7,78/2&2081,&$&,Ï1 ³/DXWLOL]DFLyQGHOD(QWUHYLVWDODERUDOFRPRKHUUDPLHQWDGHHYDOXDFLyQGHFRPSHWHQFLDV´ $8725$6 $VHQVLR&DVWDxHGD(YD8QLYHUVLGDG(XURSHDGH0DGULGHYDPDULDDVHQVLR#XHPHV %ODQFR)HUQiQGH]$VFHQVLyQ8QLYHUVLGDG(XURSHDGH0DGULGDVFHQVLyQEODQFR#XHPHV 3$/$%5$6&/$9(³(QWUHYLVWDODERUDO´³(YDOXDFLyQ´\³&RPSHWHQFLDV´ 5(680(1 /D HQWUHYLVWD ODERUDO R GH VHOHFFLyQ HV XQD GH ODV KHUUDPLHQWDV XWLOL]DGDV SDUD OD HYDOXDFLyQ FRPSHWHQFLDOGHORVDOXPQRVGHODDVLJQDWXUDGH/LEUH(OHFFLyQ³(VWUDWHJLDVSDUDOD,QFRUSRUDFLyQDO 0XQGR 3URIHVLRQDO´ (VWD DVLJQDWXUD HVWi GHVWLQDGD D DOXPQRV GH ~OWLPRV FXUVRV FRQ HO GH ORV FUpGLWRVOHFWLYRVVXSHUDGRV\WLHQHFRPRIXQGDPHQWRHOGHVDUUROORGHFRPSHWHQFLDVODRULHQWDFLyQGHO DOXPQRDVXSURIHVLyQ\IDFLOLWDUVXLQFRUSRUDFLyQDOPHUFDGRODERUDO (O REMHWLYR GH OD HQWUHYLVWD SURIHVLRQDO REMHWR GH HVWH WUDEDMR HV FRQVHJXLU ODV KDELOLGDGHV \ GHVDUUROODU ODV FRPSHWHQFLDV QHFHVDULDV SDUD RSWLPL]DU HO DFFHVR DO PXQGR ODERUDO GHO DOXPQR \ VX VXSHUDFLyQ HQ SURFHVRV GH VHOHFFLyQ HQ ORV TXH OD HQWUHYLVWD SHUVRQDO VXHOH FRQVWLWXLU OD SUXHED GHILQLWLYDXQDGHODVPiVYDORUDGDVHLPSRUWDQWHVHQWRGRSURFHVR3RUHOORHVGHYLWDOUHOHYDQFLDTXH HOFDQGLGDWRSUHYLDPHQWHVHKD\DHQWUHQDGRHQHVWDSUXHED\TXHSRVHDRKD\DGHVDUUROODGRXQDVHULH GHFRPSHWHQFLDVWUDQVYHUVDOHVIXQGDPHQWDOHVWDOHVFRPRODVKDELOLGDGHVFRPXQLFDWLYDV\VRFLDOHV3RU SDUHMDVORVDOXPQRVGHEHQSUHSDUDU\VLPXODUDQWHHOUHVWRGHVXVFRPSDxHURVXQDHQWUHYLVWDSHUVRQDO HQ OD TXH XQR DGRSWD HO URO GH HQWUHYLVWDGRU \ RWUR HO GH HQWUHYLVWDGR \ HODERUDU XQ JXLyQ FRQ ODV SUHJXQWDVTXHYDDUHDOL]DU3UHYLDPHQWHHOSURIHVRUOHVKDIDFLOLWDGRGRFXPHQWDFLyQDOUHVSHFWR /DHYDOXDFLyQGHODHQWUHYLVWDODERUDOVXSRQHHOGHODFDOLILFDFLyQILQDOGHODDVLJQDWXUD(VXQD SUiFWLFDLQWHUHVDQWH\ELHQYDORUDGDSRUORVDOXPQRVTXHODFRQVLGHUDQXQHQWUHQDPLHQWR~WLO\HILFD] '(6$552//2 ,1752'8&&,Ï1 /DHQWUHYLVWDODERUDORGHVHOHFFLyQHVODKHUUDPLHQWDSRUH[FHOHQFLDHQODVHOHFFLyQGHSHUVRQDO(V XQRGHORVDVSHFWRVPiVGHWHUPLQDQWHVHLQIOX\HQWHVHQODGHFLVLyQILQDOGHDFHSWDFLyQGHXQFDQGLGDWR TXH RSWD D XQD SUiFWLFD SURIHVLRQDO R D XQ SXHVWR GH WUDEDMR (Q HVWH GLiORJR TXH VH HVWDEOHFH \ PDQWLHQHHQWUHHOHQWUHYLVWDGRU\HOHQWUHYLVWDGRVRQGHFLVLYDVQRVyORODVSUHJXQWDVIRUPXODGDVSRUHO HQWUHYLVWDGRU VLQR WDPELpQ ODV KDELOLGDGHV FRPXQLFDWLYDV GH DPERV VXV SRVWXUDV JHVWRV GLVFXUVR XWLOL]DGRDVtFRPRODUHODFLyQLQWHUSHUVRQDO\HOFOLPDTXHVHHVWDEOHFHHQWUHDPERV (VPX\LPSRUWDQWHHOPRGRHQTXHVHYDQDSODQWHDU\IRUPXODUODVSUHJXQWDV\FXiOHVVHUiQ$VtHO p[LWR GH XQD HQWUHYLVWD GHSHQGH QR VyOR GH FyPR VH SUHJXQWD OR TXH VH SUHJXQWD \ GH OR TXH VH FRQWHVWD GHO FRQWHQLGR GHO GLVFXUVR VLQR WDPELpQ GH XQD VHULH GH GHVWUH]DV DVRFLDGDV D OD FRPSHWHQFLD GH ODV KDELOLGDGHV FRPXQLFDWLYDV FRPR VRQ OD FDSDFLGDG GH HVFXFKD HO IHHGEDFN OD HPSDWtDODDVHUWLYLGDG\ODLQWHOLJHQFLDHPRFLRQDOHOp[LWRGHODHQWUHYLVWDGHSHQGHHQRUPHPHQWHGH OD KDELOLGDG DGTXLULGD SRU DPERV LQWHUORFXWRUHV SDUD TXH HO SURFHVR GH FRPXQLFDFLyQ LQWHUSHUVRQDO GXUDQWHODHQWUHYLVWDVHDGHOWRGRHILFD]3RUHVWDUD]yQORVHVSHFLDOLVWDVHQ5HFXUVRV+XPDQRVKDFHQ HVSHFLDOKLQFDSLpHQORVSURFHVRVGHVHOHFFLyQHQDTXHOODVFRPSHWHQFLDVRKDELOLGDGHVFRPRORHVOD FDSDFLGDGGHFRPXQLFDUVHFRQHILFDFLDTXHVRQQHFHVDULDVSDUDHOGHVHPSHxRySWLPRGHXQSHUILOR SXHVWRGHWUDEDMR'HHVWHPRGRODIRUPDFLyQWUDGLFLRQDOFRPSXHVWDSRUORVFRQRFLPLHQWRVWHyULFRV SUiFWLFRV \ WpFQLFRV VH FRPSOHPHQWD \ HQULTXHFH FRQ ODV FRPSHWHQFLDV DFDGpPLFDV \ SURIHVLRQDOHV DGTXLULGDV H LQFRUSRUDGDV HQ OD XQLYHUVLGDG EDMR ODV GLUHFWULFHV GHO (VSDFLR (XURSHR GH (GXFDFLyQ 6XSHULRUGHIRUPDTXHODVHPSUHVDVWLHQHQDOFDQGLGDWRLGHDOTXHLQWHJUDHQVXLWLQHUDULRFXUULFXODU WRGR HO DPSOLR DEDQLFR iPELWRVIRUPDWLYRV (O REMHWLYR GH WRGRHOORHV TXHORV DOXPQRV SUy[LPRV D ILQDOL]DU VX FDUUHUD R UHFLHQWHPHQWH WLWXODGRV YLYDQ XQD UHDOLGDG PX\ FHUFDQD D OD TXH OHV GHSDUD HO PHUFDGRODERUDO\HVWpQFDSDFLWDGRVSDUDGHVHQYROYHUVHHQpOFRQp[LWR'HHVWDPDQHUDODIRUPDFLyQ XQLYHUVLWDULD DGTXLULGD WLHQH XQD FODUD FRUUHVSRQGHQFLD HQ HO PXQGR ODERUDO 7DQWR HV DVt TXH ORV DOXPQRV GHVGH ORV SULPHURV FXUVRV HVWXGLDQ DVLJQDWXUDV FX\R REMHWLYR HV HO GHVDUUROOR GH FRPSHWHQFLDV WUDQVYHUVDOHV WDOHV FRPR OD JHVWLyQ GHO WLHPSR R ODV KDELOLGDGHV FRPXQLFDWLYDV H LQFRUSRUDQ D VX FXUULFXOXP YLWDH XQ DSDUWDGR HVSHFtILFR VREUH IRUPDFLyQ HQ FRPSHWHQFLDV /DV FRPSHWHQFLDV SURIHVLRQDOHV PiV YDORUDGDV HQ OD DFWXDOLGDG SRU ODV HPSUHVDV \ HYDOXDGDV HQ ODV HQWUHYLVWDV GH VHOHFFLyQ FRPR HO DVXQWR TXH DQDOL]DPRV VRQ OD FDSDFLGDG GH UHVROXFLyQ GH SUREOHPDV FDSDFLGDG GH WUDEDMR HQ HTXLSR ODV KDELOLGDGHV FRPXQLFDWLYDV \ ODV UHODFLRQHV LQWHUSHUVRQDOHV )XHQWH ,QIRHPSOHR (VWDV GRV ~OWLPDV FRPSHWHQFLDV VRQ ODV TXH HQWUHQDQ \ GHVDUUROODQ ORV DOXPQRV \ HYDOXDGDV SRU HO SURIHVRU HQ OD SUiFWLFD GH OD HQWUHYLVWD ODERUDO TXH UHDOL]DQORVDOXPQRVPDWULFXODGRVGHODDVLJQDWXUDGHOLEUH(OHFFLyQ³(VWUDWHJLDVSDUDOD,QFRUSRUDFLyQ DO0XQGRSURIHVLRQDO´HQOD8QLYHUVLGDG(XURSHDGH0DGULG\REMHWRGHODSUHVHQWHFRPXQLFDFLyQ 'XUDQWH OD HQWUHYLVWD VH DFWLYD QR VyOR OD FRPXQLFDFLyQ R HO OHQJXDMH YHUEDO VLQR WDPELpQ OD QR YHUEDO\HQHVWD~OWLPDLQWHUYLHQHXQULFR\YDULDGRUHSHUWRULRGHRWURVOHQJXDMHVWDOHVFRPRHOYLVXDO JHVWXDO SRVWXUDO LPDJHQ R DVSHFWR ItVLFR &RPR GLFH (NPDQ HO FRPSRUWDPLHQWR QR YHUEDO SXHGH UHSHWLU FRQWUDGHFLU VXVWLWXLU FRPSOHPHQWDU DFHQWXDU R UHJXODU HO FRPSRUWDPLHQWR YHUEDO´ (VWD GHVHPSHxDXQDLPSRUWDQWHIXQFLyQHQHOSURFHVRGHFRPXQLFDFLyQ\HQODVUHODFLRQHVGHOHQWUHYLVWDGRU FRQHOHQWUHYLVWDGR3RUVXSXHVWRDPEDVFRQGXFWDVODYHUEDO\QRYHUEDOVHDSR\DQ\FRPSOHPHQWDQ (O SURFHVR GH FRPXQLFDFLyQ GHMD GH VHU HILFD] FXDQGR VH SURGXFHQ GLVWRUVLRQHV \ QRV FRUUHVSRQGHQFLDV HQWUH DPEDV R WDPELpQ FXDQGR XQR GH ORV LQWHUORFXWRUHV HVWDEOHFH EDUUHUDV SVLFROyJLFDV (Q HVWH SXQWR OD FRPXQLFDFLyQ SVLFROyJLFD OD LQWHOLJHQFLD HPRFLRQDO MXHJD XQ SDSHO GHFLVLYR 'HQWURGHORVGLIHUHQWHVWLSRVGHHQWUHYLVWDVQRVKHPRVFHQWUDGRHQODGHVHOHFFLyQFX\DILQDOLGDGHV OD GH HOHJLU DO FDQGLGDWR PiV DGHFXDGR DO SHUILO SURIHVLRQDO RIHUWDGR SRU OD HPSUHVD SRU GLYHUVRV PRWLYRV SRU SULPHUD YH] SDUD IRUPDU SDUWH GHO SHUVRQDO GH OD HPSUHVD \ FRQVHJXLU XQ SXHVWR R WDPELpQ SDUD DVFHQGHU SURPRFLyQ LQWHUQD R FDPELDU GH SXHVWR GH WUDEDMR R GH FDUJR 'XUDQWH HVWD HQWUHYLVWDLQLFLDOPHQWHVHUHFDEDLQIRUPDFLyQDWUDYpVGHODHVFXFKDIXQGDPHQWDOPHQWHLQWHJUDOGH OD SHUVRQD FDUDFWHUtVWLFDV QR VyOR IRUPDWLYDV R WpFQLFDV VLQR WDPELpQ SHUVRQDOHV DFHUFD GH VX SHUVRQDOLGDG LQWHUHVHV QHFHVLGDGHV \ FDUDFWHUtVWLFDV +DFLHQGR XQ UHFRUULGR SRU OD WUD\HFWRULD SURIHVLRQDO\SHUVRQDOGHOFDQGLGDWRVHDQDOL]DQDVSHFWRVWDQYDULDGRVFRPRODIRUPDFLyQDFDGpPLFD\ FRQRFLPLHQWRVWpFQLFRVGHOFDQGLGDWRDVtFRPRKDELOLGDGHV\DFWLWXGHVHVSHFtILFDVUHODFLRQDGDVFRQHO SXHVWRGHWUDEDMRRIHUWDGR(OHQWUHYLVWDGRUWUDWDUiGHFRQRFHUWDPELpQODVFRPSHWHQFLDVFRQGXFWXDOHV GHOFDQGLGDWRSDUDHVHSXHVWRGHWUDEDMRVXVLQTXLHWXGHVREMHWLYRV\PRWLYDFLyQ(QHVWHSURFHVRGH VHOHFFLyQHOHQWUHYLVWDGRUVHGHFDQWDUiHQIXQFLyQGHOFXUULFXOXPYLWDH\GHODDFWLWXG\DSWLWXGGHO HQWUHYLVWDGR SRU XQ FDQGLGDWR X RWUR 3RU WRGR HOOR HV PX\ LPSRUWDQWH FUHDU XQ FOLPD ySWLPR GH GLiORJRFRQHOILQGHTXHH[LVWDXQSURFHVRGHFRPXQLFDFLyQLQWHUSHUVRQDOGHFRQILDQ]D\HILFD] 3DUDHOHQWUHYLVWDGRHVIXQGDPHQWDOKDFHUXQEXHQXVRGHODFRPXQLFDFLyQRUDO\QRYHUEDO\DTXHOD RSLQLyQTXHVHIRUPHHOHQWUHYLVWDGRUGHpOGHSHQGHHQJUDQPHGLGDGHpVWD 2%-(7,926 (O REMHWLYR GHO SUHVHQWH WUDEDMR HV HYLGHQFLDU ORV EHQHILFLRV \ ODV YHQWDMDV REWHQLGDV FRQ OD SUHSDUDFLyQ VLPXODFLyQ \ HYDOXDFLyQ GH OD HQWUHYLVWD ODERUDO R GH VHOHFFLyQ XQD GH XQD GH ODV SUiFWLFDVTXHUHDOL]DQORVDOXPQRVPDWULFXODGRVHQOD$VLJQDWXUDGH³(VWUDWHJLDVSDUDODLQFRUSRUDFLyQ DO 0XQGR 3URIHVLRQDO´ $ WUDYpV GH OD HQWUHYLVWD HO DOXPQR VH DFHUFD D OD UHDOLGDG TXH OH HVSHUD HQ EUHYH HV GHFLU DO HQIUHQWDPLHQWR \ VXSHUDFLyQ FRQ p[LWR GH XQD HQWUHYLVWD ODERUDO UHDO HQ FXDOTXLHU HPSUHVD$GHPiVDWUDYpVGHODHQWUHYLVWDHODOXPQRHQWUHQD\GHVDUUROODXQDVHULHGHFRPSHWHQFLDV WUDQVYHUVDOHV PX\ LPSRUWDQWHV WDOHV FRPR ODV KDELOLGDGHV FRPXQLFDWLYDV WDQWR OD RUDO FRPR OD QR YHUEDOVXFDSDFLGDGGHFRPXQLFDFLyQLQWHUSHUVRQDOHLQLFLDWLYDDXWRFRQWURO\PRWLYDFLyQSHUVRQDOHV FODYHVSDUDHOp[LWRHQFXDOTXLHUSURIHVLyQ /DILQDOLGDGGHODDVLJQDWXUDGH³(VWUDWHJLDVSDUDOD,QFRUSRUDFLyQDO0XQGRSURIHVLRQDO´HVD\XGDUD FXDOTXLHU DOXPQR VLQ H[SHULHQFLD ODERUDO SUHYLD \ PDWULFXODGR HQ HO VHJXQGR FLFOR GH FXDOTXLHU WLWXODFLyQ RIHUWDGDHQ OD8QLYHUVLGDG (XURSHD GH0DGULG TXH WHQJD ODPLWDG GHORVFUpGLWRV OHFWLYRV VXSHUDGRVTXHHVWpEXVFDQGRXQDSUiFWLFDSURIHVLRQDORELHQVXSULPHUHPSOHR\TXHGHVHHDGTXLULU ODVKHUUDPLHQWDVQHFHVDULDVSDUDSRGHURSWDUDOPHUFDGRODERUDOHQODVPHMRUHVFRQGLFLRQHVSRVLEOHV DGHPiVGHFRQRFHUFRQPD\RUSURIXQGLGDGODVSHFXOLDULGDGHVGHGLFKRPHUFDGRVXVSRVLELOLGDGHV\ VDOLGDV SURIHVLRQDOHV \ WDPELpQ GHVDUUROODU FRPSHWHQFLDV SURIHVLRQDOHV DVRFLDGDV D VX SHUILO DFDGpPLFR&RQFUHWDPHQWH /RV2EMHWLYRVIRUPDWLYRVHVSHFtILFRVGHODDVLJQDWXUDVRQ $\XGDUDODOXPQRDGHILQLUVXSUR\HFWRSURIHVLRQDO 3URSRUFLRQDU ORV FRQRFLPLHQWRV IXQGDPHQWDOHV VREUH ORV GLYHUVRV SURFHGLPLHQWRV TXH H[LVWHQSDUDEXVFDUHPSOHRGHPDQHUDHIHFWLYDDVtFRPRODVIXHQWHVGHLQIRUPDFLyQODERUDO PiVUHOHYDQWH &RQVHJXLU KDELOLGDGHV \ GHVWUH]DV QHFHVDULDV SDUD RSWLPL]DU HO DFFHVR DO PXQGR ODERUDO PHGLDQWHHOHQWUHQDPLHQWRHQWpFQLFDVGHE~VTXHGDGHHPSOHR '(6&5,3&,Ï1'(/75$%$-2 /DSUiFWLFDGHODHQWUHYLVWDODERUDOHVWiFRQFHELGDFRPRXQDSDUWHLPSRUWDQWHGHODHYDOXDFLyQGHORV DOXPQRVGHVHJXQGRFLFORGHOD8QLYHUVLGDG(XURSHDGH0DGULGTXHVHPDWULFXODQHQODDVLJQDWXUDGH /LEUH (OHFFLyQ GHQRPLQDGD ³(VWUDWHJLDV SDUD OD LQFRUSRUDFLyQ DO 0XQGR 3URIHVLRQDO´ 'LFKD DVLJQDWXUDVHRIHUWDWDQWRHQHOSULPHUFRPRHQHOVHJXQGRVHPHVWUHGHFDGDFXUVRDFDGpPLFR\WLHQHQ DFFHVR D HOOD WRGRV ORV DOXPQRV PDWULFXODGRV HQ OD XQLYHUVLGDG TXH KD\DQ VXSHUDGR HO GH ORV FUpGLWRV OHFWLYRV GH VX WLWXODFLyQ 7DO \ FRPR VH HVSHFLILFD HQ HO SURJUDPD GH OD DVLJQDWXUD TXH VH IDFLOLWDDORVDOXPQRV /DV&RPSHWHQFLDV*HQpULFDVTXHGHVDUUROODQFRQODDVLJQDWXUDVRQ &RPXQLFDFLyQ 7UDEDMRHQ(TXLSR %~VTXHGDGH,QIRUPDFLyQ /DV&RPSHWHQFLDVHVSHFtILFDVTXHGHVDUUROODQ 5HVSRQVDELOLGDG $XWRQRPtD 7RPDGHGHFLVLRQHV ,QLFLDWLYD /DV&RPSHWHQFLDVHVSHFtILFDVDVRFLDGDVTXHVHGHVDUUROODQFRQODSUiFWLFDGHODHQWUHYLVWDODERUDO +DELOLGDGHV FRPXQLFDWLYDV FRPXQLFDFLyQ RUDO QR YHUEDO \ OD FRPXQLFDFLyQ LQWHUSHUVRQDO HILFD] (QORTXHUHVSHFWDDOD0HWRGRORJtDHPSOHDGDHQODDVLJQDWXUD 'XUDQWHHOFXVRXWLOL]DPRVGLIHUHQWHVDFWLYLGDGHVIRUPDWLYDVEDViQGRQRVHQODTXHPHMRUVHDGHFXDD ODLPSDUWLFLyQGHOWHPDULRFRUUHVSRQGLHQWH OHFFLyQPDJLVWUDO 7UDEDMRFRRSHUDWLYR DSUHQGL]DMHGLDOyJLFR 'LQiPLFDVGHJUXSR\5ROH3OD\ 'HEDWHVVREUHWHPDVUHODFLRQDGRVFRQODLQVHUFLyQODERUDO\ODDFWXDOVLWXDFLyQGHOPHUFDGR GHWUDEDMR 7UDEDMRVLQGLYLGXDOHV &RHYDOXDFLyQGHODOXPQRSRUSDUWHGHVXVFRPSDxHURVFRQFUHWDPHQWHHQODHQWUHYLVWD\HQ ODH[SRVLFLyQRUDOGHVXFXUULFXOXPYLWDH (YDOXDFLyQGHODDVLJQDWXUD /DFRQYRFDWRULDRUGLQDULDFRQVLVWHHQXQDHYDOXDFLyQFRQWLQXDGHOWUDEDMRUHDOL]DGRSRUHODOXPQRD OR ODUJR GH OD DVLJQDWXUD VH YDORUD GH IRUPD HVSHFLDO OD SDUWLFLSDFLyQ HQ FODVH OD DVLVWHQFLD D ODV VHVLRQHV SUHVHQFLDOHV \ D ODV FKDUODV X FRQIHUHQFLDV TXH VH SURSRQGUiQ D OR ODUJR GHO FXUVR SDUWLFLSDFLyQHQODVSUiFWLFDV\WDUHDVSURSXHVWDVFDOLGDGGHOWUDEDMRSHUVRQDO\HQJUXSR (VSHFtILFDPHQWHSDUDODHYDOXDFLyQGHODOXPQRHVREOLJDWRULR • 6XDVLVWHQFLDDXQGHODVFODVHVSDUWLFLSDFLyQ\FRODERUDFLyQHQHODXODORFXDO VXSRQHXQGHVXFDOLILFDFLyQILQDO • /DHQWUHJDGHODFDUSHWDGHDSUHQGL]DMHLQGLYLGXDOTXHFRQWHQJDWRGDVODVSUiFWLFDV\ WUDEDMRV UHDOL]DGRV HQ FDGD FODVH \ H[SXHVWRV HQ HO FDPSXV YLUWXDO WRGRV HOORV LQFOX\HQGRXQDODUHIOH[LyQSHUVRQDOGHODFDOLILFDFLyQILQDO • (ODERUDFLyQ\H[SRVLFLyQRUDOGHVXFXUULFXOXPYLWDHGHODFDOLILFDFLyQILQDO • /DUHDOL]DFLyQ\H[SRVLFLyQRUDOGHODVLPXODFLyQGHXQDHQWUHYLVWDGHVHOHFFLyQOR FXDOFRQVWLWX\HXQGHODFDOLILFDFLyQILQDO • $VLVWHQFLDREOLJDWRULDHQFRQIHUHQFLDVVLODVKXELHUD (QORTXHUHVSHFWDDORVFRQWHQLGRV\PDWHULDOWHyULFRTXHVHSRQHDGLVSRVLFLyQGHORVDOXPQRVSDUD ODSODQLILFDFLyQSUHSDUDFLyQUHDOL]DFLyQ\HYDOXDFLyQGHODHQWUHYLVWDODERUDOSRUSDUHMDV /RVDOXPQRVVRQLQIRUPDGRVHQFODVH\DWUDYpVGHOFDPSXVYLUWXDOGHORTXHFRQVWLWX\HODSUiFWLFD\ HYDOXDFLyQ GH ODHQWUHYLVWD ODERUDODVtFRPR GH OD SODQLILFDFLyQ FRQFUHWD\ WLHPSRV GH UHDOL]DFLyQ\ HYDOXDFLyQGHODPLVPDDWUDYpVGHHVWHGRFXPHQWRRSODQGHWUDEDMRHOFXDOVHOHVFRPXQLFDFRQXQ SDUGHVHPDQDVGHDQWHODFLyQDODFHOHEUDFLyQGHODVHQWUHYLVWDV5HVHUYDPRVGRVRWUHVGtDVGHFODVH SDUDODUHDOL]DFLyQGHpVWDV 7(0$±/$(175(9,67$'(6(/(&&,Ï1 3/$1'(75$%$-2'Ë$'(0$<2 (MHUFLFLR³3XQWRVGpELOHV´5HFRQYHUVLyQHQSRVLWLYRV (QWUHJDGHGRFXPHQWDFLyQ\PDWHULDODORVDOXPQRVVREUH³/DHQWUHYLVWDODERUDOORTXH TXLHUHQRLU´SDUDVXSUHSDUDFLyQ\³5HFRPHQGDFLRQHVSDUDVXSHUDUFRQp[LWRXQDHQWUHYLVWD´ )RUPDFLyQ \ DVLJQDFLyQ GH SDUHMDV SDUD WUDEDMDU GXUDQWH OD VHPDQD HO UROHSOD\ GH HQWUHYLVWD (QWUHJD GH GRFXPHQWDFLyQ ³3UHJXQWDV PiV IUHFXHQWHV´ \ ³3UHJXQWDV HQ OD HQWUHYLVWD GH LQFLGHQWHVFUtWLFRV´ • /DV SDUHMDV HQVD\DUiQ GXUDQWH OD VHPDQD XQD HQWUHYLVWD ODERUDO GXUDFLyQ DSUR[LPDGD PLQXWRVTXHVHUHSUHVHQWDUiHQODSUy[LPDFODVH 5HDOL]DFLyQ\H[SRVLFLyQS~EOLFDSRUSDUHMDVGHODSUiFWLFD³&yPRVXSHUDUXQDHQWUHYLVWD GHVHOHFFLyQGHSHUVRQDO´ $VSHFWRVDWHQHUHQFXHQWD\TXHFRQVWLWX\HQODHYDOXDFLyQGHODHQWUHYLVWD • 5HSDUWRGHUROHVHQWUHYLVWDGRU\HQWUHYLVWDGR • (O&9GHOHQWUHYLVWDGR • (O JXLyQ \ FRQWHQLGR GH OD HQWUHYLVWD VHOHFFLyQ GH SUHJXQWDV TXH VH YDQ D KDFHU DO FDQGLGDWRHQIXQFLyQGHORTXHTXHUHPRVFRQRFHURDYHULJXDUGHOHQWUHYLVWDGR • /DVIDVHVGHODHQWUHYLVWDDFRJLGDGHVDUUROORFLHUUH\GHVSHGLGD • 5HVSXHVWDVGHOHQWUHYLVWDGRFRQWHQLGR • 'HVDUUROORFRPSHWHQFLDO +DELOLGDGHV&RPXQLFDWLYDVGHOHQWUHYLVWDGRU\HQWUHYLVWDGR DFRPXQLFDFLyQRUDO E&RPXQLFDFLyQQRYHUEDO F&RPXQLFDFLyQLQWHUSHUVRQDOHILFD] 3/$1'(75$%$-2'Ë$6\'(0$<2'( 5ROHSOD\ ³/D HQWUHYLVWD GH VHOHFFLyQ´ 6H HVFHQLILFDUiQ ODV VLPXODFLRQHV HQVD\DGDV GXUDQWHODVHPDQDSRUODVSDUHMDV(ORUGHQVHUiDOHDWRULR'XUDQWHODUHSUHVHQWDFLyQHOUHVWR GHODFODVHYDORUDUiXQDVHULHGHDVSHFWRVUHODFLRQDGRVFRQODVKDELOLGDGHVGHFRPXQLFDFLyQ RUDO\QRYHUEDO\ORVFRQWHQLGRVGHOGLVFXUVRTXHVHUYLUiQSDUDODHYDOXDFLyQGHORVDOXPQRV &RHYDOXDFLyQ (9$/8$&,Ï1 /DUHDOL]DFLyQGHHVWDSUiFWLFDVXSRQGUiHOGHODFDOLILFDFLyQILQDOGHODDVLJQDWXUD3DUD ODHYDOXDFLyQGHODHQWUHYLVWDODERUDORGHVHOHFFLyQVHWLHQHHQFXHQWDXQDVHULHGHPDWHULDOHV GLGiFWLFRV TXH VH HQWUHJDQ D ORV DOXPQRV SDUD OD SUHSDUDFLyQ GH HVWD DFWLYLGDG \ TXH EiVLFDPHQWH FRQVWLWX\HQ ORV GLVFXUVRV R FRQWHQLGRV GHO DOXPQR TXH KDFH HO URO GH HQWUHYLVWDGRU\GHODOXPQRTXHKDFHHOGHOHQWUHYLVWDGR\DVXVKDELOLGDGHVFRPXQLFDWLYDV\ VRFLDOHVTXHVRQHYDOXDGDVWDQWRSRUHOSURIHVRUFRPRSRUVXVFRPSDxHURVFRHYDOXDFLyQDO ILQDOL]DUODDFWLYLGDG /RVPDWHULDOHVGLGiFWLFRVDORVTXHDOXGHHOSODQGHWUDEDMRGHODSUiFWLFDGHODHQWUHYLVWDODERUDO\ TXH D\XGDQ DO DOXPQR D SUHSDUDU \ VXSHUDU GLFKD SUiFWLFD FRQ p[LWR \ GH ORV FXDOHV DGHPiV QRV VHUYLPRV SDUDHYDOXDUOD SDUWH FRQFHUQLHQWHDO GLVFXUVR RFRQWHQLGRXWLOL]DGR HO GtDGH ODH[SRVLFLyQ SRUORVDOXPQRVVRQORVVLJXLHQWHV $ (MHUFLFLR³3XQWRVGpELOHV´ % ³/DHQWUHYLVWDODERUDOORTXHTXLHUHQRLU´ & ³3UHJXQWDVPiVIUHFXHQWHV´ ' ³3UHJXQWDVHQODHQWUHYLVWDGHLQFLGHQWHVFUtWLFRV´RHQWUHYLVWDSRUFRPSHWHQFLDV ( ³5HFRPHQGDFLRQHVSDUDVXSHUDUFRQp[LWRODHQWUHYLVWD´ &UX]$\$EDQDGHV0$SXQWHV $ (MHUFLFLR³3XQWRVGpELOHV´ (VWH HMHUFLFLR IRUPD SDUWH GH OD FDUSHWD GH DSUHQGL]DMH GHO DOXPQR \ HV GH JUDQ XWLOLGDG SDUD pO HQ YDULRVDVSHFWRVOHVLUYHSDUDDXPHQWDUVXDXWRFRQRFLPLHQWR\SRWHQFLDUVXDXWRFRQWURO\DXWRHVWLPDHQ XQ PRPHQWR WDQ GHOLFDGR GH OD HQWUHYLVWD TXH HV FXDQGR HO HQWUHYLVWDGRU SUHJXQWD SRU DVSHFWRV QHJDWLYRVRGpELOHVUHODFLRQDGRVFRQODVFRPSHWHQFLDVDFWLWXG\SHUVRQDOLGDGGHOHQWUHYLVWDGR (-(5&,&,2/26381726'e%,/(6 8QDSUHJXQWDTXHVLHPSUHRFDVLVLHPSUHWHKDUiQHQXQDHQWUHYLVWDGHWUDEDMRHV¢&XiOHVVRQVXV SXQWRVGpELOHV" (VHVHQFLDOWHQHUKDELOLGDGHQFRQWHVWDUDHVWHWLSRGHSUHJXQWDVGXUDQWHODVHQWUHYLVWDVSXHVWRTXHVH WUDWDGHXQDVHULHGHIDFWRUHVGHWHUPLQDQWHVDODKRUDGHFRQVHJXLUHOHPSOHR $QWH HVWD SUHJXQWD GHEHV UHIOH[LRQDU XQRV LQVWDQWHV QR LPSRUWD TXH KDJDV XQ VLOHQFLR DOJR SURORQJDGR/XHJRH[SUpVDWHGHIRUPDVLQFHUD\EUHYH\DOWHUPLQDUWXH[SRVLFLyQPXpVWUDWHGLVSXHVWR DSURVHJXLUFRQODHQWUHYLVWD (V LPSRUWDQWH SUHSDUDU HVWH WLSR GH SUHJXQWDV DQWHV GH OD HQWUHYLVWD \D TXH QR KD\ TXH XWLOL]DU DILUPDFLRQHVQHJDWLYDVVLQRUHFRQVWUXLUODVHQSRVLWLYRSRUHMHPSOR $VSHFWRQHJDWLYR6R\XQDSHUVRQDPX\WHVWDUXGD 0RVWUDGRFRPRSRVLWLYR/RTXHLQLFLRWUDWRGHFRQVHJXLUORDWRGDFRVWD\PHJXVWDDFDEDU WRGRORTXHHPSLH]R (-(5&,&,25HIRUPXODGHWXVSXQWRVGpELOHVGHIRUPDSRVLWLYD 38172'e%,/ )2508/$&,Ï1326,7,9$ 6L TXLHUHV FRQWHVWDU FRQ p[LWR D ODV SUHJXQWDV VREUH VXV SXQWRV GpELOHV GHEHV WHQHU HQ FXHQWD OR VLJXLHQWH 1R H[LVWH QLQJXQD OH\ TXH OH REOLJXH D GHFLU WRGR VREUH WL D FRQWDU WXV VHFUHWRV tQWLPRV R SXQWRVGpELOHV 1R PHQFLRQHV MDPiV GHILFLHQFLDV HQ FXDQWR D KiELWRV ODERUDOHV HVWLOR SHUVRQDOLGDG HPRFLRQHVKLVWRULDVRIDOWDGHFRQRFLPLHQWRVLPSRUWDQWHVSDUDHVWHHPSOHR 1RGXGHVHQKDEODUPiVELHQGHODVIDOWDVQRUPDOHV\REYLDVTXHFXDOTXLHUSHUVRQDWHQGUtDDO HPSH]DU HQ XQ QXHYR HPSOHR WDOHV FRPR WHQHU TXH IDPLOLDUL]DUVH PiV FRQ XQD OtQHD GH SURGXFWRV DSUHQGHU DFRQRFHU PHMRU ODV SROtWLFDV\SURFHGLPLHQWRVHQYLJRU HQ OD HPSUHVDR WHQHUTXHIDPLOLDUL]DUVHFRQQXHYDVSHUVRQDV % ³/DHQWUHYLVWDODERUDOORTXHTXLHUHQRLU´ /$ (175(9,67$ '( 6(/(&&,Ï1 /2 48( 48,(5(1 2Ë5 /26 (175(9,67$'25(6&8$1'235(*817$1 &RQVHJXLUXQWUDEDMRHVWRGRXQUHWRHQWLHPSRVGHFULVLV/DSULPHUDLPSUHVLyQHVGHFLVLYDD OD KRUD GH TXH XQDVSLUDQWH VHDHYDOXDGR $XQTXH QXQFD KD\ TXHPHQWLU H[LVWHQ SUHJXQWDV PX\IUHFXHQWHVDQWHODVTXHKD\TXHHVWDUSUHSDUDGR (QFDVRGHKDEHUUHDOL]DGRRWUDFDUUHUD¢FXiOKXELHUDVLGRODHOHJLGD" $QWH HVWD SUHJXQWD HV SRVLEOH H[SOD\DUVH \ KDEODU FRQ SOHQD OLEHUWDG 1R KD\ TXH WHPHU HO FRPHWHUQLQJXQDLQFRUUHFFLyQDOGHFLUTXHKXELHUDJXVWDGRKDFHUDOJRTXHQRWLHQHTXHYHU FRQ OR TXH VH KD HVWXGLDGR (VR GHPXHVWUD VHU XQD SHUVRQD LQTXLHWD \ DPELFLRVD ¢+DUHDOL]DGRSUiFWLFDVHQDOJXQDHPSUHVD" /R LGHDO VHUtD UHVSRQGHU TXH Vt (Q FDVR FRQWUDULR OR PHMRU HV GHFLU OD YHUGDG DXQTXH DILUPDQGRTXHHOGHVHRHVSRQHUVHDWUDEDMDUFXDQWRDQWHV ¢&yPRGHVFULEHHOSXHVWRLGHDO" 3DUD UHVSRQGHU ELHQ D HVWD SUHJXQWD HV LPSRUWDQWH DFXPXODU SUHYLDPHQWH FRQRFLPLHQWRV VREUH ODV DFWLYLGDGHV GH OD HPSUHVD &RQYLHQH GHPRVWUDU DPELFLyQ SHUR QR VROLFLWDU XQ WUDEDMRTXHHVWpFODUDPHQWHSRUHQFLPDGHODVSRVLELOLGDGHVSURSLDV ¢3RUTXpGHVHDFDPELDUGHWUDEDMR" (Q HO FDVR GH UHFLELU DOJXQD SUHJXQWD VREUH TXp SDVy FRQ HO WUDEDMR DQWHULRU VL VH KD VLGR GHVSHGLGR QR FRQYLHQH GHFLUOR GLUHFWDPHQWH (V PHMRU UHODWLYL]DUOR FRPHQWDQGR GLIHUHQFLDV GHFULWHULRFRQHODQWHULRUVXSHULRU$ODVHPSUHVDVQROHVJXVWDHQWHUDUVHTXHVXVFDQGLGDWRV KDQVLGRGHVHFKDGRVSRURWUDV ¢&yPRVHYHHQXQIXWXURHQODHPSUHVD" 1R VH SXHGH GHFLU TXH FRQ XQ SRFR GH VXHUWH GHVDUUROODQGR HO WUDEDMR TXH OH HVWiQ RIUHFLHQGR&RQYLHQHKDFHUYHUTXHJUDFLDVDOHPSHxRTXHVHYDDSRQHUMXQWRDODFDSDFLGDG GH WUDEDMR VH FRQItD HQ KDEHU SURJUHVDGR GHQWUR GH OD SURSLD HPSUHVD ¢6HFRQVLGHUDLQWHOLJHQWH" /DVLGHDVIRUPDVGHFRPSRUWDUVH\SHUVRQDOLGDGWDPELpQLQWHUHVDQDODVHPSUHVDV(QHVWH VHQWLGRXQDSUHJXQWDFOiVLFDHVODGHVLHOHQWUHYLVWDGRVHFRQVLGHUDXQDSHUVRQDLQWHOLJHQWH (VODWtSLFDFXHVWLyQTXHVHKDFHSDUDSLOODUDOFDQGLGDWR1XQFDKD\TXHUHVSRQGHUTXHQR 7RGRHOPXQGRGHEHFRQVLGHUDUVHLQWHOLJHQWHSHURVHGHEHDUJXPHQWDUODUHVSXHVWD ¢/HJXVWDWHQHUUD]yQ" 1R HV HQ DEVROXWR UHFRPHQGDEOH UHVSRQGHU TXH VLHPSUH VH WLHQH UD]yQ (V PHMRU FRQWHVWDU TXH VH SUHILHUH WHQHU UD]yQ SHUR VL KD\ RWUDV SHUVRQDV TXH GHPXHVWUHQ OR FRQWUDULR VH DFHSWDUDVLQSUREOHPDV ¢3LGHFRQVHMRDPHQXGR" (VWD SUHJXQWD HV PX\ KDELWXDO 8QD EXHQD UHVSXHVWD SXHGH VHU TXH VH SUHILHUH WRPDU GHFLVLRQHVSURSLDVDXQTXHWDPELpQHVHVWiDELHUWRDRWUDVUHFRPHQGDFLRQHV1XQFDKD\TXH GHQRWDUDXWRVXILFLHQFLD\UHFKD]DUODD\XGDGHORVGHPiV ¢$TXpGHGLFDVXWLHPSROLEUH" (O RFLR \ OD VDOXG WDPELpQ VRQ GRV WHPDV TXH LQWHUHVDQ DO HQWUHYLVWDGRU $ OD HPSUHVD OH LQWHUHVDVDEHUHQTXpHPSOHDHOWLHPSROLEUH6REUHHVWHWHPDVHSXHGHGHFLUWRGRORTXHVH TXLHUD 3HUR VL VH SUDFWLFD D PHQXGR GHSRUWHV GH ULHVJR HV PHMRU QR FRQWDUOR \D TXH HO HQWUHYLVWDGRU SXHGH LPDJLQDU TXH FXDOTXLHU GtD SXHGH RFXUULU XQ DFFLGHQWH 3RU RWUR ODGR WDPSRFRFRQYLHQHGHFLUTXHORVILQHVGHVHPDQDVHGHGLFDQDYHUODWHOHYLVLyQHQHOVLOOyQGH FDVD(VWRRIUHFHXQDYLVLyQPX\SREUH ¢7LHQHSUREOHPDVGHVDOXG" (Q OD SUHJXQWD UHIHULGD D OD VDOXG VLHPSUH KD\ TXH GHFLU FRPR HQ RWUDV OD YHUGDG /D IUDQTXH]DLQGLFDFyPRHVXQDSHUVRQD$XQTXHORLGHDOHVGHFLUTXHQRVHWLHQHHQDEVROXWR QLQJ~QSUREOHPDGHVDOXG ([SHGLHQWHDFDGpPLFR 3DUD PXFKDV HPSUHVDV OD IRUPDFLyQ DFDGpPLFD HV XQ SXQWR FODYH HQ ODV HQWUHYLVWDV GH WUDEDMR $XQTXH ODV QRWDV TXH VH KD\DQ REWHQLGR GXUDQWH OD FDUUHUD QR VXHOHQ VHU GHWHUPLQDQWHVSXHVVXHOHLPSRUWDUPiVODH[SHULHQFLDSURIHVLRQDOVLHPSUHVHSUHJXQWDVREUH HOODV 1XQFD KD\ TXH PHQWLU D OD HPSUHVD VREUH ODV FDOLILFDFLRQHV REWHQLGDV (V DOWDPHQWH SUREDEOHTXHODHPSUHVDVHKD\DLQIRUPDGRSUHYLDPHQWHVREUHHOH[SHGLHQWHDFDGpPLFR(O HQWUHYLVWDGRTXHGDUiHQHYLGHQFLDHQFDVRGHPHQWLU & ³3UHJXQWDVPiVIUHFXHQWHV´ ¢&8È/(6621/$635(*817$60È6)5(&8(17(6" (O REMHWLYR GH HVWD VHFFLyQ QR HV LQGLFDU FXDOHV VRQ ODV PHMRUHV UHVSXHVWDV D ODV SUHJXQWDV PiV KDELWXDOHV VLQR GDU HMHPSORV SDUD OD IDVH GH SUHSDUDFLyQ GH OD HQWUHYLVWD 1R H[LVWHQ UHVSXHVWDV PiJLFDVSHUIHFWDV )RUPDFLyQDFDGpPLFD • • • • • • • • • • • • • • • ¢&XiOHVKDQVLGRODVDVLJQDWXUDVHQODVTXHKDVREWHQLGRPHMRUHVUHVXOWDGRV" ¢/DVTXHPiVWHJXVWDURQ" ¢&XiOKDVLGRWXUHDFFLyQDQWHORVSURIHVRUHV" ¢&XiOKDVLGRWXPHGLDGHH[SHGLHQWH" ¢$TXHDWULEX\HVHVWRVUHVXOWDGRV" ¢(VWDVVDWLVIHFKRGHORVUHVXOWDGRVREWHQLGRV" ¢3RUTXpHOHJLVWHHVHFHQWURGHHVWXGLRV" ¢4XpWHPRWLYyDHOHJLUHVRVHVWXGLRV" ¢&XiOHVKDQVLGRORVSULQFLSDOHVORJURV\GLILFXOWDGHVGHWXIRUPDFLyQ" ¢&yPRWHFRVWHDVWHORVHVWXGLRV" ¢4XpKDFtDVHQHOWLHPSROLEUHTXHWHGHMDEDQORVHVWXGLRV" ¢'yQGHHVWXGLDVWHHOLQJOpVTXHVDEHV" ¢&yPRHVWXGLDEDV"¢TXpVLVWHPDVHJXtDV" ¢3LHQVDVVHJXLUHVWXGLDQGR"¢(QTXHiUHDV" ([SHULHQFLDSURIHVLRQDO • • • • • • • • • • • • • • • • • ¢&yPRHQWUDVWHHQODVDQWHULRUHVHPSUHVDV" ¢4XpFDUJRVRFXSDVWH\TXHDFWLYLGDGHVUHDOL]DVWH" ¢4XpWHDJUDGyPiVGHOWUDEDMR" ¢3RUTXpORVGHMDVWH" ¢4XpRSLQLyQFUHHVTXHWHQtDQWXVFRPSDxHURVGHWL" ¢&yPRSUHILHUHVWUDEDMDU" ¢&XiOHVKDQVLGRORVp[LWRVPiVLPSRUWDQWHVGHWXWUDEDMR" ¢4XHUHFXHUGDVGHWXSULPHUSXHVWR" ¢4XpYHQWDMDVWHRIUHFHHOSXHVWRVROLFLWDGR" ¢4XpSUREOHPDVWXYLVWHHQWXVDQWHULRUHVHPSOHRV\FRPRORVVROXFLRQDVWH" 'HVFULEHDWXMHIHFRPSDxHURVXERUGLQDGRLGHDO ¢&XiOHVWXREMHWLYRSURIHVLRQDO" ¢3LHQVDVTXHHOSXHVWRGHWUDEDMRWLHQHLPSRUWDQFLDVRFLDO" ¢3RUTXpQRKDVWUDEDMDGRQXQFD" ¢(QTXpPRPHQWRGHPRVWUDVWHVHUPiVFUHDWLYR" ¢&XiO IXH OD VLWXDFLyQ PiV GHVDJUDGDEOH HQ OD TXH WH YLVWH LPSOLFDGR" ¢FyPR OH KLFLVWH IUHQWH" 'HVFULEHXQGtDWtSLFRGHWXDQWHULRUDFWXDOWUDEDMR &RPSRUWDPLHQWRHQHOWUDEDMR • ¢&yPRWHJXVWDUtDWUDEDMDUVyORRHQHTXLSR"¢SRUTXp" • /D~OWLPDYH]TXHWUDEDMDVWHHQJUXSR¢FXiOIXHWXDSRUWDFLyQ"¢FXiOIXHHOUHVXOWDGR" • 6X MHIH VH KD HTXLYRFDGR HQ ODV FLIUDV GH XQ LQIRUPH ¢FyPR OH GLUtDV TXH WLHQH TXH UHFWLILFDUORDQWHVGHTXHORSUHVHQWHDOD-XQWD'LUHFWLYD" • 'HVFULEDDOPHMRUMHIHSURIHVRUTXHKD\DVWHQLGR\DOSHRU • (QHVWH~OWLPRDxR¢TXpHVORTXHPiVWHKDSUHRFXSDGRHQWXWUDEDMRHVWXGLRV\TXpKDV KHFKRSDUDPHMRUDUOR" • &XpQWDPHTXpKDSDVDGROD~OWLPDYH]TXHKDVSHUGLGRODSDFLHQFLDFRQDOJXLHQ • ¢&XiQGRKDVLGROD~OWLPDYH]TXHWHKDQIHOLFLWDGRSRUDOJRTXHKD\DVKHFKR\SRUTXp" 0RWLYDFLyQ • ¢4XpWHDSRUWDHVWHHPSOHRTXHQRWHDSRUWHHODQWHULRUDFWXDO" • ¢4XpEXVFDVHQHVWDHPSUHVD" • ¢3RUTXpWHJXVWDUtDHVWHHPSOHR\QRRWUR" • ¢3RUTXpFUHHVTXHWHYDDJXVWDUWUDEDMDUDTXt" • ¢4XpHVSDUDWLXQDPELHQWHLGHDOGHWUDEDMR" • ¢4XpPHWDVLQPHGLDWDV\DODUJRSOD]RWHKDVILMDGR" • ¢&XiOHVVRQWXVSUHWHQVLRQHVHFRQyPLFDV" $FWLYLGDGHVHLQWHUHVHVDFWXDOHV • • • • • ¢4XpOHHVGHORVSHULyGLFRV" ¢4XHGHVHDVTXHQRKD\DVORJUDGRWRGDYtD" ¢4XpWHJXVWDKDFHUHQWXWLHPSROLEUH" ¢4XpWLSRGHDFWLYLGDGHVVRFLDOHVSUHILHUHV" ¢3HUWHQHFHVDDOJXQDDVRFLDFLyQ" • • ¢(QTXHDVSHFWRVGHWXSURIHVLyQGHVHDUtDVSURIXQGL]DU" ¢&XiOHVHO~OWLPROLEURTXHKDOHtGR"¢\SHOtFXOD" 3HUVRQDOLGDG • • • • • • • • • • • • • ¢3RUTXpWHLQWHUHVDHVWHWUDEDMR" ¢4XpSXHGHVDSRUWDUDHVWHWUDEDMRVLQRWLHQHVH[SHULHQFLD" ¢&XiOHVVRQWXVOLPLWDFLRQHV" ¢4XpDVSHFWRVQHFHVLWDVPHMRUDU" 'HVFULEHORVSXQWRVIXHUWHV\ORVGpELOHVGHWXSHUVRQDOLGDG ¢4XpDSRUWDUtDVDODHPSUHVDVLWHFRQWUDWiUDPRV" ¢4XpWHGLIHUHQFLDGHOUHVWRGHORVFDQGLGDWRV" ¢&yPR UHDFFLRQDUtDV DQWH XQD VLWXDFLyQ GH SUHVLyQGHVSRWLVPRLQVXERUGLQDFLyQ LQGLIHUHQFLDLQVHJXULGDG" ¢&yPRKDVLGRKDVWDDKRUDWXUHODFLyQFRQORVFRPSDxHURVGHWUDEDMR" 6LIXHUDVHOHQFDUJDGRGHHVWDVHOHFFLyQ¢TXpFXDOLGDGHVWHJXVWDUtDTXH\RWXYLHUD" ¢7HYHVFRPRXQOtGHURXQVHJXLGRU"¢SRUTXp" ¢&XiOHVODGHFLVLyQPiVLPSRUWDQWHTXHKDVWRPDGRKDVWDHOPRPHQWR" ¢'HTXpWHVLHQWHVPiVRUJXOORVRGHKDEHUFRQVHJXLGRHQWXYLGD" '³3UHJXQWDVHQODHQWUHYLVWDGHLQFLGHQWHVFUtWLFRV´RHQWUHYLVWDSRUFRPSHWHQFLDV 35(*817$6 48( 6( 38('(1 )2508/$5 (1 81$ (175(9,67$ '( ,1&,'(17(6 &5Ë7,&26 $ -Ï9(1(6 352)(6,21$/(6 6,1 (;3(5,(1&,$ /$%25$/$OOHV0$ +HPRV VHOHFFLRQDGR FRPSHWHQFLDV HVSHFLDOPHQWH GHPDQGDGDV SRU ODV HPSUHVDV \ RUJDQL]DFLRQHV HQ OD DFWXDOLGDG \ GH ODV TXH GDPRV XQD EUHYH GHILQLFLyQ $ SDUWLU GH DKt SODQWHDPRV SUHJXQWDV TXH SRGUtD IRUPXODU XQ HQWUHYLVWDGRU HQ XQD HQWUHYLVWD GH LQFLGHQWHV FUtWLFRVTXHTXLVLHUDYDORUDUHOQLYHOGHGHVDUUROORGHFDGDXQDGHODVFRPSHWHQFLDV ,QLFLDWLYD (MHFXWLYLGDGUiSLGDDQWHODVSHTXHxDVGLILFXOWDGHVRSUREOHPDVTXHVXUJHQHQHOGtDDGtDGH OD DFWLYLGDG 6XSRQH UHVSRQGHU GH PDQHUD SURDFWLYD DQWH ODV GLILFXOWDGHV VLQ HVSHUDU D HIHFWXDU WRGDV ODV FRQVXOWDV HYLWDQGR DVt HO DJUDYDPLHQWR GH SUREOHPDV GH LPSRUWDQFLD PHQRU ,PSOLFD WDPELpQ OD FDSDFLGDG GH SURSRQHU PHMRUDV VLQ TXH KD\D XQ SUREOHPD FRQFUHWRDUHVROYHU • ¢4XpWXYLVWHHQFXHQWDDODKRUDGHHOHJLUXQLYHUVLGDG" • ¢4XpDxRIXHHOPiVGLItFLO"¢3RUTXp"¢FyPRORVXSHUDVWH" • ¢&XiOKDVLGRHOWUDEDMRRODDFWLYLGDGXQLYHUVLWDULDPiVLQWHUHVDQWHTXHKDVUHDOL]DGR" ¢SRUTXp" • ¢&XiOHOPiVDEXUULGR"¢TXpKLFLVWHSDUDVXSHUDUHODEXUULPLHQWR" • ¢&XiOHVVRQWXVREMHWLYRVSURIHVLRQDOHVLQPHGLDWRV" • ¢4XpWLSRGHWUDEDMRWHJXVWDUtDFRQVHJXLUSDUDDOFDQ]DUORV" • ¢4XpSODQHVRSDVRVKDVUHDOL]DGRSDUDFRQVHJXLUORV" • ¢+DVUHFODPDGRDOJ~QH[DPHQ"¢SODQWHDGRDOJXQDTXHMDRILFLDOPHQWH"&XpQWDPHTXp SDVyH[DFWDPHQWH 5HVSRQVDELOLGDG $VRFLDGD DO FRPSURPLVR FRQ ODV WDUHDV HQFRPHQGDGDV SXHGH UHODFLRQDUVH FRQ HO JUDGR GH GHGLFDFLyQ TXH HO FDQGLGDWR PDQWXYR GXUDQWH VX FDUUHUD XQLYHUVLWDULD VX GHVHPSHxR DFDGpPLFR SXHGH VHU XQ LQGLFDGRU YDOLRVR 6L HO FDQGLGDWR SRVHH H[SHULHQFLD ODERUD HV XQ IDFWRUDFRQVLGHUDUFRQWUDVWDGRFRQHOSURPHGLRXQLYHUVLWDULR\WRPDQGRHQFRQVLGHUDFLyQOD VHULHGDGFRQODTXHDVXPLyHOWUDEDMR • ¢(QFXiQWRWLHPSRUHDOL]DVWHODFDUUHUD"¢WUDEDMDEDVPLHQWUDVHVWXGLDEDV" • ¢'HVDUUROODEDVDOJXQDDFWLYLGDGH[WUDFXUULFXODUHQODXQLYHUVLGDG"¢GHTXpWLSR" • ¢$TXpWHGHGLFDEDVHQODVYDFDFLRQHV" • ¢'HTXpWHVLHQWHVPiVRUJXOORVRGHKDEHUFRQVHJXLGRHQWXWUD\HFWRULDXQLYHUVLWDULD" • 'HVFULEH HO PRPHQWR HQ HO TXH WH VHQWLVWH PiV HVWUHVDGR GXUDQWH WX FDUUHUD ¢TXp KLFLVWH"¢FyPRORUHVROYLVWH" • ¢+DVWHQLGRTXHDVLJQDUUHVSRQVDELOLGDGHVDDOJ~QFRPSDxHURHQXQJUXSRGHWUDEDMR" ¢FyPRORKLFLVWH" • 'HVFULEH OD ~OWLPD YH] TXH WUDEDMDVWH HQ HTXLSR FyPR VH DVLJQDURQ ODV UHVSRQVDELOLGDGHVGHODVWDUHDV &DSDFLGDGGHDSUHQGL]DMH (VWDFRPSHWHQFLDHVWiDVRFLDGDDODDVLPLODFLyQGHQXHYDLQIRUPDFLyQ\VXDSOLFDFLyQHILFD] 6H UHODFLRQD FRQ OD PRWLYDFLyQ SRU DSUHQGHU \ SRQHU HQ SUiFWLFD HO FRQRFLPLHQWR \ ODV FRPSHWHQFLDVDSUHQGLGDV,QWHUHVDUVHSRUORVDYDQFHVGHODSURIHVLyQ\HOUHFLFODMHFRQWLQXR SDUDHVWDUDOGtDFRPRSURIHVLRQDO • +iEODPHGHDOJXQDVLWXDFLyQHQODTXHWXYLVWHTXHDSUHQGHUDOJRPX\UiSLGDPHQWH\ SRQHUORHQSUiFWLFDHQVHJXLGD¢TXpIXH"¢TXpSDVy" • ¢4XpKDVDSUHQGLGRGHWXVGLILFXOWDGHVFRQODVDVLJQDWXUDV" • 'HVFULEHDOJXQDVLWXDFLyQHQODTXHWHUHVXOWDUDFRPSOLFDGRDSUHQGHUDOJR • ¢&yPRWHPDQWLHQHVLQIRUPDGRGHORVDYDQFHVGHWXSURIHVLyQ" • ¢&XiOHV IXHURQ ORV SULQFLSDOHV SUREOHPDV TXH WXYLVWH HO SULPHU DxR GH XQLYHUVLGDG" ¢FyPRORVVROXFLRQDVWH" • ¢(QTXpiUHDVGHWXSURIHVLyQQHFHVLWDUtDVGHVDUUROODUWHPiV"¢\TXpFRPSHWHQFLDV" )OH[LELOLGDG +DFHUHIHUHQFLDDODFDSDFLGDGGHPRGLILFDUODVSURSLDVDFFLRQHVSDUDDOFDQ]DUORVREMHWLYRV GHVHDGRV FXDQGR VXUJHQ GLILFXOWDGHV QXHYRV GDWRV R FDPELRV HQ HO HQWRUQR 6H DVRFLD D OD DGDSWDELOLGDG D GLVWLQWRV FRQWH[WRV VLWXDFLRQHV PHGLRV \ SHUVRQDV HQ IRUPD UiSLGD \ DGHFXDGD • ¢+DVWHQLGRRSRUWXQLGDGGHHVWXGLDURWUDEDMDUHQHOH[WUDQMHURRIXHUDGHWXFLXGDG GHRULJHQ"¢FyPRWHDGDSWDVWHDOFDPELR" • +iEODPH GH DOJXQD VLWXDFLyQ HQ OD TXH WXYLHUDV TXH FDPELDU GH SODQHV SRU XQ LPSUHYLVWRD~OWLPDKRUD¢TXpSDVy" • 'HVFUtEHPH OD ~OWLPD YH] HQ OD TXH XQD SHUVRQD QR HQWHQGtD OR TXH TXHUtDV GHFLUOH ¢TXpKLFLVWH" • ¢+DV WHQLGR TXH KDFHUWH FDUJR DOJXQD YH] GH DOJXQD WDUHD SDUD OD TXH QR HVWXYLHUDV SUHSDUDGR"¢TXpIXH"¢TXpKLFLVWH" • ¢&yPRWUDEDMDEDVODVGLIHUHQWHVDVLJQDWXUDV" • &XpQWDPHOD~OWLPDYH]TXHDOJXLHQHQPHGLRGHXQDGLVFXVLyQKDGLFKRDOJRTXHWH KDLQIOXLGRDFDPELDUGHGHFLVLyQ 7UDEDMRHQHTXLSR (V OD KDELOLGDG SDUD SDUWLFLSDU DFWLYDPHQWH GH OD REWHQFLyQ GH XQD PHWD FRP~Q LQFOXVR FXDQGR OD FRODERUDFLyQ FRQGXFH D XQD PHWD TXH QR HVWi GLUHFWDPHQWH UHODFLRQDGD FRQ HO LQWHUpV SURSLR 6XSRQH OD IDFLOLGDG SDUD OD UHODFLyQ LQWHUSHUVRQDO \ OD FDSDFLGDG GH FRPSUHQGHU OD UHSHUFXVLyQ GH ODV SURSLDV DFFLRQHV VREUH HO p[LWR GH ODV DFFLRQHV GH ORV GHPiV • &XpQWDPH DOJ~Q WUDEDMR R DFWLYLGDG TXH KD\DV WHQLGR TXH KDFHU HQ JUXSR HQ OD XQLYHUVLGDG¢FXiOHUDHOUHVXOWDGRHVSHUDGR"¢FXiOIXHVXDSRUWHDODWDUHD" • ¢3XHGHV UHFRUGDU DOJXQD RFDVLyQ HQ OD TXH KD\DV PRWLYDGR D DOJ~Q FRPSDxHUR D FRQVHJXLUXQDPHWDGLItFLO" • ¢&XiQGRULQGHVPiVHQJUXSRRLQGLYLGXDOPHQWH"3RQPHDOJ~QHMHPSOR • ¢4XpDVSHFWRVYDORUDVPiVFXDQGRWUDEDMDVHQHTXLSR"¢\PHQRV" • 'HVFULEHDOJXQDRFDVLyQHQODTXHWUDEDMDQGRHQJUXSRKD\DVFRQVHJXLGRXQREMHWLYR LPSRUWDQWH • ¢'HTXpDFWLWXGWHVLHQWHVPiVRUJXOORVRFXDQGRWUDEDMDVHQJUXSR"¢GHFXiOPHQRV" (5HFRPHGDFLRQHVDORVDOXPQRVSDUDODUHDOL]DFLyQGHOD(QWUHYLVWD 3UHSDUDUODHQWUHYLVWDDQWHVGHDVLVWLUDHOODSRVLEOHVSUHJXQWDVTXHWHQpLVLQWHQFLyQGH KDFHUDOHQWUHYLVWDGRU 3XQWXDOLGDG 6L QR SRGpLV OOHJDU D OD KRUD OODPDU SRU WHOpIRQR SDUD GLVFXOSDURV \ VROLFLWDUGHIRUPDFRUWpVXQDQXHYDHQWUHYLVWDGDQGRODVIDFLOLGDGHVTXHFRQVLGHUHV QHFHVDULDV &XLGDODSUHVHQFLDItVLFD 7UDWD DO HQWUHYLVWDGRU GH XVWHG HQ WRGR PRPHQWR FXDQGR RV LQYLWHQ D WXWHDUOH DGDSWDURVDODQXHYDVLWXDFLyQ 0RVWUDUVHQWLGRFRP~Q 0RVWUDUVHSRVLWLYR\RSWLPLVWD 6RQUHtUFRQQDWXUDOLGDG 1RLQWHUUXPSLUDOVHOHFFLRQDGRUFXDQGRRVGLULMDODSDODEUD 1RGDUUHVSXHVWDVGHPDVLDGRODUJDV 0RVWUDULQWHUpV\DPDELOLGDG 1RGHVYLDUODPLUDGDGHOVHOHFFLRQDGRU 2SLQDUGHIRUPDSHUVRQDO 8WLOL]DUXQOHQJXDMHDGHFXDGR &XLGDUHOOHQJXDMHQRYHUEDOPRYLPLHQWRGHPDQRVPLUDGDSRVLFLyQGHOFXHUSR $ODKRUDGHUHVSRQGHUXQDSUHJXQWDVREUHWRGRVLHVGHOLFDGDHVFRQYHQLHQWHVHJXLU XQDUHJOD 3SDXVDQRFRQWHVWHVDFLHJDV 3SLHQVDXQPRPHQWRDQWHVGHFRQWHVWDU 5UHVSRQGHGHVSXpVGHYDORUDUODSUHJXQWD 1R HV FRQYHQLHQWH FRQWHVWDU QL GDU LQIRUPDFLyQ VREUH WHPDV TXH QR KDQ VLGR FRPHQWDGRVHQODHQWUHYLVWD\TXHQRFRQVLGHUpLVRSRUWXQRVLGHRORJtDSROtWLFD 7HQHUXQDRSLQLyQIDYRUDEOHGHWXVFRPSDxHURVGHIRUPDFLyQ\RWUDEDMR 1RHVUHFRPHQGDEOHVROLFLWDUXQDHYDOXDFLyQGHODIRUPDHQTXHKHPRVUHDOL]DGROD HQWUHYLVWD ,QWHQWD QRIXPDU GXUDQWH OD HQWUHYLVWD DXQTXH QRUPDOPHQWH OR KDJDV VL OR RIUHFHQ SXHGHV GHFLGLU HQ HVH PRPHQWR VL QR RV GDQ RSRUWXQLGDG \GHVHiLV PXFKR KDFHUOR VROLFLWDUSHUPLVRSDUDHOOR 1R FUX]DU ORV EUD]RV \ ODV PDQRV SRU GHODQWH GH OD FDUD LPSLGLHQGR TXH VH SXHGDQ HQWHQGHUFRQIDFLOLGDGODVUHVSXHVWDV 6HUKRQHVWRVQRLQWHQWpLVPHQWLURGDUXQDLPSUHVLyQGLVWLQWDGHYRVRWURVPLVPRV 7HQHU OD SUHFDXFLyQ GH GHMDU SDUD HO ILQDO DVSHFWRV UHODFLRQDGRV FRQ VXHOGRV YDFDFLRQHVKRUDULRV $JUDGHFHUDOVHOHFFLRQDGRUHOWLHPSRTXHRVKDGHGLFDGR (Q FXDQWR D OD HYDOXDFLyQ GH ODV FRPSHWHQFLDV UHODFLRQDGDV FRQ ODV KDELOLGDGHV FRPXQLFDWLYDV RUDOQRYHUEDOHLQWHUSHUVRQDOTXHVRQHYDOXDGDVWDQWRSRUHOSURIHVRUFRPRSRUVXVFRPSDxHURV VHXWLOL]DQORVVLJXLHQWHVSDUiPHWURVHLQGLFDGRUHV /RV LQGLFDGRUHV TXH QRV SHUPLWHQ HYDOXDU OD FRPXQLFDFLyQ LQWHUSHUVRQDO GHO DOXPQR GXUDQWH OD HQWUHYLVWDVRQ • 6DEHUHVFXFKDU • 6DEHUH[SUHVDUODVLGHDVFRQFODULGDG • &RQYHQFHUFRQVXVSDODEUDV • 6DEHUDQDOL]DUVLQWHWL]DU\GHVDUUROODUHOFRQWHQLGRGHODLQIRUPDFLyQ • 6HUFDSD]GHUHYLVDU\RSWLPL]DUVXGLVFXUVRHQXQWLHPSRGHWHUPLQDGR • &DSDFLGDGGHHPSDWtD 3DUDOD&RPXQLFDFLyQRUDODODOXPQRVHOHHYDO~D )OXLGH] 'LFFLyQ 3DXVDV (QWRQDFLyQ 9ROXPHQ 9HORFLGDG5LWPR 5HWyULFD([SUHVLyQYHUEDO <SDUDOD&RPXQLFDFLyQQRYHUEDOGHODOXPQRORVLQGLFDGRUHVGHHYDOXDFLyQVRQ 3RVWXUDFRUSRUDO 2ULHQWDFLyQ *HVWRV 0RYLPLHQWRV ([SUHVLyQIDFLDO &RQWDFWRYLVXDO $SDULHQFLD 1DWXUDOLGDG 5(68/7$'26<&21&/86,21(6 5HVXOWDGRVREWHQLGRVDWUDYpVGH /DHODERUDFLyQGHJXLRQHVGHHQWUHYLVWDHODERUDGRVSRUDOJXQRVDOXPQRVHLQFOXLGRVHQVXFDUSHWD GHDSUHQGL]DMH (MHPSORVGH*XLRQHVGHHQWUHYLVWDUROHQWUHYLVWDGRUHODERUDGRVSRUDOXPQRV &RHYDOXDFLyQ GH ORV FRPSDxHURV &RPHQWDULRV \ REVHUYDFLRQHV HQ FODVH QR JUDEDGDV GH ORV FRPSDxHURV D OD SDUHMD TXH KD UHSUHVHQWDGR OD HQWUHYLVWD ODERUDO XWLOL]DQGR ORV LQGLFDGRUHV TXH DFDEDPRV GH HQXPHUDU UHODWLYRV D ORV FRQWHQLGRV GH OD HQWUHYLVWD WLSR GH SUHJXQWDV IRUPXODGDV \ FyPRKDQVLGRFRQWHVWDGDVDVtFRPRRSLQLRQHVTXHKDFHQUHIHUHQFLDDODVKDELOLGDGHVFRPXQLFDWLYDV GHVXVFRPSDxHURVRUDO\QRYHUEDO'HHVWHPRGRHODOXPQRSUDFWLFDGHVDUUROOD\SRQHDSUXHEDVX FDSDFLGDG GH FUtWLFD FRQVWUXFWLYD ¢FyPR KDFHU FUtWLFDV" \ ¢FyPR DSUHQGHU D DFHSWDUODV" DPEDV GHVWUH]DVIXQGDPHQWDOHV\QHFHVDULDVHQWRGRSURFHVRGHFRPXQLFDFLyQLQWHUSHUVRQDOHILFD] /RV DOXPQRV UHFRQRFHQ TXH QR OHV UHVXOWD VHQFLOOR KDEODU GH ORV FRPSDxHURV \ UHFRQRFHQ TXH OD FRHYDOXDFLyQHVXQDH[SHULHQFLDLQWHUHVDQWH8QDYH]TXHVHKDQ³DWUHYLGR´OHVKDJXVWDGR\UHSLWHQ 5HIOH[LRQHV RSLQLRQHV \ YDORUDFLRQHV GH ORV DOXPQRV UHODWLYRV D OD SUiFWLFD GH OD HQWUHYLVWD GH WUDEDMRH[WUDtGDVGHOGLDULRUHIOH[LYRGHORVDOXPQRV$FRQWLQXDFLyQWUDQVFULELPRVDOJXQDV (MHPSORV GH (YLGHQFLD GH $SUHQGL]DMH REWHQLGRV FRQ OD HQWUHYLVWD ODERUDO GH DOXPQRV HQ VXV 'LDULRV5HIOH[LYRV´ ³«'HVSXpVGHKDEHUDVLVWLGRDHVWDVFODVHVXQDGHODVFRVDVTXHFUHRTXHPiVPHKDVHUYLGRHVTXH DODKRUDGHKDFHUXQDHQWUHYLVWDDKRUDVpFRPRWHQJRTXHLUFRPSRUWDUPHKDEODUFXiOGHEHVHUPL DFWLWXG7DPELpQKHDSUHQGLGRDFRQRFHUDVSHFWRVGHPtTXHGHVFRQRFtD'HVFXEUtFRVDVTXHQRVDEtD TXHWHQtD´ ³«ORPiVLPSRUWDQWHHVHODXWRFRQRFLPLHQWR\ODDXWRHYDOXDFLyQTXHWHSURSRUFLRQD/DFDSDFLGDG SDUDTXHQRQRVOLPLWHODSHUVRQDTXHWHQHPRVHQIUHQWHTXHQRQRVFRQRFH´ ³« (VWD DVLJQDWXUD PH KD HQVHxDGR D HVWDU SUHSDUDGR D OD KRUD GH DIURQWDU XQD HQWUHYLVWD GH WUDEDMRDOJRTXHFRQVLGHURGHJUDQXWLOLGDGSDUDDOXPQRVGH~OWLPRFXUVRFRPR\R\TXHHQPLFDVR DGHPiV PH FRQVLGHUR PX\ QHUYLRVR \ DIURQWDU H[SHULHQFLDV HQ ODV TXH VH PH HVWi MX]JDQGR SURIHVLRQDOPHQWHPHKDFHHVWDUD~QPiVQHUYLRVR0HKDHQVHxDGRTXpVHGHEHGHFLUTXpQRVHGHEH GHFLU FyPR VH GHEH XQR FRPSRUWDU DQWH HO HQWUHYLVWDGRU ORV GLIHUHQWHV UROHV GHO HQWUHYLVWDGRU OHQJXDMHJHVWXDOHWF´ ³«KH DSUHQGLGR PXFKR VREUH OD SUHSDUDFLyQ QHFHVDULD \ ORV UHFXUVRV D XWLOL]DU SDUD HQFRQWUDU XQ WUDEDMR GH PDQHUD HILFLHQWH VDEHPRV FyPR H[SRQHU XQ FXUULFXOR D XQD HPSUHVD SDUD TXH UHVXOWH DWUDFWLYR\KHPRVVLPXODGRORTXHHVPiVFRPSOLFDGRGHWRGRHQIUHQWDUWHDORVSURFHVRVGHVHOHFFLyQ D WUDYpV GH ODV GLQiPLFDV GH JUXSR \ HQWUHYLVWDV (Q GHILQLWLYD \R FRQVLGHUDUtD OD DVLJQDWXUD LPSUHVFLQGLEOH SDUD ORV DOXPQRV GH ~OWLPRV FXUVRV GH WRGDV ODV FDUUHUDV SDUD HVWDU SUHSDUDGR \ VDEHUORTXHQRVHVSHUDXQDYH]DFDEDPRVODIDFXOWDG´ (QUHVXPHQDPRGRGHFRQFOXVLyQ\DODYLVWDGHWRGRORPHQFLRQDGRHQHOSUHVHQWHWUDEDMR\ GHODVHYLGHQFLDVSUHVHQWDGDVSRUORVDOXPQRV /D HQWUHYLVWD GH VHOHFFLyQ R ODERUDO HV XQD KHUUDPLHQWD LGHDO PX\ DFHUWDGD SDUD OD HYDOXDFLyQ GH FRPSHWHQFLDVWDOHVFRPRODVKDELOLGDGHVFRPXQLFDWLYDV\VRFLDOHVDGHPiVGHFRQVWLWXLUXQDSUiFWLFD LQWHUHVDQWH\PX\GLGiFWLFDELHQYDORUDGDSRUORVDOXPQRVORVFXDOHVODFRQVLGHUDQXQHQWUHQDPLHQWR ~WLO\HILFD]SDUDHODFHUFDPLHQWRDODUHDOLGDGGHOPHUFDGRODERUDOTXHHQXQIXWXURPX\SUy[LPROHV HVSHUD 5()(5(1&,$6%,%/,2*5È),&$6 $OOHV0$(OLMDDOPHMRU&yPRHQWUHYLVWDUSRUFRPSHWHQFLDV(G*UDQLFD%XHQRV$LUHV $OOHV0$³/DHQWUHYLVWDODERUDO´(GLFLRQHV*UDQLFD%XHQRV$LUHV %DOOHQDWR*&RPXQLFDFLyQ(ILFD](GLFLRQHV3LUiPLGH0DGULG %ODQFR $ /D (YDOXDFLyQ GH &RPSHWHQFLDV D WUDYpV GHO 3RUWDIROLR GHO HVWXGLDQWH HQ 0%$ SJV D (Q 'HVDUUROOR \ (YDOXDFLyQ GH &RPSHWHQFLDV D WUDYpV GHO 3RUWDIROLR GHO (VWXGLDQWH 9LFHUUHFWRUDGR GH &DOLGDG H ,QQRYDFLyQ (GXFDWLYD 8QLYHUVLGDG GH &DQWDEULD 6DQWDQGHU &ROpQ 07 \ &RO /D FDUSHWD GH DSUHQGL]DMH HQ HO SURFHVR GH DSUHQGL]DMH GHO DOXPQDGR XQLYHUVLWDULR(GLWRULDO2FWDHGUR%DUFHORQD )DVW-(OOHQJXDMHGHOFXHUSR(GLWRULDO.DLUyV%DUFHORQD )OHFKD 5 &RPSDUWLHQGR SDODEUDV (O DSUHQGL]DMH GH ODV SHUVRQDV DGXOWDV D WUDYpV GHO GLiORJR%DUFHORQD3DLGyV .HOO\-$(QWUHQDPLHQWRGHODVKDELOLGDGHVVRFLDOHV'HVFOpHGH%URXZHU%LOEDR /RUFD5³&5RO/DERUDO(OFYFRPRSLH]DGHDWDTXH'HFiORJRSDUDVXGLVHxR´ 'DYLV)ORUD/D&RPXQLFDFLyQQRYHUEDO$OLDQ]D(GLWRULDO0DGULG *ROHPDQ'DQLHO,QWHOLJHQFLD(PRFLRQDO(GLWRULDO.DLUyV *RQ]iOH] )HUQiQGH] 1&RRUG \ FROV 'HVDUUROOR \ (YDOXDFLyQ GH &RPSHWHQFLDV D WUDYpV GHOSRUWDIROLRGHOHVWXGLDQWH9LFHUUHFWRUDGRGHFDOLGDGH,QQRYDFLyQ(GXFDWLYD8QLYHUVLGDGGH &DQWDEULD ,QIRHPSOHR(O$UWHGH%XVFDU(PSOHR3XEOLFDFLRQHV,QIRHPSOHRFRP0DGULG /ySH] 1RJXHUR ) 0HWRGRORJtD SDUWLFLSDWLYD HQ OD (QVHxDQ]D 8QLYHUVLWDULD (GLWRULDO 1DUFHD0DGULG 3ULHWR 1DYDUUR / &RRUG \ FROV /D (QVHxDQ]D XQLYHUVLWDULD FHQWUDGD HQ HO DSUHQGL]DMH (GLFLRQHV2FWDHGUR%DUFHORQD 6DQWDFUX]-3VLFRORJtDGHOOHQJXDMH3URFHVRV81('0DGULG 6HEDVWLiQ&DUPHQ/D&RPXQLFDFLyQHPRFLRQDO(GLWRULDO3UHQWLFH+DOO 5Xp-(QVHxDUHQOD8QLYHUVLGDG(O(((6FRPRUHWRSDUDOD(GXFDFLyQ6XSHULRU(GLFLRQHV 1DUFHD0DGULG 9LOOD $ \ 3REOHWH 0 $SUHQGL]DMH %DVDGR HQ &RPSHWHQFLDV 8QD SURSXHVWD SDUD OD HYDOXDFLyQGHODVFRPSHWHQFLDVJHQpULFDV9LFHUUHFWRUDGRGH,QQRYDFLyQ\&DOLGDG\HO,&(GH OD8QLYHUVLGDGGH'HXVWR%LOEDR