$1$*5$0$681,9(56,'$''(0('(//,1 3(5,2',602(1/Ì1($ <'(6$552//2'(%/2*6&202 $/7(51$7,9$'((;35(6,Ð1 ,1)250$7,9$ 0DUtDGHOD/X]&DVDV3pUH] 5HFLELGRGHDEULOGH$FHSWDGRGHPD\RGH 5(680(1 (O WpUPLQR ´EORJµ SURYLHQH GH ODV SDODEUDV :HE \ /RJ \ VH KD FRQYHUWLGR HQ XQD KHUUDPLHQWDGHUHFXHQWRGHKLVWRULDVSDUDOHODV\DTXHDWUDYpVGHHOORVHVSRVLEOH YLVXDOL]DUGLVWLQWDVLQWHUSUHWDFLRQHVDXQPLVPRDFRQWHFLPLHQWR 6LELHQHORULJHQGHORVEORJVHVSHUVRQDOD~OWLPDVIHFKDVORVPHGLRVSHULRGtVWLFRV HQOtQHDKDQFRORFDGREORJVFRPRUHFXUVRGHLQWHUDFFLyQHQWUHVXVOHFWRUHV(VWROHV KDDUURMDGRUHWURDOLPHQWDFLyQ\KDSHUPLWLGRREWHQHUXQDVHQVLELOLGDGGLUHFWDGHOD RSLQLyQS~EOLFDHQIRUPDFLyQ\SURPXHYHQXHYRVWHPDVDLQVHUWDUVHHQODDJHQGD (O SUHVHQWH WUDEDMR UHYLVD ORV EORJV FRPR DOWHUQDWLYDV GH LQIRUPDFLyQ DO UHFXUVR SHULRGtVWLFR DQDOL]DQGR HO FRPSRUWDPLHQWR GH ORV EORJV LQVHUWDGRV HQ GLYHUVRV SHULyGLFRV\VLWLRVGHLQIRUPDFLyQSHULRGtVWLFDHQOtQHD 3DODEUDVFODYHEORJVSHULRGLVPRGLJLWDO (VWHDUWtFXORGHLQYHVWLJDFLyQFLHQWtILFD\WHFQROyJLFDVHGHVDUUROODHQODVOtQHDVGHFRPXQLFDFLyQSROtWLFD\PHGLRVGHFRPXQLFDFLyQTXH GHVDUUROODODDXWRUD /LFHQFLDGDHQFRPXQLFDFLyQ0DJtVWHUHQFRPXQLFDFLyQ'RFWRUDHQ&LHQFLDV3ROtWLFDV7HFQROyJLFRGH0RQWHUUH\&DPSXV&XHUQDYDFD 0p[LFR(PDLOPDULOXFDVDV#LWHVPP[ $QDJUDPDV9ROXPHQ1SS ,661 (QHURMXQLRGHS0HGHOOtQ&RORPELD 0DUtDGHOD/X]&DVDV3pUH] 21/,1(-2851$/,60$1''(9(/230(172)%/2*6 $6$1$/7(51$7,9(2),1)250$7,21 7(&+12/2*<(;35(66,21 $%675$&7 7KHWHUP´EORJµ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tQHD\GHVDUUROORGHEORJVFRPRDOWHUQDWLYDGHH[SUHVLyQLQIRUPDWLYD ,1752'8&&,Ð1 (ORULJHQGHORVEORJVGDWDGHORVDxRV\ DOJXQRVORFRQILHUHQD-RUQ%DUJHUHGLWRUGH5RERW :LVGRP\FRQRFHGRUGH,QWHUQHWHOKDEHUDFXxDGR HOWpUPLQR:HEORJ:LNLSHGLD6HJ~Q%ORRG ORVEORJVDSDUHFLHURQSRUSULPHUDYH]FRPR XQD QRYHGDG HQ OD XWLOL]DFLyQ GH DSOLFDFLRQHV LQWHUDFWLYDV D WUDYpV GH OD FRPSXWDGRUD FRQ OD SiJLQD :KDWV 1HZ 3DJH GHO 1DWLRQDO &HQWHU IRU 6XSHUFRPSXWLQJ $SSOLFDWLRQV GH OD 8QLYHUVLGDG GH ,OOLQRLV HQ %ORRG HQ :DONHU 3RVWHULRUPHQWHVHFRPLHQ]DDKDEODUGHORVEORJV FRPR UHFXUVRV GH LQIRUPDFLyQ VLQ HPEDUJR QR VH HPSLH]D D KDEODU GH OD JHQHUDOL]DFLyQ GH ORV EORJV VLQR KDVWD FXDQGR VH SURSRUFLRQD XQ OLVWDGR GH SiJLQDV DFFHVLEOHV HQ ODV TXH VH GLVFXWHQ GLYHUVRV WHPDV \ TXH IXH UHFRSLODGD IXQGDPHQWDOPHQWH JUDFLDV D ORV HVIXHU]RVGH'DYLG:LQHU\3HWHU0HUKRO] (OWpUPLQR:HEORJORDFXxD-RUQ%DUJHUSUHFL VDPHQWHHQSDUDUHIHULUVHDORVLQJUHVRVR YLVLWDV TXH GHWHUPLQDGRV XVXDULRV KDFtDQ D Si JLQDVZHETXLHQHVGHMDEDQXQFRPHQWDULRRXQ UHJLVWUR GH YLVLWD 3DUD 0HUKRO] VXJHUtD OD H[SUHVLyQZHORJLQGLFDQGRODSUiFWLFDGHHQWUDU\ GHMDUHVWHWLSRGHUHJLVWURV%UDQXP /RV EORJV VH JHQHUDOL]DUtDQ D SDUWLU GH FRQODLQDXJXUDFLyQRILFLDOGHSRUWDOHVGHGLFDGRV DODSXEOLFDFLyQGHEORJVFRPR(DWRQ:HE3RUWDO\ FRQHOODQ]DPLHQWRFRPHUFLDOGH%ORJJHUHOVHUYL FLRJUDWXLWRGHSXEOLFDFLyQGHZHEORJV (Q VXV LQLFLRV ORV EORJV IXHURQ XWLOL]DGRV FRPR XQD KHUUDPLHQWD GH XVR SHUVRQDO HQ HO TXHORVYLVLWDQWHVSODVPDEDQVXVLGHDV\FRPHQ WDULRV DFHUFD GH DOJ~Q WHPD HQ SDUWLFXODU SUR SRUFLRQDQGRDFFHVRDELHUWRRUHVWULQJLGRDXQD FRPXQLGDGHVSHFtILFDGHOHFWRUHV1RREVWDQWH HOEORJKDHYROXFLRQDGRKDVWDFRQYHUWLUVHHQXQ UHFXUVR LQIRUPDWLYR GH HQRUPH YDORU SDUD GLV WLQWRV SURSyVLWRV 'H PDQHUD LQVWLWXFLRQDO SRU HMHPSOR ODV HPSUHVDV KDQ UHFXUULGR D ORV EORJV HQVXVWLWXFLyQGHODVUHYLVWDVLQWHUQDVDILQGHHV WDEOHFHUXQDFRQH[LyQPiVFHUFDQDFRQVXVHP SOHDGRV \ FOLHQWHV PLHQWUDV TXH SRU RWUR ODGR UHFRQRFLHQGRHOHQRUPHYDORUGHORVEORJVFRPR YHQWDQDVKDFLDODRSLQLyQS~EOLFDORVPHGLRVGH FRPXQLFDFLyQ WUDGLFLRQDOHV HVSHFLDOPHQWH ORV QRWLFLRVRVKDQHVWDEOHFLGREORJVFRQHOSURSyVL WRHVSHFtILFRGHDEULUODVQRWLFLDVDODLQWHUDFFLyQ HLQWHUFDPELRGHFRPHQWDULRVHQWUHORVOHFWRUHV UDGLRHVFXFKDV R WHOHVSHFWDGRUHV 'HVGH HVWD SHUVSHFWLYD HO EORJ VH KD FRQYHUWLGR LQFOXVR HQ XQDLPSRUWDQWHDUPDDWUDYpVGHODFXDOVHVLHP EUDQORVDVXQWRVDGLVFXWLUHQODDJHQGDSROtWLFD 'UH]QHU -867,),&$&,Ð1'(/(678',2 (QWRGDVODVpSRFDVTXLpQHVFULEHTXpVREUH TXpRVREUHTXLpQKDVLGRVLHPSUHXQDVXQWRGH LQWHUpVSDUDODVpOLWHVRORVFtUFXORVGHODLQWHOHF WXDOLGDGVRFLDORSROtWLFD /D RSLQLyQ SULYDGD WUDVSDVy ORV OtPLWHV GH ODLQWLPLGDGSDUDLQVHUWDUVHHQODDUHQDSROtWLFD PLHQWUDV ODV VRFLHGDGHV FRUWHVDQDV GLYXOJDURQ VXVRSLQLRQHVGHYLYDYR]OOHYDQGRODLQIRUPDFLyQ GHXQODGRDRWURHQWHUWXOLDVRFDIpV&XDQGRODV FDUWDV\GLDULRVSULYDGRVGHODDULVWRFUDFLDLQYD GLHURQODVFDOOHVOOHYDQGRHOFKLVPHDOSXHEOROD YLGDGHORVLPSRUWDQWHVVHFRQYLUWLyHQWHPiWLFD GHO FRUULOOR SRSXODU H LQFOXVR OOHJy D SODVPDUVH HQGLDULRV\YRODQWHVGHGLIXVLyQUHVWULQJLGD/D DSDULFLyQ GH ORV PHGLRV GH FRPXQLFDFLyQ SUL PDULDPHQWH FHQVXUDGRV SRU HO SRGHU SROtWLFR LQKLELy HVWD SUiFWLFD TXH YHQtD GHVDUUROOiQGRVH GHVGHOD(GDG0HGLD +R\ HO EORJ YLHQH D UHFXSHUDU HOHFWUyQLFD PHQWH OD WUDGLFLyQ GHO GLDULR GH OD ELWiFRUD GH YLDMHGHOiOEXPGHUHFXHUGRV\GHWDQWRVRWURV UHFXUVRVGHUHFXSHUDFLyQGHLQIRUPDFLyQFRQYLU WLpQGRVHHQXQUHFXUVRGHJHVWLyQ\GHLGHQWLILFD FLyQFRQHOJUXSRGHUHIHUHQFLD (QORVEORJVSRGHPRVHQFRQWUDULQIRUPDFLyQ GHWRGRWLSRUHIOHMDQGRGHDOJXQDPDQHUDODIRU PDGHVHQWLUHOGLiORJR\ODSURSXHVWDGHVROXFLR QHVDQWHSUREOHPiWLFDVVHQVLEOHVTXHDTXHMDQD ODVRFLHGDGFRQWHPSRUiQHD $QDJUDPDV9ROXPHQ1SS ,661 (QHURMXQLRGHS0HGHOOtQ&RORPELD 0DUtDGHOD/X]&DVDV3pUH] /RVEORJVVRQXQRGHORVUHFXUVRVPiVVRFR UULGRVSRUORVLQWHUQDXWDVKR\HQGtD\MXQWRFRQ RWURVHVSDFLRVGHUHODFLyQVHFRQVLGHUDQXQRGH ORVPiVIDYRUHFLGRVSRUORVLQWHUHVDGRVHQSDU WLFLSDUHQORTXHKR\HQGtDVHFRQVLGHUDOD´UHG VRFLDOµYLUWXDO /D SUHQVD HVFULWD KR\ VH VLUYH GH ORV EORJV \D TXH KD FRPSUREDGR TXH SXHGHQ VHU XQ UHFXUVR PXFKR PiV HILFLHQWH TXH HOOD PLVPD SDUD FRQYRFDU D OD RSLQLyQ S~EOLFD \ WRPDU WHPDVSDUDWUDVODGDUORVDODVSULQFLSDOHVSODQDV GH ORV SHULyGLFRV 'H KHFKR FRPR DOJXQRV LQYHVWLJDGRUHV VRVWLHQHQ HO 3UHVLGHQWH GH ORV (VWDGRV 8QLGRV %DUDFN 2EDPD HV HO SULPHU SURGXFWRGHODGLVFXVLyQGHIHQyPHQRVGHLQWHUpV S~EOLFRDWUDYpVGHODVUHGHVVRFLDOHVFRPRELHQ DQDOL]DHO0DVVDFKXVVHWV,QVWLWXWHRI7HFKQRORJ\ HQVX7HFKQRORJ\5HYLHZ7DOERWW ¢4XpWDQDXWyQRPRVVRQORVEORJV"¢(QTXp PHGLGDUHVSRQGHQDORVUHTXHULPLHQWRVGHSDUWL FLSDFLyQGHXQDVRFLHGDGFLYLOTXHFODPDSRUHV SDFLRVGHLQWHUDFFLyQ\SURPRFLyQGHODRSLQLyQ S~EOLFD"¢6HWUDWDSRUHOFRQWUDULRGHHVSDFLRV FRQGXFLGRV SROtWLFDPHQWH RUTXHVWDGRV SDUD DOHQWDU OD JHVWLyQ GH PRYLPLHQWRV GH SUHVLyQ" ¢3RUTXpSXHGHHQXQPRPHQWRGDGRXQPHGLR GHFRPXQLFDFLyQWUDGLFLRQDOFRPRXQSHULyGLFR HQOtQHDRXQQRWLFLHURGHWHOHYLVLyQGHFLGLUDEULU XQEORJSDUDLQWHUDFWXDUGLUHFWDPHQWHFRQVXS~ EOLFR"¢4XpWDQDEXQGDQWHHVODLQIRUPDFLyQGH HVWRV EORJV R TXp WDQWR VRQ FRQVXOWDGRV \ FRQ UHIHUHQFLDDTXpWLSRGHWHPiWLFDV" (VSRUHOORTXHHQHVWHHVWXGLRKHPRVGHFL GLGRDERFDUQRVDODQiOLVLVGHOEORJQRFRPRXQD PDQLIHVWDFLyQGHH[SUHVLyQLQGLYLGXDOVLQRFRPR HVSDFLRVGHUHODFLyQGHOLEHUDGDPHQWHRUTXHVWD GRVSRULQVWLWXFLRQHVGHPHGLRVSDUDRULHQWDU\ SURPRYHUH[SUHVLRQHVTXHSRVWHULRUPHQWHVHUiQ XWLOL]DGDVFRPRPRWRUGHJXtDSDUDSURFHVRVGH RSLQLyQS~EOLFD 0(72'2/2*Ì$ $ILQGHFRQWULEXLUDODRUJDQL]DFLyQ\PHMRU HQWHQGLPLHQWRGHOIXQFLRQDPLHQWRGHORVEORJV\ GHODPDQHUDHQTXHODSUHQVDLPSUHVDKDKHFKR XVRGHHVWHPDWHULDOVHUHFXUULyDODFODVLILFDFLyQ TXHSURSRUFLRQD)XPHUREDVDGRHQ:DFND \%UDQXP /DPHWRGRORJtDHVWDEOHFHTXHSXHGHKDEHU GLIHUHQWHVWLSRVGHSULQFLSLRVEDMRORVFXDOHVIXQ FLRQDXQEORJ\SXHGHQUHVSRQGHUDFULWHULRVGH RUGHQVRFLDOHQWUHORVFXDOHVHVWiQXQDPRWLYD FLyQSHUVRQDORSURIHVLRQDORELHQXWLOL]DUORVFRQ ILQHVGHSURPRYHUDXQDRUJDQL]DFLyQRFRUSRUD FLyQTXH SXHGHQ WHQHU REMHWLYRV GH QDWXUDOH]D H[WHUQD YHQWDV UHODFLyQ LPDJHQ GH PDUFD R ELHQLQWHUQRVJHVWLyQGHOFRQRFLPLHQWRFRODER UDFLyQFXOWXUDFRUSRUDWLYD 3RU RWUD SDUWH SXHGHQ WHQHU YDULRV SURSy VLWRVKRUL]RQWDOHVGHSURSyVLWRJHQHUDORYHU WLFDOHV FRQ XQ SURSyVLWR PiV HVSHFtILFR /RV EORJVWDPELpQYDUtDQGHDFXHUGRFRQHOiPELWRGH VXDSOLFDFLyQ\DTXHKD\ORVTXHDFHSWDQWHPDV SROtWLFRVRUJDQL]DFLRQDOHVRSHUVRQDOHVGHSRU WLYRVFXOWXUDOHVHQWUHWHQLPLHQWRUHOLJLyQIDUiQ GXOD HWF 'H DFXHUGR FRQ VX FDUiFWHU LQIRUPD FLRQDOSRGHPRVLQFOXVRHQFRQWUDUEORJVGHWH[WR DXGLREORJVIRWREORJVRYLGHREORJVGHSHQGLHQGRGHO WLSRGHLQIRUPDFLyQTXHUHFRJHQ /RVEORJVGHORVPHGLRVSHULRGtVWLFRVVRQHQ VX PD\RUtD WH[WXDOHV QR REVWDQWH KD\ PHGLRV FRPR ORV QRWLFLHURV WHOHYLVLYRV TXH KDFHQ JDOD \DSURYHFKDPLHQWRGHODSRVLELOLGDGTXHWLHQHQ SDUDDFXPXODULQIRUPDFLyQHQYtGHR\GHMDUKXH OOD \ UHJLVWUR GH RWUR WLSR GH LQIRUPDFLyQ /RV FDQDOHVGHWHOHYLVLyQTXHFXHQWDQFRQEORJVWDP ELpQKDFHQXVRGHDXGLR\IRWRV/RVWHPDVTXH XWLOL]DQ ORV PHGLRV LQIRUPDWLYRV SHULRGtVWLFRV WLHQHQ TXH YHU QR VRODPHQWH FRQ OD QRWLFLD GHO GtD VLQR WDPELpQ FRQ QRWDV VHFXQGDULDV VREUH WHFQRORJtDFXOWXUDJHQWHP~VLFDOLWHUDWXUDGH SRUWHV SROtWLFD QHJRFLRV HFRQRPtD VRFLHGDG DUWH\RWURVWHPDV (OSUHVHQWHWUDEDMRVHGHVDUUROOyDSDUWLUGH XQD PHWRGRORJtD PL[WD TXH SHUPLWLy OD UHFXSH UDFLyQGHODFDUDFWHUL]DFLyQGHORTXHHVXQEORJ VX FODVLILFDFLyQ D SDUWLU GH GLYHUVRV FULWHULRV GH $1$*5$0$6 3HULRGLVPRHQOtQHD\GHVDUUROORGHEORJVFRPRDOWHUQDWLYDGHH[SUHVLyQLQIRUPDWLYD RUGHQ VRFLDO HVWUXFWXUDO H LQIRUPDFLRQDO VX FXDQWLILFDFLyQ OD FRPSRQHQWH WHFQROyJLFD VLQ GLFDFLyQGHFRQWHQLGRV\VXVSODWDIRUPDVGHSX EOLFDFLyQHQWUHRWURVWHPDV /RV FULWHULRV XWLOL]DGRV SDUD OD FODVLILFDFLyQ IXHURQORVVLJXLHQWHV &ULWHULRVGHRUGHQVRFLDO 0RWLYDFLyQ2IUHFHQHVSDFLRVSDUDFUHDU EORJVSHUVRQDOL]DGRVFRQWHPDVOLEUHV 3URIHVLRQDO2IUHFHQSXEOLFDFLRQHVHVSH FLDOL]DGDV \ VHUYLFLRV DSURYHFKDQGR ODV FDUDFWHUtVWLFDV GH ORV EORJV FRPR KHUUD PLHQWDGHFRODERUDFLyQ\FRPXQLFDFLyQ 2UJDQL]DWLYDFRUSRUDWLYD ([WHUQRV FX\R SURSyVLWR VH YLQ FXODFRQODRUJDQL]DFLyQSDUDSUR PRYHU 9HQWDV 5HODFLyQ ,PDJHQGHPDUFD ,QWHUQRV FX\R SURSyVLWR HV EXV FDUDOJXQRGHORVVLJXLHQWHVREMH WLYRV *HVWLyQGHOFRQRFLPLHQWR &RODERUDFLyQ &XOWXUDFRUSRUDWLYD 3URSyVLWRHQWHQGLGRFRPRHOVHQWLGRGH ODGLYXOJDFLyQGHLQIRUPDFLyQHQHOEORJ FX\RVFRQWHQLGRVVRQ +RUL]RQWDOHV%ORJVVREUHWHPDVOL EUHV TXH VRQ LQWHUFDPELDGRV SRU SHUVRQDV TXH WLHQHQ ODV PLVPDV FDUDFWHUtVWLFDV 9HUWLFDOHV %ORJV VREUH WHPDV HV SHFtILFRVFX\RFRQWHQLGRHVLQWHU FDPELDGRFRQGLVWLQWRVQLYHOHVGH SURIXQGLGDG ÉPELWR GH DSOLFDFLyQ UHODFLRQDGR FRQ ODV WHPiWLFDV D ODV FXDOHV LPSDFWDQ ORV LQWHUFDPELRVGHQWURGHOEORJTXHSXHGHQ VHUGHQDWXUDOH]DYDULDSROtWLFDRUJDQL]D FLRQDOSURIHVLRQDO\SHUVRQDORUHIHULUVH DFXHVWLRQHVGHLQWHUpVHQHOFDPSRGH ORV GHSRUWHV FXOWXUD HQWUHWHQLPLHQWR SROtWLFDUHOLJLyQPHGLRDUWtVWLFR\PiV $XWRUtD UHIHUHQWH DO DXWRU R SURGXFWRU GHOEORJ/RVEORJVSXHGHQVHUGHDXWRUtD ,QGLYLGXDO &ROHFWLYD &ULWHULRV GH RUGHQ HVWUXFWXUDO /RV EORJV QR VROR VRQ UHFXHQWRV GH ODV H[SUHVLRQHV GH DOJXQDV SHUVRQDV VLQR TXH WDPELpQ KDFHQ DOXVLyQDLQIRUPDFLyQSXEOLFDGDSRURWURV/D PD\RUtD GH ORV EORJV GLVSRQHQ GH QDWXUDOH]D KLSHUWH[WXDO\FDUiFWHUFRQYHUVDFLRQDO 1DWXUDOH]D KLSHUWH[WXDO 'HQWUR GH ORV EORJVTXHQRVUHPLWHQDRWURVEORJVHQFRQ WUDPRVORVVLJXLHQWHV ,QWUDEORJ8QEORJDOTXHVHKDFHUH IHUHQFLDGHQWURGHRWUREORJ\TXH VHHQFXHQWUDHQHOPLVPRHVSDFLR GHGLVFXVLyQ ([WUDEORJ8QEORJIXHUDGHOEORJ ,VREORJ 6H UHILHUH D EORJV HODERUD GRV SRU JUXSRV HVSHFtILFRV FRQ HVWiQGDUHVGHLQIRUPDFLyQ,62HQ FXDQWRDVHJXULGDG &DUiFWHU FRQYHUVDFLRQDO 6RQ EORJV TXH UHSRUWDQ HO LQWHUFDPELR GH H[SUHVLRQHV HQWUHORVOHFWRUHVTXHVHFRQYLHUWHQDVt PLVPRHQFRDXWRUHVGHOEORJ &ULWHULRVGHRUGHQLQIRUPDFLRQDO &RQWHQLGRV %ORJVWH[WXDOHVHVWiQGDUVRORSUH VHQWDQWH[WR $XGLREORJVFRQWLHQHQDXGLR )RWREORJVSURSRUFLRQDQIRWRJUDItDV 0REORJV VRQ EORJV TXH SHUPLWHQ VHU FRQVXOWDGRV GHVGH GLVSRVLWL YRVPyYLOHV 9LGHREORJVLQFOX\HQYtGHR (OWUDEDMRGHFDPSRVHKL]RDSDUWLUGHLQGD JDFLyQHQODUHGVREUHODEDVHGHWUHVSHULyGLFRV PH[LFDQRV UHFRQRFLGRV ([FpOVLRU (O 8QLYHUVDO \ HO 5HIRUPD \ GH WUHV FDGHQDV GH WHOHYLVLyQ PH[LFDQDVLJXDOPHQWHUHFRQRFLGDV2QFH7979 $]WHFD\7HOHYLVD1RKXERXQFULWHULRGHILQLGR SDUDODVHOHFFLyQGHPHGLRVPiVDOOiGHWRPDUHQ FRQVLGHUDFLyQTXHWRGRVHOORVKLFLHUDQXVRUHJX ODUGHOUHFXUVRGHORVEORJV $QDJUDPDV9ROXPHQ1SS ,661 (QHURMXQLRGHS0HGHOOtQ&RORPELD 0DUtDGHOD/X]&DVDV3pUH] /D LQIRUPDFLyQ QRV SHUPLWLy JHQHUDU XQD EDVH GH GDWRV FRQVWLWXLGD SRU XQD PDWUL] HQ OD TXHVHUHJLVWUyODLQIRUPDFLyQREWHQLGDGXUDQWH ORVPHVHVGHHQHURDMXQLRGHOHQODFXDOVH FUX]yLQIRUPDFLyQUHODWLYDDODQDWXUDOH]D\FULWH ULRVGHORVEORJVHQFRQWUDGRVFRQWUDHOFDUiFWHU LQVWLWXFLRQDORGHGHEDWHGHFDGDXQRGHORVEORJV HQFRQWUDGRVHQORVPHGLRVDORVTXHVHKL]RUH IHUHQFLDSUHYLDPHQWH 5(68/7$'26 8QD GH ODV SULQFLSDOHV SUREOHPiWLFDV SDUD DQDOL]DUHOWHPDUDGLFDHQTXHHOREMHWRGHHVWXGLR FDPELDFRQVWDQWHPHQWH\QRHVSRVLEOHGHWHUPLQDU FRQ SUHFLVLyQ VXV FDUDFWHUtVWLFDV (Q HVWH FDVR HO SHUtRGR HQ HO TXH VH HVWXYLHURQ REVHUYDQGR ORV EORJV GH ORV VLWLRV LQGLFDGRV DQWHULRUPHQWH IXHGHSRFRPiVGHVHLVPHVHVFRQHOSURSyVLWR GHFRUURERUDUVLHUDIDFWLEOHUHJLVWUDUXQSDWUyQ FRQVWDQWHHQHOVLWLRREVHUYDGR'HHVWDPDQHUD VHKL]RXQDHYDOXDFLyQGHORVVLWLRVWRPDQGRHQ FRQVLGHUDFLyQODQDWXUDOH]DGHOPHGLRGHIRUPD TXH LQLFLDOPHQWH VH UHDOL]y XQD REVHUYDFLyQ GH EORJV DJUXSiQGRORV SRU HO WLSR GH VLWLR HQ HO TXH VH SXEOLFDURQ 3DUD HO UHJLVWUR VH HODERUy XQDPDWUL]SRUWLSRGHPHGLRGHFRPXQLFDFLyQ TXH SHUPLWLy UHDOL]DU XQ LQYHQWDULR GHO WLSR GH HOHPHQWRV TXH FDGD EORJ RIUHFH GH DFXHUGR FRQ OD WLSRORJtD PHQFLRQDGD DQWHULRUPHQWH (VWH UHJLVWUR FRQWHQtD XQD GHVFULSFLyQ VLPSOH GHODVFDUDFWHUtVWLFDVGHFDGDEORJ\GHOWLSRGH LQWHUDFFLyQTXHSHUPLWHFRQORVXVXDULRV /RV UHVXOWDGRV GH ORV EORJV DQDOL]DGRV TXH FRUUHVSRQGLHURQ D ODV HVWDFLRQHV GH WHOHYLVLyQ GHPRVWUDURQTXHHQVXPD\RUtDHVWRVEORJVVHFD UDFWHUL]DQSRUDERUGDUORVWHPDVGHXQDPDQHUD VXSHUILFLDO/DVWHPiWLFDVDERUGDGDVVRQGHSRU WHVIDUiQGXODVDOXGHQWUHWHQLPLHQWRDVWURORJtD RELHQHVWDUSHUVRQDO (Q FDPELR DO KDFHU XQD HYDOXDFLyQ GH ORV EORJVSXEOLFDGRVHQVLWLRVGHSHULyGLFRVHQOtQHD VHHQFRQWUyTXHORVEORJVUHFRQRFHQORVLQWHUHVHV GHORVDXWRUHVRORVGHODVLQVWLWXFLRQHVHQODV TXHODERUDQ(QJHQHUDOHOSHULyGLFRFRQWUDWDD XQD SHUVRQDOLGDG UHFRQRFLGD SDUD TXH HVFULED VREUHWHPDVGHLQWHUpV\DQDOLFHORVHYHQWRVGH DFWXDOLGDG (V LPSRUWDQWH VHxDODU TXH DOJXQRV GH ORV EORJV TXH HYHQWXDOPHQWH UHFLEHQ SRVDGD HQ XQ PHGLR WUDGLFLRQDO KDQ VLGR FUHDGRV D LQLFLDWLYD GHXQQDYHJDQWHDVLGXRDOVLWLRGH,QWHUQHWTXH GHVHDGDUDFRQRFHUVXVSXQWRVGHYLVWD\RIUHFH ODSDUWLFLSDFLyQSHULyGLFDDWUDYpVGHXQEORJ (QDOJXQRVFDVRVORVEORJVSXHGHQVHULQWHU FDPELR SXEOLFLWDULR FRQ XQD LQVWLWXFLyQ R ELHQ VHU SDJDGRV D XQ H[WHUQR (VWD LQIRUPDFLyQ VH REWLHQH REVHUYDQGR HO UHJLVWUR \ ILUPD GH TXLH QHV SDUWLFLSDQ FRPR DXWRUHV \ OD GHFODUDFLyQ TXH KDFHQ DFHUFD GH ORV SURSyVLWRV GH VX EORJ 3RU HMHPSOR SRGHPRV HQFRQWUDU EORJV UHODWLYRV DILQDQ]DVGHVDUUROODGRVSRUXQDDVRFLDFLyQGH FRQWDGRUHVRFRQVXOWRUHVHQILQDQ]DVXQEORJUH ODWLYRDFXHVWLRQHVGHSURWHFFLyQDOFRQVXPLGRU RWURGHQXWULFLyQGHHGXFDFLyQHWF /RV EORJV VH GLVWLQJXHQ SRU VX WHPiWLFD \ JHQHUDOPHQWHDSDUHFHQUHODFLRQDGRVFRQODSUR JUDPDFLyQGHOFDQDOGHWHOHYLVLyQRELHQFRQODV VHFFLRQHVWUDGLFLRQDOHVGHOSHULyGLFRLPSUHVR /DFDQWLGDGGHDXWRUHVTXHDERUGDQWHPDV HVSHFtILFRVWDPELpQLQGLFDODLPSRUWDQFLDTXHHO SHULyGLFR\VXVOHFWRUHVOHRWRUJDQDGHWHUPLQD GDVWHPiWLFDV'HVWDFDODLQIOXHQFLDGHOWLSRGH PHGLR\GHODQDWXUDOH]DJpQHURSHULRGtVWLFR\OD IRUPDHQODTXHpVWRVLPSDFWDQDODVWHPiWLFDV DODVTXHVHOHVEULQGDXQHVSDFLRDWUDYpVGHORV EORJV$VtVLXQDWHPiWLFDHVWiYLJHQWHRHVPX\ LPSRUWDQWHSDUDHOHVWDEOHFLPLHQWRGHODDJHQGD SHULRGtVWLFDHVPX\SUREDEOHTXHRWRUJXHHVSDFLR DXQRRYDULRVEORJVTXHSURSRUFLRQHQLQIRUPDFLyQ DGLFLRQDO VREUH HO WHPD 6LQ HPEDUJR WDPELpQ SXHGH VXFHGHU TXH OD WHOHYLVRUD R HO SHULyGLFR LQWURGX]FDQ WHPDV QXHYRV HQ OD DJHQGD \ ORV DEUDQSDUDODGLVFXVLyQ(VWD~OWLPDVLWXDFLyQVH SUHVHQWDFRQPXFKRPiVIUHFXHQFLDTXHHQORV VLWLRVGHSHULyGLFRV (QQXHVWURDQiOLVLVSRUWLSRGHPHGLRVHRE VHUYyTXHODVWHOHYLVRUDVWLHQGHQDXWLOL]DUPiVVX $1$*5$0$6 3HULRGLVPRHQOtQHD\GHVDUUROORGHEORJVFRPRDOWHUQDWLYDGHH[SUHVLyQLQIRUPDWLYD HVSDFLRGH,QWHUQHWRIUHFLHQGRSHTXHxDVFiSVX ODVRIUDJPHQWRVGHYtGHRVREUHVXSURJUDPDFLyQ RVREUHDVSHFWRVLPSRUWDQWHVGHVXVQRWLFLHURV\ QRORVDEUHQWDQWRSDUDODGLVFXVLyQOLEUHDWUDYpV GH EORJV (Q HO FDVR GH EORJV H[LVWHQWHV HQ HP SUHVDVGHWHOHYLVLyQpVWRVVRQXWLOL]DGRVSULQFL SDOPHQWHSDUDTXHORVHVSHFWDGRUHVLQWHUDFW~HQ FRQ DOJXQD SHUVRQDOLGDG DFWRU R FDQWDQWH R ELHQ SDUD TXH HQYtHQ SUHJXQWDV VXJHUHQFLDV \ FRPHQWDULRVHVSHFtILFRVVREUHODSURJUDPDFLyQ /R TXH HV PiV 7HOHYLVD H[SORWD FUHFLGDPHQWH ODKHUUDPLHQWDGHOEORJTXH7HOHYLVLyQ$]WHFDR &DQDO2QFH 1RWRGRVORVVLWLRVSHUWHQHFLHQWHVDWHOHYL VRUDV WLHQHQ XVR GH EORJV QL ORV DSURYHFKDQ GH OD PLVPD PDQHUD 2FDVLRQDOPHQWH DOJXQD WHOH YLVRUDDEUHXQEORJUHJXODUPHQWHUHODWLYRDDOJ~Q SURJUDPD GH GHSRUWHV R GH IDUiQGXOD SDUD GDU RSRUWXQLGDG GH TXH ORV WHOHYLGHQWHV H[SUHVHQ VXVRSLQLRQHVVREUHHOSURJUDPD(OUHVWRGHORV VLWLRVLQWHUDFWLYRVTXHDSDUHFHQGLVSRQLEOHVVR ODPHQWHSHUPLWHQHQYLDUFRUUHRVRFRPHQWDULRV VREUHODSURJUDPDFLyQHQWXUQR /RVSHULyGLFRVHQOtQHDTXHIXHURQDQDOL]D GRV HQ HVWH HVWXGLR PRVWUDURQ XQ HVSHFLDO LQ WHUpVSRUDSURYHFKDUODKHUUDPLHQWDGHORVEORJV SDUD LU EXVFDQGR OHFWRUHV HVSHFLDOL]DGRV H LU FRQVWUX\HQGRPiVVLWLRVTXHOHVSHUPLWDQGHVD UUROODU XQ YtQFXOR HVSHFtILFR FRQ QXHYRV QLFKRV GHPHUFDGR 'HWDOVXHUWHHVSRVLEOHHQFRQWUDUEORJVFRQ WHPiWLFDV HVSHFtILFDV SDUD MyYHQHV FRQFUHWD PHQWH MyYHQHV XQLYHUVLWDULRV SHUR WDPELpQ HV SRVLEOHHQFRQWUDUEORJVSDUDDPDQWHVGHODP~ VLFDRGHODUWH (QHOFDVRGHORVDXWRUHVGHEORJQRKD\XQ SHUILO GHILQLGR 1RUPDOPHQWH VH WUDWD GH SHUVR QDOLGDGHVTXHVHKDQGDGRDFRQRFHUDWUDYpVGHO PLVPRPHGLRRELHQDWUDYpVGHRWURVPHGLRV 7DPELpQHVSRVLEOHHQFRQWUDUWDQWRDDFDGpPL FRVRLQYHVWLJDGRUHVFRPRDDUWLVWDVSHUVRQDOL GDGHVGHODSROtWLFDRPLHPEURVGHDVRFLDFLRQHV UHFRQRFLGDV 8QDFDUDFWHUtVWLFDGHOEORJHVTXHSXHGHYD ULDUFRQUHODFLyQDOHVWLORGHUHGDFFLyQ\DOQLYHO GH HVSHFLDOL]DFLyQ /RV KD\ UHGDFWDGRV HQ XQ HVWLOR VXPDPHQWH FRORTXLDO \ RWURV UHIHULGRV D FXHVWLRQHVPiVHVSHFLDOL]DGDV 'HPDQHUDSDUWLFXODUORVEORJVTXHDSDUHFHQ SXEOLFDGRV HQ SHULyGLFRV PH[LFDQRV HQ OtQHD KDFHQXQPHMRUDSURYHFKDPLHQWRGHODSDODEUD HVFULWD 'HVWDFDQ DGHPiV HO Q~PHUR GH FRODERUDGRUHV\EORJVGHGLVWLQWDVWHPiWLFDVTXH VRQSXEOLFDGRVSRUORVSHULyGLFRVQDFLRQDOHV TXHDSDUHFHQHQODPXHVWUD7DPELpQHQIDWL]D ODSRVLELOLGDGGHODJHQHUDFLyQGHHVSDFLRVGH GLVFXVLyQGHpOLWHDORVTXHVRODPHQWHWLHQHQ DFFHVRDTXHOORVTXHVRQFRQRFHGRUHVGHXQD GHWHUPLQDGDWHQGHQFLDRHVWLORRELHQTXLHQHV JR]DQGHXQUHJLVWURHVSHFLDOFRPRVXVFULSWRU GHOSHULyGLFRHQOtQHD/RDQWHULRULQGLFDTXH GHODPLVPDPDQHUDTXHHOSHULyGLFRLPSUHVR VHJPHQWDDVXVOHFWRUHVGHSHQGLHQGRGHOWLSR GHVHFFLyQDODTXHKDFHUHIHUHQFLDORVOHFWRUHV GH EORJV VLJXHQ GH PDQHUD ILHO D ORV DXWRUHV TXH QRUPDOPHQWH DWLHQGHQ ORV WHPDV GH VX LQWHUpV 'HVWDFDHOKHFKRGHTXHODWHPiWLFDGHORV EORJV QR VRODPHQWH VH UHILHUH D FXHVWLRQHV GH WHFQRORJtDGHSXQWDVLQRTXHWDPELpQRIUHFHOD RSRUWXQLGDG GH H[SUHVDU OR TXH VH SLHQVD R OR TXHVHVLHQWHVREUHGHWHUPLQDGRWHPD (QORVSHULyGLFRVHQOtQHDDQDOL]DGRVIXHHV SHFLDOPHQWH LQWHUHVDQWH REVHUYDU OD RSLQLyQ GH ORV OHFWRUHV UHVSHFWR GH WHPDV UHODWLYRV D HFR QRPtD\DSROtWLFD/DHFRQRPtDODSROtWLFD\ORV GHSRUWHV VRQ ODV iUHDV PiV GHVDUUROODGDV HQ HO iPELWR GH ORV EORJV /RV WHPDV PiV VRFRUULGRV HQHOSHUtRGRHQFXHVWLyQIXHURQLQGXGDEOHPHQ WH OD FULVLV HFRQyPLFD OD HSLGHPLD GH LQIOXHQ ]DDFRQWHFLGDHQ0p[LFRHQHVWHSHUtRGR\ODV HOHFFLRQHV (V LPSRUWDQWH KDFHU PHQFLyQ TXH VL ELHQ DOJXQRV GH ORV EORJV SURYLHQHQ GH OD SOXPD GH DQDOLVWDV\HVFULWRUHVUHFRQRFLGRVORTXHLQGX GDEOHPHQWHSURSRUFLRQDXQSUHVWLJLRDGLFLRQDODO $QDJUDPDV9ROXPHQ1SS ,661 (QHURMXQLRGHS0HGHOOtQ&RORPELD 0DUtDGHOD/X]&DVDV3pUH] SHULyGLFR WDPELpQ VH HQFRQWUDURQ HVSDFLRV GH H[SUHVLyQOLEUH(VWRVVRQLPSRUWDQWHV\DTXHHQ HOORVVHEULQGDDORVOHFWRUHVODRSRUWXQLGDGGH GHFLUORTXHVLHQWHQRSLHQVDQGHPDQHUDOLEUH(O Q~PHURGHUHVSXHVWDVDFDGDHQWUDGDSURSRUFLR QDDGHPiVXQDGLPHQVLyQGHOYDORU\SRSXODULGDG TXHXQEORJSURYRFD(QRFDVLRQHVORVSHULyGLFRV SXEOLFDQWRGRVORVFRPHQWDULRVTXHJHQHUDQORV EORJV \ HQ RWUDV VLPSOHPHQWH SXEOLFDQ ORV PiV UHFLHQWHV 3RURWUDSDUWHFXDQGRHOEORJHVGHDXWRUtD SHUVRQDOGHXQH[SHUWRpVWHPX\SUREDEOHPHQWH VHUiTXLHQGHFLGDTXpHVORTXHGHMDYHUDOUHVWR GHVXVOHFWRUHV\TXpQR(QHVHVHQWLGRHODXWRU GHO EORJ JHQHUD XQD HVSHFLH GH FHQVXUD R DXWR FHQVXUD $1É/,6,6 2ULKXHOD XWLOL]D OD VLJXLHQWH FODVLIL FDFLyQ SDUD UHIHULUVH D ODV SHUVRQDV TXH YLVLWDQ EORJVDSDUURTXLDQRVEWXULVWDV\FVXUIHUVHVWRHV GHSHQGLHQGRGHOWLSRGHXVRTXHFDGDYLVLWDQWH KDFHDXQEORJ /RVSDUURTXLDQRVVHFRQVLGHUDQSDUWHGHXQD FRPXQLGDG ORV WXULVWDV VRQ YLVLWDQWHV IXJDFHV PLHQWUDV TXH ORV VXUIHUV VLPSOHPHQWH VRQ QDYH JDQWHVGHSDVRTXHVLPSOHPHQWHDQGDQYLHQGR ORTXHVHSXEOLFD (VWD FODVLILFDFLyQ DKRQGD HQ OR TXH DOJXQRV DQDOLVWDV GHVWDFDQ FRPR OD GLIHUHQFLD IXQGDPHQWDO HQWUH OD LQWHUDFFLyQ \ OD LQWHU DFWLYLGDG HQWHQGLHQGR SRU LQWHUDFFLyQ OD FDSDFLGDG TXH QRV GD XQ EORJ DO VLPSOHPHQWH KDFHU XQ FOLF HQ XQ HVSDFLR R XQD OLJD SDUD HQFRQWUDU LQIRUPDFLyQ RSRUWXQD WUDVFHQGHQWH RQRYHGRVDVREUHXQWHPDSDUWLFXODURELHQVHU VLWLRVYHUGDGHUDPHQWHLQWHUDFWLYRVTXHSHUPLWHQ D TXLHQHV ORV YLVLWDQ QR ~QLFDPHQWH OD OHFWXUD VLQRWDPELpQODSDUWLFLSDFLyQ8QDFDUDFWHUtVWLFD LPSRUWDQWH GH ORV EORJV TXH IXHURQ DQDOL]DGRV FRPR SDUWH GH HVWD PXHVWUD HV VX GLIHUHQFLD HQFXDQWRDODVFDUDFWHUtVWLFDVGHLQWHUDFFLyQR LQWHUDFWLYLGDGTXHSURPXHYHQ /DV FDGHQDV PH[LFDQDV GH WHOHYLVLyQ D H[ FHSFLyQ GH 7HOHYLVD XWLOL]DQ VXV EORJV VLPSOH PHQWHSDUDLQIRUPDUDFHUFDGHVXSURJUDPDFLyQ RIUHFHU OD RSRUWXQLGDG GH VXELU XQ FRPHQWDULR HQFDPELRORVEORJVTXHDSDUHFHQHQORVVLWLRVGH ODSUHQVDPH[LFDQDHQOtQHDRIUHFHQYHUGDGHURV HVSDFLRVGHGLVFXVLyQHQWUHVXVXVXDULRV3RGUtD PRVGHFLUHQWRQFHVTXHPLHQWUDVODVWHOHYLVRUDV RIUHFHQFLHUWDSRVLELOLGDGGHLQWHUDFFLyQODSUHQ VDHQOtQHDHVODTXHYHUGDGHUDPHQWHVHDEUHDOD SRVLELOLGDGDODLQWHUDFWLYLGDG 7DQWRODVFDGHQDVGHWHOHYLVLyQFRPRORVPH GLRVGHSUHQVDHVFULWDUHFXUUHQDEORJVODPD\RUtD GH HOORV SHUWHQHFLHQWHV D OD FDWHJRUtD GH ´UHOD FLyQµ SXHV HO PRWLYR GH H[WHQGHU ORV PpWRGRV WUDGLFLRQDOHV GH FRPXQLFDFLyQ HQWUH HVWRV PH GLRV\VXVUHFHSWRUHVIXHHOGHFUHDUXQYtQFXOR HQWUHODVHPSUHVDVVXVWHOHYLGHQWHVROHFWRUHV /RV EORJV SHULRGtVWLFRV VRQ HQ VX PD\RUtD WH[WXDOHVDOLJXDOTXHORVEORJVWHOHYLVLYRVHQOt QHD6LQHPEDUJRKD\DOJXQRVTXHFXHQWDQFRQ OLJDVDYtGHRVRDXGLRVUHODFLRQDGRVFRQHOWHPD SXHVWRDGLVFXVLyQ/RVFDQDOHVGHWHOHYLVLyQTXH FXHQWDQFRQEORJVDODLUHKDFHQPiVXVRGHODX GLRYtGHR\IRWRJUDItDV /RVWHPDVWUDWDGRVHQORVEORJVWDQWRGHPH GLRV WHOHYLVLYRV FRPR SHULRGtVWLFRV VRQ EiVLFD PHQWH WHFQRORJtD FXOWXUD JHQWH P~VLFD FLQH OLWHUDWXUD GHSRUWHV SROtWLFD QHJRFLRV HFRQR PtDDUWLVWDVVRFLHGDGQDFLRQDO\WHPDVOLEUHV 7HOHYLVLyQ $]WHFD \ &DQDO FRORFDQ EORJV TXHVHUHODFLRQDQH[FOXVLYDPHQWHFRQODSURJUD PDFLyQGHOFDQDO 8QDREVHUYDFLyQSXQWXDOKHFKDSRUHOHTXL SRGHLQYHVWLJDFLyQHQFRQWUyTXHORVEORJVGHOSH ULyGLFR(O8QLYHUVDOWUDWDQWHPDVGLYHUVRVGHVGH HFRQRPtD \ SROtWLFD KDVWD VDOXG \ UHOLJLyQ 8Q GDWR LQWHUHVDQWH HV TXH UHDOPHQWH VH SUHVHQWD XQDLQWHUDFFLyQHQWUHORVHVSHFLDOLVWDV\VXVOHF WRUHV8QHMHPSORGHHOORHVHOEORJ1XWULFLyQ«QL EXHQRQLPDORHQGRQGHORVWHPDVTXHVHWUDWDQ VRQ UHVSRQGLGRV \ FRPHQWDGRV DELHUWDPHQWH $1$*5$0$6 3HULRGLVPRHQOtQHD\GHVDUUROORGHEORJVFRPRDOWHUQDWLYDGHH[SUHVLyQLQIRUPDWLYD 3RUVXSDUWHHOSHULyGLFR5HIRUPDFRQWLHQHEORJV TXHVRQH[FOXVLYRV\SDUDORVFXDOHVVHUHTXLHUH VHUVXVFULSWRUGHOSHULyGLFR DGHODQWHVLQRGHXQOLGHUD]JRDOTXHHOOHFWRUDF FHGHDSDUWLUGHOHHUODVH[SHULHQFLDV\RSLQLRQHV GHOOtGHUHQVXEORJ /DOLWHUDWXUDDFDGpPLFDDOUHVSHFWRDQWLFLSD TXHSDUDH[SOLFDUHOXVR\DSURSLDFLyQGHORVEORJV HVQHFHVDULRGHVDUUROODUXQQXHYRFXHUSRWHyUL FR TXH SHUPLWD H[SOLFDU ORV XVRV \ JUDWLILFDFLR QHVGHORVSDUWLFLSDQWHVHQEORJV%UDQXP 6HSUHVXSRQHSRUHMHPSORTXHDVtFRPRHQVX PRPHQWROD7HRUtDGHOD$JHQGD6HWWLQJLQWHQWy H[SOLFDUOD IRUPD HQ TXH ORV PHGLRV HVWDEOHFHQ ODVWHPiWLFDVSDUDODDJHQGDGHODGLVFXVLyQGH OD PLVPD PDQHUD ORV EORJV RULHQWDQ OD GLVFXVLyQ GHPDQHUDGLIHUHQFLDGDGHSHQGLHQGRGHODQDWX UDOH]DGHFDGDXQR3RUHMHPSORXQEORJGHVDUUR OODGR GH PDQHUD OLEUH HVWDEOHFH OD DJHQGD SDUD VXV OHFWRUHV GHSHQGLHQGR GH ODV OHFWXUDV TXH KDFH GH ODV UHIHUHQFLDV R ODV IXHQWHV D ODV TXH FLWD1RREVWDQWHODSUHJXQWDLQGLFDGDHV¢TXLpQ HVWDEOHFHODDJHQGDHOEORJJHU"(VGHFLU¢HODXWRU GHOEORJ"¢2ODIXHQWHHQODFXDOVXEORJDSDUHFH" .ORSIHQVWHLQHQ%UDQXP (ODXWRUGHXQEORJQRUPDOPHQWHHVXQDSHU VRQDTXHPRQLWRUHDODDJHQGDGHORVPHGLRVFRQ PD\RU IUHFXHQFLD TXH RWURV OHFWRUHV R XVXDULRV GHORVPHGLRV(OOROHSHUPLWHFRPHQWDUSURIXQ GL]DURVRPHWHUDGHEDWHFLHUWDVWHPiWLFDV\VLVX EORJHVIDYRUHFLGRSRUEXHQQ~PHURGHOHFWRUHV R GH FRQVXOWDV HV PXFKR PiV SUREDEOH TXH pO PLVPRVHFRQYLHUWDHQXQOtGHUGHRSLQLyQ8WL OL]DQGRODGHILQLFLyQGHORTXHHVHOOLGHUD]JRGH RSLQLyQVHJ~Q5RELQVRQ&ODUNLQ GLFDTXHOHHUHOVLWLRFUHDGRSRUXQEORJJHUIDPRVR JHQHUDHVWDWXVSDUDTXLHQOROHH\/DVVLFD VXSRQHTXHHVODFRPXQLGDGDWUDYpVGHOQ~PHUR GHYLVLWDVTXHUHFLEHXQEORJTXLHQDYDODRFHUWLIL FDODFXDOLGDGGHOLGHUD]JRGHOEORJJHU5RELQVRQ &ODUN\/DVVLFDHQ%UDQXP$VXYH]%ORRG VXSRQHTXHORVFRPHQWDULRVFRORFDGRVHQ XQEORJSRUSDUWHGHORVOHFWRUHVSURSRUFLRQDQDO EORJJHUXQDLGHDFODUDGHODSR\RFRQHOTXHFXHQ WDQVXVRSLQLRQHV 3RURWUDSDUWHVLHOEORJJHU´UHFLFODµOLJDVKD FLDRWURVVLWLRVHQODUHGRDRWURVEORJVGHDO JXQDPDQHUDORTXHKDFHHVGHILQLUODDJHQGDD SDUWLUGHDVLJQDUSULRULGDGHVGHDFXHUGRFRQVXV SUHIHUHQFLDV(QHVWHVHQWLGRDOJXQRVDXWRUHVVX JLHUHQ TXH HO IHQyPHQR GHO EORJJLQJ GHEHUtD VHU DQDOL]DGRDSDUWLUGHXQDWHRUtDQRGHIOXMRGHFR PXQLFDFLyQHQGRVSDVRV7ZRVWHSIORZVLQRGH P~OWLSOHVSDVRVPXOWLVWHSIORZDSDUWLUGHOFXDO ODDJHQGDVHHVWDEOHFHGHSHQGLHQGRGHOQ~PHUR GHUHIHUHQFLDVRFLWDVTXHXQEORJUHFLEHGHQWUR GHRWURVEORJV%UDQXP 'DGRTXHDOJXQRVGHORVSULQFLSDOHVSHULyGL FRVHQOtQHDDSURYHFKDQODIDPDRHOSUHVWLJLRGH TXLHQHVHVFULEHQHQVXEORJSRUHMHPSORHOSUHV WLJLRGH-HV~V6LOYD+HU]RJ0iUTXH]RODIDPDGH 6ROHGDG /RDH]D HO IHQyPHQR GHO EORJJLQJ WDP ELpQSRGUtDVHUDQDOL]DGRDSDUWLUGHXQD7HRUtD GHO/tGHUGH2SLQLyQSHURHYROXFLRQDGDHQGRQ GHHOOLGHUD]JRVHPDQLILHVWDQRDSDUWLUGHORTXH ORVPHGLRVGLFHQGHOOtGHURGHODLQWHUSUHWDFLyQ TXHHOOtGHUGDGHODVQRWLFLDV\TXHWUDQVPLWHPiV :HUEDFKLQGLFDTXHORVDXWRUHVGHEORJV GH HVWLOR OLEUH WDPELpQ RSHUDQ FRPR VLVWHPDV DOWHUQDWLYRV D ORV JXDUGDEDUUHUDV JDWHNHHSHUV \D TXH VXSOHQ GH DOJXQD PDQHUD ORV FULWHULRV GH FHQVXUD TXH RSHUDEDQ QDWXUDOPHQWH HQ ORV PHGLRV LPSUHVRV R DXGLRYLVXDOHV WUDGLFLRQDOHV 1R REVWDQWH HO SURSLR EORJJHU VH FRQYLHUWH HQ XQ FHQVRU R JXDUGDEDUUHUDV \D TXH pO PLVPR UHTXLHUH VHU XQ OHFWRU DVLGXR GH OD LQIRUPDFLyQ SXEOLFDGDSUHYLDPHQWHSRUORVPHGLRVPDVLYRV KDEHUKHFKRXQDVHOHFFLyQSUHFLVDGHDTXHOORTXH YDOHODSHQDSURPRYHU\IXQJLUDVLPLVPRFRPR JXtDGHDTXHOORVTXHQRWLHQHQODLQIRUPDFLyQGH SULPHUDPDQR 'YRUDN SRU VX SDUWH LQGLFD TXH OD QHFHVLGDG GH HVFULELU EORJV SXHGH GHEHUVH D GL IHUHQWHVUD]RQHVE~VTXHGDGHJUDWLILFDFLyQQH FHVLGDGGHHOLPLQDUODIUXVWUDFLyQE~VTXHGDGH DSUREDFLyQVRFLDO\QHFHVLGDGGHGHMDUKXHOODD WUDYpVGHODH[SUHVLyQLQGLYLGXDO(QWRGRFDVR TXLHQHVSXEOLFDQEORJVRHVFULEHQ\FRPHQWDQHQ $QDJUDPDV9ROXPHQ1SS ,661 (QHURMXQLRGHS0HGHOOtQ&RORPELD 0DUtDGHOD/X]&DVDV3pUH] HOORVHVWiQSURSRUFLRQDQGRLQIRUPDFLyQDOUHV WRTXHSXHGHRQRFRPSDUWLUVXVRSLQLRQHVSHUR TXHLJXDOPHQWHSXHGHDFDEDUVLHQGRLQIOXHQFLD GRSRUHOODV /DSURGXFFLyQPDQWHQLPLHQWR\PRQLWRUHR GH ORV EORJV D VX YH] UHTXLHUH GH FLHUWR HQWUH QDPLHQWR(Q~OWLPDLQVWDQFLDGHVSXpVGHWRGR HVWHSURFHVRGHVHOHFFLyQHGLFLyQ\FRPHQWDULR FXDQGRHOEORJJHUJHQHUDXQDQXHYDHQWUDGDWLH QHTXHKDFHUORGHPDQHUDTXHHOOHFWRUGHOEORJ HQFXHQWUH SURSXHVWDV PXFKR PiV LQWHUHVDQWHV TXHODVTXHRIUHFHQORVPHGLRVWUDGLFLRQDOHV/RV FRQWHQLGRV DWUDFWLYRV GHO EORJ SXHGHQ FRQVLVWLU HQ QXHYDV LQWHUSUHWDFLRQHV GH OD LQIRUPDFLyQ WUDGLFLRQDO TXH SURSRUFLRQDQ ORV PHGLRV OLJDV \ YtQFXORV D LQIRUPDFLyQ DGLFLRQDO IRWRJUDItDV LPiJHQHVRYLGHRVFRPHQWDULRVGHOEORJJHURGH RWURV XVXDULRV TXH FRLQFLGHQ GLUHFWDPHQWH FRQ ODVH[SHFWDWLYDVGHTXLHQORVOHHRODSRVLELOLGDG UHDOGHVRPHWHUODRSLQLyQSHUVRQDOGHXQRFRPR FRQWULEXFLyQGLUHFWDDOEORJ /R TXH Vt HV LPSRUWDQWH FRQVLGHUDU HV TXH ORVEORJVTXHDSDUHFHQSXEOLFDGRVHQORVPHGLRV WUDGLFLRQDOHV UHFLEHQ HO DYDO GHO PHGLR GHO TXH VRQ KXpVSHGHV \D VHD XQ SHULyGLFR R XQD HV WDFLyQ GH WHOHYLVLyQ HQ HVWH FDVR TXH TXLHQHV HVFULEHQHQHOORVSUREDEOHPHQWHVHDQUHSRUWHURV RSHULRGLVWDVDGVFULWRVDHVHPLVPRPHGLRTXH VH HMHUFLWDQ HQ RWUR WLSR GH JpQHUR GH GLIXVLyQ GHFRQWHQLGRVSHULRGtVWLFRV\QRSHULRGtVWLFRV \TXHFRQWULEX\HQGHDOJXQDPDQHUDDIRUPDUOD RSLQLyQGHVXVOHFWRUHV 3RU OR TXH SXHGH REVHUYDUVH HO IHQyPHQR GHOEORJJLQJLPSRQHXQFDUiFWHUQXHYR\GLIHUHQWH DOSURGXFWRSHULRGtVWLFRHQOtQHDJHQHUDQGRSDUD ORVOHFWRUHVXQDRSRUWXQLGDGGHSDUWLFLSDFLyQGL UHFWD GH OD TXH QR GLVSRQtDQ ORV PHGLRV WUDGL FLRQDOHV(VDVtTXHHOEORJUHSUHVHQWDXQSXHQWH HQWUHHOOHFWRURODDXGLHQFLD\ORVPHGLRVHQORV FXDOHVpVWRVVHDVLHQWDQ &21&/86,21(6 /RVEORJVVHKDQFRQYHUWLGRHQXQQXHYRHV SDFLRGHUHODFLyQ /D FRQVWUXFFLyQ GH VHQWLGR HQ ORV EORJV VH GHVDUUROOD D WUDYpV GH HQFDGHQDPLHQWRV FRPXQLFDWLYRVGHDXWRUtDLQGLYLGXDORFROHFWLYD TXHDOYLQFXODUVHXQRVDRWURVHVWDEOHFHQWLSRV GH FRQVWUXFFLyQ FRPXQLFDWLYDV LQWHUHVDQWHV \ FRPSOHMDVFRPRORPHQFLRQD3pUH]6DOD]DU (OEORJHVSRUWDQWRXQIHQyPHQRGHLQWHUpVTXH GHEHDQDOL]DUVH(QVXHVWUXFWXUDQRVRODPHQWH LQFOX\H XQ FRQMXQWR GH LQIRUPDFLyQ DFWLYD D WUDYpV GH OD FXDO HV IDFWLEOH RUGHQDU REVHUYDU \ GHULYDU ODV HVWUXFWXUDV GH DUJXPHQWDFLyQ PHGLDQWH ODV FXDOHV VH RUGHQD \ SODQWHD XQ GLVFXUVR VLQR TXH WDPELpQ GLULJHQ OD RSLQLyQ D WUDYpVGHVXJHULUQDYHJDFLyQUHODFLRQDGD(QHVH VHQWLGRHVGHVXPDLPSRUWDQFLDHQWHQGHUTXHVH WUDWD GH KHUUDPLHQWDV GH IRUPDFLyQ GH RSLQLyQ VXPDPHQWH~WLOHV /DSUHJXQWDLQLFLDOGHLQYHVWLJDFLyQTXHJXLy HVWHWUDEDMRVXJHUtDTXHORVPHGLRVGHFRPXQL FDFLyQ WUDGLFLRQDOHV SDUWLFXODUPHQWH OD WHOHYL VLyQ\ORVSHULyGLFRVHQOtQHDXWLOL]DUtDQGHDOJX QD PDQHUD VXV VLWLRV HQ ,QWHUQHW DSURYHFKDQGR ODVERQGDGHVGHODLQWHUDFFLyQSDUWLFXODUPHQWHD WUDYpVGHEORJVDILQGHYLQFXODUVHGHPDQHUDPiV GLUHFWD FRQ VXV WHOHVSHFWDGRUHV \ OHFWRUHV /RV UHVXOWDGRVVXJLHUHQTXHDGLIHUHQFLDGHODSUHQVD ODWHOHYLVLyQQRKDORJUDGRRQRKDSRGLGRDSUR YHFKDUODKHUUDPLHQWDGHORVEORJVTXL]iGHELGR DODQDWXUDOH]DPiVYLVXDO\GLQiPLFDGHVXVDX GLHQFLDV(QFDPELRORVSHULyGLFRVHQOtQHDHQ PXFKRVFDVRVVHHQFXHQWUDQ\DHQHOSURFHVRGH FRQVWUXFFLyQGHHVSDFLRVGHUHODFLyQ\GHGLVFX VLyQS~EOLFDDWUDYpVGHODJHQHUDFLyQGHKtSHU DFRQWHFLPLHQWRV TXH VH SUHVHQWDQ D Vt PLVPRV FRPRQXHYRVGHWRQDGRUHVGHODGLVFXVLyQ 5HVXOWDLQWHUHVDQWHDGHPiVFRQRFHUODVH[ SHFWDWLYDV\QHFHVLGDGHVGHLQWHUDFFLyQTXHORV XVXDULRVGHEORJVPDQLILHVWDQDWUDYpVGHOUHJLVWUR GH HQWUDGDV HVSHFtILFDV D ORV DQFODMHV \ QRGRV SDUWLFXODUHVGHXQEORJ\DVHDDWUDYpVGHSUHJXQ WDVSXQWXDOHVTXHHOFUHDGRUGHOEORJODQ]DDVXV OHFWRUHVRELHQDWUDYpVGHHQODFHVRVXJHUHQFLDV GHOHFWXUDVDGLFLRQDOHVTXHFRQGXFHQDOLJDVYt GHRV LPiJHQHV \ IRWRJUDItDV TXH VH SURSRUFLR QDQFRPRLQIRUPDFLyQGHULYDGD $1$*5$0$6 3HULRGLVPRHQOtQHD\GHVDUUROORGHEORJVFRPRDOWHUQDWLYDGHH[SUHVLyQLQIRUPDWLYD (O DQiOLVLV GH DOJXQRV GH ORV FRPHQWDULRV SURSRUFLRQDGRV SRU ORV XVXDULRV GH ORV EORJV REVHUYDGRVVXJLHUHODQHFHVLGDGTXHWLHQHQORV OHFWRUHVGHLQWHUDFWXDUFRQODVFHOHEULGDGHVORV JUDQGHVDXWRUHV\ORVFUHDGRUHVGHQXHYDVWHQ GHQFLDV (VWR SDUHFH LQGLFDU TXH ODV DXGLHQFLDV \DQRGHVHDQVHUSDVLYDV\TXHHQWpUPLQRVJH QHUDOHVDJUDGHFHQODRSRUWXQLGDGGHVHUSDUWHGH OD FRPXQLFDFLyQ \ GHMDU VX SURSLD KXHOOD HQ OD ,QWHUQHW 2WUDFXHVWLyQTXHVHSUHVHQWDFRPRUHOHYDQ WHHVODQHFHVLGDGGHHQFRQWUDUQXHYRVPDUFRV WHyULFRV\PHWRGROyJLFRVTXHSHUPLWDQDQDOL]DU KHUUDPLHQWDVYDULDVGHO,QWHUQHWWDOHVFRPRORV EORJVFRQGLYHUVRVQLYHOHVGHLQWHUDFFLyQHLQWH UDFWLYLGDG 8QD SUHJXQWD TXH TXHGD VLQ UHVSXHVWD VLQ HPEDUJRHVVLH[LVWHXQIHQyPHQRGHGLUHFFLyQ GHOLEHUDGD GH OD RSLQLyQ HQ ORV HVSDFLRV GH GLVFXVLyQ D WUDYpV GH EORJV \ VL pVWRV LQFLGHQ GLUHFWDPHQWH HQ OD FRQVWUXFFLyQ GH RSLQLyQ S~EOLFD 3DUD WDO ILQ VHUtD QHFHVDULR GDU XQ VHJXLPLHQWRPiVSXQWXDODOWLSRGHWHPiWLFDV\ DUJXPHQWDFLRQHV TXH ORV PHGLRV SHULRGtVWLFRV LQWURGXFHQHQVXVEORJV(OORSHUPLWLUtDGHWHUPLQDU VLODVWHPiWLFDV\ODDUJXPHQWDFLyQLQGXFLGDVSRU ORVFUHDGRUHVGHEORJVIDYRUHFHQODFRQVWUXFFLyQ GH RSLQLyQ HQ GHWHUPLQDGDV WHPiWLFDV VL ORV PHGLRV WLHQGHQ D SHUIHFFLRQDU \ DSURSLDUVH GH HVWH UHFXUVR R VL ORV EORJV VH FRQVWLWXLUiQ HYHQWXDOPHQWH FRPR UHGXFWRV GH H[SUHVLyQ S~EOLFDDXWpQWLFDPHQWHOLEUH 5()(5(1&,$6%,%/,2*5É),&$6 %ORRG5:HEORJVDKLVWRU\DQGSHUVSHFWLYH5HEEHFDVSRFNHW:HEORJFRQVXOWDGRHOGH PDU]R GHO \ GLVSRQLEOH HQ OD VLJXLHQWH GLUHFFLyQ HOHFWUyQLFD KWWSZZZUHEHFFDEORRGQHWHVVD\V ZHEORJBKLVWRU\KWPO %UDQXP-7KH%ORJJLQJ3KHQRPHQRQ$Q2YHUYLHZDQG7KHRUHWLFDO&RQVLGHUDWLRQ6DQ0DUFRV7;6RXWKZHVW 7H[DV8QLYHUVLW\FRQVXOWDGRHOGHPDU]RGH\GLVSRQLEOHHQODVLJXLHQWHGLUHFFLyQHOHFWUyQLFDKWWS ZZZDM\QHWMPEEORJSKHQRPHQRQKWP &ODUN-'HFRQVWUXFWLQJ´<RXYHJRWEORJµ)DZQ\2UJ)HEUXDU\FRQVXOWDGRHOGHMXQLRGH GLVSRQLEOHHQODVLJXLHQWHGLUHFFLyQHOHFWUyQLFDKWWSIDZQ\RUJGHFRQEORJKWPO 'UH]QHU'7KHSRZHUDQGSROLWLFVRIEORJV7UDEDMRSUHVHQWDGRHQOD$PHULFDQ3ROLWLFDO6FLHQFH$VVR FLDWLRQFRQVXOWDGRHOGHPDU]RGH\GLVSRQLEOHHQODVLJXLHQWHGLUHFFLyQHOHFWUyQLFDKWWSZZZ FVGXNHHGXFRXUVHVVSULQJFSVVUHDGLQJVEORJSRZHUSROLWLFVSGI 'YRUDN - 7KH EORJ SKHQRPHQRQ 3&0$*FRP 7KH LQGHSHQGHQW JXLGH WR WHFKQRORJ\ HQ OtQHD FRQVXOWDGR HO GH MXQLR GH \ GLVSRQLEOH HQ OD VLJXLHQWH GLUHFFLyQ HOHFWUyQLFD KWWSZZZSFPDJFRPDUWL FOHDVS )XPHUR$8QWXWRULDOVREUHEORJV(ODEHFpGHOXQLYHUVREORJ7(/26RFWXEUHGLFLHPEUHFRQ VXOWDGRHOGHPDU]RGHGLVSRQLEOHHQODVLJXLHQWHGLUHFFLyQHOHFWUyQLFDKWWSZZZFDPSXVUHGQHW WHORVFXDGHUQR,LPSULPLEOHDVS"LGDUWLFXOR UHY /DVLFD-'%ORJJLQJDVDIRUPRIMRXUQDOLVP2QOLQH-RXUQDOLVP5HYLHZ0D\86&$QQHQEHUJ &RQVXOWDGRHOGHMXQLRGHGLVSRQLEOHHQODVLJXLHQWHGLUHFFLyQHOHFWUyQLFDKWWSZZZRMURUJRMU ZRUNSODFHSKS 2ULKXHOD-//D5HYROXFLyQGHORV%ORJV&XDQGRODVELWiFRUDVVHFRQYLUWLHURQHQHOPHGLRGHFRPXQLFDFLyQ GHODJHQWH0DGULG/DHVIHUDGHORVOLEURV/LEURHOHFWUyQLFRFRQVXOWDGRHOGHMXQLRGH\GLVSRQLEOH FRPR H&XDGHUQR HQ OD VLJXLHQWH GLUHFFLyQ HOHFWUyQLFD KWWSZZZHFXDGHUQRFRPODUHYROXFLRQGHORVEORJV $QDJUDPDV9ROXPHQ1SS ,661 (QHURMXQLRGHS0HGHOOtQ&RORPELD 0DUtDGHOD/X]&DVDV3pUH] 3pUH]6DOD]DU*/DFRQVWUXFFLyQGH,QWHUQHWFRPRPHGLRGHFRPXQLFDFLyQ7HVLVGHGRFWRUDGR0p[LFR 8QLYHUVLGDG1DFLRQDO$XWyQRPDGH0p[LFR&RQVXOWDGDHOGHMXQLRGH\GLVSRQLEOHHQODVLJXLHQWH GLUHFFLyQHOHFWUyQLFDKWWSZZZLQWHOLJHQFLDFROHFWLYDRUJ 5RELQVRQ-3,QWHUSHUVRQDO,QIOXHQFHLQ(OHFWLRQ&DPSDLJQV7ZRVHSIORZ+\SRWKHVHV3XEOLF2SLQLRQ 4XDUWHUO\9ROSS 7DOERWW'+RZ2EDPD75HDOO\7'LG,W7KHVRFLDOQHWZRUNLQJVWUDWHJ\WKDWWRRNDQREVFXUHVHQDWRUWR WKHGRRUVRIWKH:KLWH+RXVH0,77HFKQRORJ\5HYLHZ6HSWHPEHU2FWREHUFRQVXOWDGRHOGHPDU]R\ GLVSRQLEOHHQODVLJXLHQWHGLUHFFLyQHOHFWUyQLFDKWWSVEHWDWHFKQRORJ\UHYLHZFRPZHE :DFND)%HJLQQHUV*XLGHWR&RUSRUDWH%ORJJLQJ6XHFLDFRQVXOWDGRHOGHMXQLRGHGLVSRQLEOH HQODVLJXLHQWHGLUHFFLyQHOHFWUyQLFDKWWSZZZFRUSRUDWHEORJJLQJLQIREDVLFVFRUSRUDWHEORJJLQJSULPHUSGI :DONHU5/DKLVWRULDGHORVEORJVFRQVXOWDGRHOGHPDU]RGHO\GLVSRQLEOHHQOD VLJXLHQWHGLUHFFLyQHOHFWUyQLFDKWWSZZZURGULJRZDONHUFOODKLVWRULVLGHORVEORJ :HUEDFK.7ULXPSKRIWKH:HEORJV6WHYHQ+DWFKVEORJ&RQVXOWDGRHOGHMXQLRGHGLVSRQLEOH HQODVLJXLHQWHGLUHFFLyQHOHFWUyQLFDKWWSZZZKDWFKRUJWULXPSKRIWKHZHEORJV :LNLSHGLD/D(QFLFORSHGLD/LEUH:HEORJVDQG-RUQ%DUJHU&RQVXOWDGDHOGHMXQLRGHHQODVLJXLHQWH GLUHFFLyQHOHFWUyQLFDKWWSHVZLNLSHGLDRUJZLNL-RUQB%DUJHU $1$*5$0$6