3URWRFRORV$VLVWHQFLDOHVHQ2EVWHWULFLD $ERUWRHVSRQWiQHR 3URWRFRORDFWXDOL]DGRHQMXOLRGH 6XVWLWX\HDOSURWRFRORVREUH+HPRUUDJLDVGHO,WULPHVWUH '(),1,&,Ï1 /D6(*2FRQVLGHUDDERUWRODH[SXOVLyQRH[WUDFFLyQGHVXPDGUHGHXQHPEULyQRGHXQ IHWR GH PHQRV GH JUDPRV GH SHVR DSUR[LPDGDPHQWH VHPDQDV FRPSOHWDV GH HPEDUD]R R GH RWUR SURGXFWR GH JHVWDFLyQ GH FXDOTXLHU SHVR R HGDG JHVWDFLRQDO DEVROXWDPHQWH QR YLDEOH SRU HMHPSOR KXHYR QR HPEULRQDGR PROD KLGDWLGLIRUPH HWF LQGHSHQGLHQWHPHQWH GH VL KD\ R QR HYLGHQFLD GH YLGD R VL HO DERUWR IXH HVSRQWiQHR R SURYRFDGR 6LQHPEDUJRHVWDGHILQLFLyQGHEHWHQHUHQFXHQWDTXHHQRFDVLRQHVHOUHFLpQQDFLGRTXH SUHVHQWDDOQDFHUXQSHVRJUDPRV SXHGH VHU UHDQLPDGR \ VREUHYLYLU 6L HO UHFLpQ QDFLGRLQJUHVD HQODXQLGDGQHRQDWDO\IDOOHFHSRVWHULRUPHQWHVX FDVRGHEHUHJLVWUDUVH FRPR PRUWDOLGDG QHRQDWDO FRQ LQGHSHQGHQFLD GH TXH HO SHVR KD\D VLGR LQIHULRU D JUDPRV &/$6,),&$&,Ï1 $ERUWR SUHFR] HV HO TXH RFXUUH DQWHV GH ODV VHPDQDV (Q HVWH JUXSR VH SXHGH LQFOXLU DO DERUWR ELRTXtPLFR SUHLPSODQWDFLRQDO R SUHFOtQLFR TXH HV DTXpO TXH DFRQWHFH GHVGHDQWHVGHTXHHOEODVWRFLVWRVHLPSODQWHKDVWDODSULPHUDPDQLIHVWDFLyQFOtQLFDROD LGHQWLILFDFLyQ HFRJUiILFD GHO VDFR RYXODU FXDWUR R FLQFR VHPDQDV GH JHVWDFLyQ (Q PXFKDVRFDVLRQHVHVWRVDERUWRV RFXUUHQDQWHVGHOD OOHJDGD GHO SHULRGR PHQVWUXDO SRU ORTXHHOGLDJQyVWLFRVRORVHSXHGHUHDOL]DUSRUODSRVLWLYLGDGHQODGHWHUPLQDFLyQGHODǃ K&* $ERUWRWDUGtRHVHOTXHWLHQHOXJDUFRQyPiVVHPDQDVGHJHVWDFLyQ (3,'(0,2/2*Ë$ (ODERUWRHVSRQWiQHRFOtQLFRVHSURGXFHHQWUHHOGHORVHPEDUD]RV/DPD\RUtD GH ORV DERUWRV VRQ SUHFOtQLFRV \ SRU OR JHQHUDO HO DFRQWHFHQ DQWHV GH OD GXRGpFLPD VHPDQD GH HPEDUD]R 6L XQD JHVWDFLyQ OOHJD D OD VpSWLPD VHPDQD FRQ XQD HFRJUDItD QRUPDO OD SUREDELOLGDG GH DERUWR HVSRQWiQHR HV PX\ EDMD LQIHULRU DO GH WRGRVORVDERUWRV (OULHVJRGHDERUWRHVSRQWiQHRDXPHQWDFRQODHGDGPDWHUQDHQWUHDxRV GHDxRVGHDxRVGHDxRVGHDxRV\ GHODSDUWLUGHORVDxRV 207 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 207 4/18/11 4:24:58 PM /DV PXMHUHV TXH \D KDQ WHQLGR XQ DERUWR WLHQHQ PiV SRVLELOLGDGHV GH DERUWDU HQ XQ VHJXQGRLQWHQWR\ODVTXHKDQWHQLGRGRVDERUWRVWLHQHQPD\RUHVSUREDELOLGDGHV GHWHQHUXQWHUFHUR$SHVDUGHWRGRXQDSDFLHQWHTXHKD\DWHQLGRWUHVDERUWRV D~QWLHQHXQDSRVLELOLGDGGHOGHWHQHUXQFXDUWRHPEDUD]RFRQp[LWR )250$6&/Ë1,&$6'(/$%2572(63217È1(2 /D VLQWRPDWRORJtD PiV IUHFXHQWH HQ XQ DERUWR HVSRQWiQHR HV HO VDQJUDGR YDJLQDO \ HO GRORU KLSRJiVWULFR HQ HO FRQWH[WR GH XQD KLVWRULD GH DPHQRUUHD /D WHUPLQRORJtD QR REVWDQWH QR KD VLGR HVWDQGDUL]DGD SRU OR TXH KD\ PXFKD YDULDFLyQ HQ ORV WpUPLQRV XVDGRV $PHQD]D GH DERUWR (O VtQWRPD PiV KDELWXDO HV HO VDQJUDGR YDJLQDO FDVL VLHPSUH LQGRORUR R DFRPSDxDGR GH XQ OHYH GRORU KLSRJiVWULFR (O VDQJUDGR GXUDQWH HO SULPHU WULPHVWUHFRPSOLFDFDVLDOGHODVJHVWDFLRQHV(OH[DPHQFOtQLFRHYLGHQFLDXQFpUYL[ FHUUDGR XQ WDPDxR XWHULQR DSURSLDGR SDUD OD HGDG JHVWDFLRQDO \ OD DFWLYLGDG FDUGLDFD IHWDOHVGHWHFWDEOHSRUHFRJUDItDRH[DPHQ'RSSOHUVLODJHVWDFLyQHVORVXILFLHQWHPHQWH DYDQ]DGD (OGHODVJHVWDFLRQHVFRQDFWLYLGDGFDUGLDFDIHWDO\VDQJUDGRYDJLQDOHQWUHODV VHPDQDV YDQ D VHU HYROXWLYDV \ FXDQWR PD\RU HV OD HGDG JHVWDFLRQDO PD\RU HV OD WDVDGHp[LWRV 8QD UHFLHQWH UHYLVLyQ VLVWHPiWLFD TXH LQFOX\H HVWXGLRV VHxDOD TXH OD DPHQD]D GH DERUWRGXUDQWHHOSULPHUWULPHVWUHVHDVRFLDHQFRPSDUDFLyQFRQODVJHVWDFLRQHVTXHQR KDQ SUHVHQWDGR VDQJUDGR GXUDQWH HO SULPHU WULPHVWUH FRQ XQ DXPHQWR VLJQLILFDWLYR GH KHPRUUDJLDDQWHSDUWRSRUSODFHQWDSUHYLDRGHFDXVDGHVFRQRFLGDGHURWXUDSUHPDWXUD GH PHPEUDQDV SUHWpUPLQR FUHFLPLHQWR LQWUDXWHULQR UHWDUGDGR PRUWDOLGDG SHULQDWDO \ UHFLpQQDFLGRVGHEDMRSHVR $ERUWRHQFXUVRLQHYLWDEOHRLQPLQHQWH&XDQGRHODERUWRHVLQPLQHQWHHOVDQJUDGR \ HO GRORU DXPHQWDQ \ HO FpUYL[ VH GLODWD RULILFLR FHUYLFDO LQWHUQR ! PP 3XHGHQ YLVXDOL]DUVH UHVWRV RYXODUHV D WUDYpV GHO RULILFLR FHUYLFDO R HQ YDJLQD VL OD H[SXOVLyQ GHO SURGXFWR\DVHKDLQLFLDGR $ERUWR LQFRPSOHWR (O FXDGUR FOtQLFR VH FDUDFWHUL]D SRU OD H[SXOVLyQ SDUFLDO GH ORV SURGXFWRV GH OD FRQFHSFLyQ SRU OR TXH HO RULILFLR FHUYLFDO DSDUHFH DELHUWR SXGLpQGRVH YLVXDOL]DUWHMLGRJHVWDFLRQDOHQYDJLQDRDVRPDQGRSRUHOFpUYL[FRQXQWDPDxRXWHULQR PHQRUTXHHOHVSHUDGRSDUDODHGDGJHVWDFLRQDO (OGLDJQyVWLFRHFRJUiILFRGHXQDERUWRLQFRPSOHWRQRVLHPSUHHVIiFLO\DXQTXHQRH[LVWH FRQVHQVR VH VXHOH XWLOL]DU XQ JURVRU GH OD OtQHD PHGLD XWHULQD PP PHGLGD FRQ VRQGDYDJLQDO$GHPiVODSUHVHQFLDGHXQDHFRJHQLFLGDGKHWHURJpQHDKDFHVRVSHFKDU ODH[LVWHQFLDGHUHVWRVRYXODUHVHQHO~WHUR $ERUWR FRPSOHWR eVWH VXFHGH FXDQGR VH SURGXFH OD H[SXOVLyQ FRPSOHWD GHO WHMLGR HPEULRQDULR2FXUUHHQDSUR[LPDGDPHQWHXQWHUFLRGHORVFDVRV &OtQLFDPHQWHVHPDQLILHVWDSRUODGHVDSDULFLyQGHOGRORU\GHOVDQJUDGRDFWLYRXQ~WHUR GHWDPDxRQRUPDO\ELHQFRQWUDtGRFRQFpUYL[FHUUDGR(OGLDJQyVWLFRHFRJUiILFRVHEDVD HQXQJURVRUGHODOtQHDPHGLDXWHULQDPP $ERUWR UHWHQLGR 6H UHILHUH D OD PXHUWH ³LQ ~WHUR´ GHO HPEULyQ R IHWR DQWHV GH ODV VHPDQDV GH JHVWDFLyQ FRQ UHWHQFLyQ GH OD JHVWDFLyQ SRU XQ SHULRGR SURORQJDGR GH WLHPSR 6HJ~Q OD LPDJHQ HFRJUiILFD VH GLVWLQJXHQ GRV WLSRV HO DERUWR GLIHULGR HQ HO 208 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 208 4/18/11 4:25:02 PM TXH VH REVHUYD XQ HPEULyQ VLQ ODWLGR \ OD JHVWDFLyQ DQHPEULRQDGD ³KXHYR KXHUR´ HQHOTXHVHREVHUYDXQVDFRPPVLQLGHQWLILFDUVHHPEULyQ &OtQLFDPHQWHHO~WHURVXHOHVHUPiVSHTXHxRGHOHVSHUDGRJHQHUDOPHQWH HOFpUYL[HVWi FHUUDGR\QRH[LVWHVDQJUDGRDFWLYR/DHFRJUDItDHVODEDVHGHOGLDJQyVWLFR $ERUWR VpSWLFR /RV GDWRV FOtQLFRV KDELWXDOHV GHO DERUWR VpSWLFR LQFOX\HQ ILHEUH HVFDORIUtRV PDO HVWDGR JHQHUDO GRORU DEGRPLQDO \ VDQJUDGR YDJLQDO FRQ IUHFXHQFLD GH DVSHFWRSXUXOHQWR/DH[SORUDFLyQJHQLWDOHYLGHQFLDXQ~WHUREODQGRFRQFpUYL[GLODWDGR\ XQ VDQJUDGR JHQLWDO SXUXOHQWR R QR /D DQDOtWLFD SUHVHQWD OHXFRFLWRVLV FRQ GHVYLDFLyQ L]TXLHUGD /RV JpUPHQHV KDELWXDOPHQWH LPSOLFDGRV VRQ 6WDSK\ORFRFFXV DXUHXV %DFLORV *UDP QHJDWLYRVRDOJ~QFRFRJUDQSRVLWLYR $ERUWRGHUHSHWLFLyQ(OWpUPLQRGHDERUWRUHFXUUHQWHVHUHILHUHDDTXHOODVLWXDFLyQHQ OD TXH VH KDQ SURGXFLGR DO PHQRV GRV DERUWRV FRQVHFXWLYRV R PiV GH GRV DOWHUQRV H[FOX\HQGR OD JHVWDFLyQ H[WUDXWHULQD HO HPEDUD]R PRODU \ ODV JHVWDFLRQHV ELRTXtPLFDV6LQHPEDUJRDOJXQRVDXWRUHVXWLOL]DQYDULDFLRQHVGHHVWDGHILQLFLyQ ',$*1Ï67,&2 $QDPQHVLV 6H GHEH HVWLPDU OD SUREDEOH HGDG JHVWDFLRQDO HQ EDVH D OD IHFKD GH ~OWLPD UHJOD OD GXUDFLyQ KDELWXDO GHO FLFOR OD H[LVWHQFLD \ WLSR GH LUUHJXODULGDGHV PHQVWUXDOHV TXH SXHGDQ H[LVWLU KDELWXDOPHQWH \ OD IHFKD HQ TXH VH REWXYR XQD SULPHUD SUXHED GH HPEDUD]RSRVLWLYD$GHPiVVHGHEHQDQRWDUORVDQWHFHGHQWHVREVWpWULFRV \ ORV IDFWRUHV GHULHVJR /D VLQWRPDWRORJtD JHQHUDOPHQWH FRQVLVWH HQ DPHQRUUHD GRORU SpOYLFR \ VDQJUDGR YDJLQDO$QWHXQVDQJUDGRHVFDVRQRDFRPSDxDGRGHGRORUFRQYLHQHLQWHUURJDUVREUHVX UHODFLyQFRQHOFRLWR\DTXHpVWDHVXQDFDXVDIUHFXHQWHGHPHWURUUDJLD(OGRORUVXHOH VHU XQ VtQWRPD LQHVSHFtILFR (O GRORU KLSRJiVWULFR OHYH QR ODWHUDOL]DGR HV KDELWXDO DO FRPLHQ]R GH OD JHVWDFLyQ QRUPDO XQ GRORU SpOYLFR XQLODWHUDO SRGUtD RULHQWDU KDFLD XQ HPEDUD]R HFWySLFR DXQTXH FRQ PD\RU IUHFXHQFLD HVWi RFDVLRQDGR SRU HO FXHUSR O~WHR KHPRUUiJLFRGHOHPEDUD]R\XQGRORULQWHQVRFRQVDQJUDGRDEXQGDQWHRULHQWDKDFLDXQ DERUWR HQ FXUVR DXQTXH VL HO VDQJUDGR HV HVFDVR HV PiV VXJHUHQWH GH JHVWDFLyQ HFWySLFDFRPSOLFDGD ([SORUDFLyQItVLFD (V LPSRUWDQWH HQ SULQFLSLR FRQILUPDU OD HVWDELOLGDG KHPRGLQiPLFD GH OD SDFLHQWH \ GHVFDUWDUXQDEGRPHQDJXGR 6HGHEHUHDOL]DUXQDH[SORUDFLyQJLQHFROyJLFDFRQHVSpFXORSDUDFRPSUREDUHORULJHQOD FDQWLGDG \ HO DVSHFWR GHO VDQJUDGR /D FDQWLGDG GHO VDQJUDGR VH FRUUHODFLRQD FRQ HO ULHVJR GH DERUWR &XDQGR HV VLPLODU R VXSHULRU DO GH OD PHQVWUXDFLyQ UDUDPHQWH HO HPEDUD]R VHJXLUi DGHODQWH 6L KD\ UHVWRV RYXODUHV SURWUX\HQGR D WUDYpV GHO RULILFLR FHUYLFDO H[WHUQR VH SXHGH LQWHQWDU VX H[WUDFFLyQ FRQ SLQ]DV GH DQLOORV SDUD DOLYLDU HO GRORU 3RU ~OWLPR VH UHDOL]DUi XQD H[SORUDFLyQ ELPDQXDO SDUD FRQVWDWDU VL H[LVWH GLODWDFLyQ FHUYLFDO VL HO WDPDxR \ OD IRUPD XWHULQD VRQ DFRUGHV FRQ ORV GDWRV PHQVWUXDOHV \ VL VH 209 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 209 4/18/11 4:25:02 PM LGHQWLILFDQPDVDVDQH[LDOHV(VWDH[SORUDFLyQQRVXVWLWX\HDODH[SORUDFLyQEDMRDQHVWHVLD TXHGHEHUHDOL]DUVHDQWHVGHXQOHJUDGR 6LELHQODDQDPQHVLV\ODH[SORUDFLyQItVLFDUHVXOWDQGHLQHVWLPDEOHD\XGDSDUDHVWDEOHFHU OD VRVSHFKD GH DERUWR HVSRQWiQHR HQ OD DFWXDOLGDG HO GLDJQyVWLFR GH FHUWH]D GHEH HVWDEOHFHUVHPHGLDQWHODH[SORUDFLyQHFRJUiILFDTXHHYHQWXDOPHQWHSXHGHUHTXHULUGHOD LQIRUPDFLyQFRPSOHPHQWDULDTXHDSRUWDQORVQLYHOHVGHǃK&* (FRJUDItD 6XUHDOL]DFLyQHV REOLJDWRULDDQWHFXDOTXLHUHPEDUD]DGDFRQ VRVSHFKD GH DERUWR JUDGR GH UHFRPHQGDFLyQ % 6H GHEH HPSOHDU VRQGD WUDQVYDJLQDO VLHPSUH TXH VH GLVSRQJD GHHOODJUDGRGHUHFRPHQGDFLyQ% +D\ TXH WHQHU HQ FXHQWD TXH HQ PXMHUHV FRQ FLFORV LUUHJXODUHV R TXH GHVFRQR]FDQ VX ~OWLPDUHJODORVKDOOD]JRVHFRJUiILFRVLQLFLDOHVSXHGHQQRFRUUHVSRQGHUDORV HVSHUDGRV SDUD OD HGDG JHVWDFLRQDO HVWLPDGD 3RU HOOR HQ HO GLDJQyVWLFR HFRJUiILFR GHO DERUWR HVSRQWiQHR GHEH SULPDU OD SUHFDXFLyQ SDUD HYLWDU HO HUURU GH LQGLFDU XQ WUDWDPLHQWR HYDFXDGRUDQWHXQIDOVRGLDJQyVWLFRGHDERUWRHQXQDJHVWDFLyQYLDEOH(VPHMRUVHU FDXWRV\UHSHWLUODHFRJUDItDDORVGtDVFXDQGRQRVH HVWp VHJXURGHSRGHU HVWDEOHFHU XQGLDJQyVWLFRGHILQLWLYR6LDORVGtDVQRKDQRFXUULGRFDPELRVHYROXWLYRVVLJQLILFDWLYRV VH SRGUi HVWDEOHFHU FRQ FHUWH]D HO IDOOR JHVWDFLRQDO SUHFR] (VWD DFWLWXG VHUi ELHQ HQWHQGLGDSRUODPXMHUVLVHOHH[SOLFDGHIRUPDDGHFXDGD\HVWiSOHQDPHQWHMXVWLILFDGD SXHVWR TXH HO HYHQWXDO UHWUDVR HQ HO GLDJQyVWLFR QR DXPHQWD HO ULHVJR GH LQIHFFLyQ JUDGR GH UHFRPHQGDFLyQ $ DXQTXH Vt SXHGH DXPHQWDU OLJHUDPHQWH HO Q~PHUR GH LQJUHVRV QR SODQLILFDGRV SRU DERUWR HQ FXUVR FX\D WUDVFHQGHQFLD HV PtQLPD \ HQ FXDOTXLHUFDVRDVXPLEOHDQWHODSRVLELOLGDGGHXQIDOVRGLDJQyVWLFRGHDERUWR /RV VLJQRV HFRJUiILFRV TXH SHUPLWHQ GH IRUPD LQHTXtYRFD HVWDEOHFHU HO GLDJQyVWLFR GH DERUWRGLIHULGRVRQ $XVHQFLDGHDFWLYLGDGFDUGLDFDHQXQHPEULyQFRQORQJLWXGFpIDORFDXGDO/&&! PPJUDGRGHUHFRPHQGDFLyQ% x $XVHQFLDGHDFWLYLGDGFDUGLDFDHQXQHPEULyQFRQ /&&!PPLQHTXtYRFDPHQWH GHPRVWUDGD SRU XQ HYDOXDGRU H[SHULPHQWDGR HQ FRQGLFLRQHV ySWLPDV SDUD OD YLVXDOL]DFLyQGHOHPEULyQJUDGRGHUHFRPHQGDFLyQ%R x 6DFRJHVWDFLRQDOFRQXQGLiPHWURPHGLRPPVLQHYLGHQFLDGHSRORHPEULRQDULR QLVDFRYLWHOLQRHQVXLQWHULRUJUDGRGHUHFRPHQGDFLyQ% x /DSUHVHQFLDGHODWLGRFDUGLDFRHVODSUXHEDGHILQLWLYDPiVSUHFR]GHTXHODJHVWDFLyQHV YLDEOH6XGHWHFFLyQSRU HFRJUDItDWUDQVYDJLQDOHVSRVLEOHLQFOXVRGHVGHODDSDULFLyQGHO WXER FDUGLDFR GtDV GHVSXpV GH OD IHFXQGDFLyQ DO LQLFLR GH OD VH[WD VHPDQD (VWR FRUUHVSRQGH FRQ XQ HPEULyQ GH PP 6LQ HPEDUJR HQ DOUHGHGRU GHO GH ORV HPEULRQHV HQWUH PP QR VH LGHQWLILFD ODWLGR FDUGLDFR \ QR REVWDQWH GDQ OXJDU D JHVWDFLRQHV HYROXWLYDV /D EUDGLFDUGLD OSP DXPHQWD FRQVLGHUDEOHPHQWH HO ULHVJR GHDERUWR\VLHQXQDVHJXQGDH[SORUDFLyQUHDOL]DGDXQDVHPDQDGHVSXpVODEUDGLFDUGLD VHPDQWLHQHLQYDULDEOHPHQWHVHSURGXFLUiXQDERUWRHVSRQWiQHR 'HWHUPLQDFLyQǃK&* 5HVXOWD GH XWLOLGDG FRPR FRPSOHPHQWR D OD HFRJUDItD HQ FDVR GH TXH QR VH SXHGD HVWDEOHFHUFRQVHJXULGDGODORFDOL]DFLyQGHODJHVWDFLyQSRUHFRJUDItD6LQHPEDUJRXQD YH] TXH VH KD FRQVWDWDGR OD H[LVWHQFLD GH XQ HPEDUD]R LQWUDXWHULQR SRU HFRJUDItD OD PRQLWRUL]DFLyQGHORVQLYHOHVGHǃK&*\DQRHVQHFHVDULD 210 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 210 4/18/11 4:25:03 PM $ SDUWLU GH QLYHOHV ! P8,P/ HV IDFWLEOH ORFDOL]DU OD JHVWDFLyQ SRU HFRJUDItD WUDQVYDJLQDO &XDQGR ORV QLYHOHV GH ǃK&* VXSHUDQ ODV P8,P/ HV SRVLEOH ORFDOL]DUXQDJHVWDFLyQLQWUDXWHULQDHQPiVGHOGHORVFDVRV (Q XQD JHVWDFLyQ LQWUDXWHULQD YLDEOH ORV QLYHOHV GH ǃK&* WLHQGHQ D GXSOLFDU VX YDORU FDGD KRUDV $XQTXH H[LVWH XQD DPSOLD YDULDELOLGDG HQ ! GH ORV FDVRV HVWH LQFUHPHQWR HV GH DO PHQRV HO 6L HO LQFUHPHQWR HV PHQRU VH GHEH VRVSHFKDU OD SUHVHQFLD GH XQD JHVWDFLyQ HFWySLFD &XDQGR ORV QLYHOHV GLVPLQX\HQ D ORV GtDV QRV HQFRQWUDPRVDQWHXQDJHVWDFLyQQRYLDEOH\DVHDLQWUDXWHULQDRHFWySLFD 'H FDUD DO GLDJQyVWLFR DQWH FXDOTXLHU HPEDUD]DGD FRQ VRVSHFKD GH DERUWR VH GHEH UHDOL]DUXQDHFRJUDItDDVHUSRVLEOHSRUYtDYDJLQDO% (OHYHQWXDOUHWUDVRHQHOGLDJQyVWLFRGHXQDERUWRQRDXPHQWDHOULHVJRGHLQIHFFLyQ DXQTXH Vt SXHGH DXPHQWDU OLJHUDPHQWH HO Q~PHUR GH LQJUHVRV QR SODQLILFDGRV SRU DERUWRHQFXUVR$ /RVVLJQRVHFRJUiILFRVTXHSHUPLWHQGHIRUPDLQHTXtYRFDHVWDEOHFHUHOGLDJQyVWLFRGH DERUWR GLIHULGR VRQ OD DXVHQFLD GH DFWLYLGDG FDUGLDFD HQ XQ HPEULyQ FRQ ORQJLWXG FpIDORFDXGDO /&& ! PP R OD DXVHQFLD GH DFWLYLGDG FDUGLDFD HQ XQ HPEULyQ FRQ /&&!PPRODSUHVHQFLDGHXQVDFRJHVWDFLRQDOFRQXQGLiPHWURPHGLRPP VLQHYLGHQFLDGHSRORHPEULRQDULRQLVDFRYLWHOLQRHQVXLQWHULRU% ',$*1Ï67,&2',)(5(1&,$/ 6DQJUDGRSRULPSODQWDFLyQ6HWUDWDGHXQDKHPRUUDJLDHVFDVDHQFDQWLGDGPHQRUD XQDPHQVWUXDFLyQTXHRFXUUHHQFDVLODPLWDGGHODVHPEDUD]DGDVHQWUHODVVHPDQDV \$YHFHVVHSXHGHFRQIXQGLUFRQXQDPHQVWUXDFLyQORTXHDOWHUDUtDHOFiOFXORGHOD HGDGJHVWDFLRQDO1RVHDVRFLDDSHRUSURQyVWLFRGHODJHVWDFLyQSRUORTXHQRVHWUDWD GHXQDDPHQD]DGHDERUWR 3DWRORJtD GHO DSDUDWR JHQLWDO 8QD DGHFXDGD H[SORUDFLyQ JLQHFROyJLFD FRQ HVSpFXOR SHUPLWLUi FRQILUPDU VL OD SURFHGHQFLD GH OD KHPRUUDJLD HV YXOYRYDJLQDO R VL SRU HO FRQWUDULRVXRULJHQHVLQWUDXWHULQR8QDGHODVFDXVDVPiVIUHFXHQWHVGHKHPRUUDJLDGHO SULPHU WULPHVWUH HV HO WUDXPDWLVPR RFDVLRQDGR SRU ODV UHODFLRQHV VH[XDOHV VREUH XQD YDJLQDRFpUYL[PiVIULDEOHVGHELGRDORVFDPELRVGHOHPEDUD]R 0HWURUUDJLD GLVIXQFLRQDO $QWH FXDOTXLHU PXMHU HQ HGDG IpUWLO TXH FRQVXOWH GH IRUPD XUJHQWH SRU XQ FXDGUR GH PHWURUUDJLD VH GHEH VROLFLWDU XQ WHVW GH HPEDUD]R SDUD GHVFDUWDUHVWDSRVLELOLGDG (PEDUD]R HFWySLFR /D SULQFLSDO GLILFXOWDG SDUD HO GLDJQyVWLFR GLIHUHQFLDO VH SODQWHD FXDQGRH[LVWHXQDSUXHEDGHHPEDUD]RSRVLWLYD\QRHVSRVLEOHORFDOL]DUODJHVWDFLyQSRU HFRJUDItD(QHVWRVFDVRVVHGHEHQFXDQWLILFDUORVQLYHOHVVpULFRVGHǃK&*/DVRVSHFKD GH HPEDUD]R HFWySLFR GHEH VHU DOWD FXDQGR SRU HFRJUDItD WUDQVYDJLQDO VH REMHWLYD XQ ~WHURYDFtR\ORVQLYHOHVGHǃK&*VpULFDVRQ !P8,P/JUDGRGHUHFRPHQGDFLyQ % 211 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 211 4/18/11 4:25:03 PM *HVWDFLyQPRODU6HGHEHVRVSHFKDUDQWHQLYHOHVPX\HOHYDGRVGHǃK&*MXQWRFRQHO KDOOD]JRHFRJUiILFRGHFDPELRVKLGUySLFRVSODFHQWDULRV\RTXLVWHVWHFDOXWHtQLFRV /D VRVSHFKD GH HPEDUD]R HFWySLFR HV DOWD FXDQGR SRU HFRJUDItD WUDQVYDJLQDO VH REMHWLYDXQ~WHURYDFtR\ORVQLYHOHVGHǃK&*VpULFDVRQ!P8,P/% 1250$6*(1(5$/(6$17(6'(/75$7$0,(172 7UDV HO GLDJQyVWLFR GH DERUWR HVSRQWiQHR \ DQWHV GH SURFHGHU D VX WUDWDPLHQWR VH UHFRPLHQGD OD UHDOL]DFLyQ GH ODV VLJXLHQWHV PHGLGDV JHQHUDOHV VL QR VH KXELHVHQ UHDOL]DGRGHQWURGHOSURFHVRGLDJQyVWLFR x $QDPQHVLV 2ULHQWDGD WDQWR D HQIHUPHGDGHV IDPLOLDUHV \ SHUVRQDOHV FRPR D DQWHFHGHQWHV REVWpWULFRV TXH SXGLHUDQ LQIOXLU HQ HO PDQHMR WHUDSpXWLFR 1R VH GHEH ROYLGDUODYDORUDFLyQGHSRVLEOHVDOHUJLDV(VLPSRUWDQWHLQWHQWDUVHOHFFLRQDUDTXHOODV PXMHUHVTXHVHEHQHILFLDUiQGHD\XGDTXHQRHVODKDELWXDOHQHOPDQHMRGHODERUWR KLVWRULD SVLTXLiWULFD HQWRUQR VRFLDO GHVIDYRUHFLGR SUHVLyQ VRFLDO R IDPLOLDU JUDGR GHUHFRPHQGDFLyQ& x ([SORUDFLyQItVLFD6HGHEHRULHQWDUDODHYDOXDFLyQGHHVDVPLVPDVHQIHUPHGDGHV ODFXDQWtDGHOVDQJUDGRVLHVWHH[LVWLHVH\VXUHSHUFXVLyQKHPRGLQiPLFD\DGHVFDUWDU XQD SRVLEOH FOtQLFD GH LQIHFFLyQ JHQLWDO R VLVWpPLFD (Q OD H[SORUDFLyQ REVWpWULFD KD\ TXH YDORUDU HO WDPDxR \ OD SRVLFLyQ XWHULQD DVt FRPR HO JUDGR GH PDGXUDFLyQ \R GLODWDFLyQFHUYLFDO x +HPDWLPHWUtD3DUDFXDQWLILFDUODKHPRJORELQDJUDGRGHUHFRPHQGDFLyQ&\ HO KHPDWRFULWRFRQHOILQGHGHVFDUWDUXQDDQHPLDEDVDORVHFXQGDULDDOVDQJUDGR/RV YDORUHVGHOHXFRFLWRV\VXIyUPXODSXHGHQGHVFDUWDUXQDLQIHFFLyQDFWLYD x (VWXGLR EiVLFR GH FRDJXODFLyQ 3XHGH VHU QHFHVDULR SUHYLR DO WUDWDPLHQWR TXLU~UJLFRFRQDQHVWHVLD x *UXSR VDQJXtQHR \ 5K ,PSUHVFLQGLEOH SDUD VHOHFFLRQDU D ODV PXMHUHV TXH UHTXLHUDQ SURILOD[LV DQWL' R HQ FDVRV GH DQHPLD LQWHQVD TXH SUHFLVHQ WUDQVIXVLyQ JUDGRGHUHFRPHQGDFLyQ& x 3UXHEDV FUX]DGDV 1R VH FRQVLGHUD HIHFWLYD VX UHDOL]DFLyQ VLVWHPiWLFD JUDGR GH UHFRPHQGDFLyQ% x 2WUDV GHWHUPLQDFLRQHV (O FULEDGR GH KHPRJORELQRSDWtDV +,9 KHSDWLWLV % y & VH UHDOL]DUi HQ IXQFLyQ GH OD FOtQLFD IDFWRUHV GH ULHVJR R SUHYDOHQFLD ORFDO GH OD HQIHUPHGDGJUDGRGHUHFRPHQGDFLyQ& x 9DORUDFLyQSUHDQHVWpVLFD6HUtDDFRQVHMDEOH UHDOL]DU XQD YDORUDFLyQ SUHDQHVWpVLFD HQPXMHUHVFRQSDWRORJtDVGHEDVHTXHSUHFLVHQXQDHYDOXDFLyQGHODVPLVPDV x 3UHYHQFLyQ GH ODV FRPSOLFDFLRQHV LQIHFFLRVDV $FWXDOPHQWH QR KD\ HYLGHQFLD SDUD UHFRPHQGDU OD SURILOD[LV DQWLELyWLFD UXWLQDULD DQWHV GH UHDOL]DU HO WUDWDPLHQWR TXLU~UJLFRGHODERUWRJUDGRGH UHFRPHQGDFLyQ $ 6t VH UHFRPLHQGD UHDOL]DU XQD UHFRJLGD GH IOXMR YDJLQDO FRQ HVFRELOOyQ DOD PXMHU TXH SUHVHQWD FOtQLFD GH LQIHFFLyQ JHQLWDO JUDGR GH UHFRPHQGDFLyQ & \ VL pVWD FRQILUPD OD LQIHFFLyQ LQVWDXUDU HO WUDWDPLHQWRDGHFXDGRJUDGRGHUHFRPHQGDFLyQ% 212 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 212 4/18/11 4:25:03 PM x ,QIRUPDFLyQ (V PX\ LPSRUWDQWH WUDVPLWLU D OD PXMHU \ VXV IDPLOLDUHV XQD LQIRUPDFLyQ FRPSOHWD \ FODUD VREUH ODV SRVLEOHV RSFLRQHV \ HQ PXFKDV RFDVLRQHV GHMDUTXHRSWHSRUODTXHFRQVLGHUHPHMRU(VWiGHPRVWUDGRTXHODHOHFFLyQGHOWLSR GHWUDWDPLHQWRSRUSDUWHGHOD PXMHU VH DVRFLD FRQ XQ PHMRU UHVXOWDGR HQ FXDQWR D FDOLGDGGHYLGDJUDGRGHUHFRPHQGDFLyQ$ (V UHFRPHQGDEOH FXDQWLILFDU OD KHPRJORELQD \ HO KHPDWRFULWR FRQ HO ILQ GH GHVFDUWDU XQDDQHPLDEDVDORVHFXQGDULDDOVDQJUDGR& (V UHFRPHQGDEOH GHWHUPLQDU HO JUXSR \ 5K SDUD VHOHFFLRQDU D ODV PXMHUHV TXH UHTXLHUDQSURILOD[LVDQWL'RHQFDVRVGHDQHPLDLQWHQVDTXHSUHFLVHQWUDQVIXVLyQ& 1RVHFRQVLGHUDQHFHVDULDODUHDOL]DFLyQVLVWHPiWLFDGHSUXHEDVFUX]DGDV% 1RKD\HYLGHQFLDSDUDUHFRPHQGDU OD SURILOD[LV DQWLELyWLFD UXWLQDULD DQWHV GH UHDOL]DU HOWUDWDPLHQWRTXLU~UJLFRGHODERUWR$ 75$7$0,(172'(/$%2572(63217È1(2 75$7$0,(17248,5Ò5*,&2 ,QGLFDFLRQHV\EHQHILFLRV +DVWD KDFH SRFR WLHPSR OD PD\RUtD GH PXMHUHV FRQ DERUWR HVSRQWiQHR UHFLEtDQ WUDWDPLHQWR TXLU~UJLFR SRUTXH VH DVXPtD TXH HO WHMLGR UHWHQLGR DXPHQWDED HO ULHVJR GH LQIHFFLyQ \ KHPRUUDJLD 1R REVWDQWH KD\ HVWXGLRV TXH VXJLHUHQ TXH HVWDV FRPSOLFDFLRQHVVyORDIHFWDQDGHPXMHUHVTXHDERUWDQSRUORTXHHOWUDWDPLHQWR TXLU~UJLFR GHEH VHU LQGLFDGR DQWH FLUFXQVWDQFLDV HVSHFtILFDV JUDGR GH UHFRPHQGDFLyQ & 6H GHEH RIUHFHU OD HYDFXDFLyQ TXLU~UJLFD GHO ~WHUR D ODV PXMHUHV TXH SUHILHUDQ HVWD RSFLyQ /DV LQGLFDFLRQHV FOtQLFDV GHO WUDWDPLHQWR TXLU~UJLFR GHO DERUWR LQFOX\HQ KHPRUUDJLD LQWHQVD \ SHUVLVWHQWH LQHVWDELOLGDG KHPRGLQiPLFD HYLGHQFLD GH WHMLGRV UHWHQLGRV LQIHFWDGRV FRQWUDLQGLFDFLyQ SDUD HO WUDWDPLHQWR PpGLFR R VRVSHFKD GH HQIHUPHGDGWURIREOiVWLFDJHVWDFLRQDOJUDGRGHUHFRPHQGDFLyQ& /RVEHQHILFLRVGHWUDWDPLHQWRTXLU~UJLFRGHODERUWRHVSRQWiQHRLQFOX\HQODSRVLELOLGDGGH SURJUDPDFLyQTXHHOSURFHGLPLHQWRVHFRPSOHWDKDELWXDOPHQWHHQXQSHULRGRPiVFRUWR GH WLHPSR OR TXH FRQOOHYD PHQRU VDQJUDGR TXH OD H[SXOVLyQ GH ORV UHVWRV DERUWLYRV RFXUUHQVLHPSUHHQXQFHQWURVDQLWDULR\TXHODWDVDGHp[LWRHVDOWDRVFLODHQWUHHO VLHQGRHQODPD\RUtDGHHVWXGLRV! 213 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 213 4/18/11 4:25:04 PM (O WUDWDPLHQWR TXLU~UJLFR GHEH VHU LQGLFDGR DQWH FLUFXQVWDQFLDV HVSHFtILFDV /DV LQGLFDFLRQHV FOtQLFDV GHO WUDWDPLHQWR TXLU~UJLFR GHO DERUWR LQFOX\HQ KHPRUUDJLD LQWHQVD \ SHUVLVWHQWH LQHVWDELOLGDG KHPRGLQiPLFD HYLGHQFLD GH WHMLGRV UHWHQLGRV LQIHFWDGRV FRQWUDLQGLFDFLyQ SDUD HO WUDWDPLHQWR PpGLFR R VRVSHFKD GH HQIHUPHGDG WURIREOiVWLFD JHVWDFLRQDO 6H GHEH RIUHFHU OD HYDFXDFLyQ TXLU~UJLFD GHO ~WHUR D ODV PXMHUHVTXHSUHILHUDQHVWDRSFLyQ& 0DGXUDFLyQFHUYLFDO 1R KD\ HYLGHQFLD SDUD UHFRPHQGDU OD PDGXUDFLyQ FHUYLFDO VLVWHPiWLFD SHUR GHEH VHU UXWLQDULD HQ PXMHUHV GH DxRV R FXDQGR OD JHVWDFLyQ VXSHUH ODV VHPDQDV GH DPHQRUUHDJUDGRGHUHFRPHQGDFLyQ% 'H DFXHUGR D OD HYLGHQFLD GLVSRQLEOH HO UpJLPHQ ySWLPR SDUD OD SUHSDUDFLyQ FHUYLFDO DQWHV GHO DERUWR TXLU~UJLFR HV OD DGPLQLVWUDFLyQ YDJLQDO GH J GH PLVRSURVWRO KRUDVDQWHVGHODFLUXJtDJUDGRGHUHFRPHQGDFLyQ% (Q FDVR GH FRQWUDLQGLFDFLyQ SDUD HO XVR GH PLVRSURVWRO VH SXHGH FRQVLGHUDU OD PDGXUDFLyQ FHUYLFDO PHGLDQWH GLODWDGRUHV RVPyWLFRV R OD GLODWDFLyQ PHFiQLFD KDELWXDOPHQWHFRQWDOORVPHWiOLFRVFRPRORVGH+HJDU 1RKD\HYLGHQFLDSDUDUHFRPHQGDUODPDGXUDFLyQFHUYLFDOVLVWHPiWLFDSHURGHEH VHU UXWLQDULD HQ PXMHUHV GH DxRV R FXDQGR OD JHVWDFLyQ VXSHUH ODV VHPDQDV GH DPHQRUUHD(OUpJLPHQySWLPRSDUDODSUHSDUDFLyQFHUYLFDODQWHVGHODERUWRTXLU~UJLFR HV OD DGPLQLVWUDFLyQ YDJLQDO GH J GH PLVRSURVWRO KRUDV DQWHV GH OD FLUXJtD % 0pWRGRVGHHYDFXDFLyQXWHULQD /D HYDFXDFLyQ TXLU~UJLFD GHO ~WHUR GHEH UHDOL]DUVH XVDQGR HO OHJUDGR SRU DVSLUDFLyQ JUDGR GH UHFRPHQGDFLyQ $ \D TXH VH DVRFLD D PHQRU SpUGLGD GH VDQJUH PHQRU GRORU\FRQXQDGXUDFLyQPiVFRUWDGHOSURFHGLPLHQWR6LQHPEDUJRGHEHHYLWDUVHHQ JHVWDFLRQHVPHQRUHVGHVHPDQDVGHJHVWDFLyQSRUODVSRVLELOLGDGHVGHIUDFDVRJUDGR GHUHFRPHQGDFLyQ% /RV OHJUDGRV SRU DVSLUDFLyQ GHO SULPHU WULPHVWUH VH SXHGHQ UHDOL]DU FRQ GLVSRVLWLYRV HOpFWULFRV R PDQXDOHV FiQXODV GH DVSLUDFLyQ FRQHFWDGDV D XQD MHULQJD \D TXH DPERV PpWRGRVVRQHIHFWLYRV\DFHSWDEOHVWDQWRSDUDODPXMHUFRPRSDUDHOPpGLFRJUDGRGH UHFRPHQGDFLyQ $ 3XHGHQ UHDOL]DUVH FRQ DOWD SUHFR] \ QR UHTXLHUH XQ TXLUyIDQR FRPSOHWRFRQYHQFLRQDO'HVSXpVGHUHDOL]DUODDVSLUDFLyQXWHULQDQRHVQHFHVDULRXWLOL]DU ODOHJUDPHWiOLFDGHIRUPDUXWLQDULDJUDGRGHUHFRPHQGDFLyQ$ 3DUDODVJHVWDFLRQHVGHPiVGHVHPDQDVHODERUWRPHGLDQWHGLODWDFLyQ\HYDFXDFLyQ H[WUDFFLyQ GH ORV UHVWRV DERUWLYRV LQWURGXFLHQGR SLQ]DV LQWUD~WHUR WUDV XQD GLODWDFLyQ FHUYLFDO DGHFXDGD HV VHJXUR \ HIHFWLYR FXDQGR OR UHDOL]D XQ PpGLFR H[SHUWR FRQ HO LQVWUXPHQWDODGHFXDGRJUDGRGHUHFRPHQGDFLyQ$ (O XVR GH R[LWRFLQD HVWi DVRFLDGR FRQ XQD GLIHUHQFLD HVWDGtVWLFD SHUR QR FOtQLFDPHQWH VLJQLILFDWLYD HQ OD SpUGLGD PHGLD GH VDQJUH PO YV PO JUDGR GH UHFRPHQGDFLyQ$ ([LVWHSRFD HYLGHQFLDVREUHOD HILFDFLD GH ORV HUJRWDPtQLFRV HQ HO WUDWDPLHQWRTXLU~UJLFRGHODERUWRGHOSULPHUWULPHVWUH 214 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 214 4/18/11 4:25:04 PM 3DUDODKLVWHURWRPtDROD KLVWHUHFWRPtD VH UHTXLHUH HO PLVPR FXLGDGR SUHRSHUDWRULR TXH SDUDODFLUXJtDPD\RU\VXHOHQVHUWpFQLFDVGH~OWLPDHOHFFLyQSRUODVPD\RUHVWDVDVGH PRUELOLGDG\PRUWDOLGDGHQFRPSDUDFLyQFRQRWURVSURFHGLPLHQWRV (QHVWRVFDVRVVHUtD FRQYHQLHQWH GLVFXWLU VX LQGLFDFLyQ SUHYLDPHQWH HQWUH YDULRV SURIHVLRQDOHV \ HV GH VXPD LPSRUWDQFLDUHDOL]DUXQDEXHQDLQIRUPDFLyQDODVSDFLHQWHV /DKLVWHURWRPtDVHUHDOL]DFXDQGRKDQIUDFDVDGRORVUHVWDQWHVSURFHGLPLHQWRVDXQTXHHQ GHWHUPLQDGRVFDVRVSXHGHVHUGHHOHFFLyQFXDQGRODH[WUDFFLyQSRUYtDYDJLQDOVHDGLItFLO /D KLVWHUHFWRPtD VyOR HVWi LQGLFDGD FXDQGR DGHPiV GH OD LQGLFDFLyQ GH OD HYDFXDFLyQ XWHULQDVHSUHWHQGDUHVROYHURWURSUREOHPDJLQHFROyJLFR /D HYDFXDFLyQ TXLU~UJLFD GHO ~WHUR GHEH UHDOL]DUVH XVDQGR HO OHJUDGR SRU DVSLUDFLyQ $VDOYRHQJHVWDFLRQHVPHQRUHVGHVHPDQDVGHJHVWDFLyQSRUODVSRVLELOLGDGHVGH IUDFDVR% 'HVSXpVGHUHDOL]DUODDVSLUDFLyQXWHULQDQRHVQHFHVDULRXWLOL]DUODOHJUDPHWiOLFDGH IRUPDUXWLQDULD$ $QHVWHVLD (OGRORUVHSURGXFHFRQODGLODWDFLyQ\WUDFFLyQGHOFpUYL[FRQODDVSLUDFLyQ\HOOHJUDGR GH OD FDYLGDG XWHULQD (O OHJUDGR SRU DVSLUDFLyQ HV PiV VHJXUR VL VH UHDOL]D EDMR DQHVWHVLD ORFDO TXH FRQ DQHVWHVLD JHQHUDO SRU OR TXH VH GHEH FRQVLGHUDU HVWD RSFLyQ HVSHFLDOPHQWH HQ JHVWDFLRQHV GH SRFD HYROXFLyQ JUDGR GH UHFRPHQGDFLyQ % (O EORTXHR SDUDFHUYLFDO HV HIHFWLYR SDUD HO DOLYLR GHO GRORU DVRFLDGR FRQ OD WUDFFLyQ GHO FpUYL[ \ FRQ OD GLODWDFLyQ FHUYLFDO SHUR HV PiV OLPLWDGR HQ HO GRORU SURGXFLGR SRU OD DVSLUDFLyQRHOOHJUDGR /D DQHVWHVLD ORFDO VH XWLOL]D UDUDPHQWH HQ (VSDxD R HQ HO 5HLQR 8QLGR SHUR HV PX\ IUHFXHQWH HQ (VWDGRV 8QLGRV JUDGR GH UHFRPHQGDFLyQ % 2WUDV WpFQLFDV FRPSOHPHQWDULDV R DOWHUQDWLYDV VHUtDQ OD FRPELQDFLyQ GH DQHVWHVLD ORFDO FRQ VHGDFLyQ FRQVFLHQWHRUDORLQWUDYHQRVDRODDGPLQLVWUDFLyQGHDQHVWHVLDJHQHUDO (VWXGLRKLVWROyJLFR (OJLQHFyORJRGHEHH[DPLQDUHOWHMLGRH[WUDtGRSDUDFRQILUPDUTXHVRQUHVWRVDERUWLYRV TXH VX FDQWLGDG HV DGHFXDGD \ SDUD GHVFDUWDU OD SUHVHQFLD GH WHMLGR H[WUDxR FRPR JUDVD1RVHUHFRPLHQGDHOHVWXGLRKLVWROyJLFRUXWLQDULRGHORVUHVWRVDERUWLYRVJUDGR GH UHFRPHQGDFLyQ % DXQTXH Vt HVWDUtD LQGLFDGR FXDQGR KD\D TXH FRQILUPDU OD JHVWDFLyQ \ H[FOXLU HO HPEDUD]R HFWySLFR SRFR PDWHULDO R TXH VH WUDWH GH XQD SRVLEOH HQIHUPHGDG WURIREOiVWLFD JHVWDFLRQDO WHMLGR FRQ YHVtFXODV JUDGR GH UHFRPHQGDFLyQ & 1R VH UHFRPLHQGD HO HVWXGLR KLVWROyJLFR UXWLQDULR GH ORV UHVWRV DERUWLYRV % VDOYR FXDQGRKD\DTXHFRQILUPDUODJHVWDFLyQ\H[FOXLUHOHPEDUD]RHFWySLFRRVHWUDWHGH XQDSRVLEOHHQIHUPHGDGWURIREOiVWLFDJHVWDFLRQDO& 215 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 215 4/18/11 4:25:04 PM 75$7$0,(1720e',&2 (ODERUWRPpGLFRRIDUPDFROyJLFRVHGHILQHFRPRDTXpOHQHOTXHVHSURGXFHODFRPSOHWD H[SXOVLyQGHOSURGXFWRGHODFRQFHSFLyQVLQLQVWUXPHQWDFLyQTXLU~UJLFD (OWUDWDPLHQWRIDUPDFROyJLFRSXHGHVHUHOPpWRGRGHHOHFFLyQHQORVVLJXLHQWHVFDVRVVL ODPXMHUGHVHDHYLWDUXQDLQWHUYHQFLyQTXLU~UJLFDFXDQGRHOtQGLFHGHPDVDFRUSRUDOGH OD SDFLHQWH HV ! HQ HVWRV FDVRV HO WUDWDPLHQWR TXLU~UJLFR SXHGH SUHVHQWDU PD\RUHV FRPSOLFDFLRQHV R DQWH OD SUHVHQFLD GH PDOIRUPDFLRQHV PLRPDV XWHULQRV R LQWHUYHQFLRQHV D QLYHO GHO FpUYL[ XWHULQR TXH GLILFXOWHQ HO WUDWDPLHQWR TXLU~UJLFR (Q ODV SULPHUDVVHPDQDVGHOHPEDUD]RVHFRQVLGHUDTXHHODERUWRIDUPDFROyJLFRHVPiVHILFD] TXH HO TXLU~UJLFR HVSHFLDOPHQWH FXDQGR OD SUiFWLFD FOtQLFD QR LQFOX\H XQD LQVSHFFLyQ GHWDOODGDGHOWHMLGRDVSLUDGR /RVPHGLFDPHQWRVTXHVHHPSOHDQHQHODERUWRIDUPDFROyJLFRVRQ 3URVWDJODQGLQDV 0LVRSURVWRO /D ELRGLVSRQLELOLGDG GHO PLVRSURVWRO YtD YDJLQDO R UHFWDO HV WUHV YHFHV PD\RU TXH OD YtD RUDORVXEOLQJXDO /RV UHJtPHQHV GH PLVRSURVWRO DFHSWDGRV SDUD HO WUDWDPLHQWR GHODERUWR HVSRQWiQHR GHO SULPHU WULPHVWUH VRQ J YDJLQDO UHSHWLU D ODV KRUDV VL VH SUHFLVD y J YDJLQDOKRUDVKDVWDJJUDGRGHUHFRPHQGDFLyQ% 6RQFRQWUDLQGLFDFLRQHVSDUDHOXVRGHOPLVRSURVWROFRPRWUDWDPLHQWRPpGLFRGHODERUWR HVSRQWiQHR ODV VLJXLHQWHV DQHPLD FRQ KHPRJORELQD PJGO DOHUJLD DO PLVRSURVWRO JHVWDFLRQHV FRQ GLVSRVLWLYRV LQWUDXWHULQRV X REVWUXFFLyQ GHO FDQDO FHUYLFDO JHVWDFLRQHV HFWySLFDV LQVXILFLHQFLD VXSUDUUHQDO DVPD VHYHUD JODXFRPD HVWHQRVLV PLWUDO SRUILULDV FRQJpQLWDV FRUWLFRWHUDSLD GH ODUJD GXUDFLyQ DOWHUDFLRQHV KHPRUUiJLFDV R XVR GH DQWLFRDJXODQWHVLQKDELOLWDFLyQSRUDXVHQFLDGHSOHQDVIDFXOWDGHVPHQWDOHVRGLILFXOWDGD ODKRUDGHDFFHGHUDXQFHQWURPpGLFRGHHPHUJHQFLD 7UDVODDGPLQLVWUDFLyQGHOPLVRSURVWROVHREVHUYDXQDFOtQLFDSDUHFLGDDODSURGXFLGDSRU OD H[SXOVLyQ HVSRQWiQHD GHO DERUWR TXH LQFOX\H GRORU DEGRPLQDO WLSR FyOLFR \ VDQJUDGR VLPLODU D XQD PHQVWUXDFLyQ SHUR PiV SURORQJDGD HQ HO WLHPSR (VWH VDQJUDGR RFXUUH GXUDQWHXQSURPHGLRGHGtDVDXQTXHHQFDVRVLQIUHFXHQWHVSXHGHOOHJDUDORVGtDV 6LODPXMHUVHHQFXHQWUDFOtQLFDPHQWHELHQQLODKHPRUUDJLDSURORQJDGDQLODSUHVHQFLD H[FHVLYD GH WHMLGR HQ HO ~WHUR GHWHFWDGR SRU HFRJUDItD VRQ XQD LQGLFDFLyQ SDUD XQD LQWHUYHQFLyQTXLU~UJLFD /RVSURGXFWRVGHODFRQFHSFLyQTXHD~QSHUPDQH]FDQLQWUD~WHURWUDVHOWUDWDPLHQWRFRQ PLVRSURVWROVLQRVXSHUDQORVPPGHGLiPHWURDQWHURSRVWHULRUSRUHFRJUDItDVHUiQ H[SXOVDGRVGXUDQWH HOVDQJUDGR VXEVLJXLHQWH/D HYDFXDFLyQ TXLU~UJLFD GHO ~WHUR SXHGH UHDOL]DUVHVLODPXMHUORVROLFLWDRVLHOVDQJUDGRHVLQWHQVRSURORQJDGRRULJLQDDQHPLD R VL H[LVWHQ SUXHEDV GH LQIHFFLyQ (Q HVWH ~OWLPR FDVR HV LPSUHVFLQGLEOH LQLFLDU DQWLELRWHUDSLD(OIUDFDVRGHOWUDWDPLHQWRPpGLFRUHVWRV!PPRVDFRRYXODUtQWHJUR UHTXHULUi XQ OHJUDGR XWHULQR HO FXiO QR SUHFLVDUi GLODWDFLyQ FHUYLFDO \ SXHGH UHDOL]DUVH FRQXQDPtQLPDDVSLUDFLyQXWLOL]DQGRFiQXODVGHPP(QHVWRVFDVRVWDPELpQVHKD SURSXHVWRODSRVLELOLGDGGHHPSOHDUXQDVHJXQGDGRVLVGHJGHPLVRSURVWROSRUYtD YDJLQDO\HVSHUDUGHQXHYRRWURVGtDV 216 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 216 4/18/11 4:25:05 PM /RV HIHFWRV VHFXQGDULRV GHO PLVRSURVWRO LQFOX\HQ QiXVHDV YyPLWRV \ GLDUUHD VLHQGR PHQRVIUHFXHQWHVHQODDGPLQLVWUDFLyQYDJLQDOGHYyPLWRV\GHGLDUUHDWUDVOD YtDYDJLQDOIUHQWHDO\WUDVODYtDRUDO 7RGD SDFLHQWH TXH VHD VRPHWLGD D XQ DERUWR PpGLFR GHEH FRQVHQWLU HO PLVPR WUDV LQIRUPDFLyQWDQWRRUDOFRPRHVFULWDUHDOL]DGDSRUXQIDFXOWDWLYRHPSOHDQGRXQOHQJXDMH DGHFXDGR (O 5HDO 'HFUHWR GH GH MXQLR UHJXOD OD GLVSRQLELOLGDG GH PHGLFDPHQWRV HQ VLWXDFLRQHV HVSHFLDOHV H LQFOX\H HO XVR GH PHGLFDPHQWRV HQ FRQGLFLRQHVGLVWLQWDVGHODVLQFOXLGDVHQODILFKDWpFQLFDORTXHDIHFWDDODLQGLFDFLyQGHO PLVRSURVWRO SDUD HO WUDWDPLHQWR GHO DERUWR HVSRQWiQHR (Q HVWRV PRPHQWRV HVWi HQ SURFHVR GH FRPHUFLDOL]DFLyQ HQ QXHVWUR SDtV XQ SUHSDUDGR GH PLVRSURVWRO HQ FRPSULPLGRV YDJLQDOHV FRQ LQGLFDFLyQ SDUD OD GLODWDFLyQ GHO FHUYL[ SDUD FDVRV GH SURFHGLPLHQWRVJLQHFROyJLFRVTXHUHTXLHUDQHODFFHVRDODFDYLGDGXWHULQD /D WDVD GH H[SXOVLyQ GHO SURGXFWR GH OD FRQFHSFLyQ WUDV OD DGPLQLVWUDFLyQ RUDO GH XQD GRVLVGHJGHPLVRSURVWROHVGHXQDODVKRUDV\DXPHQWDKDVWDHO FXDQGR VH UHSLWH OD GRVLV HQ HO WUDQVFXUVR GH KRUDV 3RU RWUD SDUWH VL HO DERUWR WUDWDGRHVLQFRPSOHWRODWDVDGHH[SXOVLyQFRPSOHWDGHORVUHVWRVHVFHUFDQDDO6H KDQGRFXPHQWDGRWDVDVGHH[SXOVLyQGHKDVWDHOWUDVODDGPLQLVWUDFLyQYDJLQDO GH J GHO IiUPDFR HQ PXMHUHV FRQ JHVWDFLRQHV PHQRUHV GH VHPDQDV (Q XQD UHFLHQWHUHYLVLyQ&RFKUDQH VHFRQILUPDTXHODDGPLQLVWUDFLyQYDJLQDOGHOPLVRSURVWROHV ODPiVHILFD]JUDGRGHUHFRPHQGDFLyQ$ /RV UHJtPHQHV GH PLVRSURVWRO SDUD HO WUDWDPLHQWR GHO DERUWR HVSRQWiQHR GHO SULPHU WULPHVWUHVRQJYDJLQDOUHSHWLUDODVKRUDVVLVHSUHFLVDyJYDJLQDO KRUDVKDVWDJ% /D DGPLQLVWUDFLyQ YDJLQDO GHO PLVRSURVWRO HV OD PiV HILFD] GH WRGDV ODV YtDV GH DGPLQLVWUDFLyQHPSOHDGDV$ *HPHSURVW (O JHPHSURVW HV RWUR DQiORJR GH OD 3*( SHUR IUHQWH DO PLVRSURVWRO SUHVHQWD PHQRU HILFDFLDPD\RUHVHIHFWRVVHFXQGDULRVHVPiVFDUR\VXFRQVHUYDFLyQHVPiVGLItFLO 3URVWDJODQGLQDV(\)Į /DSURVWDJODQGLQD(QDWXUDOGLQRSURVWRQDHVFLQFRYHFHVPiVDFWLYDTXHOD)ĮQDWXUDO GLQRSURVW R VX DQiORJR VLQWpWLFR FDUERSURVW SHUR HV PiV FDUD TXH HO PLVRSURVWRO WLHQHXQWLHPSRGHYLGDPiVFRUWR\SUHFLVDDOPDFHQDPLHQWRHQIUtR 0LIHSULVWRQD58 (VXQGHULYDGRQRUHVWHURLGHVLQWpWLFRTXHEORTXHDHVSHFtILFDPHQWHORVUHFHSWRUHVGH ODSURJHVWHURQD\GHORVJOXFRFRUWLFRLGHV/DLQGLFDFLyQGHODPLIHSULVWRQDSRUOD)'$HV ODILQDOL]DFLyQGHJHVWDFLRQHVPHQRUHVGHGtDV /DWDVDGH p[LWRV FRQ HOXVRGHODPLIHSULVWRQDHVGHOGH FDVRVVHJ~QODHGDG JHVWDFLRQDO\ODGRVLVDGPLQLVWUDGD6LQHPEDUJRODFRPELQDFLyQFRQXQDSURVWDJODQGLQD DGPLQLVWUDGDKDVWDORVGtDVGHDPHQRUUHD FRQGXFHDXQDERUWRFRPSOHWR HQHO GHORVHPEDUD]RV(OHIHFWRGHODPLIHSULVWRQDVHGHVDUUROODHQKRUDV3RUWDQWRODV SURVWDJODQGLQDV VH GHEHUiQ DGPLQLVWUDU SDVDGDV KRUDV 6H GHVFRQRFH FXiO HV OD GRVLV ySWLPD WDQWR GH PLIHSULVWRQD FRPR GH PLVRSURVWRO \ DFWXDOPHQWH VH XVDQ GLIHUHQWHV UHJtPHQHV VLHQGR HO UHFRPHQGDGR SRU HO IDEULFDQWH PJ y PJ GH PLIHSULVWRQDVHJXLGRVGHPLVRSURVWROJyJSUHIHULEOHPHQWHSRUYtDYDJLQDO 217 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 217 4/18/11 4:25:05 PM R JHPHSURVW PJ SRU YtD YDJLQDO 8QD GRVLV UHGXFLGD GH PLIHSULVWRQD GH PJ FRPELQDGD FRQ XQD SURVWDJODQGLQD PLVRSURVWRO J YDJLQDO SXHGH WHQHU XQD HIHFWLYLGDGVLPLODU\HVPiVHFRQyPLFD (Q OD WDEOD VH LQFOX\HQ ORV IiUPDFRV \ UHJtPHQHV PiV XWLOL]DGRV HQ HO WUDWDPLHQWR PpGLFRGHODERUWRHVSRQWiQHRGHOSULPHUWULPHVWUH 7DEOD7UDWDPLHQWRPpGLFRGHODERUWRHVSRQWiQHRGHOSULPHUWULPHVWUH )iUPDFRV 5HJtPHQHV 7DVDGHp[LWR PJPLIHSULVWRQDRUDO\XQDyGRVGRVLVGH 0LIHSULVWRQD JPLVRSURVWROYDJLQDOKyPJ HQ JHVWDFLRQHVGtDV \0LVRSURVWRO GHPLIHSULVWRQDRUDO\XQDGRVLVGHJ PLVRSURVWROYDJLQDOK GRVLV JPLVRSURVWROYDJLQDOyJYDJLQDO 0LVRSURVWRO GRVLV FDGDKRUDVKDVWDXQWRWDOGHJ GRVLV 3URQyVWLFRWUDVHOWUDWDPLHQWRIDUPDFROyJLFR /DPD\RUtDGHODVSDFLHQWHVTXHWLHQHQXQDERUWRQRVXIULUiQQLQJ~QWLSRGHVHFXHODVD ODUJRSOD]RHQVXVDOXGJHQHUDOQLUHSURGXFWLYD/DVLQYHVWLJDFLRQHVQRKDQGHPRVWUDGR DVRFLDFLyQHQWUH HOWUDWDPLHQWRIDUPDFROyJLFRGHODERUWRLQGXFLGR VLQ FRPSOLFDFLRQHV HQ HOSULPHUWULPHVWUH\FRQVHFXHQFLDVDGYHUVDVHQHPEDUD]RVVXEVLJXLHQWHV6HJ~QXQD PLQXFLRVD UHYLVLyQ ODV VHFXHODV SVLFROyJLFDV DGYHUVDV VH SUHVHQWDQ HQ XQ SRUFHQWDMH PX\ SHTXHxR GH PXMHUHV \ SDUHFHQ VHU OD FRQWLQXDFLyQ GH FRQGLFLRQHV SUHH[LVWHQWHV JUDGRGHUHFRPHQGDFLyQ% (Q WRGDV ODV PXMHUHV TXH VH VRPHWHQ D XQ WUDWDPLHQWR IDUPDFROyJLFR HV LPSRUWDQWH FRQILUPDUHQODYLVLWDGHVHJXLPLHQWRTXHHODERUWRKDVLGRFRPSOHWR 0$1(-2(;3(&7$17( /RV GDWRV H[LVWHQWHV VREUH HO PDQHMR H[SHFWDQWH GHO DERUWR HVSRQWiQHR VRQ GLVFRUGDQWHV 6yOR FXDWUR HQVD\RV KDQ VLGR UHDOL]DGRV SDUD FRPSDUDU HVWH WLSR GH WUDWDPLHQWRFRQHOTXLU~UJLFRREWHQLpQGRVHQLYHOHVGHp[LWRFRQHOPDQHMRH[SHFWDQWH HTXLSDUDEOHV D ORV GHO WUDWDPLHQWR TXLU~UJLFR ÒQLFDPHQWH HO GH ODV SDFLHQWHV FRQ WUDWDPLHQWR H[SHFWDQWH UHTXLULHURQ XQD LQWHUYHQFLyQ TXLU~UJLFD (Q XQD UHYLVLyQ &RFKUDQHGHODxRVHFRPSUREyTXHHOULHVJRGHKHPRUUDJLDDERUWRLQFRPSOHWRR QHFHVLGDG GH UHFXUULU D OD H[WUDFFLyQ TXLU~UJLFD GHO FRQWHQLGR XWHULQR HV PiV HOHYDGR FXDQGRVHRSWDSRUHOPDQHMRH[SHFWDQWH/DELEOLRJUDItDGLVSRQLEOHLQGLFDTXHODHILFDFLD GHO PDQHMR H[SHFWDQWH RVFLOD HQWUH HO SRUFHQWDMHV TXH GHSHQGHQ GH OD HGDG JHVWDFLRQDOWLSRGHDERUWR R WLHPSR TXH WDUGD HQ VHU HILFD] HO WUDWDPLHQWR H[SHFWDQWH (QFDVRVGHDERUWRVLQFRPSOHWRVHOSRUFHQWDMHGHp[LWRDOFDQ]DHO &DEH OD SRVLELOLGDG GH YDORUDU HO PDQHMR H[SHFWDQWH DQWH DERUWRV LQFRPSOHWRV HQ SDFLHQWHVKHPRGLQiPLFDPHQWHHVWDEOHV& 218 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 218 4/18/11 4:25:05 PM 1250$6*(1(5$/(675$6(/75$7$0,(172 3URILOD[LV GH OD LVRLQPXQL]DFLyQ DQWL' 'XUDQWH OD SULPHUD PLWDG GHO HPEDUD]R WRGDV ODV JHVWDQWHV 5K QHJDWLYDV TXH QR HVWpQ VHQVLELOL]DGDV \ TXH KD\DQ WHQLGR XQ DERUWR HVSRQWiQHR FRPSOHWR R LQFRPSOHWR SRU PpWRGRV PpGLFRV R TXLU~UJLFRV GHEHQ UHFLELUSURILOD[LVGHODLVRLQPXQL]DFLyQ5KJUDGRGHUHFRPHQGDFLyQ% (VWDSURILOD[LVFRQVLVWHHQODDGPLQLVWUDFLyQ,0GHJGHLQPXQRJOREXOLQDDQWL'OR DQWHVSRVLEOHGHVSXpVGHODLQWHUYHQFLyQ\VLHPSUHDQWHVGHODVSULPHUDVKRUDV3HVH DWRGRVLQRVHSXHGHUHDOL]DUHQHVWHSHULRGRSRUFLUFXQVWDQFLDVH[FHSFLRQDOHVSDUHFH TXHKDVWDGtDVGHVSXpVGHOHYHQWRODSURILOD[LVSXHGHSURGXFLUDOJ~QEHQHILFLRJUDGR GH UHFRPHQGDFLyQ % (Q JHVWDFLRQHV GH VHPDQDV XQD GRVLV GH JU VHUtD VXILFLHQWH &RQWUDFHSFLyQ 7RGDV ODV PXMHUHV GHEHQ UHFLELU LQIRUPDFLyQ DFHUFD GH OD DQWLFRQFHSFLyQ\VLHVVXGHVHRLQLFLDUODLQPHGLDWDPHQWHGHVSXpVGHODERUWRJUDGRGH UHFRPHQGDFLyQ% 5HYLVLyQ (Q IXQFLyQ GH ODV SRVLELOLGDGHV DVLVWHQFLDOHV GH FDGD FHQWUR HV DFRQVHMDEOH RIUHFHUDWRGDVODVSDFLHQWHVXQDUHYLVLyQHQODV SULPHUDV VHPDQDV WUDV OD LQWHUYHQFLyQ JUDGRGH UHFRPHQGDFLyQ& (VWDUHYLVLyQVHUYLUiSDUDYDORUDUFXDOTXLHUSUREOHPD R FRPSOLFDFLyQVXUJLGDLQLFLDUODFRQWUDFHSFLyQVLDQWHVQRVHKDEtDLQLFLDGR\ODPXMHUDVt OR GHVHD FRPXQLFDU HO UHVXOWDGR KLVWROyJLFR VL pVWH VH VROLFLWy \ SDUD HYDOXDU HO HVWDGR SVtTXLFR 7RGDVODVJHVWDQWHV5KQHJDWLYDVTXHQRHVWpQVHQVLELOL]DGDV\TXHKD\DQWHQLGRXQ DERUWR HVSRQWiQHR FRPSOHWR R LQFRPSOHWR SRU PpWRGRV PpGLFRV R TXLU~UJLFRV GHEHQUHFLELUSURILOD[LVGHODLVRLQPXQL]DFLyQ5K% &203/,&$&,21(6 (O WUDWDPLHQWR QR TXLU~UJLFR GHO DERUWR HVSRQWiQHR VH DVRFLD FRQ KHPRUUDJLD PiV SURORQJDGDHLQWHQVDDVtFRPRDXQULHVJRGHSUHFLVDUFLUXJtDSDUDHYDFXDUHO~WHURGHO 6LQ HPEDUJR HO ULHVJR GH LQIHFFLyQ HV LQIHULRU DO TXH RFXUUH FXDQGR VH RSWD LQLFLDOPHQWHSRUHOWUDWDPLHQWRTXLU~UJLFR /DVFRPSOLFDFLRQHV\FXLGDGRVDVRFLDGRVDOWUDWDPLHQWRTXLU~UJLFRGHODERUWRHVSRQWiQHR GHEHQ VHU FXLGDGRVDPHQWH H[SOLFDGDV D OD PXMHU VLHQGR DFRQVHMDEOH GHMDU FRQVWDQFLD SRUHVFULWRGHHOOR )DOOR GH OD WpFQLFD 7RGRV ORV PpWRGRV SDUD OD HYDFXDFLyQ GHO DERUWR GHO SULPHU WULPHVWUHFRQOOHYDQXQULHVJRGHIDOORTXHUHTXLHUHRWURSURFHGLPLHQWRDGLFLRQDO3DUDHO DERUWR TXLU~UJLFR HVWH ULHVJR HV GH DOUHGHGRU GHO Å \ HQ HO DERUWR PpGLFR RVFLOD HQWUHHOÅ +HPRUUDJLD (OULHVJRGHKHPRUUDJLDHQ HO PRPHQWR GH OD HYDFXDFLyQ XWHULQDHV EDMD DSUR[LPDGDPHQWH FDGD DERUWRV \ HV PHQRU HQ JHVWDFLRQHV PiV SUHFRFHV /D KHPRUUDJLD RFXUUH KDELWXDOPHQWH FRPR FRQVHFXHQFLD GH XQD DWRQtD XWHULQD \ VX WUDWDPLHQWR LQFOX\H HO PDVDMH XWHULQR OD DGPLQLVWUDFLyQ GH XWHURWyQLFRV \ OD H[WUDFFLyQ GHORVUHVWRVUHWHQLGRVVLH[LVWLHUDQ 'HVJDUURV FHUYLFDOHV 6X IUHFXHQFLD HV PRGHUDGD LQIHULRU DO \ HV PHQRU HQ JHVWDFLRQHVPiVSUHFRFHV\FRQHOXVRGHSUHSDUDGRVSDUDODPDGXUDFLyQFHUYLFDO 219 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 219 4/18/11 4:25:06 PM 3HUIRUDFLyQ XWHULQD 6X LQFLGHQFLD RVFLOD GHO Å DXQTXH SUREDEOHPHQWH HVWi LQIUDHVWLPDGDSXHVWRTXHDOJXQDVSHUIRUDFLRQHVSDVDQGHVDSHUFLELGDV6XSUHYHQFLyQ FRQVLVWHHQODSUHSDUDFLyQFHUYLFDOSUHYLDDODHYDFXDFLyQXWHULQDHQHOXVRDGHFXDGRGH ODSLQ]DGHWUDFFLyQFHUYLFDOSDUDUHFWLILFDUHOiQJXORIRUPDGRHQWUHHOFXHOOR\HOFXHUSR XWHULQR \ HQ HO XVR FXLGDGRVR GHO LQVWUXPHQWDO TXLU~UJLFR TXH VH GHEH LQWURGXFLU HQ OD FDYLGDGGHPDQHUDVXDYH\VLQYHQFHUJUDQUHVLVWHQFLD(O³FKDVTXLGRXWHULQR´UXLGR SURGXFLGR SRU OD OHJUD DO OOHJDU DO PLRPHWULR HV XQ GDWR TXH LQGLFD TXH HO OHJUDGR HV H[FHVLYDPHQWHDJUHVLYR$QWHFXDOTXLHUGLILFXOWDGVHGHEHXWLOL]DUDSR\RHFRJUiILFR +HPDWRPHWUD&RQVLVWHHQODDFXPXODFLyQGHFRiJXORVGHQWURGHO~WHUR\SXHGHRFXUULU WUDV HO WUDWDPLHQWR TXLU~UJLFR /RV VtQWRPDV SXHGHQ VHU LQPHGLDWRV R WDUGtRV GHSHQGLHQGR GH OD YHORFLGDG GH DFXPXODFLyQ \ GHO YROXPHQ /DV PXMHUHV VXHOHQ VHQWLU SUHVLyQSpOYLFDRUHFWDO(QODH[SORUDFLyQHO~WHUR HVWiGXUR \ODHFRJUDItDUHYHODHFRV KHWHURJpQHRV LQWUDFDYLWDULRV (O WUDWDPLHQWR FRQVLVWH HQ OD HYDFXDFLyQ XWHULQD \ OD DGPLQLVWUDFLyQSRVWHULRUGHXWHURWyQLFRV ,QIHFFLyQJHQLWDO/DLQIHFFLyQGHOWUDFWRJHQLWDORFXUUHKDVWDHQXQGHORVFDVRV 6H GHEH FRQVLGHUDU TXH H[LVWH XQ DERUWR VpSWLFR FXDQGR DSDUHFH ILHEUH !& HQ ODV SULPHUDV KRUDV WUDV OD HYDFXDFLyQ (O WUDWDPLHQWR LQFOX\H OD H[WUDFFLyQ GH ORV UHVWRV DERUWLYRV UHWHQLGRV VL IXHVH QHFHVDULR \ HO HPSOHR GH DQWLELyWLFRV GH DPSOLR HVSHFWUR 6tQGURPH GH $VKHUPDQ (V XQD FRPSOLFDFLyQ WDUGtD GH XQ OHJUDGR TXLU~UJLFR GHPDVLDGRDJUHVLYR&RQVLVWHHQODIRUPDFLyQGHVLQHTXLDVXWHULQDVSDUFLDOHVRWRWDOHV TXH H[FOX\HQ IXQFLRQDOPHQWH HO HQGRPHWULR (O WUDWDPLHQWR GH HVWDV VLQHTXLDV FRQVLVWH HQHOGHVEULGDPLHQWRSRUYtDYDJLQDOKLVWHURVFRSLD\HQODFRORFDFLyQGHXQGLVSRVLWLYR LQWUDXWHULQR 0RUWDOLGDG/DWDVDGHPRUWDOLGDGPDWHUQDGHODERUWRWUDWDGR HQ FHQWURV VDQLWDULRVGH SDtVHV GHVDUUROODGRV HV GHO SHUR WDQWR OD PRUELOLGDG FRPR OD PRUWDOLGDG DXPHQWDQFRQODHGDGJHVWDFLRQDO\ORLQYDVLYRGHOSURFHGLPLHQWR 2WUDV 1R H[LVWH UHODFLyQ SUREDGD HQWUH HO DERUWR \ XQ PD\RU ULHVJR GH JHVWDFLyQ HFWySLFD SRVWHULRU SODFHQWD SUHYLD HQ VXFHVLYRV HPEDUD]RV R LQIHUWLOLGDG (O DERUWR SXHGHHVWDUDVRFLDGRDXQSHTXHxRDXPHQWRHQHOULHVJRGHDERUWRRSDUWRVSUHWpUPLQR SRVWHULRU 5HSHUFXVLyQ SVLFROyJLFD /D PD\RUtD GH ORV HVWXGLRV GHVFULEHQ HQ ODV VHPDQDV R PHVHV TXH VLJXHQ DO DERUWR HVSRQWiQHR XQ SRUFHQWDMH PD\RU GH PXMHUHV FRQ VtQWRPDV SVLTXLiWULFRV HQ FRPSDUDFLyQ FRQ PXMHUHV TXH KDQ GDGR D OX] R D PXMHUHV QR HPEDUD]DGDV GH OD PLVPD HGDG (VWRV KDOOD]JRV QR WLHQHQ SRU TXp WHQHU XQD UHODFLyQ FDXVDO\SXHGHQUHIOHMDUXQDVLWXDFLyQSUHH[LVWHQWH 220 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 220 4/18/11 4:25:06 PM 5(&20(1'$&,21(6 'H FDUD DO GLDJQyVWLFR DQWH FXDOTXLHU HPEDUD]DGD FRQ VRVSHFKD GH DERUWRVHGHEHUHDOL]DUXQDHFRJUDItDDVHUSRVLEOHSRUYtDYDJLQDO (OHYHQWXDOUHWUDVRHQHOGLDJQyVWLFRGHXQDERUWRQRDXPHQWDHOULHVJR GH LQIHFFLyQ DXQTXH Vt SXHGH DXPHQWDU OLJHUDPHQWH HO Q~PHUR GH LQJUHVRVQRSODQLILFDGRVSRUDERUWRHQFXUVR /RV VLJQRV HFRJUiILFRV TXH SHUPLWHQ GH IRUPD LQHTXtYRFD HVWDEOHFHU HO GLDJQyVWLFR GH DERUWR GLIHULGR VRQ OD DXVHQFLD GH DFWLYLGDG FDUGLDFD HQ XQ HPEULyQ FRQ ORQJLWXG FpIDORFDXGDO /&& ! PP R OD DXVHQFLD GH DFWLYLGDGFDUGLDFDHQXQHPEULyQFRQ/&&!PPRODSUHVHQFLDGHXQ VDFR JHVWDFLRQDO FRQ XQ GLiPHWUR PHGLR PP VLQ HYLGHQFLD GH SROR HPEULRQDULRQLVDFRYLWHOLQRHQVXLQWHULRU /D VRVSHFKD GH HPEDUD]R HFWySLFR HV DOWD FXDQGR SRU HFRJUDItD WUDQVYDJLQDOVHREMHWLYDXQ~WHURYDFtR\ORVQLYHOHVGHǃK&*VpULFDVRQ !P8,P/ (V UHFRPHQGDEOH FXDQWLILFDU OD KHPRJORELQD \ HO KHPDWRFULWR FRQ HO ILQ GHGHVFDUWDUXQDDQHPLDEDVDORVHFXQGDULDDOVDQJUDGR (V UHFRPHQGDEOH GHWHUPLQDU HO JUXSR \ 5K SDUD VHOHFFLRQDU D ODV PXMHUHV TXH UHTXLHUDQ SURILOD[LV DQWL' R HQ FDVRV GH DQHPLD LQWHQVD TXHSUHFLVHQWUDQVIXVLyQ 1RVHFRQVLGHUDQHFHVDULDODUHDOL]DFLyQVLVWHPiWLFDGHSUXHEDVFUX]DGDV 1RKD\HYLGHQFLDSDUDUHFRPHQGDUODSURILOD[LVDQWLELyWLFDUXWLQDULDDQWHV GHUHDOL]DUHOWUDWDPLHQWRTXLU~UJLFRGHODERUWR (O WUDWDPLHQWR TXLU~UJLFR GHEH VHU LQGLFDGR DQWH FLUFXQVWDQFLDV HVSHFtILFDV/DVLQGLFDFLRQHVFOtQLFDVGHOWUDWDPLHQWRTXLU~UJLFRGHODERUWR LQFOX\HQKHPRUUDJLDLQWHQVD\SHUVLVWHQWHLQHVWDELOLGDGKHPRGLQiPLFD HYLGHQFLD GH WHMLGRV UHWHQLGRV LQIHFWDGRV FRQWUDLQGLFDFLyQ SDUD HO WUDWDPLHQWRPpGLFRRVRVSHFKDGHHQIHUPHGDGWURIREOiVWLFDJHVWDFLRQDO 6H GHEH RIUHFHU OD HYDFXDFLyQ TXLU~UJLFD GHO ~WHUR D ODV PXMHUHV TXH SUHILHUDQHVWDRSFLyQ 1R KD\ HYLGHQFLD SDUD UHFRPHQGDU OD PDGXUDFLyQ FHUYLFDO VLVWHPiWLFD SHUR GHEH VHU UXWLQDULD HQ PXMHUHV GH DxRV R FXDQGR OD JHVWDFLyQ VXSHUH ODV VHPDQDV GH DPHQRUUHD (O UpJLPHQ ySWLPR SDUD OD SUHSDUDFLyQ FHUYLFDO DQWHV GHO DERUWR TXLU~UJLFR HV OD DGPLQLVWUDFLyQ YDJLQDOGHJGHPLVRSURVWROKRUDVDQWHVGHODFLUXJtD /DHYDFXDFLyQTXLU~UJLFDGHO~WHURGHEHUHDOL]DUVHXVDQGRHOOHJUDGRSRU DVSLUDFLyQ $ VDOYR HQ JHVWDFLRQHV VHPDQDV GH JHVWDFLyQ SRU ODV SRVLELOLGDGHVGHIUDFDVR% 'HVSXpVGHUHDOL]DUODDVSLUDFLyQXWHULQDQRHVQHFHVDULRXWLOL]DUODOHJUD PHWiOLFDGHIRUPDUXWLQDULD 1RVHUHFRPLHQGDHOHVWXGLRKLVWROyJLFRUXWLQDULRGHORVUHVWRV DERUWLYRV %VDOYR FXDQGRKD\DTXH FRQILUPDU OD JHVWDFLyQ H[FOXLU HO HPEDUD]R HFWySLFR R VH WUDWH GH XQD SRVLEOH HQIHUPHGDG WURIREOiVWLFD JHVWDFLRQDO & /RVUHJtPHQHVGHPLVRSURVWROSDUDHOWUDWDPLHQWRGHODERUWRHVSRQWiQHR GHO SULPHU WULPHVWUH VRQ J YDJLQDO UHSHWLU D ODV KRUDV VL VH SUHFLVDyJYDJLQDOKRUDVKDVWDJ % $ % % & & % $ & % $% $ %& % 221 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 221 4/18/11 4:25:06 PM /D DGPLQLVWUDFLyQ YDJLQDO GHO PLVRSURVWRO HV OD PiV HILFD] GH WRGDV ODV YtDVGHDGPLQLVWUDFLyQHPSOHDGDV &DEH OD SRVLELOLGDG GH YDORUDU HO PDQHMR H[SHFWDQWH DQWH DERUWRV LQFRPSOHWRVHQSDFLHQWHVKHPRGLQiPLFDPHQWHHVWDEOHV 7RGDV ODV JHVWDQWHV 5K QHJDWLYDV TXH QR HVWpQ VHQVLELOL]DGDV \ TXH KD\DQWHQLGRXQDERUWRHVSRQWiQHRFRPSOHWRRLQFRPSOHWRSRUPpWRGRV PpGLFRVRTXLU~UJLFRVGHEHQUHFLELUSURILOD[LVGHODLVRLQPXQL]DFLyQ5K $ & % /RV 3URWRFRORV $VLVWHQFLDOHV GH OD 6RFLHGDG (VSDxROD GH *LQHFRORJtD \ 2EVWHWULFLD SUHWHQGHQ FRQWULEXLU DO EXHQ TXHKDFHU SURIHVLRQDO GH WRGRV ORV JLQHFyORJRVHVSHFLDOPHQWHORVPiVDOHMDGRVGHORVJUDQGHVKRVSLWDOHV\FOtQLFDV XQLYHUVLWDULDV 3UHVHQWDQ PpWRGRV \ WpFQLFDV GH DWHQFLyQ FOtQLFD DFHSWDGDV \ XWLOL]DGDV SRU HVSHFLDOLVWDV HQ FDGD WHPD (VWRV SURWRFRORV QR GHEHQ LQWHUSUHWDUVHGHIRUPDUtJLGDQLH[FOX\HQWHVLQRTXHGHEHQVHUYLUGHJXtDSDUD ODDWHQFLyQLQGLYLGXDOL]DGDDODVSDFLHQWHV1RDJRWDQWRGDVODVSRVLELOLGDGHVQL SUHWHQGHQVXVWLWXLUDORVSURWRFRORV\DH[LVWHQWHVHQGHSDUWDPHQWRV\VHUYLFLRV KRVSLWDODULRV &ODVLILFDFLyQGHODVUHFRPHQGDFLRQHV HQIXQFLyQGHOQLYHOGHHYLGHQFLDGLVSRQLEOH /DHYLGHQFLDFLHQWtILFDSURFHGHDSDUWLUGHPHWDDQiOLVLVGHHQVD\RVFOtQLFRV ,D FRQWURODGRV\DOHDWRUL]DGRV /DHYLGHQFLDFLHQWtILFDSURFHGHGHDOPHQRVXQHQVD\RFOtQLFRFRQWURODGR\ ,E DOHDWRUL]DGR /DHYLGHQFLDFLHQWtILFDSURFHGHGHDOPHQRVXQHVWXGLRSURVSHFWLYR ,,D FRQWURODGRELHQGLVHxDGR\VLQDOHDWRUL]DU ,, /DHYLGHQFLDFLHQWtILFDSURFHGHGHDOPHQRVXQHVWXGLRFDVLH[SHULPHQWDO E ELHQGLVHxDGR /DHYLGHQFLDFLHQWtILFDSURFHGHGHHVWXGLRVGHVFULSWLYRVQRH[SHULPHQWDOHV ,,, ELHQGLVHxDGRVFRPRHVWXGLRVFRPSDUDWLYRVGHFRUUHODFLyQRGHFDVRV\ FRQWUROHV /DHYLGHQFLDFLHQWtILFDSURFHGHGHGRFXPHQWRVXRSLQLRQHVGHH[SHUWRV\R ,9 H[SHULHQFLDVFOtQLFDVGHDXWRULGDGHVGHSUHVWLJLR *UDGRVGHUHFRPHQGDFLyQ ([LVWHEXHQDHYLGHQFLDHQEDVHDODLQYHVWLJDFLyQSDUDDSR\DUOD $ UHFRPHQGDFLyQ5HFRJHORVQLYHOHVGHHYLGHQFLDFLHQWtILFD,D\,E ([LVWHPRGHUDGDHYLGHQFLDHQEDVHDODLQYHVWLJDFLyQSDUDDSR\DUOD % UHFRPHQGDFLyQ5HFRJHORVQLYHOHVGHHYLGHQFLDFLHQWtILFD,,D,,E\,,, /DUHFRPHQGDFLyQVHEDVDHQODRSLQLyQGHH[SHUWRVRHQXQSDQHOGH & FRQVHQVR5HFRJHHOQLYHOGHHYLGHQFLD,9 222 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 222 4/18/11 4:25:07 PM %,%/,2*5$)Ë$ 1\ER$QGHUVHQ$0:RKOIDKUW-&KULVWHQV32OVHQ-0HOE\H00DWHUQDODJHDQGIHWDO ORVVSRSXODWLRQEDVHGUHJLVWHUOLQNDJHVWXG\%0- .QXGVHQ 8% +DQVHQ 9 -XXO 6 6HFKHU 1- 3URJQRVLV RI D QHZ SUHJQDQF\ IROORZLQJ SUHYLRXVVSRQWDQHRXVDERUWLRQV(XU-2EVWHW*\QHFRO5HSURG%LRO )DUTXKDUVRQ 5* -DXQLDX[ ( ([DOWR 1 8SGDWHG DQG UHYLVHG QRPHQFODWXUH IRU GHVFULSWLRQRIHDUO\SUHJQDQF\HYHQWV+XP5HSURG 'HDWRQ -/ +RQRUH *0 +XIIPDQ &6 %DXJXHVV 3 (DUO\ WUDQVYDJLQDO XOWUDVRXQG IROORZLQJ DQ DFFXUDWHO\ GDWHG SUHJQDQF\ WKH LPSRUWDQFH RI ILQGLQJ D \RON VDF RU IHWDO KHDUWPRWLRQ+XPDQ5HSURG 6DUDVZDW / %KDWWDFKDU\D 6 0DKHVKZDUL $ %DWWDFKDU\D 6 0DWHUQDO DQG SHULQDWDO RXWFRPH LQ ZRPHQ ZLWK WKUHDWHQHG PLVFDUULDJH LQ WKH ILUVW WULPHVWHU $ V\VWHPDWLF UHYLHZ%-2* 6DZ\HU ( 2IXDVLD ( 2ILOL<HERYL ' +HOP\ 6 *RQ]DOH] - -XUNRYLF ' 7KH YDOXH RI PHDVXULQJ HQGRPHWULDO WKLFNQHVV DQG YROXPH RQ WUDQVYDJLQDO XOWUDVRXQG VFDQ IRU WKH GLDJQRVLVRILQFRPSOHWHPLVFDUULDJH8OWUDVRXQG2EVWHW*\QHFRO %DODVFK-$FLpQ3(JR]FXH-9LVFDVLOODV3&RPLQR53DUULOOD--$ERUWRGHUHSHWLFLy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xR 0 6iQFKH] 0$ $ERUWR HVSRQWi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«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xRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 223 4/18/11 4:25:08 PM )RUQD ) *OPH]RJOX $0 3URFHGLPLHQWRV TXLU~UJLFRV SDUD OD HYDFXDFLyQ GHO DERUWR LQFRPSOHWR5HYLVLyQ&RFKUDQHWUDGXFLGD(Q/D%LEOLRWHFD&RFKUDQH3OXV1~PHUR 2[IRUG 8SGDWH 6RIWZDUH /WG 'LVSRQLEOH HQ KWWSZZZXSGDWHVRIWZDUHFRP 7UDGXFLGDGH7KH&RFKUDQH /LEUDU\,VVXH&KLFKHVWHU 8.-RKQ:LOH\ 6RQV /WG .HGHU /0 %HVW SUDFWLFHV LQ VXUJLFDO DERUWLRQ $P - 2EVWHW *\QHFRO 5RFKH 1( 3DUN 6- 6XUJLFDO PDQDJHPHQW RI DERUWLRQ 'LVSRQLEOH HQ KWWSHPHGLFLQHPHGVFDSHFRP 6DYDULV5)%UDXQ5'*LEVRQ0:KHQDSUHJQDQF\VHHPVOLNHDQHFWRSLF«EXWLVQW 2EVWHW*\QHFRO 0DXUHHQ32IILFHPDQDJHPHQWRIHDUO\LQGXFHGDERUWLRQ&OLQ2EVWHW*\QHFRO 8S7R'DWH 0LIHSULVWRQH IRU WKH PHGLFDO WHUPLQDWLRQ RI SUHJQDQF\ 'LVSRQLEOH HQ ZZZXSWRGDWHFRP *ROGEHUJ $% *UHHQEHUJ %6 'DUQH\ 3' 0LVRSURVWRO DQG SUHJQDQF\ 1 (QJO - 0HG 6FRWW-5&UDPHU':3HWHUVRQ+%5HDGLQJWKHPHGLFDOOLWHUDWXUHDSSO\LQJHYLGHQFH WRSUDFWLFH:DVKLQWRQJ'&$&2* 6D\ / .XOLHU 5 *OPH]RJOX 0 &DPSDQD $ 0pWRGRV PpGLFRV YHUVXV PpWRGRV TXLU~UJLFRVSDUDODLQWHUUXSFLyQGHOHPEDUD]RHQHOSULPHUWULPHVWUH5HYLVLyQ&RFKUDQH WUDGXFLGD (Q /D %LEOLRWHFD &RFKUDQH 3OXV 1~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~UJLFR GHO DERUWR HVSRQWiQHR 5HYLVLyQ &RFKUDQH WUDGXFLGD (Q /D %LEOLRWHFD&RFKUDQH3OXV 1~PHUR 2[IRUG 8SGDWH 6RIWZDUH /WG 'LVSRQLEOH HQ KWWSZZZXSGDWHVRIWZDUHFRP 7UDGXFLGD GH 7KH &RFKUDQH /LEUDU\ ,VVXH &KLFKHVWHU8.-RKQ:LOH\6RQV/WG 3DUNHU-:UD\-*RRFK$5REVRQ64XUHVKL+*XLGHOLQHVIRUWKHXVHRISURSK\ODFWLF DQWL' LPPXQRJOREXOLQ /RQGRQ 8. %ULWLVK &RPPLWWHH IRU 6WDQGDUGV LQ +DHPDWRORJ\ %&6+ 'LVSRQLEOH HQ KWWSZZZJXLGHOLQHJRY &RQVXOWDGR HO GLFLHPEUH ,VRLQPXQL]DFLyQHULWURFLWDULD3URWRFROR6(*2'LVSRQLEOHHQZZZVHJRHV 6XUJLFDOHYDFXDWLRQRIUHWDLQHGSURGXFWVRIFRQFHSWLRQIRUHDUO\SUHJQDQF\ORVV5&2* &RQVHQW$GYLVHQ'HFHPEHU 'HYHVD 5 5XL] - /ySH]5RGy 9 &DUUHUD -0 (YDFXDFLyQ XWHULQD HQ HO DERUWR HVSRQWiQHR\SURYRFDGR(Q&DUUHUD-0.XUMDN$HGV0HGLFLQDGHOHPEULyQ0DVVRQ %DUFHORQDSS 224 6RFLHGDG(VSDxRODGH*LQHFRORJtD\2EVWHWULFLD 3GHOD+DEDQD%DMR0DGULG(PDLOVHJR#VHJRHV_7HO_)D[ ART-114.indd 224 4/18/11 4:25:11 PM