6HPLQDULR³&RKHVLyQVRFLDO\5HIRUPDVHQ$PpULFD/DWLQD´%DUFHORQD 2FWXEUH$JHQGDGH'HVDUUROOR,EHURDPHULFDQD$', %DQFR0XQGLDO 2PDU$ULDV &RVWRVUHVWULFFLRQHVOLTXLGH]UHWRUQRVHGXFDFLyQHIIHFWRV GLSORPDGLVSDULGDGHV 9DULDEOHVHVWXGLDQWHIDPLOLDFRQWH[WR\HVFXHODV ± ± ± ± ± ± 9LVLyQ\DFFLyQVLVWpPLFDHQYDULRVPDUJHQHVSROtWLFDVHGXFDWLYDVÆ XQLQJUHGLHQWH ,QWHUYHQFLRQHVWHPSUDQDVSDUDHOGHVDUUROORLQIDQWLO )RUWDOHFHUµYDOXHRSWLRQ¶ GHODHGXFDFLyQFDSDFLGDGFRPSOHWDUQLYHOHV 0HMRUDUHOEHQHILFLRORVUHWRUQRVSDUDIDPLOLDVSREUHV ,QWHUYHQFLRQHVSDUDSREODFLyQDGXOWD 2SRUWXQLGDGGHPRJUiILFDYVKRUL]RQWHVSROtWLFRVFRUWRSODFLVWDV 3ULRULGDGHVHVWUDWpJLFDVGHODVSROtWLFDVS~EOLFDVSDUDIRUPDU FDSLWDOKXPDQR ± ± )DFWRUHVDVRFLDGRVDODSURJUHVLyQHGXFDWLYD 3URJUHVLyQHGXFDWLYDDSUHQGL]DMH $/\&YVRWUDVSDUWHVGHOPXQGR )RUPDFLyQFDSLWDOKXPDQRSREUH]D\SROtWLFDVS~EOLFDV 'HILQLFLRQHVSUHJXQWDVGDWRVIXHQWHV &(3$/\YDULRV81(6&235($/& $UJHQWLQD%UD]LO%ROLYLD&RORPELD&KLOH(O 6DOYDGRU0p[LFR 1LFDUDJXD3HU~5HS'RPLQLFDQD 9HJDV\3HWURZ%0 ± UHYLVLyQOLWHUDWXUD\YDULRVHVWXGLRV GHSDtV 2WURVLQIRUPHV%DQFR0XQGLDO ± $/\&IODJVKLS:'5 (&'JOREDO\$/\&HQPDUFKD &DSLWDO.+XPDQRKDELOLGDGHVFRJQLWLYDV\QRFRJQLWLYDV GHXQLQGLYLGXRRSREODFLyQTXHLPSDFWDQHQOD SURGXFWLYLGDG3UR[LHVHPStULFDVQLYHOHV\FDOLGDG DSUHQGL]DMHGHODHGXFDFLyQ ,QWHUURJDQWHV3RUTXp ORVQLxRV\MyYHQHV /DWLQRDPHULFDQRVQRHVWiQDFXPXODQGRVXILFLHQWH&DSLWDO +XPDQR"&XiOHVVRQODVSULRULGDGHVHVWUiWHJLFDVSDUDODV SROtWLFDVS~EOLFDVSDUDDVHJXUDUHOPtQLPRQHFHVDULRHQ XQDHFRQRPtDJOREDOL]DGD" 3ULQFLSDOHV)XHQWHVHVWXGLRV $ULDV'LD])D]LR ± (QFXHVWDVKRJDUHVSDUDSDtVHV 'HILQLFLRQHV3UHJXQWDVIXHQWHVGDWRV ± $IHFWDGRSRUHOULHVJRPDFURRGHOPHUFDGRGHWUDEDMR ± ,QWHUDFFLyQFRQRWURVDFWLYRV\IRUPDFLyQ.LQQRYDFLyQ ± SHHUHIIHFWVPRGHORVDVHJXLU ± DPELHQWHVGHDSUHQGL]DMHHQODFRPXQLGDG 6XMHWRDH[WHUQDOLGDGHV\ULHVJRV 9DULDEOHVHVWXGLDQWHIDPLOLDHVFXHODV\FRQWH[WR ± IXQFLRQHVGHSURGXFFLyQHGXFDWLYD,QVXPRVÆ UHWRUQRVHGXFDFLyQHIIHFWRV GLSORPDGLVSDULGDGHV 'RVDERUGDMHVFRPSOHPHQWDULRV ± RIHUWDGHPDQGD $FFHVRFRVWRVUHVWULFFLRQHVOLTXLGH]\ HGDGWHPSUDQDÆ IDPLOLDFRPXQLGDGÆ HVFXHODÆ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yQ\&DEURO &KLOH $UJHQWLQD 'LIIHUHQFHLQSHUFHQWDJHRILQGLYLGXDOV )XHQWH $ULDV'LD]\)D]LR &ROOHJH 3ULPDU\ 'RP5HSXEOLF %UD]LO +LJKVFKRRO (O6DOYDGRU %ROLYLD 0H[LFR &RORPELD 3HUX %UHFKDVHQ QLYHOHGXFDWLYRHQWUH QLxRV\MyYHQHVQRSREUHV\SREUHV HGDG 1LFDUDJXD *XDWHPDOD 1LFDUDJXD 6LVWHPD HGXFDWLYR WLHQH XQGHVHPSHxR &KLOH $UJHQWLQD PX\H[LWRVRHQ OR 3DQDPi 3HU~ UHODWLYRDOD %ROLYLD -DPDLFD PDWULFXODFLyQ (FXDGRU 0p[LFR SHURLQIHULRUHQ SHURLQIHULRU 8UXJXD\ WUDQVIRUPDU DxRVGH 9HQH]XHOD DVLVWHQFLDHVFRODU &RORPELD 3DUDJXD\ 5HS~EOLFD HQDxRVGH 'RPLQLFDQD (O6DOYDGRU HVFRODULGDG &RVWD5LFD FRPSOHWDGRV SRU %UDVLO %HOLFH DOWDUHSHWLFLyQ +RQGXUDV +DLWt HVFRODU 3DtV 3U RPHGLR GH DxRV ´LQQHFHVDULRVµ HQ ODHVFXHOD )XHQWH $ULDV'LD]\)D]LREDVDGRHQ8UTXLROD\&DOGHUyQ 3URPHGLR GH DxRV GH HVFRODULGDG FRPSOHWDGRV 3URPHGLR GH DxRV HQOD HVFXHOD 'pILFLWGH.KXPDQRVHUHVSRQGHDDOWD GHPDQGDHGXFDWLYDFRQGHVHPSHx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pILFLWGH.KXPDQRHOEDMRDSUHQGL]DMHHVOD QRUPDDXQTXHKD\GLVSDULGDGHV µ0LFURFRUUHODWHV¶ GHODSURJUHVLyQ HGXFDWLYD 5HS'RPLQLFDQD %ROLYLD (O6DOYDGRU 1LFDUDJXD $UJHQWLQD &KLOH 3HUX &RORPELD 0H[LFR %UD]LO )XHQWH $ULDV'LD]\)D]LR $xRVGHHGXFDFLyQ ,QFUHPHQWRHQHOVDODULRSRUFDGDDxRGHHGXFDFLyQ UHODWLYRDXQWUDEDMDGRUVLQHGXFDFLyQ 5HWRUQRVDODHGXFDFLyQVRQEDMRVFXDQGRHVPiV µEDUDWR¶ LQYHUWLU\HOHYDGRVFXDQGRVXEHQORVFRVWRV 6DODULRUHODWLYRDQRWHQHUHGXFDFLyQ ± (IHFWRVGLSORPD ± (VFXHODV GHSHRU FDOLGDG ± 'HILFLHQFLDVHQ LQYHUVLyQWHPSUDQD QXWULFLyQDPELHQWHV DSUHQGL]DMHDFFHVR D SUHHVFRODU ± $FFHVRUHGXFLGRD DFWLYRV FRPSOHPHQWDULRV ± 'LVFULPLQDFLyQ ³FRQH[LRQHV´ 0HQRUHVUHWRUQRV SRVLEOHPHQWHSRU FRPSOHWD 3ULPDULD LQFRPSOHWD FRPSOHWD LQFRPSOHWD PiVULFRV FRPSOHWD 6HFXQGDULD 6HFXQGDULD 8QLYHUVLGDG 8QLYHUVLGDG PiVSREUHV 1LFDUDJXD5HWRUQRVDODHGXFDFLyQSRUQLYHO )XHQWH $ULDV'LD]\)D]LR 0HQRUHVLQFHQWLYRVDODLQYHUVLy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yQHJ&2/ LQJUHVRIDPLOLDUPX\EDMR /DSURJUHVLyQHVFRODUHV PiVSUREDEOHTXHVH LQWHUILHUDHQQLx#V 1LFDUDJXD )DWKHUZLWK VHFRQGDU\ )DWKHUZLWK SULPDU\ 3HUFHQWDJHFKDQJHLQULVNFRPSDUHGWRFROOHJHHGXFDWHGPRWKHUV 5LVNRIVFKRROGURSRXWDQGIDWKHU VHGXFDWLRQ /RVDQWHFHGHQWHVIDPLOLDUHVSUR[\FDOLGDGIDPLOLDV\ HVFXHODVVHDVRFLDQPi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µH[FOXVLyQ¶ LPSRUWDQSHUR WDPELpQVRQUHODWLYDPHQWHGRRUGHQ %UD]LO )DFWRUHVGHODHVFXHOD\HO VLVWHPDHGXFDWLYR9HJDV\ 3HWURZ 6LELHQORVSDtVHVFRQPHQRUGHVHPSHxR HGXFDWLYRWLHQGHQDJDVWDUPHQRVHQ SURPHGLRQRKD\XQDUHODFLyQFDXVDO FODUDHQWUHJDVWR\UHVXOWDGRV $OJXQD HYLGHQFLDGHXQDUHODFLyQSRVLWLYD DEDMRVQLYHOHVGHJDVWR 6LQHPEDUJRHQDOJXQRVSDtVHVGHOD UHJLyQ&HQWURDPpULFDHVFODUDOD QHFHVLGDGGHDXPHQWRVELHQSRQGHUDGRV GHOJDVWRSDUDSRGHUPHMRUDUHO GHVHPSHxRHGXFDWLYR )XHQWH 9HJDV\3HWURZ 3XEOLFVSHQGLQJRQHGXFDWLRQWRWDO RI*'3 /DWLQ$PHULFD &DULEEHDQ 2(&' (OQLYHOHGXFDWLYRGHOPDHVWUR\VXVRSRUWXQLGDGHVGH GHVDUUROORSURIHVLRQDOSXHGHQPHMRUDUVXVLQFHQWLYRV DVLVWHQFLDDODHVFXHOD\GHVHPSHxRSHURKD\DXQ SRFDHYLGHQFLDGHTXHPHMRUHQHODSUHQGL]DMH &RPRVHUHPXQHUDDORVSURIHVRUHVWpUPLQRV DEVROXWRV\UHODWLYRVSXHGHDIHFWDUODFDOLGDGGHOD LQVWUXFFLyQDXQTXHKD\OLPLWDGDHYLGHQFLDGHTXH PHMRUHODFDOLGDGGHORVQXHYRVPDHVWURV /RVFULWHULRV\SROtWLFDVSDUDODDVLJQDFLyQGH PDHVWURVDODVHVFXHODVSXHGHQFRQWULEXLUDOD GHVLJXDOGDGHQFDOLGDGHGXFDWLYDVLQRVH DFRPSDxDQGHORVLQFHQWLYRVDGHFXDGRVLH ERQXVVDODULDOHVGHVDUUROORSURIHVLRQDOPHMRUDVHQ LQIUDHVWUXFWXUDHVFRODU +D\HYLGHQFLDWHQXH GHTXHFHWHULVSDULEXVPD\RUHV UHFXUVRVHQODVHVFXHODVHJOLEURVPDWHULDOHV FRPSXWDGRUDVOOHYDQDPHMRUDVHQHODSUHQGL]DMH /DFDQWLGDGGHWLHPSRHQODHVFXHOD\FyPRpVWHVHXVD LPSDFWDQSRVLWLYDPHQWHHODSUHQGL]DMH /DHYLGHQFLDVREUHHOHIHFWRSURPHGLRHQHODSUHQGL]DMH GHOWDPDxRGHFODVH\HOUDWLRHVWXGLDQWHSRUSURIHVRU HV DPELJXDDXQTXHSDUDORVQLxRVGHEDMRGHVHPSHxR 8QSDUWHLPSRUWDQWHGHODVGLIHUHQFLDVHQUHVXOWDGRV HQWUHORVHVWXGLDQWHVLQGtJHQDV \QRLQGtJHQDVVH H[SOLFDSRUGLIHUHQFLDVHQODFDOLGDGGHODVHVFXHODV DXQTXHQRHVWDFODURFXiOHVSUHFLVDPHQWH )DFWRUHVYLQFXODGRVDORVUHFXUVRVHQOD HVFXHOD (OQLYHOGHWRPDGHGHFLVLRQHV\UHVSRQVDELOLGDGHVLPSRUWD± (VFXHODFRPXQLGDGYV(VWDGRYLVLRQHV /RFODYHHVWHQHUXQVLVWHPDGHUHQGLFLyQGHFXHQWDV UHVXOWDGRVHVFRODUHVSDUDJHQHUDUORVLQFHQWLYRVTXH IDYRUH]FDQODFDOLGDGHGXFDWLYD± SHURFXLGDGRFRQHOXVR LQGLVFULPLQDGRGHORVVFRUHVGHODVSUXHEDVQDFLRQDOHV /DGHVFHQWUDOL]DFLyQHGXFDWLYDVLQHODSR\RILQDQFLHURH LQVWLWXFLRQDOSXHGHDPSOLDUODVGLVSDULGDGHVHQHOVLVWHPD HGXFDWLYR2MRFRQORVHVTXHPDVGHILQDQFLDPLHQWRSRU HVWXGLDQWH 0XFKRVLQWHQWRVGHUHIRUPDFXUULFXODUHQ$/\&SHURSRFR TXHKD\DVLGRVLVWHPiWLFDPHQWHDSOLFDGR\HYDOXDEOH /RVSURJUDPDVGHHOHFFLyQYRXFKHUVWLHQHQLPSDFWRV SRVLWLYRVVLVHRULHQWDQDIDPLOLDVGHEDMRVLQJUHVRV&2/ HQPD\RUHVFDODSXHGHQDPSOLDUODVGHVLJXDOGDGHV&KLOH )DFWRUHVYLQFXODGRVDODRUJDQL]DFLyQ\JHUHQFLD GHOVLVWHPDHGXFDWLYR\ODHVFXHOD )RUWDOHFHU HOµYDOXH RSWLRQ¶ GHOD HGXFDFLyQSDUDODVIDPLOLDVGH PHQRUHVLQJUHVRV YLVLyQ\DFFLRQDUVLVWpPLFR PHMRUDU DFFHVR GHPDQGD\RIHUWD \ WUDQVLFLRQHVDODVHFXQGDULD\DOD XQLYHUVLGDG HJ&&7V IRPHQWDQGRWHUPLQDUQLYHOHV $XPHQWDU ORVUHWRUQRVDOD HGXFDFLyQ SDUDODVIDPLOLDVGHEDMRV LQJUHVRV HQWHQGHU\HQIUHQWDUFDXVDV UHSHWLFLyQPHMRUDVGH FDOLGDG\SHUWLQHQFLDPHGLDQWHDXPHQWRVVLJQLIGHOJDVWR FXDQGRDPHULWH PHUFDGRODERUDOPiVIOXLGR VLQHUJLDVFRQ LQYHUVLRQHVLQQRYDFLyQHWF /OHQDUEUHFKDVGHLQVWUXFFLyQPtQLPD\DSUHQGL]DMHFRQWLQXR HQSREODFLyQDGXOWD DOIDEHWL]DFLyQFDSDFLWDFLyQDGXOWRV MRYHQHVFRQPHFDQLVPRVGHPHUFDGROLIHORQJOHDUQLQJ $OLQHDUODRSRUWXQLGDGGHPRJUiILFDFRQKRUL]RQWHFRUWRSODFLVWD GHODSROtWLFD FRDOLFLRQHVDFXHUGRVLQWHUWHPSRUDOHV ,JXDODUODVRSRUWXQLGDGHVGHIRUPDFLyQGH.KXPDQRGHORV QLxRVHQULHVJR QXWULFLyQ(&' &&7V 3ULRULGDGHVHVWUDWpJLFDVSDUDODV SROtWLFDVGHFDSLWDOKXPDQR ([SDQGLUHOFRPSRQHQWHGHODUHPXQHUDFLyQ EDVDGRHQSHUIRUPDQFH YLQFXODGRDPHMRUDVHQ ODLQVWUXFFLyQ\HQHODSUHQGL]DMH±HQYDORU \ODFREHUWXUDGHPDHVWURV3HURVDELHQGRTXH ORVLQFHQWLYRVVDODULDOHVQRVRQSDQDFHD 2ULHQWDUORVLQFHQWLYRV SDUDDVLJQDUEXHQRV PDHVWURVDODVHVFXHODV\FODVHVTXHSXHGDQ EHQHILFLDUVHPiVGHPHMRULQVWUXFFLyQ 7UDQVIRUPDU\VLVWHPDWL]DUODFDSDFLWDFLyQ\ GHVDUUROORSURIHVLRQDOGHORVPDHVWURVHQ IXQFLyQGHORVHVWDQGDUHVGHDSUHQGL]DMH )RPHQWDUPD\RUHYDOXDFLyQGHLPSDFWR )XHQWH 9HJDV\3HWURZ &KLOH (VWDGR /LPLWDGR $XWRQRPtD 1XHYD =HODQGLD &RQWUDWRVGH &DOLGDG 8. 86$ 0$7; )LQODQGLD (VSDxD ,QVWUXFFLyQ 'LIHUHQFLDGD .RUHD6XU *HUHQFLDOD ,QVWUXFFLyQ &RQWURO &XDOTXLHUDODYLVLyQJHUHQFLDOGHOVLVWHPDHGXFDWLYR\ ODHVFXHODDOLQHDUODDODREWHQFLyQGHUHVXOWDGRV PHGLDQWHUHQGLFLyQGHFXHQWDV3DSHOGHO(VWDGRDO PHQRVHQ DVHJXUDULJXDOGDGGHRSRUWXQLGDGHV HGXFDWLYDVFXUUtFXORVDGHFXDGRVVWDQGDUGVPtQLPRV )XHQWH 9HJDV\3HWURZ 0DUNHWV 'HWHUPLQHTXDQWLW\ DQGGLVWULEXWLRQRI VFKRROV 6FKRROV 'HILQHSHUIRUPDQFH VWDQGDUGVLQVWUXFWLRQDO PRGHODQGHYDOXDWLRQ *RYHUQPHQW (VWDEOLVKHV UHTXLUHPHQWVWR RSHUDWHDQGUHSRUWLQJ 3URYLGHVLQIRUPDWLRQ WRPDUNHW )LQDQFHV /LPLWHG6WDWH 'LIIHUHQWLDWHG ,QVWUXFWLRQ 0DUNHWV 'HWHUPLQHTXDQWLW\ DQGGLVWULEXWLRQRI VFKRROV 0DUNHWV 'HWHUPLQHGLVWULEXWLRQRI VFKRROV 6FKRROV 'HILQHLQVWUXFWLRQDOPRGHO *RYHUQPHQW (VWDEOLVKHVUHTXLUHPHQWVWR RSHUDWHSHUIRUPDQFH VWDQGDUGVHYDOXDWLRQDQG UHSRUWLQJUHTXLUHPHQWVDQG VWDIIDFFUHGLWDWLRQ UHTXLUHPHQWV 3URYLGHVLQIRUPDWLRQ )LQDQFHVDQGSURYLGHV WHFKQLFDOVXSSRUWLQF 3URIHVVLRQDOGHYHORSPHQW 'HWHUPLQHVTXDQWLW\RI VFKRROV 6FKRROV (YDOXDWHVVWXGHQW 'HILQHLQVWUXFWLRQDO SHUIRUPDQFH PRGHODQG ,QWHUYHQHVLQVFKRROV HYDOXDWLRQ *RYHUQPHQW (VWDEOLVKHV UHTXLUHPHQWVWR RSHUDWH SHUIRUPDQFH VWDQGDUGV HYDOXDWLRQDQG UHSRUWLQJ UHTXLUHPHQWV 3URYLGHVLQIRUPDWLRQ )LQDQFHV $XWKRUL]HVDQG UHYRNHVFRQFHVVLRQV 4XDOLW\ &RQWUDFWV *RYHUQPHQW (VWDEOLVKHV UHTXLUHPHQWVWRRSHUDWH SHUIRUPDQFHVWDQGDUGV HYDOXDWLRQDQGUHSRUWLQJ UHTXLUHPHQWVDQGVWDII DFFUHGLWDWLRQ UHTXLUHPHQWV )LQDQFHVDQGSURYLGHV WHFKQLFDOVXSSRUWLQF SURIHVVLRQDO GHYHORSPHQW 'HWHUPLQHVTXDQWLW\DQG GLVWULEXWLRQRIVFKRROV (YDOXDWHVVWXGHQW SHUIRUPDQFH ,QWHUYHQHVLQVFKRROVWR HQVXUHDGKHUHQFHWRRQH LQVWUXFWLRQDOPRGHO 0DQDJHG ,QVWUXFWLRQ