5$=21(63$5$ 2321(56($/$17(352<(&72'( /(<'(&$=$ '(&$67,//$/$0$1&+$ &DPSDxDFRQWUDHODQWHSUR\HFWRGH/H\GH&D]DGH&DVWLOOD/D0DQFKD &RQWUDHO$7$48($&$67,//$/$0$1&+$ /H\GH&D]D&/0£12 (FRORJLVWDVHQ$FFLyQ&DVWLOOD/D0DQFKD /H\GH&D]D&/0£12 ÌQGLFH ,QWURGXFFLyQ 5HVSRQGHDORVLQWHUHVHVGHORVJUDQGHVWHUUDWHQLHQWHV\GHODFD]DFRPHUFLDO ,PSRQHOLPLWDFLRQHVDODFFHVRDOPHGLRQDWXUDOSHUMXGLFDQGRDOUHVWRGHXVXDULRV\ DFWLYLGDGHVSURGXFWLYDVRGHRFLR 1R UHVSHWD ORV SULQFLSLRV GH ELHQHVWDU DQLPDO QL ORV GHUHFKRV GH ORV DQLPDOHV GRPpVWLFRV +DUiPiVSHOLJURVRHODFFHVRGHORVFLXGDGDQRVDOPHGLRQDWXUDO 3URYRFDUiJUDYHVLPSDFWRVHQODQDWXUDOH]D *HQHUDUiPiVFRUUXSFLyQDPLJXLVPR\DSHQDVHPSOHR 1RD\XGDUiDSURWHJHU\FRQVHUYDUORVUHFXUVRVFLQHJpWLFRV 7HQGUiXQLPSDFWRHFRQyPLFRQHJDWLYRHQODVDUFDVS~EOLFDV\ SHUMXGLFDUiDOUHVWR GHDFWLYLGDGHVHFRQyPLFDVTXHVHGHVDUUROODQHQHOPHGLRQDWXUDO ,QFXPSOHODVGLUHFWLYDVHXURSHDV\ODVOH\HVHVWDWDOHV 6LQRVHSDUDVHUYLUiGHHMHPSORDRWUDV&RPXQLGDGHV$XWyQRPDV $FW~DFRQWUDOD/H\GH&D]DGH&DVWLOOD/D0DQFKD (FRORJLVWDVHQ$FFLyQ&DVWLOOD/D0DQFKD 0D\RGH /H\GH&D]D&/0£12 ,QWURGXFFLyQ (O SUHVHQWH GRFXPHQWR WLHQH SRU REMHWR GDU D FRQRFHU DO S~EOLFR HQ JHQHUDO ODV SULQFLSDOHV LPSOLFDFLRQHV TXH WLHQH HO DQWHSUR\HFWR GH /H\ GH &D]D GH &DVWLOOD/D 0DQFKD(VWDQRUPDVHHQFXHQWUDHQSURFHVRGHDSUREDFLyQ\DXQTXHSXHGDSDUHFHU PX\ HVSHFtILFD HQ VX REMHWR HQ UHDOLGDG WUDVFLHQGH D FXHVWLRQHV TXH DIHFWDQ D WRGRV FRPR VRQ HO GHUHFKR D GLVIUXWDU \ GHVDUUROODU DFWLYLGDGHV GH RFLR \ SURGXFWLYDV HQ HO PHGLRQDWXUDOHOELHQHVWDUDQLPDORODSURWHFFLyQGHODQDWXUDOH]D (Q HO DQWHSUR\HFWR GH /H\ GH &D]D HO *RELHUQR GH &DVWLOOD/D 0DQFKD DSXHVWD VLQ DPEDJHVSRUODYHUVLyQPiVDJUHVLYDGHODFD]DPiVFRQFUHWDPHQWHODSDUWHTXHPiV LQWHUHVD D ORV JUDQGHV JHVWRUHV \ WLWXODUHV GH GHUHFKRV GH FD]D (O SURSLR WH[WR VH MXVWLILFD HQ HO LQWHUpV GH SRWHQFLDU ORV DVSHFWRV SXUDPHQWH FRPHUFLDOHV \ SDUD HOOR VH SURFHGH D GDU XQ JLUR UDGLFDO HQ HO HQIRTXH QRUPDWLYR H[LVWHQWH KDVWD OD IHFKD \ VH RIUHFHQ WRGR WLSR GH IDFLOLGDGHV SDUD FD]DU PiV \ PiV LQWHQVLYDPHQWH 6H KDFH VLQ UHSDUDUHQHOLPSDFWRTXHHOORSXHGDWHQHUHQHOUHVWRGHDSURYHFKDPLHQWRV\XVRVGHO PHGLRQDWXUDOVHDQS~EOLFRVRSULYDGRV 6H GD SULRULGDG D OD FD]D KDVWD H[WUHPRV LQVRVSHFKDGRV UHVWULQJLHQGR ODV DFWLYLGDGHV TXH SXHGDQ PROHVWDUOD UHGXFLHQGR ORV FRQWUROHV DGPLQLVWUDWLYRV UHEDMDQGR ODV VDQFLRQHV D OD PLWDG \ RIUHFLHQGR D\XGDV S~EOLFDV D XQ VHFWRU TXH QR VH HQFXHQWUD SUHFLVDPHQWH HQWUH ORV PiV QHFHVLWDGRV (Q VXPD VH GHMD GH VXSHGLWDU OD FD]D FRPR GHELHUD DO UHVSHWR GHO PHGLR QDWXUDO DO GHUHFKR FRQVWLWXFLRQDO GH ORV FLXGDGDQRV D GLVIUXWDUGHOPHGLRDPELHQWH\DOELHQHVWDUDQLPDO (FRORJLVWDVHQ$FFLyQGH&DVWLOOD/D0DQFKDFRQVLGHUDTXHODFD]DHQHVWHFDPLQRDOD PHUFDQWLOL]DFLyQ YXOQHUD FDGD GtD PiV ORV SULQFLSLRV GH VRVWHQLELOLGDG \ GH ELHQHVWDU DQLPDODIHFWDQHJDWLYDPHQWHDRWURVXVRV\DSURYHFKDPLHQWRVTXHVHGHVDUUROODQHQHO PHGLRQDWXUDO\HVXQDDFWLYLGDGTXHODPD\RUSDUWHGHORVFLXGDGDQRVQLODSUDFWLFDQ /H\GH&D]D&/0£12 QLODDSR\DQHQWUHRWUDVFRVDVSRUTXHQRHVHQWHQGLEOHTXHVHPDWHQDQLPDOHVPXFKDV YHFHVGHIRUPDFUXHOSRUPHUDGLYHUVLyQ 6LQGXGDORPHMRUTXHSXHGHSDVDUSDUDEHQHILFLDUHOLQWHUpVJHQHUDOHVTXHODQXHYD /H\ GH &D]D GH &DVWLOOD/D 0DQFKD VH SDUH SHUR HQ VX GHIHFWR KDEUtDQ GH FRQWHPSODUVHPRGLILFDFLRQHVPX\SURIXQGDVGHODQWHSUR\HFWRHQODOtQHDUHLYLQGLFDGD SRU ORV PiV GLYHUVRV FROHFWLYRV TXH KDQ SUHVHQWDGR FHQWHQDUHV GH DOHJDFLRQHV D OD PLVPD (FRORJLVWDVHQ$FFLyQDSRUWDHQHVWHGRFXPHQWRXQUHVXPHQLOXVWUDWLYRGHUD]RQHV EiVLFDV SDUD RSRQHUVH D HVWD /H\ SXQWRV TXH OOHYDQ LPSOtFLWD OD H[LJHQFLD GH TXH OD FD]D PLHQWUDV H[LVWD GHEH JHVWLRQDUVH JHQHUDQGR HO PHQRU LPSDFWR SRVLEOH DO PHGLR DPELHQWH UHVSHWDQGR HVFUXSXORVDPHQWH ORV SULQFLSLRV GH OD VRVWHQLELOLGDG GH OD SURWHFFLyQ DPELHQWDO \ DQLPDO \ ORV GHUHFKRV GH ORV QR FD]DGRUHV DVt FRPR FXPSOLHQGRODVGLVWLQWDVQRUPDWLYDVDPELHQWDOHVLQWHUQDFLRQDOHVHXURSHDVQDFLRQDOHV\ UHJLRQDOHVTXHOHVRQGHDSOLFDFLyQ $7$48($&$67,//$/$0$1&+$ /H\GH&D]D&/0£12 /H\GH&D]D&/0£12 5HVSRQGHDORVLQWHUHVHVGHORVJUDQGHV WHUUDWHQLHQWHV\GHODFD]DFRPHUFLDO ¢6DEtDVTXp««" o /D QXHYD /H\ GH &D]D VH YLHQH IUDJXDQGR GHVGH LPSXOVDGD SRU HO OREE\ GH OD FD]D SURSLHWDULRV GH JUDQGHV ILQFDV \ FRWRV SURGXFWRUHV GH FD]D \ )HGHUDFLyQ 5HJLRQDO TXH KDQ SUHVLRQDGRDO*RELHUQRGH&DVWLOOD/D0DQFKDSDUDTXHFDPELHODQRUPDWLYDHQ VXIDYRU o 6HKDFHDODPHGLGDGHVXVLQWHUHVHVSDUWLFXODUHVDVtVHFUHDQORVFXDUWHOHVGH FD]DFRPHUFLDOVHUHGXFHHOWDPDxRGHORVFRWRVGHFD]DPD\RUD ODPLWDGVH IRPHQWDQPRGDOLGDGHVGHFD]DLQWHQVLYDFRPRODFD]DFRQKXUyQHOODQFHRGH MDEDOtHV R ODV VXHOWDV \ WLUDGDV GH DQLPDOHV GH JUDQMD $ OD SDU VH UHGXFHQ ORV FRQWUROHVDGPLQLVWUDWLYRV\VHSRQHQWUDEDVGHVSURSRUFLRQDGDV\GHVLJXDOHVD ODFD]DVRFLDO o (Q PDWHULD HFRQyPLFD WLHQH XQ LPSDFWR PX\ QHJDWLYR SDUD OD KDFLHQGD S~EOLFD \D TXH VH UHEDMDQ WDVDV GLVPLQX\HQ D OD PLWDG ODV VDQFLRQHV SRU ODV LQIUDFFLRQHVPiVJUDYHV\VHLQFUHPHQWDQODVVXEYHQFLRQHV ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o $ORODUJR\DQFKRGHWRGDOD/H\KD\PiVGHDUWtFXORVTXHGHXQDXRWUD IRUPD YDQ HQ OD GLUHFFLyQ GH IRPHQWDU XQ PRGHOR GH FD]D PiV LQWHQVLYR H LQVRVWHQLEOH HQ GHWULPHQWR GHO XVR S~EOLFR OD SURWHFFLyQ DPELHQWDO \ HO ELHQHVWDUDQLPDO o (O HQIRTXH PHUFDQWLOLVWD D XOWUDQ]D TXHGD UHIOHMDGR GHVGH OD H[SRVLFLyQ GH PRWLYRVGHOSULPHUERUUDGRUGHOD/H\TXHWUDVFHQGLyHQPD\RGH(QpOVH GHFtD´/DSUHVHQWH/H\SURPXHYHREMHWLYRVEiVLFRVFRPRVRQOD VLPSOLILFDFLyQ DGPLQLVWUDWLYDHOUHFRQRFLPLHQWRGHWLWXODUHVFLQHJpWLFRVFRPR SURIHVLRQDOHV DVt FRPR OD LPSRUWDQFLD WXUtVWLFD \ PHUFDQWLO TXH WLHQH OD FD]D FRPR PHGLR JHQHUDGRU HFRQRPtD \ GH HPSOHR TXH GHEH GH UHDOL]DUVH FRQ SDUiPHWURV FRPHUFLDOHVGHIRUPDRUGHQDGD\FRQHOPi[LPRUHVSHWRDOPHGLRDPELHQWHµ (Q HO QXHYR ERUUDGRU HVWD GHFODUDFLyQ GH LQWHQFLRQHV VH KD PDWL]DGR SHUR HO HVStULWX LPSXOVRU GH OD /H\ VH PDQWLHQH SOHQDPHQWH YLJHQWH HQ WRGR VX DUWLFXODGR \ KD VLGR GHIHQGLGR S~EOLFDPHQWH HQ UHLWHUDGDV RFDVLRQHV SRU HO *RELHUQR /H\GH&D]D&/0£12 ¢$TXpRDTXLpQDIHFWD" &RPR VH YHUi D OR ODUJR GH HVWH GRFXPHQWR XQ PRGHOR GH FD]D PiV LQWHQVLYD \ PHUFDQWLOLVWDDIHFWDDWRGRVORVFLXGDGDQRVHVSHFLDOPHQWHDDTXHOORVTXHKDJDQ XVR R GLVIUXWHQ GHO PHGLR QDWXUDO SRU RFLR R SRU GLVSRQHU GH DOJ~Q WLSR GH DSURYHFKDPLHQWRGHMDDXQODGRORVGHUHFKRVGHORVDQLPDOHV\SURGXFHLPSDFWRVPX\ QHJDWLYRV HQ OD QDWXUDOH]D 3HUR WDPELpQ DIHFWD QHJDWLYDPHQWH D OD SURSLD FD]D GHWHULRUDQGRODVSREODFLRQHV\ORVKiELWDWVGHODVHVSHFLHVFLQHJpWLFDVWDO\FRPRORKDQ DYLVDGRDOJXQDVYRFHVFXDOLILFDGDVGHOVHFWRUFLQHJpWLFRHLQVWLWXFLRQHVFLHQWtILFDV ¢4XpSHGLPRV" ,GHDOPHQWHODUHWLUDGDGHOD/H\GH&D]D\DERUGDUXQDUHIRUPDGLDORJDGDGHOD/H\GH &D]D GH FRQ WRGRV ORV DJHQWHV LQWHUHVDGRV 2 HQ HO SHRU GH ORV FDVRV XQ UHHQIRTXH WRWDO GHO WH[WR VRPHWLGR D FRQVXOWD S~EOLFD HQ OD OtQHD GH ODV DOHJDFLRQHV SUHVHQWDGDVSRUODVRUJDQL]DFLRQHVGHO)RUR$PELHQWDOGH&DVWLOOD/D0DQFKD 9HUSDUDPiVGHWDOOHDOHJDFLRQHVDOD/H\GH&D]DGH&/0HQZZZHFRORJLVWDVHQDFFLRQRUJ /H\GH&D]D&/0£12 ,PSRQHOLPLWDFLRQHVDO DFFHVRDOPHGLRQDWXUDO SHUMXGLFDQGRDOUHVWRGH XVXDULRV\DFWLYLGDGHV SURGXFWLYDVRGHRFLR ¢6DEtDVTXp««" o (QHODQWHSUR\HFWRGH/H\GH&D]DGH&/0VHGDSULRULGDGDOGHVDUUROORGH ODV FDFHUtDV \ D OD SURWHFFLyQ GH OD FD]D IUHQWH D ORV GHUHFKRV GH DFFHVR GHOUHVWRGHXVXDULRVGHOPHGLRQDWXUDO o (OVHFWRUGHODFD]DSUHVLRQyVLQp[LWRDO0LQLVWHULRGH$JULFXOWXUD$OLPHQWDFLyQ \0HGLR$PELHQWHSDUDTXHVHLQFOX\HUDQ GHWHUPLQDGRVDUWtFXORVOLPLWDQGR HOXVRGHOPHGLRQDWXUDOGHQWURGHOD/H\GH0RQWHVSHURDKRUDHO*RELHUQR GH&DVWLOOD/D0DQFKDORVTXLHUHDSUREDUHQVXQRUPDWLYDGHFD]D ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o (QGRVSXQWRVPX\FODURV ODSURKLELFLyQH[SUHVDGHWRGRWLSRGHDFWLYLGDGHVTXHSXHGDQPROHVWDU RHVSDQWDUODFD]DDQWHVRGXUDQWHXQDFDFHUtD\ HQHOLQFUHPHQWRGHOQ~PHURGHYDOODGRVFLQHJpWLFRV o (Q UHODFLyQ DO SULPHU SXQWR HO DQWHSUR\HFWR GH /H\ LQFOX\H GHQWUR GH ODV SURKLELFLRQHVSDUDODSURWHFFLyQGHODVSREODFLRQHVFLQHJpWLFDVODVLJXLHQWH $UWtFXOR P &XDOTXLHU DFFLyQ TXH SUHWHQGD HVSDQWDU D ODV HVSHFLHV GH FD]D H[LVWHQWH HQ WHUUHQRV DMHQRV DVt FRPR DTXHOODV TXH SURYRTXHQ OD KXtGD R DOWHUHQODVTXHUHQFLDVQDWXUDOHVLQFOXLGDODUHFRJLGDGHHVSiUUDJRVVHWDV KRQJRV X RWURV IUXWRV VLOYHVWUHV HQ ORV GtDV GH FD]D R SUHYLRV D HVWRV FXDQGR HVWp FRUUHFWDPHQWH VHxDOL]DGD OD FDFHUtD \ VH DFW~H VLQ HO FRQVHQWLPLHQWR GHO WLWXODU GHO DSURYHFKDPLHQWR FLQHJpWLFR 1R VH HQWHQGHUi FRPR SUiFWLFD GH HVSDQWDU DTXHOORV SURFHGLPLHQWRV \ PHGLRV SHUPLWLGRVSDUDSURWHJHUORVFXOWLYRVXRWURVELHQHV o 3RURWUDSDUWHHODQWHSUR\HFWRGH/H\FUHDODILJXUDGHOFHUUDPLHQWRRYDOODGR FLQHJpWLFRVHFXQGDULRTXHSHUPLWLUiWURFHDUODVILQFDVGHPiVGHKHFWiUHDV \DYDOODGDV /H\GH&D]D&/0£12 $UWtFXOR &HUUDPLHQWRFLQHJpWLFRVHFXQGDULRVHUiDTXHOTXHVHLQVWDOH HQHOLQWHULRUGHXQFHUUDPLHQWRFLQHJpWLFRSULQFLSDOSXGLHQGRFRLQFLGLU HQ SDUWH FRQ pVWH 6X FODVLILFDFLyQ ILQDOLGDGHV OLPLWDFLRQHV \ H[FHSFLRQHV VH GHWHUPLQDUiQUHJODPHQWDULDPHQWH ¢$TXpRDTXLpQDIHFWD" /D SURKLELFLyQ GHO DUWtFXOR P HV JHQpULFD \ DIHFWD D WRGR WLSR GH DFWLYLGDGHV VHDQpVWDVGHRFLRGHLQYHVWLJDFLyQGHHGXFDFLyQGHUHFROHFFLyQGHWXULVPR JDQDGHUDV X RWUDV TXH HQ XQ PRPHQWR GDGR SXHGDQ GDU OXJDU D HVSDQWDU DXQTXH VHDLQYROXQWDULDPHQWHDODVHVSHFLHVGHFD]D(OWLWXODUGHODFD]DHOJXDUGDGHOFRWRR ORV DJHQWHV GH OD DXWRULGDG SRGUiQ H[SXOVDU GH OD ]RQD D FXDOTXLHUD VL DSUHFLDQ TXH PROHVWD D OD FD]D 3RU VX SDUWH ORV WLWXODUHV FLQHJpWLFRV VH YHUiQ H[LPLGRV GH LQIRUPDUIHKDFLHQWHPHQWHGHODVFDFHUtDV\DTXHOHVEDVWDUiFRQSRQHUXQFDUWHOHQ HOFRWRGRVGtDVDQWHVGHTXHVHFHOHEUH 3RU VX SDUWH OD FUHDFLyQ GH QXHYRV FHUUDPLHQWRV DSDUWH GH ORV LPSDFWRV DPELHQWDOHV TXHJHQHUDQGLILFXOWDUiD~QPiVHOWUiQVLWRSRUFDPLQRVYtDVSHFXDULDV\]RQDV GHGRPLQLRS~EOLFR&RQHOWLHPSRVHKDYLVWRODJUDQFDQWLGDGGHFRQIOLFWRVKDELGRV SRU HO FRUWH GH HVWRV DFFHVRV $KRUD VH PXOWLSOLFDUtDQ ORV NLOyPHWURV GH FHUUDPLHQWRV H[LVWHQWHVSRUORTXHODFRQIOLFWLYLGDGHVWiDVHJXUDGD ¢4XpSHGLPRV" 4XHVHHOLPLQHHODUWtFXORPGHODQWHSUR\HFWRGH/H\ 4XHVHHOLPLQHHODUWtFXORGHODQWHSUR\HFWRGH/H\ <TXHVHDxDGDXQDIUDVHDODUWtFXORTXHJDUDQWLFHHOSDVR\HOXVRS~EOLFRSRUODV YtDVGRQGHHVWiSHUPLWLGR /RV FHUUDPLHQWRV FLQHJpWLFRV VH UHDOL]DUiQ GH IRUPD TXH QR GLILFXOWHQ HO OLEUH WUiQVLWR GH ODV HVSHFLHV GH IDXQD VLOYHVWUH QR FLQHJpWLFD QL VXSRQJDQ DIHFFLyQ VREUH ODV iUHDV \ UHFXUVRV QDWXUDOHV SURWHJLGRV HQ DSOLFDFLyQ GH VXV SODQHV R UpJLPHQ GH HYDOXDFLyQ FRUUHVSRQGLHQWH QL LPSLGDQ R GLILFXOWHQ HO WUiQVLWR R SHUPDQHQFLD GH SHUVRQDVHQ]RQDV\YtDVGHXVRS~EOLFR /H\GH&D]D&/0£12 1RUHVSHWDORVSULQFLSLRVGHELHQHVWDU DQLPDOQLORVGHUHFKRVGHORVDQLPDOHV GRPpVWLFRV ¢6DEtDVTXp««" o (Q &DVWLOOD/D 0DQFKD VH SHUPLWLUi DEDWLU SHUURV JDWRV\RWUDVHVSHFLHVGRPpVWLFDVDSHVDUGHTXHQR VRQHVSHFLHVFLQHJpWLFDV o 6HSHUPLWLUiHOXVRVLVWHPiWLFR\PDVLYRGHOD]RV\WUDPSDVSDUDFDSWXUDU \PDWDUPLOHVGHDQLPDOHVTXHVHFRQVLGHUDQGDxLQRVSDUDODFD]D o 6H DXWRUL]DQ IRUPDV GH FD]D FUXHOHV FRPR HO ODQFHR GH MDEDOt HO SHUUR GH PDGULJXHUD SDUD ]RUURV R ORV KXURQHV SDUD FRQHMRV TXH SURGXFHQ WHUULEOHV VXIULPLHQWRV D ORV DQLPDOHV TXH VH FD]DQ < WDPELpQ VH SHUPLWHQ PpWRGRV GH FD]DPDVLYRVGHDQLPDOHVFULDGRVHQJUDQMDV ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o (Q HO DUWtFXOR VH GLFH FODUDPHQWH TXH /RV DQLPDOHV GRPpVWLFRV DVLOYHVWUDGRV QR WHQGUiQ OD FRQVLGHUDFLyQ GH SLH]DV GH FD]D 1R REVWDQWH SRGUiQ VHU DEDWLGRVR FDSWXUDGRVSRU UD]RQHV VDQLWDULDV GHGDxRV R GH HTXLOLEULR HFROyJLFR SUHYLD DXWRUL]DFLyQ GHO ÐUJDQR 3URYLQFLDO GRQGH VH HVSHFLILFDUi ORV PHGLRV GH FDSWXUD D XWLOL]DU TXH HQ FXDOTXLHU FDVR VHUiQ VHOHFWLYRV\QRDFWXDUiQHQSHUMXLFLRGHRWUDVHVSHFLHVRGHVXVKiELWDWV (VWR HV DVt D SHVDU GH TXH ORV DQLPDOHV GRPpVWLFRV VH ULJHQ SRU OD /H\ GH 3URWHFFLyQ$QLPDOQRVLHQGRFRPSHWHQFLDVXFDSWXUDGHORVJHVWRUHVGHODFD]D VLQRGHORVD\XQWDPLHQWRV<VLHQGRREOLJDWRULDVXFDSWXUDHQYLYRSDUDSRQHUORV D GLVSRVLFLyQ GH XQD SURWHFWRUD R GH VX GXHxR /D PXHUWH GH DQLPDOHV GRPpVWLFRV\PiVVLHVFUXHOHVWiVDQFLRQDGDSHQDOPHQWH o (Q HO DUWtFXOR VH GLFH &RQ HO ILQ GH FRQWURODU HVSHFLHV FLQHJpWLFDV SRU FDXVDVMXVWLILFDGDV\UHLWHUDGDVFRQWHPSODGDVHQHODSDUWDGRGGHHVWHDUWtFXOR \VLHPSUHTXHORVGDxRVVHDQVXVFHSWLEOHVGHVHJXLUSURGXFLpQGRVH DORODUJRGH OD GXUDFLyQ GH ORV 3ODQHV GH 2UGHQDFLyQ&LQHJpWLFD VH SRGUi LQFOXLU HQ HVWRVDXWRUL]DFLRQHVGHFRQWUROPHGLDQWHDUPDVDGHFXDGDVGHXVROHJDOR PHGLRVKRPRORJDGRV (VGHFLUVHSRGUiDXWRUL]DUSDUDORVFLQFRDxRVGHYLJHQFLDGHO3ODQGHXQFRWR HO XVR VLVWHPiWLFR GH OD]RV \ WUDPSDV HQ ORV TXH SRU PX\ KRPRORJDGRV TXH HVWpQ VH KD FRPSUREDGR TXH FDHQ HVSHFLHV QR VyOR FLQHJpWLFDV VLQR WDPELpQ SURWHJLGDV \ GRPpVWLFDV \ HQ ODV TXH ORV DQLPDOHV SXHGHQ VXIULU GDxRV SRU /H\GH&D]D&/0£12 HVWUDQJXODPLHQWR KHULGDV R JROSHV GH FDORU $GHPiV VH SXHGHQ FRORFDU PDVLYDPHQWH HQ HO FDVR GH OD]RV HQ DODU VH SXHGHQ SRQHU OD]RV SRU FDGD KHFWiUHDV o /RVDUWtFXORV\GDQSLpDPRGDOLGDGHVGHFD]DHQODVTXHORVDQLPDOHV FDSWXUDGRVSXHGHQVXIULUJUDYHVGDxRV\VXIULPLHQWRV(QHOORVVHKDEODGH FXLGDU HO DQLPDO R HO DUPD TXH VH XVD SDUD FD]DU SHUR QR VH KDEOD QDGD GHO VXIULPLHQWR GH ORV FDSWXUDGRV 1R HV GLItFLO LPDJLQDU OR TXH VXSRQH FD]DU XQ MDEDOtDODQ]D]RVRFD]DU]RUURVRFRQHMRVDEDVHGHPRUGLVFRVGHSHUURVRGH KXURQHVTXHVHLQWURGXFHQHQVXVPDGULJXHUDV ¢$TXpRDTXLpQDIHFWD" (Q SULPHU OXJDU D ORV SURSLRV DQLPDOHV TXH VRQ REMHWR GH FD]D HQ HVSHFLDO D ORV GRPpVWLFRV TXH QR GHELHUDQ VLTXLHUD HVWDU LQFOXLGRV HQ HVWD OH\ GH QLQJXQD PDQHUD 3HURHQJHQHUDODODVHVSHFLHVTXHVHFDSWXUDQPHGLDQWHPpWRGRVFUXHOHV\PDVLYRV 7DPELpQDORVGXHxRVGHDQLPDOHVGRPpVWLFRVSXHVXQDQLPDOSHUGLGRTXHSRGtD VHUUHFXSHUDGR\GHYXHOWRDKRUDSXHGHVHUDEDWLGRVLHOWLWXODUGHOFRWRFRQVLGHUDTXH HVWiSURGXFLHQGRGDxRVRPROHVWLDVDODFD]D\OD$GPLQLVWUDFLyQVHORDXWRUL]D ¢4XpSHGLPRV" ([FOXLUODSRVLELOLGDGGHDEDWLUDQLPDOHVGRPpVWLFRVGHOD/H\GH&D]DUHJXODQGRTXHVL KD\TXHFDSWXUDUORVVHDHQYLYR\TXHVHXVHQPHGLRVLQFUXHQWRVTXHHYLWHQOHVLRQHV\ SHUPLWDQSRQHUORVDGLVSRVLFLyQGHXQDSURWHFWRUDRGHYROYHUORVDVXGXHxR 3URKLELUHOXVRGHOD]RV\WUDPSDVDVtFRPRORVPpWRGRVFUXHOHVRPDVLYRVGHFD]DHQ SDUWLFXODUHOSHUURGHPDGULJXHUDODFD]DFRQKXURQHV\HOODQFHRDVtFRPRHODODU\ODV WLUDGDV GH DQLPDOHV GH JUDQMD VHDQ HVWRV SDORPDV FRGRUQLFHV IDLVDQHV SHUGLFHV X RWURV /H\GH&D]D&/0£12 +DUiPiVSHOLJURVRHODFFHVRGHORV FLXGDGDQRVDOPHGLRQDWXUDO ¢6DEtDVTXp««" o (Q VHJXULGDG SDUD ODV SHUVRQDV VH HQFXHQWUD XQR GH ORV SXQWRV HQ ORV TXH OD /H\ KD UHWURFHGLGR PiV UHVSHFWR D OD VLWXDFLyQ DQWHULRU /RV SXQWRV VLJXLHQWHVORGHPXHVWUDQ o 6H SHUPLWH XVDU DUPDV GH IXHJR D PHQRUHV GH HGDGDSDUWLUGHORVDxRV o 6H SHUPLWLUi OD FD]D QRFWXUQD FRPR PRGDOLGDG FLQHJpWLFD o 6HSRGUiGLVSDUDUGHVGHYHKtFXORVHQGHWHUPLQDGDVFLUFXQVWDQFLDV o +D\ QXPHURVDV H[LPHQWHV GH OD REOLJDFLyQ GH VXSHUDU HO H[DPHQ GHO FD]DGRUSDUDSRGHUFD]DU o 6H SHUPLWHQ DUPDV GH FD]D SHOLJURVDV SRU VX DOFDQFH R SRU VX FDUiFWHU VLOHQFLRVRFRPRORVULIOHV\ODVEDOOHVWDV o 1RVHGHOLPLWDQQLVHVHxDOL]DQDGHFXDGDPHQWHODV]RQDVGHVHJXULGDG o 1R VH GHOLPLWDQ QL VH VHxDOL]DQ DGHFXDGDPHQWH ODV ]RQDV \ GtDV GH FDFHUtD o 6H SHUPLWH FD]DU GHXQD R GH RWUDPDQHUD HQ WRGDV ODV pSRFDV GHO DxR LQFOXLGDVODVGHPD\RUDIOXHQFLDGHSHUVRQDVDOFDPSR o 1R VH VDQFLRQDQ DGHFXDGDPHQWH ORV LQFXPSOLPLHQWRV HQ PDWHULD GH VHJXULGDGGHORVWLWXODUHVGHORVFRWRV\GHORVFD]DGRUHV o $WRGRHOORVHVXPDHOKHFKRGHTXHVHKDQOLPLWDGRFDVLKDVWDDQXODUODVODV UHVSRQVDELOLGDGHV GH ORV FD]DGRUHV HQ FDVR GH DFFLGHQWHV GH WUiILFR FRQ SLH]DVGHFD]DRHQHOFDVRGHDFFLGHQWHVSRUGLVSDUR /H\GH&D]D&/0£12 ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o /yJLFDPHQWHWDQWDVFXHVWLRQHVVHYHQUHIOHMDGDVHQQXPHURVRVDUWtFXORVDORODUJR GHODQWHSUR\HFWRGH/H\'HODVTXHKDQVLGRDOHJDGDVSRUPHQRUL]DGDPHQWH VHSXHGHQGHVWDFDUODVVLJXLHQWHV o $UWtFXOR/LFHQFLDGHFD]D ´3DUDREWHQHUSRUSULPHUDYH]ODOLFHQFLDGHFD]DVHUiQHFHVDULRWHQHUPiVGH FDWRUFHDxRV«µ ´ 6H UHFRQRFHUiQ FRPR YiOLGRV SDUD REWHQHU OD OLFHQFLD ORV FHUWLILFDGRV GH DSWLWXGH[SHGLGRVSRUFXDOTXLHURWUD&RPXQLGDG$XWyQRPDµ ´ /RV FD]DGRUHV H[WUDQMHURV QR UHVLGHQWHV HQ (VSDxD TXHGDUiQ H[LPLGRV GHO FHUWLILFDGR GH DSWLWXG SDUD RSWDU D OD OLFHQFLD GH FD]D GH &DVWLOOD/D 0DQFKD VLHPSUHTXHUH~QDQORVUHTXLVLWRVHTXLYDOHQWHVGHVXSDtVµ o $UWtFXOR 8VR GH DUPDV 3DUD OD SUiFWLFD GH OD FD]D SRGUiQ XVDUVH ODV VLJXLHQWHVDUPDVUHJODPHQWDGDVODVGHiQLPDOLVDODVODUJDVUD\DGDVORVDUFRV\ EDOOHVWDVGHWLURODVODQ]DVHQODVPRGDOLGDGHVGHFD]DTXHSHUPLWDQVXXVR o $UWtFXOR0RGDOLGDGHVGHFD]D(OHMHUFLFLRGHODFD]DVRORSRGUiHMHUFHUVH PHGLDQWH ODV PRGDOLGDGHV FLQHJpWLFDV TXH VH GHWHUPLQHQ UHJODPHQWDULDPHQWH LQFOXLGD OD FD]D QRFWXUQD DVt FRPR ORV UHTXLVLWRV OLPLWDFLRQHV \ PHGLGDV SUHFDXWRULDVGHVHJXULGDGTXHVHHVWDEOH]FDQ o $UWtFXOR H«([FHSFLRQDOPHQWH \ GH IRUPD MXVWLILFDGD VH SRGUi DXWRUL]DU HO XVRGHYHKtFXORVSDUDGLVSDUDUGHVGHHOORVVLHPSUHTXHVHWUDWHGHUHFHFKRVGH HVSHFLHVGHFD]DPD\RU o $UWtFXOR6HxDOL]DFLyQGHORVWHUUHQRV&RQFDUiFWHUJHQHUDOHQODV=RQDVGH 6HJXULGDG QR VHUi REOLJDWRULD OD VHxDOL]DFLyQ D HIHFWRV FLQHJpWLFRV FRQ ODV H[FHSFLRQHVTXHUHJODPHQWDULDPHQWHVHGHWHUPLQHQ ¢$TXpRDTXLpQDIHFWD" $ WRGRV ORV WUDQVH~QWHV \ XVXDULRV GHO PHGLR QDWXUDO VLQ GLVWLQFLyQ 3HUR HVSHFLDOPHQWH D DTXHOODV SHUVRQDV TXH DFXGHQ SRU RFLR \ QR FRQRFHQ ELHQ OR TXH VXSRQHHVWDUHQXQFRWRGHFD]DRFHUFDGHpO\DDTXHOORVXVXDULRVTXHORVIUHFXHQWDQ PiVPLHOHURVJDQDGHURVWUDEDMDGRUHVIRUHVWDOHVVHWHURVVHQGHULVWDVFLFORWXULVWDV« ¢4XpSHGLPRV" 4XHVHSULRULFHODVHJXULGDGGHODVSHUVRQDVHQOD/H\GH&D]DDFRWDQGRGHELGDPHQWH ODVREOLJDFLRQHV\UHVSRQVDELOLGDGHVGHORVWLWXODUHVFLQHJpWLFRV\GHORVFD]DGRUHV6RQ HOORVORVTXHSRUWDQDUPDV\SRUWDQWRVRQHOORVORVPi[LPRVUHVSRQVDEOHVGHTXHQR /H\GH&D]D&/0£12 RFXUUDQ DFFLGHQWHV (V QHFHVDULR TXH VH DPSOtHQ ODV ]RQDV GH VHJXULGDG \ TXH VHDQ VHxDOL]DGDV SHUIHFWDPHQWH HQ FDVR FRQWUDULR KDEUtD TXH UHWLUDU OD OLFHQFLD DO FRWR \ VDQFLRQDUFRPRLQIUDFFLyQPX\JUDYHODVGHILFLHQFLDVHQPDWHULDGHVHJXULGDG /DVFDFHUtDVVHGHEHQDQXQFLDUFRQDOPHQRVXQPHVGHDQWHODFLyQHQODSiJLQDZHEGH OD-XQWDSDUDTXHWRGRHOS~EOLFRSXHGDDFFHGHUFRQWLHPSRDGLFKDLQIRUPDFLyQ 6HGHEHQSURKLELUODVDUPDVSHOLJURVDVFRPRODEDOOHVWDRHOULIOHGHODUJRDOFDQFH$Vt FRPRODFD]DGHVGHYHKtFXORVHQWRGRFDVR\ODFD]DQRFWXUQDVDOYRHQFLUFXQVWDQFLDV H[FHSFLRQDOHV\FRQJDUDQWtDVGHVHJXULGDG 3RU ~OWLPR SDUD FD]DU FRPR RFXUUH HQ RWUDV &RPXQLGDGHV $XWyQRPRV \ SDUD RWUDV DFWLYLGDGHV PXFKR PHQRV SHOLJURVDV TXH OD FD]D VH GHEH H[LJLU PD\RUtD GH HGDG \ KDEHUVXSHUDGRODSUXHEDGHOH[DPHQGHOFD]DGRUVLQH[FHSFLyQDOJXQD /H\GH&D]D&/0£12 3URYRFDUiJUDYHVLPSDFWRVHQOD QDWXUDOH]D ¢6DEtDVTXp««" o /D LQWHQVLILFDFLyQ GH OD FD]D TXH SURPXHYH OD /H\ SHUMXGLFDUi JUDYHPHQWH D ODV HVSHFLHV SURWHJLGDV \ D ORV HVSDFLRV QDWXUDOHV GH PiV YDORU QDWXUDO HVSHFLDOPHQWHORVLQFOXLGRVHQOD5HG1DWXUD6H SRGUi FD]DU HQ pSRFDV GH FUtD QLGLILFDFLyQ R GH SDVR GH HVSHFLHV PLJUDGRUDV 6H SRGUi FD]DU FRQ PpWRGRV PDVLYRV R TXH SXHGHQ FRPR OD FD]D GH DFXiWLFDV SURSLFLDU TXH VH FDFHQ HVSHFLHV QR FLQHJpWLFDV SRU HUURU 6H PDQWLHQH HO XVR GHO SORPR HQ OD PXQLFLyQ D SHVDU GH VHU XQ FRQWDPLQDQWHGHORVHFRVLVWHPDV\GHORVDOLPHQWRVSURFHGHQWHVGHODFD]D o &RQ XQD QRUPDWLYD PiV SHUPLVLYD \ FRQ VXEYHQFLRQHV VH IRPHQWDUi OD LQVWDODFLyQGHPiVLQIUDHVWUXFWXUDVDVRFLDGDVDODFD]DWDOHVFRPRFDPLQRV WLUDGHURV YDOODGRV \ SDEHOORQHV GH FD]D HVSHFLDOPHQWH HQ ODV ILQFDV GH FD]D PD\RUODFXDOHVVHXELFDQHQ]RQDVGHDOWRYDORUQDWXUDO o (Q VLQFURQtD FRQ OD /H\ GH &D]D VH HVWiQ PRGLILFDQGR ORV SODQHV GH UHFXSHUDFLyQ GH HVSHFLHV HQ SHOLJUR GH H[WLQFLyQ SDUD TXH VH SHUPLWD OD LQVWDODFLyQGHQXHYRVYDOODGRVVHFUHHQFXDUWHOHVGHFD]DFRPHUFLDO\VHSHUPLWD HOXVRGHOD]RVHQ]RQDVFUtWLFDVSDUDHOOLQFHLEpULFRRHOiJXLODLPSHULDOGRQGH KDVWDDKRUDHVWDEDSURKLELGR o (QODSURSLD/H\GH&D]DVHLQFRUSRUDXQDPRGLILFDFLyQGHOD/H\GH &RQVHUYDFLyQ GH OD 1DWXUDOH]D TXH PLQLPL]D ODV UHVSRQVDELOLGDGHV GH ORV WLWXODUHVFLQHJpWLFRVHQFDVRGHTXHDSDUH]FDYHQHQRHQHOFRWR o 1R VH KD SUHYLVWR QLQJ~Q SURFHGLPLHQWR GH HYDOXDFLyQ GH LPSDFWR DPELHQWDO SDUD ORV 3ODQHV GH $SURYHFKDPLHQWR &LQHJpWLFR QL VLTXLHUD HQ ORV HVSDFLRVGHODUHG1DWXUDGRQGHHVREOLJDWRULR ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o (QSULPHUOXJDUHQODQRLQFRUSRUDFLyQGHGLVSRVLFLRQHVTXHUHJXOHQSURKtEDQR OLPLWHQ SUiFWLFDV TXH SXHGHQ VHU OHVLYDV SDUD ORV UHFXUVRV QDWXUDOHV SURWHJLGRV 3RUHMHPSORODHYDOXDFLyQDPELHQWDOGHORV3ODQHVGHFD]DODSURKLELFLyQGHOD FD]D DFXiWLFDV R GHO XVR GH PXQLFLyQ GH SORPR GH OD WLUDGDV GH DQLPDOHV GH JUDQMD GH ORV FXDUWHOHV GH FD]D GHO FRQWURO GH SUHGDGRUHV R GH QXHYRV FHUUDPLHQWRV HVSHFLDOPHQWH HQ ORV HVSDFLRV GH OD 5HG 1DWXUD \ HQ ORV iPELWRVGHDSOLFDFLyQGHORVSODQHVGHUHFXSHUDFLyQ\FRQVHUYDFLyQGHHVSHFLHV DPHQD]DGDV /H\GH&D]D&/0£12 o (Q VHJXQGR OXJDU HQ GLVSRVLFLRQHV TXH IDYRUHFHQ OD FRQVWUXFFLyQ R DPSOLDFLyQ GHQXHYDVLQIUDHVWUXFWXUDVHQHOPHGLRQDWXUDOFRPRODVVLJXLHQWHV $UWtFXOR,QIUDHVWUXFWXUDVHQWHUUHQRVFLQHJpWLFRV $ORVHIHFWRVGHHVWD/H\VRQLQIUDHVWUXFWXUDVHOFRQMXQWRGHHOHPHQWRVTXHVH FRQVLGHUDQ QHFHVDULRV R TXH SXHGHQ DIHFWDU D OD RUJDQL]DFLyQ GHVDUUROOR \ IXQFLRQDPLHQWRGHODDFWLYLGDGSURSLDGHXQWHUUHQRFLQHJpWLFR (QOD/H\VHLQFOX\HXQDUWtFXORHOTXHSHUPLWHKDELOLWDUVXEYHQFLRQHVSDUD OOHYDU D FDER PHGLGDV GH IRPHQWR GHVWLQDGDV D ORV WLWXODUHV SURIHVLRQDOHV FLQHJpWLFRV(QODDFWXDOLGDG\DVHKDQSXHVWRHQSUiFWLFDPHGLGDVSDUHFLGDV$Vt OD2UGHQGHGHOD&RQVHMHUtDGH$JULFXOWXUDSRUODTXHVHHVWDEOHFHQ ODVEDVHVUHJXODGRUDVGHODVD\XGDVSDUDSRWHQFLDUHODSURYHFKDPLHQWRVRVWHQLEOH GHORVFRWRVSULYDGRVGHFD]D\HOWXULVPRFLQHJpWLFRHQHOPDUFRGHOSURJUDPD GHGHVDUUROORUXUDOGH&DVWLOOD/D0DQFKDKDDSUREDGRXQIRQGRGH HXURV SDUD VXEYHQFLRQDU HQWUH RWUDV FRVDV OD ´PHMRUD GH LQIUDHVWUXFWXUDVQHFHVDULDVSDUDIDYRUHFHUHOWXULVPRUXUDOGHFDUiFWHUFLQHJpWLFRµ $SDUWDGRGHODUWtFXOR6XSXHVWRVSDUWLFXODUHVGHUHVSRQVDELOLGDGSRUGDxRV DHVSHFLHVDPHQD]DGDVTXHGDUHGDFWDGRHQORVVLJXLHQWHVWpUPLQRV ´ &RUUHVSRQGH D ORV WLWXODUHV GHO DSURYHFKDPLHQWR FLQHJpWLFR HVWDEOHFHU ODV PHGLGDV QHFHVDULDV SDUD HYLWDU OD FRORFDFLyQ \ H[LVWHQFLD QR DXWRUL]DGD HQ VXV WHUUHQRVGHFHERVHQYHQHQDGRVHQFLUFXQVWDQFLDVVXVFHSWLEOHVGHGDxDUDODIDXQD VLOYHVWUH 6H HQWLHQGH FXPSOLGD HVWD REOLJDFLyQ FXDQGR FRQVWH TXH HO WHUUHQR FXHQWD FRQ HO VHUYLFLR GH YLJLODQFLD SULYDGD HQ ORV WpUPLQRV SUHYLVWRV HQ ODV QRUPDV HVSHFtILFDV VREUH HVWD PDWHULD TXH UHVXOWH HIHFWLYR VLQ SHUMXLFLR GH ODV UHVSRQVDELOLGDGHV TXH VH SXHGDQ H[LJLU FRQIRUPH D OD /H\ GH GH RFWXEUHGH5HVSRQVDELOLGDG0HGLRDPELHQWDOµ ¢$TXpRDTXLpQDIHFWD" (O3DWULPRQLR1DWXUDOGH&DVWLOOD/D0DQFKDHVHOSULQFLSDODIHFWDGRGHXQD/H\ HQODTXHVHKDGHMDGRGHODGRODFRQVHUYDFLyQGHODQDWXUDOH]DFRPRSULRULGDGSDUD SRQHU HVWH YDOLRVR UHFXUVR FRP~Q DO VHUYLFLR GH ORV LQWHUHVHV \ ODV DILFLRQHV GH XQRV SRFRV &RQ HVSDFLRV \ HVSHFLHV HQ SHRU HVWDGR SHUGHPRV WRGRV H KLSRWHFDPRV HO OHJDGRQDWXUDOTXHVHSXHGDGHMDUDODVJHQHUDFLRQHVYHQLGHUDV ¢4XpSHGLPRV" 4XH VH SURKtEDQ ODV PRGDOLGDGHV \ SUiFWLFDV GH FD]D LQVRVWHQLEOHV R TXH SXHGDQ SURGXFLUGDxRVDODVHVSHFLHVSURWHJLGDVRDORVKiELWDWV /H\GH&D]D&/0£12 4XHVHIUHQHODUHYLVLyQDODEDMDGHORVSODQHVGHUHFXSHUDFLyQGHHVSHFLHVHQSHOLJUR GHH[WLQFLyQFRPRHOOLQFHLEpULFR\HOiJXLODLPSHULDOLEpULFD 4XH VH UHWLUH OD PRGLILFDFLyQ TXH DIHFWD DO DUWtFXOR GH OD /H\ GH &RQVHUYDFLyQGHOD1DWXUDOH]D 4XH VH LQFOX\D FRPR SUHFHSWLYD \ YLQFXODQWH HQ VXV UHVXOWDGRV OD HYDOXDFLyQ GH LPSDFWRDPELHQWDOGHORV3ODQHVGHFD]D /H\GH&D]D&/0£12 *HQHUDUiPiVFRUUXSFLyQ DPLJXLVPR\DSHQDVHPSOHR ¢6DEtDVTXp««" o (Q ORV ~OWLPRV DxRV HQWRUQR D OD FD]D VH KDQ FRQRFLGR QXPHURVRV FDVRV GH FRUUXSFLyQ DPLJXLVPR IXUWLYLVPR WUiILFRGHWURIHRV\GHHVSHFLHVSURWHJLGDV \RWUDVPXFKDVLUUHJXODULGDGHVTXHDIHFWDQ D GXHxRV \ JHVWRUHV GH FRWRV FHWUHURV WD[LGHUPLVWDVHLQFOXVRDUHVSRQVDEOHVSROtWLFRV \IXQFLRQDULRV o $OJXQRV GH ORV TXH KDQ SDUWLFLSDGR GHVGH OD DGPLQLVWUDFLyQ HQ OD UHGDFFLyQ GH OD /H\ VRQ WLWXODUHV R JHVWRUHV GH FRWRV \ RWURV DFHSWDQ LQYLWDFLRQHV D FD]DU HQ ILQFDV GH SDUWLFXODUHV 6RQ XQD SDUWH GH ORV IXQFLRQDULRVSHURGHELHUDQHVWDULQKDELOLWDGRVGHODIXQFLyQGHJHVWLRQDUODFD]D DO LJXDO TXH H[LVWHQ DJHQWHV GH OD DXWRULGDG TXH GHELHQGR YLJLODU OD FD]D VH GHGLFDQDHMHUFHUODRDFHSWDQLQYLWDFLRQHVDFDFHUtDV o 6HJ~QGDWRVRILFLDOHVGHOD-XQWDGH&DVWLOOD/D0DQFKDODFD]DJHQHUDHQ OD UHJLyQ SXHVWRV GH WUDEDMR HV GHFLU PHQRV GH SXHVWR GH WUDEDMR SRUFDGDKHFWiUHDVGHWHUUHQRFLQHJpWLFRH[LVWHQWHVLHQGR pVWHXQRGH ORVPHQRUHVUDWLRGHHPSOHRSRUVXSHUILFLHGHHQWUHFXDOTXLHUDGHODVDFWLYLGDGHV TXHVHGDQHQHOPHGLRQDWXUDO o (Q OD FD]D HV IUHFXHQWH HO WUDEDMR FRQ UHWULEXFLRQHV \ FRQGLFLRQHV ODERUDOHV SUHFDULDV \ HO PDQHMR GH GLQHUR QHJUR TXH QR VH GHFODUD D KDFLHQGD o +D\ILQFDV\FRWRVGHFD]DTXHHVWiQDQRPEUHGHHPSUHVDVFX\RUDVWUR WHUPLQD HQ SDUDtVRV ILVFDOHV SRU OR TXH HVFDSDQ HQ EXHQD PHGLGD GH OD REOLJDFLyQ GH WULEXWDU HQ QXHVWUR SDtV < TXH KD\ PXFKDV JUDQGHV ILQFDV GH FD]DTXH\DVHEHQHILFLDQGHODVD\XGDVGHOD3$&DSHVDUGHTXHVXVGXHxRV VRQPDJQDWHVTXHQRQHFHVLWDQHVHGLQHUR ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o (QTXHQRDERUGDHQDEVROXWRHVWDVFXHVWLRQHV3RUHMHPSORQRREOLJDDORV WLWXODUHVGHORVFRWRVDTXHGHPXHVWUHQTXHFXPSOHQFRQODOHJLVODFLyQODERUDOD ODKRUDGHFRQWUDWDUDORVJXDUGDVRDORVDX[LOLDUHVGHODVFDFHUtDV /H\GH&D]D&/0£12 o 7DPSRFRHYDO~DFRQGDWRDOJXQRHOLPSDFWRVREUHHOHPSOHRTXHWHQGUi OD /H\ D SHVDU GH TXH pVWH HV XQR GH ORV PRWLYRV TXH VH HVJULPHQ SDUD LPSXOVDUOD o 3RU ~OWLPR QR HVWDEOHFH QLQJXQD PHGLGD SDUD HYLWDU OD FRUUXSFLyQ \ HO DPLJXLVPRHQHOPXQGRGHODFD]D\HQVXUHODFLyQFRQODVDGPLQLVWUDFLRQHV ¢$TXpRDTXLpQDIHFWD" /D FRUUXSFLyQ DIHFWD D WRGRV SXHV LPSOLFD D TXH VH OOHYHQ D FDER DFWXDFLRQHV TXH VHJXUDPHQWHQRGHELHUDQSHUPLWLUVH\DTXHVHGHWUDLJDQUHFXUVRVTXHGHELHUDQDFDEDU HQ ODV DUFDV S~EOLFDV 3RU VX SDUWH ODV PDODV SUiFWLFDV ODERUDEOHV DIHFWDQ VREUH WRGRDORVWUDEDMDGRUHVTXHODVVXIUHQ\DVXVIDPLOLDV ¢4XpSHGLPRV" 4XH VH UHDOLFH XQD DXGLWRUtD LQGHSHQGLHQWH GH OD FD]D HQ &DVWLOOD/D 0DQFKD SDUD FRQRFHU HO YHUGDGHUR DOFDQFH HFRQyPLFR \ ODERUDO GH HVWD DFWLYLGDG DVt FRPR SDUD LGHQWLILFDUODVPDODVSUiFWLFDVODERUDOHV\WULEXWDULDV 4XHVHHVWDEOH]FDODLQFRPSDWLELOLGDGDEVROXWDSDUDORVIXQFLRQDULRVS~EOLFRVGHFD]DUVL VHHVWiHMHUFLHQGRDOJ~QWLSRGHIXQFLyQHQOD$GPLQLVWUDFLyQUHODFLRQDGDFRQODFD]D< TXH HO LQFXPSOLPLHQWR GH HVWD LQFRPSDWLELOLGDG VH VDQFLRQH FRQ XQD LQKDELOLWDFLyQ \ FRPRLQIUDFFLyQPX\JUDYH 4XH SDUD TXH VH SXHGD FD]DU HQ XQ FRWR VX WLWXODU DFUHGLWH IHKDFLHQWHPHQWH DQWH OD $GPLQLVWUDFLyQHOFXPSOLPLHQWRHVWULFWRGHODVREOLJDFLRQHVODERUDOHV\WULEXWDULDV /H\GH&D]D&/0£12 1R D\XGDUi D SURWHJHU \ FRQVHUYDUORVUHFXUVRVFLQHJpWLFRV ¢6DEtDVTXp««" o &RQ OD QXHYD /H\ VH SURPXHYHQ FHUFDGRV VXHOWDV GH DQLPDOHV GH JUDQMD \ RWUDV SUiFWLFDV OR TXH VXSRQH XQD FDGD YH] PD\RU DUWLILFLDOL]DFLyQGHODFD]D o 4XH FRPR KDQ DOHUWDGR ODV YRFHV FUtWLFDV GHO VHFWRU FLQHJpWLFR OD FD]D VH FRQYLHUWH FDGD GtD PiV HQ XQ VLPSOH HMHUFLFLR GH WLUR DO EODQFR KDFLD DQLPDOHVTXHPiVTXHVDOYDMHVVHFUtDQ\PDQHMDQFRPRDOJDQDGR o 4XH HVWD DUWLILFLDOL]DFLyQ GH OD FD]D HVWi FRQWULEX\HQGR DO GHWHULRUR JHQpWLFR GHODVHVSHFLHVGHFD]DDXWyFWRQDVDOGHWHULRURGHORVKiELWDWV\DODHQWUDGD \SURSDJDFLyQGHHQIHUPHGDGHVTXHSXHGHQOOHJDUDDIHFWDUDOKRPEUH o 4XH D ORV FD]DGRUHV WUDGLFLRQDOHV R D OD FD]D VRFLDO VH OHV SRQHQ FRQGLFLRQHVTXHOHVKDFHQPiVGLItFLOFD]DU\OHVVLW~DQHQGHVYHQWDMDUHVSHFWRD ODVH[SORWDFLRQHVFRPHUFLDOHVGHFD]D ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o (QODDSXHVWDSRUODFD]DFRPHUFLDOHLQWHQVLYDTXHFRPRVHKDYLVWRHQRWURV DSDUWDGRV GDUi OXJDU D PD\RU Q~PHUR GH FHUUDPLHQWRV FLQHJpWLFRV \ DO DXPHQWR GH OR TXH VH OODPDEDQ FRWRV LQWHQVLYRV \ TXH DKRUD SDVDQ D GHQRPLQDUVH FXDUWHOHV GH FD]D GH FRPHUFLDO TXH LQFOXVR SRGUiQ LQWHJUDUVH HQ FRWRV GH FD]D QRUPDOHV &RQ PiV FXDUWHOHV GH FD]D KDEUi PiV VXHOWDV GH DQLPDOHVGHJUDQMD\FDGDGtDTXHGDUiPHQRVWHUUHQRVSDUDKDFHURWURWLSRGH FD]D o 8QHMHPSOROODPDWLYRGHODGHVLJXDOGDGGHWUDWRFRQODFD]DVRFLDORWUDGLFLRQDO OR UHIOHMD HO GDWR VLJXLHQWH 0LHQWUDV TXH SDUD KDFHU XQ FRWR SULYDGR GH FD]D PD\RUVHKDUHGXFLGRGHDKHFWiUHDVODVXSHUILFLHPtQLPDSDUDKDFHU XQ FRWR GH FDUiFWHU VRFLDO OR TXH OD OH\ GH FD]D OODPD ´=RQDV FROHFWLYDV GH &D]DµODVXSHUILFLHPtQLPDFRQWLQXDHVGHKHFWiUHDVDUWtFXORGHO DQWHSUR\HFWR,JXDOPHQWHHQOD~OWLPDUHIRUPDUHJODPHQWDULDGHOD/H\GH&D]D TXHDKRUDVHYDOLGDUiVHSHUPLWHDORVFRWRVLQWHQVLYRVFHUUDUODWHPSRUDGD GHFD]DYDULDVVHPDQDVPiVWDUGHTXHDOUHVWR /H\GH&D]D&/0£12 ¢$TXpRDTXLpQDIHFWD" )XQGDPHQWDOPHQWHDOVHFWRUGHODFD]DWUDGLFLRQDO\GHODFD]DVRFLDOTXHDSXHVWD SRUXQPRGHORVRVWHQLEOH\GHELGDPHQWHUHJXODGRGHODSUiFWLFDGHODFD]D7DPELpQD ODVHVSHFLHV\ORVKiELWDWVFLQHJpWLFRVYtFWLPDVLQRFHQWHVGHODPDODJHVWLyQ\GHOD DYDULFLDFRQODTXHEXVFDVDFDUUHQWDELOLGDGGHODFD]DFRPHUFLDODWRGDFRVWD ¢4XpSHGLPRV" 8Q SODQWHDPLHQWR VHULR \ VRVWHQLEOH GH OD DFWLYLGDG FLQHJpWLFD (PSH]DQGR SRU DXPHQWDU HQ WRGRV ORV FDVRV HO WDPDxR GH ORV FRWRV SDUD FD]D PD\RU OR PtQLPR UHFRPHQGDEOH VRQ VLHPSUH ODV KHFWiUHDV QR SHUPLWLU VXHOWDV QL FHUUDPLHQWRV HQ VXSHUILFLHV LQIHULRUHV D KHFWiUHDV IRPHQWDQGR TXH OD VXSHUILFLHV VLQ FHUFDU VHDQ FDGDYH]PD\RUHVXQDJHVWLyQLQWHJUDGD\ORPiVQDWXUDOSRVLEOHGHODFD]D3DUDHOOR KDFH OD IDOWD OD LPSOLFDFLyQ GH XQD DGPLQLVWUDFLyQ UHVSRQVDEOH \ GHO VHFWRU FUtWLFR GH FD]DGRUHVFRQODFD]DLQWHQVLYDTXHGHGHMDYHUFDGDGtDPiVSHURQRDFDEDGHGDUHO SDVRDOIUHQWHTXHVHUHTXLHUH /H\GH&D]D&/0£12 7HQGUiXQLPSDFWRHFRQyPLFR QHJDWLYRHQODVDUFDVS~EOLFDV\ SHUMXGLFDUiDOUHVWRGHDFWLYLGDGHV HFRQyPLFDVTXHVHGHVDUUROODQHQ HOPHGLRQDWXUDO ¢6DEtDVTXp««" o /DV OH\HV GHEHQ LU DFRPSDxDGDV GH XQ HVWXGLR GHO LPSDFWR HFRQyPLFR TXH OD PHPRULD MXVWLILFDWLYD GH OD /H\ GH &D]D RPLWH GHMDQGR DO GHVFXELHUWR TXH QR KD\ GDWRV TXH DYDOHQ HO VXSXHVWR EHQHILFLR HFRQyPLFR GHULYDGR GH VX DSOLFDFLyQ o (QOD/H\WRGDVODVPHGLGDVTXHWLHQHQFDUiFWHUHFRQyPLFRVXSRQHQXQPHQRU LQJUHVR SDUD ODV DUFDV S~EOLFDV HV HO FDVR GH OD UHGXFFLyQ GH VDQFLRQHV D OD PLWDGGHQXHYDVVXEYHQFLRQHVRGHODUHGXFFLyQGHWDVDVDORVFRWRV7DPELpQ SRGUtDWHQHUXQLPSDFWRQHJDWLYRODOLFHQFLD~QLFD\ODFRQYDOLGDFLyQGHOLFHQFLDV \H[iPHQHVGHOFD]DGRUUHDOL]DGRVHQRWUDV&RPXQLGDGHV$XWyQRPDV o $OLPSRQHUODSURKLELFLyQGHDFFHVRHQGtDVGHFDFHUtD\JHQHUDUJUDYHVULHVJRVD ODVHJXULGDGGHODVSHUVRQDV SHUMXGLFDUi\SRQGUiHQSHOLJURHOGHVDUUROOR GHRWUDVDFWLYLGDGHVHFRQyPLFDVFRPRHOWXULVPRDFWLYRHQODQDWXUDOH]DORV DSURYHFKDPLHQWRV IRUHVWDOHV DStFRODV \ JDQDGHURV \ ODV DFWLYLGDGHV GH RFLR \ GHSRUWLYDV ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o /D PHPRULD MXVWLILFDWLYD GH OD /H\ UHFRJH HQ HO SXQWR GH LPSDFWR GHVGH HO SXQWR GH YLVWD SUHVXSXHVWDULR XQ VROR SiUUDIR FRQ HO VLJXLHQWH WH[WR ´3DUD OD DSOLFDFLyQ GH HVWD /H\ QR HV QHFHVDULR TXH OD $GPLQLVWUDFLyQ 5HJLRQDO DPSOtH PHGLRVPDWHULDOHVQLSHUVRQDOHVSRUORTXHQRWHQGUiHIHFWRVHQORVLQJUHVRVR JDVWRVGHOD$GPLQLVWUDFLyQ5HJLRQDOµ&RPRVHSXHGHDSUHFLDUHQODPHPRULD QR VyOR QR VH KDFH FXDQWLILFDFLyQ DOJXQD VLQR TXH VH YDORUD HO LPSDFWR HQ ORV LQJUHVRVFRPRQXORFXDQGRKD\GLVSRVLFLRQHVTXHLPSOLFDQTXHHVQHJDWLYR o (Q HO $UWtFXOR 6DQFLyQ GH ODV LQIUDFFLRQHV DGPLQLVWUDWLYDV ODV LQIUDFFLRQHV JUDYHV\PX\JUDYHVSDVDQDPXOWDUVHFRQXQLPSRUWHGHDHXURV\GH D H[DFWDPHQWH OD PLWDG TXH DFWXDOPHQWH &XULRVDPHQWH HO WRSH LQIHULRUGHODVLQIUDFFLRQHVOHYHVSDVDGHDHXURV o (O DUWtFXOR GLFH TXH ´/D &RQVHMHUtD SRGUi KDELOLWDU GH DFXHUGR FRQ VX GRWDFLyQ SUHVXSXHVWDULD HQ PDWHULD GH VXEYHQFLRQHV \ GHQWUR GHO PDUFR GH OD QRUPDWLYD HVWDWDO \ FRPXQLWDULD ORV IRQGRV TXH HVWLPH RSRUWXQRV SDUD /H\GH&D]D&/0£12 OOHYDUDFDERPHGLGDVGHIRPHQWRGHVWLQDGDVDORVWLWXODUHVSURIHVLRQDOHV FLQHJpWLFRV ORV FXDOHV SRGUiQ RSWDU D DTXHOODV H[FHSFLRQHV TXH UHJODPHQWDULDPHQWH VH GHWHUPLQHQ DWHQGLHQGR D VX FXDOLILFDFLyQ \ HVWDUiQ VXMHWRV D ORV DFXHUGRV R FRQYHQLRV GH FRODERUDFLyQ TXH VHDQ UHTXHULGRV SRU OD $GPLQLVWUDFLyQµ 8Q HMHPSOR GH OR TXH SXHGHQ LPSOLFDU HVWH DUWtFXOR OR HQFRQWUDPRV HQ HO IRQGR GH HXURV FRQ HO TXH VH GRWD OD 2UGHQ GH GH OD &RQVHMHUtD GH $JULFXOWXUD SRU OD TXH VH HVWDEOHFHQ ODV EDVHV UHJXODGRUDV GH ODV D\XGDV SDUD SRWHQFLDU HO DSURYHFKDPLHQWR VRVWHQLEOH GH ORV FRWRV SULYDGRV GH FD]D \ HO WXULVPR FLQHJpWLFR HQ HO PDUFR GHO SURJUDPD GH GHVDUUROORUXUDOGH&DVWLOOD/D0DQFKD o 6HLQFOX\HXQD'LVSRVLFLyQILQDOVHJXQGDTXH0RGLILFDOD /H\ GH GH QRYLHPEUH GH 7DVDV \ 3UHFLRV 3~EOLFRV GH &DVWLOOD/D 0DQFKD \ RWUDV PHGLGDV WULEXWDULDVHQODTXHVHJ~QVHH[SOLFDHQHOSUHiPEXORODWDVDSDVDDFDOFXODUVH ´H[FOXVLYDPHQWHSRUODVXSHUILFLHGHOWHUUHQRFLQHJpWLFRFRQVLGHUDQGRTXHFXDQWR PD\RUVHDpVWDPD\RUVHUiHOUHQGLPLHQWRODERUDOHVWLPDGRHQHOFiOFXORGH ODWDVD\SRUWDQWRPHQRUHOFRVWHSRUKHFWiUHDµ o (OLPSDFWRHQRWUDVDFWLYLGDGHVYLHQHGHODPDQRGHODVOLPLWDFLRQHVDODFFHVRDO PHGLRQDWXUDO\GHORVULHVJRVSDUDODVHJXULGDG\DH[SXHVWRVHQORVDSDUWDGRV \ ¢$TXpRDTXLpQDIHFWD" (OLPSDFWRHFRQyPLFRTXHVHSXHGHGHULYDUGHHVWD/H\ SHUMXGLFDGLUHFWDPHQWHORV LQJUHVRV \ SRU WDQWR OD FDSDFLGDG GH UHLQYHUVLyQ GH OD -XQWD GH &DVWLOOD/D 0DQFKD/RVUHFRUWHVHQSROtWLFDVVRFLDOHV\PHGLRDPELHQWDOHVVHSRGUtDQILQDQFLDUHQ SDUWHFRQORTXHVHUHJDODDOPXQGRGHODFD]DFRPHUFLDOVLHQGRDGHPiVHOFDVRGHTXH YDQDVHUSUHFLVDPHQWHORVWLWXODUHVFLQHJpWLFRVFRQPD\RUFDSDFLGDGHFRQyPLFDORVTXH PiVVHEHQHILFLHQGHODVD\XGDV\H[HQFLRQHVTXHLPSOLFDODQXHYD/H\8QDYH]PiVHO GLQHURGHWRGRVVLUYHSDUDEHQHILFLDUDXQRVSRFRVSULYLOHJLDGRV 3RU RWUD SDUWH ODV OLPLWDFLRQHV DO QRUPDO GHVDUUROOR GH RWUDV DFWLYLGDGHV HQ HO PHGLRUXUDOSRGUiQJHQHUDUXQLPSDFWRHFRQyPLFRQHJDWLYRTXHGLItFLOPHQWHVH YHUiFRPSHQVDGRSRUHOKLSRWpWLFREHQHILFLRTXHJHQHUpODFD]DFRPHUFLDO ¢4XpSHGLPRV" 8QVLVWHPDGHWDVDVVLQH[HQFLRQHV\SURSRUFLRQDGRDORVEHQHILFLRVTXHJHQHUHODFD]D (VWRVDGHPiVGHEHQVHUDXGLWDGRVFDVRSRUFDVRSDUDHYLWDUIUDXGHVHQODGHFODUDFLyQ GHEHQHILFLRV\HQODVXEVLJXLHQWHOLTXLGDFLyQGHLPSXHVWRV (OLPLQDFLyQ GH ODV D\XGDV D OD FD]D FRPHUFLDO \ GHULYDFLyQ GH ODV PLVPDV KDFLD DFWLYLGDGHV WUDGLFLRQDOHV \ GH WXULVPR UXUDO TXH SURPXHYDQ HO GHVDUUROOR UXUDO VRVWHQLEOH /H\GH&D]D&/0£12 ,QFXPSOHODVGLUHFWLYDVHXURSHDV\ ODVOH\HVHVWDWDOHV ¢6DEtDVTXp««" o /DV 'LUHFWLYDV HXURSHDV GH DYHV \ KiELWDWV &( UHODWLYD D OD FRQVHUYDFLyQ GH ODV DYHV VLOYHVWUHV \ UHODWLYD D OD FRQVHUYDFLyQ GH ORV KiELWDWV QDWXUDOHV \ GH OD IDXQD \ IORUD VLOYHVWUHVHVWDEOHFHQTXHHQOD5HG1DWXUD ORVHVWDGRVPLHPEURV HVWiQREOLJDGRVD DGRSWDU ODVPHGLGDVDSURSLDGDVSDUDHYLWDUHOGHWHULRURGHORVKiELWDWVQDWXUDOHV \GHORVKiELWDWVGHHVSHFLHV\DTXHFXDOTXLHUSODQRSUR\HFWRTXHSXHGD DIHFWDUGHIRUPDDSUHFLDEOHDORVFLWDGRVOXJDUHVVHVRPHWHUi D XQDDGHFXDGD HYDOXDFLyQGHVXVUHSHUFXVLRQHVHQHOOXJDU o /DV/H\HVHVWDWDOHVGH3DWULPRQLR1DWXUDO\%LRGLYHUVLGDG\ GH (YDOXDFLyQ $PELHQWDO LQFRUSRUDQ WH[WXDOPHQWH ORV PLVPRV SUHFHSWRV FRQWHQLGRVHQODV'LUHFWLYDV o /D /H\ HVWDWDO GH 3DWULPRQLR 1DWXUDO \ %LRGLYHUVLGDG HVWDEOHFH FRPR SULQFLSLR DUWtFXOR F ´/D XWLOL]DFLyQ RUGHQDGD GH ORV UHFXUVRV SDUD JDUDQWL]DU HO DSURYHFKDPLHQWR VRVWHQLEOH GHO SDWULPRQLR QDWXUDO \ HQ SDUWLFXODUGHODVHVSHFLHV\GHORVHFRVLVWHPDVDVtFRPRVXUHVWDXUDFLyQ\PHMRUDµ \ SDUD ODV HVSHFLHV GH FD]D \ SHVFD $UWtFXOR TXH ´(Q WRGR FDVR HO HMHUFLFLRGHODFD]D\ODSHVFDFRQWLQHQWDO VHUHJXODUiGHPRGRTXHTXHGHQ JDUDQWL]DGRV OD FRQVHUYDFLyQ \ HO IRPHQWR GH ODV HVSHFLHV DXWRUL]DGDV SDUD HVWH HMHUFLFLR D FX\RV HIHFWRV OD &RPXQLGDGHV DXWyQRPDV GHWHUPLQDUiQ ORV WHUUHQRV \ ODV DJXDV GRQGH SXHGDQ UHDOL]DUVH WDOHV DFWLYLGDGHV DVt FRPR ODV IHFKDVKiELOHVSDUDFDGDHVSHFLHµ ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o /D/H\GH&D]DLQFXPSOHORVSUHFHSWRVGHODV'LUHFWLYDV(XURSHDV\GHODV/H\HV HVWDWDOHVWDQWRHQHOSODQWHDPLHQWRLQLFLDOFRPRHQHOGHVDUUROORGHODUWLFXODGR <DHQODH[SRVLFLyQGHPRWLYRVFRPRHQODPHPRULDGHOD/H\VHRPLWHFLWDU TXH OD UHJXODFLyQ GH OD FD]D VH KD VRPHWHU D ORV UHTXLVLWRV OHJDOHV HQ PDWHULD GH FRQVHUYDFLyQ \ DSURYHFKDPLHQWR VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV $ SDUWLU GH DKt HO HQIRTXH GH OD /H\ \ VXV GLVSRVLFLRQHV GLVFXUUHQ HQ VHQWLGRRSXHVWR o /D /H\ GH FD]D QR FXPSOH FRQ HO UHTXLVLWR GH UHVSHWDU ODV H[LJHQFLDV HQ PDWHULD GH FRQVHUYDFLyQ GH OD QDWXUDOH]D \ GH SURWHFFLyQ GH OD 5HG 1DWXUDWDO\FRPRGHVDUUROODPRVHQHODSDUWDGRGHHVWHGRFXPHQWR /H\GH&D]D&/0£12 o /D/H\GHFD]DQRSURPXHYHXQDSURYHFKDPLHQWRVRVWHQLEOHGHODFD]D\ SRQH HQ SHOLJUR OD FRQVHUYDFLyQ GH ODV SURSLDV HVSHFLHV FLQHJpWLFDV DXWyFWRQDV WDO \ FRPR GHVDUUROODPRV HQ ORV SXQWRV \ GH HVWH GRFXPHQWR ¢$TXpRDTXLpQDIHFWD" $ODVHVSHFLHV\HVSDFLRVPHUHFHGRUDVGHSURWHFFLyQDODVHVSHFLHVFLQHJpWLFDV\HQ HVSHFLDODO(VWDGRHVSDxROFRPRJDUDQWHDQWHOD8QLyQ(XURSHDGHOFXPSOLPLHQWR GH ODV 'LUHFWLYDV &RPXQLWDULDV (O LQFXPSOLPLHQWR GH 'LUHFWLYDV SXHGH GDU OXJDU D IXHUWHVVDQFLRQHVHFRQyPLFDVTXHDFDEDQSDJDQGRWRGRVORVHVSDxROHV ¢4XpSHGLPRV" 4XHOD/H\VHDMXVWHHVWULFWDPHQWHDORVUHTXLVLWRVOHJDOHVGHFDUiFWHUDPELHQWDOTXHOH VRQ GH DSOLFDFLyQ SDUD OR FXiO HV LPSUHVFLQGLEOH TXH VH PRGLILTXHQ JUDQ FDQWLGDG GH DUWtFXORVHQODOtQHDGHODVDOHJDFLRQHVSUHVHQWDVDODQWHSUR\HFWR /H\GH&D]D&/0£12 6LQRVHSDUDVHUYLUiGH HMHPSORDRWUDV&RPXQLGDGHV $XWyQRPDV ¢6DEtDVTXp««" o &DVWLOOD/D 0DQFKD HV XQ UHIHUHQWH FRQ JUDQ LQIOXHQFLD SDUD HO PXQGR GH OD FD]D &XDOTXLHU PRGLILFDFLyQ TXH VH SURGX]FD HQ OD QRUPDWLYD FDVWHOODQRPDQFKHJD VHUYLUi GH HMHPSOR SDUD VX WUDVSRVLFLyQDRWUDVQRUPDWLYDVDXWRQyPLFDV o 6HSXHGHLQGXFLUXQHIHFWRUHERWHTXHSURYRTXHUHIRUPDVHQODQRUPDWLYD HVWDWDO&RPR\DKDRFXUULGRFRQOD/H\GH&RVWDVTXHVHKDPRGLILFDGRSRU ODV SUHVLRQHV GH GHWHUPLQDGDV &RPXQLGDGHV $XWyQRPDV \ GH VHFWRUHV HFRQyPLFRV VL HO VHFWRU GH OD FD]D SHUFLEH REVWiFXORV SDUD LPSXOVDU OD /H\ GH &DVWLOOD/D0DQFKDVHSXHGHQSURPRYHUPRGLILFDFLRQHVDOD/H\GH0RQWHVRD OD/H\GH3DWULPRQLR1DWXUDO\%LRGLYHUVLGDG\DTXHDPEDVVHHQFXHQWUDQ\DHQ SURFHVRGHVHUUHIRUPDGDV o +D\ SUHVLRQHV GHO VHFWRU FLQHJpWLFR SDUD TXH HQ OD OHJLVODFLyQ HVWDWDO VH SULRULFH OD FD]D VREUH RWUDV DFWLYLGDGHV D OD KRUD GH UHJXODU HO DFFHVR DO PHGLR QDWXUDO6LHVDYtDIDOODHOVHFWRUGLULJLUiVXSUHVLyQDODV&RPXQLGDGHVVLJXLHQGR HOHMHPSORGH&DVWLOOD/D0DQFKD ¢(QTXpVHUHIOHMDHQODQXHYD/H\" o /D/H\GH&DVWLOOD/D0DQFKDKDLQFRUSRUDGRDVSHFWRVTXHHQSULQFLSLR HO 0LQLVWHULR GH $JULFXOWXUD $OLPHQWDFLyQ \ 0HGLR $PELHQWH VH KD QHJDGRDDFHSWDUHQHOERUUDGRUGH/H\GH0RQWHV(VHOFDVRGHODUWtFXOR P TXH SURKtEH FXDOTXLHU DFWLYLGDG TXH SXHGD PROHVWDU D OD FD]D ORV GtDV SUHYLRV\GXUDQWHODFHOHEUDFLyQGHFDFHUtDV o /D /H\ GH &D]D FUHDQXHYDV ILJXUDV \ PHGLGDVQXHYDV SDUD SURPRYHU OD FD]D FRPHUFLDO LQWHQVLYD FXDUWHOHV GH FD]D SURIHVLRQDO FLQHJpWLFR VXEYHQFLRQHV \ SDUD UHGXFLU FRQWUROHV \ IDFLOLWDU WUiPLWHV D ORV FD]DGRUHV OLFHQFLD~QLFDH[HQFLRQHVGHWDVDVRGHH[iPHQHVUHGXFFLyQGHVDQFLRQHV o /D/H\DEUHODYtDSDUDODFD]DGHHVSHFLHVGRPpVWLFDVRHOXVRVLVWHPiWLFR GH PpWRGRV GH FRQWURO GH SUHGDGRUHV FRPR ORV OD]RV WHPDV PX\ GHPDQGDGRVSRUHOVHFWRUFLQHJpWLFRHQWRGD(VSDxD /H\GH&D]D&/0£12 ¢$TXpRDTXLpQDIHFWD" 3ULQFLSDOPHQWHDODV&RPXQLGDGHV$XWyQRPDVGRQGHHOVHFWRUFLQHJpWLFRWLHQHPiV SHVRSHURD~OWLPRDOFRQMXQWRGHO(VWDGRHVSDxROSURYRFDQGRTXHORVQXPHURVRV \ JUDYHV LPSDFWRV GHULYDGRV GH HVWD /H\ GH &D]D VH H[WLHQGDQ \ DPSOLILTXHQ HQ HO FRQMXQWRGHOWHUULWRULR ¢4XpSHGLPRV" /D UHWLUDGD GH WRGRV DTXHOORV DVSHFWRV QRYHGRVRV GH OD /H\ TXH SXHGDQ OOHJDU D SURYRFDU LQLFLDWLYDV OHJLVODWLYDV VLPLODUHV D QLYHO HVWDWDO R DXWRQyPLFR (Q HVSHFLDO DTXHOODV TXH DIHFWDQ D DVSHFWRV FRPXQHV UHODWLYRV DO GHUHFKR DO GLVIUXWH \ DFFHVR DO PHGLRQDWXUDOORVGHUHFKRVGHORVDQLPDOHV\ODSURWHFFLyQGHODQDWXUDOH]D /H\GH&D]D&/0£12 $FW~DFRQWUDOD/H\GH&D]DGH&DVWLOOD/D0DQFKD /H\GH&D]D&/0£12 3UHVHQWDDOHJDFLRQHV\TXHMDV 1XQFDHVWDUGHSDUDSUHVHQWDUDOHJDFLRQHV\TXHMDV'LULJHODVWX\DVDOD&RQVHMHUtDGH $JULFXOWXUD D OD 3UHVLGHQFLD GHO *RELHUQR GH &DVWLOOD/D 0DQFKD \ D ORV JUXSRV SDUODPHQWDULRVGHODV&RUWHVGH&DVWLOOD/D0DQFKD 6LQHFHVLWDVDVHVRUDPLHQWRSRQWHHQFRQWDFWRFRQQRVRWURV FDVWLOODODPDQFKD#HFRORJLVWDVHQDFFLRQRUJ &DPSDxDVFLXGDGDQDVGHILUPDV %XVFD HQ ,QWHUQHW FDPSDxDV GH ILUPDV FRQWUD OD /H\ GH &D]D GH &DVWLOOD/D 0DQFKD 6XVFUtEHODV\GLI~QGHODV $GHPiV WHQHPRV DELHUWD XQD FDPSDxD GH UHFRJLGD GH ILUPDV HQ SDSHO $FpUFDWH D DOJXQD GH ODV HQWLGDGHV GHO )RUR $PELHQWDO GH &DVWLOOD/D 0DQFKD 6XVFUtEHODV \ GLI~QGHODV 6XVFULSFLyQ GHO PDQLILHVWR FRQWUD OD /H\ GH &D]D HQWLGDGHV \ FROHFWLYRV 6LUHSUHVHQWDVDXQDHQWLGDGRFROHFWLYRVROLFLWDGHO0DQLILHVWRTXHSURPXHYHHO)RUR $PELHQWDOGH&DVWLOOD/D0DQFKD6XVFULELGOR\D\XGDGQRVDGLIXQGLUOR 0RYLOt]DWHFRQpFWDWH &RQpFWDWHFRQQRVRWURVDWUDYpVGHOFRUUHRHOHFWUyQLFR\GHODVUHGHVVRFLDOHV 3HUPDQHFHDWHQWRDODVFRQYRFDWRULDV\SDUWLFLSDHQHOODV ££&XDQWRVPiVVHDPRV\PiVQRVPRYLOLFHPRV PiVSRVLELOLGDGHVKD\GHFRQVHJXLUSDUDUHVWD/H\GH &D]D