5HJODPHQWR2UJiQLFR GHO&ROHJLR2ILFLDO GH3HULWRVH,QJHQLHURV 7pFQLFRV,QGXVWULDOHV GH9DOODGROLG $SUREDGRHQ-XQWD*HQHUDOGHGH$EULOGH 5HJODPHQWR2UJiQLFRGHO&ROHJLR2ILFLDOGH3HULWRVH ,QJHQLHURV7pFQLFRV,QGXVWULDOHVGH9DOODGROLG ,1752'8&&,Ï1 3DUWLHQGR GHODEVROXWRUHVSHWRGHODVQRUPDVUHJXODGRUDVGH ORV &ROHJLRV 3URIHVLRQDOHV FRQWHQLGDVHQODOH\GHGHIHEUHUR\GHORV(VWDWXWRV*HQHUDOHVGHORV&ROHJLRV 2ILFLDOHV GH 3HULWRV H ,QJHQLHURV 7pFQLFRV ,QGXVWULDOHV DSUREDGRV SRU 5HDO 'HFUHWR GHGHHQHURHOSUHVHQWHUHJODPHQWRWLHQHSRUILQDOLGDGHODGDSWDUODFLWDGD QRUPDWLYDDODVSHFXOLDULGDGHVSURSLDVGHO&ROHJLR9DOOLVROHWDQRFROPDQGRGHWHUPLQDGDV ODJXQDV GH DTXHOOD JHQHUDO UHJXODFLyQ OHJDO \ HVWDWXWDULD H LQWHJUDQGR HQ HO PLVPR PDWHULDVFRQWHQLGDVHQRWUDVGLVSRVLFLRQHVGLVSHUVDV %DMR HOSULVPDGHUHIHUHQFLDVHYHUWHEUDHOSUHVHQWHUHJODPHQWRFROHJLDOTXHVHHVWUXFWXUD HQ ORVFDStWXORVTXHDFRQWLQXDFLyQVHUHVHxDQ &DSLWXOR,'LVSRVLFLRQHVGH&DUiFWHU*HQHUDO $UWtFXOR (O SUHVHQWH 5HJODPHQWR VH UHPLWH DO UHVSHFWR D ODV DQWHULRUPHQWH PHQFLRQDGDVQRUPDVUHJXODGRUDVGHORV&ROHJLRV3URIHVLRQDOHV /H\ GH GH IHEUHUR GH &ROHJLRV 3URIHVLRQDOHV PRGLILFDGD SRU OH\ GH 5HDO'HFUHWRGHGHHQHURSRUHOTXHVHDSUXHEDQORV(VWDWXWRV*HQHUDOHV GH ORV &ROHJLRV 2ILFLDOHV GH 3HULWRV H ,QJHQLHURV 7pFQLFRV ,QGXVWULDOHV R HO HQ TXH HQ FDGD PRPHQWRHVWXYLHUHHQYLJRUWRGRHOORHQHYLWDFLyQGHLQ~WLOHVUHLWHUDFLRQHV &DSLWXOR,,'HOHJDFLRQHV $UWtFXOR 'HDFXHUGRFRQORHVWDEOHFLGRHQORV(VWDWXWRV*HQHUDOHVSRGUiQFUHDUVH ODV 'HOHJDFLRQHV GHO &ROHJLR TXH VH HVWLPHQ FRQYHQLHQWHV DWHQGLHQGR D ODV FDUDFWHUtVWLFDV\Q~PHURGHFROHJLDGRVH[LVWHQWHVHQODVSURYLQFLDVGHVXGHPDUFDFLyQ (Q FDGDSURYLQFLDQRSRGUiKDEHUPiVGHXQDGHOHJDFLyQVLQSHUMXLFLRGHORGLVSXHVWRHQ HO DUWtFXORSiUUDIRVHJXQGRGHORV(VWDWXWRV*HQHUDOHVGHORV&ROHJLRV $UWtFXOR$ ORVILQHVVHxDODGRVHQHODUWtFXORDQWHULRUORVFROHJLDGRVTXHUDGLTXHQHQ ODV ORFDOLGDGHV FRPSUHQGLGDV HQ HO iPELWR SURYLQFLDO GHO &ROHJLR SRGUiQ VROLFLWDU VL OR GHVHDQHOHVWDEOHFLPLHQWRGHODFRUUHVSRQGLHQWHGHOHJDFLyQPHGLDQWHHVFULWRGLULJLGRDOD -XQWD GH *RELHUQR ILUPDGR DO PHQRV SRU OD PLWDG PiV XQR GH ORV GRPLFLOLDGRV HQ OD SURYLQFLD GH TXH VH WUDWH DFRPSDxDQGR XQD PHPRULD H[SOLFDWLYD GH ODV UD]RQHV TXH OR DFRQVHMDQDVtFRPRXQHVWXGLRGHORVPHGLRVHFRQyPLFRVFRQTXHOD'HOHJDFLyQFRQWDUtD SDUD VXGHVHQYROYLPLHQWR $UWtFXOR 9LVWD OD VROLFLWXG \ SUHYLRV ORV LQIRUPHV \ HVWXGLRV TXH VH FRQVLGHUHQ QHFHVDULRVOD-XQWDGH*RELHUQRGHO&ROHJLRGHFLGLUiORSURFHGHQWHTXHQHFHVDULDPHQWH KDEUi GHVHUHQHOVHQWLGRGHFUHDUOD'HOHJDFLyQVLODVROLFLWXGHVWXYLHUDIRUPXODGDSRUOD PD\RUtDGHORVFROHJLDGRVGHXQDORFDOLGDGHQODTXHH[LVWDQDOPHQRVFLHQFROHJLDGRV $UWtFXOR6L HODFXHUGRGHOD-XQWDGH*RELHUQRIXHVHIDYRUDEOHQRPEUDUiXQD-XQWD 'LUHFWLYD3URYLVLRQDO\IRUPXODUiODRSRUWXQDSURSXHVWDDOD-XQWD*HQHUDOGH&ROHJLDGRV HQ ODSULPHUDUHXQLyQTXHVHFHOHEUHFRQLQFOXVLyQGHHVHDVXQWRHQHORUGHQGHOGtDDILQ GH TXHSRUODPLVPDVHDSUXHEHRUHFKDFHODFUHDFLyQGHODGHOHJDFLyQGHTXHVHWUDWH $UWtFXOR(QHOFDVRGHTXHHODFXHUGRGHOD-XQWDGH*RELHUQRIXHUDGHVIDYRUDEOHDOD SHWLFLyQVHORFRPXQLFDUiDOSULPHUILUPDQWHGHODVROLFLWXGFRQH[SUHVLyQGHODVUD]RQHV TXH OR PRWLYDQ SXGLHQGR ORV SHWLFLRQDULRV VL DVt OR GHVHDQ UHFXUULU HQ DO]DGD DQWH HO &RQVHMR*HQHUDOGH&ROHJLRV2ILFLDOHVGH3HULWRVH,QJHQLHURV7pFQLFRV,QGXVWULDOHVHQHO SOD]R GHGtDVKiELOHVFRQWDGRVDSDUWLUGHOVLJXLHQWHDODQRWLILFDFLyQ $UWtFXOR/DVGHOHJDFLRQHVHVWDUiQUHJLGDVSRUXQD-XQWDGH*RELHUQRGHOHJDGDGHOD -XQWD GH *RELHUQR GHO &ROHJLR \ FRQVWLWXLGD SRU XQ 3UHVLGHQWH XQ 6HFUHWDULR XQ 9LFHVHFUHWDULRXQ7HVRUHURFRQWDGRU\YRFDOHV (Q FDVR GH HQIHUPHGDG DXVHQFLD R YDFDQWH GH FXDOTXLHUD GH ORV WUHV FDUJRV SULPHUDPHQWHFLWDGRVVXVIXQFLRQHVVHUiQDVXPLGDVSRUHOYRFDOGHPiVHGDG $UWtFXOR /D GHVLJQDFLyQ GH ORV FRPSRQHQWHV GH OD -XQWD GLUHFWLYD GHOHJDGD VH HIHFWXDUiPHGLDQWHVXIUDJLRGLUHFWR\VHFUHWRVLHQGRHOHFWRUHV\HOHJLEOHVORVFROHJLDGRV LQVFULWRVHQODGHOHJDFLyQ /D -XQWDGH*RELHUQRGHOHJDGDVHUHQRYDUiSRUPLWDGFDGDGRVDxRV\HOSURFHGLPLHQWR HOHFWRUDOSDUDVXGHVLJQDFLyQVHUiHOPLVPRTXHULMDSDUDHOQRPEUDPLHQWRGHOD-XQWDGH *RELHUQR GHO &ROHJLR FRQ ODV QDWXUDOHV DGDSWDFLRQHV DO iPELWR \ SHFXOLDULGDGHV GH OD GHOHJDFLyQ /DV IDFXOWDGHV TXH HO UHJODPHQWR GHO &ROHJLR UHFRQRFH DO &RQVHMR *HQHUDO HQ HVWD PDWHULDHOHFWRUDOVHHQWHQGHUiQUHIHULGDVDOD-XQWDGH*RELHUQRGHO&ROHJLRGH9DOODGROLG $UWtFXOR(O3UHVLGHQWHGHOD'HOHJDFLyQGHEHUiUHVLGLUSUHIHUHQWHPHQWHHQODORFDOLGDG GRQGHpVWDWHQJDVXVHGH (O 6HFUHWDULRGHOD'HOHJDFLyQGHEHUiUHVLGLUQHFHVDULDPHQWHHQODORFDOLGDGGRQGHpVWD WHQJDVXVHGH $UWtFXOR /D 'HOHJDFLyQ LQWHJUDUi D ORV FROHJLDGRV GRPLFLOLDGRV HQ VX GHPDUFDFLyQ TXHORGHVHHQDFX\RHIHFWRGHEHUiQFRPXQLFDUORSRUHVFULWRDO3UHVLGHQWHGHODPLVPD KDFLpQGROHVDEHUVXH[SUHVRGHVHRGHTXHGDULQFRUSRUDGRVDHOOD $UWtFXOR (Q ODV 'HOHJDFLRQHV VH OOHYDUi DO GtD XQ OLEUR GH UHJLVWUR GH FROHJLDGRV LQFRUSRUDGRVDHOODVFRQHOTXHVHFRQIHFFLRQDUiXQDUHODFLyQQRPLQDOTXHVHUiHQYLDGDD OD -XQWD GH *RELHUQR GHO &ROHJLR SDUD VX FRQVWDQFLD HQ HO PLVPR GHELHQGR GDU FXHQWD LQPHGLDWDGHODVDOWDV\EDMDVTXHVHSURGX]FDQ $UWtFXOR(OFREURGHODVFXRWDVGHORVFROHJLDGRVDGVFULWRVDOD'HOHJDFLyQVHKDUi SRUHVWDXWLOL]DQGRSDUDHOORORVUHFLERVRILFLDOHVTXHOHHQYtHHO&ROHJLRTXHGDQGRHQVX SRGHUSDUDFRQWULEXLUDORVSURSLRVJDVWRV /RV SRUFHQWDMHVDDSOLFDUSRUGHUHFKRVGHYLVDGR\JHVWLyQGHFREURHQVXFDVRGHORV SUR\HFWRV \ GHPiV WUDEDMRV VHUiQ LGpQWLFRV D ORV HVWDEOHFLGRV SDUD HO &ROHJLR GH 9DOODGROLG $UWtFXOR /DV 'HOHJDFLRQHV UHPLWLUiQ PHQVXDOPHQWH DO &ROHJLR XQ HVWDGR GH VLWXDFLyQ GH FXHQWDV DVt FRPR XQD QRWD LQIRUPDWLYD VREUH VXV DFWLYLGDGHV HQ HO PHV SUHFHGHQWH (Q HO SULPHU WULPHVWUH GH FDGD DxR HQYLDUiQ DGHPiV XQD PHPRULD FRPSUHQVLYD GH VX DFWXDFLyQ \ UHDOL]DGD HQ HO HMHUFLFLR GH TXH VH WUDWH MXQWDPHQWH FRQ OD OLTXLGDFLyQ GH LQJUHVRV\JDVWRVKDELGRVHQHODxRDQWHULRU\ODSURSXHVWDGHSUHVXSXHVWRSDUDHODxRHQ FXUVR XQDYH]DSUREDGDSRUOD-XQWDGH*RELHUQRGHOHJDGD$VLPLVPRUHPLWLUiDO&ROHJLR HO SUHVXSXHVWRXQDYH]DSUREDGRSRUODDVDPEOHD*HQHUDOGHOD'HOHJDFLyQ $UWtFXOR/DV'HOHJDFLRQHVSRGUiQDVXPLUGHQWURGHVXGHPDUFDFLyQODVIXQFLRQHV TXHFRQFDUiFWHUJHQHUDOWLHQHVHxDODGDVHO&ROHJLR\RVWHQWDUiQVXUHSUHVHQWDFLyQHQODV SURYLQFLDV GRQGHDTXpOODVUDGLTXHQ $UWtFXOR/D-XQWDGH*RELHUQRGHO&ROHJLRGH9DOODGROLGSRGUiQRPEUDUXQ'HOHJDGR GHODPLVPDHQDTXHOODVORFDOLGDGHVHQTXHVXLPSRUWDQFLDORUHTXLHUDFRQODVIDFXOWDGHV TXH H[SUHVDPHQWHVHVHxDOHQ $UWtFXOR(QWRGRORQRSUHYLVWRHQHVWHUHJODPHQWRODV'HOHJDFLRQHVVHDMXVWDUiQD ORTXHHQFDGDFDVRFRQFUHWRGHWHUPLQHOD-XQWDGH*RELHUQRGHO&ROHJLRTXLHQDGHPiV UHVROYHUi ODV GXGDV TXH SXGLHUDQ SUHVHQWDUVH HQ VX DSOLFDFLyQ VLQ SHUMXLFLR GH TXH VH FRQVLGHUH VXSOHWRULR \ FRPSOHPHQWDULR HO UHJODPHQWR SRU HO TXH VH ULJH DFWXDOPHQWH HO &ROHJLRGH9DOODGROLG $UWtFXOR /D 'HOHJDFLyQ DFWXDOPHQWH H[LVWHQWH HQ 3DOHQFLD QR QHFHVLWD UHDOL]DU WUiPLWH DOJXQR SDUD VX UHFRQRFLPLHQWR FRPR WDO Vt ELHQ GHEHUi DMXVWDU VX GHVHQYROYLPLHQWR\DFWXDFLyQDODVSUHVFULSFLRQHVHVWDEOHFLGDVHQHVWHUHJODPHQWR 1R REVWDQWH OR DQWHULRU VH UHFRQRFH TXH OD GHOHJDFLyQ GH 3DOHQFLD YLHQH IXQFLRQDQGR GHVGHODFUHDFLyQGHHVWH&ROHJLRFRQXQJUDGRGHDXWRQRPtDHOHYDGRTXHOHSHUPLWHOD DXWRJHVWLyQ HQ VX iPELWR WHUULWRULDO \ TXH DVt FRQWLQXDUi HQ HO IXWXUR VLQ SHUMXLFLR GH OD QHFHVDULDFRRUGLQDFLyQFRQHO&ROHJLRGH9DOODGROLGTXHHVHQGHILQLWLYDTXLHQRVWHQWDOD SOHQD SHUVRQDOLGDGMXUtGLFDHQUHSUHVHQWDFLyQGHORVFROHJLDGRVGHDTXHOODSURYLQFLD &DSLWXOR,,,6HFFLRQHVR&RPLVLRQHV $UWtFXOR $&RQGHSHQGHQFLDGHOD-XQWDGH*RELHUQR\SDUDVXDVHVRUDPLHQWRHQGHWHUPLQDGRV DVXQWRVHVSHFtILFRVVHRUJDQL]DUiQODV6HFFLRQHVTXHHQFDGDPRPHQWRVHHVWLPHQ QHFHVDULDV/D3UHVLGHQFLDGHODVPLVPDVUHFDHUiSUHIHUHQWHPHQWHHQFROHJLDGRVTXH UHSUHVHQWHQ ODV SULQFLSDOHV DFWLYLGDGHV GH OD SURIHVLyQ WDOHV FRPR HQVHxDQ]D HMHUFLFLROLEUHDOVHUYLFLRGHHPSUHVDVHPSUHVDULRV\2UJDQLVPRV2ILFLDOHVHWF /RV 3UHVLGHQWHV GH ODV 6HFFLRQHV TXH QR IXHUDQ PLHPEURV QDWRV GH OD -XQWD GH *RELHUQRDVLVWLUiQDVXVVHVLRQHVVLDVtIXHUDQUHTXHULGRVSDUDHOORHQUHODFLyQDORV DVXQWRVUHODFLRQDGRVFRQVXVUHVSHFWLYDVVHFFLRQHVHQFX\RFDVRVXDVLVWHQFLDVHUi FRQYR]SHURVLQYRWR % /DVVHFFLRQHVRFRPLVLRQHVVHUHJLUiQSRUODVQRUPDVTXHDOHIHFWRUHGDFWH\DSUXHEH OD -XQWDGH*RELHUQR $UWtFXOR&RPLVLyQ-XQWD(MHFXWLYDGHOD-XQWDGH*RELHUQR ([LVWLUi XQD &RPLVLyQ (MHFXWLYD GHOHJDGD GH OD -XQWD GH *RELHUQR SDUD TXH HQWLHQGD WDQWR GH DVXQWRV XUJHQWHV FRPR GH DTXHOORV RWURV TXH HVSHFtILFDPHQWH SXGLHUDQ VHUOH HQFRPHQGDGRV(VWDUiFRPSXHVWDSRU'HFDQRR9LFHGHFDQR6HFUHWDULRR9LFHVHFUHWDULR 7HVRUHURHLQWHUYHQWRU\GRV9RFDOHVGHOD-XQWDGH*RELHUQR 3DUD OD YDOLGH] GH VXV UHXQLRQHV \ DFXHUGRV VH H[LJLUi OD DVLVWHQFLD GH XQ PtQLPR GH FXDWURPLHPEURVDGRSWiQGRVHVXVDFXHUGRVSRUPD\RUtD 'H VXV DFXHUGRV VH GDUi FXHQWD D OD -XQWD GH *RELHUQR HQ OD SULPHUD UHXQLyQ TXH OD PLVPDFHOHEUH $UWtFXOR6HFUHWDULR7pFQLFR /D-XQWDGH*RELHUQRSRGUiGHFLGLUHOQRPEUDPLHQWRGHXQVHFUHWDULRWpFQLFRTXHEDMROD GHSHQGHQFLDGHOVHFUHWDULRGHO&ROHJLROOHYHDFDERODVWDUHDV\WUDEDMRVWpFQLFRVTXHVH OHHQFRPLHQGHQ $VLVWLUi DODVUHXQLRQHVGHOD-XQWDGH*RELHUQRFRQYR]SHURVLQYRWR $UWtFXOR5HYLVLyQGH&XHQWDV &RPLVLyQ5HYLVRUD ([LVWLUi XQD &RPLVLyQ 5HYLVRUD GH FXHQWDV TXH FRQVWDUi GH WUHV PLHPEURV TXH VH UHQRYDUiQ DQXDOPHQWH /D GHVLJQDFLyQ GH ORV FRPSRQHQWHV GH OD FLWDGD FRPLVLyQ VH UHDOL]DUDHQOD-XQWD*HQHUDOSRUPD\RUtDVLPSOHGHORVDVLVWHQWHV (VWDFRPLVLyQWHQGUiXQDYLJHQFLDGHXQDxRVtELHQVXVPLHPEURVSRGUiQVHUUHHOHJLGRV SRU DFXHUGRGHOD-XQWD*HQHUDOHQODIRUPDHVWDEOHFLGD &DSLWXOR,97UDPLWDFLyQGH'RFXPHQWRV $UWtFXOR/DVGRFXPHQWDFLRQHVWpFQLFRVRIDFXOWDWLYDVUHODWLYDVDODFRPSHWHQFLDGH ORV 3HULWRV H ,QJHQLHURV 7pFQLFRV ,QGXVWULDOHV TXH VH H[WLHQGDQ DO iPELWR GHO LQWHUpV S~EOLFR RSULYDGR\SDUDFX\DILUPDVHUHTXLHUDODGHWpFQLFRFRPSHWHQWHGHEHUiQ HVWDU YLVDGDVSRUHVWH,OXVWUH&ROHJLR2ILFLDO $UWLFXOR1RUPDWLYDGH)XQFLRQDPLHQWR$GPLQLVWUDWLYR,QWHUQRGHO&ROHJLR 'HVGH HQHUR GH OD $GPLQLVWUDFLyQ GHO &ROHJLR VH ULMH SRU XQD VHULH GH QRUPDV JHQHUDOHVGHIXQFLRQDPLHQWRDSUREDGDVSRUOD-XQWDGH*RELHUQR\GHVJORVDGDVHQORV VLJXLHQWHVFDStWXORV D 1RUPDWLYDFRQWDEOH E 1RUPDWLYDGHYLVDGRVGHSUR\HFWRV F 1RUPDWLYDILVFDO G 1RUPDWLYDGHIXQFLRQDPLHQWRGHVHFUHWDUtD &DSLWXOR92EUDVGH&DUiFWHU6RFLDO%HFDVGH(VWXGLR 1RUPDV*HQHUDOHV $UWtFXOR&RQGLFLRQHVGHO%HQHILFLDULR (QFRQWUDUVHHQDOJXQDGHODVVLJXLHQWHVFLUFXQVWDQFLDV D 6HUKLMRKLMDKXpUIDQRGHSDGUHRPDGUHFROHJLDGR E 6HUKLMRKLMDGHSDGUH\RPDGUHFROHJLDGRHQVLWXDFLyQGHLQYDOLGH]SHUPDQHQWHWRWDO SDUD HMHUFHUODSURIHVLyQKDELWXDO\FX\RVLQJUHVRV QR VXSHUHQ ORVPtQLPRV HVWDEOHFLGRV SRU OD-XQWDGH*RELHUQR F 6HU KLMRKLMD GH SDGUH R PDGUH FROHJLDGR FX\RV LQJUHVRV GH OD XQLGDG IDPLOLDU QR VXSHUHQORVPtQLPRVHVWDEOHFLGRVDOHIHFWRSRUOD-XQWDGH*RELHUQR $UWtFXOR5HTXLVLWRVGH&DUiFWHU(FRQyPLFR $$ ORV HIHFWRV GH SRGHU UHFLELU EHFD R D\XGD DO HVWXGLR VH HVWDEOHFHUiQ HQ FDGD FRQYRFDWRULDORV XPEUDOHV GH UHQWD GLVSRQLEOHIDPLOLDU SHU FiSLWD TXH QR SRGUiQ VHU VXSHUDGRVSDUDSRGHUREWHQHUWDOHVEHQHILFLRV (VWRV XPEUDOHV VRQ ORV HVWLSXODGRV HQ ORV %2( SRU HO 0LQLVWHULR GH (GXFDFLyQ \ &LHQFLDFRUUHVSRQGLHQWHVDFDGDFRQYRFDWRULDDQXDO %3UHVHQWDFLyQGHODGHFODUDFLyQGHUHQWDIDPLOLDUFRUUHVSRQGLHQWHDOHMHUFLFLRDQWHULRUD OD VROLFLWXG GH EHFD (Q FDVR GH TXH QR VH KD\D GHFODUDGR SRU WUDEDMR SRU FXHQWD SURSLDFHUWLILFDGRGHQRHVWDUGDGRGHDOWDHQHOLPSXHVWRGHDFWLYLGDGHVHFRQyPLFDV ,$( &(Q FDVR GH SHUFLELU SUHVWDFLRQHV R SHQVLRQHV GH LQYDOLGH] GHVHPSOHR YLXGHGDG RUIDQGDGHWFFHUWLILFDFLyQGHOD66GHODVSHUFHSFLRQHVUHFLELGDV\FHUWLILFDGRGHQR HVWDUVXMHWRVDO,$( $UWtFXOR5HTXLVLWRVGH1DWXUDOH]D$FDGpPLFD $3DUDGLVIUXWDUGHEHFDRD\XGDDOHVWXGLRGHEHUiQORVVROLFLWDQWHVFXPSOLUORVUHTXLVLWRV GHQDWXUDOH]DDFDGpPLFDHQFDGDPRPHQWRHQYLJRUHVWDEOHFLGRVSRUHOPLQLVWHULRGH HGXFDFLyQ\FLHQFLD %3DUDREWHQHUEHFDVHUiSUHFLVRTXHHOVROLFLWDQWHVHPDWULFXOHHQHOFXUVRSDUDHOTXH VROLFLWDODEHFD\HQHOQ~PHUR GH DVLJQDWXUDV TXHHVSHFLILTXH OD FRQYRFDWRULD SDUD FDGDQLYHODFDGpPLFR\FDUUHUD &/DV FDOLILFDFLRQHV DFDGpPLFDV REWHQLGDV HQ EDFKLOOHUDWR %83 FXUVR GH RULHQWDFLyQ XQLYHUVLWDULD &28 IRUPDFLyQ SURIHVLRQDO \ RWURV HVWXGLRV VH YDORUDUiQ VHJ~Q ORV EDUHPRV HVWDEOHFLGRV SDUD ODV FRQFHVLRQHV GH EHFDV HVWDWDOHV SRU HO 0LQLVWHULR GH (GXFDFLyQ\&LHQFLD $UWtFXOR$GMXGLFDFLyQGHODV%HFDV $ &RPLVLyQ FDOLILFDGRUD /D -XQWD GH JRELHUQR GHOHJD HQ OD -XQWD (MHFXWLYD \ DVHVRUtD MXUtGLFD SDUD HMHUFHU OD IXQFLyQ FDOLILFDGRUD DVt FRPR OD GH LQVSHFFLyQ YHULILFDFLyQ FRQWURO \ FHQWUDOL]DFLyQ GH OD LQIRUPDFLyQ VREUH HVWH SDUWLFXODU SXGLHQGR UHFDEDU GH ORV VROLFLWDQWHVODGRFXPHQWDFLyQTXHMX]JXHQRSRUWXQD 7DPELpQHVWD-XQWDHODERUDUiODVOLVWDVGHILQLWLYDVGHDVSLUDQWHVFRQGHUHFKRDEHFD TXH H[SRQGUiDOD-XQWDGH*RELHUQRSDUDVXDSUREDFLyQ\DGMXGLFDFLyQ % )RUPXOD5HDO'HFUHWRGHMXOLRGHQ%2(GHDJRVWRGH SiJDUW /D SRQGHUDFLyQ GH OD QRWD PHGLD DFDGpPLFD \ GH OD UHQWD IDPLOLDU SHU FiSLWD VH UHDOL]DUiPHGLDQWHODVLJXLHQWHIyUPXODPDWHPiWLFD 5 '= S¼1 + . 8 HQODFXDO ' &RHILFLHQWHGHSUHODFLyQGHOVROLFLWDQWH 1 1RWDPHGLDDFDGpPLFD S3DUiPHWURUHGXFWRUGHOSHVRHVSHFtILFRGH1´(OYDORUFRQVLJQDGR³S´GHEHUiHVWDU FRPSUHQGLGRHQWUH\ .SDUiPHWURGHHTXLOLEUDFLyQVXILQDOLGDGHVTXHHQQLQJ~QFDVRHOYDORUREWHQLGRSRU ³'´VHDQXORRQHJDWLYR 8 8PEUDOGHUHQWDIDPLOLDUSHUFiSLWDHVWDEOHFLGRHQFDGDFRQYRFDWRULDDQXDO &%HFDVSRUXQLGDGIDPLOLDU 6H FRQFHGHUi XQD VROD EHFD SRU XQLGDG IDPLOLDU VDOYR HQ FDVRV HQ TXH SRU IDOWD GH VROLFLWXGHV GH UHTXLVLWRV DFDGpPLFRV R HFRQyPLFRV TXHGHQ EHFDV VLQ DGMXGLFDFLyQ WRWDOSUHYLVWDHQHOSUHVXSXHVWR (QHVWH~OWLPRFDVRQRVHSRGUiQUHFLELUPiVGHGRVEHFDVSRUIDPLOLDVROLFLWDQWH 6L OD -XQWD GH *RELHUQR GHFLGH FRQFHGHU WRGD OD DSRUWDFLyQ SUHYLVWD ODV EHFDV QR DGMXGLFDV VH SRGUiQ LQFUHPHQWDU DO PLVPR WLSR GH HVWXGLRV R D RWURV GLVWLQWRV GH GLIHUHQWHQLYHODFDGpPLFR\IUDFFLRQDUODVVXEYHQFLRQHVVLHPSUHWHQLHQGRHQFXHQWD HOFRHILFLHQWHGHSUHODFLyQGHWHUPLQDGRSRUHOPLQLVWHULRGHHGXFDFLyQ\FLHQFLD $UWtFXOR6HUYLFLRGH%LEOLRWHFD $/DELEOLRWHFDHVXQVHUYLFLRFUHDGRSDUDORVFROHJLDGRVGHHVWH&ROHJLR2ILFLDO\SDUD ORV DOXPQRV GHO ~OWLPR FXUVR GH ODV HVFXHODV GH ,QJHQLHUtD 7pFQLFD ,QGXVWULDO (VWRV ~OWLPRV GHEHUiQSURYHHUVHGHXQDWDUMHWDGHOHFWRUHQODVHFUHWDUtDGHO&ROHJLR % (VWDUi GRWDGD GH FXDQWD LQIRUPDFLyQ WpFQLFD VHD QHFHVDULD SDUD SRGHU SUHVWDU XQ HILFD]VHUYLFLRGHGRFXPHQWDFLyQ\FRQVXOWD &/DDFWXDOL]DFLyQGHVXFRQWHQLGRHQFXDOTXLHUPDWHULDWpFQLFDHVXQDREOLJDFLyQGHORV VHUYLFLRV GH OD PLVPD FRQ FRODERUDFLyQ GH ORV FROHJLDGRV SDUD OD SURSRVLFLyQ GH DGTXLVLFLyQ GH FXDOTXLHU WH[WR R HQ JHQHUDO SDUD FXDOHVTXLHUD LQIRUPDFLyQ GH LQWHUpV FRP~Q '/RVOLEURVQRUPDVUHYLVWDVHLQIRUPDFLyQGHGLYHUVRWLSRH[LVWHQWHVHQHVWDELEOLRWHFD VRQ SDUDFRQVXOWD\VXXVRWHQGUiOXJDUSUHIHUHQWHPHQWHHQORVORFDOHVGHO&ROHJLR ( /D SRVLELOLGDG GH GLVSRVLFLyQ GH FXDOTXLHU OLEUR R GRFXPHQWR SDUD VX FRQVXOWD IXHUD GHO &ROHJLR HVWi OLPLWDGD D ORV FROHJLDGRV \ FRQGLFLRQDGD D OD DFHSWDFLyQ SRU SDUWH GHO VROLFLWDQWH GHO FRPSURPLVR GH GHYROXFLyQ HQ XQ SOD]R Pi[LPR GH GtDV 7UDQVFXUULGRV ORV FXDOHV VLQ KDEHUVH SURGXFLGR OD GHYROXFLyQ HO SHWLFLRQDULR GHEHUi VROLFLWDU OD UHQRYDFLyQGHOSOD]RSRURWURSHULRGRPi[LPRGH GtDV )LQDOL]DGR HO VHJXQGRSHUtRGR HQ HO VXSXHVWR GH TXH QR VH KXELHVH SURGXFLGR OD GHYROXFLyQ HVWH VHUYLFLR TXHGD DXWRUL]DGR H[SUHVDPHQWH SRU HO VROLFLWDQWH D SDVDUOH XQ FDUJR SRU HO FRVWH GHO WH[WR XWLOL]DGR )(OKRUDULRGHHVWHVHUYLFLRVHUiHOQRUPDOGHODRILFLQDGHO&ROHJLR $UWtFXOR'LVWLQFLRQHV+RQRUtILFDV /D-XQWDGH*RELHUQRSRGUiRWRUJDU'LVWLQFLRQHV+RQRUtILFDVDDTXHOORVFROHJLDGRVTXHD VX MXLFLR UH~QDQVXILFLHQWHVPpULWRVSRUGHVWDFDUHQODSURIHVLyQRUHDOL]DUDFWRV TXH OD SUHVWLJLHQ /D 'LVWLQFLyQ+RQRUtILFDGH&ROHJLDGRGH+RQRUSXHGHVHUFRQFHGLGDLQFOXVRDSHUVRQD QR SHUWHQHFLHQWHDO&ROHJLRVLHPSUHTXHDMXLFLRGHOD-XQWDGH*RELHUQRUH~QD PpULWRV VXILFLHQWHVSDUDVHUKRQUDGRFRQWDOGLVWLQFLyQ &DSLWXOR9,(OHFFLRQHV&RUSRUDWLYDV $UWtFXOR (O SUHVHQWH UHJODPHQWR UHJLUi SDUD WRGR OR UHODWLYR D OD HOHFFLyQ GH ORV FDUJRV UHSUHVHQWDWLYRV HQ HO iPELWR WHUULWRULDO GHO ,OXVWUH &ROHJLR 2ILFLDO GH 3HULWRV H ,QJHQLHURV7pFQLFRV,QGXVWULDOHVGH9DOODGROLG 6HFFLyQGHODHOHFFLyQGHOD-XQWDGH*RELHUQR $UWtFXOR/D-XQWDGH*RELHUQRVHUHQRYDUiSRUPLWDGFDGDGRVDxRVSXGLHQGRVHU VXVPLHPEURVUHHOHJLGRV /D SULPHUD PLWDG HVWDUi FRPSXHVWD SRU HO 'HFDQR 6HFUHWDULR 7HVRUHUR \ ORV 9RFDOHV LPSDUHV /D VHJXQGD PLWDG OD LQWHJUDUi HO 9LFHGHFDQR 9LFHVHFUHWDULR ,QWHUYHQWRU \ ORV 9RFDOHVSDUHV 6HUiQ REMHWR GH HOHFFLyQ ORV FDUJRV TXH KD\DQ GH UHQRYDUVH FRQ DUUHJOR D ORV WXUQRV HVWDEOHFLGRV \ ORV TXH HVWXYLHVHQ GHVHPSHxDGRV SURYLVLRQDOPHQWH HQ OD IHFKD GH OD FRQYRFDWRULDVLJXLHQWH $UWtFXOR /DV HOHFFLRQHV SDUD OD UHQRYDFLyQ SHULyGLFD QRUPDO VH UHDOL]DUiQ HQ HO PHVGHIHEUHURGHODxRTXHFRUUHVSRQGD/D-XQWDGH*RELHUQRHVWDEOHFHUiHOFDOHQGDULR GH HOHFFLRQHVHQHOFXDOVHREVHUYDUDQORVVLJXLHQWHVSOD]RV D GtDVSDUDSUHVHQWDFLyQGHFDQGLGDWXUDV E /D -XQWD GH *RELHUQR GHEHUi UHVROYHU VREUH OD SURFODPDFLyQ GH FDQGLGDWRV XQD YH] WHUPLQDGRHOSOD]RGHSUHVHQWDFLyQ F GtDVSDUDSURSDJDQGDHOHFWRUDOGHORVFDQGLGDWRVSURFODPDGRV G GtDSDUDHIHFWXDUODYRWDFLyQ\HOHVFUXWLQLR $UWtFXOR 6L GLPLWLHUD HQ SOHQR OD -XQWD GH *RELHUQR R TXHGDUD YDFDQWH PiV GH OD PLWDG GH ORV SXHVWRV GH OD PLVPD HO &RQVHMR *HQHUDO DGRSWDUi LQPHGLDWDPHQWH ODV PHGLGDV SUHYLVWDV HQ HO DUWtFXOR V GH ORV (VWDWXWRV *HQHUDOHV FRQWLQXDQGR SURYLVLRQDOPHQWHHQWUHWDQWRHQHOGHVHPSHxRGHVXVIXQFLRQHVOD-XQWDGLPLVLRQDULDRORV PLHPEURV GH OD PLVPD TXH SHUPDQH]FDQ HQ DFWLYR /D -XQWD GHVLJQDGD SRU HO &RQVHMR FRQIRUPHDOSUHFHSWRHVWDWXWDULRFLWDGRSURFHGHUiXQDYH]WRPHSRVHVLyQDODLQPHGLDWD FRQYRFDWRULDGHHOHFFLRQHV $UWtFXOR3RGUiQVHUHOHJLEOHVWRGRVORVFROHJLDGRVTXHOOHYHQFRPRPtQLPRXQDxR LQFRUSRUDGRV DO &ROHJLR HVWpQ DO FRUULHQWH GH VXV REOLJDFLRQHV FROHJLDOHV \ KD\DQ VLGR SURFODPDGRV FDQGLGDWRV HQ YLUWXG GH VROLFLWXG LQGLYLGXDO \ SRU FDUJR HQ OD TXH FRQVWH )LUPDQRPEUHDSHOOLGRV'1,\Q~PHURGHFROHJLDGRGHFDGDVROLFLWDQWH $UWtFXOR&DGDVROLFLWXGGHEHUiLUDYDODGDSRUPLHPEURVGHO&ROHJLRHQSOHQRXVR GHVXVGHUHFKRVFROHJLDOHV\ODDFHSWDFLyQGHOFDQGLGDWRSURSXHVWR (O SURSLRFDQGLGDWRSXHGHVHUXQRGHORVVROLFLWDQWHV $UWtFXOR /D SURFODPDFLyQ OD HIHFWXDUi OD -XQWD GH *RELHUQR DO ILQDOL]DU ORV SOD]RV VHxDODGRVHQHODUWtFXOREGHVSXpVGHFRPSUREDUTXHFRQFXUUHQHQORV6ROLFLWDQWHV ORVUHTXLVLWRVH[LJLGRV $UWLFXOR6LDDOJXQRGHORVSUHVHQWDGRVQROHIXHUDDGPLWLGDVXFDQGLGDWXUD SRU OD -XQWDGH*RELHUQRpVWDVHORFRPXQLFDUiSRUHVFULWRHQHOSOD]RGHFXDWURGtDVSXGLHQGR HO FDQGLGDWRQRSURFODPDGRUHFXUULUFRQWUDODGHFLVLyQGHOD-XQWDDQWHHO&RQVHMR*HQHUDO GH &ROHJLRVDWUDYpVGHOD-XQWDGHO&ROHJLRHQHOSOD]RGHGtDVVLJXLHQWHV (O &RQVHMR *HQHUDO GH &ROHJLRV UHVROYHUi VREUH HO UHFXUVR SUHVHQWDGR \ FRQWUD GLFKD UHVROXFLyQQRFDEUiUHFXUVRDOJXQR $UWtFXOR/RVSOD]RVVHxDODGRVVHHQWHQGHUiQHQWRGRVORVFDVRVFRPRGtDVKiELOHV $UWtFXOR /DV FRQYRFDWRULDV \ SURFODPDFLRQHV GHEHUiQ FRPXQLFDUVH D WRGRV ORV FROHJLDGRVVHKDUiQS~EOLFDVHQHOWDEOyQGHDQXQFLRVGHO&ROHJLR\SRURWURVPHGLRVGH LQIRUPDFLyQVtVHHVWLPDVHRSRUWXQRSRUOD-XQWDGH*RELHUQR $UWtFXOR/RVSOD]RVWHUPLQDUiQDODKRUDHQTXHQRUPDOPHQWHFHVHQODVDFWLYLGDGHV EXURFUiWLFDV GHO &ROHJLR \ ~QLFDPHQWH VH SRGUiQ SURUURJDU D HIHFWRV GH UHDOL]DU HO HVFUXWLQLR $UWtFXOR&DGDFROHJLDGR~QLFDPHQWHSRGUiILUPDUSURSXHVWDVSDUDXQFDQGLGDWRSRU FDGDFDUJRFRQVLGHUiQGRVHQXODODILUPDDHIHFWRVGHOFyPSXWRHQWRGDVODVSURSXHVWDV TXH DSDUH]FDQGXSOLFDGDV $UWtFXOR 6L SDUD DOJ~Q FDUJR VyOR VH SUHVHQWDUD XQ FDQGLGDWR pVWH TXHGDUtD SURFODPDGRDXWRPiWLFDPHQWHVLQILJXUDU\DHQODVFDQGLGDWXUDV 6L SDUD DOJ~Q SXHVWR QR VHSUHVHQWDUD FDQGLGDWR DOJXQR WHUPLQDGR HO SURFHVR HOHFWRU \ GHVSXpV GH OD WRPD GH SRVHVLyQ GH ORV QXHYRV PLHPEURV OD -XQWD GH *RELHUQR SRGUi GHVLJQDU VL OR HVWLPD RSRUWXQR D XQ FROHJLDGR FXDOTXLHUD GDQGR FXHQWD GH WDO GHVLJQDFLyQDOD-XQWD*HQHUDOHQODSULPHUDRFDVLyQSDUDVXFRQRFLPLHQWR\UDWLILFDFLyQ VL SURFHGH(OPDQGDWRGHHVWHPLHPEURVHUiGHODPLVPDGXUDFLyQTXHHOGHORVHOHJLGRV HQ DTXHOODFRQYRFDWRULD 6HFFLyQGHO3HULRGR(OHFWRUDO $UWtFXOR/RVFDQGLGDWRVSURSXHVWRVSRGUiQLQWHJUDUVHHQXQDFDQGLGDWXUD $UWtFXOR/D-XQWDGH*RELHUQRIDFLOLWDUiDORVFDQGLGDWRVUHODFLyQGHORVFROHJLDGRV FRQVXVGRPLFLOLRVFRQHOILQGHTXHVHDXWLOL]DGDODPLVPDSDUDODFDPSDxDHOHFWRUDO 6HFFLyQGHOD0HVD(OHFWRUDO $UWtFXOR(QODVHGHGHO&ROHJLRKDEUiXQD0HVDHQFDUJDGDGHSUHVLGLUODYRWDFLyQ FRQVHUYDUHORUGHQUHDOL]DUHOHVFUXWLQLR\YHODUSRUODSXUH]DGHOVXIUDJLR $UWtFXOR /D 0HVD (OHFWRUDO HVWDUi IRUPDGD SRU XQ SUHVLGHQWH \ GRV YRFDOHV TXH UH~QDQODFRQGLFLyQGHHOHFWRUHV\QRVHDQFDQGLGDWRVGHVLJQDGRVSRUVRUWHRHQVHVLyQ S~EOLFD GHOD-XQWDGH*RELHUQRGHOPLVPRPRGRVHGHVLJQDUiQGRFHVXSOHQWHVSRUFDGD FDQGLGDWXUDSRGUiKDEHUXQLQWHUYHQWRUGHOD0HVD $FWXDUiFRPRVHFUHWDULRHOYRFDOPiVMRYHQGHHQWUHORVGRVGHVLJQDGRV $UWtFXOR $ OD KRUD VHxDODGD HO SUHVLGHQWH GH OD 0HVD (OHFWRUDO DQXQFLDUi HO FRPLHQ]RGHODYRWDFLyQ\ORVHOHFWRUHVVHDFHUFDUiQXQRDXQRDODVXUQDVPDQLIHVWDQGR VX QRPEUH \ DSHOOLGRV FRQ H[KLELFLyQ GHO GRFXPHQWR QDFLRQDO GH LGHQWLGDG R FDUQHW GH FROHJLDGR 8QD YH] FRPSUREDGD VX LQFOXVLyQ HQ HO FHQVR GH HOHFWRUHV GHO &ROHJLR HO YRWDQWH HQWUHJDUiVXSDSHOHWDGREODGDDO3UHVLGHQWHGHOD0HVDHOFXDOODGHSRVLWDUiHQODXUQD DQRWiQGRVHHOQRPEUH\DSHOOLGRVGHOFROHJLDGRHQODOLVWDQXPHUDGDGHHOHFWRUHVSRUHO RUGHQ HQTXHORHIHFW~HQ 6L HO HOHFWRU QR SUHVHQWDUD VX GRFXPHQWR QDFLRQDO GH LGHQWLGDG R FDUQHW GH FROHJLDGR SRGUi H[KLELURWURGRFXPHQWRRILFLDODFUHGLWDWLYRGHVXSHUVRQDOLGDG\VtQRVHHVWLPDVH VXILFLHQWHDMXLFLRGHOD0HVDQRSRGUiHPLWLUVXYRWR 6HFFLyQ&DPSDxDGH3URSDJDQGD(OHFWRUDO $UWtFXOR 6H HQWLHQGH SRU FDPSDxD GH SURSDJDQGD HOHFWRUDO HO FRQMXQWR GH DFWLYLGDGHVOtFLWDVRUJDQL]DGDVRGHVDUUROODGDVSRUORVFDQGLGDWRVHQRUGHQDODFDSWDFLyQ GH VXIUDJLRV $UWtFXOR/DFDPSDxDVHJ~QORVHxDODGRHQHODUWtFXORFGXUDUDGtDV\GHEHUi WHUPLQDUDODVFHURKRUDVGHOGtDGHODHOHFFLyQ 6HFFLyQ3URFHGLPLHQWR(OHFWRUDO $ &RQVWLWXFLyQGHOD0HVD(OHFWRUDO $UWtFXOR(OSUHVLGHQWHORV$GMXQWRV\ORV6XSOHQWHVGHOD0HVD(OHFWRUDOVHUHXQLUiQ XQD KRUD DQWHV GHO FRPLHQ]R GH OD YRWDFLyQ HO GtD ILMDGR SDUD OD PLVPD HQ HO ORFDO FRUUHVSRQGLHQWHDHIHFWRVGHFRQVWLWXFLyQGHOD0HVD(OHFWRUDO $UWtFXOR&RQVWLWXLGDOD0HVDUHFLELUiQODVFUHGHQFLDOHVGHORVLQWHUYHQWRUHVHQFX\R PRPHQWRHOSUHVLGHQWHH[WHQGHUiHODFWDGHFRQVWLWXFLyQGHOD0HVDILUPDGDSRUHOPLVPR ORV YRFDOHV \ ORV LQWHUYHQWRUHV HQ HO DFWD KDEUi GH H[SUHVDUVH QHFHVDULDPHQWH FRQ TXp SHUVRQDV TXHGD FRQVWLWXLGD OD 0HVD HQ FRQFHSWR GH PLHPEURV GH OD PLVPD \ UHODFLyQ QRPLQDOGHORVLQWHUYHQWRUHVFRQLQGLFDFLyQGHODFDQGLGDWXUDTXHOHVKXELHUDGHVLJQDGR 6HFFLyQ9RWDFLyQ $UWtFXOR ([WHQGLGD HO DFWD GH FRQVWLWXFLyQ GH OD 0HVD VH LQLFLDUi OD YRWDFLyQ TXH FRQWLQXDUiVLQLQWHUUXSFLyQKDVWDODKRUDTXHSUHYLDPHQWHKD\DVLGRILMDGDHQTXHVHGDUi SRU WHUPLQDGRHODFWR6RODPHQWHSRUFDXVDGHIXHU]DPD\RU\EDMRODUHVSRQVDELOLGDGGH OD 0HVD (OHFWRUDO SRGUi GLIHULUVH HO DFWR GH OD YRWDFLyQ R VXVSHQGHUVH GHVSXpV GH FRPHQ]DGR $UWtFXOR(OGHUHFKRDYRWDUVHDFUHGLWDUiSRUODLQVFULSFLyQHQODVOLVWDVGHOFHQVR\ SRU OD LGHQWLGDG GHO HOHFWRU (O FHQVR KDEUi VLGR IDFLOLWDGR SRU OD -XQWD GH *RELHUQR DO SUHVLGHQWHGHOD0HVDDQWHVGHFRQVWLWXLUVHpVWD $UWtFXOR (Q OD 0HVD (OHFWRUDO H[LVWLUi XQD XUQD GHVWLQDGD D UHFLELU ORV YRWRV HPLWLGRV /D YRWDFLyQVHUiVHFUHWD $UWtFXOR/DSDSHOHWDGHYRWDFLyQDMXVWDGDDOPRGHORTXHVHVHxDOHSRUOD-XQWDGH *RELHUQRSUHYLDPHQWHVHGHSRVLWDUiHQODXUQDKDELOLWDGDDOHIHFWR $UWtFXOR(QODSDSHOHWDVHH[SUHVDUiQORVGDWRVVLJXLHQWHV 1RPEUHV\DSHOOLGRVGHORVFDQGLGDWRVDTXLHQHVVHYRWD\FDUJRSDUDHOFXDOVHHPLWHHO YRWRQRSXGLHQGRILJXUDUXQPLVPRQRPEUHSDUDGRVRPiVFDUJRV&DGDHOHFWRUYRWDUi FRPRPi[LPRWDQWRVQRPEUHVFRPRFDUJRVKD\DQGHFXEULUVH $UWtFXOR /D 0HVD GLVSRQGUi GH OD /,67$ '( (/(&725(6 SDUD FRPSUREDU TXH TXLHQHVVHDFHUFDQDYRWDUWLHQHQGHUHFKRDHOOR\DQRWDUDTXLHQHVHMHUFHQHOGHUHFKRDO YRWR /RV HOHFWRUHVVHDFHUFDUiQDOD0HVD \ SUHYLD FRPSUREDFLyQSRU pVWD GH VX LGHQWLGDG \ FRQGLFLyQ GHHOHFWRUHQWUHJDUiQODSDSHOHWDGHYRWDFLyQGREODGDDOSUHVLGHQWHGHOD0HVD TXH ODLQWURGXFLUiHQODXUQD\DQXQFLDUiS~EOLFDPHQWHODHPLVLyQGHOYRWR 7HUPLQDGD OD YRWDFLyQ SHUVRQDO OD 0HVD SURFHGHUi D LQWURGXFLU HQ OD XUQD /$6 3$3(/(7$6(0,7,'$6325&255(2 $UWtFXOR/RVFRPSRQHQWHVGHOD0HVD(OHFWRUDOYHODUiQSRUHOEXHQRUGHQ\SXUH]D GHODHOHFFLyQUHVROYLHQGRSRUPD\RUtDODVLQFLGHQFLDVTXHSXGLHUDQSUHVHQWDUVH(QFDVR GH HPSDWHGHFLGLUiHOSUHVLGHQWHGHOD0HVDFRQVXYRWRGHFDOLGDG 6HFFLyQ9RWRSRU&RUUHR $UWtFXOR/RVFROHJLDGRVTXHORGHVHHQSRGUiQHPLWLUVXYRWRSRUFRUUHRFRQDUUHJOR D ODVVLJXLHQWHVQRUPDV $ /D-XQWDGH*RELHUQRGHO&ROHJLRDOUHPLWLUDORVFROHJLDGRVODVOLVWDGHFDQGLGDWRVOHV HQYLDUiXQDFDUWDH[SOLFDWLYDDFRPSDxDGDGHXQDSDSHOHWDHQEODQFR\GRVVREUHVGH GLVWLQWRWDPDxRGHVWLQDGRVHOPiVSHTXHxRDGHSRVLWDUHQpOODSDSHOHWDGHYRWDFLyQ\ HO PD\RUDLQWURGXFLUHQpOHORWURVREUH (O VREUHPD\RUGHEHUiHVWDUILUPDGRSRUHOHOHFWRUGHELHQGRHVWDUDXWHQWLFDGDODILUPD SRU GLOLJHQFLD GHO 6HFUHWDULR GHO &ROHJLR QRWDULDOPHQWH R ELHQ LQWURGXFLHQGR HQ HO VREUHPD\RUIRWRFRSLDSRUDPERVODGRVGHOGRFXPHQWRQDFLRQDOGHLGHQWLGDGRFDUQHW GH FROHJLDGR(VWRVVREUHVFHUUDGRVVHHQYLDUiQSRUFRUUHRDO&ROHJLRRVHHQWUHJDUiQ HQ pOHQODIRUPDLQGLFDGDGHELHQGRREUDUHQHO&ROHJLRDQWHVGHODKRUDGHFRPLHQ]R GH ODYRWDFLyQ % (O6HFUHWDULRGHO&ROHJLRFRQVHUYDUi\FXVWRGLDUiORVVREUHVGHYRWRSRUFRUUHRKDVWD TXH HPSLHFH OD YRWDFLyQ \ ORV HQWUHJDUi DO SUHVLGHQWH GH OD 0HVD DQWHV GH TXH FRPLHQFHODYRWDFLyQ & (QHOPRPHQWRGHFHUUDUVHODYRWDFLyQHO3UHVLGHQWHGHOD0HVDSURFHGHUiDLQWURGXFLU HQ ODVXUQDVODVSDSHOHWDVUHPLWLGDVSRUFRUUHRORVVREUHVVHDEULUiQSRUHO3UHVLGHQWH GH OD 0HVD TXH PDQWHQLHQGR HO VHFUHWR GHO YRWR FRPSUREDUi HO FRQWHQLGR GH ODV PLVPDV\ILVFDOL]DUiTXHHOYRWDQWHQRKXELHUDHMHUFLGRSHUVRQDOPHQWHVXGHUHFKR $UWtFXOR $ODKRUDVHxDODGDHQODFRQYRFDWRULDHO3UHVLGHQWHGH OD 0HVDGDUi SRU WHUPLQDGDODYRWDFLyQSURFHGLHQGRDHPLWLUVXYRWRORVTXH\DVHHQFRQWUDUHQHQHOORFDO \VHJXLGDPHQWHORVPLHPEURVGHOD0HVDHLQWHUYHQWRUHV 6HFFLyQ(VFUXWLQLR $UWtFXOR/OHJDGDODKRUDVHxDODGDSDUDHOILQDOGHODYRWDFLyQOD0HVDSURFHGHUiD UHDOL]DUHOHVFUXWLQLRTXHVHUiS~EOLFR 6HUiQ QXODV ODV SDSHOHWDV TXH FRQWHQJDQ YRWRV D IDYRU GH TXLHQHV QR KD\DQ VLGR SURFODPDGRVFDQGLGDWRVODVTXHQRH[SUHVHQFRQFODULGDG\SUHFLVLyQORVQRPEUHVGHORV FDQGLGDWRVYRWDGRVORVYRWRVRWRUJDGRVSDUDXQGHWHUPLQDGRFDUJRDTXLHQVHDFDQGLGDWR D RWURGLVWLQWR\ORVTXHSURSRQJDQDPiVGHXQDSHUVRQDSDUDXQVRORSXHVWR $UWtFXOR 6HUiQ YiOLGDV ODV SDSHOHWDV DXQTXH QR RWRUJXHQ HO YRWR SDUD WRGRV ORV FDUJRV HOHJLEOHV 6L OD SDSHOHWD HVWi LPSUHVD SRGUiQ WDFKDUVH XQR R YDULRV QRPEUHV \ DxDGLUVHORVQRPEUHVGHRWURVFDQGLGDWRVHQVXVWLWXFLyQGHORVWDFKDGRVFRPSXWiQGRVH ORVYRWRVDIDYRUGHORVQRWDFKDGRV\GHORVDxDGLGRV /D 0HVD (OHFWRUDO UHVROYHUi HQ HO DFWR VREUH FXDOTXLHU UHFODPDFLyQ TXH DQWH HOOD VH SUHVHQWHSRUFXDOTXLHUHOHFWRUFRQWUDVXVDFXHUGRVQRFDEUDUHFXUVRDOJXQRVLQSHUMXLFLR GH ORHVWDEOHFLGRHQHODUWtFXOR $UWtFXOR 'HO UHVXOWDGR GHO HVFUXWLQLR \ GH ODV LQFLGHQFLDV SURGXFLGDV GXUDQWH HO WUDQVFXUVR GH OD YRWDFLyQ VH OHYDQWDUi DFWD SRU WULSOLFDGR TXH ILUPDUiQ WRGRV ORV FRPSRQHQWHVGHOD0HVD\HQODTXHVHH[SUHVDUDVLVRQFRLQFLGHQWHVRQRHOQ~PHURGH YRWDQWHV\HOGHSDSHOHWDVHQODVXUQDV ,JXDOPHQWH VH FRQVLJQDUiQ WRGDV ODV SURWHVWDV REMHFLRQHV R UHFODPDFLRQHV TXH VH KXELHUDQIRUPXODGRSRUORVHOHFWRUHVRODFLUFXQVWDQFLDGHQRKDEHUVHSURGXFLGRQLQJXQD 8QRGHORVHMHPSODUHVGHODFWDVHUHPLWLUiDO&RQVHMR*HQHUDOGH&ROHJLRVGHQWURGHORV GRV GtDVKiELOHVVLJXLHQWHVDODYRWDFLyQ /RV ,QWHUYHQWRUHVWHQGUiQGHUHFKRDREWHQHUGHOD0HVDFRSLDOLWHUDOFHUWLILFDGDGHODFWD $UWtFXOR(O3UHVLGHQWHGHOD0HVDDQXQFLDUiHQYR]DOWDHOUHVXOWDGRGHODHOHFFLyQ HVSHFLILFDQGRHOQ~PHURGHYRWDQWHVHOGHYRWRVHPLWLGRVHQIDYRUGHFDGDFDQGLGDWRHO GH YRWRV HQ EODQFR \ HO GH YRWRV QXORV SURFHGLHQGR D FRQWLQXDFLyQ D GHVWUXLU ODV SDSHOHWDV H[WUDtGDV GH ODV XUQDV H[FHSWR ODV GHFODUDGDV QXODV \ ODV TXH KD\DQ VLGR REMHWRGHFXDOTXLHULPSXJQDFLyQRUHFODPDFLyQODVFXDOHVVHUHPLWLUiQHQVREUHILUPDGR SRU WRGRV ORV PLHPEURV GH OD 0HVD \ ORV LQWHUYHQWRUHV D OD -XQWD GH *RELHUQR TXH FRQVHUYDUi HO VREUH FHUUDGR KDVWD TXH OD SURFODPDFLyQ GHO UHVXOWDGR HOHFWRUDO DGTXLHUD ILUPH]DVLVHSUHVHQWDVHDOJ~QUHFXUVRUHPLWLUiHOVREUHVLQDEULUORDOFRQVHMR*HQHUDO $UWtFXOR /D 0HVD (OHFWRUDO HQWUHJDUi D OD -XQWD GH *RELHUQR OD VLJXLHQWH GRFXPHQWDFLyQ D $FWDGHFRQVWLWXFLyQGHOD0HVD E /LVWDGHHOHFWRUHV F /LVWDGHYRWDQWHV G /LVWDGHH[FOXLGRVSRUQRKDEHUDFUHGLWDGRVXSHUVRQDOLGDG H &UHGHQFLDOHVGHORV,QWHUYHQWRUHV\PLHPEURVGHOD0HVD I $FWDGHODVHVLyQFRQORVUHVXOWDGRVGHODYRWDFLyQ\SRVLEOHVLQFLGHQFLDV $UWtFXOR 'HFODUDGD OD YDOLGH] GHO HVFUXWLQLR \ UHVXHOWDV ODV LPSXJQDFLRQHV TXH VH KXELHUDQSUHVHQWDGRDQWHOD0HVD(VWDSURFODPDUiORVFDQGLGDWRVHOHFWRVTXHWRPDUiQ SRVHVLyQGHVXVFDUJRVHQHOSOD]RPi[LPRGHTXLQFHGtDV $UWtFXOR /RV UHVXOWDGRV GH OD HOHFFLyQ VHUiQ GDGRV D FRQRFHU PHGLDQWH VX SXEOLFDFLyQHQHOWDEOyQGHDQXQFLRVGHO&ROHJLR\HQVXFDVRHQHO%ROHWtQ,QIRUPDWLYRR ORVPHGLRVGHFRPXQLFDFLyQTXHDVLPLVPRHQVXFDVRGLVSRQJDHO&ROHJLR $UWtFXOR(ODFXHUGRGHOD0HVDVREUHSURFODPDFLyQGHHOHFWRVVHUiUHFXUULEOHDQWHHO &RQVHMR*HQHUDO (VWRVUHFXUVRVVHLQWHUSRQGUiQDQWHOD-XQWDGH*RELHUQRGHO&ROHJLRHQHOSOD]R GH GtDV GHVGH TXH WHQJD OXJDU ODSURFODPDFLyQ PHGLDQWH HVFULWR FRPSUHQVLYR GH WRGDV ODV DOHJDFLRQHV \ DFRPSDxDGR GH FXDQWDV SUXHEDV GRFXPHQWDOHV FRQVLGHUH SUHFHGHQWHV HO UHFXUUHQWH GHQWUR GH ORV FLQFR GtDV VLJXLHQWHV D OD UHFHSFLyQ GHO UHFXUVR OD -XQWD GH *RELHUQRORUHPLWLUiFRQVXLQIRUPHDO&RQVHMR*HQHUDOTXLHQUHVROYHUi\FX\RDFXHUGR VHUi VXVFHSWLEOHGHUHFXUVR&RQWHQFLRVR$GPLQLVWUDWLYR $UWtFXOR /DV HOHFFLRQHV GH ORV FDUJRV GH ODV 'HOHJDFLRQHV VH DMXVWDUiQ D ODV PLVPDVQRUPDVHVWDEOHFLGDVHQHVWHFDSLWXOR 6HFFLyQ%DMDVHQOD-XQWD $UWtFXOR 6L GXUDQWH HO SHULRGR HQWUH ODV HOHFFLRQHV UHJODPHQWDULDV VH SURGXMHUD DOJXQD EDMD HQWUH ORV FRPSRQHQWHV GH OD -XQWD GH *RELHUQR SRU DXVHQFLD GLPLVLyQ IDOOHFLPLHQWRHWFpVWDTXHGDUiIDFXOWDGDSDUDFXEULUGLFKDYDFDQWHFRQHOFROHJLDGRTXH VH HVWLPH PiV LGyQHR SDUD HO SXHVWR QRPEUDPLHQWR TXH HQ WRGR FDVR KDEUi GH VHU UHIUHQGDGRSRUORVFROHJLDGRVHQODSULPHUD-XQWD*HQHUDOTXHVHFHOHEUH &DSLWXOR9,,,QWHUSUHWDFLyQ\0RGLILFDFLyQGHHVWH5HJODPHQWR $UWtFXOR3URSXHVWDVGH0RGLILFDFLyQ /DV SURSXHVWDV GH PRGLILFDFLyQ GH HVWH UHJODPHQWR SRGUiQ KDFHUVH SRU OD -XQWD GH *RELHUQR R SRU SHWLFLyQ HVFULWD GH DO PHQRV HO SRU GH ORV FROHJLDGRV ILMDQGR FRQFUHWDPHQWH HO DUWtFXOR R DUWtFXORV REMHWR GH UHYLVLyQ VX HVWXGLR \ DSUREDFLyQ VL SURFHGH GHEHUi HIHFWXDUVH HQ XQD -XQWD *HQHUDO RUGLQDULD R H[WUDRUGLQDULD SUHYLD VX LQFOXVLyQHQHORUGHQGHOGtD /DV PRGLILFDFLRQHVDFRUGDGDVSDUDSRGHUVHULQFRUSRUDGDVDHVWHUHJODPHQWROOHYDUiQOD PLVPD WUDPLWDFLyQ DQWH HO &RQVHMR *HQHUDO GH &ROHJLRV TXH OD H[LJLGD SDUD HO SUHVHQWH UHJODPHQWR SRU HO DUWtFXOR GH ORV (VWDWXWRV *HQHUDOHV GH ORV &ROHJLRV 2ILFLDOHV GH 3HULWRVH,QJHQLHURV7pFQLFRV,QGXVWULDOHV $UWtFXOR,QWHUSUHWDFLyQGH(VWH5HJODPHQWR 'HQWURGHODV)XQFLRQHV*HQHUDOHVLQWHUSUHWDWLYDVFRQIHULGDVSRUORVDSDUWDGRV,\-GH ORV(VWDWXWRV*HQHUDOHVOD-XQWDGH*RELHUQRTXHGDDXWRUL]DGDSDUDODUHGDFFLyQGHODV QRUPDVHLQVWUXFFLRQHVDVHJXLUSDUDODDSOLFDFLyQGHHVWHUHJODPHQWR &DSLWXOR9,,,'LVSRVLFLyQ)LQDO (VWHUHJODPHQWRHQWUDUiHQYLJRUHOPLVPRGtDGHVXDSUREDFLyQSRUOD-XQWD*HQHUDO