Page 1


,17(/,*(1&,$60Ò/7,3/(6 862635È&7,&26'((16(f$1=$ $35(1',=$-( /,1'$&$03%(// %58&(&$03%(//‡'((',&.,1621 75$'8&&,Ï1/$85$&$17(526

(',725,$/75248(/




7tWXORRULJLQDO7HDFKLQJ OHDUQLQJWURXJKPXOWLSOHVLQWHOOLJHQFHV&RS\ULJKW2$OO\Q %DFRQ

(GLWRULDO7URTXHO6$3LFKLQFKD &$&, %XHQRV$LUHV$UJHQWLQD7HO O )D[  HPDLO WURTXHO#EDQHW 7UDGXFFLyQ/DXUD&DQWHURV (GLFLyQ$OHMDQGUD0L]UDKL

,OXVWUDFLyQGHWDSD0DUD-RXEHUW 3ULPHUDHGLFLyQDEULOGH ,6%1

4XHGDKHFKRHOGHSyVLWRTXHHVWDEOHFHODOH\ 3ULQWHGLQ$UJHQWLQD ,PSUHVRHQ$UJHQWLQD

7RGRVORVGHUHFKRVUHVHUYDGRV1RSXHGHUHSURGXFLUVHQLQJXQDSDUWHGHHVWHOLEURSRUQLQJ~QPHGLRHOHFWUyQLFRRPHFiQLFRLQFOX\HQGR IRWRFRSLDGRJUDEDGR[HURJUDILDGRRFXDOTXLHUDOPDFHQDMHGHLQIRUPDFLyQRVLVWHPDGHUHFXSHUDFLyQVLQSHUPLVRHVFULWRGHOHGLWRU




,1752'8&&,Ð1 0XFKDVFODVHVGHLQWHOLJHQFLDV ¢(Q TXp FRQVLVWH OD LQWHOLJHQFLD GH ORV DOXPQRV" ¢7UDEDMD XVWHG FRQ DOXPQRV FDSDFHV GH FUHDU REMHWRV DUWtVWLFRV KHUPRVRV" ¢+D\RWURVTXHWLHQHQWDOHQWRSDUDODDFWLYLGDGGHSRUWLYD\TXHUHDOL]DQFRPSOHMDVVHULHVGHPRYLPLHQWRVFRUSRUDOHVFRQJUDFLD\ VROWXUD" $OJXQRV SXHGHQ HMHFXWDU XQ LQVWUXPHQWR PXVLFDO FRQ WDQWD PDHVWUtD TXH HVFXFKDUORV KDFHYLEUDUODVILEUDVPiVtQWLPDV 2WURV VH VLHQWHQ DWUDtGRV SRU ORV GHVDItRV TXH SODQWHDQ ODV RSHUDFLRQHV PDWHPiWLFDV $OJXQRV SRVHHQ XQD FRPSUHQVLyQ HVSHFLDO GHO PXQGR QDWXUDO $ RWURV OHV HQFDQWD HVFULELU \ \D FRQRFHQ OD HPRFLyQ GH YHU VXV SURSLRV FXHQWRV \ SRHPDV LPSUHVRV 8QRV FXDQWRVVHUiQOtGHUHVQDWXUDOHVTXHSURSRUFLRQDQPRGHORVSRVLWLYRVGHURO\FRQVWLWX\HQXQDJXtDFRQILDEOHSDUDVXVFRPSDxHURV <DOJXQRVGHHOORVSRGUtDQSRVHHUXQDDJXGDSHUFHSFLyQUHVSHFWRGHVXSHUVRQD\GHVXUROFRPRLQGLYLGXRVORTXHORVOOHYDD ILMDUVHPHWDVLPSRUWDQWHVHQODYLGD(QWUHWRGRVHVWRVJUXSRVGHDOXPQRV¢TXLHQHVVHUtDQORVPiVLQWHOLJHQWHV"5HVXOWDLPSRVLEOH UHVSRQGHU D HVWD SUHJXQWD GHELGR D TXH FDGD XQR GH ORV HMHPSORV UHSUHVHQWD D DOXPQRV TXH KDQ GHVDUUROODGR GLIHUHQWHV LQWHOLJHQFLDV&DGDDOXPQRHV~QLFR\WRGRVDVXPDQHUDLQGLYLGXDOEULQGDQFRQWULEXFLRQHVYDOLRVDVDODFXOWXUDKXPDQD 'HILQLFLyQGHLQWHOLJHQFLDKXPDQD

(O'U+RZDUG*DUGQHU&R'LUHFWRUGHO3UR\HFWR&HUR\3URIHVRUGH&LHQFLDVGHOD(GXFDFLyQHQOD8QLYHUVLGDGGH+DUYDUGKD OOHYDGR D FDER LQYHVWLJDFLRQHV DFHUFD GHO GHVDUUROOR GH OD FDSDFLGDG FRJQLWLYD KXPDQD GXUDQWH PXFKRV DxRV 'LFKDV LQYHVWLJDFLRQHV OR KDQ DSDUWDGR GH ODV WHRUtDV WUDGLFLRQDOHV UHVSHFWR GH OD LQWHOLJHQFLD KXPDQD TXH VH EDVDQ HQ GRV VXSXHVWRV IXQGDPHQWDOHVTXHODFRJQLFLyQKXPDQDHVXQLWDULD\TXHHVSRVLEOHGHVFULELUDGHFXDGDPHQWHDORVLQGLYLGXRVFRPRSRVHHGRUHV GHXQDLQWHOLJHQFLD~QLFD\FXDQWLILFDEOH(QVXHVWXGLRUHIHULGRDODFDSDFLGDGKXPDQD*DUGQHUHVWDEOHFLyFULWHULRVTXHSHUPLWHQ PHGLU VL XQ WDOHQWR FRQVWLWX\H GH KHFKR XQD LQWHOLJHQFLD &DGD LQWHOLJHQFLD GHEH SRVHHU XQD FDUDFWHUtVWLFD HYROXWLYD GHEH VHU REVHUYDEOH HQ JUXSRV HVSHFLDOHV GH OD SREODFLyQ WDOHV FRPR SURGLJLRV R WRQWRV VDELRV GHEH SURSRUFLRQDUDOJXQDHYLGHQFLDGH ORFDOL]DFLyQHQHOFHUHEUR\GLVSRQHUGHXQVLVWHPDVLPEyOLFRRUHSUHVHQWDWLYR 6L ELHQ OD PD\RUtD GH ODV SHUVRQDV FXHQWD FRQ OD WRWDOLGDG GHO HVSHFWUR GH LQWHOLJHQFLDV FDGD LQGLYLGXR UHYHOD FDUDFWHUtVWLFDV FRJQLWLYDV SDUWLFXODUHV 7RGRV SRVHHPRV GLYHUVRV JUDGRV GH ODV RFKR LQWHOLJHQFLDV \ ODV FRPELQDPRV \ XWLOL]DPRV GH PDQHUD SURIXQGDPHQWH SHUVRQDO &XDQGR ORV SURJUDPDV GH HQVHxDQ]D VH OLPLWDQ D FRQFHQWUDUVH HQ HO SUHGRPLQLR GH ODV LQWHOLJHQFLDV OLQJtVWLFD\PDWHPiWLFDVHPLQLPL]DODLPSRUWDQFLDGHRWUDVIRUPDVGHFRQRFLPLHQWR(VSRUHOORTXHPXFKRVDOXPQRVQRORJUDQ GHPRVWUDU GRPLQLR GH ODV LQWHOLJHQFLDV DFDGpPLFDV WUDGLFLRQDOHV UHFLEHQ HVFDVR UHFRQRFLPLHQWR SRU VXV HVIXHU]RV \ VX FRQWULEXFLyQDOiPELWRHVFRODU\VRFLDOHQJHQHUDOVHGLOX\H

/DVLQYHVWLJDFLRQHVGH*DUGQHUUHYHODURQQRVyORXQDIDPLOLDGHLQWHOLJHQFLDVKXPDQDVPXFKRPiVDPSOLDGHORTXHVHVXSRQtD VLQRTXHJHQHUDURQXQDGHILQLFLyQSUDJPiWLFDUHQRYDGDVREUHHOFRQFHSWRGHLQWHOLJHQFLD (QOXJDUGHFRQVLGHUDUODVXSHULRULGDG KXPDQDHQWpUPLQRVGHSXQWXDFLyQHQXQDHVFDODHVWDQGDUL]DGD*DUGQHUGHILQHODLQWHOLJHQFLDFRPR ‡/DFDSDFLGDGSDUDUHVROYHUSUREOHPDVFRWLGLDQRV

‡/DFDSDFLGDGSDUDJHQHUDUQXHYRVSUREOHPDVSDUDUHVROYHU

‡ /DFDSDFLGDGGHFUHDUSURGXFWRVXRIUHFHUVHUYLFLRVYDOLRVRVGHQWURGHOSURSLRiPELWRFXOWXUDO

/DGHILQLFLyQGHLQWHOLJHQFLDKXPDQDIRUPXODGDSRU*DUGQHUGHVWDFDODQDWXUDOH]DPXOWLFXOWXUDOGHVXWHRUtD

'HVFULSFLyQGHODVRFKRLQWHOLJHQFLDV

(Q VX OLEUR )UDPHV RI 0LQG SXEOLFDGR HQ  *DUGQHU SUHVHQWy VX WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV TXH GHVWDFD VX SHUVSHFWLYD PXOWLFXOWXUDO UHVSHFWR GH OD FRJQLFLyQ KXPDQD /DV LQWHOLJHQFLDV VRQ OHQJXDMHV TXH KDEODQ WRGDV ODV SHUVRQDV \ VH HQFXHQWUDQ LQIOXHQFLDGDV HQ SDUWH SRU OD FXOWXUD D OD TXH FDGD XQD SHUWHQHFH &RQVWLWX\HQ KHUUDPLHQWDV TXH WRGRV ORV VHUHV KXPDQRVSXHGHQXWLOL]DUSDUDDSUHQGHUSDUDUHVROYHUSUREOHPDV\SDUDFUHDU$FRQWLQXDFLyQSUHVHQWDPRVXQDEUHYHGHVFULSFLyQ GHODVRFKRLQWHOLJHQFLDVHQXQFLDGDVSRU*DUGQHU

‡ /D LQWHOLJHQFLD OLQJtVWLFD FRQVLVWH HQ OD FDSDFLGDG GH SHQVDU HQ SDODEUDV \ GH XWLOL]DU HO OHQJXDMH SDUD H[SUHVDU \ DSUHFLDU VLJQLILFDGRV FRPSOHMRV /RV HVFULWRUHV ORV SRHWDV ORV SHULRGLVWDV ORV RUDGRUHV \ ORV ORFXWRUHV SUHVHQWDQ DOWRV QLYHOHV GH LQWHOLJHQFLDOLQJtVWLFD 


‡ /D LQWHOLJHQFLD OyJLFRPDWHPiWLFD SHUPLWH FDOFXODU PHGLU HYDOXDU SURSRVLFLRQHV H KLSyWHVLV \ HIHFWXDU RSHUDFLRQHV PDWHPiWLFDV FRPSOHMDV /RV FLHQWtILFRV ORV PDWHPiWLFRV ORV FRQWDGRUHV ORV LQJHQLHURV \ ORV DQDOLVWDV GH VLVWHPDV SRVHHQ XQ SURIXQGRPDQHMRGHODLQWHOLJHQFLDOyJLFRPDWHPiWLFD ‡ /D LQWHOLJHQFLD HVSDFLDOSURSRUFLRQD OD FDSDFLGDG GH SHQVDU HQ WUHV GLPHQVLRQHV FRPR OR KDFHQ ORV PDULQRV ORV SLORWRV ORV HVFXOWRUHV ORV SLQWRUHV \ ORV DUTXLWHFWRV3HUPLWHDOLQGLYLGXRSHUFLELULPiJHQHVH[WHUQDVHLQWHUQDVUHFUHDUODVWUDQVIRUPDUODVR PRGLILFDUODVUHFRUUHUHOHVSDFLRRKDFHUTXHORVREMHWRVORUHFRUUDQ\SURGXFLURGHFRGLILFDULQIRUPDFLyQJUiILFD

‡/DLQWHOLJHQFLDFRUSRUDOFLQHVWpVLFDSHUPLWHDOLQGLYLGXRPDQLSXODUREMHWRV\SHUIHFFLRQDUODVKDELOLGDGHVItVLFDV6HPDQLILHVWD HQORVDWOHWDVORVEDLODULQHVORVFLUXMDQRV\ORVDUWHVDQRV(QODVRFLHGDGRFFLGHQWDOODVKDELOLGDGHVItVLFDVQRFXHQWDQFRQWDQWR UHFRQRFLPLHQWR FRPR ODV FRJQLWLYDV DXQ FXDQGR HQ RWURV iPELWRV OD FDSDFLGDG GH DSURYHFKDU ODV SRVLELOLGDGHV GHO FXHUSR FRQVWLWX\H XQD QHFHVLGDG GH VXSHUYLYHQFLD DVt FRPR WDPELpQ XQD FRQGLFLyQ LPSRUWDQWH SDUD HO GHVHPSHxR GH PXFKRV UROHV SUHVWLJLRVRV ‡/DLQWHOLJHQFLDPXVLFDOUHVXOWDHYLGHQWHHQORVLQGLYLGXRVVHQVLEOHVDODPHORGtDDOULWPRDOWRQR\DODDUPRQtD(QWUHHOORVVH LQFOX\HQ ORV FRPSRVLWRUHV ORV GLUHFWRUHV GH RUTXHVWD ORV P~VLFRV ORV FUtWLFRV PXVLFDOHV ORV IDEULFDQWHV GH LQVWUXPHQWRV PXVLFDOHV\WDPELpQORVR\HQWHVVHQVLEOHV ‡/DLQWHOLJHQFLDLQWHUSHUVRQDOHVODFDSDFLGDGGHFRPSUHQGHUDORVGHPiVHLQWHUDFWXDUHILFD]PHQWHFRQHOORV5HVXOWDHYLGHQWH HQ ORV GRFHQWHV H[LWRVRV HQ ORV WUDEDMDGRUHV VRFLDOHV HQ ORV DFWRUHV R HQ ORV SROtWLFRV $ PHGLGD TXH OD FXOWXUD RFFLGHQWDO KD FRPHQ]DGR D UHFRQRFHU OD UHODFLyQ TXH H[LVWH HQWUH OD PHQWH \ HO FXHUSR WDPELpQ KD FRPHQ]DGR D YDORUDU OD LPSRUWDQFLD GH DOFDQ]DUODH[FHOHQFLDHQHOPDQHMRGHODFRQGXFWDLQWHUSHUVRQDO

‡ /D LQWHOLJHQFLD LQWUDSHUVRQDO VH UHILHUH D OD FDSDFLGDG GH XQD SHUVRQD SDUD FRQVWUXLU XQD SHUFHSFLyQ SUHFLVD UHVSHFWR GH Vt PLVPD\GHXWLOL]DUGLFKRFRQRFLPLHQWRSDUDRUJDQL]DU\GLULJLUODSURSLDYLGD$OJXQRVLQGLYLGXRVFRQXQDSURIXQGDLQWHOLJHQFLD LQWUDSHUVRQDOVHHVSHFLDOL]DQFRPRWHyORJRVSVLFyORJRV\ILOyVRIRV

‡/DLQWHOLJHQFLDQDWXUDOLVWDFRQVLVWHHQREVHUYDUORVPRGHORVGHODQDWXUDOH]DHQLGHQWLILFDU\FODVLILFDUREMHWRV\HQFRPSUHQGHU ORV VLVWHPDV QDWXUDOHV \ DTXHOORV FUHDGRV SRU HO KRPEUH /RV JUDQMHURV ORV ERWiQLFRV ORV FD]DGRUHV ORV HFRORJLVWDV \ ORV SDLVDMLVWDVVHFXHQWDQHQWUHORVQDWXUDOLVWDVH[LPLRV

*DUGQHU WLHQH HVSHFLDO FXLGDGR HQ VHxDODU TXH OD LQWHOLJHQFLD QR GHEH OLPLWDUVH D DTXHOODV TXH pO KD LGHQWLILFDGR 1R REVWDQWH FRQVLGHUD TXH ODV RFKR SURSRUFLRQDQ XQ SDQRUDPD PXFKR PiV SUHFLVR GH OD FDSDFLGDG KXPDQD GHO TXH SURSRQHQ ODV WHRUtDV XQLWDULDV SUHYLDV $ GLIHUHQFLD GHO HVWUHFKR UDQJR GH KDELOLGDGHV TXH PLGHQ ORV WHVWV HVWDQGDUL]DGRV GH &, OD WHRUtD GH *DUGQHU H[SDQGH OD LPDJHQ GH OR TXH VLJQLILFD VHU KXPDQR $GYLHUWH WDPELpQ TXH FDGDLQWHOLJHQFLDFRQWLHQHGLYHUVDVVXELQWHOLJHQFLDV 3RUHMHPSORH[LVWHQVXELQWHOLJHQFLDVGHQWURGHOGRPLQLRGHODP~VLFDTXHLQFOX\HQODHMHFXFLyQHOFDQWRODHVFULWXUDPXVLFDOOD GLUHFFLyQRUTXHVWDOODFUtWLFD\ODDSUHFLDFLyQPXVLFDO &DGDXQDGHODVRWUDVVLHWHLQWHOLJHQFLDVWDPELpQFRPSUHQGHQXPHURVRVFRPSRQHQWHV

2WUR DVSHFWR GH ODV LQWHOLJHQFLDV P~OWLSOHV FRQVLVWH HQ TXH VH ODV SXHGHFRQFHSWXDOL]DUHQWUHVFDWHJRUtDVDPSOLDV&XDWURGHODV RFKRLQWHOLJHQFLDVHVSDFLDOOyJLFRPDWHPiWLFDFRUSRUDOFLQHVWpVLFD\QDWXUDOLVWDVHFRQVLGHUDQIRUPDVGHLQWHOLJHQFLDREMHWLYDV  UHODFLRQDGDV FRQ HO REMHWR (VWDV FDSDFLGDGHV VH HQFXHQWUDQ FRQWURODGDV \ FRQIRUPDGDV SRU ORV REMHWRV FRQ ORV TXH ORV LQGLYLGXRVLQWHUDFW~DQHQVXHQWRUQR3RU HOFRQWUDULRODVLQWHOLJHQFLDVDEVWUDFWDVYHUEDOOLQJtVWLFD\PXVLFDOQRGHSHQGHQGHO PXQGR ItVLFR VLQR GH ORV VLVWHPDV OLQJtVWLFRV \ PXVLFDOHV /D WHUFHUD FDWHJRUtD FRQVLVWH HQ LQWHOLJHQFLDV UHODFLRQDGDV FRQ OD SHUVRQDHQODTXHODVLQWHOLJHQFLDVLQWHUHLQWUDSHUVRQDOUHIOHMDQXQSRGHURVRMXHJRGHHTXLOLEULRV &DGDLQWHOLJHQFLDSDUHFHWHQHUVXSURSLDVHFXHQFLDHYROXWLYDTXHHPHUJH\DOFDQ]DVXSXQWRFXOPLQDQWHHQGLIHUHQWHVHWDSDVGHOD YLGD/DLQWHOLJHQFLDPXVLFDOHVODIRUPDPiVWHPSUDQDHQTXHVHPDQLILHVWDHOWDOHQWRKXPDQRODVUD]RQHVGHTXHHOORRFXUUDVRQ XQPLVWHULR*DUGQHUVXJLHUHTXHXQGHVHPSHxRPXVLFDOVREUHVDOLHQWHGXUDQWHODLQIDQFLDSXHGHHVWDUFRQGLFLRQDGRSRUHOKHFKR GHTXHHVWDLQWHOLJHQFLDQRHVFRQWLQJHQWHFRQODDFXPXODFLyQGHH[SHULHQFLDGHYLGD3RURWUDSDUWHODVLQWHOLJHQFLDVSHUVRQDOHV UHTXLHUHQXQDOWRJUDGRGHLQWHUDFFLyQ\IHHGEDFN SRUSDUWHGHORVGHPiVDQWHVGHDOFDQ]DUVXSOHQRGHVDUUROOR *DUGQHUFRQVLGHUDTXHODVRFKRLQWHOLJHQFLDVFDUHFHQGHYDORULQWUtQVHFRGHELGRDTXHFDGDXQDGHHOODVSXHGHSRQHUVHDOVHUYLFLR GH EXHQRV R PDORV SURSyVLWRV 7DQWR *RHEEHOV FRPR *DQGKL SRVHtDQ SURIXQGD LQWHOLJHQFLD LQWHUSHUVRQDO SHUR OD DSOLFDURQ GH PDQHUDV GLDPHWUDOPHQWH RSXHVWDV /D IRUPD HQ TXH XQ LQGLYLGXR VH PXHYH GHQWUR GH OD VRFLHGDG XWLOL]DQGR VX LQWHOLJHQFLD FRQVWLWX\HXQDFXHVWLyQPRUDOGHIXQGDPHQWDOLPSRUWDQFLD 5HVXOWDHYLGHQWHTXHODFUHDWLYLGDGSXHGHH[SUHVDUVHSRUPHGLRGHWRGDVODVLQWHOLJHQFLDV6LQHPEDUJR*DUGQHUDGYLHUWHTXHOD PD\RUtD GH ODV SHUVRQDV VRQ FUHDWLYDV GHQWUR GH XQ GHWHUPLQDGR FDPSR 3RU HMHPSOR VL ELHQ (LQVWHLQ HUD WDOHQWRVR HQ HO iUHD PDWHPiWLFD \ FLHQWtILFD QR SUHVHQWDED XQ JUDGR VLPLODU GHJHQLDOLGDGOLQJtVWLFDFLQHVWpVLFDRLQWHUSHUVRQDO/DPD\RUSDUWHGH ORVLQGLYLGXRVVXHOHGHVWDFDUVHHQXQDRGRVLQWHOLJHQFLDV




(VWH OLEUR SURSRQH IRUPDV GH FUHDU VLVWHPDV HGXFDWLYRV DELHUWRV TXH SHUPLWDQ HO GHVDUUROOR SOHQR GHO PiV DELHUWR GH WRGRV ORV VLVWHPDVODPHQWHKXPDQD1RWRGDVODVSHUVRQDVOOHJDUiQDFRQYHUWLUVHHQJUDQGHVDUWLVWDVP~VLFRVRHVFULWRUHVSHURFDGDYLGD KXPDQD VH HQULTXHFHUi FRQ HO GHVDUUROOR GH ODV GLIHUHQWHV FODVHV GH LQWHOLJHQFLD HQ OD PD\RU PHGLGD SRVLEOH &XDQGR ORV LQGLYLGXRVFXHQWHQFRQRSRUWXQLGDGHVSDUDDSUHQGHUXWLOL]DQGRVXVFDSDFLGDGHVVHPDQLIHVWDUiQFDPELRVLQHVSHUDGRV\SRVLWLYRV HQORVQLYHOHVFRJQLWLYRHPRFLRQDOVRFLDOHLQFOXVRItVLFR

$FHUFDGHORVDXWRUHV

/RV DXWRUHV GH HVWH OLEUR KDQ FRPSDUWLGR FRQ ORV GRFHQWHV IDQWiVWLFRV GHVFXEULPLHQWRV UHODFLRQDGRV FRQ ODV H[SHULHQFLDV GH DSUHQGL]DMHGHORVDOXPQRVFXDQGRODVHVWUDWHJLDVGLGiFWLFDVLQFRUSRUDEDQODVRFKRLQWHOLJHQFLDV(OORVPLVPRVKDQVLGRGRFHQWHV GHDXODHQWRGRVORVQLYHOHVHGXFDWLYRV0XFKDVGHVXVH[SHULHQFLDVGHWUDEDMRVHHQWUHOD]DQFRQHOWH[WRDPDQHUDGHHMHPSORGH OR TXH SXHGH RFXUULU FXDQGR VH H[SDQGH HO UHSHUWRULR GH HVWUDWHJLDV GH HQVHxDQ]D \ VH LQFUHPHQWDQ ODV RSRUWXQLGDGHV GH DSUHQGL]DMH GH GLIHUHQWHV PDQHUDV &XDQGR ORV DOXPQRV SRQHQ HQ DFFLyQ VXV FDSDFLGDGHV SXHGHQ DFFHGHU D QXHYDV IRUPDV GH DSUHQGL]DMH\FUHFLPLHQWR

&XDQGR VH GHVHPSHxDED SURIHVLRQDOPHQWH HQ HVFXHODV S~EOLFDV /LQGD &DPSEHOO IXH HOHJLGD GRFHQWH GHO DxR HQ WUHV RSRUWXQLGDGHV +D DSOLFDGR OR TXH DSUHQGLy GXUDQWH VXV QXPHURVRV DxRV GH HQVHxDQ]D HQ ORV QLYHOHV GH HGXFDFLyQ EiVLFD \ SROLPRGDO D XQ QXHYR PRGHOR GH SURJUDPD GH FDSDFLWDFLyQ GRFHQWH TXH GLVHxy SDUD OD $QWLRFK 8QLYHUVLW\ 6HDWWOH (Q HVWH SURJUDPDGHJUDGRORVDGXOWRVTXHFXUVDQODFDUUHUDGRFHQWHSDUDORVQLYHOHVGHHGXFDFLyQEiVLFD\SROLPRGDODSUHQGHQDDSOLFDU ODV RFKR LQWHOLJHQFLDV HQ FDGD XQD GH ODV FODVHV TXH GLFWDQ (VWRV IXWXURV HGXFDGRUHV DGTXLHUHQ QR VyOR HVWUDWHJLDV SDUD OD SODQLILFDFLyQ\HYDOXDFLyQTXHLQFOX\HQODVRFKRLQWHOLJHQFLDVVLQRWDPELpQPRGHORVLQWHUGLVFLSOLQDULRVEDVDGRVHQSUR\HFWRVSDUD HOGHVDUUROORFXUULFXODU\IRUPDVGH UHFRQRFHUODVGLYHUVDVLQWHOLJHQFLDVHQORVDOXPQRVFRQTXLHQHVWUDEDMDQ

&RQHOREMHWRGHFRPSUHQGHUODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVVREUHXQDEDVHWDQWRSHUVRQDOFRPRWHyULFDORVDOXPQRVGH /LQGD GHEHQ LGHQWLILFDU ODV LQWHOLJHQFLDV TXH HPSOHDQHQFDGDPRPHQWR\DTXHOODVTXHSUHVHQWDQXQPHQRUJUDGRGHGHVDUUROOR FRPRUHTXLVLWRSDUDJUDGXDUVH(QFRQVHFXHQFLDFDGDXQRGLVHxDXQSODQSHUVRQDOSDUDGHVDUUROODUGHVWUH]DVHQXQDLQWHOLJHQFLD TXHXWLOL]DHVFDVDPHQWH'HQWURGHXQSOD]RGHGLH]PHVHVHOIXWXURGRFHQWHHVWLPXODHOSRWHQFLDOGHXQiUHDODWHQWH3DUDHOOR WRPDFODVHVGHP~VLFDRFDQWRDGRSWDSURJUDPDVGHHMHUFLFLRItVLFR\GLHWDOOHYDXQGLDULRSHUVRQDOWUDEDMDFRPRYROXQWDULRHQ LQVWLWXFLRQHVGHODFRPXQLGDGDSUHQGHXQLGLRPDH[WUDQMHURGLVHxDSURJUDPDVGHFRPSXWDFLyQRWRPDFODVHVGHDUWH8QRGHORV REMHWLYRV GH HVWD H[SORUDFLyQ SHUVRQDO GH ODV LQWHOLJHQFLDV P~OWLSOHV FRQVLVWH HQ DSUHQGHU FRPR GRFHQWH OR TXH VLHQWH XQ QLxR FXDQGR GHVDUUROOD QXHYDV KDELOLGDGHV $GHPiV D PHGLGD TXH ORV IXWXURV HGXFDGRUHV DXPHQWDQ VX FRPSHWHQFLD HQ XQ PD\RU Q~PHUR GH LQWHOLJHQFLDV VH YXHOYHQ H[SHUWRV HQ XQD VHULH GH VLVWHPDV VLPEyOLFRV \ FXHQWDQ FRQ XQD PD\RU FDSDFLWDFLyQ SDUD FRPXQLFDUVH FRQ ORV GLVWLQWRV DOXPQRV FRQ TXLHQHV VH UHODFLRQDQ (VWRV HVWXGLDQWHV GH SURIHVRUDGR DGYLUWLHURQ WDPELpQ TXH QR VyOR HVWDEDQ HQ FRQGLFLRQHV GH YDORUDU VXV QXHYDV KDELOLGDGHV VLQR TXH WDPELpQVHPDQLIHVWyHQHOORVHOGHVHRGHDERUGDURWUDV iUHDVFRQHOREMHWRGHDOFDQ]DUORTXHKDGDGRHQOODPDUVHLGHDOUHQDFHQWLVWD 'HH'LFNLQVRQMHIDGHGHSDUWDPHQWRGH/HQJXDGLFWyXQFXUVRJHQHUDOGHOLWHUDWXUDLQJOHVDGXUDQWHPXFKRVDxRV&RQHOREMHWR GH FUHDU XQ FRQWH[WR HQULTXHFHGRU SDUD OD FRPSUHQVLyQ GH OD OLWHUDWXUD GH FDGD SHUtRGR GLVHxy XQ HQWRUQR GH DSUHQGL]DMH TXH LQFOXtD WRGDV ODV LQWHOLJHQFLDV &XDQGR ORV DOXPQRV HQWUDEDQ HQ HO DXOD FDGD GtD VH HVFXFKDED P~VLFD GHO SHUtRGR TXH HVWDEDQ HVWXGLDQGR\VHH[KLEtDQGLDSRVLWLYDVGHJUDQGHVREUDVGHDUWHGHODpSRFD(OSHQVDPLHQWRSROtWLFR\ILORVyILFRWDPELpQIRUPDED SDUWHGHOGHEDWHGHFODVHMXQWRFRQHODQiOLVLVGHORVKHFKRVKLVWyULFRVPiVLPSRUWDQWHV

3DUDHOHVWXGLRGHFDGDSHUtRGROLWHUDULRVHLQYLWDEDDODFODVHDOMHIHGHOGHSDUWDPHQWRGH&LHQFLDVSDUDH[SOLFDUFXiOHUDHOQLYHO GHFRQRFLPLHQWRVFRQTXHVHFRQWDEDHQDTXHOODpSRFDDFHUFDGHOFXHUSRKXPDQRGHOPXQGRItVLFR\GHOVLVWHPDVRODUDVtFRPR WDPELpQORVPpWRGRVTXHVHXWLOL]DEDQSDUDUHDOL]DUGHVFXEULPLHQWRVFLHQWtILFRV(OMHIHGHOGHSDUWDPHQWRGH0DWHPiWLFDH[SOLFDED ODVWHRUtDVPDWHPiWLFDVGHODpSRFD\SURSRUFLRQDEDDORVDOXPQRVVLWXDFLRQHVSUREOHPiWLFDVTXHGHEtDQUHVROYHUSRUPHGLRGHORV PpWRGRVXWLOL]DGRVHQHVHPRPHQWRKLVWyULFRSDUWLFXODU /RV DOXPQRV OHtDQ D SULPHUD YLVWD \ HQWRQDEDQ FDQWRV JUHJRULDQRV \ PDGULJDOHV LQJOHVHV (VFULEtDQ QDUUDFLRQHV GH DYHQWXUDV DO HVWLORGH%HRZXOI\&KDXFHU6HWUDQVIRUPDEDQHQ6DPXHO3HS\V\HVFULEtDQXQGLDULRGHVXSURSLDpSRFDRFRPRSHULRGLVWDV\ HQWUHYLVWDEDQDDOJ~QFRPSDxHURTXHDVXPtDHOSDSHOGH7KRUHDX7DPELpQGUDPDWL]DEDQD:LOOLDP:RUGVZRUWKFXDQGRHVFULEtD SRHVtDHQODUHJLyQGHORVODJRVGH,QJODWHUUD\HVFULEtDQSRHPDVDODPDQHUDGH5REHUW)URVW$ILQGHOOHYDUDFDERHVWDVWDUHDV ORVDOXPQRVOH\HURQPXFKRPiVPDWHULDOGHILFFLyQFRQPD\RUSURIXQGLGDG\PD\RUPRWLYDFLyQGHORTXHSRGUtDQKDEHUKHFKR HQFXDOTXLHURWUDVLWXDFLyQ<DXQTXHKDQWUDQVFXUULGRPXFKRVDxRVHVWRVH[DOXPQRVTXHDKRUD\DVRQDGXOWRVVLJXHQUHFRUGDQGR HQGHWDOOH\FRQJUDQHQWXVLDVPRWRGRORTXHDSUHQGLHURQ (O p[LWR GH H[SHULHQFLDV FRPR OD TXH PHQFLRQDPRV OOHYDURQ D 'HH D IXQGDU HQ  1HZ +RUL]RQV IRU /HDUQLQJ 1XHYRV KRUL]RQWHV SDUD HO DSUHQGL]DMH  XQD UHG HGXFDWLYD LQWHUQDFLRQDO GHGLFDGD D HVWLPXODU ORV ORJURV GH DSUHQGL]DMH GH WRGRV ORV DOXPQRV (Q  OD UHG VH FRQFHQWUy HQ OD LPSOHPHQWDFLyQ GH OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV GH *DUGQHU 6H KDQ GHVDUUROODGR QXPHURVRV HQFXHQWURV GH 1HZ +RUL]RQV IRU /HDUQLQJ HQ WRUQR GH HVWD WHRUtD ODV SXEOLFDFLRQHV KDQ SUHVHQWDGR HMHPSORVDFHUFDGHODPDQHUDHQTXHVHLPSOHPHQWD\ODQXHYDUHGHOHFWUyQLFD1+)/RIUHFHGHEDWHVSHUPDQHQWHVFHQWUDGRVHQODV DSOLFDFLRQHVGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVHQHODXOD/DGLUHFFLyQGHHPDLOHVKWWSZZZQHZKRUL]RQVRUJ 


%UXFH &DPSEHOO KD DSOLFDGR OD WHRUtD GH *DUGQHU HQ VX DXOD FRQMXQWD GH WHUFHURFXDUWRTXLQWR DxR GH HGXFDFLyQ JHQHUDO EiVLFD GXUDQWHVHLVDxRV(VWHPRGHORGLGiFWLFRDOSULQFLSLRFRPSUHQGLyVLHWHFHQWURVGHDSUHQGL]DMH\OXHJRRFKRFDGDXQRGHGLFDGRD XQD GH ODV LQWHOLJHQFLDV /RV DOXPQRV SDVDEDQ DSUR[LPDGDPHQWH GRV WHUFLRV GH OD MRUQDGD HVFRODU URWDQGR HQWUH ORV FHQWURV /D PDxDQDFRPHQ]DEDFRQXQDEUHYHFODVHH[SRVLWLYD\XQGHEDWHDFHUFDGHOWHPDTXHVHHVWDEDGHVDUUROODQGRHQHODXOD/XHJRORV DOXPQRV VH GLYLGtDQ HQ JUXSRV SDUD FRPHQ]DU HO WUDEDMR HQ FDGD FHQWUR \ SDVDEDQ DOUHGHGRU GH  PLQXWRV HQ FDGD XQR GH ORV VLWLRV 'XUDQWH HO ~OWLPR WHUFLR GH OD MRUQDGD ORV DOXPQRV WUDEDMDEDQ HQ SUR\HFWRV LQGHSHQGLHQWHV GH VX SURSLD HOHFFLyQ \ FRPSDUWtDQVXWUDEDMRFRQORVFRPSDxHURV

8QDYH]PiVODDSOLFDFLyQGHODVLGHDVGH*DUGQHUTXH%UXFHOOHYDEDDFDERFRQVXVDOXPQRVGLRSRUUHVXOWDGRQRVyORPHMRUHV UHVXOWDGRVHQODVSUXHEDVGHHYDOXDFLyQVLQRWDPELpQXQHQULTXHFLPLHQWRHQRWUDViUHDVGHODYLGDGHORVQLxRV(QXQSUR\HFWRGH LQYHVWLJDFLyQTXH%UXFHGHVDUUROOyGXUDQWHXQDxRHQWHURVHGRFXPHQWDURQORVQXPHURVRVHIHFWRVGHHVWHPRGHORFXUULFXODUORV DOXPQRV GHVFXEULHURQ GLYHUVDV iUHDV GH FDSDFLGDG \ DSOLFDURQ QXPHURVDV LQWHOLJHQFLDV DO WUDEDMR HQ HO DXOD $GHPiV VH PLQLPL]DURQ ORV SUREOHPDV GH FRQGXFWD DXPHQWy OD DXWRHVWLPD VH GHVDUUROODURQ KDELOLGDGHV GH FRRSHUDFLyQ \ OLGHUD]JR \ SRU VREUHWRGRDXPHQWyHODPRUGHORVQLxRVSRUHODSUHQGL]DMH

$ SULQFLSLRV GHO DxR HVFRODU FXDQGR ORV DOXPQRV FRPHQ]DURQ D WUDEDMDU HQ ORV RFKR FHQWURV PXFKRV GH HOORV H[SUHVDURQ VX GLVFRQIRUPLGDG $ PHGLDGRV GH DxR VLQ HPEDUJR WRGRV ORV DOXPQRV UHDOL]DURQ SUHVHQWDFLRQHV PXOWLPRGDOHV GH VXV SUR\HFWRV LQGHSHQGLHQWHV SRU PHGLR GHO FDQWR GH OD DFWXDFLyQ GH FRQVWUXFFLRQHV GH OD LQWHUDFFLyQ FRQ HO S~EOLFR GHO GLVHxR GH WDEODV \ GLDJUDPDV\GHODUHIOH[LyQDFHUFDGHVXVSURSLDVH[SHULHQFLDVGHDSUHQGL]DMH$GHPiVHOGRFHQWHGHVFXEULyTXHOXHJRGHWUDEDMDU HQ IRUPD PXOWLPRGDO GXUDQWH VHLV DxRV VX SURSLD FDSDFLGDG SDUD SHQVDU \ SODQLILFDU HQ ODV LQWHOLJHQFLDV P~OWLSOHV VH KDEtD GHVDUUROODGR VXVWDQFLDOPHQWH &RPR UHVXOWDGR GHO p[LWR GH HVWH PRGHOR HQHODXODVHKDQLPSOHPHQWDGRSURJUDPDVVLPLODUHVHQ QXPHURVDV DXODV \ GLVWULWRV HVFRODUHV GH ORV ((88 +DFH SRFR WLHPSR &DPSEHOO IXH VHOHFFLRQDGR SDUD GHVHPSHxDUVH FRPR 'RFHQWH HQ $xR 6DEiWLFR HQ OD 8QLYHUVLGDG GH :HVWHUQ :DVKLQJWRQ GRQGH GLFWy FODVHV D ORV DOXPQRV GH &LHQFLDV GH OD (GXFDFLyQ DFHUFD GH OR TXH KDEtD DSUHQGLGR HQ VX SURJUDPD SLORWR (Q OD DFWXDOLGDG %UXFH WUDEDMD FRPR HVSHFLDOLVWD HQ DSUHQGL]DMH\UHHVWUXFWXUDFLyQHQVXGLVWULWRHVFRODU\FRODERUDFRQORVGRFHQWHVSDUDH[SDQGLUODVRSRUWXQLGDGHVGHDSUHQGL]DMHGH WRGRVORVDOXPQRV

,QYHQWDULRSHUVRQDO

$QWHVGHDQDOL]DUODVHVWUDWHJLDVSURSXHVWDVHQHVWHOLEURUHVXOWDUi~WLOTXHHOOHFWRUDXWRHYDO~HHOXVRSHUVRQDO\SURIHVLRQDOTXH UHDOL]DHQODDFWXDOLGDGGHFDGDXQDGHODVRFKRLQWHOLJHQFLDV7RGRHOPXQGRUHFXUUHDXQDRPiVLQWHOLJHQFLDVSDUDGHVDUUROODUVX YLGDGLDULDVDWLVIDFWRULDPHQWH(VSUREDEOHTXHH[LVWDQIDFWRUHVKHUHGLWDULRVDPELHQWDOHV\FXOWXUDOHVTXHLQIOX\DQHQODHOHFFLyQ GH ODV LQWHOLJHQFLDV (Q QXHVWUD YLGD SURIHVLRQDO FRPR HGXFDGRUHV WDPELpQ UHFXUULPRV D XQD R PiV LQWHOLJHQFLDV SDUD DSOLFDU HQIRTXHV GLGiFWLFRV 7DOHV HOHFFLRQHV SXHGHQ HVWDU GHWHUPLQDGDV SRU QXHVWUDV SUHIHUHQFLDV LQGLYLGXDOHV SRU QXHVWUD IRUPDFLyQ GRFHQWH\SRUODVQRUPDVFXOWXUDOHVGHQXHVWUDVHVFXHODV (O LQYHQWDULR TXH DSDUHFH D FRQWLQXDFLyQ SHUPLWH DO OHFWRU LGHQWLILFDU WDQWR VXV FDSDFLGDGHV FRPR DTXHOODV LQWHOLJHQFLDV TXH UDUDPHQWH XWLOL]D (VSHUDPRV TXH OD HYDOXDFLyQ OH VLUYD GH JXtD SDUD GHVFXEULU iUHDV GH LQWHOLJHQFLD TXH SRGUtD GHVDUUROODU HQ PD\RU PHGLGD (O FXDGUR LQFOX\H ODV RFKR LQWHOLJHQFLDV \ FHOGDV SDUD HYDOXDU VX QLYHO DFWXDO GH XVR SHUVRQDO \ SURIHVLRQDO 6H DVLJQDUi XQD SXQWXDFLyQ GH  D WRGD LQWHOLJHQFLD TXH VH XWLOLFH FRQ IUHFXHQFLD XQ  D ODV GH XVR HVSRUiGLFR XQ  D ODV GH XVR LQIUHFXHQWH \ XQ  D ODVTXHQXQFDVHXWLOLFHQ(QFRQVHFXHQFLDHOWRWDOSDUDFDGDLQWHOLJHQFLDSXHGHYDULDUHQWUHXQPtQLPRGH FHUR\XQPi[LPRGHVHLVSXQWRV

,17(/,*(1&,$

/yJLFRPDWHPiWLFD

,19(17$5,23(5621$/

862352)(6,21$/

8623(5621$/

727$/

9HUEDOOLQJtVWLFD 9LVXDOHVSDFLDO

&RUSRUDOFLQHVWpVLFD 0XVLFDO ,QWHUSHUVRQDO ,QWUDSHUVRQDO 1DWXUDOLVWD

/XHJR GH FRPSOHWDU HVWD EUHYH HYDOXDFLyQ UHIOH[LRQH DFHUFD GH ORV UHVXOWDGRV ¢([LVWHQ GLIHUHQFLDV HQWUH ODV LQWHOLJHQFLDV TXH HPSOHD SDUD VX YLGD SHUVRQDO \ SURIHVLRQDO" ¢+D\ DOJXQD LQWHOLJHQFLD TXH TXLVLHUD GHVDUUROODU HVSHFLDOPHQWH HQ VX YLGD 


SURIHVLRQDO"¢'HTXpPDQHUD UHFLELyHVWtPXORSDUDVXVFDSDFLGDGHVGXUDQWHODLQIDQFLD\GXUDQWHODYLGDDGXOWD"¢'HTXpPDQHUD SRGUtDGHVDUUROODURWUDVLQWHOLJHQFLDVTXHVRQGHVXLQWHUpV"¢3RGUtDHVWDEOHFHUXQSOD]RSDUDOOHYDUDFDERHVDWDUHD"¢4XpFODVHV GHLQWHOLJHQFLDSHUFLEHHQVXVDOXPQRV"¢&XiOHVVRQHQVXRSLQLyQODVLQWHOLJHQFLDVPiVGHVDUUROODGDVHQJHQHUDOHQORVGRFHQWHV" /DUHIOH[LyQDFHUFDGHHVWDVFXHVWLRQHVOHSHUPLWLUiVRSHVDUFXiOHVVXJUDGRGHFRQFLHQFLDDFHUFDGHODVFDSDFLGDGHVSDUWLFXODUHV TXHSRVHH\WDPELpQEULQGDUUHFRQRFLPLHQWRDTXLHQHVH[KLEHQWDOHQWRHQRWURVGRPLQLRV

(VWH LQYHQWDULR FRQVWLWX\H XQD SULPHUD DSUR[LPDFLyQ SDUD UHFRQRFHU \ UHVSHWDU ODV GLIHUHQFLDV TXH HQ WpUPLQRV GH LQWHOLJHQFLD H[LVWHQ HQWUH ORV DOXPQRV \ ORV FROHJDV /D WRPD GH FRQFLHQFLD UHVSHFWR GH GLFKDV GLIHUHQFLDV SXHGH PRWLYDUQRV SDUD EXVFDU IRUPDVHTXLWDWLYDVGHHQVHxDUDGLYHUVRVJUXSRVGHQLxRVSDUDTXHDVXYH]HOORVSXHGDQFRQWDUFRQLJXDOGDGGHRSRUWXQLGDGHV SDUDDFFHGHUDODSUHQGL]DMH\SDUDREWHQHUORJURVHQODHVFXHOD

(QWRUQRVLQWHOLJHQWHV

1RVyORHVLPSRUWDQWHTXHORVGRFHQWHVUHFRQR]FDQODLQWHOLJHQFLDGHQXHVWURVLVWHPDPHQWDOFRUSRUDOVLQRTXHFRPSUHQGDQ TXHHVSRVLEOHFUHDUHQWRUQRVLQWHOLJHQWHVSDUDYLYLU\DSUHQGHU(OQXHYRFDPSRGHLQYHVWLJDFLyQDFHUFDGHODFRJQLFLyQ GLVWULEXLGDSRVWXODTXHODLQWHOLJHQFLDVXSHUDDORVLQGLYLGXRV\VHH[SDQGHSRUPHGLRGHODVLQWHUDFFLRQHVFRQRWUDVSHUVR QDVDWUDYpVGHORVUHFXUVRVSURSXHVWRVSRUORVOLEURV\ODVEDVHVGHGDWRV\SRUPHGLRGHODVKHUUDPLHQWDVTXHXWLOL]DPRV SDUD SHQVDU DSUHQGHU \ VROXFLRQDU SUREOHPDV WDOHV FRPR OiSL] \ SDSHO FXDGHUQRV \ SXEOLFDFLRQHV FDOFXODGRUDV \ FRPSXWDGRUDV

7yPHVH XQ PRPHQWR SDUD UHIOH[LRQDU DFHUFD GHO HQWRUQR GH VX DXOD ¢(Q TXp PHGLGD HV XQ iPELWR LQWHOLJHQWH" ¢3URSRUFLRQDDORVDOXPQRVVXILFLHQWHVRSRUWXQLGDGHVSDUDLQWHUDFWXDUXQRVFRQRWURVSRUSDUHVHQSHTXHxRVJUXSRVRFRQ ODWRWDOLGDGGHOJUXSRGHSDUHV"¢([LVWHQUHFXUVRVGLVSRQLEOHVHQIRUPDGHOLEURVUHYLVWDVRWUDVSXEOLFDFLRQHVFDUWHOHUDV REUDVGHDUWHSyVWHUVFRPSXWDGRUDVEDVHVGHGDWRV\UHGHV"¢6HSURSRUFLRQDXQDYDULHGDGGHKHUUDPLHQWDVSDUDXWLOL]DUHQ HO SURFHVR GH DSUHQGL]DMH \ GH VROXFLyQ GH SUREOHPDV" ¢7LHQHQ ORV DOXPQRV VXV SURSLRV EROHWLQHV LQIRUPDWLYRV" (Q HVWH OLEURSRGUiHQFRQWUDUGLYHUVDVIRUPDVSDUDFUHDUHQWRUQRVTXHIDYRUH]FDQHOGHVDUUROORGHWRGDVODVLQWHOLJHQFLDV &RUUHVSRQGH UHFRUGDU TXH QHXURILVLyORJRV FRPR 0DULDQ 'LDPRQG GH OD 8QLYHUVLGDG GH &DOLIRUQLD HQ %HUNHOH\ KDQ GHVFXELHUWRTXHSXHGHQSURGXFLUVHLPSRUWDQWHVFDPELRVILVLROyJLFRVHQHOFHUHEURFRPRUHVXOWDGRGHODSUHQGL]DMH\GHOD H[SHULHQFLD WDQWR EHQHILFLRVRV FRPR SHUMXGLFLDOHV (VWR VLJQLILFD TXH D OR ODUJR GH OD YLGD SRGHPRV FRQWLQXDU GHVDUUROODQGRKDELOLGDGHVPHQWDOHVPiVFRPSOHMDVVLORVHQWRUQRVVRQSRVLWLYRVHQULTXHFHGRUHVHVWLPXODQWHVHLQWHUDFWLYRV

/DSURSXHVWDGHHVWHOLEUR

(VWHOLEURHVWiHVFULWRSDUDORVHGXFDGRUHV\RIUHFHDSOLFDFLRQHVSUiFWLFDVGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVSDUDHO WUDEDMRHQHODXOD(QHOQLYHOILORVyILFRORVDXWRUHVVRVWLHQHQTXHGHEHQSURSRUFLRQDUVHGLYHUVDVRSRUWXQLGDGHVSDUDTXHORV DOXPQRV H[SORUHQ FUHDWLYDPHQWH VXV LQWHUHVHV \ WDOHQWRV LQGLYLGXDOHV DO WLHPSR TXH DSUHQGHQ KDELOLGDGHV \ FRQFHSWRV YDOLRVRV PHGLDQWH UHFXUVRV PXOWLPRGDOHV 1R WRGRV ORV QLxRV SRVHHQ HO PLVPR SHUILO GH LQWHOLJHQFLD QL FRPSDUWHQ ORV PLVPRVLQWHUHVHV(QXQDpSRFDHQTXHYLYLPRVERPEDUGHDGRVSRUODLQIRUPDFLyQQLQJXQRGHQRVRWURVHVWiHQFRQGLFLRQHV GH DSUHQGHUOR WRGR SRU OR WDQWR GHEHUHPRV HOHJLU ORV FRQWHQLGRV \ ORV PpWRGRV GH DSUHQGL]DMH (Q HVWH SURFHVR GH VHOHFFLyQVHUiQODVLQFOLQDFLRQHVHLQWHUHVHVLQGLYLGXDOHVGHORVDOXPQRVORVTXHGHEHUiQVHUYLUGHJXtDSDUDDGRSWDUDOJXQDV GHODVRSFLRQHVFXUULFXODUHV /RV FRQRFLPLHQWRV EiVLFRV TXH WRGRV ORV DOXPQRV GHEHQ GRPLQDU DTXHOORV FRUUHVSRQGLHQWHV D ODV iUHDV GH OHQJXD PDWHPiWLFD FLHQFLDV VRFLDOHV \ QDWXUDOHV QR QHFHVDULDPHQWH GHEHQ HQVHxDUVH GH OD PLVPD PDQHUD D WRGRV /D IUXVWUDFLyQ \ HO

IUDFDVR DFDGpPLFR SRGUtDQ UHGXFLUVH HQ JUDQ PHGLGD VL ORV GRFHQWHV SUHVHQWDUDQ OD LQIRUPDFLyQ EDMR GLYHUVDV PDQHUDV TXH SURSRUFLRQHQ D ORV DOXPQRV P~OWLSOHV RSFLRQHV SDUD REWHQHU ORJURV 3RU WDQWR HVWH OLEUR IXH HVFULWR SDUD D\XGDU DO GRFHQWH D LQFRUSRUDU PpWRGRV TXH KDJDQ MXVWLFLD D OD LQWHOLJHQFLD PHGLDQWH OD SHUFHSFLyQ GHO WDOHQWR GH ORV DOXPQRV \ TXH OH SHUPLWDQ WDQWR GLVHxDU HQIRTXHV FXUULFXODUHV \ HYDOXDWLYRV FRPR HVWLPXODU ODV FDSDFLGDGHV LQGLYLGXDOHV D ILQ GH TXH FDGD QLxR SXHGD H[SHULPHQWDUHOSODFHUGHDGTXLULUKDELOLGDGHVHQXQiUHDGHLQWHUpVLQWUtQVHFR $PHGLGDTXHXVWHGDYDQFH HQODOHFWXUDDGYHUWLUiTXHFDGDXQRGHORVFDStWXORVUHIHULGRVDODVRFKRLQWHOLJHQFLDVVHHQFXHQWUD RUJDQL]DGR GH OD PLVPD PDQHUD FDGD XQR FRPLHQ]D FRQ XQ UHODWR DFHUFD GH XQ LQGLYLGXR TXH HMHPSOLILFD XQD GHWHUPLQDGD LQWHOLJHQFLD$FRQWLQXDFLyQVHSURSRUFLRQDXQDGHILQLFLyQGHODLQWHOLJHQFLDVHJXLGDGHSURSXHVWDVSDUDHQULTXHFHUHOHQWRUQRGHO DXOD \ QXPHURVDV HVWUDWHJLDV GLGiFWLFDV /RV WUHV ~OWLPRV FDStWXORV DERUGDQ FXHVWLRQHV UHODFLRQDGDV FRQ HO FXUUtFXOR \ OD HYDOXDFLyQ\ODVFRQFOXVLRQHVH[WUDtGDVGHSURJUDPDVHVFRODUHVSLORWREDVDGRVHQODVLQWHOLJHQFLDVP~OWLSOHV

/RVDXWRUHVRIUHFHQHVWDUHFRSLODFLyQGHDSOLFDFLRQHVSUiFWLFDVSDUDODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVFRPRUHVSDOGRSDUDHO H[FHOHQWH WUDEDMRTXHPXFKRVGRFHQWHVOOHYDQDFDER\FRPRIXHQWHGHQXHYDVLGHDVSDUDPXFKRVRWURV7RGDVHVWDVSURSXHVWDV WLHQHQHOPLVPRREMHWLYROLEHUDUHOSRWHQFLDOGHDSUHQGL]DMH\ODH[SUHVLyQFUHDWLYDGHFDGDXQRGHORVDOXPQRV 


&$3Ë78/2

(OSRGHUGHODSDODEUDLQWHOLJHQFLDYHUEDOOLQJtVWLFD (OSRHWDSRVHHXQDUHODFLyQFRQODVSDODEUDVTXHVXSHUDQXHVWUDFRPSUHQVLyQXQDHVSHFLHGHDUFKLYRGHWRGRVORVXVRVTXHVH KDQGDGRDGHWHUPLQDGDVSDODEUDVHQSRHPDVDQWHULRUHV(VHFRQRFLPLHQWRGHOXVRKLVWyULFRGHODOHQJXDSUHSDUDROLEHUD DO SRHWD SDUD SRQHU HQ SUiFWLFD FLHUWDV FRPELQDFLRQHV SURSLDV FXDQGR FRQVWUX\H XQ SRHPD RULJLQDO (V D WUDYpV GH WDOHV FRPELQDFLRQHV RULJLQDOHV GH SDODEUDV VHJ~Q VRVWLHQH 1RUWKUXS )U\H TXHDOFDQ]DPRVQXHVWUDIRUPDSHUVRQDOGHFUHDUQXHYRV PXQGRV +2:$5'*$5'1(5,17(/,*(1&,$60Ò/7,3/(6

8QDYLGDGHGLFDGDDDHVFULWXUD (Q OD LQWURGXFFLyQ D &RPSOHWH 3RHPV GH &DUO 6DQGEXUJ VH FLWD HVWD IUDVH GHO JUDQ SRHWD &XDQGR WHQtD VHLV DxRV \PLVGHGRV GHVFXEULHURQFyPRGDUIRUPDDDOIDEHWRGHFLGtFRQYHUWLUPHHQXQKRPEUHGHOHWUDV$ORVGLH]\DKDEtDJDUDEDWHDGROHWUDVHQHO SL]DUUyQVREUHSDSHOHQFDMDV\SDUHGHV\VHKDEtDGHVDUUROODGRHQPtODDPELFLyQGHFRQYHUWLUPHHQOHWULVWD

$XQTXH QR ORJUy DSUREDU ORV H[iPHQHV GH PDWHPiWLFD \ JUDPiWLFD SDUD LQJUHVDU HQ OD DFDGHPLD PLOLWDU GH :HVW 3RLQW &DUO 6DQGEXUJ VH JUDGXy HQ HO /RPEDUG &ROOHJH \ GHVDUUROOy XQD EULOODQWH FDUUHUD FRPR HVFULWRU 5HFRSLOy FDQFLRQHV IROFOyULFDV QRUWHDPHULFDQDVHQXQDDQWRORJtD7KH$PHULFDQ6RQJEDJ\UHFLELyGLSORPDVGRFWRUDOHVGHGRFHXQLYHUVLGDGHVSRUVXELRJUDItD GH$EUDKDP/LQFROQHQFXDWURYRO~PHQHV6LQHPEDUJRQXQFDHVWXYRVDWLVIHFKRFRQVXFDSDFLGDGSDUDODHVFULWXUD\FXDQGRWHQtD RFKHQWDDxRVHVFULELy 6LJR HVWXGLDQGR ORV YHUERV \ OD PLVWHULRVD PDQHUD HQ TXH VH FRQHFWDQ FRQ ORV VXVWDQWLYRV /RV DGMHWLYRV QXQFD PH KDEtDQ UHVXOWDGR WDQ VRVSHFKRVRV FRPR HQ HVWH PRPHQWR GH PL YLGD +H ROYLGDGR HO VLJQLILFDGR GH YHLQWH R WUHLQWD GH ORV SRHPDV TXH HVFULEtKDFHWUHLQWDRFXDUHQWDDxRVPLVSUHIHULGRVVLJXHQVLHQGRXQRVFXDQWRVSRHPDVVHQFLOORVSXEOLFDGRVKDFHPXFKRWLHPSR TXH VLJXHQ GHVSHUWDQGRHOLQWHUpVGHODVSHUVRQDVVHQFLOODV+HXWLOL]DGRGLIHUHQWHVPpWRGRVSDUDHVFULELU\ORKHKHFKREDMRORV HIHFWRV GH PX\ GLYHUVDV HPRFLRQHV FDVL QXQFD KH WHQLGR PLHGR GH YLDMDU SRU WLHUUDV \ PDUHV GRQGH KH HQFRQWUDGR SDLVDMHV DVRPEURVRV \ QXHYDV FDQFLRQHV 7RGD PL YLGD KH WUDWDGR GH DSUHQGHU D OHHU D PLUDU \ D HVFXFKDU \ WDPELpQ D HVFULELU $ ORV VHVHQWD\FLQFRDxRVFRPHQFpPLSULPHUDQRYHOD\GXUDQWHORVFLQFRDxRVPHQRVXQPHVTXHWDUGpHQWHUPLQDUODVHJXtYLDMDQGR VHJXtVLHQGRH[SORUDGRU0HJXVWDUtDFUHHUTXHPLHQWUDVVLJDHVFULELHQGRSRGUpFUHDUIUDVHVGRWDGDVGHYLGDFRQYHUERVWUpPXORV FRQVXVWDQWLYRVFRORULGRV\UHVRQDQWHV6L'LRVDVtORTXLHUHYLYLUpKDVWDORVRFKHQWD\QXHYHDxRVLJXDOTXH+RNXVDL\FXDQGR SURQXQFLHPLGLVFXUVRGHGHVSHGLGDGHORVHVFHQDULRVWHUUHVWUHVSRGUtDSDUDIUDVHDUORC6L'LRVPHKXELHUDGDGRFLQFRDxRVPiVGH YLGDKXELHUDVLGRHVFULWRU 

'HILQLFLyQLQWHOLJHQFLDYHUEDO OLQJtVWLFD

/DV GHFODUDFLRQHV GH 6DQGEXUJ SURSRUFLRQDQ XQ HMHPSOR GH LQWHOLJHQFLD YHUEDOOLQJtVWLFD FXDQGR GHVFULEH WDQWR VX SURIXQGD VHQVLELOLGDG D ORV VRQLGRV DO ULWPR \ DO VLJQLILFDGR GH ODV SDODEUDV FRPR VX LQDJRWDEOH SDVLyQ SRU DSUHQGHU D H[SUHVDUVH SRU HVFULWR*DUGQHUVRVWLHQHTXHHOOHQJXDMHHVXQDLQVWDQFLDSUHHPLQHQWHGHODLQWHOLJHQFLDKXPDQDLQGLVSHQVDEOHSDUDODVRFLHGDG KXPDQD$VLPLVPRDGYLHUWHODLPSRUWDQFLDGHODVSHFWRUHWyULFRGHODOHQJXDODFDSDFLGDGSDUDFRQYHQFHUDORVGHPiVFRQHOILQ GH TXH DGRSWHQ XQ GHWHUPLQDGR FXUVR GH DFFLyQ GH VX SRWHQFLDO PQHPyQLFR OD FDSDFLGDG SDUD UHFRUGDU OLVWDV R SURFHVRV SRU PHGLR GH SDODEUDV GH VX FDSDFLGDG SDUD H[SOLFDU FRQFHSWRV \ GHO YDORU GH OD PHWiIRUD SDUD OOHYDUOR D FDER \ WDPELpQ GH OD FDSDFLGDGGHODOHQJXDSDUDUHIOH[LRQDUDFHUFDGHVtPLVPDHODQiOLVLVPHWDOLQJtVWLFR (O HPSOHR GH SDODEUDV SDUD FRPXQLFDU \ GRFXPHQWDU LQIRUPDFLyQ SDUD H[SUHVDU HPRFLRQHV SRGHURVDV \ HQ FRPELQDFLyQ FRQ OD P~VLFDSDUDIRUPDUFDQFLRQHVGLVWLQJXHDORVVHUHVKXPDQRVGHORVRWURVDQLPDOHV(QORVLQLFLRVGHODKLVWRULDGHODKXPDQLGDGHO OHQJXDMH FDPELy OD HVSHFLDOL]DFLyQ \ IXQFLyQ GHO FHUHEUR KXPDQR DO RIUHFHUOH SRVLELOLGDGHV SDUD H[SORUDU \ H[SDQGLU OD LQWHOLJHQFLDKXPDQD/DSDODEUDKDEODGDSHUPLWLyDQXHVWURVDQFHVWURVSDVDUGHOSHQVDPLHQWRFRQFUHWRDODEVWUDFWRDPHGLGDTXH DYDQ]DEDQGHVGHHODFWRGHVHxDODUREMHWRVDQRPEUDUORV\KDEODUDFHUFDGHREMHWRVTXHQRVHHQFRQWUDEDQSUHVHQWHV/DOHFWXUD QRV SHUPLWH FRQRFHU REMHWRV OXJDUHV SURFHVRV \ FRQFHSWRV TXH QR KHPRVH[SHULPHQWDGRSHUVRQDOPHQWH\ODHVFULWXUDKDKHFKR SRVLEOHODFRPXQLFDFLyQFRQSHUVRQDVTXHHOHPLVRUGHOPHQVDMHQXQFDKDYLVWR(VPHGLDQWHODFDSDFLGDGGHSHQVDUHQSDODEUDV TXHORVVHUHVKXPDQRVSXHGHQUHFRUGDUDQDOL]DUUHVROYHUSUREOHPDVDQWLFLSDU \FUHDU 


'HELGRDTXHHOIHWRQRUPDOGHVDUUROODODDXGLFLyQLQWUDXWHULQDPHQWHODVEDVHVGHODLQWHOLJHQFLDYHUEDOOLQJtVWLFDVHHVWDEOHFHQ DQWHVGHOQDFLPLHQWR1XPHURVRVHVWXGLRVLQFOXLGRVORVGHQHRQDWyORJRVFRPR7KRPDV9HUQH\LQGLFDQTXHORVEHEpV DTXLHQHV VH OHV KD OHtGR FDQWDGR \ KDEODGR DQWHV GH VX QDFLPLHQWR SRVHHQ XQD LPSRUWDQWH EDVH SDUD HO GHVDUUROOR GH OD LQWHOLJHQFLD YHUEDOOLQJtVWLFD 9HUQH\DVtFRPRWDPELpQOD 1DWLRQDO$VVRFLDWLRQIRUWKH(GXFDWLRQRI<RXQJ&KLOGUHQ >$VRFLDFLyQ1DFLRQDOSDUDOD(GXFDFLyQGH 1LxRV3HTXHxRV((88@VHxDODODLPSRUWDQFLDGHFUHDUHQWRUQRVOLQJtVWLFDPHQWHULFRVHQORVTXHORVSDGUHVRODVSHUVRQDVTXH WHQJDQ QLxRV D VX FXLGDGR SURPXHYDQ LQWHUDFFLRQHV YHUEDOHV FRQ ORV SHTXHxRV LQFOX\HQGR MXHJRV GH SDODEUDV QDUUDFLyQ GH FXHQWRV \ FKLVWHV IRUPXODFLyQ GH SUHJXQWDV VROLFLWXG GH RSLQLRQHV \ H[SOLFDFLyQ GH VHQWLPLHQWRV \ FRQFHSWRV 6H GHEHUi SURPRYHU OD SDUWLFLSDFLyQ GH ORV QLxRV HQ GHEDWHV \ VH OHV SURSRUFLRQDUiQ RSRUWXQLGDGHV SDUD TXH UHDOLFHQ HOHFFLRQHV \ WRPHQ GHFLVLRQHV VLJQLILFDWLYDV < QR HV GH H[WUDxDU TXH XQ QLxR QDFLGR HQ XQ iPELWR VHPHMDQWH SRVHD XQD FRPSHWHQFLD VREUHVDOLHQWH SDUDHVFXFKDUKDEODUOHHU\HVFULELU

/DVDXODVGHWRGDVODViUHDVFXUULFXODUHVHQWRGRVORVQLYHOHVGHHQVHxDQ]DWDPELpQGHEHQVHUiPELWRVOLQJtVWLFDPHQWHULFRVHQORV TXH ORV DOXPQRV FXHQWHQ FRQ IUHFXHQWHV RSRUWXQLGDGHV SDUD KDEODU GHEDWLU \ H[SOLFDU \ GRQGH SULQFLSDOPHQWH VH HVWLPXOH OD FXULRVLGDG (O LQWHUpV SRU HO DSUHQGL]DMH DXPHQWD FXDQGR ORV DOXPQRV VH VLHQWHQ VXILFLHQWHPHQWH VHJXURV FRPR SDUD IRUPXODU SUHJXQWDV H LQWHUFDPELDU SXQWRV GH YLVWD /DH[SUHVLyQYHUEDOGHODVLGHDVHVXQHMHUFLFLRPHWDFRJQLWLYRLPSRUWDQWH\DTXHFRQ IUHFXHQFLDHQHOSURFHVRGHHVFXFKDUQRVKDEODURGHOHHUORTXHKHPRVHVFULWRREWHQHPRVXQDSHUFHSFLyQPiVSURIXQGDGHORTXH UHDOPHQWHSHQVDPRV\VDEHPRV /D DXWRHVWLPD DXPHQWD FXDQGR ORV DOXPQRV DSUHQGHQ D GHIHQGHU VXV RSLQLRQHV HQ GLVFXVLRQHV \ GHEDWHV *XDQGR WLHQHQ RSRUWXQLGDG GH H[SRQHU R HQVHxDU D ORV GHPiV OR TXH KDQ DSUHQGLGR ORV DOXPQRV DOFDQ]DQ XQD PD\RU FRPSUHQVLyQ GH ORV FRQWHQLGRV1RREVWDQWHODVREVHUYDFLRQHVGHDXODUHDOL]DGDVSRULQYHVWLJDGRUHVFRPR-RKQ*RRGODQGUHYHODQTXHHQODPD\RUtD GHORVFDVRVVRUORVGRFHQWHVTXLHQHVKDEODQODPD\RUSDUWHGHOWLHPSRDJUXSRVGHDOXPQRVSDVLYRV

,QFOXVR HQ DTXHOODV DXODV GRQGH HO SDSHO SULQFLSDO GH ORV DOXPQRV HV HO GH R\HQWHV HVWD KDELOLGDG UDUDPHQWH VH HQVHxD 6LQ HPEDUJR HV SUHFLVDPHQWH HVFXFKDQGR FRPR VH DSUHQGH D XWLOL]DU OD SDODEUD KDEODGD HQ IRUPD FRUUHFWD HILFD] H LQFOXVR HORFXHQWH/DIDOWDGHGRPLQLRHQODVKDELOLGDGHVSDUDHVFXFKDUGDOXJDUDQXPHURVRVIUDFDVRVHQHODSUHQGL]DMHDPDOHQWHQGLGRV \DOHVLRQHVItVLFDV+DEODUHVRWUDKDELOLGDGHVHQFLDOTXHQRVHGHVDUUROODHILFD]PHQWHVLQXQDJUDQGRVLVGHSUiFWLFD \HVWLPXOR 8QD HVFULWXUD HILFD] UHTXLHUH SUiFWLFD DVt FRUQR WDPELpQ XQD OHFWXUD SURIXQGD \UHIOH[LYD(QHODXODH[LWRVDHQWRGDVODViUHDV FXUULFXODUHV HVWDV FXDWUR KDELOLGDGHV VH GHVDUUROODQ HQ IRUPD VRVWHQLGD \ DFWLYD (O GHVDUUROOR GH ORV FXDWUR FRPSRQHQWHV GH OD LQWHOLJHQFLDYHUEDOOLQJtVWLFDSXHGHWHQHUXQVLJQLILFDWLYRHIHFWRVREUHHODSUHQGL]DMHGHFXDOTXLHUFRQWHQLGRGXUDQWHWRGDODYLGD

&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDYHUEDO OLQJtVWLFD

$FRPLHQ]RVGHODKLVWRULDGHORV((88HQODVHVFXHODVGH0DVVDFKXVHWWVODOHFWXUD\ODHVFULWXUDFRPSUHQGtDQORVGRVWHUFLRV GHOFXUUtFXOR(QODDFWXDOLGDGHOFXUUtFXORVHKDH[SDQGLGR\VLQHPEDUJRODOHFWXUD\ODHVFULWXUDMXQWRFRQODVKDELOLGDGHVSDUD HVFXFKDU\KDEODUVLJXHQVLHQGRKHUUDPLHQWDVHVHQFLDOHVSDUDHODSUHQGL]DMHGHWRGRVORVFRQWHQLGRV

([SUHVLRQHV WDOHV FRPR FHQWUDGR HQ HO DOXPQR QDWXUDOLVWD HYROXWLYR RUJiQLFR LQWHJUDGR H[SHULHQFLD OLQJtVWLFD \ OHQJXDMHWRWDOVXHOHQDVRFLDUVHFRQHVWDFODVHGHSURFHVRGHHQVHxDQ]DDSUHQGL]DMH6WHSKHQ7FKXGLVHxDODTXHFDGDXQDGHHVWDV H[SUHVLRQHVVHUHODFLRQDFRQXQDGHODVFDUDFWHUtVWLFDVSULQFLSDOHVGHOPRGHORGHFUHFLPLHQWRSHUVRQDOTXH ‡FRQVLGHUDODOHQJXDGHORVDOXPQRVFRPRSXQWRGHSDUWLGDSDUDODHQVHxDQ]D ‡SHUPLWHHOGHVDUUROORGHKDELOLGDGHVOLQJtVWLFDVHQSURJUHVLyQQDWXUDO

‡FRQVWUX\HODVKDELOLGDGHVHYROXWLYDPHQWHYLQFXODQGRODHQVHxDQ]DFRQHOFUHFLPLHQWRFRJQLWLYR\OLQJtVWLFRGHORVDOXPQRV ‡FRQHFWDRUJiQLFDPHQWHODOHQJXD\ODOLWHUDWXUD

‡ LQWHJUDORVGLYHUVRVFRPSRQHQWHVGHODOHQJXDH[SUHVLYDOHHUHVFULELUHVFXFKDU\KDEODU

‡XWLOL]DODVH[SHULHQFLDVGHYLGDGHORVMyYHQHVFRPRSXQWRGHSDUWLGDSDUDODOHFWXUD\ODHVFULWXUD

‡DERUGDODOHQJXDFRPRXQDWRWDOLGDGHQOXJDUGHGLYLGLUODHQVHxDQ]DHQEORTXHVFRPSXHVWRVSRUKDELOLGDGHVLQFRQH[DV

(VWHHQIRTXHGHODHQVHxDQ]DGHODOHQJXDVHEDVDHQODVLQYHVWLJDFLRQHVDFHUFDGHODSUHQGL]DMH\HOSHQVDPLHQWROOHYDGDVDFDER SRU SLRQHURV SHGDJyJLFRV FRPR /HY 9\JRWVN\ 6XVDQQH /DQJHU -DPHV %ULWWRQ \ -DPHV 0RIIHWW DVt FRPR WDPELpQ HQ PRGHORV H[LWRVRVGHHQVHxDQ]DSURJUHVLVWDWDQWRHQORV(VWDGRV8QLGRVFRPRHQ,QJODWHUUD




/DOLVWDTXHDSDUHFHDFRQWLQXDFLyQHQXPHUDDOJXQRVLQGLFDGRUHVGHODLQWHOLJHQFLDYHUEDOOLQJtVWLFD5HFRQRFHPRVTXHTXLHQHV SUHVHQWDQ LQVXILFLHQFLDV DXGLWLYDV RUDOHVRYLVXDOHVGHVDUUROODUiQHOOHQJXDMH\ODFRPXQLFDFLyQGHRWUDVPDQHUDVPXFKDVYHFHV SRU PHGLR GH ODV RWUDV LQWHOLJHQFLDV TXH VH H[SRQHQ HQ ORV FDStWXORV VLJXLHQWHV (V PX\ SUREDEOH TXH XQD SHUVRQD FRQ XQD LQWHOLJHQFLDYHUEDOOLQJtVWLFDELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV (VFXFKD\UHVSRQGHDOVRQLGRULWPRFRORU\YDULHGDGGHODSDODEUDKDEODGD

,PLWDORVVRQLGRV\ODIRUPDGHKDEODUGHOHHU\GHHVFULELUGHRWUDVSHUVRQDV $SUHQGHHVFXFKDQGROH\HQGRHVFULELHQGR\GHEDWLHQGR

(VFXFKDFRQDWHQFLyQFRPSUHQGHSDUDIUDVHDLQWHUSUHWD\UHFXHUGDORGLFKR

/HHHQIRUPDHILFD]FRPSUHQGHVLQWHWL]DLQWHUSUHWDRH[SOLFD\UHFXHUGDOROHtGR

 6H GLULJH HILFD]PHQWH D GLYHUVRV DXGLWRULRV FRQ GLIHUHQWHV SURSyVLWRV \ VDEH FyPR H[SUHVDUVH GH PDQHUD VHQFLOOD HORFXHQWH SHUVXDVLYDRDSDVLRQDGDHQHOPRPHQWRDSURSLDGR

 (VFULEH HQ IRUPD HILFD] FRPSUHQGH \ DSOLFD ODV UHJODV JUDPDWLFDOHV RUWRJUiILFDV \ GH SXQWXDFLyQ \ XWLOL]D XQ YRFDEXODULR DPSOLR\DSURSLDGR ([KLEHFDSDFLGDGSDUDDSUHQGHURWUDVOHQJXDV

 (PSOHD ODV KDELOLGDGHV SDUD HVFXFKDU KDEODU HVFULELU \ OHHU SDUD UHFRUGDU FRPXQLFDU GHEDWLU H[SOLFDU SHUVXDGLU FUHDU FRQRFLPLHQWRVFRQVWUXLUVLJQLILFDGRV\UHIOH[LRQDUDFHUFDGHORVKHFKRVGHOOHQJXDMH 6HHVIXHU]DSRUSRWHQFLDUHOHPSOHRGHVXSURSLROHQJXDMH

'HPXHVWUDLQWHUpVHQODDFWLYLGDGSHULRGtVWLFDODSRHVtDODQDUUDFLyQHOGHEDWHODFRQYHUVDFLyQODHVFULWXUDRODHGLFLyQ &UHDQXHYDVIRUPDVOLQJtVWLFDVXREUDVRULJLQDOHVPHGLDQWHODFRPXQLFDFLyQRUDORHVFULWD

3URFHVRVGHDSUHQGL]DMHYHUEDO OLQJtVWLFR

(QHVWHOLEURHOOHFWRUHQFRQWUDUiFRQH[LRQHVHQWUHFDGDXQDGHODVRWUDVLQWHOLJHQFLDV\HOGHVDUUROOR\HPSOHRGHOOHQJXDMH

$OJXQRVGRFHQWHVVXHOHQHQVHxDUKDELOLGDGHVOLQJtVWLFDVHQIRUPDDLVODGDRIXHUDGHFRQWH[WRHVWDWHQGHQFLDSRGUtDVHUXQDGHODV UD]RQHV SRU ODV FXDOHV PXFKRV DOXPQRV QR ORJUDQ LQFRUSRUDUODV 6L ELHQ DTXt HQXPHUDPRV FDGD XQD GH GLFKDV KDELOLGDGHV SRU VHSDUDGRGHVHDPRVVHxDODUTXHVHHQFXHQWUDQHVWUHFKDPHQWHYLQFXODGDV\TXHVHGHEHQLQWHJUDUDWRGDVODViUHDVFXUULFXODUHV 'HELGRDTXHH[LVWHDEXQGDQWHELEOLRJUDItDUHIHUHQWHDODVKDELOLGDGHVOLQJtVWLFDVQRVHH[SRQHQHQHVWHFDStWXORFXHVWLRQHV UHODFLRQDGDVFRQODLQWURGXFFLyQ\HQVHxDQ]DGHVXVIXQGDPHQWRVVLQRTXHVHGHVWDFDQHVWUDWHJLDVVLJQLILFDWLYDVSDUDOD HMHUFLWDFLyQ\HOGHVDUUROORGHGLFKDVKDELOLGDGHV &yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHYHUEDOOLQJtVWLFR (VFXFKDUSDUDDSUHQGHU &ODYHVSDUDHVFXFKDUGHPDQHUDHILFD] (VFXFKDU\OHHUFXHQWRVHQYR]DOWD (VFXFKDUSRHVtD (OGRFHQWHFRPRQDUUDGRU (VFXFKDUFODVHVH[SRVLWLYDV +DEODU (ODOXPQRFRPRQDUUDGRU 'HEDWHHQFODVH 0HPRUL]DFLyQ ,QIRUPHV (QWUHYLVWDV /HHU

6HOHFFLyQGHPDWHULDO 


/DSDODEUDHQHODXOD /HHUSDUDFRPSUHQGHU (VFULELU

&DWHJRUtDVGHODHVFULWXUD /DHVFULWXUDHQWRGDVODViUHDVFXUULFXODUHV &RPHQ]DUDHVFULELU /DYHUGDGHUDWDUHDGHODHVFULWXUD *UXSRVGHHVFULWXUD

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDYHUEDOOLQJtVWLFD 5HVXPHQ

&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHYHUEDO OLQJtVWLFR /D LQWHOLJHQFLD YHUEDOOLQJtVWLFD VH HQFXHQWUD SURIXQGDPHQWH HQUDL]DGD HQ QXHVWURV VHQWLPLHQWRV GH FDSDFLGDG \ DXWRHVWLPD &XDQGR ORV QLxRV FXHQWDQ FRQ RSRUWXQLGDGHV SDUD HMHUFLWDU HVWD LQWHOLJHQFLD HQ XQ iPELWR VHJXUR GHVGH PX\ WHPSUDQDHGDGGHVDUUROODQFRQPD\RUIDFLOLGDGODVFRPSHWHQFLDVOLQJtVWLFDVTXHHPSOHDUiQGXUDQWHWRGDODYLGD&RQHOILQ GHSURSRUFLRQDUPRGHORVGHSURIXQGDLQIOXHQFLDORVGRFHQWHVSRGUiQSURSRQHUMXHJRVGHSDODEUDVFRPSDUWLUVXVWUDEDMRV HVFULWRVSUHIHULGRVSDUWLFLSDUHQGHEDWHVFRQHQWXVLDVPRRUJDQL]DUH[FXUVLRQHVSDUDDVLVWLUDIXQFLRQHVWHDWUDOHVORFDOHV\ QDUUDUFXHQWRV /D QDUUDFLyQ GH KLVWRULDV HV XQD GH ODV DFWLYLGDGHV OLQJtVWLFDV PiV DQWLJXDV \ DWUDFWLYDV 1R VH VXHOH VDFDU VXILFLHQWH SURYHFKRGHHVWDHVWUDWHJLDGLGiFWLFDSDUDPRWLYDUDORVDOXPQRVSDUDH[SOLFDUKHFKRVRSURFHVRVRVLPSOHPHQWHSDUDFUHDU XQD DWPyVIHUD SODFHQWHUD (Q WRGDV ODV UHOLJLRQHV GHO PXQGR VH KD UHFXUULGR D QDUUDFLRQHV HQ IRUPD GH SDUiEROD SDUD LQWURGXFLUSULQFLSLRV\HQVHxDQ]DV7RGDVODVVRFLHGDGHVGHODDQWLJHGDGFUHDURQ\UHODWDURQPLWRVSDUDH[SOLFDUIHQyPHQRV FLHQWtILFRV\OH\HQGDVTXHSURSRUFLRQDURQXQDIXHQWHGHGLYHUVLyQLQVSLUDFLyQ\PRWLYDFLyQSDUDVXVR\HQWHV/DWUDGLFLyQ RUDOHVPX\DQWLJXD\JR]DGHUHFRQRFLPLHQWRFRPRXQDGHODVIRUPDVPiVHILFDFHVGHFRPXQLFDFLyQ$PHGLGDTXHDYDQFH HQODOHFWXUDGHHVWHFDStWXORHOOHFWRUHQFRQWUDUiSURSXHVWDVSDUDLQFRUSRUDUODQDUUDFLyQGHKLVWRULDVDODVDFWLYLGDGHVGHO DXOD /DOHFWXUDHQYR]DOWDWUDQVPLWHDORtGRHOVRQLGRHOULWPR\ODP~VLFDGHOOHQJXDMH/DVJUDEDFLRQHVGHDXGLR\YLGHRHQODV TXHDFWRUHVLQWHUSUHWDQREUDVGHJUDQGHVGUDPDWXUJRVSRHWDV\FXHQWLVWDVGDQYLGDDODSDODEUDHVFULWD/RVDXWRUHVTXHOHHQ VXVSURSLRVWUDEDMRVVXHOHQSURSRUFLRQDUXQDFRPSUHQVLyQPiVSURIXQGDGHODVREUDV/RVGRFHQWHVTXHOHHQHQYR]DOWDFRQ VHQVLELOLGDG \ HQWXVLDVPR VXV WUDEDMRV HVFULWRV SUHIHULGRV SXHGHQ GHVSHUWDU XQ LQWHUpV TXH VH SURORQJD HQ HO WLHPSR /RV DOXPQRV TXH OHHQ SDUD DOJXQR GH VXV SDUHV DQWHV KDFHUOR IUHQWH D WRGD OD FODVH SXHGHQ GHVDUUROODU XQ PD\RU JUDGR GH FRQILDQ]DHQVtPLVPRV /RVGRFHQWHVSXHGHQSURSRUFLRQDUPRGHORVSDUDGHVDUUROODUODVKDELOLGDGHVSURSLDVGHXQR\HQWHHILFD]SRQLHQGRHVSHFLDO DWHQFLyQDORVFRPHQWDULRVTXHIRUPXODQORVDOXPQRVXRWUDVSHUVRQDVGHODFODVH/RVDOXPQRVVHVLHQWHQHVWLPXODGRVSDUD HVFXFKDU D ORV GHPiV FRQ PD\RU LQWHUpV FXDQGR VLHQWHQ TXH VH ORV HVFXFKD DWHQWDPHQWH (Q HVWH FDStWXOR VH GHVFULEHQ QXPHURVDVIRUPDVSDUDGHVDUUROODUGLFKDVKDELOLGDGHV &XDQGR VH GLVSRQH GH P~OWLSOHV RSRUWXQLGDGHV SDUD OOHYDU D FDER XQD OHFWXUD HVFULWXUD H LQWHUFDPELR YHUEDO LQGLYLGXDOL]DGRVVHSURGXFHQHIHFWRVSRVLWLYRVHQHOQLYHOGHORJURTXHVXHOHQ H[WHQGHUVHDODVDFWLYLGDGHVUHFUHDWLYDV/RV DOXPQRV TXH SRVHHQ OLPLWDGRV FRQRFLPLHQWRV DFHUFD GH OD HQRUPH RIHUWD TXH SURSRUFLRQD OD OLWHUDWXUD UHTXLHUHQ JXtD \ PRWLYDFLyQ SDUD FRQYHUWLUVH HQ OHFWRUHV HQWXVLDVWDV /RV SDGUHV \ ORV GRFHQWHV SXHGHQ GHVSHUWDU VX LQWHUpV VXJLULpQGROHV OLEURV R DUWtFXORV UHODFLRQDGRV FRQ WHPiWLFDV TXH OHV UHVXOWHQ DWUDFWLYDV QR REVWDQWH WDPELpQ GHEHUiQ FRQRFHU RWURV SURSyVLWRVGHODOHFWXUD (OHVWXGLRGHJUDQGHVREUDVQDUUDWLYDVGUDPiWLFDVRSRpWLFDVSXHGHFRPSOHPHQWDUVH FRQGHVDItRVSURSXHVWRVSRUWDUHDVGH HVFULWXUD6LVHVROLFLWDXQLQIRUPHDFHUFDGHXQOLEURHQHOTXHKD\DTXHHQXPHUDUORVSHUVRQDMHV\VLQWHWL]DUHOFRQWHQLGR QR VH JHQHUDUi HQWXVLDVPR HQ ORV DOXPQRV 8Q HQVD\R DFHUFD GHO VLJQLILFDGR GH XQ SRHPD R GHO WHPD GH XQD REUD WHDWUDO WDPSRFRHVWLPXODUDHOLQWHUpV/RVGRFHQWHVGHEHUiQSURSRQHUDFWLYLGDGHVGHHVFULWXUDTXHUHVXOWHQLQWHUHVDQWHVSDUDHOORVPLVPRV \TXHSXHGDQGHVSHUWDULQWHUpVHQORVDOXPQRV

&RQHOREMHWRGHLQWHJUDUXQDH[SHULHQFLDHGXFDWLYDTXHGHRWURPRGRSRGUtDUHVXOWDUIUDJPHQWDULDHVLPSRUWDQWHTXHORVGRFHQWHV D\XGHQ D ORV DOXPQRV D GHVFXEULU ODV FRQH[LRQHV TXH H[LVWHQ HQWUH ODV GLVWLQWDV iUHDV /RV GRFHQWHV GH PDWHPiWLFD \ FLHQFLDV QDWXUDOHVGHEHQH[LJLUXQQLYHOGHFRPSHWHQFLDHQODVKDELOLGDGHVSDUDHVFXFKDUKDEODUOHHU\HVFULELUVLPLODUDOTXHUHTXLHUHQORV GRFHQWHV GHO iUHD GH OHQJXD < ORV GRFHQWHV GH OLWHUDWXUD SRGUiQ FUHDU FRQWH[WRV VLJQLILFDWLYRV SDUD OD OHFWXUD GH XQ OLEUR HVWDEOHFLHQGRUHODFLRQHVFRQORVREMHWRVGHHVWXGLRGHRWUDViUHDV




/RV DOXPQRV UHTXLHUHQ XQD DPSOLD YDULHGDG GH H[SHULHQFLDV TXH FRPSURPHWDQ VX LQWHOLJHQFLD YHUEDOOLQJtVWLFD FRPR VH HMHPSOLILFD HQ HVWH OLEUR /D SUiFWLFD GH KDELOLGDGHV SDUD HVFXFKDU KDEODU OHHU \ HVFULELU FRQGXFH D XQ GHVDUUROOR KXPDQR HQ SOHQLWXG \ DO GRPLQLR GH KDELOLGDGHV LPSRUWDQWHV HQ OD YLGD SHQVDU DSUHQGHU VROXFLRQDU SUREOHPDV FRPXQLFDUVH \ FUHDU DVXPLHQGRXQURODFWLYRHQODVRFLHGDG

(VFXFKDUSDUDDSUHQGHU

3DUD TXLHQHV QR WLHQHQ SUREOHPDV GH DXGLFLyQ OD YR] KXPDQD SURSRUFLRQD HO SULPHU FRQWDFWR FRQ HO OHQJXDMH $OJXQRV LQYHVWLJDGRUHV FRPR HO 'U /\PDQ 6WHLO SURIHVRU GH UHWyULFD GHOD8QLYHUVLGDGGH0LQQHVRWDKDQHVWLPDGRTXHORVLQGLYLGXRV GHGLFDQHOGHVXWLHPSRGHYLJLOLDDFRPXQLFDUVH\TXHHOGHHVHWLHPSRVHHPSOHDSDUDHVFXFKDU6WHLOFRQVLGHUDTXHHQ PXFKDVDXODVWUDGLFLRQDOHVORVDOXPQRVGHGLFDQPiVGHOGHOWLHPSRTXHSHUPDQHFHQHQHOODVDHVFXFKDU\VLQHPEDUJRHV PX\HVFDVRHOWLHPSRTXHVHGHGLFDDHQVHxDUOHVHVWUDWHJLDVTXHOHVSHUPLWDQ HVFXFKDUGHPDQHUDHILFD]

6WHLOVRVWLHQHTXHODPD\RUtDGHODVSHUVRQDVVRQR\HQWHVLQHILFLHQWHV(QXQDSUHVHQWDFLyQRUDODOFDERGHGLH]PLQXWRVODPD\RU SDUWH GH ORV R\HQWHV HVFXFKD FRPSUHQGH HYDO~D \ UHWLHQH VRODPHQWH OD PLWDG GH OR GLFKR 'XUDQWH ODV VLJXLHQWHV  KRUDV SHUGHUiQ RWUR  (Q RWUDV SDODEUDV OD PD\RUtD GH ODV SHUVRQDV ORJUD UHWHQHU VyOR XQ FXDUWR GH OR TXH HVFXFKD D PHQRV TXH KD\DQGHVDUUROODGRKDELOLGDGHVSDUDHVFXFKDUFRQHILFDFLD &ODYHVSDUDHVFXFKDUGHPDQHUDHILFD]

$OUHGHGRUGHGLH]DxRVDWUiVOD6SHUU\&RUSRUDWLRQFRQWUDWyDO'U6WHLOSDUDWUDEDMDUFRQVXVHPSOHDGRVFRQHOILQGHSHUIHFFLRQDU VXVKDELOLGDGHVSDUDHVFXFKDU(VWDVKDELOLGDGHVSXHGHQGHVDUUROODUVHDFXDOTXLHUHGDG\UHVXOWDQDSURSLDGDVSDUDTXHORVDOXPQRV ODV SUDFWLTXHQ HQ HO DXOD&RQD\XGDGHO'U6WHLOOD6SHUU\&RUSRUDWLRQGHVDUUROOyGLH]FODYHVSDUDHVFXFKDUGHPDQHUDHILFD] TXHSURSRUFLRQDQKHUUDPLHQWDVGHDSUHQGL]DMHSDUDXWLOL]DUGXUDQWHWRGDODYLGD/RVGRFHQWHVSXHGHQDQDOL]DUODVGLH]FODYHVFRQ VXVDOXPQRV\SUDFWLFDUHVSHFLDOPHQWHXQDRPiVGHHOODVVHJ~QORFRQVLGHUHQDSURSLDGR &/$9(63$5$(6&8&+$5'(0$1(5$(),&$= (VWDVFODYHVSURSRQHQIRUPDVSDUDLQFUHPHQWDUODFDSDFLGDGGHHVFXFKDU &ODYHV 2\HQWHVLQFRPSHWHQWHV 2\HQWHVFRPSHWHQWHV 6HGHVFRQHFWDQFXDQGRHOWHPDHV 3HUVRQDOL]DQVHSUHJXQWDQ¢TXpPH 'HVFXEULUiUHDVGHLQWHUpV iULGR DSRUWD" 6HGHVFRQHFWDQVLODIRUPDHV MX]JDQHOFRQWHQLGRSDVDQSRUDOWRORV -X]JDUHOFRQWHQLGR\QRODIRUPD GHIHFWXRVD HUURUHVGHSURGXFFLyQ (YLWDQHPLWLUMXLFLRKDVWDWDQWRKD\DQ &RQWURODUORVLPSXOVRV 6XHOHQSURYRFDUGLVFXVLRQHV FRPSOHWDGRODFRPSUHQVLyQ 3UHVWDUDWHQFLyQDODVLGHDV 3UHVWDQDWHQFLyQDORVGDWRV 3UHVWDQDWHQFLyQDODVLGHDVIXQGDPHQWDOHV 6HUIOH[LEOH

(VFXFKDUHQIRUPDDFWLYD 5HVLVWLUVHDODVGLVWUDFFLRQHV

7RPDQQRWDVH[KDXVWLYDVXWLOL]DQGRXQ 7RPDQSRFDVQRWDV8WLOL]DQRVLVWHPDV ~QLFRVLVWHPD VHJ~QHOKDEODQWHDTXLHQHVFXFKDQ 6LPXODQSUHVWDUDWHQFLyQ 6HGLVWUDHQFRQIDFLOLGDG

6HFRPSURPHWHQH[KLEHQXQDDFWLWXG FRUSRUDODFWLYD

+DFHQIUHQWHRHYLWDQODVGLVWUDFFLRQHVVRQ WROHUDQWHVFRQORVPDORVKiELWRVVDEHQ FyPRORJUDUODFRQFHQWUDFLyQ

6HUHVLVWHQDPDWHULDOHVFRPSOHMRVVH 8WLOL]DQPDWHULDOHVFRPSOHMRVSDUDHMHUFLWDUHO LQFOLQDQ SRUPDWHULDOVLPSOLILFDGR LQWHOHFWR &RQFXHUGDQFRQODLQIRUPDFLyQVLpVWD 7LHQHQHQFXHQWDGLYHUVRVSXQWRVGHYLVWD 0DQWHQHUODPHQWHDELHUWD DSR\DLGHDVSUHFRQFHELGDV DQWHVGHHPLWLURSLQLyQ &DSLWDOL]DUORVKHFKRV\DTXHHO 3RQHQDSUXHEDDQWLFLSDQVLQWHWL]DQ 6HGLVSHUVDQFXDQGRHOULWPRGHOKDEODQWH SHQVDPLHQWRHVPiVUiSLGRTXHHO VRSHVDQODVSUXHEDVFRQVLGHUDQORGLFKR\ HVOHQWR KDEOD ORQRGLFKR (MHUFLWDUODFDSDFLGDGLQWHOHFWXDO

'HELGRDTXHH[LVWHXQDQRWDEOHGLIHUHQFLDHQWpUPLQRVGHWLHPSRHQWUHHOQ~PHURGHSDODEUDVTXHXQKDEODQWHSURPHGLRHPLWHSRU PLQXWR  \HOSURPHGLRGHSDODEUDVTXHXQR\HQWHSXHGHSURFHVDUHQHOPLVPRWLHPSR D ORVEXHQRVR\HQWHVXWLOL]DQ HO WLHPSR H[WUD SDUD DFWLYDU VX SHQVDPLHQWR &XDQGR ORV DOXPQRV HVFXFKDQ XQD H[SOLFDFLyQXQDFODVHH[SRVLWLYDRXQGLVFXUVR SXHGHQ HPSOHDU OD GLIHUHQFLD GH WLHPSR SDUD GHWHUPLQDU HO SURSyVLWR GHO KDEODQWH ORV SXQWRV SULQFLSDOHV GH OD H[SRVLFLyQ \ ODV LGHDVFHQWUDOHV3XHGHQUHYLVDU\HYDOXDUORGLFKRDQWLFLSDUORTXHVHYDDGHFLU\UHIOH[LRQDUDFHUFDGHOVLJQLILFDGRSHUVRQDOGHO GLVFXUVR 3RGUtDQ WRPDU QRWDV VREUH DVSHFWRV VLJQLILFDWLYRV XWLOL]DQGR HO PHQRU Q~PHUR GH SDODEUDV SRVLEOH R UHDOL]DU PDSDV FRQFHSWXDOHV HQ HO FDStWXOR UHIHULGR D OD LQWHOLJHQFLD YLVXDOHVSDFLDO VHSURSRUFLRQDQDOJXQRVHMHPSORV 6LORVGRFHQWHVGHVHDQ TXH ORV DOXPQRV UHFXHUGHQ OR TXH KDQ RtGR VH OHV GHEHUi SURSRUFLRQDU RSRUWXQLGDGHV SDUD VLQWHWL]DURGHEDWLUHOFRQWHQLGRFRQ DOJXLHQHQXQODSVRQRPD\RUDODVRFKRKRUDVVLJXLHQWHV 


(VFXFKDU\OHHUFXHQWRVHQYR]DOWD

/DQDUUDFLyQGHFXHQWRV\ODOHFWXUDHQYR]DOWDVRQIRUPDVHILFDFHVSDUDGHVSHUWDUHOLQWHUpV\IDFLOLWDUHODSUHQGL]DMHHQWRGDVODV iUHDVGHFRQWHQLGR3RUHMHPSORHVSRVLEOHWRUQDUPiVDPHQDXQDFODVHGHKLVWRULDPHGLDQWHDQpFGRWDVFDUWDVRGLDULRVSHUVRQDOHV HVFULWRVSRUSHUVRQDMHVKLVWyULFRVIDPRVRVFRPRH[SORUDGRUHVRPLHPEURVGHOD$VDPEOHD&RQVWLWX\HQWH/DVFODVHVGHFLHQFLDV QDWXUDOHV SXHGHQ LQLFLDUVH FRQ UHODWRV VREUH GHVFXEULPLHQWRV LPSRUWDQWHV FRPR ORV GH 0DGDPH &XULH R 7KRPDV (GLVRQ 3RU HMHPSOR VL VH HVWXGLD OD YLGD GH (GLVRQ ORV GRFHQWHV SXHGHQ OHHU IUDJPHQWRV GH DOJXQD GH ODV QXPHURVDV IXHQWHV ELRJUiILFDV R ILFFLRQDOL]DUORVGDWRV /RVUHFXUVRVELRJUiILFRVFRPRFRQWHQLGRVGHDSUHQGL]DMH

([LVWHQ QXPHURVDV FROHFFLRQHV TXH SUHVHQWDQ ELRJUDItDV GH KRPEUHV \ PXMHUHV GH WRGR HO PXQGR TXH UHDOL]DURQ LPSRUWDQWHV FRQWULEXFLRQHVDODKXPDQLGDGHQGLVWLQWRVFDPSRV(VWRVOLEURVFRQVWLWX\HQXQH[FHOHQWHUHFXUVRSDUDHOGRFHQWHHQHO HVWXGLRGH ODVYLGDVGHDUWLVWDVPDWHPiWLFRVFLHQWtILFRV\RWURVFUHDGRUHV (VFXFKDUSRHVtD

/D SRHVtD FRQVWLWX\H XQ UHFXUVR PRWLYDGRU VLPLODU D OD QDUUDFLyQ R D OD OHFWXUD GH LQIRUPDFLyQ ELRJUiILFD 3XHGHQ XWLOL]DUVH SRHPDVEUHYHVSDUDSUHVHQWDUXQLGDGHVFXUULFXODUHV/RVGRFHQWHVSRGUtDQUHFRSLODUHLQWHUFDPELDUSRHPDVFRQVXVFROHJDVSDUD XWLOL]DUORV FRPR PDWHULDO FRPSOHPHQWDULR HQ WRGDV ODV iUHDV $OJXQDV DQWRORJtDV LQWHUHVDQWHV VRQ 3RHVtD 6LHPSUH 9LYDODWLQWD (GLWRULDO7URTXHO %UHYHDQWRORJtDGHSRHVtDGHYDQJXDUGLD 6XGDPHULFDQD \3RHVtDDUJHQWLQDGHOVLJOR;; &ROLKXH VHOHFFLyQ GH'HOILQD0XVFKLHWWL 0XFKRVDOXPQRVHVFULEHQSRHPDV\HVWiQGLVSXHVWRVDFRPSDUWLUORVFRQORVGHPiV(OSRHPDVLJXLHQWHIXHHVFULWRSRUXQDDOXPQD GHDxRVOXHJRGHDSUHQGHUDFHUFDGHODVLQWHOLJHQFLDVP~OWLSOHV/RHVFULELyXQDWDUGHVyORSDUDGLYHUWLUVH\ORSUHVHQWyDVX GRFHQWHDODPDxDQDVLJXLHQWH(VWHSRHPDFRQVWLWX\HXQDH[FHOHQWHLQWURGXFFLyQDODWHRUtDGH+*DUGQHUSDUDQLxRVRDGXOWRV 'HKHFKRORVDXWRUHVGHHVWHOLEURORXWLOL]DPRVFRQIUHFXHQFLDHQORVWDOOHUHVSDUDGRFHQWHVHQORVTXHVHWUDEDMDQODVLQWHOLJHQFLDV P~OWLSOHV 7KH,QWHOOLJHQFH5DS 6KDZQD0XQVRQ

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

>(OUDSGHODLQWHOLJHQFLD /DVRFKRLQWHOLJHQFLDVVRQUHDOPHQWHIDQWiVWLFDV7RGRVODVWHQHPRVQRKD\QDGLHTXHVHDWRQWR/D LQWHOLJHQFLD OLQJtVWLFD WUDWD GH HVFULWXUD \ GH SDODEUDV  7HQHPRV XQD OHQJXD QR VRPRV DQLPDOHV R DYHV /D LQWHOLJHQFLD OyJLFRPDWHPiWLFDQRQRVGHEHDVXVWDU£6LHVWXGLDV\WHHVIXHU]DVVHUiVPiVVDELRTXH6SRFN/DLQWHOLJHQFLDHVSDFLDOFRQVLVWH HQPLUDUGLEXMDU\FRQRFHUHODUWHHQFUHDUFRVDVGLIHUHQWHV\HQDQDOL]DUODV3RUVLQRORVDEtDQODLQWHOLJHQFLDFLQHVWpVLFDHV HGXFDFLyQ ItVLFD  £6HDPRV VDQRV \ FRRUGLQDGRV DWOpWLFDPHQWH /RV QDWXUDOLVWDV FROHFFLRQDQ DQLPDOHV \ SODQWDV  /HV JXVWD MXQWDU IORUHV \ FRQWDU KRUPLJXLWDV 7RGDV ODV TXH QRPEUR VRQ PX\ LQWHUHVDQWHV  SHUR SUHILHUR OD LQWHOLJHQFLD PXVLFDO SRUTXH WLHQHULWPR$YHFHVPHVLHQWRVRODVLQDPLJRVSHURODVKDELOLGDGHVLQWHUSHUVRQDOHVPHD\XGDQDVXSHUDUOR/DVKDELOLGDGHV LQWUDSHUVRQDOHVVLUYHQSDUDUHIOH[LRQDU6LHPSUHGHEHUiVWHQHUUHVSHWRSRUWLPLVPR%XHQR\DKHOOHJDGRDOILQDOGHPLUDS $SUHQGHGHPXFKDVPDQHUDV\QXQFDVHUiVERER@ (OGRFHQWHFRPRQDUUDGRU

&XDQGRQRVHGLVSRQHGHUHFXUVRVRFXDQGRHOGRFHQWHGHVHDSRQHUHQSUiFWLFDXQDHQVHxDQ]DYDULDGDODQDUUDFLyQGHKLVWRULDV SURSRUFLRQD XQD RSFLyQ DWUDFWLYD WDQWR SDUD QLxRV FRPR SDUD DGXOWRV 7RGRV ORV FRQWHQLGRV R WHPDV FREUDQ YLGD FXDQGR VH ORV SUHVHQWDHQIRUPDGHFXHQWR$GHPiVSDUDODVSHUVRQDVGHWRGDVODVHGDGHVUHVXOWDPiVVHQFLOORUHFRUGDULQIRUPDFLyQTXHVHKD\D SUHVHQWDGR GH HVWD PDQHUD $XQTXH PXFKRV GH QRVRWURV QR QRV FRQVLGHUHPRV QDUUDGRUHV GH KHFKR OR VRPRV 7RGRV WHQHPRV DQpFGRWDVGHQXHVWUDYLGDTXHQRVJXVWDUtDFRPSDUWLUDPXFKRVQRVJXVWDFRQWDUFKLVWHVUHODWDUQXHVWURVVXHxRVRLQFOXVRKDEODU DFHUFDGHORVGHPiVFRVWXPEUHTXHSRGUtDVHUODEDVHSDUDIXWXURVFXHQWRVIROFOyULFRVROH\HQGDV 


&XHQWRVUHODFLRQDGRVFRQFRQWHQLGRVGHODHQVHxDQ]D

¢'HGyQGHVXUJHQODVKLVWRULDVGHODXOD"0XFKDVYHFHVSURYLHQHQGHQXHVWUDVSURSLDVH[SHULHQFLDV&XDQGRUHFRUGDPRVQXHVWUDV UHDFFLRQHV IUHQWH D WHPDV FXUULFXODUHV GH OD LQIDQFLD SRGHPRV REWHQHU PDWHULDO SDUD FRPSDUWLU FRQ ORV DOXPQRV TXH HVWpQ HVWXGLDQGRHOPLVPRFRQWHQLGR6LVHDERUGDXQFRQWHQLGR\VHORWUDEDMDHQIRUPDGHKLVWRULDHVSRVLEOHFRQWDUFRQRWUDRSFLyQ TXH UHVXOWD PiV VLPSOH GH OR TXH SDUHFH /DV OtQHDV QDUUDWLYDV VH GHVDUUROODQ FRQ IDFLOLGDG FXDQGR VH LGHQWLILFDQ ORV SHUVRQDMHV SULQFLSDOHV\ODWDUHDTXHGHEHQOOHYDUDFDER/RVGRFHQWHVSRGUtDQUHIOH[LRQDUVREUHHOFRQWHQLGRTXHWLHQHQSHQVDGRHQVHxDU\ FRQVLGHUDU FXiOHV VRQ ORV SHUVRQDMHV \ HO DUJXPHQWR TXH SURSRUFLRQDQ SRVLELOLGDGHV QDUUDWLYDV $VLPLVPR ORV DOXPQRV VXHOHQ PRVWUDUVHGLVSXHVWRVDFUHDU\UHODWDUKLVWRULDVTXHLQFOX\HQFRQWHQLGRVDFDGpPLFRV 'LPHQVLyQFXOWXUDOGHOD QDUUDFLyQ

/D QDUUDFLyQ FRQVWLWX\H WDPELpQ XQ PHGLR SRGHURVR SDUD SURSRUFLRQDU D ORV DOXPQRV XQD SHUVSHFWLYD GH OD KLVWRULD \ GH ODV GLIHUHQWHVFXOWXUDV/HVUHVXOWDUiLQWHUHVDQWHVDEHUTXHODQDUUDFLyQHVPiVDQWLJXDTXHODKLVWRULDHVFULWD$QWHVGHTXH ODOHFWXUD\ OD HVFULWXUD VH GLIXQGLHUDQ ORV FXHQWRV WUDQVPLWtDQ OD KLVWRULD RUDO GH XQD FXOWXUD LQFOX\HQGR ODV H[SHFWDWLYDV ORV WHPRUHV ORV YDORUHV\ORVORJURVGHORVSXHEORV

3RUHMHPSORGXUDQWHODpSRFDGHODHVFODYLWXGHQORV((88ORVFXHQWRVDVXPLHURQWDPELpQRWURSURSyVLWR&RPRDORVHVFODYRV QRVHOHVSHUPLWtDUHXQLUVHHQJUXSRVGHPiVGHFLQFRSHUVRQDVKDEODURHVFULELUHQVXOHQJXDDIULFDQDQDWLYDQLHVFULELUHQLQJOpV FUHDURQ FXHQWRV GH DQLPDOHV SDUD HVWDEOHFHU HO VHQWLGR GH FRPXQLGDG TXH VH OHV KDEtD QHJDGR (O DQLPDO TXH HOLJLHURQ FRPR SURWDJRQLVWDGHODPD\RUtDGHVXVFXHQWRVIXHHOFRQHMRXQDFULDWXUDWDQLQGHIHQVDFRPRHOORVPLVPRVSHURTXHVDEtDWRGRORTXH RFXUUtDDVXDOUHGHGRU\TXHSRUQHFHVLGDGGHEtDSHUPDQHFHUHQVLOHQFLR/ROODPDURQ+HUPDQR&RQHMR(VFXFKDUODVKLVWRULDV GHO+HUPDQR&RQHMRSHUPLWHDORVDOXPQRVFRPSUHQGHUDORVHVFODYRVTXHORFUHDURQFRPRSURWDJRQLVWDGHVXIROFORUH 5HFXUVRVQDUUDWLYRVPXOWLFXOWXUDOHV

([LVWHQQXPHURVRVUHFXUVRVGLVSRQLEOHVSDUDHO GRFHQWHTXHGHVHHWUDEDMDUHOHPHQWRVGHRWUDVFXOWXUDVFRQORVDOXPQRVHQSDUWH PHGLDQWH OD QDUUDFLyQ &XDQGR VH QDUUHQ KLVWRULDV PXOWLFXOWXUDOHV HO GRFHQWH SRGUi VROLFLWDU D ORV DOXPQRV TXH LGHQWLILTXHQ \ UHFRSLOHQ LQIRUPDFLyQ DFHUFD GH ODV GLYHUVDV FXOWXUDV $ ILQDOL]DU OD QDUUDFLyQ VH SRGUi GHEDWLU DFHUFD GH OD HVWUXFWXUD \ HO PHQVDMH GH OD KLVWRULD DVt FRPR WDPELpQ VREUH VXV LPSOLFDQFLDV FXOWXUDOHV $OJXQRV GH ORV HOHPHQWRV TXH SRGUtDQ WHQHUVH HQ FXHQWDVRQORVVLJXLHQWHV Â&#x2021;¢(QTXpiPELWRVHGHVDUUROODODKLVWRULD" Â&#x2021;¢&XiOHVVRQORVYDORUHVTXHWUDQVPLWH" Â&#x2021;¢&XiOHVHOOHQJXDMHTXHVHXWLOL]D" Â&#x2021;¢([LVWHQHVWHUHRWLSRVTXHVHPDQWLHQHQHQODKLVWRULD" Â&#x2021;¢&RQWULEX\HODKLVWRULDDGHUULEDUHVWHUHRWLSRVDFHUFDGHHVWDFXOWXUD"

/RVELEOLRWHFDULRVHVFRODUHVRORFDOHVSXHGHQEULQGDUDVHVRUDPLHQWRUHVSHFWRGHUHFXUVRVSDUDODQDUUDFLyQ\SURSRUFLRQDUKLVWRULDV SDUD FRPSOHPHQWDU WRGRV ORV WHPDV GH HVWXGLR $ FRQWLQXDFLyQ RIUHFHPRV XQ OLVWDGR SDUFLDO GH OLEURV GH FXHQWRV GH GLYHUVRV RUtJHQHV &XHQWRVSRSXODUHVDUJHQWLQRV

&XHQWRVSRSXODUHVGHOD$UJHQWLQDFRPSLODFLyQGH6XVDQD,W]FRYLFK7URTXHO &XHQWRV\OH\HQGDVSRSXODUHVGHOD$UJHQWLQDFRPSLODFLyQGH%HUWD9LGDOGH%DWWLQL(&$ &XHQWRVUHJLRQDOHVDUJHQWLQRV&ROLKXH&XHQWRVGHOLQWHULRU$QWRORJtD&ROLKXH &XHQWRVGHORVDERUtJHQHVDUJHQWLQRV

/RTXHFXHQWDQORVRQDV0Ã&#x2C6;3DOHUPR6XGDPHULFDQD /RTXHFXHQWDQORVJXDUDQtHV0Ã&#x2C6;3DOHUPR6XGDPHULFDQD /RTXHFXHQWDQORVWHKXHOFKHV0Ã&#x2C6;3DOHUPR6XGDPHULFDQD

&XHQWRVODWLQRDPHULFDQRV )iEXODV \OH\HQGDVDPHULFDQDV&LUR$OHJUtD $QWRORJtDGHFXHQWRVSRSXODUHVODWLQRDPHULFDQRV7URTXHO $QWRORJtDGHFXHQWLVWDVODWLQRDPHULFDQRVVHOHFFLyQGH6DUDK0DXUHU&ROLKXH 7UDGLFLRQHVSHUXDQDV5LFDUGR3DOPD.DSHOXV] /H\HQGDVGH*XDWHPDOD0Ã&#x2C6;$VWXULDV6DOYDW &XHQWRVRULHQWDOHV




/D,QGLDOLWHUDULDDQWRORJtD7(5RGKH3RUU~D /DVPLO\XQDQRFKHV(GLFRPXQLFDFLyQ9RFHVGH2ULHQWHFRPSLODFLyQGH$0*DULED\3RUU~D &XHQWRVMXGtRV

&XHQWRVMXGtRVGHODDOGHDGH&KHOP,VDDF%DVKHYLV6LQJHU/XPHQ 6DELGXUtDGH,VUDHOFRPSLODFLyQGH$0*DULED\3RUU~D $QWRORJtDVGHFXHQWRVGHGLYHUVDVFXOWXUDV

&XHQWRVQHJURVSDUDQLxRVEODQFRV%ODLVH&HQGUDUV &XHQWRVEHUHEHUHV0RXORXG0DPPHUL /H\HQGDVDQGDOX]DV/XLV-LPpQH]0DUWRV &XHQWRVHVTXLPDOHV0DXULFH0HWD\HU &XHQWRVSRSXODUHVUXVRV$IDQDVLHY 5HFXUVRVSDUDHODUWHGHODQDUUDFLyQ

*UDPiWLFDGHODIDQWDVtD*LDQQL5RGDUL /DDYHQWXUDGH RtU$QD3HOHJUtQ (VFXFKDUFODVHVH[SRVLWLYDV

6LELHQHQODVDXODVGHOIXWXURKDEUiPX\SRFDVFODVHV HQIRUPDWRH[SRVLWLYRGHEHPRVUHFRQRFHUTXHODSUHVHQWDFLyQRUDOVLJXH VLHQGR XQ PHGLR HILFD] SDUD SURSRUFLRQDU LQIRUPDFLyQ D XQ JUXSR QXPHURVR GH DOXPQRV PD\RUHV /D FODVH H[SRVLWLYD GH OD PDQHUD HQ TXH OD FRQRFHPRV VH VHJXLUi LPSOHPHQWDQGR HQ PXFKRV iPELWRV HGXFDWLYRV \ HV LPSRUWDQWH TXH ORV DOXPQRV GHVFXEUDQODPHMRUPDQHUDGHHVFXFKDU\DSUHQGHUGHHOODV$XQTXHQRHVIUHFXHQWHTXHVHHQVHxHQHVWDVKDELOLGDGHVIRUPXODPRV DOJXQDVSURSXHVWDVTXHSHUPLWLUiQSHUIHFFLRQDUODVKDELOLGDGHVSDUDHVFXFKDUHQORVDOXPQRV /RVGRFHQWHVSRGUiQSUHVHQWDUDORVDOXPQRVXQDPLQLH[SRVLFLyQDFHUFDGHXQWHPDVLJQLILFDWLYRTXHQROHVUHVXOWHFRQRFLGR 3DUDFRPHQ]DUVHPHQFLRQDUiHOWtWXOR\VHVROLFLWDUiDORVDOXPQRVTXHHPSOHHQODVVLJXLHQWHVHVWUDWHJLDVGHFRPSUHQVLyQDFWLYD \HVFULEDQ Â&#x2021;DTXHOORTXH\DVDEHQDFHUFDGHOWHPD Â&#x2021;ODVSUHJXQWDVTXHGHVHDQIRUPXODUVREUHHOWHPD Â&#x2021;ORVVHQWLPLHQWRVTXHGHVSLHUWDHQHOORVODH[SRVLFLyQ

$OFRPHQ]DUODH[SRVLFLyQVHVROLFLWDUiDORVDOXPQRVTXH

Â&#x2021;VLQWHWLFHQRUHDOLFHQXQPDSDFRQFHSWXDOGHORVSXQWRVSULQFLSDOHV Â&#x2021;GHVWDTXHQORVFRQFHSWRVPiVLPSRUWDQWHV Â&#x2021;VHxDOHQGHDOJ~QPRGRSRUPHGLRGHDVWHULVFRVRFUXFHVWRGRSXQWRTXHQRUHVXOWHFODURRTXHFRQVLGHUHQGHSDUWLFXODULQWHUpV Â&#x2021;DQRWHQHQHOPDUJHQODVSUHJXQWDVTXHGHVHDUtDQTXHIXHUDQFRQWHVWDGDV 8QDYH]ILQDOL]DGDODH[SRVLFLyQVHOHVVROLFLWDUiTXHHVFULEDQRH[SOLTXHQ Â&#x2021;ORVQXHYRVFRQWHQLGRVTXHKDQDSUHQGLGR Â&#x2021;GHTXpPDQHUDVHUHODFLRQDHOWHPDFRQVXVFRQRFLPLHQWRVSUHYLRV Â&#x2021;ODLPSRUWDQFLDTXHUHYLVWHSDUDVXVYLGDV

(O GRFHQWH UHVSRQGHUi WRGDV ODV SUHJXQWDV TXH IRUPXOHQ ORV DOXPQRV OXHJR GH OD H[SRVLFLyQ \ OHV VXJHULUi WRPDU QRWD GH ODV UHVSXHVWDV/XHJROHVSURSRQGUiGHEDWLUORVUHVXOWDGRVGHODWDUHDFRQDOJXQRGHVXVSDUHV

2WUDHVWUDWHJLD~WLOFRQVLVWHHQVROLFLWDUDORVDOXPQRVTXHHVFXFKHQODH[SRVLFLyQVLQWRPDUQRWDVRUHDOL]DUPDSDVFRQFHSWXDOHV 8QD YH] ILQDOL]DGD VH OHV SURSRQGUi TXH FRQIHFFLRQHQ XQ PDSD FRQFHSWXDO GH WRGR OR TXH UHFXHUGHQ \ TXH FODVLILTXHQ OD LQIRUPDFLyQSRU WHPDV /XHJRVHOHVSURSRQGUiTXHWUDEDMHQMXQWRDXQRGHVXVSDUHVSDUDFRPSDUDUORVPDSDV\FRPSOHWDUDTXHOORVSXQWRVTXHKD\DQ RPLWLGR(VWHHMHUFLFLRUHVXOWD~WLOSDUDGHVDUUROODUODVKDELOLGDGHVGHFRPSUHQVLyQ\PHPRULD (OGLVHxRGHPDSDVFRQFHSWXDOHV VHH[SOLFLWDHQHOFDSLWXORGHGLFDGRDODLQWHOLJHQFLDYLVXDO 

+DEODU




(OKDEODHILFD]LQFOX\HQRVyORODVSDODEUDVTXHXWLOL]DPRVVLQRWDPELpQODPDQHUDHQTXHODVSURQXQFLDPRVQXHVWURWRQRGHYR] ODVH[SUHVLRQHVIDFLDOHVODSRVWXUD\ORVJHVWRV TXHDGRSWDPRV$OEHUW0HKUDELDQDXWRUGH6LOHQW 0HVVDJHV >0HQVDMHVVLOHQFLRVRV@ SRVWXODTXHVyORHOORGHORTXHFRPXQLFDPRVSRUPHGLRGHOKDEODVHUHODFLRQDFRQODVSDODEUDVTXHHPSOHDPRVHOHVWi LPSOtFLWR HQ QXHVWUR WRQR GH YR] \ HO  HQ QXHVWUD H[SUHVLyQ IDFLDO \ HQ HO OHQJXDMH FRUSRUDO £'H HOORVHGHVSUHQGHTXHXQD SURGXFFLyQRUDOHILFD]LQFOX\HWRGDVODVLQWHOLJHQFLDV

5HVXOWDHVHQFLDOTXHORVGRFHQWHVSURSRUFLRQHQPRGHORVSDUDODVKDELOLGDGHVFRPXQLFDWLYDVHILFDFHV\DTXHWDOHVPRGHORVWLHQHQ XQSURIXQGRLPSDFWRVREUHORVKiELWRVGHORVDOXPQRV (O DXOD SXHGH SURSRUFLRQDU XQ HQWRUQR UHFHSWLYR SDUD DSUHQGHU D KDEODU GH PDQHUD HILFD] HQ OD PHGLGD HQ TXH ORV GRFHQWHV JHQHUHQ XQD DWPyVIHUD GLVWHQGLGD \ SRVLWLYD SDUD TXH ORV DOXPQRV SXHGDQ H[SRQHU H LQWHUFDPELDU LGHDV 6H DGYHUWLUi TXH QR VH WUDWD GH DXODV HQ ODV TXH HO GRFHQWH PRQRSROL]D HO XVR GH OD SDODEUD /DV SUHJXQWDV TXH HVWLPXOHQ HO GHEDWH GHEHUiQ SURSRQHU GHVDItRV SDUD HO SHQVDPLHQWR \ GHEHUiQ SRGHU UHVSRQGHUVH IiFLOPHQWH HQ SRFDV SDODEUDV 7DPELpQ HV LPSRUWDQWH TXH HO GRFHQWH IRUPXOHSUHJXQWDVDELHUWDVLQWHUHVDQWHVSDUDODVFXDOHVQRFRQR]FDODUHVSXHVWD&RPRUHVXOWDGRVXUJLUiXQGHEDWHHVWLPXODQWHTXH SRGUtDGDUOXJDUDSHUVSHFWLYDVVRUSUHQGHQWHV\DQXHYDVSRVLELOLGDGHVSDUDHODSUHQGL]DMHGHWRGRVORVLQWHJUDQWHVGHOJUXSR 6HKDGHPRVWUDGRTXHORVDOXPQRVREWLHQHQJUDQGHVEHQHILFLRVGHODSUiFWLFD\HOGHVDUUROORGHKDELOLGDGHVSDUDODFRPXQLFDFLyQ RUDOSRUPHGLRGHHMHUFLFLRVFRPRORVTXHH[SOLFDPRVDFRQWLQXDFLyQ (ODOXPQRFRPRQDUUDGRU

$OJXQRV DOXPQRV VH RIUHFHQ YROXQWDULDPHQWH FRQ HQWXVLDVPR SDUD QDUUDU KLVWRULDV D VXV FRPSDxHURV 3DUD RWURV OD VROD LGHD UHVXOWDDWHUUDGRUD6LQHPEDUJRHVFXFKDUQDUUDFLRQHVLQFOX\HQXPHURVDVKDELOLGDGHVSDUDHVFXFKDUPLHQWUDVTXHQDUUDU KLVWRULDV UHTXLHUH GRPLQLR OLQJtVWLFR /D QDUUDFLyQ HV XQD IRUPD GH FRPXQLFDFLyQ OLQJtVWLFD SRGHURVD \ DPHQD TXH SURSRUFLRQD D ORV DOXPQRVHOHPHQWRVDFHUFDGHOULWPRODHQWRQDFLyQ\ODVVXWLOH]DVGHODOHQJXD/RVHGXFDGRUHVTXHWHQJDQLQWHUpVHQSURPRYHUOD QDUUDFLyQHQVXVDXODVSRGUtDQWHQHUHQFXHQWDORVVLJXLHQWHVOLQHDPLHQWRV /LQHDPLHQWRVSDUDODQDUUDFLyQ (OGRFHQWHSURSRUFLRQDUiPRGHORVSDUDODQDUUDFLyQ 6HLQYLWDUiDQDUUDGRUHVGHOiPELWRORFDODYLVLWDUODFODVH 6HJXLDUiDORVDOXPQRVHQODVHOHFFLyQGHPDWHULDOSDUDODQDUUDFLyQVHSRGUiQLQFOXLUFRQWHQLGRVWUDEDMDGRVHQFODVH DQpFGRWDVIDPLOLDUHVRHVFRODUHVFXHQWRVFRQRFLGRVDQWRORJtDVRHQWUHYLVWDVUHDOL]DGDVDFLXGDGDQRVQRWDEOHV 6HHQVHxDUiDORVDOXPQRVDOJXQDVGHODVKDELOLGDGHVLQKHUHQWHVDODQDUUDFLyQWDOHVFRPR ‡FRPHQ]DUFRQXQDIRUPXODLQWHUHVDQWH ‡ILMDUOtPLWHVSDUDHOQ~PHURGHSHUVRQDMHV ‡DVHJXUDUVHGHTXHODKLVWRULDLQFOX\DLPiJHQHVTXHORVR\HQWHVSXHGDQYHURUHSUHVHQWDUVH ‡SURPRYHUHOHPSOHRGHFRPSDUDFLRQHV\PHWiIRUDV ‡DQLPDUORVPRPHQWRVFODYHGHODQDUUDFLyQSRUPHGLRGHHIHFWRVVRQRURVYRFDOHVRJHVWXDOHV\PRYLPLHQWRVFRUSRUDOHV ‡PDQWHQHUXQWRQRGHYR]FODURH[SUHVLYR\UtWPLFR ‡HVWDEOHFHUFRQWDFWRYLVXDOFRQODDXGLHQFLD ‡FRQVLGHUDUODSRVLELOLGDGGHFRQWDUFRQODSDUWLFLSDFLyQGHODDXGLHQFLD 3UDFWLFDUODQDUUDFLyQFRQODWRWDOLGDGGHODFODVH(OGRFHQWHSRGUiVHOHFFLRQDUXQDKLVWRULD\OHHUODSRUSDUWHVDODFODVH VROLFLWDQGRDVXVLQWHJUDQWHVTXHSURSRQJDQGHWDOOHVSDUDDXPHQWDUVXULTXH]DHLQWHUpV6HSRGUiGLYLGLUDORVDOXPQRVHQ SHTXHxRVJUXSRVDORVTXHVHDVLJQDUiXQDSDUWHGHODKLVWRULDSDUDPHPRUL]DU\OXHJRQDUUDUSRUWXUQR 3RGUiDOLYLDUVHODWHQVLyQGHORVQDUUDGRUHVSULQFLSLDQWHVSURSRQLHQGRDORVDOXPQRVTXHUHODWHQXQDKLVWRULDDXQSHTXHxR JUXSRGHVXVSDUHVHQOXJDUGHKDFHUORIUHQWHDWRGDODFODVH

'HEDWHHQFODVH (OGHEDWHHQFODVHWLHQHOXJDUHQFDVLWRGDVODViUHDVFXUULFXODUHVGHWRGRVORVQLYHOHVGHHQVHxDQ]D([LVWHXQDORJtVWLFDSDUDVX DERUGDMH TXH LQFOX\H OD RUJDQL]DFLyQ GHO HVSDFLR ItVLFR \ OD PDQHUD GH LQVWDU D WRGRV ORV PLHPEURVGHOJUXSRDOLQWHUFDPELRGH RSLQLRQHV DQWHV GH TXH HO GHEDWH SURGX]FD UHVXOWDGRV SRVLWLYRV\VDWLVIDFWRULRV3RUHMHPSORVLVHRUJDQL]DUDDOJUXSRHQIRUPD FLUFXODURGH8¢QRVHIDYRUHFHUtDODLQWHUDFFLyQHQWUHORVDOXPQRV" ([LVWH XQD DPSOLD GLQiPLFD KXPDQD TXH LQIOX\H VREUH OD FDOLGDG GHO GLVFXUVR HQ HO DXOD $OJXQRV DOXPQRV GHEHQ DSUHQGHU D FRQWHQHU VXV LPSXOVRVSRUPRQRSROL]DUODFRQYHUVDFLyQ2WURVQHFHVLWDQHVWtPXORSDUDSDUWLFLSDU3DUDHOGRFHQWHFRQVWLWX\HXQ GHVDItRPDQWHQHUODOtQHDGHOGHEDWHIRUPXODUSUHJXQWDVGHDOWRQLYHO\HQVHxDUDORVDOXPQRVDDVXPLUXQDPD\RUUHVSRQVDELOLGDG HQ OD FRQGXFFLyQ GHO GHEDWH HQ FODVH &RQ HO REMHWR GH DERUGDU HVWDV \ RWUDV FXHVWLRQHV SUHVHQWDPRV DOJXQDV VXJHUHQFLDV SDUD LQLFLDULPSOHPHQWDU\UHIOH[LRQDUVREUHHOGHEDWH\DOPLVPRWLHPSRGDUSDUWLFLSDFLyQDWRGRVSRULJXDO /DVFLQFRHWDSDVGHOGHEDWHHQFODVH

6HJ~QVHxDOD5LFKDUG$UHQGVHQVXOLEUR/HDUQLQJWR7HDFK>$SUHQGHUDHQVHxDU@HOGHEDWHHILFD]HQODFODVHFRQVWDJHQHUDOPHQWH GH FLQFR HWDSDV (VWDV HWDSDV FXDQGR VH SODQLILFDQ H[SUHVDPHQWH IRUWDOHFHQ HO GLVFXUVR GHO DOXPQR \ UHYHODQ HQ TXp PHGLGD SXHGHJDUDQWL]DUVHODSDUWLFLSDFLyQ&XDQGRGHEDFRQGXFLUGHEDWHVHQODFODVHVHUiQHFHVDULRTXHHOGRFHQWHSODQLILTXHODVFLQFR 


HWDSDV VLJXLHQWHV SDUD SRGHU DVHJXUDU TXH PDQWHQGUi XQ GLDORJR VLJQLILFDWLYR FRQ ORV DOXPQRV \ TXH WDPELpQORVHUiHOTXHORV DOXPQRVPDQWHQJDQHQWUHVt

 ([SOLFDU HO SURSyVLWR GHO GHEDWH (O GRFHQWH GHEHUi H[SOLFDU DTXHOOR TXH VH GHEDWLUi DVt FRPR WDPELpQ ORV SDUiPHWURV DSURSLDGRV SDUD OD FRQGXFWD GH ORV DOXPQRV 6H IRUPXODUiQ SUHJXQWDV VH H[SRQGUiQ DUJXPHQWRV R VH SUHVHQWDUi XQD VLWXDFLyQ SUREOHPiWLFDSDUDLQLFLDUHOLQWHUFDPELRGHRSLQLRQHV  &RQGXFLU HO GHEDWH (O GRFHQWH SRGUi IRUPXODU SUHJXQWDV HVSHFtILFDV R VROLFLWDU YROXQWDULRV SDUD GDU FRPLHQ]R D ODV LQWHUYHQFLRQHV GH ORV DOXPQRV (V LPSRUWDQWH JDUDQWL]DU TXH VH HVFXFKHQ UHVSHWXRVDPHQWH WRGDV ODV RSLQLRQHV 8Q YROXQWDULR SRGUtDHQXPHUDURUHDOL]DUXQPDSDFRQFHSWXDOFRQORVDSRUWHVSDUDHOGHEDWHHQHOSL]DUUyQHQXQDILFKDRHQHOUHWURSUR\HFWRU 7DOHVSURFHVRVPDQWLHQHQODIOXLGH]GHOGHEDWH\HYLWDQODUHGXQGDQFLDHQORVDSRUWHV (O GRFHQWH SXHGH SURSRUFLRQDU PRGHORV SDUDODVKDELOLGDGHVQHFHVDULDVHQXQGHEDWHHILFD]UHVSRQGLHQGRDODVSUHJXQWDVGHORV DOXPQRVGHPDQHUDYDULDGD3RUHMHPSORSDUDUHIOH[LRQDUDFHUFDGHODVLGHDVH[SXHVWDVUHVXOWD~WLOIRUPXODUFRPHQWDULRVFRPR 0HSDUHFLyTXHGLMLVWHR (VRHVPX\LQWHUHVDQWHSRUTXH3DUDDOHQWDUDORVDOXPQRVDFRQVLGHUDUGLYHUVRVSXQWRVGHYLVWDR SRVLELOLGDGHV DOWHUQDWLYDV HO GRFHQWH SRGUtD DVXPLU HO SDSHO GH DERJDGR GHO GLDEOR R IRUPXODU REVHUYDFLRQHV FRPR <D FRQRFHPRVWXSXQWRGHYLVWDVREUHHVWHWHPD¢([LVWHQRWURVSXQWRVGHYLVWD"R¢&XiOHVVRQORVSXQWRVGHFRLQFLGHQFLDHQWUHWXV LGHDV\ODVGH"  0DQWHQHU OD OtQHD GHO GHEDWH /RV DOXPQRV VXHOHQ SODQWHDU FXHVWLRQHV QR UHODFLRQDGDV FRQ HO WHPD TXH VH HVWi WUDWDQGR (O GRFHQWHVHxDODUiDPDEOHPHQWHTXHVHHVWiQGHVYLDQGRGHOWHPD\TXHHOLQWHUFDPELRGHEHUHRULHQWDUVHKDFLDHOREMHWRRULJLQDO6L ODPD\RUtDGHORVDOXPQRVGHPXHVWUDLQWHUpVSRUXQWHPDSODQWHDGRSRUDOJXQRGHVXVSDUHVHOGRFHQWHSRGUiGHVWLQDUWLHPSRSDUD TXHSXHGDQ FRQWLQXDUHOGHEDWHHQRWURPRPHQWR )LQDOL]DUHOGHEDWH/RVGHEDWHVWDOFRPRFXDOTXLHURWUDWDUHDGHODFODVHGHEHQWHQHUXQPRPHQWRGHFLHUUH(OGRFHQWHSRGUi VLQWHWL]DUORGLFKRUHODFLRQDUHOWHPDGHOGHEDWHFRQRWURVDSUHQGL]DMHVGHODFODVHR XWLOL]DUORFRPRSXHQWHSDUDGHVWDFDUQXHYD LQIRUPDFLyQ 5HIOH[LRQDUDFHUFDGHOGHEDWH7DQWRSDUDHOGRFHQWHFRPRSDUDORVDOXPQRVUHVXOWDUiEHQHILFLRVRGLDORJDUDFHUFDGHOSURFHVR GH GHEDWH SRU PHGLR GH SUHJXQWDV SRU HMHPSOR ¢&yPR VH GHVDUUROOy HO GHEDWH KR\" ¢'H TXp PDQHUD SRGUtD KDEHU VLGR PiV HILFD]"¢7XYLHURQRSRUWXQLGDGGHSDUWLFLSDUWRGRV"¢3XGLPRVHVFXFKDUDWRGRVGHPDQHUDHILFD]" 8QD YH] TXHORVDOXPQRVKD\DQREVHUYDGRXQDFRQGXFFLyQHILFD]GHOGHEDWHSRUSDUWHGHOGRFHQWH\FRPSUHQGDQODVHWDSDVGHO GLVFXUVRHVWDUiQHQFRQGLFLRQHVGHDVXPLUODUHVSRQVDELOLGDGGHFRQGXFLUGHEDWHVHQSHTXHxRVJUXSRVRFRQODWRWDOLGDGGHOJUXSR GHSDUHV

0HPRUL]DFLyQ 6LELHQODPHPRUL]DFLyQKDSHUGLGRSUHVWLJLRHQPXFKDVDXODVODPHMRUPDQHUDTXHH[LVWHSDUDOLEHUDUODPHQWHSDUDTXHSXHGD FRQFHQWUDUVH HQ ODV H[SRVLFLRQHV RUDOHV R HQ ODV KDELOLGDGHV GH HVFULWXUD FRQVLVWH HQ PHPRUL]DU GDWRV EiVLFRV XQ SRHPD R XQ IUDJPHQWR GH XQD REUDWHDWUDO6XEHQHILFLRDGLFLRQDOFRQVLVWHHQTXHPXFKRVGHHVWRVHOHPHQWRVSHUPDQHFHQHQODPHPRULDGH SRUYLGD\SURSRUFLRQDQGLVWUDFFLyQGLYHUVLyQRLQVSLUDFLyQFXDQGRVHORVHYRFD /RV DOXPQRV PiV SHTXHxRV SXHGHQ PHPRUL]DU FDQFLRQHV GH FXQD UHWDKtODV SRHPDV EUHYHV \ UtWPLFRV FRPR ORV GH 0DUtD (OHQD :DOVK HQ =RR /RFR ORV TXH DO SULQFLSLR SRGUiQ UHFLWDU HQ JUXSR KDVWD TXH DGTXLHUDQ VXILFLHQWH FRQILDQ]D FRPR SDUD SUHVHQWDUORV IUHQWH D WRGD OD FODVH /RV DOXPQRV PD\RUHV SRGUtDQ PHPRUL]DU REUDV PiV H[WHQVDV FRPR DOJ~Q SRHPD GHO 5RPDQFHUR JLWDQR GH )HGHULFR *DUFtD /RUFD R GH 9HLQWH SRHPDV GH DPRU \ XQD FDQFLyQ GHVHVSHUDGD GH 3DEOR 1HUXGD \ SUHVHQWDUORDODFODVHLQFRUSRUDQGRHIHFWRVGHVRQLGRP~VLFDGHIRQGRRGLVIUDFHV/DOHFWXUDFRUDODFXDOTXLHUHGDGGHVDUUROODXQD PD\RUIOH[LELOLGDGSDUDHOPDQHMRGHODPRGXODFLyQ\HO WRQRGHYR]WUDQVPLWHHOULWPRGHODOHQJXD\HVWLPXODODH[SUHVLyQGH HPRFLRQHV<DTXHHOFDQWRLQFUHPHQWDODFDOLGDG\IOH[LELOLGDGYRFDOHVUHVXOWDDSURSLDGRFDQWDUSRHPDVDORVTXHVHKD\DSXHVWR P~VLFDHQFODVH /RV DOXPQRV R HO GRFHQWH SRGUiQ HVFULELU SRHPDV R ULPDV TXH VH HPSOHDUiQ FRPR UHFXUVRV PQHPRWpFQLFRV SDUD UHFRUGDU LQIRUPDFLyQGHGLIHUHQWHViUHDVFRPRKLVWRULDFLHQFLDVQDWXUDOHVRJHRJUDItD (VWUDWHJLDVSDUDHVWLPXODUODPHPRULD &XDQGRVHVROLFLWDDORVDOXPQRVTXHPHPRULFHQDOJ~QFRQWHQLGRHVLPSRUWDQWHUHFRUGDUTXHODUHSHWLFLyQSRUVtVRODFDUHFHGH YDORU D PHQRV TXH YD\D DFRPSDxDGD SRU OD SDUWLFLSDFLyQ DFWLYD GHO VXMHWR /D LQIRUPDFLyQ HQWUDUi OLWHUDOPHQWH SRU XQ RtGR \ VDOGUiSRUHORWURVLQRVHSURGXFHXQDHIHFWLYDFRGLILFDFLyQHQODPHPRULD/DVVLJXLHQWHVHVWUDWHJLDVWLHQHQFRPRREMHWLYRD\XGDU DORVDOXPQRVDPHPRUL]DULQIRUPDFLyQLPSRUWDQWH /RVDOXPQRVUHDOL]DUiQXQDSULPHUDOHFWXUDGHODWRWDOLGDGGHOPDWHULDOTXHGHEHQPHPRUL]DU(OOROHVSURSRUFLRQDXQSDQRUDPD JHQHUDOGHODWDUHD\HVWDEOHFHKLWRVPHQWDOHVSDUDHOSRVWHULRUDSUHQGL]DMH /RVDOXPQRVSRGUiQDJUXSDURFRPSDFWDUORVHOHPHQWRVGHOFRQWHQLGRTXHGHEHQPHPRUL]DU\FUHDULPiJHQHVYLVXDOHVSDUD FDGDJUXSR/DVLPiJHQHVYLVXDOHVSXHGHQJUDILFDUVHRVLPSOHPHQWHLPDJLQDUVH 6HSRGUiSRQHUP~VLFDDOFRQWHQLGRSDUDIDFLOLWDUODPHPRULDDODUJRSOD]R /RVDOXPQRVSRGUiQJUDEDUDTXHOORTXHGHVHDQPHPRUL]DU\UHWURFHGHUODFLQWDFRQIUHFXHQFLDSDUDLQFUHPHQWDUOD PHPRUL]DFLyQGHOFRQWHQLGR /DVVHVLRQHVEUHYHVGHPHPRUL]DFLyQVXHOHQUHVXOWDUPiVSURGXFWLYDVTXHODVSURORQJDGDV6HH[SOLFDUiDORVDOXPQRVTXHHO WUDEDMRPHPRUtVWLFRQRGHEHVXSHUDUORVWUHLQWDPLQXWRVSRUYH]




 6HUi QHFHVDULR RUJDQL]DU DFWLYLGDGHV GH UHYLVLyQ SDUD OD LQIRUPDFLyQ TXH VH GHEH UHWHQHU 6H H[SOLFDUi D ORV DOXPQRV TXH OD FDSDFLGDG GH PHPRUL]DFLyQ VH LQFUHPHQWD FXDQGR ORV FRQWHQLGRV VH UHYLVDQ DO GtD VLJXLHQWH XQD VHPDQD GHVSXpV XQ PHV PiV WDUGH\DVtGHVHJXLGR

,QIRUPHV &RQIUHFXHQFLDVHVROLFLWDDORVDOXPQRVTXHSUHVHQWHQLQIRUPHVHQFODVH3RUORJHQHUDOODSURGXFFLyQGHLQIRUPHVFRPLHQ]DHQ ORV SULPHURV DxRV GH OD HGXFDFLyQ EiVLFD FRQ DFWLYLGDGHV FRPR 0RVWUDU \ FRQWDU \ DYDQ]D KDVWD OD UHGDFFLyQ IRUPDO GH PRQRJUDItDVTXHH[SRQHQORVUHVXOWDGRVGHLQYHVWLJDFLRQHVHQODVFODVHVGHQLYHOSROLPRGDO/RVGRFHQWHVVROLFLWDQLQIRUPHVFX\R FRQWHQLGR IRUPDWR \ FULWHULR GH HYDOXDFLyQ YDUtDQ DPSOLDPHQWH 5HVXOWD EHQHILFLRVR SDUD ORV DOXPQRV DSUHQGHU D GDU IRUPDWRD VXVSUHVHQWDFLRQHV /LQHDPLHQWRVSDUDHODERUDULQIRUPHV Â&#x2021; 6HOHFFLRQDUXQWHPDDSURSLDGRSDUDHOUHFHSWRU Â&#x2021;2UJDQL]DUODSUHVHQWDFLyQ Â&#x2021;3ODQLILFDUXQDLQWURGXFFLyQTXHDWUDLJDODDWHQFLyQ Â&#x2021;,QFOXLUDQpFGRWDVDPHQDV\HMHPSORVHVSHFtILFRV Â&#x2021;'LVHxDUDOJXQDDFWLYLGDGSDUDHOUHFHSWRU Â&#x2021;3ODQLILFDUXQDFRQFOXVLyQ HILFD]

$HVWRVSXQWRVVHDJUHJDQVXJHUHQFLDVSDUDODVSUHVHQWDFLRQHVRUDOHV

Â&#x2021;6HOHFFLRQDUXQYRFDEXODULRDSURSLDGRSDUDHOWHPD\SDUDODDXGLHQFLD Â&#x2021;$WUDHUODDWHQFLyQGHODDXGLHQFLDSRUPHGLRGHOFRQWDFWRYLVXDO\HOOHQJXDMHFRUSRUDO Â&#x2021;(PSOHDUXQDGLFFLyQFODUD\ODVLQWD[LVFRUUHFWD Â&#x2021;(YLWDUODVIUDVHVODUJDV\HQWUHFRUWDGDV Â&#x2021;8WLOL]DUH[SUHVLRQHVFRQFLVDV\YDULDGDV Â&#x2021;(YLWDUHOHPSOHRGHPXOHWLOODV

&RQ HO ILQ GH HVWLPXODU HO LQWHUpV GH ORV DOXPQRV SRU HO GHVDUUROOR GH DFWLYLGDGHV GH LQYHVWLJDFLyQ SDUD VXV LQIRUPHV VH OHV VROLFLWDUi TXH LGHQWLILTXHQ ORV GDWRV VXSXHVWRV H LQWHUURJDQWHV UHIHUHQWHV DO WHPD TXH KD\DQ HOHJLGR 3RGUiQ IRUPXODUVH ODV VLJXLHQWHVSUHJXQWDV Â&#x2021;¢&XiOHVODLQIRUPDFLyQVREUHODTXHHVWR\VHJXUR" Â&#x2021;¢&XiOHVODTXHFUHR VDEHU" Â&#x2021;¢4XpGHVHRDYHULJXDU"

$VtFRPRVXFHGHFRQODUHYLVLyQGHOWUDEDMRHVFULWRHQWUHSDUHVODUHVSXHVWDGHODDXGLHQFLDDXQDSUHVHQWDFLyQRUDOGHEHVHU DQWH WRGR SRVLWLYD 3RGUi SURSRUFLRQDUVH IHHGEDFN HQ XQ IRUPDWR GH ViQGZLFK GH YDORUDFLyQ PHGLDQWH HO FXDO VH FRPHQ]DUi HQXPHUDQGR ORV HOHPHQWRV SRVLWLYRV GH OD SUHVHQWDFLyQ OXHJR VH RIUHFHUiQ VXJHUHQFLDV SDUD PHMRUDUOD \ VH FRQFOXLUi FRQ RWUR FRPHQWDULRSRVLWLYR (QWUHYLVWDV

/DVHQWUHYLVWDVFRQVWLWX\HQXQDGHODVPDQHUDVHQTXHORVDOXPQRVSXHGHQGHVDUUROODUVXVKDELOLGDGHVSDUDUHFRSLODULQIRUPDFLyQ RUDO8QDDFWLYLGDGSUHYLDFRQVLVWHHQGLVWLQJXLUXQDHQWUHYLVWDGHXQDFRQYHUVDFLyQ6LELHQDPEDVVRQIRUPDVGHFRPXQLFDFLyQ RUDOODVFRQYHUVDFLRQHVGHVDUUROODQXQDFKDUODLQIRUPDORXQLQWHUFDPELRGHLGHDVDFHUFDGHWHPDVGHLQWHUpVSDUDORVKDEODQWHV 3RUHOFRQWUDULRODVHQWUHYLVWDVWLHQHQXQREMHWLYRSUHGHWHUPLQDGRHOHQWUHYLVWDGRUVROLFLWDLQIRUPDFLyQHVSHFLILFD\HYLWDORV WHPDVLUUHOHYDQWHV3DUDORVDOXPQRVSRGUtDUHVXOWDULQWHUHVDQWHUHDOL]DUHQWUHYLVWDVDSHUVRQDVGHGLIHUHQWHVPHGLRVFXOWXUDOHV SURIHVLRQHVRJUDGRGHFDSDFLWDFLyQFRPRFRPSOHPHQWRGHVXVHVWXGLRVDFDGpPLFRV$VLPLVPRUHVXOWD~WLOTXHORVDOXPQRV FRQR]FDQFXiOHVVRQODVKDELOLGDGHVQHFHVDULDVSDUDOOHYDUDFDERXQDHQWUHYLVWDHILFD]/RVFULWHULRVTXHPHQFLRQDPRVD FRQWLQXDFLyQSRGUiQXWLOL]DUVHSDUDTXHORVDOXPQRVSUHSDUHQVXVHQWUHYLVWDVRSDUDHYDOXDUODVXQDYH]UHDOL]DGDV +DELOLGDGHVSDUDXQDHQWUHYLVWDHILFD]

Â&#x2021;3UHSDUDUVHSDUDODHQWUHYLVWD,GHQWLILFDUORTXH VHTXLHUHSUHJXQWDU\HOSURSyVLWRGHODHQWUHYLVWD Â&#x2021;3URJUDPDUODIHFKDGHODHQWUHYLVWDGHFRP~QDFXHUGR Â&#x2021;'HFLGLUHOPpWRGRTXHVHHPSOHDUiSDUDODWRPDGHQRWDV6LVHJUDEDODHQWUHYLVWDVROLFLWDUODDXWRUL]DFLyQSUHYLDGHOHQWUHYLVWDGR Â&#x2021;3URSRUFLRQDUHVWtPXORDOHQWUHYLVWDGRSDUDTXHKDEOH Â&#x2021;0DQWHQHUXQDH[SUHVLyQIDFLDODJUDGDEOHDGRSWDUXQDDFWLWXGFRUSRUDOSRVLWLYD\VHUDPDEOH Â&#x2021;(VFXFKDUFRQDWHQFLyQ\QRIRUPXODURSLQLRQHVRFRPHQWDULRV Â&#x2021;)RUPXODUSUHJXQWDVDELHUWDVFX\DUHVSXHVWDQRVHD XQVLPSOHVtRQR Â&#x2021;0DQWHQHUHOKLORGHODHQWUHYLVWD Â&#x2021;&XPSOLUFRQORVOtPLWHVGHWLHPSRILMDGRVSDUDODHQWUHYLVWD Â&#x2021;8QDYH]ILQDOL]DGDODHQWUHYLVWDUHYLVDUODVQRWDVDILQGHUHWHQHUODLQIRUPDFLyQHQODPHPRULDDODUJRSOD]R 


‡(QYLDUXQDQRWDGHDJUDGHFLPLHQWRDOHQWUHYLVWDGR

&RQHOREMHWRGHSUHSDUDUDORVDOXPQRVSDUDTXHUHDOLFHQHQWUHYLVWDVHOGRFHQWHSRGUiGLYLGLUDODFODVHHQSHTXHxRVJUXSRVSDUD GUDPDWL]DUGLIHUHQWHVVLWXDFLRQHVGHSRVLEOHVHQWUHYLVWDV7DOYH]ORVDOXPQRVHQWUHYLVWHQDQLxRVGHRWURVDxRVHQVXHVFXHODD DWOHWDVRDUWLVWDVIDPRVRVDPLHPEURVDFWLYRVGHVXFRPXQLGDGRLQFOXVRDVXVFRPSDxHURVGHFODVH(OWUDEDMRHQSHTXHxRV JUXSRVOHVSHUPLWLUiHODERUDUSUHJXQWDVDSURSLDGDVDFDGDFLUFXQVWDQFLD\SUDFWLFDUODFRQGXFFLyQGHXQDHQWUHYLVWD0LHQWUDVGRV GHORVPLHPEURVGHOJUXSRGUDPDWL]DQODHQWUHYLVWDORVGHPiVORVREVHUYDUiQ\OXHJRIRUPXODUiQFRPHQWDULRVDFHUFDGHVX HILFDFLD\VXJHULUiQIRUPDVSDUDHQULTXHFHUOD(VWDVDFWLYLGDGHVSHUPLWHQDORVDOXPQRVGHVDUUROODUKDELOLGDGHVTXHDSOLFDUiQHQ ODVDXWpQWLFDVHQWUHYLVWDVTXHUHDOLFHQ /HHU

/D OLWHUDWXUD VLHQWD ODV EDVHV SDUD HMHUFLWDU \ GHVDUUROODU OD LQWHOLJHQFLD YHUEDOOLQJtVWLFD HQ WRGD VX YDULHGDG /RV FXHQWRV ODV QRYHODVODVELRJUDItDVORVHQVD\RVODVREUDVGHWHDWUR\ORVSRHPDVEULQGDQXQSXQWRGHSDUWLGDSDUDHOGHVDUUROORGHKDELOLGDGHV SDUD HVFXFKDU DFWLYDPHQWH GH SUR\HFWRV RUDOHV \ GH HVFULWXUD FUHDWLYD R FULWLFD (VWRV PDWHULDOHV QXWUHQ HO SHQVDPLHQWR \D TXH SURSRUFLRQDQPRGHORVSDUDXQXVRHILFD]GHODOHQJXD\HVWLPXODQHOGHVDUUROORLQWHOHFWXDO

&DGDYH]VRQPiVORVH[SHUWRVHQSODQLILFDFLyQFXUULFXODU\ORVGRFHQWHVTXHUHHPSOD]DQORVOLEURVGHWH[WRSRUOLEURVGHILFFLyQ TXH SURSRUFLRQDQ HMHPSORV GH OD PHMRU HVFULWXUD HQORVGLYHUVRVJpQHURV\TXHSXHGHQUHVXOWDUPiVLQWHUHVDQWHV\VLJQLILFDWLYRV SDUDORVLQWHUHVHVGHORVDOXPQRV 6HOHFFLyQGHPDWHULDO

6WHSKHQ7FKXGLDXWRUGH3ODQQLQJDQG$VVHVVLQJWKH&XUULFXOXPLQ(QJOLVK/DQJXDJH$UWV>3ODQLILFDFLyQ\HYDOXDFLyQFXUULFXODU HQHOiUHDGHOHQJXD@VHxDODTXHSDUDTXHORVGRFHQWHVSXHGDQVHOHFFLRQDUPDWHULDOGHOHFWXUDDSURSLDGRSDUDVXWUDEDMRHQHODXOD GHEHUiQFRQYHUWLUVHHQHVSHFLDOLVWDVHQOLEURVSDUDQLxRV\MyYHQHV\FRQWDUFRQHOHPHQWRVSDUDDQDOL]DUORVQXHYRVWtWXORV\ORV OLEURVFOiVLFRVWDQWRLQIRUPDWLYRVFRPRGHILFFLyQ ,QFOXVR HQ HO WUDEDMR FRQ JUXSRV QXPHURVRV HV LPSRUWDQWH TXH HO GRFHQWH LGHQWLILTXH OD HWDSD HYROXWLYD \ ORV LQWHUHVHV GH FDGD DOXPQR HQ SDUWLFXODU $TXHOORV TXH QR PXHVWUDQ HQWXVLDVPR SRU OD OHFWXUD SXHGHQ FDPELDU GH DFWLWXG VL VH OHV EULQGD OD RSRUWXQLGDG GH OHHU OLEURV DFHUFD GH WHPDV HVSHFtILFRV FRPR KpURHV GH KLVWRULHWD SDVDWLHPSRV PDVFRWDV LQYHQWRV GHVFXEULPLHQWRV FLHQWtILFRV GHSRUWHV IDYRULWRV JUXSRV PXVLFDOHV R SDtVHV H[WUDQMHURV 'HEHUi UHDOL]DUVH HO PD\RU HVIXHU]R SDUD GLVSRQHU GH UHFXUVRV TXH SHUPLWDQ FDSLWDOL]DU VXV LQWHUHVHV SRU PHGLR GH PDWHULDO GH OHFWXUD DSURSLDGR SDUD ODV GLVWLQWDV HWDSDV HYROXWLYDV /DSDODEUDHQHODXOD

(Q WRGDV ODV DXODV HQFRQWUDPRV WH[WRV HQ ODV SDUHGHV HQ ODV FDUWHOHUDV \ HQ HO SL]DUUyQ SDUD H[SOLFDU ODV UHJODV GH OD FODVH HQXPHUDU WDUHDV \ GHWDOODU HO KRUDULR HVFRODU /RV GRFHQWHV SXHGHQ SUHVWDU HVSHFLDO DWHQFLyQ DOHPSOHRGHODOHQJXDHQHODXODH LGHQWLILFDUODPDQHUDGHREWHQHUEHQHILFLRVGHODKDELOLGDGHVHQFLDOTXHUHSUHVHQWDODOHFWXUD 8QUHFXUVRLPSRUWDQWHSDUDODOHFWXUDVRQODVILFKDVGHHMHUFLFLRVTXHXWLOL]DQORVDOXPQRV&RQWDQWDIUHFXHQFLDFRPRVHDSRVLEOH HOGRFHQWHGHEHUiSUHSDUDUVXVSURSLDVILFKDVGHHMHUFLFLRV\WDUHDVEDVDGDVHQODVH[SHULHQFLDV\HOYRFDEXODULRTXHVHPDQHMDQHQ HO DXOD 'LFKRV PDWHULDOHV UHVXOWDQ PiV VLJQLILFDWLYRV SDUD ORV DOXPQRV TXH ORV OLEURV GH WH[WR HVFULWRV GH PDQHUD LPSHUVRQDO &RPRORVDOXPQRVDSUHQGHQDGLIHUHQWHULWPR\GHGLYHUVDVPDQHUDVVHUiQHFHVDULR DGDSWDU\HQULTXHFHUORVOLEURVGHWH[WR\ODV FDUSHWDVGHHMHUFLFLRVDOPDUJHQGHVXFDOLGDG

6LELHQFDGDGRFHQWHGHEHUHDOL]DUPRGLILFDFLRQHVDFRUGHVDVXJUXSRGHDOXPQRVDORVFRQWHQLGRVGHODHQVHxDQ]D\DVXHVWLOR SHGDJyJLFR FUHHPRV TXH ODV SUHJXQWDV TXH VH HQXQFLDQ D FRQWLQXDFLyQ SXHGHQ D\XGDU D ORV HGXFDGRUHV D RSWDU SRU OD PHMRU HVWUDWHJLDSDUDODHQVHxDQ]DGHODOHFWXUDHQWRGDVODViUHDVFXUULFXODUHV 5HIOH[LRQHVDFHUFDGHODOHFWXUDHQHODXOD       

¢&XiOHVVRQODVDFWLYLGDGHVGHODXODTXH LQFRUSRUDQQDWXUDOPHQWHODOHFWXUD\GHTXpPDQHUDSXHGHQREWHQHUVHEHQHILFLRVGHHOODV" ¢'HTXpPDQHUDSXHGRDERUGDUODVGLIHUHQFLDVHQHOQLYHOGHOHFWXUDGHPLVDOXPQRV" ¢&XiOHVVRQORVLQWHUHVHV\FRQRFLPLHQWRVTXHSRVHR\SRGUtDXWLOL]DUSDUDPRWLYDUDORVDOXPQRVHQODOHFWXUDGHORVPDWHULDOHVGHFODVH" ¢&XiOHVODLQIRUPDFLyQDFHUFDGHPLVDOXPQRVTXHSRGUtDXWLOL]DUSDUDSURPRYHUVXDFHUFDPLHQWRDODOHFWXUD" ¢'HTXpPDQHUDSXHGRYLQFXODUHILFD]PHQWHODVH[SHULHQFLDVGHODXODFRQHOPDWHULDOGHOHFWXUD" ¢'HTXpPDQHUDSXHGRHQVHxDUKDELOLGDGHVGHOHFWXUDHVSHFtILFDVTXHUHVXOWHQDSURSLDGDVSDUDGHWHUPLQDGRVFRQWHQLGRV" ¢'HTXpPDQHUDSXHGRD\XGDUDORVDOXPQRVTXHSUHVHQWDQGLILFXOWDGHVSDURHODSUHQGL]DMHGHODOHFWXUD"

/HHUSDUD FRPSUHQGHU 


-DPHV 0RIIHWW UHFRQRFLGR HVSHFLDOLVWD HQ HO iUHD GH OHQJXD \ FRDXWRU GH 6WXGHQW&HQWHUHG /DQJXDJH $UWV .  >3URJUDPD GH HQVHxDQ]DGHODOHQJXDFHQWUDGRHQHODOXPQR@VRVWLHQHTXHODPD\RUtDGHORVSUREOHPDVUHODFLRQDGRVFRQODOHFWXUDVHGHEHQD XQDIDOWDGHPRWLYDFLyQSRUSDUWHGHODOXPQR0RIIHWGHVWDFDODIXQGDPHQWDOLPSRUWDQFLDGHSURSRUFLRQDURSRUWXQLGDGHVSDUDTXH ORVDOXPQRVVHFRQFHQWUHQHQORTXHOHHQDQDOLFHQHOFRQWHQLGRHLQILHUDQHOSURSyVLWRGHODXWRUSDUDLQFUHPHQWDUODFRPSUHQVLyQ 'LFKDVKDELOLGDGHVSXHGHQHQVHxDUVHGHPDQHUDHVWLPXODQWH\PRWLYDGRUD3DUDHOOR0RIIHWWSURSRQHORVLJXLHQWH

3URPRFLyQGHODFRPSUHVLyQOHFWRUD

&RQHOILQGHD\XGDUDORVDOXPQRVDFRQFHQWUDUODDWHQFLyQ\UHFRQRFHUODLQIRUPDFLyQTXHSURSRUFLRQDHOPDWHULDOGHOHFWXUD GHWRGDVODViUHDVUHVXOWDEHQHILFLRVRRUJDQL]DUODFODVHHQSHTXHxRVJUXSRVSDUDOOHYDUDFDERGHEDWHVLQWHUDFWLYRV(QODPHGLGD GH OR SRVLEOH VH UHFXUULUi D DFWLYLGDGHV GH GUDPDWL]DFLyQ SDUD GDU YLGD DO WH[WR (OOR UHTXLHUH QR VyOR TXH ORV DOXPQRV OHDQ OD LQIRUPDFLyQVLQRWDPELpQTXHODVLQWHWLFHQ\WUDQVPLWDQ

 7DQWR OD GUDPDWL]DFLyQ FRPR HO GHEDWH HQ SHTXHxRV JUXSRV UHVXOWDQ ~WLOHV SDUDHQVHxDUDORVDOXPQRVODPDQHUDGHIRUPXODU LQIHUHQFLDV 6H OHV SRGUi VROLFLWDU TXH XWLOLFHQ ORV DUJXPHQWRV TXH SURSRUFLRQD HO WH[WR SDUD SDUWLFLSDU GHO GHEDWH R OD GUDPDWL]DFLyQ(OSURFHVRGHFRQVWUXFFLyQ\IRUPXODFLyQGHLQIHUHQFLDVFRQFLHQWL]DDORVDOXPQRVDFHUFDGHVXSURSLRSURFHVRGH SHQVDPLHQWR DO WLHPSR TXH SRQH GH PDQLILHVWR ODV UD]RQHV TXH JHQHUDQ PDOHQWHQGLGRV &XDQGR VH LGHQWLILFDQ \ DVXPHQ ORV GLYHUVRVSXQWRVGHYLVWDTXHDSDUHFHQHQHOWH[WRVXUJHXQQXHYRHQIRTXHSDUDDERUGDUODLQIHUHQFLD

 &XDQGR HO DOXPQR GHVDUUROOD OD WDUHD GH HVFULWXUD SXHGH H[SHULPHQWDU OD LQIHUHQFLD HQ DFFLyQ /RV DOXPQRV SXHGHQ H[SORUDU WDQWRORVSURSyVLWRVGHODXWRUFRPRORVVXSXHVWRVGHOOHFWRUFXDQGRHVFULEHQDFHUFDGHVXVOHFWXUDV\OXHJRFRPSDUWHQVXVVtQWHVLV \ FULWLFDV FRQ HO JUXSR GH SDUHV (Q FDGD FDVR VH GHEHUi GLVSRQHU GHO WH[WR RULJLQDO SDUD XWLOL]DUOR FRPR UHIHUHQFLD /DV DFWLYLGDGHVGHHVFULWXUDSURSRUFLRQDQXQSDQRUDPDDFHUFDGHODLQWHUGHSHQGHQFLDGHODFRPSRVLFLyQ\ODFRPSUHQVLyQFRQODWDUHD GHO OHFWRU &XDQGR HVFULEHQ ORV DOXPQRV GHEHQ WRPDU GHFLVLRQHV DFHUFD GH DTXHOOR TXH GHVHHQ LQFOXLU RPLWLU GHVWDFDU R GHVHVWLPDU(OOROHVSHUPLWHGDUVHFXHQWDGHTXHGXUDQWHODOHFWXUDGHEHQLQWHUDFWXDUFRQHOWH[WRSDUDSRGHUGLVFHUQLUHOSURSyVLWR GHODXWRU

(VFULELU

1RHVSRVLEOHVHSDUDUODHVFULWXUDGHODVGHPiVDFWLYLGDGHVOLQJtVWLFDV\DTXHKDEODUHVFXFKDU\OHHUFRQWULEX\HQDUHVSDOGDUOD /D LQFRUSRUDFLyQ SOHQD GH DFWLYLGDGHV GH HVFULWXUD D WRGDV ODV iUHDV GH FRQWHQLGR D\XGD D ORV DOXPQRV D HVWDEOHFHU XQD FRPXQLFDFLyQ HILFD]\DDSUHQGHUGHPDQHUDPiVVLVWHPiWLFD$VHPHMDQ]DGHOGLVFXUVRRUDOODHVFULWXUDWUDQVPLWHLGHDVGHXQD SHUVRQD D RWUD FRQ GLIHUHQWHV SURSyVLWRV \ VLJQLILFDGRV 0HGLDQWH XQD DPSOLD YDULHGDG GH DFWLYLGDGHV GH HVFULWXUD ORV DOXPQRV SXHGHQ GHVDUUROODU VX VHQWLGR GH GHVWLQDWDULRV GH OD LQIRUPDFLyQ \ FRPHQ]DUiQ D FRQVLGHUDU D OD HVFULWXUD FRPR XQ DFWR VLJQLILFDWLYRTXHWLHQHOXJDUHQWUHHOORVHQWUHRWUDVSHUVRQDV\HQODVRFLHGDGHQVXFRQMXQWR $VtFRPRRFXUUHHQODVRWUDViUHDVGHODLQWHOLJHQFLDYHUEDOOLQJtVWLFDHVIXQGDPHQWDOTXHORVGRFHQWHV\ ORVSDGUHVSURSRUFLRQHQ PRGHORV HILFDFHV GH KDELOLGDGHV GH HVFULWXUD TXH GHPXHVWUHQ LQWHUpV SRU HO SURFHVR GH HVFULWXUD \ TXH UHDOLFHQ HVIXHU]RV SRU SHUIHFFLRQDUVXVKDELOLGDGHV/RVGRFHQWHVTXHWHQJDQLQWHUpVSRULQFUHPHQWDUVXFDSDFLGDGGHHVFULWXUDSRGUiQUHFXUULUDIXHQWHV FRPR¢&yPRORHVFULER" GH-&.UHLPHUHO'LFFLRQDULRGHGXGDV\GLILFXOWDGHVGHODOHQJXDHVSDxROD GH06HFR\HO0DQXDOGHHVSDxRO XUJHQWH GHOD$JHQFLD()(HQEXVFDGHUHIHUHQFLDHLQVSLUDFLyQ(QWRGDVODVDXODVVHGHEHUiGLVSRQHUGHGLFFLRQDULRVJORVDULRV\ PDQXDOHVGHHVWLOR /RVGRFHQWHVSXHGHQSURSRUFLRQDUPRGHORVSDUDKDELOLGDGHVGHHVFULWXUDHVSHFtILFDVWRGDYH]TXHUHIOH[LRQHQHQYR]DOWDDFHUFD GHODPDQHUDGHHOHJLUXQWHPDTXHVRPHWDQDODRSLQLyQGHORVDOXPQRV HMHPSORVGHVXVSURSLRVHVFULWRV KHFKRTXHUHTXLHUHXQD EXHQD GRVLV GH FRUDMH  R TXH LQFOX\DQ FRPHQWDULRV H[WHQVRV \ PHGXORVRV DFHUFD GH ORV WUDEDMRV SUHVHQWDGRV SRU ORV DOXPQRV 7DPELpQ SRGUtDQ SURSRUFLRQDU D ORV DOXPQRV XQ IUDJPHQWR GH DOJXQRGHVXVWUDEDMRVHVFULWRVHQGLIHUHQWHVHWDSDVVHxDODQGRHO Q~PHURGHUHYLVLRQHV\FRUUHFFLRQHVDTXHVHVRPHWLyHOPDQXVFULWRRULJLQDO &DWHJRUtDVGHODHVFULWXUD

$ FRQWLQXDFLyQ SUHVHQWDPRV OD GHVFULSFLyQ GH ODV FXDWUR FDWHJRUtDV TXH IRUPXOD -DPHV %ULWWRQ SDUD LGHQWLILFDU ORV GLYHUVRV HQIRTXHVGHODHVFULWXUD /DVFDWHJRUtDVGH%ULWWRQLQFOX\HQHOXVRPHFiQLFRGHODHVFULWXUDWDOFRPRVHPDQLILHVWDHQORVHMHUFLFLRVFRQIRUPDWR PXOWLSOH FKRLFH HQ ORV HMHUFLFLRV GH FRPSOHWDPLHQWR HQ ODV SUHJXQWDV FHUUDGDV HQ ODV RSHUDFLRQHV PDWHPiWLFDV HQ OD WUDQVFULSFLyQ GH PDWHULDOHVFULWRXRUDO\HQODWUDGXFFLyQ(VWDIRUPDGHHVFULWXUDHVODTXHSUHGRPLQDHQPXFKDVDXODV

/D VHJXQGD FDWHJRUtD VH UHILHUH D ORV XVRV LQVWUXPHQWDOHV GH OD HVFULWXUD FRPR OD WRPD GH QRWDV OD GRFXPHQWDFLyQ GH XQ H[SHULPHQWR HQXQLQIRUPHRGLDULR ODVtQWHVLVHODQiOLVLVODWHRUL]DFLyQRORVXVRVSHUVXDVLYRVGHODHVFULWXUD /DWHUFHUDFRPSUHQGHORVXVRVSHUVRQDOHVGHODHVFULWXUDFRPRGLDULRVtQWLPRV\FUyQLFDVFDUWDV\QRWDV 


/D~OWLPDLQFOX\HORVXVRVFUHDWLYRVGHODHVFULWXUDFRPRFXHQWRV\SRHPDV

6L ELHQ HV LPSRUWDQWH TXH ORV DOXPQRV HVFULEDQ FRQ SUHFLVLyQ \ FRUUHFFLyQ FXDQGR UHDOLFHQ WDUHDV UHODFLRQDGDV FRQ OD SULPHUD FDWHJRUtDQRORHVPHQRVHOKHFKRGHTXHVHFRQFHQWUHQHQLQFUHPHQWDUVXQ~PHURGHH[SHULHQFLDVHQODVRWUDVWUHVFDWHJRUtDV\D TXHVRQpVWDVODVTXHEULQGDQPD\RUHVSRVLELOLGDGHVSDUDHMHUFLWDU\GHVDUUROODUODLQWHOLJHQFLDYHUEDOOLQJtVWLFD /DHVFULWXUDHQWRGDVODViUHDVFXUULFXODUHV

0XFKRVGRFHQWHVGHiUHDVGHFRQWHQLGRQRHVWiQGLVSXHVWRVDDVXPLUHOSDSHOGHGRFHQWHVGHOHFWXUD\HVFULWXUDGHELGRDODJUDQ FDQWLGDGGHWHPDVTXHGHEHQGHVDUUROODUHQVXVUHVSHFWLYDVGLVFLSOLQDV6LQHPEDUJRH[LVWHQQXPHURVDVPDQHUDVGHSURPRYHUODV DFWLYLGDGHVOLQJtVWLFDVHQWRGDVODViUHDVORTXHUHGXQGDUiHQXQDPD\RUFRPSUHQVLyQGHORVFRQWHQLGRV

/RVDOXPQRVSXHGHQVHQWLUVHHVSHFLDOPHQWHPRWLYDGRVSDUDHVFULELUHQWRGDVODViUHDVGHFRQWHQLGRGHVSXpVGHUHDOL]DUXQDVDOLGD GH FDPSR GH DVLVWLU D XQD H[KLELFLyQ R D XQD SUR\HFFLyQ GH YLGHR R OXHJR GH HVFXFKDU XQD FRQIHUHQFLD LQWHUHVDQWH TXH KD\D SURQXQFLDGRXQRUDGRULQYLWDGR(QHOPRPHQWRHQTXHVHDQDOLFHQHVDVH[SHULHQFLDVHOGRFHQWHSRGUiDQRWDUORVFRPHQWDULRVGH ORV DOXPQRV HQ HO SL]DUUyQ \ FODVLILFDUORV SRU WHPD 3RU HMHPSOR OXHJR GH TXH XQ JUXSR SHUWHQHFLHQWH D ORV SULPHURV DxRV GH HQVHxDQ]DEiVLFDUHDOLFHXQDYLVLWDDO]RROyJLFRHOGRFHQWHSRGUtDIRUPXODUSUHJXQWDVDFHUFDGHORVDQLPDOHVTXHVHKD\DQYLVWR GHODVFDUDFWHUtVWLFDVGHVXKiELWDW\GHORTXH ORVDOXPQRVKD\DQDSUHQGLGRGHODREVHUYDFLyQGHGLVWLQWDVHVSHFLHV/RVDOXPQRV SXHGHQHPSOHDUYRFDEXODULRHVSHFtILFR WUDEDMDGRSUHYLDPHQWH \DSRUWDUVXVLGHDVSDUDOOHYDUDFDERXQDWDUHDGHHVFULWXUDHQXQ GHWHUPLQDGRIRUPDWR 2WURVHVWtPXORV

7DPELpQUHVXOWDDWUDFWLYRSDUDORVDOXPQRVHVFULELUFRQHOHVWtPXORGHJUDEDFLRQHVGHHIHFWRVVRQRURVRP~VLFDDOHJUHGUDPiWLFD R PLVWHULRVD FRPR VH SURSRQH HQ HO FDStWXORGHGLFDGRDODLQWHOLJHQFLDPXVLFDO/DVDFWLYLGDGHVGHSDQWRPLPD\GUDPDWL]DFLyQ FUHDWLYDTXHVHGHVFULEHQHQHOFDStWXORGHGLFDGRDODLQWHOLJHQFLDFLQHVWpVLFDWDPELpQSURSRUFLRQDQLQWHUHVDQWHVRSFLRQHVSDUDOD HVFULWXUD/RVDOXPQRVGHWRGDVODVHGDGHVSXHGHQJHQHUDUWHPDVSRVLEOHVSRUPHGLRGHODHVFULWXUDYHOR]TXHVHLQLFLDFRQXQD FKLVSDWDOFRUQR(OSULPHUGtDGHODxR\RR1RYDQDSRGHUFUHHUORTXHOHVFXHQWRSHUR\FRQWLQ~DGXUDQWHFLQFRR GLH] PLQXWRV FRQ WDQWD UDSLGH] FRPR VHD SRVLEOHVLQWHQHUHQFXHQWDDVSHFWRVPHFiQLFRV(VWRVSURFHGLPLHQWRVVXHOHQGHVSHUWDU LGHDVRFXOWDVHQORPiVSURIXQGRGHODPHQWHFUHDWLYD /RVGRFHQWHVSRGUiQSURSRQHUQXPHURVDVDOWHUQDWLYDVSDUDODVWDUHDVGH

HVFULWXUD(QOLQDUGHUHFXUULUDSURFHGLPLHQWRVWUDGLFLRQDOHVHQORVTXHWRGRVORVDOXPQRVUHDOL]DQODPLVPDDFWLYLGDGVHUiQORV DOXPQRV TXLHQHV GHFLGDQ FXiO HV OD RSFLyQ TXH PHMRU VH DGDSWD DO WHPD TXH KDQ HOHJLGR \ D VXV LQWHUHVHV $ FRQWLQXDFLyQ LQFOXLPRVDOJXQDVVXJHUHQFLDVSDUDODVWDUHDVGHHVFULWXUDTXHSRGUtDQUHVXOWDU~WLOHVSDUDGLYHUVDViUHDVGHFRQWHQLGR 2SFLRQHVGHHVFULWXUDSDUDORVDOXPQRV

‡*XLRQHVSDUDREUDVWHDWUDOHVRSURGXFFLRQHVWHOHYLVLYRV\UDGLDOHV ‡&RQVLJQDV ‡6ROLFLWXGHV ‡'LDULRVSHUVRQDOHVLPDJLQDULRV ‡,QVWUXFFLRQHV ‡$QpFGRWDVEDVDGDVHQODVSURSLDVH[SHULHQFLDV ‡(VFULWRVGHVGHGLIHUHQWHVSXQWRVGHYLVWD ‡&DQFLRQHV ‡*UDIILWLV ‡&DUWHOHUDVLQIRUPDWLYDV ‡(WLTXHWDV\OHWUHURV ‡3URJUDPDV ‡$YLVRVSXEOLFLWDULRV ‡%ROHWLQHVLQIRUPDWLYRVGHODXOD ‡3RHPDV ‡0DQXDOHVGHLQVWUXFFLRQHV ‡$QWRORJtDVGHPDWHULDOIROFOyULFRDFHUWLMRVFKLVWHVGHILQLFLRQHV ‡)ROOHWRVYRODQWHV ‡&DUWDV ‡'LiORJRV ‡'LVFXUVRV ‡$ILFKHV ‡7DSDVRVRODSDVGHOLEURV ‡*XtDVGHD\XGDSDUDiUHDVGHFRQWHQLGR 


‡(VFULWRVFRQWHPDOLEUH ‡$XWRHYDOXDFLRQHV ‡OLVWDGRV ‡&RQWLQXDFLyQGHKLVWRULDV ‡(QWUHYLVWDV ‡*XtDV ‡'LFWDGRV ‡1RWDVSHULRGtVWLFDV\HGLWRULDOHV (VWHOLVWDGRGHRSFLRQHVDVtFRPRWDPELpQRWURVHMHPSODUHVGHWUDEDMRVUHDO]DGRVSUHYLDPHQWHSRUORVDOXPQRVSURSRUFLRQDQXPHURVDV VXJHUHQFLDVSDUDHODERUGDMHGHXQPLVPRWHPDODSUHVHQWDFLyQGHOSURSLRWUDEDMRGHHVFULWXUDDOUHVWRGHODFODVHSURSRUFLRQDXQDLPSRUWDQWH RSRUWXQLGDGGHDSUHQGL]DMHSDUDTXHHODXWRU\VXVFRPSDxHURVSXHGDQREVHUYDUXQPLVPRWHPDGHVGHGLIHUHQWHVSRVWXUDVOLQJtVWLFDV &RPHQ]DUDHVFULELU

$XQ FXDQGR FXHQWHQ FRQ PXFKDV LGHDV LQWHUHVDQWHV SDUD GLYHUVRV WHPDV SRVLEOHV ORV HVFULWRUHV GHWRGDVODVHGDGHVVXHOHQWHQHU GLILFXOWDGHV SDUD FRPHQ]DU VX WDUHD /RV HVFULWRUHV SURIHVLRQDOHV EULQGDQ VXJHUHQFLDV SDUD VXSHUDU HVWH REVWiFXOR 8QD DXWRUD FRPLHQ]D FDGD VHVLyQ GH WUDEDMR EDLODQGR VXV LGHDV DO ULWPR GH XQD P~VLFD DOHJUH 2WUD FRPSDFWD VXV LGHDV R OOHQD KRMDV GH SDSHOFRQPDSDVFRQFHSWXDOHVDWDQWDYHORFLGDGFRPRVHSURGXFHHOOLEUHIOXLUGHVXSHQVDPLHQWR8QDGHODVDXWRUDVGHHVWHOLEUR WUDVODGDGLUHFWDPHQWHVXVPDSDVFRQFHSWXDOHVDODFRPSXWDGRUD2WURVSUHILHUHQXWLOL]DUGHWHUPLQDGDVFODVHVGHSDSHO\OiSLFHVX RWURV LQVWUXPHQWRV HVSHFLDOHV 7DPELpQ HVWiQ DTXHOORV TXH SUHILHUHQ FDPELDU GH iPELWR LU D RWUR FXDUWR UHDOL]DU XQD EUHYH SUHSDUDFLyQItVLFDR WUDEDMDUHQXQOXJDUTXHOHVUHVXOWHFRQIRUWDEOH\JUDWR8QFRQRFLGRHVFULWRUGHGLFDGLH]RTXLQFHPLQXWRVDOD OHFWXUDGHXQRGHVXVDXWRUHVIDYRULWRVDQWHVGHFRPHQ]DUDHVFULELU6HJ~QDILUPDHOOROHSURSRUFLRQDHOLPSXOVRQHFHVDULRSDUD XQGtDGHWUDEDMR

2WUDV SRVLELOLGDGHV SDUD FRQHFWDUVH FRQ OD HVFULWXUD LQFOX\HQ VDOWHDU HO SULQFLSLR \ HVFULELU SULPHUR HO ILQDO R HO GHVDUUROOR GH OD REUD HVFULELU FRQ P~VLFD R VLQ HOOD SUHSDUDU QRWDV FRQ WLQWD GH GLIHUHQWHV FRORUHV R HQ SDSHOHV GH YDULRV FRORUHV HVFULELU UiSLGDPHQWH HQ OD FRPSXWDGRUD UHFXUULU DO SURFHVR HO IOXLU GH OD FRQFLHQFLD LQWHUFDPELDU LGHDV FRQ XQ DPLJR JUDEDU ORV FRQFHSWRVRUHDOL]DUXQDWRUPHQWDGHLGHDVFRQXQFRPSDxHURGHFODVH 2WUDLGHDSDUDHVWLPXODUODHVFULWXUDHVORVXILFLHQWHPHQWHH[WUDxDFRPRSDUDSURGXFLUDVRPEURVRVUHVXOWDGRV/DJORVDODOLDHVXQ OHQJXDMH LQYHQWDGR R JDOLPDWtDV /RV DOXPQRV SRGUtDQ LQWHQWDU HVFULELU XQ SiUUDIR FRPSOHWR HQ JORVDODOLD FRQ ODV SDODEUDV PiV UDUDV TXH SXHGDQ LQYHQWDU  \ OXHJR WUDGXFLUOR 5HVXOWDUi ~WLO LQWURGXFLU OD DFWLYLGDG SURSRUFLRQiQGROHV ODV VLJXLHQWHV IUDVHV SDUD TXHODVWUDGX]FDQDQWHVGHFUHDUODVVX\DV £:HLQVWKJXHNHLQFHL3WLRQVLXGIHWNMDWLQHWWHSWVOLHUDHDGVHWLRMDVHLQW/DHOWLMLDHOWLMLDHOWLJLDM6NORLDH=/DZHLGLOHWL"

(VWD DFWLYLGDG GH PRWLYDFLyQ SXHGH UHDOL]DUVH FRQ OiSL] R FRQ WLQWD SHUR UHVXOWD PiV GLYHUWLGD HQ OD FRPSXWDGRUD \ EULQGD XQ VLQJXODUHVWtPXORSDUDHVFULWRUHVGHWRGDVODVHGDGHV /DYHUGDGHUDWDUHDGHODHVFULWXUD

0XFKRVDOXPQRVKDQSDVDGR SRUODKXPLOODQWHH[SHULHQFLDGHUHFLELUODFRUUHFFLyQGHVXVWUDEDMRV\HQFRQWUDUODKRMDFXELHUWDGH PDUFDVURMDV6LQGXGDKDEUiQWHQLGRODLPSUHVLyQGHTXHFRUUHJLUHUURUHVGHVLQWD[LVRUWRJUDItDRSXQWXDFLyQHVHOSDVRILQDOGHOD HVFULWXUD6LQHPEDUJRFRPRWRGRVKHPRVDSUHQGLGRGHQXHVWURVHVIXHU]RVHVFULELUHVXQSURFHVRHQHOTXHFDGDYHUVLyQLQFOX\H QRVyORFRUUHFFLRQHVVLQRWDPELpQQXPHURVDVUHYLVLRQHV\DMXVWHV(VLPSRUWDQWHTXHORVDOXPQRVVHGHQFXHQWDGHTXHODPD\RUtD GHORVHVFULWRUHV SURIHVLRQDOHVGHGLFDPXFKRWLHPSRDODWDUHDGHUHHVFULELUUHYLVDUVXSULPLUDJUHJDUVXVWLWXLUSiUUDIRV\SXOLUORV DQWHVGHSUHVHQWDUVXWUDEDMR DOHGLWRU([LVWHQPXFKDVPDQHUDVGHFRPSURPHWHUDORVDOXPQRVFRQHOSURFHVRGHHVFULWXUD$TXt RIUHFHPRVDOJXQDVVXJHUHQFLDV (VWLPXORSDUDODYDORUDFLyQGHOSURFHVRGHHVFULWXUD

 /RVGRFHQWHVSXHGHQDQDOL]DUHMHPSORVGHHVFULWXUDSURIHVLRQDOFRQORVDOXPQRV3RGUtDQSRUHMHPSORIRWRFRSLDUXQDUWtFXOR SHULRGtVWLFR GH  SDODEUDV UHGDFWDGR GH PDQHUD iJLO \VXFLQWDTXHHVWLPXOHDOOHFWRUSDUDFRQWLQXDUODOHFWXUD/RVDOXPQRV SXHGHQDQDOL]DUORVHOHPHQWRVTXHRWRUJDQGLQDPLVPRDODVHOHFFLyQ\SURSRQHURSFLRQHVTXHSRGUtDKDEHUFRQVLGHUDGRHODXWRU GXUDQWHHOSURFHVRGHFUHDFLyQ  $OJXQRVHVFULWRUHV ORFDOHVSRGUtDQSURSRUFLRQDUERUUDGRUHVGHVXVWUDEDMRVSXEOLFDGRV\H[SOLFDUFyPRUHDOL]DURQFDPELRV\ ODV UD]RQHV TXH ORV PRWLYDURQ /RV DOXPQRV SRGUtDQ DQDOL]DU ERUUDGRUHV GH VXV SURSLRV WUDEDMRV SDUD LGHQWLILFDU PDQHUDV GH SHUIHFFLRQDUVXVHVIXHU]RVLQLFLDOHV

 (V LPSRUWDQWH SURSRUFLRQDU IHHGEDFN RSRUWXQR \ IUHFXHQWH FXDQGR ORV DOXPQRV VH HQFXHQWUDQ SUDFWLFDQGR KDELOLGDGHV GH HVFULWXUD(QSULQFLSLROHVUHVXOWDUi~WLOUHFLELU IHHGEDFN SRUSDUWHGHVXVSDUHVHLQFOXVRHVFULELUHQFRODERUDFLyQSHURGHEHUiQ 


FRQWDUWDPELpQFRQODSRVLELOLGDGGHUHXQLUVHFRQHOGRFHQWHHQIRUPDLQGLYLGXDOGXUDQWHODVGLVWLQWDVHWDSDVGHVXWUDEDMRDILQGH REWHQHUJXtD\DSR\R

 /RV GRFHQWHV SXHGHQ SURSRUFLRQDU VXJHUHQFLDV FRQVWUXFWLYDV SDUD ORV SULPHURV ERUUDGRUHV \ SRVSRQHU OD FDOLILFDFLyQ KDVWD WDQWR VH KD\DQ UHDOL]DGR ODV UHYLVLRQHV ILQDOHV 'XUDQWH HO SURFHVR GH DQiOLVLV \ FRUUHFFLyQ ORV DOXPQRV VH PXHVWUDQ PiV UHFHSWLYRV D DSUHQGHU VREUH OD PHFiQLFD GH OD OHQJXD /D HQVHxDQ]D GH UHJODV GH SXQWXDFLyQ VLQWD[LV \ RUWRJUDItD QR VXHOH VHU HILFD]FXDQGRVHODGHVDUUROODIXHUDGHFRQWH[WR  /RVDOXPQRVTXHXWLOL]DQSURFHVDGRUHVGHWH[WRVXHOHQSUHVHQWDUWUDEDMRVGHDVSHFWRH[FHVLYDPHQWHFXLGDGRSRUKDEHUOHVGDGR IRUPDWR SRU FRPSXWDGRUD SHUR QR REVWDQWH SXHGHQ UHTXHULU SRVWHULRU UHYLVLyQ /HVUHVXOWDUi~WLOLPSULPLUVXSULPHUERUUDGRUD GREOH HVSDFLR \ OXHJR UHDOL]DU OD UHYLVLyQ D PDQR 'H HVWD PDQHUD SRGUiQ FRQVHUYDU XQ UHJLVWUR GH ODV UHYLVLRQHV TXH OOHYHQ D FDER

 &XDQGRVHFRQVHUYDQRUGHQDGDPHQWHODVGLVWLQWDVYHUVLRQHVGHXQWUDEDMRHQXQDFDUSHWDWDQWRORVGRFHQWHVFRPRORVDOXPQRV SXHGHQHYDOXDUORVSURJUHVRVJOREDOHVGHOSURFHVRGHHVFULWXUD(QHOFDStWXORGHGLFDGRDODHYDOXDFLyQVHHQFRQWUDUiLQIRUPDFLyQ HVSHFtILFDDFHUFDGHOWUDEDMRFRQFDUSHWDV\ SRUIROLRV *UXSRVGHHVFULWXUD

/D PD\RUtD GH ORV GRFHQWHV QR GLVSRQH GH WLHPSR VXILFLHQWH FRPR SDUD FRUUHJLU OD WRWDOLGDG GH OD SURGXFFLyQ HVFULWD GH VXV DOXPQRV 'HELGR D TXH QR H[LVWH PHMRU PDQHUD GH DSUHQGHU D HVFULELU TXH HVFULELHQGR OD SURYLVLyQ GH IHHGEDFN D ORV DOXPQRV FRQVWLWX\H XQ LPSRUWDQWH GHVDItR 8QD PDQHUD GH JDUDQWL]DU TXH ORV DOXPQRV UHFLEDQ IHHGEDFN \ TXH GHVDUUROOHQ VXV KDELOLGDGHV SDUD  D OHQJXD HVFULWD FRQVLVWH HQRUJDQL]DUJUXSRVGHHVFULWXUD3RUORJHQHUDOHVWRVJUXSRVHVWiQLQWHJUDGRVSRUWUHVRFXDWUR DOXPQRVTXHWUDEDMDQMXQWRVGXUDQWHHOGHVDUUROORGHXQSUR\HFWRGXUDQWHXQSHUtRGRGHOFLFORHVFRODURHQDOJXQRVFDVRVGXUDQWH ODSVRV PiV SURORQJDGRV (O JUXSR RSHUD FRPR FDMD GH UHVRQDQFLD SDUD OD SURYLVLyQ GH LGHDV SDUD XQ SUR\HFWR GH HVFULWXUD SURSRUFLRQD IHHGEDFN SDUD ODV SULPHUDV DSUR[LPDFLRQHV D XQ WHPD IRUPXOD VXJHUHQFLDV SDUD LQWURGXFLU PHMRUDV \ DQDOL]D HO SUR\HFWR GH SULQFLSLR D ILQ IORU VREUH WRGDV ODV FRVDV HO JUXSR GH HVFULWXUD EULQGD DSR\R \ HVWtPXOR SDUD OD GLItFLO WDUHD GH SHUIHFFLRQDPLHQWRGHOWUDEDMRHVFULWR 8QDYH]TXHVHKD\DQIRUPDGRORVJUXSRVGHHVFULWXUDHVLPSRUWDQWHDQDOL]DUODPDQHUDFRPRORVDOXPQRVSXHGHQSURSRUFLRQDUVH IHHGEDFN FRQVWUXFWLYR PXWXDPHQWH /RV GRFHQWHV H[SOLFDUiQ ORV HIHFWRV QHJDWLYRV GHO WUDXPD GH UHFKD]R LQFLGHQWDO \ GH OD LPSRUWDQFLDTXHDVXPHHOKHFKRGHIRUPXODUVXJHUHQFLDVGHPDQHUDSRVLWLYD /RV DOXPQRV \ HO GRFHQWH SRGUiQ LGHQWLILFDU MXQWRV ODV UHDFFLRQHV DSURSLDGDV IUHQWH DO WUDEDMR GH ORV GHPiV $ FRQWLQXDFLyQ SUHVHQWDUQRVDOJXQDVVXJHUHQFLDV

‡(VFXFKDUDWHQWD\UHIOH[LYDPHQWHGXUDQWHODOHFWXUDGHOWUDEDMR ‡'HVWDFDUORTXHUHVXOWDHVSHFLDOPHQWHEXHQRHQXQWUDEDMR\VHUWDQHVSHFtILFRFRPRVHDSRVLEOHFRQUHVSHFWRDOFRQWHQLGRORV SURFHGLPLHQWRVHOWHPDHOWRQRHOYRFDEXODULRHOIRUPDWR\HOHIHFWRJHQHUDO ‡)RUPXODUODGHYROXFLyQDODXWRUSRUWXUQRFRPHQ]DQGRVLHPSUHFRQFRPHQWDULRVSRVLWLYRV ‡(ODXWRUHVFXFKDUiDWHQWDPHQWH\WRPDUiQRWDVTXHOHUHVXOWDUiQGHXWLOLGDGSDUDODUHYLVLyQGHVXWUDEDMR

/RV JUXSRVGHHVFULWXUDDVtFRPRRWUDVHVWUDWHJLDVTXHVHSURSRQHQHQHVWHOLEURGHVSOD]DQHOUROGHOGRFHQWHKDFLDHOGHJXtD REVHUYDGRU &XDQGR ORV DOXPQRV FRPSDUWHQ XQD PD\RU UHVSRQVDELOLGDG SRU VX WUDEDMR DFDGpPLFR GHEHQ RUJDQL]DU FRQGXFLU \ SHUIHFFLRQDU VX DSUHQGL]DMH DVt FRPR WDPELpQ SURSRUFLRQDU DSR\R D VXV SDUHV $ DVXPLU WDOHV UHVSRQVDELOLGDGHV ORV DOXPQRV VXHOHQSRQHUVHDODDOWXUDGHODVFLUFXQVWDQFLDVORTXHUHGXQGDHQEHQHILFLRSHUVRQDO\HQVDWLVIDFFLyQSDUDHOGRFHQWH

7HFQRORJtDTXHS URPXHYHODLQWHOLJHQFLDYHUEDO OLQJtVWLFD

'HO PLVPRPRGRTXHODLPSUHQWDUHYROXFLRQyHODSUHQGL]DMH\HOSHQVDPLHQWRGXUDQWHHOVLJOR;9HQODDFWXDOLGDGDVLVWLPRVD XQDUHYROXFLyQVHPHMDQWHPDUFDGDSRUODFRPSXWDGRUD3RUPHGLRGHEDVHVGHGDWRV\UHGHVLQIRUPiWLFDVGHDOFDQFHPXQGLDOORV DOXPQRV WLHQHQ DFFHVR GLUHFWR D LQIRUPDFLyQ DFWXDOL]DGD (Q WRGRV ORV FDPSRV GHO FRQRFLPLHQWR ORV VLVWHPDV HGXFDWLYRV VH WUDQVIRUPDQDPHGLGDTXHORVGRFHQWHV\ORVDOXPQRVDSUHQGHQDXWLOL]DUODWHFQRORJtDPXOWLPHGLD/RVQLxRVTXHWRGDYtDQRKDQ DSUHQGLGRDOHHUHVFULEHQFXHQWRVHQODFRPSXWDGRUDXWLOL]DQGRXQVRIWZDUHTXHHQDOJXQRVFDVRVOHVOHHORTXHKDQHVFULWR/RV QXHYRVSURJUDPDVSHUPLWHQDORVQLxRVHVFULELUHLQVHUWDULPiJHQHVHQSLFWRJUDPDVGHVDUUROODUSUR\HFWRVGHHVFULWXUDHQGLYHUVRV IRUPDWRV HVFULELU SDODEUDV HQ WLSRJUDItDV SRFR FRUULHQWHV DJUHJDU HIHFWRV GH VRQLGR \ FRORFDU LOXVWUDFLRQHV DOUHGHGRU GHO WH[WR 7DOHVSURJUDPDVUHVXOWDQDOWDPHQWHPRWLYDGRUHVSDUDORVHVFULWRUHVSULQFLSLDQWHVWDQWRFRPRSDUDORVDYDQ]DGRV (QODDFWXDOLGDGORVEDQFRVGHGDWRVLQIRUPiWLFRVFRQWLHQHQLQIRUPDFLyQDFHUFDGHORVWHPDVPiVGLYHUVRVHLQFOX\HQFRQWDFWRHQ OtQHD FRQ H[SHUWRV HQWUH ORV TXH VH FXHQWDQ SURIHVRUHV XQLYHUVLWDULRV LQYHVWLJDGRUHV \ FLHQWtILFRV TXLHQHV EULQGDQ XQ DPSOLR VXPLQLVWUR GH LQIRUPDFLyQ D ORV DOXPQRV /RV FRQWHQLGRV GH WRGDV ODV iUHDV FXUULFXODUHV SXHGHQ HQULTXHFHUVH \DFWXDOL]DUVHFRQ LQIRUPDFLyQ SURYHQLHQWH GH GLFKDV IXHQWHV \ FRQ IUHFXHQFLD VRQ ORV PLVPRV DOXPQRV TXLHQHV DFFHGHQ D HOOD \ OD DSRUWDQ D OD FODVH 


(O XVR GH ORV SURJUDPDV GH FRPSXWDFLyQ VH YXHOYH FDGDGtDPiVVHQFLOOR\SHUPLWHFRPELQDULQIRUPDFLyQHQGLIHUHQWHVIRUPDV LQFOX\HQGR WH[WRV LPiJHQHV \ VRQLGRV /RV DOXPQRV SXHGHQ DOPDFHQDU FODVLILFDU \ FRPSDUDU GDWRV QRWDV UHIHUHQFLDV ELEOLRJUiILFDV\FUHDULQIRUPHVPXOWLPHGLDSDUDWUDQVIRUPDUHODSUHQGL]DMHHQXQDDYHQWXUD/RVGRFHQWHVHVWiQHQFRQGLFLRQHVGH JHQHUDUDUFKLYRVFRQHOPDWHULDOFRUUHVSRQGLHQWHDVXiUHDGHWUDEDMRFUHDUEDVHVGHGDWRVSDUDYLQFXODUGRFXPHQWRVGHVDUUROODU SUHVHQWDFLRQHV FRQ WUDQVSDUHQFLDV SUHSURJUDPDGDV WRPDGDV GH GLVFRV GH YLGHR \ HQULTXHFHU VXV FODVHV SRU PHGLR GH OD YDULDGD WHFQRORJtDTXHVHGHVFULEHHQORVFDStWXORVGHGLFDGRVDFDGDXQDGHODVLQWHOLJHQFLDV /DFRPSXWDGRUDHVWLPXODDORVDOXPQRVSDUDUHYLVDU\UHHVFULELUHQVD\RV\OHVSHUPLWHGHVDUUROODUPD\RUIOXLGH]\XWLOL]DUXQHVWLOR PiVHILFD](OKHFKRGHFRSLDUDPDQRRDPiTXLQDLQKLEHODFRUUHFFLyQ\UHYLVLyQSHUPDQHQWHVSHURODFRPSXWDGRUDIDFLOLWDHVWRV SURFHVRV\SURSRUFLRQDDORVDOXPQRVXQPD\RUVHQWLGRGHFRQWUROVREUHVXHVFULWXUD&XDQGRORVDOXPQRVYHQVXWUDEDMRHQXQ IRUPDWR SURIHVLRQDO DXPHQWD VX LQWHUpV SRU DSUHQGHU \ GRPLQDU OD PHFiQLFD TXH OHV SHUPLWLUi REWHQHU XQ PHMRU UHVXOWDGRILQDO $OJXQRVGHORVSURFHVDGRUHV GHWH[WRPiVFRPXQHVVRQ0LFURVRIW:RUG:RUG3HUIHFW\$PL3URSDUD:LQGRZV $FWXDOPHQWH DSUHQGHU D XWLOL]DU HO WHFODGR GH FRPSXWDGRUD HQ HO QLYHO GH HQVHxDQ]D EiVLFD HV WDQ LPSRUWDQWH FRPR DSUHQGHU D HVFULELUDPDQR\DSUHQGHUDXWLOL]DUXQSURFHVDGRU GHWH[WRUHVXOWDWDQLPSRUWDQWHSDUDORVDOXPQRVFRPRDSUHQGHUPHFDQRJUDItD /RVQLxRVVHVLHQWHQHVWLPXODGRVSDUDSRQHUHQSUiFWLFDHVWDVKDELOLGDGHVFXDQGRWLHQHQRSRUWXQLGDGGHFRPXQLFDUVH\FRODERUDU HQ GLVWLQWRV SUR\HFWRV FRQ RWURV DOXPQRV D GLVWDQFLD D WUDYpV GH XQ FUHFLHQWH Q~PHUR GH UHGHV HOHFWUyQLFDV 3DUD HVWH SURFHVR UHVXOWDHVHQFLDOFRQWDUFRQWHOpIRQRV\PyGHPVTXHGHEHUtDQFRQYHUWLUVHHQHTXLSRVEiVLFRVHQWRGDVODVDXODV /DWHFQRORJtDRIUHFHQXHYDVRSRUWXQLGDGHVSDUDODFRPXQLFDFLyQ\HO DSUHQGL]DMHGHORVDOXPQRVFRQGLVFDSDFLGDGHVP~OWLSOHV\ QHFHVLGDGHVHVSHFLDOHV3RUHMHPSORORVDOXPQRVFRQGLVFDSDFLGDGHVPRWRUDVSXHGHQKDEODUDXQDFRPSXWDGRUDTXHHVFULEHOR TXH GLFHQ $TXHOORV TXH SUHVHQWDQ GLILFXOWDGHV HQ HO KDEOD SXHGHQ HVFULELU HQODFRPSXWDGRUDODTXHOXHJRGLUiORTXHKD\DQ HVFULWR (O GHVDUUROOR GH ODV KDELOLGDGHV OLQJtVWLFDV HQ WRGRV ORV JUXSRV GH SREODFLyQ SXHGH RULHQWDUVH SRU PHGLR GH QXHYDV \ SRGHURVDV KHUUDPLHQWDV HOHFWUyQLFDV TXH SHUPLWHQ HO DFFHVR \ PDQHMR GH LQIRUPDFLyQ OD FRPXQLFDFLyQ HO DSUHQGL]DMH \ HO GHVDUUROORGHODLQWHOLJHQFLDGHXQDPDQHUDTXHQRUHJLVWUDDQWHFHGHQWHV

5HVXPHQ

¢'HTXpPDQHUDSRGHPRVD\XGDUDORVDOXPQRVDHQDPRUDUVHGHODVSDODEUDV"/DSDVLyQSRUODOHQJXDSXHGHOOHYDUORVDVDERUHDU HOVRQLGRGHODVSDODEUDVDUHVSHWDU\XWLOL]DUVXSRGHUGHPDQHUDUHVSRQVDEOHDH[SORUDUODVXWLOH]DGHVXVDFHSFLRQHV\DUHFXUULU DHOODVFRPRIXHQWHLQDJRWDEOHGHUHFXUVRVSDUDH[SUHVDUDPRURFRPSUHQVLyQSDUDVDOLUYLFWRULRVRGHXQDGLVFXVLyQSDUDH[SOLFDU XQSURFHGLPLHQWRFRPSOHMRSDUDHQVHxDUDOJRDXQQLxRRVLPSOHPHQWHSDUDGLVIUXWDUGHODFRPXQLFDFLyQFRQORVGHPiV $xRVDWUiV5REHUW)URVWSURQXQFLDEDXQDFRQIHUHQFLDIUHQWHDXQJUXSRGHHVWXGLDQWHVTXHORHVFXFKDEDQH[WDVLDGRV\FRQDUUXJDV HQ OD IUHQWH PLHQWUDV LQWHQWDEDQ WRPDU QRWD GH WRGR OR TXH GHFtD 'H SURQWR HO SRHWD KL]R XQD SDXVD HQ PHGLR GH OD IUDVH \ H[FODPy£'HMHQORVOiSLFHV\OLPtWHQVHDHVFXFKDU1RLPSRUWDVLYDQDVHUHVFULWRUHVRPDWHPiWLFRVFLHQWtILFRVRDUWLVWDV 6LQR SXHGHQMXJDUFRQODVLGHDV\GLVIUXWDUGHHOODV£XVWHGHVQRHQWLHQGHQQDGDGHQDGD (VWDUHIOH[LyQUHVXOWyDIRUWXQDGDSDUDPXFKRVGHORVR\HQWHVGHHVDWDUGH(VFULELU\KDEODUGHPDQHUDHILFD]WHQHUVHQVLELOLGDG SDUD HVFXFKDU \ OHHU FRQ HO SURSyVLWR GH DOFDQ]DU XQD FRPSUHQVLyQ SURIXQGD VRQ XQD WDUHD DUGXD6LQHPEDUJRQRYDOHODSHQD LQWHQWDUOD D PHQRV TXH OD UHFRPSHQVD VHD JHQHURVD \ HOSURFHVRUHVXOWHGLYHUWLGR'HEHPRVD\XGDUDORVDOXPQRVDGLVIUXWDUGH HVWDV UHFRPSHQVDV OR DQWHV SRVLEOH \D TXH FDGD SHTXHxR p[LWR VH FRQVWUX\H VREUH HO DQWHULRU \ VLUYH GH EDVH SDUD QXHYRV HVIXHU]RV (VWHFDStWXORSURSRQHH[SHULHQFLDVOLQJtVWLFDVFUHDWLYDV\DSOLFDFLRQHVSUiFWLFDVSDUDHVFXFKDUKDEODUOHHU\HVFULELU3RUPHGLR GH HVWDV H[SHULHQFLDV ORV HGXFDGRUHV SXHGHQ D\XGDU D ORV DOXPQRV D DSUHFLDU HO YDORU GH VX WUDEDMR OLQJtVWLFR QR VyOR SDUD VX SURSLDYLGDVLQRWDPELpQFRPRFRQWULEXFLyQDVXFRPXQLGDG\DOYDVWRPXQGRTXHORVURGHD

(Q XQ DUWtFXOR UHFLHQWH /HRQ %RWVWHLQ SUHVLGHQWH GHO %DUG &ROOHJH VHxDOD TXH HO LQVWUXPHQWR FODYH GH QXHVWUD WUDGLFLyQ HGXFDWLYDHVODDOIDEHWL]DFLyQ\HOXVRGHOOHQJXDMH$GYLHUWHTXHODHVSHUDQ]DHVFRQWLQJHQWHFRQODSRVHVLyQGHOOHQJXDMH(O DQLPDOQRSXHGHWHQHUHVSHUDQ]DVSRUTXHQRSRVHHXQOHQJXDMH/DHVSHUDQ]DQRHVXQDHPRFLyQVLQRXQDIXQFLyQGHOOHQJXDMH\ FRPRWDOFRQWLQJHQWHFRQODHGXFDFLyQ3DUDFUHDUODHVSHUDQ]DHQXQDVRFLHGDGGHEHH[LVWLUODHGXFDFLyQ




&$3Ã&#x152;78/2

/DPHQWHTXHFDOFXODLQWHOLJHQFLDOyJLFR PDWHPiWLFD (VHYDVWROLEURHWHUQDPHQWHDELHUWRIUHQWHDQXHVWURVRMRVHOXQLYHUVRQRSRGUiOHHUVHKDVWDTXHQRKD\DPRVDSUHQGLGRHO OHQJXDMHHQTXHHVWiHVFULWR\QRVKD\DPRVIDPLOLDUL]DGRFRQVXVFDUDFWHUHV(VWiHVFULWRHQOHQJXDMHPDWHPiWLFRVLQHOFXDOHV KXPDQDPHQWHLPSRVLEOH FRPSUHQGHUXQDVRODSDODEUD *DOLOHR

3RUDPRUDORVQ~PHURV

$ORVGRVDxRVGHHGDG'DQLHOJULWDEDHQWXVLDVPDGRFDGDYH]TXHVXPDGUHSURQXQFLDEDXQDVHULHGHQ~PHURVHOHJLGRVDOD]DU FRPR

1RVyOROHUHVXOWDEDDJUDGDEOH HOVRQLGRGHORVQ~PHURVWDPELpQORVVtPERORVDEVWUDFWRVSURSLDPHQWHGLFKRVRFXOWDEDQPLVWHULRV SDUDUHVROYHU(UDQHFHVDULRFRQWDUORVWUR]RVGHFHUHDOHQHOERO\HVFULELUODFLIUDUHVXOWDQWHDVtFRPRUHFRQRFHUODVSLHGUDVGHO FDPLQRGHHQWUDGDDODFDVD\ORVMXJXHWHVGHODFDMDSRUVXFDQWLGDG&XDQGR'DQLHOWHQtDWUHVDxRVODVFXHVWLRQHVUHODFLRQDGDV FRQ HO WLHPSR OD VHFXHQFLD \ HO FRQFHSWR GH PXOWLSOLFDFLyQ GRPLQDEDQVXLQWHUpV3DUDpOPHGLDKRUDVLJQLILFDEDHOSHUtRGRGH GXUDFLyQ GH VX SURJUDPD IDYRULWR GH WHOHYLVLyQ R ELHQ HOWLHPSRTXHGHPDQGDEDOOHJDUDODOPDFpQ3DUDVRUSUHVDGHVXVSDGUHV SRGtDDEULUXQSURJUDPDGHFRPSXWDFLyQVLJXLHQGRXQDVHULHGHSDVRVTXHHUDFDSD]GHPHPRUL]DUFRQVyORREVHUYDUORVPLHQWUDV WUDEDMDEDQ/DPXOWLSOLFDFLyQOHUHVXOWDEDPiVLQWHUHVDQWHTXHORVQ~PHURVDLVODGRVDPHGLGDTXHFRPHQ]DEDDSHUFLELU\XWLOL]DU PRGHORVSUHGHFLEOHV(QVXMXHJRGHEiVTXHWEROLQIDQWLOFDGDFDQDVWDWHQtDXQQ~PHURGLIHUHQWH\'DQLHOSUDFWLFDEDODVWDEODVGH PXOWLSOLFDU PLHQWUDV ODQ]DED OD SHORWD 6X GHVWUH]D HQ HO EiVTXHWERO DXPHQWDED FRQVWDQWHPHQWH DVt FRPR WDPELpQ VX PHPRUL]DFLyQGHORVPHFDQLVPRVGHODPXOWLSOLFDFLyQ 'XUDQWHHOSULPHUDxRGHHQVHxDQ]DEiVLFDHVWDEDIDVFLQDGRFRQHOFRQFHSWRGHQ~PHURVQHJDWLYRV/DGRFHQWHFUHyFRQGLFLRQHV IDYRUDEOHVSDUDODVDYDQ]DGDVDSWLWXGHVGH'DQLHOOHSURSRUFLRQDEDOLEURVGHWH[WRFRUUHVSRQGLHQWHVDOiUHDGHPDWHPiWLFDSDUD FXDUWR\TXLQWRDxRGHHQVHxDQ]DEiVLFD\OHIRUPXODEDSUHJXQWDVDELHUWDVTXHGHVDILDEDQVXVKDELOLGDGHVGHSHQVDPLHQWRGHDOWR QLYHO'XUDQWHWRGRVORVDxRVGHHQVHxDQ]DEiVLFDODPDWHPiWLFDIXHFRPRHUDGHHVSHUDUVHODDVLJQDWXUDSUHIHULGDGHOQLxR )XHUDGHODHVFXHODVXUJLHURQQXHYDVIDFHWDVGHLQWHUpVFyPSXWRGHHVWDGtVWLFDVGHSRUWLYDVFODVLILFDFLyQGHREMHWRVHQFDWHJRUtDV VLPLODUHVFiOFXORGHGLIHUHQFLDVKRUDULDVHQWRGRHOPXQGRHLQYHVWLJDFLyQDFHUFDGHOFRVPRV

(Q OD DFWXDOLGDG 'DQLHO FXUVD HO WHUFHU FLFOR GH HQVHxDQ]D EiVLFD \ VX LQWHUpV VH SRQH GH PDQLILHVWR QR VyOR HQ ODV FODVHV GH PDWHPiWLFDVXSHULRUDODVTXHDVLVWHVLQRWDPELpQHQVXHQWXVLDVPRSRUUHVROYHUVLWXDFLRQHVSUREOHPiWLFDVTXHVXUJHQHQODYLGD FRWLGLDQD6yORSDUDGLYHUWLUVHVXHOHSHGLUDVXPDGUHTXHOHWRPHH[DPHQFRQVLWXDFLRQHVSUREOHPiWLFDVPDWHPiWLFDV\GLVIUXWD D\XGDQGR D VX IDPLOLD D WRPDU GHFLVLRQHV UHODFLRQDGDV FRQ FXHVWLRQHV GH SUHVXSXHVWR $ ORV  DxRV 'DQLHO KD GHVDUUROODGR QXPHURVDV HVWUDWHJLDV SDUD UHVROYHU SUREOHPDV PDWHPiWLFRV \ ORJUD VXSHUDU FRQ IDFLOLGDG D ORV DGXOWRV H LQFOXVR D ODV FDOFXODGRUDVHQWDUHDVGHFiOFXOR&RQIUHFXHQFLDGHGLFDVXWLHPSROLEUHDFODVLILFDU\HYDOXDUVXFROHFFLyQGHWDUMHWDVGHSRUWLYDV\ D PHGLU GLVWDQFLDV \ HQ OD HVFXHOD REWLHQH ODV PiV DOWDV FDOLILFDFLRQHV HQ FRPSHWHQFLDV PDWHPiWLFDV GH QLYHO QDFLRQDO (V VXPDPHQWH H[LJHQWH UHVSHFWR GH FXHVWLRQHV UHODFLRQDGDV FRQ HO WLHPSR VH EXUOD GH ORV IDOVRV UD]RQDPLHQWRV \ WRGDYtD VRQUtH FXDQGRVHPHQFLRQDQQ~PHURVHQXQDFRQYHUVDFLyQ&XDOTXLHUDVHDODFDUUHUDTXH'DQLHOHOLMDHQHOQLYHOVXSHULRUGHHQVHxDQ]D HVPX\SUREDEOHTXHODPDWHPiWLFDRFXSHXQOXJDUGHSUHIHUHQFLDHQVXVLQWHUHVHV

'HILQLFLyQLQWHOLJHQFLDOyJLFRPDWHPiWLFD

+ *DUGQHU SRVWXOD TXH HO PRGHOR GH GHVDUUROOR FRJQLWLYR GH 3LDJHW TXH DYDQ]D GHVGH ODV DFWLYLGDGHV VHQVRPRWRUDV KDVWD ODV RSHUDFLRQHV IRUPDOHV FRQVWLWX\y SUREDEOHPHQWH XQD GHVFULSFLyQ GHO GHVDUUROOR HQ XQ VROR FDPSR HO GH OD LQWHOLJHQFLD OyJLFRPDWHPiWLFD3LDJHWGHVFULELyHOSURJUHVRGHODLQWHOLJHQFLDOyJLFDFRPLHQ]DFRQODVLQWHUDFFLRQHVGHOQLxRFRQORVREMHWRV GHVXHQWRUQRVLJXHFRQHOGHVFXEULPLHQWRGHOQ~PHURFRQODWUDQVLFLyQGHORVREMHWRVFRQFUHWRVDORVVtPERORVDEVWUDFWRVFRQOD PDQLSXODFLyQ GH DEVWUDFFLRQHV \ OOHJD ILQDOPHQWH D OD FRQVLGHUDFLyQ GH IyUPXODV KLSRWpWLFDV FRQ VXVUHODFLRQHVHLPSOLFDQFLDV *DUGQHUH[SUHVDVXVGXGDVDFHUFDGHTXHODVLGHDVGH3LDJHWUHVSHFWRGHOGHVDUUROORFRJQLWLYRVHDSOLTXHQGHODPLVPDPDQHUDD RWUDViUHDVGHODFRPSHWHQFLDKXPDQD 


7DO FRPR VH GHVSUHQGH GH OD KLVWRULD GH 'DQLHO OD LQWHOLJHQFLD OyJLFRPDWHPiWLFD LQFOX\H QXPHURVRV FRPSRQHQWHV FiOFXORV PDWHPiWLFRV SHQVDPLHQWR OyJLFR VROXFLyQ GH SUREOHPDV UD]RQDPLHQWR GHGXFWLYR H LQGXFWLYR \ GLVFHUQLPLHQWR GH PRGHORV \ UHODFLRQHV(QHOFHQWURPLVPRGHODFDSDFLGDGPDWHPiWLFDVHHQFXHQWUDODFDSDFLGDGSDUDUHFRQRFHU\UHVROYHUSUREOHPDV6LELHQ HVWD LQWHOLJHQFLD KD WHQLGRJUDQLPSRUWDQFLDSDUDODVRFLHGDGRFFLGHQWDO\VXHOHDWULEXtUVHOHHOPpULWRGHJXLDUORVGHVWLQRVGHOD KLVWRULD GH OD KXPDQLGDG *DUGQHU VRVWLHQH TXH OD LQWHOLJHQFLD OyJLFRPDWHPiWLFD QR HV QHFHVDULDPHQWH VXSHULRU D RWUDV LQWHOLJHQFLDV QL TXH VH OH RWRUJXH XQLYHUVDOPHQWH HO PLVPR SUHVWLJLR ([LVWHQ RWURV SURFHVRV OyJLFRV \ PpWRGRV GH VROXFLyQ GH SUREOHPDVLQKHUHQWHVDFDGDXQDGHODVLQWHOLJHQFLDV&DGDLQWHOLJHQFLDSRVHHVXSURSLRPHFDQLVPRRUGHQDGRUVXVSULQFLSLRVVXV RSHUDFLRQHVIXQGDPHQWDOHV\VXVUHFXUVRVORVTXHODLQWHOLJHQFLDOyJLFRPDWHPiWLFDQRSXHGHUHYHODU

&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDOyJLFRPDWHPiWLFD

*DUGQHU VHxDOD TXH OD LQWHOLJHQFLD OyJLFRPDWHPiWLFD DEDUFD QXPHURVDV FODVHV GH SHQVDPLHQWR (Q VX RSLQLyQ HVWD LQWHOLJHQFLD FRPSUHQGHWUHVFDPSRVDPSOLRVDXQTXHLQWHUUHODFLRQDGRVODPDWHPiWLFDODFLHQFLD\ODOyJLFD6LELHQHVLPSRVLEOHUHGXFLUDXQ OLVWDGRHOUDQJRGHH[SUHVLyQPDWHPiWLFDGHXQLQGLYLGXRDFRQWLQXDFLyQVHHQXPHUDQDOJXQRVGHVFULSWRUHV(VSUREDEOHTXHXQD SHUVRQDFRQXQDLQWHOLJHQFLDOyJLFRPDWHPiWLFDSURIXQGDPHQWHGHVDUUROODGDSUHVHQWHDOJXQDGHODVVLJXLHQWHVFDUDFWHUtVWLFDV

3HUFLEHORVREMHWRV\VXIXQFLyQHQHOHQWRUQR 'RPLQDORVFRQFHSWRVGHFDQWLGDGWLHPSR\FDXVDHIHFWR 8WLOL]DVtPERORVDKVWUDFWRVSDUDUHSUHVHQWDUREMHWRV\FRQFHSWRVFRQFUHWRV 'HPXHVWUDKDELOLGDGSDUDHQFRQWUDUVROXFLRQHVOyJLFDVDORVSUREOHPDV 3HUFLEHPRGHORV\UHODFLRQHV 3ODQWHD\SRQHDSUXHEDKLSyWHVLV  (PSOHD GLYHUVDV KDELOLGDGHV PDWHPiWLFDV FRUQR HVWLPDFLyQ FiOFXOR GH DOJRULWPRV LQWHUSUHWDFLyQ GH HVWDGtVWLFDV \ UHSUHVHQWDFLyQYLVXDOGHLQIRUPDFLyQHQIRUPDJUiILFD  6H HQWXVLDVPD FRQ RSHUDFLRQHV FRPSOHMDV FRPR HFXDFLRQHV IyUPXODV ItVLFDV SURJUDPDV GH FRPSXWDFLyQ R PpWRGRV GH LQYHVWLJDFLyQ  3LHQVD HQ IRUPD PDWHPiWLFD PHGLDQWH OD UHFRSLODFLyQ GH SUXHEDV OD HQXQFLDFLyQ GH KLSyWHVLV OD IRUPXODFLyQ GH PRGHORV HO GHVDUUROORGHFRQWUDHMHPSORV\ODFRQVWUXFFLyQGHDUJXPHQWRVVyOLGRV 8WLOL]DODWHFQRORJtDSDUDUHVROYHUSUREOHPDVPDWHPiWLFRV 'HPXHVWUDLQWHUpVSRUFDUUHUDVFRPRFLHQFLDVHFRQyPLFDVWHFQRORJtDLQIRUPiWLFDGHUHFKRLQJHQLHUtD\TXtPLFD &UHDQXHYRVPRGHORVRSHUFLEHQXHYDVIDFHWDVHQFLHQFLDRPDWHPiWLFD

3URFHVRVGHDSUHQGL]DMHOyJLFRPDWHPiWLFRV

'XUDQWH ODV GRV ~OWLPDV GpFDGDV QXPHURVRV LQIRUPHV \ WHRUtDV HODERUDGRV SRU SURIHVLRQDOHV \ RUJDQL]DFLRQHV DFDGpPLFDV LPSXOVDURQQXHYDVIRUPDVGHHQVHxDQ]DGHODPDWHPiWLFD(O1DWLRQDO&RXQFLORI7HDFKHUVRI0DWKHPDWLFV>&RQVHMR1DFLRQDOGH 'RFHQWHVGH0DWHPiWLFDGHORV((8817&0@UHFRPLHQGDTXHODHQVHxDQ]DGHHVWDGLVFLSOLQDGHEHGHVWDFDUODFRQFLHQFLD\HO DSUHFLR SRU HO URO GH OD PDWHPiWLFD HQ OD VRFLHGDG OD FDSDFLGDG SDUD UD]RQDU \ FRPXQLFDUVH PDWHPiWLFDPHQWH SDUD UHVROYHU SUREOHPDV\SDUDDSOLFDUOD PDWHPiWLFDDODYLGDFRWLGLDQDGHORVDOXPQRV (O SURSyVLWR GH HVWH FDStWXOR FRQVLVWH HQ SURSRQHU HVWUDWHJLDV GH HQVHxDQ]D TXH LQWHJUHQ HO SHQVDPLHQWR PDWHPiWLFR \ OyJLFR D GLYHUVDViUHDVGHFRQWHQLGR7HQLHQGRHQFXHQWDHVHREMHWLYRODLQWHOLJHQFLDOyJLFDSXHGHGHVHPSHxDUXQUROPiVVLJQLILFDWLYRHQ HOSHQVDPLHQWR\HQHODSUHQGL]DMH/RVJUiILFRVSRUHMHPSORSRGUiQXWLOL]DUVHSDUDSUHVHQWDULQIRUPDFLyQHQWRGDVODVDXODV/D WHRUtDGHODSUREDELOLGDGSRGUiSUHGHFLUORVUHVXOWDGRVGHXQHMHUFLFLRItVLFRRGHKHFKRVKDELWXDOHV/DVHVWUDWHJLDVGHVFULWDVHQ HVWHFDStWXORVRQODVVLJXLHQWHV &yPRHVWDEOHFHUXQHQWRUQRGHDSUHQGL]DMHOyJLFRPDWHPiWLFR /DHQVHxDQ]DGHODOyJLFD

(OPpWRGRFLHQWtILFR (OSHQVDPLHQWRFLHQWtILFRHQWRGDVODViUHDVFXUULFXODUHV /yJLFDGHGXFWLYD 6LORJLVPRV 'LDJUDPDVGH9HQQ /yJLFDLQGXFWLYR $QDORJtDV




(VWLPXODFLyQGHOSHQVDPLHQWR\HODSUHQGL]DMH ,QWHUPHGLDFLyQSDUDHODSUHQGL]DMH (VWUDWHJLDVSDUDODLQWHUURJDFLyQ 3URFHVRVGHSHQVDPLHQWRPDWHPiWLFR &UHDFLyQGHPRGHORV %ORTXHV OyJLFRV 0RGHORVGHLQIRUPDFLyQ &yGLJRV *UiILFRV 7UDEDMRFRQQ~PHURV 3URPHGLRV\SRUFHQWDMHV 0HGLGD &iOFXOR 3UREDELOLGDG *HRPHWUtD

6LWXDFLRQHVSUREOHPiWLFDVSDUDWRGDVODViUHDVFXUULFXODUHV 6HFXHQFLDFLyQ

7HPDVPDWHPiWLFRVSDUDWRGDVODViUHDVGHFRQWHQLGR

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDOyJLFRPDWHPiWLFD 5HVXPHQ

&yPRHVWDEOHFHUXQHQWRUQRGHDSUHQGL]DMHOyJLFR PDWHPiWLFR (QHO1&70HPLWLyXQH[WHQVRGRFXPHQWRGHQRPLQDGR&XUUtFXORV\HVWiQGDUHVSDUDODHYDOXDFLyQGHODPDWHPiWLFDHQOD HVFXHOD GRQGHGHVFULEHQXHYRVSDUiPHWURV\FRQWHQLGRVSDUDHOiUHD$GHPiVGHIRUPXODUUHFRPHQGDFLRQHVUHODWLYDVDFDPELRV FXUULFXODUHV\SHGDJyJLFRVVHGHILQLHURQQXHYRVUROHVSDUDORVDOXPQRV

(O DSUHQGL]DMH GHEHUi ORJUDU HO FRPSURPLVR WDQWR LQWHOHFWXDO FRPR ItVLFR SRU SDUWH GHO DOXPQR TXLHQ GHEHUi FRQYHUWLUVH HQ VXMHWRDFWLYRGHODSUHQGL]DMHVHQWLUVHHVWLPXODGRSDUDDSOLFDUVXVVDEHUHVSUHYLRV\HVWDUGLVSXHVWRDH[SHULPHQWDUVLWXDFLRQHV QXHYDV GH FUHFLHQWH GLILFXOWDG /RV HQIRTXHV GLGiFWLFRV GHEHUiQ LQFRUSRUDU OD SDUWLFLSDFLyQ GHO DOXPQR HQ HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMHHQOXJDUGHOLPLWDUVHDWUDQVPLWLUOHLQIRUPDFLyQ (VWDUHFRPHQGDFLyQHVSHFtILFDVLUYHFRPROLQHDPLHQWRSDUDORVGRFHQWHVTXHGHVHHQSURPRYHUODQDWXUDOH]DOyJLFRPDWHPiWLFDGH VXVDXODV(QWRGDVHOODVORVVLJXLHQWHVSURFHVRVGHDSUHQGL]DMHDFWLYRHVWLPXODQHOSHQVDPLHQWROyJLFR Â&#x2021;8WLOL]DUGLYHUVDVHVWUDWHJLDVGHLQWHUURJDFLyQ Â&#x2021;3ODQWHDUSUREOHPDVFRQILQDODELHUWRSDUDTXHORVDOXPQRVORVUHVXHOYDQ Â&#x2021;&RQVWUXLUPRGHORVSDUDORVFRQFHSWRVFODYH Â&#x2021;6ROLFLWDUDORVDOXPQRVTXHGHPXHVWUHQVXFRPSUHQVLyQXWLOL]DQGRREMHWRVFRQFUHWRV Â&#x2021;3URQRVWLFDU\YHULILFDUORVUHVXOWDGRVOyJLFRV Â&#x2021;'LVFHUQLUPRGHORV\FRQH[LRQHVHQGLYHUVRVIHQyPHQRV Â&#x2021;6ROLFLWDUDORVDOXPQRVTXHMXVWLILTXHQVXVDILUPDFLRQHVXRSLQLRQHV Â&#x2021;%ULQGDURSRUWXQLGDGHVSDUDODREVHUYDFLyQ\ODLQYHVWLJDFLyQ Â&#x2021;(VWLPXODUDORVDOXPQRVSDUDFRQVWUXLUVLJQLILFDGRVDSDUWLUGHVXREMHWRGHHVWXGLR Â&#x2021;9LQFXODUORVFRQFHSWRVRSURFHVRVPDWHPiWLFRVFRQRWUDViUHDVGHFRQWHQLGR\FRQDVSHFWRVGHODYLGDFRWLGLDQD

$PHGLGDTXHDYDQFHHQODOHFWXUDGHHVWHFDStWXORHOOHFWRUGHVFXEULUiTXHFLHUWRVHOHPHQWRVPDWHPiWLFRVSXHGHQLQFRUSRUDUVHD WRGDVODViUHDVFXUULFXODUHV(OWUDEDMRFRQREMHWRVFRQFUHWRVSHUPLWHDORVDOXPQRVDERUGDUDFWLYDPHQWHODVROXFLyQGHSUREOHPDV 5HVXOWDUi~WLOSDUDORVGRFHQWHVFRQWDUHQVXVDXODVFRQEORTXHVOyJLFRVMXHJRVDFHUWLMRV\HQLJPDVSDSHOFXDGULFXODGRUHJODV FRPSDVHVWUDQVSRUWDGRUHVFDOFXODGRUDVFRPSXWDGRUDV\GLYHUVRVSURJUDPDV GHVRIWZDUH (VWDVVXJHUHQFLDVDVtFRPRWDPELpQORVSURFHVRVGHDSUHQGL]DMHTXHVHH[SRQHQDFRQWLQXDFLyQH[SDQGHQHOFRQFHSWRWUDGLFLRQDO GHHQVHxDQ]DGHODPDWHPiWLFD$OUHHPSOD]DUODFRQFHSFLyQGHODPDWHPiWLFDFRPRDVLJQDWXUDGHVWLQDGDVRODPHQWHDGHVDUUROODU KDELOLGDGHVSDUDHOFiOFXOR\HOiOJHEUDDGYHUWLUHPRVTXHODPDWHPiWLFDDFWXDOLQFOX\HODVROXFLyQGHSUREOHPDVHOUD]RQDPLHQWR \ OD HODERUDFLyQ GH FRQH[LRQHV KDELOLGDGHV ~WLOHV SDUD WRGRV ORV FDPSRV GH HVWXGLR /RV DXWRUHV HVSHUDPRV TXH ORV VLJXLHQWHV SURFHVRVGHDSUHQGL]DMHFRQWULEX\DQDODWDUHDTXHOOHYDQDFDERORVHGXFDGRUHVGHPDWHPiWLFD\FLHQFLDVQDWXUDOHVSDUDJXLDUDORV DOXPQRVHQODDSOLFDFLyQGHOSHQVDPLHQWROyJLFRFRQPD\RUFRQILDQ]DHQODWRWDOLGDGGHVXVRSRUWXQLGDGHVGHDSUHQGL]DMH 


/DHQVHxDQ]DGHODOyJLFD /D OyJLFD FRPR GLVFLSOLQD DFDGpPLFD IXH LQYHQWDGD SRU $ULVWyWHOHV \ VH UHODFLRQD FRQ OD DUJXPHQWDFLyQ OD YDOLGDFLyQ OD FRPSUREDFLyQ OD GHILQLFLyQ \ OD FRKHUHQFLD 6LQ OXJDU D GXGDV DQWHV GH TXH VH RWRUJDUD UHFRQRFLPLHQWR D OD OyJLFD IRUPDO ODV SHUVRQDVUD]RQDEDQGHPDQHUDOyJLFD\FRKHUHQWH1RREVWDQWH$ULVWyWHOHVIXHHOSULPHUILOyVRIRHQLGHQWLILFDU\GDUIRUPDDODV UHJODVGHHVWDUDPDGHODILORVRItD'XUDQWHOD(GDG0HGLDODVFXOWXUDViUDEH\HXURSHDUHDOL]DURQDSRUWHVDHVWHFDPSR\HQORV ~OWLPRVGRVVLJORVVHSURGXMHURQQXPHURVRVGHVDUUROORVHQHOiUHDGHODOyJLFDPDWHPiWLFD &RQHOREMHWRGHLQWURGXFLUDORVDOXPQRVHQHOFRQFHSWRGHOyJLFDIRUPDOUHVXOWD~WLOH[SOLFDUOHVTXHODOyJLFDH[DPLQDHOPRGR FRPR VH FRQVWUX\HQ ORV DUJXPHQWRV /RV DUJXPHQWRV OyJLFRV FRQVWDQ JHQHUDOPHQWH GH GRV FODVHV GH HQXQFLDGRV SUHPLVDV TXH SUHVHQWDQHYLGHQFLDV\FRQFOXVLRQHVTXHVHH[WUDHQGHODVSUHPLVDV/DOyJLFDVHSURSRQHGHFLUQRVTXHDOJRHVYHUGDGHURVLODV SUHPLVDV VRQ YHUGDGHUDV &XDQGR VH HQVHxDQ SURFHVRV GH UD]RQDPLHQWR OyJLFR ORV DOXPQRV DFFHGHQ D XQD GLVFLSOLQD PHQWDO SUHFLVD\SXHGHQGLVWLQJXLUVLXQDFDGHQDGHUD]RQDPLHQWRHVYiOLGDRLQYiOLGD ([LVWHQYDULDVFODVHVGHOyJLFDODOyJLFDGHGXFWLYD\ODOyJLFDLQGXFWLYDVRQODVPiVFRPXQHV(QOyJLFDGHGXFWLYDODFRQFOXVLyQ VH GHVSUHQGH GH ODV SUHPLVDV HVWDEOHFLGDV (Q OyJLFD LQGXFWLYD OD FRQFOXVLyQ VH H[WUDH SDVR D SDVR \HQGR GH OR SDUWLFXODU D OR JHQHUDO(OPpWRGRFLHQWtILFRXWLOL]DDPEDVFODVHVGHOyJLFDODVKLSyWHVLVVXHOHQGHVDUUROODUVHSRUPHGLRGHOUD]RQDPLHQWRGHGXFWL YR\ODVWHRUtDVVHFRQVWUX\HQVREUHODEDVHGHOSHQVDPLHQWRLQGXFWLYR

(OPpWRGRFLHQWtILFR (OPpWRGRFLHQWtILFRXQDIRUPDGHSHQVDUORVSUREOHPDV\GHUHVROYHUORVDVXPHXQXVRH[WHQVLYRGHODOyJLFD/RVFLHQWtILFRVKDQ GHVDUUROODGRHOSURFHVRJHQHUDOGHOPpWRGRFLHQWtILFRHPStULFRXQDVHULHGHFLQFRSDVRVSDUDH[SOLFDUXQSUREOHPD\VXVROXFLyQ GHPDQHUDRUGHQDGD 3ODQWHDUHOSUREOHPD )RUPXODUXQDKLSyWHVLVRH[SOLFDFLyQ 2EVHUYDU\H[SHULPHQWDU ,QWHUSUHWDUORVGDWRV ([WUDHUFRQFOXVLRQHV

(OPpWRGRFLHQWtILFRVHSURSRQHH[SOLFDUORVIHQyPHQRVPHGLDQWHHODQiOLVLVGHFDXVDV\HIHFWRV3RUORJHQHUDOXQH[SHULPHQWR FRPSUHQGHODPDQLSXODFLyQGHXQDYDULDEOHPDQWHQLHQGRFRQVWDQWHVWRGDVODVGHPiVFRQHOILQGHDLVODUORVHIHFWRVGHODYDULDEOH FRQ OD TXH VH WUDEDMD 6L OXHJR GH UHSHWLGRV LQWHQWRV ORV UHVXOWDGRV VRQ SUHGHFLEOHV HQWRQFHV HO PpWRGR FLHQWtILFR SHUPLWH D ORV LQYHVWLJDGRUHV UHVSRQGHU OD SUHJXQWD ¢&XiO HV HO IXQGDPHQWR SDUD QXHVWUD WHRUtD" /RV FLHQWtILFRV SURFXUDQ GLVHxDU H[SHULPHQWRVFRQHOPHQRUQ~PHURSRVLEOHGHYDULDEOHVGHELGRDTXHVHFRQVLGHUDTXHORVVXSXHVWRVVRQFRQILDEOHVVLVHEDVDQHQ H[SHULPHQWRVTXHPLQLPL]DQHOQ~PHURGHYDULDEOHVLQFRQWURODEOHV (OSHQVDPLHQWRFLHQWtILFRHQWRGDVODViUHDVFXUULFXODUHV ¢'HTXpPDQHUDSXHGHLQFRUSRUDUVHHVWDFODVHGHSHQVDPLHQWRHPStULFRDOWUDEDMRHQHODXOD" &XDOTXLHUD VHD HO iUHD GH FRQWHQLGR HQ OD TXH VH WUDEDMH HV SRVLEOH SUHVHQWDU LQIRUPDFLyQ IRUPXODU KLSyWHVLV R H[SOLFDFLRQHV HQFRQWUDU HMHPSORV SRU PHGLR GH OD LQYHVWLJDFLyQ H[SHULPHQWDFLyQ X REVHUYDFLyQ H[DPLQDU ORV GDWRV \ H[WUDHU FRQFOXVLRQHV UHOHYDQWHV/DVVLJXLHQWHVSUHPLVDVTXHVHLQFOX\HQFRPRHMHPSORSRGUiQXWLOL]DUVHSDUDSURPRYHUHOSHQVDPLHQWRFLHQWtILFRGH ORVDOXPQRVHQWRGDVODViUHDVFXUULFXODUHV/DWDUHDGHORVDOXPQRVFRQVLVWLUiHQSRQHUDSUXHEDODVSUHPLVDVSDUDGHWHUPLQDUVL VXVKLSyWHVLVWLHQHQIXQGDPHQWR\SDUDH[SOLFDUFyPRDUULEDURQDWDOHVFRQFOXVLRQHV 3UHPLVDVSDUDODLQYHVWLJDFLyQSRUPHGLRGHOPpWRGRFLHQWtILFR (VGHFLUPDQLSXODQGRXQDYDULDEOH\REVHUYDQGRORVUHVXOWDGRVGHQWURGHXQDYDULDEOHGHUHVSXHVWD

Â&#x2021;6LVHFRORFDXQDDVSLULQDRXQDPRQHGDHQXQIORUHURODVIORUHVVHPDQWHQGUiQIUHVFDVSRUPiVWLHPSR Â&#x2021;/RVJDWRVVLHPSUHURQURQHDQFXDQGRVHORVDFDULFLD Â&#x2021;/RVHMHUFLFLRVDHUyELFRVUHGXFHQORVtQGLFHVGHDIHFFLRQHVFDUGtDFDV Â&#x2021;/DOX]GHFRORUD]XOUHGXFHODWHQVLyQQHUYLRVD Â&#x2021;/DVWDVDVGHLQWHUpVPiVHOHYDGDVGHSULPHQHOPHUFDGRLQPRELOLDULR

$GHPiV GHO PpWRGR HPStULFR GH LQYHVWLJDFLyQ H[LVWHQ QXPHURVDV FODVHV GH SUREOHPDV OyJLFRV TXH FXHVWLRQDQ OD YDOLGH] GH ODV LQIHUHQFLDV(QHOWUDEDMRFRQOyJLFDGHGXFWLYDORVDOXPQRVSRGUiQXWLOL]DUVLORJLVPRV\GLDJUDPDVGH9HQQSDUDGHWHUPLQDUVLODV SUHPLVDV VRQ YiOLGDV PLHQWUDV TXH HQ HO WUDEDMR FRQ OyJLFD LQGXFWLYD SRGUiQ FUHDU DQDORJtDV SDUD UHYHODU UHODFLRQHV SURSRUFLRQDOHV(VWRVWUHVSUREOHPDVOyJLFRVVLORJLVPRVGLDJUDPDVGH9HQQ\DQDORJtDV SXHGHQDSOLFDUVHDQXPHURVDViUHDVGH FRQWHQLGR 3RU HMHPSOR ODV DQDORJtDV VRQ ~WLOHV SDUD TXH ORV DOXPQRV GHVDUUROOHQ FLHUWRV FRQFHSWRV HQ HO iUHD GH FLHQFLDV QDWXUDOHVPLHQWUDVTXHORVVLORJLVPRV\ORVGLDJUDPDVGH9HQQSRGUtDQXWLOL]DUVHHQFLHQFLDVVRFLDOHVSDUDFRPSDUDURFRQWUDVWDU GLIHUHQWHVFXOWXUDVRUHJLRQHVJHRJUiILFDV

/yJLFDGHGXFWLYD




(O UD]RQDPLHQWR GHGXFWLYR SDUWH GH XQD UHJOD JHQHUDO \ VH SURSRQH FRPSUREDU TXH ORV GDWRV FRQFXHUGDQ FRQ OD JHQHUDOL]DFLyQ &RQIUHFXHQFLDORVDOXPQRVREVHUYDQHVWDOyJLFDHQDFFLyQ6LHOGLUHFWRU HVWLSXODTXHWRGRDTXHOTXHDUURMHSLHGUDVHQHOSDWLRGH OD HVFXHOD VXIULUi ODV FRQVHFXHQFLDV GH VXV DFWRV \ XQ DOXPQR QR DFDWD OD UHJOD ORV UHVXOWDGRV VRQ SUHGHFLEOHV 2 ELHQ VL ODV LQVWUXFFLRQHV HQ XQD FODVH GH DUWH LQGLFDQ TXH XWLOL]DU GHPDVLDGR SHJDPHQWR GHVWLxH HO SDSHO EDUULOHWH FXDQGR DOJXLHQ HPSOHD JUDQGHVFDQWLGDGHVGHSHJDPHQWRQRGHEHUiVRUSUHQGHUVHVLHQFXHQWUDUDVWURVGHWLQWXUDHQVXVPDQRVRHQVXFDPLVD(VWDFODVH GH UD]RQDPLHQWRV VRQ VLORJLVPRV HQ DFFLyQ /RV VLORJLVPRV VRQ DUJXPHQWRV HVWUXFWXUDGRV FRPSXHVWRV SRU GRV SUHPLVDV \ XQD FRQFOXVLyQ\FRQVWLWX\HQHMHPSORVGHOyJLFDGHGXFWLYD 6LORJLVPRV

6HJ~Q VDEHPRV $ULVWyWHOHV IXH HO SULPHU ILOyVRIR TXH XWLOL]y VLORJLVPRV FRPR IRUPD OyJLFD GH VROXFLyQ SDUD ORV SUREOHPDV \ VHxDOy TXH HO VLORJLVPR HUD HO SULQFLSDO LQVWUXPHQWR SDUD DUULEDU D FRQFOXVLRQHV FLHQWtILFDV $ULVWyWHOHV GHWHUPLQy TXH SXHGH LQIHULUVHODYHUDFLGDGGHFLHUWDVSURSRVLFLRQHVVLVXVSUHPLVDVVRQYHUGDGHUDV3RUHMHPSOR 7RGRVORVKRPEUHVVRQPRUWDOHV 6yFUDWHVHVKRPEUH 3RUORWDQWR6yFUDWHVHVPRUWDO /DHVWUXFWXUDGHORVVLORJLVPRVHVLQYDULDEOH/DSULPHUDIUDVHSURSRUFLRQDXQDSDUWHGHODLQIRUPDFLyQRSUHPLVDTXHGHVFULEH DO VXVWDQWLYR KRPEUHV  FRPR PLHPEUR GH XQ FRQMXQWR PRUWDOHV  /D VHJXQGD IUDVH SURSRUFLRQD XQD SUHPLVD DGLFLRQDO TXH GHVFULEH XQ QXHYR VXVWDQWLYR 6yFUDWHV  HQ UHODFLyQ FRQ HO VXEFRQMXQWR KRPEUH  /D FRQFOXVLyQ HV HO WHUFHU HQXQFLDGR GHO VLORJLVPRTXHQRVSHUPLWHH[WUDHUFRQFOXVLRQHVOyJLFDVEDVDGDVHQODSHUWHQHQFLDDXQGHWHUPLQDGRFRQMXQWRR VXEFRQMXQWR GDGR TXH ORV KRPEUHV VRQ PRUWDOHV \ 6yFUDWHV HV XQ KRPEUH HQWRQFHV 6yFUDWHV GHEH VHU PRUWDO  (Q HVWH FDVR OD FRQFOXVLyQ VH HQFXHQWUDIXQGDPHQWDGDRVXVWHQWDGDSRUODVSUHPLVDV\HOVLORJLVPRVHFRQVLGHUDYiOLGR /DHQXQFLDFLyQGHORVVLORJLVPRVHVPX\SUHFLVD3RUHMHPSORODVSUHPLVDVFRPLHQ]DQFRQSDODEUDVWDOHVFRPRWRGRVQLQJXQR RDOJXQRV\HPSOHDQODVIRUPDVYHUEDOHVHVRVRQRVXQHJDFLyQ/DFRQFOXVLyQFRPLHQ]DFRQODIUDVHSRUORWDQWR(OGHVDItRGH WUDEDMDUFRQVLORJLVPRVFRQVLVWHHQGHWHUPLQDUVLODFRQFOXVLyQHVYiOLGD0XFKRVVLORJLVPRVVRQLQYiOLGRV3RUHMHPSOR 7RGDVODVPDOH]DVVRQYHJHWDOHV (OiUEROHVXQYHJHWDO 3RUORWDQWRWRGRVORViUEROHVVRQPDOH]DV

(Q HO VLORJLVPR DQWHULRU OD FRQFOXVLyQ QR VH HQFXHQWUD VXVWHQWDGD SRU ODV SUHPLVDV \ VH OD FRQVLGHUD LQYiOLGD 6H WHQGUi HQ FXHQWD TXH ORV VLORJLVPRV VRQ YiOLGRV VL HO REMHWR GH ODVHJXQGDSUHPLVDVHUHILHUHDOVXMHWRGHODSULPHUD/RVDOXPQRVSRGUiQ UHSUHVHQWDUORVSRUPHGLRGHXQGLDJUDPDTXHPXHVWUHVXFHVLYRVVXEFRQMXQWRVEDVDGRVHQODVSUHPLVDV

/RVVLORJLVPRVHQVHxDQDORVDOXPQRVDHVWDEOHFHUSUHPLVDV\DGHWHUPLQDUVLODVFRQFOXVLRQHVVRQOyJLFDVRLOyJLFDV3RUHMHPSOR ORV GRFHQWHV \ ORV DOXPQRV SRGUiQ DSOLFDU VLORJLVPRV D GLIHUHQWHV iUHDV (Q XQD XQLGDG GH FLHQFLDV VRFLDOHV VREUH JHRJUDItD HXURSHDXQGRFHQWHSRGUtDSODQWHDUHOVLJXLHQWHSUREOHPD 7RGRVORVSDtVHVGH(XURSDVHHQFXHQWUDQDOQRUWHGHOHFXDGRU (VSDxD,WDOLD\*UHFLDIRUPDQSDUWHGH(XURSD 3RUORWDQWR

3DUD UHVROYHU VLORJLVPRV HV QHFHVDULR GHWHUPLQDU VX YDOLGH] R LQYDOLGH] (O HMHPSOR SUHVHQWDGR HV YiOLGR SHUR SDUD HYDOXDU ODV GXGDVGHORVDOXPQRVHOGRFHQWHSRGUiSUHVHQWDUYDULRVVLORJLVPRVWDQWRYiOLGRVFRPRLQYiOLGRVDILQGHFRPSUREDUODHILFDFLD GHODSUHQGL]DMH/DOyJLFDGHXQVLORJLVPRSXHGHVHUYiOLGDDXQFXDQGRHOFRQWHQLGRGHOVLORJLVPRVHDLQYiOLGR(OGRFHQWHGHEHUi WHQHU HVSHFLDO FXLGDGR HQ HYDOXDU HO FRQRFLPLHQWR GH ORV FRQWHQLGRV \ HO UD]RQDPLHQWR OyJLFR SRU VHSDUDGR FXDQGR XWLOLFH VLORJLVPRV 'LDJUDPDVGH9HQQ




/RV GLDJUDPDV GH 9HQQ VRQ VLORJLVPRV YLVXDOHV -RKQ 9HQQ GLVHxy HVWRV GLDJUDPDV XWLOL]DQGR FtUFXORV TXH VH VXSHUSRQHQ SDUD HVWDEOHFHUFRPSDUDFLRQHVRFRQWUDVWHVHQWUHFRQMXQWRVGHLQIRUPDFLyQ3RUORJHQHUDOVHGLEXMDQGRVFtUFXORVTXHVHLQWHUVHFDQ\ SUHVHQWDQWUHViUHDVLQGLYLGXDOHV

(QHVWHHMHPSORHOFtUFXORGHODL]TXLHUGDUHSUHVHQWDDWRGRVORVSDtVHVHXURSHRV\HOFtUFXORGHODGHUHFKDUHSUHVHQWDDWRGRVORV SDtVHVVLWXDGRVDOQRUWHGHOHFXDGRU(OiUHDUHVXOWDQWHGHODVXSHUSRVLFLyQGHEHUiUHSUHVHQWDUDORVSDtVHVTXHFXPSODQFRQDPEDV FRQGLFLRQHV VHUSDtVHVHXURSHRV\HVWDUVLWXDGRVDOQRUWHGHOHFXDGRU /RVSDtVHVTXHQRVHHQFXHQWUDQDOQRUWHGHOHFXDGRUQL HVWiQVLWXDGRVHQHOFRQWLQHQWHHXURSHRVHXELFDUiQIXHUD /RV GLDJUDPDV GH 9HQQ VRQ HVSHFLDOPHQWH HILFDFHV SDUD D\XGDU DORVDOXPQRVDFRQFHQWUDUVHHQORVDWULEXWRV\SDUDSHUPLWLUOHV HVWDEOHFHUVLPLOLWXGHV\GLIHUHQFLDV/RVDOXPQRVSRGUiQIDPLOLDUL]DUVHFRQVXHPSOHRPHGLDQWHODLQFRUSRUDFLyQGHHOHPHQWRVD GLDJUDPDV GH 9HQQ GLVHxDGRV SUHYLDPHQWH &XDQGR DGTXLHUDQ GRPLQLR HQ HVWD KDELOLGDG VH OHV SURSRQGUi FUHDU VXV SURSLRV GLDJUDPDVGH9HQQ6HSRGUiQWUDEDMDUDOJXQRVGHORVVLJXLHQWHVDWULEXWRV Â&#x2021;&DUDFWHUtVWLFDVGHORVYHJHWDOHV FDUDFWHUtVWLFDVGHORVDQLPDOHV Â&#x2021;&XHQWRV QRYHODV Â&#x2021;7~ XQFRPSDxHURGHFODVH Â&#x2021;'HPRFUDFLD GLFWDGXUD Â&#x2021;3URJUDPDVGHRSLQLyQ SURJUDPDVGRFXPHQWDOHV 6XVWDQWLYRV6XVWDQWLYRV YHUERV Â&#x2021;5HJODVGHOI~WERO UHJODVGHOUXJE\

(QGLDJUDPDVGH9HPHLUiVFRPSOHMRVVHSRGUiUHSUHVHQWDUODLQWHUVHFFLyQGHWUHVFtUFXORVORTXHUHVXOWDUiHQVLHWHUHJLRQHV LQGLYLGXDOHV GHKHFKRHOQ~PHURGHFtUFXORVSXHGHDXPHQWDULQGHILQLGDPHQWH  3DUD ORV DOXPQRV UHVXOWD GLYHUWLGR WRPDU SDUWH HQ DFWLYLGDGHV RFDVLRQDOHV FRPR $GLYLQDU OD UHJOD 6H GLEXMDQ GRV JUDQGHV FtUFXORVLQWHUVHFDQWHVHQHOSLVRGHODXOD$PHGLGDTXHORVDOXPQRVYD\DQHQWUDQGRVHORVDJUXSDUiSRUFDWHJRUtDVVHFUHWDV SRU HMHPSORFDPLVHWDVGHPDQJDODUJD]DSDWLOODV\DPEDV  6HOHVVROLFLWDUiTXHDGLYLQHQFXiOHVVRQORVFULWHULRVTXHHPSOHDHOGR FHQWHSDUDXELFDUORVHQFDGDXQDGHODVUHJLRQHV /yJLFDLQGXFWLYD

$ULVWyWHOHVHOSDGUHGHODOyJLFDVHUHIHUtDDODOyJLFDLQGXFWLYDFRPRXQSDVDMHGHORLQGLYLGXDODORXQLYHUVDO/DOyJLFD LQGXFWLYD LPSOLFD UD]RQDU SDUWLHQGR GH KHFKRV SDUWLFXODUHV SDUD OOHJDU D XQD FRQFOXVLyQ JHQHUDO (PSOHDPRV OyJLFD LQGXFWLYD FXDQGR LQWHQWDPRV UHVROYHU XQ SUREOHPD SDUD HO TXH QR H[LVWH XQD VROXFLyQ ~QLFD SRU HMHPSOR HOHJLU OD LQVWLWXFLyQ HQ OD TXH FXUVDUHPRV HVWXGLRV VXSHULRUHV HVWDEOHFHU HO PRPHQWR PiV RSRUWXQR HQ TXH VH GHEH OHYDQWDU XQD FRVHFKD R SODQLILFDU OD PHMRU PDQHUD GH SUHVHQWDU XQD QXHYD XQLGDG HQ FODVH HO SUy[LPR OXQHV &XDQGR VH HPSOHD HO SHQVDPLHQWR LQGXFWLYR ORV GLIHUHQWHV HOHPHQWRVGHODLQIRUPDFLyQVHRUJDQL]DQHQXQDJHQHUDOL]DFLyQ 8QDFODVHGHUD]RQDPLHQWRLQGXFWLYRHVODDQDORJtD8QDDQDORJtDPDQLILHVWDUHODFLRQHVSURSRUFLRQDOHVSRUHMHPSOR$HVD% FRPR&HVD'(VXQPpWRGRTXHFRPSDUDXQHOHPHQWRRXQDFLUFXQVWDQFLDFRQRFLGRVFRQRWUR /DVDQDORJtDVVXHOHQXWLOL]DUVH SDUDHYDOXDUODFDSDFLGDGGHUD]RQDPLHQWRHQORVLQVWUXPHQWRVGHHYDOXDFLyQHVWDQGDUL]DGRV\FRQVWLWX\HQKHUUDPLHQWDVHILFDFHV SDUDHVWLPXODUHOSHQVDPLHQWROyJLFRHQHODXOD

$QDORJtDV /DVDQDORJtDVVHHVWUXFWXUDQFRPRGRVSDUHVRFRQMXQWRVGHSDODEUDV(OSULPHUSDUPDQLILHVWDXQDUHODFLyQ(OVHJXQGRJUXSR XQD YH] TXH VH OR KD FRPSOHWDGR PDQLILHVWD XQD UHODFLyQ VLPLODU /RV VXMHWRV GH DPERV SDUHV SXHGHQ VHU GLIHUHQWHV SHUR ODV UHODFLRQHVVRQODVPLVPDV3DUDHVWDEOHFHUXQDDQDORJtDVHUiQHFHVDULRDQDOL]DUHOSULPHUSDUGHSDODEUDVFRQHOILQGHGHWHUPLQDU VXUHODFLyQ/XHJRVHFRQVLGHUDUiODWHUFHUDSDODEUDSDUDGHWHUPLQDUGHTXpPDQHUDVHUHODFLRQDFRQODSULPHUD\FXiOGHEHUtDVHU ODSDODEUDTXHIDOWD&XDQGRVH LGHQWLILTXHXQDSDODEUDSDUDFRPSOHWDUODLQFyJQLWDpVWDGHEHUiH[SUHVDUODPLVPDUHODFLyQTXHVH PDQLILHVWDHQHOSULPHUJUXSR3RUHMHPSOR $XWRPyYLOHVDWLHUUDFRPREDUFRHVDBBBBBBBBBBBBBBBBB>DJXD@




8Q HOHPHQWR DGLFLRQDO TXH HV QHFHVDULR WHQHU HQ FXHQWD SDUD ODV DQDORJtDV FRQVLVWH HQ TXH ODV SDODEUDV GH DPERV JUXSRV GHEHQ FRQVHUYDUHOPLVPRRUGHQ(QPDWHPiWLFDHOVtPERORVLJQLILFDHVD\HOVtPERORVLJQLILFDFRPR3RUORWDQWR3iMDUR QLGRDEHMDBBBBBBBBBBBBBBBBBB>FROPHQD@ 8QUD]RQDPLHQWRDQiORJRSXHGHDSOLFDUVHDWHPDVGLYHUVRV

&KXUFKLOO,QJODWHUUD6WDOLQBBBBBBBBBBBBB (OHFWUyQ1~FOHR3ODQHWDBBBBBBBBBBBBB 2VR0DPtIHUR<DUDUiBBBBBBBBBBBBBBB 5HVLVWHQFLD&KDFR6DQWD5RVDBBBBBBBBBBBBB 8OLVHV/D2GLVHD5RGULJR'tD]GH9LYDUBBBBBBBBBBBBBBBB

(VWDPLVPDWpFQLFDSXHGHXWLOL]DUVHFRQLOXVWUDFLRQHVHQOXJDUGHSDODEUDVRFRQXQDFRPELQDFLyQGHDPEDV

/DV DQDORJtDV GH ODV SUXHEDV GH HYDOXDFLyQ HVWDQGDUL]DGDV VXHOHQ VHU RSFLRQHV FHUUDGDV FRQ IRUPDWR PXOWLSOHFKRLFH SDUD ODV TXH VyORH[LVWHXQDUHVSXHVWDFRUUHFWD7DQWRORVDOXPQRVFRPRORVGRFHQWHVSXHGHQFUHDUQXPHURVDVDQDORJtDVDELHUWDVSDUDWUDEDMDU HQHODXOD$OSULQFLSLRUHVXOWDUiPiVVHQFLOORTXHORVDOXPQRVDJUHJXHQODVHJXQGDSDUWH HQOXJDUGHFUHDUXQDDQDORJtDFRPSOHWD 3RUHMHPSOR &ODURHVDRVFXURFRPRBBBBBBBBBBBBBBBBHVDBBBBBBBBBBBBBBBBBBBBBB 0LQXWRHVDKRUDFRPRBBBBBBBBBBBBBBBBHVDBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0DGDJDVFDUÃ&#x2C6;IULFDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

(VWLPXODFLyQGHOSHQVDPLHQWR\HODSUHQGL]DMH

3DUD DOJXQRV DOXPQRV ORV VLORJLVPRV ODV DQDORJtDV \ RWURV SURFHVRV GH SHQVDPLHQWR HVWUXFWXUDGRV SXHGHQ UHVXOWDU GLILFXOWRVRV (QWDOHVFDVRVORVGRFHQWHVVXHOHQVHQWLUVHIUXVWUDGRVHQVXVHVIXHU]RVSRUHQFRQWUDUODPHMRUPDQHUDGHD\XGDUDDOJ~QDOXPQRHQ HO SURFHVR GH DSUHQGL]DMH (O SUREOHPD VH FRPSOLFD FXDQGR ORV GRFHQWHV QR HVWiQ HQ FRQGLFLRQHV GH HVSHFLILFDU FXiOHV VRQ ODV KDELOLGDGHV FRJQLWLYDV TXH HV QHFHVDULR GHVDUUROODU (O 'U 5HXYHQ )HXHUVWHLQ XQ SVLFyORJR FOtQLFR LVUDHOt KD LGHQWLILFDGR ODV KDELOLGDGHV FRJQLWLYDV HVHQFLDOHV TXH VXE\DFHQ DOSHQVDPLHQWR\DSUHQGL]DMHKXPDQRV)HXHUVWHLQ\RWURVSURIHVLRQDOHVTXHKDQ WUDEDMDGR FRQ VXV SURJUDPDV GHVWLQDGRV D HQVHxDU ODV KDELOLGDGHV GH OD LQWHOLJHQFLD FRPR ,QVWUXPHQWDO (QULFKPHQW >(QULTXHFLPLHQWR ,QVWUXPHQWDO@ \ /HDUQLQJ 3RWHQWLDO $VVHVVWXHQW 'HYLFH >5HFXUVR SDUD OD (YDOXDFLyQ GHO 3RWHQFLDO GH $SUHQGL]DMH VRVWLHQHQ TXH OD PHGLDFLyQ LQWHQFLRQDO GH SURFHVRV LQWHOHFWXDOHV IXQGDPHQWDOHV UHGXQGD HQ QRWDEOHV EHQHILFLRV FRJQLWLYRV (Q PXFKRV FDVRV ORV PpWRGRV GH )HXHUVWHLQ IXQFLRQDQ FRPR GLVSDUDGRUHV SDUD HO DSUHQGL]DMH FXDQGR pVWH VH HQFXHQWUDHVWDQFDGR&RQHOREMHWRGHHVWLPXODUHOSHQVDPLHQWRGHVXVDOXPQRVORVHGXFDGRUHVGHWRGRHOPXQGRVHHQFXHQWUDQ DQDOL]DQGRXQRGHORVSURJUDPDVFRJQLWLYRVGH)HXHUVWHLQGHQRPLQDGR0HGLDWHG/HDUQLQJ>$SUHQGL]DMHLQWHUPHGLDGR@ ,QWHUPHGLDFLyQSDUDHODSUHQGL]DMH

(OGHVDUUROORLQLFLDOGHODUHYROXFLRQDULDH[SHULHQFLD GHDSUHQGL]DMHLQWHUPHGLDGR ($, GH)HXHUVWHLQWXYRSRUREMHWRDERUGDUODV QHFHVLGDGHV HGXFDWLYDV GH GHFHQDV GH PLOHV GH WUDXPDWL]DGRV QLxRV UHIXJLDGRV TXH KDEtDQ VREUHYLYLGR DO +RORFDXVWR R D FRQGLFLRQHVGHSREUH]DH[WUHPDHQÃ&#x2C6;IULFDGHO1RUWH6XVKDELOLGDGHVFRJQLWLYDVHUDQH[WUHPDGDPHQWHGHILFLWDULDVFRPRUHVXOWDGR GHODVFDUHQFLDVGHVXHQWRUQR\GHVXVH[SHULHQFLDVYLWDOHVSRUORTXH)HXHUVWHLQFUHyHVWUDWHJLDVGHDSUHQGL]DMHSDUDHVWLPXODUHO SHQVDPLHQWR OyJLFR \ ODV FDSDFLGDGHV GH DSUHQGL]DMH GH HVWRV MyYHQHV 'XUDQWH ORV ~OWLPRV FXDUHQWD DxRV ORV PpWRGRV GH )HXHUVWHLQKDQGHPRVWUDGRXQDVRVWHQLGDHILFDFLDHQHOWUDEDMRWDQWRFRQSREODFLRQHVPXOWLFXOWXUDOHVFRPRFRQDTXHOODVLQWHJUDGDV SRUJUXSRVGHGLIHUHQWHVHGDGHV\QLYHOHVGHFDSDFLGDG /RV DOXPQRV FRQ GLILFXOWDGHV GH DSUHQGL]DMH \ DTXHOORV TXH SUHVHQWDQ XQ DOWR QLYHO GH FDSDFLGDG KDQ REWHQLGR QRWDEOHV ORJURV DFDGpPLFRVSRUPHGLRGHODSUHQGL]DMHLQWHUPHGLDGR )HXHUVWHLQ GHVFULEH HODSUHQGL]DMHLQWHUPHGLDGRFRPRXQDFDOLGDGGHLQWHUDFFLyQ>-FXDQGR\RPHFRORFRHQWUHHODOXPQRHO QLxR \ HO PXQGR HQWHUR \ ORJUR TXH HO PXQGR VHD DFFHVLEOH SDUD HO QLxR /D ($, VH SURGXFH FDGD YH] TXH XQ LQGLYLGXR DFW~D GHOLEHUDGDPHQWHHQWUHORVHVWtPXORV\HODOXPQRSDUDWUDQVPLWLURPHGLDUHQODFRPSUHQVLyQ 0XFKRV SDGUHV GRFHQWHV H LQVWUXFWRUHV PHGLDQ HQ HO DSUHQGL]DMH GH ORV GHPiV HQ IRUPD LQWXLWLYD R H[SOtFLWD 3RU GHVJUDFLD H[LVWHQ PXFKRV TXH QR OR KDFHQ \ HQ FRQVHFXHQFLD OLPLWDQ HO GHVHPSHxR FRJQLWLYR HILFD] GH XQ LQGLYLGXR)HXHUVWHLQVRVWLHQH TXH WRGDV ODV SHUVRQDV UHTXLHUHQ ODV PLVPDV KDELOLGDGHV LQWHOHFWXDOHV EiVLFDV SDUD GHFRGLILFDU LQIRUPDFLyQ \ FRPSUHQGHU HO PXQGR

/D WHRUtD GH )HXHUVWHLQ HV DPSOLD \ FRPSOHMD 1R REVWDQWH XQD GRFHQWH XQLYHUVLWDULD H LQYHVWLJDGRUD HVWDGRXQLGHQVH OD 'UD .DWKHULQH *UHHQEHUJ KD DGDSWDGR GLFKD WHRUtD SDUD TXH UHVXOWH DFFHVLEOH SDUD ORV SDGUHV \ VLUYD FRPR UHFXUVR SDUD ORV 


SURIHVLRQDOHV (O SURJUDPD GH *UHHQEHUJ WLWXODGR &RJQHW 7KH &RJQLWLYH (QULFKPHQW 3URJUDP >3URJUDPD GH (QULTXHFLPLHQWR &RJQLWLYR@ WLHQHVXVHGHHQOD8QLYHUVLGDGGH7HQQHVVHHHQ.QR[YLOOH

*UHHQEHUJDGYLHUWHTXH)HXHUVWHLQLGHQWLILFyRULJLQDOPHQWHPiVGHIXQFLRQHVFRJQLWLYDVHVGHFLUODVKDELOLGDGHVHQODVTXHVH EDVDQORVSURFHVRVGHSHQVDPLHQWR&XDQGRDSOLFDHODSUHQGL]DMHLQWHUPHGLDGRHOPHGLDGRUHYDO~DODVFDSDFLGDGHVFRJQLWLYDVGHO DOXPQR \ SURFXUD GHVDUUROODU DTXHOODV TXH SUHVHQWHQ FDUHQFLDV *UHHQEHUJ KD FRQGHQVDGR HQ GLH] HO Q~PHUR GH FDSDFLGDGHV FRJQLWLYDV D ODVTXHGHQRPLQDEORTXHVFRQVWUXFWLYRVGHOSHQVDPLHQWR8QDGHODVPXFKDVPDQHUDVFRPRHOSURJUDPD&RJQHW SRQH HQ SUiFWLFD OD WHRUtD GH DSUHQGL]DMH LQWHUPHGLDGR FRQVLVWH HQ GHVWDFDU OD PDQHUD GH D\XGDU D ORV DOXPQRV D FRPSUHQGHU \ XWLOL]DUORVGLH]EORTXHVFRQVWUXFWLYRVGHOSHQVDPLHQWR /RVGLH]EORTXHVFRQVWUXFWLYRVGHOSHQVDPLHQWRGH*UHHQEHUJ

(QIRTXHGHODWDUHDVHUHILHUHDODPDQHUDFRPRXQLQGLYLGXRFRPLHQ]DGHVDUUROOD\ILQDOL]DXQDWDUHD/DUHFRSLODFLyQGHLQIRUPDFLyQOD UHIOH[LyQDFHUFDGHODVLWXDFLyQ\ODH[SUHVLyQGHLGHDV\DFFLRQHVDFHUFDGHOSURSLRHVIXHU]RGHDSUHQGL]DMHVRQWDPELpQFRPSRQHQWHVGHVX HQIRTXHGHODWDUHD 3UHFLVLyQ \ H[DFWLWXG VH UHILHUH DOD FDSDFLGDG GH HPSOHDU HO OHQJXDMH FRQ SUHFLVLyQ GH LPLWDU FRUUHFWDPHQWH FXDQGR VHD QHFHVDULR \ FRPSUHQGHUH[DFWDPHQWHHQTXpFRQVLVWHODDFWLYLGDGGHDSUHQGL]DMHTXHVHDERUGD &RQFHSWRVGHHVSDFLR\WLHPSRVHUHILHUHDODFRPSUHQVLyQGHFRQFHSWRVHVSDFLDOHVEiVLFRVDFHUFDGHODPDQHUDFRPRVHUHODFLRQDQORV REMHWRV HQ WpUPLQRV GH WDPDxR IRUPD GLVWDQFLD \ VHFXHQFLD (VWH EORTXH WDPELpQ LQFOX\H OD FDSDFLGDG GH FRPSUHQGHU HO WLHPSR \R ORV FDPELRVTXHVHPDQLILHVWDQHQHOWLHPSR ,QWHJUDFLyQGHOSHQVDPLHQWRVHUHILHUHDODFDSDFLGDGGHRUJDQL]DUVH\XWLOL]DUP~OWLSOHVIXHQWHVGHLQIRUPDFLyQDOPLVPRWLHPSR $WHQFLyQVHOHFWLYDVHUHILHUHDODFDSDFLGDGGHVHOHFFLRQDUHOHPHQWRVVLJQLILFDWLYRVGHODLQIRUPDFLyQHQHODQiOLVLVGHLGHDVRKHFKRVDVt FRPRWDPELpQDODFDSDFLGDGGHLJQRUDUORTXHQRHVLPSRUWDQWH )RUPXODFLyQGHFRPSDUDFLRQHVVHUHILHUHDODFDSDFLGDGGHLGHQWLILFDUVHPHMDQ]DV\GLIHUHQFLDV 5HODFLyQHQWUHKHFKRVVHUHILHUHDODFDSDFLGDGGHFRQHFWDUXQDDFWLYLGDGFRQRWUD\GHXWLOL]DUHVWDVUHODFLRQHVGHPDQHUDVLJQLILFDWLYD 0HPRULD RSHUDWLYD VH UHILHUH DOD FDSDFLGDG GH FRGLILFDU \ GHFRGLILFDU LQIRUPDFLyQ GH OD PHPRULD \ GH HVWDEOHFHU FRQH[LRQHV HQWUH ODV LQIRUPDFLRQHVTXHVHKDQUHXQLGR ,GHQWLILFDFLyQGHODLGHDSULQFLSDOVHUHILHUHDODFDSDFLGDGGHLGHQWLILFDUHOHOHPHQWRIXQGDPHQWDOTXHWLHQHHQFRP~QXQDVHULHGHGDWRV ,GHQWLILFDFLyQGHSUREOHPDVVHUHILHUHDODFDSDFLGDGGH H[SHULPHQWDU\GHILQLUDTXHOORTXHFDXVDXQDVHQVDFLyQGHGHVHTXLOLEULRHQXQD GHWHUPLQDGDVLWXDFLyQ

$OJXQRVGHORVEORTXHVFRQVWUXFWLYRVDUULEDPHQFLRQDGRVSRGUtDQUHVXOWDUGLILFXOWRVRVSDUDORVDOXPQRVHVSHFLDOPHQWHVLGHEHQ HQIUHQWDUVH D XQD WDUHD QXHYD R FRPSOHMD &XDQGR VH PDQLILHVWDQ IUXVWUDFLyQ DQVLHGDG R IDOWD GH PRWLYDFLyQ WDOHV VHQWLPLHQWRV VXHOHQVHULQGLFDGRUHVGHDXVHQFLDGHGHVDUUROORRXVRLQFRUUHFWRGHXQRRPiVEORTXHV(OOLVWDGRGHEORTXHVFRJQLWLYRVLGHQWLILFD ORVEORTXHVFRQVWUXFWLYRVGHOSHQVDPLHQWRTXHSXHGHQSUHVHQWDUGLILFXOWDGHVSDUDORVDOXPQRV\DTXHOORVTXHSXHGHQGRPLQDU(O GRFHQWHSRGUiXWLOL]DUHOOLVWDGRSDUDREVHUYDUDDOJ~QDOXPQRGXUDQWHHOSURFHVRGHDSUHQGL]DMHRVROLFLWDUOHTXHFRPSOHWHODOLVWD HQIRUPDLQGHSHQGLHQWH3RGUiQGLVHxDUVHDFFLRQHVGHVWLQDGDVDDERUGDUXQiUHDGHQHFHVLGDGFRJQLWLYDHVSHFLILFD

(OOLVWDGRSXHGHUHYHODUXQDRPiVIXQFLRQHVFRJQLWLYDVTXHUHTXLHUHQXQPD\RUGHVDUUROOR&RQIUHFXHQFLDORVGRFHQWHVWUDEDMDQ FRQ QLxRV TXH SUHVHQWDQ GLILFXOWDGHV GH DSUHQGL]DMH SHUR QR SXHGHQ LGHQWLILFDU VXV PRWLYRV /RV EORTXHV FRQVWUXFWLYRV GHO SHQVDPLHQWR D\XGDQ D ORV GRFHQWHV \ D ORV DOXPQRV D UHFRQRFHU QHFHVLGDGHV FRJQLWLYDV HVSHFtILFDV \ SURSRUFLRQDQ LPSRUWDQWHV HOHPHQWRVSDUDGLVPLQXLUORVHIHFWRVGHODVGLILFXOWDGHVGHDSUHQGL]DMH(ODSUHQGL]DMHLQWHUPHGLDGRSXHGHLQWHJUDUVHDODVFODVHV GHWRGDVODViUHDVQRREVWDQWHUHTXLHUHXQDDPSOLDVLQFURQL]DFLyQGHPXFKDVGHODVLQWHUDFFLRQHVGLDULDVGHHODXOD (V SUREDEOH TXH ORV GRFHQWHV GH PDWHPiWLFD \ FLHQFLDV QDWXUDOHV UHFRQR]FDQ TXH ORV EORTXHV FRQVWUXFWLYRV GHO SHQVDPLHQWR GH *UHHQEHUJVHDVHPHMDQDODVKDELOLGDGHVGHUD]RQDPLHQWRPDWHPiWLFRHVWLSXODGDVSRUORVHVWiQGDUHVQDFLRQDOHVHVWDGRXQLGHQVHV\ D ODV KDELOLGDGHV SURFHGLPHQWDOHV GH OD FLHQFLD /RV EORTXHV FRQVWUXFWLYRV GHO SHQVDPLHQWR EiVLFDPHQWH UHIRUPXODQ GLFKRV SURFHVRVGHSHQVDPLHQWRGHXQDPDQHUDDEVROXWDPHQWHLQWHUGLVFLSOLQDULD/RVGRFHQWHVSXHGHQXWLOL]DUORVEORTXHVFRQVWUXFWLYRV FRPRKHUUDPLHQWDVSDUDHVWLPXODUHOGHVDUUROORGHODLQWHOLJHQFLDOyJLFRPDWHPiWLFDLQGHSHQGLHQWHPHQWHGHOFRQWHQLGRRWHPDGH HQVHxDQ]D (VWUDWHJLDVSDUDODLQWHUURJDFLyQ

(O DUWH GH HQVHxDU VXE\DFH SULQFLSDOPHQWH HQ XQ KiELOPDQHMRGH ODLQWHUURJDFLyQ\DTXHWDOUHFXUVRQRVSURSRUFLRQDODJXtD KDFLDLGHDVFODUDV\YtYLGDVHOUiSLGRLPSXOVRSDUDODLPDJLQDFLyQHOHVWtPXORSDUDHOSHQVDPLHQWRHOLQFHQWLYRSDUDODDFFLyQ &+$5/(6'(*$502 0XFKRWLHPSRDQWHVGHTXH6yFUDWHVODDSOLFDVHODLQWHUURJDFLyQFRQVWLWXtDXQDGHODVSUiFWLFDVGRFHQWHVPiVFRPXQHV/DVJUDQ YDULHGDGGHSUHJXQWDVTXHVXHOHIRUPXODUVHHQODVDXODVLPSRQHGLIHUHQWHVGHPDQGDVDORVQLxRV\DVXVSURFHVRVGHSHQVDPLHQWR 0XFKDVSUHJXQWDVWLHQHQXQD~QLFDUHVSXHVWDFRUUHFWD¢&XiQGRRFXUULHURQODV*XHUUDV0pGLFDV"¢&XiOHVHOVtPERORTXtPLFRGHO KLGUyJHQR"¢&XiOHVODGHILQLFLyQGHSURSRVLFLyQ"'HELGRDTXHHOGHVHPSHxRFRJQLWLYRGHOQLxRVHHQFXHQWUDYLQFXODGRFRQOD FDSDFLGDG SHGDJyJLFD GHO GRFHQWH HV LPSRUWDQWH HQFRQWUDU IRUPDV GH SURSRQHU GHVDItRV SDUD HOSHQVDPLHQWRGHODOXPQR\SDUD VXV UHVSXHVWDV /DV SUHJXQWDV TXH UHTXLHUHQ OD PHQFLyQ GH GDWRV VRQ QHFHVDULDV \D TXH ORV QLxRV GHEHQ PDQHMDU LQIRUPDFLyQ 


EiVLFD 6LQ HPEDUJR SDUD HVWLPXODU VXV SURFHVRV GH SHQVDPLHQWR GH DOWR QLYHO GHEHUiQ HPSOHDUVH YDULDGDV HVWUDWHJLDV SDUD OD LQWHUURJDFLyQ

&LHUWDVHVWUDWHJLDVGHFRQGXFFLyQSHUPLWHQWDPELpQLQFUHPHQWDUODFDOLGDGGHOSHQVDPLHQWRHQHODXOD3RUORJHQHUDOORVGRFHQWHV VXHOHQ HVSHUDU PHQRV GH WUHV VHJXQGRV OXHJR GH IRUPXODU XQD SUHJXQWD \ DQWHV GH VROLFLWDU D XQ DOXPQR TXH OD UHVSRQGD R GH UHVSRQGHUODHOORVPLVPRV6LQHPEDUJRVLHOGRFHQWHHVSHUDGLH]VHJXQGRVRPiVVHSURGXFHXQLQFUHPHQWRFXDOLWDWLYRWDQWRHQOD FDSDFLGDGGHUHVSXHVWDGHORVDOXPQRVFRPRHQODVUHDFFLRQHVGHOGRFHQWH(QWUHORVEHQHILFLRVGHOWLHPSRGHHVSHUDVHLQFOX\HQ XQDSDUWLFLSDFLyQPiVDFWLYDHQHOGHEDWHXQDSURIXQGL]DFLyQGHOUD]RQDPLHQWRFRQHOILQGHMXVWLILFDUODVUHVSXHVWDV\XQPD\RU Q~PHUR GH LQIHUHQFLDV 6H SURGXFHQ EHQHILFLRV VLPLODUHV FXDQGR VH HPSOHD WLHPSR GH HVSHUD DQWHV GH TXH HO GRFHQWH IRUPXOH FRPHQWDULRVDFHUFDGHODUHVSXHVWDSURSRUFLRQDGDSRUXQRGHORVDOXPQRV

$VLPLVPR SXHGH LQFUHPHQWDUVH OD FDOLGDG GH ODV UHVSXHVWDV VROLFLWDQGR D ORV DOXPQRV TXH VH DJUXSHQ SRU SDUHV \ FRWHMHQ OD LQIRUPDFLyQ TXH SURSRUFLRQDUiQ DQWHV GH IRUPXODUOD SDUD WRGD OD FODVH (VWD HVWUDWHJLD HVWLPXOD OD SDUWLFLSDFLyQ GH XQ PD\RU Q~PHURGHDOXPQRVSHUPLWHDORVDOXPQRVRtUVXSURSLRSHQVDPLHQWR\ORVPRWLYDSDUDHVFXFKDU\FRPSUHQGHURWURVSXQWRVGH YLVWD -D\ 0F7LJKH \ VXV FROHJDV GHO PLQLVWHULR GH (GXFDFLyQ GHO HVWDGR GH 0DU\ODQG ((88 KDQ GHVDUUROODGR XQ UHFXUVR D\XGDPHPRULDPX\VHQFLOORVHWUDWDGHXQVHxDODGRUSDUDOLEURVTXHORVGRFHQWHVSXHGHQXWLOL]DUHQHODXODGXUDQWHORVSHUtRGRV GH GHEDWH R FRPR FXHVWLRQDULR 8QD GH ODV FDUDV GHO VHxDODGRU HQXPHUD GLYHUVRV PRGHORV LQWHUURJDWLYRV EDVDGRV HQ HO OLEUR 'LPHQVtRQV RI 7KLQNLQJ >'LPHQVLRQHV GHO SHQVDPLHQWR@ GH %RE 0DU]DQR (Q OD RWUD FDUD VH LQFOX\HQ HVWUDWHJLDV SDUD HO GHEDWH $TXtORSUHVHQWDPRV6XJHULPRVFRSLDUOR\XWLOL]DUORFRPRKHUUDPLHQWDSDUDXQDUiSLGDUHIHUHQFLDGXUDQWHODVDFWLYLGDGHVGHODXOD $<8'$0(025,$ ,17(552*$&,Ï1 3DUDXQDPD\RUFDOLGDGGHSHQVDPLHQWR (92&$5 ¢4XLpQTXpFXiQGRGyQGHFyPR &203$5$5 ¢(QTXpVHSDUHFHQGLIHUHQFLDQ ,'(17,),&$5$75,%8726<&20321(17(6 ¢&XiOHVVRQODVFDUDFWHUtVWLFDVSDUWHVGH &/$6,),&$5 ¢'HTXpPDQHUDSRGHPRVRUJDQL]DUHQFDWHJRUtDV" 25'(1$5 'LVSRQHUHQXQDVHFXHQFLDGHDFXHUGRFRQ ,'(17,),&$55(/$&,21(6<02'(/26 'HVDUUROODUXQDHVTXHPDGLDJUDPDUHGGH 5(35(6(17$5 ¢'HTXpRWUDVPDQHUDVSRGUtDPRVGHPRVWUDULOXVWUDU (675$7(*,$6 3DUDH[SDQGLUHOSHQVDPLHQWR 5(&25'$5 7,(032'((63(5$,<,, 3URSRUFLRQDUDOPHQRVFLQFRVHJXQGRVGHWLHPSRGHUHIOH[LyQOXHJRGHIRUPXODUXQDSUHJXQWD\OXHJRGHREWHQHUODUHVSXHVWD '$5(/3,( 3RUHMHPSOR¢3RUTXp"¢&yPRORVDEHV"¢(VWiVGHDFXHUGR"¢3RGUtDVGDUXQHMHPSOR"¢3RGUtDVDJUHJDU DOJRPiV" 25,(17$5/$65(638(67$6$35(*817$6$%,(57$6 3RUHMHPSOR1RKD\XQDVRODUHVSXHVWDFRUUHFWD0HJXVWDUtDTXHWXYLHUDQHQFXHQWRORVDOWHUQDWLYDV (03/($5/$5()/(;,Ï1&203$57,'$ 2WRUJDUWLHPSRGHUHIOH[LyQLQGLYLGXDO\WLHPSRSDUDHOLQWHUFDPELRFRQXQRGHORVSDUHVDQWHVGHOOHYDUDFDERHOGHEDWHFRQOD WRWDOLGDGGHOJUXSR 62/,&,7$5/$3$57,&,3$&,Ï1'(72'26/26$/80126 6HHYLWDUiFDHUHQODSUiFWLFDGHVROLFLWDUVyORODLQWHUYHQFLyQGHORVDOXPQRVTXHOHYDQWDQODPDQR ,'(17,),&$5/$6,'($635,1&,3$/(6 ¢&XiOHVHOFRQFHSWRDVSHFWRFODYHHQ ,'(17,),&$5(5525(6 ¢&XiOHVHOSUREOHPDHQ ,1)(5,5 ¢4XpSRGUtDPRVLQIHULUGH ¢4XpFRQFOXVLRQHVSRGUtDQH[WUDHUVHGH 35('(&,5 ¢4XpSDVDUtDVL (/$%25$5 ¢4XpLGHDVGHWDOOHVSRGUtDVDJUHJDUD 


3URSRUFLRQDXQHMHPSORGH 6,17(7,=$5 ¢3RGUtDVVLQWHWL]DU  (67$%/(&(5&5,7(5,26 ¢4XpFULWHULRVHPSOHDUtDVSDUDMX]JDUHYDOXDU 9(5,),&$5 ¢&XiOHVVRQODVSUXHEDVTXHUHVSDOGDQ ¢'HTXpPDQHUDSRGHPRVSUREDUFRQILUPDU 62/,&,7$5$/26$/8012648('(6$552//(1685$=21$0,(172 3RUHMHPSOR'HVFULEHODPDQHUDFRPRREWXYLVWHHVDUHVSXHVWD 62/,&,7$581$6Ë17(6,63$5$352029(5/$&2035(16,Ï1$&7,9$ 3RUHMHPSOR¢3RGUtDVVLQWHWL]DUORVWHPDVGHQXHVWURGHEDWHKDVWDHOPRPHQWR" $680,5(/3$3(/'($%2*$'2'(/',$%/2 3URPRYHUHQORVDOXPQRVODGHIHQVDGHVXVUD]RQDPLHQWRVIUHQWHDGLIHUHQWHVSXQWRVGHYLVWD (1&8(67$5$/*5832 3RUHMHPSOR¢4XLpQHVVRQORVTXHFRQFXHUGDQFRQODRSLQLyQGHODXWRU"£3XHGHH[SUHVDUVHOHYDQWDQGRODPDQR

3(50,7,5$/26$/8012625*$1,=$5/$3$57,&,3$&,Ï1'(6863$5(6 3RUHMHPSOR5RGULJR¢SRGUtDVQRPEUDUDDOJXLHQSDUDTXHUHVSRQGD" 352029(5/$)2508/$&,Ï1'(35(*817$63253$57('(/$/8012 3URSRUFLRQDURSRUWXQLGDGHVSDUDTXHORVDOXPQRVJHQHUHQVXVSURSLDVSUHJXQWDV 0LQLVWHULRGH(GXFDFLyQGHOHVWDGRGH0DU\ODQG((88

3URFHVRVGHSHQVDPLHQWRPDWHPiWLFR

/D PDWHPiWLFD DVLJQDWXUD TXH SRU OR JHQHUDO VXHOH FRQVLGHUDUVH DEVWUDFWD \ DEXUULGD SXHGH VHUYLU FRPR IRFR LQWHJUDGRU HVWLPXODQWHSDUDPXFKRVWHPDV\XQLGDGHVFXUULFXODUHV/DVVLJXLHQWHVDFWLYLGDGHVTXHLQFOX\HQODFUHDFLyQGHPRGHORVHOGLVHxR GHJUiILFRV\ODFUHDFLyQ\GHVFLIUDGRGHFyGLJRVSRGUtDQFRQWULEXLUDGHVSHUWDUODFXULRVLGDGVREUHHOPRGRFRPRIXQFLRQDQODV FRVDV\VHUHVXHOYHQORVSUREOHPDVHQDTXHOORVDOXPQRVTXHSUHYLDPHQWHQRGHPRVWUDEDQQLQJ~QLQWHUpVSRUODPDWHPiWLFD/RV GRFHQWHVSRGUiQVHOHFFLRQDU\SRQHUHQSUiFWLFDXQDJUDQYDULHGDGGHLGHDVSURSXHVWDVHQORVQXPHURVRVSURFHVRVTXHDSDUHFHQD FRQWLQXDFLyQ\DGDSWDUWRGDVODVTXHSURPXHYDQHODSUHFLRSRUORVSURFHVRVGH SHQVDPLHQWRPDWHPiWLFR &UHDFLyQGHPRGHORV

&XDQGR ORV DOXPQRV DQDOL]DQ \UHVXHOYHQSUREOHPDVTXHLQFOX\HQODDSOLFDFLyQGHPRGHORVFRPLHQ]DQDDGYHUWLUODVUHODFLRQHV LPSOtFLWDV TXH VXE\DFHQ HQ OD OyJLFD HQ OD QDWXUDOH]D \ HQ HO XQLYHUVR ([LVWHQ PRGHORV HQ WRGR FXDQWR QRV URGHD GHVGH OD GLVSRVLFLyQ GH ODV EDOGRVDV HQ HO SLVR KDVWD HQ OD IRUPD GH ODV JDOD[LDV GHVGH ODV FROPHQDV GH ODV DEHMDV KDVWD HQ OD SLQWXUD PRGHUQDGHVGHHOFRUWHWUDQVYHUVDOGHOWURQFRGHXQiUEROKDVWDHQHOGLVHxRGHXQMDUGtQ\GHVGHODIRUPDGHXQDKXHYHUDKDVWDHQ ORV iWRPRV GH XQD PROpFXOD /D PDWHPiWLFD VH VXVWHQWD HQ ORV PRGHORV /D FDSDFLGDG GH UHFRQRFHU \ XWLOL]DU PRGHORV HV XQD KHUUDPLHQWD YDOLRVD SDUD OD VROXFLyQ GH SUREOHPDV 0HGLDQWH HO WUDEDMR FRQ PRGHORV HQ WRGDV ODV iUHDV ORV DOXPQRV SRGUiQ H[SORUDUGHVFXEULU\FUHDUXQDDUPRQtDGHGLVHxRDOWLHPSRTXHSURIXQGL]DQVXDSUHFLRSRUHVWHIXQGDPHQWRPDWHPiWLFR

%ORTXHVOyJLFRV /RVEORTXHVOyJLFRVFRQMXQWRVGHSLH]DVFRQIRUPDJHRPpWULFDGHPDGHUDRSOiVWLFRTXH VHFRPELQDQSDUDIRUPDULQILQLWRV GLVHxRV VRQ PDWHULDO FRQFUHWR GH XVR FRUULHQWH HQ ODV FODVHV GH PDWHPiWLFD GHO QLYHO GH HQVHxDQ]D EiVLFD $OJXQRV JUXSRV GH EORTXHVVLUYHQFRPRVHOORVRSODQWLOODVFRQORVTXHORVDOXPQRVGLEXMDQRHVWDPSDQORVGLVHxRVHQSDSHO(VWHPDWHULDOHVXQD UHSUHVHQWDFLyQFRQFUHWDGHVtPERORVPDWHPiWLFRVDEVWUDFWRV\UHVXOWDDOWDPHQWHPRWLYDGRUSDUDTXHORVDOXPQRVOOHYHQDFDERHO DSUHQGL]DMHWRFDQGRPLUDQGR\H[SHULPHQWDQGR 6LELHQVHORVVXHOHXWLOL]DUSULQFLSDOPHQWHSDUDSUHVHQWDUFRQFHSWRVGHJHRPHWUtDRVLPHWUtDORVEORTXHVOyJLFRVFRQVWLWX\HQ KHUUDPLHQWDVHILFDFHVSDUDQXPHURVDVDFWLYLGDGHVUHODFLRQDGDVFRQODVROXFLyQGHSUREOHPDVHQIRUPDFRQFUHWD3RUHMHPSORXQ GRFHQWH GH TXtPLFD PX\ FUHDWLYR VROLFLWy D VXV DOXPQRV TXH UHSURGXMHUDQ ORV iWRPRV GH ORV HOHPHQWRV GH OD WDEOD SHULyGLFD XWLOL]DQGR EORTXHV OyJLFRV /RV EORTXHV GH FRORUHV EULOODQWHV SXHGHQ WDPELpQ UHSUHVHQWDU REUDV GH DUWH FXELVWD FDUUHWDV TXH DWUDYLHVDQODOODQXUDRHOHFWURQHVHQWRUQRGHXQQ~FOHR&XDQGRORVDOXPQRVUHDOL]DQDFWLYLGDGHVGHVROXFLyQGHSUREOHPDVFRQ SUHJXQWDVDELHUWDVSXHGHQXWLOL]DULQQXPHUDEOHVGLVHxRVYLVXDOHVSDUDUHSUHVHQWDUODVSRVLEOHVVROXFLRQHV/DOLVWDTXHDSDUHFHD FRQWLQXDFLyQSURSRQHVyORDOJXQDVGHODVSRVLEOHVPDQHUDVGHLQWHJUDUORVEORTXHVOyJLFRVDWRGDVODViUHDVFXUULFXODUHV 5HSUHVHQWDUODFRQILJXUDFLyQGHGLIHUHQWHVWLSRVGHJDOD[LDVHQHOHVSDFLR 3UHVHQWDUODJHRPHWUtDLQWHUQDGHXQDFROPHQD 7UD]DUXQPDSDGHORVFRQWLQHQWHV ,QYHQWDUXQVLVWHPDGHQRWDFLyQPXVLFDO 'LVHxDUXQHGLILFLRHQHOTXHORVFRORUHVRODVIRUPDVUHSUHVHQWHQGLIHUHQWHVSODQWDVRKDELWDFLRQHV 5HFUHDUHODVSHFWRGHXQDFpOXODEDMRHOPLFURVFRSLR (VFULELUXQDFHUWLMRTXHLQFOX\DEORTXHVOyJLFRV 


&UHDUXQGLDJUDPDGH9HQQSDUDFODVLILFDUORVEORTXHVOyJLFRV 5HSUHVHQWDUXQGHWHUPLQDGRVLORJLVPRXWLOL]DQGREORTXHVOyJLFRV&UHDUDQDORJtDVSRUPHGLRGHSDUHVGHEORTXHVOyJLFRV

0RGHORVGHLQIRUPDFLyQ 'HVGHODUHFXUUHQFLDGHODVJXHUUDVDORODUJRGHODKLVWRULDKDVWDORVFDPELRVTXHVHSURGXFHQHQODEROVDGHYDORUHVGHVGHORV SDWURQHVFOLPiWLFRVKDVWDODPDWUtFXODHVFRODUH[LVWHQPRGHORVREVHUYDEOHVHQODVLQVWLWXFLRQHV\ORVIHQyPHQRVTXHQRVURGHDQ /RV DOXPQRV R GRFHQWHV TXH GHVHHQ GHVFXEULU R DQDOL]DU WDOHV PRGHORV VyOR WLHQHQ TXH UHFXUULU D ORV GLDULRV R D PDWHULDO GH FRQVXOWDGHIiFLODFFHVRRELHQSRQHUVHHQFRQWDFWRFRQDOJ~QJUXSRGHDOXPQRVRGRFHQWHV

(Q PXFKDV DXODVVHUHDOL]DXQVHJXLPLHQWRGHORVIHQyPHQRVPHWHRUROyJLFRVSRUPHGLRGHXQUHJLVWURGHODWHPSHUDWXUDGHODV SUHFLSLWDFLRQHVRGHOQ~PHURGHGtDVGHVRO7DOHVGDWRVSXHGHQDQDOL]DUVHFXDQWLWDWLYDPHQWHSDUDGLVWLQJXLUWHQGHQFLDVPHQVXDOHV RHVWDFLRQDOHV /RVPRGHORVUHVXOWDQHYLGHQWHVHQODWRWDOLGDGGHODVSULQFLSDOHVGLVFLSOLQDV(QFLHQFLDVQDWXUDOHVH[LVWHQPRGHORVHQODVHFFLyQ WUDQVYHUVDOGHOWURQFRGHXQiUEROHQHOFLFORGHODJXD\HQODGLVSRVLFLyQGHODVFpOXODV(QODHGXFDFLyQDUWtVWLFDORVPRGHORVVH PDQLILHVWDQ HQ OD SLQWXUD PRGHUQD HQ ORV JpQHURV SRpWLFRV GH XQD GHWHUPLQDGD pSRFD HQ OD HVWUXFWXUD GH ODV QRYHODV \ HQ ODV FRPSRVLFLRQHVPXVLFDOHV([LVWHQPRGHORVHQODDUTXLWHFWXUDHQORVWHMLGRVHQORVGLVHxRVGHLQGXPHQWDULDHQHODOIDEHWREUDLOOH \HQORVVXUFRVGHORVQHXPiWLFRVQXHYRV$OPDUJHQGHODDVLJQDWXUDORVGRFHQWHVSXHGHQLGHQWLILFDURVROLFLWDUDORVDOXPQRVTXH GHVFXEUDQ ORV PRGHORV HYLGHQWHV HQ VX REMHWR GH HVWXGLR /RV DOXPQRV SRGUiQ FUHDU FROODJHV EDVDGRV HQ ORV PRGHORV TXH REVHUYHQTXL]iGHGLFDQGRFDGDXQRGHHOORVDXQWHPDGLIHUHQWHSRU HMHPSORDORVPRGHORVGHODQDWXUDOH]DRGHODOLWHUDWXUD &yGLJRV

$OJXQRVPLHPEURVGHODV)XHU]DV$UPDGDVVRQH[SHUWRVHQGHVFLIUDUFyGLJRV1RREVWDQWHH[LVWHQPXFKDVRWUDVDSOLFDFLRQHVSDUD ORV FyGLJRV DGHPiV GH ODPLOLWDU/RVJRELHUQRVSXHGHQHQYLDULQIRUPHVDVXVFRQVXODGRVHQHOH[WHULRURDRWURVJRELHUQRVSRU PHGLR GH FyGLJRV /DV HPSUHVDV VXHOHQ XWLOL]DU FyGLJRV SDUD HYLWDU TXH VXV FRPSHWLGRUHV DFFHGDQ D OD LQIRUPDFLyQ UHODWLYD D QXHYRV SURGXFWRV $OJXQRV FRPHUFLRV FXHQWDQFRQLQIRUPDFLyQFRGLILFDGDHQODVHWLTXHWDVGHSUHFLRGHORVDUWtFXORVSDUDSRGHU UHDOL]DUVXVHJXLPLHQWRHQPRPHQWRVHQTXHVHSURGXFHQIOXFWXDFLRQHV /RV FyGLJRV SXHGHQ FRQWULEXLU D HVWLPXODU HO DSUHQGL]DMH HQ HO DXOD \ DVHJXUDU OD SDUWLFLSDFLyQ DFWLYD GH ORV DOXPQRV HQ OD LGHQWLILFDFLyQGHPRGHORV /RVGRFHQWHVSRGUiQFUHDUFyGLJRVFRQIDFLOLGDGHPSOHDQGRDOJXQDGHODVIyUPXODVTXHVHHMHPSOLILFDQDFRQWLQXDFLyQ

Â&#x2021; 3XHGHQ FUHDUVH FyGLJRV DOIDEpWLFRV HQ ORV TXH FDGD OHWUD GHO DEHFHGDULR UHSUHVHQWD D OD SUHFHGHQWH D OD SRVWHULRU R D OD TXH DSDUHFHGRVOXJDUHVDQWHV Â&#x2021;(QXQFyGLJRQXPpULFRHOSXHGHUHSUHVHQWDUDODOHWUD$HODODOHWUD%HWF([LVWHQLQILQLWDVYDULDQWHV/RVQ~PHURVSXHGHQ OHHUVHGHDWUiVSDUDDGHODQWHRFRQWDUVHGHFLQFRHQFLQFR Â&#x2021;(OFyGLJRPRUVHOHQJXDMHWUDGLFLRQDOGHOWHOpJUDIRLQWHJUDGRSRUUD\DV\SXQWRVSXHGHXWLOL]DUVHFRQVRQLGRVOX]LQWHUPLWHQWHR SXOVRVHOHFWUyQLFRV Â&#x2021; /RV FyGLJRV VLPEyOLFRV HVWiQ IRUPDGRV SRU tFRQRV R MHURJOtILFRV TXH UHSUHVHQWDQ OHWUDV R Q~PHURV (O VLVWHPD GH VtPERORV RSFLRQDOHQODPD\RUSDUWHGHORVWHFODGRVGHFRPSXWDGRUDDVtFRPRWDPELpQFLHUWRVFDUDFWHUHVVLPEyOLFRVGHORVSURFHVDGRUHVGH WH[WRSXHGHQXWLOL]DUVHSDUDFUHDUH[FHOHQWHVFyGLJRV *UiILFRV

/RVJUiILFRVIDFLOLWDQHQJUDQPHGLGDODFRPSUHQVLyQGHWRGDFODVHGHLQIRUPDFLyQ8QJUiILFRJHQHUDOPHQWHHVWiFRPSXHVWRSRU GRV YDULDEOHV HQ GRV FRRUGHQDGDV &XDQGR VH WUDQVSRUWD OD LQIRUPDFLyQ D ORV GLVWLQWRV HMHV UHVXOWD PiV VHQFLOOR FRPSUHQGHU ODV UHODFLRQHV PDWHPiWLFDV (O GRFHQWH SXHGH HPSOHDU HVWH SURFHGLPLHQWR SDUD SUHVHQWDU LQIRUPDFLyQ FRQFUHWD \ HO DOXPQR SRGUi XWLOL]DUOR SDUD H[SRQHU LQIRUPDFLyQ TXH KD\D REWHQLGR PHGLDQWH LQYHVWLJDFLRQHV R HQFXHVWDV $ FRQWLQXDFLyQ VH HQXPHUDQ HMHPSORVGHLQIRUPDFLyQTXHSXHGHUHSUHVHQWDUVHSRUPHGLRGHHMHVGHFRRUGHQDGDVRJUiILFRVGHEDUUDV Â&#x2021;(OQ~PHURGHDOXPQRVTXHDVLVWLyDXQDGHWHUPLQDGDHVFXHODGXUDQWHORV~OWLPRVGLH]DxRV Â&#x2021;/DFDQWLGDG\FODVHGHDQLPDOHVDXWyFWRQRVGHXQDGHWHUPLQDGDUHJLyQ Â&#x2021;/DFODVHGHHUURUHVRUWRJUiILFRVPiVFRPXQHVTXHFRPHWHQORVDOXPQRV

$OJXQRVJUiILFRVLOXVWUDQGRVRPiVFXUYDVFRUUHVSRQGLHQWHVDXQSHUtRGRGHWLHPSRHOORUHVXOWDYDOLRVRSDUDHVWXGLDUODUHODFLyQ HQWUHDPEDVFXUYDV2WURVJUiILFRVVRQVLPSOHVWDEODVGHIUHFXHQFLDTXHODPD\RUtDGHORVDOXPQRVQRWHQGUiGLILFXOWDGSDUDFUHDU /RVJUiILFRVGHEDUUDVRGHWRUWDWDPELpQSXHGHQUHSUHVHQWDUHVWDFODVHGHLQIRUPDFLyQ3XHGHQFXPSOLUFRQHOPLVPRSURSyVLWR TXH ORV JUiILFRV OLQHDOHV SHUR VH ORV VXHOH HPSOHDU SDUD FRPSDUDU GLIHUHQWHV FDWHJRUtDV GH LQIRUPDFLyQ (Q OXJDU GH VHJXLU XQD OtQHD HQ HO JUiILFR HO REVHUYDGRU VyOR GHEH WHQHU HQ FXHQWD ODV ORQJLWXGHV R WDPDxRV UHODWLYRV GH ODV EDUUDV 3DUD ORV QLxRV SHTXHxRVORVJUiILFRVGHEDUUDVVRQORVPiVVHQFLOORVGHFRPSUHQGHU\FRQVWUXLU\DTXHSURSRUFLRQDQXQDH[SHULHQFLDTXHVLJXH 


ODVHFXHQFLDHYROXWLYDDSDUWLUGHODUHSUHVHQWDFLyQFRQFUHWD FRORFDUJRORVLQDVHQXQDJULOOD SDUDSDVDUOXHJRDODUHSUHVHQWDFLyQ JUiILFD GLEXMDUODVJRORVLQDVHQXQDJULOOD KDVWDOOHJDUDOJUiILFRDEVWUDFWR

7UDEDMRFRQQ~PHURV

'HELGR D TXH OD PD\RU SDUWH GH OD FXUUtFXOD HVFRODU VH HQFXHQWUD RUJDQL]DGD HQiUHDVGHFRQWHQLGRLQGHSHQGLHQWHVORVDOXPQRV WLHQHQ HVFDVDV RSRUWXQLGDGHV GH HQIUHQWDUVH D SUREOHPDV UHODFLRQDGRV FRQ FLIUDV D PHQRV TXH HVWpQ WUDEDMDQGR HQ PDWHPiWLFD R HVWXGLDQGRFRQORVOLEURVGHWH[WRFRUUHVSRQGLHQWHVDHVDiUHD6LQHPEDUJRHQUHDOLGDGORVQ~PHURV\HOUD]RQDPLHQWRQXPpULFR HVWiQSUHVHQWHVHQWRGDVODViUHDVDFDGpPLFDV'HKHFKRPXFKRVDOXPQRVDSUHFLDQODSUHFLVLyQTXHLPSOLFDODPDWHPiWLFD\OHV UHVXOWDHVSHFLDOPHQWHSODFHQWHURWUDEDMDUFRQORVDVSHFWRVQXPpULFRVGHODVGLYHUVDVDVLJQDWXUDV/DVDFWLYLGDGHVTXHVHSUHVHQWDQ D FRQWLQXDFLyQ LQFOX\HQ SURPHGLRV \ SRUFHQWDMHV PHGLGD FiOFXOR SDUD iUHDV FXUULFXODUHV SUREDELOLGDG \ VLWXDFLRQHV SUREOHPiWLFDV7RGDVHOODVSURSRUFLRQDQDORVDOXPQRVXQSXQWRGHSDUWLGDQXPpULFRSDUDDERUGDUHOiUHDGHKXPDQLGDGHVXRWUDV TXHQRVXHOHQDVRFLDUVHFRQHOHVWXGLRGHODPDWHPiWLFD 3URPHGLRV\SRUFHQWDMHV

/RV FiOFXORVGHSURPHGLRV\SRUFHQWDMHVFRQVWLWX\HQSURFHGLPLHQWRVPDWHPiWLFRVTXHSXHGHQDSOLFDUVHDQXPHURVDVVLWXDFLRQHV FRWLGLDQDV 8Q SLQWRU SXHGH FDOFXODU FRQ SUHFLVLyQ HOSRUFHQWDMHGHFRORUHVFiOLGRVHQUHODFLyQFRQHOGHFRORUHVIUtRVQHFHVDULR SDUD SURGXFLU XQ GHWHUPLQDGR HIHFWR HQ XQ FXDGUR 8Q MRYHQ DILFLRQDGR D ORV GHSRUWHV VXHOH FDOFXODU HO SURPHGLR GH JROHV HO SRUFHQWDMHGHWLURVOLEUHVHIHFWXDGRVHOQ~PHURGHJROHVDWDMDGRVSRUHODUTXHURGXUDQWHXQFDPSHRQDWRGHI~WERORHOSRUFHQWDMH GH VDTXHV GXUDQWH XQSDUWLGRGHWHQLV3DUDDOJXQRVDOXPQRVXQHQIRTXHFXDQWLWDWLYRGHODLQIRUPDFLyQOHVSHUPLWHFRPSUHQGHU ODVUHODFLRQHV\FDQWLGDGHVFRQPD\RUIDFLOLGDG(VSRVLEOHFDOFXODUSURPHGLRV\SRUFHQWDMHVHQGLYHUVDViUHDVGHFRQWHQLGR Â&#x2021;(OSRUFHQWDMHGHSURYLQFLDVDUJHQWLQDVTXHERUGHDQHOOLWRUDOPDUtWLPR Â&#x2021;(OSURPHGLRGHFpOXODVGHXQDKRMDHQXQDVXSHUILFLHGHPP] Â&#x2021;(OSRUFHQWDMHGHSDODEUDVHVFULWDVFRUUHFWDPHQWHHQORVHMHUFLFLRVGHRUWRJUDItDUHDOL]DGRVGXUDQWHXQDVHPDQD Â&#x2021;(OSRUFHQWDMHGHDOXPQRVTXHYLHQHDODHVFXHODGLDULDPHQWHDSLHHQyPQLEXV\HQDXWRPyYLO Â&#x2021;(OSRUFHQWDMHGHGHPRFUDFLDV\GLFWDGXUDVTXHH[LVWHQHQHOPXQGR 0HGLGD

(OWDPDxRODIRUPDHOSHVRHOYROXPHQOtTXLGRODGLVWDQFLDODYHORFLGDGHOPRYLPLHQWRODWHPSHUDWXUD\HOWLHPSRVRQDOJXQDV GH ODV PDQHUDV FRPR PHGLPRV R FXDQWLILFDPRV HO PXQGR TXH QRV URGHD 3DUD GHVDUUROODU ODV KDELOLGDGHV GH ORV DOXPQRV HQ UHODFLyQ FRQ OD PHGLGD VH OHV VROLFLWDUi TXH GHWHUPLQHQ FXiOHV GH ODV XQLGDGHV UHVXOWDQ PiV DSURSLDGDV SDUD PHGLU \ GH TXp PDQHUDVHUHDOL]DODFRQYHUVLyQHQWUHODVGLVWLQWDVFODVHVGHXQLGDGHV7DPELpQUHVXOWDYDOLRVRTXHORVDOXPQRVGLVWLQJDQHQWUHODV VLWXDFLRQHV HQ TXH HV QHFHVDULR PHGLU FRQ SUHFLVLyQ \ DTXHOODV HQ ODV TXH VH GHEH UHDOL]DU XQD HVWLPDFLyQ /D PHGLGD \ OD HVWLPDFLyQSXHGHQH[WHQGHUVHDQXPHURVDViUHDVGHFRQWHQLGR Â&#x2021;'HWHUPLQDUFyPRPHGLUODDFHOHUDFLyQPLHQWUDVVHKDFHURGDUEROLWDVVREUHXQDVXSHUILFLHGXUDQWHODFODVHGHItVLFD Â&#x2021;0HGLUHOFUHFLPLHQWRGLDULRGHXQDVVHPLOODVGHSRURWRTXHVHKD\DQSXHVWRDJHUPLQDUHQHODXOD Â&#x2021;$SUHQGHUWULDQJXODFLyQVLPSOHSDUDPHGLUODDOWXUDGHORViUEROHV Â&#x2021;7RPDUHOWLHPSRHPSOHDGRHQGDUXQDYXHOWDDOSDWLRGHUHFUHRFDPLQDQGRFRUULHQGRRHQELFLFOHWD Â&#x2021;0HGLUGLVWDQFLDVUHFRUULGDVSRUGLIHUHQWHVH[SORUDGRUHVHQXQPDSD &iOFXOR

(OXVRGHODFDOFXODGRUDHQHODXODVLJXHVLHQGRWHPDGHGLVFXVLyQ6LQHPEDUJRHQODDFWXDOLGDGODPD\RUtDGHORVHGXFDGRUHV FRQFXHUGDHQTXHODVFDOFXODGRUDVGHEHQLQWHJUDUVHDORVSURJUDPDVHVFRODUHVGHWRGRVORVQLYHOHVWDQWRSDUDHOWUDEDMRHQHODXOD FRPRSDUDODWDUHDSDUDHOKRJDU\ODHYDOXDFLyQ(QODVHVFXHODVODFDOFXODGRUDVHXWLOL]DHQPXFKRPHQRUPHGLGDGHORTXHVHOD HPSOHDHQHOPXQGRUHDO (O1&70UHFRPLHQGDHOXVRGHFDOFXODGRUDVSDUDWRGRVORVDOXPQRVFRQHOREMHWRGH Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

FRQFHQWUDUVHHQHOSURFHVR GHVROXFLyQGHSUREOHPDVDQWHVTXHHQORVFiOFXORVQHFHVDULRVSDUDREWHQHUODVROXFLyQ DFFHGHUDQRFLRQHVPDWHPiWLFDVTXHVXSHUDQHOQLYHODOFDQ]DGRSRUHODOXPQRHQHOPDQHMRGHODVKDELOLGDGHVSDUDHOFiOFXOR H[SORUDUGHVDUUROODUHLQFRUSRUDUFRQFHSWRVFRPRHVWLPDFLyQFyPSXWRDSUR[LPDFLyQ\SURSLHGDGHV H[SHULPHQWDUFRQQRFLRQHVPDWHPiWLFDV\GHVFXEULUPRGHORV HIHFWXDUORVWHGLRVRVFiOFXORVTXHVXUJHQGHOWUDEDMRFRQGDWRVUHDOHVHQODVROXFLyQGHVLWXDFLRQHVSUREOHPiWLFDV

&XDQGRVHGLVSRQHGHFDOFXODGRUDVHQHODXODVHODVSXHGHXWLOL]DUSDUDUHVROYHUSUREOHPDVSDUDGHVDUUROODUHOSHQVDPLHQWRGHDOWR QLYHOSDUDFRPSUHQGHURSHUDFLRQHVPDWHPiWLFDV\SDUDDSUHQGHUDUHDOL]DUHVWLPDFLRQHV3RUORJHQHUDODORVDOXPQRVOHVUHVXOWD ~WLO WUDEDMDU FRQ FDOFXODGRUDV \D TXH OHV VLPSOLILFDQ ODV WDUHDV PDWHPiWLFDV H[WHQVDV /D FDOFXODGRUD RWRUJD DO DOXPQR OLEHUWDG 


SDUDSRQHUHQSUiFWLFDKDELOLGDGHVGHSHQVDPLHQWRGHDOWRQLYHOFRPRODLGHQWLILFDFLyQGHSDWURQHVQXPpULFRVRODYHULILFDFLyQGH HVWLPDFLRQHVHKLSyWHVLV/RVGRFHQWHVVXHOHQIDYRUHFHUHOXVRGHFDOFXODGRUDVGHELGRDTXHSHUPLWHQFRQFHQWUDUODDWHQFLyQHQORV SURFHVRVSDUDODVROXFLyQGHSUREOHPDVDQWHVTXHHQODDSOLFDFLyQPHFiQLFDGHORVPHFDQLVPRVSDUDHOFiOFXOR$TXtSUHVHQWDPRV DOJXQDVSRVLELOLGDGHVSDUDDSOLFDUHQHODXOD

Â&#x2021;(ODERUDUXQSUHVXSXHVWRSHUVRQDORJUXSDO Â&#x2021;&UHDUSUREOHPDVQXPpULFRVEDVDGRVHQORVLQWHUHVHVRH[SHULHQFLDVSHUVRQDOHVGHODOXPQR\XWLOL]DUFDOFXODGRUDVSDUDHQFRQWUDU VROXFLRQHVDOSURSLRWUDEDMRRDOWUDEDMRGHORVGHPiV Â&#x2021;7RPDUSDUWHHQMXHJRVFRQFDOFXODGRUD3RUHMHPSOR (OLPLQDFLyQ

>-XHJRSDUDGRVSDUWLFLSDQWHVFRQXQDFDOFXODGRUD

DORVMXJDGRUHVFRPLHQ]DQLQJUHVDQGRHOQ~PHURHQODFDOFXODGRUD E3RUWXUQRVFDGDXQRGHHOORVUHVWRR \RSULPH  F(OMXJDGRUTXHREWLHQHRXQQ~PHURPHQRU QHJDWLYR SLHUGH

Â&#x2021; (QYLDU PHQVDMHV HQ FyGLJR R HVFULELU VLWXDFLRQHV SUREOHPiWLFDV SDUD ORV GHPiV TXH FRQWHQJDQ DFHUWLMRV PDWHPiWLFRV /RV DOXPQRVGHEHUiQUHVSRQGHUODVSUHJXQWDVSDUDSRGHUGHFRGLILFDUHOSUREOHPD/HVXJHULPRVHOVLJXLHQWHDFHUWLMR

$\HUFXDQGRVDOtGHODHVFXHODHVFRQGtEDMRXQDSLHGUD(VDSLHGUDHVWiHQHOMDUGtQGHHQWUDGDDXQDFDVDGHOR FDOOH3DQDPiORGLUHFFLyQGHODFDVDHV     3DQDPiBBBBBBBBBBBBBBBBBBBBB Â&#x2021;'HVDUUROODUXQSUR\HFWRSHUVRQDO6ROLFLWDUDORVDOXPQRVTXHOOHYHQFRQVLJRXQDFDOFXODGRUDGHEROVLOORGXUDQWHXQD VHPDQDSDUDH[SORUDUODGLYHUVLGDGGHXVRVTXHSRVHHHVWHLQVWUXPHQWRHQVLWXDFLRQHVFRWLGLDQDV

6LELHQDSUHQGHUDXVDUXQDFDOFXODGRUDFRQVWLWX\HXQDKDELOLGDGYDOLRVDGHQLQJXQDPDQHUDVXVWLWX\HDOGRPLQLRGHORV PHFDQLVPRVPDWHPiWLFRV'LFKRFRQRFLPLHQWRVLJXHVLHQGRHVHQFLDOSRUORTXHHQHVWHOLEURSURSRQHPRVGLYHUVDVPDQHUDV SDUDIDFLOLWDUHODSUHQGL]DMHGHFRQFHSWRVPDWHPiWLFRV

3UREDELOLGDG /DPD\RUtDGHODVSHUVRQDVVHDUULHVJDGHDOJXQDPDQHUDWLHQHDOJXQDLGHDDFHUFDGHORTXHSXHGHRFXUULU\GHORTXHQR SXHGHRFXUULU&RUUHUULHVJRV\HVSHFXODUVREUHHOIXWXURVHUHODFLRQDQFRQORTXHORVPDWHPiWLFRVOODPDQSUREDELOLGDGOD SRVLELOLGDGGHTXHXQKHFKRVHSURGX]FD6LXVWHGFRPSUDXQELOOHWHGHORWHUtDEDMDHOWHFKRGHVXFRQYHUWLEOHFRQWUDWDXQD SyOL]DGHVHJXURVRVLPSOHPHQWHUHYROHDXQDPRQHGDHVWDUiSRQLHQGRHQSUiFWLFDVXSURSLDWHRUtDGHODSUREDELOLGDG 6LELHQODSUREDELOLGDGLQFOX\HXQDGRVLVGHD]DUODLQWHQFLyQFRQVLVWHHQIRUPXODUVXSRVLFLRQHVRHVWLPDFLRQHVFRUUHFWDV\ HOORUHTXLHUHGHOUD]RQDPLHQWROyJLFR/RVFLHQWtILFRVFRQItDQHQODSUREDELOLGDGGHOPLVPRPRGRTXHORKDFHQORVRILFLDOHV GHOHMHUFLWRORVSROtWLFRVORVDUWLVWDV\ORVFRPSRVLWRUHV/RVGRFHQWHVWDPELpQGHSHQGHQGHODSUREDELOLGDGGHTXHVXVSOD QHVGHFODVHUHVXOWHQHILFDFHV 6H FRPHQ]DUi WUDEDMDQGR OD SUREDELOLGDG LQWXLWLYD GH FLHUWRV UHVXOWDGRV FRQ ORV DOXPQRV 6ROLFtWHOHV TXH GHWHUPLQHQ ODV FRQGLFLRQHVIDYRUDEOHVSDUDREWHQHUXQGHWHUPLQDGRUHVXOWDGRXWLOL]DQGRODVLJXLHQWHHVFDODDQWHVGHWUDEDMDUFRQPRGHORV PDWHPiWLFRVGHSUREDELOLGDG

$ FRQWLQXDFLyQ SUHVHQWDPRV DOJXQRV HMHPSORV GH SUHJXQWDV TXH SXHGHQ VHUYLU GH JXtD SDUD TXH ORV DOXPQRV SLHQVHQ HQ WpUPLQRVGHSUREDELOLGDGLQWXLWLYD Â&#x2021;6LVHFRORFDQMXQWDVGRVEDUUDVLPDQWDGDV¢VHDWUDHUiQRVHUHSHOHUiQ" Â&#x2021;¢&XiOHVODSUREDELOLGDGGHTXHORVFDVTXHWHVGHKLHORSRODUVHGHUULWDQ" Â&#x2021;¢6RQVHJXUDVODVSODQWDVGHHQHUJtDQXFOHDU" Â&#x2021;¢3RGUHPRVYHUEDOOHQDVIUDQFDVHQ3HQtQVXOD9DOGpVHVWHDxR" Â&#x2021;¢(OSUy[LPRSUHVLGHQWHVHUiUDGLFDOSHURQLVWDRLQGHSHQGLHQWH"

/DSUREDELOLGDGPDWHPiWLFDGHTXHVHSURGX]FDXQUHVXOWDGRVHUHSUHVHQWDDVt 


3RUHMHPSORVLXVWHGODQ]DXQDPRQHGDXQDVRODYH]ODSUREDELOLGDGGHREWHQHUFDUDHVLJXDODR XQUHVXOWDGR FDUD  GRVSRVLEOHVUHVXOWDGRVFDUDRFHFD  3UHJXQWDVFRPRODVVLJXLHQWHVD\XGDUiQDORVDOXPQRVDLGHQWLILFDUKHFKRVTXHFRQVLVWHQHQXQVRORSDVR

Â&#x2021;¢&XiOHVODSUREDELOLGDGGHTXHVDFDUiVXQDVGHXQPD]RGHFDUWDV" Â&#x2021;¢&XiOHVODSUREDELOLGDGGHTXHHOVHPiIRURSHDWRQDOWHSHUPLWDFUX]DUODSULPHUDYH]TXHORPLUHV" Â&#x2021;¢&XiOHVODSUREDELOLGDGGHTXHHOSUy[LPREHEpTXHQD]FDHQWXIDPLOLDVHD YDUyQ"

*HRPHWUtD (QFRQWUDPRV HMHPSORV GH ORV SULQFLSLRV GH OD JHRPHWUtD HQ HO FXELVPR \ HQ ODV FDWHGUDOHV HQ ODV FpOXODV \ HQ ORV UDVFDFLHORVHQHO3DUWHQyQ\HQODVSLUiPLGHVHQODVGXQDVGHDUHQD\ODVHVWUHOODVGHPDU7DQWRHOPXQGRGHODQDWXUDOH]D FRPR HO PXQGR TXH KDQ FUHDGR ORV VHUHV KXPDQRV UHIOHMDQ VLPHWUtD WRSRORJtD SXQWRV OtQHDV SODQRV FXUYDV VyOLGRV \ REYLDPHQWH GLPHQVLRQHV \ SULQFLSLRV PDWHPiWLFRV (Q DPERV HQFRQWUDPRV FtUFXORV KH[iJRQRV UHFWiQJXORV HVIHUDV WULiQJXORVFXERV FLOLQGURVFRQRVSLUiPLGHV\SULVPDV /DSDODEUD JHRPHWUtD GHULYDGHGRVWpUPLQRVODWLQRVTXHVLJQLILFDQWLHUUD\PHGLGD(QXQSULQFLSLRODJHRPHWUtDVH RFXSDEDGHODPHGLFLyQGHORVWHUUHQRVFXOWLYDEOHVHQOXJDUHVFRPR(JLSWRGRQGHHO1LORLQXQGDEDORVYDOOHVFDGDDxR\HUD QHFHVDULRUHVWDEOHFHUORVOtPLWHV,QFOXVRHQODDFWXDOLGDGODDJULPHQVXUDHVXQDDSOLFDFLyQGHODVSULPLWLYDVIRUPDVGHOD JHRPHWUtD /RVDUTXLWHFWRVORVPHFiQLFRVORVGLVHxDGRUHVGHPRGDORVLQJHQLHURVORVFRQVWUXFWRUHVORVSLORWRVORVQDYHJDQWHV ORV DUWLVWDV SOiVWLFRV \ ODV PRGLVWDV HPSOHDQ OD JHRPHWUtD HQ VX WUDEDMR 'DGD OD LPSRUWDQFLD GH OD JHRPHWUtD HQ QXHVWUR PXQGRVXVDSOLFDFLRQHVHQODWRWDOLGDGGHODFXUUtFXODHVFRODUVRQQXPHURVDV$TXtSUHVHQWDPRVDOJXQDVVXJHUHQFLDVSDUD LQFRUSRUDUHOHPHQWRVGHJHRPHWUtDHQODVGLYHUVDViUHDVFXUULFXODUHV

 (VWXGLDU ORV GLVHxRV JHRPpWULFRV GH ODV EDQGHUDV GH WRGR HO PXQGR \ VROLFLWDU D ORV DOXPQRV TXH FUHHQ VXV SURSLDV EDQGHUDVXWLOL]DQGRIRUPDVJHRPpWULFDVFRPXQHV 2EVHUYDUODHYROXFLyQGHODVHVWUXFWXUDVDUTXLWHFWyQLFDVDWUDYpVGHODKLVWRULD SLUiPLGHVWHPSORVPH]TXLWDVVHGHVGH JRELHUQR FDWHGUDOHV EyYHGDV R UDVFDFLHORV  \ FRPSDUDU ORV HVWLORV DVt FRPR WDPELpQ ODV VLPLOLWXGHV \ GLIHUHQFLDV JHRPpWULFDV  &UHDUVLOXHWDVVLPpWULFDVGHORVSHUILOHVGHSHUVRQDMHVKLVWyULFRVIDPRVRV (VWXGLDUORVXVRVHVWLOtVWLFRVGHODJHRPHWUtDHQHOFXELVPRXRWURPRYLPLHQWRDUWtVWLFRTXHLQFRUSRUHIRUPDVJHRPpWULFDV H[SOtFLWDPHQWH  5HDOL]DU XQ FROODJH FRQ IRUPDV JHRPpWULFDV UHFRUWDQGR FtUFXORV WULiQJXORV UHFWiQJXORV R URPERV GH SDSHO DILFKH GH GLIHUHQWHVFRORUHV\SHJiQGRORVDUWtVWLFDPHQWH$PRGRGHHMHPSORSRGUiQSUHVHQWDUVHREUDVGHSLQWRUHVIDPRVRV (VWXGLDUODKLVWRULDGHODJHRPHWUtD6HUHPRQWDDWLHPSRVDQWLJXRVFXDQGRORVEDELORQLRV\ORVHJLSFLRVODXWLOL]DEDQSDUD HVWXGLDUORVSODQHWDV\ODVHVWUHOODVSDUDGLVHxDUVXVFLXGDGHVSDUDPHGLUiQJXORV\FRQVWUXLUJLJDQWHVFDVHVWUXFWXUDV/XHJR ORVJULHJRVHPSOHDURQORVSULQFLSLRVGHODJHRPHWUtDSDUDGHVDUUROODUHOUD]RQDPLHQWR\ODOyJLFDHQTXHVHEDVDQORV SULQFLSLRVPDWHPiWLFRVTXHVHJXLPRVDSOLFDQGRHQODDFWXDOLGDG

6LWXDFLRQHVSUREOHPiWLFDVSDUDWRGDVODViUHDVFXUULFXODUHV

/DVRODPHQFLyQGHOQRPEUHVLWXDFLyQSUREOHPiWLFDLQIXQGHWHUURUHQORVFRUD]RQHV\ODVPHQWHVGHPXFKRVDOXPQRV6LQ HPEDUJRODFUHDFLyQGHVLWXDFLRQHVSUREOHPiWLFDVLQWHUHVDQWHV\VLJQLILFDWLYDVSHUPLWHDORVGRFHQWHVLQFRUSRUDUHO SHQVDPLHQWROyJLFRPDWHPiWLFRDWRGDVODViUHDVFXUULFXODUHV$TXtSUHVHQWDPRVDOJXQRVHMHPSORV

Â&#x2021; 6L WUDQVFXUUHQ  GtDV GHVGH HO PRPHQWR GH ODSXHVWDGHXQKXHYRGHUDQDKDVWDTXHVDOHHOUHQDFXDMR¢FXiQWRWLHPSR SDVDUiDQWHVGHTXHVDOJDQORVUHQDFXDMRVGHKXHYRVGHUDQD" Â&#x2021;6L-DYLHUGHEHHVFULELURFKRRUDFLRQHVWRGDVODVQRFKHVGXUDQWH XQDVHPDQDSHURVXQRYLD0HOLVDKDFHODPLWDGGHODWDUHD \VXKHUPDQDHVFULEHFDWRUFHRUDFLRQHV\VL-DYLHUSHUGLyODPLWDGGHOWUDEDMRGHXQGtD¢FXiQWDVRUDFLRQHVKDFRPSOHWDGR" Â&#x2021; 6L 0RQHW *DXJLQ \ 9DQ *RJK SUHSDUDURQ SLQWXUD MXQWRV \ 0RQHW SUHSDUy ORV FRORUHV SULPDULRV *DXJLQ ORV FRORUHV VHFXQGDULRV\ILQDOPHQWHREWXYLHURQWDUURVGHSLQWXUD¢FXiQWRVFRORUHVSUHSDUy9DQ*RJK" Â&#x2021;6L/D3LQWD\/D1LxD]DUSDURQGH(VSDxDHOMXHYHV\OD6DQWD0DUtDXQGtDGHVSXpV\VL/D3LQWDKDEtDUHFRUULGR PLOODVSDUD HOOXQHVVLJXLHQWH\/D1LxDKDEtDUHFRUULGRPLOODVHQHOPLVPRWLHPSR¢DTXpGLVWDQFLDVHHQFRQWUDEDOD 6DQWD0DUtDVLVXYHORFLGDGGHQDYHJDFLyQHUDODPLVPDTXHODGH/D1LxD" 


6HFXHQFLDFLyQ 'LVSRQHUREMHWRVGHDFXHUGRFRQXQRUGHQ OyJLFRHVXQDKDELOLGDGIXQGDPHQWDOSDUDUHDOL]DUWRGDFODVHGHWDUHDV7DQWRSDUD SUHSDUDUXQViQGZLFKGHMDPyQFRPRSDUDFXOWLYDUXQMDUGtQHVLPSRUWDQWHVHJXLUODVHFXHQFLDDGHFXDGD(QODHVFXHOD HVFULELPRVHQXQFLHUWRRUGHQOyJLFRSUHVHQWDPRVXQDGUDPDWL]DFLyQHQIRUPDVHFXHQFLDOUHDOL]DPRVFRQVWUXFFLRQHVHQ RUGHQOOHYDPRVDFDERH[SHULPHQWRVVLJXLHQGRXQRUGHQSUHHVWDEOHFLGR\GHVDUUROODPRVODVDFWLYLGDGHVHVFRODUHVGHPDQHUD SUHGHWHUPLQDGD$FRQWLQXDFLyQSUHVHQWDPRVYDULRVHMHUFLFLRVTXHSHUPLWHQDORVDOXPQRVSUDFWLFDUODKDELOLGDGGH VHFXHQFLDFLyQ(VWDVDFWLYLGDGHVSXHGHQUHDOL]DUVHGHPDQHUDWDQVLPSOHRWDQFRPSOHMDFRPRORUHTXLHUDODVLWXDFLyQ 5HGDFFLyQGHXQDFDUWDFRPHUFLDO

(QXPHUDU ORV VLJXLHQWHV SDVRV HQ HO RUGHQ FRUUHFWR D (VFULELU OD IHFKD D PDQR R D PiTXLQD E (VFULELU OD IyUPXOD GH FLHUUH D PDQR R D PiTXLQDF7RPDUXQVREUHGHOHVFULWRULRG'REODUORFRUWD\FRORFDUODGHQWURGHOVREUHH(VFULELUDPiTXLQDHOQRPEUH\ODGLUHFFLyQGHO GHVWLQDWDULRGHODFDUWDI3HJDU HOVREUHJ([SRQHUHOSURSyVLWRGHODFDUWDK'HVSDFKDUODFDUWDHQODRILFLQDGHFRUUHRVL&RORFDUXQD HVWDPSLOODHQHOVREUHM(VFULELUXQDIyUPXODGHWUDWDPLHQWRN(VFULELUHOQRPEUH\ODGLUHFFLyQHQHOVREUH 2UGHQGHODVHFXHQFLD 

7HPDVPDWHPiWLFRVSDUDWRGDVODViUHDVGHFRQWHQLGR

6LELHQORVHGXFDGRUHVVXHOHQLQFRUSRUDUODOHFWXUD\ODHVFULWXUDDWRGDVODViUHDVFXUULFXODUHVHVPHQRVFRP~QHQFRQWUDUWHPDV PDWHPiWLFRV HQ HOODV /D PDWHPiWLFD SHUPDQHFH DLVODGD GH ODV RWUDV iUHDV GH HVWXGLR DXQ FXDQGR VXV SULQFLSDOHV IXQFLRQHV FRPSUHQGHQ SURFHVRV GH SHQVDPLHQWR YDOLRVRV SDUD WRGDV ODV GLVFLSOLQDV FRPR PRGHORV \ UHODFLRQHV GH LGHQWLILFDFLyQ \ UHSUHVHQWDFLyQ VROXFLyQ GH SUREOHPDV \ HOHPHQWRV SDUD ORJUDU XQD FRPXQLFDFLyQ ILHO 8QD IRUPD GH LQWURGXFLU HO SHQVDPLHQWR PDWHPiWLFRHQODViUHDVGHFRQWHQLGRFRQVLVWHHQDERUGDUWHPDVVLJQLILFDWLYRVH[WUDtGRVGHFRQFHSWRVPDWHPiWLFRV/RVGRFHQWHV SRGUtDQ RUJDQL]DU XQD XQLGDG FXUULFXODU HQ WRUQR D HVWRV WHPDV R VROLFLWDU D ORV DOXPQRV TXH LQYHVWLJXHQ DFHUFD GH FRQWHQLGRV FRPRORVTXHVHHQXQFLDQDFRQWLQXDFLyQHQODPHGLGDTXHVHUHODFLRQHQFRQORVTXHVHGHVDUUROODQHQHODXOD 6,0(75Ë$ $=$5 3(563(&7,9$ 6,0%2/,=$&,Ï1 5(3(7,&,Ï1 08/7,3/,&$&,Ï1 (-(03/,),&$&,Ï1 ,1),1,72 (63$&,2 2326,&,Ï1 (48,/,%5,2 352*5(6,Ï1 &5(&,0,(172 &$26 &219(5*(1&,$ ',9,6,Ï1 ,1),1,7(6,0$/ ,*8$/'$'

&XDQGRVHRWRUJDLPSRUWDQFLDDORVWHPDVPDWHPiWLFRVHQWRGDVODViUHDVFXUULFXODUHVORVDOXPQRVSXHGHQVXSHUDUORVOtPLWHVGH VXVOLEURVGHWH[WRSDUDPDWHPiWLFD\FLHQFLDVQDWXUDOHV\FRQHFWDUVHFRQHOPXQGRUHDOGHODFRQVWUXFFLyQ\HOGLVHxRUHFRSLODU GDWRV\DVLJQDUUHFXUVRVWRPDUSDUWHHQGHSRUWHV\MXHJRV\H[SORUDUHOXQLYHUVRItVLFR 5HVXPHQ

/D LQWHOLJHQFLD OyJLFRPDWHPiWLFD SXHGH HMHUFHUVH \ GHVDUUROODUVH SRU PHGLR GH ORV QXPHURVRV UHFXUVRV HVWLPXODQWHV H LQQRYDGRUHV TXH SURSRUFLRQD OD WHFQRORJtD PXOWLPHGLD /RV DOXPQRV GH WRGRV ORV QLYHOHV GH FRPSHWHQFLD SXHGHQ DSUHQGHU GH PDQHUD HILFD] HPSOHDQGR SURJUDPDV GH VRIWZDUH LQWHUHVDQWHV TXH RIUHFHQ IHHGEDFN LQPHGLDWR \ VXSHUDQ D ODV WDUHDV GH HMHUFLWDFLyQ \ SUiFWLFD \ D ODV FDUSHWDV GH WUDEDMR SRU FRPSXWDGRUD 0XFKRV GH HOORV RIUHFHQ LQWHUHVDQWHV RSRUWXQLGDGHV SDUD HMHUFLWDU \ GHVDUUROODU KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO TXH UHVXOWDQ HVHQFLDOHV SDUD OD VROXFLyQ GH SUREOHPDV 3RU RWUD SDUWHXQFUHFLHQWHQ~PHURGHSURJUDPDVGHVRIWZDUHPXOWLPHGLDVHFRQFHQWUDQHQHOGHVDUUROORGHODVKDELOLGDGHVGHSHQVDPLHQWR FUtWLFR\FUHDWLYRGHORVDOXPQRV (Q  HO FLHQWtILFR LQJOpV 5RJHU %DFRQ HVFULELy /D PDWHPiWLFD HV OD SXHUWD \ OD OODYH GH ODV FLHQFLDV +R\ HQ GtD ORV FLHQWtILFRVTXHXWLOL]DQFRPSXWDGRUDVSRGHURVDVHQODERUDWRULRVGHItVLFDRPLFURVFRSLRVHOHFWUyQLFRVSDUDUHDOL]DUH[SHULPHQWRV JHQpWLFRV \ ORV PDWHPiWLFRV TXH FUHDQ IyUPXODV SDUD SURQRVWLFDU ODV WHQGHQFLDV HFRQyPLFDV R HO FUHFLPLHQWR GH OD SREODFLyQ HPSOHDQ HO SHQVDPLHQWR OyJLFRPDWHPiWLFR \ VX VLVWHPD OLQJtVWLFR VLPEyOLFR DEVWUDFWR SDUD UHVROYHU PXFKRV GH ORV GHVDItRV D TXHVHHQIUHQWDODKXPDQLGDG 0XFKRVRWURVSURIHVLRQDOHVWDPELpQGHSHQGHQGHOGRPLQLRGHHVWDGLVFLSOLQD/DLQGXVWULD\HOFRPHUFLRODDJULFXOWXUDODVDUWHV\ ODV iUHDV WpFQLFDV GHSHQGHQ GHO SHQVDPLHQWR OyJLFRPDWHPiWLFR GH WRGRV VXV PLHPEURV < HQ OD YLGD FRWLGLDQD OD PD\RUtD GH QRVRWURVXWLOL]DPRVODLQWHOLJHQFLDOyJLFRPDWHPiWLFDSDUDFDOFXODUHOSUHVXSXHVWRIDPLOLDUSDUDUHFRUGDUGyQGHGHMDPRVXQREMHWR TXH QR HVWi HQ VX OXJDU KDELWXDO SDUD WRPDU GHFLVLRQHV \ SDUD VROXFLRQDU SUREOHPDV 1R REVWDQWH PXFKRV DOXPQRV UHKX\HQ HO HVWXGLRGHODPDWHPiWLFDGHVDOHQWDGRVSRUODWHGLRVDHMHUFLWDFLyQIUHFXHQWHPHQWHDVRFLDGDFRQHVWDiUHD (VWH FDStWXOR RIUHFH XQD YDULHGDG GH HVWUDWHJLDV SDUD D\XGDU D ORV DOXPQRV D DOFDQ]DU HO GRPLQLR GH ODV KDELOLGDGHV EiVLFDV \ D GHVDUUROODUKDELOLGDGHVGHSHQVDPLHQWRGHDOWRQLYHOUHODFLRQDGDVFRQODLQWHOLJHQFLDOyJLFRPDWHPiWLFD1RVHLQFOX\HQHMHUFLFLRV 


GH SUiFWLFD PHFiQLFD UHSHWLWLYD \ DEXUULGD /RV DOXPQRV WHQGUiQ RSRUWXQLGDGHV YDULDGDV SDUD GHVDUUROODU VX LQWHOLJHQFLD OyJLFRPDWHPiWLFD PHGLDQWH OD SUiFWLFD GH OD OyJLFD GHGXFWLYD H LQGXFWLYD HO GLVHxR GH JUiILFRV \ PRGHORV HO HPSOHR GH KHUUDPLHQWDV GH WHFQRORJtD HOHFWUyQLFD \ OD SDUWLFLSDFLyQ HQ H[SHULHQFLDV GH DSUHQGL]DMH DXWpQWLFR \ HQ MXHJRV \ DFWLYLGDGHV HVWLPXODQWHV (V SUREDEOH TXH GHPXHVWUHQ LQWHUpV SRU FRQWLQXDU VXV HVWXGLRV GH PDWHPiWLFD \ FLHQFLDV QDWXUDOHV \ SRU VX SUHSDUDFLyQSDUDFXUVDUFDUUHUDVHQODVTXHSXHGDQDSOLFDUORTXHKDQDSUHQGLGR




&$3Ã&#x152;78/2

0RYLPLHQWRSDUDHODSUHQGL]DMHLQWHOLJHQFLDFLQHVWpVLFD $KVLSXGLHUDVEDLODUWRGRORTXHDFDEDVGHGHFLUHQWRQFHVORHQWHQGHUtD 1,.26.$=$17=$.,6=25%$(/*5,(*2

/D DGGDQ] Q]D DGGH H33DXOD

$3DXODOHKDEtDQGLDJQRVWLFDGRGLILFXOWDGHVGHDSUHQGL]DMHFXDQGRFXUVDEDHOSULPHUDxRGHHQVHxDQ]DEiVLFD'XUDQWHORV FXDWURDxRVVLJXLHQWHVDVLVWLyDDXODVGHHGXFDFLyQHVSHFLDOGRQGHVXVORJURVDFDGpPLFRVIXHURQSUiFWLFDPHQWHQXORV

Â&#x2021;3DXODVHPDQWHQtDHQXQQLYHOPX\LQIHULRUDOGHVXVSDUHVFRQUHVSHFWRDOGRPLQLRGHODVKDELOLGDGHVEiVLFDV(QODPHGLGDTXH GLVPLQXtDVXDXWRHVWLPDDXPHQWDEDVXGLVJXVWRSRUODHVFXHOD3DUDILQHVGHTXLQWRDxR3DXODVHHVFRQGtDGHEDMRGHODFDPDSRU ODVPDxDQDVSDUDHYLWDULUDFODVH\GXUDQWHHOYHUDQRDQWHULRUDOFRPLHQ]RGHVH[WRDxRLQWHQWyVXLFLGDUVH6XVSDGUHVDGYLUWLHURQ ODQHFHVLGDGGHSURSRUFLRQDUOHXQDH[SHULHQFLDHVFRODUVDWLVIDFWRULD\ODLQWHJUDURQDXQDXODGHVH[WRDxRGHHGXFDFLyQJHQHUDOD FDUJRGHXQDGRFHQWHSURIXQGDPHQWHFRPSURPHWLGDFRQVXURO /XHJRGHREVHUYDUDODQLxDGXUDQWHORVSULPHURVGtDVODGRFHQWHDGYLUWLyTXHSRVHtDXQDJUDFLDH[FHSFLRQDO3DXODVHPRYtDFRQ HTXLOLEULR \ GLJQLGDG (UD DOWD SDUD VX HGDG \ FDPLQDED \ FRUUtD FRQ VROWXUD PLHQWUDV VX ODUJR SHOR LPLWDED VXV PRYLPLHQWRV &XDQGRODGRFHQWHPLUDEDD3DXODVHLPDJLQDEDDXQDEDLODULQD\XQGtDOHSUHJXQWyVLDOJXQDYH]KDEtDHVWXGLDGRGDQ]D3DXODOH H[SOLFyTXHHIHFWLYDPHQWHKDEtDWRPDGRFODVHVGHEDOOHW\TXHKDEtDGLVIUXWDGRPXFKRGHHOODVSHURTXHVHKDEtDYLVWRREOLJDGDD DEDQGRQDUODV GHELGR D VX DOWR FRVWR (VWD LQIRUPDFLyQ OOHYy D OD GRFHQWH D SUHJXQWDUVH VL DFDVR 3DXOD QR SRGUtD DSUHQGHU GH PDQHUDHILFD]SRUPHGLRGHOPRYLPLHQWR

6LELHQ3DXODFXUVDEDHOVH[WRDxRVXGHVHPSHxRHQRUWRJUDItDHUDLJXDODOGHXQDOXPQRGHVHJXQGR6HQHJDEDDOHHUHVFULELUR SUDFWLFDUODVUHJODVRUWRJUiILFDV/DGRFHQWHHVWDEDFRQYHQFLGDGHTXH3DXODHUDFLQHVWpVLFDPHQWHWDOHQWRVDSRUORTXHOHVXJLULy TXHFUHDUDXQDOIDEHWRHQPRYLPLHQWRXWLOL]DQGRVXFXHUSRSDUDGDUIRUPDDFDGDXQDGHODVOHWUDV3RUHMHPSORSDUDSUHVHQWDUOD OHWUDWSRGUtDPDQWHQHUVHHUJXLGDFRQODVSLHUQDVMXQWDV\ORVEUD]RVDELHUWRV2EYLDPHQWHDOJXQDVGHODVOHWUDVFRPRODPODE RODZOHUHVXOWDUtDQFRPSOLFDGDVSDUDUHSUHVHQWDUSHURFRQVWLWXtDQXQGHVDItRLQWHOHFWXDOTXHYDOtDODSHQDDVXPLU 3DXODSURPHWLy UHIOH[LRQDUDFHUFDGHODSURSXHVWDGHODGRFHQWH

$GtDVLJXLHQWHDQWHVGHFRPHQ]DUODMRUQDGDHVFRODUODQLxDHQWUyFRUULHQGRHQHODXOD\OHGLMRDODGRFHQWHTXHWHQtDDOJRSDUD PRVWUDUOH3DXODFRPHQ]yVXSUHVHQWDFLyQEDLODQGRODVOHWUDVGHODOIDEHWRXQDDXQD\OXHJRHQXQDVHFXHQFLDTXHLQFOXtDDWRGDV /DFRUHRJUDItDHMHFXWDGDFRQFRQILDQ]D\GHVWUH]DVHGHVDUUROOyHQDEVROXWRVLOHQFLR3DXODVHVHQWtDLQGXGDEOHPHQWHVDWLVIHFKD SRU HO UHVXOWDGR GH VX HVIXHU]R \ OD GRFHQWH VH KDEtD TXHGDGR PXGD GH DVRPEUR /D QLxD HUD XQD DXWpQWLFD EDLODULQD /XHJR OD GRFHQWH OH SUHJXQWy D 3DXOD VL SRGUtD EDLODU VX QRPEUH /D GDQ]D VXUJLy FRQ HVSRQWDQHLGDG H LQFOX\y WDPELpQ HO DSHOOLGR $ FRQWLQXDFLyQ3DXODEDLOyODVSDODEUDVTXHHVWDEDQHVFULWDVHQHOSL]DUUyQ\HVDWDUGHSUDFWLFyXQDOLVWDGHYRFDEXODULRHQVXFDVD\ ODSUHVHQWyDVXVFRPSDxHURVDOGtDVLJXLHQWH (QHOODSVRGHXQDVHPDQD3DXODSDVyUiSLGDPHQWHGHODGDQ]DDODHVFULWXUD3ULPHUREDLODEDODVSDODEUDV\OXHJRODVHVFULEtD /XHJR HVWXYR HQ FRQGLFLRQHV GH EDLODU IUDVHV FRPSOHWDV $ PHGLGD TXH PHMRUDED VX UHQGLPLHQWR HQ RUWRJUDItD \ UHGDFFLyQ DXPHQWDEDQVXDXWRHVWLPD\VXLQWHUpVSRUDSUHQGHU $OFDERGHFXDWURPHVHVSDUDGHVLOXVLyQGHWRGRV> DXODGHMyGHEDLODUVXVWH[WRV6HOLPLWDEDDSHUPDQHFHUVHQWDGD\UHGDFWDED ODVWDUHDVMXQWRDOUHVWRGHODFODVH$OILQDOL]DUHODxRHVFRODUHVFULEtD\OHtDHQHOQLYHOFRUUHVSRQGLHQWHDVH[WRDxR

&XDWUR PHVHV GH DSUHQGL]DMH FLQHVWpVLFR XQ DSUHQGL]DMH GRWDGR GH QRWDEOH SRWHQFLDO WUDQVIRUPDURQ OD H[SHULHQFLD HVFRODU GH 3DXOD\ODLPDJHQTXHHOODWHQtDGHVtPLVPD3DXODVHLQWHJUyDXQDHVFXHODGHQLYHOLQWHUPHGLRORFDOGRQGHFXUVyVpSWLPRDxR\ REWXYRFDOLILFDFLRQHVVXSHULRUHVDOSURPHGLRHQWRGDVODViUHDV

'HILQLFLyQLQWHOLJHQFLDFLQHVWpVLFD




3DXODQRHVOD~QLFDTXHWLHQHQHFHVLGDGGHH[SHULPHQWDUItVLFDPHQWHORVFRQWHQLGRVGHODSUHQGL]DMH3DUDPXFKRVQLxRV\DGXOWRV OD YLVLyQ \ OD DXGLFLyQ UHVXOWDQ FDQDOHV VHQVRULDOHV LQVXILFLHQWHV SDUD FRPSUHQGHU H LQFRUSRUDU LQIRUPDFLyQ (VWRV LQGLYLGXRV UHFXUUHQDSURFHVRVWiFWLOHV\FLQHVWpVLFRV\GHEHQPDQLSXODURH[SHULPHQWDUORTXHDSUHQGHQSDUDSRGHUFRPSUHQGHUHLQWHULRUL]DU OD LQIRUPDFLyQ /RV DOXPQRV TXH SUHVHQWDQ FDUDFWHUtVWLFDV WiFWLOHV DSUHQGHQ SRU PHGLR GHO WDFWR \ OD PDQLSXODFLyQ GH REMHWRV PLHQWUDV TXH ORV DOXPQRV FRQ FDUDFWHUtVWLFDV FLQHVWpVLFDV LQFRUSRUDQ OD WRWDOLGDG GHO FXHUSR D ODV DFWLYLGDGHV R SUHILHUHQ WRPDU SDUWHHQH[SHULHQFLDVFRQFUHWDV\YLQFXODGDVFRQODYLGDFRWLGLDQD$PERVJUXSRVGHLQGLYLGXRVDSUHQGHQPHGLDQWHHOKDFHU\ SRUPHGLRGHH[SHULHQFLDVPXOWLVHQVRULDOHV

(Q OD HVFXHOD QR VXHOH RWRUJDUVH GHPDVLDGD LPSRUWDQFLD D ORV SURFHVRV GH DSUHQGL]DMH FLQHVWpVLFR GHELGR D TXH VH YDORUDQ PiV RWURVHQIRTXHVSDUDODVROXFLyQGHSUREOHPDV(Q ,QWHOLJHQFLDVP~OWLSOHV *DUGQHUDGYLHUWHXQDWHQGHQFLDHPHUJHQWHDODVHSDUDFLyQ GHODPHQWH\HOFXHUSRHQODVWUDGLFLRQHVFXOWXUDOHVDFWXDOHV$VLPLVPRODPHQWDODSpUGLGDGHOLGHDOJULHJRGHDUPRQtDHQWUH PHQWH \ FXHUSR HQ OD TXH OD PHQWH HVWi HQWUHQDGD SDUD XWLOL]DU HO FXHUSR DGHFXDGDPHQWH \ HO FXHUSR HVWi HQWUHQDGR SDUD UHVSRQGHUDORVSRGHUHVH[SUHVLYRVGHODPHQWH

/D LQWHOLJHQFLD FRUSRUDOFLQHVWpVLFD LQFOX\H OD FDSDFLGDG GH XQLU HO FXHUSR \ OD PHQWH SDUD ORJUDU HO SHUIHFFLRQDPLHQWR GHO GHVHPSHxRItVLFR&RPLHQ]DFRQHOFRQWUROGHORVPRYLPLHQWRVDXWRPiWLFRV\YROXQWDULRV\DYDQ]DKDFLDHOHPSOHRGHOFXHUSRGH PDQHUD DOWDPHQWH GLIHUHQFLDGD \ FRPSHWHQWH 7RGD SXHVWD HQ HVFHQD WDOHQWRVD UHTXLHUH XQ DJXGR VHQWLGR GHO ULWPR \ XQD WUDQVIRUPDFLyQ GH OD LQWHQFLyQ HQ DFFLyQ 3RGHPRV UHFRQRFHU FRQ IDFLOLGDG XQD LQWHOLJHQFLD FLQHVWpVLFD DOWDPHQWH GHVDUUROODGD FXDQGR REVHUYDPRV D ORV DFWRUHV DWOHWDV R EDLODULQHV 7DPELpQ VH SRQH GH PDQLILHVWR HQ ORV FLHQWtILFRV HQ ORV MR\HURV HQ ORV PHFiQLFRV \ HQ RWUDV SHUVRQDV KiELOHV SDUD HO WUDEDMR PDQXDO /D LQWHOLJHQFLD FRUSRUDOFLQHVWpVLFD VLHQWD ODV EDVHV GHO FRQRFLPLHQWR \D TXH HV SRU PHGLR GH ODV H[SHULHQFLDV VHQVRPRWRUDV TXH H[SHULPHQWDPRV OD YLGD /DV DFWLYLGDGHV ItVLFDV FRQFHQWUDQ OD DWHQFLyQ GHO DOXPQR HQ HO DXOD \ D\XGDQ D OD PHPRULD HQ HO DSUHQGL]DMH SRU PHGLR GHO VLVWHPD FRUSRUDO QHXURPXVFXODU 7RGRV SRVHHPRV XQD PHPRULD FRUSRUDO TXH SRGHPRV DSOLFDU HILFD]PHQWH DO DSUHQGL]DMH GH FRQWHQLGRV DFDGpPLFRV

5REHUW 0F.LP HQ VX OLEUR ([SHULHQFHV LQ 9LVXDO 7KLQNLQJ ([SHULHQFLDV GH SHQVDPLHQWR YLVXDO  GHVFULEH HO SRGHU GHO SHQVDPLHQWRFLQHVWpVLFRGHODVLJXLHQWHPDQHUD &RQVLGHUHPRV DO HVFXOWRU TXH SLHQVD HQ WpUPLQRV GH DUFLOOD DO TXtPLFR TXH SLHQVD PHGLDQWH OD PDQLSXODFLyQ GH PRGHORV PROHFXODUHVWULGLPHQVLRQDOHVRDOGLVHxDGRUTXHSLHQVDPHGLDQWHHOPRQWDMH\GLVSRVLFLyQGHFRQVWUXFFLRQHVGHFDUWyQ&DGDXQR GH HOORV HVWi SHQVDQGR SRU PHGLR GH OD YLVWD GHO WDFWR \ GH OD PDQLSXODFLyQ GH PDWHULDOHV PHGLDQWH OD H[WHUQDOL]DFLyQ GH VXV SURFHVRVPHQWDOHVHQXQREMHWRItVLFR

(OSHQVDPLHQWRH[WHUQDOL]DGRSUHVHQWDYDULDVYHQWDMDVVREUHODUHIOH[LyQLQWHUQDOL]DGD(QSULPHUOXJDUHOFRPSURPLVRVHQVRULDO GLUHFWR FRQ ORV PDWHULDOHV SURSRUFLRQD HVWLPXODFLyQ VHQVLEOH OLWHUDOPHQWH DOLPHQWR SDUD HO SHQVDPLHQWR (Q VHJXQGR OXJDU HO KHFKR GH SHQVDU SRU PHGLR GHO PDQLSXOHR GH XQD HVWUXFWXUD FRQFUHWD EULQGD QXHYDV SRVLELOLGDGHV XQ DFFLGHQWH DIRUWXQDGR XQ GHVFXEULPLHQWRLQHVSHUDGR(QWHUFHUOXJDUSHQVDUHQHOFRQWH[WRGLUHFWRGHODYLVWDHOWDFWR\HOPRYLPLHQWRJHQHUDXQVHQWLGRGH SUR[LPLGDGGHYLJHQFLD\GHDFFLyQ 3RU ~OWLPR OD HVWUXFWXUD GH SHQVDPLHQWR H[WHUQDOL]DGR SURSRUFLRQD XQ REMHWR D OD FRQWHPSODFLyQ FUtWLFD DVt FRPR WDPELpQ XQD IRUPDYLVLEOHTXHSXHGHFRPSDUWLUVHFRQXQFROHJDRLQFOXVRIRUPXODUVHPXWXDPHQWH

3RUGHVJUDFLDHODSUHQGL]DMH VHWRUQDFDGDYH]PiVLQWHUQDOL]DGR\PHQRVH[WHUQDOL]DGRDPHGLGDTXHORVDOXPQRVDYDQ]DQHQHO QLYHO HGXFDWLYR 'HELGR D TXH H[LVWHQ HVFDVDV RSRUWXQLGDGHV SDUD GHVDUUROODU XQ DSUHQGL]DMH DFWLYR \ SDUWLFLSDWLYR PXFKRV DOXPQRV VH VLHQWHQ FDGD YH] PHQRV PRWLYDGRV FXDQGR UHFLEHQ HQVHxDQ]D SRU PHGLR GH SURFHVRV SDVLYRV \ DEVWUDFWRV /D HGXFDFLyQ ItVLFD HQ VX VHQWLGR PiV DPSOLR HV XQ HOHPHQWR IXQGDPHQWDO HQ WRGDVODViUHDV/DVDFWLYLGDGHVTXHVHSURSRQHQHQ HVWHFDStWXORSXHGHQXWLOL]DUVHHQFXDOTXLHUiPELWRSDUDFRQWULEXLUDXQDSUHQGL]DMHPiVHVWLPXODQWHGLQiPLFR\VLJQLILFDWLYR

&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDWiFWLO FLQHVWpVLFD

6HJ~QPDQLILHVWD*DUGQHUODVSHUVRQDVTXHWLHQHQODFDSDFLGDGGHXWLOL]DUVXFXHUSRRFLHUWDVSDUWHVGHOPLVPRFRPRSRU HMHPSOR ODV PDQRV SDUD UHVROYHU SUREOHPDV SRVHHQ XQD LQWHOLJHQFLD FLQHVWpVLFD ELHQ GHVDUUROODGD /RV DWOHWDV ORV EDLODULQHV ORV FRUHyJUDIRVORVPLPRVORVDFWRUHVORVFLUXMDQRV\ORVDUWHVDQRVSUHVHQWDQDOWRVQLYHOHVGHLQWHOLJHQFLDFRUSRUDOFLQHVWpVLFD(V LPSRUWDQWH UHFRUGDU TXH OD KDELOLGDG FLQHVWpVLFD HQ XQ GHWHUPLQDGR FDPSR QR QHFHVDULDPHQWH LQGLFD OD SUHVHQFLD GH WDOHQWR HQ RWUR 3RU HMHPSOR XQ LQGLYLGXR SXHGH VREUHVDOLU HQ HO DUWH GH OD PtPLFD \ H[KLELU HVFDVR R QXOR WDOHQWR SDUD ORVGHSRUWHV RODV PDQXDOLGDGHV

(OVLJXLHQWHOLVWDGRLGHQWLILFDSRWHQFLDOHVFDUDFWHUtVWLFDVGHORVLQGLYLGXRVFRQDSWLWXGHVFLQHVWpVLFDV1RREVWDQWHVHGHEHUiWHQHU HQ FXHQWD TXH QLQJ~Q DOXPQR SUHVHQWDUi OD WRWDOLGDG GH ODV FDUDFWHUtVWLFDV $OJXQDV iUHDV SRGUtDQHQFRQWUDUVHPiVGHVDUUROODGDV TXHRWUDV(VSUREDEOHTXHXQDSHUVRQDFRQLQWHOLJHQFLDFLQHVWpVLFDELHQGHVDUUROODGD ([SORUHHOHQWRUQR\ORVREMHWRVSRUPHGLRGHOWDFWR\HOPRYLPLHQWR3UHILHUDWRFDUSDOSDU\PDQLSXODUDTXHOORTXHGHEH DSUHQGHU 'HVDUUROOHVXFRRUGLQDFLyQ\VHQWLGRGHOULWPR 


$SUHQGDPHMRUSRUPHGLRGHODH[SHULHQFLDGLUHFWD\ODSDUWLFLSDFLyQ5HFXHUGHFRQPD\RUFODULGDGORTXHKD\DKHFKR\QROR TXHKD\DRtGRXREVHUYDGR 'LVIUXWHGHODVH[SHULHQFLDVFRQFUHWDVGHDSUHQGL]DMHWDOHVFRPRVDOLGDVGHFDPSRFRQVWUXFFLyQGHPRGHORVRSDUWLFLSDFLyQHQ GUDPDWL]DFLRQHV\MXHJRVPRQWDMHGHREMHWRV\HMHUFLFLRItVLFR 'HPXHVWUHGHVWUH]DHQWDUHDVTXHUHTXLHUHQHOHPSOHRGHPRWULFLGDGILQDRJUXHVD 6HDVHQVLEOH\UHVSRQGDDODV FDUDFWHUtVWLFDVGHORVGLIHUHQWHVHQWRUQRV\VLVWHPDVItVLFRV 'HPXHVWUHFRQGLFLRQHVSDUDODDFWXDFLyQHODWOHWLVPRODGDQ]DODFRVWXUDHOPRGHODGRRODGLJLWDFLyQ ([KLEDHTXLOLEULRJUDFLDGHVWUH]D\SUHFLVLyQHQODDFWLYLGDGItVLFD 7HQJD FDSDFLGDGSDUDDMXVWDU\SHUIHFFLRQDUVXUHQGLPLHQWRItVLFRPHGLDQWHODLQWHJUDFLyQGHODPHQWH\HOFXHUSR &RPSUHQGD\YLYDGHDFXHUGRFRQKiELWRVItVLFRVVDOXGDEOHV 'HPXHVWUHLQWHUpVSRUFDUUHUDVFRPRODVGHDWOHWDEDLODUtQFLUXMDQRRFRQVWUXFWRU ,QYHQWHQXHYDVPDQHUDVGHDERUGDUODVKDELOLGDGHVItVLFDVRQXHYDVIRUPDVGHGDQ]DGHSRUWHXRWUDDFWLYLGDGItVLFD

7RGRV QRVRWURV PDQLIHVWDPRV DOJXQD WHQGHQFLDRQHFHVLGDGFLQHVWpVLFDVLQHPEDUJRDTXHOORVTXHOLWHUDOPHQWHGHEHQWRFDUODV LGHDVSDUDDSUHQGHUFXHQWDQFRQPX\HVFDVDVRSRUWXQLGDGHVSDUDOOHYDUORDFDER(ODSUHQGL]DMHPXOWLVHQVRULDOSUiFWLFDPHQWHQR VHSURGXFHHQODVDXODVGHELGRDTXHORVGRFHQWHVGHVFRQRFHQGLFKRVSURFHVRV&RPRHGXFDGRUHVFDUHFHPRVGHPRGHORVGHURO TXH SRGDPRV HPXODU \ GH UHFXUVRV SDUD FDSDFLWDUQRV < HV SUHFLVDPHQWH HO DSUHQGL]DMH FLQHVWpVLFR HO TXH FRQ IUHFXHQFLD SURSRUFLRQDODH[SHULHQFLDHGXFDWLYDPiVSRGHURVDSODFHQWHUD\PHPRUDEOHSDUDWRGRVORVDOXPQRV

3URFHVRVGHDSUHQGL]DMHWiFWLO\FLQHVWpVLFR

([LVWHXQDDPSOLDYDULHGDGGHDFWLYLGDGHVWiFWLOFLQHVWpVLFDVTXHSHUPLWHQHQULTXHFHUODHQVHxDQ]DGHVWLQDGDDDOXPQRVGHWRGDV ODVHGDGHV(QHVWHFDStWXORGHVFULELPRVH[SHULHQFLDVGHDSUHQGL]DMHItVLFRTXHVHLQFOX\HQHQODVVLJXLHQWHVFDWHJRUtDV &yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHItVLFR (OiPELWRItVLFR =RQDVGHODXOD

$FWLYLGDGGUDPiWLFD 7HDWURIRUPDO 5ROSOD\ 'UDPDWL]DFLyQFUHDWLYD 6LPXODFURV

0RYLPLHQWRFUHDWLYR 5HIOH[LyQDFHUFDGHOFRQRFLPLHQWRFRUSRUDO 3UHVHQWDFLyQGHDFWLYLGDGHVGHPRYLPLHQWRFUHDWLYR $SOLFDFLyQGHOPRYLPLHQWRFUHDWLYRDOiUHDGHKDELOLGDGHVEiVLFDV &UHDFLyQGHDFWLYLGDGHVGHPRYLPLHQWRHVSHFtILFDVSDUDiUHDVGHFRQWHQLGR 'DQ]D (OHPHQWRVGHLQLFLDFLyQDODGDQ]D 6HFXHQFLDSDUDHODSUHQGL]DMHSRUPHGLRGHODGDQ]D 0DWHULDOFRQFUHWR )LFKDVGHDFWLYLGDGHV 5RPSHFDEH]DVFRQILFKDVGHDFWLYLGDGHV 0DWHULDOGHGHVHFKR )DEULFDFLyQGHVHOORVHQHODXOD

-XHJRVHQHODXOD %~VTXHGDGHOWHVRUR -XHJRVGHPRYLPLHQWRUHVSXHVWDItVLFD\UHYLVLyQ

(GXFDFLyQItVLFD &DUDFWHUtVWLFDVGHXQDSHUVRQDItVLFDPHQWHHGXFDGD (GXFDFLyQSRUODDYHQWXUD 7HODGHDUDxD 3LUiPLGHGHGLH]SHUVRQDV $YHQWXUDVHQHODXOD 


5HFUHRVGHHMHUFLFLR (QHUJL]DQWHVUiSLGRV 7HQVKLQJRVR /RVRFKRWHVRURV (MHUFLFLRVRFXODUHV 'HVSHUWDU\UHODMDFLyQ

6DOLGDVGHFDPSR /LQHDPLHQWRVSDUDODVVDOLGDVGHFDPSR

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDFLQHVWpVLFD 5HVXPHQ

(VWHOLVWDGRGLVWDPXFKRGHVHUH[KDXVWLYR3RUHOFRQWUDULRSUHVHQWDDORVGRFHQWHVGLYHUVRVSURFHVRVFLQHVWpVLFRVTXHSXHGHQ LQFRUSRUDUVHFRQIDFLOLGDGDWRGDVODViUHDVDFDGpPLFDV8QDYH]TXHORVGRFHQWHVVHKDQIDPLOLDUL]DGRFRQGLFKDVWpFQLFDVVH VLHQWHQORVXILFLHQWHPHQWHVHJXURVFRPRSDUDLQFRUSRUDURSRUWXQLGDGHVFLQHVWpVLFDVHQPXFKDVGHVXVFODVHV

&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHItVLFR /RViPELWRVHQTXHYLYLPRV\WUDEDMDPRVQRVDIHFWDQWDQWRHQHOQLYHOILVLROyJLFRFRPRSVLFROyJLFR&DVLWRGRVQRVRWURV SUHVWDPRV VXPD DWHQFLyQ D QXHVWUR iPELWR KRJDUHxR (OHJLPRV HO EDUULR HQ TXH YLYLPRV HO FRORU FRQ TXH SLQWDPRV ODV SDUHGHV LQWHULRUHV \ H[WHULRUHV GH QXHVWUD YLYLHQGD ORV PXHEOHV IRWRJUDItDV \ REUDV GH DUWH GH FDGD FXDUWR HO GLVHxR \ GLVWULEXFLyQGHOHVSDFLRLQWHULRU\H[WHULRU7DOHVFRQVLGHUDFLRQHVVRQLJXDOPHQWHLPSRUWDQWHVHQHODXOD\VLQHPEDUJRQR VXHOHSUHVWDUVHGHPDVLDGD DWHQFLyQDOGLVHxRGHORViPELWRVHVFRODUHV &XDQGRVHRUJDQL]DRGLVHxDXQDXODFXLGDGRVDPHQWHHOHQWRUQROLPLWDGRSRUVXVFXDWURSDUHGHVRIUHFHXQLPSUHVLRQDQWH SRWHQFLDO SDUD FRQWULEXLU DO SURFHVR GH DSUHQGL]DMH $QQH 7D\ORU DUTXLWHFWD GH OD 8QLYHUVLGDG GH 1XHYR 0p[LFR HVSHFLDOL]DGD HQ iPELWRV GH DSUHQGL]DMH VRVWLHQH TXH XQ DXOD GHEH VHU XQ OLEUR GH WH[WR R KHUUDPLHQWD GH DSUHQGL]DMH DFWLYR\WULGLPHQVLRQDODQWHVTXHXQHVSDFLRSDVLYRTXHDORMHXQDGLYHUVLGDGGHREMHWRVGHVRUGHQDGRV /DVDXODVSXHGHQWUDQVIRUPDUVHHQiPELWRVTXHHVWLPXOHQHODSUHQGL]DMHSRUPHGLRGHODUHIOH[LyQHOHQWXVLDVPR\HOGLVHxR SODQLILFDGR 7D\ORU \ RWURV DUTXLWHFWRV UHFRPLHQGDQ HVWDEOHFHU YDULDV ]RQDV GHQWUR GH ODV DXODV HQ ORV QLYHOHV GH HQVHxDQ]D EiVLFD \ SROLPRGDO &DGD XQD GH ODV ]RQDV GHO DXOD GHVHPSHxD XQD IXQFLyQ HVSHFtILFD \ SRVHH FDUDFWHUtVWLFDV YLVXDOHV \ IXQFLRQDOHV SDUWLFXODUHV 0HGLDQWH HO GLVHxR GH ]RQDV HQ HO DXOD ORV HGXFDGRUHV SXHGHQ VDWLVIDFHU GH PDQHUD HILFD]ODVQHFHVLGDGHVWiFWLOHV\GHPRYLPLHQWRGHORVQLxRVTXHSUHVHQWDQFDUDFWHUtVWLFDVFLQHVWpVLFDV 6L VH SURSRUFLRQD D ORV DOXPQRV OD RSRUWXQLGDG GH GHVSOD]DUVH GH XQ VLWLR D RWUR VH KDEUi VDWLVIHFKR VX QHFHVLGDG GH HVWLUDUVHPRYHUVH\PDQWHQHUVHDFWLYRV6HUtDLGHDOTXHODVDXODVGHWRGRVORVQLYHOHVGHHQVHxDQ]DLQFOX\HUDQODVVLJXLHQWHV ]RQDV SRWHQFLDOHV ]RQD GH HQWUDGD GH WUDEDMR GH GHSyVLWR GH PDWHULDOHV GH H[KLELFLyQ GH ELEOLRWHFD GH GHVFDQVR \ GH PRYLPLHQWR /D RUJDQL]DFLyQ GHO DXOD HQ GLIHUHQWHV ]RQDV SHUPLWH VDWLVIDFHU ODV QHFHVLGDGHV ItVLFDV DFDGpPLFDV \ SVLFROyJLFDV GH DOXPQRV \ GRFHQWHV 3DUD ORV HGXFDGRUHV UHVXOWDUi ~WLO LGHQWLILFDU ODV ]RQDV DSURSLDGDV SDUD VX DXOD /D SODQLILFDFLyQ GHO HVSDFLRGHODXODGDOXJDUDXQDRUJDQL]DFLyQPX\GLIHUHQWHGHODVWUDGLFLRQDOHVKLOHUDVGHPHVDV\XQDWUDQVIRUPDFLyQGHODV HVFXHODV HQ iPELWRV GH DSUHQGL]DMH VDOXGDEOHV KXPDQRV \ HVWLPXODQWHV &XDQGR VH OHV SURSRUFLRQD OD RSRUWXQLGDG ORV DOXPQRVVXHOHQVHUDUTXLWHFWRVHQWXVLDVWDVFDSDFHVGHGLVHxDUXQHVSDFLRDODPHGLGDGHVXVQHFHVLGDGHV

$FWLYLGDGGUDPiWLFD

/D DFWLYLGDG GUDPiWLFD KD VHUYLGR FRPR PpWRGR GH DSUHQGL]DMH \ FUyQLFD GHVGH HO FRPLHQ]R GHO UHJLVWUR KLVWyULFR /DV SLQWXUDV UXSHVWUHV GRFXPHQWDQ ODV JUDQGHV FDFHUtDV \ KHFKRV KHURLFRV GH VX pSRFD /DV REUDV GH ORV DQWLJXRV JULHJRV VH HVFULELHURQ QR VyOR SDUD SURSRUFLRQDU HQWUHWHQLPLHQWR \ FDWDUVLV HPRFLRQDO VLQR WDPELpQ FRQ SURSyVLWRV HGXFDWLYRV /DV SLH]DV GUDPiWLFDV TXH VH RIUHFtDQ HQ ODV HVFDOLQDWDV GH ODV LJOHVLDV \ WHPSORV PHGLHYDOHV HQVHxDEDQ D ODV SHUVRQDV DQDOIDEHWDV ORV IXQGDPHQWRV PRUDOHV \ODKLVWRULDGHVXUHOLJLyQ/DVSURGXFFLRQHVWHDWUDOHV\WHOHYLVLYDVFRQWHPSRUiQHDV WDPELpQFRQVWLWX\HQSRGHURVDVIXHU]DVHGXFDWLYDVWDQWRSRVLWLYDVFRPRQHJDWLYDVHQQXHVWUDVRFLHGDG /RVDXWRUHVGHHVWHOLEURHQHOUROGH GRFHQWHVGHDXODVROHPRVSUHJXQWDUQRVFyPRHVSRVLEOHHQVHxDUDOJRVLQHOUHFXUVR GHODDFWLYLGDGGUDPiWLFD6XDSOLFDFLyQSURSRUFLRQDDORVDOXPQRVODRSRUWXQLGDGGHWUDQVIRUPDUVHHQVXREMHWRGHHVWXGLR \FRQVWLWX\HXQPHGLRSRGHURVRSDUDGDUYLGDDOFRQWHQLGRDFDGpPLFR(ODSUHQGL]DMHSRUPHGLRGHODDFWLYLGDGGUDPiWLFD UHVXOWD YDOLRVR HQ WRGRV ORV QLYHOHV GH HQVHxDQ]D SHUR DVXPH SDUWLFXODU LPSRUWDQFLD GXUDQWH ORV ~OWLPRV DxRV GH OD HQVHxDQ]D EiVLFD FXDQGR ORV FDPELRV KRUPRQDOHV ItVLFRV \ SVLFROyJLFRV TXH H[SHULPHQWDQ ORV DOXPQRV GLILFXOWDQ HO DSUHQGL]DMHGHDEVWUDFFLRQHV 6XUJLUiQQXHYDVSRVLELOLGDGHVSDUDHODSUHQGL]DMHWDQWRVLORVDOXPQRVRIUHFHQXQDSUHVHQWDFLyQIRUPDOIUHQWHDOS~EOLFR FRPRVLWRPDQSDUWHHQMXHJRVWHDWUDOHVQRGHVWLQDGRVDXQDDXGLHQFLD 


7HDWURIRUPDO /DV SURGXFFLRQHV GH WHDWUR IRUPDO LQFOX\HQ WRGDV ODV LQWHOLJHQFLDV HQ XQD UHODFLyQ GLQiPLFD /HHU OD REUD DVXPLU ORV SHUVRQDMHVPHPRUL]DUHOWH[WR\ODVDFFLRQHVFUHDUORVWUDMHVHQVD\DUODP~VLFD\HQDOJXQRVFDVRVOD FRUHRJUDItD\SRU ~OWLPRLQWHUSUHWDUODIUHQWHDXQS~EOLFRLQYLWDGRIRUPDQSDUWHGHXQSURFHVRTXHGDSRUUHVXOWDGRH[SHULHQFLDVPHPRUDEOHV XQLQFUHPHQWRHQODDXWRHVWLPD\HOHTXLOLEULRHPRFLRQDO\XQDSUHQGL]DMHTXHGXUDUiWRGDODYLGD /D PHPRUL]DFLyQ GH WH[WRV HVFULWRV SRU JUDQGHV GUDPDWXUJRV SXHGH FRPHQ]DU D XQD HGDG PX\ WHPSUDQD +DFH SRFR WLHPSRXQJUXSRGHVHJXQGRDxRGHHQVHxDQ]DEiVLFDSUHVHQWyFRQJUDQVDWLVIDFFLyQVXSURSLDYHUVLyQDEUHYLDGDGHO 6XHxR GHXQDQRFKHGHYHUDQR GH:LOOLDP6KDNHVSHDUH/RVSDGUHVHVWDEDQDWyQLWRVFXDQGRHVFXFKDEDQFLWDVGH6KDNHVSHDUHGXUDQWH ODFHQD¢([LVWHDFDVRXQDEDVHGHPD\RUULTXH]DSDUDHOSRVWHULRUHVWXGLRGHHVWDVREUDVFRQPD\RUSURIXQGLGDG" $OJXQRVGRFHQWHVXWLOL]DQXQDGHWHUPLQDGDREUDGH6KDNHVSHDUHSRUHMHPSOR 5RPHR\-XOLHWDR(OUH\/HDU FRPRWHPD FXUULFXODU LQWHUGLVFLSOLQDULR DQXDO (Q HVWDV FODVHV ODV WDUHDV GHO iUHD GH PDWHPiWLFD VH LQWHJUDQ D OD FRQVWUXFFLyQ GH GHFRUDGRVHOiUHDGHFLHQFLDVVRFLDOHVVHEDVDHQHOSHUtRGRLVDEHOLQRHOiUHDGHFLHQFLDVQDWXUDOHVDERUGDORVFRQRFLPLHQWRV GHODpSRFDDFHUFDGHDVWURQRPtDDQDWRPtD\ELRORJtDHOiUHDDUWtVWLFDHVWiGHGLFDGDDODFRQIHFFLyQGHWUDMHV\HOiUHDGH FXLGDGRGHODVDOXGDQDOL]DODVHQIHUPHGDGHVFRQWDJLRVDVGHOSHUtRGR /RV GRFHQWHV TXH LQWHJUDQ HO WHDWUR WUDGLFLRQDO D VXV DXODV PDQLILHVWDQ TXH ORV DOXPQRV DSUHQGHQ PXFKR PiV TXH HO JXLyQODDFWLWXGHVFpQLFD\ORVFRQWHQLGRVDFDGpPLFRVLQWHJUDGRV/DGLVFLSOLQDPHQWDOItVLFD\WpFQLFDQHFHVDULDSDUDXQ GHVHPSHxR DFWRUDO H[LWRVR HV WDPELpQ IXQGDPHQWDO SDUD WULXQIDU HQ OD YLGD $GHPiV SRU PHGLR GHO HQVD\R \ OD LQWHUSUHWDFLyQ VH GHVDUUROODQ LPSRUWDQWHV KDELOLGDGHVFRJQLWLYDVTXHLQFOX\HQODFDSDFLGDGSDUDRUJDQL]DUHOSHQVDPLHQWR SDUD SHUFLELU \ DQDOL]DU SDUD HYDOXDU \ UD]RQDU SDUD GLIHUHQFLDU HO WRGR GH ODV SDUWHV SDUD DERUGDU OD FRPSOHMLGDG \ OD DPELJHGDG\SDUDFRODERUDUFRQORVGHPiVHQHOORJURGHXQREMHWLYRFRP~Q/DDFWLYLGDGGUDPiWLFDSURSRUFLRQDDORVDOXPQRV XQDH[SHULHQFLDHGXFDWLYDULJXURVDTXHORVSUHSDUD HILFD]PHQWHSDUDODVROXFLyQGHSUREOHPDVGHODYLGDFRWLGLDQD 5ROSOD\

(O UROSOD\ HV PHQRV HVWUXFWXUDGR TXH HO WHDWUR \ EULQGD D ORV GRFHQWHV \ D ORV DOXPQRV OD OLEHUWDG GH GUDPDWL]DU FRQWHQLGRV HVWXGLDGRVHQFODVH$GLIHUHQFLDGHOWHDWURIRUPDOHO SURFHVRHVPiVLPSRUWDQWHTXHHOSURGXFWR&DVLWRGDVODViUHDVFXUULFXODUHV SXHGHQ WUDEDMDUVH SRU PHGLR GH HVWD WpFQLFD LQFOX\HQGR SUREOHPDV PDWHPiWLFRV SURFHVRV FLHQWtILFRV IXQFLRQHV OLQJtVWLFDV R KHFKRVKLVWyULFRV(OUROSOD\SRQHHOOHQJXDMHHQDFFLyQ\FRQVWLWX\HXQDKHUUDPLHQWDSRGHURVDQRVyORSDUDWUDQVPLWLULQIRUPDFLyQ VLQRWDPELpQSDUDGHVDUUROODUKDELOLGDGHVLQWHUSHUVRQDOHVLQWUDSHUVRQDOHV\DTXHOODVQHFHVDULDVSDUDODVROXFLyQGHSUREOHPDV ([LVWHQWUHVSDVRVSULQFLSDOHVSDUDODSUHSDUDFLyQGHDFWLYLGDGHVGHUROSOD\SODQLILFDFLyQHQVD\RHLQWHUSUHWDFLyQ\HYDOXDFLyQ $TXt SUHVHQWDPRV ORV OLQHDPLHQWRV SDUD VX LPSOHPHQWDFLyQ TXH UHVXOWDUiQ HVSHFLDOPHQWH ~WLOHV SDUD ORV GRFHQWHV TXH QR KD\DQ WUDEDMDGRHVWHSURFHVRDQWHV 3DVR,SODQLILFDFLyQ

 &RQ HO REMHWR GH SUHSDUDU D ORV DOXPQRV SDUD OD DFWLYLGDG GH UROSOD\ HO GRFHQWH FRPHQ]DUi SRU HVWDEOHFHU ORV REMHWLYRV HGXFDWLYRVFRUUHVSRQGLHQWHV6HHVSHFLILFDUiQORVORJURVGHDSUHQGL]DMHHVSHUDEOHV  8QD YH] TXH VH KD\DQ HVWDEOHFLGR ORV REMHWLYRV HO GRFHQWH R ORV DOXPQRV GHOLQHDUiQ OD DFWLYLGDG 'HEHUiQ LGHQWLILFDUVH OD VLWXDFLyQHOSUREOHPDRHOWHPDIXQGDPHQWDO  $FRQWLQXDFLyQVHGHVDUUROODUiQORVUROHV\XQSURFHVRSDUDVHOHFFLRQDUDORVLQWpUSUHWHV  6HGHFLGLUiVLORVDFWRUHVGHEHUiQPHPRUL]DUXQWH[WRRSRGUiQSUHSDUDUVXSURSLRJXLyQ  6HHVSHFLILFDUiHOWLHPSRGHSUHSDUDFLyQQHFHVDULD  7DPELpQVLDOJ~QJUXSRGHDOXPQRVREVHUYDUiODDFWLYLGDGVHH[SOLFDUiFXiOHVVRQHOSDSHO\ODFRQGXFWDTXHDVXPHHO S~EOLFR  6HRUJDQL]DUiHOHQWRUQRItVLFRVHJ~QVHDQHFHVDULR  6HGLVSRQGUiGHORVUHFXUVRVQHFHVDULRVFRPRHTXLSRVGLVIUDFHVRHOHPHQWRVGHXWLOHUtD 3DVR,,HQVD\RHLQWHUSUHWDFLyQ

8QDYH]TXHVHKD\DQGLVHxDGRODVHVFHQDV\VHKD\DLQIRUPDGRDOJUXSRDFHUFDGHORVREMHWLYRV\FRQWHQLGRVORVDOXPQRVHVWDUiQ HQ FRQGLFLRQHV GH FRPHQ]DU D HQVD\DU 6H UHTXLHUH EDVWDQWH WLHPSR GH SUHSDUDFLyQ DQWHV GH SUHVHQWDU ODV REUDV 6H UHFRUGDUi D WRGRV ORV DOXPQRV TXH QR WRPHQ SDUWH HQ OD LQWHUSUHWDFLyQ TXH GHEHQ FRQIRUPDU XQ S~EOLFR FRODERUDGRU \ XQ JUXSR HYDOXDGRU FRQVWUXFWLYR &XDQGRVHKD\DQILQDOL]DGRORVHQVD\RVVHDFRUGDUiQODIHFKDODKRUD\HOOXJDUHQTXHVHUHDOL]DUiODSUHVHQWDFLyQ6HSUHJXQWDUi DORVDFWRUHVVLOHVJXVWDUtDLQYLWDUDDOXPQRVGHRWURVFXUVRVRDVXVSDGUHV6LODUHVSXHVWDHVQHJDWLYDVHUHVSHWDUiVXYROXQWDGGH LQWHUSUHWDUVyORSDUDORVPLHPEURVGHODFODVH




(OGRFHQWHSRGUiIRUPXODUREVHUYDFLRQHVGXUDQWHORVHQVD\RVVLDGYLHUWHTXHDOJ~QDFWRUVHVLHQWHLQFyPRGRRTXHODLQWHUDFFLyQ HVLQDSURSLDGD(QWDOHVFDVRVSRGUiRIUHFHUXQDEUHYHUHIOH[LyQDFHUFDGHORTXHHVWpRFXUULHQGR\OXHJRVROLFLWDUDOJUXSRTXH FRQWLQ~HFRQODGUDPDWL]DFLyQDODTXHVHKDEUiQUHDOL]DGRORVDMXVWHVLQGLFDGRVSDUDHOORVHGLVSRQGUiGHWLHPSRGHHQVD\RH[WUD 3DVR,,,HYDOXDFLyQ

/XHJR GH OD SUHVHQWDFLyQ HV QHFHVDULR TXH ORV DOXPQRV DQDOLFHQ VX H[SHULHQFLD 3RU PHGLR GH SUHJXQWDV VH SRGUiQ HYDOXDU ORV FRQWHQLGRVDFDGpPLFRVHOQLYHOGHGHVHPSHxRODVUHDFFLRQHVGHORVDOXPQRVIUHQWHDODH[SHULHQFLD\WDPELpQODVUHDFFLRQHVGHOD DXGLHQFLD \D TXH ORV REVHUYDGRUHV SRGUiQ GHVWDFDU WDQWR ORV ORJURV FRPR DTXHOORV DVSHFWRV VREUH ORV TXH KDEUi TXH VHJXLU WUDEDMDQGR(OGRFHQWHSRGUiRSWDUSRUDVXPLUXQSDSHOHQHOSURFHVRGHHYDOXDFLyQRQRKDFHUOR 8QHMHPSORDGHFXDGRSDUDWUDEDMDUHQHOQLYHOGHHQVHxDQ]DEiVLFDDERUGDODGLVSRVLFLyQHVFRODUTXHSURKLEHMXJDUDODSHORWD GXUDQWHORVUHFUHRV\FRQODTXHORVDOXPQRVJHQHUDOPHQWHGLVFUHSDQ/RVUROHVTXHVHLGHQWLILFDQLQFOX\HQDOXPQRVTXHHVWiQD IDYRUGHODPHGLGDDOXPQRVTXHVHRSRQHQDHOODDOXPQRVLPSDUFLDOHVHOSHUVRQDOGLUHFWLYRORVSDGUHV\ORVYHFLQRV&DGDXQR GHORVSDUWLFLSDQWHVH[SOLFDUiVXSXQWRGHYLVWD5HVXOWD~WLOTXHORVDOXPQRVH[SRQJDQXQDRSLQLyQGLIHUHQWHGHODSURSLD8QDYH] ILQDOL]DGDOD DFWLYLGDGHOJUXSRSRGUiUHGDFWDU\HQYLDUVXVFRQFOXVLRQHVDOD'LUHFFLyQGHODHVFXHOD 'UDPDWL]DFLyQFUHDWLYD

/D GUDPDWL]DFLyQ FUHDWLYD HV PHQRV IRUPDO TXH HO UROSOD\ \D TXH HO GLVFXUVR \ ODV DFFLRQHV VH LPSURYLVDQ D PHGLGD TXH VH GHVDUUROODODREUD RODHVFHQD8QFRPSRQHQWHLPSRUWDQWHGHHVWDFODVHGHH[SHULHQFLDGUDPiWLFDHVODUHSHWLFLyQGHXQDHVFHQDD ILQGHLQFRUSRUDUVXJHUHQFLDVTXHFRQWULEX\DQDHQULTXHFHUOD6XHOHVHUQHFHVDULRWUDEDMDUVLQS~EOLFRSDUDSHUPLWLUDORVDOXPQRV FRQFHQWUDUVH\ DFWXDUVLQWHQHUHQFXHQWDIDFWRUHVH[WHUQRV 8QD PDQHUD VHQFLOOD GH FRPHQ]DU HO WUDEDMR GH GUDPDWL]DFLyQ FUHDWLYD HQ HO DXOD FRQVLVWH HQ VROLFLWDU D ORV DOXPQRV TXH GHVHPSHxHQSHUVRQDMHVJUXSDOHV3RUHMHPSORHOGRFHQWHSRGUiOHHUXQFXHQWRFX\RVSHUVRQDMHVVHDQXQDQFLDQRXQDQLxD\XQ JLJDQWH /RV QLxRV SXHGHQ UHSUHVHQWDU ORV GLIHUHQWHV SHUVRQDMHV HQ JUXSRV SRU PHGLR GH PtPLFD DFRPSDxDGRV SRU XQD P~VLFD DSURSLDGD\FRPHQ]DUDJDQDUFRQILDQ]DSDUDGHVHPSHxDUHOSDSHOLQGLYLGXDOPHQWH

/XHJRGHTXHHOGRFHQWHKD\DOHtGRHOFXHQWRORVDOXPQRVLGHQWLILFDUiQORVHOHPHQWRVGHODWUDPDLQWHUFDPELDUiQLGHDVDFHUFDGH VX SXHVWD HQ HVFHQD VH RIUHFHUiQ SDUD GHVHPSHxDU ORV GLIHUHQWHV SDSHOHV GLVHxDUiQ HO HVFHQDULR \ RUJDQL]DUiQ ODV DFFLRQHV 6H SRGUiFRQWDU FRQXQGLUHFWRUGHHVFHQDTXLHQLQGLFDUiHOSULQFLSLR\HOILQGHFDGDDFWRDQXQFLDQGRTXHVHOHYDQWDRFDHHOWHOyQ $ ILQDOL]DU OD DFWXDFLyQ WRGRV ORV DOXPQRV SRGUiQ SDUWLFLSDU GH XQ GHEDWH FUtWLFR HQ HO TXH DQDOL]DUiQ ORV DVSHFWRV TXH OHV UHVXOWDURQ VDWLVIDFWRULRV\ORVTXHD~QUHTXLHUHQPD\RUDMXVWH

8QDYH]TXHHOJUXSRKD\DDGTXLULGRH[SHULHQFLDHQDFWLYLGDGHVVHPHMDQWHVSRGUiFRPHQ]DUDLPSURYLVDU\GUDPDWL]DU VLWXDFLRQHVFRQILQDODELHUWRFRPRODRUJDQL]DFLyQGHODVLQVWDQFLDVFtHJRELHUQRGHOSDtVFX\RVPLHPEURVVHDQHOHFWRVR QRPEUDGRV R ODV FDXVDV \ HIHFWRV GH OD H[WLQFLyQ GH HVSHFLHV GH OD DWUDFFLyQ PDJQpWLFD HQWUH ORV FXHUSRV R GHO HQYHMHFLPLHQWRGHODSREODFLyQDGXOWDHQHOQLYHOQDFLRQDO 8QHMHPSORGHOSRGHUGHODGUDPDWL]DFLyQFUHDWLYDVXUJLyHQXQDFODVHGHFLHQFLDVQDWXUDOHVGHFXDUWRDxRGHHGXFDFLyQ EiVLFDFXDQGRHOGRFHQWHDGYLUWLyTXHORVDOXPQRVQRFRPSUHQGtDQHOSURFHVRGHIRWRVtQWHVLVWDOFRPRHVWDEDH[SOLFDGRHQ VXVOLEURVGHWH[WR'HFLGLyHQWRQFHVSRQHUHQSUiFWLFDXQHQIRTXHFLQHVWpVLFR\VROLFLWyYROXQWDULRVSDUDGHVHPSHxDUORV FLQFRSHUVRQDMHVSULQFLSDOHVHQODIRWRVtQWHVLVXQDSODQWDFORURSODVWRVDJXDGLy[LGRGHFDUERQR\OX]VRODU &DGD SHUVRQDMH VH LGHQWLILFy FRQ XQD WDUMHWD GH FDUWyQ SUHQGLGD HQ OD URSD (O GRFHQWH DVXPLy HO SDSHO GH QDUUDGRU PLHQWUDVORVDOXPQRVGUDPDWL]DEDQDORVFORURSODVWRVSUHVHQWHVHQODKRMDGHXQDSODQWDFX\DVUDtFHVDEVRUEtDQDJXDGHOD WLHUUD(OSHUVRQDMHGHODJXDVHGHUUDPDEDVREUHHOVXHOR\DORVSLHVGHODSODQWD'HSURQWRODOX]GHOVRO UHSUHVHQWDGD FRQ XQD OLQWHUQD  LOXPLQDED OD KRMD \ SHUPLWtD D ORV FORURSODVWRV DEVRUEHU HQHUJtD HMHPSOLILFDGR PHGLDQWH IOH[LyQ PXVFXODU  /RVFORURSODVWRVLPSXOVDGRVSRUODOX]VRODUDEVRUEtDQDJXD\XQJDVGHODLUHOODPDGRGLy[LGRGHFDUERQRORVKDFtDQ JLUDUSDUDFRPELQDUORV\SURGXFLUHOD]~FDU XQDEDUUDGHFDUDPHOR TXHVLUYHGHQXWULHQWHDODSODQWD 'LVWLQWRVJUXSRVGHDOXPQRVUHSLWLHURQWUHVYHFHVODHVFHQDTXHGXUDEDDSUR[LPDGDPHQWHFLQFRRVHLVPLQXWRV\HOOR SHUPLWLy SURIXQGL]DU OD FRPSUHQVLyQ GHO FRQFHSWR /XHJR GH ODV DFWXDFLRQHV ORV DOXPQRV GLEXMDURQ HO SURFHVR GH IRWRVtQWHVLV HQ XQD KRMD GH SDSHO \ OR H[SOLFDURQ RUDOPHQWH D VXV FRPSDxHURV 8QD VHPDQD PiV WDUGH HO  GH ORV DOXPQRVGHVFULELyODIRWRVtQWHVLVFRQSUHFLVLyQHQXQHMHUFLFLRHVFULWR 6LPXODFURV /RVVLPXODFURVVRQWDPELpQSRGHURVDVKHUUDPLHQWDVGHDSUHQGL]DMH\DTXHSHUPLWHQVLWXDUDORVDOXPQRVHQXQHQWRUQR RFLUFXQVWDQFLDTXHGHEHQGHVDUUROODUSRUVtPLVPRV(VWHUHFXUVRSXHGHGLVHxDUVHIiFLO\UiSLGDPHQWHSDUDYLQFXODUORFRQ ORVFRQWHQLGRVTXHVHWUDEDMHQHQHODXOD$FRQWLQXDFLyQVHQRPEUDQDOJXQRVHMHPSORVGHVLPXODFURVHPSOHDGRVHQHODXOD Â&#x2021;,UDFRPHUDXQUHVWDXUDQWHIUDQFpVGRQGHORVDOXPQRVGHEHQIRUPXODUVXSHGLGRHQOHQJXDH[WUDQMHUD Â&#x2021;'HGLFDUXQDKRUDGHFODVHDYLYLUHQXQGHWHUPLQDGRSHUtRGRKLVWyULFRSRUHMHPSORHO5HQDFLPLHQWROD5HYROXFLyQGH 0D\RRODGLFWDGXUDGH6WDOLQ 


Â&#x2021;'HVDUUROODUXQSURFHVRMXGLFLDOFRPRHOGHOD,QTXLVLFLyQXQGHEDWHHQHO6HQDGRRDFHUFDGHODSDUWLFLSDFLyQGHOD FLXGDGDQtDHQORVHVIXHU]RVGHJXHUUD Â&#x2021;([SHULPHQWDUGLYHUVRVVLVWHPDVHFRQyPLFRV\VRFLDOHV Â&#x2021;(VWDEOHFHUXQPLQLIRURGHODV1DFLRQHV8QLGDVHQHODXOD Â&#x2021;9LYLUHQXQDFRORQLDOXQDUFRQUHFXUVRVKXPDQRV\PDWHULDOHVOLPLWDGRV Â&#x2021;7RPDUGHFLVLRQHVGXUDQWHVLWXDFLRQHVGHFULVLVVDQLWDULDVRDPELHQWDOHV 'LVHxRGHVLPXODFURV

/RV VLPXODFURV JHQHUDGRV SRU HO GRFHQWH R SURGXFLGRV FRPHUFLDOPHQWH SXHGHQ XWLOL]DUVH \ DGDSWDUVH SDUD HQVHxDU GLYHUVRV FRQWHQLGRVDFDGpPLFRV/RVVLJXLHQWHVSDVRVLQGLFDQODPDQHUDGHFUHDUVLPXODFURV

(QSULPHUOXJDUVHGHEHUiQHVWDEOHFHUORVREMHWLYRVGHDSUHQGL]DMHWDOFRPRHQHOFDVRGHODVDFWLYLGDGHVGHUROSOD\ $FRQWLQXDFLyQVHLQGLFDUiQODVUHJODVGHOVLPXODFURDILQGHUHSURGXFLUORVFRQGLFLRQDPLHQWRVLPSXHVWRVSRUODVVLWXDFLRQHV GHODYLGDUHDO 6HGHEHUiQUHFRSLODU\RUJDQL]DUORVPDWHULDOHV\UHFXUVRVQHFHVDULRV 6HUiQHFHVDULRSUHGHWHUPLQDUODORJtVWLFDGHOVLPXODFURTXHLQFOX\HGLYLGLUDORVDOXPQRVHQSHTXHxRVJUXSRVDVLJQDU]RQDVGH WUDEDMR \HVWLSXODUHOOtPLWHGHWLHPSR66HSURJUDPDUiXQSHUtRGRSDUDHOGHEDWHRSDUDODUHGDFFLyQGHXQLQIRUPHHQHOTXHORV DOXPQRVDQDOLFHQODVH[SHULHQFLDVOOHYDGDVDFDER

7DQWR HQ HO WUDEDMR FRQ WHDWUR IRUPDO FRPR FRQ UROSOD\ GUDPDWL]DFLyQ FUHDWLYD R VLPXODFUR UHVXOWD HVHQFLDO XQD SODQLILFDFLyQ FXLGDGRVDDILQGHHYLWDUHOFDRVHQHODXOD/DOLEHUWDGFUHDWLYDGHEHPDQLIHVWDUVHGHQWURGHXQDHVWUXFWXUDFODUDPHQWHHVWDEOHFLGD \ JXLDGD SRU H[SHFWDWLYDV ELHQ GHILQLGDV (O SULQFLSDO REMHWLYR GH HPSOHDU HVWUDWHJLDV GUDPiWLFDV FRQVLVWH HQ HVWLPXODU D ORV DOXPQRVSDUDTXHSRQJDQHQSUiFWLFDODLQIRUPDFLyQTXHKDQDSUHQGLGR3DUDDOJXQRVDOXPQRVpVWDVHUiODIRUPDHQTXHSRGUiQ LQFRUSRUDU\FRPSUHQGHUHIHFWLYDPHQWHORVFRQWHQLGRV3DUDWRGRVVHUiODPDQHUD GHUHFRUGDUORV

0RYLPLHQWRFUHDWLYR

/RV WHyULFRV GHO PRYLPLHQWR FRPR 5XGROI /DEDQ \+HQUL%HUJVRQGHVWDFDQODUHODFLyQHQWUHODVH[SHULHQFLDVQRYHUEDOHV\GH PRYLPLHQWR\HOSHQVDPLHQWRVLPEyOLFRDEVWUDFWR(OPRYLPLHQWRQRVSHUPLWHWDQWRH[SUHVDUFRPRFRPSUHQGHUHOVLJQLILFDGRGH QXHVWUDV H[SHULHQFLDV &XDQGR VH LQFRUSRUD HO PRYLPLHQWR FUHDWLYR DO DXOD ORV DOXPQRV UHVXHOYHQ SUREOHPDV \ DQDOL]DQ VLWXDFLRQHVItVLFDPHQWH\DOPLVPRWLHPSRSRQHQHQSUiFWLFDVXLPDJLQDFLyQFUHDWLYD

6HJ~QVHxDODHOQRWDEOHDQWURSyORJR(GZDUG7+DOOHQVXOLEUR %H\RQG &XOWXUH 0iVDOOiGHODFXOWXUD HOKRPEUHRFFLGHQWDO KD FUHDGR HO FDRV DO QHJDU HVD SDUWH GH VX VHU TXH SURSRUFLRQD LQWHJULGDG DO WLHPSR TXH YHQHUD ODV SDUWHV GH HVD H[SHULHQFLD IUDJPHQWDULD&RQ HOREMHWRGHLQWHJUDUHOFXHUSR\ODPHQWHHVQHFHVDULRTXHYROYDPRVDFRQHFWDUQRVFRQHOFRQRFLPLHQWRItVLFR &RQIUHFXHQFLDORVGRFHQWHVVHVLHQWHQLQFyPRGRVSDUDXWLOL]DUHOPRYLPLHQWRHQHODXOD$OJXQRVGHORVPRWLYRVSXHGHQVHUOD HVFDVD LPSRUWDQFLD SHUVRQDO TXH RWRUJDQ D OD DFWLYLGDG ItVLFD VXV SURSLDV OLPLWDFLRQHV ItVLFDV R VX GHVFRQRFLPLHQWR GH WDOHV SURFHVRV /DV HVWUDWHJLDV GH PRYLPLHQWR FUHDWLYR TXH SUHVHQWDPRV HQ ODV VHFFLRQHV VLJXLHQWHV GHVDUUROODQ GLFKRV FRQFHSWRV GH PDQHUD DFFHVLEOH WDQWR SDUD HO GRFHQWH FRPR SDUD ORV DOXPQRV (QWUH HOODV VH LQFOX\HQ OD UHIOH[LyQ DFHUFD GHO FRQRFLPLHQWR FRUSRUDODFWLYLGDGHVLQLFLDOHVGHPRYLPLHQWRFUHDWLYRMXHJRVWHDWUDOHV\DSOLFDFLRQHVGHOPRYLPLHQWRFUHDWLYRSDUDODHQVHxDQ]D GHKDELOLGDGHVEiVLFDV 6XJHULPRVODOHFWXUDGHWRGDVHOODVDILQGHTXHHOGRFHQWHSXHGDHOHJLUODVTXHOHUHVXOWHQPiVDSURSLDGDV 3HJJ\+DFNQH\XQDUHFRQRFLGDDXWRULGDGHVWDGRXQLGHQVHHQODWHRUtDGH/DEDQDFHUFDGHO$QiOLVLVGHO0RYLPLHQWRUHFRPLHQGD TXHORVGRFHQWHV\DOXPQRVDERUGHQORVVLJXLHQWHVSXQWRVSDUDSURPRYHUODVHQVLELOLGDGFLQHVWpVLFDHLQFUHPHQWDUVXFRQFLHQFLD FRUSRUDO 5HIOH[LyQDFHUFDGHOFRQRFLPLHQWRFRUSRUDO

9ROFDUHQXQDKRMDGHSDSHODVRFLDFLRQHVLPiJHQHVVHQWLPLHQWRVLGHDVFRQFHSWRVFUHHQFLDV\REOLJDFLRQHVSDUDODSDODEUD FXHUSR

5HDOL]DUXQGLEXMRGHVtPLVPR,QGLFDUHQHOGLEXMRTXpSDUWHVGHOFXHUSRUHSUHVHQWDQORVGLIHUHQWHVDVSHFWRVGHODYLGDGHFDGD XQRHVFXHODKRJDUGHSRUWHVIDPLOLDDPLJRVPDVFRWDVSDVDWLHPSRV\WUDEDMR $FRQWLQXDFLyQVHFRQVLGHUDUiQIRUPDVHVSHFtILFDVGHFRQRFLPLHQWRDWUDYpVGHOFXHUSR ¢(QTXpOXJDUGHOFXHUSRVHUHJLVWUDQODVVHQVDFLRQHVFXDQGRQRVHQRMDPRVFRQDOJXLHQ"

2EVHUYDUDRWUDSHUVRQDGXUDQWHXQPRPHQWR¢4XpFRPXQLFDHOFXHUSRGHpORHOODHQIRUPDQRYHUEDO" &XDQGRWRPDPRVXQDGHFLVLyQ¢HQTXp]RQDFRUSRUDOVHQWLPRVTXHHVFRUUHFWDRLQFRUUHFWD" 


&XDQGRGHVDUUROODPRVLGHDVSDUDODHQVHxDQ]DRSDUDXQSUR\HFWRHVFRODU¢GHGyQGHVXUJHQGLFKDVLGHDV"

/DVSUHJXQWDVTXHDQWHFHGHQVHxDODQGLPHQVLRQHVGHODLQWHOLJHQFLDFLQHVWpVLFD\GHODVDELGXUtDTXHHPDQDGHOFRQRFLPLHQWRSRU HO FXHUSR &XDQGR VH UHDOL]D FXDOTXLHU DFWLYLGDG VXHOH UHVXOWDU ~WLO UHIOH[LRQDU SRU XQ PRPHQWR DFHUFD GH OD PDQHUD HQ TXH HO FXHUSRWRPDSDUWHHQHOODGHVXVVHQVDFLRQHV\GHVXPDQHUDSDUWLFXODUGHFRQFLHQFLDItVLFD(OFRQRFLPLHQWRVHVLHQWHGHPDQHUD FLQHVWpVLFD\HVSRVLEOHDFFHGHUDpOHVFXFKDQGRDOFXHUSR\PRYLpQGRVHSDUDDSUHQGHU $SOLFDFLyQGHOPRYLPLHQWRFUHDWLYRDOiUHDGHKDELOLGDGHVEiVLFDV

/DVDFWLYLGDGHVGHPRYLPLHQWRFUHDWLYRUHVXOWDQPX\DWUDFWLYDVSDUDPXFKRVDOXPQRV(OGRFHQWHSRGUiFRPHQ]DUODVDFWLYLGDGHV GHPRYLPLHQWRIRUPXODQGRDORVDOXPQRVSUHJXQWDVWDOHVFRPR¢'HTXpPDQHUDSRGHPRVGHVWDFDUHVWHFRQFHSWRSRUPHGLRGHO PRYLPLHQWR" ¢&yPR SRGUtDPRV XWLOL]DU HO HVSDFLR GHO DXOD SDUD GHVDUUROODU OD VLWXDFLyQ SUREOHPiWLFD PDWHPiWLFD GH KR\" R ¢&yPRSRGUtDVH[SUHVDUORTXHKDVDSUHQGLGRDWUDYpVGHOPRYLPLHQWR"$PHGLGDTXHHOGRFHQWHVHIDPLOLDULFHFRQHOHPSOHR GHOPRYLPLHQWRFRPRKHUUDPLHQWDGHDSUHQGL]DMHODVUHVSXHVWDVVXUJLUiQFRQPD\RUIDFLOLGDG $TXHOORV GRFHQWHV TXH GHVHHQ HQVHxDU FRQWHQLGRV DFDGpPLFRV SRU PHGLR GHO PRYLPLHQWR FUHDWLYR SRGUiQ XWLOL]DU ODV VLJXLHQWHV SUHJXQWDVFRPRJXtDSDUDIRUPXODUDFWLYLGDGHVDSURSLDGDV &UHDFLyQGHDFWLYLGDGHVGHPRYLPLHQWRHVSHFLILFDVSDUDiUHDVGHFRQWHQLGR

 ¢&yPRVHSXHGHLQFRUSRUDUHOPRYLPLHQWRItVLFRDHVWDFODVH"¢'HTXpPDQHUDSXHGHQXWLOL]DUVXFXHUSRORVDOXPQRVSDUDWUDQVIRUPDUVH HQHOWHPDGHHVWXGLR" ¢&XiOHVVRQ ODVRSRUWXQLGDGHVGHDSUHQGL]DMHTXHSXHGHQSURSRUFLRQDUVHDORVDOXPQRVTXHQHFHVLWDQPRYHUVHSDUDDSUHQGHUDOWLHPSR TXHVHVDWLVIDFHQODVQHFHVLGDGHVGHORVDOXPQRVQRFLQHVWpVLFRV" ¢&XiOHVVRQODVFRQVLJQDVQHFHVDULDVSDUDH[SOLFDUFRQFODULGDGDFWLYLGDGHVTXHVHGHVDUUROODUiQFLQHVWpVLFDPHQWH" ¢'HTXpPDQHUDVHHVWLPXODDORVDOXPQRVSDUDTXHGHVFULEDQORTXHKDQDSUHQGLGROXHJRGHXQDH[SHULHQFLDFLQHVWpVLFD" ¢'HTXpPDQHUDVHSURPXHYHODSDUWLFLSDFLyQGHORVDOXPQRVHQXQDWRUPHQWDGHLGHDVUHODWLYDDVXVSURSLDVRSRUWXQLGDGHVFLQHVWpVLFDVD ILQGHD\XGDUORVDDOFDQ]DUXQDSUHQGL]DMHPiVHILFD]" ¢4XpHVWUDWHJLDVGHFRQGXFFLyQGHODXODSURPRYHUiQXQDPD\RUSDUWLFLSDFLyQ"

'DQ]D

/DGDQ]DHVRWUDIRUPDGHPRYLPLHQWRFUHDWLYR3RUPHGLRGH ODGDQ]DORVDOXPQRVWLHQHQODRSRUWXQLGDGGHDSUHQGHUVLQWHWL]DU\ GHPRVWUDU VXV FRQRFLPLHQWRV XWLOL]DQGR OD FRUHRJUDItD FRPR UHFXUVR 'HO PLVPR PRGR TXH RFXUUH FRQ ODV RWUDV IRUPDV GH PRYLPLHQWRFUHDWLYRHVLPSRUWDQWHUHDOL]DUDFWLYLGDGHVLQWURGXFWRULDVDQWHVGHTXHORVDOXPQRVFRPLHQFHQDH[SORUDUHOOHQJXDMH GH OD GDQ]D /DV VLJXLHQWHV DFWLYLGDGHV GH LQLFLDFLyQ SHUPLWHQ SUHSDUDU D ORV DOXPQRV SDUD OD DFWLYLGDG FLQHVWpVLFD \ DO PLVPR WLHPSRLQWURGXFHQORVHOHPHQWRVSURSLRVGHODGDQ]D6XDXWRUDHV 'HEELH*LOEHUWGLUHFWRUDHMHFXWLYDGH9HU\6SHFLDO$UWVHQHO (VWDGRGH:DVKLQJWRQ((88\FRGLUHFWRUDMXQWRFRQ-RDQQH3HWURIIGHOD:KLVWOHVWRS'DQFH&RPSDQ\ (OHPHQWRVGHLQLFLDFLyQDODGDQ]D 7LHPSR

 3DUD WUDEDMDU HO HOHPHQWR GH WLHPSR VH VROLFLWDUi D ORV DOXPQRV TXH FDPLQHQ D GLIHUHQWHV YHORFLGDGHV FRPR UiSLGD PHGLD \ OHQWD6HOHVSURSRQGUiXWLOL]DURWUDVIRUPDVGHGHVSOD]DPLHQWRSRUHMHPSORGHVOL]DUVHVDOWDUUHSWDU\WURWDU6HSRGUiUHDOL]DUXQD VHOHFFLyQ GH P~VLFD SDUD PDUFDU GLIHUHQWHV YHORFLGDGHV GXUDQWH HVWD DFWLYLGDG PDUFDU GLYHUVRV ULWPRV FRQ XQ SDQGHUR R FRQWDU FRQODFRODERUDFLyQGHXQP~VLFRSDUDDFRPSDxDUORVPRYLPLHQWRV

6HVHOHFFLRQDUiXQSHUVRQDMHTXHKD\DQFUHDGRORVDOXPQRV\DVHDXQDSHUVRQDXQOXJDURXQREMHWR/RVDOXPQRVVH GHVSOD]DUiQSRUPHGLRGHPRYLPLHQWRVTXHUHVXOWHQDSURSLDGRVSDUDGLFKRSHUVRQDMH (VSDFLR  /RVDOXPQRVFUHDUiQ\H[SORUDUiQSRUPHGLRGHVXFXHUSRHVSDFLRVGHGLIHUHQWHVGLPHQVLRQHVSHTXHxRJUDQGHDOWR\ EDMR  6HSURSRQGUiDORVDOXPQRVH[SORUDUXQDFDYHUQDLPDJLQDULDFRQSDVDGL]RVHVWUHFKRVJUXWDVH[WHQVDVURFDVHVFDUSDGDV \W~QHOHVSURIXQGRV6HSRGUiQLQFRUSRUDUHIHFWRVGHVRQLGRSURGXFLGRVFRQODYR]RFRQLQVWUXPHQWRVPXVLFDOHV )RUPD

 /RV DOXPQRV VH GHVSOD]DUiQ SRU HO iPELWR GHO DXOD DO ULWPR GH OD P~VLFD \ VH FRQJHODUiQ FXDQGR VH OD GHWHQJD 6H REVHUYDUiQODVGLYHUVDVIRUPDVGHODVHVWDWXDVFRQJHODGDV  /RVDOXPQRVWUDEDMDUiQHQJUXSR\FUHDUiQIRUPDVGLIHUHQWHVTXHFDPELDUiQFDGDYH]TXHVHHVFXFKHXQJROSHGH SDQGHURXRWUDLQGLFDFLyQVRQRUD 


 (QSHTXHxRVJUXSRVORVDOXPQRVFUHDUiQIRUPDVFRUUHVSRQGLHQWHVDFRQWHQLGRVWUDEDMDGRVHQODFODVHSRUHMHPSORXQ WULiQJXORLVyVFHOHVXQDPROpFXODGHKLGUyJHQRVLJQRVGHLQWHUURJDFLyQRXQDIHFKDKLVWyULFD  6HVHOHFFLRQDUiXQDIRUPDJUDQGH\FRPSOHMDWRPDGDGHORVFRQWHQLGRVDFDGpPLFRV\VHVROLFLWDUiDORVDOXPQRVTXHOD UHSUHVHQWHQSRUJUXSRV$OJXQRVWHPDVSRVLEOHVVRQXQWHRUHPDGHJHRPHWUtDXQVLVWHPDGHJRELHUQRXQDHVWUXFWXUD PROHFXODUODVSDUWHVHQTXHVHGLYLGHXQHQVD\RRODSURSDJDFLyQGHXQDHQIHUPHGDGFRQWDJLRVD (QHUJtD

 6H XWLOL]DUi P~VLFD R SHUFXVLyQ FRPR DFRPSDxDPLHQWR PLHQWUDV ORV DOXPQRV FRPLHQ]DQ D PRYHUVH FRQ HQHUJtD RVFLODQWH \ OXHJR FRQ HQHUJtD YLEUDQWH SDUD WHUPLQDU FRQ HQHUJtD VHUHQD 6H SRGUiQ LQYHQWDU VRQLGRV TXH LGHQWLILTXHQFDGDFDOLGDGGHHQHUJtD  /RVDOXPQRVVHXELFDUiQHQFtUFXORDILQGHTXHWRGRVSXHGDQYHUVH\SRUWXUQRFDGDXQRFRQGXFLUiODGDQ]D(OOtGHU HOLJHXQDFDOLGDGGHHQHUJtD\HMHFXWDXQDFRUHRJUDItDHVSRQWiQHDTXHORVGHPiVGHEHUiQLPLWDU  6H VHOHFFLRQDUiQ DFFLRQHV WRPDGDV GH ORV FRQWHQLGRV GH DSUHQGL]DMH WDOHV FRPR GLYLGLU WUDQVSRUWDU H[SORUDU LQYHVWLJDU R HGLWDU \ VH XWLOL]DUiQ DOJXQDV GH ODV FDOLGDGHV GH HQHUJtD R WRGDV HOODV SDUD WUDQVIRUPDU ODV DFFLRQHV HQ GDQ]D

8QDYH]TXHORVDOXPQRVKD\DQSUDFWLFDGRODVDFWLYLGDGHVGHLQLFLDFLyQSRGUiQXWLOL]DUHOHPHQWRVGHODGDQ]DSDUDFUHDU FRUHRJUDItDVDSDUWLUGH FXHQWRVSRHPDVKHFKRVKLVWyULFRV\IRUPXODVPDWHPiWLFDV$FRQWLQXDFLyQ SUHVHQWDPRVXQSURFHGLPLHQWRVHQFLOOR 6HFXHQFLDSDUDHODSUHQGL]DMHSRUPHGLRGHODGDQ]D

 (OHJLU XQ FXHQWR XQ VXFHVR R XQ SURFHVR SDUD WUDQVIRUPDUOR HQ GDQ]D 6H GHEHUi GLVSRQHU GH XQD VHOHFFLyQ PXVLFDO R GH XQ SDQGHURTXHORVDOXPQRVSXHGDQ XWLOL]DU 'LYLGLUODVHOHFFLyQHQHVFHQDVRVHFFLRQHV $VLJQDUFDGDVHFFLyQDXQJUXSRGHDOXPQRV  &DGD JUXSR GLVSRQGUi GH WLHPSR SDUD H[SORUDU GLIHUHQWHV IRUPDV GH XWLOL]DU ORV HOHPHQWRV GH OD GDQ]D \ SDUD FUHDU VX FRUHRJUDItD 7RGRVORVPLHPEURVGHOJUXSRWUDEDMDUiQMXQWRVSDUDFUHDUXQDIRUPDGHFRPLHQ]RRHQWUDGD\XQDIRUPDGHFLHUUHRVDOLGD 6HGHVLJQDUiXQQDUUDGRUSDUDOHHURH[SOLFDUFDGDVHFFLyQ  2UJDQL]DU WRGRV ORV HOHPHQWRV 0LHQWUDVHOQDUUDGRUH[SOLFDODDFFLyQORVDOXPQRV EDLODQODLQIRUPDFLyQ(VSUREDEOHTXHHO QDUUDGRU GHFLGD DFRPSDxDU VX H[SRVLFLyQ FRQ P~VLFD R SHUFXVLyQ D ILQ GH GHVWDFDU FRQWHQLGRV R PRYLPLHQWRV FUHDU HO FOLPD R LQVSLUDU D ORV EDLODULQHV 6H UHFRPLHQGD JUDEDU HQYLGHRODFRUHRJUDItDSDUDSRGHUYHUODPiVDGHODQWH\SUHSDUDUXQDIXQFLyQHQ YLYRRXQDSUR\HFFLyQGHODFLQWDSDUDSUHVHQWDUHQS~EOLFR 0XFKRV JUXSRV KDQ GHVFXELHUWR IRUPDV FUHDWLYDV GH LQFRUSRUDU OD GDQ]D D ODV iUHDV FXUULFXODUHV WUDGLFLRQDOHV 8QD GRFHQWH GH WHUFHUDxRGHHGXFDFLyQEiVLFD FUHyXQDFRUHRJUDItDSDUDORVSODQHWDVGXUDQWHHOGHVDUUROORGHXQDXQLGDGDFHUFDGHOHVSDFLR/RV DOXPQRV VH GHVSOD]DEDQ LPLWDQGR OD URWDFLyQ GH ORV SODQHWDV PLHQWUDV VH PRYtDQ FRUUHFWDPHQWH HQ VHQWLGR DQWLKRUDULR HQ VXV yUELWDV $TXHOORV TXH UHSUHVHQWDEDQ DO VRO D OD OXQD D ORV FRPHWDV \ D ORV PHWHRULWRV WDPELpQ PDQWHQtDQ OD UHODFLyQ HQWUH VXV PRYLPLHQWRV\ORVGHORVGHPiV

$ORVDOXPQRVGHWRGDVODVHGDGHVOHVHQFDQWDPRYHUVHUtWPLFDPHQWH3RGUiYHQFHUVHODUHVLVWHQFLDDEDLODUIUHQWHDORVGHPiV VL VHLQLFLDODDFWLYLGDGFRQXQDSURSXHVWDVHQFLOOD\VHHPSOHDQUHFXUVRVGHSUHFDOHQWDPLHQWR\MXHJRVGHPRYLPLHQWR1RREVWDQWH HV QHFHVDULR WHQHU HQ FXHQWD TXH HO PRYLPLHQWR FUHDWLYR GHEH FRPHQ]DU HQ HO GRFHQWH FRQ VX iUHD FXUULFXODU \ XQD SL]FD GH FUHDWLYLGDG1RH[LVWHXQDPDQHUDFRUUHFWDGHPRYHUVHREDLODU7RGRVSRGHPRVGHVFXEULUQXHVWUDIRUPDSUHIHULGDGHPRYHUQRV GHEDLODU\GHDSUHQGHU

0DWHULDOFRQFUHWR

$ -DYLHU XQ DOXPQR GH WHUFHU DxR GH HQVHxDQ]D EiVLFD OH HQFDQWDED KDFHU FRQVWUXFFLRQHV FRQ EORTXHV FRQ ODGULOORV OHJR FRQ HVFDUEDGLHQWHVFRQSDOLWRVGHKHODGR\FRQWRGRPDWHULDOTXHVHSXGLHUDHQVDPEODU'XUDQWHHOGHVDUUROORGHODXQLGDGGHKLVWRULD DQWLJXD-DYLHUGLVHxyXQREMHWRSDUDFDGDXQDGHODVFXOWXUDVTXHKDEtDHVWXGLDGR$VtFRQVWUX\y]LJXUDWVEDELORQLRVFRQODGULOORV OHJR SLUiPLGHV HJLSFLDV FRQ HVFDUEDGLHQWHV \ SODVWLOLQD OD *UDQ 0XUDOOD FKLQD FRQ GLPLQXWRV ODGULOORV GH DUFLOOD TXH pO PLVPR KDEtDIDEULFDGRHO3DUWHQyQJULHJRFRQHOWHOJRSRUTXHVHFRORFDFRPRSURWHFFLyQHQHOHPEDODMHGHODVFRPSXWDGRUDVSXHQWHV URPDQRV FRQ SDOLWRV GH KHODGR \ FKLQFKHV \ WHPSORV PD\DV FRQ SODQFKDV GH SOiVWLFR PROGHDGR TXH IRUPDEDQ SDUWH GH XQ YLHMR MXHJR GH TXtPLFD 6L ELHQ -DYLHU QR GHPRVWUDED GHPDVLDGR LQWHUpV SRU ODV DFWLYLGDGHV GHO DXOD VH OR YHtD PX\ HQWXVLDVPDGR FXDQGROOHYDEDDFDERVXVSUR\HFWRV/D+LVWRULDFREUDEDYLGDSDUDpOFXDQGRFRQVWUXtDODVHVWUXFWXUDVSHUWHQHFLHQWHVDFDGDpSRFD \FXOWXUDHVWXGLDGDV 3LDJHW\RWURVLQYHVWLJDGRUHVKDQGHVWDFDGRODLPSRUWDQFLDGHOWUDEDMRFRQPDWHULDOFRQFUHWRSDUDHOSURFHVRGHDSUHQGL]DMH&RQ IUHFXHQFLD HO HPSOHR GH EORTXHV OyJLFRV FXERV SOiVWLFRV EDUUDV GH FRORUHV PDSDV \ SODQRV URPSHFDEH]DV \ RWUDV FODVHV GH 


PDWHULDOFRQFUHWRVDWLVIDFHQHFHVLGDGHVQRVyORWiFWLOHVVLQRWDPELpQ HYROXWLYDVHQORVDOXPQRV(VWRVPDWHULDOHVSXHGHQXWLOL]DUVH SDUD UHSURGXFLU WRGR WLSR GH REMHWRV GHVGH IRUPDV JHRPpWULFDV D PXHVWUDV GH DUTXLWHFWXUD JULHJD R PROpFXODV FRPSOHMDV GHO D]~FDU$TXHOORVHOHPHQWRVGHVXHQWRUQRTXHHODOXPQRSXHGHYHU\WRFDUSHUPLWHQHODSUHQGL]DMHGHPDQHUDVWDOHVTXHVXSHUDQ ODVSRVLELOLGDGHVGHODOHFWXUD\ODHVFULWXUD ([LVWH XQD JUDQ FDQWLGDG GH PDWHULDO GLGiFWLFR TXH SHUPLWH PHMRUDU OD FDOLGDG GHO DSUHQGL]DMH GH FRQWHQLGRV HQ PDWHPiWLFD RUWRJUDItD FLHQFLDV OHFWXUD R JHRJUDItD 6LQ HPEDUJR PXFKDV YHFHV ORV GRFHQWHV QHFHVLWDQ PDWHULDOHV SDUD HO GHVDUUROOR GH XQD GHWHUPLQDGDXQLGDGTXHQRVHHQFXHQWUDQDODYHQWD/DVILFKDVGHDFWLYLGDGHV\ORVURPSHFDEH]DVTXHSUHVHQWDPRVDFRQWLQXDFLyQ EULQGDQXQDRSFLyQSDUDIDEULFDUPDWHULDOGHWUDEDMRHQHODXODTXHQRUHVXOWDFRVWRVR )LFKDVGHDFWLYLGDGHV

5LWD\.HQQHWK'XQQHQVXOLEUR 7HDFKLQJ6WXGHQWVWKURXJK7KHLU,QGLYLGXDO/HDUQLQJ6W\OHV 'LVHxRGHODHQVHxDQ]DGHDFXHUGRFRQ HO HVWLOR LQGLYLGXDO GH FDGD DOXPQR  UHFRPLHQGDQ OD FUHDFLyQ GH ILFKDV GH DFWLYLGDGHV FRPR UHFXUVR GLGiFWLFR (VWDV ILFKDV HQULTXHFHQ OD HQVHxDQ]DHQWRGDVODViUHDV\SHUPLWHQSUHVHQWDUHMHUFLWDU\UHYLVDUFRQWHQLGRVGHDSUHQGL]DMH/DFRQIHFFLyQGH HVWDFODVHGHPDWHULDOHVVHQFLOOD\VDWLVIDFHHOGHVHRGHYHU\WRFDUDOPLVPRWLHPSR 6HUHTXLHUHQSRFRVPDWHULDOHVSDUDIDEULFDUILFKDVGHDFWLYLGDGHV/RVHOHPHQWRVEiVLFRVVRQWDUMHWDVGH[FPRGH[ FPWLMHUDV\XQDFDMDGHPDUFDGRUHVGHFRORUHV&DGDWDUMHWDVHGLYLGHHQGRVSDUWHVFRQHOGLVHxRGHXQURPSHFDEH]DV(QXQDGH ODVSDUWHVVHHVFULEHXQDSUHJXQWDRXQDSDODEUD\HQODRWUDODUHVSXHVWDRODGHILQLFLyQ$TXtSUHVHQWDPRVDOJXQRVHMHPSORV

8QDYH]TXHVHKD\DSUHSDUDGRXQFRQMXQWRGHILFKDVORVDOXPQRVWUDEDMDUiQSRUSDUHVRHQSHTXHxRVJUXSRVSDUDKDFHU FRLQFLGLU ODV SDUWHV VROLFLWDQGR OD LQIRUPDFLyQ SRU WXUQR D VXV SDUHV $GHPiV GH KDFHU FRLQFLGLU ODV ILFKDV GH PDQHUD HVSDFLDO\WiFWLOORVDOXPQRVGHEHUiQSRGHUH[SOLFDURUDOPHQWHORVFRQWHQLGRVGHFDGDXQDDILQ GHUHIRU]DUHODSUHQGL]DMH (QDOJXQRVFDVRVVHSRGUiQRUGHQDUODVILFKDVHVWDEOHFLHQGRXQGHWHUPLQDGRFULWHULR &XDQGR VH KD\D FRPSOHWDGR HO WUDEDMR FRQ HO SULPHU FRQMXQWR GH ILFKDV VXUJLUiQ QXPHURVDV PDQHUDV LQJHQLRVDV SDUD SUHSDUDURWURV$OJXQDVSRGUiQLQFOXLUSLH]DVPyYLOHVFyGLJRVGHFRORUHVXRSFLRQHVSDUDDXWRFRUUHFFLyQ(VSUREDEOHTXH ORV DOXPQRV VH RIUH]FDQ SDUD GLVHxDU VXV SURSLDV ILFKDV HOOR OHV SHUPLWLUi UHIRU]DU HO DSUHQGL]DMH R XWLOL]DUODV SDUD SURSRUFLRQDUHQVHxDQ]DDVXVSDUHV6HSRGUiQFRQVWUXLUFDMDVGHFRUDGDVRHWLTXHWDGDVSDUDJXDUGDUFDGDFRQMXQWRGHILFKDV 5RPSHFDEH]DVFRQILFKDVGHDFWLYLGDGHV 8QDYDULDQWHSDUDHOWUDEDMRFRQILFKDVGHDFWLYLGDGHVFRQVLVWHHQRUJDQL]DUODVHQXQURPSHFDEH]DVFRQVWUXLGRFRQXQD SODQFKDGHFDUWyQGH[FPRGHPD\RUHVGLPHQVLRQHV(QODSLH]DFHQWUDOVHHVFULEHHOWHPDSULQFLSDO\ORVVXEWHPDVR GHWDOOHVDFFHVRULRVVHXELFDQDVXDOUHGHGRU/XHJRVHUHFRUWDQODVSLH]DV\VHODVPH]FOD8QDYH]TXHHODOXPQRKDDUPDGR HOURPSHFDEH]DVGHEHGLVSRQHUGHWLHPSRSDUDHVWXGLDU\UHIOH[LRQDUDFHUFDGHODLQIRUPDFLyQTXHFRQWLHQH7DPELpQSRGUi DJUHJDUOH LQIRUPDFLyQ DGLFLRQDO UHHPSOD]DU DOJXQD GH ODV SLH]DV SDUDIUDVHDQGR OD LQIRUPDFLyQ R XWLOL]DU ORV GDWRV TXH SURSRUFLRQDHOURPSHFDEH]DVSDUDFUHDUXQFRQMXQWRGHILFKDV $ PRGR GH HMHPSOR LQFOXLPRV XQ URPSHFDEH]DV HQ HO TXH VH SURSRUFLRQD LQIRUPDFLyQ DFHUFD GH ORV SURFHVRV GH DSUHQGL]DMH FLQHVWpVLFR TXH VH DERUGDQ HQ HO SUHVHQWH FDStWXOR 8QD YH] PiVSRGHPRVDILUPDUTXHHVSRVLEOHSUHVHQWDUR UHYLVDUP~OWLSOHViUHDVGHFRQWHQLGRSRUPHGLRGHHVWDHVWUDWHJLDWiFWLO




6HOORV

/RV VHOORV VRQ PDWHULDOHV SDUD HO WUDEDMR HQ HO DXOD FX\D IDEULFDFLyQ HV PX\ VHQFLOOD 3XHGHQ XWLOL]DUVH PDWHULDOHV GH XVR GLDULR WDOHVFRPRYHUGXUDVSODQWDVHVSRQMDVWHOJRSRUKXHYHUDV\HVROLQyOHRWDFRVGHPDGHUD\FDUWyQ6LVHDGKLHUHFRQSHJDPHQWR XQWUR]RGHFRUGyQDXQDYDULOODDXQFDUUHWHODXQURGLOORRDXQSDORGHDUUDVDUVHREWHQGUiXQVHOORVLQItQ,QFOXVRORVGHGRV SXHGHQXWLOL]DUVHHILFD]PHQWHFRPRVHOORV )DEULFDFLyQGH VHOORVHQHODXOD

8QDGHODVIRUPDVPiVEDUDWDV\VHQFLOODVSDUDIDEULFDUVHOORVGXUDEOHV\UHVLVWHQWHVFRQVLVWHHQXWLOL]DUHOFDXFKRGHODVFiPDUDV GHQHXPiWLFRV(QWRGDVODVJRPHUtDVSXHGHQREWHQHUVHFiPDUDVJUDWXLWDPHQWH  &RUWDUHOFDXFKRFRQWLMHUDHQFXDGUDGRVGHFPGHODGR\UHSDUWLUORVHQWUHORVDOXPQRV

 &RUWDU SHTXHxRV EORTXHV GH PDGHUD XQR SDUD FDGD DOXPQR /RV UHFRUWHV GH DOJ~Q WDOOHU GH FDUSLQWHUtD HQ OLVWRQHV GH XQRV FLQFRFHQWtPHWURVGHODUJRUHVXOWDUiQDSURSLDGRV

 /RVDOXPQRVFRPHQ]DUiQSRUGLEXMDUVREUHSDSHOXQPRGHORRVLOXHWDSDUDHOVHOOR&XDQGRORKD\DQWHUPLQDGRORUHFRUWDUiQ HQFDXFKRXWLOL]DQGRXQLQVWUXPHQWRDILODGR  $ FRQWLQXDFLyQ VH SHJDUiQ ORV GLVHxRV VREUH ORV EORTXHV GHPDGHUD 6HUHFRUGDUiTXHHOVHOORLPSULPHODILJXUDLQYHUWLGD FRPR VL VH OD HVWXYLHUD YLHQGR HQ XQ HVSHMR  (VSUREDEOHTXHORVDOXPQRVFRORTXHQXQVHOORHQDPERVH[WUHPRVGHOEORTXHGH PDGHUD3RGUiXWLOL]DUVHFXDOTXLHUFODVHGHSHJDPHQWRSHURVHUiIXQGDPHQWDOTXHVHVHTXHELHQSUHIHUHQWHPHQWHGHXQGtDSDUD RWUR

 /DVDOPRKDGLOODV\ODWLQWDSDUDVHOORVUHVXOWDQHILFDFHVSDUDHVWDPSDUORVGLVHxRV\UHTXLHUHQPX\SRFDOLPSLH]D/DWLQWDSDUD LPSULPLU HV PiV GXUDGHUD \ RWRUJD XQ DVSHFWR SURIHVLRQDO DO WUDEDMR PLHQWUDV TXH OD WHPSHUD HV EDUDWD SHUR VXHOH RFDVLRQDU DFFLGHQWHV /RV DOXPQRV GHO SULPHU FLFOR GH HGXFDFLyQ EiVLFD SXHGHQ XWLOL]DU PDUFDGRUHV SDUD SLQWDU HO VHOOR GLUHFWDPHQWH \ UHDOL]DUHVWDPSDGRVVHQFLOORV 7DQWRORVVHOORVGHIDEULFDFLyQFDVHUDFRPRORVTXHVHYHQGHQHQORVFRPHUFLRVRIUHFHQLQQXPHUDEOHVSRVLELOLGDGHVGHXVR/XHJR GH IDEULFDUORV ORV DOXPQRV SRGUiQ HPSOHDUORV GH PX\ GLYHUVDV PDQHUDV ORV SUREOHPDV \ ODV VROXFLRQHV PDWHPiWLFDV SXHGHQ HVWDPSDUVH FDGD DOXPQR SRGUi VHOODU VXV WUDEDMRV VH SRGUiQ HVWXGLDU PRGHORV HQ DUWH P~VLFD R PDWHPiWLFD HQ FLHQFLDV QDWXUDOHV ORV VHOORV SHUPLWLUiQ FUHDU FDGHQDV PROHFXODUHV FLUFXLWRV HOpFWULFRV R FRPSRQHQWHV GH XQD FpOXOD HQ OHQJXD SRGUiQ XWLOL]DUVH VHOORV SDUD SXQWXDU ORV WH[WRV /DV XQLGDGHV UHODFLRQDGDV FRQ KLVWRULD GHO DUWH R SHUVSHFWLYDV PXOWLFXOWXUDOHV HVWDUiQ LQFRPSOHWDV VL QR VH WUDEDMD FRQ VHOORV \D TXH D WUDYpV GHO WLHPSR WRGDV ODV FXOWXUDV ORV KDQ LQFRUSRUDGR HQ XVRV TXH DEDUFDQ GHVGH OD FDOLJUDItD GH PDQXVFULWRV KDVWD OD GHFRUDFLyQ GH WUDMHV GH ERGD /RV DOXPQRV SRGUiQ XWLOL]DU GLVHxRV FRPXQHV FRPR IOHFKDVHVWUHOODVFRUD]RQHVXRWURVVtPERORVSDUDFUHDUORJRVRVLPSOHPHQWHSDUDHPEHOOHFHUHOWUDEDMRGHODXOD

-XHJRVHQHODXOD




/DHQVHxDQ]DEDVDGDHQHOMXHJRFXHQWDFRQQXPHURVRVDGHSWRV-RKQ'HZH\VRVWHQtDTXHORVMXHJRVGHEHQVHUSDUWHLQWHJUDOGHOD HVFRODULGDG GHELGR D TXH SURSRUFLRQDQ H[SHULHQFLDV SRVLWLYDV GH DSUHQGL]DMH DFWLYR *HRUJH +HUEHUW 0HDG FROHJD GH 'HZH\ UHFRQRFLyVXLPSRUWDQFLDSDUDORJUDUXQDVDOXGDEOHVRFLDOL]DFLyQGHORVQLxRV$WUDYpVGHOMXHJRORVQLxRVDSUHQGHQDLPLWDU\ DVXPLUGLYHUVRVUROHVVRFLDOHV$VLPLVPR-HDQ3LDJHWGHVWDFyODLPSRUWDQFLDGHODDFWLYLGDGO~GLFDHQHOGHVDUUROORFRJQLWLYR

/RV MXHJRV SURSRQHQ D ORV DOXPQRV VLWXDFLRQHV LPDJLQDWLYDV \ GHVDItRV TXH OHV SHUPLWHQ DXPHQWDU VXV FRQRFLPLHQWRV WRPDU GHFLVLRQHV \ GHVDUUROODU KDELOLGDGHV LQWHUSHUVRQDOHV &XDQGR HO DSUHQGL]DMH VH SURGXFH D WUDYpV GHO MXHJR OD PD\RUtD GH ORV DOXPQRVHQFXHQWUDHVWLPXOR\PRWLYDFLyQSDUDFRQWLQXDUORVHVWXGLRV /RV MXHJRV H[LVWHQ HQ GLYHUVDV IRUPDV TXH LQFOX\HQ GHVGH VLWXDFLRQHV WDQ VLPSOHV FRPR OD PDQFKD R ODV HVFRQGLGDV \ KDVWD H[SHULHQFLDV WHFQROyJLFDV PX\ HODERUDGDV -XHJRV WDOHV FRPR OD ORWHUtD R HO DKRUFDGR VRQFRPXQHVHQHODXOD6LQHPEDUJRORV GRFHQWHV VXHOHQ UHTXHULU MXHJRV TXH SHUPLWDQ HQVHxDU FRQWHQLGRV DFDGpPLFRV HVSHFtILFRV /RV TXH VH GHVFULEHQ HQ OD VLJXLHQWH VHFFLyQ VRQ IiFLOHV GH RUJDQL]DU \ VH DGDSWDQ D WRGDV ODV iUHDV GH FRQWHQLGR 6H LQFOX\HQ E~VTXHGDV GHO WHVRUR MXHJRV GH PRYLPLHQWRMXHJRVGHUHVSXHVWDItVLFDWRWDOTXHDSOLFDQHOPRGHORGHVDUUROODGRSRU-DPHV$VKHUSDUDHODSUHQGL]DMHGHOHQJXDV H[WUDQMHUDV\XQMXHJRGHUHYLVLyQJHQHUDO -XHJRVGHPRYLPLHQWR

/RV MXHJRV GH PRYLPLHQWR SHUPLWHQ UHIRU]DU WRGD FODVH GH FRQWHQLGR DFDGpPLFR 3DUD SUHSDUDU ORV MXHJRV TXH VH GHVFULEHQ D FRQWLQXDFLyQVyORVHQHFHVLWDQHOHPHQWRVWDQVLPSOHVFRPRSODWRVGHSDSHO\PDUFDGRUHVGHFRORUHV -XHJRVFRQSODWRVGHSDSHO

8QIRUPDWRGHDSUHQGL]DMHItVLFRHILFD]HVHOMXHJRFRQSODWRVGHSDSHO(OGRFHQWHHVFULEHLQIRUPDFLyQHQSODWRVGHSDSHOTXHVH FRORFDQHQHOSLVRDPHGLRPHWURGHGLVWDQFLDXQRGHORWUR3RUHMHPSORHOGRFHQWHGHFLHQFLDVQDWXUDOHVRUJDQL]DXQMXHJRSDUD UHDOL]DUODUHYLVLyQGHORVQRPEUHV\VtPERORVGHORVHOHPHQWRVTXtPLFRV(VFULELUi& SDUDHOFDUERQR HQWUHVRFXDWURSODWRV&D SDUDHOFDOFLR + SDUDHOKLGUyJHQR \0J SDUDHOPDJQHVLR HQGLVWLQWRVSODWRV(VQHFHVDULRHVFULELUFDGDVtPERORWUHVRFXDWUR YHFHVDILQGHGLVSRQHUGHYDULRVHMHPSODUHVLJXDOHV/XHJRHOGRFHQWHIRUPDXQJUXSRFRQFXDWURRVHLVDOXPQRVTXHVHRIUH]FDQ SDUDSDUWLFLSDUHQHOMXHJR

(OMXHJRFRQVWDGHGRVUHJODVPX\VLPSOHVORVDOXPQRVQRGHEHUiQKDEODURWRFDUDQDGLHPLHQWUDVHVWpQMXJDQGR\GHEHUiQVDOWDU HQ VLOHQFLR KDFLD OD UHVSXHVWD TXH FUHDQ FRUUHFWD &XDQGR HVWpQ OLVWRV SDUD FRPHQ]DU HO GRFHQWH QRPEUDUi XQ HOHPHQWR \ ORV DOXPQRV VDOWDUiQVREUHHOSODWRGHSDSHOTXHFRQWHQJDHOVtPERORFRUUHFWR/RVDOXPQRVTXHQRHVWpQMXJDQGRYHULILFDUiQVLORV SDUWLFLSDQWHVKDQHOHJLGRODUHVSXHVWDFRUUHFWD $ ORV DOXPQRV OHV JXVWD HVWH MXHJR TXH SXHGH DGDSWDUVH IiFLOPHQWH SDUD WUDEDMDU FRQWHQLGRV GH FLHQFLDV QDWXUDOHV PDWHPiWLFD OHQJXDDUWHOHQJXDVH[WUDQMHUDVRFXLGDGRGHODVDOXG 'LDJUDPDVGHIOXMRFLQHVWpVLFRV

(VSRVLEOHFUHDUQXPHURVRVMXHJRVGHPRYLPLHQWRGHWRGDVFODVHVDSDUWLUGHIRUPDWRVVLPSOHVGHGLDJUDPDGHIOXMR(OFRQWHQLGR DFDGpPLFR TXH PHMRU VH DGDSWD SDUD HVWH MXHJR HV OD VHFXHQFLD WDO FRPR VH SUHVHQWD HQ OD HVWUXFWXUD QDUUDWLYD HQ ODV IRUPXODV PDWHPiWLFDV HQ ODV UHFHWDV GH FRFLQD HQ ORV SURFHVRV FLHQWtILFRV R HQ ORV VXFHVRV KLVWyULFRV GRV GRFHQWHV R ORV DOXPQRV FRPHQ]DUiQSRUGLVHQDUXQGLDJUDPDGHIOXMRHQXQDKRMDGHFXDGHUQR\OXHJRORWUDQVIHULUiQDXQDVXSHUILFLHPiVJUDQGHHQSDSHO PDGHUDRYLQtOLFRSDUDFUHDUXQGLDJUDPDGHIOXMRFLQHVWpVLFRVHFRPHQ]DUiSRUFRQVLGHUDUODLQIRUPDFLyQTXHGHEHLQFOXLUVHHQ FDGDXQDGHODVFHOGDVTXHDSDUHFHQDFRQWLQXDFLyQ




6HUHFRUWDUiQODVFHOGDV\VHODVRUJDQL]DUiHQXQDVHFXHQFLDOyJLFD6HXWLOL]DUiQIOHFKDVSDUDLQGLFDUHORUGHQGHORVSDVRV8QD YH]TXHVHKD\DFRPSOHWDGRHOGLVHxRVHORWUDQVIHULUiDXQDOiPLQDGHSDSHOPDGHUDRYLQtOLFRGHODVLJXLHQWHPDQHUD

&XDQGR HO GLDJUDPD HVWp OLVWR ORV DOXPQRV OR UHFRUUHUiQ FDPLQDQGR R VDOWDQGR PLHQWUDV YHUEDOL]DQ OD LQIRUPDFLyQ TXH HVWiQ SLVDQGR(VWDYHUEDOL]DFLyQUHIXHU]DHODSUHQGL]DMHFLQHVWpVLFRGHOFRQWHQLGRDFDGpPLFR(QHOFDSLWXORGHGLFDGRDODLQWHOLJHQFLD YLVXDOHVSDFLDOVHLQFOX\HQHMHPSORVGHGLDJUDPDVGHIOXMR -XHJRVGHUHVSXHVWDILVLFDWRWDO

(O 'U -DPHV $VKHU SURIHVRU GH OD 8QLYHUVLGDG (VWDWDO GH 6DQ -RVp &DOLIRUQLD GHVDUUROOy XQ PpWRGR SDUD HO DSUHQGL]DMH GH OHQJXDV H[WUDQMHUDV GHQRPLQDGR 5HVSXHVWD )tVLFD 7RWDO 5)7  (VWH PpWRGR EDVDGR HQ HO PRYLPLHQWR SURSRQH D ORV DOXPQRV MXHJRV \ DFWLYLGDGHV FLQHVWpVLFDV SDUD HO DSUHQGL]DMH GH XQD VHJXQGD OHQJXD (O HQIRTXH GH $VKHU UHIOHMD OD PDQHUD HQ TXH ORV QLxRV DGTXLHUHQ VX OHQJXD PDWHUQD SRU PHGLR GH FRQVLJQDV RUDOHV DFRPSDxDGDV GH PRYLPLHQWRV DSURSLDGRV TXH H[SOLFDQ \ UHIXHU]DQODVFRQVLJQDV/RVJHVWRVGHOGRFHQWH\VXVLQWHUDFFLRQHVFRQORVREMHWRVWUDQVPLWHQHOVLJQLILFDGRGHODSDODEUDHVFULWD /RV DOXPQRV LPLWDQ ORV PRYLPLHQWRV GHO GRFHQWH \ FXHQWDQ FRQ HVWtPXOR SDUD HPSOHDU SDODEUDV HQ OD PHGLGD HQ TXH VH VLHQWHQ VHJXURVSDUDKDFHUOR'HELGRDVXp[LWRORVFRPSRQHQWHVGHOD5)7VHKDQDGDSWDGRDODHGXFDFLyQJHQHUDO6XQDWXUDOH]DO~GLFD VHWUDQVILHUHIiFLOPHQWHDODHQVHxDQ]DGHWRGDVODViUHDVGHFRQWHQLGReVWRVVRQDOJXQRVGHORVMXHJRVSURSXHVWRVSDUDiUHDVGH KDELOLGDGHVEiVLFDV 0DWHPiWLFDGLYLGLUDORVDOXPQRVHQWUHVJUXSRVGHFLPDOHVIUDFFLRQHV\SRUFHQWDMHV2WRUJDUDFDGDJUXSRXQRVPLQXWRVSDUD LGHQWLILFDUODVYHQWDMDVGHVHUXQDIUDFFLyQXQQ~PHURGHFLPDORXQSRUFHQWDMH/XHJRFDGDJUXSRLQWHQWDUiFRQYHQFHUDORVRWURV GRVDFHUFDGHODVXSHULRULGDGGHVXSURFHVRPDWHPiWLFR

/RVDOXPQRVIRUPDQXQFtUFXOR\VHDUURMDXQDSHORWDDDOJXQRGHVXVLQWHJUDQWHV8QRGHORVDOXPQRVRHOGRFHQWHHQXQFLDXQD RSHUDFLyQPDWHPiWLFDORVDOXPQRVTXHVHSDQODUHVSXHVWDOHYDQWDUiQODPDQR\VHDUURMDUiODSHORWDDTXLHQGHEDSURSRUFLRQDUOD UHVSXHVWD/XHJRVHIRUPXODRWUDSUHJXQWD(ODOXPQRTXHWLHQHODSHORWDVHODSDVDDDOJXQRGHORVTXHKD\DOHYDQWDGRODPDQR &DGDYH]TXHVHUHVSRQGHFRUUHFWDPHQWHXQDSUHJXQWDVHSDVDODSHORWDDRWURDOXPQR/RVDOXPQRVTXHWHQJDQGLILFXOWDGHVSDUD UHVSRQGHUFRUUHFWDPHQWHSRGUiQHQFDUJDUVHGHIRUPXODUODVSUHJXQWDVDQWHVGHFRPHQ]DUDMXJDU(OREMHWLYRGHOMXHJRFRQVLVWHHQ EULQGDUODRSRUWXQLGDGGHTXHWRGRVWHQJDQXQDH[SHULHQFLDGHDSUHQGL]DMHH[LWRVD

&LHQFLDV QDWXUDOHV ORV DOXPQRV VH GLYLGLUiQ HQ JUXSRV FX\RV LQWHJUDQWHV UHSUHVHQWDUiQ D HOHPHQWRV TXtPLFRV TXH VH FRPELQDQ SDUD IRUPDU GLIHUHQWHV PROpFXODV 3RU HMHPSOR XQ JUXSR SRGUtD VHU PHWDQR &+  RWUR JUXSR DJXD +  \ RWUR WULy[LGR GH D]XIUH 6  &DGD JUXSR GHEHUi GHFLGLU OD FDQWLGDG GH iWRPRV GH FDGD HOHPHQWR TXHSUHVHQWDUiDODFODVH/RVGHPiVDOXPQRV GHEHUiQUHFRQRFHUODLGHQWLGDGGHFDGDFRPSXHVWRDOYHUODIyUPXOD\HOJUXSRTXHODUHSUHVHQWDSRGUiUHDOL]DUXQJUiILFRGHOD PLVPDHQHOSL]DUUyQ 2WUDViUHDVFXUULFXODUHVGLEXMDUFRQWL]DVREUHXQSLVRGHFHPHQWRRDOIRPEUDXQGLDJUDPDSDUDMXJDUDODUD\XHOD'HQWURGHFDGD FDVLOODVHHVFULELUiXQDSDODEUDFX\DRUWRJUDItDVHHVWpHVWXGLDQGRHQFODVH/RVDOXPQRVUHFRUUHUiQHOGLDJUDPDVHJ~QODVUHJODV GHO MXHJR SHUR VyOR SRGUiQ DYDQ]DU VL GHILQHQ FRUUHFWDPHQWH GHOHWUHDQ VHSDUDQ HQ VtODEDV R SURSRUFLRQDQXQVLQyQLPRSDUDOD SDODEUDGHODFDVLOODHQODTXHVHKDQGHWHQLGR 6LVHVROLFLWDODFRODERUDFLyQGHORVDOXPQRVSDUDFUHDUMXHJRVEDVDGRVHQORVWHPDVGHHVWXGLRVHJHQHUDUiQP~OWLSOHVLGHDV 'HYH]HQFXDQGRHOGRFHQWHSRGUtDDVLJQDUODFUHDFLyQGHXQMXHJRSDUDODFODVHFRPRWDUHDRSWDWLYD

MXHJRFKHUHYLVLyQJHQHUDO 6LHOGRFHQWHGHFLGHUHDOL]DUXQDUHYLVLyQFLQHVWpVLFDGHPDWHULDODFDGpPLFRFRQVXVDOXPQRVVyORGHEHUiUHXQLUXQRV SRFRV PDWHULDOHV \ SUHSDUDU HO VLJXLHQWH MXHJR 6H QHFHVLWDUiQ XQD WDUMHWD SDUD FDGD DOXPQR PDUFDGRUHV GH GLIHUHQWHV FRORUHV\XQRYLOORJUDQGHGHKLORJUXHVR(QODVWDUMHWDVORVDOXPQRVHVFULEHQDOJ~QHOHPHQWRGHYRFDEXODULRXQDIHFKDR XQ QRPEUH TXH KD\DQ DSUHQGLGR HQ FODVH UHFLHQWHPHQWH (Q OD PHGLGD GH OR SRVLEOH FDGD WDUMHWD GHEHUi FRQWHQHU LQIRUPDFLyQGLVWLQWDGHWRGDVODVGHPiV 8QDYH]OLVWDVODVWDUMHWDVVHGDUiFRPLHQ]RDOMXHJR/DVWDUMHWDVVHDJUXSDUiQPH]FODUiQ\UHSDUWLUiQHQWUHORVDOXPQRV TXHVHVHQWDUiQHQHOVXHORIRUPDQGRXQFLUFXOR(OGRFHQWHDUURMDUiHORYLOORGHKLORDXQRGHORVDOXPQRVTXLHQOHHUiOD 


LQIRUPDFLyQ TXH FRQWLHQH VX WDUMHWD \ DJUHJDUi WRGRV ORV GDWRV TXH SXHGD 6L QR UHFXHUGD QDGD DFHUFD GHO WHPD SRGUi VROLFLWDUD\XGDDODOXPQRRDOXPQDTXHVHHQFXHQWUHDVXL]TXLHUGDRDVXGHUHFKD/XHJRGHTXHVHKD\DSURSRUFLRQDGROD LQIRUPDFLyQDOJUXSRRWURVDOXPQRVSRGUiQOHYDQWDUODPDQRSDUDH[SOLFDUGHTXpPDQHUDVHUHODFLRQDHOWHPDFRQORVGDWRV TXHFRQWLHQHQVXVWDUMHWDV(ODOXPQRTXHWLHQHHORYLOORHQURVFDUiHOH[WUHPRGHOKLORDOUHGHGRUGHXQRGHVXVGHGRV\OXHJR ORDUURMDUiDDOJ~QDOXPQRGHORVTXHKD\DQOHYDQWDGRODPDQR(OVHJXQGRDOXPQRUHODFLRQDUiODLQIRUPDFLyQGHVXWDUMHWD FRQODTXHVHKDPHQFLRQDGRDQWHV\DJUHJDUiGDWRVTXHRWURVDOXPQRVSXHGHQRIUHFHUVHSDUDFRPSOHWDU 'XUDQWH OD SULPHUD URQGD FDGD DOXPQR SDUWLFLSDUi \ UHFLELUi HO RYLOOR GH KLOR VRODPHQWH XQD YH] 3RGUiQ DJUHJDUVH URQGDV DGLFLRQDOHV VL ORV DOXPQRV \ HO GRFHQWH OR FUHHQ QHFHVDULR (O KLOR TXH FRQHFWD D ORV SDUWLFLSDQWHV GHPXHVWUD GH PDQHUD YLVXDO \FLQHVWpVLFDODVUHODFLRQHVTXHH[LVWHQHQWUHORVGLVWLQWRVHOHPHQWRVGHODLQIRUPDFLyQ\SURSRUFLRQDDORV DOXPQRVXQDHQWUHWHQLGDDFWLYLGDGGHUHYLVLyQ 'XUDQWH HO GHVDUUROOR GHO MXHJR HO GRFHQWH SRGUi YDULDU HO PRGR GH LQWHUURJDFLyQ D ILQ GH SURPRYHU KDELOLGDGHV GH SHQVDPLHQWRGHDOWRQLYHO/XHJRGHTXHKD\DQSDUWLFLSDGRVHLVRVLHWHDOXPQRVRGXUDQWHXQDVHJXQGDURQGD HOGRFHQWH SRGUiVROLFLWDUDDOJ~QDOXPQRTXHVHxDOHODVGLIHUHQFLDVHQWUHODLQIRUPDFLyQLQFOXLGDHQVXWDUMHWD\ODTXHVHKDSUHVHQWDGR KDVWD HVH PRPHQWR WDQWR VL HV FRUUHFWD FRPR LQFRUUHFWD \R TXH SUHVHQWH QXHYDV UHVSXHVWDV TXH VHDQ RULJLQDOHV H LPDJLQDWLYDV(OMXHJRILQDOL]DFXDQGRWRGRVKDQSDUWLFLSDGR$OJXQRGHORVDOXPQRVSRGUiHQFDUJDUVHGHUHERELQDUHOKLORD ILQGHXWLOL]DUORHQRWUDRFDVLyQ

(GXFDFLyQItVLFD

/DV DVRFLDFLRQHV GHSRUWLYDV \ HGXFDWLYDV SURSRQHQ UHGHILQLU HO FRQFHSWR GH HGXFDFLyQ ItVLFD (Q OXJDU GH FRQVLGHUDUOD XQD DVLJQDWXUDTXHVHGLFWDHQHOJLPQDVLRWUHVRPiVYHFHVSRUVHPDQDPXFKRVGHHVWRVJUXSRVVRVWLHQHQTXHGHEHGHVDUUROODUVHXQD SHUVSHFWLYD PiV DPSOLD SDUDHVWDiUHD(QHO&RPLWpGH/RJURGHOD$VRFLDFLyQ1DFLRQDOSDUDHO'HSRUWH\OD(GXFDFLyQ )tVLFD GH ORV (VWDGRV 8QLGRV HVWDEOHFLy OD GHILQLFLyQ GH SHUVRQD ItVLFDPHQWH HGXFDGD 'LFKD GHILQLFLyQ GHVWDFD XQ DVSHFWR IXQGDPHQWDOGHODLQWHOLJHQFLDFLQHVWpVLFDODLPSRUWDQFLDGHFRQRFHU\SDUWLFLSDUGHDFWLYLGDGHVGHSURPRFLyQGHODVDOXG$VtVH GHILQLHURQFXDWURFDUDFWHUtVWLFDVSULQFLSDOHVGHODSHUVRQDItVLFDPHQWHHGXFDGD

8QDSHUVRQDItVLFDPHQWHHGXFDGDKDDSUHQGLGRODVKDELOLGDGHVQHFHVDULDVSDUDUHDOL]DUXQDJUDQYDULHGDGGHDFWLYLGDGHVItVLFDV 6HPXHYHDSOLFDQGRORVFRQFHSWRVGHFRQFLHQFLDFRUSRUDOFRQFLHQFLDHVSDFLDOHVIXHU]R\UHODFLRQHVGHPXHVWUDFRPSHWHQFLDHQ XQDVHULHGHKDELOLGDGHVLQGLYLGXDOHV\JUXSDOHVSRVHHGRPLQLRGHDOJXQDVIRUPDVGHDFWLYLGDGItVLFD\KDDSUHQGLGRIRUPDVGH DSUHQGHUQXHYDVKDELOLGDGHVItVLFDV 8QDSHUVRQDItVLFDPHQWHHGXFDGDVHHQFXHQWUDHQEXHQHVWDGRItVLFR\SXHGHHYDOXDUDOFDQ]DU\PDQWHQHUWDOHVWDGRGLVHxDQGR SURJUDPDVSHUVRQDOHVTXHFRQWHPSOHQXQHQWUHQDPLHQWRDGHFXDGR\SULQFLSLRVRULHQWDGRUHV 8QDSHUVRQDItVLFDPHQWHHGXFDGDSDUWLFLSDUHJXODUPHQWHGHDFWLYLGDGHVGH SURPRFLyQ GH OD VDOXG DO PHQRV WUHV YHFHV SRU VHPDQD\VHOHFFLRQD\OOHYDDFDERDFWLYLGDGHVItVLFDVGXUDQWHWRGDODYLGD 8QDSHUVRQDItVLFDPHQWHHGXFDGDLGHQWLILFDORVEHQHILFLRVFRVWRVREOLJDFLRQHV\IDFWRUHVGHULHVJR\VHJXULGDGLQKHUHQWHVDVX DFWLYLGDG ItVLFD (VWD SHUVRQD FRQRFH ODV UHJODV HVWUDWHJLDV \ FRQGXFWDV DSURSLDGDV SDUD ODV DFWLYLGDGHV TXH KD HOHJLGR \ FRPSUHQGHTXHHOELHQHVWDULPSOLFDPXFKRPiVTXHFRQWDUFRQXQEXHQHVWDGRItVLFR$GHPiVUHFRQRFHUiTXHODSDUWLFLSDFLyQHQ XQD DFWLYLGDG ItVLFD SURPXHYH OD FRQFLHQFLD PXOWLFXOWXUDO H LQWHUQDFLRQDO \ SURSRUFLRQD RSRUWXQLGDGHV SDUD OD UHFUHDFLyQ OD DXWRH[SUHVLyQ\ODFRPXQLFDFLyQ $PHGLGDTXHVHH[SDQGHODGHILQLFLyQGHHGXFDFLyQItVLFDVHGHVDUUROODXQVLJQLILFDWLYRWUDEDMRSDUDSHUIHFFLRQDUHOGHVHPSHxR HQWDUHDVItVLFDVHVSHFtILFDV/RVSULQFLSDOHVLQYHVWLJDGRUHVTXHVHGHGLFDQDDVSHFWRVUHODFLRQDGRVFRQHOUHQGLPLHQWRItVLFRKDQ DSUHQGLGRPXFKRDFHUFDGHODHGXFDFLyQRULHQWDGDDSHUIHFFLRQDUODVKDELOLGDGHVItVLFDV\DFDGpPLFDV8QREMHWLYRDGLFLRQDOTXH GHVWDFDQSDUDODHGXFDFLyQItVLFDHVODQHFHVLGDGGHXQLyQGHOFXHUSR\ODPHQWHSDUDSURPRYHUWRGDKDELOLGDGItVLFD3DUWHGHHVWD LQIRUPDFLyQVHH[SRQHHQHOFDStWXORGHGLFDGRDODLQWHOLJHQFLDLQWUDSHUVRQDO (GXFDFLyQSRUODDYHQWXUD

/RV SURJUDPDV GH $SUHQGL]DMH GH DYHQWXUD TXH LQFOX\HQ SUHOLPLQDUHV UHFRUULGRV SRU FLUFXLWRV GH VRJDV QXHYRV MXHJRV R DFWLYLGDGHVDODLUHOLEUHSURSRQHQDORVDOXPQRVGHVDItRVItVLFRV3HTXHxRVJUXSRVFRRSHUDWLYRVDERUGDQODVROXFLyQGHVLWXDFLRQHV SUREOHPiWLFDV TXH HQWUDxDQ ULHVJRV ItVLFRV VRFLDOHV HPRFLRQDOHV \R LQWHOHFWXDOHV /RV SURPRWRUHV GH OD HGXFDFLyQ SDUD OD DYHQWXUDVRVWLHQHQTXHODPD\RUSDUWHGHOFXUUtFXORHVFRODUHVLQQHFHVDULDPHQWHDEXUULGD\TXHXQDSUHQGL]DMHVLJQLILFDWLYRVyORVH SURGXFHFXDQGRORVULHVJRV\ODVROXFLyQGHSUREOHPDVRFXSDQHOFHQWURGHOSURFHVR (QHOFXUUtFXORGHDYHQWXUDLPSHUDHOVHQWLGRGHORLQVyOLWRGHORGUDPiWLFR\GHOVXVSHQVRORTXHVXHOHPDQLIHVWDUVHDWUDYpVGH XQDGHWHUPLQDGDVLWXDFLyQWDOFRPRODVROXFLyQGHXQSUREOHPDHQODVHOYDHQXQEDUULRFDUHQFLDGRRGXUDQWHXQYLDMHHQFDQRD /D DYHQWXUD VXUJH WDPELpQ HQ HO DXOD FXDQGR HO GRFHQWH FRQVWUX\H OD H[SHULHQFLD GH DSUHQGL]DMH SRU PHGLR GH OD PtVWLFD HO VXVSHQVR \ OD H[SHFWDWLYD &XDQGR ORV DOXPQRV VXSHUDQ ORV GHVDItRV GH OD DYHQWXUD DSUHQGHQ DFHUFD GH ODV OLPLWDFLRQHV DXWRLPSXHVWDV \ ODV SRWHQFLDOHV FDSDFLGDGHV FRQ TXH FXHQWDQ (Q HO WUDEDMR HQSHTXHxRVJUXSRVDSUHQGHQ WDPELpQDFHUFDGHOD FRODERUDFLyQ \ FXDQGR VH HQIUHQWDQ D ORV PLHGRV D ORV FDPELRV \ D OD LQFHUWLGXPEUH GHVDUUROODQ LPSRUWDQWHV KDELOLGDGHV GH VXSHUYLYHQFLDTXHHPSOHDUiQGXUDQWHWRGDODYLGD 


$OJXQDVDFWLYLGDGHVGHDYHQWXUD

/D PD\RUtD GH ODV DFWLYLGDGHV GH DYHQWXUD WLHQH XQ IRUPDWR VLPLODU 6H SUHVHQWD OD DYHQWXUD D ORV DOXPQRV HO JUXSR HQIUHQWD HO GHVDItR VH DQDOL]D OD H[SHULHQFLD \ VH JHQHUDOL]D HO KHFKR D ILQ GH ORJUDU XQD PD\RU FRPSUHQVLyQ DFHUFD GH Vt PLVPR \ GH ORV GHPiV$FRQWLQXDFLyQSUHVHQWDPRVXQDDFWLYLGDGDGDSWDGDGHOOLEURGH5RKQNHOD3LUiPLGHGHGLH]SHUVRQDV 3LUiPLGHGHGLH]SHUVRQDV

8QD DFWLYLGDG GH OD HGXFDFLyQ SRU OD DYHQWXUD HV OD OODPDGD 3LUiPLGH GH GLH] SHUVRQDV 6XREMHWLYRFRQVLVWHHQFRQVWUXLUXQD SLUiPLGH VLPpWULFD FRQXQJUXSRGHGLH]SHUVRQDVWDQUiSLGD\HILFD]PHQWHFRPRVHDSRVLEOH6HGHEHUiQREVHUYDUHVWDVFXDWUR UHJODV (QODPHGLGDGHORSRVLEOHHOJUXSRVHUiPL[WR

6HFRPHQ]DUiDFRQWDUHOWLHPSRHQHOPRPHQWRHQTXHVHKD\DDFDEDGRGHH[SOLFDUOD~OWLPDUHJOD\VHLQWHUUXPSLUiODFXHQWD FXDQGR OD ~OWLPD SHUVRQD VH FRORTXH HQ HO YpUWLFH GH OD SLUiPLGH  (O HMHUFLFLR VH OOHYDUi D FDER VREUH XQ SLVR EODQGR \ DFROFKDGRHQXQiPELWRLQWHULRURVREUHXQDVXSHUILFLHEODQGDDODLUHOLEUH  /D ~QLFD SLUiPLGH DFHSWDEOH VHUi DTXHOOD HQ OD TXH ORV SDUWLFLSDQWHV VH GLVWULEX\DQ GH DEDMR KDFLD DUULED VHJ~Q HO HVTXHPD 

&DVLWRGRVORVJUXSRVVXHOHQDGRSWDUXQHQIRTXHIUHQpWLFRSDUDODVROXFLyQGHSUREOHPDV'HKHFKRORVJUXSRVSXHGHQUHVROYHU HVWD DFWLYLGDG HQ FLQFR VHJXQGRV DFRVWiQGRVH HQ HO SLVR R IRUPDQGR XQD KLOHUD TXH FXPSOD FRQ OD FRQVLJQD VLQHPEDUJRHQHO PRPHQWR GH OD UHIOH[LyQ ORV SDUWLFLSDQWHV DSUHQGHUiQ TXH HV QHFHVDULD XQD FXLGDGRVD SODQLILFDFLyQ SDUD DUULEDU D XQD VROXFLyQ HILFD] 7DPELpQ SRGUiQ LQWHUFDPELDU RSLQLRQHV DFHUFD GH OD WRPD GH GHFLVLRQHV HO OLGHUD]JR \ OD FRODERUDFLyQ \ DERUGDU ODV LQTXLHWXGHVLQGLYLGXDOHVTXHSXGLHUDQVXUJLU

$YHQWXUDVHQHODXOD

7DPELpQSXHGHQFUHDUVHDYHQWXUDVHQHODXOD/RVDOXPQRVSRGUtDQSODQWHDUVHWDUHDVWDOHVFRPRFRQVWUXLUXQHQWUHSLVRHQHODXOD GH DFXHUGR FRQ GHWHUPLQDGRV UHTXLVLWRV GLVHxDU XQD KXHUWD \ VHPEUDU \ FRVHFKDU ODV YHUGXUDV TXH VH FRQVXPHQ HQ HO FRPHGRU HVFRODU HVFULELU \ SRQHU HQ HVFHQD XQD REUD WHDWUDO DWUDFWLYD SDUD ORV DOXPQRV PiV SHTXHxRV R DSUHQGHU ORV FRQWHQLGRV IXQGDPHQWDOHVGHXQiUHDFXUULFXODUHQXQSOD]RLJXDORLQIHULRUDGRVPHVHV/DLQWHJUDFLyQGHXQIDFWRUGHGHVDItRGHULHVJRGH DFFLyQ\GHUHDOLGDGDOWUDEDMRHQHODXODOHDxDGHXQLQJUHGLHQWHQRYHGRVRTXHUHVXOWDHVSHFLDOPHQWHDWUDFWLYRSDUDORVDOXPQRV TXHEXVFDQDYHQWXUD\PRYLPLHQWRHQVXYLGD

5HFUHRVGHHMHUFLFLR

/RV DOXPQRV VXHOHQ SHUPDQHFHU VHQWDGRV WUDV VXV PHVDV GXUDQWH SHUtRGRV SURORQJDGRV HQ SRVLFLRQHV TXH QR IDYRUHFHQ XQD UHVSLUDFLyQDGHFXDGD\ QDWXUDO/DUHVSLUDFLyQSRFRSURIXQGDHVVXILFLHQWHSDUDFRQVHUYDUODYLGDSHURQRORHVSDUDPDQWHQHUHO FXHUSR UHODMDGR \ OD PHQWH DOHUWD 8Q EUHYH UHFUHR GH HMHUFLFLR FRQ ODV YHQWDQDV DELHUWDV GH DSHQDV XQRV PLQXWRV GH GXUDFLyQ SURSRUFLRQDUHQRYDGDDWHQFLyQ\HQHUJtD,QFOXVRSHUPLWHXQDPHMRUFRQFHQWUDFLyQ /DV DFWLYLGDGHV FLQHVWpVLFDV TXH VH SUHVHQWDQ D FRQWLQXDFLyQ QR WLHQHQ SRU REMHWR UHIOHMDU FRQWHQLGRV DFDGpPLFRV VL ELHQ HQ DOJXQRVFDVRVHOORHVSRVLEOH6XREMHWLYRFRQVLVWHHQSURSRUFLRQDUHQHUJtDDOVLVWHPDPHQWDOFRUSRUDO\GHHVWDIRUPDIDFLOLWDUHO DSUHQGL]DMH GH ORV DOXPQRV 5HFRPHQGDPRV D ORV GRFHQWHV VHOHFFLRQDU \ SUDFWLFDU ORV HMHUFLFLRV DQWHV GH SUHVHQWDUORV D ORV DOXPQRV 7HQ6KLQ*R6R

8QD DFWLYLGDG VLPSOH DXQTXH GH SRGHURVR HIHFWR VREUH OD FRQFHQWUDFLyQ ItVLFD \ PHQWDO VH GHQRPLQD 7HQ 6KLQ *R 6R (VWH HMHUFLFLRHVXQGHVDUUROORFRQMXQWRGHPDHVWURVGH7DL&KL\$LNLGR

/RVPRYLPLHQWRVItVLFRVFXHQWDQXQDKLVWRULDHQODTXHVHSRQHHOSURSLRWDOHQWRDOVHUYLFLRGHORVGHPiV$OSULQFLSLRVHSRGUi HQXQFLDUODVHFXHQFLDQDUUDWLYD\DTXHD\XGDDPHPRUL]DUODVHFXHQFLDGHPRYLPLHQWRV3HURVLDOJXLHQFRQVLGHUDTXHHOUHODWRHV LQQHFHVDULR OR SRGUi RPLWLU 7HQ 6KtQ *R 6R EULQGD JUDQ HQHUJtD DO FXHUSR FDOPD \ RULHQWD OD DWHQFLyQ PHQWDO \ UHTXLHUH DOUHGHGRUGHWUHVPLQXWRV  &RPHQ]DU GH SLH FRQ ORV SLHV HQ FRQWDFWR /D PDQR GHUHFKD URGHD DO GHGR SXOJDU GH OD PDQR L]TXLHUGD /D FDEH]D HVWi LQFOLQDGDODPHQWHHVWiGHVSHMDGD\HQSD]6HFXHQFLDQDUUDWLYD+DVDVXPLGRODSRVLFLyQIHWDO ,QKDODU\DEULUORVSLHVHQXQDOtQHDFRQORVKRPEURV%DODQFHDUORVEUD]RVKDFLDDGHODQWH\KDFLDDWUiVFRQORVGHGRVGHODV PDQRVFRPSOHWDPHQWHDELHUWRV6HFXHQFLDQDUUDWLYD(VWiVFHOHEUDQGRODYLGD 


([KDODU\EDMDUORVEUD]RVGLEXMDQGRFRQHOORVODILJXUDGHXQDPRQWDxD RWULiQJXOR HQHODLUHIUHQWHDVt5HODMDUORVKRPEURV \EDMDUORVEUD]RVKDVWDFRORFDUORVGHWUiVGHODHVSDOGD6HFXHQFLDQDUUDWLYD&RQWHPSODVODVPRQWDxDVTXHHVFDODUiVHQODYLGD ,QKDODU\FRORFDUORVEUD]RVDODDOWXUDGHOSHFKRFRQODVPDQRVMXQWDV8QLUORVtQGLFHV\ORVSXOJDUHVHQWUHVtSDUDIRUPDUXQ WULiQJXOR \ HOHYDU ORV EUD]RV 0LUDU D WUDYpV GHO WULiQJXOR PLHQWUDV VH FRQWLQ~D HPSXMDQGR KDFLD DUULED FRQ ODV SDOPDV GH ODV PDQRV6HFXHQFLDQDUUDWLYD&RQWHPSODVHOFDPLQRTXHWUDQVLWDUiVGXUDQWHODYLGD  ([WHQGHU ORV EUD]RV KDFLD DUULED \ OXHJR EDMDUORV ([KDODU \ PRYHU ORV EUD]RV KDFLD DWUiV \ KDFLD DEDMR LQFOLQDQGR HO WRUVR OLJHUDPHQWH KDFLD DGHODQWH D PHGLGD TXH VH YD JDQDQGR HQHUJtD KDVWD TXH ODV PDQRV VH HQFXHQWUHQ D OD DOWXUD GH OD FLQWXUD 6HFXHQFLDQDUUDWLYD7HSUHSDUDVSDUDODVWDUHDVTXHOOHYDUiVDFDERHQODYLGD ,QKDODU\HOHYDUODVPDQRVXQLGDVSRUODVPXxHFDVFRQODVSDOPDVDELHUWDV\ORVGHGRVDSXQWDQGRKDFLDDEDMRKDVWDODDOWXUDGHO SHFKR5RWDUORVEUD]RVGHVGHORVFRGRV\PDQWHQHUORVXQLGRV\H[WHQGLGRVHQDFWLWXGGHRIUHQGD6HFXHQFLDQDUUDWLYD&RORFDVWXV WDOHQWRVDOVHUYLFLRGHORVGHPiV([KDODU\UHODMDU9ROYHUDODSRVLFLyQLQLFLDOFRQODFDEH]DOLJHUDPHQWHLQFOLQDGDHOSXOJDU L]TXLHUGRGHQWURGHODPDQRGHUHFKDORVSLHVMXQWRVORVKRPEURVUHODMDGRV\ODPHQWHHQSD]6HFXHQFLDQDUUDWLYD'HVFDQVDVGH WXVHVIXHU]RV $OJXQRVGRFHQWHVHPSOHDQ7HQ6KLQ*R6RDOFRPHQ]DUODFODVHSDUD FRQFHQWUDUODVHQHUJtDVGHORVDOXPQRVRGXUDQWHODFODVH SDUDSURSRUFLRQDUOHVXQDPHUHFLGDVHVLyQGHHVWLUDPLHQWR/DHQXQFLDFLyQGHODVOtQHDVQDUUDWLYDVSHUPLWHLQFRUSRUDUODVHFXHQFLD GH PRYLPLHQWRV D OD PHPRULD ODV SULPHUDV YHFHV TXH VH ORV UHDOLFH 1R REVWDQWH XQD YH] TXH VH GRPLQD HO SURFHVR HV PHMRU GHVDUUROODUORHQVLOHQFLR /RVRFKRWHVRURV

$FRQWLQXDFLyQVHGHVFULEHQDOJXQRVDQWLJXRVHMHUFLFLRVSUHSDUDWRULRVGH7DL&KLOODPDGRV/RVRFKRWHVRURV(VWRVHMHUFLFLRV KDQ VLGR HPSOHDGRV HQ &KLQD SRU SHUVRQDV GH WRGDV ODV HGDGHV GXUDQWH FLHQWRV GH DxRV 5HVXOWDQ DSURSLDGRV SDUD WUDEDMDU FRQ DOXPQRVGHWRGDVODVHGDGHVDOFRPLHQ]RGHODMRUQDGDHVFRODUDILQGHGHVSHUWDUODPHQWH\HOFXHUSRHQORVPRPHQWRVHQTXHOD DWHQFLyQGHOJUXSRVHGLVSHUVD\OXHJRGHODOPXHU]RFXDQGRODHQHUJtDGLVPLQX\H

 6RVWHQHU HO FLHOR FRQ ODV PDQRV 6H FRPHQ]DUi LQFOLQDQGR HO WRUVR KDFLD DGHODQWH FRQ ODV URGLOODV OLJHUDPHQWH IOH[LRQDGDV(QWUHOD]DUORVGHGRVGHODVPDQRVFRPRSDUDIRUPDUXQDFDQDVWD\FRPHQ]DUJUDGXDOPHQWHDHQGHUH]DUHOWRUVR LQKDODQGRSURIXQGDPHQWH&XDQGRODVPDQRVVHHQFXHQWUHQDODDOWXUDGHODFLQWXUDURWDUODVSDOPDVKDFLDDUULEDFRQWLQXDU HOHYDQGRORVEUD]RVKDVWDHVWLUDUORVFRPSOHWDPHQWHSRUVREUHODFDEH]D\VHJXLUHPSXMDQGRKDFLDDUULEDFRQODVSDOPDVGH ODVPDQRV$XQTXHVHVLHQWDQORVSXOPRQHVOOHQRVGHDLUHVHLQWHQWDUiOOHQDUORVD~QPiV6HSDUDUODVPDQRVEDMDUORVEUD]RV \UHSHWLU  'LVSDUDUHODUFRKDFLDODL]TXLHUGD\KDFLDODGHUHFKD&RQORVSLHVSDUDOHORVDXQDGLVWDQFLDHTXLYDOHQWHDODQFKRGHORV KRPEURVIOH[LRQDUODVURGLOODV\VRVWHQHUXQDUFRLPDJLQDULRFRQXQDPDQR&RORFDUXQDIOHFKDLPDJLQDULDHQpOFRQODRWUDPDQR \WHQVDUODFXHUGDSRUVREUHHOSHFKRLQKDODQGRSURIXQGDPHQWHWRGRHOWLHPSR5HSHWLUHOPRYLPLHQWRKDFLDHORWURODGR  (OHYDU ODV PDQRV VHSDUDGDV FRQ XQD GH ODV SDOPDV KDFLD DUULED \ OD RWUD KDFLD DEDMR(OHYDU DPEDV PDQRV VREUH OD FDEH]DXQDFRQODSDOPDKDFLDDUULED\ODRWUDFRQODSDOPDKDFLDHOVXHOR(VWLUDUVHUHVSLUDQGRSURIXQGDPHQWH\OXHJRLQYHUWLUOD SRVLFLyQGHODVPDQRV\UHSHWLU  0LUDUKDFLDDWUiVSRUVREUHHOKRPEUR*LUDUOHQWDPHQWHODFDEH]DKDFLDXQODGR\DEULUELHQORVRMRVSDUDPLUDUKDFLD DWUiV,QKDODUOHQWDPHQWH\H[KDODUPLHQWUDVODFDEH]DYXHOYHDOIUHQWH5HSHWLUHOPRYLPLHQWRVREUHHORWURKRPEUR  $SUHWDUORVSXxRV\PLUDUFRQHQRMR6HSDUDUORVSLHVDXQDGLVWDQFLDHTXLYDOHQWHDODQFKRGHORVKRPEURVIOH[LRQDUODV URGLOODV\FHUUDUORVSXxRVVREUHHOSHFKR([WHQGHUXQRGHHOORVKDFLDDGHODQWHH[KDODU\HQWUHFHUUDUORVRMRV,QKDODUFXDQGRHO SXxRYXHOYHDOSHFKR\UHSHWLUHOPRYLPLHQWRFRQHORWURSXxR 6HUiQHFHVDULRTXHORVDOXPQRVVHXELTXHQDODPD\RUGLVWDQFLD SRVLEOHXQRVGHRWURVSDUDHVWHHMHUFLFLRDILQGHTXHQDGLHPLUHFRQHQRMRDRWUR

 6DOWR OLYLDQR 6DOWDU \ FDHU VXDYHPHQWH VREUH ODV SXQWDV GH ORV SLHV GLH] YHFHV 6L VH SURSRQH D ORV DOXPQRV TXH VH LPDJLQHQVDOWDQGRVREUHXQDQXEHHOGRFHQWHVHVRUSUHQGHUiDQWHORVLOHQFLRVDTXHUHVXOWDODDFWLYLGDG

 6DFXGLU OD FDEH]D \ PRYHU OD FROD&RQ ORV SLHV VHSDUDGRV D XQD GLVWDQFLD HTXLYDOHQWH DO DQFKR GH ORV KRPEURV UHDOL]DU XQ PRYLPLHQWRFLUFXODUFRQHOWRUVRH[KDODQGRDOGHVSOD]DUVHKDFLDXQODGRHLQKDODQGRDOOOHJDUDOODGRRSXHVWR5HSHWLUYDULDVYHFHV \OXHJRUHDOL]DUORVJLURVHQODGLUHFFLyQRSXHVWD  7RFDUODVSXQWDV GHORVSLHVFRQODVGRVPDQRV)OH[LRQDUHOWRUVRKDFLDDGHODQWH\GHMDUFDHUORVEUD]RVVLQWHQVLRQDUORV )OH[LRQDU OLJHUDPHQWH ODV URGLOODV \ WUDWDU GH WRFDU ORV GHGRV GH ORV SLHV ROOHJDUWDQDEDMRFRPRVHSXHGDVLQWHQVDUODHVSDOGD ,QKDODUSURIXQGDPHQWHPLHQWUDVVHUHFXSHUDOHQWDPHQWHODSRVLFLyQYHUWLFDO 3RGUiUHDOL]DUVHWRGDODVHFXHQFLDGHHMHUFLFLRVRVyORDOJXQRVSRUYH] 3URGXFHQUHVXOWDGRVVRUSUHQGHQWHVHQFXDQWRDUHODMDFLyQFRUSRUDO\FRQFHQWUDFLyQPHQWDO

6DOLGDVGHFDPSR

/DVVDOLGDVGH FDPSRELHQSODQLILFDGDVSURSRUFLRQDQH[SHULHQFLDVVLJQLILFDWLYDVGHDSUHQGL]DMHSDUDODPD\RUtDGHORV DOXPQRVHVSHFLDOPHQWHVLVHODVLQWHJUDFRQFRQWHQLGRVWUDEDMDGRVHQHODXOD7DQWRXQDFDPLQDWDSDUDREVHUYDUOD QDWXUDOH]DFRPRXQDYLVLWDJXLDGDDXQPXVHRRXQSURJUDPDGHLQWHUFDPELRLQWHUQDFLRQDOEULQGDQRSRUWXQLGDGHVGH DSUHQGL]DMHH[SHULHQFLD \FRQFUHWR/RVFDPSDPHQWRV\YLDMHVGHHVWXGLRVDUHJLRQHVIXHUDGHOFLUFXLWRWXUtVWLFR\ODV 


YLVLWDVDHPSUHVDVRUJDQL]DFLRQHVFXOWXUDOHV\FHQWURVGH LQYHVWLJDFLyQFRQVWLWX\HQH[SHULHQFLDVTXHUHYLWDOL]DQHO DSUHQGL]DMH

$TXHOORV DOXPQRV TXH SUHVHQWDQ HVFDVR LQWHUpV SRU HO WUDEDMR GHO DXOD VXHOHQ PRVWUDUVH DOWDPHQWH PRWLYDGRV SDUD UHFRSLODU LQIRUPDFLyQGXUDQWHXQDVDOLGDGHFDPSR\SDUDSUHVHQWDUODOXHJRHQIRUPDWRGHLQIRUPHDXGLRYLVXDOREDVHGHGDWRVRELHQSDUD XWLOL]DUODFRPRSXQWRGHSDUWLGDHQXQSUR\HFWRGHLQYHVWLJDFLyQ 3DUDTXHXQDH[FXUVLyQVHDH[LWRVDVHGHEHUiQSODQLILFDUFXLGDGRVDPHQWHORVREMHWLYRVGHDSUHQGL]DMH\VHORVGHEHUiH[SOLFLWDUD ORVDOXPQRV &XDQGRORVDOXPQRVLJQRUDQORVREMHWLYRVVXHOHQUHVWDUYDORUDODVVDOLGDVGHFDPSRSRUFRQVLGHUDUODVPHUDPHQWHUHFUHDWLYDV(Q FDPELRVLORVDOXPQRVSDUWLFLSDQGHODHODERUDFLyQGHDFWLYLGDGHVSUHSDUDWRULDV\GHHYDOXDFLyQGHODWDUHDFRQVHJXLUiQDSUHFLDU HOYDORUGHODSUHQGL]DMHDFWLYR\UHDO

'HELGR D TXH PXFKDV HVFXHODV VXHOHQ OLPLWDU HO Q~PHUR GH VDOLGDV GH FDPSR SRU PRWLYRV SUHVXSXHVWDULRV X RUJDQL]DWLYRV FRQ IUHFXHQFLD ORV GRFHQWHV GHEHQ GLVHxDU IRUPDV FUHDWLYDV SDUD H[SDQGLU HO DSUHQGL]DMH GHQWUR GH ODV FXDWUR SDUHGHV GHO DXOD 8QD GRFHQWHGHLGLRPDDOHPiQRUJDQL]yFDPLQDWDVVHPDQDOHVGXUDQWHODVFXDOHVORVDOXPQRVVHFRPXQLFDEDQHQDOHPiQHPSOHDEDQHO YRFDEXODULRTXHFRQRFtDQSDUDQRPEUDUREMHWRVGHVXHQWRUQRHLQFOXVR FRQMXJDEDQYHUERVDULWPRGHPDUFKDPLHQWUDVWUDQVLWDEDQ SRUODFDOOH

8QD GRFHQWH GH DUWH HQ HO QLYHO GH HQVHxDQ]D EiVLFD UHDOL]D VDOLGDV SHULyGLFDV FRQ VXV DOXPQRV SDUD UHFROHFWDU H PDWHULDO TXH HPSOHDUiQ HQ SUR\HFWRV HQ HO DXOD WDOORV JUXHVRV GHSDVWRVODUJRVSDUDUHDOL]DUHQWUHWHMLGRVSLHGUDVSDUDSLQWDUUDPLWDV\RWURV REMHWRV LQFOX\HQGR PDWHULDO GH GHVHFKR  SDUD FRQVWUXLU PyYLOHV \ GLYHUVDV KRMDV IORUHV \ WUR]RV GH FRUWH]D SDUD UHDOL]DU LPSUHVLRQHV\FUHDUWH[WXUDV 8QGRFHQWHGHP~VLFDHQHO QLYHOGHHQVHxDQ]DEiVLFDVDOHFRQVXVDOXPQRVOXHJRGHXQDWRUPHQWDDUHFROHFWDUUDPDVFDtGDVGHORV iUEROHV TXH OXHJR VH FRUWDQ R GLYLGHQ SDUD XWLOL]DUFRPRWRFWRFV&DGDDOXPQRFRQVWUX\HVXSURSLRSDUGHSDOLOORV\ORVXWLOL]D UHJXODUPHQWHSDUDDSUHQGHUULWPRVSRUPHGLRGHODSHUFXVLyQ

7DQWR HQ iUHDV XUEDQDV VXEXUEDQDV FRPR UXUDOHV ODV FDPLQDWDV R ODV H[FXUVLRQHV UHDOL]DGDV HQ XQ PHGLR GH WUDQVSRUWH SURSRUFLRQDQ XQD JUDQ YDULHGDG GH RSRUWXQLGDGHV SDUD OOHYDU D FDER H[SHULHQFLDV HQ ODV iUHDV GH FLHQFLDV QDWXUDOHV VRFLDOHV \ OHQJXD

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDFLQHVWpVLFD

$SUHQGHU SRU PHGLR GH OD WHFQRORJtD FRQVWLWX\H XQ SURFHVR VXPDPHQWH DFWLYR H LQWHUDFWLYR FXDQGR VH OR GHVDUUROOD GH PDQHUD DSURSLDGD (O PDQHMR GH OD FRPSXWDGRUD UHTXLHUH IXQGDPHQWDOPHQWH XQD SUHFLVD FRRUGLQDFLyQ yFXORPDQXDO SDUD XWLOL]DU HO WHFODGRHOPRXVHRODSDQWDOODLQWHUDFWLYD(VWDDFWLYLGDGFLQHVWpVLFDUHIXHU]DORVFRQWHQLGRVLQFRUSRUDGRV\SHUPLWHDODOXPQRXQD SDUWLFLSDFLyQDFWLYDHQHOSURFHVRGHDSUHQGL]DMH

/DSRSXODULGDGGHORVMXHJRVGHYLGHRVHGHEHDTXHH[LJHQXQFRPSURPLVRWRWDOSRUSDUWHGHOMXJDGRU\XQDJUDQFDSDFLGDGGH UHVSXHVWD ItVLFD SDUD ORV GHVDItRV TXH SURSRQHQ -XHJRV WDOHV FRPR 3RQJ \ %UHDNRXW IXHURQ ORV SULPHURV HQ SRQHU GH PDQLILHVWR HO DWUDFWLYR GH HVWD FODVH GH WHFQRORJtD /XHJR VXUJLy 7HWULV GLVHxDGR SRU $OH[H\ 3DMLWQRY XQ PDWHPiWLFR UXVR LQYHVWLJDGRU HQ HO FDPSR GH OD LQWHOLJHQFLD DUWLILFLDO \ PLHPEUR GH OD $FDGHPLD GH &LHQFLDV GH OD 8566 HQ OD DFWXDOLGDG HV FRPHUFLDOL]DGR SRU $SSOH VRIWZDUH 'HPDQGD XQD UiSLGD WRPD GH GHFLVLRQHV \ JUDQ FRRUGLQDFLyQ yFXORPDQXDO MXQWR FRQ XQD YHOR]HYDOXDFLyQGHSRVLEOHVKLSyWHVLV 6LQGXGDHVHVWDFODVHGHGHVDItRRULHQWDGRDODDFFLyQHOTXHFRQVLJXHPRWLYDUDDTXHOORVDOXPQRVTXHVHPXHVWUDQDEXUULGRVHQ ODV FODVHV FRQYHQFLRQDOHV GH PDWHPiWLFD DXQ FXDQGR VXV GHPDQGDV HQ WpUPLQRV GH SHQVDPLHQWR HVSDFLDO \ OyJLFR VHDQ ODV PLVPDV

$OJXQRVSURJUDPDVYLUWXDOHVSHUPLWHQDORVDOXPQRVH[SHULPHQWDUVLWXDFLRQHVQRKDELWXDOHVHQODYLGDFRWLGLDQD/DREVHUYDFLyQ\ VROXFLyQ GH SUREOHPDV HQ XQD SODQWD QXFOHDU HO VXUJLPLHQWR GH QXHYDV IRUPDV GH YLGD HO FRQWURO GH GLIHUHQWHV YHKtFXORV \ PiTXLQDVRHOGHVDUUROORGHODVHUDVJHROyJLFDVHQULTXHFHQHOSURFHVRGHDSUHQGL]DMHHQHODXOD /DWHFQRORJtDPXOWLPHGLDWDPELpQLQFOX\HXQDOWRJUDGRGHDFWLYLGDGItVLFD\DTXHHVQHFHVDULRUHFRSLODULQIRUPDFLyQSURYHQLHQWH GH EDVHV GH GDWRV OLEURV \ IRWRJUDItDV JHQHUDU QXHYD LQIRUPDFLyQ SRU PHGLR GH YLGHRFiPDUDV \ ILQDOPHQWH RUJDQL]DUOD HOHFWUyQLFDPHQWHSRUPHGLRGHSURJUDPDVKLSHUPHGLD<HVHYLGHQWHTXHODILOPDFLyQGHSUHVHQWDFLRQHVGUDPiWLFDVRSURJUDPDV GHGDQ]DWDPELpQLQFOX\H\HMHUFLWDODLQWHOLJHQFLDFLQHVWpVLFD

6KLUOH\ 5LULH \ -RDQ :RREXU\ FRGLUHFWRUDV GH OD &RPSDxtD GH 'DQ]D 5LULH:RRGEXU\ HQ 6DOW /DNH &LW\ ((88 KDQ GHVFXELHUWR HVWLPXODQWHV DSOLFDFLRQHV GH OD WHFQRORJtD HQ OD HQVHxDQ]D GH OD GDQ]D 8WLOL]DQ WUDQVSDUHQFLDV JHQHUDGDV SRU FRPSXWDGRUDSDUDHQULTXHFHUXQDFRUHRJUDItDRILOPDQXQDVHFXHQFLDHQIRUPDWRGHYLGHRODHGLWDQLQPHGLDWDPHQWH\ODSUR\HFWDQ HQ XQD SDQWDOOD TXH VH HQFXHQWUD GHWUiV GH ORV EDLODULQHV (VWH HVWLOR GH FRODERUDFLyQ HQWUH HO FRUHyJUDIR HO FDPDUyJUDIR \ ORV 


EDLODULQHV GD RULJHQ D XQD IRUPD GH GDQ]D FRPSOHWDPHQWH QXHYD /DV SURGXFFLRQHV GUDPiWLFDV WDPELpQ KDQ LQFRUSRUDGR HVWDV FRPELQDFLRQHV GH WHFQRORJtD \ DFWLYLGDG ItVLFD 3RU HMHPSOR HQ XQD SURGXFFLyQ UHFLHQWH GH 0DFEHWK DSDUHFtD HQ HVFHQD XQ KRORJUDPD LPDJHQJHQHUDGDSRUOiVHUTXHSDUHFHIORWDUHQHODLUH GH%DQTXRHQWUHORVDFWRUHV

(QXQDpSRFDHQTXHODWHFQRORJtDIDFLOLWDODSRVLELOLGDGGHTXHQRVWUDQVIRUPHPRVHQREVHUYDGRUHVSDVLYRVRVLPSOHVUHFHSWRUHV GH LQIRUPDFLyQ QR VyOR HV SRVLEOH VLQR WDPELpQ HVHQFLDO ORJUDU TXH ORV DOXPQRV VHDQ SDUWtFLSHV DFWLYRV GHO DSUHQGL]DMH VHJ~Q TXHGDGHPRVWUDGRHQORVHMHPSORVSUHFHGHQWHV

5HVXPHQ

6LQRVVROLFLWDQTXHUHFRUGHPRVXQDH[SHULHQFLDHGXFDWLYDODPD\RUtDGHQRVRWURVPHQFLRQDUiXQDFODVHHQODTXHQRVKD\DPRV VHQWLGRSDUWtFLSHVGLUHFWRVXQDDFWLYLGDGTXHKD\DHVWLPXODGRQXHVWURVVHQWLGRVTXHQRVKD\DSURSRUFLRQDGRDSUHQGL]DMHDFWLYR\ TXHQRVKD\DHQULTXHFLGRFRQQXHYRVVLJQLILFDGRVRSHUVSHFWLYDV'LFKRDSUHQGL]DMHVHSURGXFHFLQHVWpVLFDPHQWHFXDQGRODPHQWH HVWi HQ FRQGLFLRQHV GH UHFRUGDU FRQ SUHFLVLyQ DTXHOOR TXH HO FXHUSR H[SHULPHQWD (Q VX OLEUR $ 0RYLQJ ([SHULHQFH 8QD H[SHULHQFLDPRYLOL]DGRUD 7HUHVD%HQ]ZLHH[SOLFD &XDQWRPiVVDEHPRVDFHUFDGHODHGXFDFLyQ\GHODPDQHUDHQTXHHOFHUHEURSURFHVDODLQIRUPDFLyQHQPD\RUPHGLGD FRPSUHQGHPRVTXHHOPRYLPLHQWRHVIXQGDPHQWDOSDUDHODSUHQGL]DMH6LQ HPEDUJRWHQGHPRVDLQPRYLOL]DUDORVQLxRVGHWUiVGH XQSXSLWUHHQOXJDUGHXWLOL]DUHOSRWHQFLD£GHVXWUHPHQGDYLWDOLGDGQDWXUDO3DUDFRPSUHQGHUVtPERORVWDOHVFRPROHWUDV\ Q~PHURVRFRQFHSWRVHQHOFDPSRGHDFLHQFLD\ORVHVWXGLRVVRFLDOHVORVQLxRVQRVyORSXHGHQHPSOHDUORVRMRV\ORVRtGRVVLQR WRGRVXVHU(OQLxRH[SHULPHQWDODVQRFLRQHVGHGLVWDQFLDRFHUFDQtDGHVGHODSHUVSHFWLYDGHOSURSLRFXHUSR(VSRUPHGLRGHWDOHV UHODFLRQHVTXHODVDEVWUDFFLRQHVVHYXHOYHQPiVFRQFUHWDV\HODSUHQGL]DMHVHWUDQVIRUPDHQXQSURFHVRLQWHUQR

(QHVWHFDStWXORVHKDQGHVWDFDGRXQDVHULHGHHVWUDWHJLDVGLGiFWLFDVDFWLYDVTXHSXHGHQLQFRUSRUDUVHIiFLOPHQWHDODWDUHDGHODXOD $ PXFKRV DOXPQRV TXH QR FRQVLJXHQ DOFDQ]DU ORJURV GH DSUHQGL]DMH SRU PpWRGRV WUDGLFLRQDOHV OHV UHVXOWD PiV VHQFLOOR FRPSUHQGHU\UHFRUGDUDEVWUDFFLRQHVFRPSOHMDVGHPDQHUDFLQHVWpVLFD &RQHOREMHWRGHUHIOH[LRQDUDFHUFDGHODVHVWUDWHJLDVHLGHQWLILFDUODVPiVDSURSLDGDVSDUDVXDSOLFDFLyQHQHODXODGHOHGXFDGRU RIUHFHPRVXQDDGHFXDGDJXtD




&$3Ë78/2

7RGRVVRPRVDUWLVWDVLQWHOLJHQFLDYLVXDOHVSDFLDO 'HVFXEUtTXHKDEtDFRVDVTXHSRGtDH[SUHVDUSRUPHGLRGHOFRORU\GHODIRUPDSDUDODVFXDOHVQRWHQtDSDODEUDV *(25*,$2 .(()(

/DKLVWRULDGH6DUDK 6DUDK FDUHFtD GH PRWLYDFLyQ VH VHQWtD LQVDWLVIHFKD FRQ VX WDUHD HVFRODU \ HQWUHJDED WUDEDMRV TXH QR UHIOHMDEDQ VXV YHUGDGHUDV DSWLWXGHV /D~QLFDiUHDHQODTXHVHGHVWDFDEDHUDHOGLEXMRVLELHQPX\SRFDVWDUHDVGHODXODUHTXHUtDQGHVXVKDELOLGDGHV6DUDKVHYHtD REOLJDGD D GLEXMDU D HVFRQGLGDV \ DGRUQDED ORV PiUJHQHV GH VXV WUDEDMRV FRQ DELJDUUDGRV GLVHxRV DUWtVWLFRV R OOHQDED KRMDV GH SDSHO FRQ LOXVWUDFLRQHV FRPSOHMDV &RQ IUHFXHQFLD ORV GRFHQWHV GHEtDQ SHGLUOH TXH VH DEVWXYLHUD GH GLEXMDU \ SUHVWDUD PiV DWHQFLyQ

'XUDQWH ORV SULPHURV DxRV GH HQVHxDQ]D EiVLFD 6DUDK HUD FRQVLGHUDGD XQD DOXPQD LQTXLHWD \ SHUWXUEDGRUD DGHPiV FDVL QXQFD UHFRUGDEDORTXHKDEtDHVWXGLDGRGHXQGtDSDUDRWUR&XDQGRFXUVDEDTXLQWRDxRVXGRFHQWHDGYLUWLyTXHVLOHSHUPLWtDD6DUDK GLEXMDUGXUDQWHODFODVHQRVyORSHUPDQHFtDFDOODGDVLQRTXHSUHVWDEDPiVDWHQFLyQDOPDWHULDOTXHVHHVWDEDWUDEDMDQGR$OJXQDV YHFHVLQFOXVROHYDQWDEDODPDQRSDUDUHVSRQGHUSUHJXQWDV\UHFRUGDEDODLQIRUPDFLyQGHPDQHUDSUHFLVD

8QGtDPLHQWUDVKDEODEDFRQODGRFHQWHDFHUFDGHXQDXQLGDGGHFLHQFLDVQDWXUDOHVGHGLFDGDDODHVWUXFWXUDGHOD7LHUUD6DUDK HQWXVLDVPDGD OH PRVWUy XQ GLEXMR TXH KDEtD KHFKR GXUDQWH OD FODVH GH OD PDxDQD $OOt HQ XQ OHQJXDMH YLVXDO TXH KDEtD GHVDUUROODGR\TXHVyORHOODFRPSUHQGtDDSDUHFtDQLPiJHQHVTXHUHSUHVHQWDEDQHOQ~FOHRGHOD7LHUUDHOPDQWR\ODFRUWH]DFRQ ODVFDUDFWHUtVWLFDV\SURSRUFLRQHVFRUUHVSRQGLHQWHVRUJDQL]DGDVGHDFXHUGRFRQXQFyGLJRDUWtVWLFR/RVGLEXMRVGH6DUDKKDEtDQ FDSWXUDGRODHVHQFLDPLVPDGHOWHPD 6LHPSUH TXH 6DUDK SXGLHUD GLEXMDU GLVHxDU JUiILFRV R VLPEROL]DU YLVXDOPHQWH OD LQIRUPDFLyQ HO DSUHQGL]DMH FREUDED YLGD SDUD HOOD 3RVHtD KDELOLGDGHV FRJQLWLYDV GLIHUHQWHV TXH OH SHUPLWtDQ YLVXDOL]DU OD LQIRUPDFLyQ \ VLQWHWL]DU GDWRV \ FRQFHSWRV SDUD WUDQVIRUPDUORVHQPHWiIRUDVYLVXDOHV(VWDVFDSDFLGDGHVVHxDODQDOJXQRVGHORVFRPSRQHQWHVGHODLQWHOLJHQFLDYLVXDOHVSDFLDO

'HILQLFLyQLQWHOLJHQFLDYLVXDOHVSDFLDO

/DVLPiJHQHVYLVXDOHVFRQVWLWX\HQXQPHGLRSDUDFRQRFHUHOPXQGRPXFKRPiVDQWLJXRTXHHOVLPEROLVPROLQJtVWLFR/RVUHVWRV IyVLOHVLQGLFDQTXHPXFKRDQWHVGHTXHKXELHUDQHYROXFLRQDGRORVPHFDQLVPRVKXPDQRVSDUDHOKDEODORVyUJDQRVGHODYLVLyQVH HQFRQWUDEDQDOWDPHQWHGHVDUUROODGRV\VHUYtDQFRPRLPSRUWDQWHVKHUUDPLHQWDVGHFRQRFLPLHQWR SDUDORVSULPHURVVHUHVKXPDQRV /D LQWHOLJHQFLD YLVXDOHVSDFLDO LQVSLUy ODV SULPHUDV PDQLIHVWDFLRQHV JUiILFDV KXPDQDV 'XUDQWH OD pSRFD GH OD JODFLDFLyQ HQWUH  \  DxRV D& ORV KDELWDQWHV GH ODV FDYHUQDV HQ )UDQFLD (VSDFLD ÈIULFD \ (VFDQGLQDYLD UHDOL]DURQ GLEXMRV GH DQLPDOHV\HVFHQDVTXHUHIOHMDEDQVXVH[SHULHQFLDV(VWDVLPiJHQHVSLFWyULFDVROLHURQOXJDUDOSRVWHULRUGHVDUUROORGHODHVFULWXUD\ OD PDWHPiWLFD (O OHQJXDMH HYROXFLRQy D SDUWLU GH ODV LPiJHQHV \ ORV SLFWRJUDPDV KDVWD FyGLJRV VLPEyOLFRV FDGD YH] PiV DEVWUDFWRV(QODDFWXDOLGDGODPD\RUtDGHORVSURJUDPDVHGXFDWLYRVGHVWDFDODLPSRUWDQFLDGHORVVtPERORVDEVWUDFWRVHQODViUHDV GHOHFWXUDHVFULWXUD\DULWPpWLFDSHURVXHOHRPLWLURWURVDVSHFWRVGHDLQWHOLJHQFLDYLVXDOHVSDFLDO

/D LQWHOLJHQFLD YLVXDOHVSDFLDO FRPSUHQGH XQD VHULH GH KDELOLGDGHV DILQHV TXH LQFOX\HQ GLVFULPLQDFLyQ YLVXDO UHFRQRFLPLHQWR SUR\HFFLyQ LPDJHQ PHQWDO UD]RQDPLHQWR HVSDFLDO PDQHMR \ UHSURGXFFLyQ GH LPiJHQHV LQWHUQDV R H[WHUQDV DOJXQDV GH HVWDV KDELOLGDGHV R WRGDV HOODV SXHGHQ PDQLIHVWDUVH HQ XQD PLVPD SHUVRQD (Q LQGLYLGXRV FRPR /HRQDUGR GD 9LQFL OD LQWHOLJHQFLD YLVXDOHVSDFLDOVHH[SUHVDHQJUDQGHVREUDVGHDUWH2WURVFRPR1HZWRQYLVXDOL]DQHOXQLYHUVRFRPRXQPHFDQLVPRFRPSXHVWR SRUGLIHUHQWHVSDUWHVLQWHUUHODFLRQDGDV\ODLQWHOLJHQFLDYLVXDOHVSDFLDOVHSRQHGHPDQLILHVWRHQXQDVXWLOLPDJHQLQWHULRU 6LELHQODYLVXDOL]DFLyQHVIXQGDPHQWDOSDUDODLQWHOLJHQFLDHVSDFLDOQRVHHQFXHQWUDGLUHFWDPHQWHUHODFLRQDGDFRQHOVHQWLGRGHOD YLVWD\GHKHFKRSXHGHDOFDQ]DUXQDOWRJUDGRGHGHVDUUROORHQLQGLYLGXRVFLHJRV(QHVWHFDStWXORGHILQLPRVDHVWDLQWHOLJHQFLD WDQWRYLVXDOFRPRHVSDFLDO\DTXHODVSHUVRQDVSHUFLEHQ\SURFHVDQODLQIRUPDFLyQSRUPHGLRGHDPEDVPRGDOLGDGHV 


(QODVDXODVGH HQVHxDQ]DEiVLFD\SROLPRGDOPXFKRVDOXPQRVRULHQWDGRVDODSUHQGL]DMHYLVXDOWLHQHQXQDUHVSXHVWDIDYRUDEOHD HVWtPXORV FRPR SHOtFXODV SURJUDPDV GH WHOHYLVLyQ GLDSRVLWLYDV DILFKHV JUiILFRV GLDJUDPDV FRPSXWDGRUDV \ PDWHULDOHV RUJDQL]DGRV VHJ~Q XQ FyGLJR GH FRORUHV 0iV DOOi GH OD REVHUYDFLyQ HO DSUHQGL]DMH WDPELpQ SXHGH SURPRYHUVH SRU PHGLR GH KHUUDPLHQWDV YLVXDOHV FRPR FRPSXWDGRUDV WHOHVFRSLRV YLGHRFiPDUDV SODQWLOODV VLJQRV UHFXUVRV DUWtVWLFRV \ HOHPHQWRV SDUD UHDOL]DU FRQVWUXFFLRQHV \ ERFHWRV $OJXQRV DOXPQRV RULHQWDGRV DO DSUHQGL]DMH YLVXDO VXHOHQ HQFRQWUDU VROXFLRQHV SURSLDV \ QR FRQYHQFLRQDOHVSDUDSUREOHPDVDUWtVWLFRVSRUPHGLRGHKHUUDPLHQWDVTXHOHVSHUPLWHQH[SUHVDUVXSDUWLFXODUYLVLyQ (OiPELWRGHODXODSXHGHVHUPXFKRPiVUHFHSWLYR\HVWLPXODQWHFXDQGRHOKXPRUJUiILFRIRUPDSDUWHGHOHQWRUQR/DVKLVWRULHWDV ORVDILFKHVLPDJLQDWLYRV\ODVIRWRJUDItDVRGLEXMRVKXPRUtVWLFRVUHODFLRQDGRVFRQHOWHPDTXHVHHVWpGHVDUUROODQGRWUDQVPLWHQD ORV DOXPQRV PHQVDMHV DJUDGDEOHV DFHUFD GH ORV FRQWHQLGRV GH DSUHQGL]DMH /D LQWHOLJHQFLD YLVXDOHVSDFLDO WDPELpQ SXHGH GHVDUUROODUVHFXDQGRORVDOXPQRVVHHQFXHQWUDQPRWLYDGRVSDUDUHDOL]DUVXVSURSLDVKLVWRULHWDVXRWUDVLOXVWUDFLRQHVKXPRUtVWLFDV

&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDYLVXDO HVSDFLDO

5REHUW 0F.LP HQ VX OLEUR ([SHULHQFHV LQ 9LVXDO 7KLQNLQJ >([SHULHQFLDV GH SHQVDPLHQWR YLVXDO@ VRVWLHQH TXH HO SHQVDPLHQWR YLVXDO HV LQKHUHQWH D WRGD DFWLYLGDG KXPDQD 1R HV SDWULPRQLR H[FOXVLYR GH ORV DUWLVWDV WDPELpQ VH PDQLILHVWD HQ FLUXMDQRV LQJHQLHURV FRPHUFLDQWHV DUTXLWHFWRV PDWHPiWLFRV FDUSLQWHURV PHFiQLFRV HQWUHQDGRUHV GHSRUWLYRV SHUVRQDV TXH SODQLILFDQ VX YHVWXDULRGLDULDPHQWH\HQTXLHQHVVXHxDQGHVSLHUWRV

(O SHQVDPLHQWR YLVXDOHVSDFLDO VXE\DFH HQ ORV PRYLPLHQWRV GH ODV SLH]DV GXUDQWH XQD SDUWLGD GHDMHGUH]HQODRUJDQL]DFLyQGHO FURQRJUDPDGLDULRHQODGLVSRVLFLyQGHORVPXHEOHVHQXQFXDUWRRHQODOHFWXUDGHPDSDVGXUDQWHXQYLDMH1RWRGRVORVDOXPQRV RULHQWDGRV DO DSUHQGL]DMH YLVXDO SUHVHQWDQ ODV PLVPDV KDELOLGDGHV $OJXQRV SRGUiQ VHU WDOHQWRVRV SDUD OD SLQWXUD RWURV SDUD OD FRQVWUXFFLyQGHPRGHORVWULGLPHQVLRQDOHV\KDEUiTXLHQHVVHGHVWDFDUiQFRPRFUtWLFRVGHDUWH(VSUREDEOHTXHXQDSHUVRQDFRQ XQDLQWHOLJHQFLDYLVXDOHVSDFLDOELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV $SUHQGHSRUPHGLRGHODYLVWD\ODREVHUYDFLyQ5HFRQRFHFRQIDFLOLGDGFDUDVREMHWRVIRUPDVFRORUHVGHWDOOHV\HVFHQDV

3XHGHGHVSOD]DUVH\WUDQVSRUWDUREMHWRVHQHOHVSDFLRGHPDQHUDHILFD]SRUHMHPSORSDUDDWUDYHVDUDEHUWXUDVSDUDHQFRQWUDUHO FDPLQRHQXQERVTXHGRQGHQRKD\DVHQGHURVSDUDFRQGXFLUHQPHGLRGHOWUiQVLWRRSDUDUHPDUHQFDQRDSRUHOUtR 3HUFLEH\SURGXFHLPiJHQHVPHQWDOHVSLHQVDHQWpUPLQRVJUiILFRV\YLVXDOL]DGHWDOOHV8WLOL]DLPiJHQHVYLVXDOHVFRPRUHFXUVR SDUDUHFRUGDULQIRUPDFLyQ 'HFRGLILFDJUiILFRVWDEODVPDSDV\GLDJUDPDV$SUHQGHSRUPHGLRGHODUHSUHVHQWDFLyQJUiILFDRORVPHGLRVYLVXDOHV

 'LVIUXWD KDFLHQGR JDUDEDWRV GLEXMDQGR SLQWDQGR HVFXOSLHQGR R SRU PHGLR GH WRGD RWUD DFWLYLGDG TXH OH SHUPLWD UHSURGXFLU REMHWRVGHPDQHUDVYLVXDOHV 'LVIUXWDFRQVWUX\HQGRSURGXFWRVWULGLPHQVLRQDOHVFRPRILJXUDVGHRULJDPLPRGHORVGHSXHQWHVFDVDVRUHFLSLHQWHV(VFDSD] GH FDPELDU PHQWDOPHQWH OD IRUPD GH XQ REMHWR SRU HMHPSOR SOHJDU XQ WUR]R GH SDSHO SDUD REWHQHU XQD IRUPD FRPSOHMD \ YLVXDOL]DU OD QXHYD IRUPD R PRYHU PHQWDOPHQWH REMHWRV HQ HO HVSDFLR SDUD GHWHUPLQDU OD PDQHUD FRPR LQWHUDFW~DQ FRQ RWURV REMHWRVFRPRORVHQJUDQDMHVTXHWUDQVPLWHQPRYLPLHQWRDODVSLH]DVGHXQDPiTXLQD  3XHGH YHU XQ REMHWR GH GLIHUHQWHV PDQHUDV R GHVGH QXHYDV SHUVSHFWLYDVSRUHMHPSORHOHVSDFLRQHJDWLYRDOUHGHGRUGHXQD ILJXUDDVtFRPRWDPELpQODILJXUDPLVPDRGHWHFWDXQDIRUPDHVFRQGLGDHQRWUD 3HUFLEHPRGHORVH[SOtFLWRVHLPSOtFLWRV

'LVHxDUHSUHVHQWDFLRQHVFRQFUHWDVRYLVXDOHVSDUDODLQIRUPDFLyQ 'HPXHVWUDGRPLQLRSDUDHOGLVHxRUHSUHVHQWDWLYRRDEVWUDFWR

 0DQLILHVWD LQWHUpV R FRQGLFLRQHV SDUD FRQYHUWLUVH HQ DUWLVWD SOiVWLFR IRWyJUDIR LQJHQLHUR YLGHDVWD DUTXLWHFWR GLVHxDGRU FUtWLFRGHDUWHSLORWRRSDUDDERUGDURWUDVFDUUHUDVFRQFDUDFWHUtVWLFDVYLVXDOHV &UHDQXHYDVIRUPDVGHPHGLRVYLVXDOHVSDFLDOHVXREUDVGHDUWHRULJLQDOHV

eVWDV VRQ VyOR DOJXQDV GH ODV SRVLEOHV H[SUHVLRQHV GH OD LQWHOLJHQFLD YLVXDOHVSDFLDO (V LPSRUWDQWH WHQHU HQ FXHQWD TXH OD LQWHOLJHQFLD HVSDFLDO HVWi SUHVHQWH HQ WRGD DFWLYLGDG KXPDQD \ TXH QR HV SRVLEOH OLPLWDUOD D XQD OLVWD GH FXDOLGDGHV R FDUDFWHUtVWLFDV 


3URFHVRVGHDSUHQGL]DMHYLVXDO HVSDFLDO (Q ORV iPELWRV DFDGpPLFRV OD LQWHOLJHQFLD YLVXDO VXHOH UHOHJDUVH DO GRPLQLR GH ODV DUWHV YLVXDOHV &RPR FRQVHFXHQFLD PXFKRV DOXPQRV SLHUGHQ OD RSRUWXQLGDG GH GHVDUUROODU KDELOLGDGHV SHUFHSWXDOHV LPDJLQDWLYDV \ HVWpWLFDV (Q HO OLEUR GH 0F.LP VH LGHQWLILFDQWUHVDPSOLRVFRPSRQHQWHVGHODLPDJLQDFLyQYLVXDOLPiJHQHVH[WHUQDVTXHSHUFLELPRVLPiJHQHVLQWHUQDVTXHVREDPRV R LPDJLQDPRV \ OD FODVH GH LPiJHQHV TXH FUHDPRV FXDQGR KDFHPRV JDUDEDWRV GLEXMDPRV R SLQWDPRV 6HJ~Q 0F.LP HO SHQVDPLHQWRYLVXDOHVWiFRPSXHVWRSRUDTXHOORTXHYHPRVLPDJLQDPRVRGLEXMDPRV/DVHVWUDWHJLDVGLGiFWLFDVTXHVHLQFOX\HQHQ HVWHFDSLWXORSURSRQHQDFWLYLGDGHVSDUDFDGDXQDGHHVWDVWUHVFDSDFLGDGHV

&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHYLVXDO

+HUUDPLHQWDVYLVXDOHV Ã&#x2C6;UHDVGHVWLQDGDVDH[KLELFLyQ (VWtPXORVSHULIpULFRV &DPELRGHSHUVSHFWLYDPHGLDQWHXQFDPELRGHXELFDFLyQ &RPXQLFDFLyQQRYHUEDO 5HSUHVHQWDFLyQJUiILFD

'LDJUDPDVGHIOXMR (VTXHPDVYLVXDOHV *UiILFRVSRUXQLGDG 0RGHORVSDUDUHDOL]DURUJDQL]DGRUHVJUiILFRV

+HUUDPLHQWDVYLVXDOHVSDUDODWRPDGHQRWDV\ODWRUPHQWDGHLGHDV 0DSDVFRQFHSWXDOHV 0DSDVPHQWDOHV $VRFLDFLRQHV 3DLVDMHVPHQWDOHV 9LVXDOL]DFLyQ

,PiJHQHVHQHODXOD 7pFQLFDVGHPHPRULDYLVXDO

9DULHGDGYLVXDOHQPDWHULDOHVGLGiFWLFRV

8VRGHOFRORUSDUDGHVWDFDULQIRUPDFLyQ)RUPDVYDULDGDV$FRPSDxDPLHQWRYLVXDOSDUDFODVHVH[SRVLWLYDVGHEDWHVROHFWXUDV -XHJRVGHWDEOHUR\GHFDUWDV OLQHDPLHQWRVSDUDFUHDUMXHJRVGHWDEOHUR MXHJDVGHFDUWDV $UTXLWHFWXUD $SUHQGHUDSHQVDUFRPRDUTXLWHFWR

$UWHVYLVXDOHV (ODUWHFRPDKHUUDPLHQWDGLGiFWLFD 5HODFLRQHVHQWUHDUWHVYLVXDOHV\OHQJXD ,QWHJUDFLyQGHODUWH\ODPDWHPiWLFD ,QWHJUDFLyQGHODVDUWHVHQHOQLYHOSROLPRGDO (ODUWHHQWRGDVODViUHDVFXUULFXODUHV

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDYLVXDOHVSDFLD

5HVXPHQ

&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHYLVXDO 


&RQ XQD SHTXHxD FXRWD GH SODQLILFDFLyQ HVIXHU]R \ FRODERUDFLyQ SRU SDUWH GH ORV PLVPRV DOXPQRV HV SRVLEOH WUDQVIRUPDU ODV DXODV HQ iPELWRV HVWpWLFDPHQWH DJUDGDEOHV 6H SXHGH PHMRUDU OD LOXPLQDFLyQ SRU PHGLR GH DUWHIDFWRV GLUHFFLRQDOHV \ XQD R GRV OiPSDUDVGHSLH(VSUHIHULEOHGLVSRQHUODVPHVDVGHWUDEDMRHQIRUPDFLUFXODURVHPLFLUFXODUHQOXJDUGHFRORFDUODVHQKLOHUDSDUD TXHORVDOXPQRVSXHGDQYHUVHHLQWHUDFWXDUFRQPD\RUIDFLOLGDG7DPELpQSRGUiQLQFRUSRUDUVHDODXODDOJXQRVPXHEOHV\REMHWRV DWUDFWLYRV FRPR XQ VRIi PXOOLGR VLOODV R DOPRKDGRQHV 8QD DOIRPEUD R FXELHUWD FRORULGD SDUD HO SLVR XQD H[KLELFLyQ UHSUHVHQWDWLYD \ ELHQ RUJDQL]DGD GH ORV WUDEDMRV DUWtVWLFRV DILFKHV \ SODQWDV VRQ WRGRV HOHPHQWRV TXH FRQWULEX\HQ D FUHDU XQ DPELHQWHSRVLWLYRTXHFRQWDJLDDORVDOXPQRVYLWDOLGDGYLVXDO&RQWLHPSRHVIXHU]R\UHVSHWRSRUHOiPELWRYLVXDOORVGRFHQWHV SXHGHQ WUDQVIRUPDU HILFD]PHQWH HO DXOD HQ XQD SRGHURVD KHUUDPLHQWD GH DSUHQGL]DMH $ FRQWLQXDFLyQ SUHVHQWDPRV DOJXQDV VXJHUHQFLDVSDUDSURPRYHUODGLPHQVLyQYLVXDOGHODXOD +HUUDPLHQWDVYLVXDOHV

/RV DOXPQRV \ ORV GRFHQWHV GHEHUtDQ SRGHU GLVSRQHU GH XQD VHULH GH KHUUDPLHQWDV QHFHVDULDV SDUD HO DSUHQGL]DMH YLVXDO FRPR SDSHO WL]DV OiSLFHV PDUFDGRUHV SLQWXUDV FiPDUDV FRPSXWDGRUDV \ UHWURSUR\HFWRUHV (V QHFHVDULR RUJDQL]DU ORV OXJDUHV GHVWLQDGRV D JXDUGDU PDWHULDOHV FRQ HO ILQ GH FRQWDU FRQ ORV HOHPHQWRV QHFHVDULRV \ OLPLWDU ODV SRVLELOLGDGHV GH GLVWUDFFLyQ TXH SXHGDEULQGDUXQHVSDFLRYLVXDOGHVRUGHQDGR Ã&#x2C6;UHDVGHVWLQDGDVDH[KLELFLyQ

$ILQGHHYLWDUODVREUHFDUJDGHOFDPSRYLVXDOVHDVLJQDUiQHVSDFLRVHVSHFLDOHVSDUDODH[KLELFLyQGHWUDEDMRVDUWtVWLFRVPHQVDMHV RIRWRJUDItDV/DVSDUHGHVFDUWHOHUDVRWDELTXHVGHVWLQDGRVDH[KLELFLyQSXHGHQDVXPLUFDUDFWHUtVWLFDVGHPXVHRVHJ~QODPDQHUD FRPRVHGLVSRQJDQORVWUDEDMRV (VWtPXORVSHULIpULFRV

/D WHRUtD GHO DSUHQGL]DMH DFHOHUDGR SRVWXOD TXH HO ULWPR \ OD FDQWLGDG GH DSUHQGL]DMH SXHGHQ LQFUHPHQWDUVH QRWRULDPHQWH 8QD HVWUDWHJLDDFHOHUDGDDSURYHFKDODSHUFHSFLyQSHULIpULFDKXPDQDWDQWRSDUDHQVHULDUFRPRSDUDIDFLOLWDUODPHPRULDDODUJRSOD]R(O 'U*HRUJL/R]DQRYFUHDGRUGHORVPpWRGRVGHDSUHQGL]DMHDFHOHUDGRVRVWLHQHTXHHOPDWHULDOYLVXDOSHULIpULFRVHUHJLVWUDHQHO QLYHOVXEFRQVFLHQWH\SXHGHUHFRUGDUVHFRQIDFLOLGDGFXDQGRVHORDFWLYDSRVWHULRUPHQWHGXUDQWHXQDFODVH(OXVRGHPDWHULDOHV SHULIpULFRV SDUD HO DSUHQGL]DMH DFHOHUDGR VH FRQVLGHUD XQ FRPSRQHQWH YLVXDO LPSRUWDQWH SDUD TXH HO DOXPQR VH FRQHFWH FRQ XQ GHWHUPLQDGRWHPD /RVGRFHQWHVLQWHUHVDGRVHQH[SHULPHQWDUFRQHVWtPXORVSHULIpULFRVGHEHUiQUHFRSLODU\OXHJRH[KLELUUHSURGXFFLRQHVGHREUDVGH DUWHDILFKHVIRWRJUDItDVJUiILFRVPDSDVRFLWDVWH[WXDOHVTXHUHIXHUFHQORVFRQWHQLGRVHQVHxDGRV1RREVWDQWHVHGHEHUiWHQHUHQ FXHQWD TXH XQD YH] H[KLELGD OD LQIRUPDFLyQ YLVXDO SLHUGHUiSLGDPHQWHVXLQWHUpVHLPSDFWR$ILQGHPDQWHQHUVXDWUDFWLYRORV HOHPHQWRVYLVXDOHVGHEHUiQUHHPSOD]DUVHRWUDQVIRUPDUVHGHDOJ~QPRGRXQDYH]SRUVHPDQD(VWDWDUHDSXHGHUHVXOWDUDJRWDGRUD DPHQRVTXHVHODFRPSDUWDFRQORVDOXPQRVXRWURVGRFHQWHV &DPELRGHSHUVSHFWLYDPHGLDQWHXQFDPELRGHXELFDFLyQ

(VFRP~QTXHPXFKRVDOXPQRVVHVLHQWHQRWUDEDMHQVLHPSUHHQHOPLVPROXJDUGHODXOD6LVHOHVVROLFLWDTXHFDPELHQGHDVLHQWR VXSHUVSHFWLYDYLVXDO\VRFLDOGHODXODWDPELpQFDPELDUi(OiPELWRDVXPHDSDULHQFLDVGLIHUHQWHVVHJ~QODSHUVSHFWLYDYLVXDOGHVGH OD TXH VH OR FRQWHPSOH LQFOXVR OD GLQiPLFD JUXSDO VH WUDQVIRUPD D PHGLGD TXH DXPHQWDQ ODV LQWHUDFFLRQHV GH ORV DOXPQRV /D LQWHUDFFLyQ GRFHQWHDOXPQR HV WDPELpQ VXVFHSWLEOH GH FDPELRV FRPR UHVXOWDGR GH OD QXHYD RUJDQL]DFLyQ $GHPiV ORV GRFHQWHV SRGUtDQ HVWDU LQWHUHVDGRV HQ PRGLILFDU OD GLVSRVLFLyQ GHO PRELOLDULR HQ HO DXOD \ WUDEDMDU FRQ ORV SXSLWUHV HQ FtUFXOR HQ 8 R HQ SHTXHxRVJUXSRV &RPXQLFDFLyQQRYHUEDO

/DSUHVHQFLDItVLFD\ORVJHVWRVGHOGRFHQWHFRPXQLFDQQXPHURVRVPHQVDMHVPHGLDQWHHOOHQJXDMHFRUSRUDOTXHORVDOXPQRVFDSWDQ HLQWHUSUHWDQPLHQWUDVREVHUYDQHQVLOHQFLR6LVHORJUDODFRKHUHQFLDHQWUHORVJHVWRV\ODVSDODEUDVVHSURGXFLUiXQHIHFWRSRVLWLYR HQ OD HQVHxDQ]D \ HQ OD FRPXQLFDFLyQHQJHQHUDO&XDQGRXQGRFHQWHVHPXHVWUDHQWXVLDVPDGRSRUWUDEDMDUFRQVXVDOXPQRVXQ GHWHUPLQDGR WHPD VXV JHVWRV UHIOHMDQ HVRV VHQWLPLHQWRV \ HVWLPXODQ HO HQWXVLDVPR GH ORV DOXPQRV 3RU HO FRQWUDULR FXDQGR XQ GRFHQWHVHVLHQWHFDQVDGRRWHQVRVXVJHVWRVVXSRVWXUD\VXH[SUHVLyQIDFLDOUHYHODQWDOHVVHQWLPLHQWRV\SURYRFDQVHQVDFLRQHV VLPLODUHVHQORVDOXPQRV

0X\SRFDVSHUVRQDVVXHOHQVHUFRQVFLHQWHVGHOOHQJXDMHFRUSRUDOTXHDFRPSDxDVX H[SUHVLyQRUDO'tDDGtDORVDOXPQRVREVHUYDQ ODH[SUHVLyQIDFLDOORVJHVWRVODSRVWXUDFRUSRUDOORVPRYLPLHQWRVHQHOHVSDFLRHOFRQWDFWRYLVXDOHOWRQRHLQIOH[LyQGHODYR] HO ULWPR GHO GLVFXUVR ORV KiELWRV FDUDFWHUtVWLFRV OD ULVD \ GHPiV PDQLIHVWDFLRQHV GHO GRFHQWH D WUDYpV GH ODV FXDOHV VH UHYHODQ DFWLWXGHV \ VHQWLPLHQWRV &RQ HO ILQ GH ORJUDU XQD FRUUHFWD FRPXQLFDFLyQ GH ORV PHQVDMHV QR YHUEDOHV ORV GRFHQWHV SRGUtDQ ILOPDUVH HQ YLGHR GXUDQWH XQD FODVH /DUHIOH[LyQVREUHORVSURSLRVJHVWRVUHYHODORTXHORVDOXPQRVREVHUYDQFDGDGtD\SXHGH LQGLFDUIRUPDVGHSHUIHFFLRQDUODFRPXQLFDFLyQQRYHUEDOSDUDDOFDQ]DUPHMRUHVORJURVHQHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH 


5HSUHVHQWDFLyQJUiILFD &XDQGRODVWDUHDVGHOHQJXDHVFULWDXRUDOFXHQWDQFRQHODSR\RGHJUiILFRVGLDJUDPDVRIRWRJUDItDVVHIDFLOLWDHODSUHQGL]DMH\VH UHIXHU]D OD UHWHQFLyQ HQ PXFKRV DOXPQRV /D IUDVH8QDLPDJHQYDOHPiVTXHPLOSDODEUDVWLHQHQRWDEOHDSOLFDFLyQHQHODXOD /DVUHSUHVHQWDFLRQHVJUiILFDVGHODLQIRUPDFLyQ FXPSOHQYDOLRVDVIXQFLRQHVHGXFDWLYDVVLUYHQSDUDSUHVHQWDUGHILQLULQWHUSUHWDU PDQLSXODU VLQWHWL]DU \ GHPRVWUDU GDWRV /RV PDWHULDOHV YLVXDOHV HQULTXHFHQ OD HQVHxDQ]D SXHV SHUPLWHQ FODULILFDU ORV FRQFHSWRV TXHHOGRFHQWHHVWiH[SOLFDQGR\SURSRUFLRQDQDORVDOXPQRVPHGLRVYLVXDOHVSDUDFRPSUHQGHU\FRPXQLFDUORTXHKDQDSUHQGLGR 1R REVWDQWH PXFKRV GRFHQWHV \ DOXPQRV QR VH DQLPDQ D XWLOL]DU OD UHSUHVHQWDFLyQ JUiILFD GHELGR D VX GHVFRQRFLPLHQWR GH ODV WpFQLFDVJUiILFDV\DODHUUyQHDVXSRVLFLyQGHTXHWDOHVLPiJHQHVGHEHQWHQHUFDUiFWHUDUWtVWLFR(OHPSOHRGHHVWDVKHUUDPLHQWDV WLHQHFRPRREMHWLYRSHUPLWLUDOGRFHQWH\DODOXPQRH[SORUDUXQGHWHUPLQDGRFRQWHQLGRDQWHVTXHGHVWDFDUSURGXFFLRQHVHVWpWLFDV ([LVWHQ PXFKDV IRUPDV GH UHSUHVHQWDFLyQ JUiILFD TXH SXHGHQ HPSOHDUVH HILFD]PHQWH HQ HO DXOD (Q HVWD VHFFLyQ VH GHVFULEHQ GLDJUDPDVGHIOXMRHVTXHPDVYLVXDOHVJUiILFRVSRUXQLGDGSODQWLOODVSDUDJUiILFRVYLVXDOHV\QXPHURVDVHVWUDWHJLDVSDUDODWRPD GHQRWDV 'LDJUDPDVGHIOXMR

/RV GLDJUDPDV GH IOXMR GHVFULEHQ OD HVWUXFWXUD GH ORV FRQFHSWRV \ VLPEROL]DQ OD GLUHFFLyQ GHO IOXMR HQWUH LGHDV7RGRIHQyPHQR FDXVDHIHFWR\DVHDHQHOiUHDGHPDWHPiWLFDKLVWRULDFLHQFLDVQDWXUDOHV\VRFLDOHVFXLGDGRGHODVDOXGROLWHUDWXUDRELHQXQD VHULH GH FRQVLJQDV SXHGH LOXVWUDUVH IiFLOPHQWH SRU PHGLR GH ORV IRUPDWRV GH GLDJUDPD GH IOXMR $OJXQRV DOXPQRV SRGUiQ LQFRUSRUDUFRQFHSWRVVLQGLILFXOWDGFXDQGRVHORVSUHVHQWHGHHVWDPDQHUD /RVGLDJUDPDVGHIOXMRWDQWRVLPSOHVFRPRFRPSOHMRVSXHGHQWHQHUGLYHUVDVIRUPDV\WDPDxRV6HSXHGHGLEXMDUXQGLDJUDPDGH IOXMR VREUH XQ SOLHJR GH SDSHO PDGHUD XQD FRUWLQD GH EDxR X RWUR PDWHULDO \ FRORFDUOR VREUH HO SLVR SDUD TXH ORV DOXPQRV OR H[SHULPHQWHQ FLQHVWpVLFD \ YLVXDOPHQWH PLHQWUDV UHFRUUHQ VXV SDVRV 3RGUiQ XWLOL]DUVH IRUPDV JHRPpWULFDV R OLEUHV FRPR UHFWiQJXORVFtUFXORVWULiQJXORVRQXEHVSDUDGLDJUDPDUHOIOXMRGHOFRQFHSWRTXHVHHVWiH[SOLFDQGR$GHPiVGHORVGLDJUDPDV HQ ORV TXH XQ SDVR FRQGXFH DO VLJXLHQWH SXHGHQ SUHVHQWDUVH H[WHQVLRQHV GREOHV R P~OWLSOHV TXH VXUMDQ GH DOJXQR GH ORV FRPSRQHQWHVGHOGLDJUDPDVHJ~QVHHMHPSOLILFDDFRQWLQXDFLyQ(OVLJXLHQWHGLDJUDPDLOXVWUDHOSURFHGLPLHQWRSDUDODDGLFLyQGH Q~PHURVGHPiVGHXQGtJLWR /RV GRFHQWHV SRGUiQ WUDQVIRUPDU ORV FRQWHQLGRV GH OD HQVHxDQ]D HQ GLDJUDPDV GH IOXMR \ ORV DOXPQRV ORV SRGUiQ XWLOL]DU SDUD

GHPRVWUDUVXQLYHOGHFRPSUHQVLyQGHDOJXQDVHFXHQFLDFRQFHSWXDO&RQVWUXLUORVHVXQSURFHVRVHQFLOOR3DUDFUHDUXQGLDJUDPDGH IOXMR VH GLYLGH XQ FXDGUDGR R XQ UHFWiQJXOR HQ FHOGDV SHTXHxDV \ VH HOLJH XQ FRQFHSWR SDUD GHVDUUROODU YLVXDOPHQWH /XHJR VH LGHQWLILFDQ ORV HOHPHQWRV TXH FRQIRUPDQ HO FRQFHSWR \ VH ORV HVFULEH VHSDUDGDPHQWH HQ FDGD XQD GH ODV FHOGDV 8QD YH] LQFRUSRUDGRV WRGRV ORV HOHPHQWRV VH UHFRUWDQ ODV FHOGDV \ VH ODV RUJDQL]D PHGLDQWH IOHFKDV X RWURV VtPERORV SDUD LQGLFDU OD GLUHFFLyQGHODVHFXHQFLD

(VTXHPDVYLVXDOHV 


2WURPpWRGRGHUHSUHVHQWDFLyQJUiILFDFRQVLVWHHQVROLFLWDUDORVDOXPQRVTXHFRPSOHWHQORVFXDGURVGHXQSiUUDIRLQIRUPHR HQVD\RFRPRDFWLYLGDGSUHYLDDODHVFULWXUD(VWRVHVTXHPDVYLVXDOHVOHVSHUPLWHQLGHQWLILFDUORVFRPSRQHQWHVQHFHVDULRVSDUDOD WDUHDGHHVFULWXUD\FODULILFDUHOSURSyVLWRGHOWUDEDMR

$ FRQWLQXDFLyQ SUHVHQWDPRV GRV HVTXHPDV YLVXDOHV (O SULPHUR H[SOLFD ORV FRPSRQHQWHV GH XQ SiUUDIR \ HO VHJXQGR ORV FRPSRQHQWHV GH XQ LQIRUPH 1R REVWDQWH ORV GRFHQWHV WLHQHQ OD OLEHUWDG SDUD GHVDUUROODU DTXHOORV TXH PHMRU VH DGDSWHQ D VXV QHFHVLGDGHV

$ FRQWLQXDFLyQ SUHVHQWDPRV XQ PRGHOR GH HVTXHPD YLVXDO 3RU HMHPSOR ORV DOXPQRV GHO QLYHO GH HQVHxDQ]D EiVLFD TXH HVWpQ HVWXGLDQGRODVHOYDHVFULELUiQVHOYDHQHOFXDGURVXSHULRUUHVHUYDGRDOWtWXOR(QORVFXDGURVGHGLFDGRVDODVIUDVHVWHPiWLFDV LQFOXLUiQ ODV DYHV ORV DQLPDOHV TXH YLYHQ HQ ORV iUEROHV \ ODV SODQWDV ~WLOHV SDUD ORV VHUHV KXPDQRV /RV FRPHQWDULRV VXEVLJXLHQWHVVHDJUHJDUiQHQORVUHFXDGURVFRUUHVSRQGLHQWHV0DVWDUGHSRGUiQDJUHJDUVHXQDLQWURGXFFLyQ\XQDFRQFOXVLyQ\ VHSRGUiWUDQVIHULUHOJUiILFRDXQIRUPDWRWUDGLFLRQDOGHHVFULWXUD$PXFKRVDOXPQRVOHVDVXVWDODWDUHDGHUHDOL]DUWUDEDMRVGH HVFULWXUD \ VH VLHQWHQ PHQRV LQVHJXURV FXDQGR RUJDQL]DQ VXV LGHDV HQ XQ IRUPDWR YLVXDO FRPR XQ ERUUDGRU TXH OXHJR WUDQVIRUPDQ HQ XQ LQIRUPH HVFULWR HVWiQGDU /D DSOLFDFLyQ GH HVWRV SURFHVRV YLVXDOHVSHUPLWHDODOXPQRQRVyORFODULILFDUVX 


FRPSUHQVLyQ UHVSHFWR GH OD WDUHD HVFULWD \ GH ODV H[SHFWDWLYDV GHO GRFHQWH VLQR WDPELpQ LQFRUSRUDU HQIRTXHV YLVXDOHV SDUD RUJDQL]DUVXSHQVDPLHQWR

/RVDOXPQDVTXHWHQJDQXQEXHQGRPLQLRGHODOHQJXDHVFULWDHQFRQWUDUiQ~WLOHOVLJXLHQWHHVTXHPDSDUDRUJDQL]DUXQ LQIRUPHHVFULWRRXQHQVD\R

*UiILFRVSRUXQLGDG

3XHGHQSUHSDUDUVHJUiILFRVGHJUDQWDPDxRSDUDH[KLELUHQHOSL]DUUyQRHQODFDUWHOHUDRSHTXHxRVSDUDLQFOXLUHQORVFXDGHUQRV GH ORV DOXPQRV \ DVt GRFXPHQWDU ORV SURJUHVRV UHDOL]DGRV HQ HO GHVDUUROOR GH FDGD XQLGDG GH HVWXGLR &XDQGR VH SUHVHQWD XQ QXHYR WHPD R XQD QXHYD XQLGDG VH SXHGH GHVWDFDU OD LQIRUPDFLyQ HVSHFLILFD TXH WUDEDMDUiQ ORV DOXPQRV 3RU HMHPSOR SDUD SUHVHQWDU OD VLJXLHQWH XQLGDG VH GHWDOODUiQ ORV WHPDV \ FRQFHSWRV SULQFLSDOHV HQ XQ IRUPDWRGHGLDJUDPDGHIOXMRRGHHVTXHPD YLVXDO $ PHGLGD TXH VH DYDQFH HQ HO GHVDUUROOR GH OD XQLGDG ORV DOXPQRV SRGUiQ HQFDUJDUVH GH LQFOXLU HQ HO JUiILFR OD QXHYD LQIRUPDFLyQGHTXHGLVSRQJDQ(VWDKHUUDPLHQWDGHDSUHQGL]DMHSHUPLWHDORVDOXPQRVDGYHUWLUFRQUDSLGH]FXiOHVODRULHQWDFLyQ GHVXVHVWXGLRVFXiOHVVRQORVWHPDVTXH\DVHKDQWUDEDMDGR\FXiOHVORVTXHTXHGDQSRUDSUHQGHU$FRQWLQXDFLyQSUHVHQWDPRV XQHMHPSORGHJUiILFRTXHSXHGHH[KLELUVHHQHODXODRLQFOXLUVHHQODVFXDGHUQRV 0RGHORVSDUDUHDOL]DURUJDQL]DGRUHVJUiILFRV

([LVWHQ LQQXPHUDEOHV IRUPDV GHO UHSUHVHQWDU OD LQIRUPDFLyQ JUiILFDPHQWH 6L ORV GRFHQWHV \ DOXPQRV DSUHQGHQ D XWLOL]DU YDULDV SODQWLOODVVLPSOHVSDUDUHDOL]DUJUiILFRVDXPHQWDUiQVXVRSFLRQHVSDUDPDQLSXODU\FRPXQLFDULQIRUPDFLyQHQIRUPDYLVXDO

%HDX )O\ -RQHV GLUHFWRU GHO 3URJUDPD GHO 1RUWK &HQWUDO 5HJLRQDO (GXFDWLRQDO /DERUDWRU\ >/DERUDWRULR (GXFDWLYR 5HJLRQDO 1RU&HQWUDO@ KD GHVDUUROODGR QXPHURVRV PDUFRV GH SHQVDPLHQWR YLVXDOHV GH XVR VHQFLOOR (VWDV UHSUHVHQWDFLRQHV JUiILFDV VRQ KHUUDPLHQWDV ~WLOHV SDUD IDYRUHFHU OD FRPSUHQVLyQ GHO PDWHULDO DFDGpPLFR -RQHV VHxDOD TXH ORV RUJDQL]DGRUHV JUiILFRV GHEHQ UHIOHMDUDSURSLDGDPHQWHODHVWUXFWXUDGHOWH[WRTXHVHHVWXGLD3RUHMHPSORFXDQGRORVDOXPQRVGHEHQVLQWHWL]DUXQFDStWXORGHVXV OLEURV GH WH[WR GHEHUiQ FRPHQ]DU SRU DQDOL]DU HO PDWHULDO D ILQ GH GHWHUPLQDU VX HVWUXFWXUD 3RGUiQ IRUPXODUVH SUHJXQWDV SDUD 


HVWDEOHFHU VL OD LQIRUPDFLyQ HVWi RUJDQL]DGD MHUiUTXLFDPHQWH FRPR FRPSDUDFLyQ R FRQWUDVWH R HQ XQD OtQHD GH WLHPSR 8QD YH] GHWHUPLQDGDODHVWUXFWXUDJUiILFDFRUUHVSRQGLHQWHSRGUiOHHUVHHOPDWHULDOWHQLHQGRHQPHQWHHOIRUPDWRYLVXDO/XHJRORVDOXPQRV SRGUiQ SUR\HFWDU OD LPDJHQ YLVXDO VREUH SDSHO FRPSDUDU VX HVWUXFWXUD JUiILFD FRQ OD GH ORV GHPiV PLHPEURV GH OD FODVH \ SRU ~OWLPRVLQWHWL]DURIRUPXODUXQFRPHQWDULRFUtWLFRDWUDYpVGHXQLQIRUPHRUDORHVFULWR (QODVSiJLQDVVLJXLHQWHVVHSUHVHQWDQGLYHUVRVRUJDQL]DGRUHVJUiILFRVTXHORVGRFHQWHV\ORVDOXPQRVSXHGHQDGDSWDUDOPDWHULDO DFDGpPLFR

(VWRVJUiILFRVEULQGDQDORVDOXPQRV\DORVGRFHQWHVGLYHUVDVRSFLRQHVSDUDYLVXDOL]DUODLQIRUPDFLyQHVFULWDQRREVWDQWHFXDQGR VHDOFDQ]DHOGRPLQLRGHHVWDVHVWUDWHJLDVHVLPSRUWDQWHDYDQ]DUHQODFUHDFLyQGHPRGHORVGHJUiILFRV\GLDJUDPDVRULJLQDOHV(O GLVHUWR GH XQD UHSUHVHQWDFLyQ JUiILFD SHUVRQDO UHTXLHUH XQD H[SUHVLyQ VLQWpWLFD GH OD LQIRUPDFLyQ HQ FO IRUPDWR TXH PHMRU VH DGDSWH D ODV QHFHVLGDGHV LQGLYLGXDOHV &XDQGR HO GRFHQWH UHYLVH ORV JUiILFRV FUHDGRV SRU ORV DOXPQRV WHQGUi RSRUWXQLGDG GH LGHQWLILFDUSURFHVRVGHSHQVDPLHQWRLQFRPSOHWRVRLQFRUUHFWRV\SURSRUFLRQDUVXJHUHQFLDVSDUDVXSHUIHFFLRQDPLHQWR(QDOJXQDV iUHDV WDPELpQ UHVXOWDUi ~WLO IXH HO GRFHQWH VROLFLWH D ORV DOXPQRV MXQWR FRQ OD UHSUHVHQWDFLyQ JUiILFD GH OD LQIRUPDFLyQ XQ LQIRUPHILQDOGRQGHVHH[SOLFLWHSRUHVFULWRODLQIRUPDFLyQLQFOXLGDHQHOJUiILFR /DVUHSUHVHQWDFLRQHVJUiILFDVVRQHMHPSORVYLVXDOHVGHH[SUHVLRQHVYHUEDOHV/RVPDUFRVVRQJUXSRVGHSUHJXQWDVRFDWHJRUtDV GHIXQGDPHQWDOLPSRUWDQFLDSDUDODFRPSUHQVLyQFtHXQGHWHUPLQDGRWHPD$TXtSUHVHQWDPRVQXHYHIRUPDVJUiILFDVJHQpULFDV FRQVXVFRUUHVSRQGLHQWHVPDUFRV

0DSDFRQFHSWXDOHQIRUPDGHDUDxD

6HXWLOL]DSDUDGHVFULELUXQDLGHDFHQWUDO XQREMHWR XQDUHJLyQJHRJUiILFD@XQSURFHVR PLWRVLV@XQFRQFHSWR DOWUXLVPR RXQDSURSXHVWDFRQVXIXQGDPHQWR ODVYtFWLPDVGHOVLGDGHEHUtDQ SRGHUUHFLELUGURJDVH[SHULPHQWDOHV  3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVODLGHDFHQWUDO"¢&XiOHVVRQVXVDWULEXWRV""&XiOHVVRQVXVIXQFLRQHV" 3URJUHVLyQGHKHFKRV

6HXWLOL]DSDUDGHVFULELUODVHWDSDVGHXQSURFHVR HOFLFORYLWDOGHORVSULPDWHVORVSDVRVGHXQSURFHGLPLHQWROLQHDO FyPRQHXWUDOL]DUXQiFLGRXQD VHFXHQFLDGHKHFKRV GHTXpPDQHUDHOUpJLPHQIHXGDOGLROXJDUDODIRUPDFLyQGHODVQDFLRQHV RORVREMHWLYRVDFFLRQHV\ORJURVGHXQDILJXUDKLVWyULFDR GHXQSHUVRQDMHGHILFFLyQ DXJH\GHFDGHQFLDGH1DSROHyQ 3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVHOREMHWRSURFHGLPLHQWRRKHFKRLQLFLDO"¢&XiOHVVRQODVHWDSDVRORVSDVRV"¢&yPRVHSURGXFHHOSDVDMHGH XQRDRWUR"¢&XiOHVHOUHVXOWDGRILQDO"




&RQWLQXR(VFDOD

6HXWLOL]DSDUDFUHDUOLQHDVGHWLHPSRTXHH[KLEDQKHFKRVRHWDSDVKLVWyULFDV FXUVRVHVFRODUHVSURSLHGDGHVGHORVREMHWRV SHVR DFHSFLRQHVGHO OHQJXDMH VLJQLILFDGRVRHVFDODVGHGHVHPSHxR UHQGLPLHQWRHVFDODU 3ULQFLSDOHVSUHJXQWDVGHOPDUFR4XpHOHPHQWRVVHFODVLILFDQ"&XiOHVVRQORV3DUiPHWURV" 0DWUL]GHFRPSDUDFLyQFRQWUDVWH $WULEXWR $WULEXWR $WULEXWR

'HQRPLQDFLyQ

'HQRPLQDFLyQ

6HXWLOL]DSDUDSUHVHQWDUVLPLOLWXGHV\GLIHUHQFLDVHQWUHGRVHOHPHQWRV SHUVRQDVOXJDUHVKHFKRVLGHDVHWF 3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVVRQORVHOHPHQWRVTXHVHFRPSDUDQ"¢(QTXpVHSDUHFHQ"¢(QTXpVHGLIHUHQFLDQ" (VTXHPDGHSUREOHPD6ROXFLyQ

6HXWLOL]DSDUDUHSUHVHQWDUXQSUREOHPDODVVROXFLRQHVTXHVHKD\DQSXHVWRHQSUiFWLFD\ORVUHVXOWDGRVODGHXGDH[WHUQD 3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢3RUTXpFRQVWLWX\HXQSUREOHPD"¢&XiOHVIXHURQORVLQWHQWRVSDUDVROXFLRQDUOR"¢5HVXOWDURQH[LWRVRV"

3URJUHVLyQGHKHFKDV

6H XWLOL]D SDUD GHVFULELU ODV HWDSDV GH XQSURFHVR HOFLFORYLWDOGHORVSULPDWHVORVSDVRVGHXQSURFHGLPLHQWROLQHDO FyPRQHXWUDOL]DUHOiFLGRXQD VHFXHQFLDGHKHFKDV GHTXpPDQHUDHOUpJLPHQIHXGDOGLROXJDUDODIRUPDFLyQGHODVQDFLRQHV RORVREMHWLYRVDFFLRQHV\ RJURVGHXQDILJXUDKLVWyULFDR GHXQSHU VRQDMHGHILFFLyQ DXJH\GHFDGHQFLDGH1DSROHyQ 




3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVHOREMHWRSURFHGLPLHQWRRKHFKRLQLFLDO"¢&XiOHVVRQODVHWDSDVRORVSDVRV"¢&yPRVHSURGXFHHOSDVDMHGHXQRD RWUD"&XiOHVHOUHVXOWDGRILQDO" 3URJUHVLyQGHKHFKRV

6HXWLOL]DSDUDGHPRVWUDUODQDWXUDOH]DGHXQDLQWHUDFFLyQHQWUHSHUVRQDVDJUXSRV ORVFRORQL]DGRUHVHXURSHRV\ORVLQGtJHQDVDPHULFDQRV  3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVVRQODVSHUVRQDVRJUXSRV" ¢&XiOHVHUDQVXVREMHWLYRV"¢6HPDQLIHVWDURQFRQIOLFWRVRDFWLWXGHVGHFRODERUDFLyQ"¢&XiOHVIXHURQORVORJURVDOFDQ]DGRVSRUFDGDSHUVRQDRJUXSR"

0DSDFRQFHSWXDOHQIRUPDGHHVSLQDVGHSHVFDGR

6HXWLOL]DSDUDGHPRVWUDUODLQWHUDFFLyQFDXVD GHXQKHFKRFRPSOHMR@XQDHOHFFLyQXQDH[SORVLyQQXFOHDU@RXQIHQyPHQRFRPSOHMR GHOLQFXHQFLDMXYHQLO GLILFXOWDGHVGHDSUHQGL]DMH  3ULQFLSDOHVSUHJXQWDVGHOPDUFR&XiOHVVRQORVIDFWRUHVTXHSURGXFHQ;"¢'HTXpPDQHUDVHLQWHUUHODFLRQDQ" ¢6RQORVPLVPDVIDFWRUHVTXHSURGXFHQ;ORVTXHSHUPLWHQVXYLJHQFLD" &LFOR




6HXWLOL]DSDUDGHPRVWUDUGHTXpPDQHUDLQWHUDFW~DXQDVHULHGHKHFKRVSDUDSURGXFLUXQFRQMXQWRGHUHVXOWDGRVXQD\RWUDYH] IHQyPHQRVFOLPiWLFRV FLFORVGHp[LWRV\IUDFDVRVHOFLFORGHODYLGD 3ULQFLSDOHVSUHJXQWDVGHOPDUFR¢&XiOHVVRQORVKHFKRVIXQGDPHQWDOHVGHOFLFOR"¢'HTXpPDQHUDVHUHODFLRQDQ"¢(QTXpPHGLGDVHDXWRSRWHQFLDQ"

+HUUDPLHQWDVYLVXDOHVSDUDODWRPDGH QRWDV\ODWRUPHQWDGHLGHDV /DPD\RUtDGHODVSHUVRQDVFRQVLGHUDTXHODWRPDGHQDWDVJDUDQWL]DPD\RUHVSRVLELOLGDGHVSDUDUHFRUGDUODLQIRUPDFLyQ0LFKDHO +RZHLQYHVWLJDGRUGHOD([HWHU8QLYHUVLW\OOHYyDFDERXQHVWXGLDDFHUFDGHODVDOXPQRV\ODWRPDGHQRWDV\GHVFXEULyTXHOD SRVLELOLGDGGHUHFRUGDUHOPDWHULDOLQFOXLGDHQODVQDWDVHUDVHLVYHFHVPD\RUUHVSHFWRGHOPDWHULDOTXHQRVHKXELHVHDQRWDGD/D WRPD GH QRWDV D GLIHUHQFLD GH OD WDTXLJUDItD GHVHPSHxD YDULDV IXQFLRQHV YDOLRVDV TXH LQFOX\HQ HO DOPDFHQDPLHQWR GH LQIRUPDFLyQ OD FRGLILFDFLyQ \ RUJDQL]DFLyQ GH GDWRV OD IRUPXODFLyQ GH DVRFLDFLRQHV LQIHUHQFLDV H LQWHUSUHWDFLRQHV \ OD FRQFHQWUDFLyQGHODDWHQFLyQHQORVDVSHFWRVLPSRUWDQWHV /DWRPDGHQRWDVFRQYHQFLRQDOTXHVXHOHHVWDUFRPSXHVWDSRUIUDVHV\RUDFLRQHVJUDPDWLFDOPHQWHFRUUHFWDVUHVXOWDFRPSOLFDGDH LQHILFD]FXDQGRVHODFRPSDUDFDQQRWDVLQWHJUDGDVSDUSDODEUDVFODYH(VWDVSDODEUDVFODYHVXVWDQWLYDVRYHUEDVTXHVHGHVWDFDQ FRQ PD\RU IDFLOLGDG HQ HO PDWHULDO RUDO D HVFULWD JHQHUDQ LPiJHQHV SRGHURVDV \ VXHOHQ UHFRUGDUVH GXUDQWH SHUODGDV PiV SURORQJDGRV6LUHIOH[LRQDPRVVREUHHOPXGRFRPRORVQLxRVDSUHQGHQDKDEODUDGYHUWLUHPRVODLPSRUWDQFLDGHODVSDODEUDVFODYH 3RU HMHPSOR XQ FKLFR GH GRV DxRV SRGUtD GHFLU 'DQ\ SHORWD SDUD FRPXQLFDU VXV LQWHQFLRQHV HPSOHDQGR VyOR ODV SDODEUDV LQGLVSHQVDEOHV 7LHPSR GHVSXpV HO PLVPR FKLFR VHUi FDSD] GH FRPSOHWDU HO PHQVDMH FRQ SDODEUDV TXH QR VH FRQVLGHUDQ FODYH 4XLHURMXJDUDODSHORWD

6HJ~QDOJXQDVHVWDGtVWLFDVVyORHQWUHXQ\XQÂ&#x192;RGHODOHQJXDHVWiFRPSXHVWRSDUSDODEUDVFODYH/RVDOXPQRVTXHVHEDVDQ HQ QRWDV FRQYHQFLRQDOHV H[WHQVDV \ HQ IRUPDWR GH UHVXPHQ SRGUtDQ HQFRQWUDUVH HQ GHVYHQWDMD (VWD FODVH GH WRPD GH QRWDV FRQVWLWX\H XQD SpUGLGD GH WLHPSR \ HQHUJtD OD LQIRUPDFLyQ VHSLHUGHODVUHYLVLRQHVGHPDQGDQGHPDVLDGRWLHPSR\ODVSDODEUDV FODYHVHHQFXHQWUDQYLVXDOPHQWHGHVFRQHFWDGDVGHODVUHODFLRQHVLPSRUWDQWHV

(Q ORV ~OWLPRV WLHPSRV VH GHVDUUROODURQ IRUPDV YLVXDOHV SDUD OD WRPD GH QRWDV TXH RIUHFHQ QXPHURVDV YHQWDMDV SRU VREUH ORV IRUPDWRV FRQYHQFLRQDOHV (VWRV HQIRTXHV VH EDVDQ HQ YDULRV IDFWRUHV TXH SURPXHYHQ OD PHPRULD 6H DQRWDQ ODV SDODEUDV FODYH HVHQFLDOHVVHGHVWDFDQODVDVRFLDFLRQHV\UHODFLRQHVVHUHTXLHUHXQFRPSURPLVRFRQVFLHQWH\VHLPSRQHXQDRUJDQL]DFLyQYLVXDO VXEMHWLYD $ FRQWLQXDFLyQ GHVFULELUHPRV FXDWUR WpFQLFDV SDUD OD WRPD GH QRWDV YLVXDOHV PDSDV FRQFHSWXDOHV PDSDV PHQWDOHV DVRFLDFLRQHV\SDLVDMHVPHQWDOHV 0DSDVFRQFHSWXDOHV

(Q VX OLEUR /HDUQLQJ WR /HDUQ >$SUHQGHU D DSUHQGHU@ -RVHSK 1RYDN \ %RE *RZLQ SURSRQHQ HO XVR GH XQ RUJDQL]DGRU JUiILFR OODPDGRPDSDFRQFHSWXDO1RYDNSURIHVRUGHELRORJtDHQ&RUQHOOXWLOL]DHVWDWpFQLFDYLVXDOSDUDHQVHxDUSURFHVRVFLHQWtILFRVD VXVDOXPQRV\WDPELpQSDUDLQGLFDUODVHFXHQFLD\ODVUHODFLRQHVGHORVFRQFHSWRV$VLPLVPR1RYDNHPSOHDPDSDVFRQFHSWXDOHV FRPRUHFXUVRSDUDODHYDOXDFLyQ\DTXHSHUPLWHQGHVFXEULUODH[LVWHQFLDGHXQDFRPSUHQVLyQSURIXQGDDFHUFDGHXQGHWHUPLQDGR SURFHVRELROyJLFR$XQTXHHQXQSULQFLSLRVHGHVDUUROOySDUDHOiUHDGHFLHQFLDVQDWXUDOHVHVWDHVWUDWHJLDWDPELpQUHVXOWD~WLOHQ RWURVFDPSRVDTXtLQFOXLPRVGRVHMHPSORVGHPDSDVFRQFHSWXDOHV(OSULPHURIXHFUHDGRSRUXQJUXSRGHDOXPQRVGHXQDFODVH 


GHFLHQFLDVQDWXUDOHVGHVpSWLPRDxRGHHGXFDFLyQEiVLFD\HORWURSRUXQDOXPQRGHODFDUUHUDGH+LVWRULD1yWHVHHOHPSOHRGH ORVYHUERV\SDODEUDVFODYHTXHVHUHDOL]DHQDPERV

3DUDFUHDUPDSDVFRQFHSWXDOHVORVDOXPQRVGHEHQOHHUXQWH[WRRHVFXFKDUXQDFODVHH[SRVLWLYDHLGHQWLILFDUORVFRQFHSWRVFODYH TXHVHSUHVHQWDQ/XHJRSRGUiQFRPSLODUXQDOLVWDGHGLFKRVFRQFHSWRVRUJDQL]iQGRORVGHVGHORVPiVJHQHUDOHV\DPSOLRVDORV PiVHVSHFtILFRV(VWDFODVLILFDFLyQGHORVFRQFHSWRVUHTXLHUHTXHHODOXPQRGLVWLQJDHOFRQWHQLGRGHODLQIRUPDFLyQ\OHSHUPLWH OHHURHVFXFKDUFRPSUHQVLYDPHQWH

/RVPDSDVFRQFHSWXDOHVVHFRQVWUX\HQFRQIRUPDGHiUERO\HOFRQFHSWRPiVJHQHUDOVHFRORFDHQHOYpUWLFHVXSHULRU(QWUHGRV\ FLQFR FRQFHSWRV JHQHUDOHV VH FRQHFWDQ SRU PHGLR GH OtQHDV DO SULPHU FRQFHSWR (VWDV OtQHDV GH FRQH[LyQ VH QRPEUDQ FRQ ORV YHUERVFRUUHVSRQGLHQWHVDILQGHGHVWDFDUHOVLJQLILFDGRGHODVUHODFLRQHV3XHGHDJUHJDUVHXQWHUFHUQLYHODODMHUDUTXtDSDUDLQFOXLU WRGDV ODV LGHDV LPSRUWDQWHV H LGHQWLILFDU WRGDV ODV SULQFLSDOHV UHODFLRQHV 7DPELpQ SXHGHQ HVWDEOHFHUVH UHODFLRQHV HQWUH GRV VHFFLRQHV GHO PDSD FRQFHSWXDO HQ XQ PLVPR QLYHO GH MHUDUTXtD ODV TXH VH H[SOLFLWDUiQ SRU PHGLR GH OtQHDV 7DQWR ORV GRFHQWHV FRPR ORV DOXPQRV QR WDUGDUiQ HQ GHVFXEULU TXH ORV PDSDV FRQFHSWXDOHV VRQ KHUUDPLHQWDV ~WLOHV SDUD LGHQWLILFDU FRQFHSWRV LPSRUWDQWHV\VXVUHODFLRQHVGHQWURGHODVFRQWHQLGDVDFDGpPLFDV 0DSDVPHQWDOHV

8QDHVWUDWHJLDYLVXDOHILFD]SDUDODWRUQDGHQDWDVHVODWpFQLFDSDUDUHDOL]DU PDSDVPHQWDOHVTXHSUHVHQWD7RQ\%X]DQHQVXOLEUD 8VH %RWK6LGHVRI <RXU %UDLQ >8WLOLFH DPEDV KHPLVIHULRV GHO FHUHEUR@ %X]DQ UHFRPLHQGD XQ HQIRTXH HVSDFLDO QR OLQHDO SDUD OD WRPD GH QRWDV TXH DSURYHFKD OD FDSDFLGDG QDWXUDO GH OD PHQWH SDUD WUDEDMDU GH PDQHUD LQWHJUDGD YLQFXODGD \ FRPSOHMD 'HO PLVPR PRGR FODF ORV PDSDV FRQFHSWXDOHV DQWHV GHVFULWDV ODV PDSDV PHQWDOHV SUHVHQWDQ UDPLILFDFLRQHV GH LQIRUPDFLyQ TXH H[KLEHQODVFRQFHSWRVFODYH\ODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHHOORV6LQHPEDUJDDGLIHUHQFLDGHPDSDVFRQFHSWXDOHVPiV OLQHDOHV ODV PDSDV PHQWDOHV VH FDUDFWHUL]DQ SDU VX HQIRTXH JOREDO GH ODV WHPDV$SDUWLUGHXQDLGHDFRQWUROORVDOXQDVSXHGHQ FUHDUFDQIDFLOLGDGXQDYLVWDSDQRUiPLFDGHVXWHPD

/DVPDSDVPHQWDOHVUHVXOWDQ~WLOHVSRUYDULRVPRWLYRV3HUPLWHQRUJDQL]DU\UHFRUGDULQIRUPDFLyQRUDORHVFULWDHVWXGLDUSDUDXQD HYDOXDFLyQ HVFULWD SODQLILFDU \ HYDOXDU SUR\HFWRV D DFRQWHFLPLHQWRV R UHDOL]DU XQ LQIRUPH YLVXDO GXUDQWH HO WUDQVFXUVR GH XQD UHXQLyQ &XDQGR VH ORV XWLOL]D HQ UHXQLRQHV VDQ H[WUHPDGDPHQWH ~WLOHV SDUD OOHYDU UHJLVWUR GHO GHEDWH RUJDQL]DU ODV LQWHUYHQFLRQHVHOLPLQDUODUHGXQGDQFLD\D\XGDUDODVSDUWLFLSDQWHVDUHWDPDUODVLGHDVGHORVGHPiV(VWDHVWUDWHJLDHVGHXWLOLGDG WDQWRSDUDDOXPQRVFRPRSDUDGRFHQWHV%X]DQVHxDORODLPSRUWDQFLDGHOFDORU\HOGLVHxRDVtFDPDWDPELpQORIRUPDSDUDGHVWDFDU ODLQIRUPDFLyQLPSRUWDQWH




0XFKRV DOXPQRVRULHQWDGRVDODSUHQGL]DMHYLVXDOGLVIUXWDQFUHDQGRPDSDVPHQWDOHV\SXHGHQGLVHxDUVtPERORVRLPiJHQHVSDUD LOXVWUDUVXVFRQFHSWRV\SDUDHPEHOOHFHUVXWUDEDMR1RREVWDQWHODFUHDFLyQGHPDSDVPHQWDOHVUHVXOWDUiDWUDFWLYDSDUDWRGRVORV DOXPQRV\DTXHORVGHWDOOHVVHRUJDQL]DQHQFDWHJRUtDV\HOPRGHORYLVXDOXQLILFDODVGLIHUHQWHVSDUWHVHQXQWRGR

3DUDFUHDUXQPDSDPHQWDO\DVHDFRQHOSURSyVLWRGHWRPDUQRWDVRGHSDUWLFLSDUHQXQDWRUPHQWDGHLGHDVVHGHEHHVFULELUXQ FRQFHSWRIXQGDPHQWDOHQHOFHQWURGHODSiJLQD6HWUDEDMDDSDUWLUGHHVWHFRQFHSWRHQWRGDVGLUHFFLRQHV\VHLQFRUSRUDQSDODEUDV FODYHRLPiJHQHVTXHSXHGHQLGHQWLILFDUVHPHGLDQWHXQFyGLJRGHFRORUHVHQODViUHDVWHPiWLFDVFRUUHVSRQGLHQWHV/DVSDODEUDV TXH VH LQFOX\DQ HQ XQ PDSD PHQWDO GHEHUiQ HVFULELUVH FRQ OHWUDV PD\~VFXODV \D TXH HOORIDYRUHFHODPHPRULDYLVXDO VREUHODV OtQHDVGHFRQH[LyQ/RVFRORUHVORVGLEXMRV\ORVFyGLJRVSXHGHQXWLOL]DUVHFRPRUHFXUVRVPQHPyQLFRVFRPRIRUPDGHH[SUHVLyQ LQGLYLGXDO\FRPRPHGLRSDUDWUDQVIRUPDU\VLQWHWL]DULQIRUPDFLyQHQIRUPDWRYLVXDO$FRQWLQXDFLyQSUHVHQWDPRVXQHMHPSORGH PDSDPHQWDOGLVHxDGRSRU6DUDK:HOVKHQHOTXHVHUHVHxDQORVFRQWHQLGRVGHOSUHVHQWHFDStWXOR

$VRFLDFLRQHV

/DV DVRFLDFLRQHV WDO FRPR ODV GHVDUUROOD *DEULHOH 5LFR HQ VX OLEUR :ULWLQJ WKH 1DWXUDO :D\ >&yPR HVFULELU GH PDQHUD QDWXUDO@ FRQVWLWX\HQXQSURFHVRDELHUWRSDUDJHQHUDULGHDVFUHDWLYDV6RQHILFDFHVFRPRDFWLYLGDGSUHOLPLQDUSDUDFDVLWRGDV ODVIRUPDVGH HVFULWXUD \ VH ODV SXHGH XWLOL]DU FRPR HOHPHQWR PRWLYDGRU SDUD SUR\HFWRV GH HVFULWXUD FUHDWLYD DUWtFXORV LQIRUPHV H[iPHQHV H LQFOXVR OLEURV 5LFR HVFULEH VXV SURSLRV OLEURV FUHDQGR DVRFLDFLRQHV \ OXHJR HVFULELHQGR GLUHFWDPHQWH D SDUWLU GH HOODV HQ XQ SURFHVDGRUGHWH[WR

&XDQGRVHXWLOLFHQDVRFLDFLRQHVFRQSURSyVLWRVGHHVFULWXUDFUHDWLYDVHFRPLHQ]DHVFULELHQGRHOFRQFHSWRSULQFLSDOHQHOFHQWURGH OD SiJLQD \ VH OR URGHD FRQ XQ WUD]R FLUFXODU (VWH WHPD VHUYLUi GH WUDPSROtQ SDUD DVRFLDU OLEUH \ UiSLGDPHQWH WRGDV ODV LGHDV SRVLEOHVDODVTXHVHHQFHUUDUiFRQFtUFXORV\VHFRQHFWDUiFRQHOFRQFHSWRFHQWUDO$VtFRPRRFXUUHHQWRGRSURFHVRGHWRUPHQWD GH LGHDV HV LPSRUWDQWH DQRWDU WRGR DTXHOOR TXH YLHQH D OD PHQWH DXQ FXDQGR SDUH]FD LUUHOHYDQWH 0XFKDV YHFHV ODV LGHDV LUUHOHYDQWHV VXHOHQ RSHUDU FRPR GLVSDUDGRU GH RWUDV PiV ~WLOHV 8QD YH] TXH VH KD FRPSOHWDGR OD SiJLQD £$TXt QR FXHQWD OD SUROLMLGDG SRGUiVXUJLUXQWHPD5LFRORGHQRPLQDVHQVDFLyQGHWXUQR(QHVHPRPHQWRVHSURFHGHDHVFULELUXQSDUGHOtQHDV GHEDMRGHOHVTXHPD 3DUDPXFKDVSHUVRQDVHVWHSURFHVRFRQVWLWX\HXQUHFXUVRHQRUPHPHQWHYDOLRVRSDUDODHVFULWXUDFUHDWLYDTXH VXHOH H[KLELU XQD JUDQ ULTXH]D GH PHWiIRUDV H LPiJHQHV $TXt SUHVHQWDPRV ODV DVRFLDFLRQHV UHDOL]DGDV SRU XQ DOXPQR \ VX SURGXFWRGHHVFULWXUD




(OFRUUHGRU

(VWiLQPyYLO&RQJHODGRSRUODOHQWHGHOIRWyJUDIR&XDQGRHVWiDSXQWRGHOOHJDUDODPHWD0tUHQORPiVGHFHUFD0LUHQVX H[SUHVLyQ/DFDUDFRQWUDtGD(QDJRQtD0LUHQVXFXHUSR/RVP~VFXORVWHQVRV&RPREDUUDVGHDFHUR/DSLHOHPSDSDGD'H VXGRU/RVEUD]RVTXHFXHOJDQFRQLQGLIHUHQFLD0LUHQVXSDVR(SDVRFRUWRGHXQFRUUHGRUFDQVDGR6HHQFXHQWUDFDVLHQHO OtPLWH'HVXVIXHU]DV&DVL3HURQRWRWDOPHQWH(VWiLQPyYLO&RQJHODGRSRUODOHQWHGHOIRWyJUDIR 67(9(6DQR

3DLVDMHVPHQWDOHV

1DQF\ 0DUJXOLHV GHVDUUROOy XQ PpWRGR SDUD GRFXPHQWDU LQIRUPDFLyQ SURYHQLHQWH GH FODVHV H[SRVLWLYDV R OLEURV SRU PHGLR GH LPiJHQHVFRQPX\SRFDVSDODEUDV6XOLEUD0DSSLQJ,QQHU6SDFH>0DSDVGHOHVSDFLRLQWHULRU@HQVHULDDODVSHUVRQDVTXHQRVRQ DUWLVWDVDFUHDULPiJHQHVYLVXDOHVTXHWUDQVIRUPDQODLQIRUPDFLyQGHXQIRUPDWRYHUEDOHQXQIRUPDWRYLVXDO/DPLVPD0DUJXOLHV VXHOHFUHDUSDLVDMHVPHQWDOHVGXUDQWHVXVFRQIHUHQFLDVHQXQDWULOTXHFRORFDMXQWR DOSRGLR\HOORSHUPLWHFRQWDUFRQUHJLVWURV YLVXDOHV GH FDGD SUHVHQWDFLyQ $VWDV FRORULGDV FUHDFLRQHV VH H[KLEHQ HQ ODV SDUHGHV GH OD VDOD \ SURSRUFLRQDQ XQ PHGLRJUiILFR SDUDOOHYDUDFDERODUHYLVLyQGHFDGDXQRGHORVFRQFHSWRVSUHVHQWDGRVDPHGLGDTXHVHGHVDUUROODODFRQIHUHQFLD /RVSDLVDMHVPHQWDOHVRIUHFHQQRVyORQXHYDVSRVLELOLGDGHVSDUDHDSUHQGL]DMH\ODPHPRULDVLQRTXHWDPELpQSXHGHQXWLOL]DUVH SDUD RUJDQL]DU ODV DFWLYLGDGHV GHO GtD SDUD SODQLILFDU FODVHV SDUD FUHDU UHYLVLRQHV LQWHUHVDQWHV R SDUD SURPRYHU QXHYDV LGHDV 0DUJXOLHVRIUHFHORVVLJXLHQWHVVtPERORVYLVXDOHVTXHODPD\RUtDGHODVSHUVRQDVQRWHQGUiGLILFXOWDGHVSDUDUHSURGXFLUFRQHO REMHWRGHLQLFLDUHOWUDEDMRFRQUHSUHVHQWDFLRQHVJUiILFDV

&DGD XQR GH ORV HQIRTXHV JUiILFRV HVTXHPDV YLVXDOHV RUJDQL]DGRUHV HVSDFLDOHV PDSDV FRQFHSWXDOHV PDSDV PHQWDOHV DVRFLDFLRQHV R SDLVDMHV PHQWDOHV  UHVXOWD LQGXGDEOHPHQWH ~WLO SDUD GLIHUHQWHV SURSyVLWRV \ SUHIHUHQFLDV $OJXQRV GH HVWRV SURFHVRVVRQGHQDWXUDOH]DPiVOLQHDO\UHVXOWDQ PiVDSURSLDGRVSDUDWDUHDVDQDOtWLFDVPLHQWUDVTXHRWURVVRQPiVJOREDOHV \ VH DMXVWDQ PHMRU D SURSyVLWRV FUHDWLYRV 1LQJXQR GH HOORV UHVXOWD GLItFLO SDUD HQVHxDU R DSUHQGHU \ WRGRV RIUHFHQ D ORV 


GRFHQWHV \ D ORV DOXPQRV XQD JUDQ GLYHUVLGDG GH KHUUDPLHQWDV SDUD OOHYDU D FDER ODV GLYHUVDV WDUHDV TXH FRPSUHQGH HO SURFHVRGHDSUHQGL]DMH

9LVXDOL]DFLyQ

/DYLVXDOL]DFLyQHVODFDSDFLGDGSDUDFRQVWUXLUDHYRFDULPiJHQHVYLVXDOHVPHQWDOPHQWH0XFKDVGHODVJUDQGHVGHVFXEULPLHQWRV FRPLHQ]DQFDQXQDLQWXLFLyQXQDLPDJHQFODUDDXQDYLVLyQ 3RUHMHPSOR(LQVWHLQFRQFLELySDUSULPHUDYH]VXWHRUtDJHQHUDOGHOD UHODWLYLGDG PLHQWUDV VRxDED GHVSLHUWR XQ GtD GH VDO \ VH LPDJLQDED YRODQGR SRU H HVSDFLR PRQWDGR HQ XQ UD\R GH OX] (O TXtPLFRDOHPiQ)UHGULFK$XJXVW.HNXOHUHVROYLyRWURSUREOHPDFLHQWtILFRDODKRUDGHOFUHS~VFXORPLHQWUDVFRQWHPSODEDHOOXHJR GHODFKLPHQHD\VHLPDJLQDEDXQDURQGDGHVHUSLHQWHVFDGDXQDGHODVFXDOHVPRUGtDODFRODGHODTXHODSUHFHGtD(VWDLPDJHQ UHYHOy OD HVWUXFWXUD PROHFXODU GHO EHQFHQR /HRQDUGR GD 9LQFL LPDJLQy \ GLEXMy PDUDYLOODV WHFQROyJLFDV FDUHR HO KHOLFySWHUR WLHQWDV GH DxDO DQWHV GH VX LQYHQFLyQ (Q GLYHUVRV FDPSDV GH OD DFWLYLGDG KXPDQD VH KDQ SURGXFLGR DYDQFHV FRPR UHVXOWDGR GH SHUFHSFLRQHV RULJLQDGDV SRU LPiJHQHV LQWHULRUHV &XDQGR VH WUDEDMD LQWHQFLRQDOPHQWH OD YLVXDOL]DFLyQ HQ OD FODVH ODV DOXPQRV FRQWDUiQFRQQXHYDVKHUUDPLHQWDVSDUDHODSUHQGL]DMHHOFRQRFLPLHQWR\HOGHVFXEULPLHQWR6LVHHVWLPXODDORVDOXPQRVSDUDTXH SURGX]FDQ VXVSURSLDVLPiJHQHVPHQWDOHVVHJDUDQWL]DUiWDPELpQVXFDSDFLGDGSDUDOOHYDUODVDFDER\DTXHHOPXQGRVHYXHOYH FDGD YH] PiV YLVXDO FRQ ODV LPiJHQHV TXH ODV GHPiV WUDQVPLWHQ SRU PHGLR GH OD WHOHYLVLyQ ODV SHOtFXODV OD FRPSXWDGRUD \ HO YtGHR ,PiJHQHVHQHODXOD

/DV YLVXDOL]DFLRQHV VLPSOHV SXHGHQ XWLOL]DUVH HVSRQWiQHDPHQWH HQ OD PD\RUtD GH ODV VLWXDFLRQHV GH DSUHQGL]DMH (Q XQ GHWHUPLQDGRPRPHQWRGHODFODVHVHSRGUiVROLFLWDUDORVDOXPQRVTXHJHQHUHQ\PDQLSXOHQLPiJHQHV/DFUHDFLyQGHLPiJHQHV WDQWRLQWHUQDVFRPRH[WHUQDVSHUPLWHDORVDOXPQRVQRVyORDSUHQGHUFRQWHQLGRVDFDGpPLFRVVLQRWDPELpQFUHDU\H[SUHVDUVHSRU PHGLRGHVLVWHPDVGHVLJQRVYLVXDOHV\VLPEyOLFRVSURSLRV 7pFQLFDVGHPHPRULDYLVXDO

/RV DQWLJXRV JULHJRV H[SOLFDEDQ HO IHQyPHQR GH OD PHPRULD KXPDQD SRU PHGLR GHO PLWR GH OD JUDQ GLRVD 0QHPRVLQH (O PLWR UHODWD TXH HQ HO FRPLHQ]R GH ORV WLHPSRV ORV 'LRVHV 0D\RUHV HUDQ VREHUDQRV DEVROXWRV GHO XQLYHUVR \ HVWDEDQ GRWDGRV GH XQ HQRUPHWDPDxR\XQHQRUPHSRGHU0QHPRVLQHXQDGHODVGLRVDVRULJLQDOHVSRVHtDXQGRQHVSHFLDOVXPHPRULDHUDWDQH[WHQVD FRPRVXFDEHOOHUD0QHPRVLQHFRQRFtDWRGRVORVKHFKRVTXHKDEtDQRFXUULGRGHVGHHOFRPLHQ]RGHOWLHPSR8QGtDGHFLGLyTXH GHEtDFRPSDUWLUVXVFRQRFLPLHQWRV\SDUDHOORUHXQLyDVXVKLMDVODVQXHYHPXVDV\OHVFRQWyKLVWRULDVDFHUFDGHOXQLYHUVR/HV H[SOLFy FyPR VH KDEtDQ FUHDGR OD 7LHUUD ODV HVWUHOODV \ OD /XQD /HV KDEOy VREUH ORV JORULRVRV GLRVHV \ ORV JUDQGHV KpURHV \ KHURtQDVTXHKDEtDQSREODGROD7LHUUD/DVQXHYHPXVDVRWRUJDURQJUDQLPSRUWDQFLDDWRGRORTXH VXPDGUHOHVKDEtDHQVHxDGR\ VLQWLHURQGHVHDVGHSUHVHUYDUODVPDUDYLOORVDVKLVWRULDV3DUDHOORWUDQVIRUPDURQORVUHODWRVGH0QHPRVLQHHQSRHPDVFXHQWRV\ FDQFLRQHV D ILQ GH DVHJXUDUVH GH TXH QXQFD VHULDQ ROYLGDGRV 'H HVWD PDQHUD ODV PXVDV SXGLHURQ FRPSDUWLU VXV FRQRFLPLHQWRV FRQORVPRUWDOHV\SHUPLWLHURQDODKXPDQLGDGDSUHQGHU\UHFRUGDUWRGRDTXHOORTXHHUDLPSRUWDQWH $ SDUWLU GH HVWD H[SOLFDFLyQ DFHUFD GH OD PHPRULD ORV JULHJRV FUHDURQ WpFQLFDV TXH HPSOHDEDQ KLVWRULDV \ DVRFLDFLRQHV SDUD LQFUHPHQWDUODPHPRULW\OOHYDUDFDERODDSDUHQWHSURH]DVREUHKXPDQDGHODPHPRUL]DFLyQ/RVDQWLJXRVRUDGRUHVHUDQFDSDFHV GH UHFRUGDU FLHQWRV GH REMHWRV FRPR PD]RV GH FDUWDV FRORFDGDV HQ XQ GHWHUPLQDGR RUGHQ GHVFHQGHQWH DVFHQGHQWH R DO D]DU IHFKDV Q~PHURV H LQFOXVR OD WRWDOLGDG GH XQ FDPSR GHO FRQRFLPLHQWR 7DOHV KDELOLGDGHV HUDQ SRVLEOHV GHELGR DO HPSOHR GH OD PQHPRWHFQLDWpUPLQRTXHGHULYDGHODSDODEUDJULHJDPQHPHTXHVLJQLILFDPHPRULD/DPQHPRWHFQLDHVXQFRQMXQWRGHWpFQLFDV TXH IDFLOLWDQ OD UHWHQFLyQ \ HYRFDFLyQ GH LQIRUPDFLyQ PHGLDQWH HO HMHUFLFLR GH OD LQWHOLJHQFLD YLVXDOHVSDFLDO (VWRV SURFHVRV IDFLOLWDQ WDPELpQ OD FDSDFLGDG GH WUDEDMDU FRQ LPiJHQHV PHQWDOHV OR TXH VXHOH VHU XQD FDUDFWHUtVWLFD GH ORV JUDQGHV JHQLRV FUHDWLYRV

(Op[LWR GHORVDQWLJXRVVLVWHPDVGHPHPRUL]DFLyQVHEDVDEDHQXQSULQFLSLRFRP~QODDVRFLDFLyQTXHFRQVLVWHHQWRPDUXQDLGHD R LPDJHQ \ YLQFXODUOD FRQ RWUD /DV LQYHVWLJDFLRQHV KDQ GHPRVWUDGR TXHHODSUHQGL]DMHGHWpFQLFDVGHPHPRUL]DFLyQTXHSRQHQ pQIDVLVHQODVLQWHUFRQH[LRQHVQRVSHUPLWHDOPDFHQDU\UHFRUGDUPXFKDPiVLQIRUPDFLyQGHORTXHVXSRQtDPRV(QHODXODSXHGHQ HPSOHDUVH ODV WpFQLFDV DVRFLDWLYDV FXDQGR VH GHEDQ PHPRUL]DU ORV QRPEUHV GH ODV SURYLQFLDV DUJHQWLQDV ODV GLQDVWtDV FKLQDV HO VLVWHPD GH FDWDORJDFLyQ ELEOLRJUiILFD GH 'HZH\ ORV DUWtFXORV GH OD &RQVWLWXFLyQ ODV UHJODV RUWRJUiILFDV R OLVWDV GH HMHPSORV &XDQGR VH FRPLHQFH D HQVHxDU XQ UHFXUVR PHPRUtVWLFR VHHOHJLUiXQDOLVWD\VHJHQHUDUiMXQWRFRQORVDOXPQRVXQDDQpFGRWD SDUDPHPRUL]DUVXFRQWHQLGRSRUPHGLRGHLPiJHQHVFODUDV\GHILQLGDV 3RUHMHPSORVHSRGUiVROLFLWDUDORVDOXPQRVTXHPHPRULFHQHO6LVWHPD'HFLPDOGH'HZH\(VWHVLVWHPDGHFODVLILFDFLyQGLYLGHD ORVOLEURVHQGLH]FDWHJRUtDVSULQFLSDOHV     

*HQHUDOLGDGHV HQFLFORSHGLDVSXEOLFDFLRQHVSHULyGLFDVPDWHULDOSHULRGtVWLFR )LORVRItD 5HOLJLyQ &LHQFLDVVRFLDOHV /HQJXD 


    

&LHQFLDVQDWXUDOHV 7HFQRORJtD $UWH OLWHUDWXUD *HRJUDItD

&RQHOILQGHPHPRUL]DUODOLVWDDQWHULRUVHFUHyHOVLJXLHQWHDUJXPHQWRFRPSXHVWRSRUDVRFLDFLRQHVHLPiJHQHV

)XLDODOPDFpQGHUDPRVJHQHUDOHV *HQHUDOLGDGHV GRQGHSRGtDFRPSUDUKDVWDDUWtFXORV/DSULPHUDSHUVRQDTXHPHDWHQGLy IXH6RItD )LORVRItD ODGXHxDTXLHQPHPRVWUyGRVFLHQWDV%LEOLDVQXHYDV 5HOLJLyQ <ROHGLMHTXHTXHUtDOOHYDUWUHVWDMRVGH FDUDPHORVVXUWLGRVPDUFD&6 &LHQFLDVVRFLDOHV &XDQGRUHFRUUtDODFXDUWRJyQGRODHVFXFKpTXHKDEtDPXFKDVSHUVRQDV KDEODQGRHQGLIHUHQWHVLGLRPDV /HQJXD \FRPSUpFLQFRMXHJRVSDUDKDFHUH[SHULPHQWRV &LHQFLDVQDWXUDOHV (QODVH[WD JyQGRODYLFRPSXWDGRUDV 7HFQRORJtD SHURSUHIHUtFRPSUDUVLHWHFXDGURV $UWH +DEtDRFKRFDMRQHVOOHQRVGHOLEURV /LWHUDWXUD HQHOSLVR&RPSUpQXHYHSODQLVIHULRV *HRJUDItD \OXHJRPHIXL

8QDKLVWRULDVHPHMDQWHJHQHUDGDSRUORVDOXPQRVSXHGHVHUYLUFRPRSRGHURVRGLVSDUDGRUSDUDODPHPRULD6HSXHGHQDQDOL]DUODV LPiJHQHV SDUD TXH UHVXOWHQ PiV FODUDV \ VH UHSLWH HO DUJXPHQWR XQD R GRV YHFHV 0iV WDUGH ORV DOXPQRVQRWHQGUiQGLILFXOWDG SDUD UHFRUGDU OD KLVWRULD HQ VLOHQFLD PLHQWUDV HVFULEHQ HO 6LVWHPD 'HFLPDO GH 'HZH\ LQFOX\HQGR ODV QXPHUDFLRQHV \ OD FODVLILFDFLyQSRUFDWHJRUtDV

(Q~OWLPDLQVWDQFLDHVWDVWpFQLFDVUHVXOWDQPiVHILFDFHVFXDQGRFDGDXQRGHORVDOXPQRVSXHGHFUHDUVXVSURSLDVLPiJHQHV&RPR GHPXHVWUDHOHMHPSORDQWHULRUXQDYH]TXHORVDOXPQRVKDQGRPLQDGRODWpFQLFDHOGRFHQWH\DQRGHEHUiSURSRUFLRQDUOLVWDGRV SDUDUHVROYHUHMHUFLGRVHVFULWRVRSUXHEDVGHHYDOXDFLyQVLQRTXHSRGUiVROLFLWDUDORVDOXPQRVTXHXWLOLFHQVXVSURSLRVUHFXUVRV SDUDODPHPRUL]DFLyQ /DV DOXPQRV VXHOHQ DGYHUWLU TXH VRQ FDSDFHV GH UHFRUGDU ODV KLVWRULDV D\XGDPHPRULD GXUDQWH ODUJR WLHPSR \ DOJXQRV H[SUHVDQ SUHRFXSDFLyQSRUHOKHFKRGHTXHVXPHQWHHVWpRFXSDGDFRQWRQWHUtDV\ TXHSXHGDQRTXHGDUHVSDFLRSDUDFRVDVPiVLPSRUWDQWHV 6HOHVSRGUiGHPRVWUDUTXHWDOSRVLELOLGDGQRHVUHDO$OJXQRVLQYHVWLJDGRUHVVRVWLHQHQTXHVLVHLQFRUSRUDUDQDOFHUHEURKXPDQR GLH]QXHYDVLQIRUPDFLRQHVSRUVHJXQGRGXUDQWHWRGDODYLGDDXQTXHGDUiHVSDFLROLEUHHQODPHPRULD/DVWpFQLFDVDVRFLDWLYDVQR FRQGLFLRQDQQXHVWUDFDSDFLGDGGHPHPRULDVRODPHQWHODIRUWDOHFHQ /DVWpFQLFDVPHPRUtVWLFDVTXHUHVXOWDQHILFDFHVSDUDUHFRUGDU\HYRFDUKHFKRVVRQSDUWLFXODUPHQWHYDOLRVDVFXDQGRORVDOXPQRV GHEHQDSUHQGHUWDEODVGHPXOWLSOLFDUUHJODVRUWRJUiILFDVSULQFLSLRV\IyUPXODV6LELHQODHMHUFLWDFLyQ\ODSUiFWLFDUHVXOWDQ~WLOHV SDUDPHPRUL]DUGHWHUPLQDGRVGDWRV\SURFHGLPLHQWRVSXHGHQOOHJDUDPLQLPL]DUODLPSRUWDQFLDGHOVLJQLILFDGR\ODFRPSUHQVLyQ (VLPSRUWDQWHHQVHxDUGDWRVKDELOLGDGHV\FRQFHSWRVFRPRSDUWHGHH[SHULHQFLDVPXOWLVHQVRULDOHVHLQWHUDFWLYDVGHJUDQULTXH]D /DVWpFQLFDVPHPRUtVWLFDVSXHGHQLQFRUSRUDUVHDOFRQWHQLGR\GHQLQJXQDPDQHUDGHEHUiQFRQVLGHUDUVHREMHWRGHHQVHxDQ]DHQVt PLVPDV /DV RSRUWXQLGDGHV GH DSUHQGL]DMH YDULDGDV \ SUiFWLFDV HVWLPXODQ OD WRWDOLGDG GHO FDPSR GH OD PHPRULD KXPDQD \ WUDQVIRUPDQHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHHQXQDH[SHULHQFLDIDVFLQDQWH\VLJQLILFDWLYD

9DULHGDGYLVXDOHQPDWHULDOHVGLGiFWLFRV

(VSRVLEOHJHQHUDULQWHUpV\HQWXVLDVPRSRUHOPDWHULDOGLGiFWLFRPHGLDQWHODPRGLILFDFLyQYLVXDOGHOFRORUODIRUPD\OD LPDJHQ(OFRORUFRQVWLWX\HXQFRPSRQHQWHLPSRUWDQWHGHOSHQVDPLHQWRYLVXDO3HUPLWHGLVWLQJXLULGHDVRULHQWDUODDWHQFLyQ \ IDYRUHFHU OD UHWHQFLyQ 3XHGH XWLOL]DUVH FRORU SDUD GHVWDFDU LQIRUPDFLyQ HQ FLWDV WH[WXDOHV WUDEDMRV GH ORV DOXPQRV WUDQVSDUHQFLDVPDWHULDOTXHVHFRORTXHHQHOSL]DUUyQRHQODFDUWHOHUDQRWDVDFHUFDGHODVFODVHV\HMHUFLFLRVGHSUiFWLFD 8VRGHOFRORUILDUDGHVWDFDULQIRUPDFLyQ

(O FRORU WDPELpQ SXHGH XWLOL]DUVH FRPR LPSRUWDQWH KHUUDPLHQWD GLGiFWLFD /RV SDVRV SDUD UHVROYHU RSHUDFLRQHV PDWHPiWLFDV SXHGHQ FODULILFDUVH PHGLDQWH HO XVR GHO FRORU 3RU HMHPSOR HO SULPHU SDVR GH XQD GLYLVLyQ SRU YDULDV FLIUDV SXHGH HVFULELUVH HQ FRORUURMRHOVHJXQGRHQD]XO\HOWHUFHURHQYHUGH

/RV HUURUHV RUWRJUiILFRVSXHGHQFRUUHJLUVHXWLOL]DQGRFRORUHV 6HSRGUiHVFULELUFRQXQGHWHUPLQDGRFRORUODSDUWHGHODSDODEUD TXHQRSUHVHQWHHUURUHVRUWRJUiILFRV\VHGHVWDFDUiQFRQURMRRQDUDQMDODVFRUUHFFLRQHVTXHGHEHQUHFRUGDUVH(VLPSRUWDQWHTXHHO GRFHQWH SURSRUFLRQH PRGHORV SDUD HO HPSOHR GHO FRORU HQ HO DXOD \ TXH SHUPLWD D ORV DOXPQRV GHVDUUROODU VXV SURSLRV FyGLJRV YLVXDOHVPHGLDQWHODHOHFFLyQGHORVFRORUHV\ ORVHQIRTXHVSDUDDERUGDUVXWDUHD

7DPELpQ SRGUiQ GHVWDFDUVH FRQ FRORU ORV SDVRV SDUD XQD VROXFLyQ FUHDWLYD \ DELHUWD GH ORV SUREOHPDV FRPR VH H[SOLFD D FRQWLQXDFLyQ 1HJUD(OSULPHUSDVRGHXQDVROXFLyQGHSUREOHPDVFUHDWLYDFRQVLVWHHQGHWHUPLQDUORVSHUVRQDMHVHOPRWLYRHOPRPHQWR\HO OXJDUTXHFUHDQXQDVLWXDFLyQ(VWRVGDWRVSXHGHQHVFULELUVHFRQWLQWDQHJUD 5DMR(OVHJXQGRSDVRFRQVLVWHHQGHILQLUORVSUREOHPDVSULQFLSDOHVTXHSXHGHQHVFULELUVHFRQURMR 


9HUGH1XPHURVDVVROXFLRQHVSXHGHQSUHVHQWDUVHHQYHUGH $]XOHVHOHFFLRQDODPHMRUVROXFLyQ\VHODHQFLHUUDFRQXQDOtQHDD]XO 1DUDQMD6HGHVDUUROODUiXQSODQGHDFFLyQHQFRORUQDUDQMD

3RGUi XWLOL]DUVH XQ SURFHGLPLHQWR GH VHFXHQFLD GH FRORUHV VLPLODU SDUD HO FXPSOLPLHQWR GH FRQVLJQDV OD WRPD GH QRWDV R OD PHPRUL]DFLyQ GH XQ SURFHVR HQ WRGDV ODV iUHDV GH FRQWHQLGR &XDQGR VH WUDEDMH FRQ FRORUHV GH PDQHUD VHFXHQFLDO HO GRFHQWH SRGUiDGYHUWLUIiFLOPHQWHTXpHWDSDGHOSURFHVRGHVROXFLyQGHSUREOHPDVUHVXOWDPiVGLILFXOWRVDSDUDORVDOXPQRV

)RUPDVYDULDGDV

/DFRPSXWDGRUDSURSRUFLRQDXQUHFXUVRPX\FRQYHQLHQWHSDUDDJUHJDUYDULHGDGYLVXDODOWUDEDMRHQHODXOD0HGLDQWHXQVHQFLOOR SURFHGLPLHQWR VH SRGUiQ LQFRUSRUDU LOXVWUDFLRQHV WLSRJUDItDV GH GLYHUVRV WDPDxRV FXDGURV VtPERORV \ ERUGHV DO PDWHULDO GH HVWXGLR 3RU HMHPSOR SDUD SUDFWLFDU RUWRJUDItD VH SXHGH DXPHQWDU HO WDPDxR GH ODV OHWUDV TXH VXHOHQ HVFULELUVH LQFRUUHFWDPHQWH SDUDDWUDSDUYLVXDOPHQWHODDWHQFLyQ\HVWLPXODUODUHWHQFLyQ 7DPELpQUHVXOWDVHQFLOORD\XGDUDORVDOXPQRVDFRQFHQWUDUVHHQFRQFHSWRVRSDODEUDVFODYH\HQODVUHJODVRUWRJUiILFDVVLVHOHV VXJLHUHTXHYLVXDOLFHQODVSDODEUDV\VXVIRUPDV/DVIRUPDVRFRQILJXUDFLRQHVGHODVSDODEUDVSRGUiQGHVWDFDUVHGHODVLJXLHQWH PDQHUD /DVDOXPQRVSXHGHQGLEXMDUODVFRQILJXUDFLRQHVH[WHUQDVGHODVSDODEUDV\OXHJRVROLFLWDUDDOJXQRGHVXVSDUHVTXHODVFRPSOHWH FRQ OD SDODEUD TXH FRUUHVSRQGD 7DPELpQ SXHGHQ FUHDU FRQILJXUDFLRQHV SDUWt IUDVHV R WHRUHPDV PDWHPiWLFRV TXH OHHUiQ \ VROLFLWDUiQTXHORVGHPiVOHDQ $FRPSDxDPLHQWRYLVXDOSDUDODVFODVHVH[SRVLWLYDVGHEDWHVROHFWXUDV

$Vt FRPR PXFKRV GRFHQWHV VXHOHQ VHQWLUVH LQFyPRGRV UHVSHFWR GH VXV KDELOLGDGHV SDUD GLEXMDU DOJXQRV DOXPQRV VH RIUHFHUiQ YROXQWDULDPHQWHSDUDLOXVWUDUORVFRQWHQLGDVGHDSUHQGL]DMH\SDUDFUHDUDILFKHVSDUDHODXOD 7DPELpQ VH SXHGH VROLFLWDU D ODV DOXPQRV TXH GHFRUHQ VXV WUDEDMRV HVFULWRV SRU PHGLD GH FRODUHV JUDILVPRV VtPERORV \ IRUPDV YDULDV$QWHVGHFRPHQ]DUXQDWDUHDGHOHFWXUDVHSXHGHSURSRQHUDODVDOXPQRVTXHREVHUYHQODVIRWRJUDILDU\ORVJUiILFRVTXH DSDUHFHQHQHOPDWHULDOLPSUHVR\DTXHODH[SORUDFLyQYLVXDOFUHDJDQFKRVPHQWDOHVSDUDODLQIRUPDFLyQHVFULWDHLQFUHPHQWDOD FRPSUHQVLyQ8QDYH]TXHORVDOXPQRVKD\DQFRPHQ]DGRODOHFWXUDVHOHVVXJLHUHTXHWUDQVIRUPHQODVSDODEUDVRVXFHVRVFODYHHQ VXVSURSLDVSHOtFXODVPHQWDOHVFRQHOILQGHSURPRYHUODSRVWHULRUUHHODERUDFLyQ

-XHJRVGHWDEOHURV\GHFDUWDV

/RV MXHJRV GH WDEOHUR VRQ XQR GH ORV SDVDWLHPSRV PiV DQWLJXRV TXH VH FRQRFHQ $OUHGHGRU GHO DxR  D& ODV WDOODV GH ODV WXPEDVHJLSFLDVUHSUHVHQWDEDQMXHJRVGHWDEOHURHQGHVDUUROOR8QPXUDOGHODWXPEDGH1HIHUWDULPXHVWUDDODUHLQDWRPDQGRSDUWH HQ XQ MXHJR GH WDEOHUR FRQ SLH]DV PyYLOHV /RV DQWLJXRV EDELORQLRV FKLQRV URPDQRV \ D]WHFDV GHVDUUROODURQ MXHJRV TXH WHQtDQ SURSyVLWRV HGXFDWLYRV \ UHTXHUtDQ KDELOLGDGHV GH SHQVDPLHQWR OyJLFR $OJXQRV MXHJRV HUDQ HVSDFLDOHV \ RIUHFtDQ XQD JXtD SDUD UHFRUUHU OD FLXGDG R ODV GLYHUVDV PDQHUDV GH FD]DU XQ DQLPDO 'HELGR D TXH ORV MXHJRV GH WDEOHUR VRQ WDQ SRSXODUHV KR\ HQ GtD FRPRORHUDQHQODDQWLJHGDGVHORVSXHGHXWLOL]DUSDUDGHVSHUWDUHOHQWXVLDVPRGHORVDOXPQRVSRUHODSUHQGL]DMH

/RV MXHJRV FRQ SLH]DVPyYLOHVVXHOHQFRQVWLWXLUXQGHVDItRSDUDODLQWXLFLyQ\ODLPDJLQDFLyQGHOMXJDGRU\OHSHUPLWHQWDPELpQ HMHUFLWDUVXVKDELOLGDGHVGHPHPRULD\VXLQWHOLJHQFLDYLVXDOHVSDFLDO(ODMHGUH]HVXQMXHJRPX\DQWLJXRTXHVXUJLyHQ$VLDVH GLIXQGLy SRU 3HUVLD HQ HO VLJOR 9 D& OXHJR SRU 0HGLR 2ULHQWH (VSDxD \ HO UHVWR GH (XURSD (Q OD DFWXDOLGDG VL ELHQ VH OR FRQVLGHUD XQR GH ORV PiV GLIXQGLGRV SDVDWLHPSRV DOJXQRV HGXFDGRUHV FRPLHQ]DQ D DSUHFLDU VX YDORU FRPR KHUUDPLHQWD SDUD SURPRYHUODVKDELOLGDGHVGHSHQVDPLHQWR\DSUHQGL]DMHGHORVDOXPQRV

/RVGRFHQWHVTXHHVWpQLQWHUHVDGRVHQFUHDUVXVSURSLRVMXHJRVSDUDHODXODSRGUiQFRPHQ]DUFRQXQGLVHxDVHQFLOORVLPLODUDOGHO 0RQRSRO\HQHOTXHORVSDUWLFLSDQWHVVLJXHQXQUHFRUULGRHQHOTXHHQFXHQWUDQREVWiFXORVRUHFRPSHQVDVHQUHODFLyQFRQHOWHUQD HQFXHVWLyQ&RQVLJQDVVLPSOHVFRPR7HHQIUHQWDVDVROGDGRVHVSDxROHVUHWURFHGHFDVLOOHURV1RPEUDODUDt]FXDGUDGDGH \ WLUD QXHYDPHQWH HO GDGR +XFN )LQQ \ -LP VRQ GHVFXELHUWRV 3LHUGHV XQ WXUQR R &RSpUQLFR UHDOL]D XQ LPSRUWDQWH GHVFXEULPLHQWR 5HWLUD XQD FDUWD GH SUHPLR VLUYHQ SDUD VXPLQLVWUDU LQIRUPDFLyQ R UHYLVDU FRQWHQLGRV 6XJHULPRV FRQVXOWDU ORV OLQHDPLHQWRVSDUDGLVHxDUMXHJRVGHVWLQDGRVDSUHVHQWDUWHPDVDWUDEDMDUFRQWHQLGRVRDHYDOXDUHODSUHQGL]DMH /LQHDPLHQWRVSDUDFUHDUMXHJRVGHWDEOHUR

 'HWHUPLQDU ORV REMHWLYRV GH DSUHQGL]DMH \ HO SURSyVLWR GHO MXHJR ¢&RQVLVWH HQ IDPLOLDUL]DU D ORV DOXPQRV FRQ QXHYD LQIRUPDFLyQUHYLVDULQIRUPDFLyQFRQRFLGDHYDOXDUXQDXQLGDGRWRGRHOOR"




 &RQVLGHUDU GH TXp PDQHUD SXHGHQ HQVHULDUVH OD LQIRUPDFLyQ \ ODV KDELOLGDGHV SRU PHGLR GH XQ MXHJR /RV MXHJRV TXH VH YHQGHQHQORVFRPHUFLRVSXHGHQLQVSLUDUODHVWUXFWXUD\HOIRUPDWRGHPXFKRVMXHJRVSDUDHODXODSRUHMHPSOR&DUUHUDGH0HQWH ,QGLFLRV \ 6FUDEEOH ([LVWH DOJ~Q MXHJR GLVWULEXLGR FRPHUFLDOPHQWH TXH FRQ DOJXQD PRGLILFDFLyQ SXHGD SURSRUFLRQDU XQD HVWUXFWXUDDSWDSDUDHOWUDEDMRHQHODXOD"¢([LVWHXQIRUPDWRRULJLQDOTXHVHDPiVDSURSLDGR"  3DUDIDEULFDUXQMXHJRGHWDEOHURVHGLEXMDUiXQERFHWRGHOGLVHxRRUHFRUULGRTXHVDWLVIDJDODVQHFHVLGDGHVGHOWHPDHQXQD KRMDJUDQGHGHSDSHO6XVIRUPDVSXHGHQVHUPX\YDULDGDVXQSODQLVIHULRXQDPROpFXODGH$'1HOVLVWHPDVRODUXQODEHULQWR XQSXHEORRFLXGDGRVLPSOHPHQWHXQFDPLQR

 8QD YH] TXH HO UHFRUULGR R HO GLVHxR HVWpQ OLVWRV VH GHWHUPLQDUi OD PDQHUD GH ILQDOL]DU HO MXHJR ¢6HUi FXDQGR XQR GH ORV SDUWLFLSDQWHV FRPSOHWH SULPHUR HO UHFRUULGR FXDQGR DOJXLHQ REWHQJD XQD GHWHUPLQDGD FDQWLGDG GH SXQWRV X REMHWRV R FXDQGR DOJXLHQVHDHOSULPHURHQRFXSDUGLYHUVRVOXJDUHVHQHOWDEOHURUHVSRQGLHQGRSUHJXQWDVFRUUHFWDPHQWH"  /RVMXJDGRUHVQHFHVLWDQXQDIRUPDGHGHVSOD]DUVHSRUHOWDEOHUR3RUORJHQHUDOVHVXHOHQXWLOL]DUGLVFRVTXHVHFRQVWUX\HQ IiFLOPHQWHFRQFtUFXORVGLYLGLGRVHQVHFFLRQHVQXPHUDGDV6HSRGUiILMDUHOGLVFRGLUHFWDPHQWHHQHOWDEOHURFRQXQEURFKHSDUD SDSHOHV \ VH GLEXMDUi XQD IOHFKD TXH LQGLFDUi HO Q~PHUR GH FDVLOODV TXH DYDQ]DUi HO MXJDGRU OXHJR GH KDFHUOR JLUDU /RV PRYLPLHQWRV VREUH HO WDEOHUR WDPELpQ SXHGHQ HIHFWXDUVH XWLOL]DQGR GDGRV R WDUMHWDV FRQ FRQVLJQDV R ELHQ ODV FRQVLJQDV SRGUiQ DSDUHFHUGLUHFWDPHQWHHQHOWDEOHUR

 6L VH SUHILHUH UHDOL]DU ORV GHVSOD]DPLHQWRV VREUH HO WDEOHUR SRU PHGLR GH GDGRV ORV DOXPQRV SRGUiQ FRQVWUXLUORV XWLOL]DQGR FXERV GH PDGHUD /D QXPHUDFLyQ SXHGH GLVHxDUVH IiFLOPHQWH FRQ PDUFDGRUHV R SDSHO GH OLMD ORV TXH WDPELpQ SXHGHQ XWLOL]DUVH SDUD FUHDU SLH]DV HVSHFLDOHV DGDSWDGDV D ODV QHFHVLGDGHV GH XQ GHWHUPLQDGR MXHJR 3RU HMHPSOR ORV GDGRV SXHGHQ H[KLELU GLIHUHQWHV FODVHV GH DQLPDOHV HQ FDGD FDUD SDtVHV SUHVLGHQWHV VLJQRV GH SXQWXDFLyQ R VtPERORV WDOHV FRPR ODV OHWUDV FRUUHVSRQGLHQWHVDORVHOHPHQWRVTXtPLFRV 6LHVQHFHVDULRVHKDUiQWDUMHWDVSDUDLQFOXLUSUHJXQWDVUHFRPSHQVDVRSUHQGDV

(OSDVRILQDOFRQVLVWHHQWUDQVIHULUHOERFHWDGHOMXHJRDXQWUR]RJUDQGHGHFDUWXOLQDFDUWyQPDGHUDEDOVDRFXDOTXLHURWUDFODVH GHPDWHULDOGXUDEOH /RV GRFHQWHV VH EHQHILFLDUiQ PHGLDQWH HO LQWHUFDPELR GH MXHJRV FRQ VXV FROHJDV \ ORV DOXPQRV VXHOHQ PRVWUDUVH HQWXVLDVPDGRV FXDQGRGHEHQFUHDUVXVSURSLRVMXHJDVUHODFLRQDGRVFRQHOPDWHULDOTXHHVWiQHVWXGLDQGR&XDQGRORVDOXPQRVGLVHxHQVXVMXHJRV HVFRQYHQLHQWHTXHORVFRPSDUWDQFRQVXVFRPSDxHURVDILQGHDXPHQWDUODVRSRUWXQLGDGHVGHDSUHQGL]DMHDWUDYpVGHODDFWLYLGDG O~GLFD -XHJRVGHFDUWDV

/RV MXHJRV GH FDUWDV WDPELpQ VLUYHQ FRPR HILFDFHV KHUUDPLHQWDV YLVXDOHV SDUD HO DSUHQGL]DMH (O MXHJR $XWRUHV KD SHUPLWLGR D PXFKRV QLxRV \ DGXOWRV FRQRFHU ILJXUDV OLWHUDULDV \ ORV WtWXORV GH VXV REUDV (Q HVWH MXHJR ORV SDUWLFLSDQWHV GHEHQ UHFROHFWDU JUXSRVGHFXDWURFDUWDVFRUUHVSRQGLHQWHVDFDGDDXWRUFDGDXQDGHODVFXDOHVWLHQHHOQRPEUHGHXQDREUDGLIHUHQWH\XQUHWUDWRGHO DXWRU*DQDUiHOMXJDGRUTXHKD\DFRQVHJXLGRODPD\RUFDQWLGDGGHJUXSRVGHFDUWDVDOILQDOL]DUODSDUWLGD 8Q MXHJR GH FDUWDV VLPLODUSXHGHDGDSWDUVHSDUDODPD\RUtDGHODViUHDVFXUULFXODUHV(QOXJDUGHXWLOL]DUQRPEUHVGHGLIHUHQWHV DXWRUHV XQ MXHJR GH iOJHEUD SRGUtD SUHVHQWDU HFXDFLRQHV FXDGUiWLFDV R SROLQRPLRV /RV SDUWLFLSDQWHV WHQGUtDQ TXH UHFROHFWDU JUXSRVGHFXDWURFDUWDVGHFDGDFODVH2WURMXHJRGHFDUWDVVHQFLOORSRGUtDHVWDULQWHJUDGRSRUGLIHUHQWHVFODVHVGHSDODEUDV/RV SDUWLFLSDQWHVWHQGUtDQTXHUHFROHFWDUFXDWURYHUERVFXDWURDGMHWLYRVFXDWURVXVWDQWLYRVRFXDWURDGYHUELRV6HSRGUiVROLFLWDUDORV DOXPQRVTXHGHFRUHQVXVPD]RVGHFDUWDVFRQGLIHUHQWHVGLVHxRV\TXHORVSODVWLILTXHQSDUDKDFHUORVPiVGXUDEOHV

$UTXLWHFWXUD

8QGtDGXUDQWHXQDH[FXUVLyQÃ&#x2C6;[HOVHGHWXYRPLHQWUDVVXVFRPSDxHURVFUX]DEDQHOHVWDFLRQDPLHQWR\VHGLULJtDQDODHQWUDGDGHO PXVHR(VWDEDFRQWHPSODQGRXQDOWRSXHQWHFROJDQWHVXVSHQGLGRVREUHXQUtRFHUFDQR/DGRFHQWHTXHIXHDEXVFDUORHVFXFKyXQD HQWXVLDVPDGD H[SOLFDFLyQ VLQ OD PHQRU WHUPLQRORJtD WpFQLFD DFHUFD GH OD PDQHUD HQ TXH OD FRQILJXUDFLyQ GH ODV YLJDVGHDFHUR GLVWULEXtDODFDUJD\VRVWHQtDHOHQRUPHSHVRGHODHVWUXFWXUD/DIDVFLQDFLyQGHÃ&#x2C6;[HOSRUORVSXHQWHVQRIXHXQLQWHUpVSDVDMHUR 'XUDQWHORVGRVPHVHVVLJXLHQWHVGLVHxyXQDVHULHGHSXHQWHVFRPSOHMRV(OLQWHUpVGHOQLxRGHVSHUWyHOGHODGRFHQWHTXLHQXQ GtDVROLFLWyDORVDOXPQRVTXHUHIOH[LRQDUDQDFHUFDGHODVUD]RQHVTXHSHUPLWHQFRQVWUXLUHGLILFLRV\SXHQWHV(OORGLRRULJHQDXQD E~VTXHGDGHH[SOLFDFLRQHVTXHLQFOX\HURQODH[SORUDFLyQGHSULQFLSLRVPDWHPiWLFRV\ItVLFRVTXHQRVXHOHQLQWURGXFLUVHHQDXODV GHTXLQWRDxRGHHGXFDFLyQEiVLFD /RV REMHWLYRV GHO FXUUtFXOR GH DUTXLWHFWXUD HQ OD HVFXHOD H[FHGHQ OD FDSDFLWDFLyQ GH IXWXURV DUTXLWHFWRV R OD SURPRFLyQ GH XQD FRQFLHQFLD HVWpWLFD $OJXQRV HGXFDGRUHV VRVWLHQHQ TXH OD DUTXLWHFWXUD SURSRUFLRQD XQ PHGLR HILFD] SDUD DSUHQGHU \ DSOLFDU KDELOLGDGHV PDWHPiWLFDV ItVLFDV \ GH SHQVDPLHQWR FULWLFR \ FUHDWLYR UD]RQDPLHQWR HVSDFLDO HVWUDWHJLDV SDUD OD VROXFLyQ GH SUREOHPDV \ GH FRODERUDFLyQ D SUR\HFWRV SUiFWLFRV 3DUD PXFKRV DOXPQRV OD DUTXLWHFWXUD RIUHFH XQD SXHUWD GH HQWUDGD D 


FRQWHQLGRVTXHSUHYLDPHQWHKDEODQUHVXOWDGRDEVWUDFWRVRSRFRVDWLVIDFWRULRV3RUHMHPSORORVDOXPQRVTXHDSUHQGHQDFDOFXODU iUHDV\YRO~PHQHVGHVFXEULUiQTXHWDOHVDEVWUDFFLRQHVDGTXLHUHQIRUPDWDQJLEOHHQORVPRGHORVDUTXLWHFWyQLFRV (OHVWXGLRGHODDUTXLWHFWXUDSXGHLQWHJUDUVHDGLYHUVDViUHDVGHFRQWHQLGR\UHVXOWDDSURSLDGRSDUDWRGRVORVQLYHOHVGHHQVHxDQ]D /DV YLQFXODFLRQHV FRQ OD DUTXLWHFWXUD VH SRQGUiQ HQ HYLGHQFLD FXDQGR ORV GRFHQWHV UHIOH[LRQHQ DFHUFD GH OD PDQHUD FRPR ODV GLIHUHQWHV XQLGDGHV GLGiFWLFDV KDFHQ UHIHUHQFLD DO HQWRUQR FRQVWUXLGR $GHPiV FXDQGR VH FRQVLGHUD D OD KXPDQLGDGFRPRSDUWH GHODPELHQWHODDUTXLWHFWXUDDVXPHXQDLPSRUWDQFLDIXQGDPHQWDOHQWRGRVORVyUGHQHVGHODYLGD\GHMDGHFRQVLGHUDUVHXQREMHWR LQGHSHQGLHQWH

+DQ VXUJLGR QXPHURVRV SURJUDPDV GH DUTXLWHFWXUD HQ OD HVFXHOD HQ ORV TXH VH HQVHxD D ORV DOXPQRV OD PDQHUD GH DGTXLULU KDELOLGDGHV GH SHQVDPLHQWR HVSDFLDO VLPLODUHV D ODV GH XQ DUTXLWHFWR \ D WUDQVIHULU \ GHPRVWUDU VXV FRQRFLPLHQWRV SRU PHGLR GH DSOLFDFLRQHV HQ OD YLGD FRWLGLDQD /D LQWHUUHODFLyQ GH PDWHPiWLFD FLHQFLD \ DUWH SHUPLWH D ORV DOXPQRV UHVROYHU SUREOHPDV FUHDWLYDPHQWHPLHQWUDVHODERUDQ\OOHYDQDFDERDFWLYLGDGHVGHGLVHxRSDUDHOHQWRUQRItVLFR $SUHQGHUDSHQVDUFRUQRXQDUTXLWHFWR

(O SURJUDPD /D DUTXLWHFWXUD \ ORV QLxRV GH $QQH 7D\ORU VLUYH GH JXtD D ORV DOXPQRV HQ OD UHVROXFLyQ GH XQD VHULH GH SUREOHPDV PHGLDQWHORVFXDOHVVHHQVHxDQORVSDVRVGHOSURFHVRGHGLVHxR(VWHHQIRTXHGHSUiFWLFDFRJQLWLYDSDUDHODSUHQGL]DMHQRFDSDFLWD DORVDOXPQRVHQODVKDELOLGDGHVTXHVHUHTXLHUHQSDUDVHUDUTXLWHFWRVLQRTXHSRUPHGLRGHSUR\HFWRVUHODFLRQDGRVFRQODYLGD FRWLGLDQD JXtD DO QLxR SDUD DERUGDU OD VROXFLyQ GH SUREOHPDV GHO PRGR FRPR OR KDUtD XQ H[SHUWR $OJXQDV GH ODV DFWLYLGDGHV LQWURGXFWRULDV GHO SURJUDPD SDUD SHQVDU FRPR XQ DUTXLWHFWR SURSRQHQ D ORV DOXPQRV YLVXDOL]DU HVWUXFWXUDV TXH SXGLHUDQ FRQWHQHU XQD SHORWD GH SLQJSRQJ XQ UHVWDXUDQWH GH FRPLGD UiSLGD R XQ WHDWUR SDUD QLxRV 7DPELpQ VH OHV VROLFLWD TXH GLEXMHQ VLPEyOLFDPHQWHORTXHOHVXFHGHDXQDEXUEXMDFXDQGRVHIRUPDIORWD\H[SORWD0LHQWUDVHOGRFHQWHSURGXFHXQDVGLH]EXUEXMDVR PiV ORV DOXPQRV GHEHUiQ H[DPLQDU VX IRUPD \ FRPSRUWDPLHQWR /D FRQVLJQD LQGLFD TXH QR VH GHEH GLEXMDU OD EXUEXMD VLQR XQ HVTXHPD TXH UHSUHVHQWH ORV KHFKRV GH VX FLFOR YLWDO 8QD WDUHD VLPLODU /D JUDQ FDUUHUD GH ORV JORERV FRQVLVWH HQ GLVSDUDU FXDWURJORERVHQGLVWLQWDVGLUHFFLRQHVGHQWURGHODXOD\HQGLEXMDUIOHFKDV\OtQHDVTXHUHSUHVHQWHQHOPRYLPLHQWRGHORVREMHWRVHQ HOHVSDFLR\ODVUHODFLRQHVHVSDFLDOHVTXHVHHVWDEOHFHQ

3DUD SURPRYHUHOUD]RQDPLHQWRHVSDFLDOORVDOXPQRVDSUHQGHQDGHVDUUROODUORVSODQRVGHXQDHVWUXFWXUDDUTXLWHFWyQLFDTXHOXHJR FRQVWUXLUiQFRPRPRGHOR/DSULPHUDWDUHDFRQVLVWHHQGLEXMDUGLDJUDPDVGHODViUHDVGHXQDFDVD$FRQWLQXDFLyQORVDOXPQRV GHVDUUROODQHOGLDJUDPDHQXQDSODQWDGHODHVWUXFWXUDTXHOXHJRVHWUDQVIRUPDHQXQDYLVWDGHHOHYDFLyQSDUDDSUHFLDUHODVSHFWR TXH WHQGUtD HO HGLILFLR VL VH OR FRQVWUX\HUD /XHJR ORV DOXPQRV GLEXMDQ XQD SHUVSHFWLYD SDUD UHSUHVHQWDU HO HVSDFLD \ OD SURIXQGLGDG HQ XQD KRMD GH SDSHO 8QD YH] UHDO]DGD HVWD WDUHD ORV DOXPQRV WRPDQ VXV SODQWDV \ GHVDUUROODQ XQ PRGHOR WULGLPHQVLRQDO GH ODV HVWUXFWXUDV 6L ORV UHFXUVRV OR SHUPLWHQ DOJXQRV DOXPQRV SRGUiQ GLEXMDU VX PRGHOR HQ XQD FRPSXWDGRUD PHGLDQWHXQ VRIWZDUH GH GLVHxR8QDYH]WHUPLQDGRVORVPRGHORVVHSUHVHQWDQDWRGDODFODVH9LVWHHVXQSDVRLPSRUWDQWHHQHO SURFHVRGHGLVHxR\DTXHSURPXHYHHO IHHGEDFN SRUSDUWHGHOJUXSRGHSDUHVODDXWRHYDOXDFLyQGHODOXPQR\GDSRUUHVXOWDGRXQ SRUIROLRYLVXDO 0XGDRV SURJUDPDV GLGiFWLFRV GH DUTXLWHFWXUD VROLFLWDQ OD SDUWLFLSDFLyQ GH ORV DOXPQRV SDUD UHGLVHxDU HO HVSDFLR GH VX DXOD 8Q GRFHQWH GH TXLQWR DxR GH HGXFDFLyQ EiVLFD HQ :KLWH 3ODLQV HVWDGR GH 1XHYD <RUN GLR HQWHUD OLEHUWDG D VXV DOXPQRV SDUD PRGLILFDUHOiPELWRGHODXOD3DUDOOHYDUDFDERVXVSUR\HFWRVORVDOXPQRVGHEtDQUHDOL]DUPHGLFLRQHVFUHDUGLEXMRVHQHVFDOD\ PRGHORVWULGLPHQVLRQDOHVSUHSDUDUXQSUHVXSXHVWRHLPSOHPHQWDUVXVLGHDV$QWHVGHODQ]DUVHDODDUTXLWHFWXUDHOGHVHPSHxRGH ORV DOXPQRV HQ HO iUHD GH PDWHPiWLFD HUD EDVWDQWH LQIHULRU DO TXH FRUUHVSRQGtD D VX QLYHO GH HVFRODULGDG /XHJR GH GHGLFDU VXV HVIXHU]RVDODUHPRGHODFLyQGHODXODVHSURGXMRXQLQFUHPHQWRHQHOSURPHGLRGHODVFDOLILFDFLRQHVHQPDWHPiWLFDWDQWRHQORV LQVWUXPHQWRVGHHYDOXDFLyQSUHSDUDGDVSRUHOGRFHQWHFRPRHQORVWHVWVHVWDQGDUL]DGRV1RREVWDQWHGLFKRVUHVXOWDGRVQRSXHGHQ PHGLUODVDFWLWXGHVSRVLWLYDVGHORVDOXPQRVRVXPRWLYDFLyQIUHQWHDODSUHQGL]DMHHQHODXOD

$UWHVYLVXDOHV

/DV DUWHV GHVHPSHxDQ XQ SDSHO IXQGDPHQWDO HQ OD PRWLYDFLyQ GH ORV DOXPQRV HQ VXV KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO WDPELpQ HQ OD FUHDFLyQ GH FOLPDV HVFRODUHV SRVLWLYRV H LQFUHPHQWDQ HO QLYHO GH ORJUR DFDGpPLFR (OLRW (LVQHU SURIHVRU GH 3HGDJRJtD HQ 6WDQIRUG DILUPD /DV WDUHDV DUWtVWLFDV D GLIHUHQFLD GH PXFKR GH OR TXH VH HQVHxD KR\ HQ GtD HQ ODV HVFXHODV GHVDUUROODQ OD FDSDFLGDG SDUD MX]JDU SDUD HYDOXDU SDUD H[SHULPHQWDU XQD DPSOLD JDPD GH VLJQLILFDGRV TXH QR HVWDPRV HQ FRQGLFLRQHVGHH[SUHVDUFRQSDODEUDV/RVOtPLWHVGHOOHQJXDMHQRVRQORVOtPLWHVGHQXHVWUDFRQFLHQFLD

0XFKDVHVFXHODVDERUGDQHODUWHGHGRVPDQHUDVODHQVHxDQFRPRDVLJQDWXUDLQGHSHQGLHQWHRODLQWHJUDQDWRGDVODViUHDVFRPR KHUUDPLHQWDGHHQVHxDQ]D\DSUHQGL]DMH/DVDUWHVYLVXDOHVFRPRHOGLEXMRODSLQWXUDODHVFXOWXUDHOGLVHxR\HOFROODJH VHLQWHJUDQ D ODV DFWLYLGDGHV GHO DXOD GXUDQWH ORV SULPHURV DxRV GH OD HQVHxDQ]D EiVLFD 6LQ HPEDUJR D PHGLGD TXH ORV QLxRV FUHFHQ HVWDV DFWLYLGDGHVVXHOHQH[FOXLUVHGHORVSODQHVGHHVWXGLRV\VHODVRIUHFHHQWDOOHUHVGHDUWHH[WUDFXUULFXODUHVDORVTXHFRQIUHFXHQFLD FRQFXUUHQDTXHOORVDOXPQRVVXILFLHQWHPHQWHRVDGRVFRPRSDUDDWULEXLUVHDOJ~QWDOHQWRDUWtVWLFR (ODUWHFRPRKHUUDPLHQWDGLGiFWLFD




(Q OD FLXGDG GH 1XHYD <RUN VH KDQ LPSOHPHQWDGR GRV SURJUDPDV GHQRPLQDGRV /HDUQLQJ WKURXJK DQ ([SDQGHG $UWV 3URJUDP >$SUHQGL]DMHPHGLDQWHXQSURJUDPDFRPSUHQVLYRGHDUWHV@ /($3 \5HDGLQJ,QVWUXFWLRQWKURXJKWKH $UWV>(QVHxDQ]DGHOHFWXUDSRU PHGLR GHO DUWH@ 5,7$  PHGLDQWH ORV FXDOHV TXHGy GHPRVWUDGR TXH ODV H[SHULHQFLDV DUWtVWLFDV SDUWLFLSDWLYDV IDYRUHFHQ HO DSUHQGL]DMHGHFRQWHQLGRVDFDGpPLFRVHQWRGRVORVQLYHOHVGHHQVHxDQ]D /($3HVXQDRUJDQL]DFLyQHGXFDWLYDVLQILQHVGHOXFURFX\DPLVLyQFRQVLVWHHQPHMRUDUODFDOLGDGGHODHGXFDFLyQHQORVQLYHOHV FRPSUHQGLGRV HQWUH LQLFLDO \ SROLPRGDO HQ ORV FLQFR PXQLFLSLRV GH OD FLXGDG GH 1XHYD <RUN 'XUDQWH VXV TXLQFH DULRV FKH KLVWRULD/($3KDFRODERUDGRFRQFDVLPHGLRPLOOyQGHDOXPQRVDWUDYpVGHVXVFRQVXOWRUHVTXLHQHVWUDEDMDQGLUHFWDPHQWHFRQ ORVGRFHQWHV\VXVJUXSRV7RGRVORVSUR\HFWRVGH/($3HVWiQGHVWLQDGRVDLQFUHPHQWDUHOQLYHOGHORJURHQODViUHDVGHOHQJXD\ PDWHPiWLFDPHGLDQWHDFWLYLGDGHVUHODFLRQDGDVFRQODVDUWHV 5HODFLRQHVHQWUHDUWHVYLVXDOHV\OHQJXD

WRQHOILQGHSURPRYHUODDOIDEHWL]DFLyQHQWUHORVDOXPQRVGHOQLYHOGHHQVHxDQ]DEiVLFDODOLWHUDWXUDORVWtWHUHV\ODSLQWXUDPXUDO UHTXLHUHQ OD SDUWLFLSDFLyQ DFWLYD GH ORV QLxRV HQ DFWLYLGDGHV GH OHFWXUD HVFULWXUD FRQYHUVDFLyQ \ GUDPDWL]DFLyQ 8QR GH ORV SUR\HFWRVGH/($3HQUHODFLyQFRQODVDUWHVVHLQLFLDFRQODOHFWXUDHQYR]DOWDGHXQFXHQWRHQODFODVH/XHJRORVDOXPQRVVH GLYLGHQHQGRVJUXSRVGHDFXHUGRFRQVXVSUHIHUHQFLDVWLQRGHHOORVFRQIHFFLRQDUiWtWHUHV\HORWURSLQWDUiXQPXUDO

7RGDVORVDOXPQRVDSUHQGHQDGLEXMDUILJXUDVHVTXHPiWLFDV\DFUHDUVHFXHQFLDVJUiILFDVTXHFDSWXUHQYLVXDOPHQWHODLGHDFHQWUDO GHFDGDHVFHQD$FRQWLQXDFLyQVHHIHFW~DXQDUHOHFWXUDOHQWDGHOFXHQWR\VHLQVHUWDQSDXVDVDOILQDOGHFDGDHVFHQD/RVDOXPQRV FUHDQVXVVHFXHQFLDVJUiILFDVFXDGURSRUFXDGURPLHQWUDVHVFXFKDQODOHFWXUD\OXHJRUHODWDQODKLVWRULDVHFXHQFLDOPHQWH8QDYH] TXHHVWiQHQFRQGLFLRQHVGHUHSURGXFLURUDOPHQWHODVHFXHQFLDGHODKLVWRULDVHOHVVROLFLWDTXHUHFRQR]FDQODLGHDFHQWUDOHQFDGD HVFHQD 6L HVWD WDUHD OHV UHVXOWD GLItFLO ORV DOXPQRV SXHGHQ UHFXUULU D VXV VHFXHQFLDV JUiILFDV ODV TXH OHV SURSRUFLRQDUiQ SRWHQFLDOHV UHVSXHVWDV $VLPLVPR HO GRFHQWH OHV SURSRQH TXH FXDQGR GHEDQ LGHQWLILFDU OD LGHD FHQWUDO HQ XQD HVFHQD R HQ XQ FXHQWRSRGUtDQLPDJLQDUVHOD PDQHUDGHGLEXMDUODHQXQDVRODLPDJHQ/XHJRORVDOXPQRVVHOHFFLRQDQHOVXFHVRPiVLPSRUWDQWH GHOFXHQWR\GHILHQGHQVXSXQWRGHYLVWD /DFRQIHFFLyQGHWtWHUHVUHTXLHUHDFWLYLGDGHVDGLFLRQDOHVTXHLQFOX\HQODUHOHFWXUDGHOFXHQWRODIDEULFDFLyQGHORVPXxHFRVRHO GLEXMR GH ORV SHUVRQDMHV SULQFLSDOHV SDUD UHIOHMDU WDQWR ORV UDVJRV GH VX SHUVRQDOLGDG FRPR VXV FDUDFWHUtVWLFDV ItVLFDV 6H SXHGH VROLFLWDU D ORV DOXPQRV TXH LPDJLQHQ GH TXp PDQHUD FDPELDUtD OD KLVWRULD VL FDPELDUD OD SHUVRQDOLGDG GHO SURWDJRQLVWD R TXH DVXPDQ HO SXQWR GH YLVWD GH ORV GLYHUVRV SHUVRQDMHV (VWDV DFWLYLGDGHV DXPHQWDQ OD FRPSHWHQFLD OHFWRUD \ ODV KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO /RV DOXPQRV TXH DVt OR GHVHHQ SRGUiQ HVFULELU GLiORJRV SDUD ODV GLIHUHQWHV HVFHQDV GHO FXHQWR HPSOHDQGRHOYRFDEXODULRDSURSLDGR2WURVSRGUiQOHHUODKLVWRULDHQYR]DOWD\GUDPDWL]DUODFRQORVWtWHUHV

0LHQWUDV WDQWR ORV PXUDOLVWDV LGHQWLILFDQ ODV HVFHQDV GHO FXHQWR SUHSDUDUiQ XQD OLVWD GH DGMHWLYRV SDUD WLHPSR \ HVSDFLR \ GHVFULSFLRQHVGHFDGDiPELWR3HTXHxRVJUXSRVGHDOXPQRVVHOHFFLRQDQHVFHQDVSDUDLOXVWUDU\FRPLHQ]DQDGLVHxDUHOIRQGRFRQ WL]DVGHFRORUHVVREUHSOLHJRVGHSDSHOPDGHUDTXHOXHJRSLQWDUiQRUHOOHQDUiQFRQFROODJHVGHSDSHOEDUULOHWH $FRQWLQXDFLyQVHSURFHGHDSUHVHQWDUORVSHUVRQDMHVGHOFXHQWRGHOPLVPRPRGRTXHVHOOHYyDFDERFRQHOJUXSRGHORVWtWHUHV /RVPXUDOLVWDVUHFRUWDQHQSDSHOORVSHUVRQDMHVGHFDGDHVFHQD\ORVSHJDQDORVIRQGRVTXHKD\DQSUHSDUDGR8QDYH]UHDOL]DGRV ORVPXUDOHVSUHOLPLQDUHVVHYXHOYHDOHHUHOFXHQWRFRQHOREMHWRGHUHYHODUGHWDOOHVDGLFLRQDOHVTXHVHLQFOXLUiQHQFDGDXQDGHODV HVFHQDV/RVDOXPQRVUHFRQRFHUiQORVGHWDOOHVTXHGHEHQLQFOXLUVH\ORVPRWLYRVSRUORVFXDOHVGHEHQHVWDUSUHVHQWHV\OXHJRORV GLEXMDUiQ UHFRUWDUiQ \ SHJDUiQ D ODV HVFHQDV /XHJR VH DJUXSDQ ODV HVFHQDV \ ORV DOXPQRV VHxDODQ ODV LGHDV SULQFLSDOHV \ ORV GHWDOOHVGHFDGDXQDPLHQWUDVVHOHHQXHYDPHQWHHOFXHQWR6HSXHGHHQVD\DUODQDUUDFLyQ\SRU~OWLPRLQYLWDUDORVDOXPQRVGH RWURVFXUVRVDHVFXFKDUOD\DYHUODIXQFLyQGHWtWHUHV\HOPXUDO ,QWHJUDFLyQGHODUWH\ODPDWHPiWLFD

8Q HQIRTXH HVSHFLDOPHQWH HIHFWLYR SDUD LQWHJUDU ODV iUHDV GH PDWHPiWLFD \ DUWHV HV HO TXH SUHVHQWD HO SUR\HFWR HODERUDGR SRU /($3SDUDODFRQIHFFLyQGHDFROFKDGRVDSOLFDQGRHOFRQFHSWRGHIUDFFLyQ3DUDLQWURGXFLUGLFKRFRQFHSWRORVDOXPQRVGHOQLYHO GH HQVHxDQ]D EiVLFD WUDEDMDQ FRQ WLMHUDV XQ OiSL] \ FXDWUR FXDGUDGRV GH SDSHO PDGHUD 1R VH OHV SURSRUFLRQDQ SDSHOHV SUHYLDPHQWH FRUWDGRV VLQR TXH FDGD DOXPQR GHEH FRUWDU ODV ILJXUDV SRU Vt PLVPR SDUD FRPSUHQGHU HO FRQFHSWR GH Q~PHUR IUDFFLRQDULR/DSULPHUDIUDFFLyQTXHVHHQVHxDHVXQPHGLR6HVROLFLWDDORVDOXPQRVTXHGREOHQXQDGHODVILJXUDVGHSDSHOSRU ODPLWDG\ODUHFRUWHQSRUHOGREOH]/XHJRGHEHQWUD]DUXQDOtQHDSRUHOFHQWURGHFDGDXQDGHODVPLWDGHVGHSDSHOPLHQWUDVHO GRFHQWHH[SOLFDTXHHVWDOtQHDLQGLFDTXH\DQRHVWiQWUDEDMDQGRFRQXQHQWHURVLQRFRQXQDSDUWH6HVROLFLWDDORVDOXPQRVTXH UHFRQR]FDQODFDQWLGDGGHSDUWHVTXHWLHQHQ\TXHHVFULEDQHOQ~PHURGRVFRPRGHQRPLQDGRUHOFXDOLQGLFDHOQ~PHURGHWUR]RV HQTXHVHKDGLYLGLGRHOSDSHO/RVDOXPQRVWRPDQXQRGHORVWUR]RVGHSDSHO\HVFULEHQHOQ~PHURXQRFRPRQXPHUDGRUORTXH OHVSHUPLWHFRPSUHQGHUTXHORVQXPHUDGRUHVLQGLFDQODSDUWHGHOWRWDOTXHUHSUHVHQWDQ3DUDFRPSUREDUFXDQWDVPLWDGHVIRUPDQXQ WRGR ORV DOXPQRV FRORFDUiQ DPEDV PLWDGHV VREUH XQ WUR]R HQWHUR GH SDSHO PDGHUD (O SURFHVR GH GREODU FRUWDU HVFULELU \ VXSHUSRQHUSDUWHVDXQWRGRVHUHSLWHSDUDHOWUDEDMRFRQFXDUWRV\RFWDYRV\HQDOJXQRVFDVRVUHVXOWD~WLOSDUDWUDEDMDUWDPELpQ RWUDVIUDFFLRQHV 8QD YH] TXH KD\DQ DOFDQ]DGR XQD FRPSUHQVLyQ EiVLFD GH OD QRFLyQ GH IUDFFLyQ ORV DOXPQRV HVWDUiQ HQ FRQGLFLRQHV GH FRQIHFFLRQDUXQDFROFKDGR6REUHXQFXDGUDGRGHSDSHOPDGHUDGHJUDQGHVGLPHQVLRQHVVHFRORFDQWUR]RVGHSDSHOGHGLIHUHQWHV 


WDPDxRV SDUD IRUPDU GLYHUVRV GLVHxRV \ FRPELQDFLRQHV 6H DJUXSDQ WRGRV ORV PRGHORV FRPSXHVWRV SRU GLYHUVDV IUDFFLRQHV \ VH H[KLEHQVREUHXQDGHODVSDUHGHVGHODXODFRPRXQWDSL]6HGHMDQHVSDFLRVHQWUHORVPRGHORVHQTXHVHKDQDSOLFDGRODVIUDFFLRQHV SDUD TXH ORV DOXPQRV HVFULEDQ ODV HFXDFLRQHV FRUUHVSRQGLHQWHV (VWDV HFXDFLRQHV SXHGHQ UHVROYHUVH SRU UHGXFFLyQ DO PHQRU GHQRPLQDGRUFRP~Q ,QWHJUDFLyQGHODVDUWHVHQHOQLYHOSROLPRGDO

2WURHILFD] DERUGDMHGHOHQJXDMHVDUWtVWLFRVLQWHJUDGRVVHLPSOHPHQWyFRQDOXPQRVGHQLYHOSROLPRGDOHQOD-RKQ(.HQQHG\+LJK 6FKRRO GHO %URQ[ 1XHYD <RUN /D IUXVWUDFLyQ TXH SURYRFDED HQ HO SHUVRQDO GRFHQWH OD GHFOLQDFLyQ HQ ODV FDOLILFDFLRQHV FRUUHVSRQGLHQWHV DO iUHD GH OHFWXUD OH OOHYy D GLDJQRVWLFDU HO IUDFDVR GH OD HQVHxDQ]D FRQYHQFLRQDO SDUD LQFUHPHQWDU HO QLYHO GH ORJURGHORVDOXPQRV(QHORWRxRGHVHLPSOHPHQWyHOSURJUDPD 5HDGLQJ,PSURYHPHQWWKURXJK$UW >3URPRFLyQGHODOHFWXUD SRUPHGLRGHODUWH@ 5,7$  FX\RREMHWLYRFRQVLVWtDHQSUHVWDUD\XGDDORVDOXPQRVGHQLYHOSROLPRGDOFX\RVQLYHOHVGHORJURHQHO iUHDGHOHFWXUDQRKXELHUDQH[SHULPHQWDGRSURJUHVRVRKXELHVHQGHFOLQDGRGXUDQWHXQSHUtRGRGHGRVDxRVRPD\RU

(OJUXSRTXHLQWHJUDHO 5,7$ VHUH~QHXQDYH]SRUGtDHQXQWDOOHUFRQXQGRFHQWHGHDUWHTXLHQGHVDUUROODODVFODVHVMXQWRFRQXQ HVSHFLDOLVWD HQ OHFWXUD (VWDV FODVHV VH EDVDQ HQ H[SHULHQFLDV DUWtVWLFDV \ DERUGDQ FXDWUR KDELOLGDGHV HVSHFtILFDV SDUD OD OHFWXUD UHFRQRFLPLHQWRGHSDODEUDVFRPSUHQVLyQHVWUDWHJLDVGHHVWXGLR\EDUULGR8QDGHODVXQLGDGHVUHODWLYDVDODFRPSUHQVLyQLQFOX\H XQDDFWLYLGDGTXHFRQVLVWHHQIRUPXODUFRPSDUDFLRQHV/RVDOXPQRVOHHQVREUH3LFDVVR\GLDORJDQDFHUFDGHODVWUDQVIRUPDFLRQHV TXHH[SHULPHQWyVXHVWLOR DUWtVWLFR&RPSDUDQREUDVILJXUDWLYDV\QRILJXUDWLYDVHQIRUPDHVFULWD\SLQWDQXQDYHUVLyQDEVWUDFWDGH XQDQDWXUDOH]DPXHUWD

&DGD XQD GH ODV FODVHV HQ HO WDOOHU GH DUWH FRPLHQ]D FRQODHQVHxDQ]DGHYRFDEXODULR\FRQVLJQDVHVFULWDVTXHVHH[KLEHQHQXQ DWULO /RV DOXPQRV DQRWDQ HQ VXV GLDULRV SHUVRQDOHV HO YRFDEXODULR GH OD FODVH \ HVFULEHQ HQ HOORV ORV SODQHV SDUD GHVDUUROODU SUR\HFWRV\ORVOLEURVTXHKDQVHOHFFLRQDGRGHODELEOLRWHFDGHOWDOOHU XQFRPSRQHQWHSHUPDQHQWHGHWRGDVODVDXODVGHOSURJUDPD 5,7$  8QDYH]SRUVHPDQDORVDOXPQRVUHGDFWDQ8QLQIRUPHEDVDGRHQVXVQRWDVSODQHV\OHFWXUDV(VWRVWUDEDMRVVHFRQVHUYDQ HQXQSRUIROLRGHHVFULWXUD\VHSUHSDUDWDPELpQXQSRUIROLRGHDUWHTXHFRQWLHQHHMHPSORVGHORVSUR\HFWRVYLVXDOHV3DUDGHVWDFDU ORVORJURVREWHQLGRVHQHOiUHDGHOHFWXUDFDGDSUR\HFWRFXOPLQDFRQGRVJUXSRVGHUHJLVWURV (VWD LQWHJUDFLyQ GH OHQJXD \ DUWHV YLVXDOHV GLR FRPR UHVXOWDGR QRWDEOHV SURJUHVRV HQ HO QLYHO GH ORJUR GHO iUHD GH OHFWXUD /D 'LYLVLyQGH(YDOXDFLyQ(GXFDWLYDGHODFLXGDGGH1XHYD<RUNHVWDEOHFLyTXHSRUFDGDVHLVPHVHVGHSDUWLFLSDFLyQHQHOSURJUDPD 5,7$ HODOXPQRSURPHGLRLQFUHPHQWDEDHQXQDxRVXQLYHOGHOHFWXUDVHJ~QGHPRVWUDEDQODVPHGLFLRQHVFRUUHVSRQGLHQWHVDORV WHVWVHVWDQGDUL]DGRV (VWRVp[LWRVDOHQWDURQDO'U$QGUHZ-DQRYVN\GRFHQWHGHPDWHPiWLFDHQHOQLYHOSROLPRGDODH[SHULPHQWDUODLQWHJUDFLyQGHODV iUHDVGHPDWHPiWLFD\DUWH/RVDOXPQRVWUDEDMDQHQEORTXHVGLDULRVGHGRVKRUDVHOSULPHUSHUtRGRORGHGLFDQDODSUHQGL]DMHGH FRQFHSWRV PDWHPiWLFRV TXH OHV SHUPLWHQ FRQVWUXLU PRGHORV 'XUDQWH HO VHJXQGR SHUtRGR XQ GRFHQWH GH DUWH VXSHUYLVD OD FRQVWUXFFLyQ GH GLVHxRV PDWHPiWLFRV (Q HVWH HQIRTXH ORV DOXPQRV DSUHQGHQ FRQFHSWRV \ OXHJR FRQVWUX\HQ SURGXFWRV TXH GHPXHVWUDQ VXV FRQRFLPLHQWRV DFHUFD GH Q~PHURV SULPRV DULWPpWLFD PRGXODU IRUPDV JHRPpWULFDV \ WHRUHPDV $VLPLVPR HO DSUHQGL]DMH VH FDUDFWHUL]D SRU VHU FRRSHUDWLYR \ FRPSDUWLGR \D TXH ORV DOXPQRV UHFXUUHQ XQRV D RWURV HQ EXVFD GH LGHDV \ IHHGEDFN /DV DFWLYLGDGHV GH FRQVWUXFFLyQ H[LJHQ TXH ORV DOXPQRV HPSOHHQ \ GRPLQHQ KDELOLGDGHV RSHUDWLYDV \ FRQFHSWXDOHV EiVLFDV

&RPRGHPXHVWUDQORVHMHPSORVSUHFHGHQWHVHVSRVLEOHGLVHxDUFODVHVHVWLPXODQWHVVREUHXQDEDVHDUWtVWLFDVLORVGRFHQWHVGHiUHDV GHFRQWHQLGR\ORVHVSHFLDOLVWDVHQDUWHVGHVDUUROODQODHQVHxDQ]DHQHTXLSRRSODQLILFDQGHPDQHUDFRQMXQWD1RVHWUDWDVRODPHQWH GH RIUHFHU FRQGLFLRQHV IDYRUDEOHV SDUD HO DSUHQGL]DMH VLQR WDPELpQ GH ORJUDU TXH ORV DOXPQRV VH EHQHILFLHQ FRQ ORV SURFHVRV DUWtVWLFRV IXQGDPHQWDOHV GH VROXFLyQ GH SUREOHPDV DXWRH[SUHVLyQ H LQYHQFLyQ 1R REVWDQWH DXQTXH ORV GRFHQWHV QR SXHGDQ IRUPDU XQ HTXLSR FRQ HVSHFLDOLVWDV HQ DUWHV VH SRGUiQ JHQHUDU RSRUWXQLGDGHV SDUD TXH ORV DOXPQRV DSUHQGDQ \ GHPXHVWUHQ VXV FRQRFLPLHQWRV SRU PHGLR GH ODV DUWHV YLVXDOHV $ FRQWLQXDFLyQ SUHVHQWDPRV XQD VHULH GH SURSXHVWDV SDUD LQWHJUDU HO DUWH D ODV GLYHUVDViUHDVFXUULFXODUHV (ODUWHHQWRGDVODViUHDVFXUULFXODUHV

 &DGDDXODGHEHGLVSRQHUGHXQFHQWURGHDUWHHTXLSDGRFRQPDUFDGRUHVSLQWXUDVSDSHOHVGHFRORUHVGH GLYHUVRVWDPDxRV\ WH[WXUDVWHODVREMHWRVQDWXUDOHV\DUWLILFLDOHV(VQHFHVDULRUHQRYDUORVPDWHULDOHVFRQIUHFXHQFLD\HVWLPXODUDORVDOXPQRVSDUD TXHORVXWLOLFHQ

 /RV SUR\HFWRV GHO DXOD TXH FRPSUHQGHQ GLEXMR FRQVWUXFFLyQ SUXHEDV IRWRJUiILFDV YLGHRJUDItD \ FUHDFLyQ GH PRGHORV GLQDPL]DQ HO DSUHQGL]DMH GH WRGDV ODV iUHDV GH FRQWHQLGR 6H GHEH SURSRQHU DO PHQRV XQD RSFLyQ DUWtVWLFD SDUD FDGD XQLGDG GH HVWXGLR  /D WpFQLFD GHO FROODJH SURSRUFLRQD RSRUWXQLGDGHV SDUD OD LQWHUSUHWDFLyQ YLVXDO GHODVLGHDV\SXHGHVHUYLUFRPRLOXVWUDFLyQ SDUDHOWUDEDMRHQHODXOD6HSXHGHQUHFROHFWDUFRQVHUYDU\SRQHUDGLVSRVLFLyQGHORVDOXPQRVUHYLVWDV\SHULyGLFRVYLHMRVTXH UHVXOWHQDSURSLDGRVSDUDHOWUDEDMRHQODVGLYHUVDViUHDVGHFRQWHQLGR 


 /DVOtQHDVGHWLHPSRORVPDSDV\ORVJUiILFRVGHFRUDGRVSRUORVDOXPQRVFRQFRORUHVGLEXMRV\IRQGRVRULJLQDOHVGHVSLHUWDQ ODDWHQFLyQ\HVWLPXODQODPHPRULD 6 /RV IULVRV HQ HO DXOD RWRUJDQ LPSRUWDQFLD D OD LQIRUPDFLyQ 8Q GRFHQWH GH SULPHU DxR GH QLYHO SROLPRGDO FRORFy XQ IULVR DOUHGHGRU GHO DXOD TXHFRQWHQtDSDODEUDVJULHJDV\ODWLQDV&DGDDOXPQRDSRUWyXQDRPiVLPiJHQHVYLVXDOHVSDUDUHSUHVHQWDUHO VLJQLILFDGRGHODVSDODEUDV6HSRGUiQGLVHxDU\H[KLELUIULVRVFRORULGRVSDUDWRGDVODViUHDVGHFRQWHQLGR

 /RV PXUDOHV TXH RFXSDQ SDUHGHV HQWHUDV SHUVRQDOL]DQ HO DXOD \ SHUPLWHQ D ORV DOXPQRV REVHUYDU ORV FRQFHSWRV TXH HVWiQ HVWXGLDQGR /RV DOXPQRV FRQ FRQGLFLRQHV DUWtVWLFDV SXHGHQ GLEXMDU ORV PXUDOHV \ VXV FRPSDxHURV SRGUiQ SLQWDUORV R FRORFDU OH\HQGDV  6H SXHGHQ FUHDU OiPLQDV GLQiPLFDV JUDQGHV R SHTXHxDV FRQ SDSHO DILFKH \ URGLOORV GH PDGHUD OR TXHFRQVWLWX\HXQPHGLR H[FHOHQWHSDUDH[KLELUJUDQFDQWLGDGGHLQIRUPDFLyQ8QJUXSRGHVpSWLPRDxRGHHGXFDFLyQEiVLFDGLVHxyODKLVWRULDGHOXQLYHUVR VREUH PHWURVGHSDSHOGHPHWURVGHDQFKR/DVHVFHQDVVHUHIHUtDQDORULJHQGHOXQLYHUVRDODVSULPHUDVIRUPDVGHYLGD VREUH OD 7LHUUD D ODV SULPHUDV FLYLOL]DFLRQHV \ D ORV DSRUWHV VLJQLILFDWLYRV UHDOL]DGRV HQ HO FDPSR GH OD FXOWXUD /RV DOXPQRV HVFULELHURQ WDPELpQ SRHPDV DFHUFD GH FDGD XQR GH ORV WHPDV \ ORV LQFOX\HURQ HQ OD OiPLQD $ PHGLGD TXH VH GHVDUUROODED HO SUR\HFWRIXHURQVXUJLHQGRGLIHUHQWHVUROHVHQWUHORVDOXPQRVSODQLILFDGRUHVGLEXMDQWHVSLQWRUHVHVFULWRUHVHLQFOXVRPHFiQLFRV TXLHQHVGHEtDQGLVHxDU\FRQVWUXLUODEDVH

 /RVDOXPQRVSXHGHQUHSURGXFLUREUDVGHDUWHIDPRVDVPDSDVXRWURVREMHWRVYLVXDOHVPHGLDQWHODVWpFQLFDVGHURPSHFDEH]DV R JULOOD 3RU HMHPSOR XQ JUXSR UHDOL]y GRV PDSDV GH ORV KHPLVIHULRV RULHQWDO \ RFFLGHQWDO VREUH XQD VXSHUILFLH GH WUHV PHWURV FXDGUDGRV /XHJR GH GLEXMDU ORV FRQWLQHQWHV HQ XQD KRMD JUDQGH GH SDSHO WUD]DURQ XQ GLVHxR GH URPSHFDEH]DV HQ HO UHYHUVR \ GLYLGLHURQ FDGD PDSD HQ  SDUWHV TXH FRUUHVSRQGtDQ DO Q~PHUR GH DOXPQRV GH OD FODVH /XHJR GH UHFRUWDU ODV SLH]DV FDGD DOXPQRWRPDEDXQD\DFRQWLQXDFLyQGHEtDGHFLUDTXpSDUWHGHOPDSDFRUUHVSRQGtDVLLQWHJUDEDWLHUUDDJXDRFRQWLQHQWHV\GH TXpPDQHUDVHHQVDPEODEDFRQFDGDXQDGHODVSLH]DVTXHWHQtDDOUHGHGRU(QRWUDHVFXHODVHGHVDUUROOyXQSUR\HFWRJUXSDOSDUD UHDOL]DUXQPXUDOJLJDQWHGH/DQRFKHHVWUHOODGD GH9DQ*RJK(OPXUDORFXSDEDXQDSDUHGHQWHUDHQODELEOLRWHFD\VHOOHYyDFDER FRQGRFHQDVGHFXDGUDGRVGHSDSHOFDGDXQRGHORVFXDOHVFRUUHVSRQGtDDXQFXDGUDGRPiVSHTXHxRGHODJULOODHQTXHVHKDEtD GLYLGLGRODSLQWXUDRULJLQDO&DGDDOXPQRSLQWyXQDYHUVLyQDPSOLDGDGHORTXHDSDUHFtDHQXQRGHORVFXDGUDGRVQXPHUDGRVGHOD JULOOD 8QD YH] PiV OD FRRUGLQDFLyQ HUD XQ UHTXLVLWR LQGLVSHQVDEOH HVSHFLDOPHQWH FXDQGR XQD HVWUHOOD FDVD R iUERO HQ XQ FXDGUDGRGHODJULOODVHSURORQJDEDHQRWUR /DVUHSURGXFFLRQHVORVDILFKHV\ODVIRWRJUDItDVUHODFLRQDGRVFRQXQWHPDVLUYHQSDUDGHFRUDUHODXOD\DODYH]SURSRUFLRQDQ HOHPHQWRVSDUDUHDOL]DUGHEDWHVHLQVSLUDFLyQSDUDHOWUDEDMRDUWtVWLFRGHORVDOXPQRV+ROW5HLQKDUW\:LQVWRQ,QFKDQSUHSDUDGR XQD FDUSHWD GHQRPLQDGD $UW :RUNV >2EUDV GH DUWH@ TXH RIUHFH XQD DPSOLD YDULHGDG GH REUDV DUWtVWLFDV SURYHQLHQWHV GH GLYHUVDV FXOWXUDV FRQ HTXLOLEULR HQ HO JpQHUR /RV GRFHQWHV SXHGHQ HVFULELU D ORV PXVHRV \ VROLFLWDU HO HQYtR GH FDWiORJRV TXH OHV SURSRUFLRQDUiQ XQD LPSRUWDQWH IXHQWH GH UHFXUVRV /DV REUDV DUWtVWLFDV SXHGHQ LQFRUSRUDUVH GLUHFWDPHQWH DO DXOD HQ IRUPD GH SRVWDOHVRGHUHSURGXFFLRQHVHQWDPDxRUHDO/DVJDOHUtDV\WDOOHUHVGHPDUFRVORFDOHVWDPELpQFXHQWDQFRQXQDEXHQDVHOHFFLyQGH UHSURGXFFLRQHV (OVRIWZDUHLQIRUPiWLFRTXHIDFLOLWDHOGLEXMRODVOtQHDVGHWLHPSR\HOPDWHULDOJUiILFRSXHGHQDxDGLUXQDGLPHQVLyQYLVXDODODV WDUHDV\H[KLELFLRQHVGHODXOD (QHOQLYHOSROLPRGDOORVDOXPQRVFRQQRWDEOHVFRQGLFLRQHVDUWtVWLFDVSXHGHQGLVHxDUXQDDFWLYLGDGUHODFLRQDGDFRQDUWHVSDUD UHDOL]DUHQHODXOD\HQVHxDUODDVXVFRPSDxHURV

/RVGRFHQWHVSXHGHQFUHDUXQOLVWDGRGHDUWLVWDVGHODFRPXQLGDGRGHDJHQWHVDUWtVWLFRVDTXLHQHVSRGUiQLQYLWDUDFRPSDUWLU VXVH[SHULHQFLDVFRQORVDOXPQRVGHODHVFXHOD

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDYLVXDOHVSDFLDO

/RV DOXPQRV GH KR\ HQ GtD KDQ FUHFLGR PLUDQGR WHOHYLVLyQ \ VH HQFXHQWUDQ QRWRULDPHQWH RULHQWDGRV KDFLD HODSUHQGL]DMHYLVXDO /DV GLDSRVLWLYDV WUDQVSDUHQFLDV ILOPLQDV \ SHOtFXODV FRQVWLWX\HQ FRPSOHPHQWRV VLJQLILFDWLYRV SDUD VX DSUHQGL]DMH /DV IRWRFRSLDGRUDV \ ODV LPSUHVRUDV VRQ WDPELpQ UHFXUVRV GH DSR\R HVHQFLDOHV SDUD WRGD FODVH GH WDUHDV DFDGpPLFDV $VLPLVPR FXDQGR ORV VLVWHPDV LQWHUDFWLYRV IRUPDQ SDUWH GHO SURFHVR GH DSUHQGL]DMH ORV DOXPQRV GHMDQ GH VHU REVHUYDGRUHV SDVLYRV SDUD FRQYHUWLUVHHQSHQVDGRUHVDFWLYRV3RUHMHPSORODYLGHRFDVHWHUDHVXQHOHPHQWRTXHVXHOHHVWDUDODOFDQFHGH ODPD\RUtDGHORVGRFHQWHV\EULQGDQXPHURVDVSRVLELOLGDGHVSDUDHODSUHQGL]DMHDFWLYR(QOXJDUGHSUHVHQWDUXQYLGHRGHVGHHO SULQFLSLRKDVWDHOILQVHSXHGHDSURYHFKDUODRSRUWXQLGDGSDUDGHWHQHUUHERELQDU\YROYHUDH[KLELUODFLQWD/DVRSRUWXQLGDGHV IUHFXHQWHVSDUDGHEDWLUORTXHVHKDYLVWRHLQIHULUORTXHVHYHUiDFRQWLQXDFLyQGDQOXJDUDXQDSUHQGL]DMHDQWLFLSDWRULR\ SDUWLFLSDWLYRTXHDVXPHIXQGDPHQWDOLPSRUWDQFLDSDUDHOSURFHVRHGXFDWLYR 


&XDQGRVHSUHVHQWHQSURGXFFLRQHVGUDPiWLFDVHVFRQYHQLHQWHTXHORVGRFHQWHVKD\DQYLVWRODSHOtFXODFRQDQWHULRULGDGSDUDWRPDU QRWD GH GLYHUVDV HVFHQDV TXH SXHGDQ UHSUHVHQWDUVH IXHUD GH FRQWH[WR SDUD UHDOL]DU DFWLYLGDGHV GH FRPSDUDFLyQ \ FRQWUDVWH 7DPELpQ SXHGH GHWHQHUVH OD SHOtFXOD DQWHV GH TXH ILQDOLFH \ VROLFLWDU D ORV DOXPQRVTXHLQYHQWHQXQILQDORLQILHUDQORTXHYDD RFXUULU(OIRUPDWRGHYLGHRHVXQDKHUUDPLHQWDIOH[LEOH\DGDSWDEOHTXHSXHGHXWLOL]DUVHSDUDLQQXPHUDEOHVSURSyVLWRVHGXFDWLYRV /DGLVSRQLELOLGDGGHFiPDUDVGHYLGHRSHUPLWHDORVDOXPQRVSURGXFLUVXVSURSLDVFLQWDVFRPRDOWHUQDWLYDGHORVLQIRUPHVHVFULWRV /RV GRFHQWHV WDPELpQ SXHGHQ SURGXFLU YLGHRV SDUD XWLOL]DU FRPR SUHVHQWDFLyQ GH FRQWHQLGRV 'H HVWD PDQHUD HO GRFHQWH SRGUi FORQDUVH\UHGXFLUHOWLHPSRGLDULRGHFODVHH[SRVLWLYD /DV FRPSXWDGRUDV SHUPLWHQ D ORV DOXPQRV RULHQWDGRV DO DSUHQGL]DMH YLVXDO LQWHUDFWXDU FRQ OD WHFQRORJtD 3XHGHQ DSURYHFKDU ODV RSRUWXQLGDGHV SDUD YHU \ PDQLSXODU HO PDWHULDO DO TXHWLHQHQDFFHVRRTXHKD\DQFUHDGRGHPXFKDVPDQHUDVGLIHUHQWHVDQWHVGH SUHSDUDUHORULJLQDOGHXQSUR\HFWRHVFULWR/RVGLVFRVGHYLGHRLQWHUDFWLYRVUHVXOWDQFDGDYH]PiVDFFHVLEOHVSDUDVXXVRHQHODXOD DPHGLGDTXHVHDEDUDWDQORVSUHFLRVGHORVHTXLSRV\HOVRIWZDUH

(QHOKRUL]RQWHVHHQFXHQWUDODWHFQRORJtDGHUHDOLGDGYLUWXDODQWHODFXDOWRGRVORVRWURVUHFXUVRVVXFXPEHQHQODFRPSDUDFLyQ 6L ELHQ VX GHVDUUROOR WRGDYtD HV LQFLSLHQWH HVWH PXQGR JHQHUDGR SRU FRPSXWDGRUD SURSRUFLRQD XQ DSUHQGL]DMH PHPRUDEOH HQ QXHYDVGLPHQVLRQHV8QDOXPQRVHFRORFDXQFDVFRRDQWHRMRVTXHFRQWLHQHQPRQLWRUHVGHWHOHYLVLyQHQPLQLDWXUDDXULFXODUHV\ XQJXDQWHHOHFWUyQLFR(VWHHTXLSRHVWiFRQHFWDGRDXQDFRPSXWDGRUDTXHFRRUGLQDORVHVWtPXORVVHQVRULDOHVFRQHOPRYLPLHQWR ItVLFR /D FRPSXWDGRUD PRQLWRUHD OD XELFDFLyQ GH OD PDQR HQJXDQWDGD \ FUHDUi H[SHULHQFLDV UHDOHV 8QR GH ORV SULPHURV SURJUDPDVSHUPLWtDDOSDUWLFLSDQWHFDPLQDUSRUXQDFDOOHHQODFLXGDGGH$VSHQREVHUYDUORVDOUHGHGRUHVHLQFOXVRFDPELDUODV HVWDFLRQHVGHODxR&XDQGRHOVXMHWROOHJDDXQDHVTXLQDSXHGHGREODUDODGHUHFKDRDODL]TXLHUGDSRUPHGLRGHLQGLFDFLRQHVTXH UHDOL]D FRQ HO JXDQWH HOHFWUyQLFR SDUD FRQWLQXDU VX UHFRUULGR \ H[SORUDU HO LQWHULRU GH DOJXQRV HGLILFLRV 'XUDQWH XQ WLHPSR ORV SLORWRVDHURQiXWLFRVVHHQWUHQDQSDUDKDFHUIUHQWHDVLWXDFLRQHVGHHPHUJHQFLD\SDUDDSUHQGHUDXWLOL]DUHTXLSRVQXHYRVSRUPHGLR GHUHDOLGDGYLUWXDO(QODDFWXDOLGDGORVHVWXGLDQWHVGHPHGLFLQDUHDOL]DQVXVSULPHUDVRSHUDFLRQHVTXLU~UJLFDVYLUWXDOPHQWH&RQ XQSRFRGHLPDJLQDFLyQSRGUHPRVSUR\HFWDUODVH[SHULHQFLDVGHDSUHQGL]DMHYLUWXDOTXHDOJ~QGtDVHRIUHFHUiQHQODVHVFXHODVSDUD ORVDOXPQRVGHItVLFDTXtPLFDELRORJtDRDUTXLWHFWXUD

6L ELHQ HVWDV KHUUDPLHQWDV YLVXDOHVSDFLDOHV QR VRQ HVHQFLDOHV SDUD HO SURFHVR GH DSUHQGL]DMH GH KHFKR RIUHFHQ IRUPDV HVWLPXODQWHV\PRWLYDGRUDVSDUDTXHHODOXPQRHMHUFLWHVXLQWHOLJHQFLDYLVXDOHVSDFLDO\WRUQDQPiVDFFHVLEOHVORVFRQWHQLGRVGH WRGDV ODV iUHDV SDUD OD PD\RUtD GH ORV DOXPQRV &RQ VHJXULGDG UHVXOWDUiQ HQ H[WUHPR YDOLRVDV SDUD ORV DOXPQRV FRQ GLVFDSDFLGDGHVItVLFDVXRWUDVQHFHVLGDGHVHVSHFLDOHV<VLQOXJDUDGXGDVWUDQVIRUPDUiQHQXQDUHDOLGDGFRPSUHQVLEOH\YLVLEOH DTXHOORTXHGHRWUDIRUPDSDUDPXFKRVVHJXLUtDVLHQGRXQFRQMXQWRGHDEVWUDFFLRQHVVLQVHQWLGR 5HVXPHQ

(O SHQVDPLHQWR YLVXDOHVSDFLDO FRQVWLWX\H XQ PHGLR IXQGDPHQWDO SDUD DFFHGHU D OD LQIRUPDFLyQ SDUD SURFHVDUOD \ SDUD UHSUHVHQWDUOD (VWH FDStWXOR SUHVHQWD XQ DPSOLR SDQRUDPD DFHUFD GH ODV GLYHUVDV HVWUDWHJLDV GHVWLQDGDV D GHVDUUROODU KDELOLGDGHV SDUD OD REVHUYDFLyQ OD YLVXDOL]DFLyQ \ HO GLEXMR &XDQGR WDOHV SURFHVRV VH HPSOHDQ FRQ FUHFLHQWH IUHFXHQFLD \ GHVWUH]D UHVXOWD HYLGHQWH TXH HO SHQVDPLHQWR YLVXDO SURPXHYH RSHUDFLRQHV PHQWDOHV TXH QR VXHOHQ PDQLIHVWDUVH PHGLDQWH PRGDOLGDGHV YHUEDOHV 6HJ~QDILUPD5REHUW0F.LPHQ([SHULHQFHVLQ9LVXDO7KLQNLQJ>([SHULHQFLDVGHSHQVDPLHQWRYLVXDO@/DVSHUVRQDVTXHDSOLFDQ HO SHQVDPLHQWR FUHDWLYR OOHYDQ D FDER DTXHOOR TXH ODV FRPSXWDGRUDV QR SXHGHQ UHDOL]DU $EDQGRQDQ HO OHQJXDMH FXDQGR ODV FLUFXQVWDQFLDV OR H[LJHQ \ DGRSWDQ RWURV PRGRV GH SHQVDPLHQWR (VSHFtILFDPHQWH TXLHQHV DSOLFDQ HO SHQVDPLHQWR FUHDWLYR VRQ DPELGH[WURV>@$SUHQGHUDSHQVDUGHPDQHUDYLVXDOHVHVHQFLDOSDUDHVWDIRUPDLQWHJUDGDGHDFWLYLGDGPHQWDO $ FRQWLQXDFLyQ VH HQXPHUDQ ODV WpFQLFDV YLVXDOHVSDFLDOHV GHVDUUROODGDV HQ HO SUHVHQWH FDStWXOR D ILQ GH TXH HO GRFHQWH SXHGD VLQWHWL]DUFRQFHSWRVHLGHQWLILFDUODVPiVDSURSLDGDVSDUDVXDSOLFDFLyQHQHODXOD




&$3Ã&#x152;78/2

6LQWRQLFpPRQRVLQWHOLJHQFLDPXVLFDO /DP~VLFDHVXQDPDQLIHVWDFLyQGHOHVStULWXKXPDQRVLPLODUDOOHQJXDMH6XVPiVJUDQGHVUHSUHVHQWDQWHVKDQWUDVPLWLGRDOD KXPDQLGDGPHQVDMHVLPSRVLEOHVGHH[SUHVDUHQQLQJ~QRWUROHQJXDMH6LGHVHDPRVTXHWRGRHOORQRVHWUDQVIRUPHHQXQWHVRUR PXHUWRGHEHPRVHVIRU]DUQRVDOPi[LPRSDUDORJUDUTXHHOPD\RUQ~PHURSRVLEOHGHSHUVRQDVFRPSUHQGDVXLGLRPD =2/7$1.2'$/<$=DQHL,UDV2OYDVDV0RGV]HUWDQD

/DFDQFLyQGH 'DQQ\

(OMRYHQFDQWDQWH\FRPSRVLWRUHVWDGRXQLGHQVH'DQQ\'HDUGRUIISDGHFLySROLRPLHOLWLVHQVXSULPHUDLQIDQFLD/DHQIHUPHGDGOH SURYRFyGHIRUPLGDGHV\GLVFDSDFLGDGHVItVLFDVSHURGHVGHORVSULPHURVDxRVVXIRUWDOH]DGHHVStULWXVHPDQLIHVWyHQODFDQFLyQ &XDQGRHUDQLxRLQYHQWDEDFDQFLRQHVDFHUFDGHOFDUWHURTXHUHFRUUtDODFDOOHRGHOPRVTXLWHURTXHSHUPLWtDHOSDVRGHDLUHIUHVFR\ PDQWHQtDDORVLQVHFWRVIXHUDGHODFDVD7RGRFXDQWR'DQQ\YHtDOHLQVSLUDEDOHWUD\P~VLFD

(QODDFWXDOLGDGJR]DGHUHFRQRFLPLHQWRLQWHUQDFLRQDOSRUVXODERUFRPRFRPSRVLWRUHMHFXWDQWH\SURGXFWRU\SRUVXLQVSLUDGRUD HORFXHQFLD +D UHFLELGR QXPHURVRV SUHPLRV HQ ORV (VWDGRV 8QLGRV\HVWiFRQYHQFLGRGHTXHODP~VLFDFRQVWLWX\HXQDSRGHURVD IRUPD GH FRPXQLFDFLyQ FRQ OD FDSDFLGDG GH OOHJDU D OD PHQWH D WUDYpV GHO FRUD]yQ /D P~VLFD GH 'DQQ\ WUDQVPLWH LPSRUWDQWHV PHQVDMHVVRFLDOHVDSUHQGHUDDPDUFRQPD\RULQWHQVLGDGDFXLGDUQXHVWURPHGLR\DDSUHFLDUODVGLIHUHQFLDVTXHH[LVWHQHQWUHORV LQGLYLGXRV +DFHSRFRWLHPSR'DQQ\HVFULELy\JUDEyMXQWRFRQ/RUUDLQH%D\HVXQDFDQFLyQTXHVHWLWXOD7RGRHOPXQGRWLHQHGLIHUHQWHV FDSDFLGDGHV

(Q HVWD FDQFLyQ 'DQQ\ KD UHHPSOD]DGR HO WpUPLQR GLVFDSDFLGDGHV SRU OD H[SUHVLyQ GLIHUHQWHV FDSDFLGDGHV TXH VH DSOLFD D WRGRHOPXQGR\GHVWDFDQXHVWURVORJURVHQOXJDUGHQXHVWUDVOLPLWDFLRQHV /DFDQFLyQUHIOHMDODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVGH+RZDUG*DUGQHUFXDQGRDILUPDTXHWRGRHOPXQGRWLHQHFDSDFLGDGHV GLIHUHQWHV (YHU\RQHLV'LIIHUHQWO\$EOHG (YHU\RQHKDVDELOLWLHV (YHU\RQHLV'LIIHUHQWO\$EOHG 0DNLQJWKHLUOLYHVZRUNGLIIHUHQWO\

<RXPLJKWXVHDFKDLUZLWKZKHHOVWRJHWDURXQG 2U\RXPLJKWXVH\RXUKDQGVWRVSHDNZLWKRXWDVRXQG C&DXVHWKHUHDUHDPLOOLRQZD\VWRGRPRVWDQ\WKLQJ 6RPHSHRSOHORYHWRGDQFH6RPHSHRSOHSUHIHUWRVLQJ

1RZ\RXFDQXVHDZRUNLQJGRJWRKHOS\RXVHH 2U\RXFDQXVH\RXUPRXWKRUIHHWWRSDLQWDQGZULWHSRHWU\ 7KHUHDUHDPLOOLRQZD\VWKDW\RXFDQEH ,W VWUXHWKDWDOORIXVOLYHLQWHUGHSHQGHQWO\ ,ZLOOQRWEHGHILQHGE\P\OLPLWDWLRQV %XWUDWKHUE\P\SRVVLELOLWLHV :HFDQUHVSRQGWRWKHQHHGVRIWKRVHDURXQGXV 7KHEHVWDELOLW\ UHVSRQVHDELOLW\ (YHU\RQHLV'LIIHUHQWO\$EOHG (YHU\RQHKDVDELOLWLHV (YHU\RQHLV'LIIHUHQWO\$EOHG 


0DNLQJWKHLUWYHVZRUIWGLIIHUHQWO\

>7RGRH PXQGRWLHQHGLIHUHQWHVFDSDFLGDGHV7RGRHOPXQGRWLHQHFDSDFLGDGHV7RGRHOPXQGRWLHQHGLIHUHQWHVFDSDFLGDGHV TXHKDFHQQXHVWUDVYLGDVGLIHUHQWHV 3XHGHVPRYHUWHHQXQDVLOODFRQUXHGDV2XVDUODVPDQRVSDUDKDEODUVLQVRQLGRSRUTXHH[LVWHXQPLOOyQGHPDQHUDVSDUDKDFHU FDVLWRGR$DOJXQDVSHUVRQDVOHVHQFDQWDEDLODU2WUDVSUHILHUHQFDQWDU 3RGUiV WHQHU XQ SHUURTXHWHD\XGHDYHU2XVDUODERFDRORVSLHVSDUDSLQWDU\HVFULELUSRHVtD([LVWHXQPLOOyQGHIRUPDV GLIHUHQWHVGHVHU(QYHUGDGWRGRVYLYLPRVHQIRUPDLQWHUGHSHQGLHQWH1RTXLHURTXHPHGHILQDQSRUPLVOLPLWDFLRQHVVLQR SRUPLVSRVLELOLGDGHV3RGHPRVUHVSRQGHU DODVQHFHVLGDGHVGHTXLHQHVQRVURGHDQ/DPHMRUFDSDFLGDGHVODFRPSUHQVLyQ 7RGRHOPXQGRWLHQHGLIHUHQWHVFDSDFLGDGHV7RGRHOPXQGRWLHQHFDSDFLGDGHV7RGRHOPXQGRWLHQHGLIHUHQWHVFDSDFLGDGHV TXHKDFHQQXHVWUDVYLGDVGLIHUHQWHV@ (VWDFDQFLyQIRUPDSDUWHGHOiOEXPWLWXODGR/HWV%H)ULHQGV>6HDPRVDPLJRV@GHOODXUHDGRJUXSRPXVLFDOSDUDQLxRV7LFNOH7XQH 7\SKRRQ

'HILQLFLyQLQWHOLJHQFLDPXVLFDO

/D P~VLFD LQGXGDEOHPHQWH XQD GH ODV PiV DQWLJXDV IRUPDV GH DUWH XWLOL]D OD YR] \ HO FXHUSR KXPDQRV FRPR LQVWUXPHQWRV QDWXUDOHV \ PHGLRV SDUD OD DXWRH[SUHVLyQ (V XQ DUWH TXH QDFH FRQ QRVRWURV 9LYLPRV GXUDQWH QXHYH PHVHV FRQ HO ODWLGR GHO FRUD]yQ GH QXHVWUD PDGUH DQWHV GH QDFHU 9LYLPRV FRQ ORV ULWPRV GH QXHVWURV ODWLGRV \ GH QXHVWUD UHVSLUDFLyQ \ ORV ULWPRV PiV VXWLOHV GH OD DFWLYLGDG PHWDEyOLFD \ GH ODV RQGDVFHUHEUDOHV7RGRVVRPRVLQWUtQVHFDPHQWHPXVLFDOHV\SRGHPRVGHVDUUROODUHVWD FDSDFLGDGHQQRVRWURV\HQORVGHPiV /RVSULPHURVDxRVGHODLQIDQFLDUHVXOWDQFUXFLDOHVSDUDHOGHVDUUROORPXVLFDO3DUHFHH[LVWLUXQSHUtRGRFUtWLFRGHVHQVLELOLGDGDO VRQLGR\DOWRQRHQWUHORVFXDWUR\VHLVDxRV'XUDQWHHVHSHUtRGRXQHQWRUQRPXVLFDOHVWLPXODQWHSXHGHSURSRUFLRQDUODEDVHSDUD OD SRVWHULRU KDELOLGDG PXVLFDO (Q VX OLEUR 'HYHORSLQJ 7DOHQW LQ <RXQJ &KLOGUHQ >'HVDUUROOR GHO WDOHQWR HQ QLxRV SHTXHxRV@ %ORRPVHxDODTXHPXFKRVGHORVSLDQLVWDVWDOHQWRVRVTXHKDHVWXGLDGRQRSURFHGtDQGHIDPLOLDVGHP~VLFRV1RREVWDQWHWRGRV WHQtDQSDGUHVTXHDSR\DEDQORVLQWHUHVHVPXVLFDOHVGHVXVKLMRV$GHPiVORVSULPHURVPDHVWURVGHORVP~VLFRVKDEtDQVLGRVLQ H[FHSFLyQ SHUVRQDV FiOLGDV FRPSUHQVLYDV \ UHFHSWLYDV (O HQWUHQDPLHQWR ULJXURVR \ H[LJHQWH IXH XQ FDStWXOR SRVWHULRU HQ VXV FDUUHUDV

(Q ODV HVFXHODV FDQWDQWHV GH +XQJUtD EDVDGDV HQ ORV WUDEDMRV GH =ROWDQ .RGDO\ ORV QLxRV FDQWDQ WRGRV ORV GtDV $O OOHJDU DO WHUFHUDxRGHHQVHxDQ]D EiVLFDVRQSRFRVORVTXHQRFDQWDQHQWRQDGDPHQWHRSURGXFHQVRQLGRVDUPyQLFRV6HKDDGYHUWLGR

TXH ORV DOXPQRV K~QJDURV KDQ H[KLELGR WDPELpQ XQ QRWDEOH GHVHPSHxR HQ PDWHPiWLFD \ FLHQFLDV FRPR UHVXOWDGR GH VX FRQVWDQWHSUiFWLFDPXVLFDO /D LQWHOLJHQFLD PXVLFDO WLHQH VXV SURSLDV UHJODV \ HVWUXFWXUDV GH SHQVDPLHQWR ODV TXH QR QHFHVDULDPHQWH VH HQFXHQWUDQ YLQFXODGDV D RWUDV FODVHV GH LQWHOLJHQFLD 6WUDYLQVN\FRPHQWyHQXQDRSRUWXQLGDGTXH/DP~VLFDVHH[SUHVDDVtPLVPD SDUD GHVWDFDU OD LQGHSHQGHQFLD GH HVWD IRUPD GH DSWLWXG KXPDQD /D P~VLFD HV XQ OHQJXDMH DXGLWLYR TXH HPSOHD WUHV FRPSRQHQWHV EiVLFRV WRQR ULWPR \ WLPEUH 6H ORV VXHOH DQRWDU FRQ VLVWHPDV GH VtPERORV HVSHFLDOHV /DV QXPHURVDV FRPELQDFLRQHVGHHVWRVWUHVHOHPHQWRVKDQGDGROXJDUDODQRWDEOHYDULHGDGPXVLFDOTXHHQFRQWUDPRVHQHOPXQGR +RZDUG*DUGQHUDILUPDHQ,QWHOLJHQFLDVP~OWLSOHV TXHFXDOTXLHULQGLYLGXRQRUPDOTXHKD\DWHQLGRXQFRQWDFWRIUHFXHQWHFRQOD P~VLFDSXHGHPDQHMDUHOWRQRHOULWPR\HOWLPEUHSDUDSDUWLFLSDUHQDFWLYLGDGHVPXVLFDOHVFRQXQFLHUWRJUDGRGHGHVWUH]D \D VHD SDUD OD FRPSRVLFLyQ HO FDQWR R OD HMHFXFLyQ GH LQVWUXPHQWRV /DV EDVHV GH WDOHV LQWHUHVHV SXHGHQ LQFHQWLYDUVH D WHPSUDQDHGDGSRUPHGLRGHODVDFWLYLGDGHVTXHVHLQFOX\HQHQHVWHFDStWXOR/DSUHVHQFLDGHP~VLFDHQHOKRJDU\HQHO SULPHUiPELWRGHSHUWHQHQFLDGHOQLxRSURSRUFLRQDXQDEDVHLPSRUWDQWHSDUDHVWDVH[SHULHQFLDVPXVLFDOHVTXHOXHJRSXHGHQ LQWHJUDUVHPHGLDQWH HOFXUUtFXORHVFRODU 'HELGRDODHVWUHFKDFRQH[LyQHQWUHODP~VLFD\ODVHPRFLRQHVODP~VLFDHQHODXODFRQWULEX\HDFUHDUXQHQWRUQRHPRFLRQDO SRVLWLYRDSWRSDUDHODSUHQGL]DMH/DP~VLFDSXHGHXWLOL]DUVHWDPELpQSDUDGHVWDFDUPRPHQWRVGHVXVSHQVRWULVWH]DWUDJHGLD RDOHJUtDHQUHODWRVOLWHUDULRVRKLVWyULFRV,QFOXVRVHSXHGHXWLOL]DURFUHDUP~VLFDSDUDH[SUHVDUKXPRU-XHJRVPXVLFDOHV FRPR ORV GH 3 ' 4 %DFK VRQ LQWHUHVDQWHV KHUUDPLHQWDV SDUD SHUIHFFLRQDU ODV KDELOLGDGHV SDUD HVFXFKDU \ SDUD FRQFHQWUDUVH$VLPLVPRODVFDQFLRQHVKXPRUtVWLFDVFRQWULEX\HQDFUHDUXQDDWPyVIHUDFiOLGD\DJUDGDEOHHQHODXOD

&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDPXVLFDO

0XFKRVILOyVRIRVGHODDQWLJHGDGFRQVLGHUDQDODP~VLFDFyPRSDUWHLPSRUWDQWHGHODHGXFDFLyQ 3ODWyQVRVWHQtDTXH(O ULWPR\ODDUPRQtDGHVFLHQGHQSURIXQGDPHQWHDWRGDVODV]RQDVGHODOPD\WRPDQSRVHVLyQGHHOODVRWRUJDQGRODJUDFLDGH FXHUSR \ PHQWH TXH VyOR VH HQFXHQWUD HQ TXLHQ KD VLGR HGXFDGR GH PDQHUDFRUUHFWD$ULVWyWHOHVIXHWDPELpQXQRGHORV SULPHURVSURPRWRUHVGHXQDHGXFDFLyQPXVLFDOLQWHJUDO\DTXHHVWDED FRQYHQFLGRGHTXH$OFDQ]DPRVXQDGHWHUPLQDGD FXDOLGDGGHSHUVRQDOLGDGGHELGRDHOOD &RQIXFLR FRQVLGHUDED TXH OD P~VLFD HMHUFtD XQD LQIOXHQFLD WDQWR SHUVRQDO FRPR SROtWLFD (O KRPEUH VXSHULRU LQWHQWD SURPRYHUODP~VLFDFRPRPHGLRGHSHUIHFFLyQSDUDODFXOWXUDKXPDQD&XDQGRGLFKDP~VLFDSUHYDOH]FD\VHFRQGX]FDDODV 


SHUVRQDVKDFLDLGHDOHV\DVSLUDFLRQHVSRGUHPRVFRQWHPSODUHOSDQRUDPDGHXQDJUDQQDFLyQ'XUDQWHOD(GDG0HGLD\HO 5HQDFLPLHQWRODP~VLFDHVWDEDFRQVLGHUDGDXQRGHORVFXDWURSLODUHVGHODSUHQGL]DMHMXQWRFRQODJHRPHWUtDODDVWURQRPtD \ODDULWPpWLFD 1R REVWDQWH HQ QXHVWUD pSRFD OD P~VLFD KD VLGR XQD GH ODV SULPHUDV DVLJQDWXUDV TXH VH UHFRUWDURQ GH ORV SURJUDPDV HVFRODUHVFXDQGRVHUHDOL]DURQUHGXFFLRQHVSUHVXSXHVWDULDV/RVSURPRWRUHVGHODWHQGHQFLDGHUHWRUQRDORVFRQWHQLGRVEiVLFRV WDPELpQ KDQ HOLPLQDGR OD HGXFDFLyQ PXVLFDO GH PXFKDV HVFXHODV FRQ HO REMHWR GH GHGLFDU PiV WLHPSR D ODV iUHDV GH OHFWXUD PDWHPiWLFD \ FLHQFLDV ,UyQLFDPHQWH OD P~VLFD SXHGH VHU XQR GH ORV UHFXUVRV LPSRUWDQWHV SDUD GHVDUUROODU HVDV PLVPDV KDELOLGDGHVWDQUHTXHULGDVSDUDWRGRVORVDOXPQRV

$FWLYLGDGHV WDOHV FRPR FRQVWUXLU \ HMHFXWDU LQVWUXPHQWRV WRPDU FODVHV SDUD PHMRUDU ODV KDELOLGDGHV GH HMHFXFLyQ SDUWLFLSDU HQ JUXSRVGHP~VLFDRFDQWREDLODU\DVLVWLUDFRQFLHUWRVVXHOHQVHUFRQVLGHUDGDVGHVDItRVSRVLWLYRVSRUORVDOXPQRVFXDQGRIRUPDQ SDUWHLQWHJUDOGHVXHGXFDFLyQ +DEUi DOXPQRV TXH WHQJDQ PD\RU KDELOLGDG PXVLFDO TXH RWURV \ TXH KD\DQ PDQLIHVWDGR VX WDOHQWR D XQD HGDG PX\ WHPSUDQD 6HJ~QVHxDOD+RZDUG*DUGQHUHOWDOHQWRPXVLFDOHPHUJHLQH[SOLFDEOHPHQWHDQWHVTXHODVDSWLWXGHVHQRWUDViUHDVGHLQWHOLJHQFLD KXPDQD (VWRV QLxRV HQ SDUWLFXODU VLHQWHQ HO LPSXOVR GH KDFHU P~VLFD \ HV HVHQFLDO TXH FXHQWHQ FRQ RSRUWXQLGDGHV WDQWR SDUD H[SHULPHQWDUFRPRSDUDFUHDUP~VLFD1RREVWDQWHFRPR\DVHKDDGYHUWLGRYLUWXDOPHQWHWRGRVORVDOXPQRVLQFOX\HQGRTXLHQHV SUHVHQWDQVRUGHUDRKLSRDFXVLDWLHQHQHOSRWHQFLDOSDUDGHVDUUROODUVXVFDSDFLGDGHVPXVLFDOHV 0XFKRV QLxRV \ DGXOWRV GLVIUXWDQ GHO ULWPR \ OD PHORGtD HVFXFKDQ P~VLFD SRU JXVWR R SDUWLFLSDQ HQ DFWLYLGDGHVPXVLFDOHV/RV LQGLYLGXRV VLQ FRQWDFWR SUHYLR FRQ OD P~VLFD VXHOHQ GLVIUXWDU GHO DSUHQGL]DMH SRU PpWRGRV PXVLFDOHV R DSUHFLDQ OD SUHVHQFLD GH P~VLFDHQHOHQWRUQRGHDSUHQGL]DMHPLHQWUDVGHVDUUROODQWDUHDVQRYHUEDOHV

/RVLQWHQWRVGHLGHQWLILFDUDORVDOXPQRVTXHSRVHHQDSWLWXGHVPXVLFDOHVRLQWHOLJHQFLDPXVLFDOELHQGHVDUUROODGDVRQFRPSOHMRV ([LVWHXQDPSOLR UDQJRGHKDELOLGDGHVPXVLFDOHV\HVSRFRSUREDEOHTXHVHPDQLILHVWHQWRGDVHQHOPLVPRLQGLYLGXR3RUHMHPSOR H[LVWHQPXFKRVFDVRVGHP~VLFRVFRQRFLGRVTXHREWHQtDQp[LWRVHQGHWHUPLQDGDVDFWLYLGDGHVPXVLFDOHVSHURIUDFDVDEDQHQRWUDV 6H UXPRUHD TXH 7FKDLNRYVN\ HVWXYR D SXQWR GH SURYRFDU XQ IUDFDVR GXUDQWH HO HVWUHQRGHVX6H[WD6LQIRQtDGHELGRDVXHVFDVD FDSDFLGDG SDUD OD GLUHFFLyQ RUTXHVWDO &KRSLQ HUD XQ WDOHQWRVR FRPSRVLWRU SDUD SLDQR SHUR FDUHFtD GH LQWHUpV SRU HVFULELU SDUD FXDOTXLHURWURLQVWUXPHQWR$OJXQRVLQGLYLGXRVQRDOFDQ]DQORJURVHQODVFODVHVGHWHRUtDPXVLFDOSHURH[KLEHQFDSDFLGDGSDUDHO FDQWR2WURVFRPR/RXLV$UPVWURQJSXHGHQWHQHUXQDQRWDEOHFDSDFLGDGSDUDLPSURYLVDUGHQWURGHFLHUWRVHVWLORVPXVLFDOHVVLQ KDEHU DSUHQGLGR D OHHU P~VLFD 3RU OR WDQWR HV LPSRVLEOH GHWHUPLQDU OD LQWHOLJHQFLD PXVLFDO PHGLDQWH XQ OLVWDGR TXH FRQWHPSOH VRODPHQWH DOJXQDV GH ODV GLPHQVLRQHV GHHVWDFRPSOHMDLQWHOLJHQFLD6LQHPEDUJRXQDOLVWDFRPRODTXHDSDUHFHDFRQWLQXDFLyQ SXHGHD\XGDUDLGHQWLILFDUDOJXQDVGHODVFDUDFWHUtVWLFDVGHORVDOXPQRVFRQFRQGLFLRQHVPXVLFDOHV(VSUREDEOHTXHXQDSHUVRQD FRQXQDLQWHOLJHQFLDPXVLFDOELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV

(VFXFKD\GHPXHVWUDLQWHUpVSRUXQDYDULHGDGGHVRQLGRVTXHLQFOX\HQODYR]KXPDQDORVVRQLGRVDPELHQWDOHV\ODP~VLFD\HV FDSD]GHRUJDQL]DUWDOHVVRQLGRVHQPRGHORVVLJQLILFDWLYRV 'LVIUXWD\EXVFDRFDVLRQHVSDUDHVFXFKDUP~VLFDRVRQLGRVDPELHQWDOHVHQHOiPELWRGHDSUHQGL]DMH0XHVWUDGLVSRVLFLyQSRU H[SORUDU\DSUHQGHUGHODP~VLFD\GHORVP~VLFRV

 5HVSRQGH FLQHVWpVLFDPHQWH D OD P~VLFD PHGLDQWH OD GLUHFFLyQ HMHFXFLyQ FUHDFLyQ R GDQ]D HPRFLRQDOPHQWH LQWHUSUHWDQGRORVFOLPDV\WHPSRVGHODP~VLFDLQWHOHFWXDOPHQWHPHGLDQWHHOGHEDWH\DQiOLVLV\RHVWpWLFDPHQWHPHGLDQWH ODHYDOXDFLyQ\H[SORUDFLyQGHOFRQWHQLGR\VLJQLILFDGRGHODP~VLFD  5HFRQRFH \ H[SRQH ODV FDUDFWHUtVWLFDV GH GLIHUHQWHV HVWLORV \ JpQHURV PXVLFDOHV \ YDULDFLRQHV FXOWXUDOHV 'HPXHVWUD LQWHUpVSRUHOSDSHODFWXDO\IXWXURTXHGHVHPSHxDODP~VLFDHQODYLGDKXPDQD  5HFRSLOD P~VLFD H LQIRUPDFLyQ DFHUFD GH HOOD HQ GLYHUVRV IRUPDWRV WDQWR JUDEDGRV FRPR LPSUHVRV \ SRVLEOHPHQWH FROHFFLRQD\HMHFXWDLQVWUXPHQWRVPXVLFDOHVLQFOXLGRVORVVLQWHWL]DGRUHV 'HVDUUROOD KDELOLGDGSDUDFDQWDU\RHMHFXWDUXQLQVWUXPHQWRVyORRHQFRPSDxtDGHRWUDVSHUVRQDV (PSOHDHOYRFDEXODULR\ODVQRWDFLRQHVPXVLFDOHV 'HVDUUROODXQPDUFRGHUHIHUHQFLDSHUVRQDOSDUDHVFXFKDUP~VLFD 'LVIUXWDLPSURYLVDQGR\HMHFXWDQGRVRQLGRV\GDGDXQDIUDVHPXVLFDOSXHGHFRPSOHWDUODFRQVHQWLGR  2IUHFH VX SURSLD LQWHUSUHWDFLyQ GHO PHQVDMH TXH XQ FRPSRVLWRU FRPXQLFD SRU PHGLR GH OD P~VLFD 3XHGH WDPELpQ DQDOL]DU\FULWLFDUVHOHFFLRQHVPXVLFDOHV 3XHGHH[SUHVDULQWHUpVSRUFDUUHUDVUHODFLRQDGDVFRQODP~VLFDWDOHVFRPRFDQWDQWHLQVWUXPHQWLVWDLQJHQLHURGHVRQLGR SURGXFWRUFUtWLFROXWKLHU GRFHQWHRGLUHFWRUGHRUTXHVWD 3XHGHFUHDUFRPSRVLFLRQHV\RLQVWUXPHQWRVPXVLFDOHVRULJLQDOHV

3URFHVRVGHDSUHQGL]DMHPXVLFDO

/DV DFWLYLGDGHV TXH VH SURSRQHQ HQ HVWH FDStWXOR QR WLHQHQ SRU REMHWR SURSRUFLRQDU XQ FXUVR FRPSUHQVLYR R JUDGXDO GH HGXFDFLyQPXVLFDORUHHPSOD]DUORVSURJUDPDVTXHORVHGXFDGRUHVHVSHFLDOL]DGRVHQP~VLFDGHVDUUROODQHQODVHVFXHODV/RV 


QLxRV\MyYHQHVSXHGHQ GHVDUUROODUVXVKDELOLGDGHVPXVLFDOHVSRUPHGLRGHSURJUDPDVGLVHxDGRVSDUDORJUDUXQHTXLOLEULR HQWUHODVKDELOLGDGHVSDUDHMHFXWDUHVFXFKDU\FUHDUP~VLFD\WDPELpQSDUDUHIOH[LRQDUDFHUFDGHHOOD 'H KHFKR HO REMHWLYR GH ODV VLJXLHQWHV DFWLYLGDGHV PXVLFDOHV FRQVLVWH HQ IDFLOLWDU HO DSUHQGL]DMH GH RWURV FRQWHQLGRV DFDGpPLFRV 0XFKRV HGXFDGRUHV HYLWDQ OD HQVHxDQ]D GH HVWUDWHJLDV PXVLFDOHV GHELGR D VX SURSLD IDOWD GH H[SHULHQFLD PXVLFDO 6LQ HPEDUJR QR HV QHFHVDULR FRQWDU FRQ FDSDFLWDFLyQ HVSHFLDO SDUD LQFRUSRUDU HVWDV DFWLYLGDGHV DO WUDEDMR HQ HO DXOD/DVHVWUDWHJLDVTXHVHSUHVHQWDQDTXtSURSRUFLRQDQPHGLRVHILFDFHVSDUDSURPRYHUWDQWRHQORVGRFHQWHVFRPRHQORV DOXPQRVDFWLWXGHVSRVLWLYDVKDFLDODP~VLFD\HOUHFRQRFLPLHQWRGHVXUHODFLyQFRQRWURVFRQWHQLGRVGHDSUHQGL]DMH&XDQGR ORV GRFHQWHV LQFRUSRUDQ P~VLFD DO WUDEDMR HQ HO DXOD SXHGHQ OOHJDU D REWHQHU XQ EHQHILFLR DGLFLRQDO OD DSUHFLDFLyQ \ KDELOLGDGPXVLFDOHVSXHGHQGHVDUUROODUVHHQGRFHQWHV\DOXPQRVTXHSUHYLDPHQWHQRKD\DQWHQLGRFRQWDFWRFRQODP~VLFD

&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHPXVLFDO ,QFRUSRUDFLyQGHP~VLFDHQHODXOD /LQHDPLHQWRVSDUDXWLOL]DUP~VLFDGHIRQGR 9DULHGDGGHVHOHFFLRQHVPXVLFDOHV (VFXFKDUP~VLFD

3UHJXQWDVSRURHOGHEDWHOXHJRGHHVFXFKDUP~VLFD &DQFLRQHVSDUDiUHDVGHFRQWHQLGR

0~VLFDSDUDODFRQVWUXFFLyQGHKDELOLGDGHV 2UWRJUDItDPXVLFDO (QVHxDQ]DGHOHFWXUDSRUPHGLRGHODP~VLFD 0~VLFDSDUDWRGDVODViUHDVFXUULFXODUHV 3UHFDOHQWDPLHQWRSDUDFDQWDU 1RWDFLyQPXVLFDO

9RFDOL]DFLyQ /HFWXUDFRUDO ,QWURGXFFLyQGHOFRQFHSWRGHQRWDFLyQPXVLFDO

&UHDFLyQGHFDQFLRQHVSDUDiUHDVFXUULFXODUHV 6HOHFFLRQHVPXVLFDOHVIDPLOLDUHV &yPRGHVSHUWDUODFUHDWLYLGDGSRUPHGLRGHODP~VLFD

&RQVWUXFFLyQGHLQVWUXPHQWRVPXVLFDOHVHQHODXOD 8VRFUHDWLYRGHLQVWUXPHQWRVPXVLFDOHVHQHODXOD 7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDPXVLFDO 5HVXPHQ

&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHPXVLFDO /DP~VLFDSXHGHGHVHPSHxDUXQSDSHOLPSRUWDQWHHQWRGRiPELWRHGXFDWLYR%ULQGDXQFOLPDDJUDGDEOHHQHOPRPHQWRHQTXHORV DOXPQRVHQWUDQFUHDXQHIHFWRGHGLVWHQVLyQOXHJRGHSHUtRGRVGHDFWLYLGDGItVLFDFRQWULEX\HDKDFHUPiVIOXLGDVODVWUDQVLFLRQHV GHQWURGHODXODGHYXHOYHODHQHUJtDHQGtDVQXEODGRV\UHGXFHODWHQVLyQTXHVXHOHDFRPSDxDUDODVHYDOXDFLRQHV\RWUDVSUHVLRQHV DFDGpPLFDV 8QD P~VLFD GH IRQGR VXDYHSDUDDFRPSDxDUODHQWUDGDGHORVDOXPQRVHQHODXODWLHQHODFDSDFLGDGGHFRQFHQWUDUODDWHQFLyQ\ HOHYDU ORV QLYHOHV GH HQHUJtD ItVLFD 3RU OR JHQHUDO ORV DOXPQRV OOHJDQ DO DXOD FRQ XQD VHULH GH SUHRFXSDFLRQHV VHQVDFLRQHV H LQWHUHVHVLQGLYLGXDOHV/DP~VLFDSXHGHFUHDUXQDDWPyVIHUDSRVLWLYDTXHOHVD\XGDUiDFRQFHQWUDUVHHQHODSUHQGL]DMH ,QFRUSRUDFLyQGHP~VLFDHQHODXOD

/RVGRFHQWHVTXHGHVHHQXWLOL]DUP~VLFDGHIRQGRSDUDHQULTXHFHUHOiPELWRGHODXODSRGUiQFRPHQ]DUSRUVROLFLWDUDORVDOXPQRV TXHUHIOH[LRQHQVREUHODVPDQHUDVFRPRODP~VLFDSXHGHHQULTXHFHUODFDOLGDGGHQXHVWUDVYLGDV(VWDPRVURGHDGRVSRUHOVRQLGR GHUDGLRVMXHJRVGHYLGHRFDVHWHVGLVFRVOiVHUWHOHYLVLyQ\P~VLFDTXHDFRPSDxDPXFKDVGHQXHVWUDVDFWLYLGDGHVGLDULDV3DUD SURPRYHU OD FRQFLHQFLD DFHUFD GH OD P~VLFD \ GH VX LQIOXHQFLD HQ QXHVWUDV YLGDV HO GRFHQWH SXHGH RUJDQL]DU XQ GHEDWH JUXSDO VREUH ODV IRUPDV \ ORV PRPHQWRV HQ TXH ORVDOXPQRVHVFXFKDQP~VLFD/RPiVSUREDEOHHVTXHORVDOXPQRVHVFXFKHQURFNDQG 


UROO FRPR SDVDWLHPSR SRU OR TXH HO GRFHQWH SXHGH SURSRQHUOHV H[SDQGLU VXV FRQRFLPLHQWRV KDFLD RWUDV FODVHV GH P~VLFD SDUD GHVFXEULUGHTXpPDQHUDLQIOX\HQORVGLIHUHQWHVHVWLORVPXVLFDOHVVREUHODFDOLGDGGHYLGD

+D\ YDULDV FXHVWLRQHV TXH HO GRFHQWH GHEH WHQHU HQ FXHQWD DQWHV GH KDFHU TXH OD P~VLFD IRUPH SDUWH GHO DXOD SRU HMHPSOR FRQVHJXLUXQHTXLSRGHVRQLGRVHOHFFLRQDUORVWLSRVGHP~VLFDTXHVHHVFXFKDUiQ\ORVPRPHQWRVHQTXHHOORUHVXOWDDSURSLDGR$ FRQWLQXDFLyQ RIUHFHPRV XQD VHULH GH OLQHDPLHQWRV ~WLOHV SDUD DTXHOORV GRFHQWHV TXH GHVHHQ WUDQVIRUPDU HO DXOD HQ XQ iPELWR PXVLFDO /LQHDPLHQWRVSDUDXWLOL]DUP~VLFDGHIRQGR

 &RQVHJXLUHLQVWDODUHQHODXODXQHTXLSRPXVLFDOGHODPHMRUFDOLGDGSRVLEOH(VLPSRUWDQWHWHQHUHQFXHQWDTXHHOVRQLGRGH XQJUDEDGRUGHEDMDFDOLGDGJHQHUDGLVWUDFFLyQ\IUXVWUDFLyQ

 'HELGRDTXHHQPXFKRVKRJDUHVQRVHGLVSRQHGHJUDEDFLRQHVGHGLIHUHQWHVFODVHVGHP~VLFDORVGRFHQWHVSXHGHQFRPSDUWLU FRQVXVDOXPQRVXQDVHOHFFLyQUHSUHVHQWDWLYDGHREUDVFRQWHPSRUiQHDVURPiQWLFDVEDUURFDV\FOiVLFDVHMHFXWDGDVSRURUTXHVWDV JUXSRVGHFiPDUDRVROLVWDV7DPELpQGHEHQLQFOXLUVHH[FHOHQWHVJUDEDFLRQHVGHP~VLFDLQWHUQDFLRQDO HQODVHFFLyQVLJXLHQWHVH SURSRQHQDOJXQDV 

 (V LPSRUWDQWH GHWHUPLQDU HO PRPHQWR \ HO PRGR FRPR VH XWLOL]DUi OD P~VLFD GH IRQGR HQ HO DXOD &RQ IUHFXHQFLD UHVXOWD HIHFWLYD HQ HO PRPHQWR GH OD HQWUDGD \ GXUDQWH SHUtRGRV GH OHFWXUD VLOHQFLRVD HMHUFLWDFLyQ LQGLYLGXDO HVWXGLR HYDOXDFLyQ \ WUDQVLFLyQ (Q ~OWLPD LQVWDQFLD ORV GRFHQWHV \ ORV DOXPQRV SXHGHQ H[SHULPHQWDU GXUDQWH GLVWLQWRV PRPHQWRV SRU HMHPSOR DO FRPLHQ]R HQ OD PLWDG R DO ILQDO GH XQ GtD RSHUtRGRGHFODVHDILQGHGHWHUPLQDUFXiOUHVXOWDPiVDSURSLDGRSDUDFDGDJUXSR 3XHGHQVHOHFFLRQDUVHREUDVTXHLPSRQJDQFDOPDDJUXSRVPX\DFWLYRVRLQGLVFLSOLQDGRVRTXHEULQGHQHQHUJtDDORVDOXPQRVTXH HVWpQFDQVDGRVRVRPQROLHQWRV $OJXQDVLQYHVWLJDFLRQHVVHxDODQTXHODP~VLFDSXHGHLQWHUIHULUFRQODVWDUHDVGHOiUHDGHOHQJXD\TXHDOJXQRVDOXPQRVSRGUtDQ GLVWUDHUVH GXUDQWH GHWHUPLQDGDVFODVHVGHWUDEDMRDFDGpPLFR(QJHQHUDOVHUHFRPLHQGDXWLOL]DUP~VLFDGHIRQGRVyORHQFLHUWDV RFDVLRQHV8QRVSRFRVPLQXWRVGHP~VLFDDSURSLDGDUHVXOWDUiQ~WLOHVSDUDHOSDVDMHGHXQWHPDDRWURRGHXQDDFWLYLGDGDRWUD (VH PtQLPR ODSVR SHUPLWH D ORV DOXPQRV TXH GLVIUXWDQ GH XQ HQWRUQR PXVLFDO WHQHU DFFHVR D HVWtPXORV UtWPLFRV VLQ SURYRFDU LQFRPRGLGDGHQDTXHOORVVREUHTXLHQHVGHVSLHUWDGLVWUDFFLyQ 6LHOGRFHQWHWLHQHSODQHDGRKDEODUFRQXQIRQGRPXVLFDOVHUiQHFHVDULRDMXVWDUHOYROXPHQHQXQQLYHOTXHQRHQWUHHQ FRPSHWHQFLDFRQVXYR]

8QD YH] TXH ORV DOXPQRV \ ORV GRFHQWHV KD\DQ H[SHULPHQWDGR FRQ XQ IRQGR PHOyGLFR HQ HO DXOD SRGUiQ H[SORUDUVH SURSyVLWRV DGLFLRQDOHVSDUDHOHPSOHRGHODP~VLFD/DVLQYHVWLJDFLRQHVGHO'U*HRUJL/R]DQRYSVLTXLDWUD\HGXFDGRUHQ6RItD%XOJDULD VHxDODQ TXH OD P~VLFD HMHUFH XQD SURIXQGD LQIOXHQFLD HQ QXHVWUD FDSDFLGDG SDUD UHODMDUQRV UHMXYHQHFHU \ FRQFHQWUDUQRV /RV WUDEDMRVGH/R]DQRYVRVWLHQHQTXHODP~VLFDLQWHJUDODVGLPHQVLRQHVHPRFLRQDOItVLFD\FRJQLWLYDGHODOXPQR\SHUPLWHWDPELpQ LQFUHPHQWDUHOYROXPHQGHLQIRUPDFLyQTXHVHDSUHQGH\VHUHWLHQH

$GHPiVGHFUHDUXQFOLPDSODFHQWHURHQHODXODODP~VLFDSXHGHXWLOL]DUVHFRQSURSyVLWRVHVSHFtILFRV0XFKRVGRFHQWHVKDQXVDGR P~VLFDLQWHQFLRQDOPHQWHGHFXDWURPDQHUDVSDUDIDYRUHFHUHOUHODMDPLHQWRSDUDDXPHQWDUODHQHUJtDSDUDFRQFHQWUDUODDWHQFLyQ GHORVDOXPQRV\SDUDIDFLOLWDUODVWUDQVLFLRQHV3RUHMHPSORFXDQGRORVDOXPQRVSDUHFHQVREUHHVWLPXODGRVREUDVFRPR0~VLFD DFXiWLFDGH+DHQGHORHO&RQFLHUWRSDUDWUHVYLROLQHV\RUTXHVWDGH7HOHPDQVXHOHQFRQWULEXLUDFDOPDUORV/XHJRGHODOPXHU]R FXDQGRSDUHFHLQVWDODUVHHOOHWDUJRRWUDVREUDVSXHGHQGHYROYHUODHQHUJtDSRUHMHPSOR'LYHUWLPHQWRGH0R]DUWR(OYXHORGHO PRVFDUGyQ GH 5LPVN\.RUVDNRY &XDQGR VHD QHFHVDULD XQD DEVROXWD FRQFHQWUDFLyQ VH SXHGH UHFXUULU D FRPSRVLFLRQHV FRPR /DVFXDWURHVWDFLRQHVGH9LYDOGLR&RQFLHUWRSDUDSLDQRHQ'RPD\RUGH0R]DUW6LHOGRFHQWHGHVHDWUDEDMDUFRQP~VLFDSDUD WDOHV SURSyVLWRV GHEHUi FODVLILFDU VX SURSLD FROHFFLyQ GH GLVFRV \ FDVHWHV HQ ODV FXDWUR FDWHJRUtDV DQWHV PHQFLRQDGDV R ELHQ UHFXUULUDRWUDVIXHQWHVSDUDFRQVHJXLUP~VLFDTXHVHDGHFXHDGLFKRVSURSyVLWRV &XDQGR VH OD XWLOL]D DGHFXDGDPHQWH OD P~VLFD VH WUDQVIRUPD HQ XQ SRGHURVR DOLDGR HQ HO DXOD WDQWR SDUD GRFHQWHV FRPR SDUD DOXPQRV

(VFXFKDUP~VLFD

&XDQGRVHFRPSDUWHQXQDYDULHGDGGHHVWLORV\FRPSRVLFLRQHVPXVLFDOHVHQHODXODHVSRVLEOHVHQWDUODVEDVHVSDUDGHVDUUROODUHO JXVWR\ODDSUHFLDFLyQPXVLFDO(VLPSRUWDQWHSURSRUFLRQDURSRUWXQLGDGHVSDUDTXHWRGRVORVQLxRVHVFXFKHQFDQWHQ\EDLOHQODV FDQFLRQHVIROFOyULFDVGHVXSDtV\GHRWURVSDtVHV6HOHVGHEHUiSUHVHQWDUEXHQDP~VLFDHMHFXWDGDSRUVROLVWDV\FRQMXQWRVJUDQGHV \SHTXHxRVFX\RUHSHUWRULRLQFOX\DWDQWRFRPSRVLFLRQHVFOiVLFDVFRPRPRGHUQDV/RVLQWHUHVHVPXVLFDOHVGHORVDOXPQRVSRGUiQ HVWLPXODUVH PHGLDQWH HO HVWXGLR GHO SDSHO TXH GHVHPSHxD OD P~VLFD HQ ODV FXOWXUDVGHWRGRHOPXQGR\GHODVYLGDVGHGLYHUVRV FRPSRVLWRUHV\HMHFXWDQWHV/RVGRFHQWHVSRGUiQFUHDUXQFHQWURGHDSUHQGL]DMHGHGLFDGRDXQFRPSRVLWRUSRUPHVTXHFXHQWHFRQ JUDEDFLRQHVELRJUDItDVLOXVWUDFLRQHV\PDWHULDOLPSUHVRSDUDOOHYDUDFDERE~VTXHGDVHLQYHVWLJDFLRQHVLQGLYLGXDOHV 


&RQ HO ILQ GH TXH ORV DOXPQRV VH EHQHILFLHQ FRQ XQ HQWRUQR GH DSUHQGL]DMH PXVLFDO GHEHUiQ KDFHU DOJR PiV TXH HVFXFKDU SDVLYDPHQWH QXPHURVDV VHOHFFLRQHV PXVLFDOHV 'HEHUiQ WDPELpQ DSUHQGHU D HVFXFKDU DFWLYDPHQWH \ D FRQFHQWUDUVH HQ OD P~VLFD SURSLDPHQWH GLFKD 3DUD DYDQ]DU GHVGH OD DXGLFLyQ GH P~VLFD GH IRQGR D XQD DFWLWXG DFWLYD \ HVWUXFWXUDGD HO GRFHQWH SRGUtD SURPRYHU HO GHEDWH DFHUFD GH XQD FRPSRVLFLyQ PXVLFDO VXV FXDOLGDGHV \ HO LPSDFWR TXH SURGXFH HQ HOORV FRPR LQGLYLGXRV 6H SRGUi D\XGDU D ORV DOXPQRV HQ OD DXGLFLyQ HVWUXFWXUDGD PHGLDQWH OD VHOHFFLyQ GH XQD SLH]D PXVLFDO TXH VH HVFXFKDUi XQD RGRV YHFHV\ODDQWLFLSDFLyQGHODVVLJXLHQWHVSUHJXQWDVTXHSHUPLWLUiQDORVDOXPQRVSUHSDUDUVHSDUDVXH[SHULHQFLDDXGLWLYD

3UHJXQWDVSDUDHOGHEDWHOXHJRGHHVFXFKDUP~VLFD

¢(QTXpWHKL]RSHQVDUHVWDP~VLFD"¢7HVXJLULyFRORUHVLPiJHQHVPRGHORVRHVFHQDV" ¢4XpVHQWLPLHQWRVWHHYRFyHVWDVHOHFFLyQ" ¢4XpLQVWUXPHQWRVRYRFHVHVFXFKDVWH"

¢+D\DOJ~QSDWUyQGHVRQLGRUHSHWLWLYRTXHKD\DXWLOL]DGRHOFRPSRVLW RU"¢3XHGHVFDQWDUORRPDUFDUORFRQORVGHGRV" ¢4XpSDVDMHVGHODP~VLFDWHJXVWDURQPiV"¢4XpORVKDFHDWUDFWLYRV"

¢3RGUtDVSHQVDUHQDOJXQDVLWXDFLyQSDUDODTXHHVWDP~VLFDUHVXOWHHVSHFLDOPHQWHDSURSLDGD" ¢7HUHFXHUGDHVWDP~VLFDDOJXQDRWUDVHOHFFLyQ"¢4XpWLHQHQHQFRP~Q"

¢3XHGHVLPDJLQDUXQPRYLPLHQWRREDLOHSDUDDFRPSDxDUHVWDP~VLFD"6LHVDVt¢SXHGHVPRYHUWHREDLODUGHHVDPDQHUD" 6LIXHUDSRVLEOH¢FDPELDUtDVDOJRHQHVWDP~VLFD"¢&yPR"

¢4XpFUHHVTXHHOFRPSRVLWRUTXHUtDFRPXQLFDUFXDQGRHVFULELyHVWDREUD"¢(VSRVLEOHTXHHOR\HQWHHVFXFKHDOJRFRPSOHWDPHQWH GLIHUHQWH"

/DVSUHJXQWDVDQWHVHQXPHUDGDVQRWLHQHQSRUREMHWLYRGHVDUUROODUXQDFRPSUHQVLyQHODERUDGDGHODP~VLFD'HKHFKR HVWiQ GHVWLQDGDV D D\XGDU D ORV DOXPQRV D FRQYHUWLUVH HQ R\HQWHV DFWLYRV \ FUtWLFRV /RV GRFHQWHV SRGUiQ DJUHJDU RWUDV SUHJXQWDV GH DFXHUGR FRQ VXV LQWHUHVHV \ VXV FRQRFLPLHQWRV /RV DOXPQRV WDPELpQ UHVSRQGHQ D OD P~VLFD HQ IRUPD QR YHUEDO 0LHQWUDV HVFXFKDQ XQD FRPSRVLFLyQ \ HPSOHDQ OD P~VLFD FRPR IXHQWH GH LQVSLUDFLyQ SRGUiQ GLEXMDU R SLQWDU PRGHODUFRQDUFLOODRDODPEUHRPRYHUVH\EDLODU 6LHPSUH TXH VHD SRVLEOH ORV DOXPQRV GHEHUiQ WHQHU RSRUWXQLGDG GH DVLVWLU D IXQFLRQHV HQ ODV TXH SXHGDQ HVFXFKDU D P~VLFRVGHVWDFDGRV<TXL]iDOJXQRVGHHOORVSHUFLEDQODSRGHURVDHLQVSLUDGRUDFXDOLGDGGHODP~VLFDWDOFRPROHRFXUULy D-RVHSK.QHFKWDORVGRFHDxRVHQHOOLEUR0DJLVWHU/XGL GH+HUPDQ+HVVH

(OQLxRPLUDEDORViJLOHVGHGRVEODQFRVGHOSLDQLVWDYHtDHOFXUVRGHOGHVDUUROOROLJHUDPHQWHUHIOHMDGRHQVXFRQFHQWUDGDH[SUHVLyQ PLHQWUDVVXVRMRVSHUPDQHFtDQTXLHWRVEDMRORVSiUSDGRVHQWUHFHUUDGRV(OFRUD]yQGH-RVHSKUHERVDEDGHYHQHUDFLyQGHDPRUSRUHO PDHVWURVXRtGRVHHPEHEtDGHODIXJD /HSDUHFtDTXHHVWDEDHVFXFKDQGRP~VLFDSRUSULPHUDYH]HQODYLGD'HWUiVGHODP~VLFDTXHVHLEDFUHDQGRHQVXSUHVHQFLD VHQWtDHOPXQGRGHODVLGHDVODJR]RVDDUPRQtDGHODOH\\ODOLEHUWDGGHOVHUYLFLR\HORUGHQ6HULQGLy\MXUyVHUYLUDHVHPXQGR\D HVWHPDHVWUR(QHVRVEUHYHVLQVWDQWHVSXGRYHUVHDVLPLVPR\YHU VXYLGDYLRHOFRVPRVHQWHURJXLDGRRUGHQDGRHLQWHUSUHWDGRSRU HOHVStULWXGHODP~VLFD &DQFLRQHVSDUDiUHDVGHFRQWHQLGR

/DVOHWUDVGHFDQFLRQHVTXHFRQWLHQHQLQIRUPDFLyQFXUULFXODUVRQLQYDORUDEOHVKHUUDPLHQWDVGLGiFWLFDV/DPD\RUtDGHORVDOXPQRV QRWLHQHGLILFXOWDGHVSDUDPHPRUL]DUOHWUDVGHFDQFLRQHV\OHVUHVXOWDUiLJXDOPHQWHVHQFLOORUHFRUGDUFRQWHQLGRVDFDGpPLFRVDORV TXH VHKD\DSXHVWRP~VLFD1RKDFHPXFKRWLHPSRFRQRFLPRVDXQLQVWUXFWRUGHYHQGHGRUHVGHELHQHVUDtFHV HQ(XURSD'HEtD KDFHUIUHQWHDXQDWDUHDGLItFLOGHELGRDTXHFDGDSDtVWLHQHVXVSURSLDVOH\HVSDUDHOQHJRFLRLQPRELOLDULR\QRUHVXOWDEDVHQFLOOR UHFRUGDUODOHJLVODFLyQTXHVHDSOLFDHQFDGDXQR(OLQVWUXFWRUDERUGyHOSUREOHPDSRQLHQGRP~VLFDUHSUHVHQWDWLYDGHFDGDQDFLyQ DODVOH\HV3RUHMHPSORODVOH\HVGH(VSDxDOOHYDEDQP~VLFDIODPHQFDODVGH,WDOLDODP~VLFDGHXQDFDQFLyQSRSXODULWDOLDQDODV GH$OHPDQLDUHFRUGDEDQXQ OLHG\ODV GH)UDQFLDXQDEDODGDURPiQWLFD(OWLHPSRGHOFXUVRGHFDSDFLWDFLyQVHUHGXMRDODPLWDG\ ODUHWHQFLyQGHODLQIRUPDFLyQFODYHDXPHQWyFRQVLGHUDEOHPHQWH

0~VLFDSDUDODFRQVWUXFFLyQGHKDELOLGDGHV




/DPD\RUtDGHODVSHUVRQDVWLHQHSOHQDFRQFLHQFLDGHODQRWDEOHFDSDFLGDGGHODP~VLFDSDUDIDYRUHFHUGLYHUVDVKDELOLGDGHVItVLFDV FRPR PHFDQRJUDItD QDWDFLyQ R HMHUFLFLRV DHUyELFRV (O ULWPR \ HO IOXMR PXVLFDOHV GDQ SRU UHVXOWDGR PD\RU FRRUGLQDFLyQ UHJXODULGDG \ YHORFLGDG HQ OD DFWLYLGDG GH PDQHUDV GLYHUWLGDV /RV QLxRV SHTXHxRV GHVDUUROODQ ULWPR \ JUDFLD FXDQGR VDOWDQ PDUFKDQ FRUUHQ R EDLODQ DO ULWPR GH OD P~VLFD 3DUD ORV QLxRV PD\RUHV \ ORV DGXOWRV HO DFRPSDxDPLHQWR PXVLFDO SHUPLWH WUDQVIRUPDU HMHUFLFLRV WHGLRVRV \ UXWLQDV GLDULDV HQ PRPHQWRV JUDWRV 7DPELpQ UHVXOWD ~WLO SDUD GHVDUUROODU XQ VHQWLGR GH FRRUGLQDFLyQ\DVHDSDUDSUHSDUDUVHSDUDHO£\DHQGHSRUWHRSDUDDSUHQGHUDSUHVHQWDUHOUHPDWHGHXQFKLVWHFRPRHQHO FDVRGHODVFDQFLRQHVKXPRUtVWLFDV1RREVWDQWHODLQIOXHQFLDGHODP~VLFDSDUDODFRQVWUXFFLyQGHKDELOLGDGHVVXSHUDORVOLPLWHV GHOFDPSRFLQHVWpVLFR\VHH[WLHQGHDODFDGpPLFR 2UWRJUDItDPXVLFDO

$SUHQGHU D HVFULELU QXHYDV SDODEUDV FRQ P~VLFD QR HV VyOR XQD DFWLYLGDG GLYHUWLGD VLQR TXH WDPELpQ SHUPLWH DFHOHUDU HO DSUHQGL]DMH3RUHMHPSORDGRVQLxDVGHRFWDYRDxRTXHWHQtDQGLILFXOWDGHVHQRUWRJUDItDOHVJXVWDEDPXFKRWRFDUHOSLDQR8QRGH ORV DXWRUHV GH HVWH OLEUR OHV VROLFLWy TXH FRORFDUDQ D FDGD XQD GH ODV WHFODV GH XQ SLDQR ODV OHWUDV GHO DEHFHGDULR D ILQ GH TXH SXGLHUDQWRFDUODVSDODEUDVHQHOWHFODGR0iVWDUGHGXUDQWHODVSUXHEDVGHHYDOXDFLyQVHOHVVROLFLWyTXHUHFRUGDUDQORVWRQRV\ VRQLGRVGHFDGDSDODEUD\TXHHVFULELHUDQODVOHWUDVFRUUHVSRQGLHQWHV/DVGRVSLDQLVWDVPHMRUDURQQRWDEOHPHQWHVXUHQGLPLHQWR\ DGHPiV FRPHQ]DURQ D SHQVDU HQ RWURV WH[WRV VRQRURV D ORV FXDOHV SRGUtDQ SRQHU P~VLFD 0X\ SURQWR SXGLHURQ HMHFXWDU DO

SLDQR ORV QRPEUHV GH WRGRV VXV FRPSDxHURV \ WUDQVPLWLU IUDVHV HQWHUDV SRU HO PLVPR PHGLR 3DUD VRUSUHVD GH WRGRV ODV SLDQLVWDV\VXVFRPSDxHURVH[SHULPHQWDURQODSRGHURVDFRQH[LyQHQWUHHOOHQJXDMH\ODP~VLFD7DPELpQHVSRVLEOHGHOHWUHDU SDODEUDVSRUPHGLRGHULWPRVTXHDFHQW~HQGHWHUPLQDGDVOHWUDVTXHVXHOHQRPLWLUVHRFRQIXQGLUVH 6LELHQPXFKRVGRFHQWHVQRVRQP~VLFRVH[LVWHQIRUPDVVHQFLOODVGHHPSOHDUODP~VLFDFRPRHVWUDWHJLDGLGiFWLFD6KHLOD )LW]JHUDOG GH OD 0LFKLJDQ 6WDWH 8QLYHUVLW\ KD GHVDUUROODGR XQ HQIRTXH PXVLFDO SDUD OD HQVHxDQ]D GH OD OHFWXUD TXH QR UHTXLHUH LQVWUXFFLyQ PXVLFDO IRUPDO )LW]JHUDOG SURSRQH ORV VLJXLHQWHV SURFHGLPLHQWRV D ORV GRFHQWHV LQWHUHVDGRV HQ HO GHVDUUROORGHKDELOLGDGHVSDUDODOHFWXUDSRUPHGLRGHOULWPR\ODP~VLFD (VWLPXODUDORVQLxRVSDUDTXHFDQWHQGLDULDPHQWH/RVGRFHQWHVGHHQVHxDQ]DEiVLFDSXHGHQEXVFDUFDQFLRQHVTXHJXVWHQ DORVQLxRV\HQVHxiUVHODVFRPRSDUWHGHODDFWLYLGDGGLDULD6HGHEHQVHOHFFLRQDUFDQFLRQHVYLQFXODGDVDODH[SHULHQFLD \DOHQWRUQRGHORVDOXPQRVRFDQFLRQHVFRPSXHVWDVSRUHOORVPLVPRV 8QDYH]TXHORVQLxRVVHKD\DQIDPLOLDUL]DGRFRQHOYRFDEXODULRGHODFDQFLyQVHOHVSRGUiSUHVHQWDUODOHWUDSRUHVFULWR 6HODSXHGHWUDQVFULELUHQHOSL]DUUyQRHQXQFDUWHO3RUORJHQHUDOFXDQGRVHOHHODOHWUDSRUSULPHUDYH]VHSURGXFH JUDQH[SHFWDWLYDSRUSDUWHGHORVDOXPQRV(OKHFKRGHTXHVHKD\DQIDPLOLDUL]DGRFRQODVSDODEUDVIDFLOLWDODWUDQVLFLyQD ODOHFWXUD  /XHJR ORV DOXPQRV DYDQ]DQ KDFLD OD OHFWXUD GH SDODEUDV HVSHFtILFDV HQ OD OHWUD GH OD FDQFLyQ 3XHGHQ RIUHFHUVH SDUD VHxDODU GHWHUPLQDGDV SDODEUDV TXH VH KD\DQ GHVWDFDGR R SDUD XELFDUODVSDODEUDVTXHDSDUH]FDQPiVGHXQDYH]HQOD FDQFLyQ $GHPiV ORV GRFHQWHV SXHGHQ SURSRUFLRQDU SDODEUDV R IUDVHV HVFULWDV HQ WDUMHWDV GH FDUWXOLQD TXH WHQJDQ HO PLVPRWDPDxRTXHODVSDODEUDVTXHDSDUHFHQHQHOFDUWHO'HHVDPDQHUDORVQLxRVSRGUiQKDFHUFRLQFLGLUVXVWDUMHWDV FRQHOFDUWHOFRORFiQGRODVHQORVOXJDUHVFRUUHVSRQGLHQWHV 6HSXHGHSURSRUFLRQDUDORVDOXPQRVXQFXDGHUQLOORSDUDTXHSXHGDQDSUHQGHUODVOHWUDVGHODVFDQFLRQHV&RQHOILQGH SHUIHFFLRQDU ODV KDELOLGDGHV SDUD OD OHFWXUD DSULPHUDYLVWDORVDOXPQRVSXHGHQVHxDODUODVSDODEUDVDPHGLGDTXHODV FDQWHQOHHU RFDQWDU ODVOHWUDVFRQXQDPLJROHHUODV RFDQWDUODV DDOJXLHQTXHQRFRQR]FDODFDQFLyQRVHxDODUODVSD ODEUDVFXDQGRDOJXLHQFDQWDODFDQFLyQ/RVDOXPQRVSXHGHQXWLOL]DUVXVFDQFLRQHURVFRPRUHIHUHQFLD\FRQYHUWLUVHHQ GHWHFWLYHVTXHEXVFDQODVSDODEUDVTXHDSDUHFHQHQODFDQFLyQHQRWURVWH[WRVLPSUHVRV &XDQGRORVQLxRVKD\DQFDQWDGR\OHtGRVXFDQFLyQIDYRULWDPXFKDVYHFHVHVWDUiQHQFRQGLFLRQHVGHHVFULELUGHPHPRULD DO PHQRV XQD SDUWH GH OD OHWUD /DV FDQFLRQHV GH FXQD IXQFLRQDQ ELHQ SDUD HVWD DFWLYLGDG 6H SXHGH HVWLPXODU D ORV DOXPQRVHQODVROXFLyQGHSUREOHPDVFRPRODFUHDFLyQ\XVRGHOHQJXDMHVFRGLILFDGRV\HOGRFHQWH\HOJUXSRGHSDUHV GHEHUiQDFHSWDU\YDORUDUWRGRHVIXHU]RUHDOL]DGRHQODHWDSDLQLFLDOGHHVFULWXUDVLQWHQHUHQFXHQWDODFRUUHFFLyQQLOD H[WHQVLyQ

([LVWHQ PXFKRV OLEURV SDUD QLxRV H[FHOHQWHV HQ ORV TXH VH LOXVWUDQ FDQFLRQHV \R VH LQFOX\HQ WHPDV PXVLFDOHV /D HVWLPXODFLyQ TXH SURSRUFLRQDQ ODV LOXVWUDFLRQHV LQFUHPHQWD OD ULTXH]D HVWpWLFD \ SURSRUFLRQD XQ FRQWH[WR SDUD OD FRPSUHQVLyQ /D HQVHxDQ]D LQLFLDO GH OHFWXUD FRQ XQ HQIRTXH EDVDGR HQ OD P~VLFD QR VyORLQWURGXFHDOQLxRHQODVKDELOLGDGHVSDUDODOHFWXUD VLQRWDPELpQHQORVFRQFHSWRVPXVLFDOHVGHWRQR\PHORGtD\ODVVXWLOH]DVGHULWPR \FRQFRUGDQFLDHQHOOHQJXDMH 0~VLFDSDUDWRGDVODViUHDVFXUULFXODUHV

(O DXWRU GH FDQFLRQHV 'RQ 6FKLOW] EULQGy VX WHVWLPRQLR DQWH OD &RPLVLyQ 1DFLRQDO VREUH (GXFDFLyQ 0XVLFDO HQ 1DVKYLOOH 7HQQHVVHH ((88HQ(QVXDORFXFLyQGHVFULELyODLPSRUWDQFLDTXHWHQtDODP~VLFDSDUDpOFXDQGRHUDDOXPQRGHQLYHO SROLPRGDO 


/HVYR\DFRQWDUDFHUFDGHXQDPDWHULDTXHFXUVp$SUHFLDFLyQPXVLFDO5HDOPHQWHQRSHQVDEDHQHOODFRPRHQXQDPDWHULDFRPR ODV GHPiV &UHtD TXH HUD XQD KRUD SDUD FDQWDU (VWiEDPRV DSUHQGLHQGR TXH OD OHQJXD WLHQH FRPR IXQFLyQ SUHVHQWDU ORV SHQVDPLHQWRV\VHQWLPLHQWRVGHXQDXWRUTXHODVFDQFLRQHVVRQXQDIRUPDGHFRPXQLFDFLyQ(VWiEDPRVDSUHQGLHQGRKLVWRULDSRU PHGLR GH ODV FDQFLRQHV GHO SDtV (UD PHMRU TXH FXDOTXLHU RWUD FODVH GH KLVWRULD D OD TXH KD\D DVLVWLGR HQ Pt YLGD$SUHQGtDPRV PDWHPiWLFDDOGHVFXEULUODVUHODFLRQHVHQWUHODVSDUWHV\HOKHFKRGHTXHODFRPSRVLFLyQVHJXtDUHJODVPDWHPiWLFDV<HVWiEDPRV DSUHQGLHQGR D HVFXFKDU VL QR HVFXFKDPRV QR SRGHPRV DSUHQGHU /D DSUHFLDFLyQ PXVLFDO HVWDEOHFLyODFRQH[LyQHQWUHWRGDVODV iUHDVGHPLVHVWXGLRV 6HJ~Q H[SOLFD 'RQ 6FKLOW] OD P~VLFD HQULTXHFH HO DSUHQGL]DMH GH WRGDV ODV iUHDV FXUULFXODUHV 3RU HMHPSOR OD P~VLFD HV XQ FRPSRQHQWHLQWHJUDOGHWRGDpSRFDKLVWyULFD\FRPRWDOSURSRUFLRQDXQHQIRTXHHILFD]SDUDLGHQWLILFDUWHPDVDFWLWXGHVKHFKRV\ YDORUHVGHXQSHUtRGRGHWHUPLQDGR/RVDOXPQRVSRGUiQDQDOL]DUFXHVWLRQHVSROtWLFDV\VRFLDOHVHVFXFKDQGRFDQFLRQHVySHUDVR FRPHGLDVPXVLFDOHV

'HELGRDTXHODP~VLFDHVXQOHQJXDMHTXHVHKDEODHQWRGDVODVFXOWXUDVRIUHFHXQDIRUPDHVWLPXODQWHHLPSRUWDQWHSDUDDSUHQGHU DFHUFDGHRWURVSDtVHV3RUHMHPSORVLVHHVFXFKDP~VLFDMDSRQHVDVHREWLHQHXQDULFDSHUVSHFWLYDSDUDHOHVWXGLRGHORVSULQFLSLRV MDSRQHVHV GH VLPSOLFLGDG RUGHQ \ HTXLOLEULR /RV KDLNXV SRGUtDQ KDEHUVH HVFULWR SDUD LOXVWUDU GLFKRV SULQFLSLRV HQ SDODEUDV (O JROSHWHR GH ORV WDPERUHV DIULFDQRVODP~VLFDJDPHORQEDOLQHVDRODVFDPSDQDVWLEHWDQDVSURSRUFLRQDQHODFRPSDxDPLHQWRSDUD PRYLPLHQWRV UtWPLFRV \ SHUPLWHQ XQD PD\RU FRPSUHQVLyQ GH ODV FXOWXUDV TXH SURGXMHURQ GLFKDVIRUPDVPXVLFDOHV/RVDOXPQRV SRGUiQWDPELpQHVFXFKDUP~VLFDIROFOyULFDGHXQDFXOWXUDTXHVHKD\DVHOHFFLRQDGR\DQDOL]DUODLQWHUSUHWDFLyQTXHEULQGDGHORV VXFHVRVHVSHUDQ]DV\DVSLUDFLRQHVKXPDQDV

(VSRVLEOHHQVHxDUPDWHPiWLFDSRUPHGLRGHODP~VLFD\SDUDDOJXQRVDOXPQRVDTXHOORTXHGHRWURPRGRKXELHUDUHVXOWDGRXQD DEVWUDFFLyQGHVFRQFHUWDQWHVHYXHOYHFODUDPHQWHFRPSUHQVLEOH3RUHMHPSORSDUDHODSUHQGL]DMHGHIUDFFLRQHVORVDOXPQRV SXHGHQ WUDEDMDU FRQ XQD FDQFLyQ VLPSOH WDO FRPR $UUR] FRQ OHFKH 0LHQWUDV FDQWDQ OD FDQFLyQ XQ JUXSR DSODXGH HQ FDGD VtODED HQ QHJUDV2WURJUXSRDSODXGHHQHOSULPHUWLHPSRGHFDGDFRPSiVRWURJUXSRORKDFHFDGDGRVWLHPSRV\XQFXDUWRJUXSRDSODXGH RFKR YHFHV SRU FRPSiV /XHJR ORVDOXPQRVSRGUiQFRPSDUDUODVILJXUDVUHGRQGDEODQFDQHJUD\FRUFKHD\UHODFLRQDUODV

FRQ XQ FtUFXOR DO TXH VH KD\D GLYLGLGR HQ ODV PLVPDV SRUFLRQHV 3DUD DSUHQGHU PHFDQLVPRV PDWHPiWLFRV ORV DOXPQRV SRGUiQFDQWDURUHFLWDURSHUDFLRQHVGHDGLFLyQVXVWUDFFLyQPXOWLSOLFDFLyQRGLYLVLyQFRQPHORGtDVFRQRFLGDV/RVDOXPQRV PD\RUHVSRGUiQSRQHUP~VLFDDIyUPXODVJHRPpWULFDVRDOJHEUDLFDV

3UHFDOHQWDPLHQWRSDUDFDQWDU 7DQWRORVDOXPQRVFRPRORVGRFHQWHVVXHOHQPRVWUDUVHWtPLGRVDODKRUDGHFDQWDU&XDQGRHOGRFHQWHGHFLGDLQFRUSRUDUHO FDQWRDODDFWLYLGDGGHODXODGHEHUiGHVWDFDUTXHVXREMHWLYRQRFRQVLVWHHQWUDQVIRUPDUDWRGRVHQYLUWXRVRVGHOFDQWRVLQR HQGLQDPL]DU\SURIXQGL]DUHOSURFHVRGHDSUHQGL]DMH$GHPiVODV SHUVRQDVDSUHQGHQDFDQWDUFDQWDQGR/RVGRFHQWHVSXH GHQSHUIHFFLRQDUODSUHFLVLyQGHOFDQWRHVWDEOHFLHQGRHOWRQRLQLFLDOGHXQDFDQFLyQSRUPHGLRGHODYR]RXQLQVWUXPHQWR PXVLFDO ODPD\RUtDGHORVQLxRVSXHGHFDQWDUFRQFRPRGLGDGHQODHVFDODGHGRFHQWUDODOGRVLJXLHQWH (OPHWUR\IOXLGH] GHODFDQFLyQSXHGHQHVWDEOHFHUVHPHGLDQWHODFXHQWD\SDUDXQDFDQFLyQHQPHWURR\\SDUDXQDFDQFLyQ HQPHWUR6HHVWLPXODUiDORVDOXPQRVSDUDTXHFDQWHQFRQHQHUJtDHQOXJDUGHKDFHUOR HQYR]PX\DOWD\SDUDTXHXQDQ VXVYRFHVDODVGHVXVFRPSDxHURV $ ILQ GH DOLYLDU ODV SUHRFXSDFLRQHV DFHUFD GHO VRQLGR GH OD SURSLD YR] ORV DOXPQRV \ GRFHQWHV SRGUtDQ DERUGDU HO FDQWR PHGLDQWH HO UHFLWDGR GH VRQLGRV GLYHUVRV (VWDV DFWLYLGDGHV GHVWDFDQ OD FXDOLGDG O~GLFD GH OD SURGXFFLyQ GH VRQLGRV \ UHGXFHQHOWHPRUDFDQWDUHQWRQDGDPHQWHRDVRQDUFXDOXQYRFDOLVWDWDOHQWRVR&RQHOWLHPSRHOGRFHQWHSURSRQGUiDYDQ]DU GHVGH HO UHFLWDGR D OD H[DJHUDFLyQ GH VRQLGRV HQ XQD HVSHFLH GH GLVFXUVR DOWLVRQDQWH DQWHV GH FRPHQ]DU D FDQWDU (V LPSRUWDQWHHVWLPXODUDORVQLxRVSDUDTXHDGYLHUWDQODVGLIHUHQFLDVHQWUHVXYR]KDEODGD\VXYR]FDQWDGD 9RFDOL]DFLyQ /DVLJXLHQWHFDQFLyQLQFRUSRUDVtODEDVVLQVHQWLGR\SXHGHXWLOL]DUVHVDWLVIDFWRULDPHQWHFRQDOXPQRVGHWRGDVODVHGDGHV 


6H GLYLGH OD FODVH HQ FXDWUR JUXSRV GH LJXDO Q~PHUR GH LQWHJUDQWHV /RV JUXSRV VH QXPHUDUiQ GH XQR D FXDWUR (O SULPHU JUXSR UHFLWD

3$5$3$3$

3$5$3$3$ 3$5$3$3$

&XDQGRHOSULPHUJUXSRKDWHUPLQDGRVXSDUWH\FRPLHQ]DDUHSHWLUODVHLQFRUSRUDHOVHJXQGRJUXSRFRQ 320320

0LHQWUDVORVGRVSULPHURVJUXSRVFRQWLQ~DQHOWHUFHURVHLQFRUSRUDFRQ

320320

320320

0,0,0,0Ã&#x2039;0,0,0,0Ã&#x2039;0,0,0,0Ã&#x2039;

/XHJR HO FXDUWR JUXSR FRPLHQ]D D FDQWDU HO DEHFHGDULR FRQ OD PHORGtD GH $UUR] FRQ OHFKH /XHJR GH TXH ORV DOXPQRV KD\DQ SUDFWLFDGRGRVRWUHVYHFHVVXFDQFLyQDFXDWURYRFHVHOGRFHQWHSRGUiJUDEDUODSURGXFFLyQ&RQIUHFXHQFLDHVWDFDQFLyQVXHQD PHMRUGHORTXHVHSRGUtDLPDJLQDU\ODJUDEDFLyQSURSRUFLRQDXQLPSRUWDQWHHVWtPXORSDUDODFRQILDQ]D

6LELHQHVWDSDUWLFXODUFDQFLyQLPSOLFDFDQWDUHODEHFHGDULRFRPRSURSXHVWDLQLFLDOXQDYH]TXHVHGRPLQDODWpFQLFDVHSRGUiQ LQFRUSRUDUWHPDVPiVFRPSOHMRV\UHHPSOD]DUODVOHWUDVSRUORVQRPEUHVGHODVFDSLWDOHVGHORVSDtVHVDPHULFDQRVORVSDVRVGHXQ SURFHVRSDUDUHVROYHUFRQIOLFWRVYRFDEXODULRVHQLQJOpVRORVHOHPHQWRVGHODWDEODSHULyGLFD2WURHQIRTXHGHOFDQWRSRUPHGLRGH OD YRFDOL]DFLyQ FRQVLVWH HQ FUHDU XQ HVWULELOOR TXH SXHGDQ LPLWDU DTXHOODV SHUVRQDV TXH QR VH DQLPDQ D FDQWDU 3RU HMHPSOR HO DJUHJDGR GH VRQLGRV WDOHV FRPR HHRRHHDKDKGLQJGRQJSDSDSDSDELQJEDQJ EULQGD LQWHUHVDQWHV HIHFWRV VRQRURV GXUDQWH OD OHFWXUDGHWH[WRVHQYR]DOWD/RVQLxRVPiVSHTXHxRVSXHGHQDSUHQGHUVXGLUHFFLyQ\WHOpIRQR FRQXQDPHORGtD'HHVWHPRGROD P~VLFD VH WUDQVIRUPD HQ HO KLOR FRQGXFWRU TXH SHUPLWH XQLILFDU \ PHPRUL]DU DEVWUDFFLRQHV GHO PLVPR PRGR TXHVHLQVHUWDQODV FXHQWDVHQXQFROODU /HFWXUDFRUDO

8QDYH]TXHORVDOXPQRVKDQDOFDQ]DGRORJURVFRQHOWDUDUHRSRGUiQDYDQ]DUKDFLDODOHFWXUDFRUDO6HSRGUiQVHOHFFLRQDUSRHPDV EUHYHVIUDJPHQWRVOLWHUDULRVRIUDVHVIDPRVDVTXHUHTXLHUDQYDULDFLRQHVYRFDOHVHQHOULWPRODDOWXUDODHPRFLyQRHOUHJLVWURSDUD HVWLPXODUDORVDOXPQRVDXWLOL]DUVXYR]GHQXHYDVPDQHUDVHOORFRQWULEX\HDDJUHJDUIOXLGH]FRQILDQ]D\H[SUHVLyQDODOHFWXUD HQYR]DOWD(O5RPDQFHGHOSULVLRQHURGHO5RPDQFHURHVSDxRO/DSDORPLWDYHUGHGH0LJXHOÃ&#x2C6;QJHO$VWXULDV<RHQHOIRQGR GHOPDUGH$OIRQVLQD6WRUQLRHOSRHPDGH (VSDQWDSiMDURV GH2OLYHULR*LURQGRVRQDOJXQRVHMHPSORVGHREUDVSRpWLFDVTXHVH SUHVWDQDLQWHUHVDQWHVLQWHUSUHWDFLRQHVFRUDOHV

/D OHFWXUD FRUDO SXHGH OOHYDUVH D FDER GLYLGLHQGR D ORV DOXPQRV HQ JUXSRV GH FKLFRV \ FKLFDV DJUHJDQGR SDVDMHV HQ ORV TXH VH GHEDYDULDUHOWRQRGHYR]\PRGLILFDQGRHOULWPR8QDVSHFWRLPSRUWDQWHWDQWRSDUDODYRFDOL]DFLyQFRPRSDUDODOHFWXUDFRUDO FRQVLVWH HQ ORJUDU TXH ORV DOXPQRV XWLOLFHQ VX YR] FRQ PD\RU H[SUHVLYLGDG UDQJR YRFDO \ KDELOLGDG (VWDV DFWLYLGDGHV LQWURGXFWRULDVSUHSDUDQDORVDOXPQRVSDUDGLVIUXWDUGHOFDQWRFRQSOHQDFRQILDQ]D

1RWDFLyQPXVLFDO

/DP~VLFDHV @VLPLODUDODPDWHPiWLFDSUiFWLFDPHQWHXQPXQGRHQVLFRQWLHQHODWRWDOLGDGGHXQDJDPDGHH[SHULHQFLDV GHVGHHOHPHQWRVVHQVLEOHVDHODERUDGDDUPRQtDVLQWHOHFWXDOHVª

*(25*(6$17<$1$

$ PHQRV TXH ORV DOXPQRV WRPHQ FODVHV IRUPDOHV GH P~VLFD HVSRFRSUREDEOHTXHDSUHQGDQDOHHUQRWDFLyQPXVLFDO(OVLVWHPD PXVLFDO GH VtPERORV DEVWUDFWRV VHJXLUi VLHQGR XQD OHQJXD H[WUDQMHUD GHVFRQRFLGD GXUDQWH WRGD OD YLGD GHELGR D OD IDOWD GH FRQWDFWR3DUDUHYHODUHOPLVWHULRGHODQRWDFLyQPXVLFDOORVDOXPQRVSXHGHQFRPHQ]DUSRUFUHDUVXVSURSLRVVLVWHPDVGHVtPERORV SDUD OXHJR HVWDU HQ FRQGLFLRQHV GH LQFRUSRUDU FRQ PD\RU IDFLOLGDG OD QRWDFLyQ PXVLFDO FRQYHQFLRQDO 'H ODV LQYHVWLJDFLRQHV GH 5HQD 8SLWLV VH GHVSUHQGH TXH HO GHVDUUROOR GH VLVWHPDV SHUVRQDOHV SDUD OD QRWDFLyQ PXVLFDO SURPXHYH HO GHVDUUROOR GHO SHQVDPLHQWRPXVLFDO ,QWURGXFFLyQGHOFRQFHSWRGHQRWDFLyQPXVLFDO

3DUDSUHVHQWDUDORVDOXPQRVHOFRQFHSWRGHTXHGLIHUHQWHVIRUPDVUHSUHVHQWDQGLIHUHQWHVVRQLGRVHOOLEURGH'RQ.DSODQ6HHZLWK <RXU(DUV>0LUDFRQORVRtGRV@SURSRQHGLIHUHQWHVPDQHUDVGHGLEXMDUHOVRQLGR$DKSDUDGHPRVWUDUHOVRVWpQGHXQDQRWD/RV GRFHQWHV \ ORV DOXPQRV SXHGHQ H[SHULPHQWDU FRQ OD DOWXUD HO WLPEUH HO YROXPHQ \ OD GXUDFLyQ GHO VRQLGR SRU PHGLR GH ORV VLJXLHQWHVDDKV 


8QD YH] TXH ORV DOXPQRV KD\DQ FDQWDGR \ DSUHQGLGR HVWRV VRQLGRV \ VXV FRUUHVSRQGLHQWHV QRWDFLRQHV VH OHV SRGUi HQWUHJDU XQD ILFKD FRQ HO GLVHxR GH DOJXQD GH ODV QRWDFLRQHV DQWHULRUHV /RV DOXPQRV IRUPDQ JUXSRV GH FLQFR R VHLV LQWHJUDQWHVTXLHQHVSXHGHQOHHU\SUDFWLFDUVXVQRWDFLRQHV\FRPSRQHUXQDPHORGtDSDUDSUHVHQWDUDOUHVWRGHODFODVH (OHQIRTXHTXHSUHVHQWDPRVDFRQWLQXDFLyQSHUPLWHDYDQ]DUFRQORVDOXPQRVKDFLDODUHSUHVHQWDFLyQJUiILFDGHQRWDFLyQ PXVLFDO(OGRFHQWHSXHGHGHPRVWUDUTXHXQVHQFLOORVLVWHPDGHXQDOtQHDSXHGHUHSUHVHQWDUODGXUDFLyQGHFDGDQRWDHQXQD FDQFLyQ3RUHMHPSOR$VHUUtQDVHUUiQSRGUtDUHSUHVHQWDUVHGHODVLJXLHQWHPDQHUD

3DUDWUDVODGDUHVWHVLVWHPDDODQRWDFLyQFRQYHQFLRQDOSRGUiQFRORFDUVHODVPLVPDVOtQHDVHQXQSHQWDJUDPD /RVDOXPQRVSRGUiQFUHDUVXVSURSLRVVtPERORVJUiILFRVSDUDWUDQVFULELUFDQFLRQHVVLPSOHVFRPRSRUHMHPSOR$UURUUy $UUR]FRQOHFKHR9DPRVDUHPDU2WURHQIRTXHVHQFLOOR\HQWUHWHQLGRSDUDDERUGDUODQRWDFLyQPXVLFDOTXHFRPELQD P~VLFD\DUWHHVHOVLJXLHQWH

/XHJRGHVHOHFFLRQDUXQDSLH]DGHP~VLFDLQVWUXPHQWDOPRWLYDGRUDVHH[SOLFDDORVDOXPQRVTXHHVFXFKDUiQXQSDVDMH PXVLFDO\TXHPLHQWUDVORHVFXFKHQGHEHUiQGLEXMDUVtPERORVVLPSOHVSDUDORTXHYD\DQHVFXFKDQGR6HOHVGLVWULEXLUiQ KRMDVGHSDSHOHQEODQFR\PDUFDGRUHVRFUD\RQHVGHGLVWLQWRVFRORUHV0LHQWUDVVHSUHSDUDQSDUDHVFXFKDUVHOHVSURSRQH TXHLPDJLQHQOtQHDVIRUPDV\FRORUHVTXHODP~VLFDSXHGDVXJHULU 6HOHVLQIRUPDTXHHVFXFKDUiQODP~VLFDGRVYHFHV\TXHGLEXMDUiQORTXHKD\DQRtGRGXUDQWHODVHJXQGD 


(V SUREDEOH TXH ORV DOXPQRV SUHVWHQ HVSHFLDO DWHQFLyQ D SDWURQHV PXVLFDOHV TXH VH UHSLWHQ \ XWLOLFHQ ORV PLVPRV VtPERORVYLVXDOHVSDUDHVDVSDUWHVGHODFRPSRVLFLyQ 2ELHQSRGUtDQFRQFHQWUDUVHHQUHSUHVHQWDUORVWLHPSRVODPpWULFDR ORV SDWURQHV UtWPLFRV 6L HO FDPELR GLQiPLFR IXHUWH \ VXDYH  HV HVSHFLDOPHQWH GRPLQDQWH ORV DOXPQRV SRGUtDQ GLEXMDU GLFKRVFDPELRV$OJXQDVREUDVPXVLFDOHVFRPR&DQRQGH3DFKHOEHOSURSRQHQFRQFHQWUDUODDWHQFLyQHQOLQHDVPHOyGLFDV R HVWUDWRV GH PHORGtDV /DV FDUDFWHUtVWLFDV SDUWLFXODUHV GH FDGD FRPSRVLFLyQ PXVLFDO HVWDUiQ DO DOFDQFH GH XQ DXGLWRULR DWHQWR 3DUD UHFRQRFHU \ UHSUHVHQWDU HILFD]PHQWH OR TXH RFXUUH HQ OD P~VLFD ORV DOXPQRV GHEHUtDQ SRGHU HVFXFKDU OD VHOHFFLyQYDULDVYHFHV /XHJRGHKDEHUHVFXFKDGR\GLEXMDGRODP~VLFDVHRUJDQL]DUiXQEUHYHGHEDWHFRQORVDOXPQRV\VHOHVVROLFLWDUiTXH WUDGX]FDQ VXV GLEXMRV HVSHFLILFDQGR FXiO GH ORV VtPERORV R ORV FRORUHV UHSUHVHQWD D FDGD VRQLGR $OJXQRV DOXPQRV SRGUtDQ RIUHFHUVH SDUD FDQWDU SDUWH GH VX QRWDFLyQ PXVLFDO $ FRQWLQXDFLyQ SUHVHQWDPRV XQ HMHPSOR GH QRWDFLyQ PXVLFDO JUiILFDUHDOL]DGDSRUXQDOXPQRGHVH[WRDxRGHHGXFDFLyQEiVLFD 6LELHQORVVLVWHPDVPXVLFDOHVJHQHUDGRVSRUORVDOXPQRVSXHGHQUHVXOWDUDEVWUDFWRVHLOHJLEOHVSDUDORVGHPiVVXHOHQ SURSRUFLRQDUOHVIRUPDVYiOLGDVSDUDFRPHQ]DUDOHHUP~VLFDPHGLDQWHODLQWURGXFFLyQGHOFRQFHSWRGHVtPERORVPXVLFDOHV 2WURHQIRTXHSDUDWUDEDMDUODQRWDFLyQPXVLFDOSHUPLWHDORVDOXPQRVDSUHQGHUDXWLOL]DUHOWHFODGR6HSXHGHOOHYDUXQ SHTXHxR VLQWHWL]DGRU R WHFODGR DO DXOD FRQ ODV WHFODV QXPHUDGDV GH  D  'H HVWD PDQHUD VH SRGUiQ HMHFXWDU PHORGtDV VHQFLOODV/DFDQFLyQ$VHUUtQDVHUUiQVHOHHUiDVt    

(OQ~PHURUHSUHVHQWDDOGRFHQWUDOHQODHVFDODHODOUH\DVtVXFHVLYDPHQWH(OXVRGHHVWHVHQFLOORVLVWHPDQXPpULFR SHUPLWH D ORV DOXPQRV HMHFXWDU FRQ VROWXUD XQD VHULH GH PHORGtDV \ WDPELpQ FUHDU VXV SURSLRV VLVWHPDV QXPpULFRV SDUD DFRPSDxDUODVFDQFLRQHVTXHVHWUDEDMHQHQHODXOD <D VHD TXH ORV DOXPQRV VH HQFXHQWUHQ WUDEDMDQGR FRQ Q~PHURV OtQHDV RQGXODGDV X RWURV VtPERORV SDUD OD QRWDFLyQ PXVLFDO HQ WRGRV ORV FDVRV YHUiQ IDYRUHFLGD OD WUDQVLFLyQ D OD OHFWXUD GH QRWDFLyQ FRQYHQFLRQDO &RQ IUHFXHQFLD ORV DOXPQRVJDQDQFRQILDQ]DHQHOWUDEDMRFRQVLVWHPDVGHVtPERORVDEVWUDFWRVOXHJRGHKDEHUFUHDGRORVVX\RV

&UHDFLyQGHFDQFLRQHVSDUDiUHDVFXUULFXODUHV 'HELGR D TXH QR VLHPSUH HV SRVLEOH HQFRQWUDU JUDEDFLRQHV FRQ FDQFLRQHV UHODFLRQDGDV FRQ WRGDV ODV iUHDV FXUULFXODUHV ORV DOXPQRV\GRFHQWHVSXHGHQFRPSRQHUFDQFLRQHVTXHUHVXOWHQDSURSLDGDVSDUDWRGDiUHDGHFRQWHQLGR1RVHUHTXLHUHGHPDVLDGR WDOHQWRPXVLFDOSDUDFRPHQ]DUDFUHDUFDQFLRQHVRULJLQDOHVHVFULELHQGRXQDOHWUDSDUDXQDPHORGtDFRQRFLGD\VLPSOH

6HJ~QORVQLYHOHVGHHGDG\PDGXUH]GHORVDOXPQRVVHSXHGHQHVFULELU\PHPRUL]DUFDQFLRQHVPiVH[WHQVDV/RVGRFHQWHV\ORV DOXPQRVSRGUiQUHDOL]DUXQDWRUPHQWDGHLGHDVSDUDSUHSDUDUXQDOLVWDGHFRPSRVLFLRQHVPXVLFDOHVIDPLOLDUHVTXHSURSRUFLRQDUiQ ULWPRV\PHORGtDVDODVTXHORVDOXPQRVDJUHJDUiQOHWUDVRULJLQDOHV\YLQFXODGDVFRQHOFXUUtFXOR$VLPLVPRQRGHEHGHVFDUWDUVH ODSRVLELOLGDGGHFRPSRQHUP~VLFDRULJLQDOSDUDDFRPSDxDUODVOHWUDVDFWLYLGDGTXHDxDGHXQDQXHYDGLPHQVLyQDOSUR\HFWRVLQ HPEDUJR HV SUREDEOH TXH ORV GRFHQWHV \ ORV DOXPQRV SUHILHUDQ UHFXUULU D FRPSRVLFLRQHV FRQRFLGDV SDUD SURSRUFLRQDU ULWPR \ PHORGtDDVXVOHWUDV$FRQWLQXDFLyQSUHVHQWDPRVXQDVHOHFFLyQGHFDQFLRQHVDPSOLDPHQWHFRQRFLGDV 6HOHFFLRQHVPXVLFDOHV /DERPEDODFXFDUDFKD $UUR]FRQOHFKH&DPEDODFKH =DPEDGHPLHVSHUDQ]D 0DPEUVHIXHDODJXHUUD <RYHQGRXQRVRMRVQHJURV 6REUHHOSXHQWHGH$YLJQRQ 6H YDVHYDODEDUFD

(O GRFHQWH SXHGH DVLJQDU HO FRQWHQLGR TXH LOXVWUDUiQ ODV FDQFLRQHV 3RU HMHPSOR VL ORV DOXPQRV KDQ HVWXGLDGR ORV FRQIOLFWRV PXQGLDOHV TXH WLHQHQ OXJDU HQ OD DFWXDOLGDG R KDQ OHtGR PDWHULDO GH ILFFLyQ TXH H[SORUD FRQIOLFWRV HQWUH LQGLYLGXRV R JUXSRV HO GRFHQWH SRGUtD VROLFLWDUOHV TXH HVFULEDQ XQD FDQFLyQ DFHUFD GH HVWUDWHJLDV SDUD UHVROYHU FRQIOLFWRV /DV OHWUDV TXH HVFULEDQ ORV DOXPQRVGHEHQWHQHUODVVLJXLHQWHVFDUDFWHUtVWLFDV ,GHQWLILFDUODVDFFLRQHVOOHYDGDVDFDERSRUORVDFWRUHVHQHOFRQIOLFWR 


3URSRUFLRQDUPRWLYRVSDUDODVDFFLRQHV\ORVVHQWLPLHQWRVGHWRGRVORVLPSOLFDGRV 3URSRQHUVROXFLRQHVDOWHUQDWLYDV\HYDOXDUODVSRVLEOHVFRQVHFXHQFLDVPHGLDQWHXQDWRUPHQWDGHLGHDV 6HOHFFLRQDUODPHMRUVROXFLyQ 7HQHUHQFXHQWDVLWXDFLRQHVVLPLODUHV\HYDOXDUODVDFFLRQHVTXHFRQWULEX\HURQDUHVROYHUHOFRQIOLFWRRDH[DFHUEDUOR 'HWHUPLQDUVLVHSXHGHDSUHQGHUGHORVHVIXHU]RVUHDOL]DGRVSDUDUHVROYHUFRQIOLFWRVSUHYLRV 0RGLILFDUODVROXFLyQTXHFDGDXQRSURSXVRVLHVQHFHVDULR *HQHUDOL]DUODVSURSLDVFRQFHSFLRQHVDFHUFDGHORVFRQIOLFWRV\GHODPHMRUPDQHUDGHUHVROYHUORV

/DPD\RUtDGHORVDOXPQRVGLVIUXWDGHHVWHHQIRTXHGHOFDQWR\ODHVFULWXUDGHFDQFLRQHV &XDQGRXQFXUVRHQWHURFDQWDFDQFLRQHV UHODFLRQDGDV FRQ HO FXUUtFXOR VH SURGXFH HO DSUHQGL]DMH VH OLEHUD OD FUHDWLYLGDG \ VH FUHD XQ FOLPD GH PD\RU DIHFWLYLGDG &RQ IUHFXHQFLD VH HVWDEOHFH XQ OD]R LQWDQJLEOH HQWUH TXLHQHV FDQWDQ OD PLVPD FDQFLyQ SDUD GLYHUWLUVH \ DSUHQGHU < QR GHEH VRUSUHQGHUQRV HO KHFKR GH TXH PXFKRV DOXPQRV DILUPHQ DO ILQDOL]DU HO DxR HVFRODU TXH WRGDYtD UHFXHUGDQ ODV FDQFLRQHV TXH HVFULELHURQ\FDQWDURQYDULRVPHVHVDQWHV

&yPRGHVSHUWDUDODFUHDWLYLGDGSRUPHGLRGHODP~VLFD

6HVXSRQHTXHODVHVFXHODVGHEHQVHUFDSDFHVGHD\XGDUQRVDORJUDUQXHVWUDDXWRH[SUHVLyQ6LQFRQRFLPLHQWRVGHP~VLFDQRV YHPRVSULYDGRVGHXQDIRUPD~QLFDGHFRPXQLFDFLyQ .(11<%,5'DOXPQRTXHKL]RXVRGHODSDODEUDHQOD1DVKYLOOH&RPPLVVLRQRQ0XVLF(GXFDWLRQGH

&RQIUHFXHQFLDFXDQGRVH OHVVROLFLWDTXHHVFULEDQXQFXHQWRRXQSRHPDORVDOXPQRVVXHOHQTXHMDUVHGHTXHQRVDEHQFyPRR SRU GyQGH HPSH]DU /D P~VLFD SXHGH VHUYLU FRPR IXHQWH GH LQVSLUDFLyQ TXH HVWLPXOD LPiJHQHV \ VHQWLPLHQWRV \ SURSRQH OtQHDV DUJXPHQWDOHV SDUD H[SORUDU &XDQGR ORV QLxRV WUDEDMDQ FRQ P~VLFD HQ HO DXOD VH OLEHUDQ HQHUJtDV FUHDWLYDV TXp OHV SHUPLWHQ HVFULELU PiV SUROtILFDPHQWH \ FRQ PD\RU SODFHU IDFLOLGDG \ SURIXQGLGDG 2IUHFHPRV ODV VLJXLHQWHV DFWLYLGDGHV PRGHOR SDUD PRWLYDUODHVFULWXUDFUHDWLYDHQHODXOD 3DUDSUHVHQWDUDORVDOXPQRVHOSRWHQFLDOIOXMRGHLPiJHQHVHLGHDVJHQHUDGDVSRUODP~VLFDVHOHVVROLFLWDTXHDVXPDQHOUROGH SURGXFWRUHVGHSHOtFXODV\FUHHQXQDUJXPHQWRDSURSLDGRSDUDDOJ~QSDVDMHGHODVVLJXLHQWHVFRPSRVLFLRQHV3HGUR\HOORERGH 3URNRILHY&XDGURVGHXQDH[SRVLFLyQGH0RXVVRUJVN\1XEHV)XHJRVGHDUWLILFLRR*ROOLZRJtV&DNHZDONGH'HEXVV\R VHOHFFLRQHV PiV DEVWUDFWDV FRPR XQ SUHOXGLR GH &KRSLQ XQD IXJD GH %DFK R XQ YDOV GH 6WUDXVV /XHJR GH HVFXFKDUODV ORV DOXPQRV GHEHQ H[SRQHU ODV LPiJHQHV \ ORV JXLRQHV SDUD SHOtFXODV TXH KD\DQ LPDJLQDGR \ D FRQWLQXDFLyQ JHQHUDU SRHPDV R SiUUDIRVGHVFULSWLYRVEDVDGRVHQHVWHSURFHVRGHWRUPHQWDGHLGHDV

7DPELpQSXHGHQGHVDUUROODUVHFXHQWRVDSDUWLUGHJUDEDFLRQHVSUHVHQWDGDVHQVHFXHQFLD6HSXHGHFRPHQ]DUWDQWRFRQP~VLFD FRPR FRQ XQD JUDEDFLyQ DPELHQWDO FRPR 7RUPHQWD WURSLFDO $PDQHFHU HQ OD FDPSLxD LQJOHVD X 2FpDQR WUDQTXLOR \ VH VROLFLWD D ORV DOXPQRV TXH UHDOLFHQ XQ PDSD PHQWDO R HVFULEDQ XQD GHVFULSFLyQ GHO iPELWR HQ TXH VH GHVDUUROOD OD KLVWRULD $ FRQWLQXDFLyQVHHVFXFKDXQDJUDEDFLyQTXHVXJLHUHHOSULPHUSHUVRQDMH3XHGHVHUDOJ~QSDVDMHPXVLFDODOHJUHRLQFOXVRXQDSLH]D GHP~VLFDSRSXODU/XHJRORVDOXPQRVUHDOL]DQXQPDSDPHQWDORHVFULEHQXQDGHVFULSFLyQGHOSHUVRQDMHTXHYHQHQODP~VLFD 6HGHEHUiWHQHUHVSHFLDOFXLGDGRGHSUHVHQWDUHOSHUVRQDMHVLQLQGLFDUVLHVIHPHQLQRRPDVFXOLQRQLVXJHULUTXHVHWUDWDGHXQD SHUVRQD /RV DOXPQRV SRGUtDQ YHU DQLPDOHV YLHQWR X REMHWRV LPDJLQDULRV HQ OD P~VLFD  $ FRQWLQXDFLyQ VH SUHVHQWD XQD SLH]D PXVLFDO GH FDUDFWHUtVWLFDV DELHUWDPHQWH RSXHVWDV \ VH SURFHGH GH OD PLVPD PDQHUD SDUD GHVFXEULU HO VHJXQGR SHUVRQDMH 3RU ~OWLPR VH YXHOYH D ORV VRQLGRV R PHORGtD LQLFLDOHV TXH LQGLFDURQ HO iPELWR PLHQWUDV ORV DOXPQRV GHVDUUROODQ HO DUJXPHQWR HQ WRUQR GH ORV SHUVRQDMHV TXH KDQ FUHDGR 3XHGHQ HPSOHDUVH SURFHGLPLHQWRV VLPLODUHV SDUD HVWLPXODU OD HVFULWXUD GH SRHVtD FRQ P~VLFD(VWRVHMHUFLFLRVGHHVFULWXUDPRWLYDUiQDODPD\RUtDGHORVDOXPQRVSDUDH[SUHVDUVHGHPDQHUDVQRWDEOHPHQWHFUHDWLYDV  6H SXHGH VROLFLWDU D ORV DOXPQRV TXH JHQHUHQ JUXSRV GH SDODEUDVGHVFULSWLYDVFRPRUHVSXHVWDDJUDEDFLRQHVPXVLFDOHVOXHJR SRGUiQ HPSOHDUVH GLFKRV WpUPLQRV SDUD HVFULELU SRHVtD TXH GHVFULED OD P~VLFD /RV SRHPDV SRGUiQ LQFOXLU HO QRPEUH GH OD FRPSRVLFLyQ\HOGHVXFUHDGRU

$GHPiVGHODVDFWLYLGDGHVGHHVFULWXUDORVDOXPQRVSXHGHQH[SORUDURWUDVIRUPDVSDUDVDFXGLUHOOHWDUJR\GHVSHUWDUODFUHDWLYLGDG FRQ P~VLFD 6H SXHGH HVFXFKDU P~VLFD FXDQGR VH SUHSDUDQ SUR\HFWRV HQ HO DXOD GXUDQWH ORV SHULRGRV GH OHFWXUD VLOHQFLRVD GH WUDEDMR HQ JUXSRV FRRSHUDWLYRV R GH WRPD GH SUXHEDV GH HYDOXDFLyQ SDUD PHPRUL]DU GDWRV R JXLRQHV \ SDUD WUDEDMDU HQ OD FRPSXWDGRUD&XDQGRORVDOXPQRVVHFRQHFWDQFRQVXVSURSLRVULWPRVLQWHULRUHV\QHFHVLGDGHVHVWiQHQFRQGLFLRQHVGHLGHQWLILFDU ORVPRPHQWRVHQTXHODP~VLFDOHVSHUPLWHRSWLPL]DUVXDSUHQGL]DMH

&RQVWUXFFLyQGHLQVWUXPHQWRVPXVLFDOHVHQHODXOD

&XDQGR ORV DOXPQRV WLHQHQ RSRUWXQLGDG GH FRQVWUXLU VXV SURSLRV LQVWUXPHQWRV QR VyOR GLVIUXWDQ GHO SURFHVR VLQR TXH WDPELpQ DXPHQWD VX FRPSUHQVLyQ UHVSHFWR GH OD P~VLFD SURSLDPHQWH GLFKD (V SRVLEOH FRQVWUXLU LQVWUXPHQWRV VHQFLOORV FRQ REMHWRV FRPXQHV GH XVR GLDULR 7DSDV GH ROODV SDSHO GH OLMDODWDVGHFRQVHUYDVFODYRVFDMDVWDQ]DFDxD PDGHUDGXUDFDxRVFXHUR\ WXERV ODUJRV GH FDUWyQ VRQ WRGRV HOHPHQWRV FRQ SRWHQFLDO PXVLFDO 6L VH OHV QRWLILFD FRQ DQWLFLSDFLyQ ORV SDGUHV DSRUWDUiQ FRQ 


JXVWR PDWHULDO GH GHVHFKR REMHWRV TXH \D QR VH XWLOLFHQ HQ HO KRJDU \ HOHPHQWRV GH XVR SRFR IUHFXHQWH PXFKRV GH ORV FXDOHV SXHGHQFRQYHUWLUVHHQSLH]DVLPSRUWDQWHVGHXQLQVWUXPHQWRPXVLFDO

$OJXQRV GRFHQWHV DERUGDQ OD FRQVWUXFFLyQ GH LQVWUXPHQWRV ILMDQGR XQ GtD HQ HO TXH ORV DOXPQRV SXHGHQ GLVSRQHU GH WRGR HO PDWHULDOUHFROHFWDGRHQHOKRJDU\HQOD HVFXHODHLPSRQLHQGRXQDFRQGLFLyQFDGDDOXPQRGHEHLQYHQWDUXQLQVWUXPHQWRFDSD]GH SURGXFLUVRQLGR(VSRVLEOHFRQVWUXLULQVWUXPHQWRVVLJXLHQGRODVLQVWUXFFLRQHVTXHDSDUHFHQHQDOJXQRGHORVQXPHURVRVOLEURVTXH DERUGDQHOWHPD

8QD YH] FRQVWUXLGRV ORV LQVWUXPHQWRV VH ORV SRGUi HMHFXWDU LQGLYLGXDOPHQWH HVFXFKDU \ DQDOL]DU HQWUH WRGRV ORV PLHPEURV GHO JUXSR 6H SRGUi XWLOL]DU WHUPLQRORJtD PXVLFDO SDUD GHVFULELU VXV VRQLGRV SRU HMHPSOR DOWREDMR DJXGRJUDYH VRQRURVRUGR KXHFRYLEUDQWHHVWULGHQWH\SHUFXVLYR(OSDVRVLJXLHQWHSRGUtDFRQVLVWLUHQRUJDQL]DUXQSHTXHxRJUXSRPXVLFDORXQDRUTXHVWD FRQWRGDODFODVH /RVGRFHQWHVSRGUiQSURSRQHUDORVDOXPQRVTXHFRQVWUX\DQLQVWUXPHQWRVUHSUHVHQWDWLYRVGHORVFXDWURJUXSRVLQVWUXPHQWDOHVTXH FRPSRQHQODVRUTXHVWDVVLQIyQLFDVFXHUGDVYLHQWRVPHWDOHV\SHUFXVLyQ2WUDSRVLELOLGDGFRQVLVWHHQDJUXSDUORVLQVWUXPHQWRVGH DFXHUGR FRQ ODV FDWHJRUtDV TXH XWLOL]DQ ORV HWQRPXVLFyORJRV SDUD GHVFULELU LQVWUXPHQWRV GH WRGR HO PXQGR PHPEUDQyIRQRV YLEUDFLyQ GH PHPEUDQD  FRUGyIRQRV YLEUDFLyQ GH FXHUGDV  LGLyIRQRV YLEUDFLyQ GH VXSHUILFLHV  DHUyIRQRV YLEUDFLyQ GH XQD FROXPQDGHDLUH \HOHFWUDQyIRQRV YLEUDFLyQGHFRUULHQWHHOpFWULFD  8VRFUHDWLYRGHLQVWUXPHQWRVPXVLFDOHVHQHODXOD

&XDQGRVHGLVSRQHGHLQVWUXPHQWRVHQHODXODORVDOXPQRV\ORVGRFHQWHVSXHGHQH[SHULPHQWDUFRQODFUHDFLyQGHFRPSRVLFLRQHV RULJLQDOHV DJUHJDU DFRPSDxDPLHQWR PXVLFDO D ODV FDQFLRQHV R HMHFXWDU WUDEDMRV LQVWUXPHQWDOHV /RV DOXPQRV SXHGHQ IRUPDU SHTXHxRVJUXSRVSDUDFRPSRQHUSODQHVVRQRURVEUHYHVSDUDFRPSRVLFLRQHVPXVLFDOHVRWUDEDMDUFRQLQVWUXPHQWRVVROLVWDV\OXHJR FRPELQDU ORV VRQLGRV 3DUD LQLFLDU HO SURFHVR GH FRPSRVLFLyQ ORV DOXPQRV SXHGHQ FRPHQ]DU FRQ VX REUD GH OLWHUDWXUD LQIDQWLO IDYRULWD R FRQ XQ YLGHR TXH KD\DQ YLVWR HQ OD HVFXHOD SRFR DQWHV 3XHGHQ LPSURYLVDU VX SURSLD ySHUD SDUD HO GLiORJR \ DJUHJDU LQVWUXPHQWRVTXHRWRUJXHQFRORULGR\PRYLPLHQWRUtWPLFR /RVDOXPQRVSXHGHQWUDEDMDUWDPELpQFRQFDQFLRQHVTXHOHVUHVXOWHQIDPLOLDUHV3RUHMHPSORXQDUUHJORPXVLFDOSRGUtDFRQVLVWLU HQTXHORVDOXPQRVDJUHJXHQGLIHUHQWHVVRQLGRVDFDGDYHUVR3XHGHQWDPELpQSURGXFLUVRQLGRVVLJXLHQGRHOSXOVRRHODFHQWRRGH DFXHUGRFRQHOULWPRGHODVSDODEUDV/RVVRQLGRVGHEHQVHOHFFLRQDUVHFXLGDGRVDPHQWHFRQHOILQGHTXHVHDMXVWHQDODFDOLGDG\ ODVFDUDFWHUtVWLFDVGHODP~VLFD\TXHQRVHVXSHUSRQJDQDODPHORGtDRULJLQDO 7DPSRFRHVQHFHVDULRTXHWRGRVORVDOXPQRVSURGX]FDQVRQLGRVFRQVWDQWHPHQWH0XFKDVYHFHVHODUUHJORUHVXOWDPiVPXVLFDOVL VyORVHDJUHJDQSRFRVLQVWUXPHQWRV

6H SXHGHQ H[SORUDU DUUHJORV RUTXHVWDOHV /RV GRFHQWHV SXHGHQ GLYLGLU D ORV DOXPQRV HQ GRV JUXSRV SDUD FUHDU HFRV RPLWLHQGR FLHUWRV LQVWUXPHQWRV H LQFRUSRUiQGRORV D PHGLGD TXH DYDQ]D OD FDQFLyQ X RPLWLHQGR LQVWUXPHQWRV JUDGXDOPHQWH KDVWD TXH VyOR TXHGHVRQDQGRVXDYHPHQWHXQRGHHOORV$GHPiVVHSRGUiGHVSHUWDUODFXULRVLGDGGHORVDOXPQRVUHVSHFWRGHODPDQHUDHQTXH HVWi HVWUXFWXUDGD ItVLFDPHQWH XQD RUTXHVWD ¢HQ TXp OXJDU VH XELFD FDGD LQVWUXPHQWR" 8QD YLVLWD D XQD FODVH GH P~VLFD GH QLYHO SROLPRGDORDODRUTXHVWDVLQIyQLFDGHODORFDOLGDGUHVXOWDUiPXFKRPiVLQWHUHVDQWHOXHJRGHODVH[SHULHQFLDVYLYHQFLDOHVGHODXOD

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDPXVLFDO

(O GHVDUUROOR GH OD LQWHOLJHQFLD PXVLFDO SXHGH SURPRYHUVH PHGLDQWH OD WHFQRORJtD GHO PLVPR PRGR TXH VH SURPXHYH OD IOXLGH] OLQJtVWLFDSRUPHGLRGHORVSURFHVDGRUHVGHSDODEUD/RVFRPSRVLWRUHVHQIRUPDFLyQSRGUiQWDUDUHDUXQDPHORGtD\JUDEDUODHQ VLQWHWL]DGRUHV FRPR HO (36 GH (QVRQLT R HO 6= GH &DVLR SDUD TXH VXHQH FRPR DOJXQR GH ORV GLIHUHQWHV LQVWUXPHQWRV \ DFRPSDxDUOD FRQ XQ ULWPR HOHFWUyQLFR /D ,QWHUID] 'LJLWDO GH ,QVWUXPHQWR 0XVLFDO 0,',  SHUPLWH FRPSRQHU SDUD PXFKRV LQVWUXPHQWRV\RUTXHVWDUORVSRUPHGLRGHXQDFRPSXWDGRUD 0XVLF:ULWH GH3\ZDUH\0XVLF 6WXGLR GH$FWLYLVLRQVRQHMHPSORVGH SURJUDPDVGHVRIWZDUHTXHWDPELpQSHUPLWHQKDFHUUHDOLGDGODPDJLD 7DO YH] QRV SUHJXQWHPRV VL GLFKD P~VLFD DUWLILFLDO H[FOX\H OD QHFHVLGDG GH FRPSUHQGHU \ DSUHQGHU DUPRQtD QRWDFLyQ RUTXHVWDFLyQ \ OHFWXUD PXVLFDO 'H KHFKR PXFKRV DOXPQRV VH VLHQWHQ WDQ PRWLYDGRV SRU OR TXH SXHGHQ FUHDU SRU PHGLR GH OD WHFQRORJtD PXVLFDO TXH HQFXHQWUDQ HVWtPXOR SDUD DSUHQGHU PiV VREUH FDGD XQD GH GLFKDV iUHDV /RV ORJURV DOFDQ]DGRV VH FRQYLHUWHQHQPRWRUSDUDHOSRVWHULRUDSUHQGL]DMH

6HKDGHVFXELHUWRTXHODWHFQRORJtDGLJLWDOTXHFRPELQDHOHPHQWRVGHDXGLR\YLGHRGLJLWDOIDFLOLWDHODSUHQGL]DMHGHDVSHFWRVGH ODP~VLFDTXHVXHOHQUHVXOWDUGHPDVLDGRFRPSOLFDGRVSDUDODFRPSUHQVLyQGHORVSULQFLSLDQWHV8QHMHPSORHVHOGLVFRFRPSDFWR PXOWLPHGLD LQWHUDFWLYR GH OD 1RYHQD 6LQIRQtD GH %HHWKRYHQ SURGXFLGR SRU 9R\DJHU &RPSDQ\ TXH SHUPLWH DO R\HQWH FRPSUHQGHUODREUDGHVGHHOSXQWRGHYLVWDPXVLFDOKLVWyULFRFXOWXUDO\SROtWLFR/DFRQVDJUDFLyQGHODSULPDYHUDGH6WUDYLQVN\ HVLQFOXVRPiVFRPSUHQVLEOH\DTXHDYDQ]DGHFRQFHSWRVVLPSOHVDFRPSOHMRV\SXHGHDFFHGHUVHDHOODGHVGHWRGRVORVQLYHOHVGH FRQRFLPLHQWR/RVHVFDVRVSURJUDPDVTXHH[LVWHQHQODDFWXDOLGDGQRVRQPiVTXHHOFRPLHQ]RGHHVWDIDQWiVWLFDQXHYDIRUPDGH HQVHxDU\FUHDUP~VLFD 


(VWHVLVWHPDGHDSR\RWHFQROyJLFRSDUDHODSUHQGL]DMHGHODP~VLFD\ODDSUHFLDFLyQPXVLFDOFRQGXFHQRVRODPHQWHDODPDHVWUtD VLQR WDPELpQ D XQD SURIXQGD FRPSUHQVLyQ 'H HVWD PDQHUD HV SRVLEOH HQULTXHFHU \ H[SDQGLU HO GHVDUUROOR GHO SHQVDPLHQWR \ OD FUHDWLYLGDGPXVLFDOHVHVGHFLUODLQWHOLJHQFLDPXVLFDOHQVtPLVPD

5HVXPHQ

(QOD&RQIHUHQFLD1DFLRQDOGH(GXFDGRUHVGH0~VLFDGHORV((88HODERUyORVIXQGDPHQWRVSDUDODHGXFDFLyQPXVLFDO ¢3RUTXpGHEHODP~VLFDIRUPDUSDUWHGHOFXUUtFXOR"$OSDUHFHUKD\PXFKDVUD]RQHV

/DP~VLFDHVDOJRTXHYDOHODSHQDFRQRFHU /DP~VLFDWUDQVPLWHQXHVWUDKHUHQFLDFXOWXUDO(VWDQLPSRUWDQWHFRQRFHUD%HHWKRYHQ\/RXLV$UPVWURQJFRPRD1HZWRQ\D (LQVWHLQ /DP~VLFDHVXQDLQWHOLJHQFLDLQKHUHQWH DWRGDVODVSHUVRQDV\PHUHFHVHUGHVDUUROODGD  /D P~VLFD HV FUHDWLYD \ DXWRH[SUHVLYD \ SRU WDO PRWLYR SHUPLWH OD H[SUHVLyQ GH QXHVWURV PiV QREOHV SHQVDPLHQWRV \ VHQWLPLHQWRV  /D P~VLFD SHUPLWH D ORV DOXPQRV DSUHQGHU DFHUFD GH VXV UHODFLRQHV FRQ ORV GHPiV WDQWR HQ VX FXOWXUD FRPR HQ FXOWXUDV H[WUDQMHUDV /DP~VLFDSURSRUFLRQDDORVDOXPQRVRSRUWXQLGDGHVGHORJURTXHQRH[SHULPHQWDUiQHQRWUDViUHDVFXUULFXODUHV /DP~VLFDHQULTXHFHHODSUHQGL]DMHHQWRGDVODViUHDVGHFRQWHQLGR /DP~VLFD D\XGDDORVDOXPQRVDFRPSUHQGHUTXHQRWRGRHQODYLGDHVFXDQWLILFDEOH /DP~VLFDH[DOWDHOHVStULWXKXPDQR




&$3Ã&#x2039;78/2

3DUDFRPSUHQGHUQRVPXWXDPHQWH LQWHOLJHQFLD LQWHUSHUVRQDO 3DUD TXH OD FLYLOL]DFLyQ VREUHYLYD GHEHUQRV SHUIHFFLRQDU DO Pi[LPR OD FLHQFLD GH ODV UHODFLRQHV KXPDQDV OD FDSDFLGDG GH WRGRVORVSXHEORVVLQGLVWLQFLRQHVSDUDYLYLUMXQWRV\HQSD]HQHOPLVPRPXQGR )5$1./,1'(/$125226(9(/7

/RV+HUPDQRV.DUDPD]RY9RODGRUHVVRQXQIDPRVRJUXSRGHPDODEDULVWDV\FRPHGLDQWHVLQWHJUDGRSRUFXDWURLQGLYLGXRV FRQYHQFLGRVGHTXHFXDQGRODVSHUVRQDVWUDEDMDQMXQWDVVHSXHGHORJUDUORLPSRVLEOH

 &XDQGR DVLVWLPRV D XQD SUHVHQWDFLyQ GH HVWRV GLHVWURV \ GLYHUWLGRV DUWLVWDV SRGUtDPRV OOHJDU DVXSRQHUTXHORVPDODEDUHV\OD FRPHGLD QR UHSUHVHQWDQ XQD GLILFXOWDG SDUD HO FXDUWHWR 3DUWH GH VX GHVWUH]D SDUHFH GHULYDU GH VXV DxRV GH WUDEDMR FRQMXQWR 0LHQWUDVOOHYDQDFDERFRPSOHMRVMXHJRVPDODEDUHVHLQJHQLRVRVLQWHUFDPELRVYHUEDOHVORV.DUDPD]RYSDUHFHQFRQHFWDGRVHQWUH VtHQSHQVDPLHQWR\ DFFLyQ$ILUPDQTXHVHFRQFHQWUDQH[DFWDPHQWHORQHFHVDULR\QRPiV'HDFXHUGRFRQHVWRVDUWLVWDVHVHVWD LQWHQVDQRFRQFHQWUDFLyQORTXHSHUPLWHVXVDSDUHQWHPHQWHLPSRVLEOHVSURH]DV

3DXO0DJLG\+RZDUG3DWWHUVRQVHFRQRFLHURQHQODXQLYHUVLGDGKDFHYHLQWHDxRV\FRPHQ]DURQDUHDOL]DUPDODEDUHVHQIXQFLRQHV HVWXGLDQWLOHV$xRVPiVWDUGH6DP:LOOLDPV\7LPRWK\)XUVWVHXQLHURQDHOORV/RVFXDWURFRQVLGHUDQTXHHOKXPRUFRQVWLWX\HHO KLOR FRQGXFWRU GH VXV SUHVHQWDFLRQHV (O KXPRU QR VyOR LPSUHJQD FDGD XQD GH ODV DFWXDFLRQHV VLQR TXH LQVSLUD VX WUDEDMR FRQMXQWR&DGDLQGLYLGXRDFW~DGHDFXHUGRFRQXQSODQSHURWDPELpQLPSURYLVDFRPRUHVSXHVWDDFRPHQWDULRVTXHVXSXHVWDPHQWH IRUPXODUiQORVRWURVDFWRUHVRDVXFHVRVLQHVSHUDGRV(OORVOODPDQVXUIHDUDHVWDFODVHGHLPSURYLVDFLyQIUHQWHDODFXDOWRGRV ORVHVSHFWDGRUHVUHDFFLRQDQFRQDVRPEUR(QFDGDSUHVHQWDFLyQORV+HUPDQRV.DUDPD]RY9RODGRUHVVLHPSUHHQFXHQWUDQIRUPDV GH LQWHUDFWXDU FRQ HO S~EOLFR 6XHOHQ LQYLWDU D VXV PLHPEURV D FDQWDU KDFHU P~VLFD VXPLQLVWUDU REMHWRV SDUD KDFHU PDODEDUHV R FRQWDU FKLVWHV 6XV KDELOLGDGHV LQWHUSHUVRQDOHV VH H[WLHQGHQ WDPELpQ D OD UHODFLyQ FRQ RWURV FROHJDV +DFH SRFR WLHPSR ORV .DUDPD]RY LGHQWLILFDURQ D YDULRV DUWLVWDV GHO HVSHFWiFXOR SULQFLSLDQWHV D TXLHQHV LQYLWDQ D WRPDU SDUWH HQ VXV JLUDV 'H HVWD PDQHUD VH DPSOtD HO SDQRUDPD GH ORV DUWLVWDV MyYHQHV \ ORV +HUPDQRV .DUDPD]RY WLHQHQ OD SRVLELOLGDG GH FUHDU QXHYRV HVSHFWiFXORV TXH LQFOX\HQ D QXPHURVRV DUWLVWDV GH YDULHGDGHV LQYLWDGRV \ FXHQWDQ FRQ XQD DFWLYD SDUWLFLSDFLyQ GHO S~EOLFR WDO FRPRRFXUULyHQ ¢4Xp RSLQDQ ORV .DUDPD]RY DFHUFD GHO GHVDUUROOR GH VX LQWHOLJHQFLD LQWHUSHUVRQDO" (Q VX LQIDQFLD WRGRV HOORV HUDQ QLxRV VROLWDULRV D TXLHQHV DEXUUtDQ ODV UXWLQDV HVFRODUHV 6XV KDELOLGDGHV LQWHUSHUVRQDOHV IORUHFLHURQ FXDQGR FRPHQ]DURQ D WUDEDMDU MXQWRV 4XL]i OD HVFXHOD OHV KXELHUD UHVXOWDGR PiV LQWHUHVDQWH \ HVWLPXODQWH VL KXELHUDQ WHQLGR RSRUWXQLGDGHV SDUD SRQHU HQ SUiFWLFDODLQWHOLJHQFLDLQWHUSHUVRQDOPHGLDQWHSUR\HFWRVJUXSDOHVVLPLODUHVDORVTXHVHGHVFULEHQHQHOSUHVHQWHFDStWXOR

'HILQLFLyQLQWHOLJHQFLDLQWHUSHUVRQDO

/D LQWHOLJHQFLD LQWHUSHUVRQDO QRV SHUPLWH FRPSUHQGHU D ORV GHPiV \ FRPXQLFDUQRV FRQ HOORV WHQLHQGR HQ FXHQWD VXV GLIHUHQWHV HVWDGRVGHiQLPRWHPSHUDPHQWRVPRWLYDFLRQHV\KDELOLGDGHV,QFOX\HODFDSDFLGDGSDUDHVWDEOHFHU\PDQWHQHUUHODFLRQHV\SDUD DVXPLUGLYHUVRVUROHVGHQWURGHJUXSRV\DVHDFRPRPLHPEURVRFRPROtGHUHV(VWDLQWHOLJHQFLDUHVXOWDHYLGHQWHHQSHUVRQDVFRQ KDELOLGDGHVVRFLDOHVPX\GHILQLGDVFRPRORVSROtWLFRVOtGHUHVUHOLJLRVRVSDGUHVH[SHULPHQWDGRVGRFHQWHVWHUDSHXWDV\DVHVRUHV /RV LQGLYLGXRV TXH GHPXHVWUDQ JHQXLQR FRPSURPLVR \ FDSDFLGDG SDUD PHMRUDU ODV YLGDV GH ORV GHPiV H[KLEHQ XQD LQWHOLJHQFLD LQWHUSHUVRQDOSRVLWLYDPHQWHGHVDUUROODGD

/RV DOXPQRV FRQ FDUDFWHUtVWLFDV LQWHUSHUVRQDOHV GLVIUXWDQ GH OD LQWHUDFFLyQ FRQ ORV GHPiV WDQWRHQVXJUXSRGHSDUHVFRPRFRQ SHUVRQDVGHGLVWLQWDVHGDGHV7LHQHQFDSDFLGDGSDUDLQIOXLUVREUHORVGHPiV\VXHOHQGHVWDFDUVHHQHOWUDEDMRJUXSDO\FXDQGRVH OOHYDQ D FDER HVIXHU]RV FRQMXQWRV \ SUR\HFWRV HQ FRODERUDFLyQ $OJXQRV VH PXHVWUDQ VHQVLEOHV IUHQWH D ORV VHQWLPLHQWRV GH ORV GHPiVFXULRVRVDFHUFDGHODVYDULDQWHVPXOWLFXOWXUDOHVHQORVHVWLORVGHYLGDRLQWHUHVDGRVHQODVLJQLILFDFLyQVRFLDOGHORVHVWXGLRV DFDGpPLFRV$OJXQRVVRQFDSDFHVGHFRQVLGHUDUGLYHUVRVSXQWRVGHYLVWDHQFXHVWLRQHVVRFLDOHVRSROtWLFDV\VXHOHQD\XGDUDORV GHPiVDDSUHFLDUYDORUHV\RSLQLRQHVGLIHUHQWHVGHODVSURSLDV 


/D LQWHOLJHQFLD LQWHUSHUVRQDO VH PDQLILHVWD WDPELpQ D WUDYpV GHO KXPRU WRGD YH] TXH ORV DOXPQRV SURYRFDQ OD ULVD HQ DPLJRV \ GRFHQWHV FXDQGR FUHDQ VLWXDFLRQHV KXPRUtVWLFDV R FXDQGR DQDOL]DQ YLGHRV GH DQWLJXRV FRPHGLDQWHV FRPR ORV KHUPDQRV 0DU[ R /DXUHO\+DUG\TXHSUHVHQWDQFDULFDWXUDVGHKDELOLGDGHVtQWHUSHUVRQDOHV

&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDLQWHUSHUVRQDO

(OSVLFyORJREULWiQLFR1.+XPSKUH\VRVWLHQHTXHODLQWHOLJHQFLDVRFLDOHVODFDUDFWHUtVWLFDPiVLPSRUWDQWHGHOLQWHOHFWRKXPDQR +XPSKUH\VHxDODTXHHOPD\RUXVRFUHDWLYRGHODPHQWHKXPDQDFRQVLVWHHQPDQWHQHUHILFD]PHQWHODVRFLHGDGKXPDQD'HELGRD VX FODULYLGHQFLD \ FRPSUHQVLyQ VRFLDOHV PXFKDV SHUVRQDV VRQ FDSDFHV GH SRQGHUDU ODV FRQVHFXHQFLDV GH VXV SURSLRV DFWRV DQWLFLSDU HO FRPSRUWDPLHQWR GH ORV GHPiV GHWHUPLQDU EHQHILFLRV \ SpUGLGDV SRWHQFLDOHV \ DERUGDU FXHVWLRQHV LQWHUSHUVRQDOHV VDWLVIDFWRULDPHQWH HQ VX HQWRUQR \ IXHUD GH pO (Q OD PD\RUtD GH ORV FDVRV XQD YLGD SOHQD GHSHQGH HQ JUDQ PHGLGD GH OD LQWHOLJHQFLDLQWHUSHUVRQDO (VSUREDEOHTXHXQDSHUVRQDFRQXQDLQWHOLJHQFLDLQWHUSHUVRQDOELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV

6HHQFXHQWUDOLJDGRDVXVSDGUHVHLQWHUDFW~DFRQORVGHPiV (VWDEOHFH\PDQWLHQHUHODFLRQHVVRFLDOHV 5HFRQRFH\XWLOL]DGLYHUVDVPDQHUDVSDUDUHODFLRQDUVHFRQORVGHPiV 3HUFLEHORVVHQWLPLHQWRVSHQVDPLHQWRVPRWLYDFLRQHVFRQGXFWDV\HVWLORVGHYLGDGHORVGHPiV 3DUWLFLSDHQHPSUHQGLPLHQWRVFRODERUDWLYRV\DVXPHGLYHUVRVUROHVGHVXERUGLQDGRDOtGHUVHJ~QODVFLUFXQVWDQFLDV\ODVWDUHDV TXHVHGHPDQGHQ LQIOX\HVREUHODVRSLQLRQHVRDFFLRQHVGHORVGHPiV &RPSUHQGHPHQVDMHVYHUEDOHV\QRYHUEDOHV\SXHGHFRPXQLFDUVHDWUDYpVGHHOORVHQIRUPDHILFD] $GDSWDVXFRQGXFWDDGLIHUHQWHVPHGLRVRJUXSRV\DSDUWLUGHOIHHGEDFNTXHUHFLEHGHORVGHPiV 3HUFLEHGLYHUVDVSHUVSHFWLYDVHQWRGDFXHVWLyQVRFLDORSROtWLFD  'HVDUUROOD KDELOLGDGHV SDUD OD PHGLDFLyQ RUJDQL]DFLyQ GH XQ JUXSR FRQ ILQHV FRPXQHV R WUDEDMR FRQ SHUVRQDV GH GLVWLQWDV HGDGHVRSURYHQLHQWHVGHGLYHUVRVPHGLRV ([SUHVDLQWHUpVSRUFDUUHUDVFRQRULHQWDFLyQLQWHUSHUVRQDOFRPRGRFHQFLDWUDEDMRVRFLDODVHVRUtDDGPLQLVWUDFLyQRSROtWLFD 'HVDUUROODQXHYRVSURFHVRV\PRGHORVVRFLDOHV

3URFHVRVGHDSUHQGL]DMHLQWHUSHUVRQDO

/D LQWHOLJHQFLD tQWHUSHUVRQDO VH HQFXHQWUD WDQ HVWUHFKDPHQWH OLJDGD D OD LQWHUDFFLyQ FRQ ORV GHPiV TXH OD PD\RUtD GH ORV HGXFDGRUHVVRVWLHQHTXHQRSRGUtDHQVHxDUVLQIRUPDUSDUHVRJUXSRVGHDOXPQRV(VWHFDStWXORGHVFULEHSURFHVRVGHDSUHQGL]DMH FRODERUDWLYRTXHHQODDFWXDOLGDGVHGHVDUUROODQHQPXFKDVDXODVDVtFRPRWDPELpQQXPHURVDVRWUDVFDWHJRUtDVGHDFWLYLGDGHVSDUD HODSUHQGL]DMHLQWHUSHUVRQDO &yPRHVWDEOHFHUXQiPELWRLQWHUSHUVRQDOSRVLWLYR

&ULWHULRVSDUDHOIXQFLRQDPLHQWRGHJUXSRVRSHUDWLYRV'HWHUPLQDFLyQGHYDORUHV\UHJODVHQHODXOD5HXQLRQHVHQHODXOD $SUHQGL]DMHHQFRODERUDFLyQ

&RQVLGHUDFLRQHVDFHUFDGHORVJUXSRVFRODERUDGRUHV5ROHVGHODOXPQR+DELOLGDGHVVRFLDOHV$FWLYLGDGHVGHDSUHQGL]DMHFRRSHUDWLYR &RODERUDFLyQHQWUHORVDOXPQRVHQXQDXODKHWHURJpQHD 0DQHMRGHFRQIOLFWRV

$OJXQDVFDXVDVFRPXQHVGHFRQIOLFWR3URFHVRGHPDQHMRGHFRQIOLFWRVGH*RUGRQ $SUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO

,QWHJUDFLyQGHOWUDEDMRVRFLDODXQSURJUDPDHVFRODU5HIOH[LyQVREUHHODSUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO5HFXUVRVSDUDLPSOHPHQWDUHO WUDEDMRVRFLDO 9DORUDFLyQGHODVGLIHUHQFLDV $FWLYLGDGHVSDUDWUDEDMDUFRQFHSWRVGHHVWLORGHDSUHQGL]DMHFRQORVDOXPQRV 'HVDUUROORGHSHUVSHFWLYDVP~OWLSOHV ¢4XLpQHVVRPRV"




&RPSUHQVLyQGHGLIHUHQWHVSXQWRVGHYLVWD 3HUVSHFWLYDVJOREDOHVHQHOFXUULFXORHVFRODU 5XHGDGHVLVWHPDV

6ROXFLyQGHSUREOHPDVHQHOQLYHOORFDO\JOREDO (GXFDFLyQPXOWLFXOWXUDO

(QVHxDQ]DFRQXQDSHUVSHFWLYDPXOWLFXOWXUDO &RPSUHQVLyQGHODGLYHUVLGDGFXOWXUDODWUDYpVGHODUWH &XOWXJUDPRV

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDLQWHUSHUVRQDO5HVXPHQ

&yPRHVWDEOHFHUXQiPELWRLQWHUSHUVRQDOSRVLWLYR (QQXHVWUDVRFLHGDGDFWXDOFDUDFWHUL]DGDSRUVXVDFHOHUDGRVFDPELRVPXFKRVDOXPQRVVHYHQSULYDGRVGHUHODFLRQHVHVWUHFKDV\ HVWDEOHVFRQDGXOWRVDIHFWXRVRV$OJXQRVQLxRVOOHJDQDODXODFRQQHFHVLGDGHVLQVDWLVIHFKDVGHELGRDTXHFDUHFHQGHODSR\RGHXQD IDPLOLD VyOLGD 6L ELHQ ODV HVFXHODV VH HQFXHQWUDQ DFRVDGDVSRUQXPHURVDVGHPDQGDV\SUHIHULUtDQSDVDUSRUDOWRODVQHFHVLGDGHV VRFLDOHV\HPRFLRQDOHVGHORVDOXPQRVHQODDFWXDOLGDGQXHVWUDVLQVWLWXFLRQHVHGXFDWLYDVGHEHQFRPSHQVDUODVWUDQVIRUPiQGRVHHQ FRPXQLGDGHVFDSDFHVGHEULQGDUDSR\R\FRQWHQFLyQ

$XQTXHORVDOXPQRVSDVHQVXHWDSDHVFRODUHQJUXSRVD~QQRVHKDFUHDGRSOHQDFRQFLHQFLDDFHUFDGHORVEHQHILFLRVSRWHQFLDOHV GHODYLGDJUXSDO &XDQGRHOSULQFLSDOLQWHUpVVHFRQFHQWUDHQHOORJURGHREMHWLYRVFRPSHWLWLYRVHLQGLYLGXDOLVWDVORVDOXPQRVVH VLHQWHQDLVODGRV\QRHQFXHQWUDQUHVSXHVWDDVXVQHFHVLGDGHVDIHFWLYDV\VRFLDOHV1RREVWDQWHODPD\RUtDGHODVLQYHVWLJDFLRQHV PiVUHFLHQWHVLQGLFDQTXHHODSUHQGL]DMHUHVXOWDPiVSURGXFWLYR\SODFHQWHURFXDQGRORVDOXPQRVH[SHULPHQWDQXQDVHQVDFLyQGH SHUWHQHQFLD\HODXODIXQFLRQDFRPRFRPXQLGDGSURWHFWRUD¢'HTXpPDQHUDVHSXHGHHVWDEOHFHUXQiPELWRVHPHMDQWH"(OSXQWRGH SDUWLGD FRQVLVWH HQ WUDQVIRUPDU ODV QXPHURVDV LQGLYLGXDOLGDGHV GH XQ DXOD HQ XQ JUXSR HILFD] \ FRKHVLRQDGR $ FRQWLQXDFLyQ SUHVHQWDPRVDOJXQDVSURSXHVWDV &ULWHULRVSDUDHOIXQFLRQDPLHQWRGHJUXSRVRSHUDWLYRV

/DV LQYHVWLJDFLRQHV UHODWLYDV D JUXSRV RSHUDWLYRV KDQ SHUPLWLGR LGHQWLILFDU DOJXQDV FRQVWDQWHV (O VLJXLHQWH OLVWDGR QR HV H[KDXVWLYRORVGRFHQWHVSRGUiQDJUHJDURWURVFRPSRQHQWHVVXUJLGRVGHVXVH[SHULHQFLDV1RREVWDQWHHVWRVFULWHULRVSHUPLWHQDO GRFHQWHHYDOXDUHOHQWRUQRDFWXDOGHVXDXOD 8QDUHYLVLyQGHOOLVWDGRTXHDSDUHFHDFRQWLQXDFLyQOHUHVXOWDUi~WLOSDUDLGHQWLILFDUODVFDUDFWHUtVWLFDVSUHVHQWHVHQHODXOD\SDUD RULHQWDUVXVHVIXHU]RVFRQHOILQGHTXHHOJUXSRDGRSWHDTXHOODVTXHVHHQFXHQWUHQDXVHQWHV

 (O HQWRUQR GHO DXOD GHEH VHU FiOLGR \ UHFHSWLYR HOOR VLHQWD ODV EDVHV SDUD OD IRUPDFLyQ GH XQ JUXSR FX\RV PLHPEURV SXHGDQ EULQGDUVHDSR\RPXWXR6HSRQHGHPDQLILHVWRXQDLQWHUDFFLyQVRVWHQLGD\SRVLWLYDHQWUHORVDOXPQRV\HOGRFHQWH\VHSURPXHYH XQDFRQFLHQWL]DFLyQGHHVFXHODFRPRIDPLOLD  /DV UHJODV GHO DXOD HVWDEOHFLGDV FRQMXQWDPHQWH SRU ORV DOXPQRV \ HO GRFHQWH GHEHQ GHILQLU FyGLJRV GH FRQGXFWD DSURSLDGD EDVDGRV HQ YDORUHV KXPDQRV FRPR HVStULWX GH FRODERUDFLyQ \ HTXLGDG -XQWRV ORV DOXPQRV \ HO GRFHQWH GHVDUUROODQ VROXFLRQHV SDUDORVSUREOHPDVGHFRQGXFWD

 /D LPSRUWDQFLD RWRUJDGD DO DSUHQGL]DMH FRODERUDWLYR GHVWLHUUD HO PRGHOR JDQDGRUSHUGHGRU LPSHUDQWH HQ PXFKDV DXODV (O DSUHQGL]DMH FRPSHWLWLYR LQGHSHQGLHQWH \ FRQYHQFLRQDO VXHOH UHHPSOD]DUVH SRU SURFHVRV LQWHUGHSHQGLHQWHV TXH UHTXLHUHQ OD SDUWLFLSDFLyQ\HODSRUWHGHWRGRVORVDOXPQRV  (O DSUHQGL]DMH GHEH VHU XQD PLVLyQ ELHQ DUWLFXODGD HQ HO DXOD (O GRFHQWH \ ORV DOXPQRV VRQ FRQVFLHQWHV GH TXH VX SULQFLSDO REMHWLYRFRQVLVWHHQDSUHQGHUGHORVFRQWHQLGRVFXUULFXODUHVGHORVGHPiV\GHODVH[SHULHQFLDVYLYHQFLDOHV

6/DVIXQFLRQHVGHOLGHUD]JRGHEHQVHUGLVWULEXLGDVHTXLWDWLYDPHQWH/DUHVSRQVDELOLGDGSRUODVWDUHDVTXHGHVDUUROODQSHTXHxRV JUXSRVRODWRWDOLGDGGHORVPLHPEURVGHODFODVHVHFRPSDUWHSRULJXDOGHPRGRTXHORVDOXPQRVSXHGDQFRQVLGHUDUVHPLHPEURV HVWLPDGRVHQODFRPXQLGDGGHODXOD

/DVDFWLYLGDGHVGHDSUHQGL]DMHGHEHQVHUSODFHQWHUDV6HSXHGHQHPSOHDUGLYHUVRVPpWRGRVSDUDODHQVHxDQ]D\ODHYDOXDFLyQ $OJXQDVYHFHVORVDOXPQRVWRPDQGHFLVLRQHVUHVSHFWRGHORVFRQWHQLGRV\PHGLRVGHDSUHQGL]DMH\HOMXHJR\HOKXPRUIRUPDQ SDUWHGHODXOD /RVDOXPQRVGHEHQWHQHURSRUWXQLGDGHVSDUDGHVDUUROODUKDELOLGDGHVVRFLDOHVDIHFWLYDV\pWLFDVDGHPiVGHODVDFDGpPLFDV 


8QD SHUVSHFWLYD LQWHUHVDQWH GH XQ JUXSR LPSRUWDQWH OD IDPLOLD HV OD TXH RIUHFH HO 'U 0LKDO\ &]LN]VHQWPLKDO\L SURIHVRU GH FLHQFLDVGHOFRPSRUWDPLHQWRHQOD8QLYHUVLGDGGH&KLFDJR(O'U&]LN]VHQWPLKDO\LKDLQYHVWLJDGRORVDQWHFHGHQWHVIDPLOLDUHVGH SHUVRQDV TXH DOFDQ]DQ XQ DOWR QLYHO GH ORJUR \ GHVFXEULy TXH ORV DOXPQRV FRQ PD\RU UHQGLPLHQWR \ PiV IHOLFHV SURYLHQHQ GH HQWRUQRVFRPSOHMRVGRQGHVHILMDQUHJODVFODUDV\H[SHFWDWLYDVDOWDVVLQGHMDUSRUHOORGHVHUFiOLGRVSRVLWLYRV\HVWLPXODQWHVQL GHRIUHFHURSRUWXQLGDGHVSDUDHOHJLU'HELGRDTXHHODXODVXHOHVXVWLWXLUDOKRJDUVHUiQHFHVDULROOHYDUDFDERHOPi[LPRHVIXHU]R SDUD FUHDU HQWRUQRV FRPSOHMRV WDPELpQ HQ OD HVFXHOD /DV VLJXLHQWHV DFWLYLGDGHV SURSRQHQ QXPHURVDV IRUPDV SDUD GHVDUUROODU HQWRUQRVRSHUDWLYRVLQWHUSHUVRQDOHV\FRPSOHMRVHQODHVFXHOD 'HWHUPLQDFLyQGHYDORUHV\UHJODVHQHODXOD

6HJ~QVHKDVHxDODGRHVLPSRUWDQWHTXHHQFDGDDXODVHHVWDEOH]FDQFyGLJRVH[SOtFLWRVGHFRQGXFWDEDVDGRVHQYDORUHVKXPDQRV IXQGDPHQWDOHV &XDQGRORVDOXPQRVVDEHQORTXHVHHVSHUD GHHOORV\GHVXVSDUHVHVSRVLEOHGHVDUUROODUUHODFLRQHVSRVLWLYDVFRQPD\RUIDFLOLGDG &RQ IUHFXHQFLD ODV UHJODV PiV HILFDFHV VRQ DTXHOODV TXH GHVDUUROODQ ORV PLVPRV DOXPQRV 0HGLDQWH OD DSOLFDFLyQ GH SURFHGLPLHQWRV GHPRFUiWLFRV SDUD GHWHUPLQDU ORV YDORUHV \ OD FRQGXFWD DSURSLDGD TXH UHJLUiQ HQ HO DXOD ORV DOXPQRV SXHGHQ UHVSRQVDELOL]DUVHSRUVXFRPSRUWDPLHQWR\SRUXQDSDUWLFLSDFLyQVDWLVIDFWRULDFRPRPLHPEURVGHOJUXSR

0XFKRV GRFHQWHV VXHOHQGHWHUPLQDUORVYDORUHV\UHJODVGHODXODFRQVXVDOXPQRV DFRPLHQ]RVGHODxRHVFRODURGHFDGDQXHYR SHUtRGR 8QD IRUPD FDH DERUGDMH VHQFLOOD FRQVLVWH HQ VROLFLWDU D ORV DOXPQRV TXH LGHQWLILTXHQ ODV FRQGXFWDV TXH IDYRUHFHQ HO DSUHQGL]DMH ¢'H TXp PDQHUD GHEHUtDQ FRPSRUWDUVH ORV PLHPEURV GH OD FODVH D ILQ GH HVWDEOHFHU \ PDQWHQHU XQ iPELWR GH DXOD SRVLWLYR"¢4XpYDORUHVVRFLDOHVWDOHVFRPRMXVWLFLDFRPSUHQVLyQRFRODERUDFLyQHVLPSRUWDQWHGHVWDFDU"

/RVDOXPQRVUHVSRQGHUiQODVSUHJXQWDVLQGLYLGXDOPHQWHSRUHVFULWRSDUDH[SRQHUVXVLGHDVDFHUFDGHORVYDORUHV\FRQGXFWDVGHO DXOD 6H SRGUiQ IRUPDU JUXSRV GH WUHV D FLQFR LQWHJUDQWHV SDUD GHEDWLU ODV RSLQLRQHV &DGD JUXSR SUHSDUDUi XQ JUiILFR SDUD HQXPHUDUODVLGHDVSUHVHQWDGDV'LFKRVJUiILFRVVHH[KLELUiQSDUDWRGDODFODVH\SHUPLWLUiQHVWDEOHFHUORVSURFHVRVGHFRQGXFFLyQ HQ HO DXOD HODERUDGRV FRQ HO DSRUWH GH WRGRV ORV DOXPQRV (O GRFHQWH GHVWDFDUi TXH OD YLGD JUXSDO VDWLVIDFWRULD UHTXLHUH GHO HTXLOLEULR HQWUH ODV QHFHVLGDGHV LQGLYLGXDOHV \ ODV QHFHVLGDGHV GH ORV GHPiV /D OLVWD GH UHJODV \ YDORUHV GHVDUUROODGD HQ FRODERUDFLyQSRGUiH[KLELUVHHQXQOXJDUGHVWDFDGRGHQWURGHODXOD +DFH SRFR WLHPSR XQ JUXSR GH TXLQWR DxR GH HGXFDFLyQ EiVLFD GHFLGLy JXLDU VX FRPSRUWDPLHQWR SRU PHGLR GH ODV VLJXLHQWHV UHJODV Â&#x2021;7RGRVORVDOXPQRVGHHVWDDXODWLHQHQGHUHFKRDDSUHQGHU Â&#x2021;&DGDDOXPQRVHUiFUHDWLYR\RULJLQDO

Â&#x2021;&DGDDOXPQRSHQVDUi\DSUHQGHUiGHGLYHUVDVPDQHUDV Â&#x2021;1RVGLYHUWLUHPRVGXUDQWHHODSUHQGL]DMH

Â&#x2021;&RRSHUDUHPRVFRQORVPLHPEURVGHOJUXSR Â&#x2021;1RVUHVSHWDUHPRVPXWXDPHQWH Â&#x2021;6HUHPRVDPLJRV

(VWRVQLxRVGHPRVWUDURQDODYH]VXFRPSURPLVRFRQODVRSRUWXQLGDGHVGHDSUHQGL]DMHFUHDWLYR\VXH[SHFWDWLYDGHVDWLVIDFHUVXV QHFHVLGDGHVVRFLDOHV\HPRFLRQDOHVHQHODXOD

8QD YH] HVWDEOHFLGDV ODV UHJODV H LQLFLDGDV ODV DFWLYLGDGHV VH SRGUi SURPRYHU XQ GHEDWH H[SOtFLWR DFHUFD GH ORV YDORUHV \ FRQGXFWDVJUXSDOHVTXHSHUPLWHQUHIRU]DULPSRUWDQWHVKDELOLGDGHVVRFLDOHV/RVDOXPQRV\HOGRFHQWHSRGUtDQRUJDQL]DUUHXQLRQHV SHULyGLFDVFRQHOREMHWRGHGHVDUUROODUVROXFLRQHVSDUDORVSUREOHPDVGHGLVFLSOLQD(QDOJXQDVDXODVVXHOHHOHJLUVHRQRPEUDUVH XQDFRPLVLyQSDUDVXSHUYLVDUHOIXQFLRQDPLHQWRGHODFODVH&RPLVLRQHVURWDWLYDVGHDSUR[LPDGDPHQWHFLQFRRVHLVDOXPQRV IRUPXODQUHFRPHQGDFLRQHVDORVPLHPEURVGHOJUXSR\DOGRFHQWHDFHUFDGHFXHVWLRQHVVRFLDOHV 5HXQLRQHVHQHODXOD

8QDYH]HVWDEOHFLGDVODVUHJODV\ORVYDORUHVGHODXODVHSRGUiQIRUWDOHFHUODVUHODFLRQHVHQWUHORVDOXPQRV&RQIUHFXHQFLDHOORVH OOHYD D FDER SRU PHGLR GH UHXQLRQHV JUXSDOHV GLDULDV R VHPDQDOHV 'LFKDV UHXQLRQHV VXHOHQ FRQWDU FRQ XQ RUGHQ GHO GtD DELHUWR SDUDTXHORVDOXPQRVH[SRQJDQVXVGLIHUHQFLDVUHVXHOYDQSUREOHPDVSHUVRQDOHVRDFDGpPLFRV\DSUHQGDQDHVFXFKDUDORVGHPiV \DEULQGDUVHDSR\RPXWXDPHQWH/DVUHXQLRQHVHQHODXODSURPXHYHQHOGHVDUUROORDIHFWLYRVRFLDO\pWLFRGHWRGRVORVDOXPQRV (Q HO QLYHO GH HQVHxDQ]D EiVLFD PXFKRV GRFHQWHV GHVWLQDQ YDULRV PLQXWRV DO FRPLHQ]R GH FDGD MRUQDGD SDUD TXH ORV DOXPQRV FXHQWHQVXVQRYHGDGHVGHEDWDQFXHVWLRQHVLPSRUWDQWHV\FRQFHQWUHQVXDWHQFLyQHQODVWDUHDVGLDULDVGHDSUHQGL]DMH(QHOQLYHO 


SROLPRGDO DOJXQRV GRFHQWHV GHGLFDQ  PLQXWRV GH XQ SHULRGR GH FODVH SRU VHPDQD SDUD UHDOL]DU XQD UHXQLyQ IDPLOLDU /RV WHPDVGHODUHXQLyQVHH[KLEHQGXUDQWHWRGDODVHPDQDHQXQDFDUWHOHUD\ORVDOXPQRVSXHGHQLQFOXLUFXHVWLRQHVTXHGHVHHQWUDWDU $ ILQ GH JDUDQWL]DU UHXQLRQHV VDWLVIDFWRULDV \ SRVLWLYDV HV LPSRUWDQWH HVWDEOHFHU UHJODV GH SURFHGLPLHQWR $ FRQWLQXDFLyQ SUHVHQWDPRVDOJXQRVOLQHDPLHQWRV /LQHDPLHQWRVSDUDODFRQGXFFLyQGH UHXQLRQHVHQHODXOD

 (VWDEOHFHUXQFURQRJUDPDUHJXODUSDUDODVUHXQLRQHV\VXGXUDFLyQDSUR[LPDGD

 6ROLFLWDUDORVDOXPQRVTXHFRORTXHQVXVPHVDVRVLOODVHQFtUFXORDILQGHTXHWRGRVVHHQFXHQWUHQLQFOXLGRV

 6HOHFFLRQDU XQ FRRUGLQDGRU SDUD OD UHXQLyQ 6L ORV DOXPQRV VRQ SHTXHxRV FRQ IUHFXHQFLD HVWH URO VHUi GHVHPSHxDGR SRU HO GRFHQWHRXQSDGUH/RVDOXPQRVPD\RUHVHVWDUiQHQFRQGLFLRQHVGHDVXPLUHOUROGHFRRUGLQDGRUHV  ([SOLFDUTXHHOSURSyVLWRGHODUHXQLyQFRQVLVWHHQPHMRUDUHOFOLPDGHODXOD\SURSRUFLRQDUDORVDOXPQRVODRSRUWXQLGDGGH DERUGDUVXVLQWHUHVHV\SUHRFXSDFLRQHV

 2WRUJDUDWRGRVODSRVLELOLGDGGHLQWHUYHQLU&XDQGRXQDOXPQRHVWpKDEODQGRORVGHPiVQRGHEHUiQLQWHUUXPSLUOR$OJXQRV GRFHQWHV HVWUXFWXUDQ HO GLDORJR PHGLDQWH OD WUDGLFLyQ LQGtJHQD DPHULFDQD GHO EiFXOR SDUODQWH XQD UDPLWD R WUR]R GH PDGHUD OLYLDQDGHFRUDGD6HKDUiHQWUHJDGHOEiFXORDTXLHQGHVHHLQWHUYHQLU(ODOXPQRTXHORWHQJDHQVXSRGHUGHEHUiKDFHUXVRGHOD SDODEUDHQIRUPDEUHYHYHUD]\VLQFHUD/XHJRORSDVDUiDODVLJXLHQWHSHUVRQDTXHKD\DSHGLGRODSDODEUD  ([SOLFDUTXHWRGRVORVDOXPQRVWLHQHQODOLEHUWDGGHH[SUHVDUVXVVHQWLPLHQWRV\RSLQLRQHVHQODUHXQLyQ\TXHQRVHWROHUDUiQ FRPHQWDULRVQHJDWLYRVUHVSHFWRGHQLQJXQRGHORVPLHPEURVGHOJUXSR

 6ROLFLWDUTXHWRGRVVHSUHGLVSRQJDQSDUDODUHXQLyQFRQODPHQWH\HOFRUD]yQDELHUWRV6HGHEHUiKDFHUXQHVIXHU]RSRUWHQHU HQFXHQWDORVGLYHUVRVSXQWRVGHYLVWDSUHVHQWDGRVSRUORVPLHPEURVGHODFODVH  $O FHUUDU FDGD UHXQLyQ VH DJUDGHFH D WRGRV SRU VX SDUWLFLSDFLyQ VH SDVD UHYLVWD D WRGRV ORV WHPDV GHO GHEDWH \ VH VHxDODQ DTXHOORVTXHQRVHKD\DQUHVXHOWRSDUDUHWRPDUORVHQODSUy[LPDVHVLyQ /DVUHXQLRQHVQXWUHQHOVHQWLGRGHLQWHUFRQH[LyQ\GDQOXJDUDOHVWDEOHFLPLHQWRGHUHODFLRQHVGHFRODERUDFLyQHQWUHORVDOXPQRV\ FRQ ORV GRFHQWHV &XDQGR VH HVFXFKD D ORV GHPiV \ VH ORV UHVSHWD VXUJH XQ VHQWLPLHQWR SRVLWLYR GH LGHQWLGDG JUXSDO (VWDV UHXQLRQHVSHUPLWHQWUDQVIRUPDUODVDXODVHQFRPXQLGDGHVUHVSHWXRVDV\DIHFWLYDV

$SUHQGL]DMHFRODERUDWLYR

(O DSUHQGL]DMH HQ FRODERUDFLyQ HV XQD GH ODV WpFQLFDV GLGiFWLFDV VREUH ODV TXH PiV VH KD LQYHVWLJDGR HQ ORV (VWDGRV 8QLGRV ([LVWHQ QXPHURVRV PRGHORV WHyULFRV \ UHFXUVRV FRQ GLYHUVDV SHUVSHFWLYDV DFHUFD GH HVWH WHPD $OJXQDV GH ODV REUDV PiV FRQRFLGDV TXH DERUGDQ HO WHPD VRQ &LUFOHV RI /HDUQLQJ >&tUFXORV GH DSUHQGL]DMH@ /HDUQLQJ 7RJHWKHU DQG $ORQH >$SUHQGL]DMH FROHFWLYRHLQGLYLGXDO@\&RRSHUDWLRQ LQWKH&ODVVVPRP >&RRSHUDFLyQHQHODXOD@GH'DYLG\5RJHU-RKQVRQ &RRSHUDWLYH/HDUQLQJ 5HVRXUFHV IRU 7HDFKHUV >$SUHQGL]DMH FRRSHUDWLYR UHFXUVRV SDUD HO GRFHQWH@ GH 6SHQFHU .DJDQ 'HVtJQLQJ *URXSZRUN IRU WKH +HWHURJHQHDXV&ODVVURRP >'LVHxRGHOWUDEDMRJUXSDOSDUDDXODVKHWHURJpQHDV@GH(OL]DEHWK&RKHQ\&RRSHUDWLYH /HDUQLQJ7KHRU\ 5HVHDUFK DQG 3UDFWLFH >$SUHQGL]DMH FRRSHUDWLYR WHRUtD LQYHVWLJDFLyQ \ SUiFWLFD@ GH 5REHUW 6ODYLQ ([LVWH XQ DPSOLR FRQVHQVR UHVSHFWR GH TXH ORV PpWRGRV GH DSUHQGL]DMH HQ FRODERUDFLyQ TXH GHVWDFDQ ODV LQYHVWLJDFLRQHV SHUPLWHQ SURPRYHU ORV ORJURV GHO DOXPQR DFHOHUDU HO DSUHQGL]DMH PHMRUDU OD UHWHQFLyQ \ WUDQVIHUHQFLD GH LQIRUPDFLyQ \ JHQHUDU DFWLWXGHV SRVLWLYDV KDFLD HO DSUHQGL]DMH /RV KHUPDQRV -RKQVRQ KDQ LGHQWLILFDGR GRV FRPSRQHQWHV HVHQFLDOHV GH WRGRV ORV HQIRTXHV GH DSUHQGL]DMH HQ FRODERUDFLyQH[LWRVRV Â&#x2021; &UHGLELOLGDG LQGLYLGXDOHO p[LWR GH XQ JUXSR VH EDVD HQ OD FDSDFLGDG GH FDGD XQR GH VXV PLHPEURV SDUD GHPRVWUDU TXH KDQ DSUHQGLGRHOPDWHULDOHVSHFLILFDGR6HKDGHPRVWUDGRTXHORVORJURVGHODOXPQRDXPHQWDQFXDQGRHOp[LWRGHOJUXSRGHSHQGHGH XQSXQWDMHTXHFRPELQDORVUHVXOWDGRVREWHQLGRVSRUWRGRVVXVPLHPEURVHQXQDHYDOXDFLyQRFXDQGRVHHYDO~DQLQGLYLGXDOPHQWH ORV DSRUWHV UHDOL]DGRV SRU FDGD XQR GH VXV PLHPEURV D XQ SUR\HFWR JUXSDO (Q DSDULHQFLD ORV ORJURV VRQ PHQRUHV FXDQGR VH HQWUHJDVRODPHQWHXQDSODQLOODGHWUDEDMRRXQSUR\HFWRDXQJUXSRGH DOXPQRVVLQDVLJQDUWDUHDV\UHVSRQVDELOLGDGHVLQGLYLGXDOHV Â&#x2021;,QWHUGHSHQGHQFLDSRVLWLYDHOp[LWRGHOJUXSRGHSHQGHGHVXFDSDFLGDGSDUDWUDEDMDUFRQMXQWDPHQWHHQHOORJURGHORVUHVXOWDGRV GHVHDGRVSRUHMHPSORUHFRQRFLPLHQWRFDOLILFDFLRQHVUHFRPSHQVDVRWLHPSROLEUH(OVLPSOHKHFKRGHVROLFLWDUFRODERUDFLyQQR JDUDQWL]DTXHVHDSUHQGHUiQODVKDELOLGDGHVVRFLDOHVVHODVGHEHHQVHxDUH[SOtFLWDPHQWH &RQVLGHUDFLRQHVDFHUFDGHORVJUXSRVFRODERUDGRUHV

&XDQGRORVDOXPQRVVHLQLFLDQHQHODSUHQGL]DMHGHKDELOLGDGHVSDUDODFRODERUDFLyQVHWUDEDMDHQSHTXHxRVJUXSRVGHHQWUHGRV\ FXDWUR LQWHJUDQWHV (Q OD PHGLGD HQ TXH VH GHVDUUROOHQ ODV KDELOLGDGHV VRFLDOHV ORV DOXPQRV HVWDUiQ HQ FRQGLFLRQHV GH IRUPDU 


JUXSRVPiVQXPHURVRV7DPELpQHVLPSRUWDQWHWHQHUHQFXHQWDHOODSVRGXUDQWHHOFXDOORVPLHPEURVGHOJUXSRWUDEDMDUiQMXQWRV /RVJUXSRVTXHVHUH~QHQUHJXODUPHQWHGXUDQWHXQSHUtRGRGHWLHPSRSURORQJDGRREWLHQHQPD\RUHVORJURVTXHDTXHOORVTXHVyOR WUDEDMDQMXQWRVHQGHWHUPLQDGDVRFDVLRQHV

6HSRGUiDJUXSDUDORVDOXPQRVGHGLIHUHQWHVPDQHUDVFRQGLVWLQWRVSURSyVLWRV$OJXQRVLQYHVWLJDGRUHVGLVWLQJXHQHQWUHJUXSRVGH ORJUR \ JUXSRV GH WUDEDMR /RV JUXSRV GH ORJUR VRQ IRUPDFLRQHV KRPRJpQHDV RUJDQL]DGDV GH DFXHUGR FRQ VXV QLYHOHV GH GHVHPSHxR\FRQHOREMHWRGHDMXVWDUODHQVHxDQ]DDODVQHFHVLGDGHVGHORVDOXPQRV/RVJUXSRVGHWUDEDMRVRQPiVKHWHURJpQHRV \HVWiQRUJDQL]DGRVSDUDSURPRYHUWDQWRODLQWHUDFFLyQVRFLDOFRPRORVORJURVDFDGpPLFRV$PERVVHEDVDQHQODFRODERUDFLyQ

$OJXQRVGRFHQWHVH[SHULPHQWDQIRUPDQGRJUXSRVSRUJpQHURSHURORVJUXSRVPL[WRVKDQGHPRVWUDGRPD\RUHILFDFLD/RVJUXSRV IRUPDGRVSRUDOXPQRVGHGLVWLQWDVHGDGHVWDPELpQVXHOHQVHUHILFDFHVGHOPLVPRPRGRTXHORVRQORVTXHUH~QHQLQWHJUDQWHVFRQ GLVWLQWRVQLYHOHVGHGHVHPSHxR(QDSDULHQFLDORVDOXPQRVFRQEDMRVQLYHOHVGHORJURPHMRUDQVXGHVHPSHxRFXDQGRIRUPDQSDUWH GH JUXSRV KHWHURJpQHRV PLHQWUDV TXH ORV DOXPQRV WDOHQWRVRV VH EHQHILFLDQ FXDQGR WUDEDMDQ DO PHQRV GXUDQWH GHWHUPLQDGRV SHUtRGRVFRQSDUHVTXHVHHQFXHQWUDQHQ HOPLVPRQLYHO/RVGRFHQWHVSXHGHQH[SHULPHQWDUFRQGLYHUVDVIRUPDVGHDJUXSDPLHQWR FRQHOILQGHGHWHUPLQDUFXiOHVODPiVDSURSLDGDSDUDHOWUDEDMRHQVXDXOD 5ROHVGHODOXPQR

&XDQGR VH DVLJQDQ UROHV LQGLYLGXDOHV D ORV DOXPQRV GHQWUR GH XQ JUXSR VH OHV SHUPLWH VHU SDUWLFLSDQWHV DFWLYRV GHO SURFHVR GH DSUHQGL]DMH \ SHUVRQDV UHVSRQVDEOHV SRU ODV WDUHDV TXH GHEHQ UHDOL]DU /RV UROHV SXHGHQ DVXPLU OD IRUPD GH WDUHDV HVSHFtILFDV FRPRLOXVWUDGRUUHGDFWRUHQFDUJDGRGHUHFXUVRVFRRUGLQDGRURUJDQL]DGRU FURQRPHWULVWDPRGHUDGRUHLQYHVWLJDGRU(QDOJXQRV FDVRVORVDOXPQRVSXHGHQQXPHUDUVHSDUDTXHHOGRFHQWHSXHGDQRPEUDUSRUHMHPSORDOQ~PHURTXLHQVHUiUHVSRQVDEOHGH VXPLQLVWUDU OD LQIRUPDFLyQ JHQHUDGD SRU HO JUXSR /RVUROHVSXHGHQDVLJQDUVHGHDFXHUGRFRQODXELFDFLyQGHORVDOXPQRVHQHO DXODSRUPHGLRGHILFKDVGHWDUHDVVHJ~QHOFULWHULRGHOGRFHQWHRSRUFRQVHQVRJUXSDO +DELOLGDGHVVRFLDOHV

(VHVHQFLDOTXHWRGDVODVKDELOLGDGHVVRFLDOHVVHHQVHxHQFRPRSDUWHGHODVH[SHULHQFLDVGHDSUHQGL]DMHFRRSHUDWLYR/RVDOXPQRV QRSRVHHQKDELOLGDGHVLQWHUSHUVRQDOHVLQQDWDV\QRVHGHEHVXSRQHUTXHVXUMDQSRUHOVyORKHFKRGHRUJDQL]DUORVHQJUXSRV3RUOR WDQWR HV QHFHVDULR TXH ORV DOXPQRV DSUHQGDQ DFHUFD GH VX LPSRUWDQFLD \ OD LQWHUQDOLFHQ /DV KDELOLGDGHV VRFLDOHV FRPXQHV LQFOX\HQ RUJDQL]DU JUXSRV HILFDFHV H[KLELU XQD FRQGXFWD DSURSLDGD XWLOL]DU KDELOLGDGHV GH DSUHQGL]DMH HILFDFHV \ FULWLFDU \ HYDOXDU ODV LGHDV HQ FRQMXQWR 7RGDV HOODV UHTXLHUHQ UHIOH[LyQ SUiFWLFD \ SHUIHFFLRQDPLHQWR \ UHVXOWDQ DSURSLDGDV SDUD VX DSOLFDFLyQHQHODXODFRQDOXPQRVGHQLYHOLQLFLDODSROLPRGDO$QWHVGHOOHYDUDFDERFXDOTXLHUWDUHDJUXSDOORVGRFHQWHVGHEHQ LGHQWLILFDU XQD KDELOLGDG VRFLDO SDUD TXH ORV JUXSRV OD LQFRUSRUHQ D VXV DFWLYLGDGHV 8QD YH] TXH VH KDQ LQWHUQDOL]DGR ODV KDELOLGDGHV VRFLDOHV ORV DOXPQRV HVWiQ HQ FRQGLFLRQHV GH WUDEDMDU HILFD]PHQWH XQRV FRQ RWURV GH LQFUHPHQWDU VX GHVHPSHxR DFDGpPLFR\GHGHVDUUROODUKDELOLGDGHVLPSRUWDQWHVTXHDSOLFDUiQGXUDQWHWRGDODYLGD $FWLYLGDGHVGHDSUHQGL]DMHFRRSHUDWLYR

8QUHFXUVR~WLOSDUDHODSUHQGL]DMHFRRSHUDWLYRHQHODXODHVHOTXHSUR

SRQHQ 5RJHU \ 'DYLG -RKQVRQ HQ 6WUXFWXULQJ &RRSHUDWLYH /HDUQLQJ /HVVRQ 3ODQV IRU 7HDFKHUV >(VWUXFWXUDFLyQ GHO DSUHQGL]DMH FRRSHUDWLYR SODQHV GH FODVH SDUD GRFHQWHV@ /DV GRV DFWLYLGDGHV VLJXLHQWHV HO URPSHFDEH]DV \ ORV GHEDWHV FRRSHUDWLYRV VREUH OLWHUDWXUDUHVXOWDQHVSHFLDOPHQWHHILFDFHVDFULWHULRGHVXVDXWRUHV

(OURPSHFDEH]DV

(O URPSHFDEH]DV HV XQD WpFQLFD HILFD] SDUD SURPRYHU XQD LQWHUGHSHQGHQFLD SRVLWLYD HQWUH ORV PLHPEURV GHO JUXSR 5HVXOWD DSURSLDGD SDUD HO HVWXGLR GH IUDJPHQWRV GH WH[WRV X RWUR PDWHULDO LPSUHVR HQ WRGDV ODV iUHDV GH FRQWHQLGR /RV SDVRV SDUD GHVDUUROODUXQDDFWLYLGDGGHURPSHFDEH]DVVRQORVVLJXLHQWHV  6HOHFFLRQDU DOJXQD KDELOLGDG VRFLDO TXH ORV DOXPQRV GHEDQ SUDFWLFDU SRU HMHPSOR DOJXQD GH ODV TXH VH PHQFLRQDQ PiV DUULED  (QWUH RWUDV VH LQFOX\HQ HO PDQHMR GH FRQIOLFWRV OD SDUiIUDVLV R OD VtQWHVLV GHO GLVFXUVR GH DOJXLHQ (V QHFHVDULR SURSRUFLRQDUDORVDOXPQRVIXQGDPHQWRVSDUDSUDFWLFDUODKDELOLGDGHVSHFtILFD  2UJDQL]DUDORVDOXPQRVHQSHTXHxRVJUXSRVGHHQWUHWUHV\FLQFRLQWHJUDQWHV

 'LVWULEXLUXQFRQMXQWRGHPDWHULDOHVDFDGDJUXSR'LFKRFRQMXQWRGHEHUiSRGHUGLYLGLUVHHQWUHORVPLHPEURVGHOJUXSR&DGD XQRGHHOORVWUDEDMDUiXQDSDUWHGHOPDWHULDO




 $VLJQDU D ORV DOXPQRV OD WDUHD GH UHXQLUVH FRQ DOJ~Q PLHPEUR GH OD FODVH TXH SHUWHQH]FD D RWUR JUXSR GH DSUHQGL]DMH \ GLVSRQJDGHOPLVPRPDWHULDO(VWRVSDUHVGHDOXPQRVDSUHQGHQMXQWRVVXPDWHULDO\SODQLILFDQODPDQHUDGHH[SRQHUORIUHQWHDORV PLHPEURVGHOJUXSRDOTXHSHUWHQHFHQ

 /RV DOXPQRV YXHOYHQ D VX JUXSR RULJLQDO GRQGH SUHVHQWDQ SRU WXUQR D ORV GHPiV PLHPEURV ORV WHPDV HQ TXH VH KDQ FDSDFLWDGR  6ROLFLWDU D FDGD LQWHJUDQWH GHO JUXSR TXH LQWHUURJXH D ORV GHPiV KDVWD FRPSUREDU TXH KD\DQ DSUHQGLGR OD LQIRUPDFLyQ SURSRUFLRQDGD  (YDOXDU HO GHVHPSHxR GH FDGD DOXPQR HQ HO PDQHMR GH OD LQIRUPDFLyQ \ HQ OD KDELOLGDG VRFLDO FRUUHVSRQGLHQWH GH PDQHUD DSURSLDGD

*UXSRVFRRSHUDWLYRVSDUDHOGHEDWHVREUHOLWHUDWXUD (QHOQLYHOSROLPRGDOORVDOXPQRVHVWiQHQFRQGLFLRQHVGHSUDFWLFDU

KDELOLGDGHV VRFLDOHV DYDQ]DGDV (Q OD DFWLYLGDG VLJXLHQWH ORV DOXPQRV DSUHQGHQ D LQWHUYHQLU HQ GHEDWHV DO WLHPSR TXH IRUPXODQ FULWLFDVDODVLGHDVGHORVGHPiV 6HOHFFLRQDUXQD REUDOLWHUDULDSDUDTXHORVDOXPQRVODOHDQ

3UHSDUDUILFKDVGHH[SRVLFLyQ\FUtWLFD/DVILFKDVSDUDODH[SRVLFLyQSXHGHQFRQIHFFLRQDUVHFRQWUR]RVFXDGUDGRVGH

SDSHORGHSOiVWLFRGHFRORUURMRHQXQDFDQWLGDGWDOTXHDOFDQFHSDUDUHSDUWLUWUHV DFDGDDOXPQR/DVILFKDVGHFULWLFDVHUiQ GHOPLVPRWDPDxR\IRUPDSHURGHFRORUD]XO\VHHQWUHJDQFLQFRDFDGDDOXPQR 3UHSDUDUSUHJXQWDVTXHHVWLPXOHQODLQWHUSUHWDFLyQLQGLYLGXDOGHORVSHUVRQDMHVWHUQDV\KHFKRVGHOWH[WR/RVDOXPQRVVH GLYLGHQHQSHTXHxRVJUXSRV\FDGDXQRGHHOORVGHEHWHQHUXQHMHPSODUGHOFXHVWLRQDULRSDUDHOGHEDWH ([SOLFDUDORVJUXSRVTXHFDGDYH]TXHXQRGHORVDOXPQRVUHVSRQGDXQDSUHJXQWDVHGHEHUiFRORFDUXQDILFKDURMDHQHO FHQWURGHODPHVD&XDQGRVHIRUPXOHXQDFULWLFDVHGHEHUiFRORFDUXQDILFKDD]XO(VQHFHVDULRGHVWDFDUTXHODVFULWLFDV GHEHUiQLUGLULJLGDVDODVLGHDVTXHVHSUHVHQWHQ\QRDORVLQGLYLGXRVHQSDUWLFXODU\TXHQRVHGHEHUiPHQRVSUHFLDUQLQJXQD GHHOODV&DGDDOXPQRGHEHUHVSRQGHUWRGDVODVSUHJXQWDV\FDGDYH]TXHDOJXLHQKDJDXVRGHODSDODEUDGHEHUiGHSRVLWDU XQDILFKDHQODPHVD'HELGRDTXHHOQ~PHURGHILFKDVHQWUHJDGDVHVOLPLWDGRQDGLHSXHGHGRPLQDUHOLQWHUFDPELR  (V FRQYHQLHQWH TXH HO GRFHQWH VXSHUYLVH ORV JUXSRV GXUDQWH HO GHEDWH SDUD JDUDQWL]DU TXH VH FULWLTXHQ ODV LGHDV \ QR D ODV SHUVRQDV\TXHWRGRVORVDOXPQRVUHDOLFHQDSRUWHVSRULJXDO

 /DHYDOXDFLyQSXHGHOOHYDUVHDFDERHQIRUPDLQGLYLGXDOJUXSDORGHDPEDVPDQHUDV

/DV DFWLYLGDGHV TXH DFDEDPRV GH H[SRQHU FRQVWLWX\HQ XQDSULPHUDDSUR[LPDFLyQDODVLQQXPHUDEOHVSRVLELOLGDGHVGHO DSUHQGL]DMH FRRSHUDWLYR HQ HO DXOD 'HELGR D OD HILFDFLD GH ODV WpFQLFDV FRRSHUDWLYDV SDUD OD HQVHxDQ]D GH KDELOLGDGHV VRFLDOHV\HOLQFUHPHQWRHQHOQLYHOGHORJURDFDGpPLFRDOJXQRV LQYHVWLJDGRUHVODVUHFRPLHQGDQFRPRPRGRGHHQVHxDQ]D GRPLQDQWH TXH GHEHUtD FRPSUHQGHU HO  GHO WLHPSR HQ HO DXOD 7DQWR VL ORV GRFHQWHV GHGLFDQ XQD FDQWLGDGGHWLHPSR VLJQLILFDWLYDGHVXSUiFWLFDSURIHVLRQDODHVWHPpWRGRFRPRVLQRORKDFHQHVLPSRUWDQWHGHVWDFDUTXHHODSUHQGL]DMHFRR SHUDWLYRFXDQGRVHORDSOLFDFUHDXQFOLPDHVFRODUSODFHQWHUR\SURPXHYHHOORJURHQWUHORVDOXPQRV\HQWUHORVGRFHQWHV /RVDOXPQRVVXHOHQPRVWUDUVHVLHPSUHGLVSXHVWRVDWUDEDMDUFRQVXVSDUHV\VXHQWXVLDVPRSRU WDOHVDFWLYLGDGHVWUDQVIRUPD ODHQVHxDQ]DHQXQDH[SHULHQFLDJUDWD &RODERUDFLyQHQWUHDOXPQRVHQXQDXODKHWHURJpQHD 2WUR HQIRTXH SDUD HO WUDEDMR JUXSDO GHVDUUROODGR SRU (OL]DEHWK &RKHQ HQ OD 8QLYHUVLGDG GH 6WDQIRUG DERUGD ODV GLIHUHQFLDV OLQJtVWLFDV pWQLFDV \ GH KDELOLGDG HQ DXODV KHWHURJpQHDV (O PRGHOR GH &RKHQ VH GHQRPLQD HQVHxDQ]D FRPSOHMD\SURPXHYHODFRQILDQ]DLQWHUUDFLDOHLQWHUpWQLFDDPHGLDTXHORVDOXPQRVDSUHQGHQDUHFXUULUDVXVSDUHVFRPR PRGHORV OLQJtVWLFRV \ DFDGpPLFRV /D GHQRPLQDFLyQ HQVHxDQ]D FRPSOHMD VH DSOLFD D GLIHUHQWHV JUXSRV GH QLxRV TXH WUDEDMDQ HQ GLIHUHQWHV HVWDFLRQHV GH DSUHQGL]DMH HQ HO DXOD DO PLVPR WLHPSR &DGD FHQWURSRVHHXQOLVWDGRGHDFWLYLGDGHV SDUDHOJUXSR\ILFKDVGHWUDEDMRLQGLYLGXDO(OJUXSRQRSXHGHWUDVODGDUVHDRWURFHQWURKDVWDWDQWRWRGRVVXVLQWHJUDQWHV KD\DQFRPSOHWDGRODWDUHD/DVWDUHDVVRQGHQDWXUDOH]DPXOWLPRGDO\HQIDWL]DQHODSUHQGL]DMHSRUPHGLRGHODDFFLyQ/DV SUHJXQWDV TXH VH IRUPXODQ R ORV SUREOHPDV TXH GHEHQ UHVROYHUVH WLHQHQ ILQDO DELHUWR \ QR VXSRQHQ XQD ~QLFD UHVSXHVWD FRUUHFWD &DGD LQWHJUDQWH GHO JUXSR GHVHPSHxD XQ URO TXH SHUPLWH DVHJXUDU VX UHVSRQVDELOLGDG 8QD SHUVRQD GH FDGD JUXSR DFW~D FRPRFRRUGLQDGRUTXLHQGHEHJDUDQWL]DUTXHWRGRVORVPLHPEURVUHFLEDQODD\XGDTXHQHFHVLWHQ/RVUROHVVRQURWDWLYRVD ILQGHFRPSDUWLUHOOLGHUD]JR6HHQVHxDDORVDOXPQRVDFRQVLGHUDUDORVGHPiVFRPRIXHQWHGHUHFXUVRV\ODVUHJODVGHODXOD HVWLSXODQ HO GHUHFKR GH VROLFLWDU D\XGD D FXDOTXLHU SHUVRQD GHO JUXSR \ D DVXPLU OD UHVSRQVDELOLGDG GH D\XGDU D TXLHQ OR VROLFLWH 


/RV GRFHQWHV SUHVHQWDQ ODV WDUHDV GLDULDV GHVFULELHQGR ODV GLIHUHQWHV KDELOLGDGHV LQWHOHFWXDOHV TXH FDGD XQD UHTXLHUH 6H LQIRUPDDORVDOXPQRVTXHQDGLHUHDOL]DUiWRGDVODVWDUHDVDODSHUIHFFLyQSHURTXHFDGD PLHPEURGHOJUXSRSUREDEOHPHQWH VHGHVWDFDUiDOPHQRVHQXQDGHHOODV/RVGRFHQWHVUHDOL]DQWDPELpQXQHVSHFLDOHVIXHU]RSDUDLGHQWLILFDUODVKDELOLGDGHVGH DTXHOORVQLxRVTXHVXHOHQFDUHFHUGHUHFRQRFLPLHQWRRSUHVWLJLRHQHODXOD8QDYH]TXHFRPLHQ]DHOWUDEDMRHQFDGDFHQWUR ODDXWRULGDGVHGHOHJDDORVDOXPQRVVLWXDFLyQTXHSURPXHYHODFRQILDQ]DHQWUHORVSDUHV\QRVRODPHQWHHQHOGRFHQWH'LH] DxRVGHLQYHVWLJDFLyQHQOD8QLYHUVLGDGGH6WDQIRUGLQGLFDQTXHODHQVHxDQ]DFRPSOHMDSURGXFHVLJQLILFDWLYRVEHQHILFLRV HQ ORV QLYHOHV GH GHVHPSHxR \ UHGXFH ORV SUREOHPDV GH LQWHJUDFLyQ SDUD ORV DOXPQRV SURYHQLHQWHV GH PHGLRV FXOWXUDOHV GLIHUHQWHV/DVGLIHUHQFLDVOLQJtVWLFDVpWQLFDV\GHKDELOLGDGHQHODXODQRGHEHQFRQVLGHUDUVHGHVYHQWDMDVVLQRDSRUWHVTXH FRQWULEX\HQDFUHDUXQHQWRUQRULFRHQHOFXDOORVDOXPQRVDSUHQGHQORVXQRVGHORVRWURV

0DQHMRGHFRQIOLFWRV

'XUDQWHODSULPHUDLQIDQFLDVXUJHQXHVWURVHQWLGRGHLQGLYLGXDOLGDG\VHGHVDUUROODQQXHVWUDVFDSDFLGDGHVSDUDKDFHUIUHQWH D OD IUXVWUDFLyQ \ D ORV FRQIOLFWRV 'HELGR D TXH ODV HVFXHODV VRQ HO VHJXQGR iPELWR FRQ UHVSHFWR OD IDPLOLD GRQGH VH FRQIRUPDQODVDFWLWXGHV\ORVYDORUHVGHORVQLxRVODVLQVWLWXFLRQHVHGXFDWLYDVSXHGHQGHVHPSHxDUXQUROLPSRUWDQWHHQOD HQVHxDQ]DGHIRUPDV SDUDPDQHMDUFRQIOLFWRV(OFRQIOLFWRFRPRSDUWHLQHYLWDEOHGHODYLGDSXHGHFRQVLGHUDUVHXQGHVDItR GHOTXHVHGHVSUHQGHQIRUPDVSRVLWLYDV\FRQVWUXFWLYDVSDUDDERUGDUODVGHVDYHQHQFLDV 8QD IRUPD GH FRPHQ]DU D WUDEDMDU HQ HO PDQHMR GH FRQIOLFWRV FRQVLVWH HQ LGHQWLILFDU VXV FDXVDV FRPXQHV /RV GRFHQWHV SXHGHQ VROLFLWDU D ORV DOXPQRV TXH FRQIHFFLRQHQ XQD OLVWD GH WRGDV ODV FDXVDV TXH SURYRFDQ FRQIOLFWRV TXH SXHGDQ LGHQWLILFDU8QDYH]TXHORVDOXPQRVKD\DQHODERUDGRVXVOLVWDVVHODVSRGUiFRPSDUDUFRQODTXHRIUHFHPRVDFRQWLQXDFLyQ $OJXQDVFDXVDVFRPXQHVGHFRQIOLFWR 1RVHVDWLVIDFHQODVQHFHVLGDGHVLQGLYLGXDOHV(OSRGHUVHHQFXHQWUDGLVWULEXLGR GHPDQHUDQRHTXLWDWLYD/DFRPXQLFDFLyQHVLQHILFD]RLQH[LVWHQWH/RVYDORUHVRSULRULGDGHV GLILHUHQ([LVWHQ GLIHUHQFLDVHQODPDQHUDGHSHUFLELUXQDVLWXDFLyQ/RVHQIRTXHVSDUDODHQVHxDQ]DRODVSHUVRQDOLGDGHVGLILHUHQ

/XHJR GHO GHEDWH VH SRGUiQ DJUHJDU QXHYDV FDXVDV D OD OLVWD 3RGUiQ DQDOL]DUVH VLWXDFLRQHV SHUVRQDOHV HVFRODUHV QDFLRQDOHV R PXQGLDOHVSDUDGHWHUPLQDUODVFDXVDVGHFRQIOLFWRV0HGLDQWHODFRPSUHQVLyQ\YHUEDOL]DFLyQGHODIXHQWHGHFRQIOLFWRHOWUDEDMR GHORVDOXPQRVSDUDODE~VTXHGDGHVROXFLRQHVSRVLWLYDVUHVXOWDUiPiVVHQFLOOR 2WUR DVSHFWR LQWHUHVDQWH GH ORV FRQIOLFWRV HV ODPDQHUDFRPRORVLQGLYLGXRVUHDFFLRQDQIUHQWHDHOORV/DVSHUVRQDVPDQHMDQORV FRQIOLFWRV GH GLYHUVDV PDQHUDV SRU HMHPSOR PHGLDQWH OD FRPSHWHQFLD OD FRODERUDFLyQ OD QHJDFLyQ HO DFRPRGDPLHQWR R HO FRPSURPLVR /XHJRGHXQGHEDWHVREUHODVUHDFFLRQHVDQWHVPHQFLRQDGDVUHVXOWDLQWHUHVDQWHTXHORVDOXPQRVUHFRQR]FDQFXiOHVHOHVWLORTXH XWLOL]DQFRQPD\RUIUHFXHQFLDSDUDHQIUHQWDUVLWXDFLRQHVGHFRQIOLFWR(OGHEDWHSXHGHWDPELpQLQFOXLUHVWLORVDOWHUQDWLYRVTXHORV DOXPQRVSRGUtDQHVWDULQWHUHVDGRVHQGHVDUUROODUFRQVFLHQWHPHQWH

([LVWHQPXFKRVHQIRTXHVSDUDHOPDQHMRGHFRQIOLFWRV&XDQGRVHHQVHxDDORVDOXPQRVXQSURFHVRVHQFLOORSDUDODVROXFLyQGH FRQIOLFWRV VH ORV KDELOLWD SDUD UHVROYHU VXV GLIHUHQFLDV SDFtILFDPHQWH \ VLQ LQWHUYHQFLyQ GH DGXOWRV (O VLJXLHQWH SURFHVR HQ VHLV SDVRVHVWiWRPDGRGHOOLEURGHO'U7KRPDV*RUGRQ3DUHQW(IIHFWLYHQHVV7UDLQLQJ>&DSDFLWDFLyQSDUDODHILFDFLDSDWHUQD@\WLHQH XQXVRPX\GLIXQGLGRWDQWRFRQQLxRVFRPRFRQDGXOWRV(VXQPRGHORHILFD]SDUDXWLOL]DUHQHODXODFXDQGRVXUJHQFRQIOLFWRV

3URFHVR RGGH HP PDQHMR RGGH HFFRQIOLFWRV VGGH H**RUG UGRRQ

3DVR,GHQWLILFDU\GHILQLUHOFRQIOLFWR

3DVR3URSRQHUSRVLEOHVVROXFLRQHVHQXQDWRUPHQWDGHLGHDV

3DVR$QDOL]DUODVVROXFLRQHVSRWHQFLDOHVPHGLDQWHHOLQWHUFDPELRGHLGHDV 3DVR6HOHFFLRQDUODPHMRUVROXFLyQ

3DVR'HVDUUROODUXQSODQSDUDLPSOHPHQWDUODVROXFLyQ

3DVR,PSOHPHQWDU\OXHJRUHYLVDU\PRGLILFDUODVROXFLyQ

&XDQGRSUHVHQWHDORVDOXPQRVHOSURFHVRSDUDHOPDQHMRGHFRQIOLFWRVTXHVHHQXQFLDPiVDUULEDHOGRFHQWHSRGUtDVROLFLWDUDO JUXSR TXH PHQFLRQH XQ SUREOHPD TXH VXHOH SURGXFLUVH HQ OD HVFXHOD SRU HMHPSOR HO FDVR GH XQ DOXPQR TXH IDOWD D FODVH UHLWHUDGDPHQWH R TXH VLHPSUH LQWHUUXPSH D TXLHQ HVWi KDEODQGR /RV DOXPQRV SXHGHQ RIUHFHUVH SDUD GUDPDWL]DU OD FRQGXFWD GH LQGLYLGXRV ILFWLFLRV FRPR XQ DOXPQR TXH KD IDOWDGR D FODVH \ XQ GRFHQWH TXH HVWi SUHRFXSDGR GHELGR D VX DXVHQWLVPR /D GUDPDWL]DFLyQGHEHUtDLQFRUSRUDUHOSURFHVRHQVHLVSDVRVGH*RUGRQPLHQWUDVORVGHPiVDOXPQRVDFW~DQFRPRREVHUYDGRUHVGHO 


SURFHGLPLHQWR$FRQWLQXDFLyQHOGRFHQWHSXHGHGLYLGLUDORVDOXPQRVHQSHTXHxRVJUXSRV\VROLFLWDUDFDGDXQRTXHVHOHFFLRQH XQD VLWXDFLyQ FRQIOLFWLYD GLIHUHQWH \ OD UHVXHOYD SRU PHGLR GHOSURFHGLPLHQWRHQVHLVSDVRV8QDSUiFWLFDVHPHMDQWHFRQPDQHMR HVWUXFWXUDGRGHOFRQIOLFWRSUHSDUDDORVDOXPQRVSDUDODVVLWXDFLRQHVDQyPDODVTXHVXUJHQHQODHVFXHOD\IXHUDGHHOOD&XDQGRORV DOXPQRV KD\DQ DSUHQGLGR HVWH SURFHVR VH ORV SRGUi HVWLPXODU SDUD TXH OR DSOLTXHQ HQ GLYHUVDV VLWXDFLRQHV GH KHFKR PXFKRV DOXPQRVORDSOLFDQHVSRQWiQHDPHQWH

(QHOGHVHPSHxRGHVXUROSURIHVLRQDOHQHO~OWLPRFLFORGHOQLYHOGHHQVHxDQ]DEiVLFDXQDGHODVDXWRUDVGHHVWHOLEURWUDEDMyFRQ GRV DOXPQRV GH VpSWLPR DxR TXH SUHVHQWDEDQ GLIHUHQFLDV GH RSLQLyQ VHULDV \ FUyQLFDV $O PHQRV XQD YH] SRU VHPDQD VXV FRQIOLFWRVGDEDQSRUUHVXOWDGRXQDSHOHD6LELHQDOEHUJDEDFLHUWDVGXGDVUHVSHFWRGHORVUHVXOWDGRVODGRFHQWHHQVHxyHOSURFHVR HQVHLVSDVRV\DPHQFLRQDGRDWRGRHOFXUVRFRQODHVSHUDQ]DGHTXHUHVXOWDUDGHXWLOLGDGSDUDUHVROYHUODVGLIHUHQFLDVHQWUHORVGRV FKLFRV8QRVGtDVPiVWDUGHORVHVFXFKyPLHQWUDVPDQWHQtDQXQDGLVFXVLyQIXHUDGHODXOD$OSULQFLSLRVXSXVRTXHXQDYH]PiV OH VHUtD QHFHVDULR LQWHUYHQLU SHUR VH VRUSUHQGLy DO DGYHUWLU TXH ORV DOXPQRV HVWDEDQ DSOLFDQGR ORV VHLV SDVRV GHO SURFHVR GH *RUGRQ6HHYLWyODSHOHD\ODGRFHQWHVHGLRFXHQWDGHTXHQRVyORKDEtDQDSUHQGLGRODHVWUDWHJLDVLQRTXHWDPELpQHUDQFDSDFHV GHDSOLFDUODHQIRUPDHILFD]

$SUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO

<RXWK6HUYLFH$PHULFD>6HUYLFLRMXYHQLOGHORV(VWDGRV8QLGRV@HVXQFHQWURGHGLVWULEXFLyQGHLQIRUPDFLyQDFHUFDGHSURJUDPDV GHWUDEDMRFRPXQLWDULRFX\DVHVWDGtVWLFDVLQGLFDQTXHORVDOXPQRVGHOQLYHOGHHQVHxDQ]DVXSHULRUGRQDQPLOORQHVGHKRUDVGH WUDEDMR YROXQWDULR DQXDO SRU XQ YDORU HVWLPDGR HQ DOUHGHGRU GH  PLOORQHV GH GyODUHV 1R REVWDQWH HO YDORU UHDO GHO WUDEDMR FRPXQLWDULRQRVHSXHGHPHGLUHQWpUPLQRVPRQHWDULRV6LELHQHOVHUYLFLRTXHSUHVWDQORVDOXPQRVDODFRPXQLGDGHVLPSRUWDQWH QR OR VRQ PHQRV ORV HIHFWRV TXH GLFKR VHUYLFLR SURGXFH HQ ORV PLVPRV DOXPQRV (VWRV MyYHQHV VH EHQHILFLDQ SRU HO KHFKR GH EULQGDU VLJQLILFDWLYDV FRQWULEXFLRQHV D VX FRPXQLGDG GH DSUHQGHU DFHUFD GHO HMHUFLFLR UHVSRQVDEOH GH VXV GHUHFKRV FtYLFRV HQ IRUPD SUiFWLFD GH DSOLFDU ORV FRQWHQLGRV DFDGpPLFRV D VLWXDFLRQHV GH OD YLGD UHDO GH HMHUFHU OD LQLFLDWLYD LQGLYLGXDO \ GH H[SHULPHQWDU XQD WUDQVLFLyQ SRVLWLYD D OD DGXOWH] ,QYHVWLJDFLRQHV UHFLHQWHV LQGLFDQ WDPELpQ TXH HO WUDEDMR VRFLDO SURPXHYH HO DSUHQGL]DMHDFDGpLQLFRLQFUHPHQWDODFDSDFLGDGVRFLDO\HVWLPXODODDXWRFRQILDQ]D ,QWHJUDFLyQGHOWUDEDMRVRFLDODXQSURJUDPDHVFRODU

0XFKRV GRFHQWHV \ PLHPEURV GHO SHUVRQDO GLUHFWLYR KDQ HQFRQWUDGR IRUPDV FUHDWLYDV SDUD LQFRUSRUDU HO WUDEDMR VRFLDO D ORV SURJUDPDVHVFRODUHV(QDOJXQDVHVFXHODVHOWUDEDMRFRPXQLWDULRFRQVWLWX\HXQDVSHFWRLQWHJUDGR\QHFHVDULRGHOFXUUtFXORHVFRODU (Q RWUDV VH OR SUHVHQWD D ORV DOXPQRV FRPR RSFLyQ /RV GRFHQWHV TXH WHQJDQ LQWHUpV HQ GHVDUUROODU HO DSUHQGL]DMH PHGLDQWH HO WUDEDMRFRPXQLWDULRSRGUtDQLPSOHPHQWDUXQRRPiVGHORVVLJXLHQWHVPRGHORVTXHHQODDFWXDOLGDGVHOOHYDQDODSUiFWLFDHQORV (VWDGRV8QLGRV

Â&#x2021; &HQWUR GH LQIRUPDFLyQ SDUD YROXQWDULRV $OJXQDV HVFXHODV DERUGDQ HO DSUHQGL]DMH PHGLDQWH HO WUDEDMR FRPXQLWDULR HVWDEOHFLHQGRXQFHQWURHQODLQVWLWXFLyQGRQGHVHRIUHFHQRSRUWXQLGDGHVDTXLHQHVGHVHHQLQFRUSRUDUVHFRPRYROXQWDULRV&XDQGR ORV DOXPQRV FRQVLGHUDQ FRQYHQLHQWH XQD GH ODV RSRUWXQLGDGHV TXH VH DQXQFLDQ HQ GLFKR FHQWUR VH GLULJHQ D OD RILFLQD \ VL OHV LQWHUHVD ILUPDQ XQ FRQWUDWR SDUD WRPDU SDUWH HQ OD SURYLVLyQ GH VHUYLFLRV (O VHJXLPLHQWR \ HYDOXDFLyQ HVWDUiQ D FDUJR GHO HQFDUJDGRGHFDGDFHQWURSRUORJHQHUDOGRFHQWHVYROXQWDULRVGHODFRPXQLGDGRORVPLVPRVDOXPQRV Â&#x2021;$FWLYLGDGGHFOXERFRFXUULFXODU&RQIUHFXHQFLDORVDOXPQRVGHVDUUROODQWUDEDMRVFRPXQLWDULRVDWUDYpVGHFOXEHVHVFRODUHVX RUJDQL]DFLRQHVFRFXUULFXODUHV$OJXQRVGHHVWRVSURJUDPDVSRUHMHPSORHOGHO.H\&OXEFRQVLGHUDQHOWUDEDMRYROXQWDULRFRPR VXREMHWLYRFHQWUDOPLHQWUDVTXHRWURVFRPR+RQRU6RFLHW\VXHOHQLQFOXLUORFRPRXQDGHODVUHVSRQVDELOLGDGHVGHVXVPLHPEURV (QHVWHPRGHORXQGRFHQWHVHGHVHPSHxDFRPRDVHVRU\ORVDOXPQRVQRREWLHQHQFDOLILFDFLRQHVQLWLHPSRH[WUDSRUVXVHVIXHU]RV HQHOWUDEDMRFRPXQLWDULR Â&#x2021; &DOLILFDFLRQHV RWRUJDGDV SRU HO WUDEDMR FRPXQLWDULR0XFKDV HVFXHODV QR VH OLPLWDQ D SURPRYHU HO DSUHQGL]DMHPHGLDQWHHO WUDEDMR VRFLDO VLQR TXH WDPELpQ RWRUJDQ FDOLILFDFLRQHV D ORV DOXPQRV TXH UHDOL]DQ WUDEDMR YROXQWDULR GH DFXHUGR FRQ ORV OLQHDPLHQWRVLQVWLWXFLRQDOHV(QDOJXQRVSURJUDPDVORVDOXPQRVOOHYDQDFDERWUDEDMRFRPXQLWDULRDHOHFFLyQGXUDQWHXQQ~PHUR SUHHVWDEOHFLGR GH KRUDV (Q RWURV VH VROLFLWD D ORV DOXPQRV TXH UHDOLFHQ XQ Q~PHUR GHWHUPLQDGR GH KRUDV GH WUDEDMR YROXQWDULR FRPRUHTXLVLWRSDUDVXJUDGXDFLyQ3DUDREWHQHUFDOLILFDFLRQHVSRUHOWUDEDMRVRFLDOORVDOXPQRVVXHOHQUHGDFWDUXQDSURSXHVWDHQ OD TXH HVSHFLILFDQ ODV DFWLYLGDGHV ORV SOD]RV HO SURSyVLWR \ HO SURGXFWR X REMHWLYR TXH GHEHUi ORJUDUVH 8Q DVHVRU GHO FXHUSR GRFHQWH R XQ FRRUGLQDGRU GHO SURJUDPD HYDO~D ODV SURSXHVWDV GHO DOXPQR \ UHDOL]D HO VHJXLPLHQWR GHO SUR\HFWR KDVWD VX ILQDOL]DFLyQ /RV DOXPQRV GHVDUUROODQ VXV SUR\HFWRV GH WUDEDMR FRPXQLWDULR IXHUD GHO KRUDULR HVFRODU FRPR DFWLYLGDG LQGHSHQGLHQWH Â&#x2021;7UDEDMRFRPXQLWDULRFRPRDSOLFDFLyQSUiFWLFDGHXQDDVLJQDWXUD(QHVWHPRGHORORVDOXPQRVUHDOL]DQWUDEDMRFRPXQLWDULR FRPRPHGLRSDUDUHFRSLODUSRQHUDSUXHED\DSOLFDUODLQIRUPDFLyQTXHKDQDSUHQGLGRHQXQDDVLJQDWXUDHVFRODU3RUHMHPSORORV DOXPQRVGHXQFXUVRGHOHQJXDH[WUDQMHUDSXHGHQVHUYLUGHJXtDDORVLQPLJUDQWHVTXHKDEOHQODOHQJXDTXHHVWiQHVWXGLDQGRORV DOXPQRVGHXQFXUVRGHFLHQFLDVVRFLDOHVSRGUtDQWUDEDMDUFRQIDPLOLDVVLQKRJDUSDUDDSUHQGHUHQIRUPDGLUHFWDXQWHPDSROtWLFR\ HFRQyPLFR FRPSOHMR ORV DOXPQRV FRQ RULHQWDFLyQ LQGXVWULDO SXHGHQ GLVHxDU \ FRQVWUXLU PXHEOHV SDUD SHUVRQDV FRQ QHFHVLGDGHV HVSHFLDOHV (Q HVWRV FDVRV ODV DFWLYLGDGHV GH WUDEDMR YROXQWDULR SXHGHQ VHU SUR\HFWRV DLVODGRV R FRQVWLWXLU XQ FRPSURPLVR SHUPDQHQWH\VHUFRQVLGHUDGDVWDQWRXQPHGLRSDUDREWHQHUFDOLILFDFLRQHVH[WUDFRPRXQUHTXLVLWRGHOFXUVR Â&#x2021;&XUVRGHWUDEDMRVRFLDO$OJXQDVHVFXHODVEULQGDQXQFXUVRGHWUDEDMRVRFLDOTXHJHQHUDOPHQWHVHGHVDUUROODHQXQFXDWULPHVWUH 0XFKDV GH ODV FODVHV WLHQHQ XQD GXUDFLyQ GH GRV KRUDV SDUD RWRUJDU D ORV DOXPQRV WLHPSR VXILFLHQWH FRPR SDUD GHVDUUROODU VXV 


SUR\HFWRV (VWDV FODVHV GH KRUDULR PiV H[WHQVR SURSRUFLRQDQ XQD FDOLILFDFLyQ GREOH DO DOXPQR \ VH FXHQWDQ FRPR GRV KRUDV GH WUDEDMRSDUDHOGRFHQWHTXHODVGLFWD3RUORJHQHUDOVHGHGLFDQFXDWURGtDVVHPDQDOHVDOWUDEDMRGHFDPSR\XQGtDDOWUDEDMRHQHO DXODSDUDSRGHUUHIOH[LRQDUVREUHODVH[SHULHQFLDVKDELOLGDGHVLQIRUPDFLyQ\SULQFLSLRVTXHSHUPLWHQOOHYDUDFDERDFWLYLGDGHVGH WUDEDMRVRFLDOH[LWRVDV Â&#x2021;(OWUDEDMR VRFLDOFRPRFRPSURPLVRLQVWLWXFLRQDO(QPXFKDVHVFXHODV\GLVWULWRVHVFRODUHVHOWUDEDMRVRFLDOQRFRQVWLWX\HXQD DFWLYLGDGDLVODGDVLQRTXHHVXQDSDUWHLQWHJUDOGHOSURJUDPDHVFRODUHQVXWRWDOLGDG3RUHMHPSORFDGDXQRGHORVGHSDUWDPHQWRV GHODHVFXHODSXHGHHVWDEOHFHUPDQHUDVGHDSOLFDUORVFRQRFLPLHQWRV\KDELOLGDGHVFRUUHVSRQGLHQWHVDVXVGLVFLSOLQDVFRQHOREMHWR GHPHMRUDUODFDOLGDGGHYLGDGHODFRPXQLGDGORFDO'HHVWDPDQHUDORVDOXPQRVGHODFODVHGHLQIRUPiWLFDSRGUtDQSURSRUFLRQDU VHUYLFLRV D RUJDQL]DFLRQHV VLQ ILQHV GH OXFUR ORV DOXPQRV GH OHQJXD SRGUtDQ HVFULELU FDUWDV SDUD ODV SHUVRQDV PD\RUHV R FRQ GLVFDSDFLGDGHVORVDOXPQRVGHFLHQFLDVQDWXUDOHVSRGUtDQWRPDUPXHVWUDVGHDJXDGHXQUtRFHUFDQR\HQYLDUODVDXQDGHSHQGHQFLD RILFLDO\ORVDOXPQRVGHODFODVHGHDUWHSRGUtDQGLVHxDUDILFKHVSDUDDQXQFLDUHYHQWRVGHODFRPXQLGDG 5HIOH[LyQVREUHHODSUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO

/RVGRFHQWHVTXHLPSOHPHQWHQDOJXQDIRUPDGHDSUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDOWHQGUiQLQWHUpV HQHVWLPXODUDVXVDOXPQRV SDUD TXH OOHYHQ DFDERXQDUHIOH[LyQVREUHVXVH[SHULHQFLDVHQIRUPDUHJXODU(VDUHIOH[LyQSURPXHYHODVROXFLyQGHSUREOHPDV FRWLGLDQRV DUWLFXOD ORV LQWHUHVHV GH ORV DOXPQRV \ OHV SHUPLWH LGHQWLILFDU HQIRTXHV SRVLWLYRV \ H[WUDHU EHQHILFLRV GH VXV H[SHULHQFLDV0XFKRVDOXPQRVVHPRVWUDUiQGLVSXHVWRVDSUDFWLFDUVXVKDELOLGDGHVSDUDODOHFWXUDHVFULWXUD\SURGXFFLyQRUDOHQHO PDUFR GH VXV DFWLYLGDGHV GH WUDEDMR VRFLDO /D UHIOH[LyQ VREUH ODV SURSLDV H[SHULHQFLDV SXHGH SURPRYHUVH GH YDULDV PDQHUDV GXUDQWHUHXQLRQHVVHPDQDOHVHQHODXODPHGLDQWHHQWUHYLVWDVLQGLYLGXDOHVFRQORVGRFHQWHV\RPLHPEURVGHODFRPXQLGDG\SRU PHGLRGHODUHGDFFLyQGHDUWtFXORVSHULRGtVWLFRV([LVWHQOLQHDPLHQWRVTXHSHUPLWHQD\XGDUDORVDOXPQRVDHVWUXFWXUDUVXUHIOH[LyQ \DUHGDFWDUODFRQPD\RUSUHFLVLyQ$OJXQRVGHORVDVSHFWRVTXHSXHGHQWHQHUVHHQFXHQWDVRQORVVLJXLHQWHV Â&#x2021;¢&XiOHVHODVSHFWRPiVVDWLVIDFWRULRGHWXSUR\HFWRGHWUDEDMRVRFLDO" Â&#x2021;¢&XiOHVHODVSHFWRPiVDUGXRGHWXSUR\HFWRGHWUDEDMRVRFLDO"

Â&#x2021;¢&XiOHVVRQODVFXDOLGDGHVSHUVRQDOHVTXHVHUHTXLHUHQSDUDOOHYDUDFDERWXWUDEDMRVDWLVIDFWRULDPHQWH" Â&#x2021;¢4XpHVWiVDSUHQGLHQGRVREUHWLPLVPRVREUHODFRPXQLGDG\VREUHORVGHPiVHQWXWUDEDMR"

Â&#x2021;¢&XiOHVHODVSHFWRPiVLQHVSHUDGRDTXHWHKDVHQIUHQWDGRHQODSXHVWDHQSUiFWLFDGHWXSUR\HFWR"

Â&#x2021;¢6HKDSURGXFLGRXQFDPELRHQWXSHUVRQDDSDUWLUGHOWUDEDMRTXHHVWiVUHDOL]DQGR"6LHVDVt¢FXiO"

Â&#x2021;6LIXHUDVHOMHIHHQWXWUDEDMR¢TXpFDPELDUtDVSDUDPHMRUDUORVVHUYLFLRVTXHVHSURSRUFLRQDQRHOSURJUDPD" 5HFXUVRVSDUDLPSOHPHQWDUHOWUDEDMRVRFLDO

(O DSUHQGL]DMH PHGLDQWH HO WUDEDMR VRFLDO SURPXHYH XQD pWLFD GH OD DVLVWHQFLD \ XQ VHQWLGR GH FRPXQLGDG GHQWUR GH OD HVFXHOD $VLPLVPR HVWDEOHFH UHODFLRQHV SRVLWLYDV HQWUH ODV HVFXHODV \ VXV FRPXQLGDGHV /RV DOXPQRV DSUHQGHQ TXH OD HGXFDFLyQ HV DOJR PiV TXH OD DVLPLODFLyQ GH LQIRUPDFLyQ HV XQ PHGLR SDUD PHMRUDU OD YLGD GH ORV GHPiV 0XFKRV DOXPQRV DGTXLHUHQ WDPELpQ SURIXQGRVYDORUHVDSDUWLUGHVXVH[SHULHQFLDVGHWUDEDMRVRFLDO&UHHPRVTXHHOPHMRUHMHPSORGHHOORHVHOTXHSURSRUFLRQDQORV IUDJPHQWRV WRPDGRV GH VXV UHIOH[LRQHV HVFULWDV TXH SUHVHQWDPRV DTXt 8Q DOXPQR TXH WUDEDMy HQ XQ UHIXJLR SDUD SHUVRQDV VLQ KRJDUVHxDODED 3DUDPtHVWDH[SHULHQFLDPHSHUPLWLyDEULUORVRMRVGHUULEDUHVWHUHRWLSRV\FDPELDUGHDFWLWXG5HDOPHQWHOOHJXpDHQFDULxDUPH FRQDOJXQRVGHORVFKLFRVTXHYLYtDQHQHOUHIXJLR\PHGLFXHQWDGHTXHWHQtDJDQDVGHYROYHUDYHUORV6R\XQDGHODVSHUVRQDV TXHDOSULQFLSLRVHRSXVRDWRGRORTXHWHQtDTXHYHUFRQHODSUHQGL]DMHSRUPHGLRGHOWUDEDMRVRFLDOSHURFDPELpGHDFWLWXGFDVL SRUFRPSOHWR DOJRTXHQRKDJRFRQIUHFXHQFLD 7HSXHGHQFRQWDUORTXHHVODSREUH]DKDVWDTXHOOHJDVDFUHHUTXH\DVDEHVWRGR DO UHVSHFWR 6LQ HPEDUJR KDVWD TXH QR PLUDV D OD SREUH]D \ D OD LQGLJHQFLD D OD FDUD QR WH SURGXFLUi QLQJ~Q LPSDFWR 1R HV QHFHVDULR SDVDU GHPDVLDGR WLHPSR IUHQWH D XQD QHFHVLGDG KXPDQD SDUD VHQWLUVH SHUVRQDOPHQWH FRPSURPHWLGR \ FRPHQ]DU D SUHRFXSDUVH SRU OD VLWXDFLyQ (VWR\ FRQYHQFLGR GH TXH HO HVFDVR WLHPSR TXH GHPDQGD HO WUDEDMR VRFLDO WH LPSXOVD D GHGLFDUWH D D\XGDUDORVGHPiVGXUDQWHWRGDODYLGD 2WURDOXPQRTXHKDEtDWUDEDMDGRHQXQUHIXJLRSDUDFKLFRVGHODFDOOHHVFULELy

/DIRUPDHQTXHREWXYHHOPD\RUEHQHILFLRSHUVRQDOIXHODTXHVH PHUHSUHVHQWyDO ILQGHDTXHOODQRFKHGHViEDGR0HVHQWtDVDRVIHFKRFRQPLJR PLVPR\HVRHUDGHKHFKRXQDHVSHFLHGHUHJRFLMRSDUDHOHJR$OILQGHFXHQWDVPLUHQWRGDVODVFRVDVTXHKDEtDKHFKRPHGHERGHKDEHUSDVDGR WUHFHKRUDVMXQWDQGRURSD\FL QFRKRUDVDOSLHGHXQKRUQRFRFLQDQGR\FRPLHQGRJDOOHWLWDVGHPDQt)XQGDPHQWDOPHQWHGHGLTXpXQViEDGR FRPSOHWRDDOLPHQWDUDORVKDPEULHQWRV3HUROXHJRGHREVHUYDUDHVRVDGROHVFHQWHVTXHWHQtDQWDQSRFDVFRVDVPDWHULDOHVFRPSDUDGRVFRQPLJR\ TXHSRGUtDQHVWDUVDWLVIHFKRVFRQORTXH\RFRQVLGHUDEDEDVXUDFRPHQFpDGDUPHFXHQWDGHODYHUGDG<XQDVHQVDFLyQEDVWDQWHLQFyPRGDVH 


DSRGHUyGHPLPHQWHODLGHDGHTXHHVWRVFKLFRVHUDQHQXOWLPDLQVWDQFLDVXSHULRUHVDPt1RWDQWRSRUORTXHSRVHtDQVLQR SRUTXLHQHVHUDQHQ UHDOLGDG

9DORUDFLyQGHODVGLIHUHQFLDV

+HQU\'DYLG7KRUHDXDILUPyHQXQDRSRUWXQLGDG6LXQKRPEUHQRVHPXHYHDOFRPSiVGHVXVFRPSDxHURVTXL]iVHGHEDDTXH HVWiHVFXFKDQGRXQDPHORGtDGLIHUHQWH'HMpPRVOREDLODUDOVRQGHODP~VLFDTXHHVFXFKDFXDOTXLHUDVHDVXULWPRRVXHVWLOR/D GLYHUVLGDGDODTXHVHUHILHUH7KRUHDXKDIDVFLQDGRDORVSVLFyORJRVGXUDQWHVLJORV+LSyFUDWHVGHILQLyORVWLSRVGHSHUVRQDOLGDG FRPRPHODQFyOLFRVDQJXtQHRFROpULFR\IOHPiWLFR$SULQFLSLRVGHO VLJOR;;HOSVLFyORJR&DUO-XQJGHVFULELyODVYDULDQWHVTXH PDQLILHVWDQORVLQGLYLGXRVSDUDSHUFLELUHOPXQGRSRUPHGLRGHODVHQVDFLyQRODLQWXLFLyQ\SDUDWRPDUGHFLVLRQHVEDVDGDVHQ VHQWLPLHQWRVRSHQVDPLHQWRV

/RVWpUPLQRVSDUDFRPSUHQGHUODVGLIHUHQFLDVKXPDQDVHQHODSUHQGL]DMHKDQVLGRDPSOLDPHQWHGHVFULWRVFRPRWLSRVSVLFROyJLFRV WLSRVGHSHUVRQDOLGDGHVWLORVFRJQLWLYRV\HVWLORVGHDSUHQGL]DMH'HVGHODGpFDGDGHORVHGXFDGRUHVVHKDQLQWHUHVDGRHQODV DSOLFDFLRQHVGHORVHVWLORVGHDSUHQGL]DMHDODWDUHDGHODXOD/RVHVWLORVGHDSUHQGL]DMHVHUHILHUHQDODVGLIHUHQFLDVLQGLYLGXDOHVHQ ODPDQHUDGHSHUFLELUSURFHVDU\FRPXQLFDUODLQIRUPDFLyQ &RQ HO REMHWR GH D\XGDU ORV DOXPQRV D GHVDUUROODU OD FDSDFLGDG GH YDORUDU ODV GLIHUHQFLDV HV LPSRUWDQWH WDQWR SURSRUFLRQDU PRGHORVGHFRQGXFWDFRPRXWLOL]DUHVWUDWHJLDVTXHDUWLFXOHQORVFRQFHSWRVGHHVWLORGHDSUHQGL]DMH&XDQGRVHWRPDQHQFXHQWDODV GLIHUHQFLDVLQGLYLGXDOHVHVWDPELpQIXQGDPHQWDOKDFHUQRWDUDORVDOXPQRVODQHXWUDOLGDGGHODVYDULDQWHVGHHVWLOR/RVKiELWRVR UDVJRVFDUDFWHUtVWLFRVGHDOJXLHQQRVRQPHMRUHVTXHORVGHRWUDSHUVRQDVLPSOHPHQWHVRQGLIHUHQWHV$FRQWLQXDFLyQVXJHULPRV DOJXQDVLGHDVVREUHHOPRGRGHSUHVHQWDUORVFRQFHSWRVGHHVWLORDORVDOXPQRV $FWLYLGDGHVSDUDWUDEDMDUFRQFHSWRVGHHVWLORGHDSUHQGL]DMHFRQORVDOXPQRV

Â&#x2021; ([LVWH XQD JUDQ FDQWLGDG GH DFWLYLGDGHV SHUFHSWXDOHV \ DFHUWLMRV TXH SHUPLWHQ D ORV DOXPQRV FRPSUHQGHU ODV GLIHUHQFLDV GH HVWLOR8QDGHHOODVHVODVLPSOHDVRFLDFLyQGHSDODEUDV (OGRFHQWHGLFHXQDSDODEUDFRPRQDUDQMDFDUDFROMXHJRRPHVD ORV DOXPQRV DQRWDQ OD SDODEUD R IUDVH TXH GLFKR WpUPLQR OHV VXJLHUD \ OXHJR FRPSDUDQ VXV UHVSXHVWDV FRQ ODV GH TXLHQHV VH HQFXHQWUDQ D VX DOUHGHGRU 'H HVWD PDQHUD ODV GLIHUHQFLDV UHVXOWDUiQ HYLGHQWHV \ GDUiQ OXJDU D XQ GHEDWH HQ WRUQR GH ODV FRQFHSFLRQHVLQGLYLGXDOHV Â&#x2021; ([LVWHQPXFKDVWDUHDVUHODFLRQDGDVFRQODLOXVLyQySWLFD\ODSHUFHSFLyQYLVXDOTXHLOXVWUDQHOPLVPRFRQFHSWRSRUHMHPSOR HOFRQRFLGRGLEXMRTXHLQFOX\HIORUHURV \FDUDVTXHVHHQFXHQWUDHQPXFKRVOLEURVGHLOXVLRQHVySWLFDV

Â&#x2021; 6HSXHGHSURSRUFLRQDUDORVDOXPQRVXQURPSHFDEH]DVRXQSUREOHPDOyJLFREUHYH\HYROXWLYDPHQWHDSURSLDGR(OREMHWLYR HVTXHSUHVWHQDWHQFLyQDOSURFHVRTXHHPSOHDQSDUDUHVROYHUODVLWXDFLyQHQOXJDUGHFRQFHQWUDUVHHQREWHQHUXQD~QLFDUHVSXHVWD FRUUHFWD 0HGLDQWH OD FRPSDUDFLyQ GH VXV HVWUDWHJLDV SDUD OD VROXFLyQ GH SUREOHPDV ORV DOXPQRV SXHGHQ UHFRQRFHU GLIHUHQFLDV VLJQLILFDWLYDVHQODPDQHUDFRPRODVSHUVRQDVDERUGDQXQDPLVPDWDUHD

Â&#x2021; /RV DOXPQRV SXHGHQ FRQYHUVDU VREUH WHPDV VLJQLILFDWLYRV SDUD VX SURSLD YLGD FRPR P~VLFD IDYRULWD IRUPDV GH DSUHQGHU D DQGDU HQ ELFLFOHWD MXHJRV GH YLGHR X RWURV SDVDWLHPSRV &XDQGR VH OHV SUHJXQWD SRU TXp FLHUWDV DFWLYLGDGHV OHV UHVXOWDQ SODFHQWHUDVORVDOXPQRVDGYLHUWHQTXHODVSUHIHUHQFLDVLQGLYLGXDOHVVRQSULYDWLYDVGHFDGDXQR\QRFRUUHFWDVRLQFRUUHFWDV Â&#x2021; &XDQGRORVDOXPQRVILQDOL]DQXQSUR\HFWRHV~WLOVROLFLWDUOHVTXHH[SRQJDQODPDQHUDFRPRGHVDUUROODURQODWDUHD6HSRGUtDQ IRUPXODUSUHJXQWDVFRPR¢'HTXpPDQHUDFRPHQ]DVWH"¢&yPRWRPDVWHHVDGHFLVLyQ"¢&XiOHVIXHURQORVSDVRVHQHOGHVDUUROORGH OD WDUHD" 6L YROYLHUDV D WUDEDMDU HQ HVWH SUR\HFWR ¢FDPELDUtDV DOJR" ¢&XiOHV IXHURQ ODV SDUWHV PiV GLItFLOHV" ¢&XiOHV ODV PiV IiFLOHV" (VWDV SUHJXQWDV SRGUiQ UHVSRQGHUVH HQ SHTXHxRV JUXSRV GH GHEDWH \ HO LQWHUFDPELR SHUPLWLUi GHVWDFDUTXHODVSHUVRQDV DSUHQGHQGHGLIHUHQWHVPDQHUDV

Â&#x2021; 0XFKRV GRFHQWHV SURSRUFLRQDQ LQYHQWDULRV \ HMHUFLFLRV GH DXWRHYDOXDFLyQ D ORV DOXPQRV D ILQ GH TXH SXHGDQ LGHQWLILFDU PRGHORVHQVXSURSLRDSUHQGL]DMH\WDPELpQDFWLYLGDGHVIRUPDOHVTXHLOXVWUHQODVDSOLFDFLRQHVGHGLFKRVPRGHORV

4XL]i OR PiV LPSRUWDQWH VHD TXH HO GRFHQWH SURSRUFLRQH PRGHORV GH FRQGXFWD SDUD YDORUDU ODV GLIHUHQFLDV LQGLYLGXDOHV GXUDQWH WRGDOD MRUQDGDHVFRODU6LELHQHVHVSHUDEOHTXHWRGRVORVDOXPQRVGHVDUUROOHQODVPLVPDVKDELOLGDGHV\DOFDQFHQHOPLVPRQLYHO GH FRPSHWHQFLD SRU HMHPSOR HQ HO DSUHQGL]DMH GH OD OHFWXUD HQ OD PXOWLSOLFDFLyQ GH IUDFFLRQHV HQ OD DSOLFDFLyQ GH UHJODV RUWRJUiILFDV R HQ OD FRPSUHQVLyQ GH OD LPSRUWDQFLD KLVWyULFD GH GHWHUPLQDGRV KHFKRV ORV GRFHQWHV GHEHQ DFHSWDU TXH QR WRGRV HOORVDSUHQGHQ\GHVDUUROODQVXVFDSDFLGDGHVGHODPLVPDPDQHUD/RVHGXFDGRUHVTXHSRQJDQGHPDQLILHVWRHVWDGLVWLQFLyQSRU PHGLR GH VXV DFWLWXGHV \ PDQWHQJDQ H[SHFWDWLYDV DOWDV SDUD WRGRV ORV DOXPQRV DO WLHPSR TXH DSUHFLDQ \ FHOHEUDQ VXV GLYHUVDV PDQHUDVGHDSUHQGHUHQVHxDUiQPXFKRPiVSRUPHGLRGHVXFRQGXFWDTXHPHGLDQWHODDSOLFDFLyQGHHVWUDWHJLDV

'HVDUUROORGHSHUVSHFWLYDVP~OWLSOHV




1XHVWUDV FRQFHSFLRQHV FRQ UHVSHFWR D ORV GHPiV \ D GLIHUHQWHV VLWXDFLRQHV GHULYDQ GH QXHVWUD H[SHULHQFLD GH YLGD GH QXHVWURV VLVWHPDVGHYDORUHVGHQXHVWURVVXSXHVWRV\GHQXHVWUDVH[SHFWDWLYDV6LELHQHVIiFLODILUPDUTXHWRGRVSHUFLELPRVHOPXQGRGH PDQHUDGLIHUHQWHUHVXOWDGLItFLOLQWHUQDOL]DUWDOFRQFHSWR6HUHTXLHUHXQHVIXHU]RVRVWHQLGR\FRQVWDQWHSDUDOOHJDUDYHUHOPXQGR D WUDYpV GH ORV RMRV GH ORV GHPiV \ SDUD FRPSUHQGHU VLWXDFLRQHV GHVGH GLYHUVRV SXQWRV GH YLVWD (Q XQ PXQGR FDGD YH] PiV FRPSOHMR HV QHFHVDULR TXH ORV DOXPQRV GHVDUUROOHQ DTXHOOR TXH 6WHYHQ /iP\ GHVWDFDGR HGXFDGRU JOREDO HVWDGRXQLGHQVH GHQRPLQD SOXUDOLVPR LQWHOHFWXDO (O SOXUDOLVPR LQWHOHFWXDO HV OD FDSDFLGDG SDUD DQDOL]DU R HYDOXDU FRQFHSFLRQHV GLIHUHQWHV X RSXHVWDV

/DVHFFLyQSUHFHGHQWHSUHVHQWDDORVDOXPQRVODFRQFHSFLyQGHTXHWRGDVODVSHUVRQDVDERUGDQHODSUHQGL]DMHGHPDQHUDGLIHUHQWH /DVVLJXLHQWHVDFWLYLGDGHVUHTXLHUHQTXHORVDOXPQRVWHQJDQHQFXHQWDSHUVSHFWLYDVP~OWLSOHVHQVXVLQWHUDFFLRQHVFRQORVGHPiV /DV HVWUDWHJLDV LQFOX\HQ HO UHFRQRFLPLHQWR GH ODV FRQFHSFLRQHV GH ORV GHPiV OD FRPSUHQVLyQ GH GLYHUVRV SXQWRV GH YLVWD OD UHIOH[LyQVREUHKHFKRVGHDFWXDOLGDGGHVGHYDULDVSHUVSHFWLYDVODFRQVLGHUDFLyQGHLPSOLFDQFLDVJOREDOHV\ODLQFRUSRUDFLyQGHXQ SHQVDPLHQWR VLVWHPiWLFR TXH WHQJD HQ FXHQWD HO LPSDFWR GH OD DFWLYLGDG KXPDQD VREUH ORV VLVWHPDV QDWXUDOHV \ KXPDQRV /D SULPHUDHVWUDWHJLDVHFRQFHQWUDHQORVDOXPQRV\HQORVPRGRVFRPRVHSHUFLEHQPXWXDPHQWH ¢4XLpQHVVRPRV"

/RV DOXPQRV VXHOHQ VRUSUHQGHUVH FXDQGR GHVFXEUHQ TXH FRQ IUHFXHQFLD ODV SHUFHSFLRQHV GH ORV GHPiV GLILHUHQ GH OD PDQHUD FRPR FDGD XQR GH QRVRWURV VH SHUFLEH D Vt PLVPR /D DFWLYLGDG VLJXLHQWH SUHVHQWD D ORV QLxRV HO FRQFHSWR GH SHUVSHFWLYDV P~OWLSOHVPHGLDQWHODH[SORUDFLyQGHODVGLVFUHSDQFLDVHQWUHODDXWRSHUFHSFLyQ\ODVSHUFHSFLRQHVGHORVFRPSDxHURVGHODXOD 5HWUDWRVHQFROODJH

6H VROLFLWDUi D ORV DOXPQRV TXHGLVHxHQHQVXFDVDXQ5HWUDWRHQFROODJHHQHOTXHGHEHUiQRPLWLUWRGRQRPEUHRLPDJHQTXH VLUYD SDUD LGHQWLILFDUORV &XDQGR ORV WUDLJDQ DO DXOD \ ORV H[KLEDQ ORV PLHPEURV GH OD FODVH GHEHUiQ DGLYLQDU D TXLHQ SHUWHQHFH FDGD XQR /XHJR VH SXHGH OOHYDU D FDER XQ GHEDWH HQ WRUQR GH OD SURIXQGLGDG FRQ TXH FDGD XQR GH ORV DOXPQRV FRQRFH D ORV GHPiV

3DUDLQLFLDUODDFWLYLGDGVHVROLFLWDDORVDOXPQRVTXHUHFROHFWHQHQVXFDVDHOHPHQWRVTXHSXHGDQXWLOL]DUHQHOFROODJH (OGRFHQWH SURSRUFLRQD OiPLQDV GH FDUWyQ \ UHYLVWDV XVDGDV D TXLHQHV GHVHHQ WUDEDMDU FRQ HVRV PDWHULDOHV 8QD YH] TXH VH KD\D UHXQLGR HO PDWHULDO FDGD DOXPQR UHDOL]DUi VX FROODJH HQ HO KRJDU HQ pO UHSUHVHQWDUi VXV SDVDWLHPSRV IDYRULWRV IRWRJUDItDV GH VX SULPHUD LQIDQFLDH[SHULHQFLDVGHYLDMHKpURHVRKHURtQDVXRSLQLRQHVSHUVRQDOHVDFHUFDGHWHPDVLPSRUWDQWHV&DGD FROODJH VHUiDQyQLPR \QRGHEHUi LQFOXLUQRPEUHVLPiJHQHVRVtPERORVTXHSHUPLWDQLGHQWLILFDUDODXWRUGHOWUDEDMRDUWtVWLFR 6HDVLJQDXQGtDSDUDTXHORVDOXPQRVWUDLJDQVXVFROODJHV DODXODGHQWURGHXQDEROVDGHVXSHUPHUFDGRRFXDOTXLHURWURHQYROWRULR 0LHQWUDVORVDOXPQRVVHHQFXHQWUDQIXHUDGHODXODHOGRFHQWHSUHSDUDUiODH[KLELFLyQGHORVWUDEDMRV\FRORFDUiXQVREUHGHEDMRGH FDGD XQR $ VX UHJUHVR ORV DOXPQRV REVHUYDUiQ ORV UHWUDWRV H LQWHQWDUiQ DGLYLQDU TXLHQHV VRQ ORV DUWLVWDV /DV RSLQLRQHV VH HVFULELUiQ HQ XQWUR]RGHSDSHO\VHFRORFDUiQGHQWURGHOVREUHFRUUHVSRQGLHQWH8QDYH]TXHVHKD\DQYLVWRWRGRVORVFROODJHV FRPHQ]DUiHOSURFHVRGHHYDOXDFLyQ/DVVLJXLHQWHVVRQSRVLEOHVSUHJXQWDVSDUDHOGHEDWHJUXSDO Â&#x2021;¢5HVXOWDIiFLORGLItFLOLGHQWLILFDUDORVFRPSDxHURVSRUPHGLRGHVXVFROODJHV" Â&#x2021;¢$TXLHQHVUHVXOWyPiVIiFLOLGHQWLILFDUFRPRDXWRUHVGHVXVFROODJHV"¢3RUTXp" Â&#x2021;¢4XpDSUHQGLVWHDFHUFDGHORVGHPiVTXHWHKD\DUHVXOWDGRQXHYRRVRUSUHQGHQWH" Â&#x2021;¢(QTXpPHGLGDFUHHVFRQRFHUDWXVFRPSDxHURV" Â&#x2021;¢(VSRVLEOHGHVFXEULUXQHOHPHQWRHVSHFLDO\~QLFRHQFDGDFROODJH" Â&#x2021;¢3XHGHVDKRUDFRQVLGHUDUDFDGDFRPSDxHURGHPDQHUDGLIHUHQWH"6LHVDVt¢FyPR"

/RVDOXPQRVSRGUiQFRQFOXLUHOGHEDWHFRQXQDUHIOH[LyQVREUHORVSUREOHPDVTXHVXUJHQFXDQGRDOJXLHQVHEDVDHQVXSRVLFLRQHV DFHUFDGHRWUDSHUVRQDVLQFRQRFHUODUHDOPHQWH &RPSUHQVLyQGHGLIHUHQWHVSXQWRVGHYLVWD

8QDPDQHUDGHWUDEDMDUHOFRQFHSWRGHSHUVSHFWLYDVP~OWLSOHVFRQORVDOXPQRVGHOQLYHOGHHQVHxDQ]DEiVLFDFRQVLVWHHQHVWXGLDU WH[WRVGHILFFLyQGHVGHGLYHUVRVSXQWRVGHYLVWD8QUHFXUVRLQWHUHVDQWHHVHOTXHSURSRUFLRQDHOOLEUR 7KH7UXH6WRU\RIWKH7KUHH /LWWOH3LJV >/DYHUGDGHUDKLVWRULDGHORVWUHVFKDQFKLWRV@GH-RQ6FLHV]ND(QHVWHWH[WRVHH[SRQHHOSXQWRGHYLVWDGHOORERHQHO FXHQWR/RVWUHVFKDQFKLWRV$GLIHUHQFLDGHOUHWUDWRTXHRIUHFHODYHUVLyQRULJLQDOGHODKLVWRULDHQHOTXHVHORSLQWDFRPRXQVHU HJRtVWD \ VDQJXLQDULR HO 6U $ /RER H[SOLFD TXH VX SUREOHPDFRQVLVWHHQTXHSDGHFHGHDOHUJLDVTXHORREOLJDQDHVWRUQXGDU\ UHVRSODU/RVQLxRVSHTXHxRVGLVIUXWDQFRQODOHFWXUDGHDPEDVKLVWRULDV\HODQiOLVLVGHSXQWRVGHYLVWDRSXHVWRV 2WUD IRUPD GH D\XGDU D ORV DOXPQRV D H[SORUDU GLIHUHQWHV SXQWRV GH YLVWD FRQVLVWH HQ HVWLPXODUORV SDUD TXH FRPSDUWDQ VXV UHDFFLRQHV IUHQWH D GLYHUVDV VLWXDFLRQHV 6H FRPLHQ]D SRU GHVDUUROODU XQD OLVWD GH KHFKRV FRPR OD DVLVWHQFLD D XQ HQFXHQWUR GHSRUWLYR RODOHFWXUDGHXQHQLJPDFRPRWDUHDSDUDHOKRJDU(OGRFHQWHOHHHQYR]DOWDFDGDXQRGHORVKHFKRVDOJUXSR\ORV DOXPQRVH[SRQHQVXVUHDFFLRQHVIUHQWHDWDOHVVLWXDFLRQHV 6( GHEHHVWLPXODUODIRUPXODFLyQGHGLYHUVDVRSLQLRQHV/XHJRGHTXH YDULRVDOXPQRVKD\DQH[SUHVDGRVXVUHDFFLRQHVVHHOLJHDDOJ~QDOXPQRSDUDTXHOHDHQVLOHQFLRHOVLJXLHQWHKHFKRGHODOLVWD\ 


IRUPH VX RSLQLyQ $ FRQWLQXDFLyQ ORV PLHPEURV GH OD FODVH IRUPXODQ KLSyWHVLV DFHUFD GH OD UHDFFLyQ GH GLFKR DOXPQR /D DFWLYLGDGSXHGHFRQWLQXDUPLHQWUDVORVDOXPQRVGLVIUXWHQFRPSDUDQGR\FRQWUDVWDQGRODVGLYHUVDVUHDFFLRQHV /LVWDGHKHFKRV *DQDVXQYLDMHD(JLSWR 7HLQYLWDQDSUHVHQFLDUXQSDUWLGRGHEDVTXHW 7HHOLJHQSDUDHVFULELUXQDUWLFXORSDUDHOSHULyGLFRHVFRODU 7XPDGUHWHFRPSUDXQSLDQR 8QSDULHQWHWHVXJLHUHTXHHVWXGLHVPHGLFLQD 7HSURSRQHQSDUDDVXPLUHOSDSHOSURWDJyQLFRHQXQDREUDGHWHDWURHVFRODU 7XGRFHQWHWHVROLFLWDTXHHOLMDVXQOLEURFRPROHFWXUDH[WUDHVFRODU 8QUHJDORGHFXPSOHDxRVTXHWHJXVWDUtDUHFLELUHV

3DUD FHUUDU OD DFWLYLGDG VH VROLFLWDUi D ORV DOXPQRV TXHDQDOLFHQVLVXVSUHGLFFLRQHVDFHUFDGHODVUHDFFLRQHVGHVXVFRPSDxHURV IXHURQFRUUHFWDV6LQRHVDVt¢DTXpVHGHEH"7DPELpQHVLPSRUWDQWHDQDOL]DUVLORVDOXPQRVUHFRQRFHQODYDOLGH]GHOSXQWRGH YLVWDGHORVGHPiV

8QDYH]TXHVHKD\DLQWHUSUHWDGRHOFRQFHSWRGHSXQWRGHYLVWDVHSRGUiVROLFLWDUDORVDOXPQRV TXHUHIOH[LRQHQDFHUFDGHKHFKRV GHVXSURSLDYLGD3RUHMHPSOR¢TXpSHQVDUtDHOFRQGXFWRUGHXQDXWRE~VHVFRODUDFHUFDGHORVQLxRVTXHJULWDQVLQSDUDUGXUDQWHHO YLDMH" ¢'H TXp PDQHUD SRGUtDQ SHUFLELUOR ORV DOXPQRV" ¢$ TXp REHGHFH HO KHFKR GH TXH JULWHQ" ¢3RU TXp SRGUtD TXHUHU HO FRQGXFWRUTXHKDEODVHQHQYR]EDMD" 3HUVSHFWLYDVJOREDOHVHQHOFXUUtFXORHVFRODU

2WURHQIRTXHTXHSHUPLWHYHUFRQORVRMRVODPHQWH\HOFRUD]yQGHORVGHPiVFRQVLVWHHQLQFRUSRUDUSHUVSHFWLYDVJOREDOHVDWRGDV ODV iUHDV GH FRQWHQLGR LQFOX\HQGR DUWHV \ FLHQFLDV OLWHUDWXUD \ DFWLYLGDGHV H[WUDFXUULFXODUHV $ PHGLGD TXH HO PXQGR VH YXHOYH PiV LQWHUGHSHQGLHQWH \ ORV DOXPQRV GLVSRQHQ GH XQ PD\RU Q~PHUR GH RSRUWXQLGDGHV SDUD FRPXQLFDUVH FRQ SHUVRQDV GH RWUDV FXOWXUDV HV LPSRUWDQWH QR IRUPXODU MXLFLRV DFHUFD GH ODV GLIHUHQFLDV FXOWXUDOHV TXH SXHGDQ FDOLILFDUODV FRPR FRUUHFWDV R LQFRUUHFWDV

/RV HGXFDGRUHV SRGUiQ UHIOH[LRQDU VREUH HO HVWtPXOR TXH EULQGDQ D VXV DOXPQRV HQ OD DGTXLVLFLyQ GH PiV GH XQD SHUVSHFWLYD UHVSHFWR GH ODV GLIHUHQFLDV \ ORV WHPDV FXOWXUDOHV &RQ HO REMHWR GH GHWHUPLQDU VL ODV SHUVSHFWLYDV JOREDOHV IRUPDQ SDUWH GHO FXUUtFXORORVGRFHQWHVSRGUtDQSODQWHDUVHORVVLJXLHQWHVLQWHUURJDQWHV Â&#x2021;¢6RQFDSDFHVORVDOXPQRVGHYDORUDUQXPHURVDVRSLQLRQHVPXQGLDOHV" Â&#x2021;¢'LVSRQHQORVDOXPQRVGHLQIRUPDFLyQDFHUFDGHKHFKRV\FXHVWLRQHVPXQGLDOHV" Â&#x2021;¢&RPSUHQGHQORVDOXPQRVTXHORVVHUHVKXPDQRVVHGLIHUHQFLDQSRUVXVDWULEXWRVFXOWXUDV\H[SHULHQFLDV\DOPLVPRWLHPSR FRPSDUWHQQHFHVLGDGHV\REMHWLYRV" Â&#x2021;¢3XHGHQLGHQWLILFDU\FRPSUHQGHUODLQWHUGHSHQGHQFLDGHORVQXPHURVRVVLVWHPDVPXQGLDOHV" Â&#x2021;¢$SUHQGHQHVWUDWHJLDVSDUDSDUWLFLSDUHQHYHQWRV\HQWRUQRVORFDOHVQDFLRQDOHVHLQWHUQDFLRQDOHV" Â&#x2021; ¢(VWiQ DGTXLULHQGR ODV KDELOLGDGHV QHFHVDULDV SDUD OD WRPD GH GHFLVLRQHV HO DQiOLVLV GH OD LQIRUPDFLyQ \ OD SDUWLFLSDFLyQ FLXGDGDQD" 0HGLDQWHHOHPSOHRGHORVUHFXUVRVGLVSRQLEOHVHQODPD\RUtDGHODVFRPXQLGDGHVORVDOXPQRVSXHGHQH[SORUDUODVGLIHUHQFLDV\ VHPHMDQ]DV FXOWXUDOHV TXH VH PDQLILHVWDQ HQ OD P~VLFD OD OLWHUDWXUD ORV MXHJRV R ODV DUWHV GH GLYHUVRV SDtVHV /RV DUWLVWDV ORV RUDGRUHVLQYLWDGRVORVHVWXGLDQWHVGHLQWHUFDPELRORVFRRUGLQDGRUHVGHGHEDWHV\ODELEOLRJUDItDGHUHIHUHQFLDSXHGHQHQULTXHFHU WRGRVORVFRQWHQLGRV 5XHGDGHVLVWHPDV

2WUDGLPHQVLyQSDUDJDQDUSHUVSHFWLYDFRQVLVWHHQDQDOL]DUODVFRQVHFXHQFLDVGHODVSURSLDVDFFLRQHV'XUDQWHORV~OWLPRVDxRVVH KDSURGXFLGRXQFUHFLHQWHDXPHQWRHQODFRQFLHQFLDDFHUFDGHOLPSDFWRHQHOODUJRSOD]RGHODFFLRQDUKXPDQRVREUHORVVLVWHPDV QDWXUDOHV\DTXHOORVFUHDGRVSRUHOKRPEUH0XFKRVDVXQWRVFRQWHPSRUiQHRVUHYHODQODLQWHUFRQH[LyQGHORVVLVWHPDVFXOWXUDOHV HFROyJLFRVHFRQyPLFRVSROtWLFRV\WHFQROyJLFRV&RQHOREMHWRGHH[WHQGHUHOSHQVDPLHQWRGHODOXPQRPiVDOOiGHODVVROXFLRQHV DFRUWRSOD]RVHOHVSXHGHVROLFLWDUTXHLGHQWLILTXHQORVP~OWLSOHVIDFWRUHV\FRQVHFXHQFLDVSRWHQFLDOHVSHUWLQHQWHVDFDGDWHPD(O VLJXLHQWHHMHUFLFLRHQFLQFRSDVRVVHGHQRPLQDUXHGDGHVLVWHPDV\FRQVWLWX\HXQDKHUUDPLHQWD~WLOSDUDSUHGHFLUFRQVHFXHQFLDV SRWHQFLDOHV  6ROLFLWDUDORVDOXPQRVTXHLGHQWLILTXHQXQWHPDRUHDOLFHQXQSURQyVWLFRSHUWLQHQWHDORVFRQWHQLGRVTXHVHGHVDUUROODQHQHO DXOD8QDYH]VHOHFFLRQDGRHOWHPDRSURQyVWLFRVHOHVVROLFLWDTXHGLEXMHQXQFtUFXORHQXQDKRMDJUDQGHGHSDSHOHQEODQFR\TXH HVFULEDQHVHWHPDGHQWURGHOFtUFXOR3RUHMHPSORORVDOXPQRVGHXQFXUVRGHFLHQFLDVQDWXUDOHVSXHGHQHOHJLUODFRQWDPLQDFLyQ GHODLUHFRPRWHPDSDUDDERUGDU




 $FRQWLQXDFLyQORVDOXPQRVUHDOL]DQXQDWRUPHQWDGHLGHDVSDUDLGHQWLILFDUORVVLVWHPDVJOREDOHVTXHVHYHUiQDIHFWDGRVSRU ODFUHFLHQWHFRQWDPLQDFLyQGHODLUH/RVHMHPSORVSRGUtDQLQFOXLUHOHQWRUQRQDWXUDOODVUHODFLRQHVLQWHUQDFLRQDOHVODWHFQRORJtD ODV HFRQRPtDV PXQGLDOHV R ORV VLVWHPDV SROtWLFRV 8QD YH] LGHQWLILFDGRV ORV VLVWHPDV JOREDOHV ORV DOXPQRV GLEXMDQ HO Q~PHUR FRUUHVSRQGLHQWHGHUD\RVTXHSDUWHQGHOSULPHUFtUFXOR\HQHOH[WUHPRGHFDGDXQRGHHOORVGLEXMDUiQRWURFtUFXOR'HQWURGHFDGD QXHYRFtUFXORVHDQRWDXQVLVWHPDJOREDODIHFWDGRSRUODFRQWDPLQDFLyQGHODLUH  6HGLEXMDOXHJRXQWHUFHUJUXSRGHUD\RV\FtUFXORVDSDUWLUGHOVHJXQGRJUXSRSDUDLQGLFDUFRQVHFXHQFLDVSRWHQFLDOHVGH ODFRQWDPLQDFLyQGHODLUH(OWHUFHUDQLOORGHFtUFXORVSUHGLFHHOSUREDEOHLPSDFWRGHODFRQWDPLQDFLyQGHODLUHVREUHORVVLVWHPDV JOREDOHVLGHQWLILFDGRVHQHOVHJXQGRDQLOOR

 /RVDOXPQRVFRQWLQ~DQH[WHQGLHQGRORVDQLOORVGHFRQVHFXHQFLDVPLHQWUDVSXHGDQVHJXLUIRUPXODQGRSURQyVWLFRV 7DPELpQSRGUiQSUHGHFLUHOQ~PHURGHDxRVTXHWUDQVFXUULUiQDQWHVGHTXHVHDGYLHUWDQWDOHVHIHFWRV




 /XHJRORVDOXPQRVLGHQWLILFDQODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHDOJXQRVGHORVFtUFXORVGHVWDFiQGRORVFRQXQPLVPR FRORURGLEXMDQGROtQHDVGHFRQH[LyQ




3DUDSRQHUFLHUUHDODDFWLYLGDGORVDOXPQRVSXHGHQSUHVHQWDUVXVUXHGDVGHVLVWHPDVHQSHTXHxRVJUXSRV\WRPDQQRWDGHODV VHPHMDQ]DV\GLIHUHQFLDVHQWUHVXVSURQyVWLFRV\ORVGHVXVFRPSDxHURV3RU~OWLPRSXHGHGHVDUUROODUVHXQGHEDWHFRQWRGRVORV PLHPEURVGHODFODVHHQHOTXHORVDOXPQRVVLQWHWLFHQ\UHYLVHQVXVSURQyVWLFRVHLGHQWLILTXHQORVFXUVRVGHDFFLyQDSURSLDGRV

6ROXFLyQGHSUREOHPDVHQHOQLYHOORFDO\JOREDO

3RU OR JHQHUDO ORV DOXPQRV PXHVWUDQ SUHGLVSRVLFLyQ SDUD HQFDUDU SUREOHPDV GH OD YLGD UHDO &XDQGR GLVSRQHQ GH LQIRUPDFLyQ VREUHSUREOHPDVQDFLRQDOHVHLQWHUQDFLRQDOHV GHDFWXDOLGDG\FXDQGRKDQDSUHQGLGRSURFHVRVSDUDODVROXFLyQGHSUREOHPDVORV QLxRV VXHOHQ VRUSUHQGHU D ORV DGXOWRV FRQ LQJHQLRVDV SURSXHVWDV SDUD DERUGDU QHFHVLGDGHV DFXFLDQWHV 3RU HMHPSOR GXUDQWH OD GpFDGDGHXQJUXSRGHDOXPQRVUXVRV\HVWDGRXQLGHQVHVWUDEDMDURQMXQWRVSDUDSURPRYHUOLPLWDFLRQHVDODSUROLIHUDFLyQGH DUPDV QXFOHDUHV &RQ HO REMHWR GH GDU SXEOLFLGDG D VX FDXVD GLVHxDURQ ELMRXWHULH FRQ SLH]DV SHUWHQHFLHQWHV D ERPEDV GHVPDQWHODGDV \ ODV YHQGLHURQ FRPR VtPERORV GH OD SD] PXQGLDO 7DPELpQ FUHDURQ XQD EDQGHUD FRQ XQ SRGHURVR VLPEROLVPR YLVXDOODPLWDGGHODHQVHxDGHODH[8QLyQ6RYLpWLFD\ODPLWDGGHODHQVHxDHVWDGRXQLGHQVH/DVGRVPLWDGHVVHFRPELQDEDQ\XQ JUDQ FRUD]yQ HQPDUFDED ORV ERUGHV /DV LPiJHQHV YLVXDOHV\ODVMR\DVFUHDGDVSRUORVDOXPQRVDWUDMHURQODDWHQFLyQWDQWRGHOD FLXGDGDQtDORFDOFRPRGHODUDGLR\WHOHYLVLyQQDFLRQDOHV

/RVDOXPQRVSXHGHQDSUHQGHUSURFHVRVSDUDODVROXFLyQGHSUREOHPDVGHVWLQDGRVDDERUGDUVLWXDFLRQHVFDXVDQWHVGHSUHRFXSDFLyQ HQ ORV QLYHOHV QDFLRQDO \ JOREDO \ TXL]iV KHFKR GH PD\RU LPSRUWDQFLD SXHGDQ OOHYDU D FDER DFFLRQHV SDUD LPSOHPHQWDU VXV 


SURSLDVVROXFLRQHVFUHDWLYDV/DVHVWUDWHJLDVSDUDODVROXFLyQGHSUREOHPDVTXHVHVXJLHUHQDFRQWLQXDFLyQVRQGHtQGROHQDWXUDOLVWD \VHKDQH[WUDtGRGHXQDFROHFFLyQSDUDODHGXFDFLyQJOREDOWLWXODGD 2XU2QO\(DUWK >1XHVWUD~QLFD7LHUUD@SXEOLFDGDSRU=HSK\U 3UHVV(VWDVHVWUDWHJLDVIRUPDQSDUWHGHXQSURFHVRGHQRPLQDGR&XPEUH-XYHQLO\VHKDQDSOLFDGRSDUDHODERUGDMHGHSUREOHPDV UHDOHV HQ JUXSRV GH DOXPQRV GH QXHYH SDtVHV D QLYHO WDQWR GH DXOD FRPR GH HVFXHOD (O SURFHVR FRPLHQ]D FRQ OD LQYHVWLJDFLyQ LQGLYLGXDORGHSHTXHxRVJUXSRVGHDOXPQRVDFHUFDGHXQWHPDORFDORJOREDO/XHJRGHOOHYDUDFDERODLQYHVWLJDFLyQVHSXHGHQ VHJXLURFKRSDVRV SDUDODVROXFLyQGHSUREOHPDV 3DVR/RVDOXPQRVVHRUJDQL]DQHQSHTXHxRVJUXSRV\VHOHVSURSRQHTXHFRPSDUWDQVXVRSLQLRQHVVHQWLPLHQWRVHLGHDVDFHUFD GHOSUREOHPDTXHKD\DQLQYHVWLJDGR'LFKRLQWHUFDPELREULQGDRSRUWXQLGDGHVSDUDTXHORVPLHPEURVGHOJUXSRVHFRQR]FDQ\DOD YH]H[SUHVHQVXVUHDFFLRQHVDIHFWLYDVIUHQWHDOSUREOHPDTXHHVWiQDQDOL]DQGR

3DVR$FRQWLQXDFLyQORVPLHPEURVGHOJUXSRUHYLVDQVXVFRQRFLPLHQWRVDFHUFDGHOWHPD\FODVLILFDQODVLGHDVSULQFLSDOHVTXH VHKD\DQJHQHUDGR HQWUHWRGRV3XHGHQFRSLDUODWDEODGHUHFRSLODFLyQGHGDWRVTXHDSDUHFHPiVDEDMRHQXQDKRMDJUDQGHGHSDSHO REUD\XWLOL]DUODSDUDVLQWHWL]DUODLQIRUPDFLyQGHTXHGLVSRQHHOJUXSR 1RPEUH

4XLpQ

&XiQGR

'yQGH

3RUTXp

/DWDEODSXHGHFRPSOHWDUVHGHGRVPDQHUDV

D&DGDXQRGHORVDOXPQRVVLQWHWL]DHLQFRUSRUDLQIRUPDFLyQHQODFDWHJRUtDFRUUHVSRQGLHQWHSDUDHOORHVFULEHVXQRPEUHHQOD SULPHUDFROXPQDGHODL]TXLHUGD\FRPSOHWDXQDILODGHODWDEOD/XHJRGHTXHWRGRVORVPLHPEURVGHOJUXSRKD\DQUHDOL]DGRVXV DSRUWHVODWDEODH[KLELUiODLQIRUPDFLyQGLVSRQLEOHSDUDXQDUiSLGDUHIHUHQFLD

E 2WUR GH ORV XVRV GH OD WDEOD GH UHFRSLODFLyQ GH GDWRV FRQVLVWH HQ DQDOL]DU HO WHPD GHVGH GLYHUVDV SHUVSHFWLYDV /RV DOXPQRV UHDOL]DQ XQD WRUPHQWD GH LGHDV DFHUFD GH ORV LQGLYLGXRV RUJDQL]DFLRQHV R SDtVHV UHODFLRQDGRV FRQ HO SUREOHPD \ FRQVLGHUDQ ODV GLYHUVDV SHUVSHFWLYDV &DGD DOXPQR HVFULEH HO QRPEUH GHO JUXSR R SDtV HQ OD FROXPQD FRUUHVSRQGLHQWH \ OXHJR FRPSOHWD ODV SUHJXQWDV KRUL]RQWDOHV GHVGH VX SHUVSHFWLYD $ FRQWLQXDFLyQ VH OOHYD D FDER XQ GHEDWH HQ WRUQR GH ODV GLIHUHQWHV SHUVSHFWLYDV UHSUHVHQWDGDVHQODWDEOD 8QDYH]TXHVHKD\DFRPSOHWDGRODWDEODVHFRQWLQ~DFRQORVVLJXLHQWHVSDVRVSDUDODVROXFLyQGHSUREOHPDV

3DVR/RVDOXPQRV GHEHQLGHQWLILFDUHOSUREOHPDHVSHFtILFRTXHGHVHDQDERUGDU&RQIUHFXHQFLDORVWHPDVVRQGHPDVLDGRYDJRV R FRPSOHMRV SDUD TXH ORV DOXPQRV ORV WUDEDMHQ 3RU HMHPSOR ORV DOXPQRV SRGUtDQ SODQWHDU TXH GHVHDQ FRQWULEXLU D UHVROYHU HO SUREOHPD GH OD FRQWDPLQDFLyQ GHO DLUH SHUR VH WUDWD GH XQ WHPD GHPDVLDGR DPSOLR FRPR SDUD TXH SXHGDQ PDQHMDUOR 6L VH FRQFHQWUDQHQODFRQWDPLQDFLyQGHODLUHHQUHODFLyQFRQODVHQIHUPHGDGHVUHVSLUDWRULDVKXPDQDVRORVFRQWDPLQDQWHVLQGXVWULDOHV TXHWUDVSDVDQODVIURQWHUDVOD PD\RUHVSHFLILFLGDGRWRUJDUiPD\RUHVSRVLELOLGDGHVGHORJURDVXSUR\HFWR

&RQHOREMHWRGHFLUFXQVFULELUVXWHPDORVDOXPQRVSRGUiQFRQVLGHUDUHOSUREOHPDGHVGHGLYHUVRViQJXORV¢&XiOHVODYLVLyQTXH WLHQHQ ODV SHUVRQDV ORV DQLPDOHV ODV SODQWDV ODV HPSUHVDV R ORV SDtVHV DFHUFD GH HVWH SUREOHPD" ¢4Xp RWURV SUREOHPDV UHODFLRQDGRV VH SRQHQ HQ HYLGHQFLD FXDQGR VH DQDOL]D OD FXHVWLyQ GHVGH GLYHUVRV SXQWRV GH YLVWD" (V FRQYHQLHQWH UHDOL]DU XQD WRUPHQWD GH LGHDV SDUD LGHQWLILFDU ORV SUREOHPDV UHODFLRQDGRV FRQ HO WHPD RULJLQDO /XHJR VH GHEHQ UHYLVDU ODV OLVWDV SDUD VHOHFFLRQDUORVSUREOHPDVTXHSUHVHQWDQPD\RULQWHUpVSDUDGHVDUUROODUJUXSDOPHQWH

8QDYH]HOHJLGRXQRGHORVSUREOHPDVUHODFLRQDGRVFRQHOWHPDRULJLQDOORVDOXPQRVGHEHQSODQWHDUORFODUDPHQWH6XHOHUHVXOWDU PiVVHQFLOORIRUPXODUORSRUPHGLRGHLQWHUURJDFLRQHVHQOXJDUGHKDFHUORPHGLDQWHSRVWXODGRV3RUHMHPSORVLORVDOXPQRVYDQD DERUGDU HO WHPD GH OD FRQWDPLQDFLyQ GHO DLUH SRGUtDQ SODQWHDUVH SUHJXQWDV FRPR ¢'H TXp PDQHUD SRGHPRV FRQVHJXLU TXH QXHVWUDV IDPLOLDV UHGX]FDQ HO XVR GH ORV DXWRPyYLOHV" R ¢&yPR SRGHPRV LQIRUPDU D OD FRPXQLGDG DFHUFD GH ORV SHOLJURV TXH HQWUDxD HO HPSOHR GH SURGXFWRV TXtPLFRV SDUD OD DOLPHQWDFLyQ" 6H SXHGH VROLFLWDU D ORV DOXPQRV TXH H[SHULPHQWHQ HO XVR GH GLIHUHQWHVWLHPSRVYHUEDOHVDPHGLGDTXHVHJHQHUDQODVSUHJXQWDV8QDYH]TXHORVDOXPQRVKD\DQIRUPXODGRODVSUHJXQWDVVLQ GXGD DGYHUWLUiQ TXH QHFHVLWDQ LQYHVWLJDFLyQ DGLFLRQDO (Q HVH FDVR ORV JUXSRV GHEHQ GLVHxDU XQD HVWUDWHJLD SDUD UHFRSLODU LQIRUPDFLyQ\DVLJQDUWLHPSRSDUDUHDOL]DUODWDUHD 3DVR  &DGD XQR GH ORV JUXSRV GHEH JHQHUDU ODV SRVLEOHV VROXFLRQHV SDUD ODV SUHJXQWDV SODQWHDGDV HQ HO SDVR  PHGLDQWH XQD WRUPHQWDGHLGHDV

3DVR  /RV DOXPQRV FRQIHFFLRQDQ XQD OLVWD GH VROXFLRQHV \ VHOHFFLRQDQ DTXHOODV GRV TXH SXHGDQ LPSOHPHQWDU HIHFWLYDPHQWH &DGDJUXSRHYDO~DODVYHQWDMDV\GHVYHQWDMDVGHFDGDVROXFLyQFRQD\XGDGHODWDEODTXHDSDUHFHDFRQWLQXDFLyQ'LFKRDQiOLVLV SHUPLWH FRPSUREDU TXH PXFKDV YHFHV ODV LGHDV ELHQ LQWHQFLRQDGDV SXHGHQ WUDHU DSDUHMDGDV FRQVHFXHQFLDV QHJDWLYDV (V LPSRUWDQWHFRQVLGHUDUODVFRQVHFXHQFLDVGHWRGDVODVVROXFLRQHVHQHOFRUWR\ODUJRSOD]RDQWHVGHLPSOHPHQWDUODV

352&(62'((9$/8$&,Ï1'(62/8&,21(6(1/$&80%5(-89(1,/ 


62/8&,21(6 $QRWDUODV VROXFLRQHV SULQFLSDOHVSRU RUGHQGH LPSRUWDQFLD 62/8&,Ï1 62/8&,Ï1

5(68/7$'26 326,7,926 (QXPHUDU UHVXOWDGRVSRVLWLYRV SDUDFDGDVROXFLyQ

5(68/7$'26 1(*$7,926 (QXPHUDU UHVXOWDGRVQHJDWLYRV SDUDFDGDVROXFLyQ

326,%/(6&216(&8(1&,$6(1(/&2572</$5*23/$=2 (QXPHUDUODVFRQVHFXHQFLDVTXHSRGUtDQUHVXOWDUGHOD LPSOHPHQWDFLyQGHODVVROXFLRQHVHQXQODSVRGH\ DxRV&RORFDUXQVLJQRR± MXQWRDFDGDFRQVHFXHQFLDSDUD LQGLFDUVLHVSRVLWLYDRQHJDWLYD DxR

DxRV

DxRV

DxRV

&XDQGRORVJUXSRVKD\DQFRPSOHWDGRHODQiOLVLVVHOHFFLRQDUiQODPHMRUVROXFLyQWDQWRHQWpUPLQRVGHUHVXOWDGRVSRVLWLYRV\ QHJDWLYRVFRPRGHFRQVHFXHQFLDVHQHOFRUWR\ODUJRSOD]R/XHJRFDGDJUXSRUHYLVDODVROXFLyQHOHJLGD\UHDOL]DORVDMXVWHV QHFHVDULRVSDUDPLQLPL]DUWRGRHIHFWRQHJDWLYR 3DVR  /RV DOXPQRV SODQLILFDQ OD LPSOHPHQWDFLyQ GH OD VROXFLyQ $XQTXH HVWH SDVR UHTXLHUH XQD SURIXQGD UHIOH[LyQ KDELOLWDDORVDOXPQRVSDUDUHDOL]DUDFFLRQHVTXHSHUPLWDQLPSOHPHQWDUODVROXFLyQHQXQPDUFRFRPXQLWDULRPiVDPSOLR 3DUDRUJDQL]DUODSODQLILFDFLyQGHVXVDFFLRQHVORVDOXPQRVSRGUtDQXWLOL]DUODSODQLOODGHSODQLILFDFLyQGHDFFLRQHVJUXSDOHV \ORVIRUPXODULRVGHFRPSURPLVRSHUVRQDOTXHDSDUHFHQDFRQWLQXDFLyQ 3DVR&DGDJUXSRSUHSDUDXQDSUHVHQWDFLyQSDUDORVPLHPEURVGHVXFXUVR\RGHODHVFXHODORVSDGUHV\ORVPLHPEURVGH ODFRPXQLGDGDFHUFDGHORVSUREOHPDVTXHKDQLGHQWLILFDGR\GHORVSODQHVGHDFFLyQ 3DVR6HSRQHQHQSUiFWLFDORVSUR\HFWRV\VHSODQLILFDXQDFWRGHUHFRQRFLPLHQWRSDUDORVHVIXHU]RVTXHKDQUHDOL]DGRORV DOXPQRV

/RV DOXPQRV TXH SDUWLFLSDURQ GHO SURFHVR GH VROXFLyQ GH SUREOHPDV HQ OD &XPEUH MXYHQLO KDQ JHQHUDGR QXPHURVRV HQIRTXHVSDUDFXHVWLRQHVGHRUGHQQDFLRQDO\JOREDO6XVSODQHVGHDFFLyQLQFOX\HQXQMXHJRUHIHULGRDORVHIHFWRVGHORV SOiVWLFRVVREUHHOPHGLRDPELHQWHSUHVHQWDFLRQHVDQWHJUXSRVGHODV1DFLRQHV8QLGDVGHODHVFXHODGHODFRPXQLGDG\GH OD LJOHVLD TXH GHVWDFDQ OD LPSRUWDQFLD GH ORV LQWHUFDPELRV MXYHQLOHV LQWHUQDFLRQDOHV SDUD SURPRYHU OD SD] PXQGLDO SDEHOORQHV HQ IHULDV ORFDOHV SDUD HGXFDU D ORV DVLVWHQWHV VREUH OD FRQWDPLQDFLyQ GH ORV RFpDQRV LPSOHPHQWDFLyQ GH 


SURJUDPDV SDUD SURPRYHU OD DXWRHVWLPD HQHOQLYHOHVFRODUDILQGHFRPEDWLUHOFRQVXPRGHGURJDV\ODFUHDFLyQGHXQD SHOtFXOD DFHUFD GH OD OXFKD GH OD YLGD VLOYHVWUH SDUD VREUHYLYLU 7DOHV SUR\HFWRV FRQWULEX\HQ D TXH ORV DOXPQRVDGTXLHUDQ KDELOLGDGHVTXHOHVSHUPLWDQDERUGDUFXHVWLRQHVFRPSOHMDVGHQWURGHODFRPXQLGDG-DVRQ6FKPLGWGHDxRVOXHJRGHVX SDUWLFLSDFLyQHQXQD&XPEUHMXYHQLODILUPy

$SUHQGtDLQWHUHVDUPHPXFKRPiVSRUHOPXQGR0HGR\FXHQWDGHTXHWRGRVSRGHPRVVHUDJHQWHVGHFDPELR

(GXFDFLyQPXOWLFXOWXUDO /D QDWXUDOH]D FDPELDQWH GH OD GHPRJUDItD HV HO SULQFLSDO IXQGDPHQWR SDUD OD HGXFDFLyQ PXOWLFXOWXUDO 6HJ~Q DILUPy HQ XQD RSRUWXQLGDG5REHUW0D\QDUG+XWFKLQVH[UHFWRUGHOD8QLYHUVLGDGGH&KLFDJR/DPHMRUHGXFDFLyQSDUDDOFDQ]DUODH[FHOHQFLD FRQVLVWHHQEULQGDUODPHMRUHGXFDFLyQSDUDWRGRV3RUORWDQWRHVHYLGHQWHTXHODPHMRUHGXFDFLyQUHTXLHUHODLQFRUSRUDFLyQGH HGXFDFLyQ PXOWLFXOWXUDO SDUD WRGRV ORV DOXPQRV GH WRGR JUXSR UDFLDO pWQLFR \ VRFLDO GHELGR D TXH FDGD XQR GH HOORV GHEHUi GHVHPSHxDUVXSDSHOHQXQIXWXURFUHFLHQWHPHQWHPXOWLpWQLFR

0XFKRVGRFHQWHVFRQVLGHUDQODHGXFDFLyQPXOWLFXOWXUDOFRPRXQFRQWHQLGROLPLWDGRDGHWHUPLQDGRVJUXSRVpWQLFRVRFXOWXUDOHVH LUUHOHYDQWH SDUD OD PD\RUtD GH ODV GLVFLSOLQDV DFDGpPLFDV QR REVWDQWH OD UHDOLGDG QRV SURSRUFLRQD RWURV GDWRV (Q WHRUtD OD HGXFDFLyQPXOWLFXOWXUDOGHEHUtDVHUXQSURFHVRSHUPDQHQWHLQWHJUDGR\PXOWLGLVFLSOLQDULRSDUDWRGRVORVDOXPQRV-DPHV%DQNV XQR GH ORV SULQFLSDOHV H[SHUWRV HVWDGRXQLGHQVHV HQ HO iUHD \ DXWRU GH 0XOWLHWKQLF (GXFDWLRQ 7KHRU\ DQG 3UDFWLFH >(GXFDFLyQ PXOWLpWQLFD WHRUtD \ SUiFWLFD@ DILUPD TXH OD HGXFDFLyQ PXOWLFXOWXUDO UHTXLHUH FDPELRV HQ ORV HQIRTXHV GH OD HQVHxDQ]D \ HQORV iPELWRV HGXFDWLYRV $QWHV GH TXH ORV HGXFDGRUHV LQFRUSRUHQ GLYHUVDV SHUVSHFWLYDV FXOWXUDOHV D VX SUiFWLFD GRFHQWH GH PDQHUD DGHFXDGD %DQNV UHFRPLHQGD DMXVWDU ORV FRQWHQLGRV GH OD HQVHxDQ]D D\XGDU D ORV DOXPQRV D LGHQWLILFDU SUHMXLFLRV HQ OD PDQHUD FRPRVHFRQVWUX\HHOFRQRFLPLHQWRDVHJXUDUHOORJURDFDGpPLFRGHWRGRVORVDOXPQRV\FUHDUXQFOLPDHVFRODUTXHHQVXWRWDOLGDG UHVSHWH\YDORUHODGLYHUVLGDG$FRQWLQXDFLyQSUHVHQWDPRVODVSURSXHVWDVGH%DQNVSDUDLQFRUSRUDUODHGXFDFLyQPXOWLFXOWXUDODO FXUUtFXORHVFRODU (QVHxDQ]DFRQXQDSHUVSHFWLYDPXOWLFXOWXUDO

,QWHJUDU LQIRUPDFLyQ PXOWLFXOWXUDO D ODV iUHDVGHFRQWHQLGR3DUDLQWHJUDUDGHFXDGDPHQWHODHGXFDFLyQPXOWLFXOWXUDODWRGDV ODViUHDVFXUULFXODUHVUHVXOWDUi~WLOTXHORVGRFHQWHVUHFXUUDQDHMHPSORV\FRQWHQLGRVWRPDGRVGHGLYHUVDVFXOWXUDVHQWRGDVODV 


GLVFLSOLQDV$QWHVGHTXHVHDSRVLEOHOOHYDUORDFDERORVHGXFDGRUHVGHEHQFRPHQ]DUSRU LQIRUPDUVHVREUHDSRUWHVPXOWLFXOWXUDOHV \VROLFLWDUDVXVDOXPQRVTXHSURSRUFLRQHQHMHPSORVDGLFLRQDOHVSURYHQLHQWHVGHVXSDWULPRQLRFXOWXUDOpWQLFR([LVWHQQXPHURVRV UHFXUVRVSDUDORVGRFHQWHVGHODViUHDVGHOHQJXDFLHQFLDVVRFLDOHV\DUWH

5HIOH[LRQDUVREUHODFRQVWUXFFLyQHOFRQRFLPLHQWR/RVGRFHQWHVSXHGHQD\XGDUDORVDOXPQRVDUHFRQRFHUODIRUPDHQTXHORV VXSXHVWRV \ SUHMXLFLRV FXOWXUDOHV LQIOX\HQ VREUH OD PDQHUD FRPR VH FRQVWUX\H HO FRQRFLPLHQWR GHQWUR GH XQD GLVFLSOLQD /RV FRQFHSWRV KHFKRV \ WHPDV TXH VH HQVHxDQ HQ HO DXOD GHEHUtDQ DQDOL]DUVH D SDUWLU GH ODV SHUVSHFWLYDV \ H[SHULHQFLDV GH GLYHUVRV JUXSRVFXOWXUDOHVpWQLFRV\UDFLDOHV3RUHMHPSORFXDQGRVHWUDEDMHXQDXQLGDGUHODFLRQDGDFRQHOGHVFXEULPLHQWRGH$PpULFDORV DOXPQRVSRGUtDQOHHUIUDJPHQWRVGHOOLEURGH)HOLSH*XDPiQ3RPDGH$\DOD1XHYDFUyQLFD\EXHQJRELHUQR \GHO'LDULRGH&ULVWyEDO &ROyQ SDUD GLVWLQJXLU HO SXQWR GH YLVWD GH ORV HXURSHRV GHO GH ORV LQGtJHQDV DFHUFD GHO PLVPR KHFKR 3RU PHGLR GH WDOHV FRPSDUDFLRQHVORVDOXPQRVGHVDUUROODQKDELOLGDGHVGHSHQVDPLHQWRFUtWLFR\FRQVWUX\HQDFWLYDPHQWHVXVFRQRFLPLHQWRVHQOXJDU GHFRQVXPLUOLEURVGHWH[WRHQIRUPDSDVLYD %ULQGDU HTXLGDG SHGDJyJLFD 8QD SHGDJRJtD HTXLWDWLYD LPSOLFD DMXVWDU ORV PpWRGRV GH HQVHxDQ]D D ILQ GH DVHJXUDU HO ORJUR DFDGpPLFRGHWRGRVORVDOXPQRVVLQGLVWLQFLyQGHJUXSRVRFLDOFXOWXUDOUDFLDORJpQHUR

0HGLDQWHHODSUHQGL]DMHFRRSHUDWLYRODHQVHxDQ]DPXOWLPRGDO\ODVRSFLRQHVSHUVRQDOL]DGDV\DXWRGLULJLGDVORVDOXPQRVWLHQHQ PD\RUHV RSRUWXQLGDGHV GH ORJUR /DV LQYHVWLJDFLRQHV GHPXHVWUDQ TXH ORV ORJURV DFDGpPLFRV GH ORV LQWHJUDQWHV GH JUXSRV PLQRULWDULRV DXPHQWDQ FXDQGR VH DSOLFDQ PRGHORV GH HQVHxDQ]D FRODERUDWLYRV \ QR FRPSHWLWLYRV (O DSUHQGL]DMH FRRSHUDWLYR D\XGD D ORV DOXPQRV LQFOXVR D TXLHQHV SHUWHQHFHQ D JUXSRV PD\RULWDULRV D GHVDUUROODU DFWLWXGHV UDFLDOHV PiV SRVLWLYDV (V LPSRUWDQWH QR REVWDQWH TXH ORV GRFHQWHVDVHJXUHQTXHWRGRVORVDOXPQRVVHHQFXHQWUHQHQSLHGHLJXDOGDGHQODVLQWHUDFFLRQHV LQWHUJUXSDOHV &UHDU XQD FXOWXUD HVFRODU UHLYLQGLFDWRULD /RV GRFHQWHV SXHGHQ FRQWULEXLU D FUHDU XQ FOLPD HVFRODU SRVLWLYR PHGLDQWH OD SUHYHQFLyQ R VXSUHVLyQ GH SUiFWLFDV FRPR HO WUDWR LQMXVWR OD GLVFULPLQDFLyQ R HO PHQRVSUHFLR D TXH GDQ OXJDU GHWHUPLQDGRV SURJUDPDV\HVWLPXODQGRODLQWHUDFFLyQSRVLWLYDGHORVDOXPQRV\GRFHQWHVSRUVREUHODVEDUUHUDVpWQLFDV\UDFLDOHV

8Q REMHWLYR LPSRUWDQWH GH OD HGXFDFLyQ PXOWLFXOWXUDO FRQVLVWH HQ D\XGDU D ORV DOXPQRV DDVXPLUHOFRQRFLPLHQWR\FRPSURPLVR QHFHVDULRV SDUD WRPDU GHFLVLRQHV UHIOH[LYDV \ SRQHU HQ SUiFWLFD DFFLRQHV SHUVRQDOHV VRFLDOHV \ FtYLFDV TXH SURPXHYDQ OD GHPRFUDFLD \ OD YLGD GHPRFUiWLFD &XDQGR ORV DOXPQRV DSUHQGHQ FRQWHQLGRV DFHUFD GH VX SDtV \ GHO PXQGR GHVGH ODV GLYHUVDV SHUVSHFWLYDVGHTXLHQHVKDQGDGRIRUPDDODVFXOWXUDVORFDOHLQWHUQDFLRQDOVHHQFXHQWUDQPHMRUFDSDFLWDGRVSDUDSDUWLFLSDUFRPR FLXGDGDQRVGHXQDQDFLyQ\XQPXQGRSOXUDOLVWDV &RPSUHQVLyQGHODGLYHUVLGDGFXOWXUDODWUDYpVGHODUWH

0XFKRVVRFLyORJRV\DQWURSyORJRVVRVWLHQHQTXHHODUWHVXUJHGHXQFRQWH[WRFXOWXUDO /DVFRVWXPEUHVORVJXVWRV\ODVFRUULHQWHV LGHROyJLFDV \ ILORVyILFDV WLHQHQ XQD SURIXQGD LQIOXHQFLD VREUH ODV H[SUHVLRQHV DUWtVWLFDV &XDQGR H[DPLQDPRV ORV DUWHIDFWRV FXOWXUDOHV GHEHPRV FRQVLGHUDU ODV IXHU]DV VRFLDOHV TXH DIHFWDQ VX FUHDFLyQ 3RU HO FRQWUDULR FXDQGR DQDOL]DPRV HO DUWH GH XQD FXOWXUDREWHQHPRVXQDSHUVSHFWLYDGHODVWUDGLFLRQHVTXHFRQWULEX\HURQDVXFRQIRUPDFLyQ ( 0DUJDUHW $QGUHZV XQD HGXFDGRUD FDQDGLHQVH SURIXQGDPHQWH LQWHUHVDGD HQ HO LPSDFWR FXOWXUDO GHO DUWH KD GHVDUUROODGR XQ SURJUDPDGHHGXFDFLyQPXOWLFXOWXUDOTXHDFHUFDDORVQLxRVDODGLYHUVLGDGFXOWXUDOSRUPHGLRGHODVDUWHV/RVDOXPQRVDVXPHQHO URO GH DQWURSyORJRV R GHWHFWLYHV FXOWXUDOHV SDUD LQWURGXFLUVH HQ RWUD FXOWXUD D WUDYpV GH VX DUWH /RV SURFHGLPLHQWRV GH HVWH SURJUDPDGHEDVHFXOWXUDOFRQVWDQGHORVVHLVSDVRVTXHVHGHVFULEHQDFRQWLQXDFLyQ

 6H VROLFLWD D ORV DOXPQRVTXHVHWUDQVIRUPHQHQDQWURSyORJRVRGHWHFWLYHVFXOWXUDOHVFX\DPLVLyQFRQVLVWHHQLQYHVWLJDU RWUDFXOWXUDPHGLDQWHODUHFRSLODFLyQ RUJDQL]DFLyQHLQWHUSUHWDFLyQGHGDWRVDUWtVWLFRV 3DUD FRPHQ]DU HO GRFHQWH \ ORV DOXPQRV LGHQWLILFDQ XQ WHPDGHLQYHVWLJDFLyQSRUHMHPSORODFXOWXUD\HODUWHFKLQDV8QDYH] DFRUGDGRHOWHPDVHHVSHFLILFDQORVREMHWLYRVGHDSUHQGL]DMHLQGLYLGXDOHVSDUDFDGDDOXPQR  /RV DOXPQRV FRPLHQ]DQ D GHVDUUROODU OD XQLGDG UHFRSLODQGR PXHVWUDV YLVXDOHV FRPR IRWRJUDItDV DILFKHV UHYLVWDV FXDGURV LOXVWUDFLRQHVGHOLEURV\RWURVREMHWRV7DPELpQVHSXHGHQUHXQLUFXHQWRVOH\HQGDVFDQFLRQHV\GDQ]DVSDUDSUHVHQWDUDORVGHPiV 8QDYH]TXHVHKD\DQWUDtGRDODXODORVDUWHIDFWRVORVDOXPQRVDQDOL]DQ\GHEDWHQDFHUFDGHODFROHFFLyQTXHVHKDUHXQLGR6H OHVVROLFLWDTXHREVHUYHQGHVFULEDQ\DQDOLFHQORVVLJQLILFDGRVGHORVGDWRVREWHQLGRV (OGHEDWH\SRVWHULRULQYHVWLJDFLyQSRGUtDQFRQFHQWUDUVHHQORVVLJXLHQWHVWySLFRV Â&#x2021;

ORVWLSRVGHDUWHUHSUHVHQWDGRVSRUHMHPSOREHOODVDUWHVDUWHIROFOyULFRDUWHXWLOLWDULRDUWHWXUtVWLFRRDUWHLQGtJHQD

Â&#x2021; ODV IXQFLRQHV GHO DUWH HQ ODV GLYHUVDV FXOWXUDV FRPR DGRUQR SHUVRQDO R LQGXPHQWDULR SURSyVLWRV FRWLGLDQRV PXHEOHV \ YDVLMDV UHFUHDFLyQ\WLHPSROLEUHULWXDO\FHUHPRQLDOSURPRFLyQGHDFFLRQHVSROtWLFDVHFRQyPLFDVRFRPHUFLDOHV Â&#x2021; ODKLVWRULDDVRFLDGDFRQODVIRUPDVDUWtVWLFDVFXOWXUDOHVODPRWLYDFLyQVXE\DFHQWHHQODFUHDFLyQGHFDGDIRUPDDUWtVWLFD\ORV YDORUHV\FUHHQFLDVTXHVHUHIOHMDQHQHODUWH 


Â&#x2021; FRPSDUDFLRQHV HQWUH GLVWLQWDV FXOWXUDV TXH SHUPLWDQ DQDOL]DU ODV VLPLOLWXGHV \ GLIHUHQFLDV HQWUH ORV HVWLORV VtPERORV R PDWHULDOHV Â&#x2021;

ORVPDWHULDOHV\WpFQLFDVHPSOHDGRVHQORVDUWHIDFWRV

 'XUDQWH HO DQiOLVLV GH ORV DUWHIDFWRV \ VXV LPSOLFDQFLDV FXOWXUDOHV ORV GRFHQWHV LGHQWLILFDQ \ RUJDQL]DQ SUR\HFWRV GH SURGXFFLyQ/RVDOXPQRVDSUHQGHQDFHUFDGHORVPDWHULDOHV\SURFHVRVGHODDUWHVDQtDGHXQD FXOWXUDDPHGLGDTXHDYDQ]DQHQVXV HVWXGLRV(QHVWDHWDSDXQUHFXUVRLQGXGDEOHPHQWHYDOLRVRFRQVLVWHHQLQYLWDUDODFODVHDSHUVRQDVFRQHVSHFLDOL]DFLyQDUWtVWLFD

 3DUD OD HYDOXDFLyQ ORV DOXPQRV SDUWLFLSDUiQ GH JUXSRV GH GHEDWH \ FRQIHFFLRQDUiQ LQYHQWDULRV HQ ORV TXH VH LQFOX\DQ ORV HOHPHQWRV PiV LPSRUWDQWHV TXH KDQ DSUHQGLGR (O LQYHQWDULR SXHGH UHIOHMDU FRQFHSFLRQHV SHUVRQDOHV VLJQLILFDGRV FXOWXUDOHV \ ORJURVGHREMHWLYRVLQGLYLGXDOHV  /DVSUHVHQWDFLRQHVSHULyGLFDVSDUDWRGDODHVFXHODHQODVTXHVHH[SRQHQWHPDVFXOWXUDOHVHQIXQFLRQHVGHWtWHUHVRHYHQWRV UHODFLRQDGRV FRQ OD FXOWXUD FRQVWLWX\HQ XQD SDUWH IXQGDPHQWDO GHO SURFHVR GH DSUHQGL]DMH /RV DOXPQRV SRGUtDQ RUJDQL]DU XQ IHVWLYDO PXOWLFXOWXUDO GH ODV DUWHV SDUD ORV RWURV FXUVRV ORV SDGUHV \R PLHPEURV GH OD FRPXQLGDG HQ ORV TXH VH H[KLEDQ ORV UHVXOWDGRVGHVXVLQYHVWLJDFLRQHVFXOWXUDOHV

(O HQIRTXH GH OD HGXFDFLyQ PXOWLFXOWXUDO EDVDGR HQ OD LQGDJDFLyQ GH $QGUHZV SHUPLWH IDPLOLDUL]DU D ORV DOXPQRV FRQ GLYHUVDV SHUVSHFWLYDV \ SUiFWLFDV FXOWXUDOHV $VLPLVPR ORV QLxRV DGTXLHUHQ LPSRUWDQWHV KDELOLGDGHV GH DSUHQGL]DMH D PHGLGD TXH FRPLHQ]DQDUHFRQRFHU\FHOHEUDUODGLYHUVLGDGFXOWXUDO &XOWXJUDPDV

RWURHQIRTXHSDUDH[SORUDUODGLYHUVLGDGFXOWXUDOHVHOTXHSURSRQHHO'DYLG0.HQQHG\&HQWHUIRU,QWHUQDWLRQDO6WXGLHV>&HQWUR GH (VWXGLRV ,QWHUQDFLRQDOHV 'DYLG 0 .HQQHG\@ GH OD 8QLYHUVLGDG %ULJKDP <RXQJ 6X SURFHVR GH LQYHVWLJDFLyQ GHQRPLQDGR FXOWXJUDPD GHVDUUROOD SHUILOHV GH GLYHUVRV JUXSRV FXOWXUDOHV FRQ HO REMHWR GH SURPRYHU HO HQWHQGLPLHQWR LQWHUFXOWXUDO 'LFKR &HQWUR KD UHOHYDGR DSUR[LPDGDPHQWH  FXOWXUDV HQ HO PXQGR \ KD FUHDGR FXOWXJUDPDV SDUD PiV GH FLHQ SDtVHV TXH VH DFWXDOL]DQDQXDOPHQWH'HELGRDODPDJQLWXGGHODWDUHDTXHLPSOLFDFRPSUHQGHUDXQQ~PHURVHPHMDQWHGHFXOWXUDVKXPDQDVVH GHVDUUROOyHOFXOWXJUDPDFRPRPHGLRSDUDRUJDQL]DU\UHSUHVHQWDUGLIHUHQWHVFXOWXUDV\VXVFDUDFWHUtVWLFDV

8QFXOWXJUDPDHVXQWUDEDMRGHLQYHVWLJDFLyQGHVWLQDGRDUHFRSLODULQIRUPDFLyQVREUHODVQXPHURVDVGLPHQVLRQHVGHXQDPLVPD FXOWXUD 8QD YH] TXH VH KD OOHYDGR D FDER OD LQYHVWLJDFLyQ \ VH KD FRPSLODGR OD LQIRUPDFLyQ VH OD FRQYDOLGD SRU PHGLR GH OD H[SHULHQFLD SHUVRQDO \R HQWUHYLVWDV FRQ LQGLYLGXRV SHUWHQHFLHQWHV D OD FXOWXUD HQ HVWXGLR 'HELGR D TXH ODV LQWHUSUHWDFLRQHV GHO FRPSRUWDPLHQWRFXOWXUDOSXHGHQYDULDUGHXQDSHUVRQDDRWUDODDFWXDOL]DFLyQ\FRQYDOLGDFLyQFRQVWLWX\HQXQDSDUWHIXQGDPHQWDO GHOSURFHVRGHLQYHVWLJDFLyQ ([LVWHQ  iUHDV DPSOLDV GH HVWXGLR HQ XQ FXOWXJUDPD /RV GRFHQWHV LQWHUHVDGRV HQ TXH VXV DOXPQRV FRPLHQFHQ D WUDEDMDU FRQ GLFKRV SHUILOHV FXOWXUDOHV SRGUiQ VROLFLWDUOHV TXH VHOHFFLRQHQ XQD R PiV iUHDV GH LQYHVWLJDFLyQ HQ OXJDU GH WUDWDU GH FRPSLODU OD WRWDOLGDG GH XQ FXOWXJUDPD 3DUD OOHYDU D FDER OD LQYHVWLJDFLyQ VH SRGUi FRQVXOWDU PDWHULDO HQ ELEOLRWHFDV HPEDMDGDV VHUYLFLRV FRQVXODUHV RUJDQL]DFLRQHV GH UHODFLRQHV FXOWXUDOHV \ UHDOL]DU HQWUHYLVWDV $ FRQWLQXDFLyQ UHSURGXFLPRV ODV  FDWHJRUtDV GH ORV FXOWXJUDPDVFRQDXWRUL]DFLyQGHO&HQWURGH(VWXGLRV,QWHUQDFLRQDOHV'DYLG0.HQQHG\GHOD8QLYHUVLGDG%ULJKDP<RXQJ 6DOXGRV

9LGDVRFLDO

&RQYHUVDFLRQHVRGLVFXUVR 5HXQLRQHV

5HODFLRQHVGHURO *HVWRV

$VSHFWRSHUVRQDO

([SUHVLyQGHDFWLWXGHVJHQHUDOHVSRUHGDGVH[RRFDUJR /HQJXDV

5HOLJLyQ\ILORVRItD 


)HULDGRVHVSHFLDOHV\UHOLJLRVRV )DPLOLD

&LWDVDPRURVDVQRYLD]JR\PDWULPRQLR 1LYHOHVVRFLDOHV\HFRQyPLFRV

'LVWULEXFLyQJUXSDO 7UDEDMR

'LHWD\KiELWRVDOLPHQWDULRV

5HFUHDFLyQWLHPSROLEUHGHSRUWHVDUWH +LVWRULD\IRUPDGHJRELHUQR (GXFDFLyQ

6LVWHPDVGHWUDQVSRUWH\FRPXQLFDFLyQ 6DOXGVDQLGDG\VHUYLFLRVPpGLFRV *HRJUDItD\FOLPD

2WUDVFRVWXPEUHVFRQGLFLRQHV\FHUHPRQLDVFDUDFWHUtVWLFDV

/XHJR GH TXH ORV DOXPQRV KD\DQ UHFRSLODGR ORV GDWRV GHEHQ HQWUHYLVWDU D XQ UHSUHVHQWDQWH GH OD FXOWXUD HVWXGLDGD D ILQ GH YHULILFDU OD LQIRUPDFLyQ TXH FRPSLODUiQ HQ XQ IRUPDWR HVFULWR R YLVXDO \ DUFKLYDUiQ SDUD TXH SXHGDQ FRQVXOWDUOD TXLHQHV HVWpQ LQWHUHVDGRV HQ DSUHQGHU DFHUFD GH HOOD /D LQYHVWLJDFLyQ GH DOJXQR R WRGRV ORV FRPSRQHQWHV GH XQ FXOWXJUDPD SHUPLWH D ORV DOXPQRVFRPSUHQGHUPXFKRVDVSHFWRVHVHQFLDOHVGHXQDFXOWXUD/RVFXOWXJUDPDVHVSHFLDOPHQWHFXDQGRHVWiQFRQYDOLGDGRVSRU LQWHJUDQWHVGHODFXOWXUDHQFXHVWLyQSURPXHYHQXQPD\RUHQWHQGLPLHQWR\FRPXQLFDFLyQFRQORVGHPiV

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDLQWHUSHUVRQDO

&RQ IUHFXHQFLD ORV DOXPQRV XWLOL]DQ OD WHFQRORJtD LQGLYLGXDOPHQWH SURFHGHU TXH VXHOH VHU ~WLO SDUD SURSyVLWRV UHPHGLDOHV R GH H[SORUDFLyQ SHUVRQDO 1R REVWDQWH ODV LQYHVWLJDFLRQHV DFWXDOHV LQGLFDQ TXH FXDQGR ORV DOXPQRV XWLOL]DQ ODV FRPSXWDGRUDV SRU SDUHMDVRHQSHTXHxRVJUXSRVVHIDFLOLWDQ\DFHOHUDQODFRPSUHQVLyQ\HODSUHQGL]DMH3XHGHQSURGXFLUVHH[SHULHQFLDVSRVLWLYDVGH DSUHQGL]DMH FXDQGR ORV DOXPQRV FRPSDUWHQ VXVGHVFXEULPLHQWRV VH EULQGDQ DSR\R SDUD UHVROYHU SUREOHPDV \ WUDEDMDQ HQ SUR\HFWRVFRQMXQWRV(QORVSXHVWRVGHWUDEDMRDFWXDOHVGLFKDVKDELOLGDGHVKDQDGTXLULGRXQDLPSRUWDQFLDFUHFLHQWH ([LVWHQPXFKDVIRUPDVGHXWLOL]DUODWHFQRORJtD HQHODXODSDUDSURPRYHUODVKDELOLGDGHVLQWHUSHUVRQDOHV3RUHMHPSORVHSXHGH UHDOL]DU XQD JUDEDFLyQ HQ YLGHR PLHQWUDV ORV DOXPQRV GHVDUUROODQ XQD SUHVHQWDFLyQ R XQD GUDPDWL]DFLyQ /XHJR HOORV SRGUiQ REVHUYDUVXVH[SUHVLRQHVIDFLDOHV\VXVPRYLPLHQWRVFRUSRUDOHVSDUDGHWHUPLQDUVLFRQWULEX\HURQDGHVWDFDURGHVPHUHFHUDTXHOOR TXH GHVHDEDQ FRPXQLFDU *UXSRV GH DOXPQRV SRGUiQ GLVFXWLU OR TXH KD\DQ REVHUYDGR UHVSHFWR GH FDGD XQR WHQLHQGR HQ FXHQWD TXH GHEHUiQ FRPHQ]DU \ ILQDOL]DU FRQ XQ FRPHQWDULR SRVLWLYR \ TXH VyOR VH DGPLWLUiQ FUtWLFDV VL VH ODV IRUPXOD GH PDQHUD FRQVWUXFWLYD

/DVKDELOLGDGHVLQWHUSHUVRQDOHVSXHGHQSURPRYHUVHPHGLDQWHODRUJDQL]DFLyQGHSHTXHxRVJUXSRVSDUDHOWUDEDMRFRQODWHFQRORJtD HQHODXOD\WDPELpQPHGLDQWHHOHVWDEOHFLPLHQWRGH UHGHVLQIRUPiWLFDVFRQDOXPQRVGHRWURVFXUVRVHVFXHODVRSDtVHV$~QPiV GUDPiWLFDHVODFUHFLHQWHIUHFXHQFLDFRQTXHVHOOHYDQDFDERWHOHFRQIHUHQFLDVPHGLDQWHWUDQVPLVLRQHVVDWHOLWDOHV(OFRQWDFWRFDUD D FDUD HQWUH QLxRV TXH SXHGHQ YHUVH \ RtUVH SRU PHGLR GH OD WHFQRORJtD HV XQD IRUPD DOWDPHQWH PRWLYDGRUD SDUD GHVDUUROODU KDELOLGDGHV SDUD OD FRPXQLFDFLyQ \D TXH HOOR SHUPLWH TXH DOXPQRV GH GLIHUHQWHV ]RQDV GH XQ SDtV R GHO PXQGR VH XQDQ HQ OD E~VTXHGDGHVROXFLRQHVDSUREOHPDVHFROyJLFRVHFRQyPLFRVR SROtWLFRV /D DFFLyQ GH OD &RSHQ )DPLO\ )XQG GH 1XHYD <RUN KD UHVXOWDGR GHFLVLYD SDUD SURPRYHU HO GHVDUUROOR GH UHGHV LQIRUPiWLFDV HVFRODUHV  ($51 YLQFXOD FLQFR FHQWURV HQ ORV (VWDGRV 8QLGRV FRQ SUR\HFWRV GH TXLQFH SDtVHV HQ HO H[WUDQMHUR 7KH *OREDO (GXFDWLRQ 0RGHOGH<RUNWRZQ+HLJKWV1XHYD<RUNYLQFXODDDOXPQRVGHWRGRVORVQLYHOHVGHHQVHxDQ]DFRQSDUHVHQ +RODQGD(VSDxDH,QGRQHVLD7KH$OEXTXHUTXH3XEOLF6FKRROVYLQFXODDXVXDULRVGHODVHVFXHODVGHOGLVWULWRSRUPHGLR GH XQD UHG GH FRUUHR HOHFWUyQLFR HQ GLFKR QLYHO < HO3DFLILF1RUWKZHVW&HQWHUYLQFXODDODV(VFXHODVSDUDHO6LJOR;;,GHO HVWDGRGH:DVKLQJWRQ/D)XQGDFLyQ&RSHQFRQGXFHWHOHFRQIHUHQFLDVLQIRUPiWLFDVRQOLQHGHEDMRFRVWRSDUDWDOHVSUR\HFWRV 


(QWUHODVQXPHURVDVUHGHVH[LVWHQWHVSRGHPRVFLWDUD.LGVQHWGH1DWLRQDO*HRJUDSKLF/HDUQLQJ1HWZRUNGH$77\3HDFHQHW/D ,QWHUQHWXQDUHGGHUHGHVLQIRUPiWLFDVLQFOX\HPLOHVGHUHGHVXWLOL]DGDVSRUPLOORQHVGHSHUVRQDVGHWRGDVODVHGDGHV/DVUHGHV GH WHOHFRPXQLFDFLRQHV FRQVWLWX\HQ XQ LPSRUWDQWH UHFXUVR \ XQ VLVWHPD GH DSR\R SDUD ORV HGXFDGRUHV 6H KD FUHDGR XQ JUDQ Q~PHUR GH UHGHV FRPR $PHULFD 7RPRUURZ FRQ HO REMHWR GH YLQFXODU D ORV HGXFDGRUHV \ GH EULQGDU LQIRUPDFLyQ SHGDJyJLFD DFWXDOL]DGD\UHFXUVRVSDUDOOHYDUDFDERLQQRYDFLRQHV\UHHVWUXFWXUDFLRQHV 'LVWDQFH /HDUQLQJ IDFLOLWD OD FRPXQLFDFLyQ HQWUH GRFHQWHV \ DOXPQRV GH GLIHUHQWHV FRPXQLGDGHV UHJLRQHV R SDtVHV (VWD WHFQRORJtDLQWHUDFWLYDSHUPLWHGHVDUUROODUH[WHQGHU\SURIXQGL]DUODVKDELOLGDGHVLQWHUSHUVRQDOHV\SHQHWUDODVEDUUHUDVFXOWXUDOHVD PHGLGDTXHORVDOXPQRV\ORVGRFHQWHVDSUHQGHQDFRPXQLFDUVHPHGLDQWHODVQXHYDVIRUPDVTXHSURSRQHHVWHPHGLR

5HVXPHQ

6HJ~Q VHxDOD +RZDUG *DUGQHU HO GHVDUUROOR SRVLWLYR GH ODV LQWHOLJHQFLDV SHUVRQDOHV GHWHUPLQD VL XQ LQGLYLGXR OOHYDUi XQD YLGD DGXOWD SOHQD \ VDWLVIDFWRULD /D LQWHOLJHQFLD LQWHUSHUVRQDO UHVXOWD HVHQFLDO SDUD YLYLU \ WUDEDMDU FRQ ORV GHPiV HQ QXHVWUR HQWRUQR LQPHGLDWR HQ QXHVWUD FRPXQLGDG \ HQ HO PXQGR $SUHQGHU D YLYLU FRRSHUDWLYDPHQWH \ DSUHQGHU D PDQHMDU FRQIOLFWRV HQ IRUPD HILFD]VRQKDELOLGDGHVQHFHVDULDVWDQWRSDUDORVLQGLYLGXRVFRPRSDUDODVQDFLRQHV $OEHUW(LQVWHLQDILUPyHQXQDRSRUWXQLGDG

(OQLYHOJHQHUDOGHLQIRUPDFLyQPXQGLDOHVDOWRSHURJHQHUDOPHQWHWHQGHQFLRVRLQIOXHQFLDGRSRUSUHMXLFLRVQDFLRQDOHVTXHQRV WUDQVIRUPDQHQFLXGDGDQRVGHQXHVWUDQDFLyQSHURQRGHQXHVWURPXQGR

(V SRVLEOH DPSOLDU OD SHUVSHFWLYD GHO DOXPQR UHVSHFWR GH FXHVWLRQHV ORFDOHV \ JOREDOHV D ILQ GH SHUPLWLUOH DVXPLUVH FRPR FLXGDGDQR WDQWR GH VX QDFLyQ FRPR GHO PXQGR 6L QRV KDOODPRV ILUPHPHQWH FRQVXVWDQFLDGRV FRQ QXHVWUDV UDtFHV FXOWXUDOHV HV SRVLEOH WUDVSDVDU ODV IURQWHUDV QDFLRQDOHV FRQ HO ILQ GH FRODERUDU FRQ ORVGHPiVSDUDUHVROYHUORVFRPSOHMRVSUREOHPDVDTXHVH HQIUHQWDODKXPDQLGDG

(VWH FDStWXOR SUHVHQWD QXPHURVDV HVWUDWHJLDV LQWHUSHUVRQDOHV QHFHVDULDV SDUD YLYLU HQ XQ PXQGR GH FUHFLHQWH LQWHUGHSHQGHQFLD HQWUHHOODVHVWDEOHFHUJUXSRVHILFDFHVDSUHQGL]DMHHQFRODERUDFLyQPDQHMRGHFRQIOLFWRVDSUHQGL]DMHPHGLDQWHHOWUDEDMRVRFLDO DSUHFLDFLyQ GH ODV GLIHUHQFLDV PHGLDQWH HO DSUHQGL]DMH VREUH ORV GLIHUHQWHV HVWLORV SDUD DSUHQGHU GHVDUUROOR GH SHUVSHFWLYDV P~OWLSOHVVROXFLyQGHSUREOHPDVHQHOQLYHOORFDO\JOREDOHGXFDFLyQPXOWLFXOWXUDO\XVRVLQWHUSHUVRQDOHVGHODWHFQRORJtD&RQHO REMHWRGHUHVXPLUUHIOH[LRQDU\VLQWHWL]DUHOFRQWHQLGRGHOSUHVHQWHFDStWXORRIUHFHPRVODVLJXLHQWHJXtD




&$3Ã&#x152;78/2

(OPXQGRTXHOOHYDPRVGHQWURLQWHOLJHQFLD LQWUDSHUVRQDO $TXHOORTXHGHMDPRVDWUiV\DTXHOORTXHWHQHPRVSRUGHODQWHQRVRQPiVTXHLQVLJQLILFDQFLDVFRPSDUDGRVFRQORTXHOOHYDPRV GHQWUR 2/,9(5:(1'(//+R/0(6

&XDQGR%LOOHUDSHTXHxRVXPDGUHORFRQVLGHUDEDXQQLxRGLItFLO$SUHQGtDFRQPXFKDOHQWLWXGWHQtDIUHFXHQWHVFRQYXOVLRQHV\ SUHVHQWDEDWUDVWRUQRVGHFRQGXFWD

 /D SUHVHQFLD GH GRV QLxRV GH FRUWD HGDG HQ HO KRJDU XQ PDWULPRQLR GHVKHFKR \ OD QHFHVLGDG GH YROYHU D FRQVHJXLU HPSOHR KDFtDQTXHODPDGUHGH%LOOVHVLQWLHUDVREUHSDVDGDSRUODDWHQFLyQTXHUHTXHUtDVXKLMR3RFRGHVSXpVGHVXQRYHQRFXPSOHDxRV %LOOIXHLQWHUQDGRHQXQDLQVWLWXFLyQHVWDWDOSDUDLQGLYLGXRVFRQUHWUDVRPHQWDOGRQGHSDVyORVVLJXLHQWHVGRFHDxRVGHVXYLGD (OLQJUHVRHQODLQVWLWXFLyQVLJQLILFySDUD%LOOODSpUGLGDGHODVH[SHULHQFLDVFRPXQHVHQODLQIDQFLD6HHQFRQWUDEDDLVODGRGHVX IDPLOLDGHVXVDPLJRV\GHOSHTXHxRSXHEORGRQGHKDEtDQDFLGR(ODLVODPLHQWRGH%LOOLQFOXtDWDPELpQHODQDOIDEHWLVPR'HELGR DTXHSUHVHQWDEDXQ&,LQIHULRUDVHORLQFOX\yHQODFDWHJRUtDGHLQHGXFDEOH\QXQFDVHOHHQVHxyDOHHURHVFULELU6XVGtDV HQODLQVWLWXFLyQWUDQVFXUULHURQHQWUHWDUHDVGHOLPSLH]D

$O ILQDOL]DU VX HWDSD HQ OD LQVWLWXFLyQ %LOO VXEVLVWLy FRQ HO DSR\R TXH OH EULQGDED XQ RUJDQLVPR FRPXQLWDULR GHGLFDGR D OD UHLQVHUFLyQ GH H[ LQWHUQRV DGXOWRV FX\R REMHWLYR FRQVLVWtD HQ D\XGDUORV D GHVDUUROODU XQD YLGD SOHQD H LQGHSHQGLHQWH 'LFKR RUJDQLVPRH[LJtDTXH%LOOHVWDEOHFLHUD\FXPSOLHUDPHWDVSHUVRQDOHVDQXDOHVTXHOHSHUPLWLHUDQFRQYHUWLUVHHQXQPLHPEURDFWLYy GHODFRPXQLGDGORFDO&XDQGR%LOOFXPSOLyDxRVVHSURSXVRXQQXHYRREMHWLYRDSUHQGHUDOHHU\HVFULELU

6XWUDEDMDGRUVRFLDOVHSXVRHQFRQWDFWRFRQXQDGRFHQWHGHOHQJXDTXHHPSOHDEDXQHQIRTXHPXOWLPRGDOSDUDODHQVHxDQ]DGHOD OHFWXUD %LOO H[SUHVy LQPHGLDWDPHQWH VX GHVHR GH HVFULELU XQD FDUWD D VX PDGUH GH TXLHQ YLYtD VHSDUDGR GHVGH KDFtD PXFKR WLHPSR \ GLFWy FRQ JUDQ SUHFLVLyQ VXV SHQVDPLHQWRV D OD GRFHQWH \ OXHJR SUDFWLFy OHHU SDUWHV GH OD FDUWD %LOO \ VX LQVWUXFWRUD WUDEDMDURQ WDPELpQ OD OHFWXUD SRU PHGLR GH XQD FROHFFLyQ GH OLEURV OODPDGD %DOO 6WLFN %LUG 3HORWD %DVWyQ 3iMDUR  GH 5HQH )XOOHU-XQWRVOH\HURQORVWH[WRVTXHDSDUHFtDQHQSDTXHWHVGHFLJDUULOORVFDMDVGHFHUHDOVHxDOHVYLDOHVDQXQFLRVGHDOLPHQWRV\ PHGLFDPHQWRV\WLWXODUHVGHSHULyGLFRV%LOOSUDFWLFyODHVFULWXUDGHSDODEUDV\IUDVHVXWLOL]DQGRDOSULQFLSLRPDUFDGRUHVGHFRORUHV \OXHJRXQDPiTXLQDGHHVFULELUTXHOHSURSRUFLRQyODGRFHQWH %LOOWUDEDMDEDLQFDQVDEOHPHQWHHQIRUPDLQGLYLGXDO\OOHQDEDFXDGHUQRVFRQIUDVHVTXHPRVWUDEDRUJXOORVRDVXGRFHQWHGXUDQWHOD FODVH VLJXLHQWH (O KHFKR GH HVFULELU DFHUFD GHO PDWHULDO GHOHFWXUDTXHpOPLVPRHOHJtD\GHILMDUVH\DOFDQ]DUPHWDVSHUVRQDOHV SURGXMHURQUHVXOWDGRVSRVLWLYRV 7DQWRODVKDELOLGDGHVGH%LOOFRPRVXDXWRFRQILDQ]DVHLQFUHPHQWDURQQRWRULDPHQWH$OFDERGHXQPHVGHDSUHQGL]DMHGH OHFWRHVFULWXUD%LOOVHSURSXVRXQQXHYRREMHWLYRHVFULELUXQOLEUR

&XDQGR%LOOOHLQIRUPyDFHUFDGHHVWHSURSyVLWRODGRFHQWHH[SHULPHQWyGXGDV\VHSUHJXQWyVLODLGHDGH%LOOSRGUtDFRQVLGHUDUVH UHDOLVWD&RPRUHVSXHVWDDHVDVGXGDVQRIRUPXODGDV%LOOPDQLIHVWyTXH\DKDEtDGHFLGLGRFXiOVHUtDHOWtWXORGHOOLEUR6HOODPDUtD 7KH LQVLGH ZRUOG >(O PXQGR LQWHUQR@ \ QDUUDUtD VX YLGD HQ OD LQVWLWXFLyQ 6HLV PHVHV PiV WDUGH KDEtD FRQFOXLGR VX WUDEDMR /RV IUDJPHQWRVVLJXLHQWHVSHUWHQHFHQDOOLEUR7KHLQVLGHZRUOGGH%LOO.QDNH

0HJXVWDUtDVHUFDSD]GHHQVHxDUDOHHUDRWUDVSHUVRQDV&UHRTXHVHULDXQEXHQPDHVWUR/HVHQVHxDUtDORTXHVp\OHVD\XGDUtDDHQFRQWUDUODV SDODEUDVTXHTXLHUDQVDEHU7HQJRFRQGLFLRQHVSDUDWUDEDMDUFRQODVSHUVRQDV3XHGRFRPSUHQG HUODV\FRPSUHQGHUVXVSUREOHPDV0HJXVWDUtD VDEHUVLSXHGRD\XGDUDORVGHPiVRQR&RQR]FRDPXFKDVSHUVRQDVTXHQRVDEHQOHHUQLHVFULELU0HJXVWDUtD

IXQGDUXQDHVFXHODSDUDHQVHxDUOHV/HHUHVGLYHUWLGR1XQFDVHHVGHPDVLDGRYLHMRSDUDDSUHQGHUDO HHU0HJXVWDUtDWUDEDMDUFRQSHUVRQDV DQDOIDEHWDV\WUDQVIRUPDUODVSDUDTXHIXHUDQFDSDFHVGHOHHU 


'HVGHTXHDSUHQGtDOHHUPHVLHQWRPHMRUFRQPLJRPLVPR6LHPSUHTXLVHOHHU(VWR\RUJXOORVRGHPt'HVHRVHJXLUSHUIHFFLRQiQGRPHHQOHFWXUD\ HVFULWXUD\ TXLHURHVFULELUPiVOLEURV<DQRWHQJRQDGDPiVSDUDGHFLUDFHUFDGHODVLQVWLWXFLRQHV4XLVLHUDHVFULELUDFHUFDGHRWUDVFRVDVGH FRVDVEXHQDVFRPRODPDQHUDGHTXHWRGRVQRVOOHYHPRVPXFKRPHMRU0HVLHQWRDJXVWRFRQPLJRPLVPR\PHVLHQWRDJXVWRFRQ ODYLGDTXHOOHYR

/DSHUVHYHUDQFLDHLQWHUpVSRUORVGHPiVTXHGHPXHVWUD%LOO.QDNHGRVDVSHFWRVGHODLQWHOLJHQFLDLQWUDSHUVRQDOKDQVHUYLGRGH LQVSLUDFLyQDQXPHURVDVSHUVRQDVSDUDHVWDEOHFHU\FXPSOLUREMHWLYRVTXHSUHYLDPHQWHFRQVLGHUDEDQLPSRVLEOHV(QODDFWXDOLGDG %LOOYLYH\WUDEDMDHQ0W9HUQRQHVWDGRGH:DVKLQJWRQ(VWDGRV8QLGRV

'HILQLFLyQLQWHOLJHQFLDLQWUDSHUVRQDO

(Q HO FRUD]yQ GH QXHVWUR PXQGR LQWHULRU VH HQFXHQWUDQ ODV FDSDFLGDGHV D ODV TXH UHFXUULPRV SDUD FRPSUHQGHUQRV D QRVRWURV PLVPRV\DRWUDVSHUVRQDVSDUDLPDJLQDUSODQLILFDU\UHVROYHUSUREOHPDV$OOtKDELWDQWDPELpQFXDOLGDGHVWDOHVFRPRPRWLYDFLyQ FDSDFLGDGGHGHFLVLyQpWLFDLQWHJULGDGHPSDWtD\DOWUXLVPR6LQHVWRVUHFXUVRVLQWHULRUHVUHVXOWDGLItFLOOOHYDUXQDYLGDSURGXFWLYD HQHOSOHQRVHQWLGRGHODH[SUHVLyQ

/D PD\RUtD GH ORV LQYHVWLJDGRUHV FRQVLGHUD TXH WDQ SURQWR OOHJDPRV DO PXQGR FRPLHQ]DQ D GHVDUUROODUVH ODV LQWHOLJHQFLDV SHUVRQDOHVDSDUWLUGHXQDFRPELQDFLyQGHHOHPHQWRVUHODFLRQDGRVFRQODKHUHQFLDHODPELHQWH\ODH[SHULHQFLD/DUHODFLyQHQWUH HO EHEp \ OD PDGUH R OD SHUVRQD TXH VH HQFDUJD GH VX FXLGDGR HVWDEOHFH HO HTXLOLEULR HPRFLRQDO \ VX FRQVWDQWH IRUWDOHFLPLHQWR SURPXHYHXQFUHFLHQWHVHQWLGRGHLGHQWLGDGSHUVRQDO\VLHQWDODVEDVHVSDUDHVWDEOHFHU RWUDVUHODFLRQHVVRFLDOHVSRVLWLYDV3RUOR WDQWRGHVGHXQSULQFLSLRODVLQWHOLJHQFLDVLQWUDSHUVRQDOHLQWHUSHUVRQDOVRQLQWHUGHSHQGLHQWHV /RV SDGUHV X RWUDV SHUVRQDV TXH VH HQFDUJDQ GHO FXLGDGR GH ORV QLxRV \ ORV GRFHQWHV GHVHPSHxDQ XQD IXQFLyQ FUtWLFD FRPR PRGHORV GH URO SDUD GLFKDV LQWHOLJHQFLDV HQ HO GHVDUUROOR GHO QLxR \ ORV HQWRUQRV SRVLWLYRV HQULTXHFHGRUHV \ HVWLPXODQWHV TXH FRQWULEX\HQDFUHDUSURSRUFLRQDQHOIXQGDPHQWRSDUDXQGHVDUUROORVDOXGDEOHGHOVHUKXPDQRHQODViUHDVLQWHOHFWXDOHPRFLRQDO\ ItVLFD /D LQWHOLJHQFLD LQWUDSHUVRQDO FRPSUHQGH QXHVWURV SHQVDPLHQWRV \ VHQWLPLHQWRV (Q OD PHGLGD HQ TXH SRGDPRV FRQFLHQWL]DUORV PiVVyOLGDVHUiODUHODFLyQHQWUHQXHVWURPXQGRLQWHULRU\HOPXQGRH[WHULRUGHODH[SHULHQFLD (Q DOJXQRV FDVRV FXDQGR QRV HQFRQWUHPRV KDFLHQGR DOJR HQ IRUPD DXWRPiWLFD UHVXOWDUi ~WLO LQWHUUXPSLU HVWH HVTXHPD \ UHFRPHQ]DUODWDUHDFXLGDGRVD\UHIOH[LYDPHQWHSUHVWDQGRDWHQFLyQDQXHVWUDFRQGXFWD7DODXWRREVHUYDFLyQFUtWLFDHVXQDPDQHUD GHDXPHQWDUQXHVWUDFRQFLHQFLDUHVSHFWRGHQXHVWURPXQGRLQWHULRUXQDDFWLWXGWDQYDOLRVDHQORVGRFHQWHVFRPRHQORVDOXPQRV

(QHVWHFDStWXORH[SORUDPRVIRUPDVSDUDDOFDQ]DUXQDPHMRUFRPSUHQVLyQGHQRVRWURVPLVPRVGHQXHVWURVGHVHRV\PHWDV\GH QXHVWUD QDWXUDOH]D HPRFLRQDO FRQ HO REMHWLYR ~OWLPR GH SODQLILFDU QXHVWUDV H[SHULHQFLDV GH PDQHUD HILFD] EDViQGRQRV HQ XQ PRGHOR RSHUDWLYR SUHFLVR GHO \R 7DOHV KDELOLGDGHV LQWUDSHUVRQDOHV DVXPHQ XQD LPSRUWDQFLD GHWHUPLQDQWH SDUD HO GHVDUUROOR GH DOXPQRVH[LWRVRVFDSDFHVGHWUDQVIRUPDUVHHQVHUHVKXPDQRVFDGDYH]PiVpWLFRVSURGXFWLYRV\FUHDWLYRVHQVXGHVHPSHxRWDQWR LQGHSHQGLHQWHFRPRFRODERUDGRU /D LQWHOLJHQFLD LQWUDSHUVRQDO QR GHEH DVXPLU FDUDFWHUtVWLFDV VROHPQHV 'H KHFKR OD FDSDFLGDG SDUD FRPSUHQGHU PHMRU QXHVWUD QDWXUDOH]D \ HVWDU HQ FRQGLFLRQHV GH UHtUQRV GH QXHVWUDV GHELOLGDGHV R GH QXHVWURV HUURUHV FRQVWLWX\H XQ PHGLR LQRIHQVLYR SDUD LQWHQVLILFDUODDXWRFRPSUHQVLyQ$ORVDOXPQRVOHVUHVXOWDUiGHVXPDXWLOLGDGFRPSUHQGHUTXHXQHUURUFRPHWLGRGHEXHQDIHQR GHEH GDU RULJHQ D VHQWLPLHQWRV GH LQIHULRULGDG YHUJHQ]D R LUD 6L HVWDPRV HQ FRQGLFLRQHV GH UHtUQRV GH QRVRWURV PLVPRV PD\RUHV VHUiQ QXHVWUDV SRVLELOLGDGHV GH VXSHUDU PRPHQWRV GLItFLOHV &XDQGR ORV GRFHQWHV SRQHQ GH PDQLILHVWR HVWD FDSDFLGDG IUHQWHDVXVDOXPQRVOHV HVWiQRIUHFLHQGRHOPRGHORGHXQDKDELOLGDGEiVLFDSDUDODVXSHUYLYHQFLD

&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDLQWUDSHUVRQDO

/RV QLxRV VXHOHQ GHPRVWUDU LQWHUpV SRU VXV H[SHULHQFLDV LQWHUQDV \ REWLHQHQ JUDQGHV EHQHILFLRV FXDQGR SDUWLFLSDQ GH GLYHUVDV DFWLYLGDGHV LQWUDSHUVRQDOHV (VWDV DFWLYLGDGHV LQFOX\HQ ORV HQIRTXHV SDUD HO DSUHQGL]DMH LQGHSHQGLHQWH \ DXWRGLULJLGR ODV RSRUWXQLGDGHVSDUDXWLOL]DUODLPDJLQDFLyQ\ODSRVLELOLGDGGHGLVSRQHUGHPRPHQWRVWUDQTXLORV\OXJDUHVSULYDGRVGRQGHWUDEDMDU \UHIOH[LRQDU$VLPLVPRUHVXOWDEHQHILFLRVRDSUHQGHUDSURFHVDUORVSURSLRVVHQWLPLHQWRVDILMDU\FXPSOLUPHWDVSHUVRQDOHV\D DOFDQ]DU HO DXWRFRQRFLPLHQWR \ OD DXWRHVWLPD )RUPXODU LQWHUURJDQWHV DFHUFD GH OD YLGD \ ODV DPELFLRQHV SHUVRQDOHV \ OXHJR HQFRQWUDUUHVSXHVWDVSDUDWDOHVPLVWHULRVRWRUJDVDWLVIDFFLyQWDQWRDORVDGXOWRVFRPRDORVQLxRV &XDQGRVHLQWHQWDGHVFULELUODVFDUDFWHUtVWLFDVGHTXLHQHVSRVHHQXQDLQWHOLJHQFLDLQWUDSHUVRQDOGHVDUUROODGDHVLPSRUWDQWHWHQHUHQ FXHQWDTXHQRWRGRVVXVDVSHFWRVSXHGHQPDQLIHVWDUVHHQXQPLVPRLQGLYLGXR

3RUHMHPSORXQDSHUVRQDSXHGHSRVHHUXQDSUHFLVDLPDJHQLQWHULRUGHVtPLVPD\QRSRUHOORKDEHUGHVDUUROODGRXQDOWRQLYHOGH DXWRHVWLPD 2WUR LQGLYLGXR SRGUtD VHQWLUVH VDWLVIHFKR GH Vt PLVPR \ QR LQWHQWDU OD DXWRDFWXDOL]DFLyQ (O VLJXLHQWH OLVWDGR SURSRUFLRQD DOJXQRV LQGLFDGRUHV GH HVWD FRPSOHMD LQWHOLJHQFLD (V SUREDEOH TXH XQD SHUVRQD FRQ XQD LQWHOLJHQFLD LQWUDSHUVRQDO ELHQGHVDUUROODGDSUHVHQWHDOJXQDVGHODVVLJXLHQWHVFDUDFWHUtVWLFDV 7LHQHFRQFLHQFLDGHOUDQJRGHVXVHPRFLRQHV 


(QFXHQWUDHQIRTXHV\PHGLRVSDUDH[SUHVDUVXVVHQWLPLHQWRV\RSLQLRQHV 'HVDUUROODXQPRGHORSUHFLVRGHO\R

6HVLHQWHPRWLYDGDSDUDHVWDEOHFHU\ORJUDUREMHWLYRV

(VWDEOHFH\YLYHGHDFXHUGRFRQXQVLVWHPDGHYDORUHVpWLFRV (VFDSD]GHWUDEDMDUHQIRUPDLQGHSHQGLHQWH

6LHQWHFXULRVLGDGSRUORVJUDQGHVHQLJPDVGHODYLGDVHQWLGRLPSRUWDQFLD\SURSyVLWR /OHYDDFDERXQFRQVWDQWHSURFHVRGHDSUHQGL]DMH\FUHFLPLHQWRSHUVRQDO ,QWHQWDGLVWLQJXLU \FRPSUHQGHUODVH[SHULHQFLDVLQWHULRUHV

5HIOH[LRQD\H[WUDHFRQFOXVLRQHVDFHUFDGHODFRPSOHMLGDGGHOVHU\GHODFRQGLFLyQKXPDQD %XVFDRSRUWXQLGDGHVSDUDDFWXDOL]DUVH 7LHQHFRQILDQ]DHQORVGHPiV

3URFHVRVGHDSUHQGL]DMHLQWUDSHUVRQD O /DV DFWLYLGDGHV GH DSUHQGL]DMH TXH VH SUHVHQWDQ HQ HVWH FDStWXOR VH DJUXSDQ HQ ODV VLJXLHQWHV FDWHJRUtDV JHQHUDOHV DXWRHVWLPD ILMDFLyQ GH PHWDV KDELOLGDGHV SDUD HO SURFHVDPLHQWR HPRFLRQDO HVFULWXUD SHUVRQDO GLVWLQFLyQ GH YDORUHV \ SURSyVLWRV PRGHOR FXUULFXODU SDUD HO DSUHQGL]DMH DXWRGLULJLGR \ IRUPDV LQWUDSHUVRQDOHV GH WHFQRORJtD (VWRV HQIRTXHV GLGiFWLFRV SURSRUFLRQDQ XQD YDULHGDGGHHVWUDWHJLDVSDUDFRPHQ]DUDHVWLPXODUODLQWHOLJHQFLDLQWUDSHUVRQDO1RREVWDQWHVHDGYLHUWHDOHGXFDGRUTXHQRGHEHUi HVSHUDU FDPELRV LQPHGLDWRV HQ ORV DOXPQRV GHELGR D TXH HO GHVDUUROOR GH XQ DXWRFRQRFLPLHQWR SURIXQGR UHTXLHUH XQD YLGD RULHQWDGDDWDODSUHQGL]DMH/DVHVWUDWHJLDVHVSHFtILFDVTXHVHGHVFULEHQHQHOSUHVHQWHFDStWXORVRQODVVLJXLHQWHV

&yPRHVWDEOHFHUXQiPELWRTXHQXWUDHOVHQWLGRGHO\R &DUDFWHUtVWLFDVGHODVHVFXHODVTXHQXWUHQODDXWRHVWLPD 5HFXUVRVSDUDLQFUHPHQWDUODDXWRHVWLPD

&tUFXORVGHHORJLR5HFRQRFLPLHQWRLQGLYLGXDO$SR\RHQWUHSDUHVOLQHDPLHQWRVSDUDSURPRYHUODDXWRHVWLPD )LMDFLyQ\ORJURGHPHWDV

+DELOLGDGHVGHSHQVDPLHQWR

5HOHYDPLHQWRGHORVLQWHUHVHVGHORVDOXPQRV 3ODQLOODGHREMHWLYRVLQGLYLGXDOHVGHODOXPQR 3ODQWHRGHGHVDItRVSDUDHODSUHQGL]DMHDORVDOXPQRV &UHDFLyQGHPHWDVROtPSLFDV 0HWDFRJQLFLyQ )LFKDSDUDHOSODQHDPLHQWR\ODUHIOH[LyQVREUHODVWDUHDV

(GXFDFLyQHPRFLRQDOPHQWHLQWHOLJHQWHHQHODXOD &yPRHVWDEOHFHUXQiPELWRTXHSHUPLWDODH[SUHVLyQHPRFLRQDO 5HFRQRFLPLHQWRGHVHQWLPLHQWRV ,QYHQWDULRGHVHQWLPLHQWRV 0DQLIHVWDFLyQGHORVVHQWLPLHQWRVDWUDYpVGHODVDUWHV 5HFXUVRVGHDXWRD\XGD (GXFDFLyQSDUDORVYDORUHVKXPDQRV (VFULWXUDGHGLDULRVSHUVRQDOHV

3URSXHVWDVSDUDODHVFULWXUDGHGLDULRVSHUVRQDOHVHQHODXOD (VFULWXUDGHXQGLDULRSHUVRQDOFRPRPHGLRSDUDODDXWRUUHIOH[LyQ 


&RQRFLPLHQWRGHO\RDWUDYpVGHORVGHPiV &yPRREWHQHUSHUFHSFLRQHVLQWUDSHUVRQDOHVSRUPHGLRGHOIHHGEDFNLQWHUSHUVRQDO 5HIOH[LyQVREUHHOPLVWHULR\HOVHQWLGRGHODYLGD $FWLYLGDGHVGHODXODTXHHVWLPXODQHOVHQWLGRGHORPDUDYLOORVR 5HFRQRFLPLHQWRGHSURSyVLWRVHQODHVFXHOD\HQODYLGD $SUHQGL]DMHDXWRGLULJLGRHQIRTXHHGXFDWLYRLQWUDSHUVRQDO &RQWUDWRGHDSUHQGL]DMHDXWRGLULJLGR 6XJHUHQFLDVSDUDLPSOHPHQWDUHODSUHQGL]DMHDXWRGLULJLGR 7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDLQWUDSHUVRQDO 5HVXPHQ

&yPRHVWDEOHFHU XQiPELWRTXHQXWUDHOVHQWLGRGHO\R 0XFKRVSURJUDPDVHGXFDWLYRVVHKDQGHVDUUROODGRFRQHOREMHWRGHSURPRYHUODDXWRHVWLPDGHODOXPQR6LELHQQRH[LVWHFRQVHQVR DFHUFDGHODGHILQLFLyQGHDXWRHVWLPDSRUORJHQHUDOVHODFRQVLGHUDODVXPDGHORVSURSLRVVHQWLPLHQWRVDFHUFDGHO\RLQFOX\HQGR HO VHQWLGR GH UHVSHWR \ YDORUDFLyQ GH OD SURSLD SHUVRQD 3DUD DOFDQ]DU XQ DOWR QLYHO GH DXWRHVWLPD XQD SHUVRQD GHEH VHQWLUVH YDOLRVDGLJQDGHVHUDPDGDFRPSHWHQWHGHQWURGHVXHQWRUQR\FDSD]GHUHDOL]DUFRQWULEXFLRQHVVLJQLILFDWLYDVSDUDORVGHPiV/RV DOXPQRV TXH SUHVHQWDQ XQ DOWR QLYHO GH DXWRHVWLPD FRQILDQ HQ Vt PLVPRV \ HQ VXV FDSDFLGDGHV WRPDQ SDUWH HQ DFWLYLGDGHV HVFRODUHV\H[WUDHVFRODUHVSXHGHQDSUHQGHUGHVXVHUURUHV\VHVLHQWHQFyPRGRVFRQHOKHFKR GHQRVHUSHUIHFWRV

(V SRVLEOH RUJDQL]DU iPELWRV HVFRODUHV TXH SURPXHYDQ OD DXWRHVWLPD GH WRGRV ORV DOXPQRV /D FUHDFLyQ GH XQD DWPyVIHUD FDUDFWHUL]DGD SRU VX FDOLGH] \ FRQWHQFLyQ OD SXHVWD HQ SUiFWLFD GH SURFHGLPLHQWRV GHPRFUiWLFRV HO HVWtPXOR GH OD GLJQLGDG KXPDQD\HOUHFRQRFLPLHQWRGHODGLYHUVLGDGFXOWXUDOSHUPLWHQDODVHVFXHODVD\XGDUDORVDOXPQRVDVHQWLUTXHVRQELHQYHQLGRV\ DFHSWDGRV([LVWHQFLQFRFXDOLGDGHVHVHQFLDOHVTXHFDUDFWHUL]DQDODVHVFXHODVGRQGHVHQXWUHHOVHQWLGRGHODDXWRHVWLPDHQIRUPD H[LWRVD (V SUREDEOH TXH ORV HGXFDGRUHV GHVHHQ DQDOL]DU HVWDV FXDOLGDGHV D ILQ GH GHWHUPLQDU FXiOHV VRQ ODV TXH VH HQFXHQWUDQ SUHVHQWHVHQVXViPELWRVGHWUDEDMR\FXiOHVVRQODVTXHUHTXLHUHQIRUWDOHFLPLHQWR &DUDFWHUtVWLFDVGHODVHVFXHODVTXHQXWUHQODDXWRHVWLPD

‡ (TXLGDG 6H VRVWLHQH XQ VLVWHPD LQVWLWXFLRQDO GH YDORUHV TXH UHFRQRFH D WRGRV DOXPQRV HO GHUHFKR GH DSUHQGHU \ TXH RIUHFH D WRGRVHOORVRSRUWXQLGDGHVHGXFDWLYDVGHDOWDFDOLGDG

‡ 6HQWLGR GH FRPXQLGDG/RV DOXPQRV HO SHUVRQDO GRFHQWH ORV SDGUHV \ ORV PLHPEURV GH OD FRPXQLGDG FRPSDUWHQHOSURSyVLWR FRP~QGHWUDQVIRUPDUODHVFXHODHQXQiPELWRSRVLWLYRVLJQLILFDWLYR\HQULTXHFHGRU ‡3DUWLFLSDFLyQ/RVDOXPQRVSDUWLFLSDQDFWLYDPHQWHHQODVWDUHDVGHJRELHUQRGHODHVFXHODSODQLILFDFLyQFXUULFXODU\HYDOXDFLyQ

‡)RUPDFLyQGHJUXSRVFRRSHUDWLYRV/RVDOXPQRVVHDJUXSDQGHPDQHUDKHWHURJpQHD\VHOHVHQVHxDDYDORUDUODLQWHUGHSHQGHQFLD \ODGLYHUVLGDGFXOWXUDO ‡3URFHVRVGHDSUHQGL]DMHDFWLYR6HWUDEDMDXQFXUUtFXORSUiFWLFRFHQWUDGRHQODVROXFLyQGHSUREOHPDVREDVDGDHQSUR\HFWRVTXH GHVWDFDQODLPSRUWDQFLDSHUVRQDO\VRFLDOGHORVFRQWHQLGRVGHDSUHQGL]DMH

/DV FRQGLFLRQHV HVFRODUHV TXH VRFDYDQ OD DXWRHVWLPD LQFOX\HQ UHFKD]R D ORV DOXPQRV DPELJHGDG DFHUFD GH ODV H[SHFWDWLYDV DFDGpPLFDV \ GLVFLSOLQDULDV IDOWD GH UHVSHWR QLYHOHV H[FHVLYDPHQWH DOWRV GH FRPSHWHQFLD \ H[SHFWDWLYDV QHJDWLYDV 3UiFWLFDV FRPXQHVWDOHVFRPRODIRUPDFLyQGHJUXSRVKRPRJpQHRVSRUVXDSDUHQWHQLYHOGHFDSDFLGDGORVSURFHGLPLHQWRVDXWRULWDULRVOD FRPSHWHQFLD\HOWUDEDMRFRQXQFXUUtFXORPRQRFXOWXUDOSXHGHQOLPLWDUHOVHQWLGRGHDXWRYDORUDFLyQ8QDVSHFWRLPSRUWDQWHGHORV HVIXHU]RV HVFRODUHV HQ HO QLYHO LQVWLWXFLRQDO FRQVLVWH WDPELpQ HQ SURPRYHU OD DXWRLPDJHQ GH ORV GRFHQWHV D ILQ GH TXH SXHGDQ VHQWLU TXH VH ORV UHFRQRFH DSR\D \ HVWLPXOD /RV GRFHQWHV TXH VH UHVSHWDQ \VHSUHRFXSDQSRUVtPLVPRVQRWLHQHQGLILFXOWDGHV SDUDSURSRUFLRQDUDWHQFLyQUHVSHWR\DFHSWDFLyQDORVGHPiV\SDUDDFWXDUFRPRPRGHORVGHUROTXHHVWLPXODQHQORVDOXPQRVHO ORJURGHXQPD\RUQLYHOGHDXWRDFHSWDFLyQ

/D$SROOR+LJK6FKRROGH6LPL9DOOH\&DOLIRUQLDVHKDILMDGRFRPRSURSyVLWRODSURPRFLyQGHODDXWRHVWLPDHQVXVDOXPQRV HQ VLWXDFLyQ GH ULHVJR \ KD ORJUDGR PRWLYDU D OD PD\RUtD GH HOORV SDUD HO ORJUR GH PHWDV DO RIUHFHU DOWHUQDWLYDV D TXLHQHV QR KXELHUDQH[SHULPHQWDGRSURJUHVRVHQiPELWRVGHDSUHQGL]DMHWUDGLFLRQDOHV




&RQHOREMHWRGHHVWLPXODUHOVHQWLGRGHDXWRYDORUDFLyQHQORVDOXPQRVORVGRFHQWHVGHODHVFXHOD$SROOREDVDQVXVSURJUDPDVHQ FXDWURSULQFLSLRVGHQRPLQDGRV/DVFXDWUR$HVDWHQFLyQDFHSWDFLyQDSUHFLR\DIHFWR

/RVDOXPQRVGHODHVFXHOD$SROORFRODERUDQSDUDHVWDEOHFHU\SRQHUHQSUiFWLFDODVUHJODVHVFRODUHV\WLHQHQSDUWLFLSDFLyQHQOD VHOHFFLyQ GH VXV H[SHULHQFLDV GH DSUHQGL]DMH (Q ODV UHXQLRQHV SHULyGLFDV HQWUH GRFHQWHV \ DOXPQRV HVWRV ~OWLPRV WLHQHQ RSRUWXQLGDG GH H[SRQHU VXV RSLQLRQHV \ VHQWLPLHQWRV DFHUFD GH OD HVFXHOD (O SHUVRQDO GRFHQWH YDORUD \ UHVSHWD VXV LGHDV \ SURSXHVWDV\VXHOHUHDOL]DUDMXVWHVFXUULFXODUHVFRQHOREMHWRGHLQFRUSRUDUODV (OPRGHOR$SROORVHEDVDHQODWHRUtDGHOFRQWUROGH:LOOLDP*ODVVHUTXHVRVWLHQHTXHHOFRPSRUWDPLHQWRKXPDQRHVWiPRWLYDGR SRU FLQFR QHFHVLGDGHV VXSHUYLYHQFLD SHUWHQHQFLD SRGHU OLEHUWDG \ GLYHUVLyQ %UDG *UHHQH H[ GLUHFWRU GH OD HVFXHOD $SROOR \ DFWXDO FRQVXOWRU HGXFDWLYR FRODERUy FRQ ORV GRFHQWHV \ HO SHUVRQDO GLUHFWLYR SDUD HVWUXFWXUDU XQ iPELWR HVFRODU TXH SXGLHUD VDWLVIDFHUHVWDVFLQFRQHFHVLGDGHV(QODHVFXHOD$SROORODGLVFLSOLQDQRVHPDQHMDGHPDQHUDWUDGLFLRQDO (VWDPRGDOLGDGKDSHUPLWLGRUHVROYHUXQDVHULHGHSUREOHPDVFRPXQHVHQHOQLYHOSROLPRGDO

Â&#x2021;+DQGHVDSDUHFLGRORVJUDIILWLV GHODVSDUHGHVGHODHVFXHODOXHJRGHTXHORVDOXPQRVSLQWDURQPXUDOHV

Â&#x2021;1RVHDSOLFDQVXVSHQVLRQHVDORVDGLFWRVDODOFRKRO\ODVGURJDV\VHOHVRWRUJDQFDOLILFDFLRQHVH[WUDSRUSDUWLFLSDUGHJUXSRVGH DSR\RTXHOHVSHUPLWDQDEDQGRQDUGLFKDVSUiFWLFDV

Â&#x2021; 6H EXVFD PRWLYDU D ORV DOXPQRV QR SURGXFWLYRV PHGLDQWH FODVHV RUJDQL]DGDV GH DFXHUGR FRQ VXV HVWLORV GH DSUHQGL]DMH H LQWHUHVHV

(OHQIRTXHGHODHVFXHOD$SROORKDGHPRVWUDGRHILFDFLD&XDQGRORVDOXPQRVLQJUHVDQHQHOODVHSURGXFHQQRWDEOHVGHVFHQVRVHQ ORV QLYHOHV GH FRQVXPR GH GURJDV DXVHQWLVPR \ DFWLYLGDG GHOLFWLYD \ HO  GH OD SREODFLyQ HVFRODU FRPSOHWD HO FLFOR 7RGDV HVWDVUD]RQHVOOHYDURQD:LOOLDP*ODVVHUDGHGLFDUVXOLEUR7KH4XDOLW\6FKRRO >/DHVFXHODGHODFDOLGDG@DOD$SROOR+LJK6FKRRO

5HFXUVRVSDUDLQFUHPHQWDUODDXWRHVWLPD

$GHPiVGHORVHVIXHU]RVTXHVHOOHYDQDFDERHQHOQLYHOLQVWLWXFLRQDOH[LVWHQPXFKRV UHFXUVRVTXHSXHGHQDSOLFDUORVGRFHQWHV FRQHOREMHWRGHSURPRYHUHOFRQFHSWRTXHORVDOXPQRVWLHQHQGHVtPLVPRV(QHVWDVHFFLyQVHGHVWDFDQGLYHUVRVHQIRTXHVGHDXOD TXHSHUPLWHQLQFUHPHQWDUODDXWRHVWLPDGHORVDOXPQRV1RREVWDQWHHVLPSRUWDQWHWHQHUHQFXHQWDTXHGHELGRDGLIHUHQFLDVWDQWR SHUVRQDOHVFRPRFXOWXUDOHVDOJXQRVDOXPQRVVHVLHQWHQHVWLPXODGRVFXDQGRUHFLEHQUHFRQRFLPLHQWRSRUSDUWHGHOJUXSRPLHQWUDV TXH RWURV SUHILHUHQ HO IHHGEDFN \ OD LQWHUDFFLyQ LQGLYLGXDO (OOR QR VLJQLILFD TXH SDUD WRGRV ORV DOXPQRV QR UHVXOWH EHQHILFLRVR UHFLELUDSR\R\IHHGEDFN SRUSDUWHGHVXVSDUHV &tUFXORVGHHORJLR

8QRGHORVDXWRUHVGHHVWHOLEURSDUWLFLSySRUSULPHUDYH]GHHVWDDFWLYLGDGGXUDQWHXQDUHXQLyQGHSHUVRQDOGRFHQWH(OGLUHFWRUGH OD HVFXHOD IRUPy JUXSRV GH HQWUH VHLV \ RFKR LQWHJUDQWHV FRQ OD SUHFDXFLyQ GH LQFOXLU HQ HOORV D TXLHQHV WHQtDQ HVFDVDV RSRUWXQLGDGHVGHLQWHUDFWXDUHQHVDHVFXHODGHQLYHOSROLPRGDOVXEXUEDQDTXHFRQWDEDFRQXQDSREODFLyQPX\QXPHURVD 6HVROLFLWyDFDGDXQRGHORVGRFHQWHVTXHUHFLELHUD\H[SUHVDUDHORJLRVSDUDWRGRVORVPLHPEURVGHVXJUXSRSRUWXUQR£<DOJXQRV GHHVRVVLQFHURVFRPHQWDULRVVHUHFXHUGDQ\DSUHFLDQKR\HQGtD

$QWHV GH RUJDQL]DU XQ FtUFXOR GH HORJLR FRQ XQ JUXSR GH DOXPQRV GHEHUiQ FRQVLGHUDUVH LPSRUWDQWHV UHJODV GH SURFHGLPLHQWR &DGDXQRGHORVDOXPQRVGHEHUiVHUUHFHSWRUGHHORJLRVDOPHQRVXQDYH]GXUDQWHHODxRHVFRODU/RVIDFWRUHVGHWLHPSRUHYLVWHQ HVSHFLDO LPSRUWDQFLD\DTXHHQXQDFODVHFRQYHLQWLFLQFRRWUHLQWDDOXPQRVHOFtUFXORGHPDQGDUiDSUR[LPDGDPHQWHPHGLDKRUD $OJXQRVGRFHQWHVRUJDQL]DQXQFtUFXORSDUDFHOHEUDUORVFXPSOHDxRVDLQWHUYDORVUHJXODUHVGXUDQWHHODxR2WURVORVSODQLILFDQ SDUDILQHVGHODxRHVFRODUPLHQWUDVTXHRWURJUXSRGHGRFHQWHVSUHILHUHRUJDQL]DUORVVREUHODEDVHGHODQHFHVLGDGSRUHMHPSOR HQHOPRPHQWRTXHDOJXQRGHORVDOXPQRVUHTXLHUHHVWtPXORSVLFROyJLFR 3DUDFRPHQ]DUODDFWLYLGDGVHFRORFDUiQORVDVLHQWRVHQFtUFXOR\HODOXPQRTXHUHFLELUiORVHORJLRVVHXELFDUiHQHOFHQWUR/RV DOXPQRV GHEHUiQ WHQHU HQ FXHQWD ORV VLJXLHQWHV SURFHGLPLHQWRV D PHGLGD TXH VH H[SUHVHQ ORV HORJLRV HO UHFHSWRU VH OLPLWDUi D VRQUHtURGHFLU*UDFLDVORVLQWHJUDQWHVGHOFtUFXORGHEHQSHQVDUHQXQFRPHQWDULRKRQHVWR\VLQFHURQRVHSHUPLWLUiQVDOWHRV QL UHSHWLFLRQHV $OJXQRV GRFHQWHV SUHILHUHQFRQVHUYDUXQUHJLVWURHVFULWRGHORVFRPHQWDULRV\SDUDHOORGHVLJQDQDGRVDOXPQRV SDUD TXH WRPHQ QRWD GH OR GLFKR /D YHUVLyQ HVFULWD VH SUHVHQWD OXHJR DO UHFHSWRU (VWRV GRFXPHQWRV VXHOHQ FRQVHUYDUVH FRQ DSUHFLRGXUDQWHWRGDODYLGD 2WUR HQIRTXH SDUD OD FRQGXFFLyQ GH FtUFXORV GH HORJLR FRQVLVWH HQ JUDEDU ORV PHQVDMHV GH ORV PLHPEURV GHO JUXSR 6H SRGUi FRORFDU XQ JUDEDGRU HQ XQ ULQFyQ GHO DXOD \ ORV DOXPQRV WHQGUiQ OD OLEHUWDG GH JUDEDU HORJLRV SDUD DOJXQR GH VXV FRPSDxHURV GXUDQWHODMRUQDGDHVFRODU$OILQGHOGtDHOGRFHQWHHQWUHJDUiHOFDVHWHDOGHVWLQDWDULRGHORVHORJLRVSDUDTXHOROOHYHDVXFDVD 3DUDDOJXQRVDOXPQRVORVFtUFXORVGHHORJLRFRQVWLWX\HQLPSUHVLRQDQWHVHVWtPXORVPRUDOHVTXHDFW~DQFRPRWUDQVIRUPDGRUHVGH VXDXWRLPDJHQ8QDOXPQRGHRFWDYRDxRGH(*%OODPDGR$ULHOKDEtDSDUWLFLSDGRGHYDULDVSHOHDV\WHQtDPX\SRFRVDPLJRVHQ 


OD HVFXHOD 8QR GH VXV GRFHQWHV RUJDQL]y XQ FtUFXOR GH HORJLR SDUD pO TXH OR FRQPRYLy QRWDEOHPHQWH FXDQGR HVFXFKy ORV YHLQWLRFKR FRPHQWDULRV TXH IRUPXODURQ VXV SDUHV /XHJR PDQLIHVWy DO GRFHQWH £1R FUHt TXH QDGLH SHQVDUD HVR GH Pt /D FRQGXFWD\HODVSHFWRGH$ULHOH[SHULPHQWDURQXQFDPELRSRVLWLYROXHJRGHTXHVHYLHUDDWUDYpVGHORVRMRVGHVXVFRPSDxHURV\ GHVFXEULHUDGHQWURGHVtQXHYDVFXDOLGDGHVTXHSRGtDDSUHFLDU 5HFRQRFLPLHQWRLQGLYLGXDO

$OJXQRVDOXPQRVSUHILHUHQQRUHFLELUUHFRQRFLPLHQWRS~EOLFRPLHQWUDVTXHRWURVGHVHDQREWHQHUORWDQWRHQIRUPDS~EOLFDFRPR SULYDGD(OGRFHQWHSXHGHSURPRYHUODDXWRHVWLPDGHXQDOXPQRFXDQGROHFRPXQLFDLQGLYLGXDOPHQWHVXLQWHUpV\VXDSR\R6LHO GRFHQWH GHGLFD XQRV PLQXWRV H[WUD D XQ DOXPQR HQ IRUPD RFDVLRQDO FRQWDUi FRQ LPSRUWDQWHV RSRUWXQLGDGHV SDUD EULQGDUOH UHFRQRFLPLHQWR\FRQWULEXLUDDILUPDUVXYDORUFRPRLQGLYLGXR6HSRGUiQPHQFLRQDUORVORJURVTXHHOQLxRKD\DDOFDQ]DGRHQXQD VLWXDFLyQ DFDGpPLFD VRFLDO R GH OD YLGD UHDO \ SURSRUFLRQDUOH D\XGD SDUD WUDQVIHULU ODV FXDOLGDGHV \ KDELOLGDGHV DSURSLDGDV DO WUDEDMRHQHODXOD

'XUDQWHORVHQFXHQWURVLQGLYLGXDOHVHODOXPQRSRGUiUHYHODUVXVSUHRFXSDFLRQHVHLQTXLHWXGHVDXQR\HQWHDFWLYR(Q PXFKRVFDVRVFXDQGRHOGRFHQWHLQWHQWHFRPSUHQGHUORVVHQWLPLHQWRVRFXOWRVWUDVODVSDODEUDVSRGUiSDUDIUDVHDUORGLFKR SRU HO DOXPQR D ILQ GH YHULILFDU HO FRQWHQLGR GHO PHQVDMH (V LPSRUWDQWH TXH ORV GRFHQWHV HYLWHQ DJUHJDU VXV SURSLRV PHQVDMHV HQ IRUPD GH FRQVHMRV RSLQLRQHV MXLFLRV FXHVWLRQDPLHQWRV R VROXFLRQHV (Q HO URO GH R\HQWH DFWLYR HO GRFHQWH H[SUHVDFRQODPD\RUSUHFLVLyQSRVLEOHDTXHOORTXHHODOXPQRGLFH\HQODPD\RUtDGHORVFDVRVVHHVWDEOHFHXQDUHODFLyQ SHUVRQDOSRVLWLYD(OUHVXOWDGRGHHOODVXHOHVHUXQPD\RUQLYHOGHSDUWLFLSDFLyQHQODVDFWLYLGDGHVHVFRODUHVSRUSDUWHGHO DOXPQR &XDQGRVHOOHYHQDFDERLQWHUFDPELRVGHLGHDVLQGLYLGXDOHVRJUXSDOHVHVLPSRUWDQWHFRPXQLFDUDOWDVH[SHFWDWLYDVGH ORJUR SDUD ORV DOXPQRV 6L ELHQ DOJXQRV GH HOORV GHEHQ KDFHU IUHQWH D LPSRUWDQWHV GHVDItRV SHUVRQDOHV R DFDGpPLFRV ORV GRFHQWHV SRQGUiQ GH PDQLILHVWR VX FRQILDQ]D HQ TXH ORV DOXPQRV SXHGHQ FXPSOLU VDWLVIDFWRULDPHQWH FRQ ORV REMHWLYRV GH DSUHQGL]DMH7DOYH]VHDQHFHVDULRH[SOLFDURHQVHxDUODVKDELOLGDGHVTXHVHUHTXLHUHQSDUDGHVDUUROODUXQDWDUHDHVSHFtILFD /XHJR GH TXH ORV DOXPQRV KD\DQ LQWHUYHQLGR DFWLYDPHQWH HQ ODV WDUHDV GHO DXOD HO UHFRQRFLPLHQWR SULYDGR \ VLQFHUR VXHOHHVWLPXODUODSDUWLFLSDFLyQFRQWLQXDSRURWUDSDUWHGHEHUiHYLWDUVHODPDQLIHVWDFLyQH[FHVLYDRLQDSURSLDGDGHHORJLRV RLQTXLHWXGHV$OJXQRVDOXPQRVLQWHUSUHWDQWDOHVGHPRVWUDFLRQHVFRPRLQGLFDGRUHVGHEDMDVH[SHFWDWLYDV/RVHORJLRVTXH VHSURSRUFLRQHQVHUiQVLQFHURVDGHFXDGRVDODWDUHDUHDOL]DGD\HVSHFtILFDPHQWHGHVFULSWLYRVGHDTXHOORTXHHODOXPQRKD\D OOHYDGRDFDER'HOPLVPRPRGRTXHRFXUUHFRQRWURVDVSHFWRVGHODHQVHxDQ]DODSURPRFLyQGHODDXWRHVWLPDHVXQDWDUHD FRPSOHMD\ORVGRFHQWHVGHEHQSURFHGHUFRQVHQVLELOLGDGDQWHODVFXDOLGDGHV\QHFHVLGDGHVLQGLYLGXDOHVGHVXVDOXPQRV $SR\RHQWUHSDUHV $OJXQRV DOXPQRV TXH SUHVHQWDQ GLILFXOWDGHV HQ HO WUDEDMR DFDGpPLFR VXHOHQ DOFDQ]DU ORJURV FXDQGR VH GHVHPSHxDQ FRPRWXWRUHVGHDOXPQRVPiVSHTXHxRV0XFKDVHVFXHODVKDQDGRSWDGRIRUPDOPHQWHSURJUDPDVGHWXWRUtDHQWUHSDUHVTXH OOHYDQ D FDER DOXPQRV GH ORV QLYHOHV SROLPRGDO \ HOHPHQWDO R PLHPEURV GH GLVWLQWRV FXUVRV GH OD PLVPD HVFXHOD 3RU OR JHQHUDOODVRSRUWXQLGDGHVSDUDHMHUFHUHOOLGHUD]JRVHUHVHUYDQDORVDOXPQRVTXHDOFDQ]DQDOWRVQLYHOHVGHGHVHPSHxR\ UHVXOWDGLItFLOSDUDTXLHQHVH[KLEHQXQEDMRQLYHOGHDXWRHVWLPDHVWDEOHFHUUHODFLRQHVFRQVXVSDUHV/DWXWRUtDHQWUHSDUHVGH GLVWLQWDV HGDGHV PXOWLSOLFD ODV RSRUWXQLGDGHV SDUD TXH HO DOXPQR H[SHULPHQWH OD VDWLVIDFFLyQ GH D\XGDU D ORV GHPiV \ DO PLVPRWLHPSRSURPXHYDVXDXWRHVWLPD $OJXQRV GRFHQWHV KDQ SXHVWR HQ SUiFWLFD UHGHV GH DSR\R HQWUH SDUHV LQWHJUDGDV SRU DOXPQRV TXH FDUHFHQ GH DXWRFRQILDQ]D \ SRU TXLHQHV GLVIUXWDQ GH ODV LQWHUDFFLRQHV VRFLDOHV 'LFKDV UHGHV SURSRUFLRQDQ XQ HQIRTXH JUXSDO DJOXWLQDQWHSDUDLQFUHPHQWDUHOQLYHOGHDXWRHVWLPD\ORJURDFDGpPLFR\ODRSRUWXQLGDGGHGHVDUUROODUOD]RVGHDPLVWDG$ FRQWLQXDFLyQHQXPHUDPRVDOJXQRVOLQHDPLHQWRVSDUDHVWDEOHFHUUHGHVSRVLWLYDVHQWUHORVMyYHQHV 5HGHVGHDSR\RHQWUHSDUHV

 2UJDQL]DUXQJUXSRGHDOXPQRVIRUPDGRSRUXQQ~PHURSDUGHLQWHJUDQWHVTXHHVWpQGLVSXHVWRVDUHXQLUVHXQDYH]SRUVHPDQD DOILQDOL]DUHOKRUDULRHVFRODUGXUDQWHHODOPXHU]RRDQWHVGHFRPHQ]DUODMRUQDGDFRQHOSURSyVLWRGHEULQGDUDSR\RDVXVSDUHV /RV DOXPQRV GHEHUiQ WDPELpQ FRPXQLFDUVH WHOHIyQLFDPHQWH FRQ VX FRPSDxHUR WRGDV ODV WDUGHV /D SDUWLFLSDFLyQ HQ HVWH JUXSR DEDUFDUiXQODSVRPtQLPRGHXQPHV

 'XUDQWH HO SULPHU HQFXHQWUR ORV DOXPQRV HQXPHUDQ ODV TXH FRQVLGHUHQ VXV FDSDFLGDGHV VRFLDOHV \ DFDGpPLFDV HQ KRMDV GH SDSHOTXHOXHJRVHGLVWULEXLUiQFRPRIXHQWHGHUHFXUVRVDORVRWURVPLHPEURVGHOJUXSR/RVDOXPQRVWLHQHQODOLEHUWDGGHVROLFLWDU D\XGDDFXDOTXLHUDGHODVSHUVRQDVTXHLQWHJUDQHOHTXLSRGHUHFXUVRV  'XUDQWH HO SULPHU HQFXHQWUR FDGD DOXPQR UHIOH[LRQDUi VREUH VXV GLILFXOWDGHV DFDGpPLFDV \R VRFLDOHV \ FUHDUi XQ SODQ GH DFFLyQSDUDSURPRYHUVXVH[SHULHQFLDVHVFRODUHV  (O SDVR VLJXLHQWH FRQVLVWH HQ DVLJQDU D FDGD DOXPQR XQ FRPSDxHUR FRQ TXLHQ WUDEDMDUi GXUDQWH XQ PHV R XQ SHUtRGR PiV SURORQJDGR&DGDSDUHMDGHEHHODERUDUXQOLVWDGRGHWRGDVODVWDUHDV\RDFWLYLGDGHVVRFLDOHVTXHVHUiQDERUGDGDV&DGDLQWHJUDQWH WLHQH OD UHVSRQVDELOLGDG GH FRPXQLFDUVH WHOHIyQLFDPHQWH FRQ VX FRPSDxHUR WRGDV ODV WDUGHV SDUD VROXFLRQDU ORV SUREOHPDV TXH VXUMDQ\SDUDGHWHUPLQDUVLORVSODQHVGHDFFLyQTXHVHKDQILMDGRSURGXFHQUHVXOWDGRVSRVLWLYRV 


 'XUDQWHODVUHXQLRQHVVHPDQDOHVDODVTXHFRQFXUUHQORVLQWHJUDQWHVGHODUHG\HOGRFHQWHGHDXODVHDQDOL]DQ\DMXVWDQODV WDUHDVGHDSR\R6HFHOHEUDQODVGHPRVWUDFLRQHVGHSURJUHVRVDOFDQ]DGRV\DPHGLGDTXHVHFXPSOHQORVSODQHVGHDFFLyQ\ODV PHWDVORVDOXPQRVTXHORGHVHHQSXHGHQGHVYLQFXODUVHGHODUHG /DVUHGHVGHDSR\RSHUPLWHQTXHORVDOXPQRVUHFRQR]FDQ\SRQJDQHQSUiFWLFDKDELOLGDGHVYDOLRVDVSDUDORVGHPiV3RUPHGLRGH ODLQWHUGHSHQGHQFLDSRVLWLYDQRVyORVHSURPXHYHODDXWRHVWLPDGHODOXPQRVLQRWDPELpQVXVKDELOLGDGHVDFDGpPLFDV\VRFLDOHV /LQHDPLHQWRVSDUDSURPRYHUODDXWRHVWLPD

'HELGR D TXH ORV HQIRTXHV GHVWLQDGRV D SURPRYHU OD DXWRHVWLPD HQ HO DXOD VRQ LQQXPHUDEOHV QRV OLPLWDUHPRV D SURSRUFLRQDU DOJXQRVOLQHDPLHQWRVSDUDFRODERUDUFRQORVGRFHQWHVHQVXVHVIXHU]RVSRUDERUGDUHVWHVLJQLILFDWLYRDVSHFWRGHODSUHQGL]DMH %ULQGDUUHFRQRFLPLHQWRGLDULDPHQWHDWRGRVORVDOXPQRVGHODXODHQIRUPDYHUEDORQRYHUEDO 0DQWHQHUH[SHFWDWLYDVDOWDVSDUDFDGDQLxR

6ROLFLWDUODSDUWLFLSDFLyQGHORVDOXPQRVSDUDRWRUJDUUHOHYDQFLD\VLJQLILFDFLyQDODSUHQGL]DMHHQHODXOD

3URPRYHUODSDUWLFLSDFLyQGHORVDOXPQRVSDUDHVWDEOHFHUODVUHJODVGHODXODORVFRQWHQLGRVGHODHQVHxDQ]D\ORVHQIRTXHVSDUD ODHYDOXDFLyQ 3URSRUFLRQDUH[SHULHQFLDVGHDSUHQGL]DMHSUiFWLFDV\PXOWLPRGDOHV

$SOLFDUGLYHUVRVSURFHVRVJUXSDOHVTXHLQFOX\DQRSFLRQHVSDUDHOWUDEDMRSRUSDUHMDV\HQJUXSRVWDQWRSHTXHxRVFRPRJUDQGHV $\XGDUDORVDOXPQRVDUHFRQRFHUVXVFDSDFLGDGHVGHQWURGHODXOD\IXHUDGHHOOD

%ULQGDUUHFRQRFLPLHQWRSDUDODVFXDOLGDGHV\ORVDSRUWHVSRVLWLYRVLQGLYLGXDOHVGHODPDQHUDPiVDSURSLDGDSDUDFDGDDOXPQR

 $\XGDU D ORV DOXPQRV D FRPSUHQGHU TXH ORV IUDFDVRV VRQ SDUWH GHO SURFHVR GH DSUHQGL]DMH \ TXH SURSRUFLRQDQ IHHGEDFN LPSRUWDQWHVREUHORVPRGRVGHSURFHGHUFRQPD\RUHILFDFLDHQHOIXWXUR $VXPLUXQUROSRVLWLYRFRQUHVSHFWRDODSURSLDDXWRHVWLPD

/RV HVIXHU]RV GH PXFKRV HGXFDGRUHV SDUD SURPRYHU OD DXWRYDORUDFLyQ GHO DOXPQR VXSHUDQ ORV OtPLWHV GHO DXOD (Q DOJXQDV HVFXHODVGHHQVHxDQ]DEiVLFD\SROLPRGDOVHLGHQWLILFDDORVQLxRVTXHUHTXLHUHQWLHPSR\DWHQFLyQH[WUD/RVGRFHQWHVDVXPHQHO URO GH WXWRUHV GH XQR R PiV DOXPQRV HQ IRUPD SHUPDQHQWH /DV VLJXLHQWHV VRQ DOJXQDV GH ODV UHVSRQVDELOLGDGHV GH OD WXWRUtD UHXQLUVH FRQ HO DOXPQR GXUDQWH HO SHUtRGR GH SUHSDUDFLyQ GH FODVHV UHJXODUPHQWH HVWDEOHFLGR FRPXQLFDUVH WHOHIyQLFDPHQWH R UHDOL]DU YLVLWDV D VX KRJDU HQ IRUPD HVSRUiGLFD DVLVWLU D DFWLYLGDGHV H[WUDFXUULFXODUHV GH ODV TXH SDUWLFLSH HO DOXPQR SURSRUFLRQDUOHHQVHxDQ]DH[WUDGHVHPSHxDUVHFRPRVXYRFHURHQOD HVFXHODHVWDEOHFHUFRQWDFWRHQWUHHODOXPQR\RVXIDPLOLD\ ORVRUJDQLVPRVFRPXQLWDULRVSHUWLQHQWHVVDOLURFDVLRQDOPHQWHDDOPRU]DUFRQHODOXPQR\OOHYDUDFDERWRGDRWUDDFWLYLGDGTXHVH FRQVLGHUH DSURSLDGD (VWD HQWUHJD GH WLHPSR DWHQFLyQ \ FDULxR TXH UHDOL]DQ PXFKRV GRFHQWHV SHUPLWH D ORV DOXPQRV DVXPLUVH FRPRSHUVRQDVYDOLRVDV\GLJQDVGHDSUHFLR/DSRVLELOLGDGGHIRUMDUXQDLGHQWLGDGSRVLWLYDEHQHILFLDUiDORVDOXPQRVHQWRGRVORV DVSHFWRVGHVXYLGD

)LMDFLyQ\ORJURGHPHWDV

/RV DOXPQRV SXHGHQ GHVFXEULU DVSHFWRV GH VX \R LQWHULRU FXDQGR H[SOLFLWDQ VXV LQWHUHVHV FDSDFLGDGHV \ IRUPDV SUHIHULGDV SDUD REWHQHUUHFRQRFLPLHQWR/DFRQFLHQWL]DFLyQGHGLFKDLQIRUPDFLyQUHVXOWDYDOLRVDQRVyORSRUDTXHOORTXHUHYHODDORVDOXPQRVVLQR WDPELpQ SRUTXH SURSRUFLRQD HOHPHQWRV DO GRFHQWH TXH OH SHUPLWLUiQ LQGLYLGXDOL]DU OD HQVHxDQ]D (O VLJXLHQWH UHOHYDPLHQWR SURSRQH D ORV DOXPQRV UHIOH[LRQDU VREUH VXV GHVHRV LQTXLHWXGHV \ IRUPDV SUHIHULGDV SDUD UHFLELU HORJLRV (VWH PDWHULDO SXHGH XWLOL]DUVH GH GLYHUVDV PDQHUDV FRPR UHFXUVR SDUD URPSHU HO KLHOR FXDQGR VH IRUPDQ QXHYRV JUXSRV FRPR IXHQWH SDUD OD UHFRSLODFLyQGHGDWRVFRQILGHQFLDOHVHQWUHHOGRFHQWH\HODOXPQRRFRPRKHUUDPLHQWDSDUDHOGHEDWHHQSHTXHxRVJUXSRV$QWHVGH VXPLQLVWUDUOR D ORV DOXPQRV HV FRQYHQLHQWH VROLFLWDUOHV TXH PDUTXHQ DTXHOORV SXQWRV TXH GHVHDQ PDQWHQHU FRPR LQIRUPDFLyQ FRQILGHQFLDO

8QDYH]TXHORVDOXPQRVKD\DQFRPSOHWDGRODHQFXHVWDSRGUtDQDQDOL]DUODLQIRUPDFLyQTXHHVWpQGLVSXHVWRVDFRPSDUWLUFRQRWUD SHUVRQDFRQORVLQWHJUDQWHVGHXQSHTXHxRJUXSRRFRQHOGRFHQWH6HOHVVROLFLWDUiTXHUHIOH[LRQHQVREUHORTXHKD\DQDSUHQGLGR GHVtPLVPRV\GHORVGHPiVSRUPHGLRGHHVWDDFWLYLGDGGHODVVHPHMDQ]DV\GLIHUHQFLDVTXHKD\DQGHVFXELHUWRHQWUHHOORV\RWUDV SHUVRQDV \ GH ORV HOHPHQWRV TXH SODQWHDQ HO FRQWUDVWH /D LQIRUPDFLyQ UHFRSLODGD PHGLDQWH HO UHOHYDPLHQWR GH LQWHUHVHV GH ORV DOXPQRV IDFLOLWDUi WDPELpQ DO GRFHQWH OD SODQLILFDFLyQ GHO FXUUtFXOR \ ORV SUR\HFWRV SHUVRQDOL]DGRV TXH UHVXOWHQ DWUDFWLYRV SDUD FDGDXQRGHORVDOXPQRV 


8QD YH] TXH VH KD\DQ LGHQWLILFDGR ODV iUHDV GH LQWHUpV \ QHFHVLGDG ORV DOXPQRV SRGUiQ HVWDEOHFHU FRQ PD\RU IDFLOLGDG ODV PHWDVTXHGHVHDQDOFDQ]DU/DILMDFLyQGHPHWDVHVXQSURFHVRLPSRUWDQWHSXHVpVWDVRIUHFHQHVWiQGDUHVFRQFUHWRV\WDQJLEOHVSDUD UHFRQRFHU\PRQLWRUHDUORVSURJUHVRV&XDQGRORVDOXPQRVVHVLHQWHQFDSDFHVGHHVWDEOHFHUPHWDVLQGLYLGXDOHVVXDFWLWXGKDFLDHO DSUHQGL]DMHVXHOHH[SHULPHQWDUXQFDPELRSRVLWLYR\HOORGDSRUUHVXOWDGRXQPD\RUQLYHOGHORJURDFDGpPLFR &RQHOILQGHTXHODVPHWDVILMDGDVSRUORVDOXPQRVUHVXOWHQHILFDFHVGHEHUiQFXPSOLUFRQYDULRVFULWHULRVVHUHVSHFtILFDV\QR JHQHUDOHVGHVDUUROODUVHHQHOFRUWRSOD]RDQWHVTXHHQSOD]RVSURORQJDGRVVHUGLItFLOHV\QRVHQFLOODVUHDOLVWDV\QRLGHDOLVWDV\ SURPRYHU OD DFFLyQ \ QR OD SDVLYLGDG /D SODQLOOD TXH VH SUHVHQWD D FRQWLQXDFLyQ SXHGH XWLOL]DUVH SDUD D\XGDU D ORV DOXPQRV D HVWDEOHFHU\ILMDUVXVREMHWLYRVSHUVRQDOHV

3/$1,//$'(2%-(7,926,1',9,'8$/(6'(/$/8012

1RPEUHGHODOXPQR)HFKD

'HVFULEHWXREMHWLYRHVSHFtILFRSDUDKR\ HVWDVHPDQD OHVWHSUR\HFWR ODVKDELOLGDGHVQHFHVDULDVSDUDORJUDUHVWHREMHWLYRVRQ

ODUD]yQSRUODTXHFUHRTXHSXHGRDOFDQ]DUHVWHREMHWLYRHV

ORVSRVLEOHVLQFRQYHQLHQWHVTXHVHPHSXHGHQSUHVHQWDUVRQ

ORVUHFXUVRV\SHUVRQDVDORVTXHSXHGRUHFXUULUHQEXVFDGHD\XGDVRQ 6HUXHJDFRPSOHWDUORVVLJXLHQWHVSXQWRVDOILQDOL]DUODDFWLYLGDG 


&XPSOtRQRFXPSOtFRQPLREMHWLYRSRUTXH 'HHVWDH[SHULHQFLDDSUHQGt

0LQLYHOGHVDWLVIDFFLyQFRQORTXHKHORJUDGRHV ORTXHVLHQWRUHVSHFWRGHOSUR\HFWRHV

(OSURFHVR GHILMDFLyQGHPHWDVSXHGHDSOLFDUVHHQWRGRVORVQLYHOHVGHHQVHxDQ]D\SDUDWRGRVORVFRQWHQLGRV$GHPiVGH YLQFXODUVHFRQWHPDVDFDGpPLFRVSXHGHQHVWDEOHFHUVHPHWDVSDUDKDELOLGDGHVVRFLDOHVWDOHVFRPRDPDELOLGDGFRODERUDFLyQ RVROXFLyQFRPSDUWLGDGH SUREOHPDVRSDUDFXHVWLRQHVUHODFLRQDGDVFRQHOPDQHMRGHODGLVFLSOLQDFRPROHYDQWDUODPDQR DQWHVGHKDEODUHQWUHJDUODVWDUHDVDWLHPSRRDVLVWLUUHJXODUPHQWHDFODVH 8QDYH]TXHORVDOXPQRVVHKD\DQSURSXHVWR\KD\DQFXPSOLGRVXVPHWDVHVLPSRUWDQWHGHVWDFDUTXHWRGRORJURVDWLVIDFWRULRHV UHVXOWDGRGHOHVIXHU]RRODFDSDFLGDGSHUVRQDOHV7DPELpQUHVXOWD~WLODQDOL]DUODVWpFQLFDVTXHORVDOXPQRVKD\DQHPSOHDGRFRQ p[LWR3RUHOFRQWUDULRFXDQGRQRVHDOFDQFHQORJURVVHH[SOLFDUiTXHGLFKDVLWXDFLyQVHGHELyDXQDIDOODHQODDSOLFDFLyQGHODV HVWUDWHJLDV DSURSLDGDV \ QR D XQD IDOWD GH LQWHOLJHQFLD R SRWHQFLDO 'HELGR D TXH PXFKRV DOXPQRV QR ORJUDQ FRPSUHQGHU ODV UD]RQHVSRUODVTXHIUDFDVDQUHVXOWDIXQGDPHQWDOTXHUHIOH[LRQHQVREUHHOPRGRFRPRSRGUtDQLQFUHPHQWDUVXQLYHOGHGHVHPSHxR HQHOIXWXUR 3ODQWHRGHGHVDItRVSDUDHODSUHQGL]DMHGHORVDOXPQRV

(QDOJXQRVFDVRVORVDOXPQRVLQWHQWDQDOFDQ]DUPHWDVTXHQRJXDUGDQUHODFLyQFRQVXVSRVLELOLGDGHVGHORJUR&XDQGRODVWDUHDV TXH UHDOL]DQ HQ HO DXOD OHV UHVXOWDQ GHPDVLDGR VHQFLOODV VXHOHQ DWULEXLU VXV p[LWRV D OD IDFLOLGDG GH ODV DFWLYLGDGHV &XDQGR REWLHQHQORJURVHQWDUHDVH[WUHPDGDPHQWHGLItFLOHVVXHOHQFRQVLGHUDUTXHKDQWHQLGRVXHUWH1LQJXQDGHHVWDVFODVHVGHORJURVLUYH SDUD SURPRYHU OD DXWRYDORUDFLyQ HQ HO DOXPQR /RV VHQWLPLHQWRV GH RUJXOOR \ VDWLVIDFFLyQ SRU OD WDUHD FXPSOLGD UHVXOWDQ GH REWHQHU p[LWR HQ DFWLYLGDGHV TXH VH HQFXHQWUDQ HQ HO OtPLWH GHO QLYHO GH OD SURSLD FDSDFLGDG R SDUD H[SUHVDUOR PHGLDQWH OD WHUPLQRORJtD GHO SVLFyORJR VRYLpWLFR /HY 9\JRWVN\ HQ OD ]RQD GH GHVDUUROOR SUy[LPR /RV DOXPQRV UHTXLHUHQ RSRUWXQLGDGHV SDUDDSUHQGHUTXHVHHQFXHQWUHQDSHQDVSRUHQFLPDGHVXDOFDQFH &XDQGRVHSURSRQJDQGHVDItRVHQHODXODHOGRFHQWHSRGUiDQDOL]DUFRQORVDOXPQRVODV PDQHUDVGHHVWDEOHFHUPHWDVHVWLPXODQWHV /RVDOXPQRVSRGUiQUHIOH[LRQDUVREUHVXVPHWDVLQGLYLGXDOHVSDUDGHWHUPLQDUVLVHHQFXHQWUDQDSHQDVSRUHQFLPDGHVXDOFDQFH 6HOHVSRGUiQIRUPXODUODVVLJXLHQWHVSUHJXQWDVTXHOHVSHUPLWLUiQDSUHQGHUDUHFRQRFHUGHVDItRVDGHFXDGRV\GDUiQSRUUHVXOWDGR XQDSUHQGL]DMHPXFKRPiVHVWLPXODQWH ¢(QTXpQLYHOGHGLILFXOWDGPHSODQWHDXQGHVDItR"

¢'HTXpPDQHUDSXHGRDSUHQGHUSRUPHGLRGHMXHJRVVLPXODFURVRVHVLRQHVGHSUiFWLFD" ¢4XpDERUGDUtDHQSURIXQGLGDGVLWXYLHUDODRSRUWXQLGDG"

¢4XpFODVHGHRSRUWXQLGDGHVGHDSUHQGL]DMHPHUHVXOWDPiVVLJQLILFDWLYD" ¢4XpPHPRWLYDSDUDOOHYDUDFDERHOPi[LPRHVIXHU]R" ¢&XiOHVVRQORVSURFHVRVGHDSUHQGL]DMHTXHXWLOL]R"

¢([LVWHQRWURVSURFHVRVGHDSUHQGL]DMHTXHSRGUtDQUHVXOWDUPiVHILFDFHV"¢'HTXpPDQHUDSXHGRDSUHQGHUGHPLVHUURUHV" ¢4XpFODVHGHIHHGEDFNPHUHVXOWD~WLO"¢4XLpQGHEHSURSRUFLRQiUPHOR"¢'HTXpPDQHUDGHVHRTXHPHHYDO~HQ"

/RVGRFHQWHVTXHREWLHQHQp[LWRVFXDQGRSODQWHDQGHVDItRVDVXVDOXPQRVOHVSURSRUFLRQDQIHHGEDFN SRUVXVHVIXHU]RVVLQSRQHUHQ SHOLJUR OD DXWRFRQILDQ]D \ OHV GHOHJDQ HO FRQWURO GH VX DSUHQGL]DMH SURPXHYHQ VX FDSDFLGDG SDUD DVXPLU ULHVJRV \ FHOHEUDQ ORV ORJURV(VWDDFWLWXGGRFHQWHWLHQHHOSRGHUGH LQVSLUDUHQORVDOXPQRVXQDPRUSRUHODSUHQGL]DMHTXHORVHVWLPXODSDUDPRYHUVHHQ HOPXQGRFRQFRQILDQ]D\FXULRVLGDGHQORVDxRVVLJXLHQWHV &UHDFLyQGHPHWDVROtPSLFDV

/D H[ DWOHWD ROtPSLFD 0DULO\Q .LQJ KD LQYHVWLJDGR ORVIDFWRUHVTXHSURGXFHQHOSHUILOFRPSHWLWLYRGHORVFDPSHRQHV/DPLVPD 0DULO\QLQWHJUyHOHTXLSRROtPSLFRGHORV(VWDGRV8QLGRVHQ\\FRPSLWLy HQHOSHQWDWOyQ0LHQWUDVVHHQWUHQDEDSDUDORV -XHJRV2OtPSLFRVGH  VXIULyXQDOHVLyQHQODHVSDOGDTXHODREOLJyDSHUPDQHFHUFXDWURPHVHVHQFDPD'XUDQWHHVHSHUtRGR 


VL ELHQ QR HVWDED HQ FRQGLFLRQHV GH GHVDUUROODU SUiFWLFD ItVLFD PLUy SHOtFXODV VREUH SHQWDWOHWDV H[LWRVRV \ REVHUYy \ VH HMHUFLWy PHQWDOPHQWHHQODVPLVPDVGLVFLSOLQDV$SHVDUGHVXIDOWDGHSUHSDUDFLyQItVLFD0DULO\QREWXYRHOVHJXQGRSXHVWRHQODVSUXHEDV \HVWiFRQYHQFLGDGHTXHVXVORJURVIXHURQUHVXOWDGRGHXQEXHQHVWDGRSVLFROyJLFR

$OFDERGHVXVDxRVGHHQWUHQDPLHQWR\FRPSHWHQFLDHQODV2OLPStDGDV0DULO\QFRPHQ]yDSUHJXQWDUVHFXiOHVHUDQODVUD]RQHV TXH OH SHUPLWtDQ REWHQHU XQ QLYHO HOHYDGR GH ORJUR ItVLFR FXDQGR HQ UHDOLGDG VXV KDELOLGDGHV DWOpWLFDV VH HQFRQWUDEDQ VyOR OLJHUDPHQWH SRU VREUH HO SURPHGLR 3DUD HQFRQWUDU OD UHVSXHVWD GHFLGLy HQWUHYLVWDU D RWURV DWOHWDV ROtPSLFRV DFHUFD GH VXV H[SHULHQFLDVGHGHVHPSHxRHQHOQLYHOVXSHULRU0DULO\QHVSHUDEDGHVFXEULUODVFDUDFWHUtVWLFDVFRPXQHVGHORVFDPSHRQHV (QHOFXUVRGHODVFRQYHUVDFLRQHVORVDWOHWDVHVWDEOHFLHURQWUHVIDFWRUHVFRQVWDQWHV(QDSDULHQFLDHOPi[LPRGHVHPSHxRVHEDVD HQ OD SDVLyQ OD YLVLyQ \ OD DFFLyQ /D SDVLyQ VH GHILQLy FRPR VDEHU OR TXH HV UHDOPHQWH LPSRUWDQWH HQ XQ QLYHO YLVFHUDO /RV DWOHWDV ROtPSLFRV PDQLIHVWDURQ TXH DTXHOOR TXH ORV GHPiV FRQVLGHUDEDQ IXHU]D GH YROXQWDG \ GLVFLSOLQD HUD HQ UHDOLGDG SDVLyQ LQWHULRU\FRPSURPLVRHPRFLRQDO6HJ~QHOORVDSDVLRQDUVHSRUDOJROLEHUDEDODHQHUJtD\FUHDWLYLGDGQHFHVDULDVSDUDDOFDQ]DUODV SURSLDVPHWDV (OVHJXQGRFRPSRQHQWHGHXQGHVHPSHxRVREUHVDOLHQWHVHLGHQWLILFyFRPRYLVLyQ(OORDOXGHDODFDSDFLGDGGHSUHYHUORVSURSLRV ORJURV HQ GHWDOOH MXQWR FRQ ODV LPiJHQHV GH ORV PHGLRV SDUD DOFDQ]DU OD PHWD /RV DWOHWDV PDQLIHVWDURQ TXH HUD LPSRUWDQWH FRPSUHQGHUODLQIOXHQFLDGHODVSURIHFtDVGHDXWRUUHDOL]DFLyQ\DSUHQGHUDFRQWURODUODSURSLDLPDJLQDFLyQ (O WHUFHU FRPSRQHQWH OD DFFLyQ GHVWDFDED OD QHFHVLGDG GH OOHYDU D FDER DFFLRQHV GLDULDV GH DFXHUGR FRQ XQ SODQ TXH SHUPLWD DFHUFDUVHDODSURSLDPHWD/RVSODQHVGHDFFLyQHVWLSXODQPHWDVHQHOFRUWRPHGLDQR\ODUJRSOD]RV\SODQWHDQWDPELpQGHVDItRV GLDULRV 6L ELHQ ODV KDELOLGDGHV ItVLFDV UHVXOWDEDQ LPSRUWDQWHV ORV DWOHWDV ROtPSLFRV WDPELpQ FRQVLGHUDEDQ TXH XQ QLYHO GH H[FHOHQFLDHQGLFKDVKDELOLGDGHVQRFRQVWLWXtDHOIDFWRUSULQFLSDOSDUDDOFDQ]DUHOPi[LPRUHQGLPLHQWR/DSDVLyQODYLVLyQ\OD GHGLFDFLyQHQHOWUDEDMRGLDULRHUDQPXFKRPiVLPSRUWDQWHVSDUDHOORJURGHODVSURSLDVPHWDV 2WUR DVSHFWR LQWHUHVDQWH GHO GHVHPSHxR HQ HO QLYHO VXSHULRUFRQVLVWHHQHODSR\RVRFLDO/RVDWOHWDVROtPSLFRVPDQLIHVWDURQTXH VXVIDPLOLDVQRORVSUHVLRQDEDQSDUDTXHDERUGDUDQODVDFWLYLGDGHVVLQRTXHOHVEULQGDEDQHVWtPXORSDUDTXHWXYLHUDQFRQILDQ]DHQ VX FDSDFLGDG SDUD DOFDQ]DU ODV PHWDV TXH VH KDEtDQ SURSXHVWR (Q RWURV FDVRV HQ OXJDU GH VXV IDPLOLDV HUD XQ HQWUHQDGRU R XQ DPLJR TXLHQ PDQLIHVWDED VX DSR\R DO LQGLYLGXR \ SHUPDQHFtD D VX ODGR SDUD FHOHEUDU VXV ORJURV /RV DWOHWDV OOHJDURQ D OD FRQFOXVLyQ GH TXH ORV FDPSHRQHV QR VRQ LQGLYLGXRV H[FHSFLRQDOHV GRWDGRV GH XQ WDOHQWR VLQJXODU 3RU HO FRQWUDULR SRVHHQ KDELOLGDGHVLQQDWDVFRPXQHVDWRGRVQRVRWURVVLHOLJLpUDPRVGHVDUUROODUODV

(QODDFWXDOLGDG0DULO\Q.LQJVHGHGLFDDHQVHxDUDRWUDVSHUVRQDVODPDQHUDGHDSOLFDUODVKDELOLGDGHVGHGHVHPSHxRFXPEUHD WRGD FODVH GH DFWLYLGDG +D WUDEDMDGR HQ QXPHURVRV HVWDEOHFLPLHQWRV \ GLVWULWRV HVFRODUHV FRQ HO ILQ GH D\XGDU D ORV DOXPQRV D GHVWDFDUVHHQHOQLYHODFDGpPLFR0HGLDQWHODXQLyQGHFXHUSRPHQWH\HVStULWXFRQHOSURSyVLWRGHDOFDQ]DUXQREMHWLYRFRP~Q 0DULO\Q UHFRPLHQGD TXH ORV DOXPQRV \ RWUDV SHUVRQDV DGRSWHQ HO VLJXLHQWH SURFHGLPLHQWR SDUD HOHYDU ORV OtPLWHV GH VX Pi[LPD FDSDFLGDGHQWRGDVODVDFWLYLGDGHV /LQHDPLHQWRVSDUDXQGHVHPSHxRFXPEUH

5HFRQRFHUDTXHOORTXHWHLPSRUWDYHUGDGHUDPHQWHTXHGHVHDVKDFHURVHU

'HWHUPLQDUODVKDELOLGDGHVFDUDFWHUtVWLFDV\UDVJRVQHFHVDULRVSDUDDOFDQ]DUHOREMHWLYRSURSXHVWR ,GHQWLILFDUODVFXDOLGDGHVTXH\DSRVHDV\ODVTXHHVQHFHVDULRGHVDUUROODU 6HOHFFLRQDUORVUDVJRVTXHGHVHDVDGTXLULU

6HOHFFLRQDUXQH[SHUWRHQHVWDiUHDTXHHVWpGLVSXHVWRDGHVHPSHxDUVHFRPRWXWRUSDUDHOGHVDUUROORGHORVQXHYRVUDVJRV %XVFDURWUDSHUVRQDTXHWDPELpQVHSURSRQJDDOFDQ]DUHOp[LWR\DFHSWHVHUWXFRPSDxHURHQODFDSDFLWDFLyQ (VSHFLILFDUORVPD\RUHVREVWiFXORVTXHGHEHUiQVXSHUDUVH\GHVDUUROODUSODQHVGHDFFLyQSDUDDERUGDUORV

 &UHDU DOJXQD IRUPD GH WDEOD GH FRQWURO R UHFRPSHQVD SDUD RWRUJDU UHFRQRFLPLHQWR SRU ORV ORJURV TXH VH REWHQJDQ GXUDQWH HO SURFHVR (ODERUDUXQFRQWUDWRSDUDDOFDQ]DUWXREMHWLYRHQHOFRUWRSOD]R0DQLIHVWDUFDGDGtDTXH\DHUHVORTXHTXLHUHVVHU

(VWH SURFHVR GHVWLQDGR D DOFDQ]DU HO GHVHPSHxR FXPEUH VH KD DSOLFDGR H[LWRVDPHQWH FRQ DWOHWDV ROtPSLFRV DVWURQDXWDV \ HMHFXWLYRVGHHPSUHVDV7DPELpQKDSURGXFLGRUHVXOWDGRVVDWLVIDFWRULRVFRQMyYHQHVGH]RQDVXUEDQDVPDUJLQDOHVTXLHQHVDSHVDU GHVXVPXFKDVGLILFXOWDGHVORJUDURQREWHQHUHOGLSORPDGHQLYHOSROLPRGDO/RVLQGLYLGXRVH[LWRVRVFRPSDUWHQODVFXDOLGDGHVGH SDVLyQ YLVLyQ \ DFFLyQ /DV SHUVRQDV FRPXQHV VRQ FDSDFHV GH DOFDQ]DU ORJURV H[WUDRUGLQDULRV FXDQGR LQFRUSRUDQ HVWDV PLVPDV 


FXDOLGDGHVDVXFRQGXFWD(QODDFWXDOLGDGHOSURJUDPD'DUHWR,PDJLQH>$QtPDWHDLPDJLQDU@GH0DULO\Q.LQJVHLPSOHPHQWDHQ HVWDEOHFLPLHQWRV HGXFDWLYRV GH HQVHxDQ]D EiVLFD \ SROLPRGDO SDUD D\XGDU D ORV DOXPQRV D HOHYDU VX QLYHO GH UHQGLPLHQWR WDQWR GHQWURGHODHVFXHODFRPRIXHUDGHHOOD

+DELOLGDGHVGHSHQVDPLHQWR

0XFKRV HGXFDGRUHV ILOyVRIRV \ SVLFyORJRV FRQFXHUGDQ HQ TXH XQ LPSRUWDQWH REMHWLYR GH OD HGXFDFLyQ FRQVLVWH HQ HQVHxDU D SHQVDU /D VRFLHGDG DFWXDO H[LJH SHQVDGRUHV FUHDWLYRV \ FUtWLFRV 6LQ HPEDUJR ORV VLVWHPDV HGXFDWLYRV TXH VH FRQFHQWUDQ HQ OD E~VTXHGDGHUHVSXHVWDVXQtYRFDV\DVHDFRUUHFWDVRLQFRUUHFWDVQRSURGXFHQHVWDFODVHGHSHQVDPLHQWR/RVDOXPQRVGHEHQHVWDU SUHSDUDGRV SDUD HQIUHQWDU XQ PXQGR GH FDPELRV YHUWLJLQRVRV SUHJXQWDV DSDUHQWHPHQWH LQVROXEOHV \ FRPSOHMDV GHFLVLRQHV SHUVRQDOHV (QVHxDUDSHQVDUSXHGHFRQWULEXLUDVDWLVIDFHUODVQHFHVLGDGHVGHOLQGLYLGXR\GHODVRFLHGDG\SURSRUFLRQDUEHQHILFLRVDDPERV (Op[LWRGHQXHVWUDVLQVWLWXFLRQHVHPSUHVDVSULYDGDV\VLVWHPDVGHPRFUiWLFRVVHEDVDHQODFDSDFLGDGGH ODSREODFLyQSDUDDQDOL]DU SUREOHPDVWRPDUGHFLVLRQHVUHIOH[LYDV\FUHDUVROXFLRQHVRSHUDWLYDV8QSHQVDPLHQWRpWLFRDOWUXLVWDFUHDWLYR\DYDQ]DGRSRVHH DWULEXWRV GHVHDEOHV \ QHFHVDULRV HQ XQD SHUVRQD HGXFDGD HQ ORV DOERUHV GHO VLJOR ;;, 0HGLDQWH OD DGTXLVLFLyQ GH SURFHVRV GH SHQVDPLHQWR HILFDFHV ORV DOXPQRV SXHGHQ LQGDJDU HQ VX SURSLD QDWXUDOH]D LQWHULRU DSUHQGHU D FRQWURODU \ DMXVWDU VX SURSLD FRQGXFWD\GLVFHUQLUTXLpQHVVRQ\TXpSXHGHQOOHJDUDVHUHQVXYLGDWDQWRSHUVRQDOFRPRSURIHVLRQDO ([LVWHQ PXFKDV FODVHV GH KDELOLGDGHV GH SHQVDPLHQWR (QWUH HOODV SRGHPRV FLWDU KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO KDELOLGDGHVSDUDDSUHQGHUDDSUHQGHUHVWUDWHJLDVSDUDODLQGDJDFLyQWRPDGHGHFLVLRQHVVROXFLyQGHSUREOHPDV\PHWDFRJQLFLyQ 6L ELHQ HO SURSyVLWR GH HVWHOLEURQRFRQVLVWHHQH[SORUDUODWRWDOLGDGGHOHVSHFWURGHODVKDELOLGDGHVGHSHQVDPLHQWRODVHFFLyQ VLJXLHQWHSUHVHQWDDFWLYLGDGHVGHDXODTXHUHTXLHUHQSURFHVRVPHWDFRJQLWLYRV 0HWDFRJQLFLyQ

8QDVSHFWRTXHGLIHUHQFLDDORVVHUHVKXPDQRVGHRWUDVIRUPDVGHYLGDHVQXHVWUDFDSDFLGDGSDUDUHIOH[LRQDUVREUHQXHVWURSURSLR SHQVDPLHQWR (O WpUPLQR PHWDFRJQLFLyQ VLJQLILFD OLWHUDOPHQWH SHQVDU DFHUFD GHO SURSLR SHQVDPLHQWR /D UHIOH[LyQ VREUH OD PDQHUD FRPR DSUHQGHQ HQ OD HVFXHOD SHUPLWH D ORV DOXPQRV REWHQHU XQD SHUVSHFWLYD PHWDFRJQLWLYD UHVSHFWR GH VXV SURFHVRV GH SHQVDPLHQWRLQGLYLGXDO([LVWHQYDULRVDVSHFWRVGHODPHWDFRJQLFLyQ$OJXQRVGHHOORVVRQODFRQFLHQFLDGHOPRGRGHDSUHQGL]DMH SUHIHULGRGHFDGDLQGLYLGXRHOFRPSURPLVR\SHUVHYHUDQFLDHQODVWDUHDVODILMDFLyQGHPHWDVODDFWLWXGKDFLDHODSUHQGL]DMHOD FDSDFLGDG SDUD DVXPLU ULHVJRV \ OD FRQFHQWUDFLyQ GH OD DWHQFLyQ &RQ HO ILQ GH D\XGDU DORVDOXPQRVDGHVDUUROODUODFRQFLHQFLD PHWDFRJQLWLYDORVGRFHQWHVSRGUiQRUJDQL]DU GHEDWHVHQHODXODRGLVHxDUFXHVWLRQDULRVTXHOHVSHUPLWDQUHIOH[LRQDUDFHUFDGHVX DXWRFRQRFLPLHQWRFRPRVXMHWRVGHODSUHQGL]DMH'LFKRVSURFHVRVSURPXHYHQODFRQFLHQWL]DFLyQGHFDUDFWHUtVWLFDVLQGLYLGXDOHVGH ORVDOXPQRV\GHDFWLWXGHVTXHEHQHILFLDQR HQWRUSHFHQVXSHQVDPLHQWR 0HGLDQWH OD DXWRREVHUYDFLyQ ORV DOXPQRV FRPLHQ]DQ D SHUFLELU HO FRQWURO TXH SRVHHQ VREUH VLWXDFLRQHV DFDGpPLFDV \ QR DFDGpPLFDV 3XHGHQ DSUHQGHU TXH OD UHVSRQVDELOLGDG IXQGDPHQWDO FRQ HO FRPSURPLVR OD DFWLWXG OD DWHQFLyQ \ OD SHUVHYHUDQFLD UHVLGHHQHOORV(VWDFRQFLHQFLDPHWDFRJQLWLYDSXHGHHVWLPXODUORVHQODWRPDGHGHFLVLRQHVDFHUWDGDVSDUDRULHQWDUVXFRQGXFWDHQ IRUPDHILFD] &yPRDVXPLUHOFRQWUROGHOSURFHVRGHDSUHQGL]DMH

2WUR DVSHFWR GH OD PHWDFRJQLFLyQ LPSOLFD RWRUJDU D ORV DOXPQRV ODV KHUUDPLHQWDV QHFHVDULDV SDUD FRQWURODU VXV SURSLDV H[SHULHQFLDVGHDSUHQGL]DMH$LQLFLDUXQDWDUHDUHVXOWD~WLOTXHORVDOXPQRVWHQJDQXQSDQRUDPDGHORTXHVHHVSHUDGHHOORV\ GH OD PHMRU PDQHUD GH SURFHGHU (Q WHRUtD ORV DOXPQRV GHEHUtDQ HVWDU LQIRUPDGRV DFHUFD GH ORV GDWRV \ FRQFHSWRV TXH VH WUDEDMDUiQ\GHODVHVWUDWHJLDV\SURFHGLPLHQWRVTXHOHVSHUPLWLUiQOOHYDUDFDERODWDUHDFRQp[LWR(QODPD\RUtDGHORVFDVRVVLVH VROLFLWD D ORV DOXPQRV TXH DQWLFLSHQ OR TXH RFXUULUi DQWHV GH FRPHQ]DU XQD WDUHD GXUDQWH VX GHVDUUROOR \ OXHJR GH FRQFOXLUOD REWHQGUiQLQIRUPDFLyQSDUDFRQGXFLUHILFD]PHQWHVXDSUHQGL]DMH3RUHMHPSORVLVHVROLFLWDDORVDOXPQRVTXHLOXVWUHQHOSURFHVR GH OD IRWRVtQWHVLV SRGUtDQ FRPHQ]DU SRU SUHJXQWDUVH VL GLVSRQHQ GH VXILFLHQWH LQIRUPDFLyQFRPRSDUDUHDOL]DUODWDUHDVLGHEHQ LQYHVWLJDUPiV\HQFDVRDILUPDWLYRGHTXpPDQHUD\GyQGHGHEHQKDFHUOR'XUDQWHHOGLEXMRGHOPRGHORGHIRWRVtQWHVLVSRGUtDQ HVWDEOHFHU VL OD LQIRUPDFLyQ FRQ OD TXH FXHQWDQ HV DGHFXDGD VL HO PRGHOR HV H[DFWR \ VL QR OR HV FXiO VHUtD OD PHMRU IRUPD GH UHYLVDUOR8QDYH]TXHKD\DQFRPSOHWDGRHOGLEXMRSRGUtDQUHIOH[LRQDUVREUHORTXHKXELHUDQDSUHQGLGR\VREUHRWURVWHPDVTXH TXLVLHVHQSURIXQGL]DU &RQ HO REMHWR GH HQVHxDU D ORV DOXPQRV D FRQGXFLU HILFD]PHQWH VXV WDUHDV VH OHV SXHGH SURSRUFLRQDU XQD ILFKD FRPR OD GH OD SiJLQDVLJXLHQWHHQODTXHVHLQFOX\HQSUHJXQWDV~WLOHVSDUDRUJDQL]DUVXDSUHQGL]DMH +DVWD KDFH SRFR WLHPSR VH FRQVLGHUDED TXH QR HUD SRVLEOH HQVHxDU \ DSUHQGHU KDELOLGDGHV GH SHQVDPLHQWR /D LQIRUPDFLyQ TXH SUHVHQWDPRV PiV DUULED FRQVWLWX\H XQD SULPHUD DSUR[LPDFLyQ DO UHFRQRFLPLHQWR GH ORV FRPSRQHQWHV FODYH GHO SHQVDPLHQWR TXH SRGUtDQLQWHJUDUVHDODHQVHxDQ]D/DDSOLFDFLyQGHGLFKDLQIRUPDFLyQDODVDFWLYLGDGHVGHODXODSHUPLWHXQDSUHQGL]DMHPiVHILFD] 


SURPXHYHORVSURFHVRVLQWHOHFWXDOHVGHORVDOXPQRV\OHVSURSRUFLRQDHOHPHQWRVSDUDXQDYDOLRVDWRPDGHFRQFLHQFLDDFHUFDGHVX QDWXUDOH]DFRPRVXMHWRVGHODSUHQGL]DMH\FRPRLQGLYLGXRV

(GXFDFLyQHPRFLRQDOPHQWHLQWHOLJHQWHHQHODXOD

/DV LQYHVWLJDFLRQHV UHFLHQWHV HQ HO FDPSR GH ODV QHXURFLHQFLDV UHYHODQ TXH ODV HPRFLRQHV \ OD FRJQLFLyQ WLHPSR DWUiV FRQVLGHUDGDViUHDVLQGHSHQGLHQWHV\GLVWLQWDVXQDGHRWUDVHHQFXHQWUDQHVWUHFKDPHQWHYLQFXODGDV/RVHVWXGLRVUHDOL]DGRVSRUHO 'U3DXO0DF/HDQHQHO1DWLRQDO,QVWLWXWHRI0HQWDO+HDOWK>,QVWLWXWR1DFLRQDOGH6DOXG0HQWDOGHORV(VWDGRV8QLGRV@SRVWXODQ TXHODLQIRUPDFLyQQRVRODPHQWHVHSURFHVDHQODQHRFRUWH]DTXHFRQWURODORVSURFHVRVGHSHQVDPLHQWRGHDOWRQLYHOVLQRWDPELpQ HQHOVLVWHPDOtPELFRFHQWURHPRFLRQDOGHOFHUHEUR

0DF/HDQ VRVWLHQH TXH HPRFLRQHV SRVLWLYDV FRPR HO DPRU \ HO KXPRU IDFLOLWDQ ORV SURFHVRV GH SHQVDPLHQWR GH DOWR QLYHO GH OD QHRFRUWH]D PLHQWUDV TXH HPRFLRQHV QHJDWLYDV FRPR OD WHQVLyQ HO PLHGR OD LUD R OD GHVFRQILDQ]D LQKLEHQ HO DSUHQGL]DMH \ HO SHQVDPLHQWRGHDOWRQLYHO(OKHFKRGHTXHXQDOXPQRORJUHDSUHQGHUSRGUtDGHSHQGHUGHODVHPRFLRQHVTXHDIHFWDQDWRGRVORV SURFHVRV GH SHQVDPLHQWR \ FRQVWLWX\HQ XQ FRPSRQHQWH FODYH GH OD LQWHOLJHQFLD LQWUDSHUVRQDO /RV GRFHQWHV SXHGHQ D\XGDU D ORV DOXPQRV D WRPDU FRQFLHQFLD GH VXV HPRFLRQHV \ D HQFRQWUDU IRUPDV SRVLWLYDV SDUD H[SUHVDUODV 'H HVWD PDQHUD HVWDUiQ SURPRYLHQGRHOSURFHVRGHDSUHQGL]DMH 


0DQLIHVWDFLyQGHORVVHQWLPLHQWRVHQHODXOD

6LELHQHQDOJXQDVDXODVQRVHRWRUJDLPSRUWDQFLDDODVFXHVWLRQHVHPRFLRQDOHVFRQIUHFXHQFLDHVHVWHDVSHFWRGHODLQWHOLJHQFLD LQWUDSHUVRQDO HO TXH GHWHUPLQD QXHVWUD UHODFLyQ FRQ QXHVWURV SDUHV \ FRQ QRVRWURV PLVPRV 'HELGR D ORV FDPELRV TXH VH PDQLILHVWDQ HQ OD HVWUXFWXUD IDPLOLDU HQ OD DFWXDOLGDG PXFKRV QLxRV OOHJDQ D OD HVFXHOD FRQ QHFHVLGDGHV TXH QR KDQ SRGLGR VDWLVIDFHUHQHOKRJDU3DUDHVWDUHQFRQGLFLRQHVGHDOFDQ]DUORJURVDFDGpPLFRVDOJXQRVQLxRVUHTXLHUHQYtDVGHHVFDSHHPRFLRQDO SRVLWLYDV/RVGRFHQWHVTXHWHQJDQLQWHUpVSRUFRODERUDUHQHOGHVDUUROORGHHVWHDVSHFWRGHODLQWHOLJHQFLDLQWUDSHUVRQDOFXHQWDQ FRQUHFXUVRVSDUDLQFRUSRUDU\GHVDUUROODUXQDH[SUHVLyQHPRFLRQDOVDQDHQHOiPELWRHGXFDWLYR$OJXQRVHQIRTXHVSRVLEOHV VRQOD FUHDFLyQ GH XQ HQWRUQR SRVLWLYR HQ HO DXOD HO UHFRQRFLPLHQWR GHO UDQJR GH VHQWLPLHQWRV TXH ORV DOXPQRV H[SHULPHQWDQ OD HQVHxDQ]D GH PpWRGRV DSURSLDGRV SDUD OD H[SUHVLyQ HPRFLRQDO \ OD SURYLVLyQ GH IHHGEDFN SDUD OD FRQGXFWD HPRFLRQDO /DV VXJHUHQFLDVTXHDSDUHFHQDFRQWLQXDFLyQSHUPLWHQDERUGDUHOGRPLQLRDIHFWLYRGHODH[SHULHQFLDKXPDQDHQHODXOD &yPRHVWDEOHFHUXQiPELWRTXHSHUPLWDODH[SUHVLyQHPRFLRQDO

(OiPELWRGHODXODSXHGHIDFLOLWDUODH[SUHVLyQHPRFLRQDOWDQWRGHORVDOXPQRVFRPRGHO GRFHQWH&RQHOILQGHGHWHUPLQDUVLVH FRQWHPSODDGHFXDGDPHQWHHOGRPLQLRDIHFWLYRHQHODXODHVFRQYHQLHQWHTXHORVGRFHQWHVUHIOH[LRQHQVREUHVXSURSLDUHFHSWLYLGDG DODVHPRFLRQHV/DVVLJXLHQWHVSUHJXQWDVFRQWULEX\HQDIDFLOLWDUODUHIOH[LyQ Â&#x2021;¢6H GLFWDQODVFODVHVFRQH[SUHVLYLGDGHPRFLRQDO"

Â&#x2021;¢4XpFODVHGHVHQWLPLHQWRVVHSURPXHYHQHQHODXOD"¢3RUSDUWHGHTXLpQ" Â&#x2021;¢&XiOHVVRQODVFRQGXFWDVRVHQWLPLHQWRVTXHVHGHVDOLHQWDQ"¢3RUTXp" Â&#x2021;¢&yPRVHH[SUHVDQODVHPRFLRQHVRUDOItVLFDRYLVXDOPHQWH"

Â&#x2021;¢&RQTXpKHUUDPLHQWDVFXHQWDQORVDOXPQRVSDUDH[SUHVDUVXVVHQWLPLHQ WRV"¢4XpRWUDVSRGUtDQUHTXHULU"

Â&#x2021;¢&XiQGRVHH[SUHVDQORVVHQWLPLHQWRVGXUDQWHHODOPXHU]RRORVUHFUHRV GXUDQWHDOJXQDFODVHHQHVSHFLDO"

Â&#x2021;¢&yPRSRGUtDHVWLPXODUVHODH[SUHVLyQDGHFXDGDGHHPRFLRQHVHQHODXOD"

/D UHIOH[LyQ VREUH HVWDV FXHVWLRQHV SHUPLWH D ORV GRFHQWHV WRPDU FRQFLHQFLD UHVSHFWR GHO FOLPD HPRFLRQDO GH VXV DXODV\GHVXV SURSLDVVHQVDFLRQHVGHFRQILDQ]DSDUDODH[SUHVLyQHPRFLRQDOHQHOiPELWRHVFRODU

8Q UHFXUVR SDUD ORV GRFHQWHV TXH HVWpQ LQWHUHVDGRV HQ SURPRYHU XQD DWPyVIHUD DIHFWLYD HQ VX DXOD FRQVLVWH HQ LQFUHPHQWDU H[SOtFLWDPHQWH HO LPSDFWR HPRFLRQDO GH OD HQVHxDQ]D /RV DOXPQRV UHVSRQGHQ WDQWR DORVFRQWHQLGRVTXHVH HQVHxDQFRPRDODPDQHUDHQTXHVHORVSUHVHQWD&XDQGRHOGRFHQWHSODQLILTXHODVFODVHVSRGUiGHVWDFDUORVVHQWLPLHQWRV SRWHQFLDOHVDVRFLDGRVDORVGLIHUHQWHVWHPDVRiUHDV¢(VSRVLEOHFRPSURPHWHUODVPHQWHV\ORVFRUD]RQHVGHORVDOXPQRV FRQHODSUHQGL]DMHSRUPHGLRGHOKXPRUODWUDJHGLDHOFRUDMHRODLQWULJDTXHSRQHQGHPDQLILHVWR" 8QGRFHQWHGHPDWHPiWLFDHQHOQLYHOSROLPRGDOHVWDEDKDUWRGHODVUHDFFLRQHVQHJDWLYDVTXHPDQLIHVWDEDQVXVDOXPQRV FXDQGRGHEtDQUHVROYHUSUREOHPDV\WRPyODGHFLVLyQGHDOLYLDUODDQVLHGDGLPSHUDQWH&RQWDOSURSyVLWROOHJyXQGtDDOD FODVH FRQ OD FDEH]D FXELHUWD SRU XQD PiVFDUD \ DQXQFLy TXH VH KDEtD WUDQVIRUPDGR HQ HO PRQVWUXR GH ORV SUREOHPDV 5HFRUULy HO DXOD FRQ SDVRV ODUJRV PLHQWUDV SURWHVWDED FRQ YR] DWHUUDGRUD \ UHWXPEDQWH SRU OD UHSXOVLYD QDWXUDOH]D GH ORV SUREOHPDVUHSLWLHQGRODVTXHMDVWtSLFDVGHORVDOXPQRVUHVSHFWRGHODWDUHD$ORVDOXPQRVOHVHQFDQWyHOGHVSOLHJXHGHEXHQ KXPRU\GLYHUVLyQTXHOHVRIUHFLyHOGRFHQWH\HVHGtDDERUGDURQODWDUHDELHQSUHGLVSXHVWRV\VLJXLHURQULpQGRVHGXUDQWH VHPDQDVPLHQWUDVUHDOL]DEDQHMHUFLFLRVVLPLODUHV $GHPiV GH SURSRUFLRQDU HQVHxDQ]D FRQ VHQVLELOLGDG ORV HGXFDGRUHV SXHGHQ SURPRYHU OD H[SUHVLyQ HPRFLRQDO GH ORV DOXPQRVFXDQGROHVSURSRUFLRQDQXQDSURSLDGRPRGHORGHURO6LSXHGHQUHFRQRFHU\H[SUHVDUVXVSURSLRVVHQWLPLHQWRVORV DOXPQRV DSUHQGHQ TXH HO DXOD SXHGH DOEHUJDU HVWD GLPHQVLyQ GH OD H[SHULHQFLD KXPDQD &DGD GRFHQWH SRGUtD UHIOH[LRQDU VREUHFXHVWLRQHVRKHFKRVHPRFLRQDOHVGHDFWXDOLGDGTXHUHVXOWHQVLJQLILFDWLYRVSDUDORV DOXPQRV\OXHJRDVXPLUHOULHVJR GHH[SRQHUIUDQFDPHQWHVXSXQWRGHYLVWD([LVWHQJUDQGHVSRVLELOLGDGHVGHTXHORVDOXPQRVUHVSRQGDQDGRSWDQGRODPLVPD DFWLWXG &XDQGRVHVROLFLWDDORVDOXPQRVTXHFRPSDUWDQVXVVHQWLPLHQWRVUHVSHFWRGHODVDFWLYLGDGHV GHODXODFRQORVPLHPEURV GH OD FODVH VH OHV HVWi SURSRUFLRQDQGR OD RSRUWXQLGDG GH PDQLIHVWDU UHDFFLRQHV HPRFLRQDOHV VLQ FRUUHU JUDQGHV ULHVJRV 'XUDQWH HO GHEDWH VXHOHQ UHYHODUVH DVSHFWRV LQVRVSHFKDGRV GH ODV FODVHV HQ HO DXOD \ VH FUHD XQ HVSDFLR SDUD OD UHIOH[LyQ VREUHODSURSLDH[SHULHQFLDDIHFWLYDHQHOiPELWRHVFRODU&XDQGRVHHVWLPXODQODVUHVSXHVWDVKRQHVWDVORVGRFHQWHVSXHGHQ 


UHDOL]DU HO VHJXLPLHQWR \ DMXVWH GH ODV WDUHDV SDUD UHGXFLU OD DQVLHGDG R HO DEXUULPLHQWR 7DPELpQ SXHGHQ OOHYDUVH D FDER FRQYHUVDFLRQHVDFHUFDGHODLPSRUWDQFLDGHODVHPRFLRQHVSRVLWLYDVSDUDSURPRYHUHODSUHQGL]DMH\ORVGRFHQWHV\DOXPQRV SRGUtDQWUDEDMDUMXQWRVSDUDFUHDUXQFOLPDWDQSRVLWLYRFRPRVHDSRVLEOHHQHODXOD\GXUDQWHODVDFWLYLGDGHV 3XHGHDVLJQDUVH XQDIUHFXHQFLDVHPDQDOPHQVXDORODTXHVHDQHFHVDULDSDUDUHDOL]DUUHXQLRQHVHQHODXODHQODVTXHORV DOXPQRVGRFHQWHV\RGLVHUWDQWHVLQYLWDGRVDERUGHQDELHUWDPHQWHFXHVWLRQHVHPRFLRQDOHVTXHSUHRFXSDQDOJUXSR&XDQGR HOGRFHQWHGHVWLQDWLHPSRDWHPDVFRQXQDJUDQFDUJDHPRFLRQDOHVWiGHPRVWUDQGRTXHFRQVLGHUDWDOHVLQWHUFDPELRVFRPR RSRUWXQLGDGHV GH DSUHQGL]DMH YDOLRVDV /RV VXFHVRV HPRFLRQDOHV HVSRQWiQHRV TXH VH SURGXFHQ HQ HO DXOD SURSRUFLRQDQ WDPELpQULFDVRSRUWXQLGDGHVSDUDODUHIOH[LyQ &XDQGR ORV GRFHQWHV DVXPHQ DFWLWXGHV DSURSLDGDV SDUD OD H[SUHVLyQ HPRFLRQDO \ SURPXHYHQ HO GLiORJR VREUH FXHVWLRQHV DIHFWLYDVWLHQHQRSRUWXQLGDGGHFUHDUXQFOLPDTXHHVWLPXODWRGDVODViUHDVGHSHUVRQDOLGDGGHODOXPQRGHQWURGHODXOD&XDQGR ORV DOXPQRV WRPDQ FRQFLHQFLD GH VX QDWXUDOH]D HPRFLRQDO VH FRQHFWDQ FRQ XQD IXHQWH GH HQHUJtD TXH SXHGHQ DSOLFDU SDUD DSUHQGHU\UHFRUGDUORTXHKDQDSUHQGLGR 5HFRQRFLPLHQWRGHVHQWLPLHQWRV

&XDQGR ORV DOXPQRV UHFRQRFHQ \ H[SHULPHQWDQ XQD DPSOLD YDULHGDG GH VHQWLPLHQWRV VH GHVDUUROOD HQ HOORV XQD ILUPH EDVH HPRFLRQDO TXH HQULTXHFH VX YLGD 6LQ HPEDUJR HV PX\ IUHFXHQWH TXH ORV QLxRV FDUH]FDQ GHO YRFDEXODULR SDUD UHFRQRFHU VXV HPRFLRQHV\VyORSXHGDQUHIHULUVHDXQOLPLWDGRQ~PHURGHVHQWLPLHQWRVTXHKD\DQH[SHULPHQWDGRFRPRIHOLFLGDGRWULVWH]D /DFUHDFLyQGHXQYRFDEXODULRHPRFLRQDOD\XGDDORVDOXPQRVDQRPEUDU\FRPHQ]DUDFRPSUHQGHUVXVH[SHULHQFLDVLQWHUQDV$ FRQWLQXDFLyQSUHVHQWDPRVDOJXQDVLGHDVSDUDH[SDQGLUHOYRFDEXODULRDIHFWLYR 6HSXHGHVROLFLWDUDORVDOXPQRVTXHQRPEUHQGLYHUVRVVHQWLPLHQWRV8QUHFXUVRFRQVLVWHHQUHFRQRFHUXQDRPiVHPRFLRQHVSDUD FDGD OHWUD GHO DEHFHGDULR 2WUD SRVLELOLGDG HV FUHDU VHLV FDWHJRUtDV JHQHUDOHVGHVHQWLPLHQWRVSRUHMHPSORIHOL]WULVWHHQRMDGR FRQIXQGLGRIXHUWHGpELO\DVXVWDGR/RVDOXPQRVUHDOL]DQOXHJRXQDWRUPHQWDGHLGHDVSDUDLGHQWLILFDUDOPHQRVGLH]VLQyQLPRV SDUD FDGD FDWHJRUtD 3RU HMHPSOR SDUD WUDEDMDU OD FDWHJRUtD FRQIXQGLGR VH SXHGHQ DJUHJDU ORV WpUPLQRV DWXUGLGRD]RUDGRFRQIXVR

FRQVWHUQDGRGHVFRQFHUWDGRGHVRULHQWDGRGHVSLVWDGRH[WUDxDGRLQGHFLVR\SHUSOHMR

8QDYH]TXHVHKD\DQLGHQWLILFDGRGLYHUVDVHPRFLRQHVORVDOXPQRVSXHGHQUHIOH[LRQDUVREUHODPDQHUDHQTXHKDQH[SHULPHQWDGR SHUVRQDOPHQWHORVVHQWLPLHQWRVHQXPHUDGRVORVHIHFWRVGHGLFKRVVHQWLPLHQWRVHQVXVQLYHOHVItVLFRHLQWHOHFWXDOHOPRPHQWRHQ TXHORVKDQH[SHULPHQWDGR\ODVUD]RQHVRPRGRVSRUORVFXDOHVGLFKRVVHQWLPLHQWRVVHPRGLILFDURQ

6HUtD LQWHUHVDQWH H[KLELU HO DEHFHGDULR GH HPRFLRQHV R ODV FDWHJRUtDV GH VHQWLPLHQWRV HQ HO DXOD SDUD IDFLOLWDU HO DFFHVR D HOORV GXUDQWH SHUtRGRV GH GHEDWH R GH SURGXFFLyQ HVFULWD /D H[KLELFLyQ VLUYH WDPELpQ FRPR UHFRUGDWRULR GHO UDQJR GH H[SHULHQFLDV HPRFLRQDOHVTXHSXHGHQOOHJDUDSURGXFLUVHLQWHUQDPHQWH ([SUHVLyQGHHPRFLRQHV

/RV DOXPQRVUHTXLHUHQRSRUWXQLGDGHVSDUDH[SUHVDUVXVVHQWLPLHQWRV\SDUDFDQDOL]DUORVFRQVWUXFWLYDPHQWH6HJ~QGHPXHVWUDQODV LQYHVWLJDFLRQHV GH 0DF/HDQ ODV HPRFLRQHV LQKLEHQ R IDFLOLWDQ HO DSUHQGL]DMH 8QD YH] TXH ORV DOXPQRV KD\DQ LGHQWLILFDGR VXV H[SHULHQFLDV DIHFWLYDV UHVXOWDUi DSURSLDGR SURSRUFLRQDUOHV GLYHUVDV RSFLRQHV SDUD OD DXWRH[SUHVLyQ &RQ HO ILQ GH REWHQHU XQ SDQRUDPDGHODVFRQGXFWDVHPRFLRQDOHVHOGRFHQWHSXHGHVROLFLWDUOHVTXHFRPSOHWHQHOVLJXLHQWHLQYHQWDULR

8QDYH]TXHORVDOXPQRVKD\DQFRPSOHWDGRHOLQYHQWDULRSRGUiQUHOHHUOR\DJUHJDUHOQRPEUHGHDOJXQDSHUVRQDTXHORV KDJDVHQWLUIHOLFHVSUHRFXSDGRVRHQWXVLDVPDGRV$FRQWLQXDFLyQSXHGHQRUJDQL]DUVHSHTXHxRVJUXSRVSDUDGHEDWLUVREUH ODVPDQHUDVPiVFRPXQHVFRPRFDGDDOXPQRH[SUHVDODVHPRFLRQHV\DQDOL]DUGRVRPiVVHQWLPLHQWRVTXHHVWpQGLVSXHVWRV DFRPSDUWLUFRQVXVFRPSDxHURV 1RHVHVSHUDEOHTXHGHVHHQPHQFLRQDUORVQRPEUHVGHORVLQGLYLGXRVTXHKD\DQLQFOXLGR HQ OD OLVWD  $VLPLVPR ORV DOXPQRV SRGUtDQ DQDOL]DU GH TXp PDQHUDVXVUHDFFLRQHVHPRFLRQDOHVDIHFWDQDRWUDVSHUVRQDV /XHJR SRGUtDQ JHQHUDUVH UHVSXHVWDV JUXSDOHV DOWHUQDWLYDV SDUD FDGD XQR GH ORV SXQWRV GHO LQYHQWDULR &XDQGR VH OR KD\D FRPSOHWDGRVHSRGUiQSUHVHQWDUODVUHVSXHVWDVGHFDGDJUXSRDOUHVWRGHOD FODVHDILQGHLGHQWLILFDUP~OWLSOHVRSFLRQHVSDUD H[SUHVDUVHQWLPLHQWRVFRPXQHV8QJUXSRGHDOXPQRVGHRFWDYRDxRGHHGXFDFLyQEiVLFDTXHKDEtDHVWDGRDQDOL]DQGRVXV UHDFFLRQHVDQWHGLIHUHQWHVKHFKRVGHODYLGDFRQIRUPyODVLJXLHQWHOLVWDSDUDH[KLELUHQHODXOD &XDQGRHVWpVHQRMDGRSRGUtDV Â&#x2021;&RQYHUVDUFRQDOJXLHQDTXLHQWHQJDVFRQILDQ]D Â&#x2021;6DOLUDFDPLQDUFRUUHURKDFHUDOJXQDFODVHGHDFWLYLGDGItVLFD Â&#x2021;£/ORUDU Â&#x2021;(VFXFKDUWXP~VLFDSUHIHULGD Â&#x2021;5HDOL]DUDOJXQDDFWLYLGDGDUWtVWLFDTXHHOLMDV Â&#x2021;(VFULELUHQWXGLDULRSHUVRQDO Â&#x2021;'DUWHXQDGXFKD 


Â&#x2021;6DOLUGHFRPSUDV

Â&#x2021;5HDOL]DUXQDWRUPHQWDGHLGHDVHLGHQWLILFDUWRGDVODVIRUPDVSRVLEOHVSDUDUHDFFLRQDUDQWHODVLWXDFLyQ\HOHJLUXQD Â&#x2021;(MHFXWDUXQLQVWUXPHQWRPXVLFDO

Â&#x2021;'HVFULELUODVLWXDFLyQDWXPDVFRWD Â&#x2021;-XJDUDXQMXHJR Â&#x2021;3HGLUD\XGD

Â&#x2021;0LUDUXQDSHOtFXODHQYLGHRRLUDOFLQH

Â&#x2021;5HFRQRFHUTXHWXVVHQWLPLHQWRVSXHGHQPRGLILFDUVH\FDPELDUGDUWHWLHPSR 0DQLIHVWDFLyQGHORVVHQWLPLHQWRVDWUDYpVGHODVDUWHV

/D HQVHxDQ]D GLUHFWD GH FRQGXFWDV HPRFLRQDOHV SXHGH SURPRYHU XQ LPSRUWDQWH GHVDUUROOR LQWUDSHUVRQDO ([LVWHQ QXPHURVRV HQIRTXHVFUHDWLYRVSDUDHGXFDUODVHPRFLRQHVHQHODXOD/DVDUWHVLQFOX\HQGRDUWHVYLVXDOHVDFWLYLGDGHVGUDPiWLFDVPRYLPLHQWR R P~VLFD SHUPLWHQ D ORV DOXPQRV DERUGDU VXV VHQWLPLHQWRV \ GHVSHMDU OD WHQVLyQ HO HQRMR R HO H[FHVLYR QHUYLRVLVPR (VWDV SRGHURVDV KHUUDPLHQWDV SHUPLWHQ FDQDOL]DU ORV VHQWLPLHQWRV KDFLD H[SUHVLRQHV SRVLWLYDV \ FUHDWLYDV \ SXHGHQ LQWHJUDUVH D ODV DFWLYLGDGHV GHO DXOD HQ ORV PRPHQWRV DSURSLDGRV &XDQGR XQ GRFHQWH FRQVLGHUH TXH HV QHFHVDULR SURFHVDU ODV FXHVWLRQHV HPRFLRQDOHV TXH VXUJHQ HQ HO DXOD SXHGH UHFXUULU D ODV SURSXHVWDV VLJXLHQWHV \ GHWHUPLQDU FXiO GH HOODV UHVXOWD ~WLO SDUD XQD GHWHUPLQDGDVLWXDFLyQ $UWHV YLVXDOHV 3URSRQHU ORV DOXPQRV TXH GLEXMHQ VXV VHQWLPLHQWRV SRU PHGLR GH FRORUHV IRUPDV DEVWUDFWDV R LPiJHQHV SDUD UHSUHVHQWDU ODV FXHVWLRQHV TXH HVWpQ DERUGDQGR 6H SXHGH SUR\HFWDU XQD SHOtFXOD R XQ YLGHR TXH DERUGH DOJXQD GH VXV SUHRFXSDFLRQHV

0~VLFD 3DUD REWHQHU UHOD[ ORV DOXPQRV SXHGHQ HVFXFKDU P~VLFD GH IRQGR HQ IRUPD JUXSDO R LQGLYLGXDOPHQWH D WUDYpV GH DXULFXODUHV 7DPELpQ SXHGHQ FRPSRQHU P~VLFD R HVFULELU OHWUDV GH FDQFLRQHV FRPR IRUPD GH H[SUHVDU VHQWLPLHQWRV $OJXQRV DOXPQRV SXHGHQ FUHDU XQD FRUHRJUDItD SDUD XQD PHORGtD FRQRFLGD X RULJLQDO 3XHGHQ HVFXFKDUVH FLHUWDV REUDV PXVLFDOHV SDUD HYRFDUVHQWLPLHQWRVHVSHFtILFRVSRUHMHPSOROD6XLWHGH&DVFDQXHFHVGH7FKDLNRYVN\SDUDODIHOLFLGDGOD6LQIRQtD1Â&#x192;HQ0L PHQRUGH'YRUDNSDUDODWULVWH]D\OD6XLWHGH3HHU*\QWGH(GYDUG*ULHJSDUDHOPLHGR 


-XHJR GH UROHV 3XHGHQ GUDPDWL]DUVH VLWXDFLRQHV KLSRWpWLFDV \ HVSRQWiQHDV FUHDGDV SRU ORV DOXPQRV R HO GRFHQWH SDUD DERUGDU FXHVWLRQHVHPRFLRQDOHV3HTXHxRVFXDGURVGUDPiWLFRVSRGUtDQWUDWDUKHFKRVUHDOHVSRUPHGLRGHSHUVRQDMHVILFWLFLRV &RQVXOWDUHO FDStWXORGHGLFDGRDODLQWHOLJHQFLDFLQHVWpVLFDSDUDYHUFRQLGHDVDGLFLRQDOHV

(VFULWXUD FUHDWLYD/RVDOXPQRVSXHGHQFUHDUPDSDVPHQWDOHVRGLDJUDPDVXVDQGRVXVVHQWLPLHQWRVFRPRFRQFHSWRFHQWUDO/DV DVRFLDFLRQHVSXHGHQVLQWHWL]DUVHHQXQSRHPDRHQXQIUDJPHQWRQDUUDWLYR(QDOJXQRVFDVRVVHSXHGHUHFXUULUDODWpFQLFDGHIOXLU GHODFRQFLHQFLDSDUDHVFULELUHQHOGLDULRSHUVRQDORDODFUHDFLyQGHFXHQWRVFRPRYiOYXODVGHHVFDSHDSURSLDGDV

(VFXOWXUD6HSXHGHXWLOL]DUDUFLOODSDUDHVFXOSLUIRUPDVDEVWUDFWDVRUHSUHVHQWDWLYDVGHODVHPRFLRQHVTXHVHH[SHULPHQWHQFRPR ILJXUDVHQRMDGDVRDOHJUHV 6LELHQODVDUWHVSURSRUFLRQDQXQOHQJXDMHSDUDORVVHQWLPLHQWRVDOJXQRVDOXPQRVUHTXLHUHQRWUDVIRUPDVGHUHVSXHVWDHPRFLRQDO 3DUD TXLHQHV DVXPDQ DFWLWXGHV QRWRULDPHQWHDJUHVLYDVRLUDFXQGDVVHSXHGHQRIUHFHURSFLRQHVGHUHFUHRWDOHVFRPRFDUUHUDVGH SRVWDV R VHVLRQHV GH ER[HR HQ HO JLPQDVLR TXH SXHGHQ FRQWULEXLU D DOLYLDU OD H[FHVLYD WHQVLyQ HQ HO FDVR GH HVWRV DOXPQRV HV HVSHFLDOPHQWHLPSRUWDQWHHQVHxDUOHVODVWpFQLFDVGHPDQHMRGHFRQIOLFWRVTXHVHGHVFULEHQHQHOFDStWXORGHGLFDGRDODLQWHOLJHQFLD LQWHUSHUVRQDO $OJXQRVDOXPQRVQHFHVLWDQSURFHVDUVXVVHQWLPLHQWRVFRQYHUVDQGRXQRVFRQRWURVHQXQOXJDUDSDUWDGRGHODXODR IXHUD GH HOOD /DIDQWDVtDODLPDJLQDFLyQJXLDGD\ODVWpFQLFDVGHUHODMDFLyQVRQUHFXUVRVWUDQTXLOL]DGRUHV\GHVHVWUHVDQWHVWDQWR GHQWURGHODXODFRPRIXHUDGHHOOD

/D OLWHUDWXUD TXH DERUGD FXHVWLRQHV FRQ JUDQ FDUJD HPRFLRQDO HQ FXHQWRV OLEURV R DUWtFXORV GH ILFFLyQ R QRILFFLyQ RIUHFH XQ SXQWR GH SDUWLGD SDUD HO GHEDWH \ OD H[SUHVLyQ GH VHQWLPLHQWRV 8QD YH] TXH VH KD\D VHOHFFLRQDGR HO PDWHULDO TXH VH WUDEDMDUi KDEUiTXHFRPHQ]DUFRQXQDDFWLYLGDGLQWURGXFWRULDHQODTXHVHSUHVHQWHHOFRQWH[WRUHDOL]DUOXHJRODOHFWXUD\ILQDOPHQWHLQLFLDU HOGHEDWHHQFODVH (Q FLHUWRV FDVRV ODV QHFHVLGDGHV HPRFLRQDOHV GH DOJ~Q DOXPQR UHTXLHUHQ OD D\XGD GH XQ DVHVRU HVFRODU R OD LQWHUYHQFLyQ GH XQ HVSHFLDOLVWD HQ VLWXDFLRQHV GH ULHVJR SVLFyORJR R SVLTXLDWUD 7DQWR ORV GRFHQWHV FRPR ORV DOXPQRV GHEHQ VDEHU D TXLpQ GHEHQ UHFXUULU SDUD VROLFLWDU D\XGD LQFOX\HQGR ODGLVSRQLELOLGDGGHUHFXUVRVTXHSXHGHSURYHHUODFRPXQLGDG$VLPLVPRORVGRFHQWHV SRGUiQ VROLFLWDU D ORV DOXPQRV TXH FRQIHFFLRQHQ XQD OLVWD GH SHUVRQDV GH VX FRQILDQ]D SDUD UHFXUULU D HOODV HQ PRPHQWRV GH QHFHVLGDG/DILFKDTXHDSDUHFHDFRQWLQXDFLyQSRGUtDUHVXOWDU~WLOSDUDHQXPHUDUGLFKRVUHFXUVRV

&RQ IUHFXHQFLD HQ ODV DXODV VXHOH SULYLOHJLDUVH HO PDWHULDO DFDGpPLFR \ HO GHVDUUROOR FRJQLWLYR SRU VREUH HO GHVDUUROOR DIHFWLYR &XDQGRORVSURJUDPDVHGXFDWLYRVEULQGDQRSRUWXQLGDGHVSDUDODFRQFLHQWL]DFLyQGHOFRQRFLPLHQWRHPRFLRQDO\ORVVXSXHVWRVORV DOXPQRVH[SHULPHQWDQXQFUHFLPLHQWRHPRFLRQDOVDOXGDEOH/DVDFWLYLGDGHVDQWHVGHVFULWDVSHUPLWHQFUHDUXQiPELWRGHDXODTXH HVWLPXODODH[SUHVLyQHPRFLRQDOSURPXHYHODFRQFLHQFLDDIHFWLYDGHORVDOXPQRVSURSRUFLRQDRSRUWXQLGDGHVSDUDTXHORVQLxRV UHFXUUDQDRWUDVSHUVRQDVHQEXVFDGHLGHDVSDUDODH[SUHVLyQHPRFLRQDO \RIUHFHQXPHURVDVRSFLRQHVSDUDODDXWRH[SUHVLyQ1R REVWDQWHH[LVWHQRWURVDVSHFWRVGHODHGXFDFLyQDIHFWLYDTXHQRVHKDQDERUGDGRD~Q/RVDOXPQRVQHFHVLWDQRSRUWXQLGDGHVSDUD 


FRPSUHQGHUODQDWXUDOH]DGHORVYDORUHV\OOHJDUDGHVDUUROODUVXVSURSLRV VLVWHPDVGHYDORUHV(QODVHFFLyQVLJXLHQWHFRPLHQ]DQD DERUGDUVHHVWDVQHFHVLGDGHV (GXFDFLyQSDUDORVYDORUHVKXPDQRV

/DSDODEUDYDORUGHULYDGHOWpUPLQRODWLQRYDOHUHTXHVLJQLILFDVHUGLJQRRSRGHURVR/RVYDORUHVDOXGHQDLGHDOHVVLJQLILFDWLYRV SDUD QXHVWUDV YLGDV /RV HVWDEOHFHQ OD IDPLOLD OD HVFXHOD OD VRFLHGDG OD UHOLJLyQ \ QXHVWURV VLVWHPDV LGHROyJLFRV SHUVRQDOHV $OJXQRV YDORUHV SXHGHQ PDQWHQHUVH D OR ODUJR GH WRGD OD YLGD \ RWURV SXHGHQ FDPELDU FRPR UHVXOWDGR GH OD H[SHULHQFLD \R OD PDGXUH]

6LELHQODFXHVWLyQGHTXHODVHVFXHODVGHEDQHQVHxDUYDORUHVHVPDWHULDRSLQDEOHGHKHFKRORVDOXPQRVVHHQIUHQWDQDXQDVHULHGH WHQWDFLRQHV \ HOHPHQWRV SHUWXUEDGRUHV 'H HOOR UHVXOWD TXH ODV HVFXHODV GHEHQ DERUGDU DOJXQD IRUPD GH HGXFDFLyQ pWLFD H[LVWD GLVSRVLFLyQIDYRUDEOHDOUHVSHFWRRQR8QHQIRTXHFRQVLVWHHQHQVHxDUORVYDORUHVFRP~QPHQWHDFHSWDGRVTXHVXE\DFHQWUDVORV SULQFLSLRV WUDGLFLRQDOHV WDQWR UHOLJLRVRV FRPR VHFXODUHV HQWUH ORV TXH VH LQFOX\HQ OD LQWHJULGDG HO DOWUXLVPR OD MXVWLFLD OD KRQHVWLGDGODGLJQLGDGKXPDQD\ODGLOLJHQFLD7RGRVORVDOXPQRVUHTXLHUHQRSRUWXQLGDGHVSDUDUHFRQRFHUVXSHUVSHFWLYDpWLFD HQFRQWUDU VXSURSyVLWR\RULHQWDFLyQSDUWLFXODUHVDSDUWLUGHVXSURSLRVLVWHPDGHYDORUHV\OXHJRWUDVODGDUHVHFRPSURPLVRDVX FRQGXFWDGLDULD 0XFKDVPDWHULDVHVFRODUHVWUDGLFLRQDOHVLQFOX\HQHOWUDWDPLHQWRGHQXPHURVDVFXHVWLRQHVpWLFDV/RVGRFHQWHVSRGUtDQSURPRYHU OD SDUWLFLSDFLyQ GH ORV DOXPQRV HQ GHEDWHV TXH HVWLPXOHQ VX SHQVDPLHQWR HQ ODV FODVHV GH OLWHUDWXUD VROLFLWiQGROHV SRU HMHPSOR TXHUHIOH[LRQHQDFHUFDGHORVGLOHPDVpWLFRVGHORVSHUVRQDMHVGHXQDREUD(QHOiUHDGHFLHQFLD\WHFQRORJtDORVDOXPQRVSRGUtDQ DQDOL]DUODVLPSOLFDQFLDV\SRVLEOHVFRQVHFXHQFLDVIXWXUDVGHORVDYDQFHVWHFQROyJLFRVDVtFRPRWDPELpQODVSULRULGDGHVVRFLDOHV\ SROtWLFDV TXH ULJHQ HQ OD DFWXDOLGDG (Q OD FODVH GH KLVWRULD SRGUtDQ FRPSDUDUVH FUyQLFDV GH XQ PLVPR KHFKR \ FRQWUDVWDU OD SHUVSHFWLYDpWLFDTXHVXE\DFHWUDVFDGDXQD

'H PDQHUD PiV LQWHQFLRQDGD ODV HVFXHODV SXHGHQ D\XGDU D ORV DOXPQRV D GLVFHUQLU VXV YDORUHV SHUVRQDOHV PHGLDQWH HO UHFRQRFLPLHQWR\GHILQLFLyQGHWDOHVFRQFHSWRV6HSXHGHQRUJDQL]DUSHTXHxRVJUXSRVGHDOXPQRV\VROLFLWDUOHVTXHSURSRUFLRQHQ GHILQLFLRQHVSDUDORVWpUPLQRVTXHDSDUHFHQHQHOOLVWDGRVLJXLHQWH\HMHPSORVGHODPDQHUDFRPRWDOHVYDORUHVVHH[SUHVDQHQOD YLGDFRWLGLDQD $OWUXLVPR +XPLOGDG &RUDMH MXVWLFLD 'HFLVLyQ /HDOWDG (PSDWtD 3D] )LGHOLGDG $XWRGLVFLSOLQD *HQHURVLGDG

$OJXQRVYDORUHVFRPXQHV +RQHVWLGDG &RQVLGHUDFLyQ ,QWHUGHSHQGHQFLD &UHDWLYLGDG $PRU 'LOLJHQFLD 3DFLHQFLD ([FHOHQFLD 5HVSRQVDELOLGDG &RUGLDOLGDG &RQILDELOLGDG 9HUDFLGDG

&RPSDVLyQ ,QWHJULGDG &RUWHVtD $PDELOLGDG 'LJQLGDG 0LVHULFRUGLD (QWXVLDVPR 5HVSHWR ,QGXOJHQFLD 7ROHUDQFLD (VStULWXVHUYLFLDO

/DUHIOH[LyQLQGLYLGXDOHQWRUQRGHHVWHOLVWDGRSHUPLWHDORVDOXPQRVLGHQWLILFDUORVYDORUHVTXHHIHFWLYDPHQWHVXVWHQWDQ\ORVTXH SRGUtDQ GHVDUUROODU 0HGLDQWH OD SXHVWD HQ SUiFWLFD GH ORV SURFHVRV SDUD OD ILMDFLyQ GH PHWDV DQWHV PHQFLRQDGRV ORV DOXPQRV SRGUtDQHOHJLUXQ QXHYRYDORUSDUDLQWHJUDUORDVXFRQGXFWD5HVXOWDREYLRVHxDODUTXHORVPRGHORVTXHOHVRIUH]FDQORVGRFHQWHV\ ORVSDGUHVVRQPXFKRPiVSRGHURVRVTXHFXDOTXLHUOLVWDGRGHWpUPLQRV$VLPLVPRSRGUiQOOHYDUVHDFDERFRQYHUVDFLRQHVFRQORV SDGUHV D QLYHO LQVWLWXFLRQDO FRQ HO ILQ GH HVWDEOHFHU ORV YDORUHV PiV LPSRUWDQWHV TXH GHEHUiQ LQFXOFDUVH HQ HO iPELWR GH OD FRPXQLGDGHVFRODU7DPELpQVHUiQHFHVDULRKDFHUQRWDUDORVDOXPQRVTXHVLGHVHDQHVWDEOHFHU\YLYLUGHDFXHUGRFRQXQVLVWHPD GHYDORUHVHVQHFHVDULRDFWXDUHQFRQIRUPLGDGFRQVXVLVWHPDLGHROyJLFR/DGHIHQVDGHODVSURSLDVFRQFHSFLRQHVODFRKHUHQFLD HQODDFFLyQ\ODDGKHVLyQDHOODVDWUDYpVGHOWLHPSRVRQSUXHEDIHKDFLHQWHGHXQLQGLYLGXRFX\DYLGDVHIXQGDHQODLQWHJULGDG SHUVRQDO (Q WDQWR ORV DOXPQRV FODULILFDQ \ H[SUHVDQ ORV YDORUHV TXH VXVWHQWDQ WDPELpQ VH HQIUHQWDQ H LQWHUDFW~DQ FRQ ORV VLVWHPDV GH YDORUHVGHORVGHPiV$SUHQGHUDGHIHQGHUORVSURSLRVYDORUHVVLQGHVPHUHFHUORVGHTXLHQHVVRVWLHQHQSXQWRVGHYLVWDGLIHUHQWHV VHFRQYLHUWHHQXQDKDELOLGDGLPSRUWDQWH2MDOiQXHVWUDVDXODVSXHGDQFRPHQ]DUDGHPRVWUDUODUHVSHWXRVDOLEHUWDGGHH[SUHVLyQ TXH UHTXLHUH OD GHPRFUDFLD /DV RSRUWXQLGDGHV SDUD LQWHUDFWXDU FRQ GLIHUHQWHV VLVWHPDV GH YDORUHV SHUPLWHQ D ORV DOXPQRV FRPSUHQGHUTXHHVSRVLEOHIRUWDOHFHUVXVLQWHOLJHQFLDVLQWHUSHUVRQDOHLQWUDSHUVRQDO ¢$FDVRKDVDSUHQGLGRVRODPHQWHGHDTXHOORVTXHWHDGPLUDEDQ\TXHWHDPDEDQ\TXHWHGHPRVWUDEDQVXUHVSHWR"¢1RKDVDGTXLULGRLPSRUWDQWHVHQVHxDQ]DV GHDTXHOORVTXHVHYROYtDQFRQWUDWL\ GLVSXWDEDQVXOXJDUFRQWLJR" 


:$/7:+,70$1

(VFULWXUDGHGLDULRVSHUVRQDOHV +DFH DOJXQRV DxRV VH OOHYR D FDER XQ HVWXGLR FRQ ORV DOXPQRV SHUWHQHFLHQWHV D XQD SURPRFLyQ GH OD 8QLYHUVLGDG GH <DOH TXH DOFDQ]DEDQXQQLYHOGHGHVHPSHxRVREUHVDOLHQWHFRQHOREMHWRGHGHWHUPLQDUVLH[LVWtDQGHQRPLQDGRUHVFRPXQHVSDUDVXVORJURV 6HGHVFXEULyTXHHOGHORVDOXPQRVPiVGHVWDFDGRVHVWDEDFRPSXHVWRSRUDTXHOORVTXHKDEtDQHVWDEOHFLGRFRQFODULGDGVXV PHWDV\DPELFLRQHV<HOGHHVWHJUXSRVHGLVWLQJXtDSRUHOKHFKRGHTXHGHGLFDEDWLHPSRDH[SUHVDUSRUHVFULWRVXVPHWDV\ DPELFLRQHV(OVHJXLPLHQWRGHGLFKRVDOXPQRVGXUDQWHORVGLH]DxRVVLJXLHQWHVUHYHOyTXHTXLHQHVKDEtDQH[SUHVDGRFRQFODULGDG VX YLVLyQ SDUD HO IXWXUR IRUPDEDQ SDUWH GHO JUXSR PiV H[LWRVR HQ OD SURIHVLyQ TXH KDEtDQ HOHJLGR \ ORV PiV H[LWRVRV GH HOORV VHJXtDQHVFULELHQGRVXVPHWDV\DPELFLRQHV

$OJXQRV GH ORV PiV JUDQGHV SHQVDGRUHV LQYHQWRUHV \ JHQLRV FUHDWLYRV GH OD KLVWRULD KDQ HVFULWR GLDULRV SHUVRQDOHV /RV FXDGHUQRVGH/HRQDUGR GD9LQFLHVWiQOOHQRVGHLGHDVREVHUYDFLRQHVHLPSUHVLRQHVGLDJUDPDV\SODQRVSDUDVXVREUDVGH DUWHHLQYHQWRV$6DPXHO3HS\VVHORVLJXHUHFRUGDQGRSRUHOGLDULRTXHOOHYyGXUDQWHHOVLJOR;9,,(LQVWHLQ\6FKZHLW]HU WDPELpQHVFULELHURQGLDULRVSHUVRQDOHV $OSDUHFHUHOVLPSOHKHFKRGHHVFULELUWLHQHHOSRGHUGHWUDQVIRUPDUODVDEVWUDFFLRQHVHQUHDOLGDG*DEULHOH5LFRDXWRUGH:ULWLQJ WKH1DWXUDO:D\ >&yPRHVFULELUHQIRUPDQDWXUDO@VHxDOyHQXQDHQWUHYLVWDUHFLHQWHTXHHODFWRGHHVFULELUVHHQFXHQWUDVLHPSUHD QXHVWUDGLVSRVLFLyQSDUDOOHYDUDFDERODFODVHGHH[SORUDFLyQTXHFRQGXFHDOGHVFXEULPLHQWRUHFRQRFLPLHQWR\QXHYRDSUHQGL]DMH DFHUFDGHQRVRWURVPLVPRVQXHVWURVVHQWLPLHQWRV\HOPXQGRHQJHQHUDO

&XDQGRVHHVWLPXODDORVDOXPQRVSDUDODSURGXFFLyQGHGLDULRVSHUVRQDOHVHQDOJXQDGHODViUHDVGHFRQWHQLGRVXHOHQWHQHUOXJDU HVWDFODVHGHGHVFXEULPLHQWRVDFHUFDGHOSURSLR\R'HHVWDPDQHUDODVSHUFHSFLRQHVTXHSURYLHQHQGHORVLOLPLWDGRVUHFXUVRVGH ODLQWHOLJHQFLDLQWUDSHUVRQDOWLHQHQODSRVLELOLGDGGHWRPDUFRQWDFWRFRQODFRQFLHQFLD\FRQODUHDOLGDG 3URSXHVWDSDUDODHVFULWXUDGHGLDULRVSHUVRQDOHVHQHODXOD

/DV VLJXLHQWHV SURSXHVWDV HVWiQ GLULJLGDV D TXLHQHV GHVHHQ LQFRUSRUDU OD SURGXFFLyQ GH GLDULRV SHUVRQDOHV D ODV DFWLYLGDGHV GHO DXOD (QWHRUtDVHGHEHUtDSHUPLWLUDORVDOXPQRVPDQWHQHUODFRQILGHQFLDO£aGDGGHVXVGLDULRVLQFOXVRFXDQGRVHGHGLTXHWLHPSRGH FODVHDVXHVFULWXUD&RPRWRGRVVDEHPRVJUDQSDUWHGHOYDORUGHODHVFULWXUDSHUVRQDOGHSHQGHGHODFRQILDQ]DGHODOXPQRGHTXH VXVGLDULRVQRVHUiQREMHWRGHHYDOXDFLyQ\H[SRVLFLyQS~EOLFD1RREVWDQWHXQDYH]SRUVHPDQDVHSRGUiVROLFLWDUDORVDOXPQRV TXH UHOHDQ VXV HVFULWRV GH ORV GtDV SUHYLRV \ IRUPXOHQ REVHUYDFLRQHV DFHUFD GH VXV SURJUHVRV R TXH FLWHQ VL OR GHVHDQ GHWHUPLQDGRV FRPHQWDULRV TXH OHV JXVWDUtD FRPSDUWLU FRQ HO GRFHQWH R FRQ ORV PLHPEURV GH OD FODVH £< GHEH TXHGDU FODUR QXHYDPHQWHTXHQRVHORVGHEHFDOLILFDU

/D HVFULWXUD GH GLDULRV SHUVRQDOHV SXHGH FRPSOHPHQWDU FRQ IDFLOLGDG ORV REMHWLYRV GHO GRFHQWH \ D\XGDU DO DOXPQR D OOHYDU XQ UHJLVWUR GH VXV SURJUHVRV /RV GLDULRV SXHGHQ XWLOL]DUVH SDUD H[SORUDU HO SURSLR SHQVDPLHQWR DFHUFD GH WRGRV ORV WHPDV &RQ IUHFXHQFLDFXDQGRUHOHHPRVORTXHKHPRVHVFULWRQRVVRUSUHQGHGHVFXEULUQXHVWURSURFHVR GHSHQVDPLHQWR

6LVHVROLFLWDDORVDOXPQRVTXHHVFULEDQORTXHVDEHQDFHUFDGHXQWHPDDQWHVGHFRPHQ]DUDHVWXGLDUORHVSRVLEOHHVWDEOHFHUXQ XPEUDODQWLFLSDWRULRTXHUHVXOWDHVHQFLDOSDUDHODSUHQGL]DMH1RPiVGHFLQFRPLQXWRVGHGLFDGRVDHVWDDFWLYLGDGGHHVFULWXUDDO FRPLHQ]RGHODSUHQGL]DMHGHXQQXHYRWHPDEULQGDDOWDVSRVLELOLGDGHVGHSDUWLFLSDFLyQSRUSDUWHGHODOXPQR $O ILQDOL]DU OD FODVH FLQFR PLQXWRV GH HVFULWXUD SHUVRQDO SXHGHQ WDPELpQ UHVXOWDU JUDWLILFDQWHV HQ WpUPLQRV GH FRQVROLGDFLyQ GH DSUHQGL]DMHVSUHYLRV\GHUHYLVLyQHQHOPRPHQWRPiVRSRUWXQR$QWHVGHFRPHQ]DUODDFWLYLGDGHOGRFHQWHSRGUiVXJHULUDOJXQDV SUHJXQWDV TXH SHUPLWLUiQ HQFHQGHU OD FKLVSD 3RU HMHPSOR ¢4Xp HVWXGLDVWH KR\ \ TXH DQWHV QR VDEtDV" ¢&XiO HV WX RSLQLyQ DFHUFDGHODH[SHULHQFLDGHDSUHQGL]DMH"¢'HTXpPDQHUDSRGUtDVDSOLFDUORTXHKDVDSUHQGLGRDRWURVWHPDVRHQRWUDViUHDVGHWX YLGD"6HJ~QORTXHKDVDSUHQGLGRKR\¢TXpSRGUtDVDQWLFLSDUTXHDSUHQGHUiVDFRQWLQXDFLyQ"¢3RGUtDVSUHSDUDUFLQFRSUHJXQWDV DSURSLDGDVSDUDIRUPXODUPDxDQD"¢4XpSRGUtDVDJUHJDUDOWHPDTXHSURYHQJDGHWXH[SHULHQFLDSHUVRQDO"

0iV WDUGH XQD YH] TXH ORV DOXPQRV KD\DQ DGTXLULGR FRQILDQ]D SDUD OD HVFULWXUD SHUVRQDO HO GRFHQWH SRGUtD VROLFLWDUOHV TXH GHGLTXHQ FLQFR R GLH] PLQXWRV D OD HVFULWXUD DXWRPiWLFD /D HVFULWXUD DXWRPiWLFD FRQVLVWH HQ HVFULELU WDQ UiSLGR FRPR VHD SRVLEOH WRGR OR TXH VH SXHGD UHFRUGDU DFHUFD GH ORV FRQWHQLGRV GH DSUHQGL]DMH 2 ELHQ VH SRGUi VROLFLWDU D ORV DOXPQRV TXH UHDOLFHQXQPDSDPHQWDORXQHVTXHPDDQWHVGHFRPHQ]DUDHVFULELU6HJ~Q\DVHKDH[SXHVWRSDUDPXFKRVDOXPQRVHVWHSURFHVR SXHGHVHUYLUGHSXQWRGHDUUDQTXHSDUDHODFFHVRDVHQWLPLHQWRVSHUFHSFLRQHV\FRQH[LRQHVDODVTXHSRGUtDQQRKDEHUDUULEDGR FRQVFLHQWHPHQWH 6HUtD ~WLO FUHDU XQ IRUPDWR SDUD ORV GLDULRV SHUVRQDOHV SRU HMHPSOR XWLOL]DU OD SiJLQD GH OD L]TXLHUGD SDUD UHDOL]DU PDSDV PHQWDOHV \ OD SiJLQD GH OD GHUHFKD SDUD HVFULELU $OJXQDV SHUVRQDV FRPELQDQ ODV GRV DFWLYLGDGHV HQ OD PLVPD SiJLQD WDO FRPR OR KDFH HO SUROtILFR HVFULWRU GH GLDULRV SHUVRQDOHV %RE 6DPSOHV DXWRU GH 7KH 0HWDSKRULF 0LQG /D PHQWH PHWDIyULFD@\GHQXPHURVRVRWURVOLEURV 


0XFKRV GRFHQWHV \ DOXPQRV KDQ GHVFXELHUWR TXH OD HVFULWXUD GH XQ GLDULR SHUVRQDO SURGXFH XQ VLJQLILFDWLYR LQFUHPHQWR HQ OD FRPSUHQVLyQ\UHWHQFLyQGHFRQRFLPLHQWRVTXHGDFRPRUHVXOWDGRFDOLILFDFLRQHVPiVDOWDVWDQWRHQORVWHVWREMHWLYRVFRPRHQORV LQVWUXPHQWRVGHHYDOXDFLyQFRQIRUPDWRGHHQVD\R$GHPiVORVDOXPQRVSXHGHQUHFRQRFHUVXVSURSLDVUHDFFLRQHVHPRFLRQDOHV\ SHUFHSFLRQHVSHUVRQDOHVUHVSHFWRGHODSUHQGL]DMHHQHODXOD (VFULWXUDGHXQGLDULRSHUVRQDOFRPRPHGLRGHDXWRUUHIOH[LyQ

3XHGH WDPELpQ SURSRQHUVH OD FUHDFLyQ GH XQ GLDULR SHUVRQDO SDUD VRQGHDU HQ SURIXQGLGDG OD LQWHOLJHQFLD LQWUDSHUVRQDO /RV DOXPQRV SRGUiQ H[SORUDU VX SURSLD LGHQWLGDG PHGLDQWH XQD HVFULWXUD TXH EULQGH DFFHVR D OD DXWRFRQFLHQFLD DXWRDFHSWDFLyQ DXWRDFWXDOL]DFLyQ \ DXWRUUHYHODFLyQ /RV GRFHQWHV SRGUtDQ GLVHxDU SHUtRGRV GH WUDEDMR SDUD ORV DOXPQRV PD\RUHV HQ ORV TXH VH H[SORUHQODVVLJXLHQWHVFXHVWLRQHVPHGLDQWHORVGLDULRVSHUVRQDOHV

 6ROLFLWDU D ORV DOXPQRV TXH HVFULEDQ GLH] IUDVHV TXH FRPLHQFHQ FRQ <R VR\ HQ ODV TXH SRQJDQ GH PDQLILHVWR VXV FRQRFLPLHQWRVDFHUFDGHVtPLVPRV&RPRDFWLYLGDGSUHSDUDWRULDSDUDODHVFULWXUDSRGUtDQDQDOL]DUODDXWRFRQFLHQFLDTXH KDQ GHVSHUWDGR HQ HOORV VXV H[SHULHQFLDV GH YLGD VXV LQWHUDFFLRQHV FRQ RWUDV SHUVRQDV \ VXV SXQWRV GH YLVWD DFHUFD GHO PXQGR\FRPSDUDUODLPDJHQGHODFODVHGHSHUVRQDTXHOHVJXVWDUtDOOHJDUDVHUFRQODTXHUHVSRQGHDVXUHDOLGDGDFWXDO  3DUD DERUGDU OD DXWRDFHSWDFLyQ ORV DOXPQRV SRGUtDQ UHIOH[LRQDU DFHUFD GH ODV FXDOLGDGHV SRVLWLYDV TXH SRVHHQ \ GH DTXHOORV DVSHFWRV TXH OHV JXVWDUtD FDPELDU /XHJR GH UHGDFWDU ODV GLH] IUDVHV TXH FRPLHQ]DQ FRQ <R VR\ GHEHUiQ FODVLILFDUODVGHDFXHUGRFRQYDULDVFDWHJRUtDV VXVDWULEXWRVItVLFRV DWULEXWRVHPRFLRQDOHV FXDOLGDGHVPHQWDOHV  UROHVHQUHODFLyQFRQORVGHPiVFRPRKHUPDQDKLMRRDPLJR/RVDOXPQRVSXHGHQHYDOXDUVXVUHVSXHVWDVHQWpUPLQRVGH SRWHQFLDO SDUD SURPRYHU VX FUHFLPLHQWR /XHJR SXHGHQ HODERUDU IUDVHV DGLFLRQDOHV HQ ODV TXH VH PDQLILHVWH <R FDUH]FR GHODFRUUHODFLyQLGHDOHQWUH<RGHER\<RGHVHR\SRU~OWLPR<RHVWR\  /RV DOXPQRV SXHGHQ WDPELpQ UHIOH[LRQDU VREUH RWURV DVSHFWRV LPSRUWDQWHV GH OD DXWRDFHSWDFLyQ FRPR OD LPDJHQ TXH LQWHQWDQPDQWHQHUORVFRQVWDQWHVFDPELRVDORVTXHGHEHQKDFHUIUHQWH\ODVUHVSXHVWDVSDUDDOJXQDVGHODVSUHJXQWDVGHOD YLGD TXH WRGDYtD QR KDQ HQFRQWUDGR 7DPELpQ SXHGHQ HYDOXDU VX SURSLR QLYHO GH DXWRHVWLPD \ HVWDEOHFHU OD PDQHUD GH LQFUHPHQWDUOR  /RV DOXPQRV SXHGHQ UHIOH[LRQDU VREUH VXV PRWLYDFLRQHV LQWHUQDV SDUD HO FUHFLPLHQWR 6H OHV GHEH H[SOLFDU TXH OD DXWRDFWXDOL]DFLyQFRQVLVWHHQFDSLWDOL]DUODVSURSLDVFDSDFLGDGHV\GHVWUH]DVHQWRPDUGHFLVLRQHVTXHVLUYDQDORVPHMRUHV LQWHUHVHVSURSLRV\GHORVGHPiV\HQDGRSWDUXQDDFWLWXGIOH[LEOH\DELHUWDIUHQWHDODVSRVLELOLGDGHV\ORVKHFKRVGHODYLGD 'XUDQWH HO SURFHVR GH DQiOLVLV GH VX FDSDFLGDG SDUD DXWRDFWXDOL]DUVH ORV DOXPQRV SXHGHQ H[SOLFLWDU VX SRWHQFLDO ODV PDQHUDV TXH SRGUtDQ GLVHxDU SDUD DFWXDOL]DUOR \ ORV HIHFWRV GH GLFKD DFWXDOL]DFLyQ VREUH HO ELHQHVWDU GH ORV GHPiV 3DUD D\XGDUDORVDOXPQRVDWUDEDMDUHQODGLUHFFLyQTXHSODQWHDQHVWDVSRVLELOLGDGHVHVQHFHVDULRTXHGRFXPHQWHQVXVPHWDV\ HODERUHQXQDOLVWDGHDFFLRQHVTXHSRGUtDQIDYRUHFHUVXORJUR 8QDYH]TXHVHKD\DQFRPSOHWDGRODVDFWLYLGDGHVDQWHVHQXQFLDGDVORVDOXPQRVGHFLGLUiQVLGHVHDQFRPSDUWLURUHYHODU DOJRDXQSHTXHxRJUXSRGHSDUHV(QHVWRVJUXSRVORVDOXPQRVSXHGHQDVXPLUXQHIHFWLYRFRPSURPLVRFRQHOFUHFLPLHQWR SHUVRQDO OD H[SUHVLyQ HPRFLRQDO OD FRQILDQ]D OD PDQLIHVWDFLyQ SUHFLVD GH VXV SHQVDPLHQWRV \ OD SRVLELOLGDG GH DVXPLU ULHVJRV (VWRV JUXSRV SURSRUFLRQDQ XQ HVSDFLR SDUD FRPSDUWLU GHEDWLU \ UHFLELU IHHGEDFN SRU ODV REVHUYDFLRQHV TXH FDGD DOXPQRKD\DLQFOXLGRVXGLDULR

&RQRFLPLHQWRGHO\RDWUDYpVGHORVGHPiV

+RZDUG*DUGQHUVRVWLHQHTXHODVLQWHOLJHQFLDVSHUVRQDOHVVHHQFXHQWUDQLQGLVROXEOHPHQWHYLQFXODGDV\TXHHQ FLUFXQVWDQFLDVFRUULHQWHV QLQJXQDGHHOODVSXHGHGHVDUUROODUVHVLQODRWUD6yORDWUDYpVGHODUHODFLyQFRQORVGHPiVXQ LQGLYLGXRSXHGHDOFDQ]DUHOFRQRFLPLHQWRGHVX\R/DREVHUYDFLyQGHODPDQHUDFRPRRWUDVSHUVRQDVFRQVLGHUDQ\ UHDFFLRQDQIUHQWHDXQLQGLYLGXRSURSRUFLRQDLQIRUPDFLyQYDOLRVDSDUDFRQIRUPDUHOSURSLRVHQWLGRGHOVHU&XDQGROD LQWHOLJHQFLDLQWUDSHUVRQDOVHHQFXHQWUDELHQGHVDUUROODGDHOSURSyVLWRGHODXWRFRQRFLPLHQWRFRQVLVWHHQDQWHSRQHUORV HVIXHU]RVGHVWLQDGRVDJDUDQWL]DUXQIXQFLRQDPLHQWRPiVDUPRQLRVRGHODFRPXQLGDGDORVSURSLRVLQWHUHVHV0HGLDQWHOD LQWHUDFFLyQFRQORVGHPiVREWHQHPRVXQPD\RUDSUHFLRSRUQXHVWUDLGHQWLGDGSHUVRQDO\VLWHQHPRVFRQFLHQFLDUHVSHFWRGH TXLHQHVVRPRVSRGHPRVFRQWULEXLUDOSHUIHFFLRQDPLHQWRGHORVGHPiV(Q~OWLPDLQVWDQFLDQXHVWURVHQWLGRGHOVHUVHJ~Q SRVWXOD*DUGQHUHVUHVXOWDGRGHODIXVLyQGHOSURSLRFRQRFLPLHQWRLQWHUSHUVRQDOHLQWUDSHUVRQDO 0XFKDVGHODVHVWUDWHJLDVTXHVHVXJLHUHQDORODUJRGHHVWHOLEUREULQGDQSHUFHSFLRQHVLQWUDSHUVRQDOHV&DGDYH]TXHORV DOXPQRVLQWHUDFW~DQFRQORVGHPiVSXHGHQH[SDQGLUVXFRQRFLPLHQWRLQWUDSHUVRQDOPHGLDQWHODUHIOH[LyQVREUHORTXHKDQ DSUHQGLGR ¢4Xp IHHGEDFN KDQ UHFLELGR GH ORV GHPiV" ¢&XiO IXH VX UHDFFLyQ DO PLVPR" ¢&RQVLGHUDQ TXH UHFLELHURQ HO IHHGEDFN DSURSLDGR" ¢3RUTXpHVDVtRSRUTXpQRORHV"¢4XpDSUHQGLHURQDFHUFDGHVtPLVPRVDSDUWLUGHVXVUHDFFLRQHV IUHQWH D XQD DFWLYLGDG" ¢&XiOHV GH HVDV UHDFFLRQHV ORV KDQ GHMDGR FRQIRUPHV" ¢4Xp DVSHFWR OHV JXVWDUtD VHJXLU GHVDUUROODQGR" /RV GRFHQWHV SXHGHQ WDPELpQ GLVHxDU DFWLYLGDGHV SDUD TXH ORV DOXPQRV WUDEDMHQ FRQ XQR GH VXV SDUHV R HQ SHTXHxRV JUXSRVHQODVTXHVHORVHVWLPXOHSDUDIRUPXODUSUHJXQWDVUHIOH[LYDVTXHFRQWULEX\DQiHVFODUHFHUVXFUHFLHQWHVHQWLGRGHO VHU 


&yPRREWHQHUSHUFHSFLRQHVLQWUDSHUVRQDOHV SRUPHGLRGHO IHHGEDFNLQWHUSHUVRQDO  8Q UHFXUVR SDUD URPSHU HO KLHOR GHQWUR GH XQ JUXSR HV TXH ORV DOXPQRV VH HQWUHYLVWHQ PXWXDPHQWH /D LQIRUPDFLyQ REWHQLGDSXHGHXWLOL]DUVHOXHJRSDUDSUHVHQWDUDOHQWUHYLVWDGRDOUHVWRGHORVPLHPEURVGHODFODVH'XUDQWHODHQWUHYLVWD SRGUtDQIRUPXODUVHODVSUHJXQWDVVLJXLHQWHV Â&#x2021;¢&XiOVHUtDWXOHPDGHYLGD" Â&#x2021;¢&XiOHVVRQORVWUHVGHVHRVTXHWHJXVWDUtDTXHWHRWRUJDUDQ" Â&#x2021;¢&XiOHVHOYDORUPiVLPSRUWDQWHTXHULJHWXYLGD" Â&#x2021;¢4XLpQHVWXKpURHRKHURtQD" Â&#x2021;¢&XiOHVXQRGHWXVPLHGRV" Â&#x2021;6LSXGLHUDVFDPELDUDOJRHQWXSHUVRQD¢TXpVHUtD" Â&#x2021;6LSXGLHUDVFDPELDUDOJRHQHOPXQGR¢TXpVHUtD" 8QDYH]TXHVHKD\DQUHDOL]DGRODVSUHVHQWDFLRQHVORVDOXPQRVWHQGUiQODOLEHUWDGGHIRUPXODUSUHJXQWDVDGLFLRQDOHVDO FRPSDxHUR TXHVHKDSUHVHQWDGR /RV DOXPQRV VH GLYLGHQ HQ SDUHMDV SDUD H[SORUDU SHUFHSFLRQHV SHUVRQDOHV DFHUFD GH Vt PLVPRV \ GH VXV FRPSDxHURV (O LQWHUFDPELRSRGUtDJLUDUHQWRUQRGHORVWHPDVVLJXLHQWHV Â&#x2021;4XLpQFUHRVHU Â&#x2021;4XLpQFUHHVTXHVR\ Â&#x2021;4XLpQFUHRTXHW~FUHHVTXHVR\ Â&#x2021;4XLpQFUHHVVHU Â&#x2021;4XLpQFUHRTXHHUHV Â&#x2021;4XLpQFUHHVTXH\RFUHRTXHHUHV

$OILQDOL]DUODFRQYHUVDFLyQORVDOXPQRVSRGUtDQLQFOXLUXQDUHIOH[LyQHQVXGLDULRSHUVRQDODFHUFDGHODVFRPSDUDFLRQHVTXHVH HVWDEOHFHQHQWUHVXVSHUFHSFLRQHV\ODVGHORVGHPiV

6ROLFLWDUDORVDOXPQRVTXHSUHSDUHQXQDEUHYHH[SRVLFLyQDFHUFDGHXQREMHWRTXHWHQJDXQVLJQLILFDGRSURIXQGR\SHUVRQDOHQ VX YLGD (VH REMHWR SRGUtD KDEHU LQIOXLGR HQ VX GHVDUUROOR SHUVRQDO WHQHU YDORU VHQWLPHQWDO R VLPEROL]DU VX IXWXUR (O GtD GH OD SUHVHQWDFLyQFDGDDOXPQRGHEHWUDHUHOREMHWRDFODVHGHVFULELUVXIXQFLRQDPLHQWRRVXVLJQLILFDGR\QDUUDUXQDDQpFGRWDDFHUFD GHOUROTXHFXPSOHHQVXYLGD8QDYH]PiVHOJUXSRSXHGHIRUPXODUSUHJXQWDVXQDYH]FRQFOXLGDVODVSUHVHQWDFLRQHV

6ROLFLWDUDORVDOXPQRVTXHUHGDFWHQXQERVTXHMRDXWRELRJUiILFRFRPRWDUHDSDUDHOKRJDU<DTXHVHORVFRPSDUWLUiFRQHOUHVWR GHODFODVHVHUiQHFHVDULRXWLOL]DUQRPEUHVILFWLFLRVSDUDPDQWHQHUHODQRQLPDWRHQXQSULPHUPRPHQWR(QODGHVFULSFLyQGHVX SHUVRQDORVDOXPQRVGHEHUiQLQFOXLUGHWDOOHVSHUVRQDOHVPXOWLVHQVRULDOHVVXVFRQGXFWDV\ODVUD]RQHVTXHODVPRWLYDQVXVGHVHRV \ PHWDV \ VX LQIOXHQFLD VREUH RWUDV SHUVRQDV 6H DFRUGDUi XQ GtD SDUD OD SUHVHQWDFLyQ GH ORV WUDEDMRV TXH LQFOXLUiQ HO QRPEUH YHUGDGHUR GHVXVDXWRUHVRFXOWRHQHOUHYHUVRGHODKRMD(OGRFHQWHRUJDQL]DUiSHTXHxRVJUXSRVGHDOXPQRV\OHVHQWUHJDUiORV HVFULWRV GH VXV PLHPEURV SDUD TXH ORV OHDQ \ DQDOLFHQ &DGD JUXSR GHEHUi GHFLGLU D TXLpQ FRUUHVSRQGH FDGD XQD GH ODV GHVFULSFLRQHV\H[SOLFDUODVUD]RQHVGHORVDFLHUWRVRGHVDFLHUWRV

5HIOH[LyQVREUHHOPLVWHULR\HOVHQWLGRGHODYLGD

/DYLGDHVSDUDWRGRVQRVRWURVXQ*UDQ0LVWHULR3UHJXQWDVIXQGDPHQWDOHVFRPR¢4XpHVHOXQLYHUVR"¢'HGyQGHVXUJH" ¢4XLpQVR\\R"¢&XiOHVPLSURSyVLWRHQODYLGD"6RQODVFXHVWLRQHVDODVTXHWRGRV'HEHPRVHQIUHQWDUQRVWDUGHRWHPSUDQR 3URIHVRU+(5%(570$57,1 'HSDUWDPHQWRGH)RUPDFLyQ'RFHQWH &DOLIRUQLD6WDWH8QLYHUVLW\6DFUDPHQWR

/DSDODEUDHGXFDFLyQSURYLHQHGHOYRFDEORODWLQR HGXFDUH TXHVLJQLILFDH[WUDHURFRQGXFLU3RUORWDQWRODGHILQLFLyQRULJLQDOGHO WpUPLQR VXJLHUH TXH OD HVFRODULGDG SXHGH IDFLOLWDU OD H[SUHVLyQ GH DTXHOOR TXH KDELWD OD PHQWH HO FRUD]yQ \ ODV ]RQDV PiV UHFyQGLWDV GHO VHU 7DQWR ORV QLxRV FRPR ORV DGXOWRV LQWHQWDQ HQFRQWUDU VLJQLILFDGRV D VXV H[SHULHQFLDV \ UHVSXHVWDV SDUD ORV DQFHVWUDOHVLQWHUURJDQWHVTXHVHKDSODQWHDGRODKXPDQLGDG6LELHQFDGDLQGLYLGXRDUULEDDFRQFOXVLRQHVSHUVRQDOHVDFHUFDGHORV PLVWHULRV GH OD YLGD HV SRVLEOH FUHDU FRQGLFLRQHV HQ HO DXOD TXH SHUPLWDQ FUHDU XQ YLJRURVR VHQWLPLHQWR GH OR PDUDYLOORVR \ OR LQFRQPHQVXUDEOH &XDQGR VH HVWLPXOD OD H[SUHVLyQ GHODVDELGXUtDGHORVQLxRV\VHORVD\XGDDDERUGDUODFRQVWUXFFLyQGH

VLJQLILFDGRVVHORVHVWiHGXFDQGRGHPDQHUDSHUVRQDOSURIXQGD\VLJQLILFDWLYD¢'HTXpPDQHUDSRGHPRVFXOWLYDUHOVHQWLGR GH OR PDUDYLOORVR HQ ORV QLxRV" ¢&yPR SRGHPRV D\XGDUORV D H[SUHVDU FRQ SUHFLVLyQ VXV SHUFHSFLRQHV \ D IRUPXODU VXV LQWHUURJDQWHV" 8QD SRVLEOH UHVSXHVWD VHUtD KDFHUORV SDUWtFLSHV GH XQ FXUUtFXOR HQULTXHFLGR FRQ ODV RFKR LQWHOLJHQFLDV /D OHQJXD SXHGH XWLOL]DUVH SDUD UHIOHMDU \ H[SUHVDU VHQWLPLHQWRV SHQVDPLHQWRV H LGHDOHV VLJQLILFDWLYRV SDUD FDGD DOXPQR OD PDWHPiWLFDUHYHODSULQFLSLRVQXPpULFRVHQIXQFLRQDPLHQWRSRUPHGLRGHODQDWXUDOH]D\HQXQDHVFDODXQLYHUVDOORVMXHJRV SURSRQHQGHVDItRV\HQWUHWHQLPLHQWRDOWLHPSRTXHODUHODMDFLyQ\ODYLVXDOL]DFLyQSUHSDUDQQXHVWURFXHUSR\QXHVWUDPHQWH SDUD OD FRQWHPSODFLyQ OD MDUGLQHUtD R HO FXLGDGR GH DQLPDOHV UHYHODQ OD LQWHUGHSHQGHQFLD GH OD YLGD OD GDQ]D ODV DUWHV 


YLVXDOHV \ OD P~VLFD H[SUHVDQ SHUFHSFLRQHV SRU PHGLR GH VLVWHPDV VLPEyOLFRV DUWtVWLFRV \ ODV LQWHOLJHQFLDV SHUVRQDOHV EULQGDQ RSRUWXQLGDGHV SDUD OD LQWHUDFFLyQ TXH QRV SHUPLWHQ FRQRFHU \ FRPSUHQGHU PHMRU QXHVWUD QDWXUDOH]D \ OD GH ORV GHPiV/DHQVHxDQ]D\HODSUHQGL]DMHSRUPHGLRGHWRGDVODVLQWHOLJHQFLDVQRVD\XGDQDSHUFLELUODWRWDOLGDGLQWHULRUDWUDYpV GH P~OWLSOHV OHQWHV $VLPLVPR OD HQVHxDQ]D KROtVWLFD SHUPLWH D ORV QLxRV GHVFXEULU XQ iUHD LQKHUHQWH GH LQWHUpV \ IDVFLQDFLyQ SHUVRQDOHV TXH SXHGH FRQVWLWXLUVH HQ OD FKLVSD GH XQD YLGD GH UHDOL]DFLyQ SHUVRQDO \ SURIHVLRQDO $OJXQRV GRFHQWHV GHVHDQ HVWLPXODU D ORV DOXPQRV SDUD TXH VH PDUDYLOOHQ FXHVWLRQHQ \ FRQVWUX\DQ VLJQLILFDGRV SDUD VX YLGD /DV VXJHUHQFLDVTXHOHVRIUHFHPRVDFRQWLQXDFLyQSHUPLWHQDORVDOXPQRVXVDUVXLPDJLQDFLyQSDUDSRQGHUDUODVSRVLELOLGDGHV GHODYLGD

$FWLYLGDGHVGHODXODTXHHVWLPXODQHOVHQWLGRGHORPDUDYLOORVR  /DFUHDFLyQGHSRHPDVPLWRVOH\HQGDV\VLQVHQWLGRV SHUPLWHDORVDOXPQRVUHIOH[LRQDUVREUHORVPLVWHULRVGHODYLGD\ EXVFDUVXVSURSLDVUHVSXHVWDV\H[SOLFDFLRQHV  /RVQLxRVSXHGHQHVFULELUGLEXMDURFRPSRQHUXQDFDQFLyQDFHUFDGHXQKHFKRTXHKD\DPRGLILFDGRVXVYLGDV\VREUHOR TXHKDQDSUHQGLGRGHHVDH[SHULHQFLD  /RV GRFHQWHV SXHGHQ FUHDU XQ HMHUFLFLR GH YLVXDOL]DFLyQ HQ HO FXDO ORV DOXPQRV YLDMHQ D WUDYpV GHO WLHPSR SDUD FRQWHPSODUVH D Vt PLVPRV \ VXV LQTXLHWXGHV GHVGH XQD SHUVSHFWLYD GLVWDQWH LPDJLQDQGR TXH KDQ OOHJDGR D XQ OXJDU VHJXUR\KHUPRVRHQHOTXHSXHGHQVROXFLRQDUSUREOHPDV\YHUXQSHULyGLFRGHOIXWXURFX\RVWLWXODUHVVHUHILHUDQDORV ORJURVTXHKDQDOFDQ]DGR  6HSXHGHQLQLFLDUORVGHEDWHVHQHODXODFRQXQLQWHUFDPELRDFHUFDGHDTXHOORTXHHVLPSRUWDQWH\YDOLRVRHQODYLGD  6HSXHGHVROLFLWDUDORVDOXPQRVTXHH[SUHVHQVXVUHDFFLRQHVUHVSHFWRGHODVFXDOLGDGHVORVYDORUHV\ODVDFFLRQHVGHORV SHUVRQDMHVGHUHODWRVRSRHPDV  6HSXHGHVROLFLWDUDORVDOXPQRVTXHH[SUHVHQVXRSLQLyQDFHUFDGHREUDVGHDUWHHQIRUPDYHUEDORQRYHUEDO  /RVDOXPQRVSXHGHQHVFULELUXQDFDUWDDXQDSHUVRQDGHVFRQRFLGDHQODTXHVHSUHVHQWHQPHGLDQWHGHVFULSFLRQHVGHVX DVSHFWRItVLFRDFWLYLGDGHVLQWHUHVHVSHUVRQDVLPSRUWDQWHVHQVXYLGDDVSLUDFLRQHV\VXHxRVSDUDHOIXWXUR/DFDUWD SXHGHHVWDUGLULJLGDDXQIXWXURDPLJRSRUFRUUHVSRQGHQFLDHPSOHDGRUXRWUDSHUVRQDTXHGHVHHQFRQRFHU  /RVDOXPQRVSXHGHQGLEXMDUXQHVFXGRGHIRUPDFXDGUDGDFLUFXODUXRYDOTXHORVUHWUDWHGLYLGLGRHQYDULDVSDUWHVTXH LQFOX\DDOJXQRVGHORVVLJXLHQWHVDVSHFWRVDWULEXWRVItVLFRVTXHSRVHHQFXDOLGDGHVLQWHOHFWXDOHVKDELOLGDGHVDUWtVWLFDV FDUDFWHUtVWLFDVHPRFLRQDOHVFXDOLGDGHVVRFLDOHVWHPRUHVTXHH[SHULPHQWDQGHVHRV\VXHxRVTXHDOLPHQWDQPRPHQWRV GHFLVLYRVGHVXYLGD\YDORUHVHVHQFLDOHV/XHJRSXHGHQGLEXMDURHVFULELUHQFDGDVHFFLyQGHVXHVFXGRDTXHOORTXHVHD PiVUHSUHVHQWDWLYRGHVtPLVPRV\FRPSDUWLUORFRQORVGHPiVPLHPEURVGHODFODVHVLORGHVHDQ(VWDPLVPDDFWLYLGDG SXHGHUHDOL]DUVHWDPELpQHQWLHPSRIXWXUR\GLEXMDUORVDWULEXWRV\FXDOLGDGHVTXHHVSHUDQGHVDUUROODUHQXQODSVRGHXQ DxRRGHFLQFRDxRVDSDUWLUGHODIHFKD  6HSXHGHHVWLPXODUDORVDOXPQRVSDUDTXHVHFRQFHQWUHQHQVXVSUHVHQWLPLHQWRV\XWLOLFHQODUD]yQSDUDYHULILFDUOD H[DFWLWXGGHVXVLQWXLFLRQHV 5HFRQRFLPLHQWRGHSURSyVLWRVHQODHVFXHOD\HQODYLGD &XDQGR UHDOLFHQ OD SODQLILFDFLyQ GH FODVHV SDUD OD HQVHxDQ]D GH DOJ~Q WHPD R FRQFHSWR ORV HGXFDGRUHV GHEHUiQ UHIOH[LRQDU VREUH XQD FXHVWLyQ LPSRUWDQWH ¢< HVWR SDUD TXp VLUYH" /RV DOXPQRV GHVHDQ \ PHUHFHQ FRQRFHU FXiO HV OD VLJQLILFDFLyQ TXH DVXPH DTXHOOR TXH DSUHQGHQ SDUD VXV YLGDV 6LQ GXGD VH SUHJXQWDUiQ ¢4Xp SXHGR KDFHU FRQ HVWD LQIRUPDFLyQ" ¢3XHGR XWLOL]DUOD HQ OD YLGD FRWLGLDQD" ¢4Xp EHQHILFLRV RIUHFH D ORV GHPiV" $O FRPHQ]DU XQ QXHYR WHPD R XQD QXHYD XQLGDG HO GRFHQWHSXHGHSURPRYHUXQGHEDWHHQFODVHDFHUFDGHOSURSyVLWR~OWLPRTXHVXE\DFHWUDVHO WUDEDMRGHOFXUVR$GHPiVGHFRQRFHUHOSXQWRGHYLVWDGHOHGXFDGRUORVDOXPQRVSXHGHQIRUPXODUVXVRSLQLRQHVDFHUFDGH ODLPSRUWDQFLDGHODVWDUHDVGHODXOD(QWHRUtDFDGDXQRGHORVDOXPQRVGHEHUtDHQFRQWUDUXQDUD]yQYiOLGDSDUDLQYHUWLU WLHPSRHQHUJtD\HVIXHU]RHQUHDOL]DUODVWDUHDVHVFRODUHV $OJXQRVGRFHQWHVWLHQHQLQWHUpVSRUDERUGDUMXQWRFRQVXVDOXPQRVXQDGHODVFXHVWLRQHVHVHQFLDOHVHOSURSyVLWRGHOD YLGD3DUDLQLFLDUHOGHEDWHUHVXOWD~WLOGHILQLUXQSURSyVLWRFRPRDOJRTXHHVWDPRVREOLJDGRVDFRQFUHWDU\FRPRXQSURFHVR SHUPDQHQWH D OR ODUJR GH QXHVWUDV YLGDV (O SURSyVLWR SURSRUFLRQD XQ VHQWLGR GH GLUHFFLyQ \ XQ PHGLR SDUD FRQWULEXLU DO SHUIHFFLRQDPLHQWRGHORVGHPiV 8QD PDQHUD GH IDFLOLWDU HO DFFHVR GH ORV DOXPQRV D VX SURSLR VHQWLGR LQWHULRU GH SURSyVLWR FRQVLVWH HQ UHGDFWDU UHIOH[LRQHVVREUHDFWLYLGDGHVUHODFLRQDGDVFRQDOJXQDRWRGDVODVSUHJXQWDVTXHVHHQXQFLDQPiVDEDMR (O WUDEDMR SUHOLPLQDU FRQVLVWH HQ VROLFLWDU D ORV DOXPQRV TXH SUHSDUHQ OiSL]\SDSHO\SHUPDQH]FDQHQVLOHQFLRHQVXV OXJDUHV 6H OHV H[SOLFD TXH HO GRFHQWH IRUPXODUi XQD VHULH GH SUHJXQWDV TXH SXHGHQ GDU OXJDU D XQ VHQWLGR GH GLUHFFLyQ LQGLYLGXDO /RV DOXPQRV VyOR GHEHQ HVFULELU ODV SDODEUDV \ IUDVHV FODYH R WRPDU QRWD GH DOJXQD LPDJHQ TXH VXUMD LQVWDQWiQHDPHQWH(OGRFHQWHGHEHGHMDUFODURTXHSUHVHQWDUiODVSUHJXQWDVXQDDXQD\OHVSURSRUFLRQDUiWLHPSRSDUDEXVFDU ODVUHVSXHVWDV PHGLDQWHXQSURFHVRGHLQWURVSHFFLyQ Â&#x2021;¢&XiOHVVRQVXVFDSDFLGDGHV" Â&#x2021;¢4XpHVORTXHVLHPSUHOHVKDJXVWDGR" Â&#x2021;¢4XpHVORTXHPiVOHVSUHRFXSD" Â&#x2021;¢4XpHVDOJRTXHVLHPSUHKDQVDELGR" Â&#x2021;¢&XiOHVVLHQWHQTXHVRQVXVREOLJDFLRQHV"




/XHJR GH TXH ODV SUHJXQWDV VHDQ IRUPXODGDV ORV DOXPQRV GHEHQ SHUPDQHFHU VHQWDGRV HQ VLOHQFLR GXUDQWH XQ ODSVR EUHYH SDUD DFODUDUVXVLGHDVRLPiJHQHVDQWHVGHH[SRQHUIUHQWHDXQRGHVXVSDUHVRDQWHXQSHTXHxRJUXSRWRGRSXQWRGHYLVWDTXHGHVHHQ FRPSDUWLU $ TXLHQHV QR KD\DQ SUHFLVDGR LPiJHQHV R SHUFHSFLRQHV GXUDQWH HVWH HMHUFLFLR VH OHV SURSRQGUi TXH GLVHxHQ ODV UHVSXHVWDVTXHOHVUHVXOWHQPiVDSURSLDGDV7DPELpQSRGUiQDQDOL]DUFXiOHVVRQORVDVSHFWRVGHODHVFRODULGDGTXHFRQWULEX\HQDO ORJURGHVXSURSyVLWRHQODYLGD 6L ELHQ HQ DSDULHQFLD VRQ ORV SUHDGROHVFHQWHV \ DGROHVFHQWHV TXLHQHV REWLHQHQ PD\RUHV EHQHILFLRV GH XQD UHIOH[LyQ VREUH HO SURSyVLWRGHODYLGDORVQLxRVVXHOHQHVWDEOHFHUXQHVWULFWRVHQWLGRGHGLUHFFLyQ$ORVFXDWURDxRVGHHGDGXQDGHODVDXWRUDVGH HVWH OLEUR LQIRUPy D ORV PLHPEURV GH VX IDPLOLD TXH GHVHDED VHU GRFHQWH \ MDPiV VH DSDUWy GH DTXHOOD FHUWH]D LQIDQWLO &RQ IUHFXHQFLD ORV QLxRV SHTXHxRV GLVIUXWDQ IDQWDVHDQGR DFHUFD GH OR TXH OHV JXVWDUtD OOHJDU D VHU \ H[SRQLHQGR VXV LQWHUHVHV D ORV DGXOWRV \ YDORUDQ HO UHFRQRFLPLHQWR TXH VH OHV EULQGD FRPR SUXHED GH TXH SRGUiQ KDFHU UHDOLGDG VXV VXHxRV /RV HGXFDGRUHV WLHQHQHOSRGHUGHDEULUODVSXHUWDVDORPDUDYLOORVR

$SUHQGL]DMHDXWRGLULJLGRHQIRTXHHGXFDWLYRLQWUDSHUVRQDO

(ODSUHQGL]DMHDXWRGLULJLGRHVXQGHVWDFDGRHMHPSORGHHGXFDFLyQLQWUDSHUVRQDO\DTXHVHVXVWHQWDHQODHOHFFLyQ\DXWRQRPtDGHO DOXPQR /RV HQIRTXHV HGXFDWLYRV FRQYHQFLRQDOHV VH EDVDQ HQ SULQFLSLRV DXWRFUiWLFRV TXH FRORFDQ D ORV GRFHQWHV HQ HO URO GH DXWRULGDGHV\SURSRUFLRQDQHVFDVDV RSRUWXQLGDGHVSDUDTXHHODOXPQRUHDOLFHHOHFFLRQHVRSDUWLFLSHHQODWRPDGHGHFLVLRQHV3RU HOFRQWUDULRHQODVDXODVHQTXHVHSRQHHQSUiFWLFDHODSUHQGL]DMHDXWRGLULJLGRHVHODOXPQR\QRHOGRFHQWHTXLHQVHHQFXHQWUDHQ HOFHQWURGHOSURFHVRSDUDODWRPDGHGHFLVLRQHV\ODDXWRPRWLYDFLyQ\DXWRGLVFLSOLQDFRQVWLWX\HQODVFODYHVGHOp[LWR&RQODJXtD GHO GRFHQWH ORV DOXPQRV VHOHFFLRQDQ \ RUJDQL]DQ VXV SURSLRV SURFHVRV GH DSUHQGL]DMH LQFOX\HQGR ORV WHPDV GH HVWXGLR ORV REMHWLYRVTXHVHDOFDQ]DUiQODVHVWUDWHJLDV\DFWLYLGDGHVGHDSUHQGL]DMHTXHVHDSOLFDUiQ\ORVUHFXUVRVTXHVHXWLOL]DUiQ7DPELpQ SRGUiQ SURSRQHU RSFLRQHV SDUD OD SUHVHQWDFLyQ \ HYDOXDFLyQ GH VXV ORJURV (O URO GHO GRFHQWH VH H[SDQGH GH OD HQVHxDQ]D GH FRQWHQLGRV D OD HQVHxDQ]D GH SURFHVRV GH DSUHQGL]DMH FRQ HO ILQ GH TXH ORV DOXPQRV SXHGDQ REWHQHU p[LWR HQ HO GLVHxR \ FRQGXFFLyQGHODSUHQGL]DMHLQGHSHQGLHQWH $OJXQRV GRFHQWHV HPSOHDQ HO DSUHQGL]DMH DXWRGLULJLGR FRPR PRGHOR SULQFLSDO GH HQVHxDQ]D PLHQWUDV TXH RWURV OR SRQHQ HQ SUiFWLFDFRQPHQRUIUHFXHQFLDSRUHMHPSORXQDRGRVYHFHVGXUDQWHXQSHUtRGRDFDGpPLFR/DPD\RUSDUWHGHORVSURJUDPDVGH DSUHQGL]DMHDXWRGLULJLGRVHRUJDQL]DQGHDFXHUGRFRQXQFRQWUDWRGHDSUHQGL]DMH&RQIUHFXHQFLDORVFRQWUDWRVVHHVWDEOHFHQFRQ ODSDUWLFLSDFLyQGHORVDOXPQRVORVSDGUHV\HOGRFHQWH$FRQWLQXDFLyQSUHVHQWDPRVXQPRGHORGHFRQWUDWR

6HJ~Q VH SRQH GH PDQLILHVWR HQ HO FRQWUDWR ORV DOXPQRV GHWHUPLQDQ ORV FRQWHQLGRV \ HVWUDWHJLDV GH DSUHQGL]DMH XQ FURQRJUDPDODVPDQHUDVGHGHPRVWUDU ODVQXHYDVGHVWUH]DVDGTXLULGDV\ODVSHUVRQDVTXHORVHYDOXDUiQ(OUROGHOGRFHQWH FRQVLVWHHQWUDEDMDUFRQLQGLYLGXRVRJUXSRVGLDJQRVWLFDUODVKDELOLGDGHVGHODOXPQRD\XGDUDHVWDEOHFHUORVWpUPLQRVGHO FRQWUDWRTXHREVHUYDUiHODOXPQR\RUJDQL]DUOR\FRODERUDUFRQORVDOXPQRVHQODVROXFLyQGHSUREOHPDVUHODFLRQDGRVFRQ ODSODQLILFDFLyQHOPDQHMRGHOWLHPSR\HOHPSOHRGHORVUHFXUVRV 'HELGR D TXH OD PRWLYDFLyQ SDUD HO DSUHQGL]DMH VXUJH IXQGDPHQWDOPHQWH GH ODV QHFHVLGDGHV ORV LQWHUHVHV \ ODV DVSLUDFLRQHV GH ORV DOXPQRV ORV GRFHQWHV TXH DSOLTXHQ HO PRGHOR GH DSUHQGL]DMH DXWRGLULJLGR QR WLHQHQ QHFHVLGDG GH UHFXUULU D UHFRPSHQVDV PDWHULDOHV R DFWLYLGDGHV FRPSHWLWLYDV &XDQGR ORV DOXPQRV WLHQHQ OD RSRUWXQLGDG GH HOHJLU ORV FRQWHQLGRVTXHGHVHDQHVWXGLDUVXHOHQGHVDUUROODUVXVLQWHUHVHVDOPi[LPR 7DQWR ODV DXODV FRPR ORV GRFHQWHV \ ORV DOXPQRV GHEHUiQ DMXVWDUVH JUDGXDOPHQWH D PHGLGD TXH DERUGHQ IRUPDWRV DXWRGLULJLGRV 0XFKRV DOXPQRV FDUHFHQ GH SUiFWLFD HQ OD HOHFFLyQ \ HO FRQWURO GH VX DSUHQGL]DMH \ PXFKRV GRFHQWHV H[SHULPHQWDQGLILFXOWDGHVFXDQGRGHEHQSHUPLWLUDORVDOXPQRVWRPDUGHFLVLRQHVDFHUFDGHORVFRQWHQLGRVGHDSUHQGL]DMH\ DVXPLU OD UHVSRQVDELOLGDG SRU ORV UHVXOWDGRV /D PD\RUtD GH ODV DXODV QR HVWiQ SUHSDUDGDV SDUD DOEHUJDU ODV UHGHV FRPSUHQVLYDVHLQFRUSRUDUORVUHFXUVRVSURYLVWRVSRUOD FRPXQLGDGTXHUHTXLHUHHODSUHQGL]DMHLQGHSHQGLHQWH/DVVXJHUHQFLDV TXHDSDUHFHQDFRQWLQXDFLyQHVWiQGHVWLQDGDVDDTXHOORVGRFHQWHVLQWHUHVDGRVHQWUDEDMDUHVWHHQIRTXHLQWUDSHUVRQDO




6XJHUHQFLDV SDUDLPSOHPHQWDUHODSUHQGL]DMHDXWRGLULJLGR

(VWLPXODUDORVDOXPQRVGHWRGRVORVQLYHOHVGHVGHODHQVHxDQ]DLQLFLDODOFLFORSROLPRGDOSDUDTXHSURSRQJDQWHPDVGHLQWHUpV SHUVRQDOTXHGHVHHQGHVDUUROODUDORODUJRGHODxRHVFRODU (QVHxDU KDELOLGDGHV GH DSUHQGL]DMH LQGHSHQGLHQWH TXH LQFOX\DQ WRPD GH GHFLVLRQHV VROXFLyQ GH SUREOHPDV ILMDFLyQ GH PHWDV PDQHMRGHOWLHPSR\DXWRHYDOXDFLyQ (QXPHUDUORVUHFXUVRVWDQWRHVFRODUHVFRPRFRPXQLWDULRVDORVTXHORVDOXPQRVSRGUiQWHQHUDFFHVR

3DUDORVQLxRV GHOSULPHUFLFORGHODHGXFDFLyQEiVLFDVHSXHGHQHVWDEOHFHUFHQWURVGHDSUHQGL]DMHHQHODXODFDGDXQRGHHOORV GHGLFDGRDXQiUHDGHLQWHOLJHQFLDGLIHUHQWH/RVDOXPQRVSRGUiQVHOHFFLRQDUXQRSDUDWUDEDMDUGLDULDPHQWHGXUDQWHHOSHUtRGRGH DFWLYLGDGDHOHFFLyQ $VLJQDUSUR\HFWRVLQGHSHQGLHQWHVDORVDOXPQRVGHWRGRVORVQLYHOHVGHHQVHxDQ]DSHULyGLFDPHQWHSRUHMHPSORFDGDGRVPHVHV 6HORVSXHGHRUJDQL]DUPHGLDQWHFRQWUDWRVGHDSUHQGL]DMH

5HRUJDQL]DUHOKRUDULRHVFRODUGHORVQLYHOHVGHHQVHxDQ]DEiVLFD\SROLPRGDOFRQHOILQGHGHGLFDUXQDPLWDGGHODMRUQDGDDOD HQVHxDQ]DDFDGpPLFDWUDGLFLRQDO\ODRWUDDODSUHQGL]DMHDXWRGLULJLGR

$OJXQDVHVFXHODVVHSURSRQHQFUHDUXQSURJUDPDGHDSUHQGL]DMHHQWHUDPHQWHDXWRGLULJLGRFRQDSR\RGHORVSDGUHV\ HOSHUVRQDO GLUHFWLYR /DV PDWHULDV WUDGLFLRQDOHV ORV VLVWHPDV GH SURPRFLyQ \ ODV DFWLYLGDGHV GH DSUHQGL]DMH VH UHHPSOD]DQ SRU ODV TXH GLVHxDQFRQMXQWDPHQWHORVDOXPQRVORVGRFHQWHV\ORVSDGUHV(QODPHGLGDGHORSRVLEOHVHFUHDQRSRUWXQLGDGHVSDUDHOWUDEDMR HQJUXSRVLQWHJUDGRVSRUDOXPQRVGHGLVWLQWDVHGDGHVRLQFOXVRSRUQLxRV\DGXOWRV/RVDOXPQRVWLHQHQOLEHUWDGSDUDFLUFXODUSRU ODVLQVWDODFLRQHVGHODHVFXHOD\XWLOL]DUHOSDWLRODELEOLRWHFDORVODERUDWRULRVHODXOD\ORVUHFXUVRVGHOD FRPXQLGDGGHQWURGH OtPLWHV GHPRFUiWLFDPHQWH HVWDEOHFLGRV (VWD FODVH GH SURJUDPDV HVWLPXOD OD FRQFHQWUDFLyQ HQ HO ODUJR SOD]R HO GHVDUUROOR GH LQWHUHVHV SHUVRQDOHV OD GLYHUVLyQ \ OD LPDJLQDFLyQ &RQ IUHFXHQFLD VXHOHQ FUHDUVH RSFLRQHV SDUD UHDOL]DU WXWRUtDV R SDVDQWtDV EDVDGDV HQ ORV LQWHUHVHV GH ORV DOXPQRV $ ORV HIHFWRVGHODHYDOXDFLyQORVDOXPQRVVHUH~QHQUHJXODUPHQWHFRQORVGRFHQWHVX RWUDV SHUVRQDV SDUD UHDOL]DU XQD SUHVHQWDFLyQ GH OR TXH KDQ DSUHQGLGR \ RUJDQL]DU ORV FRQWHQLGRV TXH DERUGDUiQ D SDUWLU GH HVH PRPHQWR

&XDQGR VH HVWDEOHFHQ RSFLRQHV GH DSUHQGL]DMH DXWRGLULJLGR HV LPSRUWDQWH WHQHU HQ FXHQWD ODV GLILFXOWDGHV TXH SODQWHDQ GLFKRV HQIRTXHV$OFRPLHQ]RFXDQGRORVDOXPQRVDVXPHQODUHVSRQVDELOLGDGSRUVXSURSLRDSUHQGL]DMHVXHOHPDQLIHVWDUVHXQDOWRQLYHO 


GHHQWXVLDVPR1RREVWDQWHFXDQGRVHHQIUHQWDQDODHQRUPLGDGGHODWDUHDSXHGHQOOHJDUDVHQWLUVHLQFDSDFHVGHOOHYDUODDFDERR VREUHSDVDGRV SRU OD UHVSRQVDELOLGDG \ UHTXHULU D\XGD SDUD OD SODQLILFDFLyQ \ VROXFLyQ GH SUREOHPDV $VLPLVPR ORV GRFHQWHV H[SHULPHQWDQ GLILFXOWDGHV SDUD PRGLILFDU VX URO GH SURYHHGRUHV GH LQIRUPDFLyQ D IDFLOLWDGRUHV \ VXSHUYLVRUHV GHO WUDEDMR GH ORV DOXPQRV

(Q WDQWR HO REMHWLYR ~OWLPR GH WRGD H[SHULHQFLD HGXFDWLYD FRQVLVWH HQ IRUPDU DOXPQRV LQGHSHQGLHQWHV \ FDSDFHV UHVXOWD LUyQLFR TXHPXFKRVGHHOORVQRWHQJDQRSRUWXQLGDGGHUHDOL]DUHOHFFLRQHVRHMHUFHUHOFRQWUROGHVXDSUHQGL]DMHGXUDQWHODHWDSDHVFRODU 7RGRV ORV SURJUDPDV HVFRODUHV VH EHQHILFLDUiQ FRQ OD LPSOHPHQWDFLyQ GH SURFHGLPLHQWRV GH DSUHQGL]DMH DXWRGLULJLGR TXH FRQGXFHQ DO GHVDUUROOR GH DOXPQRV DXWyQRPRV TXH HVWpQ HQ FRQGLFLRQHV GH HVWLPXODU VX FUHFLPLHQWR SHUVRQDO \ SURIHVLRQDO GXUDQWHWRGDODYLGD

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDLQWUDSHUVRQDO

(OGHVDUUROORGHODLQWHOLJHQFLDLQWUDSHUVRQDOSXHGHIDFLOLWDUVHPHGLDQWHHOHPSOHRGHWHFQRORJtDTXHH[SORUH\H[SDQGDODPHQWH KXPDQD /D WHFQRORJtD SURSRUFLRQD UHFXUVRV WDQWR SDUD GHVDUUROODUHQSURIXQGLGDGXQDOtQHDGHSHQVDPLHQWRFRPRSDUDDFFHGHU FRQ IDFLOLGDG D LGHDV GLYHUJHQWHV /D SRVLELOLGDG GH TXH ORV DOXPQRV OOHYHQ D FDER HVWD FODVH GH HOHFFLRQHV HV XQ HOHPHQWR IXQGDPHQWDOSDUDRWRUJDUOHVHOFRQWUROVREUHVXSURSLRDSUHQGL]DMH\GHVDUUROORLQWHOHFWXDO 6L ELHQ HQ OD DFWXDOLGDG HO XVR PiV IUHFXHQWH GH ODWHFQRORJtDHQHODXODHVWiUHODFLRQDGRFRQODHMHUFLWDFLyQ\SUiFWLFDPXFKRV GRFHQWHVFRPLHQ]DQDGHVFXEULUDSOLFDFLRQHVVDWLVIDFWRULDVGHODLQIRUPiWLFDSDUDHOGHVDUUROORGHKDELOLGDGHVGHSHQVDPLHQWRGH DOWRQLYHO/DVDXODVHQODVTXHVHXWLOL]DODWHFQRORJtDLQIRUPiWLFDGHHVWDPDQHUDVHWUDQVIRUPDQHQFHQWURVGHLQGDJDFLyQ/RV DOXPQRVQRVHOLPLWDQDFUHDUEDVHVGHGDWRVWDPELpQDSUHQGHQDFUHDUODV/DWHFQRORJtDSXHGHXWLOL]DUVHSDUDH[SORUDU\H[SDQGLU OD LQWHOLJHQFLD \D TXH SHUPLWH D ORV DOXPQRV FRQVWUXLU PRGHORV PHQWDOHV PHGLDQWH ORV FXDOHV YLVXDOL]DQ FRQH[LRQHV HQWUH ODV LGHDVHQGLIHUHQWHVFRQWHQLGRV

%RE2OVRQPLHPEURGHO'LUHFWRULRGHO,QVWLWXWHIRU$OWHUQDWLYH)XWXUHV>,QVWLWXWRSDUD)XWXURV$OWHUQDWLYRV@GH$OH[DQGULDHVWDGR GH9LUJLQLD(VWDGRV8QLGRVVHxDODTXHODKLSHUPHGLDSHUPLWHH[SDQGLUODFDSDFLGDGGHSHQVDUKROtVWLFDPHQWHODFDSDFLGDGGHLU \ YROYHU GH ORSDUWLFXODUDORJHQHUDO\GHOOHJDUDSRQGHUDUHOXQLYHUVR/DKLSHUPHGLDRUJDQL]DPDWHULDOPXOWLPHGLDHQIRUPD VLPLODUDOFHUHEURKXPDQRPHGLDQWHFRQH[LRQHVHQWUHLGHDVHLPiJHQHVDVtFRPRRFXUUHFRQHOKLSHUWH[WR\ODVSDODEUDV

(O DSUHQGL]DMH LQGLYLGXDO R ORV SODQHV GH FUHFLPLHQWR SHUVRQDO GHO DOXPQR GHVDUUROODGRV HQ FRODERUDFLyQ FRQ HO GRFHQWH SURPXHYHQ HO GHVDUUROOR GH OD LQWHOLJHQFLD LQWUDSHUVRQDO 6H ORV SXHGH IDFLOLWDU HQ JUDQ PHGLGD SRU PHGLR GH SURJUDPDV GH FRPSXWDFLyQ TXH SHUPLWDQ PRGLILFDFLRQHV R UHYLVLRQHV FRQVWDQWHV DVt FRPR WDPELpQ HO DUFKLYR GH ORV ORJURV DOFDQ]DGRV HQ ODV WDUHDVGHODOXPQRHQIRUPDWRGHSRUWIROLRVHOHFWUyQLFRVRPXOWLPHGLD/DVLQYHVWLJDFLRQHVUHDOL]DGDVSRU$OOHQ7RXJKGHO2QWDULR ,QVWLWXWH IRU 6WXGLHV LQ (GXFDWLRQ >,QVWLWXWR GH (VWXGLRV VREUH (GXFDFLyQ GH 2QWDULR@ LQGLFDQ TXH ORV SUR\HFWRV GH DSUHQGL]DMH LQGLYLGXDO UHSUHVHQWDQ DOUHGHGRU GHO  GHO WRWDO GH DSUHQGL]DMH GXUDQWH WRGD OD YLGD 'H HOOR VH GHVSUHQGH TXH DSUHQGHU D DSUHQGHUFRQVWLWX\HXQHOHPHQWRHVHQFLDOHQODSUHSDUDFLyQSDUDHODSUHQGL]DMHDORODUJRGHODYLGD /RVVLVWHPDVGHWXWRUtDLQWHOLJHQWHGLILHUHQGHORVSULPHURVPRGHORVGHDSUHQGL]DMHDVLVWLGRSRUFRPSXWDGRUDHQHOKHFKRGHTXH SURSRUFLRQDQ D ORV DOXPQRV RSFLRQHV SDUD HO DSUHQGL]DMH GH GLYHUVRV FRQWHQLGRV DOPDFHQDQ LQIRUPDFLyQ DFHUFD GH VXV IRUPDV SUHIHULGDVGHDSUHQGL]DMH\HQVXPDEULQGDQLQIRUPDFLyQHQIRUPDWRVTXHOHVSHUPLWHQDSUHQGHUSRUPHGLRGHVXVFDSDFLGDGHV\ HMHUFLWDU\SHUIHFFLRQDUKDELOLGDGHVPHQRVGHVDUUROODGDV -RKQ 6FXOOH\ JHUHQWH JHQHUDO GH $SSOH VRVWLHQH TXH GHQWUR GH XQ SDU GH GpFDGDV ODV SHUVRQDV PLUDUiQ KDFLD DWUiV \ VH DVRPEUDUiQ GH TXH HQ HO SDVDGR DOJXLHQ KXELHUD SRGLGR LQFRUSRUDU FRQRFLPLHQWRV VLQ OD D\XGD GH UHFXUVRV LQIRUPiWLFRV R H[SORUDGRUHV GH FRQRFLPLHQWRV (VWDV SRGHURVDV KHUUDPLHQWDV SXHGHQ OOHJDU D FRQYHUWLUVH HQ XQD H[WHQVLyQ GHO FHUHEUR KXPDQR \ IDFLOLWDUODH[SORUDFLyQ\H[SDQVLyQGHODLQWHOLJHQFLDLQWUDSHUVRQDOVLVHODVXWLOL]DGHPDQHUDVDSURSLDGDVHLQWHUDFWLYDVTXHVHDQ VHQVLEOHVDODVQHFHVLGDGHVGHODOXPQR

5HVXPHQ

(Q VX OLEUR 2Q %HFRPLQJ D 3HUVRQ >&yPR WUDQVIRUPDUVH HQ SHUVRQD@ &DUO 5RJHUV GHVFULEH GH HVWD PDQHUD HO GHVDUUROOR TXH H[SHULPHQWDXQDVSHFWRGHODLQWHOLJHQFLDLQWUDSHUVRQDOGXUDQWHWRGDODYLGD

7UDQVIRUPDUVHHQSHUVRQDVLJQLILFDTXHHOLQGLYLGXRVHRULHQWDKDFLDHOVHUHOFRQRFLPLHQWR\ODDFHSWDFLyQSURFHVRHQHOTXHVH HQFXHQWUDLQWHUQD\HIHFWLYDPHQWH6HDOHMDGHORTXHQRHVGHOKHFKRGHVHUXQDIDFKDGD1RLQWHQWDVHUPiVGHORTXHHVFRQORV VHQWLPLHQWRVGHLQVHJXULGDGRDPSXORVDLQGHIHQVLyQTXHHOORFRQOOHYD1RLQWHQWDVHUPHQRVGHORTXHHVFRQORVFRQFRPLWDQWHV VHQWLPLHQWRVGHFXOSDRDXWRFRQPLVHUDFLyQ(VWiDOHUWDDORVPHQVDMHVTXHSURYLHQHQGHORPiVSURIXQGRGHVXVHUSVLFROyJLFR\ HPRFLRQDO\VHPXHVWUDSHUPDQHQWHPHQWHGLVSXHVWRDDVXPLUFRQPD\RUSUHFLVLyQ\SURIXQGLGDGVX\RDXWpQWLFR 3DUD OOHJDU D DOFDQ]DU HO SURIXQGR FRQRFLPLHQWR LQWHULRU GHO VHU \ OD SD] TXH GLFKR FRQRFLPLHQWR SURSRUFLRQD VH UHTXLHUH XQD FRQVLGHUDEOHH[SHULHQFLDGHYLGD/DLQWHOLJHQFLDLQWUDSHUVRQDOVHGHVDUUROODJUDGXDOPHQWHDORODUJRGHOWLHPSR\HQHODXODORV 


SURFHVRV LQWUDSHUVRQDOHV GHPDQGDQ WLHPSR SDUD OD SODQLILFDFLyQ \ OD HQVHxDQ]D DVt FRPR WDPELpQ WLHPSR SDUD GHVDUUROODUVH GHQWURGHODOXPQR1RREVWDQWHHQVHxDUDQXWULUHOFRQRFLPLHQWRGHOSURSLR\RUHYLVWHXQDLPSRUWDQFLDIXQGDPHQWDOGHELGRDTXH GLFKR FRQRFLPLHQWR HV OD EDVH GHO p[LWR \ OD SOHQLWXG HQ OD YLGD (Q HVWH FDStWXOR VH KDQ DERUGDGR QXPHURVRV DVSHFWRV GH OD LQWHOLJHQFLD LQWUDSHUVRQDO TXH LQFOX\HQ   FUHDFLyQ GH XQ iPELWR TXH QXWUD HO VHQWLGR GHO \R   UHFXUVRV SDUD LQFUHPHQWDU OD DXWRHVWLPD   ILMDFLyQ \ ORJUR GH PHWDV   KDELOLGDGHV GH SHQVDPLHQWR   KDELOLGDGHV HPRFLRQDOHV   HVFULWXUD GH GLDULRV SHUVRQDOHV   FRQRFLPLHQWR GHO \R D WUDYpV GH ORV GHPiV   UHIOH[LyQ VREUH HO PLVWHULR \ HO VHQWLGR GH OD YLGD   DSUHQGL]DMH DXWRGLULJLGR IRUPDVGHWHFQRORJtD~WLOHVSDUDHOGHVDUUROORGHODLQWHOLJHQFLDLQWUDSHUVRQDO&RQHOREMHWRGHTXHHOOHFWRUWHQJD ODRSRUWXQLGDGGHUHVXPLUUHIOH[LRQDU\VLQWHWL]DUHOFRQWHQLGRGHOSUHVHQWHFDStWXORRIUHFHPRVODVLJXLHQWHJXtD




&$3Ã&#x2039;78/2 (OPXQGRTXH QRVURGHD LQWHOLJHQFLDQDWXUDOLVWD (OELHQHVWDUKXPDQRGHSHQGHGHODVLQWHUUHODFLRQHVTXHH[LVWHQHQWUHWRGRVORVVHUHVYLYLHQWHV *5(*25<%$7(6210,1'$1'1$785(

(OOHJDGRGH5DFKHO&DUVRQ

5DFKHO&DUVRQIXHHVFULWRUDFLHQWtILFD\PXFKRDQWHVGHTXHVHSRSXODUL]DUDHOWpUPLQRHFRORJLVWD 5DFKHOGHVDUUROOyXQDPRULPSHUHFHGHURSRU ODQDWXUDOH]D\GXUDQWHVXV~OWLPRVDxRVUHFRUGDED1RKXERPRPHQWRHQTXHQRPHVLQWLHUDLQWHUHVDGDSRUORTXHVXFHGtDHQPLMDUGtQ\HQ WRGRVORViPELWRVGHOPXQGRQDWXUDO

Â&#x2021;6LELHQKDEtDUHFLELGRSUHPLRVSRUVXVWUDEDMRVFRPRHVFULWRUDFXDQGRHUDQLxD5DFKHOQRGHMyGHVRUSUHQGHU\GHVLOXVLRQDUD VXV DPLJRV FXDQGR GHFLGLy FDPELDU OD RULHQWDFLyQ GH VXV HVWXGLRV VXSHULRUHV GHO iUHDGHOHQJXDDODGH]RRORJtDFDPSRTXHVH FRQVLGHUDEDLQDSURSLDGRSDUDODVPXMHUHVHQ  /XHJRVXJUDGXDFLyQHQOD-RKQV+RSNLQV8QLYHUVLW\&DUVRQIXHFRQWUDWDGDSRU OD 6HFUHWDUtD GH 3HVFD GH ORV (VWDGRV 8QLGRV SDUD UHGDFWDU JXLRQHV UDGLRIyQLFRV DFHUFD GH WHPDV PDUtWLPRV 5DFKHO VH SURSXVR DYDQ]DUHQVXFDUUHUD\SDUDHOORULQGLyORVH[iPHQHVGHLQJUHVRHQODDGPLQLVWUDFLyQS~EOLFDFRQHOREMHWLYRGHWUDQVIRUPDUVHHQ ODSULPHUDELyORJDTXHRFXSDUDXQFDUJRHQOD6HFUHWDUtDGH3HVFD(QHOHMHUFLFLRGHVXVIXQFLRQHVFRPRMHIDGHSXEOLFDFLRQHV UHGDFWyIROOHWRVVREUHODFRQVHUYDFLyQGHORVUHFXUVRVQDWXUDOHV\FRPSLOyDUWtFXORVFLHQWtILFRV'XUDQWHVXWLHPSROLEUHHVFULELy YDULRVOLEURV 8QGHUWKH6HD >%DMRHOPDU@HQ  7KH6HD$URXQG 8V>(OPDUTXHQRVURGHD@HQ  TXHSHUPDQHFLyHQODOLVWDGH EHVWVpOOHUGHO 1HZ<RUN7LPHV GXUDQWHVHPDQDV\7KH(GJpRIWKH6HD >/DRULOODGHOPDU@HQ  RWUR EHVWVpOOHU GHO 1HZ<RUN

7LPHV

7RGDVODVREUDVGH&DUVRQWLHQHQHOSURSyVLWRGHHVWLPXODUHOLQWHUpVGHOOHFWRUSRUODEHOOH]D\PDUDYLOODTXHHQFLHUUDHOPXQGR YLYLHQWH$VLPLVPRODDXWRUDGHVWDFDEDTXHODKXPDQLGDGHVXQDGHODVSDUWHVGHXQWRGRPD\RUFRPSXHVWRSRUODQDWXUDOH]DSHUR TXHQRVGLVWLQJXLPRVGHODVGHPiVSRUQXHVWURSRGHUSDUDPRGLILFDUODQDWXUDOH]DHQDOJXQRVFDVRVGHPDQHUDLUUHYHUVLEOH

6L ELHQ VXV REUDV SUHYLDV KDEtDQRWRUJDGRIDPDD5DFKHO&DUVRQHOOLEUR 6LOHQW6SULQJ >3ULPDYHUDVLOHQFLRVD@SXEOLFDGRHQ  HVWDEDGHVWLQDGRDPRGLILFDUHOFXUVRGHODKLVWRULDGHODKXPDQLGDGDOGHVSHUWDUODFRQFLHQFLDDPELHQWDOHQHOPXQGRHQWHUR6LOHQW 6SUtQJ GRFXPHQWDEDODVFRQVHFXHQFLDVQHJDWLYDVGHOXVRGHSHVWLFLGDV&DUVRQGHVDILyODVSUiFWLFDVFRP~QPHQWHDFHSWDGDVSRUORV DJUyQRPRV\HOJRELHUQR\H[LJLyFDPELRVHQHOHPSOHRGHTXtPLFRVVLQWpWLFRV$OFXPSOLUVHXQDxRGHODSXEOLFDFLyQGHOOLEUR\D VHKDEtDQYHQGLGRPiVGHHMHPSODUHV(OMXH]:LOOLDP2'RXJODVGHOD6XSUHPD&RUWHGHORV(VWDGRV8QLGRVFRQVLGHUyTXH ODREUDHUDODFUyQLFDPiVLPSRUWDQWHGHHVWHVLJORSDUDODUD]DKXPDQD 6LOHQW6SULQJGLROXJDUDODLPSRVLFLyQGHUHVWULFFLRQHVHQ HOXVRGHORVSHVWLFLGDVHQORV(VWDGRV8QLGRV\IXQGDPHQWDOPHQWHDXQ FDPELRHQQXHVWUDVFRQFHSFLRQHVDFHUFDGHOPXQGRQDWXUDO

5DFKHO &DUVRQ UHFLELy QXPHURVRV SUHPLRV SRU VXV WUDEDMRV LQFOX\HQGR OD PHGDOOD 6FKZHLW]HU GHO $QLPDO :HOIDUH ,QVWLWXWH >,QVWLWXWR SDUD HO %LHQHVWDU $QLPDO@ \ HO WtWXOR GH &RQVHUYDFLRQLVWD GHO $xR RWRUJDGR SRU OD 1DWLRQDO :LOGOLIH )HGHUDWLRQ >)HGHUDFLyQ 1DFLRQDO SDUD OD 9LGD 6LOYHVWUH@ $VLPLVPR IXH OD SULPHUD PXMHU D TXLHQ OD 1DWLRQDO $XGXERQ 6RFLHW\ RWRUJy OD 0HGDOOD $XGXERQ OD PiV DOWD GLVWLQFLyQ GH HVWH JUXSR SRU ORJURV HQ HO FDPSR GH OD FRQVHUYDFLyQ (O 5DFKHO &DUVRQ :LOGOLIH 5HIXJH>5HIXJLR1DFLRQDOSDUDOD9LGD6LOYHVWUH5DFKHO&DUVRQ@GHKHFWiUHDVVLWXDGRHQODVLQPHGLDFLRQHVGH:HOOV0DLQH IXHEDXWL]DGRFRQVXQRPEUHHQ'HORVUHIXJLRVTXHH[LVWHQHQORV(VWDGRV8QLGRVVRODPHQWHWUHVOOHYDQQRPEUHVGH PXMHUHV LQFOX\HQGR pVWH (Q  VH OD GLVWLQJXLy SyVWXPDPHQWH FRQ OD FRQGHFRUDFLyQ FLYLO GH PiV DOWR KRQRU GH VX SDtV OD 0HGDOODGHOD/LEHUWDGRWRUJDGDSRUOD3UHVLGHQFLDGHOD1DFLyQ(QHOGLVFXUVRGHKRPHQDMHVHGHVFULELyDVtD5DFKHO&DUVRQ 8QDELyORJDFRQYR]FODUD\VXDYHTXHWUDQVPLWtDDOS~EOLFRVXDPRUSRUHOPDU\FRQODPLVPDFODULGDGHQODYR]DGYHUWtDDVXV FRPSDWULRWDVDFHUFDGHORVSHOLJURVTXHORVSURSLRVVHUHVKXPDQRVLPSRQHQHQVXHQWRUQR6LHPSUHDWHQWDVLHPSUHHORFXHQWHFUHy XQDFRUULHQWHGHFRQFLHQFLDDPELHQWDOFX\DIXHU]DQRVHKDDJRWDGR

'HILQLFLyQLQWHOLJHQFLDQDWXUDOLVWD




(Q+RZDUG*DUGQHUH[SDQGLyVXOLVWDRULJLQDOGHVLHWHLQWHOLJHQFLDVDODJUHJDUXQDRFWDYDODLQWHOLJHQFLDQDWXUDOLVWD(QXQ SULQFLSLR *DUGQHU KDEtD LQFOXLGR GLFKD LQWHOLJHQFLD FRPR SDUWH GH ODV LQWHOLJHQFLDV OyJLFRPDWHPiWLFD \ YLVXDOHVSDFLDO 1R REVWDQWHEDViQGRVHHQORVFULWHULRVTXHKDEtDHVWDEOHFLGRSDUDLGHQWLILFDUXQDLQWHOLJHQFLDKDELOLGDGHV\RSHUDFLRQHVHVSHFtILFDV KLVWRULD HYROXWLYD VLVWHPD VLPEyOLFR VHFXHQFLDV GH GHVDUUROOR H LQGLYLGXRV TXH VH GHVWDFDQ HQ HOODV R TXH VRQ QRWDEOHPHQWH GHILFLHQWHV HQ WDOHV FDSDFLGDGHV *DUGQHU IRUPXOy OD KLSyWHVLV GH TXH OD LQWHOLJHQFLD QDWXUDOLVWD PHUHFtD UHFRQRFLPLHQWR FRPR LQWHOLJHQFLDLQGHSHQGLHQWH/DVFDSDFLGDGHVGHOQDWXUDOLVWDVHGHVFULEHQFRPRODVGHDOJXLHQFRPSHWHQWHSDUDUHFRQRFHUIORUD\ IDXQD SDUD HVWDEOHFHU GLVWLQFLRQHV WUDVFHQGHQWHV HQ HO PXQGR QDWXUDO \ SDUD XWLOL]DU SURGXFWLYDPHQWH VXV KDELOLGDGHV HQ DFWLYLGDGHVGHFD]DJUDQMDRFLHQFLDVELROyJLFDV 0iVDXQORVQDWXUDOLVWDVVXHOHQVHUKiELOHVSDUDLGHQWLILFDUDORVPLHPEURVGH XQJUXSRRHVSHFLHUHFRQRFHUODH[LVWHQFLDGHRWUDVHVSHFLHV\SHUFLELUODVUHODFLRQHVTXHH[LVWHQHQWUHYDULDVHVSHFLHV

7RGRV QRVRWURV DSOLFDPRV ODV KDELOLGDGHV GH OD LQWHOLJHQFLD QDWXUDOLVWD FXDQGR UHFRQRFHPRV SHUVRQDV SODQWDV DQLPDOHV \ RWURV HOHPHQWRVGHQXHVWURHQWRUQR/DLQWHUDFFLyQ FRQHOPHGLRItVLFRQRVSHUPLWHGHVDUUROODUXQVHQWLGRGHFDXVDHIHFWR\UHFRQRFHU PRGHORV SUHGHFLEOHV GH LQWHUDFFLyQ \ FRPSRUWDPLHQWR FRPR ORV FDPELRV FOLPiWLFRV TXH VH SURGXFHQ FRQ HO WUDQVFXUVR GH ODV HVWDFLRQHVGHODxR\VXLQIOXHQFLDVREUHSODQWDV\ DQLPDOHV3RUPHGLRGHODVKDELOLGDGHVSHUFHSWXDOHVQDWXUDOLVWDVFRPSDUDPRV GDWRVFODVLILFDPRVFDUDFWHUtVWLFDVH[WUDHPRVVLJQLILFDGRV\IRUPXODPRV\SRQHPRVDSUXHEDKLSyWHVLV

*DUGQHU SRVWXOD TXH OD LQWHOLJHQFLD QDWXUDOLVWD WLHQH VX RULJHQ HQ ODV QHFHVLGDGHV GH ORV SULPHURV VHUHV KXPDQRV FX\D VXSHUYLYHQFLD GHSHQGtD GHO UHFRQRFLPLHQWR GH HVSHFLHV ~WLOHV R SHUMXGLFLDOHV GH ODV FRQGLFLRQHV FOLPiWLFDV \ GH ORV UHFXUVRV DOLPHQWDULRVGLVSRQLEOHV1RREVWDQWHHQORVDOERUHVGHOVLJOR;;,HOHQWRUQRGHPXFKRVGHQRVRWURVGLILHUHHQJUDQPHGLGD GHO TXH H[LVWtD KDFH PLO R LQFOXVLYH FLHQ DxRV 0X\ SRFDV SHUVRQDV WLHQHQ SRVLELOLGDGHV GH DFFHGHU D JUDQGHV H[WHQVLRQHV LQH[SORUDGDVGHWLHUUDSREODGDSRUGLYHUVDVHVSHFLHVGHIORUD\IDXQD+R\HQGtDORVQLxRV\MyYHQHVVXHOHQSDVDUVXWLHPSRHQ HVSDFLRV FHUUDGRV R FDPLQDU VREUH VXHORV DUWLILFLDOHV\QRWLHQHQRSRUWXQLGDGGHLQWHUDFWXDUFRQODQDWXUDOH]D6LQHPEDUJRWDO LQWHUDFFLyQQRHVUHTXLVLWRLQGLVSHQVDEOHSDUDHOGHVDUUROORGHHVWDLQWHOLJHQFLD/DVKDELOLGDGHVSDUDREVHUYDUFODVLILFDU\VHULDU SXHGHQGHVDUUROODUVH\DSOLFDUVHHQHOWUDEDMRFRQREMHWRVDUWLILFLDOHV(VORTXHRFXUUHFXDQGRORVQLxRVRUJDQL]DQFROHFFLRQHVGH ILJXULWDVHVWDPSLOODVRDGRUQRV6LELHQHOGHVDUUROORGHODVKDELOLGDGHVGHOQDWXUDOLVWDQRGHSHQGHGHODLQWHUDFFLyQGLUHFWDFRQHO PXQGRQDWXUDOWDPSRFRVHUHODFLRQDFRQODREVHUYDFLyQYLVXDOWDOFRPRSRGUtDVXSRQHUVH*DUGQHUVHxDODTXHODVSHUVRQDVFLHJDV SXHGHQ HVWDEOHFHU GLIHUHQFLDV HQWUH HVSHFLHV X REMHWRV IDEULFDGRV SRU HO KRPEUH SRU PHGLR GHO WDFWR \ TXH RWURV OR KDFHQ SRU PHGLRGHORtGR /D LQWHOLJHQFLD QDWXUDOLVWD VH SRQH GH PDQLILHVWR HQ PXFKDV iUHDV GH LQYHVWLJDFLyQ FLHQWtILFD &LHQFLDV FRPR OD ELRORJtD OD ERWiQLFDOD]RRORJtDRODHQWRPRORJtDHVWiQGHGLFDGDVDHVWDLQWHOLJHQFLDHQVXWRWDOLGDG'LFKDVFLHQFLDVLQYHVWLJDQORVRUtJHQHV HO GHVDUUROOR \ OD HVWUXFWXUD GH RUJDQLVPRV YLYLHQWHV < KDQ SURGXFLGR WDPELpQ HODERUDGRV VLVWHPDV SDUD FODVLILFDU SODQWDV \ DQLPDOHV

/DVKDELOLGDGHVQDWXUDOLVWDVVHH[WLHQGHQPiVDOOiGHODVWD[RQRPtDVSDUDLQFOXLUODFDSDFLGDGGHWUDEDMDUHILFD]PHQWHFRQGLYHUVDV SODQWDV \ DQLPDOHV \ TXL]i SDUD GLVFHUQLU SDWURQHV HQ WRGD iUHD GH DFWLYLGDG KXPDQD *DUGQHU HVSHFXOD TXH ODV DFWLYLGDGHV DUWtVWLFDV \ ODV SUiFWLFDV HVSLULWXDOHV TXH FRPSUHQGHQ DVSHFWRV GHO PXQGR QDWXUDO H[KLEHQ ODV KDELOLGDGHV SHUFHSWXDOHV GHO QDWXUDOLVWD7DPELpQVHSUHJXQWDVLDFDVRVXSURSLDHODERUDFLyQGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVQRKDEUiVXUJLGRFRPR FRQVHFXHQFLDGHODDSOLFDFLyQGHODVFDSDFLGDGHVQDWXUDOLVWDVSDUDGLVWLQJXLU\FODVLILFDUSDWURQHV (QWRGDVODVFXOWXUDVVHYDORUDODFDSDFLGDGGHORVLQGLYLGXRVSDUDUHFRQRFHUHVSHFLHV~WLOHV\SHUMXGLFLDOHVRSDUDFODVLILFDUVXV SURSLHGDGHV\XVRV$VLPLVPRWRGDVODVFXOWXUDVYDORUDQODVKDELOLGDGHVGHOFRFLQHURGHOMDUGLQHURGHOJUDQMHUR\GHOFD]DGRU WRGDV HOODV VXVWHQWDGDV SRU OD LQWHOLJHQFLD QDWXUDOLVWD $OJXQRV LQGLYLGXRV FRQ XQD LQWHOLJHQFLD QDWXUDOLVWD DOWDPHQWHGHVDUUROODGD SXHGHQFUHDUSURGXFWRVRWHRUtDVFDSDFHVGHDWUDYHVDUODVIURQWHUDVFXOWXUDOHV\SHUSHWXDUVHGXUDQWHJHQHUDFLRQHV&KDUOHV'DUZLQ *HRUJH :DVKLQJWRQ &DUYHU 5DFKHO &DUVRQ /XWKHU %XUEDQN \ -DQH *RRGDOO VRQ HMHPSORV GH LQGLYLGXRV FRQ XQ FRQRFLPLHQWR VREUHVDOLHQWHDFHUFDGHOPXQGRQDWXUDO\GHVXVFULDWXUDV /DFXULRVLGDG\HOSURIXQGRDQiOLVLVGHWDOHVLQGLYLGXRVQRVSHUPLWHQSHUFLELUWDQWRORVIHQyPHQRVTXHWLHQHQOXJDUHQHOHVSDFLR LQILQLWRGHOPDFURFRVPRVFRPRDTXHOORVTXHVHSURGXFHQHQHOPLFURFRVPRVGHXQDFpOXOD

&DUDFWHUtVWLFDVGHODLQWHOLJHQFLDQDWXUDOLVWD

7RGRVVRPRVQDWXUDOLVWDVQDWRV\GLVSXHVWRVDH[SORUDUHOPXQGRSRUPHGLRGHORVVHQWLGRV&XDQGRSRQHPRVHQSUiFWLFDODV IDFXOWDGHVLQKHUHQWHVDOFXHUSR\PHQWHKXPDQRVH[SHULPHQWDPRVQXHVWURHQWRUQRSRUPHGLRGHODSHUFHSFLyQVHQVRULDOOD REVHUYDFLyQDFWLYD\ODUHIOH[LyQ\FXHVWLRQDPLHQWRGHQXHVWUDVSHUFHSFLRQHV /RV QLxRV SRQHQ GH PDQLILHVWR HVWD LQWHOLJHQFLD GH GLYHUVDV PDQHUDV $OJXQRV VH SURSRQHQ GHVFXEULU GH TXp PDQHUD IXQFLRQDQODVFRVDVDRWURVOHVPDUDYLOODQORVSURFHVRVGHFUHFLPLHQWRDOJXQRVGHVHDQH[SORUDUiPELWRVQDWXUDOHV\KDFHUVH FDUJR GHO FXLGDGR GH VXV KDELWDQWHV \ WDPELpQ KDEUi TXLHQHV GLVIUXWHQ FODVLILFDQGR REMHWRV H LGHQWLILFDQGR SDWURQHV $OJXQRVDOXPQRVVHGHVWDFDQSRUVXFDSDFLGDGSDUDUHFRQRFHU\PHPRUL]DUFDWHJRUtDVSRUVXDPRUSRUODQDWXUDOH]D\R SRUVXLQWHUpVSRULQWHUDFWXDUFRQVXVFULDWXUDVRVLVWHPDV6LELHQQRHVSRVLEOHFLUFXQVFULELUHODPSOLRUDQJRGHODH[SUHVLyQ QDWXUDOLVWDDXQOLVWDGRSRGHPRVHVER]DUXQDGHVFULSFLyQ(VSUREDEOHTXHXQDSHUVRQDFRQXQDLQWHOLJHQFLDQDWXUDOLVWDELHQ GHVDUUROODGDSUHVHQWHDOJXQDGHODVVLJXLHQWHVFDUDFWHUtVWLFDV 


([SORUDiPELWRVKXPDQRV\QDWXUDOHVFRQLQWHUpV\HQWXVLDVPR $SURYHFKDRSRUWXQLGDGHVSDUDREVHUYDULGHQWLILFDULQWHUDFWXDUFRQREMHWRVSODQWDVRDQLPDOHV\SDUD HQFDUJDUVHGHVX FXLGDGR (VWDEOHFHFDWHJRUtDVRFODVLILFDREMHWRVVHJ~QVXVFDUDFWHUtVWLFDV 5HFRQRFHSDWURQHVHQWUHPLHPEURVGHXQDHVSHFLHRFODVHVGHREMHWRV $ERUGDHODSUHQGL]DMHDFHUFDGHORVFLFORVYLWDOHVGHODIORUDRODIDXQDRODVHWDSDVGHSURGXFFLyQGHREMHWRVIDEULFDGRV SRUHOKRPEUH 0DQLILHVWDGHVHRVGHHQWHQGHUFyPRIXQFLRQDQODVFRVDV 6HLQWHUHVDSRUODPDQHUDHQTXHFDPELDQ\HYROXFLRQDQORVVLVWHPDV 'HPXHVWUDLQWHUpVSRUODVUHODFLRQHVTXHVHHVWDEOHFHQHQWUHODVHVSHFLHV\RODLQWHUGHSHQGHQFLDGHORVVLVWHPDVQDWXUDOHV \KXPDQRV 8WLOL]DKHUUDPLHQWDVWDOHVFRPRPLFURVFRSLRVELQRFXODUHVWHOHVFRSLRVFXDGHUQRVGHQRWDVRFRPSXWDGRUDVSDUDHVWXGLDU RUJDQLVPRV R VLVWHPDV  ,QFRUSRUD WD[RQRPtDV GH SODQWDV \ DQLPDOHV X RWURV VLVWHPDV GHFODVLILFDFLyQSDUDHVWUXFWXUDV OLQJtVWLFDVRSDWURQHVPDWHPiWLFRVSRUHMHPSORORVQ~PHURVGH)LERQDFFLRORVIUDFWDOHV 'HPXHVWUDLQWHUpVSRUODVFDUUHUDVGHELRORJtDHFRORJtDTXtPLFD]RRORJtDLQJHQLHUtDIRUHVWDORERWiQLFD  'HVDUUROOD QXHYDV WD[RQRPtDV WHRUtDV DFHUFD GH ORV FLFORV YLWDOHV R UHYHOH QXHYRV SDWURQHV H LQWHUFRQH[LRQHV HQWUH REMHWRVRVLVWHPDV

3URFHVRVGHDSUHQGL]DMHQDWXUDOLVWD

(OSULQFLSDOREMHWLYRGHHVWHFDStWXORFRQVLVWHHQSURSRQHUHVWUDWHJLDVGLGiFWLFDVTXHLQWHJUHQODVKDELOLGDGHVGHSHQVDPLHQWR QDWXUDOLVWDDGLYHUVDVGLVFLSOLQDV5HVXOWDVHQFLOOROOHYDUDFDERHVWDLQWHJUDFLyQVLVHWLHQHHQFXHQWDTXH*DUGQHUVRVWLHQHTXH ODVFDSDFLGDGHVHVHQFLDOHVGHHVWDLQWHOLJHQFLDLQFOX\HQODREVHUYDFLyQUHIOH[LyQHVWDEOHFLPLHQWRGHFRQH[LRQHVFODVLILFDFLyQ LQWHJUDFLyQ\FRPXQLFDFLyQGHSHUFHSFLRQHVDFHUFDGHOPXQGRQDWXUDO\KXPDQR'LFKDVKDELOLGDGHVGHSHQVDPLHQWRSXHGHQ HQULTXHFHUHODSUHQGL]DMHHQWRGDVODVGLVFLSOLQDV

/DV DFWLYLGDGHV QDWXUDOLVWDV WUDQVIRUPDQ HO DSUHQGL]DMH GHO DXOD HQ XQ SURFHVR SHUVRQDO \ GH LQYHVWLJDFLyQ 0XFKDV GH ODV VLJXLHQWHV HVWUDWHJLDV VH IXQGDQ HVHQFLDOPHQWH HQ XQD SUHJXQWD ~QLFD H LQWHUGLVFLSOLQDULD ¢3RU TXp HVWH REMHWR XQD RSHUDFLyQ PDWHPiWLFD OD GLVSRVLFLyQ GH XQD KRMD OD OtQHD GH XQ SRHPD HWF  HV FRPR HV" (VWD SUHJXQWD TXH SXHGH IRUPXODUVH UHSHWLGDPHQWH SDUD GLVWLQWRV WHPDV HVWLPXOD D ORV DOXPQRV SDUD FRQVWUXLU VXV SURSLRV VLJQLILFDGRV 8QD YH] TXH FRPLHQFHQ D IRUPXODUVXVWHRUtDVDFHUFDGHODVFDXVDVTXHKDFHQTXHORVREMHWRVVHDQORTXHVRQORVDOXPQRVSRGUiQFRPSDUDUVXVLGHDVFRQODV GHVXVFRPSDxHURV\FRQHOFRQRFLPLHQWRGLVFLSOLQDULRHVWDEOHFLGR0HGLDQWHWDOHVLQYHVWLJDFLRQHVHQHODXODORVDOXPQRVDFFHGHQ DO FRQRFLPLHQWR JHQHUDO GHO PXQGR D ORV SULQFLSLRV TXH JXtDQ VX IXQFLRQDPLHQWR \ D PDUFRV \ HVWUXFWXUDV DPSOLRV TXH OHV SHUPLWHQFRPSUHQGHUOR

5HFRQRFHPRVTXHODHGXFDFLyQDPELHQWDOGHVHPSHxDXQUROLPSRUWDQWHHQHOGHVDUUROORGHODLQWHOLJHQFLDQDWXUDOLVWD(ODERUGDMH GHHVWDiUHDFRQXQJUDGRVLJQLILFDWLYRGHHVSHFLILFLGDGH[FHGHORVOtPLWHV\SURSyVLWRVGHHVWHFDStWXOR1RREVWDQWHFRQFRUGDPRV FRQ5DFKHO&DUVRQFXDQGRDILUPD6LGHVHDPRVTXHXQQLxRPDQWHQJDYLYRVXLQQDWRVHQWLGRGHORPDUDYLOORVRQHFHVLWDUiGHOD FRPSDxtDGH DOPHQRVXQDGXOWRFRQTXLHQSXHGDFRPSDUWLUORFRQTXLHQSXHGDUHGHVFXEULUODDOHJUtDHOHQWXVLDVPR\HOPLVWHULR GHOPXQGRHQTXHYLYLPRV /DVVLJXLHQWHVDFWLYLGDGHVFRQVWLWX\HQXQDSURSXHVWDTXHSURSRUFLRQDHOHPHQWRVDORVGRFHQWHVSDUDHVWLPXODUHO HQWXVLDVPR\HO PLVWHULRTXHH[SHULPHQWDQORVQLxRVFXDQGRH[SORUDQORVPXQGRVQDWXUDOHV\KXPDQRV

&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHQDWXUDOLVWD 9LVWDSDQRUiPLFD 0XVHRVHQHODXOD 7HPDVFXUULFXODUHVQDWXUDOLVWDV 7HPDVGHFLHQFLDVQDWXUDOHV ODQDWXUDOH]DFRPRFXUUtFXOR 7HPDVVXSUDGLVFLSOLQDULRV

3HUIHFFLRQDPLHQWRGHODFDSDFLGDGGHREVHUYDFLyQ 2EVHUYDFLRQHVDFLHJDV 2EVHUYDFLyQDWHQWD (OGLEXMRFRPRIRUPDGHREVHUYDFLyQDWHQWD &XDGHUQRVGHFDPSR 


3HUFHSFLyQGHUHODFLRQHV 5HFRQRFLPLHQWR GHGLIHUHQFLDVHQWUHREMHWRVVLPLODUHV £(VWiFODVLILFDGR

2UJDQL]DFLyQGHFROHFFLRQHV 2WUDVVXJHUHQFLDVSDUDUHDOL]DUFODVLILFDFLRQHV ,QWURGXFFLyQDOFRQFHSWRGHLQWHUGHSHQGHQFLD

&RQVROLGRFLyQGHUHODFLRQHVHVWUHFKDVFRQODFRPXQLGDG )RUPXODFLyQGHKLSyWHVLV\H[SHULPHQWDFLyQ 6LHPEUDGHLQWHUURJDQWHVHQHODXOD

'HVDUUROORGHXQPDUFRGHSHQVDPLHQWRLQGDJDWRULR &HQWURVGHDSUHQGL]DMHQDWXUDOLVWD

(TXLSDPLHQWRGHXQFHQWURQDWXUDOLVWD $FWLYLGDGHVGH FHQWURQDWXUDOLVWD

$FWLYLGDGHVQDWXUDOLVWDVDODLUHOLEUH 8QUHFRUULGRQDWXUDO

$GRSFLyQGHXQiUERO $SUHQGL]DMHQDWXUDO

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDQDWXUDOLVWD 5HVXPHQ

&yPRHVWDEOHFHUXQiPELWRGHDSUHQGL]DMHQDWXUDOLVWD 1R HV QHFHVDULR GLVSRQHU GH SRVLELOLGDGHV FRQFUHWDV SDUD DFFHGHU D ]RQDV SDQWDQRVDV R UHVHUYDV QDWXUDOHV SDUD GHVDUUROODU HO SHQVDPLHQWR QDWXUDOLVWD /RV DOXPQRV SXHGHQ H[SORUDU IiFLOPHQWH HO LQWHULRU \ H[WHULRUGHVXVHVFXHODVVXVKRJDUHV\KHODGHUDV ORVDOPDFHQHVORVFKDUFRVGHDJXDVXVPDQRVRHODPSOLRHVSDFLRGHOFLHOR<WDPELpQYLDMDUDODVSURIXQGLGDGHVPDULQDVROOHJDU DODFLPDGHODVPRQWDxDVPHGLDQWHHOHPSOHRGHGLYHUVDVRSFLRQHVWHFQROyJLFDV 7DPSRFRHVQHFHVDULRVXSRQHUTXHXQHQWRUQRQDWXUDOLVWDVHOLPLWDDDOJRTXHHVWiDOOtDIXHUDRDOPXQGRGHODQDWXUDOH]D3RUHO FRQWUDULRVLH[SDQGLPRVQXHVWURFRQFHSWRGHHQWRUQRSRGUHPRVDERUGDUHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHWHQLHQGRHQFXHQWD ODVUHFRPHQGDFLRQHVGHOD)XQGDFLyQ&DUQHJLHSDUDHO3HUIHFFLRQDPLHQWRGHOD(QVHxDQ]DDILQGHFRPSUHQGHUODLQWHUFRQH[LyQ GH WRGDV ODV FRVDV (GZDUG 7 &ODUN H[ SURIHVRU GH HGXFDFLyQ DPELHQWDO \ DXWRU GH DUWtFXORV SUHPLDGRV SURSRQH XQ PDUFR FRQFHSWXDODOWHUQDWLYRSDUDHOHQWRUQR&XDQGRSRUCHQWRUQR VHHQWLHQGHHOFRQWH[WRWRWDOHQQXHVWUDVYLGDVODLQWHUFRQH[LyQHQWUH ELRORJtD WHFQRORJtD \ FXOWXUD HQWRQFHV OD HGXFDFLyQ DPELHQWDO GHEH FRQVLGHUDUVH FRPR HO PDUFR PiV DPSOLR TXH SURSRUFLRQD VLJQLILFDGRDWRGDODVGLVFLSOLQDVGHHVWXGLR 9LVWDSDQRUiPLFD

8QPDQHUDGHD\XGDUDORVDOXPQRVDSHUFLELUHO PDUFRPiVDPSOLR\ODLQWHUFRQH[LyQGHWRGDVODVFRVDVFRQVLVWHHQFRPSDUWLU FRQHOORVXQDLPDJHQPX\HVSHFLDOODIDPRVDIRWRJUDItDGHOD7LHUUDWRPDGDGHVGHHOHVSDFLR (VWDSRGHURVDLPDJHQPXHVWUDDOSODQHWDFRPRXQVLVWHPD~QLFRHLQWHUFRQHFWDGR7RGRVORVIHQyPHQRVQDWXUDOHV\KXPDQRVVRQ VXEVLVWHPDV GH XQ VLVWHPD SODQHWDULR PD\RU $VtFRPRHOFRUD]yQ\ORVSXOPRQHVGHXQDSHUVRQDVRQVXEVLVWHPDVGHXQPLVPR RUJDQLVPRGHOPLVPRPRGRORVVLVWHPDVQDWXUDOHV\KXPDQRVLQWHJUDQXQVLVWHPDPD\RUHOGH OD7LHUUD7RGRVORVVLVWHPDVVRQ 


LQWHUGHSHQGLHQWHV$XQTXHFDGDXQDGHODVGLVFLSOLQDVDFDGpPLFDVVHDXQVLVWHPDHQVtPLVPDWRGDVHOODVIRUPDQSDUWHGHODPSOLR VLVWHPDGHOHVIXHU]RKXPDQRSRUFRPSUHQGHUHOVLJQLILFDGRGHQXHVWUDVH[SHULHQFLDV\QXHVWUD UHODFLyQFRQHOHQWRUQR

/RVGRFHQWHVSRGUiQUHFXUULUDODLPDJHQGHQXHVWURSODQHWDHQHOHVSDFLR\VROLFLWDUDORVDOXPQRVTXHGHWHUPLQHQSRUPHGLRGH XQDWRUPHQWDGHLGHDVWRGDVODVPDQHUDVHQTXHORVWHPDVGHHVWXGLRVHLQWHJUDQDOVLVWHPDSODQHWDULR PD\RU6HSRGUiDYDQ]DUHQ WDO VHQWLGR VROLFLWiQGROHV TXH UHIOH[LRQHQ DFHUFD GH OD LQWHUGHSHQGHQFLD GH HVWH WHPD FRQ RWURV \ GH ODV LQWHUFRQH[LRQHV TXH VH HVWDEOHFHQ

/RVDOXPQRVSRGUiQSHUFLELUUHODFLRQHVHLQWHUFRQH[LRQHVPHGLDQWHHOGHVDUUROORGHVXVKDELOLGDGHVGHSHQVDPLHQWRQDWXUDOLVWD$ PHGLGD TXH VH DYDQFH HQ OD OHFWXUD GH HVWH FDStWXOR VH HQFRQWUDUiQ VXJHUHQFLDV GHVWLQDGDV D GHVDUUROODU KDELOLGDGHV SDUD OD REVHUYDFLyQ FODVLILFDFLyQ H LQYHVWLJDFLyQ 1R REVWDQWH DQWHV GH HQXQFLDU HVWRV SURFHVRV UHFRPHQGDPRV TXH ORV DOXPQRV VH KDJDQFDUJRDFWLYDPHQWHGHVXHQWRUQRGHDXODLQPHGLDWR(VQHFHVDULRTXHGHMHQGHODGRODH[SORUDFLyQVHGHQWDULD\DVXPDQOD UHVSRQVDELOLGDGSRUHOSURSLRDSUHQGL]DMH\SRUHOGHORVGHPiVPHGLDQWHHOUROGHFXUDGRUHVGH ODVH[SRVLFLRQHVTXHRUJDQLFHQHQ UHODFLyQFRQiUHDVDFDGpPLFDV'HHVWDPDQHUDSRGUiQWUDQVIRUPDUHODXODHQPXVHRVFUHDGRVSRUHOORVPLVPRV 0XVHRVHQHODXOD

/D SDODEUD PXVHR GHULYD GHO PLWR JULHJR GH OD QXHYH PXVDV /DV PXVDV SRVHtDQ OD WRWDOLGDG GHO FRQRFLPLHQWR KXPDQR \ OR FODVLILFDURQ HQ DUWHV \ FLHQFLDV 3RU OR WDQWR PXVHR DOXGtD RULJLQDOPHQWH D XQ OXJDU GH UHIOH[LyQ \ HVWXGLR +R\ HQ GtD OD PD\RUtDGHORVGLFFLRQDULRVGHILQHQHOWpUPLQRFRPRXQDLQVWLWXFLyQTXHH[KLEHRSUHVHUYDREMHWRVYDOLRVRV

(Q WDQWR VROHPRV FRQVLGHUDU D ORV PXVHRV HGLILFLRV TXH FRQWLHQHQ YDOLRVDV FROHFFLRQHV GH REMHWRV DUWtVWLFRV FLHQWtILFRV R KLVWyULFRV HV SRVLEOH WUDQVIRUPDU ODV DXODV HQ VLWLRV VLPLODUHV TXH SURSRUFLRQHQ IXHQWHV GH LQVSLUDFLyQ \ HVWXGLR 3DUD HOOR ORV DOXPQRVGHEHUiQDVXPLUORVUROHVGHFROHFFLRQLVWDVLQYHVWLJDGRUHV\FXUDGRUHV(OUROGHFXUDGRUSHUPLWHPRGLILFDUODDFWLWXG GHO DOXPQR <D QR VH WUDWD GH UHFHSWRUHV GH FRQRFLPLHQWRV VLQR GH FUHDGRUHV GH HQWRUQRV TXH SHUPLWHQ OD LQGDJDFLyQ \ HO DSUHQGL]DMHGHORVGHPiV

$GHPiV PHGLDQWH ODFUHDFLyQGHFROHFFLRQHVORVDOXPQRVSRQHQHQSUiFWLFDQXPHURVDVKDELOLGDGHVGHSHQVDPLHQWRQDWXUDOLVWD 5HFRQRFHQ \ SURFHVDQ LQIRUPDFLyQ FODVLILFDQ \ RUJDQL]DQ FDWHJRUtDV GH GDWRV \ H[WLHQGHQ HO DOFDQFH GH ODV WHRUtDV TXH KDQ DSUHQGLGRHQFODVHPHGLDQWHODGHPRVWUDFLyQGHVXVFRQRFLPLHQWRVHQIRUPDSURIXQGDPHQWHSHUVRQDO$FRQWLQXDFLyQVXJHULPRV DOJXQRVSDVRVVHQFLOORVSDUDODFUHDFLyQGHXQPXVHRHQHODXOD

/LQHDPLHQWRVSDUDFUHDUXQPXVHRHQHODXOD

 5HDOL]DUXQDUHYLVLyQFRQORVDOXPQRVGHDOJ~QFRQFHSWRLPSRUWDQWHTXHKD\DQHVWXGLDQGR $VLJQDUDORVDOXPQRVODWDUHDGHFUHDUXQDH[SRVLFLyQHQIRUPDLQGLYLGXDORFROHFWLYDSDUDGHPRVWUDUVXFRPSUHQVLyQGHO FRQFHSWR  (VSHFLILFDUORVFULWHULRVUHVSHFWRGHOFRQWHQLGRGHXQDH[SRVLFLyQHILFD]TXHSRGUiQLQFOXLUWRGRVRDOJXQRVGHORV VLJXLHQWHV

Â&#x2021; 8QDGHILQLFLyQGHOFRQFHSWR Â&#x2021; 7UHVRPiVHMHPSORVGHOFRQFHSWRHQIRUPDWRHVFULWRJUiILFRRIRWRJUiILFR Â&#x2021; 8QDEUHYHH[SOLFDFLyQDFHUFDGHODVUD]RQHVRORVPHFDQLVPRVTXHSHUPLWHQTXHHOFRQFHSWRIXQFLRQHGH GHWHUPLQDGDPDQHUD Â&#x2021; 8QDGHVFULSFLyQGHVXVVHPHMDQ]DV\GLIHUHQFLDVFRQRWURVFRQFHSWRVTXHORVDOXPQRVKD\DQHVWXGLDGR Â&#x2021; 8QDH[SOLFDFLyQGHODVLJQLILFDFLyQGHOFRQFHSWRHQODYLGDGHORVDOXPQRV Â&#x2021; 8QIROOHWRRJUDEDFLyQEUHYHTXHVLUYDGHJXtDDTXLHQYLVLWHODH[SRVLFLyQ

 (VSHFLILFDUORVFULWHULRVYLVXDOHVGHXQDH[SRVLFLyQHILFD]TXHSRGUiQLQFOXLUWRGRVRDOJXQRVGHORVVLJXLHQWHV Â&#x2021; /DFDSDFLGDGGHODH[SRVLFLyQSDUDFRPXQLFDUHO FRQFHSWR Â&#x2021; 6XHILFDFLDSDUDDWUDHUODDWHQFLyQGHOYLVLWDQWH Â&#x2021; 6XDWUDFWLYRHLQWHUpVYLVXDO Â&#x2021; 8QDVHOHFFLyQDSURSLDGDGHREMHWRV Â&#x2021; 8QDVHFXHQFLDOyJLFDGHORVFRQWHQLGRV Â&#x2021; /DFDOLGDGGHODRUJDQL]DFLyQPRQWDMHXRWUDVFDUDFWHUtVWLFDVGHODH[SRVLFLyQ

$VLJQDUDORVDOXPQRVODUHVSRQVDELOLGDGGHUHFRSLODULQYHVWLJDU\RFUHDUVXVH[SRVLFLRQHV3URSRUFLRQDUSDSHODILFKH FDUWyQPDUFDGRUHVGHFRORUHV\UHYLVWDVDTXLHQHVUHTXLHUDQGLFKRVPDWHULDOHV  'HOLPLWDUHOHVSDFLRHQODSDUHGHVFULWRULRRPHVDTXHVHGHVWLQHDODH[SRVLFLyQ6ROLFLWDUDORVDOXPQRVTXHGHWHUPLQHQ VXV QHFHVLGDGHV GH HVSDFLR FRQ DQWLFLSDFLyQ D ILQ GH TXH HQ OD IHFKD HVWDEOHFLGD SXHGDQ UHDOL]DU HO PRQWDMH GH ODV FROHFFLRQHVFRQIDFLOLGDG 


 'HVLJQDUDODPLWDGGHORVDOXPQRVFRPRFXUDGRUHVTXHSUHVHQWHQVXVH[SRVLFLRQHVXQGtDGHWHUPLQDGR8QDYH]TXHVH KD\D PRQWDGR OD H[SRVLFLyQ ORV PLHPEURV GH OD FODVH TXH DVXPDQ HO URO GHS~EOLFRSRGUiQUHFRUUHUOD\SURSRUFLRQDU IHHGEDFNHVFULWRXRUDOEDViQGRVHHQORVFULWHULRVSURSXHVWRVSRUFDGDFXUDGRU(QXQVHJXQGRGtDSUHGHWHUPLQDGRVHLQ YHUWLUiQORVUROHVGHORVDOXPQRV 6LDVtORGHVHDHOGRFHQWHSXHGHPDQWHQHUODVFROHFFLRQHVHQH[KLELFLyQGHQWURGHODXODGXUDQWHXQDVHPDQDRPiV WLHPSR\TXL]iRUJDQL]DUXQDVHULHGHH[SRVLFLRQHVGHPXVHRSDUDORVSULQFLSDOHVFRQFHSWRVTXHORVDOXPQRVDSUHQGDQ 6HSXHGHLQYLWDUDDOXPQRVGHRWURVJUXSRV\DORVSDGUHVDYLVLWDUODVH[SRVLFLRQHV6LHVSRVLEOHORVDOXPQRVUHDOL]DUiQ YLVLWDVDPXVHRVFRQHOREMHWLYRGHUHXQLUVHFRQFXUDGRUHV\DSUHQGHUDFHUFDGHFyPRVHRUJDQL]DQODVH[SRVLFLRQHV SURIHVLRQDOHVSDUDGHVSHUWDUHOLQWHUpVGHORVYLVLWDQWHVSRUDUWHIDFWRVSRSXODUHV\EULQGDULQIRUPDFLyQHQIRUPDWRV RULJLQDOHV

7HPDVFXUULFXODUHVQDWXUDOLVWDV

/RV FRQFHSWRV TXH VXUJHQ GH ODV FLHQFLDV QDWXUDOLVWDV SXHGHQ UHIRU]DU \ HQULTXHFHU HO HVWXGLR GH RWUDV GLVFLSOLQDV 3RU HMHPSORVLVHFRQVLGHUDXQIHQyPHQRQDWXUDOHVSHFtILFRFRPRHOGHODVHVWDFLRQHVGHODxRSXHGHQHVWDEOHFHUVHQXPHURVDV FRQH[LRQHV LQWHUGLVFLSOLQDULDV (Q FLHQFLDV VRFLDOHV ORV DOXPQRV SXHGHQ DERUGDU FXHVWLRQHV UHODFLRQDGDV FRQ RIHUWDV GH HPSOHR WHPSRUDULR SDWURQHV GH WUiQVLWR UXUDO \ XUEDQR DFWLYLGDGHV UHFUHDWLYDV ILHVWDV UHOLJLRVDV \ GtDV IHULDGRV \ DFWRV SROtWLFRV$VLPLVPRHQHOiUHDGHHGXFDFLyQSDUDODVDOXGVHSXHGHQDERUGDUODVFRQGLFLRQHVItVLFDV\HPRFLRQDOHVSURGXFWR GH ORV FDPELRV HVWDFLRQDOHV SDWURQHV GH VXHxR R GLVSRQLELOLGDG GH IUXWDV \ YHUGXUDV (O WUDEDMR FRQ WHPDV GH FLHQFLDV QDWXUDOHVSHUPLWHDORVDOXPQRVH[SHULPHQWDUXQPD\RU VHQWLPLHQWRGHFRQH[LyQFRQODWRWDOLGDGGHOPHGLR 7HPDVGHFLHQFLDVQDWXUDOHV $OJXQRV SRVLEOHV WHPDV QDWXUDOLVWDV VRQ OD LQWHUGHSHQGHQFLD HO FDPELR OD DGDSWDFLyQ HO HTXLOLEULR ORV UHFXUVRV OD GLYHUVLGDGODFRPSHWHQFLDODFRODERUDFLyQODVLQWHUUHODFLRQHVORVFLFORVORVSDWURQHV\ODSREODFLyQ /DQDWXUDOH]DFRPRFXUUtFXOR $GHPiVGHLQWHJUDUWHPDVGHFLHQFLDVQDWXUDOHVDOFXUUtFXORORVIHQyPHQRVQDWXUDOHVSRGUiQGDURULJHQDOFXUUtFXOR&XDQGR SODQLILTXHPRVXQDFODVHXQLGDGRGLVHxRFXUULFXODUDQXDOSRGUtDPRVSUHJXQWDUQRV¢&XiOHVHOSDSHOTXHGHVHPSHxDOD QDWXUDOH]DHQHOWHPDTXHYR\DHQVHxDU"'HHVWDPDQHUDSRGUHPRVHVWLPXODUDORVDOXPQRVSDUDTXHDQDOLFHQORVPRWLYRV SRUORVFXDOHVODVFLYLOL]DFLRQHVDQWLJXDVVHGHVDUUROODURQHQGHWHUPLQDGRViPELWRVJHRJUiILFRVRFXiOHVODLQIOXHQFLDGHODV FRQGLFLRQHVFOLPiWLFDVHQODDUTXLWHFWXUDODVHFRQRPtDVPXQGLDOHVODDOLPHQWDFLyQRHOGLVHxRGHLQGXPHQWDULD&XDQGRVH FRORFDDODQDWXUDOH]DHQHOFHQWURGHODHVFHQDGHODXODWDQWRORV DOXPQRVFRPRORVGRFHQWHVLQWHUQDOL]DQXQVHQWLGRPiV SURIXQGRGHLQWHUFRQH[LyQFRQHOPXQGRTXHORVURGHD

7HPDVVXSUDGLVFLSOLQDULRV /DPD\RUtDGHORVDOXPQRVGHODFDUUHUDGHSHULRGLVPRHQHOQLYHOWHUFLDULRVDEHTXHH[LVWHQFLQFRSUHJXQWDVVLPSOHVDODV TXHGHEHUHVSRQGHUWRGRDUWtFXOR¢4XpRFXUULy"¢'yQGH"¢4XLpQHVSDUWLFLSDURQHQHOKHFKR"¢&XiQGRRFXUULy"¢3RUTXp" (QHVHVHQWLGRODDXWRUD0DULRQ%UDG\VRVWLHQHTXHSDUDFRPSUHQGHUXQDH[SHULHQFLDHVQHFHVDULRGLVSRQHUGHLQIRUPDFLyQ DFHUFD GHO WLHPSR HO iPELWR ORV SDUWLFLSDQWHV ODV DFFLRQHV \ HO PRWLYR VL ORV DFWRUHV VRQ SHUVRQDV 8QD H[SHULHQFLD UHVXOWDUi VLJQLILFDWLYDXQDYH]TXHVHSDPRVTXLpQKL]RDOJRFXiQGRGyQGH\SRUTXpORKL]R%UDG\VXJLHUHTXHWRGRFRQRFLPLHQWR GLVFLSOLQDULR \ GH KHFKR OD UHDOLGDG PLVPD VH RUJDQL]D GH DFXHUGR FRQ XQD HVWUXFWXUDFRQFHSWXDOTXHDEDUFDHVRVFLQFR FRPSRQHQWHV EiVLFRV (OSXQWRGHYLVWDVXSUDGLVFLSOLQDULRGH%UDG\ DFHUFDGHODUHDOLGDGEULQGDORVIXQGDPHQWRVSDUDGLVHxDUWRGRFXUUtFXORGH HGXFDFLyQ JHQHUDO (VWH VHQFLOOR PDUFR SHUPLWH OOHYDU D FDER OD E~VTXHGD GH SDWURQHV HVWUXFWXUDV\UHODFLRQHV6HSXHGH VROLFLWDUDORVDOXPQRVTXHUHFRQR]FDQ ODVFLQFRiUHDVHQDOJXQDRHQWRGDVODVGLVFLSOLQDV$GHPiVVHSXHGHSURPRYHUOD LQYHVWLJDFLyQ GH LQWHUDFFLRQHV HQWUH ODV FLQFR FDWHJRUtDV \ ORV FDPELRV VLVWHPiWLFRV UHVXOWDQWHV SURYRFDGRV SRU HVDV LQWHUDFFLRQHV&XDQGRORVDOXPQRVLQFRUSRUDQORVHOHPHQWRVFRPXQHVTXHVXE\DFHQDODH[SHULHQFLDKXPDQD\DOHVWXGLR DFDGpPLFRSXHGHQFRPSUHQGHUHOIXQFLRQDPLHQWRGHOPXQGR$VtFRPRORKDFHQORVQDWXUDOLVWDVHVWDUiQHQFRQGLFLRQHVGH FRQHFWDUVXVREVHUYDFLRQHV\SHUFLELULQWHUUHODFLRQHVFRPSOHMDV

3HUIHFFLRQDPLHQWRGHODFDSDFLGDGGHREVHUYDFLyQ

&RQ IUHFXHQFLD FXDQGR ORV GRFHQWHV VROLFLWDQ D ORV DOXPQRV TXH LQWHUSUHWHQ XQ SRHPD TXH UHFXHUGHQ ORV SDVRV SDUD PXOWLSOLFDUIUDFFLRQHVRTXHUHSURGX]FDQXQDVHOHFFLyQGHXQDQDWXUDOH]DPXHUWDVXHOHQVHQWLUVHIUXVWUDGRVIUHQWHDOHVFDVR GHVDUUROORGHVXVKDELOLGDGHVSDUDODREVHUYDFLyQ0LHQWUDVDOJXQRVFXOSDQSRUHOORDODWHOHYLVLyQRDODIDOWDGHPRWLYDFLyQ R LPDJLQDFLyQ HV SUREDEOH TXH HVWD GHVYHQWDMD QR VHD UHVSRQVDELOLGDG H[FOXVLYD GH ORV DOXPQRV 1XHVWURV VHQWLGRV LQFRUSRUDQ FDGD GtD PXFKD PiV LQIRUPDFLyQ GH OD TXH WHQHPRV FRQFLHQFLD 6yOR SRGHPRV KDFHU XVR GH QXHVWUDV REVHUYDFLRQHV GHO PLVPR PRGR TXH OR KDFHQ ORV QDWXUDOLVWDV VL ODV YDOLGDPRV FRQFLHQWL]DPRV \ GRFXPHQWDPRV 3DUD 


IRUWDOHFHU QXHVWUDV SHUFHSFLRQHV GHEHPRV FRQWDU FRQ SURSXHVWDV QRYHGRVDV \ DELHUWDV TXH QRV UHVXOWHQ DWUDFWLYDV /DV VLJXLHQWHVDFWLYLGDGHVSHUPLWHQDWUDSDUODDWHQFLyQGHODOXPQR

2EVHUYDFLRQHVDFLHJDV (]UD 3RXQG GHVFULELy OD JHQLDOLGDG FRPR  OD FDSDFLGDG SDUD YHU GLH] FRVDV HQ HO OXJDU GRQGH HO KRPEUHFRP~QVyORYH XQD 0XFKDV YHFHV SRGHPRV SURPRYHU QXHVWUD SHUFHSFLyQ VHQVRULDO GHVSRMiQGRQRV GH XQR GH ORV VHQWLGRV (Q ODV GRV DFWLYLGDGHV VLJXLHQWHV QR VH SHUPLWH D ORV DOXPQRV XWLOL]DU HO VHQWLGR GH OD YLVWD D ILQ GH TXH REVHUYHQ VX HQWRUQR SRU PHGLRGHORVRWURVVHQWLGRV'HHVWDPDQHUDYHUiQFRPRORKDFHQORVQDWXUDOLVWDVPHGLDQWHWRGRVORVyUJDQRVVHQVRULDOHV \FRQFRQFHQWUDFLyQ\FRQVWDQFLD &DPLQDWDFLHJD 6HHOHJLUiQVLWLRVSDUDUHDOL]DUFDPLQDWDVFLHJDVEUHYHVGHDOUHGHGRUGHFLQFRPLQXWRVGHGXUDFLyQ6LELHQORVOXJDUHVPiV DSURSLDGRV VRQ ORV TXH VH HQFXHQWUDQ HQ ORV HVSDFLRV DELHUWRVGHOHGLILFLRHVFRODUWDPELpQSRGUiQOOHYDUVHDFDERHQORV FRUUHGRUHVRHQGHWHUPLQDGRVVHFWRUHVGHODXOD/RVDOXPQRVVHDJUXSDUiQSRUSDUHMDVXQRGHFX\RVLQWHJUDQWHVVHYHQGDUi ORVRMRV\HORWUROHVHUYLUiGHJXtD(VWRVUROHVVHDOWHUQDUiQDILQGHTXHWRGRVWHQJDQRSRUWXQLGDGGHGHVHPSHxDUDPERV /RVDOXPQRVVHWUDVODGDUiQDOOXJDUGRQGHVHGHVDUUROODUiODDFWLYLGDG\HOJXtDFRQGXFLUiDVXFRPSDxHUROHQWD\FXLGDGRVDPHQWH SRUHOFLUFXLWRHVWDEOHFLGR(ODOXPQRTXHWLHQHORVRMRVYHQGDGRVXWLOL]DUiORVVHQWLGRVGHOWDFWRHOROIDWR\HORtGRSDUDUHFRQRFHU HO WHUUHQR $ YROYHU DO SXQWR GH SDUWLGD VH LQYLHUWHQ ORV UROHV &XDQGR DPERV DOXPQRV KD\DQ FRPSOHWDGR OD DFWLYLGDG SRGUiQ LQWHUFDPELDU RSLQLRQHV DFHUFD GH VXV REVHUYDFLRQHV D FLHJDV /DV VLJXLHQWHV VRQ SUHJXQWDV JXtD SDUD OD UHIOH[LyQ OXHJR GH OD DFWLYLGDG Â&#x2021; Â&#x2021; Â&#x2021; Â&#x2021;

¢&XiOHVIXHURQODVUHDFFLRQHVGHORVDOXPQRVIUHQWHDODDFWLYLGDG"

¢&XiOGHORVVHQWLGRVOHVUHVXOWyGHPD\RUXWLOLGDGSDUDUHFRSLODUGDWRV"

¢4XpGHWDOOHVOHVKXELHUDQSDVDGRLQDGYHUWLGRVVLKXELHVHQSRGLGRXWLOL]DUODYLVWD"

Â&#x2021;

¢&XiQWDVFODVHVGLIHUHQWHVGHREMHWRVSXGLHURQUHFRQRFHU"

¢3RGUtDQGHVFULELUODVFDUDFWHUtVWLFDVGHORVREMHWRV"

3DUD H[WHQGHU HVWD DFWLYLGDG VH SXHGH VROLFLWDU D ORV DOXPQRV TXH GHVFULEDQ SRU HVFULWR VXV UHDFFLRQHV IUHQWH D ORV UROHV TXH GHELHURQ GHVHPSHxDU ODV FDUDFWHUtVWLFDV TXH VH UHTXLHUHQ SDUD FDGD XQR \R UHDFFLRQHV UHODFLRQDGDV FRQ VXV H[SHULHQFLDV (O GRFHQWHSRGUiSURSRUFLRQDUOHVXQPDSDGHOUHFRUULGRSDUDTXHGLEXMHQORVREMHWRVTXHUHFRQRFLHURQ\SDUDTXHLQFOX\DQHOQ~PHUR GHSDVRVRXQLGDGHVHPSOHDGDVSDUDPHGLUODGLVWDQFLD %ROVDVPLVWHULRVDV

2WUD DFWLYLGDG D FLHJDV FRQVLVWH HQ UHXQLU REMHWRV QDWXUDOHV FRPR SLxDV FDUDFROHV SOXPDV IORUHV R YHUGXUDV \ FRORFDUORV HQ VHQGDV EROVDV GH SDSHO GH PRGR TXH ORV DOXPQRV QR SXHGDQ YHUORV /XHJR VH HOLJH XQD GH ODV EROVDV SDUD FRPHQ]DU OD SULPHUD URQGDGHSUHJXQWDV /RV DOXPQRV VH GLYLGHQ HQ JUXSRV GH WUHV R FXDWUR LQWHJUDQWHV \ HOLJHQ D XQR GH HOORV FRPR REVHUYDGRU /RV REVHUYDGRUHV VH GLULJHQDOIUHQWHGHODFODVH\PLUDQGHQWURGHODEROVDVLQSURSRUFLRQDUSLVWDVDORVGHPiVDFHUFDGHVXFRQWHQLGR/XHJRYXHOYHQD VXVJUXSRV/RVGHPiVLQWHJUDQWHVGHEHQDGLYLQDUFXiOHVHOREMHWRTXHFRQWLHQHODEROVD IRUPXODQGRSUHJXQWDVDOREVHUYDGRUTXH SXHGDQFRQWHVWDUVHFRQVtRQR

8QDYH]DGLYLQDGRHOREMHWRVHHOLJHXQQXHYRREVHUYDGRU\FRPLHQ]DXQDQXHYDURQGD/DUHIOH[LyQDFHUFDGHODDFWLYLGDGSRGUi OOHYDUVHDFDERSRUPHGLRGHSUHJXQWDVFRPRODVVLJXLHQWHV Â&#x2021;

¢&XiOHVIXHURQODVSUHJXQWDVPiV~WLOHV"

Â&#x2021;

¢4XpFDUDFWHUtVWLFDVWHSHUPLWLHURQUHFRQRFHUHOREMHWR"

Â&#x2021; Â&#x2021;

¢&XiOHVQRUHVXOWDURQGHXWLOLGDG"

¢4XpDSUHQGLVWHDFHUFDGHHVWHREMHWRTXHDQWHVQRVDEtDV"

3DUD H[WHQGHU HO DOFDQFH GH HVWD DFWLYLGDG ORV DOXPQRV SRGUiQ FUHDU XQ JUiILFR SDUD LOXVWUDU OD PDQHUD GH IRUPXODU SUHJXQWDV HILFDFHVUHGDFWDUUHVSXHVWDVSDUDODVSUHJXQWDVSUHFHGHQWHVRFUHDUVXVSURSLDVEROVDVPLVWHULRVDVLSDUDVXVFRPSDxHURV /DV KDELOLGDGHV GH SHQVDPLHQWR TXH UHTXLHUHQ ODV EROVDV PLVWHULRVDV LQFOX\HQ UHFRQRFLPLHQWR GH SDWURQHV LGHQWLILFDFLyQ GH FDUDFWHUtVWLFDV LQIHUHQFLD \ IRUPXODFLyQ GH KLSyWHVLV (V SRVLEOH DSOLFDU HVWH MXHJR \ VXV SURFHVRV GH SHQVDPLHQWR D WRGRV ORV 


WHPDVDFDGpPLFRVSRUPHGLRGHILFKDVHQODVTXHVHHVFULEHQFRQFHSWRV\VHFRORFDQGHQWURGHEROVDVRGLUHFWDPHQWHVHUHSDUWHQD ORV DOXPQRV 3RU HMHPSOR HQ PDWHPiWLFD ORV DOXPQRV UHFRQRFHUiQ GLIHUHQWHV FODVHV GH HFXDFLRQHV PDWHPiWLFDV R DOJHEUDLFDV XQLGDGHVGHPHGLGDRIRUPDVJHRPpWULFDV(QFLHQFLDVVRFLDOHVHVWHSURFHVRSXHGHXWLOL]DUVHSDUDUHFRQRFHUSHUVRQDMHVRKHFKRV KLVWyULFRVIDPRVRVRFRQFHSWRVFRPRGHPRFUDFLDRLQGXVWULDOL]DFLyQ 2EVHUYDFLyQDWHQWD

3DUDFRPHQ]DUDDGTXLULUKDELOLGDGHVQDWXUDOLVWDVHVQHFHVDULRVXSHUDUODPHUDFRQWHPSODFLyQ\DGRSWDUXQDDFWLWXGLQWHUURJDGRUD DFWLYD/RVDOXPQRVSRGUiQDSUHQGHUDSUHJXQWDUVH¢4XpHVWR\PLUDQGR"¢&yPRSXHGRGHVFULELUPLVREVHUYDFLRQHV"¢4Xp HVWi RFXUULHQGR" ¢3RU TXp" /RV SURFHVRV GH REVHUYDFLyQ H LQWHUURJDFLyQ H[SOtFLWD SHUPLWHQ WDQWR D ORV QLxRV FRPR D ORV DGXOWRVFRQVWUXLUVLJQLILFDGRV\JHQHUDUQXHYRVLQWHUURJDQWHVSDUDUHVROYHU 5HFXUVRV SDUD GHVWDFDU OD LPSRUWDQFLD GH ORV REMHWRV ODV OHQWHV GH DXPHQWR \ ODV OXSDV GH MR\HUR VRQ KHUUDPLHQWDV SHTXHxDV \ EDUDWDVTXHVLUYHQSDUDDXPHQWDUODLPDJHQGHORVREMHWRV&RQHOODVORVGRFHQWHVSXHGHQFUHDUXQQXHYRPXQGRYLVXDOHQHODXOD (O XVR GH XQ GLVSRVLWLYR GH DXPHQWR FRQ REMHWRV GH XVR FRWLGLDQR SHUPLWH FRQFHQWUDU OD DWHQFLyQ GH ORV DOXPQRV HQ IRUPD LQPHGLDWDHLQWHQVLILFDU\MHUDUTXL]DUODH[SHULHQFLDYLVXDO /DVOXSDVGHMR\HURVRQSHTXHxDVKHUUDPLHQWDVGHDXPHQWRFRQIRUPDVLPLODUDODGHXQVRPEUHURGHFRSDTXHVXHOHQXWLOL]DUORV MR\HURV FXDQGR DQDOL]DQ SLHGUDV SUHFLRVDV (V SRVLEOH FRQVHJXLU FRQMXQWRV GH OXSDV EDUDWDV GH ; SDUD XWLOL]DU HQ HO DXOD 8QD H[FHOHQWH IXHQWH GH UHFXUVRV SDUD WUDEDMDU FRQ OXSDV \ RWURV PDWHULDOHV GH DSUHQGL]DMH QDWXUDOLVWD HV 7KH 3ULYDWH (\H3URMHFW>(O SUR\HFWRGHWHFWLYHSULYDGR@GH.HUU\5XHII

'HVDUUROOR GH XQD PHQWH LQWHUGLVFLSOLQDULD SRU PHGtR GH OD REVHUYDFLyQ (Q 7KH 3ULYDWH (\H 3URMHFW 5XHII SUHVHQWD XQ HQIRTXH

LQWHUGLVFLSOLQDULR SDUD HO XVR GH OXSDV \ OD DSOLFDFLyQ GH KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO (VWH IRUPDWR FXUULFXODU HVWi FRPSXHVWRSRUXQSURFHVRHQFXDWURSDVRV 3DVR/RVDOXPQRVREVHUYDQXQREMHWRGHXVRFRWLGLDQRFRQOXSDDILQGHGHVWDFDUODFRQFLHQFLDYLVXDO\ODVKDELOLGDGHVSDUDOD REVHUYDFLyQ\SDUDHVWLPXODUHOVHQWLGRGHOGHVFXEULPLHQWR\HOHQWXVLDVPRSRUHOPXQGRQDWXUDO

3DVR/RVDOXPQRVFUHDQDQDORJtDVSDUDVXVREVHUYDFLRQHVPDJQLILFDGDVFRQHOREMHWRGHSHUVRQDOL]DUVXDSUHQGL]DMH\UHIRU]DU ODFRQFHQWUDFLyQ 3DVR/RVDOXPQRVGLEXMDQORTXHYHQDWUDYpVGHODOXSDDGLIHUHQWHVHVFDODVSDUDREWHQHUXQDSHUVSHFWLYDHVWpWLFD

3DVR/RVDOXPQRVWHRUL]DQ¢3RUTXpWLHQHHVWHREMHWRHODVSHFWRTXHWLHQH"SDUDFRPSUHQGHUTXHHQODQDWXUDOH]DODIXQFLyQ GHWHUPLQDODIRUPD\SDUDDSOLFDUHOSURFHVRGHWHRUL]DFLyQGHORVFLHQWtILFRV

,QIHUHQFLD\WHRUt]DFLyQ

/XHJRGHFXDWURDxRVGHH[LWRVRWUDEDMRSLORWRHQHO'LVWULWR(VFRODUGH6HDWWOHORVGRFHQWHVGHORVQLYHOHVGHHQVHxDQ]DEiVLFD\ SROLPRGDOKDQGHWHUPLQDGRTXHPHGLDQWHHOHPSOHRGHPDWHULDOHVGHXVRFRWLGLDQRXQDOXSDGHMR\HUR\XQFXHVWLRQDULREiVLFRHV SRVLEOHDOFDQ]DUUHVXOWDGRVWDOHQWRVRVFRQVXVDOXPQRV (OGLEXMRFRPRIRUPDGHREVHUYDFLyQDWHQWD

+HDSUHQGLGRTXHDTXHOORTXHQRGLEXMpHVDOJRTXHHQUHDOLGDGQXQFDKHYLVWR\TXHFXDQGRFRPLHQ]RDGLEXMDUXQREMHWR FRP~QDOFDQ]DDFRPSUHQGHUFXiQH[WUDRUGLQDULRHV )5('(5,&.)5$1&.7+(=(12)6((,1*




&XDQGR GLEXMDPRV LQWHQVLILFDPRV QXHVWUD FRQFHQWUDFLyQ (VWH SURFHVR QRV SHUPLWH FRPELQDU LPiJHQHV PHQWDOHV LQWHULRUHV FRQ LPiJHQHVH[WHUQDV\GDSRUUHVXOWDGRXQDREVHUYDFLyQDWHQWD(OGLEXMRFRQVWLWX\HXQPHGLRHILFD]SDUDGRFXPHQWDULQWHUSUHWDU\ PDJQLILFDU QXHVWUDV REVHUYDFLRQHV 6L ELHQ PXFKRV DOXPQRV PD\RUHV GH RFKR R QXHYH DxRV DILUPDUiQ TXH QR VDEHQ GLEXMDU OD PD\RUtD GH HOORV GLVIUXWDQ GH WDO DFWLYLGDG VL VH GHGLFD WLHPSR D OD WDUHD \ VH PLQLPL]DQ ORV UHTXLVLWRV UHVSHFWR GHO DVSHFWR GHO SURGXFWRILQDO ([LVWHQDOJXQRVUHFXUVRVTXHSHUPLWHQWUDQVIRUPDUODVDFWLYLGDGHVGHGLEXMRHQXQDH[SHULHQFLDSODFHQWHUDSDUDDOXPQRVGHWRGDV ODV HGDGHV (Q SULPHU OXJDU HO GRFHQWH H[SRQGUi DOJXQRV GH ORV IXQGDPHQWRV GHO GLEXMR 8Q PpWRGR SDUD OD HQVHxDQ]D GH VXV HOHPHQWRVEiVLFRVIXHGHVDUUROODGRSRU0RQD%URRNHV(QVXOLEUR'UDZLQJZLWK&KLOGUHQ>'LEXMDQGRFRQORVQLxRV@H[SOLFDTXH H[LVWHQVRODPHQWHFLQFRIRUPDVEiVLFDVTXHHVQHFHVDULRGRPLQDUSDUDSRGHUGLEXMDUFXDOTXLHUREMHWR'LFKDVIRUPDVVRQHOSXQWR ODOtQHDUHFWDODOtQHDTXHEUDGDODOtQHDFXUYD\HOFtUFXOR/DWpFQLFDGH%URRNHVSHUPLWHDORVDOXPQRVGLEXMDUHOHPHQWRVGHOD QDWXUDOH]D 8QRGHORVSULPHURVSDVRVSDUDOLEHUDUQXHVWUDFDSDFLGDGSDUDHOGLEXMRFRQVLVWHHQVXSHUDUORVHVWHUHRWLSRV\HYLWDUFDHUHQHO VROLORTXLR VLQ PLUDU FXDQGR GLEXMDPRV SRU HMHPSOR eVWH HV XQ RMR R $TXt KD\ XQD UDPD 3RU HO FRQWUDULR VL QRV FRQFHQWUDPRVHQODVFXUYDVORViQJXORVORVFtUFXORVORVSXQWRV\ODVOtQHDVUHFWDVGHXQRMRRXQDUDPDSRUHMHPSORSRGHPRV SHUFLELU\UHSURGXFLUXQDUHSUHVHQWDFLyQPiVSUHFLVDGHORVREMHWRV

8QDIRUPDVHQFLOODGHHVWLPXODUODVKDELOLGDGHVSDUDHOGLEXMRHQORVDOXPQRVFRQVLVWHHQVROLFLWDUOHVTXHUHDOLFHQXQERFHWRUiSLGR GHXQREMHWRFRP~QTXHVHOHVRFXUUDWDOFRPRXQDPDQ]DQDRXQOiSL]/XHJRVHOHVSURSRUFLRQDUiXQDPDQ]DQDRXQOiSL]

SDUD TXH REVHUYHQ \ VH OHV SHGLUi TXH GLEXMHQ HO REMHWR WHQLHQGR HQ FXHQWD ODV FLQFR IRUPDV EiVLFDV /D PD\RUtD GH ODV SHUVRQDVREWHQGUiORJURVVRUSUHQGHQWHV ([LVWHQLQQXPHUDEOHVSURFHGLPLHQWRVGHGLEXMRTXHSHUPLWHQSHUIHFFLRQDUODVKDELOLGDGHVSDUDODREVHUYDFLyQ$OJXQRV GHHOORVVRQ GLEXMDUXQSULPHUSODQRGHXQDSDUWHGHOREMHWR XWLOL]DUXQDKHUUDPLHQWDGHDXPHQWR\GLEXMDUORTXHVH REVHUYH GLEXMDUXQREMHWRGHVGHXQDGHWHUPLQDGDGLVWDQFLDRGHVGHGLIHUHQWHViQJXORVRSHUVSHFWLYDV ODWHUDOVXSHULRUR SRVWHULRU 2WUDHVWUDWHJLDHILFD]FRQVLVWHHQVROLFLWDUDORVDOXPQRVTXHUHFRUWHQSHTXHxRVPDUFRVGHFDUWyQGHXQWDPDxR DSUR[LPDGRDORV[FPR[FP(VWRVPDUFRVVHXWLOL]DUiQSDUDGHOLPLWDUXQHVSDFLRGHGLEXMRSDUDHOLPLQDUORV HOHPHQWRV YLVXDOHV TXH FDXVDQ GLVWUDFFLyQ \ SDUD GHVWDFDU HO IRFR YLVXDO &XDQGR ORV DOXPQRV VHDQ FDSDFHV GH GLEXMDU FXDOTXLHUREMHWR\FRQVLGHUHQDJRWDGDODDFWLYLGDGVHOHVSXHGHVROLFLWDUTXHUHDOLFHQXQDQXHYDREVHUYDFLyQTXHDJUHJXHQ GHWDOOHVTXHVHDFHUTXHQDOREMHWRTXHREVHUYDQ\TXHHQFRQVHFXHQFLDDQDOLFHQ\FXHVWLRQHQDTXHOORTXHHVWiQYLHQGR &XDGHUQRVGHFDPSR 3DUD XQ QDWXUDOLVWD XQD SDUWH LPSRUWDQWH GH OD LQWHUDFFLyQ FRQ OD QDWXUDOH]D FRQVLVWH HQ OOHYDU XQ UHJLVWUR VXV REVHUYDFLRQHV /D FRQIHFFLyQ GH XQ FXDGHUQR GH FDPSR SHUPLWH UHDOL]DU XQD UHYLVLyQ SRVWHULRU GH GDWRV ERFHWRV LQWHUURJDQWHV\UHDFFLRQHVRELHQFRPSDUWLUORVFRQRWUDVSHUVRQDVEHELGRDTXHORVQDWXUDOLVWDVVXHOHQIRUPXODUVHSUHJXQWDV DFHUFD GH OR TXH YHQ HV LPSRUWDQWH FUHDU XQ IRUPDWR SDUD HO UHJLVWUR GH GDWRV TXH UHIOHMH WDQWR ORV KHFKRV FRPR ODV HVSHFXODFLRQHV8QDSRVLELOLGDGFRQVLVWHHQFRQIHFFLRQDUXQDWDEODGHGRVFROXPQDVFRPRODVLJXLHQWH




/OHYDUXQUHJLVWURGHODVSURSLDVREVHUYDFLRQHVHVXQDWDUHDTXHUHTXLHUHSUiFWLFD5HVXOWD~WLOFRPHQ]DUSRUREVHUYDUXQDHVFHQDR KHFKREUHYH\OLPLWDGRHLUH[WHQGLHQGRJUDGXDOPHQWHHODOFDQFHGHO UHJLVWURDH[SHULHQFLDVPiVFRPSOHMDV/RVDOXPQRVSRGUiQ PRGLILFDUHOIRUPDWRGHOFXDGHUQRGHFDPSRVHJ~QORFUHDQFRQYHQLHQWH3RUHMHPSORDOJXQRVSUHIHULUiQLQFOXLUXQDFROXPQDR YDULDVSiJLQDVSDUDUHDOL]DUERFHWRVDUWtVWLFRV *XtDGHREVHUYDFLyQSDUDWUDEDMRVGHFDPSR

&XDQGRVHOOHYHDFDERXQDFDPLQDWDJUXSDOFRPRSDUWHGHOWUDEDMRHVFRODURVLVHODDVLJQDFRPRWDUHDSDUDHOKRJDUVHSRGUi SURSRUFLRQDUDORVDOXPQRVODVLJXLHQWHJXtDSDUDHOUHJLVWURGHGDWRV\ODFUHDFLyQGHERFHWRVGXUDQWHODDFWLYLGDGGHFDPSR Â&#x2021;¢&XiOHVODWHPSHUDWXUDKXPHGDG\FDQWLGDGGHOX]VRODUGHOOXJDU"

Â&#x2021;¢&XiOHVHODVSHFWRGHOWHUUHQR"¢(VRQGXODGROODQRRHVWiFXELHUWRGHKLHUED" Â&#x2021;'HVFULELUODFDOLGDGGHOVXHOR¢(VURFRVRRVFXURDUHQRVRREDUURVR"

Â&#x2021;¢&XiQWDVSODQWDVRDQLPDOHVVHSXHGHQYHU"¢6RQWRGRVGHODPLVPDFODVH" Â&#x2021;¢7LHQHQDVSHFWRVDOXGDEOH"

Â&#x2021;¢4XpWHGLFHVXSUHVHQFLDDFHUFDGHODVSURSLHGDGHVGHOHQWRUQRORFDO"

Â&#x2021;¢3RUTXpFUHHVTXHHVWDVSODQWDV\HVWRVDQLPDOHVYLYHQHQHVWHKiELWDW"

Â&#x2021;¢(QTXpVHGLIHUHQFLDQODVSODQWDV\ORVDQLPDOHVGHXQD]RQDGHORVGHRWUD" Â&#x2021;'LEXMDXQDRPiVSODQWDVRDQLPDOHVTXHWHJXVWDUtDVHJXLUHVWXGLDQGR

Â&#x2021;0HQFLRQDDOJ~QREMHWRTXHWHKD\DOODPDGRODDWHQFLyQGXUDQWHWXVREVHUYDFLRQHV

$OYROYHUDODXODVHD\XGDUiDORVDOXPQRVDUHFRQRFHUODIORUD\ODIDXQDTXHKD\DQREVHUYDGR\VHSURPRYHUiODLQYHVWLJDFLyQ SDUDUHVSRQGHUDODVSUHJXQWDVLQGLYLGXDOHV &XDGHUQRVGHGLiORJR

(Q DOJXQRV FDVRV HO XVR GH FXDGHUQRV GH GLiORJR UHVXOWD PRWLYDGRU SDUD GRFHQWHV \ DOXPQRV (VWRV UHJLVWURV SURPXHYHQ HO LQWHUFDPELRHQWUHVXGXHxR\HOGRFHQWHRXQFRPSDxHURTXLHQSRGUiFRPHQWDUODVREVHUYDFLRQHVRORVLQWHUURJDQWHVTXHDSDUHFHQ HQ HOOD (O IRUPDWR GH ORV FXDGHUQRV GH GLiORJR SXHGH LQFOXLU XQD FROXPQD SDUD ORV FRPHQWDULRV R GLUHFWDPHQWH VH ORV SRGUi HVFULELUHQORVPiUJHQHVRHOUHYHUVRGHODKRMD&XDQGRHOGRFHQWHGHFLGDWUDEDMDUORVHQHODXODVHUiLPSRUWDQWHJDUDQWL]DUDORV DOXPQRVHOGHUHFKRDODSULYDFLGDGGHODVSiJLQDVTXHQRGHVHHQFRPSDUWLUFRQORVGHPiV 


(OWUDEDMRFRQFXDGHUQRVGHFDPSRQRGHEHOLPLWDUVHDOUHJLVWURGHGDWRVHLQWHUURJDQWHVDFHUFDGHOPXQGRQDWXUDO6HODVSXHGH XWLOL]DUSDUDGRFXPHQWDULQWHUDFFLRQHVGHQWURGHODXODSURFHVRVSDUDODVROXFLyQGHSUREOHPDV\RSLQLRQHVGHORVDOXPQRVDFHUFD GHORVFRQWHQLGRVTXHHVWiQHVWXGLDQGR$OJXQRVGRFHQWHVFRQVLGHUDQTXHODVELWiFRUDVVLUYHQFRPRKHUUDPLHQWDVLQIRUPDOHVSDUD ODHYDOXDFLyQGHELGRDTXHSURSRUFLRQDQLQIRUPDFLyQDFHUFDGHOQLYHOGHFRQRFLPLHQWRGHORVFRQWHQLGRVTXHKDQDOFDQ]DGRORV DOXPQRV\HQIRTXHVSDUDODVROXFLyQGHSUREOHPDV

3HUFHSFLyQGHUHODFLRQHV

1XHVWUD FDSDFLGDG SDUD SHUFLELU UHODFLRQHV GHSHQGH GH WUHV SURFHVRV FRJQLWLYRV HVHQFLDOHV   UHFRQRFLPLHQWR GH VLPLOLWXGHV \ GLIHUHQFLDV FODVLILFDFLyQGHREMHWRVGHDFXHUGRFRQGLYHUVRVFULWHULR SHUFHSFLyQGHLQWHUUHODFLRQHV0XFKRVQDWXUDOLVWDVVRQ DOWDPHQWH FRPSHWHQWHV HQ HVWRV WUHV SURFHVRV GH SHQVDPLHQWR ([LVWHQ SHQVDGRUHV GH VLVWHPDV TXH VH VLHQWHQ IDVFLQDGRV FRQODV LQWHUUHODFLRQHVTXHVHPDQLILHVWDQHQWUHORVREMHWRV\DOPLVPRWLHPSRHOLJHQDERUGDUORSDUWLFXODU'HVHDQFRQRFHUORVQRPEUHV GHORVVHUHVYLYLHQWHVVXVFDUDFWHUtVWLFDVLQGLYLGXDOHV\HOOXJDUTXHRFXSDQHQODDPSOLDUHGGHODYLGD/DVVLJXLHQWHVDFWLYLGDGHV SURPXHYHQHQORVDOXPQRVORVSURFHVRVGHSHQVDPLHQWRQDWXUDOLVWDTXHOHVSHUPLWHQHVWDEOHFHUFRPSDUDFLRQHV\FRQWUDVWHVHQWUH GLYHUVRVREMHWRVFODVLILFDUORV\SHUFLELUVXLQWHUGHSHQGHQFLD

5HFRQRFLPLHQWRGHGLIHUHQFLDVHQWUHREMHWRVVLPLODUHV




(VWD DFWLYLGDG SHUPLWH D ORV DOXPQRV WRPDU FRQFLHQFLD DFHUFD GH ODV VXWLOHV GLIHUHQFLDV TXH H[LVWHQ HQWUH REMHWRV VLPLODUHV/RVDOXPQRVHVWDEOHFHUiQFRPSDUDFLRQHV\FRQWUDVWHVHQWUHGRVREMHWRVTXHDSULPHUDYLVWDSDUH]FDQLGpQWLFRV 3DUDFRPHQ]DUVHOHVSURSRUFLRQDXQDFRSLDGHOJUiILFRGHFRPSDUDFLyQ\FRQWUDVWHTXHDSDUHFHHQODSiJLQDDQWHULRU6HOR DQDOL]D MXQWR FRQ ORV DOXPQRV \ VH H[SOLFD TXH HO SULPHU SDVR FRQVLVWH HQ HVFULELU HO QRPEUH GH ORV REMHWRV TXH HVWpQ REVHUYDQGR SLHGUDV SOXPDV PDQ]DQDV FWH  HQ OD SDUWH VXSHULRU GH OD KRMD /XHJR SDUD GLVWLQJXLU D FDGD XQR GH ORV HOHPHQWRVGHOSDUVHGHEHLQYHQWDUXQQRPEUHHVSHFLDOSDUDFDGDREMHWR(OWHUFHUSDVRFRQVLVWHHQHQXPHUDUODVVLPLOLWXGHV HQWUHORVREMHWRV\OXHJRUHFRQRFHUFDUDFWHUtVWLFDVHVSHFLILFDVTXHSHUPLWDQFRPSDUDUORVFRPRIRUPDORQJLWXGSHVRFRORU PDUFDV SDUWLFXODUHV \ WDPDxR 3RU ~OWLPR ORV DOXPQRV GHEHQ FRPSOHWDU HO VHFWRU GHO JUiILFR FRUUHVSRQGLHQWH D ODV GLIHUHQFLDV /RV DOXPQRV SXHGHQ IRUPDU SDUHMDV R SHTXHxRV JUXSRV SDUD UHDOL]DU HVWD DFWLYLGDG $ FDGD JUXSR VH OH HQWUHJDQ GRV REMHWRVFRPR]DQDKRULDVPDQ]DQDVHVSLJDVFDUDFROHVSLHGUDVRSOXPDVGHDYH\VHOHVROLFLWDTXHFRPSOHWHHOJUiILFR(O FXHVWLRQDULR TXH DSDUHFH D FRQWLQXDFLyQ HV XQD JXtD SDUD OD UHIOH[LyQ XQD YH] ILQDOL]DGD OD DFWLYLGDG6LVHRGHVHDORV DOXPQRVSXHGHQDQDOL]DUSULPHURVXVJUiILFRVHQSHTXHxRVJUXSRV\OXHJRLQFRUSRUDUVHDXQGHEDWHFRQWRGRVORVPLHPEURV GHODFODVH Â&#x2021;¢&XiOIXHODSULPHUDLPSUHVLyQDFHUFDGHOSDUGHREMHWRV" Â&#x2021;¢'HTXpPDQHUDVHPRGLILFyHVDLPSUHVLyQ" Â&#x2021;¢&XiOHVGHORVVHQWLGRVXWLOL]DURQSDUDREVHUYDUHOSDUGHREMHWRV" Â&#x2021;¢6HHQFRQWUDURQPD\RUHVVLPLOLWXGHVRGLIHUHQFLDVHQWUHORVREMHWRV" Â&#x2021;¢(QTXpVHEDVDQODVVLPLOLWXGHV" Â&#x2021;¢(QTXpVHEDVDQODVGLIHUHQFLDV" Â&#x2021;¢([LVWHDOJXQDIRUPDGHYHULILFDUORVVXSXHVWRV"

3DUDDYDQ]DUHQHOWUDEDMRFRQODVKDELOLGDGHVGHREVHUYDFLyQHOGRFHQWHSRGUiURWDUGLYHUVRVSDUHVGHREMHWRVHQWUHORV DOXPQRV/XHJRGHUHDOL]DUYDULDVREVHUYDFLRQHVGHHVWDFODVHORVDOXPQRVSRGUiQUHIOH[LRQDUDFHUFDGHORVFDPELRVTXH KD\DQQRWDGRHQVXFDSDFLGDGSDUDREVHUYDUGHWDOOHV (VSRVLEOHDSOLFDUSURFHVRVVLPLODUHVHQWRGDVODViUHDVFXUULFXODUHV/RVGRFHQWHVSRGUiQFRSLDUHOJUiILFRTXHDSDUHFH PiV DUULED \ VROLFLWDU D ORV DOXPQRV TXH FRPSDUHQ \ FRQWUDVWHQ SRU HMHPSOR ORV FDUJRV HOHFWLYRV \ QR HOHFWLYRV GHO JRELHUQRQDFLRQDOORVVXVWDQWLYRV\ORVYHUERVRORVDQLPDOHVKHUEtYRURV\FDUQtYRURV £(VWiFODVLILFDGR /D FODVLILFDFLyQ HV XQ SURFHVR FRJQLWLYR IXQGDPHQWDOTXHVHUHODFLRQDFRQODFDSDFLGDGSDUDDJUXSDUREMHWRVKHFKRV VHUHVYLYLHQWHV\IHQyPHQRVGHDFXHUGRFRQVXVFDUDFWHUtVWLFDVFRPXQHV8QDVSHFWRDGLFLRQDOGHODFODVLILFDFLyQFRQVLVWHHQ RWRUJDU D XQ JUXSR GH REMHWRV XQD GHQRPLQDFLyQ TXH FRPXQLTXH VXV FDUDFWHUtVWLFDV HVHQFLDOHV WDO FRPR VH SRQH GH PDQLILHVWRHQODWDEODSHULyGLFDGHORVHOHPHQWRV3RUPHGLRGHODFODVLILFDFLyQVHUHGXFHODFRPSOHMLGDGGHOHQWRUQR(V SRVLEOHUHFRQRFHUORVREMHWRVFRQFHQWUDUODDWHQFLyQRUJDQL]DUODLQIRUPDFLyQ\SHUFLELUUHODFLRQHV /RVELyORJRVKDQGHVDUUROODGRVLVWHPDVGH FODVLILFDFLyQTXHSURSRUFLRQDQXQDGLVSRVLFLyQRUGHQDGDGHWRGRVORVVHUHVYLYLHQWHV 'XUDQWHPLOHVGHDxRVVHLQWHQWyFODVLILFDUDQLPDOHV\SODQWDV6HJ~Q5LFKDUG9DQ*HOGHUFXUDGRUGHOVHFWRUGHPDPtIHURVHQHO 0XVHR 1DFLRQDO GH +LVWRULD 1DWXUDO GH ORV (VWDGRV 8QLGRV ORV SULPHURV VLVWHPDV GH FODVLILFDFLyQ GLYLGtDQDORVVHUHVYLYRVHQ GRVJUXSRV ~WLOHV\ SHUMXGLFLDOHV$PHGLGDTXHVHGHVFXEUtDQQXHYDVHVSHFLHVVHLQYHQWDURQQXHYDVIRUPDVSDUDDJUXSDUORV IHQyPHQRVQDWXUDOHV$ULVWyWHOHVGLVHxyXQVLVWHPDTXHGLYLGtDDORVDQLPDOHVTXHWLHQHQHVSLQDGRUVDOGHORVTXHQRODWLHQHQ 7DPELpQ GLYLGtD D ODV SODQWDV SRU VX WDPDxR \ DVSHFWR FULWHULR TXH SHUPLWtD FODVLILFDUODV HQ KLHUEDV DUEXVWRV \ iUEROHV (O HVTXHPDGH$ULVWyWHOHVVHXWLOL]yGXUDQWHDSUR[LPDGDPHQWHGRVPLODxRV (OGLVHxREiVLFRGHODFODVLILFDFLyQTXHXWLOL]DPRVHQODDFWXDOLGDGIXHGHVDUUROODGRSRUHOQDWXUDOLVWDVXHFR/LQQHRTXLHQHQHO VLJOR;9,,,VHSDUyDODVSODQWDV\DORVDQLPDOHVGHDFXHUGRFRQVXHVWUXFWXUD\RWRUJyQRPEUHVFDUDFWHUtVWLFRVDFDGDXQDGHODV HVSHFLHV6XVLVWHPDGHFODVLILFDFLyQSDUDSODQWDV\DQLPDOHVHVHOTXHXWLOL]DPRVKR\HQGtD\VHORFRQVLGHUDXQDWD[RQRPtD$Vt FRPRRFXUUHFRQORVDGXOWRVDPXFKRVQLxRVOHVHQFDQWDDSUHQGHUORVQRPEUHVGHORVIHQyPHQRVQDWXUDOHVTXHVHPDQLILHVWDQHQ VX HQWRUQR 'H KHFKR DOJXQRV GH HOORV H[KLEHQ XQ HOHYDGR QLYHO GH FRQRFLPLHQWRV VREUH XQ GHWHUPLQDGR REMHWR QDWXUDO SRU HMHPSOR DUDxDV R GLQRVDXULRV \ VH RIUHFHQ HVSRQWiQHDPHQWH SDUD EULQGDU LQIRUPDFLyQ R HQVHxDU D ORV GHPiV OR TXH VDEHQ $OJXQDV GH ODV DFWLYLGDGHV TXH VH VXJLHUHQ D FRQWLQXDFLyQ SURPXHYHQ OD SDUWLFLSDFLyQ DFWLYD GH ORV DOXPQRV SDUD FODVLILFDU \ GHQRPLQDUREMHWRVDFWLYLGDGHVTXHOHVSHUPLWHQLQFUHPHQWDUVXVFRQRFLPLHQWRVDFHUFDGHORVFRQWHQLGRV\ DSOLFDUXQLPSRUWDQWH SURFHVRFRJQLWLYR 2UJDQL]DFLyQGHFROHFFLRQHV

8QDPDQHUDSUiFWLFDSDUDHQVHxDUDFODVLILFDU\SDUDHVWLPXODUODREVHUYDFLyQDWHQWDGHIHQyPHQRVQDWXUDOHV\KXPDQRVFRQVLVWH HQ RUJDQL]DU FROHFFLRQHV /RV DOXPQRV SXHGHQ FUHDU FROHFFLRQHV GH IORUD R IDXQD OLEURV RSHUDFLRQHV PDWHPiWLFDV GDWRV FLHQWtILFRV DOLPHQWRV SUHIHULGRV DXWRPyYLOHV P~VLFD R WRGR DTXHOOR TXH UHVXOWH VLJQLILFDWLYR SDUD ORV FRQWHQLGRV TXH VH HVWpQ WUDEDMDQGR8QDYH]TXHKD\DQUHXQLGRVXVHMHPSODUHVSRGUiQFRPHQ]DUDFODVLILFDUORVGHDFXHUGRFRQQXPHURVDVFDWHJRUtDV (ODOXPQRFRPRFROHFFLRQLVWD




([LVWHQ FXDWUR SDVRV VLPSOHV SDUD RUJDQL]DU XQD FROHFFLyQ  6HOHFFLRQDU HO REMHWR GH OD FROHFFLyQ  &RQVHJXLU HQYDVHV DSURSLDGRVSDUDFRQVHUYDUHOPDWHULDOROLEURV5HFROHFWDUFRQUHVSRQVDELOLGDG&ODVLILFDU\RUGHQDUODFROHFFLyQSRUQRPEUH

$QWHVGHTXHORVDOXPQRVFRPLHQFHQDRUJDQL]DUFROHFFLRQHVLQGLYLGXDOHVUHVXOWDUi~WLOFUHDUXQDFROHFFLyQJUXSDOHQHODXOD3RU HMHPSORFDGDDOXPQRSXHGHDSRUWDU XQDIORURXQDKRMD(OGRFHQWHOHVSURSRUFLRQDXQHQYDVHSRUHMHPSORXQDFDMDGHIRUPD REORQJD FRQ  R  GLYLVLRQHV SDUD FRORFDU ORV HMHPSODUHV 8QD YH] TXH VH ORV KD\D UHXQLGR VHUi QHFHVDULR RUGHQDUORV H LGHQWLILFDUORVSRUVXVQRPEUHVWDQWRFRPXQHVFRPRFLHQWtILFRV(VWRV~OWLPRVSXHGHQHQFRQWUDUVHHQGLYHUVDVJXtDV/RVDOXPQRV SXHGHQSURSRQHUFDWHJRUtDVSDUDRUJDQL]DUODFROHFFLyQ8QRRGRVPLHPEURVGHODFODVHVHHQFDUJDUiQGHDJUXSDUORVHVSHFtPHQHV GHDFXHUGRFRQODFDWHJRUtDTXHVHKD\DHVWLSXODGR/XHJRWRGRHOJUXSRSRGUtDFODVLILFDUORVWLSRVGHHOHPHQWRVYHJHWDOHVTXHVH KD\DQ UHXQLGR \ FUHDU JUiILFRV GH EDUUDV R GH WRUWD SDUD FRPSDUDU HO SRUFHQWDMH TXH FDGD YDULHGDG UHSUHVHQWD GHQWUR GH OD FROHFFLyQ $FRQWLQXDFLyQGHVFULELPRVHQGHWDOOHORVFXDWURSDVRVSDUDODFUHDFLyQGHFROHFFLRQHV

3DVR3DUDFRPHQ]DUXQDFROHFFLyQHVQHFHVDULRHOHJLUXQREMHWRDSURSLDGR(QFLHQFLDVVRFLDOHVSRGUtDQVHUIRWRJUDItDVR WDUMHWDVSRVWDOHVPDQXVFULWDVGHFLXGDGHVSURYLQFLDVSDtVHVPXMHUHVIDPRVDVRGLIHUHQWHVHVWUXFWXUDVGHJRELHUQR(QFLHQFLDV QDWXUDOHVVHSRGUtDQUHFROHFWDUWDUMHWDVRILJXULWDVTXHLQFOX\DQLPiJHQHVGHFpOXODVQXEHVHVWUHOODVRJDOD[LDV(QPDWHPiWLFD ORVDOXPQRVSRGUtDQUHFRSLODUUHFHWDVGHFRFLQDSURVSHFWRVGHPHGLFDPHQWRVWDEODVGHYDULDFLyQGHODWHPSHUDWXUDUHFRUWDGDVGHO SHULyGLFROLVWDVGHFRWL]DFLRQHVHQOD%ROVDRDQXQFLRVSXEOLFLWDULRV3DVR6HOHFFLRQDUORVHQYDVHVDSURSLDGRVSDUDFRQVHUYDUOD FROHFFLyQ$OJXQRVGHHOORVSXHGHQVHUFXDGHUQRVKXHYHUDVFDMDVSHTXHxDVSRUHMHPSORGH]DSDWRV SUHIHUHQWHPHQWHGLYLGLGDV HQVHFFLRQHVSRUPHGLRGHWLUDVGHFDUWyQ UHFLSLHQWHVGHSOiVWLFRMR\HURVROLEUHWDVGHIDEULFDFLyQFDVHUDFRQODVKRMDVHQEODQFR /RViOEXPHVUHVXOWDQPX\FRQYHQLHQWHVSDUDJXDUGDUREMHWRVSODQRVFRPRIORUHVXKRMDVGLVHFDGDVILJXULWDVHVWDPSLOODV\ OiPLQDV3DVR&XDQGRORVDOXPQRVHVWpQOLVWRVSDUDFRPHQ]DUVXFROHFFLyQVHH[SOLFLWDUiQODVUHJODVTXHGHEHUiQREVHUYDU6L VHFROHFFLRQDQHVSHFtPHQHVQDWXUDOHVVHHYLWDUiH[WUDHUREMHWRVTXHVHHQFXHQWUHQHQ]RQDVSURWHJLGDVRGHSURSLHGDGSULYDGD\ QRVHUHFROHFWDUiQSODQWDVRDQLPDOHVYHQHQRVRVVHXWLOL]DUiQJXDQWHVXRWURVHOHPHQWRVGHVHJXULGDGVHJ~QVHDQHFHVDULR\VH PRVWUDUiUHVSHWRSRUWRGDVODVIRUPDVGHYLGD6LODFROHFFLyQLQFOX\HREMHWRVFUHDGRVSRUHOKRPEUHVHGHEHUiVROLFLWDU DXWRUL]DFLyQDQWHVGHWRPDUHOHPHQWRVGHVXVKRJDUHVHVFXHODVXRWURViPELWRV3DVR8QDYH]TXHVHKD\DQUHFROHFWDGRORV REMHWRVVHORVGHEHUiRUJDQL]DUHQGLIHUHQWHVFDWHJRUtDVSRU HMHPSORVHPLOODVIORUHVKRMDVRFRUWH]D1RH[LVWHOtPLWHSDUDOD FDQWLGDG\FODVHGHODVFDWHJRUtDVGHFODVLILFDFLyQ3DUDFROHFFLRQHVQRUHODFLRQDGDVFRQODIORUD\ODIDXQDDOJXQDVGHODVSRVLEOHV FDWHJRUtDVVRQDQWLJHGDGYDULHGDGPDUFDIXQFLyQUHQGLPLHQWRSDtVGHRULJHQJUXSR\SURPHGLRGHHILFDFLD/RVREMHWRV QDWXUDOHVSXHGHQDJUXSDUVHSRUIXQFLyQWDPDxRIRUPDFRORUHGDGRYDULHGDG/RVHMHPSODUHVGHEHUiQFRQVHUYDUVHFXLGDGRVD\ DUWtVWLFDPHQWHHQORVHQYDVHV/RVDOXPQRVGHEHUiQFRQIHFFLRQDUHWLTXHWDVSDUD£GHQWLILFDUFDGDXQRGHORVREMHWRV6LVHWUDEDMD FRQIORUDRIDXQDVHOHVVROLFLWDUiTXHLQFOX\DQORVQRPEUHVFRPXQHV\FLHQWtILFRVGHORVHVSHFtPHQHV([LVWHQGHFHQDVGHJXtDV GLVSRQLEOHVHQOLEUHUtDV\ELEOLRWHFDVTXHOHVSHUPLWLUiQUHFRQRFHUSODQWDV\DQLPDOHV &ROHFFLRQHVPXOWLVHQVRULDOHV

1RHVQHFHVDULRTXHWRGDVODVFROHFFLRQHVWHQJDQFDUDFWHUtVWLFDVYLVXDOHV$OJXQDVGHHOODVSRGUtDQHVWDUFRPSXHVWDVSRUDURPDV VDERUHV VRQLGRV R WH[WXUDV 3RU HMHPSOR XQ FXUVR GH TXtPLFD GH VHJXQGR DxR GH QLYHO SROLPRGDO HVWXGLy ODV SULQFLSDOHV YDULHGDGHV GH Wp TXH H[LVWHQ HQ HO PXQGR HQWUH ODV TXH VH LQFOX\HQ WDQWR ORV WpV YHUGH \ QHJUR GH $VLD FRPR ODV LQIXVLRQHV SRSXODUHVGHKLHUEDV/RVDOXPQRVFUHDURQDGMHWLYRVSDUDHOVDERU\HODURPDGHORVGLIHUHQWHVWpVFRQHOREMHWRGHHYDOXDUORV\ FODVLILFDUORV/XHJRFRQVXOWDURQOLEURVDQWLJXRVVREUHHOWHPDDILQGHIDPLOLDUL]DUVHFRQORVFULWHULRVGHVDUUROODGRVSDUDMX]JDUVX FDOLGDG (V SRVLEOH SURPRYHU QXHVWUD FRQFLHQFLD VHQVRULDO \ H[SDQGLU QXHVWUR YRFDEXODULR FXDQGR UHFXUULPRV D RWURV VLVWHPDV VHQVRULDOHV 2WUDVVXJHUHQFLDVSDUDUHDOL]DUFODVLILFDFLRQHV

6HJ~Q VH KD VHxDODGR HQ HO FDStWXOR GHGLFDGR D OD LQWHOLJHQFLD YLVXDOHVSDFLDO HO HPSOHR GH KHUUDPLHQWDV JUiILFDV SHUPLWH D ORV DOXPQRV LQFRUSRUDU VLQ GLILFXOWDG XQ FRQFHSWR \ ODV UHODFLRQHV TXH VH HVWDEOHFHQ HQWUH LGHDV YLQFXODGDV /RV VLVWHPDV GH FODVLILFDFLyQSXHGHQFRPXQLFDUVHGHPDQHUDHILFD]DWUDYpVGHPHGLRVYLVXDOHV'DGRTXHODVWD[RQRPtDVVHUDPLILFDQHQIRUPD VLPLODUDORViUEROHVJHQHDOyJLFRVVHODVSXHGHUHSUHVHQWDUYLVXDOPHQWHXWLOL]DQGRHVHIRUPDWR &ULDWXUDVLPDJLQDULDV

/RV DOXPQRV SXHGHQ WDPELpQ LQYHQWDU VXV SURSLRV DQLPDOHV \ FODVLILFDUORV 6H WUDEDMDUi LQGLYLGXDOPHQWH R HQ SHTXHxRV JUXSRV SDUDLQYHQWDUFULDWXUDV\VHWHQGUiQHQFXHQWDORVVLJXLHQWHVSDUiPHWURVSDUDHVWDEOHFHUVXVFDUDFWHUtVWLFDV ¢&yPRVHPXHYH"

‡¢&XiOHVVRQODVSDUWHVGHVXFXHUSR"

¢&XiOHVVRQVXVyUJDQRVGHORVVHQWLGRV" 


Â&#x2021;¢4XpFODVHGHHVTXHOHWRRHVWUXFWXUDFRUSRUDOSRVHH" Â&#x2021;¢'HTXpHVWiFXELHUWRVXFXHUSR"

8QD YH] TXH VH KD\DQ UHVSRQGLGR HVWDV SUHJXQWDV ORV DOXPQRV SRGUiQ GLEXMDU HO DQLPDO HQXPHUDU VXV FDUDFWHUtVWLFDV SRQHUOH QRPEUH \ FODVLILFDUOR GH DFXHUGR FRQ OD WD[RQRPtD FLHQWtILFD 6LQ OXJDU D GXGDV pVWD VHUi XQD H[SHULHQFLD GH DSUHQGL]DMH LQROYLGDEOHSDUDHOORV ,QWURGXFFLyQDOFRQFHSWRGHLQWHUGHSHQGHQFLD

1LQJXQD FULDWXUD YLYLHQWH \D VHD YHJHWDO R DQLPDO YLYH DLVODGD &DGD IRUPD GH YLGD GHSHQGH GH RWUDV IRUPDV YLYLHQWHV \ QR YLYLHQWHV$ILQGHTXHORVDOXPQRVSXHGDQLQFRUSRUDUHVWHFRQFHSWRVLQGLILFXOWDGVHOHVVROLFLWDUiTXHQRPEUHQDOJXQRVGHORV VHUHV\REMHWRVGHORVFXDOHVGHSHQGHVXYLGD(VWDWDUHDUHVXOWDPiVVHQFLOODSDUDHQXQFLDUTXHSDUDOOHYDUDODSUiFWLFDGHELGRDOD H[LVWHQFLDGHP~OWLSOHVLQWHUUHODFLRQHV &DGHQDVDOLPHQWDULDVFRPRHMHPSORGHLQWHUGHSHQGHQFLD

(V SUREDEOH TXH HO GRFHQWH SUHILHUD IDPLOLDUL]DU D ORVDOXPQRVFRQORVFRPSRQHQWHVEiVLFRVGHXQDFDGHQDDOLPHQWDULDDQWHVGH OOHYDU D FDER ODV DFWLYLGDGHV TXH VH SURSRQHQ D FRQWLQXDFLyQ6HOHVH[SOLFDTXHH[LVWHXQDFDGHQDDOLPHQWDULDFXDQGRORVVHUHV YLYRV GH XQ HFRVLVWHPD RUJDQLVPRV TXH YLYHQ MXQWRV HQ XQD GHWHUPLQDGD iUHD  VH DOLPHQWDQ XQRV GH RWURV 3RU OR JHQHUDO ORV DQLPDOHVPiVJUDQGHVVHDOLPHQWDQGHORVPiVSHTXHxRV\HOORGDRULJHQD ODFDGHQD3RUHMHPSORXQSXPDSRGUtDFRPHUVHXQ YHQDGRTXHVHDOLPHQWDGHOSDVWRTXHWRPyVXVQXWULHQWHVGHOVXHORTXHVHGHVDUUROOyDSDUWLUGHODGHVFRPSRVLFLyQGHSODQWDV\ DQLPDOHV([LVWHQWUHVUROHVSULQFLSDOHVHQODVFDGHQDVDOLPHQWDULDV ORVSURGXFWRUHVFRPRHOSDVWR\ODVSODQWDVTXHVLUYHQGHDOLPHQWR Â&#x2021;ORVFRQVXPLGRUHVHVGHFLUTXLHQHVFRPHQHODOLPHQWR

Â&#x2021;ORVGHVFRPSRQHGRUHVKRQJRV\EDFWHULDVTXHFDXVDQODGHVFRPSRVLFLyQGHSODQWDV\DQLPDOHVPXHUWRVFRQHOREMHWRGHGHYROYHU ORVQXWULHQWHVDOVXHOR &DVLWRGDVODVFDGHQDVDOLPHQWDULDVFRPLHQ]DQFRQHVROGRQGHVHSURGXFHODHQHUJtDTXHQHFHVLWDQODVSODQWDVSDUDFUHFHU8QD FDGHQDWtSLFDLUtDGHVGHHOVRODODVSODQWDV\GHORVFRQVXPLGRUHVGHSODQWDVDORVFDUQtYRURV $FWLYLGDGHVSDUDHOWUDEDMRFRQFDGHQDVDOLPHQWDULDV

ORV DOXPQRV SXHGHQ FUHDU FDGHQDV DOLPHQWDULDV VLPSOHV FRQ PDWHULDO FRQFUHWR 3DUD HOOR SUHSDUDQ ILFKDV FRQ ORV QRPEUHV GH SURGXFWRUHVFRQVXPLGRUHV\GHVFRPSRQHGRUHVTXHSXHGDQHQFRQWUDUHQVXHQWRUQR\ODVGLVSRQHQHQHORUGHQFRUUHFWR3XHGHQ UHDOL]DUVDOLGDVGHFDPSR\REVHUYDUFDGHQDVVLPSOHVHQDFFLyQ3RUHMHPSORORVDOXPQRVSRGUtDQWHQHURSRUWXQLGDGGHREVHUYDU VDOWDPRQWHVTXHFRPHQKRMDV\UDQDVTXHFRPHQVDOWDPRQWHV /RVDOXPQRVSRGUiQOXHJRGLEXMDUODVFDGHQDVDOLPHQWDULDVTXHFRQR]FDQ\VLORVGHVHDQUHIOHMDUHQXQSRHPDRHQXQDILFKHOD LQWHUFRQH[LyQGHODYLGD &RQVROLGDFLyQGHUHODFLRQHVHVWUHFKDVFRQODFRPXQLGDG

&RPRWRGRVORVGRFHQWHVVDEHQORVDOXPQRVVXHOHQIRUPXODUSUHJXQWDVSDUDODVFXDOHVQRH[LVWHQUHVSXHVWDVVHQFLOODV'HKHFKR PX\SRFDVSHUVRQDVVLODVKD\VHGHVWDFDQHQODVRFKRLQWHOLJHQFLDV\SRUHOORUHVXOWD~WLOSRQHUVHHQFRQWDFWRFRQH[SHUWRVTXH SXHGDQDERUGDUODVLQTXLHWXGHVGHORVDOXPQRV\GHVHPSHxDUVHFRPRWXWRUHVGH ORVQDWXUDOLVWDVHQIRUPDFLyQ/DPD\RUtDGHODV FRPXQLGDGHV WLHQH DFFHVR D GLYHUVDV RUJDQL]DFLRQHV /RV DOXPQRV SXHGHQ SUHSDUDU XQ OLVWDGR WHOHIyQLFR GH ODV LQVWLWXFLRQHV H LQGLYLGXRV FRQ TXLHQHV WHQJDQ LQWHUpV HQ FRPXQLFDUVH 'H HVWD PDQHUD HO JUXSR GH DOXPQRV SRGUi HVWDEOHFHU LQWHUHVDQWHV UHODFLRQHVFRQDOJXQDVGHODVGLYHUVDVLQVWLWXFLRQHV\RUJDQL]DFLRQHVTXHGHWDOODPRVDFRQWLQXDFLyQ Â&#x2021;$FXDULRV\RFHDQDULRV

Â&#x2021;MDUGLQHVERWiQLFRV\YLYHURV

Â&#x2021;'HSDUWDPHQWRV GH ELRORJtD IRUHVWDFLyQ ]RRORJtD ELRORJtD PDULQD FLHQFLDV DPELHQWDOHV R HFRORJtD GH LQVWLWXWRV GH HQVHxDQ]D VXSHULRURXQLYHUVLGDGHV 6HUYLFLRVFRRSHUDWLYRVGHH[WHQVLyQSDUDODFRPXQLGDG




Â&#x2021;2UJDQL]DFLRQHVHFRORJLVWDV Â&#x2021;,QGXVWULDVIRUHVWDOHV Â&#x2021;3DLVDMLVWDV Â&#x2021;0XVHRV

Â&#x2021;'LUHFFLRQHVGHSDUTXHV\ SDVHRVORFDOHVSURYLQFLDOHV\QDFLRQDOHV Â&#x2021;&HQWURVQDWXUDOLVWDV

Â&#x2021;'HSHQGHQFLDVRILFLDOHVGHGLFDGDVDODDJULFXOWXUDIRUHVWDFLyQRUHFXUVRVQDWXUDOHV Â&#x2021;3DUTXHVQDFLRQDOHV Â&#x2021;=RROyJLFRV

$VLPLVPR ORV GRFHQWHV \ DOXPQRV SXHGHQ KDFHU XVR HIHFWLYR GH ,QWHUQHW SDUD REWHQHU PiV LQIRUPDFLyQ DFHUFD GHWRGRWHPDGH LQWHUpV 'H KHFKR ORV QXHYRV SURJUDPDV WHFQROyJLFRVPXFKRVGHORVFXDOHVVHGHVFULEHQPiVDGHODQWHHQHVWHFDSLWXORSXHGHQ PRWLYDUDORVDOXPQRVSDUDH[SORUDUODVPDUDYLOODVGHOPXQGRQDWXUDO

)RUPXODFLyQGHKLSyWHVLV\H[SHULPHQWDFLyQ

/RVQDWXUDOLVWDVXWLOL]DQVXVREVHUYDFLRQHVSDUDJHQHUDUWDQWRSUHJXQWDV

FRPR SRVLEOHV H[SOLFDFLRQHV \ VXHOHQ WHQHU LQWHUpV SRU EXVFDU ODV UHVSXHVWDV D VXV LQWHUURJDQWHV /RV DOXPQRV SXHGHQ IRUPXODU SUHJXQWDVHLQWHQWDUUHVSRQGHUODVSRUPHGLR GHGLYHUVDVH[SHULHQFLDVHQHODXOD(QHOFDStWXORGHGLFDGRDODLQWHOLJHQFLDOyJLFRPDWHPiWLFDGHVFULELPRVHOPpWRGRFLHQWtILFR\ SURSRUFLRQDPRV HMHPSORV GH KLSyWHVLV TXH ORV DOXPQRV SRGUtDQ SRQHU D SUXHED 'H KHFKR ORV PLVPRV SURFHGLPLHQWRV SXHGHQ DSOLFDUVHDOHVWXGLRGHORVIHQyPHQRVQDWXUDOHV$FRQWLQXDFLyQVXJHULPRVDOJXQDVH[SHULHQFLDVPRGHORUHODFLRQDGDVFRQSODQWDV 6LHPEUDGHLQWHUURJDQWHVHQHODXOD

/RV DOXPQRV SXHGHQ H[SHULPHQWDU GLIHUHQWHV PpWRGRV SDUD KDFHU FUHFHU SODQWDV D SDUWLU GH VHPLOODV EXOERV R JDMRV 3XHGHQ DYHULJXDUFXiOGHHVWRVPpWRGRVSHUPLWHXQFUHFLPLHQWRPiVUiSLGR

/RVDOXPQRVSXHGHQFRPSDUDUHOFUHFLPLHQWRH[SHULPHQWDGRSRUSODQWDVDODVTXHVHOHVKD\DDJUHJDGRIHUWLOL]DQWHVFRQDTXHOODV DODVTXHQRVHOHVKD\DDJUHJDGR3XHGHQHVSHFXODUDFHUFDGHODFDQWLGDGGHIHUWLOL]DQWHQHFHVDULDSDUDLQIOXLUHQHOFUHFLPLHQWRGH XQDSODQWD3DUDUHVSRQGHUHVWHLQWHUURJDQWHVHUiQHFHVDULROOHYDUDFDERFRQWUROHVSHULyGLFRV\H[SHULPHQWRVTXHSRQJDQDSUXHED ODVYDULDEOHV /RVDOXPQRVSXHGHQFRPSDUDUHOULWPRGHFUHFLPLHQWRGHSODQWDVH[SXHVWDVDGLIHUHQWHVYDULDEOHV3RGUtDQSUHJXQWDUVHFXiOHV HOHIHFWRGHODKXPHGDGHOFDORURHODJXDVREUHODVSODQWDV8QDYH]PiVVHUiQHFHVDULRFUHDUXQH[SHULPHQWRFRQWURODGR\SRQHU DSUXHEDXQDYDULDEOHSRUYH]

3RU OR JHQHUDO ODV RSRUWXQLGDGHV TXH SURSRUFLRQDQ ODV LQYHVWLJDFLRQHV SDUD UHDOL]DU H[SHULHQFLDV SUiFWLFDV VXHOHQ UHVXOWDU DWUDFWLYDVSDUDWRGRVORVDOXPQRV1RREVWDQWHDXQTXHHVWRVHVWXGLRVUHVXOWDQYDOLRVRVSDUDODPD\RUtDGHORVJUXSRVQRVROHPRV FRQWDU FRQ SRVLELOLGDGHV SDUD DERUGDU SUR\HFWRV GH LQYHVWLJDFLyQ FRQ GHPDVLDGD IUHFXHQFLD $OJR TXH Vt SRGHPRV SRQHU HQ SUiFWLFDGLDULDPHQWHFRQVLVWHHQHQVHxDUDQXHVWURVDOXPQRVDIRUPXODUSUHJXQWDV\DOLEHUDUVXFXULRVLGDGLQQDWD 'HVDUUROORGHXQPDUFRGHSHQVDPLHQWRLQGDJDWRULR

/DH[SORUDFLyQGHOPDUFRPHQWDOLQGDJDWRULRGHORVQDWXUDOLVWDVSHUPLWHHVWLPXODUDORVDOXPQRVHQODIRUPXODFLyQGHSUHJXQWDV FX\DVUHVSXHVWDVGHPDQGHQXQSURFHVRGHLQYHVWLJDFLyQ$WDOILQVHSXHGHQSURPRYHUGHEDWHV\GLVHxDUSUHJXQWDVDELHUWDVHQODV GLVFLSOLQDV TXH FDGD GRFHQWH DERUGH $O FRPHQ]DU HO DxR HVFRODU VH SODQWHDQ XQD R GRV SUHJXQWDV FRPSOHMDV TXH SHUPLWDQ GHVDUUROODUXQSURFHVRGHUHIOH[LyQGXUDQWHWRGRHOSHUtRGR(OGRFHQWHSXHGHVROLFLWDUDORVDOXPQRVTXHIRUPXOHQVXVRSLQLRQHVR KLSyWHVLVFXDQGRFRPLHQFHQDWUDEDMDUXQDXQLGDGGLGiFWLFD\TXHODVUHYLVHQDPHGLGDTXHDYDQ]DQHQVXVHVWXGLRV/RVDOXPQRV SRGUiQ GHVDUUROODU XQ PDUFR GH SHQVDPLHQWR LQGDJDWRULR VL VH OHV SURSRUFLRQD XQ HQWRUQR GH DSUHQGL]DMH GRQGH VH UHVSHWHQ HO PLVWHULR\HOGHVFXEULPLHQWR

&HQWURVGHDSUHQGL]DMHQDWXUDOLVWD




/DVDXODVSXHGHQUHIOHMDUHOPXQGRQDWXUDOPHGLDQWHODLQFRUSRUDFLyQGHFHQWURVQDWXUDOLVWDVVHQFLOORV(VWRVFHQWURVSURSRUFLRQDQ HQVHxDQ]D ORV DOXPQRV VREUH ORV IHQyPHQRV QDWXUDOHV \ ORV HVWLPXODQ SDUD H[WHQGHU HO FRQRFLPLHQWR VREUH OD QDWXUDOH]D D RWUDV iUHDV FXUULFXODUHV 7DPELpQ SURPXHYHQ OD REVHUYDFLyQ H[SORUDFLyQ \ H[SHULPHQWDFLyQ 8Q ULQFyQ GHO DXOD VXHOH FRQVWLWXLU XQD EXHQD XELFDFLyQ SDUD XQ FHQWUR QDWXUDOLVWD 6H OR SXHGH RUJDQL]DU IiFLOPHQWH FRQ XQD PHVD 6L HV SRVLEOH UHVXOWD ~WLO FRORFDUOD MXQWRDXQDYHQWDQDSDUDSHUPLWLUHOFUHFLPLHQWRGHSODQWDV\GLVSRQHUGHHVWDQWHVSDUDJXDUGDUPDWHULDORUHDOL]DUH[KLELFLRQHV6H VROLFLWD D ORV DOXPQRV TXH WUDLJDQ REMHWRV TXH KD\DQ GHVFXELHUWR FRQ HO ILQ GH H[KLELUORV HQ HO FHQWUR 7DPELpQ HV LPSRUWDQWH GLVSRQHU GH ELEOLRJUDItD GH UHIHUHQFLD GH IiFLO DFFHVR HQ HO FHQWUR FRQ HO REMHWR GH H[WHQGHU ORV LQWHUHVHV GH ORV DOXPQRV R GH D\XGDUORVDHQFRQWUDUUHVSXHVWDVDODVSUHJXQWDVTXHIRUPXOHQ&DGDGRVPHVHVSXHGHQDJUHJDUVHQXHYDVDFWLYLGDGHVTXHSHUPLWDQ PDQWHQHU\GHVSHUWDUODFXULRVLGDG6HSXHGHVROLFLWDUDORVDOXPQRVTXHSUHSDUHQLQIRUPHVRGLDJUDPDVFRQ ODLQIRUPDFLyQTXH KD\DQ UHFRSLODGR HQ HO FHQWUR R TXH HVFULEDQ FRPHQWDULRV HQ VXV FXDGHUQRV GH QRWDV $QWHV GH TXH ORV DOXPQRV FRPLHQFHQ D WUDEDMDU HQ HVWH FHQWUR VHUi QHFHVDULR KDFHU XQD UHYLVLyQ GH ODV LQVWUXFFLRQHV SDUD HO XVR GH ORV PDWHULDOHV \ GHWHUPLQDU HO FRPSRUWDPLHQWRDSURSLDGRTXHGHEHUiREVHUYDUVHDOOt (OHTXLSRHVWiQGDUGHOFHQWURQDWXUDOLVWDHVWiFRPSXHVWRSRUREMHWRVVLPSOHV\GHXVRFRWLGLDQR

(TXLSDPLHQWRGHXQFHQWURQDWXUDOLVWD

+HUUDPLHQWDVSDUD (TXLSDGH ODUHFROHFFLyQGH REVHUYDFLyQ PDWHULDO \PHGLFLyQ

(TXLSRSDUDHO WUDEDMRFRQ DQLPDOHV

(TXLSRGH MDUGLQHUtD

9DVRVGHSDSHO\GH OXSDVGH SOiVWLFR MR\HUR OHQWHVGH 5ROORGHSROLHWLOHQR DXPHQWR 7HUPyPHWURV 'LIHUHQWHVFODVHVGH 0LFURVFRSLRV UHFLSLHQWHV %LQRFXODUHV WUDQVSDUHQWHV &RQMXQWRVGH FXFKDUDV\ $OLFDWHV WD]DV *RWHURV %DODQ]DV 5HJODV &DOFXODGRUDV

MDXODVFDMDV\ WXERV -DXODV\IUDVFRV SDUDLQVHFWRV 3DMDUHUDV 3HFHUD

+XHYHUDVGH FDUWyQ &DMDVGHOHFKH FRUWDGDVSRUOD PLWDG 0DFHWDV 7LHUUDSDUD SODQWDU +HUUDPLHQWDV GHMDUGtQ 7HUUDULR

(TXLSRSDUD ODPHVDGH DJXD RSWDWLYR

7XERV 5HFLSLHQWHVGH SOiVWLFRV &RODGRUHV 0DQJDV (VSRQMDV FRUFKRV FXEHWDV &RORUDQWHV FRPHVWLEOHV

0DWHULDOSDUDOD GRFXPHQWDFLyQ GHH[SHULHQFLDV

(MHPSODUHV

0DUFDGRUHV )LFKDVGHFDUWXOLQD

3LHGUDV &DUDFROHV $OPiFLJRV 0ROXVFRV %URWHV YHJHWDOHV ,QVHFWRV GLVHFDGRV

*UDEDGRU &iPDUDGHYLGHR 3DSHO

%ORFVGHGLEXMR

)LEUDV *UDQRV 6HPLOODV +RMDV +XHVRV 3OXPDV

8QDYH]HVWDEOHFLGRHOFHQWURQDWXUDOLVWDHQHODXODORVDOXPQRVSRGUiQGHVDUUROODUGLYHUVDVDFWLYLGDGHVUHODFLRQDGDVFRQWRGDVODV GLVFLSOLQDV $ FRQWLQXDFLyQ SUHVHQWDPRV HMHPSORV TXH SURPXHYHQ HQ ORV DOXPQRV ODV KDELOLGDGHV QDWXUDOLVWDV GH REVHUYDFLyQ UHFRQRFLPLHQWRGHSDWURQHVFODVLILFDFLyQ\H[SHULPHQWDFLyQ $FWLYLGDGHVGHOFHQWURQDWXUDOLVWD

 6ROLFLWDUDORVDOXPQRVTXHFRORTXHQORVHMHPSODUHVEDMRHOPLFURVFRSLRRTXHORVREVHUYHQFRQXQDOXSD3DUDGHVDUUROODUODV KDELOLGDGHVGHFODVLILFDFLyQUHFRQRFLPLHQWRGHSDWURQHVFRQVWUXFFLyQGHDQDORJtDVHLQIHUHQFLDORVDOXPQRVSRGUiQUHVSRQGHUD SUHJXQWDVFRPRODVVLJXLHQWHV Â&#x2021;¢(QTXpSLHQVRFXDQGRYHR"

Â&#x2021;¢4XpFRPSDUDFLyQSXHGRHVWDEOHFHUHQWUHHVWHREMHWR\" Â&#x2021;¢(QTXpVHDVHPHMDD"

Â&#x2021;¢3RUTXpWLHQHHVWHREMHWRHVWDVFDUDFWHUtVWLFDV"

8QD YDULDQWH SDUD HVWD DFWLYLGDG FRQVLVWH HQ SURSRQHU D ORV DOXPQRV TXH IRUPHQ XQDFROHFFLyQSHUVRQDOLQWHJUDGDSRUDOPHQRV WUHVREMHWRVGHOFHQWURQDWXUDOLVWD/RVHOHPHQWRVGHVXVFROHFFLRQHVOHVVHUYLUiQGHLQVSLUDFLyQSDUDHVFULELUFRPSDUDFLRQHVHQWUH HOORV\ ORVFRQWHQLGRVTXHHVWpQHVWXGLDQGR 3DUD FLHQFLDV VRFLDOHV ODV QHUYDGXUDV GH HVWD KRMD VH RUJDQL]DQ \ PXOWLSOLFDQ FRPR OD SREODFLyQ GH $PpULFD GXUDQWH OD pSRFD

FRORQLDO

3DUDFLHQFLDVQDWXUDOHV HOYHOORGHODFRUWH]DWLHQHHODVSHFWRGHODVOLPDGXUDV GHKLHUURFXDQGRVHHQFXHQWUDQEDMRODDWUDFFLyQGH

XQLPiQ




 6ROLFLWDU D ORV DOXPQRV TXH REVHUYHQ GLYHUVRV HMHPSODUHV HQ HO FHQWUR QDWXUDOLVWD (Q OXJDU GH UHFRQRFHU ORV REMHWRV SRU VXV GHQRPLQDFLRQHV FRPXQHV WDOHV FRPR SLHGUDV SOXPDV R VHPLOODV GHEHUiQ LQYHQWDU QRPEUHV RULJLQDOHVSDUDFDGDHOHPHQWR(VWDDFWLYLGDGOHVSHUPLWLUiUHODFLRQDUVHFRQORVREMHWRVFRPRVLORVYLHUDQSRUSULPHUDYH]6HOHV H[SOLFDUiTXHORVFLHQWtILFRVVXHOHQGHQRPLQDUDORVREMHWRVGHDOJXQDGHODVVLJXLHQWHVPDQHUDV Â&#x2021;&RQUHIHUHQFLDDVXSURSLRQRPEUH

Â&#x2021;&RQHOQRPEUHGHOOXJDUGRQGHVHORHQFRQWUyRGHVXKiELWDW Â&#x2021;&RQUHIHUHQFLDDXQFRORURWH[WXUD

Â&#x2021;&RQUHIHUHQFLDDRWURREMHWRDOTXHVHDVHPHMHRFRQHOTXHHOFLHQWtILFRRGHVFXEULGRUORDVRFLH

/XHJRGHHVWD DFWLYLGDGORVDOXPQRVVXHOHQGHVDUUROODUPD\RULQWHUpVSRUODVWD[RQRPtDV\SRUODPDQHUDFRPRORVREMHWRVKDQ DVXPLGR VXV QRPEUHV /RV GRFHQWHV SXHGHQ SURSRQHU D ORV DOXPQRV TXH UHFRQR]FDQ FDWHJRUtDV HQ GLYHUVDV GLVFLSOLQDV SRU HMHPSORFODVHVGHSDODEUDVRHOHPHQWRVGHODWDEODSHULyGLFD\TXHIRUPXOHQKLSyWHVLVSDUDH[SOLFDUWDOHVFODVLILFDFLRQHV

$FWLYLGDGHVQDWXUDOLVWDVDODLUHOLEUH

(O WUDEDMR DO DLUH OLEUH FRQVWLWX\H XQD IRUPD HILFD] SDUD HQWUDU HQ HO PXQGR GHO QDWXUDOLVWD (VWDV DFWLYLGDGHV GDQ UHVSXHVWD D QHFHVLGDGHVTXHVXHOHQSODQWHDUORVDOXPQRVHVWDUDODLUHOLEUHPRYHUVHLQWHUDFWXDU\UHIOH[LRQDU/DVSRVLELOLGDGHVVRQLQILQLWDV $TXtVXJHULPRVGRVDFWLYLGDGHVTXHSXHGHQDSOLFDUVHHQHOWUDEDMRFRQODPD\RUtDGHORVJUXSRV  8Q UHFRUULGR QDWXUDO 'LVHxDU XQD FDPLQDWD DO DLUH OLEUH GH DSUR[LPDGDPHQWH  PLQXWRV GH GXUDFLyQHQXQiPELWRFRQYHQLHQWH3RGUiGHVDUUROODUVHGHQWURGHOSUHGLRGHODHVFXHODRIXHUDGHpO$QWHVGHVDOLUGHODXODVH DQDOL]DUiQORVVLJXLHQWHVHOHPHQWRVTXHVHHVSHUDTXHORVDOXPQRVWHQJDQHQFXHQWDGXUDQWHODFDPLQDWD Â&#x2021;2EVHUYDUXQHOHPHQWRQDWXUDOGHPHQRUWDPDxRTXHODSURSLDPDQR\UHDOL]DUXQERFHWR

Â&#x2021;2EVHUYDUXQHOHPHQWRGHPD\RUWDPDxRTXHXQDFDVD'HGLFDUHOWLHPSRQHFHVDULRSDUDLQFRUSRUDUODLPDJHQ5HDOL]DUXQERFHWR PtQLPRGHVXFRQWRUQR Â&#x2021;5HDOL]DUHOLQWHQWRGHPRGLILFDUHOSXQWRGHREVHUYDFLyQ0LUDUKDFLDORVODGRVDFHUFDUVH\DOHMDUVH5HJLVWUDUORVFDPELRVTXHVH SURGXFHQHQODSHUFHSFLyQSRUPHGLRGHQRWDVEUHYHV Â&#x2021;(VFXFKDUXQVRQLGRGLVWDQWH\RWURFHUFDQR'HVFULELUSRUHVFULWRORTXHVHKD\DRtGR

Â&#x2021;7RFDUXQREMHWRUXJRVR\XQREMHWRVXDYH'HVFULELUEUHYHPHQWHSRUHVFULWRODVSURSLDVVHQVDFLRQHV

8QDYH]ILQDOL]DGDODFDPLQDWDHOJUXSRYXHOYHDODXOD\UHIOH[LRQDHQWRUQRDODVVLJXLHQWHVSUHJXQWDV Â&#x2021;¢&XiOGHODVH[SHULHQFLDVVHQVRULDOHVOHVJXVWyPiV\SRUTXp" Â&#x2021;¢&XiOGHODVH[SHULHQFLDVOHVUHVXOWyLQHVSHUDGD" Â&#x2021;¢&XiOGHHOODVOHVUHVXOWyGLItFLO"

Â&#x2021;¢&XiOHVVRQODVSUHJXQWDVTXHVXUJHQGHHVWDDFWLYLGDG"

Â&#x2021;¢4XpDSUHQGLHURQDFHUFDGHOSHQVDPLHQWR\ODVWDUHDVQDWXUDOLVWDV"

Â&#x2021; ¢(Q TXp RWUDV iUHDV SRGUtDQ DSOLFDUVH DOJXQDV GH ODV DFWLYLGDGHV UHDOL]DGDV GXUDQWH OD FDPLQDWD FRQ HO REMHWR GH SURPRYHU HO DSUHQGL]DMH"

 $GRSFLyQGHXQiUERO(OHJLUXQiUEROTXHVHHQFXHQWUHGHQWURGHOSUHGLRGHODHVFXHODSDUDTXH ORV DOXPQRV YLVLWHQ FRQ IUHFXHQFLD GXUDQWH HO DxR HVFRODU 6H SXHGHQ IRUPXODU SURQyVWLFRV DFHUFD GH ORV FDPELRV TXH H[SHULPHQWDUi GXUDQWH HO DxR \ OXHJR REVHUYDU \ GRFXPHQWDU OR TXH HIHFWLYDPHQWH RFXUUD /RV DOXPQRV SXHGHQ UHFROHFWDU \ GLEXMDUKRMDVUDPDVEURWHVHLQVHFWRVTXHHQFXHQWUHQHQHOiUEROFODVLILFDUORV\UHFRQRFHUFDGHQDVDOLPHQWDULDV7DPELpQSXHGHQ HVWDEOHFHUFRPSDUDFLRQHVHQWUHHOFLFORYLWDOGHOiUERO\ORVFDPELRVHVWDFLRQDOHVTXHH[SHULPHQWDQORVVHUHVKXPDQRV

$SUHQGL]DMHQDWXUDO




(QXQDpSRFDHQTXHORVHTXLSRVWHFQROyJLFRVIRUPDQSDUWHGHOHQWRUQRGHXQQ~PHURFUHFLHQWHGHHVFXHODVHVIXQGDPHQWDOFUHDU ODV PLVPDV RSRUWXQLGDGHV GH DFFHVR DO PXQGR QDWXUDO (Q DOJXQDV FRPXQLGDGHV HVFRODUHV ORV DOXPQRV KDQ FRPHQ]DGR D WRPDU SDUWH HQ OD SODQLILFDFLyQ GH VXV iPELWRV GH DSUHQGL]DMH PHGLDQWH XQ SURFHVR GH GLVHxR SDUWLFLSDWLYR \ VLVWHPiWLFR RULJLQDO HODERUDGR SRU HO DUTXLWHFWR 6WHYHQ %LQJOHU GH 1XHYD 2UOHDQV %LQJOHU SURPXHYH QXHYRV FDQDOHV GH FRPXQLFDFLyQ HQWUH HGXFDGRUHV SVLFyORJRV DUTXLWHFWRV XUEDQLVWDV GLVHxDGRUHV GH VRIWZDUH DOXPQRV SDGUHV \ UHSUHVHQWDQWHV GH HPSUHVDV \ RUJDQL]DFLRQHVVLQILQHVGHOXFURGHODFRPXQLGDG(QVXRSLQLyQHOSURGXFWRILQDOVHUiXQDQXHYDFODVHGHiPELWRGHDSUHQGL]DMH TXHGHVSOLHJXHXQHVSHFWURGHFRQWHQLGRVWDQULFR\YDULDGRFRPRORVDOXPQRVTXHORFUHDQ\XWLOL]DQGXUDQWHWRGDODYLGD

9DULRVGLVWULWRVHVFRODUHVHQORV(VWDGRV8QLGRV\DKDQLPSOHPHQWDGRHVWHSURFHVR(QOD/LQFROQ+LJK:HVW&DPSXV6FKRROGH 6WRFNWRQ&DOLIRUQLDORVDOXPQRVGHFLGLHURQTXHHOiPELWRGHDSUHQGL]DMHGHPD\RUULTXH]DTXHSRGtDQLPDJLQDUHUDXQDJUDQMD $PHGLGDTXHDYDQ]DEDHOSURFHVRGHSODQLILFDFLyQGHODQXHYDHVFXHODVHSXVRGHPDQLILHVWRTXHXQHQWRUQRFDPSHVWUHGRQGH ORV DOXPQRV HVWXYLHUDQ URGHDGRV SRU OD EHOOH]D \ OD SD] GH OD QDWXUDOH]D HUD VX LGHDO GH LQVWLWXFLyQ HGXFDWLYD /DV REUDV FRPHQ]DURQDILQHVGH\DVXWpUPLQRODHVFXHODTXHGDUiHVWDEOHFLGDHQXQiPELWRUXUDOSHURWDPELpQFRQWDUiFRQXQDPSOLR FHQWUR LQIRUPiWLFR \ WHFQROyJLFR FRQ FDSDFLGDG SDUD GHVDUUROODU WHOHFRQIHUHQFLDV XQ DXGLWRULR \ DPSOLDV VDODV GH UHXQLyQ 8Q FHQWURGHFRQIHUHQFLDVHPSUHVDULDVVXPLQLVWUDUiIRQGRVSDUDILQDQFLDUHOFRVWRGHODFRQVWUXFFLyQ\XQFHQWURGHSRUWLYRXELFDGR GHQWURGHOHGLILFLREULQGDUiVHUYLFLRVDODFRPXQLGDG\JHQHUDUiLQJUHVRVH[WUD

7HFQRORJtDTXHSURPXHYHODLQWHOLJHQFLDQDWXUDOLVWD

1R KDFH PXFKR WLHPSR VH UHDOL]y HQ -DSyQ XQ VLPSRVLR DFHUFD GH ORV HIHFWRV GH OD WHFQRORJtD PXOWLPHGLD VREUH HO GHVDUUROOR KXPDQR'XUDQWHODSULPHUDMRUQDGDVHSUHVHQWDURQORVUHVXOWDGRVGHLQYHVWLJDFLRQHVUHODFLRQDGDVFRQHODSUHQGL]DMHSRUPHGLR GHQXHYDVWHFQRORJtDVHOORJURHGXFDWLYRHOGLVHxR\XWLOL]DFLyQGHQXHYDVFODVHVGHiPELWRGHDSUHQGL]DMHHOXVRGHOD,QWHUQHW ORVSUR\HFWRVGHUHDOLGDGYLUWXDOODVFLHQFLDVGHODHGXFDFLyQHQODHUDGH,QWHUQHWHOFUHFLPLHQWRHQXQHQWRUQRPXOWLPHGLD\HO IXWXUR GHO ©FLEHUQLxR $O ILQDOL]DU OD VHVLyQ VROLFLWy ODSDODEUDXQDGRFHQWHMDSRQHVDTXHIRUPDEDSDUWHGHODDXGLHQFLD\GLMR /DVHPDQDSDVDGDQHYyHQ7RNLR)XHKHUPRVR\UHFRUGpTXHFXDQGRHUDQLxDPHHQFDQWDEDMXJDUHQODQLHYHVHQWLUORVFRSRV TXHFDtDQVREUHPLFDUDFRQVWUXLUPXxHFRV\DUURMDUERODV&XDQGRPLUpSRUODYHQWDQDQRKDEtDKXHOODVGHSLVDGDVHQODQLHYH $Vt FRPR HVWD GRFHQWH PXFKRV HGXFDGRUHV PDQLILHVWDQ XQD FUHFLHQWH SUHRFXSDFLyQ UHVSHFWR GHO JUDQ Q~PHUR GH QLxRV FX\DV RSFLRQHVSDUDHOWLHPSROLEUHVHOLPLWDQDORVSURJUDPDVGHWHOHYLVLyQ\ORVMXHJRVSDUDFRPSXWDGRUDVLQHVWDEOHFHUXQHTXLOLEULR DSURSLDGR FRQRWUDVDFWLYLGDGHV $ PHGLGD TXH OD WHFQRORJtD HOHFWUyQLFD VH WRUQD PiV DFFHVLEOH \ VH LQWHJUD D QXHVWUDV YLGDV HQ PD\RU PHGLGD UHVXOWD HVHQFLDO ORJUDU TXH QR UHHPSODFH OD LQWHUDFFLyQ \ H[SHULHQFLD KXPDQDV HQ HO PXQGR QDWXUDO 1R REVWDQWH GHEHPRV UHFRQRFHU TXH FRQVWLWX\HXQDKHUUDPLHQWDH[FHOHQWHSDUDIDFLOLWDUODLQYHVWLJDFLyQ\ODH[SORUDFLyQFLHQWtILFDV\RWUDVDFWLYLGDGHVQDWXUDOLVWDV/DV WHFQRORJtDVGHWHOHFRPXQLFDFLRQHVSHUPLWHQDORVDOXPQRVFRPSUHQGHUHOPXQGRTXHVHHQFXHQWUDIXHUDGHVXHQWRUQRLQPHGLDWR\ HO DOFDQFH TXH SXHGHQ WHQHU VXV DFFLRQHV GHQWUR GH VX PHGLR &RPR VH SRGUi DSUHFLDU HQ ORV HMHPSORV TXH DSDUHFHQ D FRQWLQXDFLyQHVWDVKHUUDPLHQWDVSURPXHYHQHQORVDOXPQRVXQDFRPSUHQVLyQSRUPHQRUL]DGD\SURIXQGDGHH[SHULHQFLDVUHDOHV

1R VLHPSUH HV SRVLEOH SURSRUFLRQDU D ORV DOXPQRV OD SRVLELOLGDG GH H[SORUDU GLUHFWDPHQWH DOJXQRV iPELWRV WDOHV FRPR ODV SURIXQGLGDGHVGHO0HGLWHUUiQHRORVFUiWHUHVGHYROFDQHVHQDFWLYLGDGODVLVODV*DOiSDJRVRHOWHUULWRULRGH,VODQGLD3RUPHGLRGHO 3UR\HFWR-$621ORVDOXPQRVGHORV(VWDGRV8QLGRVSXHGHQLQWHUDFWXDUGLUHFWDPHQWHFRQH[SORUDGRUHVTXHVHHQFXHQWUDQHQHVRV OXJDUHV(O'U5REHUW%DOODUGGHVFXEULGRUGHOVLWLRGRQGHVHKXQGLyHO7LWDQLFIXHHOFUHDGRUGHO3UR\HFWR-$621\VLJXHVLHQGR XQDFWLYRSDUWLFLSDQWHHQpOFX\RREMHWLYRFRQVLVWHHQHQULTXHFHUHOHQWRUQRGHDSUHQGL]DMHSDUDHOiUHDGHFLHQFLDVQDWXUDOHV/D DSOLFDFLyQ GH WHFQRORJtD SHUPLWH D ORV DOXPQRV SDUWLFLSDU XQD YH] SRU DxR GH XQD H[SHGLFLyQ FLHQWtILFD GH GRV VHPDQDV GH GXUDFLyQLQWHJUDGDDOFXUUtFXORDQXDO(QFDGDFLFOROHFWLYRVHHOLJHQXQRVWUHLQWDDOXPQRV\VHLVGRFHQWHVSDUDDFRPSDxDUDORV FLHQWtILFRVGHO3UR\HFWR-$621DOGHVWLQRGHODH[SHGLFLyQ\GHVHPSHxDUVHFRPRPRGHORVGHUROHQWUHSDUHVRQOLQH\GXUDQWHODV WUDQVPLVLRQHVHQYLYR

(Q ORV VLWLRV LQWHUDFWLYRV SULPDULRV 3,16  ORV DOXPQRV WLHQHQ DFFHVR D XQD UHG GH PXVHRV LQVWLWXFLRQHV HGXFDWLYDV \ RUJDQL]DFLRQHVGHGLFDGDVDODLQYHVWLJDFLyQTXHVHYLQFXODQYtDVDWpOLWHSDUDFRPXQLFDUVHFRQFLHQWtILFRVPDQHMDU URERWV\HTXLSR FLHQWtILFRPHGLDQWHFRQWUROUHPRWRHQYLYR\SDUDSDUWLFLSDUGHODFREHUWXUDHQYLYRGHODVDFWLYLGDGHVGHODH[SHGLFLyQPLQXWRD PLQXWR /DV ~OWLPDV RFKR H[SHGLFLRQHV LQFOX\HURQ OD SDUWLFLSDFLyQ HQ HO SURJUDPD GH PiV GH GRV PLOORQHV GH DOXPQRV HQ ORV 3,16 \ PXFKtVLPRV PiV KDQ GHVFXELHUWR XQD YHQWDQD YLUWXDO DO PXQGR SRU PHGLR GH XQ VLWLR HQ OD :HE \ OD DSOLFDFLyQ GH WHFQRORJLDVZHEHPHUJHQWHVHQKWWSZZZMDVRQSURMHFWRUJ!

0XFKDVHVFXHODVKDQFRPHQ]DGRDGHUULEDUORVPXURVGHODXODGHRWUDVPDQHUDV3RUHMHPSORHQOD&OHDU9LHZ&KDUWHU6FKRROGH &KXOD9LVWD&DOLIRUQLDORVDOXPQRVGHFXDUWR\TXLQWRDULRVGHODHGXFDFLyQEiVLFDSDUWLFLSDQGHVHVLRQHVURQOLQHFRQOD(OHFWURQ 0LFURVFRSH )DFLOLW\ GH OD 8QLYHUVLGDG (VWDWDO GH 6DQ 'LHJR /RV DOXPQRV UHFROHFWDQ LQVHFWRV ORV FODVLILFDQ \ OHHQ \ HVWXGLDQ GLYHUVRV PDWHULDOHV VREUH HO WHPD OD FRQH[LyQ OHV SHUPLWH H[DPLQDU HQ GHWDOOH REMHWRV PX\ SHTXHxRV IRUPXODU SUHJXQWDV H LQWHUFDPELDU RSLQLRQHV FRQ XQ HQWRPyORJR GH OD XQLYHUVLGDG (Q HO YLGHR /HDUQ DQG /LYH >$SUHQGHU \ YLYLU@ SURGXFLGR SRU OD )XQGDFLyQ (GXFDWLYD *HRUJH /XFDV VH SXHGH YHU HVWD FODVH HQ DFFLyQ DVt FRPR WDPELpQ RWUDV SURSXHVWDV SDUD DFWLYDU HO DSUHQGL]DMHSRUPHGLRGHODWHFQRORJtD(OOLEURFRPSOHPHQWDULRTXHLQFOX\HHMHPSORVDFWXDOL]DGRVDFHUFDGHHVFXHODVTXHXWLOL]DQ ODVQXHYDVWHFQRORJtDVSXHGHKDOODUVHHQVXVLWLRGHOD:HEKWWSJOHIRUJ! 


(Q1HZ+DPSVKLUHORVDOXPQRVGHVHJXQGRDRFWDYRDxRGHODHGXFDFLyQEiVLFDWRPDQSDUWHHQWUHVSUR\HFWRVGHFLHQFLDVSRFR FRPXQHV GHQRPLQDGRV %DWQHW >5HG GH PXUFLpODJRV@ %LUGQHW >5HG GH SiMDURV@ \ 7UHHQHW >5HG GH iUEROHV@ 'LFKRV SUR\HFWRV IXHURQ GLVHxDGRV SRU XQ JUXSR GH GRFHQWHV FRQ HO DXVSLFLR GHO 3UR\HFWR 5,6( ILQDQFLDGR SRU OD 1DWLRQDO 6FLHQFH )RXQGDWLRQ 7HDFKHU(QKDQFHPHQW*UDQW/RVDOXPQRVFXHQWDQORVPXUFLpODJRVTXHSDVDQYRODQGRGXUDQWHXQGHWHUPLQDGRSHULRGRGHWLHPSR GRFXPHQWDQ VXV REVHUYDFLRQHV OD WHPSHUDWXUD GHO DLUH \ OD YHORFLGDG HVWLPDGD GHO YLHQWR \ OXHJR YXHOFDQ ORV GDWRV HQ XQD UHG HOHFWUyQLFDTXHORVYLQFXODFRQODUHJLyQVXGRHVWHGHOHVWDGR2WURVDOXPQRVFRQIHFFLRQDQUHJLVWURVDFHUFDGHODVPLJUDFLRQHVGH ORVSiMDURV\RWURJUXSRVHHQFDUJDGHPHGLUHOGLiPHWURGHORVDUEROHVFRQHOREMHWRGHGHWHUPLQDUODHGDGGHORVERVTXHVGH1HZ +DPSVKLUH 7RGRV HVWRV SUR\HFWRV FRPELQDQ HO HPSOHR GH WHFQRORJtD FRQ H[SHULHQFLDV GLUHFWDV PHGLDQWH IRUPDV TXH QR VyOR UHYLWDOL]DQ HO DSUHQGL]DMH VLQR TXH WDPELpQ EULQGDQ XQ DSRUWH D OD EDVH GH FRQRFLPLHQWRV GH ORV DGXOWRV DFHUFD GHO PHGLR /RV GRFHQWHV KDQ OOHJDGR D OD FRQFOXVLyQ GH TXH ODV UHGHV GH FLHQFLD SURPXHYHQ HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH GH GLYHUVDV PDQHUDV 9HQWDMDVGHOWUDEDMRHQUHGSDUDHOiUHDGHFLHQFLDVQDWXUDOHV

Â&#x2021;2WRUJD DFWXDOLGDG\IDFLOLGDGGHDFFHVRDORVWHPDVFLHQWtILFRV

Â&#x2021;%ULQGDSRVLELOLGDGHVSDUDVXPLQLVWUDUGDWRV\DERUGDUODVSUHJXQWDVTXHIRUPXODQORVDOXPQRVHQIRUPDLQPHGLDWD

Â&#x2021;/RVDOXPQRVUHDOL]DQYDOLRVDVFRQWULEXFLRQHVDODLQYHVWLJDFLyQFLHQWtILFD\H[SDQGHQVXVFRQFHSWRVDFHUFDGHHOOD Â&#x2021;/RVDOXPQRVDSUHQGHQTXHORVGDWRVSHUPLWHQIRUPXODUKLSyWHVLV

Â&#x2021;/RVDOXPQRVDSUHQGHQTXHODFLHQFLDVHFRPSRQHGHSUHJXQWDVQRGHUHVSXHVWDV\TXHSXHGHQH[LVWLUPXFKDVUHVSXHVWDVSDUD XQDPLVPDSUHJXQWD Â&#x2021;/RVDOXPQRVXWLOL]DQODWHFQRORJtDSDUDLQWHJUDUGLYHUVRVWHPDVGHWRGDVODViUHDVFXUULFXODUHV

Â&#x2021;(OSURFHVRGHFUHDFLyQGHUHGHVGHFLHQFLDSURPXHYHODFRPXQLFDFLyQHQWUHORVDOXPQRV\FRQORVGRFHQWHV\SHUPLWHHYDOXDUHO QLYHOGHFRQRFLLHQWRVDOFDQ]DGRSRUORVDOXPQRVHQORVFRQFHSWRVHVHQFLDOHV

/RVSUR\HFWRVTXHVHGHVDUUROODQHQYDULRVOXJDUHVGHORV(VWDGRV8QLGRVHVWLPXODQDORVDOXPQRVSDUDTXHDSRUWHQLQIRUPDFLyQ LPSRUWDQWHDVXFRPXQLGDG3RUHMHPSOROD*OREDO5LYHUV(QYLURQPHQWDO(GXFDWLRQ1HWZRUN>5HGGH(GXFDFLyQ$PELHQWDOVREUH ORV5tRVHQHO1LYHO*OREDO@UHTXLHUHODSDUWLFLSDFLyQGHORVDOXPQRVHQODHYDOXDFLyQGHODFDOLGDGGHODJXDGHORVUtRVGHWRGRHO PXQGR \ SURSRUFLRQD VRIWZDUH SDUD HO SURFHVDPLHQWR GH GDWRV YpDVH KWWSZZZLJFDSFRUJJUHHQª (O *OREH 3URJUDP HV XQ SUR\HFWR GH HGXFDFLyQ \ FLHQFLDV DPELHQWDOHV GHO TXH SDUWLFLSDQ DOXPQRV \ GRFHQWHV GH PiV GH  SDtVHV FRQ HO REMHWR GH SURIXQGL]DUVXVFRQRFLPLHQWRVDFHUFDGHQXHVWURSODQHWD YpDVHKWWSZZZJOREHJRYJKRPHLQYLWHKWPOª 7DPELpQ H[LVWHQ QXPHURVRV UHFXUVRV HQ IRUPDWR GH &'520 WDOHV FRPR OD VHULH GHO $XWRE~V PiJLFR GH 6FKRODVWLF TXH WUDQVSRUWDDORVDOXPQRVHQVDOLGDVGHFDPSRHOHFWUyQLFDVDODVHOYDOOXYLRVDGH&RVWD5LFDDORFpDQRDOVLVWHPDVRODU\DODpSRFD GHORVGLQRVDXULRV/DVHULH6,0LQFOX\H6LP/LOHTXHSHUPLWHDORVDOXPQRVGLVHxDUVXVSURSLRVHFRVLVWHPDV\6LP $QW&ODV VLF PHGLDQWHHOFXDOVHFUHDXQPXQGRGHKRUPLJDV6S\>9HRYHR@\'LJLWDO)LHOG7ULSWR:HW,DQGV >6DOLGDGHFDPSRGLJLWDOD ORV SDQWDQRV@VRQRWURVH[FHOHQWHVHMHPSORVGH&'520HGXFDWLYRV

3DUD ORV GRFHQWHV HO VLWLR GH OD :HE GH 1HZ +RUL]RQV IRU /HDUQLQJ RIUHFH QXPHURVDV SURSXHVWDV SDUD DSOLFDU OD LQWHOLJHQFLD QDWXUDOLVWD HQ IRUPD GH XQ HGLILFLR YLUWXDO YpDVH *URXQGV DQG *DUGHQV (QYLURQPHQWDO (GXFDWLRQ IORRU >&LPLHQWRV \ MDUGLQHV IXQGDPHQWRVSDUDODHGXFDFLyQDPELHQWDO@HQKWWSZZZQHZKRUL]RQVRUJª $QWHV GH FRQFOXLU HVWH SDQRUDPD GH ODV WHFQRORJtDV HOHFWUyQLFDV TXH SURPXHYHQ HO GHVDUUROOR GH OD LQWHOLJHQFLD QDWXUDOLVWD UHIOH[LRQHPRV XQ PRPHQWR VREUH ORV HVWXGLRV QDWXUDOLVWDV IXQGDPHQWDOHV HO HVWXGLR GH OD QDWXUDOH]D KXPDQD \ OD HFRORJtD GHO FHUHEUR +DVWD KDFH SRFR WLHPSR OD PD\RU SDUWH GH ODV LQYHVWLJDFLRQHV VH OOHYDEDQ D FDER SRU PHGLR GH OD FLUXJtD R GH OD REVHUYDFLyQ GH SHUVRQDV FRQ OHVLRQHV FHUHEUDOHV (Q OD DFWXDOLGDG QR VyOR HV SRVLEOH YHU OD HVWUXFWXUD GHO FHUHEUR PHGLDQWH WHFQRORJtDVQRLQYDVLYDVFRPRODHFRJUDItD\WRPRJUDItDFRPSXWDGDVLQRWDPELpQREVHUYDUODDFWLYLGDGFHUHEUDOSRUPHGLRGHOD UHVRQDQFLD PDJQpWLFD IXQFLRQDO (O DQiOLVLV GH ORV DSRUWHV TXH SXHGD SURSRUFLRQDU HVWD LQIRUPDFLyQ SDUD FRPSUHQGHU ODV GLIHUHQFLDVLQGLYLGXDOHVHQHODSUHQGL]DMHVHHQFXHQWUDHQVXVFRPLHQ]RV /DV KHUUDPLHQWDV \ ORV UHFXUVRV TXH VH KDQ PHQFLRQDGR VRQ VyOR DOJXQRV HMHPSORV GH ODV HVWUDWHJLDV HQ UiSLGR DVFHQVR TXH SHUPLWHQGLQDPL]DUDFWLYDUHQULTXHFHU\SURIXQGL]DUHODSUHQGL]DMHDXWHQWLFRSRUPHGLRGHODWHFQRORJtD'HKHFKRORVPXURVGHO DXOD GH FLHQFLDV VH YDQ GHUULEDQGR D PHGLGD TXH WRGR XQ PXQGR GH DSUHQGL]DMH VH WRUQD DFFHVLEOH D ORV DOXPQRV \ GRFHQWHV TXLHQHVSXHGHQDVRFLDUVHFRQFLHQWtILFRV\H[SORUDGRUHVSDUDGHVFXEULU\FRQVWUXLUHOFRQRFLPLHQWRDFHUFDGHQXHVWURSODQHWD\VXV KDELWDQWHV

5HVXPHQ




4XHUtDFRQRFHUFDGDSLHGUDIORULQVHFWRDYHREHVWL DH[WUDxD *(25*(:$6+,1*721&$59(5

*HRUJH:DVKLQJWRQ&DUYHUFRQVWLWX\HXQHMHPSORGHOQDWXUDOLVWDTXHWDQWRQHFHVLWDPRVHQQXHVWURPXQGRFRQWHPSRUiQHR)UHQWH DODDODUPDQWHWDVDGHFUHFLPLHQWRGHODSREODFLyQDODVHVWDGtVWLFDVGHOKDPEUHHQHOPXQGR \DODJRWDPLHQWRGHORVUHFXUVRVOD KXPDQLGDG UHTXLHUH GH ODV KDELOLGDGHV GH TXLHQHV REVHUYDQ UHFRQRFHQ FRQH[LRQHV IRUPXODQ \ SRQHQ D SUXHED KLSyWHVLV \ HODERUDQIRUPDVSDUDPHMRUDUODFDOLGDGGHYLGD&DUYHUQRIXHVRODPHQWHXQQDWXUDOLVWDXQDUWLVWD \XQLQYHQWRUVXWUDEDMRHVWDED PRWLYDGR SRU HO GHVHR GH D\XGDU D ORV GHPiV 6HJ~Q GRFXPHQWD HO ELyJUDIR *HQH $GDLU HQ *HRUJH:DVKLQJWRQ&DUYHUERWiQLFR &DUYHUH[SOLFDED /DLGHDSULPRUGLDOHQWRGRPLWUDEDMRFRQVLVWHHQD\XGDUDOSREUHDOOHQDUODROODYDFtDDODKRUDGHODFHQD0L LGHD FRQVLVWH HQ D\XGDUCDOPiVSREUHHQWUHORVSREUHV eVWHHVHOPRWLYRSRUHOFXDOKHIRUPXODGRFDGDSURFHVRGHPDQHUDWDQ VHQFLOODFRPRSDUDSRGHUSRQHUORDVXDOFDQFH /RV REMHWLYRV GH &DUYHU UHIOHMDEDQ OD HILFLHQFLD GH OD QDWXUDOH]D PLVPD 4XLpQ SRGUtD SUHGHFLU OR TXH FDGD XQR GH QRVRWURV GHVFXEULUtDVLVLJXLpUDPRVVXFRQVHMRSDUDFRPHQ]DUDKRUDDHVWXGLDUODVSHTXHxDVFRVDVGHWXSURSLRSDWLR\HQGRGHORFRQRFLGR DDOJRHVWUHFKDPHQWHUHODFLRQDGR\GHVFRQRFLGR

/DV DFWLYLGDGHV GH HVWH FDSLWXOR GHVWDFDQ DOJXQDV GH ODV KDELOLGDGHV \ DFWLWXGHV GH ORV QDWXUDOLVWDV SRU PHGLR GH OD REVHUYDFLyQ LQGDJDFLyQ\H[SHULPHQWDFLyQ6HDGYHUWLUiTXHORVQDWXUDOLVWDVSRVHHQWDPELpQXQSURIXQGRUHVSHWR\DPRU SRUODQDWXUDOH]D(OORVVLHQWHQXQDHQRUPHREOLJDFLyQ\UHVSRQVDELOLGDGIUHQWHDOPXQGRQDWXUDO&RQHOREMHWRGHUHVXPLU UHIOH[LRQDU\VLQWHWL]DUHOFRQWHQLGRGHOSUHVHQWHFDStWXORRIUHFHPRVODVLJXLHQWHJXtD




&$3Ã&#x152;78/2 'HVDUUROORFXUULFXODUSRUPHGLRGHODVLQWHOLJHQFLDV P~OWLSOHV (Q~OWLPDLQVWDQFLDODSOHQDFRPSUHQVLyQGHWRGRFRQFHSWRFXDOTXLHUDVHDVXJUDGRGHFRPSOHMLGDGQRSXHGHUHVWULQJLUVHDXQ~QLFRPRGHORGH FRQRFLPLHQWRRIRUPDGHUHSUHVHQWDFLyQ

+2:$5'*$5'1(5/DPHQWHQRHVFRODUL]DGD

(ODUWHGHODFLHQFLD

ORVFXDWURFLHQWRVDVLVWHQWHVDDFRQIHUHQFLDVHSXVLHURQGHLSLHHQWXVLDVPDGRVSDUDRYDFLRQDUDORVDOXPQRVGHOFXUVRGHFLHQFLDVTXHVHKDEODQ WUDQVIRUPDGRHQDFWRUHV

Â&#x2021;8QFXUVRGHSULPHUDxRGHQLYHOSROLPRGDODERUGyHOHVWXGLRGHODV HUDVJHROyJLFDV\ODHYROXFLyQGHODYLGDYHJHWDO\DQLPDO(O GRFHQWH KDEtD RUJDQL]DGR HO FXUUtFXOR WHPiWLFDPHQWH \ GHQRPLQDGR 2UtJHQHV D HVD XQLGDG FRQ OD LQWHQFLyQ GH GHVSHUWDU HO LQWHUpV GH ORV DOXPQRV UHVSHFWR GH ORV SURFHVRV \ WUDQVIRUPDFLRQHV TXH DWUDYHVDURQ HO SODQHWD \ ODV IRUPDVGHYLGD8QRGHORV UHTXLVLWRV GH OD XQLGDG FRQVLVWtD HQ TXH ORV DOXPQRV HODERUDVHQ SUR\HFWRV LQGLYLGXDOHV R JUXSDOHV $QWHV GH FRPHQ]DU OD LQYHVWLJDFLyQ ORV DOXPQRV IRUPXODURQ SUHJXQWDV SDUD RUJDQL]DU \ FRQFHQWUDU VXV HVIXHU]RV 6H UHFXUULy D QXPHURVDV IXHQWHV GH UHFXUVRVWDQWRGHQWURGHODXODFRPRIXHUDGHHOODHQEXVFDGHUHVSXHVWDV$OFDERGHGRVVHPDQDVVHSUHVHQWDURQORVSUR\HFWRVHQ FODVHHQHVHPRPHQWRFRPHQ]yHOYHUGDGHURWUDEDMR/RVDOXPQRVUHFRQRFLHURQODFDOLGDG\HODOWRQLYHOGHORVFRQWHQLGRVGHORV WUDEDMRV GH WRGR HO JUXSR \ VH QHJDURQ D GDU FLHUUH D OD WDUHD 6REUH OD EDVH GH TXH HO PDWHULDO HUD LQWHUHVDQWH \ HVWDED ELHQ SUHVHQWDGRVHSUHJXQWDURQFXiOSRGUtDVHUODPHMRUPDQHUDSDUDFRPSDUWLUVXVFRQRFLPLHQWRVFRQRWUDVSHUVRQDV

/DSURSXHVWDGHRUJDQL]DUXQDSUHVHQWDFLyQGUDPiWLFDFRQWyFRQXQDHQWXVLDVWDDFHSWDFLyQVHFRPELQDUtDQWRGRVORVSUR\HFWRVHQ XQD REUD XQLILFDGRUD SDUD FRPSDUWLU ORV FRQRFLPLHQWRV FRQ ORV DOXPQRV GH RWURV FXUVRV \ FRQ ORV SDGUHV 6H UHIRUPXODURQ ORV LQIRUPHVSDUDWUDQVIRUPDUORVHQEUHYHVFXDGURVLPSURYLVDGRV&DGDXQRGHORVFXDGURVFRPHQ]DEDFRQODVSUHJXQWDVTXHKDEtDQ GDGROXJDUDODVLQYHVWLJDFLRQHV\HVWDEDQRUGHQDGRVVHFXHQFLDOPHQWHHQUHODFLyQFRQXQDOtQHDGHWLHPSR/DHVFHQRJUDItDHVWDED FRPSXHVWD SRU XQD JUDQ OiPLQD GHVSOHJDEOH GH  PHWURV GH ORQJLWXG HQ OD TXH DSDUHFtDQ HVFHQDV GH OD YLGD YHJHWDO \ DQLPDO SRHPDV GHGLFDGRV D VXFHVRV SUHKLVWyULFRV \ JUDIILWLV JHROyJLFRV 8Q FRUHyJUDIR ORFDO FRODERUy FRQ D FUHDFLyQ GH XQD GDQ]D WLWXODGD(QHOFRPLHQ]R\XQP~VLFRSDGUHGHXQDOXPQRWUDEDMyMXQWRFRQXQJUXSRTXHVHRIUHFLySDUDFRPSRQHUXQDFDQFLyQ FX\RWtWXORIXH9LDMHHQHOWLHPSR /D FUHDFLyQ ILQDO WLWXODGD /D YLGD \ WRGR OR TXH XVWHGTXHUtDVDEHUVR EUHHOOD VH SUHVHQWy IUHQWH D ORV DOXPQRV GH OD HVFXHOD \ ORV SDGUHV \ WLHPSR GHVSXpV HQ HO PDUFR GH XQD FRQIHUHQFLD LQWHUQDFLRQDO VREUH HGXFDFLyQ GRQGH FXDWURFLHQWRV DVLVWHQWHV VH SXVLHURQGHSLHHQWXVLDVPDGRVSDUDRYDFLRQDUDORVDOXPQRVGHOFXUVRGH FLHQFLDVTXHVHKDEtDQWUDQVIRUPDGRHQDFWRUHV )XHURQ QXPHURVRV ORV PRWLYRV SRU ORV FXDOHV OD XQLGDG 2UtJHQHV VH WUDQVIRUPy HQ XQ p[LWR /RV DOXPQRV DSUHQGLHURQ H LQWHUDFWXDURQFRQHOPDWHULDOGHGLIHUHQWHVPRGRV1DUUDURQKLVWRULDV\GLEXMDURQOLQHDV GHWLHPSRSLQWDURQFDQWDURQ\EDLODURQ ORVFRQWHQLGRV5HFLELHURQDVHVRUDPLHQWRSRUSDUWHGHSHUVRQDVFRQPD\RUH[SHULHQFLD\ IHHGEDFN GHVXVSDGUHV\GHPLHPEURVGH ODFRPXQLGDGHQUHFRQRFLPLHQWRSRUVXODERU

&XDQGR ORV DOXPQRV SDUWLFLSDQ GH H[SHULHQFLDV GH DSUHQGL]DMH DELHUWDV VRQ FDSDFHV GH FRQWHPSODU ORV FRQFHSWRV D WUDYpV GH GLYHUVDV OHQWHV \ GH DSOLFDU HQ QXHYRV FRQWH[WRV OR TXH KDQ DSUHQGLGR HQ OXJDU GHOLPLWDUVHDLPLWDUORTXHVHOHVKDHQVHxDGR $VLPLVPRFXDQGRVHLQFRUSRUDQODVLQWHOLJHQFLDVP~OWLSOHVDODVXQLGDGHVFXUULFXODUHVVHPXOWLSOLFDQODVSRVLELOLGDGHVGHTXHDO PHQRVXQRGHORVPRGRVIDFLOLWHHODSUHQGL]DMHGHFDGDXQRGHORVDOXPQRV

(Q ORV FDStWXORV SUHYLRV VH UHVHxDURQ IDFWRUHV DPELHQWDOHV \ HVWUDWHJLDV GLGiFWLFDV SDUD H[SDQGLU HO UHSHUWRULR SURIHVLRQDO \ SURSRUFLRQDURSFLRQHVTXHLQFUHPHQWHQODVSRVLELOLGDGHVGHDSUHQGL]DMHGHORVDOXPQRV3HURHVDLQIRUPDFLyQHVWDUtDLQFRPSOHWD VLQXQDUHIOH[LyQDFHUFDGHXQDVSHFWRDGLFLRQDOGHODSUiFWLFDGRFHQWHHOGHVDUUROORFXUULFXODU$VtFRPRODWHRUtDGH+*DUGQHU 


SRVHHSURIXQGDVLPSOLFDQFLDVSDUDODSHGDJRJtDWDPELpQRIUHFHRSFLRQHVHVWLPXODQWHVSDUDHOGLVHxRGHFODVHVXQLGDGHVGLGiFWLFDV \SURJUDPDVHVFRODUHV

,PSOLFDQFLDVGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVSDUDHOFXUUtFXOR

0XFKRV HGXFDGRUHV LQWHUSUHWDQ TXH HO WUDEDMR GH *DUGQHU SURSRQH QXPHURVRV SXQWRV GH DFFHVR DO FXUUtFXOR WUDGLFLRQDO /DV LQWHOLJHQFLDVP~OWLSOHVVHFRQVLGHUDQSURFHVRVGLGiFWLFRVFDSDFHVGHSURPRYHUHODSUHQGL]DMHGHODOXPQRHQWRGDVODVGLVFLSOLQDV /D SXHVWD HQ SUiFWLFD GH GLFKD SHUVSHFWLYD WDPELpQ SHUPLWH DO GRFHQWH WUDEDMDU HQ HTXLSR MXQWR FRQ RWUDV SHUVRQDV TXH SRVHDQ KDELOLGDGHV SURIHVLRQDOHV GLIHUHQWHV GH ODV VX\DV R LQFRUSRUDU GLYHUVRV PHGLRV \ UHFXUVRV WHFQROyJLFRV DO FXUUtFXOR GH XQD GHWHUPLQDGDDVLJQDWXUD

$OJXQRV GRFHQWHV FRQVLGHUDQ TXH OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV SURPXHYH OD HVSHFLDOL]DFLyQ WHPSUDQD SRU PHGLR GH DFFLRQHV RULHQWDGDV D GHVDUUROODU FDGD XQD GH ODV iUHDV GH DSWLWXG GHO DOXPQR GHVGH OD SULPHUD LQIDQFLD 2WURV VRVWLHQHQ TXH OD WHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVHVXQDH[FXVDSDUDH[WHQGHUHODOFDQFHGHOFXUUtFXORFRQHOREMHWRGHLQFOXLUHQpOXQDPD\RU YDULHGDGGHDVLJQDWXUDV+D\PXFKRVTXHSURPXHYHQODDVLJQDFLyQGHPD\RUWLHPSRDODVDUWHVYLVXDOHV\HVFpQLFDVGHELGRDTXH GLFKDVDUWHVPHUHFHQGLVSRQHUGHOPLVPRWLHPSRTXHODVGHPiVDVLJQDWXUDV3RUHMHPSORHQOD.H\6FKRROODSULPHUDHVFXHODGH LQWHOLJHQFLDVP~OWLSOHVGHORV(VWDGRV8QLGRVVHH[WHQGLyHOFXUUtFXORSDUDLQFOXLUDUWHVYLVXDOHVP~VLFDDUWHGUDPiWLFR\GDQ]D SDUD WRGRV ORV DOXPQRV GHVGH HO QLYHO GH HQVHxDQ]D LQLFLDO $GHPiV GH FRQWDU FRQ GRFHQWHV GH HGXFDFLyQ JHQHUDO TXLHQHV VH GHVHPSHxDQ HQ ODV iUHDV EiVLFDV OD .H\ 6FKRRO KD FUHDGR FDUJRV SDUD GRFHQWHV HVSHFLDOL]DGRV HQ iUHDV DUWtVWLFDV D ILQ GH JDUDQWL]DUTXHORVDOXPQRVUHFLEDQHQVHxDQ]DDUWtVWLFDGHEXHQQLYHO /XHJR GH WRPDU FRQWDFWR FRQ HO WUDEDMR GH *DUGQHU VXUJHQ HQ DOJXQRV GRFHQWHV LQTXLHWXGHV IXQGDPHQWDOHV WDOHV FRPR VL ODV HVFXHODVQRHVWiQGHVWLQDGDVDSURPRYHUODVFDSDFLGDGHVGHORVDOXPQRVHQODPD\RUPHGLGDSRVLEOHHQWRQFHV¢SDUDTXpVLUYHQ" (O PLVPR *DUGQHU HVER]D XQ FXUUtFXOR FHQWUDGR HQ HO LQGLYLGXR HQ HO TXH HO LGHDO GH ODV HVFXHODV FRQVLVWH HQ SURSRUFLRQDU RSFLRQHV HGXFDWLYDV TXH UHVSRQGDQ D ODV QHFHVLGDGHV GH FDGD XQR GH ORV DOXPQRV /RV GRFHQWHV LQWHUHVDGRV HQ UHFRQRFHU \ HVWLPXODU ODV FDSDFLGDGHV LQWHOLJHQWHV GH WRGRV ORV QLxRV VXHOHQ FUHDU RSRUWXQLGDGHV SDUD TXH VXV DOXPQRV UHDOLFHQ WXWRUtDV \ SDVDQWtDV 7DPELpQ HVWiQ DTXHOORV TXH FRQVLGHUDQ TXH HO WUDEDMR GH *DUGQHU GHVWDFD OD LPSRUWDQFLD GH TXH HO DOXPQR DOFDQFH SOHQD FRPSUHQVLyQ GH ORV FRQWHQLGRV FXUULFXODUHV IXQGDPHQWDOHV 1R REVWDQWH JDUDQWL]DU TXH HO DOXPQR GRPLQH ORV FRQWHQLGRV DFDGpPLFRV \ VHD FDSD] GH DSOLFDU VXV FRQRFLPLHQWRV DQWH QXHYDV VLWXDFLRQHV QR FRQVWLWX\H XQD PHWD HGXFDWLYD VHQFLOOD /D HQVHxDQ]D EDVDGD HQ SUR\HFWRV OD SURYLVLyQ GH P~OWLSOHV SXQWRV GH DFFHVR D ORV FRQWHQLGRV \ OD UHGXFFLyQ GH OD SUHVLyQ SDUD FXPSOLUFRQXQSURJUDPDSUHHVWDEOHFLGRVRQDOJXQRVGHORVPpWRGRVTXHDGRSWDQORV HGXFDGRUHVSDUDSURPRYHUODFRPSUHQVLyQ GHODOXPQR

6HJ~QDILUPD+RZDUG*DUGQHUHQWpUPLQRVGHHQIRTXHVFXUULFXODUHVODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVVHDVHPHMDDXQWHVW GH5RUVFKDFK&DGDGRFHQWH\ODWRWDOLGDGGHOSHUVRQDOGHODVHVFXHODVSXHGHQDSOLFDUFRQFHSFLRQHVFXUULFXODUHVGHLQWHOLJHQFLDV P~OWLSOHV GH PDQHUDV GLYHUVDV \ HQ RFDVLRQHV FRQIOLFWLYDV *DUGQHU VRVWLHQH TXH QLQJXQD DSOLFDFLyQ GH VX WHRUtD HV QHFHVDULDPHQWH FRUUHFWD FRPSDUDGD FRQ RWUD TXH SXHGD FRQVLGHUDUVH LQFRUUHFWD 3RU OR JHQHUDO WRGRV ORV HQIRTXHV SXHGHQ MXVWLILFDUVH\GHPRVWUDUVXYDOLGH]HQFDGDFRQWH[WR (VWHFDStWXORH[SORUDQXPHURVRVPRGHORVFXUULFXODUHVGHLQWHOLJHQFLDVP~OWLSOHV$TXHOORVHGXFDGRUHVTXHVHSURSRQJDQDGRSWDU OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV SRGUiQ UHIOH[LRQDU DFHUFD GH ORV HQIRTXHV TXH SURGXFLUiQ PD\RUHV EHQHILFLRV SDUD VXV DOXPQRV\VXFRPXQLGDGHVFRODU$FRQWLQXDFLyQVHHQXPHUDQORVWHPDVFXUULFXODUHVHVSHFtILFRVTXHVHDERUGDQHQHVWHFDStWXOR 3ODQHDPLHQWRGHFODVHVSRUPHGLRGHODVLQWHOLJHQFLDVP~OWLSOHV 0HQ~VGLGiFWLFRV 0DWUL]GHSODQHDPLHQWRGHFODVH &ODVHVPRGHOR 8QLGDGHVLQWHUGLVFLSOLQDULDV 3ODQHDPLHQWRLQWHUGLVFLSOLQDULRSRUPHGLRGHODVLQWHOLJHQFLDVP~OWLSOHV 3ODQHDPLHQWRLQWHUGLVFLSOLQDULRFRQVHFXHQFLDVGHGHVDUUROOR (QIRTXHVLQWHUGLVFLSOLQDULRVLQVWLWXFLRQDOHVHQHOQLYHOSROLPRGDO (TXLSRVGHLQWHOLJHQFLD %HQHILFLRVGHOWUDEDMRHQHTXLSR 'HVDUUROORFXUULFXODUSDUDGHVDUUROODUODLQWHOLJHQFLD )RUPDWRGLGiFWLFRHQFHQWURVGHDSUHQGL]DMH 3UR\HFWR6SHFWUXP 'HVFXEULPLHQWRGHODRULHQWDFLyQFXUULFXODU

&XUUtFXODEDVDGDHQSUR\HFWRV OLQHDPLHQWRVSDUDFUHDUSUR\HFWRVHILFDFHV 2FKRSDVRVSDUDODFUHDFLyQGHSUR\HFWRV




3DVDQWtDV 3URJUDPDVPRGHORLQWHJUDGRVDODMRUQDGDHVFRODUFRP~Q 3DVDQWtDVH[WUDFXUULFXODUHV 3RVLELOLGDGHVSDUDUHDOL]DUSDVDQWtDV (QVHxDQ]DSDUDODFRPSUHQVLyQ 3ULQFLSLRVGHORHQVHxDQ]DSDUDODFRPSUHQVLyQ

8QDILFKDGHUHIHUHQFLDGHODHQVHxDQ]DSDURODFRPSUHQVLyQ

0DWULFHVGHGHVDUUROORFXUULFXODUTXHIDYRUHFHQODFRPSUHQVLyQGHODOXPQR 5HVXPHQ

3ODQHDPLHQWRGHFODVHVSRUPHGLRGHODVLQWHOLJHQFLDVP~OWLSOHV

/DWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVSHUPLWHDORVGRFHQWHVWUDQVIRUPDUODVDFWXDOHVFODVHV\XQLGDGHVGLGiFWLFDVHQDFWLYLGDGHV GH DSUHQGL]DMH PXOWLPRGDO SDUD ORV DOXPQRV 'HELGR D TXH PXFKRV GRFHQWHV WUDEDMDQ GRV R WUHV LQWHOLJHQFLDV VLQ GLILFXOWDG UHDOL]DUHOLQWHQWRGHLQFRUSRUDUFDSDFLGDGHVDGLFLRQDOHVLPSOLFDFRUUHUULHVJRV\VHUIOH[LEOH1RREVWDQWHWDOHVHVIXHU]RVEULQGDQ UHFRPSHQVDVFRQFUHWDV5HVXOWDJUDWLILFDQWHFRQWHPSODUORVDYDQFHVHQHOHQWXVLDVPRFRPSURPLVR\QLYHOGHORJURGHORVDOXPQRV PLHQWUDVH[SHULPHQWDQODH[SDQVLyQGHVXSURSLDFDSDFLGDGLQWHOHFWXDO

(QORVFDStWXORVSUHFHGHQWHVVHVXJLHUHQQXPHURVDVHVWUDWHJLDVSDUDODSODQLILFDFLyQGLDULDRVHPDQDO6LQHPEDUJRPXFKRV GRFHQWHVVHVLHQWHQLQWLPLGDGRVIUHQWHDODVLWXDFLyQSRUORTXHTXLVLpUDPRVGHVWDFDUTXHQRHVQHFHVDULRGLVHxDUFODVHVTXH LQFRUSRUHQODVRFKRiUHDV/RVDXWRUHVGHHVWHOLEURUHFRPHQGDPRVHPSOHDUFXDWURLQWHOLJHQFLDVTXHVLUYDQFRPRYHQWDQDVD FDGD XQR GH ORV FRQWHQLGRV 'H HVWD PDQHUD ORV DOXPQRV SRGUiQ GLVSRQHU GH FXDWUR RSRUWXQLGDGHV SDUD DFFHGHU D OD LQIRUPDFLyQ \ D OD YH] ORV GRFHQWHV H[SHULPHQWDUiQ HO GHVDItR GH WUDEDMDU GH QXHYDV PDQHUDV /RV HGXFDGRUHV VXHOHQ VHxDODUTXHHOKHFKRGHDSOLFDUP~OWLSOHVPRGRVGHSHQVDPLHQWRSDUDHOSODQHDPLHQWRGHFODVHVHWUDQVIRUPDHQXQDVHJXQGD QDWXUDOH]DGXUDQWHHOSULPHUDxRGHHQVHxDQ]DSRUPHGLRGHODVRFKRLQWHOLJHQFLDVRDOFDERGHGLFKRSHUtRGR 3DUD FRPHQ]DU OD SODQLILFDFLyQ ORV HGXFDGRUHV SRGUiQ UHIOH[LRQDU DFHUFD GHO FRQFHSWR TXH GHVHDQ HQVHxDU H LGHQWLILFDU ODV LQWHOLJHQFLDV TXH UHVXOWDQ PiV DSURSLDGDV SDUD FRPXQLFDU GLFKR FRQWHQLGR 7DPELpQ SRGUiQ VROLFLWDU OD RSLQLyQ GH ORV DOXPQRV DFHUFDGHOPRGRHQTXHSUHIHULUtDQDSUHQGHU&RQHOREMHWRGHLQIXQGLUYDULHGDGHQHOWUDEDMRGHODXODVLQGLILFXOWDGHVSUHVHQWDPRV ORVVLJXLHQWHV0HQ~VGLGiFWLFRVHQORVTXHHOGRFHQWHHQFRQWUDUiRSFLRQHVDFFHVLEOHVSDUDH[SDQGLUVXUHSHUWRULRSHGDJyJLFR

0(1Ò6','È&7,&26 0HQ~OLQJtVWLFR

8WLOL]DU ODQDUUDFLyQFRPRUHFXUVRSDUD 2UJDQL]DUXQGHEDWHDFHUFDGH 5HODWDUXQFXHQWRRXQDQRYHODSDUD 5HDOL]DUXQDSUHVHQWDFLyQDFHUFDGH &RQGXFLUXQGHEDWHJUXSDOVREUH

&UHDUXQSURJUDPDGHUDGLRGHGLFDGRD5HGDFWDUXQEROHWtQRÄIROOHWRDFHUFDGH,QYHQWDUHVOyJDQHVSDUD*UDEDUXQFDVHWHGH5HDOL]DU XQDHQWUHYLVWDDDFHUFDGH(VFULELUXQDFDUWDDVREUH 8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDHVFULELU 2WURVUHFXUVRVGHVXSUHIHUHQFLD

0HQ~OyJLFRPDWHPiWLFR

&UHDUVLWXDFLRQHVSUREOHPiWLFDVSDUD 7UDGXFLUDXQDIyUPXOD &UHDUXQDOLQHDGHWLHPSRGH 'LVHxDU\UHDOL]DUXQH[SHULPHQWRVREUH ,QYHQWDUXQMXHJRGHHVWUDWHJLDTXH 8WLOL]DUXQ'LDJUDPDGH9HQQSDUDH[SOLFDU &UHDUVLORJLVPRVSDUDGHPRVWUDU &UHDUDQDORJtDVSDUDH[SOLFDU $SOLFDUKDELOLGDGHVGHSHQVDPLHQWRSDUD 'LVHxDUXQFyGLJRSDUD &ODVLILFDUGDWRVDFHUFDGH 


'HVFULELUPRGHORVRVLPHWUtDVHQ 8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDFDOFXODU 2WURVUHFXUVRVGHVXSUHIHUHQFLD

0HQ~FRUSRUDOFLQHVW~VLFR

5HDOL]DUXQDDFWLYLGDGGH UROSOD\RXQVLPX ODFURSDUD &UHDUPRYLPLHQWRVSDUDH[SOLFDU &UHDUXQDFRUHRJUDItDGH ,QYHQWRUXQMXHJRGHWDEOHURRGH PRYLPLHQWRFRQ )DEULFDUILFKDVRURPSHFDEH]DVGHWDUHDV SDUD $UPDUR FRQVWUXLUXQ 5HDOL]DUXQDVDOLGDGHFDPSR FRQHOREMHWRGH (PSOHDUODVFXDOLGDGHVGHXQDSHUVRQDItVLFD  PHQWHHGXFDGDSDUDGHPRVWUDU  'LVHxDUXQDE~VTXHGDGHOWHVRURSDUD 5HDOL]DUXQPRGHORGH 8WLOL]DUPDWHULDOGHGHVHFKRSDUD 'LVHxDUXQSURGXFWRSDUD 8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDMXJDUD 2WURVUHFXUVRVGHVXSUHIHUHQFLD

0HQ~LQWHUSHUVRQDO

&RRUGLQDUXQDUHXQLyQSDUD

&UHDUDQXQFLRVSXEOLFLWDULRVSDUD9DULDUODIRUPD\HOWDPDxRGH8WLOL]DUXQFyGLJRGHFRORUHVSDUDLOXVWUDUHOSURFHVRGH,QYHQWDUXQ MXHJRSDUDGHPRVWUDU,OXVWUDUSLQWDUHVFXOSLURFRQVWUXLU8WLOL]DUH UHWURSUR\HFWRUSDUDHQVHxDU8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUD GLEXMDU2WURVUHFXUVRVGHVXSUHIHUHQFLD

0HQ~PXVLFDO

5HDOL]DUXQDSUHVHQWDFLyQFRQDFRPSDxDPLHQWRPXVLFDOVREUH(VFULELUODOHWUDGHXQDFDQFLyQSDUD&DQWDUXQDFDQFLyQTXHH[SOLTXH 5HFRQRFHUORVSDWURQHVUtWPLFRVHQ5HODFLRQDUOROHWUDGHXQDFDQFLyQFRQ([SOLFDUODVVHPHMDQ]DVHQWUHXQDREUDPXVLFDO\3UHVHQWDUXQ EUHYHHVSHFWiFXORPXVLFDODFHUFDGH)DEULFDUXQLQVWUXPHQWR\XWLOL]DUORSDUD8WLOL]DUP~VLFDSDUDIDFLOLWDUHODSUHQGL]DMHGH5HFRSLODU\ SUHVHQWDUFDQFLRQHVDFHUFDGH(VFULELUXQQXHYRILQDOSDUDXQDFRPSRVLFLyQPXVLFDOSDUDH[SOLFDU&UHDUXQFROODJHPXVLFDOTXH HMHPSOLILTXH8WLOL]DUUHFXUVRVWHFQROyJLFRVPXVLFDOHVSDUD2WURVUHFXUVRVGHVXSUHIHUHQFLD

0HQ~YLVXDOHVSDFLDO

'LVHxDUWDEODVPDSDVDVRFLDFLRQHVRJUiILFRV&UHDUXQHVSHFWiFXORFRQGLDSRVLWLYDVYtGHRVRXQiOEXPGH IRWRJUDItDVGH'LVHxDUXQ SyVWHUXQDFDUWHOHUDRXQPXUDOGH(PSOHDUVLVWHPDVPQHPRWpFQLFRVSDUDDSUHQGHU&UHDUREMHWRVDUWtVWLFRVTXH5HDOL]DUGLEXMRV DUTXLWHFWyQLFRVSDUD

-XQWRFRQXQFRPSDxHURDSOLFDUODHVWUDWHJLDGHGHEDWHSDUDODVROXFLyQGHSUREOHPDVSDUD'UDPDWL]DUGLIHUHQWHVSHUVSHFWLYDVDFHUFDGH ,QWHJUDUXQJUXSRSDUD$SOLFDUGHOLEHUDGDPHQWHKDELOLGDGHVVRFLDOHVSDUDTXHIDFLOLWHQHODSUHQGL]DMHGH'LVHxDUXQSUR\HFWRGHWUDEDMR VRFLDOGHVWLQDGRD(QVHxDUDDOJXLHQDFHUFDGH3ODQLILFDUFRQMXQWDPHQWHUHJODVGHSURFHGLPLHQWRSDUD$ERUGDUXQSUREOHPDORFDORJOREDO PHGLDQWH3URSRUFLRQDU\UHFLELUIHHGEDFNSRU$SRUWDUDOJXQDFDSDFLGDGSURSLDDXQWUDEDMRJUXSD SDUDORJUDU&UHDUXQFXOWXJUDPDR UXHGD GHVLVWHPDV YpDVHFDStWXORGHGLFDGRDODLQWHOLJHQFLDLQWHUSHUVRQDO GH8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDLQWHUDFWXDUFRQ

2WURVUHFXUVRVGHVXSUHIHUHQFLD

0HQ~LQWUDSHUVRQDO

'HVFULELUODVFXDOLGDGHVTXHWHD\XGDUiQD OHYDUDFDERVDWLVIDFWRULDPHQWH&UHDUXQDDQDORJtDSHUVRQDOSDUD(VWDEOHFHU\ DOFDQ]DUXQREMHWLYRGH'HVFULELUFXiOHVVRQWXVVHQWLPLHQWRVUHVSHFWRGH([SOLFDUWXILORVRItDUHVSHFWRGH'HVFULELUWXV YDORUHVSHUVRQDOHVDFHUFDGH$SOLFDUHVWUDWHJLDVGHDSUHQGL]DMHDXWRGLULJLGRSDUDORJUDU(VFULELUXQSDVDMHGHXQGLDULR SHUVRQDODFHUFDGH([SOLFDUWXVPRWLYRVSDUDHVWXGLDU/OHYDUDFDERXQSUR\HFWRDHOHFFLyQVREUH5HFLELUIHHGEDFNSRUSDUWH GHRWUDSHUVRQDSRU$XWRHYDOXDUWXWUDEDMRHQ 8WLOL]DU UHFXUVRVWHFQROyJLFRVSDUDUHIOH[LRQDUDFHUFDGH2WURVUHFXUVRVGHVXSUHIHUHQFLD

0HQ~QDWXUDOLVWD




5HFRSLODU\FODVLILFDULQIRUPDFLyQ&RQIHFFLRQDUXQGLDULRGHREVHUYDFLRQHVVREUH&RPSDUDUIHQyPHQRVPHWHRUROyJLFRVFRQ ,QYHQWDUFDWHJRUtDVSDUD([SOLFDUODVVHPHMDQ]DVGHXQDHVSHFLHYHJHWDORDQLPDOFRQ&UHDUXQDWD[RQRPtDGH8WLOL]DU ELQRFXODUHVPLFURVFRSLRVOXSDVRWHOHVFRSLRVSDUD5HFRQRFHUODVUHODFLRQHVHQWUH(QFDUJDUVHGHOFXLGDGRGHSODQWDVR DQLPDOHVSDUDDSUHQGHUDFHUFDGH'HVFULELUORVFLFORVRSDWURQHVGH(VSHFLILFDUODVFDUDFWHUtVWLFDVGH3DUWLFLSDUGHXQYLDMH GHHVWXGLRVSDUD8WLOL]DUUHFXUVRVWHFQROyJLFRVSDUDH[SORUDU2WURVUHFXUVRVGHVXSUHIHUHQFLD

6LELHQHVWHOLVWDGRRIUHFHQXPHURVDVRSFLRQHVGLGiFWLFDVORVGRFHQWHVKDQKDOODGRRWUDVPDQHUDVGHXWLOL]DUORVPHQ~V$OJXQRV HQWUHJDQ FRSLDV GH HOORV D VXV DOXPQRV \ OHV VROLFLWDQ TXH HOLMDQ ODV RSFLRQHV TXH OHV UHVXOWHQ PiV DSURSLDGDV SDUD DERUGDU HO DSUHQGL]DMHGHFRQWHQLGRVDFDGpPLFRV'HHVWDPDQHUDSDUWHGHODUHVSRQVDELOLGDGSRUODHQVHxDQ]DPXOWLPRGDOVHWUDQVPLWHHQ ODPD\RUtDGHORVFDVRVGHOGRFHQWHDXQDOXPQRELHQSUHGLVSXHVWR

2WURVGRFHQWHVXWLOL]DQORVPHQ~VSDUDRUJDQL]DUODWDUHDSDUDHOKRJDU(QDOJXQRVFDVRVHOGRFHQWHVHOHFFLRQDXQGHWHUPLQDGR PHQ~ SRU HMHPSOR HO OLVWDGR PXVLFDO \ VROLFLWD D ORV DOXPQRVTXHUHDOLFHQVXVWDUHDVPXVLFDOPHQWHGXUDQWHXQDVHPDQD3RUOR JHQHUDOORVGtDVYLHUQHVORVDOXPQRVUHYLVDQRSUHVHQWDQVXVWDUHDVPXVLFDOHVHQFODVH$OFRPHQ]DU ODVHPDQDVLJXLHQWHUHFLEHQ XQQXHYRPHQ~\SUHSDUDQVXVWDUHDVGHDFXHUGRFRQODVRSFLRQHVHQXPHUDGDV/DURWDFLyQDWUDYpVGHODVRFKRLQWHOLJHQFLDVHQHO FXUVR GH RFKR VHPDQDV SODQWHD D WRGRV ORV DOXPQRV HO GHVDItR GH DERUGDU VXV iUHDV GH QHFHVLGDG \ GH GLVIUXWDU DSOLFDQGR VXV FDSDFLGDGHV D OD WDUHD $OJXQRV GRFHQWHV SURSRQHQ D ORV DOXPQRV TXH LGHQWLILTXHQ VXV HVWUDWHJLDV GH WUDEDMR SUHIHULGDV SDUD OD QRYHQDVHPDQD'HHVWDPDQHUDHOGRFHQWHWLHQHRSRUWXQLGDGGHFRQRFHUODVSUHIHUHQFLDVGHORVDOXPQRV \GHIRUPDUVHXQDLGHD DFHUFD GH VXV FDSDFLGDGHV LQWUtQVHFDV R GH ODV iUHDV HQ ODV TXH VH HQFXHQWUDQ HVSHFLDOPHQWH PRWLYDGRV SDUD FRUUHU ULHVJRV /RV SDGUHV VXHOHQ LQIRUPDU TXH SRFDV YHFHV KDQ YLVWR D VXV KLMRV WDQ HQWXVLDVPDGRV FRQ VX WDUHD /DV HVWUDWHJLDV PXOWLPRGDOHV SHUPLWHQFUHDUQXHYRVGHVDItRVTXHPXFKRVDOXPQRVGLVIUXWDQDODVXPLU

/RVGRFHQWHVWDPELpQKDQXWLOL]DGRORVPHQ~VFRPRRSFLRQHVSDUDODHYDOXDFLyQ/XHJRGHXQDUHYLVLyQGHORVOLVWDGRV ORV DOXPQRV VHOHFFLRQDQ OD PDQHUD FRUQR GHPRVWUDUiQ OR TXH KDQ DSUHQGLGR 6LHPSUH \ FXDQGR VH HVWDEOH]FDQ FULWHULRV FODURV UHVSHFWR GH OD FDOLGDG GHO WUDEDMR ORV FRQRFLPLHQWRV \ ODV KDELOLGDGHV TXH GHEHQ SUHVHQWDUVH ORV DOXPQRV SRGUiQ FRPXQLFDUVXVORJURVSRUPHGLRGHJUiILFRVVHFXHQFLDVGHPRYLPLHQWRVDFWLYLGDGHVGUDPiWLFDVRFDQFLRQHVRULJLQDOHV /RV PHQ~V \ ODV DFWLYLGDGHV GH DSUHQGL]DMH GHVFULWDV HQ ORV FDStWXORV SUHFHGHQWHV WDQWR VL VH ODV XWLOL]D FRPR KHUUDPLHQWDV SDUD HO DSUHQGL]DMH OD HYDOXDFLyQ R HO WUDEDMR LQGLYLGXDO GHO DOXPQR SHUPLWHQ FRPSUHQGHU TXH ODV RFKR LQWHOLJHQFLDVVRQHVWUDWHJLDVHILFDFHVSDUDODVROXFLyQGHSUREOHPDVFXDQGRVHKDFHIUHQWHDORVGHVDItRVGHODHVFXHOD\GHOD YLGD 0DWUL]GHSODQHDPLHQWRGHFODVH 1R H[LVWH XQ PRGHOR ~QLFR \ SUHGHWHUPLQDGR SDUD HO GLVHxR GH FODVHV EDVDGDV HQ ODV LQWHOLJHQFLDV P~OWLSOHV /RV GRFHQWHVSUHILHUHQFUHDUORVHQIRTXHVTXHPHMRUVHDGDSWDQDVXHVWLORGHHQVHxDQ]D\DODVQHFHVLGDGHVGHVXVDOXPQRV$O FRPHQ]DUDDSOLFDUXQHQIRTXHGHLQWHOLJHQFLDVP~OWLSOHVFRPRPDUFRGLGiFWLFRGHEHUiQHVWDEOHFHUVHH[SHFWDWLYDVUHDOLVWDV (VSRFRSUREDEOHTXHORVHGXFDGRUHVGHQLYHOSROLPRGDOTXLHQHVWUDEDMDQGHQWURGHORVOtPLWHVLPSXHVWRVSRUSHUtRGRVGH FODVHGHPLQXWRVSXHGDQDERUGDUODVRFKRiUHDVGHQWURGHXQDVRODFODVH(QOXJDUGHHOORUHVXOWDUiPiVRSHUDWLYRLQFOXLU XQDHVWUDWHJLDGHFDGDLQWHOLJHQFLDGXUDQWHXQSHUtRGRGHXQDDGRVVHPDQDV/RVGRFHQWHVGHOQLYHOGHHQVHxDQ]DEiVLFD GHVFXEULUiQTXHHQHOFXUVRGHGRVGtDVSXHGHQLQWHJUDUVHIiFLOPHQWHODVRFKRLQWHOLJHQFLDVDODVDFWLYLGDGHVGHODXOD2WURV GRFHQWHVDERUGDQODHQVHxDQ]DEDVDGDHQODVLQWHOLJHQFLDVP~OWLSOHVLGHQWLILFDQGRXQDLQWHOLJHQFLDSDUDGHVWDFDUFDGDGtD$O FDERGHRFKRGtDVORVDOXPQRVKDEUiQWUDEDMDGRFRQODWRWDOLGDGGHORVRFKRPRGRV$OJXQRVGRFHQWHVSHUPLWHQTXHVXV DOXPQRVFRQWLQ~HQODVWDUHDVHQODLQWHOLJHQFLDTXHKD\DQHOHJLGRGXUDQWHHOQRYHQRGtDGHFODVH (V LPSRUWDQWH WHQHU HQ FXHQWD TXH VL ELHQ ODV LQWHOLJHQFLDV P~OWLSOHV SURSRUFLRQDQ XQ PDUFR HILFD] QR HV GHVHDEOH WUDQVIRUPDUODWHRUtDGH*DUGQHUHQXQDIyUPXODSHGDJyJLFDUtJLGD8QGRFHQWHTXHGHVHDEDHQVHxDUWRGRVORVFRQWHQLGRV SRUPHGLRGHORVRFKRPRGRVDGPLWLyTXHVROtDGHMDUSUHQGLGDVFRQDOILOHUHVDOJXQDVDFWLYLGDGHVSDUDSRGHUFRPSOHWDUVXV FODVHV GLDULDV (VWD SUiFWLFD VH LQWHUUXPSLy D FDXVD GH ODV TXHMDV GH ORV DOXPQRV TXLHQHV PDQLIHVWDURQ TXH FLHUWRV FRQWHQLGRVDSDUHFtDQUHDOPHQWHIRU]DGRV/RPiVLPSRUWDQWHGHODHQVHxDQ]DEDVDGDHQODVLQWHOLJHQFLDVP~OWLSOHVFRQVLV WH HQ TXH ODV KHUUDPLHQWDV GH HQVHxDQ]D GHEHQ DGHFXDUVH D ORV FRQWHQLGRV 1R REVWDQWH HOOR QR VLJQLILFD TXH HO GRFHQWH GHEDH[FOXLUGHOLEHUDGDPHQWHXQDLQWHOLJHQFLDGHELGRDTXHVHHQFXHQWUDIXHUDGHOD]RQDHQTXHVHVLHQWHVHJXUR3RUHO FRQWUDULRHOWUDEDMRHQHTXLSRFRQXQFROHJDSHUPLWHLQFUHPHQWDUODVRSFLRQHVGHDSUHQGL]DMHWDQWRSDUDORVDOXPQRVFRPR SDUDORVGRFHQWHV $OJXQRVHGXFDGRUHVSUHILHUHQGHVDUUROODUXQDFDSDFLGDGODWHQWHDQWHVGHDSOLFDUODDODHQVHxDQ]DHQHODXOD(QWRQFHV SRUHMHPSORWRPDQFODVHVGHGLEXMRROOHYDQDFDERDFWLYLGDGHV GHPRYLPLHQWRRPXVLFDOHVGHPDQHUDIRUPDORLQIRUPDO 8QD YH] TXH KDQ DGTXLULGR FRQILDQ]D ORV HGXFDGRUHV HQVHxDQ D ORV DOXPQRV OR TXH KDQ DSUHQGLGR R LQFRUSRUDQ VXV QXHYRV FRQRFLPLHQWRV\KDELOLGDGHVDODVFODVHVTXHGHVDUUROODQHQHODXOD

8QD GH ODV DXWRUDV GH HVWH OLEUR GLULJHXQSURJUDPDGHIRUPDFLyQGRFHQWHXQRGHFX\RVUHTXLVLWRVFRQVLVWHHQTXHORVDOXPQRV VHOHFFLRQHQXQDLQWHOLJHQFLDODWHQWHTXHGHEHUiQGHVDUUROODUGXUDQWHHOSHUtRGRGHXQDxR$GHPiVORVFDQGLGDWRVDODGRFHQFLD GHEHQLQFRUSRUDUVXVLQFLSLHQWHVFDSDFLGDGHVDODWDUHDTXHGHVDUUROODQHQHODXODGXUDQWHVXSHUtRGRGHSUiFWLFDGHODHQVHxDQ]D 5HVXOWDLQWHUHVDQWHDQDOL]DUODVHOHFFLRQHVTXHUHDOL]DQORVDGXOWRVUHVSHFWRGHODVLQWHOLJHQFLDVTXHGHVHDQGHVDUUROODU'XUDQWHXQ FXUVRGHORVFXDUHQWDDOXPQRVGHOSURJUDPDGRVHOLJLHURQWUDEDMDUVXVKDELOLGDGHVOLQJtVWLFDVSRUPHGLRGHFODVHVGHGLFFLyQ\ 


GHXQDLQYHVWLJDFLyQHQOLWHUDWXUDLQIDQWLO6HLVDOXPQRVVHGHGLFDURQDODLQWHOLJHQFLDOyJLFRPDWHPiWLFDPHGLDQWHODDVLVWHQFLD D FODVHVGHIRELDDODPDWHPiWLFDGHDQiOLVLVGHFXUUtFXORFRUUHVSRQGLHQWHDHVDiUHD\GHHVWXGLRGHPRGHORVSDUDODVROXFLyQGH SUREOHPDV &LQFR GH HOORV UHDOL]DURQ XQ UHOHYDPLHQWR GH SURJUDPDV GH HGXFDFLyQ DPELHQWDO SDUD VX DSOLFDFLyQ HQ HO DXOD 'LH] DOXPQRV WRPDURQ FODVHV GH DUWHV YLVXDOHV 6HLV H[SHULPHQWDURQ FRQ OD LQWHOLJHQFLD FLQHVWpVLFD PHGLDQWH SURJUDPDV GHHGXFDFLyQ ItVLFD2FKRWRPDURQFODVHVGHFDQWRRHMHFXFLyQPXVLFDO'RVHVWXGLDURQSURFHVRVGHDSUHQGL]DMHFRRSHUDWLYR\XQRVHGHGLFyDOD HVFULWXUD GH XQ GLDULR SHUVRQDO HQ IRUPD UHJXODU /RV HGXFDGRUHV TXH HVWiQ GLVSXHVWRV DFRQWLQXDUH[SDQGLHQGRVXVFDSDFLGDGHV KXPDQDV FRQVWLWX\HQ LPSRUWDQWHV PRGHORV GH URO SDUD ORV DOXPQRV \D TXH FRQ VX DFWLWXG SRQHQ GH PDQLILHVWR ODV SUiFWLFDV TXH GHVHDQHVWLPXODUHQORVGHPiV

$FRQWLQXDFLyQVHSUHVHQWDXQDPDWUL]PRGHORFRPRRSFLyQSDUDRUJDQL]DUODHQVHxDQ]DSRUPHGLRGHODVLQWHOLJHQFLDVP~OWLSOHV (OOHFWRUDGYHUWLUiTXHVHSURSRUFLRQDQWDPELpQGRVFODVHVPRGHOR/DSULPHUDHVWiGHGLFDGDDODIRWRVtQWHVLVHLQFRUSRUDODVRFKR LQWHOLJHQFLDVPLHQWUDVTXHODVHJXQGDFODVHSURSRQHHOHPSOHRGHVHLVGHHOODV










6HJ~QGHPXHVWUDQODVFODVHVPRGHORXQPLVPRFRQFHSWRVHHQVHxDGHGLIHUHQWHVPDQHUDV(VWRSHUPLWHHYLWDUXQSUREOHPDFRP~Q GH OD HQVHxDQ]D EDVDGD HQ ODV LQWHOLJHQFLDV P~OWLSOHV &RQ IUHFXHQFLD ORV GRFHQWHV OOHYDQ D FDER XQD WRUPHQWD GH LGHDV SDUD LGHQWLILFDU QXPHURVDV H[SHULHQFLDV PXOWLPRGDOHV \ VXHOHQ DSDUWDUVH GH ORV REMHWLYRV \ ORJURV TXH KDEtDQ HVWDEOHFLGR RULJLQDOPHQWH /RV DOXPQRV VXHOHQ VHQWLUVH SHUGLGRV FXDQGR OOHYDQ D FDER H[SHULHQFLDV LQWHUHVDQWHV DXQTXH IUDJPHQWDUtDV 'HO PLVPRPRGRTXHRFXUUHFRQWRGRRWURPpWRGRGLGiFWLFRHVHVHQFLDOTXHORVHGXFDGRUHVGHWHUPLQHQFXiOHVVRQORVFRQFHSWRVPiV VLJQLILFDWLYRVTXHORVDOXPQRVGHEHQLQFRUSRUDU\TXHOXHJRGHVDUUROOHQODHQVHxDQ]DGHGLFKRVFRQWHQLGRVGHPDQHUDLQWHJUDGD 8QLGDGHVLQWHUGLVFLSOLQDULDV

$ OR ODUJR GHO WLHPSR ODV GLVFLSOLQDV DFDGpPLFDV VH KDQ HQVHxDGR VLQ HVWDEOHFHU FRQH[LRQHV VLJQLILFDWLYDV HQWUH Vt QL FRQ HO HQWRUQRHQTXHVHGHVDUUROODODYLGDGHORVDOXPQRV&XDQGRVHOOHYDDFDERXQDHQVHxDQ]DEDVDGDHQODVLQWHOLJHQFLDVP~OWLSOHV QXPHURVDVGLIHUHQFLDVFRPLHQ]DQDGLVROYHUVHHQWUHODVGLVFLSOLQDV\OHVSHUPLWHQDORVGRFHQWHVRHTXLSRVGHFROHJDVTXHDVtOR GHVHHQODSODQLILFDFLyQGHXQLGDGHVLQWHUGLVFLSOLQDULDV0DWHPiWLFDOHFWXUDP~VLFDDUWHPRYLPLHQWRFLHQFLDVQDWXUDOHV\WUDEDMR WDQWRFRRSHUDWLYRFRPRLQGLYLGXDOSXHGHQHQWUHWHMHUVHSDUDODHQVHxDQ]DGHWRGRVORVWHPDV

8Q JUXSR GH GRFHQWHV GH QLYHO SROLPRGDO GHO 'LVWULWR (VFRODU GH 6HDWWOH ((88 H[SUHVy VX LQWHUpV SRUFRQWDUFRQXQDPDWUL] PXOWLSURSyVLWR SDWD HO SODQHDPLHQWR GH FODVHV FXDQGR VXV HVFXHODV VH YROFDURQ DODHQVHxDQ]DLQWHUGLVFLSOLQDULD$GHPiVGHODV LQWHOLJHQFLDVP~OWLSOHVORVGRFHQWHVGHVHDEDQGHVWDFDUODVKDELOLGDGHVGHSHQVDPLHQWRFUtWLFR\FUHDWLYRODSDUWLFLSDFLyQIDPLOLDU ODV SUHIHUHQFLDV GH ORV DOXPQRV \ ODV FRQH[LRQHV FRQ OD YLGD FRWLGLDQD HQ VXV XQLGDGHV GH WUDEDMR (QWRQFHV GHVDUUROODURQ OD VLJXLHQWHPDWUL]SDUDRUJDQL]DU ODSODQLILFDFLyQFXUULFXODU

3ODQHDPLHQWRLQWHUGLVFLSOLQDULRFRQVHFXHQFLDVGHGHVDUUROOR

/D PDWUL] LQWHUGLVFLSOLQDULD SUHFHGHQWH SURSRUFLRQD D ORV DOXPQRV QXPHURVDV RSRUWXQLGDGHV SDUD HQULTXHFHU VX DSUHQGL]DMH 1R REVWDQWHHQDOJXQRVFDVRVORVGRFHQWHVSUHILHUHQSURIXQGL]DUXQDVHFXHQFLDGHFRQRFLPLHQWRV\FRQFHQWUDUVHHQHOGHVDUUROORGH KDELOLGDGHV LQKHUHQWHV D XQD R PiV LQWHOLJHQFLDV 3DUD SODQLILFDU OD XQLGDG ORV GRFHQWHV WHQGUiQ TXH HVWDEOHFHU ORV ORJURV TXH GHEHUi DOFDQ]DU HO DOXPQR DO ILQDOL]DU HO SURFHVR OD VHFXHQFLD GH WDUHDV HQ ODV FRUUHVSRQGLHQWHV LQWHOLJHQFLDV\ODVDFWLYLGDGHV HVSHFtILFDVTXHVHOOHYDUiQDFDER$FRQWLQXDFLyQSUHVHQWDPRVXQHMHPSOR













&XDQGRVHOOHYDDFDERXQDSODQLILFDFLyQFXLGDGRVDWDOFRPRODTXHUHTXLHUHQODVXQLGDGHVLQWHUGLVFLSOLQDULDVTXHVHDFDEDQGH FLWDUUHVXOWD~WLOWUDEDMDUMXQWRFRQRWURVFROHJDV'HKHFKRDOJXQRVGRFHQWHV\HVFXHODVGLVHxDQHTXLSRVGLGiFWLFRVTXHLQFOX\HQ WRGRVORVUHFXUVRVQHFHVDULRVXQDEUHYHJXtDSDUDHOGRFHQWH\XQ OLVWDGRGHFRQWUROGHORVPDWHULDOHVSDUDVXUHSRVLFLyQ0XFKDV 


HVFXHODV\GLVWULWRVHVFRODUHVFRQIHFFLRQDQXQFDWiORJRGHGLFKDVFODVHVTXHVHHQFXHQWUDDGLVSRVLFLyQGHORVFROHJDVTXHGHVHHQ XWLOL]DUORDILQGHHYLWDUODSURYHUELDO\GHVJDVWDQWHUHLQYHQFLyQGHODJXDWLELD (QIRTXHVLQWHUGLVFLSOLQDULRVLQVWLWXFLRQDOHVHQHOQLYHOSROLPRGDO

6L ELHQ OD PD\RU SDUWH GH ORV SURJUDPDV SLORWR GH LQWHOLJHQFLDV P~OWLSOHV GH ORV (VWDGRV 8QLGRV VH GHVDUUROODQ HQ HVFXHODV GH HQVHxDQ]D EiVLFD OD WHRUtD GH *DUGQHU SXHGH DSOLFDUVH VLQ GLILFXOWDG HQ HO QLYHO SROLPRGDO GHELGR D TXH ORV GRFHQWHV GH FDGD DVLJQDWXUD VRQ HVSHFLDOLVWDV HQ FDGD XQD GH ODV LQWHOLJHQFLDV UHODFLRQDGDV FRQ ORV FRQWHQLGRV TXH WUDEDMDQ &RQ HO REMHWR GH DOFDQ]DU XQ FRQRFLPLHQWR PiV SURIXQGR GH ORV FRQWHQLGRV \ GH GLVPLQXLU OD IUDJPHQWDFLyQ HQ OD H[SHULHQFLD FXUULFXODU GH ORV DOXPQRVORVGRFHQWHVSRGUiQSODQLILFDUXQLGDGHVLQWHUGLVFLSOLQDULDVTXHDEDUTXHQODWRWDOLGDGGHOiPELWRLQVWLWXFLRQDO (QOD1HZ&LW\6FKRROGH6W/RXLVORVGRFHQWHVGHQLYHOSROLPRGDOWUDEDMDQODVKDELOLGDGHVEiVLFDVSDUDiUHDVGHFRQWHQLGRHQ EORTXHVGHPLQXWRV'LFKRVEORTXHVVHGLYLGHQHQWUHVSHUtRGRVGHLJXDOGXUDFLyQPLQXWRVGHHQVHxDQ]DGLUHFWDPLQXWRV GH DSUHQGL]DMH FRRSHUDWLYR \  PLQXWRV GH DSUHQGL]DMH LQGLYLGXDO /D SODQLILFDFLyQ GH FDGDEORTXHLQFOX\HXQDUHYLVLyQGHODV RFKRLQWHOLJHQFLDVDILQGHFRPSUREDUTXHKDQVLGRLQFRUSRUDGDVHQWRGDVODVFODVHVVLQRGLDULDPHQWHDOPHQRVHQIRUPDVHPDQDO 6L ELHQ ORV EORTXHV QR GHPDQGDQ FDPELRV FXUULFXODUHV VLJQLILFDWLYRV HVWD PRGDOLGDG OHV RWRUJD XQD QDWXUDOH]D PXFKR PiV LQWHUGLVFLSOLQDULD

/RV GRFHQWHV GH QLYHO SROLPRGDO VH UH~QHQ SDUD GLVHxDU ODV SULQFLSDOHV XQLGDGHV TXH FDGD XQR GHVDUUROODUi GXUDQWH HO DxR /RV WHPDVSXHGHQYDULDUDPHGLGDTXHWUDQVFXUUHQORVPHVHVGHDFXHUGRFRQXQFDOHQGDULRJHQHUDOTXHLQIRUPDDWRGRVDFHUFDGHODV IHFKDVHQTXHVHGHVDUUROODODHQVHxDQ]DGHGHWHUPLQDGRVFRQWHQLGRV&XDQGRVHGLVSRQHGHLQIRUPDFLyQUHVSHFWRGHOFXUUtFXORGH ORV GHPiV UHVXOWD PiV VHQFLOOR FRRUGLQDU OD HQVHxDQ]D GH WHPDV TXH VH FRPSOHPHQWDUiQ PXWXDPHQWH (OOR SHUPLWH SODQLILFDU HO WUDEDMRFRQGLFKRVWHPDVHQIRUPDSDUDOHOD3RUHMHPSORHOGHSDUWDPHQWRGHFLHQFLDVVRFLDOHVGHXQDHVFXHODSRGUtDGHVDUUROODU XQD XQLGDG DFHUFD GHO FRQVXPR GXUDQWH HO WHUFHU WULPHVWUH (O GHSDUWDPHQWR GH 0DWHPiWLFD DGYHUWLUi TXH ORV FRQFHSWRV GH SRUFHQWDMHSURSRUFLRQHV\SUREDELOLGDGVHWUDEDMDQHQHOSULPHUWULPHVWUH6LVHGHVSOD]DODHQVHxDQ]DGHORVWHPDVPDWHPiWLFRVDO ~OWLPR WULPHVWUH \ VH DJUHJDQ FODVHV DFHUFD GH DFFLRQHV \ ERQRV ORV GRV GHSDUWDPHQWRV SXHGHQ HQULTXHFHU ORV FRQWHQLGRV TXH WUDEDMDFDGDXQRGHHOORV$VLPLVPRHOGHSDUWDPHQWRGH$UWHSRGUtDVROLFLWDUDORVDOXPQRVTXHDQDOLFHQDQXQFLRVSXEOLFLWDULRV\ TXHGLVHxHQHQYDVHVSDUDSURGXFWRVGHFRQVXPRPDVLYR(QHOiUHDGHOHQJXDORVDOXPQRVSRGUiQUHIOH[LRQDUSRUHVFULWRDFHUFD GH ODV FRPSUDV TXH UHDOL]DQ \ HO VLJQLILFDGR TXH DVXPHQ WDOHV SURGXFWRV SDUD VX VLVWHPD GH YDORUHV /RV GRFHQWHV GH HVWD iUHD WDPELpQSRGUiQVXSHUYLVDUSUR\HFWRVGHDSUHQGL]DMHLQGLYLGXDOTXHORVDOXPQRVGHVHHQOOHYDUDFDER(QODVFODVHVGHHGXFDFLyQ ItVLFDVHSRGUiHVWXGLDUODRIHUWDGHSURJUDPDV\SURGXFWRVGHVWLQDGRVDORJUDUXQEXHQHVWDGRItVLFR\ORVUHVXOWDGRVTXHSURGXFHQ (QFLHQFLDVQDWXUDOHVORVDOXPQRVSRGUiQRUJDQL]DUSHTXHxRVJUXSRVSDUDHOHVWXGLRGHORVHIHFWRVDPELHQWDOHVGHOFRQVXPLVPR (QODFODVHGHP~VLFDVHSRGUiQDQDOL]DUORVYDORUHVVRFLDOHVTXHSURPXHYHQODVFDQFLRQHV\FUHDUOHWUDVFX\RVWHPDVVHUHODFLRQHQ FRQHOFRQVXPR(QHOiUHDGHWDOOHUVHSRGUiQ FRQVWUXLUHVWDQWHUtDVSDUDJXDUGDUORVHOHPHQWRVGHWUDEDMRGHWRGRVORVDOXPQRVGH OD HVFXHOD \ HQ HFRQRPtD GRPpVWLFD ORV DOXPQRV SRGUiQ FRPSDUDU SURGXFWRV VLQWpWLFRV \ QDWXUDOHV /DV XQLGDGHV LQWHUGLVFLSOLQDULDVEDVDGDVHQODVLQWHOLJHQFLDVP~OWLSOHVVXUJHQQDWXUDOPHQWHFXDQGRVHDSURYHFKDQORVUHFXUVRVLQWUtQVHFRVGHTXH GLVSRQHWRGRHOSHUVRQDOGHODHVFXHOD (Q XQD HVFXHOD GH QLYHO SROLPRGDO GH 6HDWWOH TXH FXHQWD FRQ XQD SREODFLyQ KHWHURJpQHD VH GHFLGLy LPSOHPHQWDU XQ SURJUDPD SLORWR LQVWLWXFLRQDO GH LQWHOLJHQFLDV P~OWLSOHV GXUDQWH XQD VHPDQD SDUD DERUGDU HO WHPD GH OD FRQFLHQFLD LQWHUQDFLRQDO /RV GRFHQWHV GH OLWHUDWXUD WUDEDMDURQ FXHQWRV SHUWHQHFLHQWHV D ODV FXOWXUDV UHSUHVHQWDGDV SRU VXV DOXPQRV /RV GRFHQWHV GH ODV iUHDV FRPHUFLDOHVDERUGDURQWHPDVGHFRPHUFLRLQWHUQDFLRQDO/RVGRFHQWHVGHPDWHPiWLFDGLFWDURQFODVHVVREUHPRQHGDH[WUDQMHUD/RV GRFHQWHV GH HGXFDFLyQ ItVLFD HQVHxDURQ MXHJRV GH WRGR HO PXQGR \ HQ ODV FODVHV GH FLHQFLDV QDWXUDOHV ORV DOXPQRV HVWXGLDURQ WHPDVDPELHQWDOHVORFDOHV\ JOREDOHV/RVGRFHQWHVGHFLHQFLDVVRFLDOHVDERUGDURQWHPDVUHODFLRQDGRVFRQODVGLYHUVDVIRUPDVGH JRELHUQR \ ORV GHUHFKRV FLYLOHV /RV GRFHQWHV GH HGXFDFLyQ SDUD OD VDOXG GHVDUUROODURQ XQD XQLGDG DFHUFD GH HQIHUPHGDGHV LQIHFFLRVDVHQGpPLFDVHQPXFKRVSDtVHV/RVGRFHQWHVGHDUWH\P~VLFDWUDEDMDURQFRQVXVDOXPQRVGLYHUVRVPHGLRVDXGLRYLVXDOHV \HWQRPXVLFRORJtD'XUDQWHODHWDSDGHSODQLILFDFLyQGHODVHPDQDGHLQWHOLJHQFLDVP~OWLSOHVORVGRFHQWHVVHHQWXVLDVPDURQWDQWR FRQODVSRVLELOLGDGHVTXHRIUHFtD FDGDXQDGHODVXQLGDGHVTXHGHFLGLHURQLQYLWDUDORVSDGUHVDSDUWLFLSDUGHOHYHQWR$DGYHUWLU TXH PXFKRV GH HOORV QR SRGUtDQ FRQFXUULU D OD HVFXHOD GXUDQWH HO KRUDULR KDELWXDO GH FODVHV GHFLGLHURQ PRGLILFDUOR GXUDQWH HVD VHPDQD\RUJDQL]DURQFDGDMRUQDGDHQWUHODVWUHVGHODWDUGH\ODVQXHYHGHODQRFKH(OHYHQWRQRVyORREWXYRXQWUHPHQGRp[LWR HQWUH ORV DOXPQRV VLQR TXH QXQFD DQWHV VH KDEtD FRQWDGR HQ OD HVFXHOD FRQ OD SUHVHQFLD GH OLWHUDOPHQWH FLHQWRV GH SDGUHV TXH DVLVWLHURQDODVFODVHVMXQWRFRQVXVKLMRV (UDODSULPHUDYH]HQODH[SHULHQFLDUHFLHQWHGHODHVFXHODTXHWDQWRVSDGUHV\HVSHFLDOPHQWHSDGUHVLQPLJUDQWHVFRQFXUUtDQDODV DXODV

(VIXHU]RVSLORWRSDUDHOFRUWRSOD]RVHPHMDQWHVDOTXHVHSUHVHQWDPiVDUULEDSHUPLWHQODFRODERUDFLyQLQWHUGLVFLSOLQDULDHQWUHHO SHUVRQDOGRFHQWH\HYLWDQORVWtSLFRVUHSDURVTXHVXHOHQLPSRQHUVHDORVFRPSURPLVRVDQXDOHV'HHVWDPDQHUDORVGRFHQWHVGH QLYHO SROLPRGDO FRQWLQ~DQ HO WUDEDMR HQ VXV iUHDV GH HVSHFLDOLGDG \ QR GHEHQ GHGLFDU GHPDVLDGR WLHPSR D OD SODQLILFDFLyQ GH QXHYDV FODVHV 1R REVWDQWH ORV DOXPQRV REWLHQHQ JUDQGHV EHQHILFLRV FXDQGR GLVSRQHQ GH RSRUWXQLGDGHV SDUD DQDOL]DU WHPDV R FRQWHQLGRV PHGLDQWH QXPHURVDV SHUVSHFWLYDV \ SDUD SRQHU HQ SUiFWLFD ODV FRQH[LRQHV TXH H[LVWHQ HQWUH iUHDV GH FRQWHQLGR TXH VXHOHQSUHVHQWDUVHVHSDUDGDPHQWH&XDQGRORVGRFHQWHVKDQH[SHULPHQWDGRODHQVHxDQ]D\HYDOXDFLyQGHGLFKDVXQLGDGHVPXFKRV GH HOORV GHVDUUROODQ PD\RU DSUHFLR SRU HO FRQRFLPLHQWR SURIXQGR TXH KDQ DGTXLULGR VXV DOXPQRV 0DQLILHVWDQ TXH ODV XQLGDGHV 


LQWHUGLVFLSOLQDULDV SHUPLWHQ PHMRUDU OD FDOLGDG GH OD HQVHxDQ]D \ HO DSUHQGL]DMH \ DOJXQRV KDQ GHFLGLGR GHVFDUWDU ODV EDUUHUDV DUWLILFLDOHVWUDGLFLRQDOHVTXHVHSDUDQODVGLIHUHQWHViUHDVGHFRQWHQLGR (TXLSRVGHLQWHOLJHQFLD

(QOXJDUGHWUDEDMDUHQHTXLSRVEDVDGRVHQiUHDVGHFRQWHQLGRDOJXQDVHVFXHODVSUHILHUHQRUJDQL]DUHTXLSRVGHLQWHOLJHQFLDDORV TXHFDGDXQRGHVXVPLHPEURVDSRUWDVXFDSDFLGDGHQFDGDiUHDGHLQWHOLJHQFLD(VWRVHTXLSRVVXHOHQHVWDULQWHJUDGRVSRUGRVD FXDWUR HGXFDGRUHV TXH VH UHVSRQVDELOL]DQ LQGLYLGXDOPHQWH SRU XQD R PiV LQWHOLJHQFLDV SDUD OD SODQLILFDFLyQ GH FODVHV R OD HQVHxDQ]DGLDULD'HHVWHPRGRWDQWRVLVHWUDEDMDXQFXUUtFXORWHPiWLFRRWUDGLFLRQDOFDGDGRFHQWHDFW~DFRPRIXHQWHGHUHFXUVRV SDUDVXVFROHJDV

([LVWHQ LQQXPHUDEOHV PDQHUDV SDUD TXH ORV GRFHQWHV RUJDQLFHQ VXV HTXLSRV GH WUDEDMR FRQ HO REMHWR GH LQFRUSRUDU WRGDV ODV LQWHOLJHQFLDV D ORV SURJUDPDV HVFRODUHV (Q HVFXHODV WDOHV FRPR OD 6HYHQ (OHPHQWDU\ GH /DFH\ HVWDGR GH :DVKLQJWRQ \ OD .H\ 6FKRRO GH,QGLDQDSROLV,QGLDQDORVHVSHFLDOLVWDVHQODVRFKRLQWHOLJHQFLDVWUDEDMDQGLUHFWDPHQWHFRQORVGRFHQWHVDILQGHLQWHJUDU FDGD FDSDFLGDG HQ OD HQVHxDQ]D GLDULD (Q OD HVFXHOD :KHHOHU (OHPHQWDU\ GH /RXLVYLOOH .HQWXFN\ ORV GRFHQWHVGHOPLVPRDxR IRUPDQHTXLSRVHQORVTXHFDGDLQGLYLGXRDVXPHODUHVSRQVDELOLGDGSRUXQDRPiVLQWHOLJHQFLDV7RGRVORVDOXPQRVGHXQPLVPR DxRDVLVWHQDFODVHHQGLVWLQWDVDXODV\WUDEDMDQFRQGRFHQWHVTXHVHHQFDUJDQGHSURSRUFLRQDUOHVRSRUWXQLGDGHVGHDSUHQGL]DMHHQ OD WRWDOLGDG GHO HVSHFWUR 2WUD RSFLyQ LQFOX\H OD FR SODQLILFDFLyQ GH FODVHV EDVDGDV HQ ODV LQWHOLJHQFLDV P~OWLSOHV SRU SDUWH GH GRFHQWHV TXH FRQVHUYDQ OD UHVSRQVDELOLGDG GH OD HQVHxDQ]D HQ FDGD XQD GH VXV DXODV (Q DOJXQRV FDVRV ORV HTXLSRV GRFHQWHV UHSDUWHQODVWDUHDVGHHQVHxDQ]DHQWUHFXDWURSHUVRQDVFDGDXQDGHODVFXDOHVVHUHVSRQVDELOL]DSRUGRVLQWHOLJHQFLDV

%HQHILFLRVGHOWUDEDMRHQHTXLSR

(O WUDEDMR HQ HTXLSR RIUHFH QXPHURVRV EHQHILFLRV &XDQGR VH GHVDUUROODQ ODV WDUHDV VH FRRUGLQDQ ODV FODVHV VH FRPSDUWHQ ORV p[LWRV \ VH DERUGDQ ORV GHVDItRV FRQMXQWDPHQWH ORV LQJHQWHV ORJURV TXH REWLHQHQ ORV HTXLSRV VXSHUDQ DPSOLDPHQWH ORV HVIXHU]RV DLVODGRV WHQGLHQWHV D PHMRUDU OD HQVHxDQ]D /D FRODERUDFLyQ HYLWD HO SUREOHPD GH TXH ORV GRFHQWHV SXHGDQ OOHJDU D VHQWLUVH UHFKD]DGRV SRU ORV FROHJDV TXH DSOLFDQ XQD PHWRGRORJtD GH HQVHxDQ]D GLIHUHQWH \ OHV SHUPLWH UHFRJHU ORV EHQHILFLRV GH OD SUiFWLFD FROHFWLYD (OOR JDUDQWL]D XQ GLiORJR VRVWHQLGR DFHUFD GH OD HQVHxDQ]D OD HGXFDFLyQ \ ODV SURSLDV FDSDFLGDGHV SHUVRQDOHV \ SURIHVLRQDOHV \ HO DSURYHFKDPLHQWR GH WRGRV ORV UHFXUVRV $GHPiV OD SODQLILFDFLyQ FRQMXQWD GH ODV FODVHV EULQGD RSRUWXQLGDGHV D ORV GRFHQWHV SDUD UHIOH[LRQDU \ HVWDEOHFHU FRQ FODULGDG ORV FRQWHQLGRVORVREMHWLYRV\ODVHVWUDWHJLDVGHODSUHQGL]DMH 7RGRVORVJUXSRVGHDOXPQRVWLHQHQPXFKRSRUJDQDUDSDUWLUGHHVWHGLiORJRSURIHVLRQDO8QQ~PHURFDGDYH]PD\RUGH DOXPQRV HQ PXFKDV PiV DXODV VH EHQHILFLD FRQ OD SXHVWD HQ SUiFWLFD GH ODV FDSDFLGDGHV FRPELQDGDV GH ORV HTXLSRV GH LQWHOLJHQFLD\ORVGRFHQWHVFRPLHQ]DQDDVXPLUODUHVSRQVDELOLGDGGHSURPRYHUHOFUHFLPLHQWRWDQWRGHVXVFROHJDVFRPRGH VXVDOXPQRV 0XFKRVHTXLSRVKDQGHVFXELHUWRTXHODVFODVHVTXHLQFOX\HQODVRFKRLQWHOLJHQFLDVQRVHOLPLWDQDSURSRUFLRQDUPD\RU SURIXQGLGDG HQ HO WUDWDPLHQWR GH ORV FRQWHQLGRV VLQR TXH WDPELpQ GHPDQGDQ PD\RU WLHPSR GH HQVHxDQ]D 'H HOOR VH 


GHVSUHQGHQ LPSRUWDQWHV LPSOLFDQFLDV SDUD ORV SURJUDPDV FXUULFXODUHV /RV LQWHUURJDQWHV TXH VH IRUPXODQ FRQ PD\RU IUHFXHQFLD LQFOX\HQ ¢&XiOHV VRQ ORV FRQFHSWRV HVHQFLDOHV TXH ORV DOXPQRV GHEHQ LQFRUSRUDU" ¢4Xp GHEH RPLWLUVH HQ HO FXUUtFXOR TXp VH GHEH FRQVHUYDU R DJUHJDU" ¢&XiOHV VRQ ORV ORJURV TXH GHEHUi DOFDQ]DU XQ DOXPQR DO ILQDOL]DU HO DxR OHFWLYR"¢'HTXpPDQHUDSXHGHQWUDEDMDUVHHQHODXODODVSUHIHUHQFLDVGHORVDOXPQRV"\¢&XiQWRVWHPDVSXHGHQHQVHxDUVH GXUDQWH XQ DxR HVFRODU" (O DERUGDMH GH WDOHV FXHVWLRQHV HVWLPXOD D ORV HTXLSRV GRFHQWHV SDUD FRPHQ]DU D UHIRUPXODU VX FXUUtFXOR&RQHOWLHPSRSRGUiQSURGXFLUVHFDPELRVHQODWRWDOLGDGGHORVSURJUDPDVTXHSHUPLWLUiQGHWHUPLQDUFXiOHVVRQ ORVFRQWHQLGRVTXHVHFRQVHUYDUiQFXiOHVORVTXHVHPRGLILFDUiQGHTXpPDQHUDVHHYDOXDUiHOWUDEDMRGHODOXPQR\TXpFR QH[LRQHV VH HVWDEOHFHUiQ HQWUH ODV iUHDV GH FRQWHQLGR /D HQVHxDQ]D SRU PHGLR GH ODV LQWHOLJHQFLDV P~OWLSOHV VXHOH WUDQVIRUPDUVHHQHOPRWRUKDFLDXQDSURIXQGDUHIRUPDFXUULFXODUGHQWURGHODHVFXHOD 'HVDUUROORFXUULFXODUSDUDHVWLPXODUODVLQWHOLJHQFLDV 6L ELHQ OD PD\RUtD GH ORV GRFHQWHV DSOLFD OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV FRPR UHFXUVR SDUD SURPRYHU HO DSUHQGL]DMHGHORVDOXPQRVDOJXQRVGHHOORVVHSURSRQHQGHVDUUROODUFDGDXQDGHODVLQWHOLJHQFLDVSURSLDPHQWHGLFKDV1R VHWUDWDGHXQDWDUHDPHQRU\DTXHFDGDLQWHOLJHQFLDFRPSUHQGHXQFRQMXQWRFRPSOHMRGHFRQRFLPLHQWRV\KDELOLGDGHV\OD HQRUPH H[WHQVLyQ GH OD FXUUtFXOD GHVHVWLPD OD LQFRUSRUDFLyQ GH REMHWLYRV DGLFLRQDOHV 1R REVWDQWH DOJXQRV GRFHQWHV RULHQWDQVXVHVIXHU]RVKDFLDHOGHVDUUROORGHXQDRPiVLQWHOLJHQFLDVHQVXVDOXPQRV\ORKDFHQGHGLYHUVRVPRGRV $OJXQRVGRFHQWHVVHFLUFXQVFULEHQDXQDRPiVLQWHOLJHQFLDVTXHGHVWDFDUiQHQHOFXUVRGHXQSHUtRGRRGXUDQWHWRGRHO DxR OHFWLYR 3RU HMHPSOR XQD GRFHQWH GHO WHUFHU FLFOR GH HQVHxDQ]D EiVLFD VH SURSXVR GHVDUUROODU HQ WRGDV VXV FODVHV XQ DVSHFWRGHODVLQWHOLJHQFLDVFLQHVWpVLFD\PXVLFDOODGDQ]D3DUDHOORVHOHFFLRQyORVVLJXLHQWHVHOHPHQWRV\KDELOLGDGHVEiVLFDVGHO PRYLPLHQWRSDUDDSOLFDUORVDOFXUUtFXORJHQHUDO 0RYLPLHQWRVGHORFRPRFLyQEiVLFRVWDOHVFRPRFDPLQDUFRUUHUGHVOL]DUVHVDOWDUDYDQ]DUUHWURFHGHUGHVSOD]DUVHHQGLDJRQDO \JLUDU 3DVRVSRVLFLRQHV\VHFXHQFLDVGHGLIHUHQWHVHVWLORVGHGDQ]DRWUDGLFLRQHV (OFRQWH[WRKLVWyULFR\FXOWXUDOGHODVGDQ]DVVHOHFFLRQDGDV

(VWRVWUHVFRPSRQHQWHVLQWHOLJHQWHVEiVLFRVUHDSDUHFtDQHQODVFODVHVHQIRUPDUHJXODU3RUHMHPSORORVDOXPQRVHVWXGLDURQORV FXHUSRV JHRPpWULFRV H LPSURYLVDURQ FRUHRJUDItDV FRQ PRYLPLHQWRV GH ORFRPRFLyQ EiVLFRV (Q ODV FODVHV GH FLHQFLDV VRFLDOHV DSUHQGLHURQGDQ]DVIROFOyULFDVGH$OHPDQLD\(VFDQGLQDYLD\DQDOL]DURQHOFRQWH[WRKLVWyULFRHQTXHVHKDEtDQGHVDUUROODGR/RV PRPHQWRVGHUHFUHRRWUDQVLFLyQGHQWURGHODXODVROtDQLQFOXLUDFWLYLGDGHVGHPRYLPLHQWR

/RJURVGHLQWHOLJHQFLDVP~OWLSOHV

8QRGHORVDXWRUHVGHHVWHOLEURGHVDUUROOyRFKRSURGXFWRVSDUDHOWUDEDMRDQXDOGHODVLQWHOLJHQFLDVP~OWLSOHVORVTXHLQFRUSRUyDO FXUUtFXORGHODXODGRQGHWUDEDMDEDFRQDOXPQRVGHYDULRVJUXSRVGHHGDGSHUWHQHFLHQWHVDORVFXUVRVGHWHUFHURDTXLQWRDxRGHO QLYHOGHHQVHxDQ]DEiVLFD$FRQWLQXDFLyQVHSUHVHQWDQDOJXQRVGHHVRVORJURV

,QWHOLJHQFLDOLQJtVWLFD

(OSURFHVRGHHVFULWXUD

,QWHOLJHQFLDOyJLFRPDWHPiWLFD

5HFRQRFLPLHQWRGHPRGHORVHQORVSURFHVRVPDWHPiWLFRV ,QWHOLJHQFLDYLVXDOHVSDFLDO

8VRGHOFRORUODIRUPD\HOGLVHxR ,QWHOLJHQFLDFRUSRUDOFLQHVWpWLFD

&RRUGLQDFLyQRFXODUPDQXDO\FRUSRUDOSRUPHGLRGHPDODEDUHV ,QWHOLJHQFLDPXVLFDO

5LWPRVGHGRVFRPSDVHV

,QWHOLJHQFLDLQWHUSHUVRQDO 0HGLDFLyQHQFRQIOLFWRV

,QWHOLJHQFLDLQWUDSHUVRQDO




)LMDFLyQGHPHWDVSHUVRQDOHV ,QWHOLJHQFLDQDWXUDOLVWD

5HFRQRFLPLHQWRGHORVFDPELRVHVWDFLRQDOHVHQiPELWRVH[WHULRUHVHLQWHULRUHV

$OJXQDVHVFXHODVKDQHVWDEOHFLGRORJURVGHLQWHOLJHQFLDVP~OWLSOHVHQWRUQRGHORVFXDOHVGLVHxDQODWRWDOLGDGGHVXVSURJUDPDVGH HVWXGLRV (VWDV HVFXHODV KDQ GHWHUPLQDGR ODV WDUHDV ORJURV \ KiELWRV PHQWDOHV HVHQFLDOHVTXHWRGRVORVDOXPQRVGHEHQSRQHUGH PDQLILHVWR (O FXUUtFXOR \ORVPpWRGRVGHHYDOXDFLyQHVWiQJXLDGRVSRUORVORJURVGHODVLQWHOLJHQFLDVP~OWLSOHV3RUHMHPSOROD .H\ 6FKRRO HVWDEOHFH TXH HQ HO PRPHQWR GH VX JUDGXDFLyQ FDGD XQR GH ORV DOXPQRV GRPLQDUi ODV VLJXLHQWHV KDELOLGDGHV IXQGDPHQWDOHV ‡&RPXQLFDUVHFRQFODULGDGSRUHVFULWR

‡([SUHVDUVHRUDOPHQWH\FRQIOXLGH]HQGRVLGLRPDV

‡&DQWDURHMHFXWDUXQLQVWUXPHQWRPXVLFDOFRQGHVWUH]D

‡8WLOL]DUHOHPHQWRVGHPDWHPiWLFD\OyJLFDHQGLYHUVDVDSOLFDFLRQHV

‡5HFUHDUHOPXQGRWULGLPHQVLRQDOPHGLDQWHODVDUWHVYLVXDOHVRSUiFWLFDV ‡0DQWHQHUXQEXHQHVWDGRItVLFR

‡6HOHFFLRQDUXQiUHDDSOLFDGDSDUDGHVDUUROODUODLQGDJDFLyQODUHIOH[LyQ\ODSUiFWLFDSURIHVLRQDO ‡3DUWLFLSDUGHDFWLYLGDGHVDGPLQLVWUDWLYDVTXHGHPXHVWUHQXQDHVWUHFKDUHODFLyQFRQODQDWXUDOH]D ‡([SUHVDUFDSDFLGDGSDUDLQWHUHVDUVHSRUFXHVWLRQHVJOREDOHV

‡,QWHJUDUSURSXHVWDVGHJUXSRV\RUJDQL]DFLRQHVGHODFRPXQLGDG ‡6LHODOXPQR\DWLHQHGLHFLRFKRDxRVVHUXQYRWDQWHUHVSRQVDEOH

&XDQGR OD WDUHD GRFHQWH VH RULHQWD KDFLD HO GHVDUUROOR GH OD LQWHOLJHQFLD HV QHFHVDULR TXH ORV HGXFDGRUHV UHFRQR]FDQ WDQWR ORV DVSHFWRVFHQWUDOHVGHOFXUUtFXORFRPRORVFRPSRQHQWHVSULQFLSDOHVGHFDGDLQWHOLJHQFLD'HHVWDPDQHUDKDEUiQGHMDGRGHHQVHxDU SRUPHGLRGHODVLQWHOLJHQFLDV(VWDUiQHQVHxDQGRSDUDODLQWHOLJHQFLD

2&+2&(17526'($35(1',=$-(%$6$'26(1/$7(25Ë$'(/$6,17(/,*(1&,$6 0Ò/7,3/(6 &(17523$%/21(58'$ RWURVLQGLYLGXRV &(1752$67253,$==2//$ RWURV LQFOX\HQD:L,OLDP6KDNHVSHDUH/L3R  LQGLYLGXRVLQFOX\HQD0R]DUW-RKQ/HQQRQ  ,QWHOLJHQFLDOLQJtVWLFD ,QWHOLJHQFLDPXVLFDO &(1752$/%(57(,167(,1 RWURVLQGLYLGXRV LQFOX\HQD0DULH&XULH6WHSKHQ+DZNLQJ  ,QWHOLJHQFLDOyJLFRPDWHPiWLFD

&(17520$'5(7(5(6$ RWURVLQGLYLGXRV LQFOX\HQD0DKDWPD*DQGKL)ORUHQFH 1LJKWLQJDOH ,QWHOLJHQFLDLQWHUSHUVRQDO

&(17529$6/$91,-,16., RWURVLQGLYLGXRV LQFOX\HQDOVDGRUD'XQFDQ*XLOOHUPR9LODV  ,QWHOLJHQFLDFRUSRUDOFLQHVWpVLFD

&(1752&+$5/(6'$5:,1 RWURV LQGLYLGXRVLQFOX\HQD)ORUHQWLQR$PHJKLQR -DFTXHV&RXVWHDX ,QWHOLJHQFLDQDWXUDOLVWD

&(17523$%/23,&$662 RWURVLQGLYLGXRV LQFOX\HQD'LHJR5LYHUDOH&RUEXVLHU  ,QWHOLJHQFLDYLVXDOHVSDFLDO

&(1752$/)216,1$67251, RWURV LQGLYLGXRVLQFOX\HQD$QD)UDQN6LJPXQG )UHXG ,QWHOLJHQFLDLQWUDSHUVRQDO

)RUPDWRGLGiFWLFRHQFHQWURVGHDSUHQGL]DMH




8QRGHORVDXWRUHVGHHVWHOLEURKDGHVDUUROODGRHLPSOHPHQWDGRFRQp[LWRXQPRGHORGHDXODSDUDHVFXHODVS~EOLFDVRUJDQL]DGRHQ RFKR FHQWURV GH DSUHQGL]DMH \ GHVWLQDGR D JUXSRV LQWHJUDGRV SRU DOXPQRV GH GLYHUVDV HGDGHV GHO QLYHO GH HQVHxDQ]D EiVLFD $O SULQFLSLRORVFHQWURVOOHYDEDQHOQRPEUHGHODVLQWHOLJHQFLDVLGHQWLILFDGDVSRU*DUGQHUVLQHPEDUJRGHVGHKDFHSRFRWLHPSRVH OHVDWULEX\HURQORVQRPEUHVGHLQGLYLGXRVTXHHMHPSOLILFDQDFDGDLQWHOLJHQFLDHQSDUWLFXODU$VXYH]HVWRVQRPEUHVVHFDPELDQ XQDYH]SRUDxR(OFRPLHQ]RGHOFLFOROHFWLYRHVWiGHGLFDGRDOHVWXGLRGHORVH[SHUWRVHQLQWHOLJHQFLD\DODPDQHUDHQTXHODV GHVDUUROODURQ\DSOLFDURQ'HHVWDPDQHUDRFKRJHQLRVVHWUDQVIRUPDQHQWXWRUHVLQDEVHQWLD GHORVDOXPQRVGHODFODVH/DWDEODGH ODSiJLQDDQWHULRUGHVFULEHORVQRPEUHVGHORVFHQWURV

(O FXUUtFXOR VH RUJDQL]D WHPiWLFDPHQWH SRU PHGLR GH ORV FHQWURV GH DSUHQGL]DMH $ FRPHQ]DU HO DxR HVFRODU ORV DOXPQRV FRQIHFFLRQDQXQDOLVWDGHORVWHPDVTXHGHVHDQHVWXGLDU(OGRFHQWHFRQVXOWDUiORVREMHWLYRVGHDSUHQGL]DMHILMDGRVSRUHOGLVWULWR HVFRODU \ ORV OLEURV GH WH[WR /RV WHPDV TXH VH VHOHFFLRQHQ LQWHJUDUiQ ORV UHTXLVLWRV TXH HVWLSXOD HO GLVWULWR \ ORV UHFXUVRV GLVSRQLEOHVGHDFXHUGRFRQORVLQWHUHVHVGHORVDOXPQRV3RUORJHQHUDOODVXQLGDGHVWHPiWLFDVVHGHVDUUROODQGXUDQWHXQSHUtRGR GH FXDWUR D VHLV VHPDQDV \ DERUGDQ WHPDV WDOHV FRPR (O DUWH GH WRGR HO PXQGR (O XQLYHUVR /RV SUREOHPDV GH QXHVWUR SODQHWD\/DYLGDHQODDQWLJHGDG/RVREMHWLYRVGHDSUHQGL]DMHVHHQVHxDQH[SUHVDPHQWHHQODVXQLGDGHVWHPiWLFDV\VLQDWDUVH DODVVHFXHQFLDVTXHSURSRQHQORVOLEURVGHWH[WR

&/$6(02'(/2(03/($1'22&+2&(17526 &RQIHUHQFLD/RVFRPHWDV

(OGRFHQWHSUHVHQWDXQDEUHYHH[SRVLFLyQFRQLOXVWUDFLRQHV\GLDJUDPDVHQODTXHGHVFULEHORVFRPHWDV VX WDPDxR FRPSRVLFLyQ \ yUELWDV 6H LQFOX\H XQD DFWLYLGDG FLQHVWpVLFD HQ OD TXH XQR GH ORV DOXPQRV SHUVRQLILFD DO 6RO \ ORV GHPiV UHSUHVHQWDQ D ODV GLIHUHQWHV SDUWHV GHO FRPHWD \ FDPLQDQ VX yUELWD DOUHGHGRUGHO6RO

&(1752 3$%/2 1(58'$ ORV DOXPQRV OHHQ DFHUFD GH ORV FRPHWDV HQ OLEURV GH WH[WR GHO iUHD GH FLHQFLDV \ HQ OLEURV GH DVWURQRPtD R HQFLFORSHGLDV TXH VH KDQ VROLFLWD GR HQ OD ELEOLRWHFD \ UHVSRQGHQ FXHVWLRQDULRVDFHUFDGHORTXHKDQOHtGR &(1752 $/%(57 (,167(,1 ORV DOXPQRV GLEXMDQ YDULRV FRPHWDV D GLIHUHQWHV HVFDODV XWLOL]DQGR SDSHO FXDGULFXODGR\UHJODVODFRODWHQGUiXQDORQJLWXGHTXLYDOHQWHD\YHFHVHOWDPDxRGHOD FDEH]D &(1752 3$%/2 3,&$662 ORV DOXPQRV FRQVWUX\HQ FRPHWDV FRQ SDSHOHV GH FRORUHV SHJDPHQWR \ EULOODQWLQD\QRPEUDQFRUUHFWDPHQWHWRGDVVXVSDUWHV

&(17529$6/$91,-,16.,ORVDOXPQRVIDEULFDQVXVSURSLRVFRPHWDVFRQSDOLWRVSODVWLOLQD\FLQWDVSDUD ODFROD/XHJRHQHOSDSHOGHFRPHWDVUHFRUUHQFDPLQDQGRXQDyUELWDHOtSWLFDFXLGDQGRGHPDQWHQHUOD FRODDOHMDGDGHOVRO &(1752 $6725 3,$==2,/$ SHTXHxRV JUXSRV GH DOXPQRV FRPSRQHQ FDQFLRQHV TXH LQFOX\HQ YDULRV FRQFHSWRVDFHUFDGHORVFRPHWDVXWLOL]DQGRODPHORGtDGH$UUR]FRQOHFKH

&(1752 0$'5( 7(5(6$ FDGD JUXSR GH DOXPQRV FUHD XQ MXHJR TXH LQFOX\H LPiJHQHV \ ILFKDV FRQ SUHJXQWDVSDUDRUJDQL]DUXQWRUQHRHQHOTXHVHSRQGUiQDSUXHEDORVFRQRFLPLHQWRVDFHUFDGHOXQLYHUVR /DV SUHJXQWDV TXH VH SODQWHHQ GHEHQ UHTXHULU TXH ORV SDUWLFLSDQWHV DSOLTXHQ VXV KDELOLGDGHV GH SHQVDPLHQWRGHDOWRQLYHO &(1752$/)216,1$67251,ORVDOXPQRVHVFULEHQLQGLYLGXDOPHQWHDFHUFDGHORVDVSHFWRVHQTXHVH DVHPHMDQRGLIHUHQFLDQGHORVFRPHWDV &(1752&+$5/(6'$5:,1GHELGRDTXHQRUHVXOWDIDFWLEOHXWLOL]DUWHOHVFRSLRVSDUDREVHUYDUFRPHWDV VHSURSRUFLRQDUiQLPiJHQHVGHORVFXHUSRV\VXVyUELWDVDORVDOXPQRV\VHOHVVROLFLWDUTXHFODVLILTXHQD ORVFRPHWDVGHDFXHUGRFRQ FDUDFWHUtVWLFDVFRPXQHV

8QDYH]TXHVHKDGHFLGLGRWUDEDMDUXQWHPDVHORGLYLGHHQXQDVHULHGHFODVHVHVSHFtILFDV3RUHMHPSORXQDXQLGDGDFHUFDGHO XQLYHUVRSRGUtDLQFOXLUFODVHVVREUHODVJDOD[LDVHOVLVWHPDVRODUORVFRPHWDVSODQHWDV\VDWpOLWHV&DGDGtDDOLQLFLDUODMRUQDGD HO GRFHQWH SUHVHQWDUi XQ DVSHFWR GH OD XQLGDG SRU PHGLR GH XQD FRQIHUHQFLD TXH SURSRUFLRQDUi XQ SDQRUDPD GHO WHPD TXH VH GHVDUUROOH HVH GtD $ FRQWLQXDFLyQ ORV DOXPQRV VH GLYLGLUiQ HQ SHTXHxRV JUXSRV SDUD WUDEDMDU HQ ORV FHQWURV GRQGH DSUHQGHUiQ 


DFHUFDGHOWHPDGHRFKRPDQHUDVGLIHUHQWHV$OOtSRGUiQOHHUHVFULELUHVFXFKDUFDQWDUUHDOL]DUFRQVWUXFFLRQHV\GUDPDWL]DFLRQHV OOHYDU D FDER WDUHDV HQ FRODERUDFLyQ LQYHQWDU GLVHxDU OLEURV \ PRGHORV FRQGXFLU GHEDWHV UHVROYHU VLWXDFLRQHV SUREOHPiWLFDV \ GHVDUUROODU SUR\HFWRV DUWtVWLFRV \ DPELHQWDOHV $OJXQRV DOXPQRV SUHILHUHQ UHFRUUHU ORV RFKR FHQWURV GH PDQHUD RUGHQDGD \ HVWUXFWXUDGD2WURVGLVIUXWDQSDVDQGRGHXQRDRWURVLQXQSODQSUHHVWDEOHFLGR6HHVSHUDTXHWRGRVHOORVFRPSOHWHQGHWHUPLQDGDV WDUHDVGXUDQWHHOGtDSHURFDGDXQRSRGUiKDFHUORDVXPRGR /DFODVHTXHDSDUHFHHQHOFXDGURDQWHULRUHVXQHMHPSORGHODPDQHUDHQTXHVHSXHGHFLUFXQVFULELUHOWHPDGHOXQLYHUVRDXQRGH VXVDVSHFWRVORVFRPHWDVSDUDSUHVHQWDUORGHP~OWLSOHVPDQHUDV

'HELGR D OD YDULHGDG GLDULD GH ODV DFWLYLGDGHV TXH UHDOL]DQ ORV DOXPQRV ODV WDUHDV GH SUiFWLFD \ HMHUFLWDFLyQ GHMDQ GH VHU PRQyWRQDV \ UHSHWLWLYDV /DV KDELOLGDGHV VH DSUHQGHQ \ DSOLFDQ GH QXPHURVDV PDQHUDV (O WUDEDMR HQ ORV FHQWURV SHUPLWH D ORV QLxRV UHDOL]DU SUHVHQWDFLRQHV LQIRUPDWLYDV PXOWLPRGDOHV GH ORV WHPDV TXH KDQ HVWXGLDGR GHVWLQDGRV D VXV FRPSDxHURV X RWUDV SHUVRQDV 'H HVWH PRGR HV OD QRUPD DQWHV TXH OD H[FHSFLyQ TXH ORV DOXPQRV FDQWHQ EDLOHQ GLEXMHQ UHDOLFHQ GUDPDWL]DFLRQHV REVHUYHQ FDOFXOHQ \ HVFULEDQ OR TXH KDQ DSUHQGLGR (V WDPELpQ FRP~Q TXH FDGD QLxR H[SHULPHQWH DOJXQD IRUPD GH ORJUR DFDGpPLFRGLDULRGHELGRDTXHH[LVWHQQXPHURVDVRSRUWXQLGDGHVSDUDDSUHQGHUSRUPHGLRGHODVSURSLDVFDSDFLGDGHV'XUDQWHORV QXHYHDxRVWUDQVFXUULGRVGHVGHTXHFRPHQ]yDLPSOHPHQWDUVHHVWHSURJUDPDQLQJ~QDOXPQRKDGHMDGRGHHQFRQWUDUDOPHQRVXQ iUHDHQODTXHSXHGHGHVWDFDUVH

/DFODVHH[SRVLWLYD\HOWUDEDMRHQORVFHQWURVLQVXPHQODSULPHUDPLWDGGHODMRUQDGDHVFRODU$OILQDOL]DUODVH[SHULHQFLDVHQORV FHQWURV VH GHGLFD WLHPSR DO LQWHUFDPELR GHO WUDEDMR LQGLYLGXDO \ JUXSDO /RV DOXPQRV SRGUiQ RIUHFHUVH SDUD FDQWDU R HMHFXWDU P~VLFD OHHU SRHPDV SUHVHQWDU WUDEDMRV DUWtVWLFRV R H[SOLFDU MXHJRV TXH KD\DQ FUHDGR /RV PLHPEURV GH OD FODVH IRUPXODUiQVXV RSLQLRQHV DFHUFD GH ORV SURGXFWRV GH ORV GHPiV \ VH JHQHUDUi XQ GHEDWH DFHUFD GHO WHPD GH OD FDOLGDG GH ORV WUDEDMRV \ GH ORV FRQWHQLGRVTXHVHDERUGDUiQSRVWHULRUPHQWH (O UHVWR GH OD MRUQDGD HVFRODU VH GHGLFD DO GHVDUUROOR GH SUR\HFWRV LQGLYLGXDOHV TXH UHIOHMDQ ORV LQWHUHVHV GH ORV DOXPQRV /D FRPELQDFLyQ GHO WUDEDMR HQ ORV FHQWURV \ HO GHVDUUROOR GH SUR\HFWRV LQGLYLGXDOHV SURSRUFLRQD D ORV DOXPQRV XQ PDUFR D OD YH] HVWUXFWXUDGR \ IOH[LEOH HQ VX UXWLQD GLDULD $GHPiV SHUPLWH DO GRFHQWH JXLDU HO FUHFLPLHQWR WDQWR SHUVRQDO FRPR DFDGpPLFR GH WRGRVVXVDOXPQRV

(OWUDEDMRFRQSUR\HFWRVIDYRUHFHODDGTXLVLFLyQGHLPSRUWDQWHVKDELOLGDGHVGHDSUHQGL]DMHDXWRGLULJLGR/RVDOXPQRVDSUHQGHQD IRUPXODU SUHJXQWDV FX\DV UHVSXHVWDV GHPDQGDQ LQYHVWLJDFLyQ D UHFRQRFHU QXPHURVDV IXHQWHV GH UHFXUVRV D FUHDU FURQRJUDPDV UHDOLVWDV \ D LQLFLDU LPSOHPHQWDU \ FHUUDU XQD DFWLYLGDG GH DSUHQGL]DMH 7LHQHQ OD UHVSRQVDELOLGDG GH SUHVHQWDU XQ SUR\HFWR PHQVXDO'XUDQWHOD~OWLPDVHPDQDGHFDGDPHVVHGHVWLQDWLHPSRSDUDODSUHVHQWDFLyQGHORVSUR\HFWRV7DQWRORVWHPDVFRPR

ORV VRSRUWHV HQ TXH ORV DOXPQRV SUHVHQWDQ VXV LGHDV D VXV FRPSDxHURV \ D RWUDVSHUVRQDVVRQQXPHURVRV\YDULDGRV/DV GLYHUVDVKDELOLGDGHVDFDGpPLFDV\SDUDODFRPXQLFDFLyQTXHVHGHVDUUROODURQGXUDQWHHOWUDEDMRHQORVFHQWURVVHPDQLILHVWDQ OXHJRGHPDQHUDSURIXQGDPHQWHSHUVRQDOHQHOWUDEDMRFRQSUR\HFWRVLQGLYLGXDOHV 3DUDGHVDUUROODUXQSUR\HFWRORVDOXPQRVVXHOHQHOHJLUWHPDVWUDWDGRVHQFODVHSDUDH[SORUDUORVFRQPD\RUSURIXQGLGDG 6LQHPEDUJRFRPRWDPELpQWLHQHQODOLEHUWDGSDUDWUDEDMDUWHPDVQRFXUULFXODUHVDOJXQRVGHHOORVDERUGDQXQDGHWHUPLQDGD iUHDGHLQWHUpVSHUVRQDOGXUDQWHYDULRVPHVHV3RUHMHPSORXQDFKLFDHVWDEDIDVFLQDGDFRQORVSURFHVRVPHFiQLFRV\WRGRV VXV SUR\HFWRV PHQVXDOHV VH UHODFLRQDEDQ FRQ OD PDQHUD FRPR IXQFLRQDQ ODV FRVDV /D OLEHUWDG GH HOHFFLyQ SHUPLWH D ORV DOXPQRVSURIXQGL]DUVXFRPSUHQVLyQGHOFXUUtFXORHVFRODURGHVDUUROODUODLQWHOLJHQFLDTXHSUHILHUDQ 6LQ GXGD HO GRFHQWH TXH GHVHH LQFRUSRUDU D VX DXOD ODV RFKR LQWHOLJHQFLDV SRU PHGLR GHO WUDEDMR GLDULR HQ FHQWURV GH DSUHQGL]DMH VH HQIUHQWDUi D QXPHURVRV GHVDItRV 6L ELHQ OD SODQLILFDFLyQ FRQVWLWX\H HQ Vt PLVPD XQ GHVDItR ORV GRFHQWHV PDQLILHVWDQTXHGLFKDWDUHDVHYXHOYHJUDGXDOPHQWHPiVVHQFLOODPHGLDQWHODSUiFWLFDFRQVWDQWH\HOGHVDUUROORGHXQDPSOLR UHSHUWRULR GH HQIRTXHV GLGiFWLFRV /RV GRFHQWHV WDPELpQ DSOLFDQ HVWUDWHJLDV SDUD VLPSOLILFDU OD SODQLILFDFLyQ GLDULD WDOHV FRPRRUJDQL]DUSUR\HFWRVDODUJRSOD]RHQXQRRGRVGHORVFHQWURVRVROLFLWDUDORVDOXPQRVTXHVHKDJDQFDUJRGHODSOD QLILFDFLyQGHOWUDEDMRHQGHWHUPLQDGRVFHQWURV (QODPHGLGDGHORSRVLEOHUHVXOWD~WLOFUHDUSODQHVVHPDQDOHVTXHSHUPLWHQDOGRFHQWHFRQFHQWUDUVHHQODVHFXHQFLDGH WHPDV\SUR\HFWRVGLDULRV$TXtVHSUHVHQWDXQPRGHORGHJULOODSDUDODSODQLILFDFLyQVHPDQDO




0LHQWUDV OD PD\RUtD GH ORV DOXPQRV WUDEDMD HQ ORV FHQWURV R HQ VXV SUR\HFWRV HO GRFHQWH GLVSRQH GH WLHPSR SDUD LQWHUDFWXDUFRQLQGLYLGXRVRSHTXHxRVJUXSRV3RGUiDWHQGHUFRQVXOWDVHYDOXDUWUDEDMRVLQGLYLGXDOHVVXJHULUPRGLILFDFLRQHV SDUDREWHQHUPHMRUHVORJURVSURSRUFLRQDUHQVHxDQ]DDGLFLRQDODTXLHQHVSUHVHQWHQGLILFXOWDGHVHQODViUHDVGHPDWHPiWLFDR OHFWXUD DVHVRUDU D ORV DOXPQRV WDOHQWRVRV SDUD HO GHVDUUROOR GH SUR\HFWRV DPELFLRVRV \ WUDEDMDU FRQ SHTXHxRV JUXSRV GH DOXPQRVSDUDGLVHxDUHVWUXFWXUDVFUHDUEDLOHV\SODQLILFDUSUR\HFWRV3DUDUHVXPLUORVFXDWURFRPSRQHQWHVSULQFLSDOHVGH HVWHPRGHORGHDXODVRQ

6L ELHQ OD PD\RUtD GH ODV DXODV TXH VH RUJDQL]DQ VHJ~Q HO PRGHOR GH FHQWURV GH DSUHQGL]DMH SHUWHQHFHQ DO QLYHO GH HQVHxDQ]DEiVLFDDOJXQRVGRFHQWHVGHOD/LQFROQ+LJK6FKRROGH6WRFNWRQ&DOLIRUQLDWDPELpQXWLOL]DQFHQWURVEDVDGRVHQ ODVRFKRLQWHOLJHQFLDV1RWRGRVVHRUJDQL]DQHOPLVPRGtDGHELGRDODVOLPLWDFLRQHVGHHVSDFLRTXHVXUJHQGHQWURGHODXOD /RV DOXPQRV HOLJHQ ORV FHQWURV GRQGH GHVDUUROODUiQ VX WDUHD GLDULD \ OXHJR VH UHDJUXSDQ SDUD GHEDWLU DFHUFD GH VXV H[SHULHQFLDV(VWRVGRFHQWHV\RWURVTXHWUDEDMDQHQHOQLYHOSROLPRGDOUHFRQRFHQTXH HOPRGHORGHFHQWURVGHDSUHQGL]DMH GHVFHQWUDOL]DHODXOD\DxDGHODIOH[LELOLGDGTXHPXFKRVDOXPQRVUHTXLHUHQSDUDXQDSUHQGL]DMHHILFD] (QGLFKRPRGHORHOGRFHQWHGHDXODDEDQGRQDHOUROGHGLUHFWRU\DVXPHHOGHIDFLOLWDGRUJXtD\SURYHHGRUGHUHFXUVRV $GHPiVFRQIUHFXHQFLDVXHOHQGHVDUUROODUVHQXHYDVFDSDFLGDGHVGRFHQWHV\VXUJHQKDELOLGDGHVTXHSHUPLWHQREVHUYDUDORV DOXPQRVDWUDYpVGHRFKROHQWHV8QDSODQLILFDFLyQSDUDGLYHUVRVPRGRVGHDSUHQGL]DMHVXHOHGDUSRUUHVXOWDGRXQDXPHQWR HQODVSURSLDVFDSDFLGDGHVFUHDWLYDV8QGRFHQWHTXHH[SHULPHQWyHOGHVDUUROORGHQXHYDVFDSDFLGDGHVGHQWURGHVtPLVPR 


OXHJR GH WUDEDMDU FRQ ODV LQWHOLJHQFLDV P~OWLSOHV VH SUHJXQWDED ¢HQ TXLpQ VH HVWiQ SURGXFLHQGR PD\RUHV FDPELRV HQ ORV DOXPQRVRHQPt" 3UR\HFWR6SHFWUXP

2WURHQIRTXHGHODHQVHxDQ]DEDVDGDHQFHQWURVGHDSUHQGL]DMHHVHOTXHSURSRQHHO3UR\HFWR6SHFWUXPXQGHVDUUROORSLORWRSDUD ODSULPHUDLQIDQFLDGHODV8QLYHUVLGDGHVGH+DUYDUG\7XIWV(QXQDXOD6SHFWUXPORVQLxRVLQWHUDFW~DQFRQGLYHUVRVPDWHULDOHV\ HQ QXPHURVRV FHQWURV GLDULDPHQWH (Q OXJDU GH DERUGDU GLUHFWDPHQWH ODV RFKR LQWHOLJHQFLDV VH HVWDEOHFHQ FHQWURV TXH UHIOHMDQ UROHV VRFLDOHV SUHVWLJLRVRV R VHJ~Q OD WHUPLQRORJtD GH *DUGQHU HVWDGRV DGXOWRV ILQDOHV /RV HVWDGRV ILQDOHV VRQ KDELOLGDGHV FX\DXWLOLGDGQRVHOLPLWDDORVSURJUDPDVHVFRODUHVVLQRTXHSHUPLWHQDVXPLUUROHVDGXOWRVJUDWLILFDQWHV0XFKDVLQWHOLJHQFLDVVH FRPELQDQ PHGLDQWH HO WUDEDMR HQ ORV FHQWURV TXH LQFOX\HQ DFWLYLGDGHV GH HVWDGRV ILQDOHV 3RU HMHPSOR HO FHQWUR GH FLHQFLDV QDWXUDOHV GHQRPLQDGR ULQFyQ GHO QDWXUDOLVWDGLVSRQHGHGLYHUVDVSODQWDV\DQLPDOHVSDUDVXREVHUYDFLyQ\FRPSDUDFLyQ(VWH FHQWUR GHPDQGD OD DSOLFDFLyQ GH FDSDFLGDGHV VHQVRULDOHV \ OyJLFRPDWHPiWLFDV MXQWR FRQ OD SXHVWD HQ SUiFWLFD GH KDELOLGDGHV \ DFWLYLGDGHVWtSLFDVGHORVQDWXUDOLVWDV 8QDXOD6SHFWUXPFXHQWDFRQRFKRFHQWURV/RVFHQWURV\ODVFDSDFLGDGHVFODYHVUHODWLYDVDHOORVVHGHVFULEHQDFRQWLQXDFLyQ &(1752663(&7580

$UWHUHFRQRFLPLHQWRSURGXFFLyQ\FRPSRVLFLyQGHODVDUWHVYLVXDOHV /HQJXDQDUUDFLyQSHULRGLVPR\MXHJRVGHSDODEUDV

0DWHPiWLFDUD]RQDPLHQWRQXPpULFRUD]RQDPLHQWRHVSDFLDO\VROXFLyQGHVLWXDFLRQHVSUREOHPiWLFDV

0HFiQLFD KDELOLGDGHV GH PRWULFLGDG ILQDKDELOLGDGHVYLVXDOHVSDFLDOHVVROXFLyQGHSUREOHPDVFRQREMHWRVPHFiQLFRV\UHFRQRFLPLHQWRGH UHODFLRQHVFDXVDOHV 0RYLPLHQWRFRQWUROFRUSRUDOVHQVLELOLGDGDOULWPRH[SUHVLyQLGHDVSDUDJHQHUDUPRYLPLHQWRVFRPSUHQVLyQGHOOHQJXDMHPXVLFDO 0~VLFDDSUHFLDFLyQSURGXFFLyQ\FRPSRVLFLyQPXVLFDO

&LHQFLDV QDWXUDOHV REVHUYDFLRQHV UHFRQRFLPLHQWR GH VHPHMDQ]DV \ GLIHUHQFLDV IRUPXODFLyQ GH KLSyWHVLV \ H[SHULPHQWDFLyQ LQWHUpV SRU FRQRFHUHOPHGLRQDWXUDORORVIHQyPHQRVFLHQWtILFRV &LHQFLDVVRFLDOHVFRQFLHQFLDGHO\R\GHORVGHPiVDVXQFLyQ GHGLYHUVRVUROHVVRFLDOHVOtGHUIDFLOLWDGRUHQFDUJDGRDPLJR

/RVHVWDGRVILQDOHVDGXOWRVVHDMXVWDQDOQ~FOHRGHODVDFWLYLGDGHVGHOFHQWUR3RUHMHPSORHQHOFHQWURGHOHQJXDVHSUHVHQWDHO SHUILO GH ODV KDELOLGDGHV GH XQ QDUUDGRU XQ QRYHOLVWD XQ SHULRGLVWD XQ DERJDGR XQ GUDPDWXUJR \ XQ SRHWD VHJ~Q GLIHUHQWHV RFDVLRQHV $ ILQ GH TXH ORV UROHV DGXOWRV UHVXOWHQ PiV FODURV HO 3UR\HFWR 6SHFWUXP FXHQWD FRQ &RQQHFWLRQV &RQH[LRQHV  XQ SURJUDPD FRPXQLWDULR GH WXWRUtD GHVWLQDGR D QLxRV GH FRUWD HGDG /RV DOXPQRV WUDEDMDQ FRQ DGXOWRV GH VX EDUULR TXLHQHV VH GHVHPSHxDQ HQ ODV GLYHUVDV SURIHVLRQHV TXH VH HVWiQ DQDOL]DQGR HQ HO DXOD 'H HVWD PDQHUD ORV QLxRV RWRUJDQ VLJQLILFDGR D ORV PDWHULDOHV\KDELOLGDGHVTXHVHSUHVHQWDQHQODHVFXHOD

(OFXUUtFXORGHO3UR\HFWR6SHFWUXPHVWiRUJDQL]DGRHQEORTXHVWHPiWLFRVTXHDEDUFDQWRGRHOHVSHFWURGHLQWHOLJHQFLDV$OJXQRV GH ORV WHPDV LQFOX\HQ /D QRFKH \ HO GtD R $FHUFD GH Pt \ SHUPLWHQ DERUGDU IiFLOPHQWH FDGD XQD GH ODV LQWHOLJHQFLDV (O IRUPDWR WHPiWLFR D\XGD D ORV QLxRV D HVWDEOHFHU UHODFLRQHV HQWUH ODV GLVFLSOLQDV \ D H[DPLQDU XQ WHPD GHVGH GLVWLQWRV SXQWRV GH YLVWD(QXQLQWHQWRSRUH[SDQGLUODHVIHUDGHDSUHQGL]DMHGHORVQLxRVVHHVWDEOHFHQYLQFXODFLRQHVFXUULFXODUHVHQWUHHOKRJDUOD HVFXHOD\OD FRPXQLGDG$VLPLVPRVHSURSRQHQDFWLYLGDGHVTXHFRPSOHPHQWDQHOWUDEDMRGHODXODSDUDORVSDGUHV\ORVPXVHRV ORFDOHVODVTXHWLHQHQSRUREMHWRKDFHUPiVDFFHVLEOHVODVH[SRVLFLRQHV\PXHVWUDVSDUDORVQLxRV/DLQWHJUDFLyQGHORVUHFXUVRV GHO KRJDU OD HVFXHOD \ OD FRPXQLGDG SHUPLWH TXH ORV DOXPQRV TXH SDUWLFLSDQ GHO 3UR\HFWR 6SHFWUXP OOHJXHQ D LQWHUQDOL]DU ORV VLJQLILFDGRVSURIXQGRVTXHVHGHVSUHQGHQGHODSUHQGL]DMH

'HVFXEULPLHQWRGHODRULHQWDFLyQFXUULFXODU

$ OR ODUJR GH ORV DxRV KDQ SUROLIHUDGR QXPHURVDV WHQGHQFLDV FXUULFXODUHV FDGD XQD FRQ VXV SURSLRV SRVWXODGRV ILORVyILFRV REMHWLYRV \ SURFHVRV GH HQVHxDQ]DDSUHQGL]DMH &RQ HO VXUJLPLHQWR GH OD WHRUtD GH + *DUGQHU ORV HGXFDGRUHV FXHQWDQ FRQ HOHPHQWRV SDUD DQDOL]DU FXDOTXLHU PRGHOR FXUULFXODU D WUDYpV GH RFKR OHQWHV D ILQ GH YHULILFDU VL LQFOX\H WRGR HO HVSHFWUR GH FDSDFLGDGHV KXPDQDV 'H HVWD PDQHUD UHVXOWD IiFLO DGYHUWLU TXH PXFKRV SURJUDPDV VRQ SURIXQGDPHQWH WHQGHQFLRVRV (Q DSDULHQFLDSULYLOHJLDQXQDRGRVLQWHOLJHQFLDV\H[FOX\HQODVGHPiV3RUHMHPSORHODSUHQGL]DMHFRRSHUDWLYRJXDUGDXQDHVWUHFKD UHODFLyQ FRQ ODV LQWHOLJHQFLDV LQWHUSHUVRQDO \ OLQJtVWLFD &RQ HO REMHWR GH JDUDQWL]DU TXH ORV DOXPQRV WHQJDQ DFFHVR D ORV FRQWHQLGRV D WUDYpV GH RWURV PRGRV ORV SURFHVRV FRRSHUDWLYRV GHEHQ DGDSWDUVH SDUD LQFOXLU DFWLYLGDGHV FLQHVWpVLFDV YLVXDOHV 


PXVLFDOHVOyJLFDVQDWXUDOLVWDVHLQWHUSHUVRQDOHV(VWDDGDSWDFLyQSHUPLWHTXHORVDOXPQRVDSUHQGDQSRUPHGLRGHORVSXQWRVGH DFFHVRLQWHOHFWXDOHVTXHOHVSURSRUFLRQDQVXViUHDVGHPD\RUFRPSHWHQFLD

8Q DQiOLVLV GH WHQGHQFLDV FXUULFXODUHV WDOHV FRPR OD UHODFLyQ GH OD HVFULWXUD FRQ WRGDV ODV iUHDV GH FRQWHQLGR OD WHFQRORJtD LQWHJUDGD \ RWUDV SRQH GH PDQLILHVWR TXH H[LVWHQ HOHPHQWRV WHQGHQFLRVRV LQKHUHQWHV D FDGD IRUPDWR 'H KHFKR SRGUtDPRV SUHJXQWDUQRVVLDFDVRORVWHyULFRVGHOFXUUtFXORQRJHQHUDUiQPRGHORVTXHUHIOHMHQVXViUHDVLQGLYLGXDOHVGHFDSDFLGDGLQWHOLJHQWH &XDQGR XQ GRFHQWH HVFXHOD R GLVWULWR HVFRODU DQDOLFH OD SRVLELOLGDG GH DGRSWDU XQ GHWHUPLQDGRFXUUtFXOROHUHVXOWDUiDSURSLDGR SODQWHDUVH YDULRV LQWHUURJDQWHV DQWHV GH LPSOHPHQWDU XQ QXHYR SURJUDPD /DV VLJXLHQWHV SUHJXQWDV SHUPLWHQ GHWHUPLQDU ODV YHQWDMDV\GHVYHQWDMDVGHXQPRGHOR ‡¢&XiOHVODSHUVSHFWLYDILORVyILFDTXHSURPXHYHHOFXUUtFXOR" ‡¢&XiOHVVRQVXVSRVWXODGRV" ‡¢&XiOHVVRQORVFRPSRQHQWHVSULQFLSDOHVGHOFXUUtFXOR SRUHMHPSORSURFHGLPLHQWRVLQVWUXPHQWRVGHHYDOXDFLyQ\PDWHULDOGH UHIHUHQFLD " ‡¢&XiOHVVRQODVLQWHOLJHQFLDVTXHGHVWDFDHOSURJUDPD" ‡¢4XpLQWHOLJHQFLDVGHEHQSRVHHUORVDOXPQRVDILQGHDOFDQ]DUORJURV" ‡¢4XpLQWHOLJHQFLDVUHTXLHUHHOFXUUtFXORGHOGRFHQWH" ‡¢4XpLQWHOLJHQFLDVQRVHHQFXHQWUDQFRQWHPSODGDV" ‡¢'HTXpPDQHUDSRGUtDDGDSWDUVHHOFXUUtFXORSDUDLQFOXLUODVRFKRLQWHOLJHQFLDV"

&XDQGRVHLQWHJUDODWHRUtDGH*DUGQHUDORVSURJUDPDVHVFRODUHVQRHVQHFHVDULRGHVFDUWDUDTXHOORVTXHVHHVWpQGHVDUUROODQGRR SURJUDPDU QXHYRV 'HO PLVPR PRGR FRPR ORV GRFHQWHV DGDSWDQ ODV FODVHV \ XQLGDGHV SDUD HO WUDEDMR HQ HO DXOD ORV SURJUDPDV FXUULFXODUHV JHQHUDOHV WDPELpQ SXHGHQ HQULTXHFHUVH 'H KHFKR QR HV DFRQVHMDEOH GHVFDUWDU DTXHOOR TXH IXQFLRQD R TXH WLHQH SRWHQFLDO SDUD IXQFLRQDU ELHQ (V SUHIHULEOH FRQVHUYDU XQ FXUUtFXOR TXH KD\D GHPRVWUDGR VX HILFDFLD \ RULHQWDU ORV HVIXHU]RV D SURPRYHUXQPD\RUQLYHOGHORJUR

&XUUtFXODEDVDGDHQSUR\HFWRV

$ODGYHUWLUTXHHOWUDEDMRKXPDQRPiVSURGXFWLYRVHPDQLILHVWDHQIRUPDGHSUR\HFWRVVLJQLILFDWLYRV\FRPSOHMRV*DUGQHUVXJLHUH TXHODFXUUtFXODGHEHLQFOXLUSUR\HFWRVGHVWLQDGRVDSUHSDUDUDORVDOXPQRVSDUDODYLGDDGXOWD/DLQFRUSRUDFLyQGHFRQRFLPLHQWRV \KDELOLGDGHVWLHQHOXJDUFXDQGRVHORVDGTXLHUHHQFRQWH[WRVGHILQLGRVSRUPHGLRGHODH[SORUDFLyQDFWLYD\ODSDUWLFLSDFLyQHQ H[SHULHQFLDV YLQFXODGDV FRQ OD SURSLD YLGD 7DQWR ORV SUR\HFWRV GH WUDEDMR FRPXQLWDULR FRPR ODV VDOLGDV GH FDPSR R ODV H[SHULHQFLDV GH ODERUDWRULR LQFRUSRUDQ D ORV DOXPQRV HQ WDUHDV VLJQLILFDWLYDV SDUD HOORV PLVPRV \ YDOLRVDV SDUD ORV GHPiV /D QDWXUDOH]DDELHUWDGHORVSUR\HFWRVSHUPLWHGLVHxDUP~OWLSOHVVROXFLRQHVHLQWHJUDDORVDOXPQRVHQXQDVLWXDFLyQFRPSUHQVLYD TXHSURPXHYHHOGHVFXEULPLHQWRGHVXVSDUWHVUHODFLRQHVVLJQLILFDGRV\GHVHQODFH

-RKQ'HZH\VRVWHQtDTXHHOLGHDOGHODHVFRODULGDGGHEHUtDFRQVLVWLUHQH[SHULHQFLDVWRWDOHV\SHUPDQHQWHVDQWHVTXHHQXQDVHULH GH FXUVRV DEVWUDFWRV \ IUDJPHQWDULRV GLFWDGD SRU YDULRV HGXFDGRUHV 'HZH\ VH RSRQtD D TXH OD FXUUtFXOD VH RUJDQL]DUD SDUD FRQYHQLHQFLD GH ORV DGXOWRV \ GHVWDFDED HO YDORU GH ODV H[SHULHQFLDV UHDOHV TXH SRQtDQ HQ MXHJR OD QDWXUDOH]D PXOWLIDFpWLFD GHO QLxR(QVXOLEUR(VFXHOD\VRFLHGDG H[SUHVy

1LQJXQDFODVHIRUPDOFRQVWUXLGDFRPRFODVHIRUPDOFRQHOREMHWRGHVXPLQLVWUDULQIRUPDFLyQSXHGHWHQHUODPiVUHPRWD SUHWHQVLyQGHFRQVWLWXLUVHHQVXVWLWXWRGHOFRQRFLPLHQWRGHSODQWDV\DQLPDOHVGHODJUDQMD\GHOMDUGtQTXHVHDGTXLHUHSRU PHGLRGHOFRQWDFWRGLUHFWRFRQHOORV\GHVXFXLGDGR1LQJ~QHQWUHQDPLHQWRGHORVyUJDQRVGHORVVHQWLGRVTXHVHOOHYHD FDERHQODHVFXHODLQVWLWXLGRFRPRILQHQVtPLVPRSXHGHOOHJDUDFRPSHWLUFRQODFRQFLHQFLD\SOHQLWXGGHYLGDTXHVXUJH GH OD FRQYLYHQFLD GLDULD \ GHO LQWHUpV SRU ODV WDUHDV IDPLOLDUHV /D PHPRULD OLQJtVWLFD SXHGH HQWUHQDUVH SRU PHGLR GHO FRPSURPLVR XQD FLHUWD GLVFLSOLQD HQ OD FDSDFLGDG GH UD]RQDPLHQWR SXHGH DGTXtULUVH D WUDYpV GH ODV FODVHV GH FLHQFLDV \ PDWHPiWLFDSHURDOILQGHFXHQWDVWRGRHOORUHVXOWDEDVWDQWHUHPRWR\GLIXVRFRPSDUDGRFRQODFDSDFLWDFLyQGHODDWHQFLyQ \HOMXLFLRTXHVHDGTXLHUHQFXDQGRHVQHFHVDULROOHYDUDFDERWDUHDVUHVSDOGDGDVSRUXQDXWpQWLFRPRWLYR\FRQXQDXWpQWLFR REMHWLYRSRUGHODQWH 6L ELHQ PXFKDV HVFXHODV QR VH RUJDQL]DQ HQ WRUQR GH OR TXH 'HZH\ GHQRPLQD XQD H[SHULHQFLD WRWDO \ SHUPDQHQWH PXFKRV GRFHQWHV LQFRUSRUDQ SUR\HFWRV TXH FRPELQDQ ODV H[SHULHQFLDV GHO DXOD FRQ OD YLGD 3RU HMHPSOR XQ JUXSR GH TXLQWR DxR GH HGXFDFLyQEiVLFDVHSURSXVRYLDMDUD:DVKLQJWRQFRQHOREMHWRGHREVHUYDUHOIXQFLRQDPLHQWRGHOJRELHUQRGHORV(VWDGRV8QLGRV 3DUD DOFDQ]DU HVWH REMHWLYR ORV DOXPQRV GLVHxDURQ XQ HPSUHQGLPLHQWR FRPHUFLDO PHGLDQWH XQ SUR\HFWR GH UHFLFODMH TXH OHV SHUPLWLUtD UHXQLU ORV IRQGRV QHFHVDULRV (O SUR\HFWR LPSOLFDED UHDOL]DU XQ UHOHYDPLHQWR GH OD SREODFLyQ ORFDO GH OD FDQWLGDG GH UHFLSLHQWHVPHWiOLFRVTXHVHGHVFDUWDEDQHQXQKRJDUSURPHGLRGHOQ~PHURGHSHUVRQDVTXHSDUWLFLSDUtDQHQODVWDUHDVGHUHFLFODMH \ GHO SHVR TXH DOFDQ]DUtD OD SUR\HFFLyQ QXPpULFD GH UHFLSLHQWHV UHFROHFWDGRV D ILQ GH HVWLPDU VXV JDQDQFLDV 7DPELpQ HUD QHFHVDULR FDOFXODU ORV JDVWRV TXH GHPDQGDUtD OD RSHUDFLyQ /D SODQLILFDFLyQ H LPSOHPHQWDFLyQ GH HVWH SUR\HFWR FRPSOHMR \ FRQFUHWRSHUPLWLyDORVDOXPQRVFXPSOLUFRQHOREMHWLYRGH UHDOL]DUXQYLDMHJUXSDODODVHGHGHOJRELHUQRQDFLRQDO 


/RV DOXPQRV GHO QLYHO GH HQVHxDQ]D EiVLFD GHO 3UR\HFWR 6SHFWUXP HVWXGLDQ ORV SiMDURV GH VX ]RQD \ VXV KiELWRV SDUD OD QLGLILFDFLyQFRPRSUR\HFWRGHWUDEDMRHQHODXOD 'LVHxDQ \ FRQVWUX\HQ QLGRV \ OXHJR REVHUYDQ VL VXV GLVHxRV VDWLVIDFHQ ODV QHFHVLGDGHV GH ORV SiMDURV R VL VH UHTXLHUHQ PRGLILFDFLRQHV

/RVDOXPQRVGHOWHUFHUFLFORGHHQVHxDQ]DEiVLFDGH/DNHZRRGHVWDGRGH:DVKLQJWRQDSUHQGHQFRQFHSWRVGHELRORJtDSRUPHGLR GHXQSUR\HFWRTXHSURSRQHUHVROYHUXQVXSXHVWRGHOLWR/DVDFWLYLGDGHVTXHOOHYDQDFDERLQFOX\HQLQYHVWLJDFLRQHVUHFRSLODFLyQ GH SUXHEDV \ HODERUDFLyQ GH XQD H[SOLFDFLyQ 8QD YH] UHVXHOWR HO FDVR ORV DOXPQRV DQDOL]DQ ORV HQIRTXHV SDUD OD VROXFLyQ GH SUREOHPDVTXHVHKDQDSOLFDGR\TXHFRQGXMHURQDODUHVSXHVWDFRUUHFWD

/RV DOXPQRV GH QLYHO SROLPRGDO GH 3DOR $OWR &DOLIRUQLD VH SURSXVLHURQ HVWDEOHFHU XQ GHVWLQR SDUD XQ WHUUHQR XELFDGR HQ XQD ]RQD GH OD FLXGDG TXH VH HQFRQWUDED HQ SURFHVR GH UHFXSHUDFLyQ 3DUD SUHVHQWDU VX SURSXHVWD D OD 0XQLFLSDOLGDG SUHSDUDURQ GRFXPHQWDFLyQHQIRUPDWRGHYLGHRTXHLQFOXtDVXJHUHQFLDVUHVSHFWRGHOXVRTXHGHEHUtDGDUVHDOWHUUHQR

2WURJUXSRGHDOXPQRVGHQLYHOSROLPRGDOGH,WKDFD1XHYD<RUNGHFLGLyDERUGDUHOWHPDGHODVWHUDSLDVRQFROyJLFDVOXHJRGH TXH D XQR GH VXV FRPSDxHURV VH OH GLDJQRVWLFDUD OHXFHPLD /RV DOXPQRV OOHYDURQ D FDER SUR\HFWRV GH LQYHVWLJDFLyQ UHDOL]DURQ HQWUHYLVWDVDPLHPEURVGHODFRPXQLGDGPpGLFD\YLVLWDURQKRVSLWDOHVDILQGHLQWHULRUL]DUVHDFHUFDGHODHQIHUPHGDGHLGHQWLILFDU PpWRGRVWHUDSpXWLFRVWUDGLFLRQDOHV\QRWUDGLFLRQDOHV (VWDFODVHGHSUR\HFWRVVXHOHGHVDUUROODUVHGXUDQWHSHULRGRVGHGRVVHPDQDVDGRVPHVHVGHGXUDFLyQ$OJXQRVGRFHQWHVLQFOX\HQ WUHVRPiVSUR\HFWRVHQHOFXUUtFXORDQXDOEDViQGRVHHQHOKHFKRGHTXHGLFKDVDFWLYLGDGHVSHUPLWHQDORVDOXPQRVDGTXLULUPD\RU FDQWLGDGGHLQIRUPDFLyQGHODTXHREWHQGUtDQPHGLDQWHHQIRTXHVWUDGLFLRQDOHVHQHODXOD$VLPLVPRORVSUR\HFWRVVXHOHQVHUGH QDWXUDOH]D LQWHUGLVFLSOLQDULD \ UHTXLHUHQ OD DSOLFDFLyQ GH XQ DPSOLR UDQJR GH LQWHOLJHQFLDV SDUD VX HMHFXFLyQ /RV GRFHQWHV LQWHUHVDGRVHQLPSOHPHQWDUSUR\HFWRVHQVXFXUUtFXORSRGUiQWHQHUHQFXHQWDORVVLJXLHQWHVOLQHDPLHQWRV

/LQHDPLHQWRVSDUDFUHDUSUR\HFWRVHILFDFHV

 5HFRQRFHUFRQFHSWRV\HVWUDWHJLDVLP SRUWDQWHV\HVWDEOHFHUSUR\HFWRVDELHUWRVTXHDEDUTXHQGLFKRFRQRFLPLHQWR

 3URPRYHUODSDUWLFLSDFLyQGHORVDOXPQRVSDUDODSODQLILFDFLyQGHORVGLYHUVRVDVSHFWRVGHOSUR\HFWR(QDOJXQRVFDVRV ORVPLVPRVDOXPQRVGHEHUiQGHWHUPLQDUVXVSUR\HFWRV

 (QXPHUDU ORV PDWHULDOHV \ UHFXUVRV QHFHVDULRV HQWUH HOORV H[SHUWRV GH OD FRPXQLGDG SDGUHV R DOXPQRV GH DxRV \ QLYHOHVVXSHULRUHVGHHQVHxDQ]D

 *XLDUDORVDOXPQRVHQODVGLYHUVDVHWDSDVGHOSUR\HFWRLQLFLRLPSOHPHQWDFLyQUHIRUPXODFLyQSUHVHQWDFL yQUHIOH[LyQ HYDOXDFLyQ\SODQLILFDFLyQGHDFWLYLGDGHVQXHYDVRGHH[WHQVLyQ 6 6HOHFFLRQDUERUUDGRUHV\YHUVLRQHVILQDOHVGHOWUDEDMRGHORVDOXPQRVSDUDFRQVHUYDUFRPRGRFXPHQWDFLyQGXUDQWHHO GHVDUUROORGHOSUR\HFWR\OXHJRGHVXILQDOL]DFLyQ

 6ROLFLWDU D ORV DOXPQRV TXH UHIOH[LRQHQ DFHUFD GH ORV SURFHVRV GH DSUHQGL]DMH \ GH FUHFLPLHQWR SHUVRQDO TXH KDQ H[SHULPHQWDGRFRPRUHVXOWDGRGHOSUR\HFWR

 2UJDQL]DUXQDSUHVHQWDFLyQGHORVSUR\HFWRVGHORVDOXPQRVIUHQWHDXQDDXGLHQFLDFRPSXHVWDSRUJU XSRVGHSDUHV SDGUHVPLHPEURVGHODFRPXQLGDGXRWUDVSHUVRQDVTXLHQHVEULQGDUiQVXDSR\R\SRGUiQIRUPXODUFUtWLFDVFRQVWUXFWLYDV UHVSHFWRGHORVHVIXHU]RVUHDOL]DGRV  (YDOXDUORVSUR\HFWRVGHVGHQXPHURVDVySWLFDV*DUGQHUUHFRPLHQGDODVVLJXLHQWHV  Â&#x2021;FDOLGDGHQODSODQLILFDFLyQSUHVHQWDFLyQ\HMHFXFLyQGHOSUR\HFWR Â&#x2021;SUHFLVLyQ

Â&#x2021;QLYHOGHGLILFXOWDG

Â&#x2021;FUHDWLYLGDG\RULJLQDOLGDG Â&#x2021;HPSOHRGHORVUHFXUVRV




‡IHHGEDFNSURSRUFLRQDGRSRUSDUWHGHH[SHUWRVUHVSHFWRGHORVORJURVDOFDQ]DGRV ‡QLYHOGHDSUHQGL]DMHGHORVDOXPQRV

‡FDOLGDGGHODUHIOH[LyQOOHYDGDDFDERSRUORVDOXPQRV

 &XDQGRORVDOXPQRVKD\DQILQDOL]DGRVXVSUR\HFWRVVHUiQHFHVDULRUHIOH[LRQDUDFHUFDGHDTXHOORTXHHOWUDEDMRUHYHOD VREUHHOORVVXVLQWHUHVHVFDSDFLGDGHV GLILFXOWDGHVFRQGLFLRQHVSDUDHOWUDEDMRFRRSHUDWLYRRLQGHSHQGLHQWHHLQWHUHVHVTXH KD\DQVXUJLGR\SXHGDQGDURULJHQDIXWXURVSUR\HFWRV

/DVKDELOLGDGHVLQKHUHQWHVDODSUHQGL]DMHEDVDGRHQSUR\HFWRVGHEHUiQHQVHxDUVHHQIRUPDGLUHFWD/RVDOXPQRVGL VSRQHQ GHHVFDVDVRSRUWXQLGDGHVSDUDODFRQGXFFLyQGHVXSURSLRDSUHQGL]DMHHQODHVFXHOD\VXHOHQUHTXHULUDVHVRUDPLHQWRSDUD OOHYDUOR D FDER (Q HO OLEUR GH %UXFH &DPSEHOO 7KH 0XOWLSOH ,QWHOOLJHQFLHV +DQGERRN /HVVRQ 3ODQV DQG 0RUH 0DQXDO GH LQWHOLJHQFLDV P~OWLSOHV 3ODQHV GH FODVH \ DOJR PiV  VH GHWDOODQ ORV VLJXLHQWHV RFKR SDVRV SDUD HQVHxDU D ORV DOXPQRV D GHVDUUROODUSUR\HFWRV

2&+23$6263$5$/$&5($&,Ð1'( 352<(&726 (67$%/(&(782%-(7,924XLHURHQWHQGHUHQTXpFRQVLVWHQODVLOXVLRQHVySWLFDV

(181&,$ 78 2%-(7,92 (1 )250$ '( ,17(552*$17( ¢4Xp VRQ ODV LOXVLRQHV ySWLFDV \ SRU TXp HQJDxDQDODYLVWR"Ä (180(5$$/0(12675(6)8(17(6'(,1)250$&,Ï1$/$648(5(&855,5

OLEURVGHODELEOLRWHFDDFHUFDGHODVLOXVLRQHVySWLFDV2IWDOPyORJRVRGRFHQWHVXQLYHUVLWDULRV 5HSURGXFFLRQHVGHREUDVGH0&(VFKHU'RFHQWHVGH$UWH

'(6&5,%(/263$62648(//(9$5È6$&$%23$5$$/&$1=$5782%-(7,92 6ROLFLWDUDOELEOLRWHFDULRTXHPHSURSRUFLRQHOLEURVDFHUFDGHODVLOXVLRQHVySWLFDV /HHUGLFKRVOLEURV

%XVFDUHOWpUPLQRLOXVLyQySWLFDHQXQDHQFLFORSHGLD\OHHUODLQIRUPDFLyQ

6ROLFLWDUODRSLQLyQGHXQGRFHQWHGHDUWH\GHRWUDVSHUVRQDVDFHUFDGHOWHPD 2EVHUYDUODVREUDVGH0&(VFKHU

(180(5$ $/ 0(126 &,1&2 &21&(3726  ,'($6 ,03257$17(6 $&(5&$ '( /26 &8$/(6 '(6($6,19(67,*$5 ¢4XpVRQODVLOXVLRQHVySWLFDV"¢&yPRVHFRQVWUX\HQ" ¢&yPRVHHQJDxDHORMRKXPDQR"

¢TXLpQHVVRQDOJXQRVGHORVDUWLVWDVTXHKDQFUHDGRXQDUWHEDVDGRHQODVLOXVLRQHVySWLFDV" ¢3XHGRDSUHQGHUDFUHDULOXVLRQHVySWLFDV"




(180(5$$/0(12675(60e72'2648((03/($5Ã&#x2C6;63$5$35(6(17$578352<(&72 ([SOLFDUHQTXpFRQVLVWHQODVLOXVLRQHVySWLFDV5HDOL]DUXQGLDJUDPDDFHUFDGHOIXQFLRQDPLHQWRGHORMR KXPDQR&UHDUSyVWHUVFRQLOXVLRQHVySWLFDVIDPRVDV,QWHQWDUODFUHDFLyQGHXQD LOXVLyQySWLFDSURSLD 5HSDUWLUXQDKRMDFRQLOXVLRQHVySWLFDVDFDGDPLHPEURGHODFODVH6ROLFLWDUDOJUXSRTXHLQWHQWHFUHDU DOJXQD

25*$1,=$/$6(&8(1&,$3$5$'(6$552//$5(O352<(&726HPDQDOHHUODVIXHQWHVGH UHIHUHQFLD6HPDQDHQWUHYLVWDUDDGXOWRV6HPDQDREVHUYDUGLYHUVDVLOXVLRQHVySWLFDV6HPDQD WUDWDUGHFUHDUPLVSURSLDVLOXVLRQHVySWLFDV6HPDQDUHDOL]DUXQGLDJUDPDGHORMR6HPDQDSUHSDUDU PDWHULDOSDUDHQWUHJDUHQFODVH6HPDQDHQVD\DUODSUHVHQWDFLyQ6HPDQDUHDOL]DUODSUHVHQWDFLyQ IUHQWHDODFODVH '(&,'('(48e0$1(5$(9$/8$5Ã&#x2C6;678352<(&723UHVHQWDUORDPLVSDGUHV\REWHQHUVX IHHGEDFN3UHVHQWDUORDGRVDPLJRV\REWHQHUVXIHHGEDFN6ROLFLWDUIHHGEDFNDORVPLHPEURVGHODFODVH SDUDPLSUHVHQWDFLyQ\HOPDWHULDOTXHLQFOX\D&RPSOHWDUXQDSODQLOODGHDXWRHYDOXDFLyQ/HHUORV FRPHQWDULRVGHOGRFHQWH$QDOL]DUXQDJUDEDFLyQHQYLGHR

([LVWHQQRWDEOHVGLIHUHQFLDVHQWUHODVDXODVEDVDGDVHQSUR\HFWRV\ODVFRQYHQFLRQDOHV/RVDOXPQRVVHWUDQVIRUPDQHQSURPRWRUHV DFWLYRV GH VX SURSLR DSUHQGL]DMH \ RWRUJDQ PD\RU LPSRUWDQFLD DO iPELWR HVFRODU 3DUD OD PD\RUtD GH ORV DOXPQRVORVSUR\HFWRV HVWLPXODQ QDWXUDOPHQWH VXV FDSDFLGDGHV DFDGpPLFDV \ SHUVRQDOHV \ OHV SURSRUFLRQDQ HOHPHQWRV SDUD DERUGDU ORV QXPHURVRV SUR\HFWRV GHYLGDTXHOOHYDUiQDFDERGXUDQWHVXHWDSDDGXOWD

3DVDQWtDV

$OJXQRVGRFHQWHV\DOJXQDVHVFXHODVTXHGHVHDQHVWLPXODUHOWDOHQWRLQGLYLGXDOGHORVDOXPQRVHVWDEOHFHQSURJUDPDVGHWXWRUtD\ SDVDQWtDV /DV SDVDQWtDV RIUHFHQ D ORV DOXPQRV SRGHURVDV RSRUWXQLGDGHV SDUD WUDEDMDU MXQWR FRQ DOXPQRV PD\RUHV R DGXOWRV TXH KDQGHVDUUROODGRH[SHULHQFLDVHQXQDGLVFLSOLQDXRILFLR/RVDOXPQRVFRPLHQ]DQDDGYHUWLUODGLUHFFLyQKDFLDODTXHVHRULHQWDQ VXVHVIXHU]RVFXDQGRVHHQFXHQWUDQLQPHUVRVHQODVWDUHDVHVSHFtILFDVTXHLQFOX\HXQDSDVDQWtD'LFKRVSURJUDPDVVXHOHQDGRSWDU DOJXQR GH ORV GRV IRUPDWRV VLJXLHQWHV R ELHQ VRQ FRPSRQHQWHV GHO FXUUtFXOR HVFRODU FRP~Q R UHSUHVHQWDQ RSRUWXQLGDGHV GH HQULTXHFLPLHQWRH[WUDFXUULFXODU$FRQWLQXDFLyQSUHVHQWDPRVDOJXQRVHMHPSORV 3URJUDPDVPRGHORLQWHJUDGRVDOKRUDULRHVFRODUFRP~Q

/RV PLHPEURV GH OD FRPXQLGDG UXUDO GH &RQFUHWH HVWDGR GH :DVKLQJWRQ VH GHVHPSHxDQ FRPR LQVWUXFWRUHV YROXQWDULRV HQ XQ SURJUDPDGHSDVDQWtDVGLVHxDGRSDUDDOXPQRVGHTXLQWRDVpSWLPRDxRGHOQLYHOGHHQVHxDQ]DEiVLFD/RVDOXPQRVFRQFXUUHQXQ GtDSRUPHVDVXVSXHVWRVGHWUDEDMRHQPHGLRVGHWUDQVSRUWHSURYLVWRVSRUODFRPXQLGDG7RGRVORVDOXPQRVWLHQHQRSRUWXQLGDG GHLQWHJUDUVHDOSURJUDPDSDUDWRPDUSDUWHHQODVSDVDQWtDVGHVXHOHFFLyQ

0XFKDV HVFXHODV KDQ LPSOHPHQWDGR SURJUDPDV GH WXWRUtD HQWUH DOXPQRV GH GLVWLQWDV HGDGHV PHGLDQWH ORV FXDOHV ORV PD\RUHV D\XGDQDORVPHQRUHVFRQVXVWDUHDVHVFRODUHV'HHVWDPDQHUDQRVyORVHGHVDUUROODQUHODFLRQHVSRVLWLYDVHQWUHORVDOXPQRVVLQR TXHWDPELpQVHIRUWDOHFHQODVKDELOLGDGHVDFDGpPLFDVGHWRGRVHOORV\ORVDOXPQRVPD\RUHVVXHOHQVHQWLUVHVDWLVIHFKRVDOEULQGDU VXFRODERUDFLyQDODHVFXHODGHXQDPDQHUDFRQFUHWD

/D .H\ 6FKRRO GH ,QGLDQDSROLV KD GLVHxDGR GLHFLVLHWH WDOOHUHV YRFDFLRQDOHV FRRUGLQDGRV SRU GRFHQWHV SDGUHV R PLHPEURV GH OD FRPXQLGDGGRQGHORVDOXPQRVWLHQHQRSRUWXQLGDGGHUHDOL]DUSUiFWLFDVHQGLYHUVRVRILFLRV\GLVFLSOLQDV&DGDDOXPQRFRQFXUUHDO WDOOHUFXDWURYHFHVSRUVHPDQD\WUDEDMDPDWHULDOUHODFLRQDGRFRQXQDRPiVLQWHOLJHQFLDVDILQGHDGTXLULUKDELOLGDGHVTXHOXHJR SRGUi DSOLFDU HQ VLWXDFLRQHV FRWLGLDQDV $ FDGD WDOOHU FRQFXUUHQ QLxRV GH GLYHUVDV HGDGHV \D TXH HVWiQ DELHUWRV D WRGRV ORV DOXPQRV GH OD HVFXHOD /RV WHPDV TXH DERUGDQ LQFOX\HQ HQWUH RWURV DUTXLWHFWXUD FRFLQD \ MDUGLQHUtD DOJXQRV OOHYDQ QRPEUHV HVSHFLDOHV WDOHV FRPR 7DOOHU GH FDQFLRQHV /RJRHVFULWRU ,PDJtQDWH ,QGLDQDSROLV WDOOHU GH SODQHDPLHQWR XUEDQR  \ MyYHQHV DVWURQDXWDV &RPR FRPSOHPHQWR GH ODV DFWLYLGDGHV LQWHUQDV GH OD HVFXHOD XQR GH ORV PXVHRV ORFDOHV RIUHFH D VXV DOXPQRV SDVDQWtDVHQFRQVWUXFFLRQHVQDYDOHVSHULRGLVPRDQLPDFLyQ\PHWHRURORJtD 3DVDQWtDVH[WUDFXUULFXODUHV

-REVIRUWKH)XWXUH (PSOHRVSDUDHOIXWXUR HVXQDRUJDQL]DFLyQGH&DPEULGJH0DVVDFKXVHWWVDWUDYpVGHODFXDOVHRUJDQL]DQ SDVDQWtDV SDUD MyYHQHV GH WRGR HO WHUULWRULR GH ORV (VWDGRV 8QLGRV ODV YLQFXODFLRQHV TXH VH HVWDEOHFHQ HQWUH HPSOHDGRUHV \ HVFXHODV GH QLYHO SROLPRGDO WLHQHQ FRPR REMHWLYR SURPRYHU HO ORJUR DFDGpPLFR GH ORV DOXPQRV \ FUHDU FDQDOHV HILFDFHV SDUD OD WUDQVLFLyQ GH OD HVFXHOD KDFLD HO PXQGR ODERUDO -)) FRQVWLWX\H XQ HPSUHQGLPLHQWR SHUPDQHQWH SDUD HVWDEOHFHU XQ VLVWHPD QDFLRQDOGHSDVDQWtDVGHVWLQDGRHVSHFLDOPHQWHDOGHORVDOXPQRVTXHQRFRPSOHWDQHOFLFORSROLPRGDO 


8QD HVFXHOD GH HQVHxDQ]D EiVLFD GH .HQW :DVKLQJWRQ RUJDQL]y XQ SURJUDPD H[WUDHVFRODU VHPDQDO GXUDQWH HO FLFOR OHFWLYR FRRUGLQDGRSRUSDGUHVGHDOXPQRV\FX\RREMHWLYRFRQVLVWHHQSURSRUFLRQDURSRUWXQLGDGHVHQULTXHFHGRUDV (QWDOVHQWLGRSDUDODFRQWHQFLyQGHORVDOXPQRVTXHSDVDQPXFKRWLHPSRVRORVHQVXVKRJDUHVGHELGRDORVH[WHQVRVKRUDULRVGH WUDEDMRGHVXVSDGUHVORVGRFHQWHVGHOQLYHOGHHQVHxDQ]DEiVLFDGHRWUDHVFXHODFUHDURQRFKRFOXEHVH[WUDHVFRODUHVGHGLFDGRVD FDGDXQDGHODVRFKRLQWHOLJHQFLDV/DPD\RUtDGHHVWRVFOXEHVRUJDQL]DUHXQLRQHVVHPDQDOHV\SURSRUFLRQDDORVQLxRVDOWHUQDWLYDV LQWHUHVDQWHVSDUDGHVDUUROODUGXUDQWHVXWLHPSROLEUH

(O ODXUHDGR SURJUDPD %UHDNRXW 6DOLGD  GH OD 6N\YLHZ -XQLRU +LJK GH %RWKHOO :DVKLQJWRQ HVWLPXOD D ORV DOXPQRV SDUD TXH DERUGHQXQiUHDGHLQWHUpVSHUVRQDO\VHFRQYLHUWDQHQH[SHUWRVHQHOWHPD(OREMHWLYRSULQFLSDOGH%UHDNRXWFRQVLVWHHQTXHORV DOXPQRVOOHJXHQDVHUDJHQWHVGHFDPELRGHQWURGHVXFRPXQLGDG$OJXQRVHOLJHQWUDEDMDUHQKRVSLWDOHVDVLORVRHVFXHODVORFDOHV 2WURV UHFDXGDQ IRQGRV GHVWLQDGRV D FDXVDV TXH DSR\DQ RUJDQL]DQ GHEDWHV UHDOL]DQ SUHVHQWDFLRQHV FUHDQ REMHWRV DUWtVWLFRV PHGLDQWH ORV TXH FRPXQLFDQ VXV LQWHUHVHV HQ XQ GHWHUPLQDGR WHPD HVFULEHQ FXHQWRV ILOPDQ YLGHRV R GLVHxDQ VRIWZDUH LQIRUPiWLFR &DGD DOXPQR FXHQWD FRQ XQ WXWRU TXLHQ OH D\XGD D RULHQWDU VXV HVIXHU]RV \ HYDO~D HO SUR\HFWR XQD YH] ILQDOL]DGR 0LHQWUDVORVDOXPQRVRUJDQL]DQORVFRQWHQLGRVGHVXSUR\HFWRFRPXQLWDULRORVGRFHQWHVGHWHUPLQDQODVKDELOLGDGHVTXHGHEHUiQ DERUGDU 'LFKDV KDELOLGDGHV VH YLQFXODQ FRQ WRGDV ODV GLVFLSOLQDV H LQFOX\HQ HQWUHYLVWDV WRPD GH QRWDV DQiOLVLV HVWDGtVWLFR HODERUDFLyQGHREMHWLYRV\WpFQLFDVSDUDHOGHVHPSHxRHQFDGDXQDGHODViUHDV

&XDQGR ORV GRFHQWHV DQDOLFHQ OD LPSOHPHQWDFLyQ GH SDVDQWtDV VHUi QHFHVDULR FRPHQ]DU SRU LGHQWLILFDU ORV UHFXUVRV PDWHULDOHV \ KXPDQRVGHTXHGLVSRQHODHVFXHOD+DEUiPXFKRVLQGLYLGXRVGLVSXHVWRVDEULQGDUVXWLHPSR\H[SHULHQFLDSURIHVLRQDO(VWDFODVH GH SURJUDPDV UHTXLHUH LPDJLQDFLyQ \ FRRUGLQDFLyQ SDUD SRGHU JHVWDUVH \ PDQWHQHUVH $VLPLVPR ODV SDVDQWtDV QR GHEHQ WUDQVIRUPDUVHHQXQDUHVSRQVDELOLGDGDGLFLRQDOSDUDORVGRFHQWHV(QDOJXQDVHVFXHODVVRQORVJUXSRVGHSDGUHVTXLHQHVRUJDQL]DQ WDOHVDFWLYLGDGHVPLHQWUDVTXHHQRWUDVVHFRQWUDWDDFRRUGLQDGRUHVFRQGHGLFDFLyQVHPLH[FOXVLYDSDUDLPSOHPHQWDU\VXSHUYLVDU ORVSURJUDPDV 8QJUXSRHPSUHQGHGRUGHGRFHQWHVGHOQLYHOGHHQVHxDQ]DEiVLFDTXHWUDEDMDEDFRQXQPRGHORGHDXODEDVDGRHQORVFHQWURVGH LQWHOLJHQFLDVP~OWLSOHVGHFLGLyVROLFLWDUODFRODERUDFLyQGHPLHPEURVGHODFRPXQLGDGSDUDTXHVHGHVHPSHxDUDQFRPRWXWRUHVGH VXV DOXPQRV $ PRGR GH LQFHQWLYR ORV GRFHQWHV H[SOLFDURQ HQ OD FRQYRFDWRULD TXH ORV FHQWURV GHO DXOD OOHYDUtDQ HO QRPEUH GH TXLHQHVDFHSWDUDQWUDEDMDUFRQORVDOXPQRV/DHVFXHODUHFLELyQXPHURVDVRIHUWDV\HOWUDEDMRHQHVWUHFKDUHODFLyQFRQORVWXWRUHV TXHYROFDURQVXH[SHULHQFLDHQHODXODGXUDQWHSHUtRGRVELPHQVXDOHVUHVXOWyDOWDPHQWHEHQHILFLRVRSDUDORVDOXPQRV 3RVLELOLGDGHVSDUDUHDOL]DUSDVDQWtDV

*DUGQHUVXJLHUHTXHODVHVFXHODVGHEHUtDQSHUVRQDOL]DUVXVSURJUDPDVSDUDORVDOXPQRVPHGLDQWHODRIHUWDGHSDVDQWtDVGXUDQWHORV DxRVGHHQVHxDQ]DEiVLFD/DVSDVDQWtDVTXHUHFRPLHQGDQRWLHQHQSRUREMHWRRULHQWDUDORVDOXPQRVKDFLDXQDGHWHUPLQDGDFDUUHUD GHVGHXQDHGDGWHPSUDQD3RUHOFRQWUDULRFRQWULEXLUtDQDOGHVDUUROORGHXQDHGXFDFLyQSROLIDFpWLFDFRQHOpQIDVLVSXHVWRHQODV KXPDQLGDGHV \ DEDUFDUtDQ DSUR[LPDGDPHQWH XQ WHUFLR GH OD H[SHULHQFLD HVFRODU GH ORV DOXPQRV (Q WHRUtD FDGDDOXPQRGHEHUtD WRPDUSDUWHHQWUHVSDVDQWtDV Â&#x2021;XQD GHGLFDGDDODH[SUHVLyQDUWtVWLFDRDUWHVDQDO Â&#x2021;XQDHQXQiUHDDFDGpPLFD

Â&#x2021;\XQDWHUFHUDGHVWLQDGDDXQDGLVFLSOLQDItVLFDWDOFRPRODGDQ]DRHOGHSRUWH

/RV DOXPQRV GHEHUtDQ LQWHULRUL]DUVH DFHUFD GH ODV SDVDQWtDV TXH OOHYHQ D FDER 3RU PHGLR GH HOODV DSUHQGHUtDQ DOJR TXH FRQ IUHFXHQFLDVHSDVDSRUDOWRHQQXHVWUDDFHOHUDGDVRFLHGDGDFWXDOHOKHFKRGHTXHHOGRPLQLRGHXQDKDELOLGDGYDOLRVDVHDOFDQ]D JUDGXDOPHQWHFRQHVIXHU]R\GLVFLSOLQD\TXHWRGRHOORGHPDQGDWLHPSR8QDYH]TXHORVDOXPQRVKD\DQDOFDQ]DGRXQQLYHOGH FRPSHWHQFLD VDWLVIDFWRULR HQ ODV GLVFLSOLQDV TXH HVWpQ HVWXGLDQGR SRGUiQ SRQHU HQ SUiFWLFD VXV SURSLRV HQIRTXHV \ YDULDQWHV FUHDWLYDV/RVWXWRUHV\GRFHQWHVGHEHUiQHVWLPXODU\SURPRYHUODDXWRH[SUHVLyQ\ODFUHDWLYLGDGHQFDGD XQRGHVXVDOXPQRVL ODVSDVDQWtDVVHWUDQVIRUPDQHQSDUWHGHODSUiFWLFDHVFRODUQRVyORFRQWULEXLUiQDHQULTXHFHUHOFRQWH[WRGHDSUHQGL]DMHVLQRTXH SHUPLWLUiQGLVROYHUODVEDUUHUDVDUWLILFLDOHVTXHVHSDUDQHOPXQGRUHDOGHODVLQVWLWXFLRQHVHGXFDWLYDV\IRUPDUJUDGXDGRVFRQXQD VLJQLILFDWLYDFXRWDGHKDELOLGDGHV\FRQRFLPLHQWRVDGTXLULGRVGXUDQWHVXVDxRVHVFRODUHV

(QVHxDQ]DSDUDODFRPSUHQVLyQ

(QFDVLWRGRVORVDOXPQRVH[LVWHXQDPHQWHCQRHVFRODUL]DGD GHFLQFRDxRVTXHOXFKDSRUGDUVHDFRQRF HU\H[SUHVDUVH +2:$5'*$5'1(5

/DPHQWHQRHVFRODUL]DGD&yPRSLHQVDQORVQLxRV\FyPRGHEHUtDQHQVHxDUODVHVFXHODV 


'XUDQWHORVSULPHURVFLQFRDxRVGHYLGDHOQLxRLQFRUSRUDXQF~PXORGHLQIRUPDFLyQ\WDPELpQGHGHVLQIRUPDFLyQ(OSHTXHxR DOXPQRLQWXLWLYRVHJ~QGHILQH*DUGQHUDORVQLxRVGHHVWDHGDGGHVDUUROODWHRUtDVJHQHUDOHV\FDVHUDVSDUDHQWHQGHUHOPXQGR (Q /D PHQWH QR HVFRODUL]DGD *DUGQHU VRVWLHQH TXH HVWDV QRFLRQHV WHPSUDQDV VRQ UHHPSOD]DGDV PiV WDUGH SRU OD HQVHxDQ]D TXH SURSRUFLRQDQ ODV HVFXHODV &XDQGR XQ DOXPQR VH HQIUHQWD D XQ DSUHQGL]DMH UXWLQDULR \ D H[SHULHQFLDV HGXFDWLYDV FDUHQWHV GH LQWHUpVUHVXUJHQVXVWHRUtDVPpWRGRV\HVWHUHRWLSRVRULJLQDOHVQRUHVXOWDIiFLOGHVWHUUDUORVSRUPHGLRGHODHQVHxDQ]D(QWDQWROD HGXFDFLyQGHEHSURSRQHUVHSUHVHUYDUORVDWULEXWRVSRVLWLYRVGHODPHQWHMRYHQHVWDPELpQUHVSRQVDELOLGDGGHODVHVFXHODVUHYLVDU ORVHUURUHVGHFRQFHSWRTXHKDQGHVDUUROODGRORVDOXPQRV<HOORVyORSXHGHOOHYDUVHDFDERFXDQGRORVHGXFDGRUHVHQVHxDQSDUDOD FRPSUHQVLyQ ¢4Xp HV OD FRPSUHQVLyQ" 'DYLG 3HUNLQV FRGLUHFWRU MXQWR D +RZDUG *DUGQHU GHO 3UR\HFWR &HUR HQ OD 8QLYHUVLGDG GH +DUYDUG DERUGD HVWD HQLJPiWLFD QDWXUDOH]D GH OD SHUFHSFLyQ KXPDQD 3HUNLQV GLIHUHQFLD ORV FRQFHSWRV GH FRPSUHQVLyQ \ FRQRFLPLHQWR &XDQGR XQD SHUVRQD FRQRFH DOJR OD IUDVH VXHOH LQGLFDU TXH pO R HOOD KD DOPDFHQDGR LQIRUPDFLyQ PHQWDOPHQWH \ TXH HVWi HQ FRQGLFLRQHVGHHYRFDUODFRQIDFLOLGDG3RUHOFRQWUDULRFXDQGRXQDOXPQRFRPSUHQGHDOJRVHDVXPHTXHVXVKDELOLGDGHVVXSHUDQ D OD LQIRUPDFLyQ TXH KD LQFRUSRUDGR 3HUNLQV VRVWLHQH TXH OD FRPSUHQVLyQ VH UHODFLRQD FRQ DTXHOOR TXH ORV LQGLYLGXRV SXHGHQ KDFHUFRQODLQIRUPDFLyQPiVTXHFRQDTXHOORTXHKDQPHPRUL]DGR/DSHUFHSFLyQLPSOLFDDFFLyQDQWHVTXHSRVHVLyQ&XDQGRORV DOXPQRVFRPSUHQGHQDOJRSXHGHQH[SOLFDUFRQFHSWRVFRQVXVSURSLDVSDODEUDVXWLOL]DUDSURSLDGDPHQWHODLQIRUPDFLyQHQQXHYRV FRQWH[WRV\FUHDUDQDORJtDV\JHQHUDOL]DFLRQHVRULJLQDOHV/DPHPRUL]DFLyQ\ODUHSHWLFLyQQRVRQLQGLFDGRUHVGHFRPSUHQVLyQ ¢'HTXpPDQHUDSRGHPRVDERUGDUODHQVHxDQ]D\HODSUHQGL]DMHSDUDODFRPSUHQVLyQ"6LELHQODHQVHxDQ]DLQWHUGLVFLSOLQDULDJR]D GHSUHVWLJLR*DUGQHUWRPDODSUHFDXFLyQGHUHFRUGDUDORVHGXFDGRUHVTXHODVGLVFLSOLQDVEiVLFDVSURSRUFLRQDQDODKXPDQLGDGHO PiV DOWR JUDGR GH FRQRFLPLHQWR DFUHFHQWDGR GXUDQWH VLJORV 'H KHFKR DQWHV GH FRPHQ]DU D SHQVDU LQWHUGLVFLSOLQDULDPHQWH GHEHPRV FRPHQ]DU SRU SRVHHU FRQRFLPLHQWRV UHODWLYRV D FDGD GLVFLSOLQD 6L ORV HGXFDGRUHV GHVHDPRV WUDVFHQGHU OD SRVHVLyQ GH LQIRUPDFLyQ SDUD OOHJDU D FRPSUHQGHUOD YHUGDGHUDPHQWH SRGUHPRV UHFXUULU D GLYHUVRV HQIRTXHV 6H GLVWLQJXHQ VHLV DVSHFWRV LPSRUWDQWHVGHODHQVHxDQ]DSDUDODFRPSUHQVLyQ\ORVH[SOLFDPRVHQHOVLJXLHQWHSXQWR 3ULQFLSLRVGHODHQVHxDQ]DSDUDODFRPSUHQVLyQ

 /RV HGXFDGRUHV LGHQWLILFDUiQ KDELOLGDGHV FRQRFLPLHQWRV \ ORJURV HVHQFLDOHV TXH ORV DOXPQRV GHEHUiQ DERUGDU 3RGHPRV SUHJXQWDUQRV¢FXiOHVVRQODVLGHDV\FXHVWLRQHVIXQGDPHQWDOHVTXHORVDOXPQRVQRSXHGHQLJQRUDU"(QOXJDUGHHVIRU]DUQRVSRU DEDUFDU HO PD\RU Q~PHUR SRVLEOH GH FRQWHQLGRV SRGHPRV EXVFDU OD SURIXQGLGDG $OJXQRV WHPDV RIUHFHQ PD\RUHV SRVLELOLGDGHV TXH RWURV SDUD DOFDQ]DU XQ FRQRFLPLHQWR SURIXQGR 3RU HMHPSOR HQ FLHQFLDV VRFLDOHV ORV DOXPQRV SRGUtDQ FRQFHQWUDUVH HQ FRQFHSWRV FODYHV WDOHV FRPR OD GHPRFUDFLD \ HQ FLHQFLDV QDWXUDOHV HQ ORV GH FDPELR \ HYROXFLyQ (Q PDWHPiWLFD \ P~VLFD SRGUtDQ DERUGDU HO HVWXGLR GH PRGHORV \ WUDQVIRUPDFLRQHV \ HODERUDU FRQFHSWRV DFHUFD GH OD SURSLD LGHQWLGDG \ ORV YDORUHV HQ OLWHUDWXUD 8QD YH] TXH ORV GRFHQWHV KD\DQ LGHQWLILFDGR FRQFHSWRV HVHQFLDOHV SRGUiQ SODQLILFDU VX HQVHxDQ]D SRU PHGLR GH GLYHUVRVPRGRV\UHFXUVRV

 8QDYH]GHWHUPLQDGRVORVWHPDVFHQWUDOHV\ORVREMHWLYRVHVHQFLDOHVORVGRFHQWHVSURFHGHUiQDDERUGDUODPHMRUPDQHUDSDUD D\XGDUDVXVDOXPQRVDDOFDQ]DUODFRPSUHQVLyQ(OSDVRVLJXLHQWHFRQVLVWHHQGHOLQHDUODVVHFXHQFLDV\DFWLYLGDGHVFXUULFXODUHV $OJXQRV GRFHQWHV RUJDQL]DQ HO FXUUtFXOR HQ WRUQR GH WHPDV JHQHUDOHV 1RREVWDQWHSRGUtDPRVSUHJXQWDUQRVVLQRVSURSRQHPRV HQVHxDU WHPiWLFDPHQWH ¢GH GyQGH VXUJHQ ORV WHPDV" /D .H\ 6FKRRO VXJLHUH LGHQWLILFDU WHPDVSRUPHGLRGHFRQYHUVDFLRQHVFRQ GLIHUHQWHV JUXSRV GRFHQWHV LQYHVWLJDGRUHV H[SHUWRVOtGHUHVHPSUHVDULRV\IXQFLRQDULRVGHJRELHUQRSHUVRQDVTXHWUDEDMDQHQ LQVWLWXFLRQHVFXOWXUDOHVSDGUHV\DOXPQRV&XDQGRHVWHSURFHVRVHOOHYDDFDERFRQSDUWLFLSDFLyQGHODFRPXQLGDGUHVXOWDPiV VHQFLOOR REWHQHU PD\RU DFHSWDFLyQSDUD XQ FXUUtFXOR LQQRYDGRU \ PD\RU FRPSURPLVR SRU SDUWH GH VXV PLHPEURV$OJXQRVGH ORVWHPDVTXHVHDERUGDQHQOD.H\6FKRROLQFOX\HQ Â&#x2021;&DPELRVHQWLHPSR\HVSDFLR

Â&#x2021;3DVDGR\SUHVHQWHGHO5HQDFLPLHQWR

Â&#x2021;&yPRWUDEDMDUHQDUPRQtDDTXt\DKRUD

Â&#x2021;&yPRWUDEDMDUHQDUPRQtDFRQRWUDVFXOWXUDV Â&#x2021;&yPRWUDEDMDUHQDUPRQtDFRQODQDWXUDOH]D Â&#x2021;6HDPRVDJHQWHVGHFDPELR

0XFKRV GRFHQWHV SUHILHUHQRUJDQL]DU HO FXUUtFXOR HQ WRUQR DSUHJXQWDVDELHUWDVTXHORVDOXPQRVGHEHQUHVSRQGHUDOILQDOL]DU FDGD XQLGDG 3RU HMHPSOR HO QXHYR SURJUDPD GH OD 2ILFLQD GH ,QVWUXFFLyQ 3~EOLFD GH 0RQWDQD ((88 )UDPHZRUN IRU $HVWKHWLF /LWHUDF\ 0DUFR SDUD OD $OIDEHWL]DFLyQ (VWpWLFD  SURSRQH HQVHxDU OHQJXD \ OLWHUDWXUD SRU PHGLR GH DUWHV YLVXDOHV \ HVFpQLFDV$VtFDGDXQLGDGFRPLHQ]DFRQXQDSUHJXQWDFHQWUDOTXHSURSRUFLRQDHOIDFWRUGHFRKHVLyQSDUDHOWUDEDMRGHODOXPQR \HQWUHODVSUHJXQWDVTXHSODQWHDHO0DUFR SDUDOD$OIDEHWL]DFLyQ(VWpWLFDVHLQFOX\HQ 


Â&#x2021;¢4XpHVODEHOOH]D"¢4XLpQGHWHUPLQDORVHVWiQGDUHVGHOREHOOR" Â&#x2021;¢&XiOHVODLQIOXHQFLDGHOSDVDGRVREUHHOSUHVHQWH" Â&#x2021;¢(QTXpPHGLGDVHUHIOHMDQODVFXOWXUDVHQVXDUWH" Â&#x2021;¢4XpSRGHPRVDSUHQGHUGHXQD GHVJUDFLD"

Â&#x2021;¢3RUTXpORVDXWRUHVHVFULEHQXQDGHWHUPLQDGDREUD"¢'HTXpPDQHUDORKDFHQ"

(OWUDEDMRFRQSUHJXQWDVDELHUWDVVHPHMDQWHVDODVFLWDGDVSHUPLWHDORVDOXPQRVDSUHQGHUKDELOLGDGHVEiVLFDV\SURIXQGL]DUVX FRPSUHQVLyQDFHUFDGHORVFRQWHQLGRV DOJHQHUDU\GHIHQGHUVXVUHVSXHVWDVHQHOPDUFRGHRWUDVFXHVWLRQHVPiVLQWHUHVDQWHVSDUD ODYLGD

&XDQGR KDQ LGHQWLILFDGR ORV FRQWHQLGRV HVHQFLDOHV GHO DSUHQGL]DMH \ VXV SUHJXQWDV JXtD ORV GRFHQWHV GH 0RQWDQD TXH SDUWLFLSDQGHOSURJUDPDSLORWRGHVDUUROODQODHQVHxDQ]DSRUPHGLRGHXQPRGHORHQWUHVHWDSDV3DUDSUHVHQWDUODVXQLGDGHV RIUHFHQDORVDOXPQRVXQDH[SHULHQFLDHVWpWLFDIXHUDGHOPDUFRHVFRODUSRUHMHPSORXQDYLVLWDDOPXVHRXQDIXQFLyQGHFLQHR XQDHQWUHYLVWDFRQXQDXWRU/XHJRORVDOXPQRVHVWXGLDQFRQFHSWRVGHOHQJXD\OLWHUDWXUDPLHQWUDVSRQHQHQSUiFWLFDGLYHUVDV KDELOLGDGHVGHSHQVDPLHQWR\FRPXQLFDFLyQ/DIDVHFXUULFXODUILQDOUHTXLHUHTXHORVDOXPQRVJHQHUHQVXVSURSLRVSURGXFWRV\ VXVSURSLDVUHVSXHVWDVSDUDODSUHJXQWDJXtDGHODXQLGDG $GHPiVGHWUDEDMDUFRQXQFXUUtFXORRUJDQL]DGRSRUHOGRFHQWHORVDOXPQRVVXHOHQWHQHURSRUWXQLGDGGHJHQHUDUVXSURSLR FXUUtFXOR6LXQRGHORVREMHWLYRVSDUDORVQLYHOHVGHHQVHxDQ]DEiVLFD\SROLPRGDOFRQVLVWHHQIRUPDUDOXPQRVYLWDOLFLRVVHUi QHFHVDULR EULQGDUOHV RSRUWXQLGDGHV GXUDQWH VXV DxRV HVFRODUHV SDUD TXH DGTXLHUDQ \ DSOLTXHQ KDELOLGDGHV GH DSUHQGL]DMH DXWRGLULJLGR (V SRVLEOH ORJUDUOR PHGLDQWH HO GHVDUUROOR GH SUR\HFWRV X REMHWLYRV DFDGpPLFRV SHUVRQDOHV HVWDEOHFLGRV SRU ORV PLVPRVDOXPQRV/DVH[SHULHQFLDVDFDGpPLFDVDXWRJHQHUDGDVQRVyOROHVSHUPLWHQSURIXQGL]DUVXFRPSUHQVLyQGHORVFRQWHQLGRV VLQRWDPELpQWUDQVIRUPDUVHHQDOXPQRVSHQVDGRUHV\FUHDGRUHVDXWyQRPRV

 2WUD HVWUDWHJLD SDUD OD HGXFDFLyQ SDUD OD FRPSUHQVLyQ FRQVLVWH HQ SURSRUFLRQDU D ORV DOXPQRV RSRUWXQLGDGHV SDUD UHDOL]DU SDVDQWtDV HQ ODV TXH SXHGDQ REVHUYDU H LQWHUDFWXDU FRQ H[SHUWRV TXH OOHYHQ D OD SUiFWLFD ORV FRQRFLPLHQWRV \ WpFQLFDV GH FDGD GLVFLSOLQD(OWLHPSRTXHFRPSDUWHQFRQHVWRVLQGLYLGXRVSHUPLWHDORVDOXPQRVSHUIHFFLRQDUVXVKDELOLGDGHVHQPHQRVWLHPSRGHO TXHORFRQVHJXLUtDQUHVROYLHQGRHMHUFLFLRVRUHVSRQGLHQGRFXHVWLRQDULRVOXHJRGHHVWXGLDUHOFDStWXORGHXQOLEURGHWH[WR  (Q OXJDU GH GHPRVWUDU VXV FRQRFLPLHQWRV PHGLDQWH HMHUFLFLRV GH FRPSOHWDPLHQWR R HQ IRUPDWR PXOWLSOH FKRLFH WRGRV ORV DOXPQRV GHEHQ HPSOHDU KDELOLGDGHV GH SHQVDPLHQWR GH DOWR QLYHO HQ VXV HVWXGLRV 'H HVWH PRGR GHEHUiQ VHU FDSDFHV GH JHQHUDOL]DU ORV FRQWHQLGRV GHO DSUHQGL]DMH SURSRUFLRQDU HMHPSORV UHODFLRQDU ORV FRQWHQLGRV FRQ VXV H[SHULHQFLDV SHUVRQDOHV \ DSOLFDU VXV FRQRFLPLHQWRV D QXHYDV VLWXDFLRQHV 3RU HMHPSOR FXDQGR VH HVWXGLHQ ORV FULWHULRV SDUD GHILQLU D ORV VHUHV YLYRV VH VROLFLWDUiDORVDOXPQRVTXHGHWHUPLQHQVLXQYLUXVRXQDEDFWHULDHVXQRUJDQLVPRYLYLHQWH7DPELpQSRGUtDQH[SOLFDUHOLPSDFWR SRWHQFLDOGHGLFKRRUJDQLVPRVREUHVXSURSLDVDOXGRODGHORVGHPiVHVWDEOHFHUVHPHMDQ]DV\GLIHUHQFLDVFRQHQWHVVLPLODUHV\ DSOLFDUVXVFRQRFLPLHQWRVDFHUFDGHORUJDQLVPR\ORVFULWHULRVTXHGHILQHQODYLGDDRWURVWHPDVVLPLODUHV  /D HYDOXDFLyQ VH LQWHJUDUi QDWXUDOPHQWH D WRGDV ODV DFWLYLGDGHV GH DSUHQGL]DMH 6H GHEHUi VROLFLWDU HO DSRUWH GH ORVDOXPQRV SDUDHVWDEOHFHUORVFULWHULRVPHGLDQWHORVFXDOHVVHHYDOXDUiVXWUDEDMRDQWHVGHOOHYDUDFDERHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH 'LFKRVFULWHULRVFRPSDUWLGRVOHVVHUYLUiQSDUDRULHQWDUVXVHVIXHU]RVGHOPLVPRPRGRTXHRFXUUHFRQORVHMHPSORVGHWUDEDMRVGH DOWR QLYHO JHQHUDGRV SRU RWUDV SHUVRQDV $VLPLVPR HO WUDEDMR GHO DOXPQR GHEHUi HYDOXDUVH WHQLHQGR HQ FXHQWD P~OWLSOHV SHUVSHFWLYDV HO GRFHQWH HYDOXDUi DO DOXPQR ORV DOXPQRV VH HYDOXDUiQ PXWXDPHQWH \ WDPELpQ UHDOL]DUiQ VX DXWRHYDOXDFLyQ $GHPiVHVLPSRUWDQWHTXHORVDOXPQRVSURSRUFLRQHQ IHHGEDFN DORVGRFHQWHVHQFDGDXQDGHODVSULQFLSDOHVXQLGDGHVFXUULFXODUHV \TXHSURSRQJDQIRUPDVGHHQULTXHFHUODH[SHULHQFLDGHDSUHQGL]DMHHQODVIXWXUDVFODVHV







0DWULFHVGHGHVDUUROORFXUULFXODUTXHIDYRUHFHQODFRPSUHQVLyQGHODOXPQR(QHVWDSiJLQD\ODVLJXLHQWHSUHVHQWDPRVGRV PDWULFHVPRGHOR/DSULPHUDUHVXPHXQDXQLGDGFX\RWHPDHVODFRRSHUDFLyQHQHOQLYHOGHHQVHxDQ]DEiVLFD(QODDFWXDOLGDG HVWDXQLGDGIRUPDSDUWHGHXQSURJUDPDSLORWRTXHVHGHVDUUROODHQWUHVHVFXHODVGHQLYHOEiVLFRHQ<DNLPDHVWDGRGH :DVKLQJWRQ((88/DVHJXQGDHVXQDPDWUL]HQ EODQFRTXHWLHQHSRUREMHWRVHUYLUGHJXtDSDUDORVGRFHQWHVTXHGHVHHQ SODQLILFDUXQLGDGHVGLGiFWLFDVHQODVTXHVHLQFOX\DQORVSULQFLSLRVGHODHGXFDFLyQSDUDODFRPSUHQVLyQ

5HVXPHQ

/RV HGXFDGRUHV TXH KD\DQ GHFLGLGR DGRSWDU XQ FXUUtFXOR GH LQWHOLJHQFLDV P~OWLSOHV GHEHUiQ SODQLILFDU XQ GHEDWH FRQ VXV FROHJDV DFHUFD GH OD SRVLELOLGDG GH DSOLFDUOR HQ VX HVFXHOD 6HJ~Q VHxDODPRV DO FRPLHQ]R GH HVWH FDStWXOR OD WHRUtD GH ODV LQWHOLJHQFLDVP~OWLSOHVP~OWLSOHVQRSURSRQHXQ~QLFRHQIRTXHSDUDHOGLVHxR GHFODVHVRXQLGDGHV3RUHOFRQWUDULRODWHRUtDGH *DUGQHU SODQWHD D ORV HGXFDGRUHV QXPHURVRV GHVDItRV FXUULFXODUHV $OJXQRV GH HOORV FRPSUHQGHQ OD VHOHFFLyQ GH HVWUDWHJLDV SDUD GLVHxDU FODVHV PXOWLPRGDOHV SDUD UHFRQRFHU HOHPHQWRV HVHQFLDOHV SDUD IRUPDU HTXLSRV GH FROHJDV GRFHQWHV SDUD HVWLPXODUHODSUHQGL]DMHDXWRGLULJLGRSRUPHGLRGHSUR\HFWRVSDUDQXWULUHOWDOHQWRLQGLYLGXDOGHORVDOXPQRV\SRU~OWLPR SDUD EULQGDU UHFRQRFLPLHQWR \ HQVHxDU GH PDQHUD HILFD] D OD PHQWH GH FLQFR DxRV FRQ HO REMHWR GH TXH OD HGXFDFLyQ Gp SRU UHVXOWDGRXQDJHQXLQDFRPSUHQVLyQ







&$3Ë78/2

/HFFLRQHVTXHDSUHQGLPRV 3RUWDQWRQRVHGHEHUiJXLDUDORDMyYHQHVHQHODSUHQGL]DMHSRUPHGLRGHODIXHU]D\ODFRDFFLyQVLQRTXHVHORVFRQGXFLUiDpO PHGLDQWHDTXHOORTXHUHVXOWHSODFHQWHURDVXVPHQWHVDILQGHHVWDUHQPHMRUHVFRQGLFLRQHV GHGHVFXEULUFRQSUHFLVLyQODLQFOLQDFLyQ SHFXOLDUGHOJHQLRHQUDGDXQR 3/$7Ð1

(GXFDUSDUDODLQWHOLJHQFLD ‡ 'HVGH TXH +RZDUG *DUGQHU SXEOLFy SRU SULPHUD YH] )UDPHV RI 0LQG 7KH 7KHRU\ RI 0XOWLSOH ,QWHOOLJHQFHV ^,QWHOLJHQFLDV P~OWLSOHV@HQORVHGXFDGRUHVKDQDGYHUWLGRFRQIDFLOLGDGODVLPSOLFDQFLDVGHHVWHWUDEDMRSDUDVXSUiFWLFDSURIHVLRQDO'LFKDV LPSOLFDQFLDVLQFOX\HQORVPLVPRVWHPDVTXHDERUGDHVWHOLEURODPDQHUD HQTXHVHSHUFLEHQ\HVWLPXODQODVGLYHUVDVFDSDFLGDGHV GHORVDOXPQRVODPDQHUDHQTXHGHEHGHVDUUROODUVHODHQVHxDQ]DSDUDKDFHUODDFFHVLEOHDWRGRVHOORVODPDQHUDGHGHVDUUROODUXQ FXUUtFXOREDVDGRHQODVLQWHOLJHQFLDVP~OWLSOHV\ODPHMRUPDQHUDGH HYDOXDUHODSUHQGL]DMHGHORVDOXPQRV

$ PHGLDGRV GH OD GpFDGD GH  QXPHURVDV HVFXHODV GH ORV (VWDGRV 8QLGRV LPSOHPHQWDURQ SURJUDPDV SLORWR EDVDGRV HQ ODV LQWHOLJHQFLDVP~OWLSOHV$OPDUJHQGHVXVGLIHUHQFLDVWRGRVHVWRViPELWRVPRGHORFRPSDUWHQPXFKDVFDUDFWHUtVWLFDV\HQWRGRVVH KDSURGXFLGRXQVLJQLILFDWLYRDSUHQGL]DMHDFHUFDGHODWUDQVIRUPDFLyQFXUULFXODU(VWHFDStWXORILQDOUHVHxDORVDVSHFWRVFRPXQHV GHODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHV\ODVOHFFLRQHVTXHVHKDQDSUHQGLGRDFHUFDGHOD WUDQVIHUHQFLDGHOWUDEDMRGH*DUGQHUGHO FDPSRSVLFROyJLFRDODSUiFWLFDHGXFDWLYDHQDXODVSHUWHQHFLHQWHVDiPELWRVUXUDOHVVXEXUEDQRV\]RQDVXUEDQDVFDUHQFLDGDV

9LQFXODUDORVDOXPQRVFRQORVWDOHQWRV

8QR GH ORV SULQFLSDOHV GHVDItRV TXH SODQWHD OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV VH UHODFLRQD FRQ OD UHVSRQVDELOLGDG GH ODV LQVWLWXFLRQHV HGXFDWLYDV SDUD HVWLPXODU HO WDOHQWR GH FDGD QLxR (Q DOJ~Q PRPHQWR GH VX YLGD HVFRODU HV YLWDO TXH FDGD DOXPQR GHVFXEUD DO PHQRV XQ iUHD GH FDSDFLGDG (Q HVWH SURFHVR ORV DOXPQRV GHVDUUROODUiQ iYLGDPHQWH VXV LQWHUHVHV SHUVRQDOHV 7DO GHVDUUROORQRVyORLQ\HFWDDOHJUtDHQHODSUHQGL]DMHWDPELpQVLUYHGHPRWRUSDUDODFRQVWDQFLD\HOHVIXHU]RTXHGHPDQGDDOFDQ]DU ODPDHVWUtD\ODFUHDWLYLGDGHQXQDGLVFLSOLQD3RUHOFRQWUDULRVLORVDOXPQRVQRGHVFXEUHQXQiUHDRYDULDViUHDVGHLQWHUpVWDO YH]QXQFDOOHJXHQDGHVDUUROODUDPRUSRUHODSUHQGL]DMH\WUDQVLWDUiQODHWDSDHVFRODUVLQLQFHQWLYRVRDEDQGRQDUiQODHGXFDFLyQ IRUPDOGHILQLWLYDPHQWH

¢'H TXp PDQHUD SXHGH OD HVFXHOD HVWLPXODU HVWD UHODFLyQ IXQGDPHQWDO HQWUH ORV DOXPQRV \ VXV WDOHQWRV H LQWHUHVHV" &RPR VH KD VHxDODGRDORODUJRGHHVWHOLEURVLELHQQRH[LVWHQLQJXQDIRUPXODSDUDDGRSWDUXQHQIRTXHEDVDGRHQODVLQWHOLJHQFLDVP~OWLSOHV KD\ FLHUWRV OLQHDPLHQWRV TXH ODV HVFXHODV SRGUtDQ DGRSWDU SDUD LQLFLDU ORV HVIXHU]RV HQ HVD GLUHFFLyQ (Q SULPHU OXJDU ORV HGXFDGRUHV SRGUtDQ LGHQWLILFDU HOHPHQWRV GH ODV LQWHOLJHQFLDV P~OWLSOHV HQ ORV SURJUDPDV FXUULFXODUHV \ H[WUDFXUULFXODUHV TXH PDQHMDQ3XHGHQWUDEDMDUSDUDJDUDQWL]DUODDPSOLDGLVSRQLELOLGDGGHHVWDRIHUWDSDUDWRGRVORVDOXPQRV3RUHMHPSORFRPDRFXUUH HQODPD\RUtDGHORVFDVRVFXDQGRODVFODVHVGHDUWH\P~VLFDVHSUHVHQWHQFRPRDVLJQDWXUDVLQGHSHQGLHQWHVGHVWLQDGDVVyORDXQ JUXSRUHGXFLGRGHDOXPQRVKDEUiTXHKDFHUHOHVIXHU]RSRULQFRUSRUDUODVGLVFLSOLQDVDUWtVWLFDVDWRGDVODViUHDVFXUULFXODUHV6H GHEHQDQDOL]DUORVVLVWHPDVWHFQROyJLFRV\ORVSURJUDPDVGHVRIWZDUHHGXFDWLYRDILQGHGHWHUPLQDUODVLQWHOLJHQFLDVTXHDERUGDQ\ DTXHOODVTXHRPLWHQ(VQHFHVDULRSODQLILFDUODH[SDQVLyQGHODVRSFLRQHVWHFQROyJLFDV/RVGRFHQWHVSRGUtDQUHIOH[LRQDUVREUHVX SURSLDFDSDFLGDG\RIUHFHUVHSDUDLQWHJUDUXQHTXLSRGHSODQLILFDFLyQMXQWRFRQRWURVFROHJDV6HGDUiSUHIHUHQFLDDORVPpWRGRV GLGiFWLFRV GH DSUHQGL]DMH EDVDGR HQ SUR\HFWRV R HQ H[SHULHQFLDV SUiFWLFDV (O LQWHUFDPELR GH LGHDV FRQ ORV SDGUHV \ RWURV PLHPEURV GH OD FRPXQLGDG SHUPLWH GHVFXEULU RSRUWXQLGDGHV GH FDSDFLWDFLyQ SDUD ORV DOXPQRV 0HGLDQWH XQD HYDOXDFLyQ GH ORV SURJUDPDV DFWXDOHV FRQ HO ILQ GH GHWHUPLQDU FXiOHV VRQ ORV DVSHFWRV TXH HV QHFHVDULR SURPRYHU R DJUHJDU ODV HVFXHODV SXHGHQ RIUHFHURSFLRQHVGHLQWHOLJHQFLDVP~OWLSOHVDVXVDOXPQRV /HFFLRQHVTXHDSUHQGLPRVGHH[SHULHQFLDVSLORWR

'XUDQWH ORV ~OWLPRV GLH] DxRV GH LPSOHPHQWDFLyQ GH H[SHULHQFLDV HQ LQWHOLJHQFLDV P~OWLSOHV ODV HVFXHODV SLORWR KDQ REWHQLGR p[LWRV KDQ HQIUHQWDGR GHVDItRV \ KDQ LGHQWLILFDGR FXHVWLRQHV LPSRUWDQWHV SDUD WHQHU HQ FXHQWD HQ HO WUDEDMR FRQ ODV LGHDV GH *DUGQHU/DVOHFFLRQHVTXHHVWDVHVFXHODVKDQDSUHQGLGRFRPSUHQGHQFLQFRJUDQGHViUHDV ODPDQHUDFRPRFRQFHSWXDOL]DPRVD 


ORV DOXPQRV   HO PRGR FRPR VH SURSRUFLRQD OD HQVHxDQ]D   OD IRUPD HQ TXH VH RUJDQL]D HO FXUUtFXOR   ODV IRUPDV GH HYDOXDFLyQ   OD PDQHUD FRPR VH GHVDUUROOD HO HGXFDGRU FXDQGR WUDEDMD FRQ LQWHOLJHQFLDV P~OWLSOHV /DV H[SHULHQFLDV GH ODV HVFXHODVSLORWRSXHGHQUHVXOWDULQVWUXFWLYDVSDUDORVGHPiV\VHUHVXPHQDFRQWLQXDFLyQ /HFFLyQ,

1XHVWUDFRQFHSFLyQDFHUFDGHORVDOXPQRVGHEHFDPELDU

8QD GH ODV SULQFLSDOHV LPSOLFDQFLDV GHO WUDEDMR GH *DUGQHU HV OD PDQHUD FRPR VH SHUFLEH D ORV DOXPQRV $ GLIHUHQFLD GH ODV SXQWXDFLRQHV \ HWLTXHWDV HVWDEOHFLGDV SRU ORV WHVWV GH &, VXSHULRU SURPHGLR R LQIHULRU OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV SHUPLWHDORVHGXFDGRUHVFRQVLGHUDUODVGLYHUVDVIRUPDVHQODVTXHORVQLxRVUHVXHOYHQVLWXDFLRQHVSUREOHPiWLFDV\DSOLFDQORTXH KDQ DSUHQGLGR 3RGHPRV DSUHFLDU DO PHQRV WHyULFDPHQWH TXH ORV DOXPQRV SRVHHQ SHUILOHV FRJQLWLYRV LQGLYLGXDOHV FRQ FDSDFLGDGHV GLYHUVDV 6LQ HPEDUJR DO WUDWDU GH OOHYDU D OD SUiFWLFD HVWH FRQRFLPLHQWR D PXFKRV GRFHQWHV OHV UHVXOWD GLItFLO REVHUYDU D FDGD QLxR D WUDYpV GH ODV RFKR IDFHWDV GH HVD OHQWH /RV GRFHQWHV GHEHQ SURSRUFLRQDU RSRUWXQLGDGHV GH DSUHQGL]DMH HQULTXHFLGDV SHUIHFFLRQDU VXV KDELOLGDGHV SDUD OD REVHUYDFLyQ VROLFLWDU D ORV DOXPQDV \ D ODV SHUVRQDV GH VX HQWRUQR TXH PDQLILHVWHQ VXV WDOHQWRV H LQWHUHVHV \ GHVWLQDU WLHPSRSDUDDSUHQGHUDFHUFDGHLQWHOLJHQFLDVTXHQROHVUHVXOWHQIDPLOLDUHV'HOR FRQWUDULRQXHVWUDHVWLPDFLyQDFHUFDGHOSRWHQFLDOGHORVDOXPQRVVHJXLUiVLHQGRLQQHFHVDULDPHQWHOLPLWDGDSRUODSHUSHWXDFLyQGH XQDWHQGHQFLDDIDYRUGHODVKDELOLGDGHVEiVLFDV /HFFLyQ

/RVGRFHQWHVUHTXLHUHQDSR\R\WLHPSRSDUDH[SDQGLUVXUHSHUWRULRGLGiFWLFR

8QDVHJXQGDLPSOLFDQFLDGHODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVFRQFLHUQHDODPDQHUDFRPRVHSURSRUFLRQDODHQVHxDQ]D&DGD XQRGHORVFDStWXORVGHGLFDGRDODVRFKRLQWHOLJHQFLDVHQHVWHOLEURGHVFULEHIRUPDVGHH[SDQGLUQXHVWURUHSHUWRULRGLGiFWLFR6REUH OD EDVH GH TXH OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV DILUPD TXH WRGR FRQWHQLGR SXHGH HQVHxDUVH GH QXPHURVDV PDQHUDV ORV HGXFDGRUHV GHVDUUROODQ ORV PpWRGRV GLGiFWLFRV TXH UHVXOWDQ PiV DSURSLDGRV SDUD VXV DOXPQRV \ VX HQWRUQR &XDOTXLHUD VHD HO HQIRTXHSHGDJyJLFRTXHDGDSWHXQGRFHQWHODVLQWHOLJHQFLDVP~OWLSOHVSURSRUFLRQDQXQHVTXHPDPHQWDOSDUDHYDOXDUODQDWXUDOH]D PXOWLPRGDOGHODHQVHxDQ]D3RUHMHPSORHQOD1HZ&LW\6FKRROGH6W/RXLV((88ORVGRFHQWHVGHOiUHDGHOHQJXDWUDEDMDQ HQ EORTXHV GH  PLQXWRV $OJXQRV GH HOORV GLYLGHQ HVWRV EORTXHV HQ WUHV SDUWHV LJXDOHV  PLQXWRV GH HQVHxDQ]D GLUHFWD  PLQXWRVGHDSUHQGL]DMHFRRSHUDWLYR\PLQXWRVGHDSUHQGL]DMHLQGLYLGXDO&XDQGRUHDOL]DQVXSODQLILFDFLyQSDUDORVPLQXWRV GHFODVHHYDO~DQVLVHKDQLQFRUSRUDGRODVRFKRLQWHOLJHQFLDVDODHQVHxDQ]DVLQRGLDULDPHQWHDOPHQRVHQIRUPDVHPDQDO/DV RFKRLQWHOLJHQFLDVVHFRQYLHUWHQHQXQDKHUUDPLHQWDRUJDQL]DWLYDTXHSHUPLWHDORVHGXFDGRUHVGHWHUPLQDUODFDQWLGDGGHYHQWDQDV SRUODVTXHORVDOXPQRVVHDVRPDUiQDOFRQWHQLGR GHHQVHxDQ]D

3URSRUFLRQDUDSR\RSDUDPRGLILFDUODSUiFWLFD

$SHVDUGHWRGRPXFKRVGRFHQWHVVLHQWHQWHPRUGHLQFRUSRUDUODVRFKRLQWHOLJHQFLDVDODHQVHxDQ]D/DVH[SHULHQFLDVSLORWRKDQ GHPRVWUDGR TXH UHDOL]DU FDPELRV SHGDJyJLFRV UHTXLHUH XQ GLDORJR SHUPDQHQWH HQWUH ORV FROHJDV RSRUWXQLGDGHV SDUD HO FUHFLPLHQWR SURIHVLRQDO \ XQD H[SDQVLyQ HQ HO FtUFXOR GH TXLHQHV VRQ UHVSRQVDEOHV SRU OD HGXFDFLyQ GH ORV DOXPQRV (Q ~OWLPD LQVWDQFLDORVGRFHQWHVQHFHVLWDQDSR\RSDUDPRGLILFDUVXSUiFWLFDSURIHVLRQDO(QODVHVFXHODVSLORWRGHLQWHOLJHQFLDVP~OWLSOHVVH KDQGHVDUUROODGRDOJXQDVIRUPDVGHDSR\RSURIHVLRQDO Â&#x2021; 2UJDQL]DUJUXSRVGHHVWXGLRLQWHJUDGRVSRUWRGRHOSHUVRQDOGRFHQWHSDUDOHHU )UDPHVRI0LQGX RWUDGHODVREUDVGH*DUGQHU 3RUHMHPSORORVGRFHQWHVGHOD1HZ&LW\6FKRROGH6W/RXLV((88IRUPDURQJUXSRVGHHVWXGLRGXUDQWHXQDxRRPiVWLHPSR DQWHVGHFUHDUXQSURJUDPDGHLQWHOLJHQFLDVP~OWLSOHV Â&#x2021; 6ROLFLWDU D PLHPEURV GHO SHUVRQDO TXH VH KD\DQ HVSHFLDOL]DGR HQ XQD GHWHUPLQDGD LQWHOLJHQFLD TXH RUJDQLFHQ WDOOHUHV YLYHQFLDOHVSDUDVXVFROHJDV

Â&#x2021; ,QWHJUDUDHVSHFLDOLVWDVGHSODQWDFDSDFLWDGRVHQHGXFDFLyQItVLFDDUWHROHFWXUDSDUDTXHSDUWLFLSHQHQHOGLVHxRFXUULFXODUR SDUDTXHSURSRUFLRQHQVXVVHUYLFLRVHQODFODVH\HQVHxDQ]DDORVDOXPQRV Â&#x2021;

,QYLWDUDH[SHUWRVSRUHMHPSORDUWLVWDVSURIHVLRQDOHVSDUDTXHVHGHVHPSHxHQFRPRWXWRUHVGHORVGRFHQWHVRGHORVDOXPQRV

Â&#x2021; 5HDOL]DU YLVLWDV D RWURV iPELWRV GRQGH VH KD\DQ SXHVWR HQ SUiFWLFD ODV LQWHOLJHQFLDV P~OWLSOHV D ILQ GH REVHUYDU OD PDQHUD FRPRRWURVGRFHQWHVKDQDSOLFDGRODVLGHDVGH*DUGQHUHQVXVSURJUDPDVHVFRODUHV &UHDUWLHPSRSXUDGLVHxDUSURJUDPDVSLHLQWHOLJHQFLDVP~OWLSOHV

/DV GHPDQGDV TXH LPSRQH OD HQVHxDQ]D GLDULD VRQ GH WDO PDJQLWXG TXH UHVXOWD GLItFLO HQFRQWUDU WLHPSR SDUD OOHYDU D FDER WUDQVIRUPDFLRQHV HQ ODV SUiFWLFDV GHO DXOD R GH OD HVFXHOD 1R REVWDQWH HQ OXJDU GH HQFRQWUDU WLHPSR DOJXQRV SURJUDPDV GH LQWHOLJHQFLDV P~OWLSOHV SHUPLWHQ FUHDU WLHPSR SDUD TXH ORV GRFHQWHV FRQVLJDQ HO DSR\R QHFHVDULR SDUD TXH WUDEDMHQ HQ IRUPD 


LQGHSHQGLHQWH \ SDUD TXH FRODERUHQ FRQ VXV SDUHV $OJXQDV GH ODV HVWUDWHJLDV SDUD DGPLQLVWUDU HO WLHPSR TXH KDQ GHPRVWUDGR HILFDFLDVRQODVVLJXLHQWHV Â&#x2021; 'HVWLQDUMRUQDGDVFRPSOHWDVSDUDHOWUDEDMR6HSRGUiFRQWDUFRQSHUVRQDOVXSOHQWHDILQGHSHUPLWLUDORVGRFHQWHVGHDXOD GLVSRQHUGHXQDMRUQDGDRVHOHVSRGUiSDJDUSDUDTXHWUDEDMHQGXUDQWHODVYDFDFLRQHV

Â&#x2021; 0RGLILFDUHOKRUDULRHVFRODU&DGDMRUQDGDHVFRODUSRGUiSURORQJDUVHXQRVPLQXWRVSDUDLQFUHPHQWDUXQDMRUQDGDVLPSOHGH SODQLILFDFLyQGRFHQWHXQDRGRVYHFHVSRUPHV2ELHQHQFDVRVGHHQVHxDQ]DHQHTXLSRORVPLHPEURVGHFDGDHTXLSRSXHGHQ DOWHUQDU ORV SHUtRGRV GH GLFWDGR GH FODVH \ GH SODQLILFDFLyQ 3RGUiQ PRGLILFDUVH ORV FURQRJUDPDV D ILQ GH TXH YDULRV GRFHQWHV FRPSDUWDQHOPLVPRKRUDULRGHSODQLILFDFLyQ7DPELpQSRGUiUHRUJDQL]DUVHHOFDOHQGDULRHVFRODUSDUDSURSRUFLRQDUDORVGRFHQWHV XQPD\RUQ~PHURGHGtDVGHSODQLILFDFLyQ

Â&#x2021; ,QYHQWDU WLHPSR /RV HVWXGLDQWHV GH SURIHVRUDGR ORV SDGUHV ORV PLHPEURV GH OD FRPXQLGDG \ PLHPEURV GHO SHUVRQDO YROXQWDULRRGLUHFWLYRSXHGHQDVXPLUWDUHDVGHHQVHxDQ]DRGLFWDUFODVHVDILQGHSHUPLWLUTXHORVGRFHQWHVWUDEDMHQMXQWRVGXUDQWH ODMRUQDGDHVFRODU Â&#x2021; 8WLOL]DU ODV UHXQLRQHV GH SHUVRQDO GH PDQHUD GLIHUHQWH 8QD R GRV GH ODV UHXQLRQHV PHQVXDOHV GH SHUVRQDO SXHGHQ GHGLFDUVHDODFRSODQLILFDFLyQRDVROXFLRQDUSUREOHPDVUHODFLRQDGRVFRQFXHVWLRQHVSHGDJyJLFDVFXUULFXODUHVRHYDOXDWLYDV Â&#x2021; 3URSRUFLRQDUUHFRQRFLPLHQWRSRUHOWLHPSRGHGLFDGR6HSRGUiFRPSHQVDUDORVGRFHQWHVSRUVXVHVIXHU]RVHQWpUPLQRVGH WLHPSR SURSRUFLRQiQGROHV GHWHUPLQDGRV VHUYLFLRV (O SHUVRQDO GLUHFWLYR SRGUi RUJDQL]DU FXUVRV TXH LQFOX\DQ FDVRV GH SUiFWLFD VREUHORVTXHORVHGXFDGRUHVSRGUiQUHIOH[LRQDU\DSOLFDUQXHYRVHQIRTXHVGLGiFWLFRV 'HKHFKRYDOHODSHQDHQIUHQWDUHOGHVDItRGHHQVHxDUGHPDQHUDPXOWLPRGDO\DTXHVRQPXFKRVORVGRFHQWHVTXHUHFRQRFHQ KDEHUREWHQLGREHQHILFLRVGHVXWUDEDMRFRQODVLQWHOLJHQFLDVP~OWLSOHV$OJXQRVDSUHFLDQHOPDUFRLQWHOHFWXDO\HOOHQJXDMHFRP~Q TXHSURSRUFLRQDODWHRUtD$OJXQRV VHxDODQTXHYDOLGDVXSUiFWLFDSURIHVLRQDODODXWRUL]DUORVDHQVHxDUGHODPDQHUDFRPRVLHPSUH ORKDQKHFKRRKDQTXHULGRKDFHUOR$DOJXQRVOHVJXVWDHOHVTXHPDPHQWDOFKHODVRFKRLQWHOLJHQFLDVKRUTXHFRQVLGHUDQTXH SRQHGHPDQLILHVWREUHFKDVGLGiFWLFDV&DVLWRGRVDSUHFLDQHOLQFUHPHQWRHQODKDELOLGDGSDUDUHFRQRFHUGLYHUVDVFDSDFLGDGHVHQ VXVDOXPQRV$OJXQRVGLVIUXWDQDOGHVDUUROODUVXVSURSLDVLQWHOLJHQFLDVODWHQWHVDOWLHPSRTXHHQVHxDQDORVDOXPQDVGHPDQHUDV TXHORVPRWLYDQ\FRPSURPHWHQ

/HFFLyQ

(OFXUUtFXORGHFDGDHVFXHWDGHLQWHOLJHQFLDVP~OWLSOHVHVGLIHUHQWH

2WUDLPSOLFDQFLDGHOWUDEDMRGH*DUGQHUSDUDODHGXFDFLyQFRQVLVWHHQXQDUHIRUPXODFLyQGHOFXUUtFXORHVFRODU(VHYLGHQWHTXHHQ OD PD\RUtD GH ORV FDVRV HQ OXJDU GH UHGLVHxDUOR FRPSOHWDPHQWH ORV GRFHQWHV DGDSWDQ HO FXUUtFXOR SDUD LQFRUSRUDU ODV GLYHUVDV LQWHOLJHQFLDV3RUORJHQHUDOHVWRVFDPELRVFXUULFXODUHVVHFRQVLGHUDQDFWXDOL]DFLRQHVDQWHVTXHPRGLILFDFLRQHVVXVWDQFLDOHV8QD HVFXHOD&RQFUHWH(OHPHQWDU\GH&RQFUHWHHVWDGR GH:DVKLQJWRQ((88 VHxDOyTXHODVDGDSWDFLRQHVUHIHUHQWHVDLQWHOLJHQFLDV P~OWLSOHVFRQVWLWXtDQXQDIRUPDVHQFLOODGHHQULTXHFHUVXFXUUtFXOR

*XDQGR DQDOL]DPRV ODV H[SHULHQFLDV SLORWR GH ORV (VWDGRV 8QLGRV UHVXOWD HYLGHQWH TXH WRGDV ODV HVFXHODV GH LQWHOLJHQFLDV P~OWLSOHV KDQ DVXPLGR HO FRPSURPLVR GH HVWLPXODU ODV PHQWHV PXOWLIDFpWLFDV GH VXV DOXPQRV 1R REVWDQWH ODV IRUPDV HQ TXH DERUGDQHVWHREMHWLYRVRQDEVROXWDPHQWHGLYHUVDV/RVDXWRUHVKDQDGYHUWLGRTXHH[LVWHQFXDWURHQIRTXHVFXUULFXODUHVGHULYDGRV GHORVSURJUDPDVSLORWR$FRQWLQXDFLyQORVGHVFULELPRVEUHYHPHQWH

'LVHxRFXUULFXODUPXOWLPRGDO

(QODDFWXDOLGDGDSDUHFHFRPRHOHQIRTXHVLQJXODU\PiVFRP~QGHODVH[SHULHQFLDVGHDXODRGHOiPELWRHVFRODUHQVXWRWDOLGDG HQ HO TXH ODV LQWHOLJHQFLDV P~OWLSOHV VH XWLOL]DQ FRPR KHUUDPLHQWDV GH HQVHxDQ]D SDUD SURSRUFLRQDU RFKRSXQWRVGHDFFHVRDORV FRQWHQLGRVFXUULFXODUHV0XFKRVGRFHQWHVDSOLFDQODWHRUtDGH*DUGQHUHQIRUPDLQGLYLGXDOHQVXWUDEDMRGLDULRFRQORVDOXPQRV $OJXQRVXWLOL]DQFHQWURVGHDSUHQGL]DMHHVSRUiGLFDPHQWHRHQIRUPDVHPDQDORGLDULD2WURVSURSRUFLRQDQHQVHxDQ]DGLUHFWDSRU PHGLRV PXOWLPRGDOHV 2WURV IRUPDQ HTXLSRV FRQ FROHJDV \ HVSHFLDOLVWDV SDUD EULQGDU D VXV DOXPQRV XQD H[SHULHQFLD HGXFDWLYD LQWHJUDGRUD $OJXQDVHVFXHODVDVXPHQHOFRPSURPLVRGHHQVHxDUSRUPHGLRGHODVRFKRLQWHOLJHQFLDVHQHOQLYHOLQVWLWXFLRQDO(QHVWHFDVROD PD\RUtDRODWRWDOLGDGGHORVGRFHQWHVSRQHHQSUiFWLFDXQDHQVHxDQ]DEDVDGDHQODVLQWHOLJHQFLDVP~OWLSOHV(OORSXHGHOOHYDUVHD FDER GLDULDPHQWH R FRPR SDUWH GH XQ SURJUDPD GH HYHQWRV HVSHFLDOHV 8Q HMHPSOR GH HVWH ~OWLPR HV HO TXH WLHQH OXJDU HQ OD (VFXHOD(OHPHQWDO)DLUYLHZGH3RUW$QJHOHV:DVKLQJWRQ((88&DGDDxRGXUDQWHHOPHVGHPD\RWRGDODHVFXHODSDUWLFLSDGH XQD VHPDQD GHGLFDGD D ODV LQWHOLJHQFLDV P~OWLSOHV 'LFKD VHPDQD VH HVWUXFWXUD WHPiWLFDPHQWH \ VXHOH GHVWDFDU DOJXQD GH ODV FXOWXUDVGHODVTXHORVDOXPQRVVRQUHSUHVHQWDQWHV/RVGRFHQWHVHVSHFLILFDQHOFRQWHQLGR\ORVPHGLRVFRQORVTXHFRQWULEXLUiQDO HYHQWRVHJ~QVXV FDSDFLGDGHVHLQWHUHVHV6HIRUPDQJUXSRVGHDOXPQRVGHGLVWLQWDVHGDGHVTXHUHFRUUHQHOHGLILFLR\SDUWLFLSDQGH ODVGLYHUVDVDFWLYLGDGHVFRQHYLGHQWHHQWXVLDVPR 


/D HVFXHOD +DUW5DQVRP GH 0RGHVWR &DOLIRUQLD ((88 RIUHFH RWUR HMHPSOR GH GLVHxR FXUULFXODU PXOWLPRGDO 6L ELHQ HO FRPSURPLVR LQVWLWXFLRQDO FRQ ODV LQWHOLJHQFLDV P~OWLSOHV VH SRQH GH PDQLILHVWR HQ OD HQVHxDQ]D ORV GRFHQWHV VRVWLHQHQ TXH OD PLVLyQ GH OD HVFXHOD FRQVLVWH EiVLFDPHQWH HQ SURSRUFLRQDU HGXFDFLyQ (O SHUVRQDO QR FRQVLGHUD TXH ODV LQWHOLJHQFLDV P~OWLSOHV FRQVWLWX\DQORJURVHQVLPLVPDV3RUHOFRQWUDULRVHFRQFHQWUDQHQODVKDELOLGDGHVEiVLFDVHQHOSHQVDPLHQWRFULWLFR\FUHDWLYR\ HQODFRPXQLFDFLyQHIHFWLYD(Q+DUW 5DQVRPUHVXOWDFODURGHOPLVPRPRGRTXHHQPXFKDVRWUDVHVFXHODVGHODV(VWDGRV8QLGRV TXHODVLQWHOLJHQFLDVP~OWLSOHVVLUYHQFRPRKHUUDPLHQWDSDUDSURSRUFLRQDUHQVHxDQ]D

&XUUtFXORGHLQWHOLJHQFLDVP~OWLSOHVEDVDGRHQHOGHVDUUROORHYROXWLYR

(OQ~FOHRGHHVWHPRGHORFXUULFXODUHVWiFRQVWLWXLGRSRUODSURIXQGL]DFLyQGHORVFRQRFLPLHQWRV\HOGHVDUUROORGHKDELOLGDGHV/DV GRFHQWHVDSOLFDQODFRQVLJQD0HQRVHVPiVDODSUiFWLFDHQHODXOD$ORULHQWDUVXFXUUtFXORSDUDGHVWDFDUFRQFHSWRVHVHQFLDOHV ORV GRFHQWHV GHMDQ GH ODGR HO DSUHQGL]DMH JHQHUDO \ SULYLOHJLDQ OD FRPSUHQVLyQ SURIXQGD SRU SDUWH GH ORV DOXPQRV /DV LQWHOLJHQFLDVP~OWLSOHVVLJXHQVLHQGRKHUUDPLHQWDVGHHQVHxDQ]DHQXQFXUUtFXORPHQRVH[WHQVR\PiVSURIXQGR$GHPiVDOJXQDV HVFXHODV SURPXHYHQ HO DSUHQGL]DMH EDVDGR HQ SUR\HFWRV FRQ HO REMHWR GH TXH ORV DOXPQRV DGTXLHUDQ KDELOLGDGHV SDUD HO WUDEDMR LQGHSHQGLHQWH\RWUDVHVWDEOHFHQHVWiQGDUHVEDVDGRVHQHOGHVHPSHxRSDUDORVORJURVGHORVDOXPQRV

/DHVFXHODGHQLYHOSROLPRGDO/LQFROQGH6WRFNWRQ&DOLIRUQLD((88RIUHFHXQPRGHORGHLQWHOLJHQFLDV P~OWLSOHVEDVDGRHQHO GHVDUUROOR HYROXWLYR 6XV DOXPQRV WUDEDMDQ HQ SUR\HFWRV TXH UHIOHMDQ HVWiQGDUHV GHWHUPLQDGRV SRU HO HVWDGR GH &DOLIRUQLD /RV PDUFRVFXUULFXODUHVGHGLFKRHVWDGRGHVWDFDQTXHORVFRQWHQLGRVGHODHQVHxDQ]DGHEHQDERUGDUVHHQSURIXQGLGDG/RVHVWiQGDUHV GHVDOLHQWDQODSUiFWLFDGHVXPLQLVWUDUDORVDOXPQRVXQF~PXORGHLQIRUPDFLyQTXHQRSXHGHQUHWHQHUQLFRPSUHQGHU(QODHVFXHOD /LQFROQORVGRFHQWHVVHxDODQH[SOtFLWDPHQWHORVFRQFHSWRVHVHQFLDOHVGHVXVDVLJQDWXUDV/RVDOXPQRVVDEHQH[DFWDPHQWHTXpHV ORTXHVHHVSHUDTXHDSUHQGDQ\GHTXpPDQHUDGHEHQGHPRVWUDU\DSOLFDUVXVFRQRFLPLHQWRV$GHPiVORVGRFHQWHVVHFRQFHQWUDQ HQ ORV SURFHVRV PHGLDQWH ORV FXDOHV ORV DOXPQRV DSUHQGHQ (Q DOJXQRV FDVRV ORV DOXPQRV WUDEDMDQ HQ FHQWURV GH DSUHQGL]DMH FRRSHUDWLYR\WDPELpQHQSUR\HFWRVGHVXHOHFFLyQTXHOHVSHUPLWHQSURIXQGL]DUODFRPSUHQVLyQGHORVFRQFHSWRVIXQGDPHQWDOHV /RV DOXPQRV GH OD HVFXHOD /LQFROQ QR VH OLPLWDQ D DSUHQGHU \ DSOLFDU FRQWHQLGRV FXUULFXODUHV WDPELpQ HVWiQ HQ FRQGLFLRQHV GH LGHQWLILFDUVXVFDSDFLGDGHV\QHFHVLGDGHVLQWHOHFWXDOHV$SUHQGHQTXHODLQWHOLJHQFLDSXHGHPRGLILFDUVH\FDPELDUDORODUJRGHOD YLGD/RVGRFHQWHVGHVWDFDQTXHHVSRVLEOHLQFUHPHQWDUFXDOTXLHUiUHDGHODLQWHOLJHQFLDTXHVHHQFXHQWUHSRFRGHVDUUROODGDVLVH RULHQWDQ ORV HVIXHU]RV HQ HVD GLUHFFLyQ \ VH FXHQWD FRQ OD JXtD DSURSLDGD 3RU PHGLR GH HVWH HQIRTXH HYROXWLYR ORV DOXPQRV DSUHQGHQDUHVSHWDUODGLYHUVLGDGLQWHOHFWXDOGHVXVSDUHV\GHRWUDVSHUVRQDV\WDPELpQDYLVOXPEUDUQXHYDVSRVLELOLGDGHVSDUDVt PLVPRV

&XUUtFXORGHLQWHOLJHQFLDVP~OWLSOHVEDVDGRHQGLVFLSOLQDVDUWtVWLFDV

$OJXQDVHVFXHODVLQWHUSUHWDQODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVFRPRIXQGDPHQWRSDUDHOGHVDUUROODGHSURJUDPDVEDVDGRVHQ DUWHV7HQLHQGRHQFXHQWDODV GHFODUDFLRQHVGH*DUGQHUUHVSHFWRGHTXHODVFDSDFLGDGHVYLVXDOPXVLFDOFLQHVWpWLFDHLQWHUSHUVRQDO FRQVWLWX\HQ IRUPDV HIHFWLYDV GH LQWHOLJHQFLD ORV SURPRWRUHV GH ODV DUWHV UHFRPLHQGDQ TXH VH DWULEX\D OD PLVPD FDWHJRUtD \ VH DVLJQHHOPLVPRWLHPSRDODGDQ]DODP~VLFDODDFWLYLGDGGUDPiWLFDHOFLQHODVDUWHVYLVXDOHV\ODFUHDFLyQOLWHUDULDTXHDOUHVWR GH ODV iUHDV FXUULFXODUHV (Q VX RSLQLyQ ODV DUWHV SURSRUFLRQDQ LPSRUWDQWHV VLVWHPDV VLPEyOLFRV TXH UHSUHVHQWDQ LQWHUSUHWDQ \ DQDOL]DQHOPXQGR/DPDWHPiWLFDODVFLHQFLDVQDWXUDOHV\ODOHQJXDVyORFRPXQLFDQSDUWHGHODH[SHULHQFLDKXPDQD/DVDUWHVVRQ QHFHVDULDV SDUD H[SOLFDU RWURV DVSHFWRV GH OD YLGD /RV DOXPQRV TXH DSUHQGHQ ODV KDELOLGDGHV EiVLFDV \ ORV VLVWHPDV VLPEyOLFRV DUWtVWLFRV DGTXLHUHQ XQD YLVLyQ JOREDO GHO PXQGR DO WLHPSR TXH GHVDUUROODQ VXV LQWHOLJHQFLDV HQ PD\RU PHGLGD (VFXHODV GH LQWHOLJHQFLDVP~OWLSOHVFRPD$VKOH\5LYHU(OHPHQWDU\6FKDROGH&KDUOHVWRQ&DUROLQDGHO6XU([SRIDU([FHOOHQFH6FKRROGH6W 3DXO0LQQHVRWD\6HYHQ4DNV(OHPHQWDU\6FKRROGH/DFH\:DVKLQJWRQKDQLQWHJUDGRODVLQWHOLJHQFLDVDUWtVWLFD"DVXFXUUtFXOR \ HQVHxDQ DUWHV FDPD DVLJQDWXUDV FXUULFXODUHV OHJLWLPDV 7RGDV ORV DOXPQRV GH HVWDV HVFXHODV HVWXGLDQDUWHVYLVXDOHV\HVFpQLFDV GLDULDPHQWHRFDVLWRGRVORVGtDVFRQHOREMHWRGHDOFDQ]DUXQDPD\RUFRPSUHQVLyQGHOPXQGR\GHREWHQHUXQPD\RUGHVDUUROOR GHOHVSHFWURGHODLQWHOLJHQFLD

&XUUtFXOREDVDGRHQODLQWHOLJHQFLD

7DO YH] HO HQIRTXH FXUULFXODU GH LQWHOLJHQFLDV P~OWLSOHV PHQRV FRP~Q VHD DTXHO TXH VH SURSRQH GHVDUUROODU OD FDSDFLGDG GH LQWHOLJHQFLDGHFDGDDOXPQD/RVSULQFLSLRVREMHWLYRV\SURJUDPDVHVFRODUHVVHUHRUJDQL]DQVLJQLILFDWLYDPHQWHSDUDGDUFDELGDD ORV LQWHUHVHV LQGLYLGXDOHVGHODOXPQR(QOXJDUGHUHVDOWDUODHQVHxDQ]DSRUPHGLRGHODVLQWHOLJHQFLDVODVHVFXHODVSRQHQpQIDVLVHQ ODHQVHxDQ]DSDUDODLQWHOLJHQFLD /D .H\ 6FKRRO GH ,QGLDQDSROLV DVXPH HO FRPSURPLVR GH SURPRYHU OD FDSDFLGDG LQWHOHFWXDO GH FDGD DOXPQR -XQWR FRQ HO DSUHQGL]DMH GH FRQWHQLGRV DFDGpPLFRV SRU PHGLR GH ODV RFKR LQWHOLJHQFLDV WRGRV ORV DOXPQRV LGHQWLILFDQ VXV FDSDFLGDGHV \ UHIOH[LRQDQDFHUFDGHODPDQHUDFRPRSRGUiQXWLOL]DUODVSDUDJXLDUVXVHOHFFLRQHVGHYLGD(QHVWDHVFXHODORVDOXPQRVFXHQWDQ FRQ QXPHURVDV RSRUWXQLGDGHV SDUD SURIXQGL]DU VXV LQWHOLJHQFLDV SUHIHULGDV 3RU HMHPSOR VHOHFFLRQDQ VXV FXUVRV RSWDWLYRV HQ JUXSRV TXH VH UH~QHQ GLDULDPHQWH (VWRV JUXSRV SURSRUFLRQDQ HQVHxDQ]D DGLFLRQDO HQ iUHDV HQ ODV TXH ORV DOXPQRV GHPXHVWUDQ LQWHUpV \ FRQGLFLRQHV /RV DOXPQRV FRQFXUUHQ WDPELpQ D XQ DXOD GHVWLQDGD HVSHFLDOPHQWH SDUD DFWLYLGDGHV YRFDFLRQDOHV YDULDV YHFHVSDUVHPDQDGRQGHVHGHGLFDQDDFWLYLGDGHVHOHFWLYDVTXHORVPRWLYDQGHVDItDQ\JUDWLILFDQSHUVRQDOPHQWH'HELGRDODJUDQ FDQWLGDGGHWLHPSRFXUULFXODUGHGLFDGRDODVDFWLYLGDGHVHOHFWLYDVGHORVDOXPQRVORVGRFHQWHVFXHQWDQFRQPHQRVWLHPSRSDUDOD 


HQVHxDQ]DGHKDELOLGDGHVEiVLFDVWUDGLFLRQDOHV/DIRUPDGHFDSLWDOL]DUHOWLHPSRSDUDODHQVHxDQ]DGHKDELOLGDGHVEiVLFDVFRQVLVWH HQEXVFDUIRUPDVDOWDPHQWHHIHFWLYDVSDUDHQVHxDUORVVDEHUHVWUDGLFLRQDOHV1RREVWDQWHHVWDRULHQWDFLyQKDFLDXQPRGHOREDVDGR HQODLQWHOLJHQFLDDQWHVTXHKDFLDXQPRGHORGHKDELOLGDGHVEiVLFDVSDUHFHGDUIUXWRVHQWpUPLQRVGHORJURVDFDGpPLFRV\DTXHD H[FHSFLyQ GH XQ SHTXHxR JUXSR GH DOXPQRV GH OD HVFXHOD WRGRV REWLHQHQ FDOLILFDFLRQHV SURPHGLR R VXSHULRUHV HQ ORV WHVWV HVWDQGDUL]DGRV

2WURHQIRTXHTXHVHSURSRQHHGXFDUSDUDODLQWHOLJHQFLDHVHOTXHVHPDQLILHVWDHQ&ODUD%DUUDQ.%6FKRROGH0LQQHDSROLV(Q   HO SHUVRQDO GHFLGLy LQGLYLGXDOL]DU OD WHRUtD GH *DUGQHU SDUD FDGD DOXPQD SRU PHGLD GH UHXQLRQHV HQ ODV TXH VH ILMDQ REMHWLYRV\GHODVTXHSDUWLFLSDQDOXPQRVGRFHQWHV\SDGUHV'XUDQWHHOSULPHUPHVGHFODVHODVGRFHQWHVUHDOL]DQHQWUHYLVWDVFRQ HODOXPQR\XQDGHVXVSDGUHV(OGRFHQWHFRPLHQ]DODUHXQLyQSUHJXQWDQGRFXiOHVVRQODVREMHWLYDVTXHHODOXPQRGHVHDDOFDQ]DU FXiOHVVDQLPSRUWDQWHVSDUDHOSDGUH\FXiOHVVDQODVTXHUHFRPLHQGD'XUDQWHHVWHLQWHUFDPELRWULSDUWLWDVHLGHQWLILFDQXQRDPiV REMHWLYRV SDUD FDGD XQD GH ODV RFKR LQWHOLJHQFLDV $OJXQRV GH HOORV HVWLPXODQ ORV LQWHUHVHV GHO DOXPQD PLHQWUDV TXH FHWURV VH FRQFHQWUDQ HQ VXV GLILFXOWDGHV /D SULPHUD LQWHOLJHQFLD TXH VH FRQVLGHUD GXUDQWH OD UHXQLyQ HV OD LQWHOLJHQFLD LQWUDSHUVRQDO $OJXQRV GH ORV REMHWLYRV LQWUDSHUVRQDOHV TXH ORV DOXPQRV KDQ LGHQWLILFDGR LQFOX\HQ FRPSOHWDU VXV WDUHDV D WLHPSR IRUPXODU SUHJXQWDV FXDQGR ODV FRQVLJQDV GHO GRFHQWH QR UHVXOWHQ FODUDV \ REWHQHU VDWLVIDFFLyQ SDU HO SURSLR WUDEDMR /D UHXQLyQ FRQWLQ~D KDVWDWDQWDHOGRFHQWHHOSDGUH\HODOXPQDKD\DQLGHQWLILFDGRREMHWLYDVSDUDODVRFKRLQWHOLJHQFLDV $ OR ODUJR GHO DxR HVFDODU VH HVWLPXOD ODV DOXPQRV SDUD TXH FXPSODQ FRQ VXV REMHWLYRV FRQVFLHQWHPHQWH 3DUD HOOR GHEHUiQ LGHQWLILFDUODVSDVDVTXHOHVSHUPLWLUiQDOFDQ]DUORJUDVUHIOH[LRQDUiQDFHUFDGHVXVHVIXHU]RVHQVXVGLDULDVSHUVRQDOHV\GLDORJDUiQ VREUHVXVSURJUHVRVRIUXVWUDFLRQHVFRQORVGRFHQWHV\RWUDVSHUVRQDV

$O ILQDOL]DU OD SULPHUD PLWDG GHO DxR HO GRFHQWH HO SDGUH \ HO DOXPQR UHDOL]DQ XQD QXHYD UHXQLyQ SDUD HYDOXDU ORV SURJUHVRV REWHQLGRVHQ HOORJUDGHORVREMHWLYRV(VWDVUHXQLRQHVVLUYHQSDUDUHDILUPDUUHGHILQLUUHYLVDU\FHOHEUDUODVORJURVGHODOXPQR$O ILQDOL]DUHODxRHVFRODUVHLQYLWDDORVSDGUHVDSDUWLFLSDUGHODVMRUQDGDVGH/RJURHQODVTXHVHSUHVHQWDQORVSRUWIROLRVGHORV DOXPQRV\OHVSHUPLWHQDSUHFLDUORVHIHFWRVTXHKDSURGXFLGRHOSURFHVRGHHODERUDFLyQGHREMHWLYRVHQODH[SHULHQFLDHGXFDWLYDGH VXVKLMRV6LELHQHVHYLGHQWHTXHHVWHSURFHVRGHPDQGDJUDQFDQWLGDGGHWLHPSRGRFHQWHODFRPXQLGDGHVFRODUGH&ODUD%DUWRQ DSR\D GHFLGLGDPHQWH HVWH FRPSRQHQWH GHO SURJUDPD (O SHUVRQDO GRFHQWH VHxDOD TXH ORV REMHWLYRV LQGLYLGXDOHV DOLHQWDQ D ORV DOXPQRV D SHUIHFFLRQDU FDGD LQWHOLJHQFLD GH PDQHUD VLJQLILFDWLYDPHQWH SHUVRQDO \ OHV HQVHxDQ D RUJDQL]DU VX DSUHQGL]DMH LQGHSHQGLHQWH$GHPiVORVSDGUHVGHPXHVWUDQXQPD\RUUHVSHWRSRUODVFDSDFLGDGHVGHVXVKLMRVDOYHUTXHVXVGHVWUH]DVVHKDQ HOHYDGR KDVWD DOFDQ]DU OD FDWHJRUtD GH LQWHOLJHQFLD /RV GRFHQWHV GH OD HVFXHOD &ODUD %DUWRQ WDPELpQ DSUHFLDQ TXH OD HVFXHOD GHPXHVWUHLQWHUpVSRUWRGDVODViUHDVGHFUHFLPLHQWRKXPDQR\TXHVHFHOHEUHQHQHOODODVGLYHUVDVIRUPDVGHH[FHOHQFLD /HFFLyQ

6HUHTXLHUHQQXHYRVHQIRTXHVSDUDODHYDOXDFLyQ

([LVWHQ DO PHQRV FXDWUR LPSOLFDQFLDV GHO WUDEDMR GH *DUGQHU SDUD OD HYDOXDFLyQ   OD PDQHUD GH HYDOXDU OD LQWHOLJHQFLD GHO DOXPQR   OD PDQHUD GH SHUIHFFLRQDU OD HYDOXDFLyQ HQ JHQHUDO   OD PDQHUD GH LQFRUSRUDU D ORV DOXPQRV D ORV SURFHVRV GH HYDOXDFLyQ ODPDQHUDGHHYDOXDUORVSURJUDPDVGHLQWHOLJHQFLDVP~OWLSOHV\VXHILFDFLD

(YDOXDFLyQFX QFXOOWXU XUDDOPHQWHH HHTX TXLLWDWLYD DGGH HOOD DLLQWHOLJHQF QFLLD

6L ELHQ HV SRFR SUREDEOH TXH OD PD\RU SDUWH GH ORV GRFHQWHV VH LQWHUHVH SRU XQD HYDOXDFLyQ IRUPDO GH OD LQWHOLJHQFLD GH VXV DOXPQRVVHOOHYyDFDERXQWUDEDMDIDVFLQDQWHHQUHODFLyQFDQODWDUHDGHHYDOXDFLyQGHLQWHOLJHQFLDHQ$UL]RQD'XUDQWHHOWULHQLR TTT VH GHVDUUROOy XQ SUR\HFWR GHVWLQDGR D RWRUJDU EHFDV SDUD OD HVFRODULGDG 3URMHFW6WHS8S*UDQW TXHFRQWDEDFRQHO ILQDQFLDPLHQWR GHO 0LQLVWHULR GH (GXFDFLyQ GH ORV (VWDGRV 8QLGRV \ TXH WHQLD SRU REMHWLYR LGHQWLILFDU DOXPQRV WDOHQWRVDV SHUWHQHFLHQWHVDPLQRUtDVFDUHQFLDGDV-XQH0DNHULQYHVWLJDGRUDGHOD8QLYHUVLGDGGH$WL]RQDWUDEDMyFRQQLxRVGHDVFHQGHQFLD QDYDMDHQWUHViPELWRVGLIHUHQWHV0DNHUSDUWtDGHODSUHPLVDGHTXHORVQLxDVQDYDMDVVRQWDOHQWRVDVDXQFXDQGRJHQHUDOPHQWHORV UHVXOWDGRVGHVXVHYDOXDFLRQHVHVFRODUHVVHDQLQIHULRUHVDO62GHOSURPHGLRHQWpUPLQRVGHFDSDFLGDG\ORJUD/DLQYHVWLJDGRUD GLVHxDWDUHDVSDUDODVROXFLyQGHSUREOHPDVUHODFLRQDGRVFRQODVRFKRLQWHOLJHQFLDVGHDFXHUGRFRQHOPRGHODGH*DUGQHU$QWHV GH TXH VH OOHYDUD D FDER HVWH WUDEDMR QXQFD VH KDEtD LGHQWLILFDGD D XQ VROR QLxD LQGtJHQD DPHULFDQR FRPD WDOHQWRVR HQWUH OD SREODFLyQ HVFDODU GH OD &KLQOH %RDUGLQJ 6FKRDO XQR GH ORV iPELWRV SLORWR GH $WL]RQD /XHJR GH HYDOXDU D ODV DOXPQRV GHO HVWDEOHFLPLHQWR SRU PHGLD GH KHUUDPLHQWDV WDOHV FRPR WUDEDOHQJXDV \ QDUUDFLRQHV OD 'UD 0DNHU LGHQWLILFy D … GH HOODV WDPR SRVHHGRUHVGHXQDOWDSRWHQFLDO /D LQYHVWLJDGRUD VHxDOD TXH DSUHQGLy PXFKD GH VX WUDEDMR FRQ ODV QLxRV QDYDMDV 0DNHU REVHUYy TXH HVWRV DOXPQRV REWLHQHQ PHMRUHVORJURVFXDQGRUHDOL]DQHYDOXDFLRQHVHQSHTXHxRVJUXSRVHQOXJDUGHKDFHUODVLQGLYLGXDOPHQWH/RVUHVXOWDGRVREWHQLGRV HQ HVDV HYDOXDFLRQHV SUHVHQWDQ XQ DJXGR FRQWUDVWH FRQ ORV GH ORV WHVWV GH LQWHOLJHQFLD LQGLYLGXDOL]DGRV TXH SURSRQH H 3UDMHFW 6SHFWUXP (O HQIRTXH GH 0DNHU FXHVWLRQD OD YDOLGH] GH OD DGPLQLVWUDFLyQ GH WHVWV GH LQWHOLJHQFLD R GH WRGD RWUD IRUPD GH HYDOXDFLyQ HVWDQGDUL]DGD HQ IRUPD FXOWXUDOPHQWH HTXLWDWLYD $GHPiV 0DNHU DSUHQGLy D FRPHQ]DU VX WUDEDMR FRQ ORV DOXPQRV QDYDMRVFRQWDUHDVWULGLPHQVLRQDOHVWDOHVFRPRHQKHEUDGRGHFROODUHVRHVFXOWXUDDQWHVGHUHDOL]DUODVDFWLYLGDGHVGHHYDOXDFLyQ (O GHVDUUROOR GH WDUHDV SDUD ODV FXDOHV ORV DOXPQRV VH VHQWtDQ VHJXURV GH VX FDSDFLGDG ORV PRWLYDED HQ HO SRVWHULRU DERUGDMH GH DFWLYLGDGHVDGLFLRQDOHVWDQWRHQODViUHDVTXHGHVSHUWDEDQVXFRQILDQ]DFRPRHQRWUDV0DNHUVHxDODWDPELpQTXHHOPRGHORGH LQWHOLJHQFLD GH *DUGQHU QR SDUHFH IDYRUHFHU R GHVHVWLPDU D QLQJ~Q JUXSR FXOWXUDO pWQLFR R OLQJtVWLFR (O WUDEDMR UHDOL]DGR HQ 


$WL]RQD DVt FRPR HQ RWURV OXJDUHV GH ORV (VWDGRV 8QLGRV UHYHOD OD QHFHVLGDG GH HOLPLQDU ORV HVWHUHRWLSRV \ FRQFHSFLRQHV QHJDWLYDVDFHUFDGHORVQLxRVSHUWHQHFLHQWHVDGHWHUPLQDGRVPHGLRV0XFKRVDOXPQRVDTXLHQHVQRVHFRQVLGHUDFRPSHWHQWHVVRQ HQUHDOLGDGH[WUDRUGLQDULRV\WDOHQWRVRV

7HQGHUXQSXHQWHHQWUHODVFDSDFLGDGHV\ODVQHFHVLGDGHV

8QDHVFXHODTXHWUDEDMDFRQODWHRUtDGHODVLQWHOLJHQFLDVP~OWLSOHVVHIXQGDHQHOVXSXHVWRGHTXHWRGRVORVQLxRVVRQWDOHQWRVRV &XDQGRORVGRFHQWHVGHULYDQDXQDOXPQRSDUDTXHUHFLEDVHUYLFLRVGHHGXFDFLyQHVSHFLDOGHEHQSURSRUFLRQDUSULPHURXQLQIRUPH GHWDOODGR GH VXV FDSDFLGDGHV MXQWR FRQ ODV UD]RQHV TXH PRWLYDQ OD GHULYDFLyQ 3RU OR WDQWR ORV VHUYLFLRV GH HGXFDFLyQ HVSHFLDO WLHQHQFRPRREMHWLYRHVWDEOHFHUXQYtQFXORVyOLGRHQWUHODViUHDVGHFDSDFLGDG\ODVGHQHFHVLGDG&XDQGRODVHVFXHODVGHVWDFDQODV FDSDFLGDGHV XQ DOXPQR HQ VLWXDFLyQ GH ULHVJR QR VHUiFRQVLGHUDGRVRODPHQWHXQLQGLYLGXRFRQSUREOHPDV3RUHOFRQWUDULRORV GRFHQWHV SXHGH JHQHUDU XQ SHUILO PiV DPSOLR GH FDGD DOXPQD DO WRPDU GHFLVLRQHV HGXFDWLYDV /D WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHVQRVSHUPLWHSHUFLELUORPHMRUTXHSRVHHQQXHVWURVDOXPQRV\QRVSURSRUFLRQDFODYHVSDUDDERUGDUDTXHOODViUHDVHQODV TXHSUHVHQWDQGLILFXOWDGHV 0RGLILFDFLRQHVHQODVHYDOXDFLRQHVGHDXOD

/DVSUiFWLFDVGHHYDOXDFLyQHQFDVLWRGDVODVHVFXHODVSLODUDGHLQWHOLJHQFLDVP~OWLSOHVKDQH[SHULPHQWDGR XQDWUDQVIRUPDFLyQ6H DGYLUWLHUDQ FXDWUR FDPELRV SULQFLSDOHV (Q SULPHU OXJDU ORV EROHWLQHV GH FDOLILFDFLRQHV GH DOJXQRV HVFXHODV VH KDQ PRGLILFDGR SDUD LQFRUSRUDU ODV GLYHUVDV LQWHOLJHQFLDV (Q VHJXQGD OXJDU ODV GRFHQWHV XWLOL]DQ SRUIROLRV SDUD GRFXPHQWDU WDQWR ORV SURFHVRV FRUQR ORV SURGXFWRV GHO DSUHQGL]DMH GH FDGD DOXPQR (Q WHUFHU OXJDU VH GHVDUUROODURQ SODQLOODV GH FRQWURO EDVDGDV HQ ODV LQWHOLJHQFLDV P~OWLSOHV TXH ORV GRFHQWHV HPSOHDQ SDUD LGHQWLILFDU XQ UDQJR GH WDOHQWRV GH FDGD DOXPQR PXFKR PiV DPSOLR 3RU ~OWLPR ORV DOXPQRV SDUWLFLSDQ DFWLYDPHQWH HQ OD HODERUDFLyQ GH ODV FULWHULRV GH HYDOXDFLyQ \ VRQ FDSDFHV GH DXWDHYDOXDUVH \ HYDOXDUHOWUDEDMRGHORVGHPiV (QODPD\RUSDUWHGHODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHVVHVLJXHQXWLOL]DQGRODVWHVWVHVWDQGDUL]DGDV\RWURVLQVWUXPHQWRVGH HYDOXDFLyQ WUDGLFLRQDOHV 'HELGR D HVWH HPSOHR FRQMXQWR GH PpWRGRV GH HYDOXDFLyQ QXHYDV \ FRQYHQFLRQDOHV ORV SDGUHV \ HO SHUVRQDOGLUHFWLYRUHFLEHQLQIRUPDFLyQDFHUFDGHORVSURJUHVRVGHODOXPQRSRUPHGLRVFRQRFLGRVDOWLHPSRTXHDSUHQGHQDFHUFD GH UHFXUVRV DOWHUQDWLYRV GH HYDOXDFLyQ 3DUD PXFKRV SDGUHV UHVXOWDQ LQWHUHVDQWHV ORV YtGHRV TXH GRFXPHQWDQ ORV SUR\HFWRV GHVDUUROODGRVSRUVXVKLMRV\DTXHOHVSHUPLWHQYHUORTXHKDQDSUHQGLGR\ODPDQHUDHQTXHDSOLFDURQORVFRQRFLPLHQWRV /HFFLyQ6

/DSUiFWLFDSURIHVLRQDOSDUHFHWUDQVIRUPDUVHHYROXWLYDPHQWH

$OJXQRVGRFHQWHVGHLQWHOLJHQFLDVP~OWLSOHVH[SHULPHQWDQXQDSURJUHVLyQHYROXWLYDDOLPSOHPHQWDUODVLGHDVGH*DUGQHU6LELHQ ODH[SHULHQFLDSHUVRQDOGHXQLQGLYLGXRQRVLUYHSDUDH[SOLFDUDSURSLDGDPHQWHODGHQLQJ~QRWUR DOJXQRVGRFHQWHVGHLQWHOLJHQFLDV P~OWLSOHV SDUHFHQHQIUHQWDUGHVDItRVVLPLODUHVHQXQDVHFXHQFLDPHGLDQDPHQWHSUHGHFLEOH(OGHVDItRLQLFLDOSDUDORVHGXFDGRUHV GHLQWHOLJHQFLDVP~OWLSOHVFRQVLVWHHQGHWHUPLQDUTXpFODVHGHSURJUDPDVPRGHORGHEHUiQFUHDU SDUDVXVDXODV8QDYH]GHFLGLGRHO FXUVRGHDFFLyQ\DVHDSRUPHGLRGHFHQWURVGHDSUHQGL]DMHGHOWUDEDMRFRQXQDLQWHOLJHQFLDSRUGtDRPHGLDQWHHQVHxDQ]DGLUHFWD PXOWLPRGDO HO GHVDItR VLJXLHQWH FRQVLVWH HQDSUHQGHUDHQVHxDUFRQWHQLGRVGHQXHYDVPDQHUDV(OQ~FOHRSULQFLSDOSDUDPXFKRV GRFHQWHV GH LQWHOLJHQFLDV P~OWLSOHV GXUDQWH ORV SULPHURV DxRV GH LPSOHPHQWDFLyQ GH VXV SURJUDPDV HQ HO DXOD \ HQ HO iPELWR HVFRODUFRQVLVWHHQGLVHxDUDGDSWDU\RSHUIHFFLRQDUODVHVWUDWHJLDVGHHQVHxDQ]D7DPELpQGHGLFDQWLHPSR\HVIXHU]RDUHFRSLODU QXHYRVHOHPHQWRVGLGiFWLFRVFRPRPDWHULDOFRQFUHWR\UHFXUVRVDUWtVWLFRV\PXVLFDOHV$GHPiVDOJXQRVGRFHQWHVVXHOHQGHVWLQDU PD\RU FDQWLGDG GH WLHPSR D ORV SUR\HFWRV GH ORV DOXPQRV R FRPLHQ]DQ D LPSOHPHQWDU HQ VXV DXODV HO DSUHQGL]DMH EDVDGR HQ SUR\HFWRV3RUORJHQHUDOWDPELpQODVWpFQLFDVGHHYDOXDFLyQVHWRUQDQPXFKRPiVYDULDGDV $OJXQRVGRFHQWHVVRVWLHQHQTXHDOFDERGHOSULPHUDxRFRQVLGHUDUODSODQLILFDFLyQGHFODVHGHRFKRPDQHUDVGLIHUHQWHVVHYXHOYH XQDVHJXQGDQDWXUDOH]D(QPXFKRVFDVRVH[SHULPHQWDQHOGHVDUUROORGHQXHYDVKDELOLGDGHVHQVtPLVPRV\GHOPLVPRPRGRTXH VXV DOXPQRV HVWiQ GLVSXHVWRV D FRUUHU ULHVJRV SDUD H[SORUDU FRQ PD\RU LQWHQVLGDG LQWHOLJHQFLDV TXH DQWHV QR XWLOL]DEDQ /RV GRFHQWHVVXHOHQGLVHxDUPDQHUDVSDUDUHGXFLUHOWLHPSRGHSODQLILFDFLyQGHODFODVH\DVHDUHFXUULHQGRDHVWUDWHJLDVTXHXWLOL]DURQ DQWHULRUPHQWHFUHDQGRSUR\HFWRVDODUJRSOD]DSDUDHOWUDEDMRGHORVDOXPQRVXRUJDQL]DQGRHTXLSRVFRQRWURVFROHJDV

8QDYH]TXHVHKDDOFDQ]DGRXQFLHUWRJUDGRGHFRQILDQ]DHQODHQVHxDQ]DPXOWLPRGDODOJXQRVGRFHQWHVGLULJHQVXDWHQFLyQKDFLD FXHVWLRQHVFXUULFXODUHV6HFRQFHQWUDQHQLGHQWLILFDUODVFRQFHSWRVYHUGDGHUDPHQWHLPSRUWDQWHV\ODVIRUPDVPiVDSURSLDGDVSDUD HQVHxDUORV 6XV KDELOLGDGHV GH REVHUYDFLyQ GH ORV DOXPQRV VH SHUIHFFLRQDQ \ UHDOL]DQ HVIXHU]RV FRQVWDQWHV SDUD YLQFXODU ODV FDSDFLGDGHV \ ODV QHFHVLGDGHV \ SDUD HVWLPXODU ORV ORJURV GH VXV DOXPQRV GH PDQHUD PiV HIHFWLYD 6H LQFUHPHQWD VX FDSDFLGDG SDUDHQVHxDUDORVDOXPQRVDGHVDUUROODUXQDSUHQGL]DMHDXWRGLULJLGRSRUPHGLRGHSUR\HFWRV\HVWiQHQFRQGLFLRQHVGHFRPSDUWLU VXVH[SHULHQFLDV\SURFHVRVHQLQWHOLJHQFLDVP~OWLSOHVFRQRWURVFROHJDVGHPDQHUDIRUPDORLQIRUPDO$OJXQRVGRFHQWHVVHVLHQWHQ LQVDWLVIHFKRV FRQ ORV PpWRGRV GH GRFXPHQWDFLyQ WUDGLFLRQDO \ FRPLHQ]DQ D PRGLILFDU ORV LQIRUPHV \ ORV EROHWLQHV GH FDOLILFDFLRQHVGHVWLQDGRVDSDGUHV\DOXPQRVFRQHOILQGHTXHUHIOHMHQFRQPD\RUSUHFLVLyQODVORJURVGHDSUHQGL]DMH 


8QD YH] TXH VH KDQ DERUGDGR HO FXUUtFXOR \ ORV LQVWUXPHQWRV GH HYDOXDFLyQ DOJXQRV GRFHQWHV DGYLHUWHQ TXH HO GHVDItR TXH SODQWHDQ ODV LQWHOLJHQFLDV P~OWLSOHV \D QR VH FHQWUD HQ ODV HVWUDWHJLDV GH HQVHxDQ]D \ HYDOXDFLyQ SRU PHGLR GH ODV LQWHOLJHQFLDV VLQRPiVELHQHQODPDQHUDGHHGXFDUSDUDODLQWHOLJHQFLD3XHGHQFRPHQ]DUDLGHQWLILFDUORJURVGHLQWHOLJHQFLDSDUDSODQWHDUVXV DOXPQRV $OJXQRV LQYLWDQ D LQGLYLGXRV FRQ DPSOLD H[SHULHQFLD DO DXOD R D OD HVFXHOD SDUD SURSRUFLRQDU D ORV DOXPQDV RSRUWXQLGDGHV GH WXWRUtD 0XFKRV GRFHQWHV TXH KDQ WUDEDMDGR FRQ OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV DGYLHUWHQ WDPELpQ VLJQLILFDWLYRV FDPELRV HQ VX URO SURIHVLRQDO HQ HO DXOD (Q OXJDU GH OLPLWDUVH D SURSRUFLRQDU LQIRUPDFLyQ DFW~DQ FRPR IDFLOLWDGRUHV FRRUGLQDGRUHV UHVSRQVDEOHV GH UHFXUVRV WXWRUHV PRWLYDGRUHV \ FUHDGRUHV GH UHGHV TXH SURPXHYHQ HO DSUHQGL]DMH DFWLYR GHO DOXPQR \ HVWLPXODQ GLYHUVDV IRUPDV GH FUHFLPLHQWR LQWHOHFWXDO 0XFKRV GRFHQWHV H[SHULPHQWDGRV HQ LQWHOLJHQFLDV P~OWLSOHVVRQUHTXHULGRVSDUDWUDQVPLWLUORTXHKDQDSUHQGLGRDORVGHPiV\SDUDD\XGDUDRUJDQL]DUFDPELRVHQORVQLYHOHVHVFRODU \GHGLVWULWR 6HPHMDQ]DVTXHSUHVHQWDQODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHV

6LELHQFDGDGRFHQWH\HVFXHODGHLQWHOLJHQFLDVP~OWLSOHVHVGLIHUHQWHH[LVWHQVHPHMDQ]DVHQWUHORVSURJUDPDVHVFRODUHV7RGDVODV HVFXHODVGHLQWHOLJHQFLDVP~OWLSOHVVHSURSRQHQHQVHxDUDODVPHQWHVPXOWLIDFpWLFDVGHVXVDOXPQRV3DUDORJUDUORODPD\RUtDGH HOODVVLHQWHQHFHVLGDGGHOOHYDUDFDERXQDUHYLVLyQGHORVHQWRUQRVGHFODVHGHOFXUUtFXORGHODVUHODFLRQHVFRQORVSDGUHV\GHODV WpFQLFDVGHHYDOXDFLyQ/RVDXWRUHVGHHVWHOLEURKDQLGHQWLILFDGRGLH]FDUDFWHUtVWLFDVFRPXQHVDODVHVFXHODVSLORWRGHLQWHOLJHQFLDV P~OWLSOHV TXH VH HQXPHUDQ D FRQWLQXDFLyQ 1R WRGDV ODV HVFXHODV SUHVHQWDQ OD WRWDOLGDG GH HOODV SHUR OD PD\RUtD LQFOX\H JUDQ SDUWHGHHVWDVFDUDFWHUtVWLFDV &DUDFWHUtVWLFDVGHODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHV

 (OHQWRUQRGHDSUHQGL]DMHSURSRUFLRQDIDFLOLGDGGHDFFHVRDODVKHUUDPLHQWDVTXHUHTXLHUHFiHODXQDGHODVRFKRLQWHOLJHQFLDV SDUDWRGRVORVDOXPQRV

 (O FXUUtFXOR HQ HO QLYHO HVFRODU HV FRPSUHQVLYR \ SURSRUFLRQD RSRUWXQLGDGHV SDUD TXH FDGD DOXPQR H[SORUH \ GHVDUUROOH ODV RFKRLQWHOLJHQFLDVHQVXWRWDOLGDG  (OSHUVRQDOGRFHQWHXWLOL]DODVRFKRLQWHOLJHQFLDVFRPRKHUUDPLHQWDVGHHQVHxDQ]D

 /RV SDGUHV \ ORV GRFHQWHV IXQFLRQDQ FRPR HTXLSR HGXFDWLYR /RV SDGUHV HQVHxDQ KDELOLGDGHV VRFLDOHV HQ HO KRJDU \ GHVDUUROODQXQLQWHUpVDFWLYRSRUODSUiFWLFDHVFRODUGHVXVKLMRV7DOLQWHUpVVHSRQHGHPDQLILHVWRHQHOLQWHUFDPELRGHRSLQLRQHV HQWUHHOORV\VXVKLMRVDFHUFDGHODVDFWLYLGDGHVHVFRODUHVHQHOKRJDUHQODLQIRUPDFLyQTXHEULQGDQDORVGRFHQWHVUHVSHFWRGHODV FDSDFLGDGHVGHORVQLxRVHQVXSDUWLFLSDFLyQHQHQFXHVWDVHYDOXDWLYDVRHQWUHYLVWDVHQVXGLVSRVLFLyQSDUDFRODERUDUFRQODVWDUHDV GHODXODHQVXSDUWLFLSDFLyQHQDVRFLDFLRQHVHVFRODUHVRGHVHPSHxiQGRVHFRPRWXWRUHV

 /DSURSXHVWDFXUULFXODULQFOX\HWDUHDVHQJUXSRVLQWHJUDGRVSRUDOXPQRVGHGLVWLQWDVHGDGHVFRQHOILQGHSHUPLWLUOHVREVHUYDU \ WUDEDMDU MXQWR D SDUHV FRQ GLYHUVD JUDGR GH KDELOLGDG /RV DOXPQDV LQFRUSRUDQ FRQWHQLGRV EiVLFRV FRPSHQHWUiQGRVH GH SHUVSHFWLYDVPXOWLFXOWXUDOHV/DVOHFFLRQHVGHODXODSUHVHQWDQDFWLYLGDGHVTXHVHH[WLHQGHQGHVGHHOiPELWRHVFRODUDOFRPXQLWDULR (Q HO QLYHO SROLPRGDO ODV DOXPQRV HVWXGLDQ ORV SULQFLSLRV \ SUREOHPDV GH ODV GLYHUVDV GLVFLSOLQDV \ WLHQHQ RSRUWXQLGDG SDUD H[SORUDU\FXHVWLRQDUORVFRQRFLPLHQWRVWUDGLFLRQDOHV6HHVWLPXODQWDPELpQVXVLQWHUHVHVYRFDFLRQDOHV  8QR GH ORV REMHWLYRV FXUULFXODUHV HVSURSRUFLRQDUXQDHQVHxDQ]DGLULJLGDDODFRPSUHQVLyQGHODOXPQR6HOLPLWDHODOFDQFH FXUULFXODUSDUDSHUPLWLUTXHORVDOXPQRVDOFDQFHQXQFRQRFLPLHQWRSURIXQGRGHFRQFHSWRVDFDGpPLFRVIXQGDPHQWDOHV  /RVDOXPQRVGHVDUUROODQKDELOLGDGHVGHDSUHQGL]DMHDXWyQRPRSODQLILFDQGR\OOHYDQGRDFDERSUR\HFWRVGHVXHOHFFLyQ

 (O SURJUDPD HVFRODU DOWHUQD OD H[SORUDFLyQ QR HVWUXFWXUDGD GH ORV LQWHUHVHV GHO DOXPQR FRQ HO GHVDUUROOR SODQLILFDGR GH KDELOLGDGHV6HSURPXHYHQWDQWRORVFRQRFLPLHQWRVJHQHUDOHVFRPRODFUHDWLYLGDG  6H LGHQWLILFDQ \ HVWLPXODQ ORV WDOHQWRV H LQWHUHVHV LQGLYLGXDOHV GH ORV DOXPQRV 6H OHV SURSRUFLRQDQ RSRUWXQLGDGHV SDUD SDUWLFLSDUGHSURJUDPDVGHWXWRUtDRFDSDFLWDFLyQH[WUDFXUULFXODUHVDODUJRSOD]RDVXHOHFFLyQ

OLG (Q FRODERUDFLyQ FRQ HO GRFHQWH ORV DOXPQRV LGHQWLILFDQ ORV FULWHULRV PHGLDQWH ORV FXDOHV VH ORV HYDOXDUi 5HFLEHQIHHGEDFN\ VXSHUYLVLyQ SURYHQLHQWHGHQXPHURVDVIXHQWHVGHVXVGRFHQWHVGHVXVSDUHVXRWURVLQGLYLGXRV\GHVXDXWRUUHIOH[LyQ$GHPiVVH XWLOL]DQKHUUDPLHQWDVGHHYDOXDFLyQTXHKDFHQMXVWLFLDDODLQWHOLJHQFLDSDUDFDOLILFDUHOWUDEDMDGHODOXPQR/RVLQIRUPHVTXHVH SURSRUFLRQDQDSDGUHV\DOXPQRVLQFOX\HQVXJHUHQFLDVSDUDHOVHJXLPLHQWRHQHOKRJDUODHVFXHOD\HOiPELWRFRPXQLWDULRWDQWRGH ODVFDSDFLGDGHVFRPR GHODVQHFHVLGDGHVGHODOXPQR

6HJ~Q VH GHVSUHQGH GH ODV FDUDFWHUtVWLFDV GH ODV HVFXHODV GH LQWHOLJHQFLDV P~OWLSOHV DUULED HQXPHUDGDV DVt FRPR WDPELpQ GH ORV SURJUDPDVGHVFULWRVDQWHULRUPHQWHPXFKDVGHODVH[SHULHQFLDVGHODVHVFXHODVUHVSRQGHQHQJUDQ PHGLGDDORVWDOHQWRVHLQWHUHVHV GHORVDOXPQRV/DVRSRUWXQLGDGHVSDUDDGTXLULUFRQRFLPLHQWRVJHQHUDOHV\HVSHFLDOL]DFLyQSDUDUHDOL]DUXQDH[SORUDFLyQFUHDWLYD \ FRQVWUXLU KDELOLGDGHV DFDGpPLFDV \ SDUD FRPELQDU ORV LQWHUHVHV GHO DOXPQR FRQ ORV UHTXLVLWRV FXUULFXODUHV GDQ OXJDU D 


PRYLPLHQWRV GH IOXMR \ UHIOXMR GXUDQWH ORV DxRV HVFRODUHV &XDQGR ODV LQVWLWXFLRQHV HGXFDWLYDV WUDQVIRUPDQ VXV iPELWRV VX SUiFWLFD GLGiFWLFD VX FXUUtFXOR \ VXV LQVWUXPHQWRV GH HYDOXDFLyQ SDUD GDU OXJDU D OD GLYHUVLGDG LQWHOHFWXDO HV FXDQGR VH PDQLILHVWDQODDOHJUtDGHDSUHQGHU\ODHGXFDFLyQSDUDODLQWHOLJHQFLD6LQHPEDUJRHOYtQFXORFUtWLFRSDUDTXHXQDOXPQRDOFDQFH ORJURV HVWi FRQVWLWXLGR SRU OD LQWHUDFFLyQ HQWUH HO GRFHQWH \ VXV DOXPQRV /RV SURIHVLRQDOHV TXH VH GHVHPSHxDQ HQ HVFXHODV EDVDGDV HQ ODV LQWHOLJHQFLDV P~OWLSOHV GHEHQ QHFHVDULDPHQWH VHJXLU VLHQGR HOORV PLVPRV DOXPQRV GHVFXEULU KDELOLGDGHVODWHQWHV H[SUHVDU\SHUIHFFLRQDUVXVWDOHQWRVHLGHQWLILFDUQXHYRVWDOHQWRVSDUDGHVDUUROODU(Q~OWLPDLQVWDQFLDODSULQFLSDOLQIOXHQFLDSDUD HODSUHQGL]DMHGHODOXPQRHVORTXHHOGRFHQWHSRQHGHPDQLILHVWRSRUPHGLRGHVXVFRQFHSFLRQHVLGHDV\FRQGXFWDV 3URJUDPDVSDUDHYDOXDUODVHVFXHODVGHLQWHOLJHQFLDVP~OWLSOHV

<D KD FRPHQ]DGR OD HYDOXDFLyQ IRUPDO GH ODV H[SHULHQFLDV SLORWR HQ LQWHOLJHQFLDV P~OWLSOHV GH WRGRV ORV (VWDGRV 8QLGRV 'RV LQYHVWLJDGRUDV GHO 3UR\HFWR &HUR GH +DUYDUG 0LQG\ .RUQKDEHU \ 0DUD .UHFKHYVN\ KDQ DQDOL]DGR DSUR[LPDGDPHQWH RQFH SURJUDPDVPRGHORSDUDGHWHUPLQDUGHTXpPDQHUDORViPELWRVHGXFDWLYRVHYDO~DQVXVH[SHULHQFLDV\FXiOHVVRQORVUHVXOWDGRVTXH SURSRUFLRQDQ /DV LQYHVWLJDGRUDV GH +DUYDUG KDQ DGYHUWLGR TXH OD PD\RU SDUWH GH ORV PpWRGRV GH HYDOXDFLyQ FRQVLVWH HQ HQWUHYLVWDVGHODVTXHSDUWLFLSDQHOGRFHQWHHODOXPQR\HOSDGUH/RVUHVXOWDGRVSUHOLPLQDUHVTXHSURSRUFLRQDQHVWDVHQWUHYLVWDV UHYHODQTXHWRGRVORVJUXSRVGRFHQWHVSDGUHV\DOXPQRVPDQLILHVWDQDFWLWXGHVSRVLWLYDVKDFLDODVH[SHULHQFLDVUHODFLRQDGDVFRQ LQWHOLJHQFLDVP~OWLSOHV

/RVGRFHQWHV\HOSHUVRQDOGLUHFWLYRVHxDODQTXHODVLQWHOLJHQFLDVP~OWLSOHVLQFUHPHQWDQHOGLiORJRHQODHVFXHOD\HQULTXHFHQODV SUiFWLFDVGHDXOD/RVGRFHQWHVVHFRQFHQWUDQHQPD\RUPHGLGDHQODVFDSDFLGDGHVGHODOXPQR\WRPDQHQFXHQWDXQDJDPDPiV DPSOLD GH KDELOLGDGHV (O OHQJXDMH TXH SURSRUFLRQD OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV SHUPLWH D ORV GRFHQWHV FDUDFWHUL]DU FRPSUHQVLYDPHQWHDORVDOXPQRV\VXVFDSDFLGDGHVIUHQWHDHOORVPLVPRVDVXVFROHJDVDORVSDGUHV\DRWUDVSHUVRQDV0XFKDV HVFXHODVKDQOOHYDGRDFDERPRGLILFDFLRQHVFRQHOILQGHTXHORVEROHWLQHVGHFDOLILFDFLRQHVUHIOHMHQHVWDQXHYDYLVLyQUHVSHFWRGH ORVDOXPQRV (O FRPSURPLVR GH XQD HVFXHOD FRQ OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV VXHOH JHQHUDU HQWRUQRV GH DSUHQGL]DMH \ H[SHULHQFLDV PXFKR PiV ULFDV SDUD WRGRV ORV QLxRV &RQ IUHFXHQFLD ORVSURJUDPDVGHDUFHVVHH[SDQGHQDWRGRHOFXUUtFXORHVFRODU0XFKRV GRFHQWHV VH VLHQWHQ HVWLPXODGRV SDUD WUDEDMDU HQ HTXLSR FRQ HO ILQ GH DSRUWDU VX WDOHQWR DO WUDEDMR GH RWURV FROHJDV \ GH FRPSOHPHQWDUVXVQHFHVLGDGHVFRQODVFDSDFLGDGHVGHORVGHPiV$VLPLVPRPXFKRVGRFHQWHVVHVLHQWHQLQVSLUDGRVSDUDDERUGDU QXHYRVFDPLQRVTXHFRQWULEX\DQDVXGHVDUUROODSURIHVLRQDO /RV SDGUHV DGYLHUWHQ ORJURV FDQWR DFDGpPLFRV FRPR DIHFWLYRV (QFXHQWUDQ XQD PD\RU GLVSRVLFLyQ SRU SDUWH GH VXV KLMRV SDUD DVXPLUULHVJRVDFDGpPLFRVSRVLWLYRV\QRWDQXQDXPHQWRHQVXDXWRHVWLPD\XQJUDQHQWXVLDVPRSRUFRQFXUULUDODHVFXHODTXHVH PDQLILHVWDLQFOXVRFXDQGRHVWiQHQIHUPRV\VHVLHQWHQGHVLOXVLRQDGRVSRUWHQHUTXHTXHGDUVHHQFDVD

'XUDQWH ODV HQWUHYLVWDV FRQ DOXPQRV VH HVFXFKDQ H[SUHVLRQHV VLPLODUHV D ODV IRUPXODGDV SRU ORV SDGUHV /RV DOXPQRV GH ODV HVFXHODV GH LQWHOLJHQFLDV P~OWLSOHV VH VLHQWHQ RUJXOORVRV GH VX WUDEDMR \ HVWiQ GLVSXHVWRV D FRPSDUWLUOR FRQ ORV GHPiV /RV SURJUHVRV REWHQLGDV HQ ODV iUHDV DFDGpPLFDV VH KDQ GRFXPHQWDGR SRU PHGLR GH WHVWV HVWDQGDUL]DGDV HQ YDULRV HVWDEOHFLPLHQWRV HGXFDWLYRV &DVFDUOH (OHPHQWDU\ 6FKRRO GH 0DU\VYLOOH :DVKLQJWRQ 7KH .H\6FKRROGH,QGLDQDSROLV\1HZ&LW\6FKRROGH6W /RXLV

&RPRFRPSOHPHQWRGHHVWRVUHVXOWDGRVSUHOLPLQDUHVSRVLWLYRVWDPELpQVHKDQWRPDGRHQFXHQWDODVGLILFXOWDGHV&XDOTXLHUDVHD HO HQIRTXH GH LQWHOLJHQFLDV P~OWLSOHV TXH DGRSWH XQ GRFHQWH HQ SDUWLFXODU R HO SHUVRQDO GH XQD HVFXHOD HQ VX WRWDOLGDG ODV H[SHULHQFLDV SLORWR KDQ GHPRVWUDGR TXH FXDQGR ODV LQWHOLJHQFLDV P~OWLSOHV VH LPSRQHQ SRU PHGLR GH GHFLVLRQHV YHUWLFDOLVWDV DOJXQRV GRFHQWHV VH UHVLVWHQ D PRGLILFDU VX FXUUtFXOR (Q DTXHOODV HVFXHODV GRQGH VyOR SDUWH GHO SHUVRQDO GRFHQWH WUDEDMD FRQ LQWHOLJHQFLDVP~OWLSOHVVXUJHQSUREOHPDVUHODFLRQDGRVFRQFXHVWLRQHVGHMHUDUTXtDVHVSHFLDOHV

5HVXOWDIXQGDPHQWDOTXHORVGRFHQWHVGLDORJXHQDFHUFDGHODVHVWUDWHJLDVTXHSRQHQHQSUiFWLFD\GHVXVPRWLYRVSDUDKDFHUOR\ TXHWUDEDMHQSDUDPDQWHQHUOtQHDVDELHUWDVGHFRPXQLFDFLyQFXDQGRH[LVWDQGLIHUHQWHVPpWRGRV\ILORVRItDVHQWUHHOORV5HDOL]DUXQ FDPELRHQORVHQIRTXHVGLGiFWLFRV\FXUULFXODUHVSDUDDGRSWDUIRUPDWRVEDVDGRVHQODVLQWHOLJHQFLDVP~OWLSOHVHVVLPLODUDWRGDRWUD H[SHULHQFLD GH UHIRUPD GRQGH PXFKR GHSHQGH GH ODV DFFLRQHV DGPLQLVWUDWLYDV GH OD FDWHJRUtD GHO SURJUDPD \ GH TXH VX LPSOHPHQWDFLyQFRPSURPHWDDSDUWHGHODHVFXHODRDVXWRWDOLGDG

(OWLHPSRDGLFLRQDOTXHVHUHTXLHUHSDUDPRGLILFDUODVSUiFWLFDVGHHQVHxDQ]D\HYDOXDFLyQFRQVWLWX\HXQDYHUGDGHUDSUHRFXSDFLyQ SDUD ORV GRFHQWHV 2WUR PRWLYR GH SUHRFXSDFLyQ HV HO KHFKR GH TXH VL ELHQ ORV PLHPEURV GH OD FRPXQLGDG TXH VH GHVHPSHxDQ FRPRWXWRUHVFRQVWLWX\HQXQUHFXUVRLQYDORUDEOHQRHQWRGRVORVFDVRVFRPSUHQGHQORVSURFHGLPLHQWRVHVFRODUHVRHOGHVDUUROOR HYROXWLYR GH ORV QLxRV \ XQD LQWHJUDFLyQ H[LWRVD GH H[SHUWRV DO DXOD SXHGH OOHJDU D UHVXOWDU SUREOHPiWLFD 3RU OR WDQWR UHVXOWD LQGLVSHQVDEOH TXH HO SHUVRQDO HVFRODU \ ORV PLHPEURV GH OD FRPXQLGDG FRRUGLQHQVXVHVIXHU]RVSDUDTXHODVRSRUWXQLGDGHVSDUD SRQHU HQ SUiFWLFD OD WXWRUtD UHVXOWHQ HYROXWLYDPHQWH DSURSLDGDV $GHPiV SDUHFH H[LVWLU XQD WHQGHQFLD HQ YDULDVHVFXHODVDFUHDU QXHYDVHWLTXHWDVRHVWHUHRWLSRVSDUDORVQLxRVTXHGLVWLQJXHQDTXLHQHVVRQDOXPQRVYLVXDOHVSDFLDOHVGHTXLHQHVVRQFLQHVWpVLFRV 7DOHV SUiFWLFDV GHPXHVWUDQ LJQRUDQFLD GH OD SURIXQGD ULTXH]D GH ODV LQWHOLJHQFLDV P~OWLSOHV \ VyOR VLUYHQ SDUD FUHDU FDWHJRUtDV LQQHFHVDULDV 


'HELGRDTXHODVSURJUDPDVGHLQWHOLJHQFLDVP~OWLSOHVFRPHQ]DURQDDSOLFDUVHGXUDQWHORV~OWLPRVDxRVGHODGpFDGDGHO QR GHEH VRUSUHQGHUQRV HO KHFKR GH TXH VX HYDOXDFLyQ VHD D~Q OLPLWDGD (Q UHDOLGDG VH UHTXLHUH XQD HYDOXDFLyQ DGLFLRQDO 1R REVWDQWH GH DFXHUGR FRQ ORV SURJUDPDV PRGHOR H[LVWHQWHV UHVXOWD HYLGHQWH TXH ODV LGHDV GH *DUGQHU PRGLILFDQ QXHVWUDV FRQFHSFLRQHV DFHUFD GH OD HVFXHOD 6X WUDEDMR FXHVWLRQD OD HVWUXFWXUD HVFRODU WDO FRPR OD FRQRFHPRV /D PDQHUD HQ TXH FRQFHSWXDOL]DPRVDORVDOXPQRVODPDQHUDHQTXHHQVHxDPRVRUJDQL]DPRVHOFXUUtFXORHYDOXDPRVHODSUHQGL]DMHGHORVDOXPQRV HLQFOXVRODVSHUVRQDVHQFDUJDGDVGHSURSRUFLRQDUHQVHxDQ]DHQGHWHUPLQDGDVRFDVLRQHVWRGRHOORGHEHUtDUHFRQVLGHUDUVH

¢&XiOHVVRQQXHVWURVSUy[LPRVSDVRV"

(OWUDEDMRGH*DUGQHUGHVWDFDTXHHOGHVDUUROODKXPDQRHVPiVFRPSOHMR\IOH[LEOHGHORTXHPXFKRVSVLFyORJRVHLQYHVWLJDGRUHV KDQH[SXHVWRWHyULFDPHQWHHQHOSDVDGR6LFRQVLGHUDPRVODPDQHUDGHGDUUHVSXHVWDDODVQXPHURVDVLPSOLFDQFLDVGHODWHRUtDGH ODV LQWHOLJHQFLDV P~OWLSOHV SRGHPRV FRPHQ]DU SRU FRQWHPSODU D QXHVWURV DOXPQRV FRQ UHQRYDGD FXULRVLGDG \ DSUHFLR 3RGHPRV H[SOLFDUOHV DVt FRPR WDPELpQ D FROHJDV \  SDGUHV TXH FDGD XQR GH QRVRWURV SRVHH XQ SHUILO FRJQLWLYR ~QLFR GH WDOHQWRV LQGLYLGXDOHV3RGHPRVRIUHFHURSRUWXQLGDGHVGHGHVDUUROORWDQWRDHVWXGLDQWHVGHSURIHVRUDGRFRPRDGRFHQWHVHQDFWLYLGDGSDUD H[SDQGLU QXHVWUD YLVLyQ DFHUFD GH OR TXH VLJQLILFD VHU KXPDQR \ OR TXH VLJQLILFD VHU HGXFDGR 3RGHPRV GLVHxDU SURJUDPDV HGXFDWLYRVTXHHVWLPXOHQODVGLIHUHQFLDVLQGLYLGXDOHVSRUPHGLRGHXQDSURSXHVWDKROtVWLFD3RGHPRVFRPSDUWLUQXHVWUDVLGHDVFRQ ORV GHPiV \ WRPDUQRV OD OLEHUWDG GH H[SRQHU WDQWR QXHVWURV p[LWRV FRPR QXHVWURV IUDFDVRV 3RGHPRV FUHDU FRPXQLGDGHV GH DSUHQGL]DMHFDSDFHVGHDXWRWUDQVIRUPDUVH3RGHPRVWRPDUFRQFLHQFLDGHTXHODHVFXHODSXHGHVHUDOJRPX\GLIHUHQWHGHDTXHOOR TXHUHFRUGDPRV <TXL]iSRGUtDPRVWDPELpQRSWDUSRUUHIOH[LRQDUDFHUFDGHXQDFXHVWLyQ&XiOHVODPLVLyQGHODHGXFDFLyQ"(QODDFWXDOLGDGQR H[LVWHFRQVHQVRDOUHVSHFWRHQORV(VWDGRV8QLGRV+D\TXLHQHVDILUPDQTXHVXSURSyVLWRFRQVLVWHHQSURSRUFLRQDULQVWUXFFLyQHQ KDELOLGDGHV EiVLFDV 2WURV VHxDODQ TXH VH GHEH SUHSDUDU D ORV JUDGXDGRV SDUD FRPSHWLU HQ HO PHUFDGR JOREDO 6HJ~Q RWURV OD HGXFDFLyQWLHQHFRPRREMHWLYRWUDQVPLWLUQXHVWUDKHUHQFLDFXOWXUDO<DOJXQRVRSLQDPRVTXHODPLVLyQGHODHGXFDFLyQFRQVLVWHHQ GHVDUUROODU SOHQDPHQWH HO UDQJR GH ODV FDSDFLGDGHV KXPDQDV HQ LGHQWLILFDU HO WDOHQWR TXH SRVHHQ QXHVWURV DOXPQRV \ OXHJR GHVDUUROODUOR SRU PHGLR GH OD HGXFDFLyQ 7RGRV ORV QLxRV \ DGXOWRV PHUHFHQ RSRUWXQLGDGHV SDUD H[SORUDU VXV FDSDFLGDGHV SDUD SURIXQGL]DU VXV LQWHUHVHV \ SDUD OOHJDU D VHU OHJtWLPDPHQWH H[WUDRUGLQDULRV 7DO REMHWLYR UHGXQGDUi HQ EHQHILFLR GH OD VRFLHGDG SHURSDUDOOHYDUDFDERWDOPLVLyQODVRFLHGDGGHEHSDUWLFLSDU\DSR\DUQXHYDVHPSUHVDVHGXFDWLYDV &RQ HO REMHWLYR GH WUDQVIRUPDU OR TXH HV OD HVFRODULGDG HQ OR TXH SRGUtD OOHJDU D VHU QHFHVLWDUHPRV FRQWDU FRQ HO DSR\R GHO SHUVRQDOGLUHFWLYRGHORVSDGUHVGHORVHPSUHVDULRV\GHORVH[SHUWRVHQSROtWLFDVHGXFDWLYDV

+DEUi WDPELpQ RWUDV SHUVRQDV TXH GHEHUiQ WRPDU FRQFLHQFLD GH TXH ODHGXFDFLyQHVUHVSRQVDELOLGDGSULRULWDULDGHODVRFLHGDG\ GHEHUiQHVWDUGLVSXHVWDVDLQYHUWLUWLHPSRGLQHUR\FUHDWLYLGDGSDUDWUDQVIRUPDUHOGHVDUUROORGHODFDSDFLGDGKXPDQDHQQXHVWUD Pi[LPD SULRULGDG 8Q HMHPSOR SLRQHUR TXH LOXVWUD OD SXHVWD HQ SUiFWLFD GHO GHVDUUROOR KXPDQR FRPR SULRULGDG JXEHUQDPHQWDO SURYLHQH GH $PpULFD /DWLQD $ SULQFLSLRV GH ORV DQRV  HO JRELHUQR GH 9HQH]XHOD VH SODQWHy FRUQR REMHWLYR LQFUHPHQWDU OD LQWHOLJHQFLD GH FDGD XQR GH ORV KDELWDQWHV /RV LQWHJUDQWHV GH ODV IXHU]DV DUPDGDV ORV PHGLRV ODV HPSUHVDV \ ORV RUJDQLVPRV HGXFDWLYRV SDUWLFLSDURQ GH HVWD HPSUHVD GHVWLQDGD D DOFDQ]DU GLFKD REMHWLYR /XLV 0DFKDGR 0LQLVWUR GH 'HVDUUROOR GH OD ,QWHOLJHQFLDGH9HQH]XHODVHxDODED +R\HQGtDHVSRVLEOHSODQLILFDUFRQVFLHQWH\KXPDQDPHQWHXQDVXFLHGDGGH\SDUDODLQWHOLJHQFLD1RVHWUDWDGHXQDWHRUtDVLQR GHXQDUHDOLGDGWUDQVIRUPDGRUD M(QSRVHVLyQGHPHQWHVPiVGHVDUUROODGDVODVSHUVRQDVVHUiQFDSDFHVGHHQFRQWUDUGHQWURGHVt ORVHOHPHQWRVQHFHVDULRVSDUDFRQWUXLUXQDQXHYDVXFLHGDG

6LQ GXGD VL XQ SDtV HQWHUR SXHGH GHGLFDU VXV HVIXHU]RV D SURPRYHU OD LQWHOLJHQFLD GH VXV KDELWDQWHV \ HQ FRQVHFXHQFLD FUHDU PHMRUHVFRQGLFLRQHVSDUDODVRFLHGDGHQWHUDQRVRWURVHQQXHVWUDVDXODVHVFXHODVGLVWULWRV\SURYLQFLDVHVWDPRVHQFRQGLFLRQHV GH KDFHUORPLVPR 3DUWHGHODGHILQLFLyQGHLQWHOLJHQFLDIRUPXODGDSRU+RZDUG*DUGQHULQFOX\HODFDSDFLGDGSDUDUHVROYHUSUREOHPDV/RVDXWRUHVGH HVWH OLEUR UtRV DEVWHQHPRV GH SUHVFULELU HQIRTXHV HVSHFtILFRV SDUD LPSOHPHQWDU OD WHRUtD GH ODV LQWHOLJHQFLDV P~OWLSOHV (V SRU PHGLRGHODSXHVWDHQSUiFWLFDGHDTXHOODVVROXFLRQHVTXHPHMRUVDWLVIDJDQODVQHFHVLGDGHVGHVXVFRPXQLGDGHVHGXFDWLYDVTXHORV GRFHQWHV GHVDUUROODUiQ SURJUDPDV PRGHOR HILFDFHV \ DO PLVPR WLHPSR GHVDUUROODUiQ HQ PD\RU PHGLGD VXV FDSDFLGDGHV LQWUtQVHFDV(QOXJDUGHRIUHFHUUHFHWDVFRQFOXLPRVHVWHOLEURFRQYDULDVSUHJXQWDVFX\DUHVSXHVWDWRGDYtDQRKHPRVKDOODGR ¢'HTXpPDQHUDSXHGHQDGDSWDUVHQXHVWURViPELWRVHVFRODUHVSDUDRIUHFHUSURJUDPDVGHPD\RUULTXH]D" ¢'HTXpPDQHUDSXHGHQSHUIHFFLRQDUVHQXHVWUDVFRQFHSFLRQHVDFHUFDGHORVDOXPQRV" ¢&XiOHV VRQ ORV FRQFHSWRV HVHQFLDOHV TXH ORV DOXPQRV GHEHUtDQ DSUHQGHU" ¢4Xp iUHDV FXUULFXODUHV SXHGHQ HOLPLQDUVH" &XiOHV GHEHUiQLQFOXLUVH" ¢4XLpQHVVRQORVPLHPEURVGHODFRPXQLGDGTXHHVWiQGLVSXHVWRVDGHVHPSHxDUVHFRPRWXWRUHVRDEULQGDUFDSDFLWDFLyQ"

< SRU ~OWLPR ¢GH TXp PDQHUD XWLOL]DUtD XVWHG OD LQIRUPDFLyQ TXH FRQWLHQH HVWH OLEUR SDUD HVWLPXODU VX SURSLD FUHDWLYLGDG HQ OD E~VTXHGDGHQXHYDVPDQHUDVSDUDGHVDUUROODUHQSOHQLWXGODWRWDOLGDGGHODVLQWHOLJHQFLDVGHVXVDOXPQRV" 


%LEOLRJUDItD

$UHQGV5  /HDUQLQJWRWHDFK1<0F*UDZ+LOO,QF

%DUDWWD/RUWRQ0  0DWKHPDWLFV7KHLU:D\0HQOR3DUN&$$GGLVRQ:HVOH\3XEOLVKLQJ&RPSDQ\ %ODFN+DUDG%ODFN6  %XLOGLQJ7KLQO]LQJ6NLOOV%RRN3DFLILF*UDYH&$0LGZHVW3XEOLFDWLRQV %ULWWRQ-  " /DQJXDJHDUDG/FDUQLQJ+DUWQRQGVZRUWK(QJODQG3HQJXLQ %URRNHV0  'UDZLQJZLWKFKGUHQ/RV$QJHOHV7DUFKHU

%XUUDV0  7KHO+DWR0DWKHPDWLFV%RRO]%RVWRQ/LWWOH%URZQ &RPSDQ\ %X]DQ7  8VH%RWK6LGHVRI\RXU%UDLQ1<(3'XWWRQ

&KHQIHOG0%  7HDFKLQJ/DQJXDJH$UWV&UHDWLYHO\1<+DUFRXUWDUDG%UDFH

&ODUN-  3DWWHUQVRIWKLQNLQJ,QWHJUDWLQJ/HDUQLQJ 6NLOOVLQ&RQWHQW7HDFKLQJ1HHGKDP ,,HLJKWV0$$OO\Q %DFRQ 'HZH\-  7KH6FKRRODUDG6RFLHW\&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVV

'XUDQ5DUDG'XUDQ.  7HDFKLQJ6WXGHQWVWKURXJK7KHLU,QGLYLGXDO/HDUQLQJ6W\OHV5HVWDQ9$5HVWDQ3XEOLVKLQJ&R (OERZ3  :ULWLQJZLWK3RZHU7HFKQLTXHVIRU0DVWHULQJWKH:ULWtQJ3URFHVV1<2[IRUG8QLYHUVLW\3UHVV

)HXHUVWHLQ5  ,QVWUXPHQWDO(QULFKPHQW$Q,QWHUYHQWLRQ3URJUDPIRU&RJQLWLYH0RGLILDELOLW\%DOWLPRUH8QLYHUVLW\3DUN 3UHVV )RUHVWHU$'DUDG5HLQKDUG0  2QWKH0RYH0DQLWRED&DQDGD3HJXLV3XEOLVKHUV *DUGQHU+  )UDPHVRI 0LUDG7KHWHRU\RI0XOWLSOH,QWHOOLJHQFHV1<%DVLF%RRNV

*DUGQHU+  $UH7KHUH$GGLWLRQDO,QWHOOLJHQFHV"7KH&DVHIRUWKH1DWXUDOLVW,QWHOOLJHQFH+DUYDUG3URMHFW=HUR &DPEULGJH0$3UHVLGHQWDUDG)HOORZVRI+DUYDUG&ROOHJH *LOEHUW$*  7HDFKtQJWKHWKUHH5 VWKURXJK0RYHPHQW1<0DF0LOODQ

*RRGODG-  $3ODFHFDOOHG6FKRRO3URVSHFWVIRUWKHIXWXUH1<0H*UDZ+LOO%RRN&RPSDQ\ +RUQH6  3DWWHUQVDUDG3UREOHPVLQ0DWKHPDWLFV&KLFDJR)UDQNOLQ3XEOLHDWLRQV,QF

.REULQ%HYHUO\  (\HRSHQHUV+RZWR&KRRVHDUDG8VH&KLOGUHQ V%RRNV$ERXW5HDO3HRSOH3ODFHVDUDG7KLQJV1< 9LNLQJ3HQJXLQ .D\H3HJJ\  *DPHVIRU0DWFK1<3DQWKHRQ

0F.LP5  ([SHULHQFHVLQ9LVXDO7KLQO]LQJ0RQWHUH\&$%URRNV&ROH

2OOLSKDQW-  7RWDO3K\VLFDO)XQOWK6W6:7DFRPD:$ 3LDJHW-HDQ  7KH/DQJXDJH DUDG7KRXJKWRIWKHFKLOG1<+DUFRXUW%UDFH

3RVW%DUDG(DGV6  /RJtF$Q\RQH"%HOPRQW&$'DYLG6/DNH3XEOLVKHUV

5XHI.  7KH3UtYDWH(\H/RRNLQJ7KLQNLQJE\$QDORJ\6HDWWOH:$7KH3UtYDWH(\H3URMHFW 6PLWK)  8QGHUVWDQGLQJ5HDGLQJ1<+ROW5LQHKDUWDUDG:LQVWRQ

6WUXQN:DUDG:KLWH(%  7KHHOHPHQWVRI6W\OH 1<0FPLOODQ3XEOLVKLQJ&R,QF

7UR\ND/4DUDG1XGHOPDQ-  7DNtQJ$FWLRQ:UtWLQJ5HDGtQJ6SHDNLQJDUDG/LVWHQLQJ7KURXJK6LPXODWLRQ*DPHV (QJOHZRRG&OLIIV1-3UHQWLFH+DOO 




Lasinteligenciamultiples  

Lasinteligenciamultiples

Lasinteligenciamultiples  

Lasinteligenciamultiples

Advertisement