%,2',*(6725$1$(5Ï%,&23$5$(/75$7$0,(172 '(5(6,'8266Ï/,'2625*È1,&26 (13(48(f$6&2081,'$'(6 ('8$5'26*5233(//,-8/,2908(6$7,± %($75,=*3$03,1(//$25/$1'22*,$03$2/, )$&8/7$''(,1*(1,(5Ë$48Ë0,&$81/ 6*2'(/(67(526$17$)($5*(17,1$ 7(/ (0$,/JURS#DULQWHUQHW &855,&8/80$%5(9,$'2'(/26$8725(6 (GXDUGR6*5233(//, ,QJHQLHUR 4XtPLFR HJUHVDGR HQ GH OD 81/ 'HVGH FRPLHQ]D VX HVSHFLDOL]DFLyQ VREUH )XHQWHV 5HQRYDEOHVGH(QHUJtDFRPRSDVDQWHHQ,37,QVWLWXWRGH3HVTXLVDV7HFQROyJLFDVHQ636DQ3DEOR±%UDVLO %HFDGR HQ SRU HO *RELHUQR ,WDOLDQR SDUD UHDOL]DU HO ³&XUVR 6XSHULRU GH )XHQWHV 1R &RQYHQFLRQDOHV GH (QHUJtD´ GXUDQWH VHLV PHVHV HQ 6RJHVWD *UXSR (1, 8UELQR,WDOLD %HFDGR HQ SRU HO &HQWUR $UJHQWLQR %UDVLOHURGH%LRWHFQRORJtDSDUDUHDOL]DUHO³&XUVRGH7UDWDPLHQWR%LROyJLFRGH5HVLGXRV2UJiQLFRV/tTXLGRVHQ ,37 'LUHFWRU GHO 3UR\HFWR &$,' GH OD 81/ 3URJUDPDFLyQ 1 ³'HVDUUROOR GH 6LVWHPDV GH 3URGXFFLyQ \ $SURYHFKDPLHQWR GH 5HVLGXRV $JURSHFXDULRV \ %DVXUD 2UJiQLFD 'RPLFLOLDULD SRU 'LJHVWLyQ $QDHUyELFDFRQ3URGXFFLyQGH%LRJiV\$ERQR2UJiQLFR$VLVWLyD³7DOOHUHV\6HPLQDULRV/DWLQRDPHULFDQRVGH 'LJHVWLyQ $QDHUyELFD´ HQ 0RQWHYLGHR8UXJXD\ FRQ SUHVHQWDFLyQ GH WUDEDMRV HQ HQ 9LxD GHO 0DU &KLOH\HQ5HFLIH%UDVLO(QWUHGLULJLyHOSUR\HFWRGHODSODQWDGHWUDWDPLHQWRGHUHVLGXRVVyOLGRV XUEDQRV 568 LQFRUSRUDQGR XQ %LRGLJHVWRU $QDHUyELFR SDUD *GRU &UHVSR 3URY 6DQWD )H SULPHUD H[SHULHQFLDHQVXWLSRHQHO3DtVILQDQFLDGDFRQXQFUpGLWRGHO%DQFR0XQGLDO(QDVLVWLyDO³,,6\PSRVLXP RQ$QDHURELF'LJHVWLRQRI6ROLG:DVWH´RUJDQL]DGRSRUOD,$:48QLYHUVLWDWGH%DUFHORQD(VSDxDSUHVHQWDQGR FRPXQLFDFLyQWpFQLFRFLHQWtILFDVREUHODPHQFLRQDGDSODQWD&RPSOHPHQWDVXDFWLYLGDGODSUHVHQWDFLyQGHXQD YHLQWHQD GH WUDEDMRV WpFQLFRV HQ GLYHUVRV &RQJUHVRV 1DFLRQDOHV H ,QWHUQDFLRQDOHV 5HVSRQVDEOH GH ³ÈUHD GH %LRJiV´HQHO*UXSRGH(QHUJtD1R&RQYHQFLRQDOGHOD),4 -XOLR908(6$7, 3UHVLGHQWH 5RWDU\ &OXE 6DQWD )H /RV &RQVWLWX\HQWHV 3HUtRGR 6HFUHWDULR GH OD *REHUQDFLyQ GHO 'LVWULWR 3HUtRGR \ 'LUHFWRU GH 6HUYLFLR HQ OD &RPXQLGDG GH 'LVWULWR 3HUtRGRV ± 'LVHUWDQWH HQ ODV &RQIHUHQFLDV GHO 'LVWULWR HQ ORV DxRV 'LVHUWDQWH ,QYLWDGR HQ 5RWDU\ &OXE $OLFDQWH (VSDxD \ 5RWDU\ &OXE /DNH +DYDVX 86$ 'LVHUWDQWH GH OD &RQIHUHQFLDGHO'LVWULWRHQ&DOGDV1RYDV%UDVLO*REHUQDGRUGH'LVWULWR3HUtRGR,QVWUXFWRUGH $VLVWHQWHV GH *REHUQDGRU ,QVWLWXWR 5RWDULR GH 0HQGR]D 0LHPEUR &RRUGLQDGRU ,QWHUQDFLRQDO GHO 3URJUDPD ,QLFLDWLYD0XQGLDO3HUtRGR&RRUGLQDGRUGHO3URJUDPD3ROLR3OXVSDUD$UJHQWLQD8UXJXD\\3DUDJXD\ %HDWUL]*3$03,1(//$ $UTXLWHFWDHJUHVDGDHQGHOD81/'HVGHFRODERUDHQWDUHDVGHGLVHxRSDUDHOSUR\HFWRGHOD³3ODQWD ,QWHJUDO SDUD HO 7UDWDPLHQWR GH 5HVLGXRV 6yOLGRV 8UEDQRV 568 GH *GRU &UHVSR 3URY 6DQWD )H´ (VSHFLDOL]DGDHQGLVHxRDVLVWLGRSRUFRPSXWDGRUDHQWUHVGLPHQVLRQHVUHDOL]DWRGRVORVSODQRVGHGHWDOOHSDUD OD FRQVWUXFFLyQ GH ODPHQFLRQDGD SODQWD &RODERUD HQOD SUHSDUDFLyQ GH ORV GLVWLQWRV WUDEDMRV SUHVHQWDGRV HQ FRQJUHVRVQDFLRQDOHVHLQWHUQDFLRQDOHVUHDOL]DGRVSRUHO*UXSRGH(QHUJtD1R&RQYHQFLRQDOGHOD),4±81/ 2UODQGR2*,$03$2/, ,QJHQLHUR4XtPLFRHJUHVDGRHQGHOD81/'HVGHVHLQFRUSRUDDO*UXSRGH(QHUJtD1R&RQYHQFLRQDO GHOD),4HQHOGLVHxR\FRQVWUXFFLyQGHELRGLJHVWRUHVSDUDHOiPELWRUXUDO3DUWLFLSDFRPRLQWHJUDQWHGHOJUXSR HQPiVGHTXLQFH SUR\HFWRVGHLQVWDODFLyQGHELRGLJHVWRUHV³GLGiFWLFRGHPRVWUDWLYRV´PHGLDQWHXQFRQYHQLRTXH VH UHDOL]D HQWUH OD ),4 \ HO 5RWDU\ &OXE 6DQWD )H ³/RV &RQVWLWX\HQWHV´ GHO 'LVWULWR &RODERUD GHO GHVDUUROORGHWRGRVORVWUDEDMRVGHLQYHVWLJDFLyQGXUDQWHHOSUR\HFWR&$,'TXHSRVLELOLWDUDHOGHVDUUROOR GH ELRGLJHVWRUHV D HVFDOD XUEDQD SDUD 568 \ VXV FRUUHVSRQGLHQWHV FRPXQLFDFLRQHV WpFQLFRFLHQWtILFDV HQ ORV GLYHUVRV HYHQWRV \D PHQFLRQDGRV $VLVWH D ORV ³6HPLQDULRV /DWLQRDPHULFDQRV GH 'LJHVWLyQ $QDHUyELFD´ GH 8UXJXD\\&KLOH 3$/$%5$6&/$9(6 'LJHVWLyQ$QDHUyELFD5HVLGXRV6yOLGRV%LRJiV 5(680(1 &RQHOSURSyVLWRGHORJUDUH[SHULHQFLDVGHPRVWUDWLYDVDHVFDODUHDOSDUDHOWUDWDPLHQWRGHODIUDFFLyQ RUJiQLFD GH ORV UHVLGXRV VyOLGRV GRPLFLOLDULRV 568 FRQ ³WHFQRORJtD DSURSLDGD´ SDUD SHTXHxDV FRPXQLGDGHV GH KDVWD KDELWDQWHV IXH SRVLEOH FRQFUHWDU OD FRQVWUXFFLyQ GH XQ ELRGLJHVWRU DQDHUyELFR HQ OD &RPXQD GH (PLOLD 3URYLQFLD GH 6DQWD )H PHGLDQWH HO DSRUWH GH ORV DVSHFWRV WHFQROyJLFRVSRUSDUWHGHO*UXSRGH(QHUJtD1R&RQYHQFLRQDOGHOD),4\ODFRODERUDFLyQKXPDQD\ ILQDQFLHUDGHO5RWDU\&OXEDWUDYpVGHVXVGLVWLQWDVRUJDQL]DFLRQHV/DLQVWDODFLyQVHXELFDGHQWURGHO SUHGLR TXH RFXSD OD (VFXHOD $JURWpFQLFD 3DUWLFXODU ,QFRUSRUDGD 1 ³0RQVHxRU =D]SH´ GRQGH UHVLGHQ VHPDQDOPHQWH DOXPQRV MXQWR D VXV GRFHQWHV GXUDQWH WRGDV ODV DFWLYLGDGHV GLDULDV (O HTXLSRSUR\HFWDGRSHUPLWHWUDWDUWRGRVORVUHVLGXRVRUJiQLFRVGH ODHVFXHOD\HOFDVFRXUEDQRGHOD ORFDOLGDG FRQ XQD SREODFLyQ HVWDEOH GH KDELWDQWHV (O ELRJiV SURGXFLGR VH XWLOL]D FRPR FRPEXVWLEOH DOWHUQDWLYR SDUD GLVWLQWRV ILQHV GHQWUR GH OD PLVPD HVFXHOD \ HO UHVLGXR RUJiQLFR HVWDELOL]DGRFRPRPHMRUDGRUGHVXHORVHQODFKDFUDTXHHOHVWDEOHFLPLHQWRHGXFDWLYRWDPELpQSRVHH ,1752'8&&,Ï1 (QWDQWRH[LVWDYLGDKXPDQDHQHOSODQHWDVLHPSUHVHYDQDH[LVWLUUHVLGXRVSRUTXHVRQHOUHVXOWDGR GH³QXHVWUDVQHFHVLGDGHVGHSURGXFLU\FRQVXPLUDOLPHQWRV´ 6HSURGXFHQHQODVH[SORWDFLRQHVWDPEHUDVFRPRFRQVHFXHQFLDGHORVRUGHxRV(QORVFULDGHURVGH DYHV WDQWR SDUULOOHUDV FRPR HQ WLQJODGRV GH JDOOLQDV SRQHGRUDV WDPELpQ HQ HVWDEOHFLPLHQWRV GH FUtD \HQJRUGHGHFHUGRV 3RVWHULRUPHQWHHQ ORVFHQWURVGH FRQFHQWUDFLyQ \ GLVWULEXFLyQ GH IUXWDV \ KRUWDOL]DV GRQGH VLHPSUH DOJXQD IUDFFLyQ VH GHWHULRUD \ GHEH VHU GHVFDUWDGD )LQDOPHQWH HQ FDGD YLYLHQGD GH WRGR SXHEOR R FLXGDG SRU OD QHFHVLGDG GH FRFLQDU GLDULDPHQWH VH DFXPXODQ GHVHFKRV RUJiQLFRVTXHGHEHUtDQVHUDGHFXDGDPHQWHUHWLUDGRV\WUDWDGRVSDUDQRSURGXFLUFRQWDPLQDFLyQ 8Q SRUFHQWDMH LPSRUWDQWH VREUH HO WRWDO GH ORV UHVLGXRV HV ³RUJiQLFR´ OR TXH WDPELpQ LPSOLFD TXH VRQ ³ELRGHJUDGDEOHV´ \ OD QDWXUDOH]D WLHQH VXV SURSLDV VROXFLRQHV SDUD HVWR )UHFXHQWHPHQWH HO PDO PDQHMR DPELHQWDO GH HVWRV UHVLGXRV SURGXFH SRU IHUPHQWDFLyQ GH OD PDWHULD RUJiQLFD VX ³DXWR FRPEXVWLyQ´FRQODFRQVLJXLHQWHLQFLQHUDFLyQDEDMDWHPSHUDWXUDGHRWURVUHVLGXRVFRPRSRUHMHPSOR ORV SOiVWLFRV TXH SURGXFHQ GLR[LQDV \ IXUDQRV FRPSXHVWRV GH QDWXUDOH]D FDQFHUtJHQD TXH QR VH GHVFRPSRQHQIiFLOPHQWHHQHODPELHQWHFRPRWDPELpQODJHQHUDFLyQGHQXEHVGHKXPRGHQVRTXH KDQSURGXFLGRHQUHSHWLGDVRFDVLRQHVDFFLGHQWHVDXWRPRYLOtVWLFRVGHPDJQLWXGFRQHOVDOGRQHJDWLYR GHSpUGLGDVGHYLGDVKXPDQDV\GDxRVLPSRUWDQWHVHQORVYHKtFXORV/DFXHVWLyQHVTXHORVUHVLGXRV QRVHDFXPXOHQVHGHEHKDFHUORVFLUFXODUUHFROHFWDUORVDGHFXDGDPHQWH\SURFXUDUORVPHGLRVSDUD TXHODQDWXUDOH]DSXHGDDFWXDUVREUHHOORV 0DQLILHVWDQ ORV FLHQWtILFRV TXH OD YLGD HQ OD 7LHUUD FRPLHQ]D FRQ GHVDUUROOR GH ORV SULPHURV PLFURRUJDQLVPRV DSUR[LPDGDPHQWH KDFH XQRV PLOORQHV GH DxR FXDQGR WRGDYtD QR H[LVWtD R[tJHQR HQ OD DWPyVIHUD /D YLGD DSDUHFH D QLYHO GH EDFWHULDV GHQRPLQDGDV ³DQDHUyELFDV´ TXH WLHQHQODFDSDFLGDGGHFRQVXPLUPDWHULDRUJiQLFDSDUDVREUHYLYLUHQDXVHQFLDWRWDOGHR[tJHQRHVWR GHELGR D TXH KDQ GHVDUUROODGR XQ PHFDQLVPR GH UHVSLUDFLyQ SRU HO FXDO SURGXFHQ XQD PH]FOD GHQRPLQDGDELRJiVFRQEXHQDSURSRUFLyQGHPHWDQRFRQRFLGRFRP~QPHQWHFRPR³JDVQDWXUDO´\ DQKtGULGR FDUEyQLFR \ TXH HV FRPEXVWLEOH /D QDWXUDOH]D WLHQH HVWH LQPHQVR HMpUFLWR GH ³GHVFRPSRQHGRUHV´ LQWHJUDGR SRUPLOORQHV \PLOORQHV GH LQGLYLGXRV TXH VH DOLPHQWD FRQ OD PDWHULD RUJiQLFDUHVLGXDO(VWDIORUDDQDHUyELFDWRGDYtDH[LVWHHQODDFWXDOLGDGSRUHMHPSORHQHOIRQGR GH ORV SDQWDQRV HQ ORV LQWHVWLQRV GH ORV PDPtIHURV HWF SXHGH VHU XWLOL]DGD SDUD HO WUDWDPLHQWR GH QXHVWURVUHVLGXRV\DVtFRQWULEXLUDOVDQHDPLHQWRGHODPELHQWH6LVHIDFLOLWDXQOXJDUDGHFXDGRTXH SXHGHVHUXQWDQTXHFHUUDGRHOFXDOVHOODPD³%LRGLJHVWRU´\VHDOLPHQWDPDWHULDRUJiQLFDUHVLGXDO HVWDVEDFWHULDVYDQD FRQVXPLU³QXHVWUDVEDVXUDV´FRQHOEHQHILFLRGHREWHQHUHQHUJtDDWUDYpVGHO ELRJiVFRPEXVWLEOH\XQUHVLGXRHVWDELOL]DGRFRQFDUDFWHUtVWLFDVVLPLODUHVDO³KXPXV´/DQDWXUDOH]D DSRUWDORVX\ROHFRUUHVSRQGHDFDGDFRPXQLGDGFRQVXEXHQDSUHGLVSRVLFLyQHOWUDWDPLHQWRGHORV UHVLGXRV \ ORJUDU VX DGHFXDGR ³UHFLFODMH´ 6H ORJUD WDPELpQ XQD YDORUL]DFLyQ GH ORV PLVPRV DO WUDQVIRUPDUORVHQSURGXFWRVGHVXPDXWLOLGDGFRPRHVODSURGXFFLyQGHXQFRPEXVWLEOHUHQRYDEOH '(7$//(6'(/352<(&72 5HFROHFFLyQ'LIHUHQFLDGDGHORV5HVLGXRV 3DUD ORJUDU ODV PHMRUHV FRQGLFLRQHV TXH SHUPLWDQ UHDOL]DU HO UHFLFODMH GH OD IUDFFLyQ RUJiQLFD FRQWHQLGD HQ ORV UHVLGXRV GH SHTXHxDV FRPXQLGDGHV VH LPSRQH FRPR PX\ FRQYLHQH LPSOHPHQWDU XQD FDPSDxD GH VHSDUDFLyQ HQ RULJHQ GHVGH OD SXHVWD HQ IXQFLRQDPLHQWR GHO ELRGLJHVWRU DQDHUyELFR(VWDDOWHUQDWLYDSHUPLWLUiWHQHUHQ EROVDVVHSDUDGDVSRUXQODGRODPDWHULDRUJiQLFD K~PHGD TXH UiSLGDPHQWH IHUPHQWD \ SRU RWUR WRGRV ORV HOHPHQWRV IDFWLEOHV GH UHFLFODU SDSHO FDUWyQYLGULRSOiVWLFRVDOXPLQLRODWDVWUDSRVHWF ([SHULHQFLDV'HVDUUROODGDVD(VFDOD/DERUDWRULR (O GHVDUUROOR GH ODV FRQGLFLRQHV RSHUDWLYDV SDUD ORJUDU OD HVWDELOL]DFLyQ GH GLVWLQWDV PXHVWUDV GH UHVLGXRV RUJiQLFRV SRU GLJHVWLyQ DQDHUyELFD IXH SRVLEOH VREUH OD EDVH GHO GHVDUUROOR GHO 3UR\HFWR &$,' 1 3URJUDPDFLyQ ([SWH 1R TXH OD 8QLYHUVLGDG 1DFLRQDO GHO /LWRUDO DSUREDUD \ ILQDQFLDUD SDUD VHU OOHYDGR D FDER HQ HO /DERUDWRULR GHO *UXSR GH (QHUJtD 1R &RQYHQFLRQDO GHQRPLQDGR ³'HVDUUROOR GH 6LVWHPDV GH 3URGXFFLyQ \ $SURYHFKDPLHQWR GH%LRJiVDSDUWLUGH %DVXUD2UJiQLFD'RPLFLOLDULDSRU'LJHVWLyQ$QDHUyELFDFRQ8VR5DFLRQDO GH (QHUJtD\2EWHQFLyQGH)HUWLOL]DQWH2UJiQLFR 6H KDQ UHDOL]DGR YDULDV H[SHULHQFLDV D HVFDOD ODERUDWRULR HQ XQ ELRGLJHVWRU SDUD IXQFLRQDPLHQWR FRQWLQXR D XQD WHPSHUDWXUD GH & YDORU ySWLPR SDUD OD IORUD DQDHUyELFD PHVRItOLFD SHUPLWLHURQ REWHQHUUHVXOWDGRVGHFRQYHUVLyQGHPDWHULDRUJiQLFDHQELRJiVDGLVWLQWDVYHORFLGDGHVGHFDUJDTXH SRVLELOLWDURQXQIXQFLRQDPLHQWRHVWDEOHORVUHVXOWDGRVREWHQLGRVVHSUHVHQWDQHQOD7DEOD1 7DEOD13URGXFFLyQGH%LRJiVFRQ([SHULHQFLDVD (VFDOD/DERUDWRULR 6yOLGRV 6HFRV 6967 9HORFLGDGGH&DUJD 3URGXFFLyQGH%LRJiV .J69PG'tD /W137.J6yOLGR)UHVFR &RQYHUVLyQGH %LRJiV /W371.J69 /RVYDORUHVFRQSRUFHQWDMHGHVyOLGRVVHFRVPHQRUHVFRUUHVSRQGHQDIUDFFLRQHVRUJiQLFDVGHEDVXUD GRPLFLOLDULD GRQGH SUHGRPLQDQ IXQGDPHQWDOPHQWH ORV YHJHWDOHV (Q WDQWR TXH ORV YDORUHV PD\RUHV SRU OR FRQWUDULR FDVL QR FRQWLHQHQ UHVWRV GH YHJHWDOHV GDGR TXH SRVHHQ XQ HOHYDGR SRUFHQWDMH GH VyOLGRVVHFRVFRPRVHUSDQILGHRVFDUQHVHWF *HQHUDFLyQGH5HVLGXR(VWDELOL]DGR 6H GHEH WHQHU HQ FXHQWD HO SRUFHQWDMH LPSRUWDQWH GH DJXD FRQWHQLGR HQ ORV UHVLGXRV RUJiQLFRV GRPLFLOLDULRVVHSDUDGRVHQRULJHQSRUOR TXHODGLJHVWLyQ DQDHUyELFDHV XQD EXHQD DOWHUQDWLYD SDUD OOHYDU D FDER OD HVWDELOL]DFLyQ GH HVWRV UHVLGXRV (Q FRQVHFXHQFLD XQD EDMD FDQWLGDG GH UHVLGXRV HVWDELOL]DGR VHUi REWHQLGD GHO RUGHQ GH ORV .J GH VyOLGRV VHFRV SRU FDGD WRQHODGD PDWHULD RUJiQLFDIUHVFDTXHLQJUHVDDOELRGLJHVWRU %DODQFHGH0DWHULDV3ULPDV\3URGXFFLyQGH%LRJiVSDUDOD&RPXQDGH(PLOLD /XHJRGHUHDOL]DUXQDYDORUDFLyQGHORVUHVLGXRVGLVSRQLEOHVHQODHVFXHOD\HQHOFDVFRXUEDQRGHOD FRPXQD VH REWXYR HO VLJXLHQWH EDODQFH SRU OR TXH OD SURGXFFLyQ GH ELRJiV IDFWLEOH GH REWHQHU VH SUHVHQWDDFRQWLQXDFLyQ 7DEOD1&XDQWLILFDFLyQGH5HVLGXRV\&RQYHUVLyQHQ%LRJiV 7,32'(5(6,'82 (VWLpUFRO$YLDU 3RQHGRUDV(VFXHOD .J)5(6&26 SRU'tD .JGH6Ï/,'26 6(&26 SRU'tD .JGH6Ï/,'26 92/È7,/(6 SRU'tD 352'8&&,Ï1 ',$5,$GH%,2*È6 0 'tD (VWLpUFROGH &HUGRV(VFXHOD 5HVLGXRV2UJiQLFRV 'RPLFLOLDULRVGH +DELWDQWHV 5HVLGXRV2UJiQLFRV &RPHGRU(VFXHOD 727$/(6 /D SRWHQFLD FDORUtILFD GHO ELRJiV HV GH DSUR[LPDGDPHQWH ± .FDOP (Q FRQVHFXHQFLD OD SURGXFFLyQGLDULDHTXLYDOHDSUR[LPDGDPHQWHDXQRV.JGHJDVGHJDUUDIDSURSDQREXWDQR $GRSFLyQGHODV&RQGLFLRQHV2SHUDWLYDVSDUDHO'LVHxRGHO%LRGLJHVWRU 'XUDQWHHOSHUtRGRFRPSUHQGLGRHQWUH\HOSURFHVRGHGLJHVWLyQDQDHUyELFDIXHREMHWRGH VXLQYHVWLJDFLyQFRQGHWHQLPLHQWR GDGRTXHFRPHQ]yDXWLOL]DUVHPDVLYDPHQWHSDUDHOWUDWDPLHQWR GH ORV EDUURV VHGLPHQWDGRV HQ ODV LQVWDODFLRQHV GH WUDWDPLHQWR GH OtTXLGRV FORDFDOHV TXH FRPHQ]DEDQDFRQVWUXLUVHHQFLXGDGHVGHGLVWLQWRVSDtVHV6HDSOLFyFDOHIDFFLyQDORVGLJHVWRUHV\VH LQWURGXMHURQ PHMRUDV WDQWR HQ HO GLVHxR GH ORV ELRGLJHVWRUHV FRPR GH ORV HOHPHQWRV FRPSOHPHQWDULRV (VWR GHWHUPLQy TXH VH UHDOL]DUD XQD EXHQD FDQWLGDG GH H[SHULHQFLDV FX\RV UHVXOWDGRVKDQSHUPLWLGRFRQWDUFRQEXHQDLQIRUPDFLyQHQUHODFLyQFRQORVUHQGLPLHQWRVIDFWLEOHVGH ORJUDUFRPRDORVWLHPSRVQHFHVDULRVSDUDUHDOL]DUODHVWDELOL]DFLyQGHORVVyOLGRVDFDGDWHPSHUDWXUD GHWUDEDMR /DIDPLOLDGHEDFWHULDVDQDHUyELFDVPHVRItOLFDVWLHQHXQUDQJRGHDFWLYLGDGTXHOOHJDKDVWDORV& FRQ VX QLYHO GH WHPSHUDWXUD ySWLPR GH & D & (VWH WLSR GH IORUD HV OD TXH VH GHVDUUROOD JHQHUDOPHQWHHQWRGRVORVELRGLJHVWRUHVDSHTXHxDHVFDODRGHWLSRUXUDOHVORVTXHSRUVLPSOLFLGDG FRQVWUXFWLYD\GHIXQFLRQDPLHQWRQRVHFDOHIDFFLRQDQ\VHORVFRQVWUX\HKDELWXDOPHQWHHQWHUUDGRVD HIHFWRV GH PDQWHQHU OD WHPSHUDWXUD OR PiV FRQVWDQWH SRVLEOH /D GXUDFLyQ GH OD GLJHVWLyQ TXH SHUPLWH HO DJRWDPLHQWR GH ORV VyOLGRV YROiWLOHV GLVPLQX\H FRQ HO DXPHQWR GH OD WHPSHUDWXUD KDVWD OOHJDUDOySWLPR/XHJRHQODPHGLGDTXHVHFRQVLJDGHVDUUROODUODIORUDDQDHUyELFDWHUPRItOLFDFXDQWR PD\RUVHDODWHPSHUDWXUDGHOPHGLRPHQRUHVHOWLHPSRQHFHVDULRSDUDODGLJHVWLyQKDVWDOOHJDUDO PtQLPR GH WLHPSR D ORV & SDUD OXHJR YROYHU D DXPHQWDU HO SHUtRGR GH GLJHVWLyQ MXQWR FRQ OD WHPSHUDWXUDKDVWDHOFHVHGHODDFWLYLGDGSRUQRDGDSWDUVHPiVDWDQDOWDVWHPSHUDWXUDV 6L ELHQ VH SXHGH DSUHFLDU TXH VH WLHQH XQD QRWDEOH UHGXFFLyQ GH ORV WLHPSRV GH GXUDFLyQ GH OD GLJHVWLyQ FRQ ODV EDFWHULDV WHUPyILODV QR VH KD DSOLFDGR PDVLYDPHQWH HQ OD SUiFWLFD HVWH QLYHO GH WHPSHUDWXUD GDGR TXH UHTXLHUH GH XQ FRQWURO PX\ DMXVWDGR GH ODV YDULDEOHV GHO SURFHVR 6H GHEH SUHFDOHQWDUODDOLPHQWDFLyQKDVWDODWHPSHUDWXUDGHWUDEDMRDGHPiVGHWHQHUTXHVXPLQLVWUDUHOFDORU QHFHVDULR HQ IRUPD SHUPDQHQWH SDUD FRPSHQVDU ODV SpUGLGDV GHO ELRGLJHVWRU KDFLD HO H[WHULRU /D VDOLGDGHUpJLPHQVHSURGXFHUiSLGDPHQWHFRQHOFDPELRGHVyORDOJXQRVJUDGRVHQHOFRQWUROGHOD WHPSHUDWXUD )LJ17LHPSRVGH'LJHVWLyQSDUD'LIHUHQWHV7HPSHUDWXUDV *0 )DLU \ ): 0RRUH SUHVHQWDURQ GDWRV H[SHULPHQWDOHV GH ORV WLHPSRV QHFHVDULRV SDUD OD GLJHVWLyQGHORVEDUURVVHGLPHQWDGRVGHORV OtTXLGRVFORDFDOHV XUEDQRVSDUDGLVWLQWDV WHPSHUDWXUDV WDOFRPRVHREVHUYDHQOD)LJ1(QIXQFLyQGHHVWDLQIRUPDFLyQVHSXHGHWRPDUUHIHUHQFLDGHORV WLHPSRVGHGLJHVWLyQQHFHVDULRVRUHFRPHQGDGRVFRPRGHXVR³SUiFWLFR´ SDUDFDGDWHPSHUDWXUDD ODTXHVHGHVDUUROODODGLJHVWLyQWDOFRPRVHUHVXPHHQOD7DEOD1 7DEOD17LHPSRVGH'LJHVWLyQ5HFRPHQGDGRV 7HPSHUDWXUD& 7LHPSRGH'LJHVWLyQ 5HFRPHQGDGR 'tDV 7RGDPDWHULDRUJiQLFDUHVLGXDOTXHVHGHVWLQHFRPRDOLPHQWDFLyQSDUDXQELRGLJHVWRUJHQHUDOPHQWH HVWi FRPSXHVWD SRU XQD LPSRUWDQWH FDQWLGDG GH DJXD \ XQD IUDFFLyQ VyOLGD FDUDFWHUL]DGD SRU VX FRQFHQWUDFLyQ GH VyOLGRV WRWDOHV 67 ([SHULPHQWDOPHQWH VH KD OOHJDGR D OD FRQFOXVLyQ GH TXH WUDEDMDQGRFRQPH]FODVTXHHQODDOLPHQWDFLyQFRQWHQJDQHQWUH \GHVyOLGRVWRWDOHV VH SXHGHREWHQHUORVPHMRUHVUHVXOWDGRVHQODGLJHVWLyQDQDHUyELFD 3DUD FDOFXODU HO YROXPHQ GH DJXD QHFHVDULR SDUD GLOXLU OD PDWHULD SULPD KDVWD OD SURSRUFLyQ DGHFXDGDHVLPSUHVFLQGLEOHHVWLPDUHOFRQWHQLGRGHVyOLGRVGHOUHVLGXRDXWLOL]DU3RUHMHPSORSDUD ORV UHVLGXRV RUJiQLFRV GRPLFLOLDULRV VH WHQGUi XQ SRUFHQWDMH SURPHGLR GH GH VyOLGRV WRWDOHV 67 \ SDUD HO FDVR GHO HVWLpUFRO ERYLQR IUHVFR HVWH FRQWLHQH HQWUH XQ DO HQ FRQVHFXHQFLD VH GHEHUi DJUHJDU DSUR[LPDGDPHQWH XQ OLWUR GH DJXD SRU FDGD .J GH UHVLGXR IUHVFR LQWURGXFLGRDILQGHREWHQHU XQDPH]FODFRQ GH VyOLGRV WRWDOHV (Q UHVXPHQ OD FDUJD GLDULD DO ELRGLJHVWRUWHQGUiXQYROXPHQGHORUGHQGHOLWURVP 'tD &RQ OD SUHPLVD TXH OD SURSXHVWD WHFQROyJLFD D GLVHxDU SDUD HVWD SHTXHxD FRPXQLGDG VHD OR PiV VLPSOH SRVLEOH GHVGH HO SXQWR GH YLVWD FRQVWUXFWLYR RSHUDWLYR \ GH PDQWHQLPLHQWR VH DGRSWD XQ WLHPSR GH UHVLGHQFLD GH GtDV SDUD ORV EDUURV HQ GLJHVWLyQ (VWH FULWHULR WRPD HQ FXHQWD OD FRQVWUXFFLyQ GH XQ ELRGLJHVWRU WRWDOPHQWH HQWHUUDGR GDGR TXH OXHJR GH ORV SULPHURV VHVHQWD FHQWtPHWURV GH SURIXQGLGDG OD WLHUUD HQ OD ]RQD GH LQVWDODFLyQ PDQWLHQH XQD WHPSHUDWXUD DSUR[LPDGDPHQWHFRQVWDQWHGH& )LQDOPHQWHSDUDODVFRQGLFLRQHVRSHUDWLYDVVHOHFFLRQDGDVHOYROXPHQPtQLPRGHOELRGLJHVWRUGHEHUi WHQHUXQRVP P 'tD['tDV3HURWHQLHQGRHQFXHQWDHOFUHFLPLHQWRSREODFLRQDOWDQWR GH OD (VFXHOD FRPR GH OD &RPXQD VH HVWLPD FRPR YROXPHQ QHFHVDULR D IXWXUR XQRV P HVWR VLJQLILFD TXHVHVREUHGLPHQVLRQDHQXQ 8WLOL]DFLyQ GH OD 6XVSHQVLyQ (VWDELOL]DGD GH 5HVLGXRV 2UJiQLFRV 'RPLFLOLDULRV FRPR $ERQR 2UJiQLFR0HMRUDGRUGH6XHORV (OUHVLGXRRUJiQLFRGHOELRGLJHVWRUDQDHUyELFR DOLPHQWDGR SRU UHVLGXRV VyOLGRV XUEDQRV FODVLILFDGRV IUDFFLyQELRGHJUDGDEOHVHSUHVHQWDFRPRXQDVXVSHQVLyQGHEDUURVHQDJXDHVWDELOL]DGDELROyJLFD \ILVLFRTXtPLFDPHQWH(VGHFLUQRVHJXLUiGHJUDGiQGRVHELROyJLFDPHQWHRORKDUiPX\OHQWDPHQWHHQ HOVXHORGHVGHORVFRPSXHVWRVRUJiQLFRVUHPDQHQWHVKDFLDFRPSXHVWRVPiVPLQHUDOL]DGRV'HVGHHO SXQWR GH YLVWD ItVLFR HO EDUUR TXH SRVHH XQ SRUFHQWDMH GHO DO GH VyOLGR VHFR WRWDO TXH GHMiQGRORHQUHSRVROXHJRGHXQSURORQJDGRSHUtRGRGHWLHPSRQRSUHVHQWDVHSDUDFLyQGHIDVHVHV GHFLUTXHQRGHFDQWDGHELGRDOSHTXHxRWDPDxRGHODVSDUWtFXODV\SURSLHGDGHVILVLFRTXtPLFDVGHOD VXVSHQVLyQ (V XQD PDVD EDVWDQWH KRPRJpQHD GH FRORU SDUGRRVFXUR UHODWLYDPHQWH HVWDEOH GDGR TXH VXIULy XQD GHJUDGDFLyQ DQDHUyELFD \ FRQ EXHQ SRGHU IHUWLOL]DQWH 6H KD FRPSUREDGR TXH HO QLWUyJHQR IyVIRUR \ SRWDVLR GHO HVWLpUFRO RULJLQDULR SHUPDQHFHQ HQ HO UHVLGXR GHVSXpV GH OD IHUPHQWDFLyQ PHWiQLFD 3RU HMHPSOR XQ HVWLpUFRO TXH SRVHD GHO QLWUyJHQR SURGXFH HQ HO IHUWLOL]DQWHXQGHQLWUyJHQR(OIyVIRURHVWiHQUHODFLyQGHHQHOHVWLpUFRO\ HQHO IHUWLOL]DQWH \ HO SRWDVLR GH DO $GHPiV HO IHUWLOL]DQWH HV PiV ULFR TXH HO ³KXPXV´ \ GH JUDQXODFLyQPiVILQDTXHHOHVWLpUFROORTXHIDFLOLWDVXSHQHWUDFLyQ\PH]FODHQHOVXHOR/DPDWHULD RUJiQLFDHVWiSUiFWLFDPHQWHFRQ³KXPXVDFWLYR´PHMRUDQGRHOVXHORLQPHGLDWDPHQWHGHVSXpVGHVX DSOLFDFLyQ 3XHGHQGHVWDFDUVHODVVLJXLHQWHVYHQWDMDV x x x x x x x x x x x x x x x 'HELGR D VX S+ # IXQFLRQD FRPR FRUUHFWRU GH DFLGH] HOLPLQDQGR HO DOXPLQLR Wy[LFR \ OLEHUDQGR HO IyVIRUR GH VXV VDOHV LQVROXEOHV GH DOXPLQLR \ KLHUUR &RQ OD HOHYDFLyQ GHO S+ VH GLILFXOWDHOGHVDUUROORGHKRQJRVSDWyJHQRV 3RVHH SDUWtFXODV FDUJDGDV QHJDWLYDPHQWH TXH LQWHUYLHQHQ HQ HO LQWHUFDPELR LyQLFR HQ OD DEVRUFLyQVXSHUILFLDO \HQODFRDJXODFLyQ6XSRGHUGHILMDFLyQGHVDOHVHVPD\RUTXHHO GH ODV DUFLOODVVLHQGRUHVSRQVDEOHGLUHFWRGHODPD\RUSDUWHGHODQXWULFLyQGHODVSODQWDVFRQKDVWDXQ GHOWRWDOGHOLQWHUFDPELRGHEDVHVHQHOVXHOR 6X SRGHU GH ILMDFLyQ HV WDQ JUDQGH TXH HYLWD OD VROXELOLGDG \ OL[LYLDFLyQ H[FHVLYD GH ODV VDOHV PDQWHQLpQGRODV HQ IRUPD DSURYHFKDEOH SDUD ODV SODQWDV FX\R GHOLFDGR VLVWHPD UDGLFXODU HV HO ~QLFRTXHSXHGHDSURYHFKDUHVWDVQXWULHQWHV 0HMRUD OD HVWUXFWXUD GHO VXHOR GHMiQGROR PiV WUDEDMDEOH \ IDFLOLWDQGR OD SHQHWUDFLyQ GH UDtFHV (VWDVUDtFHVDOLQWURGXFLUVHSURIXQGDPHQWHUHVLVWHQPHMRUORVSHUtRGRVGHVHTXtD (VWDELOL]DODDJORPHUDFLyQGHSDUWtFXODVGHOVXHORORJUDQGRTXHUHVLVWDQODDFFLyQGLVJUHJDGRUD GHO DJXD DEVRUELHQGR ODV OOXYLDV PiV UiSLGDPHQWH \ HYLWDQGR OD HURVLyQ \ FRQVHUYDQGR OD KXPHGDGSRUPiVWLHPSR /D HVWUXFWXUD SRURVD SHUPLWH PD\RU DLUHDFLyQ GH OD ]RQD GH UDtFHV IDFLOLWDQGR VX UHVSLUDFLyQ \ FUHFLPLHQWR (O &2 GHO DLUH SHQHWUD HQ HO VXHOR IRUPDQGR iFLGR FDUER[tOLFR TXH VROXELOL]DUi ODV VDOHV TXH KDELWXDOPHQWHVHHQFXHQWUDQHQIRUPDLQVROXEOHIDFLOLWDQGRVXDVLPLODFLyQ )DYRUHFHHOGHVDUUROORPLFURELDQR\ODVEDFWHULDVVHPXOWLSOLFDQSRUPLOORQHVGDQGRYLGD\VDOXG DOVXHOR /D LQWHQVD DFWLYLGDG EDFWHULDQD ILMD QLWUyJHQR DWPRVIpULFR WUDQVIRUPiQGROR HQ VDOHV DSURYHFKDEOHV )DFLOLWDODPXOWLSOLFDFLyQGHEDFWHULDVUDGLFXODUHVTXHVHILMDQHQODVUDtFHVGHODVOHJXPLQRVDV PHMRUDQGRVXGHVHQYROYLPLHQWR (O ELRIHUWLOL]DQWH HVWi SUiFWLFDPHQWH FXUDGR SXHV \D VXIULy IHUPHQWDFLyQ \ QR SRVHH ODV GHVYHQWDMDVGHOHVWLpUFRO $OHVWDUHQIRUPDOtTXLGDHVGHIiFLODSOLFDFLyQ 1RH[KDODPDORORU 1RH[LVWHODSRVLELOLGDGGHTXHPDUODVVHPLOODV 1RWLHQHSUREOHPDVGHSODJDVSXHVVXVVHPLOODVVHKDQGHVFRPSXHVWRHQHOGLJHVWRU x x x 1RWLHQHPiVSRVLELOLGDGHVGHIHUPHQWDU \QR SXHGH SURGXFLU iFLGR R[iOLFR TXH HV Wy[LFR SDUD ODVSODQWDV 1RRIUHFHFRQGLFLRQHVSDUDODPXOWLSOLFDFLyQGHLQVHFWRVFRPRPRVTXLWRVHWF (O ELRIHUWLOL]DQWH QR SRVHH HO SUREOHPD GH OD /H\ 'HO 0i[LPR SXHV VX DSOLFDFLyQ HQ FXDOTXLHU FDQWLGDGQRHOLPLQDRWURVHOHPHQWRVVLQRTXHDFW~DFRPRFRQVHUYDGRUGHHOORV /DFDQWLGDGGHELRIHUWLOL]DQWHDXVDUSRU+HFWiUHDSXHGHYDULDUGHSHQGLHQGRGHODVFRQGLFLRQHVGHO WHUUHQR/DVGRVLVVHSUHVHQWDQHQOD7DEOD1 7DEOD1'LIHUHQWHV$SRUWHVGH$ERQR $ERQDFLyQ 3REUH 0HGLD )XHUWH 0X\)XHUWH /WV+DDxR /DDERQDFLyQHVGHIXQGDPHQWDOLPSRUWDQFLDSDUDODUHFXSHUDFLyQODFRQVHUYDFLyQGHODIHUWLOLGDG\ HTXLOLEULRRUJiQLFRGHORVVXHORV /D HOLPLQDFLyQ GH DJXD GH HVWH UHVLGXR SRU HYDSRUDFLyQ SDUD HIHFWXDU XQD UHGXFFLyQ GH YROXPHQ VHUtD XQ SURFHVR FRVWRVR KD\ TXH HOLPLQDU HO ± GH DJXD H[FHSWR XWLOL]DQGR XQD IXHQWH EDUDWD GH HQHUJtD FRPR OR HV OD HQHUJtD VRODU (VWD HV XQD DOWHUQDWLYD YLDEOH VH SXHGHQ FRQVWUXLU SOD\DVGHVHFDGRLPSHUPHDELOL]DGDVHQHOIRQGR(VWDVSXHGHQXELFDUVHGLUHFWDPHQWHVREUHHOVXHOR FRQ UHERUGHV ODWHUDOHV HOHYDGRV D ORV ILQHV GH WHQHU FDSDFLGDG GH DOPDFHQDPLHQWR 3HUR VH GHEH FRQVLGHUDU HO UpJLPHQ SOXYLDO GH OD ]RQD OR TXH LPSOLFDUtD WHFKDU ODV SOD\DV GH VHFDGR FRQ DOJ~Q PDWHULDO WUDQVSDUHQWH SRU HMHPSOR SROLHWLOHQR GH PLFURQHV GH HVSHVRU KDELWXDOPHQWH XWLOL]DGR HQ ODFRQVWUXFFLyQGHLQYHUQDGHURVUXUDOHVSDUDSHUPLWLUHOSDVRGHODUDGLDFLyQVRODU6HJ~QGDWRV GHSUHFLSLWDFLRQHVHQODSURYLQFLDGH6DQWD)HODHYDSRUDFLyQGLDULDHVFHUFDQDDOPPHQSURPHGLR GXUDQWH ORV PHVHV GH LQYLHUQR \ GH PP HQ ORV PHVHV GH YHUDQR 6L QR VH FRORFD XQD FXELHUWD SURWHFWRUD KDFLD OD OOXYLD QR VH ORJUDUi HO VHFDGR GHO PLVPR H[FHSWR HQ SHUtRGRV GH HVFDVD SUHFLSLWDFLyQ/DFXELHUWDILMDWUDQVSDUHQWHKDFHTXHVHLQFUHPHQWHHOFRVWRGHOVHFDGHUR \DTXHVH QHFHVLWDXQDVXSHUILFLHFRQVLGHUDEOHSDUDHIHFWXDUHOVHFDGRGHOEDUUR 3HURVLHPSUHTXHVHD SRVLEOHVHUHFRPLHQGDHOXVRGHOD VXVSHQVLyQ HVWDELOL]DGD HQ IRUPD GLUHFWD VREUH HO VXHOR FRPR VHU SDUD DERQDU XQ PRQWH GH IUXWDOHV FRQ XQD GRVLV GLDULD VHJ~Q VHD HQ LQYLHUQR R YHUDQR WDO TXH VROR VH UHSRQJD OD HYDSRUDFLyQ GLDULD GH DJXD GHVGH HO VXHOR 'H HVWD PDQHUDORVQXWULHQWHVVROXEOHVFRQWHQLGRVHQORVUHVLGXRVTXHGDUiQGLVSRQLEOHVSDUDVHUDEVRUELGRV SRUODVUDtFHVGHODVSODQWDV &DUDFWHUtVWLFDV&RQVWUXFWLYDVGHO%LRGLJHVWRU8WLOL]DGR 6HSUR\HFWDODFRQVWUXFFLyQGHXQELRGLJHVWRUTXHVHGHQRPLQDKDELWXDOPHQWHWLSR³GHVSOD]DPLHQWR KRUL]RQWDO´FRQXQDJHRPHWUtD³DODUJDGD´GRQGHWRGDODPDWHULDRUJiQLFDLQWURGXFLGDFLUFXODHQ³IOXMR SLVWyQ´ (VWR SHUPLWH TXH FDGD SRUFLyQ GHO UHVLGXR TXH LQJUHVD FXPSOD HO WLHPSR GH UHVLGHQFLD SUR\HFWDGRGHQWURGHOELRGLJHVWRUDQWHVGHVDOLUSRUHORWURH[WUHPRDGHFXDGDPHQWHGHJUDGDGR6H FRQVWUX\H HQWHUUDGR SDUD HYLWDU ODV YDULDFLRQHV GH WHPSHUDWXUD IXQGDPHQWDOPHQWH GXUDQWH HO LQYLHUQR3DUDHOFDVRGH(PLOLDVHKDSRGLGRORJUDUXQDSURIXQGLGDGGHPHQODH[FDYDFLyQHQ IXQFLyQ OD XELFDFLyQ GH OD QDSD IUHiWLFD GHO OXJDU /D VHFFLyQ WUDQVYHUVDO HV GH IRUPD DSUR[LPDGDPHQWH FXDGUDGD P [ P \ OD UHODFLyQ ³ODUJRDQFKR´ HV GH (O ELRGLJHVWRU GLVHxDGRWUDWDGHVHUORPiVVLPSOHSRVLEOHWDQWRHQORUHODWLYRDVXFRQVWUXFFLyQFRPRDVXRSHUDFLyQ \PDQWHQLPLHQWR /D FiPDUD GH GLJHVWLyQ VH FRPSRQH GH XQD OR]D GH KRUPLJyQ HQ HO IRQGR SDUHGHV ODWHUDOHV GH PDPSRVWHUtD HQ SDUHG GH P FRQ VXILFLHQWHV HQFDGHQDGRV \ UHIXHU]RV HQ KRUPLJyQ DUPDGR SDUDORJUDUXQDDGHFXDGDHVWUXFWXUD/DFXELHUWDVXSHULRU HVILMDFRQVWUXLGDHQSDUWHPHGLDQWHOR]D GH KRUPLJyQ \ XQ VHFWRU FRQ WDSDV UHPRYLEOHV HQ OR SRVLEOH HQ DFHUR LQR[LGDEOH TXH SHUPLWHDFFHGHUDOLQWHULRUHQFDVRGHQHFHVLGDGSDUDWUDEDMRVGHPDQWHQLPLHQWR (OELRJiVFRQGHVWLQRDOFRQVXPRVHFRQGXFHSRUFDxHUtDGHSROLHWLOHQRVXEWHUUiQHDGH´DPiVGH FLHQPHWURVGHGLVWDQFLDFRQ OD SUHVLyQORJUDGDGHQWUR GHOELRGLJHVWRUFPGHFROXPQDGH DJXDFRPRPi[LPR6HLQVWDODWDPELpQXQJDVyPHWURP GHYROXPHQSDUDODDFXPXODFLyQGH SDUWHGHOELRJiVSURGXFLGRGLDULDPHQWH /RV VyOLGRV RUJiQLFRV VLQ WULWXUDFLyQ SUHYLD LQJUHVDQ SRU XQD FiPDUD GH FDUJD KDFLD HO LQWHULRU GHO ELRGLJHVWRU SRU JUDYHGDG HQ IRUPD GH VXVSHQVLyQ R ³EDUUR´ GLOX\HQGR FRQ DJXD WRGRV ORV UHVLGXRV KDVWD HO (O UHVLGXR GLJHULGR VH UHWLUD SRU HO RWUR H[WUHPR GHVFDUJiQGRVH FRQ HO DX[LOLR GH XQD ERPED GH WLSR VXPHUJLEOH FRQ URWRU ³WULWXUDGRU´ DSWD SDUD PDQHMDU FDXGDOHV FRQ VyOLGRV HQ VXVSHQVLyQ /D DJLWDFLyQ GHO ELRGLJHVWRU VH UHDOL]D FRORFDQGR WUHV DJLWDGRUHV GH DFFLRQDPLHQWR ³PDQXDO´ FRQVWUXLGRV HQ DFHUR LQR[LGDEOH GLVWULEXLGRV DGHFXDGDPHQWH D OR ODUJR GH WRGD OD ORQJLWXG GHO ELRGLJHVWRU 7DPELpQ VH DSURYHFKD OD ERPED VXPHUJLEOH SDUD UHFLFODU XQD SDUWH GH OD VXVSHQVLyQ\DGLJHULGDKDFLDODHQWUDGDGHOELRGLJHVWRUFRQHOILQGHPHMRUDUHOS+GHLQJUHVRPH]FODU ODPDWHULDRUJiQLFDTXHVHDOLPHQWDFRQODIORUDDQDHUyELFD\ORJUDUXQEXHQJUDGRGHDJLWDFLyQHQOD PDVDHQGLJHVWLyQHQVXHWDSDLQLFLDO &21&/86,21(6 /D FRQVWUXFFLyQ GHO ELRGLJHVWRU GHVDUUROODGR SRU HO *UXSR GH (QHUJtD 1R &RQYHQFLRQDO GH OD ),4 81/FRQHOILQDQFLDPLHQWRSRUXQYDORUGH DFDUJRGHORVGLVWLQWRVQLYHOHVGHRUJDQL]DFLyQ GH5RWDU\SDUWLFLSDQGRHQORVDSRUWHVHO&OXE6DQWD)H³/RV&RQVWLWX\HQWHV´GRV&OXEHVGH1XHYD <RUN\OD)XQGDFLyQ5RWDULDGH5RWDU\,QWHUQDFLRQDOKDSHUPLWLGRFRQFUHWDUHVWDH[SHULHQFLDDHVFDOD UHDOSDUDHOWUDWDPLHQWRGHORV568RUJiQLFRVGHOD&RPXQDGH(PLOLD3URYGH6DQWD)HSDUDVXV KDELWDQWHV 7HQLHQGR HQ FXHQWD TXH OD FRQVWUXFFLyQ SXHGH UHDOL]DUVH FRQ PDWHULDOHV GH FRQVWUXFFLyQFRPXQHVODGULOORVFHPHQWRSLHGUDKLHUURHWFSDUWLFLSDFLyQGHPDQRGHREUDORFDO\ VRORFRQODQHFHVLGDGGHSDUWHGHORVWUDEDMRVHQFDUSLQWHUtDPHWiOLFDVLQGXGDHOGLVHxRSURSXHVWR VLJQLILFDXQGHFLVLYRDSRUWHHQIDYRUGHOD³DXWRJHVWLyQ´SDUDODVROXFLyQGHDOJXQRVGHORVSUREOHPDV DPELHQWDOHV HQ SHTXHxRV PXQLFLSLRV \ FRPXQDV /D SRVLELOLGDG GH UHDOL]DU XQ SDVR GH HVFDOD HQ IRUPD PRGXODU SHUPLWH DOFDQ]DU UD]RQDEOHPHQWH XQD HVFDOD SDUD WUDWDU ORV UHVLGXRV VyOLGRV RUJiQLFRVGHXQDORFDOLGDGGHKDVWDKDELWDQWHV7DPELpQFRQHVWHWLSRGHHPSUHQGLPLHQWRVVH DSRUWDQH[SHULHQFLDVGHPRVWUDWLYDVHQIDYRUGHXQPHMRUDSUHQGL]DMHHQODHVFXHODDJURWpFQLFDTXH FRQHODSR\RGHODFRPXQLGDG \ ODWRPDGHFRQFLHQFLDSHUPLWLUiUHVROYHUGHPDQHUD³VXVWHQWDEOH´\ SHUPDQHQWHHQHOWLHPSRODSUREOHPiWLFDGHVXVUHVLGXRVVyOLGRVXUEDQRV %,%/,2*5$),$ *5233(//,(*LDPSDROL2*RQ]DOH]-)HUWRQDQL'*UDQDGRV53IHIIHUPDQQ/*DVSDU & 3DPSLQHOOD * .OLPRYVN\ ) ³)XOO6FDOH 3ODQW IRU 7UHDWLQJ 0XQLFLSDO 6ROLG :DVWHV IURP *REHUQDGRU &UHVSR 7RZQ ± 6DQWD )H ± $UJHQWLQD´ ,, ,QWHUQDWLRQDO 6\PSRVLXP RQ $QDHURELF 'LJHVWLRQRI6ROLG:DVWHV 2UJDQL]DGRSRU8QLYHUVLWDWGH%DUFHORQD,$:4,QWHUQDWLRQDO$VVRFLDWLRQRQ:DWHU4XDOLW\ %DUFHORQD±(VSDxDGH-XQLRGH ³(O&DPLQRGHOD%LRGLJHVWLyQ$PELHQWH\7HFQRORJtD6RFLDOPHQWH$SURSLDGD´ SS *URSSHOOL(*LDPSDROL2&DSDWWR-±,6%1 /LEURHGLWDGRSRUHO&HQWURGH3XEOLFDFLRQHVGHOD81/±2FWXEUH )LJ13HUVSHFWLYDGHO%LRGLJHVWRUGH³'HVSOD]DPLHQWR+RUL]RQWDO´