVVDQR HQ OD WRPD GH GHFLVLRQHV VH GHEH D VX GREOH FDSDFLGDG GH SRGHU GLDORJDU FRQ OD 53& SRU XQ ODGR \ OD GH HVWDU HQ FRQGLFLRQHV GH FRRSHUDU GLUHFWDPHQWH FRQ HO 3UHVLGHQWH eVWD GREOH FDSDFLGDG SURYLHQH WDQWR GH VX SRVLFLyQ GH (PEDMDGRU HQ %XHQRV $LUHV FRPR GH VX FDUiFWHU GH DPLJR SHUVRQDO GHO 3UHVLGHQWH6DQJXLQHWWL$VtHO(PE%DUULRV7DVVDQRVHWUDQVIRUPyHQHOJUDQSURWDJRQLVWD GH OD HWDSD ILQDO GHO SURFHVR GH UHFRQRFLPLHQWR 6X JHVWLyQ IXH H[LWRVD \ ORJUy OOHYDU ODV QHJRFLDFLRQHVKDVWDVXGHVWLQRILQDOHOUHFRQRFLPLHQWRGLSORPiWLFRGHOD53& (Q OD H[SRVLFLyQ GH ORV KHFKRV UHDOL]DGD SRU 6DQJXLQHWWL HO SURFHVR GH QHJRFLDFLyQ FRPLHQ]D HQ $UJHQWLQD FRQ %DUULRV 7DVVDQR 6X YHUVLyQ SHUVRQDO GHO SURFHVR RPLWH HO SDSHO GH OD PLVLyQ FRPHUFLDO ,QFOXVR QR UHDOL]D PHQFLyQ DOJXQD D HVH YLDMH D &KLQD DQXQFLDGR S~EOLFR \ REYLDPHQWH DXWRUL]DGR SRU HO &DQFLOOHU VLQR HV TXH SRU HO 3RGHU (MHFXWLYR GXUDQWH HO FXDO VH FRQFUHWy HO DFXHUGR FRPHUFLDO TXH DFRPSDxDUtD ODV QHJRFLDFLRQHV GLSORPiWLFDV \ TXH IXH PDQWHQLGR FDVL VLQ PRGLILFDFLRQHV KDVWD VX DSUREDFLyQHQ6HJ~QHOH[3UHVLGHQWH ³/DVQHJRFLDFLRQHVVHKLFLHURQHQ%XHQRV$LUHVDWUDYpVGHOD(PEDMDGDFKLQD DOOt TXLHQ ODV FRQGXMR IXH /XtV %DUULRV 7DVVDQR « (VWR HV LJXDO IXH DVt \R OOHJXp FRQ HVD LGHD OD KDEOp FRQ PL &DQFLOOHU TXH HUD (QULTXH ,JOHVLDV \ TXH HVWDEDGHDFXHUGR\QRVSXVLPRVDRSHUDUOHQWDPHQWHHQHVDGLUHFFLyQVLHPSUH FRQODLGHDGHTXHODGHFLVLyQGHSURQWRSRGtDVHUSRVWHUJDGDVL7DLZiQREOLJDED D KDFHU XQ SODQWHR H[WUDRUGLQDULR >«@ (VR TXHGy DVt « /D GHFLVLyQ \D OD WHQtDPRV OD FKDUODPRV FRQ ,JOHVLDV \ OD RSHUy WRGD /XtV %DUULRV pVD HV OD UHDOLGDGGHSXQWDDSXQWDTXLHQHMHFXWyWRGRIXH/XtV%DUULRV´ (ODQiOLVLVGHHVWDRPLVLyQUHVXOWDHYLGHQWHPHQWHXQDWDUHDGLItFLO6LELHQHVFLHUWRTXH OD SDUWH VXVWDQWLYD GH OD IRUPDOL]DFLyQ GHO IXWXUR UHODFLRQDPLHQWR FRQ OD 53& VH OOHYy D FDER HQ %XHQRV $LUHV ±SRU OR TXH HV IDFWLEOH LPDJLQDU TXH HO 3UHVLGHQWH 6DQJXLQHWWL UHFXHUGH IXQGDPHQWDOPHQWH HVWD VHJXQGD SDUWH GHO SURFHVR± QR HV PHQRV FLHUWR TXH UHVXOWDVLPXOWiQHDPHQWH LQYHURVtPLO TXH HO 3UHVLGHQWH \ HO &DQFLOOHU LJQRUDVHQ OD PLVLyQ TXH VH OOHYy D FDER HQ %HLMLQJ /D LQGHPRVWUDEOH SHUR SODXVLEOH KLSyWHVLV TXH SXHGH DGHODQWDUVHHVTXHHO3UHVLGHQWHRSRUWXQDPHQWHDGYHUWLGRSRUHO(PE%DUULRV7DVVDQR UHFXpUGHVH OD 1RWD &RQILGHQFLDO HQYLDGD SRU pVWH HQ VHSWLHPEUH GH GHVGH %XHQRV $LUHV GH OD IXHUWH GHPDQGD FKLQD GH ³«DOJ~Q SDVR FRQFUHWR«´ SRU SDUWH GH 8UXJXD\VROLFLWyH[WUDRILFLDOPHQWHDVX&DQFLOOHUHOHQYtRGHODPLVLyQD%HLMLQJFRQSHUILO FRPHUFLDO SHUR FRQ HO VXILFLHQWH JUDGR GH LQGHILQLFLyQ HQ FXDQWR D VXV REMHWLYRV FRPR ³ %DUULRV 7DVVDQR FRPR KDEtD HPEDMDGD GH &KLQD 3RSXODU HQ $UJHQWLQD VLJXLy QHJRFLDQGR FRQ HO HPEDMDGRU KL]R DOJXQDV PRGLILFDFLRQHV SXVR DOJR GH VRMD TXH \R QR WHQtD HQ PL SUR\HFWR LQLFLDO´ (QWU HYLVWDDO(PE&DU ORV3pU H]GHO&DVWLOORGHDJRVWRGH0RQWHYLGHR ,ELGHP ,ELGHP (QWU HYLVWDDO'U - XOLR06DQJXLQHWWLGHVHWLHPEUHGH0RQWHYLGHR 9HUQRWDDOSLH1 8QLYHUVLGDG2578UXJXD\ SDUD TXH OD QHJRFLDFLyQ FRQ %HLMLQJ IXHVH XQD QHJRFLDFLyQ ³DELHUWD´ 3RU HVD YtD HO MXJDGRU PDV LPSRUWDQWH GHO MXHJR DOOLVRQLDQR VH UHVHUYDED OD SRVLFLyQ GH ³REVHUYDGRU´ HYDOXDEDKDVWDGRQGHHUDFDSD]GHDYDQ]DU%HLMLQJVLQFRPSURPHWHUODVLWXDFLyQSROtWLFD LQWHUQD DQWH XQ OREE\ WDLZDQpV WRGDYtD DFWLYR 'HO UHVXOWDGR GH OD PLVLyQ D %HLMLQJ SUREDEOHPHQWHHO3UHVLGHQWHVDFDUtDODVFRQFOXVLRQHVSHUWLQHQWHV'HVHUpVWDVSRVLWLYDV \TXHGDUH[SHGLWDODYtDGHOHVWDEOHFLPLHQWRGHUHODFLRQHVORVFRVWRVSROtWLFRVLQWHUQRVH LQWHUQDFLRQDOHV YDOGUtDQ OD SHQD VHU SDJDGRV GH VHU FRPSOHMD R GH UHVXOWDGR LQFLHUWR OD RSHUDFLyQ VHJXUDPHQWH HO 3UHVLGHQWH \ &DQFLOOHU KXELHVHQ VHJXLGR HVSHUDQGR &RPR HIHFWLYDPHQWH HO UHVXOWDGR GH OD PLVLyQ ³VHPLRILFLDO´ VHJ~Q HO WpUPLQR HPSOHDGRSRU HO (PE9DOOHVIXHSRVLWLYRODLQWHUYHQFLyQ³RILFLDO´SDUDHO3UHVLGHQWH6DQJXLQHWWLFRPLHQ]D UHFLpQFXDQGRVXKRPEUHGHPD\RUFRQILDQ]DHO(PE/XtV%DUULRV7DVVDQRFRPLHQ]DD WUDEDMDUGHVGH%XHQRV$LUHVHQORTXHHQUHDOLGDGHVODVHJXQGDIDVHGHOSURFHVR /D FRQWLQXLGDG HQWUH DPEDV HWDSDV HV HYLGHQWH \ OD DVHJXUD HO (PE *XLOOHUPR 9DOOHV HQWRQFHV 'LUHFWRU GH $VXQWRV GH (XURSD 2ULHQWDO TXH IXH H[SUHVDPHQWH DVLJQDGR D OD (PEDMDGD HQ %XHQRV $LUHV SDUD DVLVWLU HQ HOSURFHVR GH QHJRFLDFLyQ /RTXH VH KL]R HQ DTXHOHQWRQFHVIXHWUDEDMDUVREUHHOPHPRUDQGXPGHHQWHQGLPLHQWRHQPDWHULDFRPHUFLDO ORJUDGR HQ %HLMLQJ \ HQ SDUWLFXODU HQ EDVH D ORV GLVWLQWRV DFXHUGRV TXH 8UXJXD\ HVWDED ILUPDQGR FRQ ODV QDFLHQWHV GHPRFUDFLDV GH (XURSD2ULHQWDO³&RQFUHWDPHQWH XQ DFXHUGR FRQ%XOJDULDIXHHOTXHVLUYLyFRPREDVH«SDUDHOPRGHORTXHXWLOL]DPRVFRQ&KLQD´ 3DUD ILQHV GH SUHFLVDPHQWH HQWUH RFWXEUH \ GLFLHPEUH VHJ~Q HO (PE 9DOOHV HO SURFHVRHVWDEDFRPSOHWR(VWDEDQFRPSOHWRV WRGRV ORV PHPRUDQGXPV GH HQWHQGLPLHQWR OD DXWRUL]DFLyQ GH OD 3UHVLGHQFLD HVWDED GHILQLGD \ VyOR IDOWDED ILUPDU \ IRUPDOL]DU OR QHJRFLDGR (O SDTXHWH GH DFXHUGRVWHQtD FRPR HMH XQ PHPRUDQGXP GH HQWHQGLPLHQWR HQ HO FXDO VH FLPHQWDEDQODVUHODFLRQHVGLSORPiWLFDV/DOLVWDFRPSOHWDGHDFXHUGRVFRPSUHQGtD • • • • (O&RQYHQLR&RPHUFLDOSUHYLDPHQWHFLWDGR (O &RPXQLFDGR &RQMXQWR VREUH HO HVWDEOHFLPLHQWR GH 5HODFLRQHV 'LSORPiWLFDV (O&RQYHQLRGH&RODERUDFLyQHQHOFDPSRGHOD&XOWXUD\OD(GXFDFLyQ 8Q&RQYHQLRGH&RRSHUDFLyQ(FRQyPLFD\7pFQLFD (OPHPRUDQGXPGHHQWHQGLPLHQWRFRPHUFLDOHUDHOPiVLPSRUWDQWHGHWRGRV$XQTXH³QR HUDQ REOLJDFLRQHV GH FRPSUD HUDQ VyOR FRPSURPLVRV GH EXHQD YROXQWDG SDUD WUDWDU GH DFHUFDUVH D GHWHUPLQDGRV YRO~PHQHV´ VHJ~Q +XJR &D\U~V ³(UDQ FLIUDV TXH HUDQ DVSLUDFLRQHV GH 8UXJXD\ \ &KLQD LED D KDFHU ORV Pi[LPRV HVIXHU]RV´ 8UXJXD\ YHQtD FRPHUFLDQGRFRQ&KLQDGHVGHKDFtDPiVGHFLQFRDxRV\ORVSULQFLSDOHVVHFWRUHVHUDQHO GH OD ODQD OD SHVFD \ ORV FXHURV (O GH OD VRMD TXH VH KDEtD YLVWR GDxDGR SRU OD GHVDSDULFLyQ GHO VXEVLGLR WDLZDQpV REWXYR WDPELpQ XQD SHTXHxD FXRWD QHJRFLDGD SRU &DUORV3pUH]GHO&DVWLOOR\*XLOOHUPR9DOOHVXQRVDxRVDQWHVHQ%HLMLQJ\OXHJRDPSOLDGD SRU%DUULRV7DVVDQR (QHO&RQYHQLR&RPHUFLDO&KLQDVHFRPSURPHWHDFRPSUDUXQPRQWRDQXDOGHSURGXFWRV XUXJXD\RV GH 86 FRPHQ]DQGR SRU 86 HO SULPHU DxR D SDUWLU 3ULPHU6HFUHWDULRGHOD(PEDMDGDHQ&KLQDGHVGHKDVWD (QWU HYLVWDDO6U +XJR&D\U ~VGHQRYLHPEUHGH0RQWHYLGHR (OHPSUHVDULRGHOVHFWRU)UDQFLVFR3LFNH[SOLFDGHIRUPDUHGXFLGDOD IRUPDHQTXH VHLQLFLyHVHIOXMR ³8UXJXD\HQODSHVFDIXHEDVWDQWHSLRQHURFXDQGROHYHQGtDPRVSHVFDGRD&KLQD HQ (XURSD FDVL QDGLH OH YHQGtD 8UXJXD\ LQFUHtEOHPHQWH IXH EDVWDQWH SLRQHUR HQ HVR 'HVSXpV FRQ OD DSHUWXUD HQWUDURQ WRGRV ORV HXURSHRVKR\QRH[LVWHHPSUHVDHQHOPXQGRTXHQRVHILMHHQ&KLQDSDUDYHQGHUOHSHVFDGRHQWRQFHVKD\XQD RIHUWDPXFKRPD\RU´(QWU HYLVWDDO6U )U DQFLVFR3LFNGHGLFLHPEUHGH0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 GHO HVWDEOHFLPLHQWR GH ODV UHODFLRQHV GLSORPiWLFDV (Q HIHFWR &KLQD FXPSOLy FRQ OR DFRUGDGR \ DXPHQWy VXV FRPSUDV 6LQ HPEDUJR OD FDSDFLGDG H[SRUWDGRUD QDFLRQDO VH PRVWUyHUUiWLFDHLPSUHGHFLEOH(QODVXPDWRWDOH[SRUWDGDWHQtDXQYDORUGHFHUFDGH 86 (O DxR VLJXLHQWH PXHVWUD XQ HQRUPH DXPHQWR OD FLIUD URQGD ORV 86 6LQHPEDUJRXQDxRPiVWDUGHVHUHYLUWLyHOFUHFLPLHQWR\VHYXHOYHDOQLYHO GH 86 8UXJXD\ GHPRUDUtD YDULRV DxRV HQ DOFDQ]DU ORV 86 TXH HO (VWDGR FKLQR OHJDUDQWL]DEDTXH OH FRPSUDUtD ±\ GH KHFKR UHFLpQ HQ OOHJDUtDDORV86TXHFRPSRQtDQHOFXSRDQXDOFRQYHQLGRHQ (O GH IHEUHUR GH FRPLHQ]DQ ODV UHODFLRQHV RILFLDOHV HQWUH 8UXJXD\ \ &KLQD (O SURFHGLPLHQWR IRUPDO FRQVLVWLy HQ TXH 8UXJXD\ WRPDVH QRWD GH OD SURFODPD GH OD 5HS~EOLFD 3RSXODU GH VXVREHUDQtD VREUH &KLQD 7DLZiQ UHDFFLRQD URPSLHQGR UHODFLRQHV FRQ 8UXJXD\ (O ~OWLPR LQWHUFDPELR FRQ OD LVOD IXH XQD FDUWD GHO &DQFLOOHU ,JOHVLDV ³DFXVDQGRUHFLER\ODPHQWDQGR´ORRFXUULGR &RQFOXVLRQHV $ORODUJRGHQXHVWURWUDEDMRFUHHPRVTXHVHKDQPRVWUDGRODVSULQFLSDOHVFDUDFWHUtVWLFDV GHO SURFHVR SROtWLFR GH UHFRQRFLPLHQWR GH OD 5HS~EOLFD 3RSXODU GH &KLQD SRU SDUWH GHO 8UXJXD\6HWUDWyGHOUHVXOWDGRGHXQODUJRSURFHVRGHWUDEDMRGLSORPiWLFR\SROtWLFR±HQHO TXHWDPELpQLQWHUYLQLHURQDOJXQRVHPSUHVDULRVTXHOOHYyPiVGHGRV DxRV VLQ WRPDU HQ FRQVLGHUDFLyQORVSULPHURVSDVRVUHDOL]DGRVDQWHVGH &RPRHUDGHHVSHUDUVHHOSURFHVRGHWRPDGHGHFLVLRQHVHQWRUQRDHVWHSXQWRFODYHGH GHILQLFLyQ GH QXHVWUD SROtWLFD H[WHULRU IXH XQD WUDPD FRPSOHMD GLYHUVD \ PXFKDV YHFHV FRQWUDGLFWRULD FRPR VXHOH VHU VLHPSUH HO FDVR HQ HO IXQFLRQDPLHQWR GH LQVWLWXFLRQHV DOWDPHQWH FRPSOHMDV HQIUHQWDGDV D OD JHQHUDFLyQ GH GHFLVLRQHV GH LPSRUWDQFLD 8Q JUXSRGHWRPDGRUHVGHGHFLVLRQHVHVHQFLDOPHQWHYLQFXODGRDOD&DQFLOOHUtDVHRFXSyGH KLODUXQDHVWUDWHJLDTXHOHSHUPLWLHVHDO3UHVLGHQWHGHOD5HS~EOLFDVRUWHDUORVREVWiFXORV SROtWLFRVTXHFRQVWLWXtDODIXHUWHLQIOXHQFLDGH7DLZiQ±HVHQFLDOPHQWHFRQVROLGDGDGXUDQWH HO UpJLPHQ GH IDFWR \ TXH SUHWHQGtD FRQWLQXDUVH OXHJR GH UHVWDXUDGD OD GHPRFUDFLD HQ DOJXQRV DVSHFWRV HFRQyPLFRV \ HQ VX FDSDFLGDG GH ³OREE\LQJ´ HQ HO VHQR GH OD FODVH SROtWLFDQDFLRQDOFRQFUHWDQGRDVtODGHFLVLyQGHHVWDEOHFHUUHODFLRQHVGLSORPiWLFDVFRQOD &KLQD3RSXODU 9LVWRHQSHUVSHFWLYDHOFDVRHVWXGLDGRSXHGHVHUFRQVLGHUDGRXQFDVRH[LWRVRGHPDQHMR GHXQDQHJRFLDFLyQGLSORPiWLFDGHDOWDVLJQLILFDFLyQSDUDODSROtWLFDH[WHULRUGHOSDtV1RHV SRVLEOH FRQFOXLU HO HVWXGLR GH HVWH FDVR VLQ GHMDU GH VHxDODU TXH D SHVDU GH OD YROXQWDG SROtWLFD SXHVWD HQ MXHJR \ GH OD FDSDFLGDG GH LQVWUXPHQWDUOD GH PDQHUD UHODWLYDPHQWH FRKHUHQWHHQWUH\HQODGpFDGDVLJXLHQWHHO8UXJXD\QRVXSRDSURYHFKDUWRGDV ODV SRVLELOLGDGHV GHO p[LWR GLSORPiWLFR ORJUDGR $XQTXH VH ORJUDURQ QXHYRV DFXHUGRV FRPHUFLDOHV\HOYtQFXORSROtWLFROOHJyDDGTXLULUXQDH[FHOHQWHFDOLGDGODVOLPLWDFLRQHVGH ODRIHUWDFRPHUFLDOLQWHUQDFLRQDOGHOSDtVODIDOWDGHGLQDPLVPRGHODVHPSUHVDVXUXJXD\DV KLFLHURQ TXH GXUDQWH ORV DxRV H LQFOXVR PDV WDUGH HO SDtV VH OLPLWDVH D H[SRUWDU ORV PLVPRVSURGXFWRVWUDGLFLRQDOHVHQHOFRPHUFLRFRQ&KLQDODQDFXHURV\SHVFD5HFLpQHQ ORV ~OWLPRV DxRV ODV H[SRUWDFLRQHV XUXJXD\DV SDUHFHQ HVWDU WRPDQGR FLHUWR GLQDPLVPR 'HOODGRFKLQRHQFDPELRODUHVSXHVWDIXHPXFKRPiVGLQiPLFDHQODHVWHODGHO³ERRP´ 0LQGH55((³0HPRUDQGR´ GHDJRVWRGH0RQWHYLGHR ,ELGHP (QWU HYLVWDD+XJR&D\U ~VGHQRYLHPEUHGH0RQWHYLGHR (OPRGHORSODQWHDGRSRU$OOLVRQGHVPLWLILFDODDSDUHQWHVLPSOLFLGDGHQODWRPDGHGHFLVLRQHVHQDVXQWRV GH SROtWLFD H[WHULRU GHUULEDQGR FHUWHUDPHQWH OD LGHD GHO (VWDGR FRPR XQ $FWRU 5DFLRQDO /D 3ROtWLFD *XEHUQDPHQWDO0RGHOR,,,FRPRPDUFRGHDQiOLVLV±FRQODLQFOXVLyQGHODVYDULDEOHVGHORVDFWRUHVLQWHUHVHV \HOUROGHO3UHVLGHQWHKDQUHVXOWDGRXQSXQWRGHSDUWLGDHVFODUHFHGRUSDUDUHDOL]DUHVWHHVWXGLR 8QLYHUVLGDG2578UXJXD\ H[SRUWDGRU GH HVWH SDtV KDFLD HO PXQGR ODV LPSRUWDFLRQHV GHO 8UXJXD\ GHVGH OD 53& FUHFLHURQIXHUWHPHQWH %LEOLRJUDItD $//,621 *UDKDP ³/D (VHQFLD GH OD 'HFLVLyQ $QiOLVLV ([SOLFDWLYR GH OD &ULVLV GH ORV 0LVLOHVHQ&XED´*UXSR(GLWRU/DWLQRDPHULFDQR%XHQRV$LUHV %$51(777KRPDV³7KH3HQWDJRQ¶V1HZ0DS´3XWQDP1HZ<RUN %,==2=(52/LQFROQ³7RPDGHGHFLVLRQHVHQ SROtWLFD H[WHULRU XUXJXD\D (OFDVR GH ODV GRV&KLQDV´&XDGHUQRVGH&/$(+(QHUR0RQWHYLGHR '28*+(57< -DPHV 3)$/7=*5$)) 5REHUW ³7HRUtDV HQ 3XJQD HQ ODV 5HODFLRQHV ,QWHUQDFLRQDOHV´*UXSR(GLWRU/DWLQRDPHULFDQR%XHQRV$LUHV ³(/ 2%6(59$'25´ ³&KiYH] YLDMD D &KLQD SDUD ILUPDU DFXHUGRV HQHUJpWLFRV´ 0RQWHYLGHRGHDJRVWRGH (0%$-$'$'(7$,:È1HQ8UXJXD\³1RWD´0RQWHYLGHR(QHURGH (175(9,67$DO'U-RUJH%DWOOH0RQWHYLGHRGHDJRVWRGH (175(9,67$DO'U-XOLR06DQJXLQHWWL0RQWHYLGHRGHVHWLHPEUHGH (175(9,67$ YLD HPDLO DO &U (QULTXH ,JOHVLDV 0RQWHYLGHR0DGULG GH MXQLR GH (175(9,67$ DO 6U ;X 4LQJ $JUHJDGR GH 3UHQVD GH OD (PEDMDGD GH OD 5HS~EOLFD 3RSXODUGH&KLQDHQ8UXJXD\0RQWHYLGHRGHRFWXEUHGH (175(9,67$DO6U(PE*XLOOHUPR9DOOHV0RQWHYLGHRGHQRYLHPEUHGH (175(9,67$DO6U(PEDMDGRU&DUORV3pUH]'HO&DVWLOOR0RQWHYLGHRGHDJRVWRGH (175(9,67$DO(PE$JXVWLQ(VSLQRVD0RQWHYLGHRGHPD\RGH +$//(77 &$55 (GZDUG ³7KH 7ZHQW\ <HDUV &ULVLV ´ 3HUHQQLDO 1HZ <RUN -8'( 5DXPDU ³7UDQVFULSFLyQ GH 6HVLyQ GHO 6HQDGR´ 0RQWHYLGHR GH GLFLHPEUH GH +$//(77&$55(GZDUG³7KH 7ZHQW\ <HDUV¶ &ULVLV ´ 1HZ <RUN 3HUHQQLDO .,66,1*(5+HQU\³'LSORPDF\´6LPRQ6FKXVWHU1HZ<RUN /(:,6*$'',6-RKQ³7KH&ROG:DU$1HZ+LVWRU\´3HQJXLQ%RRNV1HZ<RUN /8-È1 &DUORV ³&DPELR GH 5pJLPHQ \ 3ROtWLFD ,QWHUQDFLRQDO (O &DVR 8UXJXD\R´ 'LY &XOWXUDGHOD,QWHQGHQFLD0XQLFLSDOGH0RQWHYLGHR0RQWHYLGHR 0($56+(,0(5 -RKQ ³7KH 7UDJHG\ RI *UHDW 3RZHU 3ROLWLFV´ :: 1RUWRQ DQG &RPSDQ\1HZ<RUN 0LQLVWHULRGH55((³0HPRUDQGXP´0RQWHYLGHRGHDJRVWRGH 0LQLVWHULRGH55((³0HPRUDQGXP´0RQWHYLGHR6HWLHPEUHGH 0LQLVWHULRGH55((³0HPRUDQGXP´0RQWHYLGHRGHVHWWLHPEUHGH 0LQLVWHULRGH55((³$FWD)LQDO´0RQWHYLGHRGHQRYLHPEUHGH 0LQLVWHULRGH55((³0HPRUDQGXP´0RQWHYLGHRGHQRYLHPEUHGH 0LQLVWHULRGH55((³0HPRUDQGXP´0RQWHYLGHRGHGLFLHPEUHGH 0LQLVWHULRGH55((³0HPRUDQGXP´0RQWHYLGHRGHQRYLHPEUHGH 0LQLVWHULR GH 55(( ³$FWD GH &RQYHUVDFLRQHV´ SUR\HFWR 0RQWHYLGHR 1RYLHPEUH GH 0LQLVWHULR GH 55(( ³1RWD &RQILGHQFLDO´ GH OD (PEDMDGD GHO 8UXJXD\ HQ $UJHQWLQD %XHQRV$LUHVGHVHSWLHPEUHGH 0LQLVWHULRGH55((³0HPRUDQGXP´0RQWHYLGHR 0LQLVWHULR GH 55(( ³(QWUHYLVWD GHO 6HxRU 0LQLVWUR 0DHVR FRQ HO (PEDMDGRU GH OD 5HS~EOLFDGH&KLQD´0RQWHYLGHRGHPDU]RGH 0LQLVWHULR GH 55(( ³1RWD GHO (PEDMDGRU WDLZDQpV HQ 8UXJXD\ .RQVLQ 6KDK´ GHO GH DEULOGH´0RQWHYLGHR 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 0LQLVWHULR GH 55(( ³$PSOLDFLyQ GH ,QIRUPDFLyQ FRQ UHVSHFWR D OD 5HS~EOLFD 3RSXODU &KLQD0RQWHYLGHR 0LQLVWHULR GH 55(( ³1RWD GHO &RURQHO -XDQ 7XFFL DO 3UHVLGHQWH *UHJRULR $OYDUH]´ 0RQWHYLGHRGHPDU]RGH 0LQLVWHULRGH55((³3HUILOHVGH([SRUWDFLyQSDUD8UXJXD\´0RQWHYLGHR 0LQLVWHULRGH55((³3UR\HFWRGH&RQYHQLR´0RQWHYLGHRGHVHSWLHPEUHGH 0LQLVWHULR GH 55(( ³6XPDULR GHO 0HPRUDQGXP VREUH OD 5HS~EOLFD 3RSXODU &KLQD 6X SHUILOLQWHUQDFLRQDO\SRVLEOHHVWDEOHFLPLHQWRGHUHODFLRQHVFRQHO8UXJXD\´0RQWHYLGHR GHIHEUHURGH 0LQLVWHULR GH 55(( ³&KLQD 3RSXODU 8UXJXD\ &RQYHQLR &RPHUFLDO´ 1HZ <RUN GH IHEUHURGH 1(867$'7 5LFKDUG ³3UHVLGHQWLDO 3RZHU´ LQ $//,621 *UDKDP RS FLW :LOH\ 1HZ <RUN 7+( 1(: <25. 7,0(6 ³&KLQD 6WROH 1XFOHDU 6HFUHWV )URP /RV ÈODPRV 86 2IILFLDOV 6D\´ >RQOLQH@ >FLWDGR GLFLHPEUH @ 'LVSRQLEOH HQ ,QWHUQHW KWWSWDLZDQVHFXULW\RUJ1HZV1<7KWP 81,7(61$7,216³5HVROXFLyQGHOD$VDPEOHD*HQHUDOGH1DFLRQHV8QLGDV´GH RFWXEUHGH9HU KWWSGDFFHVVGGVXQRUJGRF5(62/87,21*(115,0*15SGI! :,1*),(/'+$<(6 5XSHUW ³6DWLVI\LQJ &KLQD¶V 'HPDQG )RU (QHUJ\´ (Q %%& >RQOLQH@>HQHUR@'LVSRQLEOHHQ,QWHUQHW KWWSQHZVYRWHEEFFRXNPSDSSVSDJHWRROVSULQWQHZVEEFFRXNKLDVLDSDFLILF VWP! 8QLYHUVLGDG2578UXJXD\ 5HYLHZLQJ GHO SDSHU ³8Q FDVR H[LWRVR GH QHJRFLDFLyQ GLSORPiW LFD HO U HFRQRFLPLHQWR GHOD5 HS~EOLFD3 RSXODU &KLQD´ 3RU0DWtDV)UDQFKLQL 1RYLHPEUHGH 8Q WUDEDMR GH ODV FDUDFWHUtVWLFDV GH ³8Q FDVR H[LWRVR GH QHJRFLDFLyQ GLSORPiWLFD HO UHFRQRFLPLHQWRGHOD5HS~EOLFD3RSXODU&KLQD´QRHVFRP~QHQFRQWUDU1RVyORSRUWUDWDUVH GH XQ PX\ ELHQ IXQGDPHQWDGR HVWXGLR GH FDVR VREUH XQ SURFHVR GH QHJRFLDFLyQ LQWHUQDFLRQDOFRPSOHMRVLQRSRUHOiQJXORGHVGHGRQGHVHORDERUGD/DUHIHUHQFLDDOPRGHOR GH SROtWLFD JXEHUQDPHQWDO GH *UDKDP $OOLVRQ SDUD H[SOLFDU OD GHFLVLyQ ILQDO WUDV GLFKR SURFHVR R PiV ELHQ OD UHVXOWDQWH SDUD XWLOL]DU OD WHUPLQRORJtD GH OD VHPLQDO REUD GHO JRELHUQRGH6DQJXLQHWWLKDVLGRXQDFLHUWRVLQGXGDV(VFDSDQGRDVtDODWHQWDFLyQHQODTXH EXHQQ~PHURGHDQDOLVWDVFDHQD~QKR\GHPLUDUODDFFLyQJXEHUQDPHQWDODSHQDVGHVGHHO SODQRGHODFWRUUDFLRQDOFRPRSURGXFWRGHODDFFLyQGHXQDFWRULQGLYLGXDOTXHFRQRFLHQGR FODUDPHQWH VXV REMHWLYRV DOWHUQDWLYDV \ FRQVHFXHQFLDV WRPD HO FDPLQR TXH PD[LPL]D VXV EHQHILFLRV /RVDXWRUHVORJUDQVREUDGDPHQWHDWUDYpVGHSURIXVDGRFXPHQWDFLyQ\HQWUHYLVWDVFRPRHO PLVPR $OOLVRQ VXJLULHUD HQ VX REUD VRVWHQHU OD DILUPDFLyQ SRU HOORV SODQWHDGD GH TXH HO UHFRQRFLPLHQWR GH OD 5HS~EOLFD 3RSXODU &KLQD 53& HQ SRU SDUWH GHO JRELHUQR GH 6DQJXLQHWWLQRVHEDVyHQHOFRQRFLPLHQWR\FRQVHFXFLyQLQHTXtYRFRGHOLQWHUpVQDFLRQDOGHO 8UXJXD\ HQ HO GLOHPD 5HS~EOLFD 3RSXODU &KLQD7DLZiQ WHVLV %L]]R]HUR VLQR HQ HO UHVXOWDGRGHXQMXHJRGHSRGHUGHOMXHJRSROtWLFROOHYDGRDGHODQWHSRUORVGLYHUVRVDFWRUHV LQYROXFUDGRV HQ HO SURFHVR ,GHQWLILFDQGR HQ HO FDPLQR D ORV MXJDGRUHV FHQWUDOHV HQ OD PD\RUtD GH ORV FDVRV HQWUHYLVWDGRV \ D DOJXQRV GH ORV VHFXQGDULRV FRPR PLHPEURV GHO &RQJUHVRHOOREE\WDLZDQpV\ODSUHVLyQFKLQD5HIRU]DQGRFRQWRGRHVWRODLGHDGHFtUFXORV FRQFpQWULFRV HQ OD UHVXOWDQWH SROtWLFD D OD TXH WDPELpQ KDFH UHIHUHQFLD $OOLVRQ HQ VX REUD ³/DHVHQFLDGHODGHFLVLyQ´WRPDGDDTXtFRPRUHIHUHQFLD $ORODUJRGHOWUDEDMRVHYHHQSULPHUOXJDUFyPRORVREMHWLYRVHLQWHUHVHVGH8UXJXD\HQOD FXHVWLyQQRVRQFODURVQLXQtYRFRVSDUDODVDXWRULGDGHVUHVSRQVDEOHVGHODDFFLyQ/XHJRVH YH FyPR OD GHFLVLyQ HPDQD SULQFLSDOPHQWH GH ORV PRYLPLHQWRV GH WUHV DVHVRUHV IXQGDPHQWDOHV DOUHGHGRU GHO MHIH 6DQJXLQHWWL ³EODQFR GH ODV WiFWLFDV GHVSOHJDGDV SRU XQ JUXSR EXURFUiWLFR´ VH VXJLHUH HO &DQFLOOHU (QULTXH ,JOHVLDV FX\D SRVLFLyQ FDSDFLGDG H LQIOXHQFLD VREUH HO 3UHVLGHQWH OR KDFtDQ UHOHYDQWH HQ HO MXHJR HO HPEDMDGRU 3pUH] GHO &DVWLOOR GH URO HVHQFLDO HQ ODV SULPHUDV HWDSDV GH OD QHJRFLDFLyQ \ HO HPEDMDGRU HQ $UJHQWLQD%DUULRV7DVVDQRMXJDGRUFODYHSRUVXDPLVWDGFRQHO3UHVLGHQWH\SRUVXFHUFDQtD FRQODGHOHJDFLyQFKLQD6RQHVWRVWUHVLQGLYLGXRV\VXDOLDQ]DORVTXHWHUPLQDQLQFOLQDQGR HOMXHJRHQHOVHQWLGRGHOUHFRQRFLPLHQWR +D\HQHVWHVHQWLGRXQSODQWHRLQWHUHVDQWHTXHVRVWLHQHODySWLFDGHODDFFLyQJXEHUQDPHQWDO \HVODH[SOLFDFLyQGHVGHHVWHPRGHORGHXQHSLVRGLRTXHLPSOLFyTXHPLHPEURVVHFXQGDULRV GHO HTXLSR JXEHUQDPHQWDO WRPDUDQ HQ PHGLR GH XQD QHJRFLDFLyQ FRPHUFLDO XQ FXUVR GH DFFLyQ TXH ORV DFHUFDED D ODV UHODFLRQHV GLSORPiWLFDV FRQ OD 53& VLQ HO FRQVHQWLPLHQWR H[SOtFLWRGHORVPD\RUHVUHVSRQVDEOHVGHODSROtWLFDH[WHULRUHO3UHVLGHQWH\HO&DQFLOOHUORV MHIHV $VLPLVPRHQRWURVWUDPRVGHOWUDEDMRVHYHQIXQFLRQDQGRRWURVVXSXHVWRVGH$OOLVRQSDUDHO PRGHOR ,,, DTXt XWLOL]DGR /DV GLIHUHQFLDV HQWUH OD SRVWXUD ³SROtWLFD´ GH 6DQJXLQHWWL H 8QLYHUVLGDG2578UXJXD\ 'RFXPHQWRGH7UDEDMR,6611%RQLOOD6DXV-'D5RQFK'&DVWUR*%UXP3 ³LQWHUQDFLRQDOLVWD´ GH ,JOHVLDV UHPHPRUDQ ODV GLIHUHQFLDV GH HQIRTXH HQWUH MXJDGRUHV \ DQDOLVWDVSODQWHDGDSRU$OOLVRQ/DSRVWXUDGHORVMXJDGRUHVSURYHQLHQWHVGHOD&DQFLOOHUtDD IDYRUGHODVUHODFLRQHVFRQ53&HQYLUWXGGHVXUHIHUHQFLDRUJDQL]DFLRQDO\ODRSFLyQKHFKD SRU 6DQJXLQHWWL GH GHMDU RSFLRQHV DELHUWDV HQ UHODFLyQ D 53& \ 7DLZiQ FLPHQWDGD HQ VXV YHQWDMDVGHSRVLFLyQSUHVLGHQFLDOWDPELpQVRVWLHQHQODRSFLyQSRUHOPRGHORHPSOHDGR 3RU OR GHPiV KD\ XQD PX\ EXHQD FRQWH[WXDOL]DFLyQ GHO SURFHVR TXH WHUPLQy FRQ HO HVWDEOHFLPLHQWRGHUHODFLRQHVFRQ53&GHVFULELHQGRSRUXQODGREUHYHSHURFODUDPHQWHHO HVFHQDULRLQWHUQDFLRQDOTXHHQPDUFDHOFDVR\PRVWUDQGRSRUHORWURHOHVFHQDULRQDFLRQDO SDUWLFXODUPHQWHELHQGRFXPHQWDGRTXHDQWHFHGLyDODQHJRFLDFLyQUHVDOWDQGRHOKHFKRGH TXH8UXJXD\KD\DVLGRXQRGHORV~OWLPRVSDtVHVHQ$PpULFDODWLQDHQUHFRQRFHUDOJLJDQWH DVLiWLFR(QHVWHVHQWLGRTXL]iVHOWUDEDMRSXHGDEULQGDUDOJ~QLQVWUXPHQWRSDUDHQWHQGHUOD VLWXDFLyQ GH RWURV SDtVHV GH OD UHJLyQ HQWUH HOORV QXHVWUR FHUFDQR 3DUDJXD\ TXH D~Q KR\ PDQWLHQHQUHODFLRQHVFRQ7DLZiQ (QFXDQWRDODID]PHWRGRORJtDDOJRVHKDVXJHULGRVLQHPEDUJRYDOHODSHQDSUHFLVDUORSRU VX UHOHYDQFLD <D $OOLVRQ KDEtD OODPDGR OD DWHQFLyQ VREUH OD GLILFXOWDG GH OLGLDU FRQ OD HYLGHQFLD HQ HVWH WLSR GH HVWXGLRV DO EDVDUVH HQ FRQGXFWDV LQGLYLGXDOHV HO PRGHOR ,,, QHFHVLWDJUDQGHVQLYHOHVGHLQIRUPDFLyQHQVXPD\RUtDGHIXHQWHGLUHFWD(QHVWHVHQWLGRHO WUDEDMRWDPELpQFXPSOH FRQ ORV SUHFHSWRV GHO DXWRU EDVDQGR VXV FRQFOXVLRQHV HQ XQ EXHQ Q~PHURGHGRFXPHQWRVSHURVREUHWRGRHQXQDLPSRUWDQWHFDQWLGDGGHHQWUHYLVWDVFRQORV ³MXJDGRUHV´SULQFLSDOHVGHOSURFHVRGHQHJRFLDFLyQHQWUHHOORVORV PiVDOWRV IXQFLRQDULRV GHOD&DQFLOOHUtDLQYROXFUDGRV\HOSURSLR³MHIH´6DQJXLQHWWL 8Q FRPHQWDULR ILQDO KDEOD GHO PRGHVWR DSURYHFKDPLHQWR TXH KD KHFKR 8UXJXD\ GH ODV UHODFLRQHV FRQ&KLQDHQFRQWUDVWHFRQODVH[SHFWDWLYDV \DFXHUGRVLQLFLDOHV\ VLELHQ HVWH HVFDSD D OD HVHQFLD GHO WUDEDMR YDOH OD SHQD UHVDOWDUOR FRPR SUHRFXSDFLyQ GHVDItR \ RSRUWXQLGDGQRVyORSDUD8UXJXD\VLQRSDUDODJHQHUDOLGDGGH$PpULFD/DWLQD 0DW tDV )U DQ FKLQL HV /LFHQFLDGR HQ &LHQFLDV 3ROtWLFDV FRQ HVSHFLDOL]DFLyQ HQ 5HODFLRQHV ,QWHUQDFLRQDOHV8QLYHUVLGDG&DWyOLFD$UJHQWLQDH,QYHVWLJDGRU$VRFLDGRGHO&HQWURSDUDOD $SHUWXUD\HO'HVDUUROORGH$PpULFD/DWLQD&$'$/ 8QLYHUVLGDG2578UXJXD\