£<DIRUPDPRVSDUWHGHO6&6 &HOHEUDFLyQGHORVWUDVSODQWHV 2NCP'UVTCVÃIKEQFGN *QURKVCN7PKXGTUKVCTKQFG%CPCTKCU \ (',7$ +263,7$/81,9(56,7$5,2'(&$1$5,$6 2IUDVQ/D&XHVWD/D/DJXQD6DQWD&UX]GH7HQHULIH 7IQR ',5(&725 'U,JQDFLR/RSH]3XHFK &216(-2'(5('$&&,Ð1 'U$QWRQLR$ODUFy+HUQiQGH] 'U(GXDUGRGH%RQLV5HGRQGR '-RUJH'tD]$FRVWD '-RVH0DQXHO+HUQiQGH]GHOD&UX] 'xD)UDQFLVFD+HUQiQGH]$UYHOR 5('$&&,Ð1<&225',1$&,Ð1 0DW\&ODYHULH%HDXWHOO (XIUDVLR*XWLpUUH]&DVDxDV ',6(f2<0$48(7$&,Ð1 0DQXHO$OEHUWR9DOOHMR&DUUDVFR 'HSRVLWR/HJDO7) )272*5$),$ $UFKLYR&RQVRUFLR6DQLWDULRGH7HQHULIH ,PSULPH *UDILFDV7HQHULIH6$ 'U,JQDFLR/ySH]3XHFK *(5(17( (',725,$/ (O+RVSLWDO8QLYHUVLWDULRGH&DQDULDVVHLQWHJUyHQHO6HUYLFLR&DQDULRGH OD6DOXGHOGHHQHURGH(VWHDFXHUGRVHDGRSWySRUODVGRVHQWLGDGHVTXH IRUPDEDQHO&RQVRUFLR6DQLWDULRGH7HQHULIHHO*RELHUQRGH&DQDULDV\HO&DELOGR ,QVXODUGH7HQHULIH\IXHUHIUHQGDGRHQHO&RQVHMRGH$GPLQLVWUDFLyQGHGHRFWXEUH GH &XDOTXLHUFDPELRJHQHUDXQDOyJLFDDQVLHGDG\PLHGRDORGHVFRQRFLGR\ SDUDVROYHQWDUHVWDVLWXDFLyQ\TXHHOSURFHVRVHSURGXMHUDFRQODSDUWLFLSDFLyQGH ORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVVHIRUPyXQD&RPLVLyQ1HJRFLDGRUDVREUHODV FRQGLFLRQHVGHLQWHJUDFLyQGHOSHUVRQDO$HVWDPLVLyQVHOHDxDGLyODQHJRFLDFLyQ GHO QXHYR &RQYHQLR &ROHFWLYR TXH UHJLUi ODV UHODFLRQHV ODERUDOHV SDUD HO SHULRGR )LQDOPHQWH HO GH QRYLHPEUH VH DOFDQ]y XQ DFXHUGR JOREDO FRQ WRGDV ODVVHFFLRQHVVLQGLFDOHVFRQUHSUHVHQWDFLyQHQHO&RPLWpGH(PSUHVDGHO&RQVRUFLR 6DQLWDULRGH7HQHULIHODVtQWHVLVGHORVDFXHUGRVTXHVHUHFRJHQPiVDGHODQWHHQOD UHYLVWD\FX\RWH[WRFRPSOHWRHVWiGLVSRQLEOHMXQWRDOQXHYR&RQYHQLR&ROHFWLYRHQ ODSiJLQDZHEGHO+RVSLWDOVHUtDHOVLJXLHQWH /DLQWHJUDFLyQGHOSHUVRQDOVHUiXQSURFHVRYROXQWDULRVyORGHDSOLFDFLyQD ORVWUDEDMDGRUHVTXHH[SUHVDPHQWHORVROLFLWHQDORVTXHHOLMDQVXFRQWLQXLGDGFRPR SHUVRQDOODERUDOOHVVHUiGHDSOLFDFLyQHO&RQYHQLR&ROHFWLYRSDFWDGRTXHPDQWLHQH WRGRVORVGHUHFKRVGHORVTXHKDVWDDKRUDVHGLVIUXWDED 6HPDQWLHQHQODYLJHQFLDGHORVOLVWDGRVGHFRQWUDWDFLyQWHPSRUDO\VHYD DDSUREDUXQDRIHUWDGHHPSOHRSRUODWRWDOLGDGGHODVSOD]DVYDFDQWHVDFWXDOHVFRQ DUUHJORDODVEDVHVGHFRQYRFDWRULDGHO&RQVRUFLR6DQLWDULRGH7HQHULIH )LQDOPHQWHGHVWDFDUHOPDQWHQLPLHQWRFRPRGHUHFKRV´DGSHUVRQDPµGH ORVEHQHILFLRVGHO&RQYHQLRDOSHUVRQDOTXHRSWHDODFRQGLFLyQGHHVWDWXWDULR\OD SHUPDQHQFLDGHODVLWXDFLyQGHOSHUVRQDOYLQFXODGRFRQOD8QLYHUVLGDG (ODFXHUGRFRQWHPSODWDPELpQODVROXFLyQDOFRQIOLFWRGHODSDUFDPLHQWROD VLWXDFLyQGHOSHUVRQDOH[FHGHQWHODHTXLSDUDFLyQHQIXWXUDV2IHUWDVGH(PSOHRGHO 6HUYLFLR&DQDULRGHOD6DOXGGHOWLHPSRWUDEDMDGRHQHO+8&ODFRUUHFFLyQSURJUHVLYD GHORVGHVHTXLOLEULRVGHSODQWLOODHQWUHORVKRVSLWDOHVGHWHUFHUQLYHO\ODFUHDFLyQGH XQD&RPLVLyQ3DULWDULDGH6HJXLPLHQWRGHORV$FXHUGRV 6LQFHUDPHQWHFUHRTXHGHEHPRVHVWDUPX\VDWLVIHFKRVGHKDEHUDOFDQ]DGR XQ DFXHUGR TXH YLHQH D FXEULU ODV H[SHFWDWLYDV GH ORV WUDEDMDGRUHV VDOYDJXDUGD WRGRVORVGHUHFKRVTXHVHKDQLGRDGTXLULHQGRDORODUJRGHORVDxRV\QRVSHUPLWH LQWHJUDUQRVHQHO6HUYLFLR&DQDULRGHOD6DOXGHQXQDPELHQWHGHVRVLHJR\SD]VRFLDO 'HVGHDTXtTXLHURIHOLFLWDUDWRGRVORVLQWHJUDQWHVGHOD&RPLVLyQ1HJRFLDGRUDSRU VXHVStULWXGLDORJDQWH\FRQVWUXFWLYRVLQFX\DFRODERUDFLyQQRKXELHUDVLGRSRVLEOH ORJUDUORVREMHWLYRVSODQWHDGRV $SDUWLUGHOGHHQHURVHDEULyXQDQXHYDHWDSDHQHO+8&\DKDSDVDGR SRURWURVFDPELRV\VLHPSUHKDVDELGRJUDFLDVDOHVIXHU]RGHWRGRVVXVWUDEDMDGRUHV LUPHMRUDQGRODDWHQFLyQVDQLWDULDTXHRIUHFHPRVDORVFDQDULRVQXHVWUD~QLFDUD]yQ GHVHU %2&10LpUFROHVGHHQHURGH 6HUYLFLR &DQDULR GH OD 6DOXG 6HFUHWDULD *HQHUDO 5HVROXFLyQ GH GH HQHUR GHSRUODTXHVHGLVSRQHODSXEOLFDFLyQGHO´$FXHUGRHQWUHOD&RQVHUMHUtDGH 6DQLGDG GHO *RELHUQR GH &DQDULDV \ HO ([FPR &DELOGR ,QVXODU GH 7HQHULIH SRU HO TXHVHLQVWUXPHQWDOL]DQODVFRQGLFLRQHVSDUDODLQWHJUDFLyQGHORVFHQWURVVDQLWDULRV GHSHQGLHQWHV GHO &RQVRUFLR 6DQLWDULR GH 7HQHULIH HQ HO 6HUYLFLR &DQDULR GH OD 6DOXGµ ',5(&&,Î10e',&$ '.*7%4'#.+<#'.64#52.#06' 2#0%4'6+%14'0#.0­/'41 (O3URI+DQV:6ROOLQJHUMXQWRFRQHO'U/XLV$)HUQDQGH]\HOHTXLSRGHWUDVSODQWHSDQFUHiWLFRUHQDOFRQYDULRVSURIHVLRQDOHVGHO+8& ' OHTXLSRGH7UDVSODQWHVGHO+RVSLWDO8QLYHUVLWDULRGH&DQDULDV +8& KD UHDOL]DGR HO WUDVSODQWH SDQFUHiWLFRUHQDO Q~PHUR WUDVVHLVDxRVGHDFWLYLGDGGHHVWH3URJUDPD(OFHQWURLQLFLyOD DFWLYLGDGGHO3URJUDPDGH7UDVSODQWH3DQFUHiWLFR5HQDOHQPD\RGH WUDVYDULRVDxRVGHSUHSDUDFLyQGHOHTXLSRGHSURIHVLRQDOHV HQFDUJDGRGHVXUHDOL]DFLyQ /DHOHYDGDLQFLGHQFLDHQ&DQDULDVGHODGLDEHWHV\GHVXV FRPSOLFDFLRQHVFRQXQDHVSHFLDOLPSRUWDQFLDHQHQIHUPRVMyYHQHV D ORV TXH OD HQIHUPHGDG UHVWD FDOLGDG GH YLGD \ SRVLELOLGDGHV GH VXSHUYLYHQFLD D ODUJR SOD]R DQLPy D HVWRV SURIHVLRQDOHV D LQLFLDU HO SURFHVR GH OD LPSODQWDFLyQ GHO 3URJUDPD GH 7UDVSODQWH 3DQFUHiWLFR5HQDOTXHFXOPLQyFRQODDFUHGLWDFLyQGHOFHQWURSRU OD&RQVHMHUtDGH6DQLGDGGHO*RELHUQRGH&DQDULDV 'HVGH HQWRQFHV HO WUDVSODQWH GH SiQFUHDV \ ULxyQ KD YHQLGR VLHQGR XQ SURFHGLPLHQWR TXH HO +8& UHDOL]D SDUD WRGRV ORV HQIHUPRV FDQDULRV TXH OR UHTXLHUDQ \ GHO TXH HV FHQWUR GH UHIHUHQFLDSDUD&DQDULDV+R\SRUKR\\FRPRVHDGPLWHHQWRGRHO PXQGRHVWHWLSRGHRSHUDFLyQHVHO~QLFRWUDWDPLHQWRHILFD]GHOD GLDEHWHVFRQLQVXILFLHQFLDUHQDO 'NEGPVTQJCUKFQFGUKIPCFQ EGPVTQFGTGHGTGPEKCPCEKQPCNRCTC GNVTCURNCPVGRCPETG¶VKEQTGPCN RQTNC1TICPK\CEKÎP0CEKQPCNFG 6TCURNCPVGU (O+RVSLWDO8QLYHUVLWDULRGH&DQDULDV+8&UHFLELyHQHO OD DFUHGLWDFLyQ GH OD 2UJDQL]DFLyQ 1DFLRQDO GH 7UDVSODQWHV 217 SDUD VHU FHQWUR GH UHIHUHQFLD QDFLRQDO SDUD HO WUDVSODQWH SDQFUHiWLFRUHQDOORTXHDFUHGLWDDOFHQWURFRPRXQRGHORVWUHV FHQWURVGHOSDtVSDUDODIRUPDFLyQGHORVHVSHFLDOLVWDVHQHVWHWLSR GHWUDVSODQWH $&7,9,'$'352*5$0$'(75$63/$17(3$1&5(É7,&25(1$/ (Q ORV DxRV WUDQVFXUULGRV VH KDQ LQWHUYHQLGR HQIHUPRVFRQXQDIUHFXHQFLDDQXDOTXHKDRVFLODGRHQWUH\ FDVRVFLIUDTXHKDGHSHQGLGRGHODVGRQDFLRQHV\GHODLGRQHLGDG GHORVyUJDQRVDWUDVSODQWDUUHVSHFWRGHODVFDUDFWHUtVWLFDVGHORV SDFLHQWHVLQFOXLGRVHQOLVWDGHHVSHUD'LFKDOLVWDGHHVSHUDGHVGH ORVLQLFLRVGHODFUHDFLyQGHO3URJUDPDGH7UDVSODQWH3DQFUHiWLFR 5HQDOKDHVWDGRFRPSXHVWDGHDHQIHUPRVDODHVSHUDGHORV yUJDQRVTXHOHVIXHUDQFRPSDWLEOHV $FWXDOPHQWH H[LVWHQ HQ (VSDxD FHQWURV DFUHGLWDGRV DFWLYRV UHDOL]DQGR WUDVSODQWH GH ULxyQ \ SiQFUHDV VLHQGR OD DFWLYLGDG GHO +8& GH HVSHFLDO UHOHYDQFLD GHELGR D OD OHMDQtD H[LVWHQWH HQWUH HO $UFKLSLpODJR \ ORV FHQWURV SHQLQVXODUHV (VWDV FRQGLFLRQHV JHRJUiILFDV KDQ VLGR XQ KiQGLFDS SDUD ORV HQIHUPRV GLDEpWLFRVFRQLQVXILFLHQFLDUHQDOHQGLiOLVLVFX\RGHVSOD]DPLHQWR DOD3HQtQVXODVHYHtDGLILFXOWDGRSRUHOGHVDUUDLJRGHVXHQWRUQR IDPLOLDU ORV SUREOHPDV GH DORMDPLHQWR \ OD LQFHUWLGXPEUH VREUH ODIHFKDGHUHDOL]DFLyQGHOWUDVSODQWH7RGDVHVWDVFLUFXQVWDQFLDV PRWLYDURQ TXH VyOR XQRV SRFRV FDQDULRV UHFLELHUDQ HVWH WLSR GH WUDVSODQWH KDVWD TXH VH FUHy HO 3URJUDPD HQ &DQDULDV FRQFUHWDPHQWHHQHO+8& (O GREOH WUDVSODQWH SDQFUHiWLFRUHQDO KDEtD VLGR SUHFHGLGR GH RWUR SURJUDPD TXH YHQtD FRVHFKDQGR JUDQGHV p[LWRV GHVGH KDFtD PiV GH DxRV HO GH WUDVSODQWH GH ULxyQ /DVJDUDQWtDVGHXQHTXLSRGHVRSRUWHSHUIHFWDPHQWHHQWUHQDGR DGHPiV GHO HTXLSR PpGLFR \ TXLU~UJLFR IRUPDGR SRU XUyORJRV \ QHIUyORJRV DQHVWHVLVWDV HQIHUPHURV HWF DFRPSDxDGRV SRU XQD H[SHULPHQWDGD&RRUGLQDFLyQGH7UDVSODQWHVKRVSLWDODULDIXHURQGH FUXFLDOLPSRUWDQFLDSDUDHOHQWRQFHVQXHYR3URJUDPD 'LVSRQHUHQ&DQDULDVGHHVWDSRVLELOLGDGWHUDSpXWLFDKD FDPELDGRODYLGDDORVHQIHUPRVTXHKDQVLGRWUDVSODQWDGRVFRQ p[LWRURWXQGRHQVXFDVLWRWDOLGDGVREUHWRGRDORVPiVMyYHQHV $ PRGR GH HMHPSOR UHFRUGHPRV HO FDVR GH XQD SDFLHQWH GREOH WUDVSODQWDGD TXH GLR D OX] FRQ QRUPDOLGDG D VX SULPHU KLMR HQ 'HKHFKRHVWRVHQIHUPRVKDQSRGLGRUHWRPDUXQDYLGD QRUPDOVLQGHSHQGHQFLDQLGHODLQVXOLQDQLGHODGLiOLVLV7RGRXQ FDPELRTXHKDMXVWLILFDGRVREUDGDPHQWHHOHVIXHU]RTXHVHYLHQH UHDOL]DQGR HQ HO +8& GHVGH KDFH DxRV TXH VRQ ORV TXH VH OOHYD WUDEDMDQGRHQHOFHQWURSDUDRIUHFHUDORVFDQDULRVHVWDSRVLELOLGDG WHUDSpXWLFDGHDOWDWHFQRORJtD\GHODPiVDOWDHVSHFLDOL]DFLyQ (OJUXSRGHSURIHVLRQDOHVHQFDUJDGRGHUHDOL]DUHVWHWLSR GHSURFHGLPLHQWRHQHO+8&HVWDFRQIRUPDGRSRUXQDVSHUVRQDV GHGLIHUHQWHVHVSHFLDOLGDGHV\HQFDEH]DGDVSRUHO'U-RVp0DQXHO *RQ]iOH]3RVDGD'HOJDGRGHOVHUYLFLRGH1HIURORJtDHO'U$QWRQLR $ODUFy+HUQiQGH]GHOGH&LUXJtD*HQHUDO\'LJHVWLYD´$µ\HO'U -RVp 0DUtD 5RGUtJXH] GH 9HUD GH 8URORJtD 7RGRV HOORV MXQWR D DQHVWHVLyORJRVLQWHQVLYLVWDVLQPXQyORJRVHQIHUPHURVDX[LOLDUHV DGPLQLVWUDWLYRV WHOHIRQLVWDV HWF VRQ FRQ RFDVLyQ GH FDGD DFWR TXLU~UJLFR RUJDQL]DGRV FRQMXQWDPHQWH SRU OD &RRUGLQDFLyQ GH 7UDVSODQWHV HQFDEH]DGD SRU OD 'UD 0DUJDULWD 5XILQR FRPR FRRUGLQDGRUDGH7UDVSODQWHVGHO+8& '.*7%#%1)' 70#5,140#&#537+4­4)+%#5 51$4'%+47) #&'.#/#01 / RVWUDXPDWyORJRVGHO+RVSLWDO8QLYHUVLWDULRGH&DQDULDV+8&HVSHFLDOL]DGRVHQFLUXJtDGHODP SDUWLFLSDURQHQXQDMRUQDGDTXLU~UJLFDRUJDQL]DGDFRQHOREMHWLYRGHPHMRUDUODFDOLGDGDVLVWHQFLDOT UHFLEHQORVSDFLHQWHVFRQWUDXPDWLVPRVVHYHURVGHPXxHFD3DUDHOORHOFHQWURKDLQYLWyDXQH[SHU HO 'U 0LJXHO GHO &HUUR *XWLpUUH] MHIH GH VHFFLyQ GH OD 8QLGDG GH &LUXJtD GH OD 0DQR GHO +RVSL *HQHUDO*UHJRULR0DUDxyQGH0DGULG /D MRUQDGD FRQVLVWLy HQ XQD VHVLyQ FOtQLFD GRQGH VH H[SXVLHURQ WUHV FDVRV FOtQLFRV G SDWRORJtDV FRPSOHMDV VHFXHODV JUDYHV SRVWUDXPiWLFDV \ DUWUtWLFDV GH PXxHFD SDUD SRVWHULRUPHQWH SDVDUDTXLUyIDQRGRQGHVHLQWHUYLQLHURQ (VWDVLQWHUYHQFLRQHVIXHURQUHDOL]DGDVSRUHOHVSHFLDOLVWDGHUHFRQRFLGRSUHVWLJLRHQOD HVSHFLDOLGDGGHFLUXJtDGHODPDQRHO'U0LJXHOGHO&HUUR\HOWUDXPDWyORJRGHO+8&)UDQFLVFR 0iUTXH](VWDFLUXJtDUHTXLHUHGHXQDIRUPDFLyQHVSHFLDOHQPLFURFLUXJtDDVtFRPRGHLQVWUXPHQWDO HVSHFtILFR SDUD OOHYDUOD D FDER 6H WUDWD GH XQD FLUXJtD PX\ FRPSOHMD GH ODUJD GXUDFLyQ TXH UHTXLHUHUHSDUDFLyQPLFURTXLU~UJLFD '.*7%+0%4'/'06# 57#%6+8+&#& 37+4­4)+%#'070 '0%10 4'52'%61#.#¤1 #06'4+14 . D DFWLYLGDG DVLVWHQFLDO DXPHQWD FDGD DxR DVt OR UHIOHMDQ ORV GDWRV GH FLHUUH GHO DxR 'XUDQWH HO PLVPR HO +8& H[SHULPHQWy XQ LQFUHPHQWR HQ HO Q~PHUR GH LQWHUYHQFLRQHV UHDOL]DGDV GH XQ HQ UHODFLyQ D ODV UHDOL]DGDV HQ (O Q~PHURGHLQWHUYHQFLRQHVKDSDVDGRGHHQD HQXQWRWDOGHLQWHUYHQFLRQHVTXLU~UJLFDVPiVGHELGR IXQGDPHQWDOPHQWHDODPD\RUXWLOL]DFLyQGHORVTXLUyIDQRVSRUODV WDUGHV/DVLQWHUYHQFLRQHVUHDOL]DGDVHQHVWDMRUQDGDKDQSDVDGR GHHQDHQ (OLQFUHPHQWRSURGXFLGRHQODVLQWHUYHQFLRQHVGH&LUXJtD 0D\RU$PEXODWRULD&0$KDVLGRGHXQ(VWHDXPHQWRGHO Q~PHURGHLQWHUYHQFLRQHVKDVXSXHVWRXQDUHGXFFLyQGHXQGH ORVSDFLHQWHVHQOLVWDGHHVSHUDTXLU~UJLFD\GHXQHQHOFDVR GHODOLVWDGHHVSHUDTXLU~UJLFDGHPiVGHVHLVPHVHV 2WUR GH ORV LQGLFDGRUHV TXH KD PHMRUDGR VLJQLILFDWLYDPHQWH HV OD HVWDQFLD PHGLD (Q HO DxR OD HVWDQFLD PHGLD VH KD UHGXFLGR HQ GtDV (VWD GLVPLQXFLyQ KD SHUPLWLGRXQLQFUHPHQWRHQORVLQJUHVRVGHXQGHPDQHUD TXHSDFLHQWHVPiVSXGLHURQLQJUHVDUHQHO+8&FRQUHVSHFWR DODxRDQWHULRU 6HUHDOL]DURQFRQVXOWDVGXUDQWHHO FRQVXOWDV PiV TXH HQ DQWHULRU /D DFWLYLGDG HQ 8UJHQFLDV FUHFLy WDPELpQ HQ XQ (O SURPHGLR GH SDFLHQWHV DWHQGLGRV FDGDGtDDVFHQGLyD'XUDQWHHODxRVHKDSURGXFLGRXQ LQFUHPHQWRHQODDVLVWHQFLDSUHVWDGDHQHO+RVSLWDOGH'tDGHXQ (VWRKDVXSXHVWRTXHVHKDQOOHYDGRDFDERVHVLRQHV HQPiVTXHHQDxRDQWHULRU /D 8QLGDG GH +RVSLWDOL]DFLyQ D 'RPLFLOLR TXH RIUHFH HO PLVPRWUDWDPLHQWR\FXLGDGRVVDQLWDULRVKRVSLWDODULRVDORVSDFLHQWHV HQ VX GRPLFLOLR \ VH SXVR HQ PDUFKD HQ HO +8& HQ HO DxR DWHQGLyDSDFLHQWHV6HUHDOL]DURQWDPELpQYLVLWDVPpGLFDV \GHHQIHUPHUtDHQGRPLFLOLR\WUDWDPLHQWRVGHILVLRWHUDSLD ',5(&&,Î1'((1)(50(5Ê$ .152#%+'06'5&' 25+37+#64 #&'. 6#..'4&'2+0674#&'.*7% 6#..'4&'2+0674# *#02#46+%+2#&1'0'.%10%7451 &'.%#46'.&'%#40#8#. . RVSDFLHQWHVGHO7DOOHUGH3LQWXUDGHOÉUHDGH5HKDELOLWDFLyQGH6DOXG0HQWDOGHO&RQVRUFLR6DQLWDULRGH7HQHULIH&67KDQSDUWLFLSDGR HQHOFRQFXUVRGHOFDUWHOGHO&DUQDYDOGH6&GH7HQHULIHFRQXQDREUDWLWXODGD6DQWD&UX]VHYXHOYHORFDHQ&DUQDYDOILUPDGDFRQ HOVHXGyQLPR´3$..2µ(OWHPDGHO&DUQDYDOGH6&GH7HQHULIHGHODxRVHUiHOFLQHGHWHUURUSRUORTXHODREUDSUHVHQWDGDSRUHVWH FROHFWLYRFRRUGLQDGDSRUHOPRQLWRU)UDQFLVFRGHO&DVWLOORVHLPSUHJQyFRQDVSHFWRVUHODFLRQDGRVFRQHOPXQGRGHOFLQH /DREUDHVWiUHDOL]DGDVREUHSDSHOFDUWyQGHKLOR\SLQWDGDFRQSLQWXUDVDFUtOLFDVSDUWLHQGRGHORVFRORUHVEiVLFRVFRORUHVSODQRV \WpFQLFDVGHPRGHODGR6HKDKHFKRXVRGHOFRQWUDVWHHQWUHFRORUHVIUtRV\FDOLHQWHV\VHKDXVDGRXQDWH[WXUDGHIRQGRUROORVTXHLPLWDQ DOFHOXORLGHVLHQGRODILJXUDFHQWUDOXQDPiVFDUDFX\RWRFDGRHVHO$XGLWRULRGH7HQHULIHFRPRHGLILFLRHPEOHPiWLFRGHOQXHYR6DQWD&UX] HQHOTXHGHVWDFDHOHVFXGRGHODFLXGDG (O7DOOHUGH3LQWXUDFRQWLQ~DUHDOL]DQGRFRQHVWDDFWLYLGDGXQDODERUGHJUDQLPSRUWDQFLDGHQWURGHODIXQFLyQUHKDELOLWDGRUD HLQWHJUDGRUDTXHVHGHVDUUROODHQHOÉUHD([WHUQDGH6DOXG0HQWDOGHO&67(OREMHWLYRSULQFLSDOHVTXHHOXVXDULRDGTXLHUD\PDQWHQJD ODVKDELOLGDGHVQHFHVDULDVSDUDDSUHQGHUDRFXSDUVXWLHPSROLEUHWDQWRGXUDQWHVXLQJUHVRFRPRSRVWHULRUPHQWHHQDOFRPXQLGDGGHOD TXHIRUPDSDUWH/DSLQWXUDFRPRHOHPHQWRIDYRUHFHGRUGHODH[SUHVLyQSURIXQGDGHOVHUKXPDQR\VXFRPSRQHQWHWHUDSpXWLFRKDFHQ GHHVWDDFWLYLGDGXQSLODUIXQGDPHQWDOGHOSURFHVRUHKDELOLWDGRUTXHGHIRUPDPXOWLGLVFLSOLQDUHQIHUPHUtDSVLTXLDWUtDWUDEDMRVRFLDO\ SVLFRORJtDVHGHVDUUROODFRQHOSDFLHQWH/DXWLOL]DFLyQGHODUWHFRPRUHFXUVRWHUDSpXWLFRKDSHUPLWLGRDEULUXQDYtDGHDFRPSDxDPLHQWR HQDOHYROXFLyQSHUVRQDOGHHVWRVSDFLHQWHV /DVREUDVH[SXHVWDVVRQUHDOL]DGDVSRUORVSDFLHQWHV\HOKHFKRGHGDUODVDFRQRFHUVLUYHGHUHIXHU]RDOWUDEDMRGHVHPSHxDGR SRUHVWRVSDFLHQWHVDVtFRPRSDUDPRVWUDUXQDYLVLyQSRVLWLYDGHORVHQIHUPRVPHQWDOHV 'Ì$081',$/'(/$',$%(7(6 GtD GH QRYLHPEUH VH FHOHEUy HQ HO 6DOyQ GH $FWRV *HUHQFLD GH $WHQFLyQ 3ULPDUtD ODV 9,, -251$'$6 '( 18,'$''(&8,'$'26 /D RUJDQL]DFLyQ FRUULy D FDUJR GHO 6HUYLFLR RQWLQXLGDG GH &XLGDGRV IRUPDGR SRU SURIHVLRQDOHV QIHUPHUtD GH OD 'LUHFFLyQ *HQHUDO GH 3URJUDPDV HQFLDOHV \ ODV 'LUHFFLRQHV GH (QIHUPHUtD GHO +RVSLWDO HUVLWDULR GH &DQDULDV $WHQFLyQ 3ULPDULD \ HO +RVSLWDO HUVLWDULR16UDGHOD&DQGHODULD (O 6HUYLFLR GH &RQWLQXLGDG GH &XLGDGRV WLHQH R REMHWLYR PHMRUDU OD FRQWLQXLGDG GH FXLGDGRV HQ OD FLyQSUHVWDGDVDORVXVXDULRVHQWUHGLIHUHQWHViPELWRV WHQFLDOHV HODERUDQGR LQIRUPHV GH FRQWLQXLGDG GH DGRV\JXtDVGHDFWXDFLyQFRQVHQVXDGDVFRQOHQJXDMH HUPHURVHJ~QQRPHQFODWXUD1$1'$1,&12&\WRGRHOOR HOILQGHGDUXQRVFXLGDGRVHQIHUPHURVGHFDOLGDG (VWDV 9,, -RUQDGDV IXHURQ XQ SXQWR GH XHQWUR HQWUH HQIHUPHUDV GH WRGDV ODV LQVWLWXFLRQHV DFLRQDGDVFRQHO6HUYLFLRSDUDFRPSDUWLUH[SHULHQFLDV QTXLHWXGHV\PRVWUDUODVDFWLYLGDGHVUHODFLRQDGDVFRQ FRQWLQXLGDGGHFXLGDGRV\ODPHWRGRORJtDHQIHUPHUDDVt PRDVSHFWRVOHJDOHVUHODFLRQDGRVFRQODGRFXPHQWDFLyQ QLFD7RGRHVWRFRQHOREMHWLYRGHFRQWULEXLUDPHMRUDU DSRUWDUXQRVFXLGDGRVHQIHUPHURVDOQLYHOTXHQRVH[LJH FRPXQLGDGTXHVLUYDQSDUDGHILQLUQXHVWUDLGHQWLGDG 0 XHVWUR+RVSLWDOVHKDFDUDFWHUL]DGRVLHPSUHSRUVX SR\RDODIRUPDFLyQFDOLGDGGRFHQFLDHLQYHVWLJDFLyQ DUDORFXDOVHKDQHVWDEOHFLGRHVWUXFWXUDVTXHDSR\DQH QFHQWLYDQTXHVHGHVDUUROOHQDFFLRQHVFRPR&RQYHQLRV GH &RODERUDFLRQHV FRQ GLVWLQWDV HQWLGDGHV HGXFDWLYDV \ GH LQYHVWLJDFLyQ HO 3ODQ GH )RUPDFLyQ ,QWHUQR \ ([WHUQR SDUD WRGDV ODV FDWHJRUtDV SURIHVLRQDOHV 8QLGDG0L[WD8QLYHUVLGDG+RVSLWDO8QLGDGGH&DOLGDG \ &RPLVLRQHV GH 'RFHQFLD SDUD HO GHVDUUROOR GH OD IRUPDFLyQ GH SRVWJUDGR GH ODV GLVWLQWDV WLWXODFLRQHV &RQHVWHPRWLYRQRVFRQJUDWXODPRVGHKDEHUREWHQLGR OD $FUHGLWDFLyQ GHVGH HO 0LQLVWHULR GH 6DQLGDG \ &RQVXPR FRPR 8QLGDG 'RFHQWH FRODERUDGRUD GH OD 8QLGDG 'RFHQWH GH 0DWURQDV GHO +RVSLWDO 1 6UD RUPDFLyQ GH OD HVSHFLDOLGDG GH (QIHUPHUtD 2EVWHWUR *LQHFROyJLFD(OLPSXOVRGHVROLFLWDUVHUXQLGDGFRODERUDGRUDKDVLGRGHODVPDWURQDVGHO+RVSLWDOFRQWDQGRFRQWDQGRHQWRGR PRPHQWRFRQHODSR\RGHOD*HUHQFLD\'LUHFFLyQGH(QIHUPHUtDGHO+RVSLWDODVtFRPRFRQHO+RVSLWDO816UDGHOD&DQGHODULD\GH ODMHIDGH)RUPDFLyQGHO6HUYLFLR&DQDULRGHOD6DOXG'HHVWHPRGR\DVtKDVDOLGRSXEOLFDGRHQOD2UGHQ6&2GHGH VHSWLHPEUHVHLQFRUSRUDUiQFLQFR5HVLGHQWHVGHODHVSHFLDOLGDGHQQXHVWUR+RVSLWDOXQDYH]VXSHUDGRHOH[DPHQTXHVHFHOHEUDUiHO GHHQHURGH\WHQGUiQSXHVDVtKDVLGRQRPEUDGDSRUOD'LUHFFLyQGH(QIHUPHUtDD'&DUPHQ+HUQiQGH]3pUH]FRPR7XWRUD GHQXHVWUD8QLGDG'RFHQWH4XHUHPRVFRQWULEXLUGHHVWHPRGRDOGHVDUUROORSURIHVLRQDOGHODHQIHUPHUtDFXPSOLHQGRFRQXQDQHFHVLGDG GHGLVSRQHUHQORVGLVSRVLWLYRVGHVDOXGUHODFLRQDGRVFRQODDWHQFLyQDODPXMHUGHHQIHUPHUDVHVSHFLDOLVWDVTXHGDQXQRVFXLGDGRVGH H[FHOHQFLDSURIHVLRQDOFRPRQRVH[LJHODVRFLHGDG ',5(&&,Î1'(*(67,Î1 6'4%'4#5,140#&#5&' 6'.'%1/70+%#%+10'5 '0'06140155#0+6#4+15 (O 'LUHFWRU *HQHUDO GH 7HOHFRPXQLFDFLRQHV \ 1XHYDV 7HFQRORJtDV GHO *RELHUQR GH &DQDULDV 7RPiV 5tRV 5XOO HO 'LUHFWRU *HUHQWH GHO +8& ,JQDFLR /ySH] 3XHFK HO 3UHVLGHQWH GHO &ROHJLR GH ,QJHQLHURV GH 7HOHFRPXQLFDFLyQ GH &DQDULDV 0LJXHO ÉQJHO 0RQWHVGHRFD +HUQiQGH] -RVp &DUORV )HUQiQGH] GH $OGHFRD 3UHVLGHQWH GH OD 6RFLHGDG(VSDxRODGH(OHFWURPHGLFLQDH,QJHQLHUtD&OtQLFD\6XEGLUHFWRUGH,QJHQLHUtD0DQWHQLPLHQWR\2EUDVGHO+RVSLWDO8QLYHUVLWDULRGH&DQDULDV\&DUORV%HUP~GH] 3pUH]6XEGLUHFWRUGH6LVWHPDVGH,QIRUPDFLyQH,QJHQLHUtDGHO+RVSLWDO8QLYHUVLWDULR1WUD6UDGHOD&DQGHODULD . DDFWLYLGDGHQORVFHQWURVVDQLWDULRVVHDSR\DFDGDGtDPiVHQ ODV~OWLPDVWHFQRORJtDVGHOiPELWRGHODVWHOHFRPXQLFDFLRQHV&RQ HOREMHWLYRGHUHIRU]DU\DFWXDOL]DUFRQRFLPLHQWRVHQHVWHFDPSR FHUFDGHSURIHVLRQDOHVGHODV,VODVGHPX\GLVWLQWDVSURFHGHQFLDV VH GLHURQ FLWD HO SDVDGR GH MXQLR SRU WHUFHU DxR FRQVHFXWLYR HQ ODV ,,, -RUQDGDV GH 7HOHFRPXQLFDFLRQHV HQ (QWRUQRV 6DQLWDULRV TXHVHFHOHEUDURQFRQHQRUPHp[LWRHQHO+RVSLWDO8QLYHUVLWDULRGH &DQDULDV (VWH DxR HO OHPD GH ODV MRUQDGDV IXH ´/DV WHOHFRPXQLFDFLRQHV DO VHUYLFLR GHO SDFLHQWHµ GRQGH VH KD SUHWHQGLGRUHVDOWDUODDFWLYLGDGGHORVSURIHVLRQDOHVGHHVWHVHFWRU GHQWUR GHO VLVWHPD GH VDOXG HQ OD DSOLFDFLyQ GH ODV LQQRYDFLRQHV WHFQROyJLFDVTXHVHYDQSURGXFLHQGRSDUDFRQVHJXLUXQDDVLVWHQFLD VDQLWDULDGHPD\RUFDOLGDG /DV DSOLFDFLRQHV PyYLOHV HQ OD PHMRUD GH ORV FXLGDGRV GH VDOXG RFXSDURQ HO HMH FHQWUDO GH HVWH HQFXHQWUR $Vt VH SUHVHQWDURQODVQXHYDVWHQGHQFLDVHQDWHQFLyQPpGLFDDGLVWDQFLD OD KRVSLWDOL]DFLyQ GRPLFLOLDULD ORV FXLGDGRV D SHUVRQDV PD\RUHV \ GHSHQGLHQWHV ORV VLVWHPDV LQDOiPEULFRV SDUD PRQLWRUL]DFLyQ \ WHOHPHWUtD GH FRQVWDQWHV YLWDOHV ODV WpFQLFDV GH FRQVXOWD UHPRWD HO WHOHGLDJQyVWLFR R OD HGXFDFLyQ PpGLFD D GLVWDQFLD 7DPELpQ VH H[SXVLHURQ ORV DYDQFHV SURGXFLGRV HQ ORV VLVWHPDV GHLGHQWLILFDFLyQSRUUDGLRIUHFXHQFLDXVDGRVSDUDHOVHJXLPLHQWR GH SDFLHQWHV GH GLItFLO FRQWURO SHGLDWUtD SVLTXLDWUtD R SDUD OD ORFDOL]DFLyQ GH HTXLSRV HOHFWURPpGLFRV \ ODV PHGLGDV D DGRSWDU SDUD OD FRQILGHQFLDOLGDG \ VHJXULGDG GH OD LQIRUPDFLyQ FOtQLFD TXH FLUFXOD SRU ODV UHGHV ItVLFDV R LQDOiPEULFDV GH WHOHFRPXQLFDFLyQ (VWDV MRUQDGDV KDQ FRQWDGR FRQ OD SUHVHQFLD GH OD 'UD ,QJHQLHUD HQ 7HOHFRPXQLFDFLRQHV 9LFWRULD 5DPRV *RQ]iOH] LQYHVWLJDGRUD WLWXODU GHO ÉUHD GH 7HOHPHGLFLQD \ 6RFLHGDG GH OD ,QIRUPDFLyQ GHO ,QVWLWXWR GH 6DOXG &DUORV ,,, GH 0DGULG FX\D SRQHQFLDYHUVyVREUHORVUHWRVGHODVWHOHFRPXQLFDFLRQHVSDUDOD PRQLWRUL]DFLRQGHSDFLHQWHV\ODVHJXULGDGGHODVDSOLFDFLRQHV '.*7%+056#.#705+56'/# +0018#&14&')'56+¦0&' 70+(14/'5'037+4¦(#01 8QDPiTXLQDGLVSHQVD\UHFRJHORVXQLIRUPHVGH ORVSURIHVLRQDOHVVDQLWDULRVTXLU~UJLFRVDWUDYpV GHVXVWDUMHWDVSHUVRQDOHV3Uy[LPDPHQWHHVWH VLVWHPDVHH[WHQGHUiDOUHVWRGHORVVHUYLFLRVQR YLQFXODGRVDOiUHDTXLU~UJLFD (O +RVSLWDO 8QLYHUVLWDULR GH &DQDULDV +8& KD SXHVWR HQ IXQFLRQDPLHQWR XQ QXHYR VLVWHPD GH DOPDFHQDPLHQWR GLVWULEXFLyQ UHFRJLGD \ JHVWLyQ GH ORV XQLIRUPHV GH ORV SURIHVLRQDOHV TXH WUDEDMDQ HQ TXLUyIDQR OR TXH VXSRQH XQD PHMRUD HQ ODV FRQGLFLRQHVGHWUDEDMRDVtFRPRXQDGLVPLQXFLyQHQORVFRVWHVGHJHVWLyQ &RQHVWHQXHYRVLVWHPDLPSODQWDGRHQHO+8&\~QLFRGHHVWDVFDUDFWHUtVWLFDVHQ&DQDULDVHODOPDFHQDPLHQWR\GLVWULEXFLyQ GHODURSDGHORVWUDEDMDGRUHVVHUHDOL]DDWUDYpVGHXQDPiTXLQDGLVSHQVDGRUDGHXQLIRUPHVXELFDGDHQ4XLUyIDQRKDVWDODIHFKDHVWD ODERUVHUHDOL]DEDGHIRUPDPDQXDOORTXHVXSRQtDXQSURFHVRGHWUDEDMRLQWHQVR (OFHQWURKDSXHVWRHQIXQFLRQDPLHQWRGRVPiTXLQDVXQDGLVSHQVDGRUDFRQXQDFDSDFLGDGPtQLPDGHSUHQGDV\RWUDGH UHWRUQRTXHUHFRJHODURSDVXFLD'HHVWDPDQHUDVHPDQWLHQHODEDUUHUDVXFLROLPSLR(OVHUYLFLRGH/HQFHUtDFRQWURODHOVWRFN\UHSRQH ORVXQLIRUPHVVHJ~QODGHPDQGDWHQLHQGRHQFXHQWDTXHpVWHHVXQVHUYLFLRTXHIXQFLRQDWRGRVORVGtDVGHODxRLQLQWHUUXPSLGDPHQWH (OSURFHGLPLHQWRGHOVLVWHPDLQVWDODGRIXQFLRQDFRQXQVRIWZDUHLQIRUPiWLFR\DWUDYpVGHFUpGLWRVODPiTXLQDGLVSHQVDSUHQGDV VHJ~QVHKD\DQGHYXHOWRODVXVDGDVVLHQGRFHUFDGHWUDEDMDGRUHVORVTXHVHEHQHILFLDQGHHVWHQXHYRVLVWHPD /DDSOLFDFLyQGHHVWHQXHYRSURFHGLPLHQWRGHWUDEDMRFXHQWDFRQODFRODERUDFLyQGHORVVHUYLFLRVGH/DYDQGHUtD\/HQFHUtD(Q XQIXWXUR\WUDVODH[SHULHQFLDHQORVTXLUyIDQRVGHOFHQWURSRGUiQLQVWDODUVHPiVPiTXLQDVGLVSHQVDGRUDVFRQHOILQGHSURSRUFLRQDUHO PLVPRPRGHORGHJHVWLyQDRWUDViUHDVGHOKRVSLWDO 1$9,'$'(1(/ .CRNCPVCPQXGPCRCTRTKOGTRTGOKQ FGN%QPEWTUQTDQNGUFG0CXKFCF /RViUEROHVGH%DQFRGH6DQJUH\(VWHULOL]DFLyQTXHGDURQHQVHJXQGROXJDU 7UHFH VHUYLFLRV \ SODQWDV SDUWLFLSDURQ HVWH DxR HQ HO &RQFXUVR GH ÉUEROHV GH 1DYLGDG TXH FRQYRFD HO +8& WRGRV ORV DxRV /D &RQVHMHUtD (VWHULOL]DFLyQ 5HFXSHUDFLyQ GH 4XLUyIDQR %DQFR GH 6DQJUH 3HGLDWUtD 5D\RV GH8UJHQFLDVOD8QLGDGGH&RGLILFDFLyQ\ODVSODQWDVWHUFHUDLPSDUFXDUWDSDU H LPSDU TXLQWD SDU VpSWLPD SDU \ QRYHQD LPSDU SUHVHQWDURQ VXV UHVSHFWLYRV iUEROHVTXHGHVWDFDURQSRUODVXRULJLQDOLGDG\WUDEDMR /DV GRV FDUDV GH OD 1DYLGDG KD VLGR HO OHPD FRQ HO TXH OD SODQWD JDQDGRUD OD QRYHQD SDU SUHVHQWy VX iUERO HQ HVWH FRQFXUVR (O REMHWLYR GHO SHUVRQDO GH HQIHUPHUtD GH 1HXURORJtD \ 5HKDELOLWDFLyQ HUD UHSUHVHQWDU ODV GRV FDUDVGHODVILHVWDVQDYLGHxDVODDOHJUtD\FRPRGLGDGGHSDUWHGHODSREODFLyQ\ ODWULVWH]D\ODVROHGDGGHODRWUDSDUWH &RQHVWHPRWLYRHOiUEROSUHPLDGRHVWiGHFRUDGRHQODHVFHQDTXHUHSUHVHQWDDODVHxRUDTXHVHHQFXHQWUDFyPRGDPHQWHHQ FDVDPLHQWUDVODRWUDSDUWHGHOiUEROHVWiGHVQXGR\SHUWHQHFHDODHVFHQDGHXQLQGLJHQWHTXHVHHQFXHQWUDSRUIXHUDGHODFDVDHQOD FDOOHPLUDQGRWUDVODYHQWDQDFRQGHVFRQVXHOR %DQFRGH6DQJUH\(VWHULOL]DFLyQIXHURQORVVHUYLFLRVTXHTXHGDURQDFRQWLQXDFLyQFRQXQiUEROTXHDOEHUJDXQ%HOpQHQVX LQWHULRU\XQiUEROUHDOL]DGRFRQPDWHULDOUHFLFODGRFRPRVRQODVERWHOODVGHDJXD (OMXUDGRIRUPDGRSRUPLHPEURVGHOiUHDPpGLFDHQIHUPHUtDJHVWLyQ\UHFXUVRVKXPDQRVIHOLFLWDURQDWRGRVORVSDUWLFLSDQWHV (OSUHPLRGHOJDQDGRUFRQVLVWHHQXQDFRPLGDSDUDWRGRVHO6HUYLFLRTXHUHDOL]DHOVHUYLFLRGH&RFLQD (QHVWH+RVSLWDOKD\PXFKDLPDJLQDFLyQ7RGRVPHUHFtDQJDQDU $/%Ô01$9,'(f2 ',5(&&,Î1'(55++ $&8(5'281É1,0( &21/266,1',&$726 3$5$/$),50$'(/$6 &21',&,21(6'( ,17(*5$&,Ð1'(/ 3(5621$/'(/&21625&,26$1,7$5,2'(7(1(5,)( (1(/6(59,&,2&$1$5,2'(/$6$/8' /D &RPLVLyQ 1HJRFLDGRUD FUHDGD SRU DFXHUGR GHO &RQVHMR GH $GPLQLVWUDFLyQ GHO &RQVRUFLR 6DQLWDULR GH 7HQHULIH &67 GHO GH RFWXEUH GH SDUD GHWHUPLQDU ODV FRQGLFLRQHV GH OD LQWHJUDFLyQ GHO SHUVRQDO GHO +RVSLWDO 8QLYHUVLWDULR GH &DQDULDV \ GH ODV 8QLGDGHVGHSHQGLHQWHVGHO+RVSLWDO3VLTXLiWULFRGH7HQHULIHHQHO6HUYLFLR&DQDULRGHOD6DOXG6&6HQVXUHXQLyQFHOHEUDGDHO MXHYHVGtDGHQRYLHPEUHGHHQ6DQWD&UX]GH7HQHULIHDGRSWyHOVLJXLHQWHDFXHUGR /DLQWHJUDFLyQGHOSHUVRQDOVHUiXQSURFHVRYROXQWDULRVyORGHDSOLFDFLyQDORVWUDEDMDGRUHVTXHH[SUHVDPHQWHORVROLFLWHQ HVWH SURFHVR VH LQLFLDUi PHGLDQWH OD RSRUWXQD FRQYRFDWRULD GH HVWDWXWDUL]DFLyQ HIHFWXDGD GXUDQWH HO DxR TXH SRGUi UHDEULUVHHQDxRVSRVWHULRUHVDWUDYpVGHOSURFHGLPLHQWRTXHDUELWUHHO6&6 (OSHUVRQDOTXHGHFLGDQRLQWHJUDUVHFRQWLQXDUiFRPRSHUVRQDOODERUDOVLpQGROHGHDSOLFDFLyQHO&RQYHQLR&ROHFWLYRSDFWDGR HQHVWD&RPLVLyQ1HJRFLDGRUD(OQXHYR&RQYHQLR&ROHFWLYRPDQWLHQHORVGHUHFKRVGHODQWHULRUHQORVWpUPLQRVDFRUGDGRV DxDGLpQGRVHDTXHOODVPHMRUDVTXHVHKDQLGRDSUREDQGRGXUDQWHVXYLJHQFLDSRUHO&RQVHMRGH$GPLQLVWUDFLyQGHO&67\ODV VXUJLGDVGXUDQWHODSURSLDQHJRFLDFLyQ /RVOLVWDGRVGHFRQWUDWDFLyQWHPSRUDOGHODVGLVWLQWDVFDWHJRUtDVSURIHVLRQDOHVPDQWHQGUiQVXYLJHQFLD\VHUHJLUiQSRUODV FRQGLFLRQHVTXHGHVFULEHHO&RQYHQLR&ROHFWLYRHQVXDUWSDUDFXEULUSOD]DVWDQWRGHSHUVRQDOODERUDOFRPRHVWDWXWDULRKDVWD WDQWRQRVHGLVSRQJDGHRWUDIRUPDHQHOVHQRGHOD0HVD6HFWRULDOGH6DQLGDG $SUREDFLyQDQWHVGHOGHGLFLHPEUHGHSRUSDUWHGHO&RQVHMRGH$GPLQLVWUDFLyQGHO&67GHODRIHUWDGHODWRWDOLGDGGH ODVYDFDQWHVDFWXDOHVFRQDUUHJORDODV%DVHV*HQpULFDVGHO&67(OWUDEDMDGRUTXHREWHQJDXQDGHHVWDVSOD]DVFRQYRFDGDV WHQGUiODFRQVLGHUDFLyQGHSHUVRQDOODERUDOILMRSXGLHQGRDFRJHUVHSRVWHULRUPHQWHDODVLJXLHQWHRIHUWDGHHVWDWXWDUL]DFLyQ 0DQWHQLPLHQWRFRPRGHUHFKRV´DGSHUVRQDPµGHWRGRVORVEHQHILFLRVGHO&RQYHQLR&ROHFWLYRDOSHUVRQDOTXHVLHQGRSHUVRQDO ILMRRSWHDODFRQGLFLyQGHHVWDWXWDULRPLHQWUDVGHVHPSHxHVXVIXQFLRQHVHQHO+8& 1RQHFHVLGDGGHUHLQFRUSRUDFLyQDO+8&GHOSHUVRQDOH[FHGHQWHSDUDSURFHGHUDVXHVWDWXWDUL]DFLyQ 5HLQWHJURDQWHVGHOGHMXQLRGHDORVWUDEDMDGRUHVILMRVHLQWHULQRVGHO+8&GHORVFRVWRVGHORVDSDUFDPLHQWRVGHVGH ODIHFKDGHODLQWHUSRVLFLyQGHO&RQIOLFWR&ROHFWLYRVREUHHVWHDVSHFWRGHPD\RGHKDVWDHOGHGLFLHPEUHGH VLQSHUMXLFLRGHSURVHJXLUODVDFWXDFLRQHVSDUDOOHJDUDOFXPSOLPLHQWRSOHQRGXUDQWHHODxRGHODVHQWHQFLDILUPHGLFWDGD (ODFWXDOSHUVRQDOIXQFLRQDULRFRQSOD]DYLQFXODGDPDQWHQGUiVXVLWXDFLyQKDVWDWDQWRVHILUPHXQQXHYRFRQYHQLR~QLFRHQWUH OD8QLYHUVLGDGGH/D/DJXQD\HO6HUYLFLR&DQDULRGHOD6DOXGSHUPDQHFLHQGRHQFXDOTXLHUFDVRORVDFWXDOHVGHUHFKRVFRPR´DG SHUVRQDPµ 7HUPLQDGDOD2IHUWDV3~EOLFDVGH(PSOHRGHO6HUYLFLR&DQDULRGHOD6DOXGHQODVIXWXUDV2IHUWDVGHGLFKR6HUYLFLRHO WLHPSRWUDEDMDGRHQHO+8&WHQGUiODPLVPDYDORUDFLyQTXHHOGHVDUUROODGRHQFXDOTXLHURWURFHQWURGHO6&6 /RVSRVLEOHVGHVHTXLOLEULRVHQODGRWDFLyQGHSODQWLOODVHQWUHORVGLIHUHQWHV+RVSLWDOHVGHWHUFHUQLYHOGHO6HUYLFLR&DQDULR GHOD6DOXGLUiQVLHQGRFRUUHJLGRVSURJUHVLYDPHQWHDWUDYpVGHORVFRUUHVSRQGLHQWHV3URJUDPDVGH*HVWLyQ&RQYHQLGDVLHPSUH GHFRQIRUPLGDGFRQVX&DUWHUDGH6HUYLFLRVODVGLVSRQLELOLGDGHVSUHVXSXHVWDULDV\ORVSODQHV\SURJUDPDVTXHVHKDOODUHQHQ YLJRU ([FOXVLYDPHQWH SDUD OD YLJLODQFLD H LQWHUSUHWDFLyQ GH ORV SUHVHQWHV DFXHUGRV VH FUHDUi XQD &RPLVLyQ 3DULWDULD HQWUH HO 6HUYLFLR&DQDULRGHOD6DOXG\GRVUHSUHVHQWDQWHVGHFDGDXQDGHODVRUJDQL]DFLRQHVVLQGLFDOHVILUPDQWHVGHOPLVPR $HIHFWRVGHPLWLJDUODSUHYLVLEOHSpUGLGDGHKRUDVVLQGLFDOHVTXHWUDHUiFRQVLJRHOSURFHVRGHHVWDWXWDUL]DFLyQGHSHUVRQDO\ IDFLOLWDUODVIXQFLRQHVHQFRPHQGDGDVDODDQWHULRUPHQWHPHQFLRQDGD&RPLVLyQ3DULWDULDHO6&6DVHJXUDUiXQDYH]VHLQLFHHO PDQGDWRGHOSUy[LPR&RPLWpGH(PSUHVDDODV6HFFLRQHV6LQGLFDOHVILUPDQWHVGHOSUHVHQWHDFXHUGRHOGHODVKRUDVVLQGLFDOHV WRWDOHVTXHHQODDFWXDOLGDGRVWHQWDODUHSUHVHQWDFLyQVRFLDO'HHVWHFyPSXWRVHGHWUDHUiHOQ~PHURGHKRUDVTXHFRUUHVSRQGD OHJDO\FRQYHQFLRQDOPHQWHDODV6HFFLRQHV6LQGLFDOHVGHO+8&WDQWRSRUVXSUHVHQFLDHQHO&RPLWpGH(PSUHVDFRPRHQOD-XQWD GH3HUVRQDO/DVKRUDVUHVWDQWHVVHUHSDUWLUiQSURSURFLRQDOPHQWHDODVXPDGHYRWRVTXHREWHQJDQODV6HFFLRQHV6LQGLFDOHVHQ HO+8&HQODVHOHFFLRQHVWDQWRSDUDHO&RPLWpGH(PSUHVDFRPRSDUDOD-XQWDGH3HUVRQDOKDVWDWDQWRQRVHGHVDUUROOHQHVWDV HOFFLRQHVVHUHSDUWLUiQGHDFXHUGRDODDFWXDOUHSUHVHQWDWLYLGDGHQFDGDXQDHQHO&RPLWpGH(PSUHVD(VWHFUpGLWRKRUDULR FRQWLQXDUiHQYLJRUKDVWDTXHVHDOFDQFHQXHYRSDFWRGHOLEHUDGRVHQOD0HVD6HFWRULDOGH6DQLGDG $HVWRVHIHFWRVVHHQWHQGHUiFRPR´RUJDQL]DFLyQVLQGLFDOILUPDQWHµDiTXHOODTXHKD\DVXVFULWRHOSUHVHQWHGRFXPHQWRDQWHV GHVXUDWLILFDFLyQGHILQLWLYDSRUHO&RQVHMRGH$GPLQLVWUDFLyQGHO&67 $OREMHWRGHJDUDQWL]DUWDQWRODFDOLGDGHQODSUHVWDFLyQGHORV6HUYLFLRV6DQLWDULRVFRPRODRSWLPL]DFLyQGHORVUHFXUVRV HFRQyPLFRVDIHFWRVDWDOILQHQHOVHQRGHOD&RPLVLyQ3DULWDULDGH6HJXLPLHQWRGHOSUHVHQWHDFXHUGRVHHVWXGLDUiODGRWDFLyQ GHODSODQWLOODSUHFLVDSDUDSURFHGHUDODDSHUWXUDGHO(GLILFLRGH$FWLYLGDGHV$PEXODWRULDVFRQIRUPHDODVGLVSRQLELOLGDGHV SUHVXSXHVWDULDVHQUHODFLyQDODVQXHYDVDFFLRQHVDSUREDGDVHQHO&RQYHQLRGH*HVWLyQ &RQHVWHDFXHUGRVHGDXQLPSRUWDQWHDYDQFHDOSURFHGLPLHQWRLQLFLDGRHOSDVDGRGtDRFWXEUHSRUDFXHUGRGHO&RQVHMR GH$GPLQLVWUDFLyQGHO&67SDUDODLQWHJUDFLyQHIHFWLYDGHOKRVSLWDOHQHO6HUYLFLR&DQDULRGHOD6DOXGDSDUWLUGHOGHHQHUR GH'HHVWDPDQHUDWRGRVORVKRVSLWDOHVS~EOLFRVGHWHUFHUQLYHOTXHGDUtDQLQWHJUDGRVHQODUHGDVLVWHQFLDOGHO6&6ORTXH KRPRJHQL]DUtDODRUJDQL]DFLyQ\ODJHVWLyQGHODDFWLYLGDGDVLVWHQFLDODGPLQLVWUDWLYD\HFRQyPLFDILQDQFLHUD /DILQDOL]DFLyQGHOSURFHVRGHLQWHJUDFLyQFRQVWLWX\HXQDSUHWHQVLyQODUJDPHQWHGHPDQGDGDSRUORVWUDEDMDGRUHVGHO+8& TXHILQDOPHQWHSDVDUiQDLQWHJUDUVHSOHQDPHQWHHQHO6&6TXHGDQGRJDUDQWL]DGDVXPRYLOLGDG\ODSRVLELOLGDGGHRFXSDU²SUHYLR FRQFXUVRGHWUDVODGRVRWURVSXHVWRVH[LVWHQWHVHQODVSODQWLOODVRUJiQLFDVGHVXVFHQWURVVDQLWDULRV %CTTGTC2TQHGUKQPCN ' O 6HUYLFLR &DQDULR GH OD 6DOXG KD SXEOLFDGR OD PRGLILFDFLyQ GH GRV GHFUHWRV HO 'HFUHWR GH GH VHSWLHPEUH TXH DSUREDEDHOPRGHORGHFDUUHUDSURIHVLRQDOGHOSHUVRQDOGLSORPDGR VDQLWDULR \ HO 'HFUHWR GH GH GLFLHPEUH TXH UHJXOD ODFDUUHUDSURIHVLRQDOGHOSHUVRQDOGH)RUPDFLyQ3URIHVLRQDO\GH *HVWLyQ\6HUYLFLRV 'LFKDV PRGLILFDFLRQHV VH SURGXFHQ HQ FXPSOLPLHQWR GH ORV DFXHUGRV SURGXFLGRV HO GH IHEUHUR GH /RV 'HFUHWRV SXEOLFDGRV VRQ HO GH GH QRYLHPEUH TXH PRGLILFD OD FDUUHUDSURIHVLRQDOGHORVGLSORPDGRVVDQLWDULRV\HOGH GHQRYLHPEUHTXHPRGLILFDODFDUUHUDGHOSHUVRQDOGH)RUPDFLyQ 3URIHVLRQDO\GH*HVWLyQ\6HUYLFLRV (VWRV HQWUH RWURV DVSHFWRV DGHODQWDQ ORV JUDGRV GH OD FDUUHUD GHO SHUVRQDO GH )3 \ GH *HVWLyQ \ 6HUYLFLRV DGHPiV GH LQFOXLU GHWHUPLQDGRV DVSHFWRV WpFQLFRV GH ODV FRPLVLRQHV GH HYDOXDFLyQTXHVHGHEHQFUHDUSDUDODVHYDOXDFLRQHVRUGLQDULDV 5HFRUGDPRV TXH OD FDUUHUD SURIHVLRQDO VH FRPSR GH GRV SURFHVRV GH HQFXDGUDPLHQWR XQR H[WUDRUGLQDULR \ RW RUGLQDULRHVWH~OWLPRVRPHWLGRDHYDOXDFLyQ (O H[WUDRUGLQDULR FRQOOHYD VHU ILMR HQ HO PRPHQWR SXEOLFDFLyQ GHO 'HFUHWR TXH HQ VX PRPHQWR ILMy OD UHVSHFWLYD FDUUHUDSURIHVLRQDOGHOJUXSRDOTXHSHUWHQH]FDDGHPiVGHFXPSOLU HOWLHPSRPtQLPRGHHMHUFLFLRSURIHVLRQDO(OHQFXDGUDPLHQWRHQHO SURFHGLPLHQWRH[WUDRUGLQDULRLPSOLFDQRVHUVRPHWLGRDHYDOXDFLyQ SUHYLD (Q FXDQWR DO SURFHGLPLHQWR RUGLQDULR FRQOOHYD VXSHUDUOD FRUUHVSRQGLHQWHHYDOXDFLyQGHORVPpULWRVDFUHGLWDGRVREWHQLHQGR XQPtQLPRGHFUpGLWRV 3(5621$/'()3<'(*(67,Ð1<6(59,&,26 )$&8/7$7,926 ',3/20$'266$1,7$5,26 5HFRUGDPRVORVQLYHOHVRJUDGRVGHODFDUUHUDSURIHVLRQDO 1LYHO,R*UDGR,DxRV 1LYHO,,R*UDGR,,DxRV 1LYHO,,,R*UDGR,,,DxRV 1LYHO,9R*UDGR,9DxRV $ HIHFWRV DFODUDWRULRV SXEOLFDPRV OD VLJXLHQWH WDEOD GH &DUUHUD 3URIHVLRQDO FRQ OD VLWXDFLyQ DFWXDO GH ODV GLIHUHQWHV FDUUHUDVSURIHVLRQDOHV 4'%101%+/+'061 &'64+'0+15 2#4#'. 2'4510#. 6'/214#. 3(50,626 5(75,%8,'26 /RV FLWDGRV SHUPLVRV TXHGDQ VXSHGLWDGRV D ODV QHFHVLGDGHV GH ORV 6HUYLFLRV (QFXDQWRDORVGtDVGHFRQYHQLR SDUDHOSHUVRQDOWHPSRUDOVHPDWHULDOL]DUi HQ SURSRUFLyQ DO WLHPSR HIHFWLYDPHQWH WUDEDMDGRWHQLHQGRHQFXHQWDODIHFKDGHOD VROLFLWXG\ODUHWURDFWLYLGDGGHODPLVPDHQ XQDxR /RV GtDV DGLFLRQDOHV SRU DQWLJHGDG VyOR DSOLFDEOHV DO SHUVRQDO ILMRJHQHUDQHOGHUHFKRDVXGLVIUXWHDODxR VLJXLHQWHGHVXFXPSOLPLHQWR (Q OR TXH UHVSHFWD D ORV GtDV DGLFLRQDOHVSRUWULHQLRVHVWDUiQGLVSRQLEOHV HQHOPRPHQWRGHVXFXPSOLPLHQWR 3RU'HFUHWRGH*HUHQFLD1GHDJRVWRVHDEULyHOSDVDGRPHVGHVHSWLHPEUH HOSOD]RSDUDHOUHFRQRFLPLHQWR\DERQRGHWULHQLRVSDUDHOSHUVRQDOWHPSRUDO (OSURFHGLPLHQWRVHLQLFLDUiVLHPSUHPHGLDQWHVROLFLWXGGHOLQWHUHVDGRTXHVH HQFXHQWUHHQVHUYLFLRDFWLYRHQHOPRPHQWRHOTXHVHFRPSOHWHQWUHVDxRVGHSUHVWDFLyQ GHVHUYLFLRVGHELHQGRDSRUWDUHQVXFDVRFHUWLILFDFLyQGHVHUYLFLRVSUHVWDGRVFXDQGRHO WLHPSRDUHFRQRFHUVHDHOUHDOL]DGRHQRWUD$GPLQLVWUDFLyQ3~EOLFDQRVLHQGRQHFHVDULR DSRUWDU FHUWLILFDFLyQ FXDQGR ORV VHUYLFLRV SUHVWDGRV VHD HQ HO SURSLR KRVSLWDO TXH VH LQFRUSRUDUiQGHRILFLRDODUHVROXFLyQGHUHFRQRFLPLHQWRGHWULHQLRV'LFKRVWULHQLRVVH DERQDURQHQODQyPLQDGHGLFLHPEUH %10%'261 & #5&'%108'0+1 & #5#&+%+10#.'5 &'8#%#%+10'5214 #06+)¯'&#& 2#4#'. 2'4510#.(+,1 &'5%4+2%+¦0 & #5 FÈCU 2QTCÌQUFGUGTXKEKQGHGEVKXQ FÈC 2QTCÌQUFGUGTXKEKQGHGEVKXQ FÈCU 2QTCÌQUFGUGTXKEKQGHGEVKXQ FÈCU 2QTQO¶UCÌQUFGUGTXKEKQGHGEVKXQ FÈCU 2QTVTKGPKQU FÈCU 2QTVTKGPKQU FÈCU & #5214 2QTVTKGPKQU FÈCU 64+'0+15 2QTVTKGPKQU FÈCU 2QTVTKGPKQU FÈCU 2QTVTKGPKQU FÈCU 2QTVTKGPKQU FÈCU 64#52.# 'N *7% % KD UHDOL]DGR D WUDYpV GHO 3UR\HFWR &RQPHPRUDWLYR GH ORV 7UDVSODQWHV 5HQDOHV XQD VHULH GH DFWRVTXHKDQSUHWHQGLGRFRPRREMHWLYRSULPRUGLDOIRPHQWDUGH IRUPDHILFD]ODFRQFLHQFLDFLyQ\VHQVLELOL]DFLyQGHODSREODFLyQ D IDYRU GH OD GRQDFLyQ GH yUJDQRV 7DPELpQ VH KD SUHWHQGLGR GLYXOJDU HO WUDEDMR UHDOL]DGR D OR ODUJR GH ORV ~OWLPRV DxRV PRVWUDQGRDOUHVWRGHORVSURIHVLRQDOHVVDQLWDULRVLPSOLFDGRVHQ HOPXQGRGHORVWUDVSODQWHVGHyUJDQRVXQD0HPRULD&LHQWtILFD VREUHHO3URJUDPDGH7UDVSODQWHV5HQDOHVGRQGHVH UHJLVWUHQORVUHVXOWDGRVREWHQLGRV &RQREMHWRGHLQIRUPDUGLYXOJDU\GDUDFRQRFHUHVWH SUR\HFWR VH HODERUy XQD FRPSOHWD SiJLQD ZHE WHPiWLFD TXH DO PLVPR WLHPSR VLUYH GH FDQDO LQIRUPDWLYR VREUH HO PXQGR GHO WUDVSODQWH\GRQDFLyQGHyUJDQRV #06'54'0#.'5 'HQWURGHODPSOLRSURJUDPDGHDFWLYLGDGHVHO+8&RUJDQL]yXQD VHULHGHDFWRVGHSDUWLFLSDFLyQVRFLDO\SURIHVLRQDODVtFRPRXQFRQMXQWR GH DFWXDFLRQHV GLYXOJDWLYDV \ SURPRFLRQDOHV GHVWDFDQGR HQWUH HOODV OD LQVWDODFLyQGHXQDORQHWDFRORFDGDHQODWRUUHGHO+8&FRQHOOHPDRILFLDO GHODFRQPHPRUDFLyQDVtFRPRXQWyWHPDOXVLYRHQORVMDUGLQHVGHHQWUDGD GHO+RVSLWDOXQDH[SRVLFLyQVREUH´(OPXQGRGHORVWUDVSODQWHVµXELFDGD HQORVSDVLOORVGHFRQVXOWDV\KRVSLWDOL]DFLyQDVtFRPRODJUDEDFLyQGHXQ VSRW GH 7HOHYLVLyQ \ VX GLIXVLyQ HQ PHGLRV GH FRPXQLFDFLyQ /D LPDJHQ IXQGDPHQWDO GHO YLGHR FRQVLVWH HQ XQD HVSHFWDFXODU WRPD DpUHD GH OD ILJXUD GHO Q~PHUR IRUPDGR SRU SHUVRQDV GH GLIHUHQWHV FROHFWLYRV VRFLDOHVFRQSDUWLFLSDFLyQPD\RULWDULDGHORVWUDEDMDGRUHVGHO&HQWUR&RQ HOORKHPRVSUHWHQGLGRVLPEROL]DUHOSDSHOLQGLVSHQVDEOHGHODVRFLHGDGHQ ODGRQDFLyQGHyUJDQRVDVtFRPRDJUDGHFHUHOHVIXHU]R\FRODERUDFLyQGH WRGRVUHDOL]DFLyQGHOD´&DQFLyQGHO'RQDQWHµGH%HQLWR&DEUHUD\TXHHV LQWHUSUHWDGDSRU&KDJR0HOLiQ\0DULYL&DER (QWUH ORV DFWRV FtYLFRV UHDOL]DGRV GHVWDFD OD FUHDFLyQ GH XQ HVSDFLR WHPiWLFR QDWXUDO SHUPDQHQWH GHQRPLQDGR ´(/ %2648( '(/ '21$17(µ \ TXH VHUYLUi GH UHIHUHQFLD IXWXUD SDUD OD GLYXOJDFLyQ LQIRUPDFLyQ DFWLYLGDGHV \ FRQFLHQFLDFLyQ VRFLDO HQ SUR GH OD GRQDFLyQ GH yUJDQRV )XH LQDXJXUDGR HO SDVDGR GH RFWXEUH HQ OD ]RQD GH (O 0RTXLQDO HQ HO 3DUTXH 5XUDO GH $QDJD FRQ OD SDUWLFLSDFLyQ GH UHSUHVHQWDQWHV GH GLIHUHQWHV LQVWLWXFLRQHV DXWRULGDGHV SROtWLFDV SURIHVLRQDOHV UHSUHVHQWDQWHV GH DVRFLDFLRQHV GH HQIHUPRV \ RWUDV RUJDQL]DFLRQHV GRQGH VH WUDVSODQWDURQ iUEROHVGHIORUDDXWyFWRQDFRPRVtPERORGHO UHJDORGHYLGDTXHLPSOLFDXQWUDVSODQWH (Q HO DSDUWDGR FLHQWtILFR VH UHDOL]y FRQ PRWLYR GH OD FLWDGD FRQPHPRUDFLyQ HO GtD GH RFWXEUH HQ HO $XOD ;;9 $QLYHUVDULR GHO +8& XQD MRUQDGD HQ OD TXH SDUWLFLSDURQ SURIHVLRQDOHV GH UHOHYDQFLD QDFLRQDO H LQWHUQDFLRQDO FRQWDQGR FRQ OD DVLVWHQFLD GH ODFRQVHMHUDGH6DQLGDG0HUFHGHV5ROGyVTXH SUHVLGLy OD MRUQDGD (O $XOD 0DJQD GH OD 8QLYHUVLGDG GH /D JXQDDFRJLyHOSDVDGRGHRFWXEUHRWURDFWR QLILFDWLYRFRQPRWLYRGHHVWDFRQPHPRUDFLyQ ORV WUDVSODQWHV UHQDOHV \ TXH HVWXYR HVLGLGR SRU HO SUHVLGHQWH GHO *RELHUQR GH QDULDV3DXOLQR5LYHUR\HQHOTXHDVLVWLHURQ RIHVLRQDOHV LPSXOVRUHV GHO WUDVSODQWH UHQDO FRQWy FRQ WHVWLPRQLRV GH IDPLOLDUHV \ DVSODQWDGRV DVt FRPR FRQ OD LQWHUSUHWDFLyQ RUSULPHUDYH]GHODFDQFLyQGHOGRQDQWH\OD PLVLyQGHOVSRW (QWUHORVDFWRVUHOLJLRVRVGHVWDFyOD0LVD ROHPQHFHOHEUDGDSRUHO2ELVSRGH7HQHULIH\ 'HDQ GH /DV 3DOPDV GH *UDQ &DQDULD (Q O WUDQVFXUVR GH pVWD IXHURQ EHQGHFLGRV ORV UEROHVTXHVHWUDVSODQWDURQHQHO%RVTXHGHO RQDQWH 3RU RWUR ODGR VHSURFHGLyDO HQYtR GH D &DUWD SDVWRUDO D WRGDV ODV SDUURTXLDV GH &DQDULDV \ D OD FHOHEUDFLyQ GH XQDV -RUQDGDV REUH ORV DVSHFWRV pWLFRV ² UHOLJLRVRV GH OD 81,'$''(&$/,'$' 4GFKUGÌQFGN2TQEGUQFG #VGPEKÎPCN&QNQT#IWFQ 2QUVQRGTCVQTKQ VGHSULPDYHUDGHHVWHDxRVHHVWiOOHYDQGRDFDERHOUHGLVHxRGHO3URFHVRGH JXGR3RVWRSHUDWRULRFRLQFLGLHQGRFRQODFUHDFLyQGHOD8QLGDGGH'RORU$JXGR ILQDOHVGHODxR KD VHJXLGR PHWRGRORJtD GH *HVWLyQ SRU 3URFHVRV 6H VHOHFFLRQy XQ SUREOHPD SUHYDOHQFLD\DTXHKDVWDXQGHORVSDFLHQWHVLQWHUYHQLGRVTXLU~UJLFDPHQWH DQGDWRVGHIDOWDGHFRQWUROGHGRORUSRVWRSHUDWRULRHQQXHVWURFHQWURVHJ~QXQ GHFRUWHSRUHQFXHVWDUHDOL]DGRHQPDU]RGH6HFRQVWLWX\yXQJUXSRGH PXOWLGLVFLSOLQDUFRQVWLWXLGRSRUSHUVRQDOPpGLFRGHHQIHUPHUtD\IDUPDFpXWLFRV R UHGLVHxy HO SURFHVR HQ HO SODQR WHyULFR ILFKDV \ GLDJUDPDV GH SURFHVR QGHLQGLFDGRUHVUHGDFFLyQGHSURFHGLPLHQWRV3RU~OWLPRVHUHDOL]yXQSLORWDMH YRPRGHORHQWUHVHSWLHPEUH\RFWXEUHGHHVWHDxRHQHOVHUYLFLRGH*LQHFRORJtD RQFROyJLFDHQVXPD\RUSDUWH/RVUHVXOWDGRVPiVLPSRUWDQWHVGHHVWHSLORWDMH LJXLHQWHV /D YDORUDFLyQ GHO GRORU SRVWRSHUDWRULR HQ UHSRVR HQ ODV SULPHUDV KRUDV PHGLGRSRUHVFDODYLVXDODQDOyJLFD(9$SDVyGHDHVFDODGHS ,JXDOPHQWH GLVPLQX\y HO GRORU HQ PRYLPLHQWR OD OLPLWDFLyQ TXH HO SURSLR GRORUSURYRFDEDHQORVSDFLHQWHVDODKRUDGHWRVHURPRYLOL]DUVH\DGHPiV PHMRUyHOJUDGRGHVDWLVIDFFLyQJOREDOHQHOPDQHMRGHOGRORUGHORVSDFLHQWHV SSDUDWRGDVODVFRPSDUDFLRQHVDQWHV\GHVSXpVGHORVFDPELRVHQHO SURFHVR 7RGR HOOR VH SURGXMR VLQ DXPHQWDU ORV HIHFWRV VHFXQGDULRV GHULYDGRV GHO WUDWDPLHQWR \ FRQ PHMRUtD HQ SDUDOHOR GH RWURV LQGLFDGRUHV GH FDOLGDG GH SURFHVR UHJLVWUR GHO GRORU GHVGH 853$ KDVWD SODQWD UHJLVWUR GH HIHFWRV VHFXQGDULRV HV GHFLU VH FRQVWDWD XQD PHMRUtD QR VyOR HQ ORV UHVXOWDGRV ILQDOHVVLQRHQFyPRVHOOHYDQDFDERODVWDUHDVLQWHUPHGLDVGHIRUPDTXHVH KDQUHGXFLGRHQXQORVGHIHFWRVGHFDOLGDGGHOSURFHVRYHUJUiILFD ÉQJHO+HUQiQGH]%RUJHV &ULVWLQD0HVD3D\iGHO&DVWLOOR -DYLHU3pUH]+HUQiQGH] *UHJRULD7RUUHV*RQ]iOH] 'HVGHOD8QLGDGGH&DOLGDGIHOLFLWDPRVDWRGRVORVSURIHVLRQDOHVLPSOLFDGRVHQHVWD FODUDPHMRUDHVSHFLDOPHQWHDODVXQLGDGHVGH)DUPDFLD4XLUyIDQR853$\3ODQWDGH *LQHFRORJtDHQHOPDQHMRGHOGRORUGHQXHVWURVSDFLHQWHVRSHUDGRV\OHVDQLPDPRVD PDQWHQHUHVWDWHQGHQFLD 'N5GTXKEKQFG(CTOCEKCGP EQNCDQTCEKÎPEQP'PHGTOGTÈCRQTNC OGLQTCFGNC5GIWTKFCFFGN2CEKGPVG 7 ODYDOLGDFLyQ'HVGHHOiUHDGHGRVLVXQLWDULDWUDVXQSHULRGR GHVHJXLPLHQWRGHODVUHFODPDFLRQHVGHPHGLFDFLyQODVFRQVXOWDV UHDOL]DGDV\ODVLQFLGHQFLDVGHWHFWDGDVVHSODQWHyODSRVLELOLGDGGH GLVHxDUXQDKHUUDPLHQWDTXHD\XGDUDD(QIHUPHUtDDGLVPLQXLUORV (0HQHVWHSXQWRXWLOL]DQGRORVOLVWDGRVGHSUHVFULSFLyQYDOLGDGRV SRU ORV IDUPDFpXWLFRV FRPR GRFXPHQWR GH FRPXQLFDFLyQ HQWUH )DUPDFLD\(QIHUPHUtD /DV YHQWDMDV VHUtDQ RSWLPL]DU ORV 55++ GLVSRQLEOHV HQ GLFKDV 8QLGDGHV \ HQ )DUPDFLD PHMRUDU OD FRPXQLFDFLyQ DO DSRUWDU LQIRUPDFLyQ VREUH PHGLFDFLyQ QR *)7 HTXLYDOHQFLDV WHUDSpXWLFDV PHGLFDFLyQ SXQWXDOHVSHFLDO DGPLQLVWUDFLyQ \ FRQVHUYDFLyQ HVWDELOLGDGHV LQWHUYHQFLRQHV UHDOL]DGDV «GLVPLQXLU ODVWUDVFULSFLRQHVGHWUDWDPLHQWRSRUSHUVRQDOQRPpGLFRPHMRUDU ODGLVSRQLELOLGDGGHORVWUDWDPLHQWRVIDFLOLWDQGRODDGPLQLVWUDFLyQ GHORVPLVPRVHQHOKRUDULRSDXWDGR\PHMRUDUODVHJXULGDGGHORV SDFLHQWHVFRPRFRQVHFXHQFLDGHWRGRORDQWHULRUPHQWHFLWDGR 7UDVVXFHVLYDVUHXQLRQHVFRQOD'LUHFFLyQ0pGLFD\GH(QIHUPHUtD VHGHFLGLyVXLPSODQWDFLyQJUDGXDOHQWUHMXQLRDJRVWRSHULRGR HQHOTXHVHKDQHVWXGLDGRORVPLVPRVSDUiPHWURVTXHDOLQLFLRGHO HVWXGLR \ VH REVHUYD TXH KD GLVPLQXLGR HO Q GH UHFODPDFLRQHV ODV FRQVXOWDV UHDOL]DGDV ODV GHYROXFLRQHV GH PHGLFDFLyQ QR DGPLQLVWUDGDORTXHLPSOLFDXQPD\RUWLHPSRGHGLFDGRDOFXLGDGR GHO SDFLHQWH +D PHMRUDGR OD FRPXQLFDFLyQ FRQ ODV 3UHVFULSFLyQ +RMDGHDGPLQLVWUDFLyQ9DOLGDFLyQKRMDDGPLQLVWUDFLyQ 8QLGDGHV GH (QIHUPHUtD VH SHUFLEH HQ XQ DOWR SRUFHQWDMH 9DOLGDFLyQIDUPDFpXWLFD XQD VDWLVIDFFLyQ JHQHUDOL]DGD \ TXH WRGR HOOR UHGXQGD HQ XQD PHMRUD HQ OD VHJXULGDG (GLFLyQOLVWDGRVGHGLVSHQVDFLyQ$GPLQLVWUDFLyQDOSDFLHQWH GHO SDFLHQWH /D KHUUDPLHQWD XWLOL]DGD QR KD VXSXHVWR FRVWH HFRQyPLFR DOJXQR SHUR TXH 3UHSDUDFLyQGHODPHGLFDFLyQ HO HVIXHU]R KXPDQR KD VLGR HQRUPH \D TXH KD LPSOLFDGR (QYtRGHOLVWDGRVGHGLVSHQVDFLyQDXQLGDGHVGHKRVSLWDOL]DFLyQ XQDUHRUJDQL]DFLyQGHOWUDEDMR SDUD XQDV SHUVRQDV DSUR[LPDGDPHQWH (QYtRGHPHGLFDFLyQDODVXQLGDGHVGHKRVSLWDOL]DFLyQ QD GH ODV HVWUDWHJLDV GHO 3ODQ GH &DOLGDG SDUD HO 616 HV PHMRUDU OD VHJXULGDG GH ORV SDFLHQWHV DWHQGLGRV HQ ORV &HQWURV 6DQLWDULRV /RV 6HUYLFLRV GH )DUPDFLD VH HQFXHQWUDQ DQWH HO UHWR GHGHVDUUROODUVXDFWLYLGDGDVLVWHQFLDOHQHOHQWRUQRGHOSDFLHQWH SDUWLFLSDQGRFRQORVPpGLFRVHQODWRPDGHGHFLVLRQHVFOtQLFDV(OOR UHTXLHUHODLQWURGXFFLyQGHODVQXHYDVWHFQRORJtDVHQHOSURFHVR GHXWLOL]DFLyQGHORVPHGLFDPHQWRV680SUHVFULSFLyQHOHFWUyQLFD DVLVWLGD VLVWHPDV DXWRPDWL]DGRV GH GLVSHQVDFLyQ FyGLJRV GH EDUUDVHQHOSXQWRGHDGPLQLVWUDFLyQORTXHSHUPLWHHOGHVDUUROOR GHSURJUDPDVGH$WHQFLyQ)DUPDFpXWLFD$)FX\RREMHWLYRHVOD SUHYHQFLyQGHWHFFLyQ\UHVROXFLyQGHORVSUREOHPDVUHODFLRQDGRV FRQORVPHGLFDPHQWRV350 (O 6HUYLFLR GH )DUPDFLD GHO +8& WLHQH LPSODQWDGR HO VLVWHPD GH GLVSHQVDFLyQ HQ GRVLV XQLWDULD 6'0'8 HQ HO GH ODVFDPDV(O6'0'8SHUPLWHHOGHVDUUROORGHOD)DUPDFLD&OtQLFD PHMRUDQGRODFDOLGDGGHODWHUDSLDIDUPDFROyJLFDDWUDYpVGHOD LQWHUYHQFLyQIDUPDFpXWLFDDPpGLFRV\HQIHUPHUDVORTXHFRQOOHYD ODGLVPLQXFLyQGHORVHUURUHVGHPHGLFDFLyQ\XQDPD\RUVHJXULGDG GH ORV SDFLHQWHV /D DGPLQLVWUDFLyQ GH IiUPDFRV FRQVWLWX\H HO HVODEyQ ILQDO GHO 680 \ GLYHUVRV HVWXGLRV UHILHUHQ TXH GHVSXpV GHODSUHVFULSFLyQHVHOSXQWRGRQGHPD\RUQGH(URUHVGH 0HGLFDFLyQVHFRPHQWHQVHJXLGRGHODGLVSHQVDFLyQ\ #ITCFGEKOKGPVQU&GUFGGN5GTXKEKQFG(CTOCEKC SWGTGOQUCITCFGEGTCVQFQGNRGTUQPCNKORNKECFQ&KTGEEKÎP/ÃFKEC[FG'PHGTOGTÈC 5WRGTXKUQTCU'PHGTOGTCU#WZKNKCTGUFG'PHGTOGTÈCU 1TFGPCP\CU[RGTUQPCNFGFKUVTKDWEKÎPG+PHQTO¶VKECGNGPQTOGGUHWGT\Q SWGJCUWRWGUVQNCCFCRVCEKÎPCNECODKQ 2NCP'UVTCVÃIKEQFGN *QURKVCN7PKXGTUKVCTKQ FG%CPCTKCU ÉQJHO+HUQiQGH]%RUJHV $QD/LOLD%DWLVWD/ySH] . DSODQLILFDFLyQHVWUDWpJLFDHVHOSURFHVRGHGHVDUUROORHLPSODQWDFLyQGHSODQHVSDUDDOFDQ]DUREMHWLYRVDGLVWLQWRVSOD]RV (VWD GHILQLFLyQ DSOLFDGD DO FRQWH[WR GH QXHVWUR KRVSLWDO REOLJD D LQWHUSUHWDU ORV REMHWLYRV GHO FHQWUR FRPR VX PLVLyQ (O 3ODQ (VWUDWpJLFR 3( GHO +8& HVWDEOHFH TXH OD PLVLyQ GH QXHVWUR KRVSLWDO HV ´ GDU UHVSXHVWD D OD QHFHVLGDGHV VDQLWDULDV GH QLYHO HVSHFLDOL]DGRDODSREODFLyQGHOiUHD1RUWHGHOD,VODGH7HQHULIH\FRPRKRVSLWDOGHUHIHUHQFLDDODSREODFLyQGH/D3DOPDGHDFXHUGR DQXHVWUD&DUWHUDGH6HUYLFLRVµSDUDDxDGLUUHIHUHQFLDVD´XQDLPSRUWDQWHYRFDFLyQGRFHQWHHLQYHVWLJDGRUDµ´SLRQHURDODKRUD GH LQFRUSRUDU ORV ~OWLPRV DYDQFHV WHFQROyJLFRVµ ´FRQ XQ HOHYDGR FRPSURPLVR KDFLD HO SDFLHQWH \ OD SUHVWDFLyQ GH XQD DWHQFLyQ FHUFDQD\SHUVRQDOL]DGDµWRGRHOORJUDFLDVDSURIHVLRQDOHV´FRQXQDOWRJUDGRGHFXDOLILFDFLyQ\RUJXOORVRVGHSHUWHQHFHUDHVWD RUJDQL]DFLyQµ (VWD GHVFULSFLyQ JHQpULFD GH OR TXH TXHUHPRV KDFHU QR VHUtD PiV TXH XQD GHFODUDFLyQ GH LQWHQFLRQHV VL QR VH YLHUD DFRPSDxDGD GH DFWLYLGDGHVFRQFUHWDVTXHGHQUHVSXHVWDDJUXSRVGHSUHJXQWDVWDOHVFRPR¢UHVXHOYHQXHVWURKRVSLWDOODVQHFHVLGDGHV\H[SHFWDWLYDVGH ODVSHUVRQDVDODVTXHGDPRVVHUYLFLR\DODVLQVWLWXFLRQHVGHODVTXHGHSHQGHPRVRFRQODVTXHFRODERUDPRV"¢&XiOHVVRQHVDVQHFHVLGDGHV \H[SHFWDWLYDV"¢7LHQHQXHVWURFHQWURODHVWUXFWXUDQHFHVDULDSDUDGDUUHVSXHVWDDQXHVWUDPLVLyQ" (O3ODQ(VWUDWpJLFRDSUREDGRSRUHO&RQVHMRGH$GPLQLVWUDFLyQGHO&67HQSULPDYHUDGHODxRSDVDGRHVXQUHVXPHQ GHORVREMHWLYRVDDOFDQ]DU\WDUHDVDGHVDUUROODUSRUODLQVWLWXFLyQHQHOSHULRGRGHWLHPSRLQGLFDGRSDUDFXPSOLUFRQQXHVWUDPLVLyQ\ DVtOOHJDUDVHUORTXHVHUHVXPHHQODYLVLyQGHQXHVWURFHQWUR´WHQHUXQDRUJDQL]DFLyQFHQWUDGDHQORVSURFHVRVDVLVWHQFLDOHV\HO XVXDULRDWUDYpVGHXQLGDGHVLQWHUVHUYLFLRVµFRQ´XQDJHVWLyQFHQWUDGDHQODFDOLGDGFRQXQDOWRJUDGRGHVDWLVIDFFLyQHQODVRFLHGDG ORVSURIHVLRQDOHV\HVSHFLDOPHQWHORVXVXDULRVµWHQLHQGR´FRPRPHWDODFRQWLQXLGDGDVLVWHQFLDODWUDYpVGHODLQWHJUDFLyQ\DGDSWDFLyQ GHODV7HFQRORJtDVGHOD,QIRUPDFLyQ\&RPXQLFDFLyQµ´LQWHJUDGRSOHQDPHQWHHQHO6HUYLFLR&DQDULRGH6DOXGPDQWHQLHQGRVXLGHQWLGDG VXVYDORUHV\ODFDSDFLGDGGHJHVWLyQµ\ILQDOPHQWHXQKRVSLWDOTXH´VHUiXQUHIHUHQWHDQLYHOQDFLRQDOHQHOFDPSRGHODLQYHVWLJDFLyQ HLQQRYDFLyQWHFQROyJLFDµ´XQFHQWURVDQLWDULRHQODTXHORVSURIHVLRQDOHVVHVLHQWDQRUJXOORVRVGHSHUWHQHFHUDpOµ &XDOTXLHU3(KRVSLWDODULRGHEHDWHQGHUDJUDQGHVJUXSRVGHLQWHUHVHV\SHUVRQDV1XHVWUR3(DWLHQGHDHVWRVJUXSRVDORODUJR GH/tQHDV(VWUDWpJLFDVTXHVHGHVDUUROODQHQ$FFLRQHV(VWUDWpJLFDVYHUHVTXHPD DVLJQDGDVSDUDVXFRRUGLQDFLyQDXQJUXSRGHXQRVSURIHVLRQDOHVGHODVFXDWUR 'LUHFFLRQHV\FRQGLVWLQWRVJUDGRVGHUHVSRQVDELOLGDGHQHO+8& 3HUR DGHPiV FXDOTXLHU 3( GHEH WHQHU XQD DVLJQDFLyQ SUHVXSXHVWDULD DGHFXDGD D FDGD DFFLyQ \ XQD PHWRGRORJtD GH VHJXLPLHQWR GH VX FXPSOLPLHQWR $QXDOPHQWH VH SUHYp XQD UHYLVLyQ GH OD FRQVHFXFLyQ GH ORV REMHWLYRV SHUVHJXLGRV SRU ODV WDUHDV UHDOL]DGDV HQ ORV PHVHV SUHYLRV D OD YH] TXH VH DFWXDOL]DUi VL IXHUD QHFHVDULRODSODQLILFDFLyQGHORVPHVHVVLJXLHQWHV3RU~OWLPRVHKDHVWDEOHFLGRXQD PHWRGRORJtDGHUHQRYDFLyQGHO3(XQDYH]TXHYHQ]DODYLJHQFLDGHODFWXDO /D8QLGDGGH&DOLGDGGHO+8&HVWiFRRUGLQDQGRHOGHVDUUROORGHO3(HQVXV DVSHFWRVGHSODQLILFDFLyQLQLFLDO\VXVHJXLPLHQWRDPHGLR\ODUJRSOD]R3Uy[LPDPHQWH VHKDUiS~EOLFRHOWH[WRGHHVWDSODQLILFDFLyQHQVXFDUSHWDGH3URWRFRORV+RVSLWDODULRV SDUDWRGRHOTXHGHVHHUHYLVDUOD /tQHDVHVWUDWpJLFDV ,QFUHPHQWRGHOQLYHOGHUHVROXFLyQGHORVVHUYLFLRVGHSUR[LPLGDGGHODSREODFLyQ 'HVDUUROORGHXQPRGHORGHFRQWLQXLGDGDVLVWHQFLDOHQWUHQLYHOHV $GHFXDFLyQGHORVUHFXUVRVWHFQROyJLFRV\GHLQIUDHVWUXFWXUDVDODVWHQGHQFLDVGHOD GHPDQGDDVLVWHQFLDO ,QFUHPHQWRGHODFRRUGLQDFLyQHQWUHORVUHFXUVRVKRVSLWDODULRVGHOiUHD 0HMRUDUODFRRUGLQDFLyQFRQHOHVSDFLRVRFLRVDQLWDULR 0HMRUDGHODHILFLHQFLDHQHOXVRGHORVUHFXUVRVKRVSLWDODULRV ,PSODQWDFLyQGHXQVLVWHPDGHFDOLGDG 8QLILFDFLyQLQWHJUDFLyQ\FRRUGLQDFLyQGHVHUYLFLRV 'HVDUUROORGHXQDSROtWLFDGHSHUVRQDO ,QFUHPHQWRGHOQLYHOGHSDUWLFLSDFLyQ\HGXFDFLyQVDQLWDULDHQODSREODFLyQ )DYRUHFHUODVUHODFLRQHVFRQRWUDVLQVWLWXFLRQHV 127,&,$6 'N*7%KPVGITCŎQPNKPGŏ NCUUQNKEKVWFGU[TGUWNVCFQU FGNQUCP¶NKUKUFG .CDQTCVQTKQ FGNTGCPQTVG 'UVGRTQ[GEVQRKQPGTQGP%CPCTKCUTGFWEG UWUVCPEKCNOGPVGNQUVKGORQUFGGURGTCFG NQUTGUWNVCFQUOGLQTCNCEQPſFGPEKCNKFCF FGNQUFCVQUGXKVCRÃTFKFCUFGNQUKPHQTOGU [NQUGTTQTGUFGOQIT¶ſEQUFGNQURCEKGPVGU GPVTGQVTQU ' O +RVSLWDO 8QLYHUVLWDULR GH &DQDULDV MXQWR FRQ $WHQFLyQ 3ULPDULD KDQ SXHVWR HQ PDUFKD XQ SURJUDPD SLRQHUR HQ &DQDULDV FX\R REMHWLYR SULQFLSDO HV PHMRUDU HQ WLHPSR \ IRUPD OD GLVSRQLELOLGDG GH ORV UHVXOWDGRV GH ODV SUXHEDV DQDOtWLFDV TXH VH DQDOL]DQ HQ ORV /DERUDWRULRV GHO +8& \ TXH VRQ GH XVR LPSUHVFLQGLEOHSDUDORVPpGLFRVGH$WHQFLyQ3ULPDULD (OSUR\HFWRQRVyORKDFRQVLVWLGRHQHOGHVDUUROORGHXQD QXHYD SODWDIRUPD HOHFWUyQLFD GHVDUUROODGD WDQWR SRU HO 6HUYLFLR GH,QIRUPiWLFDGHO+8&FRPRSRUHOiUHDLQIRUPiWLFDGH$WHQFLyQ 3ULPDULD VLQR TXH KD VXSXHVWR XQ FDPELR RUJDQL]DWLYR \ GH SURFHGLPLHQWRVTXHKDSHUPLWLGRDJLOL]DUORVWUiPLWHVLPSOLFDGRV HQHOSURFHVR 3RU XQ ODGR ORV PpGLFRV GH 3ULPDULD VLQ VDOLU GH OD KLVWRULD FOtQLFD HOHFWUyQLFD GHO SDFLHQWH UHJLVWUDQ GH IRUPD LQIRUPDWL]DGD ODV SHWLFLRQHV GH ODV DQDOtWLFDV TXH GH IRUPD LQPHGLDWD H LQWHJUDGD OOHJDQ DXWRPiWLFDPHQWH DO 6LVWHPD GH +LVWRULD&OtQLFD(OHFWUyQLFDGHO+8&\SRUWDQWRDORV/DERUDWRULRV TXH UHDOL]DQ HO DQiOLVLV GH ODV SUXHEDV 8QD YH] TXH ODV SUXHEDV KDQVLGRDQDOL]DGDV\YDOLGDGDVSRUORVIDFXOWDWLYRVGHO/DERUDWRULR ORV UHVXOWDGRV VH LQWHJUDQ HQ ORV GRV VLVWHPDV GH +LVWRULD &OtQLFD HOHFWUyQLFD LPSOLFDGRV WDQWR HQ HO SURSLR GHO +8& FRPR HQ HO VLVWHPDGH$WHQFLyQ3ULPDULD 'H HVWD PDQHUD ORV PpGLFRV GH ORV FHQWURV GH VDOXG WLHQHQ HVWD LQIRUPDFLyQ GLVSRQLEOH ´RQOLQHµ SUiFWLFDPHQWH HO PLVPR GtD HQ TXH VH UHDOL]D OD H[WUDFFLyQ GH VDQJUH DO SDFLHQWH WHQLHQGR DFFHVR WDPELpQ D WRGDV DTXHOODV SUXHEDV TXH HQ DOJ~Q PRPHQWRVHOHKD\DQUHDOL]DGRHQHO+RVSLWDO $FWXDOPHQWH VRQ ORV FHQWURV GH H[WUDFFLyQ TXH SDUWLFLSDQ HQ HVWH SUR\HFWR DVt FRPR ORV &$( GH /D /DJXQD /D 2URWDYD \ 3XHUWR GH OD &UX] &HQWURV GH 6DOXG \ &HQWURV 3HULIpULFRVORTXHVXSRQHSDFLHQWHVGLDULRVDORVTXHVHOHV VROLFLWDRVHUHPLWHVXDQDOtWLFDDWUDYpVGHHVWHQXHYRSURJUDPD 'N*7%CRNKECNCCTVTQUEQRKC GPNCRCVQNQIÈCFGNőEJQSWGHGOQTQCEGVCDWNCTŒ FGECFGTCEQOÕPGPLÎXGPGUFGRQTVKUVCU 2 URIHVLRQDOHVGH&LUXJtD2UWRSpGLFD\7UDXPDWRORJtDUHDOL]DURQUHFLHQWHPHQWH\SRUSULPHUDYH]HQ7HQHULIHXQDLQWHUYHQFLyQSDUD HOWUDWDPLHQWRGHFKRTXHIHUPRURDFHWDEXODUXQDSDWRORJtDGHODFDGHUDGHRULJHQGHVFRQRFLGRPHGLDQWHWpFQLFDDUWURVFySLFD/RVWUHV SDFLHQWHVLQWHUYHQLGRVHYROXFLRQDQIDYRUDEOHPHQWH (QWUHODVYHQWDMDVGHOXVRGHODDUWURVFRSLDHQHVWHWLSRGHLQWHUYHQFLRQHVVHHQFXHQWUDODUiSLGDUHFXSHUDFLyQ\HOWDPDxRGH ODLQFLVLyQH[WHUQDFRQWUHVPtQLPDVLQFLVLRQHVVHFRQVLJXHHOLPLQDUHOWHMLGRVREUDQWHTXHSURYRFDODOHVLyQ (VWDSDWRORJtDGHVFULWDHQORV~OWLPRVDxRVDIHFWDIXQGDPHQWDOPHQWHDYDURQHVMyYHQHV\GHSRUWLVWDVTXHGHQRVHUWUDWDGRV SXHGHQGHVDUUROODUXQDDUWURVLVGHFDGHUDSUHFR]ORTXHLPSOLFDUtDODQHFHVLGDGGHXQDSUyWHVLVGHFDGHUDDXQDHGDGWHPSUDQDFRQODV OLPLWDFLRQHVTXHHOORFRQOOHYD (O+8&UHXQLyDFLUXMDQRVRUWRSHGDVGHODV,VODVLQWHUHVDGRVHQHVWDWpFQLFDHQXQFXUVRHVSHFtILFRGHDUWURVFRSLDGHFDGHUD(Q HOFXUVRGLULJLGRSRUHO'U-RVp/XLV3DLVWUDXPDWyORJRGHOFHQWURSDUWLFLSyXQRGHORVFLUXMDQRVFRQPiVH[SHULHQFLDHQHVWDWpFQLFDHQ (VSDxDHO'U0DUF7H\GHO+RVSLWDO863'H[HXVGH%DUFHORQD/DVLQWHUYHQFLRQHVVHUHWUDQVPLWLHURQHQGLUHFWRGHVGHHOTXLUyIDQRDO$XOD $QLYHUVDULRGHOFHQWUR *8,//(5020$57,1Ð15,%27 'LUHFWRUGHO6HUYLFLR&DQDULRGHOD6DOXG ' O DxR ILQDOL]y FRQ OD DGRSFLyQ GH XQR GH ORV DFXHUGRV GH PD\RU WUDVFHQGHQFLD SDUD HO SUHVHQWH\HOIXWXURGHODVDQLGDGS~EOLFDHQODLVODGH7HQHULIH/DVGRVLQVWLWXFLRQHVS~EOLFDVTXH GHVGHMXQLRGHLQWHJUDEDQHO&RQVRUFLR6DQLWDULRGH7HQHULIH²*RELHUQRGH&DQDULDV\&DELOGR GH 7HQHULIH DFRUGDURQ SRU XQDQLPLGDG OD GLVROXFLyQ \ OLTXLGDFLyQ GH HVWH yUJDQR DGPLQLVWUDWLYR ORTXHSHUPLWLyODLQWHJUDFLyQHIHFWLYDHQHO6HUYLFLR&DQDULRGHOD6DOXGGHO+RVSLWDO8QLYHUVLWDULR GH&DQDULDV+8&ODVXQLGDGHVGHSHQGLHQWHVGHO+RVSLWDO3VLTXLiWULFRGH7HQHULIH\OD)XQGDFLyQ 5DIDHO&ODYLMRHOSDVDGRGHHQHUR &RQODDGRSFLyQGHHVWHDFXHUGRILQDOL]yXQSURFHVRDGPLQLVWUDWLYR\GHQHJRFLDFLyQFRQ ORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVLQLFLDGRHQHOPHVGHDEULOFRQODDSUREDFLyQGHODSURSXHVWD GH LQWHJUDFLyQ SRU HO \D H[WLQWR &RQVHMR GH $GPLQLVWUDFLyQ GHO &RQVRUFLR 6DQLWDULR GH 7HQHULIH UDWLILFDGDSRVWHULRUPHQWHSRU*RELHUQRGH&DQDULDV\HO3OHQRGHOD&RUSRUDFLyQ,QVXODU 6XSHUDGRHVWHSURFHVRQRVWRFDDKRUDPLUDUKDFLDHOIXWXURFRQHOFRQYHQFLPLHQWRGH KDEHUFRQVHJXLGRHOREMHWLYRGHODLQWHJUDFLyQJUDFLDVDOHVIXHU]RODFRQILDQ]D\ODSDUWLFLSDFLyQGH WRGRV$WUiVTXHGDURQPXFKRVPHVHVGHLQWHQVRWUDEDMR\GXUDVQHJRFLDFLRQHVHQORVTXHJUDFLDV DOGLiORJR\DOFRQVHQVRKHPRVOOHJDGRXQDPHWDTXHDxRVDQWHVSDUHFtDLQDOFDQ]DEOHSHURTXHHQ HOPRPHQWRDFWXDOUHSUHVHQWDOD~QLFDYtDSDUDTXHODJHVWLyQ\HOIXQFLRQDPLHQWRGHORVFHQWURV VDQLWDULRVTXHKDQVLGRLQWHJUDGRVVHDQD~QPiVHILFLHQWHV 3DUDHO6HUYLFLR&DQDULRGHOD6DOXGHUDLPSUHVFLQGLEOHKRPRJHQL]DUODJHVWLyQHQWRGD VXUHG\iPELWRVGHDFWXDFLyQXQREMHWLYRTXHHOSURSLRPHFDQLVPRGHO&RQVRUFLRLPSHGtD\TXH GDGDODDFWXDOFR\XQWXUDGHFULVLVHFRQyPLFDILQDQFLHUDLQWHUQDFLRQDOHUD\DXQDSULRULGDGTXHQR GHEtDUHWUDVDUVHXQDxRPiV3RUHVWHPRWLYRSRGHPRVHVWDUVDWLVIHFKRVGHKDEHUWHUPLQDGRXQD HWDUHDHQHOPRPHQWRMXVWRSDUDDIURQWDURWUDTXHQHFHVLWDWDPELpQGHODSDUWLFLSDFLyQ R\ODFRQILDQ]DGHWRGRVODVRVWHQLELOLGDGGHODVDQLGDGS~EOLFD (VWHJUDQVHUYLFLRS~EOLFRGHDWHQFLyQDODVDOXGTXHKHPRVFRQVHJXLGRFUHDUJUDFLDVDO UDHVSHUDQ]D\FDOLGDGGHYLGDVHVLW~DQHQWUHODVPiVDYDQ]DGDVDHVFDODPXQGLDOGHEH VHGLItFLOSXQWRGHHTXLOLEULRTXHOHSHUPLWDPDQWHQHUVXDPSOLDFDUWHUDGHSUHVWDFLRQHVD ~EOLFRDVXPLEOHHQXQPDUFRGHILQDQFLDFLyQDXWRQyPLFDTXHKDDOFDQ]DGRHQ&DQDULDVHO VWyULFRGHOSRUFLHQWRUHVSHFWRDO3UHVXSXHVWR*HQHUDOGHQXHVWUD&RPXQLGDG\HQ RGHILQDQFLDFLyQGHO*RELHUQRGH(VSDxDFDUDFWHUL]DGRSRUXQGpILFLWGHPLOORQHV DUDHOSHUtRGR (O 6HUYLFLR &DQDULR GH OD 6DOXG GHSHQGLHQWH GH OD &RQVHMHUtD GH 6DQLGDG WUDEDMD SDUD O HTXLOLEULR TXH JDUDQWLFH OD VRVWHQLELOLGDG GH QXHVWUD VDQLGDG S~EOLFD XQD ODERU TXH QDHVFUXSXORVDSODQLILFDFLyQUDFLRQDOL]DFLyQ\SULRUL]DFLyQGHOJDVWR\ODVLQYHUVLRQHV 8Q HMHPSOR SDOSDEOH GH HVWD ODERU GH SURJUDPDFLyQ GH ODV LQYHUVLRQHV HV HO 3ODQ GH FWXUDV 6DQLWDULDV GH &DQDULDV XQD GH FX\DV REUDV GH PD\RU LPSDFWR HV OD FRQVWUXFFLyQ LHQWR GHO (GLILFLR GH $FWLYLGDGHV $PEXODWRULDV GHO +8& TXH LQFRUSRUDUi DO XVR HWURV FXDGUDGRV GH VXSHUILFLH &RQ XQD LQYHUVLyQ GH HXURV HQ OD REUD \ HO QWRODSXHVWDHQIXQFLRQDPLHQWRGHHVWHHGLILFLRPDUFDUiXQDQWHV\XQGHVSXpVHQOD HVWHKRVSLWDOGHWHUFHUQLYHO $FWXDOPHQWH OD &RQVHMHUtD GH 6DQLGDG D WUDYpV GHO 6&6 SUHSDUD OD UHGDFFLyQ GH RWUR XHSHUPLWLUiHQWUHRWUDVPHMRUDVODDPSOLDFLyQGHO6HUYLFLRGH8UJHQFLDVHO6HUYLFLRGH \ODXELFDFLyQGHOD8QLGDGGH,QYHVWLJDFLyQFX\DLQYHUVLyQDVFHQGHUiDXQRV (Q DGHODQWH QRV TXHGD XQ LPSRUWDQWH WUDEDMR TXH UHDOL]DU FRQ OD ILQDOLGDG GH MRUDQGR OD FDOLGDG GH ODV SUHVWDFLRQHV VDQLWDULDV FRQWLQXDU FRQ HO GHVDUUROOR GH ODV FWXUDV \ HTXLSDPLHQWRV GHO +RVSLWDO HQ HO FRQWH[WR GHO QXHYR 3ODQ GH ,QIUDHVWUXFWXUDV \DYDQ]DUHQODHVWDELOLGDGODERUDODWUDYpVGHODDFWXDORIHUWDGHHPSOHRS~EOLFRFRQ FRQYRFDGDV 4XLHURDSURYHFKDUDVLPLVPRODSRVLELOLGDGTXHPHEULQGDHVWDSXEOLFDFLyQSDUDWUDQVPLWLU OPLPiVVLQFHURDJUDGHFLPLHQWRSRUHODSR\RUHFLELGRGXUDQWHHOSURFHVRGHLQWHJUDFLyQ SHUPLWLGRLQLFLDUHVWDQXHYDHWDSDHQODJHVWLyQGHO+RVSLWDO8QLYHUVLWDULRGH&DQDULDVGH HVGHSHQGLHQWHVGHO+RVSLWDO3VLTXLiWULFR\GHOD)XQGDFLyQ5DIDHO&ODYLMRHQXQFOLPDGH DGODERUDOORTXHVLQOXJDUDQLQJXQDGXGDIDFLOLWyODDGRSFLyQGHORVDFXHUGRVDOFDQ]DGRV HQWDOPHQWHKDLGRHQEHQHILFLRGHOFRQMXQWRGHORVXVXDULRV '5$1721,2$/$5&Ð+(51É1'(= 9LFHSUHVLGHQWHVHJXQGR &RQVHMHUR,QVXODUGHOÉUHDGH6DQLGDG # QWHHOLQLFLRGHXQDQXHYDHWDSDSDUDHO+RVSLWDO8QLYHUVLWDULRGH&DQDULDV+8&QRVJXVWDUtDUHVXPLUHQ HVWDVOtQHDVHOVLJQLILFDGRGHHVWHFDPELRSDUDQXHVWUR&HQWUR\UHFRUGDUODVLQVWLWXFLRQHVTXHKDQFRODERUDGRHQ HOWUDQVFXUULUGHVXKLVWRULDKDVWDKR\ (O+8&TXHQDFLy+RVSLWDO*HQHUDO\&OtQLFRKDVLGRKRVSLWDOGHO&DELOGRGH7HQHULIHGXUDQWHDxRV /DVREUDVHPSH]DURQHQ\FRQFOX\HURQFRQUDSLGH]GHVSXpVGHWUDEDMDUHQWXUQRVGHWDUGH\KDVWDGHQRFKH (Q HVWD LQLFLDWLYD SDUWLFLSDURQ SUHVLGHQWHV GHO &DELOGR UHFRUGDGRV SRU VX FHUFDQD UHODFLyQ FRQ QXHVWUR &HQWUR FLWDUHPRVD'$QGUpV0LUDQGDD'-RVp*DOYiQ%HOORD'5DIDHO&ODYLMR\KDFRQWDGRFRQHOUHVSDOGRGHORV SUHVLGHQWHVSRVWHULRUHVFRPR'-RVp6HJXUD&DOYHOO'$GDQ0DUWtQ0HQLVKDVWDHODFWXDO'5LFDUGR0HOFKLRU /D LQVWLWXFLyQ FDELOGLFLD UHVSDOGy VLHPSUH D QXHVWUR +RVSLWDO \ OH SURYH\y GH ORV PHGLRV TXH OH SHUPLWLHURQFRQYHUWLUVHHQXQFHQWURSXQWHURPRWLYRVSRUHOTXHGXUDQWHPXFKRVDxRVPHUHFLyODGHQRPLQDFLyQ GH´EXTXHLQVLJQLDGHODVDQLGDGFDQDULDµ6XFUHDFLyQSHUPLWLyDGHPiVHOQDFLPLHQWRGHOD)DFXOWDGGH0HGLFLQD GHOD8QLYHUVLGDGGH/D/DJXQDDODTXHKDSHUPDQHFLGRHVWUHFKDPHQWHOLJDGRGHVGHHQWRQFHV 6XSHUVRQDOFUHFLyHQH[SHULHQFLD\FDOLGDGFRQYLUWLpQGRVHHQHVFXHODGHSUHVWLJLRSDUDPpGLFRVHQIHUPHUDV \ DX[LOLDUHV SHUR WDPELpQ SDUD WRGDV ODV GHPiV SURIHVLRQHV TXH KDQ HMHUFLGR \ VLJXHQ KDFLpQGROR HQ HO +8& 7HQHPRVXQSHUVRQDOGHOXMRTXHQRVKDSHUPLWLGROOHJDUDGRQGHKHPRVOOHJDGR 'XUDQWHDxRVDWHQGLyHQIHUPRVGHGLYHUVDVSURFHGHQFLDV(UDHOFHQWURGHUHIHUHQFLDGHORVWUDEDMDGRUHV GHO&DELOGRDWHQGtDHQIHUPRVGHOD6HJXULGDG6RFLDOSHURWDPELpQGHVHJXURV\HQIHUPRVSDUWLFXODUHV&RQHO WLHPSR OD SUHSRQGHUDQFLD GH OD 6HJXULGDG 6RFLDO HQ OD DFWLYLGDG GLDULD GH QXHVWUR &HQWUR FUHFLy KDVWD VHU OD SULQFLSDO 'HVGHHOSULQFLSLRVHKDQLGRLQWURGXFLHQGRSURJUDPDVGHDWHQFLyQVDQLWDULDPX\DPELFLRVRVSDUDVX pSRFD GH WUDVSODQWH GH FLUXJtD FDUGLDFD GH FLUXJtD ODSDURVFySLFD GH UDGLRORJtD PtQLPDPHQWH LQYDVLYD \ XQ LGRFRPSRQLHQGRODFRPSOHWDFDUWHUDGHVHUYLFLRVTXHKR\GHVDUUROODPRVHQHO+8&(Q LRQHURVHQWUDVSODQWHGHULxyQGHSiQFUHDVHQODVWpFQLFDVGH0HGLFLQD1XFOHDUHLQFOXVR &DQDULDVHOSULPHUTXLUyIDQRLQWHJUDGRRLQWHOLJHQWHGHODVDQLGDGS~EOLFD XQLYHUVDOTXHUHDOL]DQXHVWURVLVWHPDVDQLWDULR\GHODTXHVRPRVIHUYLHQWHVSDUWLGDULRV H[SRQHQWH GH OD Pi[LPD FDOLGDG 6X HYROXFLyQ D OR ODUJR GH ORV DxRV SURPHWH XQD LHWXGSRULQWURGXFLUODVWpFQLFDVPiVQRYHGRVDVSRUPDQWHQHUDVXSHUVRQDODFWXDOL]DGR \SRUVHJXLUVLHQGRHQVXPDXQFHQWURSXQWHURHQODDVLVWHQFLDVDQLWDULDHVSHFLDOPHQWH RUDFRQWLQXDGHODFDOLGDGVDQLWDULDTXHRIUHFHDVXVXVXDULRV HQHURGHHO+8&HVWiLQWHJUDGRHQODUHGVDQLWDULDS~EOLFDFDQDULD(QHVWHVHQWLGR H KD HIHFWXDGR XQ SURFHVR GH LQWHJUDFLyQ PX\ FXLGDGR UHVSHWDQGR ODV LQTXLHWXGHV GH DQGRGHORJUDUHODFXHUGRGHWRGDVODVSDUWHV&UHHPRVTXHVHKDFRQVHJXLGRKDFHUORD HVXQFDStWXOR\VHDEUHRWUR1RVSRGHPRVVHQWLUPX\RUJXOORVRVGHODPDJQtILFDDQGDGXUD HODPDQRGHO&DELOGRGH7HQHULIHKDVWDKDFHWDQVyORXQRVGtDV$SDUWLUGHDKRUDVHUi DV D WUDYpV GH OD &RQVHMHUtD GH 6DQLGDG \ HO 6HUYLFLR &DQDULR GH OD 6DOXG TXLHQ ULMD GHVWLQRVSURIHVLRQDOHV(VWDPRVVHJXURVGHTXHYHODUiSRUPDQWHQHUQXHVWURFDUDFWHUtVWLFR XGHPHMRUDGHFRODERUDFLyQSHUPDQHQWH\GHFRQILDQ]DHQHOIXWXURHVGHFLUQXHVWUD HVWiKDFLHQGRHQORVGHPiVKRVSLWDOHVS~EOLFRVGH&DQDULDV PRUHFRQRFLPLHQWRDORVTXHIRUPDQHOWHMLGRHVHQFLDOGHO+8&VXVWUDEDMDGRUHVTXHDOR HGLFDGRORPHMRUGHVXVHVIXHU]RVGHVXVYLGDVUHVWDQGRLQFOXVRDWHQFLyQDVXYLGDIDPLOLDU RQYHUWLUXQHGLILFLRHQXQOXJDUHQWUDxDEOHDOTXHKDQYHQLGRPXFKRVPLOHVGHSHUVRQDVHQ HVXVPDOHV\HQHOTXHKDQHQFRQWUDGRDSHUVRQDVTXHOHVKDQD\XGDGRFRQSURIHVLRQDOLGDG UDQFHVHQTXHOHVKDSXHVWRODHQIHUPHGDG UR VH KD FDUDFWHUL]DGR SRU WHQHU XQD UDWLR GH SHUVRQDO SRU FDPD LQIHULRU D ORV GHPiV JDQGRDVHUXQRGHORVKRVSLWDOHVHVSDxROHVFRQPHQRVSHUVRQDOSRUFDPD(OORKDYHQLGR IXHU]RFRQWLQXDGRSDUDVXVSURIHVLRQDOHVGXUDQWHWRGDODH[LVWHQFLDGHO+8&ORTXHQRV RIXQGRUHVSHWR\DGPLUDFLyQSRUWRGRVORVTXHKDQEULQGDGRVXWUDEDMR\VXJHQHURVLGDG HORVREMHWLYRVGHOKRVSLWDO(VSHUDPRVTXHHVWDVLWXDFLyQVHQRUPDOLFHORDQWHVSRVLEOHHQ DFLyQGHODVSODQWLOODVTXHOD&RQVHMHUtDGH6DQLGDGKDSUHFRQL]DGRHQORV~OWLPRVPHVHV QRV JXVWDUtD H[SUHVDUOHV TXH HVWHPRV GRQGH TXLHUD TXH QRV GHVWLQH OD YLGD VLHPSUH FLyQ GH TXLHQHV FRQIRUPDQ HO +RVSLWDO 8QLYHUVLWDULR GH &DQDULDV \ KDUHPRV WRGR OR TXH SDUD DSR\DUOHV \ UHVSDOGDUOHV +D VLGR XQ KRQRU KDEHU IRUPDGR SDUWH GHO &RQVHMR GH QVRUFLR 6DQLWDULR GH 7HQHULIH DO TXH KHPRV SUHVLGLGR \ GHO TXH QRV KHPRV GHVSHGLGR GHQFLD HQ DPERV FDUJRV KHPRV WUDWDGR VLHPSUH GH DSRUWDU OR PHMRU TXH QRV SHUPLWtDQ RUPDQGRSDUWHGHODHVHQFLDGHO+8&GHVXSHUVRQDOGHVXIXWXUR<VLHPSUHHVWDUHPRV '.241(*#05951..+0)'4 01/$4#&18+5+6#06'+.7564'214'.%#$+.&1+057.#4&'6'0'4+(' 'HVGHHO3URI6ROOLQJHUKDFRODERUDGRHVWUHFKDPHQWHFRQGHO+8& ' O3URI6ROOLQJHUOtGHUPXQGLDOHQWUDVSODQWHGHSiQFUHDVKDVLGRQRPEUDGR 9LVLWDQWH,OXVWUHSRUHO&DELOGR,QVXODUGH7HQHULIH(VWHWtWXORVHYLHQHDVXPDU DVXLPSUHVLRQDQWHFXUUtFXOXPYLWDH\UHFRQRFHODFRODERUDFLyQLQFRQGLFLRQDO FRQHO+8&TXHGDWDGH /DUHODFLyQGHO3URI6ROOLQJHUFRQQXHVWUR&HQWURVHHVWDEOHFLyHQ DUDt]GHXQDYLVLWDDO+RVSLWDO&OLQLFVGHOD8QLYHUVLGDGGH:LVFRQVLQ HQ ((88 GHO HTXLSR GHO +8& TXH VH HVWDED SUHSDUDQGR SDUD LQLFLDU XQ SURJUDPDGH7UDVSODQWHGH3iQFUHDVHQFDEH]DGRSRUHO3URI$QWRQLR$ODUFy +HUQiQGH]\TXHVHLEDDVXPDUDO\DKLVWyULFRGH7UDVSODQWH5HQDO (O 3URI 6ROOLQJHU \ VX HTXLSR VH YROFDURQ FRQ ORV FLUXMDQRV GHO +8&TXHVHGHVSOD]DURQDOOiUHVXPLHQGRVXH[SHULHQFLDGHPiVGHDxRV KLVWyULFD\WUDVFHQGHQWDOSDUDHOWUDVSODQWHGHSiQFUHDVHQWRGRHOPXQGR\ SRQLHQGRDVXDOFDQFHORVDYDQFHVTXHKDEtDQOLGHUDGRHQHVHWLHPSR'HVGHHO LQLFLRGHO3URJUDPDGH7UDVSODQWHGH3iQFUHDVHQHO+8&VHKDFRQWDGRFRQHO DSR\RGHOHTXLSRGHO3URI6ROOLQJHUPDQWHQLHQGRXQFRQWDFWRFRQVWDQWHTXH KDLQFOXLGRFRQVXOWDVHQFDVRVSDUWLFXODUPHQWHFRPSOHMRV\VXSDUWLFLSDFLyQ HQ OD IRUPDFLyQ FRQWLQXDGD GH FLUXMDQRV XUyORJRV \ QHIUyORJRV /DV YLVLWDV GHO 3URI 6ROOLQJHU \ VX HTXLSR D QXHVWUD ,VOD \ DO +8& VH KDQ SURGXFLGR GH IRUPD SHULyGLFD \ SUREDEOHPHQWH VHJXLUiQ SURGXFLpQGRVH HQ HO IXWXUR (Q HOODV WDQWR pO PLVPR FRPR HO 'U /XLV $ )HUQiQGH] KDQ WUDtGR D 7HQHULIH ORV DYDQFHV HQ DOJXQRV FDVRV DXWpQWLFDPHQWH IXWXULVWDV GHO FDPSR GHO WUDWDPLHQWR GH OD GLDEHWHV PHOOLWXV DGHPiV GH SRQHU D QXHVWUD GLVSRVLFLyQ ORVUHVXOWDGRVGHODVWpFQLFDVTXHGHVDUUROODQKDELWXDOPHQWHHQHO+RVSLWDO &OLQLFV 'HVGH HVWDV SiJLQDV TXHUHPRV DJUDGHFHU DO 3URIHVRU 6ROOLQJHU VX LQFRQGLFLRQDODSR\R\VXPDUQRVDO&DELOGRDQWHHOPHUHFLGRSUHPLRTXHVHOH KDRWRUJDGR 'N*7%EQORNGVCNCFGUEGPVTCNK\CEKÎP FGNEQPVTQNFGCPVKEQCIWNCEKÎP ' OFHQWURVDQLWDULRFXHQWDFRQXQDUHGGHFRQVXOWDVGHHQIHUPHUtDVLWXDGDVHQGHWHUPLQDGRV&HQWURVGH6DOXG\&$(VDWUDYpVGHODV FXDOHV ORV HQIHUPRV FRQ WUDWDPLHQWR DQWLFRDJXODQWH SXHGDQ VHJXLU VXV FRQWUROHV FRQ HO KHPDWyORJR VLQ GHVSOD]DUVH DO +RVSLWDO (VWD LQLFLDWLYDEHQHILFLDDPiVGHWUHVPLOSDFLHQWHVTXHUHFLEHQHVWHWUDWDPLHQWRHQHOiUHDQRUWH +HPDWRORJtDKDFRPSOHWDGRHOSURJUDPDGHGHVFHQWUDOL]DFLyQGHOWUDWDPLHQWRGH6LQWURP\$OGRFXPDU/DGHVFHQWUDOL]DFLyQ GHOFRQWUROGHDQWLFRDJXODFLyQHVSRVLEOHPHGLDQWHODDSOLFDFLyQGHGHODDFWXDOWHFQRORJtDLQIRUPiWLFDTXHSHUPLWHFRQHFWDUDO+8&FRQ FXDOTXLHUFHQWURGLVWDQWH\WUDQVPLWLUGDWRVSRUHVDYtDGHIRUPDVHJXUD\UiSLGD (O SDFLHQWH DFXGH D OD FRQVXOWD TXH VH OH DVLJQD OD HQIHUPHUDUHDOL]DHOWHVWGHFRQWUROHQXQDJRWDGHVDQJUHREWHQLGD SRU SXQFLyQ GHO GHGR \ WUDQVPLWH HO UHVXOWDGR GHO WHVW MXQWR FRQ FXDOTXLHULQFLGHQFLDRVROLFLWXGGHOHQIHUPRDO+8&(VWRVHOOHYD D FDER JUDFLDV D OD FRQH[LyQ LQIRUPiWLFD HQWUH FDGD XQD GH ODV FRQVXOWDV \ HO KRVSLWDO DVt FRPR D OD SUHVHQFLD HQ ODV FRQVXOWDV SHULIpULFDVGHSHUVRQDOGHHQIHUPHUtDIRUPDGRSDUDHVWDODERU 'H HVWD IRUPD HO SDFLHQWH VLJXH HVWDQGR HQ FRQWURO SRU HO KHPDWyORJR GHO FHQWUR KRVSLWDODULR SHUR REWLHQH YHQWDMDV DxDGLGDV VH OH DWLHQGH HQ XQ OXJDU FHUFDQR D VX GRPLFLOLR HYLWDQGRORVIUHFXHQWHVWUDVODGRVHVSHFLDOPHQWHHQORVDQFLDQRV GLVFDSDFLWDGRV\ORVTXHYLYHQOHMRVGHOKRVSLWDO /RV SDFLHQWHV VH HQFXHQWUDQ WDPELpQ FRQ XQ DPELHQWH PiV DFRJHGRU GRQGH HO SHUVRQDO GH HQIHUPHUtD SXHGH UHVXOWDUOH PiV SUy[LPR \ IDPLOLDU \ DO DXPHQWDU HO Q~PHUR GH FHQWURV GH DVLVWHQFLDORVJUXSRVGHHQIHUPRVVRQPiVUHGXFLGRVORVWLHPSRV GHHVSHUDVRQPHQRUHV\HOWLHPSRGLVSRQLEOHSDUDDWHQGHUDFDGD SDFLHQWHHVPD\RU (VWH SURJUDPD SURSXHVWR \ FRRUGLQDGR SRU HO VHUYLFLR GH+HPDWRORJtD\TXHKDFRQWDGRFRQODFRODERUDFLyQGH$WHQFLyQ 3ULPDULD GHO 6HUYLFLR &DQDULR GH OD 6DOXG 6&6 FRPHQ]y HQ ORV &HQWURV GH 6DOXG GH 7HJXHVWH /D 0DWDQ]D /RV 5HDOHMRV ,FRG GH ORV 9LQRV \ 7DFRURQWH \ SRVWHULRUPHQWH VH IXH LPSODQWDQGR HQ &HQWURV GH 6DOXG \ &HQWURV GH $WHQFLyQ (VSHFLDOL]DGD &$( GHO iUHDQRUWHTXHJHVWLRQDHO+8&VLHQGRODFRQVXOWDGHFRQWUROGH DQWLFRDJXODFLyQ GHO &$( GHO 3XHUWR GH OD &UX] FRQ OD TXH VH KD FRPSOHWDGRHVWHSURJUDPDGHGHVFHQWUDOL]DFLyQ 35(9(1&,Î1'(5,(6*26/$%25$/(6 6(59,&,2'(35(9(1&,Ð1'(5,(6*26/$%25$/(6 '.*7% )#.#4&10#&1 %10'.24'/+1 /',14'5+&'#5&' .#5#0+&#&37' 1614)#&+#4+1 /&+%1 ' VWDSXEOLFDFLyQHVSHFLDOL]DGDHQFRQWHQLGRV VDQLWDULRVUHFRQRFHHOWUDEDMRUHDOL]DGRSRUHVWH FHQWUR HQ OD YLJLODQFLD \ FRQWURO GH LQIHFFLRQHV QRVRFRPLDOHVDWUDYpVGHODSXHVWDHQPDUFKDGH XQVLVWHPDSLRQHURGHYLJLODQFLDDFWLYD (O 'HSDUWDPHQWR GH 0LFURELRORJtD \ 0HGLFLQD 3UHYHQWLYD UHDOL]D SDUD HOOR HVWXGLRV HSLGHPLROyJLFRV \ PROHFXODUHV D WRGRV ORV SDFLHQWHVTXHLQJUHVDQHQHO+RVSLWDO (O VLVWHPD SLRQHUR GH YLJLODQFLD DFWLYD GH LQIHFFLRQHV QRVRFRPLDOHV SXHVWR HQ PDUFKD HQ HO +RVSLWDO 8QLYHUVLWDULR GH &DQDULDV +8& KDUHFLELGRHQ%DUFHORQDHOSUHPLRDODV0HMRUHV ,GHDV GH OD 6DQLGDG GH TXH DQXDOPHQWH FRQYRFDODSXEOLFDFLyQHVSHFLDOL]DGDHQFRQWHQLGRVVDQLWDULRV¶'LDULR0pGLFR· (O JHUHQWH GHO +8& ,JQDFLR /ySH] UHFRJLy HQ HO 7HDWUR GH &DWDOXxD HO JDODUGyQ HQ OD FDWHJRUtD GH JHVWLyQ KRVSLWDODULD DFRPSDxDGRGHOMHIHGH0LFURELRORJtD\0HGLFLQD3UHYHQWLYDGHOFHQWURHO'U$QWRQLR6LHUUDHQODVpSWLPDHGLFLyQGHORV3UHPLRV0HMRUHV ,GHDVGHOD6DQLGDGGH'LDULR0pGLFR(VWHFHUWDPHQUHFRQRFHODODERUGLDULDGHDTXHOODVSHUVRQDVLQVWLWXFLRQHVRHPSUHVDVTXHFRQVX DSRUWDFLyQKDQD\XGDGRDPHMRUDUODPHGLFLQDODDVLVWHQFLDVDQLWDULD\ODVDOXGGXUDQWHHODxR ´5HFLELUHVWHSUHPLRVXSRQHXQDHQRUPHVDWLVIDFFLyQSDUDHO+RVSLWDO8QLYHUVLWDULRGH&DQDULDV\UHIXHU]DHOWUDEDMRTXHHVWDPRV UHDOL]DQGRSDUD HYLWDU ODV LQIHFFLRQHV KRVSLWDODULDV \ VXV FRQVHFXHQFLDV TXH WDQWR QRV SUHRFXSDQ HQ ORV FHQWURV KRVSLWDODULRVµ DILUPy ,JQDFLR/ySH] (O SUR\HFWR SUHPLDGR WLHQH XQ IXHUWH LPSDFWR HQ OD UHGXFFLyQ GH ODV LQIHFFLRQHV QRVRFRPLDOHV LQIHFFLRQHV KRVSLWDODULDV \ IXQGDPHQWDOPHQWHHQODLQIHFFLyQKRVSLWDODULDSRU6WDSK\ORFRFFXVDXUHXVUHVLVWHQWHDODPHWLFLOLQD056$ODPiVLPSRUWDQWHGHQWURGH HVWHWLSRGHLQIHFFLRQHV 3DUDHOORHO'HSDUWDPHQWRGH0LFURELRORJtD\0HGLFLQD3UHYHQWLYDFRPHQ]yHODxRSDVDGRDUHDOL]DUORVHVWXGLRVSUHYLRV\GLVHxDU ODV WpFQLFDV GH GLDJQyVWLFR PROHFXODU MXQWR FRQ RWURV PLFURELROyJLFRV QHFHVDULRV SDUD HVWDEOHFHU XQ VLVWHPD SHUPDQHQWH \ XQLYHUVDO GHQWURGHO+RVSLWDO$GHPiVHO+8&KDLQFRUSRUDGRGRVQXHYDVWpFQLFDVSDUDUHDOL]DUORVHVWXGLRVPROHFXODUHV /DSXHVWDHQPDUFKDGHILQLWLYDGHOSURJUDPDGHYLJLODQFLDDFWLYDWXYROXJDUHQHOPHVGHIHEUHURVLJXLHQGRORVFULWHULRVGHODVJXtDV GHYLJLODQFLD\FRQWUROGHHQIHUPHGDGHVDSUREDGRVSRUORVRUJDQLVPRVLQWHUQDFLRQDOHV\TXHVHKDQFRPHQ]DGRDLPSODQWDUHQDOJXQRV KRVSLWDOHVGH(VWDGRV8QLGRV\VREUHWRGRHQ+RODQGD\3DtVHV1yUGLFRV (O REMHWLYR HV GHWHFWDU D WRGR SDFLHQWH TXH LQJUHVD HQ HO FHQWUR \ TXH VRQ SRUWDGRUHV GH OD EDFWHULD 6WDSK\ORFRFFXV DXUHXV UHVLVWHQWH D OD PHWLFLOLQD DOWDPHQWH SHOLJURVD HQWUH ODV LQIHFFLRQHV KRVSLWDODULDV SRU VX DOWD UHVLVWHQFLD D ORV DQWLELyWLFRV &RQ HVWH REMHWLYRVHUHFRJHQXQDPHGLDGHPXHVWUDVGLDULDVDSDFLHQWHVSDUDUHDOL]DUORVFRUUHVSRQGLHQWHVHVWXGLRVFXOWLYRV\PROHFXODUHV HSLGHPLROyJLFRV$WUDYpVGHHVWHSURJUDPDVHGHWHFWDQORVSDFLHQWHVSRUWDGRUHVGHHVWDLQIHFFLyQHQHOPRPHQWRGHDGPLVLyQ\GXUDQWH VXHVWDQFLDDVtFRPRVHHYLWDHOFRQWDJLRGHOUHVWRGHORVSDFLHQWHV (O'HSDUWDPHQWRGH0LFURELRORJtD\0HGLFLQD3UHYHQWLYDFRPHQ]yKDFHRQFHDxRVDLQWURGXFLUODVSULPHUDVPHGLGDVGHFRQWURO UHOHYDQWHVFRPRIXHHODLVODPLHQWRGHFRQWDFWRODGHVFRQROL]DFLyQGHOSDFLHQWH\ORVEDxRVDQWLVpSWLFRV2WUDGHODVPHGLGDVTXHVH DGRSWyIXHODLPSODQWDFLyQGHXQ3URJUDPDGH+LJLHQHGH0DQRVTXHVLJXHVLHQGRIXQGDPHQWDO /RVRUJDQLVPRVLQWHUQDFLRQDOHVHLQVWLWXFLRQHVTXHGLFWDQORVFULWHULRVGHYLJLODQFLD\FRQWUROGHORV056$&'&GH$WODQWD7KH +RVSLWDO,QIHFWLRQ6RFLHW\6RFLHGDG(VSDxRODGH,QIHFFLRVDV\0LFURELRORJtD&OtQLFDHVWDEOHFLHURQHQORVDxRV\ODQHFHVLGDG GHXQLUDO3URJUDPDGH+LJLHQHGH0DQRVHOGH9LJLODQFLD$FWLYDHQWHQGLpQGRVHSRUpVWHODGHWHFFLyQGHORVSDFLHQWHVSRUWDGRUHVGHHVWD LQIHFFLyQHQHOPRPHQWRGHDGPLVLyQHQORVKRVSLWDOHV\ODDWHQFLyQSRVWHULRUGHORVPLVPRVGXUDQWHVXHVWDQFLDHQHOFHQWUR 3DUD HO 'U $QWRQLR 6LHUUD MHIH GH 'HSDUWDPHQWR GH 0LFURELRORJtD \ 0HGLFLQD 3UHYHQWLYD GHO +8& ´ORV UHVXOWDGRV REWHQLGRV GXUDQWHHODxRFXDQGRHOFHQWURFRPHQ]yDUHDOL]DUORVHVWXGLRVSUHYLRV\GHFRQILUPDQXQDHVSHFWDFXODUGLVPLQXFLyQHQORV FDVRVGHLQIHFFLyQKRVSLWDODULDSRU056$UHGXFLpQGRVHFLQFRYHFHVORVFDVRVFRQUHVSHFWRDODxRDQWHULRUµ /D LPSODQWDFLyQ GH HVWH VLVWHPD GH YLJLODQFLD KD VXSXHVWR XQ HVIXHU]R GH WRGRV ORV SURIHVLRQDOHV TXH WUDEDMDQ HQ HO +8& LQGHSHQGLHQWHPHQWHGHOWUDEDMRGLDULRGHORVPpGLFRVGHHVWH'HSDUWDPHQWR\GHODVVHLVHQIHUPHUDVLPSOLFDGDVHQHVWHQXHYRSURJUDPD /RVPLHPEURVGHO6HUYLFLRGH0LFURELRORJtD\0HGLFLQD3UHYHQWLYDGHO+8&KDQVLGRLQYLWDGRVSDUDGDUDFRQRFHUHVWDLQLFLDWLYDHQRWURV FHQWURVGH(XURSD/D&RQVHMHUtDGH6DQLGDGGHO*RELHUQRGH&DQDULDVKDDSR\DGRHVWDLQLFLDWLYDDWUDYpVGHIRQGRVGHFRKHVLyQGHVWLQDGRV D6HJXULGDGGH3DFLHQWH $1e&'27$6 'RFWRU)UDQFLVFR;DYLHUGH%DOPLV\%HUHQJXHU 0DQXHO'yQL]*DUFtD )LOiQWURSRFLHQWtILFR\PpGLFRLQWURGXFWRUGH ODYDFXQDFRQWUDODYLUXHODHQ+LVSDQRDPpULFD\ )LOLSLQDV )UDQFLVFR;DYLHUGH%DOPLV\%HUHQJXHUQDFLyHQ$OLFDQWHHO GH'LFLHPEUHGHHQHOVHQRGHXQDIDPLOLDGHFLUXMDQRV WUDGLFLyQ TXH FRQWLQXDUi IRUPiQGRVH HQ FLHQFLDV GHVGH VXV SULPHURV HVWXGLRV TXH FRPHQ]y HQ HO FROHJLR GH OD &RPSDxtD GH -HV~V 1XHVWUD 6HxRUD GH OD (VSHUDQ]D SHUR D FDXVD GH OD H[SXOVLyQ GH ORV MHVXLWDV WXYR TXH WHUPLQDU VX IRUPDFLyQ GH JUDGR PHGLR HQ HO &ROHJLR 1XHVWUD 6HxRUD GHO 5RVDULR UHJHQWDGRSRUORV'RPLQLFRV2EWXYRHOWtWXORGHPpGLFRHQOD 8QLYHUVLGDGGH9DOHQFLDHQLQJUHVDQGRHQHOHMpUFLWRFRPR FLUXMDQRPLOLWDUVLHQGRGHVWLQDGRD$PHULFDFRQVX5HJLPLHQWR FXDQGR HVWH IXH HQYLDGR FRPR JXDUQLFLyQ D 0pMLFR 6X EXHQ KDFHU WUDWDQGR D PLOHV GH HQIHUPRV KL]R TXH IXHUD QRPEUDGR FLUXMDQRGHO5HDO+RVSLWDO0LOLWDUGHO$PRUGH'LRVGH&LXGDGGH 0pMLFRHQ 7HUPLQDGD VX PLVLyQ DPHULFDQD IXH GHVWLQDGR D OD &RUWH VLHQGR QRPEUDGR HQ FLUXMDQR GH &iPDUD GHO UH\ &DUORV,9(VWXGLRVRGHOD%RWiQLFDLQWURGXMRHVSHFLHVGHSODQWDVPHGLFLQDOHVDPHULFDQDVHQ(VSDxDFRPRSDOLDWLYDVGHORV SHUQLFLRVRVHIHFWRVGHODVtILOLV\ODHVFURIXORVLVHQIHUPHGDGHVVREUHODVTXHHVFULELyXQWUDWDGRSXEOLFDGRHQHODxR 7UDVHOGHVFXEULPLHQWRGHODYDFXQDFRQWUDODYLUXHODSRU(GZDUG*HQHUHQHODxRSXEOLFDGRHQHOQGH HVWD5HYLVWD%DOPLVSHUVXDGLyDOUH\&DUORV,9SDUDHQYLDUXQDH[SHGLFLyQTXHOOHYDVHODQXHYDYDFXQDDODVSRVHVLRQHV HVSDxRODVGH$PpULFD\$VLDGRQGHODHQIHUPHGDGKDFtDHVWUDJRV6XSUHRFXSDFLyQKL]RTXHHOPRQDUFDORGHVLJQDUDDO IUHQWHGHHOOD (OGHQRYLHPEUHGHSDUWLy%DOPLVDERUGRGHODFRUEHWD´0DUtD3LWDµGHVGH/D&RUXxDOOHYDQGRQLxRV KXpUIDQRVGHO+RVSLFLRGHHVWD&LXGDG\3XHUWRTXHQRKXELHUDQSDGHFLGRODHQIHUPHGDGSDUDLUORVLQRFXODQGRGXUDQWH HOODUJRYLDMH\PDQWHQHUODYDFXQDDFWLYDKDVWDSRGHUODXWLOL]DUDODOOHJDGDDVXGHVWLQRTXHFRPHQ]yHQ3XHUWR5LFR SDVDQGRSRU3XHUWR&DEHOOR&DUDFDVOD+DEDQD0pULGD9HUDFUX]\ILQDOPHQWH&LXGDGGH0pMLFRDSOLFDQGRXQPpWRGR GHLQRFXODFLyQLGHDGRSRUpOTXHFRQVWLWX\yXQp[LWRSXHVWRTXHODYDFXQDVHH[SDQGLySRUHO1RUWHKDVWD7H[DV\SRUHO6XU KDVWD&RORPELDVDOYDQGRODYLGDDPLOORQHVGHSHUVRQDV\VXSHUDQGRHQHILFLHQFLDDORVEULWiQLFRVTXHQRVXSLHURQOOHYDU ODYDFXQDDFWLYDKDVWDVXSRVHVLRQHVHQ&KLQD (Q IHEUHUR GH %DOPLV HQFDEH]y RWUD H[SHGLFLyQ SDUD YROYHU D OOHYDU OD YDFXQD FRQWUD OD YLUXHOD TXH VH KDEtDSHUGLGRSRUODPDODSUD[LVPpGLFDYROYLHQGRDUHLQLFLDUODVYDFXQDFLRQHVHQHO9LUUHLQDWRGH0pMLFRFRQWRWDOp[LWR DVHJXUDQGRODSHUYLYHQFLDGHVXPpWRGRLQPXQROyJLFR 5HJUHVyD(VSDxDDILQDOHVGHDQWHVGHILQDOL]DUOD*XHUUDGHOD,QGHSHQGHQFLD\FXDQGRHQ+LVSDQRDPHULFD KDEtD SUHQGLGR OD OODPD GH OD HPDQFLSDFLyQ 7HQtD DxRV GH HGDG \ VX VDOXG HVWDED PX\ TXHEUDQWDGD D FDXVD GH ODV SHQXULDVVXIULGDVHQORVVXFHVLYRVYLDMHVD$PpULFD)XHQRPEUDGRJREHUQDGRUGHO5HDO6LWLRGH6DQ)HUQDQGRIDOOHFLHQGR HQHODxR6XQRPEUHKDTXHGDGRYLQFXODGRDOD5HDO([SHGLFLyQ)LODQWUySLFDGHOD9DFXQDFRQWUDOD9LUXHODOODPDGD HQVXKRQRU([SHGLFLyQ%DOPLV\ODGLIXVLyQGHHVWDLQRFXODFLyQHQODVFRORQLDVHVSDxRODVGH$PpULFD\$VLDFRQVWLWX\HQXQ KLWRHQOD+LVWRULD8QLYHUVDOGHOD0HGLFLQDGHOTXHVHKDFHOHEUDGRUHFLHQWHPHQWHHOVHJXQGRFHQWHQDULR (175(9,67$$/75$%$-$'25 % 0$5Ì$3(5(5$5$0$//2 RQRFLGDFRPR²0DUXFDOOHYDPiVGHDxRVWUDEDMDQGRHQ /HQFHUtDiUHDTXHFRQWURODWRGDODXQLIRUPLGDGGHOFHQWUR/OHYD FDVL ORV PLVPRV DxRV VLHQGR OD -HID GH 5RSHUtD $ OR ODUJR GH VX GLODWDGDWUD\HFWRULDSURIHVLRQDOHQHO&HQWURKDYLVWRHYROXFLRQDU HO PLVPR GHVGH XQD PLUDGD GLIHUHQWH +D FRQRFLGR D ORV TXH FRPHQ]DEDQ D WUDEDMDU VLHQGR XQRV DGROHVFHQWHV \ ORV KD YLVWR FUHFHUSHUVRQDO\SURIHVLRQDOPHQWH 0DUXFDFRPRODFRQRFHWRGRHOSHUVRQDOHVXQDPXMHU KRJDUHxD PDGUH GH XQ KLMR GH DxRV GH FDUDFWHU ULVXHxR 3UHVXPH GH RUJDQL]DU \ FRRUGLQDU HO iUHD FRQ FDULxR \ KDEOD FRQ RUJXOORGHO+RVSLWDOSXHVORFRQVLGHUDFRPRVXFDVD ¢&yPRIXHURQVXVLQLFLRV" 'HVGH VLHPSUH KH WUDEDMDGR HQ OHQFHUtD 0LV LQLFLRV IXHURQFRPRWRGRVGXURVFRPHQFpGHFRVWXUHUD\UHFXHUGDDKRUD FRQ FDULxR TXH DO IUHQWH GHO VHUYLFLR VH HQFRQWUDED XQD PRQMD TXH WHQtD XQ FDUiFWHU DJULR &XDQGR VH SUHVHQWy HQ OHQFHUtD OD PRQMD OH GLMR TXH VH PDUFKDUD TXH QR QHFHVLWDEDQ D QDGLH OXHJR RFXUULy TXH SRU ORV DYDWDUHV GHO WUDEDMR TXH VH KLFLHURQ PX\ EXHQDV DPLJDV 0HVHVGHVSXpVGHFR WUDEDMDUQRVFRPHQWDVHOH FRRUGLQDFLyQ GH OD /HQFHUtD \ GHPHGLWDUOR\YHUORFRQVXVFR GHDTXHOHQWRQFHVGHFLGLyDFH FRQWLQXDGRKDVWDODIHFKD3UH RUJXOORTXHVRQXQDJUDQIDPLO 1RVFRPHQWDTXHQR WUDEDMDUHQFDVDGHFRVWXUHUD\ FRQIHFFLyQERUGDGRVHWF ¢&yPRHUDOD/HQFHUtDGHKDF $O SULQFLSLR KDEtDQ XQLIRUPHV GH WRGR HO SHUVRQD VHFUHWDULDVTXHDQWHVOOHYDED \DQRVHHODERUDHOXQLIRUPHD ¢4XpDQpFGRWDVQRVSXHGHVF 6HVRQUtH«VRQWDQWD GHO*HUHQWH'RQ(PLOLRHQX GH 1DYLGDG SHUR QRVRWUDV TX UHVXOWyTXHDSDUHFLyHOPLVPR LQYLWDUOHDXQYDVLWRGHYLQR VRQUtR\OXHJRVHPDUFKy 2WUDV GH ODV DQpFG FDULxRHVTXHDQWHVVHWUDEDMD \FXDQGRHVRRFXUUtDHOGHVD\X DFWRVRFLDOWRGRVWUDtDQDOJR\ FRPtDQ\GLVIUXWDEDQGHXQDMR 6RQFRPRXQDIDPLOL \WDPELpQDOHJUtDV ¢&XiOKDVLGRHOPRPHQWRPi YLYLGRHQHO+RVSLWDO" 6LQ OXJDU D GXGDV IX TXHPyODOHQFHUtD)XHORSHRU SDVDGRHQHOFHQWURODLPSRWH D IUXVWUDFLyQ HQIDGR \ WULVWH] YHtDFRPRPLFDVDVHTXHPDED ¢4XpPHQVDMHOHWUDQVPLWLUtD JHQHUDFLRQHV" 4XH WHQJDQ KXPDQ EXHQRV FRPSDxHURV 4XH UH SULPHUR HV HO HQIHUPR \ TXH HTXLSRVHFRQVLJXHQWRGDVOD 1RV FRPHQWD FRQ FLHUWD UHVLJQDFLyQ TXH HQ ORV ~OWLPRV WLHPSRVPXFKRGHORVQXHYRVWUDEDMDGRUHVHQWUDQFRQORVGHUHFKRV DSUHQGLGRV SHUR VH ROYLGDQ GH ODV REOLJDFLRQHV HVWDPRV HQ XQ +RVSLWDO \ WRGR OR TXH KDFHPRV UHSHUFXWH HQ HO HQIHUPR TXH HV QXHVWUDSULQFLSDOSUHRFXSDFLyQ ¢4XpKDUiFXiQGRVHMXELOH" 0XFKDVFRVDVFRPRVDEHQORVTXHPHFRQRFHQPHJXVWD PXFKRODDJULFXOWXUDWHQJRPLVSDSLWDVPLVXYDVDGHPiVTXLHUR WHQHUPiVWLHPSRSDUDSUiFWLFD\RJD\WRFDUODJXLWDUUD $OJRTXHDxDGLU« 0HJXVWDUtDTXHHOSHUVRQDOWXYLHUDPiVFRQFLHQFLDHQHOXVRGHO XQLIRUPH6HxDODTXHORVH[SHQGHGRUHVSXHGHVHUOD KHUUDPLHQWDSDUDXQXVRFRUUHFWRGHORVPLVPRVORTXHDIHFWDUi SRVLWLYDPHQWHDOWUDEDMRGHWRGRHVSHFLDOPHQWHDVXiUHD 127,&,$6 '.*7%5'.'%%+10#&1214'. /+0+56'4+1&'5#0+&#&2#4# 2#46+%+2#4'0'.24+/'4 241)4#/#ő%#+$'4Œ . D8QLGDGGH,QYHVWLJDFLyQGHO+RVSLWDO8QLYHUVLWDULRGH&DQDULDV +8&KDVLGRVHOHFFLRQDGDSRUHO0LQLVWHULRGH6DQLGDGDWUDYpV GHO ,QVWLWXWR GH 6DOXG &DUORV ,,, SDUD IRUPDU SDUWH GHO &RQVRUFLR GH$SR\RDOD,QYHVWLJDFLyQ%LRPpGLFDHQ5HG&$,%(5LQWHJUDGR SRU 8QLGDGHV GH ,QYHVWLJDFLyQ GHO SDtV HO REMHWLYR GH HVWD LQLFLDWLYDTXHSRUSULPHUDYH]VHSRQHHQPDUFKDHQ(VSDxD\TXH VH HQFXHQWUD UHFRJLGD HQ OD $FFLyQ (VWUDWpJLFD GHO 3ODQ 1DFLRQDO HVHVWLPXODUHOGHVDUUROORGHSURJUDPDVGHLQYHVWLJDFLyQ FOtQLFD \ HQVD\RV FOtQLFRV HQ SDFLHQWHV HVSHFLDOPHQWH ORV TXH FDUHFHQGHLQWHUpVFRPHUFLDO 3DUDOOHYDUDFDERODVHOHFFLyQGHORVFHQWURVQDFLRQDOHV TXH IRUPDUtDQ HVWH &$,%(5 HO ,QVWLWXWR GH 6DOXG &DUORV ,,, KD YDORUDGR OD FDOLGDG FLHQWtILFRWpFQLFD GH ODV UHVSHFWLYDV XQLGDGHV TXHVHKDQSUHVHQWDGRDHVWDFRQYRFDWRULD(QWUHORVSDUiPHWURV HYDOXDGRVVHHQFXHQWUDQODH[SHULHQFLDGHOD8QLGDGHQODJHVWLyQ GHHQVD\RVFOtQLFRVVXQ~PHURGHXVXDULRVJUXSRVGHLQYHVWLJDFLyQ FOtQLFD HO Q~PHUR \ FDOLGDG GH ODV SXEOLFDFLRQHV GHULYDGDV GH OD UHDOL]DFLyQ GH HQVD\RV FOtQLFRV FRQ PHGLFDPHQWRV SURGXFWRV VDQLWDULRVXRWUDVLQWHUYHQFLRQHVODVLQIUDHVWUXFWXUDVFRQODTXH FXHQWDOD8QLGDGDVtFRPRODFDOLGDG\YLDELOLGDGFLHQWtILFRWpFQLFD GH VX SODQ HVWUDWpJLFR \ VX DGHFXDFLyQ D ODV iUHDV WHPiWLFDV HVSHFtILFDVGHHVWHVXESURJUDPDGHO3ODQ1DFLRQDO /D SURSXHVWD SUHVHQWDGD SRU HO +8& FRQWHPSOD OD LQYHVWLJDFLyQSUHFOtQLFD\FOtQLFDGHODVHQIHUPHGDGHVUDUDVHQOD TXH WUDEDMD HO FHQWUR GHVGH KDFH DOJ~Q WLHPSR OD KLSHUR[DOXULD SULPDULDHODLVODPLHQWRGHLVORWHVSDQFUHiWLFRVKXPDQRV\IXWXURV HQVD\RV HQ SDFLHQWHV ODV HVWUDWHJLDV GH UHGXFFLyQ GHO iUHD LQIDUWDGDWUDVODSHUIXVLyQFRURQDULDODSUHYHQFLyQGHODGLDEHWHV GHQRYRWUDVHOWUDVSODQWHUHQDO\HOFULEDGRGHOFiQFHUFRORUHFWDO HQODSREODFLyQGHULHVJRLQWHUPHGLR7DPELpQVHLQFOX\HURQHQOD SURSXHVWD OD FUHDFLyQ GH XQD XQLGDG GH (QVD\RV &OtQLFRV HQ IDVH , SDUD HVWXGLRV QR FRPHUFLDOHV FX\RV VHUYLFLRV VHUiQ RIHUWDGRV D WRGDOD&RPXQLGDG$XWyQRPDDVtFRPRXQHVWXGLRVREUHHOFRVWH IDUPDFpXWLFRGHODKHPRGLiOLVLV 8QLGDGGH,QYHVWLJDFLyQGHO+8& 'HVGHVXFUHDFLyQHQODDFWLYLGDGGHOD8QLGDGGH ,QYHVWLJDFLyQ KD FUHFLGR FRQVLGHUDEOHPHQWH \ HQ OD DFWXDOLGDG HVWiQ DFWLYRV XQ WRWDO GH 3UR\HFWRV GH ,QYHVWLJDFLyQ GH ILQDQFLDFLyQS~EOLFDRSULYDGD\DGHPiVVHILUPDQFDGDDxRHQWUH \ HQVD\RV FOtQLFRV QXHYRV D UHDOL]DU SRU ORV SURIHVLRQDOHV GHO +8& 7RGD HVWD DFWLYLGDG LQYHVWLJDGRUD HV IDFLOLWDGD SRU OD )XQGDFLyQ &DQDULD 5DIDHO &ODYLMR SDUD OD ,QYHVWLJDFLyQ %LRPpGLFD TXHFXPSOHODIXQFLyQEiVLFDGHSURSRUFLRQDUDORVLQYHVWLJDGRUHV ODJHVWLyQGHVXVSUR\HFWRVGHLQYHVWLJDFLyQ /D XQLGDG WDPELpQ IDFLOLWD \ DSR\D OD LQYHVWLJDFLyQ ELRPpGLFD RULHQWDGD D ORV SDFLHQWHV \ ODV QHFHVLGDGHV VDQLWDULDV ORTXHKR\VHFRQRFHFRPRLQYHVWLJDFLyQWUDVODFLRQDOWUDVODGDEOH D ORV SUREOHPDV GH ORV SDFLHQWHV 6X SODQ HVWUDWpJLFR LQFOX\H JUDQGHV iUHDV GH LQYHVWLJDFLyQ FDGD XQD FRPSXHVWD GH *UXSRV GH ,QYHVWLJDFLyQ XQD ÉUHD GH %LRORJtD 0ROHFXODU \ &HOXODU TXH LQFOX\H *UXSRV RWUD ÉUHD GH 1HXURFLHQFLDV FRPSXHVWD GH *UXSRV\XQDÉUHDGH,QYHVWLJDFLyQ0pGLFD$SOLFDGDTXHDEDUFD RWURV*UXSRV'HQWURGHFDGD*UXSRH[LVWHQXQSURPHGLRGH OtQHDVGHLQYHVWLJDFLyQVLHQGRODVOtQHDVSULRULWDULDVODVVLJXLHQWHV 3DWRORJtD 0ROHFXODU GH ODV (QIHUPHGDGHV 5DUDV (QIHUPHGDGHV 1HXURGHJHQHUDWLYDV ,QHVWDELOLGDG *HQyPLFD \ &iQFHU 5HVSXHVWD ,QIODPDWRULD HQ ODV (QIHUPHGDGHV 5HXPiWLFDV ,QIHFFLRQHV 1RVRFRPLDOHV\&RPXQLWDULDV\)LVLRSDWRORJtD\3UHYHQFLyQGHODV FRPSOLFDFLRQHVGHO7UDVSODQWH5HQDO .#78+&'.*7% 4'%+$'7007'8124'/+1 '0'.%10)4'510#%+10#. /D8QLGDGGH9LJLODQFLD,QWHQVLYDGHO+RVSLWDO8QLYHUVLWDULRGH&DQDULDV +8& UHFLELy HO SUHPLR Q~PHUR WUHFH UHFRQRFLPLHQWRV GHULYDGRV WDQWR GH VX DFWLYLGDG DVLVWHQFLDO FRPR LQYHVWLJDGRUD (VWH DxR HO SUHPLR IXH RWRUJDGR DO WUDEDMR 1HXPRQtD DVRFLDGD D YHQWLODFLyQ PHFiQLFD FRQ XQ WXER HQGRWUDTXHDO FRQEDOyQGHSROLXUHWDQR\XQDOX]GHDVSLUDFLyQGHVHFUHFLRQHVVXEJOyWLFDVHQHO &RQJUHVR1DFLRQDOGH0HGLFLQD,QWHQVLYDFHOHEUDGRHQ9DOHQFLD /DFRPXQLFDFLyQSUHPLDGDSHUWHQHFHDXQDGHODVOtQHDVGHLQYHVWLJDFLyQ YLQFXODGDDOHVWXGLRGHODLQIHFFLyQQRVRFRPLDOLQIHFFLyQKRVSLWDODULDTXHUHDOL]D HVWHVHUYLFLRFRQMXQWDPHQWHFRQHOVHUYLFLRGH0LFURELRORJtDGHVGHKDFHVHLVDxRV (QHVWHFDVRODFRQFOXVLyQGHOWUDEDMRUHDOL]DGRFRQILUPDTXHFRQODXWLOL]DFLyQ (VWHQXHYRWUDEDMRGHWHUPLQD TXHHOXVRGHXQQXHYRWXER HQGRWUDTXHDOKDVWDHOPRPHQWR QRXWLOL]DGRHQODV8QLGDGHVGH 9LJLODQFLD,QWHQVLYDSUHYLHQH ODDSDULFLyQGHODQHXPRQtDGH ORVSDFLHQWHVFRQYHQWLODFLyQ PHFiQLFD (VWHWUDEDMRKDVLGRSXEOLFDGR HQXQDUHYLVWDGHJUDQSUHVWLJLR LQWHUQDFLRQDO$PHULFDQ-RXUQDO 5HVSLUDWRU\&ULWLFDO&DUH0HGLFLQH QHXPRQtDDVRFLDGDDODYHQWLODFLyQPHFiQLFDIUHFXHQWHPHQWHUHTXHULGDSRUSDFLHQWHVLQJUHVDGRVHQODV8QLGDGHVGH9LJLODQFLD,QWHQVLYD 89, (OHVWXGLRUHDOL]DGRFRQXQDPXHVWUDGHSDFLHQWHVFRQILUPDTXHODXWLOL]DFLyQGHHVWHWXERHQGRWUDTXHDOFRQEDOyQGH SROLXUHWDQR\XQDOX]SDUDODDVSLUDFLyQGHVHFUHFLRQHVVXEJOyWLFDVLQWHUPLWHQWHUHGXFHODSUREDELOLGDGGHFRQWUDHUQHXPRQtDDVRFLDGDD ODYHQWLODFLyQPHFiQLFD(VWHWUDEDMRREWXYRHOVHJXQGRSUHPLRDODPHMRUFRPXQLFDFLyQRUDOHQHO;/,,,&RQJUHVR1DFLRQDOGHOD6RFLHGDG GH0HGLFLQD,QWHQVLYD '.5'48+%+1&' 1(6#./1.1) # &'.*7% 24'/+#&1 /RV'UHV(XODOLD&DSRWH .DULQWLD$UPDV\-RVp$XJXVWR $EUHXREWLHQHQHOSUHPLR GH&RPXQLFDFLRQHVHQ3DQHO GHODVSUHVHQWDGDVHQ HO&RQJUHVRGHOD6RFLHGDG (VSDxRODGH2IWDOPRORJtD FHOHEUDGRHQ6HYLOOD(QVX FRPXQLFDFLyQSURSRQHQXQD WpFQLFDTXLU~UJLFDSLRQHUDHQ (VSDxDSDUDHOWUDWDPLHQWRGH ODVREVWUXFFLRQHVFRQJpQLWDV GHODYtDODJULPDOTXHQRVH UHVXHOYHQFRQVRQGDMHV ' VWHDxRGHELGRDOHOHYDGRQ~PHURGHSUHVHQWDFLRQHVHQSyVWHUVRORIXHURQDFHSWDGDV GHQWURGHOSURJUDPDFLHQWtILFRGHOFRQJUHVRSUHYLDYDORUDFLyQSRUXQ&RPLWpGH6HOHFFLyQ/RV PLVPRV IXHURQ GLVFXWLGRV S~EOLFDPHQWH H[LVWLHQGR XQ -XUDGR DO HIHFWR SDUD HOHJLU ORV WUHV SULPHURVSRUVXVDSRUWDFLRQHVFLHQWtILFDV (OWUDEDMRSUHVHQWDGRSRUORVPLHPEURVGHO6HUYLFLRGHRIWDOPRORJtDGHO+8&REWXYR HO VHJXQGR SUHPLR FRQ HO WUDEDMR WLWXODGR ´6WHQW ODJULPDO HQ OD HGDG SHGLiWULFD FRPR RSFLyQ WHUDSpXWLFD FXDQGR IUDFDVD HO VRQGDMHµ (O PLVPR KDEtD VLGR SUHVHQWDGR SUHYLDPHQWH HQ HO ;;;9,&RQJUHVRGHOD6RFLHGDG&DQDULDGH2IWDOPRORJtDFHOHEUDGRHOSDVDGRPHVGHMXQLRHQ /DQ]DURWH/RVDXWRUHVFRQFOX\HQHQVXWUDEDMRTXH´HOLPSODQWHGHXQVWHQWQDVRODJULPDOSRU YtDHQGRQDVDOHQODHGDGSHGLiWULFDHVXQWUDWDPLHQWRVHJXURHILFD]\VHQFLOORGHUHDOL]DUQR HVWDQGRDVRFLDGDVODVFRPSOLFDFLRQHVSHU\SRVWRSHUDWRULDVGHRWUDVLQWHUYHQFLRQHVTXLU~UJLFDV FRPRODGDFULFLVWRUULQRVWRPtD\GHODLQWXEDFLyQELFDQDOLFXODU&RQVLGHUDPRVHVWDWpFQLFDXQD EXHQD DOWHUQDWLYD SDUD HO WUDWDPLHQWR GH OD GDFULRFLVWLWLV QHRQDWRUXP HQ QLxRV QR UHVXHOWDV D SHVDU GH OD UHDOL]DFLyQ GH GLIHUHQWHV VRQGDMHVµ 6HJ~Q UHILHUHQ ORV DXWRUHV GHO WUDEDMR JDODUGRQDGRHVWDRSFLyQWHUDSpXWLFDSDUDFDVRVFRPSOLFDGRVGHREVWUXFFLyQFRQJpQLWDGHODYtD ODJULPDOVHSURSRQHSRUSULPHUDYH]HQQXHVWURSDtV\YDDD\XGDUDXQJUXSRLPSRUWDQWHGH SDFLHQWHVFRPRIXHFRPHQWDGRSRUORVUHVSRQVDEOHVGHRWRUJDUHOSUHPLR