YouthXchange: jóvenes por el cambio, manual - unesdoc
Anuncio
Z
Z
Z
\
R
X
W
K
[
F
K
D
Q
J
H
Q
H
W
\RXWK;
FKDQJH
-yYHQHVSRUHO&DPELR
/$*8Ë$
0DQXDOGHHGXFDFLyQSDUDXQFRQVXPRVRVWHQLEOH
2UJDQL]DFLyQGH
1DFLRQHV8QLGDV
SDUDOD
(GXFDFLyQ
&LHQFLD\&XOWXUD
3URJUDPDGH
1DFLRQHV8QLGDV
SDUDHO0HGLR
$PELHQWH
\
5
H
F
R
Q
R
F
L
P
L
H
Q
W
R
V
R
X
W
K
;
F
K
D
Q
J
H
/D2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD81(6&2
\HO3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO0HGLR$PELHQWH3180$UHFRQRFHQFRQ
JUDWLWXGHOWLHPSR\HVIXHU]RLQYHUWLGRVSRUODVSHUVRQDVLQYROXFUDGDVHQODSURGXFFLyQ\
FRPHQWDULRVGHHVWD*XtD´-Ï9(1(6325(/&$0%,2´
(VWDSXEOLFDFLyQIXHSUHSDUDGDSRU0e7$$VRFLDFLyQGHORV0HGLRV(FRORJtD\7HFQRORJtD
OD'LYLVLyQGH7HFQRORJtD,QGXVWULD\(FRQRPtD'7,(GHO3180$\OD'LYLVLyQSDUDOD
(QVHxDQ]D6HFXQGDULD7pFQLFD\3URIHVLRQDO('67967(GHOD81(6&2HQFRODERUDFLyQ
FRQ&RQVXPHUV,QWHUQDWLRQDO
(OHTXLSRGH0e7$HVWXYRIRUPDGRSRU3DWUL]LD/XJR/RSULHQR\0DGKDYL%KDWW3HWHU
:LOOLDPV(OWUDEDMRHVWXYRFRRUGLQDGRSRU,VDEHOOD0DUUDVH[SHUWDDVRFLDGDDO3180$'7,(
\-XOLD+HLVV(VSHFLDOLVWDGHO3URJUDPDGH81(6&2('67967(&KULVWLQH.QLJKWV\$OLQD
7XJHQGGH&RQVXPHUV,QWHUQDWLRQDOSURSRUFLRQDURQDVHVRUtD\DVLVWHQFLDHQODHGLFLyQ8Q
DJUDGHFLPLHQWRHVSHFLDOD%DVGH/HHXZ-HIHGHOD8QLGDGGH(VWUDWHJLDV\6HUYLFLRVGH
3URGXFFLyQ\&RQVXPRGHO3180$'7,(SRUVXDSR\RDOSUR\HFWR
$JUDGHFHPRVHOHQWXVLDVPR\WUDEDMRGHOHTXLSRGH0p[LFRGH-yYHQHVSRUHO&DPELR
IRUPDGRSRUODVVLJXLHQWHVSHUVRQDVHLQVWLWXFLRQHV7LDKRJD5XJH/LJLD+HUQiQGH]\0DUWKD
0HULQRGHO&HQWURGH(GXFDFLyQ\&DSDFLWDFLyQSDUDHO'HVDUUROOR6RVWHQLEOH&(&$'(68
SRU'DYLG2YLHGR*RQ]iOH]GHO,QVWLWXWR0H[LFDQRGHOD-XYHQWXGSRU&DUORV5DIDHO9DOHQFLD
3DUUDGHOD3URFXUDGXUtD)HGHUDOGHO&RQVXPLGRU352)(&2SRU'LHJR0DVHUD81(3
52/$&\$GULDQD=DFDULDV)DUDK81(3'7,(
/DWUDGXFFLyQDOHVSDxROIXHUHDOL]DGDSRU&(&$'(68\6(50$51$7HQ0p[LFR/D)XQGDFLyQ
(FRORJtD\'HVDUUROOR(&2'(6GH=DUDJR]DKDUHDOL]DGRODUHYLVLyQHGLFLyQ\DGDSWDFLyQ
GHORVFDVRVDOS~EOLFRHVSDxROHLEHURDPHULFDQR/D(VFXHODGH&RQVXPLGRUHVGH&DQWDEULD
DVXPLyODWDUHDGHPDTXHWDU\SURGXFLUODHGLFLyQLPSUHVDGHHVWD*XtD
)LQDOPHQWHDJUDGHFHPRVODD\XGDGDGDSRUOD'LUHFFLyQ*HQHUDOGH&RQVXPRGHO*RELHUQR
GH$UDJyQTXHDSR\yJHQHURVDPHQWH\GHVGHHOSULQFLSLRODHGLFLyQHVSDxRODGHOD*XtD\
VXGLVWULEXFLyQHQHOiPELWRKLVSDQRKDEODQWH$JUDGHFLPLHQWRVTXHGHEHQKDFHUVHWDPELpQ
H[WHQVLYRVDOD&RPXQLGDG)RUDOGH1DYDUUDDO*RELHUQRGH&DQWDEULDDO$\XQWDPLHQWRGH
%DUFHORQDTXHDWUDYpVGHO&HQWURGH5HFXUVRV$PELHQWDOHVGH1DYDUUD&5$1OD(VFXHOD
(XURSHDGH&RQVXPLGRUHV((&\OD&RPLVLyQGH6RVWHQLELOLGDGKDQDSRUWDGRUHFXUVRVSDUD
KDFHUUHDOLGDGHOSUR\HFWR(O&RQVHMRGHOD-XYHQWXGKDVLGRWDPELpQXQDOLDGRHVWUDWpJLFR
SDUDODGLIXVLyQGHHVWHSUR\HFWRHQWUHORVMyYHQHV$ORVUHVSRQVDEOHVSROtWLFRVTXHFUH\HURQ
HQHOSUR\HFWR\GHFLGLHURQGDUVXDSR\R\DORVWpFQLFRVTXHORJHVWLRQDURQPXFKDVJUDFLDV
\
R
X
W
K
;
F
K
D
Q
J
H
(OSODQHWD7LHUUDVHHQIUHQWDDXQDVHYHUDFULVLVJOREDO(OGHVDUUROORHFRQyPLFR
\VRFLDOHVWiQLPSRQLHQGRXQDFDUJDLQVRSRUWDEOHDQXHVWURPHGLRDPELHQWH
/RVSDWURQHVLQH¿FLHQWHVGHSURGXFFLyQ\FRQVXPRDXQDGRVDXQDGLVWULEXFLyQ
GHVLJXDOKDQDPSOLDGRODEUHFKDH[LVWHQWHHQWUH1RUWH\6XU
6HHVWLPDTXHVLHOUHVWRGHOPXQGRFRQVXPLHUDFRPRHOPXQGRGHVDUUROODGR
QHFHVLWDUtDPRVHOHTXLYDOHQWHDFXDWURSODQHWDV7LHUUDDGLFLRQDOHV
+R\HQGtDORVMyYHQHVFRQVWLWX\HQXQJUXSRLPSRUWDQWHGHQWURGHODVVRFLHGDGHV
GHFRQVXPR\ORVKiELWRVTXHGHVDUUROOHQDKRUDMXJDUiQXQSDSHOGHFLVLYRHQORV
IXWXURVSDWURQHVGHFRQVXPR6XVGHFLVLRQHVFRPRFRQVXPLGRUHVHMHUFHQXQD
LQÀXHQFLDFUHFLHQWHHQORVPHUFDGRV\HVWLORVGHYLGD3RUORWDQWRORVMyYHQHV
PHUHFHQHVSHFLDODWHQFLyQHQORVHVIXHU]RVSRUFDPELDUQXHVWURVLQH¿FLHQWHV
SDWURQHVGHFRQVXPRSRURWURVPiVDWRQRFRQHOGHVDUUROORVRVWHQLEOH
3
U
H
I
D
F
L
R
(O352*5$0$'(/$61$&,21(681,'$63$5$(/0(',2$0%,(17(3180$
FRPRFRQFLHQFLDDPELHQWDOGHOD218LQVLVWHHQODLPSRUWDQFLD\QHFHVLGDG
XUJHQWHGHFDPELDUORVSDWURQHV\DFWLWXGHVGHFRQVXPR\SURGXFFLyQHQHO
iPELWRJOREDO
3RUVXSDUWHOD25*$1,=$&,Ï1'(/$61$&,21(681,'$63$5$/$('8&$&,Ï1
/$&,(1&,$</$&8/785$81(6&2KDFHKLQFDSLpHQHOSDSHOGHODHGXFDFLyQ
SDUDPROGHDUDFWLWXGHVYDORUHV\FRQGXFWDDOWLHPSRTXHGHVDUUROODODV
FDSDFLGDGHVKDELOLGDGHV\HOFRPSURPLVRQHFHVDULRSDUDFRQVWUXLUXQIXWXUR
VRVWHQLEOH
$WUDYpVGHOSURJUDPDGH-yYHQHVSRUHO&DPELRHO3180$\OD81(6&2WUDWDQ
GHPRVWUDUDORVMyYHQHVTXHHVSRVLEOHSDUDWRGRVQRVRWURVWUDGXFLUQXHVWUDV
DVSLUDFLRQHVSRUXQPXQGRPHMRUHQDFFLRQHVGLDULDV
.ODXV7|SIHU
'LUHFWRU(MHFXWLYR81(3
.RLFKLUR0DWVXUD
'LUHFWRU*HQHUDO81(6&2
\
R
X
W
K
;
F
K
D
Q
J
H
\
,QWURGXFFLyQDOFRQVXPR
VRVWHQLEOH
&RQFHSWRGHFRQVXPRVRVWHQLEOH
)DFWRU\)DFWRU+HUUDPLHQWDV
SDUDHOFDPELR
(O3UR\HFWRGH-yYHQHV
SRUHO&DPELR-;&
-yYHQHVHQHOPXQGR(OSDSHOGHOD
LQIRUPDFLyQ,QLFLDWLYDGHO3180$
81(6&2SDUD-yYHQHV\FRQVXPR
VRVWHQLEOH
3RUXQHVWLORGHYLGD
PiVVRVWHQLEOH
&RQVXPRVRVWHQLEOHXQWHPD
PXOWLIDFpWLFR+HFKRV\FLIUDV
'HVJORVHGHWHPDV
&XtGDWH
&ULVLVGHDOLPHQWRV1HFHVLGDGGHPiV
LQIRUPDFLyQ¢&yPRGLVPLQXLU
HOXVRGHVXVWDQFLDVTXtPLFDV"
&RQWDPLQDFLyQGHODLUHXUEDQR
(Q0RYLPLHQWR
0RYLOLGDG(PLVLRQHVGHFDUERQR
'HSHQGHQFLDGHODXWRPyYLO
'HYLDMH
,PSDFWRGHOWXULVPRPDVLYR
9DFDFLRQHVVRVWHQLEOHV
5HGXFHORVUHVLGXRV
3URGXFFLyQKHFKRV\FLIUDV'LVHxR
HFROyJLFR/DVFLQFR³HUUHV´YLUWXRVDV
R
X
W
K
;
F
K
D
Q
J
H
2SWLPL]DHQHUJtDV
&RQVXPRKHFKRV\FLIUDV(QHUJtDV
UHQRYDEOHV$KRUURGHHQHUJtD
&RQWHQLGR
3URQRVWLFDHOWLHPSR
&DPELRFOLPiWLFR'HWHULRURGHODFDSDGH
R]RQR+HFKRV\FLIUDV
$KRUUDHODJXD
DVHJXUDHODJXD
&RQVXPRKHFKRV\FLIUDV'HVHTXLOLEULR
HQWUH1RUWH\6XUXQWHPDFUtWLFR
&RPSUDVUHVSRQVDEOHV
7UDEDMRLQIDQWLO(OGHUHFKRDODHGXFDFLyQ
&RQGLFLRQHVGHWUDEDMRGHVLJXDOGDGHV
GHJpQHURGHUHFKRVKXPDQRV
9LYH\GHMDYLYLU
([SHULPHQWRV\FUXHOGDGHQDQLPDOHV
%LRGLYHUVLGDG(VSHFLHVHQSHOLJURGH
H[WLQFLyQ
$FW~D
*OREDOL]DFLyQHOHFFLyQLQIRUPDGDDXPHQWR
GHODYLJLODQFLDGHORVFRQVXPLGRUHV
,QYHUVLRQHVVRFLDOPHQWHUHVSRQVDEOHV
'HVFXEUHODDOGHDJOREDO
1LYHOHGXFDWLYRGHORVPHGLRVGH
FRPXQLFDFLyQ,PSDFWRGHODSXEOLFLGDG
7XVGHUHFKRV\REOLJDFLRQHVËGRORV\
DXGLHQFLDV
/DUHGLQVWUXFFLRQHV
SDUDXVDUOD
¢3RUTXp,QWHUQHW"(OWUDEDMRHQUHGHV
FRPRXQDKHUUDPLHQWDGHDSUHQGL]DMH
ZZZ\RXWK[FKDQJHQHWQXHVWURVLWLR
\
R
X
W
K
;
F
K
D
Q
J
H
,QWURGXFFLyQ /DLGHDGH&RQVXPR6RVWHQLEOH&6VHUH¿HUHDOFRQMXQWRGHDFFLRQHVTXHWUDWDQ
GHHQFRQWUDUVROXFLRQHVYLDEOHVDORVGHVHTXLOLEULRV±VRFLDOHV\DPELHQWDOHV±SRU
DOFRQVXPR PHGLRGHXQDFRQGXFWDPiVUHVSRQVDEOHSRUSDUWHGHWRGRV(QSDUWLFXODUHO&6
HVWiUHODFLRQDGRFRQODSURGXFFLyQ\GLVWULEXFLyQXVR\HOLPLQDFLyQGHSURGXFWRV
\VHUYLFLRV\SURSRUFLRQDORVPHGLRVSDUDUHSHQVDUDFHUFDGHVXVFLFORVGHYLGD
VRVWHQLEOH
$SDUWLUGHDKRUDWDPELpQQRV
UHIHULUHPRVDpOFRQODVLQLFLDOHV&6
(VWDGH¿QLFLyQDPSOLDPHQWH
DFHSWDGDWLHQHVXRULJHQHQHO
,QIRUPH%UXQGWODQG*UR+DUOHP
%UXQGWODQGHWDO1XHVWUR)XWXUR
&RP~Q:&('1XHYD<RUN
2[IRUG2[IRUG8QLYHUVLW\3UHVV
S
81(3'7,(HVWiDQDOL]DQGR
HOVLJQL¿FDGRHLPSOLFDFLRQHV
GHO&6FRQH[SHUWRVGH
WRGDVODVUHJLRQHVGHO
PXQGR6XUHGHVXQIRUR
GHGHEDWHHLQWHUFDPELRGH
LQIRUPDFLyQTXHHVWiDELHUWR
DUHFLELUFRQWULEXFLRQHVGH
WRGDVODVSHUVRQDV3XHGHV
FRQWDFWDUHQZZZXQHSWLH
RUJVXVWDLQ
(OREMHWLYRHVDVHJXUDUTXHVHVDWLVIDFHQODVQHFHVLGDGHVEiVLFDVGHODFRPXQLGDG
JOREDOHQVXFRQMXQWRVHUHGXFHQORVH[FHVRV\VHHYLWDHOGDxRDPELHQWDO
(O&6HVXQHOHPHQWRLQWHJUDOGHOGHVDUUROORVRVWHQLEOH\XQWHPDGHYLWDO
LPSRUWDQFLDSDUDODV1DFLRQHV8QLGDV
´'HVDUUROORTXHFXEUHODVQHFHVLGDGHVGHOSUHVHQWHVLQFRPSURPHWHUODSRVLELOLGDGGHODV
IXWXUDVJHQHUDFLRQHVSDUDVDWLVIDFHUODVVX\DVµ
3URSRUFLRQDUODVKHUUDPLHQWDVSDUDHOFDPELRHVUHVSRQVDELOLGDGGHORVJRELHUQRV
LQVWLWXFLRQHVUHJXODGRUDV21*\HPSUHVDV6LQHPEDUJRHOSDSHOGHOFRQVXPLGRU
FLXGDGDQRJOREDOHVHVHQFLDOSDUDLPSXOVDUDHVWRVJUXSRVDWRPDUDFFLRQHVPiV
UiSLGDV\DFHUWDGDV
eVWHHVHOPRWLYRSRUHOTXHGRVRUJDQLVPRVGHODV1DFLRQHV8QLGDVOD81(6&2\
HO3180$XQHQVXVIXHU]DVSDUDORJUDUTXHORVMyYHQHVWRPHQFRQFLHQFLDGHODV
RSRUWXQLGDGHVTXHRIUHFHQORVHVWLORVGHYLGDPiVVRVWHQLEOHV\SURSRUFLRQDUOHV
KHUUDPLHQWDVTXHOHVSHUPLWDQSHUFLELUODGLIHUHQFLDHPSH]DQGRSRUVXYLGD
FRWLGLDQD
&XDOTXLHUGH¿QLFLyQGH&6KDFHpQIDVLVHQTXHSRUORJHQHUDOFRQVXPLUPHQRVHV
XQDSULRULGDGSHURQRVLHPSUH&RQVXPLUGHPDQHUDGLIHUHQWH\H¿FLHQWHHVHO
SULQFLSDOUHWR(QPXFKRVFDVRVORTXHVHQHFHVLWDHVUHGLVWULEXLUODRSRUWXQLGDG
GHFRQVXPLU
\
R
X
W
K
;
F
K
D
Q
J
H
0iVGHPLOPLOORQHVGHSHUVRQDVHQHOPXQGRQHFHVLWDQPiV~QLFDPHQWHSDUD
VREUHYLYLU
´8QJUDQQ~PHURGHSHUVRQDVHQHOPXQGRQHFHVLWDQFRQVXPLUPiVWDQVyORSDUD
VREUHYLYLU2WURVPXFKRVGHEHUtDQKDFHUHOHFFLRQHVPiVUHVSRQVDEOHV$OILQDOHVR
VLJQLILFDUtDXQPHQRUXVRGHUHFXUVRVXQDGLVPLQXFLyQHQODJHQHUDFLyQGHHPLVLRQHV
\VHFXEULUtDQODVQHFHVLGDGHVGHODSREODFLyQPXQGLDOµ
8QDPDQHUDGHDSUR[LPDUVHDOWHPDHVSRUPHGLRGHOHQIRTXHGHO)DFWRU\
)DFWRUTXHSODQWHDQTXHGXUDQWHODVSUy[LPDVGpFDGDVGHEHUtDPRVVHU
FDSDFHVGHSURGXFLUHOGREOHGHELHQHVXWLOL]DQGRODPLWDGGHQXHVWURVYDOLRVRV
UHFXUVRV7DPELpQKHPRVGHKDFHUXQHVIXHU]RSDUDORJUDUHQHODxR
PXOWLSOLFDUSRUGRVODSURGXFWLYLGDGGHORVUHFXUVRVHQORVSDtVHVLQGXVWULDOL]DGRV
/RVPRGHORVGHSURGXFFLyQ\FRQVXPRKDQGHOOHJDUDVHUHQWUHGRV\FXDWUR
YHFHVPiVH¿FLHQWHVVLTXHUHPRVXQDFFHVRDORVUHFXUVRVPiVGXUDGHUR\
HTXLWDWLYRSDUDWRGRV
(OFRQFHSWRGH&6HVFRPSOHMR\VXGH¿QLFLyQDYHFHVHVGLItFLOGHHQWHQGHU
3DUDREWHQHUPiVLQIRUPDFLyQDOUHVSHFWR
ZZZXQHSWLHRUJVXVWDLQ
ZZZXQHVFRRUJHGXFDWLRQWOVIWKHPH
/DPD\RUtDGHODVGH¿QLFLRQHVWLHQHQODVVLJXLHQWHVFDUDFWHUtVWLFDVHQFRP~Q
VDWLVIDFHUODVQHFHVLGDGHVKXPDQDV
IDYRUHFHUXQDEXHQDFDOLGDGGHYLGDSRUPHGLRGHHVWiQGDUHVGHYLGDGLJQRV
FRPSDUWLUORVUHFXUVRVHQWUHULFRV\SREUHV
DFWXDUWRPDQGRHQFXHQWDDODVJHQHUDFLRQHVIXWXUDV
FRQVLGHUDUHOLPSDFWR³GHVGHODFXQDKDVWDODWXPED´GHORVSURGXFWRVDOFRQVXPLUORV
PLQLPL]DUHOXVRGHORVUHFXUVRVORVUHVLGXRV\ODFRQWDPLQDFLyQ
81(3-yYHQHV\
&RQVXPR6RVWHQLEOH1DLUREL
3DUtVRFWXEUH
(UQVWYRQ:HLVlFNHU
$PRU\%/RYLQV\/+XQWHU
/RYLQV)DFWRU'XSOLFDUOD
5LTXH]DUHGXFLUSRUPLWDGHO
JDVWRGHUHFXUVRV(DUWKVFDQ
SXEOLFDWLRQV5HLQR8QLGR
ZZZIDFWRULQVWLWXWHRUJ
)XHQWH7HDFKLQJ
DQG/HDUQLQJIRUDVXVWDLQDEOH
IXWXUH±DPXOWLPHGLDSURIHVLRQDO
GHYHORSPHQWSURJUDPPH
(QVHxDU\$SUHQGHUSDUDXQ
IXWXURVRVWHQLEOH±XQSURJUDPD
PXOWLPHGLDSDUDGHVDUUROOR
SURIHVLRQDO81(6&2
\
(O3UR\HFWR
GH-yYHQHV
SRUHO
&DPELR-[&
¢(678<2(/
)87852"(Q
HODxROD
81(3\OD81(6&2
HQWUHYLVWDURQD
MyYHQHV
HQWUH\
DxRV(OREMHWLYR
HUDHQWDEODUXQ
GLiORJRFRQHOORV
DFHUFDGHVX
1LYHOGHFRQFLHQFLDHLQWHUpV
SRUHO&RQVXPR6RVWHQLEOH
*UDGRGHFRPSURPLVRFRQOD
VRVWHQLELOLGDG
9LVLyQGHOIXWXUR\VXSDSHO
SRWHQFLDOFRPROtGHUHVHQHO
GHVDUUROORGHSDWURQHVPiV
UHVSRQVDEOHVGHFRQVXPR
/DHQFXHVWDUHYHOyTXHORV
MyYHQHVHUDQDPELYDOHQWHVHQ
VXVSDWURQHVGHFRQVXPR(Q
SDUWLFXODUORVHQWUHYLVWDGRV
$¿UPDQTXHVXVPD\RUHV
SUHRFXSDFLRQHVUHVSHFWR
DOIXWXURVRQHOPHGLR
DPELHQWHORVGHUHFKRV
KXPDQRV\ODVDOXG
&RPSUHQGHQHOLPSDFWR
TXHSXHGHWHQHUVREUHHO
DPELHQWHODIRUPDHQOD
TXHXWLOL]DQ\GLVSRQHQ
GHORVSURGXFWRVSHURQR
FRPSUHQGHQHOLPSDFWRGH
VXVKiELWRVGHFRQVXPR
*HQHUDOPHQWHSUH¿HUHQODV
DFFLRQHVLQGLYLGXDOHVVREUH
ODVFROHFWLYDVSDUDPHMRUDUHO
PXQGR
$QWHHVWRVUHVXOWDGRVHO
3180$\81(6&2FRQFOX\HURQ
TXHH[LVWHXQDQHFHVLGDGGH
LQIRUPDFLyQ¿DEOHFODUD\
DFFHVLEOHDFHUFDGHOVLJQL¿FDGR\
UHWRVGHO&6HQWUHORVMyYHQHV
(QFXHVWDHQODZHEHQZZZ
XQHSWLHRUJ\RXWKBVXUYH\
ZZZXQHVFRRUJHGXFDWLRQ
\RXWKBVXUYH\
R
X
W
K
;
F
K
D
Q
J
H
6HHVSHUDTXHODSREODFLyQPXQGLDODXPHQWHXQSDUDHODxRFRQORTXH
HOWRWDOGHODSREODFLyQHQHVWHSODQHWDVHHOHYDUiDFHUFDGHPLOPLOORQHV&DVL
WRGRHVWHFUHFLPLHQWRWHQGUiOXJDUHQORVSDtVHVHQGHVDUUROOR
(ODXPHQWRGHODSREODFLyQHMHUFHUiXQDSUHVLyQLQPHQVDVREUHQXHVWURVUHFXUVRV
QDWXUDOHVODELRGLYHUVLGDG\HOHTXLOLEULRHFROyJLFRGHOSODQHWDTXHWRGRVFRQVL
GHUDPRVQXHVWURKRJDU3RUHOORHVQHFHVDULRFDPELDUODPDQHUDHQTXHYHPRV
QXHVWURVUHFXUVRV\PiVLPSRUWDQWHD~QHOFyPRORVXWLOL]DPRV)RPHQWDUHOFRQ
VXPRVRVWHQLEOHHVPiVXUJHQWHDKRUDTXHQXQFD
/DPLWDGGHODSREODFLyQPXQGLDOHVPHQRUGHDxRV\HOGHWRGRVORVMyYH
QHVYLYHHQSDtVHVHQGHVDUUROOR/RVMyYHQHVVRQSURWDJRQLVWDVGHFLVLYRVHQOD
HFRQRPtDJOREDO\VHUiQHOSULQFLSDODFWRU\PRWRUGHOFDPELRHQHOIXWXURSUy[LPR
/DHQHUJtDODPRWLYDFLyQ\ODFUHDWLYLGDGGHODMXYHQWXGVRQHOHPHQWRVHVHQFLDOHV
SDUDORJUDUHOFDPELR
(VWDJXtD\HOVLWLRGH,QWHUQHWDVRFLDGRVHKDQFRQFHELGRFRPRXQSDTXHWHGH
KHUUDPLHQWDVSDUDD\XGDUDORVIRUPDGRUHVHQVXWUDEDMRGHLQYROXFUDUDORVMyYH
QHVHQHVWHSUR\HFWR7DPELpQVHKDGLVHxDGRSDUDD\XGDUDJUXSRVGHMyYHQHV
21*\SURIHVRUHVDGHVSHUWDUODFRQFLHQFLDVREUHHO&6\IDFLOLWDUTXHORVMyYHQH
SXHGDQSDVDUGHODWHRUtDDODSUiFWLFD
'HEHPRVSRQHUDWHQFLyQHQTXp\FyPRSURGXFLPRV\FRQVXPLPRV3HURSDUD
ORJUDUORVLQWDQWRVFRVWRVQRVRWURV±FRPRFRQVXPLGRUHV±QHFHVLWDPRV
,QIRUPDFLyQFODUD
3URGXFWRV\VHUYLFLRVVRVWHQLEOHVDFFHVLEOHV
,QIUDHVWUXFWXUDDGHFXDGD
3RUWDOPRWLYR\FRQHO¿QGHKDFHUHO&RQVXPR6RVWHQLEOHPiVDFFHVLEOHDORV
MyYHQHVHVWHSUR\HFWRXWLOL]DXQHQIRTXHDPSOLRHLQFOXVLYR3RUHMHPSORWHPDV
FRPRODFRPLGDVDOXGDEOHHOQHJRFLRGHOVH[RRHOGRPLQLRGHORVPHGLRVGH
FRPXQLFDFLyQQRVLHPSUHVHFRQVLGHUDQFRPRDVXQWRVHVWULFWDPHQWHUHODFLRQDGRV
FRQHO&6VLQHPEDUJRHVWDJXtDORVYHFRPRIDFWRUHVVLJQL¿FDWLYRVHQHO
GHVDUUROORGHODFRQFLHQFLDGHOFRQVXPLGRU8WLOL]DQGRLQIRUPDFLyQDFFHVLEOH
HMHPSORVFRQFUHWRV\OHQJXDMHFRWLGLDQRODJXtD\VXZHEHQ,QWHUQHWRIUHFHQ
FRQFHSWRV\KHFKRVUHODFLRQDGRVFRQHO&RQVXPR6RVWHQLEOH
/DJXtDPXHVWUDODFRQH[LyQTXHH[LVWHHQWUHORVIDFWRUHVFXOWXUDOHVJHRJUi¿FRV
HLQWHUJHQHUDFLRQDOHV'HPDQHUDSDUWLFXODU<287+[&+$1*(HQIDWL]DODUHODFLyQ
GLUHFWDTXHH[LVWHHQWUH&6\FDOLGDGGHYLGDHOXVRH¿FLHQWHGHORVUHFXUVRV
KXPDQRV\QDWXUDOHVODUHGXFFLyQGHEDVXUDDVSHFWRVpWLFRVFRPRHOWUDEDMR
LQIDQWLOFUXHOGDGKDFLDORVDQLPDOHVFRPHUFLRMXVWR\ODLJXDOGDGHQJHQHUDO
\
R
X
W
K
;
F
K
D
Q
J
H
)XHQWH/D-XYHQWXGGHO0XQGR
3238/$7,215()(5(1&(
%85($8ZZZSUERUJ
0iVGHODFXDUWDSDUWH
GHORVPLOORQHVGH
KDELWDQWHVGHOSODQHWD
±PLOORQHV±WLHQH
HQWUH\DxRVORTXH
FRQYLHUWHDHVWHJUXSR
GHHGDGHQHOFRQMXQWR
PiVJUDQGHTXHMDPiV
VHKD\DLQFRUSRUDGRDOD
HGDGDGXOWD(OGH
ODVSHUVRQDVHQWUH\
DxRVYLYHQHQSDtVHVHQ
GHVDUUROOR/DSURSRUFLyQGH
MyYHQHVHQHVWRVSDtVHVHV
VLJQL¿FDWLYDPHQWHPD\RU
TXHODGHORVSDtVHVPiV
GHVDUUROODGRV
3REODFLyQGHDDxRV
PLOORQHVGHOWRWDO
(VWDLQLFLDWLYDHVWiGHVWLQDGDDMyYHQHVGHiUHDVXUEDQDVFRQDFFHVRDORVPHGLRV
GHLQIRUPDFLyQ\SDWURQHVGHFRQVXPRVLPLODUHV3HURFXDOTXLHUSHUVRQDTXH
WHQJDDFFHVRD,QWHUQHWSXHGHSDUWLFLSDUHQHVWHSUR\HFWR
ZZZ\RXWK[FKDQJHQHW
$ORODUJRGHODJXtDVHHQFXHQWUDQYtQFXORVUHOHYDQWHVFRQSiJLQDVGHOVLWLR<[&
(O~OWLPRFDStWXORSUHVHQWDXQDGHVFULSFLyQVHFFLyQSRUVHFFLyQ\VXEUD\DOD
QDWXUDOH]DLQWHUDFWLYDGHODSiJLQDGH,QWHUQHWDVtFRPRVXSRWHQFLDOHGXFDWLYR
0XQGLDODxR 0iVGHVDUUROODGRV 0HQRVGHVDUUROODGRV ÈIULFD $VLD
1RUWH$PpULFD
/DWLQRDPpULFD
(XURSD 2FHDQtD \
3RUXQ
HVWLORGH
YLGDPiV
VRVWHQLEOH
´/RVFRQVXPLGRUHVFDGDYH]VH
LQWHUHVDQPiVHQORTXHKD\
GHWUiVGHORVSURGXFWRVTXH
FRPSUDQ$GHPiVGHOSUHFLR
\ODFDOLGDGGHVHDQVDEHU
FyPRGyQGH\TXLpQHODERUyHO
SURGXFWRµ
>.ODXV7|SIHU
'LUHFWRU(MHFXWLYRGHO3180$@
3URFHVRVTXHHOLPLQDQGHODWLHUUD
QXWULHQWHVYLWDOHV\ODKDFHQ
HVWpULO
$GHPiVFDGDDxRQHFHVLWDPRV
XQDKHFWiUHDPiVTXHHODxR
DQWHULRU
/D³KXHOODHFROyJLFD´HVXQ
LQGLFDGRUTXHFDOFXODHOiUHDGH
VXHORHFROyJLFDPHQWHSURGXFWLYR
FXOWLYRVERVTXHVSDVWRVTXH
FDGDSHUVRQDFLXGDGUHJLyQR
SDtVQHFHVLWDSDUDREWHQHUWRGRV
ORVUHFXUVRVTXHFRQVXPLPRV
DJXDHQHUJtDPDWHULDOHV
DOLPHQWRV\HOHVSDFLRTXH
VHQHFHVLWDSDUDDVLPLODUORV
UHVLGXRVTXHVHJHQHUDQEDVXUD
HPLVLRQHVGH&HWF
R
X
W
K
;
F
K
D
Q
J
H
¢([DFWDPHQWHTXpVLJQL¿FDODVRVWHQLELOLGDGSDUD12627526FRPRLQGLYLGXRV"
¢4XpSRGHPRVKDFHUSDUDVHUPiVUHVSRQVDEOHV"¢1HFHVLWDPRVKDFHUORPLVPR
WRGRVQRVRWURV"¢4XpGHEHPRVKDFHUSULPHURFRQVHUYDUQXHVWURHQWRUQR
RHOLPLQDUODSREUH]D"¢4XpHVSULPHURQXHVWUDVDOXGRODGHOD7LHUUD"/DV
SUHJXQWDVGLItFLOHVQXQFDWLHQHQUHVSXHVWDVIiFLOHV±£\DORGHFtDQORVDQWLJXRV
(OWHPDGHO&6VHHQFXHQWUDHQFRQWLQXRHVWDGRGHHYROXFLyQ\ODVUHVSXHVWDV
UDUDYH]VRQEODQFRRQHJUR6LQHPEDUJRH[LVWHXQFLHUWRQ~PHURGHHOHPHQWRV
EiVLFRVFRQORVTXHUHDOL]DUXQDDSUR[LPDFLyQGHFRQMXQWR/RTXHVLJXHHVXQD
YLVLyQJHQHUDOGHORVWHPDV\UHWRVDORVTXHQRVHQIUHQWDPRV
6LFRQWLQXDPRVFRQQXHVWURVSDWURQHVDFWXDOHVGHFRQVXPRHOIXWXURQRVHUiPX\
SURPHWHGRU(VWLPDFLRQHVDFWXDOHVPXHVWUDQTXHQXHVWURSODQHWDSLHUGHFDGDDxR
XQDVXSHU¿FLHGHWLHUUDIpUWLOPiVRPHQRVGHOWDPDxRGH,UODQGDFRPRUHVXOWDGR
GHODVREUHH[SORWDFLyQGHOVXHOR\ODGHIRUHVWDFLyQ¢3RUFXiQWRWLHPSRVHSXHGH
FRQWLQXDUDVt"
&XDQWRPiVGDxDPRVQXHVWURHQWRUQRPD\RUHVHOULHVJRDOTXHQRVH[SRQHPRV
WDQWRQRVRWURVFRPRODVIXWXUDVJHQHUDFLRQHV/DVDOXGGHOSODQHWDHVQXHVWUD
VDOXG&DGDGtDVHH[WLQJXHQHVSHFLHVGHSODQWDV¢$FXiQWRHTXLYDOHHVWR
SRUVHPDQDSRUPHVRSRUDxR"/RVFLHQWt¿FRVFUHHQTXHODVSODQWDVVRQOD
FODYHSDUDHQFRQWUDUODFXUDGHXQJUDQQ~PHURGHHQIHUPHGDGHV'HWDOPDQHUD
TXHFDGDHVSHFLHTXHVHSLHUGHQRVyORUHSUHVHQWDXQGDxRLUUHSDUDEOHSDUDHO
HFRVLVWHPDVLQRTXHWDPELpQHVXQDRSRUWXQLGDGSHUGLGDSDUDQXHVWURIXWXUR
GHVDUUROOR
/RVGDWRVGHO)RQGR0XQGLDOSDUDOD9LGD6LOYHVWUH::)SRUVXVVLJODVHQ
LQJOpVPXHVWUDQTXHXQFLXGDGDQRPHGLRHQHOPXQGRUHTXLHUHKHFWiUHDV
SDUDSURGXFLUORTXHFRQVXPHFDGDDxR\GHSRVLWDUORVUHVLGXRVTXHJHQHUDXQD
KHFWiUHDHVLJXDODOWDPDxRGHXQFDPSRGHI~WERO(VRVXSRQHXQPiVGH
ORTXHHVVRVWHQLEOH
\
R
X
W
K
;
F
K
D
Q
J
H
3ULRULGDGHVHQSHUVSHFWLYD
) (GXFDFLyQEiVLFDSDUDWRGRVPLOPLOORQHVGHGyODUHVIUHQWHDOJDVWRHQ
FRVPpWLFRVHQORV(VWDGRV8QLGRVGH$PpULFDPLOPLOORQHVGHGyODUHV
) $JXD\VDQHDPLHQWRSDUDWRGRVPLOPLOORQHVGHGyODUHVIUHQWHDOYDORUGHO
FRQVXPRGHKHODGRVHQ(XURSDPLOPLOORQHVGHGyODUHV
) 6DOXGEiVLFD\QXWULFLyQHQHOPXQGRHQGHVDUUROORPLOPLOORQHVGH
GyODUHVIUHQWHDORVUHFXUVRVGHVWLQDGRVDFRPSUDUDOLPHQWRVSDUDPDVFRWDVHQ
(XURSD\(VWDGRV8QLGRVPLOPLOORQHVGHGyODUHV
)XHQWH,QIRUPH
VREUH'HVDUUROOR+XPDQR
³&RQVXPSWLRQIRU+XPDQ
GHYHORSPHQW´KWWSKGUXQGS
RUJUHSRUWVJOREDOHQ
,QIRUPHVREUHHOGHVDUUROOR
KXPDQR&RQVXPRSDUD
HO'HVDUUROORKXPDQR0DGULG
SXEOLFDGRSDUDHO318'SRU
(GLFLRQHV0XQGL3UHQVD
) 6DOXGUHSURGXFWLYDSDUDWRGDVODVPXMHUHVPLOPLOORQHVGHGyODUHVIUHQWH
DOFRQVXPRGHSHUIXPHVHQ(XURSD\(VWDGRV8QLGRVGH$PpULFDPLOPLOORQHV
GHGyODUHV
¢7RGRVVRPRVLJXDOPHQWHUHVSRQVDEOHV"(YLGHQWHPHQWHQR6LHUHVHXURSHR
QHFHVLWDVHOGREOHGHODVXSHU¿FLHPHQFLRQDGDVLHUHVHVWDGRXQLGHQVHYHFHV
PiV<VLHUHVGH%DQJODGHVKWDQVyORXQDWHUFHUDSDUWH/RTXHQRVLQGLFD
FODUDPHQWHTXHODGLVWULEXFLyQGHOFRQVXPRHVWiVHULDPHQWHGHVHTXLOLEUDGD
(OGHODJHQWHPiVULFDGHOPXQGRFRQVXPHFDVLHOGHORVUHFXUVRV
QDWXUDOHVGHOSODQHWD8QRVGDWRVSDUDODUHÀH[LyQORV(VWDGRV8QLGRVGH$PpULFD
SRVHHQHOGHODSREODFLyQGHOSODQHWDSHURFRQVXPHQVRUSUHQGHQWHPHQWHHO
GHVXVUHFXUVRV
/DIRUWXQDGHORVLQGLYLGXRVPiVDGLQHUDGRVGHOPXQGRHVLJXDODOLQJUHVR
DQXDOGHOGHODSREODFLyQPXQGLDOPiVSREUHRVHDPLOORQHVGH
SHUVRQDV
<\DTXHKDEODPRVGHGLVWULEXFLyQXQJUDQQ~PHURGHMyYHQHVSLHQVDTXHHO
SODQHWDQRSURGXFHORVX¿FLHQWHSDUDDOLPHQWDUDVXSREODFLyQ*UDQHUURU/D
GLVWULEXFLyQGHVLJXDOGHORVDOLPHQWRVHVODSULQFLSDOUD]yQSRUODTXHPLOORQHV
GHSHUVRQDVHVWiQGHVQXWULGDVHQHOPXQGRDFWXDOPHQWH
(QFUXHOFRQWUDVWHXQLQIRUPHEULWiQLFRSXEOLFDGRHQHOUHYHOyTXH
DSUR[LPDGDPHQWHPLOORQHVGHOLEUDVHVWHUOLQDVXQRVPLOORQHVGH
GyODUHVGHDOLPHQWRVWHUPLQDQFDGDDxR£GHVSHUGLFLDGDV±HQORVEDVXUHURVR
LQFLQHUDGRUDV,JXDOPHQWHXQHVWXGLRUHFLHQWHGHO*RELHUQRGH(VWDGRV8QLGRV
UHYHOyTXHPiVGHODFXDUWDSDUWHGHWRGRVORVDOLPHQWRVTXHVHSURGXFHQHQHO
SDtVQRVHFRQVXPHQ
(QUHVXPHQORVKHFKRVSRQHQGHPDQL¿HVWRTXHHO&RQVXPR6RVWHQLEOHQRHV
~QLFDPHQWHXQWHPDDPELHQWDOVLQRTXHHVDOJRTXHSURPXHYHXQQLYHOGHYLGD
GLJQRSDUDWRGRVORVVHUHVKXPDQRV
3DUDVDEHUPiVVREUHWX
KXHOODHFROyJLFDZZZHDUWKGD\
QHW)RRWSULQWSGIHIBVSDQLVKB
FRORUSGI$OJXQDVFLXGDGHVSDtVHV
RWHUULWRULRVXWLOL]DQODKXHOOD
HFROyJLFDFRPRLQGLFDGRUGHVX
UHODFLyQFRQHOPHGLRDPELHQWH
3RUHMHPSORHQ(VSDxDOD
&RPXQLGDG)RUDOGH1DYDUUDKD
UHDOL]DGRODPHGLFLyQGHVXKXHOOD
HFROyJLFD3XHGHVDFFHGHUDORV
UHVXOWDGRVHQZZZFIQDYDUUD
HVPHGLRDPELHQWHDJHQGD+XHOOD
(FR1DYKWP
6LTXLHUHVPHGLUWXSURSLDKXHOOD
HFROyJLFDORSXHGHVKDFHUHQ
ZZZYLGDVRVWHQLEOHFRP
6LQFRQVLGHUDUODVFDXVDV
GHHVWHGHVHTXLOLEULR
³6FDQGDORIWKH
IRRG%ULWDLQWKURZVDZD\´(O
HVFiQGDORGHORVDOLPHQWRVTXH
*UDQ%UHWDxDGHVSHUGLFLDSRU
-RKQ9LGDO7KH*XDUGLDQGH
DEULOGH<GHEHPRVWRPDU
HQFXHQWDHOFRVWRDGLFLRQDOSDUD
GHVKDFHUVHGHHOORVDOUHGHGRUGH
PLOORQHVGHOLEUDVHVWHUOLQDV
XQRVPLOORQHVGHGyODUHVDO
DxR
\
&XtGDWH
´1RKD\FRVDPiVLPSRUWDQWH
TXHHODLUHTXHUHVSLUDPRV
VHDFDOLHQWHRIUtRWUiWHVHGHO
KDOFyQRGHOVHUKXPDQRµ
>-DFN1LFKROVRQ
DFWRU@
(QFHIDORSDWtD(VSRQJLIRUPH%RYLQD
2UJDQLVPRV0RGL¿FDGRV
*HQpWLFDPHQWH20*UHFRJLGRV
EDMRHOQRPEUHGH³WUDQVJpQLFRV´
ODXWLOL]DFLyQGHHVWRVSURGXFWRV
HVWiHQODDFWXDOLGDGHQGHEDWH
/RVFRQVXPLGRUHVFRQVFLHQWHV
GHEHUtDQDSOLFDUHOSULQFLSLR
GHSUHFDXFLyQHVGHFLUQR
SHUPLWLUTXHVH³H[SHULPHQWDVH´
HQVXFXHUSRORVUHVXOWDGRV
GHODXWLOL]DFLyQGHORV20*
3DUDPD\RULQIRUPDFLyQZZZ
IRRGELRWHFKRUJ
1DWXUDOPHQWHGHEHKDFHUVHXQD
LQYHVWLJDFLyQH[KDXVWLYDVREUH
ORVSRVLEOHVHIHFWRVDQWHVGH
SRGHUSURSRUFLRQDULQIRUPDFLyQ
FRQ¿DEOH
/DSUHVLyQGHORV
FRQVXPLGRUHV/DFDGHQD
EULWiQLFDGHVXSHUPHUFDGRV
&223KDSURKLELGRHOXVR
GHPiVGHSODJXLFLGDV
FRPXQHVTXHVHXWLOL]DQHQ
ODSURGXFFLyQGHDOLPHQWRV
/DFRPSDxtDLQIRUPyTXH
pVWHHVHOUHVXOWDGRGH
ODSUHVLyQHMHUFLGDSRU
ORVFRQVXPLGRUHVDUDt]
GHXQDHQFXHVWDTXHOD
FRPSDxtDOOHYyDFDER(O
GHODVSHUVRQDV
HQWUHYLVWDGDVD¿UPDURQ
TXHHVWiQSUHRFXSDGDVSRU
HOXVRGHSODJXLFLGDVHQ
SDUWLFXODUSRUHOLPSDFWRGH
ORVUHVLGXRVTXtPLFRVVREUH
ODVDOXG\HODPELHQWH
)XHQWHKWWSQHZVEEF
FRXNKL(QJOLVKKHDOWKQHZVLGB
VWP
R
X
W
K
;
F
K
D
Q
J
H
6DOXGHVULTXH]DGLFHXQGLFKRDQWLJXR&DGDYH]KD\PiVSHUVRQDVTXHHVWiQ
HOLJLHQGRHVWLORVGHYLGDPiVVDQRV3UHRFXSDUWHSRUWXVDOXGWDPELpQLPSOLFD
SUHRFXSDUVHSRUODVDOXGGHOSODQHWD/RVFDPELRVGHHVWLORGHYLGDGHEHQ
EHQH¿FLDUDOSODQHWDWDQWRFRPRDWL
/RVDOLPHQWRVVRQXQYtQFXORFODYHHQWUHQRVRWURV\HOSODQHWD8QJUDQQ~PHUR
GHSHUVRQDVSUH¿HUH\DSURGXFWRVDOLPHQWLFLRVPiVVDOXGDEOHV\SURGXFLGRVGH
PDQHUDTXHVHRFDVLRQHXQGDxRPtQLPRDOHQWRUQR\VHGpXQWUDWRGLJQRDORV
DQLPDOHV$GHPiVODJHQWHGHVHDTXHORVDOLPHQWRVTXHFRPSUDVHDQVHJXURV\
QRFRQWHQJDQVRUSUHVDVGHVDJUDGDEOHV
8QDVHULHGHFULVLVUHFLHQWHVUHODFLRQDGDVFRQORVDOLPHQWRV±HQIHUPHGDGGH
ODVYDFDVORFDV((%¿HEUHDIWRVDGLR[LQDVHQORVSROORV±KDQFRQGXFLGRD
ORVFRQVXPLGRUHVDPRVWUDUXQLQWHUpVDFWLYRSRURSFLRQHVFHUWL¿FDGDVPiV
VRVWHQLEOHVRUJiQLFRVSURGXFLGRVGHPDQHUDWUDGLFLRQDOOLEUHVGHRUJDQLVPRV
PRGL¿FDGRVJHQpWLFDPHQWH>20*@
/RVFRQVXPLGRUHVHVWiQHPSH]DQGRDDSR\DUDORVHVWDEOHFLPLHQWRVFRPHUFLDOHV
TXHHYLWDQHOGHVSHUGLFLRGHDOLPHQWRV7DPELpQHVWiQH[LJLHQGRPiVLQIRUPDFLyQ
DFHUFDGHORTXHVHHQFXHQWUDHQODVHVWDQWHUtDVGHOVXSHUPHUFDGR±¢FRQWLHQH
WUDQVJpQLFRVHVWDODWDGHWRPDWH"¢/DFDUQHTXHTXLHURFRPSUDUKDVLGR
LQ\HFWDGDFRQKRUPRQDV"6HWUDWDGHSRGHUHOHJLU$DOJXQDVSHUVRQDVSXHGH
QRLPSRUWDUOHVVLKD\20*HQVXVDOLPHQWRVSHURORTXHHVLPSRUWDQWHHVTXHVH
SURSRUFLRQHODLQIRUPDFLyQDGHFXDGDTXHSHUPLWDDODJHQWHWRPDUVXVSURSLDV
GHFLVLRQHV
\
R
X
W
K
;
F
K
D
Q
J
H
- 3DVRDSDVR
6LHPSUHTXHSXHGDVFRQVXPHEHELGDV\DOLPHQWRVORPiVVDQRVSRVLEOHPiVDOLPHQWRV
IUHVFRV\PHQRVDGLWLYRV\DOLPHQWRVSURFHVDGRV
) (YLWDDOLPHQWRVPRGL¿FDGRVJHQpWLFDPHQWH20*KDVWDTXHVHFRQR]FDVX
) 3URFXUDQRFRQVXPLUFDUQHSURGXFLGDFRQPpWRGRVGHFUtDLQWHQVLYD
) (YLWDORVDOLPHQWRVIXHUDGHHVWDFLyQ\TXHVHLPSRUWDQGHSDtVHVOHMDQRV
) +D]OHVDEHUDWXVXSHUPHUFDGRTXHTXLHUHVHWLTXHWDVTXHWHLQIRUPHQFRQ
LPSDFWR
YHUDFLGDGDFHUFDGHORVDOLPHQWRVTXHFRQVXPHV
) 7RPDVXSOHPHQWRVGLHWpWLFRVVyORVLYHUGDGHUDPHQWHORVQHFHVLWDV(OLJHORV
TXHHVWpQHODERUDGRVFRQLQJUHGLHQWHVQDWXUDOHVHQOXJDUGHODVLPLWDFLRQHV
TXtPLFDV
) ,QIyUPDWHVREUHORVDGLWLYRVQXWULFLRQDOHVLGHQWL¿FDGRVFRQODOHWUD³(´PiVXQ
6LTXLHUHVFRQRFHUTXp
SURGXFWRVGHFRQVXPRQRSXHGHQ
JDUDQWL]DUTXHHVWiQOLEUHVGH
³WUDQVJpQLFRV´20*SXHGHV
FRQVXOWDU
ZZZJUHHQSHDFHRUJHVSDQDBHV
FDPSDLJQVLQWUR"FDPSDLJQB
LG Q~PHURTXHGDQFRORU\VDERUDUWL¿FLDODORVDOLPHQWRV
&RPHUDOLPHQWRVRUJiQLFRVRVHUYHJHWDULDQRVRQGHFLVLRQHVTXHODVSHUVRQDV
WRPDQDFHUFDGHFyPRTXLHUHQYLYLUDPHQXGRSRUTXHGHVHDQHVWDUPiVVDQRV
6LQHPEDUJRHVWDVGHFLVLRQHVVRQEXHQDVWDPELpQSDUDHOPHGLRDPELHQWH
&RPHUSROORHQOXJDUGHFDUQHGHUHVVLJQL¿FDXQGDxRDPELHQWDOYHFHVPHQRU
8QDSHUVRQDTXHOOHYDXQDGLHWDOLEUHGHFDUQHHYLWDTXHPiVGHPGH
iUEROHVVHDQGHVWUXLGRVSRUDxR
6XVWDLQDEOH$JULFXOWXUH
)RRG\(QYLURQPHQW$OOLDQFH
KDQLQLFLDGRXQDFDPSDxDSDUD
FRQWURODU³ODVPLOODV´GHORV
DOLPHQWRV/DVPLOODVGHORV
DOLPHQWRV³IRRGPLOHV´HVXQD
IRUPDGHPHGLUODGLVWDQFLDTXHORV
DOLPHQWRVYLDMDQDQWHVGHOOHJDUDO
FRQVXPLGRU¿QDO&XDQWRPD\RUVHD
ODGLVWDQFLDTXHUHFRUUHQPHQRV
VRVWHQLEOHVUHVXOWDQ
3DUDPiVLQIRUPDFLyQYHUZZZ
VXVWDLQZHERUJIRRGPLOHV
(QSDUWLFXODUHYLWDORV
FRORUDQWHV(DGLy[LGRVGH
D]XIUH(ORVDQWLR[LGDQWHV(
\(\HOJOXWDPDWRPRQRVyGLFR
(3DUDVDEHUPiVDFHUFDGHHVWRV
Q~PHURVYLVLWD
ZZZFRQVXPDVHJXULGDGFRP
ZZZVLQIURQWHUDVRUJQDWXUDOPHQWH
\
R
X
W
K
;
F
K
D
Q
J
H
6XVWDQFLDV
TXtPLFDVXQD
GRFHQDGHORV
SURGXFWRVPiV
LQGHVHDEOHVDSXQWR
GHGHVDSDUHFHU
(QPD\RGH
UHSUHVHQWDQWHVGHXQRV
JRELHUQRVFRQ¿UPDURQHO
&RQYHQLRGH(VWRFROPRVREUH
³&RQWDPLQDQWHVRUJiQLFRV
SHUVLVWHQWHV´&23HQHOTXH
VHFRQWHPSODODHOLPLQDFLyQGH
HVWHWLSRGHFRQWDPLQDQWHV
SDUDORTXHVHHVWDEOHFLy
XQDOLVWDGHVXVWDQFLDV
SULRULWDULDVODOODPDGD³GRFHQD
VXFLD´TXHLQFOX\HQHO''7
ORVELIHQLORVSROLFORUDGRV3&%
VLJODVHQLQJOpV\GLR[LQDV
VXVWDQFLDVTXHGHEtDQVHU
HOLPLQDGDV/DFRQYHQFLyQ
HQWUDUiHQYLJRUXQDYH]TXH
VHDUDWL¿FDGDSRUSDtVHV
3XHGHVHQFRQWUDUPiVLQIRUPDFLyQ
VREUHORV323\HOSDSHOGHOD
81(3HQODFDPSDxDSRUHVWD
FRQYHQFLyQHQZZZFKHPXQHS
FKSRSVGHIDXOW7DPELpQSXHGHV
EXVFDUODHQZZZSRSVLQW
- 3DVRDSDVR
+D\DOJXQRVSHTXHxRVSDVRVTXHSRGHPRVGDUSDUDUHGXFLUHOXVRGHVXVWDQFLDV
TXtPLFDV
3DUDFRQRFHUORVSURGXFWRV
TXtPLFRVWy[LFRV\SHOLJURVRVTXH
XWLOL]DPRV\VDEHUORVULHVJRVTXH
SURGXFHQSRGHPRVFRQVXOWDU
KWWSDUFKLYRJUHHQSHDFH
RUJWR[LFRVKWPOFKHPLFDOKRXVH
KWPO7DPELpQSRGHPRVKDFHUXQ
UHFRUULGRSRUXQDFDVDYLUWXDO\
YHUORVLPSDFWRVTXHSURGXFHQORV
SURGXFWRVTXHFRQVXPLPRVZZZ
FKHPLFDOFRFNWDLORUJ
6REUHSHVWLFLGDVSXHGHVDPSOLDU
ODLQIRUPDFLyQHQZZZFHLW
HV$VLJQDWXUDV(FRORJLD
+LSHUWH[WR3URG4XL3HVWLF
KWP3DUDVDEHUPiVVREUH
SHVWLFLGDVRUJiQLFRVPLUDHQ
ZZZSODQHWDRUJDQLFRFRPEU
DJURWKLVWKWPZZZLQIRUJDQLF
FRP
) ,QIyUPDWHDFHUFDGHORVSURGXFWRVGHOLPSLH]DSDUDHOKRJDUFRVPpWLFRV\
SURGXFWRVGHKLJLHQHSHUVRQDO$YHULJXDTXpFRQWLHQHQ\TXpLPSDFWRVDPELHQWDOHV
SURGXFHQ
) 5HYLVDHODUPDULRHQHOTXHJXDUGHVPHGLFLQDV\OOHYDWRGDVDTXHOODVTXHHVWpQ
FDGXFDGDVDODIDUPDFLD/DVTXHWRGDYtDYDOJDQ\QRQHFHVLWHVOOpYDODVDXQD IDUPDFLDTXHODVUHFRMDSDUDODJHQWHTXHODVQHFHVLWD
) 6LHPSUHTXHWHVHDSRVLEOHXVDSURGXFWRVHFROyJLFRVSURGXFWRVQDWXUDOHV\ XWLOL]DODFDQWLGDGPtQLPDHQJHQHUDOXQSRFRPHQRVGHODUHFRPHQGDGD
) 5HFKD]DSURGXFWRVWHVWDGRVHQDQLPDOHV(YLWDODFUXHOGDGKDFLDORVDQLPDOHV
) 6LYDVDXWLOL]DUSHVWLFLGDVXVDORVPHQRVQRFLYRV
) 3LHQVDELHQFRQTXpIUHFXHQFLDQHFHVLWDVODYDUWXURSD(YLWDOLPSLDUODURSD HQVHFR\DTXHORVSURGXFWRVTXHVHXWLOL]DQDPHQXGRFRQWLHQHQVXVWDQFLDV TXtPLFDVDOWDPHQWHFRQWDPLQDQWHV
) &XDQGRYD\DVDOPpGLFRSUHJXQWDVLHPSUHVLHOUHPHGLRTXHWHUHFHWDHVHOPiV
VXDYHHQWUHORVTXHVRQH¿FDFHVSDUDWXGROHQFLD
\
R
X
W
K
;
F
K
D
Q
J
H
&XLGDUODVDOXGWDPELpQHVWiUHODFLRQDGRFRQORVSURGXFWRVTXHXWLOL]DPRV
UHJXODUPHQWHSDUDOLPSLDU\PDQWHQHUQXHVWUDVFDVDV\SDUDQXHVWUDKLJLHQH8Q
JUDQQ~PHURGHHOORVFRQWLHQHVXVWDQFLDVTXtPLFDVTXHDXPHQWDQORV\DHOHYDGRV
QLYHOHVGHFRQWDPLQDFLyQ\QRVRQELRGHJUDGDEOHV
(OLPSDFWRGHOD
FRQWDPLQDFLyQGHODLUHHQOD
VDOXGGHORVKDELWDQWHVGHODV
FLXGDGHVHVLPSUHVLRQDQWH
RFDVLRQDXQRGHFDGD
DWDTXHVDOFRUD]yQHQ/RQGUHV
/DVVXVWDQFLDVTXtPLFDVSHOLJURVDVWDPELpQVHHQFXHQWUDQHQHODLUHTXH
UHVSLUDPRV3DUDHODxRSRUSULPHUDYH]HQODKLVWRULDPiVSHUVRQDVYLYLUiQ
HQSXHEORV\FLXGDGHVTXHHQHOFDPSR'HVDIRUWXQDGDPHQWHODFRQWDPLQDFLyQ
GHODLUHVHKDFRQYHUWLGRHQXQDGHODVFDUDFWHUtVWLFDVTXHGH¿QHQODYLGDHQOD
FLXGDG/DPDODFDOLGDGGHODLUHDIHFWDODVDOXGGHODSREODFLyQPXQGLDOGHPDQHUD
DODUPDQWHWDQWRHQORVSDtVHVGHVDUUROODGRVFRPRHQGHVDUUROOR
(QODVSULQFLSDOHVFLXGDGHVGHOD
,QGLD1XHYD'HOKL\%RPED\
UHVSLUDUHODLUHHTXLYDOHDIXPDU
GHDFLJDUURVDOGtD\
WDQVyORHQ1XHYD'HOKL
SHUVRQDVPXHUHQFDGDDxRGH
HQIHUPHGDGHVUHVSLUDWRULDV
/DFRQWDPLQDFLyQDWPRVIpULFDKDRFDVLRQDGRXQPDUFDGRDXPHQWRHQHOQ~PHUR
GHSHUVRQDVHQODVFLXGDGHVTXHVXIUHQGHDVPD\DOHUJLDV(QFDVRVH[WUHPRVORV
HQIHUPRVGHDVPDQRWLHQHQRWUDRSFLyQPiVTXHSHUPDQHFHUHQFDVDFXDQGRORV
QLYHOHVGHFRQWDPLQDFLyQVRQDOWRV
- 3DVRDSDVR
7RGRVSRGHPRVKDFHUXQHVIXHU]RSDUDOLPSLDUHODLUHTXHUHVSLUDPRV
)3DUDGLVWDQFLDVFRUWDVFDPLQDHQOXJDUGHXVDUHOFRFKH
)'HMDGHIXPDURDOPHQRVGLVPLQX\HHOQ~PHURGHFLJDUULOORV
)5HFXHUGDKDFHUHMHUFLFLRFRQUHJXODULGDG/DEXHQDFRQGLFLyQItVLFDQRSXHGH
DOPDFHQDUVH
&LXGDGGH0p[LFRFRQXQD
SREODFLyQFHUFDQDDORV
PLOORQHVGHKDELWDQWHVKD
H[SHULPHQWDGRXQGHWHULRUR
SURJUHVLYRGHVXDWPyVIHUD(O
VPRJGHOiUHDPHWURSROLWDQD
PH]FODGHFRQWDPLQDQWHV
SURGXFLGDSRUPLOORQHVGH
YHKtFXORVDXWRPRWRUHV\
LQGXVWULDVLQFOX\HPRQy[LGRGH
FDUERQRSORPRKLGURFDUEXURV
GLy[LGRGHD]XIUHGLy[LGR
GHQLWUyJHQR\SDUWtFXODV
VXVSHQGLGDV(OVPRJQRSXHGH
GLVSHUVDUVHGHELGRDTXHOD
FLXGDGHVWiDWUDSDGDHQWUHODV
PRQWDxDVFRQGLFLRQDQGRODV
OODPDGDVLQYHUVLRQHVWpUPLFDV
ODVFXDOHVRFXUUHQGLDULDPHQWH
GXUDQWHORVPHVHVGHRFWXEUH
DHQHUR
(Q(VSDxDHO,QIRUPH$QXDO
GHHODERUDGRSDUDOD
&RPLVLyQ(XURSHDVHxDODED
FRQFHQWUDFLRQHVGHGLy[LGR
GHQLWUyJHQRVXSHULRUHVDO
YDORUOtPLWHLQFUHPHQWDGRSRU
HOPDUJHQGHWROHUDQFLDHQ
=DUDJR]DiUHDPHWURSROLWDQD
GH%DUFHORQD\GH0DGULG
/DVFRQFHQWUDFLRQHVGH30
SDUWtFXODVHQVXVSHQVLyQ
PHQRUHVGHPVXSHUDEDQ
HOYDORUOtPLWHLQFUHPHQWDGRSRU
HOPDUJHQGHWROHUDQFLDHQXQD
VHULHGH]RQDVHQWUHODVTXHVH
LQFOX\H%DUFHORQD
'LUHFWLYD&(GHO&RQVHMR
GHGHDEULOGHUHODWLYDDORV
YDORUHVOtPLWHGHGLy[LGRGHD]XIUH
GLy[LGRGHQLWUyJHQR\y[LGRVGH
QLWUyJHQRSDUWtFXODV\SORPRHQHO
DLUHDPELHQWH
(VWDGLVSRQLEOHHQKWWSHXURSD
HXLQWVFDGSOXVOHJHVOYEOD
KWP
\
R
X
W
K
;
F
K
D
Q
J
H
0RYLpQGRWH
SRUOD
&LXGDG
´(VHOWUDQVSRUWHORTXHKDUi
RURPSHUiODVRVWHQLELOLGDGGH
XQDFLXGDGµ
>5LFKDUG5RJHUV
DUTXLWHFWR@
([LVWHXQJUDQQ~PHURGH
LQLFLDWLYDV\HQWLGDGHVTXH
LPSXOVDQODXWLOL]DFLyQGHOD
ELFLFOHWDFRPRPHGLRGHWUDQVSRUWH
DOWHUQDWLYRHQQXHVWUDVFLXGDGHV
%XVFDHQODUHGVXVZHESDUD
LQIRUPDUWHSRUHMHPSORZZZ
FRQELFLRUJ
&$7$/81<$&$56+$5,1*
&DU6KDULQJHVXQFRQFHSWR
TXHOOHYDDxRVIXQFLRQDQGR
HQRWURVSDtVHVGH(XURSD\
FRQVLVWHHQTXHXQJUXSRGH
FLXGDGDQRVKDFHXVRGHIRUPD
LQGLYLGXDOGHXQDÀRWDGHFRFKHV
FROHFWLYD/RVFRFKHVTXHQR
WLHQHQXQXVRSURIHVLRQDOSDVDQ
XQGHVXWLHPSRGHYLGD
DSDUFDGRV&RPSDUWLUHOXVR
GHXQFRFKHLQFUHPHQWDVX
QLYHOGHXWLOL]DFLyQ\GLVPLQX\H
ORVFRVWHV¿MRVXQLWDULRV(O
&DU6KDULQJSHUPLWHFXEULUOD
QHFHVLGDGGHGHVSOD]DUVHHQ
FRFKHSRQLHQGRDGLVSRVLFLyQ
GHOXVXDULRXQYHKtFXORFXDQGR
OHVHDQHFHVDULRVLQWHQHUTXH
VHUHOSURSLHWDULR/DHPSUHVD
JHVWLRQDHOSDUTXHGHYHKtFXORV
TXHDVLJQDVHJ~QODGHPDQGD
\PDQWLHQHHQSHUIHFWRHVWDGR
\IDFWXUDDO¿QDOGHPHVDFDGD
XVXDULRORVVHUYLFLRVXWLOL]DGRV
(VHQFLDOPHQWHH[LVWHQGRV
PRGDOLGDGHVGHXVXDULRVHO
DERQDGRTXHSDJDXQDFXRWD
PHQVXDOGHXQRVHXURV\HO
VRFLRTXHDSRUWDXQDFDQWLGDG
~QLFDGHHXURV'HVSXpV
VyORVHSDJDHOXVRTXHXQRKD
KHFKRSRUNLOyPHWURUHFRUULGR\
SRUWLHPSRGHXWLOL]DFLyQ
,QIyUPDWHHQZZZODSWSRUJ
FDUVKDULQJ
%LFLWHNDVHVXQJUXSRGHFLXGDGDQRVPH[LFDQRVTXHLPSXOVDXQDFXOWXUDGHODELFLFOHWDFRPRXQDIRUPDGH
YLYLU6XLQWHQFLyQHVFUHDUXQPHGLRDPELHQWHSURSLFLRSDUDODYLGD\HOGHVDUUROORLQWHJUDOGHOVHUKXPDQR
$SXHVWDQSRUHOXVR\IRPHQWRGHORVPHGLRVGHWUDQVSRUWHVVRVWHQLEOHV6HRSRQHQDOGHVDUUROORXUEDQR
TXHFRQVLGHUDHODXWRPyYLO\QRDODVSHUVRQDVFRPRHOHOHPHQWRPiVLPSRUWDQWHHQODFLXGDG3URPXHYHQ
UHIRUPDVHQHOUHJODPHQWRGHWUiQVLWRHQ0p[LFRSURSRQHQODFUHDFLyQGHFLFORYtDVEULQGDQFRQVHMRVSDUD
FLUFXODUGHPDQHUDVHJXUD\OOHYDQDFDERFDPSDxDVSDUDGLIXQGLUHOGHUHFKRGHWRGDVODVSHUVRQDVDXVDUOD
ELFLFOHWDFRQVHJXULGDG\OLEHUWDGSDUDWUDQVLWDU\OOHJDUDFXDOTXLHUSXQWR
0iVLQIRUPDFLyQVREUHHOJUXSR\VXVDFWLYLGDGHVHQZZZELFLWHNDVRUJ
/DPRYLOLGDGVLHPSUHKDVLGRXQDVSHFWRFODYHGHODDFWLYLGDGKXPDQD\XQIDFWRU
TXHHVWiFDPELDQGR\PHMRUDQGRGHPDQHUDFRQVWDQWH$WUDYpVGHORVVLJORV
KHPRVYLVWRTXHORVPHGLRVGHWUDQVSRUWHVHKDQPXOWLSOLFDGRFUHFLGRHQWDPDxR
\SRWHQFLD\SRUVXSXHVWRHQYHORFLGDG
'HDFXHUGRFRQFLIUDVGHO%DQFR0XQGLDOHQHODxRKDEUiPLOORQHVGH
DXWRPyYLOHVHQWRGRHOPXQGRFRPSDUDGRVFRQORVPLOORQHVTXHKDEtDHQHO
DxR6LGHODVSUR\HFFLRQHVQRVYDPRVDORVGDWRVUHDOHVHQHODxR
ODSURGXFFLyQJOREDOGHDXWRPyYLOHVDOFDQ]yODFLIUDUpFRUGGHPLOORQHVGH
XQLGDGHVFRQXQLQFUHPHQWRGHOUHVSHFWRDODxRDQWHULRU6LFRQWLQXDPRVOD
SURGXFFLyQFRQHVHULWPRORPiVSUREDEOHHVTXHDOFDQ]DUHPRVODSUR\HFFLyQSDUD
HODxR£XQSRFRDQWHVGHORHVSHUDGR
(OGHORVDXWRPyYLOHVHQHOPXQGRSHUWHQHFHQDOGHODSREODFLyQ
PXQGLDOSULQFLSDOPHQWHHQORVSDtVHVULFRV+D\PiVDXWRPyYLOHVHQXQDVROD
\
R
X
W
K
;
F
K
D
Q
J
H
iUHDXUEDQDGHORV(VWDGRV8QLGRVGH$PpULFD±HQHOiUHDPHWURSROLWDQDGH/RV
ÈQJHOHV±TXHHQOD,QGLD&KLQD,QGRQHVLD3DNLVWiQ\%DQJODGHVKMXQWRV
3UREOHPDVDGLFLRQDOHVODVHPLVLRQHVGHPRQy[LGRGHFDUERQRHVWiQ
FRQWDPLQDQGRODVFLXGDGHVDQLYHOHVFUtWLFRV\ODVFDOOHVVHHQFXHQWUDQ
VHYHUDPHQWHFRQJHVWLRQDGDVSRUHOYROXPHQGHOWUiILFR6HFDOFXODTXHORV
FRQGXFWRUHVHQ%DQJNRNLQYLHUWHQXQSURPHGLRGHGtDVDODxR³DWDVFDGRV´HQHO
WUiILFR
/DVHPLVLRQHVGH&2SURGXFLGDVSRUORVFRFKHV\FDPLRQHWDVHQORV(VWDGRV
8QLGRVGH$PpULFDVXPDURQXQWRWDOGHPLOORQHVGHWRQHODGDVHQORTXH
H[FHGLyHOWRWDOGHHPLVLRQHVJHQHUDGDVHQFDVLWRGRVORVSDtVHVGHOPXQGRMXQWRV
3RURWURODGRHODEDVWHFLPLHQWRGHORVFRPEXVWLEOHVWUDGLFLRQDOHV±SRUHMHPSOROD
JDVROLQD±QRHVLQDJRWDEOH
1XHVWUDGHSHQGHQFLDGHODXWRPyYLOQRVKDKHFKRSHUH]RVRV(QODVJUDQGHV
FLXGDGHVDOUHGHGRUGHGHFDGDYLDMHVGHPHQRVGHNLOyPHWURVVHKDFHHQ
DXWRPyYLO3RUVXSXHVWRORVYHKtFXORVPRWRUL]DGRVWDPELpQVRQHVHQFLDOHVHQOD
YLGDPRGHUQD3HURXQXVRPiVUHVSRQVDEOHGHOFRFKHSXHGHPHMRUDUODVFRVDV\
KDFHUODVFLXGDGHVPiVOLPSLDVVDQDV\PiVVHJXUDVSDUDYLYLU/RVYLDMHVFRUWRV
DXPHQWDQHOQLYHOGHFRQWDPLQDFLyQXQYLDMHGHNLOyPHWURVHQDXWRPyYLOHPLWH
YHFHVPiVGLy[LGRGHFDUERQRSRUSDVDMHURTXHXQDXWRE~V\YHFHVPiV
TXHXQWUHQ
&DUROLQH&OD\WRQ'LUW\
3ODQHWWKH)ULHQGVRIWKH(DUWK
*XLGHWRSROOXWLRQDQGZKDW\RX
FDQGRDERXWLW/LYHZLUH%RRNV
/RQGRQS
9HUWDPELpQ6HUYLFLR
(XURSHRGH,QIRUPDFLyQVREUHHO
7UDQVSRUWH8QDJXtDLQWHUDFWLYD
VREUHODVSROtWLFDVGHWUDQVSRUWH
TXHVHHVWiQOOHYDQGRDFDER
ZZZHOWLVRUJ
(O&HQWURGH7UDQVSRUWH
6RVWHQLEOHUDGLFDGRHQOD&LXGDG
GH0p[LFRRIUHFHPDWHULDOHVPX\
YDOLRVRVVREUHHVWDSUREOHPiWLFD
ZZZFWVFHLEDRUJLQGH[KWP
+D\EDVWDQWHLQIRUPDFLyQUHIHULGD
DODVFLXGDGHVDPHULFDQDV\
XQDEXHQDOLVWDGHYtQFXORVSDUD
YLVLWDURWURVVLWLRVUHODFLRQDGRV
86*HQHUDO$FFRXQWLQJ
2I¿FH:DVKLQJWRQ
ZZZZULRUJZUL
FOLPDWHMPBRLOBKWPO
- 3DVRDSDVR
7Ui¿FRFRQWDPLQDFLyQGHDLUHUXLGR«QXHVWUDVFLXGDGHVVHHVWiQKDFLHQGRFDGDYH]PiV
LQKDELWDEOHV¢4XpSRGHPRVKDFHU"
) &DPLQDXVDODELFLFOHWDRORVSDWLQHV/DVELFLFOHWDVVRQHOPHGLRGHWUDQVSRUWH
PiVH¿FLHQWHHQHOXVRGHHQHUJtDHOGHODHQHUJtDXWLOL]DGDVHWUDQVIRUPDHQ
PRYLPLHQWR£(VUiSLGR\WHPDQWHQGUiHQIRUPD
) &RPSDUWHHODXWRPyYLOVLHPSUHTXHSXHGDV&RPSDUWLUHODXWRPyYLOFDU VKDULQJSHUPLWHDYDULDVSHUVRQDVXWLOL]DUXQVRORDXWRPyYLO(QHO&DUSRROLQJ
XQJUXSRGHSHUVRQDVVHRUJDQL]DSDUDFRPSDUWLUXQRRYDULRVFRFKHVHQWUHWRGRV
) &RPRDOWHUQDWLYDVLVyORQHFHVLWDVHODXWRPyYLOGHYH]HQFXDQGRHVPHMRU DOTXLODUORTXHFRPSUDUXQR
) 7UDQVSRUWHS~EOLFR(QJHQHUDOORVWUHQHV\DXWREXVHVGHWUDQVSRUWHS~EOLFR
VRQODVRSFLRQHVPiVVRVWHQLEOHV\DTXHWUDQVSRUWDQDXQPD\RUQ~PHURGH
SHUVRQDVFRQWDPLQDQPHQRV\XWLOL]DQPHQRVHQHUJtDSRUSDVDMHUR
) &RPSUDYHKtFXORVPiVH¿FLHQWHV\GDOHVHOPDQWHQLPLHQWRDGHFXDGR
$QWHVGHFRPSUDUDYHULJXDFXiOHVODH¿FLHQFLDHQHUJpWLFDFRQWDPLQDFLyQ
JHQHUDGDFDSDFLGDGSDUDIXQFLRQDUFRQJDVROLQDVLQSORPR\YLGDPHGLDHVSHUDGD
GHODXWRPyYLORPRWRFLFOHWD
) &RQGXFHUHVSRQVDEOHPHQWH(YLWDDFHOHUDURIUHQDUFRQEUXVTXHGDG/D
FRQGXFFLyQDJUHVLYDGHPDQGDXQFRQVXPRGHFRPEXVWLEOHFRQVLGHUDEOHPHQWH
PD\RU\JHQHUDPiVFRQWDPLQDFLyQ$SDJDHOPRWRUVLWLHQHVTXHHVSHUDUPiVGH
VHJXQGRV<QRHVSHUHVGHPDVLDGRSDUDFDPELDUGHYHORFLGDG
,ELG&OD\WRQRSFLWS
(VWRVVRQSUHFLVDPHQWHORV
WUD\HFWRVHQORVTXHORVDXWRPyYLOHV
SULYDGRVVRQPHQRVH¿FLHQWHV
(QODZHEGHO,QVWLWXWR
SDUDOD'LYHUVL¿FDFLyQ\$KRUUR
GHOD(QHUJtD,'$(0LQLVWHULR
GH,QGXVWULD7XULVPR\&RPHUFLR
GHO(VWDGRHVSDxROWLHQHVDWX
GLVSRVLFLyQLQIRUPDFLyQVREUH
ORVFRQVXPRVGHFRPEXVWLEOHV
GHODVPDUFDV\YHKtFXORV
TXHSXHGHVHQFRQWUDUHQHO
PHUFDGRDVtFRPRVXVHPLVLRQHV
FRQWDPLQDQWHVZZZLGDHHV
\
R
X
W
K
;
F
K
D
Q
J
H
'HYLDMH
´1RKD\SDVDMHURVHQODQDYH
HVSDFLDO7LHUUD7RGRVVRPRV
WULSXODQWHVµ
>0DUVKDOO0F/XKDQ
VRFLyORJR@
0iVLQIRUPDFLyQVREUHHVWHWHPD
HQZZZHFRWRXULVPHRUJ
ZZZVXVWUDYHORUJ
ZZZJUHHQJOREHFRP
ZZZJUHHQWUDYHORUJ
ZZZUHVSRQVLEOHWUDYHOFRP
3iJLQDVVLPLODUHVHQHVSDxRO
ZZZUHGWXUVQHWPDLQDVS
ZZZWXULVRVQHWLQGH[
KWPOZZZKXPEROGWRUJFR
ELRFRPHUFLRWXULVPRVRVWHQLEOH
TXLHQHVKWP
6XSRQHQPiVGHOGHOD
DFWLYLGDGHFRQyPLFDPXQGLDO\
SURSRUFLRQDQWUDEDMRGLUHFWRR
LQGLUHFWRDPiVGHPLOORQHV
GHSHUVRQDV3DUDPiVGHWDOOHV
FRQVXOWDZZZXQHSWLHRUJSF
WRXULVPVXVWWRXULVP7DPELpQ
HQKWWSZRUOGWRXULVPRUJ\HQ
ZZZZWWFRUJ
0RYLOL]DUVHQRVHOLPLWDDORVGHVSOD]DPLHQWRVFRUWRV7DPELpQLQFOX\HORV
GHVSOD]DPLHQWRVODUJRVORVYLDMHV\DVHDQGHHVWXGLRVWUDEDMRRSODFHU3HUR
VHJ~QFRPRVHKDJDQQRWRGRVVRQLJXDOPHQWHVRVWHQLEOHV$OJXQDVLGHDVSDUD
UHÀH[LRQDU
(OWXULVPRHMHUFHXQJUDQLPSDFWRHQQXHVWURSODQHWD\HVODLQGXVWULDPiV
JUDQGHGHOPXQGR'HDFXHUGRFRQOD2UJDQL]DFLyQ0XQGLDOGH7XULVPRORVYLDMHV
LQWHUQDFLRQDOHVJOREDOHVOOHJDUiQDORVPLOPLOORQHVHQHODxRPLOORQHV
HQ
(OWXULVPRPDVLYRRFDVLRQDVHULRVGDxRVDPELHQWDOHV/RVFLHQWt¿FRVSUHGLFHQ
TXHSDUDHODxRODPLWDGGHODGHVWUXFFLyQDQXDOGHODFDSDGHR]RQRVHUi
RFDVLRQDGDSRUORVYLDMHVDpUHRV1RWRGRVORVYLDMHVDpUHRVSXHGHQDWULEXLUVHDORV
WXULVWDVSRUVXSXHVWRSHURHVWRVFRQWULEX\HQGHPDQHUDVXVWDQFLDODOSUREOHPD
/DFRQWDPLQDFLyQGHODLUH\ODGHJUDGDFLyQGHOVXHOR\HODJXDVRQSUREOHPDV
SDUWLFXODUPHQWHVHULRVHQODVUHJLRQHVFRVWHUDVDPHQXGRVREUHH[SORWDGDV<DOJR
PiVYLVLEOH¢TXpSHQVDUGHORVWXULVWDVLUUHVSRQVDEOHVTXHWUDQVIRUPDQOXJDUHV
SDUDGLVtDFRVHQEDVXUHURV"
\
R
X
W
K
;
F
K
D
Q
J
H
¢([LVWHQDOWHUQDWLYDV"6t$FWXDOPHQWHFDGDYH]HVPiVIiFLOHQFRQWUDUXQ
PD\RUQ~PHURGHRSFLRQHVGHYLDMHV\YDFDFLRQHVVRVWHQLEOHVSUR\HFWRVGH
FRQVHUYDFLyQ\UHVWDXUDFLyQSUR\HFWRVGHD\XGDYROXQWDULDLPSDUWLUFODVHVHQ
HOH[WUDQMHURHWF%XVFDHQ,QWHUQHWHQFRQWUDUiVFLHQWRVGHLGHDV\RSFLRQHV
SHUR£WHQFXLGDGRFRQORVVLWLRVTXHSURPXHYHQSDTXHWHVQRWDQVRVWHQLEOHVFRPR
SUHWHQGHQ
¢%XVFDVDOJRPiVUHODMDQWH"1RKD\SUREOHPD/DVRVWHQLELOLGDGWDPELpQVH
HQFXHQWUDHQRSFLRQHVGHYDFDFLRQHVPiVFRQYHQFLRQDOHV(VSUREDEOHTXHORV
KRWHOHVORFDOHVSRVDGDVFDVDVUXUDOHV\FDPSLQJDGPLQLVWUDGRVSRUJHQWHORFDO
DWHQGLGRVFRQHVPHURUHVSHWHQHLPSXOVHQODHFRQRPtDHOPHGLRDPELHQWH\OD
FXOWXUDORFDOPiVTXHDOJXQRVKRWHOHVGHFDGHQDVLQWHUQDFLRQDOHV
8QDVHxDOSRVLWLYDHVTXHHOWXULVPRVRVWHQLEOHRpWLFRHVWiJDQDQGRSRSXODULGDG
(QHOFXDGURGHDEDMRVHPHQFLRQDQDOJXQDVVXJHUHQFLDVSDUDODVYDFDFLRQHV/D
OLVWDSXHGHSDUHFHUODUJDSHURFXDQGRYLDMDPRVQXHVWURVHVIXHU]RV\DWHQFLyQ
QHFHVLWDQUHGREODUVH1RVyORYDPRVDXQOXJDUGRQGHODFXOWXUDDPHQXGRHV
GHVFRQRFLGDVLQRTXHYDPRVDOOXJDUGHRWUDVSHUVRQDV\WRGRHOPXQGRDSUHFLDD
XQKXpVSHGELHQHGXFDGR\UHVSHWXRVR
- 3DVRDSDVR
,QLFLDWLYDGHORV7RXU
2SHUDWRUVGHOD81(3
72,
$SOLFDUXQDSROtWLFDGH
WUDQVSRUWHPiVVRVWHQLEOH
HVXQRGHORVHOHPHQWRV
FHQWUDOHVGHORVSUR\HFWRV
GH678',2686SRUXQ
GHVDUUROORVRVWHQLEOH
$OHPDQLD/DVPHGLGDV
DGRSWDGDVLQFOX\HQ
LQFHQWLYRVSDUDRIUHFHU
WUDQVSRUWHSRUWUHQRHQ
DXWRE~VHQOXJDUGHYLDMHV
SRUDYLyQRHQDXWRPyYLO
¢(VSRVLEOHFRPELQDU
HOSODFHUGHYLDMDU\OD
VRVWHQLELOLGDG"(Q3ULPHU
7RXUVÈIULFDGHO6XUGLFHQ
TXHVt/DDJHQFLDGLVHxDORV
YLDMHVLQFOX\HQGRVLWLRVGH
LQWHUpV\DORMDPLHQWRVTXH
FRQWULEX\HQDFWLYDPHQWH
DODSUHVHUYDFLyQGHORV
GHVWLQRVRIUHFLGRV
ZZZWRLQLWLDWLYHRUJJRRGBSUDF
WLFHV
+D\YDULDVFRVDVTXHSRGHPRVKDFHUSDUDUHGXFLUQXHVWURLPSDFWRFRPRWXULVWDVSRU
HMHPSOR
) (OLJHRSFLRQHVGHYLDMHTXHJHQHUHQHOPD\RUEHQH¿FLRSDUDODSREODFLyQORFDO )
)
)
)
)
)
)
5HJDWHDUSDUDREWHQHUSUHFLRVPiVEDMRVDOFRPSUDUELOOHWHV\³VRXYHQLUV´SXHGH
IRPHQWDUODH[SORWDFLyQ
$KRUUDORVUHFXUVRVQDWXUDOHVYDOLRVRV1RGHVSHUGLFLHVDJXDQLHQHUJtD(YLWD XWLOL]DUVXVWDQFLDVFRQWDPLQDQWHVFRPRGHWHUJHQWHVHQDUUR\RVRPDQDQWLDOHV
1RWLUHVEDVXUDVLODHQFXHQWUDVHQHOFDPLQRUHFyJHOD\GHSRVtWDODHQOXJDUHV DGHFXDGRV
6HSDUDORVUHVLGXRVQRELRGHJUDGDEOHV\SDUWLFLSDGHODVUHFRJLGDVVHOHFWLYDV ORFDOHV
'HEHPRVGHMDUTXHODVSODQWDVÀRUH]FDQHQVXDPELHQWHQDWXUDO&RUWDUUDPDVR
UDtFHV\UHPRYHUVHPLOODVHVLOHJDOHQPXFKDVSDUWHVGHOPXQGR
$SR\DDORVDUWHVDQRV\FRPHUFLDQWHVORFDOHV&RPSUD³VRXYHQLUV´HODERUDGRVHQ
ODORFDOLGDGVLHPSUHTXHVHDSRVLEOH
5HVSHWDORVGHUHFKRVGHSURSLHGDGGHODWLHUUD(QODVORFDOLGDGHVSHUWHQHFLHQWHV
DFRPXQLGDGHVLQGtJHQDVORVWXULVWDVGHEHQFRPSRUWDUVHFRPRORKDUtDQHQ SURSLHGDGSULYDGD
7UDWDGHOHHUDFHUFDGHOSDtVTXHYLVLWDWHD\XGDUiDUHVSHWDUODFXOWXUDORFDO\WH
DEULUiSXHUWDV(QPXFKRVSDtVHVODURSDÀRMD\OLJHUDHVPiVDFHSWDEOH
TXHODPiVHQWDOODGD'HPDQHUDVLPLODUEHVDUVHHQS~EOLFRHVDPHQXGR
FXOWXUDOPHQWHLQDSURSLDGR
$VtTXHFRPRHO$PHULFDQ6LHUUD&OXEUHFRPLHQGD£WRPDVyORIRWRJUDItDVGHMDVyORWXV
SLVDGDV
)XHQWHV7RXULVP
&RQFHUQ¶V*UDQ%UHWDxD
6XUYLYDO,QWHUQDWLRQDO¶V&RGH7KH
+LPDOD\DQ7RXULVW&RGH1HSDO
(FXPHQLFDO&RDOLWLRQRIWKH
7LUDG:RUOG7RXULVP%DQJNRN
7RXULVPZLWKLQVLJKW$OHPDQLD
ZZZVLHUUDFOXERUJ
¢3URWHJHURDFDEDUFRQ
HOFRUDO"8QDHOHFFLyQ
SHUVRQDO
/RVDUUHFLIHVGHFRUDO
VRQXQDGHODVPD\RUHV
DWUDFFLRQHVGHPXFKDV
]RQDVFRVWHUDV/D81(3
SURSRUFLRQDLQIRUPDFLyQ
VREUHODPDQHUDPiV
DGHFXDGDGHYLVLWDUHVWDV
PDUDYLOORVDViUHDV\
UHVSHWDUVXPHGLRDPELHQWH
HQZZZXQHSWLHRUJ
WRXULVP
\
5HGXFH
ORV
UHVLGXRV
´&DGDSURGXFWRTXHFRQVXPLPRV
WLHQHXQDKLVWRULDRFXOWDPX\
SDUHFLGDXQLQYHQWDULRQR
HVFULWRGHVXVPDWHULDOHV
UHFXUVRVHLPSDFWRVDORVTXH
VHGHEHQDxDGLUORVUHVLGXRV
JHQHUDGRVSRUVXXVR\
WUDWDPLHQWRµ
>3DXO+DZNHQ
H[SHUWRDPELHQWDO@
KWWSHXURSDHXLQWFRPP
HQYLURQPHQWZDVWHIDFWVBHQ/D
&RPLVLyQ(XURSHDKDFUHDGR
XQDSiJLQDZHEGLULJLGDDORV
MyYHQHVHQODTXHVHSUHVHQWDQ
DEXQGDQWHVGDWRVHLQIRUPDFLRQHV
VREUHHODLUHHODJXDORVUHVLGXRV
\HOHVWDGRGHODQDWXUDOH]D
HQ(XURSD3XHGHYHUVHHQ
KWWSHXURSDHXLQWFRPP
HQYLURQPHQW\RXWKZDVWHLQGH[B
HVKWPO
R
X
W
K
;
F
K
D
Q
J
H
(QDxRVUHFLHQWHVKDKDELGRXQDXPHQWRHVSHFWDFXODUHQODJHQHUDFLyQGH
UHVLGXRV'HSURPHGLRFDGDLQGLYLGXRTXHYLYHHQXQSDtVGHVDUUROODGRSURGXFH
XQNLORJUDPRGHEDVXUDSRUGtD
3HURHVWHSURPHGLRQRVLJQL¿FDTXHKD\DXQDGLVWULEXFLyQSDUHMDHQODSURGXFFLyQ
\WUDWDPLHQWRGHORVUHVLGXRV/RVHXURSHRVSRUHMHPSORFDGDDxRJHQHUDQ
DOUHGHGRUGHXQRVPLOORQHVGHWRQHODGDVGHUHVLGXRV0iVGHPLOORQHVGH
WRQHODGDVVRQFODVL¿FDGDVFRPRSHOLJURVDV(QORV~OWLPRVVHLVDxRVODFDQWLGDGGH
UHVLGXRVJHQHUDGRVKDFUHFLGRHQXQDQXDO
(VWiFODURTXHGHEHPRVGHWHQHU\UHYHUWLUHVWDWHQGHQFLDVLTXHUHPRVHYLWDUVHU
VHSXOWDGRVHQEDVXUD'HEHPRVHQFRQWUDUIRUPDVGHGHWHQHUODJHQHUDFLyQGH
UHVLGXRVDODUJRSOD]RSRUGRVUD]RQHVEiVLFDV\DKRUDFUXFLDOHV
$PD\RUFDQWLGDGGHUHVLGXRVPD\RUSRWHQFLDOGHFRQWDPLQDFLyQ
/DEDVXUDHVWiFRPSXHVWDGHPDWHULDOHVTXHSXHGHQUHXWLOL]DUVH\
UHFLFODUVH£PHQRVGHVSHUGLFLRVPiVGLQHUR
&HUFDGHPLOPLOORQHVGHWD]DVPLOPLOORQHVGHFXELHUWRV\PLOPLOORQHV
GHSODWRVVHXWLOL]DQ\GHVHFKDQHQORV(VWDGRV8QLGRVGH$PpULFDFDGDDxR\OD
PLWDGHVWiQKHFKRVGHSOiVWLFR/D,QGLDJHQHUDXQWRWDOGHPLOORQHVGHWRQHOD
GDVGHUHVLGXRVGHSOiVWLFR(OPDWHULDOPiVSUREOHPiWLFRHVHOSROLHWLOHQRGHOTXH
HVWiQKHFKDVODVEROVDVGHSOiVWLFRTXHWDUGDKDVWDDxRVHQGHVFRPSRQHUVH
,QFOXVRORVRUGHQDGRUHVJHQHUDOPHQWHFRQVLGHUDGRVFRPRKHUUDPLHQWDVTXH
SXHGHQFRQWULEXLUDO&RQVXPR6RVWHQLEOHHVWiQJHQHUDQGRUHVLGXRVSHOLJURVRV
'DGRTXHODSRWHQFLDGHORVPLVPRVVHGXSOLFDFDGDPHVHVSDUDHODxR
\
R
X
W
K
;
F
K
D
Q
J
H
'HVKDFLpQGRVHGHOSOiVWLFR/RVFLXGDGDQRVGH1XHYD'HOKLUHJLVWUDQXQRGHORV
FRQVXPRVPiVDOWRVGHEROVDVGHSOiVWLFRGHOPXQGR&RQHODSR\RGHOHMpUFLWRLQGLRHO
0RYLPLHQWR9HUGH3DQFKDYDWLKDLQLFLDGRXQDFDPSDxD±³7KH4XLW,QGLD3RO\EDJ´SDUD
UHGXFLUODXWLOL]DFLyQGHEROVDVGHSOiVWLFR/RVHVWXGLDQWHVGLDORJDQFRQORVYHQGHGRUHV
\FRPHUFLDQWHVHQVXVORFDOLGDGHV\OHVLQIRUPDQGHOLPSDFWRTXHWLHQHQODVEROVDVGH
SOiVWLFRHQHODPELHQWH6HIRPHQWDHQWUHODVIDPLOLDVODUHXWLOL]DFLyQGHODVEROVDVGH
SOiVWLFRRPHMRUD~QHOFDPELRDEROVDVGHWHOD
*UDFLDVDORVHVIXHU]RVGH3DQFKDYDWLWRGDVODVFDIHWHUtDVGHOHMpUFLWRHQ1XHYD'HOKL
KDQGHMDGRGHXWLOL]DUEROVDVGHSOiVWLFR3RURWUDSDUWHODLQGXVWULDKRWHOHUDHQ1XHYD
'HOKLWDPELpQKDSURKLELGRHOXVRGHEROVDVGHSOiVWLFRHQVXVHVWDEOHFLPLHQWRV/D
&RUSRUDFLyQ0XQLFLSDOGH1XHYD'HOKLVHKDXQLGRD3DQFKDYDWL\VHKDGDGRDODWDUHD
GHFRQYHUWLU1XHYD'HOKLHQXQD]RQDOLEUHGHEROVDVGHSOiVWLFR
KDEUiPLOORQHVGHRUGHQDGRUHVREVROHWRVHQHOPXQGR'HDFXHUGRDOD
HVWDGRXQLGHQVH6LOLFRQ9DOOH\7R[LF&RDOLWLRQHVWRHTXLYDOHDPLOORQHVGH
NLORJUDPRVGHSORPRXQPLOOyQGHNLORJUDPRVGHFDGPLR\NLORJUDPRV
GHPHUFXULRWRGRVPHWDOHVWy[LFRV
¢&yPRSRGHPRVUHSHQVDUORVGHVHFKRV"3ULPHUR£XVDPHQRV6HJXQGRWRPDHQ
FXHQWDHOGLVHxRGHOSURGXFWR(OUHGLVHxDUSURGXFWRVSDUDPLQLPL]DURHYLWDUOD
JHQHUDFLyQGHUHVLGXRVSXHGHVHUSDUWHGHODVROXFLyQ3DUDH[SORUDUPiVDIRQGR
HOWHPDWDQFRPSOHMRGHOHFRGLVHxRYLVLWDpVWRV\RWURVVLWLRVHQODZHE
ZZZXQHSRUJFKLOGUHQB
\RXWKKRPHSDJHB¿OHV\RXWKLQG
KWP
ZZZVYWFRUJ
ZZZRRUJZZZ
VPDUWDUFKQOZZZFIGUPLWHGX
DXGIHFIGBBZZZMXQUHVHV
FFUUHFLFODWJHGLVVHQ\
\
3DUDPiVLQIRUPDFLyQSXHGHV
FRQVXOWDUODSiJLQDVREUH
HFRGLVHxRGHO3180$ZZZ
XQHSWLHRUJSFVXVWDLQGHVLJQ
GHVLJQVXESDJHKWP7DPELpQ
SXHGHVHQFRQWUDUHMHPSORVGH
HFRGLVHxRHQODSXEOLFDFLyQ
³(FRSURGXFWHVDODOODU´*XLHV
G¶(GXFDFLy$PELHQWDOQ
%DUFHORQD$MXQWDPHQWGH
%DUFHORQD
R
X
W
K
;
F
K
D
Q
J
H
¢4XpHVHOHFRGLVHxR"
(VHOGLVHxRTXHWLHQHXQ³HQIRTXHFLUFXODU´GHOSURGXFWRTXHVHFRQRFHFRPR³GHODFXQD
DODWXPED´GRQGHVHWLHQHHQFXHQWDHOFLFORGHYLGDGHXQREMHWRGHVGHVXFUHDFLyQ
VXXVR\VXSRVWHULRUWUDWDPLHQWRFRPRUHVLGXRUHXWLOL]DFLyQUHFLFODMHGHSyVLWRHQ
YHUWHGHUR6XVREMHWLYRVVRQ
8WLOL]DUORVPDWHULDOHVODHQHUJtD\RWURVUHFXUVRVGHODPDQHUDPiVH¿FLHQWH
(OHJLUPDWHULDOHVTXHQRSURYHQJDQGHHFRVLVWHPDVHQSHOLJUR
'LVHxDUSDUDHYLWDUODFRQWDPLQDFLyQ\ODJHQHUDFLyQGHUHVLGXRV
6HOHFFLRQDUPDWHULDOHVUHFLFODGRV\RUHFLFODEOHV\WHFQRORJtDVTXHDKRUUHQ
HQHUJtD
2SWLPL]DUODYLGDGHXQSURGXFWRKDFHUORIiFLOGHXVDUPDQWHQHUDFWXDOL]DU UHXWLOL]DUUHFLFODURUHPDQXIDFWXUDU
£+DFHUORVHQFLOOR±8WLOL]DUXQPHQRUQ~PHURGHPDWHULDOHV\RFRPSRQHQWHV HQGLVHxRVTXHVHGHVDUPHQ\UHFLFOHQFRQIDFLOLGDG
0HMRUDUODORJtVWLFDGHOWUDQVSRUWH
(YLWDUORVULHVJRVSRWHQFLDOHVVREUHODVDOXGXWLOL]DQGRPDWHULDOHVVHJXURVQR Wy[LFRV
5HVSHWDUORVGHUHFKRVKXPDQRVHYLWDQGRODH[SORWDFLyQODERUDO\HOWUDEDMR
LQIDQWLO
3RUORJHQHUDOHOHFRGLVHxRQRWUDWDGHUHLQYHQWDUORVREMHWRV6HUHFRQRFHTXHODJHQWH
QRVLHPSUHGHVHDXQSURGXFWRVLQRTXHTXLHUHVROXFLRQHV3RUHMHPSORELHQGLVHxDGD
XQDODYDQGHUtDSRGUtDFRQIDFLOLGDGVXVWLWXLUODVPiTXLQDVODYDGRUDVLQGLYLGXDOHV
(OHFRGLVHxREXVFDPRGRVDOWHUQDWLYRVGHHMHFXWDUXQDWDUHDFRQXQPHQRULPSDFWR
HFROyJLFRHLJXDORPD\RUH¿FLHQFLD/RVHFRGLVHxDGRUHVFRQVLGHUDQTXHODpWLFD\OD
HVWpWLFDQRVRQFRQFHSWRVRSXHVWRVVLQRFRPSOHPHQWDULRV
\
R
X
W
K
;
F
K
D
Q
J
H
8QRGHORVUHWRVPiVLPSRUWDQWHVDOTXHHOPXQGRVHHQIUHQWDHVODUHGXFFLyQ
GHOFRQVXPRGHUHFXUVRV(QRWUDVSDODEUDVGHEHPRVGHMDUGHSHQVDUTXHORV
UHFXUVRVQDWXUDOHVGHOD7LHUUDVHDQFRPEXVWLEOHVIyVLOHVDJXDJDVHVQDWXUDOHV
RiUEROHVSURYLHQHQGHIXHQWHVLQDJRWDEOHV$TXtHVGRQGHHOUHFLFODMHMXHJDXQ
SDSHOFUXFLDO
6LQRTXHUHPRVDJRWDUQXHVWURDEDVWHFLPLHQWRGHUHFXUVRVQDWXUDOHVQHFHVLWDPRV
TXHODUHFXSHUDFLyQUHXWLOL]DFLyQ\HOUHFLFODMHVHFRQYLHUWDQHQQXHVWUDVHJXQGD
QDWXUDOH]DHQODYLGDFRPHUFLDO\FRWLGLDQD(VWRD\XGDUiD
0LQLPL]DU\HYLWDUPD\RUHVGDxRVDPELHQWDOHV
(YLWDUHOXVRLQQHFHVDULRGHQXHVWURVUHFXUVRVQDWXUDOHV
&RQVHUYDUODHQHUJtD\UHGXFLUORVQLYHOHVGHFRQWDPLQDFLyQ
(OUHFLFODMHWDPELpQSXHGHMXJDUXQSDSHOLPSRUWDQWHHQODUHGXFFLyQGHORV
UHVLGXRVVyOLGRVDOUHXWLOL]DUORVHQODPDQXIDFWXUDGHQXHYRVSURGXFWRV3RUFDGD
WRQHODGDGHSDSHOTXHVHUHFLFODVHVDOYDQiUEROHVHTXLYDOHQWHVDPGH
PDGHUD\VHDKRUUDQOLWURVGHDJXD$VLPLVPRODFRQWDPLQDFLyQGHODLUHVH
UHGXFHHQNLORJUDPRV\VHHYLWDQPGHUHVLGXRV
/DUHGXFFLyQ\UHXWLOL]DFLyQGHHQYDVHV\HPEDODMHVVRQFODYHVSDUDHYLWDUHO
GHVSHUGLFLR(QORV(VWDGRV8QLGRVGH$PpULFDSRUHMHPSORFDGDDxRVHGHVHFKDQ
PLOORQHVGHWRQHODGDVGHHPEDODMHV3HURDOJXQDVFRPSDxtDVHVWiQFDPELDQGR
VXHQIRTXHUHVSHFWRDHVWRVHQYDVHVFRQWDPLQDQWHV
- 3DVRDSDVR
eVWDVVRQDOJXQDVIRUPDVVHQFLOODVGHUHGXFLUODFDQWLGDGGHUHVLGXRVTXHSURGXFLPRVHQ
QXHVWUDYLGDGLDULD5HFXHUGDODV³HUUHV´5¶V
)5HFKD]DORVHPEDODMHVLQQHFHVDULRV\IRPHQWDHOXVRGHORVSURGXFWRVQR
&RPRODGHIRUHVWDFLyQ\
ODH[WUDFFLyQGHPDWHULDVSULPDV
YtUJHQHV
6LTXLHUHVVDEHU
PiVDFHUFDGHODVYHQWDMDV
DPELHQWDOHVGHOSDSHOUHFLFODGR
\GHODVEXHQDVSUiFWLFDVHQ
UHODFLyQFRQHOXVRGHOSDSHO
SXHGHVPLUDUZZZUHFLFODSDSHO
RUJZZZZDVWHZDWFKRUJXN
ZZZUHF\FOHQHW3DUDFRQVXOWDU
XQJORVDULRVREUHPDWHULDOHV
UHFLFODGRV\UHFLFODEOHVZZZ
JUQFRPJUQOLEUDU\JORVV
ZZZUHF\FOHGSURGXFWVRUJ
XNEX\UHF\FOHGJORVVDU\KWP
(QHVSDxROVHSXHGHFRQVXOWDU
KWWSUHGFLFODFRPZZZ
UHFLFODSDSHORUJKWWSZDVWH
LGHDOHVSULPHUDUHFLFODMHKWP
VREUHHQYDVDGRV
)5HWRUQDODVERWHOODV\HQYDVHVUHOOHQDEOHVVLHPSUHTXHSXHGDVFRPSUDERWHOODV
/D5HVHUYD0DULQDGH
.LXQJDHQHOQRUWHGH
.HQ\DQRFXHQWDFRQ
SURWHFFLyQGHORVDUUHFLIHV
/DEDVXUDDUUDVWUDGDD
ODSOD\DFRQWDPLQD\DOD
YH]HVXQDDPHQD]DSDUD
ODDQLGDFLyQGHWRUWXJD
.,81*$(&2)5,(1'/<
+$1',&5$)76UHFROHFWD
ODEDVXUD\ODFRQYLHUWHHQ
MXJXHWHV/DVFKDQFOHWDV
YLHMDVVRQWUDQVIRUPDGDVHQ
WHOpIRQRVPyYLOHV\FRFKHV
GHMXJXHWH
UHWRUQDEOHVVLHPSUHTXHVHDSRVLEOH
)5HXWLOL]D\UHOOHQDWDQWRFRPRSXHGDV$UWtFXORVFRPRVREUHVERWHOODV\EROVDV
GHSOiVWLFRSXHGHQUHXWLOL]DUVH/OHYDODURSDTXH\DQRXVHVDXQFHQWURGH
EHQH¿FHQFLDQRVRORHVWDUiVUHFLFODQGRVLQRTXHDOJXLHQPiVDSUHFLDUi\VH
EHQH¿FLDUiFRQWXVSUHQGDV
)5HSDUDODVFRVDVHQOXJDUGHGHVHFKDUODV
)5HFLFODHOSDSHO\HOFDUWyQORVUHVLGXRVGHHQYDVHVODWDVSOiVWLFRV\HQYDVHV
WLSREULN\ODVERWHOODVFRODERUDQGRFRQHOPRGHORGHUHFRJLGDVHOHFWLYDORFDO
(ODERUDFRPSRVWFRQORVUHVLGXRVRUJiQLFRVGRPpVWLFRV
3+,/,36'(6,*1SRU
HMHPSORFUHyXQSURJUDPDJOREDO
GHGLVHxRSDUDPiVGH
SURGXFWRVTXHFRQVWLWX\HURQOD
FDUWHUDGH3+,/,36&21680(5
(/&7521,&6ZZZGHVLJQSKLOLSV
FRPSRUWIROLRFDVHVWXGLHVSDFPDQ
\
7HQHQFXHQWD
/RVSURGXFWRVTXHVH
SUHVHQWDQFRPRUHFLFODEOHV
QRVLHPSUHVRQSURGXFLGRV
FRQPDWHULDOHVUHFLFODGRV
R
X
W
K
;
F
K
D
Q
J
H
3OiVWLFRHWLTXHWDVGHUHFLFODMH
/DUHVSRQVDELOLGDGGH
VHSDUDUVHOHFWLYDPHQWH
\XWLOL]DUORVVLVWHPDVGH
UHFRJLGDVHOHFWLYDGHORV
UHVLGXRVUHFDHGLUHFWDPHQWH
HQHOFRQVXPLGRUSRU
ORTXHVHUiWXRSFLyQ
SHUVRQDOODTXHGHWHUPLQH
ODUHFLFODELOLGDGGHPXFKRV
SURGXFWRV
3RUHVWHPRWLYR
UHFXHUGD
/DOHJLVODFLyQHVSDxROD
QRREOLJDDLQWURGXFLUORV
VtPERORVGHUHFLFODMHHQORV
SOiVWLFRV(OTXHQROOHYH
HVWDHWLTXHWDQRTXLHUH
GHFLUTXHQRVHSXHGD
UHFLFODU
(OSXQWRYHUGHQRVXSRQH
TXHHOSURGXFWRTXHOOHYD
HVWDHWLTXHWDWLHQHXQDV
FDUDFWHUtVWLFDVDPELHQWDOHV
GHWHUPLQDGDVQRWLHQH
SRUTXpVHUXQSURGXFWR
UHFLFODGRVLQRTXHHO
IDEULFDQWHSDJDODFXRWD
DOVLVWHPDLQWHJUDGRGH
JHVWLyQGHORVUHVLGXRV
GHHQYDVHVTXHRSHUDHQ
(VSDxD(FRHPEDODMHV
(VSDxD6$
(OWULiQJXORGHPRHELXVVH
UHODFLRQDFRQHOUHFLFODMH
HQDOJXQRVFDVRVVLQ
QLQJ~QWLSRGHFRQWURO
([LVWHQHWLTXHWDV\
FHUWL¿FDGRVDPELHQWDOHV
TXHGHWHUPLQDQFRQPD\RU
SUHFLVLyQODVFDUDFWHUtVWLFDV
DPELHQWDOHVGHORV
SURGXFWRVGHFRQVXPR
&RQXQSRFRGHFXLGDGRODPD\RUSDUWHGHOSOiVWLFRSXHGHUHFLFODUVH$GHPiVOD
UHFROHFFLyQGHSOiVWLFRVSDUDVXUHFLFODMHHVWiDXPHQWDQGRFRQUDSLGH]6LQHPEDUJRHO
UHFLFODMHGHSOiVWLFRVWLHQHXQVHULRSUREOHPDSDUDTXHSXHGDUHDOL]DUVHORVGLIHUHQWHV
WLSRVGHSOiVWLFRQRVHGHEHQPH]FODUSHURHVFDVLLPSRVLEOHGLIHUHQFLDUORVDVLPSOHYLVWDR
SRUHOWDFWR,QFOXVRXQDSHTXHxDFDQWLGDGGHXQSOiVWLFRHUUyQHRSXHGHDUUXLQDUHOIXQGLGR
/DLQGXVWULDGHOSOiVWLFRKDUHVSRQGLGRDHVWHSUREOHPDGHVDUUROODQGRXQDVHULHGHFyGLJRV
GHFRORUHVTXHSRUORUHJXODUVHSXHGHQYHUHQODEDVHGHORVUHFLSLHQWHVGHSOiVWLFR
/RVWLSRV\JHQHUDOPHQWHVHUHFLFODQ(OWLSRVHUHFLFODPHQRV/RVRWURVWLSRV
QRUPDOPHQWHQRVHUHFLFODQWDOYH]FRQODH[FHSFLyQGHSHTXHxRVSURJUDPDVGHSUXHED
(Q(VSDxDHVWDVLWXDFLyQHVDOJRGLIHUHQWHSXHVHQODDFWXDOLGDGQRH[LVWHQFyGLJRVGH
FRORUHVSRUORWDQWRODVLWXDFLyQGHOUHFLFODMHGHUHVLGXRVSOiVWLFRVHVODVLJXLHQWH
3ROLHWLOHQWHUHIWDODWR3(76HSXHGHUHFLFODUHQIRUPDGH¿EUDSDUDODIDEULFDFLyQGHVDFRV
GHGRUPLU\URSDGHDEULJRSDUDWDEODVDLVODQWHVPRTXHWDVSLH]DVGHDXWRPyYLOHVHWF
3ROLFORUXURGHYLQLOR39&6HSXHGHUHFLFODUSDUDIDEULFDUFRUWLQDVGHGXFKDDOIRPEUDV
SDYLPHQWRVHWF
3ROLHWLOHQRGHDOWDGHQVLGDG3($'6HVXHOHUHFLFODUHQIRUPDGHJUDQ]DFRQODTXHVH
SXHGHQIDEULFDUWXEHUtDVEROVDV\MXJXHWHV
3OiVWLFRVPH]FODGRV3DUDIDEULFDUPRELOLDULRGHMDUGtQFRPREDQFRVYDOODVHWF3DUD
IDEULFDUPDWHULDODLVODQWH\DEVRUEHQWHGHYLEUDFLRQHVPDWHULDOHV\DLVODPLHQWRVVtVPLFRV
DVtFRPRPDWHULDOGHHPEDODMH\SURWHFFLyQ
%XVFDHOORJRWLSRGHUHFLFODMH&RPRFRPSUDGRUSXHGHVXVDUWXSRGHUGHFRPSUD
SDUDKDFHUTXHODVFRVDVVHDQGLIHUHQWHV7HQFXLGDGRODVHWLTXHWDVGHDOJXQRV
SURGXFWRVVyORLQGLFDQTXHXQDSDUWHGHVXFRQWHQLGRItMDWHHQHOSRUFHQWDMH
HVUHFLFODGR\RWURVWHLQIRUPDQGHTXHORVFRPSRQHQWHVGHOSURGXFWRSXHGHQ
UHFLFODUVHFRQIDFLOLGDG
/DVSRVLELOLGDGHVGHOUHFLFODMH
(OUHFLFODMHGHUHVLGXRVHVXQDGHODVDFWLYLGDGHVTXHUHDOL]DHO*UXSR$OWHUQDWLYR
$ODQGDOX]HQ(FXDGRU/RVGHVHFKRVRUJiQLFRVVRQWUDQVIRUPDGRVHQDERQRSDUDHOXVR
GHORVKXHUWRVELROyJLFRV/RVLQRUJiQLFRVVRQFODVL¿FDGRV\SDUWHGHHOORVVHYHQGHQD
HPSUHVDVUHFLFODGRUDVGH*XD\DTXLO6HGHVDUUROOyWDPELpQXQVLVWHPDLQWHJUDOGHPDQHMR
GHGHVHFKRVFRQODLQVWDODFLyQGHXQSDWLRGHUHFLFODMH,QVSLUDGDVHQHVWDLQLFLDWLYD
PiVGHFRPXQLGDGHVGHOQRUWHGH*XD\DV\GHOVXUGH0DQDEt(FXDGRUFXHQWDQ
FRQSURJUDPDVGHVHSDUDFLyQGHGHVHFKRV\FODVL¿FDFLyQSDUDVXSRVWHULRUYHQWD0iV
LQIRUPDFLyQKWWSZZZDODQGDOX]FRP
(OSUR\HFWR7UDJDPRYLOVXUJHHQHODxRGHODLQLFLDWLYDGHOD$VRFLDFLyQ0XOWLVHFWRULDO
GH(PSUHVDV(VSDxRODVGH(OHFWUyQLFD\&RPXQLFDFLRQHVFRQHOREMHWRGHLPSODQWDUOD
UHFRJLGDVHOHFWLYDGHORVWHOpIRQRVPyYLOHVSDUDVXSRVWHULRUUHFLFODGRHQHOFRQMXQWRGHO
(VWDGRHVSDxRO6HHVWLPDTXHHVHDxRGHORVPLOORQHVGHPyYLOHVKDEtDDOUHGHGRUGH
PLOORQHVTXHQRHVWDEDQHQXVR\VHGHVFRQRFtDVXGHVWLQR
0iVLQIRUPDFLyQZZZWUDJDPRYLOFRP
\
R
X
W
K
;
F
K
D
Q
J
H
2SWLPL]D
HQHUJtDV
´(VUHVSRQVDELOLGDGGHFDGD
XQRGHQRVRWURVKDFHUORTXH
SRGDPRVVLQLPSRUWDUFXiQ
SHTXHxRVHD1RSRUTXHHODSDJDU
ODOX]DOVDOLUGHXQDKDELWDFLyQ
SDUHFHQRWHQHUFRQVHFXHQFLDV
VLJQLÀFDTXHQRGHEDPRV
KDFHUORµ
>(O;,9'DODL/DPD
OtGHUUHOLJLRVR@
3DUDHOFRQVXPLGRUSUHRFXSDGRSRUHODPELHQWHEXVFDUSURGXFWRVHODERUDGRV
FRQPDWHULDOHVUHFLFODGRVVHKDFRQYHUWLGRHQSDUWHLQWHJUDOGHVXVFRPSUDV3RU
HMHPSORSXHGHVHQFRQWUDUXQDDPSOLDJDPDGHSURGXFWRVTXHLQFOX\HQURSD
PXHEOHV\MXJXHWHVWRGRVHODERUDGRVFRQSDSHOUHFLFODGR
'XUDQWHVLJORVODKXPDQLGDGKDXWLOL]DGRORVUHFXUVRVGHOD7LHUUDFRPRVLIXHUDQ
LQDJRWDEOHV(OXVRJOREDOGHHQHUJtDVHKDLQFUHPHQWDGRFDVLHQXQGXUDQWH
ORV~OWLPRVDxRV<SHRUD~QVHSURQRVWLFDTXHHVWHFRQVXPRDXPHQWDUiHQXQ
FDGDDxRGXUDQWHORVSUy[LPRVDxRV
/DFDQWLGDGGHSHWUyOHRTXHVHFRQVXPHHQHOPXQGRHQXQVRORDxROHOOHYyDOD
QDWXUDOH]DXQPLOOyQGHDxRVHOSURGXFLUOR6HFDOFXODTXHODVUHVHUYDVGHSHWUyOHR
SRGUtDQDJRWDUVHGHQWURGHDxRV1XHVWUDVIXHQWHVGHHQHUJtDWUDGLFLRQDOHV
±FDUEyQ\SHWUyOHR±VRQFRPEXVWLEOHVIyVLOHV5HFLEHQHVHQRPEUHGHELGRD
TXHVHIRUPDURQDWUDYpVGHPLOORQHVGHDxRVDSDUWLUGHORVUHVWRVIRVLOL]DGRVGH
DQLPDOHV\SODQWDVPXHUWRV
(Q0p[LFROD&RPLVLyQ1DFLRQDOSDUDHO$KRUURGH(QHUJtD&21$(RIUHFHDVLVWHQFLDWpFQLFDHQ
PDWHULDGHDKRUUR\XVRH¿FLHQWHGHODHQHUJtD\GHDSURYHFKDPLHQWRGHHQHUJtDVUHQRYDEOHV
DOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDODORVJRELHUQRVGHODVHQWLGDGHVIHGHUDWLYDVPXQLFLSLRV\
SDUWLFXODUHV
0p[LFRHVWi¿UPHPHQWHFRPSURPHWLGRFRQHODKRUUR\XVRH¿FLHQWHGHODHQHUJtD/DVDXWRULGDGHV
TXHJHVWLRQDQODHQHUJtDKDQHVWDEOHFLGRFRPRPHWDORJUDUHQHOSHULRGRXQDKRUUR
HTXLYDOHQWHDOGHOFRQVXPRWRWDO¿QDO
/RVUHVXOWDGRVREWHQLGRVKDVWDODIHFKDVRQHVSHUDQ]DGRUHV(O3URJUDPDGH$KRUURGH(QHUJtD
HQ,QPXHEOHVGHOD$GPLQLVWUDFLyQ3~EOLFD)HGHUDOKDFRQVHJXLGRDKRUUDUGXUDQWHORVWUHVDxRV
GHDSOLFDFLyQPLOORQHVGHNZKXQRVPLOORQHVGHGyODUHV
/DSiJLQDZHEGHOD&21$(RIUHFHDOS~EOLFRUHFRPHQGDFLRQHV\FRQVHMRVSDUDDKRUUDUHQHUJtD
\FXLGDUHOPHGLRDPELHQWH7DPELpQLQIRUPDGHORVUHVXOWDGRVTXHHQPDWHULDGHDKRUUR
HQHUJpWLFRVHFRQVLJXHQHQHOSDtVZZZFRQDHJREP[ZEGLVWULEXLGRUMVS"VHFFLRQ :25/'5(6285&(6,167,787(
ZZZZULRUJZULWUHQGVLQGH[
,ELG&OD\WRQRSFLWS
ZZZIXHOFHOOSDUNFRP
\
*UHHQ/LJKWHV
XQSURJUDPD
YROXQWDULR
TXHHPSH]y
HQIHEUHURGH
HQHO
FXDO
RUJDQL]DFLRQHV
S~EOLFDV\SULYDGDVVH
FRPSURPHWHQFRQOD&RPLVLyQ
(XURSHDSDUDPHMRUDUVX
VLVWHPDGHLOXPLQDFLyQ\
GLVHxDUQXHYDVLQVWDODFLRQHV
/RVREMHWLYRVGH*UHHQ/LJKW
VRQ
5HGXFLUHQWRGD(XURSD
ODHQHUJtDTXHVHFRQVXPH
SDUDLOXPLQDFLyQ
0LQLPL]DUOD
FRQWDPLQDFLyQ\HO
FDOHQWDPLHQWRJOREDO
0HMRUDUODFDOLGDGGHODV
FRQGLFLRQHVGHWUDEDMR\
DOPLVPRWLHPSR£DKRUUDU
GLQHUR
0iVLQIRUPDFLyQHQZZZ
HXJUHHQOLJKWRUJ
3XHGHVHQFRQWUDUPiV
LQIRUPDFLyQHQKWWSUUHGF
QUHOJRYWLGELWVZZZVRODUGRPH
FRPZZZVRODUQRZRUJ
JORVVDU\KWWSVROVWLFHFUHVW
RUJVXVWDLQDEOHLQGH[ZZZ
HUHQGRHJRYZZZJUHHQSHDFH
RUJHVSDQDBHVFDPSDLJQV
LQWUR"FDPSDLJQBLG ZZZZZIHVFDPELRBHQHUJLDSKS
R
X
W
K
;
F
K
D
Q
J
H
(OXVRH[FHVLYRGHHVWRVFRPEXVWLEOHVKDJHQHUDGRHOHYDGRVQLYHOHVGH
FRQWDPLQDFLyQODTXHPDGHFRPEXVWLEOHVIyVLOHVOLEHUD&2DODDWPyVIHUDORFXDO
FUHDODVFRQGLFLRQHVSDUDHOFDOHQWDPLHQWRJOREDO±YHUHOVLJXLHQWHFDStWXOR±\OD
OOXYLDiFLGD'HEHPRVUHGXFLUQXHVWUDGHSHQGHQFLDGHORVUHFXUVRVQDWXUDOHVQR
UHQRYDEOHV1HFHVLWDPRVIXHQWHVGHHQHUJtDDOWHUQDWLYDV\UHQRYDEOHVDKRUD
'HVDIRUWXQDGDPHQWHODVHQHUJtDVHyOLFDVRODUJHRWpUPLFDGHELRPDVD
KLGURHOpFWULFDD~QQRVRQDPSOLDPHQWHXWLOL]DGDV¢3RUTXp"/DVSROtWLFDV
HQHUJpWLFDVGHORVJRELHUQRVIDYRUHFHQODVIXHQWHVWUDGLFLRQDOHVGHHQHUJtD([LVWH
XQDIDOWDGHLQYHUVLyQGHFDSLWDOGHIRQGRVSDUDLQYHVWLJDFLyQ\FDPSDxDVGH
FRQFLHQFLDFLyQVREUHODVIXHQWHVDOWHUQDWLYDV1RREVWDQWHHVSHUDPRVTXHHVWR
FDPELHHQHOIXWXURSUy[LPRDPHGLGDTXHHVWDVWHFQRORJtDVGHSURGXFFLyQGH
HQHUJtDVPiVOLPSLDVVHGLIXQGDQ\DXPHQWHQVXH¿FLHQFLD
(OHFWUD1RUWHIXHFRQVWLWXLGDHQHODxRDSDUWLUGH(OHFWUDGH&DUED\tQXQJUXSR
HPSUHVDULDODVWXULDQRGHSURSLHGDGIDPLOLDUTXHHVWRWDOPHQWHLQGHSHQGLHQWHGHODV
JUDQGHVFRPSDxtDVHOpFWULFDV(VWDHPSUHVDKDVLGRODSULPHUDTXHSURGXFH\FRPHUFLDOL]D
H[FOXVLYDPHQWHHQHUJtDVUHQRYDEOHVHQHO(VWDGRHVSDxRO
)XHODSULPHUDHPSUHVDTXHFRQHFWyDODUHGGHGLVWULEXFLyQXQDSODQWDIRWRYROWDLFDHQ$VWXULDV
7DPELpQKDQSXHVWRHQPDUFKDXQSURJUDPDSLRQHURGH¿QDQFLDFLyQGHFHQWUDOHVIRWRYROWDLFDVD
WUDYpVGHODIyUPXODGH³FXHQWDVHQSDUWLFLSDFLyQ´\DSR\DQODLQVWDODFLyQGHSDUTXHV\SUR\HFWRV
HyOLFRVDWUDYpVGHVRFLHGDGHVSDUWLFLSDGDV
ZZZHOHFWUDQRUWHHVFDVWHOODQRLQGH[SKS
(QODV,VODV*DOiSDJRV5HS~EOLFDGHO(FXDGRUHOVHUYLFLRHOpFWULFRVHEDVDHQJUXSRVHOHFWUyJHQRV
TXHIXQFLRQDQFRQPiVGHPLOORQHVGHOLWURVGHFRPEXVWLEOHVIyVLOHV)ORUHDQDODLVODKDELWDGDPiV
SHTXHxDGHODUFKLSLpODJRKDVROXFLRQDGRHVWDQHFHVLGDGSRQLHQGRHQPDUFKDODSULPHUDPLFURUUHG
HOpFWULFDFRQJHQHUDFLyQVRODUGH/DWLQRDPpULFD(OSUR\HFWRKDSHUPLWLGRGRWDUDODLVODGHOVHUYLFLR
FRQWLQXDGRGHHQHUJtDHOpFWULFDSURYHQLHQWHGHIXHQWHVUHQRYDEOHV0iVLQIRUPDFLyQZZZVHEDHV
KWWSZZZPHQHUJLDJRYHFSKSSUR\BJDODSDJRVB(/(&7SKS
\
R
X
W
K
;
F
K
D
Q
J
H
/DHQHUJtDHVHVHQFLDOHQFDVLWRGDVQXHVWUDVDFWLYLGDGHVLQFOX\HQGRFRFLQDU
QXHVWURVDOLPHQWRVFDOHQWDUQXHVWUDVFDVDVRSURSRUFLRQDUIXHU]DPRWUL]SDUDODV
LQGXVWULDV6LQHPEDUJRODXWLOL]DFLyQODJHQHUDFLyQ\HOGHVSHUGLFLRGHODHQHUJtD
GHOSODQHWDWLHQHVXVFRQVHFXHQFLDV'HVSXpVGHORVDXWRPyYLOHVODSURGXFFLyQGH
HQHUJtDHOpFWULFDHVODPD\RUIXHQWHGHFRQWDPLQDFLyQHQOD7LHUUD
(ODKRUURGHHQHUJtDHVXQWHPDTXHGHPDQGDVROXFLRQHVLQGLYLGXDOHV\JOREDOHV
+D\XQJUDQQ~PHURGHDFFLRQHVTXHSRGHPRVUHDOL]DUFDGDGtDSDUDGLVPLQXLUHO
XVRGHHQHUJtD5HFXHUGDTXHHODKRUURGHHQHUJtD£HVDKRUURGHGLQHUR
/DFDOHIDFFLyQGHODPELHQWH\HODJXDVXPDQHOGHOUHFLERGRPpVWLFRGH
FRPEXVWLEOH(ODXPHQWRHQHOSUHFLRGHODHOHFWULFLGDGQRVGHEHUtDKDFHUPiV
FRQVFLHQWHVGHODFRQYHQLHQFLDGHODKRUUR
- 3DVRDSDVR
$OJXQRVHMHPSORVGHFyPRDKRUUDUHQHUJtDHQHOKRJDU
) £$SiJDOR8QWHOHYLVRUHQ³SXQWRPXHUWR´VWDQGE\JDVWDXQDFXDUWDSDUWHGHOD
HQHUJtDTXHXWLOL]DDOHVWDUHQFHQGLGR3XHGHVKDFHUORPLVPRFRQRWURVPXFKRVSHTXHxRV
HOHFWURGRPpVWLFRV
&RPSUDERPELOODVHILFLHQWHVHQHUJpWLFDPHQWH\FRPSDFWRVIOXRUHVFHQWHV$SDJDODVOXFHVHQ
ODVKDELWDFLRQHVYDFtDV
%DMDODFDOHIDFFLyQDOJXQRVJUDGRV6LWLHQHVIUtRSRQWHPiVURSDHQOXJDUGHVXELUOD
FDOHIDFFLyQFHQWUDO
1RXWLOLFHVPiVDJXDFDOLHQWHGHODTXHQHFHVLWDV\XVDODGXFKDPHMRUTXHODEDxHUD
8WLOL]DDSDUDWRVHOpFWULFRVTXHVHFRQHFWHQDODUHGGHHOHFWULFLGDG/DVEDWHUtDV\SLODV
FRQVXPLGDVVRQDOWDPHQWHFRQWDPLQDQWHV6LQHFHVLWDVXVDUSLODVDVHJ~UDWHGHTXHVHDQ
UHFDUJDEOHV
3URFXUDTXHSXHUWDV\YHQWDQDVQRGHMHQSDVDUFRUULHQWHVGHDLUH\FLHUUHQKHUPpWLFDPHQWH
6XVWLWX\HORVDSDUDWRVHOHFWURGRPpVWLFRVYLHMRVSRURWURVTXHKDJDQXQXVRPiVHILFLHQWHGH
ODHQHUJtD
)
)
)
)
)
)
(QHUJ\
6WDU
LQWURGXFLGR
SRUOD
$JHQFLD
GH3URWHFFLyQ$PELHQWDO
GH(VWDGRV8QLGRVGH
$PpULFD(3$HQHV
XQSURJUDPDGHHWLTXHWDGR
YROXQWDULRGLVHxDGRSDUD
LGHQWL¿FDU\SURPRYHUORV
SURGXFWRVGHXVRH¿FLHQWH
GHHQHUJtDFRQHO¿QGH
UHGXFLUODVHPLVLRQHVGH&2
(QHUJ\6WDUVHKDH[WHQGLGR
SDUDDSOLFDUVHDQXHYDV
HGL¿FDFLRQHVDODPD\RU
SDUWHGHORVVHFWRUHVGHOD
FRQVWUXFFLyQHTXLSDPLHQWRV
GHFDOHIDFFLyQ\DLUH
DFRQGLFLRQDGRUHVLGHQFLDO
ORVSULQFLSDOHVDSDUDWRV
HOHFWURGRPpVWLFRVHTXLSRV
GHR¿FLQDLOXPLQDFLyQ
DSDUDWRVHOHFWUyQLFRVHWF
(QHUJ\6WDUKDVLGR
DGRSWDGDUHFLHQWHPHQWH
SRUOD&RPLVLyQ(XURSHD
FRQYLUWLpQGRODHQXQD
HWLTXHWDGHH¿FLHQFLD
HQHUJpWLFDJOREDO
0iVLQIRUPDFLyQHQZZZ
HQHUJ\VWDUJRY
\
R
X
W
K
;
F
K
D
Q
J
H
3URQRVWLFD
HOWLHPSR
´$TXpOORVTXHD~QDÀUPDQ
TXHHOFDOHQWDPLHQWRJOREDO
QRVHRFDVLRQDSRUHOHIHFWR
LQYHUQDGHURUHVXOWDGRGHOD
DFWLYLGDGKXPDQDHVWiQXQSRFR
FRPRODJHQWHTXHD~QSLHQVD
TXHOD7LHUUDHVSODQDµ
>*HUKDUG%HU]
FLHQWtÀFR@
/RVJDVHVGHHIHFWRLQYHUQDGHUR
VHGHQRPLQDQDVtGHELGRD
TXHIRUPDQXQDFDSDDLVODQWH
DOUHGHGRUGHOD7LHUUDFRPRHO
YLGULRHQXQLQYHUQDGHURTXH
DWUDSDHOFDORUGHORVUD\RV
VRODUHV,QYHVWLJDPiVHQHO
3DQHO,QWHUJXEHUQDPHQWDOVREUH
HO&DPELR&OLPiWLFR,3&&
2UJDQL]DFLyQ0HWHRUROyJLFD
0XQGLDO\81(3ZZZLSFFFK
KWWSXQIFFFLQWHVLQGH[KWPO
ZZZJULGDQRFOLPDWHZZZ
JOREDOFKDQJHRUJZZZFRRO
FRPSDQLHVRUJ
(QHVSDxROSXHGHVFRQVXOWDU
ZZZHFRWURSLDFRPWHPDVKWP
ZZZJUHHQSHDFHRUJHVSDQDBHV
FDPSDLJQVLQWUR"FDPSDLJQB
LG HQODSiJLQDHQ
HVSDxROGHOD6HFUHWDUtDSDUD
HO&DPELR&OLPiWLFRSXHGHV
FRQVXOWDUXQGRFXPHQWRTXH
UHVXPHGHPDQHUDVHQFLOOD
\FRPSOHWDORVDVSHFWRVPiV
LPSRUWDQWHVGHOFDPELRFOLPiWLFR
\GHO3URWRFRORGH.\RWRKWWS
XQIFFFLQWUHVRXUFHEHJLQQHUBB
VSSGI
,QIRUPDFLyQPiVDPSOLDVREUH
HO3URWRFRORGH.\RWRHQZZZ
XQIFFFLQWUHVRXUFHLXFNLWIDFW
(OGDxRDODDWPyVIHUDGHOD7LHUUD\DOFOLPDQRVSDUHFHXQSUREOHPDWDQHQRUPH
TXHQXHVWUDUHDFFLyQLQLFLDOHVSUHJXQWDU¢TXpSXHGHKDFHUXQDSHUVRQD"3HURD
SHVDUGHWRGRVHQHFHVLWDXQFDPELRFRQXUJHQFLD(OFDOHQWDPLHQWRJOREDO\OD
UHGXFFLyQGHODFDSDGHR]RQRVRQGRVSUREOHPDVGLIHUHQWHV(VWiQYLQFXODGRV
HQWUHVtSRUTXHORVGRVVHUHODFLRQDQFRQODFDOLGDGGHQXHVWUDDWPyVIHUD\WLHQHQ
XQLPSDFWRGLUHFWRHQQXHVWUDVDOXG\HQODVDOXGGHWRGRHOSODQHWD6LQRVHKDFH
QDGDODVFRQVHFXHQFLDVSDUDOD7LHUUDVHUiQGHVDVWURVDV
&DOHQWDPLHQWRJOREDO'XUDQWHORV~OWLPRVDxRVODVWHPSHUDWXUDVJOREDOHV
SURPHGLRKDQDXPHQWDGRDOUHGHGRUGHPHGLRJUDGRFHQWtJUDGR/RVFLHQWt¿FRV
VRVWLHQHQTXHHOSODQHWDVHHVWiFDOHQWDQGRGHELGRDTXHORVVHUHVKXPDQRVFRQ
VXVPLOORQHVGHIiEULFDV\DXWRPyYLOHVHVWiQDUURMDQGRDODDWPyVIHUD³JDVHVGH
HIHFWRLQYHUQDGHUR´±GLy[LGRGHFDUERQRPHWDQRy[LGRQLWURVR\JDVHVÀXRUDGRV±
FRPRQXQFDDQWHVVHKDEtDKHFKR
/$&20,6,Ï1,17(5*8%(51$0(17$/62%5((/&$0%,2&/,0È7,&2,3&&SRU
VXVVLJODVHQLQJOpVKDHVWLPDGRTXHODVWHPSHUDWXUDVJOREDOHVSURPHGLRGHOD
VXSHU¿FLHGHOD7LHUUDVHLQFUHPHQWDUiQKDVWD&KDFLD¿QDOHVGHHVWHVLJOR
VLQRVHSRQHHQPDUFKDDOJXQDDFFLyQ(VWHDXPHQWRGHWHPSHUDWXUDSRGUtD
DFDUUHDUVHULDVFRQVHFXHQFLDVSDUDODKXPDQLGDG\RWUDVIRUPDVGHYLGD3RU
HMHPSORXQDHOHYDFLyQHQHOQLYHOGHORVPDUHVGHDSUR[LPDGDPHQWHFPTXH
LQXQGDUtD]RQDVFRVWHUDV\SHTXHxDVLVODVRXQDPD\RUIUHFXHQFLD\VHYHULGDGGH
IHQyPHQRVPHWHRUROyJLFRVH[WUHPRV(O3URWRFRORGH.\RWRHVXQFRPSURPLVRTXH
DGTXLULHURQORVSDtVHVLQGXVWULDOL]DGRVFRQH[FHSFLyQGHORV(VWDGRV8QLGRVGH
$PpULFDSDUDUHGXFLUHQHODxRODVHPLVLRQHVGH&2HQXQUHVSHFWRGHO
QLYHOGHODVTXHKDEtDHQ
\
R
X
W
K
;
F
K
D
Q
J
H
6LQHPEDUJRHVWDUHGXFFLyQHVVyORHOSULPHUSDVR3RGUtDPRVUHYHUWLUHOGDxR
RFDVLRQDGRSRUHOFDPELRFOLPiWLFRVLHPSUH\FXDQGRKDJDPRVHOHVIXHU]R
QHFHVDULRSDUDPRGL¿FDUODIRUPDDFWXDOGHFRQVXPLU\SURGXFLU/RVH[SHUWRV
RSLQDQTXHVHUiQHFHVDULDXQDGLVPLQXFLyQJOREDOGHHQODVHPLVLRQHVGH&2
DQWHVGHOSDUDSRGHUHYLWDUXQFDPELRFDWDVWUy¿FRHQHOFOLPD
(ODJXMHURHQODFDSDGHR]RQR(OR]RQRHVXQJDVYHQHQRVRDQLYHOGHOVXHOR
3HURDXQDDOWXUDGHNLOyPHWURVXQD¿QDFDSDGHR]RQRURGHDHOSODQHWD\QRV
SURWHJHGHORVUD\RVVRODUHV(VWDFDSDHVFUXFLDOSDUDODYLGDHQOD7LHUUD$EVRUEH
FDVLWRGDODOX]XOWUDYLROHWD89SURYHQLHQWHGHO6ROTXHRFDVLRQDFiQFHUHVHQ
ODSLHO\HQIHUPHGDGHVGHORVRMRV\SURYRFDGDxRVDSODQWDV\DQLPDOHV/RV
JDVHVTXHGHVWUX\HQODFDSDGHR]RQRSHUPDQHFHQDFWLYRV\KDFLHQGRGDxRHQOD
HVWUDWRVIHUDKDVWDDxRV
(QORVFLHQWt¿FRVHQFRQWUDURQXQDJXMHURHQODFDSDGHR]RQR(VWHDJXMHUR
VHHQFXHQWUDVREUHOD$QWiUWLGD\FUHFHFRQWLQXDPHQWH+DVWDDKRUDXQGH
ODFDSDGHR]RQRSURWHFWRUDVHKDGHVWUXLGR/RVFORURÀXRURFDUERQRV&)&VRQ
UHVSRQVDEOHVHQJUDQPHGLGDGHODGHVWUXFFLyQGHSDUWHGHODFDSDGHR]RQRTXH
³\DQRHVWi´
/RVSDtVHVLQGXVWULDOL]DGRVKDQWRPDGRHODFXHUGRGHSRQHUIUHQRDOXVRGH
VXVWDQFLDVTXtPLFDVTXHGHVWUX\HQODFDSDGHR]RQR\DVHDDWUDYpVGHVX
SURKLELFLyQRVXHOLPLQDFLyQJUDGXDO(QORVSDtVHVHQGHVDUUROORVLQHPEDUJRVH
SHUPLWLUiVXXVRKDVWDHODxR
)UHQDQGRHOFDPELRFOLPiWLFR(OFDOHQWDPLHQWRJOREDOQRVHYDD
GHWHQHUSRUVtVROR+DFHUFDGDYH]XQPHMRUXVRGHORVUHFXUVRVHQ
ORVSURFHVRVGHSURGXFFLyQ\IDEULFDUSURGXFWRVPiVH¿FLHQWHVTXH
GHPDQGHQXQDPHQRUFDQWLGDGGHHQHUJtDWLHQHTXHFRQYHUWLUVHHQ
SDUWHGHODSUiFWLFDLQGXVWULDOKDELWXDO/DVHPSUHVDVMXHJDQXQSDSHO
IXQGDPHQWDODODKRUDGHFRPHUFLDOL]DU\SURPRYHUWHFQRORJtDVTXH
UHGX]FDQODVHPLVLRQHVGH&2
$OJXQRVHMHPSORVGHORTXHSXHGHQKDFHUODVHPSUHVDVHQHVWHFDPSR
'HDFXHUGRFRQHO,3&&
KDFHUHVWDFODVHGHUHGXFFLyQ
LQPHGLDWDHQODVHPLVLRQHVGH
&2HVLPSRVLEOHSHURLQGLFDHO
WLSRGHPHGLGDVGUiVWLFDVTXH
VHUHTXLHUHQSDUDSRQHUIUHQRDO
FDOHQWDPLHQWRJOREDO
(VWDVVXVWDQFLDVVH
XWLOL]DURQSULPHURFRPROtTXLGR
UHIULJHUDQWHHQORVIULJRUt¿FRV
\PiVWDUGHHQORVDSDUDWRV
GHDLUHDFRQGLFLRQDGR2WUR
XVRLPSRUWDQWHGHORV&)&HV
HQORVDHURVROHVFRPRDJHQWH
SXOYHUL]DGRU0D\RULQIRUPDFLyQ
HQ81(3',7((QHUJ\DQG
2]RQDFWLRQ8QLW
(PDLOR]RQDFWLRQ#XQHSIU
ZZZXQHSWLHRUJR]RQDFWLRQ
/DHPSUHVDD]XFDUHUDFRORPELDQD,1&$8&$6$
EXVFDDXPHQWDUVXFDSDFLGDGGHJHQHUDFLyQGHHQHUJtDHOpFWULFD\VXVWLWXLUSDUFLDOPHQWHHOFDUEyQ
XWLOL]DGRHQVXVFDOGHUDVSRUUHVLGXRVGHODFRVHFKDGHFDxDGHD]~FDU&RQMXQWDPHQWHODVGRV
DFWLYLGDGHVSHUPLWLUiQUHGXFLUDQXDOPHQWHWRQHODGDVGHHPLVLRQHVGH&20iVLQIRUPDFLyQHQ
KWWSZZZFHFRGHVRUJFRFDPELRBFOLPDWLFROHJLVODFLRQ%ROHWLQ2&0&&1RPD\RSGI
&HPHQWRVGH(O6DOYDGRUKRUQRVERVTXHV\FDPELRFOLPiWLFR
0RGL¿FDQGRVXWHFQRORJtDGHSURGXFFLyQLQVWDODGDHQ&(66$KDGLVPLQXLGRHOFRQVXPRGH
HOHFWULFLGDGKDUHGXFLGRODVHPLVLRQHVGH&2\GHSDUWtFXODVGHy[LGRQLWURVR&RPRXQDSURORQJDFLyQ
GHODPLVPDLGHD&(66$WDPELpQHVWiUHIRUHVWDQGRXQSURPHGLRGHFXDWURKHFWiUHDVSRUDxR&DGD
KHFWiUHDGHERVTXHDEVRUEHFXDWURWRQHODGDVGHHPLVLRQHVGH&2
&HUR&2LQLFLDWLYDSRUHOFXLGDGRGHOFOLPDHVXQSUR\HFWRTXHSUHWHQGHSURPRYHUODDFFLyQIUHQWH
DOFDPELRFOLPiWLFRGHVGHODVHPSUHVDVDGPLQLVWUDFLRQHVRUJDQL]DFLRQHVQROXFUDWLYDV\FLXGDGDQRV
HQ(VSDxD\$PpULFD/DWLQD6XHVWUDWHJLDHQJOREDWUHVDFFLRQHVFRQFUHWDVODFRQWDELOL]DFLyQGH
ODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURDODDWPyVIHUDODUHGXFFLyQGHHPLVLRQHVDWUDYpVGH
PHMRUDVHQODH¿FLHQFLDHQHUJpWLFD\XWLOL]DFLyQGHHQHUJtDVUHQRYDEOHV\ODFRPSHQVDFLyQGHODV
HPLVLRQHVUHVWDQWHVDWUDYpVGHRWURVSUR\HFWRVGHUHGXFFLyQ\DEVRUFLyQGHHPLVLRQHVHQ$PpULFD
/DWLQD6LTXLHUHVVDEHUFXiQWRFRQWULEX\HVDOFDPELRFOLPiWLFR\FyPRSXHGHVDFWXDUYLVLWDZZZ
FHURFRRUJ
\
6LGHVHDVVDEHUPiVVREUHHVWRV
FRPSOHMRVWHPDVHPSLH]DSRU
QDYHJDUHQ
ZZZVDIHFOLPDWHQHWZZZ
FOLPDWHYRLFHRUJZZZLLVGRUJ
\RXWKLQWHUQHWFDIH
(QHVSDxROSXHGHVFRQVXOWDU
ZZZPPDHVRHFFFFHVSDQD
KWPKWWSXQIFFFLQWHVLQGH[
KWPOZZZJUHHQIDFWVRUJHV
LQGH[KWP
3RUHMHPSORODPXOWLQDFLRQDOGHO
FDO]DGRGHSRUWLYR1,.(HVXQDGH
FXDWURFRPSDxtDVTXHVHKDQXQLGR
DO::)¶6&/,0$7(6$9(56352
*5$0XQDLQLFLDWLYDYROXQWDULDSDUD
UHGXFLUODVHPLVLRQHVGHJDVHVGH
HIHFWRLQYHUQDGHURZZZQLNHEL]
FRPZZZSDQGDRUJFOLPDWH
VDYHUV
(O&RQVHMR0XQGLDOGH
(PSUHVDVSDUDHO'HVDUUROOR
6RVWHQLEOHDQDOL]DORVYtQFXORV
HQWUHHOFDPELRFOLPiWLFRODV
HPSUHVDV\RWURVDJHQWHV
VWDNHKROGHUV
ZZZZEFVGFKZZZPPD
HVRHFFFFHVSDQDKWPKWWS
XQIFFFLQWHVLQGH[KWPOZZZ
JUHHQIDFWVRUJHVLQGH[KWP
R
X
W
K
;
F
K
D
Q
J
H
1XQFDHVGHPDVLDGRWDUGHSDUDDFWXDU/DFDSDGHR]RQRVHUHFXSHUDUiVLWRGRV
XWLOL]DPRVPHQRVVXVWDQFLDVTXHODGHVWUX\HQ$~QDVtDXQTXHWRGDVHVWDV
VXVWDQFLDVVHSURKLELHUDQPDxDQDWRGDYtDVHQHFHVLWDUtDQDxRVSDUDTXHOD
FDSDGHR]RQRVHUHJHQHUDUD
'XUDQWHPXFKRWLHPSRODDSDUHQWHGLVSRQLELOLGDGGHFRPEXVWLEOHVIyVLOHVKL]R
TXHQRVHFRQVLGHUDUDQRSFLRQHVDOWHUQDWLYDVPiVOLPSLDV(OUHVXOWDGRHVTXHD~Q
GHSHQGHPRVHQJUDQPHGLGDGHODVIXHQWHVWUDGLFLRQDOHVGHHQHUJtD\HVWDPRV
VXIULHQGRODVFRQVHFXHQFLDVHQQXHVWUDVDOXG\ODGHOSODQHWD'HEHPRVLQYHUWLU
PiVWLHPSRGLQHUR\³HQHUJtDKXPDQD´SDUDKDFHUGHODVIXHQWHVUHQRYDEOHV
GHHQHUJtDXQDDOWHUQDWLYDYLDEOHDORVFRPEXVWLEOHVIyVLOHV/RVFRQVXPLGRUHV
UHVSRQVDEOHVMXJDPRVXQSDSHOFODYHDWUDYpVGHQXHVWUDVDFFLRQHVSRVLWLYDV£HO
³FOXEGHVHJXLGRUHVGHODVRVWHQLELOLGDG´FUHFHUi/DVSRGHURVDVPXOWLQDFLRQDOHV
VHYHUiQHQGL¿FXOWDGHVSDUDFRQWLQXDUWHQLHQGRp[LWRVLLJQRUDQQXHVWUDV
SUHRFXSDFLRQHV
- 3DVRDSDVR
3RQWXJUDQLWRGHDUHQDSDUDFRQWURODUHOFDPELRFOLPiWLFR\HOGHWHULRURGHODFDSDGH
R]RQR
)1RXWLOLFHVDHURVROHV$XQTXH\DQRFRQWLHQHQ&)&VtFRQWLHQHQRWUDVVXVWDQFLDV
TXtPLFDVFRQWDPLQDQWHVTXHQRVHSXHGHQUHFLFODU
)$VHJ~UDWHGHTXHWXQXHYRIULJRUt¿FRFRQWHQJDQLYHOHVUHGXFLGRVGH&)&RPHMRU
D~QQDGD(QOD8QLyQ(XURSHDORV&)&HVWiQSURKLELGRVGHVGH1RWLUHV
WXIULJRUt¿FRYLHMR/ODPDDOIDEULFDQWH\SLGHTXHOHUHWLUHQORV&)&£(VWRVJDVHV
SXHGHQ\GHEHQUHFLFODUVH
)5HGXFHHOXVRGHWXFRFKHRYHKtFXORPRWRUL]DGR/RVDXWRPyYLOHVVRQODIXHQWH
LQGLYLGXDOPiVJUDQGHGHHPLVLRQHVGH&2\SURGXFHQRWURVJDVHVHIHFWRGHLQYHUQDGHUR
\
R
X
W
K
;
F
K
D
Q
J
H
/DEHEHPRVFRQHOODODYDPRVQXHVWURVFXHUSRVORVSODWRVQXHVWUDURSDQXHVWUDV
FDVDV\QXHVWURVFRFKHV(OFXHUSRKXPDQRHVWiFRQVWLWXLGRSULQFLSDOPHQWHGH
DJXD/RVFXOWLYRVGHDOLPHQWRVQRFUHFHUtDQVLQHOODGHKHFKRHVYLWDOSDUDOD
VXSHUYLYHQFLDGHWRGRVORVRUJDQLVPRVYLYRV6HSXHGHSDVDUVLQDOLPHQWRFDVL
PHVSHURVyORGHDGtDVVLQDJXD
(OGHODJXDGHOD7LHUUDHVDJXDGHORVRFpDQRVQRXWLOL]DEOHSRUHOVHU
KXPDQR0HQRVGHOGHODJXDGHOPXQGRHVWiGLVSRQLEOHSDUDEHEHUOD\RWURV
XVRVFRPRODDJULFXOWXUD\ODLQGXVWULD(VWHDEDVWHFLPLHQWRSURYLHQHGHORVUtRV
SUHVDVDFXtIHURV\IXHQWHVVXEWHUUiQHDV
(QWRGRHOPXQGRHOFRQVXPRGHDJXDHVWiDXPHQWDQGR/DGLVSRQLELOLGDGGHDOJR
WDQEiVLFR\IXQGDPHQWDOFRPRHODJXDSXHGHFRQYHUWLUVHHQXQRGHORVSUREOHPDV
PiVXUJHQWHV\GHVHVWDELOL]DGRUHVHQORVSUy[LPRVDxRV
$KRUUD
HODJXD
DVHJXUD
HODJXD
´8QDJUDQFDQWLGDGGHJXHUUDV
HQHVWHVLJORVHRULJLQDURQSRU
HOSHWUyOHRSHURODVGHOSUy[LPR
VLJORVHUiQSRUHODJXDµ
>,VPDLO6HUDJHOJLQ
%DQFR0XQGLDO@
'HDFXHUGRFRQHODFWXDODXPHQWRGHODGHPDQGDHODJXDH[SORWDEOH
HFRQyPLFDPHQWHVHDJRWDUiHQDOJXQDV]RQDVFUtWLFDVSDUDHODxR<SDUDHO
DxRGRVWHUFHUDVSDUWHVGHODSREODFLyQPXQGLDOSXHGHQHQIUHQWDUVHDXQD
VHULDHVFDVH]GHDJXD
8QDJUDQSURSRUFLyQGHODSREODFLyQPXQGLDO±PLOPLOORQHVGHSHUVRQDV±QR
WLHQHDFFHVRDODJXDSRWDEOH0iVGHPLOPLOORQHVGHSHUVRQDVHQHOPXQGR
QRWLHQHQDJXDFRUULHQWHHQFDVD(QDOJXQDVSDUWHVGHÈIULFDODVPXMHUHV\ORV
QLxRVFDUJDQKDVWDOLWURVGHDJXDDPHQXGRGXUDQWHPiVGHKRUDVGHVGHOD
IXHQWHGHDEDVWHFLPLHQWRPiVFHUFDQD(QFDPELRHQORVSDtVHVLQGXVWULDOL]DGRV
HOKRJDUXUEDQRPHGLRGHSHUVRQDVXWLOL]DOLWURVGHDJXDSRUGtD
ZZZWKHZDWHUSDJHFRP
\
R
X
W
K
;
F
K
D
Q
J
H
(VWDVHVWDGtVWLFDVVRQHVFDQGDORVDV\HVPX\SUREDEOHTXHHQHOIXWXURWHQJDPRV
XQGHVDVWUHVLQSUHFHGHQWHVDPHQRVTXHQRVWRPHPRVODFRQVHUYDFLyQ\ODJHVWLyQ
GHODJXDFRQODVHULHGDGTXHPHUHFH
ZZZSDQGDRUJOLYLQJZDWHUVLQL
WLDWLYHVZHWODQGV
(QORVDxRVVHVHQWDHOÀXMRGH
DJXDKDFLDHOPDUHPSH]yD
GLVPLQXLUGHPDQHUDDODUPDQWH
/RVVLVWHPDVGHLUULJDFLyQTXHVH
UHDOL]DURQSDUDHOFXOWLYRGHDUUR]\
DOJRGyQFRQVXPLHURQPiVGHO
GHODVFRUULHQWHVTXHGHPDQHUD
QDWXUDOEDMDEDQGHODVPRQWDxDVGH
7LDQ6KDQGH$VLD&HQWUDO&RPR
UHVXOWDGRGHHOORHOiUHDVXSHU¿FLDO
GHO0DUGLVPLQX\y0DVLQIRUPDFLyQ
HQKWWSQDLODRNGDPFRPDUDO
¢7LHQHVVHGGH
FRQRFLPLHQWRVVREUHHO
DJXD"
9LVLWDHO3257$/'(/$*8$
GHOD81(6&2HQZZZ
XQHVFRRUJZDWHU
2WURVVLWLRVUHOHYDQWHV
ZZZDJXDGXOFHRUJ
ZZZKRXVHRUJ
ZZZJSDXQHSRUJ
ZZZXQL]DUHVIQFD
KWWSKLVSDJXDFHGH[HV
ZZZDJXDFDPFRP
ZZZDJXDVGHVHYLOODFRP
3DUDFRQRFHUFRQGHWDOOHORV
SULQFLSLRVGHOD[HURMDUGLQHUtD
SXHGHVYLVLWDUZZZ[HULVFDSHRUJ
ZZZFDETJRYZDWHUFRQVHUYDWLRQ
[HULFKWPO(QHVSDxROSXHGHV
HQFRQWUDULQIRUPDFLyQHQZZZ
DJXDGXOFHRUJ
(VWXGLRVUHFLHQWHVUHVDOWDQHOYDORUHFRQyPLFRGHORVHFRVLVWHPDVGHDJXDGXOFH
WDOHVFRPRORVSDQWDQRVODJRV\UtRV$SHVDUGHVXLPSRUWDQFLDORVHFRVLVWHPDV
GHDJXDGXOFHHVWiQDPHQD]DGRVSRUWRGRHOPXQGR(QPHQRVGHDxRVHO0DU
GH$UDO±DQWLJXDPHQWHHOFXDUWRODJRPiVJUDQGHGHOPXQGR±VHKDUHGXFLGRDQR
PiVGHODPLWDGGHVXWDPDxRRULJLQDO\VHKDKHFKRWDQVDODGRFRPRHORFpDQR
(OPXQGRLQGXVWULDOL]DGRFRQWDPLQDGHPDQHUDFRQVWDQWHORVVXPLQLVWURVGHDJXD
ORVUtRV\ORVPDUHVSRQLHQGRHQSHOLJURHOHTXLOLEULRHFROyJLFR7RGRVORVGtDVOD
SREODFLyQDSRUWDFRQWDPLQDQWHVHQODVGLVWLQWDVHWDSDVGHOFLFORGHODJXDGHVGH
HOYHUWLGRGHDJXDVUHVLGXDOHVDOPDUKDVWDHOGHSyVLWRGHVXVWDQFLDVTXtPLFDVy
SHOLJURVDVHQQXHVWURVUtRV
/DFDOLGDGGHODJXDHVWDQLPSRUWDQWHFRPRVXFDQWLGDG5HFLHQWHPHQWHVH
GHVFXEULyTXHPiVGHSHVWLFLGDVHVWDEDQSUHVHQWHVHQQLYHOHVVXSHULRUHV
DORVOHJDOPHQWHSHUPLWLGRVHQHODJXDSRWDEOHGHO5HLQR8QLGR/DOLVWDGHORV
FRQWDPLQDQWHVGHODJXDHVODUJDKHUELFLGDVQLWUDWRVIRVIDWRVSORPRDFHLWHV\
GLYHUVDVVXVWDQFLDVTXtPLFDVLQGXVWULDOHV
- 3DVRDSDVR
6LKDFHPRVXQHVIXHU]RSRUFDPELDUQXHVWURVXVRVGHODJXDSRGHPRVPDUFDUODGLIHUHQFLD
$PHQRUFDQWLGDGGHDJXDHQORVUtRVPD\RUHVODFRQFHQWUDFLyQGHODFRQWDPLQDFLyQ¢4Xp
SRGHPRVKDFHUSDUDDKRUUDUDJXD"
)8VDODGXFKDHQYH]GHEDxDUWH'HSURPHGLRODEDxHUDXWLOL]DHOGREOHGHDJXD
TXHODGXFKD
)$OVXVWLWXLUORVLQRGRURVGHOEDxR\ORVHOHFWURGRPpVWLFRVTXHFRQVXPHQDJXD
ODYDGRUDV\ODYDYDMLOODVSRUHMHPSORRSWDSRUPRGHORVGHEDMRFRQVXPR
3XHGHQXWLOL]DUKDVWDXQPHQRVGHDJXD
)/DYDWXURSDFRQPHQRUIUHFXHQFLD$OJXQDVYHFHVQRHVWiUHDOPHQWHVXFLDVLQR
TXHVyORQHFHVLWDDLUHDUVH\UHIUHVFDUVH7DPELpQWHGXUDUiPiV
)1RWLUHVDOUHWUHWHORVWDPSRQHVWRDOODVVDQLWDULDVSDxDOHV\FRQGRQHV
HVSHFLDOPHQWHVLYLYHVHQXQD]RQDGRQGHODVDJXDVUHVLGXDOHVVHDUURMDQDOPDUVLQ
WUDWDPLHQWR3LHQVDHQHVRODSUy[LPDYH]TXHYD\DVDQDGDU
)1XQFDWLUHVSRUHOGHVDJHVXVWDQFLDVTXtPLFDVGHXVRGRPpVWLFRFRPRDFHLWH
DJXDUUiV\GLVROYHQWHVGHSLQWXUD
)3ODQL¿FDHOXVRGHODJXDHQHOMDUGtQWHQLHQGRHQFXHQWDODVWpFQLFDVGHOD
[HURMDUGLQHUtDHVGHFLUFRQXQFRQVXPRUHVSRQVDEOHGHDJXD
\
R
X
W
K
;
F
K
D
Q
J
H
$JXDHPERWHOODGDHOFRVWHUHDO
$UDt]GHXQHVWXGLRLQGHSHQGLHQWHHO)RQGR0XQGLDOSDUDOD9LGD
6LOYHVWUH::)SRUVXVVLJODVHQLQJOpVDFRQVHMDDODSREODFLyQ
HOFRQVXPRGHDJXDGHOJULIRTXHFRQIUHFXHQFLDHVWDQEXHQD
FRPRODHPERWHOODGD(VWRVHUtDEHQH¿FLRVRSDUDHODPELHQWH\
SDUDORVEROVLOORVGHORVFRQVXPLGRUHV
'HDFXHUGRFRQHOHVWXGLRHODJXDHPERWHOODGDQRHV
QHFHVDULDPHQWHPiVVHJXUDRVDOXGDEOHTXHHODJXDGHOJULIRHQ
XQJUDQQ~PHURGHSDtVHVDXQTXHVHYHQGDKDVWDYHFHV
SRUHQFLPDGHVXYDORU$FWXDOPHQWHHVODLQGXVWULDGHEHELGDV
FRQPD\RUFUHFLPLHQWRHQHOPXQGRFRQXQYROXPHQGHQHJRFLR
HVWLPDGRHQPLOORQHVGHGyODUHVSRUDxR
(OHVWXGLRWDPELpQUHYHODTXHFDGDDxRVHXWLOL]DQPLOORQHVGHWRQHODGDVGHSOiVWLFR
SDUDHPERWHOODUHODJXD'XUDQWHORVSURFHVRVGHIDEULFDFLyQ\HOLPLQDFLyQGHODVERWHOODV
VHSXHGHQOLEHUDUVXVWDQFLDVTXtPLFDVWy[LFDVDOPHGLRDPELHQWHGXUDQWH$~QPiVOD
FXDUWDSDUWHGHORVPLOORQHVGHOLWURVGHDJXDTXHDQXDOPHQWHVHHPERWHOODQ
HQHOPXQGRVHFRQVXPHIXHUDGHOSDtVGHRULJHQ/DVHPLVLRQHVGHJDVHVGHHIHFWR
LQYHUQDGHURVREUHWRGR&2RFDVLRQDGDVSRUHOWUDQVSRUWHGHDJXDHPERWHOODGDWDQWRHQ
HOLQWHULRUFRPRHQHOH[WHULRUGHORVSDtVHVFRQWULEX\HQWDPELpQDOSUREOHPDJOREDOGHO
FDPELRFOLPiWLFRGHPD\RGH
3DUDREWHQHUPiVLQIRUPDFLyQ::)/LYLQJ:DWHUV&DPSDLJQ(PDLOOKDGHHG#ZZ¿QWRUJ
=DUDJR]DFLXGDGDKRUUDGRUDGHDJXD
'HVGHOD)XQGDFLyQ(FRORJtD\'HVDUUROORVHTXLHUH
GHPRVWUDUTXHHVSRVLEOHUHVROYHUORVSUREOHPDVGHOD
HVFDVH]GHDJXDFRQXQHQIRTXHGLIHUHQWHPiVEDUDWR
PiVHFROyJLFRPiVUiSLGR\VLQHQIUHQWDPLHQWRV
VRFLDOHVDXPHQWDQGRODH¿FLHQFLDHQVXXVR(OSULPHU
REMHWLYRGHOSUR\HFWRVHFRQFUHWDDWUDYpVGHODKRUUR
GHPLOORQHVGHOLWURVGHDJXDHQXVRVGRPpVWLFRV
SDUDODFLXGDGGH=DUDJR]DHQHOSOD]RGHXQDxR3DUD
FRQVHJXLUORVHSODQWHyIRPHQWDUHQWUHORVFRQVXPLGRUHV
ODGHPDQGDGHWHFQRORJtDDKRUUDGRUDGHDJXDHVWLPXODU
HOPHUFDGRGHWHFQRORJtDDKRUUDGRUD\IRUPDUH
LQIRUPDUDORVSURIHVLRQDOHVGHOVHFWRU(OSUR\HFWR
LPSOLFDEDDWRGDODVRFLHGDG]DUDJR]DQD/RVGDWRVGH
FRQVXPRHQ=DUDJR]DGHVFHQGLHURQGHVGHOLWURVSRU
SHUVRQD\GtDHQKDVWDOLWURVHQ
(OQXHYRREMHWLYRHUDODFUHDFLyQGHEXHQDVSUiFWLFDV
HQHOXVRH¿FLHQWHGHODJXDHQHGL¿FLRVGHXVRS~EOLFR
LQGXVWULDV\SDUTXHV\MDUGLQHVSDUDHVWLPXODUOD
LPLWDFLyQGHVXVKRPyORJRV3RVWHULRUPHQWHHOSURFHVR
GHLQIRUPDFLyQVHKL]RH[WHQVLYRFRQODWRWDOLGDGGHORV
SURIHVLRQDOHVHQWLGDGHVHPSUHVDVLQVWLWXFLRQHVGHODV
WLSRORJtDVVHOHFFLRQDGDV
0iVLQIRUPDFLyQHQZZZHFRGHVRUJ
8VRH¿FLHQWHGHODJXD
HQHGL¿FLRVIHGHUDOHVHQ
0p[LFR
(QHODxRVHSXEOLFy
HQ0p[LFRHO³3URJUDPDGH
$XVWHULGDG3UHVXSXHVWDULD
HQOD$GPLQLVWUDFLyQ
3~EOLFD)HGHUDOSDUDHO
DxR´HQHOFXDOVH
HVWDEOHFtDQPHGLGDVGH
UDFLRQDOL]DFLyQGHOJDVWR
LQWHUQRHQGLIHUHQWHV
FDPSRVHQWUHORVTXHVH
HQFRQWUDEDHOFRQVXPRGH
DJXD$UDt]GHpOVHFUHy
HOSURJUDPDGHQRPLQDGR
³8VRH¿FLHQWHGHODJXD
HQORVHGL¿FLRVIHGHUDOHV´
FX\RREMHWLYRSULQFLSDOHVOD
UHGXFFLyQGHFRQVXPRGH
DJXDHQWRGDVODVR¿FLQDV
IHGHUDOHVH[LVWHQWHVHQ
0p[LFR'LFKRSURJUDPD
SURPRYLGRSRUHO,QVWLWXWR
0H[LFDQRGHODJXD,07$
VHEDVDHQXQDODERUGH
WXWRUtDUHDOL]DGDGHVGHHO
&RPLWp7pFQLFRGH0DQHMR
$PELHQWDO&27(60$
DWUDYpVGH,QWHUQHW\
FRUUHRHOHFWUyQLFR/RV
UHVXOWDGRVREWHQLGRVSRU
FDGDGHSHQGHQFLDIHGHUDO
GHEHQVHUUHPLWLGRV
WULPHVWUDOPHQWHDO,07$
TXHSURFHVDODLQIRUPDFLyQ
UHFLELGD\SXEOLFDODV
FRQFOXVLRQHVSHUWLQHQWHV
0iVLQIRUPDFLyQZZZ
LPWDP[
\
&RPSUDV
UHVSRQVDEOHV
´/DLQMXVWLFLDHQFXDOTXLHUSDUWH
HVXQDDPHQD]DSDUDODMXVWLFLD
HQWRGDVSDUWHVµ
>0DUWLQ/XWKHU.LQJ
OtGHUHQGHUHFKRVFLYLOHV@
0DUFiQGROHJROHV
DOWUDEDMRLQIDQWLO
(852&23$
(OKHFKRGHTXHORVEDORQHV
GHI~WEROVHFRVLHUDQ
XVDQGRWUDEDMRLQIDQWLOHQ
3DNLVWiQVDOWyDORVWLWXODUHV
GHODSUHQVDDQWHVGHTXH
HPSH]DUDOD(XURFRSD
(VWRFRQGXMRDOD),)$
)HGHUDFLyQ,QWHUQDFLRQDO
GH$VRFLDFLRQHVGH)~WERO
DHPLWLUXQFyGLJRGH
FRQGXFWDHVWLSXODQGRTXp
EDORQHVSRGUtDQXVDUVH
HQODFRPSHWLFLyQ&RPR
UHVXOWDGRGHODFDPSDxDHO
PpWRGRGHSURGXFFLyQGH
EDORQHVHQ3DNLVWiQFDPELy
R
X
W
K
;
F
K
D
Q
J
H
1RFRPSUDUQDGDQRHVUHDOLVWDSHURGHMDUGHFRPSUDUHQH[FHVRHVHVHQFLDO(O
&RQVXPR6RVWHQLEOHQRVHUH¿HUH~QLFDPHQWHDOFRVWHDPELHQWDOTXHRFDVLRQDOD
IRUPDFRPRSURGXFLPRV\FRQVXPLPRVORVFRVWHVKXPDQRV\ORVFRVWHVVRFLDOHV
WDPELpQGHEHQWHQHUVHHQFXHQWD
8QJUDQQ~PHURGHDUWtFXORVTXHYDDODVWLHQGDV\DQXHVWUDVFDVDVVHSURGXFH
HQORVSDtVHVHQGHVDUUROORGHELGRDTXHODVFRPSDxtDVPXOWLQDFLRQDOHVHQFXHQWUDQ
TXHODPDQRGHREUDFDVLVLHPSUHHVPiVEDUDWDDOOt3HURHOWUDWRGHEHVHUMXVWR
SDUDWRGRVORVLQYROXFUDGRV(O&RQVXPR6RVWHQLEOHGHEHGHIHQGHUODMXVWLFLDVRFLDO
&2175$/$(6&/$9,78',1)$17,/
(OGHDEULOGHODPD¿DWDSLFHUDGH3DNLVWiQDVHVLQDEDD,TEDO0DVLKQLxRGH
DxRVHVFODYRGHOWUDEDMRWDSLFHUR$ORVGLH]DxRVVHHVFDSDGHVXWUDEDMR\DVLVWHD
XQPLWLQGHO)UHQWHGH/LEHUDFLyQGHO7UDEDMR)RU]DGR)/7)XQD21*TXHWUDEDMDHQ
3DNLVWiQSDUDSUHVLRQDUSRUODDEROLFLyQGHOWUDEDMRHVFODYRLQIDQWLO(OGHVFXEULPLHQWRGH
VXVGHUHFKRVHQ3DNLVWiQKD\XQDOH\TXHSURKtEHORVWUDEDMRVIRU]DGRVSHURFDVLQDGLHOD
UHVSHWDOHOOHYyDDVLVWLUDXQDHVFXHODGHO)/7)\DLQLFLDUXQSUHFR]DFWLYLVPRVLQGLFDOTXH
SURQWROODPyODDWHQFLyQLQWHUQDFLRQDO3DUWLFLSyHQDFFLRQHVUHLYLQGLFDWLYDVTXHOOHYDURQ
DTXHYDULDVHPSUHVDVHQODVTXHWRGRVORVWUDEDMDGRUHVHUDQQLxRVHVFODYRVFHUUDUDQ(Q
HVWDVIiEULFDV\WDOOHUHVORVQLxRVOOHJDQDWUDEDMDUPiVGHKRUDVGLDULDV
(OHMHPSORGHVXOXFKDWUDQVFHQGLyLQWHUQDFLRQDOPHQWH\IXHSUHPLDGRHQ(VWRFROPR\
%RVWRQ
$OSRFRGHVXUHJUHVRD3DNLVWiQIXHDFULELOODGRDEDOD]RV6XYLGDGHHQWUHJDSRUXQ
PXQGRPDVMXVWR\VXPXHUWHSRUGHQXQFLDUODVLWXDFLyQGHPLOHVGHQLxRVHVFODYRV
KDOOHYDGRDTXHVHSURFODPHHOGtDGHVXPXHUWHHOGHDEULOGtDPXQGLDOFRQWUDOD
HVFODYLWXGLQIDQWLO
ZZZVROLGDULGDGQHWLTEDOHVSDQDDVSZZZFKLOGUHQVZRUOGRUJHQJLTEDOLQGH[DVS
KWWSZHEDPQHVW\RUJOLEUDU\,QGH[(6/$6$"RSHQRI (6/3$.
\
R
X
W
K
;
F
K
D
Q
J
H
\UHVSHWDUORVGHUHFKRVKXPDQRVVRFLDOHV\HFRQyPLFRVEiVLFRVTXHGHEHQVHU
SDUDWRGRVVLQH[FOXLUDQDGLH
(OWUDEDMRLQIDQWLOHVXQHMHPSORFODURGHSRUTXpHQHO&RQVXPR6RVWHQLEOH
HVQHFHVDULRTXHVHFRQVLGHUHQODVFRQGLFLRQHV\ORVGHUHFKRVEiVLFRVGHODV
SHUVRQDVLQYROXFUDGDVHQODSURGXFFLyQ\PDQXIDFWXUDGHELHQHV'HDFXHUGRFRQ
HVWLPDFLRQHVGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR2,7DOUHGHGRUGH
PLOORQHVGHQLxRVGHDDxRVGHHGDGWUDEDMDQ/DVHVWDGtVWLFDVGHOD2,7
LQGLFDQTXHHQHVWDVFRQGLFLRQHVVHHQFXHQWUDQGHFDGDQLxRVHQÈIULFD
GHOWRWDOPXQGLDOGHORVQLxRVWUDEDMDGRUHVGHFDGDQLxRVHQ$VLDGHO
WRWDOPXQGLDOGHFDGDHQ$PpULFD/DWLQDGHOWRWDOPXQGLDO\GHFDGD
HQ2FHDQtD7DQVyORHQÈIULFDODVFLIUDVHVWiQDXPHQWDQGRDUD]yQGHXQPLOOyQ
SRUDxR\DSXQWDQDORVPLOORQHVKDFLDHODxR
(QOD,QGLDPLOHVGHQLxRVWUDEDMDQSDUDSURGXFLUFHULOODV\IXHJRVDUWL¿FLDOHV
5HFLEHQXQSDJRHTXLYDOHQWHDFHQWDYRVGHGyODUSRUGtD\WUDEDMDQ
DOUHGHGRUGHKRUDVGLDULDVVLHWHGtDVSRUVHPDQD(Q3DNLVWiQHOGH
ODVWHMHGRUDVGHDOIRPEUDVVRQQLxDVPHQRUHVGHDxRV
6LQHPEDUJRHVWRQRHV~QLFDPHQWHXQSUREOHPDGHOPXQGRHQGHVDUUROOR(Q
HO'HSDUWDPHQWRGH7UDEDMRGHORV(VWDGRV8QLGRVGH$PpULFDHVWLPyTXH
KDEtDDSUR[LPDGDPHQWHPLOORQHVGHQLxRVWUDEDMDGRUHV³OHJDOHV´HQORV(VWDGRV
8QLGRVDGHPiVGHPLOORQHVGHLOHJDOHV(QHO5HLQR8QLGRXQHVWXGLR
UHFLHQWHHQFRQWUyTXHXQRVQLxRVHQWUHODVHGDGHVGH\DxRV
WUDEDMDQGHPDQHUDUHJXODU\TXHDOJXQRVORKDFHQKDVWDKRUDVDODVHPDQD
ZZZLORRUJSXEOLF
VSDQLVKLQGH[KWP
³,QYHVWLJDFLyQVREUH
1LxDV7HMHGRUDVHQOD,QGXVWULDGH
ODV$OIRPEUDV´58*0$5.6RFLHW\
3DNLVWiQZZZUXJPDUN
RUJQHZVBIDFWV
9pDQVHORVVLWLRVGHOD
5HGGHO'HSDUWDPHQWRGH7UDEDMR
GHORV(VWDGRV8QLGRVGH$PpULFD
ZZZGROJRY\OD2¿FLQDGH
(VWDGtVWLFDVGH7UDEDMRZZZEOV
JRY
\
(OWUDEDMRLQIDQWLO
WDPELpQDIHFWDD(VSDxD
6HJ~QXQLQIRUPHUHDOL]DGR
HQWUHHODxR\HODxR
SRU81,&()DSHWLFLyQ
GHO0LQLVWHULRGH7UDEDMR\
$VXQWRV6RFLDOHVHQ(VSDxD
WUDEDMDEDQDOUHGHGRUGH
QLxRVLQFOX\HQGR
VyORORVTXHWUDEDMDEDQ
yPiVKRUDVDOGtDGXUDQWH
GtDVDODVHPDQD(O
UHVXOWDGRHVTXHHQWUHORV
QLxRVHVFRODUL]DGRVKD\
DOUHGHGRUGHTXH
VHGHGLFDQDODVWDUHDV
GRPpVWLFDVTXH
WUDEDMDQHQQHJRFLRV
IDPLOLDUHVXQRVTXH
WUDEDMDQHQODDJULFXOWXUD\
JDQDGHUtDHQWDOOHUHV
RIiEULFDV\HQOD
YHQWDDPEXODQWH
)XHQWH³(OWUDEDMRLQIDQWLO
HQ(VSDxD´81,&()
0DWHULDOHVGH7UDEDMR
0LQLVWHULRGH7UDEDMR\
$VXQWRV6RFLDOHV
0DGULG
R
X
W
K
;
F
K
D
Q
J
H
8VXDOPHQWHDORVQLxRVVHOHVLQYROXFUDHQWUDEDMRVLQWHQVLYRVTXHQRUHTXLHUHQ
KDELOLGDGHVHVSHFt¿FDVSHURGRQGHODVPDQRVSHTXHxDVVRQYDOLRVDVWHMLGR
GHDOIRPEUDVFRVWXUDHODERUDFLyQGHFHULOODV&RQIUHFXHQFLDHVWiQH[SXHVWRV
DFRQGLFLRQHVGHWUDEDMRSHOLJURVDV\SRUVHUPiVYXOQHUDEOHVItVLFDPHQWHD
PHQXGRVHHQIHUPDQ7UDEDMDQODUJDVKRUDVFDVLQRUHFLEHQHGXFDFLyQHVFRODU\
VHOHVSDJDXQDPLVHULD
8QKHFKRWULVWHHVTXHXQJUDQQ~PHURGHIDPLOLDVHQWRGRHOPXQGRGHSHQGHGH
ORVLQJUHVRVGHVXVQLxRV$OJXQRVSROtWLFRVFUHHQTXHHOWUDEDMRMXHJDXQSDSHO
LPSRUWDQWH\SRVLWLYRHQODYLGDGHORVQLxRVDVtFRPRHQVXUHODFLyQFRQVXV
IDPLOLDVGHWDOPRGRTXHWUDWDQGHKDFHUUHIRUPDVSHURQRSRQHU¿QDOWUDEDMR
LQIDQWLO(OSUREOHPDHVFRPSOHMR\FXDOTXLHUVROXFLyQTXHIXQFLRQHGHEHLQFOXLUGH
PDQHUDDFWLYDDODVIDPLOLDVGHORVQLxRVHQFXHVWLyQ1RREVWDQWHHOQLxRGHEH
SRQHUVHHQSULPHUOXJDU'HVSXpVGHWRGR£WDQVyORVHHVQLxRXQDYH]HQODYLGD
81$2325781,'$'3(5','$
(OWUDEDMRQRVyORFRPSURPHWHODVDOXGItVLFD\VHJXULGDGGHXQQLxRVLQRTXHVXV
GHUHFKRVVHLJQRUDQ\ORTXHHVFUXFLDOVHOHVSULYDGHODRSRUWXQLGDGGHUHFLELU
XQDHGXFDFLyQHVFRODUPLOORQHVGHQLxRVDEDQGRQDQODHVFXHODSULPDULDDQWHV
GHKDEHUFRPSOHWDGRFXDWURDxRVGHHGXFDFLyQ8QRGHFDGDFXDWURQLxRVHQOD
,QGLDQXQFDLUiDODHVFXHOD
eVWHHVHOLQLFLRGHXQFtUFXORYLFLRVRVLQHGXFDFLyQODVSUREDELOLGDGHVGHHVFDSDU
GHORVWUDEDMRVPDOSDJDGRV\GHODSREUH]DVHUHGXFHGHPDQHUDGUiVWLFD
\
R
X
W
K
;
F
K
D
Q
J
H
$OPLVPRWLHPSRHQORVSDtVHVHQGHVDUUROORODVFRQVHFXHQFLDVDODUJRSOD]RGHO
WUDEDMRLQIDQWLOQRVRQDOHQWDGRUDV/RVQLxRVUHSUHVHQWDQODHVSHUDQ]D\SRWHQFLDO
IXWXURGHFXDOTXLHUSDtV1HJDUODHGXFDFLyQDXQQLxRHVQHJDUDOSDtVHO³FDSLWDO
KXPDQR´RORVWUDEDMDGRUHVFXDOL¿FDGRV\FRQHGXFDFLyQTXHORVSDtVHVHQ
GHVDUUROORWDQWRQHFHVLWDQ
PLOORQHVGHSHUVRQDVGHFDGDDGXOWRVGHOPXQGRHQGHVDUUROORQRSXHGH
OHHURHVFULELU'RVWHUFLRVGHHOORVVRQPXMHUHV3URSRUFLRQDUDFDGDXQRGHORV
QLxRVGHOPXQGRXQDHGXFDFLyQSULPDULDFRVWDUtDPLOORQHVGHGyODUHVOR
PLVPRTXHGtDVGHOJDVWRPLOLWDUPXQGLDO
/DFRQFLHQFLDGHOFRQVXPLGRUFXHVWLRQDUODVSROtWLFDVGHORVJRELHUQRV\FRPSDxtDV\
QRFRPSUDUQLQJ~QSURGXFWRDPHQRVTXHHVWHPRVFRQYHQFLGRVGHTXHVHSURGXMRVLQ
FRPSURPHWHUODpWLFDSXHGHSURGXFLUHOFDPELR/RVFRQVXPLGRUHVWDPELpQSRGHPRV
GLULJLUQRVDODVRUJDQL]DFLRQHVGHFRPHUFLRMXVWRFX\DSUHVHQFLDHVWiDXPHQWDQGR
HQHOPHUFDGRTXHJDUDQWL]DQTXHVXVSURGXFWRVVRQUHVSHWXRVRVFRQHOPHGLR
DPELHQWH\KDQVLGRKHFKRVVLQH[SORWDFLyQ
(OWUDEDMRLQIDQWLOHVVyORXQDVSHFWRSDUWLFXODUPHQWHLOXVWUDWLYRGHXQWHPDPXFKR
PiVDPSOLRTXHVHUH¿HUHDODVFRQGLFLRQHVGHWUDEDMRGHUHFKRVKXPDQRV
GHVLJXDOGDGGHJpQHUR\DODQHFHVLGDGGHUHVSHWDUHOGHUHFKRGHORVSDtVHVHQ
GHVDUUROORDXQDH[LVWHQFLDGLJQD\VRVWHQLEOH
'LVPLQXFLyQGHOWUDEDMRLQIDQWLO/DHGXFDFLyQREOLJDWRULDKDUHGXFLGRHOWUDEDMR
LQIDQWLO(QODVGpFDGDVGHDHOJRELHUQRGH6UL/DQNDGHFLGLySRQHUHQYLJRUOD
HGXFDFLyQREOLJDWRULD/DWDVDGHDOIDEHWL]DFLyQDXPHQWyGHHQDHQ
81(6&2(VWRKDVXSXHVWRFRPRUHVXOWDGRTXHODWDVDGHHPSOHRGHQLxRVHQWUH
\DxRVKDPRVWUDGRXQDGLVPLQXFLyQVXVWDQFLDOGHOHQDOHQ
\DFWXDOPHQWHHVGHHQORVKRPEUHV\HQODVPXMHUHV2,7
(OFRQVXPRVROLGDULRWLHQHVXH[SUHVLyQSUiFWLFDHQODFRPHUFLDOL]DFLyQGHSURGXFWRV
SURYHQLHQWHVGHOFRPHUFLRMXVWR/RVSURGXFWRVGHFRPHUFLRMXVWRVHHODERUDQVLJXLHQGRORV
VLJXLHQWHVSULQFLSLRV
/DVHPSUHVDVSURGXFWRUDVGHEHQWHQHUXQDHVWUXFWXUDGHPRFUiWLFD\SDUWLFLSDWLYD
/DVFRQGLFLRQHVODERUDOHVGHEHQVHUGLJQDVFRQVDODULRVMXVWRVLJXDOGDGHQWUHKRPEUHV
\PXMHUHV\FRQGLFLRQHVODERUDOHVTXHQRSRQJDQHQULHVJRODVDOXGGHODVSHUVRQDV
(QODVUHODFLRQHVFRPHUFLDOHVVHHVWDEOHFHQSUHFLRVMXVWRVFRQODVHQWLGDGHV
GLVWULEXLGRUDVSUH¿QDQFLDQGRORVSURGXFWRV\HVWDEOHFLHQGRUHODFLRQHVDODUJRSOD]RSDUD
TXHODFRPXQLGDGSURGXFWRUDSXHGDSODQL¿FDUVXGHVDUUROOR
8QDSDUWHGHORVEHQH¿FLRVVHGHEHUHLQYHUWLUHQODVQHFHVLGDGHVEiVLFDVGHODFRPXQLGDG
6HWLHQHTXHJDUDQWL]DUHOUHVSHWRDOPHGLRDPELHQWH
6HSURKtEHH[SUHVDPHQWHHOWUDEDMRLQIDQWLO
0iVLQIRUPDFLyQVREUHHOFRPHUFLRMXVWRHQ(VSDxDZZZHFRPHUFLRMXVWRRUJ
([LVWHQYDULDVLQLFLDWLYDV
HQODUHGSDUDGHWHQHUHOWUDEDMR
LQIDQWLOZZZLFIWXRUJ
(QHVSDxROYLVLWDU
ZZZLORRUJSXEOLFVSDQLVK
ZZZLORRUJSXEOLFVSDQLVK
VWDQGDUGVLSHF
318',QIRUPHVREUH
'HVDUUROOR+XPDQR
³&RQVXPRSDUDHO'HVDUUROOR
+XPDQR´FRQVXOWDUORHQZZZ
XQGSRUJKGUR
3DUDHQFRQWUDUPiV
LQIRUPDFLyQVREUHGHUHFKRV
KXPDQRVVXVDOFDQFHV\ORTXH
RFXUUH\GyQGHYLVLWDORVVLWLRV
VLJXLHQWHVKWWSZHEDPQHVW\
RUJ\ZZZKUZRUJZZZKUZRUJ
)XHQWHZZZJHRFLWLHV
FRP&ROOHJH3DUN/LEUDU\
LQTXLU\
\
R
X
W
K
;
F
K
D
Q
J
H
([LVWHXQDIXHUWHFRQH[LyQHQWUHHO&RQVXPR6RVWHQLEOHODQHFHVLGDGGH
DVHJXUDUTXHVHUHVSHWHQORVGHUHFKRVKXPDQRVEiVLFRV\SURPRYHUHO
GHVDUUROOR/DSREUH]D\HOGHWHULRURDPELHQWDOSRUPHGLRGHODGHIRUHVWDFLyQ
\HOVREUHSDVWRUHRSRUHMHPSORVHDOLPHQWDQPXWXDPHQWH\WLHQHQXQHIHFWR
GRPLQyVREUHORVGHUHFKRVKXPDQRV\HOGHVDUUROORGHODJHQHUDFLyQSUHVHQWH\
ODVYHQLGHUDV
/RVJRELHUQRVWLHQHQHOGHEHUGHSURWHJHUWRGRVORVGHUHFKRVGHVXVFLXGDGDQRV
7ULVWHPHQWHH[LVWHXQHQRUPHQ~PHURGHRFDVLRQHVHQODVTXHORVGHUHFKRV
KXPDQRVVHLJQRUDQ\VHDWURSHOODQ7HQHUXQDPD\RUFRQFLHQFLDVLJQL¿FDTXHOD
JHQWHHVWiHPSH]DQGRDFXHVWLRQDUODVSUiFWLFDVGHWUDEDMRH[SORWDGRUDV
(OERLFRWHVWiJDQDQGRSRSXODULGDGDWUDYpVGH,QWHUQHWFRPRKHUUDPLHQWDSDUD
KDFHUFDPSDxDV$QWHVGHERLFRWHDUHVLPSRUWDQWHTXHWHLQIRUPHVDFHUFDGHORV
UHVXOWDGRVSRVLEOHV\DQDOLFHVDTXLpQDIHFWDUiPiVODDFFLyQHPSUHQGLGD¢DOD
FRPSDxtDRDORVWUDEDMDGRUHVTXHWUDWDVGHSURWHJHU"([LJLUWUDQVSDUHQFLDWRWDO
DODVHPSUHVDVHVIXQGDPHQWDOSDUDDVHJXUDUTXHQRVyORFDPELHQGHXELFDFLyQ\
FRQWLQ~HQFRQVXVSUiFWLFDVLQMXVWDVHQRWUROXJDU(VWDH[LJHQFLDGHWUDQVSDUHQFLD
SXHGHFDQDOL]DUODDFFLyQGHORVFRQVXPLGRUHVHLPSXOVDUORVDFRPSDUWLU
UHVSRQVDELOLGDGHV\REMHWLYRVFRPXQHVGHQWURGHXQDFRPXQLGDGPiVDPSOLD
([DPLQDORVLQIRUPHVGH$PQLVWtD
,QWHUQDFLRQDORYLVLWDVXVLWLRHQ
ODZHEVREUHWRUWXUDHMHFXFLRQHV
H[WUDMXGLFLDOHVSULVLRQHURV
GHFRQFLHQFLDYLROHQFLDR¿FLDO
IUHFXHQWHFRQWUDORVFLXGDGDQRV
WROHUDQFLDKDFLDODHVFODYLWXG
ZZZDPQLVWLDLQWHUQDFLRQDORUJ
DFWXD
,QIyUPDWHHQODVSXEOLFDFLRQHV
GHRUJDQL]DFLRQHVFRQWUDOD
HVFODYLWXG\VLWLRVHQ,QWHUQHW
FRPRZZZDQWLVODYHU\RUJ
VHOHFWLRQ
$OJXQDVHWLTXHWDVIUHFXHQWHV
DSDUHFHQHQORVUHFXDGURVGH
HVWDVSiJLQDV
9pDVHHOVLJXLHQWHFDStWXOR
- 3DVRDSDVR
/DVVLJXLHQWHVVXJHUHQFLDVSXHGHQD\XGDUWHDFRPSUDUpWLFDPHQWH
)(OLJHDUWtFXORVHODERUDGRV\GLVWULEXLGRVSRUIDEULFDQWHV\FRPHUFLDQWHVFRQXQD
pWLFD\FyGLJRVGHFRQGXFWDFODURV
)0DQWpQWXVPDUFDVIDYRULWDVEDMRFRQWLQXRHVFUXWLQLRSRQWHHQFRQWDFWRFRQ
DOJXQDDVRFLDFLyQORFDOGHFRQVXPLGRUHVSDUDDPSOLDUODLQIRUPDFLyQVREUHHOODV
3DUWLFLSDHQODVFDPSDxDVS~EOLFDVSDUDPHMRUDUODVFRQGLFLRQHVODERUDOHVGHORV
WUDEDMDGRUHV
)(YLWDORVSURGXFWRV\VHUYLFLRVRIUHFLGRVSRUODVHPSUHVDVTXHDSR\DQDORV
UHJtPHQHVTXHQRUHVSHWDQORVGHUHFKRVKXPDQRV
)%RLFRWHDDORVSURGXFWRUHVTXHSDJDQVDODULRVPX\EDMRVDVXVWUDEDMDGRUHVRTXH
ORVHVFODYL]DQRFX\RVSURYHHGRUHVDSR\DQODHVFODYLWXG
)6LHPSUHTXHVHDSRVLEOHHOLJHSURGXFWRV\VHUYLFLRVFX\DHWLTXHWDHVSHFL¿TXH³6LQ
WUDEDMRLQIDQWLO´1RFKLOGODERXU
)6LHVSRVLEOHHOLJHSURGXFWRVRVHUYLFLRVFRQHWLTXHWDTXHHVSHFL¿TXH³12
H[SHULPHQWDGRHQDQLPDOHV´
&RQWUDODGLJQLGDGKXPDQD\OD
GHORVDQLPDOHVSRUHMHPSORTXH
SURPXHYDQODYLROHQFLDSHGR¿OLD
H[SORWDFLyQVH[XDOHVFODYLWXG
HWF
)%RLFRWHDSURGXFWRV\VHUYLFLRVTXHKDJDQD¿UPDFLRQHVHQJDxRVDVXRIHQVLYDV
),QWHUFDPELDFRQRWURVFRQVXPLGRUHVLQIRUPDFLyQ\H[SHULHQFLDVUHODFLRQDGDVFRQ
ODpWLFD\ORVSURGXFWRVGHFRQVXPR
\
R
X
W
K
;
F
K
D
Q
J
H
9LYH\
GHMDYLYLU
´/DFUXHOEHVWLDVDOYDMHQRHVWi
WUDVODVEDUUDVGHODMDXOD6H
HQFXHQWUDIUHQWHDHOODµ
>$[HO0XQWKH
PpGLFRSVLTXLDWUD\HVFULWRU@
(OGHUHFKRDXQDH[LVWHQFLDGLJQDQRHVH[FOXVLYRGHORVVHUHVKXPDQRV/D
FRQFLHQFLDDFHUFDGHQXHVWUDLQWHUUHODFLyQFRQODQDWXUDOH]D\ODVFRQVHFXHQFLDVGH
ODDFWLYLGDGKXPDQDHQORVHFRVLVWHPDVHVXQHOHPHQWRFODYHSDUDFRPSUHQGHUHO
GHVDUUROORVRVWHQLEOH
(OWUDWRTXHGDPRVDORVDQLPDOHVFULDGRVSDUDHOFRQVXPR\HQFDXWLYLGDG\
HOWHPDGHODELRGLYHUVLGDG\SUHVHUYDFLyQGHOHTXLOLEULRHFROyJLFRVRQWHPDV
VHSDUDGRVSHURUHODFLRQDGRVHQWUHVt(QHVWDVHFFLyQHQFRQWUDUiVLQIRUPDFLyQ
VREUHHVWRVWHPDV&RUUHVSRQGHDFDGDFXDOWRPDUVXVGHFLVLRQHVGHDFXHUGRFRQ
HOHVWLORGHYLGD\SULRULGDGHVTXHHOLMDQGHQWURGHOFRQWH[WRGHODVRVWHQLELOLGDG
*5$1-$6'($1,0$/(6
/DJHQWHHVWiFDGDYH]PiVSUHRFXSDGDSRUVDEHUTXpWUDWRUHFLEHQORVDQLPDOHV
GXUDQWHHOSURFHVRGHHODERUDFLyQGHORVSURGXFWRVJUDQMDVLQWHQVLYDVSUXHEDV
GHFRVPpWLFRVHQDQLPDOHVHWF/DFUXHOGDGSXHGHHYLWDUVHVLJXLHQGRDOJXQRV
SULQFLSLRVIXQGDPHQWDOHV7UDWDDORVDQLPDOHVFRQUHVSHWRSURSRUFLyQDOHV
DOLPHQWR\WHFKRDGHFXDGRVDVHJ~UDWHGHTXHUHFLEDQORVFXLGDGRVYHWHULQDULRV
EiVLFRVFRQGLFLRQHVVDQLWDULDVHKLJLpQLFDVSDUDYLYLU\GHTXHQXQFDVHOHV
JROSHHRDOLPHQWHDODIXHU]D
\
R
X
W
K
;
F
K
D
Q
J
H
&UXHOGDGHVLQQHFHVDULDV
/DSURGXFFLyQGHKXHYRVGHJUDQMDHVWDQFUXHOTXHVHHVWiHOLPLQDQGRHQORVSDtVHV
HXURSHRVSHURD~QVHSUDFWLFDHQRWUDVUHJLRQHVGHOPXQGR(QODVJUDQMDVLQWHQVLYDV
SRUORUHJXODUVHDPRQWRQDQFXDWURJDOOLQDVHQXQDMDXODGHDODPEUHPX\SHTXHxDGH
QRPiVGHFHQWtPHWURVSXOJDGDV/DVMDXODVVHDSLODQHQYDULRVQLYHOHV\VH
DFRPRGDQHQ¿ODVHQHQRUPHVQDYHVRJDOSRQHV$WRGDVODVJDOOLQDVSRQHGRUDVVHOHV
FRUWDHOSLFRFRQHO¿QGHUHGXFLUODVOHVLRQHVTXHUHVXOWHQDOSLFRWHDUVHHQWUHHOODVFXDQGR
ODVDYHVFRQ¿QDGDVVHYXHOYHQFODXVWURIyELFDVDEXUULGDV\DJUHVLYDV3RQHQPiVGH
KXHYRVDODxR'HVSXpVGHXQDxRGHSURGXFFLyQGHKXHYRVODVDYHVVRQVRPHWLGDV
DXQQXHYRFLFORGHSRVWXUDGHKXHYRVRVDFUL¿FDGDV/DVJDOOLQDVGHJUDQMDLQWHQVLYD
XVXDOPHQWHDFDEDQIRUPDQGRSDUWHGHSURGXFWRVFiUQLFRVGHEDMDFDOLGDGGRQGHODFDUQH
DPRUDWDGDSXHGHRFXOWDUVHDORVFRQVXPLGRUHV
&DPSDxDLWDOLDQDUHDOL]DGDSRU
&$5(&RRSHUDFLyQSRUORV'HUHFKRV
GHORV$QLPDOHVHQ(XURSDVXV
VLJODVHQLQJOpVZZZLQIRODYRUJ
8QDDOWHUQDWLYDTXHJDUDQWL]DTXH
ORVDQLPDOHVKDQVLGRWUDWDGRV
FRUUHFWDPHQWHTXHQRVHKDQ
XWLOL]DGRSLHQVRVGHRULJHQDQLPDO
QLSURGXFWRVGHHQJRUGHXRWURV
FRPSXHVWRVDUWL¿FLDOHVVRQORV
SURGXFWRVGHRULJHQDQLPDOFRQ
HOFHUWL¿FDGRHFROyJLFRGHORV
GLIHUHQWHVFRQVHMRVUHJXODGRUHVGH
ODDJULFXOWXUDHFROyJLFD9HUZZZ
DJURHFRORJLFDQHW
)XHQWHKWWSKRPHWRZQDRO
FRPF¿QHZVLQGH[KWP
3DUDREWHQHUXQDOLVWDGH
HVWDVFRPSDxtDVYLVLWDZZZ
DOOIRUDQLPDOVFRPFUXHOIUHHKWP
RSDUDPiVLQIRUPDFLyQVREUH
SURGXFWRVOLEUHVGHFUXHOGDGHQ
ORVDQLPDOHVZZZQDWXUHZDWFK
RUJ7DPELpQSXHGHVYLVLWDUZZZ
DQLPDOIUHHGRPRUJHVSDJQROLQGH[
KWPXQSRUWDOOOHQRGHVXJHUHQFLDV
\PDWHULDOHVVREUHORVGHUHFKRVGH
ORVDQLPDOHV
/DSURGXFFLyQGHDOLPHQWRVQRVDIHFWDDWRGRV3RGHPRVUHFKD]DUORVSURGXFWRV
TXHQRKDQVLGRHODERUDGRVGHXQDPDQHUDKXPDQD
(OHJLUKXHYRV\FDUQHFULDGRVHQOLEHUWDGHQHOFDPSRRUDQFKRVEXVFDSURGXFWRV
FHUWL¿FDGRVHVPHMRUSDUDHODQLPDOSHURWDPELpQSDUDHOFRQVXPLGRUODKLJLHQH
\FDOLGDGGHODFDUQH\RWURVSURGXFWRVSURYHQLHQWHVGHJUDQMDVLQGXVWULDOHVSXHGH
DYHFHVVHUEDMD/RVHVFiQGDORVUHODFLRQDGRVFRQDOLPHQWRVFRPRHOGHOD
HQIHUPHGDGGHODVYDFDVORFDVQRVKDQKHFKRPiVFRQVFLHQWHVGHODFRQH[LyQ
HQWUHODVFRQGLFLRQHVVDQLWDULDV\GHDOLPHQWDFLyQGHORVDQLPDOHVFRQQXHVWUD
SURSLDVDOXG
/DVHPSUHVDVVHKDQGDGRFXHQWDGHTXHORVFRQVXPLGRUHVTXLHUHQHYLWDUOD
FUXHOGDGLQQHFHVDULDVHJ~QHO)252'(,19(56,Ï162&,$/HQORV(VWDGRV
8QLGRVGH$PpULFDVHLQYLHUWHQPLOPLOORQHVGHGyODUHVHQFRPSDxtDV\
RUJDQL]DFLRQHVOLEUHVGHFUXHOGDG\PLOHVGHPLOORQHVPiVHQ(XURSD\RWURV
OXJDUHV
(Q5(9/21IXHXQDGHODVSULPHUDVJUDQGHVFRPSDxtDVTXH¿QDQFLyOD
LQYHVWLJDFLyQSDUDHQFRQWUDUDOWHUQDWLYDVDODH[SHULPHQWDFLyQHQDQLPDOHV
FRQXQDFRQWULEXFLyQGHGyODUHVSDUDOD8QLYHUVLGDG5RFNHIHOOHU
2WUDVRUJDQL]DFLRQHVFRPRHO&HQWUR-RKQV+RSNLQVSDUD$OWHUQDWLYDVDOD
([SHULPHQWDFLyQHQ$QLPDOHV&$$7KDQLQLFLDGRVXVSURSLRVSURJUDPDVSDUD
LQYHVWLJDUDOWHUQDWLYDV/DH[SHULPHQWDFLyQHQDQLPDOHVD~QSUHYDOHFHHQODV
JUDQGHVFRUSRUDFLRQHVSHURKD\\DYDULRVFLHQWRVGHFRPSDxtDVTXHHODERUDQ
SURGXFWRVVLQFUXHOGDG
/DH[SHULPHQWDFLyQHQDQLPDOHVHVXQWHPDFRQWURYHUWLGR/DVRSLQLRQHVGH
ODVSHUVRQDVDFHUFDGHSUXHEDVHQDQLPDOHVQRVLHPSUHVRQFODUDV\DPHQXGR
GHSHQGHQGHSHUFHSFLRQHVLQGLYLGXDOHV\H[SHULHQFLDVSHUVRQDOHV
%ROVDGHSDSHOSDUDODFDPSDxDGH
7+(%2'<6+23HQFRQWUDGHOD
H[SHULPHQWDFLyQHQDQLPDOHV
\
R
X
W
K
;
F
K
D
Q
J
H
)257$/(=$(1/$',9(56,'$'
/RVVHUHVKXPDQRVFRPSDUWLPRVHVWHSODQHWDFRQDOPHQRVPLOORQHVGHRWUDV
HVSHFLHV7RGDVODVHVSHFLHVMXHJDQXQSDSHOHQODFRQVWUXFFLyQ\PDQWHQLPLHQWR
GHORVFRPSOHMRVHFRVLVWHPDVTXHVRVWLHQHQWRGDVODVIRUPDVGHYLGD/DVHVSHFLHV
HVWiQGHVDSDUHFLHQGRDXQDYHORFLGDGDODUPDQWHODWDVDGHH[WLQFLyQDFWXDOQRVH
VDEHFRQFHUWH]DSHURORVFLHQWt¿FRVFDOFXODQTXHHVGHDYHFHVPiV
GHORTXHVHUtDVLQXQGHVDUUROORLQGXVWULDOGHVFRQWURODGR
9pDVHZZZLXFQ
RUJLQIRDQGQHZVVSHFLHV
\ZZZLXFQRUJLQIRDQGQHZV
ELRGLYHUVLW\
/DDPHQD]DGHH[WLQFLyQDSDUHFHGHELGRDXQDYDULHGDGGHUD]RQHV
LQWHUFRQHFWDGDV/DVREUHH[SORWDFLyQGHSODQWDV\DQLPDOHV\GHVXKiELWDW
ODLQWURGXFFLyQGHHVSHFLHVDMHQDVDORVHFRVLVWHPDVDVtFRPRHOFDPELRFOLPiWLFR
ODFRQWDPLQDFLyQ\ODVHQIHUPHGDGHVWRGRVHOORVVRQIDFWRUHVTXHDPHQD]DQHO
HTXLOLEULRHFROyJLFRHQWUHODVHVSHFLHV
/DGLYHUVLGDGHVXQUHFXUVRSUHFLDGRODLQWHUFRQH[LyQHLQWHUGHSHQGHQFLDGH
GLIHUHQWHVHVSHFLHVUHTXLHUHGHXQFXLGDGRVRPDQHMR$OUHGHGRUGHOGH
WRGDVODVPHGLFLQDVTXHVHHQFXHQWUDQHQODVIDUPDFLDVVHKDQGHVDUUROODGR
DSDUWLUGHSODQWDVVLOYHVWUHV\DQLPDOHV8QJUDQQ~PHURGHHVWRVVHDOEHUJD
HQHFRVLVWHPDV~QLFRV\GHVDIRUWXQDGDPHQWHDPHQD]DGRV0DQWHQHUOD
ELRGLYHUVLGDGHVSHUWLQHQWHHQPXFKRVQLYHOHVSDUDGyMLFDPHQWHODVUHJLRQHVGHO
PXQGRPiVULFDVHQELRGLYHUVLGDGFRQIUHFXHQFLDWDPELpQWLHQHQODJHQWHPiV
SREUH(OUHWRGHHVWHVLJORHVSUHVHUYDUODELRGLYHUVLGDGDOWLHPSRTXHVHHOLPLQD
ODSREUH]D
8QSDVRHQODEXHQDGLUHFFLyQKDVLGRHOGHVDUUROORSRUDOJXQRVGHORVPHMRUHV
FLHQWt¿FRVGHOPXQGRGHOD&219(1&,Ï13$5$/$',9(56,'$'%,2/Ï*,&$&%'
VXVVLJODVHQLQJOpVTXHHVWiDIDYRUGHXQHQIRTXHJOREDO\KDVLGRUDWL¿FDGD
SRUSDtVHV/DFRQYHQFLyQKDFHXQOODPDPLHQWRDODFRRSHUDFLyQLQWHUQDFLRQDO
SDUDFRQVHUYDUODGLYHUVLGDGELROyJLFDXWLOL]DUORVUHFXUVRVELROyJLFRVGHPDQHUD
'HUDWRQHV\PRQRV(QODUHYLVWD1(:6&,(17,670$*$=,1(UHDOL]yXQD
HQFXHVWDHQWUHODSREODFLyQGH*UDQ%UHWDxDDFHUFDGHODH[SHULPHQWDFLyQHQDQLPDOHV
/DVRSLQLRQHVPiVRSXHVWDVSURYLQLHURQGHDTXHOODVSHUVRQDVTXH\DKDEtDQ¿UPDGR
SHWLFLRQHVFRPSUDGRSURGXFWRVHODERUDGRVVLQFUXHOGDGRHUDQYHJHWDULDQRV0iVPXMHUHV
TXHKRPEUHVHVWXYLHURQHQFRQWUDGHODH[SHULPHQWDFLyQHQDQLPDOHV
/DVSHUVRQDVFRQDOJXQDH[SHULHQFLDSHUVRQDOGHKDEHUWRPDGRPHGLFLQDVSUREDGDV
HQDQLPDOHVSDUDDOJXQDHQIHUPHGDGVHULDPRVWUDURQXQDPD\RUWROHUDQFLDKDFLDOD
H[SHULPHQWDFLyQHQDQLPDOHVDXQTXHHOD~QVHRSXVRDHOOD
/DPD\RUtDDFHSWyTXHORVUDWRQHVVXIULHUDQVLHVRD\XGDEDDFRPEDWLUHQIHUPHGDGHV
TXHDPHQD]DUDQODYLGD/RVH[SHULPHQWRVHQPRQRVIXHURQPXFKRPHQRVWROHUDGRV
\VyORORVH[SHULPHQWRVSDUDSUREDU\GHVDUUROODUGURJDVSDUDFRPEDWLUODOHXFHPLDHQ
QLxRVVHFRQVLGHUDURQMXVWL¿FDEOHV/DPD\RUtDGHORVEULWiQLFRVVHGHFODUDURQHQFRQWUD
GHH[SHULPHQWDUHQPRQRVSDUDGHVDUUROODUXQDYDFXQDFRQWUDHO6,'$HQORVTXHHV
SUREDEOHTXHVHOHVRFDVLRQHODHQIHUPHGDG\VXIULPLHQWRVDVRFLDGRV3DUDYHUHODUWtFXOR
FRPSOHWRYHDZZZQHZVFLHQWLVWFRPKRWWRSLFVDQLPDOH[SHULPHQWVOHWWKHMVS
&XDQGRODVHVSHFLHVVH
HVWDEOHFHQIXHUDGHVXKiELWDW
QDWXUDOFRPRFRQVHFXHQFLDGHVX
LQWURGXFFLyQGHOLEHUDGDRDFFLGHQWDO
SRUVHUHVKXPDQRV
3DUDHQFRQWUDUPiV
LQIRUPDFLyQYLVLWDZZZELRGLY
RUJGHIDXOWDVS["OJ $SUHQGLHQGRDFRPSUDUFRQ
pWLFD
3DUDD\XGDUWHHQWXVGHFLVLRQHV
DOKDFHUFRPSUDV\DVHDHQ
FDVDRHQHOH[WUDQMHUR::)
KDRUJDQL]DGRXQDWLHQGD\
IDUPDFLDYLUWXDOSDUDWXULVWDV
9LVtWDOD\KD]FOLFHQORV
GLIHUHQWHVDUWtFXORVDODYHQWD
6LORVHQFXHQWUDVHQHOPXQGR
UHDOHVWRGHEHGHVSHUWDUWXV
VRVSHFKDVZZZZRUOGOLIHRUJ
EX\HUEHZDUH
\
3DUDHQFRQWUDUPiVLQIRUPDFLyQ
YLVLWDZZZFLWHVRUJHVSLQGH[
VKWPO
7LPH(XURSHGHDEULO
9RO1R
0DGHUD
FHUWL¿FDGD)6&
/DFHUWL¿FDFLyQ
IRUHVWDOGHOD
PDGHUDHV
DFWXDOPHQWHOD
LQLFLDWLYDPiVLPSRUWDQWHTXHVH
HVWiOOHYDQGRDFDERSDUDPHMRUDU
ODJHVWLyQIRUHVWDOHQORVERVTXHV
GHOSODQHWD\IUHQDUHOSURFHVR
LQFRQWURODGRGHGHIRUHVWDFLyQ
(QWUHORVSURFHVRVGHFHUWL¿FDFLyQ
GHVWDFDODFHUWL¿FDFLyQGHO)RUHVW
6WHZDUGVKLS&RXQFLOR&RQVHMR
GH0DQHMR)RUHVWDO)6&
RUJDQL]DFLyQLQWHUQDFLRQDOVLQ
iQLPRGHOXFURTXHVHIXQGyHQ
\TXHHVWiFRPSXHVWDSRU
UHSUHVHQWDQWHVGHJUXSRVVRFLDOHV
\DPELHQWDOHVGHFRPHUFLDQWHV
GHODPDGHUD\IRUHVWDOHV
RUJDQL]DFLRQHVGHSXHEORV
LQGtJHQDVJUXSRVFRPXQLWDULRV
GHIRUHVWDOHV\RUJDQL]DFLRQHV
FHUWL¿FDGRUDVGHSURGXFWRV
IRUHVWDOHVGHWRGRHOPXQGR0iV
LQIRUPDFLyQZZZIVFRUJ
(O)6&HQ(VSDxDHVWiSURPRYLGD
SRU::)\*UHHQSHDFHZZZ
IVFVSDLQRUJ
3DUDREWHQHULQIRUPDFLyQVREUH
pVWDV\RWUDVHVSHFLHVSXHGHV
YLVLWDUORVVLJXLHQWHVVLWLRVZZZ
HLDLQWHUQDWLRQDORUJ&DPSDLJQV
7LJHUV5HSRUWVWKDLODQGLQGH[
ZZZHFRFULPHVRUJFHWDFHDQB
UHSRUWKWPOLQWURZZZHLD
LQWHUQDWLRQDORUJ&DPSDLJQV
(OHSKDQWV8SGDWHVW
ZZZVDYHGROSKLQVRUJ(QHVSDxRO
KWWSIDXQDLEHULFDRUJZZZ
ZZIHVHVSHFLHVSKSZZZLXFQ
RUJUHGOLVWVSDQLVKVSHFLHV
KWPOZZZSHUXFRPPXQGRD]XO
SURWHMDPRVBGHO¿QHVLQGH[DVS
3DUDPiVLQIRUPDFLyQZZZ
FRQVXPHUHVZHEHVQRWLFLDV
PHGLRBDPELHQWH
SKS
R
X
W
K
;
F
K
D
Q
J
H
VRVWHQLEOH\DVHJXUDUVHGHTXHORVEHQH¿FLRVTXHVHJHQHUHQGHVXXVRVH
GLVWULEX\DQFRQMXVWLFLD
/DJHVWLyQHIHFWLYDGHORVUHFXUVRVVLJQL¿FDUHSHQVDUYDULRVVHFWRUHVGHOD
DFWLYLGDGKXPDQDWDOHVFRPRODDJULFXOWXUDODSHVFDHOWXULVPRODHGXFDFLyQ
\HOFXLGDGRGHODVDOXG/DSURWHFFLyQGHODELRGLYHUVLGDGHQHIHFWRSURPXHYH
VRFLHGDGHVVRVWHQLEOHVGHPDQHUDSDUWLFXODUHQWUHORVLQGtJHQDVTXHVRQTXLHQHV
PHMRUFRQRFHQORVHFRVLVWHPDVPiVFHUFDQRVDHOORV
/LPLWDUHOFRPHUFLRFRQODYLGDVLOYHVWUHHVXQDIRUPDGHSURWHJHUODVHVSHFLHV
(/&219(1,262%5(&20(5&,2,17(51$&,21$/'((63(&,(6$0(1$=$'$6
2(13(/,*52'((;7,1&,Ï1&,7(6SRUVXVVLJODVHQLQJOpVWLHQHFRPR
¿QDOLGDGDVHJXUDUVHGHTXHHOFRPHUFLRFRQODVSODQWDV\DQLPDOHVVLOYHVWUHVQR
UHSUHVHQWHXQDDPHQD]DSDUDVXVXSHUYLYHQFLDÒQLFDPHQWHHOWUi¿FRGHGURJDV
\DUPDVH[FHGHDOWUi¿FRLOHJDOGHDQLPDOHV\SODQWDVHQHOPXQGR/DGHPDQGD
GHPDVFRWDVDOLPHQWRVPHGLFLQDVH[yWLFDVFRPRHOKXHVRGHWLJUH\FXHUQR
GHULQRFHURQWH\RWUDVFXULRVLGDGHVDOLPHQWDHVWHQHJRFLR\DUUDVDFRQODV
SREODFLRQHVGHHVSHFLHV
+D\DOJXQDVKLVWRULDVH[LWRVDVDFHUFDGHFDVRVHQORVTXHODH[WLQFLyQR
GLVPLQXFLyQGHHVSHFLHVVHKDHYLWDGRHOULQRFHURQWHQHJUR\HOHOHIDQWHDIULFDQR
VRQGRVHMHPSORVPX\FRQRFLGRV(QWUH\ORVFD]DGRUHVIXUWLYRV
UHGXMHURQODSREODFLyQGHOHOHIDQWHDIULFDQRGHPLOORQHVDHMHPSODUHV
SHURFRPRUHVXOWDGRGHODDFFLyQFRQMXQWDHQWUHJRELHUQRV\XQJUXSRGHDFFLyQ
SDUDODSURWHFFLyQGHODIDXQDVLOYHVWUHHOQ~PHURGHHOHIDQWHVHVWiGHQXHYR
HQDXPHQWR6LQHPEDUJRXQJUDQQ~PHURGHHVSHFLHVD~QSHUPDQHFHEDMR
DPHQD]D
/DVHVSHFLHVLQYDVRUDV
&RWRUUDVHQORVSDUTXHVOXFLRVHQHOUtR7DMR\UDQDVWRURHQORVHVWDQTXHVVRQVyOR
DOJXQRVHMHPSORVGHHVSHFLHVH[yWLFDVTXHDFWXDOPHQWHSRGHPRVHQFRQWUDUHQ(VSDxD
\TXHHQORV~OWLPRVDxRVVHKDQFRQYHUWLGRHQODVHJXQGDFDXVDGHGHVDSDULFLyQGHOD
ELRGLYHUVLGDGPXQGLDOSRUGHWUiV~QLFDPHQWHGHODSpUGLGDGHORVKiELWDWQDWXUDOHV'H
KHFKRKDQVLGRODFDXVDGLUHFWDGHOGHODVH[WLQFLRQHVFRQRFLGDV6HFDOFXODTXH
HQ(VSDxDVRQPiVGHPHGLRPLOODUODVHVSHFLHVLQWURGXFLGDVSRUHOKRPEUHKDVWDHO
PRPHQWR
/DVLQGXVWULDVGHGLFDGDVDODFRPHUFLDOL]DFLyQGHDQLPDOHVH[yWLFRVRGHVXVSURGXFWRV
GHULYDGRVWDPELpQKDQFRQWULEXLGRDVXH[SDQVLyQ'HHVWDPDQHUDHOYLVyQDPHULFDQR
OOHJyDODVIiEULFDVGHSHOHWHUtDGH(VSDxDHQODGpFDGDGHORV\DKRUDVHKDLQVWDODGR
HQORVERVTXHVFRPRXQDHVSHFLHDXWyFWRQD/DSUHVHQFLDGHHVWRVHMHPSODUHVGHPD\RU
WDPDxR\PiVDJUHVLYRVTXHHOYLVyQHXURSHRVLJXHQSRQLHQGRHQSHOLJURODVXSHUYLYHQFLD
GHODHVSHFLHQDWLYD
(QORV~OWLPRVDxRVWDPELpQKDQHPSH]DGRDLQVWDODUVHHQ(VSDxDJUDQMDVGHGLFDGDVDOD
UDQLFXOWXUDTXHKDQSURYRFDGRODDSDULFLyQGHYDULDVFRORQLDVGHUDQDVWRURXQDQ¿ELR
RULJLQDULRGHOHVWHGH1RUWHDPpULFDTXHSUHVHQWDXQDJUDQYRUDFLGDG\TXHSXHGHOOHJDUD
PHGLUFHQWtPHWURVIUHQWHDORVQXHYHTXHDOFDQ]DODUDQDYHUGHHVSDxROD
\
R
X
W
K
;
F
K
D
Q
J
H
$FW~D
´<RHWLTXHWDUtDDOFRQVXPLGRU
GHODxRGHWUHVPDQHUDV
PiVH[LJHQWHPiVVDELR\PiV
SUHRFXSDGRµ
>0LNH&ODVSHU
3URFWHUDQG*DPEOH(XURSD@
7RGRHOPXQGRFRPSUDODVFRPSUDVVRQXQJUDQQHJRFLR/DJOREDOL]DFLyQOD
GLIXVLyQGHQXHYRVPHGLRVGHFRPXQLFDFLyQ\HOFDGDYH]PD\RUDFFHVRDOD
LQIRUPDFLyQKDQFRQWULEXLGRDGHVSHUWDUODFRQFLHQFLDGHOHIHFWRDPELHQWDOVRFLDO
\HFRQyPLFRTXHQXHVWUDVGHFLVLRQHVGHFRPSUDWLHQHQVREUHHOSODQHWD
1RVRWURVFRPRFRQVXPLGRUHVHVWDPRVHPSH]DQGRDYHUTXHWDOHVFXHVWLRQHVHQ
YHUGDGWLHQHQXQLPSDFWRGLUHFWRVREUHQRVRWURVPLVPRV\HVWDPRVVROLFLWDQGR
PD\RULQIRUPDFLyQ(VLPSRUWDQWHTXHWRGRVORVFRQVXPLGRUHVWHQJDQOD
SRVLELOLGDGGHWRPDUGHFLVLRQHVLQIRUPDGDV
(QOD8QLyQ(XURSHD8(\RWURVSDtVHVORVJRELHUQRVHVWiQKDFLHQGRJUDQGHV
HVIXHU]RVSDUDUHVSRQGHUDODVGHPDQGDVGHORVFRQVXPLGRUHVTXHH[LJHQ
PD\RULQIRUPDFLyQVREUHORVDVSHFWRVDPELHQWDOHV\GHVDOXGGHORVSURGXFWRV\
VHUYLFLRV
(OXVRGHHWLTXHWDVHVXQDGHODVKHUUDPLHQWDVPiVFRPXQHVTXHORVJRELHUQRV
WLHQHQSDUDSURSRUFLRQDUDORVFRQVXPLGRUHVLQIRUPDFLyQFODUD\VHJXUDVREUH
ODVFDUDFWHUtVWLFDVDPELHQWDOHV\pWLFDVGHORVSURGXFWRV3HUR£WHQFXLGDGRÒQL
FDPHQWHXQDVSRFDVHWLTXHWDVHVWiQUHFRQRFLGDVR¿FLDOPHQWH\UHVSRQGHQDFUL
'HDFXHUGRFRQODV
HVWDGtVWLFDVKD\PGH
HVSDFLRGHFHQWURFRPHUFLDOSRU
FDGDHVWDGRXQLGHQVH(OFHQWUR
FRPHUFLDOPiVJUDQGH2QWDULR
0LOOVFHUFDGH/RVÈQJHOHVWLHQH
HOWDPDxRGHFDPSRVGH
I~WERO
£3RQWHHQDFFLyQÒQHWH
DOIRURGHGLVFXVLyQHQ,QWHUQHW
VREUH&RQVXPR6RVWHQLEOH
TXHPDQWLHQHOD81(3(QYtD
WXVSUHJXQWDVFRPSDUWHWXV
H[SHULHQFLDVHLGHDVDWUDYpVGHO
(PDLOVF#XQHSIU
\
R
X
W
K
;
F
K
D
Q
J
H
(FRHWLTXHWDVHQWUH
ODVUHFRQRFLGDVSRUORV
JRELHUQRV
ÈQJHO$]XO$OHPDQLD
(WLTXHWD(FROyJLFDGHOD
8QLyQ(XURSHD
6HOORYHUGH(VWDGRV 8QLGRVGH$PpULFD
7HUUD&KRLFH&DQDGi
(WLTXHWD$PELHQWDOGH &KLQD
-DSyQ
&LVQH%ODQFR1yUGLFR
$XVWULD
7DLZiQ
,QGLD
,VUDHO
0LOLMHXNHXU+RODQGD
$PELHQWH
=LPEDEZH
&RUHDGHO6XU
$HQRU(VSDxD
(WLTXHWDYHUGHGH
7DLODQGLD
(WLTXHWDYHUGH+RQJ .RQJ
0HMRUHVSOiWDQRV
(QHODxRDOD
PDUFD&+,48,7$%5$1'6
,17(51$7,21$/VHOHRWRUJy
ODFHUWL¿FDFLyQGH0HMRUHV
%DQDQDVSDUDVXV¿QFDV
DJUtFRODVHQ$PpULFD/DWLQD(Q
WLHPSRVHQTXHODVFRPSDxtDV
EDQDQHUDVVHHQFXHQWUDQ
EDMRHOHVFUXWLQLRS~EOLFR
GHELGRDDVXQWRVGHHTXLGDG
pVWDHVOD~QLFDFRPSDxtD
GHOVHFWRUTXHFXPSOHORV
ULJXURVRVHVWiQGDUHVVRFLDOHV\
DPELHQWDOHVGHO5$,1)25(67
$//,$1&(¶6%(77(5%$1$1$
352-(&7/RVSOiWDQRV&KLTXLWD
FHUWL¿FDGRVFRUUHVSRQGHQDO
GHOWRWDOGHSOiWDQRV
TXHVHH[SRUWDQGH$PpULFD
/DWLQD+R\GtDORVSOiWDQRV
FRQFHUWL¿FDFLyQVXPDQPiV
GHOGHOYROXPHQWRWDOGH
SOiWDQRV&KLTXLWDH[SRUWDGRV
D(XURSD\DOUHGHGRUGH
GHOYROXPHQTXHVHH[SRUWDD
1RUWHDPpULFD
ZZZJUHHQPRQH\MRXUQDOFRP
DUWLFOHPSO"QHZVOHWWHULG D
UWLFOHLG - 3DVRDSDVR
7~GHFLGHVFyPRJDVWDVWXGLQHUR(OLJHPDUFDVHFROyJLFDV\VRVWHQLEOHV\HQYtDPHQ
VDMHV¿UPHVDORVVXSHUPHUFDGRV\GLVWULEXLGRUHV$OJXQDVVXJHUHQFLDV
)3LHQVDDQWHVGHFRPSUDU3LHQVDTXpQHFHVLWDVQRTXpTXLHUHV
)/HHODVHWLTXHWDVVLQRWHSURSRUFLRQDQLQIRUPDFLyQFODUD\VX¿FLHQWHQRWHPDV
SUHJXQWDU
)(OLJHORVSURGXFWRV\VHUYLFLRVHWLTXHWDGRVFRPRHFROyJLFRV\pWLFRV
)6LHPSUHTXHWHVHDSRVLEOHFRPSUDSURGXFWRVHODERUDGRVORFDOPHQWH\GHOD
HVWDFLyQRWHPSRUDGD
)(VFRJHSURGXFWRVTXHFRQWHQJDQSRUFHQWDMHVVLJQL¿FDWLYRVGHPDWHULDOHV
UHFLFODGRVRFRPSRQHQWHVUHPDQXIDFWXUDGRVRGHIiFLOHOLPLQDFLyQ\R UHFLFODEOHV
)&RPSUDGLUHFWDPHQWH6LWLHQHVDFFHVRD,QWHUQHWFRPSUDGHPDQHUD³YLUWXDO´
VLHPSUHTXHVHDSRVLEOH\GLVPLQX\HDVtHOXVRGHWUDQVSRUWH\ODFRQWDPLQDFLyQ
UHODFLRQDGDFRQHOSURGXFWR6L,QWHUQHWVHXWLOL]DGHPDQHUDLQWHOLJHQWHSXHGH FRQWULEXLUDXQFRQVXPRPiVVRVWHQLEOH
\
R
X
W
K
;
F
K
D
Q
J
H
WHULRVHVWULFWRV\DSUXHEDGHDXGLWRUtDV(QWUHODVPiVFRQRFLGDVHVWiQ(WLTXHWD
(FROyJLFDGHOD8(ÈQJHO$]XOGH$OHPDQLD1RUGLF/DEHO6ZDQGH1RUXHJD\$%
DJULFXOWXUDHFROyJLFDGH)UDQFLD
(Q(VWDGRV8QLGRVVHXWLOL]DHOVLVWHPD(QHUJ\6WDUSDUDLQIRUPDUDORVFRQVXPL
GRUHVVREUHODH¿FLHQFLDHQHUJpWLFDGHODV7,&$FWXDOPHQWHHVWHVLVWHPDHVWi
VLHQGRDGRSWDGRSRUOD8QLyQ(XURSHD
0iVLQIRUPDFLyQVREUH
HOWHPDHQODZHEGHOD&RPLVLyQ
(XURSHDKWWSHXURSDHXLQW
FRPPHQYLURQPHQWHFRODEHO
LQGH[KWP
/DVFRUSRUDFLRQHV\ORVJRELHUQRVHVWiQH[SHULPHQWDQGRXQDPD\RUYLJLODQFLDSRU
SDUWHGHOS~EOLFRHQJHQHUDO&XDQWDVPiVSHUVRQDVVROLFLWHQDODVHPSUHVDVTXH
FDPELHQKDFLDSDWURQHVVRVWHQLEOHVGHSURGXFFLyQ\GHFRPHUFLDOL]DFLyQPD\RUHV
VHUiQODVSRVLELOLGDGHVGHTXHFDPELHQ6LORVSURGXFWRUHVGHVHDQFRQVHUYDUOD
FRQ¿DQ]DGHORVFRQVXPLGRUHVWLHQHQTXHGHPRVWUDUTXHWRPDQHQFXHQWDVXV
QHFHVLGDGHV\SUHRFXSDFLRQHV
7HFQRORJtDVGHOD
,QIRUPDFLyQ\&RPXQLFDFLyQ
,19(56,21(6&21&203520,62
$OSODQL¿FDUHOIXWXURSRGHPRVWRPDUPHGLGDVSDUDDVHJXUDUTXHQXHVWUDV
GHFLVLRQHVGHLQYHUVLyQRDKRUURSURPXHYDQHVWLORVGHYLGDPiVUHVSRQVDEOHV6L
XQQ~PHURVX¿FLHQWHGHSHUVRQDVORKDFHHVWDUiQHQYLDQGRPHQVDMHVFODURVDODV
HPSUHVDVHLQVWLWXFLRQHV\SURPRYLHQGRDVtODUHVSRQVDELOLGDGVRFLDOFRUSRUDWLYD
PiVDFWLYD
/DVHPSUHVDVFRQSROtWLFDVUHVSRQVDEOHVSXHGHQJXLDUFRQVXHMHPSORRWUDVODV
VHJXLUiQKDELHQGRYLVWRTXHHVSRVLEOHKDFHUGLQHUR\WUDEDMDUSRUHOFDPELR
8QVHJPHQWRFRQVLGHUDEOH\FDGDYH]PD\RUGHODSREODFLyQWDQWRLQGLYLGXDO
FRPRLQVWLWXFLRQDO\FROHFWLYDPHQWHHVWiLQYLUWLHQGRpWLFDPHQWH(VWDV
SHUVRQDVH[LJHQTXHODVLQYHUVLRQHVSURGX]FDQPiVTXHJDQDQFLDVPRQHWDULDV
\GHVHDQTXHODVHPSUHVDVVHFRQGX]FDQFRQUHVSRQVDELOLGDG([LVWHQYDULDV
IRUPDVGHLQYHUVLyQVRVWHQLEOHXQDGHHOODVHVFRPSUDUDFFLRQHVGHFRPSDxtDV
FRPSURPHWLGDVpWLFDPHQWHRWUDVLQFOX\HQODVLQYHUVLRQHVHQIRQGRVGHSHQVLRQHV
\YDORUHVpWLFRVRHQLQLFLDWLYDVFRPXQLWDULDV
$VLPLVPRORVIRQGRVpWLFRVWDPELpQRIUHFHQODRSRUWXQLGDGGHDWHQGHUWDQWR
ODVQHFHVLGDGHVJOREDOHVFRPRODVORFDOHV/DFDQDOL]DFLyQGHFDSLWDOEiVLFRHQ
HOiPELWRORFDOFUHDRSRUWXQLGDGHVGHPLFURFUpGLWRV\GHHVWDEOHFLPLHQWRGH
SHTXHxRVQHJRFLRVSDUDHPSUHVDULRVDOUHGHGRUGHOPXQGR(VWRVHVTXHPDV
EULQGDQDSR\RDSHUVRQDVTXHVHHQFXHQWUDQHQGL¿FXOWDGHVHFRQyPLFDV\
VRFLDOHV
/RVJRELHUQRVWDPELpQSXHGHQWRPDUODGHODQWHUDHQLQYHUVLRQHVpWLFDVDWUDYpV
GHVXVGHFLVLRQHVGH¿QDQFLDPLHQWRHLQYHUVLyQPXOWLODWHUDOHLQWHUQDFLRQDO
0iVLQIRUPDFLyQVREUH
UHVSRQVDELOLGDGVRFLDOFRUSRUDWLYD
ZZZFRROFRPSDQLHVRUJZZZ
RQHZRUOGRUJJXLGHVHWKFRQV
HWKBLQYHVWBOLQNVZZZFR
RSHUDWLYHEDQNFRXNHWKLFV
KWPOZZZHWKLFDOFRPVXPHURUJ
(FQHZVLWHSDJHVFRUSBFULWLF
(QHVSDxROSXHGHQYHUVHODV
VLJXLHQWHVZZZHFRGHVRUJZZZ
HVDGHHVLQVWLWXWLRQLQVWLWXWRV
LSHVZZZIXQGDFLRQHQWRUQR
RUJZZZHPSUHVD\VRFLHGDG
RUJGHIDXOWFIP"WLSR0HQX KWWSHVRQHZRUOGQHWDUWLFOH
DUFKLYH
/RVSURJUDPDVGH
PLFURFUpGLWRVRWRUJDQSHTXHxRV
SUpVWDPRVDJHQWHPX\SREUH
SDUDSUR\HFWRVGHDXWRHPSOHR
TXHJHQHUDQLQJUHVRVORTXHOHV
SHUPLWHPDQWHQHUVHDVtPLVPRV\
DVXVIDPLOLDV
)XHQWH0,&52&5(',76800,7
ZZZJGUFRUJLFP7DPELpQ
SXHGHVFRQWDFWDUFRQOD5HGGH
(FRQRPtD$OWHUQDWLYD\6ROLGDULD
5($6HQ(VSDxDZZZUHDVQHW
FRP
\
/DV,167,78&,21(6),1$1&,(5$6
,17(51$&,21$/(6,),\ODV
$*(1&,$6'(&5e',723$5$
(;3257$&,Ï1(&$VLJODVHQ
LQJOpVVRQLQVWUXPHQWRVGHORV
JRELHUQRVQDFLRQDOHVTXHXWLOL]DQ
UHFXUVRV¿QDQFLHURVS~EOLFRV
SDUDSURSRUFLRQDU¿QDQFLDPLHQWR
JDUDQWtDV\VHJXURVSDUDHOVHFWRU
SULYDGR(VWDVLQVWLWXFLRQHV
IDFLOLWDQODVLQYHUVLRQHVGHODV
FRPSDxtDVHQORVPHUFDGRV
H[WHULRUHVGHPD\RUULHVJRDO
DEVRUEHUJUDQSDUWHGHOULHVJR
DVRFLDGRFRQWDOHVLQYHUVLRQHV
/DV(&$HVWiQGLVHxDGDVSDUD
SURPRYHUODVH[SRUWDFLRQHV
(QODDFWXDOLGDG&DQDGi\
(VWDGRV8QLGRVGH$PpULFD
VHRSRQHQDDOJXQDVGHHVWDV
UHFRPHQGDFLRQHV
3DUDOHHUXQLQIRUPHUHFLHQWH
VREUHOD23,&\HO(;,0
UHDOL]DGRFRQODFRODERUDFLyQ
GH)ULHQGVRIWKH(DUWK$PLJRV
GHOD7LHUUDYLVLWDZZZVHHQ
RUJUHSRUWVRHRUGRQO
R
X
W
K
;
F
K
D
Q
J
H
(QODDFWXDOLGDGVHUHDOL]DQHVIXHU]RVLQWHUQDFLRQDOPHQWHSRUHMHPSORSDUD
SURPRYHUODHQHUJtDUHQRYDEOHSRUPHGLRGHXQPD\RU¿QDQFLDPLHQWRDWUDYpV
GHODUHIRUPDGHODV,QVWLWXFLRQHV,QWHUQDFLRQDOHVGH)LQDQFLDPLHQWR,),\ODV
$JHQFLDVGH&UpGLWRSDUD([SRUWDFLyQ(&$(O*UXSRGH7UDEDMRSRUOD(QHUJtD
5HQRYDEOH**5(1(:$%/((1(5*<7$6.)25&(IRUPDGRHQOD&XPEUH*
HQ2NLQDZDMXOLRGHIRUPXOyDOJXQDVDFFLRQHVFODYHHQHVWHDSDUWDGR
¢4XpGHEHWRPDUHQFRQVLGHUDFLyQHOLQYHUVRUpWLFRDOGHFLGLUHQGyQGHLQYHUWLUVX
GLQHUR"$OJXQDVVXJHUHQFLDV
¢4XpKDFHODHPSUHVD"
¢&XiOHVHOKLVWRULDOGHODHPSUHVDHQPDWHULDGHSROtWLFDVRFLDO\DPELHQWDO"
¢8WLOL]DHQHUJtDDOWHUQDWLYD"
¢2IUHFHLQIRUPDFLyQDFHUFDGHOLPSDFWRDPELHQWDOGHVXVSURGXFWRV
DQDOL]DQGRHOFLFORGHYLGDGHORVPLVPRV³GHODFXQDDODWXPED´"
¢&XiOHVODKLVWRULDGHODVUHODFLRQHVODERUDOHVHQODHPSUHVD"PXMHUHV
PLQRUtDVKRUDULRÀH[LEOHWUDEDMRDWLHPSRSDUFLDOHWF
¢/DFRPSDxtDHVWDLQYROXFUDGDHQSUR\HFWRVHLQLFLDWLYDVFRPXQLWDULDV
ORFDOHV"
1HFHVLGDGGHFRQVLVWHQFLD/DV$JHQFLDVGH&UpGLWRSDUD([SRUWDFLyQ(&$VRQ
XQHMHPSORFRQWUDGLFWRULRHQHOXVRGHOGLQHURS~EOLFR&DGDDxRGRV(&$GH(VWDGRV
8QLGRVGH$PpULFD(;3257,03257%$1.(;,0\29(56($635,9$7(,19(670(17
&25325$7,2123,&VXEYHQFLRQDQSUR\HFWRVGHFRPEXVWLEOHVIyVLOHVHQSDtVHVHQ
GHVDUUROOR\HFRQRPtDVHQWUDQVLFLyQ
(VWDVLQYHUVLRQHVVRQUHVSRQVDEOHVGHDOUHGHGRUGHGRVWHUFLRVGHOWRWDOGHHPLVLRQHV
SURYHQLHQWHVGHORV(VWDGRV8QLGRVFDGDDxR$OPLVPRWLHPSRRWURVSUR\HFWRVPiV
VRVWHQLEOHVTXHFXHQWDQFRQXQPHQRU¿QDQFLDPLHQWRUHFLEHQXQDDPSOLDSXEOLFLGDGSDUD
PRVWUDUHOFRPSURPLVRDPELHQWDOGH(VWDGRV8QLGRV$SDUWLUGHOD&XPEUHGHOD7LHUUDHQ
ODVGRV(&$KDQLQYHUWLGRYHFHVPiVGLQHURHQSUR\HFWRVGHFRPEXVWLEOHVIyVLOHV
TXHHQHQHUJtDVUHQRYDEOHV
(VWXGLRUHDOL]DGRSRUHO,QVWLWXWRGH(VWXGLRVGH3ROtWLFDVZZZVHHQRUJH[LPLQGH[
7ULRGRV%DQN
(VHOSULPHUEDQFR³pWLFR´TXHRSHUDHQ(VSDxD\WLHQHFRPRREMHWLYRFRQWULEXLUDOGHVDUUROOR
GHXQDVRFLHGDGGLJQDTXHUHVSHWHDOVHUKXPDQRODQDWXUDOH]D\ODFXOWXUD¿QDQFLDQGR
HPSUHVDVRUJDQL]DFLRQHV\SUR\HFWRVFRQYDORUDxDGLGRHQHOiPELWRVRFLDOPHGLRDPELHQWDO
\FXOWXUDO'HHVWDPDQHUD7ULRGRV%DQNQRVyORWLHQHHQFXHQWDORVDVSHFWRVHFRQyPLFR
¿QDQFLHURVHQVXSUiFWLFDEDQFDULDVLQRWDPELpQORVVRFLDOHV\pWLFRV
&RPRHQWLGDG¿QDQFLHUDLQWHUQDFLRQDOHLQGHSHQGLHQWH7ULRGRV%DQNSUHWHQGHSURPRYHU
\DOHQWDUXQDUHQRYDFLyQVRFLDOSRVLWLYD\VRVWHQLEOH5HVSHWDQGRVLHPSUHVXVREMHWLYRV
VRFLDOHV7ULRGRV%DQNEXVFDWDPELpQREWHQHUXQySWLPRUHQGLPLHQWRHFRQyPLFR
0iVLQIRUPDFLyQZZZWULRGRVHV
\
R
X
W
K
;
F
K
D
Q
J
H
'HVFXEUH
ODDOGHD
JOREDO
´3HUPLWDPRVTXHODVDOGHDV
GHOIXWXURYLYDQHQQXHVWUD
LPDJLQDFLyQSDUDTXHXQGtD
QRVRWURVOOHJXHPRVDYLYLUHQ
HOODVµ
>0DKDWPD*DQGKL@
+R\HQGtDORVMyYHQHVHQXQDPELHQWHHQHOTXHORVPHGLRVGHFRPXQLFDFLyQVRQ
PX\DEXQGDQWHVH[SHULPHQWDQXQDVDWXUDFLyQVLQSUHFHGHQWHVGHLPiJHQHVH
LQIRUPDFLRQHVSURYHQLHQWHVGHXQDJUDQYDULHGDGGHIXHQWHV(VWiQLQXQGDGRVGH
LQIRUPDFLyQVREUHSROtWLFD\DVXQWRVGHDFWXDOLGDGP~VLFDFLHQFLDORVIDPRVRVGHO
PRPHQWRHQERJDPRGD\PLOHVGHRWURVWySLFRV\DVXQWRV/RVQLxRVFUHFHQHQXQD
FXOWXUDGRQGHODPD\RUSDUWHGHODLQIRUPDFLyQ\HOHQWUHWHQLPLHQWRSURYLHQHGHORV
PHGLRVGHFRPXQLFDFLyQSHULyGLFRVUDGLRUHYLVWDVSHOtFXODV,QWHUQHWRODWHOHYLVLyQ
)XHQWH861$7,21$/
$662&,$7,21)25('8&$&7,21
2)<281*&+,/'5(1
/¶(VSUHVVRGHVHSWLHPEUH
S
(QORV(VWDGRV8QLGRVGH
$PpULFDVyORHOGHO
WLHPSRTXHORVQLxRVYHQ
ODWHOHYLVLyQORGHGLFDQD
YHUSURJUDPDVLQIDQWLOHV
(ORWURORGHGLFDQD
YHUSURJUDPDVGLVHxDGRV
SDUDDGXOWRV(OGHORV
DGROHVFHQWHVWLHQHQXQD
WHOHYLVLyQHQVXKDELWDFLyQ\
WRPDQVXVDOLPHQWRVVRORV
IUHQWHDODSDQWDOOD
(Q(VSDxDHQXQ
GHORVKRJDUHVORVQLxRV
WLHQHQXQWHOHYLVRUHQVX
KDELWDFLyQ(VWRVODYHQ
KRUDV\PLQXWRV
VHPDQDOHVPiVTXHORVTXH
QRORWLHQHQ
¢&yPRIXQFLRQDQHVWRVPHGLRV"¢&yPRHVWiQRUJDQL]DGRV\FyPRFRQVWUX\HQ
ODUHDOLGDG"(OVDEHUOHHUORVPHGLRVGHFRPXQLFDFLyQD\XGDDODSREODFLyQD
GHVDUUROODUXQHQWHQGLPLHQWRFUtWLFRGHORVPHGLRVPDVLYRVGHFRPXQLFDFLyQ
ODVWpFQLFDVXWLOL]DGDVSRUORVSURIHVLRQDOHVGHORVPHGLRV\VXLPSDFWR(QRWUDV
SDODEUDVSURSRUFLRQDKHUUDPLHQWDVDORVMyYHQHVSDUDTXHWRPHQVXVSURSLDV
GHFLVLRQHVPHMRUIXQGDPHQWDGDV
0iVD~QSXHGHD\XGDUDTXHORVMyYHQHVUHDFFLRQHQFRQWUDODSHQHWUDQWHLQÀXHQFLD
GHORVPHGLRVGHFRPXQLFDFLyQVREUHVXVKiELWRVGHFRQVXPR\VXVGHVHRV$VXYH]
OHVHQVHxDUiD³XWLOL]DU´ORVPHGLRVSDUD³KDFHUUXLGR´\SURPRYHUQXHYRVYDORUHV\
XQHVWLORGHYLGDPiVVRVWHQLEOH(QRWUDVSDODEUDVKDFHUYDOHUVXVGHUHFKRVFRPR
FLXGDGDQRV\FRQVXPLGRUHV
)XHQWH6RVDÈYLOD
/RVQLxRV\ODWHOHYLVLyQ
HQ3HGLDWUtD9ROQMXQLR
/$38%/,&,'$'
$OJXQRVDQXQFLRVSXEOLFLWDULRVHVWiQHVSHFt¿FDPHQWHGLULJLGRVDORVMyYHQHV8WLOL]DQ
XQOHQJXDMHXQDVLPiJHQHV\PHQVDMHVTXHOOHJDQDORVDGROHVFHQWHVSHURTXH
TXL]iQRWHQGUtDQODPLVPDDFHSWDFLyQSRUSDUWHGHVXVSDGUHVSRUHMHPSORORV
DQXQFLRVGHYLGHRMXHJRVFRPLGDUiSLGDRP~VLFD
/D81(3WUDEDMDFRQHO
VHFWRUSXEOLFLWDULRSDUDFDQDOL]DU
VXVKDELOLGDGHVKDFLDODSURPRFLyQ
GHHVWLORVGHYLGDPiVVRVWHQLEOHV
,QIRUPDFLyQPiVDPSOLDHQZZZ
XQHSWLHRUJVXVWDLQDGYHUWLVLQJ
DGYHUWLVLQJ
\
)XHQWHZZZZHWDRUJ
\$0(5,&$10(',&$/
$662&,$7,21
6RVDÈYLODRSFLW
'HVHDQTXHODJHQWHHPSLHFHD
XWLOL]DUVXVSURGXFWRVFXDQGRHVWi
MRYHQ\TXHFRQWLQ~HXViQGRORV
HOUHVWRGHVXYLGD
(QVHUHWLUDURQ
DQXQFLRVGH&DOYLQ
.OHLQGHELGRDTXHORV
FRQVXPLGRUHVVHTXHMDURQ
GHTXHVH[XDOL]DEDQDORV
QLxRV
/DPDUFDGHFLJDUURV
&DPHOWXYRTXHGHMDU
GHXVDUHOSHUVRQDMH
³-RH&DPHO´HQVXV
DQXQFLRVGHELGRDTXHORV
FRQVXPLGRUHVVHTXHMDURQ
GHTXHHVWDEDQGLULJLGRVD
ORVQLxRV
ZZZPHGLDDZDUHQHVVFD
)XQGDGDHQOD)XQGDFLyQ
HVWDGRXQLGHQVH-8677+,1.
LPSDUWHSURJUDPDVGHHGXFDFLyQ
SDUDXWLOL]DUORVPHGLRVGH
FRPXQLFDFLyQDMyYHQHVGHWRGR
HOPXQGR-8677+,1.ODQ]y
XQDQXHYDLQLFLDWLYDSDUDWUDWDU
HVSHFt¿FDPHQWHHOWHPDGHOD
LPDJHQFRUSRUDOHQWUHODVPXMHUHV
MyYHQHVZZZMXVWWKLQNRUJ
VZHHWZDWHUELS
R
X
W
K
;
F
K
D
Q
J
H
(ODGROHVFHQWHSURPHGLRHQ(VWDGRV8QLGRVYHODWHOHYLVLyQDOUHGHGRUGHKRUDVDOD
VHPDQD(QOD,QGLDYHQDSUR[LPDGDPHQWHKRUDVDODVHPDQD\HQ(VSDxDKRUDV\
PLQXWRV/RVQLxRVLQYLHUWHQPiVWLHPSRHQIUHQWHGHODSDQWDOODGHWHOHYLVLyQTXHHQOD
HVFXHOD&XDQGROOHJDQDODHGDGGHDxRV\DKDQSUHVHQFLDGRPiVGHDFWRV
YLROHQWRV\DQXQFLRVFRPHUFLDOHV/RVMyYHQHVGHGLFDQHOGREOHGHWLHPSRDORV
PHGLRVGHFRPXQLFDFLyQTXHDVXVSDGUHV\PDHVWURVHQFRQMXQWR
/RVDGROHVFHQWHVGHKHFKRFRQVWLWX\HQXQEODQFRLPSRUWDQWHSDUDORVSXEOLFLVWDV
GHELGRDTXHODVFRPSDxtDVQHFHVLWDQFUHDUXQD¿GHOLGDGDVXVPDUFDV
$PHQXGRORVDQXQFLRVWUDQVPLWHQPHQVDMHVVLPSOL¿FDGRVSRUPHGLRGH
HVWHUHRWLSRV'HWDOIRUPDTXHSRUHMHPSORORVSXEOLFLVWDVGLVHxDQFDPSDxDV
GLULJLGDVDODVPXFKDFKDVGLIHUHQWHVGHODVFDPSDxDVGLULJLGDVDORVPXFKDFKRV
&RQIUHFXHQFLDXQDQXQFLRWHGLFHVLXQSURGXFWRHV³PDVFXOLQR´R³IHPHQLQR´D~Q
FXDQGRHOSURGXFWRSRGUtDXVDUVHLQGLVWLQWDPHQWHSRUFXDOTXLHUJpQHUR
8QHVWHUHRWLSRFRQ¿UPDGHPDQHUDUtJLGDODFUHHQFLDGHTXHVLHUHVKRPEUHRPXMHU
EODQFRRQHJURKHWHURVH[XDOXKRPRVH[XDOGHEHVFRPSRUWDUWHGHDFXHUGRD
SDWURQHVRUROHVHVSHFt¿FRV(VWDFUHHQFLDHOLPLQDQXHVWURVJXVWRVSHUVRQDOHVSDUD
GH¿QLUQXHVWURVSURSLRVLQWHUHVHV\KDELOLGDGHV
1RWHQHPRVSRUTXpDFHSWDUGHPDQHUDSDVLYDWRGRVORVPHQVDMHVTXHORVPHGLRV
VREUHWRGRORVDQXQFLRVQRVHQYtDQ3RGHPRV³FRQWHVWDU´\H[SUHVDUQXHVWUDV
RSLQLRQHV
/RVHVWHUHRWLSRVFXOWXUDOHV\GHFODVHWDPELpQSUHGRPLQDQHQODWHOHYLVLyQ&RQ
IUHFXHQFLDODVPLQRUtDVVHUHSUHVHQWDQDWUDYpVGHHVWHUHRWLSRV\PX\UDUDYH]
VHOHVDWULEX\HHOSRGHURODULTXH]DTXHJR]DODPD\RUtD$GHPiVORVSURJUDPDV
QRUPDOPHQWHVRQYLVWRVSRUXQDDXGLHQFLDTXHVREUHSDVDFRQPXFKRDOJUXSRDOTXH
SUHWHQGHGLULJLUVH
/RVPX\MyYHQHVYHQSURJUDPDVTXHFRQWLHQHQ³LQJUHGLHQWHV´EiVLFRVFRPR
YLROHQFLDVH[RFRQÀLFWRVVRFLDOHVHWFSDUDFX\DFRPSUHQVLyQQRSRVHHQQL
VX¿FLHQWHPDGXUH]HPRFLRQDOQLFDSDFLGDGFUtWLFD8QDGXOWRSXHGHDQDOL]DUSHURORV
(QODEDODQ]D,QXQGDGDVSRUODVLPiJHQHVTXHDSDUHFHQHQORVPHGLRVGHFRPXQLFDFLyQ
GHPRGHORVGHOJDGDVODVFKLFDVHVWiQFRQYHQFLpQGRVHGHTXHVHUGHOJDGDHVODFODYHSDUD
VHUTXHULGDV\DFHSWDGDV/DVQLxDVDODWHPSUDQDHGDGGHRFKRDxRVHPSLH]DQDPRVWUDU
SUHRFXSDFLyQSRUVXSHVRHOGHODVQLxDVGHQXHYHDxRVHVWiDGLHWD
/RVGHVyUGHQHVHQODDOLPHQWDFLyQVHKDQLQFUHPHQWDGRHQXQGHVGHHO
GHODVMyYHQHVXQLYHUVLWDULDVWLHQHDQRUH[LD\ODFRQGXFWDDXWRGHVWUXFWLYDHQWUHODVFKLFDVGH
VHFXQGDULDKDDOFDQ]DGRSURSRUFLRQHVHSLGpPLFDV
(Q(VSDxDODVDXWRULGDGHVVDQLWDULDVKDQFUHDGRSURJUDPDVHVSHFt¿FRVSDUDDWHQGHUORV
FUHFLHQWHVGHVyUGHQHVDOLPHQWLFLRVHQWUHORVMyYHQHV7DPELpQKDQVXUJLGRDVRFLDFLRQHV
SULYDGDVDSDUWLUGHSHUVRQDVTXHKDQVXIULGRSHUVRQDOPHQWHRHQVXHQWRUQRHVWHWLSR
GHWUDVWRUQRV3RUHMHPSOR$&$%$VRFLDFLyQ&RQWUDOD$QRUH[LD\OD%XOLPLDTXHRIUHFH
DWHQFLyQHLQIRUPDFLyQWHOHIyQLFDYLVLWDVDODVSHUVRQDVHQVLWXDFLyQGHULHVJRJUXSRVGH
D\XGDPXWXDFRQIHUHQFLDVFKDUODV\GLIXVLyQDORVPHGLRVGHFRPXQLFDFLyQ&RQWDFWDHQ
ZZZDFDERUJVSDZHOFRPHKWP
\
R
X
W
K
;
F
K
D
Q
J
H
QLxRVWLHQGHQDDEVRUEHU/RVQLxRVTXHYHQXQDJUDQFDQWLGDGGHSURJUDPDVYLROHQWRVWLHQGHQ
DIDYRUHFHUHOXVRGHODYLROHQFLDSDUDUHVROYHUORVFRQÀLFWRV
/DYLROHQFLDHQODSDQWDOODSXHGHLPSUHVLRQDUQRVSHURRWURVPHQVDMHVPiVVXWLOHV
SXHGHQLQÀXLUGHSRUYLGDHQORVMyYHQHV5HSHWLGRVVLQFHVDUWHUPLQDQSRUFDPELDU
ORVHVWLORVGHYLGDIRPHQWDQGRSRUHMHPSORHOFRQVXPLVPRRORVGHVyUGHQHV
DOLPHQWLFLRV
Ë'2/26<$8',(1&,$6
6LQHPEDUJRORVDFWRUHVODVPRGHORV\ORVGHSRUWLVWDVSURSRUFLRQDQDYHFHV
SDWURQHVSRVLWLYRVGHFRQGXFWD/RVPHGLRVGHFRPXQLFDFLyQDFW~DQFRPR
FDWDOL]DGRUHVTXHGHVSLHUWDQODFRQFLHQFLD\FDSWDQODDWHQFLyQGHXQDLQPHQVD
DXGLHQFLDMXYHQLO
/DP~VLFDXQOHQJXDMHXQLYHUVDOSRUGH¿QLFLyQHVSUREDEOHPHQWHHOPHGLRTXH
WUDQVPLWHGHIRUPDPiVFRQVLVWHQWHPHQVDMHVVRFLDOHVLPSRUWDQWHV¢(MHPSORV"
(YHQWRVFRPR/,9($,')$50$,'/$*,5$'($01,67,$,17(51$&,21$/
18(6752)87852&2081HO$/%80'(*5((13($&(HWF(VWRVHYHQWRVWDPELpQ
GDQVHQWLGRDODSDUWLFLSDFLyQGHODDXGLHQFLD'LVIUXWDUGHXQDDFWXDFLyQVHFRQYLHUWH
HQXQJHVWRGHVROLGDULGDGSROtWLFDRKXPDQLWDULD
+R\GtDORVMyYHQHVVHVLHQWHQFyPRGRVFRQORVPHGLRVGHFRPXQLFDFLyQ([LVWHQ
PLOHVGHVLWLRVZHEGLULJLGRVSDUD\SRUDGROHVFHQWHV6XFRPSURPLVRHQOD
SURPRFLyQGHFDXVDVDOJXQDVYHFHVFRPSOHMDVSRUHMHPSORGHUHFKRVKXPDQRV
PHGLRDPELHQWHHVSUXHEDGHVXKDELOLGDGQRVyORSDUDVDFDUSDUWLGRGHORVPHGLRV
GHFRPXQLFDFLyQVLQRWDPELpQGHVXVWDOHQWRVSDUDSUR\HFWRVVRVWHQLEOHV
'LYHUVLyQHQVHULR
$'%867(56³&$=$
$181&,26´HVXQD
RUJDQL]DFLyQVLQ¿QHV
OXFUDWLYRVFRQVHGHHQ
&DQDGiTXHSURGXFHXQD
UHYLVWD\XQDZHEGHGLFDGRVD
H[DPLQDUODUHODFLyQHQWUH³ORV
VHUHVKXPDQRV\VXDPELHQWH
ItVLFR\PHQWDO´(VWRV
³DJLWDGRUHVFXOWXUDOHV´GH
HVWLORSURSLRWUDWDQGHDSRUWDU
RWUDSHUVSHFWLYDDFHUFDGH
ODYLGD\QXHVWURVKiELWRV
FRWLGLDQRV$QLPDQDODJHQWH
DFXHVWLRQDUORVPHGLRVGH
FRPXQLFDFLyQVHxDODQORV
PHQVDMHVTXHVHWUDQVPLWHQ
REYLRVDOJXQRV\PiVRFXOWRV
RWURVTXHDPHQXGRVH
DVXPHQFRPRYHUGDGHVVLQ
FXHVWLRQDPLHQWRDOJXQR
3RUPHGLRGHVXVSDURGLDVGH
DQXQFLRVIDPRVRVDVtFRPR
GHVXVFDPSDxDVDQXDOHV
WDOHVFRPRHO³'tDGHQR
&RPSUDU1DGD´\OD³6HPDQD
GH$SDJDUOD7HOH´LQFLWDQD
ODJHQWHSDUDTXHUHÀH[LRQH
DFHUFDGHVXVSULRULGDGHV
\HVWLORVGHYLGD\FUHDQ
FRQFLHQFLDVREUHXQDYDULHGDG
GHWySLFRVGHVLJXDOGDGVREUH
FRQVXPRPDQLSXODFLyQSRUORV
PHGLRVHWF6LELHQDOJXQDV
SHUVRQDVSXHGHQHVWDUHQ
GHVDFXHUGRFRQVXVWiFWLFDV
$GEXVWHUVHVXQDRUJDQL]DFLyQ
FRQYLYDFLGDG\FUHDWLYLGDG
TXHSRVHHXQWDOHQWRHVSHFLDO
XWLOL]DODVPLVPDVWpFQLFDVGH
ORVPHGLRVSXEOLFLWDULRVSDUD
FXHVWLRQDUHOSDSHOHLQÀXHQFLD
GHORVPLVPRVeVWHHVXQ
HMHPSORFODURGHOSRGHUGH
XQJUXSRDFWLYRTXHWUDEDMD
DWUDYpVGHODUHGZZZ
DGEXVWHUVRUJ
(QFDVWHOODQRODSiJLQDZHEGH
(FRORJLVWDVHQ$FFLyQFULWLFD
HOFRQVXPLVPRFRQHOREMHWLYR
GHLQGXFLUDXQFRQVXPRPiV
UHVSRQVDEOH\VRVWHQLEOH6H
SXHGHYHUHQZZZOHWUDRUJ
FRQVXPHKDVWDPRULU
\
R
X
W
K
;
F
K
D
Q
J
H
/DUHG
,QWHUQHWHVWiDGTXLULHQGRFDGDGtDPD\RULPSRUWDQFLDFRPRKHUUDPLHQWDSDUDODV
,QVWUXFFLRQHV FRPXQLFDFLRQHV\FRPRXQSRUWDOGHDFFHVRDODLQIRUPDFLyQ$XQTXHHOIHQyPHQR
SDUDXVDUOD JOREDOGHODUHGD~QVHHQFXHQWUDOLPLWDGRHVHOPHGLRGHOIXWXURTXHPHMRU
VHDGDSWDDODVFDSDFLGDGHV\WDOHQWRGHORVMyYHQHV,QWHUQHWHVDVLPLVPRXQ
³OHQJXDMH´TXHXQJUDQQ~PHURGHMyYHQHVHQFRQVWDQWHDXPHQWRXWLOL]D
´(OVHUYLFLRDORVGHPiVHVOD
UHQWDTXHSDJDVSRUWX
KDELWDFLyQDTXtHQOD7LHUUDµ
>0RKDPHG$OL
FDPSHyQPXQGLDOGHER[HR@
(QHODxRHOGHOWUi¿FR
WRWDOGH,QWHUQHWWXYROXJDUHQWUH
SDtVHV7RPRUURZ6HSW2FW
(VWD*XtDVHKDGLVHxDGRWHQLHQGRHQPHQWHDORVIRUPDGRUHV\DORVHVWXGLDQWHV
DODYH]$TXtKHPRVH[SXHVWRXQUHVXPHQUiSLGRGHORVWHPDV\UHWRVGHO
&RQVXPR6RVWHQLEOH(QODSiJLQDGH,QWHUQHWGH<287+;&+$1*(-yYHQHVSRUHO
&DPELR<[&VHH[DPLQDQORVWHPDVFRQPD\RUSURIXQGLGDG
¢3RUTXp,QWHUQHW"/DVQXHYDVWHFQRORJtDVFRPSOHPHQWDQSHURQRVXVWLWX\HQODV
KHUUDPLHQWDVGHHQVHxDQ]DWUDGLFLRQDOHV&XDQGRVHDSOLFDQDODHGXFDFLyQ\
VHXWLOL]DQFRPRPHGLRV\QRFRPR¿QHVSXHGHQFUHDUJUDQGHVRSRUWXQLGDGHV
,QWHUQHWSRGUtDSURGXFLUXQHIHFWRGHERODGHQLHYHPXOWLSOLFDQGRORVUHVXOWDGRV
SRVLWLYRVGHODSUHQGL]DMHHQWUHWRGRVORVLQYROXFUDGRVPDHVWURVMyYHQHV
LQVWLWXFLRQHVHPSUHVDV\21*
&RPSDUWLUH[SHULHQFLDV±DOQDYHJDUSRUODUHGSURGXFLUiHOUHVXOWDGRDGLFLRQDOGH
SURPRYHUODSDUWLFLSDFLyQGLUHFWD\DFWLYDHQODSURPRFLyQGHORVHVWLORVGHYLGD
VRVWHQLEOHV(OVLWLRGH<[&DWUDSDUi\PDQWHQGUiODDWHQFLyQGHORVXVXDULRVDO
HVWLPXODUVXFUHDWLYLGDGSHUPLWLpQGROHVHOHJLUFyPR\TXpDSUHQGHU/RVHMHPSORV
UHDOHVVRQHOSXQWRGHLQLFLRDOGHVWDFDUXQDYDULHGDGGHSURGXFWRV\VHUYLFLRV
LQLFLDWLYDVKHFKRVGDWRV\HVWXGLRVGHFDVRVUHDOHV
1XHVWURVLWLRHQODUHGZZZ\RXWK[FKDQJHQHWHVWiHVWUXFWXUDGRGHODVLJXLHQWH
PDQHUD
$XODGHIRUPDGRUHVVHH[SOLFDHOFRQWHQLGRGHOVLWLRVDODSRUVDOD
6HGHVWDFDHOSRWHQFLDOHGXFDWLYRGHFDGDXQRGHHOORV(OLQVWUXFWRUUHFLELUi
VXJHUHQFLDVSUiFWLFDVDFHUFDGHFyPRGHVDUUROODU\H[SORUDUFRQPD\RUGHWDOOHORV
WHPDV\DPHQFLRQDGRVHQODSUHVHQWHJXtD
\
R
X
W
K
;
F
K
D
Q
J
H
ERWRQHVEiVLFRVXQDKHUUDPLHQWDGHQDYHJDFLyQKRUL]RQWDOSDUD
GLULJLUDOLQVWUXFWRU\DOXVXDULRDORVWHPDVDWUDYpVGHODSHUVSHFWLYDGHORV
5(48(5,0,(1726<1(&(6,'$'(6GHORVMyYHQHVDGXOWRV7DPELpQWHJXLDUiHQ
HOUHFRUULGRKDFLDXQD³FRPXQLGDGVRVWHQLEOH´
$WODVGHKHFKRV\FLIUDVXQDWODVDOWDPHQWHYLVXDOLQWHUDFWLYRH
LPDJLQDWLYRFRQGDWRVFODYHVREUHSDWURQHVGHFRQVXPRGHOSDVDGRSUHVHQWH\
IXWXUR\TXHSRUWDQWRVLW~DODGLVWULEXFLyQGHOFRQVXPRHQXQFRQWH[WRJOREDO
%XHQDVSUiFWLFDV¢4XpSROtWLFDVLQLFLDWLYDVSURGXFWRV\VHUYLFLRVHVWiQ
GLVSRQLEOHV"¢(VIiFLO"¢4XpHVWiQKDFLHQGRRWURVDJHQWHVJRELHUQRVORFDOHV
\QDFLRQDOHV21*RUJDQL]DFLRQHVLQWHUQDFLRQDOHVHWF"$OYLVLWDUOD7,(1'$
6267(1,%/(6867$,1$%/('(3$57$0(176725(HOXVXDULRGHVFXEULUiFyPR
WUDGXFLUODVLGHDVHLQWHQFLRQHVHQDFFLyQ
3UXHEDV\MXHJRVSDUDUHWDUORVFUHFLHQWHVFRQRFLPLHQWRV\FRQFLHQFLDGHO
XVXDULRVREUH&RQVXPR6RVWHQLEOH7HPDVFRPSOHMRV\PiVKRUL]RQWDOHVWDOHV
FRPRHODKRUURGHHQHUJtDDJXD\QXWULFLyQVHH[SORUDUiQGHPDQHUDGLYHUWLGD
2SRUWXQLGDGHVGHWUDEDMRRUJDQL]DGRFRPRXQDDJHQFLDYLUWXDOGH
HPSOHRFRQYDULHGDGGHWHVWLPRQLRVGHMyYHQHVHOXVXDULRHQFRQWUDUiFyPROD
DFFLyQSXHGHFRQVHJXLUHOFDPELR/DVDODPRVWUDUiDORVXVXDULRVTXHHVSRVLEOH
WHQHUp[LWRSURIHVLRQDOYLQFXODQGRHPSOHRYLDMHV\WUDEDMRYROXQWDULRFRQORV
SULQFLSLRVGHO&RQVXPR6RVWHQLEOH
3UHJXQWDVPiVIUHFXHQWHVUHVSXHVWDVDODVSUHJXQWDVXVXDOHVGHORV
XVXDULRV&yPRIXQFLRQDHOSUR\HFWRGH<[&FRQVXOWDUWpUPLQRV\FRQFHSWRV
HQFRQWUDULQIRUPDFLyQDGLFLRQDOVREUHHVWHSUR\HFWR(VWDVDODSURPRYHUiHOYDORU
GHKDFHUSUHJXQWDV
(QODFHVXQDOLVWDGHVLWLRVLQWHUHVDQWHVHQ,QWHUQHWRUJDQL]DGRVSRUWHPDV
GHDFXHUGRFRQODVVHFFLRQHVGHOD*8Ë$3DUDKDFHUODQDYHJDFLyQHQODZHE
GLYHUWLGD\SURGXFWLYDVHGHVFULEH\HYDO~DFDGDVLWLRGHPDQHUDEUHYH
\
)XHQWHV
3iJLQDVZHEOLEURVHWF
PHQFLRQDGRVHQOD*XtD
DFWXDOL]DGRVDGH
QRYLHPEUHGH
,QWURGXFFLyQDOFRQVXPR
VRVWHQLEOH
ZZZXQHSWLHRUJVXVWDLQ
ZZZXQHVFRRUJHGXFDWLRQ
81(3-yYHQHV\&RQVXPR
6RVWHQLEOH1DLUREL3DUtVRFWXEUH
(UQVWYRQ:HLVlFNHU$PRU\%
/RYLQV\/+XQWHU/RYLQV)DFWRU
'XSOLFDUOD5LTXH]DUHGXFLU
SRUPLWDGHOJDVWRGHUHFXUVRV
(DUWKVFDQSXEOLFDWLRQV5HLQR
8QLGRZZZIDFWRU
LQVWLWXWHRUJ
7HDFKLQJDQG/HDUQLQJIRUD
VXVWDLQDEOHIXWXUH±DPXOWLPHGLD
SURIHVLRQDOGHYHORSPHQW
SURJUDPPH(QVHxDU\$SUHQGHU
SDUDXQIXWXURVRVWHQLEOH
±XQSURJUDPDPXOWLPHGLDSDUD
GHVDUUROORSURIHVLRQDO81(6&2
(O3UR\HFWRGH-yYHQHVSRUHO
&DPELR<[&
3238/$7,215()(5(1&(
%85($8/D-XYHQWXGGHO
0XQGRZZZSUERUJ
ZZZ\RXWK[FKDQJHQHW
ZZZXQHSWLHRUJ\RXWKBVXUYH\
ZZZXQHVFRRUJHGXFDWLRQ
3RUXQHVWLORGHYLGDPiV
VRVWHQLEOH
318',QIRUPHVREUH
'HVDUUROOR+XPDQR
³&RQVXPSWLRQIRU+XPDQ
GHYHORSPHQW´KWWSKGUXQGS
RUJUHSRUWVJOREDOHQ
6FDQGDORIWKHIRRG%ULWDLQ
WKURZVDZD\´(OHVFiQGDORGH
ORVDOLPHQWRVTXH*UDQ%UHWDxD
GHVSHUGLFLDSRU-RKQ9LGDO7KH
*XDUGLDQGHDEULOGH
KWWSKGUXQGSRUJUHSRUWV
JOREDOHQ
R
X
W
K
;
ZZZHDUWKGD\QHW)RRWSULQW
SGIHIBVSDQLVKBFRORUSGI
ZZZFIQDYDUUDHV
PHGLRDPELHQWHDJHQGD+XHOOD
(FR1DYKWP
ZZZYLGDVRVWHQLEOHFRP
&XtGDWH
ZZZIRRGELRWHFKRUJ
KWWSQHZVEEFFRXNKL
(QJOLVKKHDOWK
ZZZJUHHQSHDFHRUJ
HVSDQDBHVFDPSDLJQVLQWUR"
FDPSDLJQBLG ZZZVXVWDLQZHERUJ&KDLQBIPB
LQGH[DVS
ZZZFRQVXPDVHJXULGDGFRP
ZZZVLQIURQWHUDVRUJ
QDWXUDOPHQWH
ZZZDJURHFRORJLFDQHW
ZZZYLGDVDQDRUJ
ZZZSRSVLQW
KWWSDUFKLYRJUHHQSHDFH
RUJWR[LFRVKWPOFKHPLFDOKRXVH
KWPO
ZZZFKHPLFDOFRFNWDLORUJ
ZZZFHLWHV
ZZZSODQHWDRUJDQLFRFRP
EUDJURWKLVWKWP
ZZZLQIRUJDQLFFRP
KWWSHXURSDHXLQWVFDGSOXV
OHJHVOYEODKWP
0RYLpQGRWHSRUODFLXGDG
ZZZELFLWHNDVRUJ
ZZZFRQELFLRUJ
&DURO\QH&OD\WRQ'LUW\
3ODQHW7KHIULHQGVRGWKH(DUWK
*XLGHWRSROOXWLRQDQGZKDW\RX
FDQGRDERXWLW/LYHZLUH%RRNV
/RQGRQS
ZZZHOWLVRUJ
ZZZFWVFHLEDRUJLQGH[KWP
86*HQHUDO$FFRXQWLQJ2IFH
:DVKLQJWRQ
ZZZZULRUJ
ZZZLGDHHV
ZZZODSWSRUJFDUVKDULQJ
'HYLDMH
ZZZHFRWRXULVPHRUJ
ZZZJUHHQJOREHFRP
ZZZJUHHQWUDYHORUJ
F
K
D
Q
J
H
ZZZUHVSRQVLEOHWUDYHOFRP
KWWSZZZUHGWXUVQHW
PDLQDVS
ZZZWXULVRVQHWLQGH[KWPO
ZZZKXPEROGWRUJFR
ELRFRPHUFLRWXULVPRVRVWHQLEOH
TXLHQHVKWP
ZZZXQHSWLHRUJSFWRXULVP
VXVWWRXULVP
KWWSZRUOGWRXULVPRUJ
ZZZZWWFRUJ
ZZZWRLQLWLDWLYHRUJJRRGB
SUDFWLFHVLQWURGXFWLRQKWP
ZZZXQHSWLHRUJWRXULVP
ZZZVLHUUDFOXERUJ
5HGXFHORVUHVLGXRV
KWWSHXURSDHXLQWFRPP
HQYLURQPHQW
KWWSHXURSDHXLQWFRPP
HQYLURQPHQW\RXWKZDVWHLQGH[B
HVKWPO
ZZZVYWFRUJ
ZZZXQHSRUJFKLOGUHQB\RXWK
KRPHSDJHBOHV\RXWKLQGKWP
ZZZRRUJ
ZZZVPDUWDUFKQO
ZZZFIGUPLWHGXDXGIH
FIGBB
ZZZXQHSWLHRUJSFVXVWDLQ
GHVLJQGHVLJQVXESDJHKWP
³(FRSURGXFWHVDODOODU´*XLHV
G¶(GXFDFLy$PELHQWDOQ
%DUFHORQD$MXQWDPHQWGH
%DUFHORQD
ZZZGHVLJQSKLOLSVFRP
ZZZUHFLFODSDSHORUJ
ZZZZDVWHZDWFKRUJXN
ZZZUHF\FOHQHW
ZZZJUQFRPJUQOLEUDU\JORVV
KWP
ZZZUHF\FOHGSURGXFWVRUJ
XNEX\UHF\FOHGJORVVDU\DVS
KWWSUHGFLFODFRP
ZZZUHFLFODSDSHORUJ
KWWSZDVWHLGHDOHV
SULPHUDUHFLFODMHKWP
ZZZDODQGDOX]FRP
ZZZWUDJDPRYLOFRP
2SWLPL]DHQHUJtDV
ZZZZULRUJ
&DURO\QH&OD\WRQ'LUW\
3ODQHW7KHIULHQGVRGWKH(DUWK
*XLGHWRSROOXWLRQDQGZKDW\RX
FDQGRDERXWLW/LYHZLUH%RRNV
/RQGRQS
ZZZIXHOFHOOSDUNFRP
ZZZFRQDHJREP[ZE
GLVWULEXLGRUMVS"VHFFLRQ ZZZHOHFWUDQRUWHHVFDVWHOODQR
LQGH[SKS
KWWSUUHGFQUHOJRY
WLGELWVKWPO
ZZZVRODUQRZRUJJORVVDU\KWP
KWWSVROVWLFHFUHVWRUJ
VXVWDLQDEOHLQGH[KWPO
ZZZHUHQGRHJRY
ZZZJUHHQSHDFHRUJHVSDQDB
HVFDPSDLJQVLQWUR"FDPSDLJQB
LG ZZZZZIHVFDPELRBHQHUJLD
SKS
ZZZVHEDHV
ZZZPHQHUJLDJRYHFSKS
SUR\BJDODSDJRVB(/(&SKS
ZZZHQHUJLDVRVWHQLEOHRUJ
HFRVHUYHLVHDGH
ZZZEHVHOHVHDGH
ZZZHXJUHHQOLJKWRUJ
ZZZHQHUJ\VWDUJRY
ZZZLSFFFK
ZZZJULGDQRFOLPDWH
ZZZJOREDOFKDQJHRUJ
ZZZFRROFRPSDQLHVRUJ
ZZZHFRWURSLDFRPWHPDVKWP
ZZZJUHHQSHDFHRUJHVSDQDB
HVFDPSDLJQVLQWUR"FDPSDLJQB
LG KWWSXQIFFFLQWUHVRXUFH
EHJLQQHUBBVSSGI
3URQRVWLFDHOWLHPSR
KWWSXQIFFFLQWHVLQGH[KWPO
ZZZLSFFFK
ZZZJULGDQRFOLPDWH
ZZZJOREDOFKDQJHJRY
ZZZHFRWURSLDFRPWHPDVKWP
ZZZJUHHQSHDFHRUJHVSDQDB
HVFDPSDLJQVLQWUR"FDPSDLJQB
LG KWWSXQIFFFLQWUHVRXUFH
EHJLQQHUBBVSSGI
ZZZXQIFFFLQWUHVRXUFH
ZZZXQHSWLHRUJR]RQDFWLRQ
\
ZZZFHFRGHVRUJFR
FDPELRBFOLPDWLFROHJLVODFLRQ
%ROHWLQ2&0&&1RPD\RSGI
ZZZZEFVGFKSOXJLQV
'RF6HDUFKGHWDLOVDVS"0HQX,G
2'<&OLFN0HQX GR2SHQ W\
SH 'RF'HW'RF,G 0M,Z
ZZZFHURFRFRP
ZZZQLNHEL]FRP
ZZZSDQGDRUJFOLPDWHVDYHUV
ZZZVDIHFOLPDWHQHW
ZZZLLVGRUJ\RXWKLQWHUQHWFDIH
ZZZPPDHVRHFFFFHVSDQD
KWP
ZZZJUHHQIDFWVRUJHVLQGH[
KWP
ZZZZEFVGFK
$KRUUDHODJXDDVHJXUDHO
DJXD
ZZZWKHZDWHUSDJHFRP
ZZZSDQGDRUJOLYLQJZDWHUV
LQGH[FIP
KWWSQDLODRNGDPFRP
DUDOKWPO
ZZZXQHVFRRUJZDWHU
ZZZ[HULVFDSHRUJ
ZZZFDETJRY
ZDWHUFRQVHUYDWLRQ[HULFKWPO
ZZZDJXDGXOFHRUJ
ZZZLPWDP[
ZZZHFRGHVRUJ
ZZZXQL]DUHVIQFD
ZZZKRXVHRUJ
ZZZJSDXQHSRUJ
ZZZDJXDFDPFRP
ZZZDJXDVGHVHYLOODFRP
KWWSKLVSDJXDFHGH[HV
&RPSUDVUHVSRQVDEOHV
ZZZLORRUJ
ZZZVROLGDULGDGQHWLTEDO
HVSDQDDVS
ZZZFKLOGUHQVZRUOGRUJ
HQJLTEDOLQGH[DVS
KWWSZHEDPQHVW\RUJOLEUDU\
,QGH[(6/$6$"RSHQ
RI (6/3$.
ZZZUXJPDUNRUJQHZVBIDFWV
ZZZGROJRY
ZZZEOVJRY
R
X
W
K
;
81,&()³(OWUDEDMR
LQIDQWLOHQ(VSDxD´0DWHULDOHVGH
7UDEDMR0LQLVWHULRGH7UDEDMR\
$VXQWRV6RFLDOHV0DGULG
318',QIRUPHVREUH
'HVDUUROOR+XPDQR
³&RQVXPRSDUDHO'HVDUUROOR
+XPDQR´FRQVXOWDUORHQZZZ
XQGSRUJKGUR
KWWSZHEDPQHVW\RUJ
ZZZKUZRUJ
ZZZJHRFLWLHVFRP&ROOHJH3DUN
/LEUDU\LQTXLU\
ZZZLFIWXRUJ
ZZZLORRUJSXEOLFVSDQLVK
LQGH[KWP
ZZZLORRUJSXEOLFVSDQLVK
VWDQGDUGVLSHFDERXWIDFWVKHHW
H[SOVH[DPSOKWP
ZZZDPQLVWLDLQWHUQDFLRQDO
RUJDFWXD
ZZZDQWLVODYHU\RUJ
9LYH\GHMDYLYLU
KWWSKRPHWRZQDROFRP
FQHZVLQGH[KWP
ZZZDQLPDOIUHHGRPRUJ
HVSDJQROLQGH[KWP
ZZZLXFQRUJUHGOLVW
VSDQLVKVSHFLHVKWPO
ZZZSHUXFRPPXQGRD]XO
SURWHMDPRVBGHOQHVLQGH[DVS
ZZZZZIHVHVSHFLHVSKS
7LPH(XURSHGHDEULO
9RO1R
ZZZDOOIRUDQLPDOVFRP
FUXHOIUHHKWP
ZZZHFRFULPHVRUJFHWDFHDQB
UHSRUWKWPOLQWUR
ZZZHLDLQWHUQDWLRQDORUJ
&DPSDLJQVEVKWPO
ZZZHLDLQWHUQDWLRQDORUJ
&DPSDLJQVDVKWPO
ZZZLQIRODYRUJ
ZZZLXFQRUJUHGOLVW
VSDQLVKVSHFLHVKWP
ZZZLXFQRUJQHZVLQGH[KWP
ZZZPH[LFRGHVFRQRFLGR
FRPP[
ZZZQDWXUHZDWFKRUJ
ZZZQHZVFLHQWLVWFRP
KRWWRSLFVDQLPDOH[SHULPHQWV
OHWWKHMVS
F
K
D
Q
J
H
ZZZVDYHGROSKLQVRUJ
ZZZZRUOGZLOGOLIHRUJ
EX\HUEHZDUH
ZZZIVFRUJ
ZZZIVFVSDLQRUJ
ZZZELRGLYRUJGHIDXOW
DVS["OJ ZZZFLWHVRUJHVSLQGH[VKWPO
KWWSIDXQDLEHULFDRUJ
ZZZFRQVXPHUHVZHEHV
QRWLFLDVPHGLRBDPELHQWH
SKS
ZZZDFDERUJVSDZHOFRPH
KWP
ZZZDGEXVWHUVRUJ
ZZZOHWUDRUJ
FRQVXPHKDVWDPRULU
ZZZMXVWWKLQNRUJ
/¶([SUHVVRGH6HSWLHPEUH
$FW~D
&UpGLWRV
KWWSHXURSDHXLQWFRPP
HQYLURQPHQWHFRODEHOLQGH[KWP
ZZZJUHHQPRQH\MRXUQDOFRP
DUWLFOHPSO"QHZVOHWWHULG DUW
LFOHLG ZZZFRROFRPSDQLHVRUJ
ZZZRQHZRUOGQHWJXLGHV
HWKFRQVHWKBLQYHVWBOLQNV
ZZZFRRSHUDWLYHEDQNFRXN
ZZZHWKLFDOFRQVXPHURUJ
ZZZHFRGHVRUJ
ZZZHVDGHHVLQVWLWXWLRQ
LQVWLWXWRVLSHV
ZZZIXQGDFLRQHQWRUQRRUJ
ZZZHPSUHVD\VRFLHGDGRUJ
GHIDXOWFIP"WLSR0HQX KWWSHVRQHZRUOGQHWDUWLFOH
DUFKLYH
ZZZWULRGRVHV
ZZZUHDVQHWFRP
ZZZJGUFRUJLFP
ZZZVHHQRUJ
ZZZPLFURFUHGLWVXPPLW
RUJVSDQLVKQHZVOHWWHU
QHZVOHWWHUVSKWP
1DRPL.OHLQ1R/RJR
)ODPLQJR/RQGRQ
0XFKDVGHODVIRWRJUDItDV
SHUWHQHFHQDO%DQFRGH
,PiJHQHVGHOD81(6&2
>KWWSXSR81(6&2RUJ
SKRWREDQNDVS@2WUDVIRWRJUDItDV
GHSURGXFWRVGHFRQVXPR
ORJRWLSRVPDUFDVHWF3URFHGHQ
GHSXEOLFDFLRQHV\SiJLQDV
ZHELQVWLWXFLRQDOHVGH21*\
FRPSDxtDV
2WUDVFRQWULEXFLRQHV
3DWULFLD/XJR/RSULHQR
7RPRUURZ0DJD]LQ(VWRFROPR
/D1XRYD(FRORJLD5RPD
&RORUV0DJD]LQH3RQ]DQR
9HQHWR,WDOLD
%UDQG1HZ/RQGUHV
)XWXUH3UHVHQW
/DUHGLQVWUXFFLRQHVSDUD
XVDUOD
ZZZ\RXWK[FKDQJHQHW
'HVFXEUHODDOGHDJOREDO
6RVDÈYLOD³/RVQLxRV\
ODWHOHYLVLyQ´HQ3HGLDWUtD9RO
QMXQLR
$0(5,&$10(',&$/
$662&,$7,21ZZZZHWD
RUJ
ZZZXQHSWLHRUJVXVWDLQ
DGYHUWLVLQJDGYHUWLVLQJKWP
ZZZPHGLDDZDUHQHVVFD
\
$EUHYLDWXUDV
R
X
W
K
;
F
K
D
Q
J
H
$%$JULFXOWXUDELROyJLFD
$&$%$VRFLDFLyQFRQWUDOD$QRUH[LD\OD%XOLPLD
%6(6LJODVHQLQJOpVGH(QFHIDORSDWtD(VSRQJLIRUPH%RYLQD
&$$7&HQWUR-RKQV+RSNLQVSDUD$OWHUQDWLYDVDODH[SHULPHQWDFLyQHQDQLPDOHV
&$5(&RRSHUDFLyQSDUDORVGHUHFKRVGHORVDQLPDOHVHQ(XURSD
&%'&RQYHQFLyQSDUDOD'LYHUVLGDG%LROyJLFD
&)&&ORURÀXRURFDUERQR
&,7(6&RQYHQLRVREUH&RPHUFLR,QWHUQDFLRQDOGHHVSHFLHVDPHQD]DGDVRHQSHOLJUR
GHH[WLQFLyQ
&21$(&RPLVLyQ1DFLRQDOSDUDHODKRUURGH(QHUJtDGH0p[LFR
&23&RQWDPLQDQWHRUJiQLFRSHUVLVWHQWH
&27(60$&RPLWpGHVLVWHPDVGH0DQHMR$PELHQWDO
&6&RQVXPR6RVWHQLEOH
''7'LFORURGLIHQLOWULFORURHWDQRSURGXFWRXVDGRFRPRLQVHFWLFLGD
2,72¿FLQD,QWHUQDFLRQDOGHO7UDEDMR
($'(3UR\HFWRGHOD8QLyQ(XURSHDGH(¿FLHQFLDHQHUJpWLFDHQFDVD
(&$$JHQFLDGHFUpGLWRSDUDODH[SRUWDFLyQ
(3$$JHQFLDGH3URWHFFLyQ$PELHQWDOGH(VWDGRV8QLGRVSRUVXVVLJODVHQLQJOpV
,3(&,QWHUQDWLRQDO3URJUDPPHRQWKH(OLPLQDWLRQRIFKLOGODERXU3URJUDPD
LQWHUQDFLRQDOSDUDODHOLPLQDFLyQGHOWUDEDMRLQIDQWLO
(;,0([SRUWLPSRUWEDQN%DQFRGHH[SRUWDFLyQHLPSRUWDFLyQ
)$22UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD$OLPHQWDFLyQ
),)$)HGHUDWLRQ,QWHUQDWLRQDOHGH)RRWEDOO$VVRFLDWLRQ)HGHUDFLyQLQWHUQDFLRQDO
GHI~WERO
)/7))UHQWHGH/LEHUDFLyQGHO7UDEDMR)RU]DGR
)6&)RUHVW6WHZDUGVKLS&RXQFLO&RQVHMRGH$GPLQLVWUDFLyQ)RUHVWDO
**UXSRGHWUDEDMRSRUODHQHUJtDUHQRYDEOH
,'($$QXDULRHOHFWUyQLFRGHODV,QVWLWXFLRQHVHXURSHDVGHVXVVLJODVHQLQJOpV
,),,QVWLWXFLyQ)LQDQFLHUD,QWHUQDFLRQDO
,/2,QWHUQDWLRQDO/DERXU2I¿FHHQFDVWHOODQR2,7
,0(&$,QGLFH0HWURSROLWDQRGH&DOLGDGGHO$LUH
,07$,QVWLWXWRPH[LFDQRGHWHFQRORJtDGHODJXD
,3&&3DQHO,QWHUJXEHUQDPHQWDOVREUHHOFDPELRFOLPiWLFR
\
R
X
W
K
;
F
K
D
Q
J
H
,3(&,QWHUQDWLRQDO3URJUDPPHRQWKH(OLPLQDWLRQRIFKLOGODERXU3URJUDPD
LQWHUQDFLRQDOSDUDODHOLPLQDFLyQGHOWUDEDMRLQIDQWLO
.:+.LORZDWLRKRUD
1201RUPDV2¿FLDOHV0H[LFDQDV
2,72¿FLQD,QWHUQDFLRQDOGHO7UDEDMR
20*2UJDQLVPRPRGL¿FDGRJHQpWLFDPHQWH
21*2UJDQL]DFLyQQRJXEHUQDPHQWDO
23,&3RUVXVVLJODVHQLQJOpV2YHUVHDVSULYDWHLQYHVWPHQWFRUSRUDWLRQ
3&%6LJODVHQLQJOpVGH%LIHQLORVSROLFORUDGRV
3180$3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO0HGLR$PELHQWH
3236LJODVHQLQJOpVGHFRQWDPLQDQWHVRUJiQLFRVSHUVLVWHQWHV
5($65HGGHUHGHVGHHFRQRPtDDOWHUQDWLYD\VROLGDULD
6$9(3UR\HFWRGHOD8QLyQ(XURSHDSDUDODUHGXFFLyQGHOGLy[LGRGHFDUERQR
7,&7HFQRORJtDVGHOD,QIRUPDFLyQ\&RPXQLFDFLyQ
72,7RXU2SHUDWRUVLQLWLDWLYH,QLFLDWLYDGHRSHUDGRUHVGHYLDMH
8(8QLyQ(XURSHD
8,&18QLyQ,QWHUQDFLRQDOSDUDODFRQVHUYDFLyQGHODQDWXUDOH]D
81(33URJUDPD$PELHQWDOGHODV1DFLRQHV8QLGDV
81(3'7,(3URJUDPD$PELHQWDOGHODV1DFLRQHV8QLGDV'LYLVLyQGH7HFQRORJtD
,QGXVWULD\(FRQRPtD
81(6&22UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD
&XOWXUD
81,&())RQGR,QWHUQDFLRQDOGHODV1DFLRQHV8QLGDVSDUDODD\XGDDODLQIDQFLD
868QLWHG6WDWHV(VWDGRV8QLGRV
86$,'$JHQFLD,QWHUQDFLRQDOGH(VWDGRV8QLGRVSDUDHOGHVDUUROORSRUVXV
VLJODVHQLQJOpV
:%&6'&RQVHMR0XQGLDOGH(PSUHVDVSDUDHOGHVDUUROORVRVWHQLEOHSRUVXV
VLJODVHQLQJOpV
:&(':RUOG&RPPLVVLRQRQ(QYLURQPHQWDQG'HYHORSPHQW&RPLVLyQ0XQGLDO
VREUHPHGLRDPELHQWH\GHVDUUROOR
::):RUOGZLOGOLIH)XQG)RQGRPXQGLDOSDUDODYLGDVLOYHVWUH
<[&<RXWK[&KDQJH-yYHQHVSRUHOFDPELR
\
R
81(6&2
/D81(6&22UJDQL]DFLyQGHODV1DFLRQHV
8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\
OD&XOWXUDVHIXQGDHO(OREMHWLYR
SULQFLSDOGHOD81(6&2HVFRQWULEXLU
DODSD]\DODVHJXULGDGHQHOPXQGR
SURPRYLHQGRODFRODERUDFLyQHQWUHODV
QDFLRQHVDWUDYpVGHODHGXFDFLyQOD
FLHQFLDODFXOWXUD\ODFRPXQLFDFLyQ
SDUDH[WHQGHUHOUHVSHWRDODMXVWLFLDD
ODOH\DORVGHUHFKRVKXPDQRV\DODV
OLEHUWDGHVIXQGDPHQWDOHVTXHOD&DUWDGH
ODV1DFLRQHV8QLGDVUHFRQRFHQDWRGDVODV
SHUVRQDVGHOPXQGRVLQGLVWLQFLyQGHUD]D
VH[ROHQJXDMHRUHOLJLyQ
'HVGHVXVHGHHQ3DULVOD81(6&2
OOHYDDFDERFLQFRIXQFLRQHVSULQFLSDOHV
HVWXGLRVGHSURVSHFWLYDHVGHFLU
UHVSRQGHUDODSUHJXQWDDFHUFDGHFyPR
VHUiODHGXFDFLyQODFLHQFLDODFXOWXUD
\ODFRPXQLFDFLyQHQHOPXQGRGH
PDxDQDODWUDQVIHUHQFLDHOLQWHUFDPELR
GHFRQRFLPLHQWRV\VXSURJUHVRDFFLyQ
QRUPDWLYDHLQVWLWXFLRQDOSUHSDUDFLyQ\
DGRSFLyQLQWHUQDFLRQDOGHLQVWUXPHQWRV
QRUPDWLYRV\UHFRPHQGDFLRQHVOHJDOHV
DVLVWHQFLDWpFQLFDRIUHFLGDDORV(VWDGRV
PLHPEURVSDUDGHVDUUROODUVXVSROtWLFDV
\SUR\HFWRVHQIRUPDGH³FRRSHUDFLyQ
WpFQLFD´HLQWHUFDPELRVGHLQIRUPDFLyQ
HVSHFLDOL]DGD
/D81(6&2WUDEDMDGHIRUPD
LQWHUGLVFLSOLQDUUHODFLRQDQGRODFLHQFLD
ODWHFQRORJtD\HOGHVDUUROORVRVWHQLEOH
3ULQFLSDOPHQWHHVWDWDUHDODGHVDUUROODHO
iUHDGH(GXFDFLyQ\&LHQFLD6XREMHWLYR
HVSURPRYHUHQORVGLVWLQWRViPELWRV
HGXFDWLYRVYDORUHV\XQDpWLFDFDSDFHV
GHLQÀXLUHQHOHVWLORGHYLGD\HQHO
FRPSRUWDPLHQWRGHODJHQWHSDUDD\XGDUD
FRQVWUXLUXQIXWXURVRVWHQLEOH
3DUDPD\RULQIRUPDFLyQFRQWDFWDUFRQ
81(6&2
'LYLVLyQSDUDODHQVHxDQ]D6HFXQGDULD
7pFQLFD\YRFDFLRQDO
3ODFHGH)RQWHQR\
3DULV&HGHV)UDQFH
7HO
)D[
(PDLOMKHLVV#XQHVFRRUJ
:HEVLWHZZZXQHVFRRUJ
X
W
K
;
F
K
D
Q
J
3180$±',7(
352*5$0$'(/$61$&,21(681,'$6
3$5$(/0(',2$0%,(17(',9,6,Ï1'(
7(&12/2*Ë$,1'8675,$<(&2120Ë$
/DPLVLyQGHGHO3URJUDPDGHODV1DFLRQHV
8QLGDVSDUDHO0HGLR$PELHQWH'LYLVLyQGH
WHFQRORJtDLQGXVWULD\HFRQRPtD3180$
'7,(HVD\XGDUDORVyUJDQRVGHGHFLVLyQ
GHORVJRELHUQRVDXWRULGDGHVORFDOHV\GH
ODLQGXVWULDDGHVDUUROODU\DGRSWDUSROtWLFDV
\SUiFWLFDVTXH
6HDQOLPSLDV\VHJXUDV
8WLOLFHQH¿FLHQWHPHQWHORVUHFXUVRV
QDWXUDOHV
$VHJXUHQXQDJHVWLyQDGHFXDGDGHORV
SURGXFWRVTXtPLFRV
,QFRUSRUHQORVFRVWHVDPELHQWDOHV
5HGX]FDQODFRQWDPLQDFLyQ\ORVULHVJRV
SDUDODJHQWH\HOPHGLRDPELHQWH
3180$'7,(WLHQHVXVHGHHQ3DULVHVWi
IRUPDGDSRUXQDXQLGDGFHQWUDO\FXDWUR
GHSDUWDPHQWRVHVSHFLDOL]DGRVHOFHQWUR
,QWHUQDFLRQDOGH7HFQRORJtD0HGLRDPELHQWDO
2VDND3URGXFFLyQ\&RQVXPR3DULV
3URGXFWRVTXtPLFRV*LQHEUD(QHUJtD\
2]RQR$FFLyQ3DUtV(FRQRPLD\&RPHUFLR
*LQHEUD
/DVDFWLYLGDGHVGHO3180$'7,(VH
FHQWUDQHQHOIRPHQWRGHODFRQFLHQFLDFLyQ
PHMRUDUODWUDQVIHUHQFLDGHLQIRUPDFLyQ
FDSDFLWDUSURPRFLRQDUODFRRSHUDFLyQODV
DVRFLDFLRQHV\WUDQVIHUHQFLDVGHWHFQRORJtD
PHMRUDUODFRPSUHQVLyQGHORVLPSDFWRV
PHGLRDPELHQWDOHVGHOFRPHUFLRLQWHJUDU
ODVFRQVLGHUDFLRQHVPHGLRDPELHQWDOHV
HQODVSROtWLFDVHFRQyPLFDV\FDWDOL]DUOD
VHJXULGDGTXtPLFDPXQGLDO
(/3180$'7,(IXQFLRQDFRPRXQ
FDWDOL]DGRUSDUDXQLULQGXVWULDVJRELHUQRV
\RUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV
SDUDORJUDUIRUPDVGHGHVDUUROORLQGXVWULDO
TXHQRSHUMXGLTXHQHOPHGLRDPELHQWH\
SURPXHYDQHOGHVDUUROORVRVWHQLEOH
3DUDPD\RULQIRUPDFLyQFRQWDFWDUFRQ
81(3'7,(
'LYLVLyQGH7HFQRORJtD,QGXVWULD
\(FRQRPtD
4XDL$QGUp&LWURsQ
3DULV&HGH[)UDQFLD
7HO
)D[
(PDLOVF#XQHSIU
:HEVLWHZZZXQHSWLHRUJ
H
0(7$0(',$(&2/2*<7(&+12/2*<
$662&,$7,21
0HGLD(FRORJ\7HFKQRORJ\$VVRFLDWLRQ
0(7$HVXQD21*LQWHUQDFLRQDOTXHDJUXSD
HVSHFLDOLVWDVHQPHGLRDPELHQWHGHVDUUROOR
VRVWHQLEOH\FRPXQLFDFLyQTXHVHGHGLFDDOD
SURPRFLyQGHOGHVDUUROORVRVWHQLEOHDWUDYpV
GHORVQXHYRVPHGLRVGHFRPXQLFDFLyQ\VXV
WHFQRORJtDVDVRFLDGDV
/DVSULQFLSDOHVDFWLYLGDGHVGHODDVRFLDFLyQ
LQFOX\HQODLQYHVWLJDFLyQODRUJDQL]DFLyQGH
DFWRVHGLFLyQGHSXEOLFDFLRQHVRUJDQL]DFLyQ
GHFDPSDxDVGHFRPXQLFDFLyQ\RIUHFHU
DVLVWHQFLDWpFQLFD\FLHQWt¿FDDRUJDQL]DFLRQHV
S~EOLFDV\SULYDGDV&RQDQWHULRULGDG0(7$
KDWUDEDMDGRFRQOD81(3'7,(HQXQD
FDPSDxD³3XEOLFLGDGSDUDXQPXQGRPHMRU´
XQDLQLFLDWLYDSDUDDQLPDUDORVPHGLRVGH
FRPXQLFDFLyQDLPSOLFDUVHHQODSURPRFLyQGHO
&RQVXPR6RVWHQLEOH0(7$KDGHVDUUROODGR
HOFRQFHSWRJHQHUDOGRFXPHQWDGR\SXHVWRD
SXQWRHOFRQMXQWRGHKHUUDPLHQWDVHGXFDWLYDV
GH<287+[&+$1*(
3DUDLQIRUPDFLyQDGLFLRQDOFRQWDFWDUFRQ
0(7$
0HGLD(FRORJ\7HFKQRORJ\$VVRFLDWLRQ
UXH)DLGHU
%UXVVHOV%HOJLXP
7HO
)D[
(PDLOLQIR#HPHWDQHW
:HEVLWHZZZHPHWDQHW
&,&21680(56,17(51$7,21$/
&RQVXPHUV,QWHUQDFLRQDOIXQGDGDHQ
HVXQDRUJDQL]DFLyQQROXFUDWLYD
LQGHSHQGLHQWHTXHD\XGDHVWDEOHFHYtQFXORV
\UHSUHVHQWDDDVRFLDFLRQHVDJHQFLDV\
JUXSRVGHFRQVXPLGRUHVGHWRGRHOPXQGR
TXHSURPXHYHXQDVRFLHGDGPiVMXVWD
GHIHQGLHQGRORVGHUHFKRVGHWRGRVORV
FRQVXPLGRUHVLQFOX\HQGRDORVSREUHV\
PDUJLQDGRV5HFRQRFLHQGRTXHODVDWLVIDFFLyQ
GHODVQHFHVLGDGHVGHORVFRQVXPLGRUHV
GHOPDxDQDGHSHQGHUiGHORVFDPELRVTXH
VHLQWURGX]FDQKR\KDFLDXQFRQVXPRPiV
VRVWHQLEOH&RQVXPHUV,QWHUQDWLRQDOKD
FRODERUDGRFRQHOSUR\HFWR<287+[&+$1*(
D\XGDQGRDUHFRJHUGDWRV\RULHQWDQGRHQVX
UHDOL]DFLyQ
3DUDPiVLQIRUPDFLyQFRQWDFWDUFRQ
&21680(56,17(51$7,21$/
+LJKEXU\&UHVFHQW
/RQGRQ15;8.
7HO
)D[
(PDLO+HDG2I¿FHFRQVLQW#FRQVLQWRUJ
:HEVLWHZZZFRQVXPHUVLQWHUQDWLRQDORUJ
7HO
)D[
(PDLO+HDG2I¿FHFRQVLQW#FRQVLQWRUJ
:HEVLWHZZZFRQVXPHUVLQWHUQDWLRQDORUJ
\
R
X
W
K
;
F
K
D
Q
J
H
*2%,(512'($5$*Ï1'(3$57$0(172'(6$/8'<&216802
6DOXGRGHOD&RQVHMHUDGH6DOXG\&RQVXPRGHO*RELHUQRGH$UDJyQ
(O IRPHQWR GH LQLFLDWLYDV GHVWLQDGDV D IRPHQWDU HO FRQVXPR UHVSRQVDEOH \ HO
GHVDUUROORVRVWHQLEOHHVXQDGHODVOtQHDVHVWUDWpJLFDVGHO'HSDUWDPHQWRGH6DOXG\
&RQVXPRGHO*RELHUQRGH$UDJyQ
3RUHVRGHEHPRVSRQGHUDUODUHVSRQVDELOLGDGGHOFDSLWDO\GHODVHPSUHVDVFRPR
DOJR TXH GHEHUtD HVWDU OLJDGR DO FRQFHSWR GH SURFHVRV GH SURGXFFLyQ TXH QR
FRPSURPHWDQODVIRUPDVGHYLGDGHODVJHQHUDFLRQHVIXWXUDV\TXHUHVSHWHQORV
FULWHULRVGHMXVWLFLDVRFLDOWDPELpQHQHOiPELWRGHOFRQVXPR
(VWHLPSXOVRGHEHLQLFLDUVHHQODVHWDSDVPiVMyYHQHVGHQXHVWUDYLGDFRQREMHWR
GHIRUPDUSHUVRQDVFRQVFLHQWHVFUtWLFDVUHÀH[LYDV\VROLGDULDVFRQXQDSURIXQGD
FRQYLFFLyQHQORVYDORUHVFtYLFRV\PRUDOHV
'H DKt TXH GHSRVLWHPRV QXHVWUD FRQ¿DQ]D HQ OD HGXFDFLyQ GHO FRQVXPLGRU TXH
HQ UHDOLGDG QR HV PiV TXH XQ LQWHQWR GH DFHUFDU D ORV QLxRV \ D ORV MyYHQHV DO
FRQRFLPLHQWR GHO HQWRUQR GHVFXEULU VXV FyGLJRV \ D\XGDUOHV D LQWHUSUHWDUORV
DGTXLULHQGRORVUHFXUVRVTXHSHUPLWHQODVROXFLyQGHSUREOHPDV6HWUDWDGHDSUHQGHU
DOHHUORVPHQVDMHVTXHODVRFLHGDGGHFRQVXPRQRVODQ]D
6DOXGDPRVSRUWDQWRHVWDLQLFLDWLYDGHOD81(381(6&2DODTXHKHPRVEULQGDGR
QXHVWURDSR\RSDUDPDWHULDOL]DUVXHGLFLyQ/D*XtDGHMyYHQHVSRUHOFDPELRIUXWR
GH XQ FRQYHQLR ¿UPDGR HQWUH HO *RELHUQR GH $UDJyQ \ OD )XQGDFLyQ (FRORJtD \
'HVDUUROORDOTXHVHKDQVXPDGRRWURVDSR\RVLQVWLWXFLRQDOHVVHUiXQLPSRUWDQWH
LQVWUXPHQWRHGXFDWLYR\XQUHFXUVRFRQHOTXHORVHGXFDGRUHVSRGUiQFRQWDUHQVX
WDUHD&RQHOODGHVHDPRVFRQWULEXLUGHXQDIRUPDVHQFLOOD\SUiFWLFDDODSURPRFLyQ
GHXQDVSDXWDVGHFRQGXFWDUHVSRQVDEOHHQHOFRQWH[WRGHXQDVRFLHGDGTXHRIUHFH
P~OWLSOHVSRVLELOLGDGHVSDUDGLVIUXWDUGHIRUPDLQWHQVD
&RQVXPLU HQ HVDV FRQGLFLRQHV PHMRUDUi VLQ GXGD OD FDOLGDG GH QXHVWUD YLGD HQ
WpUPLQRVGHVDOXGELHQHVWDUDXWRQRPtDSHUVRQDO\VHJXULGDG
/XLVD0DUtD1RHQR&HDPDQRV
&RQVHMHUDGH6DOXG\&RQVXPR
3DUDPiVLQIRUPDFLyQSRGpLVSRQHURVHQFRQWDFWRFRQ
',5(&&,Ï1*(1(5$/'(&216802'(/*2%,(512'($5$*Ï1
3DEOR*DUJDOOR
=DUDJR]D
(63$f$
7IQR
)D[
(PDLOFRQVXPRGRF#DUDJRQHV
:HEZZZDUDJRQHVFRQVXPR
\
R
X
W
K
;
F
K
D
Q
J
H
)81'$&,Ï1(&2/2*Ë$<'(6$552//2
/D)XQGDFLyQ(FRORJtD\'HVDUUROORHVWiIRUPDGDSRUXQJUXSRGHSURIHVLRQDOHVTXH
GHVGH WUDEDMD SDUD FRQWULEXLU D OD FRQVWUXFFLyQ GH XQ GHVDUUROOR VRVWHQLEOH
PHGLDQWH OD JHQHUDFLyQ \ SXHVWD HQ PDUFKD GH DOWHUQDWLYDV HFROyJLFDPHQWH
VRVWHQLEOHVVRFLDOPHQWHMXVWDV\HFRQyPLFDPHQWHYLDEOHV
/DPLVLyQGHOD)XQGDFLyQ(FRORJtD\'HVDUUROORVHDSR\DHQWUHVFRQYLFFLRQHVTXH
RULHQWDQQXHVWURWUDEDMR\DFWXDFLRQHV
&UHDUDOWHUQDWLYDVYLDEOHVQRYHGRVDV\ULJXURVDV
7UDEDMDUFRQHQIRTXHVJOREDOHVFRQMXJDQGRDODYH]ORVYDORUHV\REMHWLYRVTXH
GH¿HQGHQODHFRORJtD\HOGHVDUUROOR
3URPRYHUODFRQMXQFLyQGHHVIXHU]RVHQWUHVVHFWRUHVFODYHDGPLQLVWUDFLRQHV
S~EOLFDV HPSUHVDV \ HQWLGDGHV VRFLDOHV 7HQHPRV HO FRQYHQFLPLHQWR GH TXH
SDUDORJUDUFDPELRVVLJQL¿FDWLYRVHQQXHVWURPRGHORGHFRQVXPR\SURGXFFLyQ
KD\ TXH FRQWDU FRQ ORV HVIXHU]RV FRPSOHPHQWDULRV GH HVWRV WUHV VHFWRUHV
FDSDFHVGHPRYLOL]DUHQODPLVPDGLUHFFLyQHOPHUFDGRGHODVRVWHQLELOLGDG
7UDEDMDPRVHQSURJUDPDVSUR\HFWRV\GHSDUWDPHQWRVRUJDQL]DGRVDSDUWLUGHWUHV
REMHWLYRVHVWUDWpJLFRV
3URPRFLyQGHOPHUFDGRGHODVRVWHQLELOLGDG
3URPRFLyQGHSURFHVRVGHSDUWLFLSDFLyQ\PHGLDFLyQHQFRQÀLFWRVVRFLRDPELHQWDOHV
&RPSURPLVRFRQHOGHVDUUROORVRVWHQLEOHHQ$UDJyQ
(OGHVDUUROORGHHVWHSUR\HFWRVHHQJOREDHQHOFRQYHQFLPLHQWRGHTXHHOPHUFDGR
HV XQD KHUUDPLHQWD ~WLO SDUD OD SURPRFLyQ GHO GHVDUUROOR VRVWHQLEOH (O GHVDItR
HVWULED HQ TXH ORV PHUFDGRV RIUH]FDQ LQFHQWLYRV DO FDPELR VRFLDO \ DPELHQWDO GH
ODVHPSUHVDVHVWRHVTXHFRQVXPLGRUHVHLQYHUVRUHVWHQJDQHQFXHQWDFULWHULRV
VRFLDOHV\PHGLRDPELHQWDOHVDOWRPDUGHFLVLRQHVUHVSHFWRGHVXFRQVXPRRLQYHUVLyQ
6H WUDWDUtD HQ GH¿QLWLYD GH FRQYHQFHUORV SDUD TXH DSUHQGDQ D ³SUHPLDU´ D ODV
PHMRUHVHPSUHVDV
<SDUDHOORHVIXQGDPHQWDOODLQIRUPDFLyQ
)81'$&,Ï1(&2/2*Ë$<'(6$552//2
3OD]D6DQ%UXQRR¿FLQD
=DUDJR]D(VSDxD
7HO
)D[
HFRGHV#HFRGHVRUJ
ZZZHFRGHVRUJ
\
R
X
W
K
;
F
K
D
Q
J
H
*2%,(512'(&$17$%5,$',5(&&,Ï1*(1(5$/'(&20(5&,2<&216802
&216(-(5Ë$'((&2120Ë$<+$&,(1'$
(6&8(/$(8523($'(&21680,'25(6
/D(VFXHOD(XURSHDGH&RQVXPLGRUHV((&HVXQDLQVWLWXFLyQS~EOLFDGHO*RELHUQR
GH &DQWDEULD GHSHQGLHQWH GH OD 'LUHFFLyQ *HQHUDO GH &RPHUFLR \ &RQVXPR
&RQVHMHUtDGH(FRQRPtD\+DFLHQGD'HVDUUROODSODQHV\SUR\HFWRVUHODFLRQDGRVFRQ
OD,QIRUPDFLyQ)RUPDFLyQ\(GXFDFLyQGHORV&RQVXPLGRUHVHQ&DQWDEULDDGHPiV
FRRUGLQDOD5('(VSDxRODGH(GXFDFLyQGHO&RQVXPLGRUOD5('GH3DtVHVGHO6XU
GH(XURSD\OD5('(&216GLULJLGDDSDtVHVHXURSHRV5HGWHPiWLFD&RPHQLXV
GHO SURJUDPD 6yFUDWHV GH OD &RPLVLyQ (XURSHD SRU RWUD SDUWH FRODERUD H
LPSXOVDDFWLYLGDGHVHQOD5('GH(GXFDFLyQGHO&RQVXPLGRUSDUD$PpULFD/DWLQD\
HO&DULEHMXQWRD&RQVXPHUV,QWHUQDFLRQDO81(6&2\HQVXFDVRORVJRELHUQRV
PXQLFLSDOLGDGHVXQLYHUVLGDGHV\RWUDVHQWLGDGHVVLQ¿QHVGHOXFUR+DELWXDOPHQWH
YLHQHFRRUGLQDQGRSUR\HFWRV¿QDQFLDGRVSRUOD&RPLVLyQ(XURSHD
/D((&GHGLFDVXVPD\RUHVHVIXHU]RVDOGHVDUUROORGHWDOOHUHVSUiFWLFRV\PDWHULDOHV
GLGiFWLFRV~WLOHVSDUDOD(GXFDFLyQGHO&RQVXPLGRU7RGRVORVGLVHxRVWLHQHQFRPR
WHOyQ GH IRQGR SUiFWLFDV \ HVFHQDULRV TXH LPSXOVDQ HO FRQVXPR UHVSRQVDEOH \
DSXHVWDQSRUXQGHVDUUROORVRVWHQLEOH6HLPSXOVDQSODQWHDPLHQWRV\HVWUDWHJLDV
SDUD GRWDU D ORV FLXGDGDQRV FRQVXPLGRUHV GH FRQFHSWRV FODURV SURFHGLPLHQWRV
H¿FDFHV \ DFWLWXGHV UHVSRQVDEOHV SDUD TXH VH VLHQWDQ FRQFHUQLGRV FUtWLFRV
VROLGDULRV\FRPSURPHWLGRVFRQVXHQWRUQR
(Q HO FDPSR GHO FRQVXPR VRVWHQLEOH GHVWDFDQ HQWUH RWURV ORV SUR\HFWRV GH
GHVDUUROOR FXUULFXODU HFRFRQVXPR ODV VDOLGDV GH FDPSR ORV JUXSRV GH MyYHQHV
LQYHVWLJDGRUHV \ ORV WDOOHUHV SUiFWLFRV (Q HVWH ~OWLPR DSDUWDGR VH LQFOX\HQ ORV
VLJXLHQWHV ³/DV FXDWUR HUUHV´ ³/D VHOHFFLyQ GH EDVXUDV´ ³/D EDVXUD FXDGUDGD´
³3XQWRVQHJURV´³5HFLFODMHGHSDSHO\FDUWyQ´³(QYDVHVHPEDODMHV\DUWHIDFWRV´
³5HXWLOL]DFLyQ \ UHFLFODMH´ ³6SUD\V GHWHUJHQWHV \ RWURV SURGXFWRV GHO KRJDU´
³,QYHVWLJDPRV ORV SOiVWLFRV´ ³-XJDU OLPSLR´ ³6RQLGRV \ UXLGRV´ ³/D EDWDOOD GHO
DJXD´³/RVTXLWDPDQFKDV´³(OUtR´³&RPSUDHFROyJLFD´HWFHWF
3DUDPiVLQIRUPDFLyQSRGpLVSRQHURVHQFRQWDFWRFRQ
(6&8(/$(8523($'(&21680,'25(6
&1LFROiV6DOPHUyQ
6DQWDQGHU&DQWDEULD(63$f$
7I
)D[
(PDLOHVFXHOD#LQIRFRQVXPRHV
:(%ZZZLQIRFRQVXPRHVHVFXHOD
2WUDVGLUHFFLRQHVGHLQWHUpV
KWWSZZZLQIRFRQVXPRHV
HHFUHG
KWWSZZZHFRQVQHW
KWWSZZZLQIRFRQVXPRHV
GLDQDVHJXULGDG
KWWSZZZLQIRFRQVXPRHV
MXQWRVVRPRVPDV
KWWSZZZLQIRFRQVXPRHV
DJHQGDHXURSD
\
R
X
W
K
;
F
K
D
Q
J
H
&2081,'$')25$/'(1$9$55$
&(1752'(5(&85626$0%,(17$/(6&5$1
(O &HQWUR GH 5HFXUVRV $PELHQWDOHV GH 1DYDUUD HV XQD IXQGDFLyQ SURPRYLGD SRU HO
'HSDUWDPHQWRGH0HGLR$PELHQWH2UGHQDFLyQGHO7HUULWRULR\9LYLHQGDGHO*RELHUQR
GH1DYDUUD\VXVHPSUHVDVS~EOLFDV³*HVWLyQ$PELHQWDO9LYHURV\5HSREODFLRQHVGH
1DYDUUD6$´\³1DYDUUDGH0HGLR$PELHQWH,QGXVWULDO6$´
6XREMHWLYRHVDFHUFDUHOFRQRFLPLHQWRGHO0HGLR$PELHQWHDODVRFLHGDGQDYDUUD\WUDWDU
GHTXHpVWDVHYD\DFRUUHVSRQVDELOL]DQGRHQVXFRQVHUYDFLyQ\PHMRUDFRQVWDQWHV
FRODERUDQGRGHHVWDPDQHUDHQODFRQVWUXFFLyQGHXQDVRFLHGDGPiVVRVWHQLEOHGHVGH
HOSXQWRGHYLVWDHFRQyPLFRVRFLDO\DPELHQWDO
(O &HQWUR GH 5HFXUVRV $PELHQWDOHV GH 1DYDUUD VH KD FRQFHELGR FRPR XQ SXQWR GH
HQFXHQWUR GH SURPRFLyQ GH LQLFLDWLYDV VRFLRDPELHQWDOHV \ OXJDU GH LQWHUFDPELR \
FRRUGLQDFLyQSDUDWRGDVODVSHUVRQDV\HQWLGDGHVTXHTXLHUDQFRQRFHU\WUDEDMDUSRU
HOPHGLRDPELHQWH
(OWHPDSULQFLSDOVREUHHOTXHJLUDODFRQFHSFLyQ\HOIXQFLRQDPLHQWRGHO&HQWURGH
5HFXUVRV$PELHQWDOHVGH1DYDUUDHVHOFRQFHSWRGH6267(1,%,/,'$'(O&HQWURGH
5HFXUVRV$PELHQWDOHVGH1DYDUUDTXLHUHVHUYLUGHHVSDFLRSDUDTXHHVDVH[SHULHQFLDV
QXHYDVORPLVPRTXHODVVROXFLRQHVWHFQROyJLFDVPiVH¿FLHQWHV\UHVSHWXRVDVFRQHO
PHGLRVHDQFRQRFLGDVSRUORVFLXGDGDQRV\FLXGDGDQDVFRQHO¿QGHTXHVHGLYXOJXH
VXYLDELOLGDG\VHYD\DQLQFRUSRUDQGRDVXVKiELWRVGHYLGDFRWLGLDQD
(QWUHORVVHUYLFLRV\DFWLYLGDGHVTXHRIUHFHHOFHQWURGHUHFXUVRVDPELHQWDOHVGHVWDFDQ
ODSRVLELOLGDGGHFRQVXOWDUORVIRQGRVGHVX&HQWURGH'RFXPHQWDFLyQ\VX%LEOLRWHFD
HVSHFLDOL]DGDHQPHGLRDPELHQWH\HGXFDFLyQDPELHQWDO$WUDYpVGHGHPRVWUDFLRQHV\
SUHVHQWDFLRQHVWHFQROyJLFDVHO&HQWURHQFRODERUDFLyQFRQODVHPSUHVDVSURGXFWRUDV
\RFRPHUFLDOL]DGRUDVPXHVWUDSHULyGLFDPHQWHORVDYDQFHV\SURSXHVWDVPiVDFWXDOHV
HQWHFQRORJtDVOLPSLDVDSOLFDGDVDORVGLIHUHQWHViPELWRVSURGXFWLYRV\GHVHUYLFLRV
0HGLDQWHHOiUHDGH)RUPDFLyQ\ SDUDSURPRYHU ODLQWHJUDFLyQDPELHQWDOHQWRGRV
ORV iPELWRV VH UHDOL]DQ SODQHV GH IRUPDFLyQ SDUD ORV GLVWLQWRV VHFWRUHV VRFLDOHV
SURIHVLRQDOHV\GHWHPiWLFDVVRFLRDPELHQWDOHVDVtFRPRXQDVHVRUDPLHQWRFRQWLQXR
DOVHFWRU\VHJXLPLHQWRGHODVLQLFLDWLYDV
(OiUHDGH3DUWLFLSDFLyQHVODHQFDUJDGDGHLPSXOVDUODSDUWLFLSDFLyQGHODVLQVWLWXFLRQHV
VRFLDOHV HQ OD HGXFDFLyQ DPELHQWDO \ HQ OD JHVWLyQ GH ORV WHPDV DPELHQWDOHV TXH
DIHFWDQ D 1DYDUUD $GHPiV HO &HQWUR GH 5HFXUVRV $PELHQWDOHV GH 1DYDUUD RIUHFH
VXV LQVWDODFLRQHV SDUD GHEDWHV HQFXHQWURV DFFLRQHV IRUPDWLYDV SURPRYLGDV SRU
WHUFHURV\RWUDVDFWLYLGDGHVGHDTXHOODVHQWLGDGHVTXHORVGHPDQGHQ$VLPLVPRHVXQ
OXJDUDELHUWRDRWUDVDSRUWDFLRQHVVXJHUHQFLDV\SURSXHVWDVGHWRGDVODVSHUVRQDV\
HQWLGDGHVTXHVHLQWHUHVDQSRUHOPHGLRDPELHQWH\ODVRVWHQLELOLGDG
&(1752'(5(&85626$0%,(17$/(6'(1$9$55$
&3DGUH$GRDtQEDMR
3DPSORQD1DYDUUD
7IQR
)D[
:HEZZZFUDQDRUJ
HPDLOFUDQD#FUDQDRUJ
