Page 1

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526 Edición No.111. Enero-Febrero-Marzo 2011. Licencia de Mingobierno No. 3974 / Valor no Afiliados $ 5.000 ISSN 021-9715


&RQWHQLGR $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526 -XQWD'LUHFWLYD1DFLRQDO -XOLiQ&DUGRQD&DVWUR 3UHVLGHQWH $QWRQLR*DUFtD5R]R 9LFHSUHVLGHQWH &DUORV0RQWHQHJUR=DSDWD )LVFDO ,VPDHO($UHQDV$ -RUJH(QULTXH&RUWi]DU*DUFtD $OIRQVR0DQULTXH9DQ'DPPH *DEULHO%RKyUTXH]%HWDQFRXUW 7LUVR4XLQWHUR2YDOOH 5D~O6DOD]DU&iUGHQDV *XVWDYR6XiUH]'tD] :LOOLDP0RXUUD%DEXP /XLV(GXDUGR)DOOD +XJR2VSLQD&DQR &DUORV$UWXUR3pUH]&HEDOORV (GJDU6DQWRV+LGDOJR 3UHVLGHQWHV&DStWXORV :LOVRQ,YiQ*yPH]2FDPSR $&,(0$QWLRTXLD



&DUORV3DQWRMD*DUFtD $&,(0$WOiQWLFR 5XEpQ5tRV5HFXHUR $&,(0%DUUDQFDEHUPHMD +pFWRU8UELQD0H]D $&,(0%ROtYDU



(GLWRULDO

‡3UHVLGHQFLD1DFLRQDO

$HURQiXWLFD$HURHVSDFLDO ‡$SRUWHV$&,(0DO&yGLJR$HURQiXWLFR ‡3UR\HFWR.&)XHU]D$pUHD  &RORPELDQD

/XLV(GXDUGR)DOOD9DQHJDV $&,(0%R\DFi &DUORV$UWXUR3pUH]&HEDOORV $&,(0&DOGDV ,VPDHO($UHQDV$ $&,(0&XQGLQDPDUFD



&RQVHMR3URIHVLRQDO1DFLRQDO &31

*XVWDYR=~xLJD&RUWpV $&,(0+XLOD -DLPH(QULTXH6DOD]DU0XxR] $&,(01DULxR (GJDU$OIRQVR6DQWRV+LGDOJR $&,(01RUWHGH6DQWDQGHU 5XEpQ'DUtR*yPH] $&,(04XLQGtR *XVWDYR6XiUH]'tD] $&,(06DQWDQGHU &DUORV-RVp*XWLpUUH]3HUHLUD $&,(09DOOH

7HOHFRPXQLFDFLRQHV



‡$SRUWHV$&,(0D3ODQ9LYH'LJLWDO ‡$&,(0IUHQWHD3ODQ1DFLRQDOGH)LEUDÐSWLFD ‡(QWUHYLVWDD,YiQ6iQFKH]&RPLVLRQDGRGHOD&5& ‡&RQJUHVR0XQGLDOGH0yYLOHV%DUFHORQD ‡$&,(0HQODFRQVWUXFFLyQGHSROtWLFDVSDUDOD7'7


'LUHFWRUHV&RPLVLRQHVGH(VWXGLR 5LFDUGR&DVWUR3XOLGR $HURQiXWLFD$HURHVSDFLDO -RUJH&RUWi]DU*DUFtD (OHFWUyQLFD\7HOHFRPXQLFDFLRQHV -RUJH3LQWR1ROOD (QHUJtD *XLOOHUPR6iQFKH]%ROtYDU )RUPDFLyQ\(MHUFLFLR3URIHVLRQDO +HQU\6iQFKH]$UHQDV ,QIUDHVWUXFWXUDGH7UDQVSRUWH (GJDU%HUQDO0XxR] 0DQWHQLPLHQWR\0HFiQLFD 3HGUR-RVp5RGUtJXH] 3URPRFLyQ\'HVDUUROOR(PSUHVDULDO 'LUHFWRUD(MHFXWLYD /X]0DULQD2YLHGR 'LUHFWRU,QIRUPDFLyQ\3UHQVD &DUORV$OEHUWR(VSLWLD 3URGXFFLyQ3HULRGtVWLFD &DUORV$OEHUWR(VSLWLD 'LHJR$QGUpV5RGUtJXH]

(VSHFLDO&RSLPHUD ,QVWDODFLyQ3UHVLGHQWH$&,(0 x ,QJ-XOLiQ&DUGRQD&DVWUR ,QVWDODFLyQ3UHVLGHQWH&RSLPHUD x 'HFODUDFLyQ&RSLPHUD x &XPEUHGH&ROHJLRV3DQDPHULFDQRV x



&RQGHFRUDFLRQHVDOD,QJHQLHUtDFRORPELDQD x (QFXHQWURGH-yYHQHV/DWLQRDPHULFDQRV x

(QHUJtD  -RUQDGD$QGLQDGH'XFWRV x $&,(0IUHQWHDORVSUHFLRVGHORVFRPEXVWLEOHV x $QiOLVLV$&,(0IyUPXODGHSUHFLRVHWDQRO x $OXPEUDGR3~EOLFR5(7,/$3 x

'LVHxRH,PSUHVLyQ ,QWHUJUiร€FDV6$ 3UHVLGHQFLD1DFLRQDO &DOOH1R %RJRWi&RORPELD 3%; $$

&RQIHUHQFLDVPDJLVWUDOHV x

D

)RWRJUDItDV 'HSWR,PDJHQ&RUSRUDWLYD$&,(0



SUHVLGHQFLDQDFLRQDO#DFLHPRUJ SUHQVD#DFLHPRUJ

$62&,$&,ร1&2/20%,$1$'(,1*(1,(526 Ediciรณn No.111. Enero-Febrero-Marzo 2011. Licencia de Mingobierno No. 3974 / Valor no A๏ฌliados $ 5.000 ISSN 021-9715

0DQWHQLPLHQWR $&,(0IUHQWHDDFFLGHQWHV x HQSDUTXHVGHGLYHUVLRQHV

(GXFDFLyQ $&,(0HQHOSUR\HFWRGHFRPSHWHQFLDV x GH(GXFDFLyQ6XSHULRU

6RFLDOHV

  

$&,(0H[SUHVDDVXVOHFWRUHVTXHOD UHVSRQVDELOLGDGGHOFRQWHQLGRGHORV DUWtFXORVSUHVHQWDGRVHQHVWDHGLFLyQHV ~QLFD\H[FOXVLYDPHQWHGHVXVDXWRUHV


(GLWRULDO

(GXFDFLyQ\EDQGDDQFKDSDVDSRUWH DOIXWXURGHOSDtV

´(

Q HO UDQNLQJ GH ODV  PHMRUHV XQLYHUVLGDGHV GHO PXQGR UHDOL]DGR SRU HO 6XSOHPHQWR GH (GXFDFLyQ 6XSHULRU GHO 7LPHV GH /RQGUHV HVWi HQFDEH]DGRSRUOD8QLYHUVLGDGGH+DUYDUGHLQFOX\HXQDVROD XQLYHUVLGDGODWLQRDPHULFDQDFDVLDOÀQDOGHODOLVWD6HWUDWD GHOD8QLYHUVLGDGQDFLRQDO$XWyQRPDGH0p[LFR 81$0 TXH HVWi HQ HO SXHVWR µ $QGUpV 2SSHQKHLPHU HQ £%DVWD GH +LVWRULDV  

,QJ-XOLiQ&DUGRQD&DVWUR3UHVLGHQWH1DFLRQDO$&,(0

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



(QHOGLVFXUVRGHO(VWDGRGHOD8QLyQGHO3UHVLGHQWH%DUDFN 2EDPD GHO  GH HQHUR GH  VHxDOy ´0DQWHQHU QXHVWUR OLGHUD]JR HQ LQYHVWLJDFLyQ \ WHFQRORJtD HV FUXFLDO SDUD OD SURVSHULGDGGH(VWDGRV8QLGRV3HURVLTXHUHPRVFRQTXLVWDU HO IXWXUR ¶VL TXHUHPRV TXH OD LQQRYDFLyQ FUHH SXHVWRV GH WUDEDMR HQ (VWDGRV 8QLGRV \ QR HQ HO H[WUDQMHUR· WDPELpQ WHQHPRVTXHJDQDUODFDUUHUDGHODHGXFDFLyQ<PiVDGHODQWH H[SUHVy´/DFDOLGDGGHQXHVWUDIRUPDFLyQHQPDWHPiWLFDV\ FLHQFLDVHVWiSRUGHEDMRGHODGHPXFKRVRWURVSDtVHVµ 3DUDQXHVWURSDtVUHFRQRFHUHOUH]DJR\DFHSWDUTXHGHEHPRV PHMRUDU OD FDOLGDG GH QXHVWURV SURIHVLRQDOHV \ DMXVWDU ORV SURJUDPDVGH,QJHQLHUtDDODUHDOLGDGGHOSDtVVRQSUHPLVDV IXQGDPHQWDOHV SDUD HQUXWDUQRV KDFLD XQ IXWXUR SURPLVRULR /RV SDtVHV DVLiWLFRV KDQ FRPSUHQGLGR HO YDORU GH FDPELDU OD HGXFDFLyQ FRQYLUWLpQGROD HQ XQD FRPSHWHQFLD SRU OD H[FHOHQFLD\ORVUHVXOWDGRVTXHHVWiQDODYLVWDKDQKHFKRGH ODHGXFDFLyQXQDREVHVLyQ (OORVKDQVLGRSUDJPiWLFRV\HVWiQPLUDQGRDOIXWXUR\QRFRPR ORVSDtVHVODWLQRDPHULFDQRVTXHHVWiQGHGLFDGRVDH[DPLQDU ODKLVWRULD\DGHPiVVHKDOODQVXPHUJLGRVHQODVGLVFXVLRQHV GHVXVLGHRORJtDVORTXHOHVLPSLGHYHUTXHOD6RFLHGDGGHO &RQRFLPLHQWROOHJyFRQHOVLJOR;;,FRPRODUHYROXFLyQGHHVWD pSRFDFRQÀUPDQGRTXHQRVRQODVPDWHULDVSULPDVODVTXHOH GDUiQDVXVHFRQRPtDVODVRVWHQLELOLGDGDPHGLDQRSOD]RVLQR HOYDORUDJUHJDGRTXHDODVPLVPDVVHOHVLQWURGX]FDFRQOD XWLOL]DFLyQGHODWHFQRORJtDLQQRYDFLyQHLQYHVWLJDFLyQQLYHO TXHVyORVHDOFDQ]DFRQSURIHVLRQDOHVDOWDPHQWHSUHSDUDGRV\ FDOLÀFDGRVDQLYHOGHGRFWRUDGRVSDUDJHQHUDUSURGXFWRVTXH PHMRUHQODFDOLGDGGHYLGDGHODVSHUVRQDV


7HQHPRVHQHOSDtVXQDHGXFDFLyQSDUDXQPXQGRTXH\D SDVy\QRHVODTXHVHQHFHVLWDSDUDHOSUHVHQWH\IXWXUR GHORVFRORPELDQRV+D\TXHFDPELDUGHPDQHUDXUJHQWH ORV SURJUDPDV SDUD TXH VH DGDSWHQ D ODV QHFHVLGDGHV GHO SDtV \ HVWDEOHFHU FRQ HO VRSRUWH GH ODV 7HFQRORJtDV GHOD,QIRUPDFLyQHOSODQSDUDTXHFRQHOPHMRUDPLHQWR GH OD FDOLGDG OOHYH D TXH DO PHQRV DOJXQD GH QXHVWUDV XQLYHUVLGDGHVHVWpFODVLÀFDGDHQORVSULPHURVOXJDUHVGHO PXQGR

XQLYHUVLGDGHV HVWDWDOHV ODWLQRDPHULFDQDV OD 8QLYHUVLGDG GH&KLOHWLHQHPXFKRVPiVHVWXGLDQWHVGH,QJHQLHUtDTXH GHVLFRORJtDÀORVRItDRVRFLRORJtDµ

&XDQGR$&,(0SURSXVRHQHODxRTXH&RORPELDVH FRQYLUWLHUDHQXQ3DtV'LJLWDOODHVHQFLDGHVXSODQWHDPLHQWR HUD TXH DVXPLpUDPRV XQ LQGLFDGRU LQWHUQDFLRQDO SDUD TXH QRV SXGLpUDPRV FRPSDUDU GH PDQHUD SHUPDQHQWH \ DGHPiV GH PDQHUD FRQWURODGD LPSXOVDU WRGDV OD YDULDEOHVGHOLQGLFDGRUSDUDDVHJXUDUTXHHOFUHFLPLHQWR\ DVFHQVRHQORVUDQNLQJLQWHUQDFLRQDOHVIXHUDFRQVLVWHQWH \VLHPSUHFUHFLHQWH'HVDIRUWXQDGDPHQWHQRVHKDKHFKR DVt\D~QQRWHQHPRVJDUDQWL]DGRODUHGXFFLyQGHODWUDVR HQLQIUDHVWUXFWXUDGH%DQGD$QFKDSDUDWHQHU,QWHUQHWGH DOWDYHORFLGDGDGLVSRVLFLyQGHWRGRVORVFLXGDGDQRV

3DUD PHMRUDU OD HGXFDFLyQ \ IDFLOLWDU HO DFFHVR D OD 6RFLHGDG GHO &RQRFLPLHQWR VH UHTXLHUH XQ GHVDUUROOR DUPyQLFR GHO (FRVLVWHPD GH %DQGD $QFKD HO FXDO LQYROXFUD OD PDVLÀFDFLyQ GH WHUPLQDOHV \ UHGHV GH DOWD YHORFLGDGHOGHVDUUROORGHFRQWHQLGRV\ORPiVLPSRUWDQWH FDSDFLWDU D ORV FLXGDGDQRV SDUD TXH FRQ OD DSURSLDFLyQ GH HVWDV WHFQRORJtDV VX XVR SXHGD VHU JHQHUDOL]DGR \ VLQ OLPLWDFLRQHV (O 3UHVLGHQWH 2EDPD WDPELpQ H[SUHVy ´(O WHUFHU SDVR SDUD FRQTXLVWDU HO IXWXUR HV UHFRQVWUXLU (VWDGRV 8QLGRV 3DUD DWUDHU QXHYDV HPSUHVDV D QXHVWUR WHUULWRULR QHFHVLWDPRV WHQHU ORV PHGLRV PiV UiSLGRV \ VHJXURVGHWUDQVSRUWDUELHQHVSHUVRQDVHLQIRUPDFLyQ\D VHDHOWUHQGHDOWDYHORFLGDGR,QWHUQHWGHDOWDYHORFLGDGµ

/D HGXFDFLyQ GHEH YHUVH SRU VXV SURWDJRQLVWDV QR VyOR FRPRXQQHJRFLRVLQRFRPRXQVHUYLFLRSDUDHOSURJUHVR GHO SDtV \D TXH HV OR PiV KRQHVWR FRQ ORV MyYHQHV TXH FDGDGtDOOHJDQDODVXQLYHUVLGDGHVFRQODHVSHUDQ]DGHXQ PDxDQDPiVSURPLVRULR &RQHOORODLQJHQLHUtDODVFDUUHUDVWpFQLFDV\WHFQROyJLFDV VRQ\VHUiQODEDVHGHOSURJUHVRGHODVQDFLRQHVSRUTXH ODVFLHQFLDV\ODVPDWHPiWLFDVYXHOYHQDVHUHOFHQWURGH ODHGXFDFLyQHQHOPXQGR\VHFRQVWLWX\HQHQODEDVHGHO DSRUWH DGLFLRQDO TXH D ODV PDWHULDV SULPDV VH OHV GHEH LPSULPLUSDUDFRPSHWLUHQORVPHUFDGRVLQWHUQDFLRQDOHV  $QGUpV 2SSHQKHLPHU HVFULELy ´0iV LQJHQLHURV PHQRV ÀOyVRIRV7DPELpQDGLIHUHQFLDGHODPD\RUtDGHODVRWUDV

(O GLDJQRVWLFR HVWi KHFKR WRGRV ORV SDtVHV GHO PXQGR HVWiQ WUDEDMDQGR HQ OD GLUHFFLyQ TXH OHV SHUPLWD QR TXHGDUVHDWUiVHQORVUHWRVGHOVLJOR;;, &RORPELDQRSXHGHVHULQIHULRU\\DVDEHORTXHWLHQHTXH KDFHUWHQHUYLVLyQSHULIpULFD\JOREDOWHQHUPiVKXPLOGDG SDUDUHFRQRFHUHOUH]DJRHQHGXFDFLyQ\DFFHVRD,QWHUQHW YROYHU OD HGXFDFLyQ HO FHQWUR GH OD DJHQGD QDFLRQDO URPSHU HO DLVODPLHQWR LQWHUQDFLRQDOL]DQGR OD HGXFDFLyQ SDUDTXHODWUDVIHUHQFLDGHFRQRFLPLHQWRVHDXQDUHDOLGDG PHMRUDU OD FDOLGDG GH ORV PDHVWURV GH WDO IRUPD TXH VH DSURSLHQGHODVWHFQRORJtDVGHODLQIRUPDFLyQ\FUHDUODV PHWDVSDUDHOPHMRUDPLHQWRSRVLFLRQDOHQORVHVWiQGDUHV LQWHUQDFLRQDOHVVRQDOJXQDVGHODVWDUHDVLQPHGLDWDV $&,(0KDFHXQOODPDGRDODVRFLHGDGFRORPELDQDDXQD FUX]DGD QDFLRQDO SRU HO PHMRUDPLHQWR GH OD FDOLGDG GH OD HGXFDFLyQ \ SDUD TXH HO DFFHVR D ,QWHUQHW HQ %DQGD $QFKD VH FRQYLHUWD HQ VX KHUUDPLHQWD HVHQFLDO /D UHVSRQVDELOLGDGGHHVWHSURSyVLWRQRHVVyORGHO(VWDGRQL GHORVJRELHUQRVHVGHWRGRVORVFLXGDGDQRV\DTXHHVOD ~QLFDPDQHUDGHDVHJXUDUHOIXWXUR

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

(QHGXFDFLyQGHEHPRVKDFHUORPLVPR\DTXHQRWLHQH QLQJXQDMXVWLÀFDFLyQODPDODSRVLFLyQGHODVXQLYHUVLGDGHV FRORPELDQDV HQ GLFKDV FODVLÀFDFLRQHV OR FXDO VyOR LQGLFDTXHHVWDPRVPDO\UH]DJDGRVHQFDOLGDG\ORPiV GUDPiWLFRHVTXHQXHVWURIXWXURHVLQFLHUWRVLTXHUHPRV OOHJDUDVHUXQDHFRQRPtDGHOSULPHUPXQGRWDOFRPROR WLHQHSUHYLVWR&KLOHSDUDHORFRPREXVFDHODFWXDO JRELHUQRTXHSRGDPRVLQJUHVDUDOD2&'(

3DUDORJUDUHVWRVSURSyVLWRVHODFFHVRDO,QWHUQHWDWUDYpV GHOD%DQGD$QFKDHVSULRULWDULR\IXQGDPHQWDO&RORPELD SRVHH DSHQDV XQ  GH DFFHVRV GH %DQGD $QFKD ÀMD FRPSDUDGRVFRQHOSURPHGLRODWLQRDPHULFDQRDGLFLHPEUH GHTXHHUDGH


$HURQiXWLFD$HURHVSDFLDO

$QiOLVLVDSUR\HFWRGHOH\GH

9LVLyQ$&,(0IUHQWHDXQ FyGLJRDHURQiXWLFRSDUD&RORPELD

/

D &RPLVLyQ GH ,QJHQLHUtD $HURQiXWLFD $HURHVSDFLDO GH $&,(0 TXH VH KD FRQVROLGDGRUiSLGDPHQWHFRPRXQJUXSR GH WUDEDMR DFWLYR \ GLQiPLFR HQ OD $VRFLDFLyQ UHDOL]y GXUDQWH HO ~OWLPR PHV XQ MXLFLRVR DQiOLVLV DO DUWLFXODGR GHO 3UR\HFWR GH /H\ 1R  GH  6HQDGR  SRU HO FXDO VH H[SLGH HO &yGLJR$HURQiXWLFR&RORPELDQRHO(VWDWXWRGHO &RPDQGDQWHGH$HURQDYH\RWUDVGLVSRVLFLRQHV \TXHLQLFLDUiXQQXHYRWUiPLWHHQODSOHQDULDGH OD&iPDUDGH5HSUHVHQWDQWHVHQORVVLJXLHQWHV GtDV 8QJUXSRGHSURIHVLRQDOHVUHSUHVHQWDQWHVGHOD DFDGHPLDGHODLQGXVWULDGHOD$HURQiXWLFD&LYLO \GHOD)XHU]D$pUHD&RORPELDQD )$& GHGLFy LPSRUWDQWHV HVIXHU]RV SDUD DQDOL]DU GHVGH HO PDUFROHJDO\GHVGHHOPDUFRWpFQLFRHODOFDQFH GH ORV  DUWtFXORV FRQWHQLGRV HQ HO SUR\HFWR GH OH\ \ TXH IXHURQ UHPLWLGRV RSRUWXQDPHQWH HO 6HQDGRU &DUORV )HUUR 6RODQLOOD VXVWHQWDQGR FDGD XQD GH VXV REVHUYDFLRQHV GHQWUR GH ODV FXDOHVVHGHVWDFDQ

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



(OJUXSRGHSURIHVLRQDOHVGHOD&RPLVLyQ GH,QJHQLHUtD$HURQiXWLFD$HURHVSDFLDO GH$&,(0GHGLFyLPSRUWDQWHVHVIXHU]RV SDUDDQDOL]DUGHVGHHOPDUFROHJDO\GHVGH HOPDUFRWpFQLFRHODOFDQFHGHORV DUWtFXORVFRQWHQLGRVHQHOSUR\HFWRGHOH\ *HQHUDOHV •

(QODH[SRVLFLyQGHPRWLYRVQRVHGLHURQD FRQRFHUODVUD]RQHVWpFQLFDVHFRQyPLFDV LQVWLWXFLRQDOHV R GH SDtV SDUD GHWHUPLQDU HO REMHWR GHO SUR\HFWR GH OH\ 1R VH LGHQWLÀFDURQ ORV HVWXGLRV TXH VRSRUWHQ HO SUR\HFWRGHOH\

$&,(0 FRQVLGHUD TXH XQD /H\ GH OD 5HS~EOLFD SDUD UHJXODU \ PHMRUDU HO IXQFLRQDPLHQWRGHOVHFWRUDHURQiXWLFRGHO SDtV GHEH ÀMDU XQRV SULQFLSLRV GH RUGHQ JHQHUDO TXH SHUPLWD YtD UHJODPHQWDFLyQ HO GHVDUUROOR GH ORV DVSHFWRV UHJXODWRULRV LQVWLWXFLRQDOHV WHFQROyJLFRV R GH YLJLODQFLD\FRQWUROHQWUHRWURVGHPDQHUD TXH SURSLFLH XQ YHUGDGHUR LPSXOVR DO VHFWRUDHURQiXWLFRDODLQGXVWULDQDFLRQDO \DODSURSLDLQVWLWXFLRQDOLGDGDWUDYpVGH HVWH PHFDQLVPR FRPR VH KD UHÁHMDGR HQ RWURVVHFWRUHVGHODHFRQRPtDGHOSDtV

(QHVWHVHQWLGR$&,(0SURSXVRTXHHOSUR\HFWR GHOH\FRQWXYLHUDODVLJXLHQWHHVWUXFWXUD 9 /RV UHJODPHQWRV DHURQiXWLFRV GH &RORPELD GHEHQ GLULJLUVH HVWULFWDPHQWH DORVDVSHFWRVWpFQLFRV 9 6H GHEH FRPSLODU OD QRUPDWLYLGDG H[LVWHQWH HQ XQ VyOR LQVWUXPHQWR


9 (O OLEUR 9 GHO &yGLJR GH &RPHUFLR GHEH SHUPDQHFHU WHQLHQGR HQ FXHQWD TXH HVWi GLVHxDGR SDUD IRUPDU XQ FRQMXQWR XQLWDULR RUGHQDGR \ VLVWHPDWL]DGR GH QRUPDVGHGHUHFKRPHUFDQWLOODVFXDOHV HVWiQ HQIRFDGDV D DFWRV GH FRPHUFLR DHURQiXWLFR \ D ODV UHODFLRQHV MXUtGLFDV GHULYDGDVGHODUHDOL]DFLyQGHHVWRV

´(VRSRUWXQRTXHH[LVWDXQDUWtFXOR HVSHFtÀFRVREUHGHÀQLFLRQHVTXH SHUPLWDRULHQWDUDORVGLVWLQWRVDFWRUHV \DXURULGDGHVVREUHHOOHQJXDMH\ WHUPLQRORJtDHVWDQGDUHQHOWHPDGH DHURQD~WLFDHQHOSDtVµ$&,(0 9 (V QHFHVDULR FRGLÀFDU ODV SROtWLFDV GH OD DFWLYLGDG DHURQiXWLFD SDUD TXH GH HVWD PDQHUD VH GHOLPLWHQ \ UHDVLJQHQ IXQFLRQHV D~Q PiV FRRUGLQDGDV DO 0LQLVWHULR GH 7UDQVSRUWH D OD 6XSHULQWHQGHQFLDGH3XHUWRV\7UDQVSRUWH \DOD8QLGDG$GPLQLVWUDWLYD(VSHFLDOGH $HURQiXWLFD&LYLO •

'DGR TXH KD\ XQ VLQQ~PHUR GH GHÀQLFLRQHV D OR ODUJR GHO SUR\HFWR GH DUWLFXODGR $&,(0 FRQVLGHUD RSRUWXQR TXH KD\D XQ DUWtFXOR HVSHFtÀFR VREUH GHÀQLFLRQHV TXH SHUPLWD RULHQWDU D ORV GLVWLQWRV DFWRUHV \ DXWRULGDGHV VREUH HO OHQJXDMH \ WHUPLQRORJtD HVWiQGDU TXH VHUYLUi GH UHIHUHQFLD SDUD ODV GLVWLQWDV DFWLYLGDGHV DHURQiXWLFD HQ HO SDtV 6H

UHFRPHQGyUHYLVDUHO'HFUHWRGH TXHSXHGHVHUYLUFRPRUHIHUHQFLDUHVSHFWR D ODV GHÀQLFLRQHV GH ORV 5HJODPHQWRV $HURQiXWLFRVGH&RORPELD 5$&  •

6HUHFRPHQGyKDFHUXQDUHYLVLyQDFHUFD GHDUWtFXORVGHOSUR\HFWR\DTXHHVWiQ WRPDGRV GH OD /H\ GH $HURQiXWLFD &LYLO GHFUHWDGDSRUOD$VDPEOHD1DFLRQDOGHOD 5HS~EOLFD%ROLYDULDQDGH9HQH]XHODSRUOR FXDOVHUHTXLHUHDMXVWDUORVDODOHJLVODFLyQ FRORPELDQD

'HRWUDSDUWHVHEXVFDTXHXQGHOHJDGRGH OD $VRFLDFLyQ &RORPELDQD GH ,QJHQLHURV $&,(0GHSURIHVLyQ,QJHQLHUR$HURQiXWLFR R GH ODV ,QJHQLHUtDV UHODFLRQDGDV FRQ H[SHULHQFLD \ FRQRFLPLHQWR HQ HO VHFWRU HQ UHSUHVHQWDFLyQ GHO JUHPLR GH ORV SURIHVLRQDOHV GH ,QJHQLHUtD VHD SDUWH GH ORV&RPLWpVRGHORV&RQVHMRV$HURQiXWLFD FRQHOÀQGHWHQHUXQPD\RUDSRUWHGHORV SURIHVLRQDOHVHQHVWHFDPSR

$VtPLVPR$&,(0DFODUyTXHOD$XWRULGDG $HURQiXWLFDQRWLHQHIXQFLyQVDQFLRQDWRULD HQ HO FDVR GH HMHUFLFLR SURIHVLRQDO GH ORV ,QJHQLHURV\DTXHQRKD\XQSURFHGLPLHQWR HVSHFLDO\GHRWUDSDUWHODVVDQFLRQHVSRU HOHMHUFLFLRLOHJDOGHOD,QJHQLHUtD\DHVWiQ FRQWHPSODGDVSRUOD/H\GHHQVX DUWtFXOR

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

QRUPDWLYR HVFLQGLHQGR OD VHJXQGD SDUWHGHOOLEUR9GHO&yGLJRGH&RPHUFLR H LQWHJUDQGR ODV OH\HV \ GHFUHWRV TXH UHIRUPDQ SHUPDQHQWHPHQWH HO HVTXHPD GH WUDQVSRUWH DpUHR $Vt PLVPRVHGHEHQUHJXODURWURVDVSHFWRV LJQRUDGRV X RPLWLGRV FRPR HO GH OD MXULVGLFFLyQ HVSHFLDO DHURQiXWLFD \ OD SURIHVLRQDOL]DFLyQ GHO SHUVRQDO DHURQiXWLFR


$HURQiXWLFD$HURHVSDFLDO

3UR\HFWRLQWHUQDFLRQDOOLGHUDGRSRU(PEUDHUGH%UDVLO

.&GLJQRGHODLQGXVWULD DHURQiXWLFDFRORPELDQD

'

XUDQWH GpFDGDV &RORPELD VH KD FDUDFWHUL]DGR SRU VXV FDSDFLGDGHV LQGXVWULDOHV VREUHVDOLHQWHV HQ ORV VHFWRUHVDOLPHQWLFLRVWH[WLOHV\TXtPLFRV\KDVWD KDFHDOJXQRVDxRVVHHQFRQWUDEDPX\OHMRVGH FRPSHWLUHQXQDLQGXVWULDWDQVRÀVWLFDGD\SRU SRFRVFRQRFLGDFRPRODDHURQiXWLFD $XQTXHIXHSLRQHUD\OtGHUGHOVHFWRUDHURQiXWLFR D SULQFLSLRV GHO VLJOR SDVDGR HVWH OLGHUD]JRFRQHOSDVDUGHORVDxRVVHIXH SHUGLHQGR GHMDQGR D OD YDQJXDUGLD GH OD LQGXVWULD D RWURV SDtVHV GH OD UHJLyQ FRPR%UDVLO$UJHQWLQD\&KLOH )XH D ÀQDOHV GH OD GpFDGD GH ORV V TXH HQ &RORPELD VH HVWDEOHFLHURQ GRV FRPSDxtDV HQVDPEODGRUDV GH DHURQDYHVHQHVHHQWRQFHVORVFRQMXQWRV IDEULFDGRVSRUOD&HVVQD\3LSHUIXHURQ HQVDPEODGRVHQ&RORPELDORFXDOWUDMR XQ JUDQ LQFUHPHQWR GH FRQRFLPLHQWRV GH LQJHQLHUtD DSOLFDGRV DO WUDQVSRUWH DpUHR TXH FXOPLQDURQ FRQ OD FULVLV GH ORV DxRV  GHMDQGRDWUiVODKLVWRULDTXHVHKDEtDLQLFLDGR SDUDOHODPHQWHMXQWRD%UDVLO

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



QHFHVLGDG GH PDQWHQHU ODV ÁRWDV SHUR TXH WUDEDMDQ FRQ QLYHOHV GH SURGXFFLyQ EDMRV R LQFOXVLYH VRQ GHVFRQRFLGDV GHQWUR GHO iPELWR &RORPELD\DXQTXHFRQJUDQGHVFDSDFLGDGHV LQGXVWULDOHVSDUDODIDEULFDFLyQPDQWHQLPLHQWR PRGHUQL]DFLyQ \ VRSRUWH ORJtVWLFR HVWDV HPSUHVDV QR KDEtDQ ORJUDGR XQD HVWUXFWXUD RUJDQL]DFLRQDOHVWDEOHSDUDSRVLFLRQDUHOVHFWRU DHURQiXWLFRFRORPELDQR

'HVGH HVH HQWRQFHV HO VRSRUWH ORJtVWLFR QHFHVDULR SDUD PDQWHQHU ODV ÁRWDV FLYLOHV \ PLOLWDUHV  FRORPELDQDV VH EDVDED HQ OD LPSRUWDFLyQ GH SDUWHV \ FDSDFLGDGHV UHSDUDGRUDV

(Q &RORPELD HQ ORV ~OWLPRV DxRV VH KD YHQLGR WUDEDMDQGR HQ GLIHUHQWHV VHFWRUHV SDUD LPSOHPHQWDU \ HQ DOJXQRV FDVRV UHWRPDU ORV FDPLQRV TXH FRQOOHYHQ D HVWDU PX\ FHUFD GH DTXHOORV SDtVHV TXH KR\ VRQ HMHPSOR HQ OD UHJLyQ ELHQ VHD HQ OD SURGXFFLyQ R HQ OD FRPHUFLDOL]DFLyQ GH SURGXFWRV TXH GHPDQGD OD LQGXVWULD DHURQiXWLFD PXQGLDO WDQWR HQ OD DYLDFLyQFRPHUFLDOFRPRHQODDYLDFLyQPLOLWDU

+DFHDOJXQRVDxRVVHFRPHQ]yDSRWHQFLDOL]DU HO VHFWRU D WUDYpV GH LQLFLDWLYDV LQGLYLGXDOHV GH HPSUHVDV TXH VH KDQ LGR VXSOLHQGR OD

*UDQ SDUWH GH HVWH WUDEDMR VH YH UHÁHMDGR HQ SUR\HFWRV JXEHUQDPHQWDOHV TXH EXVFDQ LPSXOVDUHOVHFWRU(VHOFDVRGHO3URJUDPDGH


2WUR JUDQ SUR\HFWR HPSUHQGLGR HQ &RORPELD HV HO SURJUDPD .&   HO FRPSURPLVR GH SDUWLFLSDFLyQGH&RORPELDHQODIDEULFDFLyQGHO QXHYRDYLyQGHWUDQVSRUWHPLOLWDUGHOD(PSUHVD %UDVLOHxD GH $HURQiXWLFD 6$ (PEUDHU  TXH VHSLHQVDGDUiXQIXHUWHJROSHDOPHUFDGRGH HVWHWLSRGHDHURQDYHVEXVFDQGRPHUFDGRVHQ QXPHURVRVSDtVHV 'H DFXHUGR D OR FRQFHUWDGR HQ ORV SUy[LPRV DxRV HQ &RORPELD VH LQVWDODUi XQD IiEULFD GH SLH]DVTXHQRVRORGDUiODFDSDFLGDGGHIDEULFDU HVWH WLSR GH SLH]DV \D TXH WDPELpQ LPSOLFDUi WUDQVPLVLyQ GH WHFQRORJtDV \ FDSDFLGDGHV D &RORPELD \ OD JHQHUDFLyQ GH QXPHURVRV HPSOHRV GLUHFWRV H LQGLUHFWRV LQÁX\HQGR SRVLWLYDPHQWHDOGHVDUUROORVRFLDOGHO3DtV &RORPELD HQIUHQWD XQ JUDQ UHWR HQ VHFWRU DHURQiXWLFR DKRUD TXH OD PLUDGD GH PXFKRV SDtVHV VH SRVD VREUH OD LQGXVWULD DHURQiXWLFD FRORPELDQD WDQWR ODV HPSUHVDV FRPR ODV XQLYHUVLGDGHV WpFQLFDV \ GH QHJRFLRV HVWiQ DQVLRVDV SRU DGTXLULU \ GHVDUUROODU QXHYDV WHFQRORJtDV DPSOLDU ODV FDSDFLGDGHV HQ DWHQGHUHOVXPLQLVWURGHSURGXFWRV\VHUYLFLRV\ DPSOLDUVXVDFWLYLGDGHVHQHOPHUFDGRUHJLRQDO HLQWHUQDFLRQDO

3RUVXSDUWHHO0LQLVWHULRGH'HIHQVD1DFLRQDO &RORPELDQR FRQ SDUWH GH ODV  HPSUHVDV GHO *UXSR 6RFLDO \ (PSUHVDULDO GH OD 'HIHQVD *6('  HVWi LPSXOVDQGR HO GHVDUUROOR GH HVD LQGXVWULD DHURQiXWLFD FRQ JUDQGHV HVIXHU]RV WDQWR HFRQyPLFRV FRPR DGPLQLVWUDWLYRV GH WDO PDQHUD TXH HVDV HPSUHVDV WHQJDQ XQD SUR\HFFLyQSHUPDQHQWHHQHOIXWXUR

(Q&RORPELDVHLQVWDODUiXQDIiEULFD GHSLH]DVSDUDHOSUR\HFWR.& TXHLPSOLFDUiWDPELpQWUDQVPLVLyQGH WHFQRORJtDVFDSDFLGDGHV\ODJHQHUDFLyQ GHQXPHURVRVHPSOHRVGLUHFWRVH LQGLUHFWRVLQÁX\HQGRSRVLWLYDPHQWHDO GHVDUUROORVRFLDOGHOSDtV $FWXDOPHQWH HO PHUFDGR QDFLRQDO H LQWHUQDFLRQDOHVWiGHPDQGDQGRGHODLQGXVWULD DHURQiXWLFD &RORPELDQD GHVGH OD UHSDUDFLyQ GHFRPSRQHQWHVKDVWDODPRGHUQL]DFLyQGHODV DHURQDYHVWDQWRPHFiQLFDFRPRHVWpWLFDPHQWH VLOODV IDFLOLGDGHV LQWHUQDV HWF  SRU HO FUHFLHQWH HPSHxR GH SURORQJDU OD YLGD ~WLO GH ODVDHURQDYHV )LQDOPHQWH WRGR OR DQWHULRU GHPXHVWUD HO FUHFLHQWH FRPSURPLVR GH PXFKDV SDUWHV HQ HO FUHFLPLHQWR GH OD LQGXVWULD DHURQiXWLFD FRORPELDQD OD XQLyQ GH HVIXHU]RV HQWUH OD SDUWH JXEHUQDPHQWDO \ OD FRQWUDSDUWH SULYDGD UHGXQGDQGR HQ ODV FRQGLFLRQHV LGHDOHV SDUD SUR\HFWDUD&RORPELDFyPRXQJUDQSURGXFWRU DHURQiXWLFRKDFLHQGRSURYHFKRGHODVJUDQGHV FDSDFLGDGHV LQGXVWULDOHV OD HVWDELOLGDG HFRQyPLFD\HOJUDQFRPSURPLVRVRFLDOGHODV HPSUHVDVTXHKDQDSRVWDGRHQHVWHVHFWRU

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

7UDQVIRUPDFLyQ 3URGXFWLYD XQD LQLFLDWLYD GHO PLQLVWHULRGH&RPHUFLR,QGXVWULD\7XULVPRTXH KDSXHVWRORVRMRVVREUHHOVHFWRUDHURQiXWLFR SDUDOOHYDUORDVHUXQVHFWRUGHFODVHPXQGLDO (VWHWUDEDMRTXHGDVXVSULPHURVSDVRVFRQOD HWDSD GH ,QFXEDFLyQ KD ORJUDGR UiSLGDPHQWH UHXQLU HPSUHVDV FRQ JUDQGHV FDSDFLGDGHV TXH UHSUHVHQWDQGR DO VHFWRU EXVFDQ PD\RU DSR\RGHOJRELHUQRSDUDYROYHUPiVSURGXFWLYD VX LQGXVWULD SUHVHQWDGD D WUDYpV GHO VLJXLHQWH PRGHORGHGHVDUUROOR


,QVWLWXFLRQDO&31

$FWLYLGDGHVGHO&31

(QHUJtDUHVSRQVDELOLGDG\ GHVDUUROORHQSURGHODVRFLHGDG

&

RQ HO ÀQ GH GDU D FRQRFHU HO 3URJUDPD GH8VR5DFLRQDO\(ÀFLHQWHGHOD(QHUJtD 3URXUH  \ GHO 5HJODPHQWR 7pFQLFR GH ,OXPLQDFLyQ \ $OXPEUDGR 3~EOLFR 5HWLODS  (O 0LQLVWHULR GH 0LQDV \ (QHUJtD \ HO &RQVHMR 3URIHVLRQDO 1DFLRQDO GH ,QJHQLHUtDV (OpFWULFD 0HFiQLFD\3URIHVLRQHV$ÀQHV &31 GHVDUUROOy DORODUJRGHOXQDVHULHGHVLPSRVLRVHQ YDULDVFLXGDGHVGH&RORPELD 

8QGHVDUUROORUHVSRQVDEOH /DHQHUJtDHVHOFRUD]yQGHODHFRQRPtDGHOVLJOR ;;,SRUHOORHO*RELHUQR1DFLRQDOSURPRYLyXQD QRUPDWLYLGDGHVSHFtÀFDHQHOWHPDDSDUWLUGH OD OH\  GH  \ HQ HOOD VH IRPHQWy HQWUH RWURVDVSHFWRVHOXVRUDFLRQDO\HÀFLHQWHGHOD HQHUJtD\ODXWLOL]DFLyQGHHQHUJtDVDOWHUQDWLYDV VLHQGRDVXQWRVGHLQWHUpVS~EOLFR\QDFLRQDO $FWXDOPHQWH HO XVR UDFLRQDO \ HÀFLHQWH GH OD HQHUJtD HV SDUWH HVWUDWpJLFD GH ORV HVIXHU]RV SDUD ORJUDU OD VRVWHQLELOLGDG DPELHQWDO GRQGH OD,QJHQLHUtDWHQGUiXQSDSHOSURWDJyQLFRHQORV SUy[LPRVDxRVTXHWHQGUiODJUDQUHVSRQVDELOLGDG GHD\XGDUDODVHPSUHVDV\DODVLQVWLWXFLRQHVD PHMRUDUVXVSURFHVRVSURGXFWLYRVDLQFHQWLYDU OD DSURSLDFLyQ WHFQROyJLFD \ D ORJUDU DKRUURV VLJQLÀFDWLYRV GRQGH H[LVWD XQD RSRUWXQLGDG SDUD OD HVSHFLDOL]DFLyQ HQ HVWH FDPSR D QLYHO SURIHVLRQDORHPSUHVDULDO

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



(O SDVDGR  GH GLFLHPEUH OD FLXGDG GH &DOL UHFLELy D PiV GH  ,QJHQLHURV SURYHQLHQWHV GH YDULDV UHJLRQHV GHO SDtV HQ HO HYHQWR UHSUHVHQWDQWHV GHO 0LQLVWHULR GH 0LQDV \ (QHUJtDH[SXVLHURQORVVLJXLHQWHVWHPDV5HWRV \RSRUWXQLGDGHVGHODHÀFLHQFLDHQHUJpWLFDHQ HO FRQWH[WR FRORPELDQR (ÀFLHQFLD HQHUJpWLFD HQ OD LOXPLQDFLyQ \ HO DOXPEUDGR S~EOLFR \ HO 3URJUDPD1DFLRQDOGH8VR5DFLRQDO\(ÀFLHQWH GH OD (QHUJtD \ )XHQWHV 1R &RQYHQFLRQDOHV 3URXUH

$Vt PLVPR HO 5HWLODS WLHQH SRU REMHWR IXQGDPHQWDO HVWDEOHFHU ORV UHTXLVLWRV \ PHGLGDV TXH GHEHQ FXPSOLU ORV VLVWHPDV GH LOXPLQDFLyQ\DOXPEUDGRS~EOLFRWHQGLHQWHVD JDUDQWL]DUORVQLYHOHV\FDOLGDGHVGHODHQHUJtD OXPtQLFD UHTXHULGD HQ OD DFWLYLGDG YLVXDO OD VHJXULGDG HQ HO DEDVWHFLPLHQWR HQHUJpWLFR OD SURWHFFLyQ GHO FRQVXPLGRU \ OD SUHVHUYDFLyQ GHOPHGLRDPELHQWHSUHYLQLHQGRPLQLPL]DQGR R HOLPLQDQGR ORV ULHVJRV RULJLQDGRV SRU OD LQVWDODFLyQ\XVRGHVLVWHPDVGHLOXPLQDFLyQ


7HOHFRPXQLFDFLRQHV

3ODQGHJRELHUQRSDUDDxRV

$&,(0DSRUWDDO3ODQ9LYH'LJLWDO (VTXHPD GH FREHUWXUD HMHFXFLyQ \ DFXHUGRV FRQ VHFWRU SULYDGR (O 3ODQ SRGUtD FRPSOHPHQWDU ODV PHWDV GH FREHUWXUD GH OD ÀEUD ySWLFD FRQ XQD GHWHUPLQDFLyQ JHRJUiÀFD GH ORV  PXQLFLSLRV \ DGHPiV VHUtD FRQYHQLHQWH TXH WXYLHUD XQ HVTXHPD GH LQYHUVLyQ GH ORV UHFXUVRV   ELOORQHV  HQ HO WLHPSR\HOWLSRGHORVDFXHUGRVFRQHOVHFWRUSULYDGR RSHUDGRUHV SDUDHOORJURGHORVREMHWLYRV

O 0LQLVWHULR GH ODV 7HFQRORJtDV GH OD ,QIRUPDFLyQ \ GHOD&RPXQLFDFLyQGHVGHHOODQ]DPLHQWRGHO3ODQ 9LYH 'LJLWDO ZZZYLYHGLJLWDOJRYFR  HQ RFWXEUH SDVDGR FRQYRFy DO SDtV SDUD UHFLELU REVHUYDFLRQHV \ SURSXHVWDVFRQHOÀQGHDÀQDUODHVWUXFWXUDTXHDSXQWD DTXH&RORPELDGHHOVDOWRGLJLWDOHQOD5HJLyQ$&,(0 HQUHXQLyQFRQHO0LQLVWURGH7,&'LHJR0RODQRDSRUWy HOHPHQWRVGHMXLFLRSDUDXQDSURSXHVWDGH3DtVSDUDTXH HOFRQMXQWRGHHVWUDWHJLDVFRQWULEX\DQDODDSURSLDFLyQGH ODV7,&HQ&RORPELD

,QGLFDGRUGHFRQWH[WR,QWHUQDFLRQDOYLVLyQGHSDtV (O 3ODQ GHEHUtD LQFOXLU XQ LQGLFDGRU LQWHUQDFLRQDO FRPR HO 15, HO ,', X RWUR SHUWLQHQWH TXH FRQ XQ VHJXLPLHQWR FRQWURODGR \ PHWyGLFR JDUDQWLFH DxR D DxR HO PHMRUDPLHQWR HQ HO SRVLFLRQDPLHQWR LQWHUQDFLRQDO GH &RORPELD &RORPELD 3DtV 'LJLWDO ² 3URSXHVWDGH$&,(0DxR 

0HWDVGHYHORFLGDG 0ESV (O3ODQQRLQFOX\HPHWDV GH YHORFLGDG GH VXELGD \ EDMDGD GH OD LQIRUPDFLyQ FRQ UHVSHFWR D OD YDULDEOH WLHPSR QL FRQ UHVSHFWR DO SRUFHQWDMH GH KRJDUHV \ 0LS\PHV TXH VHUtDQ FXELHUWDVHQGLFKRSHUtRGR

(FRVLVWHPDSDUDOD%DQGD$QFKD

0HWDVGH$SURSLDFLyQ'LJLWDO6HUtDFRQYHQLHQWHTXH HO3ODQLQFOX\HUDXQDVPHWDVHLQGLFDGRUHVSDUDPHGLU ODYDULDEOHVGHJHQHUDFLyQGHGHPDQGD8WLOL]DFLyQ GH,QWHUQHWSRUSDUWHGHODSREODFLyQ

5HXQLyQ$&,(0\'LHJR0RODQR0LQLVWURGHOD7HFQRORJtDVGH OD,QIRUPDFLyQ\OD&RPXQLFDFLyQ

(

'HQRPLQDFLyQ OHJDO GH OD %DQGD $QFKD (V FRQYHQLHQWHTXHHOSODQFRQVLGHUHDOJXQDGHÀQLFLyQ OHJDOGHODVTXHVHHVWiQGLVFXWLHQGR SDUDODEDQGD DQFKD FRPR 3DUWH GH ODV REOLJDFLRQHV GHO VHUYLFLR XQLYHUVDO R 'HUHFKR &LYLO %iVLFR 8,7  %LHQ 3~EOLFR *OREDO GH DFFHVR XQLYHUVDO &(3$/  R %LHQ 3~EOLFR *OREDOQRJUDWXLWRJDUDQWL]DGRSRUHO(VWDGR &(3$/  R'HUHFKR)XQGDPHQWDOR'HUHFKR3~EOLFRGHQXHYD JHQHUDFLyQ R %LHQ GH LQWHUpV HFRQyPLFR R %LHQ GH FDUiFWHU S~EOLFR (OOR FRQ HO ÀQ GH JDUDQWL]DU OD HVWDELOLGDGGHODVSROtWLFDVVREUHEDQGDDQFKDHQOD VRFLHGDG

9 3REODFLyQTXHQXQFDKDXWLOL]DGR,QWHUQHW 9 %UHFKDGH'HPDQGD 5HODFLyQHQWUHFREHUWXUD\ XVR  •

5HG GH 6HJXULGDG \ (PHUJHQFLD 1DFLRQDO 3DUD JDUDQWL]DUODVHJXULGDG\DWHQFLyQGHHPHUJHQFLDVHQ WRGRHOWHUULWRULRQDFLRQDOHO3ODQGHEHUtDFRQWHPSODU XQD UHG GH VHJXULGDG S~EOLFD \ GH DWHQFLyQ GH HPHUJHQFLDVLQDOiPEULFDFRQSRVLELOLGDGGHDFFHVR SDUDWRGRVORVFRORPELDQRV\FRQQLYHOHVGHVHJXULGDG DFRUGHVSDUDFXDOTXLHUWLSRGHHPHUJHQFLD

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526


$Vt PLVPR HV PHQHVWHU TXH OD &5(* HOLPLQH HO GHVLQFHQWLYR UHJXODWRULR GH FDVWLJDUODWDULIDGHHQHUJtDFRQEDVHHQXQ SRUFHQWDMHSRUHVWRVLQJUHVRVGHORSHUDGRU HOpFWULFR FRDG\XYDQGR DVt D HVWH 3ODQ /R DQWHULRU GDGR TXH OD LQIUDHVWUXFWXUD HOpFWULFD HV OD PiV HÀFLHQWH HQ FRVWRV WLHPSR GH GHVDUUROOR IDFLOLGDG WpFQLFD \ FDSLODULGDG SDUD HO GHVSOLHJXH GH ÀEUD ySWLFD •

$SR\R D OD FUHDFLyQ GH DSOLFDFLRQHV \ FRQWHQLGRV 6H UHFRPLHQGD HO DSR\R SDUD HOGHVDUUROORGHDSOLFDFLRQHV\FRQWHQLGRV QR VH FLUFXQVFULED H[FOXVLYDPHQWH SDUD HO PHUFDGR PyYLO VLQR WDPELpQ SDUD HO PHUFDGRÀMRLQFOX\HQGRDODWHOHYLVLyQ $Vt PLVPR HV LPSRUWDQWH TXH OD DGPLQLVWUDFLyQ GHO 3ODQ LQFRUSRUH PHWRGRORJtDV PRGHUQDV \ GH EXHQDV SUiFWLFDV SDUD OD JHUHQFLD GH SUR\HFWRV TXH JDUDQWLFHQ HO VHJXLPLHQWR H LPSOHPHQWDFLyQGHODVPHWDVHVWDEOHFLGDV

7HFQRFHQWURV •

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



DFFHVRGHODVFODVHVPHQRVIDYRUHFLGDVD ORVVHUYLFLRVGLJLWDOHVDYDQ]DGRVHVWiHQHO SUHFLRGHORVPLVPRV 3RU WDQWR UHFRPHQGDPRV TXH ODV WDULIDV SDUD HVWRV VHUYLFLRV VHDQ EDMDV HQ OR TXH VHUHÀHUHDHVWUDWRV\GHODSREODFLyQ DVLJQDQGR LQFOXVLYH XQ VXEVLGLR HVWDWDO D GLFKDVWDULIDVSDUDORVHVWUDWRV\

5HGXFFLyQGHFRVWRV(VIXQGDPHQWDOTXH OD&5&UHJXOHHOFRVWRGHXVRGHODVUHGHV HOpFWULFDV FRQ XQ FRVWR HÀFLHQWH QR WDQ HOHYDGRFRPRHOLPSXHVWRHQHOSDVDGRSRU OD&5(* LQFOX\HQGRDODVUHGHVGHPHGLD \ EDMD WHQVLyQ TXH OOHJDQ D ORV SHTXHxRV PXQLFLSLRV

6XVSHQGHU ORV DSR\RV HQ GLQHUR GHO )RQGR 7,& DO  LQLFLDU FRQ HO SURJUDPD GH 7HFQRFHQWURV (O SURJUDPD &RPSDUWHO FXPSOLy XQ FLFOR IXQGDPHQWDO SDUD ODV WHOHFRPXQLFDFLRQHV VRFLDOHV HQ HO SDtV SHUR HV HO PRPHQWR GH HYROXFLRQDU KDFtD HO FRQFHSWR GH ORV 7HFQRFHQWURV FRQFHQWUDQGR ORV UHFXUVRV GHO SURJUDPD &RPSDUWHO\ÀQDQFLHURVGHO(VWDGRHQORV PLVPRV (VWDEOHFHU WDULIDV DVHTXLEOHV SDUD ORV HVWUDWRV   \  TXH XVHQ ORV VHUYLFLRV GH ORV 7HFQRFHQWURV /D H[SHULHQFLD KD GHPRVWUDGR TXH OD GLÀFXOWDG SDUD HO

)LMDU XQD UHJXODFLyQ TXH LQFHQWLYH D ORV RSHUDGRUHV ÀMRV \ PyYLOHV  D DFWLYDU ORV 7HFQRFHQWURV (V LPSRUWDQWH TXH pVWRV FXHQWHQFRQHODSR\RGHORVRSHUDGRUHVGH WHOHFRPXQLFDFLRQHVPRWLYRSRUHOFXDOHV QHFHVDULD XQD UHJXODFLyQ TXH SURPXHYD HO DFFHVR GH HVWRV D HVWH QXHYR QLFKR GH PHUFDGR

(Q OD PHGLGD GH OR SRVLEOH KDFHU XVR GH OD LQIUDHVWUXFWXUD ItVLFD TXH H[LVWHQ HQ PXFKDV ORFDOLGDGHV DSDUWDGDV GHO SDtV SURSLHGDGGHODDQWLJXD7HOHFRP\HQGRQGH HO (VWDGR D~Q FRQVHUYD XQD SDUWLFLSDFLyQ LPSRUWDQWH SDUD GH HVWD PDQHUD KDFHU XVR GH XQRV HGLÀFLRV TXH KR\ HQ GtD VH HQFXHQWUDQGHVDSURYHFKDGRV

 ,QIUDHVWUXFWXUDV WHOHFRPXQLFDFLRQHV

LQWHUQDV

GH

 $&,(0FRPSDUWHODYLVLyQGHO3ODQGHIRPHQWDU HO HVWDEOHFLPLHQWR GH KRJDUHV GLJLWDOHV HQ HO SDtV SDUD OR FXDO HV QHFHVDULR FRQWDU FRQ XQD UHJODPHQWDFLyQ EiVLFD TXH IDFLOLWH HO XVR FRPSDUWLGRGHODLQIUDHVWUXFWXUDLQWHUQD WDQWR FLYLOFRPRGHWHOHFRPXQLFDFLyQ HQORVHGLÀFLRV \]RQDVFRPXQHV /D UHJODPHQWDFLyQ GH HVWDV LQIUDHVWUXFWXUDV LQWHUQDV WDO FRPR VXFHGH HQ (VSDxD  JDUDQWL]DUtD OD FRPSHWHQFLD HQ OD SUHVWDFLyQ GHORVVHUYLFLRVGHWHOHIRQtD,QWHUQHWGHEDQGD DQFKD\WHOHYLVLyQ DELHUWD\SRUVXVFULSFLyQ 

3DUTXHVWHFQROyJLFRV (Q HO WHPD GH DSR\R D OD ,QGXVWULD 1DFLRQDO GH 7, TXH VH GHULYD GHO 3ODQ 9LYH 'LJLWDO HV IXQGDPHQWDO HO GHVDUUROOR GH XQD SROtWLFD S~EOLFD HQ PDWHULD GH SDUTXHV WHFQROyJLFRV


HQIRFDGD D ORV VHFWRUHV TXH HO JRELHUQR KD GHÀQLGRFRPRSULRULWDULRVSDUDODJHQHUDFLyQGH H[SRUWDFLRQHVHPSOHR\DSR\RDRWURVVHFWRUHV GHODHFRQRPtD (QHVWHFDPSRVHKDQGHWHFWDGRJUDQGHVHMHV GH DFFLyQ TXH GHEHQ DUWLFXODUVH \ DGDSWDUVH D FDGD LQGXVWULD \ UHDOLGDG GH SDtV HO FDSLWDO KXPDQR R IXHU]D ODERUDO HVSHFLDOL]DGD OD LQIUDHVWUXFWXUDFRQVLGHUDGDHQVXVGLPHQVLRQHV ItVLFD VRFLDO DPELHQWDO \ GH FRPXQLFDFLRQHV ODV DUWLFXODFLRQHV SDUD VDWLVIDFHU QHFHVLGDGHV GH PHUFDGR D WUDYpV GH FDGHQD SURGXFWLYDV \ ORVUHTXHULPLHQWRVGHFDSLWDO

• $FWXDOL]DFLyQGHORV0DUFRVOHJDOHVVREUH GHOLWRVLQIRUPiWLFRV • ,GHQWLÀFDFLyQ GH ORV UHFXUVRV \ ORJtVWLFD UHTXHULGRV SRU HO 6HFWRU -XGLFLDO HO *RELHUQRHQVXVGLVWLQWRVPLQLVWHULRV\ODV HQWLGDGHV\VHFWRUHVTXHUHJODPHQWDQ • (OFRPHUFLRHOHFWUyQLFR • (OVHFWRUHFRQyPLFR • /RVGHUHFKRV+XPDQRV

7HOHYLVLyQ'LJLWDO7HUUHVWUH &LEHUVHJXULGDG (VQHFHVDULDODLQWHUYHQFLyQGHO(VWDGRSDUD

• &RRUGLQDFLyQ GH ORV VHFWRUHV S~EOLFR \ SULYDGR • ,GHQWLÀFDFLyQ GH ODV LQIUDHVWUXFWXUDV FUtWLFDV

D3ODQHDUHOXVRGHOHVSHFWUR5DGLRHOpFWULFRTXH SHUPLWDODWUDQVLFLyQHIHFWLYDGHOD79DQDOyJLFD DOD79GLJLWDOS~EOLFD\DELHUWD&DQDOHVDO \DO E 'HÀQLU WRGRV ORV SDUiPHWURV WpFQLFRV GHO QXHYR HVWiQGDU '9% 7 SDUD &RORPELD FRQ HO DQFKR GH %DQGD GH  0+] TXH XVDPRV HQ &RORPELD F (VWDEOHFHU XQ FURQRJUDPD 3ODQ GH 7UDQVLFLyQ  TXH FRQWHPSOH ODV GLIHUHQWHV DFWLYLGDGHVTXHVHGHEHQLPSOHPHQWDUSDUDOD WUDQVLFLyQGHOD79$QDOyJLFDDOD'LJLWDO G&RRUGLQDUORVGLIHUHQWHVDFWRUHVRSHUDGRUHV UHJXODGRUDGPLQLVWUDGRUGHOHVSHFWURGHIRUPD TXH VH RSWLPLFHQ HO XVR GH ORV UHFXUVRV HVSHFWUR GH IUHFXHQFLD LQIUDHVWUXFWXUDV FRPXQHV XVR GH VLWLRV \ YtDV GH DFFHVR DGPLQLVWUDFLyQ GH ODV UHGHV HWF  VH PLQLPLFHQ ORV FRVWRV \ ORV SUREOHPDV HQ OD LPSOHPHQWDFLyQ GH ODV GLIHUHQWHV UHGHV SDUD EHQHÀFLR GH ORV XVXDULRV ÀQDOHV GH ORV PLVPRV RSHUDGRUHV \ GH ORV WLHPSRV GH LPSOHPHQWDFLyQ \ GHVSOLHJXHGHOD79'LJLWDO

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

6H UHFRPLHQGD DPSOLDU \ UHIRU]DU HQ HO 3ODQ 9LYH 'LJLWDO HO GLVHxR GH XQD SROtWLFD GH FLEHUVHJXULGDG\XQDHVWUDWHJLDSDUDHMHFXWDUOD HQODTXHVHGHÀQDODSDUWLFLSDFLyQFRRUGLQDGD GHORVHQWHVS~EOLFRVFRQHOVHFWRUSULYDGRSDUD PHMRUDU OD 6HJXULGDG GHO (VWDGR OD SULYDFLGDG GHORVFLXGDGDQRV\VXVIDPLOLDVODVHJXULGDG GHODVWUDQVDFFLRQHVFRPHUFLDOHVODVHJXULGDG GHODLQIRUPDFLyQHQJHQHUDO\VHFRQWUROHQORV GHOLWRV TXH VH YDOHQ GH OD LQIUDHVWUXFWXUD \ GH ORV VHUYLFLRV GH FRPXQLFDFLRQHV WHQLHQGR HQ FXHQWDDVSHFWRVFRPR


7HOHFRPXQLFDFLRQHV

'HQWURGHO3ODQ9LYH'LJLWDO&RORPELD

$&,(0IUHQWHD3ODQ 1DFLRQDOGH)LEUDÐSWLFD



$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



&DSLODULGDG $&,(0 FRQVLGHUD IXQGDPHQWDO HVWUXFWXUDUODFDSLODULGDGGHOD)LEUDSDUDOD%DQGD $QFKD IUHQWH DO REMHWLYR GHO SUR\HFWR GH FRQWDU FRQ XQD UHG GH WUDQVSRUWH GH ÀEUD ySWLFD EDFNERQH  LQGHSHQGLHQWH GH OD UHG GH DFFHVR \ GH ORV XVRV TXH VH OH GHQ D OD PLVPD (VWH SODQ GHEH UHDOL]DUVH DQDOL]DQGR RVHxDODQGRPHWDVHQORTXHDODUHGGHDFFHVR ÀMD\R PyYLO VHUHÀHUH\ORVLPSDFWRVTXHVHSUHWHQGHQDOFDQ]DU

G 6HUYLFLRV \ DSOLFDFLRQHV /R TXH VH HVSHUD RIUHFHU DO XVXDULRÀQDO

$&,(0 FRQVLGHUD TXH HVWH 3UR\HFWR 1DFLRQDO GH )LEUD ÐSWLFD EDMR HO DXVSLFLR GHO (VWDGR GHEH HVWUXFWXUDU XQ SODQ TXH EXVTXH OD PDVLÀFDFLyQ GHODEDQGDDQFKDSDUD ORFXDOHVQHFHVDULRÀMDU LQGLFDGRUHVGHPHGLFLyQ VREUHHOLPSDFWRUHDOGHO SUR\HFWRORVXVRVIUHQWH DODUHGGHDFFHVR WDQR PiV LPSRUWDQWH TXH OD UHG GH WUDQVSRUWH  \ ORV VHUYLFLRV \ DSOLFDFLRQHV TXHVHOOHYDUiQIUHQWHDO XVXDULRÀQDO

 0XQLFLSLRV D FXEULU 3DUWLHQGR GH OD EDVH TXH HV

(Q HVH VHQWLGR $&,(0 UHFRPLHQGD FRPSOHPHQWDU HO GRFXPHQWRFRQ

3DUD ORV  PXQLFLSLRV \D LQWHUFRQHFWDGRV DO EDFNERQH QDFLRQDO HO SUR\HFWR GHEH SUHFLVDU OD FDSLODULGDG GH OD ÀEUDySWLFDDOLQWHULRUGHOiUHDXUEDQD\UXUDOGHFDGDXQR GHHOORV

D ,PSDFWR 4Xp VH HVSHUD GH HVWH SUR\HFWR PHGLGR HQ Q~PHUR GH DFFHVRV D EDQGD DQFKD ÀMD \ PyYLO \ TXp VH HVSHUDREWHQHUHQORVPXQLFLSLRVDGRQGHOOHJXHODUHG E,QGLFDGRUHV6HJXLPLHQWRSDUDHYDOXDUH[SRVWHOHIHFWR GHVHDGR\VXFRQWULEXFLyQDODVPHWDVGHO3ODQ9LYH'LJLWDO F0HWDV3HQHWUDFLyQHQODVSREODFLRQHVFXELHUWDVWDQWR SDUDODUHGGHDFFHVRÀMDFRPRPyYLO

&UHHPRV TXH HO (VWDGR GHEH VHxDODU HVH WLSR GH PHWDV SDUDTXHHORSHUDGRUSULYDGRTXHKDUHFLELGRORVUHFXUVRV S~EOLFRVWHQJDFRPSURPLVRVHVSHFtÀFRVGHFDSDFLGDGHV FDOLGDGHV \ GHVHPSHxR TXH GHEHUi FXPSOLU DO PRPHQWR GHHMHFXWDUHOSUR\HFWR

QHFHVDULRTXHORVQXHYRV PXQLFLSLRV D FXEULU FRQ OD UHG GH ÀEUD ySWLFD HVWpQ LQWHUFRQHFWDGRV DO EDFNERQH QDFLRQDO $&,(0 FRQVLGHUD WUDWiQGRVH GH UHFXUVRV S~EOLFRV TXH HO SUR\HFWR GHEH SUHFLVDU ORVPXQLFLSLRVQXHYRVD VHU FXELHUWRV FRQ OD UHG GHÀEUDySWLFDVLQGHMDU HQ SOHQD OLEHUWDG SDUD TXH HO RSHUDGRU SULYDGR ORKDJD

&RQVLGHUDPRV TXH HQ OD FDOLÀFDFLyQ GH SURSRQHQWHV GHEHUtD WHQHUVH HQ FXHQWD GRV DVSHFWRV ORV QXHYRV PXQLFLSLRV D FXEULU \ OD H[WHQVLyQ GH OD UHG GH ÀEUD GHQWUR GHO iUHD XUEDQD \ UXUDO GH ORV  PXQLFLSLRV \D LQWHUFRQHFWDGRV DO EDFNERQH VLQ RWRUJDU SXQWXDFLyQ DOJXQD D ORV SURSRQHQWHV TXH RIUH]FDQ LQWHUFRQH[LyQ GH PXQLFLSLRVTXH\DFXHQWDQFRQXQDUHGDFFHVRDXQDUHG WURQFDOGHWUDQVSRUWHHQÀEUDySWLFD


6XJHULPRV DQDOL]DU ORV PXQLFLSLRV SRU ORV tQGLFHVGH1HFHVLGDGHV%iVLFDV,QVDWLVIHFKDV Q~PHUR GH KDELWDQWHV GLVWDQFLD GH UHGHV WURQFDOHV Q~PHUR GH DFFHVRV D ,QWHUQHW \ QHFHVLGDGGHFDSDFLGDG /R PiV DSURSLDGR VHUtD HVWDEOHFHU XQRV PXQLFLSLRV REOLJDWRULRV FRPR SRORV GH GHVDUUROOR WpFQLFR TXH DVHJXUHQ DGHPiV TXH HO RSHUDGRU FXEUD SULRULWDULDPHQWH PXQLFLSLRV FRQHOPD\RULPSDFWR\VHH[WLHQGDHQORSRVLEOH HQ WRGR HO WHUULWRULR \ QR VH FRQFHQWUH VyOR HQ DOJXQDVUHJLRQHVGHVXFRQYHQLHQFLD(VWHWLSR GH UHJODV DVHJXUDUtDQ TXH OD UHG VH H[WLHQGD KDFLDWRGDVODVUHJLRQHVWpFQLFDPHQWHSRVLEOHV \DSDUWLUGHGLFKRVSRORVORVRSHUDGRUHVGLVHxHQ VXVUHGHVUHJLRQDOHV $Vt PLVPR ORV SXQWDMHV D RWRUJDU D ORV SURSRQHQWHV GHEHUiQ VHU SRQGHUDGRV IUHQWH D ORV PXQLFLSLRV FRQ PD\RUHV QHFHVLGDGHV GH FRQHFWLYLGDG\PD\RUSREODFLyQ\QRXQSXQWDMH LJXDOSDUDWRGRVORVPXQLFLSLRV

$UTXLWHFWXUDGHODUHGGHÀEUDySWLFD3DUD ORJUDU XQ GLVHxR HÀFLHQWH GH OD DUTXLWHFWXUD GH OD UHG VHUtD QHFHVDULR TXH HO GRFXPHQWR VHxDODUD GH PDQHUD SUHFLVD OD LQIUDHVWUXFWXUD DFWXDOGHOSDtVHQUHGHVGHÀEUDySWLFD DFWLYD \SDVLYD DVtFRPRODVUHGHVGHDFFHVRGHODV

TXH VH GLVSRQH HQ ORV PXQLFLSLRV R VH SODQHD GHQWURGHOFRQWH[WRGHO3ODQ9LYH'LJLWDO 6yORGHHVDPDQHUDVHUtDSRVLEOHGLPHQVLRQDU \ GLVHxDU FRUUHFWDPHQWH XQD UHG ,JXDOPHQWH HOOR SHUPLWLUi GHÀQLU ORV SRORV GH GHVDUUROOR GHO SUR\HFWR \ ORV PXQLFLSLRV D ORV TXH WpFQLFDPHQWH HV YLDEOH OOHJDU FRPR H[WHQVLyQ GHODUHGWURQFDO\DH[LVWHQWH\ODVWRSRORJtDVGH UHGGH~OWLPDPLOODDOLQWHULRUGHORVPXQLFLSLRV ,JXDOPHQWH VHUtD QHFHVDULR GHÀQLU PXQLFLSLR SRUPXQLFLSLRODFDSDFLGDGHIHFWLYDPtQLPDD SRQHUHQVHUYLFLRSXHVKD\PXQLFLSLRVHQGRQGH  *ESV VHUiQ LQVXÀFLHQWHV \ RWURV HQ GRQGH HVDFDSDFLGDGHVWDUiVREUHGLPHQVLRQDGD 6HJ~QHOWUiÀFRHVSHUDGRGHEHUtDHVWDEOHFHUVH XQ SLVR PtQLPR \ XQD HVFDOD GH DPSOLDFLyQ FRQVLVWHQWH FRQ OD SREODFLyQ ODV FRQGLFLRQHV GH FDOLGDG \ YHORFLGDG GHO DFFHVR GH %DQGD $QFKD \ HO PHUFDGR TXH SRGUtD JHQHUDUVH HQ FDGDFDVR (V QHFHVDULR GHÀQLU VL HVWD FDSDFLGDG HV DVLJQDGD SRU PXQLFLSLR R VH UHÀHUH D FDSDFLGDGHV DJUHJDGDV GH UXWD DQLOOR R HVWUHOOD GHYDULRVPXQLFLSLRV\KDVWDTXHSXQWR GHEHJDUDQWL]DUVH SRUHMHPSORKDVWD%RJRWiR KDVWD XQD FLXGDG FRQ SREODFLyQ GH DO PHQRV PLOKDELWDQWHV  7DPELpQ HV QHFHVDULR SUHFLVDU HVSHFLDOPHQWH SDUD OD UHG GH DFFHVR GH ~OWLPD PLOOD HQ TXp FDVRV OD UHG VHUi HQ HVWUHOOD R HQ DQLOOR SXHV KR\ HQ GtD HV FODUR TXH ODV UHGHV HQ DQLOOR

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

3DUD ORV QXHYRV PXQLFLSLRV D FXEULU HV UHFRPHQGDEOH HVWDEOHFHU XQD FDWHJRUL]DFLyQ FRQHOÀQGHSULRUL]DUDTXHOORVTXHUHTXLHUHQGH ODUHG\HOLPLQDUDTXHOORVHQGRQGHHVLPSRVLEOH ItVLFDPHQWHOOHYDUODUHGGHÀEUD


JHQHUDQPD\RUUHGXQGDQFLD\VHJXULGDGSDUDHO RSHUDGRU\ORVXVXDULRV6LELHQSXHGHQJHQHUDU XQ PD\RU FRVWR VH GHEH LQGLFDU SDUD TXH FDWHJRUtDGHPXQLFLSLRVVHDFHSWDUiXQDXRWUD WRSRORJtD \ TXH LQGLFDGRUHV GH GLVSRQLELOLGDG VHHVSHUDUiQHQXQRXRWURFDVR

SUHYLVWRFRQHOQ~PHURGHPXQLFLSLRVDFXEULU 3RU HOOR $&,(0 FRQVLGHUD IXQGDPHQWDO TXH VH SUHYHD OD REOLJDFLyQ SDUD HO RSHUDGRU GH SUHVHQWDUXQFRPSOHWRGLVHxRGHODDUTXLWHFWXUD GH UHG GH WUDQVSRUWH D VHU HYDOXDGD SRU HO 0LQLVWHULR SXHV GH HOOR GHSHQGHUi HQ JUDQ PHGLGD TXH HO RSHUDGRU HIHFWLYDPHQWH FXHQWH FRQ XQD SODQ VHULR GHVGH HO SXQWR GH YLVWD WpFQLFRSDUDFXEULUORVPXQLFLSLRVTXHSURPHWH DOFDQ]DU<HVHGLVHxRWDPELpQGHEHVHUREMHWR GHSXQWXDFLyQ 7DULIDV/DVWDULIDVGHXVRGHOVHUYLFLR GHO SURPHGLRGHODVSULQFLSDOHVFLXGDGHV GHEHQ VHUUHYLVDGDVDxRDDxRSDUDHVWDUDFRUGHVFRQ ORVYDORUHVGHOPHUFDGR

(Q FXDQWR D ORV IDFWRUHV GH GLVSRQLELOLGDG VL ELHQHOSURSXHVWR VXHQDUD]RQDEOHSDUD UHGHV HQ HVWUHOOD GHEHUtD H[LJLUVH XQ IDFWRU PiV HVWULFWR GH DO PHQRV FXDWUR QXHYHV SDUD ODV ]RQDV HQ DQLOOR GDGR HO HVWDGR GHO DUWH GH ODWHFQRORJtD

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



$Vt PLVPR GHEH HVWDEOHFHUVH XQ WLHPSR Pi[LPR GH UHVSXHVWD \ GH VROXFLyQ D IDOODV \ HO Q~PHUR WROHUDEOH Pi[LPR GH IDOODV DO DxR SDVDGR HO FXDO GHEHUtD SHQDOL]DUVH OD WDULID FRPR HV FRP~Q HQ OD SUHVWDFLyQ GHO VHUYLFLR HOpFWULFR SRU HMHPSOR  GH PRGR WDO TXH QR VH WROHUHQ VLWXDFLRQHV GH FRQVWDQWHV PLFUR IDOODV TXH QR DOFDQFHQ D VXPDU XQ WLHPSR WDO TXH VH VREUHSDVH OD WROHUDQFLD GH GLVSRQLELOLGDG WRWDO SHUR TXH HQ OD SUiFWLFD SRGUtDQ JHQHUDU FRQWLQXRV LQFRQYHQLHQWHV HQ ODV UHGHV \ VHUYLFLRVTXHVHVRSRUWHQHQHVWDUHGGHÀEUD )LQDOPHQWHHVQHFHVDULRGLVHxDUXQPHFDQLVPR GH LQJHQLHUtD HIHFWLYR TXH JDUDQWLFH TXH HO RSHUDGRU VHOHFFLRQDGR FXPSOLUi HQ HO WLHPSR

3DUDHVWHFiOFXORDQXDOVHGHEHQXVDUSUHFLRV GH WUDQVDFFLRQHV UHDOHV FRQ GHVFXHQWRV \ QR SUHFLRV GH OLVWD $Vt VH VXJLHUH TXH ORV RSHUDGRUHV UHJLVWUHQ DQWH OD &5& R DQWH HO 0LQLVWHULR ORV FRQWUDWRV R ORV SUHFLRV QHWRV GHVSXpV GH GHVFXHQWRV GH VHUYLFLR SRUWDGRU PiV EDMRV TXH KD\DQ QHJRFLDGR HQWUH ODV  SULQFLSDOHVFLXGDGHV 'HEHGHÀQLUVHFXiOHVVRQ HVDVFLXGDGHV \FRQEDVHHQHOORHO0LQLVWHULR GHEH FDOFXODU HO SURPHGLR \ OD WDULID Pi[LPD DSOLFDEOHSDUDFDGDDxR 'HDFXHUGRFRQODVPHWRGRORJtDVH[LVWHQWHVHQHO WHPDGH*HUHQFLDGH3UR\HFWRVUHFRPHQGDPRV LQFOXLU HQ ORV WpUPLQRV GH UHIHUHQFLD GHO FRQFXUVR ORV VLJXLHQWHV UHTXHULPLHQWRV TXH VHUtDQREMHWRGHSXQWXDFLyQHQODHYDOXDFLyQGH ODVSURSXHVWDV • 3ODQLÀFDFLyQ \ HMHFXFLyQ GHO SUR\HFWR FRQ EDVH HQ PHMRUHV SUiFWLFDV LQWHUQDFLRQDOHVGHJHUHQFLDGHSUR\HFWRV • 6HJXLPLHQWR \ FRQWURO GHO SUR\HFWR FRQ EDVH HQ EDVH HQ PHMRUHV SUiFWLFDV LQWHUQDFLRQDOHVGHJHUHQFLDGHSUR\HFWRV SDUWLFXODUPHQWHRULHQWDGDVDLQGLFDGRUHV GHGHVHPSHxR


7HOHFRPXQLFDFLRQHV (QWUHYLVWDH[FOXVLYD&RPLVLRQDGR,YiQ6iQFKH]

´&RORPELDVHFRQVROLGDFRPROtGHU GHODUHJLyQHQUHJXODFLyQGHODV FRPXQLFDFLRQHVµ&5& (O &RPLVLRQDGR HQPDUFy ORV FRPSRQHQWHV WpFQLFRV TXH LPSOLFDQ ODV GHFLVLRQHV UHJXODWRULDV \ VH UHÀULy GHVGH VX YLVLyQ FRPR ,QJHQLHUR D ODV RSRUWXQLGDGHV TXH OD OH\  DEULyDOD,QJHQLHUtDFRORPELDQD 'H RWUD SDUWH HO ,QJHQLHUR 6iQFKH] VHxDOy OD LPSOHPHQWDFLyQGHODFRQYHUJHQFLDHQHOQXHYR UpJLPHQGHUHGHV\GHVWDFyODLQFRUSRUDFLyQGH RWURV FRQFHSWRV FRQ EDVWR FRQWHQLGR WpFQLFR TXH VH YLHQHQ WUDEDMDQGR HQ ORV ~OWLPRV DxRV \ TXH VHJ~Q pO PX\ SURQWR VH YHUiQ PDWHULDOL]DGRV

(OGHVDItRHVWiHQHOHTXLOLEULRHFRQyPLFR

3

HVH D ORV UHWRV HFRQyPLFRV TXH GHEH HQIUHQWDU HO GHVDUUROOR GH ODV WHOHFRPXQLFDFLRQHV HQ &RORPELD HO VHFWRU HV XQD SRWHQFLD HQ /DWLQRDPpULFD HQ PDWHULD GH UHJXODFLyQ JUDFLDV D OD FDSDFLGDG GHGHVDUUROORLQJHQLR\FUHDWLYLGDGGHOUHFXUVR KXPDQR 6L HVR VH H[SORWD ELHQ SXHGH WUDHU JUDQGHVEHQHÀFLRVDOSDtVDÀUPyHO,QJHQLHUR ,YiQ 6iQFKH] 0HGLQD &RPLVLRQDGR GH OD &RPLVLyQ GH 5HJXODFLyQ GH &RPXQLFDFLRQHV &5&  (Q HQWUHYLVWD H[FOXVLYD FRQ $&,(0 (O &RPLVLRQDGR 6iQFKH] 0HGLQD GHVLJQDGR SRU HO *RELHUQR 1DFLRQDO HQ  DQXQFLy TXH D ÀQDOHVGH&RORPELDDVXPLUiODSUHVLGHQFLD GH 5HJXODWHO $VRFLDFLyQ GH  5HJXODGRUHV GH ODV &RPXQLFDFLRQHV HQ +LVSDQRDPpULFD \ HO &DULEH

6HJ~Q HO H[SHUWR GHVGH HO SXQWR GH YLVWD WpFQLFR QR KD\ GHFLVLRQHV TXH VHDQ PX\ GLItFLOHV OD WHFQRORJtD HVWi HYROXFLRQDQGR HQ XQVHQWLGRTXHQRDGPLWHGLVFXVLyQDOJXQDHO SXQWRPiVGLItFLOUDGLFDHQODSDUWHHFRQyPLFD GHODDSOLFDFLyQGHHVWDWHFQRORJtD

´(OUHWRHVWiHQHOHTXLOLEULRHFRQyPLFR HQWUHODDFWXDFLyQTXHVHUHJXOD\OD LPSOLFDFLyQTXHHVWRWLHQHFXDQGRVHYD\D DGHVDUUROODUGHQWURGHODVHPSUHVDVµ&5& ´(O UHWR HVWi HQ HO HTXLOLEULR HFRQyPLFR HQWUH ODDFWXDFLyQTXHVHUHJXOD\ODLPSOLFDFLyQTXH HVWRWLHQHFXDQGRVHYD\DDGHVDUUROODUGHQWUR GHODVHPSUHVDVSRUTXHWHQHPRVTXHUHVSHWDU HO HTXLOLEULR HQWUH HO VHUYLFLR OD SURGXFWLYLGDG GHO QHJRFLR \ HO KHFKR GH TXH ODV LQYHUVLRQHV GH ORV RSHUDGRUHV VH YHDQ UHÁHMDGDV HQ DOJRµ DVHJXUy

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

,QJ,YiQ6iQFKH]&RPLVLRQDGR&5&


(O IXQFLRQDULR UHVDOWy OD LPSRUWDQFLD GH HYLWDU ODLPSRVLFLyQGHREOLJDFLRQHVUHJXODWRULDVTXH WHQJDQ XQD LPSOLFDFLyQ HFRQyPLFD PX\ DOWD \ TXH QR WHQJDQ XQD JUDQ YLVLELOLGDG DQWH ORV XVXDULRVRDQWHHOVHFWRU

(VWRV FXDWUR DVSHFWRV FRQVWLWX\HQ XQR GH ORV IXHUWHV GHO QXHYR UpJLPHQ VLQ HPEDUJR KD\ RWURV HOHPHQWRV TXH WLHQHQ FRPSRQHQWH WpFQLFR\TXHGHDFXHUGRFRQHO&RPLVLRQDGR HVWH DxR VH YHUiQ UHÁHMDGRV HQ SRUWDELOLGDG QXPpULFD

&RQYHUJHQFLD\3RUWDELOLGDG1XPpULFD 'DGDVODVIRUWDOH]DVTXHWLHQHHOSDtVHQODSDUWH WpFQLFD\ORTXHD~QIDOWDSRUFRQVWUXLUHQPDWHULD GH HTXLOLEULR HFRQyPLFR HO &RPLVLRQDGR VH UHÀULy D XQ QXHYR UpJLPHQ GH LQWHUFRQH[LyQ GHUHGHVTXHYLHQHWUDEDMDQGROD&5&GHVGHHO DxRHOGRFXPHQWRFRQVLGHUDUiHOWHPDGH FRQYHUJHQFLDGLJLWDOQHXWUDOLGDGWHFQROyJLFD\ SRUWDELOLGDGQXPpULFD 3DUDHOPHVGHDEULOGHVHUiSXEOLFDGRHO ERUUDGRUTXHVHJ~QHOUHSUHVHQWDQWHGHOD&5& HVWi FLPHQWDGR HQ HO WHPD GH FRQYHUJHQFLD \ VDOGUiDGLVFXVLyQFRQHOVHFWRUSDUDPHGLUVX DFHSWDFLyQ 'HLJXDOPDQHUDGHVGHODSHUVSHFWLYDWpFQLFD OD&RPLVLyQGH5HJXODFLyQGH&RPXQLFDFLRQHV LPSOHPHQWDUi FXDWUR VXESUR\HFWRV TXH HVWiQ HQPDUFDGRV GHQWUR GHO QXHYR UpJLPHQ GH UHGHV

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



6HJ~Q HO ,QJHQLHUR ´$TXt KD\ XQ EXHQ FRPSRQHQWH WpFQLFR PD\RU TXH WRGRV ORV GHPiV SRUTXH DGHPiV GH UHJXODU HVWDPRV VLHQGRQRVRWURVFRPR&RPLVLyQORVJDUDQWHV GHTXHODSODWDIRUPDWHFQROyJLFDFRQODTXHVH YDGDUYLGDDOVHUYLFLRGHSRUWDELOLGDGHQWUHHQ RSHUDFLyQ\TXHWRGRVORVRSHUDGRUHVPyYLOHV TXH VRQ ORV REOLJDGRV HQ HVWH PRPHQWR D GDU OD SRUWDELOLGDG HVWpQ LQWHUFRQHFWDGRV SHUR QR VRODPHQWH ORV PyYLOHV VLQR WDPELpQ ORV RSHUDGRUHV ÀMRV TXH GHEHQ HQYLDU WUiQVLWR D ORVPyYLOHV\ORVGHODUJDGLVWDQFLDTXHGHEHQ JHQHUDUWUiÀFRHQORVPyYLOHVµ ´(VD IXQFLyQ GH VXSHUYLVLyQ GH OD LPSOHPHQWDFLyQGHODSRUWDELOLGDGHVXQSXQWR TXHHVWiGHQWURGHODFRPLVLyQ\HVWiHQFDEH]D PtDFRPRFRPLVLRQDGRWpFQLFRGHODFRPLVLyQµ DVHJXUy

/H\XQUHFRQRFLPLHQWRDOD,QJHQLHUtD

5pJLPHQGH$FFHVR

'HWHUPLQDFLyQGH ,QIUDHVWUXFWXUD

5pJLPHQGH,QWHUFRQH[LyQ

1RVyORGHFRPXQLFDFLRQHV\ TXHSXHGDVHUFRPSDUWLGDSDUD HIHFWRVGHDPSOLDUODFREHUWXUD GHODVUHGHVGHFRPXQLFDFLyQ HQHOSDtV

4XHPD\RULVWDVSXHGDQDFWXDU FRPRYHQGHGRUHVGHXQ RSHUDGRUHVWDEOHFLGRRTXHVH SXHGDQGHILQLUXQDVFLHUWDV FRQGLFLRQHVHQODVFXDOHVORV RSHUDGRUHVGHEDQRIUHFHU RIHUWDVPD\RULVWDVSDUDHO PHUFDGR &RQGLFLRQHVSDUD FRPHUFLDOL]DFLyQGHVHUYLFLRV

4XLHQHVVHUiQORVSURYHHGRUHV GHFRQWHQLGRV\H[SOLFDFLRQHV

$FFHVRSDUDORVQXHYRV DFWRUHV

'HVGH VX SHUVSHFWLYD FRPR ,QJHQLHUR (OHFWUyQLFR HO &RPLVLRQDGR 6iQFKH] 0HGLQD VH UHÀULyDODOH\TXHGLVSRQHOD GHVLJQDFLyQGHWUHVFRPLVLRQDGRV HOHJLGRV SRU HO 3UHVLGHQWH GH OD 5HS~EOLFD \ TXH REOLJD D OD HOHFFLyQGHDOPHQRVXQ,QJHQLHUR FRPRSDUWHGHODWHUQD 3DUD HO H[SHUWR FRPLVLRQDGR HVWD OH\ HV XQ ORJUR PX\ LPSRUWDQWH SRUTXH VLJQLÀFD GDU XQ UHFRQRFLPLHQWR D TXH XQD GH ODV SURIHVLRQHV TXH HVWiQ PiV YLQFXODGDV FRQ HO VHFWRU GH ODV FRPXQLFDFLRQHV HVWp SUHVHQWH VLHPSUH HQ HO FDPSR GH OD UHJXODFLyQ


´&XDQGR KDEODPRV GH OD SUHVHQFLD GH XQ ,QJHQLHUR HOHFWUyQLFR R ,QJHQLHUR GH WHOHFRPXQLFDFLRQHV OR TXH HVWDPRV JDUDQWL]DQGR HV TXH KD\D XQD WRPD GH GHFLVLRQHV EDVDGD HQ FULWHULRV WpFQLFRV FODURV \TXHKD\DXQVRSRUWHWpFQLFRTXHHOJRELHUQR D WUDYpV GH OD &RPLVLyQ GHVDUUROOH IUHQWH DO VHFWRUµSXQWXDOL]y

/RVUHWRVTXHDIURQWDHOSDtV (O&RPLVLRQDGRGHOD&5&VHxDOyORVUHWRVTXH GHEHFXPSOLUHOSDtVSDUDHVWDUDODYDQJXDUGLD HQFRQHFWLYLGDG\FRPXQLFDFLRQHV 0D\RUFREHUWXUDGHUHGHV(OUHWRSULQFLSDO HV DXPHQWDU ODV YHORFLGDGHV \ PHMRUDU ORV DQFKRV GH EDQGD SDUD EXHQD SDUWH GHO WHUULWRULR QDFLRQDO TXH HO VRIWZDUH SXHGD OOHJDU D ODV SDUWHV PiV UHPRWDV GH &RORPELD

$SURSLDFLyQ GH WHFQRORJtDV 6L PHMRUD OD FRQHFWLYLGDG FRQ OD FREHUWXUD GH UHGHV YHQGUiDSURSLDFLyQGHSDUWHGHORVXVXDULRV TXH KR\ HQ GtD QR HVWiQ FRQHFWDGRV \ XQ GHVDUUROOR GH OD LQGXVWULD ORFDO GH FRQWHQLGRV

0HMRUHV FRQWHQLGRV 8Q GHVDUUROOR GH OD LQGXVWULDORFDOGHFRQWHQLGRVSHUPLWLUiTXH ORVXVXDULRVWHQJDQDFFHVRDLQIRUPDFLyQ PiVFHUFDQD\SRUWDQWRLQWHUHVDQWHSDUD HOORV

'HVDUUROOR GH LQIUDHVWUXFWXUD 3DUD HO IRUWDOHFLPLHQWR GH ODV LQIUDHVWUXFWXUDV VRQ QHFHVDULDV GHFLVLRQHV PX\ IXHUWHV H LQYHUVLRQHV PX\ DOWDV (O *RELHUQR GHEH KDFHU XQ HVIXHU]R SRU JHQHUDU LQFHQWLYRV SRUTXHHQPXFKDVSDUWHVGHOSDtVORVFDVRV GH QHJRFLR QR GDQ XQ UHVXOWDGR SRVLWLYR FRPRSDUDTXHORVRSHUDGRUHVJDQHQ

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526


7HOHFRPXQLFDFLRQHV

)HULDGH%DUFHORQD

&RQJUHVR0XQGLDOGH0yYLOHV 3RU,QJ-XOLiQ&DUGRQD&

(

QHOPHVGHIHEUHURGHHVWHDxRGXUDQWHORVGtDV DOVHOOHYyDFDERHO&00HQODFLXGDGGH %DUFHORQD (VSDxD 6HJ~Q-RKQ+RIIPDQ'LUHFWRU GHO*60$0RELOH:RUOG&RQJUHVVHOHYHQWRGHHVWHDxR WXYR XQ UpFRUG GH  SDUWLFLSDQWHV GH PiV GH  SDtVHVFRQHOGHUHSUHVHQWDFLyQGHDOWRQLYHO$GHPiV WXYRPiVH[SRVLWRUHV  DVLVWLHURQPiV&(2   \FRQIHUHQFLDVGHGHVDUUROODGRUHVGHDSOLFDFLRQHV$SS    PiV TXH HQ ODV HGLFLRQHV DQWHULRUHV $GHPiV XQ JUXSR GH  FRQIHUHQFLVWDV LQVSLUDGRUHV GH ORV DYDQFHV PXQGLDOHVHVWXYLHURQSUHVHQWHVFRQXQDSRUWHLQWHOHFWXDO TXHHVWiGLVSRQLEOHSDUDWRGRV 3RGUtD GHFLUVH TXH HVWH &RQJUHVR HV HO GH OD WHFQRORJtD TXH VH H[SUHVD HQ 0RYLOLGDG %DQGD $QFKD LQDOiPEULFD \&RPSXWDFLyQHQOD1XEHFRPRORVSDUDGLJPDVDVHJXLU HQ ORV SUy[LPRV PHVHV SDUD HO GHVDUUROOR GH UHGHV \ GLVSRVLWLYRVSDUDODVWHOHFRPXQLFDFLRQHVPyYLOHV

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



(O &RQJUHVR FRQ WRGR VX GHVSOLHJXH PRVWUy WRGDV ODV DSOLFDFLRQHVTXHFRQWULEXLUiQDDPHMRUDUODFDOLGDGGHYLGD GHODVSHUVRQDV\TXHIDFLOLWDUiQD~QPiVHOLQWHUFDPELR \ OD FRPXQLFDFLyQ VRFLDO FRQWULEX\HQGR FRQ QXHYDV IRUPDVGHHQWUHWHQLPLHQWR\GHVDUUROORGHQHJRFLRVSDUD ORV XVXDULRV $GHPiV KL]R FRQRFHU ODV KHUUDPLHQWDV GH FyPRHPSRGHUDUDODJHQWH\DODVRFLHGDGDWUDYpVGHOD PRYLOLGDG\ODEDQGDDQFKDGHWDOPDQHUDTXHVHEXVTXH FRQHOWLHPSRHODSUHQGL]DMHGHOD&RPXQLFDFLyQ,QWXLWLYD SRUSDUWHGHORVXVXDULRV (O&RQJUHVRHVXQHQRUPHGHVSOLHJXHGHWHFQRORJtDSDUD GDUXQDDJUDGDEOHH[SHULHQFLDDORVVHQWLGRVSODFHUHQHO HQWUHWHQLPLHQWR\VDWLVIDFFLyQHQODUHDOL]DFLyQGHWDUHDV DORVXVXDULRV (O&RQJUHVRUHXQLyGHPDQHUDLPSRUWDQWHDORVIDEULFDQWHV \YHQGHGRUHVGHWHUPLQDOHV\UHGHVDORVVXPLQLVWUDGRUHV GHFRQWHQLGRV\DSOLFDFLRQHVDODVHPSUHVDVTXHSURYHHQ HO,QWHUQHW²,63\DORVRSHUDGRUHVGHWHOHFRPXQLFDFLRQHV

TXLHQHVVRQORVPiVLQWHUHVDGRVHQTXHORVSURGXFWRVGH ORV FXDOHV GLVSRQJDQ VHDQ VXVFHSWLEOHV GH HVWDEOHFHU SODQHV GH QHJRFLR TXH WHQJDQ HO VHUYLFLR UHTXHULGR SRU SDUWHGHORVXVXDULRV\ODVUHQWDELOLGDGHVDGHFXDGDVSDUD VXVÀQDQ]DV1RHVWXYLHURQSUHVHQWHVRQRIXHURQLQYLWDGRV ORVUHSUHVHQWDQWHVGHORVXVXDULRVQLORVUHJXODGRUHVTXH KDFHQSDUWHGHORVJRELHUQRVHQGRQGHVHGHVSOLHJDHVWD WHFQRORJtD+XERDXVHQFLDGHHQWHVJXEHUQDPHQWDOHVTXH HVFXFKDUDQORVUHFODPRVGHODLQGXVWULDSDUDFRQWULEXLUHQ ODVROXFLyQGHVXVQHFHVLGDGHV

(QHO&RQJUHVR0XQGLDOGH0yYLOHVKXERDXVHQFLD GHHQWHVJXEHUQDPHQWDOHVTXHHVFXFKDUDQ ORVUHFODPRVGHODLQGXVWULDSDUDFRQWULEXLUHQ ODVROXFLyQGHODVQHFHVLGDGHVHQPDWHULDGH WHFQRORJtD 'HVDUUROOORVDSSSURWDJRQLVWDVHQ%DUFHORQD (QWRQFHV HO SRGHU GH ODV DSOLFDFLRQHV GHQRPLQDGRV FRPR GHVDUUROORV $SS  ODV FXDOHV UHTXLHUHQ FDGD YH] PiV DQFKR GH EDQGD VH FRQYLHUWHQ HQ HO FHQWUR GH ODV LQYHVWLJDFLRQHV QR GHMDQGR GH ODGR OD SUHPLVD TXH HVWH FRQVXPR H[DJHUDGR GHO DQFKR GH EDQGD SXHGH GDU DO WUDVWHFRQHOGHVHRGHOPXQGRTXHODVWHFQRORJtDVPyYLOHV LQDOiPEULFDV SXHGDQ FRQWULEXLU GH PDQHUD GHFLGLGD D PDVLÀFDUODEDQGDDQFKDFRQFHSWRTXHHV\VHUiHOPRWRU GH GHVDUUROOR GH ODV HFRQRPtDV GHO SODQHWD HQ HO VLJOR ;;, FXDQGR HVWDPRV WRGRV LQPHUVRV HQ OD 6RFLHGDG GHO &RQRFLPLHQWR <D VH KD HVWDEOHFLGR TXH XQ  GH LQFUHPHQWR HQ OD SHQHWUDFLyQGHEDQGDDQFKD\DVHDÀMDRPyYLORDPEDV GHPDQHUDFRPSOHPHQWDULDHQORVSDtVHVKDFHFUHFHUHO HPSOHR\DGHPiVDXPHQWDHO3,%HQYDORUHVDSUR[LPDGRV DO (QHO&RQJUHVRVHWXYRHOHVSDFLRSDUD$SS3ODQHWHOFXDO DOEHUJy PiV GH  GHVDUUROODGRUHV GH DSOLFDFLRQHV


$SS 3ODQHW  YROYLy D VHU HO &HQWUR GHO 8QLYHUVR GH DSOLFDFLRQHV RULJLQDQGR GHQWUR GH ORV RSHUDGRUHV GH UHGHV OD QHFHVLGDG GH EXVFDU XQD LQWHJUDFLyQ GH HVWDV DSOLFDFLRQHV SDUD TXH SXHGDQ FRUUHU HQ ORV GLIHUHQWHV WHOpIRQRV LQWHOLJHQWHV GHMDQGR GH VHU SURSLHWDULDV SDUD FRQYHUWLUVHHQDSOLFDFLRQHVLQWHJUDGDV\DELHUWDV

GHOXVXDULRFRPRIDFWRUHVHQFLDOSDUDTXHODDSURSLDFLyQ GH HVWDV WHFQRORJtDV OOHJXH D WRGRV &RQ HO ,PSXOVR LQWHJUDO GHO (FRVLVWHPD PyYLO VH SRGUi FRQWULEXLU SDUD TXH PDVLÀFDFLyQ GHO DFFHVR PyYLO D OD VRFLHGDG GH OD LQIRUPDFLyQVHDXQDUHDOLGDG (O REMHWLYR HV HQOD]DU D OD JHQWH OD JHQWH FRQHFWDGD D ,QWHUQHW\ODJHQWDFRQHFWDGDDODVPiTXLQDVRDSDUDWRV GHO XVR GLDULR \ HVWRV HQWUH Vt 00  (V XQ HVFHQDULR H[WUDRUGLQDULR GH HYROXFLyQ WHFQROyJLFD SHUR TXHGD OD GXGD \D  TXH HVWR VHUi SRVLEOH KR\ HQ ORV SDtVHV PiV GHVDUUROODGRV TXH WLHQHQ PHMRU LQIUDHVWUXFWXUD GH WHOHFRPXQLFDFLRQHV (VWRSRGUtDFRQOOHYDUDTXHODHVSLUDOGHFUHFLPLHQWRGHOD SDVHVULFRVVLJDLPSDUDEOH\OD%UHFKD'LJLWDOHQHOPXQGR VH VLJD DXPHQWDQGR \D TXH KXER XQRV JRELHUQRV TXH HQWHQGLHURQ HQ GRQGH HVWDED OD FODYH PLHQWUDV TXH HQ RWURV FRPR ORV ODWLQRDPHULFDQRV HVWiQ DSHQDV WUDWDQGR GHUHVROYHUHOJUDYHDWUDVRGHODPDVLÀFDFLyQGHODEDQGD DQFKDWDQWRÀMDFRPRPyYLO

/RVGHVDUUROORV$SSFRQYLHUWHQHQHOFHQWURGHODV LQYHVWLJDFLRQHVVLQGHMDUGHODGRODSUHPLVDTXH HVWHFRQVXPRH[DJHUDGRGHODQFKRGHEDQGD FRQFHSWRTXHHV\VHUiHOPRWRUGHGHVDUUROORGHODV HFRQRPtDVGHOSODQHWDHQHOVLJOR;;, 7DPELpQVHPRVWUyHQHO&RQJUHVRFRPRODHYROXFLyQGH GLVSRVLWLYRV HV GHÀQLWLYDPHQWH SDUD HO 7DEOHW HO FXDO LGR JDQDGRWHUUHQR\VHDQXQFLDTXHOOHJDUiDGHVSOD]DUDO3& \DOWHOpIRQRPyYLOGHELGRDTXHWRGRVHUiGDWRV\FRQHVWH PHFDQLVPR VH HIHFWXDUiQ WRGDV ODV FRPXQLFDFLRQHV HQ HO PXQGR (VWH DYDQFH GHFLGLGR GH ODV 7DEOHW HQFXHQWUD VXPD\RUSRWHQFLDOHQODFDSDFLGDGGHDOPDFHQDPLHQWR\ YHORFLGDGGHSURFHVDPLHQWRTXHODPLFURHOHFWUyQLFDHVWi SRQLHQGRDGLVSRVLFLyQGHORVIDEULFDQWHVGHGLVSRVLWLYRV SRUWRGDSDUWH

8QHFRVLVWHPDPyYLO (O (FRVLVWHPD 0yYLO IXH XQ FRQFHSWR PX\ FRPHQWDGR HQHO&RQJUHVR\DTXHFRPSUHQGHUHGHV\GLVSRVLWLYRV DSOLFDFLRQHV \ FRQWHQLGRV \ HO PDQHMR GH OD H[SHULHQFLD

:L)LFODYHHQODPRYLOLGDGWHFQROyJLFD (O :L)L FRPR FRQH[LyQ GHIDXOW VH SUHVHQWy FRPR XQD QHFHVLGDGSDUDDSR\DUHVWHPXQGRGHODVFRPXQLFDFLRQHV LQDOiPEULFDV(OSHQVDUHQHO5RDPLQJGHUHGHV:L)LHV XQDSUHPLVDIXQGDPHQWDOSDUDDXPHQWDUODXELTXLGDG\OD PRYLOLGDG GH WRGRV ORV WHUPLQDOHV R GLVSRVLWLYRV PyYLOHV HQHOSODQHWD (QHVWHVHQWLGRWDPELpQVHH[SUHVyHO3UHVLGHQWH%DUDFN 2EDPD HO  GH HQHUR GH  HQ VX GLVFXUVR VREUH HO (VWDGR GH OD 8QLyQ ´'XUDQWH ORV SUy[LPRV FLQFR DxRV KDUHPRV SRVLEOH TXH ODV HPSUHVDV GHVSOLHJXHQ OD VLJXLHQWHJHQHUDFLyQGHFREHUWXUD:L)LGHDOWDYHORFLGDG DOGHORVHVWDGRXQLGHQVHV1RVHWUDWDVyORGHWHQHU LQWHUQHWPiVUiSLGR\PHQRVOODPDGDVTXHVHFRUWDQ6H WUDWDGHFRQHFWDUWRGRVORVULQFRQHVGH(VWDGRV8QLGRVD ODHUDGLJLWDOµ 6LELHQHVFLHUWRORVSURYHHGRUHVGHDSOLFDFLRQHVWXYLHURQ XQHVFHQDULRSURSLFLRSDUDPRVWUDUVXVDYDQFHVWDPELpQ HV FLHUWR TXH D QLYHO WHFQROyJLFR VH SXGR REVHUYDU OD PLVPD EDWDOOD TXH \D HQ HO SDVDGR VH SUHVHQWy FRQ ORV HVWiQGDUHVSDUDWHOHIRQtDPyYLOFHOXODU\GHODWHOHYLVLyQ GLJLWDO WHUUHVWUH  7'7 &DGD JUXSR GH SRGHU LQGXVWULDO R FRQWLQHQWH R UHJLyQ GHO SODQHWD WUDWD GH LPSRQHU VX HVWiQGDUHQFXDQWRDO6LVWHPD2SHUDWLYRVHUHÀHUH (Q HO &00  YLPRV FRPR OD OXFKD HQWUH $SSOH %ODFN%HUU\ 0LFURVRIW *RRJOH \ 1RNLD VH GLR EXVFDQGR TXH VX HVWiQGDU GH 6LVWHPD 2SHUDWLYR VHD HO DFHSWDGR SRUORVGHPiVSDUDTXHVHDXWLOL]DGRSRUORV6PDUWSKRQH < HV SRU HVWD GLVSXWD \ OD GH VXV SURSLDV GLÀFXOWDGHV GH LQWHJUDFLyQ TXH VXUJH OD &RPXQLGDG :$& OD FXDO WHQLHQGR VX RULJHQ HQ ORV RSHUDGRUHV \ SUHVWDGRUHV GH

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

&RPR VROXFLyQ D HVWD QHFHVLGDG \ ODV SURSLDV GH ORV RSHUDGRUHV SDUD SUHVWDU VXV VHUYLFLRV VXUJH OD :$& R :KROHVDOH $SSOLFDWLRQV &RPXQLW\ TXH HV XQ HVFHQDULR HQ GRQGH ORV RSHUDGRUHV HVWiQ EXVFDQGR GLDORJDU FRQ ORV GHVDUUROODGRUHV GH $SS SDUD TXH GLFKD DSHUWXUD H LQWHURSHUDELOLGDGGHSODWDIRUPDVSXHGDVHUXQDUHDOLGDG $SHQDVVHKDLQLFLDGRHOFDPLQR\VHHVSHUDTXHSDUDHO DxR HQWUDQWH FRPLHQFH D GDU VXV UHVXOWDGRV R HQ FDVR FRQWUDULRHVWDUHPRVHQHOSHRUHVFHQDULRFRQORVULHVJRV DVRFLDGRV FXDQGR ODV QRUPDV QR VH LQWHJUDQ FRPR KD VXFHGLGR FRQ OD LQGXVWULD \ ODV QDFLRQHV FXDQGR KDQ WHQGLGRTXHLQFOLQDUVHSRUDOJXQDHQSDUWLFXODU


VHUYLFLR EXVFD XQD DUPRQL]DFLyQ GH SODWDIRUPDV DO PHQRV SDUD TXH ORV VHUYLFLRVTXHRIUHFHQDVXVFOLHQWHVQR HVWiQ DWDGRV D XQD WHFQRORJtD VLQR D OD PRGDOLGDG \ HVSHFLÀFLGDGHV GH XQ VHUYLFLR

JUDQGHV RSHUDGRUHV HQ *7, ² *OREDO 7'/7( ,QLWLDWLYH   FRQ HO REMHWLYR GH ORJUDU LPSOHPHQWDFLRQHV D HVFDOD JOREDOSDUD/7(TXHEXVFDQXQ,QWHUQHW PyYLOPiVHFRQyPLFR

$OJXQRVDYDQFHVHQ/7( $QLYHOWHFQROyJLFRVHSXGR REVHUYDUODPLVPDEDWDOODTXH\D HQHOSDVDGRVHSUHVHQWyFRQORV HVWiQGDUHVSDUDWHOHIRQtDPyYLO FHOXODU\GHODWHOHYLVLyQGLJLWDO WHUUHVWUH7'7&DGDJUXSRGH SRGHULQGXVWULDORFRQWLQHQWH RUHJLyQGHOSODQHWDWUDWDGH LPSRQHUVXHVWiQGDUHQFXDQWRDO 6LVWHPD2SHUDWLYRVHUHÀHUH (O DFXHUGR HQWUH 1RNLD \ 0LFURVRIW FRQ VX :LQGRZV 3KRQH  :3  HO GHVSOLHJXH GH $SSOH FRQ VX WLHQGD GH DSOLFDFLRQHV \ OD DSDUHQWH YHQWDMD TXHWLHQHKR\GtDHO6LVWHPD2SHUDWLYR $QGURLG GH *RRJOH VRQ SDUWH GH PDUFR TXH HVWi EXVFDQGR FXDQWR DQWHV DO PHMRU SDUD WRPDUOR FRPR UHIHUWH WHFQROyJLFR 7HQGUHPRV TXH HVSHUDU TXLHQ VH LPSRQH SDUD TXH OD &RPXQLGDG :$& SXHGD FRQWDU FRQ XQD PHMRU SHUVSHFWLYD SDUD RIUHFHU VXV VHUYLFLRV D ORV XVXDULRV DGHPiV TXH HOORV WDPELpQ EXVFDQ TXH FRPR RSHUDGRUHV SXHGDQ FUHDU SODWDIRUPDV XQLÀFDGDVGHSUHVWDFLyQGHVHUYLFLRVD VXVFOLHQWHV

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



(O FDVR GH ODV UHGHV WDPELpQ DFRPSDxDHODYDQFHWHFQROyJLFRSDUD TXHODPDVLÀFDFLyQGHODEDQGDDQFKD LQDOiPEULFD SXHGD SHUPLWLU HO XVR GH ORV GLVSRVLWLYRV \ DVt OD H[SHULHQFLD GHO XVXDULR SXHGD VHU LQFUHPHQWDGD \ VX FRQVXPR DXPHQWH (O /7( HV HO IXWXURGHODVUHGHVLQDOiPEULFDV\SRU WDO UD]yQ HVWXYR HQ HO FHQWUR GH ODV GLVFXVLRQHVHQHO&00HVWHDxR (O LPSXOVR GHWUiV GH 7'/7( \ OD FRQYHUJHQFLD GH 7'' FRQ )'' IXHURQ ORV GRV WHPDV FHQWUDOHV TXH HVWDEDQ VLHQGR H[DPLQDGRV SRU ORV RSHUDGRUHV \ SURYHHGRUHV SDUD SURPRYHU JUDQGHV HFRQRPtDV GH HVFDOD \ URDPLQJ LQWHUQDFLRQDO /D LQLFLDWLYD PXQGLDO GH KDFHU FRQYHUJHU D 7'/7( \ )''/7( KL]R XQLU ORV PiV

• 'HXWVFKH7HOHNRPPH]FODGH/7(\ +63$FRPRHVWUDWHJLDFHQWUDO • 3UR\HFWRV LQLFLDOHV HQ (XURSD ((88-DSyQ\&RUHDGHO6XU • /7( SRGUtD UHSUHVHQWDU HO  GH ODVPyYLOHVFRQH[LRQHVSDUDHODxR DQLYHOPXQGLDO • &KLQDSRGUtDUHSUHVHQWDUDODPLWDG GH WRGDV ODV FRQH[LRQHV GH /7( HQ $VLD\HO3DFtÀFRHQ • 7HOVWUD ODQ]DQGR /7( HQ  0+] D ÀQDOHV GH  2 *HUPDQ\ ODQ]DQGR/7(HQ0+]\*+] \ 5,0  ODQ]DQGR :L)L /7( \ :L)L +63$HQHOVHJXQGRVHPHVWUHGH  • 6SULQW  &OHDUZLUH /7( SRGUtD VHU XQ VHUYLFLR FRPSOHPHQWDULR D ODV DFWXDOHVUHGHV:L0$; • .31UHG+63$FRPRUHGSULQFLSDO HQORVSUy[LPRVDxRVSHUR\DHVWi SUREDQGRYDULDQWHVHO)''\7''GH /7(FRQ=7( • 'HPRVWUDFLRQHV GH 9R/7( \ YLGHR OODPDGDV VREUH /7( \ ORV 6PDUWSKRQH*/7( 3DUD ORV 209 RSHUDGRUHV PyYLOHV YLUWXDOHV  HO &00  SRGUtD VHU HO UHQDFHU GH VXV H[SHFWDWLYDV FRPHUFLDOHV OXHJR GH DxRV LQFLHUWRV SRUVXVLQHVWDELOLGDGHV\SRUODSpUGLGD GHFRQÀDQ]DGHORVRSHUDGRUHVGHUHG $MX]JDUSRUHOHQWXVLDVPRHQLPSXOVDU ODYHQWDVPD\RULVWDV²:KROHVDOHSRU SDUWH GH ORV JUDQGHV RSHUDGRUHV \ SRU ODV PHGLGDV UHJXODWRULDV SDUD DSR\DUORV TXH DOJXQRV JRELHUQRV HVWiQ DVXPLHQGR HO UHJUHVR D IRUPDU SDUWH GH ODV HVWUDWHJLDV FRPHUFLDOHV GH ORV RSHUDGRUHV SDUHFH VHU XQ KHFKR TXH WRPDUi IXHU]D \ OD FRQVLVWHQFLD FRPHUFLDO QHFHVDULD GXUDQWH HO SUHVHQWH DxR VREUH WRGR SDUDHQIRFDUORVHQQLFKRVGHPHUFDGR GRQGHHODFFHVRHVPiVGLItFLOSDUDODV HVWUDWHJLDVWUDGLFLRQDOHV

(QJHQHUDOVHSRGUtDGHFLUTXHHO&00 HV XQ HYHQWR GH SRGHU \ GH OD JUDQ LQGXVWULDGHWHFQRORJtDVLQDOiPEULFDV SHURHQGRQGHQRVHFRQRFHHOUXPER UHDOTXHWRPDUiQORVDFRQWHFLPLHQWRV VREUH ODV DGMXGLFDFLRQHV GH HVSHFWUR UDGLRHOpFWULFR \D TXH ORV UHJXODGRUHV QR KDFHQ SDUWH GH ODV GHOLEHUDFLRQHV VLQR TXH HVWiQ VRODPHQWH XQD SDUWH GH ORV DFWRUHV HO (FRVLVWHPD 0yYLO 3RURWURODGR\GHVGHHOSXQWRGHYLVWD RUJDQL]DWLYR KDEUi TXH PHMRUDU ODV FRPXQLFDFLRQHV :L)L HQ HO HYHQWR \D TXH SRU FRQJHVWLyQ ODV UHGHV FRODSVDURQ \ IXH GH GLItFLO XWLOL]DFLyQ FRPR GHELHUD VHU HQ XQ HVFHQDULR TXH SURPXHYH ODV WHFQRORJtDV LQDOiPEULFDV 7DPELpQ OD H[KLELFLyQ GH ULTXH]D GH $VLD (XURSD ((88 \ &DQDGi GD D HQWHQGHU TXH OD EUHFKD GLJLWDO VH DFUHFHQWDUi HQ HO VLJOR ;;, SDUD ORV SDtVHVHQGHVDUUROOR\SREUHV\DTXHHO DFFHVRDHVWRVQXHYRVDYDQFHVHVWDUiQ SULPHUR HQ ODV VRFLHGDGHV TXH KDQ WRPDGRODGHODQWHUDHQODPDVLÀFDFLyQ GH OD EDQGD DQFKD ÀMD \ PyYLO \ HV SRU HVR TXH SUiFWLFDPHQWH $PpULFD /DWLQD QR WXYR XQD SDUWLFLSDFLyQ TXH SXGLHUDUHÁHMDUODHVSHUDQ]DGHDOJ~Q SURWDJRQLVPRHQHOLQPHGLDWRIXWXUR 3DUD&RORPELDHOURODFRQVLGHUDUVHUi HO GH ODV $SS ² DSOLFDFLRQHV PyYLOHV WHPD TXH VH HQFXHQWUD LQFRUSRUDGR HQ HO 3ODQ 9LYH 'LJLWDO GHO DFWXDO JRELHUQR HO FXDO QRV SHUPLWLUtD OOHYDU DO iUHD GHO $SS 3ODQHW GHO &RQJUHVR GHO  XQ JUXSR GH LQYHVWLJDGRUHV \GHVDUUROODGRUHVGHDSOLFDFLRQHVTXH PXHVWUHQVXVUHVXOWDGRVHVWLPXODQGR DVtHOGHVDUUROORGHOVRIWZDUHQDFLRQDO D ODV SURIHVLRQHV LQYROXFUDGDV D OD FUHDFLyQ GH HPSOHR \ D ODV H[SRUWDFLRQHV GH DSOLFDFLRQHV \D TXH HV HO QLFKR TXH SRGHPRV DSURYHFKDU FRPR SDtV PHUFDGR TXH WDPELpQ FRQFXHUGD SRU OR SODQWHDGR SRU HO 0LQLVWHULR GH &RPHUFLR ,QGXVWULD \ 7XULVPR FRPR XQR GH ORV VHFWRUHV HVWUDWpJLFRVSDUDHOSDtV


7HOHFRPXQLFDFLRQHV 6RFLDOL]DFLyQGHODFXHUGRSDUDWHOHYLVLyQGLJLWDO

$&,(0DSRUWDHQODFRQVWUXFFLyQGH SROtWLFDVFODUDVSDUDOD7'7

/

D /D VHGH GH $&,(0 HQ OD FLXGDG GH %RJRWi IXH HO HVSDFLR HOHJLGR SRU OD &RPLVLyQ 1DFLRQDO GH 7HOHYLVLyQ &179  SDUD VRFLDOL]DU HO ERUUDGRU GHO DFXHUGR SDUD OD 7HOHYLVLyQ 'LJLWDO 7HUUHVWUH 7'7  TXH HVWDEOHFLyODVFRQGLFLRQHVWpFQLFDVSDUDODSUHVWDFLyQGHO VHUYLFLRGHWHOHYLVLyQUDGLRGLIXQGLGDHQWHFQRORJtDGLJLWDO HQ&RORPELD

$VLPLVPR2VRULRVHxDOyHOYDORUGHWUDEDMDUGHODPDQRFRQ HOJUHPLRGHOD,QJHQLHUtDHQODUHJXODFLyQGHOVHUYLFLRGH 7HOHYLVLyQ'LJLWDO7HUUHVWUH´YDPRVDH[SHGLUODUHJXODFLyQ VREUH ORV SDUiPHWURV WpFQLFRV SDUD OD WUDQVPLVLyQ RSHUDFLyQ\H[SORWDFLyQGHODWHOHYLVLyQGLJLWDO\TXpPHMRU SDUWLFLSDQWH TXH $&,(0 \ VXV DJUHPLDGRV TXH FRQ VXV REVHUYDFLRQHVHQULTXHFHUiQODFRQVWUXFFLyQÀQDOGHHVWH DFXHUGRGHOD&179µ

7'7QRWHQGUiLQWHUDFWLYLGDG 3RUVXSDUWHHO([SHUWR&RPLVLRQDGR0DXULFLR6DPXGLR PHQFLRQyDVSHFWRVTXHVHHQPDUFDQHQHODFXHUGRFRPR FRQÀJXUDFLyQ GH UHGHV SDUD ORV GLIHUHQWHV RSHUDGRUHV FRQGLVSRVLFLyQGHRWURVVHUYLFLRVWLSRVGHPRGXODFLyQ\ SURJUDPDFLyQ GH WUDQVPLVRUHV SDUD SUHVWDU VHUYLFLRV GH PRYLOLGDG LQWHUDFWLYLGDG FRQWHQLGRV HQ DOWD GHÀQLFLyQ \ PXOWLFDQDOLGDGHQWUHRWURV

(QODUHXQLyQDODTXHDVLVWLyODMXQWDGLUHFWLYDGHOD&179 VH H[SXVR DGHPiV GH GLFKR DFXHUGR OD SRVLFLyQ GH $&,(0HQFDOLGDGGHJUHPLRSURIHVLRQDOGHOD,QJHQLHUtD\ &XHUSR7pFQLFR&RQVXOWLYRGHO*RELHUQR1DFLRQDO (GXDUGR 2VRULR GLUHFWRU GH OD &179 VH UHÀULy D OD VRFLDOL]DFLyQFRPRKHUUDPLHQWDFODYHSDUDHVWDEOHFHUODV FRQGLFLRQHV WpFQLFDV SDUD OD RSHUDFLyQ GHO VHUYLFLR DVt FRPRODFRQYLYHQFLDGHODVUHGHVGHWHOHYLVLyQ\ORVWHPDV GHFDOLGDGGHODVHxDO (O IXQFLRQDULR H[SUHVy OD LPSRUWDQFLD GH DSURYHFKDU OD GLVFXVLyQGHODFXHUGRSDUDVDFDUXQDPHMRUUHJODPHQWDFLyQ TXH DJUXSH WRGRV ORV HOHPHQWRV PHQFLRQDGRV SDUD TXH HO XVXDULR ÀQDO HQ OD FDGHQD WHOHYLVLYD VHD HO PD\RU EHQHÀFLDGR

(O&RPLVLRQDGR6DPXGLRDFWXDOJHUHQWHGHOD7HOHYLVLyQ 'LJLWDO HQ &RORPELD SDUD OD &179 KL]R HVSHFLDO pQIDVLV HQ OD LQWHUDFWLYLGDG LQGLFDQGR TXH DXQTXH IXH XQD GH ODV FDUDFWHUtVWLFDV TXH WXYR HQ FXHQWD OD &179 SDUD OD HVFRJHQFLD GHO HVWiQGDU WLHQH LPSOLFDFLRQHV HQ ORV FRVWRVORFXDOODKDFHLQYLDEOHSRUDKRUD $SHVDUGHODLQYLDELOLGDGPRPHQWiQHDGHXQDLQWHUDFWLYLGDG HQ &RORPELD HO ,QJHQLHUR 6DPXGLR H[SOLFy TXH HVWH VHUYLFLRFRPRODPRYLOLGDGODFDOLGDGGHDXGLR\YLGHR\ ODPXOWLFDQDOLGDGVRQFRQGLFLRQHV\FDUDFWHUtVWLFDVGHOD WHOHYLVLyQGLJLWDOTXHVHGHVDUUROODUiQHLPSOHPHQWDUiQHQ SDUDOHORFRQODWHFQRORJtD 'H LJXDO PDQHUD 6DPXGLR DÀUPy TXH ´ODV FRQGLFLRQHV WpFQLFDV PtQLPDV TXH JDUDQWLFHQ FDOLGDG \ HIHFWLYLGDG SDUD TXH ORV RSHUDGRUHV S~EOLFRV \ SULYDGRV SXHGDQ SUHVWDU HVWRV VHUYLFLRV \ SDUD TXH ORV XVXDULRV SXHGDQ UHFLELUORV GH OD PHMRU PDQHUD KLFLHURQ SDUWH GH OD GLVFXVLyQ FRQ ORV RSHUDGRUHV GH WHOHYLVLyQ OD LQGXVWULD ODDFDGHPLDORVFRQVXPLGRUHV\SRUVXSXHVWRODSURSLD ,QJHQLHUtDUHSUHVHQWDGDHQ$&,(0µ

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

'HL]TDGHU/XLV(GXDUGR3HxD6XEGLUHFWRU7pFQLFRGHGHOD &179$OEHUWR*X]PiQ&RPLVLRQDGRGHOD&179(GXDUGR2VRULR 'LUHFWRUGHOD&1790DXULFLR6DPXGLR&RPLVLRQDGRGHOD&179 $GHOD0DHVWUH6HFUHWDULD*HQHUDOGHOD&179\$Q\9HOi]TXH] &RPLVLRQDGDGHOD&179


&REHUWXUDHQ7'7 5HVSHFWR D ORV DYDQFHV TXH VH WLHQHQ HQ OD LPSOHPHQWDFLyQ GH OD 7HOHYLVLyQ 'LJLWDO 0DXULFLR6DPXGLRPDQLIHVWyTXHHQHOFDVRGH OD79SULYDGD 5&1\&DUDFRO ORVGRVRSHUDGRUHV QDFLRQDOHV HVWiQ FXEULHQGR DFWXDOPHQWH HO GHODSREODFLyQ\VHHVSHUDTXHDOWHUPLQDU HODxRDXPHQWHQXQPiV (OREMHWLYRHVWHUPLQDUFRQXQDFREHUWXUDWRWDO GHXQDSUR[LPDGDPHQWH$GHPiVSRUTXH OD&179\DHVWiGLVHxDQGRFRQMXQWDPHQWHFRQ ORVRSHUDGRUHVSULYDGRV\FRQ5DGLR7HOHYLVLyQ 3~EOLFDGH&RORPELD 579& \FRQORVFDQDOHV UHJLRQDOHV XQ SUR\HFWR SDUD TXH D ÀQDOHV GH VHWHQJDHOGHODSREODFLyQDWHQGLGD FRQWHFQRORJtDGLJLWDO

´/RVDSRUWHVWpFQLFRVTXHKHPRVKHFKR DOD&179HVWiQUHODFLRQDGRVFRQODV FDUDFWHUtVWLFDVWpFQLFDVTXHGHEHWHQHUOD VHxDOGLJLWDOSDUDTXHODFRQYLYHQFLD\OD FRH[LVWHQFLDGHRSHUDGRUHVHQFDPSRQR SUHVHQWHLQWHUIHUHQFLDµ$&,(0 (O &RPLVLRQDGR DJUHJy TXH OD &179 WLHQH OLEHUDGRVORVFDQDOHVDODQLYHOQDFLRQDOOR FXDOHVXQHOHPHQWRPX\LPSRUWDQWHSRUTXHOH GDODSRVLELOLGDGDO0LQLVWHULRGHODV7HFQRORJtDV GH OD ,QIRUPDFLyQ \ ODV &RPXQLFDFLRQHV SDUD GLVSRQHUGHHVDVIUHFXHQFLDV\SRGHUSODQLÀFDU ORV QXHYRV VHUYLFLRV HQ ORV TXH HOORV WLHQHQ QHFHVLGDGHV

3RVLFLyQ$&,(0

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



$&,(0 HQ FDEH]D GHO ,QJHQLHUR -XOLiQ &DUGRQD&DVWURFRPRJUHPLRSURIHVLRQDOGHOD ,QJHQLHUtD \ GH &XHUSR 7pFQLFR &RQVXOWLYR GHO *RELHUQR1DFLRQDOVHxDOyTXHORLPSRUWDQWHHQ ODLPSOHPHQWDFLyQGHWHOHYLVLyQGLJLWDO7HUUHVWUH HQ &RORPELD HV SURWHJHU ORV GHUHFKRV GH ORV XVXDULRV /RV DSRUWHV WpFQLFRV TXH KHPRV KHFKR D OD &179HVWiQUHODFLRQDGRVFRQODVFDUDFWHUtVWLFDV WpFQLFDVTXHGHEHWHQHUODVHxDOGLJLWDOSDUDTXH OD FRQYLYHQFLD \ OD FRH[LVWHQFLD GH RSHUDGRUHV HQ FDPSR QR SUHVHQWH LQWHUIHUHQFLD 2WUDV FDUDFWHUtVWLFDVWpFQLFDVTXHHVWiQUHODFLRQDGDV FRQ OD FDOLGDG GH OD VHxDO GLJLWDO GH WDO PDQHUD TXH ORV XVXDULRV HVWpQ SURWHJLGRV HQ

HO PRPHQWR GH OD FRPSUD GH VXV HTXLSRV UHFHSWRUHV R FDMDV GHFRGLÀFDGRUDV DÀUPy HO ,QJHQLHUR&DUGRQD&DVWUR

(O 3UHVLGHQWH GH $&,(0 H[SXVR ORV VLJXLHQWHV HOHPHQWRVTXHVHGHEHQWHQHUHQFXHQWDSDUD OD SUHVWDFLyQ GHO VHUYLFLR GH 7HOHYLVLyQ 'LJLWDO 7HUUHVWUH 7'7  ϭ͘ Ϯ͘

ϯ͘ ϰ͘ ϱ͘ ϲ͘ ϳ͘ ϴ͘ ϵ͘

(VFDODELOLGDGHQODFREHUWXUD 7LSRGHVHUYLFLRVHUiHQIRFDGRDORV PHUFDGRVGHPD\RUDFRJLGD\VHUiQORV PLVPRVHQWRGDVODViUHDVJHRJUiÀFDV ,QWHUDFWLYLGDGREOLJDWRULD /LEUHHVFRJHQFLDGHODWRSRORJtDGHUHG $GPLQLVWUDGRU~QLFRRFRQMXQWRGHUHGHV 0RQLWRUHRGHODSHQHWUDFLyQ 7UDQVPLVLyQFDOLGDGGHODVHxDO &RH[LVWHQFLDGHUHGHVFDQDOHV DG\DFHQWHV\FRFDQDOHVHQGLJLWDO 5HFHSFLyQRXWGRRUHLQGRRU

/DLQWHUDFWLYLGDGGHEHVHUGHVGHHOLQLFLR &RQ UHVSHFWR LQWHUDFWLYLGDG HO ,QJHQLHUR &DUGRQD &DVWUR DVHJXUy TXH HQ OD 7HOHYLVLyQ 'LJLWDO7HUUHVWUH 7'7 HVIXQGDPHQWDOGHELGRD TXHHOHVWiQGDUGHLQWHUDFWLYLGDGGHEHLUDWDGR WDPELpQDODGHFLVLyQGHOPRGHORGH7'7SRUTXH HVXQPHFDQLVPRPHGLDQWHHOFXDOVHSXHGHQ WUDQVPLWLU PXFKRV VHUYLFLRV DGLFLRQDOHV \ FRPSOHPHQWDULRV \ VHUi XQ IDFWRU FODYH SDUD UHGXFLUODEUHFKDGLJLWDO ´,QWHUQHWWHOHHGXFDFLyQUHGHVGHHPHUJHQFLDV \ UHGHV EDQFDULDV HQWUH RWUDV VRQ SDUWH GH OD VHULHGHODVDSOLFDFLRQHVFRPSOHPHQWDULDVTXH SHUPLWHQ DO XVXDULR DSURYHFKDU ODV YHQWDMDV TXH WUDH OD 7'7 3RU HVR KHPRV SHQVDGR TXH OD LQWHUDFWLYLGDG GHEHUtD YHQLU DVRFLDGD HQ OD UHJXODFLyQ TXH VH VDTXH HQ HVWH DVSHFWR WpFQLFR DVt OR PDQLIHVWy HO ,QJHQLHUR -XOLiQ &DUGRQD &DVWUR SUHVLGHQWH GH $&,(0 WUDV VX LQWHUYHQFLyQHQODVRFLDOL]DFLyQGHOSUR\HFWR


(VSHFLDO&RSLPHUD

3HUVSHFWLYDVGH$&,(0HQ&RSLPHUD

1XHYRGHVSHUWDUGHOD,QJHQLHUtDHQ $PpULFD/DWLQD

5

HVDOWDQGRODLPSRUWDQFLDGHIRUWDOHFHUHOGHVDUUROOR GHOD,QJHQLHUtDHQHOFRQWLQHQWHHO,QJHQLHUR-XOLiQ &DUGRQD &DVWUR 3UHVLGHQWH 1DFLRQDO GH $&,(0 GLRODELHQYHQLGDDORVLQJHQLHURVGHOHJDGRVGHSDtVHVD OD5HXQLyQ,QWHUPHGLDGHOD&RQIHGHUDFLyQ3DQDPHULFDQD GH ,QJHQLHUtD 0HFiQLFD (OpFWULFD ,QGXVWULDO \ 5DPDV $ÀQHV&RSLPHUD (O HYHQWR TXH WXYR OXJDU HQ ODV ,QVWDODFLRQHV GH $&,(0 &XQGLQDPDUFD HO  \  GH QRYLHPEUH GH  FRQWy DGHPiVFRQODSUHVHQFLDGHSRQHQWHVUHSUHVHQWDQWHVGHO JRELHUQR GHO VHFWRU SULYDGR H LQYLWDGRV LQWHUQDFLRQDOHV TXHGLHURQDFRQRFHUVXYLVLyQVREUHODVSHUVSHFWLYDVGH 6XGDPpULFDHQORVGLVWLQWRVVHFWRUHVGHODHFRQRPtD (Q VX GLVFXUVR LQDXJXUDO HO ,QJHQLHUR &DUGRQD &DVWUR UHPHPRUyODFUHDFLyQGH&RSLPHUDFRPRFRQIHGHUDFLyQ KDFH PiV GH  DxRV HQ OD FLXGDG GH &DUWDJHQD GHVWDFDQGR VX LPSRUWDQFLD FRPR HQWH RUJDQL]DGRU \ UHVSRQVDEOHGHODFRQWLQXLGDG\FDOLGDGGHORV&RQJUHVRV 3DQDPHULFDQRV ´(VSHUDPRV TXH HO UHVXOWDGR GH HVWH HMHUFLFLR FROHFWLYR &RSLPHUDHVWDEOH]FDQXHYRVUXPERV\QXHYRVGHUURWHURV SDUD OD LQJHQLHUtD FRPR XQ WRGR \ SDUD FDGD XQR GH QXHVWURVSDtVHVµDJUHJy

6HJ~QHVWXGLRVGHO)RQGR0RQHWDULR,QWHUQDFLRQDO )0, ODHFRQRPtDODWLQRDPHULFDQDSRGUtDWHQHU XQFUHFLPLHQWRSURPHGLRGHXQWDQWRSDUD FRPRSDUD +DFLDXQFUHFLPLHQWRFRQMXQWR (OSUHVLGHQWHGH$&,(0GHVWDFyODYHUWLJLQRVDHYROXFLyQ TXH WXYR OD UHJLyQ HQ OD ~OWLPD GpFDGD HQ FXDQWR HO FUHFLPLHQWRGHODHFRQRPtDJUDFLDVDORV7UDWDGRVGH/LEUH &RPHUFLR TXH WUDQVIRUPDURQ D ORV SDtVHV HQ DFWRUHV GH SULPHUQLYHOHQODHFRQRPtDPXQGLDO

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

,QJ-XOLiQ&DUGRQD&DVWUR3UHVLGHQWH1DFLRQDO$&,(0


3DUD $&,(0 HVWH SRVLFLRQDPLHQWR HQ OD HFRQRPtD KD VLGR IXQGDPHQWDO SDUD IRU]DU D ODV QDFLRQHV D RSWLPL]DU VX SHQVDPLHQWR \ VX FXOWXUD DGHPiV SRUTXH OHV SHUPLWH DYDQ]DU H LQFXUVLRQDU HQ PHUFDGRV LQWHUQDFLRQDOHV HQ PDWHULDGHWHFQRORJtDLQYHUVLyQ\DSDULFLyQGH WDOHQWRKXPDQRPHMRUFDSDFLWDGR  ´(VWH SURWDJRQLVPR TXH DKRUD YLYLPRV QR KD VLGR JUDWXLWR KD UHSUHVHQWDGR HVIXHU]RV \ VDFULÀFLRV D WRGR QLYHO SDUD GHPRVWUDU TXH HO FRQWLQHQWHHV\VHUiDWUDFWLYRSDUDLPSXOVDUVX GHVDUUROOR \ VX WUDQVIRUPDFLyQ HFRQyPLFD HQ ORVSUy[LPRVDxRVµDxDGLy

3HUVSHFWLYDVGH$&,(0 (QWUHWDQWR \ HQ WRUQR D OD YLVLyQ GH &RSLPHUD FRPRYHKtFXORSDUDHOFUHFLPLHQWRGHORVSDtVHV HQORVGLIHUHQWHVVHFWRUHVHVWUDWpJLFRV$&,(0 SUHVHQWyORVDVSHFWRVTXHKDFHQ\KDUiQSDUWH GHODUD]yQGHVHUGHOD&RQIHGHUDFLyQ  (QHUJtD (Q HVWH VHFWRU $&,(0 GHVWDFy OD LPSRUWDQFLDGHOPHGLRDPELHQWH\HOGHVDUUROOR VRVWHQLEOHDODKRUDGHYLVXDOL]DURSRUWXQLGDGHV HQ ORV FDPSRV GH HQHUJtD HOpFWULFD JDV SHWUyOHR HQHUJtDV DOWHUQDWLYDV \ HÀFLHQFLD HQHUJpWLFD

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



'DGRHOYDORUGHODV7,&SDUDOD5HJLyQ$&,(0 UHLWHUy OD LPSRUWDQFLD TXH GHEHQ GDU ORV JRELHUQRVHQFRQMXQWRFRQOD,QJHQLHUtDSDUD LPSXOVDUODPDVLÀFDFLyQGHODEDQGDDQFKD

6HJ~QHOHVWXGLR6WDWHRI,QWHUQHW HODERUDGRSRU&RP6FRUH$PpULFD/DWLQD UHJLVWUyXQDXPHQWRGHHQHOXVR GH,QWHUQHWHQHOFRQYLUWLpQGRVHHQ ODUHJLyQFRQPD\RUFUHFLPLHQWRHQHO PXQGR $O UHVSHFWR HO Pi[LPR GLULJHQWH GH OD $VRFLDFLyQ DVHJXUy ´(Q $&,(0 ,QVLVWLPRV HQ HVWHDVSHFWRDSDUWLUGHXQDVHULDLQYHVWLJDFLyQ PXQGLDO\GHEHPRVGHVWDFDUTXHHO0LQLVWHULR GHODV7,&DFRJLyQXHVWUDSURSXHVWDUHÁHMiQGROD SRVLWLYDPHQWHHQHO3ODQ9LYH'LJLWDO&RORPELD TXH SUR\HFWDUi DO SDtV FUHFLPLHQWR VXVWDQFLDO HQHVWHFDPSRµ   ,QIUDHVWUXFWXUD $&,(0 SUHVHQWy VX SUHRFXSDFLyQ IUHQWH D HVWH VHFWRU GHELGR DO UH]DJR TXH VH KD UHFRQRFLGR GHVGH GLIHUHQWHV HVFHQDULRV SRU HOOR SURSXVR XQD QXHYD RULHQWDFLyQGHOD,QJHQLHUtDFRPRLQVWUXPHQWR SULQFLSDO SDUD HO PHMRUDPLHQWR GH OD LQIUDHVWUXFWXUDWHUUHVWUHPDUtWLPD\DpUHD

/D HVWUHFKD LQWHUUHODFLyQ HQWUH HO GHVDUUROOR HFRQyPLFR \ ORV FXLGDGRV GHO SODQHWD KDFHQ TXH OD SUHRFXSDFLyQ KDFLD GLFKRV DVSHFWRV VHDPDWHULDGHHVWXGLRDFRUWRPHGLDQR\ODUJR SOD]R

(O ,QJHQLHUR &DUGRQD &DVWUR FRPSOHPHQWy ´HV PRPHQWR TXH OD LQJHQLHUtD FRQWULEX\D GH PDQHUD PiV DFWLYD D RULHQWDU FRQ VX FRQRFLPLHQWR \ H[SHULHQFLD ORV SUR\HFWRV GH LQIUDHVWUXFWXUD TXH PDUFDUiQ XQD GLIHUHQFLD VXVWDQFLDOHQWUHDTXHOORVSDtVHVFRPSHWLWLYRV\ DTXHOORVTXHVHJXLUiQHQUH]DJR

 7HFQRORJtDV GH OD ,QIRUPDFLyQ \ OD &RPXQLFDFLyQ 7,& HOHVWXGLR6WDWHRI,QWHUQHW HODERUDGR SRU &RP6FRUH $PpULFD /DWLQD UHJLVWUy XQ DXPHQWR GH  HQ HO XVR GH ,QWHUQHWHQHOFRQYLUWLpQGRVHHQOD5HJLyQ FRQ PD\RU FUHFLPLHQWR HQ HO PXQGR (VWD HVWDGtVWLFDUHSUHVHQWDHOSDSHOGHODV7,&HQOD HFRQRPtD\HQODVRFLHGDGODWLQRDPHULFDQD

&RQHVWHOODPDGRHOSUHVLGHQWHGH$&,(0LQVWy D ORV DVLVWHQWHV GH &RSLPHUD  D LPSXOVDU \IRPHQWDUODLQWHUYHQFLyQGHÀQLWLYDGHOJUHPLR HQ PDWHULD GH LQIUDHVWUXFWXUD SDUD IDYRUHFHU QXHYDVRSRUWXQLGDGHVHPSUHVDULDOHV\FRQHOÀQ GHPHMRUDUODFDOLGDGGHYLGDGHORVFLXGDGDQRV


(VSHFLDO&RSLPHUD +DFLDODLQWHJUDFLyQGHOD,QJHQLHUtDODWLQRDPHULFDQD

´)DOWDGHDFXHUGRVREOLJD SDUWLFLSDFLyQLQWHJUDO\GHFLGLGDHQ ODHFRQRPtDµ&RSLPHUD

´/

D ,QJHQLHUtD GHEH PDQWHQHU XQD ÀUPH DFWLWXG TXHDFW~HHQEHQHÀFLRGHODVRFLHGDG\HOPHGLR DPELHQWH DQWH OD LQFHUWLGXPEUH LQVHJXULGDG \ IDOWD GH FRQFLHQFLD ÀQDQFLHUD TXH DIHFWD OD HFRQRPtD \ HO ULWPR GH FUHFLPLHQWR HQ /DWLQRDPpULFDµ VHxDOy HO ,QJHQLHUR 3DEOR (QULTXH 5HDOSR]R HQ VX GLVFXUVR GH DSHUWXUD

7DPELpQ GLR XQD HVSHFLDO UHOHYDQFLD DO URO TXH GHEH FXPSOLUOD,QJHQLHUtDDODKRUDGHUHFRUGDUDORVJRELHUQRV VREUHODFDSDFLGDGYDORUHVWUDWpJLFR\SOHQDGLVSRVLFLyQ TXHKD\HQWUHORVSURIHVLRQDOHVGHOJUHPLRSDUDDSR\DUD ORVSUHVLGHQWHVGHODUHS~EOLFD 'H RWUD SDUWH HO ,QJHQLHUR 5HDOSR]R VH UHÀULy D OD LPSRUWDQFLDTXHWLHQHQORVHVWXGLDQWHVHQHOGHVDUUROORGH OD,QJHQLHUtDHQOD5HJLyQ\GLRDORVUHSUHVHQWDQWHVGH FROHJLRVGH,QJHQLHUtDGH/DWLQRDPpULFD

´'HVGH&RSLPHUDLQWHUQDFLRQDOPDQLIHVWDPRV QXHVWURDSR\RDWRGDVODXQLYHUVLGDGHVSDUDTXH VLJDQVLHQGRFHQWURVGHH[FHOHQFLDHQODIRUPDFLyQ GHORVLQJHQLHURVUHTXLHUHQHQHOGHVDUUROORGHOD QDFLRQHVµ3UHVLGHQWH&RSLPHUD $VLPLVPRHOPi[LPRUHSUHVHQWDQWHGHOD&RQIHGHUDFLyQ H[SOLFy OD LPSRUWDQFLD GH ORV MyYHQHV HQ HO GHVDUUROOR GH OD ,QJHQLHUtD SDQDPHULFDQD \ FHOHEUy OD SUHVHQFLD GH HVWXGLDQWHVGHSDtVHVDOFRQJUHVRGHVDUUROODGRHQODV LQVWDODFLRQHVGH$&,(0HQODFLXGDGGH%RJRWi

(OGLULJHQWHGH&RSLPHUDDVHJXUyTXHDSHVDUGHORVORJURV \DDOFDQ]DGRVHQHQFXHQWURVFRPRODUHXQLyQLQWHUPHGLD GH OD &RQIHGHUDFLyQ 3DQDPHULFDQD GH LQJHQLHUtDV 0HFiQLFD (OHFWUyQLFD \ 5DPDV $ÀQHV &RSLPHUD HV QHFHVDULR UHIRU]DU DFXHUGRV QDFLRQDOHV TXH REOLJXHQ D XQDSDUWLFLSDFLyQPiVLQWHJUDO\GHFLGLGD (Q FRQVHFXHQFLD UHVDOWy TXH QR EDVWD FRQ OD EXHQD YROXQWDGGHODVDJUHPLDFLRQHVGHLQJHQLHUtDHQFDGDXQR GHORVSDtVHVPiVTXHHVRHVQHFHVDULDODSUHVHQFLDGH DFFLRQHV TXH HYLGHQFLHQ HO LQWHUFDPELR GH XWLOLGDGHV \ FDSDFLGDGHV LQVWDODGDV DVt FRPR WDOHQWR KXPDQR HQ OD LQGXVWULD

´/D SUHVHQFLD \ SDUWLFLSDFLyQ GH ORV HVWXGLDQWHV GH QXHVWURV SDtVHV \ GH ODV XQLYHUVLGDGHV \ HVFXHODV GH HQVHxDQ]DGHLQJHQLHUtDVRQGHJUDQLPSRUWDQFLD\YDORU +R\GHVGH&RSLPHUDLQWHUQDFLRQDOPDQLIHVWDPRVQXHVWUR DSR\R D WRGDV OD XQLYHUVLGDGHV SDUD TXH VLJDQ VLHQGR FHQWURV GH H[FHOHQFLD HQ OD IRUPDFLyQ GH ORV LQJHQLHURV UHTXLHUHQHQHOGHVDUUROORGHODQDFLRQHVµDVHJXUy 3DUD WHUPLQDU HO ,QJHQLHUR GHVWDFy OD FRQWULEXFLyQ GH OD &RQIHGHUDFLyQ 3DQDPHULFDQD GH ,QJHQLHUtDV 0HFiQLFD (OHFWUyQLFD\5DPDV$ÀQHV&RSLPHUDHQODIRUPDFLyQGH ORV MyYHQHV ODWLQRDPHULFDQRV H LQVWy D ORV SURIHVLRQDOHV FRQWUD\HFWRULDDSDUWLFLSDUDFWLYDPHQWHHQHOFUHFLPLHQWR SURIHVLRQDOGHIXWXURV,QJHQLHURV

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

3DEOR5HDOSR]R3UHVLGHQWHGH&RSLPHUD


(VSHFLDO&RSLPHUD

'HFODUDFLyQGH&RSLPHUD

9LVLyQHVWUDWpJLFDGHOD ,QJHQLHUtDHQ/DWLQRDPpULFD

&

RQ OD SUHPLVD GH OD LQJHQLHUtD FRPR SLHGUD DQJXODU GHO GHVDUUROOR GH ORV SXHEORVVHH[SLGLyHQ&RSLPHUDOD 'HFODUDFLyQ2ÀFLDOTXHGHÀQLyORVSDUiPHWURV \ ÀQDOLGDGHV GHO HYHQWR TXH UHXQLy HQ QRYLHPEUH GH  DOUHGHGRU GH  LQYLWDGRV HQWUH HVWXGLDQWHV GHOHJDGRV H ,QJHQLHURV H[SHUWRVGHPiVGHSDtVHV 8QD FRPLWLYD FRQIRUPDGD SRU LQJHQLHURV GH %UDVLO &RVWD 5LFD 3XHUWR ULFR \ %ROLYLD IXH OD HQFDUJDGD GH UHGDFWDU HVWH GRFXPHQWR TXH DJUXSD OD UD]yQ GH VHU GH &RSLPHUD \ ODV FRQFOXVLRQHV TXH HPLWLy OD &RQIHGHUDFLyQ WRPDQGRFRPRSXQWRGHSDUWLGDHODPELHQWHTXH YLYHODHFRQRPtD\ODVRFLHGDG/DWLQRDPHULFDQD HQJHQHUDO

(QSULPHU/XJDUOD&RQIHGHUDFLyQGH,QJHQLHUtDV 0HFiQLFD (OpFWULFD \ 5DPDV $ÀQHV FRQVLGHUy TXH

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



/DV FHOHEUDFLRQHV GHO %LFHQWHQDULR PHUHFHQ VHU UHDO]DGRV SRU WRGRV ORV LQJHQLHURVGH$PpULFD &RSLPHUDHVODRUJDQL]DFLyQTXHSURPXHYH HO HQFXHQWUR GH ODV RUJDQL]DFLRQHV GH ,QJHQLHUtDGHODUHJLyQSDQDPHULFDQDFRQ OD PLVLyQ GH FRQWULEXLU DFWLYDPHQWH HQ HO GHVDUUROORWpFQLFRHFRQyPLFR\VRFLDOGH QXHVWURVSXHEORV

(Q HVWH PRPHQWR KLVWyULFR &RSLPHUD QHFHVLWD UHÁH[LRQDU VREUH ORV ORJURV DOFDQ]DGRVKDVWDODIHFKD\GHÀQLUPHWDV IXWXUDVSDUDFRQVHJXLUXQUHDOLQHDPLHQWR HVWUDWpJLFR TXH QRV SHUPLWD ORJUDU QXHVWURVSUHFHSWRVLQVWLWXFLRQDOHV  /D ,QJHQLHUtD HV OD SLHGUD DQJXODU GHO GHVDUUROORGHORVSXHEORVTXHQRVSHUPLWH XVDU QXHVWUR LQWHOHFWR \ QXHVWUR LQJHQLR SDUD OLGHUDU OD VRVWHQLELOLGDG GHVDUUROOR VRFLDO FUHFLPLHQWR HFRQyPLFR GHIHQVD DPELHQWDO \ OD WUDQVIHUHQFLD WHFQROyJLFD HQWUHQXHVWURVSDtVHV


(O ,QJHQLHUR HV XQD ÀJXUD HVHQFLDO \ SULPRUGLDO SDUD HO GHVDUUROOR WHFQROyJLFR HFRQyPLFR \ ItVLFR GH QXHVWURV SDtVHV TXHWLHQHODUHVSRQVDELOLGDGGHWUDEDMDUHQ HTXLSRVPXOWLGLVFLSOLQDULRV\TXHUHTXLHUH PRYLOLGDG\DJLOLGDGSDUDDSRUWDU\UHVROYHU QXHVWURVSUREOHPDVGHIRUPDpWLFD )RPHQWDQGR OD SDUWLFLSDFLyQ GHVDUUROOR \ H[SRVLFLyQ GH QXHVWUDV ,QJHQLHUDV H ,QJHQLHURV -yYHQHV HQ QXHVWUDV RUJDQL]DFLRQHV ORJUDPRV OD FRQWLQXLGDG \ HO LQWHUpV GH TXHUHU UHVROYHU QXHVWURV SUREOHPDVSDQDPHULFDQRV

ODQ]D SDUD HO IRUWDOHFLPLHQWR GH OD LQQRYDFLyQ QHFHVDULD TXH D\XGDUi D OD LQGHSHQGHQFLD WHFQROyJLFD GH /DV $PpULFDV

7HQHPRVTXHLQWHQVLÀFDUODHGXFDFLyQ \ HO FUHFLPLHQWR SURIHVLRQDO FRQWLQXR GHQXHVWURV,QJHQLHURVSDUDDVHJXUDU HOTXHSXHGDQLQQRYDUGHVDUUROODUVH\ HQFRQWUDUVROXFLRQHVDODGHVLJXDOGDG \ DO PHMRU XVR GH UHFXUVRV TXH UHTXLHUHQQXHVWUDVVRFLHGDGHV

'HEHPRV FRDG\XYDU HQ ORV SURFHVRV SDUD ORJUDU OD PRYLOLGDG GH OD SUiFWLFD LQJHQLHULO HQWUH WRGRV ORV SDtVHV GHO FRQWLQHQWH DUPRQL]DQGR \ XQLIRUPDQGR ORV PDUFRV HGXFDWLYRV OHJDOHV\UHJODPHQWDULRVSDUDSHUPLWLU XQD SUiFWLFD SURIHVLRQDO DPSOLD \ VLQ EDUUHUDVHQHOFRQWLQHQWH

(V LPSHUDWLYR SURSRQHU D ORV JRELHUQRV GH FDGD SDtV PLHPEUR OH\HV \ UHJODPHQWRV TXH FRQWHQJDQ FRQGLFLRQHV GH PRYLOLGDG GH SURIHVLRQDOHV H[WUDQMHURV FRQWHPSODQGR WUDEDMR WHPSRUHUR SHUPDQHQWH UHFLSURFLGDG WUDVIHUHQFLD WHFQROyJLFD \ FHUWLÀFDFLRQHV D VHU UHJODPHQWDGDV SRUORVFROHJLRVSURIHVLRQDOHV

5HVSDOGDPRV VLQ UHVHUYDV ODV DFFLRQHV GHVDUUROODGDV SRU VXV DVRFLDFLRQHV GH ,QJHQLHURV \ UHVDOWDPRV VX DSRUWDFLyQ ORFDO FRQ HVWUDWHJLDV JOREDOHV SDUD SUHVHUYDU OD SUiFWLFD SURIHVLRQDO OHJDOPHQWH DXWRUL]DGD FRQ DOWRV UHTXHULPLHQWRV WpFQLFRV \ pWLFRV FRPR EDVH LQGLVSHQVDEOHSDUDORJUDUODVLWXDFLyQ GHFHURWROHUDQFLDGHODFRUUXSFLyQ

(Q HIHFWR D HVWDV FRQVLGHUDFLRQHV OD &RQIHGHUDFLyQ 3DQDPHULFDQD GH ,QJHQLHUtDV 0HFiQLFD(OHFWUyQLFD\&DUUHUDVDÀQHVGHFODUy TXH

(V IXQGDPHQWDO OD LQWHJUDFLyQ HQHUJpWLFD LQGXVWULDO \ GH WHOHFRPXQLFDFLRQHV HQ ODV $PpULFDV SDUDDVHJXUDUHOGHVDUUROORHFRQyPLFR FRQ LQFOXVLyQ VRFLDO GH IRUPD VXVWHQWDEOH (V LPSHULRVR TXH ORV JRELHUQRV WRPHQ HQ FXHQWD OD DSRUWDFLyQ LPSDUFLDO RULHQWDGD D SURWHJHU HO LQWHUpV S~EOLFR TXH KDFHQ QXHVWUDV RUJDQL]DFLRQHV SURIHVLRQDOHV HQ HO HVWDEOHFLPLHQWR GH OD SROtWLFD S~EOLFD FRUUHVSRQGLHQWH D QXHVWUDV iUHDV GH SUiFWLFD SURIHVLRQDO \ H[KRUWDQ D ODV $XWRULGDGHV D LQFRUSRUDUODV HQ ORV SURFHVRV GH GHÀQLFLyQ GH GLFKDV SROtWLFDVS~EOLFDV (O   GH ODV FRQGLFLRQHV \ FRQWURO GHO HMHUFLFLR SURIHVLRQDO GHEH VHU HIHFWXDGR SRU  ODV RUJDQL]DFLRQHV SURIHVLRQDOHV H LQVWD D ODV $XWRULGDGHV GH ORV SDtVHV PLHPEURV DIRUWDOHFHUHVWDVRUJDQL]DFLRQHV\HQ ORVFDVRVTXHQRH[LVWLHUDQSURPRYHU VXFUHDFLyQ\DFWXDFLyQ /RV JRELHUQRV GHEHUiQ IRPHQWDU OD HGXFDFLyQ XQLYHUVLWDULD DYDQ]DGD HQ ,QJHQLHUtD \ SURIHVLRQHV DÀQHV GH IRUPD PDVLYD FRPR OD SXQWD GH

/DV RUJDQL]DFLRQHV PLHPEURV GH &RSLPHUD QHFHVLWDPRV LPSXOVDU XQD HYROXFLyQ JHQHUDFLRQDO FRQWLQXD TXH DVHJXUHTXHORVORJURVGHORVTXHQRV DQWHFHGLHURQ PDQWHQJDQ D QXHVWURV QXHYRV OtGHUHV HQIRFDGRV HQ ORV REMHWLYRVLQVWLWXFLRQDOHV

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526


(VSHFLDO&RSLPHUD

0RYLOLGDGGHORV,QJHQLHURVHQ/DWLQRDPpULFD

¶0XURV·SDUDHOHMHUFLFLRSURIHVLRQDO HQOD5HJLyQ

&ROHJLRVGH,QJHQLHUtDGH/DWLQRDPpULFDGLHURQDFRQRFHUOD OHJLVODFLyQGHFDGDXQRGHVXVSDtVHVSDUDHOHMHUFLFLRGHORV SURIHVLRQDOHVH[WUDQMHURV

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



/

D&XPEUHGH&ROHJLRV3DQDPHULFDQRVFHOHEUDGDHQ HOPDUFRGH&RSLPHUDFRQHODSR\RGHO&RQVHMR 3URIHVLRQDO 1DFLRQDO GH ,QJHQLHUtDV (OpFWULFD 0HFiQLFD \ 3URIHVLRQHV $ÀQHV &31 IXH HO HVFHQDULR SDUDTXHDOUHGHGRUGHUHSUHVHQWDQWHVGHFROHJLDWXUDV GH LQJHQLHUtD ODWLQRDPHULFDQDV GLHUDQ D FRQRFHU ORV UHTXLVLWRVTXHGHDFXHUGRDODOH\GHFDGDSDtVGHEHWHQHU XQSURIHVLRQDOSDUDHMHUFHUFRPR,QJHQLHUR (Q HO HYHQWR TXH SUHVLGLy HO ,QJHQLHUR -XOLiQ &DUGRQD &DVWUR3UHVLGHQWH1DFLRQDOGHOD$VRFLDFLyQ&RORPELDQD GH ,QJHQLHURV $&,(0 VH WUD]DURQ XQD VHULH GH UHFRPHQGDFLRQHVFRQHOÀQGHPHMRUDUODVFRQGLFLRQHVGH PRYLOLGDGGHORVSURIHVLRQDOHVGHOJUHPLR

'H LJXDO PDQHUD VH GHEDWLHURQ ODV EDUUHUDV TXH HQFXHQWUDQ ORV ,QJHQLHURV D OD KRUD GH PLJUDU D RWURV SDtVHV \ VH DQDOL]DURQ VROXFLRQHV SDUD HIHFWXDU XQD UHJXODFLyQ KRPRJpQHD TXH SHUPLWD VREUHSDVDU GLFKDV GLÀFXOWDGHV

0DUFR/HJDOGH0RYLOLGDGHQ/DWLQRDPpULFD &ROHJLRV GH ,QJHQLHUtD GH %ROLYLD &KLOH &RORPELD (FXDGRU0p[LFR5HS~EOLFD'RPLQLFDQD3DQDPi3HU~\ 3XHUWR5LFRPRVWUDURQHQGHWDOOHODOHJLVODFLyQTXHUHJXOD HO HMHUFLFLR GH OD ,QJHQLHUtD HQ FDGD XQR GH VXV SDtVHV DVtFRPRORVEHQHÀFLRV\EDUUHUDVSDUDORVH[WUDQMHURVHQ DOJXQDVQDFLRQHVODWLQRDPHULFDQDV


(VSHFLDO&RSLPHUD

0HGDOODDO0pULWRHQ,QJHQLHUtD

&RSLPHUDUHFRQRFHOD ODERUGHOD,QJHQLHUtDFRORPELDQD

'HL]TDGHU,QJV3DEOR5HDO3R]R3UHVLGHQWHGH&RSLPHUDÉOYDUR6DOJDGR)DUtDV ([SUHVLGHQWHGH$&,(0-XOLiQ&DUGRQD&DVWUR3UHVLGHQWHGH$&,(0

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



&

XDWUR FRORPELDQRV HQWUH HOORV HO ,QJHQLHUR -XOLiQ &DUGRQD&DVWURSUHVLGHQWHGH$&,(01DFLRQDO\HO LQJHQLHUR/XLV)HUQDQGR$ODUFyQ*HUHQWH*HQHUDO GH,QWHUFRQH[LyQ(OHFWULFD6$,6$IXHURQFRQGHFRUDGRV FRQ OD 0HGDOOD 2UGHQ DO 0pULWR HQ ,QJHQLHUtD SRU OD &RQIHGHUDFLyQ &RORPELDQD GH ,QJHQLHUtDV 0HFiQLFD (OHFWUyQLFD\5DPDV$ÀQHV&RSLPHUD (OUHFRQRFLPLHQWRWDPELpQORUHFLELHURQHOLQJHQLHURÉOYDUR 6DOJDGR )DUtDV H[ SUHVLGHQWH GH $&,(0 \ H[ GHFDQR GH ODXQLYHUVLGDGGHORV$QGHV\HO,QJHQLHUR$QWRQLR*DUFtD 5R]R9LFHSUHVLGHQWH1DFLRQDOGH$&,(0

$GHPiVGHORV,QJHQLHURVQDFLRQDOHV&RSLPHUDUHFRQRFLy HOWUDEDMRGHSURIHVLRQDOHVSURYHQLHQWHVGH&XED(FXDGRU +RQGXUDV3DQDPj3XHUWR5LFR\5HS~EOLFD'RPLQLFDQD 3RU VX SDUWH HO ,QJHQLHUR 3DEOR 5HDOSR]R 3UHVLGHQWH GH &RSLPHUD GLR XQ VDOXGR GH IHOLFLWDFLyQ HVSHFLDO D ORV JDQDGRUHV\HQDOWHFLyHOWUDEDMRTXHFDGDXQRGHHOORVKD UHDOL]DGR SDUD HO FUHFLPLHQWR \ HO UHFRQRFLPLHQWR  GH OD LQJHQLHUtDODWLQRDPHULFDQDHQHOPXQGR


-XOLiQ&DUGRQD&DVWUR

/XLV)HUQDQGR$ODUFyQ

,QJHQLHUR (OHFWUyQLFR FRQ HVSHFLDOL]DFLyQ HQ 7HOHFRPXQLFDFLRQHV GH OD 8QLYHUVLGDG GHO &DXFD 0DWUtFXODGH+RQRUSRUSURPHGLRGHQRWDV

,QJ/XLV)HUQDQGR$ODUFyQ *HUHQWH*HQHUDOGH,QWHUFRQH[LyQ(OpFWULFD,6$ (O,QJHQLHUR)UDQN&DPSEOH'HOHJDGRGH3DQDPiHQWUHJDOD 0HGDOODDO0pULWRDO,QJHQLHUR-XOLiQ&DUGRQD&DVWUR 3UHVLGHQWHGH$&,(0

(O ,QJHQLHUR &DUGRQD &DVWUR KD RFXSDGR FDUJRV FRPR 'LUHFWRU $GPLQLVWUDWLYR \ )LQDQFLHUR GH ,FRWHF &RORPELD /WGD *HUHQWH GH 3UR\HFWR 8QLyQ 7HPSRUDO 3ULFH:DWHU+RXVH&RRSHUV  $GYDQFHG $SSUDLVDO \ HQ OD DFWXDOLGDG HV HO 3UHVLGHQWH 1DFLRQDO GH OD $VRFLDFLyQ &RORPELDQD GH ,QJHQLHURV $&,(0  FDUJR TXH RFXSD GHVGH

,QJHQLHUR &LYLO FRQ SRVWJUDGR HQ HFRQRPtD GH OD 8QLYHUVLGDG GH /RV $QGHV 0iVWHU HQ ,QJHQLHUtD &LYLO FXUVyHOSURJUDPDDYDQ]DGRGH*HUHQFLDGHOD8QLYHUVLGDG GH2[IRUG (O,QJHQLHUR$ODUFyQIXH0LQLVWURGH+DFLHQGD3UHVLGHQWH GH $VRQIRQGRV \ DFWXDOPHQWH HV HO *HUHQWH *HQHUDO GH ,QWHUFRQH[LyQ(OpFWULFD,6$ 

$QWRQLR*DUFtD5R]R

$OYDUR6DOJDGR)DUtDV &R)XQGDGRU\([SUHVLGHQWHGHOD$VRFLDFLyQ&RORPELDQD GH ,QJHQLHURV $&,(0  HO LQJHQLHUR 6DOJDGR )DUtDV HV ,QJHQLHUR &LYLO GH OD 8QLYHUVLGDG 1DFLRQDO GH &RORPELD ,QJHQLHUR(OpFWULFRGHO,QVWLWXWHRI7HFQRORJ\GH&DOLIRUQLD

,QJHQLHUR (OHFWUyQLFR GH OD XQLYHUVLGDG -DYHULDQD FRQ HVSHFLDOL]DFLyQ HQ HOHFWURPHGLFLQD GH OD PLVPD XQLYHUVLGDGGLSORPDGH$OWD*HUHQFLDGHOD8QLYHUVLGDGGH /RV$QGHV\$GPLQLVWUDFLyQXQLYHUVLWDULDHQ&%%ULJKWRQ ,QJODWHUUD

,QJ$QWRQLR*DUFtD5R]R 9LFHSUHVLGHQWHGH$&,(01DFLRQDO (O,QJHQLHURÉOYDUR6DOJDGR)DUtDVUHFLEHHOUHFRQRFLPLHQWRGH PDQRVGH3DEOR5HDOSR]R3UHVLGHQWHGH&RSLPHUD

(O&RIXQGDGRUGH$&,(0WDPELpQIXH'HFDQRGHOD)DFXOWDG GH,QJHQLHUtDGHOD8QLYHUVLGDGGHORV$QGHV5HFWRUGHOD PLVPD XQLYHUVLGDG \ PLHPEUR GH OD MXQWD 'LUHFWLYD GH OD (PSUHVD1DFLRQDOGH7HOHFRPXQLFDFLRQHVHQWUHRWURV

$FWXDOPHQWHHV9LFHSUHVLGHQWHGH$&,(0\SURIHVRUWLWXODU GHOD8QLYHUVLGDGGHORV$QGHVIXHPLHPEURGHODMXQWD GLUHFWLYD GH ,((( ,QVWLWXWH RI (OHFWULFDO DQG (OHFWURQLFV (QJLQHHUV  \ 5HSUHVHQWDQWH GH ODV $VRFLDFLRQHV GH ,QJHQLHURV DQWH HO &RQVHMR 3URIHVLRQDO 6HFFLRQDO GH ,QJHQLHUtDV(OpFWULFD0HFiQLFD\3URIHVLRQHV$ÀQHV

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526




(VSHFLDO&RSLPHUD 5HFXUVRVUHGHV\UHJODVÀFKDVFODYH

´,QWHJUDFLyQHOpFWULFDHQ /DWLQRDPpULFDHOEDQTXHWHHVWi VHUYLGRµ,6$ 5HFXUVRV (V QHFHVDULR HVWDEOHFHU GRWDFLRQHV GH UHFXUVRV GLIHUHQWHV TXH LQGX]FDQ D FDPELRV HFRQyPLFDPHQWHIDFWLEOHV\DWUDFWLYRV 5HGHV6HUHTXLHUHFRQWDUFRQLQIUDHVWUXFWXUDItVLFD GH WUDQVPLVLyQ TXH IDFLOLWH ODV WUDQVDFFLRQHV \ OD WUDQVIHUHQFLD GH HQHUJtD HQWUH ORV SDtVHV (V DOOt GRQGHFRPSDxtDVFRPR,QWHUFRQH[LyQ(OpFWULFD,6$ HQWUDQDGHVHPSHxDUXQSDSHOGHWHUPLQDQWH

,QJ/XLV)HUQDQGR$ODUFyQ*HUHQWH*HQHUDO GH,QWHUFRQH[LyQ(OpFWULFD,6$6$

(

Q HO &RQJUHVR GH &RSLPHUD  /XLV )HUQDQGR $ODUFyQ *HUHQWH *HQHUDO GH ,QWHUFRQH[LyQ (OpFWULFD ,6$ DÀUPy TXH SHVH DO UHWR TXH WLHQH OD,QJHQLHUtDGHHQWDEODUXQDYHUGDGHUDYROXQWDGSROtWLFD GH ORV JRELHUQRV D OD KRUD GH UHDOL]DU FRQVHQVRV WUHV DVSHFWRVVRQODFODYHSDUDOOHYDUDFDERXQSURFHVRH[LWRVR GHLQWHJUDFLyQHOpFWULFDHQ/DWLQRDPpULFD

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



6HJ~QHO*HUHQWH*HQHUDOGH,6$JDQDGRUGHODPHGDOOD DO PpULWR HQ &RSLPHUD  HO p[LWR GH ORV SUR\HFWRV GH LQWHUFRQH[LyQTXH,6$KDORJUDGRHQODVXEUHJLyQVHGHEH DORTXHpOOODPDODHVWUDWHJLDGHODV55HFXUVRV5HGHV \5HJODV

´(QPDWHULDGHLQWHJUDFLyQHOpFWULFDOR~QLFR TXHVHQHFHVLWDHVODYROXQWDGSROtWLFD\TXHORV DFXHUGRVHQWUHORVHVWDGRVELHQKHFKRVFRQUHJODV VXÀFLHQWHPHQWHSUHFLVDVµ,6$ (VWR VLJQLÀFD GH DFXHUGR FRQ HO ,QJHQLHUR $ODUFyQ TXH HOGHUURWHURTXHVHGHEHWUD]DUSDUDODHIHFWLYDLQWHJUDFLyQ HOpFWULFD HQ ORV SDtVHV VXGDPHULFDQRV GHEH HVWDU RULHQWDGR\FLPHQWDGRHQHVWRVWUHVSUHFHSWRV

5HJODV SRUTXH HV IXQGDPHQWDO TXH VH GHQ ODV VHxDOHV HFRQyPLFDV DSURSLDGDV TXH H[LVWDQ ORV PDUFRV QRUPDWLYRV TXH IDFLOLWHQ OOHYDU D FDER HVH SURFHVRGHLQWHJUDFLyQHOpFWULFD\VHGHVDUUROOHQHQ ODSUiFWLFDORVLQWHUFDPELRVFRPHUFLDOHV

´$OOt HVWiQ ORV EHQHÀFLRV HV FRPR XQ EDQTXHWH VHUYLGR HQ XQD PHVD OR ~QLFR TXH VH QHFHVLWD HV OD YROXQWDG SROtWLFDORVDFXHUGRVHQWUHORVHVWDGRVELHQKHFKRV\FRQ UHJODV VXÀFLHQWHPHQWH SUHFLVDV SDUD TXH ORV GLVWLQWRV SDtVHVWHQJDQFRQÀDQ]DHQVXVFRQWUDSDUWHV\VHSXHGDQ DSURSLDU GH HVRV JUDQGHV EHQHÀFLRV GH OD LQWHJUDFLyQµ DVHJXUyHODOWRGLUHFWLYRGH,QWHUFRQH[LyQ(OpFWULFD,6$  (QWUHWDQWRHOIXQFLRQDULRVHxDOyODLQFLGHQFLDVLJQLÀFDWLYD GH OD LQWHJUDFLyQ HQHUJpWLFD HQ HO GHVDUUROOR VRFLDO \ HFRQyPLFR GH /DWLQRDPpULFD \ VXEUD\y ORV JUDQGHV EHQHÀFLRVGHLQWHJUDUHOPHUFDGRHOpFWULFRSDUDIRUWDOHFHU ORVOD]RVGHKHUPDQGDGHQWUHORVSDtVHV


(VSHFLDO&RSLPHUD

2ODGHSURSRQHFRRSHUDFLyQFRQMXQWD

$GPLQLVWUDFLyQGHUHFXUVRVFODYHSDUD ODLQWHJUDFLyQHQHUJpWLFDGH$/ &

´/

([SOLFyTXHGHEHH[LVWLUXQFRQRFLPLHQWR GHO PHUFDGR HQHUJpWLFR HQ OD UHJLyQ XQD FRRUGLQDFLyQ GH SROtWLFDV \ XQD FRRSHUDFLyQ HQ ORV PHUFDGRV HQHUJpWLFRV TXH SRU VXSXHVWR GHEHQ HVWDULQWHJUDGRV\IXQFLRQDUGHQWUR GH XQPDUFROHJDO\UHJXODWRULR

(Q HO HVFHQDULR GH &RSLPHUD  HO IXQFLRQDULR UHVDOWy OD LPSRUWDQFLD GH OD DGHFXDGD DGPLQLVWUDFLyQ GH ORV UHFXUVRV HQHUJpWLFRV SDUD ORJUDU XQD LQWHJUDFLyQ TXH SHUPLWD FRDG\XYDU HQ HO FUHFLPLHQWR VRFLDO \ HFRQyPLFR GH ORVSDtVHVGHOD5HJLyQ (QVXSUHVHQWDFLyQDJUHJyTXHODPDOD GLVWULEXFLyQGHORVUHFXUVRVHQHUJpWLFRV HQ /DWLQRDPpULFD \ ORV LQWHUHVHV QDFLRQDOHVGHEHQIRU]DUDORVSDtVHVD VROLGDUL]DUVH FRQ HFRQRPtDV YHFLQDV \ VRFLRV FRPHUFLDOHV SDUD JDUDQWL]DU HO GHVDUUROORVRVWHQLEOH\ODVHJXULGDGHQ HODEDVWHFLPLHQWR (O ,QJHQLHUR /XQD VHxDOy ORV IDFWRUHV TXH DGHPiV GH OD KHWHURJHQHLGDG GH ORV UHFXUVRV SXHGHQ YXOQHUDU OD VHJXULGDG HQHUJpWLFD SRQLHQGR HQ ULHVJR OD LQWHJUDFLyQ HQHUJpWLFD \ HO GHVDUUROOR GH ORV SDtVHV TXH KDFHQ SDUWHGHOFRQWLQHQWH $OWD YRODWLOLGDG HQ ORV SUHFLRV GH ORVHQHUJpWLFRV

,QJ1pVWRU/XQD'LUHFWRUGHOÉUHD7pFQLFDGHOD 2UJDQL]DFLyQ/DWLQRDPHULFDQDGH(QHUJtD2ODGH

0HMRUD GH OD FDOLGDG GH YLGD GH ORV SDtVHV LQGXVWULDOL]DGRV TXH DXPHQWD OD GHPDQGD GH HQHUJpWLFRV ([LVWHQFLD GH iUHDV GH H[WUHPD SREUH]D \ GLItFLO DFFHVR D OD HQHUJtD 'LÀFXOWDGGHORVSDtVHVSDUDWUDHU LQYHUVLRQLVWDVDOVHFWRU /DV UHVWULFFLRQHV \ SUHVLRQHV HQ ORV iPELWRV DPELHQWDOHV HQHUJtD LQFOXVR SDUD ODV QDFLRQHV FRQ HVFDVRVUHFXUVRV 3RFR LPSXOVR DO GHVDUUROOR GH OD LQIUDHVWUXFWXUD RULHQWDGD D OD LQWHJUDFLyQUHJLRQDOHLQYHUVLyQ 3UREOHPDVGHLQFOXVLyQVRFLDO 'DGRV ORV SXQWRV GpELOHV TXH SXHGHQ VXUJLU HQ HO SURFHVR GH LQWHJUDFLyQ HQHUJpWLFD HO GLUHFWRU WpFQLFR GH 2ODGH UHLWHUy ODV SDXWDV SDUD XQD HIHFWLYD LQWHJUDFLyQ HQHUJpWLFD HQ /DWLQRDPpULFD

´/DPDODGLVWULEXFLyQGH ORVUHFXUVRVHQHUJpWLFRVHQ /DWLQRDPpULFD\ORVLQWHUHVHV QDFLRQDOHVGHEHQIRU]DUDORVSDtVHV DVROLGDUL]DUVHFRQHFRQRPtDV YHFLQDV\VRFLRVFRPHUFLDOHVµ 2ODGH 'H HVWD PDQHUD \ HQ VHPHMDQ]D FRQ ORV SODQHV GH LQWHJUDFLyQ HOpFWULFD HQ /DWLQRDPpULFD TXH SUHVHQWy HO ,QJHQLHUR /XLV )HUQDQGR $ODUFyQ *HUHQWH *HQHUDO GH ,QWHUFRQH[LyQ (OpFWULFD ,6$ HO UHSUHVHQWDQWH GH 2ODGH VH UHÀULy D WUHV IDFWRUHV SULQFLSDOHV SDUD LPSXOVDU OD LQWHJUDFLyQ HQHUJpWLFD UHFXUVRV UHGHV\UHJODV 6HJ~Q 1pVWRU /XQD VXPDGRV D HVWD WULORJtD GH UHTXLVLWRV SDUD DSR\DU OD LQWHJUDFLyQHQHUJpWLFDGHEHHQSULPHU OXJDU H[LVWLU XQ SOHQR FRQRFLPLHQWR GH ORV PHUFDGRV DVt FRPR XQD FRRSHUDFLyQ PXWXD SRU SDUWH GH ORV HVWDGRV $VLPLVPR DJUHJy TXH GHEH KDEHU XQD FRRUGLQDFLyQ GH SROtWLFDV XQD LQWHJUDFLyQ PiV HVWUHFKD GH PHUFDGRV \ XQ PDUFR OHJDO PX\ ELHQ GHÀQLGR

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

RV SDtVHV GH $PpULFD /DWLQD \ HO &DULEH FXHQWDQ FRQ EDVWRV UHFXUVRV TXH ODPHQWDEOHPHQWH HVWiQ GLVWULEXLGRV GH PDQHUD GHVHTXLOLEUDGD \ DXQTXH pVWD HV XQD SUREOHPiWLFD WDPELpQ HV XQD RSRUWXQLGDG SDUD FRPSDUWLU \ FRPHUFLDOL]DUH[FHGHQWHVHQHUJpWLFRVµ DVHJXUy 1pVWRU /XQD 'LUHFWRU GHO ÉUHD 7pFQLFD GH OD 2UJDQL]DFLyQ /DWLQRDPHULFDQDGH(QHUJtD 2ODGH 


(VSHFLDO&RSLPHUD

(FRSHWUROHQ&RSLPHUD

&RORPELDIUHQWHDODLQWHJUDFLyQ HQHUJpWLFD/DWLQRDPHULFDQD &RORPELDWLHQHFRQTXp« (O UHSUHVHQWDQWH GH (FRSHWURO SUHVHQWy HO HVWXGLR 6WDWLVWLFDO 5HYLHZ RI :RUOG (QHUJ\  GH OD FRPSDxtD %ULWLVK 3HWUROHXP %3  FRQ ODV GLIHUHQFLDV HQWUH ODV UHVHUYDV GH JDV SHWUyOHR ELRFRPEXVWLEOHV JHQHUDFLyQ KLGURHOpFWULFD\FDUEyQHQORVSDtVHVTXHKDFHQSDUWHGH $PpULFD/DWLQD\HO&DULEH (Q UHVHUYDV GH SHWUyOHR HO HVWXGLR XELFD D &RORPELD HQ SRVLFLyQ GH GHVYHQWDMD IUHQWH D SDtVHV FRPR 9HQH]XHOD %UDVLO\0p[LFRFRQXQGHUHVHUYDVIUHQWHDXQ GH9HQH]XHODGH%UDVLO\GH0p[LFR

,QJ%RULV9LOOD*HUHQWHGH*DV(FRSHWURO

´&

RORPELD HQ SDUWLFXODU WLHQH XQRV UHFXUVRV HQHUJpWLFRV PX\ LQWHUHVDQWHV TXH SXHGHQ VHU XWLOL]DGRVSRUODVXEUHJLyQSUHFLVDPHQWHSDUD SRWHQFLDOL]DUVXVPHUFDGRV\WHQHUPiVGLVSRQLELOLGDGGH RIHUWDµDÀUPy%RULV9LOOD*HUHQWHGH*DVGH(FRSHWUROHQ VXSUHVHQWDFLyQHQ&RSLPHUD

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



(OGLUHFWLYRGHODSHWUROHUDUHVDOWyODVFDSDFLGDGHV HQHUJpWLFDVGHOSDtVFRPR¶DOWDPHQWHFRPSHWHQWHV GHQWURGHODLQWHJUDFLyQHQHUJpWLFDHQ$PpULFD/DWLQD \HO&DULEH·\VXEUD\yHVWDRSRUWXQLGDGFRPRXQDJUDQ RSRUWXQLGDGSDUDPHMRUDUODPRYLOLGDGGHORVUHFXUVRV HQHUJpWLFRVDPHUFDGRVPiVSUy[LPRV 6HxDOy TXH ´/DWLQRDPpULFD HV XQ FRQWLQHQWH HQ FUHFLPLHQWR\HQODPHGLGDHQTXHKD\DPiVLQWHJUDFLyQ ORVUHFXUVRVHQHUJpWLFRVVHYDQDSRGHUXWLOL]DUGHPHMRU PDQHUD \ FUHDQGR HFRQRPtDV GH HVFDOD KDFLHQGR PiV FRPSHWLWLYDODUHJLyQµ

(VWXGLR6WDWLFDO5HYLHZRI:RUOG(QHUJ\

(Q JDV QDWXUDO ORV GDWRV VRQ SURSRUFLRQDOHV \ DXQTXH HQ HVWH UHFXUVR VH IRUWDOHFHQ RWURV SDtVHV FRPR %ROLYLD $UJHQWLQD \ 3HU~ &RORPELD VLJXH HQ UH]DJR FRQ DSHQDV XQSRUFLHQWRGHODVUHVHUYDVODWLQRDPHULFDQDV


6LQ HPEDUJR HQ UHVHUYDV GH &DUEyQ &RORPELD WRPD OD GHODQWHUD\VHXELFDHQHOVHJXQGROXJDUHQ/DWLQRDPpULFD VyOR VREUHSDVDGR SRU %UDVLO FRQ XQ  &RORPELD HV HO TXLQWRH[SRUWDGRUGHOPXQGRGHVSXpVGHOtGHUHVPXQGLDOHV FRPR LQGRQHVLD \ $XVWUDOLD \ HQ PDWHULD GH JHQHUDFLyQ KLGURHOpFWULFDHVXQDSRWHQFLDHQOD6XEUHJLyQDVHJXUy 9LOOD

UHFXUVRDOUHVSHFWRHOGLUHFWRUGH*DVGH(FRSHWUROUHLWHUy OD FRPSOHPHQWDULHGDG TXH GHEH KDEHU HQ OD LQWHJUDFLyQ HQHUJpWLFDHQ$/ &

´(QODPHGLGDHQTXHKD\DPiVLQWHJUDFLyQORV UHFXUVRVHQHUJpWLFRVVHYDQDSRGHUXWLOL]DUGH PHMRUPDQHUDKDFLHQGRPDVFRPSHWLWLYDOD5HJLyQµ (FRSHWURO ´(VFODURTXHKD\GLIHUHQWHVHVWDFLRQDOLGDGHVFOLPiWLFDV OD KLGURHOHFWULFLGDG SUHFLVDPHQWH WLHQH HVD GLQiPLFD \  HQWRQFHV HQ PRPHQWRV HQ GRQGH HO SDtV SXHGD WHQHU PHQRV GLVSRQLELOLGDG SRU DOJXQD VLWXDFLyQ FOLPiWLFD WDPELpQSXHGHFRPSOHPHQWDUVHFRQORVRWURVPHUFDGRV HVWD HV SUHFLVDPHQWH OD YHQWDMD GH OD LQWHJUDFLyQ HQHUJpWLFDµDQRWyHO,QJHQLHUR9LOOD

(VWXGLR6WDWLFDO5HYLHZRI:RUOG(QHUJ\

< HV TXH ORV UHFXUVRV KtGULFRV DPSOLDPHQWH GLVWULEXLGRV FRQYLHUWHQ D /DWLQRDPpULFD HQ OtGHU GHO FRQWLQHQWH DPHULFDQRVLQHPEDUJRORVIHQyPHQRVFOLPiWLFRVSXHGHQ OOHJDU D DIHFWDU HQ JUDQ PHGLGD OD SURGXFFLyQ GH HVWH

$VLPLVPR VHJ~Q HO LQJHQLHUR 9LOOD HV SRVLEOH \ SRVLWLYD XQDLQWHJUDFLyQHQHUJpWLFDTXHLPSXOVHDOFRQWLQHQWHSDUD GHVDUUROODUVH GH DFXHUGR D OD GHPDQGD TXH H[LJHQ ODV HFRQRPtDVIXHUWHVFRPRODHVWDGRXQLGHQVHRODHXURSHD  2WURV UHFXUVRV FRPR ORV ELRFRPEXVWLEOHV HVWiQ PHQRV HTXLOLEUDGRVHQFXDQWRDUHVHUYDV(QHVWHFDPSR%UDVLO \ 0p[LFR SRVHHQ OD JUDQ PD\RUtD FRQ XQ  \  UHVSHFWLYDPHQWH&RORPELDDSHQDVFXHQWDFRQHO 2WURV UHFXUVRV FRPR ORV ELRFRPEXVWLEOHV HVWiQ PHQRV HTXLOLEUDGRVHQFXDQWRDUHVHUYDVHQHVWHFDPSR%UDVLO \ 0p[LFR SRVHHQ OD JUDQ PD\RUtD FRQ XQ  \  UHVSHFWLYDPHQWH&RORPELDDSHQDVFXHQWDFRQHO

&ODYHVHJXULGDG\UHJXODFLyQ

´7,&KHUUDPLHQWDVHIHFWLYDV HQODLQWHJUDFLyQGHQHJRFLRVµ$VHWD

´6HUHTXLHUHXQDUHJXODFLyQFODUD\HVWUXFWXUDGDSDUD IDFLOLWDUXQDLQWHJUDFLyQHQORVQHJRFLRVµ$VHWD

,QJ0DUFHOR/ySH] 6HFUHWDULR*HQHUDO $VHWD

'H DFXHUGR FRQ HO IXQFLRQDULR ODV 7,& VRQ XQ HOHPHQWR FODYH SDUD OD SURGXFWLYLGDG GH ODV VRFLHGDGHV SRUTXH PHMRUDQODHÀFLHQFLDGHORVQHJRFLRV\RULJLQDQPHMRUHV H[FHGHQWHV ÀQDQFLHURV TXH SXHGHQ VHU XWLOL]DGRV HQ ODV REUDVTXHODFLXGDGDQtDQHFHVLWD

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

/

DV7HFQRORJtDVGHOD,QIRUPDFLyQ\OD&RPXQLFDFLyQ 7,&  SXHGHQ D\XGDU D TXH ORV SURFHVRV HQ ORV GLVWLQWRVSDtVHVVHDQPiViJLOHV\PHQRVFRVWRVRV DÀUPy0DUFHOR/ySH]6HFUHWDULR*HQHUDOGHOD$VRFLDFLyQ GH (PSUHVDV GH 7HOHFRPXQLFDFLRQHV GH OD &RPXQLGDG $QGLQD$VHWD


´(VWR VH ORJUD FRQ HO SRWHQFLDO TXH WLHQHQ ODV WHFQRORJtDVSDUDGDUYDORUDJUHJDGRDFXDOTXLHU SURGXFWR R VHUYLFLR FRQ HO ÀQ GH TXH pVWRV SXHGDQ VHU FRPHUFLDOL]DGRV GH PHMRU PDQHUD HQORVSDtVHVPiVGHVDUUROODGRVµSXQWXDOL]y (OUHSUHVHQWDQWHGH$VHWDGHVWDFyODFUHDFLyQ GHRÀFLQDVYLUWXDOHVFRPRXQDJUDQRSRUWXQLGDG D OD KRUD GH LQWHJUDU ODV 7,& D ORV QHJRFLRV SRUTXH OOHYDQ FRQVLJR YDULDV FDUDFWHUtVWLFDV TXHRSWLPL]DQODLPDJHQODSURGXFWLYLGDG\OD FRPXQLFDFLyQHQODVHPSUHVDV /DRÀFLQDYLUWXDORIUHFHDGHPiVODSRVLELOLGDG GH PHMRUDU OD LPDJHQ FRPHUFLDO SDUD ORV FOLHQWHV DKRUUDU HQ HVSDFLR PRELOLDULR LQFHQWLYDUHOWUDEDMRGHSHUVRQDVHVSHFLDOL]DGDV YtDWHOHIyQLFD\XVDUKHUUDPLHQWDV7,&

/R TXH REVWDFXOL]DUtD HO GHVDUUROOR GH ODV 7,& $ SHVDU GH WRGDV ODV ERQGDGHV TXH RIUHFHQ ODV 7,& SDUD HO GHVDUUROOR H[LVWHQ DVSHFWRV QHJDWLYRVTXHWDQWRHVWDGRVFRPRFRPSDxtDV \SHUVRQDVGHEHQSRQHUHVSHFLDOFXLGDGR ,QLFLDOPHQWH HO 6HFUHWDULR *HQHUDO GH $VHWD VHUHÀULyDODQHFHVLGDGGHXWLOL]DUGHODPHMRU PDQHUDORVVLVWHPDVH[LVWHQWHVSRUSDUWHGHORV JRELHUQRV FRQ HO ÀQ GH GHWHUPLQDU \ SUHYHQLU OD IDOWD GH UHJXODFLyQ HQ ODV 7,& DSXQWDQGR D IDFLOLWDU XQD HIHFWLYD LQWHJUDFLyQ HQ ORV QHJRFLRV

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



/D GHELGD UHJXODFLyQ VHJ~Q /ySH] GHEH SUHYHQLU HO FLEHUGHOLWR VXVWLWXLU OD EDVXUD HOHFWUyQLFD SRU RSRUWXQLGDGHV GH QHJRFLR \ SUHVHUYDUORVGHUHFKRVDODSURSLHGDGLQWHOHFWXDO \GHUHFKRVGHDXWRU (O IXQFLRQDULR SURSXVR FXDWUR PDUFRV OHJDOHV HVSHFtÀFRVHQHOFRQJUHVRGH&RSLPHUD

‡ 3UHYHQLUHOFLEHUGHOLWRTXHVHFRPHWHDWUDYpV GHUHGHV\VHUYLFLRV ‡ 3UHVHUYDU ORV GHUHFKRV GH SURSLHGDG LQWHOHFWXDO\GHUHFKRVGHDXWRU ‡ 3UHVHUYDUODFRQYLYHQFLD\ODYLGDKXPDQDV ‡ 3UHVHUYDU OD QDWXUDOH]D D WUDYpV GHV GHVDUUROORVRVWHQLEOH

&DOLGDGGHYLGDYVWHFQREDVXUD (QVXSUHVHQWDFLzQHOUHSUHVHQWDQWHGH$VHWD PDQLIHVWy XQD HVSHFLDO SUHRFXSDFLyQ SRU ORV UHVLGXRVVRIWZDUHRKDUGZDUHTXHFRQWDPLQDQ WDQWR HO PHGLR DPELHQWH FRPR HO PXQGR FLEHUQpWLFR

´/DV7,&VRQXQHOHPHQWRFODYHSDUDOD SURGXFWLYLGDGGHODVVRFLHGDGHVSRUTXH PHMRUDQODHÀFLHQFLDGHORVQHJRFLRVµ $VHWD ´'HEHPRV VHU PX\ FRQVFLHQWHV TXH OD WHFQRORJtD WLHQH PXFKtVLPDV YHQWDMDV SHUR WDPELpQ WLHQH HOHPHQWRV QHJDWLYRV FRPR VRQ OD EDVXUD HOHFWUyQLFD \ GHEHUtDPRV HVWDEOHFHU PDQHUDV GH TXH HVD EDVXUD HQ YH] GH VHU XQ SUREOHPDVHFRQYLHUWDHQXQDRSRUWXQLGDGGH QXHYRVQHJRFLRVµDJUHJy (Q VX SUHVHQWDFLyQ HQ &RSLPHUD  /ySH] FRPSDUyODFDOLGDGGHYLGDTXHQRVEULQGDQODV QXHYDV WHFQRORJtDV 9V ORV GHVKHFKRV TXH HQ ORV ~OWLPRV DxRV KDQ RULJLQDGR LQFHUWLGXPEUH \ SUHRFXSDFLyQ HQ ORV XVXDULRV VREUH HO WUDWDPLHQWR\GHVWLQRGHODFKDWDUUD $QWH HVWD FRQWLQXD IDEULFDFLyQ GH HTXLSRV HOHFWUyQLFRV\HQSDUWLFXODUHTXLSRVSHUVRQDOHV DGYLUWLy VREUH OD FUHDFLyQ GH QRUPDV WpFQLFDV \ OHJDOHV RSRUWXQDV SDUD HYLWDU ORV HIHFWRV GHYDVWDGRUHV TXH HVWRV GHVHFKRV FDXVDUiQ DOPHGLRDPELHQWH\DODFDOLGDGGHYLGDHQHO IXWXUR


(VSHFLDO&RSLPHUD

3DQRUDPDGHOD,QJHQLHUtDHQHO%LFHQWHQDULR

´(OFDPLQRVHWUD]yEDMRFRQGLFLRQHV GHSUHFDULHGDGµ+HUQDQGR9DUJDV $VtODKDVWDDKRUDQDFLHQWHLGHDGHLQJHQLHUtDSRUSDUWH GH ORV JHVWRUHV GH OD LQGHSHQGHQFLD VXPDGD D OD EDMD LQGXVWULDOL]DFLyQGHOFRQWLQHQWH\ODFDUHQFLDGHHVFXHODV WUDQFy HO GHVDUUROOR GH OD SURIHVLyQ HQ HVDV SULPHUDV GpFDGDVGHHPDQFLSDFLyQ

´(OGHVDUUROORKHWHURJpQHRGHOD,QJHQLHUtDHQODV QDFLRQHVGH$PpULFD/DWLQDJHQHUyODVLWXDFLyQ DFWXDOGRQGHODLQWHJUDFLyQ\HOWUDEDMRFRQMXQWRVRQ LQGLVSHQVDEOHVµ+HUQDQGR9DUJDV

$JUHJyTXHFRQPRWLYRGHORVDxRVGHLQGHSHQGHQFLD HV QHFHVDULR UHYLVDU ORV KHFKRV TXH PDUFDURQ OD LQJHQLHUtD GHO FRQWLQHQWH SDUD QR FDHU HQ ORV PLVPRV HUURUHV\FRQVWUXLUXQDODERUUHVSRQVDEOHTXHDFW~HSDUD ODVRFLHGDGFRQDYDQFHVSRVLWLYRV (O FDWHGUiWLFR GLEXMy HO SDQRUDPD GH OD LQJHQLHUtD HQ OD KLVWRULD GH /DWLQRDPpULFD GHVGH TXH ODV QDFLRQHV OLEHUWDGDV HPSH]DURQ D GDU ORV SULPHURV SDVRV SDUD HO GHVDUUROORWHFQROyJLFR\GHLQIUDHVWUXFWXUDKDVWDORVGtDV GHKR\GRQGHODLQJHQLHUtDDYDQ]DUiSLGDPHQWH 6HJ~Q HO ,QJHQLHUR 9DUJDV OXHJR GHO JULWR OLEHUWDGRU OD LQJHQLHUtDVHGHVDUUROOyEDMRFRQGLFLRQHVSRFRDOHQWDGRUDV GHELGR D OD SUHFDULHGDG FRORQLDO TXH VH YLYLy GXUDQWH OD SULPHUDPLWDGGHOVLJOR;,;

(O VLJOR ;; OOHJy FRQ JUDQGHV SHUVSHFWLYDV \ FDPELRV SRVLWLYRV SDUD $PpULFD /DWLQD D XQD HVFDOD PXFKR PiV DOWD GHELGR ORV SRWHQWHV SURFHVRV GH XUEDQL]DFLyQ ORV UiSLGRVFDPELRVSROtWLFRVRFLDOHV\ODSUHVHQFLDGHOHVWDGR FRQSODQHVS~EOLFRV 3HUR D~Q DVt KXER XQ GHVDUUROOR GHVLJXDO HQ ORV SDtVHV GH $PpULFD ODWLQD \ HO &DULEH DJUHJy HO ,QJHQLHUR (VWH GHVDUUROOR KHWHURJpQHR HQ ODV QDFLRQHV GH OD 5HJLyQ JHQHUy OD VLWXDFLyQ DFWXDO GH OD ,QJHQLHUtD GRQGH OD LQWHJUDFLyQ\HOWUDEDMRFRQMXQWRVRQLQGLVSHQVDEOHVSDUD FDPELRV HIHFWLYRV IUHQWH D OD VRFLHGDG HQ FRQVWDQWH \ YHUWLJLQRVRGHVDUUROOR

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

/

RV UHWRV TXH LPSRQH KR\ HQ GtD OD VRFLHGDG D OD ,QJHQLHUtD VRQ PRWLYRV VXÀFLHQWHV SDUD YROYHUVH D SODQWHDU OR TXH VH KD KHFKR ODV UHVWULFFLRQHV TXH VH KDQ WHQLGR OR TXH VH GHEHUtD KDFHU \ FyPR VH SXHGHQ SURSRQHU QXHYRV \ PHMRUHV OLQHDPHQWRV H[SUHVy HO ,QJHQLHUR +HUQDQGR 9DUJDV &DLFHGR ,QJHQLHUR \ FDWHGUiWLFRGHOD8QLYHUVLGDGGH/RV$QGHV

6LQ HPEDUJR GH DFXHUGR FRQ HO H[SHUWR ORV DxRV YHQLGHURV IXHURQ PXFKR PiV IUXFWtIHURV \ OD SUHVHQFLD FODUD GH LQIUDHVWUXFWXUDV GH LQJHQLHUtD HQ OD VHJXQGD PLWDG GHO VLJOR ;,; SUHFHGLy XQD HYROXFLyQ TXH HPSH]y DVHUYHUWLJLQRVDFRQODD\XGDGHIDFWRUHVFRPRHOFDSLWDO H[WUDQMHUR\HODFHOHUDGRDXPHQWRGHODSREODFLyQ


(VSHFLDO&RSLPHUD

(QFXHQWURGH-yYHQHV/DWLQRDPHULFDQRV

,QJHQLHUtDVHFRQVROLGDFRPR VRSRUWHGHOGHVDUUROORVRVWHQLEOH $UJHQWLQD /D FXRWD DUJHQWLQD HQ HO (QFXHQWUR GH -yYHQHV /DWLQRDPHULFDQRV OD SXVR HO *UXSR GH (VWXGLRV 6REUH (QHUJtD OD 8QLYHUVLGDG 7HFQROyJLFD 1DFLRQDO GH %XHQRV $LUHV

5HSUHVHQWDQWHVGH&ROHJLDWXUDVGH,QJHQLHUtDGHSDtVHV SDQDPHULFDQRVH[SXVLHURQSUR\HFWRVSDUDHOGHVDUUROORVRVWHQLEOH

'

XUDQWHHO(QFXHQWURGH-yYHQHV/DWLQRDPHULFDQRV UHDOL]DGR HQ HO PDUFR GH OD 5HXQLyQ ,QWHUPHGLD &RSLPHUDFHOHEUDGDHQODVLQVWDODFLRQHVGH $&,(0HVWXGLDQWHVGHGLIHUHQWHVIDFXOWDGHVGHLQJHQLHUtD GH/DWLQRDPpULFDRSLQDURQDFHUFDGHOLPSRUWDQWHUROTXH MXHJDOD,QJHQLHUtDHQHOGHVDUUROORVRVWHQLEOH

(QHO(QFXHQWURGH-RYpQHV/DWLQRDPHULFDQRVORV FROHJLDGRVSUHVHQWDURQSUR\HFWRVSDUDUHGXFLUHO LPSDFWRQHJDWLYRHQHOHFRVLVWHPDFDXVDGRSRUHO GHVDUUROORGHODLQGXVWULDHQHUJpWLFD

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



/RV MyYHQHV SURYHQLHQWHV GH 0p[LFR $UJHQWLQD 3XHUWR 5LFR+RQGXUDV5HS~EOLFD'RPLQLFDQD&RORPELD\RWURV SDtVHVGH$PpULFD/DWLQD\HO&DULEHSUHVHQWDURQFUHDWLYRV SUR\HFWRV WRGRV FRQ XQ HMH FHQWUDO UHGXFLU HO LPSDFWR QHJDWLYRHQHOHFRVLVWHPDFDXVDGRSRUHOGHVDUUROORGHOD LQGXVWULDHQHUJpWLFD\ODLPSOHPHQWDFLyQQXHYDVSROtWLFDV HFRQyPLFDV /RV UHSUHVHQWDQWHV GH ODV FROHJLDWXUDV \ XQLYHUVLGDGHV DERUGDURQ OD UHVSRQVDELOLGDG VRFLDO HPSUHVDULDO FRPR FLPLHQWRGHODVRVWHQLELOLGDG\OLQHDPLHQWRLQGLVSHQVDEOH GHODJHVWLyQHPSUHVDULDOGHOVHFWRU

/RV UHSUHVHQWDQWHV LQJHQLHURV GH HVD LQVWLWXFLyQ H[SXVLHURQXQDLQYHVWLJDFLyQSDUDGHWHUPLQDUHOSRWHQFLDO GHGLVPLQXFLyQGHHPLVLRQHVGHJDVHVDSDUWLUGHODQiOLVLV GHOFRQVXPRGHHQHUJtDHQODLQGXVWULD /RVDUJHQWLQRVWUD]DURQXQDPHWRGRORJtDSDUDGHWHUPLQDU HOSRWHQFLDOGHDKRUURGHHQHUJtDEDVDGDHQODREWHQFLyQ GH GDWRV \ SRVWHULRUPHQWH HO FiOFXOR GH OR TXH XQ SDtV SRGUtDDKRUUDUHQFXDOTXLHUUHFXUVRHQHUJpWLFR

+RQGXUDV (OUHSUHVHQWDQWHGHOD8QLYHUVLGDG1DFLRQDOGH+RQGXUDV )HUQDQGR -RVp =RUWR SUHVHQWy XQ SUR\HFWR TXH XWLOL]D LQJHQLHUtD PHFiQLFD SDUD DQDOL]DU ORV PRYLPLHQWRV VtVPLFRV LQYHVWLJDU ODV SHUWXUEDFLRQHV PHFiQLFDV HQ PDTXLQDULD LQGXVWULDO \ HVWXGLDU OD VHJXULGDG LQGXVWULDO FRQUHVSHFWRDYLEUDFLRQHVPHFiQLFDV


6HWUDWDGHXQDPHVDEDXWL]DGD´0HVDYLEUDWRULD  JUDGRV GH /LEHUWDGµ VHJ~Q HO HVWXGLDQWH HO REMHWLYR SULQFLSDO HV HVWDEOHFHU XQ ODERUDWRULR GHVLVPRORJtD\GLQiPLFDGHHVWUXFWXUDVFLYLOHV TXH SHUPLWD OD FUHDFLyQ GH QXHYRV PDWHULDOHV GHODFRQVWUXFFLyQUHQRYDEOHVRUHFLFODGRV

3XHUWR5LFR /RV HVWXGLDQWHV SXHUWRUULTXHxRV SUHVHQWDURQ XQLQJHQLRVRSUR\HFWRTXHDSOLFDODLQJHQLHUtD FLYLO \ TXH HVWi GLULJLGR D GHWHUPLQDU ODV FLUFXQVWDQFLDV GH FXDOTXLHU WLSR GH DFFLGHQWH PHGLDQWH DQiOLVLV WRSRJUiÀFRV (O REMHWLYR HV SHUPLWLU D ODV DXWRULGDGHV WHQHU WRGD OD LQIRUPDFLyQQHFHVDULDGHOVXFHVR

&RORPELD 3RU &RORPELD OD XQLYHUVLGDG GH ORV $QGHV HQ XQLyQ FRQ OD 8QLYHUVLGDG 8QLPLQXWR SUHVHQWy OD 2UJDQL]DFLyQ ,QJHQLHURV 6LQ )URQWHUDV ,6)  XQ SUR\HFWR FRQIRUPDGR SRU SURIHVRUHV HVWXGLDQWHV \ HJUHVDGRV GH HVWDV GRV LQVWLWXFLRQHVTXHWUDEDMDQSRUHOPHMRUDPLHQWR GHODFDOLGDGGHYLGDHQODSREODFLyQYXOQHUDEOH PHGLDQWHLQYHVWLJDFLyQGHLQJHQLHUtDDSOLFDGD

(O SUR\HFWR SUHVHQWDGR SRU 0p[LFR HVWXYR D FDUJR GH HVWXGLDQWHV PLHPEURV GH OD 8QLyQ 0H[LFDQDGH$VRFLDFLRQHVGH,QJHQLHURV\WXYR FRPRWHPDSULQFLSDOHODKRUUR\XVRHÀFLHQWHGH ODHQHUJtDHOpFWULFD 7RPDQGRFRPRSXQWRGHSDUWLGDODLQFyJQLWDGH FyPRUHVROYHUHOSUREOHPDGHOFDPELRFOLPiWLFR HQ ORV SUy[LPRV  DxRV ORV UHSUHVHQWDQWHV PH[LFDQRV SODQWHDURQ OD FUHDFLyQ GH PRGHORV SDUDUHGXFLUODHPLVLyQGHJDVHVTXHSURGXFHQ HOHIHFWRLQYHUQDGHUR &RQ HO ÀQ GH UHGXFLU ODV FRQVHFXHQFLDV QRFLYDVHQHOPHGLRDPELHQWHGHODSURGXFFLyQ HQHUJpWLFD ORV HVWXGLDQWHV FRQVLGHUDURQ HO GLVHxRGHXQDSROtWLFDLQWHJUDOTXHDJUXSH 6HJXULGDGHQHUJpWLFD 'HVDUUROORUHJLRQDO &DOLGDGGHODHQHUJtD (ÀFLHQFLDHQHUJpWLFD 'HVDUUROORHFRQyPLFR 'LYHUVLÀFDFLyQGHWHFQRORJtDV 'LYHUVLÀFDFLyQGHIXHQWHVSULPDULDV /DGHOHJDFLyQPH[LFDQDWDPELpQVHUHÀULyDOD LPSRUWDQFLD GH XWLOL]DU RWURV WLSRV GH HQHUJtD DOWHUQDWLYRV FRPR OD HQHUJtD IRWRYROWDLFD \ HyOLFD (VWDV LQLFLDWLYDV VHJ~Q ORV FROHJLDGRV GHEHQDSOLFDUVHHQ$PpULFD/DWLQDSDUDUHGXFLU ORVHIHFWRVHQHOPHGLRDPELHQWHTXHRFDVLRQDQ ORVSURFHVRVGHJHQHUDFLyQHOpFWULFDDFWXDO

(O SUR\HFWR SUHVHQWDGR SRU HO LQJHQLHUR -XDQ &DPLOR &DLFHGR SODQWHy HO PDQHMR GH ORV GHVKHFKRV HQ ORV VLVWHPDV KtGULFRV FRORPELDQRV \ OD SUREOHPiWLFD GH FyPR PHMRUDUODFDOLGDGGHODJXDFRQODD\XGDGHOD LQJHQLHUtD 'H RWUD SDUWH OD 8QLYHUVLGDG 1DFLRQDO GH &RORPELD WDPELpQ SDUWLFLSy HQ HO HQFXHQWUR FRQ HO SUR\HFWR ´(YROXFLyQ GH ORV VLVWHPDV GH 3RWHQFLD D 6LVWHPDV GH (QHUJtDµ TXH HVER]y XQ VLVWHPD SDUD UHGXFLU OD FRQWDPLQDFLyQ \ DXPHQWDU OD SURGXFWLYLGDG GH OD HQHUJtD HOpFWULFD/RVHVWXGLDQWHVSURSXVLHURQPHMRUDU ODHÀFLHQFLDGHODHQHUJtD\UHGXFLUODHPLVLyQ GH JDVHV PHGLDQWH FRPSRQHQWHV GH UHGHV LQWHOLJHQWHV

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

0p[LFR


(QHUJtD ,QJHQLHUtDFRORPELDQDDODYDQJXDUGLDHQKLGURFDUEXURV

7UDQVSRUWHVHJXULGDGSODQHDFLyQ \UHJXODFLyQWHPDVFODYHHQODD -RUQDGD$QGLQDGH'XFWRV

'HL]TDGHU&DUROLQD&XDLFDO(FRSHWURO)UDQFLVFR$VFHQFLR$OED&RRUGLQDGRUGH,QWHJULGDGGH'XFWRV\7DQTXHV9,7-RUJH&DVWLEODQFR*HUHQWH GH2SHUDFLRQHV\0DQWHQLPLHQWR2FHQVD)HUQDQGR*XWLpUUH]3UHVLGHQWHGHODD-RUQDGD$QGLQDGH'XFWRV*DEULHOD%DUULJD$VHVRUD-XUtGLFD 2'&²(FRSHWUROÉOYDUR$ULDV$PD\D'LUHFWRUGH0DQWHQLPLHQWR7*,(GJDU9LOOD]yQ%DUUD]D6XEGLUHFWRU$SR\R7pFQLFR,QYtDV

(

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



O ,QJHQLHUR )HUQDQGR *XWLpUUH] DFWXDO JHUHQWH GHO 2OHRGXFWR%LFHQWHQDULRGH&RORPELDSUHVLGLy\GLR LQLFLRDODD-RUQDGD$QGLQDGH'XFWRVRUJDQL]DGD SRU OD $VRFLDFLyQ &RORPELDQD GH ,QJHQLHURV $&,(0 TXH FRQWy FRQ OD SDUWLFLSDFLyQ GH PiV GH  HPSUHVDV GHGLFDGDVDOWUDQVSRUWHGHKLGURFDUEXURVPDQWHQLPLHQWR GHGXFWRV\DXWRPDWL]DFLyQGHSURFHVRV (Q HO HQFXHQWUR HPSUHVDULDO H[SHUWRV HQ PDWHULD GH PDQHMR GH KLGURFDUEXURV SURYHQLHQWHV GH FRPSDxtDV FRPR (FRSHWURO \ 2FHQVD H[SOLFDURQ WHPiWLFDV FRPR LQIUDHVWUXFWXUDGHOWUDQVSRUWHGHKLGURFDUEXURVLQWHJULGDG HQHVWDFLRQHVGHERPEHRSUHYHQFLyQIUHQWHDDPHQD]DV QDWXUDOHV\UHJXODFLyQHQHOGHUHFKRGHYtDFRPSDUWLGR

'HVDItRVHQVLVWHPDGHWUDQVSRUWH (QODLQVWDODFLyQDOHYHQWRHO,QJHQLHUR*XWLpUUH]GHVWDFy ODLQWHJULGDGFRPRXQWHPDFODYHSDUDHOVHFWRU([SUHVy

ODLPSRUWDQFLDTXHWLHQHSDUDHOVLVWHPDGHWUDQVSRUWHGH KLGURFDUEXURVHOKHFKRTXHODVRSHUDFLRQHVVHDQVHJXUDV \OLPSLDVSDUDJDUDQWL]DUODSHUPDQHQFLDGHODLQGXVWULD  $ HVWR HO 3UHVLGHQWH GHO &RPLWp 2UJDQL]DGRU DGLFLRQy ODWDUHDGHUHDOL]DUPRYLPLHQWRVH[SHGLWRV\HÀFDFHVFRQ HO ÀQ GH DWHQGHU ORV QXHYRV GHVFXEULPLHQWRV SHWUROHURV ´(VWDPRV VHJXURV TXH GH DOJXQD PDQHUD VH YD D UHVSRQGHUFRQHOWLHPSRVXÀFLHQWHSDUDTXHHVWHUHFXUVR HVWp GLVSRQLEOH SDUD OD H[SRUWDFLyQ R SDUD HO FRQVXPR LQWHUQRµDJUHJy (QWUH WDQWR 3HGUR 5RVDOHV YLFHSUHVLGHQWH HMHFXWLYR ´'RZQVWUHDPµGH(FRSHWUROVHUHÀULyDODVLWXDFLyQDFWXDO GHO SDtV HQ PDWHULD GH SURGXFFLyQ GH FUXGR H LQGLFy OD Pi[LPD FDSDFLGDG D OD TXH HVWiQ OOHJDQGR ORV VLVWHPDV XWLOL]DGRVHQHOWUDQVSRUWHGHPDWHULDSULPDGHELGRDHVWH DXJHSHWUROHUR


´'LFKDV OLPLWDFLRQHV SXHGHQ FDXVDU UHVWULFFLRQHV HQ OD SURGXFFLyQ SRU WDO UD]yQ OD SHWUROHUD FRORPELDQD KD HMHFXWDGR YDULRV SUR\HFWRV SDUD PLWLJDU HVWD SUREOHPiWLFDµ VHJ~QLQGLFyHO,QJHQLHUR5RVDOHV 'HO PLVPR PRGR \ D UDt] GH HVWH FUHFLHQWH LQFUHPHQWR HQ OD SURGXFFLyQ SHWUROtIHUD HO IXQFLRQDULRVHSURQXQFLyVREUHODLQYHUVLyQTXH (FRSHWURO KL]R GH  PLOORQHV GH GyODUHV TXH GHVWLQy D OD DPSOLDFLyQ GH OD FDSDFLGDG GH WUDQVSRUWH SHWUROHUR SRU PHGLR GH GXFWRV DO DXPHQWR GHO Q~PHUR GH GHVFDUJDGHURV GH FDUUR WDQTXH \ DO LQFUHPHQWR GHO YROXPHQ GH DOPDFHQDPLHQWR

FRQ SURJUDPDV GH JHVWLyQ GH LQWHJULGDG GH HVWDFLRQHV DXQTXH KD\ QRUPDV TXH SXQWXDOPHQWH WRFDQ HO WHPD FRPR VRQ OD $3, \ ´1LQJXQDGHHVWDVQRUPDVUHFRJHWRGRVHVWRV OLQHDPLHQWRVHQXQVyORSODQHVWUXFWXUDGRFRPR WDO\D~QQRH[LVWHUHJXODFLyQDOUHVSHFWRORTXH TXLHUHQHQHVWHPRPHQWR(FRSHWURO\2FHQVDHV PRVWUDUODLQLFLDWLYDTXHDQLYHO/DWLQRDPpULFD WLHQHQ GRV RSHUDGRUHV GH GXFWRV FRORPELDQRV HQSURWHJHUHOPHGLRDPELHQWH\ODFRPXQLGDG TXHYLYHDOUHGHGRUGHODVHVWDFLRQHVµGHFODUyHO IXQFLRQDULR 

0DQHMRDDPHQD]DVQDWXUDOHV (OUHSUHVHQWDQWHGHODSHWUROHUDH[SOLFyTXHSDUD HODxRVHUiQHFHVDULRGREODUODFDSDFLGDG GHWUDQVSRUWHTXHWHQtDHOSDtVKDFHDxRV\D TXHVHHVWLPDTXHODSURGXFFLyQGHEDUULOHVGH SHWUyOHRGLDULRVVHHOHYHDPLOORQHV

,QWHJULGDGHQHVWDFLRQHVGHERPEHR /RV ,QJHQLHURV &DUORV 9HUJDUD GH 2FHQVD \ 'DUtR =DSDWD GH (FRSHWURO  SUHVHQWDURQ OD JHVWLyQ TXH WDQWR 2FHQVD FRPR (FRSHWURO HVWiQ UHDOL]DQGR SDUD OD LQWHJULGDG GH ODV HVWDFLRQHV REHGHFLHQGR D ORV ULHVJRV TXH GHPDQGD HO PHUFDGR GH KLGURFDUEXURV \ DSOLFDQGRWRGRVORVIDFWRUHVSDUDHOFRQWUROGH ORVDFWLYRVSHWUROHURV

(OSURJUDPDGHJHVWLyQSDUDHOPDQHMRLQWHJUDO GHODVDPHQD]DVQDWXUDOHVHQGXFWRVH[SXHVWR HQ OD ƒ -RUQDGD GH 'XFWRV SRU ORV ,QJHQLHURV &DUORV 1LHYHV \ -XDQ 'LHJR &RORQLD KD GHGLFDGR UHFXUVRV WpFQLFRV \ HFRQyPLFRV D WUDYpV GH HVWXGLR FDSDFLWDFLRQHV LQYHUVLRQHV HQ LQIUDHVWUXFWXUD \ QXHYDV WHFQRORJtDV SDUD ORJUDUXQSODQFRQVROLGDGRHQODLQWHJULGDGGH ORVDFWLYRV

´/RTXHTXLHUHQHQHVWHPRPHQWR(FRSHWURO \2FHQVDHVPRVWUDUODLQLFLDWLYDTXHD QLYHO/DWLQRDPpULFDWLHQHQHQSURWHJHUHO PHGLRDPELHQWH\DODFRPXQLGDGTXHYLYH DOUHGHGRUGHODVHVWDFLRQHVµ2FHQVD

3RU VX SDUWH HO ,QJHQLHUR &DUORV 9HUJDUD GHVWDFyTXHHOSURJUDPDGHEHHVWDUFRQIRUPDGR SRU XQ FRQMXQWR GH SODQHV TXH UHTXLHUHQ OD DFWLYDSDUWLFLSDFLyQGHODVHVWDFLRQHVHQiUHDV GHPDQWHQLPLHQWRHLQWHJULGDG'LFKRVSODQHV GHEHQ LQWHUDFWXDU HQWUH Vt PDQWHQLHQGR XQ FLFOR GH JHVWLyQ \ XQ PHMRUDPLHQWR FRQWLQXR EDMRXQDPLVPDÀORVRItDFRUSRUDWLYD (O ,QJHQLHUR 9HUJDUD DxDGLy TXH OD LQGXVWULD YH XQ YDFtR JLJDQWH HQ OR TXH WLHQH TXH YHU

'HDFXHUGRFRQORV,QJHQLHURV1LHYHV\&RORQLD ODV SDUWLFXODUHV FRQGLFLRQHV WRSRJUiÀFDV GHO SDtV\ODQHFHVLGDGGHPDQHMDUHVWDVDPHQD]DV QDWXUDOHV\FOLPiWLFDVKDQVLWXDGRD&RORPELD FRPRUHIHUHQWHHQHOWHPDSRVLFLRQiQGRVHDOD YDQJXDUGLDHQVHUYLFLRVGH,QJHQLHUtD\HVWXGLRV HVSHFLDOL]DGRV ´(O SHRU HYHQWR HVWi DVRFLDGR JHQHUDOPHQWH D XQGHUUDPHGHKLGURFDUEXUROtTXLGRGRQGHHVH GHUUDPHSXHGHWHQHUFRQVHFXHQFLDVVREUHODV FRPXQLGDGHVYHFLQDVVREUHHOPHGLRDPELHQWH \ VREUH OD FDSDFLGDG SURGXFWLYD GH ODV iUHDV DIHFWDGDVµ FRQFOX\y HO ,QJHQLHUR -XDQ 'LHJR &RORQLD

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

´(Q ODV HVWDFLRQHV GHEHPRV HVWDEOHFHU ODV DFWLYLGDGHV QHFHVDULDV SDUD HO PRQLWRUHR PLWLJDFLyQHLQVSHFFLyQGHORVDFWLYRVFRQHOÀQ GH HYLWDU TXH HYHQWRV FDWDVWUyÀFRV VXFHGDQ \ DIHFWHQDODVSHUVRQDVHODPELHQWHRHOVHUYLFLR FRPRWDOµ([SOLFyHO,QJHQLHUR=DSDWD


(QHUJtD

$QWHDXPHQWRGHHQPDU]R

´5HYLVDUIyUPXODGHSUHFLRVGH FRPEXVWLEOHVFRQXQDFRPLVLyQ WpFQLFDµ$&,(0

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



´/

DV FRQVWDQWHV YDULDFLRQHV HQ HO SUHFLR GH OD JDVROLQD FRPR OR TXH DFDED GH VXFHGHU FRQ ORV  SDUD HO SUHFLR GH OD JDVROLQD HQ HO PHVGHPDU]RQRVOOHYDQDUDWLÀFDUODQHFHVLGDGGHTXH &RORPELD FXHQWH FRQ XQD &RPLVLyQ 7pFQLFD TXH UHJXOH ORVFRPEXVWLEOHVOtTXLGRV HQDVSHFWRVUHODFLRQDGRV FRQ XVR UDFLRQDO FDOLGDGHV \ SUHFLRV HQWUH RWURV DVSHFWRVµ DVt OR DÀUPy -XOLiQ &DUGRQD &DVWUR SUHVLGHQWH QDFLRQDO GHOD$VRFLDFLyQ&RORPELDQDGH,QJHQLHURV$&,(0 3DUD $&,(0 XQD VROXFLyQ VHUtD OD GH UHHVWUXFWXUDU OD &RPLVLyQ GH 5HJXODFLyQ GH (QHUJtD \ *DV &5(*  \ DPSOLDUOHODVIDFXOWDGHVTXHSDUDTXHDVXPDODVIXQFLRQHV GHUHJXODFLyQGHORVFRPEXVWLEOHVOtTXLGRV

´2FUHDUXQDFRPLVLyQWpFQLFDTXHPDQHMHORVSUHFLRVGH ORVFRPEXVWLEOHVOtTXLGRVLQGHSHQGLHQWHGHO0LQLVWHULRGH 0LQDV\(QHUJtDORFXDOHYLWDUtDHVWDUSHUPDQHQWHPHQWH VRPHWLGD D ODV SUHVLRQHV SROtWLFDV \ D ODV SUHVLRQHV JUHPLDOHVµDJUHJy&DUGRQD&DVWUR $&,(0 GHVWDFy TXH DO H[LVWLU XQD PHWRGRORJtD GH IRUPXODFLyQ GH SUHFLRV GH ORV FRPEXVWLEOHV OtTXLGRV EDVDGD HQ DVSHFWRV WpFQLFRV HO 0LQLVWHULR GH 0LQDV \ (QHUJtDSRGUiFHQWUDUVHHQVHUHOHQWHUHFWRUGHOD3ROtWLFD (QHUJpWLFDGHOSDtV


(QHUJtD

)UHQWHD5HVROXFLyQGH

´)yUPXODGHSUHFLRVGHO HWDQROVHGHEHUHYLVDUµ$&,(0

$ OR ODUJR GH ORV ~OWLPRV DxRV $&,(0 KD UHVSDOGDGR OD SROtWLFD GHO JRELHUQR QDFLRQDO GH LPSXOVDU ORV ELRFRPEXVWLEOHVHQ&RORPELDFRPRIXHQWHSDUDFRQWULEXLU DOPHGLRDPELHQWH\DPHMRUDUODHÀFLHQFLDHQHUJpWLFDHQ ORVVLVWHPDVGHWUDQVSRUWH6LQHPEDUJR$&,(0REVHUYD TXHH[LVWHQDOJXQDVLQFRQVLVWHQFLDVHLQTXLHWXGHVVREUH OD PHWRGRORJtD \ HVWUXFWXUDFLyQ GH OD IyUPXOD XWLOL]DGD SDUDFDOFXODUHOLQJUHVRDOSURGXFWRUGHHWDQROFDUEXUDQWH ORFXDODIHFWDGLUHFWDPHQWHDOFRQVXPLGRUÀQDO  $VtPLVPR$&,(0OODPyODDWHQFLyQSDUDTXHVHKDJDXQD UHYLVLyQDODWHPSRUDOLGDGGHODVVHxDOHVGHORVLQFHQWLYRV TXHYLHQHQUHFLELHQGRORVSURGXFWRUHVGHHWDQROHQFXDQWR D  OD H[HQFLyQ GH LPSXHVWRV FRQ HO ÀQ GH YDOLGDU YtD UHJODPHQWDFLyQ ORV GRFH   DxRV TXH HQ DSDULHQFLD HV HOWLHPSRHVWLPDGR

5HVSHFWRDOIDFWRUGHOYDORUGHOÁHWHGHWUDQVSRUWH &DOL²%XHQDYHQWXUD $&,(0FRQVLGHUDTXHQR KD\FRQVLVWHQFLDHQWUHHOYDORUGHOÁHWHÀMDGR HQWRQ\HOYDORUHTXLYDOHQWHH[SUHVDGR HQSHVRVSRUJDOyQ  (VWRLQGLFDTXHGH PDQHUDHTXLYRFDGDHOSUHFLRGHOHWDQROVHHVWDUtD LQFUHPHQWDQGRHQXQDVXPDLJXDOD JDOyQTXHDVXYH]HTXLYDOHQD DxRDVXPLHQGRXQDSURGXFFLyQGHPLOOyQ GHOLWURVGtDGHHWDQROVXPDTXHHOS~EOLFR FRQVXPLGRUHVWDUtDSDJDQGRVLQQLQJXQD MXVWLÀFDFLyQ

$OFDQFHGHOD5HVROXFLyQ 'H DFXHUGR FRQ ORV FRQVLGHUDQGRV GH OD 5HVROXFLyQ  SDUD HO FiOFXOR GHO HO LQJUHVR DO SURGXFWRU GH HWDQROFDUEXUDQWHVHWRPDFRPRXQRGHORVFRPSRQHQWHV IXQGDPHQWDOHV HO FRVWR GH RSRUWXQLGDG GH ORV XVRV DOWHUQDWLYRV GH OD PDWHULD SULPD PiV HÀFLHQWH XWLOL]DGD SDUDODSURGXFFLyQGHHWDQROFDUEXUDQWH

$QiOLVLV$&,(0 3DUD$&,(0VLVHYDORUL]DWRGRHOHWDQROFDUEXUDQWHFRPR VLIXHVHSURGXFLGRDSDUWLUGHOD]~FDUUHÀQDGRLPSOLFDTXH VHHVWiGDQGRHOPLVPRYDORUDODOFRKROREWHQLGRGHWRGR HOSURFHVRLQFOX\HQGRDOHWDQROREWHQLGRGHVXESURGXFWRV PLHOHV QR FULVWDOL]DEOHV PHOD]DV  TXH QR DOFDQ]DUtDQ HO SUHFLRGHRSRUWXQLGDGGHOD]~FDUUHÀQDGR (O HWDQRO TXH VH REWLHQH D SDUWLU GH VXESURGXFWRV GHO SURFHVR \ TXH QR VRQ FRQYHUWLEOHV HQ D]~FDU UHÀQDGR WLHQHXQSUHFLRPHQRUFRPSDUDGRFRQHOTXHVHSURGXFH D SDUWLU GH D]~FDU UHÀQDGR OR FXDO GHEH UHÁHMDUVH HQ XQ PHQRULQJUHVRTXHUHFLEHHOSURGXFWRU (O SURGXFWRU GH HWDQRO GHEH FRQRFHU HO SRUFHQWDMH GH HWDQROSURGXFLGRTXHFRUUHVSRQGHDGHVYLDFLyQGHMXJRV TXHQRUPDOPHQWHLUtDQDODSURGXFFLyQGHD]~FDUUHÀQDGR \ HO SRUFHQWDMH GH HWDQRO SURGXFLGR TXH FRUUHVSRQGH DO SURFHVDPLHQWRGHVXESURGXFWRV

 'HQVLGDG GH HQHUJtD GHO HWDQRO FDUEXUDQWH YV JDVROLQDFRUULHQWHR[LJHQDGD 2WUR FRQVLGHUDQGR GH OD 5HVROXFLyQ PDWHULD GH HVWH DQiOLVLV HVWDEOHFH TXH  HO SUHFLR WHFKR SDUD HO HWDQRO FDUEXUDQWHVHUiHOSUHFLRPi[LPRGHODJDVROLQDFRUULHQWH R[LJHQDGDSXHVWDHQ%RJRWi

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

/

D5HVROXFLyQ1RGHOGH0D\RGHGHO 0LQLVWHULR GH 0LQDV \ (QHUJtD GHÀQLy OD IyUPXOD SDUD FiOFXOR GHO LQJUHVR DO SURGXFWRU GH DOFRKRO FDUEXUDQWHHQIXQFLyQGHOSUHFLRGHUHIHUHQFLDGHOD]~FDU UHÀQDGR


$QiOLVLV$&,(0

'RQGH

(QRSLQLyQGH$&,(0FRQHVWDSUiFWLFD VH HVWi LQWURGXFLHQGR RWUD PDQHUD GH VREUHYDORUDU HO HWDQRO FDUEXUDQWH (Q OD IyUPXOD VH HVWi DVXPLHQGR TXH XQ JDOyQ GH JDVROLQD \ XQ JDOyQ GH DOFRKRO FDUEXUDQWH VRQ HTXLYDOHQWHV HQFRQWHQLGRHQHUJpWLFR

(1$& W ,QJUHVRDOSURGXFWRUGHDOFRKRO FDUEXUDQWH H[SUHVDGR HQ SHVRV SRU JDOyQ JDOyQ SDUDHOSHUtRGR´Wµ

(O PHUFDGR GH FRPEXVWLEOHV OtTXLGRV HVLJXDOPHQWHXQPHUFDGRGHHQHUJtD \HOXVXDULRÀQDOPHQWHORTXHFRPSUD HV HQHUJtD HPSDTXHWDGD HV GHFLU FDORUtDV R %78 SRU FDGD XQLGDG GH YROXPHQ (OFRQWHQLGRGHHQHUJtDGHODJDVROLQD FRUULHQWH R[LJHQDGD FRQ  9RO GH HWDQRO (  HV GHO RUGHQ GH  %78JDOyQ \ HO FRQWHQLGR GH HQHUJtD GHOHWDQROFDUEXUDQWHHVGHORUGHQGH %78JDOyQHVGHFLUPHQRU 1R REVWDQWH TXH HO HWDQRO SURYHH DOJXQRVEHQHÀFLRVTXHVHWUDGXFHQHQ PHMRU  FRPEXVWLyQ \ PHQRU LPSDFWR DPELHQWDO HO XVXDULR ÀQDO SRGUtD UHVXOWDUGHVFRPSHQVDGRFXDQGRSDJD HO PLVPR SUHFLR SRU XQ SURGXFWR TXH FRQWLHQHPHQRVGHHQHUJtD $&,(0 FRQVLGHUD TXH XQ SUHFLR PiV HTXLWDWLYR SDUD HO XVXDULR GHO HWDQRO FDUEXUDQWH VHUtD HO UHVXOWDGR GH YDORUDUVXSRGHUFDORUtÀFRPiVXQSOXV SRU EHQHÀFLRV DPELHQWDOHV FDOFXODGR FRQ HVWiQGDUHV LQWHUQDFLRQDOHV FRPSUREDEOHV

3UHFLRGHHWDQROFRQUHIHUHQFLD DOD]~FDUUHÀQDGD

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



/D 5HVROXFLyQ  LQWURGXMR OD VLJXLHQWH IyUPXOD YLJHQWH SDUD FDOFXODULQJUHVRDOSURGXFWRUGHHWDQRO FDUEXUDQWH H[SUHVDGR HQ SHVRV SRU JDOyQ FRQ UHIHUHQFLD DO SUHFLR GHO D]~FDUUHÀQDGRSDUDXQSHUtRGR´Wµ (1$& W  ^ $]/1 W ²*( [)&[750 )&[)& `²77&9

$O UHVSHFWR $&,(0 FRQVLGHUD ODV VLJXLHQWHV REVHUYDFLRQHV DSOLFDEOHV D DOJXQRVGHORVIDFWRUHVTXHFRQIRUPDQ HVWDIyUPXOD D  $]/1 W  3URPHGLR PyYLO GH ODV FRWL]DFLRQHV GH FLHUUH GH OD SRVLFLyQ PiV FHUFDQD GHO D]~FDU EODQFR UHÀQDGR FRUUHVSRQGLHQWH DO &RQWUDWR 1R  GH OD %ROVD GH /RQGUHV SDUD ORV ~OWLPRV VHLV PHVHV SXEOLFDGDV HQ 5HXWHUV%ORRPEHUJR)XWXUHV6RXUFH H[SUHVDGDV HQ GyODUHV SRU WRQHODGD 867RQ 

FUHHPRV TXH VHUtD QHFHVDULR WHQHU DFFHVR D ODV PHPRULDV GH FiOFXOR \ D ODV PHWRGRORJtDV TXH FRQGXMHURQ D HVWHUHVXOWDGR F  77 ´9DORU GHO ÁHWH GH WUDQVSRUWH SURPHGLR GHO D]~FDU UHÀQDGR HQWUH HO FHQWUR GH SURGXFFLyQ \ HO SXHUWR GH H[SRUWDFLyQ HQ SHVRV SRU JDOyQ JDOyQ  HO FXDO VH ÀMD HQ  WRQHODGD HTXLYDOHQWHV D  JDOyQ GH DFXHUGR FRQ OR HVWDEOHFLGR SRU OD WDEOD GH ÁHWHV QDFLRQDO GHO 0LQLVWHULR GH 7UDQVSRUWH SDUD UXWD &DOL ² %XHQDYHQWXUD  'LFKR YDORU VH DFWXDOL]DUiFDGDYH]TXHVHPRGLÀTXH RDFWXDOLFHODWDEODHQPHQFLyQµ

$QiOLVLV$&,(0 1RKD\FODULGDGVREUHODVUD]RQHVSRU ODV FXDOHV VH WRPy FRPR UHIHUHQFLD HOSUHFLRGHOD]~FDUHQHOPHUFDGRGH /RQGUHV\QRHOSUHFLRGHOD]~FDUHQHO PHUFDGRGH1XHYD<RUNHOFXiOHVPiV FHUFDQRSDUD&RORPELD

$QiOLVLV$&,(0

$O PLVPR WLHPSR H[LVWH OD LQTXLHWXG GH VL ORV JDVWRV GH H[SRUWDFLyQ *(  TXH VH DSOLFDQ HQ OD IyUPXOD VRQ LJXDOPHQWH FRQVLVWHQWHV FRQ ORV JDVWRVGHH[SRUWDFLyQKDFLDHOPLVPR SXHUWR

5HVSHFWR D HVWH IDFWRU $&,(0 FRQVLGHUD TXH QR KD\ FRQVLVWHQFLD HQWUH HO  YDORU GHO ÁHWH ÀMDGR HQ WUHLQWD \ QXHYH PLO SHVRV SRU WRQHODGD WRQ  \ HO YDORU HTXLYDOHQWH H[SUHVDGR HQ SHVRV SRU JDOyQ  

E  )& 5HQGLPLHQWR HQWUH DOFRKRO \ D]~FDU H[SUHVDGR HQ OLWURV HTXLYDOHQWHVGHDOFRKROSRUTXLQWDOGH D]~FDU HOFXDOVHÀMyHQ

6L VH DSOLFDQ ORV IDFWRUHV GH FRQYHUVLyQ ÀMDGRV HQ OD PLVPD 5HVROXFLyQ HO HTXLYDOHQWH VHUtD GH  (Q XQLGDGHV FRQVLVWHQWHV VHWHQGUtD

$QiOLVLV$&,(0 $OFRPSDUDUHVWDFLIUDFRQHOUHIHUHQWH LQWHUQDFLRQDO HO FXDO HV GHO RUGHQ GH   SDUD SURFHVRV VLPLODUHV \ FRQ HÀFLHQFLDV QRUPDOHV FRQVLGHUDPRV TXHODGLIHUHQFLDHVVLJQLÀFDWLYD\TXH SRU OR WDQWR DPHULWD XQD HYDOXDFLyQ PiV GHWDOODGD (Q HVWH VHQWLGR

(VWR LQGLFD TXH GH PDQHUD HTXLYRFDGD HO SUHFLR GHO HWDQRO VH HVWDUtD LQFUHPHQWDQGR HQ XQD VXPD LJXDODJDOyQTXHDVXYH] HTXLYDOHQ D DxR DVXPLHQGR XQD SURGXFFLyQ GH  PLOOyQ GH OLWURVGtD GH HWDQRO VXPD TXH HO S~EOLFR FRQVXPLGRU HVWDUtD SDJDQGRVLQQLQJXQDMXVWLÀFDFLyQ


(QHUJtD

5HJODPHQWR7pFQLFRGH,OXPLQDFLyQ\$OXPEUDGR3~EOLFR

6HUYLFLRGHDOXPEUDGRS~EOLFR¢TXp GHEHVLJQLÀFDUSDUDHOXVXDULR" 3RU,QJ-RVp$QWRQLR6XiUH]&RDXWRU5(7,/$3

(Q HO FDVR GH ORV DXWRPRYLOLVWDV OD VHJXULGDG GHSHQGH HVHQFLDOPHQWH GH VX YHORFLGDG $ YHORFLGDG PHGLD GH  NPK HO DXWRPRYLOLVWD GHEH SHUFLELU HO REVWiFXOR HQ PHQFLyQ D XQD GLVWDQFLD KDVWD  P 3DUD YHORFLGDGHV VXSHULRUHVHVWDGLVWDQFLDRVFLODHQWUH\P

8QD DGHFXDGD YLVLELOLGDG SHUPLWH HO GHVDUUROOR QRUPDO GH ODV DFWLYLGDGHV WDQWR YHKLFXODUHV FRPR SHDWRQDOHV \ SRU FRQVLJXLHQWH WLHQH HQ FXHQWD OD FRQÀDELOLGDG GH OD SHUFHSFLyQ\ODFRPRGLGDGYLVXDO 3DUD ORJUDU GLFKD YLVLELOLGDG VH UHTXLHUHQ XQRV QLYHOHV GH LOXPLQDFLyQ FRQ EXHQD XQLIRUPLGDG \ XQ OLPLWDGR GHVOXPEUDPLHQWR TXH RIUH]FD XQ EXHQ FRQIRUW R FRPRGLGDGYLVXDO $XQTXH OD YLVLELOLGDG SXHGH VHU XQ FRQFHSWR VXEMHWLYR VH KDQ QRUPDOL]DGR FULWHULRV SDUD GHWHUPLQDUOD HV DVt TXH HO 5HJODPHQWR 7pFQLFR GH ,OXPLQDFLyQ \ $OXPEUDGR 3~EOLFR5HWLODS 5HVROXFLyQGHGHO0LQLVWHULR GH0LQDV\(QHUJtD HQOD6HFFLyQVREUHORVUHTXLVLWRV JHQHUDOHVGHGLVHxRGH$OXPEUDGR3~EOLFRHVWDEOHFHTXH VHWLHQHXQDYLVLELOLGDGVHJXUDVLVHORJUDYHUXQREVWiFXOR ÀMRRPyYLOFRQVWLWXLGRGHXQDVXSHUÀFLHGHP[ P FRQ XQ IDFWRU GH UHÁH[LyQ GH  6H FRQVLGHUD TXH XQSHDWyQWUDQVLWDFRQVHJXULGDGVLSXHGHGLVWLQJXLUGLFKR REVWiFXORDXQDGLVWDQFLDGHPRPiV

$XQTXH OR LGHDO VHUtD TXH VH WXYLHUD XQ $OXPEUDGR 3~EOLFR FRQ XQD XQLIRUPLGDG FHUFDQD DO  HVWR VROR VH ORJUDUtD HQ SUR\HFWRV H[FHVLYDPHQWH FRVWRVRV SRU HOOR VH KD QRUPDOL]DGR \ DFHSWDGR HQ HO VHUYLFLR GH DOXPEUDGRS~EOLFRXQDXQLIRUPLGDGPD\RURLJXDODO SDUDYtDVSULQFLSDOHV\XQDXQLIRUPLGDGPD\RURLJXDODO  SDUD YtDV VHFXQGDULDV \ iUHDV SHDWRQDOHV 3HUR QR VH DFHSWDQ XQLIRUPLGDGHV JHQHUDOHV HQ LOXPLQDFLyQ SRU GHEDMRGHORVYDORUHVHVWDEOHFLGRVHQODVQRUPDVWpFQLFDV LQWHUQDFLRQDOHV\HO5HWLODS $VtFRPRVHWLHQHQQRUPDOL]DGRVORVYDORUHVPtQLPRVGH FRHÀFLHQWHGHXQLIRUPLGDGGHODLOXPLQDFLyQWDPELpQVH KDQ QRUPDOL]DGR ORV QLYHOHV GH LOXPLQDFLyQ WDQWR SDUD YtDV YHKLFXODUHV FRPR SDUD YtDV \ iUHDV SHDWRQDOHV /DV SULPHUDV VH KDQ FODVLÀFDGR GH 0 D 0  FRQ EDVH HQ ODYHORFLGDGGHFLUFXODFLyQ\HOQ~PHURGHYHKtFXORVTXH FLUFXODQHQODYtDSRUKRUD/DVYtDVSHDWRQDOHVVHFODVLÀFDQ GH3D3 GHDFXHUGRFRQVXLPSRUWDQFLD\XWLOL]DFLyQ GHODVPLVPDVHQFRQFRUGDQFLDFRQHOFRQFHSWRGHFUHDU HVSDFLRV GH FRQYLYHQFLD FLXGDGDQD \ JDUDQWL]DQGR OD VHJXULGDG

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

/

D QHFHVLGDG GHO VHUYLFLR GH DOXPEUDGR S~EOLFR OR RULJLQDODIDOWDGHYLVLELOLGDGGXUDQWHODVQRFKHVHV SRUHOORTXHGXUDQWHHOGtDQRVHUHTXLHUHGHOVHUYLFLR GH DOXPEUDGR S~EOLFR SRUTXH OD OX] QDWXUDO GHO VRO KDFH TXHVHWHQJDYLVLELOLGDG

+D\ TXH WHQHU HQ FXHQWD TXH SDUD REWHQHU XQD EXHQD YLVLELOLGDGODXQLIRUPLGDGGHODOX]HVPiVLPSRUWDQWHTXH ORV YDORUHV GH LOXPLQDFLyQ (VWR VH SXHGH FRPSUREDU HQ FDPSRDELHUWRGHEDMDSROXFLyQOXPtQLFDFRQQRFKHVGH FLHORV GHVSHMDGRV GRQGH DXQTXH VHDQ EDMRV ORV QLYHOHV GHLOXPLQDQFLDGHODOX]GHODOXQDVHREWLHQHPX\EXHQD YLVLELOLGDG GHELGR D TXH WDQWR OD OX] GH OD OXQD FRPR OD OX] GHO VRO FRQ FLHORV GHVSHMDGRV \ DpUHDV OLEUHV GH REVWiFXORVWLHQHQXQDXQLIRUPLGDGJHQHUDOGHO


(O FRQWURO GH GHVOXPEUDPLHQWR R FRPRGLGDG YLVXDOWDPELpQHVXQDLPSRUWDQWHFDUDFWHUtVWLFD GHOVHUYLFLRGH$OXPEUDGR3~EOLFRTXHUHGXQGD HQODVHJXULGDGGHOWUiÀFRYHKLFXODU/DIDOWDGH FRPRGLGDGYLVXDOVHWUDGXFLUiHQXQDIDOWDGH FRQFHQWUDFLyQ SRU SDUWH GH ORV FRQGXFWRUHV TXHUHGXFLUiODYHORFLGDGGHUHDFFLyQGHELGRDO FDQVDQFLRTXHVHSURGXFLUiHQVXVRMRV (V SRU HOOR TXH OD LOXPLQDFLyQ S~EOLFD XUEDQD UHTXLHUHGHXQDOWRJUDGRGHFRPRGLGDGYLVXDO FRQ HO ÀQ GH UHGXFLU OD WHQVLyQ QHUYLRVD GH ORV FRQGXFWRUHV \ FRQ HOOR VXV HIHFWRV VREUH HO FRPSRUWDPLHQWR HQ OD YtD DO LJXDO TXH LQFUHPHQWDU ORV QLYHOHV GH VHJXULGDG SDUD FRQGXFWRUHV\SHDWRQHV

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



&RQEDVHHQORDQWHULRUVHSXHGHDÀUPDUTXH HO VHUYLFLR GH $OXPEUDGR 3~EOLFR QR VRQ VyOR ERPELOODV SUHQGLGDV VLQR HO FXPSOLPLHQWR GH QLYHOHV GH LOXPLQDFLyQ \ FRHÀFLHQWHV GH XQLIRUPLGDG TXH SHUPLWHQ WHQHU XQD EXHQD YLVLELOLGDG \ FRQIRUW 8Q EXHQ VHUYLFLR GH $OXPEUDGR 3~EOLFR WDPSRFR GH VH GHEH FRQIXQGLU FRQ XQ VHUYLFLR GH DOWRV QLYHOHV GH LOXPLQDFLyQ VLQ FRQVLGHUDU HO  XVR HÀFLHQWH \ UDFLRQDO GH OD HQHUJtD $GHPiV GH OD XQLIRUPLGDG YLVLELOLGDG \ FRQIRUW HO VHUYLFLR GH DOXPEUDGR FRPR FXDOTXLHU RWUR VHUYLFLR S~EOLFRWDPELpQVHGHEHHVWDEOHFHUSDUiPHWURV GHFRQWLQXLGDGGHOVHUYLFLR &RQHOÀQGHJDUDQWL]DUXQRVQLYHOHVPtQLPRV GH LOXPLQDFLyQ PDQWHQLGRV \ FRHÀFLHQWHV GH XQLIRUPLGDG VH GHEHQ HVWDEOHFHU SUiFWLFDV GH PDQWHQLPLHQWR SUHYHQWLYR TXH FRQWHPSOH SURJUDPDVSHULyGLFRVGHOLPSLH]DGHOFRQMXQWR ySWLFR GH ODV OXPLQDULDV \ GH FDPELR GH ODV ERPELOODV FXDQGR OOHJXHQ DO ÀQDO GH VX YLGD ~WLO 'H DFXHUGR FRQ OD 5HVROXFLyQ &5(*  GHHOÀQDOGHODYLGD~WLOGHXQDERPELOOD

GH GHVFDUJD HQ JDV RFXUUH QR VROR FXDQGR OD ERPELOOD GHMD GH IXQFLRQDU VLQR WDPELpQ FXDQGRVXÁXMROXPLQRVROOHJDDOGHOÁXMR OXPLQRVRLQLFLDO 3RU FRQVLJXLHQWH GHEHQ H[LVWLU SURJUDPDV GH PDQWHQLPLHQWR SUHYHQWLYR MXQWR FRQ ORV SURJUDPDVGHPDQWHQLPLHQWRVFRUUHFWLYRVTXH UHFXSHUDQ ORV SXQWRV OXPLQRVRV DSDJDGRV FXDQGRODVERPELOODVGHMDQGHIXQFLRQDU $GHPiVGHORDQWHULRUDVtFRPROD&5(*GHÀQLy ODYLGD~WLOGHODVERPELOODVHVWDPRVHQPRUD GHTXHGLFKDHQWLGDGGHÀQDODYLGD~WLOGHODV OXPLQDULDVGHOVHUYLFLRGH$OXPEUDGR3~EOLFR 1DGD VH ORJUD FRQ XWLOL]DU IXHQWHV OXPLQRVDV HOpFWULFDV PX\ HÀFDFHV VL VRQ LQVWDODGDV GHQWUR GH OXPLQDULDV LQHÀFLHQWHV 1R VH SXHGH VHJXLU HQJDxDQGR D ORV XVXDULRV FRQ RIUHFHUOH XQ VHUYLFLR GH ERPELOODV SUHQGLGDV VLQJDUDQWL]DUXQDEXHQDYLVLELOLGDGHQODVYtDV S~EOLFDV 'HQWURGHOSURSyVLWRGHGDUFXPSOLPLHQWRDOD /H\GHTXHGHFODUyHO8VR5DFLRQDO\ (ÀFLHQWHGHOD(QHUJtD 85( FRPRXQDVXQWR GH LQWHUpV VRFLDO S~EOLFR \ GH FRQYHQLHQFLD QDFLRQDO HQ OD SUHVWDFLyQ GHO VHUYLFLR GH $OXPEUDGR 3~EOLFR VH GHEH FXPSOLU FRQ OD REOLJDFLyQ GH FDPELDU ODV ERPELOODV FXDQGR OOHJXHQ DO ÀQDO GH VX YLGD ~WLO DXQTXH VLJDQ SUHQGLGDV \ TXH WDPELpQ VH GHEH HVWDEOHFHU OD REOLJDFLyQ GH FDPELDU ODV OXPLQDULDV GH $OXPEUDGR 3~EOLFR FXDQGR VX LQHÀFLHQFLD OOHJDDYDORUHVLQDFHSWDEOHVSRUGHEDMRGHO GH VX HÀFLHQFLD LQLFLDO FXDQGR OD OXPLQDULD HVWDEDQXHYD (VWRHQODSUiFWLFDVHWUDGXFHHQODQHFHVLGDG GH FDPELDU ODV OXPLQDULDV DO FXPSOLU XQ SHULRGRGHWHUPLQDGRGHIXQFLRQDPLHQWRKHFKR TXH FRQ OD FRPSOLFLGDG GH ODV DXWRULGDGHV YLHQH VLHQGR XWLOL]DGR SRU ORV RSHUDGRUHV GH VHUYLFLR ORV FXDOHV HVWiQ GHMDQGR ODV OXPLQDULDVIXQFLRQDQGRSRUWLHPSRLQGHÀQLGR DSURYHFKDQGR OD IDOWD GH XQD UHJXODFLyQ HQ HVWH VHQWLGR GRQGH VH GH FXPSOLPLHQWR D OD /H\ 7HQLHQGR FODUR TXH GHEH VHU HO VHUYLFLR GH DOXPEUDGRS~EOLFRGHVGHHOSXQWRGHYLVWDGH ORVXVXDULRVVHSXHGHOOHJDUDHVWDEOHFHUTXH HV XQ EXHQ VHUYLFLR GH $OXPEUDGR 3~EOLFR \ SDUD HOOR VH GHEHQ WHQHU HQ FXHQWD ÌQGLFHV GH &DOLGDG GHO VHUYLFLR TXH SHUPLWDQ HYDOXDU \ FDOLÀFDU OD FDOLGDG GHO VHUYLFLR HO FXDO GHEH VHU GHÀQLGR HQ WRGR VX DOFDQFH DSOLFDFLyQ FRQWURO SDUD SRGHU HVWDEOHFHU ORV FRVWRV GHO


VHUYLFLR \ OD YHULÀFDFLyQ GH OD FDOLGDG GXUDQWH HOGHVDUUROORGHOFRQWUDWRHQWUHHO2SHUDGRUGHO 6HUYLFLRGH$OXPEUDGR3~EOLFR\HOPXQLFLSLR $GHPiV GH ORV tQGLFHV GH FRQWLQXLGDG GHO VHUYLFLR LQGLFDGRU GH OXPLQDULDV IXHUD GH VHUYLFLR LQWHUUXSFLRQHV HQ HO VXPLQLVWUR GH HQHUJtD LQGLFDGRU GH FDSDFLGDG GH UHVSXHVWD GHORSHUDGRUGHOVHUYLFLRGHDOXPEUDGRS~EOLFR HO ,QGLFDGRU GH OD UHGXFFLyQ GHO Q~PHUR GH UHFODPRVSRUIDOODVHQHOVHUYLFLR\HO,QGLFDGRU GH OD FDOLGDG GH OD HMHFXFLyQ GH ORV WUDEDMRV GH PDQWHQLPLHQWR  GHEH H[LVWLU XQ tQGLFH GH FDOLGDGGHOVHUYLFLRGH$OXPEUDGR3~EOLFRTXH JDUDQWLFH HQ ODV YtDV \ HVSDFLRV S~EOLFRV ORV QLYHOHVSURPHGLR\FRHÀFLHQWHVGHXQLIRUPLGDG GHLOXPLQDQFLDPtQLPRVPDQWHQLGRV(VWRHVOR TXHVHOODPD¶,QGLFDGRUGH9DORUHVPDQWHQLGRV GHLOXPLQDQFLD· (QHOFDVRGHORVSUR\HFWRVQXHYRVGHDOXPEUDGR S~EOLFRHVWHLQGLFDGRUVHREWLHQHDSDUWLUGHORV 9DORUHVGHLOXPLQDQFLDPHGLGRVGHVSXpVGHXQ SHUtRGRGHRSHUDFLyQHQXQWUDPRGHYtDRiUHD UHSUHVHQWDWLYD VHOHFFLRQDGD FRPR PXHVWUD GHO SUR\HFWR FRQ UHVSHFWR D ORV SDUiPHWURV HVWDEOHFLGRVHQHOGLVHxR\PHGLGRVFXDQGRVH KL]RHOUHFLER\DFHSWDFLyQÀQDOGHODVREUDVGHO PLVPR

/DUHODFLyQHQWUHORVYDORUHVPHGLGRVGHVSXpV GH XQ SHUtRGR GH RSHUDFLyQ \ ORV YDORUHV TXH IXHURQ PHGLGRV DO UHFLER GHO SUR\HFWR JHQHUD HOtQGLFHGHYDORUHVPDQWHQLGRVGHLOXPLQDQFLD FRUUHVSRQGLHQWH OD UHODFLyQ HQWUH ORV YDORUHV GHLOXPLQDQFLDSURPHGLRPtQLPRVPDQWHQLGRV HVWDEOHFLGRV HQ HO 5HWLODS \ ORV YDORUHV GH LOXPLQDQFLD SURPHGLR PHGLGRV DO UHFLER GHO SUR\HFWR SHUPLWH REWHQHU HO tQGLFH PtQLPR GH 9DORUHV PDQWHQLGRV GH LOXPLQDQFLD SRU GHEDMR GHO FXDO QR GHEH HVWDU HQ RSHUDFLyQ OD LQVWDODFLyQGH$OXPEUDGR3~EOLFR 3RU UD]RQHV GH VHJXULGDG HQ OD YLVLELOLGDG HO tQGLFH GH YDORUHV PDQWHQLGRV GH LOXPLQDQFLD FRUUHVSRQGLHQWH QR GHEH HVWDU SRU GHEDMR GHO YDORU TXH IXH HVWDEOHFLGR SDUD HO SUR\HFWR FRPRtQGLFHPtQLPRGH9DORUHVPDQWHQLGRVGH LOXPLQDQFLD (QHOFDVRGHOVLVWHPDH[LVWHQWHHOFiOFXORGHO ,QGLFDGRUGHYDORUHVPDQWHQLGRVGHLOXPLQDQFLD VHGHEHFODVLÀFDUSRUVHFWRUHVHQHOUHVLGHQFLDO DYHQLGDV \ RWUDV iUHDV HQ ODV FXDOHV VH HVWDEOH]FDQ ODV PXHVWUDV UHSUHVHQWDWLYDV GH FDGD XQR SDUD UHDOL]DU ODV PHGLFLRQHV FRUUHVSRQGLHQWHV &RQRFLGRVORVUHVXOWDGRVVHSURFHGHUiDDFHSWDU HO VHFWRU DYHQLGD X RWUD iUHD R VH DFRUGDUi HO DOFDQFH \ SOD]R SDUD UHDOL]DU ODV DFFLRQHV QHFHVDULDVSDUDFXPSOLUFRQORVSDUiPHWURVGH LOXPLQDFLyQ REMHWLYR TXH HQ HVWH FDVR VHUtDQ ORV YDORUHV SURPHGLR PtQLPRV PDQWHQLGRV HVWDEOHFLGRVHQHO5HWLODS 'HVGH HO SXQWR GH YLVWD UHJXODWRULR HV LQGLVSHQVDEOH HVWDEOHFHU ORV YDORUHV GH ORV tQGLFHV GH FDOLGDG GHO VHUYLFLR GH $OXPEUDGR 3~EOLFR DQWHV GH TXH OD &5(* GHWHUPLQH ORV FRVWRV Pi[LPRV TXH SXHGHQ FREUDU ORV PXQLFLSLRV D ORV XVXDULRV SRU HO FRQFHSWR GH GLFKRVHUYLFLR

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

&RQ HO ÀQ GH LQGHSHQGL]DU HO UHVXOWDGR GH OD PHGLFLyQ GHO IDFWRU GH PDQWHQLPLHQWR GH LOXPLQDQFLDGHVSXpVGHXQSHUtRGRGHRSHUDFLyQ GH OD LQÁXHQFLD SRU GHSUHFLDFLyQ GH ÁXMR OXPLQRVR GH ODV ERPELOODV ODV PHGLFLRQHV GH LOXPLQDQFLDVHGHEHQUHDOL]DUGHVSXpVGHFLHQ  KRUDVGHVXVWLWXLUODVERPELOODVH[LVWHQWHV SRU QXHYDV GH VLPLODUHV FDUDFWHUtVWLFDV HQ WRGRV ORV SXQWRV OXPLQRVRV TXH FRPSRQHQ OD PXHVWUD

8QD YH] ODV DXWRULGDGHV FRPSHWHQWHV HVWDEOH]FDQ ORV tQGLFHV GH FDOLGDG GHO VHUYLFLR GH$OXPEUDGR3~EOLFRVHGHEHQHVWDEOHFHUORV PHFDQLVPRV SDUD YHULÀFDU VX FXPSOLPLHQWR SRUFXDQWRGLFKRVHUYLFLRQRVRORVRQERPELOODV SUHQGLGDV VLQR HO JDUDQWL]DU XQR YDORUHV PDQWHQLGRV GH QLYHOHV GH LOXPLQDFLyQ \ FRHÀFLHQWHVGHXQLIRUPLGDGGHQWURGHFULWHULRV GH XVR HÀFLHQWH \ UDFLRQDO GH OD HQHUJtD TXH SHUPLWHQWHQHUXQDEXHQDYLVLELOLGDG\FRQIRUW


0DQWHQLPLHQWR

'HELOLGDGHVHQ/H\\5HVROXFLyQ

´$XVHQFLDGHYLJLODQFLD\FRQWUROD SDUTXHVVHJXLUiFDXVDQGR DFFLGHQWHV\PXHUWHVµ$&,(0

´6

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



HGHEHKDFHUXQDUHYLVLyQDIRQGRGHOHVTXHPD GHYLJLODQFLD\FRQWUROSUHYLVWRHQOD/H\ \UHJODPHQWDGRHQOD5HVROXFLyQSDUD ORVSDUTXHVGHGLYHUVLRQHV\DWUDFFLRQHVPHFiQLFDVSDUD HYLWDU TXH KHFKRV FRPR ORV GH 0HGHOOtQ VH UHSLWDQ GH QXHYRµDVtORGHFODUyHO,QJHQLHUR-XOLiQ&DUGRQD&DVWUR SUHVLGHQWH QDFLRQDO GH OD $VRFLDFLyQ &RORPELDQD GH ,QJHQLHURV$&,(0 (Q RSLQLyQ GHO SUHVLGHQWH GH $&,(0 OD UHJODPHQWDFLyQ DFWXDO GH QDGD VLUYH VL HQ YHUGDG QR VH GHVDUUROOD XQ HVTXHPD HIHFWLYR GH YLJLODQFLD \ FRQWURO HQ HVWH WLSR GH DWUDFFLRQHVPHFiQLFDVHQHOSDtVDWRGRQLYHO

6HJ~Q &DUGRQD &DVWUR ´8QD H[SHULHQFLD FRPR OD GHO 5HJODPHQWR 7pFQLFR GH ,QVWDODFLRQHV (OpFWULFDV 5HWLH  VH GHEHUtD WHQHU HQ FXHQWD SDUD HVWH FDVR \D TXH KD GHPRVWUDGR VXV ERQGDGHV \ YHQWDMDV HQ IXQFLyQ GH OD VHJXULGDG GH OD YLGD KXPDQD \ GH OD FDOLGDG GH ODV LQVWDODFLRQHV $Vt PLVPR OR KHPRV UHFRPHQGDGR SDUD HO FDVR GH SLVFLQDV \ HO GH FDOGHUDV GRQGH HO SDtV KD UHJLVWUDGR XQ VLQQ~PHUR GH DFFLGHQWHV \ GH PXHUWHV GXUDQWHOD~OWLPDGpFDGDµ 'HRWUDSDUWH$&,(0SURSXVRTXHVHHODERUHQODVQRUPDV GH FRPSHWHQFLD ODERUDO SDUD OD RSHUDFLyQ \ SDUD HO PDQWHQLPLHQWR GH SDUTXHV GH GLYHUVLRQHV \ DWUDFFLRQHV PHFiQLFDVDWUDYpVGHO6(1$GHPDQHUDTXHVHJDUDQWLFH OD LGRQHLGDG GH ORV RSHUDULRV UHVSRQVDEOHV GH RSHUDU \ PDQWHQHUHVWHWLSRGHHTXLSRVHLQVWDODFLRQHV


(GXFDFLyQ

)UHQWHDSURSXHVWDGHO0LQLVWHULRGH(GXFDFLyQ1DFLRQDO

´8QDYLVLyQGHODVFRPSHWHQFLDV HQODHGXFDFLyQVXSHULRUµ$&,(0 F

G

H

6REUH OD WHPiWLFD HQ HO DxR  $&,(0 SUHVHQWy XQD VHULH GH FRQVLGHUDFLRQHV D

E

5HVSDOGRDODSROtWLFDGHO0(1GH HVWDEOHFHU XQDV FRPSHWHQFLDV JHQpULFDV PtQLPDV SDUD WRGRV ORV HVWXGLDQWHV GH SURJUDPDV GH HGXFDFLyQVXSHULRU /DV 7,& WHFQRORJtDV GH OD LQIRUPDFLyQ \ OD FRPXQLFDFLyQ  VRQ \ VHUiQ XQ DSR\R IXQGDPHQWDO SDUD OD IRUPDFLyQ HQ FRPSHWHQFLDV GH ODV QXHYDV JHQHUDFLRQHVGHSURIHVLRQDOHVGHO SDtV

6H SURSXVR SUHFLVDU PiV HO DOFDQFH GH ODV FRPSHWHQFLDV SDUD HYLWDU OD GLVSHUVLyQ GH LQWHUSUHWDFLRQHV 6HVXJLULyKDFHUXQGHEDWHQDFLRQDO SDUD HVWDEOHFHU SRU FRQVHQVR HO OLVWDGR GH ODV FRPSHWHQFLDV JHQpULFDVGHVHDEOHVHQWRGRVORV SURIHVLRQDOHV 6H FRQVLGHUy LQGLVSHQVDEOH HVWDEOHFHUXQPDUFRGHUHIHUHQFLD SDUD HO GHVDUUROOR \ OD HYDOXDFLyQ GH ODV FRPSHWHQFLDV JHQpULFDV TXHVHDGRSWDUDQ

(Q VX PRPHQWR $&,(0 SXVR D GLVSRVLFLyQ GHO 0LQLVWHULR XQ OLVWDGR GH ODV  FRPSHWHQFLDV JHQpULFDV SDUD WRGRV ORV SURIHVLRQDOHV  TXH IXHURQ HVWDEOHFLGDV FRPR ODV PiV LPSRUWDQWHV HQ HO SUR\HFWR ,GHQWLÀFDFLyQ \ DQiOLVLV GHO SHUÀO SURIHVLRQDO GHO LQJHQLHUR PHFiQLFR UHFLpQ HJUHVDGR UHDOL]DGR SRU HO &RQVHMR 3URIHVLRQDO GH ,QJHQLHUtDV (OpFWULFD 0HFiQLFD \ 3URIHVLRQHV $ÀQHV &31 HQ &RPSHWHQFLDVDEVWUDFWDV\SUiFWLFDV $&,(0VHxDOyDSURSLDGDODFODVLÀFDFLyQ GHO 0LQLVWHULR GH ODV FRPSHWHQFLDV JHQpULFDVHQFRPSHWHQFLDVDEVWUDFWDV \FRPSHWHQFLDVSUiFWLFDV 5HVSHFWR D ODV FRPSHWHQFLDV DEVWUDFWDVVHKLFLHURQHQWUHRWUDVODV VLJXLHQWHVFRQVLGHUDFLRQHV

(OSHQVDPLHQWRFUHDWLYRVHSRGUtD FRPSOHPHQWDU FRQ OD DFWLWXG LQQRYDGRUD GH PDQHUD TXH VH SRGUtDKDEODUGHXQDFRPSHWHQFLD GHQRPLQDGD SHQVDPLHQWR FUHDWLYRHLQQRYDGRU3RUVXSXHVWR KDEUtD QHFHVLGDG GH DJUHJDU ORV GHVHPSHxRV UHODFLRQDGRV FRQ OD DFWLWXGLQQRYDGRUD ‡ &RPSHWHQFLDGHDQiOLVLV\ VtQWHVLV ‡ ,GHQWLÀFDUIRUPXODU\UHVROYHU SUREOHPDV ‡ 7RPDUGHFLVLRQHV ‡ $GPLQLVWUDULQIRUPDFLyQ ‡ 7UDEDMDUHQHTXLSR ‡ $GDSWDUVHDVLWXDFLRQHVQXHYDV ‡ 7UDEDMDUGHPDQHUDDXWyQRPD ‡ &RPXQLFDUVHHÀFD]PHQWH ‡ $SUHQGHUSRUVtPLVPR ‡ &RPSHWHQFLDGHOLGHUD]JR ‡ &UHDUHLQQRYDU ‡ ,QWHUUHODFLRQDUVHFRQRWUDV SHUVRQDV

'H RWUD SDUWH SHQVDPLHQWR FUHDWLYR HV IXQGDPHQWDO SDUD HO GHVDUUROOR GH ODFLHQFLD\HOSHQVDPLHQWRLQQRYDGRU JHQHUDYDORUDODVRFLHGDGDOSHUPLWLU TXH OD FRPXQLGDG  LQFRUSRUH HVDV QXHYDV LGHDV HQ VX KDFHU FRWLGLDQR PRWLYDQGR HO FDPELR (V GH HVSHFLDO LPSRUWDQFLD HO SURFHVR LQQRYDGRU HQ OD JHVWLyQ SURGXFWLYD DO PHMRUDU OD SURGXFWLYLGDG OD FRPSHWLWLYLGDG \ ORV LPSDFWRVVRFLDOHV /D PDQLIHVWDFLyQ FRQFUHWD GH OD LQQRYDFLyQ WLHQH TXH YHU WDQWR FRQ

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

5

HFLHQWHPHQWH HO 0LQLVWHULR GH (GXFDFLyQ 1DFLRQDO 0(1  SXVR D GLVFXVLyQ S~EOLFD XQ GRFXPHQWR TXH HVWDEOHFH ORV OLQHDPLHQWRV GH ODV FRPSHWHQFLDV HQ OD HGXFDFLyQ VXSHULRU GRQGH $&,(0 SDUWLFLSy FRQ XQ GRFXPHQWR TXH UHFRJLyORVDQiOLVLVGHOJUHPLRHQHVWH FDPSR


OD SURGXFFLyQ GH LGHDV R VLWXDFLRQHV QXHYDV DO DSOLFDU HO FRQRFLPLHQWR HQ VROXFLRQHVLQQRYDGRUDVTXHSRVLELOLWHQ FDPELRV \ WUDQVIRUPDFLRQHV QXHYDV DSOLFDFLRQHV QXHYDV HVWUDWHJLDV QXHYDV IRUPDV GH RUJDQL]DUVH FRPR FRQ OD KDELOLGDG SDUD YHU ODV FRVDV GHVGH XQD SHUVSHFWLYD GLIHUHQWH D FRPRVHFRQWHPSODQXVXDOPHQWH $VtPLVPRHQODFDSDFLGDGGHHYDOXDU \ DVXPLU  ORV ULHVJRV TXH LPSOLFD GLFKD DFFLyQ \ VHU FDSD] GH QHJRFLDU \ FRQYHQFHU SDUD TXH OD LQQRYDFLyQ VH OOHYH D FDER &RPR GHVHPSHxRV TXH GHEH GHPRVWUDU HO HVWXGLDQWH HQ UHODFLyQFRQODLQQRYDFLyQVHSODQWHDQ ORVVLJXLHQWHV 3URSRQH \ GHVDUUROOD LGHDV RULJLQDOHV 3URSRQH VLWXDFLRQHV R SUREOHPDV QXHYRV R GLIHUHQWHV DORVSODQWHDGRV 3ODQWHD \ SURSRQH SODQHV GH DFFLyQ HQFDPLQDGRV D REWHQHU XQ UHVXOWDGR GHWHUPLQDGR HQ FRQGLFLRQHVGHLQFHUWLGXPEUH (QFXHQWUD SHUVSHFWLYDV QXHYDV IUHQWH D XQD VLWXDFLyQ R DSUR[LPDFLRQHVDXQ SUREOHPD GLIHUHQWHV GH ODV FRP~QPHQWHDFHSWDGDV ,QWHJUD GLIHUHQWHV LGHDV \ SURSXHVWDV GH VROXFLyQ HQ XQD VROXFLyQQRYHGRVD ,GHQWLÀFDRSRUWXQLGDGHV

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



/D FRPSHWHQFLD GH VROXFLyQ GH SUREOHPDV SRGUtD VHU DPSOLDGD \ HQULTXHFLGD TXHGDQGR FRPR XQD FRPSHWHQFLD GH LGHQWLÀFDFLyQ IRUPXODFLyQ \ VROXFLyQGHSUREOHPDVKDFLHQGR ORV UHVSHFWLYRV DMXVWHV HQ ORV GHVHPSHxRVGHVHDEOHV 'HQWUR GH OD FODVLÀFDFLyQ GH FRPSHWHQFLDV DEVWUDFWDV VH SURSRQH DJUHJDU OD FRPSHWHQFLD GH WRPD GH GHFLVLRQHV OD FXDO HVWi UHODFLRQDGD FRQ OD GH VROXFLyQ GH SUREOHPDV SHUR

VH SXHGH IRUPXODU GH PDQHUD VHSDUDGD (Q JHQHUDO VH FRQVLGHUD FRQYHQLHQWH SURIXQGL]DU PiV HQ OD FRQFHSWXDOL]DFLyQ GH FDGD FRPSHWHQFLD \ HQ OD GHWHUPLQDFLyQ GH ORV GHVHPSHxRVTXHGHEHGHPRVWUDU HOHVWXGLDQWH (Q FXDQWR D ODV FRPSHWHQFLDV SUiFWLFDV $&,(0 FRQVLGHUy ORV VLJXLHQWHVHOHPHQWRV 6LQ GXGD OD FRPSHWHQFLD GH FXOWXUDFLXGDGDQD\HQWHQGLPLHQWR GHO HQWRUQR HV IXQGDPHQWDO SDUD ORV HJUHVDGRV GH WRGRV ORV SURJUDPDV DFDGpPLFRV GH SUHJUDGR 6LQ HPEDUJR HQ OD IRUPD FRPR HVWi GHVFULWD SXHGH GDU OXJDU D LQWHUSUHWDFLRQHV PX\ GLYHUVDV \ SRGUtD VHU WRPDGD GH PDQHUD HUUyQHD R VXSHUÀFLDO SRU DOJXQDV LQVWLWXFLRQHV GH HGXFDFLyQ VXSHULRU 3RU WDQWR VH SURSRQH TXH VHD GHVFULWD GH PDQHUDPiVGHWDOODGD\HVSRVLEOH TXHVHSXHGDVXEGLYLGLUHQYDULDV FRPSHWHQFLDVPiVHVSHFtÀFDV (Q UHODFLyQ FRQ HO SXQWR DQWHULRU VH FRQVLGHUD GH OD PD\RU LPSRUWDQFLD GHWHUPLQDU ODV DFWLWXGHV \ ORV YDORUHV FX\R GHVDUUROOR UHVXOWD LPSUHVFLQGLEOH SDUD WRGRV ORV HVWXGLDQWHV GH OD HGXFDFLyQVXSHULRU $TXt YDOH OD SHQD UHFRUGDU HO OLVWDGR GH DFWLWXGHV \ YDORUHV FLXGDGDQRV XWLOL]DGR HQ HO SUR\HFWR ,GHQWLÀFDFLyQ \ DQiOLVLV GHO SHUÀO SURIHVLRQDO GHO LQJHQLHUR PHFiQLFR UHFLpQ HJUHVDGR DQWHVPHQFLRQDGRHOFXDOVHSURSRQH QXHYDPHQWH DO 0LQLVWHULR \ D ODV LQVWLWXFLRQHV\SHUVRQDVTXHSDUWLFLSDQ HQ HO GHEDWH VREUH FRPSHWHQFLDV JHQpULFDVHQODHGXFDFLyQVXSHULRU 5HVSRQVDELOLGDG +RQRUDELOLGDG 7ROHUDQFLD /HDOWDG 5HVSHWR eWLFDSURIHVLRQDO &RPSURPLVRVRFLDO

&RPSURPLVRSURIHVLRQDO 6HSURSRQHUHHPSOD]DUHOQRPEUH GH DOIDEHWL]DFLyQ FXDQWLWDWLYD SRU HO GH UD]RQDPLHQWR PDWHPiWLFR $GHPiV GHEH WHQHUVH HQ FXHQWD TXH HQ DOJXQDV SURIHVLRQHV HVWD FRPSHWHQFLD VH FRQYLHUWH HQ HVSHFtÀFD \ GHEH WHQHU SRU VXSXHVWRXQDPD\RUSURIXQGLGDG TXH OD FRQWHPSODGD HQ OD FRPSHWHQFLDJHQpULFD /DFRPSHWHQFLDGHFRPXQLFDFLyQ GHEH WHQHU pQIDVLV HQ OD FRPXQLFDFLyQ HVFULWD OHHU \ HVFULELU  \ HQ OD FRPXQLFDFLyQ RUDO KDEODU \ HVFXFKDU  \ ORV GHVHPSHxRVGHOHVWXGLDQWHGHEHQ HVWDU HTXLOLEUDGRV HQWUH HVWRV FXDWURHOHPHQWRV $&,(0 FRPSDUWH SOHQDPHQWH OD QHFHVLGDG GH LQFOXLU FRPR FRPSHWHQFLDVJHQpULFDVSUiFWLFDV ODV GH FRPXQLFDFLyQ HQ LQJOpV PDQHMRGHODLQIRUPDFLyQXVRGH ODVWHFQRORJtDVGHODLQIRUPDFLyQ \ OD FRPXQLFDFLyQ \ WUDEDMR HQ HTXLSR (Q RSLQLyQ GH $&,(0 ODV WHFQRORJtDV GH OD LQIRUPDFLyQ \ GH OD FRPXQLFDFLyQ 7,&  VRQ XQ HOHPHQWRLQWHJUDGRU\DUWLFXODGRU HQWUHODWHFQRORJtD\ORVVLVWHPDV GHLQIRUPDFLyQGHQWURGHOSURFHVR GH IRUPDFLyQ GHO LQGLYLGXR HQ OD HGXFDFLyQ VXSHULRU \ OD FRPSHWHQFLDUHODFLRQDGDFRQHVWH DVSHFWRGHEHVHUXQDKHUUDPLHQWD HVWUDWpJLFD HQ VX TXHKDFHU SURIHVLRQDO $&,(0 H[SUHVy DO 0LQLVWHULR VX SUHRFXSDFLyQ HQ HO VHQWLGR TXH ORV H[iPHQHV GLVHxDGRV SDUD HYDOXDU ODV FRPSHWHQFLDV JHQpULFDV GH ORV HVWXGLDQWHV GH ODV GLIHUHQWHV iUHDV GHO FRQRFLPLHQWR FRPLHQFHQ D DSDUWDUVH GH ORV OLQHDPLHQWRV HVWDEOHFLGRV SRU HO 0LQLVWHULR \ TXH DO ÀQDO ODV FRPSHWHQFLDV HYDOXDGDV HQ ODV GLIHUHQWHV iUHDV KD\DQ VLGR DGDSWDGDV D WDOHV iUHDV FRQ OR FXDO VH GHVGLEXMDUtD HO FRQFHSWR GH FRPSHWHQFLDVJHQpULFDV


&DStWXORV

8QDPLUDGDQXFOHDUD/DWLQRDPpULFD 3RU&DUORV$UWXUR3pUH]&HEDOORV3UHVLGHQWH$&,(0&DOGDV

/

DSURYLVLyQGHHQHUJtDHVXQGHVDItRSODQHWDULRTXH MXQWRDOFDOHQWDPLHQWRJOREDOVHKDQFRQYHUWLGRHQ JUDQGHV\XUJHQWHVUHWRVTXHDPHQD]DQODVHJXULGDG SODQHWDULD TXH VXPDGR D OD GHPDQGD FUHFLHQWH GH HQHUJtDQRVFRQGXFHDODH[FHVLYDGHSHQGHQFLDGHXQRV FXDQWRV SURGXFWRUHV TXH FDVL VLHPSUH VRQ SDtVHV FRQ LQHVWDELOLGDG SROtWLFD HQYLDQGR VHxDOHV SHUWXUEDGRUDV \ FDXVDQGRGHVHVWDELOL]DFLyQDODHFRQRPtDPXQGLDO

SDtVHV FRPR &KLQD ,QGLD -DSyQ 5XVLD &RUHD GHO 6XU DGHPiVGHQXHYRVSUR\HFWRV /DPD\RUtDGHORVUHDFWRUHVDFWXDOPHQWHHQFRQVWUXFFLyQ VHHQFXHQWUDQORFDOL]DGRVHQHO(VWHGH$VLDDOLJXDOTXH VHFRQWLQ~DFRQODHYDOXDFLyQWpFQLFDGHODRSFLyQQXFOHDU HQPXFKRVSDtVHVHQWUHHOORVYDULRVGH/DWLQRDPpULFD (Q$PpULFD/DWLQDWDPELpQQRVHQFRQWUDPRVDXQTXHHQ PHQRU JUDGR FRQ OD SUROLIHUDFLyQ GH OD HQHUJtD QXFOHDU HPSH]DQGR FRQ 0p[LFR TXH SRVHH DFWXDOPHQWH YDULRV UHDFWRUHV HQ IXQFLRQDPLHQWR OR PLVPR TXH %UDVLO \ $UJHQWLQD (Q PDWHULD GH SUR\HFWRV QXFOHDUHV QRV HQFRQWUDPRVFRQ9HQH]XHOD&KLOH3HU~\8UXJXD\ (Q 6XGDPpULFD TXLHQHV OLGHUDQ HO WHPD GH OD HQHUJtD QXFOHDU VRQ %UDVLO \ $UJHQWLQD TXH LQFOXVR KDEODQ GHO WHPD GH LQWHJUDFLyQ QXFOHDU UHJLRQDO KDELGD FXHQWD TXH $UJHQWLQD JHQHUD HO  GH VX HQHUJtD HOpFWULFD HQ FHQWUDOHVQXFOHDUHV0p[LFRHO\%UDVLOHO

%UDVLOKDVHxDODGRTXHSDUDHODVSLUDWHQHU HQWUHVHLVXRFKRFHQWUDOHVQXFOHDUHV\DFWXDOPHQWH FRQVWUX\HXQDWHUFHUDGHQRPLQDGD$QJUD,,,

6HJ~Q OD $JHQFLD ,QWHUQDFLRQDO GH (QHUJtD $WyPLFD $,($ HQHODxRHOGHODHOHFWULFLGDGJHQHUDGD HQHOPXQGRVHKL]RFRQEDVHDODHQHUJtDQXFOHDUSXHV VH FRQWy FRQ  FHQWUDOHV QXFOHDUHV \ VH HVSHUDED TXH HQWUDUDQ HQ  IXQFLRQDPLHQWR  QXHYDV FHQWUDOHV HQ

,JXDOPHQWH 3HU~ KD GHFODUDGR TXH XVDUi OD HQHUJtD QXFOHDUSDUDVXGHVDUUROORSRUWDQWRDGHODQWDDFWXDOPHQWH HQHOFRQJUHVRXQSUR\HFWRGHOH\TXHOHSHUPLWDGHFODUDU GHLQWHUpV\QHFHVLGDGS~EOLFDHOGHVDUUROORGHODHQHUJtD QXFOHDU $VtPLVPRODSUHVLGHQWD$UJHQWLQD&ULVWLQD)HUQiQGH]KD DÀUPDGRUHFLHQWHPHQWHHQODLQDXJXUDFLyQGHORVWUDEDMRV LQLFLDOHVHQODFRQVWUXFFLyQGHODFHQWUDOQXFOHDU3LOFDQL\HX OD FXDUWD FHQWUDO  OR VLJXLHQWH ´HVWDPRV GHYROYLHQGR DO SDtVXQGHUHFKRDOTXHQXQFDGHELPRVKDEHUUHQXQFLDGR SRUTXHHVRVLJQLÀFyUHQXQFLDUDUHFXUVRVHVWUDWpJLFRVGH FDUiFWHU QXFOHDU TXH KDEtDQ VLGR DEDQGRQDGRV \ HQ ORV TXHKDEtDPRVFDSLWXODGRHQORVDxRVQRYHQWDµ

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

7DOHV FLUFXQVWDQFLDV KDQ OOHYDGR D TXH HO PXQGR VH UHSODQWHHVREUHODQXHYDPDQHUDGHSURGXFLU\FRQVXPLU OD HQHUJtD \ HQWUH ODV DOWHUQDWLYDV KD VLGR HO GH WUDHU GH UHJUHVR OD HQHUJtD QXFOHDU TXH WUDV OD SpUGLGD GH SURWDJRQLVPR PXQGLDO VXIULGD GHVGH HO DFFLGHQWH GH &KHUQRELOHQDEULOGHKDFRPHQ]DGRDSUROLIHUDUGH QXHYR SRU WRGR HO PXQGR HQ HVSHFLDO HQ HO FRQWLQHQWH $VLiWLFR


&RPRYHPRVHOPDSDQXFOHDUGH/DWLQRDPpULFDHVELHQ FRPSOHMR \ &RORPELD VH HQFXHQWUD HQ PHGLR GHO PHROOR \HQHVSHUDGHDGRSWDUXQDSROtWLFDDGHFXDGD\SUXGHQWH HQHVSHFLDOHQHYLWDUXQDSRVLEOHSUHVLyQSRUSDUWHGHOD LQGXVWULDQXFOHDUDOVHUQXHVWURSDtVXQRGHORVSRFRVTXH D~QQRKDFRPHQ]DGRDGHVDUUROODUHOVHFWRUQXFOHDU 3RUWDQWRYHPRVTXHODHQHUJtDQXFOHDU JDQD HVSDFLR \ DGHSWRV HQ QXHVWUR VXEFRQWLQHQWH YROYLHQGR DO tPSHWX SHUGLGRHQDxRVDQWHULRUHVSHURTXHKR\ SDUHFH DYDQ]DU VLQ PD\RU LPSHGLPHQWR QLUHFKD]R 7DO DFHSWDFLyQ VLQ XQ GHEDWH DPSOLR HQWUHODFLXGDGDQtDOOHYDXQGHVLQWHUpV RSHRUXQLPSOtFLWRHQFXEULPLHQWRVREUH VXVSRVLEOHVSHOLJURVHQGDxRVTXHDIHFWHQDODSREODFLyQ FRQYLUWLHQGRDODVRFLHGDGHQXQDFRPXQLGDGGHULHVJR 5LHVJR TXH SXHGH VHU UHSUHVHQWDGR HQ DOJ~Q DFFLGHQWH FDWDVWUyÀFR DVRFLDGR D VX WHFQRORJtD R DOJXQD IDOOD KXPDQD TXH SXHGD WUDVFHQGHU DOOHQGH ODV IURQWHUDV QDFLRQDOHV VLHQGR HQWRQFHV XQD DPHQD]D QXFOHDU GH ULHVJR JHRSROtWLFR 7DPELpQ SRGHPRV SHQVDU HQ RWURV ULHVJRV FRPR XQD DPHQD]D \ DWDTXH WHUURULVWD D ODV LQVWDODFLRQHV QXFOHDUHV HO ULHVJR SRU VLVPLFLGDG HO SUREOHPD GH ORV GHVHFKRV UDGLRDFWLYRV FRQ SUREOHPDV

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



DJUHJDGRV FRPR HO WUDWDPLHQWR HO DFRQGLFLRQDPLHQWR WUDQVSRUWH\DOPDFHQDPLHQWR 'HEHPRVUHFRUGDUTXH&RORPELDHVPLHPEURGHOWUDWDGR GH 12 3UROLIHUDFLyQ 1XFOHDU 713  TXH FRQWHPSOD HO GHVDUUROOR GH OD HQHUJtD QXFOHDU FRQ ÀQHV SDFtÀFRV H LJXDOPHQWH KDFH SDUWH GHO &RQVHMR GH 6HJXULGDG GH OD 1DFLRQHV 8QLGDV \ WDPELpQ DGKLULy DO WUDWDGRSDUDODSURVFULSFLyQGHODVDUPDV QXFOHDUHVHQ$PpULFD/DWLQD\HO&DULEH FRQRFLGRFRPRHOWUDWDGR7ODWHOROFR 3RU WRGDV ODV UD]RQHV DQWHULRUHV &RORPELD HVWi OODPDGD D OLGHUDU HQ HO VXEFRQWLQHQWH ODWLQRDPHULFDQR WRGD XQDSROtWLFDGHVHJXLPLHQWR\HYDOXDFLyQ D ORV JRELHUQRV GH OD UHJLyQ SDUD TXH PLQLPLFHQORVULHVJRV\DGRSWHQODVQRUPDVGHVHJXULGDG HQODRSHUDFLyQGHODVFHQWUDOHVQXFOHDUHVHOWUDQVSRUWH\ DOPDFHQDPLHQWRGHORVUHVLGXRVUDGLRDFWLYRV )LQDOPHQWH WHQGUHPRV TXH UHFRQRFHU TXH KDFLD XQ FHUFDQR IXWXUR VHUi QHFHVDULR UHDOL]DU FDSDFLWDFLRQHV HQ HO SDtV SDUD GLIXQGLU ORV SULQFLSLRV \ HOHPHQWRV TXH IDFLOLWHQDODFLXGDGDQtD\HQHVSHFLDODORVOHJLVODGRUHV \ FRPXQLFDGRUHV HO PDQHMR GH OD LQIRUPDFLyQ QXFOHDU ORVDYDQFHVHQHVWHWHPD\HQJHQHUDOVREUHODUHDOLGDG QXFOHDUGHQXHVWURVYHFLQRV\HOPXQGR


&DStWXORV

&DStWXOR%ROtYDU

$&,(0SURSRQHUHJXODFLyQ SDUDFRPEXVWLEOHVOtTXLGRV

$VSHFWRVGHODUHXQLyQTXHHO,QJ,QJ-XOLiQ&DUGRQD3UHVLGHQWH1DFLRQDOGH$&,(0 VRVWXYRFRQODVGLUHFWLYDVGHO&DStWXOR%ROtYDUHOSDVDGRGH(QHUR

(O ,QJHQLHUR &DUGRQD &DVWUR DJUHJy TXH HO RUJDQLVPR HQFDUJDGR GH HVWH FRQWURO GHEH VHU OD &RPLVLyQ GH 5HJXODFLyQGH(QHUJtD\*DV &5(* \GHQRVHUDVtXQD FRPLVLyQGHH[SHUWRV,QJHQLHURV (Q HO +RWHO 6DQWD 7HUHVD GH &DUWDJHQD HO ,QJHQLHUR &DUGRQD&DVWURHQUHSUHVHQWDFLyQGH$&,(0FRPRJUHPLR SURIHVLRQDO GH OD ,QJHQLHUtD \ &XHUSR 7pFQLFR &RQVXOWLYR GHO*RELHUQR1DFLRQDOSUHVHQWySXQWRVHVWUDWpJLFRVFRPR ODHQHUJtDODVWHOHFRPXQLFDFLRQHV\OD0\SLPHV

´'DGR TXH ORV FRPEXVWLEOHV OtTXLGRV QR FXHQWDQ FRQ XQDLQVWLWXFLyQTXHUHJXOHVXXVRFUHHPRVDSURSLDGDOD GHFLVLyQ GHO 0LQLVWHULR GH 0LQDV \ (QHUJtD GH FUHDU XQD FRPLVLyQGHUHJXODFLyQGHSUHFLRVGHORVFRPEXVWLEOHVµ H[SUHVyHO,QJHQLHUR-XOLiQ&DUGRQD&DVWUR 3DUD $&,(0 OD UXWD DGHFXDGD HVWDUtD HQ DPSOLDU ODV IDFXOWDGHVGHODFRPLVLyQGH5HJXODFLyQGHHQHUJtD\*DV &5(*  SDUD TXH FRQWUROH \ DVXPD ODV IXQFLRQHV GH ORV FRPEXVWLEOHVOtTXLGRV7DPELpQVHSODQWHyODFUHDFLyQGH XQD FRPLVLyQ LQGHSHQGLHQWH TXH KDJD FRQWURO SRU IXHUD GHO0LQLVWHULRGH0LQDV\(QHUJtD

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

(

QVXYLVLWDDOFDStWXOR%ROtYDUHOSDVDGRGHHQHUR GHHO3UHVLGHQWHGH$&,(01DFLRQDO,QJHQLHUR -XOLiQ &DUGRQD &DVWUR H[SOLFy TXH HV SRVLWLYR TXH ORVFRPEXVWLEOHVFXHQWHQFRQXQDLQVWLWXFLyQTXHUHJXOH VXVDVSHFWRVWpFQLFRVUHODFLRQDGRVFRQVXXVRUDFLRQDO VXFDOLGDG\VXVSUHFLRV


6RFLDOHV

5HXQLyQ$&,(0²0LQLVWUR7,&'LHJR0RODQR

5HXQLyQ HQWUH HO 0LQLVWUR GH ODV 7HFQRORJtDV GH OD ,QIRUPDFLyQ\ODV&RPXQLFDFLRQHV'LHJR0RODQRHQODTXH SUHVHQWyDOD&RPLVLyQGH(OHFWUyQLFD\7HOHFRPXQLFDFLRQHV GH OD $VRFLDFLyQ OD FRQVROLGDFLyQ GH WUHV SUR\HFWRV IXQGDPHQWDOHV GHO 3ODQ 9LYH 'LJLWDO &RORPELD ÀEUD ySWLFD IRQGRV GH FDSLWDO GH ULHVJR H ,'L FRPR SDUWH GHODHVWUDWHJLDSDUDODPDVLÀFDFLyQGHODEDQGDDQFKDHQ &RORPELDHQORVSUy[LPRVDxRV

6RFLDOL]DFLyQ$FXHUGR7pFQLFR7'7²&179

(Q ODV LQVWDODFLRQHV GH $&,(0 OD -XQWD 'LUHFWLYD GH OD &RPLVLyQ 1DFLRQDO GH 7HOHYLVLyQ &179  VRFLDOL]y HO ERUUDGRU GHO $FXHUGR 7pFQLFR SDUD OD 7HOHYLVLyQ 'LJLWDO 7HUUHVWUH 7'7  TXH VH LPSOHPHQWDUi HQ &RORPELD EDMR HO HVWiQGDUHXURSHR

&179YLVLWD$&,(0

(QOD6RFLDOL]DFLyQGHO$FXHUGRWpFQLFRDODTXHDVLVWLyOD MXQWD GLUHFWLYD GH OD &179 VH H[SXVR DGHPiV OD SRVLFLyQ GH$&,(0HQFDOLGDGGHJUHPLRSURIHVLRQDOGHOD,QJHQLHUtD\ &XHUSR7pFQLFR&RQVXOWLYRGHO*RELHUQR1DFLRQDO

$62&,$&,Ð1&2/20%,$1$'(,1*(1,(526



5HXQLyQ$&,(0²(ODGLR*XWLpUUH]²-RVp/XLV3pUH] $VHVRUHVGH(VSDxD7'7 (O FRQVXOWRU ,QWHUQDFLRQDO GH 7HOHFRPXQLFDFLRQHV (ODGLR *XWLpUUH] VH UHXQLy HQ ODV LQVWDODFLRQHV GH $&,(0 &XQGLQDPDUFD FRQ ODV GLUHFWLYDV GH OD $VRFLDFLyQ \ GH OD &RPLVLyQ 1DFLRQDO GH 7HOHYLVLyQ &179 (O ,QJHQLHUR *XWLpUUH] FRPSDUWLy ORV DFLHUWRV HQ OD LPSOHPHQWDFLyQ GH OD 7HOHYLVLyQ 'LJLWDO 7HUUHVWUH HQ (VSDxD FRQVLGHUDGD D OD YDQJXDUGLDGHHVWDWHFQRORJtDHQ(XURSD


5HXQLyQ$&,(0²6HQDGRU/XLV)HUQDQGR9HODVFR

-RUQDGDV$QGLQDVGH'XFWRV

$SDUHFHQ GH L]T D GHU /X] 0DULQD 2YLHGR GH &XHYDV 'LUHFWRUD(MHFXWLYDGH$&,(0&XQGLQDPDUFD,QJ,VPDHO( $UHQDV3UHVLGHQWHGH$&,(0&XQGLQDPDUFD,QJ)HUQDQGR *XWLpUUH]SUHVLGHQWHWD-RUQDGD$QGLQDGH'XFWRV\3HGUR 5RVDOHVYLFHSUHVLGHQWH(MHFXWLYR'RZQVWUHDPGH(FRSHWURO

(OGtDGH1RYLHPEUHVHOOHYyDFDERODUHXQLyQHQWUHOD -XQWD'LUHFWLYD\OD&RPLVLyQGH(QHUJtDGH$&,(0FRQHO 6HQDGRU /XLV )HUQDQGR 9HODVFR TXLHQ GLR D FRQRFHU VXV DQiOLVLV\VXVHVWXGLRVUHVSHFWRDODSROtWLFDGHORVSUHFLRVGH ORVFRPEXVWLEOHVHQ&RORPELDVHxDODQGRTXHHVQHFHVDULR XQDUHYLVLyQDIRQGRSRUSDUWHGHO*RELHUQR1DFLRQDOTXHVH UHÁHMH GH PDQHUD PiV IDYRUDEOH HQ ORV FRQVXPLGRUHV VLQ DIHFWDUORVLQJUHVRVGHO(VWDGR

&23,0(5$

/RV ,QJHQLHURV GHOHJDGRV GH  SDtVHV D OD 5HXQLyQ ,QWHUPHGLDGHOD&RQIHGHUDFLyQ3DQDPHULFDQDGH,QJHQLHUtD 0HFiQLFD (OpFWULFD ,QGXVWULDO \ 5DPDV $ÀQHV &RSLPHUD 

(O HYHQWR TXH WXYR OXJDU HQ ODV ,QVWDODFLRQHV GH $&,(0 &XQGLQDPDUFD HO  \  GH QRYLHPEUH GH  FRQWy DGHPiV FRQ OD SUHVHQFLD GH SRQHQWHV UHSUHVHQWDQWHV GHO JRELHUQRGHOVHFWRUSULYDGRHLQYLWDGRVLQWHUQDFLRQDOHV

 $62&,$&,Ð1&2/20%,$1$'(,1*(1,(526

/D &XPEUH GH &ROHJLRV 3DQDPHULFDQRV UHXQLy D PiV GH  UHSUHVHQWDQWHV GH /DWLQRDPpULFD HOORV GLHURQ D FRQRFHU OD OHJLVODFLyQYLJHQWHHQFDGDXQRGHVXVSDtVHVSDUDHOHMHUFLFLR GHOD,QJHQLHUtDSRUSDUWHGHH[WUDQMHURV


ASOCIACIÓN COLOMBIANA DE INGENIEROS

63


ASOCIACIÓN COLOMBIANA DE INGENIEROS

64

Revista ACIEM - Edición 2011 No 111  

Integración de la Ingeniería Panamericana. Aportes ACIEM a Plan Vive Digital. Propuesta ACIEM al Código Aeronáutico