'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD (OFDVRGHODVPXMHUHVPXVXOPDQDV ÕÌ iÀÊiÌâ (Q WRGRV ORV (VWDGRVQDFLRQHV HXURSHRV OD GLVFULPLQDFLyQ GH PLQRUtDV pWQLFDV 1ÛiÀÃ`>`Ê`iÊÀ>>`>ÊÉÊ FXOWXUDOHVOLQJtVWLFDVUHOLJLRVDV\VH[XDOHVFXHQWDFRQXQDWULVWHWUD\HFWRULDKLVWyULFD 1ÛiÀÃ`>`Ê6iÀ>VÀÕâ>> TXHDPHQXGRVHUHPRQWDDORVLQLFLRVPLVPRVGHGLFKRV(VWDGRV\DVXYLROHQWR SURFHVR GH ´LPDJLQDFLyQµ GH FRPXQLGDGHV $QGHUVRQ \ VX FRQFRPLWDQWH LQVWLWXFLRQDOL]DFLyQKHJHPyQLFD$SHVDUGHGLFKDFRQWLQXLGDGKLVWyULFDODSHUFHSFLyQ GHODVHVWUXFWXUDVSUiFWLFDV\DJHQFLDVGLVFULPLQDWRULDVHVD~QPX\UHFLHQWHGDGR TXHKDVWDKDFHSRFRHODQiOLVLVGHODVUHODFLRQHVHQWUHPLQRUtDV\PD\RUtDWHQGtD D UHGXFLUVH D ELQRPLRV WDOHV FRPR DVLPLODFLyQ YHUVXV VHJUHJDFLyQ R LQWHJUDFLyQ YHUVXVH[FOXVLyQ (QHVWDFRQWULEXFLyQSUHWHQGHPRVLOXVWUDU\DQDOL]DUSDUDHOFDVRGHO(VWDGR HVSDxROODSHUVLVWHQFLDFRQWHPSRUiQHDGHGLVFULPLQDFLRQHVKLVWyULFDVWDO\FRPRODV VXIUHQ\SHUFLEHQODVPXMHUHVPXVXOPDQDV$SDUWLUGHHVWHFDVRHVER]DUHPRVHO VXUJLPLHQWRGHODVDFWXDOHV\D~QLQFLSLHQWHVSROtWLFDVGHDQWLGLVFULPLQDFLyQDQLYHO HVWDWDOHVSDxRODVtFRPRDQLYHOHXURSHR$QWHVGHSUHVHQWDUHVWHFDVRVLQHPEDUJR FRQVLGHUDPRVLPSUHVFLQGLEOHFRQWH[WXDOL]DUHOGHEDWHVREUHODGLVFULPLQDFLyQ\DQWL GLVFULPLQDFLyQGHQWURGHGRVPDUFRVFRQFHSWXDOHVHVSHFtILFRVHOPXOWLFXOWXUDOLVPR \ODVSROtWLFDVGHLGHQWLGDGSRUXQDSDUWH\ODVSROtWLFDVS~EOLFDVGHODGLIHUHQFLD SRURWUD ' ( / $ ´ 3 2 / Ì 7 , & $ ' ( , ' ( 1 7 , ' $ ' µ $ / $ ´ 3 2 / Ì 7 , & $ ' ( 5(&212&,0,(172µ (OGHEDWHDFWXDODFHUFDGHODGLVFULPLQDFLyQ\DQWLGLVFULPLQDFLyQVHGHVHQFDGHQD DSDUWLUGHOPXOWLFXOWXUDOLVPR\GHODQWLUUDFLVPRGHORVDxRVRFKHQWD'LHW] (QGLFKDGpFDGDLQLFLDOPHQWHVREUHWRGRHQ(VWDGRV8QLGRV\HO5HLQR8QLGRXQ &DPSRV FRQMXQWR DOWDPHQWH KHWHURJpQHR GH PRYLPLHQWRV FRQWHVWDWDULRV VXUJLGRV D SDUWLU *XQWKHU'LHW] GHO \D PtWLFR ´µ HPSUHQGH HO FDPLQR GH OD LQVWLWXFLRQDOL]DFLyQ VRFLDO SROtWLFD \ DFDGpPLFD /DV FRQIOXHQFLDV SURJUDPiWLFDVGHHVWRV´QXHYRVµPRYLPLHQWRVVRFLDOHV²DIURDPHULFDQRVLQGtJHQDVFKLFDQRVIHPLQLVWDVJD\ OHVELDQRVHWF²VHKDQGDGRDFRQRFHUDSDUWLUGHHQWRQFHVEDMRHODPHQXGRDPELJXROHPDGHO´PXOWLFXOWXUDOLVPRµ HVWHKHWHURJpQHRFRQMXQWRGHPRYLPLHQWRVDVRFLDFLRQHVFRPXQLGDGHV\²SRVWHULRUPHQWH²LQVWLWXFLRQHVTXH FRQIOX\HQHQODUHLYLQGLFDFLyQGHOYDORUGHOD´GLIHUHQFLDµpWQLFD\RFXOWXUDODVtFRPRHQODOXFKDSRUODSOXUDOL]DFLyQ GHODVVRFLHGDGHVTXHDFRJHQDGLFKDVFRPXQLGDGHV\PRYLPLHQWRV\SRUODLJXDOGDGGHGHUHFKRVGHpVWRVIUHQWH DODVRFLHGDGGRPLQDQWH /DHODERUDFLyQGHXQDLGHQWLGDGSURSLDHQXQSURFHVRGHUHFUHDFLyQGHSUiFWLFDVFXOWXUDOHV\GHDSURSLDFLyQGH HVSDFLRVGHDXWRQRPtDFDUDFWHUtVWLFDIXQGDPHQWDOGHORV´QXHYRVPRYLPLHQWRVVRFLDOHVµGHFXxRPXOWLFXOWXUDOLVWD WDPELpQHVXQD´FRQVWUXFFLyQKHJHPyQLFDµ/DFODX0RXIIHTXHEDMRGHWHUPLQDGDVFLUFXQVWDQFLDVSXHGH FRQYHUWLUVHHQUHVRUWHGHXQDHVWUDWHJLD´FRQWUDKHJHPyQLFDµIUHQWHDORVSRGHUHVGRPLQDQWHV&RPR´IXHQWHVGH VHQWLGRµODVQXHYDVLGHQWLGDGHVFRQVWUXLGDVDORODUJRGHXQDPRYLOL]DFLyQVRFLDO\SUR\HFWDGDVKDFLDHOIXWXUR SXHGHQFRQIOXLUFRQLGHQWLGDGHVSUHH[LVWHQWHVSURGXFWRGHUHVLVWHQFLDVJHQHUDGDVDQWHULRUPHQWHSRU¶FRPXQLGDGHV· FRQWUDKHJHPyQLFDV ´/DVQXHYDVLGHQWLGDGHVSUR\HFWRQRSDUHFHQVXUJLUGHDQWLJXDVLGHQWLGDGHVGHOD6RFLHGDGFLYLOGHODHUDLQGXVWULDO VLQRGHOGHVDUUROORGHODVLGHQWLGDGHVGHUHVLVWHQFLDDFWXDOHVµ&DVWHOOV 3DUDORVPRYLPLHQWRVPXOWLFXOWXUDOLVWDV\GHDQWLGLVFULPLQDFLyQHODILDQ]DPLHQWRQRUPDWLYRGHHVWDVQXHYDV LGHQWLGDGHVKDSDVDGRSRUXQDIDVHGH´UHHVHQFLDOL]DFLyQµGHGLIHUHQFLDVRULJLQDOPHQWHFRQVWUXLGDV'HIRUPD SDUDOHODDOLQLFLRGHODLQVWLWXFLRQDOL]DFLyQHGXFDWLYDDFDGpPLFD\OXHJRSROtWLFDGHOPXOWLFXOWXUDOLVPRHVVREUH WRGRHQHOFRQWH[WRGHORVHVWXGLRVpWQLFRV\FXOWXUDOHVGRQGHODVGLIHUHQFLDV´UDFLDOHVµ´pWQLFDVµ\R´FXOWXUDOHVµ VHXWLOL]DQFRPRDUJXPHQWRVHQODOXFKDSRUHODFFHVRDORVSRGHUHVIiFWLFRV $57,*26 ´/DHVHQFLDOL]DFLyQLPSOLFDFDWHJRUL]DU\HVWHUHRWLSDUHVXQDIRUPDGHSHQVDU\DFWXDUTXHWUDWDDLQGLYLGXRVFRPR VLHVWXYLHUDQ¶HVHQFLDOPHQWH·GHILQLGRVLHVXVXEMHWLYLGDGHVWiGHWHUPLQDGDSRUVXSHUWHQHQFLDDXQDFDWHJRUtD HVSHFtILFDHQHVWHFDVRDVXJUXSRFXOWXUDOpWQLFR(QHOPXOWLFXOWXUDOLVPRSRUFRQVLJXLHQWHODFXOWXUDMXHJDHO SDSHOTXHODUD]D\HOVH[RMXHJDQHQRWURVGLVFXUVRVµ*ULOOR (QHVWDHVWUDWHJLDVHDFXGHDOSURWRWLSRGHOIHPLQLVPRFX\DQRFLyQGH´FXRWDVµGHDFFHVRDOSRGHUDORV VHUYLFLRV H LQVWLWXFLRQHV HV UHWRPDGD SRU HO PXOWLFXOWXUDOLVPR SDUD JHQHUDU XQ VLVWHPD DOWDPHQWH FRPSOHMR GH WUDWRGLIHUHQFLDOGHJUXSRVPLQRULWDULRV(OREMHWLYRGHHVWDSROtWLFDGH´DFFLyQDILUPDWLYDµDSOLFDGDSULPHURHQ ORVyUJDQRVGHUHSUHVHQWDFLyQ\WRPDGHGHFLVLRQHVGHORVSURSLRVPRYLPLHQWRV\SRVWHULRUPHQWHWUDVODGDGDDO iPELWRDFDGpPLFR\HGXFDWLYRFRQVLVWHHQSDOLDUODVSHUVLVWHQWHVGLVFULPLQDFLRQHVTXHSRUFULWHULRVGHVH[RFRORU GHSLHOUHOLJLyQHWQLFLGDGHWFVXIUHQODVPLQRUtDVDWUDYpVGHXQDGHOLEHUDGDSROtWLFDGH´GLVFULPLQDFLyQSRVLWLYDµ 3LQFXV $QWHODVFUtWLFDVIRUPXODGDVGHVGHHOiPELWRWDQWRDFDGpPLFR\HGXFDWLYRFRPRSROtWLFRDHVWHWUDWRGLIHUHQFLDO \VXDOJRDUWLILFLDOGLVWLQFLyQHQWUHGLVFULPLQDFLRQHV´QHJDWLYDVµYHUVXV´SRVLWLYDVµHOPXOWLFXOWXUDOLVPRUHLYLQGLFD 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV OD GLIHUHQFLD QRUPDWLYD HQWUH ODV GLVFULPLQDFLRQHV KLVWyULFDPHQWH VXIULGDV SRU ORV PLHPEURV GH XQ FROHFWLYR HVWLJPDWL]DGR SRU XQ ODGR \ ODV GLVFULPLQDFLRQHV TXH D QLYHO LQGLYLGXDO SXHGH JHQHUDU OD SROtWLFD GH ´DFFLyQ DILUPDWLYDµSDUDGHWHUPLQDGRVPLHPEURVGHOJUXSRKHJHPyQLFRSRURWUR0RVOH\&DSDOGL / $ 6 3 2 / Ì 7 , & $ 6 ( 6 7$7$ / ( 6 ' ( / $ ' , ) ( 5 ( 1 & , $ 3RUGHILQLFLyQ\FRPRUHVXOWDGRGHVXVSURSLDVSROtWLFDVGH´QDFLRQDOLVPRQDFLRQDOL]DQWHµ%UXEDNHUWRGRV ORV(VWDGRVQDFLRQHVGHRULJHQHXURSHRRFFLGHQWDOWLHQGHQDSHUFLELUODGLYHUVLGDGFXOWXUDOFRPRXQGHVDItRDVX VREHUDQtDOHJLWLPLGDG\SHUVLVWHQFLD(QFDGDFDVRSDUWLFXODUODVUHVSXHVWDVLQVWLWXFLRQDOHVDHVWHGHVDItRGHSHQGHQ GHODHVSHFtILFDFRPELQDFLyQGHSURFHVRVVXEQDFLRQDOHVUHFRQRFLPLHQWRGHODVPLQRUtDVpWQLFDVDXWyFWRQDV VXSUDQDFLRQDOHV LQWHJUDFLyQ KHPLVIpULFD R FRQWLQHQWDO HQ OD 8QLyQ (XURSHD SRU HMHPSOR \ WUDQVQDFLRQDOHV SURFHVRVPLJUDWRULRV$VtSDUDHOFDPSRHGXFDWLYRXQRGHORVHVFDVRVHVWXGLRVFRPSDUDWLYRVGHODVSROtWLFDV GHHGXFDFLyQLQWHUFXOWXUDOOOHYDGDVDFDERHQGLIHUHQWHVSDtVHVHXURSHRV\DPHULFDQRVUHYHODODH[LVWHQFLDGHXQ UHGXFLGRFRQMXQWRUHFXUUHQWHGH´GHVDItRVµLQVWLWXFLRQDOHV ´/RVUDVJRVFRPXQHVHYLGHQFLDGRVDODQDOL]DUODVGLIHUHQWHVQDFLRQHVJLUDQHQWRUQRDFLQFRFXHVWLRQHVSULQFLSDOHV DODWHQVLyQHQWUHSUHVHUYDFLyQFXOWXUDO\SOXUDOLVPRFXOWXUDOTXHDWDxHDSXHEORVLQGtJHQDVUHIXJLDGRVLQPLJUDQWHV \TXHLPSOLFDODVUHODFLRQHVHQWUHSREODFLRQHVPD\RULWDULDV\PLQRULWDULDVHQGLYHUVRVFRQWH[WRVEODFRQVHUYDFLyQ GLYHUVLGDG\IRUPDFLyQOLQJtVWLFDVFSUiFWLFDVFXUULFXODUHVTXHUHVXOWDQH[FOX\HQWHVHWQRFpQWULFDV\UHVWULFWLYDV \TXHSRUWDQWRUHTXLHUHQVHUFRUUHJLGDVPHGLDQWHODDPSOLDFLyQODUHSUHVHQWDFLyQ\HOEDODQFHGODSUHSDUDFLyQ \IRUPDFLyQGHOPDJLVWHULR\HFXHVWLRQHVGHSROtWLFDVQDFLRQDOHVµ&XVKQHU /DVSROtWLFDVHGXFDWLYDVSRUHMHPSOR /DVUHVSXHVWDVLQVWLWXFLRQDOHVDHVWRV´SUREOHPDVµR´GHVDItRVµLQWHUFXOWXUDOHVFRQVWLWX\HQXQFDPSRSULYLOHJLDGR SDUDHOHVWXGLRHPStULFRGHOD´RWUHGDGµSUR\HFWDGDGHVGHHO(VWDGRQDFLyQKDFLD´VXµFLXGDGDQtDFRPRGHPXHVWUD ODPHUDHQXPHUDFLyQGHDOJXQRVHMHPSORVSURYHQLHQWHVGHOiPELWRHGXFDWLYR (Q HO FDVR HVSDxRO HO OODPDWLYR KHFKR GH TXH ODV LQVWLWXFLRQHV GHGLFDGDV D ODV SROtWLFDV S~EOLFDV GLVWLQJDQ 3RURWUDSDUWHHQODSUiFWLFDWRWDOLGDGGHSDtVHVODWLQRDPHULFDQRVODVSROtWLFDVGLIHUHQFLDOHVGHVDUUROODGDVDQWH ODGLYHUVLGDGFXOWXUDOVHVXEVXPHQEDMRHOSURJUDPDGHOLQGLJHQLVPRTXHVHSURSRQHLQWHJUDUDORVJUXSRV FRQVLGHUDGRVDXWyFWRQRV´PHVWL]DQGRµVXVSDXWDVFXOWXUDOHV\QDFLRQDOL]DQGRVXVLGHQWLGDGHVpWQLFDVVLQVLTXLHUD SODQWHDUVHODQHFHVLGDGGH´LQWHUFXOWXUDOL]DUµDODVPLQRUtDVRPD\RUtDVLQPLJUDGDVGHRULJHQHXURSHRTXHKR\ UHSUHVHQWDQORVDFWRUHVQDFLRQDOL]DQWHVKHJHPyQLFRVHQFDGDXQRGHHVWRVSDtVHV $57,*26 QtWLGDPHQWHHQWUHGRVWLSRVGLIHUHQWHVGHGLYHUVLGDGFXOWXUDO²DTXHOODSHUFLELGDDSDUWLUGHODVPLJUDFLRQHVVXU QRUWH\DTXHOODUHSUHVHQWDGDSRUODSUHVHQFLD\SHUVLVWHQFLDGHOJUXSRpWQLFRJLWDQR²\GHVSOLHJXHQSROtWLFDV FODUDPHQWHGLIHUHQFLDGDVSDUDFDGDXQRGHHVWRVGHVWLQDWDULRVLOXVWUDODSHUVLVWHQWHYLJHQFLDGHGHOLPLWDFLRQHV pWQLFDVKLVWyULFDPHQWHFRQVWUXLGDVHQWRUQRDODVGLFRWRPtDVGHORPRURIUHQWHDORFULVWLDQRSRUXQODGR\GH ORJLWDQRIUHQWHDORSD\RSRURWUR *XQWKHU'LHW] (OHVWXGLRFRPSDUDWLYRGHODVSROtWLFDVWDQWRGLVFULPLQDWRULDVFRPRGHDQWLGLVFULPLQDFLyQLOXVWUDDQWHVTXH QDGDHOFDUiFWHUFRQVWUXLGRUHODWLYR\FRQWH[WXDOGHORVGLVFXUVRVLGHQWLWDULRVQDFLRQDOL]DQWHVVXE\DFHQWHV ´$OJXQRVDOHJDQTXHHVWDSUHVHQFLD>GHLQPLJUDQWHV@JHQHUDXQFRVWHLQDFHSWDEOHSDUDODSREODFLyQQDWLYDRWURV DILUPDQTXHHOEDMRUHQGLPLHQWRHGXFDWLYRGHORVKLMRVGHLQPLJUDQWHVORVDPHQD]DUHOHJiQGRORVDXQSHUPDQHQWH HVWDWXVVXERUGLQDGR$TXtODSUHRFXSDFLyQSRUFXHVWLRQHVGHFODVHVRFLDOVHSDUDOHOL]DFRQXQDSUHRFXSDFLyQ SRUFXHVWLRQHVGHFXOWXUD/DSUHVHQFLDGHXQQ~PHURHOHYDGRGHLQPLJUDQWHVTXHVRQFXOWXUDOPHQWHGLVWLQWRV DODPD\RUtD¢JHQHUDUiHOULHVJRGHGLVWRUVLRQDURGHFRUURPSHUDODVRFLHGDGDQILWULRQD"¢6HFRQYHUWLUiQORV LQPLJUDQWHVHQXQDPLQRUtDQRDVLPLODEOHGHQWURGHODVRFLHGDGTXHFRQVWLWXLUiXQDDPHQD]DSDUDVXHVWDELOLGDG \VXFDSDFLGDGGHDFWXDUGHIRUPDFRKHUHQWH"5HVXOWDLUyQLFRTXHWRGDVHVWDVLQTXLHWXGHVKDQVLGRIRUPXODGDV HQORVDxRVFXDUHQWDGHOVLJOR;,;HQORV(VWDGRV8QLGRVFXDQGRORVSURWDJRQLVWDVGHODRSLQLyQS~EOLFDHVWDEDQ SURIXQGDPHQWHSUHRFXSDGRVSRUORVLQPLJUDQWHVFDWyOLFRVDOHPDQHVHLUODQGHVHVHQWRQFHVFRQVLGHUDGRVFRPRXQD VHULDDPHQD]DSDUDHOFDUiFWHUDPHULFDQR\SDUDHOVLVWHPDSROtWLFRGHPRFUiWLFR*OHQQGH-RQJ 'HOVLQItQGHSRVLEOHVFULWHULRVGH´GLVFULPLQDFLyQµLQVWLWXFLRQDOSDUDFDWHJRUL]DU\FRQHOOR´SUREOHPDWL]DUµ DORV´RWURVµ²FRPRVRQSRUHMHPSORODHGDGHOJpQHURHORULJHQJHRJUiILFRODUHVLGHQFLDDFWXDOODOHQJXD PDWHUQDODUHOLJLyQSUDFWLFDGDOD´FXOWXUDµODLGHQWLILFDFLyQ´pWQLFDµODFLXGDGDQtD\RQDFLRQDOLGDGODVSDXWDVGH FRPSRUWDPLHQWRHOUHQGLPLHQWRHVFRODUHOQLYHOVRFLRHFRQyPLFRGHORVSDGUHVHWF-RQHV²ODVLQVWLWXFLRQHV JHQHUDQXQDFRPELQDFLyQHVSHFtILFDGHFULWHULRVSDUDGHWHFWDURQHJDUODH[LVWHQFLDGH´GLYHUVLGDGHQHODXODµ$Vt GHVGHHOGLVFXUVRLQVWLWXFLRQDOHVSDxROODSUREOHPDWL]DFLyQGHO´RWURµUHFXUUHDH[SOLFDFLRQHVPX\KHWHURJpQHDV (OSXQWRGHSDUWLGDGHOD´GHWHFFLyQ´LQVWLWXFLRQDOGHORVSUREOHPDVHGXFDWLYRVDPHQXGRORFRQVWLWX\HHOFULWHULR OLQJtVWLFR(QYH]GHHQIRFDUODGLYHUVLGDGOLQJtVWLFDUHDOPHQWHH[LVWHQWHHQWUHODSREODFLyQGHVWLQDWDULDGHOD LQWHUYHQFLyQSHGDJyJLFDODLQVWLWXFLyQ²SURGXFWR\SURGXFWRUDGHO´KDELWXVPRQROLQJH´LPSHUDQWH*RJROLQ ²VXHOHEDVDUVH~QLFDPHQWHHQHOFULWHULRGHODOHQJXDPDWHUQDLHGHODLGHQWLILFDFLyQGHHGXFDQGRVFX\D SULPHUDOHQJXDQRHVDTXHOODKHJHPyQLFDDQLYHOQDFLRQDO\RUHJLRQDO(OPRQROLQJLVPRLQVWLWXFLRQDOL]DGR JHQHUDXQDYLVLyQDOWDPHQWHHVWHUHRWLSDGDGHODUHDOLGDGPXOWLOLQJH (Q HVWH WLSR GH SUREOHPDWL]DFLRQHV LQVWLWXFLRQDOHV HO DUJXPHQWR OLQJtVWLFR VH VXHOH PH]FODU \R FRQIXQGLU FRQRWURVIDFWRUHVPX\KHWHURJpQHRV3RUXQDSDUWHH[LVWHXQDWHQGHQFLDJHQHUDOL]DGDKDFLDODHTXLSDUDFLyQ WDQWR GH ORV PLJUDQWHV FRPR GH ORV LQGtJHQDV FRPR WDOHV FRQ VXSXHVWRV SUREOHPDV HVFRODUHV 0H]FODQGR FRQVWDQWHPHQWHYDULDEOHVGHSHQGLHQWHVHLQGHSHQGLHQWHVHQODVFRUUHVSRQGLHQWHV´HYDOXDFLRQHV´DFHUFDGHO GHVDItRGHODGLYHUVLGDGFXOWXUDOODFRQGLFLyQPLJUDWRULDRLQGtJHQDHQVtVHFRQYLHUWHHQXQSUREOHPDSDUDOD LQVWLWXFLyQHGXFDWLYD $57,*26 (QHOFRQWH[WRHXURSHR\QRVyORGHVSXpVGHOGHVHSWLHPEUHGHODSUREOHPDWL]DFLyQGHOIHQyPHQR PLJUDWRULRFRPRWDOFIUDEDMRDPHQXGRVHGUDPDWL]DFRQHOWRSRVGH+XQWLQJWRQDFHUFDGHODLQHYLWDELOLGDG GHO´FKRTXH´FLYLOL]DFLRQDOHQWUHODVFXOWXUDV(QJUDQSDUWHGHOGLVFXUVRGHODVSHGDJRJtDVGHOD´RWUHGDG´OD GLYHUVLGDGFXOWXUDOVHYLVXDOL]DGHIRUPDELSRODU\PHFDQLFLVWD 3RURWUDSDUWHDPHQXGRWDPELpQHVOD´FXHVWLyQUHOLJLRVD´\SUHIHUHQFLDOPHQWHODPHUDH[LVWHQFLDGHGLYHUVLGDG UHOLJLRVDODTXHHVXWLOL]DGDSDUDLGHQWLILFDUXQSUHVXQWRSUREOHPDHVFRODU(VWHSUREOHPDQRVHIRUPXODDUDt]GH XQDQiOLVLVHPStULFRGHODFRH[LVWHQFLD\FRQIOXHQFLDGHGLIHUHQWHVSUiFWLFDVUHOLJLRVDV\RFRQIHVLRQDOHVHQHO iPELWRHVFRODUVLQRTXHVHSDUWHGHODVLPSOHSUHVHQFLDGHHGXFDQGRVFRQFUHGRVQRPLQDOPHQWHGLYHUJHQWHV 9HUORW'LHW](O6KRKRXPL3RUFRQVLJXLHQWHHVWD´FXHVWLyQUHOLJLRVD´HQHOGLVFXUVRLQVWLWXFLRQDO DFDEDPH]FOiQGRVHFRQIDFWRUHVDSHQDVUHODFLRQDGRVFRQODGLYHUVLGDGUHOLJLRVD 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV 3RU~OWLPRODRULJLQDULDIXQFLyQGLVFLSOLQDULDTXHFXPSOHQODVSHGDJRJtDVQDFLRQDOHVVHUHYHODHQODIUHFXHQWH DVRFLDFLyQGHODGLYHUVLGDGFXOWXUDOFRQGHVDItRVGHWLSR´FRUUHFFLRQDOµ\´SROLFLDO´6HJ~QHVWDDUJXPHQWDFLyQHO ´GHVDUUDLJR´FXOWXUDOGHOPLJUDQWHVREUHWRGRDGROHVFHQWHGHIRUPDFXDVLDXWRPiWLFDJHQHUDFRPSRUWDPLHQWRV ´DQWLVRFLDOHV´TXHUHTXLHUHQGHXQDGHFLGLGDLQWHUYHQFLyQSHGDJyJLFD /DFRPELQDFLyQGHHVWRVFULWHULRVGHSUREOHPDWL]DFLyQ\VXDSOLFDFLyQDVLVWHPDVHGXFDWLYRV\FRQWH[WRV QDFLRQDOHV DOWDPHQWH KHWHURJpQHRV KD GHVHQFDGHQDGR XQD H[RUELWDQWH SUROLIHUDFLyQ GH HQIRTXHV PRGHORV \ SURJUDPDVSROtWLFRSHGDJyJLFRVSDUDWUDWDUODGLYHUVLGDG'LHW]/DDSDUHQWHSOXUDOLGDGGHHQIRTXHVUHVXOWD ILFWLFLD VLQ HPEDUJR VL FRQWUDVWDPRV HPStULFDPHQWH ODV SURSXHVWDV SHGDJyJLFDVORV GLVFXUVRV LQVWLWXFLRQDOHV QRUPDWLYRV\ODVSUiFWLFDVGHVXDSOLFDFLyQHVFRODUKD\PXFKDVSURSXHVWDVSHGDJyJLFDVTXHSUHWHQGHQ´LQQRYDUµ VHU´FUHDWLYDVµDPHQXGREDVDGDVHQODVXSHUVWLFLyQGHTXHIXQFLRQDUiSHURTXHDFDEDQ´DGDSWDQGRµ\PLPHWL]DQGR PRGHORV TXH VH HQFXHQWUDQ HQ YRJXH \ TXH KDEtDQ VLGR GHVDUUROODGRV HQ RWURV FRQWH[WRV (O SLRQHUR DQiOLVLV FRQWUDVWLYRTXHHQHVWHVHQWLGRKDQUHDOL]DGR*OHQQGH-RQJGHPXHVWUDODFUXFLDOLPSRUWDQFLDTXHWLHQHHO FRQWH[WRVRFLHWDOHLQVWLWXFLRQDOPiVDPSOLRHQODVSUiFWLFDVSROtWLFDVHVSHFtILFDPHQWHGHVDUUROODGDV3RUFRQVLJXLHQWH HQVXSURFHVRGHLQVWLWXFLRQDOL]DFLyQODVGLIHUHQWHVSURSXHVWDVGHPXOWLFXOWXUDOL]DFLyQRLQWHUFXOWXUDOL]DFLyQVH PDWHULDOL]DQHQIXQFLyQGHODVGLIHUHQWHVSRVLELOLGDGHVGHGHILQLUGHOLPLWDU\FRPELQDUODVHVIHUDVGH´ORS~EOLFRµ \´ORSULYDGRµ ´([LVWHQGRVFRQFHSFLRQHVGLVWLQWDVGHFLXGDGDQtDHTXLWDWLYDFDGDXQDGHODVFXDOHVVHEDVDHQQRFLRQHVGLIHUHQWHV GHDTXHOORTXHVHFRQVLGHUD¶ORS~EOLFR·\¶ORSULYDGR·(VWDVGRVFRQFHSFLRQHVSXHGHQUHVXPLUVHGHODVLJXLHQWH PDQHUDHOGHUHFKRDDVLPLODUVHDODFXOWXUDPD\RULWDULDGRPLQDQWHHQODHVIHUDS~EOLFD\ODWROHUDQFLDGH¶GLIHUHQFLD· HQODHVIHUDSULYDGDHOGHUHFKRDOUHFRQRFLPLHQWR\IRPHQWRGHODSURSLD¶GLIHUHQFLD·HWQLFLGDGPLQRULWDULDHWF GHQWURGHODHVIHUDS~EOLFD\SULYDGD6LQHPEDUJRHVWDVFRQFHSFLRQHVQRVRQDOWHUQDWLYDVH[FOX\HQWHVHQHO VHQWLGRGHTXHVLVHHOLJHXQDODRWUDKDGHVHUUHFKD]DGD'HKHFKRHOPXOWLFXOWXUDOLVPRH[LJLUiTXHVHSURPXHYDQ DPEDVFRQFHSFLRQHVµ0RGRRG ´(O DQiOLVLV FRPSDUDWLYR UHYHOD OD FDSDFLGDG GH FDGD XQD GH ODV VRFLHGDGHV GHVDUUROODGDV GH LPSRQHU LQGHSHQGLHQWHPHQWHGHOFRQWHQLGRREMHWLYRGHODFXOWXUDLQPLJUDQWHVXSURSLDYLVLyQGHODUHODFLyQLQWHUpWQLFD\OD VROXFLyQGHDVLPLODFLyQRGHVHJUHJDFLyQTXHOHFRQYLHQHGHWDOPDQHUDTXHHVSUHFLVRIRUPXODUFRPRKLSyWHVLVXQ SULQFLSLRGHRPQLSRWHQFLDGHODVRFLHGDGGHDFRJLGD/DDQWURSRORJtDGHPXHVWUDTXHHQFDGDXQDGHODVJUDQGHV QDFLRQHVSRVWLQGXVWULDOHVH[LVWHXQDSDUWLFXODUPDWUL]LQFRQVFLHQWHTXHGHFLGHDFHUFDGHODYLVLyQLPSHUDQWHGHO H[WUDQMHUR\FRQHOORHQGHILQLWLYDGHVXGHVWLQRµ7RGG $57,*26 /D WLSRORJtD UHVXOWDQWH GH HVWDV SRVLEOHV FRPELQDFLRQHV HQWUH OR S~EOLFR \ OR SULYDGR QR HV VXEVXPLEOH EDMRORVFRQYHQFLRQDOHVFRQFHSWRVGH´DVLPLODFLyQµYHUVXV´VHJUHJDFLyQµ*DUUHWD%RFKDFDVLQRTXHHQOD PD\RUtDGHORVVLVWHPDVSROtWLFRVORVFRQWH[WRVQDFLRQDOHV\UHJLRQDOHVSHUPLWHQXQDPSOLRDEDQLFRGHVROXFLRQHV LQWHUPHGLDV9HUORW(QVXDQiOLVLVFRQWUDVWLYRGHODV´UHDFFLRQHVµLQVWLWXFLRQDOHV\SROtWLFDVGHVSOHJDGDVHQ )UDQFLD$OHPDQLDHO5HLQR8QLGR\(VWDGRV8QLGRVIUHQWHDODLQPLJUDFLyQ7RGGSRVWXODTXHGLFKDVSROtWLFDV QDFLRQDOHVUHIOHMDQODH[LVWHQFLDGHFRQVWDQWHVHVWUXFWXUDOHVXELFDGDVHQHOVHQRGHODVRFLHGDGPD\RULWDULD *XQWKHU'LHW] 5 $ & , 6 0 2 < ' , 6 & 5 , 0 , 1 $ & , Ð 1 ' ( 0 , 1 2 5 Ì $ 6 ( 1 ( 6 3$ f $ (OFDVRGH(VSDxDHVSDUWLFXODUPHQWHUHYHODGRUDOUHVSHFWR/DVLQVWLWXFLRQHVHVSDxRODVGHGLFDGDVDFWXDOPHQWHD GLVHxDU´SROtWLFDVGHODGLIHUHQFLDµHQORViPELWRVHGXFDWLYRVODERUDOHV\RGHVHUYLFLRVVRFLDOHVSDUDFROHFWLYRV PLQRULWDULRV RVFLODQ HQWUH GRV ´PDWULFHV LQFRQVFLHQWHVµ HQWUH XQ ´HWQLFLVPRµ LPSOtFLWR TXH DVHPHMD HO FDVR HVSDxRODOPRGHOR´pWQLFRFXOWXUDOµGHQDFLRQDOLVPRFHQWURHXURSHR$OHPDQLD$XVWULD3RORQLDSRUXQDSDUWH\ XQ´XQLYHUVDOLVPRµH[SOtFLWRRULHQWDGRKDFLDHOPRGHORFtYLFRIUDQFpV (QFRQFUHWRSRUXQDSDUWHSHUVLVWHHQODPHPRULDFROHFWLYDGHODVRFLHGDGPD\RULWDULD\GHVXVLQVWLWXFLRQHV XQD MHUDUTXtD pWQLFD KLVWyULFDPHQWH FRQVWUXLGD GHVGH OD H[SXOVLyQ GH ODV PLQRUtDV MXGtD \ PXVXOPDQD HQ 6WDOODHUW(QGLFKDMHUDUTXtDH[SUHVDGDHQODVHQFXHVWDVGHRSLQLyQVREUH´SHUVRQDVGHRWUDVSDUWHVGHO PXQGRµVHUHIOHMDD~QODGLFRWRPtDHQWUHHOKLVWyULFR´HQHPLJRH[WHULRUµ²HO´PRURµRDQGDOXVtPXVXOPiQ²\HO ´HQHPLJRLQWHULRUµ²HO´JLWDQRµ &RPRGHPXHVWUD6WDOODHUWFRQGHWDOOHODLGHRORJtDGHOFDVWLFLVPR\GHOD´OLPSLH]DGHVDQJUHµLPSXHVWD SRUHOWHPSUDQRH[SHULPHQWRKRPRJHQLH]DGRUGHORV5H\HV&DWyOLFRVHLQVWLWXFLRQDOL]DGDDWUDYpVGHOD6DQWD ,QTXLVLFLyQVLJXHSHUVLVWLHQGRLQFRQVFLHQWHPHQWHHQDFWLWXGHV\´IRELDVµTXHPXHVWUDODSREODFLyQPD\RULWDULD FRQWHPSRUiQHDKDFLD´HORWURµ(VWDVIRELDVVRQHPStULFDPHQWHFRUURERUDGDVHQORVD~QHVFDVRVHVWXGLRVHPStULFRV TXHDQDOL]DQDFWLWXGHVUDFLVWDV\SUiFWLFDVGLVFULPLQDWRULDVHQHO(VWDGRHVSDxRO7DQWRODVSLRQHUDVHQFXHVWDVGH &DOYR%XH]DVFRPRORVUHFLHQWHVLQIRUPHVHODERUDGRVSRUOD&RPLVLyQ(XURSHDFRQWUDHO5DFLVPR \OD,QWROHUDQFLD(&5,UHYHODQTXHHOSXHEORJLWDQR\ORVLQPLJUDQWHVPDJUHEtHVFRQVWLWX\HQORVGRV FROHFWLYRVPiVGLUHFWD\YLVLEOHPHQWHH[SXHVWRVDDFWLWXGHVUDFLVWDV\SUiFWLFDVGLVFULPLQDWRULDV 3RURWUDSDUWHHVWHSHUVLVWHQWH´VHVJRpWQLFRFXOWXUDOµDQWLPXVXOPiQ\DQWLJLWDQRFRQWUDVWDFRQHOpQIDVLV TXHFRQWLQXDPHQWHKDFHQODVLQVWLWXFLRQHVS~EOLFDVHQHOFDUiFWHUXQLYHUVDOLVWD\QRGLVFULPLQDWRULRGHVXVSROtWLFDV SURJUDPDV\SUiFWLFDV'HVGHORVLQLFLRVGHODWUDQVLFLyQDODGHPRFUDFLDHO(VWDGRHVSDxROSUHWHQGHGHVDUUROODU PHGLGDVS~EOLFDV\ODLFDVGHFRUWHLQWHJUDFLRQLVWDIUHQWHDODVPLQRUtDVUHOLJLRVDV\pWQLFDV3DUDGyMLFDPHQWHVLQ HPEDUJRGLFKDVSROtWLFDVQRORJUDQGHVSUHQGHUVHGHVXIXHUWHOHJDGRFDWyOLFR\FDVWHOODQRWDOFRPRVHSHUFLEH QXHYDPHQWH HQ HO iPELWR HGXFDWLYR ² OD SHUVLVWHQFLD GH XQ VLVWHPD HGXFDWLYR HQ JUDQ PHGLGD PDQWHQLGR SRU LQVWLWXFLRQHVFDWyOLFDVSHURILQDQFLDGRSRUHO(VWDGRODLFR²DVtFRPRHQHOiPELWRGHODIHGHUDOL]DFLyQDVLPpWULFD GHO´(VWDGRGHODV$XWRQRPtDVµ²FXDQWRPD\RUGLVWDQFLDFXOWXUDO\OLQJtVWLFDVHUHLYLQGLFDIUHQWHDODPD\RUtD FDVWHOODQDPD\RUJUDGRGHDXWRQRPtDVHREWLHQH $57,*26 5 $ & , 6 0 2 , 6 / $ 0 2 ) 2 % , $ < 6 ( ; , 6 0 2 & 2 1 7 5 $ 0 8 - ( 5 ( 6 0 8 6 8 / 0 $ 1 $ 6 (QORV~OWLPRVFLQFXHQWDDxRV(VSDxDKDH[SHULPHQWDGRXQFRQVLGHUDEOHLQFUHPHQWRHQODSREODFLyQLQPLJUDQWH ,]TXLHUGR&RUQHOLXVHQWUHODTXHORVPDJUHEtHVPXVXOPDQHVFRQIRUPDQXQSRUFHQWDMHVLJQLILFDWLYR 3DUDOHODPHQWHGHVGHHOILQDOGHOUpJLPHQIUDQTXLVWDVHHVWiSURGXFLHQGRXQDQRWDEOHWHQGHQFLDGHFRQYHUVLyQD 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV ODUHOLJLyQPXVXOPDQDHQFLXGDGHVDQGDOX]DVWDOHVFRPR&yUGREDR*UDQDGD8QLGRDHVWRVGRVIHQyPHQRVWDO FRPRVHPHQFLRQDEDDUULEDODVDFWLWXGHVDQWLLVOiPLFDV\DQWLiUDEHVTXHUHIOHMDQXQDFRPELQDFLyQGHGLPHQVLRQHV GHGLVFULPLQDFLyQpWQLFDUHOLJLRVD\QDFLRQDOLVWDSUHYDOHFHQHQDPSOLRVVHFWRUHVGHODVRFLHGDGHVSDxROD$6(3 (VWDVDFWLWXGHVGHKHFKRHVWiQSURIXQGDPHQWHDUUDLJDGDVHQHVWLJPDWL]DFLRQHVKLVWyULFDVGHO´RWUR´&RPR PXHVWUD 6WDOODHUW GHVGH HO WHPSUDQR SUR\HFWR HVSDxRO GH (VWDGRQDFLyQ KD VLGR IXQGDGR HQ XQD PH]FODGH´DUDERIRELD´pWQLFD\´LVODPRIRELD´UHOLJLRVDTXHVHOHJLWLPDUtDFRQ´OH\HVGHSXUH]DGHVDQJUH´TXH FRQVWDQWHPHQWHVRODSDQ\IXQGHQWHUPLQRORJtDVXSXHVWDPHQWHELROyJLFDpWQLFD\UHOLJLRVD (VWDLVODPRIRELDKLVWyULFDUHDSDUHFHFRQODSHUFHSFLyQGHODVPLJUDFLRQHVFRQWHPSRUiQHDVFRPR´UHWRUQRGH ORVPRURVµR´PRULVFRVµ/DLVODPRIRELDUHHPHUJHQWHDIHFWDHVSHFLDOPHQWHDODVPXMHUHVPXVXOPDQDVGHTXLHQHV ODPD\RUSDUWHGHODVRFLHGDGWLHQHXQDYLVLyQUHGXFLGDDODPDWHUQLGDG\REHGLHQFLDDOPDULGR'XUDQWHPXFKRV VLJORVQRVyORHO,VODPFRPRWDOVLQRVREUHWRGRODVPXMHUHVPXVXOPDQDVIXHURQSHUFLELGDVLQVWUXPHQWDOL]DGDV \PDOLQWHUSUHWDGDVFRPRODFDUDRSXHVWDGHODXWRUUHWUDWRGH2FFLGHQWHFRPRXQDFLYLOL]DFLyQJOREDOPRGHUQD\ VHFXODUL]DGD0DUWtQ0XxR],QGHSHQGLHQWHPHQWHGHVXHGDGSURIHVLyQHWQLDRFODVHVRFLDOGHRULJHQGHVX FLXGDGDQtD\VXHVWDWXVQDWLYRRPLJUDWRULRODVPXMHUHVPXVXOPDQDVWLHQGHQDVHUUHSUHVHQWDGDVFRPRHOSURWRWLSR GH´RWUHGDGµGH2FFLGHQWH6LQHPEDUJRHQHOWUDQVFXUVRGHODUHFLHQWHIHPLQL]DFLyQGHODPLJUDFLyQPDJUHEt\ SDUWLFXODUPHQWHPDUURTXtVRQSUHFLVDPHQWHODVPXMHUHVLQPLJUDQWHV²SHUFLELGDVGHIRUPDUHGXFFLRQLVWDFRPR ´ODPXMHUPXVXOPDQDµ²ODVTXHVHFRQYLHUWHQHQLPSRUWDQWHVSURWDJRQLVWDVGHOSURFHVRGHIRUPDFLyQGHQXHYDV FRPXQLGDGHVVHDQpVWDVPXVXOPDQDVLQPLJUDQWHVRPDUURTXtHV $SHVDUGHTXHVXVRUtJHQHVSROtWLFRVHLGHROyJLFRVVHDQFRPSOHWDPHQWHGLIHUHQWHVORVUHSUHVHQWDQWHVHVSDxROHV GHODVLQVWLWXFLRQHVS~EOLFDV\GHODV21*FRLQFLGHQHQXQDSHUFHSFLyQKRPRJpQHD\EDVWDQWHHVWHUHRWLSDGDGHODV PXMHUHVPXVXOPDQDVTXHDWLHQGHQ7RGRVORVUHSUHVHQWDQWHVPHQFLRQDQODGLIHUHQFLDTXHVXSXHVWDPHQWHH[LVWH QRVRODPHQWHHQWUHHO,VODP\HOFULVWLDQLVPRVLQRWDPELpQHQWUHHO,VODP\ODPRGHUQLGDG,QFOXVRDTXHOORVTXH UHFKD]DQODRSLQLyQVLPSOLVWDDFHUFDGHOVXSXHVWRFDUiFWHURSUHVLYRGHO,VODPIUHQWHDODVPXMHUHVPXVXOPDQDV WLHQGHQDHVWDEOHFHUGLIHUHQFLDVFXOWXUDOHVHQWUHODVUHJLRQHVPXVXOPDQDVPiVDWUDVDGDVRVXEGHVDUUROODGDVSRU XQODGR\ODVSDUWHVPiV´PRGHUQDV´GHOPXQGRPXVXOPiQSRURWURODGR/DVPXMHUHVPXVXOPDQDVVRQSHUFLELGDV FRPRYtFWLPDV²UHDOHVRSRWHQFLDOHV²GHVXSURSLDUHOLJLyQ\GHVXVSUiFWLFDV´PDFKLVWDVµ(ODXWRULWDULVPRSROtWLFR \ODRSUHVLyQUHOLJLRVDOHJLWLPDGDVFRQWUDODVPXMHUHV´VRQODVGRVFDUDVGHODPLVPDPRQHGDµFRPRLQGLFDXQ DFWLYLVWDGHXQD21* (VWDKRPRJHQHL]DFLyQREYLDHQODSHUFHSFLyQH[WHUQDH[SUHVDGDSRUPLHPEURVGHODVRFLHGDGPD\RULWDULD QRPXVXOPDQDFRQWUDVWDSURIXQGDPHQWHFRQODHQRUPHGLYHUVLGDGGHDXWRGHILQLFLRQHV\GLVFXUVRVLGHQWLWDULRV RIUHFLGRVSRUODVPXMHUHVPXVXOPDQDV/DLGHQWLGDGUHOLJLRVDH[SUHVDGDSRUODVPXMHUHVPXVXOPDQDVDOWDPHQWH $57,*26 3HUFHSFLyQGHO,VODP *XQWKHU'LHW] LQIOXHQFLDGDSRUVXVRFLDOL]DFLyQVHKDJHQHUDGR\SHUILODGRHQODPD\RUtDGHpVWDVDQWHVGHPLJUDUD(VSDxD (VWDVPXMHUHVGHRULJHQiUDEH²HQVXPD\RUtDPDUURTXtHV²SHUFLEHQHO,VODPFRPRXQDSDUWH´QRUPDOµGHVX LGHQWLGDG\DXWRGHILQLFLyQ*HHUW]'HVGHODDGROHVFHQFLDODVSUHVFULSFLRQHV\ULWXDOHVUHOLJLRVRVFRPRODV SUiFWLFDVRUDWRULDV\HOD\XQRFRQODVTXHVHWUDQVPLWHODKHUHQFLDFXOWXUDOIDPLOLDU\RFRPXQLWDULDHVWiQLQWHJUDGDV GHQWURGHODVUXWLQDVGHODYLGDFRWLGLDQDGHODPXMHU/DPD\RUtDGHODVPXMHUHVHQWUHYLVWDGDVDVRFLDQODGLVWLQFLyQ HQWUHUHOLJLyQPXVXOPDQD\FULVWLDQDDXQDPHUDFRLQFLGHQFLDJHRJUiILFD/DUHOLJLyQQRVHFRQVLGHUDIUXWRGHXQD HOHFFLyQVLQRGHXQDKHUHQFLD /DFRQH[LyQtQWLPDTXHVXSRQHODXQLGDGGHO,VODPFRPRXQVLVWHPDUHOLJLRVRSRUXQODGR\ORVRUtJHQHV QDFLRQDOHV \ FXOWXUDOHV GH ODV PXMHUHV PXVXOPDQDV SRU RWUR ODGR VyOR HV FXHVWLRQDGD SRU GRV WLSRV GH HQWUHYLVWDGDV $57,*26 DTXHOODVPXMHUHVGHQDFLRQDOLGDGHVSDxROD\RUtJHQHVFXOWXUDOHV\UHOLJLRVRVFDWyOLFRVTXHKDQFRQYHUWLGRDO ,VODP DTXHOODVPXMHUHVTXHKDQHPLJUDGRGHOQRUHVWHGH0DUUXHFRVRGHOQRUWHGH$UJHOLD\TXHVHLGHQWLILFDQDVt PLVPDVHQWpUPLQRVpWQLFRVQRFRPRiUDEHVVLQRFRPRDPD]LJK 6LQH[FHSFLyQDOJXQDODVHVSDxRODVFRQYHUVDVRQHRPXVXOPDQDVDFHQW~DQODWHQVLyQHQWUHODVGLIHUHQFLDVGHO ,VODP\HOFULVWLDQLVPR/DVH[SHULHQFLDVSHUVRQDOHVGHFRQYHUVLyQUHOLJLRVDVHH[SUHVDQHQWpUPLQRVGH´OLEHUDFLyQµ GHODWUDGLFLyQ(OSURFHVRGHFRQYHUVLyQVHUHFXHUGDFRPRXQDSURIXQGDFULVLVGHLGHQWLGDGSHUVRQDO\FRPRXQ ´GHVSHUWDUµGHXQSDVDGRVXSHUILFLDO\GHXQDUHOLJLRVLGDGPHUDPHQWHSUDJPiWLFD0XFKDVGHODVFDWyOLFDVFRQYLHUWHQ DO,VODPHQHOSHULRGRGHWUDQVLFLyQGHODGLFWDGXUDIUDQTXLVWDDODGHPRFUDFLDSHULRGRGXUDQWHHOTXHSHUFLEHQDO FDWROLFLVPRFRPRXQDUHOLTXLDYDFtDGHODpSRFDSUHPRGHUQD'HVGHHOSXQWRGHYLVWDGHODVQHRPXVXOPDQDVODV DFWLWXGHVVH[LVWDV\DXWRULWDULDVKDFLDODVPXMHUHVVRQSDUWHGHODUHOLJLyQFDWyOLFD(O,VODPSRUHOFRQWUDULRSURPXHYH XQUHVSHWRPXWXRHQWUHDPERVVH[RV&RPRSDUDODVFRQYHUVDVHO,VODPQRHVXQDSDUWHLQWHJUDOGHODWUDGLFLyQ IDPLOLDUVRVWLHQHQTXHH[LVWHQGRVPDQHUDVGLIHUHQWHVGHSUDFWLFDUHO,VODPOD´UHOLJLyQSDUDORVLQPLJUDQWHVµSRU XQODGRGRQGHODFXOWXUD\ODUHOLJLyQHVWiQVXSXHVWDPHQWH´PH]FODGDVµ\HO,VODP´GHVQXGRµSRURWURODGRTXH QRGHEHVHUDVRFLDGRDQLQJXQDFXOWXUDHQSDUWLFXODU /D GLYHUVLGDG UHJLRQDO \ ODV GLVWLQFLRQHV pWQLFDV TXH SUHYDOHFHQ GHQWUR GHO ,VODP /LSSPDQ VRQ WHPDWL]DGDVWDPELpQSRUODVDPD]LJK\DVHDQGH$UJHOLDGH0DUUXHFRVRGH0HOLOOD(OODVWLHQGHQDFRLQFLGLUFRQ ODVQHRPXVXOPDQDVHQTXHXQDJUDQSDUWHGHODVSUiFWLFDVUHOLJLRVDVGLVWLQWLYDVGHVXVFUHHQFLDV\UHJODVQR WLHQHQRUtJHQHVPXVXOPDQHVVLQRiUDEHV3RURWURODGRHODIiQGHSUHVHQWDUHO,VODPFRPRXQD´PDQHUDGHYLYLUµ FXOWXUDOPHQWH´QHXWUDµ\FRQWHPSRUiQHDVyORVHSXHGHREVHUYDUHQPXMHUHVMyYHQHVXUEDQDVGHFODVHPHGLD\DOWD TXHHQODPD\RUtDGHORVFDVRVFXUVDQHVWXGLRVXQLYHUVLWDULRVHQ*UDQDGD7RGDVODVGHPiVPXMHUHVPXVXOPDQDV TXHSURYLHQHQGHFRQWH[WRVUXUDOHVRGHFODVHVEDMDVXUEDQDVWLHQGHQDLGHQWLILFDUHO,VODPFRQODWUDGLFLyQ 8QRGHORVSXQWRVPiVGLVFXWLGRVHQODVUHODFLRQHVLQWHUUHOLJLRVDVHVHOVLJQLILFDGR\ODQHFHVLGDGGHOXVR GHOKLMDE$SHVDUGHTXHHQ(VSDxDDSHQDVVHKD\DQGDGRFRQIOLFWRVFRPRORVVXUJLGRVHQRWURVSDtVHVHXURSHRV SDUDODPD\RUtDGHODVPXMHUHVHOXVRGHOSDxXHORHVYLVWRFRPRXQREVWiFXORDODKRUDGHEXVFDUXQHPSOHRRGH DOTXLODUXQSLVR/DVLQVWLWXFLRQHV\21*YHQHO´SUREOHPDGHOSDxXHORµFRPRXQLQGLFDGRUQRVyORGHDFWLWXGHV 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV UDFLVWDVVLQRWDPELpQGHOD´YROXQWDGGHLQWHJUDFLyQµ$XQTXHVHH[SUHVHVLHPSUHXQDWROHUDQFLDDFHUFDGHOXVR GHO SDxXHOR DOJXQRV UHSUHVHQWDQWHV LQVWLWXFLRQDOHV DOHJDQ TXH OD PXMHU PXVXOPDQD QR GHEHUtD H[DJHUDU \ QR GHEHUtD YHVWLUVH FRPR VL HVWXYLHUD HQ 0DUUXHFRV \D TXH GLILFXOWDUtD TXH ORV YHFLQRV FDWyOLFRV OD DFHSWHQ 8QD WUDEDMDGRUDVRFLDOTXHWUDWDFRQPXMHUHVPXVXOPDQDVLQFOXVRRSLQDTXHDOJXQDVGHHOODVFXEUHQVXFDEH]DSDUD DXWRDLVODUVH 3DUDHYLWDUHVWHWLSRGHGLVFULPLQDFLyQDOJXQDVPXMHUHVLQPLJUDQWHVVHTXLWDQHVWUDWpJLFDPHQWHHOSDxXHORHQ FLHUWDVRFDVLRQHVDOJRTXHREYLDPHQWHQRLPSLGHODHTXLSDUDFLyQVXE\DFHQWHGHOSDxXHORFRQVXSXHVWDVGLVWLQFLRQHV IHQRWtSLFDVFRQDFWLWXGHVLVODPRIyELFDV\FRQHOUHFKD]RDELHUWRKDFLDPDUURTXtHV0LHQWUDVTXHODPD\RUtDGHODV PXMHUHVSHUFLEHQHOSDxXHORFRPRXQDSDUWHLQWHJUDOGHVXLGHQWLGDGQRVyORUHOLJLRVDVLQRWDPELpQGHJpQHUR\ GHHVDPDQHUDFRPRXQDSDUWHLQFXHVWLRQDEOHGHVXVWUDGLFLRQHVXQDPLQRUtDGHODVPXMHUHVIXQGDPHQWDOPHQWH GHRULJHQDPD]LJKUHFKD]DHOXVRGHOSDxXHORLGHQWLILFiQGRORFRPRDOJRLPSXHVWRSRUORViUDEHV\VREUHWRGRSRU ODVDFWLWXGHVPDFKLVWDVGHORVHVSRVRVPXVXOPDQHV3DUDHOODVODSUHVHUYDFLyQGHXQVtPERORUHOLJLRVRDUFDLFRTXH QDGDWLHQHTXHYHUFRQGLIHUHQFLDVGHUHOLJLRVLGDGLPSLGHDODPXMHUPXVXOPDQDOLEHUDUVH(VWDLQWHUSUHWDFLyQTXH HVDVRPEURVDPHQWHVLPLODUDODRSLQLyQS~EOLFDGHODPD\RUtDGHORVQRPXVXOPDQHVTXHYLFWLPL]DQDODVPXMHUHV PXVXOPDQDVHVFRQWUDUUHVWDGDSRURWUDVPXMHUHVTXHHQIDWL]DQODYDULHGDGGHODVFRVWXPEUHVGHOSDxXHORWDQ VXMHWDVDPRGDV\HOHFFLRQHVFRPRFXDOTXLHURWUDYHVWLPHQWD 1RREVWDQWHHQHOFRQWH[WRPLJUDWRULRHQODVRFLHGDGQRPXVXOPDQDDOJXQDVPXMHUHVHQWLHQGHQHOSDxXHOR QRFRPRXQDFXHVWLyQGHPRGDRFRVWXPEUHVVLQRFRPRXQVtPERORHVWULFWDPHQWHUHOLJLRVRSDUDLGHQWLILFDUVH FRPRQRFULVWLDQD²XQDDFWLWXGTXHHVFRPSDUWLGDSRUODVHVSDxRODVFRQYHUVDV(VWDWHQGHQFLDGHXVDUHOKLMDE FRPRGLVWLQFLyQUHOLJLRVDRFRPR´PDUFDGRUpWQLFRµ(ULNVHQHQFRQWH[WRVLQWHUUHOLJLRVRVHVVLQHPEDUJR UHFKD]DGDDELHUWDPHQWHSRURWUDVPXMHUHVPXVXOPDQDV'HVGHVXSXQWRGHYLVWDHOORFRQYLHUWHHOXVRGHOSDxXHOR HQXQDFXHVWLyQVXSHUILFLDOGHSHUWHQHQFLDFRQIHVLRQDOVLQWHQHUHQFXHQWDQLODIHLQGLYLGXDOQLODDFWLWXGSHUVRQDO FRQUHVSHFWRDODUHOLJLyQ /D LPSUHVLyQ TXH WLHQHQ ODV HQWUHYLVWDGDV VREUH ORV HQWUDPDGRV LQVWLWXFLRQDOHV WDQWR GH ODV DJHQFLDV S~EOLFDV JXEHUQDPHQWDOHVFRPRGHODV21*DODKRUDGHDWHQGHUDODSREODFLyQLQPLJUDQWH\RDODPLQRUtDUHOLJLRVDHV VXPDPHQWHQHJDWLYD&DVLWRGDVODVPXMHUHVVHTXHMDQGHODPDQHUDFDyWLFD\EXURFUiWLFDHQTXHIXQFLRQDQHVWDV LQVWLWXFLRQHV0XFKDVPXMHUHVHYLWDQVHUDWHQGLGDVSRUHVWDVLQVWLWXFLRQHV\DTXHOHVUHVXOWDQLQFRPSUHQVLEOHVH LQHILFLHQWHVHQVXVIXQFLRQHVGHSUHVWDFLyQGHVHUYLFLRV7DQVyORDTXHOODVPXMHUHVTXHHVWiQSOHQDPHQWHLQWHJUDGDV HQ OD VRFLHGDG GH DFRJLGD \ FRQRFHQ HO LGLRPD DFHSWDQ ORV VHUYLFLRV GH HVWDV LQVWLWXFLRQHV ÔQLFDPHQWH HQ VLWXDFLRQHVGHH[WUHPDQHFHVLGDGFRPRHQIHUPHGDGHVODUHQRYDFLyQGHGRFXPHQWRVODUHJXODFLyQGHSDSHOHV RDPHQD]DVGHGHSRUWDFLyQDFXGHQHQ~OWLPDLQVWDQFLDDUHFLELUXQDD\XGDSXQWXDO (VWDDFWLWXGGHUHFKD]RHVWiMXVWLILFDGDHQYDULRVFDVRV²WDQWRSURYHQLHQWHVGHPXMHUHVLQPLJUDQWHVFRPRGH FRQYHUVDV²SRUH[SHULHQFLDVGHGLVFULPLQDFLyQLQVWLWXFLRQDO\HQDOJXQRVFDVRVSRULQFLGHQWHVUDFLVWDV\RVH[LVWDV GLUHFWRVLQIOLJLGRVSRUFXHUSRVRILFLDOHVFRPRODSROLFtD$SHVDUGHTXHDOJXQDVPXMHUHV²IXQGDPHQWDOPHQWH $57,*26 ¢'LVFULPLQDFLyQLQVWLWXFLRQDO" *XQWKHU'LHW] DTXHOODVTXHQXQFDKDQVXIULGRSHULRGRVGH´LOHJDOLGDGµR´LQGRFXPHQWDFLyQµ²QLHJDQFXDOTXLHUH[SHULHQFLDSHUVRQDO GHUHFKD]RRPDOWUDWRSRUSDUWHGHLQVWLWXFLRQHVS~EOLFDVFDVLWRGDVODVPXMHUHVQHRPXVXOPDQDVKDFHQKLQFDSLp HQTXHODVGLYHUVDVIRUPDVGHGLVFULPLQDFLyQRILFLDOVRQXQDUHVSXHVWDLQVWLWXFLRQDODODSHUFHSFLyQJHQHUDOL]DGD GHORVFRQYHUVRV\ORVLQPLJUDQWHVFRPRORVQXHYRVLQYDVRUHVTXHYLHQHQDODUHFRQTXLVWDGH*UDQDGD 6HJ~QORVUHSUHVHQWDQWHVGHWRGDVODVLQVWLWXFLRQHV\GHPXFKDV21*ODSREODFLyQLQPLJUDQWHFRPRWDO ´HVXQSUREOHPDµ(QVXWUDEDMRGLDULRVHTXHMDQGHTXHODVPXMHUHVPXVXOPDQDVVRQ´VXPLVDVµ\VLHPSUHYDQ DFRPSDxDGDV SRU VXV PDULGRV R SRU DOJ~Q SDULHQWH ORV FXDOHV ODV SULYDQ GH WHQHU VXV SURSLDV H[SHULHQFLDV \ GHH[SUHVDUVXVSRVLELOLGDGHVGHFRPXQLFDFLyQDVtFRPRGHHVWDEOHFHUXQFRQWDFWRSHUVRQDO\GLUHFWRFRQORV PLHPEURV GH ODV LQVWLWXFLRQHV &RPR FRQVHFXHQFLD GH HVWD SHUFHSFLyQ TXH FRQYLHUWH D OD LQPLJUDFLyQ HQ XQ SUREOHPDLQVWLWXFLRQDOFRPRWDOWDQWRODVLQVWLWXFLRQHVS~EOLFDVFRPRODV21*SDUHFHQFRLQFLGLUHQODVXSXHVWD QHFHVLGDGGHVXEGLYLGLUORVGHSRUVtGpELOHV\HVFDVRVVHUYLFLRVVRFLDOHVHQXQVHFWRU´JHQHUDOLVWDµDELHUWRD WRGRHOS~EOLFRQHFHVLWDGR\RWUR´RULHQWDGRDODVPLQRUtDVSDUWLFXODUHVµFRPR´ORVLQPLJUDQWHVµ\R´ORVJLWDQRVµ 'LHW](VWDGLYLVLyQVLQHPEDUJRFRPRDGPLWHHOSUHVLGHQWHGHXQD21*SURLQPLJUDQWHWLHQHXQLPSDFWR QHJDWLYRHQFXDQWRDODFDQWLGDG\ODFDOLGDGGHVHUYLFLRV\DTXHDVtVRQVREUHWRGRORVLQPLJUDQWHVFRPRQR FLXGDGDQRVORVTXHSDVDQGHORVVHUYLFLRVS~EOLFRVDORVSULYDGRVTXHLQWHQWDUiQSUHVWDUHVWRVVHUYLFLRVGHOD IRUPDPiVSUHFDULD\EDUDWDSRVLEOH $57,*26 (QWUHJpQHURUHOLJLyQ\HWQLFLGDGH[SHULHQFLDVGHGLVFULPLQDFLyQ\UDFLVPR 1XHVWUDWDUHDQRSXHGHQLGHEHFRQVLVWLUHQFRQWUDVWDUODYLVLyQVXEMHWLYDFRQXQSXQWRGHYLVWDVXSXHVWDPHQWH ´REMHWLYRµH[WHUQRSDUDGLVWLQJXLUHQWUHDTXHOORVIHQyPHQRVGHGLVFULPLQDFLyQVXSXHVWDPHQWH´UHDOHVµ\DTXHOORV RWURVVyORSHUFLELGRVFRPRWDOHV1XHVWUDRSFLyQFRQWUDVWDSRUWDQWRFRQRWURVHQIRTXHVDFDGpPLFRV0ROOHU 7RJHE\)LOLSSLQSHURDVLPLVPRFRQHOSXQWRGHYLVWDGHYDULDVLQVWLWXFLRQHV\21*TXHWLHQGHQD VXEUD\DUXQDVXSXHVWD´KLSHUVHQVLELOLGDGµFRPRFDXVDQWHGHODVHQVDFLyQGHGLVFULPLQDFLyQP~OWLSOHTXHSDGHFHQ ODVPXMHUHVPXVXOPDQDVFRQVXOWDGDV (VWDV PXMHUHV GHILQHQ \ HTXLSDUDQ OD GLVFULPLQDFLyQ FRQ VLWXDFLRQHV GH LQIHULRULGDG \ GHVLJXDOGDG FRQ XQWUDWDPLHQWRDEXVLYR\DUELWUDULRFRQVFLHQWH\DPHQXGRH[SOtFLWRGHOTXHVRQREMHWRFRPRPLHPEURVGHXQD PLQRUtD6HJ~QVXVUHODWRVODVGLVFULPLQDFLRQHVSHUFLELGDVVRQDQWHVTXHQDGDSHUVRQDOHV\VyORHQVHJXQGR SODQRLQVWLWXFLRQDOHVHQFXDQWRDVXRULJHQeVWDVSXHGHQRVFLODUHQWUHPHURVFKLVWHV\WRSRLUHSHWLGRVKDVWDOD VDFLHGDGHQVLWXDFLRQHVGHLQWHUDFFLyQFRWLGLDQDSDVDQGRSRUGLVWLQFLRQHVMXUtGLFDVHQWUHHVSDxROHV\IRUDVWHURV KDVWDLQFOXVRDPHQD]DVRDWDTXHVDELHUWDPHQWHUDFLVWDV $PHQXGRODVPXMHUHVPXVXOPDQDVQRFRQVLGHUDQVXILFLHQWHH[SOLFDUHVWRVLQFLGHQWHVDWULEX\pQGRORVDO PHURGHVFRQRFLPLHQWR\GHVLQWHUpVPRVWUDGRSRUSDUWHGHODVRFLHGDGGHPD\RUtDQRPXVXOPDQDIUHQWHDHOODV 6RQVREUHWRGRODVPXMHUHVFRQYHUVDVTXLHQHVGHVWDFDQHOSDSHOQRFLYRGHVHPSHxDGRSRUORVPHGLRVPDVLYRVGH FRPXQLFDFLyQHQODUHSURGXFFLyQFRQWLQXDGHXQDLPDJHQQHJDWLYDHVWHUHRWLSDGD\FRPSOHWDPHQWHVHVJDGDGHO PXQGRiUDEHPXVXOPiQFRQWHPSRUiQHRHQHOFXDOVHPH]FODQ\VRODSDQSHUPDQHQWHPHQWHSUHMXLFLRVUHOLJLRVRV pWQLFRVFXOWXUDOHV\GHJpQHUR 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV 0XFKDV PXMHUHV VH PXHVWUDQ LQVXOWDGDV \ H[KDXVWDV SRU OD IUHFXHQFLD FRQ OD FXDO VH YHQ REOLJDGDV D FRQWUDUUHVWDUDOXVLRQHVDO´PDFKRPXVXOPiQµ\DOD´PRUDVXPLVDµDO´iUDEHSpUILGR\DVWXWRµ\DOD´ODVFLYLGDGµ GHODPXMHUiUDEH,QFOXVRWLHQHQTXHUHFWLILFDUFRQVWDQWHPHQWHHOH[WUDxRUXPRUVHJ~QHOFXDO´ORVPRURVµR´DOJ~Q MHTXHVDXGtµHVWiQILQDQFLDQGROD´LQYDVLyQµGHODSHQtQVXODSDJiQGROHVDPXMHUHVPXVXOPDQDVHPEDUD]DGDVD LQPLJUDU LOHJDOPHQWH HWF HWF $ GLIHUHQFLD GH ODV PXMHUHV LQPLJUDQWHV ODV QHRPXVXOPDQDV LQWHUSUHWDQ HVWRV HVWHUHRWLSRVFRPRXQDH[SUHVLyQGHGLVFULPLQDFLRQHVHVWUXFWXUDOHVHLQVWLWXFLRQDOHVPiVSURIXQGDV(OODVDPHQXGR WLHQHQTXHHQIUHQWDUVHDUHSURFKHVGH´GHVOHDOWDGµ\´WUDLFLyQQDFLRQDOµSRUKDEHUVH´VXPDGRDORVPRURVµHOOR GHPRVWUDUtDODFRQWLQXLGDG\SHUVLVWHQFLDKLVWyULFDGHIRELDVDQWLJXDVH[SUHVDGDVHQODFXOWLYDGDDXWRSHUFHSFLyQ PRQRFXOWXUDO\PRQRUHOLJLRVDGHODVRFLHGDGHVSDxRODPD\RULWDULD /D FRQIXVLyQ \ PH]FOD SHUPDQHQWHV GH GLPHQVLRQHV QDFLRQDOHV pWQLFDV \ UHOLJLRVDV GH OD LGHQWLGDG GH ODPLQRUtDSRUSDUWHGHODPD\RUtDFRQVROLGD\SURIXQGL]DVXSHUFHSFLyQGHO´RWURµFRPRDOJRHVWLJPDWL]DGR\ HVHQFLDOL]DGR 3DUD HVER]DU GH IRUPD VLVWHPiWLFD HVWDV GLIHUHQWHV GLPHQVLRQHV GLVFULPLQDWRULDV UHFXUULPRV HQ ORVLJXLHQWHDXQDGLVWLQFLyQGREOHSRUXQDSDUWHHQWUHIRUPDVH[yJHQDV\HQGyJHQDVGHGLVFULPLQDFLyQ²LH DFWLWXGHVGLVFULPLQDWRULDVFX\DIXHQWHSULQFLSDOVHXELFDIXHUDGHRGHQWURGHODFRPXQLGDGPXVXOPDQDGHODTXH IRUPDQSDUWHODVPXMHUHVHVWXGLDGDV²\SRURWUDSDUWHSUiFWLFDVGLVFULPLQDWRULDVGHPRWLYDFLyQHWQRUHOLJLRVD IUHQWHDGLVFULPLQDFLRQHVEDVDGDVHQUHODFLRQHVGHJpQHUR (QHOiPELWRGHODVIRUPDVH[yJHQDVGHGLVFULPLQDFLyQHWQRUHOLJLRVDQXHVWURVGDWRVHVSHFLILFDQSRUORPHQRV FLQFRGLPHQVLRQHVGLIHUHQWHVGHGLVWLQFLyQGHVLJXDOGDG\VXSXHVWDVXSHULRULGDGTXHVHFRPELQDQ\WHPDWL]DQD WUDYpVGHHVWHUHRWLSRVJHQHUDOL]DGRV\GLULJLGRVFRQWUDODVPXMHUHVPXVXOPDQDV (OVRODSDPLHQWRHQWUHGLVWLQFLRQHVUHOLJLRVDV\HWQRFXOWXUDOHVHQWRUQRDODPXMHU´PXVXOPDQDiUDEHPDJUHEt PRUDµ QR VH OLPLWD D OD VRFLHGDG PD\RULWDULD 7DPELpQ DO LQWHULRU GH ODV HPHUJHQWHV FRPXQLGDGHV LQPLJUDQWHV H[LVWHQIXHU]DVHQGyJHQDVTXHXWLOL]DQHLQYRFDQHO,VODPFRPRPDUFDGRUpWQLFRYLVjYLVODVRFLHGDGGHDFRJLGD &RPRUHVXOWDGRGHVGHVXDSDULFLyQODVQDFLHQWHVFRPXQLGDGHVLQPLJUDQWHVVRQ´HWQLILFDGDVµWDQWRGHVGHIXHUD FRPRGHVGHGHQWUR5RVyQ/RUHQWH(QHOFDVRGHODVPXMHUHVPXVXOPDQDVHOORLPSOLFDTXHGHWHUPLQDGRV UDVJRVFXOWXUDOHVGHXQWLSRGHVRFLHGDGSDWULDUFDOOLPLWDGRVDFLHUWDVUHJLRQHVWUDGLFLRQHV\RFRVWXPEUHV²iUDEHV DPD]LJKRGHRWURRULJHQFXOWXUDO²VRQWUDQVPLWLGDV\DGTXLULGDVFRPRVLIRUPDUDQSDUWHGHOOHJDGRGHILQLWRULRGHO ,VODPFRPRWDO-DZDG $57,*26 ODOtQHDGLYLVRULDUHOLJLRVD\R´FLYLOL]DWRULDµ+XQWLQJWRQWUD]DGDHQWUHPXVXOPDQHV\FULVWLDQRVFDWyOLFRV LHHQWUH2ULHQWH\2FFLGHQWH ODGHOLPLWDFLyQpWQLFDHQWUH´iUDEHVµ\´FDVWHOODQRVµTXHVHUHPRQWDDFRQQRWDFLRQHVKLVWyULFDVHQWRUQRD´HOORVµ \´QRVRWURVµ6WDOODHUW OD SHUFHSFLyQ UDFLDOL]DGD GH XQD VXSXHVWD ELSRODULGDG HQWUH ´EODQFRVµ \ ´QREODQFRVµ VHDQ pVWRV ´PRURVµ ´VHPLWDVµ´QHJURVµHWF+DOO ODGLVWLQFLyQ\GLVFULPLQDFLyQMXUtGLFDHQWUH´FLXGDGDQRVµ\´QRFLXGDGDQRVµ\DPDWHULDOL]DGDHQOD&RQVWLWXFLyQ (VSDxROD \HODELVPRSUHVHQWHHQHOLPDJLQDULRFROHFWLYRGHODRSLQLyQS~EOLFDHQWUHXQDPLQRUtD´LQPLJUDQWHµFX\DPHUD H[LVWHQFLDVXSXHVWDPHQWHFRQVWLWX\H\DXQSUREOHPDSHUVH\ODVRFLHGDGPD\RULWDULD´VHGHQWDULDµHQFDUJDGD GHUHVROYHUORVSUREOHPDVUHODFLRQDGRVFRQODVPLJUDFLRQHV'LHW] *XQWKHU'LHW] /DV IRUPDV H[yJHQDV GH GLVFULPLQDFLyQ GH JpQHUR KDQ VLGR \D PHQFLRQDGDV DUULED VXHOHQ EDVDUVH HQ HVWHUHRWLSRV GLVWLQWLYRV VREUH KRPEUHV \ PXMHUHV PXVXOPDQHVFXPiUDEHV TXH WUD]DQ XQD SURIXQGD OtQHD GLYLVRULDHQWUHDPERVVH[RV0LHQWUDVTXHHOKRPEUHPXVXOPiQiUDEHHVHVWLJPDWL]DGRFRPRSRWHQFLDOPHQWH YLROHQWR FULPLQDO \ YHQJDWLYR OD PXMHU PXVXOPDQDiUDEH HV SHUFLELGD FRPR LQKHUHQWHPHQWH DPELJXD GHWUiV GH OD ´PiVFDUDµ GHO SDxXHOR OD RULHQWDOLVWD PLUDGD PDVFXOLQD \ FULVWLDQD SUHWHQGH DGLYLQDU ODVFLYLGDG OXMXULD \ SURPLVFXLGDGSRWHQFLDO 6LQHPEDUJRDSDUWHGHHVWDVIXHQWHVH[WHUQDVYDULDVGHODVPXMHUHVPXVXOPDQDVHQWUHYLVWDGDVWLHQGHQD GHILQLUDOJXQDVQRUPDV\SUiFWLFDV²´IHPHQLQDVµVHJ~QORVPLHPEURVPDVFXOLQRVGHVXFRPXQLGDG²FRPRIRUPDV HQGyJHQDVGHGLVFULPLQDFLyQGHJpQHUR6REUHWRGRODVMyYHQHVPDUURTXtHVFULWLFDQHOWUDWRGHVLJXDO\ODVLQIHULRUHV SHUVSHFWLYDVHGXFDWLYDVDVtFRPRODIDOWDGHOLEHUWDGSHUVRQDOTXHKDQHVWDGRVXIULHQGRDORODUJRGHVXDGROHVFHQFLD HQFRPSDUDFLyQFRQVXVKHUPDQRV$TXHOODVPXMHUHVTXHFRQILUPDQODH[LVWHQFLDGHSUiFWLFDVGLVFULPLQDWRULDV ²YLJHQWHVVHDHQVXUHJLyQGHRULJHQVHDHQODFRPXQLGDGLQPLJUDQWHDFWXDO²DPHQXGRKDFHQKLQFDSLpHQTXH QRHVHO,VODPHOTXHRULJLQDROHJLWLPDGLFKDVSUiFWLFDVGLVFULPLQDWRULDVVLQRODDSOLFDFLyQVHVJDGDHLQWHUHVDGDGH ODVWUDGLFLRQHVLVOiPLFDV\GHODVLQWHUSUHWDFLRQHVFRUiQLFDVSRUSDUWHGHORVKRPEUHVPXVXOPDQHV-DZDG 8QDRSLQLyQVLPLODUHVH[SUHVDGDSRUODVQHRPXVXOPDQDVFX\DWHQGHQFLDDGLVRFLDUFRPSOHWDPHQWHHO,VODPGH ORVFRQWH[WRVUHJLRQDOHVFRQFUHWRVGHORVSDtVHVGHPD\RUtDLVOiPLFD\DVHKDDQDOL]DGRDUULEDFRPRSDUWHGHVX SDUWLFXODUSUR\HFWRGHLGHQWLGDGUHOLJLRVD3RU~OWLPRWDQWRODVPXMHUHVFRQYHUVDVFRPRODVLQPLJUDQWHVFRLQFLGHQ HQLGHQWLILFDULQWHUHVHVPDVFXOLQRVFRPRIXHU]DVTXHVLHPSUH²HQGLIHUHQWHVUHJLRQHVUHOLJLRQHV\FXOWXUDV²KDQ DFDEDGR´PDQLSXODQGRµ\UHLQWHUSUHWDQGRGLVWLQFLRQHVGHUROHVGHJpQHURTXHVXSXHVWDPHQWHSHUVHQRVRQ GLVFULPLQDWRULDVSHURTXHGHIDFWRVHKDQFRQYHUWLGRHQIXHQWHVGHGLVFULPLQDFLyQGHJpQHUR$VtHOSUREOHPD GHODVPXMHUHVHQHO,VODPQRHVXQDVXQWRUHOLJLRVRVLQRVRFLDOLHHOGHXQDUHOLJLyQXWLOL]DGDSRUXQDVRFLHGDG SDWULDUFDO0DUWtQ0XxR] $57,*26 +$&,$81$32/Ì7,&$'($17,',6&5,0,1$&,Ð1 /D SHUFHSFLyQ GLIHUHQFLDGD H LQWHUUHODFLRQDGD GH H[SHULHQFLDV SUiFWLFDV \ DFWLWXGHV GLVFULPLQDWRULDV GH RULJHQ WDQWR H[yJHQR FRPR HQGyJHQR TXH H[SHULPHQWDQ SHUVRQDV PXVXOPDQDV QR HV FRPSDUWLGD SDUD QDGD SRU ODV RUJDQL]DFLRQHV H LQVWLWXFLRQHV UHODFLRQDGDV FRQ HOODV 'HSHQGLHQGR GH VX SURFHGHQFLD JXEHUQDPHQWDO R QRJXEHUQDPHQWDO DVt FRPR GH VXV SURWDJRQLVWDV PXVXOPDQHV R QRPXVXOPDQHV FDGD XQR GH HVWRV DFWRUHV LQVWLWXFLRQDOHV WLHQGH D VyOR SHUFLELU XQD GH HVWDV IRUPDV \ IXHQWHV GHO IHQyPHQR PXOWLGLPHQVLRQDO GH ODV GLVFULPLQDFLRQHV$VtHOUHSUHVHQWDQWHORFDOGHOGHSDUWDPHQWRGHLQPLJUDQWHVGHXQRGHORVVLQGLFDWRVPD\RULWDULRV DUJXPHQWDTXHVRQORVKRPEUHV\QRODVPXMHUHVLQPLJUDQWHVODVTXHPiVGLVFULPLQDFLyQVXIUHQGDGRTXHHOORVVH HQIUHQWDQDPD\RUHVSUREOHPDVDOHQFRQWUDUXQWUDEDMR'HVGHHVWHSXQWRGHYLVWDFRPSDUWLGRSRUJUDQSDUWHGH ODVDVRFLDFLRQHVGHKRPEUHVLQPLJUDQWHVFRQVXOWDGDVDOUHVSHFWRODGLVFULPLQDFLyQTXHSDGHFHQORVPXVXOPDQHV HVGHWLSR~QLFDPHQWHH[yJHQRSURYLHQHGHODVRFLHGDGPD\RULWDULD\HVGHQDWXUDOH]DUDFLVWDQRVH[LVWD 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV /DV LQVWLWXFLRQHV S~EOLFDV HVSDxRODV DO FRQWUDULR WLHQGHQ D KDFHU KLQFDSLp VREUH WRGR HQ HO RULJHQ LQWHUQR HQGyJHQR GH SUiFWLFDV GLVFULPLQDWRULDV GLULJLGDV FRQWUD OD PXMHU PXVXOPDQD SRU PRWLYRV GH JpQHUR TXH VXSXHVWDPHQWH VRQ HO UHVXOWDGR GH OD ´FXOWXUD GHO PDJUHEtµ (Q HVWD YLVLyQ OD GLVFULPLQDFLyQ QR JHQHUD H[FOXVLyQVRFLDOVLQRTXHVRQDOFRQWUDULRHOHQFODXVWUDPLHQWRVRFLDO\ODDXWR´JXHWL]DFLyQµORVTXHJHQHUDQHO UHFKD]RH[WHUQR$~QFXDQGRVHUHFRQRFHODH[LVWHQFLDGHDFWLWXGHVHLQFOXVRGHSUiFWLFDVUDFLVWDVHQHOVHQRGHOD VRFLHGDGPD\RULWDULDORVUHSUHVHQWDQWHVGHVXVLQVWLWXFLRQHVHQJHQHUDOQLHJDQODH[LVWHQFLDGHFXDOTXLHUWLSRGH UDFLVPRDOLQWHULRUGHVXVRUJDQLVPRVSRUORFXDOWDPSRFRSHUFLEHQQHFHVLGDGDOJXQDGHHYDOXDU\RPRQLWRUHDU WDOHVSUiFWLFDV3DUDGyMLFDPHQWHVRQpVWRVORVPLVPRVUHSUHVHQWDQWHVLQVWLWXFLRQDOHVTXLHQHVHQODVHQWUHYLVWDV VHDIHUUDQDORVDUULEDDQDOL]DGRVHVWHUHRWLSRV /DSHUVSHFWLYDGHODV21*TXHWUDEDMDQGLUHFWDPHQWHHQHOiPELWRGHODLQPLJUDFLyQHVPXFKRPiVGLIHUHQFLDGD \HTXLOLEUDGDDOUHVSHFWR$GLIHUHQFLDGHODVLQVWLWXFLRQHVJXEHUQDPHQWDOHVWRGDVODV21*FRQVXOWDGDVDGPLWHQ TXHH[LVWHXQDLPSRUWDQWHGLVFULPLQDFLyQH[yJHQDGLULJLGDFRQWUDODVPXMHUHVLQPLJUDQWHV\RPXVXOPDQDV3DUD HO FDVR GH ORV LQPLJUDQWHV OD IXHQWH GH GLFKD GLVFULPLQDFLyQ HV SHUFLELGD FRPR GH RULJHQ MXUtGLFRSROtWLFR (Q HVWHVHQWLGRODVPXMHUHVPXVXOPDQDVLQPLJUDQWHVHVWiQH[SXHVWDVDSUiFWLFDVGHGLVFULPLQDFLyQMXUtGLFDSRUTXH FDUHFHQGHORVGHUHFKRVFLXGDGDQRVEiVLFRVSRUHOORVXFRQGLFLyQGHLQPLJUDQWHV\QRFLXGDGDQDVQRVXJpQHUR RVXUHOLJLyQGDQRULJHQDODGLVFULPLQDFLyQTXHSDGHFHQ(QVHJXQGROXJDUVLQHPEDUJRWDPELpQVHSHUFLEHXQD IXHQWHLQWHUQDGHGLVFULPLQDFLyQHOWUDWRGHVLJXDOTXHVHJ~QODV21*FRQILHUH´HO,VODPµD´ODPXMHUµWDQWRHQVX SDtVGHRULJHQFRPRHQVXFRPXQLGDGLQPLJUDQWHDFWXDOSURSLFLDSUiFWLFDVGLVFULPLQDWRULDVGHJpQHUR /DQRGLVFULPLQDFLyQFRPRIXQGDPHQWRMXUtGLFR (VWDVKHWHURJpQHDVH[SHULHQFLDV\SHUFHSFLRQHVGHSUiFWLFDVGLVFULPLQDWRULDVFRQWUDVWDQSRUXQDSDUWHFRQODV GHILQLFLRQHV\SRVLFLRQHVRILFLDOHVDQWHODGLVFULPLQDFLyQ\SRURWUDSDUWHFRQODVHQVLELOL]DFLyQTXHPXHVWUDQORV DFWRUHVJXEHUQDPHQWDOHV\QRJXEHUQDPHQWDOHVDQWHODGLVFULPLQDFLyQpWQLFDUDFLVWDUHOLJLRVD\GHJpQHUR$TXt FDEHGLVWLQJXLUHQWUHPHGLGDVDFWLYDVGHDQWLGLVFULPLQDFLyQSRUXQODGR\SULQFLSLRVMXUtGLFRVGHQRGLVFULPLQDFLyQ SRURWUR(QHOFDVRHVSDxROFRPRHQHOGHODSUiFWLFDWRWDOLGDGGH(VWDGRVPLHPEURGHOD8QLyQHXURSHDH[LVWH XQDPSOLRDEDQLFRGHPHFDQLVPRVGHSURWHFFLyQMXUtGLFDFRQWUDDFWRVGLVFULPLQDWRULRV /D&RQVWLWXFLyQ(VSDxRODGHLQFRUSRUDOD'HFODUDFLyQ8QLYHUVDOGHORV'HUHFKRV+XPDQRVSHUROLPLWD HOSOHQRGLVIUXWHGHGLFKRVGHUHFKRVDVXVSURSLRVFLXGDGDQRVQRDORVH[WUDQMHURV (VWDREOLJDFLyQFRQVWLWXFLRQDODODQRGLVFULPLQDFLyQHVFRPSOHPHQWDGDHQHODUWtFXORHQHOFXDOVHJDUDQWL]D ODOLEHUWDGGHFXOWR\UHOLJLyQ6LQHPEDUJRQXHYDPHQWHFDEHUHVDOWDUXQDOLPLWDFLyQDXQTXHHO(VWDGRHVSDxROVH DXWRGHILQHFRPRVHFXODUOD&RQVWLWXFLyQREOLJDDORVSRGHUHVS~EOLFRVDFRQVLGHUDUODFRQIHVLyQPD\RULWDULDHQOD VRFLHGDGPHQFLRQDQGRH[SOtFLWDPHQWH²FRQWUDWRGDSUHWHQVLyQVHFXODU\ODLFD²DODUHOLJLyQFDWyOLFD $57,*26 ´/RVHVSDxROHVVRQLJXDOHVDQWHODOH\VLQTXHSXHGDSUHYDOHFHUGLVFULPLQDFLyQDOJXQDSRUUD]yQGHQDFLPLHQWR UD]DVH[RUHOLJLyQRSLQLyQRFXDOTXLHURWUDFRQGLFLyQRFLUFXQVWDQFLDSHUVRQDORVRFLDOµ&RQVWLWXFLyQ(VSDxROD >@ *XQWKHU'LHW] ´1LQJXQDFRQIHVLyQWHQGUiFDUiFWHUHVWDWDO/RVSRGHUHVS~EOLFRVWHQGUiQHQFXHQWDODVFUHHQFLDVUHOLJLRVDVGHOD VRFLHGDGHVSDxROD\PDQWHQGUiQODVFRQVLJXLHQWHVUHODFLRQHVGHFRRSHUDFLyQFRQOD,JOHVLD&DWyOLFD\ODVGHPiV FRQIHVLRQHVµ&RQVWLWXFLyQ(VSDxROD>@ $SDUWHGHOD&RQVWLWXFLyQWDQWRHO&yGLJR&LYLO\HO&yGLJR3HQDO/H\2UJiQLFDFRPRODOHJLVODFLyQ DFHUFDGHORVGHUHFKRVGHORVWUDEDMDGRUHV\DFHUFDGHODOLEHUWDGUHOLJLRVDSURKLEHQH[SUHVDPHQWHODGLVFULPLQDFLyQ SRUPRWLYRVGHUD]DUHOLJLyQRVH[R(QHOFDVRGHODSREODFLyQLQPLJUDQWHOD/H\GH([WUDQMHUtD/H\2UJiQLFD UHIRUPDGDHQSDUDDGDSWDUODDODVFUHFLHQWHVUHVWULFFLRQHVPLJUDWRULDV´DUPRQL]DGDVµDQLYHOGHOD 8(LQFOX\HDVLPLVPRXQDSDUWDGR²FDStWXOR,9GHOWtWXOR,²TXHSURKLEHHOWUDWRGLVFULPLQDWRULRHQWUHH[WUDQMHURV \FLXGDGDQRVQDFLRQDOHV²FRQODH[FHSFLyQGHWRGRORUHIHUHQWHDOSURFHVRPLJUDWRULRDVtFRPRDORVGHUHFKRV IXQGDPHQWDOHVGHORVLQPLJUDQWHV´LQGRFXPHQWDGRVµ(1$5(80& /DLQFLSLHQWHSHUVSHFWLYDGHODDQWLGLVFULPLQDFLyQ $57,*26 $SHVDUGHORHVWLSXODGRHQHVWRVDUWtFXORVFRQVWLWXFLRQDOHV\OH\HVRUJiQLFDVKDVWDODIHFKDQRH[LVWHXQD GHILQLFLyQHVSHFtILFDRILFLDOL]DGD\FRKHUHQWHQLGHODGLVFULPLQDFLyQQLGHODDQWLGLVFULPLQDFLyQ7DPSRFRH[LVWHQ HQ (VSDxD DJHQFLDV R LQVWLWXFLRQHV HVSHFtILFDPHQWH GHGLFDGDV D LPSOHPHQWDU PHGLGDV GH DQWLGLVFULPLQDFLyQ /D~QLFDHLQIOX\HQWHILJXUDFRQVWLWXFLRQDODOUHVSHFWRHVHO'HIHQVRUGHO3XHEOR(VWDHVSHFLHGHRPEXGVPDQVH EDVDHQHODUWtFXORGHOD&RQVWLWXFLyQVHWUDWDGHXQDIXQFLyQFRQVXOWLYDFX\RSRUWDGRUHVGHVLJQDGRSRUODV &RUWHVLHHOOHJLVODWLYRHVWDWDO'HIRUPDSDUDOHODYDULDV&RPXQLGDGHV$XWyQRPDVKDQLGRFUHDQGR'HIHQVRUHV GHO 3XHEOR GHVLJQDGRV SRU VXV UHVSHFWLYRV SDUODPHQWRV UHJLRQDOHV /D SULQFLSDO WDUHD GHO 'HIHQVRU GHO 3XHEOR FRQVLVWHHQVXSHUYLVDUHOGHVHPSHxRGHODVLQVWLWXFLRQHV\GHSHQGHQFLDVS~EOLFDVHQUHODFLyQFRQORVGHUHFKRV IXQGDPHQWDOHVGHORVFLXGDGDQRV\HQLQIRUPDUSHULyGLFDPHQWHDOSDUODPHQWRVREUHFDVRVGHDEXVRVDGLFKRV GHUHFKRV&RQVWLWXFLyQ(VSDxROD $SDUWHGHODILJXUDGHO'HIHQVRUGHO3XHEORQRH[LVWHQLQVWLWXFLRQHVSDUWLFXODU\PRQRJUiILFDPHQWHGHGLFDGDV DODLPSOHPHQWDFLyQGHSROtWLFDVDQWLGLVFULPLQDWRULDV(OGHEDWHHQWRUQRDODQHFHVLGDGGHLQWURGXFLUFULWHULRV\ SURFHGLPLHQWRV HVSHFtILFRV SDUD GHOLPLWDU DFWLYLGDGHV GLVFULPLQDWRULDV \ DQWLGLVFULPLQDWRULDV HQ OD OHJLVODFLyQ HVSDxRODWDOFRPRVHKDLGRGHVDUUROODQGRHQOD~OWLPDGpFDGDHQRWURV(VWDGRVPLHPEURGHOD8QLyQ(XURSHD 6FKXOWH)DWKLDSHQDVHVWiLQLFLiQGRVH+DVWDODIHFKDGLFKRGHEDWHVHFLUFXQVFULEHDWUHViPELWRV D~QDLVODGRVFX\RVVRODSDPLHQWRV\FRQIOXHQFLDVSUiFWLFDVDSHQDVVRQSHUFLELGDVRWHPDWL]DGDVSRUORVDFWRUHV LQVWLWXFLRQDOHV (QORUHIHUHQWHDODOHJLVODFLyQTXHDVHJXUDODLJXDOGDGGHRSRUWXQLGDGHVSDUDODPXMHUHOPDUFRMXUtGLFRDFWXDO \VXVLQVWUXPHQWRVGHLPSODQWDFLyQFRQFUHWDLQFRUSRUDQ\DORVHVWiQGDUHVLQWHUQDFLRQDOHV81(6&2&RPLWp SDUDOD(OLPLQDFLyQGHOD'LVFULPLQDFLyQFRQWUDOD0XMHULQFOX\HQGRODLQYHUVLyQGHODFDUJDGHODSUXHED HQFDVRVGHGLVFULPLQDFLyQODERUDOSRUUD]yQGHVH[R (OUDFLVPRVLJXHGHEDWLpQGRVHFRQUHODFLyQDDODVUHODFLRQHV\FRQIOLFWRVpWQLFRVVREUHWRGRJLWDQRSD\RV SHUREDPHQXGRUHGXFLpQGRVHDVXID]PiVYLVLEOH\EUXWDOORVDWDTXHVYLROHQWRV&DOYR%XH]DV6DQ 5RPiQ(QHVWHiPELWRFRPLHQ]DQDLQWURGXFLUVHSURJUDPDVGHGLVFULPLQDFLyQSRVLWLYDWDOHVFRPREHFDV 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV \D\XGDVSDUD´HPSRGHUDUµDOFROHFWLYRJLWDQRHQHODFFHVRDOVLVWHPDHGXFDWLYRVXSHULRUDVtFRPRDOPHUFDGR ODERUDO7DPELpQVHHVWiQLQWURGXFLHQGRLQLFLDWLYDVGHPRQLWRUHRGHDFWLWXGHV\DFWLYLGDGHVGLVFULPLQDWRULDVVREUH WRGRHQORVPHGLRVGHFRPXQLFDFLyQREVHUYDWRULRVGHQRWLFLDVGHFRQWHQLGRVUDFLVWDV\QRUPDVGHRQWROyJLFDV SDUDHOWUDWRGHOSXHEORJLWDQRHQODSUHQVDDWUDYpVGH´OLEURVGHHVWLORµ5DPtUH]+HUHGLD8QLyQ5RPDQt (O~QLFRiPELWRHQHOFXDOVHKDWHPDWL]DGRGHIRUPDH[SOtFLWDODGLVFULPLQDFLyQGHSREODFLyQLQPLJUDQWHVHOLPLWD DODVUHODFLRQHVODERUDOHV\DOWUDWRGHVLJXDOGHORVHPSOHDGRVLQPLJUDQWHVSRUSDUWHGHORVSDWURQRV&ROHFWLYR ,2(HQHVWHFDVRODSUHVLyQLQWHUQDFLRQDO\ODVDFWLYLGDGHVGHSUHVLyQQDFLRQDOHMHUFLGDVSRUORV VLQGLFDWRV\H[LWRVDPHQWHFDQDOL]DGDVDWUDYpVGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR2,7KDQUHVXOWDGR GHLPSRUWDQFLDGHFLVLYDHQODVSHUWLQHQWHVUHIRUPDVDO(VWDWXWRGHORV7UDEDMDGRUHV&DFKyQ (OJLURDFWXDOREVHUYDEOHHQ(VSDxDGHODPHUDFRQVWDWDFLyQGHORVSULQFLSLRVGHQRGLVFULPLQDFLyQDOGHVSOLHJXHGH SROtWLFDVDFWLYDVGHDQWLGLVFULPLQDFLyQEDVDGDVHQORVDUULEDDQDOL]DGRVVXSXHVWRVGHOD´SROtWLFDGHOUHFRQRFLPLHQWRµ GHODVPLQRUtDV\GHVXVGHUHFKRVWDQWRLQGLYLGXDOHVFRPRFROHFWLYRVHQFXHQWUDXQVRSRUWHLPSRUWDQWHHQHOQLYHO VXSUDQDFLRQDO6REUHWRGRHQOD~OWLPDGpFDGDOD8QLyQ(XURSHDVHKDFRQYHUWLGRHQODDUHQDLQVWLWXFLRQDO\HO PDUFRGHUHIHUHQFLDPiVGHFLVLYRSDUDLPSXOVDUUHIRUPDVMXUtGLFDV\SROtWLFDVTXHVLJQLILTXHQXQDYDQFHHQORV iPELWRVGHOPXOWLFXOWXUDOLVPR\GHODDQWLGLVFULPLQDFLyQ /DVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHVTXHHQ(VSDxDWUDEDMDQHQHVWRViPELWRV²ODDUULEDPHQFLRQDGD 6265DFLVPROD$VRFLDFLyQ3UR'HUHFKRV+XPDQRVOD5HG$FRJHDVtFRPRXQDPSOLRDEDQLFRGHRUJDQL]DFLRQHV GH LQPLJUDQWHV ² KDQ ORJUDGR HVWDEOHFHU LQFLSLHQWHV UHGHV WUDQVQDFLRQDOHV SDUD LQWHUFDPELDU LQIRUPDFLRQHV SURJUDPiWLFDV\DOLDQ]DVDQLYHOFRPXQLWDULR(QHVWHVHQWLGRUHGHVGHODVRFLHGDGFLYLOWDOHVFRPROD(XURSHDQ 1HWZRUN$JDLQVW5DFLVP(1$5\(XURSHDQ5DFLVPDQG;HQRSKRELD,QIRUPDWLRQ1HWZRUN5$;(1\RUJDQLVPRV PXOWLODWHUDOHVFRQIXHUWHSDUWLFLSDFLyQGH21*6²FRPRSRUHMHPSOROD&RPLVLyQ(XURSHDFRQWUDHO5DFLVPR\OD ,QWROHUDQFLD(&5,HQVXVVLJODVHQLQJOpVSRUSDUWHGHO&RQVHMRGH(XURSD\HO(XURSHDQ0RQLWRULQJ&HQWUHRQ 5DFLVPDQG;HQRSKRELD(80&SRUSDUWHGHOD8(VHKDQLGRFRQVWLWX\HQGRHQLQIOX\HQWHVJUXSRVGHSUHVLyQ DQWHORVOHJLVODGRUHVHXURSHRV /RV IUXWRV GLUHFWRV REWHQLGRV GH GLFKD ODERU GH PRYLOL]DFLyQ \ SUHVLyQ SROtWLFD TXH KD FXOPLQDGR HQ HO ²RILFLRVR²´$xR(XURSHRFRQWUDHO5DFLVPRµHQVHHVWiQPDWHULDOL]DQGRHQODSRVWHULRUQHJRFLDFLyQVREUH HO7UDWDGRGHÉPVWHUGDPILUPDGRSRUORVJRELHUQRVQDFLRQDOHVHQ'LFKRWUDWDGRTXHFRQIRUPDHOPDUFR MXUtGLFR PiV FRPSUHKHQVLYR GH OD DFWXDO 8QLyQ (XURSHD LQFOX\H HQ VX DUWtFXOR OD H[SUHVD SURWHFFLyQ GH ODV PLQRUtDV\HQVXDUWtFXORODSURKLELFLyQGHWRGDGLVFULPLQDFLyQEDVDGDHQODUD]DHWQLFLGDGHQODUHOLJLyQHQOD HGDGHQODGLVFDSDFLGDG\RHQODRULHQWDFLyQVH[XDO3DUDSRQHUHQSUiFWLFDHVWRVDUWtFXORVQRYHGRVRVQRVyOR SRUVXFDUiFWHUH[SOtFLWRVLQRWDPELpQSRULQFOXLUXQDPSOLRDEDQLFRGHPRWLYRV\WLSRVGHGLVFULPLQDFLyQ²DSDUWH GHODGLVFULPLQDFLyQVH[XDOLQFOXLGDHQRWURDUWtFXORGHOPLVPRWUDWDGR²OD&RPLVLyQ(XURSHDKDHODERUDGRWUHV LQVWUXPHQWRVMXUtGLFRSROtWLFRVODDGRSFLyQGHXQD'LUHFWLYD&RPXQLWDULDVREUHOD´DSOLFDFLyQGHOSULQFLSLRGH LJXDOGDGGHWUDWRGHODVSHUVRQDVLQGHSHQGLHQWHPHQWHGHVXRULJHQUDFLDORpWQLFRµ'LUHFWLYD&(OD DGRSFLyQGHRWUD'LUHFWLYD&RPXQLWDULDVREUH´ODLJXDOGDGGHWUDWRHQHOHPSOHRµ'LUHFWLYD&(\ODSXHVWD HQPDUFKDGHXQDPELFLRVR´3URJUDPDGH$FFLyQ&RPXQLWDULRSDUD&RPEDWLUOD'LVFULPLQDFLyQµ $57,*26 (OPDUFRSROtWLFRMXUtGLFRGHOD8QLyQ(XURSHD *XQWKHU'LHW] $57,*26 /D'LUHFWLYD&RPXQLWDULDUHIHULGDDOHPSOHRTXHFRQWLQ~D\SURIXQGL]DODWUDGLFLyQGHSURWHFFLyQDOHPSOHDGR SURWDJRQL]DGDGHIRUPDSLRQHUDDQLYHOGHODV1DFLRQHV8QLGDVSRUOD\DPHQFLRQDGD2,7FRQWHPSODSRUSULPHUD YH]WRGDV\FDGDXQDGHODVUD]RQHVGHGLVFULPLQDFLyQLQFOX\HQGRODGLVFULPLQDFLyQSRUPRWLYRVUHOLJLRVRVSHUR VHOLPLWD~QLFDPHQWHDOiPELWRODERUDO8QRGHVXVHOHPHQWRVPiVLPSRUWDQWHVHVTXHRIUHFHODSRVLELOLGDGGHTXH HQORVUHVSHFWLYRVVLVWHPDVGHGHUHFKRODERUDOQDFLRQDOVHLQYLHUWDODFDUJDGHODSUXHED(VWHDVSHFWRHVGHFLVLYR SDUDLPSRQHUXQDSROtWLFDHIHFWLYDGHDQWLGLVFULPLQDFLyQGDGRTXHODVYtFWLPDVGHWUDWRVGLVFULPLQDWRULRVHQVX HPSHORDPHQXGRQRSXHGHQGHPRVWUDUTXHHVHOFUHGRUHOLJLRVRHOFRORUGHSLHOODGLVFDSDFLGDGRODRULHQWDFLyQ VH[XDOODTXHKD\DLQIOXLGRHQGHWHUPLQDGRGHFLVLyQWRPDGDSRUHOSDWUyQ 'DGRTXHHVWD'LUHFWLYD&RPXQLWDULDVyORVHDSOLFDHQHOiPELWRODERUDOOD'LUHFWLYD&RPXQLWDULD´JHQHUDOLVWDµ KDVLGRGHPD\RUWUDVFHQGHQFLDGHVGHHOSXQWRGHYLVWDGHODVSROtWLFDVGHUHFRQRFLPLHQWR\GHHPSRGHUDPLHQWRGH ODVPLQRUtDV6LQHPEDUJRGLFKD'LUHFWLYDVHOLPLWDDGLVFULPLQDFLRQHV´SRURULJHQUDFLDORpWQLFRµ(VWDOLPLWDFLyQ UHIOHMDODLQIOXHQFLDTXHHQVXQHJRFLDFLyQKDWHQLGRODWUDGLFLyQGHOPXOWLFXOWXUDOLVPREULWiQLFRTXH\DGHVGH FXHQWDFRQXQDOHJLVODFLyQVREUH´UHODFLRQHVHQWUHUD]DVµ\FRQXQD&RPPLVVLRQIRU5DFLDO(TXDOLW\VHJ~QOD OyJLFDSURSLDGHOVLVWHPDEULWiQLFRGHDQWLGLVFULPLQDFLyQ\GHFRSDUWLFLSDFLyQGHODV´FRPXQLGDGHVpWQLFDVµHQOD SROtWLFDPXQLFLSDOODHWQLFLGDG\HOFUHGRUHOLJLRVRDFDEDVLHQGRVXEVXPLGRVEDMRHOWpUPLQRDEDUFDGRUGH´UD]Dµ (QHVWHVHQWLGRVHVXSRQHTXHORVGHPiV(VWDGRVPLHPEURVGHEHUtDQOHJLVODUDSDUWLUGHOD'LUHFWLYDQRVyORHQ PDWHULD´UDFLDOµVLQRDVLPLVPRLQFOX\HQGRGLVFULPLQDFLRQHVSRUPRWLYRVGHHWQLFLGDG\UHOLJLyQ(1$5(VWH DVSHFWRVHKDYXHOWRSDUWLFXODUPHQWHUHOHYDQWHGHVSXpVGHOGHVHSWLHPEUHGHFXDQGRVHSHUFLEHXQDXJH QRWDQWRGH´UDFLVPRµVLQRGHLVODPRIRELDFIUDUULED 3RUFRQVLJXLHQWHODVDSRUWDFLRQHVPiVLPSRUWDQWHVTXHLQWURGXFHOD'LUHFWLYD&RPXQLWDULD&(VH UHILHUHQWDQWRDORVFRQFHSWRVGH´GLVFULPLQDFLyQµ\´DQWLGLVFULPLQDFLyQµFRPRDORVLQVWUXPHQWRVFRQFUHWRVTXH VHGHEHUiQGHVDUUROODUDQLYHOQDFLRQDO1LHVVHQ(&5,(1$5 (Q SULPHU OXJDU HO GLVFXUVR GH OD DQWLGLVFULPLQDFLyQ VH YLQFXOD GLUHFWD \ H[SOtFLWDPHQWH FRQ HO ´SULQFLSLR GHLJXDOGDGGHWUDWRµLQFOXLGRHQHO7UDWDGRGHÉPVWHUGDPFRQHOORVREUHWRGRJUDFLDVDODLQIOXHQFLDGHO OHJDGRXQLYHUVDOLVWDIUDQFpVVHSUHWHQGHHYLWDUUHGXFLUODDQWLGLVFULPLQDFLyQDXQ´PHURµPHFDQLVPRGHDXWR HPSRGHUDPLHQWRGHODVPLQRUtDV\VHPDQWLHQHODSHUVSHFWLYDVRFLHWDOPiVDPSOLD $GHPiVOD'LUHFWLYDGHILQHH[SOtFLWDPHQWHWDQWRODGLVFULPLQDFLyQGLUHFWD²FXDQGRSRUPRWLYRVGHRULJHQUDFLDO RpWQLFRXQDSHUVRQDVHDWUDWDGDGHPDQHUDPHQRVIDYRUDEOHGHORTXHVHDKD\DVLGRRYD\DDVHUWUDWDGD RWUDHQVLWXDFLyQFRPSDUDEOH'LUHFWLYD&RPXQLWDULD&(DUWD²FRPRODGLVFULPLQDFLyQLQGLUHFWD ²FXDQGRXQDGLVSRVLFLyQFULWHULRRSUiFWLFDDSDUHQWHPHQWHQHXWUDVLW~HDSHUVRQDVGHRULJHQUDFLDORpWQLFR FRQFUHWRHQGHVYHQWDMDSDUWLFXODUUHVSHFWRDRWUDVSHUVRQDV'LUHFWLYD&RPXQLWDULD&(DUWE 2WURGHORVDVSHFWRVQRYHGRVRVHVHOSHUPLVRH[SUHVRTXHRWRUJDOD&RPLVLyQ(XURSHDDVXV(VWDGRVPLHPEURD GHVDUUROODUHLPSOHPHQWDUPHGLGDVGH´DFFLyQSRVLWLYDµSDUD´SUHYHQLURFRPSHQVDUODVGHVYHQWDMDVTXHDIHFWHQ DSHUVRQDVGHXQRULJHQUDFLDORpWQLFRFRQFUHWRµ'LUHFWLYD&RPXQLWDULD&(DUW $VLPLVPRHVWDQRUPDWLYDFRPXQLWDULDLQFOX\HODREOLJDFLyQGHORV(VWDGRVPLHPEURGHUHIRUPDUVXOHJLVODFLyQ YLJHQWHSDUDTXHVHSHUPLWDLQYHUWLUODFDUJDGHODSUXHED´SDUDJDUDQWL]DUTXHFRUUHVSRQGDDODSDUWHGHPDQGDGD GHPRVWUDUTXHQRKDKDELGRYXOQHUDFLyQGHOSULQFLSLRGHLJXDOGDGGHWUDWRµ'LUHFWLYD&RPXQLWDULD&( DUW /D PLVPD 'LUHFWLYD &RPXQLWDULD SUHYp TXH ODV YtFWLPDV GH DFWRV GLVFULPLQDWRULRV REWHQJDQ OD SURWHFFLyQ QHFHVDULDSDUDLPSHGLUTXHODGHQXQFLDGHODGLVFULPLQDFLyQ\ODFRUUHVSRQGLHQWHUHFODPDFLyQGHVXVGHUHFKRV OHVSHUMXGLTXH'LUHFWLYD&RPXQLWDULD&(DUW (QFDGD(VWDGRPLHPEURVHHVWDEOHFHUiQXQRRYDULRVRUJDQLVPRVTXHQRVyORYHODUiQSRUODVLWXDFLyQGHORV 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV GHUHFKRVKXPDQRV\GHODQRGLVFULPLQDFLyQ²FRPRHO2PEXGVPDQR'HIHQVRUGHO3XHEOR\DH[LVWHQWH²VLQR TXHWDPELpQSURPRYHUiQDFWLYDHLQGHSHQGLHQWHPHQWHODLJXDOGDGGHWUDWR\ODSUHYHQFLyQGHFXDOTXLHUWLSRGH GLVFULPLQDFLyQ'LUHFWLYD&RPXQLWDULD&(DUW 3RU~OWLPROD'LUHFWLYDFRQFOX\HHVWDEOHFLHQGRHOPHVGHMXOLRGHFRPRSOD]RPi[LPRSDUDTXHFDGD(VWDGR PLHPEURDGRSWHODVUHIRUPDVOHJLVODWLYDV\DGPLQLVWUDWLYDVQHFHVDULDVSDUDSRQHUHQSUiFWLFDHVWDQRUPDWLYD FRPXQLWDULD 'HVGHHOLQLFLRGHOSURFHVRGHDGDSWDFLyQOHJLVODWLYDQDFLRQDOHQORVGLIHUHQWHVFRQWH[WRVGHORV(VWDGRV PLHPEURODUHVLVWHQFLDLQVWLWXFLRQDODODDGRSFLyQGHODQRUPDWLYDFRPXQLWDULDVHFHQWUDHQXQRVSRFRVDVSHFWRVGH ODPLVPDHQVXFDUiFWHUJOREDO\QRVHFWRULDOHQVXLQFOXVLyQGHGLVFULPLQDFLRQHVUHDOL]DGDVQRVyORHQODHVIHUD S~EOLFDGHO(VWDGRVLQRWDPELpQHQODVUHODFLRQHVODERUDOHVHQODLQYHUVLyQGHODFDUJDGHODFXOSDUHFKD]DGD SRUGLYHUVRVMXULVWDV\HQODQHFHVLGDGGHHVWDEOHFHUXQRUJDQLVPRFXDVLDXWyQRPRDOPDUJHQGHOHQWUDPDGR LQVWLWXFLRQDO \ EXURFUiWLFR H[LVWHQWH (Q XQ DQiOLVLV GH DJHQFLDV QDFLRQDOHV HVWDEOHFLGDV KDVWD OD IHFKD 3/6 5DPEROO0DQDJHPHQWGHPXHVWUDODHVFDVD\WHUJLYHUVDGDDSOLFDFLyQTXHYDULRV(VWDGRVPLHPEURUHDOL]DQGH HVWD~OWLPDREOLJDFLyQVRQDQWHVTXHQDGDHO5HLQR8QLGRH,UODQGDDVtFRPRORV3DtVHV%DMRV\ORVHVFDQGLQDYRV TXLHQHVORJUDQDGDSWDUIHKDFLHQWHPHQWHVXV\DH[LVWHQWHVRUJDQLVPRVDODQXHYD'LUHFWLYD ,QFXPSOLHQGRDELHUWDPHQWHODVGLVSRVLFLRQHVFRPXQLWDULDVHO(VWDGRHVSDxROKDVWDODIHFKDQRKDDSOLFDGRGH IRUPDFRKHUHQWHOD'LUHFWLYD&RPXQLWDULD&(3DUDHOORHOJRELHUQRFHQWUDOVHDPSDUDHQHOKHFKRGHTXH HQ(VSDxDYDULDVGHODVGLVSRVLFLRQHVGHGLFKDQRUPDWLYD\DVHHQFXHQWUDQYLJHQWHVHQHOPDUFRGHOH\HVRUJiQLFDV FRPRODVDUULEDFLWDGDV(VWDGLVSHUVLyQOHJLVODWLYDVLQHPEDUJRGLILFXOWDVXDSOLFDFLyQ\VXWUDQVSDUHQFLDVREUH WRGRFDUDDODVSRVLEOHVYtFWLPDVGHWUDWRVGLVFULPLQDWRULRV(QXQVHPLQDULRFHOHEUDGRUHFLHQWHPHQWHFRQPRWLYRGH ODWUDQVSRVLFLyQGHOD'LUHFWLYDDORUGHQDPLHQWRHVSDxRO-DYLHU%HUQiOGH]UHSUHVHQWDQWHGHO0LQLVWHULRGH7UDEDMR \$VXQWRV6RFLDOHVDGPLWtDTXHHOERUUDGRUGHOIXWXURSUR\HFWRGH/H\GH3URPRFLyQGHOD,JXDOGDGGH7UDWRVH HQFRQWUDEDSDUDOL]DGRSRUSUREOHPDVGHFRPSHWHQFLD\PDQGDWR)6** 3RUHOORHOSULQFLSDOGHVDItRGHODV21*V\DVRFLDFLRQHVUHSUHVHQWDQWHVGHPLQRUtDVFRQVLVWHHQORJUDULPSDFWDU HQHOSURFHVRGHHODERUDFLyQ\SXHVWDHQPDUFKDGHHVWHQXHYRPDUFRMXUtGLFRQDFLRQDO(QHVWHSURFHVRPXFKDV RUJDQL]DFLRQHV VH YHQ OLPLWDGDV SRU XQD IDOWD GH LQIRUPDFLyQ \ GH FRQWDFWRV D QLYHO WUDQVQDFLRQDO $XQTXH ODV UHFRPHQGDFLRQHVHODERUDGDVSRUUHGHV\DJHQFLDVPXOWLODWHUDOHV(&5,KDQVHUYLGRGHSXQWRGHSDUWLGDSDUD HOGHEDWHpVWHD~QVHHQFXHQWUDHQVXIDVHLQLFLDO(OGtDDGtDGHODV21*VGHGLFDGDVDODDWHQFLyQGHLQPLJUDQWHV RGHRWURVFROHFWLYRVGHVIDYRUHFLGRVLPSLGHTXHVHDQODVDVRFLDFLRQHVGHEDVHGHORVSURSLRVDIHFWDGRVODVTXH SXHGDQSDUWLFLSDUHQHOSURFHVRSROtWLFRGHWRPDGHGHFLVLRQHV 6RVWHQHPRVTXHHQHOFRQWH[WRHXURSHRDFWXDOFDUDFWHUL]DGRSRUXQDFRQWLQXDGHILQLFLyQ\UHGHILQLFLyQ GHLGHQWLGDGHVDPHQXGRH[FOX\HQWHV\MHUDUTXL]DGDVDVtFRPRGHGHOLPLWDFLRQHV\HQOD]DPLHQWRVPXWXRVHQWUH JUXSRV\FROHFWLYRVODODERUDQWLGLVFULPLQDWRULD\HPSRGHUDGRUDTXHHVWHWLSRGHDVRFLDFLRQLVPRWUDQVQDFLRQDO FRPLHQ]DDDSURYHFKDUHQORVQRYHGRVRVHVSDFLRVMXUtGLFRV\SROtWLFRVLQWHUQDFLRQDOHV\FRPXQLWDULRVODV21*V \DVRFLDFLRQHVGHEDVHSXHGHQFRQWULEXLUGHFLVLYDPHQWHDIRUWDOHFHUODVD~QGpELOHVVRFLHGDGHVFLYLOHVORFDOHV $57,*26 7HQGHQFLDVHQHOFDVRHVSDxRO *XQWKHU'LHW] $57,*26 &RPRQXHYRVDFWRUHVKtEULGRVTXHSDUWLFLSDQDODYH]GHGLIHUHQWHV\KHWHURJpQHRVKRUL]RQWHVFXOWXUDOHVORV PLHPEURVGHODVGLYHUVDVPLQRUtDVDIHFWDGDVSRUSURFHVRVGHH[FOXVLyQ\GLVFULPLQDFLyQSURWDJRQL]DQSURFHVRV GHDSUHQGL]DMHFRQVWLWXWLYRVGHXQQXHYRPRGHORGHVRFLHGDGFLYLOXQD´VRFLHGDGFLYLOUHIOH[LYDµ0HUNHO/DXWK TXHJUDFLDVDORVUHFLpQLQLFLDGRVSURFHVRVGHLQWHUPHGLDFLyQUHIOH[LYLGDGHKLEULGDFLyQHQHOIXWXURSRGUiQ RMDOiGHVHPERFDUHQXQD´VRFLHGDGFLYLODXWRFLYLOL]DQWHµ.OHJHU²FRPRLQVWDQFLDVTXHQRVyORVHDXWR GHPRFUDWL]DQFDGDYH]PiV7RXUDLQHVLQRTXHFRQHOORWDPELpQGHPRFUDWL]DQ\FLXGDGDQL]DQDODKtEULGD VRFLHGDGFLYLOHQVXWRWDOLGDGDQWLFLSDQGRFRQHOORHOSUtVPLFRFDUiFWHUSOXULFXOWXUDO\RSOXULpWQLFRGHODVIXWXUDV VRFLHGDGHVHXURSHDV ÕÌ iÀÊiÌâÊjÊ`ÕÌÀÊiÊÌÀ«}>Ê«i>Ê1ÛiÀÃ`>`iÊ `iÊ>LÕÀ}]Ê«ÀviÃÃÀÊÌÌÕ>ÀÊ`iÊÌÀ«}>Ê-V>Ê>Ê 1ÛiÀÃ`>`iÊ`iÊÀ>>`>ʭë> >®ÊiÊ«iõÕÃ>`ÀÊÌÌÕ>ÀÊÊ ÃÌÌÕÌÊ`iÊÛiÃÌ}>XªiÃÊiÊ`ÕV>XKÊ`>Ê1ÛiÀÃ`>`iÊ6iÀ>VÀÕâ>>Ê ­jÝV®°ÊiÃiÛÛiÊ«iõÕÃ>ÃÊÃLÀiÊÛiÌÃÊÃV>Ã]ÊiÌV`>`i]Ê ÌiÀVÕÌÕÀ>`>`iÊÊiÊi`ÕV>XKÊVÊVÕ`>`iÃÊ`}i>ÃÊ­jÝV®ÊiÊ VÊVÕ`>`iÃÊ}À>ÌiÃʭë> >®° 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV 1 2 7$ 6 6tQWHVLVGHXQWUDEDMRPiVDPSOLRHODERUDGRRULJLQDOPHQWHHQFRODERUDFLyQFRQ7DQLD*DUFtD(VSLQHOHLQFOX\HQGRDVLPLVPRHOFDVR GHODGLVFULPLQDFLyQGHODVFRPXQLGDGHVJLWDQDVTXHVHUiSXEOLFDGRSUy[LPDPHQWHSRUOD$VRFLDFLyQSDUDHO$YDQFHGHODV&LHQFLDV VRFLDOHVHQ*XDWHPDOD$9$1&62HQVXOLEUR'LVFULPLQDFLyQ\UDFLVPRHQIRTXHVFRPSDUDWLYRV (QORVLJXLHQWHODVWUDGXFFLRQHVGHODVFLWDVWH[WXDOHVRULJLQDOPHQWHHQLQJOpVVRQQXHVWUDV /DFRQWUDGLFWRULDUHODFLyQHQWUHUHJLRQDOLVPR´QDFLRQDOLVWDµHLQPLJUDFLyQVHDQDOL]DHQ'LHW] (OWpUPLQRHVLQWURGXFLGRRULJLQDOPHQWHHQHOGHEDWHEULWiQLFRFIU5XQQ\PHGH7UXVW+DOOLGD\ &IU5DPtUH])HUQiQGH]HOFRQWH[WRPiVDPSOLRGHODVFDPELDQWHVSDXWDVPLJUDWRULDVHQODUHJLyQPHGLWHUUiQHDVHDQDOL]DQHQ .LQJ (QORVLJXLHQWHQRVEDVDPRVHQXQHVWXGLRGHFDVRUHDOL]DGR²FRQODFRODERUDFLyQGH(YD*RQ]iOH]%DUHD6RQLD0DUWtQ/DYL\-DYLHU 5RVyQ/RUHQWH²HQODFLXGDGDQGDOX]DGH*UDQDGDHQHOPDUFRGHOSUR\HFWR0XOWLOHYHO'LVFULPLQDWLRQ$JDLQVW0XVOLP:RPHQLQ(XURSH UHDOL]DGRHQWUH\HQODVFLXGDGHVGH%HUOtQ&RSHQKDJXH)ORUHQFLD%LUPLQJKDP\*UDQDGDFIU%ODVFKNHFIUWDPELpQ 'LHW](O6KRKRXPL $OOLHYLDQDOL]DHOSDSHOGHVHPSHxDGRHQJHQHUDOSRUORVFRQYHUVRVHQODUHLQWHUSUHWDFLyQGHO,VODP /DLQIOXHQFLDGHODFXOWXUDHLGHQWLGDGDPD]LJKHQODVHSWHQWULRQDOUHJLyQGHO5LIPDUURTXtHVGHVFULWDHQ+DUW5DKD$KPHG 8QUHVXPHQGHHVWHFRQIOLFWRHQGLIHUHQWHVSDtVHVHXURSHRVHVSURSRUFLRQDGRSRU9HUORW(O*XLQGLSUHVHQWDODHYROXFLyQ \GLYHUVLGDGGHODVLQWHUSUHWDFLRQHV\XVRVGHOSDxXHORHQORVUHVSHFWLYRVFRQWH[WRVGHRULJHQ $57,*26 $ GLIHUHQFLD GH ODV UHFRPHQGDFLRQHV HPLWLGDV SRU OD &RPLVLyQ (XURSHD VXV 'LUHFWLYDV &RPXQLWDULDV VRQ GH DSOLFDFLyQ \ YLJHQFLD REOLJDWRULDHQWRGRVORV(VWDGRVPLHPEURGHOD8(VXDOFDQFHMXUtGLFRDXWRPiWLFDPHQWHDQWHFHGHODOHJLVODFLyQQDFLRQDOSRUORFXDOOD &RPLVLyQ(XURSHDVXHOHLQFOXLUXQSOD]RHQHOFXDOFDGDHVWDGRPLHPEURHVREOLJDGRDDGDSWDUVXSURSLDOHJLVODFLyQDODQXHYDQRUPDWLYD FRPXQLWDULD *XQWKHU'LHW] 5()(5(1&,$6%,%/,2*5$),&$6 $//,(9,61RXYHDX[3URWDJRQLVWHVGHO·,VODP(XURSHHQQDLVVDQFHG·XQHFXOWXUHHXURLVODPLTXH"/HU{OHGHV FRQYHUWLV)ORUHQFH(XURSHDQ8QLYHUVLW\,QVWLWXWH $1'(5621%,PDJLQHG&RPPXQLWLHVUHIOHFWLRQVRQWKHRULJLQDQGVSUHDGRIQDWLRQDOLVP/RQGRQ9HUVR $6(3>$QiOLVLV6RFLROyJLFRV(FRQyPLFRV\3ROtWLFRV6$@$FWLWXGHVKDFLDORV,QPLJUDQWHV0DGULG0LQLVWHULRGH 7UDEDMR\$VXQWRV6RFLDOHV²2EVHUYDWRULR3HUPDQHQWHGHOD,QPLJUDFLyQ %/$6&+.(-HG0XOWL/HYHO'LVFULPLQDWLRQ$JDLQVW0XVOLP:RPHQLQ(XURSH%HUOLQ(GLWLRQ3DUDEROLV %58%$.(5 5 1DWLRQDOLVP 5HIUDPHG QDWLRQKRRG DQG WKH QDWLRQDO TXHVWLRQ LQ WKH 1HZ (XURSH &DPEULGJH &DPEULGJH8QLYHUVLW\3UHVV &$&+Ð1/3UHYHQLUHO5DFLVPRHQHO7UDEDMRHQ(VSDxD0DGULG,06(562 &$/92%8(=$67/RV5DFLVWDVVRQORV2WURVJLWDQRVPLQRUtDV\GHUHFKRVKXPDQRVHQORVWH[WRVHVFRODUHV 0DGULG(GLWRULDO3RSXODU &$/92%8(=$67¢(VSDxD5DFLVWD"9RFHVSD\DVVREUHORVJLWDQRV%DUFHORQD$QWKURSRV &$67(//60/D(UDGHOD,QIRUPDFLyQHFRQRPtDVRFLHGDG\FXOWXUD9RO,,(OSRGHUGHODLGHQWLGDG0DGULG $OLDQ]D &2/(&7,92,2(/D'LVFULPLQDFLyQ/DERUDODORV7UDEDMDGRUHV,QPLJUDQWHVHQ(VSDxD*LQHEUD2,7 &2/(&7,92,2($FWLYLGDGHVGH)RUPDFLyQ$QWLGLVFULPLQDWRULDHQ(VSDxD*LQHEUD2,7 &2167,78&,Ð1 (63$f2/$ ´&RQVWLWXFLyQ (VSDxRODµ (Q (GLWRULDO $UJXYDO HG 'HFODUDFLyQ 8QLYHUVDO GH ORV 'HUHFKRV+XPDQRV²&RQVWLWXFLyQ(VSDxROD²(VWDWXWR$XWRQyPLFRGH$QGDOXFtD0iODJD$UJXYDO &251(/,86:$´6SDLQWKHXQHDV\WUDQVLWLRQIURPODERUH[SRUWHUWRODERULPSRUWHUµ(Q:$&RUQHOLXV3/ 0DUWLQ-)+ROOLILHOGHGV&RQWUROOLQJ,PPLJUDWLRQDJOREDOSHUVSHFWLYHSS6WDQIRUG6WDQIRUG8QLYHUVLW\ 3UHVV &86+1(5.´,QWHUFXOWXUDO(GXFDWLRQIURPDQ,QWHUQDWLRQDO3HUVSHFWLYHFRPPRQDOLWLHVDQGIXWXUHSURVSHFWVµ(Q .&XVKQHUHG,QWHUQDWLRQDO3HUVSHFWLYHVRQ,QWHUFXOWXUDO(GXFDWLRQSS0DKZDK1-²/RQGRQ/DZUHQFH (UOEDXP ',(7= * (O 'HVDItR GH OD ,QWHUFXOWXUDOLGDG HO YROXQWDULDGR \ ODV RUJDQL]DFLRQHV QRJXEHUQDPHQWDOHV DQWH HO UHWRGHODLQPLJUDFLyQ²HOFDVRGHODFLXGDGGH*UDQDGD*UDQDGD²%DUFHORQD/DERUDWRULRGH(VWXGLRV,QWHUFXOWXUDOHV ²)XQGDFLyQ´OD&DL[Dµ $57,*26 BBBBB )URQWLHU +\EULGL]DWLRQ RU &XOWXUH &ODVK" 7UDQVQDWLRQDO PLJUDQW FRPPXQLWLHV DQG VXEQDWLRQDO LGHQWLW\ SROLWLFVLQ$QGDOXVLD6SDLQ6DQ'LHJR8&6'&HQWHUIRU&RPSDUDWLYH,PPLJUDWLRQ6WXGLHV BBBBB 0XOWLFXOWXUDOLVPR ,QWHUFXOWXUDOLGDG \ (GXFDFLyQ XQD DSUR[LPDFLyQ DQWURSROyJLFD *UDQDGD ² 0p[LFR (GLWRULDO8QLYHUVLGDGGH*UDQDGD²&,(6$6 ',(7=*1(O6KRKRXPL´'RRUWR'RRU:LWK2XU0XVOLP6LVWHUVLQWHUFXOWXUDODQGLQWHUUHOLJLRXVFRQIOLFWVLQ *UDQDGDµ6WXGL(PLJUD]LRQH 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV (&5,>(XURSHDQ&RPPLVVLRQ$JDLQVW5DFLVPDQG,QWROHUDQFH@5HSRUWRQ6SDLQ6WUDVERXUJ&RXQFLORI(XURSH ²(&5, BBBBB5HFRPHQGDFLyQQVREUH/HJLVODFLyQ1DFLRQDOSDUDOD/XFKDFRQWUDHO5DFLVPR\OD'LVFULPLQDFLyQ5DFLDO 6WUDVERXUJ&RXQFLORI(XURSH²(&5, BBBBB6HJXQGR,QIRUPHVREUH(VSDxD6WUDVERXUJ&RXQFLORI(XURSH²(&5, (/*8,1',)9HLOPRGHVW\SULYDF\DQGUHVLVWDQFH2[IRUG1HZ<RUN%HUJ (1$5 >(XURSHDQ 1HWZRUN $JDLQVW 5DFLVP@ 7RZDUV (TXDO 7UHDWPHQW WUDQVSRVLQJ WKH GLUHFWLYH ² DQDO\VLV DQG SURSRVDOV%UXVVHOV(1$5 (5,.6(17+(WKQLFLW\DQG1DWLRQDOLVPDQWKURSRORJLFDOSHUVSHFWLYHV/RQGRQ%RXOGHU3OXWR (80&>(XURSHDQ0RQLWRULQJ&HQWUHRQ5DFLVPDQG;HQRSKRELD@$QWL'LVFULPLQDWLRQ/HJLVODWLRQLQ(80HPEHU 6WDWHV6SDLQ9LHQQD(80& )$7+,$´3ROLWLNJHJHQ'LVNULPLQLHUXQJ7UDGLWLRQHQ(QWZLFNOXQJHQXQG*HVHW]JHEXQJLQGHQ/lQGHUQGHU(8µ (Q)ULHGULFK(EHUW6WLIWXQJ%URJHJHQ(WKQLVFKH'LVNULPLQLHUXQJHQHGV0LJUDWLRQXQG$QWLGLVNULPLQLHUXQJVSROLWLN LQ(XURSD%HUOLQ)ULHGULFK(EHUW6WLIWXQJ%URJHJHQ(WKQLVFKH'LVNULPLQLHUXQJHQ ),/,33,1$'LVFULPLQDWLRQDQG:RUNHUV·([SHFWDWLRQV%RQQ,=$ )5(,5(3(GXFDomRFRPR3UiWLFDGD/LEHUGDGH5LRGH-DQHLUR3D]H7HUUD )6**>)XQGDFLyQ6HFUHWDULDGR*HQHUDO*LWDQR@&RQFOXVLRQHVGHO6HPLQDULR´'LVFULPLQDFLyQ\FRPXQLGDGJLWDQD ORVyUJDQRVHVSHFLDOL]DGRVGHSURPRFLyQGHODLJXDOGDGGHWUDWRµ0DGULG)6** *$55(7$%2&+$&$-´0RGHORVGH,QWHJUDFLyQ6RFLDOGHODV0LQRUtDVeWQLFDVKDFLDXQ¶PRGHORLGHDO·GHVRFLHGDG PXOWLFXOWXUDOµ(Q)-*DUFtD&DVWDxR$*UDQDGRV0DUWtQH]HGV(GXFDFLyQ¢LQWHJUDFLyQRH[FOXVLyQGHODGLYHUVLGDG FXOWXUDO"*UDQDGD/DERUDWRULRGH(VWXGLRV,QWHUFXOWXUDOHV *((57= & ,VODP 2EVHUYHG UHOLJLRXV GHYHORSPHQW LQ 0RURFFR DQG ,QGRQHVLD 1HZ +DYHQ <DOH 8QLYHUVLW\ 3UHVV */(11&/(-GH-RQJ(GXFDWLQJ,PPLJUDQW&KLOGUHQVFKRROVDQGODQJXDJHPLQRULWLHVLQWZHOYHQDWLRQV 1HZ<RUN1<²/RQGRQ*DUODQG *2*2/,1,'HUPRQROLQJXDOH+DELWXVGHUPXOWLOLQJXDOHQ6FKXOH0QVWHU²1HZ<RUN1<:D[PDQQ *5,//2 5' 3OXUDOLVP DQG WKH 3ROLWLFV RI 'LIIHUHQFH VWDWH FXOWXUH DQG HWKQLFLW\ LQ FRPSDUDWLYH SHUVSHFWLYH 2[IRUG&ODUHQGRQ +$//6´,QWURGXFWLRQZKRQHHGVLGHQWLW\"µ(Q6+DOO3GX*D\HGV4XHVWLRQVRI&XOWXUDO,GHQWLW\ /RQGRQ6$*( +$//,'$<)´´,VODPRSKRELDµ5HFRQVLGHUHGµ(WKQLFDQG5DFLDO6WXGLHV +$57'055DKD$KPHG/D6RFLHGDG%HUHEHUGHO5LI0DUURTXtVREUHODWHRUtDGHODVHJPHQWDULHGDGHQHO 0DJUHE*UDQDGD(GLWRULDO8QLYHUVLGDGGH*UDQDGD $57,*26 +$%(50$6-/D,QFOXVLyQGHO2WURHVWXGLRVGHWHRUtDSROtWLFD%DUFHORQD3DLGyV *XQWKHU'LHW] +817,1*72163(O&KRTXHGH&LYLOL]DFLRQHV\OD5HFRQILJXUDFLyQGHO2UGHQ0XQGLDO%DUFHORQD3DLGyV ,=48,(5'2$/D,QPLJUDFLyQHQ(VSDxD0DGULG7URWWD -$:$' +$ 7KH 5LJKWV RI :RPHQ LQ ,VODP DQ DXWKHQWLF DSSURDFK +DPSVKLUH 1HZ <RUN 0DFPLOODQ 6W 0DUWLQ·V3UHVV -21(6&´1DWLRQ6WDWHDQG'LYHUVLW\µ(Q'&RXOE\-*XQGDUD&-RQHVHGV:RUOG<HDUERRNRI(GXFDWLRQ ,QWHUFXOWXUDO(GXFDWLRQ/RQGRQ²6WLUOLQJ9$.RJDQ3DJH .,1*5´6RXWKHUQ(XURSHLQWKH&KDQJLQJ*OREDO0DSRI0LJUDWLRQµ(Q5.LQJ*/D]DULGLV&K7VDUGDQLGLVHGV (OGRUDGRRU)RUWUHVV"0LJUDWLRQLQ6RXWKHUQ(XURSH+DPSVKLUH1HZ<RUN0DFPLOODQ6W0DUWLQ·V3UHVV ./(*(5+´=LYLOHU8QJHKRUVDP=LYLOLWlWVGHIL]LWHXQG=LYLOLWlVWVSRWHQWLDOHRGHU:DVKHLVVW¶=LYLOJHVHOOVFKDIW·"µ )RUVFKXQJVMRXUQDO1HXH6R]LDOH%HZHJXQJHQ /$&/$8(&K0RXIIH+HJHPRQtD\(VWUDWHJLD6RFLDOLVWDKDFLDXQDUDGLFDOL]DFLyQGHODGHPRFUDFLD0DGULG 6LJOR;;, /,330$17:8QGHUVWDQGLQJ,VODPDQLQWURGXFWLRQWRWKH0XVOLPZRUOG1HZ<RUN0HULGLDQ 0$57Ì108f2=*´,VODPDQGWKH:HVWDQLQWHQWLRQDOGXDOLW\µ(Q*0DUWtQ0XxR]HG,VODP0RGHUQLVPDQG WKH:HVWFXOWXUDODQGSROLWLFDOUHODWLRQVDWWKHHQGRIWKHPLOOHQQLXP/RQGRQ1HZ<RUN,%7DXULV 0(5.(/:+-/DXWK´6\VWHPZHFKVHOXQG=LYLOJHVHOOVFKDIWZHOFKH=LYLOJHVHOOVFKDIWEUDXFKWGLH'HPRNUDWLH"µ $XV3ROLWLNXQG=HLWJHVFKLFKWH% 02'22'7´,QWURGXFWLRQ7KH3ROLWLFVRI0XOWLFXOWXUDOLVPLQWKH1HZ(XURSHµ(Q70RGRRG3:HUEQHUHGV 7KH3ROLWLFVRI0XOWLFXOWXUDOLVPLQWKH1HZ(XURSHUDFLVPLGHQWLW\DQGFRPPXQLW\/RQGRQ²1HZ<RUN=HG 02//(5%/7RJHE\3HUFHLYHG'LVFULPLQDWLRQDVWXG\DPRQJHWKQLFPLQRULWLHVLQ'HQPDUN&RSHQKDJHQ 'DQLVK%RDUGIRU(WKQLF(TXDOLW\ 026/(<$1&DSDOGL$IILUPDWLYH$FWLRQVRFLDOMXVWLFHRUXQIDLUSUHIHUHQFH"/DQKDP5RZPDQ/LWWOHILHOG 1,(66(1-´'LH(XURSlLVFKH8QLRQXQGGHU.DPSIJHJHQGHQ5DVVLVPXVQDFKGHP9HUWUDJYRQ$PVWHUGDPµ(Q )(6HG(XURSlLVFKH(LQZDGHUXQJVXQG)OFKWOLQJVSROLWLN%RQQ)(6 3,1&86 )/ ´7KH &DVH IRU $IILUPDWLYH $FWLRQµ (Q )/ 3LQFXV +- (KUOLFK HGV 5DFH DQG (WKQLF &RQIOLFW FRQWHQGLQJYLHZVRQSUHMXGLFHGLVFULPLQDWLRQDQGHWKQRYLROHQFH%RXOGHU:HVWYLHZ 3/65$0%2//0$1$*(0(176SHFLDOLVHG%RGLHVWR3URPRWH(TXDOLW\DQGRU&RPEDW'LVFULPLQDWLRQILQDOUHSRUW &RSHQKDJHQ3/65DPEROO0DQDJHPHQW $57,*26 5$0Ì5(=)(51É1'(=$0LJUDFLRQHV*pQHURH,VODPPXMHUHVPDUURTXtHVHQ(VSDxD0DGULG$JHQFLD(VSDxROD GH&RRSHUDFLyQ,QWHUQDFLRQDO 5$0Ì5(=+(5(',$-'¢3HULRGLVWDVFRQWUDHOUDFLVPR"/DSUHQVDHVSDxRODDQWHHOSXHEORJLWDQR %DUFHORQD,06(562 526Ð1/25(17()-¢(OUHWRUQRGH7DULT"/DVFRPXQLGDGHVPXVXOPDQDVHQODFLXGDGGH*UDQDGD*UDQDGD /DERUDWRULRGH(VWXGLRV,QWHUFXOWXUDOHV 5811<0('(75867,VODPRSKRELDDFKDOOHQJHIRUXVDOO/RQGRQ5XQQ\PHGH7UXVW 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV 6$1520É17/RV0XURVGHOD6HSDUDFLyQHQVD\RVREUHDOWHURIRELD\ILODQWURStD0DGULG7HFQRV 6&+8/7( $ ´6WDDWOLFKH XQG JHVHOOVFKDIWOLFKH 0DVVQDKPHQ JHJHQ GLH 'LVNULPLQLHUXQJ YRQ $XVOlQGHUQ LQ :HVWHXURSDµ$XV3ROLWLNXQG=HLWJHVFKLFKWH 67$//$(57 & (WQRJpQHVLV \ (WQLFLGDG HQ (VSDxD XQD DSUR[LPDFLyQ KLVWyULFRDQWURSROyJLFD DO FDVWLFLVPR %DUFHORQD3UR\HFWR$ 72''(/H'HVWLQGHV,PPLJUpVDVVLPLODWLRQHWVpJUpJDWLRQGDQVOHVGpPRFUDFLHVRFFLGHQWDOHV3DULVeGLWLRQV GX6HXLO 7285$,1($´'HPRFUDF\IURPDSROLWLFVRIFLWL]HQVKLSWRDSROLWLFVRIUHFRJQLWLRQµ(Q/0DKHXHG6RFLDO 0RYHPHQWVDQG6RFLDO&ODVVHVWKHIXWXUHRIFROOHFWLYHDFWLRQ/RQGRQ 81(6&2&20,7e3$5$/$(/,0,1$&,Ð1'(/$',6&5,0,1$&,Ð1&2175$/$08-(5´&RQYHQFLyQVREUHOD HOLPLQDFLyQGHWRGDVODVIRUPDVGHGLVFULPLQDFLyQFRQWUDODVPXMHUHV\UHFRPHQGDFLRQHVPDQLILHVWRKDFLDXQDFXOWXUD GHODLJXDOGDGHQWUHPXMHUHV\KRPEUHVPHGLDQWHODHGXFDFLyQ0DGULG,QVWLWXWRGHOD0XMHUµ 81,Ð1520$1Ì(O3REOH*LWDQRPDQXDOSHUDSHULRGLVWHV%DUFHORQD8QLyQ5RPDQt 9(5/270´7KH+LMDELQ(XURSHDQ6FKRROVDFDVHIRUWKHFRXUWRUDFKDOOHQJHIRUWKHVFKRRO"µ(Q-GH*URRI -)LHUVHGV7KH/HJDO6WDWXVRI0LQRULWLHVLQ(GXFDWLRQ/HXZHQ$PHUVIRRUW$FFR $57,*26 9(5/270:HUNHQDDQLQWHJUDWLHKHWPLQGHUKHGHQHQKHWRQGHUZLMVEHOHLGLQGH)UDQVHHQ9ODDPVH*HPHHQVFKDS YDQ%HOJLs/HXZHQ$FFR *XQWKHU'LHW] 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV 5(680(1 (QORV~OWLPRVTXLQFHDxRV(VSDxDKDH[SHULPHQWDGRXQPDUFDGRLQFUHPHQWRGHSREODFLyQLQPLJUDQWHHQWUHOD FXDOGHVWDFDXQLPSRUWDQWHSRUFHQWDMHGHPDJUHEtHVPXVXOPDQHV'HIRUPDSDUDOHODGHVGHILQDOHVGHOIUDQTXLVPR HQFLXGDGHVDQGDOX]DVFRPR*UDQDGD\&yUGREDVHKDREVHUYDGRXQDWHQGHQFLDGHFRQYHUVLyQDO,VODPSRUSDUWH GHSREODFLyQDXWyFWRQD$PERVIHQyPHQRVYLHQHQDFRPSDxDGRVSRUDFWLWXGHVDQWLPXVXOPDQDV\DQWLPRUDV TXHUHIOHMDQGLIHUHQWHVGLPHQVLRQHVGHGLVFULPLQDFLyQSUHYDOHFLHQWHVHQDPSOLRVVHFWRUHVGHODRSLQLyQS~EOLFD HVSDxROD\TXHVHDUWLFXODQVREUHWRGRHQHVWHUHRWLSRV\DFWLWXGHVKLVWyULFDPHQWHDUUDLJDGRVTXHVRQHVJULPLGRV IUHQWH D PXMHUHV PXVXOPDQDV WDQWR LQPLJUDQWHV FRPR FRQYHUVDV (Q OD SUHVHQWH FRQWULEXFLyQ WRPDPRV HVWH HVWXGLRGHFDVRGHODGLVFULPLQDFLyQH[SUHVDGDFRQWUDODVPXMHUHVPXVXOPDQDVSDUDHQSULPHUOXJDUFRQWH[WXDOL]DU HOLQFLSLHQWHGHEDWHVREUHODGLVFULPLQDFLyQ\DQWLGLVFULPLQDFLyQGHQWURGHGRVPDUFRVFRQFHSWXDOHVHVSHFtILFRV HOPXOWLFXOWXUDOLVPR\ODVSROtWLFDVGHLGHQWLGDGSRUXQDSDUWH\ODVSROtWLFDVS~EOLFDVGHODGLIHUHQFLDSRURWUD (QVHJXQGROXJDUDQDOL]DPRVHOFDVRHWQRJUiILFRPHQFLRQDGRDQWHVGHHVER]DUHOVXUJLPLHQWRGHODVDFWXDOHV SROtWLFDVGHDQWLGLVFULPLQDFLyQDQLYHOHVWDWDOHVSDxRODVtFRPRDQLYHOHXURSHR 3$/$%5$6&/$9(GLVFULPLQDFLyQ²DQWLGLVFULPLQDFLyQ²LVODPRIRELD²,VODP²JpQHUR 'LVFULPLQDomRH$QWL'LVFULPLQDomRQD(VSDQKD2FDVRGDVPXOKHUHVPXoXOPDQDV $57,*26 5(6802 1RV~OWLPRVTXLQ]HDQRVD(VSDQKDWHPH[SHULPHQWDGRXPIRUWHLQFUHPHQWRGDSRSXODomRLPLJUDQWHQDTXDOVH GHVWDFDXPLPSRUWDQWHSHUFHQWXDOGHPXoXOPDQRVPDJUHELQRV3DUDOHODPHQWHGHVGHRVILQDLVGRIUDQTXLVPR WHPVHREVHUYDGRHPFLGDGHVDQGDOX]DVFRPR*UDQDGDH&yUGREDXPDWHQGrQFLDGHFRQYHUVmRDR,VOmSRUSDUWH GDSRSXODomRDXWyFWRQH$PERVRVIHQ{PHQRVVHID]HPDFRPSDQKDUSRUDWLWXGHVDQWLPXoXOPDQDVHDQWLPRXUDV TXHUHIOHWHPGLIHUHQWHVGLPHQV}HVGHGLVFULPLQDomRGLVVHPLQDGDVHPDPSORVVHWRUHVGDRSLQLmRS~EOLFDHVSDQKROD HTXHVHDUWLFXODPVREUHWXGRHPHVWHUHyWLSRVHDWLWXGHVKLVWRULFDPHQWHDUUDLJDGRVHVJULPLGRVIUHQWHjVPXOKHUHV PXoXOPDQDV WDQWR LPLJUDQWHV TXDQWR FRQYHUWLGDV 1HVWH DUWLJR WRPDPRV R HVWXGR GH FDVR GD GLVFULPLQDomR FRQWUDDVPXOKHUHVPXoXOPDVSDUDHPSULPHLUROXJDUFRQWH[WXDOL]DURLQFLSLHQWHGHEDWHVREUHGLVFULPLQDomRH DQWLGLVFULPLQDomRGHQWURGHGRLVPDUFRVFRQFHSWXDLVHVSHFtILFRVRPXOWLFXOWXUDOLVPRHDVSROtWLFDVGHLGHQWLGDGH GH XP ODGR H DV SROtWLFDV S~EOLFDV GD GLIHUHQoD GH RXWUR (P VHJXQGR OXJDU DQDOLVDPRV R FDVR HWQRJUiILFR PHQFLRQDGRSDUDILQDOPHQWHHVERoDURVXUJLPHQWRGDVDWXDLVSROtWLFDVHVWDWDLVDQWLGLVFULPLQDomRQD(VSDQKDH HPQtYHOHXURSHX 3$/$95$6&+$9(GLVFULPLQDomR²DQWLGLVFULPLQDomR²LVODPRIRELD²,VOm²JrQHUR 'LVFULPLQDFLyQ\$QWL'LVFULPLQDFLyQHQ(VSDxD(OFDVRGHODVPXMHUHVPXVXOPDQDV 'LVFULPLQDWLRQDQG$QWL'LVFULPLQDWLRQLQ6SDLQ7KHFDVHRIPXVOLPZRPHQ $%675$&7 $57,*26 ,Q WKH ODVW \HDUV 6SDLQ KDV H[SHULHQFHG D PDUNHG LQFUHDVH RI LPPLJUDQW SRSXODWLRQV DPRQJ ZKLFK VWDQG RXWDQLPSRUWDQWSHUFHQWDJHRI0DJUHE0XVOLQV,QDSDUDOOHOZD\VLQFHWKHODVWGD\VRI)UDQTXLVPRLWKDVEHHQ REVHUYHGLQFLWLHVRI$QGDOXVLDVXFKDV*UDQDGDDQG&y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²DQWLGLVFULPLQDWLRQ²LVODPIRELD²,VODP²JHQGHU