5HODWLYLGDG(VSHFLDO\5HODWLYLGDG*HQHUDO 3UHOXGLRDO&DStWXOR9,, ³£'RVHQXQR HVHOQRPEUHTXHODEDUUD HQORVPRPHQWRVGHIDUUD DVtOHVVDEHOODPDU \XQWDEUDYD TXHYXHOYHQRWDULRDOSLOOR WDPELpQFRQWRGRHVHEULOOR TXLpQQRVHYDDHQFDQGLODU´ 'HOWDQJR³'RVHQ8QR´ FRQOHWUDGH(QULTXH&DGtFDPR 5(/$7,9,'$'(63(&,$/<5(/$7,9,'$'*(1(5$/ $OVLJXLHQWHGHVDUUROORQRSXHGRRWRUJDUOHODPDJQLWXGXQFDStWXOR3RUORWDQWRFDH HQODFDWHJRUtDGH,QWHUPHGLR3HURDGLIHUHQFLDGHORVRWURVLQWHUPHGLRVHQpVWH VHSODQWHDXQDQiOLVLVWpFQLFR3RUORWDQWRQRHVXQ,QWHUPHGLR)LORVy¿FR(VVyOR XQSUHOXGLRDORVWHPDVTXHVHGHVDUUROODQDFRQWLQXDFLyQ /DSUHJXQWDTXHSUHWHQGRUHVSRQGHUHVODVLJXLHQWH y ¢3XHGHVHJXLUDSOLFiQGRVHOD5HODWLYLGDG(VSHFLDOHQSUHVHQFLDGHFDPSRV JUDYLWDWRULRV" &RPRYHUHPRVQHFHVLWRXQDUHVSXHVWDDGHFXDGDDHVWDSUHJXQWDSDUDWUDWDU DOJXQRVWHPDVGHOFDStWXORVLJXLHQWH (QJHQHUDOVHDFHSWDTXHFXDQGRDSDUHFHQFDPSRVJUDYLWDWRULRVGHEHGHMDUVHGH ODGROD5HODWLYLGDG(VSHFLDO\HPSOHDUOD5HODWLYLGDG*HQHUDO 6LQHPEDUJRHOVHQWLGRFRP~Q\ODH[SHULHQFLDLQGLFDQTXHOD5HODWLYLGDG(VSHFLDO VLJXHWHQLHQGRDSOLFDFLyQDOPHQRVHQSUHVHQFLDGHFDPSRVJUDYLWDWRULRVGpELOHV 1RWDGHO$XWRU/DH[SUHVLyQ³VHQWLGRFRP~Q´VHHPSOHDSDUDFDXVDUH[ SOtFLWDXUWLFDULDDTXLHQHVD¿UPDQTXHGHEHPRVGHMDUORGHODGRWRGDYH] TXHQRVDGHQWUDPRVHQOD5HODWLYLGDG(VSHFLDO- $/*81$6(;3(5,(1&,$6 (O([SHULPHQWRGH0LFKHOVRQ 3HVHDTXHHOH[SHULPHQWRRULJLQDO\VXVYDULDQWHVSRVWHULRUHVVHUHDOL]DURQHQ SUHVHQFLDGHOFDPSRJUDYLWDWRULRWHUUHVWUHDFHOHUDFLyQ JSDUDMXVWL¿FDUVX UHVXOWDGRVHUHFXUUH~QLFDPHQWHDOD5HODWLYLGDG(VSHFLDO (QODPLVPDFDWHJRUtDFDHQHOH[SHULPHQWRGH³DUUDVWUH´SDUFLDOGHOpWHUGH)L]HDX \WRGDVODVH[SHULHQFLDVSUHUHODWLYLVWDVTXHGHELHURQHVSHUDUDODIRUPXODFLyQGH OD5HODWLYLGDG(VSHFLDOSDUDVHUH[SOLFDGDV (QWRGRVHVWRVFDVRVSHVHDODSUHVHQFLDGHXQFDPSRJUDYLWDWRULRVXLQÀXHQFLD 3iJLQD 5HODWLYLGDG(VSHFLDO\5HODWLYLGDG*HQHUDO QRVHWLHQHHQFXHQWDHQORVFiOFXORV /DH[SOLFDFLyQPiVVLPSOHHVWDEOHFHTXHQRHVQHFHVDULRWHQHUHQFXHQWDVXLQ ÀXHQFLDSRUTXHVXVHIHFWRVVRQFRQVWDQWHVDORODUJRGHODVH[SHULHQFLDV'HHVWH PRGRSRGHPRVGHFLUTXHORTXHVHPLGHHQHVWRVH[SHULPHQWRVHVHOHIHFWRGH YHORFLGDGHVUHODWLYDV5HODWLYLGDG(VSHFLDOVXSHUSXHVWRDFXDOTXLHUHIHFWRFRQ YDORU¿MRGHORVFDPSRVJUDYLWDWRULRV5HODWLYLGDG*HQHUDO /RV$FHOHUDGRUHVGH3DUWtFXODV (VWHFDVRSRGUtDDJUXSDUVHFRQORVHMHPSORVDQWHULRUHVSHURORPHQFLRQRDSDUWH SRUTXHSDUDGHVFULELUVXFRPSRUWDPLHQWRVHUHFXUUHVyORDOD5HODWLYLGDG(VSHFLDO SHVHDODVQRWDEOHVDFHOHUDFLRQHVDTXHVHVRPHWHQODVSDUWtFXODVHQHVWXGLR eVWDQRHVPiVTXHRWUDPXHVWUDGHTXHQRHVQHFHVDULRUHFXUULUDOD5HODWLYLGDG *HQHUDOFXDQGRVHWUDWDFRQVLVWHPDVDFHOHUDGRV (O6LVWHPDGH3RVLFLRQDPLHQWR*OREDO*36 (VWHHVXQFDVRSDUWLFXODUGHDSOLFDFLyQGHOD7HRUtDGHOD5HODWLYLGDGTXHDIHFWD GLUHFWDPHQWHWDUHDVFRWLGLDQDV4XLHQHVYLDMDQDFWXDOPHQWHHQDYLyQREDUFRR HPSOHDQODVGLIHUHQWHVYDULDQWHVGH*36SDUDXVRVSDUWLFXODUHVGHSHQGHQGHO EXHQFXPSOLPLHQWRGHODVHFXDFLRQHVGH(LQVWHLQHQORVUHORMHVXELFDGRVHQORV VDWpOLWHVGHHVWHQRWDEOHVLVWHPDGHSRVLFLRQDPLHQWR /RVUHORMHVGHOVLVWHPD*36HVWiQXELFDGRVHQyUELWDVDXQRVNPGHOD VXSHU¿FLHWHUUHVWUHWUDVODGiQGRVHDUD]yQGHXQRVNPK'HHVWHPRGR UHDOL]DQXQJLURRUELWDODSUR[LPDGDPHQWHFDGDK 3DUDORJUDUODQRWDEOHSUHFLVLyQFRQTXHSURSRUFLRQDQODVFRRUGHQDGDVJHRJUi¿ FDVHVWRVUHORMHVWUDEDMDQFRQXQDSUHFLVLyQGHORUGHQGHORVQDQRVHJXQGRV V3HURSDUDTXHHVWDSUHFLVLyQVHPDQWHQJDHQHOWLHPSRHOULWPRGHORVUHORMHV HVWiDOWHUDGRSDUDFRPSHQVDUORVHIHFWRVGHOFDPSRJUDYLWDWRULRWHUUHVWUH\GHOD YHORFLGDGGHWUDVODFLyQRUELWDO y (OFDPSRJUDYLWDWRULRWHUUHVWUHHVPiVGpELODODGLVWDQFLDHQTXHRUELWDQ HVWRVVDWpOLWHVTXHHQODVXSHU¿FLHWHUUHVWUH/D5HODWLYLGDG*HQHUDOSHUPLWH FXDQWL¿FDUVXHIHFWRVREUHODPDUFKDGHORVUHORMHV&RPRUHVXOWDGRGHOGLIH UHQWHFDPSRJUDYLWDWRULRORVUHORMHVHQyUELWDDGHODQWDQFRQUHVSHFWRDORV TXHSHUPDQHFHQHQWLHUUDXQRVPLFURVHJXQGRV[VSRUGtD y 'DGRTXHORVUHORMHVHQyUELWDVHWUDVODGDQDODYHORFLGDGLQGLFDGDHODWUDVR FDOFXODGRPHGLDQWHODVWUDQVIRUPDGDVGH/RUHQW]HVGHXQRVPLFURVHJXQGRV /DFRUUHFFLyQWRWDOFDOFXODGDDOQDQRVHJXQGRHVODVXPDGHDPERVHIHFWRV &RUUHFFLyQGLDULD $GHODQWRSRU*UDYHGDG0HQRU±5HWUDVRSRU9HORFLGDG5HODWLYD y y &RUUHFFLyQGLDULD PLFURVHJXQGRV (VWHHMHPSORQRVyORPXHVWUDTXHOD5HODWLYLGDG(VSHFLDOVLJXHWHQLHQGRYDOLGH] HQSUHVHQFLDGHFDPSRVJUDYLWDWRULRVSRFRLQWHQVRVVLQRTXHHQHVWRVFDVRVORV FiOFXORVGHOD5HODWLYLGDG*HQHUDO\GHOD5HODWLYLGDG(VSHFLDOSXHGHQKDFHUVH HQIRUPDLQGHSHQGLHQWH 3iJLQD 5HODWLYLGDG(VSHFLDO\5HODWLYLGDG*HQHUDO /DHFXDFLyQTXHFRQWHPSODODDFFLyQVLPXOWiQHDGHFDPSRVJUDYLWDWRULRV\YHORFL GDGHVUHODWLYDVREWHQLGDPHGLDQWHOD5HODWLYLGDG*HQHUDOHVODVLJXLHQWH y GW¶ GW>YF<*0UF@ >@ 'RQGH y GW¶ ,QWHUYDORWHPSRUDOHQHOVLVWHPDPyYLO6¶VRPHWLGRDODDFFLyQGHXQ FDPSRJUDYLWDWRULR y GW ,QWHUYDORWHPSRUDOHQHOVLVWHPDFRQVLGHUDGRHVWDFLRQDULR\IXHUDGHO FDPSRJUDYLWDWRULR y * &RQVWDQWHGH*UDYLWDFLyQ8QLYHUVDO y 0 0DVDTXHGDOXJDUDOFDPSRJUDYLWDWRULR y U GLVWDQFLDGHOVLVWHPD6¶DOFHQWURGHPDVDVGH0 y Y 9HORFLGDGUHODWLYDGHDPERVVLVWHPDV y F YHORFLGDGGHODOX]HQHOYDFtR &RPRVHSXHGHREVHUYDUODHFXDFLyQ>@VHFRQYLHUWHHQODH[SUHVLyQHTXLYDOHQWH GHODVWUDQVIRUPDGDVGH/RUHQW]SDUD0 DXVHQFLDGHFDPSRVJUDYLWDWRULRV y GW¶ GW>YF@ >@ 3RURWURODGRHQDXVHQFLDGHYHORFLGDGHVUHODWLYDVODH[SUHVLyQ>@VHWUDQVIRUPDHQ y GW¶ GW>*0UF@ >@ 3RGHPRVKDFHUXQVLPSOHGHVDUUROORDOJHEUDLFRSDUDFRPSUREDUTXHHQSUHVHQFLD GHFDPSRVJUDYLWDWRULRVSRFRLQWHQVRV\EDMDVYHORFLGDGHVUHODWLYDVORVIHQyPH QRVSXHGHQDLVODUVHGHPRGRTXHHQIRUPDJHQpULFDSXHGHHVFULELUVH y 'LIHUHQFLDGH7LHPSRV 'LIHUHQFLDSRUJUDYHGDG'LIHUHQFLDSRUYHORFLGDG UHODWLYD 5HHPSOD]DQGR³YF³SRUODOHWUD³D´\³*0UFSRUODOHWUD³E´ODHFXDFLyQ>@ VHWUDQVIRUPDHQ y GW¶ GW>±DE@ >@ 4XHSDUDYDORUHVSHTXHxRVGHDESXHGHDSUR[LPDUVHFRQ y GW¶ GW>±DE@ >@ <UHVWDQGRDDPERVPLHPEURVHOYDORUGHGWUHVXOWD y GW¶<GWGW>±DE@GW >@ >@ y GW¶<GW<GWDGWE >@ \UHDJUXSDQGR y GW¶<GW<GWDE y 3iJLQD 5HODWLYLGDG(VSHFLDO\5HODWLYLGDG*HQHUDO 3HURFRQD\ESHTXHxRVODVH[SUHVLRQHV>@\>@SXHGHQUHHVFULELUVHFRPR y GW¶ GW>±D@ >@ y GW¶ GW>±E@ >@ 'HPRGRTXHODH[SUHVLyQ³GWD´HVXQDH[FHOHQWHDSUR[LPDFLyQGHOYDORU ³GW¶<GW´GHVSHMDGRGHODH[SUHVLyQ>@\HOWpUPLQR³GWE´HVXQDH[FHOHQWH DSUR[LPDFLyQGHOYDORU³GW¶<GW´GHVSHMDGRGHODH[SUHVLyQ>@FXDQGRWDQWRD FRPREVRQSHTXHxRV (QUHVXPHQODH[SUHVLyQ>@PXHVWUDTXHSDUDFDPSRVJUDYLWDWRULRVOHYHV\YH ORFLGDGHVUHODWLYDVQRPX\LPSRUWDQWHVODGLIHUHQFLDHQWUHUHORMHVGHXQR\RWUR VLVWHPDGW¶<GWSXHGHDSUR[LPDUVHFRQUD]RQDEOHH[DFWLWXGVXPDQGRORVHIHFWRV GHOFDPSRJUDYLWDWRULR5HODWLYLGDG*HQHUDO\GHODYHORFLGDGUHODWLYD5HODWLYLGDG (VSHFLDO 1RWD&RQODVPDJQLWXGHVDVRFLDGDVDOVLVWHPD*36ORVWpUPLQRV³D´\³E´ VRQGHORUGHQGHSRUORTXHODVHSDUDFLyQGHORVHIHFWRVFRQGXFHD XQDDSUR[LPDFLyQH[FHOHQWHGHOUHVXOWDGRYHUGDGHUR &21&/86,21(6 /RVDQiOLVLVGHHVWHLQWHUPHGLRPXHVWUDQTXHODVHFXDFLRQHVGHOD5HODWLYLGDG (VSHFLDOVLJXHQWHQLHQGRYDOLGH]HQSUHVHQFLDGHFDPSRVJUDYLWDWRULRVGpELOHV /RDQWHULRUVLJQL¿FDTXHVL/D7LHUUDVHFUX]DUDFRQXQSODQHWDVLPLODUPRYLpQGRVH DXQRVSRFRVFLHQWRVGHNLOyPHWURVSRUVHJXQGRKDELGDFXHQWDGHODLJXDOGDGGH HIHFWRVJUDYLWDWRULRVODVWUDQVIRUPDGDVGH/RUHQW]VHUtDQSHUIHFWDPHQWHYiOLGDV SDUDGHVFULELUHOIXQFLRQDPLHQWRUHODWLYRGHORVUHORMHVHQDPERVVLVWHPDV (VWH~OWLPRSXQWRHVPX\VLJQL¿FDWLYRSDUDORVGHVDUUROORVTXHVHSUHVHQWDQHQ HOSUy[LPRFDStWXOR 3iJLQD