KWWSZZZHOSUDFWLFDQWHJDOHRQFRP &8(67$$*8,5$2$%(1$9(17$'LDJQyVWLFRGH(QIHUPHUtD $GDSWDFLyQDOFRQWH[WRHVSDxRO'LD]GH6DQWRV0DGULG 0DQXDOGHGLDJQyVWLFRVEDVDGRHQODWD[RQRPtD1$1'$,&RQIHUHQFLDDGDSWDGRDO HVSDxRO1RHVXQDYHUVLyQRILFLDOGHOD1$1'$DSRUWDHWLTXHWDVQXHYDVGHVDUUROODGDV SDUDHOVLVWHPDVDQLWDULRHVSDxRO $GDSWDFLyQDOFRQWH[WRHVSDxRO &XHVWD=DPEUDQD$QGUpV3URIHVRU7LWXODUGH(VFXHOD8QLYHUVLWDULD'HSDUWDPHQWG ,QIHUPHULDGHOD8QLYHUVLWDWGH 9DOqQFLD 3URIHVRUGH)XQGDPHQWRVGH(QIHUPHUtD *XLUDRL*RULV-$GROI 'LSORPDGR8QLYHUVLWDULRHQ(QIHUPHUtD (QIHUPHUR$VLVWHQFLDOHQ$WHQFLyQ3ULPDULD 3URIHVRU&RODERUDGRUGH)XQGDPHQWRVGH(QIHUPHUtD 'HSDUWDPHQWG ,QIHUPHULDGHOD8QLYHUVLWDWGH9DOqQFLD %HQDYHQW*DUFpV0$PSDUR 3URIHVRUD7LWXODUGH(VFXHOD8QLYHUVLWDULD 'HSDUWDPHQWG ,QIHUPHULDGHOD8QLYHUVLWDW GH9DOqQFLD 3URIHVRUDGH)XQGDPHQWRVGH(QIHUPHUtD +DQFRODERUDGRHQHVWHOLEUR 5RVHV<DJR-XDQ-RVp 'LSORPDGR 8QLYHUVLWDULRHQ(QIHUPHUtD (QIHUPHURGH$VLVWHQFLD+RVSLWDODULD 3URIHVRU &RODERUDGRUGH)XQGDPHQWRVGH(QIHUPHUtD 7jSLD0LFy-RVHSK 'LSORPDGR8QLYHUVLWDULRHQ(QIHUPHUtD (QIHUPHURGH$VLVWHQFLD*HULiWULFD 3DODQFD5RGUtJXH]6XVDQD 'LSORPDGD8QLYHUVLWDULDHQ(QIHUPHUtD (QIHUPHUD$VLVWHQFLDOHQ$WHQFLyQ3ULPDULD $VHVRUD/LQJtVWLFD &ODUD0DUWtQH],UDQ]R /LFHQFLDGDHQ)LORORJtD+LVSiQLFD &RUUHFFLyQGHHVWLOR $QGUpV+HUQiQGH]GH6i /LFHQFLDGRHQ&LHQFLDVGHOD,QIRUPDFLyQ 5HIHUHQFLDELEOLRJUiILFD &XHVWD$ *XLUDR-$ %HQDYHQW$'LDJQyVWLFRGHHQIHUPHUtD$GDSWDFLyQDOFRQWH[WRHVSDxRO0DGULG (GLWRULDO'tD]GH6DQWRVSiJV 35Ï/2*2 (QHOPRPHQWRDFWXDO\DQRUHVXOWDH[WUDxRKDEODUGH'LDJQyVWLFRGH(QIHUPHUtD3RUOR PHQRVODPD\RUSDUWHGHSURIHVLRQDOHVGH(QIHUPHUtDFRQRFHQHVWHWpUPLQR6LQ HPEDUJRVXXVRQRHVJHQHUDOL]DGR 0XFKRVVRQORVDUJXPHQWRVTXHVHKDQEDUDMDGRDOLQWHQWDUMXVWLILFDUODQRXWLOL]DFLyQ GHO'LDJQyVWLFRGH(QIHUPHUtDSRUORVSURIHVLRQDOHV $OJXQRVGHGLFKRVDUJXPHQWRV DWULEX\HQODUHVSRQVDELOLGDGDODSURSLD$GPLQLVWUDFLyQ\DTXHGHEHUtDHVWDULQWHUHVDGD HQSURPRYHUORVIDFLOLWDQGRVXXVR\IRPHQWDQGRVXXWLOL]DFLyQGHVGHODVGLUHFFLRQHV SXHVHOILQTXHVHSHUVLJXHHVHQGHILQLWLYDPHMRUDUORVVLVWHPDVGHWUDEDMRSDUD SURSRUFLRQDUXQDPHMRUDVLVWHQFLDDORVXVXDULRVTXHDFXGHQDQXHVWURVKRVSLWDOHVR FHQWURVGHVDOXG(VWHDUJXPHQWR\DQRSXHGHVHUXVDGRGDGRTXHDOJXQRV6HUYLFLRVGH 6DOXGFRPRHO6HUYHL9DOHQFLjGH6DOXWHVWiQUHDOL]DQGRSODQHVGHIRUPDFLyQ\ IDFLOLWDQGRODSXHVWDHQSUiFWLFDGHORVGLDJQyVWLFRVGHHQIHUPHUtD ,PEXLGRVGHOiQLPRGHIRPHQWDUVXXVRSUHWHQGHPRVPHMRUDUODFRPSUHQVLyQGHORV GLDJQyVWLFRV\IDFLOLWDUWDQWRVXXWLOL]DFLyQHQHOPHGLRDVLVWHQFLDOFRPRVXLQFOXVLyQ HQORVHVWXGLRVEiVLFRVGHODV(VFXHODVGH(QIHUPHUtD\DTXHVXHPSOHRSRWHQFLDHO GHVDUUROORSURIHVLRQDOODFRPXQLFDFLyQHQWUHORVSURIHVLRQDOHVHOGHVDUUROORGHSODQHV GHFXLGDGRVLQGLYLGXDOL]DGRV\ODLQYHVWLJDFLyQHQOD&LHQFLDGH(QIHUPHUtD 8QRGHORVSUREOHPDVTXHVHHQFXHQWUDQORVSURIHVLRQDOHVDVLVWHQFLDOHVHLQFOXVR GRFHQWHVSDUDIRPHQWDUHOXVRGHORVGLDJQyVWLFRVHVTXHODVHWLTXHWDVGLDJQyVWLFDVQR VRQFRPSUHQVLEOHVSDUDHOXVRHQODSUiFWLFDSRUQRDMXVWDUVHDOFDPSRGHFRPSHWHQFLDV TXHHOSURIHVLRQDOGH(QIHUPHUtDHMHUFHHQQXHVWURHQWRUQR\DTXHKDQVLGR GHVDUUROODGRVHQXQSDtVFRQLGHRORJtDVLVWHPDSROtWLFR\GHVDOXGGLVWLQWRVDOQXHVWUR &RQVFLHQWHVGHHVWHSUREOHPDQRVUHXQLPRVXQJUXSRGHSURIHVLRQDOHVDVHVRUDGRVSRU XQDOLQJLVWDSDUDHVWXGLDUORVGLDJQyVWLFRVGH(QIHUPHUtDSURSXHVWRVSRUOD 1$1'$&RQIHUHQFLD7UDVXQDQiOLVLVPLQXFLRVRGHODVGLVWLQWDVWUDGXFFLRQHV HQKDEODKLVSDQDIRUPXODPRVODPiVFRQYHQLHQWHSDUDFDGDFDVRWUDWDQGRGHFRQVHJXLU XQD H[SUHVLyQFODUD\EUHYHTXHUHGXQGHHQXQDPHMRUFRPSUHQVLyQ &RQVLGHUDPRVFRPR0DGHOHLQH/HLQLQJHUTXHHOFXLGDUHQ(QIHUPHUtDHVXQIHQyPHQR WUDQVFXOWXUDO\DTXHYLHQHFRQGLFLRQDGRSRUORVIDFWRUHVFXOWXUDOHVGHFDGDHQWRUQR'H HVWDIRUPDDQDOL]DPRVODVHWLTXHWDVGLDJQyVWLFDVSDUDOXHJRDGDSWDUODVDOFRQWH[WR HVSDxRO$OJXQRVGLDJQyVWLFRVGHOD1$1'$IXHURQGHVHVWLPDGRVSRUORTXHQRVH LQGLFDSDUDHOORVHWLTXHWDDOJXQDHQRWURVVHUHDOL]yODDGDSWDFLyQGHODHWLTXHWDDO FRQWH[WRHVSDxROSRU~OWLPRORVGLDJQyVWLFRVLQWURGXFLGRVSRUQRVRWURVLQWHQWDQ UHIOHMDUHQVXIRUPXODFLyQHOFRQWH[WRHVSHFtILFRHQHOTXHVHHQPDUFDQODOHQJXD\OD (QIHUPHUtDHVSDxRODV (VSHUDPRVTXHHVWDREUDFRQWULEX\DDOGHVDUUROORGHORVGLDJQyVWLFRVGH(QIHUPHUtD\D VXXVRHQWUHORVSURIHVLRQDOHVDVLVWHQFLDOHV\GRFHQWHVGHIRUPDTXHLPSXOVHHO GHVDUUROORGHODVFLHQFLDVGHOD(1)(50(5Ë$ 'HVHDPRVH[SUHVDUQXHVWURDJUDGHFLPLHQWRDWRGDVDTXHOODVSHUVRQDVTXHKDQ FRQWULEXLGRFRQVXVRSLQLRQHVDGDUVHQWLGRDHVWDREUD\HQHVSHFLDODO'U(QULTXH 3HUGLJXHUR*LOSRUVXVFUtWLFDVFRQVWUXFWLYDV\HOiQLPRTXHQRVLQIXQGLySDUDUHDOL]DU HOSUHVHQWHWUDEDMR /RVDXWRUHV ,1',&(325&$3Ë78/26 ,QWURGXFFLyQ &DStWXOR,$QiOLVLVGHORVGLDJQyVWLFRVGHOD1$1'$ /LVWDGRVFRPSDUDGRV &DStWXOR,,'LDJQyVWLFRGHHQIHUPHUtD &RQFHSWRVSULQFLSDOHVXVDGRVHQHVWHFDStWXOR 'HILQLFLyQGHORVGLDJQyVWLFRVGHHQIHUPHUtD 3UREOHPDVLQWHUGHSHQGLHQWHV &RQFHSWR 'LIHUHQFLDHQWUHGLDJQyVWLFRGH(QIHUPHUtD\SUREOHPDLQWHUGHSHQGLHQWH 7LSRVGHSUREOHPDVLQWHUGHSHQGLHQWHV 3UREOHPDLQWHUGHSHQGLHQWHUHDO 3UREOHPDLQWHUGHSHQGLHQWHSRWHQFLDOHV (QXQFLDGRGLDJQyVWLFRGHORVSUREOHPDVLQWHUGHSHQGLHQWHV 3URFHVRGLDJQyVWLFR &RQVLGHUDFLRQHVVREUHHOSURFHVRGLDJQyVWLFR 'HILQLFLyQ\HWDSDVGHOSURFHVRGLDJQyVWLFR )DVHGHDQiOLVLV &ODVLILFDFLyQ\DJUXSDPLHQWRGHGDWRV 'HWHUPLQDFLyQGHORVGDWRVLGHQWLILFDWLYRV )DVHGHVtQWHVLV (OHFFLyQGHODHWLTXHWDGLDJQyVWLFD %~VTXHGDGHODHWLRORJtD )DVHGHFRPSUREDFLyQ )DVHGHUHJLVWUR (OIRUPDWR3(6 )RUPXODFLyQGHORVGLDJQyVWLFRV Â&ODVLILFDFLyQGHORVGLDJQyVWLFRVGHHQIHUPHUtD D'LDJQyVWLFRHQVDOXG E'LDJQyVWLFRUHDO F'LDJQyVWLFRGHULHVJR G'LDJQyVWLFRGXGRVR 1RUPDVSDUDHVFULELUXQGLDJQyVWLFRGHHQIHUPHUtD &DStWXOR,,, (WLTXHWDVGLDJQyVWLFDVRUGHQDGDVVHJ~QODHVWUXFWXUDIXQFLRQDOGHVDOXGGH *RUGRQPRGLILFDGD ,1752'8&&,Ï1 (OSUHVHQWHHVWXGLRHVWiGLVHxDGRSDUDHQIHUPHUDVDVLVWHQFLDOHVTXHXWLOL]DQHQVXWUDEDMR GLDULRHO3URFHVRGH$WHQFLyQGH(QIHUPHUtD\SRVHHQFRQRFLPLHQWRGHODPHWRGRORJtD GHWUDEDMR7DPELpQYDGLULJLGRDORVSURIHVRUHVGH)XQGDPHQWRVGH(QIHUPHUtD (QIHUPHUtD0pGLFR4XLU~UJLFD(QIHUPHUtD0DWHUQR,QIDQWLO6DOXG&RPXQLWDULD (QIHUPHUtD3VLTXLiWULFD\(QIHUPHUtD*HULiWULFDSDUDTXHORXWLOLFHQFRPRSDUWHGHOD PHWRGRORJtDTXHHQVHxDQ\DSOLFDQ (QODSULPHUDSDUWHVHH[SOLFDHOSURFHVRVHJXLGRSDUDDQDOL]DUORVGLDJQyVWLFRV (QODVHJXQGDSDUWHVHUHFXHUGDODPHWRGRORJtDDVHJXLUSDUDODIRUPXODFLyQGHXQ GLDJQyVWLFRGHHQIHUPHUtD6HH[SRQHQFRQFHSWRVQXHYRVHQFXDQWRDORVWLSRVGH GLDJQyVWLFRVFRPRHOGLDJQyVWLFRGH(QIHUPHUtDHQVDOXGRHOGLDJQyVWLFRGXGRVRTXH VXUJHQGHODDSOLFDFLyQSUiFWLFD\ODDGDSWDFLyQGHODPHWRGRORJtDGHFXLGDGRVDXQ VLVWHPDVDQLWDULRHQHOTXHVHSRWHQFLDODDWHQFLyQSULPDULDGHVDOXG7DPELpQVH UHDOL]DQPRGLILFDFLRQHVHQODIRUPDGHUHJLVWURSDUDKDFHUPiVRSHUDWLYRHOXVRGHO GLDJQyVWLFRGHHQIHUPHUtD/DWHQGHQFLDTXHVHSURSRQHHQHOSUHVHQWHHVWXGLRHV IRUPXODUORVGLDJQyVWLFRVVyORFRQODHWLTXHWDGLDJQyVWLFD 1RVHQFRQWUDPRVWRGDYtD HQHOLQLFLRGHOFDPLQRGHHVWDWHQGHQFLDSHURVHUiQODLQYHVWLJDFLyQ\HOGHVDUUROORGH QXHYDVHWLTXHWDVGLDJQyVWLFDVODVTXHRULJLQHQXQDWD[RQRPtDPiViJLO\FHUFDQDDORV SUREOHPDVTXHGHWHFWDQ\WUDWDQGLDULDPHQWHODVHQIHUPHUDV (QODWHUFHUDSDUWHVHUHODFLRQDQODVHWLTXHWDVGLDJQyVWLFDVRUGHQDGDVVHJ~QODHVWUXFWXUD IXQFLRQDOGHVDOXGGH*RUGRQ\VXEGLYLVLRQHVGHIXQFLyQTXHLQWHQWDQKDFHUPiV RSHUDWLYDODPLVPDPHGLDQWHFDUDFWHUtVWLFDVGHILQLWRULDVIDFWRUHVUHODFLRQDGRV\ IDFWRUHVGHULHVJRVHJ~QVHDHOWLSRGHGLDJQyVWLFRGHVFULWR$VtPLVPRVHLQFOX\HXQ FyGLJRSDUDODFODVLILFDFLyQ\WUDWDPLHQWRLQIRUPiWLFRGHODVHWLTXHWDV(VWHFyGLJR FRQVWDGHVHLVGtJLWRVORVGRVSULPHURV LQGLFDQHOSDWUyQIXQFLRQDOGHVDOXGHOWHUFHUR ODVXEGLYLVLyQIXQFLRQDOHOFXDUWRODVXEGLYLVLyQGLDJQyVWLFD\ORVGRV~OWLPRVHO Q~PHURGHGLDJQyVWLFR+DGHREVHUYDUVHTXHODVGLYLVLRQHVGLDJQyVWLFDVWLHQHQTXH DFDEDUVLHPSUHHQ 3RU~OWLPRSDUDIDFLOLWDUVXXWLOL]DFLyQLQFOXLPRVHQHODQH[RXQGRFXPHQWRGH YDORUDFLyQRUJDQL]DGDVHJ~QODHVWUXFWXUDIXQFLRQDOGHVDOXGGH*RUGRQPRGLILFDGD XQDFODVLILFDFLyQGHODVHWLTXHWDVGLDJQyVWLFDVVHJ~QORV3DWURQHVGH5HVSXHVWD+XPDQD GHOD1$1'$\XQtQGLFHGHVJORVDGRGHWRGRVORVWpUPLQRVGHODVHWLTXHWDV GLDJQyVWLFDV 6LHOOHFWRUGHVHDLQIRUPDFLyQEiVLFDGHOSURFHVR\GLDJQyVWLFRVHUiFRQYHQLHQWHTXH FRQVXOWHFXDOTXLHUDGHODVREUDVTXHVHFLWDQHQOD%LEOLRJUDItD &$3Ë78/2,$QiOLVLVGHORVGLDJQyVWLFRVGHOD1$1'$ (OPpWRGRGHWUDEDMRSDUDDQDOL]DUODVHWLTXHWDVGLDJQyVWLFDVGHOD1$1'$FRQVLVWLyHQ XQHVWXGLRELEOLRJUiILFRSUHYLR(VWDEOHFLPRVXQRVFULWHULRVTXHFRQVLGHUDPRV VXILFLHQWHVSDUDYDOLGDUODVHWLTXHWDV\DGDSWDUODVDOFRQWH[WRHVSDxRO(VWRVFULWHULRV IXHURQORVVLJXLHQWHV ¢(VSRVLEOHODLQGHSHQGHQFLDGHDFWXDFLyQGHODHQIHUPHUDSDUDUHVROYHUSDOLDUODV FDXVDVTXHRULJLQDQHOSUREOHPD"(VWHFULWHULRHVFRQGLFLyQLQGLVSHQVDEOHSDUDTXH H[LVWDGLDJQyVWLFRGHHQIHUPHUtD ¢(VSRVLEOHODDFWXDFLyQVLVWHPiWLFD" $OLJXDOTXHHODQWHULRUFULWHULRHVFRQGLFLyQ LQGLVSHQVDEOHSDUDTXHH[LVWDGLDJQyVWLFRGHHQIHUPHUtD ¢&RQGLFLRQDDUHDOL]DUFRQVLGHUDFLRQHVLGHROyJLFDVVREUHHOSUREOHPDGHOVXMHWR" (O SURIHVLRQDOGH(QIHUPHUtDGHEHHQWHQGHUDOLQGLYLGXR\VXVLWXDFLyQREMHWLYDPHQWH HYLWDQGRMX]JDUODVVLWXDFLRQHVFRQVXSURSLDLGHRORJtD ¢'HILQHXQDVLWXDFLyQFRQFUHWDVREUHHOHVWDGRGHVDOXGGHOVXMHWR"3DUDTXHHO SURIHVLRQDOGH(QIHUPHUtDSXHGDDFWXDUVLVWHPiWLFDPHQWHHVQHFHVDULDODFRQFUHFLyQHQ ODGHILQLFLyQGHOSUREOHPD ¢5HIOHMDODHWLTXHWDHOFRQWHQLGRGHODGHILQLFLyQ"/DHWLTXHWDHVODVtQWHVLVGHOD GHILQLFLyQGHOSUREOHPD3RUWDQWRGHEHDMXVWDUVXVLJQLILFDQWHDOVLJQLILFDGR ¢/DHWLTXHWDHVFRKHUHQWHHQOHQJXDHVSDxROD"/DHWLTXHWDGHEHVHUFRPSUHQVLEOH SDUDSRGHUVHUXWLOL]DGD ¢(VEUHYHHQOHQJXDHVSDxROD"/DHWLTXHWDGHEHVLQWHWL]DUHQHOPHQRUQ~PHURGH SDODEUDVODVLWXDFLyQGHVDOXGGHILQLGD *UDFLDVDXQDQiOLVLVJOREDOREVHUYDPRVTXHODWD[RQRPtDGH1$1'$HQVXFRQMXQWR SUHVXSRQHXQDGHWHUPLQDGDHVFDODGHYDORUHVpWLFRPRUDOUHOLJLRVRV(VWDDILUPDFLyQHV SUREOHPiWLFDSXHVVHSRGUtD DUJXPHQWDUTXHWRGRDFWRKXPDQRHVWiEDVDGRGHXQPRGR XRWURHQDOJXQDPRUDO6LQHPEDUJRFUHHPRVQHFHVDULRSXQWXDOL]DUHOVXVWUDWR LGHROyJLFRTXHRULHQWDHVWDWD[RQRPtDSDUDFRQRFHUORVSULQFLSLRVHQTXHVH IXQGDPHQWD /DIDPLOLDFRPRSLODUIXQGDPHQWDO /DH[SHULHQFLDUHOLJLRVDFRQVLGHUDGDFRPRXQELHQQHFHVDULR /DDFWLYLGDGFRPRGHVHDEOHLQFOXVRGXUDQWHHORFLRIUHQWHDODLQDFWLYLGDG /DDXWRULGDGFRPRPRGHORLQFXHVWLRQDEOH (OSDWHUQDOLVPR /DDXVHQFLDGHDQiOLVLVGHODVFDXVDVPDFURVRFLDOHVOpDVHODVSURGXFLGDVSRUHO VLVWHPDVRFLDOTXHSURGXFHQGROHQFLDVLQ GLYLGXDOHVGHQWURGHORVIDFWRUHVHWLROyJLFRV GHFDGDGLDJQyVWLFR eVWDVVHUtDQDOJXQDVQRWDVLGHROyJLFDVTXHVHDSUHFLDQHQHVWDWD[RQRPtD 6HJ~QORVGLVWLQWRVGRFXPHQWRV\DXWRUHVFRQVXOWDGRVWRGRGLDJQyVWLFRGH(QIHUPHUtD VHUHILHUHDDIHFFLRQHVItVLFDVSVLFROyJLFDVVRFLRFXOWXUDOHV\HVSLULWXDOHV/ODPDOD DWHQFLyQODGLVWLQFLyQHQWUHORSVLFROyJLFR\ORHVSLULWXDO(QUHDOLGDGHVWR~OWLPRHV UHODFLRQDGRFRQODVFUHHQFLDVUHOLJLRVDVRFRQHO VLVWHPDGHYDORUHV TXHPiV SURSLDPHQWHGHEHUtDOODPDUVHLGHRORJtD )RUPDSDUWHGHOSHQVDPLHQWRGRPLQDQWHHQHOPXQGRRFFLGHQWDOODVXSRVLFLyQGHTXH WRGDSHUVRQDKDGHWHQHUQHFHVDULDPHQWHXQRVYDORUHVRFUHHQFLDV(VWDLGHDQRDIHFWDD 2ULHQWHGHOPLVPRPRGRTXHD2FFLGHQWH\HVWHPLVPRKHFKRODSRQHHQFXHVWLyQ /DVGLIHUHQFLDVLQWHUFXOWXUDOHVHQODDOLPHQWDFLyQORVKiELWRVORVVLVWHPDVSROtWLFRVORV PHGLRVGHSURGXFFLyQHWFFDXVDQDVXYH]GLIHUHQFLDVLQWHUFXOWXUDOHVHQOD VLQWRPDWRORJtDTXHLQGLFDODIDOWDGHVDOXG7DPSRFRKD\TXHROYLGDUTXHGHWHUPLQDGDV FRQGXFWDVVRQLQGHVHDEOHVSDUDXQDVFXOWXUDV\SRUWDQWRFRQVLGHUDGDVSDWROyJLFDV SHURGHVHDEOHVSDUDRWUDV1RWRPDUHQFXHQWDHOKHFKRSOXULFXOWXUDOVXSRQHOD FRQVLGHUDFLyQGHODSURSLDFXOWXUDFRPR~QLFD\XQLYHUVDODORVHIHFWRVSUiFWLFRVGHXQD WD[RQRPtDGHGLDJQyVWLFRV0XFKRVGHHOORVVRQYiOLGRVVyORSDUD2FFLGHQWHHLQFOXVR HQHOVHQRGHHVWDFXOWXUDVHWLHQGHDFRQVLGHUDUPRWLYRVGHFXLGDGRVGH(QIHUPHUtD FXDOTXLHUIRUPDGHSHQVDPLHQWRRFRQGXFWDTXHJHQHUHXQDLQFDSDFLGDGSDUDDFHSWDU YDORUHVGHODFXOWXUDGRPLQDQWHRFRPSRUWDPLHQWRRYDORUHVVRFLDOHVLQDFHSWDEOHVOD GLV\XQWLYDVXJLHUHTXHQRHVGHVHDEOHODH[LVWHQFLDGHSHQVDPLHQWRVLOtFLWRVDXQTXH QRVHPDQLILHVWHQHQXQFRPSRUWDPLHQWR(VWHFRQWUDVHQWLGRLGHROyJLFRHV SUREDEOHPHQWHODFDXVDGHTXHQRVHFRQVLGHUHQHFHVDULRGDUXQDGHILQLFLyQSDUDOD PD\RUSDUWHGHORVWpUPLQRVTXHVHPDQHMDQVHJ~QODELEOLRJUDItDFRQVXOWDGDWDOHV FRPRIXQFLyQGHSDWHUQLGDGFRPXQLFDFLyQLQWHUFDPELRVRFLDOUHVSRQVDELOLGDGHV DGDSWDFLyQHWFFRQODFRQVHFXHQFLDLQPHGLDWDGHJUDQQ~PHURGHLPSUHFLVLRQHV\ YDJXHGDGHV(QRFDVLRQHVODH[SOLFDFLyQGHORVWpUPLQRVUHVXOWDDODUPDQWHPHQWH VLPSOLVWD$VtSRUHMHPSORORVDGMHWLYRVSRFRDGHFXDGRLQDGHFXDGRRVLPLODUHV VRQORVTXHFRQPD\RUIUHFXHQFLDGDQODFDUDFWHUtVWLFDIXQGDPHQWDOGHOGLDJQyVWLFRGH HVWDIRUPDQRVHQFRQWUDPRVDPHQXGR LQFDSDFLGDGSDUDLQWHUSUHWDUHOVLJQLILFDGRGHODVSDODEUDVGHPRGRDGHFXDGR IXQFLRQDPLHQWRVH[XDOLQDGHFXDGR DIHFWRVLQDSURSLDGRVRFRPSRUWDPLHQWRVRFLDOLQFRQYHQLHQWH \XQODUJRHWFpWHUD 8QDGLILFXOWDGTXH\DFRQRFtDPRVDOLQLFLDUHODQiOLVLVGHODVHWLTXHWDVGLDJQyVWLFDVGHOD 1$1'$HUDTXHODVIXQFLRQHVGHODVHQIHUPHUDVHVSDxRODVVyORHVWiQGHILQLGDVHQ DOJXQRVUHJODPHQWRVGHUpJLPHQLQWHUQRGHODVGLVWLQWDVLQVWLWXFLRQHVVDQLWDULDVVLQ H[LVWLUXQDOH\JHQHUDOGHIXQFLRQHVGHOSURIHVLRQDOGH(QIHUPHUtD&RPRSHQVDPRVTXH HVLPSRUWDQWHHVWDEOHFHUXQDVHWLTXHWDVGLDJQyVWLFDVDFRUGHVFRQHOWUDEDMRFRWLGLDQRTXH UHDOL]DQODVHQIHUPHUDVHQ(VSDxDLQWHQWDPRVVXSOLUHVWDGLILFXOWDGXWLOL]DQGROD QRUPDWLYDVREUHIXQFLRQHVTXHH[LVWHHQODDFWXDOLGDG (ODQiOLVLVGHODVHWLTXHWDVGLDJQyVWLFDVGHOD1$1'$QRVOOHYyDUHDOL]DUODVLJXLHQWHV UHIOH[LRQHV $OJXQDVGHODVGHILQLFLRQHVDSXQWDGDVHQODVWUDGXFFLRQHV\HQORVGRFXPHQWRV RULJLQDOHVGHOD1$1'$VRQVXPDPHQWHLPSUHFLVDV\DTXHQRDFODUDQHOVLJQLILFDGRGH ODHWLTXHWDDTXHVHUHILHUHQHLQFOXVRHQ GHWHUPLQDGDVRFDVLRQHVVRQDXWpQWLFDV WDXWRORJtDV8QDQiOLVLVH[KDXVWLYRGHHWLTXHWDV\GHILQLFLRQHVWHQLHQGRHQFXHQWDHO OXJDUTXHRFXSDQHQODWD[RQRPtD\ODVUHODFLRQHVHQWUHORVGLVWLQWRVGLDJQyVWLFRVHV GHFLUFRQVLGHUDQGRWRGDODWD[RQRPtDHQVX HVWUXFWXUD UHYHODODIDOWDGHDOJXQRV GLDJQyVWLFRVFRPSOHPHQWDULRVDORVGHVFULWRV\ODSUHVHQFLDLQQHFHVDULDGHDOJXQRV RWURV8QGLDJQyVWLFRFRPR1XWULFLyQDOWHUDGDPD\RULQJHVWDTXHORVUHTXHULPLHQWRV FRUSRUDOHVHQFXHQWUDXQGLDJQyVWLFRGHULHVJRKRPyORJRVLQHPEDUJRHOGLDJQyVWLFR 1XWULFLyQDOWHUDGDPHQRULQJHVWDTXHORVUHTXHULPLHQWRVFRUSRUDOHVQRDSDUHFH UHIOHMDGRHQODWD[RQRPtDHQVXDVSHFWRGHULHVJR3RURWUDSDUWHHOGLDJQyVWLFR5LHVJR GHDOWHUDFLyQGHODWHPSHUDWXUDFRUSRUDOVHHQFRQWUDUtDPHMRUGHILQLGRHQGRVHWLTXHWDV WDOHVFRPR5LHVJRGHKLSRWHUPLDR5LHVJRGHKLSHUWHUPLD (QRWUDVRFDVLRQHVODVHWLTXHWDVGLDJQyVWLFDVUHVSRQGHQDFDXVDVTXHSHUPLWHQOD DFWXDFLyQGH(QIHUPHUtDHQFRODERUDFLyQFRQRWURVSURIHVLRQDOHVGHOHTXLSRGHVDOXG WDOHVFRPRPpGLFRVSVLFyORJRVILVLRWHUDSHXWDV\DVLVWHQWHVVRFLDOHV8QJUDQQ~PHUR GHORVIDFWRUHVHWLROyJLFRVDSXQWDGRVHQORVPDQXDOHVGLDJQyVWLFRVFRQVXOWDGRVQR SHUPLWHQODDFWXDFLyQLQGHSHQGLHQWHGHODHQIHUPHUDVLQR~QLFDPHQWHHQ XQSDSHOGH FRODERUDFLyQ(WLTXHWDVTXHDSXQWDQFDXVDVGHHVWHWLSRVHUtDQ'LVUHIOH[LD $OWHUDFLyQGHODSHUIXVLyQWLVXODUUHQDOFDUGLRSXOPRQDUJDVWURLQWHVWLQDO([FHVRHQ HOYROXPHQGHOtTXLGRV'HWHULRURHQHOLQWHUFDPELRJDVHRVR6XIULPLHQWR HVSLULWXDO/DH[SOLFDFLyQHVTXHHQWRGRVHOORVVHDSUHFLDODQHFHVLGDGGHSDUWLFLSDFLyQ GHXQSURIHVLRQDOHVSHFLDOL]DGRMXQWRDODHQIHUPHUDSDUDODUHVROXFLyQGHOSUREOHPD (QHOFXUVRGHODQiOLVLVVHREVHUYDQHWLTXHWDVTXHGHVFULEHQHVWDGRVGLItFLOPHQWH REMHWLYDEOHVRQRYHULILFDEOHV(OORHQWURQFDGHOOHQRFRQHOSULQFLSDOSUREOHPDGHODV FLHQFLDVVRFLDOHVGHOTXHWDPELpQSDUWLFLSDOD(QIHUPHUtDHOVXMHWRLQYHVWLJDGRU FRLQFLGHFRQHOREMHWRLQYHVWLJDGRHQDPERVFDVRVHOVHUKXPDQReVWHHVXQ LQFRQYHQLHQWHGHJUDQLPSRUWDQFLDTXHOOHYDGRDOH[WUHPRSXHGHGHVFXEULULQFOXVROD LPSRVLELOLGDGGHTXHHOKRPEUHKDJDFLHQFLDGHOSURSLRKRPEUH/DLQFLSLHQWHFLHQFLD GHOD(QIHUPHUtDDGROHFHGHXQDIDOWDGHFRPSUHQVLyQVREUHHVWHKHFKRFDSLWDOTXHVH WUDGXFHHQODLQFOXVLyQGHXQJUDQQ~PHURGHGLDJQyVWLFRVVyORGHWHFWDEOHVSRUOD VXEMHWLYLGDGGHODHQIHUPHUD\QRPHGLDQWHSURFHGLPLHQWRVREMHWLYRV(WLTXHWDV GLDJQyVWLFDVLQFOXLGDVHQHVWHDSDUWDGRVHUtDQ$IURQWDPLHQWRLQGLYLGXDOLQHIHFWLYR $OWHUDFLyQGHODLGHQWLGDGSHUVRQDOR$OWHUDFLyQGHODDXWRHVWLPD1LQJXQDGHHOODV DSRUWDGDWRVREMHWLYRVGHYDORUDFLyQSDUDVXLGHQWLILFDFLyQ 3RURWUDSDUWHREVHUYDPRVHWLTXHWDVGLDJQyVWLFDVLPSUHFLVDV\DPSOLDVDOGHILQLUHO SUREOHPDGHPDQHUDTXHHVGLItFLOODLGHQWLILFDFLyQGHOGLDJQyVWLFRRODDFWXDFLyQ VLVWHPiWLFD(WLTXHWDVGLDJQyVWLFDVLQFOXLGDVHQHVWHDSDUWDGRVHUtDQ$OWHUDFLyQGHO SDWUyQGHHOLPLQDFLyQXULQDULD1XWULFLyQDOWHUDGDPD\RUTXHORVUHTXHULPLHQWRV FRUSRUDOHV1XWULFLyQDOWHUDGDPHQRUTXHORVUHTXHULPLHQWRVFRUSRUDOHV (VWUHxLPLHQWRFROyQLFR'HWHULRURGHODFRPXQLFDFLyQYHUEDOR'HWHULRURHQOD LQWHUDFFLyQVRFLDO 3RU~OWLPRHQFRQWUDPRVTXHDOJXQDVGHODVWUDGXFFLRQHVHQOHQJXDHVSDxRODVRQ LQFRKHUHQWHV\GHGLItFLOFRPSUHQVLyQ'DGDODULTXH]DOp[LFDGHODOHQJXDHVSDxRODHV SRVLEOHVXDGDSWDFLyQHQIRUPDPiVEUHYH(WLTXHWDVGHHVWHWLSRVHUtDQ$IURQWDPLHQWR IDPLOLDULQHILFD]FRPSURPHWLGR$IURQWDPLHQWRIDPLOLDUSRWHQFLDOGHGHVDUUROOR 1XWULFLyQDOWHUDGDPD\RUTXHORVUHTXHULPLHQWRVFRUSRUDOHV1XWULFLyQDOWHUDGD PHQRUTXHORVUHTXHULPLHQWRVFRUSRUDOHV'HWHULRURGHODLQWHUDFFLyQVRFLDO $IURQWDPLHQWRLQGLYLGXDOLQHIHFWLYR$OWHUDFLyQHQHOPDQWHQLPLHQWRGHODVDOXG $OWHUDFLyQGHORVSURFHVRVIDPLOLDUHVR$OWHUDFLyQHQHOPDQWHQLPLHQWRGHOKRJDU 7DPELpQVHLQLFLDSDUDOHODPHQWHXQDUHIRUPXODFLyQGHODVHWLTXHWDVGLDJQyVWLFDV FDUDFWHUtVWLFDVGHILQLWRULDV\IDFWRUHVHWLROyJLFRVSHUPLWLpQGRQRVVXJHULUODHOLPLQDFLyQ GHDOJXQRVGLDJQyVWLFRV\ODLQFRUSRUDFLyQGHRWURV(OPpWRGRILOROyJLFRHPSOHDGRSDUD HOHJLUHOYRFDEORPiVDGHFXDGRHQODVHWLTXHWDVGLDJQyVWLFDVPRGLILFDGDVHVHOTXHD FRQWLQXDFLyQVHGHVFULEHQRVKHPRVEDVDGRHQSULPHUOXJDUHQORVHVWXGLRVVHPiQWLFRV GHVDUUROODGRVHQHO'LFFLRQDULRLGHROyJLFRGHODOHQJXDHVSDxROD&DVDUHVD FRQWLQXDFLyQUHDOL]DPRVHOHVWXGLRGHGHWHUPLQDGRVFDPSRVVHPiQWLFRVSDUDSRGHU GLVWLQJXLUORVGLVWLQWRVPDWLFHVGHVLJQLILFDGRKDOODGRVHQORVVLQyQLPRVKDVWDGHILQLUHO WpUPLQRGHXVRPiVFRP~QHQHOiPELWRVDQLWDULRSRU~OWLPRKHPRVSURFXUDGRQR ROYLGDUHOFRQWH[WRWDQWROLQJtVWLFRFRPRSUDJPiWLFRGHORVWpUPLQRVHVWXGLDGRV &$3Ë78/2,,'LDJQyVWLFRGH(QIHUPHUtD ,, &RQFHSWRVSULQFLSDOHVXVDGRVHQHVWHFDStWXOR &DUDFWHUtVWLFDVGHILQLWRULDV *UXSRGHVLJQRV\VtQWRPDVTXHSXHGHQGHWHUPLQDUXQ GLDJQyVWLFRGHHQIHUPHUtD &DUDFWHUtVWLFDVLGHQWLILFDWLYDV 'DWRVTXHKDFHQUHFRQRFHU\GHWHUPLQDQXQGLDJQyVWLFR GHHQIHUPHUtD &DUDFWHUtVWLFDVFRPSOHPHQWDULDV 'DWRVTXHD\XGDQDGHILQLU\DFRWDUMXQWRDODV FDUDFWHUtVWLFDVLGHQWLILFDWLYDVXQGLDJQyVWLFR 'LDJQyVWLFRGHHQIHUPHUtD 6tQWHVLVGHOQLYHOGHVDOXGSRVHVLyQFDUHQFLDRSRVLEOH SpUGLGDGHOLQGLYLGXRIDPLOLDRFRPXQLGDGTXHODHQIHUPHUDWLHQHFDSDFLGDGSDUD PDQWHQHU\SRWHQFLDUFXDQGRODVDOXGHVySWLPDRWUDWDUFXDQGRpVWDVHHQFXHQWUD GHWHULRUDGDRHQULHVJRGHGHWHULRUDUVH 'LDJQyVWLFRGH(QIHUPHUtDGHULHVJR 6tQWHVLVGHOQLYHOGHVDOXGTXHGHILQHOD SRVLELOLGDGGHTXHVHSUHVHQWHXQSUREOHPDGHVDOXGDQWHODHYLGHQFLDGHIDFWRUHVGHDOWR ULHVJR 'LDJQyVWLFRGH(QIHUPHUtDHQVDOXG 6tQWHVLVGHOQLYHOGHVDOXGTXHUHFRJHORVDVSHFWRV SRVLWLYRVTXHKDFRQVHJXLGRHOVXMHWRHQHOFXLGDGRGHVXVDOXG 'LDJQyVWLFRGH(QIHUPHUtDUHDO 6tQWHVLVGHOQLYHOGHVDOXGTXHGHILQHXQSUREOHPDGH VDOXGHYLGHQWH (UURUGLDJQyVWLFR )DOVRMXLFLRHQHOSURFHVRGLDJQyVWLFRTXHSURGXFHODGHWHFFLyQGH XQSUREOHPDLQH[LVWHQWHR ODQRGHWHFFLyQGHXQSUREOHPDGHVDOXG (WLTXHWDGLDJQyVWLFD (QXQFLDGRTXHGDXQDGHVFULSFLyQFRQFLVDGHOGLDJQyVWLFRGH HQIHUPHUtD (WLRORJtD &DXVDRIDFWRUHVTXHFRQWULEX\HQDODPDQLIHVWDFLyQGHXQSUREOHPDGHVDOXG )DFWRUHVUHODFLRQDGRVRHWLROyJLFRV (OHPHQWRVTXHVRQFDXVDRFRQWULEX\HQDOD PDQLIHVWDFLyQGHXQSUREOHPDGHVDOXG )DFWRUGHULHVJR (OHPHQWRTXHVXHOHSURYRFDUODDSDULFLyQGHXQSUREOHPDGHVDOXG 1$1'$ 6LJODVGH1RUWK$PHULFDQ1XUVLQJ'LDJQRVLV$VVRFLDWLRQ$VRFLDFLyQ 1RUWHDPHULFDQDSDUDHO'LDJQyVWLFRGH(QIHUPHUtD (VWUXFWXUDIXQFLRQDOGHVDOXG (VWUXFWXUDGHVDUUROODGDSRU0DUMRU\*RUGRQSDUD HVWDEOHFHUXQDYDORUDFLyQGH(QIHUPHUtDEDVDGDHQODIXQFLyQFRQHOILQGHRUJDQL]DUODV FDWHJRUtDVGLDJQyVWLFDV\XQLILFDUODUHFRJLGDGHGDWRV(OUHVXOWDGRGHHVWDHVWUXFWXUD VRQORVSDWURQHVIXQFLRQDOHVGHVDOXG 3URFHVRGLDJQyVWLFR 0pWRGRGHSHQVDPLHQWROyJLFR\UD]RQDGRTXHSHUVLJXHDOFDQ]DU FRQFOXVLRQHVVREUHHOHVWDGRGHVDOXGGHXQLQGLYLGXR 3UREOHPDLQWHUGHSHQGLHQWH 3UREOHPDUHDORSRVLEOHGHVDOXGFX\DUHVSRQVDELOLGDGGH WUDWDPLHQWRUHFDHVREUHRWURSURIHVLRQDOSHURTXHSXHGHVHUGHWHFWDGRSRUODHQIHUPHUD \TXHpVWDD\XGDDUHVROYHUPHGLDQWHDFWLYLGDGHVSURSLDVRGHFRODERUDFLyQ GH WUDWDPLHQWR 6LJQR 'DWRREMHWLYRTXHFRQWULEX\HDGHWHUPLQDUXQSUREOHPDGHVDOXG 6tQWRPD 'DWRVXEMHWLYRTXHD\XGDDGHWHUPLQDUXQSUREOHPDGHVDOXG ,,'HILQLFLyQGHORVGLDJQyVWLFRVGHHQIHUPHUtD (OGLDJQyVWLFRGH(QIHUPHUtDKDVLGRGHVFULWRFRPRGHWHUPLQDFLyQGHODQDWXUDOH]D\ H[WHQVLyQGHORVSUREOHPDVGH(QIHUPHUtDSUHVHQWDGRVSRUORVLQGLYLGXRVRIDPLOLDVTXH UHFLEHQFXLGDGRV.RPDULWD3RURWUDSDUWH*RUGRQORGHILQHFRPRXQ SUREOHPDGHVDOXGUHDORSRWHQFLDOTXHODVHQIHUPHUDVHQYLUWXGGHVXHGXFDFLyQ\ H[SHULHQFLDVRQFDSDFHVGHWUDWDU\HVWiQDXWRUL]DGDVSDUDHOOR/D$PHULFDQ1XUVHV $VVRFLDWLRQGHVWDFDODLPSRUWDQFLDTXHWLHQHQORVGLDJQyVWLFRV GH(QIHUPHUtDHQOD GHILQLFLyQGHODSURIHVLyQ/D(QIHUPHUtDHVHOGLDJQyVWLFR\WUDWDPLHQWRGHODV UHVSXHVWDVKXPDQDVDORVSUREOHPDVGHVDOXGUHDOHVRSRWHQFLDOHV6KRHPDPDNHU FRQVLGHUDHOGLDJQyVWLFRGH(QIHUPHUtDFRPRXQMXLFLRFOtQLFRDFHUFDGHXQ LQGLYLGXRIDPLOLDRJUXSRTXHGHULYDGHXQSURFHVRVLVWHPiWLFR\GHOLEHUDGRGH UHFRJLGD\DQiOLVLVGHGDWRV$OIDURGHILQHHOGLDJQyVWLFRGH(QIHUPHUtDFRPR SUREOHPDGHVDOXGUHDORSRWHQFLDOGHXQLQGLYLGXRIDPLOLDRJUXSRTXHODV HQIHUPHUDVSXHGHQWUDWDUGHIRUPDOHJDOHLQGHSHQGLHQWHLQLFLDQGRODVDFWLYLGDGHVGH (QIHUPHUtDQHFHVDULDVSDUDSUHYHQLUORUHVROYHUORRUHGXFLUOR 7HQLHQGRHQFXHQWDWRGRVHVWRVFRQFHSWRVHQHOSUHVHQWHOLEURGHILQLUHPRVHO ',$*1Ï67,&2'((1)(50(5Ë$ GH ODVLJXLHQWHPDQHUD 6tQWHVLVGHOQLYHOGHVDOXGSRVHVLyQFDUHQFLDRSRVLEOHSpUGLGDGHOLQGLYLGXR IDPLOLDRFRPXQLGDGTXHODHQIHUPHUDWLHQHFDSDFLGDGSDUDPDQWHQHU\SRWHQFLDU FXDQGRODVDOXGHVySWLPDRWUDWDUFXDQGRpVWDVHHQFXHQWUDGHWHULRUDGDR HQ ULHVJRGHGHWHULRUDUVH /RVGLDJQyVWLFRVGH(QIHUPHUtDVRQGHVFULSFLRQHVGHODUHVSXHVWDKXPDQDGHXQ LQGLYLGXRRJUXSR DVXHVWDGRGHVDOXG(VWDVUHVSXHVWDVVHSXHGHQPDQLIHVWDUGH PDQHUDSRVLWLYDDGDSWiQGRVHDOHQWRUQRRELHQSXHGHQH[SUHVDUVHFRPRXQDDOWHUDFLyQ UHDORSRWHQFLDO/DUHVSXHVWDKXPDQDHV~QLFD\GHSHQGHGHFDGDSHUVRQD6LWHQHPRV XQDFRQFHSFLyQELRORJLVWDGHODVDOXGSRGHPRVFRQFOXLUTXHODVDOXGGHXQVXMHWRHV H[FHOHQWHVLWLHQHORVSDUiPHWURVELROyJLFRVHQWUHORVOtPLWHVQRUPDOHV$OIDURHVWLPD TXHODXWLOL]DFLyQGHOGLDJQyVWLFRGH(QIHUPHUtDH[LJHTXHODHQIHUPHUDYHDHOFXLGDGR GHVDOXGDWUDYpVGHORVRMRVGHOSDFLHQWH(VWRFRQOOHYDYHUDOLQGLYLGXRFRPRXQVHU KXPDQRLQWHJUDOWHQLHQGRHQFXHQWDDVSHFWRVItVLFRVVLFROyJLFRVVRFLRFXOWXUDOHV\GH GHVDUUROOR3RUHOORODVHWLTXHWDVGLDJQyVWLFDVGH(QIHUPHUtDDEDUFDQWDQWRDVSHFWRV SRVLWLYRVGHODVDOXGTXHGHEHQVHUFRQVHUYDGRV\SRWHQFLDGRVFRPRSUREOHPDVUHDOHV RSRWHQFLDOHVGHOLQGLYLGXR ,, 3UREOHPDVLQWHUGHSHQGLHQWHV ,,&RQFHSWR (OSUREOHPDLQWHUGHSHQGLHQWHHVXQFRQFHSWRTXHVXJLHUH&DUSHQLWRDOGHILQLUODV GLPHQVLRQHVGHOD(QIHUPHUtDTXHFODVLILFDHQWUHVWLSRV 'LPHQVLyQLQGHSHQGLHQWHODHQIHUPHUDHVUHVSRQVDEOHGHOWUDWDPLHQWRGHODVLWXDFLyQ \VHRULJLQDQORVGLDJQyVWLFRVGHHQIHUPHUtD 'LPHQVLyQGHSHQGLHQWHODSUiFWLFDGHOD(QIHUPHUtDLQFOX\HSUREOHPDVTXHVRQ UHVSRQVDELOLGDGGLUHFWDGHOPpGLFRTXLHQGHVLJQDODVLQWHUYHQFLRQHVTXHGHEHUHDOL]DUOD HQIHUPHUDHOWpUPLQRSDUDGHILQLUHVWHSUREOHPDHVHOSUREOHPDFOtQLFRPpGLFR \OD UHVSRQVDELOLGDGGHODHQIHUPHUDHVDGPLQLVWUDUHOWUDWDPLHQWRPpGLFRSUHVFULWR 'LPHQVLyQLQWHUGHSHQGLHQWHVHUHILHUHDDTXHOORVSUREOHPDVRVLWXDFLRQHVFOtQLFDVHQ FX\DSUHVFULSFLyQ\WUDWDPLHQWRFRODERUDQODVHQIHUPHUDV\RWURVSURIHVLRQDOHVGHOD VDOXGQRUPDOPHQWHPpGLFRVGHHVWDVLWXDFLyQVXUJHHOSUREOHPDFOtQLFRGHHQIHUPHUtD 3DUDXQDPD\RUFODULGDG ORVSUREOHPDVFOtQLFRVGHHQIHUPHUtD\ORVSUREOHPDVFOtQLFR PpGLFRVVHDJUXSDQEDMRHOWpUPLQRSUREOHPDVFOtQLFRVRSUREOHPDVLQWHUGHSHQGLHQWHV 7DQWR&DUSHQLWRFRPR$OIDURGHILQHQXQSUREOHPDLQWHUGHSHQGLHQWHFRPRXQ SUREOHPDUHDORSRWHQFLDOTXHSXHGHDSDUHFHUFRPRUHVXOWDGRGHFRPSOLFDFLRQHVGHOD HQIHUPHGDGSULPDULDHVWXGLRVGLDJQyVWLFRVRWUDWDPLHQWRVPpGLFRVRTXLU~UJLFRV\TXH SXHGHQSUHYHQLUVHUHVROYHUVHRUHGXFLUVHPHGLDQWHDFWLYLGDGHVLQWHUGHSHQGLHQWHVRGH FRODERUDFLyQGHHQIHUPHUtD6LQ HPEDUJRHVWDGHILQLFLyQVHFHQWUDHQORVDVSHFWRV PpGLFRV'DGRTXHFRQVLGHUDPRVDOVHUKXPDQRGHVGHXQDSHUVSHFWLYDKROtVWLFDORV SUREOHPDVLQWHUGHSHQGLHQWHVDEDUFDQDVSHFWRVELROyJLFRVVLFROyJLFRVVRFLRFXOWXUDOHV\ PHGLRDPELHQWDOHVHQORVTXHODHQIHUPHUDFRODERUDFRQSURIHVLRQDOHVFRPRHO WUDEDMDGRUVRFLDOHOVLFyORJRHOVRFLyORJRHOIDUPDFpXWLFRHOYHWHULQDULRHWF3RUOR WDQWRHQHOSUHVHQWHOLEURGHILQLPRVFRPR352%/(0$,17(5'(3(1',(17( 3UREOHPDUHDORSRVLEOHGHVDOXGFX\DUHVSRQVDELOLGDGGHWUDWDPLHQWRUHFDHVREUH RWURSURIHVLRQDOTXHSXHGHVHUGHWHFWDGRSRUODHQIHUPHUD\TXHpVWDD\XGDD UHVROYHUPHGLDQWHDFWLYLGDGHVSURSLDVRGHFRODERUDFLyQ GHWUDWDPLHQWR ,,'LIHUHQFLDHQWUHGLDJQyVWLFRGH(QIHUPHUtD\SUREOHPDLQWHUGHSHQGLHQWH 6DEHUGLIHUHQFLDUXQGLDJQyVWLFRGH(QIHUPHUtDGHXQSUREOHPDLQWHUGHSHQGLHQWHHVGH JUDQLPSRUWDQFLDGDGRTXHHVQHFHVDULRFRQRFHUTXpSUREOHPDVSXHGHQVHUWUDWDGRV PHGLDQWHDFWLYLGDGHVLQGHSHQGLHQWHVGH(QIHUPHUtD\FXiOHVUHTXLHUHQODFRODERUDFLyQ GHRWURVSURIHVLRQDOHVGHODVDOXG/RVGLDJQyVWLFRVGH(QIHUPHUtDGHVLJQDQVLWXDFLRQHV GHVDOXGTXHVHSXHGHQWUDWDUGHIRUPDLQGHSHQGLHQWHSRUODHQIHUPHUD6XXWLOL]DFLyQ HVWLPXODUiDODVHQIHUPHUDVDHPSUHQGHUDFWLYLGDGHVLQGHSHQGLHQWHVGH(QIHUPHUtD H LQYHVWLJDUODVDFWLYLGDGHVTXHVHJHQHUDQDQWHFDGDGLDJQyVWLFRHVSHFtILFRORFXDODVX YH]KDUiTXHOD(QIHUPHUtDFRQVLJDXQPD\RUGHVDUUROORFLHQWtILFR3RURWUDSDUWHOD XWLOL]DFLyQGHOFRQFHSWRSUREOHPDLQWHUGHSHQGLHQWHD\XGDUiDORVSURIHVLRQDOHVD FHQWUDUVHHQODVDFWLYLGDGHVLQWHUGHSHQGLHQWHV\HQHOSDSHOGHFRODERUDFLyQFRQRWURV SURIHVLRQDOHV $OIDURVHxDODTXHODXWLOL]DFLyQGHODWHUPLQRORJtDGLDJQyVWLFD\ORVSUREOHPDV LQWHUGHSHQGLHQWHVHQHOSODQGHFXLGDGRVSHUPLWHDEDUFDUWRGRVORVDVSHFWRVGHOFXLGDGR GHHQIHUPHUtDHYLWDQGROLPLWDUVHH[FOXVLYDPHQWHDOSDSHOLQGHSHQGLHQWHRDOGH FRODERUDFLyQ$OIDUR(OPHGLRTXHHVWDDXWRUDHVWDEOHFHSDUDGLIHUHQFLDU GLDJQyVWLFRGH(QIHUPHUtDGHXQSUREOHPDLQWHUGHSHQGLHQWHHVUHDOL]DUVHOD VLJXLHQWH SUHJXQWDDQWHODGHWHFFLyQGHXQSUREOHPD¢6HSXHGHQDGPLQLVWUDUGHIRUPD LQGHSHQGLHQWHORVFXLGDGRVQHFHVDULRVSDUDSUHYHQLUORUHVROYHUORRUHGXFLUOR"6LOD UHVSXHVWDHVDILUPDWLYDVHWUDWDGHXQGLDJQyVWLFRGH(QIHUPHUtDVLODUHVSXHVWDHV QHJDWLYDQRVHQFRQWUDPRVDQWHXQSUREOHPDLQWHUGHSHQGLHQWH\VHWHQGUiTXHEXVFDUOD FRODERUDFLyQGHOSURIHVLRQDOGHVDOXGDGHFXDGR 8QIDFWRUTXHHVWDEOHFHODGLIHUHQFLDHQWUHHOGLDJQyVWLFRGH(QIHUPHUtD\HOSUREOHPD LQWHUGHSHQGLHQWHHVODHWLRORJtDTXHRULJLQDHOSUREOHPD(VGHFLUVLODHWLRORJtDFDH IXHUDGHOiPELWRGHFRPSHWHQFLDGHOD(QIHUPHUtDHOSUREOHPDGHEHVHUFDWDORJDGR FRPRLQWHUGHSHQGLHQWHSRUFRQWUDVLODHWLRORJtDHVWUDWDEOHSRU(QIHUPHUtDHO SUREOHPDVHUtDFDWDORJDGRFRPRGLDJQyVWLFRGH(QIHUPHUtD(VWHUD]RQDPLHQWRQRV OOHYDDODVLJXLHQWHFRQFOXVLyQVLORTXHGLIHUHQFLDHOGLDJQyVWLFRGH(QIHUPHUtD\HO SUREOHPDLQWHUGHSHQGLHQWHHVODHWLRORJtDHVIDFWLEOHTXHXQDHWLTXHWDGLDJQyVWLFDSXHGD VHUXWLOL]DGDFRPRSUREOHPDLQWHUGHSHQGLHQWHRFRPRGLDJQyVWLFRGH(QIHUPHUtD/D YHQWDMDGHXWLOL]DUXQDPLVPDHWLTXHWDSDUDORVSUREOHPDVLQWHUGHSHQGLHQWHV\ORV GLDJQyVWLFRVGH(QIHUPHUtDHVTXHIDFLOLWDHOXVRGHOSODQGHFXLGDGRVHYLWDQGRWHQHU TXHFRQRFHUGRVHWLTXHWDVTXHGHILQHQOR PLVPRVHJ~QVHDSUREOHPDLQWHUGHSHQGLHQWHR GLDJQyVWLFRGH(QIHUPHUtD 6LXWLOL]DPRVFRPRUHIHUHQFLDODSLUiPLGHGHQHFHVLGDGHVGH0DVORZHQFRQWUDPRVTXH FXDQWRPiVFHUFDQRVVLWXDPRVGHODEDVHGHODSLUiPLGHSRUHMHPSORR[LJHQDFLyQODV FDXVDVTXHRULJLQDQORVSUREOHPDVGHVDOXGVRQIXQFLyQGHRWURVSURIHVLRQDOHV\SRU WDQWRHVWRVSUREOHPDVVHUiQHQPD\RUQ~PHURSUREOHPDVLQWHUGHSHQGLHQWHVTXH GLDJQyVWLFRVGH(QIHUPHUtD$PHGLGDTXHDVFHQGHPRVHQORVQLYHOHVGHODSLUiPLGHODV FDXVDVTXHRULJLQDQORVSUREOHPDVVRQHQPD\RUPHGLGDGHSHUFHSFLyQ\DGDSWDFLyQ HPRFLRQDODODVVLWXDFLRQHV\HQHVWRVFDVRVDSDUHFHUiQFRQPD\RUIUHFXHQFLD GLDJQyVWLFRVGH(QIHUPHUtDTXHSUREOHPDVLQWHUGHSHQGLHQWHV ,,7LSRVGHSUREOHPDVLQWHUGHSHQGLHQWHV 'HOFRQFHSWRGHSUREOHPDLQWHUGHSHQGLHQWHVXUJHQGRVWLSRV ,,3UREOHPDLQWHUGHSHQGLHQWHUHDO,GHQWLILFDXQSUREOHPDSUHVHQWHTXHUHTXLHUH WUDWDPLHQWRSRUXQSURIHVLRQDOGHODVDOXGGLVWLQWRDODHQIHUPHUD/DDFWXDFLyQGHOD HQIHUPHUDVHRULHQWDDODDSOLFDFLyQGHOWUDWDPLHQWRSUHVFULWR\ODE~VTXHGDGHVLJQRV\ VtQWRPDVTXHLQGLTXHQXQDJUDYDPLHQWRGHOSUREOHPD/DGHWHFFLyQGHXQSUREOHPD LQWHUGHSHQGLHQWHDSDUWHGHOWUDWDPLHQWRGHFRODERUDFLyQRULJLQDXQDVLWXDFLyQGH FDPELRHQHOLQGLYLGXRTXHRULJLQDGLDJQyVWLFRVGH(QIHUPHUtDWUDWDEOHVSRUOD HQIHUPHUD (MHPSOR (OVHxRU5XL]HVWiLQJUHVDGRHQXQDXQLGDGGHREVHUYDFLyQGHXUJHQFLDVSRU XQDFRQWXVLyQWUDVXQDFFLGHQWHGHFRFKHHOGLDJQyVWLFRPpGLFRHVFRQPRFLyQFHUHEUDO $ODVGRVKRUDVGHVHULQJUHVDGRVHGHVDWDXQFXDGURGHYyPLWRVDJLWDFLyQSXSLODVFRQ UHVSXHVWDOHQWDDODOX]7$PP+J3XOVRSP(QHVWDVLWXDFLyQOD HQIHUPHUDKDGHWHFWDGRXQSRVLEOHDXPHQWRGHODSUHVLyQLQWUDFUDQHDOTXHUHTXLHUH WUDWDPLHQWRSRUHOPpGLFR/DDFWXDFLyQGHODHQIHUPHUDVHUiODDSOLFDFLyQGHO WUDWDPLHQWRSUHVFULWRSRUHOPpGLFR\ODE~VTXHGDGHVLJQRV\VtQWRPDVTXHLQGLTXHQXQ DJUDYDPLHQWRGHOSUREOHPD(OFDPELRGHVLWXDFLyQGHOLQGLYLGXRSODQWHDXQDPD\RU GHSHQGHQFLD\RULJLQDGLDJQyVWLFRVGH(QIHUPHUtDWDOHVFRPRGpILFLWGHDXWRFXLGDGRV GpILFLWHQODDXWRSURWHFFLyQRGLDJQyVWLFRVGHULHVJR ,,3UREOHPDLQWHUGHSHQGLHQWHSRWHQFLDO)RUPXODXQDSRVLEOHFRPSOLFDFLyQTXH VHSXHGHSURGXFLUHQODHYROXFLyQGHOHVWDGRGHVDOXGGHOLQGLYLGXR\TXHODHQIHUPHUD QRHVWiFDSDFLWDGDOHJDOPHQWHSDUDWUDWDU/DDFWXDFLyQGHODHQIHUPHUDLUiHQFDPLQDGDD ODE~VTXHGDGHVLJQRV\VtQWRPDVTXHLGHQWLILTXHQXQDDSDULFLyQGHOSUREOHPD (MHPSOR (OVHxRU*LOHVXQXVXDULRGLDEpWLFRFRQWURODGRKDELWXDOPHQWHFRQ DQWLGLDEpWLFRVRUDOHV(VLQJUHVDGRHQXQDXQLGDGGHKRVSLWDOL]DFLyQ\HQHOSURFHVRGH VXHQIHUPHGDGHOPpGLFRSUHVFULEHXQDGRVLVGHLQVXOLQDUiSLGD(QHVWDVLWXDFLyQOD HQIHUPHUDGHWHFWDUiHOSUREOHPDLQWHUGHSHQGLHQWHSRWHQFLDOKLSRJOXFHPLDGHPDQHUD TXHHQODHYROXFLyQGHOVXMHWRVHEXVFDUiQVLJQRVGHGLFKRSURFHVRVXGRUDFLyQIUtD WDTXLFDUGLDPDUHRGHVRULHQWDFLyQTXHORLGHQWLILTXHQ ,,(QXQFLDGRGLDJQyVWLFRGHORVSUREOHPDVLQWHUGHSHQGLHQWHV &DUSHQLWRVXJLHUHXWLOL]DUHQLQJOpVODV SDODEUDVFROODERUDWLYHSUREOHPSDUDGHVFULELU ORVSUREOHPDVLQWHUGHSHQGLHQWHV(QFDVWHOODQRODH[SUHVLyQFROODERUDWLYHSUREOHPKD VLGRGHVDIRUWXQDGDPHQWHWUDGXFLGDFRPRFRPSOLFDFLyQSRWHQFLDO(VWDH[SUHVLyQ LQGXFHDHUURUGDGRTXHVLUHJLVWUDPRV HQHOSODQGHFXLGDGRVFRPSOLFDFLyQSRWHQFLDO KLSRJOXFHPLDQRQRVHVSRVLEOHLGHQWLILFDUVLVHWUDWDGHXQSUREOHPDLQWHUGHSHQGLHQWH UHDORSRWHQFLDO ,,5HJLVWURGHORVSUREOHPDVLQWHUGHSHQGLHQWHVUHDOHV /DPHMRUPDQHUDGHUHJLVWUDUHOSUREOHPDLQWHUGHSHQGLHQWHUHDOVHUiFRQODXWLOL]DFLyQ GHODVVLJODV3,GHODQWHGHODIRUPXODFLyQGHOSUREOHPDLQWHUGHSHQGLHQWH(QHOFDVR GHOVHxRU5XL]TXHYHtDPRVDQWHULRUPHQWHHOSUREOHPDLQWHUGHSHQGLHQWHVHUHJLVWUDUtD FRPR3,DXPHQWRGHODSUHVLyQLQWUDFUDQHDO ,,5HJLVWURGHORVSUREOHPDVLQWHUGHSHQGLHQWHVSRWHQFLDOHV /DIRUPDGHUHJLVWUDUHVWHWLSRGHSUREOHPDVVHUiPHGLDQWHODVVLJODV&3TXHQRV LQGLFDQODSRWHQFLDOLGDGGHOSUREOHPD\VXDXVHQFLDHQHVHPRPHQWR(QHOFDVRGHO VHxRU*LOODIRUPDGHUHJLVWUDUHOSUREOHPDVHUtD&3KLSRJOXFHPLD ,, 3URFHVRGLDJQyVWLFR ,,&RQVLGHUDFLRQHVVREUHHOSURFHVRGLDJQyVWLFR 8QDFDUDFWHUtVWLFDTXHLGHQWLILFDDOGLDJQyVWLFRGH(QIHUPHUtDHVTXHHPLWHMXLFLRVVREUH HOQLYHOGHVDOXGGHOVXMHWRDOTXHDWHQGHPRV'HSHQGLHQGRGHODVLWXDFLyQGHOVXMHWRHQ HOFRQWLQXRVDOXGHQIHUPHGDGHOWLSRGHGLDJQyVWLFRTXHVXUJHHVGLIHUHQWH(QXQD VLWXDFLyQHQODTXHHOLQGLYLGXRVHHQFXHQWUDPiVFHUFDGHODHQIHUPHGDGTXHGHOD VDOXGHOSURFHVRGH LGHQWLILFDFLyQGHGLDJQyVWLFRVGH(QIHUPHUtDVHRULHQWDUiDOD GHWHFFLyQGHSUREOHPDVGHVDOXG3RUWDQWRHVOyJLFRSHQVDUTXHODSULPHUDIXHQWHGH LGHQWLILFDFLyQGHSUREOHPDVVHDHOVXMHWRHOSULPHUSDVRVHUiSXHVSUHJXQWDUDO LQGLYLGXRRIDPLOLDVREUHODH[LVWHQFLDGHFXDOTXLHUSUREOHPDTXHSXHGDDIHFWDUDVX VDOXG7DPELpQHVFLHUWRTXHHQRFDVLRQHVODHQIHUPHUDDFW~DHQSURJUDPDVSUHYHQWLYRV GHSURPRFLyQGHODVDOXG\HOVXMHWRQRHVTXLHQGHPDQGDDWHQFLyQVHHQFXHQWUDPiV FHUFDGHODVDOXGTXHGH ODHQIHUPHGDG HQHVWHFDVRODHQIHUPHUDEXVFDKiELWRVGH YLGDHQHOVXMHWRTXHLQIOX\DQHQHOSDWUyQHSLGHPLROyJLFRGHODFRPXQLGDG 6HJ~QHOQLYHOGHDWHQFLyQHQTXHDFW~DODHQIHUPHUDHOSURFHVRGLDJQyVWLFRVHRULHQWDUi DODGHWHFFLyQGHXQWLSRXRWURGHGLDJQyVWLFRVGH(QIHUPHUtD(QXQQLYHOGHDWHQFLyQ SULPDULDHOSURFHVRVHHQFDPLQDUiDGHWHFWDUGLDJQyVWLFRVGH(QIHUPHUtDHQVDOXG\ DXQTXHODIXHQWHSULPDULDGHODLQIRUPDFLyQHVHOXVXDULRODSUHJXQWDTXHRULHQWDHO SURFHVRGLDJQyVWLFRSUHWHQGHGHWHUPLQDUDSDUWHGHXQSUREOHPDGHVDOXGKiELWRV QRFLYRVTXHDODUJRSOD]RFRQVWLWX\DQXQULHVJRSDUDODVDOXG\ODSHUFHSFLyQTXHHO XVXDULRWLHQHGHORVKiELWRVGHYLGDVDOXGDEOHV (QXQQLYHOGHDWHQFLyQHVSHFLDOL]DGDHQHOTXHODHQIHUPHUDDWLHQGHDSHUVRQDVTXHVH HQFXHQWUDQPiVFHUFDGHODHQIHUPHGDGTXHGHODVDOXGHOSURFHVRGLDJQyVWLFRVH RULHQWDDODGHWHFFLyQGHSUREOHPDVGHVDOXG\ODSHUFHSFLyQTXHHOVXMHWRWLHQHGHORV PLVPRV (OSURFHVRGLDJQyVWLFRGH(QIHUPHUtDHVGLQiPLFR\FRPSOHMR\GHSHQGHGHODGHVWUH]D FRQRFLPLHQWRV\H[SHULHQFLDFOtQLFDGHODHQIHUPHUDeVWDKDGHVHUFRQVFLHQWHGHVX FDSDFLGDG\GHVXVOLPLWDFLRQHVORFXDOVXSRQHDFXGLUDIXHQWHVGHGRFXPHQWDFLyQTXH ODDVHVRUHQFXDQGRWLHQHGXGDVHQHOSURFHVR3RUWDQWRDFRQWLQXDFLyQHQXPHUDPRVODV GHVWUH]DVTXHFRQVLGHUDPRVTXHODHQIHUPHUDGHEHGHVDUUROODU (UURUGLDJQyVWLFR (OHUURUHQHOSURFHVRGLDJQyVWLFRGHWUDHODDWHQFLyQGHORVSUREOHPDVLPSRUWDQWHVGH VDOXGGHOVXMHWR$OUHDOL]DUXQGLDJQyVWLFRHUUyQHRVHLQLFLDQDFWLYLGDGHVTXHSRUDFFLyQ XRPLVLyQDJUDYDQHOSUREOHPDGHVDOXGGHOVXMHWR\VXSRQHQXQDSpUGLGDGHWLHPSRTXH SXHGHVHUPX\YDOLRVDHQODGHWHFFLyQGHSUREOHPDVPiVLPSRUWDQWHV,\HUVHxDODWUHV RUtJHQHVGHHUURUGLDJQyVWLFRUHFRJLGDGHGDWRVLQFRPSOHWDRLPSUHFLVDLQWHUSUHWDFLyQ LQDGHFXDGDGHORVGDWRV\IDOWDGHFRQRFLPLHQWRVFOtQLFRV (QODUHFRJLGDGHGDWRV,\HUHVWDEOHFHODVEDUUHUDVOLQJtVWLFDVHOXVRGHSUHJXQWDV LQWHQFLRQDGDVTXHLQWLPLGDQDOVXMHWRODH[LVWHQFLDGHDQVLHGDGYHUJHQ]DRIDOWDGH FRQILDQ]DGHOVXMHWRRODGLVWUDFFLyQHQODYDORUDFLyQFRPRIXHQWHVGHHUURUHQHO SURFHVRGLDJQyVWLFR&RPRIXHQWHVGHHUURUHQODLQWHUSUHWDFLyQGHORVGDWRV,\HU HVWDEOHFHKDFHUGHGXFFLRQHVSUHPDWXUDVEDVDGDVHQXQGDWRVLJQLILFDWLYRRHQXQD REVHUYDFLyQDLVODGD\SHUPLWLUTXHORVSUHMXLFLRVHLGHDVSHUVRQDOHVLQIOX\DQHQHO SURFHVRGHGDWRV3RU~OWLPR,\HUHVWDEOHFHODIDOWDGHH[SHULHQFLDRFRQRFLPLHQWRV FOtQLFRVFRPRIXHQWHGHHUURUGLDJQyVWLFRSRUDIHFWDUWDQWRDODUHFRJLGDFRPRDOD LQWHUSUHWDFLyQGHORVGDWRVORFXDOSURYRFDTXHTXHGHLQIRUPDFLyQHVHQFLDORGDWRV VLJQLILFDWLYRVVLQYDORUDU ,,'HILQLFLyQ\HWDSDVGHOSURFHVRGLDJQyVWLFR 'HILQLFLyQGHSURFHVRGLDJQyVWLFRPpWRGRGHSHQVDPLHQWROyJLFR\UD]RQDGRTXH SHUVLJXHDOFDQ]DUFRQFOXVLRQHVVREUHHOHVWDGRGHVDOXGGHXQLQGLYLGXR(QODIDVH GLDJQyVWLFDGHOSURFHVRGH(QIHUPHUtDSRGHPRVGLVWLQJXLU XQDIDVHGHDQiOLVLVTXHFRPSUHQGHODFODVLILFDFLyQ\DJUXSDPLHQWRGHORVGDWRV\OD GHWHUPLQDFLyQGHORVGDWRVLGHQWLILFDWLYRV\FRPSOHPHQWDULRV XQDIDVHGHVtQWHVLVTXHFRPSUHQGHODHOHFFLyQGHODHWLTXHWDGLDJQyVWLFD\ODHWLRORJtD XQDIDVHGHFRPSUREDFLyQGHOGLDJQyVWLFR XQDIDVHGHUHJLVWUR (OSURFHVRGLDJQyVWLFRGHEHYHUVHFRPRXQSURFHVRGHUHWURDOLPHQWDFLyQ ,,)DVHGHDQiOLVLV ,,&ODVLILFDFLyQ\DJUXSDPLHQWRGHGDWRV &XDQGRODHQIHUPHUDUHDOL]DODYDORUDFLyQGHOVXMHWRDQDOL]DORVGDWRVUHFRJLGRV\VX SURFHGHQFLDLGHQWLILFDGDWRVREMHWLYRV\VXEMHWLYRV\GHTXpIXHQWHVSURYLHQHQHVGHFLU VLVRQGHIXHQWHSULPDULDRVHFXQGDULD0XFKDVYHFHVWDQWRVGDWRVVRQGHGLItFLOPDQHMR \SRUHOORVHUHTXLHUHVXFODVLILFDFLyQ(OSURFHVRGHDJUXSDFLyQQRVOOHYDDHVWDEOHFHU FDWHJRUtDVHQODLQIRUPDFLyQ0XFKDGHHVWDLQIRUPDFLyQVHSXHGH DJUXSDUHQFDWHJRUtDV FRPRORVVLVWHPDVFRUSRUDOHVODVQHFHVLGDGHVEiVLFDVGH0DVORZORVSDWURQHVGH UHVSXHVWDKXPDQDTXHHVWDEOHFHOD1$1'$RORVSDWURQHVIXQFLRQDOHVGH*RUGRQYHU GRFXPHQWRGHUHFRJLGDGHGDWRV$QH[R,2WUDSRGUtDLQFOXLUVHHQXQD FDWHJRUtDGH KLVWRULDRDQWHFHGHQWHVSHUVRQDOHV7RGDVHOODVVRQYiOLGDV\YDUtDQHQIXQFLyQGHOD WHRUtDGH(QIHUPHUtDTXHIXQGDPHQWDHOGRFXPHQWRGHUHFRJLGD\FODVLILFDFLyQGHORV GDWRV ,, 'HWHUPLQDFLyQGHGDWRVLGHQWLILFDWLYRV (QXQVHJXQGRSDVRUHFRQRFHPRVFXiOHVVRQORVGDWRVLGHQWLILFDWLYRVTXHGHWHUPLQDQOD H[LVWHQFLDGHXQSUREOHPD(VWRVGDWRVVXUJHQGHODFRPSDUDFLyQGHORVGDWRVREWHQLGRV HQODYDORUDFLyQFRQHOSDWUyQQRUPDORKDELWXDOGHOLQGLYLGXR8QDYH]REWHQLGRVORV GDWRVLGHQWLILFDWLYRVpVWRVQRVRULHQWDQHQODUHFRJLGDGHGDWRVFRPSOHPHQWDULRVGH YDORUDFLyQ(QHOHMHPSORDQWHULRUODWHPSHUDWXUDGH&HVFRPSDUDGDFRQHOSDWUyQ QRUPDO\UHODFLRQDGDFRQODVXGRUDFLyQSURIXVDGHWHUPLQDQGRTXHHVXQGDWR LGHQWLILFDWLYR(Q HVWHSXQWREXVFDUtDPRVGDWRVFRPSOHPHQWDULRVFRPRVHTXHGDGGH ERFDVHGSLHOHULWHPDWRVDVRPQROHQFLDKLSRWHQVLyQREQXELODFLyQDOXFLQDFLRQHV ROLJXULDXRULQDFRQFHQWUDGDTXHD\XGDQDDFRWDUHOSUREOHPD (VLPSRUWDQWHQRDFWXDUFRQHVTXHPDVUtJLGRV\SHQVDUHQODJOREDOLGDGGHORVGDWRV $XQTXHQRVRWURVKD\DPRVFODVLILFDGRORVGDWRVSRUVLVWHPDVFRUSRUDOHVRSDWURQHVGH UHVSXHVWDKXPDQDVDEHPRVTXHHOVHUKXPDQRHVJOREDO\ODH[LVWHQFLDGHXQSUREOHPD LQIOX\HHQWRGRHORUJDQLVPRSRUHMHPSORODHOHYDFLyQGHODWHPSHUDWXUDFRUSRUDO SXHGHPRWLYDUXQFDPELRHQHOKXPRUGHOLQGLYLGXR\QRSRUHOORLGHQWLILFDUHPRVXQ SUREOHPDSULRULWDULRGHDQVLHGDGUHODFLyQRDGDSWDFLyQ\DTXHHVWDUHDFFLyQOD FRQVLGHUDPRVLQFOXLGDHQHOSULPHUGLDJQyVWLFR6yORVH WHQGUiHQFXHQWDHOSUREOHPDGH DQVLHGDGUHODFLyQRDGDSWDFLyQFXDQGRHOPLVPRVHDUHOHYDQWH8QDEXHQD GHWHUPLQDFLyQGHORVGDWRVLGHQWLILFDWLYRV\FRPSOHPHQWDULRVFRQOOHYDXQDGLVPLQXFLyQ GHOULHVJRGHHUURUGLDJQyVWLFR $PHQXGRHOUHFRQRFLPLHQWRGHXQGDWRLGHQWLILFDWLYRSURYRFDHOLQLFLRGHOSURFHVR GLDJQyVWLFR6LVHFDUHFHGHGDWRVFRPSOHPHQWDULRVRHOGDWRLGHQWLILFDWLYRQRVH SUHVHQWDGHIRUPDFODUDFRPLHQ]DXQDUHFRJLGDVHOHFWLYDGHLQIRUPDFLyQSDUD LGHQWLILFDUGHIRUPDSUHFLVDHVRVGDWRVLGHQWLILFDWLYRV\FRPSOHPHQWDULRV&XDQGR\D KD\VXILFLHQWHVGDWRVVHSDVDDODIDVHGHVtQWHVLVGHOSURFHVRGLDJQyVWLFR ,,)DVHGHVtQWHVLV ,, (OHFFLyQGHODHWLTXHWDGLDJQyVWLFD 8QDYH]DQDOL]DGRVORVGDWRVHOSDVRVLJXLHQWHHVODHOHFFLyQGHODHWLTXHWDGLDJQyVWLFD /DHOHFFLyQGHODPLVPDGHSHQGHUiGHOFRQRFLPLHQWRTXHVHWHQJDGHOOLVWDGR GLDJQyVWLFRODVGHILQLFLRQHV\FDUDFWHUtVWLFDVGHILQLWRULDVGHODVHWLTXHWDVSRUHOOR UHFRPHQGDPRVTXHHQFDVRGHQRFRQRFHUODVELHQVHXWLOLFHHOOLVWDGRKDVWDFRQVHJXLU GHVWUH]DHQHOPDQHMRGHOPLVPR/DIRUPXODFLyQGHOGLDJQyVWLFRVXUJHWUDVHO DJUXSDPLHQWRGHORVGDWRVLGHQWLILFDWLYRV\FRPSOHPHQWDULRV\ODDSOLFDFLyQGHO UD]RQDPLHQWRGHGXFWLYRRLQGXFWLYRTXHOOHYDDXQSURFHVRGHVtQWHVLVTXHWLHQHFRPR UHVXOWDGRODIRUPXODFLyQGHOSUREOHPD(QHVWHPRPHQWRVHFRPSDUDFRQHOOLVWDGR HWLTXHWDGHILQLFLRQHV\FDUDWHUtVWLFDVGHILQLWRULDV\VHHOLJHODHWLTXHWDGLDJQyVWLFDTXH VHDGDSWDDOSUREOHPDLGHQWLILFDGRFXDQGRHVSRVLEOH(QFDVRGHQRHQFRQWUDUXQD HWLTXHWDDFRUGHFRQHOSUREOHPDLGHQWLILFDGRVHSURFHGHUtDDODIRUPXODFLyQGHO GLDJQyVWLFRHQIRUPDWR3(6 ,, %~VTXHGDGHODHWLRORJtDRIDFWRUHVUHODFLRQDGRV 8QDYH]LGHQWLILFDGDODHWLTXHWDGLDJQyVWLFDVHLQWHQWDGHWHUPLQDUFXiOHVHOIDFWRU HWLROyJLFRTXHHQRFDVLRQHVHVHYLGHQWHRWUDVYHFHVQRHVWiFODURRLQFOXVRVH GHVFRQRFH(QFXDOTXLHUDGHORVWUHVFDVRVVHGHEHUHJLVWUDUSXHVODDFWXDFLyQYD HQFDPLQDGDDFRUUHJLUSUHYHQLURDPRUWLJXDUORVHIHFWRVGHOIDFWRUFRQWULEX\HQWHRD LGHQWLILFDU\YHULILFDUODHWLRORJtDFXDQGRVHGHVFRQRFHRQRHVWiFODUD ,,)DVHGHFRPSUREDFLyQ (OSHQ~OWLPRSDVRGHOSURFHVRGLDJQyVWLFRHVODFRPSUREDFLyQ(QHVWHSXQWROD HQIHUPHUDWUDWDGHYDOLGDUODH[DFWLWXGGHODLQWHUSUHWDFLyQTXHKDKHFKRGHORVGDWRV/D IRUPDGHFRQVHJXLUHVWDFRPSUREDFLyQHVPHGLDQWHODUHYLVLyQGHWRGDVODVHWDSDVTXH QRVKDQOOHYDGRDOGLDJQyVWLFRODLQWHUDFFLyQFRQHOVXMHWRRVXIDPLOLDFRQVXOWDQGRD RWURVSURIHVLRQDOHVRXWLOL]DQGRRWUDVIXHQWHVFRPRUHYLVWDVRGRFXPHQWDFLyQ ELEOLRJUiILFD (MHPSOR 0DUtD*DOiQHVXQDPXMHUGHDxRVSULPtSDUDTXHSLHQVDDPDPDQWDUDVX KLMR/DHQIHUPHUDREVHUYDHQORVPRPHQWRVSUHYLRVGHODSULPHUDSXHVWDDOSHFKRTXH 0DUtDVHPXHVWUDQHUYLRVDHLQWUDQTXLOD/DHQIHUPHUDHQXQDYDORUDFLyQUiSLGD GLDJQRVWLFD $QVLHGDGUFODFDUHQFLDGHGHVWUH]DHQHOSURFHVRDPDPDQWDPLHQWR6LQ HPEDUJRDOFRPSUREDUHOGLDJQyVWLFR\SUHJXQWDUD0DUtDSRUTXpHVWDEDQHUYLRVD FRQWHVWyTXHVXPDULGRVHKDEtDGHMDGRODVOODYHVGHODWLHQGDFXDQGRODYLVLWy\FXDQGR OOHJDUDDOWUDEDMRWHQGUtDTXHYROYHUSDUDUHFRJHUODV\QRSRGUtDFHUUDUXQQHJRFLRPX\ LPSRUWDQWHTXHGHEtDHIHFWXDUHVDWDUGH/DHQIHUPHUDSXGRFRPSUREDUSRVWHULRUPHQWH TXH0DUtDWHQtDGHVWUH]DHQHOSURFHVRGHDPDPDQWDPLHQWR ,,)DVHGHUHJLVWUR (QHVWDIDVHVHSURFHGHDOUHJLVWURGHOGLDJQyVWLFRGH(QIHUPHUtD\ODIRUPDPiV KDELWXDOGHUHJLVWUDUORKDVLGRPHGLDQWHHOIRUPDWR3(6 ,(OIRUPDWR3(6 *RUGRQVXJLULyHOXVRGHOIRUPDWR3(6SDUDODGHVFULSFLyQGHOGLDJQyVWLFRGH (QIHUPHUtDSUREOHPDHWLRORJtD\VLJQRV\VtQWRPDV 3 3UREOHPDUHDORGHULHVJRGHODSHUVRQD ( (WLRORJtDGHOSUREOHPD 6 6LJQRV\VtQWRPDVLGHQWLILFDGRVHQODIDVHGHYDORUDFLyQ 1RUPDOPHQWHHOGLDJQyVWLFRGH(QIHUPHUtDVHIRUPXODFRPRXQMXLFLRFRQGRVSDUWHV XQDHVHOSUREOHPD\ODRWUDODHWLRORJtD(VWDVGRVSDUWHVHVWiQXQLGDVSRUODVSDODEUDV UHODFLRQDGRFRQ5&TXHLPSOLFDQODFRQH[LyQHQWUHHOSUREOHPD\ORVIDFWRUHV UHODFLRQDGRV /DSULPHUDSDUWHGHOGLDJQyVWLFRHVGHFLUHOSUREOHPD 3HVXQDDILUPDFLyQVREUHHO SUREOHPDUHDORGHULHVJRGHODSHUVRQDRVREUHXQDUHVSXHVWDTXHDUULHVJDVXVDOXG /DHWLRORJtD(ODVHJXQGDSDUWHGHOGLDJQyVWLFRGH(QIHUPHUtD HVWRGRHOFRQMXQWRGH YDORUHVLGHROyJLFRVDPELHQWDOHVVRFLRFXOWXUDOHVVLFROyJLFRVRILVLROyJLFRVTXHSXHGHQ WHQHUUHODFLyQFRQHOSUREOHPDGHVDOXGGHOLQGLYLGXRRFRQWULEX\HQDOPLVPR /D6GHOIRUPDWR3(6UHSUHVHQWDORVVLJQRV\VtQWRPDVTXHVHGHWHFWDQHQOD YDORUDFLyQ6RQORVGDWRVTXHVHFRQVWLWX\HQHQODVFDUDFWHUtVWLFDVGHILQLWRULDVTXH GHWHUPLQDQODHWLTXHWDGLDJQyVWLFD ,,)RUPXODFLyQGHORVGLDJQyVWLFRV /DIRUPDGHUHJLVWURGHOGLDJQyVWLFRGH(QIHUPHUtDHQIRUPDWR3(6WLHQHODJUDQYHQWDMD GHTXHFODULILFDODHWLRORJtD\RULHQWDODDFWXDFLyQGHHQIHUPHUtDVLQHPEDUJRHO LQFRQYHQLHQWHTXHWLHQHHVTXHHVPX\ODUJRDODKRUDGHXWLOL]DUOR(VWHKHFKRGLILFXOWD QRWDEOHPHQWHVXXWLOL]DFLyQ 'HVGHXQSXQWRGHYLVWDSUDJPiWLFRHOUHJLVWURTXHXWLOL]DQPXFKDVHQIHUPHUDVHVHO UHJLVWURVLQODVPDQLIHVWDFLRQHVHVGHFLUHQIRUPDWR3(3HQVDPRVTXHODWHQGHQFLD GHEHVHUOOHJDUDXWLOL]DUHQHOIXWXUR~QLFDPHQWHODHWLTXHWDGLDJQyVWLFDVLQHPEDUJR QRVHQFRQWUDPRVDPHGLRFDPLQRSDUDSRGHUXWLOL]DUHVWDIRUPDGHUHJLVWUR(QOD DFWXDOLGDGDOJXQDVHWLTXHWDVVHSRGUtDQXWLOL]DUVLQODHWLRORJtDXQHMHPSORFODURSRGUtD VHUODHWLTXHWD/LPSLH]DLQHILFD]GHYtDVDpUHDV3RUFRQWUDH[LVWHQHWLTXHWDVTXH QHFHVLWDQGHODHWLRORJtDSDUDFODULILFDUVXVLJQLILFDGRXQHMHPSORSXHGHVHU5LHVJRGH GHWHULRURGHODVDOXGTXHSRUVtVRODHVPX\DPSOLD\QHFHVLWDGHODHWLRORJtDSDUD DGTXLULUVHQWLGR5LHVJRGHGHWHULRURGHODVDOXGUFQRVHJXLPLHQWRGHO FDOHQGDULR YDFXQDOSXQWXDOL]DFODUDPHQWHODVLWXDFLyQ Â&ODVLILFDFLyQGHORVGLDJQyVWLFRVGH(QIHUPHUtD $ODQDOL]DUODVHWLTXHWDVGLDJQyVWLFDVHQFRQWUDPRVWUHVWLSRVGHGLDJQyVWLFRVGH HQIHUPHUtD D 'LDJQyVWLFRHQVDOXG $QDOL]DORVDVSHFWRVSRVLWLYRVTXHKDFRQVHJXLGRHOVXMHWRHQHOFXLGDGRGHVXVDOXG(Q PXFKDVRFDVLRQHVFXDQGRVHYDORUDQORVKiELWRVGHYLGDGHXQVXMHWREXVFDPRV ORV DVSHFWRVQHJDWLYRVTXHSXHGHQLQIOXLUHQVXVDOXG3HURWDPELpQHVPX\LPSRUWDQWH FRQRFHUORVKiELWRVVDOXGDEOHV\DTXHHOGHVFRQRFLPLHQWRGHOEHQHILFLRTXHHVWRV KiELWRVSURGXFHQHQODVDOXGSXHGHKDFHUTXHDQWHSUHVLRQHVDPELHQWDOHVFRPROD SXEOLFLGDGXRWUDVIXHQWHVGHLQIRUPDFLyQVHSLHUGDQ/D(QIHUPHUtD\HQQXHVWURFDVR OD(QIHUPHUtDHVSDxROD WLHQHTXHSRWHQFLDU\GHVDUUROODUHVWHWLSRGHGLDJQyVWLFRVGDGR TXHODFRQFHSFLyQDFWXDOGHVDOXGVHGLULJHFDGDYH]PiVKDFLDHOIRPHQWRGHODVDOXG\ ODSUHYHQFLyQGHODHQIHUPHGDG (MHPSOR 9LUJLQLD&DVWURHVXQDPDGUHGHIDPLOLDTXHKDVWDODIHFKDKDGDGRGH PHUHQGDUDVXVKLMRVXQERFDGLOOR\XQDSLH]DGHIUXWD6LPXOWiQHDPHQWHHQWHOHYLVLyQ VHUHDOL]DXQDFDPSDxDGHSXEOLFLGDGTXHHVWLPXODHOFRQVXPRHQODPHULHQGDGHXQRV EROORVGXOFHVUHOOHQRVGHFKRFRODWH(QOD~OWLPDYLVLWDGHUHYLVLyQGHVDOXGOD HQIHUPHUDGHWHFWyHVWHKiELWRGHDOLPHQWDFLyQVDOXGDEOHDVXVKLMRV6LODHQIHUPHUDQR KXELHVHHYDOXDGRHOGLDJQyVWLFR3DWUyQDOLPHQWDULRVDOXGDEOH\DGYHUWLGRGHORV EHQHILFLRVTXHHVWHKiELWRSURGXFHHQODVDOXGGHVXVKLMRVSRVLEOHPHQWHSRGUtDKDEHUVH FDPELDGRHOKiELWR\HQHOIXWXURSURGXFLUVHXQULHVJRSDUDODVDOXG 8QDFDUDFWHUtVWLFDLPSRUWDQWHGHORVGLDJQyVWLFRVGH(QIHUPHUtDHQVDOXGHVTXHORV IDFWRUHVUHODFLRQDGRVVRQPXOWLFDXVDOHV\SRUWDQWRGHGLItFLOPDQHMR&DGDLQGLYLGXR WLHQHXQFRPSRUWDPLHQWRDQWHODVDOXGFRPSOHWDPHQWHGLIHUHQWH\DTXHGHSHQGHGHORV YDORUHVLQGLYLGXDOHVGHORVPHFDQLVPRVGHUHVSXHVWDDSUHQGLGRVIUHQWHDHYHQWRVYLWDOHV \GHORVDSR\RVVRFLDOHV(VSRUHOORTXHWRGRVHVWRVGLDJQyVWLFRVWLHQHQORVPLVPRV IDFWRUHVUHODFLRQDGRV\QRHVQHFHVDULDVXIRUPXODFLyQHVFULWD (MHPSORVGHHVWRVGLDJQyVWLFRVVHUtDQODVVLJXLHQWHVHWLTXHWDV $GDSWDFLyQHILFD]HVSHFLILFDU /DFWDQFLDPDWHUQDHILFD] 3RVLELOLGDGGHDFWLWXGIDPLOLDUSRVLWLYD 3DWUyQDOLPHQWDULRVDOXGDEOH &RPSRUWDPLHQWRVDOXGDEOHHVSHFLILFDU &UHFLPLHQWR\GHVDUUROORILVLROyJLFR (MHPSOR 9LFHQWH7RUUHVHVXQXVXDULRGLDEpWLFRTXHDFXGHDXQDUHYLVLyQWULPHVWUDO FRQVXHQIHUPHUD9LFHQWHUHODWDHQFRQWUDUVHPX\ELHQFXPSOLUODGLHWDUHDOL]DU GLDULDPHQWHHMHUFLFLRItVLFR1RKDWHQLGRVtQWRPDVGHGHVFRPSHQVDFLyQQL KLSRJOXFHPLDVWLHQHJUDQGHVWUH]DHQODWpFQLFDGHLQ\HFFLyQGHLQVXOLQD\ODVFLIUDV JOXFpPLFDVGHVXFDUWLOODGHDXWRFRQWUROHVWiQFRPSHQVDGDV/DH[SORUDFLyQItVLFD PXHVWUDEXHQDVHQVLELOLGDGSXOVRVSHULIpULFRVQRUPDOHV\VLQOHVLRQHVFXWiQHDV DSDUHQWHV6XSUHVLyQDUWHULDOHVPPGH+JJOXFHPLDGLJLWDOPJGO \WLHQH XQtQGLFHGHPDVDFRUSRUDOGH/DHQIHUPHUDGHVSXpVGHHVWDYDORUDFLyQ GLDJQRVWLFD$GDSWDFLyQHILFD]DVXGLDEHWHVPHOOLWXV E 'LDJQyVWLFRUHDOGH(QIHUPHUtD (VWHWLSRGHHWLTXHWDGLDJQyVWLFDGH(QIHUPHUtDGHVLJQDXQSUREOHPDUHDOGHVDOXGGHO VXMHWR,QGLFDFODUDPHQWHXQDUHVSXHVWDTXHFRQVWLWX\HXQGHWULPHQWRSDUDODVDOXG\ FXiOHVVRQODVQHFHVLGDGHVGHFDPELRGHODSHUVRQD$OIDURUHFRPLHQGDDOHQXQFLDUXQ GLDJQyVWLFRUHDOGH(QIHUPHUtDVHJXLUHOIRUPDWR3(6SDUDGHVFULELUOR$ILUPDTXHVH GHEHQXWLOL]DUODVH[SUHVLRQHVHQUHODFLyQDRUHODFLRQDGRFRQSDUDHQOD]DUHO SUREOHPDFRQVXHWLRORJtD\DxDGLUODIUDVHPDQLIHVWDGRSRUSDUDGHVFULELUORVVLJQRV\ VtQWRPDVRFDUDFWHUtVWLFDVGHILQLWRULDVTXHVHKD\DQGHWHFWDGR6XEUD\DTXHFXDQGRVH LGHQWLILFDXQGLDJQyVWLFRUHDOGH(QIHUPHUtDKD\TXHDVHJXUDUVHGHLQGLFDUODVWUHVSDUWHV DOUHJLVWUDUOR\DVtHOGLDJQyVWLFR SRGUiVHUFRQILUPDGRSRUORVVLJQRV\VtQWRPDV SUHVHQWHVHQXQVXMHWRFRQFUHWR6LQHPEDUJRFRPR\DKHPRVDSXQWDGRFRQVLGHUDPRV TXHODIRUPXODFLyQGHOGLDJQyVWLFRGH(QIHUPHUtDGHHVWDPDQHUDKDFHIDUUDJRVRVXXVR \VLELHQLQLFLDOPHQWHSXHGHIDFLOLWDU HODSUHQGL]DMHGHOSURFHVRFXDQGRVHWLHQHGHVWUH]D HQHOSURFHVRGLDJQyVWLFRVHJXLUXWLOL]DQGRHVWDIRUPXODFLyQHVXQDUHGXQGDQFLD\DTXH ODVFDUDFWHUtVWLFDVGHILQLWRULDVGHOGLDJQyVWLFRVHHQFXHQWUDQUHJLVWUDGDVHQODYDORUDFLyQ GH(QIHUPHUtD3RUWDQWRODIRUPXODFLyQGHOGLDJQyVWLFRVHUi 3UREOHPDHWLRORJtDXQLGRVSRUHOQH[RUHODFLRQDGRFRQ5& (QRFDVLRQHVODHWLRORJtDVHGHVFRQRFH(QHVWHFDVRVHUHJLVWUDUi 3UREOHPDUHODFLRQDGRFRQHWLRORJtDGHVFRQRFLGD (QRWURVFDVRVODHWLRORJtDSXHGHQRVHUFODUD\VHUHJLVWUDUi 3UREOHPDHWLRORJtDXQLGRVSRUHOQH[RSRVLEOHPHQWHUHODFLRQDGRFRQ35& 8QDFDUDFWHUtVWLFDPX\LPSRUWDQWHGHODHWLRORJtDHQHOGLDJQyVWLFRUHDOTXHKD\TXH UHFRUGDUHVTXHODFDXVDTXHDSXQWDPRVFRPRRULJHQGHOSUREOHPDKDGHVHUWUDWDEOHSRU ODHQIHUPHUD (MHPSOR )UDQFLVFR6DQFKLVHVXQLQGLYLGXRLQJUHVDGRHQXQDXQLGDGGHHVWXGLR\ GLDJQyVWLFR$OUHDOL]DUODYDORUDFLyQODHQIHUPHUDHQWUHRWUDVFRVDVDQRWy3DFLHQWHGH DxRVVROWHURYLYHFRQVXPDGUHGHDxRV(QVXVKiELWRVDOLPHQWDULRVKD\ SUHGRPLQLRGHIUXWDVYHUGXUDV\SHVFDGRVQRVHDSUHFLDQFDUHQFLDVDOLPHQWDULDV(QOD LQVSHFFLyQGHODFDYLGDGEXFDOVHGHWHFWDQHVFRULDFLRQHVPXFRVDVVHFDVVHDSUHFLD GLILFXOWDGUHVSLUDWRULDQDVDOFRPSHQVDGDFRQUHVSLUDFLyQEXFDO(QODHOLPLQDFLyQ LQWHVWLQDOGHVFULEHTXHGHIHFDXQDYH]DOGLDSLGHOD[DQWHVSDUDWRPDUORVSRUOD PDxDQD'HVFULEHDEDWLPLHQWR\GHVJDQD/RVGLDJQyVWLFRVGH(QIHUPHUtDTXH VXUJLHURQGHODYDORUDFLyQIXHURQ $OWHUDFLyQGHODPXFRVDRUDO5&UHVSLUDFLyQEXFDO $XWRSHUFHSFLyQHUUyQHDGHHVWUHxLPLHQWR35&FUHHQFLDVIDPLOLDUHV&DQVDQFLR5& HWLRORJtDGHVFRQRFLGD/DHQIHUPHUDDOUHDOL]DUHOGLDJQyVWLFRGH$XWRSHUFHSFLyQ HUUyQHDGHHVWUHxLPLHQWRVyORHQFRQWUyFRPRSRVLEOH IDFWRUUHODFLRQDGRODFRQYLYHQFLD FRQXQDSHUVRQDGHHGDGDYDQ]DGD(QHOHQWRUQRFXOWXUDOGHOVXMHWRORVDQFLDQRVVXHOHQ WHQHUXQSUHMXLFLRTXHLQGLFDTXHODIUHFXHQFLDGHKiELWRLQWHVWLQDOKDGHVHUGLDULD'DGR TXHQRH[LVWtDQPiVGDWRVGHYDORUDFLyQ\ODVFDXVDVQRHVWDEDQFODUDVUHODFLRQyOD HWLTXHWDGLDJQyVWLFD\ODHWLRORJtDFRQHOQH[RSRVLEOHPHQWHUHODFLRQDGRFRQSXHVGH HVWDPDQHUDVHRULHQWDODDFWXDFLyQDFRQILUPDUHVDSRVLEOHHWLRORJtD (MHPSOR $OKDFHUODYDORUDFLyQGHODFDYLGDGEXFDOGH-'ODHQIHUPHUDGHWHFWyDIWDV HQOD]RQDGHDMXVWHGHODSUyWHVLVGHQWDOODTQR¢&yPRUHDOL]DVXKLJLHQHEXFDO"ª ODTQR6XHOROLPSLDUODIUHFXHQWHPHQWHDXQTXHQRUHJXODUPHQWH8QDVYHFHVODSRQJRD UHPRMRFRQOHMtDRWUDVYHFHVODFHSLOOR\RWUDVYHFHVQRPHODTXLWRSDUDFHSLOODUODª$O SUHJXQWDUOHVREUHODDOLPHQWDFLyQVHGHWHFWyXQDSRVLEOHFDUHQFLDYLWDPtQLFD1RKDEtD YLVLWDGRDORGRQWyORJRHQDxRV$QWHHVWRVGDWRVODHQIHUPHUDGLDJQRVWLFy $OWHUDFLyQGHODPXFRVDRUDO35&GpILFLWYLWDPtQLFRGpILFLWKLJLpQLFREXFDO\DMXVWH SUyWHVLVGHQWDO F 'LDJQyVWLFRGHULHVJR (OGLDJQyVWLFRGH(QIHUPHUtDGHULHVJRSHUPLWHTXHDQWHVGHTXHVHSURGX]FDXQ SUREOHPDVHSXHGDQWRPDUPHGLGDVSDUDSUHYHQLUVXDSDULFLyQ/DGHWHFFLyQGHXQ GLDJQyVWLFRGHULHVJRVHSURGXFHFXDQGRDOYDORUDUDOXVXDULRVHREVHUYDQIDFWRUHVGH DOWRULHVJR(VWHKHFKRGHWHUPLQDODLGHQWLILFDFLyQGHXQGLDJQyVWLFR GHULHVJR (OHQXQFLDGRGHXQGLDJQyVWLFRGHULHVJRFRQVWDGHGRVSDUWHVHOSUREOHPDSRVLEOH\ ORVIDFWRUHVGHULHVJRXQLGRVPHGLDQWHHOQH[RUHODFLRQDGRFRQ5&GDGRTXHQR H[LVWHQVLJQRV\VtQWRPDVTXHSXHGDQGHVFULELUVH (MHPSOR &RQFHSFLyQ3XHQWHHVXQDPXMHUGHDxRVTXHLQJUHVDSDUDXQD LQWHUYHQFLyQGHKLVWHUHFWRPtD&RQHVWRVGDWRVODHQIHUPHUDUHDOL]DHOSUHVHQWH GLDJQyVWLFR 5LHVJRGHGLVIXQFLyQVH[XDO5&KLVWHUHFWRPtD3DUDUHDOL]DUHVWH GLDJQyVWLFRGHULHVJRODHQIHUPHUDVHEDVDHQ ODDILUPDFLyQGHTXHHOGHODV PXMHUHVKLVWHUHFWRPL]DGDVSODQWHDXQUHFKD]RDODVUHODFLRQHVVH[XDOHVSRUDVRFLDUODVD ODIHFXQGLGDG (QHOGLDJQyVWLFRGH(QIHUPHUtDGHULHVJRODHWLRORJtDSXHGHQRVHUWUDWDEOHSRUOD HQIHUPHUDSRUHMHPSORYHMH]SHURHVXQIDFWRUGHDOWRULHVJRTXHQRVKDFHHVWDUDOHUWD SDUDIRPHQWDUFXLGDGRVTXHSUHYHQJDQODDSDULFLyQGHOSUREOHPD$PD\RUQ~PHURGH IDFWRUHVGHULHVJRHOJUDGRGHULHVJRHVPD\RU G'LDJQyVWLFRVGXGRVRV (QRFDVLRQHVGXUDQWHODIDVHGHGHWHUPLQDFLyQGHGDWRVLGHQWLILFDWLYRVODHQIHUPHUD HQFXHQWUDGDWRVTXHFRQVLGHUDDQRUPDOHV\OHVXJLHUHQXQGLDJQyVWLFRGH(QIHUPHUtD SHURQRVHHQFXHQWUDQVXILFLHQWHLQIRUPDFLyQTXHD\XGHDDFRWDUHOSUREOHPD$QWHHVWD VLWXDFLyQ$OIDURLGHQWLILFDEDXQGLDJQyVWLFRSRVLEOHVLQHPEDUJRQRVHSXHGH FRQVLGHUDUFRPRWDOSRUTXHDORVWpUPLQRVSRWHQFLDO\SRVLEOHSXHGHQLQGXFLUDHUURU GDGRTXHHQFDVWHOODQRWLHQHQXQDDFHSFLyQVLPLODU\EHQORVGLDJQyVWLFRV GHQRPLQDGRVSRVLEOHVSRU$OIDURVHGHVFRQRFHODHWLRORJtD\OR~QLFRTXHVHGHWHFWD VRQORVVLJQRV\VtQWRPDVFRQVLGHUDGRVDQRUPDOHV3RUWDQWRHVOyJLFRTXHODHQIHUPHUD UHJLVWUHSULPHUR\FRPRPiVLPSRUWDQWHHVRVVLJQRV\VtQWRPDV\GHVSXpVODHWLTXHWD GLDJQyVWLFDTXHPHGLDQWHODLQWXLFLyQEDVDGDHQODREVHUYDFLyQVLJQLILFDWLYDHOOD FRQVLGHUDFRPSDWLEOH /DIRUPDGHUHJLVWUDUHVWDVLWXDFLyQHQHOSODQGHFXLGDGRVVHUi6LJQRV\VtQWRPDV FRPSDWLEOHVFRQHWLTXHWDGLDJQyVWLFD (MHPSORGHOSURFHVRGHIRUPXODFLyQGHXQGLDJQyVWLFR -RVHID&DUULyQHVXQDXVXDULDGLDEpWLFDGHDxRVTXHDFXGHDXQDFLWDFRQVX HQIHUPHUDHQHOFHQWURGHVDOXG6XVFRQVWDQWHVVRQPPGH+JGHWHQVLyQ DUWHULDO\PJGOGHJOXFHPLD5HODWDFXPSOLUHOUpJLPHQGLHWpWLFRDXQTXHGHVGH KDFHGRVVHPDQDVFRQODOOHJDGDGHOLQYLHUQRQROHDSHWHFHFRPHUHQVDODGDV%HEH GLDULDPHQWHFFGHDJXD$ILUPDDFXGLUDOEDxRFRQPHQRUIUHFXHQFLD\UHDOL]DU GHSRVLFLRQHVPiVGXUDV'HVGHOD~OWLPDYLVLWDQRKDWHQLGRQLJXQDKLSRJOXFHPLDQL VtQWRPDVGHGHVFRPSHQVDFLyQ0DQLILHVWDQRUHDOL]DUORVSDVHRVGLDULRVTXHWHQtD SDXWDGR )DVHGHDQiOLVLV &ODVLILFDFLyQGHORVGDWRV 'DWRV &ODVLILFDFLyQ QROHDSHWHFHFRPHUHQVDODGDVLQJHVWD EHEHGLDULDPHQWHFFGHDJXDLQJHVWD GHSRVLFLRQHVGXUDVHOLPLQDFLyQ QRUHDOL]DORVSDVHRVGLDULRVPRYLPLHQWR 'HWHUPLQDFLyQGHORVGDWRVLGHQWLILFDWLYRV 'DWRLGHQWLILFDWLYR GHSRVLFLRQHVGXUDV 'DWRVFRPSOHPHQWDULRV GLVPLQXFLyQGHLQJHVWDGHILEUD EDMRDSRUWHKtGULFR IDOWDGHHMHUFLFLRItVLFR )DVHGHVtQWHVLV (OHFFLyQGHODHWLTXHWDGLDJQyVWLFD HVWUHxLPLHQWR %~VTXHGDGHODHWLRORJtDRIDFWRUHVUHODFLRQDGRV GLVPLQXFLyQGHLQJHVWDGHILEUD EDMRDSRUWHKtGULFR IDOWDGHHMHUFLFLRItVLFR )DVHGHFRPSUREDFLyQ (QHVWHFDVRODHQIHUPHUDUHYLVDUtDORVGDWRVTXHHOLJLyFRPRVLJQLILFDWLYRV\ FRPSOHPHQWDULRVFRPSUREDQGRTXHORVRQ )DVHGHUHJLVWUR (VWUHxLPLHQWRUFGLVPLQXFLyQGHLQJHVWDGHILEUDEDMRDSRUWHKtGULFRIDOWDGH HMHUFLFLRItVLFR