81,9(56,'$''(3$1$0É 5HQGLFLyQGH&XHQWDV *HVWLyQGH 'U*XVWDYR*DUFtDGH3DUHGHV 5HFWRU 2FWXEUH Autoridades Universitarias Gustavo García de Paredes Rector Magnífico Justo Medrano Vicerrector Académico Betty Ann de Catsambanis Vicerrectora de Investigación y Postgrado Carlos Brandáriz Vicerrector Administrativo Eldis Barnes Molinar Vicerrector de Asuntos Estudiantiles María del Carmen T. de Benavides Vicerrectora de Extensión Miguel Angel Candanedo Secretario General Luis Augusto Posso Director General de Centros Regionales Universitarios y Extensiones Docentes Dirección General de Planificación y Evaluación Universitaria Enrique Lau Cortés Director General Gina Román Subdirectora de Planificación Abril Chang de Méndez Subdirectora de Evaluación Departamento de Desarrollo Institucional Idia Harris Jefe de Desarrollo Institucional Cristian Hayer Planificador - Evaluador Johana Solís Rodríguez Diseño Gráfico CONTENIDO 0HQVDMHGHO5HFWRU 3UHVHQWDFLyQ ,5(&725Ì$ 6HFUHWDUtD*HQHUDO /LEUHUtD8QLYHUVLWDULD ,PSUHQWD8QLYHUVLWDULD 'LUHFFLyQGH&HQWURV5HJLRQDOHV8QLYHUVLWDULRV\([WHQVLRQHV8QLYHUVLWDULDV 'LUHFFLyQGH$VHVRUtD-XUtGLFD 'LUHFFLyQ*HQHUDOGH3ODQLÀFDFLyQ\(YDOXDFLyQ8QLYHUVLWDULD 'LUHFFLyQGH,QIRUPDFLyQ\5HODFLRQHV3~EOLFDV 'LUHFFLyQGH&RRSHUDFLyQ,QWHUQDFLRQDO\$VLVWHQFLD7pFQLFD 'LUHFFLyQGH$XGLWRUtD,QWHUQD 'LUHFFLyQGH3URWHFFLyQ8QLYHUVLWDULD 'LUHFFLyQGH,QIRUPiWLFD 'LUHFFLyQGH3URWRFROR\&HUHPRQLDO8QLYHUVLWDULR 2ÀFLQDGH5HODFLyQFRQORV*UDGXDGRV 2ÀFLQD(MHFXWRUDGH3URJUDPDV 2UJDQLVPR(OHFWRUDO8QLYHUVLWDULR &DPSXV+DUPRGLR$ULDV0DGULG 3HULyGLFR/D8QLYHUVLGDG 'LUHFFLyQ8QLYHUVLGDG(PSUHVD &RPSOHMR9HWHULQDULRGH&RUR]DO ,,9,&(55(&725Ì$6 9LFHUUHFWRUtD$FDGpPLFD 'LUHFFLyQGH$GPLQLVWUDWLYD 'LUHFFLyQ&XUULFXODU\(YDOXDFLyQ 'LUHFFLyQGH2UJDQL]DFLyQ$FDGpPLFD 'LUHFFLyQGH&RQFXUVR)RUPDO 'LUHFFLyQGH%DQFRGH'DWRV 'LUHFFLyQGH6HUYLFLRV$FDGpPLFRV 'LUHFFLyQGH(YDOXDFLyQGHO'HVHPSHxR 8QLGDGGH&RRUGLQDFLyQ 8QLGDGHVDGVFULWDV 6LVWHPDGH%LEOLRWHFD 7HFQRORJtD(GXFDWLYD 9LFHUUHFWRUtDGH,QYHVWLJDFLyQ\3RVWJUDGR 9LFHUUHFWRUtD$GPLQLVWUDWLYD 'LUHFFLyQGH)LQDQ]DV 'LUHFFLyQGH5HFXUVRV+XPDQRV 'LUHFFLyQGH6HUYLFLRV$GPLQLVWUDWLYRV 'LUHFFLyQGH,QJHQLHUtD\$UTXLWHFWXUD &HQWURGH2ULHQWDFLyQ,QIDQWLO 'LUHFFLyQGH&DIHWHUtDV &OtQLFD8QLYHUVLWDULD 'LUHFFLyQGH6DOXG\*HVWLyQ$PELHQWDO 9LFHUUHFWRUtDGH$VXQWRV(VWXGLDQWLOHV 9LFHUUHFWRUtDGH([WHQVLyQ ,,,81,'$'(6$&$'e0,&$6 )DFXOWDGGH$GPLQLVWUDFLyQGH(PSUHVDV\&RQWDELOLGDG )DFXOWDGGH$GPLQLVWUDFLyQ3~EOLFD )DFXOWDGGH$UTXLWHFWXUD )DFXOWDGGH%HOODV$UWHV )DFXOWDGGH&LHQFLDV$JURSHFXDULDV )DFXOWDGGH&LHQFLDVGHOD(GXFDFLyQ )DFXOWDGGH&LHQFLDV1DWXUDOHV([DFWDV\7HFQRORJtD )DFXOWDGGH&RPXQLFDFLyQ6RFLDO )DFXOWDGGH'HUHFKR\&LHQFLDV3ROtWLFDV )DFXOWDGGH(FRQRPtD )DFXOWDGGH(QIHUPHUtD )DFXOWDGGH)DUPDFLD )DFXOWDGGH+XPDQLGDGHV )DFXOWDGGH,QIRUPiWLFD(OHFWUyQLFD\&RPXQLFDFLyQ )DFXOWDGGH0HGLFLQD )DFXOWDGGH0HGLFLQD9HWHULQDULD )DFXOWDGGH2GRQWRORJtD )DFXOWDGGH3VLFRORJtD ,9&(175265(*,21$/(681,9(56,7$5,26 &HQWUR5HJLRQDO8QLYHUVLWDULRGH$]XHUR &HQWUR5HJLRQDO8QLYHUVLWDULRGH%RFDVGHO7RUR &HQWUR5HJLRQDO8QLYHUVLWDULRGH&RFOp &HQWUR5HJLRQDO8QLYHUVLWDULRGH&ROyQ &HQWUR5HJLRQDO8QLYHUVLWDULRGH/RV6DQWRV &HQWUR5HJLRQDO8QLYHUVLWDULRGH3DQDPi2HVWH &HQWUR5HJLRQDO8QLYHUVLWDULRGH6DQ0LJXHOLWR &HQWUR5HJLRQDO8QLYHUVLWDULRGH9HUDJXDV ,9,(;7(16,21(681,9(56,7$5,$6 ([WHQVLyQ8QLYHUVLWDULDGH$JXDGXOFH ([WHQVLyQ8QLYHUVLWDULDGH&KHSR ([WHQVLyQ8QLYHUVLWDULDGH'DULpQ ([WHQVLyQ8QLYHUVLWDULDGH6RQi 981,'$'(6'(,19(67,*$&,Ð1 ,QVWLWXWRGH$OLPHQWDFLyQ\1XWULFLyQ ,QVWLWXWRGH&LHQFLDV$PELHQWDOHV\%LRGLYHUVLGDG ,QVWLWXWRGH&ULPLQRORJtD ,QVWLWXWRGH(VWXGLRVGHO&DQDO\(VWXGLRV,QWHUQDFLRQDOHV ,QVWLWXWRGH(VWXGLRV1DFLRQDOHV ,QVWLWXWRGH*HRFLHQFLDV ,QVWLWXWRGHOD0XMHU ,QVWLWXWR(VSHFLDOL]DGRGH$QiOLVLV ,QVWLWXWR&HQWURDPHULFDQRGH$GPLQLVWUDFLyQ\6XSHUYLVLyQGHOD(GXFDFLyQ ,QVWLWXWR3DQDPHULFDQRGH(GXFDFLyQ)tVLFD ,QVWLWXWR3URPHMRUDVGHOD*DQDGHUtD 9,81,9(56,'$'(6'(/75$%$-2</$7(5&(5$('$' 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH3DQDPi\&ROyQ 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH$]XHUR 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH%RFDVGHO7RUR 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH&RFOp 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH'DULpQ 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH9HUDJXDV 5(1',&,Ð1'(&8(17$6 Mensaje del Rector /D8QLYHUVLGDGGH3DQDPiSUHVHQWDVXFXDUWR,QIRUPHGH5HQGLFLyQGH&XHQWDVDODFRPX QLGDGXQLYHUVLWDULD\DODVRFLHGDGHQJHQHUDO(QHVWDRFDVLyQOD&DVDGH2FWDYLR0pQGH] 'LUHFFLyQ 8QLYHUVLWDULD GH OD 8QLYHUVLGDG 3ROLWpFQLFD GH &DWDOXxD HQ HO VHQWLGR GH TXH OD ´5HQGLFLyQGH&XHQWDVGHO5HFWRUGHOD8QLYHUVLGDGGH3DQDPiDOD6RFLHGDG3DQDPHxDµ KDVLGRVHOHFFLRQDGDFRPROD3ULPHUDHQWUHGLHFLVHLVSURSXHVWDVGH%XHQDV3UiFWLFDVSUHVHQWDGDV SRUODVXQLYHUVLGDGHVVRFLDVGH7(/(6&23,5HGGH2EVHUYDWRULRVGH%XHQDV3UiFWLFDVGH 'LUHFFLyQ(VWUDWpJLFD8QLYHUVLWDULDGH$PpULFD/DWLQD\(XURSDFRQVLGHUDGDFRPRH[FHOHQWH \XQEXHQHMHPSORDVHJXLUSRUWRGDVODV8QLYHUVLGDGHV 'HLJXDOPDQHUDOD8QLYHUVLGDGGH3DQDPiKDVLGRGLVWLQJXLGDSRUOD&iPDUDGH&XHQWDVGH OD5HS~EOLFD'RPLQLFDQDSRUODH[SHULHQFLDGHHVWD,QVWLWXFLyQGH(GXFDFLyQ6XSHULRUHQOD 5HQGLFLyQGH&XHQWDVDOD1DFLyQORTXHFRQVWLWX\HXQDEXHQDSUiFWLFDGHGLUHFFLyQHVWUDWp JLFD (VWHHVIXHU]RFRQMXQWRGHWRGRVORVDFWRUHV\SURGXFWRGHODSROtWLFDGHWUDQVSDUHQFLDHQOD JHVWLyQXQLYHUVLWDULDQRVSHUPLWHSUHVHQWDUOHVXQLQIRUPHS~EOLFRGHORVUHVXOWDGRVDOFDQ]D GRVGHFDGD8QLGDG$FDGpPLFD\$GPLQLVWUDWLYDGHOD8QLYHUVLGDGGH3DQDPiIXQGDPHQWDGD HQODJHVWLyQSRUUHVXOWDGRV\HOXVRWUDQVSDUHQWHGHORVUHFXUVRVS~EOLFRVDVLJQDGRV (QKRUDEXHQDFHOHEUDPRVHVWHUHVXOWDGRGHHYDOXDFLyQLQVWLWXFLRQDOUHDOL]DGDSRURUJDQLVPRV LQWHUQDFLRQDOHVORTXHQRVPRWLYDDFRQWLQXDUQXHVWUDODERUDODOX]GHODWUDQVSDUHQFLD\FRQ ORVSULQFLSLRV\YDORUHVTXHFDUDFWHUL]DQQXHVWUD,QVWLWXFLyQ 'U*XVWDYR*DUFtDGH3DUHGHV 5HFWRU 81,9(56,'$''(3$1$0É Presentación &RQRFHUORTXHODV,QVWLWXFLRQHVGHO(VWDGRKDFHQFRQORVUHFXUVRVDVLJQDGRVDHOODVHQHOSUHVX SXHVWRQDFLRQDOHVXQGHUHFKRTXHWLHQHQORVFLXGDGDQRV\DTXHHVXQSULQFLSLRTXHEXVFDIRUWD OHFHUODLQWHJULGDGHQODJHVWLyQS~EOLFDDWUDYpVGHODSDUWLFLSDFLyQFLXGDGDQDHQODÀVFDOL]DFLyQ GHORVIRQGRVS~EOLFRV(VSRUHOORTXHOD8QLYHUVLGDGGH3DQDPiKDLQFRUSRUDGRFRPRXQDEXHQD SUiFWLFDHQODJHVWLyQS~EOLFD/D5HQGLFLyQGH&XHQWDV 'HVGH KDFH FLQFR DxRV HQ VHVLyQ VROHPQH HO 6HxRU 5HFWRU 0DJQtÀFR 'U *XVWDYR *DUFtD GH 3DUHGHVRIUHFHXQLQIRUPHSRUPHQRUL]DGRGHORVUHVXOWDGRVREWHQLGRVGXUDQWHHODxRHQFXUVR\ H[SOLFDODIRUPDHQTXHOD8QLYHUVLGDGGH3DQDPiKDXWLOL]DGRORVIRQGRVS~EOLFRVSURFHGHQWHVGHO SUHVXSXHVWRQDFLRQDO\GHODVDFWLYLGDGHVGHDXWRJHVWLyQ (VWDSUiFWLFDIRUPDSDUWHGHXQDJHVWLyQGHSXHUWDVDELHUWDVTXHEXVFDSHUPLWLUDOFLXGDGDQRFRQRFHU ORVREMHWLYRVHVWUDWpJLFRVSUR\HFWRV\SODQHVDVtFRPRODIRUPDHQTXHHOSUHVXSXHVWRQDFLRQDOVH XWLOL]DSDUDFXPSOLUFRQQXHVWURSODQHVWUDWpJLFRTXHHVWiGHELGDPHQWHDOLQHDGRFRQHOSODQGHGHVD UUROORQDFLRQDOHVSHFLDOPHQWHHQORTXHVHUHÀHUHDOFXPSOLPLHQWRGHORVREMHWLYRVGHOPLOHQLRVXVFULWR SRUQXHVWURSDtVSDUWLFXODUPHQWHHQODOXFKDFRQWUDODSREUH]D 6RPRVFRQVFLHQWHVTXHVRODPHQWHLQFRUSRUDQGRODLQWHJULGDG\ODWUDQVSDUHQFLDFRPRYDORUHV\ DQFOiQGRORVHQODFXOWXUDLQVWLWXFLRQDOSRGUHPRVYHQFHUDOÁDJHORGHODFRUUXSFLyQPHGLDQWHUHJODV FODUDVHQODVFRQWUDWDFLRQHVSURFHGLPLHQWRVHÀFLHQWHV\HÀFDFHVHOLPLQDQGRODGLVFUHFLRQDOLGDG GHORVIXQFLRQDULRV\PDQGDQGRXQPHQVDMHFODURTXHODFRUUXSFLyQQRVHWROHUD (O5HQGLU&XHQWDVDOD6RFLHGDG3DQDPHxDSRUOD8QLYHUVLGDGGH3DQDPiKDVLGRHVFRJLGD FRPRXQDH[FHOHQWHEXHQDSUiFWLFDHQGLUHFFLyQHVWUDWpJLFDSRUODUHG7HOHVFRSLTXHDJUXSDDODV PHMRUHVXQLYHUVLGDGHVGH(XURSD\$PHULFD\HVWDVLHQGRLQFRUSRUDGDHQRWURVSDtVHVFRPRXQ SRWHQWHPHFDQLVPRTXHFRQWULEX\HDPHMRUDUODHÀFLHQFLDHÀFDFLDLPSDFWR\WUDQVSDUHQFLDHQOD GLUHFFLyQGHODV8QLYHUVLGDGHV (VWHDFWRFXPSOHFRQQXHVWURPDQGDWROHJDODORIUHFHUDODQDFLyQHO9LQIRUPHGH5HQGLFLyQGH &XHQWDVGHOD8QLYHUVLGDGGH3DQDPiGXUDQWHHOSUHVHQWHDxR(QHVWHVHQWLGRHVWDEXHQDSUiF WLFDKDFRDG\XYDGRDTXHODVGLIHUHQWHVXQLGDGHVWDQWRDFDGpPLFDVFRPRDGPLQLVWUDWLYDV\GHLQ YHVWLJDFLyQVHHVIXHUFHQHQSUDFWLFDUODJHVWLyQSRUUHVXOWDGRV\HOXVRWUDQVSDUHQWHGHORVUHFXUVRV S~EOLFRVTXHOHVRQDVLJQDGRVFRQORTXHKHPRVPHMRUDGRODFDOLGDGGHODJHVWLyQXQLYHUVLWDULD (VLPSRUWDQWHGHVWDFDUTXHHOWDOHQWRKXPDQRGHODLQVWLWXFLyQYHHQHVWHDFWRHOHVIXHU]RGHVXWUDEDMRGLDULR \VHYHUHIRU]DGRHOOLGHUD]JRTXHQXHVWUDVDXWRULGDGHVVHDWULEX\HQHQPDWHULDOL]DUQXHVWUDPLVLyQ\YLVLyQ 'U(QULTXH/DX&RUWpV 'LUHFWRU*HQHUDO ,5(&725Ì$ (O'U*XVWDYR*DUFtDGH3DUHGHVKDFHHQWUHJDGHO´3UHPLR8QLYHUVLGDGµDOSURIHVRU-RUJH$URVHPHQD5RPiQ 81,9(56,'$''(3$1$0É ,5(&725Ì$ 6HFUHWDUtD*HQHUDO 3UR\HFWR0HWD5HVXOWDGR 3URFHVRV DFDGpPLFRDGPL QLVWUDWLYRV GHO FXUVR GH YH UDQR &RQWUDWDFLyQ GH IDFLOLWDGR UHV SDUD DWHQGHU ORV FXUVRV RIHUWDGRVSRUODV)DFXOWDGHV &HQWURV 5HJLRQDOHV 8QLYHU VLWDULRV \ ([WHQVLRQHV 'R FHQWHV 4XLQLHQWRVGRFHQ WHVFRQWUDWDGRV 6HWHFLHQWRV FXU VRVRIHUWDGRV 7UHLQWD FRRUGLQDGRUHV WUDPLWDGRV 8QD FRRUGLQDGRUD JHQHUDO WUDPLWDGD $G +RQRUHP $XGLWRUtD SHULyGLFD GH ORV SODQHV \ SURJUDPDV GH HV WXGLRV DSUREDGRV DFWXDOL]D FLyQ 9DOLGDFLyQGHORVSODQHV\SUR JUDPDV GH HVWXGLRV GH SUH JUDGRJUDGRPDHVWUtDV\SRVW JUDGRVHLQVWLWXWRVDSUREDGRV SRUORVyUJDQRVGHJRELHUQR $XGLWRUtD FDSWXUD \ FRGLÀFD FLyQ GH ORV SODQHV \ SURJUD PDVGHHVWXGLRVHQHOVLVWHPD DSUREDGRVSRUORVyUJDQRVGH JRELHUQR )RQGRGHDXWRJHVWLyQ $GTXLVLFLyQGHHTXLSRVPR ELOLDULR ELHQHV \ VHUYLFLRV SDUDHOEXHQIXQFLRQDPLHQWR GHOD6HFUHWDUtD*HQHUDO 6HORJUyVDWLVIDFHUODVQHFH VLGDGHV HQ OD XQLGDG DGPL QLVWUDWLYDGH ,QVXPRVSDUDHOWLUDMHGHO (VWDWXWR8QLYHUVLWDULR 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR ,QVXPRV SDUD OD HODERUD FLyQGHSRUWDGLSORPDV $GTXLVLFLyQ GH ,PSUHVR UDPDWULFLDO $GTXLVLFLyQGHSDSHOHUtD HVSHFLDOSDUDHOWLUDMHGH GHJUDGXDGRV $GTXLVLFLyQGHSDSHOHUtD HVSHFLDOSDUDHOWLUDMHGH WDFLyQGHVHUYLFLRDFDGp PLFR $GTXLVLFLyQGHSDSHOHV SHFLDO SDUD HO WLUDMH GH UHFLERVGHPDWUtFXODVHQ SDSHOGHVHJXULGDG $GTXLVLFLyQ GH HTXLSR \ FDV &DSDFLWDFLyQ\DGLHVWUDPLHQWR )RUWDOHFLPLHQWR GH OD *HVWLyQ $GPLQLVWUDWLYD )RUPDU\FDSDFLWDUDOUHFXUVR KXPDQR GH OD 6HFUHWDUtD *H QHUDOHQFXDQWRDODVQRUPDV \SURFHGLPLHQWRVDFDGpPLFRV HVWDEOHFLGRV HQ HO (VWDWXWR 8QLYHUVLWDULR 5pJLPHQ $FD GpPLFR 3URFHGLPLHQWRV $G PLQLVWUDWLYRV &DSDFLWDU HQ HO XVR GH QXH JUDU TXH VHDPRV PiV FRP SHWLWLYRV 'LVHxR GH XQ SODQ SHUPD QHQWHGHFDSDFLWDFLyQSDUDHO UHFXUVRKXPDQRGHOD6HFUH WDUtD *HQHUDO GH ODV )DFXO WDGHV &HQWURV 5HJLRQDOHV 8QLYHUVLWDULRV ([WHQVLRQHV 'RFHQWHV\$QH[RV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR (TXLSDPLHQWR LQIRUPiWLFR \ DXWRPDWL]DFLyQ GH SURFHVRV DFDGpPLFRV\DGPLQLVWUDWLYRV &RPSUDU HTXLSRV HVSHFLDOL ]DGRV GH JUDEDFLyQ SDUD ODV VHVLRQHV GH ORV GLIHUHQWHV &RQVHMRVGH)DFXOWDGHV&HQ WURV5HJLRQDOHV8QLYHUVLWDULRV &RQVHMRGH,QYHVWLJDFLyQ$FD GpPLFR$GPLQLVWUDWLYR \ &RQ VHMR*HQHUDO8QLYHUVLWDULR 5HDOL]DU GLDJQyVWLFRV SHULyGL FRV SDUD GHWHFWDU ODV QHFHVL GDGHV HQ HO iUHD WHFQROyJLFD SDUDODDGTXLVLFLyQGHHTXLSR HLQVWDODFLyQGHUHGHV (VSDFLRItVLFRHLQIUDHVWUXFWXUD &RQWDUFRQLQVWDODFLRQHVDP SOLDV\HTXLSDPLHQWRDGHFXD GR TXH QRV SHUPLWD EULQGDU XQ VHUYLFLR HÀFLHQWH D QXHV WURV XVXDULRV LQWHUQRV \ H[ WHUQRV &RPSUD GH HTXLSR GH JUDEDFLyQ HVSHFLDOL]D GRSDUDODJUDEDFLyQGH ODVVHVLRQHVGHORVyUJD QRVGHJRELHUQR $XWRPDWL]DFLyQ GH ORV FUpGLWRV GH HJUHVDGRV WLUDMH GH UHFLERV GH PD WUtFXODV HQ SDSHO GH VHJXULGDG \ ORV FHUWLÀ FDGRV GH SUHVWDFLyQ GH VHUYLFLRDFDGpPLFR (Q SURFHVR GH HYDOXD FLyQSDUDODDGTXLVLFLyQ GH HTXLSR H LQVWDODFLyQ GHUHGHV 6H HQFXHQWUD HQ SURFHVR OD UHSDUDFLyQ \ HTXLSDPLHQWR GHO HGLÀFLR GRQGH HVWXYR OD 8QLYHUVLGDG 7HFQROyJLFD GH 3DQDPiSDUDTXHOD6HFUH WDUtD*HQHUDOFXHQWHFRQLQV WDODFLRQHV DGHFXDGDV SDUD VXIXQFLRQDPLHQWR (-(&8&,Ð135(6838(67$5,$ 3HUtRGRGHDJRVWR DGLFLHPEUH )XQFLRQDPLHQWR $XWRUL]DGR$QXDO % (MHFXWDGR % $XWRJHVWLyQ $XWRUL]DGR$QXDO % (MHFXWDGR % )XQFLRQDPLHQWR $XWRUL]DGR$QXDO % (MHFXWDGR % $XWRJHVWLyQ $XWRUL]DGR$QXDO % (MHFXWDGR % 3HUtRGRGHHQHURD MXOLR 5(1',&,Ð1'(&8(17$6 'HVSDFKR6XSHULRU 6HFFLyQGH5HJLVWURV $FDGpPLFRV 6HFFLyQGH5HJLVWURV 'RFHQWHV 'RFXPHQWDFLyQ\WUiPLWHV UHDOL]DGRVSRUHO'HVSDFKR 6XSHULRU 7UiPLWHVUHDOL]DGRVSRUOD 6HFFLyQGH5HJLVWURV$FDGp PLFRV 7UiPLWHVUHDOL]DGRVSRUOD6HF FLyQGH5HJLVWURV'RFHQWHV 1RWLÀFDFLRQHVGHFRQFXU VRVDFiWHGUDVGHGRFHQWHV\ UHVROXFLRQHV D HVWXGLDQWHV \ DGPLQLVWUDWLYRV GHO &DPSXV &HQWURV 5HJLRQDOHV 8QLYHUVL WDULRV ([WHQVLRQHV 'RFHQWHV \$QH[RV FLWDV GH UHYLVLRQHV GH FUpGLWRV RUGLQDULDV \ H[WUDRU GLQDULDV &HUWLÀFDGRV GH 3UHV JUDGXDFLRQHVDWHQGLGDV GLSORPDV FRQIHFFLRQD GRV &HUWLÀFDFLRQHVGH9HUDQR 5HVROXFLRQHV GH YDFDFLR QHVGRFHQWHVWUDPLWDGDV FHUWLÀFDGRV PDWUtFXODVWDUGtDV FLyQ 3URFHVRVDFDGpPLFRV\DGPL QLVWUDWLYRVGHOSULPHU\VHJXQ GRVHPHVWUHDFDGpPLFRV FHUWLÀFDFLRQHV GH HVWX GLDQWHVHJUHVDGRV &HUWLÀFDGRV GH ([RQHUD UHVROXFLRQHV GH UHWLUR H LQFOXVLyQ 6ROLFLWXGHVGH+RPRORJDFLyQ WDFLyQ GH 6HUYLFLRV$FDGpPL FRV (YDOXDFLRQHVUHVXHOWDV (YDOXDFLRQHVWUDPLWDGDV &HUWLÀFDGRV GH +RPRORJD 3URFHVRVDFDGpPLFRV\DGPL QLVWUDWLYRVGHO&XUVRGH9HUD QR &HUWLÀFDGRVGH(TXLYDOHQFLD &HUWLÀFDGRVGH5HYiOLGDV FLyQGH5HYiOLGDV 6ROLFLWXGHV GH (TXLYDOHQ FLDV 6ROLFLWXGHVGH5HYiOLGDV 6ROLFLWXGHV GH ([RQHUD FRUUHVSRQGHQFLDV WUD PLWDGDVGH)DFXOWDGHV&HQ WURV 5HJLRQDOHV ([WHQVLRQHV 'RFHQWHV $QH[RV ,QVWLWXWRV XQLGDGHVDFDGpPLFDV\DGPL QLVWUDWLYDV FLyQGH5HYiOLGDV 6ROLFLWXGHVGH&RQYDOLGD FLyQ 6ROLFLWXGHVGH,QJUHVR &HUWLÀFDFLRQHV GH 0DWUt FXODVFRQGLFLRQDOHV DXWHQWLFDFLRQHVGHGR FXPHQWRVDWHQGLGRV 6ROLFLWXGHVGH,QJUHVRGH (VWXGLDQWHV([WUDQMHURV QRWDV ÀUPDGDV \ WUD PLWDGDV 0yGXORGHDVLVWHQFLD 7RWDO GH GRFXPHQWDFLyQ \ WUiPLWHVUHDOL]DGRV 7RWDO GH GRFXPHQWDFLyQ \ WUiPLWHVUHDOL]DGRV 7RWDO GH GRFXPHQWDFLyQ \ WUiPLWHVUHDOL]DGRV 81,9(56,'$''(3$1$0É 6HFFLyQGH 3DUODPHQWDULDV 6HFFLyQGH $UFKLYRV 6HFFLyQGH0LFURÀOPH 5HXQLRQHV UHDOL]DGDV SRU ORV GLIHUHQWHV ÐUJDQRV GH *RELHUQRV \ FRPLVLRQHV DWHQGLGDV 'RFXPHQWDFLyQWUDPLWDGDSRU OD6HFFLyQGH$UFKLYRV 'RFXPHQWDFLyQWUDPLWDGDSRU OD6HFFLyQGH0LFURÀOPH 6HVLRQHVGHO&RQVHMR$FD &ODVLÀFDFLyQ RUGHQDPLHQWR \ DUFKLYR GH GRFXPHQWDFLyQ GH HVWXGLDQWHV \ GRFHQWHV WUDPLWDGDVSRUODV)DFXOWDGHV &HQWURV 5HJLRQDOHV 8QLYHUVL WDULRV([WHQVLRQHV'RFHQWHV $QH[RV 9LFHUUHFWRUtDV H ,QV WLWXWRV FRQYDOLGDFLRQHV SUy UURJDV GH WUDEDMR GH JUDGXD FLyQUHWLURHLQFOXVLyQFDPELR GH GDWRV LQIRUPHV GH WHVLV UHFLERV GH PDWUtFXODV GH YH UDQR \ SULPHU VHPHVWUH UHVROXFLRQHV FHUWLÀFD FLRQHV IRUPXODULRV GH UHFOD PRV GH QRWDV HYDOXDFLRQHV GHWtWXORVRUJDQL]DFLRQHVGR FHQWHVDFWDVGHWRPDGHSR VHVLyQFHUWLÀFDGRVGHGRFHQ FLDIRUPXODULRVGHFRQFXUVRV GRFXPHQWRV\H[SHGLHQWHVGH %DQFRGH'DWRVH[SHGLHQWHV GH UHYiOLGDV GH WtWXORV H[SH GLHQWHV GH HTXLYDOHQFLDV GH HVSHFLDOLGDG \ VXEHVSHFLDOL GDGGRFXPHQWRVGHLQJUHVRV 'RFXPHQWDFLyQWUDPLWDGDSRU 'RFXPHQWRVWUDPLWDGRV 7RWDO 7RWDOGHGRFXPHQWDFLyQWUD PLWDGD GpPLFR 6HVLRQHVGHO&RQVHMR$G PLQLVWUDWLYR 6HVLRQHVGHO&RQVHMR*H QHUDO8QLYHUVLWDULR 6HVLRQHV GHO &RQVHMR GH &HQWURV5HJLRQDOHV 6HVLRQHV GHO &RQVHMR GH )DFXOWDGHV GH 7HFQRORJtD &LHQFLDV1DWXUDOHV([DFWDV\ &LHQFLDV$GPLQLVWUDWLYDV 6HVLRQHVGHO&RQVHMRGH&LHQ FLDV6RFLDOHV\+XPDQtVWLFD 6HVLRQHVGHO&RQVHMRGH,Q YHVWLJDFLyQ 6HVLRQHV GHO &RQVHMR GH &LHQFLDVGHOD6DOXG 6HVLRQHV GHO &RQVHMR GH 'LVFLSOLQD 6HVLRQHV GH OD &RPLVLyQ GH$VXQWRV$FDGpPLFRV 7RWDO GH VHVLRQHV \ UHXQLR QHV GH FRPLVLRQHV DWHQGL GDV OD6HFFLyQGH0LFURÀOPH ([SHGLHQWHV SUHSDUDGRV GH JUDGXDGRV H[SHGLHQWHV PL FURÀOPDGRVUROORVPLFURÀOPD GRV UROORV UHYHODGRV UROORV FRQIURQWDGRV ÀFKDV FRQVXO WDGDVFRQÀGHQFLDOHVPLFURÀO PDGDV MDFNHWV FRQIURQWDGRV MDFNHWVLQVHUWDGRVOLPSLH]D\ PDQWHQLPLHQWRGHÀFKDV 5(1',&,Ð1'(&8(17$6 6HFFLyQ GH$UFKLYRV HVWXGLDQWHVGHWRGDVODVXQLGDGHVDFDGpPLFDV 6HFFLyQGH5HJLVWURV$FDGpPLFRV 8QLGDGHVDGVFULWDV /LEUHUtD8QLYHUVLWDULD 3UR\HFWR0HWD5HVXOWDGR HOVLVWHPDGHDGTXLVLFLRQHV 0DQWHQHU OD UHQRYDFLyQ FRQVWDQWHGHOLEURVGHGLYHU VDVHVSHFLDOLGDGHV 6XPLQLVWUR GH PDWHULDO D ORV XVXDULRV\FOLHQWHVGHPDQH UDH[SHGLWD 'HVDUUROODU XQ SURJUDPD GH FRQVLJQDFLyQ \ FRPSUD GL FR 0D\RUGLYHUVLGDGGHPDWHULDO $GTXLULU XQD XQLGDG YHKLFX ODU 0HMRUDPLHQWRGHODGLVWULEXFLyQ \WUDVODGRGHOPDWHULDO $GTXLULU PRGHUQRV DQDTXH OHV\HTXLSRGHFyPSXWR 0RGHUQL]DU OD SUHVHQWDFLyQ GH ODV REUDV RIHUWDGDV \ PDQWHQHU XQ VLVWHPD LQIRU PiWLFR SDUD RIUHFHU XQD DF WXDOL]DFLyQGHODVH[LVWHQFLDV HQ GHSyVLWR LQYHQWDULR \ SUHVHQWDUYHQWDMDVHQHOPD . 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &RQWDUFRQQXHYRVHVSDFLRV HQGLYHUVRVFDPSXVIDFXOWD GHV\FHQWURVUHJLRQDOHV 6DWLVIDFHU ODV H[SHFWDWLYDV GH QXHYRV HVSDFLRV ItVLFRV \FRPSODFHUODVQHFHVLGDGHV GH DOPDFHQDPLHQWR \ VHUYLU FRPR FHQWUR GH FRQYLYHQFLD DFDGpPLFD 6HDEULyXQSXQWRGHYHQWDV HQOD)DFXOWDGGH$GPLQLVWUD FLyQGH(PSUHVDV\&RQWDEL OLGDG ,PSUHQWD8QLYHUVLWDULD 3UR\HFWR0HWD5HVXOWDGR (VWDEOHFHU OD ,PSUHQWD 8QL YHUVLWDULD FRPR HO SULQFLSDO FHQWURGHLPSUHVLyQGHWRGDV ODV XQLGDGHV GH OD 8QLYHUVL GDGGH3DQDPi ,QQRYDUODFDOLGDGHQORVVHU YLFLRVGHLPSUHVLyQEDQQHUV EDUQL]DGR HWF DSR\DQGR HO FUHFLPLHQWR LQVWLWXFLRQDO GH OD8QLYHUVLGDGGH3DQDPi $GTXLVLFLRQHV GH QXHYRV HTXLSRV \ DGHFXDFLyQ GHO HVSDFLR ItVLFR RULHQWDGDV DO PHMRUDPLHQWR GH OD SURGXF WLYLGDG HQ VHFFLRQHV FRPR GLJLWDO\WDOOHU $XPHQWDU ORV LQJUHVRV HQ HO DxR HQ XQ FRQ UHVSHFWRDODxRDQWHULRU /RV LQJUHVRV DO PHV GH DJRVWRDUURMDURQFLIUDV GHQRWiQGRVHXQ LQFUHPHQWRGHPiVGHO FRQUHODFLyQDOTXHUH ÁHMR $GTXLVLFLyQGHQXHYRVHTXLSRVGLJLWDOHV 5(1',&,Ð1'(&8(17$6 'LUHFFLyQGH&HQWURV5HJLRQDOHV\([WHQVLRQHV8QLYHUVLWDULDV 3UR\HFWR0HWD5HVXOWDGR 6HJXLPLHQWR D ODV VROLFLWX GHV GH DSHUWXUD UHDSHUWXUD FUHDFLyQ\FLHUUHGHFDUUHUDV HQORV&HQWURV5HJLRQDOHV\ ([WHQVLRQHV8QLYHUVLWDULDV 5HYLVLyQDQXDOHQORV&HQ WURV 5HJLRQDOHV \ ODV ([ WHQVLRQHV 8QLYHUVLWDULDV GH ODVQHFHVLGDGHVGHDSHUWXUD UHDSHUWXUD FUHDFLyQ \ FLHUUH GH FDUUHUDV HQ IXQFLyQ GH ORVGLDJQyVWLFRVUHVSHFWLYRV &UHDFLyQGHOD([WHQVLyQGH ODGH'LFLHPEUH 6H HVSHUD OD DÁXHQFLD GH HVWXGLDQWHV HQ OD HWDSD LQLFLDOFRQXQDRIHUWDDFDGp PLFDGHFLQFRFDUUHUDV (QFXHQWURV 8QLYHUVLGDG&R PXQLGDG 5HDOL]DFLyQ GH WUHV HQ FXHQWURV ORV FXDOHV JHQHUHQ HO GHVDUUROOR GH GRV SUR \HFWRVSRUFDGDXQR $SHUWXUDGHFDUUHUDV &UHDFLyQGHQXHYDVFDUUH UDV SDUD ORV &HQWURV 5HJLR QDOHV([WHQVLRQHV\3URJUD PDV $QH[RV 8QLYHUVLWDULRV 7pFQLFR HQ &XOWLYRV$JURH[ SRUWDEOHV/RV6DQWRV7pF QLFRHQ(FRQRPtD$PELHQWDO &RFOp 7pFQLFR HQ $GPyQ $JURLQGXVWULDO &KHSR 7pF QLFR HQ (QIHUPHUtD &KHSR 7pFQLFR HQ 7XULVPR 5XUDO &RFOp7pFQLFRHQ'HVDUUR OOR7XUtVWLFR6RVWHQLEOH.XQD <DOD /LF HQ ,QIRUPiWLFD SDUD OD *HVWLyQ (PSUHVDULDO &KHSR /LF HQ $GPyQ GH (PSUHVDV 7XUtVWLFDV /RV 6DQWRV7pFQLFRHQ3URWRFR OR\5HODFLRQHV,QWHUQDFLRQD OHV 6H DYDQ]y HQ ORV HVWXGLRV SUHOLPLQDUHV SDUD OD FUHD FLyQ GH OD ([WHQVLyQ GH OD GH'LFLHPEUH\VHGH WHUPLQy RIHUWDU FDUUHUDV /LFHQ'HVDUUROOR&RPXQLWD ULR7pFQLFRHQ(GLÀFDFLRQHV \ HO 7pFQLFR HQ ,QJOpV FRQ HVSHFLDOL]DFLyQ HQ &HQWUR GH/ODPDGDVKDVWDFXPSOLU FRQ ORV UHTXLVLWRV HVSHFtÀ FRVSDUDWDOItQ 6H UHDOL]y HO (QFXHQWUR 8QLYHUVLGDG &RPXQLGDG HQ HO 'LVWULWR GH$UUDLMiQ \ VH SRV SXVRSDUDHOSULPHUVHPHVWUH GHOODUHDOL]DFLyQGHORV RWURVHQFXHQWURVSURJUDPDGRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3URJUDPD$QH[R 8QLYHUVLWD ULR.XQD<DOD $FHUFDU OD XQLYHUVLGDG D ODV FRPXQLGDGHV GLVWDQWHV SDUD GDU RSRUWXQLGDG GH HVWXGLDU DVXSREODFLyQ 6H FUHy HO 3URJUDPD $QH[R .XQD <DOD FRQ VHGHV HQ ODV FRPXQLGDGHVGH8VWXSX1DU JDQi\&DUWtLQLFLDQGRFRQXQD PDWUtFXODGHHVWXGLDQWHV\ FRQXQDRIHUWDDFDGpPLFDFRQ VLVWHQWH HQ GRV FDUUHUDV /LFHQFLDWXUDHQ&LHQFLDVGHOD (GXFDFLyQ\HO7pFQLFRHQ'H VDUUROOR7XUtVWLFR6RVWHQLEOH (GLFLyQ GH UHYLVWDV \ EROHWL QHVLQIRUPDWLYRV (GLFLyQ GH XQD UHYLVWD VH PHVWUDO FRQ XQ WLUDMH GH XQLGDGHV 8Q EROHWtQ LQIRU PDWLYRELPHVWUDOFRQXQWLUDMH GHXQLGDGHV 6HHGLWyHO%ROHWtQ,QIRUPD WLYR&(17526FRQFREHU WXUDWULPHVWUDO (QFXHQWUR8QLYHUVLGDG&R PXQLGDG 5HDOL]DFLyQ GH WUHV HQ FXHQWURV ORV FXDOHV JHQHUHQ HO GHVDUUROOR GH GRV SUR \HFWRVSRUFDGDXQR 6HGHVDUUROODURQFLQFR (QFXHQWURV 8QLYHUVLGDG ² &RPXQLGDG FRPSOHWDQGR OR SODQLÀFDGR HQ HO 7DOHV HQFXHQWURVIXHURQ-XDQ'tD] $JXDGXOFH2Oi2F~\&KLOLEUH &UHDFLyQGHO&HQWURGH*HV WLyQ 7HFQROyJLFD ,QYHVWLJD FLRQHV \ (VWXGLRV 5HJLRQD OHV $GDSWDFLyQ GH HVSDFLRV ItVL FRVFRQLQVXPRVQHFHVDULRV SDUD SRQHU D IXQFLRQDU HO FHQWUR (ODERUDFLyQ GLDJQyVWLFD FRQ FHSWXDOL]DFLyQ \ HVWUXFWXUD RUJDQL]DFLRQDOGHO&HQWURGH *HVWLyQ7HFQROyJLFD,QYHVWLJD FLRQHV\(VWXGLRV5HJLRQDOHV 3URJUDPD GH 9LGD 6DOXGD EOH %ULQGDU RULHQWDFLyQ VREUH HVWLORV GH YLGD VDOXGDEOH D SURIHVRUHVDGPLQLVWUDWLYRV\ HVWXGLDQWHV 'LVFXVLyQDQiOLVLV\DSURED FLyQGHOGRFXPHQWRFRQVWL WXWLYRHQHO&RQVHMRGH&HQ WURV5HJLRQDOHV 2UJDQL]DFLyQ GH VHPLQDULR GHFDSDFLWDFLyQSDUDWXWRUHV GHODV([WHQVLRQHV8QLYHUVL WDULDV \ 3URJUDPDV $QH[RV HQ(QWRUQRV9LUWXDOHVHQFR RUGLQDFLyQ FRQ OD 'LUHFFLyQ GHO &DPSR 9LUWXDO GH OD 'L UHFFLyQGH3ODQLÀFDFLyQ &DSDFLWDFLyQGHWXWRUHV GHODV([WHQVLRQHV8QLYHUVL WDULDV \ 3URJUDPDV $QH[RV HQ HQWRUQRV YLUWXDOHV GH HGXFDFLyQDGLVWDQFLD &DSDFLWDFLyQGHWXWRUHV GHODV([WHQVLRQHV8QLYHUVL WDULDV \ 3URJUDPDV $QH[RV HQ HQWRUQRV YLUWXDOHV GH HGXFDFLyQDGLVWDQFLD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 2UJDQL]DFLyQGHO6HPLQDULR 7DOOHUSDUDODHODERUDFLyQGH *XtDV GH $XWR LQVWUXFFLyQ FRQ OD &RRUGLQDFLyQ GH OD )DFXOWDGGH(GXFDFLyQ\OD SDUWLFLSDFLyQ GH SURIHVRUHV GHORV3URJUDPDV$QH[RV 3UHSDUDU GRFHQWHV GH ORV 3URJUDPDV $QH[RV HQ OD HODERUDFLyQ GH *XtDV GH $XWRLQVWUXFFLyQ &DSDFLWDFLyQ GH GRFHQ WHV HQ OD SUHSDUDFLyQ GH VXV *XtDVGH$XWRLQVWUXFFLyQ $GPLQLVWUDFLyQGHO3URJUDPD $QH[R GH .XQD <DOD DWHQ GLHQGR DO SURFHVR GH DG PLVLyQ PDWUtFXOD \ GHVDUUR OOR GHO SURFHVR HQVHxDQ]D DSUHQGL]DMH 'DU LQLFLR DO 3URJUDPD $QH[RGH.XQD<DOD ,PSOHPHQWDFLyQ H[LWRVD GHO 3URJUDPD $QH[R GH .XQD <DOD 'LUHFFLyQGH$VHVRUtD-XUtGLFD 3UR\HFWR0HWD5HVXOWDGR 5HQRYDFLyQMXUtGLFDGLJLWDO ,QVWDODFLyQGHORVSURJUDPDV HQFLFORSpGLFRV YLUWXDOHV JD FHWDVFyGLJRV\RWURV FRQVXOWDV DVHVRUtDV YHUEDOHV \ WHOHIyQLFDV D OD FRPXQLGDG XQLYHUVLWDULD FRQWUDWRV DGPLQLVWUDWLYRV YD ULRV FRUUHVSRQGHQFLDV GH FRQVXOWDV \ RÀFLRV FRQYHQLRV DFXHUGRV DGGHQ GDVFDUWDVGHHQWHQGLPLHQWR UHVROXFLRQHVHODERUDGDVD ORV yUJDQRV GH JRELHUQR UHVROXFLRQHV GH VXVSHQVLyQ UHVROXFLRQHV GH GHVWLWX FLyQ \ UHVROXFLRQHV GH UHFRQVLGHUDFLRQHVYDULDV H[RQHUDFLRQHV GH UHYiOLGDV H[SHGLHQWHV DQWHV DX WRULGDGHVDGPLQLVWUDWLYDV\R MXULVGLFFLRQDOHV H[SHGLHQ WHVGHFREURVHQWUiPLWHSRU HO-X]JDGR(MHFXWRU 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR (VSHFLDOL]DFLyQ-XUtGLFD 'RWDUDORVDERJDGRVGHDF WXDOL]DFLRQHV MXUtGLFDV QHFH VDULDVSDUDUHVROYHUVXVFRQ VXOWDV 6H KD GRWDGR HO GH ODV KHUUDPLHQWDV PHGLDQWH OD LQVWDODFLyQGHSURJUDPDVMX UtGLFRVDFRPSXWDGRUDVGH ORVDERJDGRV ,QFHQWLYDFLyQSRUUHQGLPLHQWR ,QFHQWLYDU DO SHUVRQDO DGPL QLVWUDWLYR SRU HO HVIXHU]R \ UHVXOWDGRVGHySWLPDFDOLGDG GH LQFHQWLYRV DSURED GRV DO SHUVRQDO DGPLQLVWUDWL YRGHODGLUHFFLyQ 5HPRGHODFLyQ SDUD RSWLPL ]DU HO iUHD GH WUDEDMR \ DP ELHQWHGHODVVHFUHWDULDV 6H KD ORJUDGR HO GHO DYDQFHDODUHPRGHODFLyQGH ODUHFHSFLyQ\iUHDGHVHFUH WDULDV D WUDYpV GH FRPSUD GHORVQXHYRVDUFKLYRVOiP SDUDVUHÁHFWLYDV\SXULÀFD GRUHVGHDLUH 5HQRYDFLyQGHOHTXLSR\PR ELOLDULRGHOiUHDGHODVVHFUH WDULDV (TXLSRGHWUDEDMRGHOD'LUHFFLyQGH$VHVRUtD-XUtGLFD 5(1',&,Ð1'(&8(17$6 'LUHFFLyQ*HQHUDOGH3ODQLÀFDFLyQ\(YDOXDFLyQ8QLYHUVLWDULD 3XEOLFDFLRQHVHVSHFLDOHV 3UR\HFWR0HWD5HVXOWDGR (ODERUDFLyQGHXQOLEURVREUH HO 3DWULPRQLR $UWtVWLFR GH OD 8QLYHUVLGDGGH3DQDPi 3UHVHQWDU D OD FRPXQLGDG XQLYHUVLWDULD \ D OD FRPXQL GDG HQ JHQHUDO XQD UHFRSL ODFLyQGHODVREUDVDUWtVWLFDV PiV LPSRUWDQWHV TXH SRVHH OD8QLYHUVLGDGGH3DQDPi 3XEOLFDFLyQ GH OD REUD ´3D WULPRQLR $UWtVWLFR GH OD 8QL YHUVLGDG GH 3DQDPiµ TXH SUHVHQWD EXVWRV HVFXOWXUDV HVWDWXDV PRQXPHQWRV PX UDOHV\SLQWXUDVTXHUHFRJHQ ODV PiV VHQVLEOHV H[SUHVLR QHVHQODVDUWHVSOiVWLFDVGH ORVHVWXGLDQWHVSURIHVRUHV\ DUWLVWDV DPLJRV GH HVWD SUL PHUD &DVD GH (VWXGLRV 6X SHULRUHV GHO SDtV (O PLVPR LQFOX\H VXV DXWRUHV DxR GH DGTXLVLFLyQ WDPDxR XELFD FLyQ \ ORV PDWHULDOHV TXH OR FRPSRQHQ (O 'RFWRU (QULTXH /DX \ VX HTXLSR KDFHQ HQWUHJD GHO OLEUR 3DWULPRQLR $UWtVWLFR DO 5HFWRU 'RFWRU*XVWDYR*DUFtDGH3DUHGHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $ UDt] GH HVWD LQLFLDWLYD VH SXGR UHDOL]DU XQ DYDO~R GHO SDWULPRQLR DUWtVWLFR OHYDQWDU XQDEDVHGHGDWRVFRQWRGDV ODVREUDVTXHKD\HQOD,QV WLWXFLyQ \ HVWDEOHFHU XQ SUR FHGLPLHQWR GH SUHVHUYDFLyQ SDUDTXHODVSUHVHQWHV\IX WXUDV JHQHUDFLRQHV SXHGDQ GLVIUXWDU GH HVWH OHJDGR TXH DGRUQDOD8QLYHUVLGDGGH3D QDPi /DREUDIXHSUHVHQWDGDHQXQ VROHPQHDFWRHOGHRFWXEUH GHHQHO3DUDQLQIR8QL YHUVLWDULRFRPRLQLFLRIRUPDO D ODV DFWLYLGDGHV GH FRQPH PRUDFLyQ GH ORV VHWHQWD \ FLQFR DxRV TXH VH FHOHEUDQ HOGHRFWXEUHGHOSUHVHQWH &RRUGLQDFLyQ GH OD HODERUD FLyQ GH XQ OLEUR FRQPHPR UDWLYR GH ORV $xRV GH OD 8QLYHUVLGDGGH3DQDPi 3UHVHQWDU D OD FRPXQLGDG XQLYHUVLWDULD \ D OD FRPXQL GDG HQ JHQHUDO XQ UHFXHQWR KLVWyULFR GH ORV KHFKRV PiV LPSRUWDQWHV RFXUULGRV HQ OD 8QLYHUVLGDG GH 3DQDPi HQ HVWRV VHWHQWD \ FLQFR DxRVGHVHUSDUWHLQWHJUDOGHO GHVDUUROORGHQXHVWURSDtV 3XEOLFDFLyQGHOOLEUR´8QLYHU VLGDG GH 3DQDPi 2UtJHQHV \(YROXFLyQµHQHOTXHOD,QV WLWXFLyQFHOHEUDVXVSULPHURV DxRVGHIXQGDFLyQGRQGH VH ORJUD XQD REUD REMHWLYD VXVWHQWDGD FLHQWtÀFDPHQWH HTXLOLEUDGD\MXVWDFRQWRGRV ORVDFWRUHVVRFLDOHVGHYDULDV JHQHUDFLRQHV TXH GH XQD X RWUD PDQHUD KDQ FRQWULEXLGR D OR TXH HV KR\ OD 8QLYHUVL GDG GH 3DQDPi OD PiV LP SRUWDQWH ,QVWLWXFLyQ GH (GX FDFLyQ6XSHULRUGHOSDtV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR (OGHRFWXEUHGHOSUHVHQWH HQHO3DUDQLQIR8QLYHUVLWDULR VH HQWUHJy DO 5HFWRU 0DJQt ÀFR 'U *XVWDYR *DUFtD GH 3DUHGHV HO SULPHU HMHPSODU GHOPLVPR (QWUHJD GHO OLEUR GH GLDPDQWH 3UHVHQWHV GH L]TXLHUGD D GHUHFKD (OEHUWR &RERV SURIHVRU &pVDU GHO 9DVWR6U3HGUR5LYHUD,QJ-XDQ3ODQHOOV'U*XVWDYR*DUFtDGH3DUHGHV\HO'U(QULTXH/DX&RUWpV 81,9(56,'$''(3$1$0É 6XEGLUHFFLyQGH(YDOXDFLyQ &RRUGLQDFLyQGH7UDQVIRUPDFLyQ&XUULFXODU\(YDOXDFLyQ 3UR\HFWR0HWD5HVXOWDGR %ROHWtQGHGLYXOJDFLyQ %ROHWtQ PHQVXDO LQIRUPDWLYR GHO WUDEDMR GH HYDOXDFLyQ WUDQVIRUPDFLyQ FXUULFXODU GH FDUUHUDV EROHWLQHV HGLWDGRV GH PD QHUD GLJLWDO GLYXOJDGRV D WUDYpV GH OD SiJLQD ZHE GH OD8QLYHUVLGDGGH3DQDPi\ SRU HPDLO D SURIHVRUHV HQHUR IHEUHUR PDU ]RDEULOPD\RMXQLR\MXOLR 9tQFXORVFRQRUJDQLVPRVQD FLRQDOHV 3DUWLFLSDFLyQHQWDOOHUHVSDUD HO GHVDUUROOR GH OtQHDV HV WUDWpJLFDVHQHO&RQVHMRGH 5HFWRUHV $VLVWHQFLD D WRGRV ORV WDOOH UHV\UHXQLRQHVSDUDSURGXFLU GRFXPHQWRV \ RUJDQL]DU XQ 6HPLQDULR7DOOHUGH$VHJXUD PLHQWRGHOD&DOLGDG $FWXDOL]DFLyQ GH SODQHV GH HVWXGLR\SURJUDPDV 3ODQHV \ SURJUDPDV DFWXDOL ]DGRVHQGLFLHPEUH $YDQFH GH DFWXDOL]DFLyQ GH SODQHV\SURJUDPDV SODQHVDFWXDOL]DGRV SODQHVFRQDYDQFHHQWUH \ SODQHV FRQ DYDQFH GH D &DSDFLWDFLyQGHGRFHQWHVGH GLIHUHQWHVIDFXOWDGHV 3DUWLFLSDFLyQ HQ SURFHVR GH DSUREDFLyQ GHO Q~FOHR FR P~Q $VHVRUtD D &RPLVLR QHV &XUULFXODUHV GH )D FXOWDGHV MRUQDGDVGHFDSDFLWD FLyQHQIDFXOWDGHV SURIHVRUHVDVLVWHQWHV 2UJDQL]DFLyQ \ SDUWLFLSDFLyQ HQ WDOOHUHV GH &RQVHMR GH )DFXOWDGHV SDUD GHÀQLU 1~ FOHR &RP~Q *HQHUDO \ 3DU WLFXODU 7DOOHUHVHQ&RQVHMRGH )DFXOWDGHV GH &LHQFLDV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR (ODERUDFLyQGHXQQXHYR0D QXDOGH3URFHGLPLHQWRV$FD GpPLFRV SDUD OD FUHDFLyQ DFWXDOL]DFLyQ DSHUWXUD UH DSHUWXUD\FLHUUHGHFDUUHUDV $FWXDOL]DUHO0DQXDO9LJHQWH GH3URFHGLPLHQWRV$FDGpPL FRVHODFWXDOGDWDGH (ODERUDFLyQ GH XQ *ORVDULR $FDGpPLFR&XUULFXODU 3XEOLFDUHOJORVDULR $VHVRUDU OD HMHFXFLyQ \ FXPSOLPLHQWR GHO SODQ GH PHMRUDPLHQWRHQORUHODWLYR DDFWXDOL]DFLyQGHSODQHV\ SURJUDPDV GH ODV FDUUHUDV TXH FRPSOHWDURQ HO SURFH VRGHHYDOXDFLyQFRQODYL VLWD GH SDUHV DFDGpPLFRV H[WHUQRV 6HJXLPLHQWR D WRGDV ODV FR PLVLRQHV 6RFLDOHV\+XPDQtVWLFDV 7DOOHUHVHQ&RQVHMRGH )DFXOWDGHV GH 7HFQROR JtD &LHQFLDV 1DWXUDOHV ([DFWDV 3URIHVRUHVGH&RQVH MRVGH)DFXOWDGHV 8Q GRFXPHQWR GH 3URFHGL PLHQWRV $FDGpPLFRV FRQ VHQVXDGR FRQ OD 9LFHUUHFWR UtD$FDGpPLFD 1RVHKDGLVFXWLGRHQ&RQVH MR$FDGpPLFR 6H HODERUy GH PDQHUD FRQ GpPLFD &RRUGLQDFLyQ GH (YDOXDFLyQ \ GH 7UDQVIRUPD FLyQ $FDGpPLFD &XUULFXODU XQ *ORVDULR$FDGpPLFR&XUULFXODU GH YLVLWDV D ODV XQLGDGHVDFDGpPLFDV FDUUHUDV FRQ SODQHV DFWXDOL]DGRV FRPR SDU WH GHO SODQ GH PHMRUD PLHQWR LQWHJUDGR VHJ~Q UHFRPHQGDFLRQHV GH ORV SDUHVH[WHUQRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $UWLFXODFLyQGHOD(GXFDFLyQ 0HGLD FRQ OD (GXFDFLyQ 6X SHULRU 'LVHxR GH WRGRV ORV SURJUD PDV GH %DFKLOOHU GH (GX FDFLyQ 0HGLD SDUD JUDGRGHO0LQLVWHULRGH(GX FDFLyQ 7DOOHUHV1DFLRQDOHVSDUDHO GLVHxR GH SURJUDPDV GH DVLJQDWXUDV SDUD ORV EDFKL OOHUDWRV &DSDFLWDUSURIHVRUHVHQ GLVHxR GH SURJUDPDV GH HV WXGLRGH%DFKLOOHUHQ(GXFD FLyQ0HGLD (ODERUDFLyQ GH 0yGXOR GH $XWRDSUHQGL]DMH HQ 3ODQHD PLHQWR'LGiFWLFR 0DQXDO HODERUDGR SDUD VHU HGLWDGRHQHMHPSODUHV SDUD FDSDFLWDU WRGRV ORV GR FHQWHV GH (GXFDFLyQ 0HGLD GHFHQWURVSLORWRVGHOSDtV 'LVHxR GHO 3UR\HFWR GH )RU PDFLyQ GH /LFHQFLDWXUD HQ (GXFDFLyQ 3ULPDULD HQ OD 1RUPDO -XDQ 'HPyVWHQHV $URVHPHQD SDUD VHU UHFR QRFLGRSRUOD8QLYHUVLGDGGH 3DQDPi (O GLVHxR FRQ WRGRV VXV FRPSRQHQWHV 'LVHxR \ UHYLVLyQ GH SURJUDPDVDVLJQDWXUDV &DSDFLWDFLyQ GH SUR IHVRUHV (MHFXFLyQ GH WDOOHUHV SDUDHOGLVHxR 3UR\HFWR0HWD5HVXOWDGR &UHDFLyQ GH QXHYDV RIHUWDV DFDGpPLFDV 'LHFLVLHWHQXHYDVRIHU WDVDFDGpPLFDV )DFXOWDGHV &HQWURV 5HJLRQDOHV \ ([WHQVLRQHV 8QLYHUVLWD ULDV &DUUHUDV1XHYDV $SUREDGDV )DFXOWDGGH$UTXLWHFWXUD /LFHQFLDWXUD HQ 'LVHxR GH 0RGDV \ 7pFQLFR HQ &RQIHFFLyQGH9HVWXDULR )DFXOWDG GH (FRQRPtD /LFHQFLDWXUD HQ (FRQR PtD\*HVWLyQ$PELHQWDO 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 7DOOHU GH &DSDFLWDFLyQ ´(V WUDWHJLDV 0HWRGROyJLFDV GH 3HUÀO3RU&RPSHWHQFLDVҋҋ &DSDFLWDFLyQ D ODV XQLGDGHV DFDGpPLFDVSURSRQHQWHVGH QXHYDVFDUUHUDVHQODPHWR GRORJtDSRUFRPSHWHQFLDV )DFXOWDG GH &LHQFLDV 1DWXUDOHV ([DFWDV \ 7HFQRORJtD/LFHQFLDWXUD HQ,QJHQLHUD*HROyJLFD &58 GH 9HUDJXDV /L FHQFLDWXUD HQ %LRORJtD FRQ 2ULHQWDFLyQ HQ %LR ORJtD0DULQD 6H UHDOL]y HO WDOOHU IRFDO GH OD SURSXHVWD GH FUHDFLyQ GH OD FDUUHUD GH &RVPHWRORJtD (VWpWLFD \ 6DOXG SUHVHQWDGD SRUOD)DFXOWDGGH(QIHUPHUtD 3DUWLFLSDQWHVGHO7DOOHU)RFDOGHOD3URSXHVWDGHFDUUHUDGHOD/LFHQFLDWXUDHQ,QJHQLHUtD*HROyJLFDRUJDQL]DGRSRU ODHVFXHODGH)tVLFDGHOD)DFXOWDGGH&LHQFLDV1DWXUDOHV([DFWDV\7HFQRORJtD\HO'HSDUWDPHQWRGH3ODQLÀFDFLyQ $FDGpPLFDGHOD'LUHFFLyQ*HQHUDOGH3ODQLÀFDFLyQ\(YDOXDFLyQ8QLYHUVLWDULD(VWHHYHQWRFRQWyFRQODSDUWLFLSDFLyQ GHFRODERUDGRUHVGHOD$&3,'$$1\OD$VRFLDFLyQGH*HyORJRVGH3DQDPiHQWUHRWURV 81,9(56,'$''(3$1$0É 6HPLQDULRWDOOHU´'LVHxR\'HVDUUROOR&XUULFXODUEDVDGRHQ&RPSHWHQFLDVµFRQODSDUWLFLSDFLyQGHSURIHVRUHVGH OD 8QLYHUVLGDG GH 3DQDPi 8QLYHUVLGDG (VSHFLDOL]DGD GH ODV$PpULFDV \ OD 8QLYHUVLGDG 0DUtWLPD ,QWHUQDFLRQDO 3UR\HFWR0HWD5HVXOWDGR 'LSORPDGRV 'LSORPDGR HQ *HVWLyQ GHFDOLGDG 3HQVDPLHQWR(VWUDWpJLFR \3URVSHFWLYD 3UHVHQWDFLyQGHGRVGLSOR PDGRV D OD 9LFHUUHFWRUtD GH ([WHQVLyQ SDUD VX DSURED FLyQ 6HPLQDULR 7DOOHU 'LVHxR \ 'HVDUUROOR &XUULFXODU EDVD GRHQ&RPSHWHQFLDVFRQOD SDUWLFLSDFLyQGHWUHLQWDSURIH VRUHVGHGLIHUHQWHVXQLGDGHV DFDGpPLFDV\ODSDUWLFLSDFLyQ GHSURIHVRUHVGHOD8QLYHUVL GDG 0DUtWLPD ,QWHUQDFLRQDO 8QLYHUVLGDG (VSHFLDOL]DGD GHODV$PpULFDV $SUREDFLyQGHGRVSURSXHV WDVGHGLSORPDGRV'LSORPD GRHQ*HVWLyQGH&DOLGDG 'LSORPDGR HQ 3HQVDPLHQWR (VWUDWpJLFR 5(1',&,Ð1'(&8(17$6 &RRUGLQDFLyQGH(YDOXDFLyQ\$FUHGLWDFLyQ 3UR\HFWR0HWD5HVXOWDGR 6HJXLPLHQWR \ FXOPLQDFLyQ GHORVSURFHVRVGHDXWRHYD OXDFLyQ\YLVLWDGHSDUHVH[ WHUQRV SRU ODV FDUUHUDV DX WRHYDOXDGDVHQHO 6HJXQGD HYDOXDFLyQ LQVWLWX FLRQDO &XOPLQDU ORV SURFHVRV GH $XWRHYDOXDFLyQ GH FDUUHUDV DXWRHYDOXDGDV HQ HO DxR GH ODV FDUUHUDV HQ SUR FHVRVGHDXWRHYDOXDFLyQ 9DOLGDUODDXWRHYDOXDFLyQSRU ORVSDUHVDFDGpPLFRV H[WHU QRVGHODVFDUUHUDVDXWRHYD OXDGDV FDUUHUDV UHYLVDGDV HQ ODYLVLWDGHSDUHVH[WHUQRV ,QLFLDUORVSODQHVGHPHMRUD PLHQWR 6HLQLFLDURQORVGHSODQHVGH PHMRUDPLHQWR ,QVWDXUDFLyQ GH OD &RPLVLyQ GH$XWRHYDOXDFLyQ,QVWLWXFLR QDO RUJDQL]DGD \ FDSDFLWDGD SDUD UHDOL]DU HO LQIRUPH GH DXWRHYDOXDFLyQ \ SODQ GH PHMRUDPLHQWR,QVWLWXFLRQDO 3HUVRQDO GH OD FRRUGLQDFLyQ SDUWLFLSy FRPR IDFLOLWDGRUHV DSR\DQGRDO&21($83$HQ VXV DFWLYLGDGHV (VWDV DFWL YLGDGHVVHUHDOL]DURQHQ8QL YHUVLGDGGHODV$PpULFDV\OD 8QLYHUVLGDG/DWLQD ,QIRUPHGHODYLVLWDGHSDUHV DFDGpPLFRVH[WHUQRV 6HJXLPLHQWRGHO3ODQGH0H MRUDPLHQWR GH ODV FDUUH UDVHYDOXDGDV ,QFRUSRUDFLyQ GH ORV SODQHV GH 0HMRUDPLHQWR HQ HO 3ODQ 2SHUDWLYR $QXDO 32$ GH ODV)DFXOWDGHV $YDQFH HQ OD HMHFXFLyQ GH ORV 3ODQHV GH 0HMRUDPLHQWR GHODVFDUUHUDVHYDOXDGDV 1LYHO,QVWLWXFLRQDO 1LYHO GH OD FDUUHUD R OD XQLGDGDFDGpPLFD 3ODQGH,QYHUVLRQHV 6H UHDOL]DURQ FRQVXOWDV \ WDOOHUHV FRQ DSRUWHV DO GR FXPHQWR GH DXWRHYDOXDFLyQ LQVWLWXFLRQDO UHFLHQWHPHQWH SXEOLFDGRSRU&21($83$ 7DOOHUHV UHDOL]DGRV D ODV FR PLVLRQHV HQ ODV XQLGDGHV DFDGpPLFDV SDUD LQFRUSRUDU ORV SUR\HFWRV GH ORV SODQHV GH PHMRUDPLHQWR D ORV 32$ GH ODV IDFXOWDGHV /RJUDGR HQXQ 6H FRQIHFFLRQy OLEUR JXtD SDUD GLVHxR LPSOHPHQWD FLyQHMHFXFLyQ\VHJXLPLHQ WR D ORV DYDQFHV HQ ORV SOD QHVGHPHMRUDPLHQWR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR ,QIRUPHGH5HVXOWDGRV &DUUHUDV JHVWLRQDGDV FRQ FDOLGDG 'LSORPDGR HQ JHVWLyQ HYD OXDFLyQ \ DFUHGLWDFLyQ GH FDUUHUDVGHODHGXFDFLyQVX SHULRU 'LYXOJDFLyQGHODVWHPiWLFDV GH FDOLGDG GH OD HGXFDFLyQ VXSHULRU 3UHVHQWDU OD VLWXDFLyQ GH OD FDUUHUD IUHQWH D ORV UHTXHUL PLHQWRV GH OD DJHQFLD DFUH GLWDGRUD GHOLQIRUPHHQDYDQFHV GHO SODQ GH PHMRUDPLHQWR SRUODVFDUUHUDVHYDOXDGDV 6HHQWUHJyLQGLFDGRUHVSDUD OD DFUHGLWDFLyQ GH ODV FDUUH UDVDYDQ]DGDVHQSODQHVGH PHMRUDPLHQWR ,QIRUPDUVREUHHOVHJXLPLHQ WRGHODVDFFLRQHVGHPHMRUD FRQÀQHVGHDFUHGLWDFLyQ 6HSUHVHQWyHOLQIRUPHGHOD FDUUHUDGHPHGLFLQDVLJXLHQ GR FULWHULRV GH OD DJHQFLD DFUHGLWDGRUD &RRUGLQDU OD ORJtVWLFD GHO GL SORPDGR &RQWUDWDFLyQ GH IDFLOLWDGRUHV QDFLRQDOHV H LQWHUQDFLRQDOHV PDWHULDOHV UHIULJHULRVHWF JHVWLyQ GH IDFLOLWDGRUHV H[WUDQMHURV JHVWLyQ GH SRVLEOHV SDUWLFLSDQWHV ,QIRUPDU DO S~EOLFR VREUH OD FDOLGDG GH OD HGXFDFLyQ VX SHULRU 3XEOLFDFLRQHV D WUDYpV GH EROHWLQHV HOHFWUyQLFRV \ HQ WUHYLVWDV UHDOL]DGDV SRU HO 6,&(9$(6SHULyGLFR 5HXQLyQ 7pFQLFD 3UR\HFWR $/)$VREUH$VHJXUDPLHQWR GHOD&DOLGDGSROtWLFDVS~EOL FDV\JHVWLyQXQLYHUVLWDULD 6HUHDOL]yODUHXQLyQGHOSUR \HFWR )LQDQFLDPLHQWRFXELHUWRSRU OD8QLyQ(XURSHD 3ODQLÀFDFLyQ$GPLQLVWUDWLYD 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFLPLHQWR GH ORV SUR FHVRVDGPLQLVWUDWLYRV,QVWLWX FLRQDOHV &DWiORJR FRQ /H\HV 'HFUH WRV 5HVROXFLRQHV 1RUPDV 5HJODPHQWR \ 0DQXDOHV GH 3URFHGLPLHQWRV FDWiORJRV UHSURGXFLGRV \ GLVWULEXLGRV D WRGDV ODV XQLGDGHV DGPLQLVWUDWLYDV \ DFDGpPLFDV GH OD 8QLYHUVL GDGGH3DQDPi 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &XUVRVUHDOL]DGRV -RUQDGDGHFDSDFLWDFLyQLQV WLWXFLRQDO *ORVDULR GH 7pUPLQRV (VSH FLDOL]DGRV HQ ODV ÉUHDV GH 3ODQLÀFDFLyQ &XUVR GHO 3URJUDPD 9LVLR 2UJDQLJUDPDV \ ÁXMRJUD PDVSDUDFRODERUDGRUHV GH',*(3/(8 JORVDULRVUHSURGXFLGRV\ GLVWULEXLGRV 'LFWDU VHPLQDULRV \ FRQIH UHQFLDV 7UHV VHPLQDULRV VREUH HODERUDFLyQ GH SUR\HFWRV SDUDIXQFLRQDULRV ,PSOHPHQWDFLyQ \ GHVDUUROOR GHIXMRJUDPDVSDUDWRGDVODV XQLGDGHVDGPLQLVWUDWLYDV 7UHV FRQIHUHQFLDV VREUH ODHODERUDFLyQGHORVPDQXD OHVGHSURFHGLPLHQWRVSDUD )XQFLRQDULRV IXQFLRQDULRV FDSDFLWD GRVHQODXWLOL]DFLyQGHO3ODQ 2SHUDWLYR$QXDO32$ 3XEOLFDFLRQHVHGLWDGDVSRUHO'HSDUWDPHQWRGH3ODQLÀFDFLyQ$GPLQLVWUDWLYD 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &RQVWUXFFLyQGHO´ÌQGLFHGH ,QWHJULGDGGHODV,QVWLWXFLR QHV3~EOLFDVµ 3UHVHQWDFLyQ GHO ÌQGLFH GH ,QWHJULGDG GH OD 8QLYHUVLGDG GH3DQDPi 3XEOLFDFLyQ GH OD )XQGD FLyQ SDUD HO 'HVDUUROOR GH OD /LEHUWDG &LXGDGDQD \ GH 7UDQVSDUHQFLD ,QWHUQDFLRQDO HQHODxR 3RVLFLyQ1GHOUDQJRGH ,QVWLWXFLRQHV GHO 6HFWRU 3~EOLFR 3URSXHVWD GH UHHVWUXFWXUD FLyQGHODHVWUXFWXUDRUJiQL FD GH ORV &HQWURV 5HJLRQD OHV 3URSXHVWD SUHVHQWDGD \ GLV FXWLGD 3URSXHVWD SUHVHQWDGD DQWH HO &RQVHMR GH ORV &HQWURV 5HJLRQDOHV8QLYHUVLWDULRV 3URSXHVWDHQSURFHVRGHGLV FXVLyQ\DSUREDFLyQ 'HVDUUROOR,QVWLWXFLRQDO 3UR\HFWR0HWD5HVXOWDGR 0HPRULD,QVWLWXFLRQDO\ UHFRSLODFLyQGHO3ODQ2SHUD WLYR$QXDO32$ 6HPLQDULR SDUD OD HODER UDFLyQ GH OD 5HQGLFLyQ GH &XHQWDV \ 0HPRULD ,QVWLWX FLRQDO $VHVRUtD HQ UHODFLyQ D SOD QHVHVWUDWpJLFRVDLQVWLWXFLR QHVH[WHUQDV (ODERUDFLyQ \ SUHVHQWDFLyQ GH ORV UHVXOWDGRV GH OD JHV WLyQ XQLYHUVLWDULD GXUDQWH HO DxR DSOLFDGRV HQ OD LQVWLWXFLyQ SDUD OD HODERUDFLyQ GH ORV GRFXPHQWRVUHIHULGRV $VHVRUtD FRQWUDWDGD SDUD OD HODERUDFLyQGH3ODQHV(VWUD WpJLFRVDQLYHOH[WHUQRGHOD 8QLYHUVLGDG (GLFLyQ \ GLVWULEXFLyQ GH HMHPSODUHV 3DUWLFLSDFLyQGHXQLGDGHV TXH FRQIRUPDQ OD 8QLYHUVL GDG GH 3DQDPi HQ OR UHIH UHQWHDOOOHQDGRFRUUHFWRSDUD ODV SXEOLFDFLRQHV GH 5HQGL FLyQ GH &XHQWDV \ 0HPRULD ,QVWLWXFLRQDO $VHVRUtD 7pFQLFD DO &XHUSR GH%RPEHURVGH3DQDPiHQ ODHODERUDFLyQGHVX3ODQ(V WUDWpJLFR 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR $VHVRUtD7pFQLFD D 3$1'( 3257(6 HQ OD HODERUDFLyQ GHVX3ODQ(VWUDWpJLFR $VHVRUtD 7pFQLFD DO 0,75$ '(/HQODHODERUDFLyQGHVX 3ODQ(VWUDWpJLFR )RUWDOHFLPLHQWRGHORVSURFH VRVDGPLQLVWUDWLYRV 3URJUDPD GH FDSDFLWDFLyQ UHDOL]DGD 3DUWLFLSDFLyQDFWLYDHQHO6H PLQDULR GH ´)RUPXODFLyQ \ (YDOXDFLyQGH3UR\HFWRVµ 5HQGLFLyQGH&XHQWDV VROLFLWXG UHFRSLODFLyQ DQi OLVLV \ HVWUXFWXUD GH OD LQIRU PDFLyQ SURSRUFLRQDGD SRU ODVXQLGDGHVDFDGpPLFDV (ODERUDU\SUHVHQWDUHOLQIRU PHDQXDOGHODJHVWLyQGHOD LQVWLWXFLyQ 'RFXPHQWRLPSUHVRGH5HQ GLFLyQGH&XHQWDV $VHVRUtD 7pFQLFD DO SHUVRQDO GHO ,QVWLWXWR 3DQDPHxR GH 'HSRUWHV 3$1'(3257(6 ([SRQHHO'U(QULTXH/DX&RUWpV 81,9(56,'$''(3$1$0É 3DUWLFLSDFLyQHQHO6HPLQDULRGH)RUPXODFLyQ\(YDOXD FLyQGH3UR\HFWRV /LEURVHGLWDGRVGXUDQWHHOSHULRGRGH 6HPLQDULR GLFWDGR D ÀQ GH PHMRUDU OD SUHVHQWDFLyQ GH OD 5HQGLFLyQGH&XHQWDV\OD0HPRULD,QVWLWXFLRQDO 5(1',&,Ð1'(&8(17$6 3ODQLÀFDFLyQ)tVLFDH,QIUDHVWUXFWXUD 3UR\HFWR0HWD5HVXOWDGR 3URJUDPDGHDGHFXDFLyQGH ODVLQIUDHVWUXFWXUDVXQLYHUVL WDULDVSDUDSHUVRQDVFRQFD SDFLGDGHVHVSHFLDOHV 3URSXHVWDGHGLVHxR 'LVHxRLPSOHPHQWDGRHQODV PHMRUDV \ DGHFXDFLRQHV GH UDPSDV\HVWDFLRQDPLHQWRV 3URJUDPD GH DFWXDOL]DFLyQ GH ODV LQIUDHVWUXFWXUDV LQVWL WXFLRQDOHVDQLYHOQDFLRQDO ,QIRUPHDFHUFDGHORVOHYDQ WDPLHQWRV \ HYDOXDFLRQHV ItVLFDV GH WRGDV ODV LQVWDOD FLRQHV %DQFR GH GDWRV DFWXDOL]DGR GH ODV LQVWDODFLRQHV XQLYHU VLWDULDVDQLYHOQDFLRQDOSDUD PHMRUDU OD WRPD GH GHFLVLR QHVGHDYDQFHV 'RFXPHQWR DFHUFD GHO YDORU FDWDVWUDOFRPHUFLDOGHOSDWUL PRQLRXQLYHUVLWDULR ,QYHQWDULR GH ODV REUDV GH YDORUDUWtVWLFRGHOD8QLYHUVL GDGGH3DQDPi 'HWHUPLQDU OD XELFDFLyQ DXWRU WpFQLFD DxR GLPHQ VLRQHV \ HVWDGR DFWXDO IR WRJUDÀDU \ OLVWDU FDGD REUD HQFRQWUDGD 'RFXPHQWRSXEOLFDGRGHODV REUDVDUWtVWLFDVGHOD8QLYHU VLGDGGH3DQDPi 3UHSDUDFLyQ \ VHJXLPLHQWR GHOSUHVXSXHVWRGHLQYHUVLR QHV ,QIRUPHGH6HJXLPLHQWR ,QIRUPHV VHPDQDOHV DFHUFD GH OD HMHFXFLyQ GH ORV SUR \HFWRVGHLQYHUVLyQ 3DUWLFLSDFLyQHQOD&RPLVLyQ GH 2EUDV \ 6XEFRPLVLyQ 7pFQLFDGHREUDV ,QIRUPHGHHYDOXDFLyQGHORV SUR\HFWRV\GRFXPHQWRVWpF QLFRVSDUDODFRQWUDWDFLyQGH FDGDSUR\HFWR 5HFRPHQGDFLRQHV DO &RQVHMR $GPLQLVWUDWLYRGHODDSUREDFLyQ RUHFKD]RGHORVSUR\HFWRVGH LQIUDHVWUXFWXUD\HTXLSDPLHQWR 'HSDUWDPHQWRGH(VWDGtVWLFD 3UR\HFWR0HWD5HVXOWDGR :HEGHJUDGXDGRV (VWDGtVWLFDV GH JUDGXDGRV GLVSRQLEOHVDWLHPSRUHDO (O GH ORV IRUPXODULRV GH JUDGXDGRVGHWRGDVODVIDFXO WDGHV GHO FDPSXV FHQWUDO VH OOHYDQ D WUDYpV GHO IRUPXODULR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR YtD ZHE HQ HO 'HSDUWDPHQWR GH(VWDGtVWLFD (VWXGLDQWHV DWHQGLGRV GLUHF WDPHQWH SDUD DFWXDOL]DU OD ZHEGHJUDGXDGRV 8VRGHOD,QWHUQHWSDUDODDF WXDOL]DFLyQ GH ORV GDWRV GH JUDGXDGRV 8VRGHQXHYDVKHUUDPLHQWDV WHFQROyJLFD SDUD HO PDQHMR GH%DVHGH'DWRV )XQFLRQDULRVFDSDFLWDGRVHQ OD PRGDOLGDG GHO PDQHMR GH ODV%DVHVGH'DWRV 3URJUDPDGHFDSDFLWDFLyQHQ HOXVRGHODV%DVHVGH'DWRV 3HUVRQDO FDSDFLWDGR HQ HO XVRGHODV%DVHVGH'DWRV 'HSDUWDPHQWRGH3UHVXSXHVWR 3UR\HFWR0HWD5HVXOWDGR 0HMRUDPLHQWR GHO VXPLQLVWUR GHLQIRUPDFLyQHQPDWHULDGH SUHVXSXHVWR $FWXDOL]DFLyQ GH SURJUDPDV SDUD HO PDQHMR GHO SUHVX SXHVWR $FWXDOL]DFLyQSHUPDQHQWHGH ODV HVWUXFWXUDV GH SHUVRQDO ÀMR WUDQVLWRULR \ VREUHVXHO GRV 1~PHURGHDFFLRQHV\RUJD QL]DFLRQHVGRFHQWHVWUDPLWD GDV ,QIRUPHVHODERUDGRV 5HDMXVWHDODKRMDGHFiO FXOR HOHFWUyQLFD XWLOL]DGD SDUD OD IRUPXODFLyQ GHO DQWHSUR\HFWR GH SUHVX SXHVWR 1XHYDEDVHGHGDWRVSDUD HOPDQHMRGHODHVWUXFWXUD GHOSHUVRQDOGHOD8QLYHU VLGDGGH3DQDPi 3URFHVRH[SHGLWR\HQWLHPSR UHDOGHDFFLRQHVGHSHU VRQDOWUDPLWDGDV FRUUHVSRQGHQ DO SHUVRQDOGRFHQWH DO SHUVRQDO DGPLQLV WUDWLYR 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &XPSOLPLHQWRGHODVQRUPDV JHQHUDOHV GH DGPLQLVWUDFLyQ SUHVXSXHVWDULDHQFXDQWRDOD HMHFXFLyQVHJXLPLHQWR\HYD OXDFLyQGHOSUHVXSXHVWRGHOD 8QLYHUVLGDGGH3DQDPi 8VRGHIRUPXODULRVVHJ~QODV DFFLRQHVWUDPLWDGDV WUDVODGRVUHDOL]DGRVKDV WDHOPHVGHDJRVWRGHO $QiOLVLV\Q~PHURGHUHGLVWUL EXFLRQHV UHGLVWULEXFLRQHV UHDOL]DGDV DO SUHVXSXHVWR GH IXQFLRQD PLHQWR 3UHVHQWDFLyQ \ VXVWHQWDFLyQ GHFUpGLWRVDGLFLRQDOHV (YDOXDFLyQ SUHVXSXHVWDULD SHUtRGR ,QIRUPHVUHDOL]DGRV ,QIRUPH GH HMHFXFLyQ FRUUHV SRQGLHQWHDOSHULRGRHQHURD -XQLR ,QIRUPHWULPHVWUDODFHUFDGHOD HMHFXFLyQSUHVXSXHVWDULDVVH J~QODQRUPDGHSUHVXSXHVWR YLJHQWH )RUPXODFLyQ \ SUHVHQWDFLyQ GHO $QWHSUR\HFWR GH 3UH VXSXHVWR GH OD 8QLYHUVLGDG GH 3DQDPi SDUD HO SHUtRGR $QWHSUR\HFWRGH3UHVXSXHV WR GH OD 8QLYHUVLGDG GH 3D QDPiSDUDHOSHULRGR $QWHSUR\HFWR SUHVHQWDGR \ VXVWHQWDGRDQWHHO0()HO GH0D\RGH $QWHSUR\HFWR SUHVHQWDGR \ VXVWHQWDGR DQWH OD $VDPEOHD /HJLVODWLYDHOGHDJRVWRGH 3UHVHQWDFLyQGHOSUHVXSXHVWRGHOD8QLYHUVLGDGGH3DQDPiDQWHOD&RPLVLyQGH3UHVXSXHVWRGHOD$VDPEOHD1DFLRQDO 81,9(56,'$''(3$1$0É ,QQRYDFLyQ7HFQROyJLFD\8QLGDGGH6LVWHPDWL]DFLyQ GHOD,QIRUPDFLyQ 3UR\HFWR0HWD5HVXOWDGR 8VR GH SDQHOHV IRWRYROWDL FRVSDUDSURPRYHUHOXVRGH HQHUJtD OLPSLD HQ 8QLYHUVL GDGGH3DQDPi ,QFRUSRUDFLyQ GH OD WHFQROR JtDOLPSLDHQODFRQVWUXFFLyQ GHORVHGLÀFLRVGHOD8QLYHU VLGDGGH3DQDPi 5HXQLRQHVWpFQLFDVFRQHVSH FLDOLVWDVHXURSHRV$VRFLDFLyQ GH 3URWHFFLyQ GHO 0HGLRDP ELHQWH GH (VSDxD SURIHVLR QDOHVSDQDPHxRVGHWRGRVORV VHFWRUHVHFRQyPLFRV 3UHSDUDFLyQ GH DJHQGDV FRQ MXQWDV FRQYHQLRV \ SURSXHV WDV ÀQDQFLHUDV \ ORJtVWLFDV SDUDODLQFRUSRUDFLyQGHHQHU JtDVIRWRYROWDLFDVHQOD8QLYHU VLGDGGH3DQDPi ,QIRUPH DFHUFD GH ORV PRGH ORV\H[SHULHQFLDVH[LWRVDVGH LQFRUSRUDFLyQ GH WHFQRORJtDV SDUDHODKRUURHQHUJpWLFR ,QIRUPHDFHUFDGHODVSUR\HF FLRQHV GHO DKRUUR ÀQDQFLHUR FRQLQFRUSRUDFLyQGHHVWDWHF QRORJtD D OD 8QLYHUVLGDG GH 3DQDPi ,QIRUPH DFHUFD GH ORV PHFD QLVPRV ,QWHUQDFLRQDOHV SDUD HO ÀQDQFLDPLHQWR D WUDYpV GHO XVRGHORV%RQRVGH&DUERQR &HUV 3DUWLFLSDFLyQ DFWLYD FRPR$G PLQLVWUDGRU(QHUJpWLFRHQ3UR JUDPDV GH $KRUURV GH (QHU JtDV (QHUJtDV $OWHUQDWLYDV \ OLPSLDV DQWH OD 6HFUHWDUtD GH (QHUJtD GHO 0LQLVWHULR GH OD 3UHVLGHQFLD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &RPLVLyQ GH ,QQRYDFLyQ \ 7HFQRORJtD HQ ORV 3UR\HFWRV GH &RQVWUXFFLyQ GHO &DPSR GH $QWHQDV \ HO &HQWUR 5H JLRQDOGH6DQ0LJXHOLWR ,QFRUSRUDFLyQ GH DOWD WHFQR ORJtDDODSURSXHVWDDUTXLWHF WyQLFDGHO&DPSRGH$QWHQDV \&58GH6DQ0LJXHOLWR (VSHFLÀFDFLRQHV WHFQROyJLFDV FRQWHPSODGD HQ HO SOLHJR GH FDUJRSDUDODUHDOL]DFLyQGHOD OLFLWDFLyQS~EOLFD 6RSRUWHWpFQLFRDORVSUR\HF WRV DFDGpPLFRV \ GH IRUPX ODFLyQ SUHVXSXHVWDULD GH OD 'LUHFFLyQ *HQHUDO GH 3ODQL ÀFDFLyQ\(YDOXDFLyQ8QLYHU VLWDULD $FWXDOL]DFLyQ GH OD SODWDIRU PDWHFQROyJLFD 5HYLVLyQ SHULyGLFD GH ORV SXQWRV WHFQROyJLFRV KDUG ZDUHGHOD'LUHFFLyQ*HQHUDO GH 3ODQLÀFDFLyQ \ (YDOXDFLyQ 8QLYHUVLWDULD $FWXDOL]DFLyQ\VHJXLPLHQWRGH ORVDQWLYLUXV\SURJUDPDVXWLOL ]DGRVHQODGLUHFFLyQ $GHFXDFLyQ D ORV VLVWHPDV GHLQIRUPDFLyQH[LVWHQWHV 3UHSDUDFLyQ\FRQVWUXFFLyQGH ODZHEGHJUDGXDGRV 'HVDUUROORGHXQDEDVHGHGD WRVFRQLQGLFDGRUHVGHLPSDFWR SDUDHOSURFHVRGHHYDOXDFLyQ \DFUHGLWDFLyQGHFDUUHUDV 0HMRUDFRQWLQXDDOSURFHVRGH ODEDVHGHGDWRVSDUDHOVHJXL PLHQWRGHORVHJUHVDGRVGHOD 8QLYHUVLGDGGH3DQDPi &DSDFLWDFLyQ GHO 5HFXUVR +XPDQRHQHOPDQHMRGHKH UUDPLHQWDVGHLQIRUPiWLFD &DSDFLWDFLyQ GH ODV QRYHQWD XQLGDGHVDGPLQLVWUDWLYDV\GR FHQWHVSDUDODIRUPXODFLyQGHO SUHVXSXHVWR &DSDFLWDFLyQ HQ OD FRQVWUXF FLyQGHODSiJLQDZHE &DSDFLWDFLyQHQHOXVRGHED VHVGHGDWRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 6RSRUWHWpFQLFRDORVSUR\HF WRV DFDGpPLFRV \ GH IRUPX ODFLyQ SUHVXSXHVWDULD GH OD 'LUHFFLyQ *HQHUDO GH 3ODQL VLWDULD $SR\R WpFQLFR \ ORJtVWLFR SDUDHOWHPDGHODVSUHVHQWD FLRQHVLQVWLWXFLRQDOHV 3UHVHQWDFLyQ GH OD 5HQGLFLyQ GH&XHQWDVGHOD8QLYHUVLGDG GH 3DQDPi D OD FLXGDGDQtD SDQDPHxDDWUDYpVGHORVHQ ODFHV GH ,QWHUQHW WHOHYLVLyQ \ YLGHRFRQIHUHQFLDV 3UHVHQWDFLRQHV SDUD HO GHVD UUROOR \ SUHSDUDFLyQ GHO SODQ HVWUDWpJLFR GH 3$1'(325 7(6\0,75$'(/ 3UHVHQWDFLRQHV SDUD HO 'LSOR PDGR,QWHUQDFLRQDOGH*REHU QDELOLGDG\*HUHQFLD3~EOLFD 3UHVHQWDFLRQHVSDUDHOSURFH VRGHHYDOXDFLyQ\VHJXLPLHQ WRGHORVSUR\HFWRVHQORV&HQ WURV 5HJLRQDOHV 8QLYHUVLWDULRV GHORV6DQWRV\$]XHUR 3UHVHQWDFLyQGHOD´(QFXHVWDGH 6RQGHRVREUHXVRGHODV7,&6 HQOD8QLYHUVLGDGGH3DQDPiµ 3UHVHQWDFLyQ GHO SUR\HFWR GH ODQXHYD)DFXOWDGGH0HGLFLQD GHOD8QLYHUVLGDGGH3DQDPi DORVHVWXGLDQWHVGHPHGLFLQD 'LJLWDOL]DFLyQ GH REUDV GH DUWHV GH OD 8QLYHUVLGDG GH 3DQDPi SDUD OD SXEOLFDFLyQ GHO OLEUR FRQPHPRUDWLYR D ORV DxRVDFHUFDGHO3DWULPRQLR &XOWXUDO\$UWtVWLFRGHOD8QLYHU VLGDGGH3DQDPi 9LGHR'RFXPHQWDO DFHUFD GH OD 3UHVHQWDFLyQ GHO /LEUR GH 3DWULPRQLR+LVWyULFRGHOD8QL YHUVLGDGGH3DQDPi 5(1',&,Ð1'(&8(17$6 &DPSXV9LUWXDO 3UR\HFWR0HWD5HVXOWDGR -RUQDGD GH GLYXOJDFLyQ GHO &DPSXV9LUWXDODODVGLIHUHQ WHVXQLGDGHVDFDGpPLFDVGH OD8QLYHUVLGDGGH3DQDPi 'DU D FRQRFHU OD SODWDIRU PDYLUWXDO\ORVVHUYLFLRVTXH RIUHFH 6HUHDOL]DURQUHXQLRQHVGH GLIXVLyQHQODVGLVWLQWDVXQLGD GHVDFDGpPLFDGHOD8QLYHUVL GDGGH3DQDPi &DSDFLWDFLyQ D GRFHQWHV GH GLIHUHQWHV )DFXOWDGHV &HQ WUR 5HJLRQDOHV ([WHQVLRQHV 8QLYHUVLWDULDV\$QH[RV )RUPDU D GRFHQWHV HQ ORV QXHYRV DPELHQWHV YLUWXDOHV GHDSUHQGL]DMH 6H FDSDFLWy GRFHQWHV GH ODV GLIHUHQWHV GLVFLSOLQDV GHO VDEHU HQ ORV DPELHQWHV YLU WXDOHVGHDSUHQGL]DMHFRQDSOL FDFLRQHV GH ODV KHUUDPLHQWDV ZHE 'LSORPDGR ´)RUPDFLyQ GH 7XWRUHVHQ$PELHQWHV9LUWXD OHVGH$SUHQGL]DMHµ &DSDFLWDU D ORV SDUWLFLSDQ WHV HQ ODV FRPSHWHQFLDV \ HVWUDWHJLDV EiVLFDV TXH OH SHUPLWDQ GHVDUUROODU GH IRU PD HIHFWLYD OD GRFHQFLD HQ HQWRUQRV YLUWXDOHV GH DSUHQ GL]DMH 6HKDQUHDOL]DGRSURPRFLR QHVGHOGLSORPDGRFDSDFLWDQ GRDSDUWLFLSDQWHVTXHSHU WHQHFHQDGLIHUHQWHViUHDVGHO FRQRFLPLHQWR GH OD 8QLYHUVL GDGGH3DQDPi\GHRWUDVLQV WLWXFLRQHVS~EOLFDV\SULYDGDV (QWUHJDGHFHUWLÀFDGRVGHOGLSORPDGR´)RUPDFLyQGH7XWRUHVHQ$PELHQWHV9LUWXDOHVGHO$SUHQGL]DMHµSRUSDUWH GHO9LFHUUHFWRU$FDGpPLFR'U-XVWR0HGUDQR 81,9(56,'$''(3$1$0É *HVWLyQGH5LHVJR\6LVWHPDGH*HVWLyQGH0DWHULDOHV \'HVHFKRV3HOLJURVRV 3UR\HFWR0HWD5HVXOWDGR 0LQLPL]DU HO ULHVJR GHO iUHD GRQDGDSRUHO+RVSLWDO6DQWR 7RPiVDOD)DFXOWDGGH0HGL FLQDSDUDHOXVRGHDXODVGH FODVHV &RQWURO GH SODJDV ]DULJH YRGHOD)DFXOWDGGH&LHQFLDV 1DWXUDOHV ([DFWDV \ 7HFQR ORJtD $FRQGLFLRQDPLHQWR GHO iUHD GH FODVHV VHJ~Q ORV HVWiQ GDUHV QDFLRQDOHV H ,QWHUQD FLRQDOHV PDFHQDPLHQWR GH PDWHULD OHV &DSWXUD\GHVFRQWDPLQDFLyQ GHSODJDV ODMH WUDQVSRUWH \ DOPDFHQD PLHQWR WHPSRUDO GH UHDFWLYRV FHQFLD GH OD 8QLYHUVLGDG GH 3DQDPiXELFDGRHQHO+RVSL WDO6DQWR7RPiV &DSWXUD\WUDVODGRGH]DUL JH\DV FRQ VXV FUtRV HQFRQ WUDGRV HQ ORV GXFWRV GH DLUH DFRQGLFLRQDGRHLQVWDODFLRQHV GHFLHORUDVR /LPSLH]D \ GHVFRQWDPLQDFLyQ GHOiUHDDIHFWDGD 3DUWLFLSDFLyQ HQ HO 6HPLQDULR ´8VR FRUUHFWR GH ([ WLQWRUHVµ &RORFDFLyQGHH[WLQWRUHVHQORVODERUDWRULRVGH4XtPLFD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFHU OD VHJXULGDG GH ORV ODERUDWRULRV GH TXtPLFD GH OD IDFXOWDG GH &LHQFLDV 1DWXUDOHV ([DFWDV \ 7HFQR ORJtD ,QVWDODFLyQ GH H[WLQWRUHV VH J~QQRUPDVGHVHJXULGDG ,PSOHPHQWDFLyQ GHO SODQ GH DFFLyQ SDUD GHVFRQWDPLQD FLyQGHORVODERUDWRULRVGHOD 8QLYHUVLGDGGH3DQDPi 'HVFRQWDPLQDFLyQ GH ORV GRV ODERUDWRULRV FRQ PD\RU QLYHOGHFRQWDPLQDFLyQGHOD 8QLYHUVLGDGGH3DQDPi &DSDFLWDFLyQHQHOXVRGHORV H[WLQWRUHV $GTXLVLFLyQ GH H[WLQWRUHV GH\OLEUDVSRUXQPRQWR GH% ,QVWDODURQH[WLQWRUHVHQORV ODERUDWRULRV GH OD (VFXHOD GH 4XtPLFD &LHQFLDV 1DWXUDOHV ([DFWDV\7HFQRORJtD 'HVFRQWDPLQDFLyQ GH ORV /D ERUDWRULRV GH 4XtPLFD \ %LR ORJtDGHOD)DFXOWDGGH&LHQFLD 1DWXUDOHV([DFWDV\7HFQRORJtD ,PSOHPHQWDFLyQ GHO SURWRFROR SDUD HO SURFHVR GH FODVLÀFD FLyQ HPEDODMH \ WUDVODGR GH PDWHULDOHVSHOLJURVRV ,PSOHPHQWDFLyQGHXQ´PRGH ORSDUWLFLSDWLYRHLQWHUVHFWRULDOµ SDUDUHDOL]DUHOSURFHVRGHFOD VLÀFDFLyQHPEDODMH\WUDVODGR GH PDWHULDOHV SHOLJURVRV FRQ OD SDUWLFLSDFLyQ GH GRFHQWHV HVWXGLDQWHVGH~OWLPRDxR \ SHUVRQDO H[WHUQR DOWDPHQWH HVSHFLDOL]DGR HQ H[SORVLYRV GHO&XHUSRGH%RPEHURV\GH OD3ROLFtD1DFLRQDO )DYRUHFHUODLQYHVWLJDFLyQHQ HO LQYHQWDULR SURFHVDPLHQWR \ GLVSRVLFLyQ ÀQDO GH PDWH ULDOHVSHOLJURVRV /RJUDU HO LQWHUpV \ SDUWLFLSD FLyQ DFWLYD GH ORV JUDGXDQ GRVDWUDYpVGHWHVLVGHJUD GRSDUDRSWDUSRUHOWtWXORGH /LFHQFLDGRVHQ4XtPLFD 7UDEDMR GH JUDGR SUHVHQWDGR SRU HO HVWXGLDQWH )HUQDQGR <RXQJGLULJLGRSRUHOSURIHVRU 5HQp $UD~] HQ HO WHPD GH ´7UDVIRUPDFLyQ GH $FUROHt QDHQ3URGXFWRVÔWLOHVµ 'RWDFLyQ GH HTXLSRV KDUG ZDUH\VRIWZDUHPDWHULDOHVH LQVXPRV GH VHJXULGDG LQGLYL GXDOSDUDODUHDOL]DFLyQGHOD LQYHVWLJDFLyQ \ SUHVHQWDFLyQ GHWUDEDMRVGHJUDGXDFLyQ 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 5HGXFFLyQ GH JDVHV Wy[LFRV \ FRQWDPLQDFLyQ ELROyJLFD HQODERUDWRULRV\iUHDVGHDO PDFHQDPLHQWRGHPDWHULDOHV SHOLJURVRV &RQWUROGHODWR[LFLGDG\QLYH OHVGHFRQWDPLQDFLyQELROyJL FDHQODERUDWRULRV\iUHDVGH DOPDFHQDPLHQWRGHPDWHULD OHVSHOLJURVRV $GTXLVLFLyQGHOGHWHFWRU´PXOWL JDVVHULHµTXHSXHGHGH WHFWDUJDVHVVLPXOWiQHDPHQ WHSRUODVXPDGH% \ GRV ´OXPLQyPHWURVµ SRU OD VXPDGH% 0HGLFLyQ GH JDVHV HQ ORV OD ERUDWRULRV GH OD )DFXOWDG GH &LHQFLDV1DWXUDOHV([DFWDV\ 7HFQRORJtD 6H FXHQWD FRQ XQD ´ELWiFRUDµ DFHUFDGHORVQLYHOHVGHFRQ WDPLQDFLyQHQORVODERUDWRULRV GH&LHQFLDV 1DWXUDOHV ([DF WDV\7HFQRORJtD 3DUWLFLSDFLyQ\FRODERUDFLyQSRUSDUWHGHOUHFWRU*XVWDYR*DUFtDGH3DUHGHVGXUDQWHHOHMHUFLFLRUHDOL]DGRSRUGR LQYHQWDULRGHPDWHULDOHVSHOLJURVRVGHOiUHDGHGRQDFLRQHVGHODOPDFpQGHUHDFWLYRV 5(1',&,Ð1'(&8(17$6 6HPLQDULR7DOOHU´0DQHMRVHJXULGDG\GLVSRVLFLyQGHPDWHULDOHVSHOLJURVRVµ 3UR\HFWR0HWD5HVXOWDGR $GTXLVLFLyQ GH HTXLSRV \ DSDUDWRV VHJXULGDG ,QGLYL GXDOSDUDPLQLPL]DUHOULHVJR GHO SHUVRQDO GH OD 8QLYHUVL GDGGH3DQDPi 2UGHQDPLHQWR VLVWHPiWLFR SDUD OD DGTXLVLFLyQ GH PD WHULDOHV H LQVXPRV GH VHJX ULGDGFROHFWLYDHLQGLYLGXDO &RPSUD GH HTXLSR HVSHFLDOL ]DGRSRUOD)DFXOWDGGH&LHQ FLDV1DWXUDOHV([DFWD\7HFQR ORJtDOD)DFXOWDGGH)DUPDFLD ',6*$ HQWUH RWURV SRU OD VXPDGH%GHER WDVJXDQWHVGHFXHURJXDQWHV GHQHRSUHQREDWDVRYHUROHV JDIDVHQWUHRWURV 3URSRUFLRQDUHTXLSRVGHHV WHULOL]DFLyQDORVODERUDWRULRV &RPSUD H LQVWDODFLyQ GH WUHV DXWRFODYHV &OtQLFD 8QLYHUVL WDULD&,0(7(VFXHODGH%LR ORJtD)$&,1(73RUXQPRQWR GH% &RQWDU ORV HTXLSRV QHFHVD ULRVSDUDHPEDODMHPRYLOL]D FLyQ\WUDQVSRUWHGHPDWHULD OHVSHOLJURVRV $GTXLVLFLyQGHGRVSDOHWDV PRQWDFDUJDV FXDWUR FDUUH WLOODV GRV HVFDOHUDV \ YHLQWH WDPERUHV SOiVWLFRV FDS JDOSDUDHOWUDVODGRVHJXURGH PDWHULDOHV SHOLJURVRV SRU OD VXPDGH% 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $VLVWHQFLD WpFQLFD \ HTXLSD PLHQWRGHODERUDWRULRVGHLQ YHVWLJDFLyQFLHQWtÀFD &RQWDU FRQ HTXLSRV \ VRIW ZDUHSDUDODLQYHVWLJDFLyQHQ ]RRWHFQLD GH OD )DFXOWDG GH &LHQFLDV$JURSHFXDULDV 6HLQYLUWLHURQ%HQ OD DGTXLVLFLyQ GH FiPDUDV GL JLWDOHVUHIULJHUDGRUDVPLFURV FRSLRHVWDFLRQHVGHWUDEDMR\ VRIWZDUH SRUFLQR ~WLO SDUD OD LQYHVWLJDFLyQ HQ ]RRWHFQLD GH OD)DFXOWDGGH&LHQFLDV$JUR SHFXDULDV 7DOOHUSDUDODHODERUDFLyQGH SROtWLFDVVREUHXVR0DQHMR\ &RQWURO GH 0DWHULDOHV 3HOL JURVRV &RQWDUFRQSROtWLFDVTXHQRU PHQODJHVWLyQGHPDWHULDOHV SHOLJURVRV FRQWURO GH GRQD FLRQHV\FRPSUDGHLQVXPRV SRU SDUWH GH OD 8QLYHUVLGDG GH3DQDPi 'RFXPHQWRGHSROtWLFDVHQSUR FHVRGHUHYLVLyQ\YDOLGDFLyQ *XtD GH 6HJXULGDG H +LJLHQH HODERUDGDHQSURFHVRGHSX EOLFDFLyQ &RQWDUFRQXQD*XtDGH6H JXULGDG H +LJLHQH SDUD iUHD GH PDQHMR \ JHVWLyQ GH PD WHULDOHVSHOLJURVRV 5HXQLRQHVSUHSDUDWRULDVSDUDHOSURFHVRGHOLPSLH]DFODVLÀFDFLyQ\HPSDTXHGHOPDWHULDOSHOLJURVRGHODIDFXOWDGGH &LHQFLDV1DWXUDOHV([DFWDV\7HFQRORJtD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR (VWDEOHFHU PHFDQLVPR GH UHVSRQVDELOLGDG ODERUDO XQL YHUVLWDULDIUHQWHDOPDQHMRGH PDWHULDOHVSHOLJURVRV &RQWDUFRQXQVHJXURFROHF WLYRGHDFXHUGRDORVQLYHOHV GHULHVJRV &UHDFLyQ GH XQ LQVWUXPHQWR SDUD OD UHFROHFFLyQ GH GDWRV GH DFXHUGR D ORV QLYHOHV GH ULHVJRGHORVIXQFLRQDULRVGHOD 8QLYHUVLGDGGH3DQDPi %DVHGHGDWRVFRQODFDUDFWHUL ]DFLyQGHORVQLYHOHVGHULHVJR VHJ~QWLSRGHLQVWDODFLyQ 'RFXPHQWDUODVH[SHULHQFLDV GH IXQFLRQDULRV H[SXHVWRV D ORV PDWHULDOHV SHOLJURVRV GH OD8QLYHUVLGDGGH3DQDPi (YLGHQFLDU ORV KDOOD]JRV DFHUFD GH ODV H[SHULHQFLDV HQFRQWUDGDV HQ OD 8QLYHUVL GDGGH3DQDPi 3URGXFFLyQ GH DXGLR \ YLGHR DFHUFDGHODVH[SHULHQFLDVGH ORV IXQFLRQDULRV H[SXHVWRV D ORVPDWHULDOHVSHOLJURVRVGHOD 8QLYHUVLGDGGH3DQDPi 3DUWLFLSDFLyQYROXQWDULDGHORV FRPSDxHURV HQ OD GUDPDWL ]DFLyQ SDUD OD SURGXFFLyQ GHO 9LGHR 'LYXOJDFLyQGHPDWHULDOHGX FDWLYR H LQIRUPDWLYR VREUH HO PDQHMR DGHFXDGR GH PDWH ULDOHVSHOLJURVRV &UHDU FRQFLHQFLD VREUH ODV DFFLRQHV GH UHGXFFLyQ GH ULHVJRHQHOPDQHMRGHPDWH ULDOHVSHOLJURVRV (ODERUDFLyQ GH ´SyVWHU HGXFDWLYRµ 'LVHxRPHWRGROyJLFRSDUDOD FDSDFLWDFLyQGHORVIXQFLRQD ULRV GRFHQWHV \ HVWXGLDQWHV GH DFXHUGR D ORV QLYHOHV GH ULHVJR GH OD 8QLYHUVLGDG GH 3DQDPi 3ODQLÀFDU \ SURJUDPDU GRV 6HPLQDULR 7DOOHU VREUHµ 0DQHMR 6HJXULGDG \ 'LVSR VLFLyQGH0DWHULDOHV3HOLJUR VRVµ 3UHSDUDFLyQ GH FRQWHQLGRV DFDGpPLFRV \ WpFQLFRV GH RQFHHVSHFLDOLVWDVHQ5LHVJR\ 0DWHULDOHV3HOLJURVRV 6H FDSDFLWDURQ D FLQFXHQWD IXQFLRQDULRV GH ODV ID FXOWDGHV \ XQLGDGHV DGPLQLV WUDWLYDV GH GH %HOODV $UWHV 2GRQWRORJtD &LHQFLDV 1DWX UDOHV ([DFWDV \ 7HFQROyJLFD &LHQFLDV$JURSHFXDULDV0HGL FLQDOD,PSUHQWD8QLYHUVLWDULD 'LUHFFLyQ GH 6DOXG \ *HVWLyQ $PELHQWDO 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 5HDOL]DU XQ RUGHQDPLHQWR FLHQWtÀFRDFHUFDGHODVGRQD FLRQHVGHPDWHULDOHVSHOLJUR VRVUHFLELGRVSRUOD8QLYHUVL GDGGH3DQDPi 5HDOL]DU XQ LQYHQWDULR GH LQ VXPRVSHOLJURVRV\UHDFWLYRV GRQDGRVSRUGLIHUHQWHVLQVWL WXFLRQHVGHOHVWDGRDOD8QL YHUVLGDGGH3DQDPi 6H FXHQWD FRQ XQD EDVH GH GDWRV GH XQLGDGHV DFHUFD GH PDWHULDOHV SHOLJUR VRV GRQDGRV SRU OD &DMD GH 6HJXUR 6RFLDO /DERUDWRULR &RQPHPRUDWLYR*RUJDV+RV SLWDO6DQWR7RPiV0LQD6DQWD 5RVD ODERUDWRULRV SULYDGRV HQWUHRWURV (ODERUDFLyQ GH SURWRFRORV DFHUFD GHO 3URFHGLPLHQWR GH 2SHUDFLyQ 1RUPDOL]DGRV SDUDOD*HVWLyQGH0DWHULDOHV 3HOLJURVRV &RQWDU FRQ XQ GRFXPHQWR DFHUFD GHO 3URFHGLPLHQWR GH2SHUDFLyQ1RUPDOL]DGRV SDUD OD PRYLOL]DFLyQ FODVLÀ FDFLyQ LQYHQWDULR HPEDODMH \ WUDQVSRUWH GH ODV VXVWDQ FLDV TXtPLFDV XELFDGDV HQ HO$OPDFpQGHOD)DFXOWDGGH &LHQFLDV 1DWXUDOHV ([DFWDV \7HFQRORJtD 'RFXPHQWRHODERUDGRSDUDHO SURFHGLPLHQWR GH RSHUDFLyQ PRYLOL]DFLyQ FODVLÀFDFLyQ LQ YHQWDULRHPEDODMH\WUDQVSRUWH GHODVVXVWDQFLDVTXtPLFDV 5HDOL]DU FDSDFLWDFLyQ SUiF WLFD HVSHFLDOL]DGD SDUD OD HMHFXFLyQ GH ORV WUDEDMRV GH LQYHQWDULRGHSURGXFWRVSHOL JURVRV 'HVDUUROORGHOSULPHUWDOOHUVR EUHVLPXODFURSDUDHOWUDVODGR GHSURGXFWRVSHOLJURVRV ,QYHQWDULR FODVLÀFDFLyQ \ HPEDODMH GH SURGXFWRV SH OLJURVRV XELFDGRV HQ HO $O PDFpQ GH OD )DFXOWDG GH &LHQFLDV 1DWXUDOHV ([DFWDV \7HFQRORJtD 0RYLOL]DFLyQ OLPSLH]D GH HQ YDVHVFODVLÀFDFLyQ\VHJUH JDFLyQ GH SURGXFWRV TXtPLFRVSHOLJURVRV (VWH GRFXPHQWR HV HO UHVXO WDGR GH ODV H[SHULHQFLDV GHO 3URI 'DUtR 0HQGR]D 3URI 5HQp$UD~]/HRQDUGR/DPRWK \2UODQGR/HRQH IXQFLRQDULRV GH OD IDFXOWDG GH&LHQFLDV1DWXUDOHV([DF WDV \ 7HFQRORJtD FDSDFLWDGRV HQHOPDQHMRGHSURGXFWRVSH OLJURVRV FDMDVGHFDUWyQGHELGDPHQ WHLGHQWLÀFDGDVFRQQRPEUHGH VXVWDQFLD FyGLJR GHWUDQVSRU WH1~QLFR1GHLGHQWLÀFDFLyQ GHUHDFWLYRTXtPLFR 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR %DVHGHGDWRVGLJLWDOKRMDGH VHJXULGDGGHFDGDSURGXFWR\ DFWDV GH LQYHQWDULR UHIUHQGD GDVSRU$XGLWRUtD,QWHUQDGHOD 8QLYHUVLGDGGH3DQDPi 3URJUDPD GH ,QVSHFFLRQHV HQiUHDVHQGRQGHVHPDQH MDUHDFWLYRVTXtPLFRV $FWXDOL]DU\FDSDFLWDUDOSHU VRQDOTXHPDQHMDSURGXFWRV TXtPLFRVGHGLIHUHQWHVIDFXO WDGHV\GHSDUWDPHQWRV $VHVRUtDDOD)DFXOWDGGH)DU PDFLD\VXHTXLSRGHWUDEDMR SDUD OD 0RYLOL]DFLyQ OLPSLH]D GH HQYDVHV FODVLÀFDFLyQ \ VHJUHJDFLyQGHSURGXFWRVTXt PLFRVSHOLJURVRV $VHVRUtDD7HFQRORJtD(GXFD WLYD SDUD OD PDQLSXODFLyQ GH DFHWDWRVGHWHULRUDGRV\VXGLV SRVLFLyQÀQDO $VHVRUtDDOD,PSUHQWD8QLYHU VLWDULD /LPSLH]D\DGHFXDFLyQGHOEXQNHUSDUDHOWUDVODGRGHOPDWHULDOSHOLJURVRGHOD8QLYHUVLGDGGH3DQDPi 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &DSDFLWDFLyQHQHOXVR\PD QHMRGHH[WLQWRUHV )RUPDU D ORV FRODERUDGRUHV GH OD ',*(3/$8 VREUH GL IHUHQWHV WLSRV GH H[WLQWRUHV VXV XVRV \ PDQLSXODFLyQ HQ WLHPSRRSRUWXQR IXQFLRQDULRV FDSDFLWDGRV HQHOXVRGHORVH[WLQWRUHV %~VTXHGD\XELFDFLyQGHXQ OXJDUSDUDHODOPDFHQDPLHQ WR GH PDWHULDOHV SHOLJURVRV GH OD 8QLYHUVLGDG GH 3DQD Pi &RQWDUFRQXQORFDOGHDOPD FHQDPLHQWR GH PDWHULDOHV SHOLJURVRV VHJXUR SDUD PL QLPL]DU HO ULHVJR \ SUHYHQLU GHVDVWUHV &RQYHQLRHQWUHOD8QLYHUVLGDG GH 3DQDPi \ HO 0LQLVWHULR GH 6HJXULGDG 3~EOLFD SDUD OD UHDOL]DFLyQ GH HVIXHU]RV FRQ MXQWRV TXH FRQWULEX\DQ D XQD PD\RU VHJXULGDG HQ HO DOPD FHQDPLHQWRGHPDWHULDOHVSH OLJURVRV GH OD 8QLYHUVLGDG GH 3DQDPi &RQFHVLyQ SRU SDUWH GHO 0L QLVWHULR GH 6HJXULGDG 3~EOLFD GHXQEXQNHUFRQXQiUHDGH GRVFLHQWRV PHWURV FXDGUDGRV P HQ XQ SHUtPHWUR GH PFRQFHUFDSHULPHWUDO HLOXPLQDFLyQORFDOL]DGRHQHO GLVWULWR GH $UUDLMiQ VHFWRU GH &RFROtORFDOLGDGGH+RURNR 3UR\HFWRV(VSHFLDOHV 3UR\HFWR0HWD5HVXOWDGR 7(/(6&23,5HGGH2EVHU YDWRULRVGH%XHQDV3UiFWLFDV GH'LUHFFLyQ(VWUDWpJLFD8QL YHUVLWDULD 3ULPHU 6HPLQDULR 1DFLRQDO GHOD´5HGGH2EVHUYDWRULRV GH %XHQDV 3UiFWLFDV GH 'L UHFFLyQ (VWUDWpJLFD 8QLYHU VLWDULD HQ $PpULFD /DWLQD \ (XURSDµ &RQVWLWXFLyQ GHO 2EVHUYDWRULR 1DFLRQDOGH%XHQDV3UiFWLFDV GH 'LUHFFLyQ (VWUDWpJLFD 8QL YHUVLWDULD DYDODGR SRU GRFH XQLYHUVLGDGHVSDUWLFXODUHV \ODVFLQFRRÀFLDOHV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &RUUHVSRQGH DO 3XQWR GHO 3ODQ (VWUDWpJLFR 3DUWL FLSDQGR HQ ORV 2UJDQLVPR 5HJLRQDOHVH,QWHUQDFLRQDOHV DWUDYpVGHODVUHGHVHGXFD WLYDV 3ULPHU 6HPLQDULR 1DFLRQDO GHOD´5HGGH2EVHUYDWRULRV GH %XHQDV 3UiFWLFDV GH 'L UHFFLyQ (VWUDWpJLFD 8QLYHU VLWDULD HQ $PpULFD /DWLQD \ (XURSDµ (O PLVPR VH GHVDUUROOD HQ HO PDUFR GHO 3URJUDPD $/)$ TXH HV XQD UHG LQWHUQDFLRQDO GHREVHUYDWRULRVGH'LUHFFLyQ (VWUDWpJLFD 8QLYHUVLWDULD SDUD VHOHFFLRQDU\GLIXQGLUSUiFWLFDV TXH LQFUHPHQWHQ OD FDOLGDG \ OD SHUWLQHQFLD DVt FRPR OD FRODERUDFLyQ LQWHUXQLYHUVLWDULD HQWUH(XURSD\$PpULFD/DWLQD (O2EVHUYDWRULR1DFLRQDOWLHQH VX VHGH HQ OD 8QLYHUVLGDG GH 3DQDPi 3UHVHQWDFLyQ GH OD 5HQGLFLyQ GH FXHQWDV FRPR XQ HMHPSOR GH EXHQDV SUiFWLFDV GHOD8QLYHUVLGDGGH3DQDPi 'DU D FRQRFHU ODV EXHQDV SUiFWLFDVGHOD8QLYHUVLGDGGH 3DQDPiDQLYHOLQWHUQDFLRQDO (Q HO PDUFR GHO 3UR\HFWR7H OHVFRSL FRQIRUPDGR SRU XQLYHUVLGDGHVGH$PpULFD/D WLQD\GH(XURSDOD&iWHGUD 81(6&2GH'LUHFFLyQ8QLYHU VLWDULD GH OD 8QLYHUVLGDG 3R OLWpFQLFD GH &DWDOXxD LQIRUPy D OD 8QLYHUVLGDG GH 3DQDPi TXHFRPRUHVXOWDGRGHODHYD OXDFLyQ GH ODV SURSXHVWDV SUHVHQWDGDV SRU ODV XQLYHU VLGDGHV VRFLDV GH 7HOHVFRSL OD ´5HQGLFLyQ GH &XHQWDV GHO 5HFWRU D OD 6RFLHGDG 3DQD PHxDµIXHVHOHFFLRQDGDFRPR XQD%XHQD3UiFWLFD\ODPLVPD VHUiSUHVHQWDGDHQHO6HJXQ GR 6HPLQDULR ,QWHUFRQWLQHQWDO GHOD5HGGH2EVHUYDWRULRVGH %XHQDV3UiFWLFDVGH'LUHFFLyQ (VWUDWpJLFD 8QLYHUVLWDULD GH $PpULFD/DWLQD\(XURSDTXH WHQGUiOXJDUHQOD8QLYHUVLGDG GH&DPSLQDV%UDVLOHQRFWX EUHGH 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 6H WUDQVFULEH HO FRPHQWDULR GHO FRPLWp HYDOXDGRU D QXHV WUD SURSXHVWD ´(V H[FHOHQWH SRUTXHHVXQDSUiFWLFDTXHQR ODKDFHQDGLHTXHDQRVRWURV QRVFRQVWH\DGHPiVFRQHVWD VROHPQLGDG\UHSHUFXVLyQPH GLiWLFDµ $VHVRUtDD,QVWLWXFLRQHV (ODERUDFLyQGHO3ODQ(VWUDWp JLFR GHO %HQHPpULWR &XHUSR GH %RPEHURV GH OD 5HS~EOL FDGH3DQDPi 6H GLVHxy HQ VX WRWDOLGDG HO 3ODQ(VWUDWpJLFRDFLQFRDxRV GHO %HQHPpULWR &XHUSR GH %RPEHURVGHOD5HS~EOLFDGH 3DQDPi 2EVHUYDWRULR2FXSDFLRQDO 3UR\HFWR0HWD5HVXOWDGR (VWLPDFLyQ GH ORV JDVWRV SDUD ORV HVWXGLDQWHV GH ODV FDUUHUDV TXH RIUHFH OD 8QL YHUVLGDGGH3DQDPi &RQRFHU HO JDVWR SURPHGLR SDUD ORV HVWXGLDQWHV GH ODV FDUUHUDV TXH VH GLFWDQ HQ OD 8QLYHUVLGDG GH 3DQDPi &$0386 ,QIRUPHWHUPLQDGR 6LVWHPDGH,QGLFDGRUHV 3URSXHVWDGHXQVLVWHPDGH LQGLFDGRUHV ,QIRUPHWHUPLQDGR (VWXGLR GH *UDGXDGRV GH OD 8QLYHUVLGDG GH 3DQDPi FRUUHVSRQGLHQWH D ORV DxRV ,QIRUPHV GHO 3HUÀO GH *UD GXDGRVGHODV)DFXOWDGHVGH $GPLQLVWUDFLyQ GH (PSUH VDV0HGLFLQD\(QIHUPHUtD ,QIRUPHWHUPLQDGR (VWXGLR GH *UDGXDGRV GH OD 8QLYHUVLGDG GH 3DQDPi FR UUHVSRQGLHQWHDODxR $QiOLVLVGHHQFXHVWDUHDOL]D GDVDORVJUDGXDGRVGHODxR GH WRGDV ODV FDUUHUDV TXH GLFWD OD 8QLYHUVLGDG GH 3DQDPi WDQWR D QLYHO WpF QLFR FRPR GH OLFHQFLDWXUD $YDQFHGH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR (Q DGLFLyQ VH LQFOX\HQ ORV &HQWURV 5HJLRQDOHV GH OD FDUUHUDV GH ODV )DFXOWDGHV GH (FRQRPtD (GXFDFLyQ 2GRQWRORJtD (QIHUPHUtD &LHQFLDV 1DWXUDOHV \ 7HFQR ORJtD ,QIRUPiWLFD (OHFWUyQL FD\&RPXQLFDFLyQ)DUPD FLD &RPXQLFDFLyQ 6RFLDO %HOODV $UWHV &LHQFLDV $JUR SHFXDULDV3VLFRORJtD'HUH FKR$UTXLWHFWXUD\0HGLFLQD 9HWHULQDULD ,QYHVWLJDFLyQ DFHUFD GH ORV HVWDPHQWRV XQLYHUVLWDULRV VREUH ORV 6HUYLFLRV 7HFQROy JLFRV 7,&6 TXH RIUHFH OD 8QLYHUVLGDGGH3DQDPi ,QIRUPH GH RSLQLyQ GH ORV WUHVHVWDPHQWRV ,QIRUPHWHUPLQDGR &RQRFHU ORV SULQFLSDOHV SUR EOHPDV GH ORV &HQWURV 5H JLRQDOHV GH /RV 6DQWRV \ $]XHUR ,QIRUPHVREUHODVSULQFLSDOHV GLÀFXOWDGHV GH ORV &HQWURV 5HJLRQDOHV GH /RV 6DQWRV \ HO&HQWUR5HJLRQDOGH$]XH UR ,QIRUPHWHUPLQDGR 5HDOL]DFLyQ GH HVWXGLR GH FRKRUWH GH HÀFLHQFLD LQWHUQD GHOD)DFXOWDGGH(QIHUPHUtD (VWXGLR GH FRKRUWHV SDUD ORV DxRV\HQHO &DPSXV&HQWURV5HJLRQDOHV \([WHQVLRQHV8QLYHUVLWDULDV ,QIRUPHWHUPLQDGR )RQGRVGH*HVWLyQ,QVWLWXFLRQDO$XWRJHVWLyQ 3UR\HFWR0HWD5HVXOWDGR $QWHSUR\HFWRGH3UHVXSXHV WRGH$XWRJHVWLyQ $QWHSUR\HFWRGH3UHVXSXHV WRGH$XWRJHVWLyQ 6HUHDOL]DURQODVHYD OXDFLRQHV \ UHFRPHQGDFLRQHV GHORVPLVPRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR )RUPXODFLyQGHODV(VWUXFWX UDVGH3HUVRQDO )RUPXODFLyQ GH ODV (VWUXFWX UDV GH ODV 8QLGDGHV (MH FXWRUDV7UHV(VWUXFWXUDV &RQWLQJHQWH 2WURV6REUHVXHOGRV 6HUYLFLRV(VSHFLDOHV 6HFUHDURQDWUDYpVGH OD KHUUDPLHQWD GH ([FHO ODV HVWUXFWXUDV GH SHUVRQDO FRQ WLQJHQWH RWURV VREUHVXHOGRV \ VHUYLFLRV HVSHFLDOHV SDUD FXPSOLU FRQ OD SURJUDPDFLyQ HVWDEOHFLGDSRUHO0LQLVWHULRGH (FRQRPtD\)LQDQ]DV 0HQVXDOL]DFLyQ GH ,QJUHVRV \*DVWRV 8QLGDGHV(MHFXWRUDV 6HLPSOHPHQWDURQPH FDQLVPRV GH FRQWURO LQWHUQRV SDUDHODQiOLVLV\UHFRPHQGD FLyQGHORV)OXMRVGH(IHFWLYR 0HQVXDOL]DFLyQ GH ,QJUHVRV \*DVWRV 8QLGDGHV(MHFXWRUDV 6HHVWDUiSUHVHQWDQGRGXUDQ WHHOPHVGHDJRVWRODFLUFXODU SDUDVROLFLWDUODLQIRUPDFLyQUH TXHULGDDFDGDXQDGHODV8QL GDGHV(MHFXWRUDV\DTXHHVWH LQIRUPHGHEHSUHVHQWDUVHDO0 ()GXUDQWHHOPHVGH2FWXEUH (MHFXFLyQ3UHVXSXHVWDULDGH JDVWRV 'H-XOLRD'LF² &RPSURPHWLGR 'HYHQJDGR 3DJDGR 6HHYDOXDURQODVVLWXD FLRQHV )LQDQFLHUDV GH ODV 8QLGDGHV(MHFXWRUDV 'H(QHURD-XQLR² &RPSURPHWLGR 'HYHQJDGR 3DJDGR 6H HVWiQ HYDOXDQGR \ DQDOL]DQGRODV6LWXDFLRQHV)L QDQFLHUDVGHFDGD8QLGDG(MH ,QIRUPH GH 5HFDXGDFLyQ GH ,QJUHVRV\(YDOXDFLyQGHORV )OXMRVGH(IHFWLYR 8QLGDGHV(MHFXWRUDV 6H KDQ HYDOXDQGR \ DQDOL]DQGRORV)OXMRVGH(IHF WLYRGHFDGD8QLGDG(MHFXWRUD 0DQHMRGHO3UHVXSXHVWR0R GLÀFDGR &UpGLWRV $GLFLRQD OHV,QWHUQRV 7UDVODGRV GH 3DUWLGDV GH *DVWRV \ 5HGLV WULEXFLRQHVGH6DOGRV 'H-XOLRD'LF² 7UDVODGRVGH3DUWLGD &UpGLWRV,QWHUQRVSRU % 6HUHFLELHURQDQDOL]D URQUHFRPHQGDURQUHPLWLHURQ \ IXHURQ DSUREDGDV SRU HO 0 ( ) ODV VROLFLWXGHV SUHVHQWD GDVSRUODV8QLGDGHV(MHFXWR UDV 5(1',&,Ð1'(&8(17$6 'H(QHURD-XQLR² 7UDVODGRVGH3DUWLGD SRU% ²&UpGLWRV ,QWHUQRV SRU% ²,QYHUVLRQHVSRU% (MHFXFLyQGHODV(VWUXFWXUDV GH 3HUVRQDO &RQWLQJHQWH 2WURV 6REUHVXHOGRV \ &RQ WUDWDFLRQHV'RFHQWHV 6HKDQDQDOL]DGRUH FRPHQGDGR UHPLWLGR \ HVWiQ VLHQGRDSUREDGDVSRUHO0( ) ODV VROLFLWXGHV SUHVHQWDGDV KDVWD OD IHFKD SRU ODV 8QLGD GHV(MHFXWRUDV 5HGLVWULEXFLR QHV GH 6DOGRV SRU % ,QYHUVLRQHV SRU % 'H-XOLRD'LF² ² 3HUVRQDO &RQWLQ JHQWH ²2WURV6REUHVXHOGRV 3URUURJDVSDUDHO ²3HUVRQDO&RQWLQJHQWH ²2WURV6REUHVXHOGRV 6HHYDOXDURQWUDPLWD URQ\UHJLVWUDURQHQHOVLVWHPD GHHVWUXFWXUDVGHDXWRJHVWLyQ ODVVROLFLWXGHVGHDFFLRQHVGH SHUVRQDO &RQWLQJHQWH 2WURV 6REUHVXHOGRV\3URUURJDV ² &RQWUDWDFLRQHV 'R FHQWHV SRU 6HUYLFLRV (VS &RUULHQWHV \ 9LJHQFLDV ([ SLUDGDV (MHFXFLyQ GHO 3URFH GLPLHQWR SDUD OD &RQWUDWDFLyQ 'RFHQWH D WUDYpV GH ORV )RQ GRVGH$XWRJHVWLyQDSUREDGR SRU &RQVHMR $GPLQLVWUDWLYR 1RMXOLR 'H(QHURD-XQLR² ²3HUVRQDO&RQWLQJHQWH ²2WURV6REUHVXHOGRV 6HHYDOXDGRWUDPLWDGR \ UHJLVWUDGR HQ HO VLVWHPD GH HVWUXFWXUDVGHDXWRJHVWLyQODV VROLFLWXGHVGHDFFLRQHVGHSHU VRQDOTXHQRVKDQSUHVHQWDGR DODIHFKD&RQWLQJHQWH2WURV 6REUHVXHOGRV\3URUURJDV 3URUURJDV²GR6HPHVWUH ²3HUVRQDO&RQWLQJHQWH ²2WURV6REUHVXHOGRV ² &RQWUDWDFLRQHV 'R FHQWHV SRU 6HUYLFLRV (VS &RUULHQWHV \ 9LJHQFLDV ([ SLUDGDV (MHFXFLyQ GHO 3URFHGL PLHQWR SDUD OD &RQWUDWDFLyQ 'RFHQWH D WUDYpV GH ORV )RQ GRVGH$XWRJHVWLyQDSUREDGR SRU&RQVHMR$GPLQLVWUDWLYR1R MXOLR \D TXH QR KD LQLFLDGR HO SHUtRGR IXHUWH VHJ~QODLQIRUPDFLyQH[SUHVD GD SRU OD 9LFHUUHFWRUtD GH ,Q YHVWLJDFLyQ\3RVWJUDGR 81,9(56,'$''(3$1$0É 'LUHFFLyQGH,QIRUPDFLyQ\5HODFLRQHV3~EOLFDV 3UR\HFWR0HWD5HVXOWDGR 3URJUDPD+DFLD/D/X] 3URGXFFLyQ GH XQ SURJUDPD VHPDQDO FRQ GRV UHWUDQVPL VLRQHV 6HKDQSURGXFLGRSURJUD PDV 3URJUDPDFLyQ5DGLDOSURGX FLGDHQ5DGLR6WHUHR8QLYHU VLGDG SURJUDPDVVHPDQDOHV 6H KDQ SURGXFLGR SUR JUDPDV &REHUWXUDVSHULRGtVWLFDV &XEULU WRGDV ODV DFWLYLGDGHV FLHQWtÀFDV FXOWXUDOHV DFD GpPLFDV \ GHSRUWLYDV TXH VH UHDOL]DQ HQ HO &DPSXV &HQWURV5HJLRQDOHV\([WHQ VLRQHV &XEULU WRGDV ODV DFWLYLGDGHV IRWRJUiÀFDV TXH VH UHDOL]DQ HQ HO &DPSXV &HQWURV 5H JLRQDOHV8QLYHUVLWDULRV\([ WHQVLRQHV'RFHQWHV 6HKDQFXELHUWRDFWLYLGD GHVDQLYHOQDFLRQDO &REHUWXUDVIRWRJUiÀFDV &REHUWXUDV GH DFWLYLGD GHV &RQYHQLRHQWUHOD8QLYHUVLGDGGH3DQDPi8QLYHUVL (QFXHQWURGHPXMHUHVHPSUHQGHGRUDV GDG7HFQROyJLFD8QLYHUVLGDG/DWLQD\OD$VRFLDFLyQ 3DQDPHxDGH3HTXHxD\0HGLDQD(PSUHVD 5(1',&,Ð1'(&8(17$6 9LVLWDGHO5HSUHVHQWDQWHGHO&RUUHJLPLHQWRGH-XDQ'tD] 9LVLWDGHUHSUHVHQWDQWHVGHOD8QLYHUVLGDGGH*UDQDGD 3UR\HFWR0HWD5HVXOWDGR 3URGXFFLyQGHDXGLR\YLGHR 3URGXFFLyQGHDXGLR\YLGHR SDUDFREHUWXUDVSHULRGtVWLFDV \GHUHODFLRQHVS~EOLFDVSDUD GLIHUHQWHVSURJUDPDV 3URGXFFLyQ GH WUDEDMRV GHDXGLR\YLGHRSDUDFREHU WXUDVSHULRGtVWLFDV\GHUHOD FLRQHVS~EOLFDVDVtFRPR DXGLRV GH YLGHRV SDUD SUR JUDPDVGH79 3iJLQD:(% $FWXDOL]DFLyQ GH OD SiJLQD :(% GH WRPDV \ YLGHRV GHO DFRQWHFHUXQLYHUVLWDULR VHPDQDV FRQWLQXDV HQ OD DFWXDOL]DFLyQ GH IRWRV YL GHRV H LQIRUPDFLRQHV GH ODV DFWLYLGDGHVXQLYHUVLWDULD 'LYXOJDFLyQGHODRIHUWDDFD GpPLFD &RRUGLQDU HQWUHYLVWDV DVt FRPR UXHGDV GH SUHQVD HQ ORVPHGLRVGHFLUFXODFLyQQD FLRQDO HQWUHYLVWDVHQORVGLIHUHQ WHV PHGLRV \ UXHGDV GH SUHQVD &RRUGLQDFLyQ3UR\HFWRGH 'LFLHPEUH &RRUGLQDFLyQ GH WRGDV ODV DFWLYLGDGHV GHO 3UR\HFWR GH'LFLHPEUH UHXQLRQHVGHFRRUGLQDFLyQ FRQ OD -XQWD &RPXQDO GH OD GH'LFLHPEUHVREUHDFWL YLGDGHV SURJUDPDGDV D GH VDUUROODUDFWDVGHUHXQLR QHV QRWDV GH SUHQVD \ QRWLFLDVUHGDFWDGDV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 'LYXOJDFLyQ GH ODV DFWLYLGD GHV TXH UHDOL]D OD 8QLYHUVL GDG D WUDYpV GH ORV PHGLRV GHFRPXQLFDFLyQ $WHQGHUFRPRVHFUHWDUtDWpF QLFD ODV UHXQLRQHV TXH OOHYD D FDER OD &RPLVLyQ HQYLDU QRWDVDORVPHGLRV 6HHQYLDURQDORVPHGLRVWR GDVODVQRWDVTXHVHJHQHUD URQSDUDGLYXOJDUODVDFWLYLGD GHVGHODXQLYHUVLGDG 0RQLWRUHRGHORVPHGLRVLP SUHVRV (QWUHJDGLDULDGHORVPRQLWR UHRVDO6HxRU5HFWRU UHV~PHQHV GH ODV QRWL FLDVUHODFLRQHVDOD8QLYHUVL GDGGH3DQDPi 'LYXOJDFLyQ GH ORV 3URJUD PDVGH0RYLOLGDG(VWXGLDQWLO 3UHVHQWDUSURJUDPDVGHPR YLOLGDGHVWXGLDQWLODORVHVWX GLDQWHV GH 3UHJUDGR GH OD 8QLYHUVLGDGGH3DQDPi 6H LPSDUWLHURQ FKDUODV HQ WUHJDGHSDQÁHWRVEURFKXUHV \ YRODQWHV DVt FRPR QRWDV HVFULWDVDOD9LFHUUHFWRUtDGH $VXQWRV(VWXGLDQWLOHV 6HFHOHEUDURQFXDWURUHXQLR QHV FRQ HVWXGLDQWHV 6LJPD /DPEGDVREUHRULHQWDFLyQGH RIHUWDVEHFDULDV (QWUHJD GH XQ UHFRQRFLPLHQWR DO 6U 5HFWRU 'U *XVWDYR $FWLYLGDGGH&XOWXUD2UTXHVWDGH&iPDUDGHOD8QL YHUVLGDG *DUFtDGH3DUHGHV 5(1',&,Ð1'(&8(17$6 'LUHFFLyQGH&RRSHUDFLyQ,QWHUQDFLRQDO\$VLVWHQFLD7pFQLFD 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWRV$/)$,,, &RQYRFDWRULDGHPDU]R 5HG (XUR &HQWURDPHULFDQD SDUD OD 0HMRUD GH OD 6RVWH QLELOLGDG\&DOLGDGGHODV0, 3<0(6 3DUWLFLSDFLyQ GH OD IDFXOWDG GH$GPLQLVWUDFLyQGH(PSUH VDV\&RQWDELOLGDG 6LVWHPD,QWHJUDOGHLQIRUPD FLyQ VREUH ODV LQVWLWXFLRQHV GH HGXFDFLyQ VXSHULRU GH $PpULFD /DWLQD SDUD HO iUHD FRP~Q GH HGXFDFLyQ VXSH ULRUFRQ(XURSD 'LUHFFLyQ GH &RRSHUDFLyQ ,QWHUQDFLRQDO \ $VLVWHQFLD 7pFQLFDEHQHÀFLDGRGHOSUR JUDPD (VWUDWHJLD FRP~Q SDUD OD FRQYHUJHQFLDFXUULFXODUHYD OXDFLyQGHODFDOLGDG\DFUHGL WDFLyQ FUpGLWRV DFDGpPLFRV H LQYHVWLJDFLyQ GHVDUUROOR H LQQRYDFLyQ D QLYHO (XURSD ² $PpULFD/DWLQD 3DUWLFLSDFLyQGHOD'LUHFFLyQ *HQHUDO GH 3ODQLÀFDFLyQ \ (YDOXDFLyQ8QLYHUVLWDULD 9LVLWDGHOD$OLDQ]D)UDQFHVD 81,9(56,'$''(3$1$0É 9LVLWDGHOD8QLYHUVLGDGGH&KLOH 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWRV$/)$,,, &RQYRFDWRULDGHPDU]R 3DFWRSDUDOD,QQRYDFLyQ3,1 3DUWLFLSDFLyQGHOD'LUHFFLyQ *HQHUDO GH 3ODQLÀFDFLyQ \ (YDOXDFLyQ8QLYHUVLWDULD &RQRFLPLHQWR,QFOXVLyQ'HVD UUROOR&,' 3DUWLFLSDFLyQ GHO ,QVWLWXWR &HQWURDPHULFDQR GH $GPL QLVWUDFLyQ\6XSHUYLVLyQGHOD (GXFDFLyQ,&$6( ,GHD&XS 3DUWLFLSDFLyQGH'81,9(30 ,5,6 3DUWLFLSDFLyQGHOD'LUHFFLyQ GH &RRSHUDFLyQ ,QWHUQDFLR QDO\$VLVWHQFLD7pFQLFD 3URPRFLyQ GH OD LQQRYDFLyQ HGXFDWLYDPHGLDQWHDFFLRQHV TXHSURSHQGDQDODLQFOXVLyQ GHJUXSRVYXOQHUDEOHVHQODV ,(6 GH $PpULFD /DWLQD \ OD &RPXQLGDG (XURSHD \ D VX SRVWHULRULQVHUFLyQODERUDO 3DUWLFLSDFLyQ FRQ HO ,QVWLWXWR &HQWURDPHULFDQR GH $GPL QLVWUDFLyQ\6XSHUYLVLyQGHOD (GXFDFLyQ,&$6( 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWRV$/)$,,, &RQYRFDWRULDGHPDU]R &XUULFXOXP&RQYHUJHQFH'HQ WLWU\IRU$OO 3DUWLFLSD )DFXOWDG GH 2GRQ WRORJtD 02%,/$&( (QFRRSHUDFLyQFRQOD'LUHF FLyQGH&RRSHUDFLyQ,QWHUQD FLRQDO \$VLVWHQFLD 7pFQLFD² )DFXOWDGGH2GRQWRORJtD 5HGGH2EVHUYDWRULRVGH%XH QDV3UiFWLFDV(QHUJpWLFDVSDUD $PpULFD/DWLQD\(XURSD 3DUWLFLSD 'LUHFFLyQ *HQHUDO GH3ODQLÀFDFLyQ\(YDOXDFLyQ 8QLYHUVLWDULD 0DHVWUtD &HQWURDPHULFDQD HQ &RQVHUYDFLyQ \ *HVWLyQ GH&DOLGDGHQ$UTXLWHFWXUD )DFXOWDGGH$UTXLWHFWXUD ,QQRYDFLyQHQOD(QVHxDQ]D \ *HVWLyQ GH &DOLGDG HQ$U TXLWHFWXUD 3DUWLFLSDFLyQ GH OD )DFXOWDG GH$UTXLWHFWXUD 9LVLWDGHOD8QLYHUVLGDGGHO9DOOH&RORPELD 81,9(56,'$''(3$1$0É 9LVLWDGHOD8QLYHUVLGDGGH7H[DV 3UR\HFWR0HWD5HVXOWDGR 7XQQLQJ$PpULFD /DWLQD ,Q QRYDFLyQ(GXFDWLYD\6RFLDO 3DUWLFLSDFLyQ GH OD )DFXOWDG GH$UTXLWHFWXUD 3URJUDPD3,0$²2(, 0RYLOL]DUHVWXGLDQWHV 7UHVHVWXGLDQWHVPRYLOL]DGRV )DFXOWDG GH &LHQFLDV GH OD (GXFDFLyQ 3URJUDPD&,1'$ 0RYLOL]DUHVWXGLDQWHV 8QHVWXGLDQWHPRYLOL]DGR )DFXOWDG GH &LHQFLDV $JUR SHFXDULDV &RQYHQLR 3URJUDPD GH FRRSHUDFLyQ \ PRYLOLGDG 5('(6 (5$6 086² (1+$1&( &223(1(5$&2/ 8QHVWXGLDQWHPRYLOL]DGD )DFXOWDGGH&LHQFLDV1DWXUD OHV([DFWDV\7HFQRORJtD 8QHVWXGLDQWHPRYLOL]DGR )DFXOWDGGH0HGLFLQD9HWHUL QDULD /DV HVWDEOHFLGDV HQ ORV SUR \HFWRV FRQ EDVH DO Q~PHUR GHPRYLOLGDGDSUREDGDSRUOD &RPXQLGDG(XURSHD 6HLVVHOHFFLRQDGRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWR GH LQYHVWLJDFLyQ FRQMXQWRSDUDGHWHUPLQDUODV FRPSHWHQFLDVGRFHQWHVSDUD LPSDUWLU ORV FXUVRV GH JUDGR HQODFDUUHUDGHPHGLFLQDGH DFXHUGRFRQQHFHVLGDGHVGH ORV SODQHV FXUULFXODUHV UH JLyQFHQWURDPHULFDQDFRRU GLQD 8QLYHUVLGDG $XWyQRPD GH0DGULG 3DUWLFLSDFLyQGHGRFHQWHVGH OD)DFXOWDGGH0HGLFLQD\OD 'LUHFFLyQGH&RRSHUDFLyQ,Q WHUQDFLRQDO\$VLVWHQFLD7pF QLFD 3UHVHQWDFLyQGHOLQIRUPHÀQDO 'LYXOJDFLyQGH3URJUDPDV 5HXQLyQ GHO 3UR\HF WR (5$6086 081'86 (+$1&(HQOD8QLYHUVLGDG GH&RVWD5LFD 6HPLQDULR ,QWHUQDFLRQDOL]D FLyQ GH OD (GXFDFLyQ 6X SHULRU 1XHYDV -RUQDGDV 'LQiPLFDVGH0RYLOLGDG$FD GpPLFD &RQYRFDWRULDVGHFXUVRVVH PLQDULRVWDOOHUHV\RWURV &RVWD5LFD 5HXQLyQ&RRSHUDFLyQ7pFQL FD ,QWHUQDFLRQDO 8QLYHUVLGD GHV(VWDWDOHV 6HJXLPLHQWRDODSULPHUDUH XQLyQGHOSUR\HFWR 5HXQLRQHV FRQ PLVLRQHV LQ WHUQDFLRQDOHV &RQWLQXDU HO DFHUFDPLHQWR D PLVLRQHVLQWHUQDFLRQDOHV 3DUWLFLSDFLyQGHOD83HQIR URVLQWHUQDFLRQDOHV 5HFWRU 9LFHUUHFWRUHV \ OD 'LUHFWRUD(MHFXWLYDHQIRURV LQWHUQDFLRQDOHV 'XUDQWH HO ,, 6HPHVWUH GHO \ HO , 6HPHVWUH GHO /D',&,$7KDUHFLELGR GLYHUVDVYLVLWDVGHUHSUHVHQ WDQWHV GH RUJDQLVPRV ,QWHU QDFLRQDOHV FRPR GH UHSUH VHQWDFLRQHV XQLYHUVLWDULDV WDOHVFRPR 5HSUHVHQWDFLyQGHOD2U JDQL]DFLyQ3UR&KLOH &RRUGLQDGRUHV GH 3UR JUDPDV GH %HFDV GH OD (PEDMDGDGH)UDQFLD 5HSUHVHQWDQWHV GH OD 8QLYHUVLGDG GH 7H[DV $0 ,QVWLWXWRSDUDOD)RUPDFLyQ\ DSURYHFKDPLHQWR GH 5HFXU VRV+XPDQRV,IDUKX FRQYRFDWRULDV EROHWLQHVHOHFWUyQLFRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR (QFDUJDGRV GH 3URJUD PDVGH9ROXQWDULDGRVGH -DSyQ 9LVLWD GHO 'LUHFWRU GH 3RVWJUDGR GH OD 8QLYHU VLGDG GH 9DOSDUDtVR ² &KLOH 5HSUHVHQWDQWHV GHO 6HU YLFLRGH,QWHUFDPELR$FD GpPLFR$OHPiQ'$$' (YHQWRVHQORVTXHSDUWLFLSD URQGLIHUHQWHVDXWRULGDGHV 5HFWRU 9LFHUUHFWRUHV 'HFDQRV 'LUHFWRUHV 'LUHFFLyQGH$XGLWRUtD,QWHUQD 3UR\HFWR0HWD5HVXOWDGR 5HJXODFLyQ ,QVWLWXFLRQDO GH 1RUPDV 4XHVHFXPSODQFRQODV/H \HV 1RUPDV GH &RQWURO ,Q WHUQR\3URFHGLPLHQWRV 7UHFHHYDOXDFLRQHVGHFRQ WURO LQWHUQR RQFH LQIRUPHV GH DXGLWRULD HVSHFLDO FLHQWR YHLQWLQXHYH DUTXHRV GH FDMD PHQXGDWUHVVHJXLPLHQWRV GRV DXGLWDUtDV ÀQDQFLHUDV )XHURQUHDOL]DGDVDVHVRUtDV \FRQVXOWDV\DGHPiVIXHURQ HPLWLGDV \ HQYLDGDV XQ WRWDO GHGRVFLHQWRVVHWHQWD\XQD UHFRPHQGDFLRQHVDODV GLIHUHQWHV 8QLGDGHV $GPL QLVWUDWLYDV GH LJXDO PDQHUD VH SDUWLFLSy HQ LQYHQWDULRV \ GHVFDUWHV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR $XGLWRUtDV ÀQDQFLHUDV \ GH FRQWUROLQWHUQRHQORV&HQWURV 5HJLRQDOHV8QLYHUVLWDULRVGH /RV 6DQWRV 3DQDPi 2HVWH &RFOp\HQOD([WHQVLyQ8QL YHUVLWDULDGH$JXDGXOFH 5HJXODFLyQ ,QVWLWXFLRQDO GH 1RUPDV 3URIHVLRQDOLVPR GH ORV IXQ FLRQDULRV )DFLOLWDGRUHV HQ &DSDFLWD FLyQ &DSDFLWDFLyQDORVIXQFLRQD ULRVGHOD'LUHFFLyQGH$XGL WRUtD,QWHUQD (QFRQMXQWRFRQOD'LUHFFLyQ GH 5HFXUVRV +XPDQRV \ FRQHOSURSyVLWRGHIRUWDOHFHU ODHVWUXFWXUDGHFRQWUROLQWHU QR GH OD LQVWLWXFLyQ VH RIUH FLHURQ GXUDQWH HVWH SHULRGR VHPLQDULRV \ FRQIHUHQFLDV GLULJLGDV D IXQFLRQDULRV GHO &DPSXV&HQWUDOGHORV&HQ WURV 5HJLRQDOHV 8QLYHUVLWD ULRV\GHRWUDVLQVWLWXFLRQHV *HVWLyQ HQ EDVH D ODV 1RUPDVGH&RQWURO,QWHU QR SDUD OD 5HS~EOLFD GH 3DQDPi $GPLQLVWUDFLyQ GH$OPD FpQH,QYHQWDULRV 8VR \ 0DQHMR GH &DMD 0HQXGD 0DQHMRGH&DMDGH&DIH WHUtD 1RUPDVGH&RQWURO,QWHU QR*XEHUQDPHQWDO /RV IXQFLRQDULRV GH OD 'L UHFFLyQ GH $XGLWRUtD KDQ SDUWLFLSDGR HQ GLIHUHQWHV VHPLQDULRV \ FRQIHUHQFLDV LPSDUWLGDV SRU OD 'LUHFFLyQ GH 5HFXUVRV +XPDQRV 6H PLQDULR GH $QWHSUR\HFWR GH 81,9(56,'$''(3$1$0É 6HPLQDULRGH$GPLQLVWUDFLyQGH$OPDFpQH,QYHQWDULR 3UR\HFWR0HWD5HVXOWDGR 3UHVXSXHVWR 5HGDFFLyQ GH ,QIRUPHV 7pFQLFRV 3URJUD PDVGH3UHVHQWDFLyQH,Pi JHQHV([FHO%iVLFR0DQHMR \8VRGHO6LVWHPDGH&RQWUD WDFLRQHV3~EOLFDHQWUHRWURV &RPSUDVGHHTXLSRVSDUDHO PHMRUDPLHQWR GH ODV IXQFLR QHVGHOD'LUHFFLyQ &RQWULEXLUFRQODHÀFLHQFLDHQ ODV ODERUHV TXH UHDOL]DQ ORV IXQFLRQDULRVGHOD'LUHFFLyQ 6HPLQDULRGH*HVWLyQHQEDVHDODV1RUPDVGHFRQWUROLQWHUQR &RPSUDGHHTXLSRGHRÀFLQD WDO FRPR WULWXUDGRUD GH SD SHOHQJDUJRODGRUDGHPHWDO LPSUHVRUDV OiVHU D FRORUHV FRPSXWDGRUD SDUD HVWDFLyQ GH WUDEDMR DLUH DFRQGLFLR QDGR SUR\HFWRU PXOWLPHGLD WLSR, 5(1',&,Ð1'(&8(17$6 'LUHFFLyQ3URWHFFLyQ8QLYHUVLWDULD 3UR\HFWR0HWD5HVXOWDGR 'RWDUGHXQLIRUPHVDOSHUVR QDOGHOD'LUHFFLyQGH3URWHF FLyQ 0HMRUDU OD SUHVHQWDFLyQ GH ORV IXQFLRQDULRV GH OD 'LUHF FLyQGH3URWHFFLyQDQWHODFR PXQLGDGXQLYHUVLWDULD $GTXLVLFLyQGHORVXQLIRUPHV SRUXQPRQWRGH% SDUD IXQFLRQDULRV GH YL JLODQFLD \ FDO]DGRV SRU XQ YDORUGH% 5HHPSOD]DU OODQWDV D 3,& .83 1LVVDQ )URQWLHU 3ODFD 1R 0DQWHQHUHQFRQGLFLRQHVyS WLPDVHOYHKtFXORRÀFLDOGH KRUDVDOVHUYLFLRGHOD&RPX QLGDG8QLYHUVLWDULD $GTXLVLFLyQFLQFROODQWDV 5WRGRWHUUHQRSRU % (TXLSDPLHQWRGHSRUWLYR (OPHMRUDPLHQWRItVLFRGHORV IXQFLRQDULRV GH 3URWHFFLyQ 8QLYHUVLWDULD $GTXLVLFLyQ GH XQD ELFLFOHWD HVWiWLFDXQDPHVDGHSHVDV XQ VDFR GH ER[LQJ WRGR SRU XQ YDORU GH % SDUD WRGRV ORV IXQFLRQDULRV GH 3URWHFFLyQ +DELOLWDFLyQGHOGRUPLWRULRGH OD'LUHFFLyQGH3URWHFFLyQ +DELOLWDUFRQODVPHMRUHVFRQ GLFLRQHVHOiUHDGHGHVFDQVR GHOD'LUHFFLyQGH3URWHFFLyQ $FRQGLFLRQDU ODV ,QVWDODFLR QHVGHOSULPHUDOWR 'RQDFLyQ GH XQLGDG GH DLUH DFRQGLFLRQDGR VSOLW GH %78 UHSDUDFLyQ \ FRQ IHFFLyQ GH PDOODV GH ODV YHQWDQDV GH YLGULRV \ DOXPL QLR SDUD iUHD GH GHVFDQVR DGTXLVLFLyQ GH FROFKRQHV \ DOPRKDGDV SRU XQ YDORU GH % 3URSRUFLRQDU ~WLOHV PDWHULD OHVDIXQFLRQDULRVGHSURWHF FLyQ SDUD UHDOL]DU XQD PHMRU ODERU 0HMRUDUHOVHUYLFLREULQGDGRD ODLQVWLWXFLyQ 6HDGTXLULHURQOiPSDUDVGH PDQR &DUWDSDFLRV SDUD DUFKLYDU GRFXPHQWRV $GTXLVLFLyQ GH UHFXUVR KX PDQR )RUWDOHFHUODODERUGHYLJLODQFLD &RQWUDWDFLyQ GH YLJLODQ WHV FRQ VDODULR PHQVXDO GH %FDGDXQR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $GTXLVLFLyQ GH PDWHULDOHV SDUD YLVXDOL]DU GHVGH DOWXUD GH FRQWURO GH 5DGLRV &RPX QLFDGRUHV 3URSRUFLRQDU YLVLELOLGDG GH OD 7RUUHGH&RQWUROGH5HSHWLGR UDGHOD&ROLQD /iPSDUDGHREVWUXFFLyQFRU GyQ ÁH[LEOH FDMD [ QG [ôIRWRFHOGD7: WDSD:3XWLOLGDG[WUDPR ,1&URVFDöXQLyQ (TXLSDPLHQWR GH OD EDVH GH UDGLRVFRPXQLFDGRUHV 0HMRUDUODFRPXQLFDFLyQGHQ WUR GHO FDPSXV FHQWUDO \ FRQ ORVFHQWURVUHJLRQDOHV\iUHD H[WHUQD DO &DPSXV 8QLYHUVL WDULR $GTXLVLFLyQGHXQDUHSHWLGR UD FRQ YDORU GH % GHUDGLRVFRPXQLFDGRUHV FRQYDORUGH% $GTXLVLFLyQGHHTXLSRGHVH JXULGDG %ULQGDUDOJ~QWLSRGHGHIHQVD SDUDORVIXQFLRQDULRVGHYLJL ODQFLD $GTXLVLFLyQ GH JDV SLPLHQWD SRUXQYDORUGH% ,QIUDHVWUXFWXUD\HTXLSDPLHQWR 0HMRUDUODVLQVWDODFLRQHVItVL FDV \ HTXLSDU ODV RÀFLQDV GH SURWHFFLyQ XQLYHUVLWDULD SDUD EULQGDU XQ PHMRU VHUYLFLR D OD FRPXQLGDG XQLYHUVLWDULD \ ORVIXQFLRQDULRVFXHQWHQFRQ KHUUDPLHQWDVSDUDGHVDUUROODU XQPHMRUWUDEDMR $GHFXDFLRQHV GHO VHJXQGR SLVR FRQ OD FRQVWUXFFLyQ GH GRV FXEtFXORV SDUD DOPDFpQ GH PDWHULDOHV GH GRFXPHQ WRV\ELHQHVGHOD,QVWLWXFLyQ FRQ XQ YDORU DSUR[LPDGR GH % &XDWUR 6LOODV (MHFXWLYDV FRQ XQYDORUGH% $UFKLYDGRUHVGHPHWDO% 3ULPHU DOWR VH DFRQGLFLRQD HQ iUHD GH GHVFDQVR \ HQ FXEtFXOR GH DOPDFpQ \ DU FKLYR SDUD IXQFLRQDULRV TXH URWDQ)RUPLFDSRVWIRUPDEOH % 3HJDPHQWRFRQWDFFHPHQLQ GXVWULDO &HUUDGXUDGHJDYHWDVDUFKL YDGRUHVGH% 7UHVDEDQLFRVGHWHFKR ,QVWDODFLyQ GH FiPDUDV GH VHJXULGDG \ FRPSXWDGRUD SDUDVXSHUYLVLyQ 0HMRUDUHOVLVWHPDGHYLJLODQ FLD HQ OD 8QLYHUVLGDG GH 3D QDPi 'RQDFLyQ GH &RPSXWDGRUHV &38 836 EDWHUtD WHFODGR PRQLWRU 5(1',&,Ð1'(&8(17$6 'LUHFFLyQGH,QIRUPiWLFD 3UR\HFWR0HWD5HVXOWDGR 'HVFHQWUDOL]DFLyQ GHO 6LVWH PD$XWRPDWL]DGR GH %LHQHV 3DWULPRQLDOHV 'HVFHQWUDOL]DU HO UHJLVWUR \ FRQWURO GH ORV ELHQHV R DFWL YRVGHOD8QLYHUVLGDGGH3D QDPi 3HUPLWH D OD LQVWLWXFLyQ FRQ WDUFRQLQIRUPDFLyQRSRUWXQD \ HQ OtQHD GH ORV DFWLYRV UH JLVWUDGRVFRQTXHFXHQWD6H RSWLPL]DHOSURFHVRGHDFWXD OL]DFLyQ GH OD EDVH GH GDWRV GH %LHQHV 3DWULPRQLDOHV 3HUPLWHGHGLFDUPD\RUWLHP SRDVXSHUYLVLyQ\FRQWUROGHO SDWULPRQLR XQLYHUVLWDULR 6H GHÀQLHURQ PHGLDQWH OD DVLJ QDFLyQGHWDUHDVHVSHFtÀFDV ODVUHVSRQVDELOLGDGHVDFDGD XQLGDGLQYROXFUDGD 6LVWHPD,QIRUPiWLFRGH(OHF FLRQHV8QLYHUVLWDULDV &XOPLQDU OD LPSOHPHQWDFLyQ \ SDVDU VX DGPLQLVWUDFLyQ DO 2UJDQLVPR (OHFWRUDO 8QLYHU VLWDULR,QWHJUDUODLQIRUPDFLyQ GHO VLVWHPD GH 2UJDQL]DFLyQ $FDGpPLFD FRQ HO 6LVWHPD GH (OHFFLRQHV SDUD FXPSOLU FRQ OR HVWDEOHFLGR HQ HO 5H JODPHQWR GH (OHFFLRQHV HQ FXDQWRDOYRWRGHORVSURIHVR UHV 6H KDQ UHGXFLGR HO Q~PHUR GHDMXVWHVDOUHJLVWURHOHFWR UDO &RQ OD LPSOHPHQWDFLyQ GHO VLVWHPD VH KD IDFLOLWDGR HO FXPSOLPLHQWR GHO FDOHQ GDULRGHHOHFFLRQHV(OVLVWH PDHVWDHQRSHUDFLyQSRUHO 2UJDQLVPR (OHFWRUDO HQ XQ 6HJXLPLHQWRHQOtQHDGHOWUi PLWH GH ODV RUJDQL]DFLRQHV DFDGpPLFDV ,PSOHPHQWDUXQVLVWHPDSDUD HODFFHVRHQOtQHDGHORVWUi PLWHV GH ODV RUJDQL]DFLRQHV GRFHQWHVGHVGHVXRULJHQHQ ODV 8QLGDGHV $FDGpPLFDV D OD 'LUHFFLyQ GH 2UJDQL]DFLyQ 'RFHQWH\DOGHVSDFKRGHO9L FHUUHFWRU$FDGpPLFR 2IUHFHDOD9LFHUUHFWRUtD$FD GpPLFD LQIRUPDFLyQ HVWDGtV WLFDVREUHODVRUJDQL]DFLRQHV DFDGpPLFDV WUDPLWDGDV HQ SURFHVR\GHYXHOWDV3HUPLWH HOFRQWUROGHODDVLJQDFLyQGH GHVFDUJD KRUDULD OLFHQFLDV WUDVODGRV \ UHFODVLÀFDFLRQHV HQWUHRWURV(VWHSUR\HFWRIXH FRPSOHWDGR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $FWXDOL]DFLyQ GH OD HVWUXFWX UDDFDGpPLFD ,GHQWLÀFDU HQ OD EDVH GH GD WRVHOiUHDGHFRQRFLPLHQWRR HVSHFLDOLGDGGHFDGDSURIHVRU GHOD8QLYHUVLGDGGH3DQDPi /D LQIRUPDFLyQ VH KD HVWD GR DFWXDOL]DQGR D PHGLGD TXH ORV SURIHVRUHV HQYtDQ HO IRUPXODULR FRPSOHWDGR (O SURFHVRDORJUDGRXQDOWRYR OXPHQGHUHVSXHVWDGH SURIHVRUHV VRODPHQWH IDOWDQ SRUHQYLDUHOIRUPXODULR ,PSOHPHQWDFLyQ GHO 0yGXOR GH &RPSUDV \ $OPDFpQ GHO 6LVWHPDGH,QIRUPDFLyQ3UH VXSXHVWDULR$GPLQLVWUDWLYR\ )LQDQFLHUR6,3$) $XWRPDWL]DUHLQWHJUDUODJHV WLyQ GHO SURFHVR GH FRPSUDV GH OD 8QLYHUVLGDG GH 3DQD Pi 6H UHDOL]DURQ ORV DMXVWHV DO PyGXOR \ VH KD LQLFLDGR OD IDVHGHFDSDFLWDFLyQDORVIXQ FLRQDULRV GHO 'HSDUWDPHQWR GH&RPSUDV\$OPDFpQGHOD 'LUHFFLyQ GH 6HUYLFLRV$GPL QLVWUDWLYRV TXLHQHV VHUiQ ORV DGPLQLVWUDGRUHV GHO PyGXOR $PHGLDGRVGHDJRVWRVHUHD OL]DUiODFDSDFLWDFLyQSDUDORV IXQFLRQDULRV GH ODV XQLGDGHV JHVWRUDV(VWHSUR\HFWRWLHQH XQGHDYDQFH 6HJPHQWDFLyQ \ GLPHQVLR QDPLHQWR GH OD UHG GH iUHD ORFDO GH OD 8QLYHUVLGDG GH 3DQDPi )DFLOLWDU OD VROXFLyQ GH QX PHURVRV SUREOHPDV TXH VH SURGXFHQ D QLYHO GH FRPXQL FDFLRQHVHQODLQVWLWXFLyQ $ODIHFKDHOSUR\HFWRUHJLVWUD HOVLJXLHQWHDYDQFHSRUiUHD &ROLQDSLVRVDO ,QVWLWXWR(VSHFLDOL]DGRGH $QiOLVLV )DFXOWDG GH +XPDQLGD GHV )DFXOWDG GH $GPLQLVWUD FLyQGH(PSUHVDV\&RQ WDELOLGDG &DPSXV +DUPRGLR $ULDV 0DGULG ODV iUHDV GRQGH VH OOHJy FRQ OD DGHFXD FLyQGHODUHG ,QVWLWXWR GH $OLPHQWDFLyQ \1XWULFLyQ &OtQLFD8QLYHUVLWDULD ,GHQWLÀFDU ORV GHSDUWDPHQWRV TXH UHTXLHUHQ XQ PD\RU DQ FKRGHEDQGDSDUDWUDEDMDU\ PHGLU HO ÁXMR GH GDWRV GH OD UHGLQWHUQD 0HMRUDU OD VHJXULGDG \D TXH SHUPLWH HVWDEOHFHU SROtWLFDV GH VHJXULGDG GH IRUPD PiV DGH FXDGDSDUDHODFFHVRDODUHG WDQWRLQWHUQD,QWUDQHWFRPRH[ WHUQD,QWHUQHWOLPLWDQGRHODF FHVRDGHWHUPLQDGDVSiJLQDV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 5HPRGHODFLyQGHO&HQWURGH &RPXQLFDFLRQHV GH OD 8QL YHUVLGDGGH3DQDPi &UHDU XQ FHQWUR GH FRPXQL FDFLRQHV FRQ WHFQRORJtD GH SXQWD 6HFRPSOHWyHOSUR\HFWRDO \ IXH IRUPDOPHQWH LQDXJXUDGR SRU HO 6HxRU 5HFWRU *XVWDYR *DUFtDGH3DUHGHVHOSDVDGR GHMXOLR ,QFRUSRUDFLyQ GH OD ([WHQ VLyQGH'DULpQHQORVPyGX ORV GH 2UJDQL]DFLyQ $FDGp PLFD\0DWUtFXODHQOtQHD )DFLOLWDU HO DFFHVR HQ OtQHD WDQWRDOPyGXORGH2UJDQL]D FLyQ $FDGpPLFD FRPR DO GH 0DWUtFXOD D OD H[WHQVLyQ GH 'DULpQ 6H UHDOL]y HO SURFHVR GH DF WXDOL]DFLyQGHORVGDWRVGHORV HVWXGLDQWHV 6H DFWXDOL]y OD XELFDFLyQ GH ORV SURIHVRUHV GH DFXHUGR D VX IDFXOWDG GHSDUWDPHQWR \ iUHDUHVSHFWLYD 6H ORJUy TXH OD XQLGDG UHDOL ]DUDWRGRHOSURFHVRHQOtQHD HVWHYHUDQR\,VHPHVWUH $XWRPDWL]DFLyQ GHO SURFHVR GHFRUUHVSRQGHQFLD )DFLOLWDU HO VHJXLPLHQWR HQ OtQHD GH OD FRUUHVSRQGHQFLD TXHVHWUDPLWDDWUDYpVGHOD 9LFHUUHFWRUtD $GPLQLVWUDWLYD PHGLDQWH OD DXWRPDWL]DFLyQ GHO SURFHVR XWLOL]DQGR OD SOD WDIRUPDWHFQROyJLFD8OWLPXV (O SUR\HFWR VH HQFXHQWUD HQ OD IDVH GH GLVHxR \ FRQWHP SOD HQ XQD SULPHUD HWDSD HO WUiPLWHGHODFRUUHVSRQGHQFLD GH PD\RU UHOHYDQFLD SDUD ODV 8QLGDGHV$FDGpPLFDV\$GPL QLVWUDWLYDV 'LVPLQXLUHOWUiPLWHGHODFR UUHVSRQGHQFLD PHGLDQWH VR SRUWHSDSHO 'LVPLQXLU HO WLHPSR TXH VH GHGLFD DO UHJLVWUR GH OD FR UUHVSRQGHQFLD 6HLQLFLDFRPRXQ3ODQ3LORWR HQOD9LFHUUHFWRUtD$GPLQLVWUD WLYD H LQFOX\H HO VHJXLPLHQWR GHORVGRFXPHQWRVTXHOOHJDQ DOD9LFHUUHFWRUtD\VRQHQYLD GRVDODVVLJXLHQWHVXQLGDGHV 5HFWRUtD 5HFXUVRV+XPDQRV )LQDQ]DV 3ODQLÀFDFLyQ ',$ 6HUYLFLRV$GPLQLVWUDWLYRV 0HMRUDU HO FRQWURO GH OD FR UUHVSRQGHQFLDHQWUiPLWH 6LPSOLÀFDU ODV WDUHDV DVRFLD GDV DO PDQHMR GH OD FRUUHV SRQGHQFLD 81,9(56,'$''(3$1$0É (O'LUHFWRUGH,QIRUPiWLFD/LF$OEHUWR%UDQGDUL]VHGLULJHDORVDVLVWHQWHVDODLQDXJXUDFLyQGHO&HQWURGH&RPXQL FDFLRQHVGHOD8QLYHUVLGDGGH3DQDPi 3UR\HFWR0HWD5HVXOWDGR $XPHQWR GHO$QFKR GH%DQ GDGHODUHGGHiUHDORFDOGH OD 8QLYHUVLGDG GH 3DQDPi HQ ORV &HQWURV 5HJLRQDOHV 8QLYHUVLWDULRV\HQODV([WHQ VLRQHV'RFHQWHV 0HMRUDUODYHORFLGDG\HOUHQ GLPLHQWR FRQ TXH VH DFFHGH DORVGLIHUHQWHVVHUYLFLRVTXH VH RIHUWDQ D WUDYpV GH OD UHG 8QLYHUVLWDULD HQ ORV &HQWURV 5HJLRQDOHV 8QLYHUVLWDULRV \ HQODV([WHQVLRQHV'RFHQWHV (QODDFWXDOLGDGVHKDDXPHQ WDGRHODQFKRGHEDQGDHQ &58GH/RV6DQWRV &58GH$]XHUR 877(GH$]XHUR &58GH9HUDJXDV %RFDV)LQFD\)LQFD &58GH&RFOp &58GH&ROyQ 877(GH&RFOp SULPHUD VHPDQD GH DJRVWR FRQFOXLU FRQ &ROyQ $JXDGXO FH &DPSXV +DUPRGLR $ULDV 0DGULG6DQ0LJXHOLWR\OD)D FXOWDG GH $GPLQLVWUDFLyQ GH (PSUHVDV\&RQWDELOLGDG 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR ,QVWDODFLyQ GH FDEOHDGR HV FLRGHOD8QLYHUVLGDG7HFQR OyJLFDGH3DQDPi ,QFRUSRUDUDODUHGDORVXVXD ULRV XELFDGRV HQ HO DQWLJXR 7HFQROyJLFDGH3DQDPiSDUD TXHSXHGDQFRQWDUFRQHODF FHVRDORVGLYHUVRVVLVWHPDV \DSOLFDWLYRVLQVWLWXFLRQDOHV /RVSURYHHGRUHV\DUHDOL]DURQ ODLQVSHFFLyQGHFDPSRDFRP SDxDGRVSRUORVLQJHQLHURVGH OD'LUHFFLyQGH,QIRUPiWLFD &RQHVWDLQIRUPDFLyQ\ODVHV GHQSURFHGHUDSUHVHQWDUVXV SURSXHVWDV 5HIRU]DU OD VHJXULGDG D ORV HVWXGLDQWHVSURIHVRUHV\DG PLQLVWUDWLYRV DVt FRPR D ODV LQVWDODFLRQHV \ ELHQHV GH OD 8QLYHUVLGDGGH3DQDPi /RV SURYHHGRUHV KLFLHURQ OD LQVSHFFLyQ GH FDPSR DFRP SDxDGRVSRUORVLQJHQLHURVGH OD'LUHFFLyQGH,QIRUPiWLFD ,QVWDODFLyQ GH FDEOHDGR GH )LEUD ySWLFD HQWUH OD 'LUHF FLR GH &DIHWHUtDV \ OD 'LUHF FLyQGH&XOWXUD D OD UHG 8QLYHUVLWDULD SDUD TXH ORVXVXDULRVGHHVD8QLGDGWHQ JDQDFFHVRDORVGLYHUVRVVLVWH PDV\DSOLFDWLYRV,QVWLWXFLRQDOHV HVWiSHQGLHQWHHOUHFLELGRFRQ IRUPH ,QVWDODFLyQGHHQODFHGHUHG SDUDHO+RVSLWDOGH0HGLFLQD 9HWHULQDULDXELFDGRHQ&RUR]DO 3URYHHUGHXQHQODFHGHUHG DO+RVSLWDOGH0HGLFLQD9HWH ULQDULDGH&RUR]DO $GTXLVLFLyQH,QVWDODFLyQGHO 6LVWHPDGH9LGHRYLJLODQFLD &RQHOSUR\HFWRGHDGHFXDFLyQ GHODUHGVHOHLQVWDOyDOKRVSLWDO ODLQIUDHVWUXFWXUDGHUHGLQWHUQD TXHGDQGR SHQGLHQWH HO HQODFH FRQ HO &DPSXV 8QLYHUVLWDULR GHELGRDTXHQXHVWURSURYHHGRU DFWXDOQRFXHQWDFRQODLQIUDHV WUXFWXUDQHFHVDULDHQHVWDiUHD 6H OOHYy D FDER XQ DFWR S~ EOLFRHQGRQGHVHOHRWRUJyHO SUR\HFWRDXQDHPSUHVDSULYD 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR FLDUi DO SHU VRQDOTXHODERUDHQHVWDiUHD DVtFRPRWDPELpQDOD)DFXO WDGGH0HGLFLQD9HWHULQDULD\D TXHFRQWDUiQFRQXQDFRPXQL FDFLyQPiVH[SHGLWDFRQHVWD XQLGDG $GTXLVLFLyQ H LQVWDODFLyQ GH XQ HTXLSR GH WHOHIRQtD 9* SDUDOD)DFXOWDGGH$GPLQLV WUDFLyQ3~EOLFD 3HUPLWLU D ORV IXQFLRQDULRV GH OD )DFXOWDG GH $GPLQLVWUDFLyQ 3~EOLFDFRPXQLFDUVHDWUDYpVGH ODVOtQHDVLQWHUQDVGHWHOHIRQtD (O HTXLSR IXH LQVWDODGR HQ OD IDFXOWDG ,QVWDODFLyQGHQXHYRFDEOHD GRGH)LEUDySWLFDSDUDOD)D FXOWDGGH2GRQWRORJtD ,QWHUFRQHFWDUORVHTXLSRVFRQ (OSUR\HFWRIXHFRPSOHWDGRHQ XQ $PSOLDFLyQ GH OD ,PSOHPHQ WDFLyQGHOSURFHVRGH5HVHU YDFLyQGH&XSRVYtD:HE +DELOLWDU HO SURFHVR GH PD WUtFXOD YtD :HE SDUD ORV HV WXGLDQWHV GH OD )DFXOWDG GH $UTXLWHFWXUD VXPiQGRVH DVt HOQ~PHURGHHVWXGLDQWHVTXH GHVGHHODxRSDVDGRFXHQWDQ FRQ HVWD IDFLOLGDG SDUD UHDOL ]DUVXPDWUtFXOD 5HGLVHxR GHVDUUROOR H LP SOHPHQWDFLyQ GHO SRUWDO GH ,QWHUQHWGHOD8QLYHUVLGDGGH 3DQDPi &RQFHQWUDU ORV HVIXHU]RV HQ HO PHMRUDPLHQWR LQWHJUDO GHO SRUWDO ZHE GH OD 8QLYHUVLGDG GH3DQDPiSDUDDFWXDOL]DUOR KDFHUORPiVDPLJDEOH\PiV DWUDFWLYR WXDOL]DFLyQGHWRGRVORVSODQHV GH HVWXGLR LQFRUSRUDQGR ORV SUHUUHTXLVLWRV GH ODV DVLJQD WXUDV FRQ HO DSR\R GH OD )D FXOWDG \ OD 6HFUHWDUtD *HQH UDO 6H UHDOL]y XQD FDPSDxD GH GLYXOJDFLyQ TXH LQFOX\R OD FRQIHFFLyQ \ GLVWULEXFLyQ GH EURFKXUH SDUD UHSDUWLU D ORV HVWXGLDQWHV DVt FRPR XQ SUR FHVRGHLQGXFFLyQPHGLDQWHHO FXDOVHOHVH[SOLFRFRPRUHJLV WUDUVH\UHDOL]DUHOSURFHVRGH UHVHUYDFLyQ (O SUR\HFWR FRPSUHQGH OD UH HVWUXFWXUDFLyQ GH PiV GH SiJLQDV TXH LQWHJUDQ HO 3RU WDO:HE,QFOX\HHOGLVHxRHO OHYDQWDPLHQWR GH OD ,QIRUPD FLyQODFUHDFLyQGHODEDVHGH GDWRV OD WRPD \ DGHFXDFLyQ 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR GH IRWRJUDItDV OD UHDOL]DFLyQ GH WDOOHUHV GH LQGXFFLyQ YL VLWDV D ODV XQLGDGHV DFDGp PLFDV \ DGPLQLVWUDWLYDV \ OD RULHQWDFLyQYtDWHOHIyQLFDDORV IXQFLRQDULRVUHVSRQVDEOHVHQ FDGDiUHD(OSUR\HFWRLQYR OXFUDDIDFXOWDGHVGLUHF FLRQHVFHQWURVUHJLRQDOHV H[WHQVLRQHV LQVWLWXWRV SURJUDPDVDQH[RV\SUR\HF WRVDGLVWDQFLD ,QFUHPHQWDU OD FDQWLGDG GH XVXDULRV TXH OR YLVLWD \ TXH DWUDYpVGHpOVHSXHGDQSUR \HFWDUODVDFWLYLGDGHVDFDGp PLFDVGHH[WHQVLyQHLQYHVWL JDFLyQ TXH VH UHDOL]DQ HQ OD 8QLYHUVLGDGGH3DQDPi (O GLVHxR VH KD FRPSOHWDGR HQXQ6HKDQUHDOL]DGR GRVSUHVHQWDFLRQHVDODVDXWR ULGDGHV XQLYHUVLWDULDV \ FLQFR SUHVHQWDFLRQHVDOD'LUHFFLyQ GH,QIRUPiWLFD 'LUHFFLyQGH3URWRFROR\&HUHPRQLDO 3UR\HFWR0HWD5HVXOWDGR 1RUPDV GH SURWRFROR \ FH UHPRQLDO GH WRGRV ORV DFWRV TXHVHGHVDUUROODQHQOD8QL YHUVLGDGGH3DQDPi 4XH WRGRV ORV DFWRV TXH VH GHVDUUROOHQ HQ OD 8QLYHUVLGDG GH 3DQDPi OOHYHQ OD IRUPDOL GDG\RUGHQDPLHQWRSURSLRVGH ODSULPHUDFDVDGHHVWXGLRV 6H DWHQGLHURQ JUDGXD FLRQHVHQ)DFXOWDGHV&HQ WURV5HJLRQDOHV\([WHQVLR QHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFHU ODV EXHQDV UHOD FLRQHV HQWUH OD 8QLYHUVLGDG GH3DQDPiHOFXHUSRGLSOR PiWLFR \ FRQVXODU ORV RUJD QLVPRVLQWHUQDFLRQDOHV\HQ WLGDGHVS~EOLFDV\SULYDGDV 6HDWHQGLHURQORVFRQJUHVRV IRURV\VLPSRVLRVQDFLRQDOHV H LQWHUQDFLRQDOHV WDOOHUHV SUHVHQWDFLRQHV GH OLEURV FRQGHFRUDFLRQHVHLQDXJXUD FLRQHV GH HYHQWRV DFDGpPL FRV\FXOWXUDOHV 6HWUDPLWDURQORVSDVDSRUWHV RÀFLDOHV TXH VH UHTXLULHURQ HQ HO 0LQLVWHULR GH 5HODFLR QHV([WHULRUHV (YHQWRVGHUHOHYDQFLDLQVWLWXFLRQDODWHQGLGRVSRUOD'LUHFFLyQGH3URWRFROR\&HUHPRQLDO8QLYHUVLWDULR 2ÀFLQDGH5HODFLyQFRQORV*UDGXDGRV25* 3UR\HFWR0HWD5HVXOWDGR )XQFLRQDPLHQWRGHOD2ÀFLQD GH5HODFLyQFRQORV*UDGXD GRV (MHFXFLyQGHORVSUR\HFWRV\ VXFRQWLQXLGDG $FWXDOL]DFLyQGHORVGDWRVGH ORVJUDGXDGRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3iJLQD:HELQVWLWXFLRQDO &RQVWUXFFLyQGHOZHEGHJUD GXDGRV &RQVWUXFFLyQGHOZHEGHORV HJUHVDGRV 'LYXOJDFLyQ GH OD 2ÀFLQD GH 5HODFLyQFRQORV*UDGXDGRV D WUDYpV GH OD KRMD LQIRUPD WLYD &RQVWUXFFLyQGHXQDKRMDLQ IRUPDWLYD ,QIRUPDFLyQ LPSRUWDQWH SDUD ORVJUDGXDGRV\GRFXPHQWRV TXH OH SHUPLWLUiQ DFWXDOL]DU VXVGDWRVSHUVRQDOHV HVWXGLDQWHVTFRQGD WRVDFWXDOL]DGRV (VWH SUR\HFWR KD VLGR GH JUDQ p[LWR FRQ HO JUDGXDGR /D +RMD ,QIRUPDWLYD VH HQ WUHJD D FDGD HVWXGLDQWH TXH KD SDVDGR SRU QXHVWUDV RÀ FLQDV 2ÀFLQD(MHFXWRUDGH3URJUDPDV 3UR\HFWR0HWD5HVXOWDGR 0DQWHQLPLHQWR\UHSDUDFLyQ DHTXLSRVGHODERUDWRULRV FLHQWtÀFRV 7HUPLQDUGHSURSRUFLRQDUORV PDWHULDOHV \ UHSXHVWRV SDUD HO PDQWHQLPLHQWR SUHYHQWLYR \ FRUUHFWLYR GH ORV HTXLSRV GHODERUDWRULRVFLHQWtÀFRVGH ODVIDFXOWDGHVHQHO&DPSXV &HQWUDO\ORV&HQWURV5HJLR QDOHV8QLYHUVLWDULRV )LQDOL]D HO DxR FRQ OD XWLOL]DFLyQ GHO VDOGR GH ORV IRQGRV GHO SUHVXSXHVWR GH LQYHUVLyQ SRU % GHVWLQDGRV D OD UHSDUDFLyQ \ PDQWHQLPLHQWR GH HTXLSRVGHODERUDWRULRVFLHQ WtÀFRV GH ORV FXDOHV HQ HO &DPSXV &HQWUDO VH DWHQGLH URQ \ HQ ORV &HQWURV 5HJLRQDOHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $GHFXDFLRQHVGHOD(VFXHOD GH4XtPLFDGHOD)DFXOWDGGH &LHQFLDV 1DWXUDOHV ([DFWDV \7HFQRORJtD $GHFXDUODVLQVWDODFLRQHVGHO PLFD GHPROLFLyQ H LQVWDOD FLyQGHSLVRVLQVWDODFLyQGH H[WUDFWRUHVGHJDVHVWy[LFRV FDPELRGHOXPLQDULDV\SLQWX UDHSy[LFDHQORVODERUDWRULRV \SDVLOORV6XVWLWXLUODYHQWLOD FLyQGHPDGHUDH[LVWHQWHSRU YHUMDV $GTXLULUXWLOHUtDGHODERUDWR ULRSDUDODV)DFXOWDGHVGH &LHQFLDV1DWXUDOHV\&LHQ FLDVGHOD6DOXG $GTXLVLFLyQGHXWLOHUtDGHOD ERUDWRULR SDUD ODV )DFXOWD GHV GH &LHQFLDV 1DWXUDOHV &LHQFLDV GH OD 6DOXG \ &HQ WURV 5HJLRQDOHV 8QLYHUVLWD ULRV $GTXLULU HTXLSRV GH ODERUD WRULRV PDWHULDOHV \ XWLOHUtD SDUD ORV )DFXOWDGHV \ &HQ WURV5HJLRQDOHV 3URYHHUGHHTXLSRVGHODER FXOWDGHV\DORV&HQWURV5H JLRQDOHV8QLYHUVLWDULRV 6H FRQFUHWD HO SUR\HFWR GH DGHFXDFLyQ 6HHQWUHJDXWLOHUtDGHODERUD WRULR D ORV &HQWURV 5HJLRQD OHV\)DFXOWDGHVHQHO&DP SXV&HQWUDOSRUXQPRQWRGH % 6HDGTXLHUHQHTXLSRVFRPR 0LFURVFRSLRV(TXLSRGH3X GH(VSHFWURPHWUtD1HYHUDV ,QFXEDGRUDV 0XOWLJDV 0L FURVFRSLR ,QYHUWLGR &iPD UDVGH([WUDFFLyQGH*DVHV (VWHUHRVFRSLRV PDWHULDOHV \ YLGULHUtD SDUD ODERUDWRULRV HQWUHRWURV 8QLGDGHV &58GH /RV6DQWRV % &58GH %RFDVGHO7RUR &58&ROyQ &58GH 9HUDJXDV &58GH 3DQDPi2HVWH 7pFQLFRV UHDOL]DQGR UHSDUDFLRQHV HQ HO &HQWUR 5HJLRQDO 8QLYHUVLWDULR GH &KLWUp &58GH&RFOp 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR ([WHQVLyQGH $JXDGXOFH &LHQFLDV$JUR SHFXDULRV /DE)HFXQ GDFLyQ,QYLWUR )DFXOWDGGH )DUPDFLD )DFXOWDGGH 0HGLFLQD )DFXOWDGGH &LHQFLDV1DWX UDOHV([DFWDV \7HFQRORJtD &OtQLFDGH &XUXQG~ &58GH$]XHUR (QWUHJDGHHTXLSRVHQHO&HQWUR5HJLRQDO8QLYHUVLWDULRGH&RFOp 0DQWHQLPLHQWR \ UHSDUDFLyQ D HTXLSRV GH ODERUDWRULRV FLHQWt ([WHQVLyQ 'DULpQ 7HUPLQDUGHSURSRUFLRQDUORV PDWHULDOHV \ UHSXHVWRV SDUD HO PDQWHQLPLHQWR SUHYHQWLYR \ FRUUHFWLYR GH ORV HTXLSRV 6H LQLFLD HO DxR FRQ OD FRQ WUDWDFLyQ GH GRV WpFQLFRV SDUD OD UHSDUDFLyQ \ PDQWH QLPLHQWR GH ORV HTXLSRV GH ODV )DFXOWDGHV HQ HO &DP SXV&HQWUDO\HQORV&HQWURV 5HJLRQDOHV8QLYHUVLWDULRV ODV )DFXOWDGHV GH ODV &LHQ FLDV1DWXUDOHV&LHQFLDVGHOD 6DOXG\&LHQFLDV$JUDULDVHO &DPSXV &HQWUDO \ HQ &HQ WURV5HJLRQDOHVSRUXQPRQWR GH% 6HKDQLQVWDODQGROXPLQD $GHFXDFLRQHV GH OD (VFXHOD GH)tVLFD)DFXOWDGGH&LHQFLDV 1DWXUDOHV ([DFWDV \ 7HFQROR JtD $GHFXDUODVLQVWDODFLRQHVGH OD (VFXHOD GH )tVLFD GH OD )DFXOWDG GH &LHQFLDV 1DWX UDOHV([DFWDV\7HFQRORJtD &RRUGLQDFLyQ \ VHJXLPLHQWR DODVDGHFXDFLRQHVGHOD6DOD GH(VWXGLRV\GHO&HQWURGH,Q YHVWLJDFLyQGH0HGLFDPHQWRV\ 7y[LFRVGHOD)DFXOWDGGH)DU $GHFXDUODViUHDVGHHVWXGLR \GHO&HQWURGH,QYHVWLJDFLyQ GH 0HGLFDPHQWRV \ 7y[LFRV GH OD )DFXOWDG GH )DUPDFLD SLQWDGRORVVDORQHV\SDVLOORV GHGLFKDHVFXHODFRQXQDLQ YHUVLyQGH% 6HWHUPLQDHOWUDEDMRGHHVWDV iUHDVFRQYHQWDQDOGHYLGULR SLQWDGRFRQFLHORUDVRPREL OLDULRGHHVWXGLR²PHVDVFRQ OXPLQDULDV(OWUDEDMRLQFOX\H ORV $$ TXH TXHGDQ IXQFLR QDQGRSHUIHFWDPHQWH 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $SR\RSDUDODDGPLQLVWUDWLYR GH IRQGRV GH FDSDFLWDFLyQ GHO SHUVRQDO DGPLQLVWUDWLYR UHODFLRQDGRVFRQHOSUR\HFWR GH 0RGHUQL]DFLyQ \ 6LPSOLÀ FDFLyQGH3URFHVRV$GPLQLV WUDWLYRV &DSDFLWDUDOSHUVRQDODGPL QLVWUDWLYRTXHOD'LUHFFLyQGH 3HUVRQDOLQGLTXHSDUDODPR GHUQL]DFLyQ \ VLPSOLÀFDFLyQ GHOSURFHVRVDGPLQLVWUDWLYRV 'HO IRQGR DVLJQDGR VH KD HMHFXWDGR HO HQ ODV FD SDFLWDFLRQHVGHOSHUVRQDODG PLQLVWUDWLYR SDUD HO SUR\HFWR GH PRGHUQL]DFLyQ \ VLPSOLÀ FDFLyQGHORVSURFHVRVDGPL QLVWUDWLYRVGHO6,3$)FRQXQD LQYHUVLyQGH% 7HUPLQDU ODV DGHFXDFLRQHV GH OD (VFXHOD GH 4XtPLFD GH OD )DFXOWDG GH &LHQFLDV 1DWXUDOHV ([DFWDV \ 7HFQR ORJtD 7HUPLQDUGHDGHFXDUODVLQV WDODFLRQHV GHO HGLÀFLR GH OD (VFXHODGH4XtPLFD (VWD HWDSD ÀQDOL]D FRQ HO FXPSOLPLHQWR GHO GH ODVDFWLYLGDGHV 6HLQVWDODURQ )XHQWHVGHDJXD /XPLQDULDV $EDQLFRVGH7HFKR ([WUDFWRUHVGHDLUH 0W %DOGRVDGH 3RUFHODQDWR 9HUMDV $$GH%78 $$GH /HWUHURV 0HVDVGH /DERUDWRULRV 3LQWXUD(Sy[LFD\ PDWHULDOHV &RUWLQDV 0RQWRGH% 5HVWDXUDFLyQGHODFOtQLFDPyYLOGH(QIHUPHUtD 5(1',&,Ð1'(&8(17$6 2UJDQLVPR(OHFWRUDO8QLYHUVLWDULR 3UR\HFWR0HWD5HVXOWDGR &DSDFLWDFLyQGLULJLGDDHQOD FHV GHO 2UJDQLVPR (OHFWRUDO 8QLYHUVLWDULR ,OXVWUDUHLQIRUPDUDQXHVWURV HQODFHV VREUH WHPDV GH LP SRUWDQFLD VREUH OD HOHFFLyQ FRQYRFDGD 'HVDUUROOR HÀFD] \ RUGHQDGR TXHJDUDQWL]DFODULGDGHQGL FKRSURFHVR &DSDFLWDFLyQGLULJLGDDHQOD FHV 'LUHFWRUHV GH &HQWURV 5HJLRQDOHV &RRUGLQDGRUHV GH ([WHQVLRQHV 8QLYHUVLWD ULDV (QWUHJDGH0DWHULDOHVHOHFWR UDOHV\EROHWDVGHYRWDFLyQ 0DWHULDOHV HOHFWRUDOHV \ EROH WDVGHYRWDFLyQHQWUHJDGRV *LUDDODVSURYLQFLDVFHQWUDOHV $FHUFDPLHQWRFRQORVHQODFHV HOHFWRUDOHV 6H ORJUD XQD EXHQD FRPXQL FDFLyQFRQORVHQODFHV (OHFFLRQHV GH ORV UHSUHVHQ WDQWHV GH ORV SURIHVRUHV \ HVWXGLDQWHV $QWH HO FRQVHMR JHQHUDOXQLYHUVLWDULR 5HDOL]DUHQIRUPDRUGHQDGD\ WUDQVSDUHQWHODVHOHFFLRQHV 5HFRQRFLPLHQWRDORVHOHFWRV )DFXOWDGGH(FRQRPtD$XGLWRULR-RVp'RORUHV0RVFRWHGXUDQWHFHOHEUDFLyQGHOUHIHUpQGXP 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR (OHFFLRQHV GH UHSUHVHQWDQ WHV HVWXGLDQWLOHV DQWH -XQWD GH )DFXOWDG \ GH (VFXHOD \ GLUHFWLYDVGHFHQWURGHHVWX GLDQWHV 5HDOL]DUHQIRUPDRUGHQDGD\ WUDQVSDUHQWHODVHOHFFLRQHV 5HFRQRFLPLHQWRDORVHOHFWRV &HOHEUDFLyQGHUHIHUHQGXP GHMXQLRGH 'H OD SURSXHVWD GH UHIRUPD GH OD OH\ RUJiQLFD GH OD 8QL YHUVLGDG GH 3DQDPi SDUD OD UHHOHFFLyQGH5HFWRU 8QSURFHVRWUDQVSDUHQWH\GH PRFUiWLFRPHGLDQWHHOFXDOORV WUHVHVWDPHQWRVXQLYHUVLWDULRV HPLWLHURQ VX YRWR UHVXOWDQGR HO FRQWHR ÀQDO IDYRUDEOH D OD UHHOHFFLyQ 3URFODPDFLyQ GHO WULXQIR GHO VLHOGHMXOLRGH &XPSOLU FRQ HO SURFHVR GHO 5HJODPHQWRGH(OHFFLRQHV 'DU D FRQRFHU HO UHVXOWDGR ÀQDO (OGLUHFWRUGHO2UJDQLVPR(OHFWRUDO8QLYHUVLWDULR5RODQGR0XUJDV7RUUD]DGXUDQWHFRQIHUHQFLDGHSUHQVDRIUHFLGDD ORVPHGLRVGHFRPXQLFDFLyQ 5(1',&,Ð1'(&8(17$6 &DPSXV+DUPRGLR$ULDV0DGULG 3UR\HFWR0HWD5HVXOWDGR 'RWDU DO &DPSXV +DUPRGLR $ULDV 0DGULG GH XQD FDIHWH UtD TXH RIUH]FD XQ VHUYLFLR GH FDOLGDG D ORV HVWXGLDQWHV GRFHQWHV\DGPLQLVWUDWLYRVGH HVWHFDPSXV &DIHWHUtDWHUPLQDGD\SUHVWDQ GRHOVHUYLFLRDODFRPXQLGDG XQLYHUVLWDULD 'DU PDQWHQLPLHQWR D WRGRV PRGLR$ULDV0DGULG ,QLFLDGRFRQODDGTXLVLFLyQGH GRV PiTXLQDV ODYDGRUDV GH SUHVLyQ 'RWDUDORVJLPQDVLRVGHORV HTXLSRVQHFHVDULRV ,QVWDODFLyQ GH XQ WDEOHUR HOHFWUyQLFRHQXQRGHORVJLP QDVLRVSDUDXVRDFDGpPLFR $GTXLVLFLyQ GH XQ WDEOHUR HOHFWUyQLFR 6LVWHPDGHFRPXQLFDFLyQ 0HMRUDU OD FRPXQLFDFLyQ HQ HO &DPSXV +DUPRGLR $ULDV 0DGULG &RQVWUXFFLyQ GH XQD QXHYD FDIHWHUtD 6HUYLFLR GH OLPSLH]D GH ORV ,QLFLDQGR FRQ OD DGTXLVLFLyQ GHXQDFHQWUDOWHOHIyQLFD (O'U*XVWDYR*DUFtDGH3DUHGHV\HO'U1HOVRQ1RYDUURGXUDQWHODLQDXJXUDFLyQGHODFDIHWHUtDGH&XUXQGX 81,9(56,'$''(3$1$0É $GTXLVLFLyQGHQXHYDVLOODGHQWDO 3UR\HFWR0HWD5HVXOWDGR 0HMRUDU OD VHJXULGDG HQ HO 'RPR8QLYHUVWDULR $SR\DU DO FXHUSR GH VHJXUL GDGHQODYLJLODQFLDGHO&DP SXV+DUPRGLR$ULDV0DGULG $GHFXDFLyQGHODHQWUDGDGHO 'RPR8QLYHUVWDULR 0HMRUDU HO DVSHFWR GH OD HQ WUDGD SULQFLSDO GHO &DPSXV +DUPRGLR$ULDV0DGULG 6HUYLFLRGHPDQWHQLPLHQWR\ OLPSLH]DGHODSLVFLQD 0DQWHQHU HQ ySWLPDV FRQ GLFLRQHV OD SLVFLQD GH HVWH &DPSXV $GTXLVLFLyQGHVLOOyQGHQWDO 'RWDUGHXQHTXLSRDSURSLDGR D OD FOtQLFD RGRQWROyJLFD GH HVWH&DPSXV (VWiHQSURFHVRGHFRPSUD +DELOLWDFLyQ GHO 7DOOHU GH$U WHV9LVXDOHV 'RWDU GH XQ HVSDFLR ItVLFR TXHOHSHUPLWDDORVHVWXGLDQ WHV GH %HOODV $UWHV UHDOL]DU VXVODERUHVDFDGpPLFDVGHOD PDWHULDGH(VFXOWXUD 7DOOHUGHDUWHVYLVXDOHVWHUPL QDGR $GTXLVLFLyQGHFiPDUDVGHYL JLODQFLD 6XPLQLVWUR GH SXHUWDV GH YL GULRSDUDODHQWUDGDSULQFLSDO 6HUHDOL]DWUHVYHFHVDODVH PDQD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 0DQWHQLPLHQWR GHO VLVWHPD GHDLUHVDFRQGLFLRQDGRV 'DU PDQWHQLPLHQWR \ FDP ELDUORVUHSXHVWRVQHFHVDULRV SDUDTXHHODLUHDFRQGLFLRQD GRIXQFLRQHDGHFXDGDPHQWH $GTXLVLFLyQ GH WUHV EORZHUV FRPSOHWRSDUDXVRHQODVPD QHMDGRUDV \ DGTXLVLFLyQ GH WUHVHMHVGULYHSDUDODVWRUUHV GHHQIULDPLHQWR 0HMRUDUODHÀFLHQFLDDGPLQLV WUDWLYD &RQWDU FRQ XQ HTXLSR TXH SHUPLWD OD IDFLOLGDG GH FRSLD GH GRFXPHQWRV QHFHVDULRV HQODRÀFLQD $GTXLVLFLyQ GH XQD IRWRFR SLDGRUD (PEHOOHFLPLHQWR GHO 'RPR 8QLYHUVLWDULR 'DU XQ PHMRU DVSHFWR DO 'RPR 8QLYHUVLWDULR SDUD TXH VHD XWLOL]DGR HQ WRGR WLSR GH HYHQWRV &RPSUDGHFDUULOHUDVSDUDODSLVFLQD $GTXLVLFLyQ \ FRORFDFLyQ GH FRUWLQDVHQHO'RPRWHUPLQDGR 81,9(56,'$''(3$1$0É 3HULyGLFRGHOD8QLYHUVLGDG 3UR\HFWR0HWD5HVXOWDGR 'LUHFFLyQGHOVHPDQDULR 5HVSDOGDU D OD LQVWLWXFLyQ D WUDYpVGH(O6HPDQDULR/D8 FRPRVXYR] (O SHULRGLVPR D REWHQLGR UH VXOWDGRVDWLVIDFWRULRFRPRXQD SROtWLFDGHGLYXOJDFLyQ 'LYXOJDFLyQGHODRIHUWDDFD GpPLFD\GHODVDFWLYLGDGHV HQJHQHUDOGHODXQLYHUVLGDG &DQDOL]DUODVSXEOLFDFLRQHVGH VXSOHPHQWRV \ SiJLQDV TXH SHUPLWDQ LQJUHVRV SDUD ODV À QDQ]DVGHOD8QLYHUVLGDG 3HUPDQHQWHPHMRUtDGHODFD OLGDGGHOSURGXFWRORTXHVLJ QLÀFDTXHVHUHÁHMDFXDOLWDWLYD \FXDQWLWDWLYDPHQWH ,QJUHVRSRUDXWRJHVWLyQ )RUWDOHFHU OD HVWUXFWXUD GH SXEOLFLGDG \ YHQWD GH DQXQ FLRVSDUD TXH JHQHUH IRQGRV GHDXWRJHVWLyQ 5HVXOWDGRV KDQ VLGR EHQHÀ FLRVRVSDUDODLQVWLWXFLyQ 'LUHFFLyQ8QLYHUVLGDG²(PSUHVD 3UR\HFWR0HWD5HVXOWDGR 0RGHORGLQiPLFRGHYLQFXOD FLyQ8QLYHUVLGDG²(PSUHVD ²(VWDGR8Q(( &RPSOHWDU OD SULPHUD IDVH FRQ OD SUHVHQWDFLyQ GH XQD SURSXHVWD GH YLQFXODFLyQ TXHHVWiUHSUHVHQWDGRSRUHO (VWDGRHOVHFWRUHPSUHVDULDO \ODDFDGHPLD 6H KD HODERUDGR HO 3UR\HF WR 81(( FRQ OD SDUWLFLSDFLyQ GH WRGDV ODV XQLYHUVLGDGHV S~EOLFDV OD 8QLYHUVLGDG /DWL QD &RVSDH \ 803<0( 6H KDSDUWLFLSDGRHQUHXQLRQHV\ WDOOHUHV FRQ UHSUHVHQWDQ WHV GH OD 8QLYHUVLGDG 7HFQR OyJLFD 8QLYHUVLGDG 0DUtWLPD 8QLYHUVLGDG(VSHFLDOL]DGDGH ODV$PpULFDV8QLYHUVLGDG/D WLQD&RVSDH\803<0(6H KDHODERUDGRODSURSXHVWDTXH VHUi SUHVHQWDGD D ODV DOWDV DXWRULGDGHVGHODV8QLYHUVLGD GHVSDUWLFLSDQWHV\UHSUHVHQWDQ WHVHPSUHVDULDO 5(1',&,Ð1'(&8(17$6 (QHODFWRGHSUHVHQWDFLyQGHOSUR\HFWRVHKL]RHQWUHJDGHSODFDGHUHFRQRFLPLHQWRDO'U*XVWDYR *DUFtDGH3DUHGHV 3UR\HFWR0HWD5HVXOWDGR 6LVWHPD GH ,QFXEDFLyQ SDUD HO'HVDUUROOR(PSUHVDULDOGH OD5HS~EOLFDGH3DQDPi )RUWDOHFLPLHQWR GH OD YLQFX ODFLyQ8QLYHUVLGDG(PSUHVD FRQ HO VHFWRU S~EOLFR SULYD GR21*6\RWUDVRUJDQL]D FLRQHVFRQODFUHDFLyQGHXQ HQWRUQR SDUD OD LQFXEDFLyQ FRQ LQLFLDWLYDV HPSUHQGH GRUDV HQ GLVWLQWDV iUHDV GH JHVWLyQ (O SUR\HFWR SURPRYHUi HO GHVDUUROOR GH XQD FXOWXUD GH IRPHQWR HPSUHVDULDO \ GHO FDSLWDOKXPDQRSDUDRULHQWDU GHVGH OD JHQHUDFLyQ GHO FR QRFLPLHQWR6HKDLQLFLDGROD LPSOHPHQWDFLyQGHLQFXED GRUDV &HQWUR GH ,QQRYDFLyQ H ,QFXEDGRUD (PSUHVDULDO GH$]XHUR &HQWUR ,QQRYDFLyQ \ 'HVDUUROOR (PSUHVDULDO )$(&283 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 6LVWHPD GH ,QFXEDFLyQ SDUD HO'HVDUUROOR(PSUHVDULDOGH OD5HS~EOLFDGH3DQDPi &RPSOHWDU OD SULPHUD IDVH GH FDSDFLWDU D ORV GRFHQWHV SDUD VHU IDFLOLWDGRUHV GH ID FLOLWDGRUHV &DSDFLWDFLyQ D ORV HPSUHQ GHGRUHV \ 3\PHV GH SODQHV GH QHJRFLRV \ JHVWLyQ GH OD FDOLGDG &RQFOX\yHOSULPHU6HPLQDULR GH &,,( &58$$FWXDOPHQWH VH FDSDFLWDQ GRV JUXSRV GH GRFHQWHVHQHO&,'()$(&2 ²83 &RPLVLyQGH7UDEDMRFRPSXHVWDSRUOD3URIHVRUD0D\UD/HH²'LUHFWRUDGH'81,9(0HO3URIHVRU -RVp/XLV6ROtV&HGHxR²'LUHFWRU&58$\ORVGLUHFWRUHVGHODV,QFXEDGRUDVGH&58$3URIHVRU/HR QDUGR&ROODGR\HO3URIHVRU+RUDFLR5RGUtJXH]GH)$(&2 5(1',&,Ð1'(&8(17$6 &RPSOHMR+RVSLWDODULR9HWHULQDULRGH&RUR]DO 3UR\HFWR0HWD5HVXOWDGR 0HMRUDVGHODVLQVWDODFLRQHV ItVLFDVGHOKRVSLWDO,HWDSD 0HMRUDUHOHVWDGRItVLFRGHiUHD GHFOtQLFDUHFHSFLyQFRQVXOWR ULRVODERUDWRULRiUHDVGHFLUX JtDQHFURSVLD\SHUUHUDV ÉUHD DGPLQLVWUDWLYD 'LUHF FLyQ UHFHSFLyQ DGPLQLVWUD FLyQ ÉUHD FOtQLFD VH FRQIHFFLRQy HLQVWDOyPRGXODUSDUDHOiUHD GH UHFHSFLyQ HQ ORV FRQVXO WRULRV VH LQVWDODURQ PXHEOHV PRGXODUHV EDOGRVDV \ D]XOH MRVHQSDUHGHV\SLVRODYD PDQRVFLHORUDVR\OXPLQDULDV QXHYDV (Q HO ODERUDWRULR VH LQVWDODURQSXHUWDV\YHQWDQDV GHYLGULR\DOXPLQLR (Q HO iUHD GH FLUXJtD VH LQV WDOy ODYDPDQRV FRQ JULIR GH VHQVRU 3HUUHUDV 6H LQVWDODURQ EDO GRVD\D]XOHMRVHQSLVRV\SD UHGHV VH UHSDUDURQ ODV VXV SHQGLGDV\ODVSXHUWDVGHORV FXEtFXORV 3LQWXUDHQJHQHUDO ÉUHD DGPLQLVWUDWLYD ,QVWDOD FLyQGHEDOGRVDVYHQWDQDVGH YLGULR\DOXPLQLRHQRÀFLQDV\ ODERUDWRULR\SLQWXUDHQJHQH UDO ,PSDFWRHQODSREODFLyQ²6D WLVIDFFLyQSRUODQXHYDLPDJHQ TXHEULQGDHO&RPSOHMR9HWH ULQDULR 9LVWDGHOiUHDGHDWHQFLyQGHOD&OtQLFD %HQHÀFLDULRV FOLHQWHV \ FROD ERUDGRUHV 81,9(56,'$''(3$1$0É (VWXGLDQWHVGHODIDFXOWDGGH0HGLFLQD9HWHULQDULDUHFLEHQLQVWUXFFLRQHVSRUSDUWHGHOSHUVRQDOGHO&RPSOHMR+RVSL WDODULRGH&RUR]DO 3UR\HFWR0HWD5HVXOWDGR 0DQWHQLPLHQWR \ UHSDUDFLyQ GHSODQWDHOpFWULFD 0DQWHQHU OD SODQWD HOpFWULFD HQEXHQHVWDGRSDUDORVHSL VRGLRVGHIDOWDGHÁXLGRHOpF WULFR $PSOLDFLyQ GH OD FREHUWXUD GHO KRUDULR GHO VHUYLFLR TXH EULQGD HO &RPSOHMR +RVSLWD ODULR %ULQGDUHOVHUYLFLRGHPDQHUD LQLQWHUUXPSLGD ORV GtDV GHODxR $PSOLDFLyQ GH OD FREHUWXUD GHO KRUDULR GHO VHUYLFLR TXH EULQGD HO &RPSOHMR +RVSLWD ODULR $XPHQWDUORVLQJUHVRVSRUORV VHUYLFLRV EULQGDGRV ,QJUHVR SURPHGLRDQWHULRU% PHQVXDODSUR[LPDGDPHQWH 5HSDUDFLyQ\SXHVWDHQPDU FKD GH OD SODQWD HOpFWULFD EH QHÀFLDQGR D ORV DGPLQLVWUDWL YRV \ FOLHQWHV GHO &RPSOHMR \DTXHDIDOWDGHÁXLGRHOpFWUL FRHOVHUYLFLRHVFRQWLQXR $ UDt] GH OD DSUREDFLyQ SRU SDUWHGHO&RQVHMR$GPLQLVWUD WLYR GH OD 8QLYHUVLGDG GH 3D QDPi GHO QXHYR KRUDULR \ OD FRQWUDWDFLyQGHSHUVRQDOPH GLFRHOKRVSLWDOWUDEDMDORV GtDVGHODxR &RQ OD UHYLVLyQ GHO OLVWDGR GH SUHFLR\HOFDPELRGHKRUDULR HO KRVSLWDO HVWi IDFWXUDQGR %PHQVXDOHVDSUR[L PDGDPHQWH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR ,PSDFWR HQ OD XQLGDG HQ PD WHULD GH SUHVXSXHVWR ² 6RO YHQFLDSDUDDIURQWDUORVJDVWR RSHUDWLYRV 3UR\HFFLyQ GHO &RPSOHMR +RVSLWDODULR HQ OD FRPXQL GDG $XPHQWDUODFDUWHUDGHFOLHQ WHV\EULQGDUVHUYLFLRVRFLDOD ODFRPXQLGDG ,QVWDODFLRQHVGHO&RPSOHMR+RVSLWDODULRGH&RUR]DO 0HGLDQWH OD SDUWLFLSDFLyQ HQ ODV IHULDV FRPXQLWDULDV \ OD SURPRFLyQ GHO KRVSLWDO D WUD YpV GH YRODQWHR HQ OXJDUHV HVSHFtÀFRV VH ORJUy DXPHQ WDU OD FDQWLGDG GH FRQVXOWDV \ VHUYLFLRV EULQGDGRV HQ HO &RPSOHMR ,,9,&(55(&725Ì$6 81,9(56,'$''(3$1$0É ,,9,&(55(&725Ì$6 9LFHUUHFWRUtD$FDGpPLFD /D9LFHUUHFWRUtD$FDGpPLFDOOHYyDFDERODJHVWLyQDFDGpPLFDHÀFLHQWH\HÀFD]PHQWHORTXHSHUPLWLy IDFLOLWDUODDGHFXDGDODERUTXHVHGHVDUUROODHQODV)DFXOWDGHV&HQWURV5HJLRQDOHV8QLYHUVLWDULRV\([ WHQVLRQHV8QLYHUVLWDULDVJDUDQWL]DQGRODFDOLGDGHQORVSURFHVRGHHQVHxDQ]DDSUHQGL]DMHHQDOiPELWR GHSUHJUDGR\JUDGR (O 'RFWRU -XVWR 0HGUDQR HQ UHXQLyQ SDUD HYDOXDFLyQ GHO GRFXPHQWR GH 5HQGLFLyQ GH &XHQWDV GH OD 9LFHUUHFWRUtD$FDGpPLFD 'HVSDFKR6XSHULRU 3UR\HFWR0HWD5HVXOWDGR *HVWLyQ DFDGpPLFD SDUD OD HÀFLHQFLD \ FDOLGDG GH ORV SURFHVRVDFDGpPLFRVDGPL QLVWUDWLYRV *DUDQWL]DU OD Pi[LPD HÀ FLHQFLDGHORVSURFHVRVDFD GpPLFRV 'HVDUUROOy FXDUHQWD UHXQLRQHVGHOD&RPLVLyQGH $VXQWRV $FDGpPLFRV SDUD OD HYDOXDFLyQ \ GLVFXVLyQ GH WHPDV DFDGpPLFRV TXH VH SUHVHQWDURQ DO &RQVHMR$FDGpPLFR SDUD VX DSUREDFLyQ 5(1',&,Ð1'(&8(17$6 &RPLVLyQGHDVXQWRV$FDGpPLFRVDQDOL]DQGRWHPDVFRUUHVSRQGLHQWHVDO&RQVHMR$FDGpPLFR 3UR\HFWR0HWD5HVXOWDGR 3DUWLFLSDFLyQ HQ SUR\HFWRV HVSHFLDOHV SDUD Q~FOHR FR P~Q8QLYHUVLGDG9LUWXDO3D UHV ([WHUQRV 7UDVIRUPDFLyQ $FDGpPLFD&XUULFXODU 7UiPLWH GH GRV PLO TXLQLHQ WDV VHVHQWD \ QXHYH QRWDVHQHOSHUtRGRGHMXOLRD GLFLHPEUHGH\WUHVPLO RFKHQWD \ FLQFR FR UUHVSRQGLHQWH D HQHURMXOLR GH -RUQDGDV DFDGpPLFDV HQ HO H[WHULRU &XPSOLUFRQORVFRPSURPLVRV LQVWLWXFLRQDOHV SDUD DWHQGHU WHPiWLFDDFDGpPLFD 5HSUHVHQWDFLyQHQHO6HJXQ GR (QFXHQWUR GH 5HFWRUHV 8QLYHUVLD HQ *XDGDODMDUD 0p[LFR 81,9(56,'$''(3$1$0É 'LUHFFLyQ$GPLQLVWUDWLYD 3UR\HFWR0HWD5HVXOWDGR 'HVDUUROOR DGPLQLVWUDWLYR GH OD9LFHUUHFWRUtD$FDGpPLFD &RQWDU FRQ ORV LQVXPRV HTXLSRV \ OD ORJtVWLFD QHFH VDULD SDUD OD UHDOL]DFLyQ GH ORV HYHQWRV \ DFWLYLGDGHV DFDGpPLFDVGHOD9LFHUUHFWR UtD$FDGpPLFD 6H HMHFXWy HO GHO SUH VXSXHVWRGHIXQFLRQDPLHQWR UHFLELpQGRVH HO GH ORV HTXLSRV \ VXPLQLVWUR D GL FLHPEUHGH 'H HQHUR D PDU]R GH VHUHFLELyHOUHVWDQWHGH ODV FRPSUDV HIHFWXDGDV FRQ SUHVXSXHVWR 'HO SUHVXSXHVWR VH KD FRPSURPHWLGR HO GH IXQFLRQDPLHQWR\GH DXWRJHVWLyQ ,PSUHVLyQ GH WUHV PLO RFKR FLHQWDV GRFXPHQWRV UHODFLRQDGRV D HYDOXDFLyQ GH WtWXORVFLHQWRFLQFXHQWD GRFXPHQWRV GH HVWUXFWXUD DFDGpPLFD FLHQWR FLQFXHQWD LQIRUPHV GH HYDOXDFLyQ GH FDUUHUD WpFQLFD FLQFXHQWD MXHJRVGHUHJODPHQWRSRU UHVROXFLyQ GH SURIHVRUHV HV SHFLDOHV\DVLVWHQWHVGRVFLHQ WRVFLQFXHQWDVPDQXD OHVGHXVXDULRVGH%DQFRGH 'DWRVGRVFLHQWDVFLQFXHQWDV DÀFKHV GHO FDOHQGDULR DFDGpPLFR TXLQ FH GRFXPHQWRV SDUD FRPLVLyQ GH WUDQVIRUPDFLyQ DFDGpPLFD FXUULFXODU GH OD HGXFDFLyQPHGLDFLHQWRFLQ FXHQWDJXtDSDUDODHOD ERUDFLyQ GH OD RUJDQL]DFLyQ DFDGpPLFD WUHV PLO TXLQLHQ WDV4XLMRWDGDV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 7UiPLWH GH YLiWLFRV SDUD HO GHVDUUROORGHFXDWURMRU QDGDV DFDGpPLFDV HQ ORV &HQWURV5HJLRQDOHVGRV SDUDIRUWDOHFHUORVSURFHVRV GH %DQFR GH 'DWRV \ GRV SDUD DVHVRUDU OD HODER UDFLyQ GH OD 2UJDQL]DFLyQ $FDGpPLFD $GTXLVLFLyQGHHTXLSRVSDUD HO IXQFLRQDPLHQWR GH OD 9LFHUUHFWRUtD$FDGpPLFD &RQWDU FRQ ORV HTXLSRV UH TXHULGRVSDUDODFRQVHFXFLyQ HÀFLHQWHGHODVODERUHVGHOD 9LFHUUHFWRUtD$FDGpPLFD $GTXLVLFLyQ GH GRV ODSWRS GRV SUR\HFWRUHV FXDWUR LPSUHVRUDV ODVHU XQD JUDEDGRUD GLJLWDO WUHVVFDQQHUWUHVPR QLWRUHV XQ LQWHUFRP VLH WH836XQDPiTXLQD IUDQTXHDGRUD GH FKHTXHV GRV FRPSXWDGRUDV FXD WURDLUHVVSOLWGRQDGRVSRU HO5HFWRU )RUWDOHFLPLHQWR GHO SUHVX SXHVWRGHDXWRJHVWLyQ *HQHUDU LQJUHVRV SRU VHU YLFLRV YDULRV RIUHFLGRV TXH IDFLOLWHQ OD DWHQFLyQ GH ODV QHFHVLGDGHV 6HJHQHUyXQIRQGRSRUWUHV PLOVLHWH%GyOD UHVHQHO\GRVPLOGLH FLQXHYHGyODUHVGH HQHURDMXOLR 3HUIHFFLRQDPLHQWRGHOUHFXU VRKXPDQR &DSDFLWDU DO SHUVRQDO DGPL QLVWUDWLYRHQQXHYDVWpFQLFDV TXH IDFLOLWH HO FXPSOLPLHQWR GHODVODERUHV\ODFDOLGDGGH VHUYLFLRV 6H FDSDFLWDURQ RFKR IXQFLRQDULRV HQ FXUVRV GH ([FHO UHODFLRQHV ODERUDOHV DQWHSUR\HFWR GH SUHVXSXHV WRQRUPDVGHFRQWUROLQWHUQR \GLGiFWLFDGHOQLYHOVXSHULRU $VLVWHQFLD ORJtVWLFD D &RPLVLyQ GH &RQVHMR GH )DFXOWDGHV\GH&HQWURV5H JLRQDOHV \ ([WHQVLRQHV 8QL YHUVLWDULDV )DFLOLWDUHOGHVDUUROORGHUHXQLR QHVGHORV&RQVHMRVGH)DFXO WDGHV\GH&HQWURV5HJLRQDOHV \([WHQVLRQHV'RFHQWHV 6H EULQGy DSR\R ORJtVWLFR GH GLHWD H LQIUDHVWUXFWXUD SDUD HO GHVDUUROORGHYHLQWHUHXQLR QHVGHORV&RQVHMRVGH)DFXO WDGHV &HQWURV 5HJLRQDOHV \ ([WHQVLRQHV'RFHQWHV 81,9(56,'$''(3$1$0É 'LUHFFLyQ&XUULFXODU\(YDOXDFLyQGH'RFXPHQWDFLRQHV$FDGpPLFDV 3UR\HFWR0HWD5HVXOWDGR 0RGHUQL]DFLyQ GH OD RIHUWD DFDGpPLFD $FWXDOL]DU FDUUHUDV H[LVWHQ WHV \ DSUREDU QXHYDV FDUUH UDV GH DFXHUGR D ODV WHQ GHQFLDV \ GHPDQGDV GH OD VRFLHGDG 6H DQDOL]DURQ GLHFLVpLV GLDJQyVWLFRVGHFDUUHUDVGH)D FXOWDGHV&HQWURV5HJLRQDOHV\ ([WHQVLRQHV8QLYHUVLWDULDV )RUWDOHFLPLHQWR GHO 6LVWHPD GH*HVWLyQ\(YDOXDFLyQ&X UULFXODU &DSDFLWDU D ODV &RPLVLRQHV GH (YDOXDFLyQ GH 7tWXORV \ 2WURV(VWXGLRV 5HYLVDU HO SURFHVR GH HYD OXDFLyQGHWtWXORV\RWURVHV WXGLRV 6H FDSDFLWy D FXDWURFLHQWRV FRPLVLRQDGRV GH HYD OXDFLyQGHWtWXORV\RWURVHV WXGLRVFRUUHVSRQGLHQWHVDODV IDFXOWDGHVHQDxRGH 6H UHYLVDURQ PLO GRVFLHQWRV VROLFLWXGHVGHWtWXORV\ RWURVHVWXGLRVGHSURIHVRUHV 6H UHYLVDURQ \ DMXVWDURQ ORV LQVWUXPHQWRVSDUDODVROLFLWXG HLQIRUPHVGHHYDOXDFLyQGH WtWXORV\RWURVHVWXGLRV ,QDXJXUDFLyQSRUSDUWHGHO'RFWRU-XVWR0HGUDQR9LFHUUHFWRU$FDGpPLFRGHO6HPLQDULR7DOOHUVREUH'LVHxR\ 'HVDUUROOR&XUULFXODU%DVDGRHQ&RPSHWHQFLDVUHDOL]DGRHQOD8QLYHUVLGDGGHODV$PpULFDV0D\RGH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 5HJODPHQWDFLyQ GH ORV WUD EDMRVGHJUDGXDFLyQ &UHDFLyQ \ UHYLVLyQ GH UH JODPHQWRV GH DFXHUGR D ODV QXHYDVGLVSRVLFLRQHVGHO(V WDWXWR GH OD 8QLYHUVLGDG GH 3DQDPi 6HDSUREyHOUHJODPHQWRJH QHUDO GHO WUDEDMR GH JUDGXD FLyQ HQ &RQVHMR $FDGpPLFR DPSOLDGR1RGHOGH IHEUHURGH 'U-XVWR0HGUDQRHQ,QDXJXUDFLyQGHOVHPLQDULRGHLQGXFFLyQSDUDODV&RPLVLRQHVGH(YDOXDFLyQGH7tWXORV\ 2WURV(VWXGLRVSDUDOD)DFXOWDGHVGH0HGLFLQD\2GRQWRORJtDUHDOL]DGRHQOD)DFXOWDGGH0HGLFLQD 'LUHFFLyQGH2UJDQL]DFLyQ$FDGpPLFD 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFLPLHQWR GHO VLVWHPD GH UHJLVWUR FRQWURO \ WUDPL WDFLyQGHODVRUJDQL]DFLRQHV DFDGpPLFD $JLOL]DU HO SURFHVR GH YHULÀ FDFLyQGHODVRUJDQL]DFLRQHV DFDGpPLFDVSDUDODFRQWUDWD FLyQIRUPDOGHORVSURIHVRUHV HQODVXQLGDGHVDFDGpPLFDV GH OD 8QLYHUVLGDG GH 3DQD Pi 6H WUDPLWDURQ FXDWURFLHQWRV FXDUHQWD \ VHLV RUJD QL]DFLRQHV DFDGpPLFDV FR UUHVSRQGLHQWHV DO YHUDQR GH &XDWUR PLO GRVFLHQWDV WUHLQWD \ FLQFR GH JUDGR GHO SULPHU VHPHVWUH 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR GH 7UHVFLHQWDV QR YHQWD\XQRGHJUDGR\ SRVWJUDGRGHO,,VHPHVWUHGH (Q HO SULPHU VHPHVWUH GHO VH WUDPLWDURQ FXDWUR FLHQWRV WUHLQWD \ FLQFR RUJDQL]DFLRQHV DFDGpPLFDV GH YHUDQR \ WUHV PLO RFKR FLHQWDV RFKHQWD \ QXHYH GHJUDGR 3HUVRQDOWpFQLFR\DGPLQLVWUDWLYRHQODWUDPLWDFLyQGHODVGHRUJDQL]DFLyQDFDGpPLFDGHOD8QLYHUVLGDGGH3DQDPi 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFLPLHQWR GHO SURFHVR GH RUJDQL]DFLyQ DFDGpPLFD D WUDYpV GHO VLVWHPD DFDGp PLFR XQLYHUVLWDULR 6$8 HQ OtQHD 5HDOL]DU MRUQDGDV DFDGpPL FDVSDUDDVHVRUDUHYDOXDU\ GDUVHJXLPLHQWRDORVSURFH GLPLHQWRV\SURFHVRVGHWUi PLWHV GH RUJDQL]DFLyQ DFD GpPLFD HQ ODV )DFXOWDGHV &HQWURV5HJLRQDOHV\([WHQ VLRQHV8QLYHUVLWDULDV 6H PRGLÀFy HO VLVWHPD DFD GpPLFR XQLYHUVLWDULR IDFLOL WDQGRHOSURFHVRUHGXFLHQGR HOWLHPSRGHUHYLVLyQDFWXDOL ]DFLyQ\WUDPLWDFLyQGHRUJD QL]DFLRQHVDFDGpPLFDV 6H UHDOL]DURQ VLHWH MRUQDGDV GH WUDEDMR VHLV HQ ORV &HQWURV5HJLRQDOHV\XQR HQ HO &DPSXV &HQWUDO SDUD UHDÀUPDUORVFRQRFLPLHQWRV\ H[SHULHQFLDVHQODXWLOL]DFLyQ GH pVWD KHUUDPLHQWD OR TXH SHUPLWLy GLVPLQXLU ORV HUUR UHV \ PHMRUy HO SURFHVR GH FDSWXUD GH ODV RUJDQL]DFLR QHV DFDGpPLFDV HQ HO VLVWH PD DFDGpPLFR XQLYHUVLWDULR 6$8 'LUHFFLyQGH&RQFXUVR)RUPDO 3UR\HFWR0HWD5HVXOWDGR &RQFXUVRV IRUPDOHV GH SUR IHVRUHV 5HFRPHQGDU DO &RQVHMR $FDGpPLFR OD DGMXGLFDFLyQ GH ODV SRVLFLRQHV D SURIH VRUUHJXODUGHORVFRQFXUVRV DELHUWRVHQHODxRD~Q VLQDGMXGLFDU 6H UHFRPLHQGD OD DGMXGLFD FLyQGHQRYHQWDSRVLFLR QHV GH SURIHVRU UHJXODU VH GHFODUDQ VLHWH GHVLHUWDV \TXHGDQSHQGLHQWHVSRUDG MXGLFDUGRFHSRVLFLRQHV GH SURIHVRU UHJXODU GH ORV FRQFXUVRVDELHUWRVHQHODxR D~QVLQDGMXGLFDU 5HFRPHQGDUDO&RQVHMR$FD GpPLFRODDGMXGLFDFLyQGHODV SRVLFLRQHVDSURIHVRUUHJXODU GH FRQFXUVRV DELHUWRV HQ HO DxRD~QVLQDGMXGLFDU 6H UHFRPLHQGD OD DGMXGLFD FLyQ GH FXDUHQWD \ XQR SRVLFLRQHVGHSURIHVRUUHJX ODU GH ODV FLHQWR GLHFLQXHYH SRVLFLRQHV DELHUWDV D FRQFXUVRHQHODxR 81,9(56,'$''(3$1$0É Posiciones de concursos regulares, según convocatoria de 2007 Adjudicados a julio de 2010 Posiciones Adjudicadas Posiciones en proceso de evaluación Posiciones declaradas desiertas Fuente: Dirección de Concurso Formal 3UR\HFWR0HWD5HVXOWDGR 5HJXODUL]DFLyQ GH ORV SURIH VRUHV DGMXQWRV ,9 SRU FRQ FXUVRDSURIHVRUHVUHJXODUHV HQFXPSOLPLHQWRFRQORDSUR EDGR HQ HO &RQVHMR *HQHUDO 8QLYHUVLWDULR HQ VX UHXQLyQ 1RGHOGHDJRVWRGH 5HDOL]DU ORV SURFHVRV GH UH YLVLyQ \ UHFRPHQGDFLyQ GH UHJXODUL]DFLyQ GH VHVHQWD \ VHLVSURIHVRUHVD~QFRQ GHUHFKRDOFDPELRGHFRQGL FLyQ GH DGMXQWR ,9 SRU FRQ FXUVRDSURIHVRUDX[LOLDU ,QLFLDU ORV SURFHVRV GH UH YLVLyQ \ UHFRPHQGDFLyQ GH UHJXODUL]DFLyQ GH ORV 3URIH VRUHV$GMXQWR ,9 SRU FODVLÀ FDFLyQ \ GH ORV $GMXQWR , ,, \ ,, TXH JDQDURQ FRQFXUVR \ DVFHQGLHURQD$GMXQWR,9 6HUHFRPLHQGDODUHJXODUL]D FLyQGHFDWRUFHSURIHVR UHVDGMXQWRV,9SRUFRQFXUVR TXHODVROLFLWDURQ 6HSXEOLFDHQOD*DFHWD2À FLDO 'LJLWDO 1R$ HO DFXHUGR GHO &RQVHMR *H QHUDO 8QLYHUVLWDULR HQ VX UH XQLyQGHGHPDU]RGH HQHOTXHVHHVWDEOHFH TXHVHUiQUHJXODUL]DGRVDOD FDWHJRUtDGHSURIHVRUHVDX[L OLDUORVSURIHVRUHVDGMXQWR,9 TXH KD\DQ REWHQLGR GLFKD FDWHJRUtD SRU UHFODVLÀFDFLyQ \ORVSURIHVRUHVTXHSRUFRQ FXUVRTXHGDURQHQODFDWHJR UtD$GMXQWR,$GMXQWR,,\$G MXQWR,,,\OXHJRDVFHQGLHURQ D3URIHVRU$GMXQWR,9 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR $GHFXDFLyQ GHO 6LVWHPD $FDGpPLFR 8QLYHUVLWDULR 6$8 XELFDQGR D ORV SUR IHVRUHV HQ iUHDV GH FRQRFL PLHQWRRHVSHFLDOLGDGVHJ~Q OD HVWUXFWXUD DFDGpPLFD GH ODIDFXOWDGGRQGHODERUD 2UJDQL]DU SRU iUHDV GH FR QRFLPLHQWR R HVSHFLDOLGDG HQEDVHDODHVWUXFWXUDDFD GpPLFD D WRGRV ORV SURIH VRUHV GH OD 8QLYHUVLGDG GH 3DQDPi 6HLQWURGXFHQDO6LVWHPD$FD GpPLFR 8QLYHUVLWDULR 6$8 WUHVPLOGRVFLHQWRVFLQFXHQWD SURIHVRUHV TXH D~Q QR VH OHV KDEtD XELFDGR GH DFXHUGRDVXiUHDGHFRQRFL PLHQWRRHVSHFLDOLGDG $VHVRUtDV D ODV &RPLVLRQHV (YDOXDGRUDV GH (MHFXWRULDV ODV &RPLVLRQHV GH &RQFXU VRV \ D 3URIHVRUHV HQ UHOD FLyQDODVFiWHGUDV $VHVRUDUHQORVSURFHGLPLHQ WRV GH (YDOXDFLyQ GH (MHFX WRULDV \ GH &RQFXUVR D ODV &RPLVLRQHV (YDOXDGRUDV GH (MHFXWRULDV &RPLVLRQHV GH &RQFXUVRV FRPR WDPELpQ D ORV SURIHVRUHV DVSLUDQWHV D SDUWLFLSDU HQ ORV FRQFXUVRV VHJ~Q ODV QRUPDV HVWDEOHFL GDVHQHO(VWDWXWRGHOD8QL YHUVLGDGGH3DQDPi 6H DFWXDOL]y D ODV &RPLVLR QHV (YDOXDGRUDV GH (YD OXDFLyQ GH (MHFXWRULDV \ GH &RQFXUVRV FRQ OD ÀQDOLGDG TXHORVSURFHVRVGHFRQFXU VRV VH UHDOLFHQ FRQ OD PiV HOHYDGD WUDQVSDUHQFLD \ H[ FHOHQFLD DFDGpPLFD DSHJD GRV D ODV QRUPDWLYDV GH OD 8QLYHUVLGDGGH3DQDPi 81,9(56,'$''(3$1$0É 'LUHFFLyQGH%DQFRGH'DWRV 3UR\HFWR0HWD5HVXOWDGR %DQFRGH'DWRVHQOtQHD &DSDFLWDU SURIHVRUHV PLHPEURVGHODV&RPLVLRQHV GH %DQFR GH 'DWRV GH ODV IDFXOWDGHV TXH QR SDUWLFLSD URQGHOSODQSLORWR $VLVWHQFLDGHSURIHVRUHVD OD FDSDFLWDFLyQ GH ORVFRQYRFDGRV 0HMRUDU HO SURFHVR GH FRQ FXUVRSRU%DQFRGH'DWRV $SUREDFLyQ GHO UHJODPHQWR SDUD OD VHOHFFLyQ GH SURIHVR UHV HVSHFLDOHV \ DVLVWHQWHV PHGLDQWHHOFRQFXUVRGH%DQ FRGH'DWRVHQ&RQVHMR$FD GpPLFRUHXQLyQGHOGH GHMXQLRGH 5HYLVLyQ GH LQIRUPHV GH %DQFR GH 'DWRV GH )DFXO WDGHV \ &HQWURV 5HJLRQDOHV 8QLYHUVLWDULRV /RJUDU TXH ORV SURFHGLPLHQ WRV OOHYDGRV D FDER SRU ODV XQLGDGHV DFDGpPLFDV SDUD OD FRQWUDWDFLyQ GH SURIHVRU SRU %DQFR GH 'DWRV FXP SODQ FRQ ODV QRUPDV HVWD EOHFLGDVHQHOHVWDWXWRGHOD 8QLYHUVLGDGGH3DQDPi\HO UHJODPHQWRSDUDODVHOHFFLyQ GH SURIHVRUHV HVSHFLDOHV \ DVLVWHQWHVSRU%DQFRGH'D WRV 6H DSUREDURQ GRVFLHQWRV QR YHQWD\QXHYHLQIRUPHV GH%DQFRGH'DWRVGHODVID FXOWDGHV\VHGHYROYLHURQGRV FLHQWDVWUHLQWD\XQSDUD FRUUHFFLyQ 'H ORV &HQWURV 5HJLRQDOHV\([WHQVLRQHV8QL YHUVLWDULDVVHDSUREDURQ LQIRUPHV GH %DQFR GH 'DWRV \ VH GHYROYLHURQ TXLQLHQWDV WUHFHSDUDFRUUHFFLyQHQ HOSHUtRGR &RQWUDWDFLyQ SRU %DQFR GH 'DWRV &RQWDUFRQHOFXHUSRGRFHQ WH QHFHVDULR SDUD HO EXHQ GHVHQYROYLPLHQWRGHOVHPHV WUHDFDGpPLFR 'HOSHUtRGRGHDJRVWRGLFLHP EUHVHDXWRUL]DURQSDUD OD FRQWUDWDFLyQ HQ HO ,, 6H PHVWUHGHDFLHQWRFXD UHQWD \ WUHV SURIHVRUHV GH%DQFRGH'DWRV SDUDODVHOHFFLyQGHSURIHVR UHV HVSHFLDOHV \ DVLVWHQWHV PHGLDQWH &RQFXUVR GH %DQ FRGH'DWRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &RQWUDWDFLyQ SRU %DQFR GH 'DWRV &RQWDUFRQHOFXHUSRGRFHQ WH QHFHVDULR SDUD HO EXHQ GHVHQYROYLPLHQWRGHOVHPHV WUHDFDGpPLFR 'H HQHUR D MXOLR GH VH DXWRUL]DURQ GRVFLHQWRV WUHLQWD \VLHWHSURIHVRUHVGHID FXOWDGHV\GRVFLHQWRVRFKHQWD \ FXDWUR SURIHVRUHV GH &HQWURV 5HJLRQDOHV 8QLYHUVL WDULRV\([WHQVLRQHV8QLYHUVL WDULDV (VWiQ SHQGLHQWHV GH DXWR UL]DFLyQ FLHQWR FDWRUFH QRPEUDPLHQWRVGHSURIHVRUHV GH%DQFRGH'DWRVGH)DFXO WDGHV\FLHQWRFXDUHQWD\VHLV SURIHVRUHV GH &HQWURV 5HJLRQDOHV \ ([WHQVLRQHV 8QLYHUVLWDULDV 'LUHFFLyQGH6HUYLFLRV$FDGpPLFRVDO3URIHVRU 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFLPLHQWRGHORVSURFH VRV GH ORV VHUYLFLRV DFDGp PLFRVDORVSURIHVRUHV )DFLOLWDUORVWUiPLWHVGHQRP EUDPLHQWR SRU UHVROXFLyQ DVFHQVRGHFDWHJRUtDUHFOD VLÀFDFLRQHV FRQWUDWDFLRQHV GH SURIHVRUHV H[WUDQMHURV YLVLWDQWHVDGKRQRUHPWUDV ODGRV WLHPSRV FRPSOHWRV OLFHQFLDVUHLQWHJURVDXPHQ WRV SRU DQWLJHGDG \ RWURV VHUYLFLRVDOSURIHVRU 6HWUDPLWDURQVHVHQWD\FXD WUR QRPEUDPLHQWRV SRU UHVROXFLyQ RFKHQWD \ FLQFR DVFHQVRV GH FDWHJRUtDV YHLQWLGyV UHFODVLÀFDFLR QHV RFKR FRQWUDWDFLRQHV GHSURIHVRUHVH[WUDQMHURVWUHV FRQWUDWDFLRQHV GH SURIH VRUHV H[WUDQMHURV YLVLWDQWHV WUHV DGKRQRUHP GRFH WUDVODGRV VHWHQWD \ FLQ FR WLHPSRV FRPSOHWRV FLHQWRWUHLQWD\FLQFROL FHQFLDVWUHLQWD\FXDWUR UHLQWHJURV \ GLHFLRFKR DXPHQWRVSRUDQWLJHGDG 81,9(56,'$''(3$1$0É 'LUHFFLyQGH(YDOXDFLyQGHO'HVHPSHxR5HQGLPLHQWRSRU5HVXOWDGR 3UR\HFWR0HWD5HVXOWDGR (YDOXDFLyQ GHO GHVHPSHxR GHOSURIHVRU $SOLFDU ODV HYDOXDFLRQHV GH ORVSURIHVRUHVGHOD8QLYHUVL GDGGH3DQDPiGHODxR \ SUHSDUDU ODV HYDOXDFLRQHV GHODxR 6HDSOLFDURQQRYHQWD\FLQFR PLO WUHVFLHQWRV WUHLQWD \ VHLV HYDOXDFLRQHV GH DFXHUGR D ORV LQVWUXPHQWRV \FDSWXUDGH HYDOXDFLRQHV GH DFXHUGR D ORV LQVWUXPHQWRV \ HV GHFLU HO GH SUXHEDV FDSWXUDGDV 5HYLVLyQ GH OD UHJODPHQWD FLyQGHORVSURFHVRVGHHYD OXDFLyQGHOSURIHVRU $GHFXDFLyQ GHO UHJODPHQWR GH HYDOXDFLyQ GHO GHVHPSH xRDWHQGLHQGRODVIXQFLRQHV DFDGpPLFDV GH DFXHUGR D QXHYDVGLVSRVLFLRQHVGHOHV WDWXWR GH OD 8QLYHUVLGDG GH 3DQDPi $SUREDFLyQ GHO 5HJODPHQWR GHO 6LVWHPD GH (YDOXDFLyQ GH 5HQGLPLHQWR SRU 5HVXO WDGRGHORV3URIHVRUHVGHOD 8QLYHUVLGDGGH3DQDPiTXH LQFRUSRUDODVIXQFLRQHVDFD GpPLFDV \ ORV QXHYRV LQV WUXPHQWRVGHHYDOXDFLyQGHO SURIHVRUHQ&RQVHMR$FDGp PLFR1R 8QLGDGGH&RRUGLQDFLyQGHOD,QIRUPDFLyQ\&RPXQLFDFLyQ 3UR\HFWR0HWD5HVXOWDGR $GHFXDFLyQGHFRQWUROHVDX WRPDWL]DGRV DO VLVWHPD GH RUJDQL]DFLyQDFDGpPLFD 2UGHQDU ORV FDPSRV GH OD HVWUXFWXUD DFDGpPLFD HQ HO 6LVWHPD $FDGpPLFR 8QLYHU VLWDULR SRU iUHD GH HVSHFLD OLGDG GHGLFDFLyQ GHVFDUJD KRUDULD\GDWRVJHQHUDOHVGH ORVSURIHVRUHVGHOD8QLYHUVL GDGGH3DQDPi 6HLPSODQWDURQORVFRQWUROHV DXWRPDWL]DGRV DO VLVWHPD IDFLOLWDQGR \ DJLOL]DQGR HO SURFHVRSDUDODRUJDQL]DFLyQ DFDGpPLFD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR $XGLWRUtD GH VLVWHPD SDUD HO DQWLYLUXV LQVWLWXFLRQDO $9,5$ HQ ORV HTXLSRV GH OD 9LFH UUHFWRUtD$FDGpPLFD (YDOXDUODHÀFLHQFLDGHODQWL YLUXV$9,5$ 6H UHDOL]y HQ FRQMXQWR FRQ 'LUHFFLRQHV GH ,QIRUPiWLFD \$XGLWRUtD,QWHUQDGHOD8QL YHUVLGDG GH 3DQDPi XQD DXGLWRULD GH ORV HTXLSRV \ VHUHDOL]yXQLQIRUPHWpFQLFR SDUDODHYDOXDFLyQGHODQWLYL UXVLQVWLWXFLRQDO$9,5$ $VHVRUtDHQODDGTXLVLFLyQGH HTXLSRVLQIRUPiWLFRV $GTXLULU HTXLSRV DGHFXDGRV TXH UHVSRQGDQ D ODV QHFH VLGDGHVSURSLDVGHHVWDXQL GDGDFDGpPLFD )DFLOLWDUHOLQWHUFDPELRGHLQ IRUPDFLyQDFDGpPLFD $GTXLVLFLyQGHQXHYRVHTXL SRVGHWHFQRORJtDGHSXQWD 'HVDUUROOR GH EDVH GH GDWRV GHORVFRUUHRVHOHFWUyQLFRVGH ORVPLHPEURVGHORV&RQVHMRV $FDGpPLFRV ,QWHUFDPELR GH LQIRUPDFLyQ DFDGpPLFDFRQORVPLHPEURV GHORV&RQVHMRV$FDGpPLFRV HQ XQ SHUPLWLHQGR PH MRUDU \ DJLOL]DU ORV SURFHVRV GHWUDEDMR 8QLGDGHVDGVFULWDV 6LVWHPDGH%LEOLRWHFD 3UR\HFWR0HWD5HVXOWDGR &DSDFLWDFLyQGHOUHFXUVRKX PDQR 5HFXUVRKXPDQRFDSDFLWDGR TXHEULQGHXQVHUYLFLRGHH[ FHOHQFLD (OXVXDULRHVWiUHFLELHQGRXQ VHUYLFLR HVPHUDGR \ GH FDOL GDG,QYHUVLyQ% 'LIXVLyQ GH LQIRUPDFLyQ D WUDYpVGHOSRUWDO $FFHVR D OD LQIRUPDFLyQ HQ IRUPDWR HOHFWUyQLFR DFWXDOL ]DGR HO FXDO RFXSD XQ DOWR SRUFHQWDMHHQODVELEOLRWHFDV GHO6,%,83$XPHQWRGHORV HTXLSRVLQIRUPiWLFRV 8VXDULRV FRQ FDSDFLGDG GH DFFHGHU D OD LQIRUPDFLyQ HOHFWUyQLFD GHVGH HO SRUWDO ZZZVLELXSXSDFSD 6H LQ YLUWLHURQ 81,9(56,'$''(3$1$0É /LFHQFLDGD'DPDULV6XJDVWLGLFWDFDSDFLWDFLyQGLULJLGDDOSHUVRQDOGHO6LVWH PDGH%LEOLRWHFD 3UR\HFWR0HWD5HVXOWDGR $GTXLVLFLyQ GH LQIRUPDFLyQ DFWXDOL]DGD\UHOHYDQWH%DVH GHGDWRVHQIRUPDWRHOHFWUyQL FR\HQSDSHOOLEURV ,QIRUPDFLyQ DFWXDOL]DGD HQ IRUPDWR HOHFWUyQLFR \ WUDGL FLRQDO 5HVSXHVWDHIHFWLYDDODVGH PDQGDV GH LQIRUPDFLyQ GHO XVXDULRGHVDWLVIDFFLyQ ,QYHUVLyQ% $PELHQWHSURSLFLRSDUDHOHV WXGLR\ODLQYHVWLJDFLyQ ,QVWDODFLyQ GH DLUHV DFRQGL FLRQDGRV SDUD ODV iUHDV GH HVWXGLR\GHLQYHVWLJDFLyQ 6DODV FRQ DPELHQWH DJUD GDEOH LOXPLQDFLyQ DLUHV DFRQGLFLRQDGRV PRELOLDULR \ HTXLSRGHWUDEDMR&RVWR% &UHDUXQDEDVHGHGDWRVHQ WH[WRFRPSOHWRVREUHODLQIRU PDFLyQ DXWyFWRQD GH OD 8QL YHUVLGDGGH3DQDPiDFFHVL EOHDWUDYpVGHODZHEHQHO SRUWDOGHO6,%,83 ,GHQWLÀFDU OD SURGXFFLyQ DX WyFWRQDTXHJHQHUDQODVGLIH UHQWHVXQLGDGHVGHOD8QLYHU VLGDGGH3DQDPi &RQWDU FRQ LQIRUPDFLyQ LQV WLWXFLRQDO UHOHYDQWH \ FRQÀD EOH SUHYLDPHQWH RUJDQL]DGD \ GLVSRQLEOH HQ OD UHG FRQ DFFHVRUiSLGR 5(1',&,Ð1'(&8(17$6 3HUVRQDOGHO6LVWHPDGH%LEOLRWHFDGHOD8QLYHUVLGDGGH3DQDPiUHFLEHFDSD FLWDFLyQSDUDPHMRUDUORVVHUYLFLRVRIUHFLGRV 3UR\HFWR0HWD5HVXOWDGR $JUXSDU OD LQIRUPDFLyQ SRU WLSRGHPDWHULDOGRFXPHQWDO DÀQGHFUHDUVXEJUXSRVORV FXDOHVVHUiQODUHIHUHQFLDGH ODEDVHGHGDWRV 8QDEDVHGHGDWRVTXHSHU PLWHDODFRPXQLGDGQDFLRQDO H LQWHUQDFLRQDO UHFRQRFHU OD DFWXDFLyQGHQXHVWUDSULPHUD FDVDGHHVWXGLRV )DFLOLWDU OD FRQVXOWD GH OD SURGXFFLyQ DXWyFWRQD PH GLDQWHODGLJLWDOL]DFLyQGHVX FRQWHQLGR ,QIRUPDFLyQ HQ WLHPSR UHDO SDUD TXLHQHV GHVHDQ FRQR FHUHOWUDEDMR\ODSUR\HFFLyQ GH OD XQLYHUVLGDG GH ODV WHVLV GH SRVWJUDGR H LQYHVWL JDFLRQHVGRFXPHQWRVDGPL QLVWUDWLYRVFRQYHQLRVDXWRUL GDGHVyUJDQRVGHJRELHUQR FDUUHUDV YLGD HVWXGLDQWLO \ SXEOLFDFLRQHV &UHDUODVDODGLJLWDOGHOD8QL YHUVLGDGGH3DQDPiDFFHVL EOHDWUDYpVGHODZHE 81,9(56,'$''(3$1$0É 7HFQRORJtD(GXFDWLYD 3UR\HFWR0HWD5HVXOWDGR )XQFLRQDPLHQWRGHODXQLGDG 'DU VHUYLFLR D SURIHVRUHV HVWXGLDQWHV DGPLQLVWUDWLYRV \S~EOLFRHQJHQHUDO 6HGLRUHVSXHVWDDODVQHFHVL GDGHVDXGLRYLVXDOHVTXHWLHQH ODIDPLOLDXQLYHUVLWDULD &DSDFLWDFLyQ HQ &RPXQLFD FLyQ(GXFDWLYD /RJUDU TXH GRFHQWHV \ HV WXGLDQWHV XWLOLFHQ SUHVHQWD FLRQHV DXGLRYLVXDOHV FRPR FRPSOHPHQWRGLGiFWLFRHQHO SURFHVRHQVHxDQ]D²DSUHQ GL]DMH 5HDOL]DFLyQ GH GRV VHPLQD ULRVWDOOHUGLULJLGRVDODHODER UDFLyQ GH YLGHRV HGXFDWLYRV \ SUHVHQWDFLRQHV DXGLRYLVXDO HV%FDGDVHPLQDULR $GTXLVLFLyQ \ DFWXDOL]DFLyQ GHHTXLSRV $GTXLULU HTXLSRV SDUD DOTXL ODU\PHMRUDUODFDOLGDGGHODV SURGXFFLRQHVDXGLRYLVXDOHV &RPSUD GH GRV FRP SXWDGRUDV %PLOEDOERDV &RPSUD GH GRV SUR \HFWRUHV PXOWLPHGLD % PLO FXDWURFLHQ WRVEDOERDV 3DWURFLQLR6DDYHGUDGXUDQWHODÀODPFLyQGHOYLGHR´-XVWLFLD\3D]µHQODV&ROLQDVGH&HUUR%DWHD6DQ0LJXHOLWR 5(1',&,Ð1'(&8(17$6 -XDQ0LUDQGD\3DEOR'H$UFRÀOPDQH[KLELFLyQGHO&tUFXOR,VVDF%HQLWH]HQODV([FOXVDVGH0LUDÁRUHV 3UR\HFWR0HWD5HVXOWDGR &ULWHULRVWpFQLFRVGHHTXLSRV DXGLRYLVXDOHV 'DU ORV FULWHULRV WpFQLFRV VROLFLWDGRV SRU VHUYLFLRV DG PLQLVWUDWLYRV SDUD WRGDV ODV XQLGDGHVGHOFDPSXVSDUDOD DGTXLVLFLyQ GH HTXLSRV QXH YRV\SDUDELHQHVSDWULPR QLDOHV\WRGDVODVIDFXOWDGHV GHGHVFDUWHGHDFWLYRV 6HGLHURQORVFULWHULRVSDUDWR GDVODVFRPSUDV\GHVFDUWHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR *UDEDFLyQ \ HGLFLyQ GH DX GLR $SR\DUDODVGLUHFFLRQHVID FXOWDGHVFHQWURV\H[WHQVLR QHV FRQ JUDEDFLyQ \ HGLFLyQ GHDXGLR &XxDSDUDUDGLRGHOD/LFHQ FLDWXUD HQ &LHQFLDV GH OD )DPLOLD \ 'HVDUUROOR &RPXQL WDULRJUDEDFLyQGHQDUUDFLyQ \HGLFLyQGHOYLGHRSURPRFLR QDO GH OD )DFXOWDG GH 0HGLFL QD*UDEDFLyQ\HGLFLyQGHOD QDUUDFLyQ GHO YLGHR HGXFDWLYR 5LHVJR /DERUDO VROLFLWDGR SRU OD)DFXOWDGGH&LHQFLDV1DWX UDOHV ([DFWDV \ 7HFQRORJtDV *UDEDFLyQ\HGLFLyQGHOYLGHR GRFXPHQWDO 5LHVJR GH$JHQ WHV 4XtPLFRV HQ OD &RQVWUXF FLyQ VROLFLWDGR SRU OD HVFXHOD GHELRORJtD'LVHxRGHEDQQHU DOXVLYR DO DQLYHUVDULR GH OD 8QLYHUVLGDGGH3DQDPi'LUHF FLyQGH7HFQRORJtD(GXFDWLYD WUDQVIHUHQFLDV GH GLVFRV GH DFHWDWR /3 D IRUPDWR GLJLWDO &' \ GH FLQWDV PDJQpWLFDV GHDXGLRFDVVHWWHDIRUPDWR GLJLWDO $VHVRUtD HQ SURGXF FLyQ GH YLGHR D HVWXGLDQWHV GH SULPHU DxR GH WXULVPR GH OD )DFXOWDG GH +XPDQLGDGHV *UDEDFLyQ\HGLFLyQGHODXGLR GHO YLGHR GH SURPRFLyQ GH OD PHGLDFLyQ FRPXQLWDULD &XDQ GROD-XVWLFLDQR7UDHOD3D] 5(1',&,Ð1'(&8(17$6 &DQWLGDGGHXVXDULRVGHOVDOyQGHSUR\HFFLRQHV MXOLR )$&8/7$' 868$5,26 868$5,26 &LHQFLDV1DWXUDOHV([DFWDV +XPDQLGDGHV 'HUHFKR\&LHQFLDV3ROtWLFDV \7HFQRORJtD )DUPDFLD $GPLQLVWUDFLyQGH(PSUHVDV &RPXQLFDFLyQ6RFLDO &LHQFLDVGHOD(GXFDFLyQ &LHQFLDV$JURSHFXDULDV $GPLQLVWUDFLyQ3~EOLFD 0HGLFLQD9HWHULQDULD 0HGLFLQD 2WURV3DUURTXLD8QLYHUVLWD ULD'LUHFFLyQGH5HFXUVRV +XPDQRV0LQLVWHULRGH (GXFDFLyQ'7($6(83$ \&RQWDELOLGDG 727$/ 81,9(56,'$''(3$1$0É 9LFHUUHFWRUtDGH,QYHVWLJDFLyQ\3RVWJUDGR 5HXQLRQHVGHWUDEDMRGHOD9LFHUUHFWRUD%HWW\$QQGH&DWVDPEDQLV\VXVFRVXOWRUHV 3UR\HFWR0HWD5HVXOWDGR &RPLVLyQ GH 7UDEDMR GHO &R PLWp GHO 3URJUDPD +LGUROyJL FR 1DFLRQDO &21$3+, SDUD HODERUDUHO3ODQ1DFLRQDOSDUD HO 'HVDUUROOR GH OD *HVWLyQ ,Q WHJUDGD GH 5HFXUVRV +tGULFRV 31'*,5+ 'HVDUUROODU HO REMHWLYR GHO SODQ QDFLRQDO ´(OHYDU OD FD SDFLGDGWpFQLFDFLHQWtÀFDGH ORV WRPDGRUHV GH GHFLVLyQ TXHSDUWLFLSDQHQOD*HVWLyQ GHO$JXD $QWHSUR\HFWRHODERUDGRSDUD ODFUHDFLyQGHO´&HQWURGH,Q YHVWLJDFLyQ \ 7HFQRORJtD GHO &RQRFLPLHQWR\GHOD*HVWLyQ GHO$JXDµ&,7*&$ 3DUWLFLSDFLyQ GH OD 8QLYHUVL GDGGH3DQDPiHQDFWLYLGD GHVGHJHVWLyQ\GLYXOJDFLyQ FLHQWtÀFD \ WHFQROyJLFDV GH FDUiFWHU QDFLRQDO H LQWHUQD FLRQDO 3DUWLFLSDU HQ DFWLYLGDGHV \ HQFXHQWURVGHFDUiFWHUFLHQ WtÀFRVRULHQWDGRVDIRUWDOHFHU \ DPSOLDU OD *HVWLyQ \ SUR \HFFLyQ GH OD LQYHVWLJDFLyQ HQ OD 8QLYHUVLGDG GH 3DQD Pi ,QWHJUDFLyQDOD&RPLVLyQGHOD 6HFUHWDUtD 1DFLRQDO GH &LHQ FLDV\7HFQRORJtD6(1$&<7 UHVSRQVDEOH GH FRQIHFFLRQDU HO 3ODQ (VWUDWpJLFR 1DFLR QDO GH &LHQFLDV \ 7HFQRORJtD 3(1&<7 TXH LGHQWLÀFD ODV SULRULGDGHV HQ FDGDVHFWRU\SURSRQHREMHWL YRVHVWUDWHJLDVSURJUDPDV\ SUR\HFWRVLQQRYDGRUHVFRQOD WHFQRORJtDDGHVDUUROODUVHHQ HOSUHVHQWHTXLQTXHQLR 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 6HPLQDULR 7DOOHU ,QWHUQD FLRQDO GH &DSDFLWDFLyQ \ *HVWLyQ GH 3UR\HFWRV GH ,QYHVWLJDFLyQ GHO SURJUDPD *(67,80 HQ FRQMXQWR FRQ &68&$'$$'',(68&5 81$8QLYHUVLGDGHVGH3RVW GDP%UHPHQ\GH3DQDPi HQ *XDWHPDOD SDUD HODER UDU HO 3URJUDPD *(67,80 YLQFXODGRDYLUWXGHV\RSRU WXQLGDGHV GH ORV FXUVRV GHO '$$' 3DUWLFLSDFLyQ HQ RWUDV DFWLYL GDGHVGHFDUiFWHUFLHQWtÀFR\ WHFQROyJLFR 7DOOHU3HUVSHFWLYDVGHO0HGLR $PELHQWH$PpULFD/DWLQD\HO &DULEH 2UJDQL]DGRSRUHO3180$ 3DUWLFLSDFLyQ HQ HO 6HJXQGR &RQJUHVR VREUH SURSLHGDG LQWHOHFWXDO HQ XQLYHUVLGDGHV LQVWLWXWRV\FHQWURVGHLQYHV WLJDFLyQ &UHDWLYLGDG \ (P SUHQGXULVPR WHUFHU FRQFXU VRQDFLRQDOGHLQYHQWRUHVHQ &LXGDGGH3DQDPi 3DUWLFLSDFLyQ HQ HO UHODQ]D PLHQWRGHODUHYLVWD,'SDUD ,QYHVWLJDFLyQ GH OD 8QLYHUVL GDG7HFQROyJLFD &RORTXLRFRQIHUHQFLD YLGHR GLJLWDO&RODERUDFLRQHVHQWUH XQLYHUVLGDGHV \ HPSUHVDV SULYDGDVLQQRYDFLyQ\OLFHQ FLD WHFQROyJLFD HQ HO iPELWR XQLYHUVLWDULR UHDOL]DGR HQ OD (PEDMDGD GH ORV (VWDGRV 8QLGRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3DUWLFLSDFLyQ HQ RWUDV DFWLYL GDGHVGHFDUiFWHUFLHQWtÀFR\ WHFQROyJLFR 3DUWLFLSDFLyQ HQ HO ODQ]D PLHQWR GH OD SURSXHVWD (1 /$&( GHO IS HQ OD &LXGDG GHO6DEHU 2UJDQL]DFLyQ HQ FRODERUD FLyQFRQ)$&1(7GHODFRQ IHUHQFLD D GLVWDQFLD FRQ OD 8QLYHUVLGDGGH6HYLOODVREUH $QiOLVLV4XtPLFR ,QWHUFDPELR $FDGpPLFR VR EUH UHGHV SUR\HFWRV GH LQYHVWLJDFLyQ \ RWURV FRQ HO 'U -RDTXtQ 2OLYDUHV GH OD 8QLYHUVLGDG 6LPyQ %ROtYDU 9HQH]XHOD 6HJXQGR&RQJUHVR3URSLHGDG,QWHOHFWXDO 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3DUWLFLSDFLyQ HQ RWUDV DFWLYL GDGHVGHFDUiFWHUFLHQWtÀFR\ WHFQROyJLFR 3DUWLFLSDFLyQHQHO7DOOHU´/D LQQRYDFLyQ GH OD LQQRYDFLyQ HQ OD pSRFD KLVWyULFD HPHU JHQWH'HORXQLYHUVDOPHFi QLFR\QHXWUDODORFRQWH[WXDO LQWHUDFWLYR \ pWLFR HQ OD LQ YHVWLJDFLyQ FLHQWtÀFDµ GLFWD GRSRUHO'U-RVpGH6RX]D 6LOYDGHOD(PSUHVD%UDVLOHL UDGH3HVTXLVD$JURSHFXDULD (0%5$3$ 9LVLWD GH LQWHUFDPELR D OD 8QLYHUVLGDG GH 6HYLOOD GH FRRSHUDFLyQ FRQ OD )DFXOWDG GH 4XtPLFD GH )tVLFD \ GH 7HFQRORJtDHQ,QIRUPiWLFD 3DQHO GH ([SHUWRV VREUH FRQWUROGH0RVFDVGHOD)UXWD GH ,PSRUWDQFLD &XDUHQWHQD ULD5HDOL]DGRFRQHO0,'$HO 3URJUDPD &HQWURDPHULFDQR GH 0DHVWUtD HQ (QWRPRORJtD GH OD 9,3 GH OD 8QLYHUVLGDG GH 3DQDPi HO 2UJDQLVPR ,QWHUQDFLRQDO5HJLRQDOGH6D QLGDG$JURSHFXDULD2,56$ OD 2UJDQL]DFLyQ LQWHUQDFLRQDO GH(QHUJtD$WyPLFD2,($\ OD$JHQF\$QLPDO3ODQW+HDOW ,QVSHFWLRQ6HUYLFH$3+,6 /tQHDVGHLQYHVWLJDFLyQHQOD 8QLYHUVLGDGGH3DQDPi 5HYLVDU ODV OtQHDV ORV SUR JUDPDV OD IXQGDPHQWDFLyQ \ODKRPRORJDFLyQGHODV IDFXOWDGHV FHQWURV UHJLR QDOHV H[WHQVLRQHV \ LQVWLWXWRV 'RFXPHQWR HODERUDGR SDUD OD KRPRORJDFLyQ GH SURJUD PDV iUHDV \R OtQHDV GH LQ YHVWLJDFLyQ 7UHV WDOOHUHV UHDOL]DGRV HQ ODV )DFXOWDGHV GH 0HGLFLQD (QIHUPHUtD \ $GPLQLVWUDFLyQ 3~EOLFD 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3UHYHQFLyQGHULHVJRV 3UHVHQFLD \ SDUWLFLSDFLyQ HQ DFWLYLGDGHV\WDOOHUHVGHSUH YHQFLyQGHULHVJRV 3DUWLFLSDFLyQHQHO&XUVRGH &DSDFLWDFLyQ ´6,* \ 6HQVR UHV HQ HVWXGLRV GH )HQyPH QRV +tGULFRV \ (YDOXDFLyQ GH 5LHVJR D 'HVDVWUHV$VR FLDGRV D ,QXQGDFLRQHVµ RU JDQL]DGR SRU HO &68&$ OD DJHQFLD 6XHFD GH &RRSHUD FLyQSDUDHO'HVDUUROOR,QWHU QDFLRQDO $VGLP OD 8QLYHUVL GDGGH7ZHQWH+RODQGD\OD 8QLYHUVLGDGGH3DQDPi &RRUGLQDFLyQ GHO 1RGR GH +LGURORJtD SDUD OD 5HJLyQ &HQWURDPHULFDQD )RUPDU GRFWRUHV HQ KLGUR ORJtD HQ FRQMXQWR FRQ OD 8QLYHUVLGDG GH 8SVDOD HQ 6XHFLD\8QLYHUVLGDGGH3D QDPi SDUD OD FUHDFLyQ GH PRGHORV KLGUROyJLFRV SDUD FXHQFDVVXVFHSWLEOHVDULHV JRV\GHVDVWUHV 'RVWDOOHUHVFRQH[SHUWRVHQ KLGURORJtD GH OD UHJLyQ &HQ WURDPHULFDQD\GHO&DULEH 6HOHFFLyQGHGRVFDQGLGDWRV DOGRFWRUDGR 3URJUDPDVGHSRVWJUDGR $GHFXDFLyQ GH ORV 3URJUD PDV GH 3RVWJUDGR DO 5HJOD PHQWR GH (VWXGLRV GH 3RVW JUDGR (Q WRWDO FLHQWR RFKR SURJUD PDVHQWUHHVSHFLDOL]DFLRQHV PDHVWUtDV \ GRFWRUDGRV GH ORV FXDOHV FLQFXHQWD \ VHLV HQ HO iUHD GH &LHQFLDV (FR QyPLFDV \ 6RFLDOHV YHLQWL GyV HQ HO iUHD GH &LHQFLDV 1DWXUDOHV ([DFWDV \ 7HFQR ORJtD \ WUHLQWD HQ HO iUHD GH &LHQFLDVGHOD6DOXG 1XHYRV SURJUDPDV GH SRVW JUDGR &UHDFLyQ \ DSHUWXUD GH QXH YRVSURJUDPDVGHSRVWJUDGR 'LHFLVLHWHQXHYRVSURJUDPDV GH SRVWJUDGR DSUREDGRV \ VHLVGRFWRUDGRVHQSURFH VRGHDSUREDFLyQ 0DHVWUtDV HQ $GPLQLVWUDFLyQ GH (PSUHVDV FRQ eQIDVLV HQ $QiOLVLV (PSUHVDULDO (VWXGLRV 3ROtWLFRV FRQ eQID VLV HQ 6LVWHPDV (OHFWRUDOHV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 'HUHFKR$PELHQWDO /LQJtV WLFD $SOLFDGD DO ,QJOpV $Q WURSRORJtD 6RFLDO 3VLFRORJtD ,QGXVWULDO \ 2UJDQL]DFLRQDO 'DQ]D'LGiFWLFDGHODV&LHQ FLDV 1DWXUDOHV *HUHQFLD \ $GPLQLVWUDFLyQ ,QWHJUDO GH ORV6HUYLFLRVGHO/DERUDWRULR &OtQLFR&LHQFLDVGHOD)DPL OLD\'HVDUUROOR&RPXQLWDULR %LRWHFQRORJtD 5HVWDXUDGRUD 'HQWDO 6HLV 3URJUDPDV GH 'RF WRUDGR HQ SURFHVR GH DSUR EDFLyQ'RFWRUDGRHQ+XPD QLGDGHV\&LHQFLDV6RFLDOHV (GXFDFLyQ (QIHUPHUtD $U TXLWHFWXUD(FRQRPtD\&LHQ FLDV%LROyJLFDV $XWRHYDOXDFLyQ GH ORV 3UR JUDPDVGHSRVWJUDGR 3URJUDPDVGHSRVWJUDGRDX WRHYDOXDGRV 9HLQWLFLQFR SURJUDPDV GH PDHVWUtD HQ ODV GLVWLQWDV ID FXOWDGHV HQ SURFHVR GH DX WRHYDOXDFLyQ 5HJODPHQWRV HVSHFLDOHV GH SRVWJUDGR (ODERUDFLyQ GH UHJODPHQWRV HVSHFLDOHVGHSRVWJUDGR 6LHWH UHJODPHQWRV HVSHFLD OHVGHSRVWJUDGRHODERUDGRV \ YDOLGDGRV SRU HO HTXLSR GH SRVWJUDGR (QWUH HOORV 5HJODPHQWR(VSHFLDOGH7X WRUtD GH 'HIHQVD GH 7HVLV GH 3UiFWLFD 3URIHVLRQDO GH ,QWHUYHQFLyQ GH H[DPHQ GH JUDGR\GHVHOHFFLyQGHSUR IHVRUHV 3URSXHVWDPHWRGROyJLFDSDUD HOGLVHxRGHXQ2EVHUYDWRULR GHO6LVWHPDGH3RVWJUDGRGH OD8QLYHUVLGDGGH3DQDPi 3URSXHVWDPHWRGROyJLFD 8Q GRFXPHQWR SUR\HFWR ´2EVHUYDWRULRGHO6LVWHPDGH 3RVWJUDGRGHOD8QLYHUVLGDG GH3DQDPiµ 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3URSXHVWD PHWRGROyJLFD SDUDHO(VWXGLRGH1HFHVLGD GHV \ 'HPDQGDV GH )RUPD FLyQ H ,QYHVWLJDFLyQ D QLYHO GH3RVWJUDGR 3URSXHVWDPHWRGROyJLFD 8Q GRFXPHQWR SUR\HFWR ´(VWXGLR GH 1HFHVLGDGHV \ 'HPDQGDV GH )RUPDFLyQ H ,QYHVWLJDFLyQDQLYHOGH3RVW JUDGRµ 3URJUDPDVGH3RVWJUDGR)L QDQFLDGRV 2EWHQHU ÀQDQFLDPLHQWR SDUD SURJUDPDV 'RV SURJUDPDV ÀQDQFLDGR SRU6(1$&<7 3URJUDPD GH 0DHVWUtD HQ &LHQFLDV 3HFXDULDV FRQ eQIDVLV HQ 3URGXF FLyQ$QLPDO 3URJUDPD GH 0DHVWUtD HQ &LHQFLDV GH ,QJHQLH UtD GH 6LVWHPDV GH &R PXQLFDFLRQHV FRQ eQID VLVHQ5HGHVGH'DWRV 9LQFXODFLyQ GH 3URJUDPDV GH 3RVWJUDGR FRQ 8QLYHUVL GDGHV([WUDQMHUDV 3URJUDPDVGHSRVWJUDGRYLQ FXODGRVDXQLYHUVLGDGHVH[ WUDQMHUDV 'RV SURJUDPDV GH SRVWJUD GR YLQFXODGRV D OD 8QLYHUVL GDG&DUORV,,,GH0DGULG 0DHVWUtD HQ *HVWLyQ \ 7HFQRORJtD GHO &RQRFL PLHQWR FRQ 0RGDOLGDG 3URIHVLRQDO 0DHVWUtDHQ&LHQFLDVGH ,QJHQLHUtD GH 6LVWHPDV GH &RPXQLFDFLyQ FRQ GRV eQIDVLV &RPXQLFD FLRQHV0yYLOHVH,QDOiP EULFDV\5HGHVGH'DWRV &RODERUDFLyQ$FDGpPLFDGH 8QLYHUVLGDGHV([WUDQMHUDV 3URJUDPDVGHSRVWJUDGRIRU WDOHFLGRVFRQODFRODERUDFLyQ GHXQLYHUVLGDGHVH[WUDQMHUDV 'LHFLVpLVSURJUDPDVGHSRVW JUDGR IRUWDOHFLGRV DFDGpPL FDPHQWHFRQODFRODERUDFLyQ GHXQLYHUVLGDGHVH[WUDQMHUDV HQWUHHOODV/D+DEDQD,QVWL WXWR6XSHULRUSROLWpFQLFR-RVp $QWRQLR(FKHYHUUtD,63-$( 8QLYHUVLGDG GH &RVWD 5LFD 8QLYHUVLGDG3HGDJyJLFD1D FLRQDO )UDQFLVFR 0RUD]iQ 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR GH+RQGXUDV8QLYHUVLGDGGH $QWLRTXLDHQWUHRWUDV 3URSXHVWD GH 3URJUDPD ,QWHUXQLYHUVLWDULR GH 0DHV WUtD HQ 6HJXULGDG ,QIRUPiWL FD8QLYHUVLGDGGH3DQDPi 8QLYHUVLGDG 7HFQROyJLFD GH 3DQDPi ,QVWLWXWR 6XSHULRU 3ROLWpFQLFR -RVp $QWRQLR (FKHYHUUtD,63-$( &RQFHUWDFLyQ GH FRQYHQLRV GHSUiFWLFDSURIHVLRQDO 3UiFWLFDSURIHVLRQDOFRQHP SUHVDV LQVWLWXFLRQHV \ RUJD QL]DFLRQHVVRFLDOHV 8Q PRGHOR GH FRQYHQLR PDUFRELODWHUDOGHSUiFWLFD SURIHVLRQDO YDOLGDGR SRU HO HTXLSRGHSRVWJUDGR 6XESUR\HFWR(ODERUDFLyQGH 0RGHORGH&RQYHQLR $XGLWRULDVLQWHUQD\H[WHUQD 2UJDQL]DFLyQ \ SDUWLFLSDFLyQ HQDXGLWRULDV,QWHUQD\H[WHUQD 'RV DXGLWRUtDV XQD LQWHUQD HQ IHEUHUR \ RWUD H[WHUQD HQ DEULOGH &DSDFLWDFLyQ\DFWXDOL]DFLyQ $FWLYLGDGHV GH FDSDFLWDFLyQ \DFWXDOL]DFLyQ 6HUHDOL]DURQHQFXHQWURVWD OOHUHV \ VHPLQDULRV FRQ ORV GLUHFWRUHV \ FRRUGLQDGRUHV GH 3URJUDPDV GH 3RVWJUDGR \ GLHFLRFKR FDSDFLWDFLRQHV HQ DXWRHYDOXDFLyQ HQ ODV GLIHUHQWHV IDFXOWDGHV H ,QVWL WXWRV 3UR\HFWRV GH ,QYHVWLJDFLyQ GH7HVLV 5HDOL]DUSUR\HFWRVGHLQYHV WLJDFLyQGHWHVLV &LQFXHQWD\FXDWURSUR\HFWRV GHLQYHVWLJDFLyQGHWHVLVGLV WULEXLGRVDVtFXDUHQWD\WUHV HQ iUHD GH &LHQFLDV (FR QyPLFDV \ 6RFLDOHV WUHV HQ iUHD GH &LHQFLDV 1DWXUDOHV ([DFWDV\7HFQRORJtD\RFKR HQ&LHQFLDVGHOD6DOXG 7HVLV$SUREDGDV 'HIHQVDVGH7HVLV 9HLQWLVpLV HQ &LHQFLDV (FR QyPLFDV \ 6RFLDOHV RFKR HQ&LHQFLDV1DWXUDOHV([DF WDV \7HFQRORJtD \ YHLQWH HQ &LHQFLDVGHOD6DOXG 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &RQVXOWDV\UHFODPRV $WHQFLyQDFRQVXOWDV\UHFOD PRVOHJDOHVHQHOVLVWHPDGH SRVWJUDGR 'LH] UHFODPRV OHJDOHV DWHQ GLGRVHQSRVWJUDGR (VWXGLR3UHOLPLQDUGH$FXtIH UR&RVWHUR&RPSUHQGLGRHQ WUH&KDPH\6DQ&DUORV &RQRFHUORVSULQFLSDOHVSDUi PHWURV KLGUiXOLFRV KLGURTXt PLFRV H KLGURGLQiPLFRV GHO DFXtIHURFRVWHURSDUDGHWHU PLQDU HO HIHFWR SRVLWLYR QH JDWLYR RQHXWUR TXH SURGXFH OD H[SORWDFLyQ GH ORV SR]RV FRVWHURV (O SUR\HFWR VH HQFXHQWUD HQ VXIDVHLQLFLDO 'HOLPLWDU OD ]RQD GH LQWHUID] GH DJXD GXOFHVDODGD \ IRU PXODUSDXWDVGHFRQWURO /HYDQWDUXQ0RGHOR&RQFHS WXDO+LGUROyJLFRFRQORVGDWRV REWHQLGRVGHOSUR\HFWR 'HVDUUROODU XQD FXOWXUD GH DJXDHQODSREODFLyQDSDUWLU GH PHWRGRORJtD SDUWLFLSDWLYD \WDOOHUHVGHIRUPDFLyQ ,QWHUFDPELDU H[SHULHQFLDV FRQ DXWRULGDGHV \ SURIHVR UHV LQYHVWLJDGRUHV HQ WHPDV UHODFLRQDGRV FRQ HO XVR OD H[SORWDFLyQ \ JHVWLyQ GHO UH FXUVRKtGULFRVXVWHQWDEOH 'LYXOJDUORVUHVXOWDGRV /DERUDWRULRGH$UWUySRGRV 9HQHQRVRV (VWXGLR GH ORV yUGHQHV 6FRU SLRQHV\2SLOLRQHVGH3DQDPi 0DQWHQHU \ GHVDUUROODU OD &ROHFFLyQ1DFLRQDOGH5HIH UHQFLDGH$UiFQLGRV\JUXSRV DÀQHV 'HVDUUROODU DFWLYLGDGHV TXH OOHYHQDXQPHMRUFRQRFLPLHQ WR\SURWHFFLyQGHODIDXQDGH DUiFQLGRV\JUXSRVDÀQHVGH OD5HS~EOLFDGH3DQDPi (O SUR\HFWR DOFDQ]D DFWXDO PHQWHXQGHDYDQFHHQ VXVREMHWLYRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR %LRTXtPLFD GH $OLPHQWRV \ 1XWULFLyQ ´&RQFHQWUDGRV GH iFLGRV 2PHJD D EDVH GH DFHLWHGHSHVFDGRµ &XDQWLÀFDU OD FRQFHQWUDFLyQ GH iFLGR GRFRVDKH[DHQRLFR '+$\GHiFLGRHLFRVDSHQ WDHQRLFR '3$ HQ HO DFHLWH GHSHVFDGR (O3UR\HFWRKDDYDQ]DGRHQ XQÀQDQFLDGRSRU6( 1$&<7 SRU EDO ERDV 3UR\HFWR352%,2 &DUDFWHUL]DFLyQ GHO FRPSRU WDPLHQWRGHSDUiPHWURVPH WHRUROyJLFRV HQ OD UHVHUYD IRUHVWDOGH(O0RQWXRVR (VWXGLDU HO FRPSRUWDPLHQWR GH ODV YDULDEOHV PHWHRUROy JLFDV WDOHV FRPR UDGLDFLyQ VRODU JOREDO SUHVLyQ DWPRV IpULFD KXPHGDG UHODWLYD WHPSHUDWXUDDPELHQWHGLUHF FLyQ GHO YLHQWR UDSLGH] GHO YLHQWR\QLYHOHVGHSUHFLSLWD FLyQSOXYLDOHQODUHVHUYDIR UHVWDOGH(O0RQWXRVR 3DUD WDO HIHFWR HO SHUVRQDO WpFQLFRGHO/DERUDWRULRGH)t VLFDGHOD$WPyVIHUDHVWiSUR FHGLHQGRDLQVWDODUHQHOVL WLRHQPHQFLyQXQDHVWDFLyQ PHWHRUROyJLFD &$03%(// &5 FX\D RSHUDWLYLGDG VHUiUHVSRQVDELOLGDGGHHVWH ODERUDWRULR /DERUDWRULRGH)tVLFDGHOD $WPyVIHUD (VWXGLRH,QYHVWLJDFLyQGHOD )tVLFD GH OD $WPyVIHUD \ HO 0HGLR$PELHQWH (VWDEOHFHU XQD 5HG 5D GLRPpWULFD \ 0HWHRUROyJLFD 1DFLRQDO FRQ XQ PtQLPR GH FLQFR VLWLRV GH PRQLWRUHR &RQVWUXLU HO PDSD GH LVROt QHDVGHLUUDGLDFLyQVRODUJOR EDO\GRVLV89%SDUDWRGDOD 5HS~EOLFDGH3DQDPi (O SUR\HFWR KD ORJUDGR XQ DYDQFH GHO 7RGDYtD HVWiSHQGLHQWHODLQVWDODFLyQ GH GRV HVWDFLRQHV UDGLRPp WULFDV \ PHWHRUROyJLFDV DGL FLRQDOHV (VWXGLDU OD SRVLEOH FRUUHOD FLyQ HQWUH OD LQFLGHQFLD GH FiQFHUHV GH SLHO HQ ODV GL IHUHQWHV ]RQDV FOLPiWLFDV GH3DQDPi\ODVFRUUHVSRQ GLHQWHV GRVLV WRWDOHV DQXD OHV89%UHJLVWUDGDV (VWDEOHFHU XQ VLVWHPD GH LQIRUPDFLyQ KDFLD OD FRPX QLGDG SDUD GLIXQGLU GLDULD PHQWHORVSURQyVWLFRVUDGLR PpWULFRV\PHWHRUROyJLFRV (VWXGLDUORVHIHFWRVGHOFDP ELRFOLPiWLFRHQOD5HS~EOLFD GH 3DQDPi \ OD UHODFLyQ GH OD FRQFHQWUDFLyQ GH DHURVR OHVGHORVSDUiPHWURVDWPRV IpULFRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR /DERUDWRULRGH)tVLFDGHOD $WPyVIHUD (VWXGLR GH OD (YROXFLyQ GHO &DPELR &OLPiWLFR HQ 3DQD Pi \ $PpULFD &HQWUDO 3UR \HFWR7&1$6$ (VWXGLDU HO FRPSRUWDPLHQWR UD KXPHGDG UHODWLYD YDSRU GHDJXD\FROXPQDGHR]RQR HQODWURSyVIHUD\HVWUDWyVIH UDWURSLFDO GH 5DGLDFLyQ ,QIUDUURMD GH 2QGD /DUJD 2/5 SRU SDU WHGHODQXEHVFLUUXV\XQTXH GHOJDGDV (VWHSUR\HFWRKDORJUDGRXQ DYDQFHGHO (VWDEOHFHU HO HIHFWR QHWR GH FDOHQWDPLHQWR JHQHUDGR SRU HVWDVQXEHVHQODWURSRVIHUD VXSHULRU (VWXGLDU HO HIHFWR GH OD DE VRUFLyQ \ GLIXVLyQ GH UDGLD FLyQLQIUDUURMDGH2QGD&RUWD JHQHUDGR SRU ORV DHURVROHV HQODWURSyVIHUDWURSLFDO ORV QLYHOHV GH SUHFLSLWDFLyQ GXUDQWH ODV FXDWUR ~OWLPDV GpFDGDV $FWXDOL]DFLyQ GHO VLVWHPD GH *HVWLyQGH&DOLGDG $FWXDOL]DUHOVLVWHPDGHJHVWLyQ GHFDOLGDG FDFLyQ (& SRU OD VLVWHPDGHJHVWLyQGHODFDOL GDG ,62 $SSOXV 3DQDPi$EULO 0HMRUDPLHQWR GH OD JHVWLyQ FLHUD OD9LFHUUHFWRUtDGH,QYHVWLJD FLyQ\3RVWJUDGR 6HPLQDULR7DOOHU´*HVWLyQGH &DOLGDGEDVDGRHQODQRUPD ,62 µ 6HPLQDULR GH ,QGXFFLyQ ´1RUPD ,62 µ \ HO 6HPLQDULR 7DOOHU ´0DQHMR GH $FFLRQHV &RUUHFWLYDV 3UHYHQWLYDV \ 2SRUWXQLGDGHVGH0HMRUDµ 6H DGTXLULHURQ HTXLSRV H LQVXPRV LQIRUPiWLFRV % 5(1',&,Ð1'(&8(17$6 9LFHUUHFWRUtD$GPLQLVWUDWLYD 3UR\HFWR0HWD5HVXOWDGR )RUPDU \ FDSDFLWDU HO WDOHQWR KXPDQRGHODLQVWLWXFLyQ 'LVHxDUXQSODQSHUPDQHQWH GH FDSDFLWDFLyQ GHO UHFXUVR KXPDQR WRPDQGR HQ FXHQ WD ORV YDORUHV ODV GLIHUHQWHV WHFQRORJtDV GH OD FRPXQL FDFLyQ OD FXOWXUD GH SD] HO DPELHQWH\ODSHUVSHFWLYDGH JpQHUR 6H FXPSOLy FRQ HO FURQRJUD PDGHFDSDFLWDFLyQDOUHFXU VRKXPDQR 'RWDUGHXQVLVWHPDLQIRUPiWLFR DOD8QLYHUVLGDGGH3DQDPi ,QWHJUDU ODV iUHDV DGPLQLV WUDWLYDV SUHVXSXHVWDULDV \ ÀQDQFLHUDVGHPDQHUDTXHOD LQIRUPDFLyQHVWpLQWHJUDGD 6HHVWiDYDQ]DQGRFRQIRUPH DOQXHYRFURQRJUDPDGHDFWL YLGDGHVGHIRUPDJOREDOHQ XQHQEDVHDODVWDUHDV \DFFLRQHVUHDOL]DGDV 0RGHUQL]DFLyQGHORVSURFHVRV DGPLQLVWUDWLYRV &RRUGLQDFLyQGHODFRPLVLyQ GH PRGHUQL]DFLyQ \ VLP SOLÀFDFLyQ GH ORV SURFHVRV DGPLQLVWUDWLYRV EDMR HO 3UR \HFWRGH6,3$)6LVWHPDGH ,QIRUPDFLyQ 3UHVXSXHVWDULR $GPLQLVWUDWLYR \ )LQDQFLHUR SDUD WHQHU LQIRUPDFLyQ DF WXDOL]DGD \ RSRUWXQD SDUD OD WRPDGHGHFLVLRQHV 6H OOHYDURQ D FDER UHXQLR QHV FRQ ODV FRPLVLRQHV GH WUDEDMRFUHDGDVSDUDODDGH FXDFLyQ \ SUHSDUDFLyQ GH OD LQIRUPDFLyQ IXHQWH SDUD OD FDSWXUDDOVLVWHPD %LHQHVGHODLQVWLWXFLyQ 'HWHUPLQDFLyQ GH OD XELFD FLyQ ItVLFD \ HVWDGR GH ORV ELHQHVGHODLQVWLWXFLyQ 6H FUHy XQD VXEFRPLVLyQ GH XELFDFLyQ ItVLFD LQWH JUDGD SRU IXQFLRQDULRV GH OD 'LUHFFLyQ *HQHUDO GH 3ODQLÀFDFLyQ \ (YDOXDFLyQ 8QLYHUVLWDULD 'LUHFFLyQ GH ,QJHQLHUtD \ $UTXLWHFWXUD \ OD 6HFFLyQ GH %LHQHV 3DWUL PRQLDOHV SDUD GHWHUPLQDU GRQGH HVWiQ XELFDGRV ORV ELHQHVGHODLQVWLWXFLyQ 6HGDLQLFLRDODDVRFLDFLyQGH FXHQWDV ÀQDQFLHUDV FRQ ORV REMHWRVGHOJDVWR\GHELHQHV SDWULPRQLDOHV FRQ HO VHQWLGR GH SDUDPHWUL]DU ORV DVLHQWRV FRQWDEOHVQHFHVDULRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 2SWLPL]DU HO SURFHVR GH FRP SUDV &RQWDU FRQ XQ FDWiORJR GH SURGXFWRV \ SURYHHGRUHV SDUDDJLOL]DUORVSURFHVRVGH FRPSUDV 6H FUHy XQD FRPLVLyQ GH &DWiORJR GH 3URGXFWRV \ 3URYHHGRUHVGRQGHVHFHQ WUDOL]DUi OD FUHDFLyQ GH ORV SURGXFWRV\SURYHHGRUHVTXH SDUWLFLSDQ HQ HO SURFHVR GH FRPSUDVYHQWDV 6HHQWDEOyFRQYHUVDFLyQFRQ 3DQDPi &RPSUD \ HO 0() 6,$)3$ SDUD ORJUDU OD LQ WHUIDVHFRQHVWRVVLVWHPDV $ SDUWLU GH PD\R VH UHIRUPXOD HO SUR\HFWR FRQ OD DGPLQLVWUDFLyQ \ UHVSRQ VDELOLGDG GH OD 'LUHFFLyQ GH ,QIRUPiWLFD /D 8QLYHU VLGDG 7HFQROyJLFD GH 3D QDPi QRV IDFLOLWy HO FyGLJR IXHQWHGHOVLVWHPDHQEDVH DpOVHKDQKHFKRDMXVWHVDO VLVWHPD (O9LFHUUHFWRU$GPLQLVWUDWLYR'U&DUORV%UDQGDUL]SDUWLFLSDHQUHXQLyQFRQ OD'LUHFWRUDGH5HFXUVRV+XPDQRVSURIHVRUD,OVH&UyFDPRODGHFDQDGH ODIDFXOWDGGH,QIRUPiWLFD(OHFWUyQLFD\&RPXQLFDFLyQMXQWRDRWURVDGPL QLVWUDWLYRVWUDWDQWHPDVGHVRSRUWHWpFQLFRGHOD,QVWLWXWXFLyQ 6HKDHVWDGRYHULÀFDQGRORV DSOLFDWLYRV \ SURFHGLPLHQWRV SDUD ORV PyGXORV GH 3UHVX SXHVWR\&RQWDELOLGDGFRQORV XVXDULRV GH )LQDQ]DV SDUD DGHFXDUORV D ODV QHFHVLGD GHVUHDOHVGHORVPLVPRV $FWXDOPHQWH HQ OD IDVH GH FDSDFLWDFLyQGHOSHUVRQDOGH &RPSUDV $OPDFpQ *HQHUDO \ &DWiORJR GH OD 'LUHFFLyQ GH 6HUYLFLRV $GPLQLVWUDWL YRV SRVWHULRUPHQWH FRQ HO SHUVRQDO GH ODV XQLGDGHV JHVWRUDV\ÀQDOPHQWHHOSHU VRQDO TXH DGPLQLVWUD RWURV DOPDFHQHV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 7UDQVSDUHQFLD GH ORV SURFH VRVGHFRQWUDWDFLyQS~EOLFD 9HODU TXH VH UHFLEDQ ODV REUDV FRQWUDWDGDV HQ IRUPD VDWLVIDFWRULD 7HQLHQGRFRPREDVHHOSULQ FLSLR GH WUDQVSDUHQFLD \D HVWLSXODGR HQ ORV SOLHJRV GH FDUJRV\HQODVGLVSRVLFLRQHV MXUtGLFDV VH KD VXSHUYLVDGR OD VHOHFFLyQ GH HPSUHVDV FRQWUDWLVWDV HQ IRUPD REMHWL YD \ MXVWD HQ OD FXDO VH HV FRJHODSURSXHVWDPiVIDYR UDEOHDODHQWLGDG\DORVÀQHV TXHpVWDEXVFD $ ÀQ GH YHULÀFDU TXH FXP SODQ ODV FRQGLFLRQHV GH FD OLGDG GH FRQIRUPLGDGFRQORV FRQWUDWRV\SOLHJRVGHFDUJRV YHODPRV TXH VH UHFLEDQ ODV REUDV FRQWUDWDGDV HQ IRUPD VDWLVIDFWRULD UHYLViQGRVH SH ULyGLFDPHQWH VX GHVDUUROOR \ HMHFXFLyQ GiQGRVH LJXDO VH JXLPLHQWRDORVVHUYLFLRVSUHV WDGRV\ELHQHVVXPLQLVWUDGRV 0HMRUDPLHQWR PRGLÀFDFLRQHV \FUHDFLyQGHQXHYDVLQVWDOD FLRQHVItVLFDVXQLYHUVLWDULDV 'RWDUGHHVWUXFWXUDVDGHFXD GDV D OD 8QLYHUVLGDG GH 3D QDPiHQEHQHÀFLRGHOVHFWRU HVWXGLDQWLO GRFHQWH \ DGPL QLVWUDWLYR (QPDUFDGR GHQWUR GHO SULQ FLSLRGHWUDQVSDUHQFLDVUHV SRQVDELOLGDG \ HÀFLHQFLDV FRQODJXtD\WRPDGHGHFLVLR QHV GH ODV DXWRULGDGHV UHV SHFWLYDV LQFOX\HQGR HO &RQ VHMR $GPLQLVWUDWLYR VH KDQ OOHYDGR D FDER ODV DFFLRQHV WpFQLFDV\DGPLQLVWUDWLYDVGH ORV SUR\HFWRV GH LQYHUVLyQ GDQGRUHVSXHVWDDORVSODQHV \ SUR\HFWRV UHTXHULGRV SRU ODV GLIHUHQWHV XQLGDGHV DFD GpPLFDV \ DGPLQLVWUDWLYDV TXHFRQIRUPDQODLQVWLWXFLyQ DWHQGLpQGRVH ODV VROLFLWXGHV GH XQLGDGHV DFDGpPLFDV \ DGPLQLVWUDWLYDV GHO FDPSXV FHQWURV UHJLRQDOHV \ H[WHQ VLRQHVGRFHQWHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $XWRJHVWLyQ 0RGLÀFDFLyQ GH ORV SURFH GLPLHQWRV GHO SURFHVR GH FRQWUDWDFLyQ GH GRFHQWHV R IDFLOLWDGRUHV FRQ FDUJR DO SUHVXSXHVWR GH DXWRJHVWLyQ IXHQWH REMHWR GHO JDVWR SRU GLFWDU FXUVRV VH PLQDULRV GLSORPDGRV SRVW JUDGRV \ RWURV DWHQGLHQGR PDQGDWR GHO &RQVHMR $GPL QLVWUDWLYR 3HUVRQDO GH OD 9LFHUUHFWR UtD $GPLQLVWUDWLYD GH OD 'L UHFFLyQ GH )LQDQ]DV \ GH OD 'LUHFFLyQ GH 5HFXUVRV +XPDQRV \ GH OD 8QLGDG GH $XWRJHVWLyQ GH OD 'LUHFFLyQ *HQHUDO GH 3ODQLÀFDFLyQ \ (YDOXDFLyQ8QLYHUVLWDULDFD SDFLWDURQDORVFRODERUDGRUHV GH ODV GLIHUHQWHV XQLGDGHV DFDGpPLFDV \ DGPLQLVWUDWL YDV SDUD OD LPSOHPHQWDFLyQ GHORVPLVPRV 0D\RU HÀFLHQFLD GHO SUHVX SXHVWRGHDXWRJHVWLyQ 6HORJUyDJLOL]DUORVSURFHGL PLHQWRV IDFLOLWDQGR OD HMHFX FLyQFRQPD\RUHÀFLHQFLDGHO SUHVXSXHVWR GH DXWRJHVWLyQ H LQFHQWLYDU OD SODQWD GH GR FHQWHV\IDFLOLWDGRUHVFRQXQ SDJRPiVH[SHGLWRSRUODOD ERUFXPSOLGD 8QLGDGHVDGVFULWDV 'LUHFFLyQGH)LQDQ]DV 3UR\HFWR0HWD5HVXOWDGR 5HFXSHUDFLyQ \ GHSXUDFLyQ GHFXHQWDVSRUFREUDU 5HGXFLU ODV FXHQWDV SRU FR EUDU\DVtDSOLFDUXQDPHMRU URWDFLyQHQORVFREURVGHGL FKDVFXHQWDV &8(17$6325&2%5$5 7DVDV\GHUHFKRVSRUFREUDU 9HQWDV\ELHQHVVHUYLFLRV SRUFREUDU% 5HQWD GH OD SURSLHGDG % 7RWDO% 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR (VWDV FXHQWDV SRU FREUDU VH RULJLQDQ GH OD DFWLYLGDG GH IXQFLRQDPLHQWR SRU UHFXSH UDFLRQHVGHFXHQWDVGHOSHU VRQDOGRFHQWH\DGPLQLVWUDWL YRDOTXLOHUGHHVSDFLRItVLFR GH RSHUDFLRQHV GH NLRVFRV IRWRFRSLDV \ DUUHQGDPLHQWR GH iUHDV SDUD YDOODV SXEOLFL WDULDV 6LVWHPD GH DFFHVR GH WDUMH WDPDJQpWLFDFRQLQVWDODFLyQ GH FiPDUDV GH YLJLODQFLD HQ OD VHFFLyQ GH FDMD JHQHUDO \ DOUHGHGRUHV 6HJXULGDG \ FRQWURO LQWHUQR SDUD SUHYHQFLyQ GH VXVWUDF FLRQHVIRUiQHDV )XHLQVWDODGD\QRVDGYLHUWH VREUH VLWXDFLRQHV IXHUD GH FRQWURO 1RV REOLJD D WRPDU GHFLVLRQHVUiSLGDVGHFDUiF WHUFRUUHFWLYR (O FRVWR TXH JHQHUy HVWH SUR\HFWRHVGH% SURGXMRXQLPSDFWRGHVHJX ULGDGFXVWRGLD\YLJLODQFLDHQ ODDGPLQLVWUDFLyQFHQWUDO 0DWUtFXOD HQ OtQHD FRQ HO %DQFR 1DFLRQDO D QLYHO QD FLRQDOGHPDQHUDLQWHJUDO $VHJXUDU TXH ORV LQJUHVRV UHFDXGDGRV VHDQ GHSRVLWD GRVGHPDQHUDRSRUWXQDHQ ODFXHQWDEDQFDULDGHPD QHUDLQPHGLDWDHLQWDFWD 'XUDQWH HO SHUtRGR LQIRU PDGR VH KD UHFDXGDGR LQJUHVRV SRU XQ WRWDO GH % GH ORV FXDOHV FRUUHVSRQGH D LQJUH VRVSURSLRV% \ DSRUWH GHO *RELHUQR %'HHVWDV FLIUDV HO VH UHFLELy GLUHFWDPHQWH HQ HO EDQFR % (MHFXFLyQ SUHVXSXHVWDULD \ ÀQDQFLHUDGHODVLQYHUVLRQHV 7UDQVIHUHQFLDVGHFDSLWDORSRU WXQDVGHOSUHVXSXHVWRGHLQYHU VLRQHVSDUDÀQDQFLDUODHMHFX FLyQ GH ODV REUDV UHDOL]DGDV SDUDLQFUHPHQWDUODLQIUDHVWUXF WXUDUHTXHULGDSDUDJUXSRVHV WXGLDQWLOHVGHQXHYDVFDUUHUDV /RVUHFXUVRVGHFDSLWDOUHFL ELGRVSDUDODUHDOL]DFLyQGH REUDVGHLQYHUVLyQDOFDQ]yOD FLIUDGH% 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3URJUDPDGHLQYHVWLJDFLyQ 3ODQ SHUPDQHQWH GH FDSDFL WDFLyQGHOUHFXUVRKXPDQR 3URSRUFLRQDU OD LQIRUPDFLyQ SUHVXSXHVWDULD \ ÀQDQFLHUD UHTXHULGDSDUDDSR\DUHOSUR JUDPDGHLQYHVWLJDFLyQ 'HO SUHVXSXHVWR DVLJQDGR SDUD HO SURJUDPD GH LQYHVWL JDFLyQVHHMHFXWyHO GH % VH HMH FXWDURQ% 'HVDUUROODU OD SROtWLFD LQVWL WXFLRQDOGHUHJLVWUR\FRQWURO SDUD OD UHFHSFLyQ \ PDQH MR GH UHFXUVRV HFRQyPLFRV SDUDODLQYHVWLJDFLyQ $FWXDOPHQWH VH HVWi GHVD UUROODQGR &RQWULEXLUFRQHOSODQGHHGX FDFLyQ FRQWLQXD EDVDGR HQ ODV FRPSHWHQFLDV SURIHVLR QDOHV TXH GHPDQGD HO PHU FDGRHGXFDWLYR 6H KD FDSDFLWDGR DOUHGHGRU GHSURIHVRUHVGHO0L QLVWHULR GH (GXFDFLyQ HQ SHUtRGRV \ 7UDPLWDU HO ÀQDQFLDPLHQWR SDUD HO SDJR D ORV GRFHQWHV TXH SDUWLFLSDURQ FRPR IDFLOL WDGRUHVGHORVSURIHVRUHVGHO 0LQLVWHULRGH(GXFDFLyQ /D FXHQWD SRU FREUDU DO 0L QLVWHULR GH (GXFDFLyQ HQ FRQFHSWR GH FDSDFLWDFLyQ DVFLHQGH D OD VXPD GH % GHVJORVDGR % % 0HMRUDU OD DFWLWXG GHO SHUVR QDO IUHQWH D VX SDUWLFLSDFLyQ HQ OD JHVWLyQ DGPLQLVWUDWLYD SDUD EULQGDU XQ VHUYLFLR GH FDOLGDG 6HKDQUHDOL]DGRORVVLJXLHQ WHVVHPLQDULRV $FWXDOL]DFLyQ SDUD ORV IRUPXODULRV GH DQWHSUR \HFWR %LHQHVWDU VRFLDO GHO HP SOHDGR 'HWHFFLyQGHELOOHWHVIDOVRV 3ODQLÀFDFLyQ RUJDQL]D FLyQ\VXSHUYLVLyQODERUDO &DOLGDG \ SURGXFWLYLGDG FRQHQIRTXHGHVHUYLFLRV DOFOLHQWH :RUG )RUPDFLyQ \ HYDOXDFLyQ GHSUR\HFWRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 'HVDUUROODU XQD FXOWXUD GH FDOLGDGHQHOSURFHVRGHHMH FXFLyQDGPLQLVWUDWLYD\ÀQDQ FLHUD 9HULÀFDUTXHFDGDH[SHGLHQ WHFXPSODFRQODVQRUPDVYL JHQWHV\FRQWHQJDORVGRFX PHQWRVH[LJLGRV &RQWUDWDFLyQ DGPLQLVWUD WLYDGHOUHFXUVRKXPDQR 0DQXDOHV GH SURFHGL PLHQWRV FRPR LQVWUX PHQWR IXQGDPHQWDO SDUD OD FRRUGLQDFLyQ GLUHF FLyQ HYDOXDFLyQ \ FRQ WURODGPLQLVWUDWLYR /D SURIHVLyQ FRQWDEOH WUDQVSDUHQFLD pWLFD \ PRWLYDFLyQ /RV DUFKLYRV \ UHVWDXUD FLyQ \ UHKDELOLWDFLyQ GH OD HGLÀFDFLyQ SDUD VX ,QVWDODFLyQ$UTXLWHFWXUD \1RUPDWLYDV 6HRUJDQL]yODLQVWDODFLyQGH OD2ÀFLQDGH&RQWUROGH&DOL GDGHVSDFLRItVLFRHTXLSR\ SHUVRQDO /D2ÀFLQDGH&RQWUROGH&D OLGDGLQLFLyVXVODERUHVHQHO PHVGHPDU]RGHFRQ FXDWURIXQFLRQDULRV ,QIRUPDU D ODV XQLGDGHV ORV SUREOHPDVTXHSUHVHQWHQHQ HOSURFHVRGHWUiPLWH 6H UHDOL]DURQ ORV GLDJUDPDV GH ÁXMR GH FDGD XQR GH ORV GRFXPHQWRVTXHVHWUDPLWDQ HQOD'LUHFFLyQGH)LQDQ]DV (OSHUVRQDOUHFLELyFDSDFLWD FLyQ GH OD 2ÀFLQD GH )LVFD OL]DFLyQ FRQ HO SURSyVLWR GH FRQRFHUHOUROTXHOHVFRUUHV SRQGH 'HYROYHUDODVXQLGDGHVHMH FXWRUDVORVH[SHGLHQWHVTXH QR FXPSODQ FRQ OD QRUPDWL YDYLJHQWH\FRQORVFUpGLWRV SUHVXSXHVWDULRVQHFHVDULRV /D RÀFLQD KD LQLFLDGR VX DWHQFLyQGHORVGRFXPHQWRV GH PDQHUD JUDGXDO KDVWD DWHQGHUHOFLHQSRUFLHQWR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 6HKDLQLFLDGRODHODERUDFLyQ GHO 0DQXDO GH 2UJDQL]DFLyQ GHOD'LUHFFLyQGH)LQDQ]DV 6HEHQHÀFLDDODDGPLQLVWUD FLyQHQJHQHUDO\DQXHVWURV XVXDULRV KDFLHQGR PiV H[ SHGLWRHOWUiPLWHGHORVGRFX PHQWRVGHJHVWLyQLQVWLWXFLR QDO 'HVFHQWUDOL]DFLyQ GHO VLVWH PDGHUHJLVWURGHORVELHQHV SDWULPRQLDOHV (VWDEOHFHU XQ VLVWHPD GH LQVWUXPHQWRV TXH SHUPLWD TXH FDGD XQLGDG DGPLQLV WUDWLYD VH UHVSRQVDELOLFH GH UHJLVWUDU \ PDQWHQHU DFWXD OL]DGR D QLYHO GH GHWDOOH VX SURSLR LQYHQWDULR GH ELHQHV SDWULPRQLDOHV 6H HODERUy OD *XtD *HQHUDO SDUD HO 0DQHMR GHO 0yGXOR GH%LHQHV3DWULPRQLDOHV 7DPELpQ VH GHVLJQy HO SHU VRQDO UHVSRQVDEOH GH FDGD XQLGDGHQODFH\FRQWDGRU $FDGDIXQFLRQDULRVHOHDVLJ QyVXFODYHGHDFFHVR /DFDSDFLWDFLyQIXHEULQGDGD HQ XQ TXHGDQGR SHQ GLHQWH ODV iUHDV UHJLRQDOHV SDUD LQLFLDU HQ DJRVWR GH /D LQVWDODFLyQ GH OD KHUUD PLHQWD LQIRUPiWLFD 2UDFOH HQFDGDGHSHQGHQFLDVHLQL FLyHQDJRVWRGH 'LDJQyVWLFR GH OD VLWXDFLyQ GHULHVJRGHODVLQVWDODFLRQHV ItVLFDV GRQGH HVWi XELFDGD OD 'LUHFFLyQGH)LQDQ]DV 'HSXUDFLyQGHOLQYHQWDULRGH %LHQHV3DWULPRQLDOHV /HYDQWDU LQYHQWDULR DFWXD OL]DU HO VLVWHPD \ EDODQFHDU FRQHOiUHDFRQWDEOHDODIH FKD DFWXDOPHQWH HQ HWDSD LQLFLDO ,PSXOVDUODKDELOLWDFLyQGHODV FHQVRUXELFDGRHQODFROLQD /DFRWL]DFLyQSDUDORVWUDEDMRV D UHDOL]DU \ VXV YDORUHV VRQ % \ % GHPDQWHQLPLHQWR 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR (VWDEOHFHU SyOL]DV FRQ FR EHUWXUDVGHLQFHQGLRVXVWDQ FLDVWy[LFDV\DFRQGXFWRUHV ,QIRUPHV SHULyGLFRV HQ PD WHULDÀQDQFLHUD\SUHVXSXHV WDULD 6ROLFLWDU OD ,PSHUPHDELOL]D FLyQGHOWHFKRGHOSLVR 6H UHDOL]y HO WUDEDMR HQ XQ FLHQSRUFLHQWR )RPHQWDU OD UHSDUDFLyQ GH ODVJULHWDVTXHWLHQHHOWHFKR \SDUHGHVGHOHGLÀFLRHQHO SLVR (VWi HQ SURFHVR GH HYDOXD FLyQGHORVFRVWRV 1XHYDSyOL]DGHUHVSRQVDEL OLGDGFLYLO\GHLQFHQGLR 6HDVHJXUDURQODVPHMRUDVD ODVLQVWDODFLRQHVFRQODVSy OL]DVHVWDEOHFLGDVHQEDVHD WDULIDUHGXFLGDDSOLFDEOHDODV HQWLGDGHVS~EOLFDV 1XHYDVSROL]DVSDUDHPSOHD GRV GH OD XQLYHUVLGDG TXH WUDEDMDQFRQVXVWDQFLDVWy[L FDV &RQHVWHVHJXURVHEHQHÀFLD HO SHUVRQDO GRFHQWH \ DGPL QLVWUDWLYRTXHODERUDFRQVXV WDQFLDV Wy[LFDV HQ ODERUDWR ULRVHLQVWLWXWRV (VWDEOHFHU SyOL]D SDUD SUR WHJHU D ORV HPSOHDGRV TXH PDQHMDQYHKtFXORVRÀFLDOHV /DSyOL]DFXEUHDORVGRFHQ WHV \ DGPLQLVWUDWLYRV TXH VH WUDQVSRUWDQ HQ ORV YHKtFXORV GHOD,QVWLWXFLyQ ,QIRUPDU VREUH OD HMHFXFLyQ SUHVXSXHVWDULD GH ORV LQJUH VRV FRPR XQD UHVSRQVDELOL GDG GHO XVR GH ORV UHFXUVRV DVLJQDGRVHQHOSUHVXSXHVWR HVWDWDO SDUD HO ORJUR GH ORV REMHWLYRVGHODHGXFDFLyQVX SHULRU (VWH LQIRUPH VH KD SUHVHQ WDGR PHQVXDOPHQWH 6H KD UHFDXGDGR HQ HO SHUtRGR FRQWHPSODGR HQ HVWH LQIRU PH UHFXUVRV SURSLRV SRU % \ DSRU WH GHO HVWDGR SDUD IXQFLR QDPLHQWR H LQYHUVLRQHV % ,QIRUPDU VREUH OD HMHFXFLyQ SUHVXSXHVWDULD GH ORV JDV WRV 7DPELpQ VH KD SUHVHQWDGR PHQVXDOPHQWH 6HKDHMHFXWDGRHOSUHVXSXHV WR GH JDVWR SDUD IXQFLRQD PLHQWR % H LQYHUVLRQHV% 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR ,QIRUPDUVREUHODVLWXDFLyQÀ QDQFLHUD%DODQFH*HQHUDO\ HO(VWDGRGHORV5HVXOWDGRV (O HMHUFLFLR DQXDO KD GDGR FRPR UHVXOWDGR XQ LQFUH PHQWRGHORVLQJUHVRVGHYHQ JDGR VREUH ORV JDVWRV SRU XQYDORUGH% 6LWXDFLyQ TXH KL]R XQ HIHF WR GH LQFUHPHQWR GHO HIHF WLYR HQ EDQFR (O WRWDO GH DFWLYR XQLYHUVLWDULR VXPD % FRUUHV SRQGH D DFWLYR FRUULHQWH %\DFWLYRQR FRUULHQWH % /RV SDVLYRV WRWDOL]DQ %\HOSDWULPR QLRQHWR% 'LUHFFLyQGH5HFXUVRV+XPDQRV 3UR\HFWR0HWD5HVXOWDGR 5HYLVLyQGHO0DQXDOGH'HV FULSFLRQHVGH&DUJRV 0DQXDO WRWDOPHQWH UHYLVDGR FRQGHVFULSFLRQHVGHFDUJRV SRUFRPSHWHQFLDVODERUDOHV $ OD IHFKD VH KD DYDQ]DGR HQ (ODERUDFLyQGHXQ0DQXDOGH &RPSHWHQFLDV/DERUDOHV 3UHVHQWDFLyQ GH XQD SUR SXHVWD GH 0DQXDO GH &RP SHWHQFLDV/DERUDOHV (Q VX HODERUDFLyQ VH KD DYDQ]DGRHQXQ )RUWDOHFLPLHQWRGHODJHVWLyQ DGPLQLVWUDWLYD PHGLDQWH OD HMHFXFLyQGHOVXEVLVWHPDGH 5HFOXWDPLHQWR \ 6HOHFFLyQ &RQFXUVRV,QWHUQRV 'HVDUUROOR GH ORV FRQFXUVRV LQWHUQRV GH DFXHUGR FRQ HO 5HJODPHQWR GH &DUUHUD $G PLQLVWUDWLYD \ GHPiV LQVWUX PHQWRVOHJDOHVSHUWLQHQWHV 5HYLVLyQGHORVLQVWUXPHQWRV OHJDOHV JXtD WpFQLFD TXH QRUPDQHVWRVSURFHVRV 3URSXHVWD GH PRGLÀFDFLyQ SUHVHQWDGD DQWH OD YLFHUUHF WRUtDVHHQFXHQWUDSHQGLHQWH GH GLVFXVLyQ SRU ODV LQVWDQ FLDVFRUUHVSRQGLHQWHV 'HVDUUROOR GH ODV DSOLFDFLR QHV LQIRUPiWLFDV D VHU XWLOL ]DGDVDYDQFHGH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR $SOLFDFLyQ GH SUXHEDV SVL FRWpFQLFDV D WRGRV ORV DVSL UDQWHV D RFXSDU SXHVWRV DG PLQLVWUDWLYRVGHFDUUHUDHQOD ,QVWLWXFLyQ 6HOHFFLyQ GH SHUVRQDO GH DFXHUGR DO FXPSOLPLHQWR GH ORV UHTXLVLWRV HVWDEOHFLGRV HQ HO 0DQXDO GH &DUJRV \ D ORV UHVXOWDGRV GH ODV 3UXH EDV3VLFRWpFQLFDV $SOLFDFLyQ GH 3UXHEDV 3VL FRWpFQLFDV D ODV SHUVRQDV TXHKDQLQJUHVDGRDODERUDU HQ OD LQVWLWXFLyQ HQ FDUJRV GHFDUUHUDDGPLQLVWUDWLYD ´$FWXDOL]DFLyQ GHO 6LVWHPD GH ,QIRUPDFLyQ \ &RQWURO GH $VLVWHQFLDµ 3ULPHUD SDUWH (ODERUDFLyQ GH XQ UHORM GLJLWDO SDUD OD 8QLYHUVLGDGGH3DQDPiTXH GLVHxD\HQVDPEODUiXQSUR WRWLSR GH XQ QXHYR UHORM FRQ VHQVRUGHKXHOODGDFWLODU &RQ OD FRODERUDFLyQ GH OD )DFXOWDG GH ,QIRUPiWLFD (OHFWUyQLFD\&RPXQLFDFLyQ (O &URQRJUDPD GH DFWLYLGD GHV D HMHFXWDU YD GH MXOLR DGLFLHPEUHGH 3URWRWLSRGHUHORMGLJLWDOFRQ VHQVRUGHKXHOODGDFWLODUHQ VDPEODGR \ UHORMHV LJXDO DO SURWRWLSRLQVWDODGRVHQWRGD OD8QLYHUVLGDG (O PDUWHV GH VHSWLHPEUH GHHOSUR\HFWRIXHSUH VHQWDGRDQWHODVDXWRULGDGHV XQLYHUVLWDULDV 6HJXQGD SDUWH 5HSURGXF FLyQ GH ORV UHORMHV H LQVWDOD FLyQHQWRGDOD8QLYHUVLGDG 3DUDHMHFXWDUHQHO 7UiPLWH GH ORV GRFXPHQWRV UHFLELGRV HQ OD 6HFFLyQ GH $VLVWHQFLD\9DFDFLRQHV 'DUWUiPLWHDWRGRVORVUHJLV WURVGHDVLVWHQFLDUHFLELGRV $YDQFH GHO HQ OD LQ YHVWLJDFLyQ GH WHFQRORJtDV WHV\XELFDFLyQGHSURYHH GRUHVGHODVSLH]DVDXWLOL]DU $YDQFH GHO HQ HO GLVHxR GHO FLUFXLWR HOHF WUyQLFR $YDQFH GHO HQ OD SURJUDPDFLyQ GHO VRIW ZDUH (QWUHDJRVWRGHDMXOLR GH VH KDQ WUDPLWDGR HO GHORVUHJLVWURVUHFLELGRV iXGLWRV GHO UHJLVWUR yUGHQHV GH GHVFXHQWR GHYROXFLyQ GH IRUPXODULRV D ODV XQLGDGHV HQYtRGHLQIRUPHVGHDVLVWHQ FLD D ORV H[SHGLHQWHV YDFD FLRQHV JDQDGDV \ VROLFLWXGHV QHVGHYDFDFLRQHVRWURV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR (YDOXDFLyQ GHO GHVHPSHxR 9DOLGDFLyQ \ HODERUDFLyQ GH SRUUHVXOWDGR\FRPSHWHQFLD SODQHVHVWUDWpJLFRVSRUSDUWH GHWRGDVODVXQLGDGHVDGPL QLVWUDWLYDV (ODYDQFHGHOSUR\HFWRHVGH XQ GH &DUUHUD GHO 3HUVRQDO$G PLQLVWUDWLYR 'LYXOJDFLyQ H PSOHPHQWD FLyQ GHO VLVWHPD D QLYHO QD FLRQDO (YDOXDFLyQGHOGHVHPSHxRD WUDYpVGHOD,QWUDQHW FDFLyQ\SDJRVGHHWDSDVSRU DQWLJHGDG SDUD HO SHUVRQDO SHUPDQHQWH (OJUDGRGHDYDQFHHVGHXQ 7UiPLWH GH VROLFLWXGHV GH OL FHQFLDV $FXHUGRVGHO&RQVHMR$GPL QLVWUDWLYR 5HVROXFLRQHVHPLWLGDVSRUOD 'LUHFFLyQ GH 5HFXUVRV +X PDQRV $YDQFHHQXQ $FWXDOL]DFLyQ GHO 0yGXOR GH (YDOXDFLyQGHO'HVHPSHxRD WUDYpVGHOD,QWUDQHW ,QFOXVLyQ GH OD DFWXDOL]DFLyQ HQ HO 0yGXOR GH (YDOXDFLyQ GHO 'HVHPSHxR SDUD HO SUR FHVR GH HYDOXDFLyQ SHULRGR GHHQHURDMXQLRGH $YDQFHHQXQ &iOFXOR FRQIHFFLyQ \ WUiPL WH GHO DMXVWH VDODULDO ELHQDO 5HFRQRFLPLHQWR GHO GHODMXVWHVDODULDOELHQDORWRU JDGR DO SHUVRQDO DFDGpPLFR FDGDGRVDxRV $ GLFLHPEUH VH FDO FXODURQ FRQIHFFLRQDURQ \ WUDPLWDURQ XQ WRWDO GH DFFLRQHV FRUUHVSRQGLHQWHV DODMXVWHVDODULDOELHQDO GHOSHUVRQDODFDGpPLFRTXH SUHVWy HQ IRUPD FRQWLQXD GRVDxRVGHVHUYLFLRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR $FFLRQHV GH SHUVRQDO DFDGp PLFR \ OD DFWXDOL]DFLyQ GHO VLVWHPD DFDGpPLFR HVWUXF WXUD GH UHFXUVRV KXPDQRV SDUDODFRQIHFFLyQGHODV2U JDQL]DFLRQHV$FDGpPLFDV $QDOL]DU RUJDQL]DFLRQHV DFDGpPLFDV QRWDV\$FXHUGRVGH&RQVH MRV SDUD JHQHUDU ODV DFFLR QHV GHO SHUVRQDO DFDGpPLFR FRUUHVSRQGLHQWHVDOVHJXQGR VHPHVWUHGHODxRDFDGpPLFR \ SULPHU VHPHVWUH GHO DxRDFDGpPLFR 1RPEUDPLHQWRV QXHYDV FD WHJRUtDV SRU UHJXODUL]DFLR GHFiWHGUDVDVFHQVRV\DQ WLJHGDGHVDGTXLULGDVSRUHO SHUVRQDO DFDGpPLFR IXHURQ DFWXDOL]DGDV HQ HO VLVWHPD DFDGpPLFR\HQODHVWUXFWXUD GHUHFXUVRVKXPDQRVSDUDHO WLUDMH GH ODV RUJDQL]DFLRQHV XQLGDGHV FyGLJRV GH SRVL FLyQ\SDUWLGDVSUHVXSXHVWD ULDV $FWDVGHWRPDGHSRVHVLyQ\ FRQVXOWDV 'HVFHQWUDOL]DFLyQ GHO SUR FHVR GH LPSUHVLyQ GH DFWDV GH WRPD GH SRVHVLyQ TXH FDGD XQLGDG DFDGpPLFD VHD UHVSRQVDEOH GH OD LPSUHVLyQ GHODVDFWDVGHWRPDGHSR PLVPDV SRU SDUWH GHO SHUVR QDODFDGpPLFR 4XHFDGDXQLGDGDFDGpPLFD WHQJDDFFHVRDFRQVXOWDUODV DFFLRQHVUHDOL]DGDVDOSHUVR QDO DFDGpPLFR SRU SDUWH GH ODVHFFLyQ &RQIHFFLyQ GH DF FLRQHV FRUUHVSRQGLHQWHV DO SHUtRGR DJRVWR D GLFLHPEUH \ DFFLRQHV FR UUHVSRQGLHQWHV DO SHUtRGR HQHURDMXOLR &REUR GH ORV HPROXPHQWRV FRUUHVSRQGLHQWHV GH DFXHU GRDODGHGLFDFLyQGHOSHUVR QDODFDGpPLFR $ODIHFKDVHHQFXHQWUDQDF WXDOL]DGRV HO 6LVWHPD $FD GpPLFR \ OD (VWUXFWXUD GH 5HFXUVRV+XPDQRVHQFDGD XQLGDGDFDGpPLFD (QHOSHUtRGRGHDJRVWRDGL FLHPEUH VH ORJUy TXH ODV IDFXOWDGHV H[WHQ VLRQHV XQLYHUVLWDULDV FHQ WURVUHJLRQDOHVXQLYHUVLWDULRV \YLFHUUHFWRUtDFXPSOLHUDQ FRQODLPSUHVLyQFRQVXOWD\ SRVHVLyQ GHO SHUVRQDO DFD GpPLFR HQ VXV UHVSHFWLYDV XQLGDGHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 5HJXODUL]DFLyQ D SURIHVRUHV DGMXQWRV ,9 SRU FRQFXUVR \ DGMXGLFDFLyQ HQ QXHYDV FD WHJRUtDV 7DUMHWDULRHOHFWUyQLFR 2WRUJDU OD FDWHJRUtD DVLJQD GD SRU SDUWH GH 6HFUHWDULD *HQHUDODORVSURIHVRUHVDG MXQWR ,9 \ DGMXGLFDUOHV QXH YDVSRVLFLRQHVGHDFXHUGRD OR HVWDEOHFLGR HQ HO DUWtFXOR &DStWXOR 9 GHO (VWDWXWR 8QLYHUVLWDULR D WUDYpV GH DF FLRQHVGHSHUVRQDO &DSWXUDGHGDWRVSDUDODDF WXDOL]DFLyQGHOWDUMHWDULRHOHF WUyQLFR \ DVt SRGHU HOLPLQDU HOWDUMHWDULRPDQXDO &DSWXUD GH UHJLVWURV DFDGp PLFRVHQHOWDUMHWDULRHOHFWUy QLFRFRQUHJLVWURVGHD ODIHFKD &RQWUDWDFLRQHV D WUDYpV GH DXWRJHVWLyQ 5HFLHQWHPHQWH SRU DSURED FLyQGHO&RQVHMR$GPLQLVWUD WLYRVHDVXPHODFRQWUDWDFLyQ GHWRGRHOSHUVRQDOTXHEULQ GH VXV VHUYLFLRV D WUDYpV GH DXWRJHVWLyQSDUDFXUVRVYH UDQRVGLSORPDGRV\ORVSUR JUDPDV D QLYHO GH 'RFWRUD GRV0DHVWUtDV\3RVWJUDGRV ([RQHUDFLyQGHPDWUtFXOD &RQIHFFLyQ DFWXDOL]DFLyQ GHO VLVWHPD DFDGpPLFR \ HVWUXFWXUD GH UHFXUVRV KX PDQRVDWUDYpVGHDFFLRQHV GHSHUVRQDO\FREURSRUSDU W H G H O S H U V R Q D O D F D G p P L F R UHJXODUL]DFLRQHV\DG MXGLFDFLRQHVSDUDHOSHUtRGR DJRVWRDGLFLHPEUH\ UHJXODUL]DFLRQHV \ DGMX GLFDFLRQHV SDUD HO SHUtRGR HQHURDMXOLR 6H ORJUy HQ XQ OD DF WXDOL]DFLyQ GHO WDUMHWDULR HOHFWUyQLFR GHO SHUVRQDO DFDGpPLFR HQ ORV SHUtRGRV FRUUHVSRQGLHQWHV GH DJRVWR D GLFLHPEUH \ HQHUR D MXOLR &RQIHFFLRQDU \ GDU WUiPL WH D WUDYpV GH DFFLRQHV GH SHUVRQDO D WRGDV ODV FRQWUD WDFLRQHV FDUJDGDV DO IRQGR GH $XWRJHVWLyQ \DODIHFKD4XH VH PDQWHQtDQ SHQGLHQWH HQ GLIHUHQWHVHVWDPHQWRVGHQWUR GHOD,QVWLWXFLyQ (Q HO SHUtRGR GH DJRVWR D GLFLHPEUH VH FRQIHFFLRQD URQ \ WUDPLWDURQ XQ WRWDO GH DFFLRQHV FDUJDGDV DO IRQGRGHDXWRJHVWLyQ\SDUD HOSHUtRGRGHHQHURDMXOLRVH FRQIHFFLRQDURQ \ WUDPLWDURQ DFFLRQHV FDUJDGDV D HOIRQGRGHDXWRJHVWLyQ &XPSOLU FRQ HO $FXHUGR GHO &RQVHMR $FWLYR 1R GHOGHQRYLHPEUHGH GHH[RQHUDFLyQGHPDWUtFXOD SDUDIXQFLRQDULRV IXQFLRQDULRVIXHURQEHQH GHPDWUtFXODSDUDHOGRVH PHVWUHGH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR (QWUHJD GH LQFHQWLYRV SRU DxRVGHVHUYLFLRV &XPSOLUFRQHO7tWXOR9,,,GHO 5HJODPHQWR GH OD &DUUHUD GHO 3HUVRQDO $GPLQLVWUDWLYR RWRUJDQGR LQFHQWLYRV DO SHU VRQDO DGPLQLVWUDWLYR SRU DQ WLJHGDG &RQWDPRV FRQ HO UHSRUWH SRUXQLGDGGHOSHUVRQDOPH ULWRULRSRUDxRVGHVHUYLFLRV 'HOUHSRUWHGHOSHUVRQDOPH ULWRULR GHO DxR FRQWD PRVFRQXQDFLIUDSUHOLPLQDU GH SHUVRQDV PHULWRULDV SRU DxRV GH VHUYLFLRV 6H FXHQWD FRQ ORV LQFHQWLYRV SRU DxRVGHVHUYLFLRVSDUDORV IXQFLRQDULRVPHULWRULRVFRQVLV SRU DxRV GH VHUYLFLRV ² IXHURQ HQWUHJDGRV SLQHV 3URJUDPDGHYHUDQR´6HJXULGDGSHUVRQDO\FLXGDGDQtDµ 81,9(56,'$''(3$1$0É 7DOOHU´6HxDOHVGHDEXVR\FRQVXPRGHGURJDVµ 3UR\HFWR0HWD5HVXOWDGR 3URJUDPD HVWLORV GH 9LGD 6DOXGDEOH 6HQVLELOL]DUDOGHODSR EODFLyQ DGPLQLVWUDWLYD SRU PHGLRGHORVUHFXUVRVWHFQR OyJLFRVFRUUHRLQWHUQR &DPLQDWDGHWHFFLyQWHPSUD QD GHO FiQFHU GH PDPD \ SUyVWDWD 'HVDUUROODU GRV WDOOHUHV YLYHQFLDOHVSDUDODSREODFLyQ DGPLQLVWUDWLYDHQJHQHUDOHQ WHPDV GH FXOWXUD GH SD] \ PDQHMR GH GXHOR HQ OD IDPL OLD 3DUWLFLSDPRVGHFDPLQDWDHQ OD&LQWD&RVWHUDSDUWLFL SDQWHV \ VH HODERUDURQ YRODQWHVTXHIXHURQUHSDUWL GDVHQVXWRWDOLGDG 'LIXVLyQGHPDWHULDOHGXFDWL YRDWHQFLyQGHFDVRVYLVLWDV GRPLFLOLDULDVLQWHUFDPELRGH H[SHULHQFLDVHLQIRUPDFLyQ 6H FLUFXOy SRZHU SRLQW \ VH FLUFXODURQWUHVGLIHUHQWHV YRODQWHV TXH KDFH XQ WRWDO GHGLVWULEXLGDVHQWRGDV ODVXQLGDGHVDGPLQLVWUDWLYDV \DFDGpPLFDV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR )RPHQWRHGXFDWLYR\ODERUDO HQODIDPLOLD 'HVDUUROOR GH WDOOHUHV YLYHQ FLDOHVGDQGRFREHUWXUDDORV IXQFLRQDULRV DGPLQLVWUDWLYRV TXH ODERUDQ HQ HO ,QVWLWXWR (VSHFLDOL]DGRGH$QiOLVLV 0D\R 6H PDQWLHQH FRRUGLQDFLyQ FRQHO&RPLWpGH6HJXULGDG 0HGLUORVQLYHOHVGHHVWUpV\ GHVDUUROODU DFWLYLGDGHV WHQ GLHQWHV D VX PLQLPL]DFLyQ SDUDREWHQHUXQDPELHQWHOD ERUDOVDOXGDEOH $WHQFLyQ HGXFDFLyQ \ SUH YHQFLyQ GH OD YLROHQFLD GR PpVWLFD\GHJpQHUR 'HVDUUROOR GH WDOOHUHV YLYHQ FLDOHV SDUD OD SREODFLyQ DG PLQLVWUDWLYDHQJHQHUDO 6H UHDOL]y XQ FLQH GHEDWH FRQ OD SDUWLFLSDFLyQ GH SHUVRQDV 6HQVLELOL]DUDOGHODSR EODFLyQ DGPLQLVWUDWLYD SRU PHGLRGHORVUHFXUVRVWHFQR OyJLFRVFRUUHRLQWHUQR 7DPELpQVHUHDOL]yFDPLQDWD LQWHUQD TXH FXOPLQy FRQ OD WUDGLFLRQDO VLHPEUD GH EDQ GHUDVHQOD5HFWRUtD 'LIXVLyQ GH PDWHULDO HGXFD WLYRWUtSWLFRV\YRODQWHV $WHQFLyQ GH FDVRV YLVLWDV GRPLFLOLDULDVVHJ~QGHPDQ GD LQWHUFDPELR GH H[SH ULHQFLDVHLQIRUPDFLyQ 6HHODERUDURQWUtSWLFRV \YRODQWHVSDUDODRFDVLyQ 5HDOL]DUFDPLQDWDLQWHUQD (Q HO DxR VH DWHQGLy XQ FDVR QXHYR GH YLROHQFLD GRPpVWLFD/DYtFWLPDHVXQ KRPEUH 6H HQWUHYLVWy D OD IDPLOLD \ VH FRRUGLQy FRQ OD &DMDGH6HJXUR6RFLDO 6HKL]R\GLIXQGLyYtDFRUUHR LQWHUQR XQ SRZHU SRLQW UHIH UHQWHDODVDFWLYLGDGHV (Q HO DxR VH DWHQGLy XQ FDVR QXHYR GH YLROHQFLD GRPpVWLFD/DYtFWLPDHVXQ KRPEUH9LVLWDGRPLFLOLDULD\ FRRUGLQDFLyQ FRQ DXWRULGD GHVORFDOHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $WHQFLyQ \ SUHYHQFLyQ GH OD DGLFFLyQ )HEUHUR &DPSDxD GH SUH YHQFLyQ GH FRQVXPR GH GURJDV HQ IHVWLYLGDGHV GH FDUQDYDO\SURPRFLyQGHDF WLYLGDGHVGHUHFUHDFLyQIDPL OLDUHQHVRVGtDV 6H UHDOL]y XQ YRODQWHR D OR H[WHUQR GH OD XQLYHUVLGDG \ SHTXHxDV FKDUODV HQ WRGDV ODVRÀFLQDVGHFROLQD 0D\R -RUQDGD GH VHQVLEL OL]DFLyQ HQ FRQPHPRUDFLyQ GHO´'tD0XQGLDOVLQ7DEDFRµ 7HPD ´5HDOLGDG GHO &iQFHU HQ3DQDPiµ´(O&iQFHU\VX LQFLGHQFLD HQ ORV DVSHFWRV SVLFRVRFLDOHV HQ HO iPELWR ODERUDOµ \ ´(IHFWRV GHO7DED TXLVPR HQ HO 6HU +XPDQRµ GLULJLGR DO SHUVRQDO DGPL QLVWUDWLYR GH GLIHUHQWHV XQL GDGHV SDUD TXH DGTXLHUDQ FRQRFLPLHQWR DFHUFD GH ORV HIHFWRV QRFLYRV TXH WLHQH HO FXHUSR KXPDQR SRU VHU XQ IXPDGRU 3RU FRUUHR LQWHUQR VH HQYLy PHQVDMH FRQPHPRUDWLYR DO 'tD0XQGLDO6LQ7DEDFR\VH FRORFyXQPXUDOHQHOHGLÀFLR GHFROLQD 3DUWLFLSDFLyQ GH IXQFLR QDULRVDVHQWUHORVFXDOHV 0XMHUHV 9DURQHV -XQLR6HQVLELOL]DFLyQGHMHIHV \ VXSHUYLVRUHV GH XQLGDGHV DGPLQLVWUDWLYDV \ DFDGpPLFDV HQ FXDQWR D ODV VHxDOHV GH FRQVXPRRDEXVRGHGURJDV\ PHWRGRORJtD GH LQWHUYHQFLyQ HQ OXJDUHV GH WUDEDMR SDUD TXH WHQJDQ KHUUDPLHQWDV SDUD LGHQWLÀFDU FRODERUDGR UHVDVFRQSRVLEOHSUREOHPDV GHFRQVXPRGHGURJDV 3DUWLFLSDFLyQ GH MHIHV \ VXSHUYLVRUHV GH XQLGDGHV DGPLQLVWUDWLYDV \ DFDGpPL FDV\&5832GH&ROyQ 0XMHUHV +RPEUHV &RQYHUVDWRULRVREUHSUHYHQ FLyQGHODDGLFFLyQGLULJLGRD DGROHVFHQWHVKLMRVDVGHORV FRODERUDGRUHV DGPLQLVWUDWL YRVGHODLQVWLWXFLyQ 6H GLVWULEX\HURQ YRODQ WHV\VHHQYLySRUODSiJLQD ZHE 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFLPLHQWRIDPLOLDU -RUQDGDGHVHQVLELOL]DFLyQD FRODERUDGRUDV GH GLIHUHQWHV XQLGDGHV DGPLQLVWUDWLYDV \ DFDGpPLFDV HQ UHVLOLHQFLD SDUD HOHYDU OD HVWLPD SHUVR QDOHQODPXMHUFRPRSLODUGH ODIDPLOLD /D SDUWLFLSDFLyQ GH FR ODERUDGRUDV GH GLIHUHQWHV XQLGDGHV DGPLQLVWUDWLYDV \ DFDGpPLFDV 6DWLVIDFFLyQ GH ODV FRODER UDGRUDV HQ HO GHVDUUROOR GHO SURJUDPD \ OD PRWLYDFLyQ SHUVRQDO DO WpUPLQR GHO PLV PR (QYLRGHFiSVXODLQIRUPDWLYD YLDFRUUHRLQWHUQRUHIHUHQWHD GLDLQWHUQDFLRQDOGHODPXMHU 3URJUDPDGH9HUDQR ´6HJXULGDGSHUVRQDO\FLXGD GDQDµ 6HQVLELOL]DU D ORV FRODERUD GRUHV HQ PDWHULD GH VHJX ULGDG FLYLO \ FLXGDGDQD SRU PHGLRGHGRVSRQHQFLDV´/D )DPLOLDFRPRHQWHSUHYHQWLYR SDUDODFULPLQDOLGDGµ\3URWHF FLyQ&LXGDGDQD $VLVWHQFLD GH FRODERUD GRUHV GH ODV GLIHUHQWHV XQL GDGHVDGPLQLVWUDWLYDV $SUHQGL]DMH SUiFWLFR GH ODV GLIHUHQWHV KHUUDPLHQWDV GH YLGD HQ VLWXDFLRQHV GH LQVH JXULGDGGHVDVWUHVRULHVJRV GLULJLGD D KLMRVDV \ GHSHQ GLHQWHVGHORVFRODERUDGRUHV $VLVWHQFLD D ORV WDOOHUHV GH QLxRVDV \ DGROHVFHQWHV HQWUH ODV HGDGHV GH VLHQGRGHOJpQHURIHPHQL QRGHOPDVFXOLQR 6HQVLELOL]DUDOJUXSRGHSUH DGROHVFHQWHV \ DGROHVFHQ WHV UHVSHFWR DO ´0DQHMR GH OD ,UDµ FRPR KHUUDPLHQWD SDUD SURPRYHU XQD FXOWXUD GH SD] YLROHQFLD GRPpVWLFD \VDOXGVH[XDO\UHSURGXFWLYD LQIHFFLRQHV GH WUDQVPLVLyQ VH[XDO 3DUWLFLSDFLyQ DFWLYD HQ XQ GHODVVLPXODFLRQHVGH ULHVJR HQ LQFHQGLRV HVSD UHDOL]DGDV FRQ HO SHUVRQDO GHORV%RPEHURVGH3DQDPi \6,1$352& 3DUWLFLSDFLyQDFWLYDGHO GHORVMyYHQHVHQORVGL YHUVRVWHPDV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR )RPHQWRHGXFDWLYR\ODERUDO HQODIDPLOLD 'HVDUUROOR GH WDOOHUHV YLYHQ FLDOHV GDQGR FREHUWXUD DO GH ORV IXQFLRQDULRV DG PLQLVWUDWLYRV TXH ODERUDQ HQ HO ,QVWLWXWR (VSHFLDOL]DGR GH $QiOLVLV (OGHORVFRODERUDGRUHV GHO ,($ KDQ VLGR DWHQGLGRV HQ HO DVSHFWR VRFLDO \ Pp GLFR (O UHVWR GHO SHUVRQDO HVWi SURJUDPDGR SDUD ODV SUy[LPDVIHFKDV 0HGLUORVQLYHOHVGHHVWUpV\ GHVDUUROODU DFWLYLGDGHV WHQ GLHQWHV D VX PLQLPL]DFLyQ SDUDREWHQHUXQDPELHQWHOD ERUDOVDOXGDEOH 3URJUDPDGH,769,+6,'$ 3URJUDPD GH VDOXG RFXSD FLRQDO 3URPRYHUHVWLORVGHYLGDVD OXGDEOHPHGLDQWHODRULHQWD FLyQHQVDOXGVH[XDO\UHSUR GXFWLYD GHUHFKRV KXPDQRV ,769,+6,'$\RWURV GHSHQGLHQWHV GH IXQFLR QDULRVDV DGPLQLVWUDWLYRVDV GHDxRVGHHGDG &DPSDxDGHSUHYHQFLyQSRU PRWLYRV GH FDUQDYDO ´8VR FRUUHFWR \ FRQWLQXR GHO FRQ GyQµ'LVPLQXLUORVULHVJRV\ YXOQHUDELOLGDGDODVLQIHFFLR QHV GH WUDQVPLVLyQ VH[XDO 9,+\6LGD 'LVWULEXFLyQ GH FRQGR QHVHQWUHORVFRODERUDGRUHV DV HVWXGLDQWHV GRFHQWHV \ DGPLQLVWUDWLYRVDV GHO FDP SXV XQLYHUVLWDULR VH UHSDU WLHURQYRODQWHVLQIRUPDWLYDV $SOLFDFLyQ GH SUXHEDV GH 9,+ YROXQWDULDV 3UH \ 3RVW RULHQWDFLyQSDUDODSUXHED SHUVRQDV VH UHDOL]DURQ ODVSUXHEDVYROXQWDULDV\VH OHVEULQGRSUH\SRVWRULHQWD FLyQSDUDODSUXHED 3URPRYHU OD UHJODPHQWDFLyQ GHOSURJUDPDGHVDOXGRFXSD FLRQDOFRQPLUDVDHVWDEOHFHU HODOFDQFHUHVSRQVDELOLGDG\ REOLJDFLRQHVGHOPLVPR 6H UHDOL]y SURPRFLyQ GH FRQFXUVR GH DÀFKHV FRQ HO OHPD ´+D]WH OD SUXHEDµ YtD RXWORRN 'HWHFWDUORVSULQFLSDOHVULHV JRV H[LVWHQWHV HQ HO PHGLR ODERUDO GH ORV IXQFLRQDULRV \ HVWDEOHFHU PHGLGDV GH FRQ WURO\SUHYHQFLyQ 3UR\HFWRGHVDOXGRFXSDFLR QDO IRUPXODGR HQ 3ODQ (V WUDWpJLFRGHOD'LUHFFLyQGH 5HFXUVRV+XPDQRV 3URFHGLPLHQWRVGHDWHQ FLyQHODERUDGRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR $FWXDOL]DU HO VLVWHPD GH UH FXUVRKXPDQRSDUDRSWLPL]DU ODV WDUHDV GH OD JHVWLyQ GH UHFXUVRVKXPDQRV ,QWHJUDFLyQ GH OD HVWUXFWXUD ~QLFDGHUHFXUVRVKXPDQRV GHLQWHJUDFLyQGHSODQL ÀFDFLyQ UHFXUVRV KXPDQRV \SODQLOODV &RQIHFFLyQ GH DFFLR QHV GH SHUVRQDO GH ODVUHVROXFLRQHV &RQIHFFLyQ GH FDUWDV GHWUDEDMRGHODVFDU WDVGHWUDEDMR &RQIHFFLyQ GH FHUWLÀFD FLRQHV GH WUDEDMR GH ODVFHUWLÀFDFLRQHVVROLFLWDGDV GRFXPHQWRVSDUDWUi PLWHV DGPLQLVWUDWLYRV GH ORV GRFXPHQWRV WUDPLWD GRV $FWXDOL]DFLyQGHOUHJODPHQ WRGHFDUUHUDSDUDHOSHUVRQDO DGPLQLVWUDWLYR $FWXDOL]DUHOGHOUHJOD PHQWR DFWXDOL]DGRVRORIDOWDQ XQ TXH GHSHQGH GH OR TXH DSRUWH OD$VRFLDFLyQ GH (PSOHDGRV GH OD 8QLYHUVL GDGGH3DQDPi$6(83$ $FWXDOL]DFLyQ GH OD HVWUXFWX UDGHOD'LUHFFLyQGH5HFXU VRV+XPDQRV (ODERUDU XQ QXHYR PRGHOR GHHVWUXFWXUDRUJiQLFD HODERUDGR (VWi HQ UHYLVLyQ GH OD 'LUHFFLyQ *H QHUDOGH3ODQLÀFDFLyQ\(YD OXDFLyQ8QLYHUVLWDULD 5HRUJDQL]DFLyQGHORVDUFKL YRVGHOD'LUHFFLyQGH5HFXU VRV+XPDQRV &RQVHFXFLyQGHORVLQVXPRV \UHPRGHODFLyQGHODVHFFLyQ DUFKLYRV 6HKDORJUDGRXQGHORV PLVPRV 5HRUJDQL]DFLyQ GH H[SH GLHQWHVLQDFWLYRV\DFWLYRV 6H KD ORJUDGR XQ SRU ORVLQVXPRV\DDGTXLULGRV )ROLDFLyQGHORVH[SHGLHQWH (VWRVHKDORJUDGRHQXQ FRQORVH[SHGLHQWHVQXHYRV 6LPSOLÀFDFLyQGHORVSURFHG LPLHQWRVGHODVHFFLyQ (OORJURDOFDQ]DGRHVGHXQ 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 7UDVODGRV SHUPDQHQWHV \ HYHQWXDOHV D FRODERUDGRUHV FRQHVWDWXVSHUPDQHQWH 6DWLVIDFHU ODV QHFHVLGDGHV GHODVDXWRULGDGHVMHIHVVX SHUYLVRUHV\FRODERUDGRUHV $YDQFHGH $VLJQDFLyQ GH IXQFLRQHV D FRODERUDGRUHV FRQ HVWDWXV HYHQWXDO 6DWLVIDFHU ODV QHFHVLGDGHV GHODVDXWRULGDGHVMHIHVVX SHUYLVRUHV\FRODERUDGRUHV $YDQFH &RQÁLFWRODERUDO /RJUDUDUPRQtDODERUDO $YDQFH &DSDFLWDFLyQ &DSDFLWDU D ORV FRODERUD GRUHV 6HPLQDULRVHQHO&DPSXV 3DUWLFLSDQWHV FRQYRFDGR 3DUWLFLSDURQ (QHURDMXOLRGH 3HUVRQDO&RQYRFDGRV 7RWDOGH3DUWLFLSDQWHV &RQIHUHQFLDV &HQWURV5HJLRQDOHV &DPSXV 6HPLQDULRV &HQWURV5HJLRQDOHV &DPSXV 'HWHFFLyQ GH ODV QHFHVLGD GHV GH FDSDFLWDFLyQ SDUD HO DxR 'HWHFWDU ORV QXGRV FUtWLFRV HQODRUJDQL]DFLyQ\HQEDVH D HVWRV GHWHFWDU QXHVWUDV QHFHVLGDGHVGHFDSDFLWDFLyQ FRQHOÀQGHIRUWDOHFHUODFDOL GDGGHQXHVWURVVHUYLFLRV (QYLDGRDXQLGDGHV 5HVSRQGLHURQXQLGDGHV 5HFLELU ODV GHWHFFLRQHV GH XQGHODVXQLGDGHVTXH FRQIRUPDQQXHVWUDRUJDQL]D FLyQ 3ODQLÀFDFLyQ \ SURJUDPD FLyQGHORVHYHQWRVGHFDSD FLWDFLyQDGHVDUUROODUVHHQHO DxR 'LVHxDU XQ SODQ RSHUDWLYR TXH VDWLVIDJD ODV QHFHVL GDGHVGHWHFWDGDV\GLULJLGRV HQ IXQFLyQ GH ORV REMHWLYRV GHODLQVWLWXFLyQ 6HUHDOL]yHOGLVHxRGHOSODQ RSHUDWLYR 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR %ULQGDUDSR\RDRWUDVLQVWLWX FLRQHVJXEHUQDPHQWDOHV &RRSHUDU FRQ ODV LQVWLWXFLR QHV JXEHUQDPHQWDOHV TXH VROLFLWDQHVWHVHUYLFLRGHXQD PDQHUDREMHWLYDMXVWDRUJD QL]DGD\FRQUHVSHWR 6HGLRDSR\RDWRGDVODVLQV WLWXFLRQHVTXHORVROLFLWDURQ 0HMRUDUHODPELHQWHItVLFRGH ODRÀFLQDGHFDSDFLWDFLyQ &RQWDU FRQ XQD RÀFLQD GH FDSDFLWDFLyQDFRJHGRUDSDUD EHQHÀFLRGHORVXVXDULRV (QSURFHVRFDPELRWRWDOGHO SLVR FDPELR GHO GLVHxR HQ ODVGLYLVLRQHVGHPRGXODUHV SLQWXUDGHODRÀFLQDLQVWDOD FLyQ GH SHUVLDQDV HQ WRGDV ODVYHQWDQDV ,QFUHPHQWDU ORV HTXLSRV GL GiFWLFRV SDUD ORV GRV VDOR QHVGHFDSDFLWDFLyQ 'RWDU D OD VHFFLyQ GH ORV HTXLSRV UHTXHULGRV SDUD OD FDSDFLWDFLyQ 6H KD REWHQLGR SDUWH GHO HTXLSR 'LUHFFLyQGH6HUYLFLRV$GPLQLVWUDWLYRV (QHVWHLQIRUPHSUHVHQWDPRVHOUHVXPHQGHORVWUiPLWHVPiVUHOHYDQWHVJHVWLRQDGRVSRUHO 'HSDUWDPHQWRGH&RPSUDVGHHVWD'LUHFFLyQGXUDQWHHOSHUtRGRTXHFRPSUHQGHORVPHVHV GHDJRVWRDGLFLHPEUHGH\GHHQHURDMXOLRGH $f2 0DWHULDOHVSDUDODUHPRGHODFLyQGHEDxRVGHO&589HUDJXDV (TXLSRSORWWHUSDUDHOWDOOHUGHODLPSUHQWDXQLYHUVLWDULD &RQIRUPDFLyQGHODFDOOHGHDFFHVRDODQXHYDFDIHWHUtDHQODVIDFXOWDGHVGH DGPLQLVWUDFLyQS~EOLFD\HGXFDFLyQ 0HMRUDVDOHGLÀFLRGHDXODVGHOD)DFXOWDGGH+XPDQLGDGHVGHO&58GH &ROyQ 3LVFLQDSDUD&58GH9HUDJXDV,,HWDSD $GLFLyQDOHGLÀFLRGHDXODVGHO&HQWUR5HJLRQDO8QLYHUVLWDULRGH/RV6DQWRV 5HPRGHODFLyQGHOHGLÀFLRGHOD)DFXOWDGGH(QIHUPHUtD 6XPLQLVWURHLQVWDODFLyQGHXQHOHYDGRUSDUDXVRGHSHUVRQDVGLVFDSDFLWDGDV (VWDFLRQHVGHWUDEDMR)DFXOWDG&RPXQLFDFLyQ6RFLDO (VWDFLRQHVGHWUDEDMR)DFXOWDG(PSUHVDV\&RQWDELOLGDG 81,9(56,'$''(3$1$0É $f2 SURFHVDGRUHV,QWHO)DFXOWDGGH+XPDQLGDGHV 9HKtFXOR[7R\RWD)RUWXQHU )DFXOWDGGH+XPDQLGDGHV (TXLSRSDUDHOPHMRUDPLHQWRGHODUHGVLVPROyJLFDGHOD83,QVWLWXWRGH *HRFLHQFLDV $FHOHUyJUDIRVRIWZDUHFRQHFWRUDQWHQDFDSDFLWDFLyQSDUDHO,QVWLWXWRGH *HRFLHQFLDV &URPDWyJUDIRSDUDHO,QVWLWXWR(VSHFLDOL]DGRGH$QiOLVLV 5HIULJHUDGRUDFRQJHODGRUGHODERUDWRULR²GHYHWHULQDULDFRQJHODGRU YHUWLFDO2ÀGLVPRPLFURVFRSLRWULRFXODUFRQFiPDUDGLJLWDOODERUDWRULRGH TXtPLFD2ÀFLQD(MHFXWRUDGH3URJUDPD 0LFURVFRSLR\HVWHUHRPLFURVFRSLRSDUDHOSUR\HFWRGHRÀGLVPR $f2 6XPLQLVWURHLQVWDODFLyQGHVLVWHPDGHDLUHDFRQGLFLRQDGRHQHOVHJXQGR DOWRGHODQWLJXRHGLÀFLRGHOD873SDUDOD(VFXHODGH,QJOpV)DFXOWDGGH +XPDQLGDGHV 6XPLQLVWURGHHQIULDGRUGHDJXDGHWRQHODGDVSDUDHO&DPSXV+DUPR GLR$ULDV0DGULG&XUXQGX 6XPLQLVWURHLQVWDODFLyQGHVLVWHPDGHDLUHDFRQGLFLRQDGRSDUDHOSLVRGH ORVLQVWLWXWRVGHOD8QLYHUVLGDGGH3DQDPiDQWLJXRHGLÀFLRGHOD873 0HMRUDVDODLUHDFRQGLFLRQDGRGHOGHSDUWDPHQWRGHPLFURELRORJtD,QVWLWXWR (VSHFLDOL]DGRGH$QiOLVLV 0DQRGHREUD\VXPLQLVWURGHPDWHULDOHVSDUDODUHSDUDFLyQGHOWHFKRGHO HGLÀFLR)DFXOWDGGH+XPDQLGDGHVRFKRDXODVGHO&58GH&ROyQ &DOOHGHDFFHVRDOHUR\WLQDTXHUDQXHYDSDUDHOHGLÀFLRGHFDIHWHUtDV\ GHSyVLWRH[LVWHQWH 6XPLQLVWURGHHTXLSRLQIRUPiWLFR836HVWDFLRQHVGHWUDEDMR 5(1',&,Ð1'(&8(17$6 3DUDFXPSOLUFRQODHMHFXFLyQGHOSUHVXSXHVWRDVLJQDGRSDUDHODxRDOD8QLYHUVLGDGGH 3DQDPiOD'LUHFFLyQGH6HUYLFLRV$GPLQLVWUDWLYRVUHDOL]DDÀQGHDxRFRPSUDVGHELHQHV \PDWHULDOHVSDUDODH[LVWHQFLDORVFXDOHVHVWiQVLHQGRGLVWULEXLGRVDODVGLIHUHQWHVXQLGDGHV DFDGpPLFRDGPLQLVWUDWLYDVGHODLQVWLWXFLyQ $LUHDFRQGLFLRQDGRVWLSRYHQWDQDGH\EWX $LUHDFRQGLFLRQDGRVSLVRWHFKR $LUHDFRQGLFLRQDGREWXWLSRYHQWDQD $LUHDFRQGLFLRQDGRSLVRWHFKR\EWXXQLGDGHV (TXLSRVLQIRUPiWLFRVHVWDFLRQHVGHWUDEDMR836 /DSWRSXQLGDGHV ,PSUHVRUDVXQLGDGHV &RSLDGRUDXQLGDGHV 3UR\HFWRUXQLGDGHV $UFKLYDGRUYHUWLFDOGHJDYHWDVXQLGDGHV (VFULWRULRVGHPHWDOGHJDYHWDVXQLGDGHV 6LOODVHMHFXWLYDVUHVSDOGDUPHGLDQRXQLGDGHV 6LOODVHMHFXWLYDVUHVSDOGDUDOWRXQLGDGHV 6XPLQLVWURGHYHKtFXORVSDUDGLIHUHQWHVXQLGDGHVDFDGpPLFRDGPLQLVWUDWLYDV QLVVDQIURQWLHU[WUDLO 6XPLQLVWURGHGRV7R\RWD&RDVWHU $ODIHFKDH[LVWHQSUR\HFWRVTXHHVWiQHQWUiPLWHSRUXQPRQWRGH% $FRQWLQXDFLyQHGHVJORVHGHORVPLVPRV 0HMRUDVDODHVWUXFWXUD\FXELHUWDGHOHGLÀFLRGHODLPSUHQWD\GLUHFFLyQGH VHUYLFLRVDGPLQLVWUDWLYRV $GHFXDFLyQ\UHPRGHODFLyQGHOVDOyQGHHVWXGLRELEOLRWHFD\XQVDOyQGH FODVHVGHOD(VFXHODGH)tVLFDGHOD)DFXOWDGGH&LHQFLDV 3UR\HFWR´FDPELRGHFXELHUWDGHWHFKRSDUDHOHGLÀFLRGHDQDWRPtD\ PRUJXHOD)DFXOWDGGH0HGLFLQDµ 1XHYDVRÀFLQDVSDUDOD6HFUHWDULD*HQHUDO\DUFKLYRVJHQHUDOHV 6XPLQLVWURGHHTXLSRLQIRUPiWLFR $GTXLVLFLyQGHHTXLSRVGHFDSDFLWDFLyQ\HQWUHQDPLHQWR)DFXOWDGGH0HGLFLQD 5HPRGHODFLyQGHOVDOyQGHHVWXGLRELEOLRWHFD\VDOyQGHFODVHVHQOD(V FXHODGH)tVLFDHQOD)DFXOWDGGH&LHQFLDV 81,9(56,'$''(3$1$0É 'LUHFFLyQGH,QJHQLHUtD\$UTXLWHFWXUD',$ 3UR\HFWR0HWD5HVXOWDGR &RQVWUXFFLyQ GH DXODV \ VDOyQ GH ,QIRUPiWLFD SDUD HO &HQWUR 5HJLRQDO 8QLYHUVLWD ULRGH$]XHUR 'RWDU DO &58 GH$]XHUR GH VDORQHV QHFHVDULRV SDUD HO DGHFXDGR GHVDUUROOR GH ODV FODVHV 6HFRQVWUX\yVDORQHVGHFOD VHV \ VDOyQ GH LQIRUPiWLFD SDUD OD FRPXQLGDG XQLYHUVL WDULDGHOD5HJLyQGH$]XHUR % &RQVWUXFFLyQ GH RÀFLQDV GH DGPLQLVWUDFLyQFOtQLFDV\DX ODV GH OD )DFXOWDG GH 2GRQ WRORJtD 0HMRUDU OD HVWUXFWXUD GH OD )DFXOWDGGH2GRQWRORJtD 6H FRQVWUX\H QXHYDV RÀFL QDV DGPLQLVWUDWLYDV DXODV \ XQD &OtQLFD 2GRQWROyJLFD SDUD OD FRPXQLGDG XQLYHU VLWDULD GHO &DPSXV &HQWUDO % 5HSDUDFLRQHV YDULDV SDUD OD )DFXOWDG GH $GPLQLVWUDFLyQ GH(PSUHVDV\&RQWDELOLGDG 0HMRUDUODVLQVWDODFLRQHVDG PLQLVWUDWLYDV \ DFDGpPLFDV SDUDORVHVWXGLDQWHVGHODID FXOWDG GH $GPLQLVWUDFLyQ GH (PSUHVDV\&RQWDELOLGDG ,QYHUVLyQ GH % (GLÀFLR GH DGPLQLVWUDFLyQ \ GHSyVLWRSDUDODV&DIHWHUtDV 8QLYHUVLWDULDV,,(WDSD &RQVWUXLU XQ QXHYR HGLÀFLR SDUD HO PHMRUDPLHQWR GH ODV FRQGLFLRQHV ODERUDOHV GHO SHUVRQDO DGPLQLVWUDWLYR \ RSHUDWLYRGHODVFDIHWHUtDV ,QYHUVLyQ GH % 5HPRGHODFLyQ DO DQWLJXR HGLÀFLRGHOD(VFXHODGH(Q IHUPHUtDSDUDOD)DFXOWDGGH 0HGLFLQD , HWDSD FRQYHQLR 83+67 5HPRGHODU ODV LQVWDODFLRQHV H[LVWHQWHV GHO DQWLJXR HGLÀ FLR GH OD (VFXHOD GH (QIHU PHUtD SDUD DFRQGLFLRQDU OD ERUDWRULRV GH VLPXODFLyQ HQ EHQHÀFLR GH ORV HVWXGLDQWHV \GRFHQWHVGHOD)DFXOWDGGH 0HGLFLQD 5HPRGHODFLRQHV SRU XQ PRQWRGH% $GLFLyQ GH DXODV DO HGLÀFLR GHO &HQWUR 5HJLRQDO 8QLYHU VLWDULRGH/RV6DQWRV &RQVWUXLUQXHYRVVDORQHVGH FODVHV SDUD EHQHÀFLR GH ORV HVWXGLDQWHVXQLYHUVLWDULRVGH OD5HJLyQGH$]XHUR 0HMRUHV LQVWDODFLRQHV SDUD LPSDUWLU FODVHV FRQ XQD LQ YHUVLyQGH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3LVFLQD SDUD HO &HQWUR 5H JLRQDO8QLYHUVLWDULRGH9HUD JXDV,,(WDSD &RQVWUXLU XQD SLVFLQD VHPL ROtPSLFDSDUDODVDFWLYLGDGHV UHFUHDWLYDV \ GHSRUWLYDV GH ORVHVWXGLDQWHVXQLYHUVLWDULRV GH9HUDJXDV (Q VHJXQGD HWDSD FRQ XQD LQYHUVLyQGH% &RQVWUXFFLyQ GHO *LPQDVLR $XGLWRULR SDUD HO &HQWUR 5H JLRQDO8QLYHUVLWDULRGH&RFOp ,,(WDSD &RQVWUXLUXQDLQVWDODFLyQTXH FRQWHPSOH HO XVR SDUD DFWL YLGDGHV UHFUHDWLYDV GHSRUWL YDVFXOWXUDOHV\DFDGpPLFDV HQEHQHÀFLRGHORVHVWXGLDQ WHVXQLYHUVLWDULRVGH&RFOp *LPQDVLR$XGLWRULR WHUPLQD GDODVHJXQGDHWDSDFRQXQD LQYHUVLyQGH% &RQVWUXFFLyQ GHO *LPQDVLR $XGLWRULR SDUD HO &HQWUR 5H JLRQDO8QLYHUVLWDULRGH%RFDV GHO7RUR,9(WDSD &RQVWUXLUXQDLQVWDODFLyQTXH FRQWHPSOH HO XVR SDUD DFWL YLGDGHV UHFUHDWLYDV GHSRUWL YDVFXOWXUDOHV\DFDGpPLFDV HQEHQHÀFLRGHORVHVWXGLDQ WHV XQLYHUVLWDULRV GH %RFDV GHO7RUR ,9 HWDSD WHUPLQDGD FRQ XQD LQYHUVLyQ GH % 0HMRUDV DO (GLÀFLR ' +X PDQLGDGHV,&$6( 5HPRGHODU HO WHFKR FLHOR UDVR\HOVLVWHPDHOpFWULFRGHO HGLÀFLR'GHOD)DFXOWDGGH +XPDQLGDGHV GRQGH RSHUD HO,&$6( &RQFOXLGDV FRQ XQD LQ YHUVLyQ GH % $GLFLyQDOHGLÀFLRGHOD9LFH UUHFWRUtD GH ,QYHVWLJDFLyQ \ 3RVWJUDGR &RQVWUXLU QXHYDV LQVWDODFLR QHVSDUDHOPHMRUDPLHQWRGH ODV FRQGLFLRQDOHV ODERUDOHV GH ORV DGPLQLVWUDWLYRV H LQ YHVWLJDGRUHV GH OD 9LFHUUHF WRUtDGH,QYHVWLJDFLyQ\3RVW JUDGR $YDQFHGHXQDXQFRV WRGH% 0HMRUDVDOD'LUHFFLyQGH,Q IRUPiWLFD 5HPRGHODU HO WHFKR H[LVWHQ WH SDUD HO PHMRUDPLHQWR GH ODVFRQGLFLRQHVODERUDOHVGHO SHUVRQDODGPLQLVWUDWLYRGHOD 'LUHFFLyQGH,QIRUPiWLFD (Q HWDSD LQLFLDO FRQ XQD LQ YHUVLyQGH% 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &DIHWHUtD SDUD HO &DPSXV +DUPRGLR$ULDV0DGULG &RQVWUXLU XQD QXHYD FDIHWH UtDSDUDEHQHÀFLDUDODFRPX QLGDG XQLYHUVLWDULD GHO &DP SXV+DUPRGLR$ULDV0DGULG &RQFOXLGDFRQXQDLQYHUVLyQ GH% 5HSDUDFLyQHQOD)DFXOWDGGH $GPLQLVWUDFLyQ3~EOLFD 5HSDUDU HO iUHD GH HVWDFLR QDPLHQWRVGHOD)DFXOWDGGH $GPLQLVWUDFLyQ 3~EOLFD SDUD EHQHÀFLDU D ORV HVWXGLDQWHV XQLYHUVLWDULRV SHUVRQDO DG PLQLVWUDWLYR\GRFHQWH &RQFOXLGRFRQXQDLQYHUVLyQ GH% &DIHWHUtD SDUD OD ([WHQVLyQ 'RFHQWHGH'DULpQ &RQVWUXLU XQD QXHYD FDIHWH UtD SDUD EHQHÀFLDU D OD FR PXQLGDG XQLYHUVLWDULD GH OD 5HJLyQGH'DULpQ $YDQFHGHGHODREUDD XQFRVWRGH% (QIULDGRU SDUD HO &DPSXV +DUPRGLR $ULDV 0DGULG &XUXQG~ 6XPLQLVWUDU XQ HQIULDGRU GH WRQ SDUD PDQWHQHU HQ EXHQ HVWDGR HO VLVWHPD GH DLUH DFRQGLFLRQDGR GH ODV LQVWDODFLRQHV XQLYHUVLWDULDV GH&XUXQG~ 3UR\HFWR HQ VXV LQLFLRV % 6XPLQLVWUR H LQVWDODFLyQ GH VLVWHPDGHDLUHDFRQGLFLRQD GR SDUD HO SLVR GH ORV ,QVWL WXWRV GH OD 8QLYHUVLGDG GH 3DQDPi$QWLJXR(GLÀFLRGH OD873 6XPLQLVWUDU H LQVWDODU HO VLV WHPD GH DLUH DFRQGLFLRQDGR SDUDORV,QVWLWXWRVGHOD8QL YHUVLGDG GH 3DQDPi HQ EH QHÀFLRGHOSHUVRQDOGRFHQWH DGPLQLVWUDWLYR\GHLQYHVWLJD FLyQGHOD9LFHUUHFWRUtDGH,Q YHVWLJDFLyQ\3RVWJUDGR (QHWDSDLQLFLDO% 6LVWHPDGHDLUHDFRQGLFLRQD GRHQHOVHJXQGRDOWRGHODQ WLJXRHGLÀFLRGHOD873SDUD OD (VFXHOD GH ,QJOpV )DFXO WDGGH+XPDQLGDGHV 6XPLQLVWUDU H LQVWDODU HO VLVWH PDGHDLUHDFRQGLFLRQDGRSDUD OD(VFXHODGH,QJOpVHQEHQHÀ FLRGHORVHVWXGLDQWHV\HOSHU VRQDOGRFHQWH\DGPLQLVWUDWLYR ,QYHUVLyQGH% &RQVWUXFFLyQ GH ERKtR SDUD OD )DFXOWDG GH $GPLQLVWUD FLyQ GH (PSUHVDV \ &RQWD ELOLGDG &RQVWUXLUXQiUHDGHHQWUHWH QLPLHQWREDMRWHFKRSDUDEH QHÀFLDUDORVDGPLQLVWUDWLYRV \ HVWXGLDQWHV GH OD )DFXOWDG GH$GPLQLVWUDFLyQGH(PSUH VDV\&RQWDELOLGDG 7HUPLQDGR D XQ FRVWR GH % 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 5HSDUDFLyQGHFROXPQDVGHO 'HUHFKR\&LHQFLDV3ROtWLFDV 0DQR GH REUD \ VXPLQLVWUR GHPDWHULDOHVSDUDODUHSDUD FLyQODVFROXPQDVH[LVWHQWHV GHOD)DFXOWDGGH'HUHFKR\ 5HSDUDFLRQHVFRQFOXLGDVSRU XQPRQWRGH% PDQWHQHUVXGLVHxRDUTXLWHF WyQLFR &HQWURGH2ULHQWDFLyQ,QIDQWLO&2,) 3UR\HFWR0HWD5HVXOWDGR &DSDFLWDU DO SHUVRQDO GRFHQ WH HQ FRUHRJUDItDV LQIDQWLOHV DGDSWDGDVDOQLYHO3UHHVFRODU &RPSUDGHFRPSXWDGRUDV\ 6X REMHWLYR FRQWULEXLU DO GHVDUUROOR GH GHVWUH]DV \ KDELOLGDGHV UtWPLFDV HQ HO SHUVRQDOGRFHQWHSDUDODHQ VHxDQ]DDQXHVWURVQLxRV 6HORJUyHOPRQWDMHGHGLIH UHQWHV REUDV LQIDQWLOHV DSOL FDQGRODVGLIHUHQWHVWpFQLFDV (TXLSDUDOFHQWURFRQWHFQR ORJtDGHSXQWD 6H ORJUy XQD LQYHUVLyQ GH HQ HTXLSRV SDUD PDHVWUDV \ OD SREODFLyQ LQIDQWLOGHOFHQWUR \PLFUyIRQRV GHVDUUROORGHODVWDUHDV 3DUWLFLSDU HQ OD HODERUDFLyQ GHXQDJXtDGHGHVDUUROORLQ IDQWLO GH D DxRV HQWUH 8'(/$6<81,&() 2IUHFHU XQD KHUUDPLHQWD HGX FDWLYD TXH FRQWULEX\D D OD RULHQWDFLyQGHSDGUHV\GRFHQ WHV HQ OD HVWLPXODFLyQ \ DWHQ FLyQGHODQLxH]SDQDPHxD ,PSDFWR HQ OD FRPXQLGDG HGXFDWLYDDQLYHOQDFLRQDO %ULQGDU DSR\R D HVWXGLDQWHV SDUDODLQYHVWLJDFLyQ\SUiF WLFDSURIHVLRQDOGHGLIHUHQWHV IDFXOWDGHV )DYRUHFHU OD DSOLFDFLyQ GH FRQRFLPLHQWRV H LQYHVWLJD FLRQHVDHVWXGLDQWHVGHGLIH UHQWHVFDUUHUDV 0HGLDQWH OD UHWURDOLPHQWD WXGLDQWHV\GRFHQWHV &RPSUDV GH LQVXPRV HQ ODV FLQDVVDORQHV 6XSOLU ODV QHFHVLGDGHV TXH VH SUHVHQWDQ HQ ODV GLIH UHQWHViUHDVTXHFRQIRUPDQ HO FHQWUR SDUD VX PDQWHQL PLHQWR 6H KL]R XQD LQYHUVLyQ GH SDUD DWHQGHU QH FHVLGDGHVGHOFHQWUR&RPSUD GH ~WLOHV GH DVHR PHGLFD PHQWRV DOLPHQWRV PDWHULDO GLGiFWLFR\RWURV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 5HXELFDFLyQ GH OD SXHU WD SRVWHULRU GHO &HQWUR GH 2ULHQWDFLyQ,QIDQWLO &RQWDU FRQ PD\RU HVSDFLR SDUD QXHVWURV DFWRV FXOWXUD OHV \ DFWLYLGDGHV UHFUHDWLYDV GHORVQLxRV /LVWR SDUD GDU LQLFLR D OD FRQVWUXFFLyQGHODREUDFRQ XQDLQYHUVLyQGH 5HYHVWLPLHQWR GH EDOGRVDV HQSDUHGHVLQWHUQDVGHOFHQ WUR 5HGXFLUJDVWRVHQSLQWXUDV\ EULQGDUXQDLPDJHQGHPD\RU QLWLGH]GHODVLQVWDODFLRQHV ,QLFLR D SDUWLU GH OD SULPHUD VHPDQDGHDJRVWR&RQXQD LQYHUVLyQGH *LUDV VRFLDOHV +RJDU %ROt YDU\&RPXQLGDGGH)DUDOOyQ HQ3URYLQFLDGH&RFOp 6HQVLELOL]DU D QLxRV SDGUHV GH IDPLOLD \ DO SHUVRQDO VR EUHODVQHFHVLGDGHVGHRWUDV SHUVRQDV (Q OD FRPXQLGDG GH )DUD OOyQ VH EHQHÀFLDURQ DSUR[L PDGDPHQWHIDPLOLDVFRQ DOLPHQWRV VHFRV ~WLOHV HV FRODUHV URSD \ RWURV (Q HO KRJDU%ROtYDUVHDSR\yFRQ DOLPHQWRV 3URJUDPDGHYHUDQR´6HJXULGDGSHUVRQDO\FLXGDGDQtDµ 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3UHVHQWDFLyQGHQXHVWURVQL xRV \ QLxDV HQ GLYHUVDV DF WLYLGDGHV IRONOyULFDV D QLYHO LQVWLWXFLRQDO FRPR IXHUD GH HOOD ,QFXOFDU HQ QXHVWURV QLxRV HODPRUSRUQXHVWUDVWUDGLFLR QHV 6H UHDOL]DURQ SUHVHQWD FLRQHV HOHYiQGRVH DVt HO QLYHOFXOWXUDOGHQXHVWURVQL xRV )RPHQWDUHODPRUDODFXOWX UDOQXHVWUD\ODFRPSHWHQFLD VDQDHQWUHRWURV 6HUHDOL]yXQHQFXHQWURIRONOy ULFRFRQSDUWLFLSDFLyQGHGLIH UHQWHV&2,) 'LUHFFLyQGH&DIHWHUtDV 3UR\HFWR0HWD5HVXOWDGR )XQFLRQDPLHQWRDGPLQLVWUDWL YRGHODVFDIHWHUtDVXQLYHUVL WDULDV $GTXLULUWRGRVORVPDWHULDOHV \SURGXFWRVQHFHVDULRVSDUD HO GHVDUUROOR GH ODV IXQFLR QHVDGPLQLVWUDWLYDVHQODV VHFFLRQHV \ OD GLUHFFLyQ JH QHUDO \ WRGRV ORV LQVXPRV QHFHVDULRVSDUDDEDVWHFHUD ODVFDIHWHUtDV\DOFHQWURGH SURGXFFLyQ 6H ORJUy DGTXLULU WRGR OR QHFHVDULR SDUD HO IXQFLRQD PLHQWR DGPLQLVWUDWLYR GH ODV FDIHWHUtDV 'XUDQWH HO SHULRGR ÀVFDO GH VH FRQIHFFLRQDURQ FKHTXHV SRU XQ PRQWR GH %SDUDKRQUDU HOSDJRDSURYHHGRUHV 'HO PHV GH DJRVWR D GLFLHP EUHGHVHFRPSURPHWLyOD VXPDGH%GHOSUH VXSXHVWRGHIXQFLRQDPLHQWR (Q OR UHIHUHQWH DO )RQGR GH 6HUYLFLRV (VSHFLDOHV $X WRJHVWLyQ D GLFLHPEUH VH FRPSURPHWLy OD VXPD GH % TXH HTXLYDOH DODHMHFXFLyQGH 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 6DQHDPLHQWRGHODVFDIHWHUtDV *DUDQWL]DU OD OLPSLH]D \ HO HVWULFWR FXPSOLPLHQWR GH ORV FULWHULRVGHVDOXEULGDGHQODV FDIHWHUtDVXQLYHUVLWDULDV 6H FRQWLQ~R FRQ ODV OLPSLH ]DV \ ODV IXPLJDFLRQHV HQ ORVRFKRUHVWDXUDQWHV\HQHO FHQWURGHSURGXFFLyQ 3DJRGHFXHQWDVSHQGLHQWHV 6DOGDU ODV GHXGDV SHQGLHQ WHVGHDxRVDQWHULRUHV 8Q DVSHFWR UHOHYDQWH TXH GHEHPRV GHVWDFDU HQ HVWH SHULRGRÀVFDOIXHHOVDQHD PLHQWR GH ODV GHXGDV SHQ GLHQWHV GHO DxR TXH DVFHQGtDQ D OD VXPD GH % \ GHO SRU % $XWRJHVWLyQ 6HU DXWRVRVWHQLEOHV \ JHQH UDULQJUHVRVDOD8QLYHUVLGDG GH3DQDPi ,QJUHVRV GH FDIHWHUtDV \ HO FHQWUR GH SURGXFFLyQ GH DJRVWRDGLFLHPEUHGH % ,QWURGXFFLyQ GH FDMDV UHJLV WUDGRUDVWiFWLOHV\PRGHUQDV $GTXLULU FDMDV UHJLVWUDGRUDV WiFWLOHVFRQWDUMHWDVPDJQpWL FDV SDUD ODV GRV FDIHWHUtDV PiV JUDQGHV \ UHJLVWUDGR UDV FRQYHQFLRQDOHV SDUD ODV RWUDV 6H ORJUy LQWURGXFLU FDMDV UHJLVWUDGRUDV QXHYDV HQ ODV FDIHWHUtDV 3DUD HO VHJXQGR VHPHVWUH VHFXHQWDLQWURGXFLUXQDFDMD UHJLVWUDGRUDGLJLWDOHQODFD IHWHUtDGHFLHQFLDV % &OtQLFD8QLYHUVLWDULD 3UR\HFWR0HWD5HVXOWDGR $WHQFLyQPpGLFDLQWHJUDODOD SREODFLyQXQLYHUVLWDULD *DUDQWL]DU ySWLPRV QLYHOHV GHVDOXGHQODSREODFLyQ 6H DWHQGLHURQ D WRWDO GH SDFLHQWHVHQWUHHVWX GLDQWHVGRFHQWHVDGPLQLVWUD WLYRV\SDUWLFXODUHVDODIHFKD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 'HVJORVDGRDVt 0HGLFLQD*HQHUDO 2GRQWRORJtD (QIHUPHUtD /DERUDWRULR /R TXH UHSUHVHQWD XQD (MHFXFLyQ 3UHVXSXHVWDULD % 5HFDXGDFLyQ GH LQJUHVRV SRUORVVHUYLFLRVGHDWHQFLyQ SUHVWDGRVDODSREODFLyQXQL YHUVLWDULD\DOS~EOLFRHQJH QHUDO 1XHVWUD PHWD HV UHFDXGDU HQ $XWRJHVWLyQ OD VXPD GH % 6H UHFDXGy XQ WRWDO GH % D OD IHFKD 0HG*HQ 2GRQWRORJtD (QIHUPHUtD /DERUDWRULR 'LUHFFLyQGH6DOXG\*HVWLyQ$PELHQWDO 3UR\HFWR0HWD5HVXOWDGR 3URJUDPD FRQWLQXR GH VD QHDPLHQWR \ FRQWURO GH YHF WRUHV *DUDQWL]DU XQ DPELHQWH VD OXGDEOH OLEUH GH SODJDV \ PDQWHQHUODYLJLODQFLDDFWLYD SDUD HOLPLQDU FULDGHURV GH PRVTXLWR$HGHVDHJ\SWL 6H UHDOL]DURQ ORV FRQWUROHV ItVLFRVTXtPLFRV\VDQLWDULRV HQFRRUGLQDFLyQFRQHO6LVWH PD 1DFLRQDO 3DUD OD (UUDGL FDFLyQGHOD0DODULD 6H DSOLFDURQ SODJXLFLGDV yUGHQHV GH VHUYLFLR GH ODV FXDOHVVHDWHQGLHURQ GH HMHFXFLyQ GH yU GHQHVGHVHUYLFLR 7UDVODGRGHPRELOLDULRPDWH ULDOHV\RWURV $GHFXDU ODV LQVWDODFLRQHV SDUD EULQGDU XQ EXHQ VHUYL FLR ÐUGHQHV GH VHUYLFLR GH ODVFXDOHVVHDWHQGLHURQ GHHMHFXFLyQGHyUGH QHVGHVHUYLFLR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWR GH UHFROHFFLyQ GH GHVHFKRVVyOLGRV 3URPRYHUXQDPELHQWHVDQR \DJUDGDEOHDWUDYpVGHODUH FROHFFLyQGLDULDGHODEDVXUD WRQHODGDV GH EDVXUD WUDVODGDGD DO YHUWHGHUR GH &HUUR3DWDFyQHQXQSHULRGR GH VHLV PHVHV HQ QXHVWUR YHKtFXORFRPSDFWDGRU 3RGD GH iUEROHV FRUWH GH JUDPDOLPSLH]DGHMDUGLQHV\ SUpVWDPRGHSODQWDV 0DQWHQLPLHQWRGHORUQDWRGH iUHDVYHUGHV\MDUGLQHV yUGHQHV GH VHUYLFLR GH ODVFXDOHVVHDWHQGLHURQ GH HMHFXFLyQ GH yUGH QHVGHVHUYLFLR $GTXLVLFLyQGHHTXLSRVPR ELOLDULRVHLQVXPRV &RQWDU FRQ HO HTXLSDPLHQWR QHFHVDULR SDUD GDU XQ EXHQ VHUYLFLR %GHSUHVXSXHV WRGHIXQFLRQDPLHQWRTXHHV HO GH HMHFXFLyQ SUHVX SXHVWDULD HQ XQ SHULRGR GH VHLVPHVHV $SR\RDRWUDVXQLGDGHV %ULQGDUDSR\RDODVXQLGDGHV TXHDVtORVROLFLWHQHQDFWLYL GDGHVHVSHFtÀFDV (O 'HSDUWDPHQWR GH 7UDED MRV *HQHUDOHV SDUWLFLSy HQ MRUQDGDV GH OLPSLH]D GHV FDUWHGHHTXLSRHQGHVXVR\ HODSR\RDRWUDVXQLGDGHVHQ DFWLYLGDGHVFXOWXUDOHVHLQDX JXUDFLyQGHSUR\HFWRV 6H UHDOL]DURQ PDQWHQLPLHQ WRV JHQHUDOHV HQ MDUGLQHV DGHPiV VH FRQIHFFLRQDURQ GLYHUVDVHVFHQRJUDItDVSDUD HYHQWRVUHDOL]DGRVHQOD8QL YHUVLGDGGH3DQDPi $SR\RDSUR\HFWRGHELEOLRWH FDGHOD)DFXOWDGGH0HGLFL QD +DELOLWDUHOiUHDSDUDODLQDX JXUDFLyQGHOD%LEOLRWHFD1D FLRQDOGH0HGLFLQD 6H SDUWLFLSy HQ FRRUGLQDFLyQ FRQ ODV %LEOLRWHFDV 1DFLRQDO GH0HGLFLQDGHO+RVSLWDO6DQ WR7RPDV\6LPyQ%ROtYDU83 HQ OD OLPSLH]D JHQHUDO GH ODV LQVWDODFLRQHVWUDVODGRGHPR ELOLDULR\PDWHULDOELEOLRJUiÀFR LQVWDODFLyQGHDQDTXHOHVSDUD OD LQDXJXUDFLyQ \ IXQFLRQD PLHQWRGHHVDHQWLGDG 5(1',&,Ð1'(&8(17$6 9LFHUUHFWRUtDGH$VXQWRV(VWXGLDQWLOHV 'HVSDFKR6XSHULRU 3UR\HFWR0HWD5HVXOWDGR 3ULPHU (QFXHQWUR GH 9LFH UUHFWRUHV GH $VXQWRV (VWX GLDQWLOHV GH ODV 8QLYHUVLGD GHV3~EOLFDVGH3DQDPi ,QWHUDFWXDU FRQ ODV RWUDV 8QLYHUVLGDGHV 3~EOLFDV GHO 3DtV $YDQFHGHOSUR\HFWR 9,, )HVWLYDO ,QWHU 8QLYHUVL WDULR &HQWURDPHULFDQR GH OD &XOWXUD \ HO $UWH ),&&8$ ,QWHUFDPELR FXOWXUDO \ SUR PRFLyQGHQXHVWURSDtVFRQ QXHVWURV KHUPDQRV FHQWUR DPHULFDQRV $YDQFHGHOSUR\HFWR &RQFXUVR GH (QVD\R 0RQR (VWLPXODUODSURGXFFLyQ/LWH UDULDHQOD8QLYHUVLGDG $YDQFHGHOSUR\HFWR &LQH&OXE 5HDOL]DU SURGXFFLRQHV FLQH $YDQFHGHOSUR\HFWR (O5HFWRU'U*XVWDYR*DUFtDGH3DUHGHV\HO9LFHUUHFWRUGH$VXQWRV(VWXGLDQWLOHV(OGLV%DUQHVFRQYHUVDQFRQ ORVSUHVHQWDGRUHVGHOGRFXPHQWDOHQWUHHOORVHOSHULRGLVWD9tFWRU0DUWtQH]%ODQFR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 6LPSRVLR ´¢(VWi XVWHG TXH PiQGRVH" (O HVWUpV HQ HO GRFHQWHGHOVLJOR;;,µ 4XH ORV GRFHQWHV DQDOLFHQ ORV IDFWRUHV GH HVWUpV TXH HQIUHQWDQ GLDULDPHQWH HQ HO GHVHPSHxRGHVXODERU $VLVWLHURQ D HVWH HYHQWR SHUVRQDV )RUR ´(GXFDFLyQ ,QWHJUDO HQ 6H[XDOLGDG 0L 'HUHFKR 0L 5HVSRQVDELOLGDGµ 3UHSDUDU D QXHVWURV HVWX GLDQWHV SDUD DVXPLU HVWLORV GHYLGDUHVSRQVDEOHV 6H DWHQGLHURQ D FDWRUFH PLO TXLQLHQWRVHVWXGLDQWHV &RQIHFFLyQ GH *XtDV 3VLFR OyJLFDV SDUD OD GLYXOJDFLyQ GHODRIHUWDDFDGpPLFDGHOD 8QLYHUVLGDGGH3DQDPi 'LYXOJDUODRIHUWDDFDGpPLFD \D\XGDUDORVHVWXGLDQWHVD GHÀQLUVXVDSWLWXGHV +DVWDODIHFKDVHKDQYHQGL GRJXtDV$FWXDOPHQWHVH HQFXHQWUDHQFRQIHFFLyQXQD JXtDSVLFROyJLFDDFWXDOL]DGD ,PSUHVLyQGHORVIROOHWRV,\,, GHO *$7% SDUD OD DSOLFDFLyQ GHSUXHEDVSVLFROyJLFDV &XPSOLUFRQORVUHTXHULPLHQ WRV HVWDEOHFLGRV SDUD HO LQ JUHVRGHORVHVWXGLDQWHV 6HFRQIHFFLRQDURQFXDWURPLO TXLQLHQWRV IROOHWRV *$7% , \ OD PLVPD FDQWLGDG GHIROOHWRV*$7%,, 0DQWHQLPLHQWR GH ORV OHFWR UHVySWLFRV &RQWDUFRQOHFWRUHVySWLFRV $FWXDOPHQWH VH FXHQWD FRQ GRV OHFWRUHV ySWLFRV HQ EXHQHVWDGR &RQYHQLRVSDUDODDSOLFDFLyQ GH SUXHEDV SVLFROyJLFDV D ORVFROHJLRVSDUWLFXODUHV $JLOL]DUHOSUHLQJUHVRGHHV WXGLDQWHVDOD8QLYHUVLGDGGH 3DQDPi \ PHUFDGHDU QXHV WUDRIHUWDDFDGpPLFD $SOLFDFLyQ GH SUXHEDV SVLFR OyJLFDV HQ ORV VLJXLHQWHV FR OHJLRV &ROHJLR 6DLQW 0DU\ &HQWUR (GXFDWLYR 6DQWR 'R PLQJR\&ROHJLR/D6DOOHKD FLHQGR XQ WRWDO GH SUXH EDVSVLFROyJLFDVDSOLFDGDV &DSDFLWDFLyQ DO SHUVRQDO GH OD 'LUHFFLyQ GH 2ULHQWDFLyQ 3VLFROyJLFD',23 &RQWDUFRQSHUVRQDODOWDPHQ WHFDOLÀFDGR\DFWXDOL]DGR +DVWDODIHFKDORVIXQFLRQDULRV GHOD',23KDQSDUWLFLSDGRHQ YHLQWLFLQFRVHPLQDULRV 3URJUDPD GH 3RWHQFLDFLyQ ,QWHJUDOSDUDHO/RJUR$FDGp PLFR %ULQGDU D ORV HVWXGLDQWHV KHUUDPLHQWDV WDQWR VRFLDOHV FRPR DFDGpPLFDV TXH OH SHUPLWDQDGDSWDUVHDODYLGD XQLYHUVLWDULD $WHQFLyQDWUHVFLHQWRVWUHLQWD \ WUHV HVWXGLDQWHV GH SULPHUDxRGHOD)DFXOWDGGH $GPLQLVWUDFLyQ GH (PSUHVDV \&RQWDELOLGDGLJXDOPHQWHVH DWLHQGHQ HVWXGLDQWHV GH SULPHUDxRGHOD)DFXOWDGGH &LHQFLDVGHOD(GXFDFLyQ 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3URJUDPD GH 6HJXLPLHQWR $FDGpPLFR 'LVPLQXLU HO SRUFHQWDMH GH ORV HVWXGLDQWHV FRQ EDMR UHQGLPLHQWR DFDGpPLFR DVt FRPRVXGHVHUFLyQ $FWXDOPHQWH VH EULQGD RULHQ WDFLyQ SVLFROyJLFD GLVWULEXL GDVHQWRGDVODVIDFXOWDGHV $VHVRUtD$FDGpPLFD /RJUDU TXH ORV HVWXGLDQWHV DSUHQGDQ VREUH KiELWRV \ WpFQLFDVGHHVWXGLRSUR\HF WRVGHYLGDVDOXGDEOHDQVLH GDG\HVWUpV 6H EHQHÀFLDQ FLHQ HV WXGLDQWHVGHSULPHUDxRGHOD )DFXOWDGGH(FRQRPtD 6HPLQDULR GH ,QWURGXFFLyQ D OD9LGD8QLYHUVLWDULD ,QIRUPDU D ORV HVWXGLDQWHV GH SULPHU LQJUHVR HQ WHPDV FRPRWpFQLFDV\PpWRGRVGH HVWXGLR SODQ GH YLGD \ ORV VHUYLFLRV TXH RIUHFH OD 8QL YHUVLGDGDORVHVWXGLDQWHV (VWH SURJUDPD VH UHDOL]y HQ ODV VLJXLHQWHV )DFXOWD GHV0HGLFLQD&LHQFLDVGH OD (GXFDFLyQ 2GRQWRORJtD $GPLQLVWUDFLyQ GH (PSUHVDV \ &RQWDELOLGDG $GPLQLVWUD FLyQ 3~EOLFD &LHQFLDV 1DWX UDOHV ([DFWDV \ 7HFQRORJtD 'HUHFKR\&LHQFLDV3ROtWLFDV ,QIRUPiWLFD(OHFWUyQLFD\&R PXQLFDFLyQ (QIHUPHUtD \ )DUPDFLD &DPSDxD GH 6HQVLELOL]DFLyQ ´9LYH6DOXGDEOHVLQ'URJDVµ 2IUHFHU ,QIRUPDFLyQ SUHYHQ WLYDDORVHVWXGLDQWHVXQLYHU VLWDULRVTXHOHSHUPLWDWRPDU GHFLVLRQHV DGHFXDGDV SDUD SURPRYHUHVWLORVGHYLGDVD OXGDEOHV 6H EHQHÀFLDQ FLHQ HV WXGLDQWHVGHSULPHUDxRGHOD )DFXOWDGGH(FRQRPtD $SOLFDFLyQGH3UXHEDV3VLFR OyJLFDV D ORV (VWXGLDQWHV GH SULPHUDxR 5HDOL]DUODHYDOXDFLyQGHDS WLWXGHV H LQWHUHVHV SURIHVLR QDOHVGHORVHVWXGLDQWHVTXH LQJUHVDURQ D OD 8QLYHUVLGDG GH3DQDPi 6H UHDOL]DURQ ODV SUXHEDV D WUHV PLO FXDWURFLHQWRV FLQ FXHQWD\FXDWURHVWX GLDQWHV 3URJUDPD GH 7UDEDMR SRU 0DWUtFXOD %HQHÀFLDU D QXHVWURV HVWX GLDQWHVGHHVFDVRVUHFXUVRV HVWXGLDQWHVEHQHÀFLDGRV FRQHOSURJUDPD 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3URJUDPD GH H[RQHUDFLyQ WRWDOSRUVLWXDFLyQHFRQyPLFD SUHFDULD 3HUPLWLU D HVWXGLDQWHV GH HVFDVRV UHFXUVRV HO DFFHVR D OD HGXFDFLyQ GiQGROH KH UUDPLHQWDV SDUD PHMRUDU VX FDOLGDGGHYLGDIXWXUD (VWXGLDQWHVFRQQHFHVLGDGHV TXH VROLFLWDURQ H[RQHUDFLyQ WRWDO 3URJUDPD GH DUUHJOR GH SDJR %ULQGDU IDFLOLGDGHV GH SDJR DHVWXGLDQWHVGHHVFDVRVUH FXUVRV $UUHJORV GH SDJR VROLFLWDGRV 3URJUDPDGH/HQWHV &RODERUDU FRQ HO GHVHPSH xR DFDGpPLFR GH QXHVWURV HVWXGLDQWHV FRQ SUREOHPDV YLVXDOHV /HQWHVVROLFLWDGRV 3URJUDPDGH$SR\RV(FRQy PLFRV 'DUQXHYDVRSRUWXQLGDGHVD HVWXGLDQWHVVLQUHFXUVRVHFR QyPLFRV $SR\RV HFRQyPLFRV VROLFLWD GRV 3URJUDPDGH6DOXG,QWHJUDO 'RQDFLyQGHVDQJUH (VWLPXODU OD ODERU VRFLDO GH QXHVWURVHVWXGLDQWHV &DQWLGDG GH SLQWDV GRQDGDV /LEUHWDVGH$OLPHQWDFLyQ $\XGDU D QXHVWURV HVWXGLDQ WHVDPDQWHQHUVHVDQRV (VWXGLDQWHV DWHQGLGRV HQ HO VHPHVWUH 3URJUDPD GH EHFDV \ VXEVL GLRV )DYRUHFHU D QXHVWURV HVWX GLDQWHV HQ VLWXDFLyQ GH ULHV JRVRFLDO %HFDV \R VXEVLGLRV WUDPLWD GRVXRWRUJDGRV 3URJUDPDGH,QVHUFLyQ/DERUDO $\XGDUDQXHVWURVHVWXGLDQWHV DLQJUHVDUDOPHUFDGRODERUDO HVWXGLDQWHV DWHQGLGRV R XELFDGRVODERUDOPHQWH 3URJUDPD GHO 6HJXUR (VWX GLDQWLO8QLYHUVLWDULR 6DOYDJXDUGDUDQXHVWURVHV WXGLDQWHVDQWHSRVLEOHVDFFL GHQWHV HVWXGLDQWHV LQVFULWRV HQ HO VHJXUR HVWXGLDQWLO XQL YHUVLWDULR 3URJUDPDGH6HUYLFLR6RFLDO \9ROXQWDULDGR 5HDOL]DU ORV GLYHUVRV VHPL QDULRVGHLQGXFFLyQGHOVHUYL FLRVRFLDO\YROXQWDULDGR 6HORJUyUHDOL]DUVRORHO 3URJUDPDGH3DVDQWtDV,QWH JUDOHVHQHOÐUJDQR-XGLFLDO %ULQGDU D ORV HVWXGLDQWHV OD SRVLELOLGDG GH UHODFLRQDUVH \ DGTXLULU H[SHULHQFLD HQ HO ÐUJDQR-XGLFLDO 3DUWLFLSDFLyQGHHVWXGLDQ WHV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &RQYLYHQFLD3DFtÀFD &RQWULEXLU D SURPRYHU XQD FXOWXUD GH SD] \ VDOXG LQ WHJUDO HQ FRRUGLQDFLyQ FRQ RWUDVLQVWLWXFLRQHV 3REODFLyQ TXH UHFLEH DWHQFLyQ GHO SURJUDPD KDELWDQWHV )DPLOLDV 1LxRVLQVFULWRVHQWD OOHUHVDUWtVWLFRV\GHSRUWL YRV $WHQFLyQ SVLFROyJLFD QLxRVEDMRDWHQFLyQ )HULDV GH 6DOXG LQWHJUDO GHVDUUROODGDV ,QVWLWXFLRQHV JXEHUQD PHQWDOHVLQYROXFUDGDV 5HFRQRFLPLHQWR D (VWXGLDQ WHV'HVWDFDGRV (VWLPXODU OD VXSHUDFLyQ GH QXHVWURVHVWXGLDQWHV 3RUFHQWDMHGHDYDQFHGHOSURJUD PDGHHVWHDxRRFWXEUH &HOHEUDFLRQHV GH )HFKDV 'HVWDFDGDV &RQPHPRUDU HQ IRUPD DGH FXDGD ODV IHFKDV VLJQLÀFDWL YDVSDUDQXHVWUDFRPXQLGDG 3RUFHQWDMHGHDYDQFHGHOSUR JUDPDGHHVWHDxR 'LJLWDOL]DFLyQ GH %DVH GH 'D WRVGH(VWXGLDQWHV &RQWDUFRQXQDEDVHGHGD WRVGHQXHVWURVHVWXGLDQWHV $YDQFHGHODEDVHVGHGDWRV HQFRQVWUXFFLyQ &RPXQLFDFLyQ HIHFWLYD FRQ ODV $JUXSDFLRQHV (VWXGLDQ WLOHV 0DQWHQHU XQ GLiORJR FRQV WDQWH\FRQRFHUODVDVSLUDFLR QHV \ GLÀFXOWDGHV GH QXHV WURVHVWXGLDQWHV 3XEOLFDUXQEROHWtQTXHOOHQH ODVH[SHFWDWLYDVGHORVHVWX GLDQWHV 6LVWHPDGHFRPXQLFDFLyQHQ IXQFLRQDPLHQWR 4XH WRGD OD FRPXQLGDG XQL YHUVLWDULD WHQJD FRQRFLPLHQ WR GH ODV DFWLYLGDGHV TXH UHDOL]D OD 9LFHUUHFWRUtD GH $VXQWRV(VWXGLDQWLOHV 3XEOLFDFLRQHVFiUWHOHVIRWRV EROHWLQHV SURJUDPDV UDGLR \ 79PDPSDUDVPXUDOHVEDQ GHULQHV GHVSOHJDGRV EDQ QHUVHWF %ROHWtQ([SUpVDWH 3URPRFLyQ GH ODV $FWLYLGD GHV3URJUDPDGDV 3XEOLFDFLRQHV UHDOL]DGDV SRU VHPHVWUH 81,9(56,'$''(3$1$0É 'LUHFFLyQ$GPLQLVWUDWLYD 3UR\HFWR0HWD5HVXOWDGR 5HFDXGDFLyQGHIRQGRV )RPHQWDU OD DXWRJHVWLyQ SDUDFRQWDUFRQIRQGRVSDUD EHQHÀFLRGHORVHVWXGLDQWHV 6HFXPSOLyHQHO 'LJLWDOL]DFLyQ GH OD ,QIRUPD FLyQ $GPLQLVWUDWLYD \ )LQDQ FLHUD 0RGHUQL]DU \ DJLOL]DU ORV SURFHVRV DGPLQLVWUDWLYRV \ ÀQDQFLHURV $YDQFHGHOSUR\HFWRGH 6LVWHPDWL]DFLyQ GHO ,QYHQWD ULRGHORV5HFXUVRV)tVLFRV\ )LQDQFLHURV &RQWDUFRQXQLQYHQWDULRDF WXDOL]DGR \ DFFHVLEOH GH ORV UHFXUVRV ItVLFRV \ ÀQDQFLH URV $YDQFHGHOSUR\HFWRGH 5HJLVWURGHFRQWUROHV 'LJLWDOL]DUORVFRQWUROHV $YDQFHGH 2SWLPL]DFLyQ GH ODV IXQFLR QHVGHFRQWDELOLGDG $JLOL]DU ORV SURFHVRV FRQWD EOHV $YDQFHGH 6HJXLPLHQWR \ HMHFXFLyQ GHO 3UHVXSXHVWR GH IXQFLRQD PLHQWR *DUDQWL]DUODHMHFXFLyQGHORV SUR\HFWRVSUHVXSXHVWDGRV $YDQFHGH 'LUHFFLyQGH'HIHQVRUtD\4XHMDV 3UR\HFWR0HWD5HVXOWDGR 5HJODPHQWDFLyQGHODV$JUX SDFLRQHV(VWXGLDQWLOHV &RQVHQVXDU XQ UHJODPHQWR TXHJXtHODVDFFLRQHVGHODV DVRFLDFLRQHV HVWXGLDQWLOHV HQODXQLYHUVLGDG 5HJODPHQWR HQ SURFHVR GH YDOLGDFLyQ &RQIHGHUDFLyQ 8QLYHUVLWDULD GHO)RONORUH 3URPRYHU WRGDV ODV H[SUH VLRQHV GH QXHVWUD QDFLRQDOL GDGEDMRXQDFRQIHGHUDFLyQ 6HUHDOL]DURQHOGHODV DFWLYLGDGHVSURJUDPDGDV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &RQMXQWR GH 3UR\HFFLRQHV )RONOyULFDV´$VtHV3DQDPiµ &RQMXQWR 0XVLFDO )RONOyULFR ´6HQWLPLHQWR8QLYHUVLWDULRµ &XUVRV 3HUPDQHQWHV GH $U WHV3OiVWLFDV\9LVXDOHV 3UHVHQWDU QXHVWURV EDLOHV IRONOyULFRV HQ DFWLYLGDGHV GHQWUR \ IXHUD GH OD XQLYHU VLGDG $PHQL]DU DFWLYLGDGHV GHQWUR \ IXHUD GH OD XQLYHU VLGDG $FWLYLGDGHVTXHVRQHMHFXWD GDVHQHOVHPHVWUH %ULQGDUOHDORVTXHVHLQFOLQDQ SRUODVDUWHVSOiVWLFDV\YLVXD OHVXQDSODWDIRUPDSDUDSHUIHF FLRQDUVXVWpFQLFDV\GHVDUUR OODUQXHYDVKDELOLGDGHV 'XUDQWHWRGRHOVHPHVWUHVH GHVDUUROODQDFWLYLGDGHV $FWLYLGDGHVTXHVRQHMHFXWD GDVHQHOVHPHVWUH 'HSDUWDPHQWRGH'HSRUWH\5HFUHDFLyQ 3UR\HFWR0HWD5HVXOWDGR 81,),7&ODVHVGH$HUyELFRV %ULQGDUODIDFLOLGDGDWRGDOD FRPXQLGDG XQLYHUVLWDULD GH HMHUFLWDUVH \ PHMRUDU VX VD OXG\DVSHFWR 3DUWLFLSDQWHV $HUyELFRV 6SLQQLQJ &DPSHRQDWRV 'HSRUWLYRV ,QWHU8QLYHUVLWDULR0) 3URPRYHUODFRQYLYHQFLDFRQ RWUDVXQLYHUVLGDGHVDWUDYpV GHOGHSRUWH &DPSHRQDWRVHQTXHVHSDU WLFLSD &DPSHRQDWRV 'HSRUWLYRV ,QWHU)DFXOWDGHV0) 3URPRYHUODFRQYLYHQFLDHQ WUHODVIDFXOWDGHVDWUDYpVGHO GHSRUWH 6H HMHFXWDQ HQ HO VHJXQGR VHPHVWUH &DPSHRQDWRV 1DFLRQDOHV 8QLYHUVLWDULRV0) 3URPRYHUODFRQYLYHQFLDHQ WUHODVGLVWLQWDVVHGHVXQLYHU VLWDULDVDWUDYpVGHOGHSRUWH )RUWDOHFHU OD FDSDFLGDG WpF QLFDGHQXHVWURVHTXLSRV 6H UHDOL]DQ HQ HO VHJXQGR VHPHVWUH 3UR\HFWDUQRV FRQ ORV HVWX GLDQWHV\ODFLXGDGDQtDHQJH QHUDODWUDYpVGHDVHVRUtDV 6HDWLHQGHQFRQVXOWDV &OXEHV 'HSRUWLYRV 8QLYHUVL WDULR $VHVRUtD \ DWHQFLyQ D HVWX GLDQWHV\SDUWLFXODUHV 6H FRQIRUPDURQ &OXEHV 'HSRUWLYRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 2UJDQL]DFLyQ 'HSRUWLYD 8QL YHUVLWDULD 2UJDQL]DU HYHQWRV GHSRUWL YRV 6HRUJDQL]DQ 5HFUHDWLYRGH9HUDQR 4XHORVHVWXGLDQWHVHQFXHQ WUHQ DFWLYLGDGHV SDUD HO SH UtRGRHQWUHVHPHVWUHV 6HRUJDQL]DQ /DERUDWRULR0XVFXODU &XLGDUODFRQGLFLyQItVLFDGH QXHVWURVHVWXGLDQWHV (VWXGLDQWHV SDUWLFLSDQ WHV 3DUWLFXODUHV SDUWLFLSDQ WHV $GPLQLVWUDWLYRV SDUWLFL SDQWHV 'RFHQWHV SDUWLFLSDQWHV 8QLYHUVLDGD 2UJDQL]DU SUR\HFWR 8QLYHU VLDGD HYHQWRRUJDQL]DGR &HQWUR5HFUHDWLYRGH-XHJRV GH0HVD 3URPRYHUODFRQYLYHQFLD\HO VDQRHVSDUFLPLHQWR 6HUHDOL]DQ &RQPHPRUDFLyQ GHO DQL YHUVDULRGHOD8QLYHUVLGDGGH 3DQDPi &RODERUDU FRQ ODV DFWLYLGD GHVGHFHOHEUDFLyQGHORV DxRVGHQXHVWUD8QLYHUVLGDG )RUWDOHFHUORVHVWLORVGHYLGD VDOXGDEOH HQ QXHVWURV HVWX GLDQWHV 6HUHDOL]DQUHXQLRQHV &DUUHUD)XQGDFLyQGH3DQD Pi/D9LHMD 3DUWLFLSDU HQ HYHQWRV GH LP SRUWDQFLDSDUDODFRPXQLGDG 6HUHDOL]DHQHOVHJXQGRVH PHVWUH 3DUWLFLSDFLyQ HQ &RPLVLRQHV 'HSRUWLYDVGLYHUVDV 3URPRYHUODVDFWLYLGDGHVGH SRUWLYDV FRPR KHUUDPLHQWD SDUDPDQWHQHUDORVMyYHQHV DOHMDGRVGHSUiFWLFDVSHUMXGL FLDOHV FRPLVLRQHV HQ GLIHUHQWHV GLVFLSOLQDV 2UJDQL]DFLyQ 'HSRUWLYD 8QL YHUVLWDULD &HQWURDPHULFDQD \GHO&DULEH ,QWHUFDPELR FRQ HVWXGLDQWHV GH &HQWURDPpULFD \ GHO &D ULEH 6HUHDOL]DHQHOVHJXQGRVH PHVWUH 7RUQHRV'HSRUWLYRV0L[WRV 6H UHDOL]DQ HQ HO VHJXQGR VHPHVWUH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &HQWUR GH 'LDJQyVWLFR GH OD $FWLYLGDG)tVLFD &RQWDU FRQ XQ FHQWUR HVSH FLDOL]DGR GH GLDJQyVWLFR GH OD FRQGLFLyQ ItVLFD GH ORV DW OHWDV UHXQLRQHV GH GLVFXVLyQ GH ODSURSXHVWD )RQGRGH$XWRJHVWLyQ 3UR\HFWR0HWD5HVXOWDGR &RQWUDWDFLyQGHSHUVRQDO %ULQGDU XQD PHMRU DWHQFLyQ D ORV HVWXGLDQWHV DGPLQLV WUDWLYRV \ GRFHQWHV TXH QRV YLVLWDQ 6H FRQWUDWy SHUVRQDO SRU XQ PRQWRGH% $WHQFLyQ D ORV HVWXGLDQWHV HQ *LUDV $FDGpPLFDV 6H PLQDULRV \ $FWLYLGDGHV 'H SRUWLYDVGHOD8QLYHUVLGDGGH 3DQDPi *DUDQWL]DU DO HVWXGLDQWDGR TXH DVt OR VROLFLWH HO DSR \R SDUD VX SDUWLFLSDFLyQ HQ HYHQWRVDFDGpPLFRVFXOWXUD OHV\GHSRUWLYRV 6H DSR\y D ORV HVWXGLDQWHV FRQ% ,QIRUPDFLyQ\GLYXOJDFLyQ %ULQGDULQIRUPDFLyQGHODVDF WLYLGDGHVGHOD9$( 6HLQYLUWLHURQHQHVWHSUR\HF WR% $GTXLVLFLyQ GH SDSHOHUtD SLQWXUDWHODV\PDWHULDOHVGH RÀFLQD 6XPLQLVWUDUDORVHVWXGLDQWHV GHDVRFLDFLRQHVJUXSRVSROt WLFRV \ SHUVRQDO GH OD 9$( HO PDWHULDO QHFHVDULR SDUD UHDOL]DUVXVDFWLYLGDGHVFXOWX UDOHVSROtWLFDV\DFDGpPLFDV 6HORJUyVXPLQLVWUDUORQHFH VDULRDXQPRQWRDSUR[LPDGR GH% 6XPLQLVWUR GH $OLPHQWDFLyQ SDUD ODV UHXQLRQHV VHPL QDULRV \ FRQIHUHQFLDV UHDOL ]DGDV SRU ORV HVWXGLDQWHV D WUDYpV GH OD &DIHWHUtD 8QL YHUVLWDULD $SR\DU D ORV HVWXGLDQWHV HQ VXV DFWLYLGDGHV GRFHQWHV \ FXOWXUDOHV 0RQWRDSUR[LPDGRLQYHUWLGR GH% 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR /D GGTXLVLFLyQ GH XQLIRUPHV H LPSOHPHQWRV GHSRUWLYRV D ODV GHOHJDFLRQHV GHSRUWLYDV TXH QRV UHSUHVHQWDQ HQ ODV GLVWLQWDVGLVFLSOLQDV 'RWDU GH OD LQGXPHQWDULD H LPSOHPHQWRV QHFHVDULRV D ORV DWOHWDV TXH SDUWLFLSDQ HQ UHSUHVHQWDFLyQ GH OD 8QLYHU VLGDGGH3DQDPiHQODVGLV WLQWDVGLVFLSOLQDVGHSRUWLYDV 8QLIRUPHV H LPSOHPHQWRV GHSRUWLYRV SRU XQ PRQWR DSUR[LPDGRGH% $GTXLVLFLyQ GH PDWHULDOHV (OpFWULFRVPDWHULDOGH&RQV WUXFFLyQ 0DWHULDO GH DVHR \ RWURVVHUYLFLRV %ULQGDU PDQWHQLPLHQWR D ODV LQVWDODFLRQHV GH ODV RÀFLQDV DGPLQLVWUDWLYDVGHOD9$(\ HO*LPQDVLR8QLYHUVLWDULR ,QYHUVLyQGH% &RQIHFFLyQ GH EDQQHU IRU PXODULRVHLPSUHVRV %ULQGDU SXEOLFLGDG D ODV DFWL YLGDGHVTXHUHDOL]DOD9$(D WUDYpVGHOD5HYLVWD0HQVXDO ([SUpVDWHGLULJLGDDODSREOD FLyQXQLYHUVLWDULD 0RQWRGH% 6XPLQLVWUR GH WUDQVSRUWH \ YLiWLFRV DO LQWHULRU \ H[WHULRU GHOD5HS~EOLFDGH3DQDPi &RRUGLQDUDFWLYLGDGHVFRQORV &HQWURV5HJLRQDOHV\ODV2U JDQL]DFLRQHVHQHO([WHULRU 6H JDVWy HQ WUDQVSRUWH \ YLiWLFRV DSUR[LPDGRV GH % 3DJRGHDOTXLOHUGHO/DERUD WRULRGH3HVDV\RWURVVHUYL FLRV 'RWDUDO*LPQDVLR8QLYHUVLWD ULRVGHORVLPSOHPHQWRVQHFH VDULRV SDUD TXH OD SREODFLyQ HVWXGLDQWLOUHDOLFHODVDFWLYLGD GHVGHSRUWLYDVTXHUHTXLHUH 6H SDJDURQ % HQ FRQFHSWRGHDOTXLOHU (PLVLyQGHFUpGLWRVQRRÀFLD OHVDHVWXGLDQWHV )DFLOLWDU D ORV HVWXGLDQWHV OD REWHQFLyQGHVXVFUpGLWRV HVWXGLDQWHV 6HUYLFLRV D OD &RPXQLGDG 8QLYHUVLWDULD \ DO 3~EOLFR HQ *HQHUDO $WHQFLyQ D HVWXGLDQWHV GR FHQWHV \ S~EOLFRV HQ JHQHUDO TXHUHTXLHUHQGHODVPLVPDV SDUDVXVWUiPLWHVSHUVRQDOHV ,PSUHVLyQ GH IRWRV WDPDxRV FDUQpDSHUVRQDV 3URJUDPD GH 6DOXG \ %LHQ HVWDU %ULQGDUODVFODVHVGH$HUyEL FRV \ /DERUDWRULR 0XVFXODU SDUD OD SREODFLyQ HVWXGLDQWLO GRFHQWH DGPLQLVWUDWLYD \ S~ 3URJUDPDGHDHUyELFRV\SH VDV VH DWHQGLy D SHUVRQDVDSUR[LPDGDPHQWH 5(1',&,Ð1'(&8(17$6 6HUYLFLRV 3UR\HFWR0HWD5HVXOWDGR EOLFR HQ JHQHUDO TXH OR VROL FLWDQ SDUD XQD PHMRU VDOXG \ ELHQHVWDUSHUVRQDO ,QIUDHVWUXFWXUD %ULQGDU PDQWHQLPLHQWR D ODV LQVWDODFLRQHV GH ODV RÀFLQDV DGPLQLVWUDWLYDVGHOD9$(\ HO*LPQDVLR8QLYHUVLWDULR $GTXLVLFLyQ GH PDWHULDOHV HOpFWULFRV PDWHULDO GH FRQV WUXFFLyQ PDWHULDO GH DVHR \ RWURVVHUYLFLRVSRUXQPRQWR DSUR[LPDGRGH% 3XEOLFDFLRQHV %ULQGDUSXEOLFLGDGDODVDFWLYL GDGHVTXHUHDOL]DOD9$(D WUDYpVGHOD5HYLVWD0HQVXDO ([SUpVDWHGLULJLGDDODSREOD FLyQXQLYHUVLWDULD 3XEOLFDFLyQ GH OD UHYLVWD PHQVXDO([SUpVDWH\FRQIHF FLyQ GH EDQQHU IRUPXODULRV HLPSUHVRVSRUXQPRQWRGH % $SR\RDORVHVWXGLDQWHV &RRUGLQDUDFWLYLGDGHVFRQORV &HQWURV 5HJLRQDOHV \ ODV RU JDQL]DFLRQHVHQHO([WHULRU 6XPLQLVWUR GH WUDQVSRUWH \ YLiWLFRV DO LQWHULRU \ H[WHULRU GHOD5HS~EOLFDGH3DQDPi SRUXQPRQWRDSUR[LPDGRGH % $FWLYLGDGHVGHSRUWLYDV 'RWDUDO*LPQDVLR8QLYHUVLWD ULRVGHORVLPSOHPHQWRVQHFH VDULRV SDUD TXH OD SREODFLyQ HVWXGLDQWLOUHDOLFHODVDFWLYLGD GHVGHSRUWLYDVTXHUHTXLHUH 3DJRGHDOTXLOHUGHO/DERUD WRULRGH3HVDV\RWURVVHUYL FLRV% 3URJUDPDGHEHFDV %ULQGDU D ORV HVWXGLDQWHV ORV UHFXUVRV HFRQyPLFRV SDUD UHDOL]DUVXVHVWXGLRV (QWUHJD GH ODV EHFDV GHO SUHVLGHQWH GH OD 5HS~EOLFD 'RFWRU 0DUWLQHOOL \ OD EHFD &URZOH\ \ DGLHVWUDPLHQWR \ HVWXGLRDOSHUVRQDO % 727$/% 81,9(56,'$''(3$1$0É 9LFHUUHFWRUtDGH([WHQVLyQ 3UR\HFWR0HWD5HVXOWDGR $OLDQ]DV HVWUDWpJLFDV HQWUH OD 8QLYHUVLGDG GH 3DQDPi \ RWUDVLQVWLWXFLRQHVGHJRELHUQR 2IUHFHU D OD FRPXQLGDG QD FLRQDO ORV EHQHÀFLRV GHO FR QRFLPLHQWR DFDGpPLFR DU WtVWLFR FXOWXUDO \ GHSRUWLYR HQHOFDPSXVFHQWUDO\HQHO LQWHULRUGHOD5HS~EOLFD 7HPSRUDGDGH9HUDQR GHHQHURDOGHPDU ]RGH 7DOOHUHVGH3LQWXUD 3URJUDPDVGH9HUDQR)H OL]GHPDU]RGH ([SRVLFLRQHV GH 2EUDV $UWtVWLFDV´$UWHHQHO3DU TXHµ&RFOpGHPDU]R GH 3UHVHQWDFLyQ $UWtVWLFD ´1RFKHGH%ROHURVµ %XJDED%RTXHWH\'DYLGGH DOGHIHEUHURGH ´3UHVHQWDFLyQ 2UTXHVWD 6LQIyQLFD-XYHQLOµ /RV$QGHV6DQ0LJXHOLWR GHPDU]RGH 7UDEDMR HQ FRQMXQWR FRQ OD HPEDMDGDDUJHQWLQD\HO+' /XLV ( 4XLUR] &LUFXLWR HQEHQHÀFLRGHODFRPXQLGDG ,QWHUFDPELRFXOWXUDO\DUWtVWLFR 7DUGHGH'DQ]DV\([SUH VLRQHV0XVLFDOHVµ 6DQWD )H 'DULpQ GH PDU]RGH 3UHVHQWDFLyQ$UWtVWLFD ´*UXSR $UJHQWLQR /RV &XDWUR5XPERVµ 6DQ)UDQFLVFRGHPD\RGH ´*UXSR$UJHQWLQR'DQVD\µ 3HQRQRPpGHPD\R GH )HVWLYDOGH0~VLFD$O IUHGR6DLQW0DOR &DPSXV+DUPRGLR$ULDV0D GULGGHPD\RGH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR %HQHÀFLRDODVFRPXQLGDGHV PiV QHFHVLWDGDV D WUDYpV GHOFRQRFLPLHQWRDFDGpPLFR &LHUUHGHODWHPSRUDGDGHYHUDQR /OHYDUDODSUiFWLFDODFDOLGDG GH OD HQVHxDQ]D GH ODV GLV WLQWDVGLVFLSOLQDVGHOiUHDKX PDQtVWLFD\VDOXGTXHRIHUWD QXHVWUDXQLYHUVLGDG ´1RFKH GH %ROHURV 'tD GHO3DGUHµ (O &RSp &RFOp GH MXQLRGH *LUDV&RPXQLWDULDV 6RUi&DSLUD GH RFWXEUH GH 2Oi&RFOp GH MXOLR GH FRQ OD +' 'DQD &DVWDxHGD 3UHVHQWDFLyQ 2UTXHVWD &DUDYDQD&XOWXUDOµ &KRUUHUD GH DEULO GH 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 7UDEDMRHQFRQMXQWRFRQLQV WLWXFLRQHV FXOWXUDOHV GH *R ELHUQR &UHDFLyQ GH YtQFXORV FXOWX UDOHV\DFDGpPLFRVFRQRWUDV FXOWXUDV ,QWHUFDPELR &XOWXUDO HQWUH 3DQDPi\7DLZiQ MXQLRGHMXOLR 5HVDOWDU ODV DFWLYLGDGHV FXO WXUDOHV \ ODERUHV GH H[WHQ VLyQ 3UHVHQWDFLyQ GH OD RIHUWD DFDGpPLFD HQ HO iUHD GH OD P~VLFD\ODVEHOODVDUWHV 6LQIyQLFD-XYHQLOµ /RV$QGHV6DQ0LJXHOLWR GHPDU]RGH 7DUGH GH 'DQ]DV \ ([ SUHVLRQHV0XVLFDOHVµ 6DQWD )H 'DULpQ GH PDU]RGH &LHUUHGH7HPSRUDGDGH 9HUDQR /RV6DQWRVGHPDU]R GH )RUWDOHFLPLHQWR GH ODV SROtWL FDVGHH[WHQVLyQ ,QWHJUDUDOD8QLYHUVLGDGHQOD FHOHEUDFLyQGHODVDFWLYLGDGHV UHOLJLRVDVDWUDYpVGHSURJUD PDVFXOWXUDOHV\DUWtVWLFRV ,QWHJUDUDOD8QLYHUVLGDGFRQ ODV SROtWLFDV VRFLDOHV GH JR ELHUQR 7UDEDMRHQFRQMXQWRFRQLQVWLWX FLRQHVFXOWXUDOHVGHJRELHUQR 4XHODVFRPXQLGDGHVGRQGH VHUHDOL]DQHVWHWLSRGHHYHQ WRV FRQR]FDQ HO SURIHVLRQD OLVPR\ODFDOLGDGGHODRIHUWD GHOD8QLYHUVLGDGHQHOiUHD FXOWXUDO 3DUWLFLSDFLyQ GH OD 8QLYHUVL GDGHQDFWLYLGDGHVGHLQWHUpV VRFLDO \ PpGLFR D FRPXQLGD GHVPiVQHFHVLWDGDVFRPR UHVSDOGRGHSUR\HFWRV\DFWL YLGDGHVGHJRELHUQRVORFDOHV 3DUWLFLSDFLyQ HQ DFWLYLGDGHV FRQEHQHÀFLRVSDUDODFRPX QLGDG )LHVWD 3DWURQDO 3DUUR TXLD GH 6DQWD 5LWD GH &DVFLD -XDQ 'tD] GHPD\RGH 6HUHQDWD D 6DQWD /LEUD GD /DV 7DEODV GH MXOLR GH &HOHEUDFLyQ GHO 'tD GHO $EXHOR XDQ 'tD] GH MXOLR GH 5(1',&,Ð1'(&8(17$6 &HOHEUDFLyQGHODQRFKHGHWDQJR\IRONORUHHQODSURYLQFLDGH9HUDJXDV 3UR\HFWR0HWD5HVXOWDGR &RQYHQLRV5HIUHQGDGRV ',3/20$'26 'LSORPDGR3URFXUDGXUtD 'LSORPDGR,)$5+82($ 'LSORPDGR ,QWHUQDFLRQDO GH*REHUQDELOLGDG\*H UHQFLD3~EOLFD 3DQDPi &KLULTXt 9H UDJXDV \ $]XHUR GH MXQLRGH ([WHQVLyQ KDFLD ODV FRPX QLGDGHV FRQ SURJUDPDV TXH UHVDOWHQORVYDORUHVGHODVR FLHGDG &RQWULEXFLyQ GH IRUPDFLyQ LQWHJUDOGHHVWXGLDQWHV\GR FHQWHV 3UHVHQWDU RIHUWDV DFDGpPL FDVDGRFHQWHVHJUHVDGRV\ SURIHVLRQDOHV FRQ EDVH D OD GHPDQGDVGHODVRFLHGDG 2SRUWXQLGDGHV GH LQWHUFDP ELRV DFDGpPLFR FXOWXUDO \ FLHQWtÀFR $PSOLDFLyQGHRIHUWDVGHQLYHO VXSHULRUHQIRFDGDVHQODVQH FHVLGDGHV GH HVSHFLDOL]DFLyQ \DÀDQ]DPLHQWRGHGLVFLSOLQDV 0HMRUDPLHQWR GH OD LQVWLWXFLR QDOLGDGGHPRFUiWLFD\IRUWDOH FLPLHQWRGHODVLQVWDQFLDVGH JRELHUQR\GHODVRFLHGDGFLYLO 3DUWLFLSDQWHV 5HVFDWHGHGLYHUVDVDFWLYLGD GHVWUDGLFLRQDOHV\GHLQWHJUD FLyQFRQODVFRPXQLGDGHV 7DOOHUHVGHDUWHFRPXQLWDULR GH QRYLHPEUH GH /D 3URYLGHQFLD 'LVWULWR GH &KHSR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &OtQLFDV 'HSRUWLYDV &KLUL TXt9HUDJXDV'DULpQ 7DOOHUHVGH3LQWXUD&KLULTXt 3DFRUD 5HVDOWDU HO FRPSURPLVR GH OD8QLYHUVLGDGHQVXIXQFLyQ GH IRUPDFLyQ DFDGpPLFD \ VRFLDO )RUWDOHFLPLHQWRGHODUHODFLyQ 8QLYHUVLGDG²&RPXQLGDG 0HMRUDPLHQWR GH OD (GXFD FLyQ3DQDPHxD (VWUHFKDU 5HODFLRQHV FRQ GHO 0LQLVWHULR GH (GXFDFLyQ \GHPiVRUJDQLVPRVGHOHV WDGR &DSDFLWDFLyQ D GRFHQWHV HQ &RPSUHQVLyQ /HFWRUD \ HQ HO iUHD GH PDWHPiWLFD JHRPH WUtD\HVWDGtVWLFD &RPLVLyQ7pFQLFDGH)LVFDOL ]DFLyQ )LVFDOL]DFLRQHV SURJUDPD GDV \ UHDOL]DGDV D XQLYHUVD OHVSDUWLFXODUHV ,QWHJUDFLyQGHODV8QLYHUVLGD ODHGXFDFLyQVXSHULRU /D8QLYHUVLGDGGH3DQDPiIXHGLVWLQJXLGDFRPR3DGULQRVGHODVDFWLYLGDGHVRUJDQL]DGDVHQFHOHEUDFLyQGHOGtD GH6DQWD/LEUDGDHOGHMXOLRGHHQ/DV7DEODV$FWRTXHFRQWyFRQODSDUWLFLSDFLyQGHOJUXSR/RV-XJOD UHVOD2UTXHVWD)LODUPyQLFD7URYDGRUHV\7DPERULWRV/D6HUHQDWDIXHRIUHFLGDSRUOD8QLYHUVLGDGGH3DQDPi \FRPRLQYLWDGRHVSHFLDOHOUHFRQRFLGRLQWpUSUHWHGHODP~VLFDWtSLFD2VYDOGR$\DOD 5(1',&,Ð1'(&8(17$6 &RQYHQLRV5HIUHQGDGRV &RQYHQLR0DUFRGH&RRSHUDFLyQHQWUHOD8QLYHUVLGDGGH3DQDPi\OD$VRFLDFLyQ &ULVWLDQDSDUDOD5HKDELOLWDFLyQ\5HLQVHUFLyQGH0DUJLQDGRVGH3DQDPi5HPDU $FXHUGRHVSHFtÀFRGH&RODERUDFLyQHQWUHHO0HGXFD,QVWLWXWR6XSHULRU-XDQ'H PyVWHQHV$URVHPHQDGHOD3URYLQFLDGH9HUDJXDV\OD8QLYHUVLGDGGH3DQDPi &RQYHQLR0DUFRGH&RRSHUDFLyQHQWUHOD8QLYHUVLGDGGH3DQDPi\OD3URFXUDGXUtD GHOD$GPLQLVWUDFLyQ &RQYHQLR0DUFRGH&RRSHUDFLyQ$FDGpPLFDHQWUHOD8QLYHUVLGDG'H3DQDPD\OD $VRFLDFLyQ'H&ULPLQDOLVWDV\&LHQFLDV)RUHQVHVGH3DQDPi $FXHUGR GH &RODERUDFLyQ$FDGpPLFD HQWUH OD 8QLYHUVLGDG 3RSXODU GH 'HVDUUROOR 6RVWHQLEOHGHODV$PpULFDV $FXHUGR GH &RODERUDFLyQ HQWUH OD 8QLYHUVLGDG GH 3DQDPi \ OD$VRFLDFLyQ 0XMHU &XOWXUD\'HVDUUROOR $FXHUGR,QWHULQVWLWXFLRQDOSDUDOD&HOHEUDFLyQGHXQ'LSORPDGR7ULSDUWLWRHQ5HOD FLRQHV/DERUDOHVHQWUHOD8QLYHUVLGDGGH3DQDPi\OD2UJDQL]DFLyQ,QWHUQDFLRQDO GHO7UDEDMR2,7 &RQYHQLR0DUFRGH&RRSHUDFLyQHQWUHOD8QLYHUVLGDGGH3DQDPiOD)XQGDFLyQ8QL YHUVLGDGGH3DQDPi &RQYHQLR0DUFRGH&RRSHUDFLyQ$FDGpPLFDHQWUHOD8QLYHUVLGDGGH3DQDPi\HO &HQWURGH&DSDFLWDFLyQ\$GLHVWUDPLHQWR(VWXGLR-XUtGLFR$UD~]6$ $GHQGD1RDO&RQYHQLRGH&RRSHUDFLyQHQWUHOD8QLYHUVLGDGGH3DQDPiOD8QL YHUVLGDG7HFQROyJLFDGH3DQDPi\OD)XQGDFLyQ$YLIDXQD &RQYHQLRGH&RRSHUDFLyQ\$VLVWHQFLD7pFQLFDHQWUHOD8QLYHUVLGDGGH3DQDPi\OD $XWRULGDGGHOD0LFUR3HTXHxD\0HGLDQD(PSUHVD$PS\PH &RQYHQLR0DUFRGH&RRSHUDFLyQ&XOWXUDOHQWUHOD8QLYHUVLGDG'H3DQDPi\HO,QV WLWXWR1DFLRQDOGH&XOWXUD &RQYHQLR GH &RRSHUDFLyQ 0XWXD H ,QWHUFDPELR GH7HFQRORJtD GH OD ,QIRUPDFLyQ HQWUHOD8QLYHUVLGDGGH3DQDPi\OD(PSUHVD*VL,QWHUQDWLRQDO,QF 5(1',&,Ð1'(&8(17$6 ,,,81,'$'(6$&$'e0,&$6 81,9(56,'$''(3$1$0É )DFXOWDGGH$GPLQLVWUDFLyQGH(PSUHVDV\&RQWDELOLGDG 3UR\HFWR0HWD5HVXOWDGR $XWRHYDOXDFLyQ 7UDQVIRU PDFLyQ\$FUHGLWDFLyQ (YDOXDU \ DFWXDOL]DU ODV FD UUHUDVH[LVWHQWHV &DUUHUDV$FWXDOL]DGDV /LFHQFLDWXUDHQ$GPLQLV WUDFLyQ GH (PSUHVDV \ 7pFQLFR HQ *HVWLyQ (P SUHVDULDO /LFHQFLDWXUDHQ$GPLQLV WUDFLyQGH(PSUHVDVFRQ pQIDVLVHQ 5HFXUVRV+XPDQRV /LFHQFLDWXUD HQ &RQWDEL OLGDG /LFHQFLDWXUDHQ$GPLQLV WUDFLyQGH(PSUHVDV7X UtVWLFDV%LOLQJH &UHDFLyQGHQXHYDVFDUUHUDV DFRUGH D ODV GHPDQGDV GHO PHUFDGR &DUUHUDV(YDOXDGDV /LFHQFLDWXUDHQ&RQWDELOLGDG /LFHQFLDWXUDHQ$GPLQLV WUDFLyQGH(PSUHVDV7X UtVWLFDV%LOLQJH /LFHQFLDWXUD HQ $GPL QLVWUDFLyQ GH (PSUHVDV FRQpQIDVLVHQ0HUFDGR WHFQLD)LQDQ]DV\1HJR FLRV,QWHUQDFLRQDOHV &DUUHUDV1XHYDV /LFHQFLDWXUDHQ$GPLQLV WUDFLyQ GH 2ÀFLQD %LOLQ JH\7pFQLFR$VLVWHQWH $GPLQLVWUDWLYR%LOLQJH /LFHQFLDWXUD HQ ,QJHQLH UtDGH2SHUDFLRQHV\/R JtVWLFDV /LFHQFLDWXUD HQ $GPLQLVWUD FLyQGH5HFXUVRV+XPDQRV /LFHQFLDWXUD HQ 1HJR FLRVGH([SRUWDFLRQHV 7pFQLFR HQ $JUR ([SRU WDFLyQ 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFLPLHQWRV GH ORV FXU VRV GH 3RVWJUDGR GH OD )D FXOWDG 2IHUWDU FXUVRV GH SRVWJUDGR SHUWLQHQWHV 6H RIHUWDURQ ODV VLJXLHQWHV 0DHVWUtDV 0DHVWUtD HQ &RQWDELOLGDG PRGDOLGDGVHPLSUHVHQFLDO )LQDQ]DV 5HFXUVRV+XPDQRV 0HUFDGHR\&RPHUFLR,Q WHUQDFLRQDO *HVWLyQ (PSUHVDULDO GH (PSUHVDV 7XUtVWLFDV \ +RWHOHUDV1XHYD *HVWLyQ(PSUHVDULDO $QiOLVLV(PSUHVDULDO *HVWLyQ GH 2SHUDFLRQHV (PSUHVDULDOHV *HVWLyQ0DUtWLPD $GPLQLVWUDFLyQGH(PSUH VDV&RRSHUDWLYD 6HGLyODVHJXQGDSURPRFLyQ GHO 'RFWRUDGR HQ &LHQFLDV (PSUHVDULDOHV (VWXGLDQWHVGHOD)DFXOWDGGH$GPLQLVWUDFLyQGH(PSUHVDV\&RQWDELOLGDGUHFLEHQFODVHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR /DERUDWRULRVGH,QIRUPiWLFD +DELOLWDU ODERUDWRULRV SDUD XVRGHHVWXGLDQWHVDGPLQLV WUDWLYRV\SURIHVRUHV 6H RIHUWDQ DFWXDOPHQWH FLQFR ODERUDWRULRV &UHDFLyQGHO&HQWURGH,QFX EDFLyQ(PSUHVDULDO $SR\DU D HVWXGLDQWHV DGPL QLVWUDWLYRV\SURIHVRUHVHQOD LQFXEDFLyQHPSUHVDULDO $YDQFHGHXQ 3LQWXUD \ UHSDUDFLyQ GH ODV GRVWRUUHVGHODIDFXOWDG 0HMRUDULPDJHQGHODIDFXOWDG $YDQFH GH XQ GH ORV WUDEDMRV 3ODQ SUHYHQWLYR GH PDQWH QLPLHQWR \ UHSDUDFLyQ GH OD IDFXOWDG &RQYHQLRV FRQ 2UJDQLVPRV \8QLYHUVLGDGHV 3URJUDPDV GH HGXFDFLyQ FRQWLQXD $GTXLVLFLyQ GH DLUHV DFRQGL FLRQDGRVGHWRQHODGDV 5HDOL]DUDOLDQ]DVHVWUDWpJLFDV SDUDHOGHVDUUROORDFDGpPLFR 6H ÀUPDURQ FRQYHQLRV GH LQWHUFDPELR GRFHQWH \ HVWX GLDQWLO FRQ /D 2UJDQL]DFLyQ /DWLQRDPHULFDQD GH $GPL QLVWUDFLyQ 8QLYHUVLGDG $X WyQRPD GH 6DQWR 'RPLQJR 8$6'8QLYHUVLGDG1DFLRQDO 0D\RU GH 6DQ 0DUFRV )XQ GDFLyQ ,EHURDPHULFDQD )8 1,%(5GH(VSDxD&RQYHQLR FRQOD8QLYHUVLGDG&iPDUDGH 7XULVPRFRQOD8QLYHUVLGDGGH 3DQDPi 'HVDUUROODUFXUVRVGHDFWXD OL]DFLyQSURIHVLRQDOHQFRQWD ELOLGDG\HPSUHVDV &XUVRVGH3HDFKWUHH\FXUVR GH+RWHOHUtD 0DQWHQHU ODV DXODV DFRQGL FLRQDGDVORTXHQRVSHUPLWH EULQGDUXQPHMRUGHVDUUROORGH ODVDFWLYLGDGHVDFDGpPLFDV 6HFRPSUDURQFXDWURXQLGDGHV SDUDODWRUUH1HQHOVHJXQ GR\WHUFHUSLVR\HQHOWHUFHU SLVR GH OD WRUUH 1 FRQ XQD LQYHUVLyQGH% 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &RQVWUXFFLyQGHXQGHSyVLWR $GTXLVLFLyQGHFHORWH[\OiP SDUDVSDUDODIDFXOWDG $FRQGLFLRQDPLHQWRVGHODER UDWRULRV SDUD XVR GH FXUVRV GHSUHJUDGR &RQWDUFRQXQGHSyVLWRSDUD OD FXVWRGLD GH PDWHULDOHV GH 6HWHUPLQyODFRQVWUXFFLyQGH XQ GHSyVLWR SDUD PDWHULDOHV 0DQWHQHU LOXPLQDGDV FDGD DXODGHODVWRUUHV1\WRUUH 1SDUDRIUHFHUXQDPELHQ WHGHVHJXULGDG\FRQIRUWGH ORVGRFHQWHVDGPLQLVWUDWLYRV \HVWXGLDQWHV ,QYHUVLyQGH%DF WXDOPHQWHDYDQFHGH $GHFXDUORVODERUDWRULRVSDUD ODDWHQFLyQGHORVSURJUDPDV GHOLFHQFLDWXUDV 6H DGTXLULHURQ FLQFXHQWD FRPSXWDGRUDV FRQ XQD LQYHU VLyQGH%SDUDORV FXUVRV GH LQIRUPiWLFDV \ SOD WDIRUPDV YLUWXDOHV GH DYDQFHHQODDGHFXDFLyQ ÉUHDGHDFFHVRWHFQROyJLFRDWRGRVORVHVWXGLDQWHVGHOD)DFXOWDG 81,9(56,'$''(3$1$0É )DFXOWDGGH$GPLQLVWUDFLyQ3~EOLFD 3UR\HFWR0HWD5HVXOWDGR (GXFDFLyQ&RQWLQXD 'HVDUUROODU VHPLQDULRV FRQ XQDFDSDFLWDFLyQGHSDU WLFLSDQWHV 'LVHxDU\HMHFXWDUFXDWUR GLSORPDGRV WUHV FRQIH UHQFLDV\WUHVMRUQDGDV 6HGHVDUUROODURQVHLVVHPL QDULRV (VWUDWHJLDV 3UiFWLFDV SDUDOD$WHQFLyQGHO7UDVWRUQR SRU'pÀFLW$WHQFLRQDOFRQRVLQ +LSHUDFWLYLGDG3ODQHDFLyQ(V WUDWpJLFD'HVDUUROOR\3HUIHF FLRQDPLHQWR SDUD 6HFUHWDULDV \ $VLVWHQWHV $GPLQLVWUDWLYDV /D 1XHYD *HUHQFLD 3~EOLFD 6XSHUYLVLyQ \ /LGHUD]JR 0L FURVRIW2IÀFH SURIHVLRQDOHVFDSDFLWDGRV 6H HMHFXWy XQ GLSORPDGR *HVWLyQ 3~EOLFD 3DQDPHxD \ VX5HQGLFLyQGH&XHQWDV KRUDVSUHVHQFLDOHV IXQFLRQDULRVFDSDFLWDGRV 6H UHDOL]DURQ GRV FRQIH UHQFLDV'HVDUUROORGHO7DOHQWR +XPDQR GHQWUR GH ODV 2UJD QL]DFLRQHV0HMRUDGHOD&DOL GDGGHOD*HVWLyQ+XPDQDGHO 6HFWRU3~EOLFRSRUPHGLRGHOD &DSDFLWDFLyQ IXQFLRQDULRVFDSDFLWDGRV &RRUGLQDFLyQ\(MHFXFLyQGH $FWRVGH*UDGXDFLyQ 2UJDQL]DU \ HMHFXWDU GRV DFWRVGHJUDGXDFLyQ 6HUHDOL]DURQGRVDFWRVGH JUDGXDFLyQ (VFXHOD GH $G PLQLVWUDFLyQ 3~EOLFD 3ROLFLDO FRQXQWRWDOGHHVWXGLDQWHV \ODV(VFXHODVGH5HODFLRQHV ,QWHUQDFLRQDOHV 7UDEDMR 6R FLDO $GPLQLVWUDFLyQ 3~EOLFD \ $GPLQLVWUDFLyQ 3~EOLFD $GXD QHUDFRQXQWRWDOGHHVWX GLDQWHV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 6HJXLPLHQWR \ RULHQWDFLyQ D HVWXGLDQWHV SDUD PHMRUDU FRQGLFLRQHVGHDSUHQGL]DMH 'HWHFWDU \ RULHQWDU D HVWX GLDQWHVGHODVGLIHUHQWHVFD UUHUDVTXHWHQJDQEDMRUHQ GLPLHQWRDFDGpPLFR 6HEULQGyVHJXLPLHQWR\RULHQ WDFLyQ DFDGpPLFD D HVWX GLDQWHVGHODVGLIHUHQWHVFDUUH UDVFRQtQGLFHPHQRUD 5HDOL]DU DFWLYLGDGHV VRFLR FXOWXUDOHV TXH SHUPLWDQ OD FRQYLYHQFLDHVWXGLDQWLO 'LYXOJDFLyQ \ SURPRFLyQ GH ODV GLIHUHQWHV FDUUHUDV GH OD IDFXOWDG 'LYXOJDUHQODVGLIHUHQWHVHV FXHODVGHQLYHOPHGLRQXHV WUD RIHUWD DFDGpPLFD \ HQ OD IHULDVTXHVHRUJDQLFHQ 7UDQVIRUPDFLyQ $FDGpPLFD &XUULFXODU (YDOXDU OD &DUUHUD GH$GPL QLVWUDFLyQ3~EOLFD$GXDQHUD $GPLQLVWUDFLyQ 3~EOLFD 3ROL FLDO\$GPLQLVWUDFLyQ3~EOLFD 6H UHDOL]y OD IHULD GH OD VDOXG YDFXQDFLyQ WRPD GH SUHVLyQ XVR GH SUH VHUYDWLYR FRQ OD SDUWLFL SDFLyQGHSHUVRQDV &RQFXUVR GH 7DOHQWR 6HPDQDGHQR9LROHQFLD &RQWUDOD0XMHU 6H YLVLWDURQ RFKR HV FXHODV VHFXQGDULDV SDUD SURPRFLRQDOODVFDUUHUDV 3DUWLFLSDFLyQ HQ OD IHULD (;32('8& TXH RIUHFH HO 0LQLVWHULR GH (GXFD FLyQ \ OD 8QLYHUVLGDG GH 3DQDPi DQXDOPHQWH HQ $7/$3$ (QWUHJDGH~WLOHVFRQGLV WLQWLYRGHODIDFXOWDGSDUD ODGLYXOJDFLyQ 6HUHFLELyODYLVLWDGHORVSDUHV H[WHUQRVTXLHQHVUHDOL]DURQOD HYDOXDFLyQGHODV&DUUHUDVGH $GPLQLVWUDFLyQ 3~EOLFD $GXD QHUD $GPLQLVWUDFLyQ 3~EOLFD 3ROLFLDO \ $GPLQLVWUDFLyQ 3~ EOLFD 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR (GXFDFLyQ &RQWLQXD 'R FHQWHV 'HVDUUROODU WUHV MRUQDGDV GH DFWXDOL]DFLyQ \ FDSDFLWD FLyQDORVGRFHQWHVGHODID FXOWDG 6H RUJDQL]y FRQMXQWDPHQWH FRQOD)DFXOWDGGH$GPLQLVWUD FLyQGH(PSUHVDV(FRQRPtD \HODSR\RGHOD9LFHUUHFWRUtD GH ,QYHVWLJDFLyQ \ 3RVWJUDGR XQ7DOOHU/DLQQRYDFLyQGHOD ,QQRYDFLyQHQODeSRFD+LVWy ULFD(PHUJHQWH'HOR8QLYHU VDO 0HFiQLFR H ,QWHUDFWLYR \ eWLFRHQOD,QYHVWLJDFLyQ&LHQ WtÀFD 'DU VHJXLPLHQWR DO 3ODQ GH 0HMRUDHODERUDGRFRPRSUR GXFWRGHODHYDOXDFLyQGHOD FDUUHUDGH7UDEDMR6RFLDO (MHFXFLyQ GH OD &RQIHUHQFLD ´6HJXULGDG&LXGDGDQDµ 9LVLWD D ORV &HQWURV 5HJLRQD OHVGH9HUDJXDV\&RFOpSDUD FRRUGLQDUODVDFWLYLGDGHVGHOD FDUUHUDGH7UDEDMR6RFLDO (O9LFHUUHFWRU$FDGpPLFR'U-XVWR0HGUDQRVHUH~QHHQODLQVWDODFLRQHVGHODUHFWRUtDSDUDGDUELHQYHQLGDD ORVSDUHVH[WHUQRVTXHHYDOXDUiQOD&DUUHUDGH7UDEDMR6RFLDO\$GPLQLVWUDFLyQ3~EOLFD(QHODXGLWRULRGHOD IDFXOWDGGDDSHUWXUDDODFWRGHHYDOXDFLyQGHODFDUUHUDGH7UDEDMR6RFLDO\$GPLQLVWUDFLyQ3~EOLFD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR ,QWHUFDPELRHVWXGLDQWLO 5HDOL]DU DO PHQRV XQ LQWHU FDPELR HVWXGLDQWLO FRQ HVWX GLDQWHV GH XQLYHUVLGDGHV GH RWURVSDtVHVGRQGHVHGLFWHQ ODVFDUUHUDVGHQXHVWUDIDFXO WDG 6H UHFLELy OD YLVLWD GH GRFHQ WHV \ HVWXGLDQWHV GH OD (V FXHODGH7UDEDMR6RFLDOGHOD 8QLYHUVLGDG GH &RVWD 5LFD TXLHQHV VRVWXYLHURQ XQ LQWHU FDPELRFRQORVHVWXGLDQWHVGH OD &DUUHUD GH 7UDEDMR 6RFLDO GHQXHVWUD8QLYHUVLGDG 'RFHQWHVGHOD(VFXHOD6RFLDOGHOD8QLYHUVLGDGGH&RVWD5LFDVHUH~QHQFRQGRFHQWHVGHOD(VFXHODGH7UD EDMR6RFLDOGHO&HQWUR5HJLRQDO8QLYHUVLWDULRGH6DQ0LJXHOLWRODFRRUGLQDGRUDGHOD([WHQVLyQ8QLYHUVLWDULDGH 'DULpQ\HVWXGLDQWHVGHODFDUUHUDGHDPEDVXQLYHUVLGDGHV 81,9(56,'$''(3$1$0É )DFXOWDGGH$UTXLWHFWXUD 3UR\HFWR0HWD5HVXOWDGR 0HUFDGHR\GLIXVLyQGHODRIHU WDDFDGpPLFDGHODIDFXOWDG 'LYXOJDUODVRIHUWDVDFDGpPL FDVGHODIDFXOWDG ,PSUHVLyQ \ GLVWULEXFLyQ GH GHVSOHJDEOHV D FRORU HQ ODV IHULDV HVWXGLDQWLOHV \ HQ ORV SODQWHOHV GH HGXFD FLyQPHGLD 3DUWLFLSDFLyQ HQ RUJDQLVPRV \UHGHVQDFLRQDOHVHLQWHUQD FLRQDOHV )RUWDOHFHUODSDUWLFLSDFLyQGH OD 8QLYHUVLGDG GH 3DQDPi HQ RUJDQLVPRV QDFLRQDOHV H LQWHUQDFLRQDOHV $FWLYD SDUWLFLSDFLyQ HQ OD $JHQFLD &HQWURDPHULFDQD GH$FUHGLWDFLyQ GH$UTXLWHF WXUDH,QJHQLHUtD$&$$,OD -XQWD 7pFQLFD GH ,QJHQLHUtD \$UTXLWHFWXUD\OD&RPLVLyQ $VHVRUDGHO0LQLVWHULRGH9L YLHQGD\2UGHQDPLHQWR7HUUL WRULDO &HQWUR GH 3UR\HFWRV GH OD )DFXOWDGGH$UTXLWHFWXUD 3UHVWDU VHUYLFLRV GH DVHVR UtDV\FRQVXOWRUtDVDFDGpPL FDV\SURIHVLRQDOHV 'HVDUUROOR GH ORV WpUPLQRV GHUHIHUHQFLDSDUDHOGLVHxR FRQVWUXFFLyQ \ HTXLSDPLHQWR GHO &DPSXV GH $QWHQD \ HO &HQWUR 5HJLRQDO GH 6DQ 0L JXHOLWR (ODERUDFLyQGHORVDQWHSUR \HFWRV PHGLDQWH FRQFXUVR DFDGpPLFRGHODVLQVWDODFLR QHV FRPXQLWDULDV GH OD 3ROL FtD1DFLRQDO 'HVDUUROORGHORVSODQRVSDUD OD UHPRGHODFLyQ GHO 6DOyQ 9,3GHOD&DIHWHUtDGH&LHQ FLDVODREUDFLYLOSDUDHODV FHQVRU GH GLVFDSDFLWDGRV \ ORVSODQRVSDUDODLQVWDODFLyQ GHO VLVWHPD GH DLUH DFRQGL FLRQDGR FHQWUDO GH OD )DFXO WDGGH$UTXLWHFWXUD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR )RUPDFLyQ$FDGpPLFD )RUPDU LQWHJUDOPHQWH D ORV SURIHVLRQDOHV\WpFQLFRVTXH GHPDQGDHOSDtVHQHOUDPR GHODDUTXLWHFWXUD\HOGLVHxR ([SRVLFLyQGHORVWUDEDMRVGHODQXHYDFDUUHUDGH'LVHxRGH0RGDVHQHO YHVWtEXORGHOD)DFXOWDGGH$UTXLWHFWXUD /DIDFXOWDGHQHOSULPHUVH PHVWUH GHO DxR DFDGpPLFR DWHQGLy XQD PDWUtFXOD GH HVWXGLDQWHV HQ ODV VL JXLHQWHVFDUUHUDV /LFHQ$UTXLWHFWXUD HVWXGLDQWHV /LFHQ'LVHxR,QWHULRUHV HVWXGLDQWHV /LFHQ'LVHxR*UiÀFR HVWXGLDQWHV /LFHQ$UWHV$SOLFDGDV HVWXGLDQWHV /LFHQ'LVHxRGH0RGDV HVWXGLDQWHV 7HF HQ 'LEXMR $UTXLWHF WyQLFR HVWXGLDQWHV 7HFHQ(GLÀFDFLRQHV HVWXGLDQWHV *UDGXDFLyQ GH QXHYRV SURIHVLRQDOHV TXH UHFLELHURQ VXVWtWXORVHQ0DHVWUtDHQ 'LVHxR&UHDWLYRGH/LFHQ FLDWXUDHQ$UTXLWHFWXUDHQ 'LVHxR*UiÀFRHQ'LVHxR GH,QWHULRUHVHQ$UWHV$SOL FDGDV \ GH 7pFQLFRV HQ 'LVHxR GH ,QWHULRUHV 'LEXMR $UTXLWHFWyQLFR\(GLÀFDFLyQ 3XHVWD HQ PDUFKD GH OD VH JXQGD \ FXDUWD SURPRFLyQ GHODV0DHVWUtDVHQ9LYLHQGD 6RFLDO\'LVHxR&UHDWLYR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $PSOLDFLyQ GH OD RIHUWD DFD GpPLFDGHOD)DFXOWDGGH$U TXLWHFWXUD 'LVHxDU SURSXHVWDV HGXFDWL YDVTXHUHVSRQGDQDODVQH FHVLGDGHVGHOPHUFDGR $FWRGHJUDGXDFLyQGHOD)DFXOWDGGH$UTXLWHFWXUD 3XHVWD HQ PDUFKD GH OD QXHYD FDUUHUD GH 7pFQLFR HQ &RQIHFFLyQ \ 9HVWXDULR \ /LFHQFLDWXUD HQ 'LVHxR GH 0RGDV HQ HO SULPHU VHPHV WUH GHO DxR DFDGpPLFR FRQXQDPDWUtFXODGHHV WXGLDQWHV 3XHVWD HQ HMHFXFLyQ FRQ SDUWLFLSDQWHV GH OD QXHYD 0DHVWUtD &HQWURDPHULFDQD HQ &RQVHUYDFLyQ \ *HVWLyQ GHO3DWULPRQLRSDUDHO'HVD UUROORHQFRQMXQWRFRQOD 8QLYHUVLGDGGH6DQ&DU ORVGH*XDWHPDOD ,QVWLWXWR 7HFQROyJLFR GH &RVWD5LFD 8QLYHUVLGDG 1DFLRQDO $XWyQRPDGH+RQGXUDV 8QLYHUVLGDG 1DFLRQDO GH ,QJHQLHUtDGH1LFDUDJXD \HODSR\RGHODV8QLYHUVLGD GHV3ROLWpFQLFDVGH0DGULG\ 9DOHQFLD\OD$JHQFLD(VSD xROD GH &RRSHUDFLyQ ,QWHU QDFLRQDO SDUD HO 'HVDUUROOR $(&,' $SUREDFLyQ HQ -XQWD GH )D FXOWDG GH OD 0DHVWUtD HQ 9L VXDOL]DFLyQGHO'LVHxR (VWXGLR GH OD RIHUWD \ OD GH PDQGD SDUD OD FUHDFLyQ GH ODV FDUUHUDV GH 'LVHxR ,Q GXVWULDO 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR $GHFXDFLyQGHODRIHUWDDFD GpPLFD 0HMRUDUODFDOLGDG\SHUWLQHQ FLDGHODRIHUWDDFDGpPLFD $YDQFHV VLJQLÀFDWLYRV HQ ORV SURFHVRV GH $XWRHYDOXDFLyQ \ 7UDQVIRUPDFLyQ &XUULFXODU GH ODV&DUUHUDVGH$UTXLWHFWXUD'L VHxR*UiÀFR\$UWHV$SOLFDGDV 5HDFWLYDFLyQ GHO &HQWUR GH ,QYHVWLJDFLyQ GH OD )DFXOWDG GH$UTXLWHFWXUD&(',)$ ,QWHJUDUODVRSFLRQHVGHJUDGR \SRVWJUDGRFRQODVOtQHDVGH LQYHVWLJDFLyQGHODIDFXOWDG $GHFXDFLyQGHOORFDO\HTXL SDPLHQWRSDUFLDOGHODVRÀFL QDV GHO &(',)$ \ VX FHQWUR GH SUR\HFWRV D XQ FRVWR GH % 3URSXHVWDSDUDODIRUPDFLyQ GH GRFHQWHV HQ HO iUHD GH 7HFQRORJtD,QGXVWULDO )RUWDOHFHU OD IRUPDFLyQ GH GRFHQWHV GH OD HGXFDFLyQ EiVLFD 6HLQLFLyHOHVWXGLRGHODRIHU WD\ODGHPDQGDSDUDODFUHD FLyQGHODFDUUHUD$UWH\7HF QRORJtD,QGXVWULDOFRQpQIDVLV HQOD(GXFDFLyQ3ULPDULD 5HFRQRFLPLHQWR D SURIHVR UHV\HVWXGLDQWHV 3URSLFLDU XQ FDPELR GH DFWL WXGTXHFRQOOHYHDXQDFXOWX UDGHFDOLGDG 5HFRQRFLPLHQWRDORV3URIH VRUHV -XOLR 5RYL -RUJH 5R GUtJXH] 0RUHQR \ 5LFKDUG +RO]HU0D\R 5HFRQRFLPLHQWR D SURIH VRUHVTXHFRPSOHWDURQHQHO WUHVGpFDGDVGHVHUYL FLR DFDGpPLFR D OD )DFXOWDG GH$UTXLWHFWXUD &HOHEUDFLyQ GHO $QLYHU VDULRGHOD)DFXOWDGGH$UTXL WHFWXUDGHPD\RGH ([SRVLFLyQGHORVWUDEDMRVGH OD QXHYD &DUUHUD GH 'LVHxR GH 0RGDV HQ HO YHVWtEXOR -XOLR 5HFRQRFLPLHQWR D HVWX GLDQWHV 6LJPD /DPEGD LQ FOX\HQGR HO tQGLFH PiV DOWR GHGHODHVWXGLDQWH-XOLD (VWpYH] 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFLPLHQWR GH ORV WDOOH UHV GH OD )DFXOWDG GH$UTXL WHFWXUD ,QFRUSRUDU QXHYDV WHFQROR JtDV HQ HO SURFHVR GH HQVH xDQ]D DSUHQGL]DMH \ OD JHV WLyQ $GTXLVLFLyQGHOLFHQFLDVGH OD QXHYD YHUVLyQ GH$'29( &5($7,9( 68,7( 0$6 7(5SDUDHO7DOOHUGH9LVXD OL]DFLyQ \ 5HSUHVHQWDFLyQ *UiÀFD 7 FRQ UHFXUVRV GHDXWRJHVWLyQDXQFRVWRGH % 6H HQFXHQWUD HQ WUiPLWH OD DGTXLVLFLyQ GH WDEOHWDVGLJLWDOL]DGRUDVGH GLEXMRPDQXDO (TXLSDPLHQWR GHO 7DOOHU GH 3DWURQDMH\&RQIHFFLyQSDUD OD QXHYD FDUUHUD GH 'LVHxR GH 0RGDV PHGLDQWH OD DG TXLVLFLyQ GH FLQFR Pi TXLQDV GH FRVHU LQGXVWULDOHV D XQ FRVWR GH % $FWXDOPHQWH VH WUDPLWD OD FRPSUD GH PiTXLQDV DGL FLRQDOHV (TXLSDPLHQWRGHO7DOOHUGH0H WDOHVFRQHODSR\RGHOD2ÀFLQD (MHFXWRUDGH3URJUDPDV /D SULPHUD IDFXOWDG TXH VH LQFRUSRUD GH PDQHUD YROXQ WDULDDOSURFHVRGHPDWUtFXOD HQOtQHDDSDUWLUGHOVHJXQGR VHPHVWUHDFDGpPLFR /DSURIHVRUD%HUWD3RORGLFWDQGRFODVHVDVXVHVWXGLDQWHVGHOD)DFXOWDG GH$UTXLWHFWXUD (QWUHJD GH OD RUGHQ GH SUR FHGHU SDUD HO VXPLQLVWUR H LQVWDODFLyQGHODVFHQVRUSDUD SHUVRQDV GLVFDSDFLWDGDV \ PRYLOLGDGUHGXFLGDDXQFRV WRGH% 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 0HMRUDPLHQWR GH ODV LQVWDOD FLRQHV 0HMRUDUODVFRQGLFLRQHVSDUD HO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH +DELOLWDFLyQ GH XQ DXODDX GLWRULR FRQ FDSDFLGDG GH SHUVRQDV 6XVWLWXFLyQ GH ODV YHQWDQDV GHO WR SLVR GH OD )DFXOWDG GH $UTXLWHFWXUD FRQ IRQGRV GHDXWRJHVWLyQDXQFRVWRGH % ,QVWDODFLyQ GH H[WLQJXLGRUHV \ OXFHV GH HPHUJHQFLD HQ SDVLOORV\HVFDOHUDVGHODID FXOWDG 6HOLFLWDURQORVWUDEDMRVSDUD OD SLQWXUD GHO YHVWtEXOR \ HO FDPELR GH ODV YHQWDQDV GHO \SLVRGHOD)DFXOWDG FRQIRQGRVGHDXWRJHVWLyQD XQFRVWRGH% 6H HODERUDURQ ORV DQWHSUR \HFWRV SDUD OD KDELOLWDFLyQ HQ HO FXDUWR SLVR GHO HGLÀ FLR SULQFLSDO GH WUHV DXODV \ VHUYLFLRV VDQLWDULRV SDUD ODV FODVHV GH PDHVWUtDV \ SRVW JUDGRV OD UHPRGHODFLyQ GHO (GLÀFLR 9HQWXUD SDUD XVR GH OD (VFXHOD GH 'LVHxR GH 0RGDV \ OD FUHDFLyQ GH OD *DOHUtDGH$UWH\'LVHxRµ/D %DKDXVµ HQ OD HQWUDGD GH OD IDFXOWDG ([WHQVLyQ\VHUYLFLR6RFLDO &UHDU Q~FOHRV JHVWRUHV GH UHVSRQVDELOLGDGVRFLDO 3UR\HFWR SDUD HO 0HMRUD PLHQWR GH ODV &RQGLFLRQHV GH&DOLGDGGH9LGDGHOD&R PDUFD.XQDGH0DGXQJDQGt EDMRODFRRUGLQDFLyQGHO3UR IHVRU*HUPiQ&RQWH 81,9(56,'$''(3$1$0É )DFXOWDGGH%HOODV$UWHV 3UR\HFWR0HWD5HVXOWDGR 3ODQ GH 0HMRUDPLHQWR GH OD &DUUHUD GH /LFHQFLDWXUD HQ %HOODV $UWHV FRQ (VSHFLDOL ]DFLyQHQ'DQ]DFRQeQIDVLV HQ )RONORUH \ 'DQ]DV GH OD (WQLD1DFLRQDO 5HGXFLU ODV GHELOLGDGHV GH WHFWDGDV HQ HO SURFHVR GH DXWRHYDOXDFLyQGHODFDUUHUD SDUDODIXWXUDDFUHGLWDFLyQGH ODPLVPD $YDQFHDORODUJRGHWRGRHO DxR 3ODQ GH 0HMRUDPLHQWR GH OD &DUUHUD GH /LFHQFLDWXUD HQ %HOODV $UWHV FRQ (VSHFLDOL]D FLyQHQ0~VLFD 5HGXFLUODVGHELOLGDGHVHPL WLGDVSRUODYLVLWDGHORVSDUHV H[WHUQRV SDUD DVt FRPSOH PHQWDUODIXWXUDDFUHGLWDFLyQ 0HMRUDPLHQWR GXUDQWH HO WUDQVFXUVRGHWRGRHODxR -yYHVPXHVWUDQVXFUHDWLYLGDGHQODSLQWXUD 5(1',&,Ð1'(&8(17$6 (VWXGLDQWHGH%HOODV$UWHVWRPDFODVHVGHP~VLFD 3UR\HFWR0HWD5HVXOWDGR 3ODQ GH 0HMRUDPLHQWR GH OD &DUUHUD GH /LFHQFLDWXUD HQ %HOODV $UWHV FRQ (VSHFLDOL]D FLyQHQ$UWH7HDWUDO 3ODQ GH 0HMRUDPLHQWR GH OD &DUUHUD GH /LFHQFLDWXUD HQ %HOODV $UWHV FRQ (VSHFLDOL ]DFLyQ HQ$UWHV 9LVXDOHV FRQ eQIDVLV HQ 'LEXMR \ 3LQWXUD (VFXOWXUDH,PSUHVLyQ9LVXDO 5HGXFLUFDGDXQDGHODVGH ELOLGDGHV HPLWLGDV SRU ORV SDUHVH[WHUQRV\DVtFRPSOH PHQWDUIXWXUDDFUHGLWDFLyQ 5HGXFLU GHELOLGDGHV GHWHF WDGDVSRUORVSDUHVH[WHUQRV HQHOSURFHVRGHDXWRHYDOXD FLyQGHODFDUUHUDSDUDIXWXUD DFUHGLWDFLyQ 0HMRUDPLHQWR GXUDQWH HO WUDQVFXUVRGHWRGRHODxR 0HMRUDPLHQWR GXUDQWH HO WUDQVFXUVRGHWRGRHODxR 81,9(56,'$''(3$1$0É )DFXOWDGGH&LHQFLDV$JURSHFXDULDV 3UR\HFWR0HWD5HVXOWDGR 3URPRFLyQGH&DUUHUDV 9LVLWDUFROHJLRVRÀFLDOHV\SUL YDGRV D QLYHO QDFLRQDO SDUD SURPRFLRQDU ODV GLIHUHQWHV FDUUHUDVGHHVWD)DFXOWDG ,PSUHVLyQ \ GLVWULEXFLyQ GH GHVSOHJDEOHV D FRORU HQ ODV IHULDV HVWXGLDQWLOHV \ HQ ORV SODQWHOHV GH HGXFD FLyQPHGLD $FUHGLWDFLyQGHOD&DUUHUDGH ,QJHQLHUR $JUyQRPR =RRWHF QLVWD $FUHGLWDU OD FDUUHUD GH =RR WHFQLD /DFDUUHUDGH,QJHQLHUR$JUy QRPR =RRWHFQLVWD KD VLGR DFUHGLWDGD SRU OD $JHQFLD G $FUHGLWDFLyQ &HQWURDPHUL FDQDGH(GXFDFLyQ6XSHULRU GH ODV &LHQFLDV$JURDOLPHQ WDULDV \ 5HFXUVRV 1DWXUDOHV $&(6$5 'U*XVWDYR*DUFtDGH3DUHGHVGXUDQWHOD([SRVLFLyQGHHPSUHVDVGLVWULEXLGRUDVGHHTXLSRVDJURSHFXDULRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3URJUDPD GH 0DHVWUtD HQ &LHQFLDV 3HFXDULDV FRQ (V SHFLDOL]DFLyQ HQ 3URGXFFLyQ $QLPDO )RUWDOHFHU DFDGpPLFDPHQWH HOSURJUDPDGHPDHVWUtD 'HVDUUROOR GH OD PDHVWUtD VH KD FRQWDGR FRQ OD YLVLWD GH SURIHVRUHV YLVLWDQWHV GH XQLYHUVLGDGHV H[WUDQMHUDV FRPR 'U 5DPyQ *DUFtD 8QLYHUVLGDG$XWyQRPD$JUD ULD $QWRQLR 1DUUR 0p[LFR 'U-RKDQQ/RW]'U5LFKDUG 7D\ORU8QLYHUVLGDGGH&RVWD 5LFD\HO'U5LFDUGR5RVHUR 1RJXHUD8QLYHUVLGDGGH$Q WLRTXLD²&RORPELD 6H DSUREy OD 0DHVWUtD HQ &LHQFLDV GH OD )DPLOLD \ GHO 'HVDUUROOR&RPXQLWDULR 5HDOL]DU SURPRFLRQHV D QL YHO QDFLRQDO FRQ ORV HJUHVD GRVGHODFDUUHUD 6H FXHQWD FRQ XQD SUH LQV FULSFLyQ GH DVSLUDQWHV D HVWHSURJUDPDGHPDHVWUtD 9LVLWDWpFQLFD 'LYXOJDU ORV DYDQFHV WHFQR OyJLFRV \ RIHUWDU DO SHTXHxR \PHGLDQRSURGXFWRUFRQVH PLOODV FHUWLÀFDGDV GH DUUR] PDt]OHJXPLQRVDVSDVWRV\ DQLPDOHVERYLQRVGHDOWDJH QpWLFD GH OD UD]D 6LPEUDK \ %UDKDPDQ 9LVLWDGHSURGXFWRUHVGHO iUHD HVWH GHO SDtV 'DULpQ &KHSR 7RUWL &ROyQ &KR UUHUD\RWURV 'LYXOJDU DYDQFHV WHFQROyJL FRVGHOD8QLYHUVLGDGGH3D QDPi /D $VRFLDFLyQ GH &ULDGRUHV GH *DQDGR 6LPHQWDO \ 6LP EUDK GH 3DQDPi HQWUHJy SODFD GH UHFRQRFLPLHQWR D OD 8QLYHUVLGDG GH 3DQDPi FRPR HO 0HMRU &ULDGRU HQ OD 5D]D6LPEUDKHQOD)HULD,Q WHUQDFLRQDO GH 'DYLG &DEH GHVWDFDU TXH ORV SUHPLRV REWHQLGRVSRUOD8QLYHUVLGDG GH3DQDPiVRQORVPi[LPRV JDODUGRQHV D TXH DVSLUD XQ FULDGRU 3DWURQDWR )HULD ,QWHUQDFLRQDO GH'DYLG 6H PDQWLHQH HO 3URJUDPD GH 5DGLR $PDQHFHU $JUR SHFXDULR SDUD GLYXOJDU ODV DFWLYLGDGHV TXH UHDOL]D OD 8QLYHUVLGDGGH3DQDPi\HQ SDUWLFXODUODIDFXOWDG 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3UHPLRVREWHQLGRVHQHOMX] JDPLHQWR +HPEUDVGHOD5D]D6LPEUDK 0LVV&HLDFKL *UDQ&DPSHRQD 0LVV&HLDFKL &DPSHRQD,QWHUPHGLD 0DFKRVGHOD5D]D6LPEUDK 0LVWHU&HLDFKL *UDQ&DPSHyQ 0LVWHU&HLDFKL 5HVHUYDGH*UDQ&DPSHyQ 3UHPLRVRWRUJDGRVDOD8QLYHUVLGDGGH3DQDPiHQHO-X]JDPLHQWRGH JDQDGRHQGRQGHVHREWXYRHO*UDQ&DPSHyQ\*UDQ&DPSHRQDGHOD 5D]D6LPEUDKHQOD)HULD,QWHUQDFLRQDOGH'DYLG ,,,)HULD$JUR6DOXG0LQLVWHULR GH6DOXG8QLYHUVLGDGGH3D QDPi %ULQGDU DVLVWHQFLD PpGLFD D HVWXGLDQWHV GRFHQWHV DG PLQLVWUDWLYRV\PRUDGRUHVGH &RUUHJLPLHQWRGH&KLULTXt /D 8QLYHUVLGDG GH 3DQDPi IXH SUHVWLJLDGD SRU HO 3DWUR QDWRGHOD)HULD,QWHUQDFLRQDO GH 'DYLG DO VHU HOHFWD SDUD SUHVLGLUVXSDWURQDWRGXUDQWH HOSHUtRGR 6H EULQGy VHUYLFLRV GH DWHQ FLyQGHPHGLFLQDJHQHUDOHQ IHUPHUtDIDUPDFLDQXWULFLyQ SVLFRORJtD WRPD GH VLJQRV YLWDOHV SHVR WDOOD UHYLVLyQ RGRQWROyJLFD YDFXQDFLyQ SUXHEDVGHSDS\H[iPHQHV GHSUyVWDWD (QHVWDDFWLYLGDGVHDWHQGLy XQ Q~PHUR VLJQLÀFDWLYR GH HVWXGLDQWHV GRFHQWHV \ DG PLQLVWUDWLYRV 3URJUDPD GH FDSDFLWDFLyQ HGXFDFLyQFRQWLQXD &DSDFLWDUDSHTXHxRV\PH GLDQRV JDQDGHURV HQ ]RQDV GHH[WUHPDSREUH]D 6H UHDOL]DQ JLUDV GH WUDEDMR DFRPXQLGDGHVLQGtJHQDVGH %DKXSXQR SDUD OD FDSDFLWD FLyQ \ PHMRUDPLHQWR GH YLGD GHVXVKDELWDQWHV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 6H GHVDUUROOD 'LSORPDGR GH ,PSDFWR$PELHQWDOHQODV&D WHJRUtDV,,,\,,, 6H FDSDFLWDURQ D DPDV GH FDVDHQODSURGXFFLyQGHDU WHVDQtDV FRQVHUYDV IRUPX ODFLyQGHGLHWDVEDODQFHDGDV \SODQLÀFDFLyQIDPLOLDUHQODV FRPXQLGDGHV GH &KRUFKD %LMDJXDO %RFD GHO 0RQWH HQ OD3URYLQFLDGH&KLULTXt\HQ OD&RPDUFD1JREH%XJOH 0RYLOLGDGHVWXGLDQWLO 3URPRYHU HO LQWHUFDPELR FXO WXUDO HQWUH HVWXGLDQWHV GH GL IHUHQWHV SDtVHV D WUDYpV GH FRQYHQLRVWpFQLFRVFXOWXUDOHV 3DVDQWtD GH HVWXGLDQWHV GHO ,QVWLWXWR 7HFQROyJLFR GH $QWLRTXLD&RORPELD 3DVDQWtDGHGRVHVWXGLDQWHV GH OD (VFXHOD ,QWHUQDFLRQDO GH*DQDGHUtDGH1LFDUDJXD 9LVLWD GH XQ HVWXGLDQWHV GH OD 8QLYHUVLGDG GH 9DOHQFLD (VSDxD 3DVDQWtD GH OD HVWXGLDQWHV <RYDQD 0DUWtQH] GH QXHVWUD )DFXOWDGDOD8QLYHUVLGDGGH &X\RV$UJHQWLQD $FWLYLGDGHVHVWXGLDQWLOHV´$X GLHQFLD)RUHVWDOµ ,QYROXFUDU D ORV HVWXGLDQ WHV HQ OD SUREOHPiWLFD DP ELHQWDO SDUD TXH ORV PLVPRV SURPXHYDQ \ VHDQ IDFWRU GH FDPELRHQODVRFLHGDG 6H VHQVLELOL]y D OD FRPXQL GDG IRUHVWDO \ VRFLHGDG FLYLO HQ WRUQR D OD SUREOHPiWLFD \ JREHUQDQ]DIRUHVWDO $FRQGLFLRQDPLHQWR GH ODV LQVWDODFLRQHV 0HMRUDU ODV LQIUDHVWUXFWXUDV GHODIDFXOWDGSDUDXQPHMRU GHVDUUROOR DFDGpPLFR ² DG PLQLVWUDWLYR &RQFOX\yODUHPRGHODFLyQGHOD SODQWDDOWDGHORVHGLÀFLRVGHOD )DFXOWDGHQHO&DPSXV\ORVED xRVGHGDPDV\FDEDOOHURVSRU XQPRQWRGH% 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 6H DGTXLULHURQ FXDWUR DLUHV DFRQGLFLRQDGRV VSOLW SDUD DXODV \ HO ODERUDWRULR GH LQ IRUPiWLFD 6H SLQWDURQ ODV DXODV GH FODVHV RÀFLQDV \ SDVLOOR GH HVWDVLQIUDHVWUXFWXUDVHQ3D QDPi\&KLULTXt (QWUHJD GH SODFD GH UHFRQRFLPLHQWR D OD 8QLYHUVLGDG GH 3DQDPi FRPRHO0HMRU&ULDGRUHQOD5D]D6LPEUDK $FRQGLFLRQDPLHQWR GH LQVWD ODFLRQHV 0HMRUDU ODV LQIUDHVWUXFWXUDV GHODIDFXOWDG (O/DERUDWRULRGH,QIRUPiWLFD VHUHPRGHOy\VHFRQIHFFLR QDURQQXHYDVPHVDVSDUD FRPSXWDGRUDV VH LQVWDOy XQ VLVWHPD HOpFWULFR QXHYR VH DGLFLRQDURQQXHYDVFRP SXWDGRUDV \ VH DGTXLULHURQ VLOODVSOHJDEOHV 5HPRGHODFLyQGHODFDIHWHUtD FLHORUDVR\SLQWXUDDPSOLD FLyQ GH FRFLQD DGTXLVLFLyQ GHHVWXIDV\PHVDVGHWUDED MR RÀFLQDV SDUD DGPLQLVWUD FLyQ GH OD FDIHWHUtD ,QVWDOD FLyQGHDFRQGLFLRQDGRUHV GHDLUHVSOLWGHEWX &RQVWUXFFLyQ GH OD (VFXHOD GH5HSURGXFFLyQ$QLPDO &RQVWUXFFLyQ GH YLYHUR SDUD SODQWDVRUQDPHQWDOHV /D8QLYHUVLGDGGH3DQDPiIXHSUHVWLJLDGDSRUHO3DWURQDWRGHOD)HULD ,QWHUQDFLRQDOGH'DYLGDOVHUHOHFWDSDUDSUHVLGLUVXSDWURQDWRGXUDQWH HOSHUtRGR &RQVWUXFFLyQ GH QXHYDV JD OHUDV SDUD HVWDEORV GH DQL PDOHVGHDOWDJHQpWLFDSDUD SUHVHQWDFLyQHQODIHULD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR (TXLSDPLHQWR 0HMRUDUODVFRQGLFLRQHVSDUD GRFHQFLD LQYHVWLJDFLyQ \ SURGXFFLyQ FRQ OD DGTXLVL FLyQ GH HTXLSRV GH RÀFLQDV \RWURV $GTXLVLFLyQ GH HTXLSR DJUt FROD FKDSLDGRUD SLFDGRUD GHSDVWRYROHDGRUDEiVFXOD GLJLWDO SDUD JDQDGR ERYLQR PRWRFXOWRU UDVWUD VHPEUD GRUDDERQDGRUD (TXLSRV GH ODERUDWRULR PL FURVFRSLRV HVWHUHRVFRSLRV HVSHFWURIRWyPHWURPLFURFHQ WUtIXJDXOWUDVRQLGRDQDOL]DGRU KHPDWROyJLFRJOXFyPHWURV $GTXLVLFLyQ GH FRPSXWDGR UDVPXOWLPHGLDIRWRFRSLDGR UDVLPSUHVRUDV $JUtFROD $EDVWHFHU ODV &DIHWHUtDV 8QLYHUVLWDULDV FRQ DUUR] \ JHQHUDFLyQGHLQJUHVRVSDUD PHMRUDPLHQWRLQVWLWXFLRQDO 6LHPEUDGHDUUR]FRPHUFLDO \KHFWiUHDVGHDUUR]SDUD VHPLOOD6LHPEUDGHKHF WiUHDV GH PDt] SDUD DEDV WHFLPLHQWR D ORV SURJUDPDV SHFXDULRVDYHVFHUGRVJD QDGRGHOHFKH 6LHPEUDGHKHFWiUHDVGH VRUJR 6LHPEUD GH KHFWiUHDV GH SDVWRVZDVLSDUDSURGXFFLyQGH SDFDVGXUDQWHODHVWDFLyQVHFD 3HFXDULRV DYtFROD SRUFLQR FUtD\FHEDFDSULQRDStFROD OHFKHUtD ([SDQGLUORVHVSDFLRVGHSUR GXFFLyQ GH DYHV FHUGRV FD EUDVJDQDGRYDFXQR\DEHMDV 6HDXPHQWyODFDSDFLGDGGH SURGXFFLyQ SDUD VXSOLU ODV QHFHVLGDGHV GH ODV FDIHWH UtDV XQLYHUVLWDULDV DEDVWH FLHQGR OLEUDV GH SR OORVOLEUDVGHFHUGRV\ OLEUDVGHFDUQHGHUHV SRUVHPDQD 6HDGTXLULyXQSLHGHFUtDGH FDEUDV\XQVHPHQWDO 81,9(56,'$''(3$1$0É )DFXOWDGGH&LHQFLDVGHOD(GXFDFLyQ 3UR\HFWR0HWD5HVXOWDGR 'LVHxR GHO 3URJUDPD GH (V SHFLDOL]DFLyQ HQ 0HGLDFLyQ (VFRODU\5HVROXFLyQGH&RQ ÁLFWRV $SUREDFLyQGHO3URJUDPDHQ PRGDOLGDGSUHVHQFLDO 'RFWRUDGRHQ(GXFDFLyQ 'LVHxR GHO GRFWRUDGR SDUD VX DSUREDFLyQ HQ SUy[LPRV &RQVHMRV$FDGpPLFRV 7DOOHUGHDQiOLVLVGHFRQWHQL GRVGHO)DFWRUGH'HVDUUROOR &XUULFXODUHQHOPDUFRGHOD $XWRHYDOXDFLyQ GHO 3URIHVR UDGRHQ(GXFDFLyQ 'HVDUUROOR GHO 7DOOHU GH $QiOLVLV GH &RQWHQLGRV GHO SURIHVRUDGR HQ HGXFDFLyQ UHODFLRQDGR FRQ HO GHSDUWD PHQWR 8Q ,QIRUPH FRQ ORV UHVXOWD GRVREWHQLGRVHQHOWDOOHUGH DQiOLVLVGHFRQWHQLGRV (YDOXDFLyQ GH ODV FDUUHUDV GH OD /LFHQFLDWXUD HQ &LHQ FLDVGHOD(GXFDFLyQFRQpQ IDVLV HQ (GXFDFLyQ 3ULPDULD \ HO 3URIHVRUDGR HQ 'RFHQ FLD0HGLD'LYHUVLÀFDGD ,PSOHPHQWDFLyQ GHO SODQ GH PHMRUDV SDUD ODV FDUUHUDV HYDOXDGDV (VWDVFDUUHUDVDWLHQGHQDOSODQ GHPHMRUDVSDUDODDFUHGLWDFLyQ 3URFHVR GH DXWRHYDOXDFLyQ SDUD ODV FDUUHUDV GH OD /L FHQFLDWXUD HQ &LHQFLDV GH OD (GXFDFLyQ FRQ pQIDVLV HQ (GXFDFLyQ 3UHHVFRODU FRQ (VSHFLDOL]DFLyQ HQ 2ULHQWD FLyQ(GXFDWLYD\3URIHVLRQDO\ HO3URIHVRUDGRHQ(GXFDFLyQ $XWRHYDOXDFLyQ GH ODV FD UUHUDVSRUSDUWHGHORVSDUHV H[WHUQRV ,QIRUP GLDJQyVWLFR GH OD GH PDQGDGHODFDUUHUD 3URJUDPDV GH 3RVWJUDGRV \ 0DHVWUtD 'HVDUUROORGHQXHYRVSURJUD PDV GH SRVWJUDGRV \ PDHV WUtDV SRVWJUDGRV \ PDHVWUtDV HQ'RFHQFLD6XSHULRU PDHVWUtDV HQ 3VLFRSHGDJR JtD HQ 2ULHQWDFLyQ \ &RQ VHMHUtD HQ $GPLQLVWUDFLyQ (GXFDWLYD'LGiFWLFD3RVW JUDGR HQ (GXFDFLyQ 3REOD FLyQ 6H[XDOLGDG \ 'HVDUUROOR +XPDQRTXLQWDRSFLyQFRPR GH7UDEDMRGH*UDGXDFLyQ 'RFXPHQWRFUHDGRFRQHO'L VHxR &XUULFXODU GHO 3URJUD PDGHO,QVWLWXWRHQ1HJRFLD FLyQ&RQÁLFWRV0HGLDFLyQ\ $UELWUDMH FRQMXQWDPHQWH FRQ OD)DFXOWDGGH&LHQFLDVGHOD (GXFDFLyQ 'LVHxRGHORVSURJUDPDVVLQ WpWLFRV GH FDGD iUHD GH HV SHFLDOLGDG 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3URJUDPD GH GLYXOJDFLyQ \ SURPRFLyQ GH OD RIHUWD DFD GpPLFDGHODIDFXOWDG 'LYXOJDFLyQGHODRIHUWDDFD GpPLFDDWUDYpVGHODSiJLQD ZHE\RWURVPHGLRV 6HORJUyODGLYXOJDU\SURPR YHU OD RIHUWD DFDGpPLFD HQ ORVFHQWURVHGXFDWLYRVJXtDV DÀFKHVWUtSWLFRV\YRODQWHV , &RQJUHVR ,EHURDPHULFDQR GH (GXFDFLyQ 6XSHULRU HQ 3RUWRYLHMR(FXDGRU 3DUWLFLSDU HQ HO &RQJUHVR ,EHURDPHULFDQR 6H ORJUy OD SDUWLFLSDFLyQ GH FXDWURGRFHQWHVGHODIDFXOWDG FRQSRQHQFLDV ;9,,,$VDPEOHD\,,,&RQJUH VR +XPDQtVWLFR (GXFDFLRQDO GH OD &RQIHGHUDFLyQ GH )D FXOWDGHV +XPDQtVWLFDV GH &HQWURDPpULFD 3DUWLFLSDU HQ OD $VDPEOHD \ HQHO&RQJUHVRUHDOL]DGRHQ 6DQWR 'RPLQJR 5HS~EOLFD 'RPLQLFDQD /D IDFXOWDG IXH UHSUHVHQWDGD \ HQ OD PLVPD VH DWHQGLy OD DJHQGD 3URSXHVWDGHOOLEUR´$SRUWHV 7HyULFRV0HWRGROyJLFRVSDUD HO'LVHxR&XUULFXODU8QLYHUVL WDULRµ 9DOLGDFLyQGHOOLEURSRUSDUWL FLSDQWHVGH3RVWJUDGR (QIDVHGHHGLFLyQ 3URSXHVWDGHGLSORPDGRVYLU WXDOHVHQGLYHUVDViUHDV 3URSXHVWDV GH GLSORPDGRV YLUWXDOHVHQ2ULHQWDFLyQ(GX FDWLYD\3URIHVLRQDO\GH3H GDJRJtD 3ULPHUWDOOHUHQHODXODPXOWL PHGLDFRQORVGRFHQWHV &RQIHUHQFLDV\VHPLQDULRV )RUWDOHFHU OD IRUPDFLyQ GHO SHUVRQDOGRFHQWH 0HMRUDHQORVSURFHGLPLHQWRV GLGiFWLFRV SDUD OD HQVHxDQ]D \HODSUHQGL]DMH 6HPLQDULR7DOOHU (ODERUDFLyQ GH 3URJUDPDV $QDOtWLFRVµSDUDOD/LFHQFLD WXUDHQ(GXFDFLyQ3ULPDULD\ HOSURIHVRUDGRHQ(GXFDFLyQ 0HGLD'LYHUVLÀFDGD 2FKHQWD \ GRV GRFHQWHV FDSDFLWDGRV -RUQDGD GH FDSDFLWDFLyQ HQ WHFQRORJtDGHODLQIRUPDFLyQ \GHODFRPXQLFDFLyQ7,&6 'RPLQDU ODV QXHYDV WHFQR ORJtDVGHODLQIRUPDFLyQ\OD FRPXQLFDFLyQ GRFHQWHVDSUREDGRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR -RUQDGD7DOOHUFDSDFLWDFLyQ HQ ODV QXHYDV PHWRGRORJtDV HQODHODERUDFLyQGHSURJUD PDVSRUFRPSHWHQFLDV &DSDFLWDUDGRFHQWHV (ODERUDFLyQGHORVSURJUDPDV DQDOtWLFRVSRUFRPSHWHQFLDV 3URJUDPDVHPLSUHVHQFLDOGH OD/LFHQFLDWXUDHQ(GXFDFLyQ SDUD ORV HVWXGLDQWHV GH OD &RPDUFD.XQD<DOD8VWXSX &DUWt\1DUJDQi ,PSOHPHQWDU OD PRGDOLGDG VHPLSUHVHQFLDO 6HDOFDQ]yXQDSREODFLyQHV WXGLDQWLOGHHVWXGLDQWHV 7DOOHU´8VR\0DQHMRGHO0D QXDO GH *HVWLyQ GHO 5LHVJR SDUD 'RFHQWHV GH OD %iVLFD *HQHUDOµ (ODERUDFLyQ GHO 0DQXDO GH *HVWLyQGHO5LHVJRSDUD'R FHQWHVGHOD%iVLFD*HQHUDO 3DUWLFLSDFLyQ GH GRFHQWHV \ IXQFLRQDULRV DGPLQLVWUDWLYRV GHHVWDXQLGDG ,QVHUFLyQ ODERUDO GH ORV SVL FRSHGDJRJRV HQ ORV *DEL QHWHV 3VLFRSHGDJyJLFRV GHO 0LQLVWHULRGH(GXFDFLyQ /RJUDU HO QRPEUDPLHQWR GH ORV SURIHVLRQDOHV QXHVWUDV FDUUHUDV HQ ORV *DELQHWHV 3VLFRSHGDJyJLFRV $FXHUGRVIDYRUDEOHVFRQHO'L UHFWRU1DFLRQDOGH(GXFDFLyQ GHO0LQLVWHULRGH(GXFDFLyQ $WHQFLyQ D QHFHVLGDGHV HQ FHQWURV HGXFDWLYRV GH HGX FDFLyQ SULPDULD HQ HO SDtV YLROHQFLD HQ OD IDPLOLD DOID EHWL]DFLyQGHODGXOWRHQ.XQD 1HJD SDWHUQLGDG SRVLWLYD KXHUWR HVFRODU LPSRUWDQFLD GHODELEOLRWHFD\XVRGHUH FXUVRVGLGiFWLFRV\PRELOLDULR SDUD QLxRV FRQ QHFHVLGDGHV HGXFDWLYDVHVSHFLDOHV 'HVDUUROODU SURJUDPDV TXH EHQHÀFLHQDODSREODFLyQFRQ DSRUWHV LPSRUWDQWHV HQ OD E~VTXHGD GH FDPELRV HIHF WLYRV D VXV SUREOHPDV PiV FRPXQHV 3DUWLFLSDFLyQ GH ORV DFWRUHV VRFLDOHV PiV UHOHYDQWHV GHO SURFHVR HGXFDWLYR FXHUSR GRFHQWHHVWXGLDQWHV\FRPX QLGDG HQ ORV GLIHUHQWHV SUR \HFWRV 3HUIHFFLRQDPLHQWR GHO 5H FXUVR+XPDQR 'RPLQLR GH FRQRFLPLHQWRV \ GHVDUUROOR GH KDELOLGDGHV HQ FDGDXQRGHORVSURFHVRVDX WRPDWL]DGRVTXHVHPDQHMDQ HQODVGLIHUHQWHVXQLGDGHV $SHUWXUD \ FDPELR GH DFWLWX GHV GHO SHUVRQDO DGPLQLV WUDWLYR IXH FDSDFLWDGR HQ HO PDQHMR GH SURJUDPDV GH FRPSXWDGRUDV\HQODDFWXD OL]DFLyQSDUDHODFFHVRDOVLV WHPDGH3DQDPi&RPSUDV\ HQHOQXHYRSURJUDPDSDUDOD FDSWXUDGHORVELHQHVDGTXL ULGRV\GHGHVFDUWH 5(1',&,Ð1'(&8(17$6 )DFXOWDGGH&LHQFLDV1DWXUDOHV([DFWDV\7HFQRORJtD 3UR\HFWR0HWD5HVXOWDGR )XQFLRQDPLHQWRGHODV8QLGD GHVGHOD)DFXOWDG &XEULUODVQHFHVLGDGHVGH XQLGDGHV DFDGpPLFDV \ DG PLQLVWUDWLYDVGHODIDFXOWDG (MHFXFLyQGHO TXLQDULD\HTXLSRV (MHFXFLyQGHO $WHQGHUHOSURFHVRGHPDWUt FXODGHORVHVWXGLDQWHVGHOD IDFXOWDG 7RPDGHPXHVWUDH[WUDFFLyQGHVDQJUHSRUFDSLODU 2IHUWDDFDGpPLFD 3URPRFLyQGHFDUUHUDVGH SUHJUDGR\DFWLYLGDGHVGHOD IDFXOWDG 0DWUtFXODGHHVWXGLDQWHV HQ HO SULPHU VHPHVWUH GH(VWXGLDQWHVGH 5HLQJUHVR3ULPHU ,QJUHVR 6H FRQWUDWDURQ GR FHQWHV SDUD DWHQGHU ORV FXUVRV GH OD FDUUHUD GH OD)DFXOWDG\GHVHUYLFLRV GHO3ULPHU6HPHVWUHGH 5HFDXGDGR% 0DWUtFXODGHHVWXGLDQWHV HQHOVHJXQGRVHPHVWUH GHHVWXGLDQ WHV 6HFRQWUDWDURQGRFHQ WHVSDUDDWHQGHUORVFXU VRV GH OD FDUUHUD GH OD )DFXOWDG \ GH VHUYLFLRV GHO VHJXQGR VHPHVWUH GH 6H HIHFWXDURQ YHLQWLQXHYH YLVLWDV D GLVWLQWRV FR OHJLRV GH GLIHUHQWHV SURYLQ FLDV \ D XQD IHULD GHO 0( '8&$ 6H SDJy HQ YLiWLFRV % \ WUDQVSRUWH \ FRPEXVWLEOH% 6H HQWUHJDURQ WUtSWLFRV GH ODV FDUUHUDV HQ ORV GLVWLQWRV FROHJLRVGHOSDtVFRQODRIHU WD HGXFDWLYD GH OD IDFXOWDG &RVWR% 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3HUIHFFLRQDPLHQWR \ DFWXDOL ]DFLyQGRFHQWH 3URJUDPDVGHDFWXDOL]DFLyQ (QGRSDUiVLWRVGLJHVWLYRVHQFRQWUDGRV 6H UHFLELy % GH LQJUHVRVGHFXUVRVSUiFWLFDV HLQVFULSFLRQHV 6HOHEULQGyDSR\RHFRQyPL FRDSURIHVRUHVSDUDTXH SDUWLFLSDUDQ HQ VHPLQDULRV \ FRQJUHVRVGHDFWXDOL]DFLyQ 9LVLWDV GH SDUHV H[WHUQRV SDUD OD HYDOXDFLyQ GH OD FD UUHUDGH0DWHPiWLFD(VWDV HURJDFLRQHV IXHURQ SRU XQ PRQWRGH% 2QFHHVWXGLDQWHVGHGLIHUHQ WHV HVFXHODV UHFLELHURQ DSR \RHFRQyPLFRSDUDTXHSDUWL FLSDUDQHQJLUDVDFDGpPLFDV \ GHSRUWLYDV IXHUD GHO SDtV SRUXQPRQWRGH% 3ODQ GH (GXFDFLyQ &RQWLQXD )$&,1(70('8&$ 0HMRUDPLHQWR GH OD FDOLGDG GH OD HQVHxDQ]D DFDGpPLFD GLVPLQXLU ORV IUDFDVRV HVFR ODUHV 6H KDQ FDSDFLWDGR GRFHQWHV GHO QLYHO SULPD ULR 6H UHJLVWUR LQJUHVRV SRU % 6H SDJy ODV GLUHFFLRQHV MH IDWXUDV\DOSHUVRQDODGPLQLV WUDWLYRHYHQWXDOXQPRQWRGH % 6HSDJySRUJLUDVGH0('8 &$ OD VXPD GH % YLiWLFRV % \ FRP EXVWLEOH% $FWXDOL]DFLyQ GHO SODQ GH HV WXGLRV GH OD /LFHQFLDWXUD HQ )tVLFD $SUREDFLyQGHOSODQGHHVWX GLRV DFWXDOL]DGD SDUD LQLFLDU HQHO 3UHVHQWDFLyQGHODSURSXHVWD GH DFWXDOL]DFLyQ GHO SODQ GH HVWXGLRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &UHDFLyQ GH OD /LFHQFLDWXUD HQ,QJHQLHUtD*HROyJLFD $SUREDFLyQGHOSODQGHHVWX GLRVSDUDLQLFLDUHQHO (OSODQGHHVWXGLRVIXHDSUR EDGR\VHLQLFLyODFDUUHUDHQ WXUQRGLXUQR 'HVDUUROOR DGPLQLVWUDWLYR GHO SODQGHPHMRUDPLHQWRGHOD/L FHQFLDWXUDHQ)tVLFD $FWXDOL]DFLyQGHOSODQGHHV WXGLRV $YDQFH HQ OD SURSXHVWD GHO SODQGHHVWXGLRVGHOD/LFHQ FLDWXUDHQ)tVLFD &UHDFLyQGHSiJLQDZHE ,QFXUVLRQDU FRQ ODV QXHYDV WHFQRORJtDV 6H FUHy OD SiJLQD ZHE FRQ LQIRUPDFLyQ GHO SODQ GH HV WXGLRVHJUHVDGRVSUR\HFWRV GHWHVLV ,QIUDHVWUXFWXUD\HTXLSRV 0HMRUDPLHQWR GH SODQWD ItVL FDODERUDWRULRVELEOLRWHFD 6H HVWi PHMRUDQGR OD ELEOLR WHFD VDOyQ GH HVWXGLRV \ HVSDFLR SDUD OD DVRFLDFLyQ GHHVWXGLDQWHVSLQWXUDHLOX PLQDFLyQ \ VH REWXYLHURQ QXHYDVFRPSXWDGRUDV 0HMRUDPLHQWRGHORVODERUDWR ULRVGHTXtPLFD 'RWDUDODODVHVFXHODV FRQPDWHULDOHV\HTXLSRV 6HKL]RXQSHGLGRGHHTXLSRV \PDWHULDOHVEiVLFRVSDUDORV ODERUDWRULRV 0LWLJDFLyQGHULHVJRVHQODID FXOWDG &DSDFLWDU DO SHUVRQDO DGPL QLVWUDWLYRHQHOWHPDGHGHV DORMR GH ORV UHDFWLYRV GHO DO PDFpQGHFLHQFLDV 6H UHDOL]DURQ UHXQLRQHV GH OD &RPLVLyQ GH 5HDFWLYRV 3HOLJURVRVSDUDOOHYDUDFDER HO GHVDORMR GH ORV SURGXFWRV TXtPLFRVGHODOPDFpQ 3XEOLFDFLyQGHUHYLVWD 5HDOL]DU GRV SXEOLFDFLRQHV SRUDxR 6H UHDOL]y OD SXEOLFDFLyQ GH OD 5HYLVWD 7HFQRFLHQFLD 7L UDMH GH HMHPSODUHV SRU UHYLVWD'RVQ~PHURVDODxR 9RO1\9RO 1 $QiOLVLV GH PXHVWUDV GH DJXDV 5HFROHFWDU \ DQDOL]DU PXHV WUDV DPELHQWDOHV \ ELROyJL FDV 'HWHFFLyQ GH SDUiVLWRV HQ PXHVWUDV ELROyJLFDV \ DP ELHQWDOHV %DVHGHGDWRVHQZZZSDUD VLWRORJtDDPELHQWDOFRP 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 7UDQVIRUPDFLyQ&XUULFXODU )RGDDODVFDUUHUDVGHOLFHQ FLDWXUDGHODIDFXOWDG 6H UHFLELy HO LQIRUPH GH ORV SDUHV H[WHUQRV FRQ ODV RE VHUYDFLRQHVDOSODQGHPHMR UDPLHQWRGHODVFDUUHUDV 0RGHUQL]DFLyQ \ HTXLSDPLHQ WRGHORVODERUDWRULRV (TXLSDUORVODERUDWRULRVTXH EULQGDQVHUYLFLRVDOD8QLYHU VLGDGGH3DQDPi 6H DGTXLULy PRELOLDULR SDUD HTXLSRV GH FRPSXWDGRUDV SRU % HTXLSRV GH FRPSXWDGRUDSRU% \ RWURV HTXLSRV SRU % &XUVRV GH 1LYHODFLyQ \ 3UR SHGpXWLFR \ 6HPLQDULRV &RPR RSFLyQ GH 7UDEDMR GH *UDGXDFLyQ $ÀDQ]DU ORV FRQRFLPLHQWRV GHORVHVWXGLDQWHVGHSULPHU LQJUHVRHQHOiUHDFLHQWtÀFD HVWXGLDQWHVEHQHÀFLDGRV 5HFDXGDGR% 3URPRYHUGHODVFDUUHUDVGH OD)DFXOWDG FROHJLRVS~EOLFRV\SULYD GRVYLVLWDGRV )HULD3URSHGpXWLFD 3UHSDUDU D ORV HVWXGLDQWHV TXH GHVHDQ LQJUHVDU D ODV FDUUHUDVGHOiUHDFLHQWtÀFD &KDUODDHVWXGLDQWHVGHHVFXHODVVHFXQGDULDVFRPRSDUWHGHOSURJUDPDGHSURPRFLyQGHODVFDUUHUDV 5(1',&,Ð1'(&8(17$6 )DFXOWDGGH&RPXQLFDFLyQ6RFLDO 3UR\HFWR0HWD5HVXOWDGR 9DOLGDFLyQ GH OD &DUUHUD GH 3HULRGLVPR \ 5HODFLRQHV 3~ EOLFDVDWUDYpVGHODDFUHGLWD FLyQ $FUHGLWDFLyQGHODV&DUUHUDV (QSURFHVRGHFXPSOLUFRQHO SODQ GH PHMRUDPLHQWR SDUD UHFLELU OD DFUHGLWDFLyQ (VWD PRVDXQGHOSURFHVR &DSDFLWDFLyQDGRFHQWHV &DSDFLWDUDOSHUVRQDODFDGp PLFR GH HVWD XQLGDG HQ ORV ~OWLPRV DYDQFHV WHFQROyJL FRV TXH H[LVWHQ HQ QXHVWUR &HQWUR$XGLRYLVXDO 6H FDSDFLWDURQ D PiV GH GRFHQWHV HQ HO iUHD GH FRPXQLFDFLyQ GHO FDPSXV FHQWUDO \ ORV &HQWURV 5HJLR QDOHV 'RQDFLyQGHHTXLSRVD&HQWUR 5HJLRQDO 8QLYHUVLWDULR GH 9H UDJXDV $SR\DU D RWUDV XQLGDGHV DFDGpPLFDV % DQXDOHV HQ HTXLSRV GH FRPXQLFDFLyQ \ WHFQRORJtD 1XHYRGLSORPDGR 2IHUWDV GH SRVWJUDGR GLULJL GDVDSURIHVLRQDOHVGHOiUHD GH3HULRGLVPR\(FRQRPtD ,,,0HVD5HGRQGD6REUH)~W ERO ´0XQGLDO GH )~WERO 6XGi IULFDµ $FWLYLGDG DFDGpPLFD \ GH SRUWLYDSDUDHVSHFLDOLVWDVGHO iUHD GH SHULRGLVPR GHSRUWL YR\HVWXGLDQWHVDPDQWHVGHO GHSRUWH 'LSORPDGR ,QWHUQDFLRQDO GH 3HULRGLVPR (FRQyPLFRµ SD WURFLQDGRSRUHO%%9$ 3DUWLFLSDURQ 3HULRGLVWDV GH SRUWLYRVGHUDGLRWHOHYLVLyQ\ SUHQVDHVFULWD\PiVGH SURIHVLRQDOHV\HVWXGLDQWHV 1LJJD HQ OD 8QLYHUVLGDG GH 3DQDPi ,QYLWDU D WRGD OD FRPXQLGDG XQLYHUVLWDULD D SDUWLFLSDU GH OD HQWUHJD GH XQD SODFD GH UHFRQRFLPLHQWRDODUWLVWD)p OL[*yPH] 'RFHQWHV DGPLQLVWUDWLYRV \ HVWXGLDQWHV VH GLHURQ FLWD SDUD HVFXFKDU DO FDQWDQ WH SDQDPHxR )pOL[ *yPH] PHMRUFRQRFLGRFRPR1LJJD TXLHQVHSUHVHQWyHQHO7HD WUR8QLYHUVLWDULRDO$LUH/LEUH 78$/ 5DGLR (VWpUHR 8QLYHUVLGDG )0 3URGXFLU SURJUDPDV DFDGp PLFRVFXOWXUDOHV\GHH[WHQ VLyQ (Q OD DFWXDOLGDG VH WUDQV PLWHQ TXLQFH SURJUDPDV SURGXFLGRV SRU GLIHUHQWHV IDFXOWDGHV \ FHQWURV GH LQ YHVWLJDFLyQ GH OD 8QLYHUVL GDGGH3DQDPi 81,9(56,'$''(3$1$0É (O9LFHUUHFWRU(OGLV%DUQHV\HOSURIHVRU$UWXUR&ROH\KDFHQHQWUHJDGHSODFDGHUHFRQRFLPLHQWRD1LJJD 3UR\HFWR0HWD5HVXOWDGR 7DOOHUHVVDEDWLQRV &DSDFLWDU D ORV HVWX GLDQWHVHQGLYHUVDViUHDVGH ODFRPXQLFDFLyQ 6H GLFWDURQ WDOOHUHV GH (GL FLyQ GLJLWDO QR /LQHDO ,OXPL QDFLyQ\5HGDFFLyQ3HULRGtV WLFD SDUD 5DGLR \7HOHYLVLyQ )RWRJUDItD )RQRDXGLRORJtD \2SHUDFLyQGH&iPDUDVGH 79 /RV PLVPRV VH RIUHFHQ JUDWXLWDPHQWH 0HMRUDVGHLQIUDHVWUXFWXUD 'RWDU D OD IDFXOWDG GH WRGDV ODV KHUUDPLHQWDV QHFHVDULDV SDUDHOGHVDUUROOR\p[LWRVGH ODVGLYHUVDVODERUHV 6HUHPRGHODURQORVVHUYLFLRV VDQLWDULRVSDUDDGHFXDUORVD SHUVRQDV FRQ GLVFDSDFLGD GHVItVLFDV7DPELpQIXHURQ LQVWDODGDV FiPDUD GH YLJL ODQFLDVHQODELEOLRWHFDHVSH FLDOL]DGDHQHOOREE\\HQOD FRRUGLQDFLyQGHODERUDWRULRV 6HDGTXLULHURQOLEURVSDUDODV GLIHUHQWHV FDUUHUDV TXH VH FXUVDQHQODIDFXOWDG 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 1XHYDVWHFQRORJtDVHQORVOD ERUDWRULRV &UHDU QXHYRV ODERUDWRULRV \ iUHD GH SURGXFFLyQ SDUD RIUHFHU D OD FRPXQLGDG XQL YHUVLWDULD HQ JHQHUDO VHUYL FLRV TXH DQWHV VH FRQWUDWD EDQDIXHUD ,QLFLDPRVORVWUDEDMRVGHUH PRGHODFLyQ GHO HVWXGLR GH WHOHYLVLyQ \ GHO ODERUDWRULR GH UDGLR 6H WUDEDMD HQ OD DPSOLDFLyQGHOODERUDWRULRGH VRQLGR/DRÀFLQDGHSUpVWD PRGHPXOWLPHGLDVHOHGRWy GHWUHVFiPDUDVIRWRJUiÀFDV GLJLWDOHV \ VHLV FRPSXWDGR UDVSRUWiWLOHV &XUVRSDUDORFXWRUHV -RUQDGDV GH FDSDFLWDFLyQ SDUDDFUHGLWDUDORFXWRUHV 6HUHDOL]DURQDODxRPiVGH MRUQDGDV GH FDSDFLWDFLyQ SDUD DFUHGLWDU D ORFXWRUHV /RVFXUVRVFRPSUHQGHQPy GXORVGHXVR\PDQHMRGHOD YR] DFWXDFLyQ UDGLRIyQLFD \ WHOHYLVLYD H[SUHVLyQ RUDO JXLRQHVHQWUHRWURV /DERUDWRULRVGHODIDFXOWDGGH&RPXQLFDFLyQ6RFLDO 81,9(56,'$''(3$1$0É )DFXOWDGGH'HUHFKR\&LHQFLDV3ROtWLFDV 3UR\HFWR0HWD5HVXOWDGR 0RGLÀFDFLyQ GHO SODQ GH HV WXGLRGLXUQRGHOD)DFXOWDGGH 'HUHFKR ,QFRUSRUDU XQ QXHYR SODQ GHHVWXGLRVTXHUHGX]FDORV DxRVGHODFDUUHUD (OSODQGHHVWXGLRVIXHDSUR EDGR SRU OD -XQWD GH )DFXO WDG HVWi HQ HVSHUD GH TXH VH LQFRUSRUHQ ORV SODQHV GH ODVDVLJQDWXUDV &RPSUD GH VHUYLGRU SDUD HO FHQWUR GH LQYHVWLJDFLRQHV MX UtGLFDV ,PSOHPHQWDU WHFQRORJtD FRQ XQVHUYLGRUTXHSHUPLWDTXH ODV FRQVXOWDV GHO &HQWUR GH ,QYHVWLJDFLyQ -XUtGLFD HVWpQ D OD YDQJXDUGLD FRPR RWURV FHQWURVHGXFDWLYRV 3DUWLGDGH% &RPSUD GH PDWHULDOHV GH FRPSXWDFLyQ 6XPLQLVWUR H LQVWDODFLyQ GH SHUVLDQDV YHUWLFDOHV HQ WHOD LWDFD HQ ODV RÀFLQDV DGPLQLV WUDWLYDVGHOD)DFXOWDGGH'H UHFKR %ULQGDU FRPRGLGDG D QXHV WURVFRODERUDGRUHV /D IDFXOWDG \D FDQFHOy HVWH SUR\HFWR FRQ HO IRQGR GH DXWRJHVWLyQ SRU XQ PRQWR GH%GHODSDUWLGD SUHVXSXHVWDULD (VWXGLDQWHVGH'HUHFKRLQWHUFDPELDQLGHDVHQORVMDUGLQHVLQWHUQRVGHODIDFXOWDG 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 5HSDUDFLyQ GH ODV OiPSDUDV GHODVDXODVGHFODVHV $GHFXDUODVDXODVGHFODVHV GHOLFHQFLDWXUD &RPSUDGHPDWHULDOHVSRUXQ PRQWRGH% &DPELR GH WRGDV ODV SXHUWDV GHODVDXODVGHFODVHV 0HMRUDUODLQIUDHVWUXFWXUD )RQGRGHDXWRJHVWLyQ 5HPRGHODFLyQ GHO VDOyQ GH VXVWHQWDFLyQ 0HMRUDUODLQIUDHVWUXFWXUD 6H FDPELDURQ ODV SHUVLDQDV GHO VDOyQ D SRU SHUVLD QDV YHUWLFDOHV HQ WHOD LWDFD VHOHLQFOX\HURQQXHYDVVLOODV \ SLQWXUD DGHPiV GHO FDP ELR GH OD SXHUWD GHO PLVPR )RQGRGHDXWRJHVWLyQSRUXQ PRQWRGH%GHODSDU WLGDSUHVXSXHVWDULD 0HMRUDUODLQIUDHVWUXFWXUD &XOPLQDFLyQ GH WUDEDMRV GH UHPRGHODFLyQHOGHDJRV WR GH )RQGR GH DXWR JHVWLyQ GH DGPLVLyQ \ FDPELR GH ODV SHUVLDQDV GHO DXGLWRULR 5LFDU GR-$OIDUR 0HMRUDVDODLQIUDHVWUXFWXUDGHODDFXOWDG 81,9(56,'$''(3$1$0É )DFXOWDGGH(FRQRPtD 3UR\HFWR0HWD5HVXOWDGR 'LIXVLyQ GH ODV DFWLYLGDGHV DFDGpPLFDV GH OD IDFXOWDG D OD VRFLHGDG SDQDPHxD D WUD YpV GH OD UDGLR \ GH SXEOLFD FLRQHV /OHYDU D FDER XQ SURJUDPD UDGLDO VHPDQDO ´(FRQRPtD GH 3DQDPiµ GXUDQWH HO SH ULRGRGHFODVHV 3XEOLFDU 'RVUHYLVWDVDQXDOHV 7UHV &XDGHUQRV GH &R \XQWXUDDQXDOHV 7UHV DSXQWHV SRU GHSDU WDPHQWR 6H GHVDUUROODURQ WRGRV ORV SURJUDPDVUDGLDOHVSURSXHV WRVFXPSOLHQGRDO 6HSXEOLFyOD´5HYLVWDGH,Q YHVWLJDFLRQHV (FRQyPLFDVµ DQXDO 6H SXEOLFDURQ GRV &XDGHU QRVGH&R\XQWXUDHQHO \XQRHQORTXHYDGHO 6H SXEOLFDURQ ORV DSXQWHV SURSXHVWRV 6H SDUWLFLSy HQ RFKR GLVWLQ WRVPHGLRVGHFRPXQLFDFLyQ FRQHQWUHYLVWDV 0HUFDGHRGHODV&DUUHUDVGH (FRQRPtD 9LVLWDUSRUORPHQRVFR OHJLRVS~EOLFRV\RSULYDGRV 6H YLVLWDURQ FROHJLRV HQ WRWDOS~EOLFRV\SULYD GRV 3URPRFLyQ GH ORV SURJUDPDV GH 3RVWJUDGRV \ 0DHVWUtDV H[LVWHQWHV 3URPRFLRQDU D WUDYpV GH XQPHGLRHVFULWRXQDYH]DO DxRORVSRVWJUDGRV\PDHV WUtDVGHQXHVWUDIDFXOWDG 6H SXEOLFy XQ VXSOHPHQWR HQHOGLDULR/D3UHQVDHQHO PDUFR GH OD SURPRFLyQ GH JUDGXDQGRV\RWURHQHO PDUFR GH OD FHOHEUDFLyQ GHO $QLYHUVDULRGHOD)DFXOWDG GH(FRQRPtD 'LIXVLyQDWUDYpVGHODUHGGH ODV DFWLYLGDGHV DFDGpPLFDV GH LQYHVWLJDFLyQ GH H[WHQ VLyQ SURGXFFLyQ \ VHUYLFLRV GHODIDFXOWDG (VWUXFWXUDFLyQ GH XQ SRUWDO ZHESDUDODIDFXOWDG 6H LQDXJXUy HO %ORJ GH OD IDFXOWDG D FX\D GLUHFFLyQ VH SXHGH DFFHVDU D WUDYpV GHO EXVFDGRU*RRJOH (VWDEOHFLPLHQWR GH YtQFXORV HQWUH OD )DFXOWDG GH (FRQR PtD\ODVFRPXQLGDGHV 'HVDUUROODUDFWLYLGDGHVDQXD OHV TXH LPSOLTXHQ YtQFXORV FRQFRPXQLGDGHV 6H UHDOL]DURQ JLUD DFDGpPL FD ´,PSDFWR (FRQyPLFR GHO )HVWLYDOGH'LDEORV\&RQJRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR GH 3RUWREHOR &ROyQµ FRQ HO DSR\RGH6(579 7DOOHU )RUPDFLyQ SDUD DX WRULGDGHV ORFDOHV PXMHUHV \ MXQWD GLUHFWLYD GH OD 8080 3$FRQHODSR\RGH,1$08 \OD$(&,' )RUWDOHFLPLHQWR GH OD SDUWLFL SDFLyQGHODIDFXOWDGHQRUJD QLVPRV \ UHGHV QDFLRQDOHV H LQWHUQDFLRQDOHV 'HVDUUROODULQYHVWLJDFLRQHV\R SUR\HFWRV FRQ RUJDQLVPRV \ UHGHVQDFLRQDOHVHLQWHUQDFLR QDOHV 9LVWDLQWHUQDGHOD)DFXOWDGGH(FRQRPtD 6H OOHYDURQ D FDER ODV VL JXLHQWHVDFWLYLGDGHV )LUPD GHO &RQYHQLR GH &RODERUDFLyQ HQWUH OD 8QLYHUVLGDG GH 3DQDPi \ OD $JHQGD (FRQyPLFD GH ODV 0XMHUHV $*(0 318' 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 9LVWDGHO$XGLWRULRGHOD)DFXOWDGGH(FRQRPtD $XWRHYDOXDFLyQ GH ODV FDUUH UDV GH OLFHQFLDWXUD TXH RIHUWD OD)DFXOWDGGH(FRQRPtD 2EWHQHU OD DXWRHYDOXDFLyQ GHORVSDUHVH[WHUQRV 6H UHQRYy HO &RQYHQLR 8QLYHUVLGDG GH 3DQDPi ² &RQWUDORUtD *HQHUDO GH OD 5HS~EOLFD GHQWUR GHFX\RPDUFRVHUHDEUH HO7pFQLFRHQ0pWRGRV\ $QiOLVLV(VWDGtVWLFR 6H SDUWLFLSy HQ FRQIH UHQFLDVHQODXQLYHUVLGDG GH ´/D $PLVWDG GH /RV 3XHEORVµHQ5XVLD ´3DSHO GH OD LQWHUQDFLR QDOL]DFLyQ GH ODV XQLYHU VLGDGHV\VXFRQWULEXFLyQ DOSURJUHVRGHORVSDtVHV HQYtDVGHGHVDUUROORµ ´7HRUtD GH OD HFRQRPtD FRQWHPSRUiQHD \ OD UH IRUPD GH OD HFRQRPtD UXVDµ FLRV GH OD (UUDGLFDFLyQ GHO 7UDEDMR ,QIDQWLO HQ 3DQDPi UHDOL]DGR FRQ HO DSR\R GH 2,7 \ 02 9,67$5 6H UHDOL]y HO HVWXGLR ´,PSDFWR (FRQyPLFR GHO 'HUHFKRGH$XWRUHQ3D QDPiµ FRQ HO DXVSLFLR GHOD203, 6H UHDOL]y HO HVWXGLR ´(YDOXDFLyQ GH ORV 3UR JUDPDV GH 1XHYRV ,QV WUXPHQWRV SDUD OD 9L YLHQGD GHO 0,9,µ FRQ HO DXVSLFLR GHO 0,9, \ HO %,' 6H REWXYR HO LQIRUPH GH$X WRHYDOXDFLyQ SRU SDUWH GHO 6LVWHPD&HQWURDPHULFDQRGH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR (YDOXDFLyQ \ $UPRQL]DFLyQ GH OD (GXFDFLyQ 6XSHULRU 6,&(9$(6GHO&68&$ 'LVHxDU HO SODQ SURVSHFWLYR GH ODV FDUUHUDV GH OLFHQFLD WXUDV 6H DSUREy HO QXHYR SODQ GH HVWXGLRGHODFDUUHUDGH(FR QRPtD 'LVHxDUQXHYDVRIHUWDVHGX FDWLYDV D QLYHO WpFQLFR GH OLFHQFLDWXUD\GHPDHVWUtD 6HGDODUHDSHUWXUDGHO7pF QLFR HQ 0pWRGRV \ $QiOLVLV (VWDGtVWLFRVHDSUXHED\VH DEUHODFDUUHUDGH/LFHQFLDWX UDHQ(FRQRPtDSDUDOD*HV WLyQ$PELHQWD\VHUHDEUHOD 0DHVWUtD HQ (FRQRPtD GHO 'HVDUUROOR6RFLDO )RUWDOHFLPLHQWR GH ODV FDSD FLGDGHVGHORVGRFHQWHVGHOD IDFXOWDGSDUDODLQYHVWLJDFLyQ 5HDOL]DU VHPLQDULRV GH FD SDFLWDFLyQ\GHVDUUROORGHLQ YHVWLJDFLRQHV 6H FDSDFLWDURQ D GRFHQ WHV GH OD IDFXOWDG HQ HO 6H PLQDULR´/DLQQRYDFLyQGHOD ,QQRYDFLyQ HQ OD pSRFD KLV WyULFD HPHUJHQWHµ LPSDUWLGR SRUHO'U-RVp'H6RX]D6LO YD3K'HQ6RFLRORJtDGHOD &LHQFLD\OD7HFQRORJtD 'LIXQGLUDWUDYpVGHODUHGODV DFWLYLGDGHV DFDGpPLFDV GH LQYHVWLJDFLyQ GH H[WHQVLyQ SURGXFFLyQ \ VHUYLFLRV GH OD IDFXOWDG (VWUXFWXUDFLyQ GH XQ SRUWDO :HE SDUD OD %LEOLRWHFD ,GD QLD)HUQiQGH]GHODIDFXOWDG 6HLQDXJXUyHO%ORJGHODEL EOLRWHFD D FX\D GLUHFFLyQ VH SXHGH DFFHVDU D WUDYpV GHO EXVFDGRUJRRJOH KWWSEHFXSLGDQLDIHUQDQ GH]EORJVSRWFRPSEDVH GHGDWRVKWPO 81,9(56,'$''(3$1$0É )DFXOWDGGH(QIHUPHUtD 3UR\HFWR0HWD5HVXOWDGR ,PDJHQLQVWLWXFLRQDO (GLWDUGHEROHWLQHV EROHWLQHV ´$YDQFHVµ GLJLWDO SiJLQD :HE GH OD IDFXOWDG GH)DUPDFLD 5HDOL]DFLyQGHIHULDV IHULDVGHVDOXGHQWUHHOODV XQDGHRVWHRSRURVLV *UDEDFLRQHV GHO SURJUDPD FLyQUDGLDO´/D(QIHUPHUDHQ OD 3URPRFLyQ GH OD 6DOXGµ 5DGLR(VWpUHR8QLYHUVLGDG 3XEOLFDFLyQGHUHYLVWDV SURJUDPDV UDGLDOHV XQD YH]SRUVHPDQD 3XEOLFDFLRQHVLPSUHVDV3H ULyGLFR ´0(025,$6µ $/$ '()( UHYLVWD FLHQWtÀFD GH HQIHU PHUtD ´(1)248(µ ,QGH[D GD% &DWiORJRV GH HGXFDFLyQ FRQWLQXD SHULyGLFRV LQYHUVLyQ % FDWiORJR\LQYHVWLJDFLR QHVUHDOL]DGDV &DSDFLWDU D ORV HVWXGLDQWHV FRQWpFQLFDVPRGHUQDVHQHO ODERUDWRULRGHVLPXODFLyQ HVWXGLDQWHVUHFLELHURQOD LQVWUXFFLyQ 0DQWHQHU ORV HTXLSRV IXQ FLRQDQGR HTXLSRV SUHVWDQGR VHUYL FLRV ,QIRUPiWLFD &RQWDUFRQKHUUDPLHQWDVWHF QROyJLFDV 6H DGTXLULHURQ FRPSXWD GRUDVODVFXDOHVHVWiQGLVSR QLEOHVKRUDVGLDULDV (GXFDFLyQFRQWLQXD ;&RQIHUHQFLD,EHURDPHULFDQD GH(GXFDFLyQHQ(QIHUPHUtD SDUWLFLSDQWHV SRU XQPRQWRGH% ,QWHUQDFLRQDOL]DFLyQ \ PRYLOL GDG GH HVWXGLDQWHV \ GRFHQ WHV 3DUWLFLSDFLyQHQHYHQWRVLQWHU QDFLRQDOHVGHORVSURIHVRUHV\ HVWXGLDQWHVGHODIDFXOWDG &RQJUHVR 7UDQVIRUPDQGR HO IXWXURHQODHQIHUPHUtDDWUD YpVGHODJOREDOL]DFLyQ 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 'LSORPDGR &RQRFLPLHQWR +XPDQLVPRH,QFOXVLyQ´+H UUDPLHQWDV SDUD OD DWHQFLyQ GHODVSHUVRQDVFRQGLVFDSD URVSURYLHQHQGH6(1$',6 0RYLOLGDGHVWXGLDQWLO8QLYHU VLGDG ,QFD *DUFLOD]R GH OD 9HJD 6HPLQDULRV GH FDSDFLWDFLyQ GRFHQWHV 3DUWLFLSDFLyQGHHVWXGLDQWHV SDUWLFLSDQWHV 7DOOHUHV GH FDSDFLWDFLyQ D GRFHQWHV GHOD IDFXOWDG GH (QIHUPHUtD 6H GHVDUUROODURQ GRV FXUVRV \WUHVWDOOHUHV )HULDGHRVWHRSRURVLVGHVDUUROODGDSRUOD)DFXOWDGGH(QIHUPHUtD 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3URPRFLyQGHVDOXG\SUR\HF FLyQVRFLDO 5RWDFLyQ GH HVWXGLDQWHV HQ FDPSRVFOtQLFRV 0RYLOLGDGHVWXGLDQWLO\GHGR FHQWHV,QWHUQDFLRQDOL]DFLyQ /LFHQFLDWXUD HVWX GLDQWHV 7RWDOLQVWLWXFLRQHV 5HDOL]DU DFWLYLGDGHV GH SUR PRFLyQGHVDOXGHQGLYHUVDV FRPXQLGDGHV $FWLYLGDGHV GH SURPRFLyQ UHDOL]DGDV 3URWHFFLyQ &LYLO \ &R PXQLFDFLyQ )DFXOWDG GH &RPXQLFDFLyQ6RFLDO -RUQDGD LQIRUPDWLYD VR EUHHOVWUHVV 7RPD GH SUHVLyQ DUWHULDO SHUVRQDV$6(83$ (VWXGLDQWHV GH HQIHUPHUtD \ SURIHVRUHV DVLVWLHQGR D UH XQLRQHV GH UHGHV HYHQWRV LQWHUQDFLRQDOHV \ SURJUDPDV GHSRVWJUDGR 5HS~EOLFDGHO(/6DOYDGRU 'RFWRUDGR &HQWUR GH $GLFLyQ \ 6DOXG 0HQ WDO &$0+ 7RURQWR &DQDGi ,, (QFXHQWUR 5HJLRQDO /DWLQRDPHULFDQR \ GHO &DULEH3URWHFFLyQGHORV 7UDEDMDGRUHV GHO 6HFWRU 6DOXG%RJRWi&RORPELD /;;,; 5HXQLyQ 2UGLQD ULD GH OD 8'8$/ 0DQD JXD1LFDUDJXD /D ,QWHUQDOL]DFLyQ GH OD (GXFDFLyQ 6XSHULRU HQ $PHUtFD/DWLQD\HO&DUL EH&DOLGDG\9LUWXDOLGDG 6DQWR'RPLQJR /DQ]DPLHQWRGHO3UR\HF WR(5$&2/+RODQGD &RQJUHVR/DWLQRDPHULFD QR&XLGDGRV3DOLDWLYRV (O'U*XVWDYR*DUFtDGH3DUHGHVHQODIHULDGHVDOXGGH(QIHUPHUtD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &DSDFLWDFLyQHQODVSROtWLFDV GHLQFOXVLyQ 5HDOL]DFLyQ GH HVWXGLR UHOD FLRQDGR D SROtWLFDV GH LQFOX VLyQ (VWXGLQWHVGH(QIHUPHUtDUHDOL]DQSUiFWLFDHQORVODERUDWRULRV ´)DFWRUHV GH ULHVJRV DVRFLD GRV D OD GLVFDSDFLGDG HQ HO FRUUHJLPLHQWRGH(O7HMDU'LV WULWRGH$ODQMH'LVWULWRGH/DV 0LQDV\'LVWULWRGH7RQRVt $SUREDGRHQMXOLR % 81,9(56,'$''(3$1$0É )DFXOWDGGH)DUPDFLD 3UR\HFWR0HWD5HVXOWDGR )LUPDGHFRQYHQLRV )LUPD GH FRQYHQLRV FRQ LQV WLWXFLRQHVGHVDOXGS~EOLFDV\ SULYDGDV &RQYHQLR SDUD OD SUiFWLFD SURIHVLRQDO GH ORV HVWXGLDQ WHVJUDGXDQGRVGHOD&DUUHUD GH/LFHQFLDWXUDHQ)DUPDFLD \HO+RVSLWDOGHO1LxR &RQYHQLR SDUD HO GHVDUUROOR GHODSUiFWLFDHQWUHOD)DFXO WDGGH)DUPDFLD\ODFDGHQD GH)DUPDFLDV$UURFKDV &RQYHQLR HQWUH OD 8QLYHU VLGDG GH 3DQDPi \ &* GH +DVVHWK\&tD6$ &RQYHQLR GH FRRSHUDFLyQ 8QLYHUVLGDG ,QFD *DUFLODVR GH OD 9HJD \ OD )DFXOWDG GH )DUPDFLD &RQYHQLR SDUD HO GHVDUUROOR GHODVSUiFWLFDVUHODFLRQDGDV FRQ OD DWHQFLyQ GHO SDFLHQWH DPEXODWRULR GH ORV FXUVRV GH ODV FDUUHUDV GH 7pFQLFR HQ )DUPDFLD /LFHQFLDWXUD HQ )DUPDFLD \ GH OD SUiFWL FDSURIHVLRQDOHQ)DUPDFLDV &RPXQLWDULDV3ULYDGDVHQWUH OD )DFXOWDG GH \ OD (PSUH VD ,QPRELOLDULD 'RQ $QWRQLR )DUPDFLDV5H\ (VWXGLDQWHVGH)DUPDFLD 3DUWLFLSDFLyQHQWHPDVGHLQ WHUpVVRFLDO 3DUWLFLSDFLyQGHODIDFXOWDGHQ GLVFXVLyQGHWHPDVGHLQWHUpV VRFLDO \ SURGXFWLYR TXH DIHF WDQ OD VDOXG GH OD SREODFLyQ SDQDPHxD 2UJDQL]DFLyQ GHO )RUR +D FLD 0HGLFDPHQWRV 6HJXURV \(IHFWLYRV3DUWLFLSDURQ SHUVRQDV HQWUH SDFLHQWHV SURIHVLRQDOHV \ S~EOLFR HQ JHQHUDO 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 'LVFXVLRQHV VREUH ODV UH IRUPDV D OD /H\ GH 0H GLFDPHQWRV FRQ JUXSRV GH SDFLHQWHV SURIHVRUHV HVWX GLDQWHV 7UDQVIRUPDFLyQFXUULFXODU 'LVHxR GH XQD SURSXHVWD FX UULFXODU LQQRYDGRUD TXH UHV SRQGD D OD RIHUWD \ GHPDQGD TXHUHTXLHUHODVRFLHGDG $SUREDGRV 0LVLyQ\YLVLyQ 2EMHWLYRVSHUÀOGHOHJUHVDGR SRUFRPSHWHQFLDV (OSODQGHHVWXGLRVVyORHVWi SHQGLHQWH GH YDOLGDFLyQ SDUDDSUREDFLyQ6HUHDOL]D URQWDOOHUHVFRQGRFHQWHV 7URQFRFRP~QHQVDOXG 3DUWLFLSDFLyQ HQ HO GLVHxR \ HODERUDFLyQGHOWURQFRFRP~Q GHOiUHDGHVDOXG 6HUHDOL]DURQUHXQLRQHVSDUD DSUREDUODVPDWHULDVGHOWURQ FRFRP~QHQVDOXG 3URJUDPDVGHPDHVWUtD $SHUWXUD GHO SURJUDPD GH HVSHFLDOL]DFLyQ HQ )DUPDFLD +RVSLWDODULD UHDSHUWXUD GHO 3URJUDPDGH0DHVWUtDHQ)DU PDFLD &OtQLFD FRQ pQIDVLV HQ $WHQFLyQ)DUPDFpXWLFD 6H ORJUy OD UHDSHUWXUD GHO 3URJUDPD GH 0DHVWUtD HQ )DUPDFLD&OtQLFDFRQpQIDVLV HQ $WHQFLyQ )DUPDFpXWLFD \ HO 3URJUDPD GH (VSHFLD OL]DFLyQ HQ )DUPDFLD +RV SLWDODULD FRQWDQGR FRQ SDUWLFLSDQWHVHQHO&DPSXV\ HQHO&HQWUR5HJLRQDOGH 9HUDJXDV 3UR\HFWRVGHLQYHVWLJDFLyQ 3UR\HFWRGHLQYHVWLJDFLyQVR EUH DFFHVR D RSLRLGHV \ ODV UHJXODFLRQHV QDFLRQDOHV HQ HVWDPDWHULDSRUGRFHQWHVGH OD)DFXOWDGGH)DUPDFLD 3UR\HFWRVGHHGXFDFLyQ 3URPRFLyQGHOXVRUDFLRQDOGH PHGLFDPHQWRV &RPR UHVXOWDGR GH OD LQYHV WLJDFLyQVHFDPELyODQRUPD WLYD YLJHQWH VREUH DFFHVR D RSLRLGHV\HOSUR\HFWRHVXQ UHIHUHQWHDQLYHOGHODUHJLyQ &LQFR SUR\HFWRV GH HGXFD FLyQDSDFLHQWHVHQFROHJLRV GHO0LQLVWHULRGH(GXFDFLyQ 81,9(56,'$''(3$1$0É ,&RQJUHVR1DFLRQDOGH(VWXGLDQWHVGH)DUPDFLD 3UR\HFWR0HWD5HVXOWDGR 3URJUDPDVGHHGXFDFLyQFRQ WLQXD 5HDOL]DU SURJUDPDV GH HGX FDFLyQ FRQWLQXD D GRFHQWHV \ SURIHVLRQDOHV IDUPDFpXWLFRV GH KRVSLWDOHV FHQWURV GH VD OXG LQGXVWULD IDUPDFpXWLFD IDUPDFLDVSULYDGDVHWF -RUQDGD GH DFWXDOL]DFLyQ HQ 7R[LFRORJtD &OtQLFD FRQ SDUWLFLSDQWHV -RUQDGD GH DFWXDOL]DFLyQ HQ )DUPDFRWHUDSLD 5HXPDWROy JLFDFRQSDUWLFLSDQWHV ;,,, &RQIHUHQFLD ,EHURDPHUL FDQD GH )DFXOWDGHV GH )DU PDFLD&2,))$SDUWLFL SDQWHV ,&RQJUHVR1DFLRQDOGH$WHQ FLyQ)DUPDFpXWLFD ,&RQJUHVR1DFLRQDOGH(VWX GLDQWHVGH)DUPDFLD 5(1',&,Ð1'(&8(17$6 )DFXOWDGGH+XPDQLGDGHV 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWRVGHPDHVWUtDVFUHD GDV \ DSUREDGRV SRU -XQWD GH)DFXOWDG\PDHVWUtDVDSR \DGDV )RUWDOHFLPLHQWR FUHDFLyQ \ UHDSHUWXUDGHPDHVWUtDVHQOD )DFXOWDGGH+XPDQLGDGHV 3URJUDPD GH 0DHVWUtD HQ(VSDxROFRPROHQJXD H[WUDQMHUD 3URJUDPDGH0DHVWUtDHQ &LHQFLDV GH OD $FWLYLGDG )tVLFDSDUDHO'HVDUUROOR GHXQD6DOXG,QWHJUDO 3URJUDPD GH 0DHVWUtD HQ *HRJUDItD 5HJLRQDO GH3DQDPi 0DHVWUtDHQ7XULVPRFRQ pQIDVLVHQ*HVWLyQ3DWUL PRQLDO 0DHVWUtD HQ +LVWRULD GH 3DQDPi 3HULRGR 5HSX EOLFDQR 0DHVWUtDHQ$QWURSRORJtD 6RFLDO &DUUHUDV QXHYDV WUHV FRQ SODQHV GH HVWXGLR QXHYRV \ WUHVFDUUHUDVDFUHGLWDGDV $SR\DU D FRPLVLRQHV GH 7UDQVIRUPDFLyQ &XUULFXODU \ $FUHGLWDFLyQ HQ OD )DFXOWDG GH+XPDQLGDGHV /DVFDUUHUDVGH7XULVPR+LV WyULFR &XOWXUDO 6RFLRORJtD UHFLELHURQ OD YLVLWD GH SDUHV SDUDHYDOXDUODVLWXDFLyQGLDJ QyVWLFD GH OD DFUHGLWDFLyQ GH FDUUHUDV FRQ PLUDV D DYDQ]DU HQ ORV SURFHVRV GH DFUHGLWD FLyQGHODVFDUUHUDV /DV FDUUHUDV GH *HRJUDItD +LVWRULDLQJOpV\HVSDxROWDP ELpQKDQVLGRHYDOXDGDV\VH HQFXHQWUDQ HQ OD HMHFXFLyQ GHORVUHVSHFWLYRVSODQHVGH PHMRUDPLHQWR SDUD ORJUDU OD DFUHGLWDFLyQGHODVFDUUHUDV &XUVRV R VHPLQDULRV GH DF WXDOL]DFLyQ 'LFWDU VHPLQDULRV \ FXUVRV GH DFWXDOL]DFLyQ GH ODV XQL GDGHVDFDGpPLFDVGHOD)D FXOWDGGH+XPDQLGDGHV 9 &XUVR GH $FWXDOL]DFLyQ HQ 6RFLRORJtD FRQ HO WHPD 'HV FHQWUDOL]DFLyQ 0XQLFLSDO SURIHVLRQDOHV \ GRFHQWHV FD SDFLWDGRVHQHOWHPD 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 'HSDUWDPHQWRGH+LVWRULDKD HMHFXWDGRHO6HPLQDULR,QWHU QDFLRQDOGHQRPLQDGR´&HQ WURDPpULFDHQWUHOD*XHUUD\ OD3D] (O'HSDUWDPHQWRGH*HRJUD ItD KD HMHFXWDGR DOJXQRV VH PLQDULRVGXUDQWHHODxR (QWUHHVWRVWHQHPRV*HVWLyQ 7XUtVWLFD 0DWHULDO &DUWRJUiÀ FR\7pFQLFDVGH&DUWRJUDItD \ 6HPLQDULR GHO 6LVWHPD GH ,QIRUPDFLyQ*HRJUiÀFD (/ 5HFWRU 0DJQtILFR 'U *XVWDYR *DUFtD GH 3DUHGHV RWRUJD HO 'RFWRUDGR+RQRULV&DXVDD-RVp0DQXHO5HYHUWH&RPD &DSDFLWDFLyQ GRFHQWH HQ OD HGXFDFLyQPHGLDSDUDHO0L QLVWHULRGH(GXFDFLyQ 7UDEDMDU FRQMXQWDPHQWH FRQ HO0LQLVWHULRGH(GXFDFLyQ (O 'HSDUWDPHQWR GH (VSD xROWDPELpQKDHMHFXWDGRHQ OR TXH YD GHO DxR ORV VLJXLHQWHV VHPLQDULRV \ FXU VRV 7pFQLFDV PRGHUQDV GH UHGDFFLyQ \ RUWRJUDItD $F WXDOL]DFLRQHVLGLRPiWLFDV\HO VHPLQDULR GH ,QWURGXFFLyQ DO (VWXGLR GHO WH[WR GLULJLGR D SURIHVLRQDOHV HVWXGLDQWHV \ SURIHVRUHVGHOD8QLYHUVLGDG GH3DQDPi 6H KDQ FUHDGR FDSDFLWDFLR QHVHQGLVWLQWRVFROHJLRVGHO SDtV (Q 3DQDPi VH KDQ DWHQGLGRJUXSRV3DQDPi (VWHJUXSRV3DQDPi2HV WH JUXSRV 6DQ 0LJXHOLWR JUXSRV 'DULpQ JUXSRV &ROyQJUXSRV/RV6DQWRV JUXSRV+HUUHUDJUXSRV 9HUDJXDV JUXSRV &RFOp JUXSRV%RFDVGHO7RUR JUXSRV\&KLULTXtJUXSRV 7RGRV HMHFXWDGRV HQ GLVWLQ WDViUHDV\FRQWHQLGRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR $SR\RHQ,QYHVWLJDFLRQHVHQ &LHQFLDV6RFLDOHV ,QFHQWLYDU\DSR\DUODVLQYHV WLJDFLRQHV 6H KDQ GHVDUUROODGR LQYHVWL JDFLRQHV HQ OD PRGDOLGDG GH LQIRUPHVVRFLDOHVGHFR\XQWX UD$QiOLVLVGHOD6LWXDFLyQGHO 3DtV $XJH HFRQyPLFR \ 'H FHSFLyQ6RFLDO%RFDVGHO7RUR \&ULVLV6RFLDO\5HEHOLyQ 7DPELpQVHPDQWLHQHQHQHVWH DxR 2EVHUYDWRULR 6RFLDO VR EUH$PpULFD /DWLQD 2EVHUYD WRULRGHO(VWDGRGHOD1DFLyQ &DSDFLWDFLyQ HQ ,GLRPDV HQ OD)DFXOWDGGH+XPDQLGDGHV /RJUDU OD FDSDFLWDFLyQ HQ RWUDVOHQJXDV 6H KDQ HMHFXWDGR FXUVRV GH LGLRPDV JUXSRV FDSDFLWDGRV HQ HO LGLRPD LQJOpV JUXSRV GH HVSDxRO SDUD H[WUDQMHURV JUXSRV GH DOHPiQ JUXSRV GHLWDOLDQRVJUXSRVGHMDSR QpVJUXSRVGHSRUWXJXpV JUXSRV GH UXVR JUXSR GH PDQGDUtQ &DSDFLWDQGR XQ DSUR[LPDGRGHHVWXGLDQ WHVHQGLVWLQWRVLGLRPDV 'RFWRUDGR HQ +XPDQLGDGHV \&LHQFLDV6RFLDOHV ,QLFLDUHOGRFWRUDGRHQ+XPD QLGDGHV\&LHQFLDV6RFLDOHV $SR\R D ORV &RQJUHVRV GH +XPDQLGDGHV $SR\DU ORV FRQJUHVRV HQ OD IDFXOWDG 6H HMHFXWy HO ;,,, &RQJUHVR 1DFLRQDO GH 6RFLRORJtD FRQ HOWHPD/RV5HWRVGHOD6R FLRORJtD&ULVLV*OREDO\5HD OLGDG1DFLRQDO 9LVLWDV D GLVWLQWRV &ROHJLRV GHODFLXGDGGH3DQDPi 3URPRYHU ODV GLIHUHQWHV FD UUHUDVTXHRIUHFHODIDFXOWDG /DVYLVLWDVVHKDQUHDOL]DGRD ORV VLJXLHQWHV FROHJLRV -RVp 'RORUHV 0RVFRWH ,QVWLWXWR 1DFLRQDO ,QVWLWXWR )HUPtQ 1DXGHDX ,QVWLWXWR $PpULFD (O,QVWLWXWR3URIHVLRQDO\7pF QLFR1RFWXUQR2ÀFLDO5LFKDUG 1HXPDQQ $UWHV \ 2ÀFLRV \ 6LOYLR%HGR\D1RFWXUQRV 8QGRFXPHQWRGHGRFWRUDGR DSUREDGR HQ -XQWD 'HSDUWD PHQWDO 81,9(56,'$''(3$1$0É &HQWURGH,QYHVWLJDFLyQHQ)LVLRORJtDGHO(MHUFLFLR 3UR\HFWR0HWD5HVXOWDGR &UHDFLyQGHO,QVWLWXWR1DFLR QDOGH5HKDELOLWDFLyQ $\XGDUDSDFLHQWHVUHIHULGRV HQ VXV SURFHVRV GH UHKDELOL WDFLyQ 0iV GH SHUVRQDV WUDWD GDV 7UDEDMDUFRQHO0,16$HQHO WUDWDPLHQWR DQWLHVWUpV \ SpU GLGDGHSHVR 2ULHQWDU DO SHUVRQDO HQ OD OL EHUDFLyQ GH HVWUpV ODERUDO \ FRPR PHMRUDU VX FDOLGDG GH YLGD SDFLHQWHV PHMRUDURQ VX FRQGLFLyQItVLFD 7UDWDUODREHVLGDGHQSHUVR QDVDGXOWDV $SR\DU D ODV SHUVRQDV DGXO WDVHQODGLVPLQXFLyQGHSHVR SDUWLFLSDQWHV EDMDURQ GH SHVR\PHMRUDURQVXFDOLGDG GHYLGD &RRSHUDFLyQ FRQ 8'(/$6 HQ OD UHKDELOLWDFLyQ ItVLFD \ WHUDSLDUHVSLUDWRULD )DFLOLWDU OD SUiFWLFD SURIHVLR QDODHVWXGLDQWHVGH8'(/$6 HQODVFDUUHUDVGHÀVLRWHUDSLD \WHUDSLDUHVSLUDWRULD HVWXGLDQWHVKDQWHUPLQD GRVXSUiFWLFDHQHO&,)( 7RQLÀFDFLyQ\IRUWDOHFLPLHQWR GHMyYHQHVHVWXGLDQWHVGHOD 8QLYHUVLGDGGH3DQDPi 0HMRUDUODFRQGLFLyQItVLFDJH QHUDODMyYHQHVGHOD8QLYHU VLGDGGH3DQDPi HQ PHMRUtD HQ PiV GH SDUWLFLSDQWHV XQLYHUVL WDULRV IHPHQLQRV \ PDVFX OLQRV )DFXOWDGGH+XPDQLGDGHV 5(1',&,Ð1'(&8(17$6 )DFXOWDGGH,QIRUPiWLFD(OHFWUyQLFD\&RPXQLFDFLyQ 3UR\HFWR0HWD5HVXOWDGR 0HMRUDVDLQIUDHVWUXFWXUD 7HQHU XQD IDFXOWDG FRQ XQD HVWUXFWXUDTXHEULQGHVHJXUL GDG FRPRGLGDG D HVWXGLDQ WHV DGPLQLVWUDWLYRV \ SURIH VRUHV /DERUDWRULRVGHOD)DFXOWDGGH,QIRPiWLFD(OHFWUyQLFD\&RPXQLFDFLyQ ,QVWDODFLyQ GH 9HQWDQDV GHPHWDO 5HSDUDFLRQHV \ FDP ELRV GH SXHUWDV GH PD GHUD \ KLHUUR HQ ORV FLQDV &DPELRGHFLHORUDVRGH QDV 6H DGTXLULHURQ VLOODV \ GRV HVFULWRULRV SDUD UHHPSOD]DU ODV GHO SHU VRQDODGPLQLVWUDWLYR\GL UHFWRUHVGHGHSDUWDPHQ WRV $GTXLVLFLyQ GH VLOODV SOHJDEOHV SDUD XVR HQ HO FRPHGRU GH DGPLQLV WUDWLYRV \ SDUD HYHQWRV 6H LQVWDODURQ DLUHV DFRQGLFLRQDGRV HQ VDOR QHV 6HFDPELDURQWRGRVORV WUDQVIRUPDGRUHVIRFRV\ SDQWDOODV GH OiPSDUD GH ODIDFXOWDGFRQXQFRVWR GH 'H OD DGPLQLVWUDFLyQ FHQWUDOGHODXQLYHUVLGDG VH UHFLELHURQ DUFKL YDGRUHV GH JDYHWDV HVFULWRULRV MXYHQLOHV HVFULWRULRGHJDYHWDV\ DLUHV DFRQGLFLRQDGRV %78 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 0RGHUQL]DFLyQ \ DFRQGLFLR QDPLHQWRGHORVODERUDWRULRV GH,QIRUPiWLFD\(OHFWUyQLFD &RQWDUFRQODERUDWRULRVDFRQ GLFLRQDGRV\FRQDGHFXDFLR QHV QHFHVDULDV TXH EULQGHQ EHQHÀFLRVDORVHVWXGLDQWHV $GTXLVLFLyQ GH UDFNV SDWFK SDQHO ULHOHV SDUD LQVWDODFLR QHV \ PRGHUQL]DFLRQHV GH ORVODERUDWRULRV 6HFRPSUyXQVHUYLGRULQWHU PHGLRWLSRUDFNV 6H DGTXLULHURQ 6FDQQHUV IRWRFRSLDGRUDV .\RFHUD 3UR\HFWRU 0XOWLPHGLD FRQ XQDLQYHUVLyQGH 6H FRPSUy XQD HVWDFLyQ GH WUDEDMR LQDOiPEULFR FRQ XQ FRVWRGH (GXFDFLyQFRQWLQXD $FWXDOL]DFLyQ GH SURIHVR UHVFHUFDGHPLOHVWXGLDQWHV \ DGPLQLVWUDWLYRV VREUH WHPDV HQ DFWXDOLGDG VREUH ,QIRUPiWLFD(OHFWUyQLFD\&R PXQLFDFLyQ 9LVWDGHOD)DFXOWDGGH,QIRUPiWLFD(OHFWUyQLFD\&RPXQLFDFLyQ 'HQWURGHO3URJUDPDGH&R RSHUDFLyQFRQOD8QLYHUVLGDG &DUORV ,,, GH 0DGULG (VSD xDVHGLFWDURQ7DOOHUGH´'L VHxR H ,PSOHPHQWDFLyQ GH 'DWD:DUHKRXVH\&RQIHUHQ FLDVREUH´9LVLyQ$UWLÀFLDOµ 6HLQYLWyDOD'UD0DUtD7UXML OORGHOD8QLYHUVLGDGGHO9DOOH GH&RORPELDTXLpQGLFWyXQD FRQIHUHQFLD VREUH $SOLFDFLR QHV 0XOWLPHGLD \ OD 3URIH VRUD 0DUWD &DOGHUyQ GH OD 8QLYHUVLGDG GH &RVWD 5LFD ODFXDOGLFWyXQFXUVRGHODO GHPDU]RGHVREUH,Q WHUDFFLyQ +RPEUH 0iTXLQD HQEHQHÀFLRGH(VWXGLDQWHV 3URIHVRUHV\$GPLQLVWUDWLYRV 5(1',&,Ð1'(&8(17$6 )DFXOWDGGH0HGLFLQD 3UR\HFWR0HWD5HVXOWDGR 7UDQVIRUPDFLyQFXUULFXODU $SUREDFLyQGHOSODQGHHVWX GLR 6HDSUREyHQQXHYRSODQGH HVWXGLR FRQ OD DGHFXDFLyQ GHODVUHFRPHQGDFLRQHVGHO SURFHVRGHDXWRHYDOXDFLyQ\ YLVWDGHSDUHVH[WHUQRV /DV FDUUHUDV GH 1XWULFLyQ \ 7HFQRORJtD 0pGLFD KDQ SD VDGR SRU HO SURFHVR GH DX WRHYDOXDFLyQ \ YHULÀFDFLyQ SRUHYDOXDGRUHVH[WHUQRV 3URJUDPD1DFLRQDOGH5RWD FLRQHV&OtQLFDV 3URJUDPDLQWHUQDFLRQDO 5HDOL]DFLyQGHDFWLYLGDGHVGH FDUiFWHUVRFLDO\FRPXQLWDULR 6H UHDOL]y OD JLUD GH FR RUGLQDFLyQ GH ODV URWDFLyQ FOtQLFDV GH ORV HVWXGLDQWHV GHO GXRGpFLPR VHPHVWUH FXEULHQGR ODV iUHDV GH /D 3LQWDGD $JXDGXOFH *XDUD Up /RV 6DQWRV /DV 7DEODV 6DQWLDJR&DxD]DV\'DYLG FRQ OD SDUWLFLSDFLyQ GH ODV 5HJLRQHVGH6DOXGGHO0,1 6$\&DMDGH6HJXUR6RFLDO 'HVDUUROOR GH SUR\HFWRV GH LQYHVWLJDFLyQ UHODFLRQDGRV D ELRpWLFD 3UR\HFWRV GH LQYHVWLJDFLyQ FRQMXQWDPHQWHFRQHO/DER UDWRULR *RUJDV \ 6(1$&<7 EDMRORVDVSHFWRVUHODFLRQD GRV D ELRpWLFD \ ODV SRVLEL OLGDGHV GH OD IRUPDFLyQ GHO &RPLWpGH%LRpWLFD ,QWHUFDPELR GH H[SHULHQFLDV \SDVDQWtDV /D)DFXOWDGGH0HGLFLQDKD DPSOLDGR \ IRUWDOHFLGR VXV UHODFLRQHVFRQRWUDVIDFXOWD GHV GH PHGLFLQD D QLYHO LQ WHUQDFLRQDOHQWUHODVFXDOHV VH SXGH PHQFLRQDU OD 8QL YHUVLGDG GH 7XII GH %RVWRQ OD 8QLYHUVLGDG GHO 6XU GH 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR )ORULGD \ OD 8QLYHUVLGDG GH 0LDPLEHQHÀFLiQGRVHHQHO LQWHUFDPELRGHH[SHULHQFLDV \ SDVDQWtDV WDQWR D HVWX GLDQWHVFRPRDGRFHQWHV /D 8QLYHUVLGDG GH 7XII GH %RVWRQ UHDOL]y URWDFLRQHV GHDWHQFLyQSULPDULDGHVXV HVWXGLDQWHV HQ HO iUHD GH 3DQDPi 2HVWH &RQ HVWH LQWHUFDPELR OD IDFXOWDG UHFL ELy HTXLSR GH LQIRUPiWLFD \ FXDWURHVWXGLDQWHVGHQXHV WUDIDFXOWDGSXGLHURQYLDMDUD OD 8QLYHUVLGDG GH 7XII SDUD UHDOL]DU SUiFWLFDV FOtQLFDV SRUWUHVPHVHV $GMXGLFDFLyQ \ REWHQFLyQ GH HGLÀFLRV SDUD OD )DFXOWDG GH 0HGLFLQD 2EWHQHU LQIUDHVWUXFWXUD SDUD SRGHUEULQGDUDGHFXDGDPHQ WHORVSURFHVRGHHQVHxDQ]D DSUHQGL]DMH D QXHVWURV HVWX GLDQWHV 8QR GH ORV ORJURV PiV LP SRUWDQWHV SDUD OD IDFXOWDG IXH HO KDEHU REWHQLGR \ UH PRGHODGRHODQWLJXRHGLÀFLR GH HQIHUPHUtD GHO +RVSLWDO 6DQWR7RPiVHOFXDOHVWiHQ SURFHVR\VHUiXWLOL]DGRSDUD ORVVHPHVWUHVFOtQLFRVGHOD FDUUHUDGH0HGLFLQD 3UR\HFWRVFRPXQLWDULRV 'HVDUUROODU HO 3UR\HFWR GH OD &OtQLFD )DPLOLDU \ &RPXQLWD ULD GH OD 8QLYHUVLGDG GH 3D QDPi 3UR\HFWRGHOD&OtQLFD)DPL OLDU\&RPXQLWDULDGHOD8QL YHUVLGDG GH 3DQDPi TXH DWHQGHUi HQ IRUPD LQWHJUDO DODSREODFLyQGHFXDWURFR UUHJLPLHQWRV GHO 'LVWULWR GH 6DQ 0LJXHOLWR WHQGUi DGH PiV OD IXQFLyQ GH HMHFXWDU XQ SURJUDPD GH SUHYHQFLyQ GHOFiQFHUFHUYLFRXWHULQRGH PDPD \ GH SUyVWDWD \ EULQ GDUiDWHQFLyQRGRQWROyJLFD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR %HFDVDHVWXGLDQWHV $SR\DUFRQEHFDVDORVHVWX GLDQWHVGHHVFDVRVUHFXUVRV &RQVHFXFLyQ GH EHFDV D HVWXGLDQWHV GH OD IDFXOWDG FRQ HVFDVRV UHFXUVRV HFR QyPLFRV GRQDGDV SRU SUR IHVRUHV GH OD )DFXOWDG GH 0HGLFLQDHPSUHVDV\RWURV 'LSORPDGRV WDOOHUHV VHPL QDULRV\RWUDVDFWLYLGDGHVGH GRFHQFLD ''HVDUUROORGHSURJUDPDVGH HGXFDFLyQFRQWLQXD 'LSORPDGR ´(SLGHPLRORJtD \&RQWUROGHODV,QIHFFLRQHV 1RVRFRPLDOHVµ 'LSORPDGR´$FWXDOL]DFLyQHQ &LHQFLDV GH /DERUDWRULR &Ot QLFRFRQeQIDVLVHQ4XtPLFD &OtQLFD ,QPXQRORJtD %DQFR GH6DQJUH\+HPDWRORJtDµ 7DOOHU 5HJLRQDO GH (QWUHQD PLHQWRGHORVQXHYRVFRQWDPL QDQWHV RUJiQLFRV SHUVLVWHQWHV \HOSURFHVRGHUHYLVLyQ\DF WXDOL]DFLyQ GH ORV SODQHV QD FLRQDOHV GH LPSOHPHQWDFLyQ (YHQWR RUJDQL]DGR SRU 81, 7$5 218 SDUD ORV SDtVHV GHO&DULEHLQJOpV &DSDFLWDFLyQDPpGLFRVWUDGLFLRQDOHV\SDUWHUDVHPStULFDVGHODUHJLyQ1JREH%XJOH 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $FWLYLGDGHVGHH[WHQVLyQ &DSDFLWDFLyQDSDUWHUDVHPSt ULFDV\PpGLFRVWUDGLFLRQDOHV /D )DFXOWDG GH 0HGLFLQD (VFXHOD GH 6DOXG 3~EOLFD SDUWLFLSy HQ OD FDSDFLWDFLyQ DSDUWHUDVHPStULFDV\PpGL FRV WUDGLFLRQDOHV SURJUDPD GD SRU HO ,QVWLWXWR &RQPH PRUDWLYR*RUJDVDOD5HJLyQ &RPDUFDO1JREH%XJOH6DQ )pOL[ 3URJUDPDGHYROXQWDULDGR 3URJUDPD GH ,QWHUFDPELR \ &RODERUDFLyQ HQ 6DOXG 3~ EOLFD )DFXOWDG GH 0HGLFLQD 8QLYHUVLGDG GH 3DQDPi 86) 6H UHFLELy OD YLVLWD GH SDUWLFLSDQWHV GHO SURJUDPD GH0DHVWUtDHQ6DOXG*OREDO GHOD8QLYHUVLGDGGHO6XUGH )ORULGD86)TXLHQHVGHVD UUROODURQ DFWLYLGDGHV GH DX WRJHVWLyQ /RV IRQGRV VHUiQ LQYHUWLGRV HQ VHUYLFLRV FROD ERUDWLYRVGHVDOXGLQWHUQD VLJODV,+6& 6H VHOHFFLRQy HO 'LVWULWR GH 2F~ FRPXQLGDG (O ´*XD \DELWRµ VH UHDOL]DURQ PH MRUDV GH LQIUDHVWUXFWXUD HQ OD HVFXHOD PXOWLJUDGR FRQ OD SDUWLFLSDFLyQ GHO &UQWUR 5HJLRQDO GH $]XHUR 6H KL FLHURQODVPHMRUDVHQSLVRV SDUHGHV SLQWXUD WHFKR OH WULQDFLyQ 6H PHMRUy OD YHQ WLODFLyQ H LOXPLQDFLyQ GH OD HVFXHOD DGHPiV GH LQVWDODU QXHYDV SL]DUUDV \ ~WLOHV HV FRODUHV (VWXGLDQWHVGH0HGLFLQD 5(1',&,Ð1'(&8(17$6 )DFXOWDGGH0HGLFLQD9HWHULQDULD 3UR\HFWR0HWD5HVXOWDGR *LUDVDFDGpPLFDV 3UiFWLFDGHYHUDQR1DFLRQD OHVH,QWHUQDFLRQDOHV 3UiFWLFDV FOtQLFDV \ GH FDP SRSDUDIRUWDOHFHUORVFRQRFL PLHQWRVJHQHUDOHVGHOD0H GLFLQD9HWHULQDULD 6HKDQUHDOL]DGRJLUDVD QLYHOQDFLRQDO 3RQHUHQSUiFWLFDORVFRQRFL PLHQWRVDGTXLULGRVHQHODXOD 6H LQFRUSRUDURQ HVWX GLDQWHV HQ HPSUHVDV S~EOL FDV\SULYDGDVQDFLRQDOHVH LQWHUQDFLRQDOHV HQWUH HOODV VH HQFXHQWUDQ $VRFLDFLyQ 1DFLRQDO GH 3RUFLQRFXOWX UD &RPSOHMR 9HWHULQDULR GH &RUR]DO &OtQLFD 0XQGR $QLPDO +DUDV 6DQ 0LJXHO \ &HUUR 3XQWD &HQWUR GH 9LGD 6LOYHVWUH :D\QHVERUV HQ 9LUJLQLD (VWDGRV 8QLGRV 'HSDUWDPHQWR GH &LHQFLDV &OtQLFDVGHOD&OtQLFDGH3H TXHxRVDQLPDOHV\GHJUDQ GHV HVSHFLHV HQ OD 8QLYHU VLGDGGH7HQQHVVH(VWDGRV 8QLGRV 4XH ORV HVWXGLDQWHV WHQJDQ FRQWDFWR GLUHFWR FRQ HO SUR GXFWRU\YHDQODVSUREOHPiWL FDV QDFLRQDOHV H LQWHUQDFLR QDOHV 'DU D FRQRFHU OD IDFXOWDG D QLYHOQDFLRQDOHLQWHUQDFLRQDO 0RWLYDU D ORV HVWXGLDQWHV D UHDOL]DU SUiFWLFDV D QLYHO QD FLRQDOHLQWHUQDFLRQDO -RUQDGD8QLYHUVLWDULD 0RWLYDU D ORV HVWXGLDQWHV SDUD TXH UHDOLFHQ SUR\HFWRV GH LQYHVWLJDFLRQHV HQ GLIH UHQWHVHVSHFLHV 6H UHDOL]y OD , -RUQDGD &LHQWtÀFD GHQRPLQDGD ([ SDQVLyQ DVLVWLHURQ HV WXGLDQWHV 6H SUHVHQWDURQ FKDUODV GH LQYHVWLJDFLyQ \ GH SUiFWLFDV TXH VH UHDOL ]DURQ HQ YHUDQR D QLYHO QD FLRQDO H LQWHUQDFLRQDO FRQ ODLQWHQFLyQGHPRWLYDUDORV HVWXGLDQWHV &RQJUHVR &LHQWtÀFR GH OD )DFXOWDG GH 0HGLFLQD 9HWH ULQDULD 'DUDFRQRFHUORV~OWLPRVDGH ODQWRV GHQWUR GHO iUHD GH OD PHGLFLQD YHWHULQDULD HQ JUDQ GHV\SHTXHxDVHVSHFLHV 6H UHDOL]y HO 9,, &RQJUHVR &LHQWtÀFRGHOD)DFXOWDGGH0H GLFLQD 9HWHULQDULD HO FRQJUHVR FRQWyFRQODSDUWLFLSDFLyQGH H[SRVLWRUHVH[WUDQMHURV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3DUWLFLSDFLyQHQFRQJUHVRV ,QWHUFDPELDU FRQRFLPLHQWRV \ H[SHULHQFLDV DGTXLULGDV HQ ODV GLIHUHQWHV GLVFLSOLQDV GH ODVFLHQFLDVYHWHULQDULDV (VWXGLDQWHV \ 3URIHVRUHV DVLVWLHURQDVHLVFRQJUH VRV ; &RQJUHVR 1DFLRQDO GH 0pGLFRV 9HWHULQDULRV RUJD QL]DGR SRU OD$VRFLDFLyQ GH 0pGLFRV9HWHULQDULRV ,, &RQJUHVR /DWLQRDPHULFD QR GH 1HXURORJtD 9HWHULQD ULDHQ%RJRWi&RORPELD /D 'UD 1DFDUt -DUDPLOOR SURIHVRUD GH OD IDFXOWDG QRV UHSUHVHQWyHQHO;,&RQJUHVR &HQWURDPHULFDQR \ GHO &DUL EHGH3DUDVLWRORJtD\0HGLFL QDHQ6DQ-RVp&RVWD5LFD 6HUYLFLREULQGDGRDORVHVWX GLDQWHV %ULQGDU D ORV HVWXGLDQWHV GH ODIDFXOWDGFDOLGDGGHVHUYLFLR HGXFDWLYR SURSRUFLRQDQGR HTXLSRV WHFQROyJLFRV PRGHU QRVSDUDHOXVRGHHVWXGLDQ WHV\GRFHQWHV 6ROLFLWXGHVDWHQGLGDVHQ 3UpVWDPRV GH HTXLSRV WHFQROyJLFRV 0DWULFXODHQOtQHD (GXFDFLyQFRQWLQXD /LEURV FLHQWtÀFRV GH OD FDUUHUD D SUHFLRV PiV EDMRV 6HUYLFLRV PpGLFRV DWHQ GLGRV 7UiPLWHGHSUiFWLFDSUR IHVLRQDOHQLQVWDODFLRQHV GHOJRELHUQRHPSUHVDV SULYDGDV \ XQLYHUVLGD GHVH[WUDQMHUDV $SR\R FRQ PDWHULDOHV H LQVXPRVSDUDJLUDVDFD GpPLFDV $SR\R FRQ DQLPDOHV SDUD OD LQYHVWLJDFLyQ FLHQWtÀFD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &RQFXUVRVIRUPDOSDUDSURIH VRUUHJXODU $XPHQWDUODFDQWLGDGGHSUR IHVRUHV FRQ GHGLFDFLyQ WLHP SR FRPSOHWR \ DGHPiV SHU PDQHQWH 6H DSUREy OD DSHUWXUD GH FRQFXUVR GH XQD &iWHGUD DVLJQDGDDO'HSDUWDPHQWRGH (QIHUPHGDGHV 7UDQVPLVLEOHV \6DOXG3~EOLFDHQHOiUHDGH (QIHUPHGDGHV7UDQVPLVLEOHV 3RUWDO :HE \ FRUUHR HOHFWUy QLFR 'HVDUUROODU PHFDQLVPRV GH FRPXQLFDFLyQLQWHUQD\H[WHUQD GHOD8QLYHUVLGDGGH3DQDPi 6H KD ORJUDGR OD DFWXDOL]D FLyQ GH OD SiJLQD :HE HQ 6HUYLFLRV GH /DERUDWRULR GHO %LRWHULR $EDVWHFHUDODVGLIHUHQWHVID FXOWDGHVGHOiUHDFLHQWtÀFDGH ORVDQLPDOHVUHTXHULGRVSDUD ODLQYHVWLJDFLyQ 6H GLVWULEX\HRQ DQL PDOHV *LUDVDODVFRPXQLGDGHVGH2Oi\HO$JXDFDWHGH&DSLUD 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 0DHVWUtDV %ULQGDU OD RSRUWXQLGDG D ORV SURIHVLRQDOHV GH ODV FLHQFLDV YHWHULQDULDVSDUDUHDOL]DUHV WXGLRVGHPDHVWUtDHQHOSDtV 6HHVWiWUDEDMDQGRFRQMXQWD PHQWHFRQOD8QLYHUVLGDGGH &DPDJXH\ &XED HQ HO GH VDUUROORGHOD0DHVWUtD'LDJ QyVWLFR9HWHULQDULR $XWRHYDOXDFLyQGHODFDUUHUD GH0HGLFLQD9HWHULQDULDDXWR HYDOXDFLyQ \ HYDOXDFLyQ H[ WHUQD ,PSXOVDU ORV SURFHVRV GH (YDOXDFLyQ HQ OD &DUUHUD GH 0HGLFLQD9HWHULQDULD 6HKDORJUDGRHQXQHO DYDQFHGHOSURFHVRGHDXWR HYDOXDFLyQ GH OD FDUUHUD OD FXDO FRQWHPSOD LQIRUPHV GLDJQRVWLFR\SODQHVGHPH MRUDPLHQWR 3URSRUFLRQDUOLEURVDFWXDOL]D GRVGHODFDUUHUDDQXHVWURV HVWXGLDQWHV 6H DGTXLULHURQ OLEURV GH ORV IRQGRV SUHVXSXHV WDULRV HVWHWRVFRSLRV HVWXFKH GH FLUXJtD PHQRU SRU XQ FRVWR GH % $GHPiV VH UHFLELy SDUD DF WLYLGDGDFDGpPLFDGHORVHV WXGLDQWHVSRUSDUWHGH$GPL QLVWUDFLyQ &HQWUDO OLEURV SRU XQ FRVWR GH % GRQDFLyQ 3HUIHFFLRQDPLHQWRGHOUHFXU VRKXPDQR &DSDFLWDU DO SHUVRQDO DGPL QLVWUDWLYR SDUD EULQGDU PHMRU VHUYLFLR &DSDFLWDFLyQ GH RFKR IXQ FLRQDULRV HQ GLIHUHQWHV WH PDV &DMD 0HQXGD $QWH SUR\HFWR GH 3UHVXSXHVWR 3DQDPi&RPSUDV\RWUDV )XQFLRQDPLHQWR \ PDQWHQL PLHQWR GH OD LQIUDHVWUXFWXUD GHODIDFXOWDG 0HMRUDPLHQWR HQ JHQHUDO GH ODERUDWRULRV VDORQHV GH FOD VHV\DOPDFpQGHOD)DFXOWDG 0HMRUD GHO VLVWHPD GH SOR PHUtD HOHFWULFLGDG SLQWXUD GH SDUHGHV UHSDUDFLyQ GH VLOODV FDPELR GH FHUUDGX UDV LQVWDODFLyQ GH ODPLQDV GHJLSVRQHQHODOPDFpQGH OD)DFXOWDG $GTXLVLFLyQGHOLEURV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR VXDO SDUDKDELOLWDUiUHDVGHWUDEDMR \DFDGpPLFD ,QVWDODFLyQGHPRGXODUHVHQ 2SWLPL]DU HO IXQFLRQDPLHQWR YDV 6H LQVWDODURQ HTXLSRV GH FRPSXWDGRUDV HQ ODERUDWR YDV 6H LQVWDODURQ DLUHV DFRQGLFLRQDGRHQHO%LRWHULR XQ IUHH]HU SDUD ODERUDWRULR GHDQDWRPtD6HDGTXLULHURQ WUHV LPSUHVRUDV /iVHU \ XQHTXLSRPXOWLPHGLD 6H FRQWLQXD FRQ GLVHxR H LQVWDODFLyQGHPRGXODUHVHQ FRQ XQD LQYHUVLyQ HQ HVWD IDVHGH% 0DQWHQLPLHQWR \ UHSDUDFLyQ 'DUOHVPDQWHQLPLHQWRDWRGRV GLIHUHQWHV ODERUDWRULRV GH OD )DFXOWDG 5HYLVLyQ PDQWHQLPLHQWR \ UHSDUDFLyQ GH HTXLSRV GH PLFURVFRSLRV HVWHWRVFRSLR ODPLQDU DXWRFODYHV LQFXED GRUDVHQWUHRWURV *LUDDFDGpPLFDHQ'LYLVD 81,9(56,'$''(3$1$0É )DFXOWDGGH2GRQWRORJtD 3UR\HFWR0HWD5HVXOWDGR *LUDVRGRQWROyJLFDVDGLVWLQ WDVFRPXQLGDGHVDQLYHOQD FLRQDO 5HDOL]DUJLUDVWDQWRHQHOiUHD PHWURSROLWDQDFRPRHQHOLQ WHULRU 6HUHDOL]DURQJLUDVDQLYHO QDFLRQDO$O&ROHJLR/D6D O O H G H O D S U R Y L Q F L D G H & R O y Q DOD3DUURTXLDGHO&DUPHQ\ DO 9DOOH GH$QWyQ HQ OD SUR YLQFLDGH&RFOp% 3URGXFFLyQ HQ ODERUDWRULR GHQWDO 3URGXFLUSUyWHVLVGHQWDOHVHQ HOODERUDWRULRGHQWDOGHODID FXOWDG (O /DERUDWRULR 'HQWDO SUR GXMR SUyWHVLV GXUDQWH HO 6HJXQGR 6HPHVWUH GHO DxR% $WHQFLyQ2GRQWROyJLFDHVSH FLDOL]DGD $WHQFLyQ GH SDFLHQWHV OD &OtQLFD GH 6HUYLFLRV 2GRQWR OyJLFRV (VSHFLDOL]DGRV &/, 62( (Q OD &OtQLFD GH 6HUYLFLRV 2GRQWROyJLFRV (VSHFLDOL]D GRV&/,62(GHOD)DFXOWDG GH 2GRQWRORJtD VH DWHQGLH URQ SDFLHQWHV GXUDQWH HODxR% 6HUYLFLR GH $VLVWHQFLD 7pF QLFD 5HDOL]DU JLUDV D QLYHO QDFLR QDO /D IDFXOWDG SDUWLFLSy FRQ VXVWpFQLFRVHQODVGLVWLQWDV JLUDV UHDOL]DGDV D QLYHO QD FLRQDO% 6HUYLFLRVRGRQWROyJLFRVHQOD &OtQLFD2GRQWROyJLFDGH6DQ 0LJXHOLWR $WHQGHUSDFLHQWHV /D &OtQLFD 2GRQWROyJLFD GH 6DQ 0LJXHOLWR DWHQGLy SDFLHQWHV GXUDQWH HO DxR % 3DFLHQWHV DWHQGLGRV HQ OD &OtQLFD GH OD )DFXOWDG GH 2GRQWRORJtD 1~PHURGHSDFLHQWHVDWHQGL GRVHQOD&OtQLFDGHOD)DFXO WDGGH2GRQWRORJtD (Q OD &OtQLFD 2GRQWROyJLFD GH OD IDFXOWDG VH DWHQGLH URQ SDFLHQWHV GH ORV FXDOHV HUDQ DGXOWRV \ QLxRV% (MHFXFLyQGHOD$GGHQGDGHO 3URJUDPD6RQULVDGH0XMHU 3DFLHQWHV DGLFLRQDOHV DWHQ GLGRV 6H DWHQGLHURQ PXMHUHV SDFLHQWHVDGLFLRQDOHVSRUHO SURJUDPD% 5(1',&,Ð1'(&8(17$6 *LUD´3URJUDPD6RQULVDGH0XMHUµ 3UR\HFWR0HWD5HVXOWDGR &RQYHQLRV,QWHUQDFLRQDOHV )LUPDU FRQYHQLRV LQWHUQDFLR QDOHV 6H KD FXPSOLGR FRQ OD LP SOHPHQWDFLyQ GHO FRQYHQLR FRQOD8QLYHUVLGDGGH%XFD UDPDQJD &RORPELD FRQ OD SDUWLFLSDFLyQGHHVWXGLDQWHV \GRFHQWHV $SHUWXUD GH 3URJUDPD GH 0DHVWUtD ,QLFLDUPDHVWUtDV 6H LQLFLD OD WHUFHUD 3UR PRFLyQ GH OD 0DHVWUtD HQ 3HULRGRQFLD% *LUDV RGRQWROyJLFDV D GLV WLQWDV &RPXQLGDGHV D QLYHO QDFLRQDO 5HDOL]DUJLUDVWDQWRHQHOiUHD PHWURSROLWDQD FRPR HQ HO LQ WHULRU 6HUHDOL]DURQJLUDVDQLYHO QDFLRQDO $ OD &RPXQLGDG GH %XHQRV $LUHV GH &KHSR FRQOD2SHUDFLyQ6RQULVDDOD SURYLQFLDGH&KLULTXt$1DUV 3DQDPiDODFRPXQLGDGGH 7RF~PHQ \ JLUDV D 9LHMR 9HUDQLOOR\XQDD&RFOp 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR ,QYHVWLJDFLRQHV ,QYHVWLJDFLRQHVUHDOL]DGDV )RUWDOHFLPLHQWRLQVWLWXFLRQDO 5HFHSFLyQGHHTXLSRVSDUDOD )DFXOWDGGH2GRQWRORJtD $SHUWXUD GH 3URJUDPD GH 0DHVWUtD ,QLFLDUPDHVWUtD /DERUDWRULRGHQWDO 6H UHJLVWUy XQD LQYHVWLJD FLyQGHSDUWHGHO'RFWRU$Q WRQLR)LQOD\VRQFRQHO7tWXOR ´$VSHFWR$FDGpPLFR\$GPL QLVWUDWLYRVHQ2UWRGRQFLD 6H KDQ UHFLELGR XQLGDGHV GHQWDOHVSDUDVHULQVWDODGDV HQ OD 6HFFLyQ GH ,QYHVWLJD FLyQ\3RVWJUDGR 6H GLR LQLFLR D OD 0DHVWUtD HQ2UWRGRQFLD\DO3URJUDPD GH(VSHFLDOL]DFLyQHQ3HULR GRQFLD 5(1',&,Ð1'(&8(17$6 )DFXOWDGGH3VLFRORJtD (OGHVSOHJDUXQLQIRUPHGHUHQGLFLyQGHFXHQWDDODFRPXQLGDGXQLYHUVLWDULDUHSUHVHQWDSDUD ORVLQWHJUDQWHVGHOD)DFXOWDGGH3VLFRORJtDPiVTXHHOFXPSOLUFRQXQUHTXHULPLHQWRLQVWLWX FLRQDOXQHMHUFLFLRUHWURVSHFWLYRXQDRSRUWXQLGDGSDUDGLPHQVLRQDUORDFWXDGR\GHWHFWDUHO JUDGRGHHÀFLHQFLDORJUDGRFRQPLUDVDUHDOL]DUDFFLRQHVGHPHMRUDFRQWLQ~D 3UR\HFWR0HWD5HVXOWDGR $PSOLDFLyQ GH OD FREHUWXUD GHDWHQFLyQ $PSOLDU ODV RSRUWXQLGDGHV D ORV HJUHVDGRV GH OD OLFHQFLD WXUD GH UHDOL]DU ORV HVWXGLRV GHPDHVWUtD OLFHQFLDGRV REWXYLHURQ OD 0DHVWUtD HQ 3VLFRORJtD &OtQLFD \ OD 0DHVWUtD HQ 3VLFRORJtD(VFRODU 'LVPLQXLU ORV QLYHOHV GH H[ FOXVLyQGHODVSHUVRQDVFRQ QHFHVLGDGHV HVSHFLDOHV HQ OD SREODFLyQ HVWXGLDQWLO XQL YHUVLWDULD 6H UHDOL]y HO 'LSORPDGR GH $IURQWDPLHQWR \ 0DQHMR GH OD 'LVFDSDFLGDG 8QD DOWHU QDWLYD SDUD OD )DPLOLD FRQ HOFXDOVHEHQHÀFLyDSD GUHVGHIDPLOLD\DVXVKLMRV FRQQHFHVLGDGHVHVSHFLDOHV VXIUDJDGR SRU OD 6HFUHWDULD 1DFLRQDOGHOD'LVFDSDFLGDG 6(1$',6 \ FRRUGLQDGR SRUHOSHUVRQDOGHOD2ÀFLQD GH (TXLSDUDFLyQ GH 2SRUWX QLGDGHV FRQ VHGH HQ OD )D FXOWDGGH3VLFRORJtD 6H RIHUWD XQ QXHYR 3URJUD PD GH 0DHVWUtD HQ HO iUHD GH 3VLFRORJtD ,QGXVWULDO \ 2UJDQL]DFLRQDO \ VH FXHQWD FRQ OD 0DOOD &XUULFXODU GHO 3ODQ GH (VWXGLR SDUD OD IRU PDFLyQ GHO7pFQLFR HQ 'UR JRGHSHQGHQFLD 'LYHUVLÀFDFLyQ GH OD RIHUWD DFDGpPLFD D QLYHO GH SRVW JUDGR \ SUHJUDGR HQ OD )D FXOWDGGH3VLFRORJtD %ULQGDU XQD QXHYD RSFLyQ GHHVSHFLDOL]DFLyQDQLYHOGH PDHVWUtDDORVOLFHQFLDGRVHQ SVLFRORJtD (GXFDFLyQFRQWLQXD 2IUHFHUDSURIHVLRQDOHVGHOD VDOXG WpFQLFDV GH +LSQRVLV 7HUDSpXWLFDXWLOL]DQGRODPR GDOLGDGGH'LSORPDGR 8QWRWDOSURIHVLRQDOHVGH ODV iUHDV GH OD SVLFRORJtD PHGLFLQD \ RGRQWRORJtD HQ WUHRWUDVVHKDELOLWDURQHQHO XVRGHODKLSQRVLVFRPRXQD KHUUDPLHQWD SDUD SURPRYHU HOELHQHVWDUGHVXVXVXDULRV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFHU ORV YtQFXORV HQ WUH HO SVLFyORJR \ ORV RWURV SURIHVLRQDOHV GH ODV FLHQFLD GH OD VDOXG FRPSDUWLHQGR H[SHULHQFLDV GH SHUIHFFLRQD PLHQWR HQ PDWHULD SVLFRORJtD ÀVLROyJLFD \ QHXURSVLFRORJtD FOtQLFD 'tDGHFODVHVHQODIDFXOWDGGH3VLFRORJtD SURIHVLRQDOHVHQWUHHOORV SVLFyORJRV PpGLFRV QHX UyORJR QHXURFLUXMDQR \ SVL TXLDWUD YHWHULQDULRV IDUPD FpXWLFRV HVSHFLDOLVWDV HQ GLDJQRVWLFR \ UHKDELOLWDFLyQ GH OD GLVFDSDFLGDG \ HVWX GLDQWHVGHSVLFRORJtDSDUWLFL SDURQHQHO6HPLQDULR7DOOHU GH $FWXDOL]DFLyQ GH 3VLFR ORJtD )LVLROyJLFD \ 1HXURS VLFRORJtD &OtQLFD GLFWDGR SRU HO 'U 5DIDHO *XWLpUUH] 0p[LFR')HO'U5LFDUGR GH 2EDOGLD HO 'U &ULVWyEDO 1LHWR 3VLFyORJR \ OD 0JWUD ,QpV3pUH] 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &DOLGDGGHORVVHUYLFLRV(GX FDWLYRVD1LYHO6XSHULRU %ULQGDU KHUUDPLHQWDV DO SHU VRQDO GRFHQWH \ HVWXGLDQWHV SDUDODDSOLFDFLyQGHO$QiOLVLV &RQGXFWXDO HQ ODV LQWHUYHQ FLRQHVSVLFROyJLFDV 2FKHQWD \ GRV HVWXGLDQWHV \ SURIHVLRQDOHV SDUWLFLSDURQ HQODMRUQDGD$FDGpPLFDGH 3VLFRSDWRORJtD GHO 'HVDUUR OOR 7pFQLFDV GH LQWHUYHQ FLyQ GH$QiOLVLV &RQGXFWXDO $SOLFDGR D 3REODFLRQHV FRQ 1HFHVLGDGHV (VSHFLDOHV 'LFWDGR SRU HO 'U (GJDUG *DOLQGR GH OD 8QLYHUVLGDG /LEUHGH%HUOtQ$OHPDQLD $FUHGLWDU OD /LFHQFLDWXUD GH 3VLFRORJtDHQHO 6HFRQFOX\yOD$XWR(YDOXD FLyQGHOD&DUUHUD 'RFXPHQWR GH $XWRHYDOXD FLyQ DO 2UJDQLVPR$FUHGLWD GRU SDUD HO DQiOLVLV SRU ORV SDUHVH[WHUQRV 5HYLVWD (OHFWUyQLFD 5(',3 6,& 'RWDFLyQGHHTXLSR *HQHUDFLyQGHLQJUHVRV &RPSDUWLUHLQWHUFDPELDUFRQ OD FRPXQLGDG FLHQWtÀFD GHO iUHD GH OD 3VLFRORJtD \ FLHQ FLDVDÀQHVORVFRQRFLPLHQWRV REWHQLGRVSURGXFWRGHOWUDED MRLQYHVWLJDWLYRUHDOL]DGR 6HGLVSRQHGHXQHVSDFLRHQ OD:HESDUDGLYXOJDUUHFRSL ODFLRQHV GH LQYHVWLJDFLRQHV \DUWtFXORVGHVDUUROODGRVSRU HOSHUVRQDOGRFHQWHHLQYHV WLJDGRUHV GH OD )DFXOWDG GH 3VLFRORJtD )DFLOLWDU HO WUDEDMR GH ORV DG PLQLVWUDWLYRGRFHQWHV\HVWX GLDQWHV 'RWDFLyQ GH HTXLSRV D ORV FXDWUR GHSDUWDPHQWRV HQ OD HMHFXFLyQ GHO SUHVXSXHVWR 6H UHHPSOD]D URQWRGRVORVPRQLWRUHVSRU SDQWDOODVSODQDV&38 &RQWDUFRQUHFXUVRVSDUDPH MRUDUORVVHUYLFLRV 7RWDOLQJUHVDGRDODIDFXOWDG % 6H KL]R HO SULPHU SDJR GHO SDUD OD LQVWDODFLyQ GH DVFHQVRU SDUD ODV SHUVRQDV GLVFDSDFLWDGDV 5(1',&,Ð1'(&8(17$6 ,9&(175265(*,21$/(6 81,9(56,7$5,26<(;7(16,21(6 81,9(56,7$5,$6 81,9(56,'$''(3$1$0É &HQWUR5HJLRQDO8QLYHUVLWDULRGH$]XHUR 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWRGHGRFHQFLD 0HMRUDU \ IRUWDOHFHU OD RIHUWD DFDGpPLFD $SHUWXUD 0DHVWUtD HQ $G PLQLVWUDFLyQ (GXFDWLYD HVWXGLDQWHV *UXSR 1R GH 3RVWJUDGR HQ GRFHQFLD 6XSHULRU HVWXGLDQWHV &XUVRGH3HUIHFFLRQDPLHQWR HQ'LGiFWLFDGHO1LYHO6XSH ULRUSURIHVRUHV 3UR\HFWRGHLQYHVWLJDFLyQGH LPSDFWRVRFLDO 'HVDUUROORGHLQYHVWLJDFLRQHV ,QYHVWLJDFLyQ ´'HIHQVD \ 'RPLQLRGHO&DFLTXH3DULWDµ 3URI5RJHOLR+HUUHUD 3URJUDPDGHH[WHQVLyQ )RUWDOHFHU ORV SURJUDPDV GH YLQFXODFLyQFRQODFRPXQLGDG HLQFRUSRUDUDORVHVWXGLDQWHV DOFDPSR ,,, &RQJUHVR &LHQWtÀFR GH $]XHUR FRQ XQD SDUWLFLSD FLyQGHSDUWLFLSDQWHV\ PiVGHDFWLYLGDGHV &RQYHUVDWRULR ´5HYRFDWRULD GH0DQGDWR\3HUGLGDGHOD (OHFWRUDOGH3DQDPi *LUDV$FDGpPLFDV&RPDUFD 1JREH\%XJOH3OD\D0RQD JUH SDUD DQiOLVLV GH OD FDOL GDG GH DJXDV /DERUDWRULR GH$QiOLVLV GH 4XtPLFRV GH 6XHOR ,',$3',9,6$ )LQFD &DIpGHO&DQDMDJXD $VXQWRVHVWXGLDQWLOHV &RQWULEXLUDOGHVDUUROORLQWHJUDO GHODSREODFLyQHVWXGLDQWLO 6HJXUR (VWXGLDQWLO EH QHÀFLDULRV 6DOXG,QWHJUDOEHQHÀFLD GRV 0DWUtFXOD SRU 7UDEDMR EHQHÀFLDULRV &DUQHWEHQHÀFLDULRV $WHQFLyQ 3VLFROyJLFD EHQHÀFLDULRV $\XGDV (FRQyPLFDV %HQHÀFLDULRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3URGXFFLyQ\VHUYLFLRV &RQVROLGDU OD RIHUWD GH ORV VHUYLFLRVTXHVHRIUHFHQHQHO FHQWUR $QiOLVLVGHDJXDVDOD3ODQ WD3RWDELOL]DGRUDGHO,'$$1 GH /D 3LVFLQD 3~EOLFD GH &KLWUp\/RV6DQWRV $SUREDFLyQ GHO 3UR\HFWR GH ,QFXEDFLyQGH(PSUHVDV *HVWLyQDGPLQLVWUDWLYD *DUDQWL]DU HO EXHQ IXQFLRQD PLHQWR GH OD 8QLGDG $FDGp PLFD $PSOLDFLyQ GHO$OPDFpQ *HQHUDO &RQVWUXFFLyQGHO&RPH GRU$GPLQLVWUDWLYR &RQVWUXFFLyQGHXQD*D ULWDGH6HJXULGDG\SXHU WD FRUUHGL]D HQ HO iUHD GHHVWDFLRQDPLHQWR ,QVWDODFLyQ GH OD 5HG ,QDOiPEULFD 5HYHVWLPLHQWR GH SDUH GHV GHO $XGLWRULR FRPR DLVODQWHGHUXLGR $FRQGLFLRQDPLHQWRGHODVDOD GH FRQIHUHQFLDV $ FRPR VDOyQ YLUWXDO FRQ OD DGTXLVL FLyQGHPRGHUQRVHTXLSRV &UHDFLyQ GH OD 5HYLVWD 9L VLyQ$QWDWDXUD ,QQRYDFLyQWHFQROyJLFD +DELOLWDUHVSDFLRVItVLFRVSDUD EULQGDUXQPHMRUVHUYLFLR &UHDFLyQGHXQD5HYLVWD8QL YHUVLWDULD ,PSXOVDU \ SXEOLFDU DUWtFXORV R UHVXOWDGRV GH LQYHVWLJDFLR QHV ,QWHUFDPELRLQWHUQDFLRQDOHV WXGLDQWLO &RPSDUWLU H[SHULHQFLDV \ FR QRFLPLHQWRV 'HVDUUROORGHDFWLYLGDGHVHQ OD FRPXQLGDG FRQ ORV HVWX GLDQWHV GH OD 8QLYHUVLW\ RI 6RXWK)ORULGD $PSOLDU OD RIHUWD DFDGpPLFD FRQ FDUUHUDV TXH VH H[LJHQ VHJ~QODVQHFHVLGDGGHOPHU FDGR $SHUWXUDGHQXHYDVFDUUHUDV )RUWDOHFLPLHQWR GH ORV FXUVRV GHHVSHFLDOLGDGHV\PDHVWUtDV $SHUWXUDGH /LFHQFLDWXUD HQ 6DOXG RFX SDFLRQDOFRQPDWUtFXODGH HVWXGLDQWHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR )RUWDOHFLPLHQWR GH ODV FRP SHWHQFLDV HQ MRUQDGDV GH HGXFDFLyQFRQWLQXD 7pFQLFR HQ (FRQRPtD $P ELHQWDO FRQ PDWUtFXOD GH HVWXGLDQWHV 0DHVWUtD HQ &RQWDELOLGDG FRQXQDPDWUtFXODGHHV WXGLDQWHV 0DHVWUtD HQ $GPLQLVWUDFLyQ (GXFDWLYD FRQ PDWUtFXOD GH HVWXGLDQWHV (VSHFLDOLGDG HQ $WHQFLyQ GHO3DFLHQWH$GXOWRHQ(VWD GR &UtWLFR FRQ PDWUtFXOD GH HVWXGLDQWHV (VSHFLDOLVWDV HQ 'RFHQFLD 6XSHULRU FRQ XQD PDWUtFXOD GHHVWXGLDQWHV ´'LSORPDGR 0LFURELRORJtD $PELHQWDOµ$FWD9,(; 9LVWDGHO&HQWUR5HJLRQDOGH$]XHUR ´'LSORPDGR,QWHUQDFLRQDOHQ *REHUQDELOLGDG \ *HUHQFLD 3~EOLFDµ 0DWUtFXOD GH (VWXGLDQWHV 6HPLQDULR 3DUDVLWRORJtD $PELHQWDO (VWDEOHFHU DOLDQ]DV HQ OD E~VTXHGD GH IRUWDOHFHU D OD 8QLYHUVLGDGGH3DQDPiSDUD HOGHVDUUROORGHOSDtV 3DVDQWtDVGHHVWXGLDQWHVHQ ,QVWLWXFLRQHV FRPR ,'$$1 0,'$ ,',$3 &$0$&2 $/ 75,; +RVSLWDO &HFLOLR &DVWL OOHUR0LQLVWHULRGH(GXFDFLyQ )RUWDOHFHU ORV FRQRFLPLHQ WRV WHyULFRV ² SUiFWLFRV GH ORV HVWXGLDQWHV DO SDUWLFLSDU GHHVWDVSDVDQWtDV 3UR\HFWRVGHLQYHVWLJDFLyQ (YDOXDUOD´&DOLGDGPLFURELR OyJLFDGHORVPHORQHV\VDQ GtDVGHH[SRUWDFLyQ ,QYHVWLJDFLyQ ´(YDOXDFLyQ OD ´&DOLGDGPLFURELROyJLFDGHORV PHORQHV\VDQGtDVGHSODQWDV HPSDFDGRUDV \ H[SRUWDGRUDV GHIUXWDVGH$]XHUR 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 0HMRUDU OD LQIUDHVWUXFWXUD \ PRELOLDULR ,GHQWLÀFDUVLVWHPDWL]DU\HYD OXDU HO XVR GH HVSHFLHV GH SODQWDVPHGLFLQDOHVµ ,QYHVWLJDFLyQ ´3ODQWDV PH GLFLQDOHVXWLOL]DGDVHQOD5H VHUYD )RUHVWDO /D 7URQRVDµ DXWRUD1LOND7RUUHV 2IUHFHUXQDPELHQWHDGHFXD GR SDUD HO SURFHVR GH HQVH xDQ]DDSUHQGL]DMH &RQVWUXFFLyQ GH XQ QXHYR HGLÀFLR´(µ $GTXLVLFLyQ GH XQD %XV GH SDVDMHURV SDUD UHDOL]DFLyQGHJLUDVDFD GpPLFDV ,QVWDODFLyQ GH DLUHV DFRQGLFLRQDGRVVSOLWVHQ GLIHUHQWHV DXODV GH FOD VHV $GTXLVLFLyQ GH PRELOLD ULRV \ HTXLSRV /&' \ WHDWUR HQ FDVD FiPDUD IRWRJUiÀFDVGDWDVKRZV WHOHYLVLyQ SODVPD SDQ WDOODV \ UHWURSUR\HFWR UHV PXHEOHV GH LQIRU PiWLFD 'RWDFLyQ GH QXHYRV PLFURVFRSLRV \ RWURV HTXLSRV HOHFWUyQLFRV H LQIRUPiWLFRV $GHFXDFLyQGHORVFDQD OHV GH DJXDV SOXYLDOHV HQORVMDUGLQHVGHO&HQ WUR8QLYHUVLWDULR 0DQWHQLPLHQWR\SLQWXUD GH ORV HGLÀFLRV GHO FHQ WUR &RORFDFLyQ GH FLHORUUD VRHLQVWDODFLyQGHOiP SDUDVGHHPHUJHQFLDHQ ORV SDVLOORV GH ORV HGLÀ FLRV$\' 5HPRGHODFLRQHVGHOSLVRGHODFDIHWHUtD &HQWURGH,QFXEDFLyQGH(P SUHVDV )RUPDFLyQ LQWHJUDO D HVWX GLDQWHV \ SDUWLFXODUHV SDUD FUHDFLyQ GH HPSUHVDV \ HP SUHVDULRV &UHDFLyQ GH XQ FHQWUR GH ,QFXEDFLyQ H ,QQRYDFLyQ GH (PSUHVDV FRQ HO DSR\R GH OD(PEDMDGD&KLQD7DLZDQ 03<0(\6,'(3 81,9(56,'$''(3$1$0É &HQWUR5HJLRQDO8QLYHUVLWDULRGH%RFDVGHO7RUR 3UR\HFWR0HWD5HVXOWDGR &RQYHQLRV GH PXWXR DSR\R FRQ ,QVWLWXFLRQHV QR JXEHU QDPHQWDOHV &RQWDFWDU\HVWDEOHFHUPHVDV GH GLiORJRV FRQ HO 3UR\HFWR %LQDFLRQDO 6L[DROD$(6 \ OD +LGURHFROyJLFDGHO7HULEH &RQIHUHQFLDV /RJUDUODSDUWLFLSDFLyQGHHV WXGLDQWHVGRFHQWHV\DGPLQLV WUDWLYRVHQDFWLYLGDGHVDFDGp PLFDVH[WUDFXUULFXODUHV ´&RQPHPRUDFLRQHVµ 3DUWLFLSDFLyQ GH HVWXGLDQWHV GRFHQWHV\DGPLQLVWUDWLYRVHQ DFWLYLGDGHV DFDGpPLFDV H[ WUDFXUULFXODUHV 3DUWLFLSDFLyQFRQOD+LGURHFR OyJLFDGHO7HULEH\HQUHXQLR QHV FRQ ORV HQFDUJDGRV GHO SUR\HFWR%LQDFLRQDO6L[DROD &RQIHUHQFLDV ´,PSRU WDQFLD GH OD %LRGLYHUVL GDG \ 5HJLVWUR 3UHOLPL QDU GH OD $YLIDXQD GHO 6HQGHUR /DV +HOLFRQLDV GHO3DUTXH,QWHUQDFLRQDO /D $PLVWDG %RFDV GHO 7RURµ([SRVLWRUD$OD\QD 4XLQQ FRQ OD SDUWLFLSD FLyQGHHVWXGLDQWHV\ GRFHQWHV *LUD HQ FRQPHPRUDFLyQ GHO'tDGHOD%LRGLYHUVL GDGFRQODSDUWLFLSDFLyQ GHHVWXGLDQWHV 6HFRQPHPRUyGHO'tDGHOD 7LHUUD FRQ OD SDUWLFLSDFLyQ GH HVWXGLDQWHV \ GR FHQWHV 2EUD GH 7HDWUR &XLGHPRV QXHVWUD7LHUUD &RQIHUHQFLD ´3RUTXp VH FHOH EUDHO'tDGHOD7LHUUD\TXp SRGHPRVKDFHUSDUDSURWHJHU ODµ([SRVLWRUD<HQ\*RQ]iOH] ´+LVWRULDGHOD7LHUUDµ([SRVL WRUD'HQLV$OPDQ]D &RQPHPRUDFLyQGHO0HVGHO 0HVGHORV5HFXUVRV1DWXUD OHVFRQODSDUWLFLSDFLyQGH HVWXGLDQWHV\GRFHQWHV 5(1',&,Ð1'(&8(17$6 9LVLWDGHO'U*XVWDYR*DUFtDGH3DUHGHVDODFRPXQLGDGGH.DQNLQW~ 3UR\HFWR0HWD5HVXOWDGR ´&RQPHPRUDFLRQHVµ 3DUWLFLSDFLyQ GH HVWXGLDQWHV GRFHQWHV\DGPLQLVWUDWLYRVHQ DFWLYLGDGHV DFDGpPLFDV H[ WUDFXUULFXODUHV &RQPHPRUDFLyQGHO´'tDGH OD(WQLD1HJUD&RQIHUHQFLD ´$SRUWHV GH OD (WQLD 1HJUD DO 'HVDUUROOR GH OD +XPD QLGDGµ ([SRVLWRU 5LFDUGR 9D] &RQIHUHQFLDV ´(QFHIDOLWLV (TXLQD HQ 3D QDPiFDXVDV\FRQVHFXHQ FLDVµ ([SRVLWRU 'U &DUORV )ORUHV ´3URGXFWRV 1DWXUDOHV GH OD &DxDGH$]~FDUµ([SRVLWRU 0DQXHO&DEDOOHUR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &HOHEUDFLyQ GHO 0HV GH ORV 5HFXUVRV1DWXUDOHV $XPHQWR GH OD SDUWLFLSDFLyQ GHORVHVWXGLDQWHVXQLYHUVLWD ULRVHQDFWLYLGDGHVGHSURWHF FLyQ\PHMRUDDPELHQWDO 6H SUHPLy D HVWXGLDQWHV XQLYHUVLWDULRVHQHOFRQFXUVR IRWRJUiÀFR 3UHPLDFLyQ SRU SDUWH GH $1$0 D OD H[FHOHQFLD LQ YHVWLJDWLYD GHO SUR\HFWR GH LQYHVWLJDFLyQGHODHVWXGLDQ WH GH 'RFHQFLD HQ %LRORJtD $OD\QD 4XLQQ WLWXODGR ´,Q YHQWDULR3UHOLPLQDUGHOD$YL IDXQDGHO6HQGHUR/DV+HOL FRQLDV GHO 3DUTXH 1DFLRQDO ,QWHUQDFLRQDO /D $PLVWDG %RFDVGHO7RURµ &RPLVLyQ SDUD (YDOXDFLyQ GHO SURJUDPD GH 3RVW JUDGR \0DHVWUtD 'LVHxDU FUHDU \ DGHFXDU ODV SURSXHVWDVGHSURJUDPDVGH 3RVWJUDGR (YDOXDFLyQ GHO 3RVW JUDGR \OD0DHVWUtDHQPDQHMRGHO $PELHQWH FRQ eQIDVLV HQ (YDOXDFLyQ GH ,PSDFWR $P ELHQWDO /LEURV\DGHFXDFLyQGHOLEUH UtD\ELEOLRWHFD $GTXLVLFLyQ\FRQIHFFLyQGHÀ FKDVELEOLRJUiÀFDGHWH[WRVSDUD XVRGHHVWXGLDQWHV\GRFHQWHV 0HMRUDUHOVHUYLFLRGHOLEUHUtD $GTXLULGRVWH[WRV OLEURV FDWDORJDGRV FLHQWtÀ FDPHQWH,QYHUVLyQHQ WH[WRV 6LVWHPDGH,QWHUQHWLQDOiPEUL FR(QHO&58\HQ)LQFD %ULQGDU D ORV HVWXGLDQWHV \ GRFHQWHVXQVLVWHPDGH,QWHU QHWLQDOiPEULFR )DFLOLGDGHV SDUD DFFHGHU D OD LQIRUPDFLyQ GLJLWDOL]DGD HQORVSUHGLRVGHO&HQWUR $GTXLVLFLyQ GH FRPSXWDGR UDV\GHHTXLSRVGH0XOWLPH GLD\DXGLRYLVXDOHV $WHQFLyQ D /DERUDWRULR GH OHQJXDV RÀFLQDV \ RWUD iUHDV SDUD PHMRUDU HO UHFXU VRGLGiFWLFR 6H DGTXLULHURQ FRPSXWDGR UDVSUR\HFWRUHVPXOWLPH GLDXQDLPSUHVRUDXQPRQL WRU/&'GHµ\XQVFDQQHU TXH IXHURQ GLVWULEXLGRV HQ GH.DQNLQW~/DV7DEODV%R FDV,VOD/DERUDWRULRGH/HQ JXDV%LEOLRWHFD &RQVWUXFFLyQ \ UHOOHQR GHO SLVRGH*LPQDVLR WHUPLQDU OD FRQVWUXFFLyQ GHO JLPQDVLR 9WD)DVH % HQ FRVWRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &HUFD 3HULPHWUDO H LQVWDOD FLyQ GH WDQTXH GH DJXD HQ ÀQFD 0D\RU VHJXULGDG SDUD ORV PLHPEURVGHODIDPLOLDXQLYHUVL WDULD\ORVELHQHVH[LVWHQWHV6X PLQLVWUDUDJXDDSHUVRQDV $YDQFHGH\GH LQVWDODFLyQ GHO WDQTXH GH DJXD &RQVWUXFFLyQGHFDIHWHUtD %ULQGDUDWHQFLyQDOLPHQWDULDD HVWXGLDQWHV\GRFHQWHV &RQVHFXFLyQ GH$LUHV DFRQ GLFLRQDGRV H LQVWDODFLyQ GH PRVDLFRVHQODHQWUDGD %ULQGDUXQPHMRUDPELHQWHGH WUDEDMR\GHHVWXGLRHPEHOOH FHUODIDFKDGDGHO&HQWUR GHDYDQFHHQFDIHWHUtD PRELOLDULRPDUTXHVLQDiUHD GHFRPHGRUHVFDOLQDWDHWF 6H LQVWDODURQ DLUHV DFRQGL FLRQDGRV HQ HO /DERUDWRULR HQODRÀFLQDGHOD6XEGLUHF FLyQ DXODV GH FODVHV DXGL WRULR GH )LQFD ,QVWDOD FLyQGHPRVDLFRV $PSOLDFLyQ GH OD %LEOLRWHFD 'LyJHQHV &HGHxR &HQFL \ FDPELRGHFLHORUDVR &RQWDU FRQ HVSDFLR ItVLFR PiVDPSOLR\RIUHFHUXQPH MRUVHUYLFLRDORVYLVLWDQWHV 6H H[SDQGLy HVSDFLR ItVLFR VHSLQWyODELEOLRWHFDHLQV WDORFLHORUDVR 3LQWXUDGHOHGLÀFLRGH)LQFD ,QWHULRU \ ([WHULRU \ WDQ TXH GH UHVHUYD GH DJXD GH ÀQFD 0HMRUDU OD IDFKDGD ItVLFD GHO HGLÀFLR\GDUOHPDQWHQLPLHQWR DOWDQTXHGHUHVHUYDGHDJXD 6H SLQWDURQ ODERUDWRULRV GHLQIRUPiWLFDRÀFLQDDXGL WRULR SDVLOORV \ OD SDUWH H[ WHULRUGHOHGLÀFLR\HOWDQTXH GHDJXDGHÀQFD &DPELRGHOVLVWHPDHOpFWULFR HQODERUDWRULRV\RÀFLQDV $PSOLDUODFDSDFLGDGHOpFWULFD SDUD GRWDU GH XQ PD\RU Q~ PHURGHHTXLSRGHFyPSXWR\ JDUDQWL]DUVXXVRySWLPR 6H DJUHJDURQ QXHYRV SD QHOHV SDUD SHUPLWLU HO XVR H LQVWDODFLyQGHXQPD\RUQ~ PHUR GH FRPSXWDGRUDV HQ RÀFLQDV\ODERUDWRULRV 0HMRUDPLHQWRGHODVOXPLQD ULDV HQ VDORQHV SDVLOORV \ RÀFLQDV 0HMRUDUODVLQVWDODFLRQHVItVL FDV $XPHQWDUODÁRWDYHKLFXODU )DFLOLWDU HO WUDQVSRUWH D JLUDV DFDGpPLFDV 6H FDPELDURQ ORV WUDQVIRU PDGRUHV\FDPELRGH)LQFD \)LQFD 6H FRPSUy XQ QXHYR %XV &RDVWHU SDVDMHURV \ XQ 1LVVDQ 3LFNXS IURQWLHU SXHUWDV6HFRQVLJXLyGRQD FLyQSRUPHGLRGHO),6GHXQ 1LVVDQ3DWUROSDUD.DQNLQW~ 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 0DQWHQLPLHQWRGHODVPDTXL QDULDV\HTXLSRV (YLWDUHOGHWHULRURGHODVPi TXLQDV\HTXLSRV 6HUHDOL]DHOPDQWHQLPLHQWR SUHYHQWLYR GH XQLGDGHV GH DLUHV DFRQGLFLRQDGRV YHKtFXORV VLVWHPD GH ERP ED GH DJXD \ SODQWDV HOpFWULFDV SDUD SHUPLWLU HO GHVDUUROOR DFDGpPLFR \ DG PLQLVWUDWLYR &RQWUDWDFLyQGHSHUVRQDO )RUWDOHFLPLHQWR GHO UHFXUVR KXPDQR 6HKDQFRQWUDWDGRYLJLODQ WHV WUDEDMDGRUHV PDQXD OHV XQD RÀFLQLVWD SDUD OD ELEOLRWHFD 'RWDUGHXQLIRUPHVDOSHUVR QDODGPLQLVWUDWLYR 3UHVHQWDFLyQ GH EXHQD LPD JHQGHOSHUVRQDODGPLQLVWUDWL YRGHODVVHFFLRQHVPDQWHQL PLHQWRYLJLODQFLDVHFUHWDULDV \SHUVRQDOHOJHQHUDO 6HFRPSUDURQFDPLVDVSDUD FRODERUDGRUHV &UHDFLyQGHODV&RPLVLRQHVGH (YDOXDFLyQGH,QYHVWLJDFLyQ (YDOXDU ODV LQYHVWLJDFLRQHV JHQHUDGDVHQHO&HQWUR 6HFUHyODSULPHUDFRPLVLyQ SHUPDQHQWH 3URPRFLyQ GH 3RVWJUDGRV \ 0DHVWUtDV HQ OD ,, )HULD 8QL YHUVLWDULD HQ ORV &HQWURV (GXFDWLYRVHQHO$QH[R8QL YHUVLWDULRGH.$1.,17Ô\HQ ODFRPXQLGDG 'DU LQLFLR FRQ HO 9 \ 9, JUX SRGH3RVWJUDGRHQ'RFHQFLD 6XSHULRU ,QLFLDURQORVJUXSRVGH3RVW JUDGRHQ'RFHQFLD6XSHULRU GRFHQWHVGH.DQNLQW~HQ HOSURJUDPDGH(VSHFLDOL]D FLyQHQ'RFHQFLD6XSHULRU 6H GLR LQLFLR FRQ HO , JUXSR GHOD0DHVWUtDHQ'LGiFWLFD IRUPDGRSRUHVWXGLDQWHV ,QVWDODFLyQGHYDOODVSURPR FLRQDOHV GH FDUUHUDV XQLYHU VLWDULDV 'LIXVLyQ GH ODV DFWLYLGDGHV DFDGpPLFDV FXOWXUDOHV \ GHO TXHKDFHUXQLYHUVLWDULR 0DQWHQHULQIRUPDGDDODFR PXQLGDG ERFDWRUHxD VREUH ODODERUXQLYHUVLWDULD6HGL IXQGHXQDYH]SRUVHPDQD 7HQHU SUHVHQFLD GHQWUR GH OD FRPXQLGDG \ PDQWHQHU LQIRU PDGRVGHODVFDUUHUDVTXHVH RIUHFHQHQHO&HQWUR 6HLQVWDODURQYDOODVHQOX JDUHVHVWUDWpJLFRVHQODFR PXQLGDG 5(1',&,Ð1'(&8(17$6 &HQWUR5HJLRQDO8QLYHUVLWDULRGH&RFOp 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWR GH UHOOHQR \ SOD]D GH HVWDFLRQDPLHQWR FRQ HQ WUDGDSULQFLSDO\SLQDFRWHFD %ULQGDU XQ HVWDFLRQDPLHQWR DGHFXDGR HQ HO &58 \ FXOWL YDUODVDUWHVSOiVWLFDV &RQIHFFLyQGH3ODQRV (QWUHJDGH3UHVXSXHVWR /LFLWDFLyQ )DVHGHO*LPQDVLR$XGLWRULR %ULQGDU D ORV HVWXGLDQWHV XQ JLPQDVLR DXGLWRULR SDUD ODV DFWLYLGDGHV FXOWXUDOHV \ GH SRUWLYDV &RQIHFFLyQGH3ODQRV (QWUHJDGH3UHVXSXHVWR /LFLWDFLyQ 5HPRGHODFLyQGHOD%LEOLRWH FD (TXLSDUFRQHOPRELOLDULRQH FHVDULR &RPSUDGHPHVDV\ VLOODV ,QIUDHVWUXFWXUD 0HMRUDVGHVDORQHVGHFODVHV ,QVWDODFLyQ GH SXHUWDV GH YL GULRSXHUWDVGHYLGULR 5HFXSHUDFLyQ GH OD 3ODQWD GH$OLPHQWRV $PSOLDUORVHVSDFLRVGLVSRQL EOHV &RQIHFFLyQGH3ODQRV &RQVHFXFLyQGH3UHVXSXHVWR &DSDFLWDFLyQ %ULQGDUVHPLQDULRV 6HPLQDULR ,QWHUQDFLRQDO $GPLQLVWUDFLyQ (FRQR PtD $PELHQWDO \ (FROR JtD3DUWLFLSDQWHV 6HPLQDULR 3DQDPi &HQWUR )LQDQFLHUR ,QWHU QDFLRQDO \ OD 6XSHULQ WHQGHQFLDGH%DQFRV SDUWLFLSDQWHV 6HPLQDULR ,QWHUQDFLRQDO ´0RGHOR &XUULFXODU 8QL YHUVLWDULR EDMR OD 7HRUtD (GXFDWLYD 7UDQVFRPSOH MDµSDUWLFLSDQWHV 6HPLQDULR 7DOOHU ´ 3ODQL ÀFDFLyQ (VWUDWpJLFD SDUD OD 7RPD GH GHFLVLRQHVµ SDUWLFLSDQWHV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWRGHFUtDGHDYHV &RPHUFLDOL]DFLyQGHODFDUQH GHSROOR OLEUDVGHFDUQHGHDYHV GDV3R]R$]XO\2DMDFD 5HYLVWD &HQWUR 3URPRFLRQDO 3URPRYHUORTXHKDFHHOFHQ WURHQODFRPXQLGDGHQJHQH UDO HMHPSODUHV *LUD0pGLFDD2Oi /DERUFRPXQLWDULD SDUWLFLSDQWHV &RQIHFFLyQGHPDQXDOLGDGHV HQ WHMLGRV HQ OD &RPXQLGDG GH0HPEULOOR 7UDEDMRFRPXQLWDULR 7DSHWHV \ YHVWLGRV GH QLxDV WHUPLQDGRVFRQSDUWLFLSDQ WHV 3UR\HFWRGHFUtDGHDYHV GHO 5(1',&,Ð1'(&8(17$6 9LVLWDGHO'U*XVWDYR*DUFtDGH3DUHGHVDODUHJLyQGH2Oi 3UR\HFWR0HWD5HVXOWDGR (VFXHODGHIRUPDFLyQOtGHUHV SDUDPRUDGRUHVGHODVFRPX QLGDGHVGH0HPEULOOR\7DYL GDO$UULED &DSDFLWDFLyQ HQ HODERUDFLyQ 7HUPLQDGRV FRQ SDUWLFL SDQWHV HVWUDWpJLFD \HQIRTXH GH Jp QHUR 3UR\HFWRGH/HWULQDVSDUDOD &DSLOOD GH 0HPEULOOR &HQWUR FRQHVWXGLDQWHVGHOD(VFXH ODGHOtGHUHV &RQIHFFLyQ GH GRV OHWULQDV \ ODYDPDQRV 3UR\HFWRWHUPLQDGR 7UDQVIHUHQFLDGH7HFQRORJtD D SURGXFWRUHV \ SURGXFFLyQ DUWHVDQDO GH VHPLOODV PHMR UDGDV\SODQWDVPHGLFLQDOHV 3UHSDUDFLyQ GH DERQR RUJi QLFR\SDUFHODVGHPRVWUDWLYDV GH GLYHUVRV SURGXFWRV \ GH SODQWDVPHGLFLQDOHV 3UR\HFWR WHUPLQDGR FRQ OD SDUWLFLSDFLyQGHIDPLOLDV 81,9(56,'$''(3$1$0É &HQWUR5HJLRQDO8QLYHUVLWDULRGH&ROyQ 3UR\HFWR0HWD5HVXOWDGR &RPSUD GH HTXLSR GH FRUWD JUDPD WLSR LQGXVWULDO \GHV EUR]DGRUD 0DQWHQLPLHQWR JHQHUDO GH iUHDVYHUGHV 7LUDMH GLDULR GH GRFXPHQWD FLyQ DGPLQLVWUDWLYD \ DFDGp PLFD 0DQWHQHUGLDULDPHQWHHOVHU YLFLRGHWLUDMHSDUDXVRDGPL QLVWUDWLYR\DFDGpPLFR KHFWiUHDVVHQVLEOHV3UH FLR%\% UHVSHFWLYDPHQWH 8VRHQFDMDGHUHFDXGDFLyQ 7LUDMH JHQHUDO GH GRFXPHQ WRVLPSUHVRUDVHLPSUHQWD $GTXLVLFLyQ GH UHFLERV ~QL FRV GH LQJUHVR \ SDSHO PXO WLSURSyVLWR 0DQWHQHU ORV LQVXPRV QHFH VDULRVSDUDORJUDUODDWHQFLyQ HIHFWLYDGHODGHPDQGD /D PHWD VH DOFDQ]y HQ XQ XQ LQVXPR SDUD FDGD PiTXLQDFDGDWUHVPHVHV 6HUYLFLRGHFRPXQLFDFLyQGH UDGLR WURQFDO SDUD OD LQVWLWX FLyQDQLYHOQDFLRQDO\VLVWH PD GH FRPXQLFDFLyQ QDFLR QDOSDUDHYHQWRV 6HUYLFLR GLDULR GH FRPXQLFD FLyQ PHGLDQWH UDGLR WURQFDO SDUDOD,QVWLWXFLyQDQLYHOQD FLRQDO\HTXLSRHVSHFLDOSDUD FRPXQLFDFLyQHQHYHQWRV 6HUYLFLR GLDULR GH FRPXQLFD FLyQ GH UDGLR WURQFDO D QLYHO QDFLRQDO\RSWLPL]DFLyQGHOD WUDQVPLVLyQGHODLQIRUPDFLyQ (TXLSRV OD (VFXHOD GH (GX FDFLyQ)tVLFD )DFLOLWDU ODV FODVHV GH JLP QDVLD GH ORV HVWXGLDQWHV OD SUiFWLFDSDUDSDUWLFLSDFLyQHQ HYHQWRVGHSRUWLYRV $GTXLVLFLyQ GH EDORQHV GH )~WERO ERODV GH VRIWEDOO QHW GH YROLEDOO HQWUH RWURV % 5HSDUDFLyQGHEDQFDVHVFR ODUHV (TXLSDPLHQWR GH EDQFDV HQ ORV VDORQHV GH ODV GLIHUHQWHV IDFXOWDGHVGHHVWHFHQWUR %DQFDV UHSDUDGDV HQ ODV ID FXOWDGHV% 0HMRUDV HQ IDFXOWDG GH $G PLQLVWUDFLyQ GH (PSUHVDV \ &RQWDELOLGDG 0HMRUDU HO DVSHFWR GH OD ID FXOWDG ,QVWDODFLyQ GH SXHUWDV HQ OD IDFXOWDGSRU%\FRUWH GHKHUED]DOHV% (TXLSDPLHQWRGHOODERUDWRULR 1R%LEOLRWHFD)DFXOWDGGH 'HUHFKRV 6DOyQ GH (VWX GLRV 0HMRUDU OD FRQGLFLyQ GH ORV GLIHUHQWHVGHSDUWDPHQWRVGHO &HQWUR ,QYHUVLyQ% 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &RQVWUXFFLyQGHFDQDOSOXYLDO HQ HO WHFKR GH OD ELEOLRWHFD GHO&HQWUR (TXLSDPLHQWR GHO GHSDUWD PHQWRGHSURWHFFLyQ 5HPRGHODFLRQHVSUHYHQWLYDV (Q(MHFXFLyQ% 0DQWHQHU OD FRPXQLFDFLyQ HQWUHORVYLJLODQWHVTXHVHHQ FXHQWUDQ HQ GLIHUHQWHV iUHDV GHO&HQWUR &RPSUD GH GLH] ZDONLH WDONLH SDUD HO 'HSDUWDPHQWR GH3URWHFFLyQ% ,QVWDODFLRQHVGHO&HQWUR5HJLRQDOGH&ROyQ 81,9(56,'$''(3$1$0É &HQWUR5HJLRQDO8QLYHUVLWDULRGH/RV6DQWRV 3UR\HFWR0HWD5HVXOWDGR 0HMRUDPLHQWR \ DGHFXDFLyQ GHODLQIUDHVWUXFWXUDGHO&HQ WUR5HJLRQDO 2SWLPL]DU ORV UHFXUVRV SDUD HOPHMRUDPLHQWRGHODFDOLGDG GHORVVHUYLFLRV &RORFDFLyQGHEDOGRVD\FLH ORUDVRHQODWHUUD]DGHODFD IHWHUtD\HQODGLUHFFLyQPiV 0GHEDOGRVDHVSDxROD HQORVFREHUWL]RVGHHQWUDGDD XQFRVWRGH% $GHFXDFLyQ GH XQ DXOD GH FODVHSDUDHO,QIRFHQWUR &RORFDFLyQ GH EDOGRVD FLHOR UDVR\GLYLVLyQGHSDUHGHVGH J\SVXP RÀFLQDV GH SRVWJUD GR \ H[WHQVLyQ D XQ FRVWR GH % \ HQ ODV RÀ FLQDV GH DUFKLYR \ DVXQWRV HVWXGLDQWLOHV SRU % \ FRQVWUXFFLyQ GH XQ 0LQL $XGLWRULXP D XQ FRVWR GH % $GTXLVLFLyQ GH HTXLSR UR GDQWH HTXLSR GH RÀFLQD \ PRELOLDULRGHRÀFLQD *DUDQWL]DU HO EXHQ IXQFLRQD PLHQWRGHODDGPLQLVWUDFLyQ %XV&RDVWHUSDUDSDVDMH URV HVFiQHU FRSLDGRUD PH VDV SDUD GLVHxR JUiÀFR XQL GDGHVGHDLUHDFRQGLFLRQDGR VSOLW LQVWDODFLyQ GH SXHUWDV GH PDGHUD VyOLGD \ FRPSUD GHEDQFDVHVFRODUHVPR GHUQDV &DOLGDG GH VHUYLFLRV TXH EULQGDHO&HQWUR5HJLRQDO $GHFXDGD DWHQFLyQ SUHVWD GD SRU OD $GPLQLVWUDFLyQ GHO &HQWUR D HVWXGLDQWHV SURIH VRUHV\S~EOLFRHQJHQHUDO 'HSDUWDPHQWR GH 5HJLVWURV $FDGpPLFRV 7UDPLWyGHGLSORPDV SUH UHYLVLRQHV ,QGXFFLyQ JH QHUDODWRGRVORVGHHVWXGLDQ WHVGHSULPHULQJUHVR$SR\R HQ HO SURFHVR GH PDWUtFXOD 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR SDUD ORV HVWXGLDQWHV GH UHLQ JUHVR HQ OD LPSUHVLyQ GH ORV FUpGLWRVHQWUHRWUDV 'HSDUWDPHQWRGH&yPSXWR &DEOHDGRGHODUHGGHO'HSDU WDPHQWRHQODFHGHVXVVLV WHPDVFRQODLPSOHPHQWDFLyQ XQQXHYRIRUPDWRLPSOHPHQ WDFLyQ GH OD UHG LQDOiPEULFD ,QVWDODFLyQGHXQQXHYRDQWL YLUXVLQVWLWXFLRQDO 'HSDUWDPHQWRGH%LEOLRWHFD $GTXLVLFLyQ GH OLEURV SRU % (TXLSR$XGLRYLVXDO SRU % 2WURV PDWH ULDOHV % 5HVWDXUD FLyQ (PSDVWH GH /LEURV \ UHYLVWDVSRU%5HSD UDFLyQ GH 5HWURSUR\HFWRUHV SRU% 'HSDUWDPHQWRGH&RPSUDV 7UDPLWy RUGHQHV GH FRPSUD SRUXQYDORUGH% GH SUHVXSXHVWR GH IXQFLRQD PLHQWR\DXWRJHVWLyQ 0LUDGRU'U*XVWDYR*DUFtDGH3DUHGHV ,QYHVWLJDFLRQHVGHOD6HFUH WDUtDGH,QYHVWLJDFLyQ\3RVW JUDGR ,GHQWLÀFDU ODV SULQFLSDOHV IRU PDVJHRJUiÀFDVTXHGHWDOODQ OD]RQD\GHÀQLUVXLPSRUWDQ FLDDPELHQWDO 'HSDUWDPHQWR GH 5HFXUVRV +XPDQRV 7UDPLWy LQFLGHQFLDV GHO SHUVRQDO DGPLQLVWUDWLYR \ GHOSHUVRQDOGRFHQWH ´$QiOLVLV *HRPRUIROyJLFR GHOD5HJLyQ&RVWHUDGHO (VWH\6XUHVWHGHOD3UR YLQFLDGH/RV6DQWRVµ 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR (VWXGLDQWHVGHO&HQWUR5HJLRQDOUHFLELHQGRFODVHV 2EMHWLYRV $QDOL]DU ODV FDUDFWHUtV WLFDV JHRPRUIROyJLFDV GHVGH 3XQWD 0DOD KDVWD HO3XHUWRGH0HQVDEp 5HFRQRFHUORVHOHPHQWRV ÀVLRJUiÀFRV TXH FRQIRU PDQOD]RQD /RFDOL]DU ODV FDUDFWHUtVWL FDVRURJUiÀFDVGHOiUHDGH HVWXGLR ,GHQWLÀFDU ODV SULQFLSDOHV IRUPDVJHRJUiÀFDV\GH ÀQLU VX LPSRUWDQFLD DP ELHQWDO ,PSDFWR 6RFLDO FRQRFHU FyPRIXQFLRQDQQXHVWURV HFRVLVWHPDV\ODYLQFXOD FLyQHQWUHpVWH\HOGHVD UUROORVRFLDOHFRQyPLFR\ DPELHQWDOGHOSDtV 5(1',&,Ð1'(&8(17$6 &HQWUR5HJLRQDO8QLYHUVLWDULRGH3DQDPi2HVWH 3UR\HFWR0HWD5HVXOWDGR 5HPRGHODFLyQ\KDELOLWDFLyQ GHO ORFDO SDUD HO 'HSDUWD PHQWRGH3URWHFFLyQ\GHOD $6(83$ 0HMRUDU HO HQWRUQR SDUD HO SHUVRQDOGH3URWHFFLyQ &RQ XQD % $GPLQLVWUDFLyQ\KDELOLWDFLyQ GHO &HQWUR GH &RSLDGR GHO &HQWUR %ULQGDUHOVHUYLFLRGHFRSLDGR D HVWXGLDQWHV SURIHVRUHV \ DGPLQLVWUDWLYRV +DELOLWDFLyQSRUXQPRQWRGH % ([WHQVLyQ GH OD FHUFD SHUL PHWUDOGHOFHQWUR $PSOLDFLyQGHSLHVGHOD FHUFD SHULPHWUDO GHO &HQWUR 5HJLRQDO8QLYHUVLWDULRGH3D QDPi2HVWHSDUDPHMRUDUOD VHJXULGDG 0D\RU VHJXULGDG HQ HO iUHD GH% 5HYHVWLPLHQWR FRQ EDOGRVDV GH OD SODQWD EDMD GHO SDEH OOyQ´&µKDVWDODFDIHWHUtD 5HYHVWLUPHWURVFXDGURV FRQEDOGRVDV 6HLQYLUWLHURQ%HQ EDOGRVDV $GPLQLVWUDFLyQ\KDELOLWDFLyQ GH OD &DIHWHUtD 8QLYHUVLWDULD GHO&HQWUR %ULQGDU XQ PHQ~ HFRQyPL FRDODIDPLOLD8QLYHUVLWDULD GHOFHQWUR (VWXGLDQWHV EHQHÀFLDGRV ,Q YHUVLyQGH% &RQVWUXFFLyQGHPDUTXHVLQD GHO3DEHOOyQ´&µKDFLDHO3D EHOOyQ´'µ 3URSRUFLRQDU D HVWXGLDQWH SURIHVRUHV \ DGPLQLVWUDWLYRV DFFHVRDSURSLDGRGHO3DEH OOyQ´&µKDFLDHO3DEHOOyQ´'µ ,QYHUVLyQHQODVPDUTXHVLQDV % 9LVWDGHO&HQWUR5HJLRQDOGH3DQDPi2HVWH LQYHUVLyQ GH 81,9(56,'$''(3$1$0É &HQWUR5HJLRQDO8QLYHUVLWDULRGH6DQ0LJXHOLWR 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWR GH KDELOLWDFLyQ GH XQDXODYLUWXDO /RJUDUXQHVSDFLRDFDGpPLFR SDUDHOGHVDUUROORGHOSURFHVR GH HQVHxDQ]D DSUHQGL]DMH PHGLDQWHODWHFQRORJtDYLUWXDO (VWXGLDQWHVEHQHÀFLDGRVFRQ OD XWLOL]DFLyQ GH ODV KHUUD PLHQWDVLQIRUPiWLFDV -RUQDGD GH FDSDFLWDFLyQ SDUD ORV IXQFLRQDULRV GHO &HQWUR5HJLRQDO &DSDFLWDU DO SHUVRQDO DGPL QLVWUDWLYRSDUDVXLQWHJUDFLyQ LQVWLWXFLRQDO 0D\RU HÀFLHQFLD HQ HO GHVD UUROORGHODVWDUHDVGHORVIXQ FLRQDULRVGHODLQVWLWXFLyQ +DELOLWDFLyQ GHO &HQWUR GH /HQJXDV GH OD )DFXOWDG GH +XPDQLGDGHV )RUWDOHFHU OD HQVHxDQ]D GHO LGLRPDLQJOpV 0HMRUDSUHQGL]DMHGHODOHQ JXD,QJOHVDSRUORVHVWXGLDQ WHV GHO FHQWUR \ IDFLOLGDGHV SDUDHOSURFHVRGHHQVHxDQ ]DSDUDORVSURIHVRUHV 3UR\HFWR GH KDELOLWDFLyQ \ HTXLSDPLHQWRGHXQWDOOHUGH PRGLVWHUtD SDUD OD )DFXOWDG GH$UTXLWHFWXUD ,QVWDODFLyQ GH XQ WDOOHU TXH SHUPLWD OD FDSDFLWDFLyQ D ORV HVWXGLDQWHV HQ OD QXHYD FD UUHUD GH 7pFQLFR HQ 'LVHxR GH0RGDV $KRUD ORV HVWXGLDQWHV FXHQ WDQFRQPHMRUHVKHUUDPLHQWDV SDUDVXIRUPDFLyQSURIHVLRQDO HQ OD FDUUHUD GH 'LVHxR GH 0RGDV +DELOLWDFLyQGHDXODVGH FODVHV SDUD XVR GH ORV HV WXGLDQWHV GH OD )DFXOWDG GH $GPLQLVWUDFLyQ3~EOLFD 5HVROYHU OD VLWXDFLyQ GH ORV HVSDFLRVSDUDORVHVWXGLDQWHV TXH UHFLEtDQ FODVHV HQ RWUDV LQVWDODFLRQHVGHOVHFWRU 3HUPLWLy TXH ORV HVWXGLDQWHV VHLQWHJUHQHQXQVRORHGLÀFLR \KDJDQYLGDXQLYHUVLWDULD ,PSOHPHQWDFLyQ GH OD 8QL YHUVLGDG GHO 7UDEDMR \ /D 7HUFHUD(GDG %ULQGDUFXUVRVFRUWRVDSHUVR QDVDGXOWDVPD\RUHVTXHSHU PLWDQVXRFXSDFLyQODERUDO 6DWLVIDFHODVDVSLUDFLRQHVGH ORVDGXOWRVPD\RUHVHQFXDQ WR D VX YLGD DFWLYD \ SURGXF WLYD ,PSOHPHQWDFLyQ GHO &HQWUR GH ,QYHVWLJDFLyQ GHO &HQWUR 5HJLRQDO8QLYHUVLWDULR %ULQGDU FDSDFLWDFLyQ D ORV SURIHVRUHV SDUD TXH GHÀQDQ ODVOtQHDVGHLQYHVWLJDFLyQGHO &HQWUR 6H HVWiQ JHQHUDQGR LQYHV WLJDFLRQHV SHUWLQHQWHV D ORV SUREOHPDV GH ODV FRPXQLGD GHVGHO'LVWULWRGH6DQ0LJXH OLWR\iUHDVDOHGDxDV 5(1',&,Ð1'(&8(17$6 &HQWUR5HJLRQDO8QLYHUVLWDULRGH9HUDJXDV 3UR\HFWR0HWD5HVXOWDGR 5HPRGHODFLyQ GH ORV EDxRV GHGDPDV\FDEDOOHURVHQORV HGLÀFLRV$%&'(*+ ODERUDWRULRV\ELEOLRWHFD %ULQGDUXQPHMRUVHUYLFLRDOD SREODFLyQHVWXGLDQWLOGHODVGL YHUVDVIDFXOWDGHV 6H DYDQ]y XQ HQ OD UH PRGHODFLyQGHORVEDxRV $PSOLDFLyQ GH OD HVWUXFWXUD ÀMDGHOHGLÀFLRGHWDOOHUHV 0HMRUDUODFRQGLFLyQGHWUDED MR HQ ODV GLIHUHQWHV iUHDV GH PDQWHQLPLHQWR $PSOLDFLyQGHOGHORVWD OOHUHV &DPELRGHWHFKRGHODELEOLR WHFD UHPRFLyQ GH ÀEUD GH YLGULR H LQVWDODFLyQ GH FLHOR UDVR OiPSDUDV HOHFWUyQLFDV \FRUWLQDVUROOHU %ULQGDUXQPHMRUVHUYLFLRDHV WXGLDQWHV\SREODFLyQHQJHQH UDOYLVLWDQWHGHODELEOLRWHFDGHO FHQWUR KDFLpQGROD PiV DFR JHGRUDDODYH]PHMRUDQGRVX LOXPLQDFLyQ\YHQWLODFLyQ 6HUHPRYLyWRWDOPHQWHODÀEUD GH YLGULR \ VH UHHPSOD]y SRU RWURWLSRGHFLHORUDVRVHFROR FDURQODVOiPSDUDV\FRUWLQDV &DPELRGHOFLHORUDVRHLQV WDODFLyQ GH OiPSDUDV HOpF WULFDVHQHO$XGLWRULR\HQHO 'HSDUWDPHQWR GH 5HJLVWURV $FDGpPLFRV HQ OD 2ÀFLQDV GH'LUHFFLyQ\&RPSUDV\HQ HOSDEHOOyQ& 0HMRUDU ODV FRQGLFLRQHV HQ FXDQWR D LQIUDHVWUXFWXUD H LOXPLQDFLyQ SDUD EULQGDU XQ HVSDFLR DGHFXDGR SDUD ODV DFWLYLGDGHV TXH VH UHTXLHUHQ HQODLQVWDODFLyQ 6HUHDOL]yHOFDPELRGHFLHOR UDVR \ OD LQVWDODFLyQ GH OiP SDUDV\VHFDPELDURQODVSHU VLDQDVSRUYHQWDQDVÀMDV &RQVWUXFFLyQ GH OD 2ÀFLQD GH&RQWURO)LVFDO 2IUHFHU XQ OXJDU DSURSLDGR SDUD HO GHVDUUROOR GH ODV IXQ FLRQHV GHO SHUVRQDO GH &RQ WUDORUtD TXH EULQGD VXV VHUYL FLRVHQpVWH&HQWUR5HJLRQDO <DVHFXOPLQyHOGHOD FRQVWUXFFLyQ ,QVWDODFLyQ GH FHUUDGXUD HOpFWULFDHQORV'HSDUWDPHQ WRVGH&DMD\&RQWDELOLGDG 0HMRUDUODVHJXULGDGHQORVGH SDUWDPHQWRVTXHWLHQHTXHYHU FRQODVÀQDQ]DVGHO&HQWUR 6HFXPSOLyFRQHOGHOR SODQHDGR &RPSUDGHWDEOHURVPDJQpWL FRVSDUDXVRHQODVDXODVGH FODVH )DYRUHFHU D ORV HVWXGLDQWHV EULQGiQGROHV PHMRUHV FRQGL FLRQHVDFDGpPLFDVGHQWURGH ODVDXODVGHFODVH <DVHFRPSUDURQHLQVWDODURQ 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &RPSUDGHVLOODVSDUDORVOD ERUDWRULRV )DYRUHFHU D ORV HVWXGLDQWHV EULQGiQGROHV PHMRUHV FRQGL FLRQHV DFDGpPLFDV GHQWUR GH ORV GLIHUHQWHV ODERUDWRULRV GHO FHQWUR <D ORV ODERUDWRULRV FXHQWDQ FRQODVVLOODV ,QVWDODFLyQ GH SXHUWDV GH KLHUUR HQ ODV GRV HQWUDGDV SULQFLSDOHVGHO3DEHOOyQ' %ULQGDUPHMRUVHJXULGDGDODV DXODV \ RÀFLQDV TXH VH HQ FXHQWUDQHQpVWHSDEHOOyQ GHFXPSOLPLHQWR ,QYHUVLyQ HQ HO 3UR\HFWR GH SLVFLQDFRQVWUXFFLyQGHYHV WLGRUHV\FXDUWRVGHPRWRUHV 2IUHFHU D OD SREODFLyQ HVWX GLDQWLO ODV LQVWDODFLRQHV DGH FXDGDV SDUD HO GHVDUUROOR GH VXVFXUVRVDFDGpPLFRV $YDQFH GHO SUR\HFWR HQ XQ $FRQGLFLRQDPLHQWRGHOD2À FLQDGH-HIDWXUDGH%LEOLRWHFD HQODSODQWDDOWDGHODPLVPD )DYRUHFHU OD SURGXFFLyQ \ RIUHFHU PHMRUHV FRQGLFLRQHV GHWUDEDMRDOSHUVRQDOGHpVWD iUHD FXOPLQDGRHOSUR\HFWR 5HYHVWLPLHQWRGHEDOGRVDVD ODV SDUHGHV GHO (GLÀFLR$G PLQLVWUDWLYRSODQWDEDMD 0HMRUDUODIDFKDGDGHHQWUDGD DOD2ÀFLQDGH5HJLVWURV$FD GpPLFRV FRPSOHWDGR 5(1',&,Ð1'(&8(17$6 ,9,([WHQVLRQHV8QLYHUVLWDULDV ([WHQVLyQ8QLYHUVLWDULDGH$JXDGXOFH 3UR\HFWR0HWD5HVXOWDGR 'HVDUUROOR GH OD 2IHUWD$FD GpPLFD $PSOLDU OD RIHUWD DFDGpPLFD GHODH[WHQVLyQ HVWXGLDQWHVPDWULFXODGRV 'HVDUUROOR GH OD 2IHUWD$FD GpPLFDGH3RVWJUDGR 2IHUWDU FDUUHUDV D QLYHO GH SRVWJUDGR 6H HVWD RIHUWDQGR XQ SURJUD PDGH(VSHFLDOL]DFLyQHQ'R FHQFLD6XSHULRU\XQSURJUDPD GH0DHVWUtDHQ$GPLQLVWUDFLyQ GH (PSUHVDV FRQ pQIDVLV HQ 5HFXUVRV+XPDQRV )XQFLRQDPLHQWR2SHUDWLYR %ULQGDU PD\RU \ PHMRU DWHQ FLyQDORVHVWXGLDQWHV HVWXGLDQWHVEHQHÀFLDGRV +DELOLWDFLyQGHFXEtFXORV $PSOLDU ODV LQVWDODFLRQHV DG PLQLVWUDWLYDV +DELOLWDFLyQ GH FXEtFXORV SDUD RÀFLQDV GH$VXQWRV (V WXGLDQWLOHV6DOyQGH3URIHVR UHV\$GPLVLyQ 'RWDFLyQ GH XQLIRUPHV DO SHUVRQDODGPLQLVWUDWLYR $SR\DU DO SHUVRQDO DGPLQLV WUDWLYRHQODFRPSUDGHXQLIRU PHV IXQFLRQDULRVEHQHÀFLDGRV 81,9(56,'$''(3$1$0É ([WHQVLyQ8QLYHUVLWDULDGH&KHSR 3UR\HFWR0HWD5HVXOWDGR 3URPRFLyQ GH ODV FDUUHUDV HQODVGLIHUHQWHVHVFXHODVGH 3DQDPi(VWH 2IUHFHU ODV FDUUHUDV H LQVWD ODFLRQHVDORVEDFKLOOHUHVGHO iUHD *DUDQWL]DU TXH ORV HVWXGLDQ WHV VH LQVFULEDQ HQ OD ([WHQ VLyQ 8QLYHUVLWDULD GH &KHSR R HQ HO 3URJUDPD $QH[R GH 7RUWt $SHUWXUDGHQXHYDVFDUUHUDV $PSOLDU OD RIHUWD DFDGpPLFD GHODH[WHQVLyQ 6HKL]RHOGLDJQyVWLFRGHODV FDUUHUDV SDUD VX HYDOXDFLyQ SRUODVLQVWDQFLDVFRUUHVSRQ GLHQWHV 7pFQLFD HQ 0DQHMR \ &RQVHUYDFLyQ GH &XHQ FDV+LGURJUiÀFDV 7pFQLFRHQ*DQDGR%RYL QR \ RWUDV (VSHFLHV$QL PDOHV 7pFQLFRHQ7XULVPR(FR OyJLFR 3URJUDPDVGHFDSDFLWDFLyQ 2IUHFHU VHUYLFLRV GH FDSDFL WDFLyQDOUHFXUVRKXPDQRGH ODVHPSUHVDVHLQVWLWXFLRQHV S~EOLFDVGH3DQDPi(VWH 6HHVWiQGLFWDQGRVHPLQDULRV GH LQIRUPiWLFD \ VH LQLFLDUi XQR HQIRFDGR HQ DWHQFLyQ DO FOLHQWH 6HPLQDULRV GH SHUIHFFLRQD PLHQWR &DSDFLWDU DO SHUVRQDO DGPL QLVWUDWLYR 6HPLQDULRVHQWHPDVFRPR 0DWUtFXOD %LEOLRWHFDYLUWXDO 2UJDQL]DFLyQ$FDGpPLFD %DQFRGHGDWRV $GTXLVLFLyQGHHTXLSR (TXLSDUORVODERUDWRULRV FRPSXWDGRUDV GRQDGDV SRU HO 6HxRU 5HFWRU 'RFWRU *XVWDYR*DUFtDGH3DUHGHV (TXLSDPLHQWR GHO QXHYR OD ERUDWRULR (TXLSDUHOODERUDWRULRHLQVWD ODFLyQGHOFDEOHDGRHOpFWULFR 6H FRQIHFFLRQDQ ODV PHVDV SDUD HTXLSDU HO ODERUDWR ULR D XQ FRVWR DSUR[LPDGR % 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &RQVWUXFFLyQ GH XQD PDU TXHVLQD 0HMRUDU OD LQIUDHVWUXFWXUD GH LQJUHVRDODVLQVWDODFLRQHV 6HFRQIHFFLRQDHQORVWDOOHUHV GH KHUUHUtD GHO 'HSDUWDPHQ WR GH 0DQWHQLPLHQWR &RVWR DSUR[LPDGRGH% &RQVWUXFFLyQGHODFHUFDSH ULPHWUDO &HUFDUODVLQVWDODFLRQHVGHOD H[WHQVLyQ (OFRVWRDSUR[LPDGRGHFRQV WUXFFLyQHVGH% &UHDFLyQ GH XQ MDUGtQ HQ OD SDUWHIURQWDOL]TXLHUGD 0HMRUDU OD HVWpWLFD GHO FHQ WUR 5HDOL]DGRHQXQ (PEHOOHFLPLHQWRGHOD([WHQ VLyQ 0HMRUDU OD LQIUDHVWUXFWXUD H LPDJHQ $SRUWHVUHDOL]DGRSRUORVHV WXGLDQWHVGRFHQWHV\)RQGR GH$XWRJHVWLyQ &RQVWUXFFLyQ GHO HVWDFLRQD PLHQWR WHFKDGR GH OD H[WHQ VLyQ $FRQGLFLRQDU HO HVWDFLRQD PLHQWRWHFKDGR 3LQWXUD JHQHUDO FDPELR GH FLHORUDVRPHMRUDVHOpFWULFDV VXPLQLVWURGHDFRQGLFLRQDGR UHVGHDLUHSDUDODVDXODV )RQGRGH$XWRJHVWLyQ GHVXHMHFXFLyQ $VLJQDFLyQ VXIUDJDGD SRU HO &DPSXV &HQWUDO \ SRU HO H[ 'LSXWDGR 7RPiV $OWDPLUDQR 'XTXH &RQIHFFLyQGHXQDFDUSDFRQ HO ORJR GH OD 8QLYHUVLGDG GH 3DQDPiPLVPDTXHVHXWLOL ]DUiHQORVHYHQWRVDORVTXH VH LQYLWH D OD ([WHQVLyQ GH &KHSR &RQWDU FRQ XQD SURWHFFLyQ SDUDHOSHUVRQDOTXHDVLVWHD ORVHYHQWRVGHODH[WHQVLyQ 5HDOL]DGRHQXQ &RVWRGH% $FWLYLGDGHVGHH[WHQVLyQ 5HDOL]DUDFWLYLGDGHVGHDSR \RDODFRPXQLGDG /RV HVWXGLDQWHV SURIHVRUHV \ DGPLQLVWUDWLYRV UHDOL]DURQ HQWUHJD GH FLQFR FDQDVWDV FRQ FRPLGD FRPR DSRUWH D OD QRYHQD GH ODV ÀHVWDV SD WURQDOHV GH 6DQ &ULVWyEDO GH &KHSR HQWUHJD GH PDWHULDO GLGiFWLFRDOD(VFXHOD%iVLFD *HQHUDO GH 8QLFLWR HQWUHJD 81,9(56,'$''(3$1$0É )HVWLYLGDGHVGHVDUUROODGRVHQOD([WHQVLyQ8QLYHUVLWDULDGH&KHSR 3UR\HFWR0HWD5HVXOWDGR GH VDFRV GH FHPHQWR D OD (VFXHODGH$FXD\DOD 3DUWLFLSDU HQ HO HYHQWR IROF NOyULFR RUJDQL]DGR SRU HO GL SXWDGRGHOFLUFXLWR 3UR\HFWDU OD LPDJHQ GH OD 8QLYHUVLGDG HQ OD FRPXQL GDG 5HDÀUPDFLyQGHODSDUWLFLSD FLyQGHODXQLYHUVLGDGHQODV DFWLYLGDGHVGHODFRPXQLGDG 7UiPLWHV \ FRPSUDV SDUD IXQFLRQDPLHQWRHQHOSHUtRGR ÀVFDO $GTXLULU LQVXPRV QHFHVDULRV SDUDHOEXHQIXQFLRQDPLHQWR (MHFXFLyQ GHO SUHVXSXHVWR DVLJQDGRHQXQ 5(1',&,Ð1'(&8(17$6 ([WHQVLyQ8QLYHUVLWDULDGH'DULpQ 3UR\HFWR0HWD5HVXOWDGR 0DHVWUtDHQGLGiFWLFD 2EWHQHU HO SHUIHFFLRQDPLHQ WR GH ORV SURIHVRUHV GH OD H[WHQVLyQ HQ HO iUHD GH ODV QXHYDV PHWRGRORJtDV HQ GLGiFWLFD SDUD EHQHÀFLR GHO SURFHVR GH HQVHxDQ]D DSUHQGL]DMH 6H ORJUy XQD QXWULGD SDUWLFL SDFLyQ 7pFQLFRHQ(QIHUPHUtD 7UDEDMDUHQODUHDSHUWXUDGHO 7pFQLFRHQ(QIHUPHUtDSDUD GDUOH XQD FRQWLQXLGDG \ HOH YDUORDODFDWHJRUtDGH/LFHQ FLDWXUD 6HORJUyODDFHSWDFLyQGHORV HVWXGLDQWHVSRUODQHFHVLGDG GHO UHFXUVR KXPDQR HQ HO iUHDGHFLHQFLDVGHODVDOXG /LFHQFLDGRHQ'HVDUUROOR&R PXQLWDULR 9LQFXODUDOD8QLYHUVLGDGGH 3DQDPi FRQ OD 8QLYHUVLGDG GH &RVWD 5LFD FRQ HO REMH WLYR GH ORJUDU SDVDQWtDV GH SURIHVRUHV HQ DPEDV GLUHF FLRQHV $FWXDOPHQWHVHEULQGD/LFHQ FLDWXUD HQ 'HVDUUROOR &RPX QLWDULR 3URFHVRGHPDWUtFXOD ,QFRUSRUDUODPDWUtFXODHQOt QHD 6H ORJUy GDU XQ PHMRU VHUYL FLRDORVHVWXGLDQWHVDWUDYpV GHHVWHDYDQFHWHFQROyJLFR )HULD $FDGpPLFD \ 1RYDWD GDV 3DUWLFLSDUDFWLYDPHQWHHQODV DFWLYLGDGHVGHODFRPXQLGDG 3UHVHQWDU D WRGRV ODV ERQ GDGHV\YHQWDMDVGHQXHVWUD XQLYHUVLGDG 3URPRFLyQHLQJUHVR 2IHUWDU QXHVWUDV FDUUHUDV D ORV EDFKLOOHUHV GH OD UHJLyQ GH'DULpQ 6HORJUyHOLQJUHVRGHDOUHGH GRUGHHVWXGLDQWHV *LUDV$FDGpPLFDV 5HDOL]DUJLUDVGHWUDEDMRFRQ ORV HVWXGLDQWHV GHO 7pFQLFR HQ (QIHUPHUtD /LFHQFLDWX UD HQ 7XULVPR \ 7pFQLFR HQ $JURIRUHVWHUtDSDUDFRQRFHU ODViUHDVGHWUDEDMR\IRUWDOH FHUVXIRUPDFLyQDFDGpPLFD 6HORJUyTXHORVHVWXGLDQWHV GH ODV GLYHUVDV OLFHQFLDWXUDV DPSOtHQ VXV FRQRFLPLHQWRV PHGLDQWHODVJLUDV 81,9(56,'$''(3$1$0É $FWRVFXOWXUDOHVUHDOL]DGRVSRUOD([WHQVLyQ8QLYHUVLWDULDGH'DULpQ 3UR\HFWR0HWD5HVXOWDGR 0DQWHQLPLHQWRGHOD,QIUDHV WUXFWXUD 3URJUDPDU SHUPDQHQWH GH SUHVHUYDFLyQ UHSDUDFLyQ \ PHMRUDPLHQWR GH OD LQIUDHV WUXFWXUDiUHDVYHUGHV\HTXL SRVGHWUDEDMR 6HORJUyTXHODViUHDVGHHV WXGLRUH~QDQODVFRQGLFLRQHV ySWLPDV 0DQWHQHU \ UHSDUDU OD FHUFD GH6DQ9LFHQWH\OD([WHQVLyQ 8QLYHUVLWDULDGH'DULpQ &RQVWUXFFLyQGHOD&DIHWHUtD GHOD([WHQVLyQ8QLYHUVLWDULD GH'DULpQ 2IUHFHUXQDPHMRULQIUDHVWUXF WXUD \ DOLPHQWDFLyQ YDULDGD \ HFRQyPLFDDGRFHQWHV\HVWX GLDQWHV &RQGLFLRQHV DGHFXDGDV DO PRPHQWR GH LQJHULU ORV DOL PHQWRV ,QVWDODFLyQGH,QIR3OD]D ,QWURGXFLU OD WHFQRORJtD HQ OD H[WHQVLyQ /RJUDPRV TXH ORV HVWXGLDQ WHV GRFHQWHV \ PRUDGRUHV GHODUHJLyQXWLOLFHQORVQXH YRV VRIWZDUH \ VHUYLFLR GH ,QWHUQHW 5(1',&,Ð1'(&8(17$6 ([WHQVLyQ8QLYHUVLWDULDGH6RQi 3UR\HFWR0HWD5HVXOWDGR 2IHUWDDFDGpPLFDSUHJUDGR %ULQGDU D OD FRPXQLGDG GH 6RQi RIHUWDV GH SUHJUDGR HQ FDUUHUDVSHUWLQHQWHV $FWXDOPHQWH RIHUWDPRV ODV FDUUHUDVGH $GPLQLVWUDFLyQ GH (P SUHVDV $GPLQLVWUDFLyQ DJUR LQ GXVWULDO 7XULVPR ,QJOpV &RQ XQD PDWUtFXOD SDUD HO GHHVWXGLDQWHV 2IHUWDDFDGpPLFDSRVWJUDGR 2IUHFHU3RVWJUDGR\0DHVWUtD HQ'RFHQFLD6XSHULRU $FWXDOPHQWHVHHVWiQGLFWDQ GRDPEDV 6HUYLFLRVDODFRPXQLGDG ,QWHUDFWXDU FRQ OD FRPXQLGDG GH6RQi /RVHVWXGLDQWHVGH'RFHQFLD 6XSHULRUDSR\DQGLFWDQGRFOD VHVFRPRSDUWHGHVXSUiFWLFD SURIHVLRQDOHQODLQVWLWXFLyQGH HQVHxDQ]DS~EOLFDGHOiUHD 5(1',&,Ð1'(&8(17$6 981,'$'(6'(,19(67,*$&,Ð1 81,9(56,'$''(3$1$0É 9,8QLGDGHVGH,QYHVWLJDFLyQ ,QVWLWXWRGH$OLPHQWDFLyQ\1XWULFLyQ 3UR\HFWR0HWD5HVXOWDGR 'LSORPDGR ´,QYHVWLJDFLyQ HQ 6HJXULGDG$OLPHQWDULD \ 1X WULFLRQDOµ 0HMRUDU OD FDSDFLGDG LQYHV WLJDWLYD GH ORV SURIHVLRQDOHV FRQHQIRTXHVPHWRGROyJLFRV PiVDGHFXDGRVSDUDHQIUHQ WDUORVGLVWLQWRVSUREOHPDV 6H REWXYR XQD PDWUtFXOD GH SDUWLFLSDQWHV\XQLQJUHVR GH )HULDVGHOD6DOXG &RQWULEXLUFRQODVDOXGGHORV SDUWLFLSDQWHV \ SURPRFLRQDU ODFOtQLFDGHGLHWDV 6H SDUWLFLSy HQ GRV IHULDV GH VDOXG6HWRPySUHVLyQDUWH ULDO WDOOD SHVR \ VH FDOFXOy HO tQGLFHGHPDVDFRUSRUDOLQGL FiQGROHDORVSDUWLFLSDQWHVOD LPSRUWDQFLDGHXQDEXHQD DOLPHQWDFLyQDXQDGRDOHMHUFL FLRGLDULRDSHUVRQDV $FWLYLGDGHVGHVDOXGUHDOL]DGDVSRUHO,QVWLWXWRGH$OLPHQWDFLyQ\1XWULFLyQ 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR &OtQLFDGHGLHWDV 3URPRYHUHVWLORVGHYLGDVD OXGDEOH HQ OD SREODFLyQ XQL YHUVLWDULD\S~EOLFRFRQUHFR PHQGDFLRQHVHQPDWHULDGH QXWULFLyQ\DOLPHQWDFLyQ 6HDWHQGLHURQSDFLHQWHV QXHYRV \ GH UHFRQVXOWD HQSDUDXQLQJUHVRGH \ SDFLHQWHV QXHYRVFRQUHFRQVXOWDV HQ REWHQLHQGR XQ LQ JUHVRGH &RQWUDWDFLyQGHXQDQXWULFLR QLVWDSDUDOD&OtQLFDGHGLHWDV (YDOXDU HO HVWDGR QXWULFLR QDO LQWHUSUHWDU HO GLDJQyVWL FR FOtQLFR \ IRUPXODU GLHWDV DGHPiV HGXFDU HQ PDWHULD DOLPHQWDULD /DPD\RUtDGHORVSDFLHQWHV KDQ REWHQLGR ORV UHVXOWDGRV HVSHUDGRV EHQHÀFLDQGR VX VDOXGPHQWDOItVLFD 'LSORPDGR´&DOLGDGH,QRFXL GDG GH ORV$OLPHQWRV HQ OD ,QGXVWULD$OLPHQWDULDµ &DSDFLWDU D SURIHVLRQDOHV GHODLQGXVWULDGHDOLPHQWRV \DÀQHVHQFDOLGDGGHORV DOLPHQWRV \ ODV QRUPDV QD FLRQDOHVHLQWHUQDFLRQDOHV VREUHOHJLVODFLyQDOLPHQWDULD 6HREWXYRXQDPDWUtFXODGH HVWXGLDQWHV GRV GH HOORV VRQ GH OD (PSUHVD 0HOR 6$ \ XQ LQJUHVR GH % 0DWHULDO'LGiFWLFRTXHVHUH SDUWLy HQ HO *LPQDVLR GH OD 8QLYHUVLGDG 3URPRFLRQDU OD &OtQLFD GH 'LHWDV\HGXFDUODSREODFLyQ XQLYHUVLWDULDHQVXVFRPLGDV \VDOXG 6H GLR D FRQRFHU OD &OtQLFD GH'LHWDV\VHFDSWDURQSD FLHQWHVDTXLHQHVVHOHVHVWi EULQGDQGRHOVHUYLFLR 81,9(56,'$''(3$1$0É ,QVWLWXWRGH&LHQFLDV$PELHQWDOHV\%LRGLYHUVLGDG 3UR\HFWR0HWD5HVXOWDGR 0RQLWRUHR GH (VSHFLHV $FXiWLFDV HQ OD +LGURpOHFWUL FD(VWt*XDODFD 5HGDFWDU LQIRUPHV GHO PRQL WRUHR 0RQLWRUHR GH (VSHFLHV 5L EHUHxDV HQ OD +LGURpOHFWULFD (VWt*XDODFD (VWXGLRGH,PSDFWR$PELHQ WDO &DWHJRUtD , 'HVDUUROOR 3UR\HFWR0HGLFR([SUHVV6 'LSORPDGR )RUPXODFLyQ \ (YDOXDFLyQ GH 3UR\HFWRV $PELHQWDOHV 352%,2,, 5HDOL]DUHVWXGLRGHODHVWUXF WXUDGHOHGLÀFLR\SHUFHSFLyQ GHKDELWDQWHVGHOiUHD /RJUDUODDSOLFDFLyQGHORVFR QRFLPLHQWRV DGTXLULGRV SRU SDUWHGHORVJUDGXDGRVGHOGL SORPDGR 0RQLWRUHRV GH HVSHFLHV IR UHVWDOHVHQOD5HV)RUHVWDO(O 0RQWXRVR (VWXGLRGHOD(VWUXFWXUDGLQi PLFDGHOERVTXHHQHO3DUTXH 1DFLRQDO&HUUR+R\D ,QIRUPHV 0RQLWRUHRV GH IDF WRUHVFOLPDWROyJLFRV7UHV3XQ WDV5HVHUYD)RUHVWDO(O0RQ WXRVR0HQVXDO ,QYHQWDULRV LQGLFDQ TXH VHHQFRQWUDURQ HVSHFLHV GH IDXQD DFXiWLFDGHJUXSRVWD[R QyPLFRVGLYHUVRV ,QYHQWDULRVGHÁRUDLQGLFDQ TXH QR KD\ SUREOHPDV DPELHQWDOHV $SUREDFLyQ GHO (VWXGLR GH ,PSDFWR$PELHQWDO&DWHJRUtD ,SRUOD$1$0 GHDYDQFHGHOSUR\HFWR ,GHQWLÀFDFLyQGHPXHVWUDV ERWiQLFDV HO KHUEDULR GH OD 8QLYHUVLGDG ,QYHQWDULR GH ÁRUD \ IDXQD HQ HO 3DUTXH 1DFLRQDO &HUUR +R\D iUHD FHUFDQD D OD FR PXQLGDGGH)ORUHV /HFWXUD GH ORV GDWRV GH SUH FLSLWDFLyQ KXPHGDG UHODWLYD YHORFLGDG GHO YLHQWR WHPSH UDWXUD\DOPDFHQDPLHQWRHQ DUFKLYRGLJLWDO (VWXGLR GH SHUFHSFLyQ VRFLDO SRU ORV KDELWDQWHV GH OD 5HV )RUHVWDO(O0RQWXRVR $SOLFDFLyQ\WDEXODFLyQGHGD WRVSDUDDQiOLVLV 5HVWDXUDFLyQ GH ERVTXHV HQ OD 5HVHUYD )RUHVWDO (O 0RQ WXRVR 6HPLQDULR FRQ SURGXFWRUHV TXHLQWHJUDQHOSUR\HFWR5( '(%2648( 5(1',&,Ð1'(&8(17$6 ,QVWLWXWRGH&ULPLQRORJtD 3UR\HFWR0HWD5HVXOWDGR 0DHVWUtD HQ (VWXGLRV &ULPL QROyJLFRV 3UHSDUDU DFDGpPLFDPHQWH D SURIHVLRQDOHV HQ OD HVSHFLD OLGDGGHFULPLQRORJtD SURIHVLRQDOHVLQVFULWRV 'LSORPDGRHQ&LHQFLDV)RUHQ VHVFRQeQIDVLVHQ3HULWDMH )RUPDU SHULWRV HQ ODV GLIH UHQWHV UDPDV GH OD FLHQFLD IRUHQVH SDUWLFLSDQWHV TXH DVLVWHQ DO'LSORPDGRTXHJHQHUDUi ODVXPDGH% 'HVDUUROOR$FDGpPLFR 'LVHxDU OD SURSXHVWD GHO 3RVWJUDGRGH(VSHFLDOL]DFLyQ HQ'HSHQGHQFLD4XtPLFDFRQ eQIDVLVHQ,QWHUYHQFLyQ $SUREDGR HQ &RQVHMR $FD GpPLFR1RGHODSUR SXHVWDGH3RVWJUDGR (ODERUDFLyQ GHO HVWXGLR GH &RPSLODFLyQ GH &DVXtVWLFD &ULPLQROyJLFDV 5HFRSLODUFDVXtVWLFDVGHFD VRVDFRQWHFLGRVDQLYHOQD FLRQDO 3XEOLFDFLyQ \ SUHVHQWDFLyQ GHREUDV\&'V*DV WRVGH% (VWXGLR´&ULPLQR6RFLROyJLFR GHO+RPLFLGLRSRUHQFDUJRGH OD&LXGDGGH3DQDPi 9LQFXOR FRQ RWUDV XQLGDGHV DFDGpPLFDV H LQVWLWXFLRQHV JXEHUQDPHQWDOHV \ QR JX EHUQDPHQWDOHV ([SOLFDU PRWLYRV \ FRQVH FXHQFLDV GH ORV KRPLFLGLRV SRUHMHFXFLyQ 3UHVHQWDFLyQ \ 3XEOLFDFLyQ GH OLEURV *DVWRV GH % 5HODFLRQDU D IXQFLRQDULRV GH LQVWLWXFLRQHV S~EOLFDV \ 21*V HQ HO GHEDWH LQWHUGLVFLSOLQDULR ´$ERUGDMH HQODFRQGXFWDGHOLFWLYDGHpO \ODDGROHVFHQWHHQFRQÁLFWR FRQODOH\µ $QDOL]DU\SUHVHQWDUDOWHUQD WLYDV D ORV SDUWLFLSDQWHV SDUDDERUGDUHOSUREOHPDGH ODFRQGXFWDGHOLFWLYDGHODGR OHVFHQWHHQHOSDtV )RUR VREUH HO 3HQLWHQFLDULV PR´+DFLDOD7UDQVIRUPDFLyQ GHO 6LVWHPD 3HQLWHQFLDULR 3DQDPHxR /RJUDU OD SDUWLFLSDFLyQ GH SURIHVLRQDOHV \ IXQFLRQDULRV GH LQVWLWXFLRQHV S~EOLFDV \ SULYDGDV &RQRFHU\SURSRQHUDOWHUQDWL YDVGHVROXFLyQDODUHDOLGDG GHO 6LVWHPD 3HQLWHQFLDULR 3DQDPHxR 81,9(56,'$''(3$1$0É ,QVWLWXWRGH(VWXGLRVGHO&DQDO\(VWXGLRV,QWHUQDFLRQDOHV 3UR\HFWR0HWD5HVXOWDGR ,QIRUPHGHOWUDQVSRUWHPXOWL PRGDO &DQDO GH 3DQDPi \ HVWUDWHJLDPDUtWLPDQDFLRQDO &RQIHFFLRQDU XQD UHFRSLOD FLyQ GH FRQFHSWRV XWLOL]DGRV HQ OD LQGXVWULD GHO WUDQVSRUWH PXOWLPRGDO \ UHDOL]DU XQ DQi OLVLVGHODVFRQGLFLRQHVTXHVH QHFHVLWDQ SDUD HO GHVDUUROOR IXWXURGHHVWDLQGXVWULD ,QIRUPH ÀQDO HQWUHJD GR D OD 9LFHUUHFWRUtD GH ,Q YHVWLJDFLyQ ´0DSHRGH5HFXUVRVGH7UHV &RPXQLGDGHV $IURGHVFHQ GLHQWHVHQ&HQWURDPHULFDµ 5HDOL]DUUHXQLRQHVGHFRRUGL QDFLyQ GLULJLGD D DXWRULGDG \ HTXLSR GH LQYHVWLJDGRUHV GHO ,QVWLWXWR $YDQFHGH (ODERUDFLyQ GHO SUHVXSXHV WRSURJUDPDVJHRJUiÀFRV\ SURIHVLRQDOHVRFRQVXOWRUHV GHDYDQFHGHOSUR\HFWR 5HDOL]DU UHXQLRQHV GH VHQVL ELOL]DFLyQGLULJLGDDDXWRULGDG \HTXLSRGHLQYHVWLJDGRUHVGHO ,&83HVWXGLDQWHVSURIHVRUHV \SURIHVLRQDOHV $YDQFHSRUREMHWLYR 5HFXUVR +XPDQR &DOLÀFDGR SDUD IRUPDU SDUWH GHO FXHUSR DFDGpPLFR 5HXQLyQFRQ$FWRUHVGHO3UR \HFWRPRQWDUODORJtVWLFDGH WUDEDMR &RPSDUDFLyQGHLQFLGHQFLDHQ SRUFHQWDMH VREUH HJUHVDGRV GH OLFHQFLDWXUDV DÀQHV \ SUR IHVLRQDOHVDTXLHQHVRIHUWDUOD 0DHVWUtD (ODERUDFLyQ SDUD DSUREDFLyQ GHO3UR\HFWR´)RUPXODULRSDUD ´0DHVWUtD HQ ,QGXVWULD 0D UtWLPD ,QWHUQDFLRQDO FRQ HV SHFLDOL]DFLyQ HQ $GPLQLVWUD FLyQ3RUWXDULD\R7UDQVSRUWH 0XOWLPRGDO\/RJtVWLFRµ 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR OD3UHVHQWDFLyQGH3UR\HFWRVµ DQWHOD9LFHUUHFWRUtDGH,QYHV WLJDFLyQ\3RVWJUDGR 'LDJQyVWLFR H[SORUDWRULR VR EUH OD FRQWDPLQDFLyQ HQ ORV OLWRUDOHV FRVWHURV \ VX HIHFWR HQ HO WXULVPR LQWHUQDFLRQ DO FDVR &RUUHJLPLHQWR GH 3DOHQTXH0LUDPDU\&XDQJR (ODERUDUHO3UR\HFWR\FHUWLÀ FDFLyQ GHO OD 9LFHUUHFWRUtD GH ,QYHVWLJDFLyQ\3RVWJUDGR $YDQFHSRUSUR\HFWR 5HDOL]DUUHXQLRQHVGHVHQVLEL OL]DFLyQGLULJLGDDDXWRULGDGHV \ OtGHUHV GH OD FRPXQLGDG GH 6DQWD,VDEHO (ODERUDFLyQ GH OD HQFXHVWD SDUD OD UHFROHFFLyQ GH LQIRU PDFLyQ $FXHUGRLQVWLWXFLRQDO ,QIRUPHVREUHODViUHDVUHYHU WLGDV\'HVDUUROOR1DFLRQDO 3UHVHQWDU D OD FRPXQLGDG HQ JHQHUDO XQ LQIRUPH GHWDOODGR GHOXVRDFWXDOGHODViUHDVUH YHUWLGDVGHO3DFtÀFRHVWH 6HFXOPLQyHOLQIRUPHÀQDO\ IXH HQWUHJDGR D OD 9,3 HO GHPDU]RGH ,PSDFWR GH ORV LQJUHVRV GHO FDQDO HQ ORV FRUUHJLPLHQWRV GHODFXHQFDHVWH ,QIRUPDU D OD FRPXQLGDG ORV EHQHÀFLRVTXHVHKDQREWHQL GRV GH ORV DSRUWHV GH ORV LQ JUHVRVGHOFDQDO $FWXDOPHQWH HO SUR\HFWR VH HQFXHQWUDHQODHWDSDGHUH FRSLODFLyQGHODLQIRUPDFLyQ 81,9(56,'$''(3$1$0É ,QVWLWXWRGH(VWXGLRV1DFLRQDOHV 3UR\HFWR0HWD5HVXOWDGR 6HPLQDULRV\GLSORPDGRV &XPSOLU FRQ OD IRUPDFLyQ FRQWLQXD GH HJUHVDGRV \ HV WXGLDQWHVGRFHQWHVIXQFLRQD ULRVGHOVHFWRUS~EOLFRSULYDGR \ WHUFLDULR TXLHQHV VH HVWiQ SUHSDUDQGRSDUDKDFHUOHIUHQ WHDODVGHPDQGDVGHOPHUFD GRODERUDO\FRPSHWLWLYR 'HVDUUROODGRVGH(QHURD-X OLRGHHQWHPDVFRPR &DPELR&OLPiWLFR )RUPDFLyQGH,QVWUXFWRUHV 'LSORPDGR ,QWHUQDFLRQDO GH5HIXJLR ´(VWXGLR GH ,PSDFWR SDUD HO 0HMRUDPLHQWR GH ODV &RQGL FLRQHVGH&DOLGDGGH9LGDGH OD &RPDUFD .XQD GH 0DGX JDQGtµ 3UHVHQWDUXQSUR\HFWRHVSH FLDOHQHOFXDOOD8QLYHUVLGDG HMHUFHODFRQVXOWRUtD 6HFXHQWDFRQHOUHIUHQGRGHO FRQWUDWR \ DFWXDOPHQWH HVWi HQODIDVHGHHMHFXFLyQ 5HDOL]DUGXUDQWHHODxRGLYHU VDVSXEOLFDFLRQHVHQDUDVGH IRUWDOHFHU ODV GLVWLQWDV iUHDV GHOVDEHU (VWDVSXEOLFDFLRQHVVHHQ FXHQWUDQHQODVSULQFLSDOHVEL EOLRWHFDV\OLEUHUtDVGHOSDtV %ROHWtQ,QIRUPDWLYR´(QWRUQRµ 3UHVHQWDUHO%ROHWtQVHPHVWUDO TXH GLIXQGH ODV DFWLYLGDGHV GHLQYHVWLJDFLyQFDSDFLWDFLyQ \H[WHQVLyQTXHUHDOL]DHO,QV WLWXWR &RQ HVWD GLIXVLyQ VH GD D FRQRFHU WDQWR ODV LQYHVWLJD FLRQHVFRPRODVRIHUWDVDFD GpPLFDV HQ PDWHULD GH (GX FDFLyQ&RQWLQXD *UXSRGH7UDEDMRGH&/$& 62´&DPELR&OLPiWLFR0RYL PLHQWRV 6RFLDOHV \ 3ROtWLFDV 3~EOLFDVµ FHOHEUDGR HQ OD FLXGDGGH6DQWLDJRGH&KLOH 3HUPLWLU D ORV SURIHVRUHV LQ YHVWLJDGRUHV GHO ,'(1 SDUWL FLSDQWHV HVWDEOHFHU GLiORJRV DELHUWRV HQ DUDV GH DXWR HV WUXFWXUDU \ KHWHUR HVWUXFWXUDU ORVFRQRFLPLHQWRV &RQRFLPLHQWRV HVWRV TXH VHUiQSXHVWRVHQSUiFWLFDHQ HOGHVDUUROORGHODGRFHQFLD\ ODLQYHVWLJDFLyQ 9 (QFXHQWUR GH (VWXGLDQWHV GH 5HODFLRQHV ,QWHUQDFLRQD OHV0p[LFR3DQDPi FLHQFLDVVRFLDOHV $SURYHFKDUHLQWHUFDPELRHQ WUHORVHVWXGLDQWHV\GRFHQWHV GHDPEDVXQLYHUVLGDGHV 5HDOL]DGR HQWUH OD )DFXOWDG GH &LHQFLDV 6RFLDOHV \ 3ROt WLFDV GH OD 8QLYHUVLGDG$XWy QRPDGH0p[LFR81$0\OD 8QLYHUVLGDGGH3DQDPi 3XEOLFDFLyQGHOLEURVGHFRQ WHQLGRV FLHQWtÀFRV OLWHUDULRV \GHFLHQFLDVVRFLDOHV 5(1',&,Ð1'(&8(17$6 ,QVWLWXWRGH*HRFLHQFLDV 3UR\HFWR0HWD5HVXOWDGR 0RQLWRUHRGHODGHUDVLQHVWD EOHV VDVDGHVOL]DPLHQWRV &RQRFHUODVUHJLRQHVGHPD \RUULHVJRVtVPLFR ,QLFLDQGRODSULPHUDHWDSD 3XHUWR$UPXHOOHV )RUWDOHFLPLHQWR GHO PRQLWR UHR VtVPLFR HQ HO ,VWPR GH 3DQDPi &RPSUDHLQVWDODFLyQGHHV WDFLRQHV GH EDQGD DQFKD DFHOHUyJUDIR\VLVWHPD 6HKDLQLFLDGRHOSUR\HFWR \DFWXDOPHQWHVHHQFXHQWUD HQSURFHVR 7DUMHWD $QiORJR 'LJLWDO GH H[SDQVLyQ SDUD GLJLWDOL]DGRU GHD&DQDOHV 3DUDHOPHMRUDPLHQWRGHODV HVWDFLRQHV GH EDQGD DQFKD GH0HWHWt\3HQRQRPp ,QYHUVLyQGH 0DQWHQLPLHQWR GH ORV SUR JUDPDV\SUR\HFWRVFRQVXV UHVSHFWLYRVLQIRUPHVGLDULRV GHRSHUDFLyQ 0DQWHQHU OD UHG VtVPLFD QD FLRQDO WRGDV ODV HVWDFLRQHV RSHUDQGRGHPDQHUDRSWLPD UHDOL]DU LQIRUPHV GLDULRV GH RSHUDFLyQ &RVWR GH VH LQLFLy FRQHOPLVPR 5HSDUDFLRQHV \ PDQWHQL PLHQWRVSHULyGLFRV 6LVWHPDGHGHWHFFLyQVtVPL FDDXWRPiWLFD /RJUDU OD FDSWDFLyQ \ DQiOLVLV DXWRPiWLFRGHODVVHxDOHVVtV PLFDV SDUD HPLWLU ORFDOL]DFLR QHV\EROHWLQHVDXWRPiWLFRV ,QYHUVLyQGHHVWi HQHWDSDLQLFLDO $FHOHUyJUDIRWULD[LDOFRQFHQ VRU GH DFHOHUDFLyQ H[WHUQR GHDOWDVHQVLELOLGDG &RQWDU FRQ XQ DFHOHUyJUDIR WULD[LDO &RVWRGH 81,9(56,'$''(3$1$0É ,QVWLWXWRGHOD0XMHU 3UR\HFWR0HWD5HVXOWDGR 'HVDUUROOR GH DFWLYLGDGHV DFDGpPLFDVH[WHQVLyQ ,QFRUSRUDU \ WUDQVYHUVDOL]DU OD YLVLyQ GH JpQHUR HQ ODV iUHDV GH FRQRFLPLHQWR7HF QRORJtD &LHQFLDV 1DWXUDOHV ([DFWDV\&LHQFLDV$GPLQLV WUDWLYDV &LHQFLDV 6RFLDOHV \ +XPDQtVWLFDV&LHQFLDVGHOD 6DOXG -RUQDGD $FDGpPLFD GH 7UDQVYHUVDOL]DFLyQ GH OD 3HUVSHFWLYD GH *pQHUR HQ OD (GXFDFLyQ6XSHULRUHQHOTXH VHGHEDWLyFRQGRFHQWHVXQL YHUVLWDULDVRV GH ODV GLVWLQWDV iUHDVGHFRQRFLPLHQWRFRPR ORJUDUODWUDQVYHUVDOL]DFLyQHQ ODVGLVWLQWDVFDUUHUDV ´&ULVLV HFRQyPLFD (IHFWXDU LQYHUVLRQHV HQ ODV PXMHUHV HVXQDRSFLyQLQWHOLJHQWHµ $FWXDOL]DU D SURIHVLRQDOHV \ GRFHQWHV HQ OD SDUWLFLSDFLyQ DFWLYDTXHWLHQHQODVPXMHUHV HQODHFRQRPtD &UHDFLyQ GHO )RUR 'LULJLGR D HVWXGLDQWHVGRFHQWHVDGPL QLVWUDWLYRVDV LQYHVWLJDGR UHVDV\S~EOLFRHQJHQHUDO )RUR 1DFLRQDO ´9LROHQFLD FRQWUD OD 0XMHU HQ 3DQDPi 5HDOLGDG\'HVDItRVµ 6HQVLELOL]DU D ODVRV XQLYHU VLWDULRV DGPLQLVWUDWLYRV GR FHQWHV \ S~EOLFR HQ JHQHUDO GHODLPSRUWDQFLDTXHFRQVWL WX\HFRPEDWLUOD9LROHQFLD'R PpVWLFDHQQXHVWUDVRFLHGDG 'LULJLGR D HVWXGLDQWHV GR FHQWHV DGPLQLVWUDWLYRVDV LQYHVWLJDGRUHVDV \ S~EOLFR HQJHQHUDO 5HDSHUWXUDGHOD0DHVWUtDHQ *pQHUR\'HVDUUROOR 3URPRYHU OD IRUPDFLyQ GH HVSHFLDOLVWDV TXH LPSXOVHQ XQDJHVWLyQKDFLDHOGHVDUUR OOR KXPDQR VRVWHQLEOH \ FRQ SHUVSHFWLYDGHJpQHUR )RUPDU SURIHVLRQDOHV TXH FRQR]FDQORVSURFHVRVPHWR GROyJLFRV SDUD HODERUDFLyQ HMHFXFLyQ\HYDOXDFLyQGHOD SROtWLFDVSXEOLFDVRULHQWDGDV DJHQHUDUHTXLGDGVRFLDOHQ WUHPXMHUHV\KRPEUHV -RUQDGD GH FDSDFLWDFLyQ \ VHQVLELOL]DFLyQ &DSDFLWDU DO SHUVRQDO DGPL QLVWUDWLYR VREUH ODV FRQVH FXHQFLDVTXHWLHQHODYLROHQ FLDGRPpVWLFD 7HPD)HPLFLGLRHQ3DQDPi RUJDQL]DGR SRU HO ,QVWLWXWR 6XSHULRUGH&DSDFLWDFLyQ/D ERUDO\6LQGLFDO,168&/$6 &RQYHQLRFRQHO)RURGH0X MHUHV\3DUWLGRV3ROtWLFRV /RJUDU DOLDQ]DV FRQ RUJD QLVPRV QDFLRQDOHV SDUD HO IRUWDOHFLPLHQWR GH ODV PXMH UHV HQ FDSDFLWDFLRQHV HQ 3DUWLFLSDFLyQGHOFLHUUHGHOD 21*$JHQGD(FRQyPLFDGH ODV0XMHUHV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR FXHQWURV QDFLRQDOHV IRURV ,JXDOPHQWHHQODFUHDFLyQGH HVWUDWHJLDVSDUDKDFHUIUHQWH DVLWXDFLRQHVGHH[SORWDFLyQ VH[XDO FRPHUFLDO GH QLxRV DV DGROHVFHQWHV \ WUDWD GH EODQFDV 3DUWLFLSDFLyQHQOD&RPLVLyQ 1DFLRQDO SDUD OD 3UHYHQFLyQ GH OD ([SORWDFLyQ 6H[XDO &21$35('(6 )RUR ´(O &RRSHUDWLYLVPR FRPR&RPXQLGDGGH%LHQHV WDU6RFLDOµ &RQRFHU OD VLWXDFLyQ GH ODV PXMHUHVHQHOFRRSHUDWLYLVPR FRPR KHUUDPLHQWD TXH KDFH YLVLEOH D ODV PXMHUHV HQ OD VRFLHGDG \ HQ OD HFRQRPtD FRPRDJHQWHGHFDPELR 'LULJLGR D HVWXGLDQWHV GR FHQWHV DGPLQLVWUDWLYRVDV LQ YHVWLJDGRUHVDV \ S~EOLFR HQ JHQHUDO ,QYHVWLJDFLyQ (VWDEOHFHUTXHORVGHUHFKRV GH ODV PXMHUHV VRQ SDUWH GH ORVGHUHFKRVKXPDQRVGRQ GH HO FRQWURO GH VX IHFXQ GLGDG VDOXG UHSURGXFWLYD VH[XDOLGDG\ORVSURFHVRVGH DXWRQRPtD TXH HOOR FRQOOHYD SDUD ODV PXMHUHV VRQ SDUWH GHHVRVGHUHFKRV ,QYHVWLJDFLyQ SXEOLFDGD ´'H UHFKRV 6H[XDOHV \ 'HUH FKRV 5HSURGXFWLYRV SDUWH HVHQFLDO GH ORV GHUHFKRV KXPDQRVµ 3UHVHQWDGD D HVWXGLDQWHV GRFHQWHV DG PLQLVWUDWLYRVDVLQYHVWLJDGR UHVDV\S~EOLFRHQJHQHUDO 6HPLQDULR/LEUHVREUH*pQH UR\)HPLQLVPR$XWRQRPtD\ (PSRGHUDPLHQWR 0DQWHQHU HQ IRUPDFLyQ FRQVWDQWH \ DFWXDOL]DGD D OD SREODFLyQHQWHPDVGHGHUH FKRVGHODVPXMHUHV 'LULJLGR D HVWXGLDQWHV GR FHQWHV DGPLQLVWUDWLYRVDV LQYHVWLJDGRUHVDV \ S~EOLFR HQJHQHUDO 3UHVHQWDFLyQ GH OD 7HVLV GH 0DHVWUtD HQ 3UHYHQFLyQ \ $WHQFLyQ GH OD 9LROHQFLD ,Q WUDIDPLOLDU FRQ (QIRTXH GH *pQHUR ,PSXOVDUDIXWXURVDVHJUHVD GRVDVGHWHVLVGHSUHJUDGR LQYHVWLJDGRUHV LQGHSHQGLHQ WHVDSURIXQGL]DUHQHOWHPD GH YLROHQFLD FRPR XQ WHPD GHVHJXULGDGFLXGDGDQD ´$QiOLVLV &RPSDUDWLYR GHVGH XQD 3HUVSHFWLYD GH *pQHUR GH OD ,QFLGHQFLD GH 9LROHQFLD ,QWUDIDPLOLDU HQ ODV SHUVRQDV DWHQGLGDV HQ &HQWUR GH 6D OXG GH WUHV FRUUHJLPLHQWRV GHO'LVWULWRGH&ROyQSHUtRGR µ (Q OD %LEOLRWHFD (VSHFLDOL]DGD0DUWD0DWDPR URVGHO,QVWLWXWRGHOD0XMHU 81,9(56,'$''(3$1$0É &RQYHQLR)RUR0XMHUHV3DUWLGRV3ROtWLFRV 3UR\HFWR0HWD5HVXOWDGR ,QYHVWLJDFLyQ´1RROYLGDPRV QL DFHSWDPRV )HPLFLGLR HQ &HQWURDPpULFD µ SRU'UD6\OYLD0HVD3HOXIIR GH&RVWD5LFD &RPSUREDUFRPRVHYDQGX SOLFDQGR ORV IHPLFLGLRV HQ &HQWURDPpULFD SDUD GHÀQLU SROtWLFDV \ DFFLRQHV FRQFUH WDVGLULJLGDVDODSUHYHQFLyQ DVtFRPRDLQYHVWLJDUSHUVH JXLU \ VDQFLRQDU HO IHPLFLGLR HQODUHJLyQ 3UHVHQWDGD D HVWXGLDQWHV GRFHQWHVDGPLQLVWUDWLYRVDV LQYHVWLJDGRUHVDV \ S~EOLFR HQJHQHUDO 5(1',&,Ð1'(&8(17$6 ,QVWLWXWR(VSHFLDOL]DGRGH$QiOLVLV 3UR\HFWR0HWD5HVXOWDGR 0DQWHQLPLHQWR GHO VLVWHPD GH*HVWLyQ 2EWHQHU OD FHUWLÀFDFLyQ ,62 8QDDXGLWRUtDGHVHJXLPLHQ WRSRU$SSOXVVHPDQWLHQH &HUWLÀFDFLyQ,62 GRV DXGLWRUtDV LQWHUQDV \ XQ FRQVXOWRU HVWiQ HQ FRQWLQXD UHYLVLyQ GHO VLVWHPD $XWR JHVWLyQ 3DUWLFLSDU HQ LQWHUODERUDWR ULRVUHTXLVLWREiVLFR 0DQWHQHU FHUWLÀFDFLyQ \ DFUHGLWDUHO,QVWLWXWR(VSHFLD OL]DGRGH$QiOLVLV,($ (QYLDGRV SRU GLVWLQWRV RUJD QLVPRVLQWHUQDFLRQDOHV (XURSHDQ'LUHFWRUDWHIRU WKH 4XDOLW\ RI 0HGLFLQHV ('40GHO&RQFHMR(X URSHR 3URJUDPD GH &RQWURO ([WHUQR GH OD &DOLGDG 3&(& GH OD 2UJDQL]D FLyQ 3DQDPHULFDQD GH OD 6DOXG 2368QLWHG 6WDWHV 3KDUPDFRSHLD 863 $TXHOORVDXVSLFLDGRVSRU OD 2UJDQL]DFLyQ 0XQGLDO GHOD6DOXG206DGH PiV GH 35,'$$ )$2 \ 5,/$$$XWRJHVWLRQ $OFDQ]DU ORV VWDQGDUGV GH FDOLGDG TXH UHFRPLHQGD OD 8QLWHG 6WDWHV 3KDUPDFR SHLD863 DO GH PD\R IXH OD YLVL WD GHO FRQVXOWRU GH OD 863 &1&& /DFDUWDGHLQWHQFLyQHVWiOLV WD (VWDPRV HQ VHJXLPLHQ WR SRU SDUWH GH OD 863 'U $GULiQ%DURMDV &RPRUHVXOWDGRGHODFRQVXO WRUtD ORJUDPRV GRQDFLyQ GH OD863DO,($SRUXQYDORU GHGyODUHV)RQGRV H[WHUQRV /RJUDU SUHFDOLÀFDFLyQ GH 206SDUDHOGHGLFLHPEUH GH 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 0DQWHQLPLHQWRV GH ORV HTXL SRVGHPHGLFLyQGHO,QVWLWXWR (VSHFLDOL]DGRGH$QiOLVLV 'DU PDQWHQLPLHWQR SUHYHQ WLYR D WRGRV ORV HTXLSRV GHO ,QVWLWXWR (VSHFLDOL]DGR GH $QiOLVLV &RQWUDWRV GH PDQWHQLPLHQWR \ FDOLEUDFLyQ GH ORV HTXLSRV GHO ,($ \D IXHURQ UHIUHQGD GRV SRU &RQWUDORUtD \ HVWiQ HQHMHFXFLyQ$XWRJHVWLRQ $FUHGLWDUODVSUXHEDVGH&R OLIRUPHV7RWDOHV\&ROLIRUPHV 7HUPRWROHUDQWHVHQDJXDV /RJUDUODDFUHGLWDFLyQ $YDQFHGH /D~OWLPDVHPDQDGHOPHVGH DJRVWRVHLQLFLDHOWUiPLWHGH DFUHGLWDFLyQDQWHHO&RQVHMR 1DFLRQDOGH$FUHGLWDFLyQ &RQWLQXDU FRQ HO UHHPSOD]R GH HTXLSRV GH OD VHFFLyQ $SDUDWRVGH)OXMR/DPLQDU\ &RQWDGRUGH3DUWtFXODV 5HHPSOD]DU ORV HTXLSRV RE VROHWRVRGHWHULRUDGRV $YDQFHGH 5HYLVLyQ GH OD *XtD GH $X WRHYDOXDFLyQ SDUD /DERUDWR ULRV )DUPDFpXWLFRV GH &RQ WURO GH &DOLGDG GH DFXHUGR DO ,QIRUPH $QH[R GH 206FRPRSDUWHGHO*UXSR GH7UDEDMR GH %XHQDV 3UiF WLFDV GH ODERUDWRULR \ UHSUH VHQWDQWHDQWHHO6,&$ 5HYLVDU ODV JXtDV GH FRQWURO GHFDOLGDG 5HXQLyQ UHDOL]DGD HQ 3HU~ FRQ HO *UXSR GH 7UDEDMR GH %XHQDV3UiFWLFDVGH/DERUD WRULR GH 236 \ UHSUHVHQWDQ WHV GH ODERUDWRULRV GH %ROL YLD 3HU~ 8UXJXD\ %UDVLO \ -DPDLFD )RQGRV H[WHUQRV $YDQFH 3DUWLFLSDFLyQ FRPR PLHP EUR GHO FRPLWp GH H[SHUWRV GH 206 HQ OD UHYLVLyQ PR GLÀFDFLyQ \ DSUREDFLyQ GH WHPDV UHIHUHQWHV D &RQWURO GH &DOLGDG \ %XHQDV 3UiFWL FDV HQ GLIHUHQWHV GLVFLSOLQDV PLFURELRORJtD PDQXIDFWXUD GLVWULEXFLyQHWF 5HYLVLyQ PRGLÀFDFLyQ \ DSUREDFLyQ GH WHPDV UHIH UHQWHVD&RQWUROGH&DOLGDG\ %XHQDV3UiFWLFDV 0LHPEUR GHO &RPLWp GH ([ SHUWRV GH OD 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG 206 SDUD OD DYD 5HXQLyQ GHO &RPLWpGH([SHUWRVVREUH(V SHFLÀFDFLRQHV SDUD )RUPXOD FLRQHV )DUPDFpXWLFDV HQ OD VHGHGHOD206HQ*LQHEUD )RQGRVH[WHUQRV 6ROLFLWXG D ORV PLQLVWHULRV FR UUHVSRQGLHQWHVGHD\XGDSDUD ORV /DERUDWRULRV 1DFLRQDOHV GH &RQWURO GH &DOLGDG GH ORV SDtVHVDVLVWHQWHVDODUHXQLyQ &RQWDU FRQ ODERUDWRULRV GH FRQWUROGHFDOLGDG 3DUWLFLSDFLyQ HQ HO 7DOOHU 6XEUHJLRQDO GH ORV 3DtVHV GH$0,HQ/LPD3HU~ 6H ORJUDURQ ODV FDUWDV FRQ UHVSDOGR GH OD 236863 GH 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR ORV SDtVHV DVLVWHQWHV $GH PiVVHORJUyDFHSWDFLyQGH ORV SDtVHV TXH QR VRQ GH OD UHJLyQDQGLQDSDUDSDUWLFLSDU HQ ORV LQWHUODERUDWRULRV SUR SRUFLRQDGRVSRUHO&1&&GH 3HU~)RQGRVH[WHUQRV &DSDFLWDFLyQ HQ ORV DQiOL VLV GH UHVLGXRV GH SHVWLFL GDV FRQ HO QXHYR HTXLSR GH &URPDWRJUDÀDGH*DVHVFRQ FROXPQD FDSLODU \ RSWLPL]DU OD FXDQWLÀFDFLRQ GH 'LHWLOHQ JOLFRO VHJ~Q ORV SDUDPHWURV GHOD863 'HVDUUROODU XQ 7DOOHU 7HyULFR ² 3UiFWLFR HQ OD ´'HWHUPLQD FLyQGHSHVWLFLGDVHQGLIHUHQ WHV PXHVWUDV \ RSWLPL]DFLRQ GHO DQiOLVLV GH GLHWLOHQJOLFRO VHJ~Q ORV SDUDPHWURV GH OD 863GHDOPHQRVDQDOLVWDV DQDOLVWDV FDSDFLWDGRV HQ HO XVR GH &URPDWyJUDIR GH *DVHV FRQ FROXPQD &DSLODU $XWRJHVWLyQ &DSDFLWDFLyQ HQ ORV DQiOLVLV GH UHVLGXRV GH VROYHQWHV HQ PHGLFDPHQWRV \ PDWHULDV SULPDVGHXVRHQODLQGXVWULD IUDPDFHXWLFD &DSDFLWDUDOPHQRVDQDOLV WDVHQHVWDWpFQLFD FDSDFLWDGRV $XWRJHV WLyQ ,QVWDODFLRQHVGHO,QVWLWXWR(VSHFLDOL]DGRGH$QiOLVLV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &DSDFLWDFLyQ GH ORV FRODER UDGRUHVGHO,QVWLWXWR(VSHFLD OL]DGR GH $QiOLVLV PHGLDQWH ORV 6HPLQDULRV&RQIHUHQFLDV RUJDQL]DGRVSRUOD'LUHFFLyQ GH5HFXUVRV+XPDQRVHQGL IHUHQWHV WHPDV 4XH VH GLF WDQWULPHVWUDOPHQWH &DSDFLWDUDOPHQRVFRODER UDGRUHVFDGDWULPHVWUH FRODERUDGRUHVFDSDFLWDGRV FDGDWULPHVWUH$XWRJHVWLyQ &RQWLQXDU FRQ HO UHHPSOD]R GHHTXLSRVGHODVHFFLyQ &RQWDUFRQ$SDUDWRVGH)OXMR /DPLQDU \ &RQWDGRU GH 3DU WtFXODV $XWRJHVWLyQ 0HMRUDU ORV SURFHVRV DGPL QLVWUDWLYRV PHGLDQWH HO GH VDUUROOR GH XQD DSOLFDFLyQ LQIRUPiWLFDGHJHVWLyQGHODV PXHVWUDV²6LVWHPDGH$Qi OLVLV,($ ,PSOHPHQWDU XQ 6LVWHPD ,Q IRUPiWLFR SDUD PDQHMDU \ RSWLPL]DU OD LQIRUPDFLyQ GH ORVH[SHGLHQWHVGHPXHVWUDV LQJUHVDGDV SDUD DQiOLVLV PHGLDQWH OD XWLOL]DFLyQ GH XQD %DVH GH 'DWRV UHODFLR QDO PiV UREXVWD \ GH PD\RU UHQGLPLHQWR (QHOSURFHVRGHGHSX UDFLyQ H LPSOHPHQWDFLyQ GHO VLVWHPD$XWRJHVWLyQ 3HUVRQDOGHO,QVWLWXWROOHYDDFDERVXVODERUHVGHLQYHVWLJDFLyQ 5(1',&,Ð1'(&8(17$6 ,QVWLWXWR&HQWURDPHULFDQRGH$GPLQLVWUDFLyQ\6XSHUYLVLyQ GHOD(GXFDFLyQ 3UR\HFWR0HWD5HVXOWDGR 3URJUDPDGH([WHQVLyQ\'L IXVLyQ 9tQFXORVFRQRWUDVXQLGDGHV DFDGpPLFDV (GLFLyQ GH OD UHYLVWD (VSHFLDOL]DGD ´$FFLyQ \ 5HÁH[LyQ (GXFDWLYDµ %ROHWtQ ´'HVGH HO ,&$ 6(µ1\ 3iJLQD :(% DFWXDOL]D FLyQ GH ODV QXHYDV RIHU WDV 6HPLQDULR GH ,QYHVWLJD FLyQ (GXFDWLYD D 1LYHO 6XSHULRU &XUVR GH 3HUIHFFLRQD PLHQWR HQ 'LGiFWLFD GHO 1LYHO6XSHULRU (ODERUDFLyQ GHO 0DQXDO ´8VRGHOD3L]DUUD'LJLWDO LQWHUDFWLYDµ 0XUDOHV&RQODVQXHYDV DGTXLVLFLRQHV ELEOLRJUi ÀFDV LQIRUPDFLyQ GH GH ORV FXUVRV \ SURJUDPDV GHO,QVWLWXWR 7RGDV HVWDV DFWLYLGDGHV FRPSOHWDGDVDO &XUVR GH 3HUIHFFLRQD PLHQWR HQ 'LGiFWLFD GHO 1LYHO6XSHULRU 6HPLQDULR GH ,QYHVWLJD FLyQ (GXFDWLYD HQ HO 1L YHO6XSHULRU 3DUWLFLSDFLyQ GHO ,&$6( FRPR FRRUGLQDGRU GH OD 6XEFRPLVLyQ GH (GXFD FLyQHQHO´2EVHUYDWRULR 8QLYHUVLWDULR GHO HVWDGR GHODQDFLyQµ 6LVWHPDWL]DFLyQ GH QRWL FLDVGHOiUHD(GXFDWLYD &XOPLQDGR 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3UHVWDFLyQGHVHUYLFLRVFRQ VXOWRUtDV\DVHVRUtDV &RQIHUHQFLD RIUHFLGD SDUDFRODERUDGRUHVGHOD 9,(; ´9DORUDFLyQ GH ORV SURJUDPDV TXH RIHUWDQ ODV XQLYHUVLGDGHV SDUWL FXODUHVXWLOL]DQGRODPR GDOLGDGYLUWXDO 3DUWLFLSDFLyQ FRPR VR FLR UHSUHVHQWDQWH GH OD 8QLYHUVLGDG GH 3DQDPi HQ GRV SUR\HFWRV GH OD FRPXQLGDG (FRQyPLFD (XURSHD &RQRFLPLHQWR ,QFOXVLyQ 'HVDUUROORµ FRQ OD 8QL YHUVLGDG,WDOLDQD 3URPRFLyQGHODLQQRYD FLyQ(GXFDWLYDPHGLDQWH DFFLRQHVTXHSURSHQGHQ D OD LQFOXVLyQ GH JUXSRV YXOQHUDEOHV HQ ODV LQVWL WXFLRQHV GH HGXFDFLyQ VXSHULRU GH $PpULFD /DWLQD \ OD &RPXQLGDG (XURSHD \ D VX SURQWD LQVHUFLyQ/DERUDO&RQOD 8QLYHUVLGDG GH 8SSVDOD 6XL]D 3UR\HFWRWHUPLQDGR &RQWH[WXDOL]DFLyQ GH ORV FRQWHQLGRVSURJUDPiWLFRVGH OD0DHVWUtDHQ&XUUtFXOXP $GTXLULUOLEURVHQODVGLIHUHQ WHViUHDVGHODHGXFDFLyQGL GiFWLFD FXUUtFXOR SVLFRORJtD GH OD HGXFDFLyQ HYDOXDFLyQ HGXFDWLYDLQYHVWLJDFLyQLQQR YDFLyQ\WHFQRORJtD\JHVWLyQ (QVXVHJXQGDIDVH $FWXDOL]DFLyQ GH ORV SURJUD PDVTXHVHRIHUWDQ ,QFUHPHQWRGHODFHUYRELEOLR JUiÀFR\GRFXPHQWDO $GTXLVLFLyQ GH OLEURV HV SHFLDOL]DGRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR ,QYHVWLJDFLRQHVUHDOL]DGDV 3HUVRQDO'RFHQWH /DERUDWRULRGH,QIRUPiWLFD /D(YDOXDFLyQGHO3URJUD PD GH 3HUIHFFLRQDPLHQWR HQ'LGiFWLFDGHO1LYHO6X SHULRU SDUD HO TXLQTXHQLR &yGLJR 3HUFHSFLRQHVGHORVHVWX GLDQWHVDFHUFDGHODFDUUH UDTXHFXUVDQ&yGLJR ,PSDFWRGHO&XUVRGH3HU IHFFLRQDPLHQWR 'RFHQWH HQ'LGiFWLFDGHOQLYHO6X SHULRU HQ HO 'HVHPSHxR GHOD'RFHQFLDGHVXVSDU WLFLSDQWHVHJUHVDGRV9,\ 9,,)DVH $QiOLVLVGHO3URJUDPD)RU PDO GH OD /LFHQFLDWXUD HQ ,QIRUPiWLFD SDUD OD *HV WLyQ (GXFDWLYD \ (PSUH VDULDOGHO&HQWUR5HJLRQDO 8QLYHUVLWDULRGH9HUDJXDV +DFLDXQDFDUDFWHUL]DFLyQ GHOD,QYHVWLJDFLyQHGXFD WLYD HQ OD 8QLYHUVLGDG GH 3DQDPi ,QYHVWLJDFLRQHVUHDOL]DGDV &DSDFLWDFLyQ HQ HO FXUVR GH 3HUIHFFLRQDPLHQWR GH 'LGiFWLFD*HQHUDO &DSDFLWDFLyQ HQ HO 6HPL QDULRGH,QYHVWLJDFLyQGHO 1LYHO6XSHULRU (OSUR\HFWRIXHFXOPLQDGR 'LJLWDOL]DFLyQ HQ IRUPDWR 3')GHOLEURVGHOiUHDGH HGXFDFLyQ LQYHVWLJDFLyQ FXUULFXOXP \ DGPLQLVWUD FLyQSDUDHOXVRGHSURIH VRUHV\HVWXGLDQWHV 6HFXHQWDFRQXQODERUDWRULR PDVPRGHUQR 81,9(56,'$''(3$1$0É ,QVWLWXWR3DQDPHULFDQRGH(GXFDFLyQ)tVLFD 3UR\HFWR0HWD5HVXOWDGR 3URJUDPDV GH GLSORPDGRV \ PDHVWUtDV %ULQGDU RSRUWXQLGDGHV GH HVWXGLRV GH SRVWJUDGR HQ HO iUHDGHODHGXFDFLyQItVLFD $FWXDOPHQWHVHHVWiQGLFWDQ GR 0DHVWUtDHQ&LHQFLDVGH OD $FWLYLGDG )tVLFD FRQ pQIDVLV HQ *HVWLyQ 'H SRUWLYD 'LYHUVRV GLSORPDGRV SDUDHOVHFWRUWpFQLFRGH ORVJLPQDVLRV &RQYHQLRVLQWHUQDFLRQDOHV (VWDEOHFHU YtQFXORV FRQ RU JDQLVPRV LQWHUQDFLRQDOHV SDUDODUHDOL]DFLyQGHFRQYH QLRV\FRQJUHVRV 6H KDQ ORJUDGR FRQYHQLRV FRQ 8QLYHUVLGDGHV GH 0p[L FR 1LFDUDJXD )XQGDFLyQ (GXFDWLYD &HQWURDPHULFDQD GH(GXFDFLyQ)tVLFD'HSRU WH\5HFUHDFLyQHQWUHRWURV 3UiFWLFDSURIHVLRQDO /RJUDU DFXHUGRV FRQ LQVWLWX FLRQHVTXHSHUPLWDQDORVHV WXGLDQWHV UHDOL]DU VXV SUiFWL FDVSURIHVLRQDOHVGHJUDGR\ SRVWJUDGR 6H WLHQH DFXHUGR FRQ OD 3R OLFtD 1DFLRQDO FRPR SUHSD UDGRUHV GH I~WERO *UXSR GH ODWHUFHUDHGDGGH-XDQ'tD] JLPQDVLD DHUyELFD \ HQ HO &HQWUR GH 6DOXG GH 1XHYR 9HUDQLOORFRPRDSR\RDWHUD SLDGHSDFLHQWHVDVPiWLFRV /HJLVODFLyQ VREUH LGRQHLGDG SURIHVLRQDO 3UHSDUDUDQWHSUR\HFWRGHOH\ SDUD UHJXODU HO HMHUFLFLR GH ORVSURIHVLRQDOHV $QWHSUR\HFWRHODERUDGRSDUD LGRQHLGDG SURIHVLRQDO HQ HO FDPSRGHODDFWLYLGDGItVLFD HOGHSRUWH\ODUHFUHDFLyQ &DSDFLWDFLyQFRQWLQXD %ULQGDU FXUVRV \ VHPLQDULRV HQIRUPDSHUPDQHQWH 6H PDQWLHQHQ FXUVRV FRUWRV \ VHPLQDULRV GH DFWXDOL]D FLyQ HQ HO FDPSR GH OD DFWL YLGDG ItVLFD HO GHSRUWH \ OD UHFUHDFLyQ 5(1',&,Ð1'(&8(17$6 3URPHMRUDVGHOD*DQDGHUtD3520(*$ 3UR\HFWR0HWD5HVXOWDGR 3)XQFLRQDPLHQWR GH OD XQL GDG %*HVWLRQDU OD DVLJQDFLyQ GHXQJORERGHWHUUHQRSDUD OD QXHYD VHGH GHO ,QVWLWXWR 3520(*$ 6HDFRUGyHQHO&RQVHMR$G PLQLVWUDWLYR XELFDU D 352 0(*$ HQ HO WHUUHQR TXH FROLQGD FRQ HO &RUUHGRU 6XU FHUFD GHO 6DOXG $QLPDO GHO 0,'$ 7RFXPHQ (VWi SHQ GLHQWHGHRUGHQGHSURFHGHU ,QYHVWLJDFLRQHV 5HDOL]DU LQYHVWLJDFLRQHV HQ HO iUHD GH IRUUDMH \ HQ HO iUHD GH PDQHMR \ QXWULFLyQ GHERYLQRV GDV 6H SUHVHQWDURQ ORV LQ 3URGXFWRUUHDOL]DGHVFRQJHODPLHQWRGHODSDMLOODGHVHPHQERYLQR (IHFWRGHOD)HUWLOL]DFLyQ 1LWURJHQDGD \ /HJXPL QRVD$UDFKLVSLQWRL&,$7 HQ OD SURGXFFLyQ GH PDWHULD VHFD \ FRP SRVLFLyQ TXtPLFD GHO SDVWR %UDFKLDULD KtEULGR &,$70XODWR,, (IHFWR GHO XVR GH OD VDO SURWHLQDGDHQHOJDQDGR GHGREOHSURSyVLWR (IHFWR GH OD VDO SURWHL QDGDFRQ%DOR*OLULFLGLD VHSLXP VREUH OD LQFL GHQFLDGHDOJXQRVHQGR SDUiVLWRV HQ ERYLQR GH FHED (IHFWR GH OD IUHFXHQFLD GH FRUWH VREUH HO UHQ GLPLHQWR \ FDOLGDG GHO IRUUDMHGH7KLWRQLDGLYHU VLIROLD (YDOXDFLyQGHODSURGXF FLyQGHOHFKH\HOXVRGH WHFQRORJtD HQ ORV VLVWH PDVGHJDQDGRGHGR EOHSURSyVLWRHQ$]XHUR (IHFWRGHODKLGUROL]DFLyQ FRQFDOKLGUDWDGDHQSRO 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3UiFWLFDHQHOiUHDGHVLPXODFLyQ ,QWHUDFFLyQ FRQ SURGXFWRUHV GHOiUHD 7UDQVIHULU WHFQRORJtD D SUR GXFWRUHV HVSHFtÀFDPHQWH HQODViUHDVGHQXWULFLyQIR UUDMH PDQHMR VDOXG DQLPDO DGPLQLVWUDFLyQ \ RUJDQL]D FLyQGHXQDÀQFDJDQDGHUD YR \ GLOXLGD HQ DJXD \ GHMDGDHQFDSDGHOJDGD \JUXHVD (OHIHFWRGHODKLGUROL]D FLyQFRQODFDOKLGUDWDGD VREUHODFDOLGDGGHO3HQ QLVHWXP \ GH OD FDxD SLFDGD (IHFWR GH GLYHUVDV SUR SRUFLRQHVGHFDOKLGUDWD GDHQODKLGUROL]DFLyQGH ODFDxD (YDOXDFLyQ %URPDWROyJL FDGHOD6DFKDULQD6HFD FRPR IRUUDMH XVDQGR GL IHUHQWHVWUDWDPLHQWRV (IHFWR GH OD )UHFXHQFLD GHFRUWHVREUHHOUHQ GLPLHQWR \ FDOLGDG GHO IRUUDMHGH7KLWRQLDGLYHU VLIROLD (YDOXDFLyQ GH OD LQFRU SRUDFLyQGH$UDFKL3LQWRL &,$7 HQ WUHV HV SHFLHV YHJHWDOHV 3URPL VRULDV 5HDOL]DFLyQ GH GtDV GH FDPSRHQODVGLIHUHQWHVSUR YLQFLDV 6H DWHQGLHURQ DSUR[LPDGD PHQWH SHUVRQDV HQ HV WDVDFWLYLGDGHV 6H UHDOL]DURQ HQ FRRUGL QDFLyQ FRQ LQVWLWXFLRQHV FRPR HO 0,'$ 83'DULpQ $1$*$1 &23(* 1HVWOp \ )(57,&$ ,JXDOPHQWH VH UHDOL]DURQ MRUQDGDV WpFQLFDV FRQMXQWDPHQWHFRQHO0,'$\ OD 83 SDUD FDSDFLWDU D SUR GXFWRUHVGH$]XHUR\&RFOp 5(1',&,Ð1'(&8(17$6 9,81,9(56,'$''(/75$%$-2< /$7(5&(5$('$' 81,9(56,'$''(3$1$0É 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH3DQDPi\&ROyQ 3UR\HFWR0HWD5HVXOWDGR &DSDFLWDU D SHUVRQDV DGXO WDVMyYHQHV\DGXOWRVPD\R UHV PHGLDQWH HO GHVDUUROOR GH FXUVRV FRPR 3LQWXUD DO 2OHR &KL .XQJ 7DL &KL &KXDQ 1DWDFLyQ 0RGLVWHUtD , ,, ,,, ,QIRUPiWLFD %iVLFD ,QWHUPHGLD$YDQ]DGD %HOOH ]D7XULVPR3URWRFROR,QJOHV EiVLFRLQWHUPHGLR\DYDQ]D GR <RJD 'LEXMR \ 3LQWXUD 6DVWUHUtD5HSRVWHUtD&RFLQD ,QWHUQDFLRQDO9LWUDOHV\RWURV &DSDFLWDU XQ DSUR[LPDGR GHGRVPLODGXOWRVMyYHQHV\ DGXOWRVPD\RUHVHQORVWUHV FXDWULPHVWUHVGHODxR +DVWDODIHFKDVHKDQGLFWD GRXQSURPHGLRGHFXUVRV \ KDQ SDUWLFLSDGR DOUHGHGRU GHSHUVRQDV 3XEOLFDUXQOLEUR\XQDUHYLV WD FRQPHPRUDWLYRV D ORV DxRVGHIXQGDFLyQGHOD8QL YHUVLGDGGH3DQDPi /DV SXEOLFDFLRQHV HVWiQ HQ GHO SURFHVR SDUD HVH SHUtRGRSURJUDPDGR )HULDVGH$XWRHVWLPDHQ3D QDPi\&ROyQ 5HDOL]DUXQDIHULDSRUFXDWUL PHVWUH 6H KDQ UHDOL]DGR GRV IHULDV GHDXWRHVWLPD $SHUWXUDGHQXHYDVVHGHV ,QDXJXUDU ODV VHGHV GH OD 8QLYHUVLGDGGHO7UDEDMR\GH OD 7HUFHUD (GDG HQ 6DQ 0L JXHOLWR\3DQDPi2HVWH 6HDEULHURQODVVHGHVUHJLR QDOHV HQ 3DQDPi 2HVWH \ 6DQ0LJXHOLWR 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH$]XHUR 3UR\HFWR0HWD5HVXOWDGR )XQFLRQDPLHQWR GH ODV RÀ FLQDV GH OD 8QLYHUVLGDG GHO 7UDEDMR \ OD 7HUFHUD (GDG GH$]XHUR 0DQWHQHUHOIXQFLRQDPLHQWRGH ODV RÀFLQDV GH OD 8QLYHUVLGDG GHO7UDEDMR\OD7HUFHUD(GDG GHIXQFLRQDPLHQWR 6HPLQDULRV 'LSORPDGRV \ &XUVRV &DSDFLWDU D ORV HVWXGLDQWHV HJUHVDGRV\FRQWLQXDUFRQHO SURFHVR GH DFWXDOL]DFLyQ \ SHUIHFFLRQDPLHQWR DFWLYLGDGHV VHPLQDULRV XQGLSORPDGR\FXUVRV % HQ JDVWRV GH IXQFLRQDPLHQWR % GH LQJUHVRV SRU DOTXLOHU \ VHPLQDULR \ %GHJDVWRVGHOIRQ GRGHDXWRJHVWLyQ 5(1',&,Ð1'(&8(17$6 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH%RFDVGHO7RUR 3UR\HFWR0HWD5HVXOWDGR &RQVWUXFFLyQ GH OD LQIUDHV WUXFWXUDSDUDOD&RRUGLQDFLyQ GHOD8QLYHUVLGDGGHO7UDEDMR \OD7HUFHUD(GDG 0DQWHQHUORVFXUVRVGHHGX FDFLyQFRQWLQXD\GHVDUUROODU SURJUDPDVFRQDGXOWRVMyYH QHV\DGXOWRVPD\RUHV 3UHVHQWDFLyQ \ VXVWHQWDFLyQ GHOSUR\HFWRGHFRQVWUXFFLyQ TXH SHUPLWD KDFHU UHDOLGDG HVWHSUR\HFWR 2EWHQFLyQ GH ORV PDWHULDOHV LQVXPRV \ UHFXUVR KXPDQR SDUDHOGHVDUUROORGHORVSUR JUDPDVGHDWHQFLyQDDGXOWRV PD\RUHV\HGXFDFLyQFRQWLQXD ,QWHJUDU JUXSRV GH DGXOWRV MyYHQHV \ DGXOWRV PD\RUHV SDUD HO GHVDUUROOR FXOWXUDO HFRQyPLFR\VRFLDOGHOSDtV 9LVLWDV GH HYDOXDFLyQ SRU SDUWH GHO SHUVRQDO GH OD 'L UHFFLyQGH,QIUDHVWUXFWXUDGH OD8QLYHUVLGDGGH3DQDPi 'HWDOOHV GH OD &RQVWUXFFLyQ SUR\HFWRDSUREDGRDXODV RÀFLQDDGPLQLVWUDWLYDEDxR 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH&RFOp 3UR\HFWR0HWD5HVXOWDGR 3UR\HFFLyQ8QLYHUVLWDULD 0HMRUDU OD SUR\HFFLyQ GH OD 8QLYHUVLGDG HQ OD 3URYLQFLD GH&RFOp 0RGHUQL]DFLyQGHODXGLWRULR ,QVWDODFLyQGHFRUWLQDVYHQ WDQDV GH PHWDO FRUUHGL]DV SLQWXUDVHQWUHRWURV 6HDGTXLULHURQ~WLOHVGHRÀFL QD \ DVHR &RPSUDV GH DLUH DFRQGLFLRQDGR\YHQWDQDVGH PHWDOSDUDHODXOD1RSRU DXWRJHVWLyQ $SUREDFLyQGHORVSODQRVSDUD ODFRQVWUXFFLyQGHODFHUFDSH ULPHWUDOGHQXHVWUDLQVWLWXFLyQ /DFXDOFRQWULEXLUiDSUHVHUYDU QXHVWUDVLQVWDODFLRQHV &RPSUDGHSLH]DVSDUDHOYH KtFXOR GH QXHVWUD LQVWLWXFLyQ $XWRJHVWLyQ 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR 3UR\HFWR´&HQWURGH,QIRUPD FLyQ7XUtVWLFDHQOD3URYLQFLD GH&RFOpµ %ULQGDU LQIRUPDFLyQ WXUtVWL FD D OD SREODFLyQ QDFLRQDO \ H[WUDQMHUDVREUHVLWLRVDWUDF WLYRV \ iUHDV WXUtVWLFDV GH OD 3URYLQFLDGH&RFOp 6HDSUREySRUHO&RQVHMR$G PLQLVWUDWLYR $FWLYLGDGHV UHFUHDWLYDV FXO WXUDOHV\GHH[WHQVLyQ 3DUWLFLSDUHQODVDFWLYLGDGHV SDUDODSURPRFLyQ\GLIXVLyQ GHODFXOWXUD 3UHVHQWDFLyQGHOLEURV &RQIHUHQFLDV &RQYHUVDWRULR $FWLYLGDGHVUHFUHDWLYDV ´-RUQDGD (GXFDWLYD \ 5H FUHDWLYD SDUD HO $GXOWR 0D \RUµDGXOWRVPD\RUHV $FWRDODV0DGUHVGHOFRUUH JLPLHQWRGH3HQRQRPp &tUFXOR GH /HFWRUHV ´*LO %ODV 7HMHLUDµ'LH]DGXOWRVPD \RUHVTXHVHUH~QHQFDGDPHV ´(QOD]DQGR9HUVRV(QOD]DQ GR9RFHVµ$VLVWHQFLDGHFLQ FXHQWDSHUVRQDV 3UHVHQWDFLyQGHO/LEUR´(O$OLHQ WRGHODV5RFDVµGHOHVFULWRUSH QRQRPHxR -DYLHU $URVHPHQD $VLVWLHURQFLHQSHUVRQDV 3URJUDPDV GH (GXFDFLyQ &RQWLQXD 2IUHFHU FDSDFLWDFLyQ DO UH FXUVRKXPDQRHQODVGLIHUHQ WHViUHDVGHOFRQRFLPLHQWR 7DOOHUHVGH9HUDQRUH IRU]DPLHQWRHQ0DWHPiWLFDV ,QJOpV %iVLFR 'LEXMR \ 3LQ WXUD :RUG H ,QWHUQHW )ODKV,QWHUQHW\3KRWRVKRS SDUWLFLSDQWHV 6HPLQDULRV7DOOHU´,QWURGXF FLyQDOD,QIRUPiWLFD\:RUG µ ´([FHO 3RZHU 3RLQW 3XEOLVKHUµ ´$QiOLVLV GH 6H ULHV GH 7LHPSR FRPR +H UUDPLHQWD )LQDQFLHUD HQ ODV (FRQRPtDV\(PSUHVDVµ -RUQDGD´(O9DORUGHODeWLFD 3URIHVLRQDOµ 6HPLQDULR 7DOOHU ´8VLQJ (Q JOLVK (YHU\GD\ IRU (IIHFWL YH 2UDO &RPPXQLFDWLRQ LQ (YHU\GD\(QJOLVK 5(1',&,Ð1'(&8(17$6 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH'DULpQ 3UR\HFWR0HWD5HVXOWDGR 3URJUDPD SDUD HO IRUWDOHFL PLHQWRGHODFXOWXUDGDULHQLWD /RJUDU TXH ORV MyYHQHV GD ULHQLWDV WRPHQ FRQFLHQFLD VREUH VX FXOWXUD \ OD LPSRU WDQFLDGHODPLVPDHQHOGH VDUUROORKXPDQR 7UHV MRUQDGDV FRQ MyYHQHV GHGLIHUHQWHVJUXSRVpWQLFRV &HOHEUDFLyQ GH OD 6HPDQD $IURGDULHQLWD 5HVFDWDUFRVWXPEUHV\WUDGL FLRQHVDQFHVWUDOHV 3DUWLFLSy OD FRPXQLGDG HQ JHQHUDO VDOXG HGXFDFLyQ \ OD,JOHVLD&DWyOLFD 'HVDUUROORGHFXUVRV\VHPL QDULRV 2IUHFHUDORVSDUWLFLSDQWHVFR QRFLPLHQWRV GH OD GLYHUVLGDG pWQLFDSUHVHQWHHQ'DULpQ 6HFDSDFLWDURQJUXSRVGHMy YHQHVRUJDQL]DGRV\DOJUXSR GHPXMHUHVHPSUHQGHGRUDV 2ULHQWDU D ORV MyYHQHV VREUH HO SUREOHPD GH OD GHOLQFXHQ FLD\ODVHJXULGDGDOLPHQWDULD MyYHQHVGHGLIHUHQWHVFR PXQLGDGHV 7DOOHU9DORUHV&XOWXUDOHV 7UDEDMDUFRQDGXOWRVHOWHPD GH ORV YDORUHV \ SRVWHULRU PHQWH UHDOL]DU XQD QRFKH FXOWXUDO &HOHEUDFLyQGHOHYHQWRFXOWX UDO HQ <DYL]D \ FUHDFLyQ GHO &RQMXQWR)RONOyULFRGHOD7HU FHUD(GDG (QFXHQWUR ,QWHUFXOWXUDO FRQ QLxRV 5HXQLUDQLxRVGHGLIHUHQWHV JUXSRVpWQLFRVSDUDFRPSDU WLU MXHJRV WUDEDMRV \ WDOOHUHV GHSLQWXUD 6H DWHQGLHURQ QLxRV HQ FRQMXQWR FRQ OD ,JOHVLD &D WyOLFD\HO*UXSRGH0XMHUHV (PSUHQGHGRUDV 3UR\HFWR $SUHQGLHQGR D 7D OODU &DSDFLWDU D ORV PRUDGRUHV GHODVGLVWLQWDVFRPXQLGDGHV DWDOODUHQGLIHUHQWHVWLSRVGH PDGHUD\HQWDJXD 'HVDUUROOR SURIHVLRQDO GH KRPEUHV\PXMHUHVTXHWHQJDQ XQDQXHYDKDELOLGDGPDQXDO ([FXUVLyQ D VLWLRV GH LQWHUpV WXUtVWLFRHKLVWyULFR 0RVWUDU D ORV QLxRV GH ODV (VFXHODV$QD\DQVL\1LFDQRU GHODSURYLQFLDGH'DULpQOX JDUHVGHLQWHUpVIXHUDGHVX HQWRUQR 9LVLWDURQODVHVFOXVDVGH0L 8QLYHUVLGDG GH 3DQDPi \ &HQWURGH([KLELFLyQ0DULQD 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR $FWLYLGDGFRQOD$VRFLDFLyQ0H MLFDQDÉJXLOD5HDO$0$5 (QWUHJDGH~WLOHVHVFRODUHVD QLxRV GH HVFDVRV UHFXUVRV GH ODV FRPXQLGDGHV GH =D SDOODO\$UULPDHHQODSURYLQ FLDGH'DULpQ (QFRQMXQWRFRQOD(PEDMDGD GH0p[LFR\OD$VRFLDFLyQGH 0XMHUHV GH 0p[LFR %HQHÀ FLDGRVQLxRV 3UHVHQWDFLyQ GHO JUXSR IRO FOyULFR'DULpQHQOD)HULDGH 6DQ 6HEDVWLiQ GH 2F~ \ HQ HO)HVWLYDOGH/D&RORUDGDHQ 9HUDJXDV 'HPRVWUDU HO IROFORU UHJLRQDO \GDQ]DVLQGtJHQDVGHODUH JLyQ GH 'DULpQ HQ HVWD LP SRUWDQWHIHULD 3UHVHQWDFLyQ GHO IRONORU GD ULHQLWD &LHUUH GH OD 7HPSRUDGD GH 9HUDQR ²9,(; /HPD ´/D 7LHUUD HV HO +RJDU GH7RGRV &XLGpPRVODµ 3URPRYHU ODV GLIHUHQWHV DF WLYLGDGHV FXOWXUDOHV TXH VH UHDOL]DQ HQ FRQMXQWR FRQ OD 9LFHUUHFWRUtDGH([WHQVLyQ $FWLYLGDG JUDWXLWD UHDOL]DGD HQ OD FRPXQLGDG GH 6DQWD )p'DULpQSDUWLFLSDURQDXWR ULGDGHVSURYLQFLDOHVXQLYHU VLWDULDV S~EOLFR HQ JHQHUDO 3UHVHQWDFLyQ GH ORV JUXSRV IROFOyULFRV 'DULpQ 'DQ]DV (PEHUiGH$ULPDp\ORV-X JODUHV 3UHVHQWDFLyQ IROFOyULFD HQ OD )HULDGH6DQWD)p 3UHVHQWDU HO IRONORU GDULHQLWD \ ODV DFWLYLGDGHV GH OD 8QL YHUVLGDGGH3DQDPiHQHVWD LPSRUWDQWHIHULD 3UHVHQWDFLyQ GH XQ VWDQV DO FXDO FRQFXUULHURQ XQDV SHUVRQDV 3UHVHQWDFLyQ GH FXEtFXOR HQ OD)HULDGH<DYL]D 3URPRYHU ODV GLIHUHQWHV FD UUHUDV TXH RIUHFH OD ([WHQ VLyQ8QLYHUVLWDULDGH'DULpQ &DSWDFLyQ GH HVWXGLDQWHV SDUD OD 6HGH D 'LVWDQFLD HQ <DYL]D\SUHVHQWDFLyQHOJUX SR GH %XQGH \ %XOOHUHQJXH GH=DSDOODO 6HPDQDGHO0Dt]\GHO&DP SHVLQRHQ3LQRJDQD &RODERUDU FRQ ODV HVFXHODV D QLYHO SULPDULR SDUD OD FRQ VHUYDFLyQ GH ODV WUDGLFLRQHV FDPSHVLQDV 3UHVHQWDFLyQ GH UDQFKRV DFWLYLGDGHV FXOWXUDOHV IROFOy ULFDV $GHPiV GHO GHVÀOH \ ODSUHPLDFLyQDODVSUHVHQWD FLRQHV 5(1',&,Ð1'(&8(17$6 8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH9HUDJXDV 3UR\HFWR0HWD5HVXOWDGR 6HPLQDULRV\GLSORPDGRV 'HVDUUROODU HQIRTXHV HGX FDWLYRV TXH UHVSRQGDQ D OD SREODFLyQ TXH UHTXLHUH DGLHVWUDPLHQWRODERUDO 'LSORPDGR HQ &RVPHWR ORJtD SDUWLFLSDQWHV7RWDO GH KRUDV 6HPLQDULRGHLQIRUPiWLFD EiVLFD HVWXGLDQWHV KR UDV 6HPLQDULR GH ,QWHOLJHQ FLD (PRFLRQDO $SOLFDGD DO$XODGH&ODVH HVWXGLDQWHVKRUDV 6HPLQDULRGH3HDFKWUHH HVWXGLDQWHV 'XUDFLyQ KRUDV 6HPLQDULRGHLQIRUPiWLFD ,QWHUPHGLD HVWXGLDQWHVKRUDV 'LSORPDGR HQ 6DOXG 6H[XDO\5HSURGXFWLYD HVWXGLDQWHV 'XUDFLyQ KRUDV 'LSORPDGR HQ $FWXDOL ]DFLyQ HQ ODERUDWRULRV &OtQLFR FRQ eQIDVLV HQ +HPDWRORJtD 4XtPLFD ,QPXQRORJtD\%DQFRGH 6DQJUH HVWXGLDQWHV KR UDV 'LSORPDGR HQ 7HFQROR JtD(GXFDWLYD 3DUWLFLSDQWHV7RWDOGH KRUDV &XUVR GH 'HWHFFLyQ 7HPSUDQD GH7UDVWRUQRV 1HXUROyJLFRV HQ HO 1LxR DGHD$xRV 'XUDFLyQKRUDV 81,9(56,'$''(3$1$0É 3UR\HFWR0HWD5HVXOWDGR &UHDFLyQ GH RÀFLQD SDUD WUD WDUDIDPLOLDUHV\SDFLHQWHV GH$O]KHLPHU (VWDEOHFHU XQD JXtD SDUD TXLHQHVFXLGDQSHUVRQDVFRQ $O]KHLPHU 'HVDUUROODU DFWLYLGDGHV GLUL JLGDVDPHMRUDUODFDOLGDGGH YLGDGHORVSDFLHQWHV\IDPL OLDUHVFRQHVWDHQIHUPHGDG 6HPLQDULRV SDUD HQWUHQDU DO SHUVRQDO DGPLQLVWUDWLYR \ SURIHVLRQDO TXH SDUWLFLSDUi HQHVWDDFWLYLGDG &RQWDPRV FRQ D\XGD YR OXQWDULD GH XQ PpGLFR GRV SVLFyORJRV XQ VDFHUGRWH \ GRV HGXFDGRUHV ItVLFRV SDUD DWHQGHUDOS~EOLFR 5HXQLRQHVFRQHVSHFLDOLVWDV 0,16$ \ GH OD &DMD GHO 6H JXUR6RFLDO &UHDFLyQGH&tUFXORVGH/HF WXUD )RPHQWDUODOHFWXUDYROXQWDULD LQGHSHQGLHQWH\SODFHQWHUD 6HRUJDQL]yHOJUXSRGHOHF WXUD FRQ MRUQDGDV GH WUD EDMR \ SDUWLFLSDQWHV 6H HVWDEOHFLy OD QHFHVLGDG GH DPSOLDUODELEOLRJUDItD &HOHEUDFLyQGHOGHRFWXEUH HO'tDGHO$GXOWR0D\RU 'HVWDFDU OD LPSRUWDQFLD GHO DGXOWRPD\RUHQODVRFLHGDG SDQDPHxD GHPRVWUDQGR TXH FXDOTXLHU HGDG HV SUR SLFLD SDUD FUHFHU HQ FRQRFL PLHQWRV 6H UHDOL]y XQD FDPSDxD GH RIWDOPRORJtD GRQGH XQ JUXSR GH PpGLFRV FXEDQRV H[DPLQy D OD SREODFLyQ TXH DVLVWLy6HFDSWDQSDFLHQ WHVGHORVFXDOHVVRQSDUD FLUXJtD 'HVFXEULU VXV SRWHQFLDOLGD GHVYDORUHV\DFWLWXGHV &RQWULEXLU D PHMRUDU OD FDOL GDGGHYLGDGHODGXOWRPD\RU SDFLHQWHVIXHURQRSHUDGRV 6H UHDOL]DURQ H[SRVLFLRQHV GHPDQXDOLGDGHV\PXHVWUDV GHSLQWXUDV 6H RIUHFLy XQ &LFOR GH &RQ IHUHQFLDV (O)XQFLRQDPLHQWR&RJQLWLYR HQHO$GXOWRPD\RU &RQVHUYDFLyQ GH 0HGLFD PHQWRV 3UHYHQFLyQGH$FFLGHQWHV 1XWULFLyQ$IHFWLYD &XLGDGRVDORV3DFLHQWHVHQ FDPDGRV 5(1',&,Ð1'(&8(17$6 3UR\HFWR0HWD5HVXOWDGR 3URPRYHU HQ OD SURYLQFLD GH 9HUDJXDVODFUHDFLyQGH&R PLWpVGH$GXOWRV0D\RUHV ,QVWDODFLyQ /D 8QLYHUVLGDG GHO7UDEDMR\OD7HUFHUD(GDG VHGH GH 9HUDJXDV FRPR PLHPEUR GH OD &RPLVLyQ GH (GXFDFLyQ5HFUHDFLyQ&XO WXUD \ 'HSRUWH GH &21$0 UHJLyQGH9HUDJXDV 2IUHFHUDQXHVWURVHVWXGLDQ WHV\YLVLWDQWHVPHMRUHVFRQ GLFLRQHV DPELHQWDOHV \ GH VHUYLFLR 2EWHQFLyQ GH VLOODV PHVDV DX[LOLDUHV DUFKLYDGRUHV \ FRPSXWDGRUDV SDUD XVR GH GLD &UHDFLyQGHODERUDWRULRGHLQ IRUPiWLFD 3UHSDUDU D QXHVWURV HVWX GLDQWHVHQODXWLOL]DFLyQGH KHUUDPLHQWDVWHFQROyJLFRV 'RQDFLyQGHFRPSXWDGR UDV FRPSOHWDV SRU HO VHxRU 5HFWRU ,QVWDODFLyQ GHO VLVWHPD SDUD OD FDSWDFLyQ H LPSUHVLyQ GH $FWDVGH7RPDGH3RVHVLyQ 3URSRQHU OD GHVFHQWUDOL]D FLyQDGPLQLVWUDWLYD (O 6LVWHPD GH FDSWDFLyQ H LPSUHVLyQ GH DFWDV GH WRPD GHSRVHVLyQIXHDSUREDGR &RQVROLGDFLyQ \ )RUWDOHFL PLHQWR&RQVHMR1DFLRQDOGH $GXOWRV0D\RUHV&21$0 $FWLYLGDGHVGHDUWHVPDQXDOHVRUJDQL]DGDVSRUOD8QLYHUVLGDGGHO7UDEDMR\OD7HUFHUD(GDGGH9HUDJXDV