Issuu on Google+

81,9(56,'$'&$72/,&$'(/0$8/( DJRVWR

9LGD 8QLYHUVLWDULD

8 1 , 9 ( 5 6 , ' $ '  & $ 7 2 / , & $  ' ( /  0 $ 8 / (

7$/&$&+,/(

$*2672'(

$f21ž

<VHUHFRUGDURQORVDxRVGHODFUHDFLyQGHOD6HGH0DXOHGHOD38&

8QLYHUVLGDGFHOHEUy DxRVGHDXWRQRPtD

,QQRYDFLyQ&XUULFXODU

'LUHFWRU GHO ,QVWLWXWR GH (VWXGLRV *HQHUDOHVLQIRUPyVREUHSURFHVRV GH LQQRYDFLyQ DO &XUUtFXOR GH )RUPDFLyQ*HQHUDO 3iJ

([WHQVLyQ

([ 0LQLVWUR GHO ,QWHULRU LQLFLy FLFOR GH H[WHQVLyQ DFDGpPLFD VREUH 'HVDUUROOR 'HVFHQWUDOL]DFLyQ \ 5HJLRQDOL]DFLyQ TXH RUJDQL]D HO ,QVWLWXWR GH&LHQFLDV 6RFLDOHV \OD 'LUHFFLyQGHOD6HGHGH&XULFy 3iJ

&RQVHMR(GLWRULDO

´(VWDPRVFXPSOLHQGRDxRVGHYLGDLQVWL WXFLRQDO\DXQTXHQXHVWUDVUDtFHVVHUHPRQWDQDOD DQWLJXD(VFXHOD5XUDO1RUPDO([SHULPHQWDOGHORV WLHPSRVGHQXHVWURUHFRUGDGR3DVWRU0DQXHO/DUUDtQ \WDPELpQDODH[SHULHQFLDJDQDGDHQFXDQWRVHGHGH XQDGHODVPiVSUHVWLJLRVDVXQLYHUVLGDGHVQDFLRQDOHV ORFLHUWRHVTXHKR\FXPSOLPRVXQDxRPiVFRPR XQDLQVWLWXFLyQTXHGHVDUUROODVXSURSLDDXWRQRPtD PDGXUDVXLGHQWLGDG\ODVFDSDFLGDGHVTXHOHH[LJHQ VXGHUURWHURIXWXURµ  &RQHVWDVSDODEUDVFRPHQ]yVXFXHQWDDQXDO HOUHFWRUGHQXHVWUDXQLYHUVLGDG'U&ODXGLR5RMDV

0LxRHOPDUWHVGHDJRVWRHQXQDFHUHPRQLDTXH HVWXYR FDUJDGD GH HPRWLYLGDG 1R VyOR SRUTXH VH UHFRUGDURQORVRUtJHQHVGHQXHVWUDFDVDGHHVWXGLRV \VHHQWUHJDURQUHFRQRFLPLHQWRVSRU\DxRVGH VHUYLFLRVLQRSRUTXHDGHPiVVHRWRUJyODVHJXQGD PHGDOOD0RQVHxRU0DQXHO/DUUDtQ ODSULPHUDOHIXH HQWUHJDGDKDFHGLH]DxRVDOHQWRQFHV2ELVSRGH7DOFD 0RQVHxRU&DUORV*RQ]iOH] (QHVWDRSRUWXQLGDGHVWD GLVWLQFLyQOHIXHFRQIHULGDDOGHVWDFDGRDFDGpPLFR 5REHUWR 9LOOHQD TXLHQ SUHFLVDPHQWH VH LQWHJUy D QXHVWUDLQVWLWXFLyQHQODpSRFDGHODIXQGDFLyQGHOD FLWDGD(VFXHOD1RUPDOKDFHDxRV

8QLYHUVLGDG SUHVHQWy SULPHU OLEUR VREUH 5HOLJLRVLGDG 3RSXODU HQ HO 0DXOH 3iJ

'LUHFWRUGHOD(VFXHODGH0HGLFL QDDQDOL]DORVUHVXOWDGRVGHODV SULPHUDV PHGLFLRQHV GH FRQWD PLQDFLyQDWPRVIpULFDHIHFWXDGDV HQOD]RQD 3iJ 'HFDQRGHOD)DFXOWDGGH&LHQFLDV 5HOLJLRVDV\)LORVyÀFDVFRPHQWD VREUH HO HVFiQGDOR JHQHUDGR HQWRUQRDODVGHFODUDFLRQHVGHO HVFULWRU *QWHU *UDVV JDQDGRU GHO1yEHOGH/LWHUDWXUDHQ VREUHVXSDVDGRQD]L 3iJ

&RQWLQ~DHQSiJLQD

1XHVWUD XQLYHUVLGDG LQDXJXUy XQ PRGHUQR HGLÀFLR SDUD OD FDUUHUD GH$JURQRPtD GH SRFR PiV GH  PHWURVFXDGUDGRVTXHDOEHUJDXQDVDODGHHVWXGLR\ XQDXGLWRULR(VWH~OWLPRIXHQRPEUDGRHQUHFXHUGR GHO3DGUH-DLPH9HUGXJR%LQLPHOOLVTXLHQIXHUDKDV WDVXIDOOHFLPLHQWRKDFHSRFRPiVGHXQDxRDFWLYR PLHPEURGHOD3DVWRUDO8QLYHUVLWDULDGHOD'LyFHVLVGH 7DOFD\DVHVRUSDVWRUDOGHOD6HGH&XULFy 3iJ 9,'$81,9(56,7$5,$




81,9(56,'$'&$72/,&$'(/0$8/( 3DVWRUDO

DJRVWR

-yYHQHVFRQÀUPDURQVX VHJXLPLHQWRYHUGDGHUR

2SLQLyQ

1RVyORGHSDQ YLYHHOKRPEUH«

/HRSROGR3DYHVL)DUULRO )DFXOWDGGH&LHQFLDVGHOD,QJHQLHUtD 3DVWRUDO8QLYHUVLWDULD

/D 3DVWRUDO 8QLYHUVLWDULD GH OD 'LyFHVLV GH7DOFDQXHYDPHQWHYLRFRURQDGRHOHVIXHU]ROD GHGLFDFLyQ\SRUVREUHWRGRHOVHJXLPLHQWRYHU GDGHURGHVLHWHMyYHQHVGHQXHVWUDXQLYHUVLGDGTXH UHFLELHURQHO6DFUDPHQWRGHOD&RQÀUPDFLyQHO GHDJRVWRHQOD&DSLOODGHO&DPSXV6DQ0LJXHO GHSDUWHGH0RQVHxRU+RUDFLR9DOHQ]XHOD2ELVSR GH7DOFD\*UDQ&DQFLOOHUGHOD8&0 7UDVVXSUHSDUDFLyQYROXQWDULD\UHVSRQVDEOH GHSRFRPiVGHXQDxR\PHGLRFRQÀUPDURQVXIH

ORVDOXPQRV DOJXQRVGHHOORVHJUHVDGRV\XQSUR IHVRUWLWXODGR -XDQ$FHYHGR-XDQ&DUORV&iFHUHV -DLPH*XWLpUUH]%iUEDUD%UDYR0DFDUHQD9LGDO 5RGULJR5DPtUH]\-LPP\7RUUHV 6L ELHQ HVWH HQFXHQWUR FRQ -HV~V IXH XQ SURFHVRSHUVRQDOGHSUHSDUDFLyQFDEHGHVWDFDUOD FRODERUDFLyQGH<HUND/LOOR\'DQLHO$UDYHQDPR QLWRUHV\DOXPQRVGHQXHVWUDXQLYHUVLGDGVLHPSUH EDMRODDVHVRUtDGHQXHVWURDVHVRUSDVWRUDO3EUR &DUORV&DPSRV

1XHYD&RPXQLGDG3DVWRUDO3VLFRORJtD (VWXGLDQWHVGHOD(VFXHODGH3VLFRORJtD\DIRU PDQSDUWHGHXQDQXHYD&RPXQLGDG3DVWRUDOEDXWL]DGD EDMRHOPLVPRQRPEUH 'H HVWD IRUPD FRQ XQD (XFDULVWtD FHOHEUDGD HOGHDJRVWRHQOD&DSLOODGHO&DPSXV6DQ0LJXHO \FRQODSUHVHQFLDGHGLVWLQWRVPLHPEURVGHQXHVWUD 3DVWRUDO8QLYHUVLWDULDODFRPXQLGDGGLRSRULQLFLDGD VXVSULPHURVGtDVGHYLGDHQOD8&0 $SRFRDQGDUOD&RPXQLGDGGH3VLFRORJtD\D YLHQHUHDOL]DQGRGLYHUVDVDFWLYLGDGHVWDQWRDOLQWHULRU GHQXHVWUDXQLYHUVLGDGFRPRIXHUDGHHOOD $XQTXHKDVWDDKRUDVyORSDUWLFLSDQHVWXGLDQWHV ODVSXHUWDVHVWiQDELHUWDVDORVDFDGpPLFRV\SHUVRQDO DGPLQLVWUDWLYR GH OD (VFXHOD \D TXH OD LGHD GH HVWD FRPXQLGDGHQSDUWLFXODUHVSRGHUGHVDUUROODUORVFRQR FLPLHQWRV\KHUUDPLHQWDVDGTXLULGDVGXUDQWHODFDUUHUD

SDUDIDYRUHFHUSUR\HFWRVGHGHVDUUROORGHODDXWRHVWLPD \OLGHUD]JRFRQORVHVWXGLDQWHVGHQXHVWUDXQLYHUVLGDG\ WDPELpQH[WHQGHUODODERUSDVWRUDOGHORVXQLYHUVLWDULRV HQRWURVOXJDUHV %pOJLFD=RUULOODDQLPDGRUDGHHVWDFRPXQLGDG \HVWXGLDQWHGHƒDxRGHODFDUHUDH[SOLFyTXH´VRPRV GRFHDOXPQRVTXHOOHYDPRVFHUFDGHXQDxRMXQWRV(P SH]DPRVDSUHSDUDUHOSUR\HFWRHVWXYLPRVDSR\DQGRDO &ROHJLR6DQWD0DUWDHQMRUQDGDVGHOLGHUD]JRHQ&XULFy \OXHJRUHDOL]DPRVXQWDOOHUFRQHVWXGLDQWHVGHO&HQWUR GH)RUPDFLyQ7pFQLFD6DQ$JXVWtQHQ7DOFDµ (QHIHFWRHOWDOOHUGHDXWRHVWLPDUHDOL]DGRHO PLpUFROHVGHDJRVWRHQGHSHQGHQFLDVGHO&)7HV WXYRDFDUJRGHOD&RPXQLGDGGH3VLFRORJtD\WDPELpQ SDUWLFLSDURQODVDOXPQDV&ODXGLD&RUQHMR\9HUyQLFD &KiYH]

6HPDQDGHOD6ROLGDULGDG 7UHVGtDVGHODOGHDJRVWRIXHURQ GHGLFDGRVSRUQXHVWUD3DVWRUDO8QLYHUVLWDULDSDUD ODFHOHEUDFLyQGHOD6HPDQDGHOD6ROLGDULGDG ´&ULVWRWXYRHVSHUDQ]D\HVDHVSHUDQ ]D VRPRV QRVRWURVµ IXH HO OHPD TXH PRWLYy OD FDPSDxD SDUD FRPSDUWLU XQ DOLPHQWR FRQ FRPSDxHURVGHXQLYHUVLGDGHVSHFLDOPHQWHFRQ DTXpOORVGHHVFDVRVUHFXUVRVTXHSURYLHQHQGH GLYHUVRVSXQWRVGHOD5HJLyQ /D FDPSDxDFRPHQ]y HQ HO &DVLQR GH

OD&DVD&HQWUDO\GXUDQWHHVWRVGtDVFRQWHPSOy ODFHOHEUDFLyQGHOD(XFDULVWtDGHFDGDMXHYHV DODVKRUDVKDFLHQGRHVSHFLDOpQIDVLVHQ FyPRSRGHPRVFRPSDUWLU\VHUPiVVROLGDULRV HQ QXHVWUD FRPXQLGDG XQLYHUVLWDULD 7DPELpQ IXHH[KLELGDODSHOtFXOD´$OEHUWR¢TXLpQVDEH FXiQWR FXHVWD KDFHU XQ RMDO"µ SDUD FXOPLQDU HO GtD YLHUQHV FRQ OD UHFROHFFLyQ GH WRGRV ORV DSRUWHV KHFKRV SULQFLSDOPHQWH HQ DOLPHQWRV QRSHUHFLEOHV

9,'$81,9(56,7$5,$



4XL]iVVHDpVWDXQDGHODVIUDVHVGH-HV~VTXHPiV SUHVHQWHWLHQHOD&RPXQLGDG´&ULVWRHQOD&DOOHµGHOD3DVWRUDO GHQXHVWUD8&0(QHIHFWRFXDQGRVHUHDOL]DHOUHFRUULGRGH VROLGDULGDGWRGRVORVPLpUFROHVSRUODQRFKHFDGDXQRGHORV LQWHJUDQWHVFRQRFHPX\ELHQHOVLJQLÀFDGRGHHVWDVSDODEUDV GHO(YDQJHOLRVHJ~Q6DQ0DWHR0XFKRPiVTXHXQDWD]D GHFDIpFDOLHQWHRXQSHGD]RGHSDQGHOGtDSUHSDUDGRSRUORV SURSLRVLQWHJUDQWHVORFLHUWRHVTXHHQWDQWRHVWRVFDPLQDQWHV VHDFHUFDQDORVJUXSRVGHGHVDPSDUDGRVVLQKRJDUXQHVStULWX GLVWLQWRSDUHFHDSRGHUDUVHGHODPELHQWH (VRVURVWURVYLVLEOHPHQWHGHWHULRUDGRVSRUORVWUDMLQHV GHODSREUH]D\ODVLQWHUPLQDEOHVSHQXULDVGHOTXH\DQRSXHGH FRQWDUFRQVXIDPLOLDRKDSHUGLGRVXWUDEDMRRVLPSOHPHQWH KDFDtGRHQODVJDUUDVGHOÁDJHORGHODOFRKROLVPRSDUHFHQGH SURQWRUHDQLPDUVH\VXVRMRVHVER]DQWtPLGDPHQWHXQDVHxDO GHELHQYHQLGDFXDOKXELHVHQHVWDGRDQKHODQGRSRUKRUDVHVH HQFXHQWUR'HHVWDPDQHUDFRPLHQ]DXQVHQFLOORSHURFHUH PRQLRVRLQWHUFDPELRGHDEUD]RVGHVSXpVGHORFXDOVHLQLFLD XQDDPDEOHWHUWXOLDHQGRQGHVHGHVDUUROODHVWHVLJQLÀFDWLYR DFWRGHVROLGDULGDG\TXHFRQVLVWHHVHQFLDOPHQWHHQHVWDU DKt LQWHUFDPELDQGR XQDV SDODEUDV WUDWDQGR GH GDU DOJ~Q FRQVHMRHQÀQSRQLpQGRVHDOWDQWRGHODV~OWLPDVYLYHQFLDV GHFDGDXQR3HURPXFKDVYHFHVWDPELpQVHIRUMDGXUDQWH HVWRV HQFXHQWURV XQ FRPSURPLVR FRQFUHWR GH D\XGD SDUD HQFRQWUDUDXQIDPLOLDUSHUGLGRFRQVHJXLUSRUXQDQRFKHXQ WHFKRPiVGLJQRSDUDGRUPLUUHFLELUDOJ~QWLSRGHDVLVWHQFLD PpGLFDSDUDDVtGHDOJXQDPDQHUDDOLPHQWDUXQVHQWLPLHQWR GHHVSHUDQ]DTXHOHVSHUPLWDDOFDQ]DURUHFREUDUXQHVWDGR GHYLGDPHMRU/RVLQWHJUDQWHVGHOD&RPXQLGDGGHEHQWHQHU HVRVtPX\HQFODURTXHSDUDPXFKRVGHHVWRV´WDWDVµFRPR VHORVOODPDFRQFDULxRODVLWXDFLyQQRPHMRUDUiSXHVODV WUDEDVGHODVRFLHGDGDFWXDOVRQWDQWDVTXHQRVLHPSUHVH KDFHSRVLEOHJHVWLRQDUXQDPHMRUDVXEVWDQFLDO(VWDSHTXHxD ´FUX]DGDµDGTXLHUHXQSURIXQGRVLJQLÀFDGRSXHVUHÁHMDXQ DXWpQWLFRVHQWLGRFULVWLDQRVLJXLHQGRHOHMHPSORGHD\XGDD ORVPiVQHFHVLWDGRVFRPRQXHVWURTXHULGR3DGUH+XUWDGR <VLQHPEDUJRORPDUDYLOORVRGHHVWRVHQFXHQWURV UDGLFDSUHFLVDPHQWHDOOtHQHVWRVJHVWRVGHIUDWHUQLGDGUHFt SURFRVSXHVOXHJRGHWUDQVFXUULGDODYHODGDSDUDDVRPEUR GH PXFKRV OD SUHJXQWD GH WRGRV WLHQH TXH YHU FRQ TXLpQ HVHOTXHUHDOPHQWHKDUHFLELGRPiVFRQHVWHJHVWR+HPRV HQWUHJDGR DOJR GH SDQ \ SURFXUDGR HQWUHJDU SDODEUDV GH FRQVXHOR6LQHPEDUJRGHVSXpVGHUHWLUDUQRVODVVRQULVDV GHORVUHFLpQYLVLWDGRVSHUPDQHFHQPX\ÀUPHVHQQXHVWUD PHPRULD \ HV TXL]iV HQ QXHVWURV FRUD]RQHV HQ GRQGH KD GHH[SHULPHQWDUVHHOFDPELRPiVQRWDEOHOD*UDFLDGHOD FHUFDQtDGH'LRV (VWDVMRUQDGDVGHORVPLpUFROHVVHFRPSOHPHQWDQFRQ XQDUHXQLyQVHPDQDOHQGRQGHVHGHEDWHDFHUFDGHOVHQWLGR FULVWLDQRHQQXHVWUDVYLGDV\VXLPSDFWRHQQXHVWUDVDFFLRQHV FRWLGLDQDV(VDKtGRQGHSHUVRQDOPHQWHFUHRTXHVHSURGXFH HOHVSDFLRLQGLFDGRSDUDDKRQGDUHQHOVLJQLÀFDGRGHQXHVWUD IH7DOFRPRORHVWDEOHFH-XDQ3DEOR,,HQ´)LGHVHW5DWLRµ ODÀORVRItD\ODVFLHQFLDVWLHQHQVXSXHVWRHQHORUGHQGHOD UD]yQQDWXUDOPLHQWUDVTXHODIHLOXPLQDGD\JXLDGDSRUHO (VStULWXUHFRQRFHHQHOPHQVDMHGHODVDOYDFLyQODSOHQLWXG GHJUDFLD\GHYHUGDG 7HQHPRV VLQ GXGD XQD JUDQ UHVSRQVDELOLGDG FRPR LQWHJUDQWHVGHOD8&0/RVLQYLWRDDEULUVXVFRUD]RQHVDHVWH OODPDGRTXHSURPRYHPRVHQQXHVWUD0LVLyQ,QVWLWXFLRQDO 0HGLWHPRVHQORTXHVLJQLÀFDTXH´OD&RPXQLGDG8QLYHU VLWDULDHVWpDQLPDGDSRUXQHVStULWXGHOLEHUWDG\GHFDULGDGµ \HQTXpGHEHWUDGXFLUVHHOKHFKRGHTXHVXVLQWHJUDQWHV´VH HVIXHUFHQ HQ SURPRYHU HO VHQWLGR GH OD VROLGDULGDG HQ OD VRFLHGDG\HQHOPXQGRµ£4XH'LRVQRVEHQGLJD


81,9(56,'$'&$72/,&$'(/0$8/( &RPXQLFDFLRQHV\5533

DJRVWR PDU]RPD\R

3DUWLFLSDFLyQHVWXGLDQWLO XQDQHFHVLGDGGHWRGD 8QLYHUVLGDG $OYDUR0RUDOHV'HFKHU 3HULRGLVWD -HIH'HSDUWDPHQWRGH&RPXQLFDFLRQHV\5533

1XHVWURVDOXPQRVVHDFHUFDQDXQ QXHYR LQWHQWR SRU WUDWDU GH FRQIRUPDU XQD GLUHFWLYD TXH GLULMD OD )HGHUDFLyQ GH(VWXGLDQWHV(VODPHQWDEOHFRQVWDWDU TXH H[LVWH HVFDVR LQWHUpV HQWUH HVWRV IXWXURV SURIHVLRQDOHV SRU SDUWLFLSDU HQ XQDSUiFWLFDFtYLFDTXHHVWiHQODVEDVHV GHQXHVWURVLVWHPDGHPRFUiWLFR(OTXH QR KD\D H[LVWLGR HO TXyUXP PtQLPR KDFH XQRV PHVHV SDUD YDOLGDU HO SUR FHVRHOHFFLRQDULRIXHODPHQWDEOH(VGH HVSHUDUTXHHQRFWXEUHSUy[LPRHVWRQR VHUHSLWD 8QDXQLYHUVLGDGQHFHVLWDTXHHVWH HVWDPHQWRWHQJDFRQVWLWXLGDXQDHVWUXF WXUD TXH ORV UHSUHVHQWH HQ HO TXHKDFHU LQVWLWXFLRQDO 8QD LQVWDQFLD TXH VHD HO QH[R RÀFLDO HQWUH ODV DXWRULGDGHV \ HO DOXPQDGR8QDRUJDQL]DFLyQTXHIDFLOLWH HOGLiORJRIUDQFR\QHFHVDULRSDUDDSRUWDU DOFUHFLPLHQWRGHODFRPXQLGDGXQLYHU VLWDULD SDUD TXH pVWD FXPSOD GH PHMRU PDQHUDFRQODPLVLyQTXHVHKDÀMDGR 5HFXHUGRQRVLQQRVWDOJLDODpSRFD HQTXHFRPRDOXPQRVLQJUHViEDPRVDOD 8QLYHUVLGDGFRQHOKDPEUHGHSDUWLFLSDU HQ OD RUJDQL]DFLyQ HVWXGLDQWLO WDQWR D WUDYpVGHORV&HQWURVGH$OXPQRVFRPR GH ODV )HGHUDFLRQHV KDFLHQGR XVR UHV SRQVDEOHGHQXHVWURGHUHFKRDKDFHUQRV HVFXFKDU\GHQXHVWURGHEHUGHDSRUWDU DOFUHFLPLHQWRLQVWLWXFLRQDO 3HUR WDPELpQ UHFXHUGR DTXHOORV WLHPSRVHQTXHSRUFLUFXQVWDQFLDVTXH VHUtDPX\ODUJRGHGHWDOODUDTXtDXPHQ WDEDHOGHVLQWHUpV7DOYH]LPSUHJQDGR SRUXQDYLVLyQSUDJPiWLFDLQVWDODGDHQ FLHUWDpSRFDTXHKL]RTXHDOJXQDVJHQH UDFLRQHVGHMyYHQHVHVWXGLDQWHVPLUDUDQD

ODXQLYHUVLGDGVyORFRPRXQLQVWUXPHQWR SDUD DSUHQGHU XQD SURIHVLyQ DGTXLULU UiSLGDPHQWH XQ WtWXOR \ REWHQHU XQ WUDEDMR7RGRDTXHOORTXHQRIXHUD~WLO SDUDHVWRVÀQHVHUDSUHVFLQGLEOH &RQODSHUVSHFWLYDTXHHOWLHPSR QRVGDPHKHSHUFDWDGRTXHHVWRHVXQ IHQyPHQRFtFOLFR*UDFLDVD'LRV3RU TXHQRHVSDUDQDGDKDODJHxRSHQVDU TXHORVIXWXURVSURIHVLRQDOHVVREUHWRGR ORVHJUHVDGRVGHQXHVWUDFDVDGHHVWXGLRV ²´OtGHUHVµFRPRORV OODPD -XDQ 3DEOR ,,HQVX&RQVWLWXFLyQ$SRVWyOLFDVREUH ODV8QLYHUVLGDGHV&DWyOLFDV²PLUHQVX SDVRSRUQXHVWUDVDXODVFRPRXQPHGLR SDUD REWHQHU XQ WtWXOR \ QDGD PiV 6H HVSHUDTXHVHDQSURIHVLRQDOHVtQWHJURV VHQVLEOHVDQWHHOGRORUDMHQR&RQÀDPRV HQTXHKDFHPRVORSRVLEOHSDUDIRUPDU PiVTXHVLPSOHVSURIHVLRQDOHVSHUVR QDV3HURSDUDHVWRWDPELpQVHQHFHVLWD OD YROXQWDG GH DTXHOORV D TXLHQHV VH IRUPD 8QD YROXQWDG SRU DSURYHFKDU HOPXQGRGHRSRUWXQLGDGHVTXHDTXtVH OHVRIUHFH\TXHYDPiVDOOiGHOVLPSOH DSUHQGL]DMHGHXQDWpFQLFD (VSHUHPRVTXHHQRFWXEUHSUy[L PRH[LVWDHOTXyUXPQHFHVDULR&RQÀH PRVHQTXHQXHVWURVMyYHQHVDOXPQRV SXHGDQRSWDUHQWUHPiVGHXQDRSFLyQ \QRWHQJDQTXHFRQIRUPDUVHFRQXQD HVSHFLHGHSOHELVFLWR 2MDOiTXHVHFRQIRUPHXQDGLUHF WLYDTXHFRQGX]FDQXHVWUD)HGHUDFLyQGH (VWXGLDQWHV\TXHpVWDVDTXHHOPi[LPR SURYHFKR GH ORV WDOHQWRV GH QXHVWURV IXWXURVSURIHVLRQDOHVSDUDDSRUWDUDOD 8QLYHUVLGDG\DWUDYpVGHHOODDQXHVWUD VRFLHGDG

(67(0(6 (1/$8&0 7$/&$

*DODGH*LPQDVLD ³9HQ\9LYHHO'HSRUWHFRQOD8&0 0LpUFROHVGHVHSWLHPEUHKRUDV *LPQDVLR0XQLFLSDOGH7DOFD 2UJDQL]D&RRUGLQDFLyQGH'HSRUWHV\ 'LUHFFLyQGH([WHQVLyQ8&0 'LiORJRVGH0HGLFLQD&LHQFLD\+XPDQLVPR ³6DQWLDJR3DYORYLFKLVWRULDVGHXQHQYLDGRHVSHFLDO´ 'LDORJDFRQ$OYDUR0RUDOHV -HIHGH&RPXQLFDFLRQHV\55338&0 0LpUFROHVGHVHSWLHPEUHDODVKRUDV $XOD0DJQDGHO&DPSXV6DQ0LJXHO 2UJDQL]D(VFXHODGH0HGLFLQD\ 'LUHFFLyQGH([WHQVLyQ8&0 ,QDXJXUDFLyQ³1XHYRV(VSDFLRV GH$SUHQGL]DMH7HFQROyJLFR´ )DFXOWDGGH&LHQFLDVGHOD(GXFDFLyQ 9LHUQHVGHVHSWLHPEUHKRUDV &DPSXV6DQ0LJXHO &85,&2

&XDUWHWRGH6D[RV *DQDGRUHV)RQGDUW1DFLRQDO 0DUWHVGHVHSWLHPEUH+RUDV &HQWURGH([WHQVLyQ&DUPHQ8&0 $XVSLFLD&RQVHMR1DFLRQDOGHOD&XOWXUD\ODV$UWHV ³(QFXHQWUR)ROFOyULFR´ &RQFDYpQ$PDQHFHU\'~R5RVD&RORUi -XHYHVGHVHSWLHPEUH+RUDV &HQWURGH([WHQVLyQ&DUPHQ8&0 $XVSLFLD&RRSHUDWLYD2ULHQFRRS 3DWURFLQD3URJUDPD³&KLOH$PpULFD\VX&DQWR´ 5DGLR1XHYR0XQGR ³'tDGHODV$UWHV9LVXDOHV´ &ROHFWLYDGH*UDEDGRV 9LHUQHVGHVHSWLHPEUHKRUDV 6DOD([SRVLFLRQHV&HQWURGH([WHQVLyQ&DUPHQ8&0

ÓOWLPDKRUD %HFDV)XOEULJKW0HFHVXSSDUDLQYHVWLJDGRUHVHQ ((88

KRUDV VH UHDOL]DUiQ ODV MRUQDGDV GH GHEDWH \ GLIXVLyQ GH ODV OLVWDV TXH SRVWXOHQDODPHVDGLUHFWLYDGHOD)HGHUDFLyQGH(VWXGLDQWHVGHQXHVWUD XQLYHUVLGDG /DSULPHUDMRUQDGDVHOOHYDUiDFDERHQHOFDVLQRGHO&DPSXV6DQ 0LJXHO HQ7DOFD \ DO GtD VLJXLHQWH HQ HO &DPSXV 1XHVWUD 6HxRUD GHO &DUPHQ\OXHJRHQHO&DPSXV6DQ,VLGURGHOD6HGH&XULFy 

/D 'LUHFFLyQ GH ,QYHVWLJDFLyQ \ 3HUIHFFLRQDPLHQWR LQIRUPy TXH \D HVWi DELHUWD OD FRQYRFDWRULD SDUD SDUWLFLSDU HQ HO SURJUDPD )XOEULJKW0HFHVXSGH%HFDVGHLQYHVWLJDFLyQHQSRVWGRFWRUDGRSDUD SURIHVRUHVFKLOHQRV /DVEHFDVHVWiQGLULJLGDVDSHUVRQDODFDGpPLFRTXHKD\DREWHQLGR UHFLHQWHPHQWHHOJUDGRGH'RFWRUHQXQLYHUVLGDGHVFKLOHQDVDFUHGLWD GDV2EMHWLYRVUHTXLVLWRVGHSRVWXODFLyQEHQHÀFLRV\SOD]RVSXHGHQ REWHQHUVH HQ ZZZIXOEULJKWFKLOHFO R ZZZPHFHVXSFO 3DUD HODSR\RLQVWLWXFLRQDO\HOp[LWRGHODFRQFXUVDELOLGDGORVLQWHUHVDGRV SXHGHQFRPXQLFDUVHFRQOD'LUHFFLyQHQHOIRQRRDOFRUUHR HOHFWUyQLFRGLQSHU#XFPFOFRQFRSLDDGDEULO#XFPFO

,;-XHJRV %LQDFLRQDOHV 1RVyORGHSRUWLVWDVGHO&OXE'HSRUWLYRGHQXHVWUDXQLYHUVLGDGVLQR WDPELpQVXVWpFQLFRV\DFDGpPLFRVGHOD(VFXHODGH(GXFDFLyQ)tVLFD VHHQFXHQWUDQSDUWLFLSDQGRHQORV,;-XHJRV%LQDFLRQDOHVGH,QWHJUDFLyQ $QGLQD&KLOH\$UJHQWLQDTXHVHOOHYDQDFDERHQOD95HJLyQFRQPiV GHGHSRUWLVWDVQDFLRQDOHV\WUDVDQGLQRV 0DUFHOR &DVWLOOR HQ$WOHWLVPR &ODXGLR &DUWDJHQD HQ *LPQDVLD $UWtVWLFD5LFDUGR*RQ]iOH]HQ1DWDFLyQ\0DQXHO+HUUHUDHQ%iVTXHWERO VRQSDUWHGHOHTXLSRWpFQLFRTXHUHSUHVHQWDDOD5HJLyQGHO0DXOHHQHVWH \DWUDGLFLRQDOWRUQHRGHSRUWLYRLQWHUQDFLRQDOTXHFXOPLQDUiHOSUy[LPR GHVHSWLHPEUH

75,&(/DQXQFLDGHEDWHVSDUDSRVWXODQWHVDOD )(8&0  (O7ULEXQDO&DOLÀFDGRUGH(OHFFLRQHVLQIRUPyTXHGHQWURGHO SURFHVRHOHFFLRQDULRHQFXUVRORVGtDVGtD\GHRFWXEUHDODV

9,'$81,9(56,7$5,$




81,9(56,'$'&$72/,&$'(/0$8/( 2SLQLyQ

(Q&LQH

)ORUHV5RWDV

8QLYHUVLGDG

DJRVWR

$GTXLVLFLyQGHQRWHERRNV\HTXLSRVGHHVFULWRULR

8QLYHUVLGDGGHVDUUROOy QXHYRSUR\HFWRGH HTXLSDPLHQWRFRPSXWDFLRQDO ,QYHUVLyQSUR\HFWDGDERUGHDORVPLOORQHVGHSHVRVORJUDQGRXQDFREHUWX UDGHDFDGpPLFRV\SURIHVLRQDOHVGHQXHVWUDXQLYHUVLGDGFRPRDVLPLVPR PHGLRFHQWHQDUGHSXHVWRVGHWUDEDMRDGPLQLVWUDWLYR\DFDGpPLFR

'LUHFFLyQ\JXLyQ-LP-DUPXVFK $xR 'XUDFLyQPLQ *pQHUR&RPHGLDGUDPiWLFD ,QWHUSUHWDFLyQ%LOO0XUUD\ 'RQ-RKQVWRQ -HIIUH\:ULJKW :LQVWRQ 6KDURQ6WRQH /DXUD )UDQFHV&RQUR\ 'RUD  -HVVLFD/DQJH &DUPHQ 7LOGD6ZLQWRQ 3HQQ\ -XOLH 'HOS\ 6KHUU\ &KULVWRSKHU0F'RQDOG 5RQ &KORs6HYL JQ\ $VLVWHQWHGH&DUPHQ 0DUN:HEEHU (OFKLFR 

 $ YHFHV VH HV OR VX¿FLHQWHPHQWH GLVWUDtGRFRPRSDUDQRSUHJXQWDUTXLpQHV HO  GLUHFWRU  GH  XQD  SHOtFXOD HYHQWR TXH SXGLHUD SDUHFHU LPSHUGRQDEOH SDUD TXLpQ JXVWDGHOVpSWLPRDUWHSHUR-LP-DUPXVFK KDEtDOODPDGRPLDWHQFLyQSULQFLSDOPHQWHSRU XQDH[WUDxDFDUDFWHUtVWLFDODLPSRVLELOLGDGGH FRQWDUEXHQDVKLVWRULDVODUJDV\QRGHMDUGH KDFHUSHOtFXODVDJUDGDEOHV6LQHPEDUJRR QRTXHGyVXQRPEUHHQPLPHQWHRUHDOPHQWH MDPiVORSUHJXQWpKDVWDDKRUD  /D GHVFRQFHUWDQWH )ORUHV 5RWDV QDUUDODYLGDGH'RQ-RKQVWRQ %LOO0XUUD\  XQPXMHULHJRHPSHGHUQLGRHQWUDQGRHQORV FLQFXHQWDTXHHVWiVLHQGRDEDQGRQDGRSRU VX QRYLD -XOLH 'HOS\  6LQ H[SUHVDU JUDQ SUHRFXSDFLyQHVWiOLVWRSDUDVHJXLUFRQVX YLGD FXDQGR XQD FDUWD FRORU URVD ±GH XQD YLHMD SHUR DQyQLPD QRYLD± OH LQIRUPD TXH WLHQHXQKLMRGHDxRVTXHSUREDEOHPHQWH ORHVWiEXVFDQGR  'RQHVXQKRPEUHDFRVWXPEUDGRD ODEXHQDYLGD\DQRVDOLUVHGHVXVUXWLQDV SHUR TXH SRU ODV FLUFXQVWDQFLDV \ SRU OD LQVLVWHQFLDGHVXYHFLQRHPSUHQGHXQYLDMH HQEXVFDGHXQDUHVSXHVWDDOVHQWLGRGHVX YLGDKDFLHQGRXQUHSDVRDXQSHUtRGRGHVX SDVDGRVHQWLPHQWDO  &XDWURVRQODVSRVLEOHVÀRUHVURWDV TXHHVFULELHURQODFDUWD 6KDURQ6WRQH)UDQ FHV&RQUR\-HVVLFD/DQJH\7LOGD6ZLQWRQ  SHUR HVWH JUDQ YLDMH GHWHFWLYHVFR QR QRV DSRUWDUi QLQJXQD SLVWD SDUD VROXFLRQDU ODV SUREOHPiWLFDVSODQWHDGDV  &RQ XQD HVWpWLFD YDULDGD ±NLWVFK D UDWRV PLQLPDOLVWD HQ RWURV± -DUPXVFK KRPEUHPXHUWRHOFDPLQRGHOVDPXUDL QRV GHOHLWDQRVyORFRQODVLPiJHQHVVLQRTXH WDPELpQ FRQ XQD H[FHOHQWH \ PX\ FXLGDGD EDQGDVRQRUD  (O UHSRVLFLRQDGR %LOO 0XUUD\ HVWi H[FHOHQWHHQHOSDSHOOXHJRGHFRQYHUWLUVH HQHOIHWLFKHGH:HV$QGHUVRQ /RVH[FpQ WULFRV 7HQHQEDXPV 9LGD DFXiWLFD  \ HQ HO SURWDJRQLVWDGHSHUGLGRVHQ7RNLRGH6RItD &RSSROD(OH[FD]DIDQWDVPDLQWHUSUHWDXQURO TXHHQVXVLPSHUFHSWLEOHVJHVWRVHVFRQGH WRGDODJUDYHGDGGHOSHUVRQDMH6LPSOHPHQWH QRWDEOH  /DVPLQLKLVWRULDVTXHVHGDQFRQ FDGDXQDGHODVH[QRYLDVVRQJHQLDOHVLQ WHUSUHWDWLYDPHQWHKDEODQGR\IXQFLRQDQPX\ ELHQFRPRFRUWRVSHURHOWRGRQDUUDWLYRQRV GHMDH[DFWDPHQWHFRPRTXHGDHOSURWDJRQLVWD GHO¿OPHDO¿QDOFRQXQVLJQRGHLQWHUURJDFLyQ HQODFDUD &DUORV&DUYDFKR9LOODUURHO 3HULRGLVWD 'HSWRGH&RPXQLFDFLRQHV\5533

&RPRWRGRXQp[LWRVHSRGUtDFDOLÀFDUHOVHJXQGR SUR\HFWRGHDGTXLVLFLyQGHQRWHERRNVFRQÀQDQFLDPLHQWR FRPSDUWLGRLPSXOVDGRSRUOD9LFHUUHFWRUtDGH$GPLQLV WUDFLyQ\)LQDQ]DVDOLQWHULRUGHQXHVWUDXQLYHUVLGDGD WUDYpVGHOWUDEDMRGHODV'LUHFFLRQHVGH3UHVXSXHVWR\ )LQDQ]DV\GH,QIRUPiWLFD $SDUWLUGHHVWHQXHYRSURJUDPD²\DHQVH UHDOL]yHOSULPHURFRQODDGTXLVLFLyQGHHTXLSRV²XQ WRWDOGHDFDGpPLFRV\SURIHVLRQDOHVSXGRDGTXLULUXQ HTXLSR,%0GH~OWLPDJHQHUDFLyQUHFLpQLQFRUSRUDGRDO PHUFDGRQDFLRQDO PRGHOR7KLQNSDG7 &DEHGHVWDFDU TXHDSDUWLUGHHVWHDxRVHLQFRUSRUDURQWDPELpQORVDFD GpPLFRVTXHSRVHHQGHVGHõGHMRUQDGDKDFLDDUULED ´7RGRVORVDxRVGHVWLQDPRVUHFXUVRVSDUDDGTXLULU HTXLSDPLHQWRFRPSXWDFLRQDOSDUDODVGLIHUHQWHVXQLGDGHV VXVGLUHFWLYRVDFDGpPLFRV\SURIHVLRQDOHV\JUDGXDO PHQWHKHPRVLGRSDVDQGRGHVGHXQDLQFRUSRUDFLyQLQLFLDO GH HTXLSRV D XQD UHQRYDFLyQ GH pVWRVµ VRVWXYR ,YiQ *X]PiQGLUHFWRUGHSUHVXSXHVWR\ÀQDQ]DV $JUHJyTXHVHSUR\HFWDURQODVQHFHVLGDGHVGH ORV XVXDULRV OR TXH SHUPLWLy GHWHUPLQDU ODV YHQWDMDV GH XQ HTXLSR PyYLO /R DQWHULRU OOHYy D JHQHUDU XQ PRGHORTXHSHUPLWLHUDFXPSOLUFRQHVWDVFDUDFWHUtVWLFDV GHÁH[LELOLGDGTXHVHHQPDUFDUDGHQWURGHORVUHFXUVRV SUHVXSXHVWDULRV FRQ TXH FXHQWD OD 8QLYHUVLGDG \ SRU ~OWLPR FRQVLGHUDU OD FDQWLGDG GH WLHPSR GH YLGD ~WLO GHORVHTXLSRV ´6DEHPRVTXHORVEHQHÀFLRVVRQPXFKRPD\RUHV \QRVJXVWDUtDTXHWRGRVORVDFDGpPLFRVSXGLHVHQWHQHU QRWHERRNVSRUTXHQXHVWURDQKHORHVFRQWLQXDUFRQHVWH GHVDUUROORSDUDPHMRUDUHQODLPSOHPHQWDFLyQGHHTXLSD PLHQWRWHFQROyJLFRDXGLRYLVXDO\GHODUHGLQDOiPEULFD HQOD8QLYHUVLGDGµLQGLFy ´(OKHFKRTXHKD\DPRVDOFDQ]DGRDHVWDFDQWLGDG SHUPLWLyVXSHUDUHQFHUFDGHXQODFREHUWXUD3RUOR WDQWRTXHGDGHPDQLÀHVWRODEXHQDHYDOXDFLyQGHSDUWH GHORVDFDGpPLFRVSURIHVLRQDOHV\MHIHVGHXQLGDGTXH VHLQWHUHVDURQHQSDUWLFLSDUHQHVWHSUR\HFWRµVRVWXYR *X]PiQDOWLHPSRTXHDFODUyTXHHVWHSUR\HFWRSHUPLWLy UHDOL]DU XQD EXHQD QHJRFLDFLyQ FRQ ORV SURYHHGRUHV ORJUDQGRDOFDQ]DUXQDKRUURVLJQLÀFDWLYRSDUDHOYDORU FRPHUFLDO GH HVWRV HTXLSRV GH DSUR[LPDGDPHQWH XQ HQHOSUHFLRGHPHUFDGR ´$GHPiVGHODFRQGLFLRQHVÀQDQFLHUDV²UHFDO Fy²LQFRUSRUDPRVXQVHJXURTXHVHUHGXMRHQXQGH ODSULPDDQXDO<ORPiVLPSRUWDQWHHVTXHWRGRVHVWRV EHQHÀFLRVVHWUDVSDVDURQtQWHJUDPHQWHDORVXVXDULRVµ 3RURWUDSDUWH*XVWDYR%XVWRVGLUHFWRUGHLQ IRUPiWLFDH[SOLFyTXHWUDVORVUHVXOWDGRVGHOSUR\HFWR DQWHULRU´HPSH]DPRVDSODQWHDUQRVTXpVHQHFHVLWDED FRPRSURGXFWRSDUDHOVLJXLHQWHSHUtRGRµ 3DUDHOORVHFRQVLGHUDURQDVSHFWRVFRPRODHYR OXFLyQWHFQROyJLFDGHORV~OWLPRVWUHVDxRVODH[SHULHQFLD GHOVRSRUWHGHFDGDXQDGHODVPDUFDVODFDOLGDGGHODV UHVSXHVWDV\HOWLHPSRGHpVWDV\HOWLSRGHXVRTXHOH

9,'$81,9(56,7$5,$



GDQODVSHUVRQDVHQQXHVWUDXQLYHUVLGDG ´(VWR~OWLPR²FRQWLQXy²IXHXQRGHORVHOHPHQWRV IXQGDPHQWDOHVSDUDEXVFDUXQDPiTXLQDTXHVHDORVXÀ FLHQWHPHQWHUREXVWDSDUDORVGLIHUHQWHVXVRVPRYLOLGDG \ÁH[LELOLGDG\TXHWXYLHUDXQPX\EXHQGHVHPSHxRµ ´%DMRHVWDVFDUDFWHUtVWLFDVDGHPiVGHODVFRQGL FLRQHVHFRQyPLFDVGXUDELOLGDG\FRPSRQHQWHVDGLFLR QDOHVOOHJDPRVDODPDUFD,%0µDSXQWy 8QDVSHFWRQRPHQRUHQHVWHSURFHVRIXHTXHWDQWR OD'LUHFFLyQGH,QIRUPiWLFDFRPRORVIXWXURVXVXDULRV SXGLHURQFRQVWDWDUSUHYLDPHQWHODVFXDOLGDGHVGHORVGLIH UHQWHVHTXLSRV DGHPiVGH,%0 PLGLHQGRUHVLVWHQFLDD ORVJROSHV\ODKXPHGDGHQWUHRWUDVSUXHEDVTXHSXGLHURQ VHUYLVWDVSRUORVLQWHUHVDGRVGHPRGRGHOOHJDUDXQD RSFLyQFRQVHQVXDGDFRQORVXVXDULRVÀQDOHV (VWHHTXLSRDSXQWyWLHQHFXDWURYHFHVPiVSR WHQFLDTXHORVDGTXLULGRVHQHODQWHULRUSUR\HFWRSRVHH JUDEDGRUGH'9'\XQWLHPSRGHUHVSXHVWDGHOVRSRUWH WpFQLFRJDUDQWL]DGR\EUHYH´GRQGHQRVRWURVVRPRVOD SULPHUDOtQHDGHJDUDQWtDSDUDORVXVXDULRVDQWHVTXHHO VHUYLFLRWpFQLFRGHODPDUFDµ ´+DVWD DKRUD ORV HVSHFLDOLVWDV \ HO VHUYLFLR GH DVLVWHQFLD WHOHIyQLFD PDQWLHQHQ EDVWDQWH VDWLVIHFKRV D ORVXVXDULRV<HQPLH[SHFWDWLYDFUHRTXHHVWHSUR\HFWR GHELHUDGXUDUPXFKRPiVGHWUHVDxRVµFRQFOX\y &RPSXWDGRUHVGHHVFULWRULR $GLFLRQDOPHQWHDPEDVGLUHFFLRQHVGLHURQUHV SXHVWDDRWUDVQHFHVLGDGHVGHHTXLSDPLHQWRFRPSXWDFLR QDOFRPSXWDGRUHVGHHVFULWRULRHLPSUHVRUDVTXHVRQSDUWH GHODVQHFHVLGDGHVSHUPDQHQWHVGHOD8QLYHUVLGDG 'HHVWDIRUPDIXHURQDGTXLULGRV²\\DVHHQFXHQ WUDQHQVHUYLFLR²RWURVFRPSXWDGRUHVGLVWULEXLGRVHQWUH ODVGLIHUHQWHVXQLGDGHVDFDGpPLFDV\DGPLQLVWUDWLYDVGH 7DOFD\&XULFy/DLQYHUVLyQJOREDOVXPDGRHOSUR\HFWR GHQRWHERRNVDVFLHQGHDORVPLOORQHVGHSHVRV /DQRYHGDGHVTXHVRQHTXLSRVGHH[FHOHQWHQLYHO ´QRVFDPELDPRVGHPDUFD\DYDQ]DPRVFRQVLGHUDEOHPHQ WHHQODVJDUDQWtDVGHVRSRUWH\DVLVWHQFLDWpFQLFD²VHxDOy *X]PiQ²ORTXHQRVKDGDGRJUDQGHVEHQHÀFLRVFRPROD UHGXFFLyQGHORVFRVWRVHQODDGTXLVLFLyQ\XQDPHMRUtD HQORVWLHPSRVGHUHVSXHVWDHQODPDQWHQFLyQµ 3RURWUDSDUWHODUHQRYDFLyQGHHTXLSRVSHUPLWH TXH ORV DQWLJXRV VHDQ UHDFRQGLFLRQDV \ UHDVLJQDGRV D XQLGDGHV TXH QR ORV WLHQHQ R TXH QHFHVLWDQ PHQRV UHTXHULPLHQWRV 'H HVWD IRUPD VH DGTXLULy XQ 3& /DQL[ FRQ  *%GH0HPRULD5DP*%GH'LVFR'XUROHFWRUGH '9'\ODJDUDQWtDWpFQLFDDVLVWLGDHQODUHJLyQH[SOLFy %XVWRV DJUHJDQGR TXH ´WDPELpQ IXHURQ UHQRYDGDV OD LPSUHVRUDVSRUHTXLSDPLHQWROiVHUGHDOWRUHQGLPLHQWR \IRWRFRSLDGRUDVSDUDOD8QLYHUVLGDGWUDVXQSURFHVRGH OLFLWDFLyQTXHKR\LQYROXFUDHOVRSRUWHWpFQLFRLQFOXVLYH GHODVWLQWDV\UHSXHVWRVDFHURFRVWRµ


81,9(56,'$'&$72/,&$'(/0$8/( DJRVWR

,QIUDHVWUXFWXUD

(GLÀFLRGHGRVSLVRVHQVHFWRU/RV1LFKHV&XULFy

,QDXJXUDGDVQXHYDVLQVWDODFLRQHV SDUDFDUUHUDGH$JURQRPtD (QUHFXHUGRDODPHPRULDGHO3DGUH-DLPH9HUGXJR%LQLPHOOLVQXHVWUDFDVDGHHVWXGLRVRWRUJyVXQRPEUHDQXHYR DXGLWRULRGHVWLQDGRDODH[WHQVLyQDFDGpPLFD\VHUYLFLRHVWXGLDQWLO 8QLYHUVLWDULDGHOD'LyFHVLV GH7DOFD\DVHVRUSDVWRUDOGH OD6HGH&XULFy (Q OD RSRUWXQLGDG HO UHFWRU &ODXGLR 5RMDV PDQLIHVWyTXH´VLQGXGDTXH FRQ HVWR ODV QHFHVLGDGHV QRKDQWHUPLQDGR+D\TXH VHJXLUFUHFLHQGR\GHVDUUR OOiQGRVHGHQWURGHQXHVWUDV SRVLELOLGDGHV\QXHVWUD6HGH &XULFy FRQ ORV &DPSXV 1XHVWUD6HxRUDGHO&DUPHQ \6DQ,VLGURVRQSDUWHFDEDO GHQXHVWURGHVDUUROORXQLYHU VLWDULRµ (Q HVWH VHQWLGR OD ÀJXUD GHO 3DGUH 9HUGXJR IXH UHFRUGDGD SRU OD DXWR ULGDG SRU ´VX VHQVLELOLGDG \ FDSDFLGDG GH HQJDQFKDU WDQIiFLOPHQWHFRQODJHQWH MRYHQµ $GHPiV VXEUD\y WHQtD XQ SURIXQGR DSHJR SRU HO FDPSR \ HO PXQGR FDPSHVLQR 0RQVHxRU +RUDFLR ´2MDOi TXH DSUHQGDPRV QR VyOR D FXOWLYDU OD WLHUUD 9DOHQ]XHOD2ELVSRGH7DOFD VLQRWDPELpQDFXOWLYDUQRVFRPRSHUVRQDV\TXHDTXt \*UDQ&DQFLOOHUGHQXHVWUD QRVIRUPHPRVSDUDGDUOHHVStULWXDORTXHKDFHPRV XQLYHUVLGDGEHQGLMRHOQXH FRQHOFDPSR(OFDPSRQRYDDVHUPHMRUVLQRKD\ YR LQPXHEOH SLGLpQGROH D SHUVRQDV PHMRUHVµ SXQWXDOL]y 0RQVHxRU +RUDFLR 'LRV ´TXH OH Gp HVStULWX D 9DOHQ]XHODHQODIRWRJUDItD GHL]TXLHUGDDGHUHFKD  ORTXHKDFHPRV « (OXVR MXQWRDOGLUHFWRUGHODVHGH&XULFy0DULR)XHQ]DOLGD GHODWHFQRORJtD\ODLQWHOL DOUHFWRUGHQXHVWUD8QLYHUVLGDG&ODXGLR5RMDV\DO JHQFLDWLHQHTXHYHUFRQHO GHFDQRGHOD)DFXOWDGGH&LHQFLDV$JUDULDV\)RUHV HVStULWX FRQ TXH KDFHPRV ODVFRVDVµ WDOHV-RUJH&RQWUHUDV ´2MDOiTXHDSUHQGD 'RVKHFKRVPDUFDURQODFHUHPR PRV QR VyOR D FXOWLYDU OD QLDGHLQDXJXUDFLyQGHOQXHYRDXGLWRULR WLHUUDVLQRWDPELpQDFXOWLYDUQRVFRPR GH OD )DFXOWDG GH &LHQFLDV $JUDULDV \ SHUVRQDV\TXHDTXtQRVIRUPHPRVSDUD )RUHVWDOHV GH QXHVWUD XQLYHUVLGDG HO GDUOH HVStULWX D OR TXH KDFHPRV FRQ HO MXHYHVGHDJRVWRHQHO&DPSXV6DQ FDPSR(OFDPSRQRYDDVHUPHMRUVLQR ,VLGUR XELFDGR HQ HO .P  GH OD UXWD KD\SHUVRQDVPHMRUHVµSXQWXDOL]y &XULFy/RV1LFKHV 3RUXQODGRHODYDQFHHQHOGH 8QHVSDFLRSDUDODH[WHQVLyQ VDUUROORXQLYHUVLWDULRGHQXHVWURSODQWHO GHOFRQRFLPLHQWR FRQPD\RULQIUDHVWUXFWXUDHTXLSDPLHQWR \ PiV HVSDFLRV SDUD XQ PHMRU VHUYLFLR 3RUVXSDUWHHOGHFDQRGHOD)D DFDGpPLFR \ HVWXGLDQWLO \ SRU RWUR HO FXOWDGGH&LHQFLDV$JUDULDV\)RUHVWDOHV UHFXHUGR GHO TXHULGR 3DGUH -DLPH9HU -RUJH&RQWUHUDVH[SOLFyTXH´HVWDREUDHV GXJR%LQLPHOOLVQRPEUHFRQHOFXDOIXH SURGXFWRGHODSURSXHVWDGHDFDGpPLFRV\ EDXWL]DGRHOQXHYRDXGLWRULRHQUHFRQRFL HVWXGLDQWHVGHOD(VFXHODGH$JURQRPtD PLHQWRDTXLHQIXHUDKDVWDKDFHSRFRPiV TXLHQHVKDFHSRFRPiVGHXQDxRSODQ GHXQDxRDFWLYRPLHPEURGHOD3DVWRUDO WHDURQODQHFHVLGDGGHQXHYRV\PHMRUHV

(OHGLÀFLRSRVHHUSRFRPiVGHPHWURVFXDGUDGRVDOEHUJDHQODSODQWDEDMDD XQDXGLWRULRFRQFDSDFLGDGSDUDSHUVRQDV\XQVHJXQGRQLYHOFRQXQDVDODGH HVWXGLRSDUDHVWXGLDQWHV

(O3DGUH9HUGXJRTXLHQKDVWDVXPXHUWHDFDHFLGDKDFHSRFRPiVGHXQDxRIXHUD DVHVRUSDVWRUDOGHOD6HGH&XULFyIXHUHFRUGDGRSRUVXVHQVLELOLGDG\FDSDFLGDG GHHPSDWL]DUIiFLOPHQWHFRQODJHQWHMRYHQ(QUHFXHUGRDVXOHJDGRVHQRPEUy HODXGLWRULRGHHVWDVQXHYDVLQVWDODFLRQHV(QODIRWRJUDItDQXHVWUR*UDQ&DQFLOOHU \UHFWRUGHYHODQODSODFDUHFRUGDWRULD

HVSDFLRV IRUPDWLYRV TXH LQFHQWLYHQ HO HVWXGLR HQ XQ DPELHQWH FyPRGR \ KROJDGR TXH SURPXHYDQ OD H[WHQVLyQ GHO FRQRFLPLHQWR KDFLD OD FRPXQLGDG DJUtFRODUHJLRQDOWDQWRLQGXVWULDOFRPR SURIHVLRQDO DVt FRPR WDPELpQ D ORV SHTXHxRV DJULFXOWRUHV DGHPiV GH VHU XQHVSDFLRSDUDODHGXFDFLyQFRQWLQXD REMHWLYRHVWUDWpJLFRGHOD8QLYHUVLGDG\ GHQXHVWUD)DFXOWDGµ ´+R\HVXQDUHDOLGDG²DÀUPy²XQ HGLÀFLR GH GRV SLVRV FRQ DOJR PiV GH PHWURVFXDGUDGRVTXHDOEHUJDHQOD SODQWDEDMDDXQDXGLWRULRFRQFDSDFLGDG

9,'$81,9(56,7$5,$



SDUDSHUVRQDV\XQVHJXQGRQLYHOFRQ XQDVDODGHHVWXGLRSDUDHVWXGLDQWHV 1~PHURQRPHQRUVLFRQVLGHUDPRVTXHOD SREODFLyQHVWXGLDQWLOGHQXHVWUD(VFXHOD GH$JURQRPtD HV GH DSUR[LPDGDPHQWH DOXPQRV$KRUDYHQGUiQWUHVQXHYRV ODERUDWRULRV GLVFLSOLQDUHV FRQ ,QWHUQHW EDQGDDQFKD\QXHYRVHVSDFLRVUHFUHDWLYRV SDUDODFRPXQLGDGHVWXGLDQWLOµ ´(VWDPRV FRQFLHQWHV TXH HVWD REUDGHEHVHUFRPSOHPHQWDGDFRQRWURV HVIXHU]RVTXHQRVSHUPLWDQSRWHQFLDUQRV FRPRUHIHUHQWHIRUPDWLYRUHJLRQDOHQHO iPELWRFLHQFLDVDJUDULDVµFRQFOX\y


81,9(56,'$'&$72/,&$'(/0$8/( 'RFHQFLD

DJRVWR

)RUPDFLyQJHQHUDOHQOD8QLYHUVLGDGVHOORGLVWLQWLYR HQODIRUPDFLyQSHUVRQDOGHORVHVWXGLDQWHV (OGLUHFWRUGHO,QVWLWXWRGH(VWXGLRV*HQHUDOHV&DU ORV'tD]GLRFXHQWDGHODVSULPHUDVLQQRYDFLRQHV HIHFWXDGDVDHVWHSODQGHIRUPDFLyQGLVWLQWLYRTXH DWUDYLHVDDWRGDVODVXQLGDGHVDFDGpPLFDV

´$KRUDQREDVWDFRQGXSOLFDUHOWLHPSRVLQRTXpKDFHPRVFRQHVRVWLHPSRV3RU ORWDQWRHO,QVWLWXWR\HO&RQVHMRTXHORFRPSRQHKDQWRPDGRHQFRQVLGHUDFLyQ SULPHURHO3ODQGH'HVDUUROOR(VWUDWpJLFRGHOD8QLYHUVLGDG\EiVLFDPHQWHHO3UR \HFWR(GXFDWLYRHQGRQGHVHGHÀQHODJUDQPLVLyQHGXFDWLYDGHOD8QLYHUVLGDG DVtORDÀUPy'tD]

7DOYH]ODSULPHUDJUDQFDUDYLVL EOHGHQXHVWURVSURFHVRVGHLQQRYDFLyQ FXUULFXODU SRUTXH VH YLHQH HMHFXWDQGR GHVGHHODxRSDVDGR\SRUTXHDWUDYLHVD D WRGDV ODV XQLGDGHV H LQVWDQFLDV DFD GpPLFDVHVHO&XUUtFXORGH)RUPDFLyQ *HQHUDO /DV PRGLÀFDFLRQHV LPSOHPHQ WDGDV FRUUHVSRQGHQ HVHQFLDOPHQWH D WRGDVODVSURPRFLRQHVGHLQJUHVRGHVGH KDFLDGHODQWHHVWDEOHFLpQGRVHORV FDPELRVHQHO3ODQGH)RUPDFLyQ*HQHUDO SDUDODVDFWLYLGDGHVHQODViUHDVGH,QWUR GXFFLyQDOD)H(WLFD&ULVWLDQD,QJOpV, \,,\WUHVHOHFWLYRVGHIRUPDFLyQJHQHUDO TXHFRQWDUiQFRQXQDFHUWLÀFDFLyQ$Vt ORHVWDEOHFLyHO'HFUHWRGH5HFWRUtD1ƒ GH 3RURWUDSDUWHOD8QLYHUVLGDGKD GHÀQLGRXQGHOWRWDOGHODIRUPDFLyQ GHORVDOXPQRVTXHKDVWDHODxR HUDGHXQVRODPHQWH(VGHFLUGH FUpGLWRVDKRUDVRQ(VWRGDFXHQWDGH XQDSUHRFXSDFLyQLQVWLWXFLRQDOFRPROR H[SUHVDHQVX3UR\HFWR(GXFDWLYRSRU OR TXH OD LQQRYDFLyQ FXUULFXODU TXLHUH IRUPDUSHUVRQDVFRPSHWHQWHVGLVFLSOL QDGDVFRQHOHPHQWRVIXQGDPHQWDOHVGH ODpWLFDFULVWLDQDGHVXFRPSRUWDPLHQWR GHVXUHVSRQVDELOLGDGFRPRFLXGDGDQR GHVXPLUDGDIUHQWHDODYLGDFRPRSUR IHVLRQDO\FRPRSHUVRQDFRPRKRPEUH \FRPRPXMHU $VtORDÀUPy&DUORV'tD]GLUHF WRUGHO,QVWLWXWRGH(VWXGLRV*HQHUDOHV TXLHQPDQLIHVWyTXH´XQRGHORVDVSHFWRV FHQWUDOHVGHORVJUDQGHVSURFHVRVTXHKD YLYLGROD8QLYHUVLGDGHQHVWRV~OWLPRV DxRV KD VLGR OD LQQRYDFLyQ FXUULFXODU \ HO LQLFLR GH HVWR FRQ OD IRUPDFLyQ JHQHUDO\FRQODLPSRUWDQFLDTXHVHOH GDDHVWDiUHDHQTXHSUiFWLFDPHQWHVH

KDQGXSOLFDGRORVWLHPSRVGHVWLQDGRVD ORVDOXPQRVµ  ´$KRUD ²FRQWLQXy² QR EDVWD FRQGXSOLFDUHOWLHPSRVLQRTXpKDFH PRVFRQHVRVWLHPSRV3RUORWDQWRHO ,QVWLWXWR\HO&RQVHMRTXHORFRPSRQH KDQWRPDGRHQFRQVLGHUDFLyQSULPHUR HO3ODQGH'HVDUUROOR(VWUDWpJLFRGHOD 8QLYHUVLGDG\EiVLFDPHQWHHO3UR\HFWR (GXFDWLYR HQ GRQGH VH GHÀQH OD JUDQ PLVLyQ HGXFDWLYD GH OD 8QLYHUVLGDG \ VH VHxDOD TXH QRVRWURV VL ELHQ HV FLHUWRTXHUHPRVIRUPDUSURIHVLRQDOHV WDPELpQ TXHUHPRV IRUPDU SHUVRQDV \ HVDVSHUVRQDVWLHQHQTXHWHQHUXQVHOOR GLVWLQWLYRµ

WHV

OD IRUPDFLyQ GH OD IH HQ ORV FULWHULRV pWLFRVHQXQKRPEUHRPXMHUFXOWDFRQ XQDYLVLyQGHOPXQGR\GHODYLGDWUDV SDVDGDSRUORVYDORUHVGHO(YDQJHOLRSRU ODFXOWXUDFULVWLDQDTXHOD8QLYHUVLGDG TXLHUH SURPRYHU< OD RULJLQDOLGDG GH HVWDDSXHVWDSDVDSRUODFHQWUDOLGDGGH ODVSHUVRQDVFRPSHWHQWHVSURIHVLRQDO\ SHUVRQDOPHQWH  (QODE~VTXHGDGHORDQWHULRU 'tD] LQVLVWLy HQ TXH HO ,QVWLWXWR GH (VWXGLRV *HQHUDOHV HQWUHJD XQ DSRUWH IXQGDPHQWDO ´(Q OD FHQWUDOLGDG GH OD IH FRPR HOHPHQWR GLVWLQWLYR (Q HVWH VHQWLGRORVFXUVRVGHLQWURGXFFLyQDODIH \ORVFXUVRVGHpWLFDYDQDFRQFHQWUDUVX IRUPDFLyQHQXQVHPHVWUHSDUDKDFHUOR PiVLQWHQVLYR\SDUDFRQWURODU\IRFDOL]DU ORVREMHWLYRVTXHVHTXLHUHQORJUDUµ  ´4XHUHPRV WDPELpQ D XQ DOXPQR TXH VHSD GLVFHUQLU OD UHDOLGDG SDUDTXHWHQJDFULWHULRVpWLFRV<ODpWLFD FULVWLDQDFRQWULEX\HDORJUDUHÀFD]PHQWH DTXHVHDQSHUVRQDVGHSHQVDUUHVSRQVD EOHPHQWHVROLGDULDVFUHDWLYDV\DFWRUHV VRFLDOHVFRQVFLHQWHVGHVXPLVLyQHQOD UHDOLGDGµ  3RU~OWLPR´OD8QLYHUVLGDGHV UHJLRQDOSRUORWDQWRORTXHTXHUHPRV HVDSRUWDUFRQSHUVRQDVFRPSHWHQWHVSDUD HOGHVDUUROORGHODUHJLyQDSDUWLUGHOR TXHVHxDODHOSUR\HFWRHGXFDWLYRµ  (QHVHVHQWLGR´OD8QLYHU VLGDG  WRPy  RWUD  GHFLVLyQ  TXH  IXH WUDVFHQGHQWDO ²H[SUHVy 'tD]² TXH HV VHxDODUTXHTXHUHPRVDOXPQRVTXHVHSDQ PDQHMDUPX\ELHQODOHFWXUDGHOLGLRPD LQJOpV\SDUDHVRVHGLVHxyXQFXUUtFXOR LJXDOSDUDWRGDVODVFDUUHUDVTXHFRQVL GHUDGRVVHPHVWUHVDOÀQGHORVFXDOHV HVWpFDSDFLWDGRSDUDFRPSUHQGHUWH[WRV EiVLFDPHQWHHQVXHVSHFLDOLGDG7DPELpQ VHGHÀQLyTXHHOGHODVELEOLRJUD ItDVREOLJDWRULDVTXHORVDOXPQRVGHEHQ

 2WUDVGHODVQRYHGDGHVHVOD FUHDFLyQGHFXUVRVRSWDWLYRVFRQFHUWL ÀFDFLRQHV\TXHVRQWUHVFXUVRVHQVHLV JUDQGHViUHDVFRQORVFXDOHVORVDOXPQRV YDQDRSWDU\HOORVYDQDWHQHUODSRVLEL OLGDGGHHOHJLUSURIXQGDPHQWHDXQiUHD RDXQWHPDGHFRQRFLPLHQWR\pVWHYD DVHUDERUGDGRGHIRUPDSURIXQGD  /DV SULPHUDV FHUWLÀFDFLRQHV GHEHUtDQ VHU UHDOL]DGDV HQ HO VHJXQGR VHPHVWUHGHSDUDWRGRVDTXHOORV DOXPQRVFRQODUHIRUPDFXUULFXODUTXH SDUWLyFRQORVLQJUHVRVGHODxR  ´(QHVWRVPRPHQWRVHVWDPRV WUDEDMDQGRFRQODDVHVRUtDGHOD'LUHF FLyQ GH 'RFHQFLD SDUD HODERUDU HVWDV FHUWLÀFDFLRQHV\SDUDTXHHVWRFXPSOD FRQ OR TXH TXHUHPRV TXH WHQJDQ XQD PLUDGDDPSOLDVREUHXQiPELWRHVSHFLÀFR GHOVDEHUVREUHiUHDVGHFRQRFLPLHQWR TXHOHRWRUJXHQDODOXPQRXQDIRUPDFLyQ FRPSOHPHQWDULDDGLFLRQDODVXIRUPD FLyQGLVFLSOLQDU  6HLV JUDQGHV iUHDV KDQ VLGR FODUDPHQWH HVWDEOHFLGDV SDUD HVWH ÀQ GRQGH ORV DOXPQRV GHEHQ LQVFULELU HO FXUVRRSWDQGRDOGHVDUUROORGHHVWRVWUHV FXUVRV\ÀQDOPHQWHHOORVYDQDWHQHUXQD FHUWLÀFDFLyQ  /DV iUHDV GH FHUWLÀFDFLRQHV VRQ&LHQFLD\7HFQRORJtD'HVDUUROOR\ *OREDOL]DFLyQ$UWH\/LWHUDWXUD3HQVD PLHQWR)LORVyÀFR/LGHUD]JR\'HSRUWH \9LGD6DOXGDEOH  ´7DPELpQ KHPRV DJUHJDGR XQDSRVLELOLGDGGHXQDFHUWLÀFDFLyQHQ

OHHUSDUDVXVGLIHUHQWHVFXUVRVHVWpQHQ LQJOpV (VR WDPELpQ KD VLJQLÀFDGR XQ GHVDItR HQ HO SURFHVR GH FDSDFLWDFLyQ GHORVSURIHVRUHV\GHKHFKRHOWUDEDMR \DHPSH]y(QHVWRVPRPHQWRVWHQHPRV XQJUXSRGHSURIHVRUHVTXHHVWiQHQ XQFXUVRKDVWDÀQHVGHRFWXEUH\OXHJR RWURKDVWDÀQHVGHHQHURGHPDQHUDTXH DOÀQDOGHHVWHDxRDFDGpPLFRSRGDPRV KDEHUFDSDFLWDGRDXQRVFXDUHQWDGRFHQ

,QJOpVLQGLFy'tD]SDUDDTXHOORVDOXP QRVTXHFXPSOLHQGRFLHUWRVUHTXLVLWRV SXHGDQSURIXQGL]DUVXVFRQRFLPLHQWRV \SHUIHFFLRQDUVXVHVWXGLRVHQHOLGLR PD LQGHSHQGLHQWH GH ORV  VHPHVWUHV REOLJDWRULRV SDUD WRGRV SRUTXH HVWD FHUWLÀFDFLyQVHUiSDUDTXLHQHVFXOPLQHQ ,QJOpV,\,,TXHVHUiHOSLVRQHFHVDULR SDUDDTXHOORVTXHFXHQWHQFRQDOJXQDV FRPSHWHQFLDVEiVLFDVµ

 ´< HO SUy[LPR DxR YDPRV D FRQWLQXDUHQODPLVPDOtQHDKDVWDTXH WRGRV TXLHQHV QR PDQHMHQ HO LGLRPD KD\DQSDVDGRSRUHVWHFXUVRµ 

&HUWLÀFDFLRQHV

%XHQRVSURIHVLRQDOHV SHUVRQDVFRPSHWHQWHV  +DFLHQGR PHPRULD HO ,QVWL WXWRKL]RXQSURFHVRGHHYDOXDFLyQGHO FXUUtFXOXP \ SURGXFWR GH HOOR \ GHO SURFHVRGHLQQRYDFLyQFXUULFXODUGHOD 8QLYHUVLGDGVHGHÀQLyFRPRXQRGHORV HOHPHQWRV FHQWUDOHV TXH OD IRUPDFLyQ JHQHUDO IXHUD PiV VLJQLÀFDWLYD TXH DSRUWHPiV´1RHVTXHORTXHVHKD\D KHFKRVHDPDOR²DFODUy'tD]²VLQRTXHD SDUWLUGHORVFDPELRVHQODFRPSOHMLGDG DFWXDOHUDQHFHVDULRDFHQWXDUXQSHUÀO GHOHVWXGLDQWHTXHSXVLHUDHOFHQWURGH OD SHUVRQD TXH TXHUHPRV IRUPDU FRQ EXHQRVSURIHVLRQDOHVSHURWDPELpQSHU VRQDVFRPSHWHQWHVORTXHHVXQORJUR LPSRUWDQWtVLPRSRUTXHWHQHPRVKR\OD WRWDOLGDGGHODVPDOODVFXUULFXODUHVFRQ WRGDODIUDQMDGHIRUPDFLyQJHQHUDOHQ HVWDQXHYDVLQWRQtDµ  (QHVWHVHQWLGRGHQWURGHODV FRPSHWHQFLDVJHQpULFDVGHORVDOXPQRV HO,QVWLWXWRKDDSRUWDGRFRQVXVHOORHQ

9,'$81,9(56,7$5,$




81,9(56,'$'&$72/,&$'(/0$8/( 9LQFXODFLyQ

DJRVWR

$KRUDVHYLHQH3ULPHU&RQJUHVR1DFLRQDOGH(GXFDFLyQ&DWyOLFD

3UHFRQJUHVRVGLRFHVDQRVGH(GXFDFLyQ &DWyOLFDVDFDQFXHQWDVDOHJUHV 6DWLVIDFFLyQ H[LVWH GH SDUWH GH ORVRUJDQL]DGRUHVGHOSULPHU3UH&RQ JUHVRGH(GXFDFLyQ&DWyOLFDHIHFWXDGR ORVGtDV\GHDJRVWRHQ&XULFy\ 7DOFDUHVSHFWLYDPHQWH\TXHFRQWyFRQ ODSDUWLFLSDFLyQGHDOUHGHGRUGHSHU VRQDVSHUWHQHFLHQWHVDODVFRPXQLGDGHV HGXFDWLYDV WDQWR GH HVWDEOHFLPLHQWRV FDWyOLFRV FRPR QR FRQIHVLRQDOHV GH WRGRVORVQLYHOHVHGXFDWLYRV /DLGHDGHDPERVHQFXHQWURVIXH SURPRYHU OD UHÁH[LyQ \ HO GLiORJR HQ WRUQRDODSUREOHPiWLFDGHODHGXFDFLyQ HQDPEDV3URYLQFLDV\FX\RUHVXOWDGR VHUiODUHSUHVHQWDFLyQGHOD'LyFHVLVGH 7DOFDHQHO3ULPHU&RQJUHVR1DFLRQDO GH (GXFDFLyQ &DWyOLFD TXH KD VLGR FRQYRFDGRSRUOD&RQIHUHQFLD(SLVFRSDO GH&KLOHDWUDYpVGHO$UHD(GXFDFLyQ \TXHVHOOHYDUiDFDERGHODOGH RFWXEUH HQ HO &ROHJLR 6DOHVLDQRV GH 6DQWLDJR

 3ULPHUR HQ HO ,QVWLWXWR 6DQWD 0DUWD GH &XULFy \ XQD VHPDQD PiV WDUGHHQHO&ROHJLR0RQVHxRU0DQXHO /DUUDtQ GH OD FDSLWDO UHJLRQDO IXHURQ UHFRJLGDV ODV RSLQLRQHV  GH WRGRV ORV HVWDPHQWRVGHVGHSDGUHV\DSRGHUDGRV DOXPQRVSURIHVRUHVSDUDGRFHQWHVKDVWD DGPLQLVWUDWLYRV\GLUHFWLYRV  *UDQ SDUWH GH ODV SUHRFXSD FLRQHV SUHVHQWDGDV VRQ FRPXQHV GHV WDFiQGRVHDGHPiVGHODSDUWLFLSDFLyQ\ HOHQWXVLDVPRHOFRQVHQVRHQTXHVRQ QHFHVDULRVHVWHWLSRGHHVSDFLRVSDUDOD WROHUDQFLD\SDUDFRPSDUWLUH[SHULHQFLDV HQWUHFROHJLRVPXQLFLSDOL]DGRVVXEYHQ FLRQDGRV\SDUWLFXODUHVDREMHWRGHIRUWD OHFHUODXQLGDGHQWUHORVHVWDEOHFLPLHQWRV FDWyOLFRVGHVGHXQDPLUDGDUHDOLVWD  6HHVSHUDTXHODSDUWLFLSDFLyQ HQHOHYHQWRQDFLRQDOVHDGHDOPHQRV PHGLRFHQWHQDUGHSHUVRQDVGH7DOFD\ &XULFy

(O3DGUH&DUORV/HWHOLHU 9LFDULRGHOD(GXFDFLyQ GHOD'LyFHVLVGH7DOFD VHxDOy TXH OD LGHD GHOFRQJUHVRVHYLHQH JHVWDQGRGHVGHHODxR SDVDGR)XHHQDEULOGH FXDQGROD$VDP EOHD3OHQDULDGH2ELV SRVDERUGyFRPRWHPD FHQWUDO³/RVGHVDItRVGH ODHGXFDFLyQ´

3ODQLÀFDFLyQ(VWUDWpJLFD &RQODSDUWLFLSDFLyQGHDXWRULGDGHV\GLUHFWLYRVORV GtDV\GHDJRVWRVHOOHYyDFDERXQDQXHYD MRUQDGDGHVHJXLPLHQWRGHO3ODQGH'HVDUUROOR(VWUDWp JLFRGHQXHVWUDXQLYHUVLGDG (ODYDQFHHQODVDFWLYLGDGHVHLQGLFDGRUHVSURSXHVWRV \ORVSULQFLSDOHVKLWRVDGHVDUUROODUGXUDQWHHOVHJXQ GRVHPHVWUHIXHURQSUHVHQWDGDVSRUFDGDXQDGHODV XQLGDGHVDFDGpPLFDV\DGPLQLVWUDWLYDVDREMHWRGH FRQRFLPLHQWR\DQiOLVLVGHSDUHVUHVSHFWRGHQXHVWUR SURFHVRGHSODQL¿FDFLyQHVWUDWpJLFDFRUUHVSRQGLHQWHDO DxRHQFXUVR

%5(9(6$&$'(0,&$6 ([LWRVR,96HPLQDULR 1DFLRQDOGH$JULFXOWXUD 2UJiQLFD   (O &DPSXV 6DQ ,VLGUR GH QXHVWUDXQLYHUVLGDG6HGH&XULFyIXH HVFHQDULR SDUD HO GHVDUUROOR GHO ,9 6HPLQDULR 1DFLRQDO GH$JULFXOWXUD 2UJiQLFD HO  GH DJRVWR HYHQWR RUJDQL]DGR FRQMXQWDPHQWH SRU HO 'HSDUWDPHQWRGH&LHQFLDV$JUDULDV \0DXOH2UJiQLFR  'XUDQWH OD PDxDQD HO SURJUDPDFLHQWtÀFRFRPSUHQGLyODV SUHVHQWDFLRQHV VREUH ´0DQHMR GHO YLxHGRRUJiQLFRFRQVXVWHQWDELOLGDGµ DFDUJRGH&DUORV3LQRDFDGpPLFRGH QXHVWUDFDVDGHHVWXGLRV´9DOLGDFLyQ GHHFRWLSRVGHWULJRSDUDODDJULFXOWXUD RUJiQLFDµTXHSUHVHQWyHO'U$OLUR &RQWUHUDVGHOD8QLYHUVLGDGGH/D )URQWHUD\´5HJXODFLyQGHLQVHFWRV SUREOHPD \HQIHUPHGDGHV HQDJUL FXOWXUDRUJiQLFDµSRUHO'U(QULTXH =~xLJDGHOD8QLYHUVLGDGGHO0DU  'XUDQWH OD WDUGH VH H[SX VLHURQ ORV WHPDV ´3URGXFFLyQ GHO

ROLYR RUJiQLFRµ SRU 3DWULFLR /DUUDEH FRQVXOWRU ´3URGXFFLyQ \ SHUVSHFWLYDV GHKRUWDOL]DV\VHPLOODVRUJiQLFDVSDUD H[SRUWDFLyQµ SRU *DVWyQ )HUQiQGH] JHUHQWHGH0DXOH2UJiQLFR\ÀQDOL]yOD MRUQDGD/XLV0HOpQGH]GH&HUWLÀFDGRUD %&6FRQHOWHPD´8QDDOWHUQDWLYDSDUD EDMDU FRVWRV OD FHUWLÀFDFLyQ RUJiQLFD DVRFLDWLYDµ

FRQ ORV PiV SREUHV \ D QRVRWURV QRV SDUHFH TXH XQD IRUPD PX\ FODUD GH FRQWULEXLUDHVWDPLVLyQ\GHDFHUFDUD OD8QLYHUVLGDGHVLUKDFLDDXQVHFWRU SRSXODU \ D XQ FDPSDPHQWR HV GHFLU SHUVRQDVTXHWLHQHQPXFKDVFDUHQFLDV« \QRVRWURVTXHUHPRVKDFHUORDWUDYpVGH ODOHFWXUDµ /D LQLFLDWLYD ²TXH WDPELpQ LQWHJUDQ &DUPHQ *ORULD +HUUHUD GH %LEOLRWHFD \ ORV DFDGpPLFRV &DUROLQD 0HULQR\5REHUWR&DEUHUDGHO,QVWLWXWR GH(VWXGLRV*HQHUDOHV²VHH[WHQGHUiSRU VHLVPHVHV\FRQFOXLUiFRQXQWDOOHUGH FXHQWDFXHQWRV HQWUH ORV PHVHV GH GL FLHPEUH\HQHURDFDUJRGHODHVFULWRUD OLQDUHQVH$QD0DUtD*LUDOGHV $GHPiVFXHQWDFRQHODSR\RGH OD(PEDMDGDGH%UDVLOTXHDWUDYpVGHO &HQWURGH(VWXGLRV%UDVLOHxRVUHDOL]DUi DQLPDFLRQHV FRQ WtWHUHV X RWUDV KHUUD PLHQWDVGLGiFWLFDV

%LEOLRWHFDFRPXQLWDULDHQ FDPSDPHQWRGH7DOFD  5HVFDWDU OD OHFWXUD \ IRUPDU IXWXURVFXHQWDFXHQWRVHQHO&DPSDPHQWR (O3DVRGH7DOFDVRQORVREMHWLYRVGHO SUR\HFWR TXH HMHFXWDUi HO 6LVWHPD GH %LEOLRWHFDVGHQXHVWUDXQLYHUVLGDGFRQ DSR\RGHO)RQGR1DFLRQDOGHO/LEUR\ OD/HFWXUDDSDUWLUGHODFUHDFLyQGHOD SULPHUDELEOLRWHFDFRPXQLWDULDRULJLQDGD HQXQFDPSDPHQWR  (OGLUHFWRUGHO6LVWHPDGH%L EOLRWHFDV'DQLHO*RQ]iOH]VHxDOyTXH ´HVVDELGRTXH\DQREDVWDFRQOHHUVLQR VDEHU OHHU \ FRPSUHQGHU 3RU OR WDQWR QXHVWUDXQLYHUVLGDGHVWiFRPSURPHWLGD

&HUWLÀFDFLyQGHSODQWDV  (VWXGLDQWHVDFDGpPLFRV\SUR IHVLRQDOHVLQYLWDGRVSRUHO'HSDUWDPHQ

9,'$81,9(56,7$5,$



WRGH&LHQFLDV)RUHVWDOHV\OD(VFXHOD GH,QJHQLHUtD)RUHVWDOSDUWLFLSDURQHQ ODFKDUODFLHQWtÀFDVREUH3URGXFFLyQ \ &HUWLÀFDFLyQ GH 3ODQWDV TXH SUH VHQWDURQORVLQYHVWLJDGRUHV'U,YiQ 4XLUR]\3DWULFLR$O]XJDUD\DPERV GHO,QVWLWXWRGH,QYHVWLJDFLyQ)RUHVWDO GH&KLOH ,1)25 HOPLpUFROHVGH DJRVWRHQHO&DPSXV6DQ0LJXHO  ´(O REMHWLYR GH HVWD FKDUOD ²H[SOLFy 4XLUR]² HV GDU D FRQRFHU HMHPSORVSUiFWLFRVTXHDYDODQHVWDQH FHVLGDG GHODFHUWLÀFDFLyQ \WDPELpQ DOJXQDVH[SHULHQFLDVGHO,QVWLWXWRVR EUHORVGLVWLQWRVHQVD\RVHQ(XFDOLSWRV JOyEXORV\TXHVRQODVEXHQDVSUiFWLFDV SDUDSURGXFLUHVWDHVSHFLH\TXHWLHQH XQDDOWDDSOLFDELOLGDGHQODYLGDUHDO \HVPX\~WLOHQODVHPSUHVDVµ  &DEH GHVWDFDU TXH 4XLUR] ²'RFWRUDGR HQ 6LOYLFXOWXUD SRU OD 8QLYHUVLGDG/XGZLJ0D[LPLOLDQVGH 0XQLFK$OHPDQLD²LQLFLyVXVHVWXGLRV GH7pFQLFR)RUHVWDOHQQXHVWUDXQLYHU VLGDGSDUDOXHJRFRQWLQXDUVXFDUUHUD DFDGpPLFDFRPRLQJHQLHURIRUHVWDOH LQYHVWLJDGRU


81,9(56,'$'&$72/,&$'(/0$8/( ([WHQVLyQ$FDGpPLFD

DJRVWR

5HJLyQFXHQWDFRQSULPHULQIRUPHGLDJQyVWLFRGHOSUREOHPD

&RQWDPLQDFLyQDWPRVIpULFDHQ7DOFD\OD 5HJLyQFRPLHQ]DDJHQHUDUJUDYHVSUREOHPDV HQODVDOXGGHODSREODFLyQ 7UDVODRUJDQL]DFLyQGHO6HPLQDULR'LDJQyVWLFRGHOD&DOLGDG GHODLUHGH7DOFD\VXV&RQVHFXHQFLDVSDUDOD&RPXQLGDGHO GLUHFWRUGHOD(VFXHODGH0HGLFLQDGHQXHVWUDXQLYHUVLGDG 5D~O6LOYDDQDOL]yORVUHVXOWDGRVGHODVSULPHUDVPHGLFLRQHV GHFRQWDPLQDFLyQDWPRVIpULFDHIHFWXDGDVHQOD]RQD (QHOSURJUDPDGHO6HPLQDULR'LDJ QyVWLFRGHOD&DOLGDGGHODLUHGH7DOFD\VXV &RQVHFXHQFLDV SDUD OD &RPXQLGDG HIHF WXDGRHOGHDJRVWRHQHO$XOD0DJQDGHO &DPSXV6DQ0LJXHOQXHVWUDXQLYHUVLGDG IXHUHSUHVHQWDGDSRUHOGLUHFWRUGHOD(VFXHOD GH0HGLFLQD5D~O6LOYDTXLHQH[SXVRVREUH ORV´(IHFWRVGHODFRQWDPLQDFLyQDWPRVIp ULFDHQODVDOXGGHODSREODFLyQµ ,QYLWDGRSRUOD,QWHQGHQFLD5HJLRQDO \OD6HUHPLGH6DOXGHQWLGDGHVRUJDQL]D GRUDV GH OD MRUQDGD 6LOYD GLR FXHQWD GHO YHUGDGHURLPSDFWRHQODVDOXGGHODVSHU VRQDVSRUORVHIHFWRVGHODFRQWDPLQDFLyQ PLHQWUDVTXHRWURVHVSHFLDOLVWDVKLFLHURQVX DSRUWHHQORViPELWRVMXUtGLFRDPELHQWDO\ FRPEXVWLEOH /D DXWRULGDG Pi[LPD UHJLRQDO HO ,QWHQGHQWH$OH[LV6HS~OYHGDDQXQFLyHVRV GtDVTXHSURPRYHUiODDUWLFXODFLyQGHORV VHUYLFLRVS~EOLFRVYLQFXODGRVDOWHPDFRQHO ÀQGHHQIUHQWDUHOSUREOHPDTXHVHJ~QORV LQGLFDGRUHVGHOD6HUHPLGH6DOXGVHxDODQ TXHFLHUWRVHYHQWRVKDQVXSHUDGRODQRUPD SHUPLWLGDSRUORWDQWRKD\TXHSDVDUGHO GLDJQyVWLFRDXQGLVHxRWpFQLFRFLHQWtÀFR GHPHGLFLyQFRQWLQXD 3DUDHOORODDXWRULGDGVDQLWDULDHV WUXFWXUDUiXQSUR\HFWRTXHEXVFDLPSOHPHQ WDUWUHVHVWDFLRQHVGHPRQLWRUHRHQ7DOFD DREMHWRGH´YHULÀFDUGHIRUPDIHKDFLHQWH ODVIXHQWHVGHHPLVLyQTXHHVWiQKR\GtD JHQHUDQGRODFDOLGDGGHDLUHTXHWLHQHOD FLXGDGµH[SUHVy6HS~OYHGD 'XUDQWHHOVHPLQDULRIXHSUHVHQWDGR HOSULPHU,QIRUPHGLDJQyVWLFRGHODFDOLGDG GHODLUHHQ7DOFDTXHIXHYDORUDGRSRU6LOYD \D TXH WUDGLFLRQDOPHQWH VyOR VH VDEH GH PHGLFLRQHVHQJUDQGHVFLXGDGHVGH&KLOH FRPRHQ6DQWLDJR ´$XQTXHHOLQYLHUQRSDUHFLHUDHVWDU DOHMiQGRVH pVWD HV XQD pSRFD GH PXFKD FRQWDPLQDFLyQ SRU YDULDV UD]RQHV« OD FDOHIDFFLyQFRQFRPEXVWLyQDOHxDSDUDÀQD RFDUEyQ\HOIUtRTXHSRUXQODGRKDFHTXH ORVFRQWDPLQDQWHVVHFRQFHQWUHQ\TXHVH XVHQPiVFRPEXVWLEOHVSDUDFDOHIDFFLyQµ H[SOLFyODMHIDWXUDXQLYHUVLWDULD ´(O WHPD TXH QRV FRQYRFy IXH SUHFLVDPHQWH HO UHVXOWDGR GH HVWDV SUL PHUDV PHGLFLRQHV GH FRQWDPLQDFLyQ HQ 7DOFDFX\RVHTXLSRVGHFLGLPRVLQVWDODUORV FXDQGRIXL'LUHFWRUGHO6HUYLFLRGH6DOXG GHO0DXOH²UHFRUGy6LOYD²HLQLFLDPRVHO SULPHUFRQYHQLRGHSURJUDPDFLyQHQVDOXG \DTXHYLPRVTXHKDEtDXQDQHFHVLGDGGH PHGLUODFRQWDPLQDFLyQHQODFLXGDGSRU TXHHUDDOJRTXHVHSDOSDED\TXHQXQFDVH KDEtDPHGLGRµ ´/R TXH FRQRFLPRV GHO LQIRUPH ²DÀUPy²KDEODGHTXHODVHVWDFLRQHVTXH VH HVWiQ PRQLWRUHDQGR SUiFWLFDPHQWH HQ WRGDV VH KDQ UHFRJLGR YDORUHV GH FRQWD PLQDFLyQ VREUH ODV QRUPDV SHUPLWLGDV <D HV XQD UHDOLGDG« HQ HVWD FLXGDG KD\ FRQWDPLQDFLyQµ $KRUDFRQPD\RUUD]yQHVQHFHVDULR FRQWLQXDU PLGLHQGR OD FRQWDPLQDFLyQ DW PRVIpULFDGHODPELHQWH/RVFRQWDPLQDQWHV QRUPDOPHQWH VH JHQHUDQ \ VH HOLPLQDQ D WUDYpVGHODDWPyVIHUD\VRQGHGLYHUVDtQ GROH8QDVVRQODVSDUWtFXODVGLVXHOWDVHQHO

DLUH\RWUDVODVSDUWtFXODVVyOLGDV+D\JDVHV QRFLYRVFRPRHOPRQy[LGRGHFDUERQRHO y[LGRQLWURVRHOy[LGRGHD]XIUHRHOPHWDQR $GHPiVHVWiHOR]RQRTXHWDPELpQHVXQ JDVTXHVHJHQHUDHQODDWPyVIHUD\SURGXFH HIHFWRVQHJDWLYRVHQODVDOXG ´(Q JHQHUDO ²FRQWLQXy² HVWRV FRQWDPLQDQWHV SURGXFHQ HIHFWRV D QLYHO GHO DSDUDWR UHVSLUDWRULR GHO DSDUDWR FDU GLRYDVFXODU \ WDPELpQ VRQ FDSDFHV GH GHVHQFDGHQDU FiQFHUHV VREUH WRGR ORV FRQWDPLQDQWHVRUJiQLFRVFRPRORVKLGUR FDUEXURVDURPiWLFRVSROLFtFOLFRVTXHVRQ GHULYDGRVGHXQDFRPEXVWLyQLQFRPSOHWDGH ORVPRWRUHV7RGRVUHVSLUDPRVHVWDPH]FOD \DQRVyORHOR[tJHQRQLHOQLWUyJHQRTXH FRQIRUPDQORVFRPSRQHQWHVIXQGDPHQWDOHV GHOD$WPyVIHUDµ /DVSDUWtFXODVVyOLGDVTXHLQJUHVDQ DODYtDDpUHDSURYRFDQHIHFWRVGHLUULWDFLyQ EURQTXLDO \ ORV GHPiV FRQWDPLQDQWHV HQ JHQHUDO WLHQHQ OD FDSDFLGDG GH LUULWDU ORV SXOPRQHV SURYRFiQGROHV LQÁDPDFLyQ \ HVWRDVXYH]FiQFHU ´1RVRWURV HVWDPRV PLGLHQGR HQ QXHVWUDFLXGDGODVSDUWtFXODVVXVSHQGLGDV HQHODLUH\HVWDPRVYLHQGRTXHQRHVWiQ SHUPLWLGDV«HVRQRVSXHGHKDFHUSHQVDU TXH ORV RWURV FRQWDPLQDQWHV WDPELpQ SXHGHQHVWDUVREUHODVQRUPDV'HKHFKR

(OGLDJQyVWLFRGHODFDOLGDGGHODLUHHQ7DOFDUHDOL]DGRSRUOD6HUHPLGH6DOXG HQWUHORVDxRV\GHWHFWyFRQFHQWUDFLRQHVGHPDWHULDOSDUWLFXODGRQRFLYR SDUDODVDOXGGHODVSHUVRQDVSRUVREUHODQRUPDFKLOHQD\VREUHODVUHFRPHQGD FLRQHVGHOD$JHQFLDGH3URWHFFLyQ$PELHQWDOGH(VWDGRV8QLGRVHQGRVGHODV WUHVHVWDFLRQHVGHPRQLWRUHRHVWDEOHFLGDVHQHOUDGLRXUEDQRGHODFDSLWDOGHOD 5HJLyQGHO0DXOH

FLGDGGHODVFDOOHVQRVHQFRQWUDPRVFRQ WDFRVHQODVKRUDVSHDNFXDQGRODVPDGUHV YDQDGHMDUORVKLMRVDOFROHJLRRGHYXHOWD GHOWUDEDMRDODFDVDµ ´(OSUREOHPD\DORWHQHPRV\KD\ TXHDIURQWDUORFRQHOFRQWUROGHODVIXHQWHV ÀMDVGHHPLVLyQTXHVRQODVHPSUHVDVDVt FRPRORVYHKtFXORVTXHFRQWDPLQDQFXDQGR

$WUDYpVGHO'HSDUWDPHQWRGH&LHQFLDV)RUHVWDOHVQXHVWUDXQLYHUVLGDGHVWiFRQ WULEX\HQGRFRQPHGLFLRQHVSHUPDQHQWHVGHODDFWLYLGDGGHOSROHQHQOD]RQD/D LQIRUPDFLyQ HVWi GLVSRQLEOH HQ KWWSZZZSROHQHVFOSDJLQDVJUDSKYLLDVS  VLWLR GRQGHVHHQFXHQWUDHO$OHUJLyPHWUR

VDEHPRV²VRVWXYR²TXHXQDJUDQFDQWLGDG GHYHKtFXORVTXHVDOLHURQGH6DQWLDJRQR FXPSOLHURQFRQODVQRUPDVGHFRQYHUWLGRUHV FDWDOtWLFRV\ORVEXVHVTXHORVVDFDURQGH UHFRUULGRKDQLGRKDFLDODVUHJLRQHV3RUOR WDQWRVHDFXPXOyPiVFRQWDPLQDFLyQGHOD TXHKDEtDDQWHVµ

HVWiQHQPDOHVWDGR*UDQSDUWHGHOSROYR VXVSHQGLGRSURYLHQHGHODVFDOOHVpVWHVH HOHYD\JHQHUDXQDQXEH\HVWDFLXGDGWRGDYtD WLHQHXQDLQÀQLGDGGHFDOOHVGHWLHUUD\ODV DXWRULGDGHVTXHHVWiQHQFDUJDGDVGHODSDYL PHQWDFLyQXUEDQDYDQDWHQHUTXHH[WUHPDU VXVSUHFDXFLRQHVHLQYHUWLUPiVµ

&DPELRVXUJHQWHV

1XHYDHVWDFLyQ3ULPDYHUD

(GXFDUHLQIRUPDUDODSREODFLyQVRQ ODVPHGLGDVEiVLFDVSDUDQRHVWDUH[SXHVWRV DODFRQWDPLQDFLyQ$KRUDHQWpUPLQRVPiV HVSHFtÀFRVHQDOJ~QPRPHQWRODFLXGDGYD DWHQHUTXHUDFLRQDOL]DUHOWUiQVLWRYHKLFXODU ´SRUTXH\DYHPRVTXHODPDVLÀFDFLyQGHO VHFWRUDXWRPRWUL]KDVREUHSDVDGRODFDSD

$KRUD YLHQH OD SULPDYHUD FRQ RWURVSUREOHPDVFRPRHOSROHQ'HQWUR GHODVP~OWLSOHVSUREOHPDVFRQUHVSHFWR D OD FRQWDPLQDFLyQ VH GLVWLQJXH D ORV DQWURSRJpQLFRVTXHVRQSURGXFLGRVSRU OD DFWLYLGDG GHO KRPEUH \ ORV TXH VRQ QDWXUDOHVFRPRHO3ROHQTXHVHHQFXHQ

9,'$81,9(56,7$5,$



WUDHQORVSOiWDQRVRULHQWDOHVFDSDFHVGH LUULWDU\SURYRFDUDOHUJLDV7DPELpQHVWiHO SROHQGHORViODPRVGHODVPDOH]DVTXH VRQSURGXFWRVYHJHWDOHVDQWLKLJLpQLFRV\ TXHDOUHVSLUDUORVVHSURGXFHXQDUHDFFLyQ GHORUJDQLVPR(VWHSROHQDQLYHOGHORV EURQTXLRV SURGXFH OD VHFUHFLyQ GH GH WHUPLQDGRVHOHPHQWRVTXHSURYRFDQXQD EURQFRFRQWULFFLyQVHLQÁDPDODPXFRVD \ODVFpOXODVVHKLQFKDQSRUTXHVHOOHQDQ GHDJXDORJUDQGRGLVPLQXLUHOGLiPHWUR GHORVEURQTXLRV\SRUUD]RQHVItVLFDV ODUHVLVWHQFLDDOSDVRGHODLUHGLVPLQX\H WDPELpQ« \ HVWi HV OD JUDQ IXHQWH GH SUREOHPDV UHVSLUDWRULRV HQ OD pSRFD GH SULPDYHUD²YHUDQR $XQTXHHQJHQHUDOHVWDpSRFDHV PiVPROHVWDTXHSHOLJURVDSDUDODVDOXG ODVPHGLGDVUHFRPHQGDGDVSRUHODFDGp PLFRVRQPDQWHQHUODVYHQWDQDVFHUUDGDV\ HOMDUGtQVLQHVWRVHOHPHQWRVTXHSURYRFDQ ODDOHUJLDUHVSLUDWRULD  ´/D SHOLJURVLGDG GH HVWD WHP SRUDGDGLVPLQX\HUHVSHFWRGHOLQYLHUQR SRUTXH WRGRV ORV FRQWDPLQDQWHV D ORV TXH KLFLPRV UHIHUHQFLD QR SURYRFDQ HQIHUPHGDGHV FUyQLFDV R DVPD SHUR Vt ODV DJUDYDQ \ WRGRV VDEHPRV TXH XQD FULVLVGHDVPDSXHGHVHUIDWDO$GHPiV ODVLQIHFFLRQHVFRODERUDQSRUTXHVLXQD YtDHVWiLQÁDPDGDHVPXFKRPDVIiFLOTXH VHSROLQLFHµ  /D YtD DpUHD WLHQH HOHPHQWRV GHIHQVLYRVSRUHMHPSORWRGDODPXFRVD GHORVEURQTXLRVHVWDWDSL]DGDGHFLOLRV TXHVRQXQDYHJHWDFLyQTXHYDEDUULHQGR ODV VHFUHFLRQHV SHUR FXDQGR HVWi LQÁD PDGDODPXFRVDHVSRUTXHORVFLOLRVQR IXQFLRQDQODVVHFUHFLRQHVQRVHYDQVH TXHGDQ\VHVREUHLQIHFWDQSRUORWDQWR HVPX\IiFLOTXHVHDJUHJXHXQDLQIHFFLyQ PiVD~QFDVRGHpVWRV  (O FRQRFHU HO SUREOHPD \D HV XQ DYDQFH VDEHPRV TXH HO 6HUYLFLR GH 6DOXG HVWi PLGLHQGR ORV FRQWDPLQDQWHV DWPRVIpULFRV (Q QXHVWUD XQLYHUVLGDG KD\ XQ SUR\HFWR GHVWLQDGR D PHGLU ORV QLYHOHVGHSROHQHQQXHVWUDFLXGDG\HVR SHUPLWHFRQRFHUHOSUREOHPD\WRPDUODV PHGLGDV


81,9(56,'$'&$72/,&$'(/0$8/( DJRVWR

8QLYHUVLGDG

´1XHVWUDSUHRFXSDFLyQGLVWLQWLYDHV ODHYDQJHOL]DFLyQGHORVPpWRGRV\ FULWHULRVFRQTXHVHWUDQVPLWHODFXOWXUDµ $XWRULGDGXQLYHUVLWDULDQRVyORGLR FXHQWDGHVXJHVWLyQVLQRTXHDGH PiVGHVFULELyHODFWXDOHVFHQDULRGH ODHGXFDFLyQVXSHULRUFKLOHQDGHVWD FDQGRORVGHVDItRVTXHHQIUHQWDQODV XQLYHUVLGDGHVFDWyOLFDV

´(VWDPRV FHOHEUDQ GRKR\FRQHO6HxRU FRQ -HV~V 6HxRU \ 6HUYLGRUGHODYLGD FRQ XQ &ULVWR TXH HVWiYLYR\TXHYLYH HQ VX ,JOHVLD \ HQ WRGRORTXHVX,JOH VLD KDFHµ UHFDOFy 0RQVHxRU +RUDFLR 9DOHQ]XHOD

'HVWDFyHQHVSHFLDOHOHVFHQDULRGH PD\RUFRPSOHMLGDGHQVXDPELHQWH IRUPDWLYRTXHKDGHVDUUROODGROD 8QLYHUVLGDG&DWyOLFDGHO0DXOH\ GHQWURGHOFXDOUHVDOWyODQHFHVLGDG GHFRQMXJDUHOGLiORJRHQWUHIHFLHQ FLD\FXOWXUDHQHVSHFLDOHQHOiPEL WRGHORVGHVDItRVUHJLRQDOHV 1XHVWUR*UDQ&DQFLOOHU0RQVHxRU +RUDFLR9DOHQ]XHODGLRJUDFLDVD 'LRVSRUHOHVIXHU]R\ODHQWUHJDGH WRGDODFRPXQLGDGGHSHUVRQDVTXH OOHYDDGHODQWHXQSUR\HFWRXQLYHUVL WDULRTXHFUHFH\PDGXUD$VLPLV PRPDQLIHVWyTXH´FRQQXHVWUDV QDWXUDOHVGHELOLGDGHV\OLPLWDFLRQHV HVWDPRVKDFLHQGRXQFDPLQRLQVWL WXFLRQDOVHULR\KRQUDGR3DUDYHU QXHVWUDLQVWLWXFLyQFUHFHUHQFDOLGDG XQLYHUVLWDULDHQFDWROLFLGDG\HQHO VHUYLFLRDOD5HJLyQGHO0DXOHµ

´(QHVWHFDPLQRWRGRVVRQ PX\LPSRUWDQWHVµ 'XUDQWH OD (XFDULVWtD QXHVWUR *UDQ&DQFLOOHUUHFRUGyODFHOHEUDFLyQ GHO PDUWLULR GH 6DQ -XDQ %DXWLVWD ´FX\R GHVWLQR XQLPRV FRQ OD ÀHVWD GH 6DQ $JXVWtQ 3DWURQR GH QXHVWUD XQLYHUVLGDG\TXLVLHUDTXHDODOX]GH -XDQ%DXWLVWDHQHOGtDGHVXPDUWLULR SRGDPRVFRPRXQLYHUVLGDG\FRPXQL GDGXQLYHUVLWDULDWRPDUXQDLUHQXHYR SDUDUHQRYDUODPHQWH\HOFRUD]yQGH QXHVWUD XQLYHUVLGDG HQ HVWH GpFLPR TXLQWRDQLYHUVDULRµ ´/HGDPRVJUDFLDVD'LRVSRU HOHVIXHU]R\ODHQWUHJDGHWRGDODFR PXQLGDGGHSHUVRQDVTXHYDQOOHYDQGR DGHODQWHXQSUR\HFWRXQLYHUVLWDULRTXH FUHFH\PDGXUD&UHRTXHFRQQXHVWUDV QDWXUDOHVGHELOLGDGHV\OLPLWDFLRQHVHV WDPRVKDFLHQGRXQFDPLQRLQVWLWXFLRQDO VHULR\KRQUDGR3DUDYHUQXHVWUDLQVWLWX FLyQFUHFHUHQFDOLGDGXQLYHUVLWDULDHQ FDWROLFLGDG\HQHOVHUYLFLRDOD5HJLyQ GHO0DXOHµ ´(QHVWHFDPLQRWRGRVVRQPX\ LPSRUWDQWHV²UHFDOFy²SRUHVRDJUDGH]FR

(OSURIHVRU5REHUWR 9LOOHQD D TXLHQ VH GLVWLQJXLy FRQ OD 0HGDOOD 0RQVHxRU 0DQXHO /DUUDtQ VH GHVHPSHxy GXUDQ WH  DxRV HQ HO SODQWHO GHVGH OD pSRFD HQ TXH pVWD HUD(VFXHOD1RUPDO 5XUDO([SHULPHQWDO GH OD FXDO IXH VX GLUHFWRU

VXSUHVHQFLD\SLGRDO6HxRUSRUFDGD XQR\XQDPX\HVSHFLDOEHQGLFLyQSDUD HVWHGtDDQLYHUVDULRµ ´4XHULGRVKHUPDQRVFRPRGHFtD KDFHSRFRXQSHQVDGRUFULVWLDQRPRGHU QROD,JOHVLDQRYLYHGHLGHDVRIXHU]DV GHOSDVDGROD,JOHVLDYLYHPRYLGDSRU HO DPRU D DOJR TXH HVWD DFRQWHFLHQGR DKRUD(VRPXHYHDODLJOHVLD«HODPRU ODDGKHVLyQODXQLyQFRQDOJRTXHKR\ HVWiDFRQWHFLHQGRµ ´(VWDPRVFHOHEUDQGRKR\FRQHO 6HxRUFRQ-HV~V6HxRU\6HUYLGRUGHOD YLGDFRQXQ&ULVWRTXHHVWiYLYR\TXH YLYHHQVX,JOHVLD\HQWRGRORTXHVX ,JOHVLDKDFHµVXEUD\y

0HGDOOD0RQVHxRU 0DQXHO/DUUDtQ WUD XQLYHUVLGDG WLHQH VX RULJHQ HQ GLFLHPEUHGHFXDQGRHO&RQVHMR 6XSHULRUGHQXHVWURSODQWHOGLVSXVRFUHDU HVWH UHFRQRFLPLHQWR TXH VH FRQFHGH D SHUVRQDV LQGLYLGXDOHV FRUSRUDFLRQHV VRFLHGDGHVQDFLRQDOHVRH[WUDQMHUDVTXH KD\DQFRQWULEXLGRVLJQLÀFDWLYDPHQWHD OD PLVLyQ H LGHQWLGDG GH QXHVWUD FDVD GHHVWXGLRVVXSHULRUHV\TXHVHKD\DQ

3RVWHULRUPHQWHHQHO$FWR$FD GpPLFR \ DQWH QXPHURVDV DXWRULGDGHV UHJLRQDOHV \ GLRFHVDQDV \ S~EOLFR HQ JHQHUDOOD0HGDOOD0RQVHxRU0DQXHO /DUUDtQ OH IXH HQWUHJDGD DO 3URIHVRU 5REHUWR 9LOOHQD ,WXUULDJD SRU QXHVWUR 3DVWRU0RQVHxRU+RUDFLR9DOHQ]XHOD /D GLVWLQFLyQ Pi[LPD GH QXHV

9,'$81,9(56,7$5,$



GHVWDFDGRHQHOFDPSRGHODHQVHxDQ]D ODLQYHVWLJDFLyQFLHQWtÀFDHOFXOWLYRGH ODVOHWUDV\ODVDUWHVRTXHGHDOJ~QPRGR KD\DQSUHVWDGRVHUYLFLRVGHVWDFDGRVDOD &RUSRUDFLyQ\DODVRFLHGDG (VWHDxROD8QLYHUVLGDGLQVWLWX\y VXRWRUJDPLHQWRHQIRUPDDQXDOSDUD ORFXDOKL]RXQOODPDGRDODFRPXQLGDG D REMHWR GH HIHFWXDU XQD FRQVXOWD TXH


81,9(56,'$'&$72/,&$'(/0$8/( 8QLYHUVLGDG SHUPLWLHUD GHÀQLU TXLpQ UHFLELUtD HQ HOPDUFRGHXQQXHYRDQLYHUVDULRHVWH DOWRUHFRQRFLPLHQWR (OSURIHVRU9LOOHQDH[DFDGpPL FRGHOD)DFXOWDGGH&LHQFLDVGHOD(GX FDFLyQIXHUHFRQRFLGRSRUVXVSDUHV FRPRXQDGHODVSRFDVSHUVRQDVFDSDFHV GHUHFRPSRQHUODKLVWRULDDFDGpPLFDGH HVWD)DFXOWDG\DVXYH]UHFRQVWUXLUOD KLVWRULDGHOD8QLYHUVLGDG (O PHUHFHGRU GH OD 0HGDOOD VH GHVHPSHxy GXUDQWH  DxRV HQ HO SODQWHOGHVGHODpSRFDHQTXHpVWDHUD (VFXHOD1RUPDO5XUDO([SHULPHQWDO GHODFXDOIXHVXGLUHFWRU 3RVWHULRUPHQWH HQ OD 6HGH 5HJLRQDO0DXOHGHOD3RQWLÀFLD8QL YHUVLGDG&DWyOLFDGH&KLOHRFXSyORV FDUJRV GH GLUHFWRU GH OD FDUUHUD GH 3HGDJRJtD *HQHUDO %iVLFD GLUHFWRU HVWXGLDQWLO \ VXEGLUHFWRU DFDGpPLFR GH OD 6HGH /XHJR GH OD FUHDFLyQ GH OD8QLYHUVLGDG&DWyOLFDGHO0DXOHVH GHVHPSHxyFRPRGLUHFWRUGHO'HSDU WDPHQWRGH)XQGDPHQWRVGHOD(GXFD FLyQ\FRPRGHFDQRVXEURJDQWHGHOD )DFXOWDGGH&LHQFLDVGHOD(GXFDFLyQ (Q  IXH FRQJUDWXODGR SRU SDUWH GHO*RELHUQR5HJLRQDOFRQOD2UGHQ DO 0pULWR 9LFWRULD SRU VXV VHUYLFLRV GLVWLQJXLGRVDODHGXFDFLyQ 6X WUDEDMR GHGLFDGR SDFLHQWH \FRPSURPHWLGROHSHUPLWLyJDQDUVHHO MXVWRUHVSHFWRODDPLVWDG\ODDGPLUD FLyQGHODFRPXQLGDGXQLYHUVLWDULD\GHO PHGLRHGXFDWLYRUHJLRQDO 3DUDpOODDFDGHPLDGHEHVHUSRU GHUHFKRSURSLRXQHVSDFLRGHOLEHUWDG UHÁH[LyQ FUtWLFD \ WUDEDMR SURIXQGR \ GHGLFDGR6XVDOXPQRVORKDQUHFRQRFLGR

DJRVWR

´(VWHKLWRTXHVLJQLÀFDFXPSOLUDxRVFRPRXQLYHUVLGDGFDWyOLFDDXWyQRPDQRVUHÁHMDFRPRXQDLQVWLWXFLyQMRYHQFRQWRGDV ODVRSRUWXQLGDGHVTXHLPSOLFDSDUDODIRUPDFLyQ\FRQVROLGDFLyQGHODLGHQWLGDGGHQXHVWURVYDORUHV\GHORVFULWHULRVFRQTXH EXVFDPRVFRQWULEXLUDODPLVLyQGHOD,JOHVLDHQVXE~VTXHGDGHHYDQJHOL]DUODFXOWXUDµDFRWyHOUHFWRU5RMDV

FRPR XQ SHGDJRJR HQDPRUDGR GH OD HGXFDFLyQ\REVHVLRQDGRSRUHOPHMRUD PLHQWRGHVXFDOLGDG\SHUWLQHQFLD $OPRPHQWRGHUHFLELUHOPpULWR UHFRUGyTXH´HVWD8QLYHUVLGDG&DWyOLFD GHO0DXOHTXHKDFUHFLGRWDQWRHPSH]y VLHQGRXQD(VFXHOD1RUPDO5XUDO([SH ULPHQWDOXQDREUDPDJQtÀFDGHO3DGUH

(O'U+pFWRU)LJXHURDDFDGpPLFRGHOD)DFXOWDGGH&LHQFLDVGHOD 6DOXGUHFLELyHOUHFRQRFLPLHQWRSRUDxRVGHVHUYLFLRGHPDQRV GHO9LFHUUHFWRU$FDGpPLFR'U3HGUR6DQGRYDO

(QULTXH6DOPDQDGPLQLVWUDGDSRUXQD IXQGDFLyQGH)RPHQWRDOD&XOWXUD3R SXODU\FRQODWXLFLyQGHOD8QLYHUVLGDG &DWyOLFD GH &KLOH« GH DOOt VH FUHy OD 6HGH5HJLRQDOGHO0DXOHFX\RWUHPHQ GRPpULWRIXHODFRQYLFFLyQSURIXQGD VXSHULRUDFXDOTXLHUWHRUtDRHVWUDWHJLD DQWHULRUDFXDOTXLHUWpFQLFDGHTXHOD SHUVRQDKXPDQDHVXQSUR\HFWLO\WLHQH TXHGLVSDUDUTXHQRVHOLPLWDDH[LVWLU TXHYLHQHDIRUPDUVHDGHVDUUROODUVH\ HFKDUDDQGDUWRGRVXSRWHQFLDOµ ,JXDOTXHFDGDSHUVRQD~QLFDH LUUHSHWLEOH XQD XQLYHUVLGDG HVSHFLDO PHQWH XQD XQLYHUVLGDG FDWyOLFD HV XQ FRPSRQHQWHGHOSODQGH'LRVH[SUHVy ´XQSODQTXHHVSHUIHFWRSHURWRGDYtD QRWHUPLQDGR\HQTXHFDGDXQRWLHQH XQDWDUHDTXHFXPSOLUµ ´8QD XQLYHUVLGDG QHFHVLWD XQD FODULGDG H[WUDRUGLQDULD SDUD FXPSOLU ORTXHWLHQHTXHFXPSOLU\GHVSXpVGH WUHLQWD \ WDQWRV DxRV &UHR TXH HVWD XQLYHUVLGDGORHVWiORJUDQGRSRUTXHHVD GLPHQVLyQHVSLULWXDOQRVHKDSHUGLGR« HVD FRQYLFFLyQ SURIXQGD GHO KRPEUH WRGDYtDHVWiµ ´4XLHURDJUDGHFHUPX\VHQWLGD PHQWH«DOD8QLYHUVLGDGDOD,JOHVLD DPLIDPLOLDPLVKLMRV\PLVQLHWRV«\ PX\HVSHFLDOPHQWHDDOJXLHQDTXLHQOH GHERWDQWRDPLPXMHUPXFKDVJUDFLDVµ FRQFOX\y

$xRVGHVHUYLFLR (VWD IXH OD RFDVLyQ DGHPiV SDUDODHQWUHJDGHORVUHFRQRFLPLHQWRV DQXHVWURVIXQFLRQDULRVSRUVXV\ DxRVGHVHUYLFLRDOD8QLYHUVLGDG )XHURQUHFRQRFLGRVSRUDxRV GHGHVHPSHxRHQOD8QLYHUVLGDGHO'U +HUQiQ 0DXUHLUD DFDGpPLFR GHO 'H SDUWDPHQWR GH .LQHVLRORJtD 0i[LPR 1DYDUUR IXQFLRQDULR GH OD %LEOLRWHFD GHO &DPSXV 1XHVWUD 6HxRUD GHO &DU PHQ 9HUyQLFD 9LOODJUD VHFUHWDULD GH OD (VFXHOD GH (GXFDFLyQ )tVLFD /XLV 5H\HV IXQFLRQDULR DGPLQLVWUDWLYR GHO &DPSXV 1XHVWUD 6HxRUD GHO &DUPHQ \:LOVRQ 5RMDV IXQFLRQDULR GH OD %L EOLRWHFD GHO &DPSXV 6DQ 0LJXHO /RV UHFRQRFLPLHQWRV IXHURQ HQWUHJDGRV SRUHO9LFHUUHFWRUGH$GPLQLVWUDFLyQ\ )LQDQ]DV0DULDQR9DUDV 3RU VXV  DxRV GH WUD\HFWRULD

5HFLELHURQUHFRQRFLPLHQWRSRUDxRVGHVHUYLFLR9HUyQLFD9LOOD JUDVHFUHWDULDGHOD(VFXHODGH(GXFDFLyQ)tVLFD0i[LPR1DYDUUR IXQFLRQDULRGHOD%LEOLRWHFDGHO&DPSXV1XHVWUD6HxRUDGHO&DUPHQ 'U+HUQiQ0DXUHLUDDFDGpPLFRGHO'HSDUWDPHQWRGH.LQHVLRORJtD /XLV5H\HVIXQFLRQDULRDGPLQLVWUDWLYRGHO&DPSXV1XHVWUD6HxRUD GHO&DUPHQ\:LOVRQ5RMDVIXQFLRQDULRGHOD%LEOLRWHFDGHO&DPSXV 6DQ0LJXHO

9,'$81,9(56,7$5,$



HO 'U +pFWRU )LJXHURD DFDGpPLFR GH OD )DFXOWDG GH &LHQFLDV GH OD 6DOXG UHFLELy HVWH UHFRQRFLPLHQWR GH PDQRV GHO 9LFHUUHFWRU$FDGpPLFR 'U 3HGUR 6DQGRYDO

8QLYHUVLGDG&DWyOLFDUHJLRQDO       /D FXHQWD GH /D 5HFWRUtD QR VyOR VH DMXVWy DO SHUtRGR DQXDO GH OD JHVWLyQ XQLYHUVLWDULD  VLQR  WDPELpQ UHWRPyODVUDtFHVIXQGDFLRQDOHVGH OD  8QLYHUVLGDG ²DQWHV FRPR (VFXHOD 1RUPDO5XUDO([SHULPHQWDO\OXHJR6HGH GHOD3RQWLÀFLD8QLYHUVLGDG&DWyOLFDGH &KLOH²SDUDOOHJDUDORV~OWLPRVTXLQFH DxRVGHDXWRQRPtDHQPDUFDGRVHQXQ FRQWH[WRXQLYHUVLWDULRQDFLRQDOFDGDYH] PiVFRPSOHMR ´/DVXQLYHUVLGDGHVSRUVXQDWX UDOH]D FRQVWLWX\HQ SUR\HFWRV GH ODUJR DOLHQWRPXFKDVGHHOODVFHQWHQDULDVHQ QXHVWUD FXOWXUD RFFLGHQWDO \ HVWH KLWR TXH VLJQLÀFD FXPSOLU  DxRV FRPR XQLYHUVLGDG FDWyOLFD DXWyQRPD QRV UHÁHMDFRPRXQDLQVWLWXFLyQMRYHQFRQ WRGDV ODV RSRUWXQLGDGHV TXH LPSOLFD SDUDODIRUPDFLyQ\FRQVROLGDFLyQGHOD LGHQWLGDGGHQXHVWURVYDORUHV\GHORV FULWHULRVFRQTXHEXVFDPRVFRQWULEXLUD ODPLVLyQGHOD,JOHVLDHQVXE~VTXHGDGH HYDQJHOL]DUODFXOWXUDµDFRWy5RMDV ´(V XQD HWDSD JHUPLQDO GRQGH GHEHPRV FHQWUDU QXHVWUR LQWHUpV HQ OR TXHKDFHPRV\HQFXiOHVHOKRUL]RQWH GHQXHVWUDPLUDGDSRUTXHWRGRDTXHOOR TXHUHDOLFHPRVKR\GtDQRVDFRPSDxDUi HQVXVFRQVHFXHQFLDVSRUPXFKRWLHPSR « &RPR8QLYHUVLGDGQRKD\GXGDTXH VRPRVXQDLQVWLWXFLyQHFOHVLDO\VRFLDO TXHVHGDSDUDODJHQHUDFLyQ\GLIXVLyQ GHO FRQRFLPLHQWR \ OD IRUPDFLyQ GH SURIHVLRQDOHV \ SHUVRQDV &RPR 8QL YHUVLGDG&DWyOLFDQXHVWUDSUHRFXSDFLyQ GLVWLQWLYD HV OD HYDQJHOL]DFLyQ GH ORV PpWRGRV\FULWHULRVFRQTXHVHWUDQVPLWH ODFXOWXUD9DOHGHFLULOXPLQDUGHVGHHO (YDQJHOLRODIRUPDFLyQGHODVSHUVRQDV \ODFRQFLHQFLDGHOD1DFLyQ\GHHVD PDQHUD FRODERUDU HQ OD E~VTXHGD GH VROXFLRQHVDXWpQWLFDVSDUDORVSUREOHPDV HVWUXFWXUDOHVGHOPXQGRGHVGHODPLUDGD GHODIHFULVWLDQDµ 'HHVWDPDQHUDDJUHJyODLGHQ WLGDGFDWyOLFDFRQWULEX\HDOELHQS~EOLFR GHVGHHOPRPHQWRHQTXHOHSUHRFXSD


81,9(56,'$'&$72/,&$'(/0$8/( DJRVWR FRPRDSRUWHGLVWLQWLYRHOHVWLPXODUHO GLiORJRHQWUHIHFLHQFLD\FXOWXUD ´3HUR MXQWR FRQ OR DQWHULRU ²DGYLUWLy²HVSUHFLVRFRQVWDWDUTXHHVWD GHÀQLFLyQ GH XQLYHUVLGDG VH GD HQ XQ FRQWH[WRFRQFUHWR\FRQURVWUROD5H JLyQGHO0DXOH«XQDUHJLyQFDUJDGDGH H[SHFWDWLYDV\HVSHUDQ]DVVREUHQXHVWUD FRQWULEXFLyQµ /D 5HJLyQ GHO 0DXOH H[SOLFy VHKDGHVDUUROODGRHQIRUPDLPSRUWDQWH HQ ORV ~OWLPRV DxRV +D FUHFLGR XUED QtVWLFDPHQWH WDPELpQ KD FUHFLGR VX HFRQRPtD VREUH WRGR OD DJURLQGXVWULD H[SRUWDGRUD\JHQHUDPD\RUHVRSFLRQHV SDUDXQVHFWRUGHODSREODFLyQ3HURHV SUHFLVRUHFRQRFHUTXHWDPELpQPXHVWUD IDOHQFLDVLPSRUWDQWHVHQVXGHVDUUROOR 3RUHMHPSORH[LVWHXQVHFWRUFDPSHVLQR FRQ GLÀFXOWDGHV SDUD YLQFXODUVH D ORV EHQHÀFLRVGHODHFRQRPtDH[SRUWDGRUD \SRGHUPDQWHQHUVXLGHQWLGDGODVWDVDV GHGHVHPSOHRUHJLRQDOÀJXUDQQRUPDO PHQWHGHQWURGHODVPiVDOWDVGHOSDtV 8QUHFLHQWHLQIRUPHGHO318'DGHPiV ODXELFDFRPRODUHJLyQFRQHOLQGLFDGRU PiVEDMRGHGHVDUUROORKXPDQR ´'HDTXtQDFHODQHFHVLGDGGHORV FRQRFLPLHQWRVTXHGHEHPRVWUDQVPLWLU \ ODV FDSDFLGDGHV SURIHVLRQDOHV TXH GHEHPRVRIUHFHU\FRQVWLWX\HWDPELpQ HOiPELWRGRQGHGHEHPRVVLWXDUQXHVWUD UHÁH[LyQTXHEXVFDFRQMXJDUIHFLHQFLD \FXOWXUDµ

'U&ODXGLR5RMDVUHFWRU+LODULR+HUQiQGH]H[UHFWRU8QLYHUVL GDGGHO%tR%tR5REHUWR9LOOHQD0RQVHxRU+RUDFLR9DOHQ]XHOD *UDQ&DQFLOOHU'U-XDQ$QWRQLR5RFNUHFWRU8QLYHUVLGDGGH 7DOFD3DGUH/XLV5LIR9LFH*UDQ&DQFLOOHUGHOD8QLYHUVLGDG &DWyOLFDGHOD6DQWtVLPD&RQFHSFLyQ

3URSXHVWDVSDUDPHMRUDU ODJHVWLyQ (O UHFWRU 5RMDV DFODUy TXH HVWH SUR\HFWRXQLYHUVLWDULRKDGHELGRHQIUHQ WDUHQORV~OWLPRVDxRVWUDQVIRUPDFLRQHV UDGLFDOHV HQ HO VLVWHPD GH HGXFDFLyQ VXSHULRUHQHOTXHVHLQVHUWD7UDQVIRU PDFLRQHVTXHWHQVLRQDQHOTXHKDFHUWUD GLFLRQDOGHXQD XQLYHUVLGDGHQ HVSHFLDO HO GH ;DYLHU *yPH] GLUHFWRU ODVXQLYHUVLGD GH H[WHQVLyQ *XVWDYR GHVFDWyOLFDV /HGH]PD GHFDQR )D /DLGHD FXOWDG GH &LHQFLDV GH GHXQLYHUVLGDG OD ,QJHQLHUtD 5LFDUGR FDWyOLFD VHxD 3RQFH VHFUHWDULR JHQH Oy HVWi VLHQ UDO 8QLYHUVLGDG GHO %LR GR LQWHUSHODGD %tR'U3HGUR6DQGRYDO \ DPHQD]DGD YLFHUUHFWRUDFDGpPLFR'U GHVGH KDFH DO *HUPDLQ/DFRVWHGLUHF J~QWLHPSRSRU WRUGHOD(VFXHOD1DFLRQDO XQD WHQGHQFLD GH,QJHQLHURVGH7DUEHV VHFXODULVWDTXH )UDQFLD  UHOHJD WRGR OR UHOLJLRVR D OD YLGD SULYDGD \SRUXQFLHUWRSRVWPRGHUQLVPRHLQGL YLGXDOLVPR TXH OH LPSLGH YHUVH FRPR PLHPEURGHXQDFXOWXUDXQLYHUVDO$Vt WDPELpQ OD PLVLyQ GH WUDQVPLVLyQ GH OD FXOWXUD \ VX HYDQJHOL]DFLyQ VH YH WHQVLRQDGDSRUODIUDJPHQWDFLyQGHODV FLHQFLDV\GHORVVDEHUHVTXHKDQOOHYDGR DTXHHOGLiORJRHQWUHIHUD]yQ\FXOWXUD VXIUDXQDVXHUWHGHPDUJLQDOL]DFLyQHQ HOiPELWRGHODVFLHQFLDV 'HLJXDOIRUPD\HQWpUPLQRVPiV ORFDOHVKL]RUHIHUHQFLDDODPDVLÀFDFLyQ GHOVLVWHPDGHHGXFDFLyQVXSHULRUFKLOH QRVXKHWHURJHQL]DFLyQ\ODWHQGHQFLD FUHFLHQWHDGLIHUHQFLDUVHSRUFDOLGDG\ SRUGHÀQLFLRQHVGH´PDUFDµ ´(VWHHVHOFRQWH[WR²LQVLVWLy²HQ HOTXHKHPRVGHELGRGHVDUUROODUQRVXQ DPELHQWHTXHDGHPiVGHSRFRHTXLWDWL YRHVFDGDYH]PiVFRPSOHMR\H[LJHQWH \TXHVLQGXGDVHJXLUiFRPSOHML]iQGRVH HLQFUHPHQWDQGRVXVUHTXHULPLHQWRV   GRQGHGHEHUHPRVVHJXLUSHUIHFFLRQDQGR QXHVWUDVFDSDFLGDGHVSDUDUHVSRQGHUDODV H[LJHQFLDVTXHVHQRVSODQWHDQSHURVLQ

8QLYHUVLGDG UHQXQFLDUGHPRGRDOJXQRDGHVDUUROODU QXHVWUDPLVLyQGLVWLQWLYDµVHQWHQFLyOD DXWRULGDG ´(VWDWDUHDWLHQHGRVGLPHQVLR QHV3ULPHURLQVLVWLUDQWHORVSRGHUHVSR OtWLFRV\ODRSLQLyQS~EOLFDTXHDQXHVWUR HQWHQGHUODSROtWLFDS~EOLFDXQLYHUVLWDULD GHEHWHQHUWUHVHMHV8QRYHUDOSDtV\VXV QHFHVLGDGHVGRVYLVXDOL]DU\UHVSHWDU ODPLVLyQGHFDGDLQVWLWXFLyQ\WUHVTXH H[LVWDXQDHVWUXFWXUDGHDVLJQDFLyQGH UHFXUVRVFRKHUHQWHFRQODYRFDFLyQGH FDGDXQLYHUVLGDG\ORVUHTXHULPLHQWRVGH ODVUHJLRQHVTXHODVDFRJHQ(VORTXH SHQVDPRVGHELHUDQVHUORVOLQHDPLHQWRV JHQHUDOHVSDUDXQDQXHYDSROtWLFDXQL YHUVLWDULDHQHOSDtVµ (Q VHJXQGR WpUPLQR FRQWLQXy VHGHEHVHJXLULQVLVWLHQGRHQSHUIHFFLR QDUORVSURSLRVSURFHVRVDFDGpPLFRV\ DGPLQLVWUDWLYRV´'HEHPRVVHUFDSDFHV GH FRQVWLWXLUQRV HQ XQD 8QLYHUVLGDG &DWyOLFD5HJLRQDOTXHVHDXQUHIHUHQWH HQWUHODVXQLYHUVLGDGHVGHQXHVWURWDPD xR\FRQGLFLyQµ<HOORYDDVHUPHGLGR SRUGLIHUHQWHVIDFWRUHVLQGLFySHURSRU VREUH WRGR OD 8&0 YD D VHU PLUDGD SRU OD -RUJH&RQWUHUDVGHFDQR FDOLGDG GH VX GH OD )DFXOWDG GH &LHQ DPELHQWH IRU FLDV$JUDULDV \ )RUHVWD PDWLYR´GRQGH OHV 0DULR )XHQ]DOLGD OD SHUVRQD VHD GLUHFWRU VHGH &XULFy HO FHQWUR GH 6HUJLR&RUUHDGHOD&HU OD IRUPDFLyQ GD 'LSXWDGR 'U 3HGUR XQ DPELHQWH 6DQGRYDO YLFHUUHFWRU TXHDGHPiVGH DFDGpPLFR \ 'U &pVDU IRUPDU SURIH /DPEHUW GHFDQR )DFXO VLRQDOHV FRP WDGGH&LHQFLDV5HOLJLR SHWHQWHVGHVD VDV\)LORVyÀFDV UUROOHSHUVRQDV FRQXQHVSLUL WXDOLGDGPDGX UD FRQ VyOLGRV YDORUHVFULVWLDQRV\TXHGHHVWDIRUPD FRODERUHQDOSURJUHVRGHVXPHGLRµ &RPR QRV VHxDOD 6DQ $OEHUWR +XUWDGR ´/D SULPHUD PLVLyQ GH OD 8QLYHUVLGDGHVLQTXLHWDUDOPXQGR\OD SULPHUDYLUWXGGHOXQLYHUVLWDULRHVVHQWLU HVDLQTXLHWXGHVHLQFRQIRUPLVPRIUHQWH DOPXQGRSULVLRQHURµ

)RUPDFLyQLQWHJUDO

3DGUH/XLV5LIR9LFH*UDQ&DQFLOOHUGHOD8QLYHUVLGDG&DWyOLFD GHOD6DQWtVLPD&RQFHSFLyQ+HUQiQ*RQ]iOH]3UHVLGHQWHGH OD&RUWHGH$SHODFLRQHVGH7DOFD3DWULFLR+HUUHUDDOFDOGHGH 7DOFD

9,'$81,9(56,7$5,$



´(QHOiPELWRGHODGRFHQFLDVLQ GXGDTXHODVDFFLRQHVPiVLPSRUWDQWHV TXH VH KDQ GHVDUUROODGR HQ QXHVWUD XQLYHUVLGDG KDQ HVWDGR PDUFDGDV SRU ODVDFWLYLGDGHVGHOUHGLVHxRFXUULFXODU 'HVWDFDQHQHVWRV~OWLPRVGRFHPHVHV OD LPSOHPHQWDFLyQ GHO &XUUtFXOXP GH )RUPDFLyQ*HQHUDOHQWRGDVODVFDUUH UDVGHODXQLYHUVLGDG$VLPLVPRHQHO SULPHUVHPHVWUHGHOSUHVHQWHDxRVHKD SURFHGLGRDODHMHFXFLyQGHORVFXUUtFXORV LQQRYDGRVHQWUHVFDUUHUDVGHOD)DFXOWDG GH&LHQFLDVGHOD(GXFDFLyQµ  ´-XQWRFRQHOORHQHVWHPLVPR iPELWRVHKDSHUIHFFLRQDGRODSODWDIRU PDGHDSR\RDODGRFHQFLD\ODKDELOL WDFLyQGHHVSDFLRVSDUDODFDSDFLWDFLyQ DYDQ]DGDHQDOIDEHWL]DFLyQGLJLWDO'HO PLVPRPRGRKDQVLGRLPSRUWDQWHVODV DFWLYLGDGHVGHUHÁH[LyQDFDGpPLFDGHORV SUREOHPDVGHOKRPEUHFRQWHPSRUiQHR DODOX]GHO(YDQJHOLRµ  ´&RQVLGHUR PL GHEHU VHxDODU WDPELpQ ²DFRWy² TXH OD LQQRYDFLyQ FXUULFXODUQRHVVyORHOORJURGHQXHYDV SUiFWLFDVGHHQVHxDQ]DDSUHQGL]DMHQL VyORQXHYRViPELWRVGHUHÁH[LyQVLQR TXHWDPELpQPHMRUDUQXHVWURVGHEHUHV DFWXDOHV «  (V HO EXHQ WUDWR D ORV HVWXGLDQWHV HO FXPSOLPLHQWR FDEDO GH ODSURJUDPDFLyQDFDGpPLFDODVQRWDVD WLHPSRFHUWLÀFDGRVHQHOPRPHQWRRSRU


81,9(56,'$'&$72/,&$'(/0$8/( 8QLYHUVLGDG WXQR\RWURVVLPLODUHV&XDQGRKDEODPRV GHDPELHQWHIRUPDWLYRDGHPiVGHOFX UUtFXORQRUPDOWDPELpQQRVUHIHULPRV DOFRQMXQWRGHSUiFWLFDV\YDORUHVTXH PDUFDQ HO FOLPD XQLYHUVLWDULR D WUDYpV GHOFXDOQXHVWURVHVWXGLDQWHVDSUHQGHQ \VHIRUPDQµ /D2ÀFLQDGHDFWLYLGDGHVH[WUD SURJUDPiWLFDVSRUHMHPSORKDVHJXLGR LQFUHPHQWDQGRVXVDFWLYLGDGHV\GHHVD PDQHUDWDPELpQFRQWULEX\HDHQULTXHFHU HO FOLPD GH GHVDUUROOR HVWXGLDQWLO TXH OHVLQWHUHVDLQGLFy ´+DVLGRHVWLPXODQWHFRQVWDWDU HO FUHFLPLHQWR GH ODV FRPXQLGDGHV SDVWRUDOHV HQ GLYHUVDV FDUUHUDV \ HO VLOHQFLRVR SHUR HIHFWLYR DSRUWH TXH UHDOL]DQHVWXGLDQWHVQXHVWURVDPLHP EURVFDUHQFLDGRVGHQXHVWUDVRFLHGDG 4XHUHPRVIRUWDOHFHUHVWDVSRVLELOLGDGHV GHGHVDUUROORHVSLULWXDO\GHVHUYLFLR SDUDORFXDOHVWiSUHYLVWRHVWLPXODUMXQWR FRQOD3DVWRUDO8QLYHUVLWDULDOD'LUHF FLyQ(VWXGLDQWLO\QXHVWURVDOXPQRVHO GHVDUUROORGHWUDEDMRVYROXQWDULRV\GH PLVLRQHVGHPDQHUDGHHQULTXHFHUD~Q PiVVXFRQWDFWRFRQHOPHGLRFRQXQD SHUVSHFWLYDFULVWLDQDGHVHUYLFLRµ

3RWHQFLDPLHQWR GHO3RVWJUDGR (QHOiPELWRGHOD,QYHVWLJDFLyQ \ 3HUIHFFLRQDPLHQWR $FDGpPLFR GHO GHDFDGpPLFRVFRQSRVWJUDGRFRQ TXHFXHQWDKR\OD8&0HQHOODSVRGH GRVDWUHVDxRVVHSUR\HFWDDXPHQWDUD XQXQDGHODVWDVDVPiVDOWDVGHO SDtV 'H HOORV XQ   FRQ HO JUDGR GH'RFWRU ´(OGHVDItRHVVHJXLUSRWHQFLDQ GR QXHVWUDV FDSDFLGDGHV DFDGpPLFDV HQHVSHFLDODQLYHOGHGRFWRUDGRWDQWR HQ XQLYHUVLGDGHV QDFLRQDOHV FRPR H[WUDQMHUDVGHSUHVWLJLR\GHVDUUROODU ODLQIUDHVWUXFWXUD\HTXLSDPLHQWRTXH DSR\HDODLQYHVWLJDFLyQµH[SUHVy ´$FWXDOPHQWH WHQHPRV FLQFR SURJUDPDV GH 0DJtVWHU YLJHQWHV HQ &LHQFLDV6RFLDOHV\3ROtWLFDV3~EOLFDV HQ &LHQFLDV GH OD (GXFDFLyQ )tVLFD HQ (GXFDFLyQ \ &XUUtFXOXP HQ .L QHVLRORJtD\HQ(GXFDFLyQ(VSHFLDO\ 3VLFRSHGDJRJtD$VtFRPRWUHVSUR\HF WRVGH0DJtVWHUTXHHVSHUDPRVGHQD OX]SUy[LPDPHQWHHQ7HFQRORJtDVGH ,QIRUPDFLyQ HQ 'LGiFWLFD GH OD 0D WHPiWLFD \ HQ 'LGiFWLFD HQ &LHQFLDV ([SHULPHQWDOHVµ /RV SRVWtWXORV WDPELpQ VH KDQ VHJXLGR GHVDUUROODQGR GHVWDFDQGR HQ HO~OWLPRWLHPSRORVSURJUDPDVHQ0D WHPiWLFDV/HQJXDMH\&RPSUHQVLyQGH OD6RFLHGDG\GHOD1DWXUDOH]DTXHKDQ EHQHÀFLDGRDPiVGHSURIHVRUHVGH OHUHJLyQ$VtWDPELpQHO'LSORPDGR HQ(VWXGLRV7HROyJLFRVTXH\DPDUFD

DJRVWR XQDWUDGLFLyQHQHODSRUWHGHOD)DFXOWDG GH &LHQFLDV 5HOLJLRVDV \ )LORVyÀFDV KDFLDHOPXQGRODLFRGHOD,JOHVLD\ORV SRVWtWXORV HQ ,QJHQLHUtD GH (MHFXFLyQ $JUtFROD\HQ,QJHQLHUtD)RUHVWDO

)RUWDOHFLPLHQWRGHODV UHODFLRQHVLQWHUQDFLRQDOHV (Q UHODFLRQHV LQWHUQDFLRQDOHV VHJ~QORLQIRUPyHOUHFWRUVHKDVH JXLGRLQVLVWLHQGRHQHOHVIXHU]RGHORV DxRVDQWHULRUHVGHVWDFDQGRHQHO~OWLPR WLHPSRODVYLQFXODFLRQHVHVWDEOHFLGDV FRQODV8QLYHUVLGDGHVGH&DOJDU\ &D QDGi HQHOiPELWRGHODHGXFDFLyQGH $XFNODQG\/LQFROQ 1XHYD=HODQGD  TXH RIUHFHQ HVSHFLDOHV RSRUWXQLGDGHV SDUDHOSHUIHFFLRQDPLHQWRHQ,QJHQLH UtD(GXFDFLyQ\HQ&LHQFLDV$JUDULDV GH*UDQDGD (VSDxD \GH6DLQW5RVH (VWDGRV 8QLGRV  TXH SRVLELOLWDUi HO LQWHUFDPELRGHDOXPQRVKDFLDOD8&0 OR TXH FRPSOHPHQWDUi ORV SDVRV \D LQLFLDGRV SRU OD )DFXOWDG GH &LHQFLDV GH OD ,QJHQLHUtD TXH KD HVWLPXODGR SDVDQWtDVHVWXGLDQWLOHVHQXQLYHUVLGDGHV HVSDxRODV\IUDQFHVDV ´(V GDEOH GHVWDFDU ²PDQLIHV Wy² ORV IUXWRV REWHQLGRV HQ QXHVWUD UHODFLRQHVFRQOD8QLYHUVLGDGGH3DGXD HQ,WDOLDGRQGHVHKDSRGLGREHFDUDXQ PpGLFRGHQXHVWUDUHJLyQTXHDSR\DUi SRVWHULRUPHQWH QXHVWUD )DFXOWDG GH &LHQFLDVGHOD6DOXG\HQHVSHFLDOOD GRQDFLyQGHXQPRGHUQRHTXLSRRIWDO PROyJLFRDQXHVWUDXQLYHUVLGDGTXHKD VLGRHQWUHJDGRHQFRPRGDWRDO+RVSLWDO 5HJLRQDOGH7DOFDµ

3ODWDIRUPD LQIRUPiWLFD

5RMDV WDPELpQ GHVWDFy TXH HO FUHFLPLHQWR LQVWLWXFLRQDO VH PDQWLHQH ÀQDQFLHUDPHQWHHVWDEOH(OSUHVXSXHVWR SDUDHODxRFUHFLyHQXQUHV SHFWRGHODxR3HURORLQWHUHVDQWH HVTXHMXQWRFRQVRVWHQHUPHMRUDVHQODV UHPXQHUDFLRQHVWDPELpQKDSRVLELOLWDGR ODLQFRUSRUDFLyQGHQXHYRHTXLSDPLHQWR QXHYDLQIUDHVWUXFWXUD\DPSOLDFLRQHVHQ ODVLQVWDODFLRQHVTXHVRQXVDGDVSRUOD FRPXQLGDGXQLYHUVLWDULD ´(OGHVDUUROORGHODLQIUDHVWUXFWX UDHVXQiPELWRHQHOFXDOFUHRTXHHVWiD ODYLVWDHOHVIXHU]RTXHVHKDKHFKR6yOR TXL]iV UHFDOFDU TXH KHPRV FXPSOLGR FRQQXHVWURFRPSURPLVRGHGLVPLQXLU OD EUHFKD H[LVWHQWH HQWUH HVWH &DPSXV 6DQ0LJXHO\ODVHGH&XULFyDWUDYpV GHODUHPRGHODFLyQGHGLYHUVDVGHSHQ GHQFLDV6DEHPRVTXHODVQHFHVLGDGHV GH &XULFy QR WHUPLQDQ FRQ HVWR SHUR GHERUHLWHUDUQXHYDPHQWHTXHQXHVWUD 6HGH IRUPD SDUWH FDEDO GHO SUR\HFWR XQLYHUVLWDULR\VHJXLUHPRVSUHRFXSDGRV GHSRWHQFLDUODµ ´3Uy[LPDPHQWH ²DQXQFLy² HQ WUDUiHQIXQFLRQHVHOQXHYR&HQWURGH ([WHQVLyQ HQ HO FHQWUR GH 7DOFD \ HO QXHYRHGLÀFLRGH$XODV\/DERUDWRULRV GRQGHHVWDUiQXELFDGDVODVGHSHQGHQFLDV GHO ,QVWLWXWR GH &LHQFLDV %iVLFDV (O Q~PHURGHPHWURVFXDGUDGRVHQLQIUD HVWUXFWXUDKDFUHFLGRVREUHHOHQ ORV~OWLPRVGRVDxRVSHURPiVDOOiGH HVWHLQGLFDGRULQWHUHVDGHVWDFDUTXHHO HVSDFLRGHVWLQDGRDVDODVGHHVWXGLRGH ORVDOXPQRVKDFUHFLGRHQXQVyOR HQHVWH~OWLPRDxR

9LQFXODFLyQFRQHOPHGLR

6HKDDYDQ]DGRWDPELpQHQSHU IHFFLRQDUORVPHFDQLVPRVLQIRUPiWLFRV TXHJDUDQWLFHQXQPHMRUGHVHPSHxRXQL YHUVLWDULR(VWiHQXQDHWDSDDYDQ]DGD HOGLVHxR\FRQVWUXFFLyQGHXQVLVWHPD GHDSR\RDODSURJUDPDFLyQDFDGpPLFD 7DPELpQ VH FXHQWD FRQ XQD SULPHUD YHUVLyQ GH XQ 3RUWDO GH ,QGLFDGRUHV GHJHVWLyQDFDGpPLFD\DGPLQLVWUDWLYD TXH XQD YH] LPSOHPHQWDGR FRQWUL EXLUi VLJQLÀFDWLYDPHQWH D OD JHVWLyQ LQVWLWXFLRQDO /D JHVWLyQ GH ELEOLRWHFDV KD FRQWULEXLGR HQ IRUPD LPSRUWDQWH HQ ODVSRVLELOLGDGHVGHLQWHJUDFLyQFXUUL FXODU GH ODV FRPSHWHQFLDV HQ JHVWLyQ GH LQIRUPDFLyQ \ HQ XQ VLVWHPD GH JHVWLyQ GH ELEOLRJUDItD $Vt WDPELpQ VHKDJHVWLRQDGRODVXVFULSFLyQGHXQD SODWDIRUPDGHOLEURVHOHFWUyQLFRVTXH FRQWLHQHPiVGHPLOWH[WRVGHiPELWRV LQWHUGLVFLSOLQDULRV

'U9LFWRU6DQ0DUWtQ'HSDUWDPHQWRGH)XQGDPHQWRVGHOD (GXFDFLyQ 5yPXOR 6DQWHOLFHV 'HSDUWDPHQWR GH &LHQFLDV )RUHVWDOHV \ 'U 9tFWRU 9LORV GLUHFWRU GH $XWRHYDOXDFLyQ \ $FUHGLWDFLyQ

6DQLGDGHFRQyPLFD

7DPELpQ KL]R UHIHUHQFLD D ODV DFWLYLGDGHVGHYLQFXODFLyQFRQHOPHGLR ²H[WHQVLyQFRPXQLFDFLRQHVDFWLYLGDGHV SURGXFWLYDV²TXHHQJHQHUDOFXPSOHQ FRQODIXQFLyQGHYLQFXODUDOD8&0FRQ VXPHGLRSHURTXHWDPELpQFRQWULEX\HQ DIRUWDOHFHUVXVDPELHQWHVIRUPDWLYRV $GHPiV GH ODV DFWLYLGDGHV GH H[WHQVLyQWUDGLFLRQDOPHQWHDVRFLDGDVD OD&RUSRUDFLyQVHKDQDJUHJDGRRWUDV FRPRHO&LFORGH&RQYHUVDFLyQ$ELHUWD HYHQWRTXHKDFRPSOHPHQWDGRQRWDEOH PHQWHORV\DWUDGLFLRQDOHV'LiORJRVGH 0HGLFLQD&LHQFLD\+XPDQLVPRTXH HQFRQMXQWRKDQEXVFDGRVHUQRVyORGH FDUiFWHULOXVWUDWLYR\GHHVSDUFLPLHQWR ´VLQRFRQVWLWXLUXQDSRUWHPiVDOVHOOR IRUPDWLYR TXH EXVFD HQWUHJDU QXHVWUD XQLYHUVLGDGTXHGHQWURGHOSOXUDOLVPR \ODGLYHUVLGDGEXVFDSHUÀODUORVYDORUHV GHOKXPDQLVPRFULVWLDQRFRQTXHTXHUH PRVVHGXFLUDOPXQGR/DDSHUWXUDGHO &HQWURGH([WHQVLyQHQHOFRUD]yQGH ODFDSLWDOUHJLRQDOFRQWULEXLUiDSRWHQ

-XDQ&DUORV0XxR]DGPL QLVWUDWLYR&HQWURGH([WHQ VLyQ&XULFy2VFDU0XxR] DX[LOLDUDGPLQLVWUDFLyQ&X ULFy-RVp5DPtUH]DX[LOLDU &DPSXV/RV1LFKHV0LJXHO 2\DUFH DX[LOLDU &DPSXV /RV1LFKHV/XLV(VSLQR]D GLVHxDGRUJUi¿FR'HSWRGH &RPXQLFDFLRQHV \ 5533 \*XVWDYR&DUYDMDODX[L OLDU DGPLQLVWUDFLyQ 6HGH &XULFy

9,'$81,9(56,7$5,$



FLDUHVWDVDFWLYLGDGHVDVtFRPRODVGH FDSDFLWDFLyQGHVDUUROORGHVHPLQDULRV FRQJUHVRV\FRQHOORXQDLQVHUFLyQHQ JHQHUDOPiVFHUFDQDFRQODFLXGDGDQtD ´'HO PLVPR PRGR HO SRVLFLR QDPLHQWRFUHFLHQWHGHOD'LUHFFLyQGH 'HVDUUROOR\7UDQVIHUHQFLD7HFQROyJLFD WDQWRHQ7DOFDFRPR&XULFyKDFRQWULEXL GRWDPELpQDGHVDUUROODUXQDGLPHQVLyQ QXHYDGHQXHVWUDVYLQFXODFLRQHV(VLQWH UHVDQWHGHVWDFDUHOWUDEDMRGHOD'LUHFFLyQ HQ HO GHVDUUROOR GH XQD LQFXEDGRUD GH HPSUHVDVDFWXDOPHQWHHQFXUVRµ 2WURHMHUHFLHQWHGHYLQFXODFLyQ ORKDSHUPLWLGROD5HG9LWLYLQtFRODGH &KLOH &DOLÀFD TXH OLGHUD QXHVWUD XQL YHUVLGDG\GRQGHSDUWLFLSDQWDPELpQOD &RUSRUDFLyQ&KLOHQDGHO9LQR\RWUDV LQVWLWXFLRQHVIRUPDGRUDV\DVRFLDGRVD PiVGHHPSUHVDVYLWLYLQtFRODVH[SRU WDGRUDVUHJLRQDOHV 5HVSHFWR GH ODV 8QLGDGHV 3UR GXFWLYDVGHVWDFDOD&OtQLFD8&0TXH GH VXV FDSDFLGDGHV LPDJHQROyJLFDV LQLFLDOHVHVWiFUHFLHQGRDXQ/DERUDWRULR &OtQLFR<HQHVWRVPRPHQWRVFRQHO DSR\RGHOD)DFXOWDGGH0HGLFLQDGHOD 3RQWLÀFLD8QLYHUVLGDG&DWyOLFDWLHQHOD SRVLELOLGDG FLHUWD GH HYROXFLRQDU D XQ &HQWUR2QFROyJLFRHO~QLFRHQOD]RQD FHQWUDOHQWUH6DQWLDJR\&RQFHSFLyQ ´&RQQXHVWUDGLyFHVLVWDPELpQ KDKDELGRXQDYLQFXODFLyQTXHGHEHVH JXLUFUHFLHQGR$OWUDGLFLRQDODSRUWHGH QXHVWUD)DFXOWDGGH&LHQFLDV5HOLJLRVDV \)LORVyÀFDVHQODIRUPDFLyQWHROyJLFD GHOPXQGRODLFRVHGHEHGHVWDFDUWDP ELpQQXHVWUDVUHODFLRQHVHQHOiPELWRGH ODV FRPXQLFDFLRQHV D WUDYpV GH UDGLR )DPLOLDODFRQWULEXFLyQDO3UH&RQJUHVR GH(GXFDFLyQ&DWyOLFD\RWUDVVLPLODUHV (V XQ iPELWR TXH QRV FRPSHWH \ TXH GHEHPRVIRUWDOHFHUD~QPiVµ ´(VFLHUWRTXHKHPRVDYDQ]DGR SHURQRHVPHQRVFLHUWRTXHIDOWDPXFKR SRUKDFHU1RREVWDQWHHOOR\VLQQLQJ~Q iQLPR GH DXWRFRPSODFHQFLD FUHR TXH HO LQFUHPHQWR VRVWHQLGR GH QXHVWUDV SRVWXODFLRQHV\SXQWDMHVGHDFFHVRHQ ORV~OWLPRVDxRVKDEODQGHXQDVRFLHGDG TXHSHUFLEHORVHVIXHU]RVUHDOL]DGRV\ FRQItDHQODIRUPDFLyQTXHOHVSRGHPRV HQWUHJDUDQXHVWURVHVWXGLDQWHVµ 5RMDVFRQFOX\yTXHOD8QLYHUVL GDGGHEHDVXPLUVXFUHFLHQWHJUDGRGH FRPSOHMLGDG \ GH HVWD IRUPD ´ORJUDU ORTXHQRVFRPSHWHFRPR8QLYHUVLGDG &DWyOLFD5HJLRQDO(VWDUDOVHUYLFLRGH QXHVWUD,JOHVLDGLRFHVDQDJHQHUDQGRFR QRFLPLHQWR\IRUPDQGRSHUVRQDVGHVGH ORVYDORUHVGHO(YDQJHOLRVLHQGRFDSDFHV GHHVFXFKDUORTXHQXHVWURHQWRUQRQRV SLGH<GHEHPRVUHDOL]DUWRGRHVWRHQ XQPXQGRTXHFDPELDPX\UiSLGRDO PHQRVHQORDSDUHQWH\TXHQRVLHPSUH QRV YD D HQWHQGHU SHUR TXH VLHPSUH HVSHUDQXHVWUDFRQWULEXFLyQµ


81,9(56,'$'&$72/,&$'(/0$8/( 3HUÀOHV

DJRVWR

'U*HUPDLQ/DFRVWHGLUHFWRUGHOD(VFXHOD1DFLRQDOGH,QJHQLHURVGH7DUEHV

([SHUWRIUDQFpVFRQRFLyPRGHORGHIRUPDFLyQ GHLQJHQLHURVDSOLFDGRHQQXHVWUDXQLYHUVLGDG $FDGpPLFRJDORGHVWDFyHOPRGHORGHSUiFWLFDVWHPSUDQDV\SURJUHVLYDVHQHO PXQGRHPSUHVDULDOVHxDODQGRTXHHQVXSDtVVHDSOLFDXQVLVWHPDVLPLODUTXH KDGDGRPX\EXHQRVUHVXOWDGRVWDQWRHQODIRUPDFLyQGHORVDOXPQRVFRPR HQODUHWURDOLPHQWDFLyQHPSUHVDDFDGHPLD

&RPR SRFDV XQLYHUVLGDGHV HQ &KLOHQXHVWUDXQLYHUVLGDGYLHQHGHVD UUROODQGRGHVGHKDFHXQEXHQWLHPSR XQDVHULHGHSURFHVRVDFDGpPLFRV\DG PLQLVWUDWLYRVTXHDSXQWDQDXQFDPELR SURIXQGR\VLVWHPiWLFRHQODIRUPDGH HQVHxDU\GHDSUHQGHU ([LVWHSUHRFXSDFLyQSRUTXHHVWD WDUHDVHDQELHQLPSOHPHQWDGD\DTXH ORVSURFHVRVGHLQQRYDFLyQLPSXOVDGRV KDQVLGRPX\ELHQHYDOXDGRVSRUSDUHV H[WUDQMHURV 8QHMHPSORGHHOORHVODYLVLWD HIHFWXDGD GHO  GH DJRVWR DO ƒ GH VHSWLHPEUHSRUHO'U*HUPDLQ/DFRVWH GLUHFWRUGHOD(VFXHOD1DFLRQDOGH,QJH QLHURVGH7DUEHVHQ)UDQFLD&RQHVWH SUHVWLJLRVRFHQWURGHHVWXGLRVIUDQFpVOD

8&0SRVHHXQD UHODFLyQLQVWLWX FLRQDOGHYDULRV DxRV D SDUWLU GH OD HVWUHFKD YLQFXODFLyQFRQ QXHVWUD )DFXO WDGGH&LHQFLDV GH OD ,QJHQLH UtD  (QpVWDVXSUL PHUD YLVLWD DO SDtV /DFRVWH PDQLIHVWy TXH OH LQWHUHVDED PXFKR YHQLU 6HxDOy HQWUH VXV UD]RQHV TXH &KLOH HVWi GHVDUUROODQGR XQD QXHYD /H\ GH 6LVWHPDV \ HQVXH[SHULHQ FLDFRPRUHFWRU GHXQD(VFXHOD GH PLO DOXP QRV FRQ  LQJHQLHURV TXH LQJUHVDQ SRU DxR OH LQWHUHVD VDEHUTXpSDVDFRQODLQYHVWLJDFLyQ\ ODIRUPDFLyQGHSURIHVLRQDOHV 7DO FRPR VXFHGH HQ (XURSD /DFRVWH VHxDOy TXH ´ORV SURJUDPDV LPSXOVDGRVSRUHOJRELHUQRGRQGHpVWH HQWUHJDUHFXUVRVWLHQHQFRPRGLUHFFLyQ YHU TXp VXFHGH FRQ HO VDEHU GH ORV ODERUDWRULRVHQODVXQLYHUVLGDGHVSRU XQDSDUWH\HOVDEHUGHODVHPSUHVDV SRURWUDTXHVRQGRVHOHPHQWRVLQGLV SHQVDEOHVSDUDHOGHVDUUROORGHXQJUDQ SURJUDPDGHLQYHVWLJDFLyQµ &RQRFHGRU GHO SUR\HFWR GH H[FHOHQFLD DFDGpPLFD TXH GHVDUUROOD QXHVWUD  )DFXOWDG GH &LHQFLDV GH OD ,QJHQLHUtDTXHDSXQWDDODIRUPDFLyQ GHFRPSHWHQFLDVSURIHVLRQDOHVSDUDORV HVWXGLDQWHVGHODVFDUUHUDVGH,QJHQLH

UtDHQ&RQVWUXFFLyQH,QJHQLHUtD&LYLO ,QIRUPiWLFD\TXHFXHQWDFRQHODSR\R GHOSURJUDPD0(&(683GHO0LQLVWHULR GH (GXFDFLyQ HO DFDGpPLFR JDOR QR VyORYDORUy\UDWLÀFyHVWDLQQRYDGRUD LQLFLDWLYDSLRQHUDHQ&KLOHVLQRWDP ELpQ YDOLGy HO SULQFLSLR GH ´DSUHQGHU KDFLHQGRµ HQ OD 8QLYHUVLGDG \ QR GHVSXpVHQHOWUDEDMR

(OFRQRFLPLHQWRFLHQWtÀFRHVWi HQOD8QLYHUVLGDG (ODSRUWHGHHVWHDFDGpPLFRJDOR QRIXHPHQRUDOHQWUHJDUVXYLVLyQSDU WLFXODUGHODVLWXDFLyQHQ&KLOH´(VWHHV PLSXQWRGHYLVWDIXWXURGHOGHVDUUROOR TXH TXL]iV VH SXHGD LPSODQWDU HQ &KLOHGRQGHORVODERUDWRULRV\FHQWURV XQLYHUVLWDULRV VH GHEHQ LQWURGXFLU HQ ODVHPSUHVDVµDÀUPyDxDGLHQGRTXH VL H[LVWH XQ SUREOHPD HQ OD LQGXVWULD HV QHFHVDULR VDEHUOR WUHV R FXDWUR DxRV DQWHV \ HVWR HV XQ SUREOHPD GH ODERUDWRULR <¢FyPRKDFHPRVSDUDKDFHU" 3ULPHURYHUFyPRORKDQKHFKRRWURV SDtVHVOXHJRWUDVODGDUDQXHVWUDFXOWXUD OR TXH VH SXHGD WUDVODGDU \ GHVSXpV YHQGUiQODVDFFLRQHV (QWRQFHV VRQ ODV UHODFLRQHV LQGXVWULDOHV²HQHOFDVRGHORVLQJHQLH URV²ODVTXHSURGXFHQHOFDPELRHQOD SHGDJRJtDGHFRQVWUXFFLyQGHODOXPQR FRQSUiFWLFDV´SRUTXHKD\TXHDEULUVH DODVHPSUHVDVµUHFDOFy 1RVHSXHGHSHQVDUHQFRQVWUXLU XQPpGLFRVLQHOKRVSLWDOQRVHSXHGH SHQVDU HQ IRUPDU D XQ LQJHQLHUR VLQ ODHPSUHVD ´(Q )UDQFLD ²DUJXPHQWy² GX UDQWHORVFLQFRDxRVHQOD(VFXHODORV DOXPQRV SDVDQ D OR PHQRV WUHV YHFHV SRUODHPSUHVDFRQHVWDGtDVGHFXDWUR DFLQFRPHVHVFDGDYH]µ /DSULPHUDYH]ODLGHDHVTXHHO DOXPQRSXHGDVRxDUFRQRFHU\FRORFDU VHHQXQOXJDUGLVWLQWR\HQXQPHGLR FRPSOHWDPHQWHGLIHUHQWH

/DVHJXQGDYH]HVXQDSUiFWLFD XQSRFRPiVLQWHOLJHQWHSRUTXHHOMRYHQ FRQRFHFyPRVHKDFHHOSURGXFWRFyPR VHFRQVWUX\H\IXQFLRQD <ODWHUFHUDDOÀQDOGHORVHVWX GLRVODSUiFWLFDHVFDVLODGHXQLQJHQLHUR SRUTXHpO\DHVWiFDVLOLVWRSDUDWUDEDMDU FRPRXQLQJHQLHUR ´(VWDV VRQ ODV UDtFHV TXH SHU PLWHQ D OD 8QLYHUVLGDG FRQRFHU ORV SUREOHPDVGHLQYHVWLJDFLyQSRUTXHVH SXHGHHVFXFKDUDODVHPSUHVDV\OXHJR HVWXGLDU HQ FRQMXQWR HVWH SUREOHPD FLHQWtÀFR « < pVWH HV XQ SUREOHPD GHGHVDUUROORTXHHQ&KLOHVHGHEHGDU FRPRQRVRWURVORYLPRVHQ)UDQFLDµ 

&RPSHWHQFLDVSURIHVLRQDOHV 3RURWUDSDUWHHQXQPXQGRJOR EDOL]DGR \ FDGD YH] PiV FRPSHWLWLYR KDELOLGDGHVFRPRHOOLGHUD]JRODVFDSD FLGDGHV GH GLUHFFLyQ \ DGPLQLVWUDFLyQ ODFUHDWLYLGDGSURDFWLYLGDG\HPSUHQGL PLHQWR UHVXOWDQ IXQGDPHQWDOHV SDUD HO p[LWRSURIHVLRQDO (QHVWHVHQWLGR/DFRVWHH[SOLFy TXHVXFRPSHWHQFLDSHUVRQDOSRUHMHPSOR VRQORVSUR\HFWRV´¢<TXpHVXQSUR\HF WR"HVFRPRXQDSHOtFXODIXWXUDTXHW~ WLHQHVHQWXFDEH]DHQWXRUGHQDGRU\ HQGHÀQLWLYDHQWXFRQRFLPLHQWRGRQGH FRQRFHV DOJXQDV ÀJXUDV \ SDUWHV GH OD SHOtFXOD(QWRQFHVSDUDORTXHIDOWDW~ KDFHV EHQFKPDUNLQJ TXH HV WRPDU GH DIXHUDDOJXQDVFRVDVTXHWHVLUYHQ3HURHQ ODSHOtFXODKD\DOJXQDVSDUWHVTXHQRHVWiQ \HVWRHVHOULHVJRTXHHVHQORTXHHVWDPRV WUDEDMDQGRFRQHO'U/HRQFLR-LPpQH] DFDGpPLFRGHHVWDXQLYHUVLGDGµ $VLPLVPRDJUHJyTXH´SDUDXQ SUR\HFWRLQGXVWULDOH[LVWHXQHVFHQDULR \ GHQWUR GH OR TXH \R OODPR SUR\HFWR HVSHFXODWLYRTXHQRHVPiVTXHMXJDUD ODORWHUtD\FRPSUDUXQEROHWROR~QLFR VHJXURHVTXHSDJDVSRUpVWH\ÀQDOPHQWH HOSUR\HFWRVHUiXQPDUGHGLQHURSHUGLGR SHURFRQXQRFpDQRGHSRVLELOLGDGHVGH JDQDUµ

%5(9(6$&$'(0,&$6 7UDEDMR6RFLDO UHSUHVHQWyDOD5HJLyQ HQ&RQJUHVR,QWHUQDFLRQDO (O FXHUSR DFDGpPLFR GH OD (VFXHODGH7UDEDMR6RFLDOWXYRXQD QRWDEOH UHSUHVHQWDFLyQ HQ HO ž &RQJUHVR0XQGLDOGH(VFXHODVGH 7UDEDMR6RFLDOTXHSRUSULPH UDYH]VHOOHYyDFDERHQ&KLOHGHO DOGHDJRVWRHQ6DQWLDJR &RQODSDUWLFLSDFLyQGH SHUVRQDVGHPiVSDtVHVHOHYHQ WR IXH RUJDQL]DGR SRU $VRFLDFLyQ ,QWHUQDFLRQDO GH 7UDEDMR 6RFLDO \ VXV LQVWDQFLDV /DWLQRDPHULFDQD \ 1DFLRQDO D ODV FXDOHV OD 8&0 VH

HQFXHQWUDDGVFULWD 3RU XQD SDUWH ORV DFDGpPLFRV 0DUFHOR 3LxD $QD &DVWUR \ /L]EHWK 1~xH]SDUWLFLSDURQFRPRSRQHQWHV3RU RWUDOD'UD-XDQD$ULDV\0DUFHOR3LQR FKHW GLUHFWRUDGHO,QVWLWXWRGH&LHQFLDV 6RFLDOHV \ GLUHFWRU GH OD (VFXHOD GH 7UDEDMR6RFLDO SDUWLFLSDURQFRQHOSUR \HFWRGHLQYHVWLJDFLyQWLWXODGR´7ULSOH H[FOXVLyQGHODVPXMHUHVUXUDOHVHQWUHV SDtVHVGH$PpULFD/DWLQDµ²ÀQDQFLDGR SRUODRUJDQL]DFLyQGHO&RQJUHVR²XQR GHORVGRFHSUR\HFWRVGHLQYHVWLJDFLyQ SUHVHQWDGRVGHWRGRHOPXQGR\FX\R REMHWLYR HV GHPRVWUDU HO WUDEDMR HQ UHGHV \ ODV GLIHUHQWHV UHDOLGDGHV GH FUHFLPLHQWR\GHVLJXDOGDG

&ROHJLRGH0DWURQDV GLVWLQJXHDDFDGpPLFD  (Q HO 'tD ,QWHUQDFLRQDO GH OD 0DWURQDHOSDVDGRGHDJRVWROD DFDGpPLFD SHUWHQHFLHQWH DO 'HSDU WDPHQWR GH (QIHUPHUtD GH QXHVWUD XQLYHUVLGDG$QWRQLHWD)D]]LIXHUH FRQRFLGDSRUVXVSDUHVGDGDVXH[LWRVD WUD\HFWRULDFRPRIRUPDGRUD /DSURIHVLRQDOFRQFHUFDGH DxRVGHGHVWDFDGDODERUIRUPDWLYDIXH GLVWLQJXLGD SRU HO &ROHJLR 5HJLRQDO GH0DWURQDV$*SUHFLVDPHQWHSRU VXGHVHPSHxRHQGRFHQFLDXQLYHUVL WDULDSUHPLRDOTXHWDPELpQVHVXPy

9,'$81,9(56,7$5,$



OD6HFUHWDUtD5HJLRQDO0LQLVWHULDO GH6DOXG / D DFDGpPL FD LPS D UWH ORV FXUVRV GH 0DWHUQR ,QIDQWLO \ (QIHUPHUtD*LQHFROyJLFDHQOD(V FXHODGH(QIHUPHUtD(QHOiPELWR FOtQLFRLQLFLyVXGHVHPSHxRHQHO +RVSLWDO GH &RQVWLWXFLyQ OXHJR FRQWLQXy HQ HO &RQVXOWRULR 1R  GH 6DQWLDJR \ SRVWHULRUPHQWH UHJUHVyDOD5HJLyQSDUDWUDEDMDU HQOD&OtQLFDGHO0DXOH\DFWXDO PHQWHHQHO+RVSLWDO5HJLRQDOGH 7DOFD GRQGH GHVDUUROOD ODV SUiF WLFDV SURIHVLRQDOHV FOtQLFDV FRQ VXVHVWXGLDQWHVHQODVXQLGDGHVGH 3DUWR\*LQHFRORJtD


81,9(56,'$'&$72/,&$'(/0$8/( 3HUÀOHV

DJRVWR

(Q&KLOHH,EHURDPpULFD

(VSHFLDOLVWDVHQ,QJHQLHUtDGH6RIWZDUH DERUGDURQWHPDGHOD&DOLGDGGHOD,QGXVWULD 'UD+DQQD2NWDYDDVHVRUDGHO*RELHUQRPH[LFDQRHQHOWHPD YLVLWyQXHVWUDFDVDGHHVWXGLRVHQHOPDUFRGHOSUR\HFWRGH0H MRUDPLHQWRGHODVFRPSHWHQFLDVSURIHVLRQDOHVGHORVHVWXGLDQWHV GHOD)DFXOWDGGH&LHQFLDVGHOD,QJHQLHUtD \SXHGDH[SRUWDU«\KD\XQDYHQWDMD FRPSHWLWLYD GHVDSURYHFKDGD FRQ UHV SHFWRDORVVRIWZDUHHQLQJOpVSRUTXH ORVSDtVHVFRPR(VSDxD\0p[LFR\HQ FDGDXQRGHORVSDtVHVLEHURDPHULFDQRV H[LVWHHVWDRSRUWXQLGDGµ

1DFLRQDOHVGHVWDFDQPRGHOR PH[LFDQR

8Q WHPD FRPSOHWDPHQWH QXH YR SHUR TXH GHVGH KDFH DxRV YLHQH HPHUJLHQGRFRQIXHU]DHQHOPHUFDGR LQIRUPiWLFRQDFLRQDOHVODIDEULFDFLyQ GH VRIWZDUH H[SRUWDEOHV (Q &KLOH \D KD\XQJUXSRGHHPSUHVDVTXHH[SRUWDQ FXHVWLyQTXHWDPELpQVXFHGHHQYDULRV SDtVHV LEHURDPHULFDQRV OR TXH VH KD FRQVWLWXLGRHQXQDRSRUWXQLGDG )XHHQHOPDUFRGHHVWHHVFHQD ULRTXHGXUDQWHODVHJXQGDVHPDQDGH DJRVWR YLVLWy HO &DPSXV 6DQ 0LJXHO GH QXHVWUD FDVD GH HVWXGLRV OD 'UD +DQQD 2NWDED 'RFWRUD HQ &LHQFLDV GH OD &RPSXWDFLyQ  DFDGpPLFD GH OD 8QLYHUVLGDG 1DFLRQDO $XWyQRPD GH 0p[LFR SHUWHQHFLHQWH DO ,QVWLWXWR GH LQYHVWLJDFLRQHV HQ 0DWHPiWLFDV $SOLFDGD \ HQ 6LVWHPDV TXLHQ SRVHH XQD YDVWD H[SHULHQFLD HQ SRVWJUDGR \HVIXQGDGRUD\YLFHSUHVLGHQWDGHOD $VRFLDFLyQPH[LFDQDSDUDODFDOLGDGHQ ,QJHQLHUtDGH6RIWZDUH 6XHVWDGtDHQQXHVWURSODQWHOIXH SURGXFWRGHODLQYLWDFLyQKHFKDSRUOD GLUHFWRUDGHOD(VFXHODGH,QJHQLHUtD&L YLO,QIRUPiWLFD'UD$QJpOLFD8UUXWLD HQ HO PDUFR GHO SUR\HFWR 0(&(683 GH0HMRUDPLHQWRGHODVFRPSHWHQFLDV SURIHVLRQDOHV GH ORV DOXPQRV GH ODV FDUUHUDVGH,QJHQLHUtD&LYLO,QIRUPiWLFD H,QJHQLHUtDHQ&RQVWUXFFLyQ\TXHVH EDVDHQODIRUPDFLyQGHFRPSHWHQFLDV SURIHVLRQDOHV VXVWHQWDGDV VREUH HO SULQFLSLR GH ´DSUHQGHU KDFLHQGRµ HQ OD 8QLYHUVLGDG \ QR GHVSXpV HQ HO WUDEDMR /DYLVLWDGHODLQYHVWLJDGRUDGH RULJHQSRODFRVHVLWXyDGHPiVHQXQ SHUtRGRHQTXHXQDVHULHGHH[SHUWRVLQ WHUQDFLRQDOHVSURYHQLHQWHVGH0p[LFR )UDQFLD(VWDGRV8QLGRV\3RUWXJDOKD PDUFDGRODDJHQGDQRWLFLRVDGHOD)DFXO WDGGH&LHQFLDVGHOD,QJHQLHUtD

(QFXHQWURFRQDFDGpPLFRV\ HPSUHVDULRV 6HJ~QH[SOLFy8UUXWLDODHVWDGtD GH 2NWDED WXYR SRU REMHWLYR UHDOL]DU SHUIHFFLRQDPLHQWRSHGDJyJLFRSDUDORV DFDGpPLFRVSHURWDPELpQIRPHQWDUHO

HQFXHQWURHQWUHHOPXQGRXQLYHUVLWDULR \HOHPSUHVDULDO ´(OODGLRFXHQWDGHOQH[RGHOR TXHUHDOL]DHOPHGLRRODHPSUHVDYLQ FXODGRFRQOD8QLYHUVLGDGHQHOFDVRGH 0p[LFRµH[SOLFy\DTXHODHVSHFLDOLVWD QRVyORHVDVHVRUDGHOJRELHUQRPH[LFD QRVLQRWDPELpQSUHFXUVRUDGHOPRGHOR GHSURFHVRVSDUDODLQGXVWULDGHVRIWZDUH HQVXSDtV´(VSHFLDOPHQWHHQHOiPELWR GHODLQJHQLHUtDGHVRIWZDUH\GHFyPR VHFRQVWUX\HQpVWRVSDUDODVHPSUHVDV \HQFXDQWRDORVOLQHDPLHQWRV\QRU PDWLYDVSDUDDFUHGLWDUODFRQVWUXFFLyQ GHVRIWZDUHµDxDGLy (VWH IXH HO WHPD TXH UHXQLy D DFDGpPLFRVLQYLWDGRVGHODV8QLYHUVL GDGHVGH&KLOH)HGHULFR6DQWD0DUtD GH7DOFD\GH&RQFHSFLyQHQWRUQRDO GHVDUUROORGHHVWDH[SHULHQFLDODWLQRD PHULFDQD\GHOSUR\HFWR&RPSHWLVRIW LQLFLDWLYD TXH ´WUDWD GH HQFRQWUDU XQD IRUPDGHEXHQDVSUiFWLFDVSDUDDSR\DUD ODSHTXHxD\PLFURLQGXVWULDGH6RIWZDUH HQORVSDtVHVLEHURDPHULFDQRVFRQHOÀQ GHOOHJDUDXQDSURSXHVWDTXHDSURYHFKH FRQRFLPLHQWRV \ H[SHULHQFLD GH FDGD SDtVµVHJ~QH[SOLFy2NWDYD ´&KLOHVHSHUFLEHFRPRXQRGH ORV SDtVHV TXH WLHQH PD\RU GHVDUUROOR HQPXFKRVDVSHFWRV\DSHVDUGHTXHHO JUXSRGHGHVDUUROORGHVRIWZDUHHQ&KLOH QRHVPX\YROXPLQRVRWLHQHQYDULDVFD UUHUDV\SURIHVRUHVPX\ELHQSUHSDUDGRV HQODVXQLYHUVLGDGHV(QWRQFHVTXHUH PRV FRPSDUWLU QXHVWUDV H[SHULHQFLDV GH FyPR PRWLYDU PHMRUDU \ HQWUHJDU PHMRUHV SRVLELOLGDGHV D ORV MyYHQHV HJUHVDGRV SDUD TXH SXHGDQ DUPDU VXV SURSLDVHPSUHVDVHQWRUQRDSUR\HFWRV LQQRYDGRUHV\TXHFRQHOORSXHGDQVD WLVIDFHUPHUFDGRVORFDOHVSHURWDPELpQ DVSLUDUDH[SRUWDUTXHHQ&KLOHHVWRHV XQDREOLJDFLyQSUiFWLFDPHQWHµ ´+D\ XQD RSRUWXQLGDG HQ ORV SDtVHVLEHURDPHULFDQRV\D WLHQHQ VXV UHFXUVRV KXPDQRV ELHQ SUHSDUDGRV \ OD LQGXVWULD GH VRIWZDUH ORFDO SXHGH LUKDODQGRDODVSHTXHxDV\PHGLDQDV HPSUHVDVGHODVGHPiVUXEURV « (V GHFLUKD\XQJUXSRQRGHVSUHFLDEOHSDUD TXHODLQGXVWULDORFDOGHVRIWZDUHFUH]FD

3DUD DOJXQRV DOJR FRQRFLGR 3DUDRWURVDOJRQXHYR$FDGpPLFRVGH SODQWHOHV QDFLRQDOHV IXHURQ LQYLWDGRV SRU QXHVWUD XQLYHUVLGDG SDUD FRQRFHU ODH[SHULHQFLDPH[LFDQD <XVHI)DUUiQGLUHFWRUGHO'HSDU WDPHQWR ,QJHQLHUtD ,QIRUPiWLFD GH OD 8QLYHUVLGDGGH&RQFHSFLyQPDQLIHVWy TXH´HVPX\EXHQRSDUDQRVRWURVORV SDUHV MXQWDUVH \ SRGHU FRPHQWDU OR TXHHVWiSDVDQGRHQHOiUHDGHODHVSH FLDOLGDG /R TXH YLPRV OD FDOLGDG HQ LQJHQLHUtDGHVRIWZDUHHVGHFLUFyPR SURGXFLPRV VRIWZDUH GH FDOLGDG (OOD QRV KD FRQWDGR VX H[SHULHQFLD HQ ODV EXHQDVSUiFWLFDV\FyPRDYHFHVFRVDV TXHVHYHQPX\FRPSOHMDVVHSXHGHQ KDFHUPiVVLPSOHV\HQHVDVLPSOLFLGDG VHSXHGHQOOHYDUHVDVEXHQDVSUiFWLFDV D ODV 3\PHV VREUH WRGR SRUTXH OD VLPSOH]DVLJQLÀFDPHQRVFRVWRV « \ VDEHPRVTXHODV3\PHVQRHVWiQOOHQDV GHUHFXUVRV\DXQTXHVHDQHFHVDULRSDUD HOODV FHUWLÀFDUVH HQ VX LQJHQLHUtD GH VRIWZDUHWDPSRFRSXHGHQKDFHUORFRQ SURFHVRVGHPDVLDGRFDURV\KHPRVYLVWR HMHPSORVTXHGHPXHVWUDQTXHVHSXHGH KDFHUHQIRUPDPiVEDUDWDµ (ODFDGpPLFRH[SOLFyTXHKR\GtD VRQSRFDVQXHVWUDV3\PHVTXHSXHGHQ H[SRUWDUVRIWZDUHFRQFHUWLÀFDFLyQGH FDOLGDGSHURVLHQODDJHQGDGLJLWDOGHO *RELHUQRXQRGHORVDVSHFWRVLPSRUWDQ WHV HV pVWH HQWRQFHV SDUD DOOi YDPRV SRUTXH HO SDtV WLHQH ODV FDSDFLGDGHV SDUDKDFHUORµ 3RUVXSDUWH1DUFLVR&HUSDDFD GpPLFRGHO'HSDUWDPHQWRGH,QJHQLHUtD GH6LVWHPDVGHOD8QLYHUVLGDGGH7DOFD GHVWDFyTXH´VLHPSUHVHSXHGHPHMRUDU \DTXHWDQWRDQLYHOGHDFDGHPLDFRPR HQHPSUHVDVKD\XQLQWHUpVSRUHOPHMR UDPLHQWRGHORVSURFHVRVGHVRIWZDUHTXH H[LVWHQFRQHOÀQGHVHJXLUPHMRUDQGR \SURGXFLUVRIWZDUHGHFDOLGDGµ ´$KRUD &KLOH YD D WHQHU TXH PHMRUDU EDVWDQWH SDUD SRGHU FRPSHWLU HQ PHUFDGRV LQWHUQDFLRQDOHVµ SXQ WXDOL]y $VLPLVPR +HUQiQ $VWXGLOOR GHO 'HSDUWDPHQWR GH ,QIRUPiWLFD GH OD8QLYHUVLGDG7pFQLFD)HGHULFR6DQWD 0DUtD 87)60  PDQLIHVWy FRQRFHU GHO WUDEDMR GH 2NWDYD VHxDODQGR TXH ´HO WUDEDMR TXH UHDOL]D HQ 0p[LFR DO SRGHU HODERUDU SDWURQHV \ HVWiQGDUHV GH DFXHUGR D VX UHDOLGDG FRQFUHWD HV DOJRTXHQRVRWURVQRVLHPSUHKDFHPRV \PXFKDVYHFHVDGRSWDPRVHVWiQGDUHV TXH QR QHFHVDULDPHQWH VH DGRSWDQ D QXHVWUDVFLUFXQVWDQFLDVµ ´$XQTXHHQHOPHUFDGRPH[LFD

9,'$81,9(56,7$5,$



QRÁX\HPXFKRPiVGLQHUR\H[LVWHXQD SREODFLyQPXFKRPD\RUFXOWXUDOPHQWH VRPRVPX\SDUHFLGRV\ODUHDOLGDG3\PH HVVLPLODUµ &HFLOLD%DVWDUULFDGHO'HSDUWD PHQWRGH&LHQFLDVGHOD&RPSXWDFLyQ GHOD8QLYHUVLGDGGH&KLOHVHxDOyTXH ´QR FRQRFtD OD H[SHULHQFLD SHUR PH LQWHUHVyPXFKRSRUTXHHVVLPLODUDXQ SUR\HFWRTXHWHQHPRV\ODYHUGDGHV TXH ORV SUR\HFWRV VRQ FRPSOHPHQWD ULRV \ SRGHPRV VDFDU YHQWDMDV GH VXV H[SHULHQFLDµ ´(O WHPD GH OD FDOLGDG HV GH KDFH DxRV QR HV WDQ PDVLYR SHUR Vt KD\ DOJXQDV HPSUHVDV TXH VH UH~QHQ SDUD H[SRUWDU \ GLIXQGLU LQIRUPDFLyQ DOUHVSHFWRµDSXQWy )LQDOPHQWH'DQLHO3H]RDDVHVRU HQ,QJHQLHUtDGH6RIWZDUH\$VHJXUD PLHQWRGHOD&DOLGDG6RIWZDUHGH6SLQ &KLOH 6RIWZDUH3URFHVV,PSURYHPHQW 1HWZRUN DGHPiVGHSURIHVRUGHGLVWLQ WDVXQLYHUVLGDGHVHQ6DQWLDJRWDPELpQ LQGLFyFRQRFHUHOPRGHORPH[LFDQR (QVXRSLQLyQ´SDUDQXHVWUDUHG GHHPSUHVDV\XQLYHUVLGDGHVGHGLFDGDV DO PHMRUDPLHQWR GH SURFHVRV HVWR HV SDUWH GH QXHVWUR WUDEDMR $KRUD HQ FXDQWRDODFDOLGDGHQ&KLOHQRVIDOWD EDVWDQWH+D\RWURVSDtVHVTXHQRVHVWiQ JDQDQGRODGHODQWHUD0p[LFR%UDVLO &RORPELD8UXJXD\YDPRVDWHQHUTXH FRPSHWLUFRQHOORVµ 

([SHULHQFLDORFDO (O'U5RGROIR9LOODUURHODFDGp PLFRGHO'HSDUWDPHQWRGH&RPSXWDFLyQ H,QIRUPiWLFDGHQXHVWURSODQWHOH[SXVR XQPRGHORGHPDGXUH]SDUDODFRQÀJX UDFLyQGHLQJHQLHUtDGHVRIWZDUHOtQHD GHLQYHVWLJDFLyQTXHKDVLGRSURSLDGH VXVHVWXGLRVGHSRVWJUDGR\TXHWLHPSR DWUiVIXHSDUWHGHXQ7XWRULDOUHDOL]DGR DODHPSUHVD6SLQ&KLOH ´(VWDPRV WUDEDMDQGR WDPELpQ HQ HO SUR\HFWR &RPSHWLVRIW FX\R REMHWLYR HV PHMRUDU OD FRPSHWLWLYLGDG GHODVSHTXHxDV\PHGLDQDVHPSUHVDV HODERUDGRUDVGHVRIWZDUHµDFODUy$TXt SDUWLFLSDQ WUHFH XQLYHUVLGDGHV VLHQGR QXHVWUDFDVDGHHVWXGLRV\OD87)60 ODV~QLFDVFKLOHQDV ´(QHOiPELWRFXUULFXODU2NWD YD QRV YD DSR\DU HQ DVSHFWRV FRPR HYHQWXDOPHQWHHODERUDUXQHOHFWLYRGH SURIXQGL]DFLyQ SDUD JHQHUDU QXHYDV HPSUHVDVEDVDGDVHQXQPRGHORµ 'XUDQWHVXHVWDGtDODYLVLWDQWH PH[LFDQDWDPELpQVHUHXQLyFRQHP SUHVDULRV PDXOLQRV TXLHQHV SXGLHURQ FRQRFHU ORV SURFHVRV GH GHVDUUROOR \ PHWRGRORJtD GH VRIWZDUH DMXVWDGRV D OD HPSUHVD DGHPiV GH XQD LQLFLDWLYD SLORWR TXH FRPHQ]DUi D HMHFXWDUVH HQ OD5HJLyQ 3RVWHULRUPHQWH HO WUDEDMR VH FHQWUy FRQ DFDGpPLFRV HQ iPELWRV FRPR H[SHULHQFLDV GH ODERUDWRULR LQYHVWLJDFLyQDSOLFDGD\IRUPDFLyQGH HPSUHVDV


81,9(56,'$'&$72/,&$'(/0$8/( 2SLQLyQ

DJRVWR

)UDQFLVFR9LGDOLQLFLyHOGHEDWHVREUH 5HJLRQDOL]DFLyQHQODVHGH&XULFy ([0LQLVWURGHO,QWHULRU LQLFLyFLFORGHH[WHQVLyQ DFDGpPLFDVREUH'HVD UUROOR'HVFHQWUDOL]DFLyQ \5HJLRQDOL]DFLyQTXH RUJDQL]DHO,QVWLWXWRGH &LHQFLDV6RFLDOHV\OD 'LUHFFLyQGHOD6HGH ´&RQVWUXFFLyQGH5HJLRQHVGH VDItRSHQGLHQWHµIXHHOWHPDTXHSUHVHQWy )UDQFLVFR9LGDOH[0LQLVWURGHO,QWHULRU \6XEVHFUHWDULR*HQHUDOGHODDGPLQLVWUD FLyQ/DJRVHOYLHUQHVGHDJRVWRHQHO &HQWURGH([WHQVLyQ&DUPHQGHQXHVWUD 8QLYHUVLGDGHQ&XULFyHQHOPDUFRGHO FLFOR ´'HVDUUROOR 'HVFHQWUDOL]DFLyQ \ 5HJLRQDOL]DFLyQµ %DMRODRUJDQL]DFLyQGHOD'LUHF FLyQGHOD6HGH&XULFy\GHO,QVWLWXWRGH &LHQFLDV 6RFLDOHV HO HYHQWR SUHWHQGH LQLFLDUHOGHEDWHORVGHVDItRVORJURV\ REVWiFXORVHQODUHJLRQDOL]DFLyQ\GHV FHQWUDOL]DFLyQGHOSDtVSHURFRQVLGHUDQ GRDFFLRQHVHLQLFLDWLYDVFRQFUHWDV ´/RV HVSDFLRV ORFDOHV VRQ iP ELWRV UHOHYDQWHV GH VDWLVIDFFLyQ GH ODV QHFHVLGDGHVKXPDQDV(QHVWHFRQWH[WR ODDXWRGHSHQGHQFLDGHODVFRPXQLGDGHV VH KD GHVWDFDGR FRPR RULHQWDFLyQ LP SRUWDQWHGHORVSURFHVRVGHGHVDUUROORµ H[SOLFy OD 'UD -XDQD$ULDV GLUHFWRUD GHO,QVWLWXWR (VHQHVWHQXHYRHVFHQDULRTXH QXHVWUDFDVDGHHVWXGLRVVXSHULRUHVHQVX LQWHUpVSRUFRQWULEXLUDHVWDVGLVFXVLRQHV KD HODERUDGR XQ SURJUDPD GH FKDUODV TXHFRQVWLWX\DQXQOXJDUGHHQFXHQWUR GHH[SHULHQFLDV\FRQRFLPLHQWRVVREUH HO WHPD FRQ SHUVRQDOLGDGHV GH QLYHO QDFLRQDO\UHJLRQDOTXHGHQFXHQWDGH ODKHWHURJHQHLGDGVRFLDOFRPRHOHPHQWR TXHVHFRQIURQWDQHFHVDULDPHQWHFRQODV WHQGHQFLDVDODFRQYHUJHQFLD\KRPRJH QHL]DFLyQGHODVVRFLHGDGHV ´4XHUHPRVFRQWLQXDUFRQHVWHFL

9LGDOVHPRVWUySDUWLGDULRGHDYDQ]DUKDFLDXQDHIHFWLYDUHJLRQDOL]DFLyQDWUDYpVGHXQDPD\RUDXWRQRPtDHFRQyPLFD\GH IXQFLRQHV(QHVWHFRQWH[WRVLELHQGHGHFODUyDIDYRUGHODHOHFFLyQSRSXODUGHORVFRQVHMHURVUHJLRQDOHVDGYLUWLyVREUHOD QHFHVLGDGGHPDQWHQHUODDFWXDOGHVLJQDFLyQGHO,QWHQGHQWHSRUSDUWHGHO-HIHGH*RELHUQR

FORHQVHSWLHPEUH\RFWXEUHFRQLQYLWDGRV H[WHUQRVSDUDOOHJDUDFRQFOXLUFRQXQ HQFXHQWURGHGLiORJRVUHJLRQDOHVGRQGH ORVH[SRVLWRUHVQRVGDUiQHOFRQWH[WRGHO GHVDUUROORGHORVPRGHORVH[LVWHQWHV\ GH ORV HVSDFLRV UHJLRQDOHV TXH VH KDQ FUHDGRµDUJXPHQWyODDFDGpPLFD /DFRQYRFDWRULDSDUDSDUWLFLSDU KDVLGRUHDOL]DGDDLQVWLWXFLRQHV\DFWR UHVUHOHYDQWHVDQLYHOUHJLRQDOSDUDTXH DVLVWDQ\IRUPHQSDUWHGHHVWHFLFORFRQ ODLGHDGHREWHQHU\GHVDUUROODUDFFLRQHV FRQFUHWDVHQHOFRUWRSOD]R\QRTXHGDUVH VyORHQHOGLVFXUVR

0D\RUDXWRQRPtDSDUD JRELHUQRVORFDOHV ´3DUDTXHHVWDUHJLyQFRPRWRGDV ODVUHJLRQHVGHOSDtVFUH]FDWHQJDPiV LGHQWLGDGPiVUHFXUVRVPiVIXHU]DQR VRODPHQWHKD\TXHDXPHQWDUHOÀQDQFLD PLHQWRSDUDODVDWULEXFLRQHV\IXQFLRQHV GHO SRGHU ORFDO R PXQLFLSLR VLQR TXH WDPELpQHOSRGHUUHJLRQDOµDÀUPy9L GDODFWXDO3UHVLGHQWHGHO'LUHFWRULRGH 7HOHYLVLyQ1DFLRQDOGH&KLOH ´6yORFRQGRVOLPLWDFLRQHVFRPR HOPDQWHQHUHO(VWDGRXQLWDULR\HOWHPD GHÀQDQFLDPLHQWRSDUDHYLWDUORVGpÀFLW

9,'$81,9(56,7$5,$



ILVFDOHVµ VRVWXYR UHILULpQGRVH D OD HOHFFLyQGHPRFUiWLFDGHORVLQWHQGHQWHV FRPRXQDYHQWDMDSHURTXHWRFDFRQWUDOD HVWDELOLGDGGHOSDtVHQODJREHUQDELOLGDG ODTXHVHGDHQODDFWXDOLGDGHQTXHOD FRQGXFFLyQSROtWLFDHVWpH[SUHVDGDHQOD XQLGDGGHFDGDUHJLyQFRQ/D0RQHGD (Q HVH VHQWLGR VH PRVWUy SDU WLGDULR GH OD HOHFFLyQ SRSXODU GH ORV PLHPEURV GHO FRQVHMR UHJLRQDO TXH HQ OD DFWXDOLGDG VRQ HOHJLGRV SRU ORV FRQFHMDOHVSHURLQVLVWLyHQVXSRVWXUD TXH HO ,QWHQGHQWH R ,QWHQGHQWD VLJD VLHQGR GHVLJQDGR SRU HO 3UHVLGHQWH R 3UHVLGHQWD 9LGDO VHxDOy TXH D SDUWLU GH VHGLHURQSDVRVLPSRUWDQWHVSDUD ODUHJLRQDOL]DFLyQODTXHIXHDYDQ]DQGR HQIRUPDLPSRUWDQWHGXUDQWHORVVXFH VLYRV*RELHUQRVGHOD&RQFHUWDFLyQHQ PDWHULD GH UHFXUVRV SULQFLSDOPHQWH FRQ HO )RQGR 1DFLRQDO GH 'HVDUUROOR 5HJLRQDO\HQDVSHFWRVGHSDUWLFLSDFLyQ \GHGHPRFUDWL]DFLyQGHORVJRELHUQRV UHJLRQDOHV ´+R\HQHOSUHVXSXHVWRQDFLRQDO GHFDGDSHVRVVHGHFLGHQHQOD UHJLyQ²H[SUHVy²\VHSRGUtDOOHJDUDy 6HSXHGHDXPHQWDUHOÀQDQFLDPLHQWR GHORVPXQLFLSLRVDXQTXHKDFUHFLGRHQ XQSRUFLHQWRHOSULQFLSDOLQJUHVRGH ODV0XQLFLSDOLGDGHVFRPRHVHO)RQGR &RP~Q 0XQLFLSDO &LHQ PLO PLOORQHV GH SHVRV HO DxR  FRQWUD  PLO PLOORQHVHODxRµ $OPLVPRWLHPSR9LGDOSXVRGH PDQLÀHVWRODLPSRUWDQFLDGHODGHVFHQ WUDOL]DFLyQ GHO VHFWRU SULYDGR D TXLHQ OHDVLJQyXQDPD\RUUHVSRQVDELOLGDGHQ ODLQYHUVLyQ ´$ HVWH VHFWRU ²DJUHJy² OH FR UUHVSRQGHHOGHODLQYHUVLyQTXHVH UHDOL]DHQHOSDtV«HVHOVHFWRUS~EOLFR TXLHQGHEHQJHQHUDUEDVHVVREUHODVFXD OHVIDYRUHFHUHVDLQYHUVLyQSHURFRQXQD IXHUWHDVRFLDFLyQGHDPERVVHFWRUHVµ


81,9(56,'$'&$72/,&$'(/0$8/( 2SLQLyQ

DJRVWR

*QWHU*UDVV \ODV:DIIHQ66

5HVHxDGH/LEURV (ODPRUGHVSXpVGHOGRORU³(OGDxR´ $QGUHD0DWXUDQD$OIDJXDUD  /DHVFULWRUDFKLO HQD $QGUHD 0DWXUDQD  VHYLRLQYROXFUDGD GH XQD X RWUD IRUPD HQ HVH H[WUDxR IHQyPHQR TXH FRQVWLWX\y OD ³QXHYD QDUUDWLYD FKLOHQD´ XQ JUXSRGHQDUUDGRUHVTXH D PHGLDGRV GH ORV QR YHQWD SXEOLFy HQ PDVD XQ FRQMXQWR GH QRYHODV GHPX\GLYHUVDFDOLGDG\ YDOtD/RVDxRVWUDQVFXU ULHURQDOJXQDVHGLWRULDOHV QR QHFHVDULDPHQWH ORV HVFULWRUHV JDQDURQFLHUWD VXPDGHGLQHUR\PX\SR FRVDXWRUHVVREUHYLYLHURQ DORVHÀXYLRVFUHDWLYRV&DVLXQDGpFDGDKXERTXH HVSHUDUSDUDTXH0DWXUDQDYROYLHUDDSXEOLFDUHVWD YH]VHWUDWDGHXQOLEURGHFXHQWRVOODPDGR³1RGHFLU´  TXHVHFRQHFWDFRQDOJXQRVGHORVWHPDVTXH\D KDEtDQDSDUHFLGRHQ³(OGDxR´WH[WRTXHFRPHQWDPRV DFRQWLQXDFLyQ /DKLVWRULDWLHQHFRPRHMHHOYLDMHTXHGRV DPLJDV HPSUHQGHQ KDFLD HO QRUWH GH &KLOH HQ XQ OXJDU LQGH¿QLGR SHUR UHFRQRFLEOH HQ HO LPDJLQDULR JHRJUi¿FRQDFLRQDO(OSHULSORWLHQHHYLGHQWHVUDVJRV LQLFLiWLFRVORVTXHVHYDQGLOXFLGDQGR\FDUJDQGRGH XQGRORURVFXURSURGXFWRGHXQDLPERUUDEOHPDUFD GHOSDVDGR (OLVD \ *DEULHOD HPSUHQGHQ XQD WUDYHVtD HQFRP~QHQODTXHFRPSDUWHQREMHWLYRVHKLVWRULDV SHUVRQDOHVVLJQDGDVFRQODSpUGLGD$PEDVPXMHUHV VHODQ]DQHQHVWDVXHUWHGH³URDGPRYLH´FULROORFRQ OD OHMDQD HVSHUDQ]D GH TXH OD DUHQD \ HO GHVpUWLFR SDLVDMHVHUHSURGX]FDQHQVXPHPRULDERUUDQGR R DOPHQRVGLVLPXODQGR HOVRFDYyQDIHFWLYRGH(OLVD ODUDELRVDFLFDWUL]GH*DEULHOD /DQRYHODHVWiGLYLGLGDHQWUHVSDUWHVODSULP HUDGHHOODVHVFRQFODULGDGODPiVLQWHUHVDQWHSXHVWR TXHPiVDOOiGHVXWUDPDVHLQVWDXUDXQDGLVFXVLyQ DFHUFDGHOQDUUDUTXpFRQWDUFyPRUHODWDUORSRUTXp KDFHUOR/DVPXMHUHVVHFRQ¿HVDQXQDFRQUHFDWR ODRWUDFRQGHVSDUSDMR(ODPSOLRWHUUHQRTXH\DFH HQWUHHOODVHVWDPELpQHOGHODOLWHUDWXUD¢&RQWHQFLyQ H[SUHVLYDRYHUERUUHDGHVLQKLELGD"/RVSHUVRQDMHV HQIUHQWDGRV DO GHVDItR GH QDUUDU VX YLGD GHEHUiQ HOHJLUGHDFXHUGRDVXSURSLDH[SHULHQFLD (Q YDULRV VHQWLGRV ³(O GDxR´ HV XQ WH[WR OLWHUDULRSRVPRGHUQRDIHFWRVHQFRQÀLFWRGLVROXFLyQR FULVLVGHORVJUXSRVIDPLOLDUHVWUDGLFLRQDOHVSHVTXLVD \ H[SHULPHQWDFLyQ D SDUWLU GHO FXHUSR (VWH ~OWLPR SXQWRUHVXOWDIXQGDPHQWDOHQODE~VTXHGDGH(OLVD &KDFyQSXHVWRTXHVXLQWHQWRGHDFODUDUHOSDVDGR SDUD OXHJR DFDOODUOR UHGXQGD HQ OD UHFXSHUDFLyQ GH VX SURSLR FXHUSR HO TXH KDVWD HO PRPHQWR GHO YLDMHQROHKDSHUWHQHFLGRSDUDHOODHVWHGHDPEXODU QRUWLQRHVXQPX\SDUWLFXODUYLDMHLQ~WHUR0DWXUDQD FRQVWUX\HXQSHUVRQDMHFX\RFXHUSRHVHOYHKtFXOR GHO GRORU DMHQR SRU pVWH SDVDQ OD IUXVWUDFLyQ \ HO VLOHQFLR PDWHUQRV OD DEXOLD IUDWHUQDO HO GHVSHFKR GHVXDPLJDODLQVHJXULGDG\WRUSH]DGHODPDQWHOD UDGLFDOYLROHQFLDGHOSDGUH (OWtWXORGHODQRYHODDEUHXQLQWHUHVDQWHÀDQFR GHGHEDWHODWUDPDLQGLFDTXHHOGDxRHVRULJLQDOPHQWH ItVLFRSHURHVWDQJUDQGHTXHHOPDUFRGHVXDFFLyQ VXSHUDFRQFUHFHVHOSULPHUiPELWR\VHFRQYLHUWHHQ XQDSUHVHQFLDLQYDOLGDQWHHQXQIDQWDVPDTXHFRDUWD WRGRLQWHQWRGHDFFLyQ³0DOGLWDPHPRULD1RYR\D ROYLGDUQLORVFLQWXURQHVQLHOGRORUTXHORDEDUFDWRGR QLODVSDODEUDVERQLWDVGHPLSDSi9R\DROYLGDUHVWRV FHUURVHOPDUHORDVLVORVRMRVGH)UDQFR´ 

³(OGDxR´HVXQDQRYHODGHDSUHQGL]DMHSDUD GRVPXMHUHVTXHGHEHUiQDVXPLUTXHODVFLFDWULFHVQR VHERUUDQVLQRTXHVHYLYHQSDUDIUDVHDQGRD9LUJLQLD :RROIGLUHPRVTXHQRVHSXHGHEXVFDUODIHOLFLGDG HOXGLHQGRODSURSLDYLGD 5REHUWR&DEUHUD9DOGHUUDPD $FDGpPLFR,QVWLWXWRGH(VWXGLRV*HQHUDOHV

+D VLGR VLQ GXGD XQD QRWLFLD LQ HVSHUDGDHLPSDFWDQWH (OViEDGRGHDJRVWR UHFLpQSDVDGRXQRGHORV SHULyGLFRVPiVLPSRU WDQWHVGH$OHPDQLDHO ´)UDQNIXUWHU$OOJHPHL QH =HLWXQJµ SXEOLFD HQ VX VHFFLyQ FXOWXUDO XQDODUJDHQWUHYLVWDDO HVFULWRU *QWHU *UDVV JDQDGRU GHO 1yEHO GH /LWHUDWXUDHQ(Q GLFKD HQWUHYLVWD HO HV FULWRUUHYHODTXHSHUWH QHFLyDODVDVtOODPDGDV ´:DIIHQ66µHVGHFLUD XQDGHODVRUJDQL]DFLR QHV PiV VLQLHVWUDV GHO QDFLRQDOVRFLDOLVPR 7 p Q J D V H  H Q FXHQWD TXH *UDVV QR VyORHVXQEXHQHVFULWRU \GLEXMDQWH8QRGHORV UDVJRVPiVGHÀQLGRVGH VXSHUVRQDOLGDGKDVLGR VXSHUPDQHQWHFRPSUR PLVRSROtWLFRHQOD$OHPDQLD\(XURSDGHSRVWJXH UUD(QFRQFUHWRFRQHO3DUWLGR6RFLDOGHPyFUDWD 63' \HQIDYRUGHXQDVRFLHGDGGHPRFUiWLFDDMHQD DWRGDWHQWDFLyQWRWDOLWDULD$VLPLVPRFRQVWLWX\H XQDÀJXUDFODYHHQHOSURFHVRGHUHÁH[LyQDFHUFD GHODUHVSRQVDELOLGDGGHORVDOHPDQHVHQHO7HUFHU 5HLFK6XQRYHOD´(OWDPERUGHKRMDODWDµ   HVFHQWUDODWDOUHVSHFWR 9ROYDPRVDODPHQFLRQDGDHQWUHYLVWD$OOt *UDVVVDFDDOX]GHVSXpVGHPiVGHDxRVXQ HSLVRGLRGHVFRQRFLGRGHVXYLGD5HODWDTXHDORV DxRVVHUHSRUWDYROXQWDULDPHQWHDODV)XHU]DV $UPDGDVTXHUtDHVFDSDUGHODFDVDFX\RDPELHQWH OHSDUHFtDGHPDVLDGRHVWUHFKR\TXHUtDLUVHDOX FKDUHQORVVXEPDULQRV3HURDÀQHVGHQR HVDOLVWDGRHQODV)XHU]DV$UPDGDVVLQRHQXQD XQLGDGGHSHQGLHQWHGLUHFWDPHQWHGHOSDUWLGRQD]L ODV:DIIHQ663DUDpOQRVHWUDWDGHQDGDWHUULEOH SRUTXHYHtDHQHOODVXQJUXSRGHpOLWHTXHHQWUDED HQDFFLyQHQVLWXDFLRQHVGLItFLOHV\TXHSRUWDQWR VXIUtDKHURLFDPHQWHPXFKDVEDMDV (V LQVLVWDPRV XQD QRWLFLD LPSDFWDQWH +DVWDHOPRPHQWRVHVDEtDTXH*UDVVKDEtDVLGR UHFOXWDGRHQODV)XHU]DV$UPDGDV3HURpVWDVHQ SULQFLSLRHVWDEDQVHSDUDGDVGHODVRUJDQL]DFLRQHV QD]LV HQ SULQFLSLR RWUD FRVD VRQ ORV WHVWDUXGRV KHFKRV $KRUDVHQRVKDFHVDEHUTXHIXHPLHPEUR GHXQDRUJDQL]DFLyQQD]L\FRPRVLIXHUDSRFR GHXQDGHODVSHRUHVGHWRGDV (QHIHFWRODV:DIIHQ66VRQSDUWHGHODV66 YDOHGHFLUGHXQJUXSRTXHVHHQWHQGtDDVtPLVPR FRPRODHQFDUQDFLyQGHODYLVLyQQDFLRQDOVRFLDOLVWD GHOPXQGR3RUVXSDUWHHVWDV:DIIHQ66FUHDGDV DOFRPLHQ]RGHODJXHUUDVHDUWLFXODQFRPRXQLGDG DUPDGDTXHRSHUDMXQWRFRQODV)XHU]DV$UPDGDV HQORVWHUULWRULRVFRQTXLVWDGRVDVHJXUDHVWRVWH UULWRULRVFRPEDWHODLQVXUUHFFLyQSDUWLFLSDHQOD DGPLQLVWUDFLyQGHORVFDPSRVGHH[WHUPLQLR\HQ ODPDWDQ]DGHORVMXGtRV 6LQHPEDUJRKDFLDÀQDOHVGHODJXHUUDTXH HVHOPRPHQWRHQTXH*UDVVHVUHFOXWDGRVHKD GLVWRUVLRQDGRHQSDUWHVXIXQFLyQ3XHVDOHQWUDU GHDOJXQDPDQHUDHQFRPSHWHQFLDFRQODV)XHU]DV $UPDGDV LQJUHVD D HOOD WRGR WLSR GH SHUVRQDV 9,'$81,9(56,7$5,$



PXFKRVH[WUDQMHURV SHUVRQDVPD\RUHVHQ HGDG GH FRPEDWLU HWF'HMDHQWRQFHV GH VHU XQD XQLGDG GH pOLWH \ VH FRQ YLHUWHHQXQDVXHUWH GH HMpUFLWR SDUDOH OR+D\TXHSHQVDU SRU RWUD SDUWH TXH +LWOHU QR OH WHQtD PXFKD FRQÀDQ]D D ORV PLOLWDUHV GH FD UUHUD\TXHSUHIHUtD HYLGHQWHPHQWH ODV RUJDQL]DFLRQHVGHVX SURSLRSDUWLGR (Q FDVR DO JXQR VH WUDWD GH GLVFXOSDU D *UDVV 3HURVtKD\TXHKDFHU ORV PDWLFHV FRUUHV SRQGLHQWHV eO QR GHFLGLy H[SOtFLWD PHQWHLQVFULELUVHHQ HOVXVRGLFKRJUXSR $GHPiVWyPHVHHQ FXHQWDVXHGDGy DxRV+HPRVGHFUHHUOHDGHPiVTXHUHFLpQ GHVSXpVGHO-XLFLRGH1XUHPEHUJOOHJyDDFHSWDU ODUHDOLGDGGHODVDWURFLGDGHVFRPHWLGDV+DVWD HVHLQVWDQWHpOSHQVDEDTXHHUD~QLFD\H[FOXVL YDPHQWHSURSDJDQGD 7DPELpQHVLQWHUHVDQWHSRQHUGHUHOLHYH XQ DVSHFWR DQWURSROyJLFR HV GHFLU XQD IDFHWD GHODH[LVWHQFLDKXPDQDHQJHQHUDO'HVSXpVGH WDQWRV DxRV VLQ DSDUHQWHV SUHVLRQHV H[WHUQDV XQD SHUVRQD PD\RU FHUFDQD D ORV  DxRV VH YH HQ OD QHFHVLGDG LQWHUQD GH VDFDU D OX] HVWH HSLVRGLRHVFRQGLGR<HVWDQHFHVLGDGWLHQHTXH YHU FRQ XQ FRQFHSWR GHO TXH KR\ HQ GtD QR VH TXLHUHKDEODUPXFKRODFXOSD*UDVVVHDWUHYH DSRQHUHQMXHJRVXUHSXWDFLyQFRPROXFKDGRU VRFLDOVHVRPHWHDHYHQWXDOHVLQFRPSUHQVLRQHV DFXVDFLRQHV R UHYDQFKDV SRUTXH OD YR] GH VX FRQFLHQFLD OH UHVXOWD PiV IXHUWH (OOD OR OODPD DKDEODU6HJXURTXHHVHOODPDGRKDEtDHVWDGR DKtSRUPXFKRVGHFHQLRVGHWUiVGHOp[LWRGHODV VXSHUYHQWDVGHORVJDODUGRQHVLQWHUQDFLRQDOHV $KRUDDOÀQDOGHODYLGDODYR]LQWHULRUWHQtDTXH KDFHUVHRtUS~EOLFDPHQWH´7HQtDTXHVDOLUµGLFH *UDVVDOPHQFLRQDGRSHULyGLFR $VtSXHVQDGLHVHKDFHPHQRVSHUVRQDSRU HOKHFKRGHUHFRQRFHUVHFXOSDEOHDXQTXH*UDVV QRKDEODH[SOtFLWDPHQWHGHFXOSD(VPiVTXLp UDVHRQRDFiOOHVHFXDQWRVHTXLHUDODGLPHQVLyQ GHFXOSDELOLGDGHVSDUWHGHODYLGDKXPDQD< HQWRQFHVODSUHJXQWDTXHQRVKDFHPRVQRVRWURV HVVLHQHVDFRQIHVLyQQRODWHVHFUHWDPHQWHHO DQKHOR GH TXH HVD FXOSD VHD ERUUDGD 1R D OD IXHU]D\FRQYLUXOHQFLDVLQR³TXL]i³FRQDPRU \GHOLFDGH]D7DOYH]HQHVDYR]GHVJDUUDGDTXH GLFH ´VR\ FXOSDEOHµ VH HVFRQGH XQD HVSHUDQ]D GHTXHODVFXOSDVWRGDVHOODVVHDQERUUDGDVHQ HO DPRU (VSHUDPRV TXH HQ HO FDVR GH *QWHU *UDVVVHDDVt

&pVDU/DPEHUW2UWL] 'HFDQR )DFXOWDGGH&LHQFLDV5HOLJLRVDV\)LORVyÀFDV 8QLYHUVLGDG&DWyOLFDGHO0DXOH


81,9(56,'$'&$72/,&$'(/0$8/( DJRVWR

([WHQVLyQ

'HODVDXWRUDV&DUROLQD0HULQR\0DUtD$QJpOLFD)HUQiQGH]

8QLYHUVLGDGSUHVHQWySULPHUOLEURVREUH 5HOLJLRVLGDG3RSXODUHQHO0DXOH /LEURHGLWDGRSRUHO&RQVHMR(GLWRULDOHVIUXWRGHOHVWXGLR HIHFWXDGRGXUDQWHGHODVÀHVWDVUHOLJLRVDVHQOD'LyFHVLV GH7DOFD /DUHOLJLRVLGDGSRSXODUHQHO0DX OHWXYRXQDGHVXVPD\RUHVÀHVWDVGXUDQWH ODVHJXQGDTXLQFHQDGHDJRVWR1RVyOR SRU OD FHOHEUDFLyQ GHO JUDQ (QFXHQWUR 'LRFHVDQRHODJRVWRTXHQXHYDPHQWH FRQYRFy D PLOHV GH ÀHOHV HQ HO (VWDGLR )LVFDO GH7DOFD VLQR WDPELpQ SRUTXH HO GtDGHVSXpVQXHVWUDXQLYHUVLGDGDWUDYpV GHVX&RQVHMR(GLWRULDOSUHVHQWyHOOLEUR ´5HOLJLRVLGDG3RSXODUHQOD'LyFHVLVGH 7DOFD9LYHQFLDVTXHHYDQJHOL]DQµ  'HODVDFDGpPLFDV&DUROLQD0H ULQR\0DUtD$QJpOLFD)HUQiQGH]HOWH[WR IXHSUHVHQWDGRHQHO$XGLWRULR0RQVHxRU 0DQXHO/DUUDtQGHO&DPSXV6DQ0LJXHO SRU HO 3DGUH +HUQiQ 9HUJDUD GHOHJDGR HSLVFRSDOSDUDODUHOLJLRVLGDGSRSXODU  $QWLJXDV\WUDGLFLRQDOHVÀHVWDV UHOLJLRVDV TXH VH FHOHEUDQ GHVGH OD HUD SUHKLVSiQLFDKDVWDODVQXHYDVH[SUHVLR QHVGHGHYRFLyQSRSXODUH[LVWHQWHVHQODV 3URYLQFLDVGH7DOFD\GH&XULFyVRQSDUWH GHHVWDLQYHVWLJDFLyQORFDOTXHUHYDORUDHO PiVSURIXQGRDSHJRDODIH\XQDIRUPD GHHYDQJHOL]DFLyQPLOHQDULDDWUDYpVGHO WLHPSR  (QHOPHVGHODFHOHEUDFLyQD6DQ $JXVWtQ3DWURQRGH7DOFDGHOD'LyFHVLV \ GH QXHVWUD 8QLYHUVLGDG OD HQWUHJD GH HVWDSXEOLFDFLyQGHVFXEULyHOIHUYRUGHO FDWROLFLVPRSRSXODUIUXWRGHXQDFXFLRVR HVWXGLRLQYHVWLJDWLYR\JUiÀFRUHDOL]DGR GXUDQWHHQKRPHQDMHDORVDxRV GHOD'LyFHVLV  3UHFLVDPHQWH HQ VXV SULPHUDV SiJLQDV0RQVHxRU+RUDFLR9DOHQ]XHOD 2ELVSR GH 7DOFD \ *UDQ &DQFLOOHU GH QXHVWUD FDVD GH HVWXGLRV DJUDGHFH D ODV DXWRUDV \ OD FRODERUDFLyQ GHO 3DGUH 9HUJDUD SRU HVWH IUXWR GH XQ ULJXURVR WUDEDMRLQYHVWLJDWLYRGHVGHOD(VWpWLFD\OD 7HRORJtDTXHKDQREVHUYDGRUHJLVWUDGR\ DQDOL]DGRODVSULQFLSDOHVPDQLIHVWDFLRQHV GHUHOLJLRVLGDGSRSXODUHQOD'LyFHVLV  ´(Q XQD pSRFD HQ TXH WRGR SDUHFLHUDJLUDUHQWRUQRDORPDWHULDODO KHGRQLVPR \ DO SRGHU QXHVWUR SXHEOR VLJXH PDQLIHVWDQGR \ DOLPHQWDQGR FRQ IXHU]DFUHFLHQWHVXDPRUD'LRVDWUDYpV GHODGHYRFLyQD&ULVWRDOD9LUJHQ\D ORVVDQWRV6RPRVWHVWLJRV\GHXGRUHVGH HVDSLHGDGVLPSOHTXHDOLPHQWDODYLGDH LQ\HFWDGHHVSHUDQ]DHOFDOHQGDULRDQXDOGH PXFKRVVHQFLOORVGHFRUD]yQKD\DOPHQRV XQRVGtDVHQHODxRHQTXHODIHORVYXHOYH SHUHJULQRVKDFLDXQHVSDFLRGHJUDFLDGH DOHJUtDGHFRELMR\GHIUDWHUQLGDGµVHxDOD HO3DVWRU

,QWHJUDFLyQGHODIH\OD EHOOH]D  (OWH[WRKDFHXQDSRUWHDOYDORU GHODLPDJHQTXHFDUDFWHUL]DDHVWDVÀHVWDV SHURWDPELpQDODGLPHQVLyQWHROyJLFD\ HOUHGHVFXEULPLHQWRGHODPLVLyQHYDQJH OL]DGRUD  &DUROLQD 0HULQR ²OLFHQFLDGD HQ (VWpWLFD \ SHUWHQHFLHQWH DO ,QVWLWXWR GH (VWXGLRV *HQHUDOHV² UHFRUGy TXH OD SULPHUD LQYHVWLJDFLyQ HVSHFtÀFDPHQWH HQHOiPELWRGHODLPDJHQWLHQHVXRULJHQ HQ/XHJROD8QLYHUVLGDGDSR\yXQ VHJXQGRHVWXGLRGHQRPLQDGR,PDJLQHUtD GHO&DWROLFLVPR3RSXODU\VXLPSOLFDQFLD FDWHTXpWLFD  ´(VWHSUR\HFWR²HOOLEUR²WLHQH XQD PLUDGD SULQFLSDOPHQWH GHVGH OD IH GHVGH OD HVWpWLFD GH XQD PXMHU FUH\HQ WHµ  (O WH[WR KDFH UHVHxD D OD SUH VHQFLDGHODVLPiJHQHV\GHODVÀHVWDV\ GHFyPRVHLQVWDODQGHVGHODFRQTXLVWD ´'HVSXpVVHOHFFLRQDPRVODVÀHVWDVGHOD 'LyFHVLVGH7DO FD 9LVLWDPRV S D U W L F L S D P R V \ QRV UHODFLR QDPRV FRQ OD JHQWHDYHULJXD PRV VREUH VXV PRWLYDFLRQHV VLHQGRFDGDXQD GHpVWDVXQDUH VHxD FRQ SHUV SHFWLYDVGHVXV SUR\HFFLRQHV GHVGHODHVWpWLFD DODFDWHTXHVLVµ H[SOLFy UHFDO FDQGR FODUDV H[SUHVLRQHV GH GHYRFLyQSRSX ODUFRPROD$QL PLWD GHO 3DGUH /HEUHWHQ7DOFD OD YHQHUDFLyQ D OD 9LUJHQ GH 3RPSH\D R D 0DUtD $X[LOLD GRUDDGHPiVGHODVÀHVWDVDUUDLJDGDVSRU DxRVHQFDGDSXHEORRORFDOLGDGFRPROD ÀHVWDGH1XHVWUD6HxRUDGH/DV0HUFH GHV HQ /LPiYLGD HO VHJXQGR GRPLQJR GHVHSWLHPEUH ODFHOHEUDFLyQGHOƒGH QRYLHPEUHHQHO&HPHQWHULRGH9LOFKHV

(QVXVSULPHUDVSiJLQDV0RQVHxRU+RUDFLR9DOHQ]XHODDJUDGHFHDODVDXWRUDV &DUROLQD0HULQR\0DUtD$QJpOLFD)HUQiQGH]DOFHQWURHQODIRWR \ODFRODERUDFLyQ GHO3DGUH9HUJDUD DODL]TXLHUGD SRUHVWHIUXWRGHXQULJXURVRWUDEDMRLQYHVWLJDWLYR GHVGHOD(VWpWLFD\OD7HRORJtD

6DQ&OHPHQWH RGH1XHVWUD6HxRUDGH OD3XUtVLPDHQ&RULQWR GHGLFLHPEUH   7DPSRFRTXHGDQIXHUDORVVDQ WRV SDWURQRV FRPR 6DQ$JXVWtQ  GH DJRVWR 6DQ-HUyQLPRHQ&XUHSWR GH VHSWLHPEUH 6DQ6HEDVWLiQ GHHQHUR\ GHPDU]R HQGLYHUVRVSXQWRVHQ7DOFD HQ HO 6DQWXDULR GHO 5tR &ODUR  \ ODV FHOHEUDFLRQHV D 6DQ 3HGUR HQ ODVFDOHWDVFRVWHUDV GHMXQLR HQWUH PXFKDV RWUDV PD QLIHVWDFLRQHV TXH IRUPDQSDUWHGHOD FXOWXUDHLGHQWLGDG GHFDGDOXJDU  3RU VX SDUWH OD +HUPDQD 0DUtD $QJpOLFD )HUQiQ GH] SHUWHQHFH DO ,QVWLWXWR +LMDV GH 0DUtD$X[LOLDGRUD &RPRDFDGpPLFDHV 'RFWRUD HQ 7HROR JtDFRPRSRFDVHQ &KLOHDGVFULWDDOD )DFXOWDG GH &LHQ FLDV 5HOLJLRVDV \ )LORVyÀFDV GRQGH DGHPiVHVGLUHFWRUD GH OD (VFXHOD 3HGDJRJtD HQ 5HOLJLyQ \ )LORVRItD  (O DPELHQWH FOLPD ODV YLYHQ FLDVODJHQWH\VXYHVWXDULRVRQFDUDFWH UtVWLFRVDFDGDFHOHEUDFLyQVLQHPEDUJR ODDFDGpPLFD²TXHQXQFDKDEtDHQIUHQWDGR

0XFKRV GHSHQGHQ GHXQR 9,'$81,9(56,7$5,$



HVWHWLSRGHYLYHQFLDVVDOYRODÀHVWDGHOD 7LUDQD²VHxDOyTXH´KHPRVWUDWDGRGHOHHU ODHYDQJHOL]DFLyQTXHQRVKDFHODJHQWH VHQFLOODDWUDYpVGHHVWDVPDQLIHVWDFLRQHV GHIHµ  /RV WHVWLPRQLRV QR VH DJRWDQ \HQOD,JOHVLDVHKDGDGRXQFDPELRGH SHUVSHFWLYD  ´/DSULPHUDYLVLyQGHOD,JOHVLD /DWLQRDPHULFDQD²H[SOLFy²HUDWRPDUHQ FXHQWDODVÀHVWDVUHOLJLRVDVFRPRIHQyPH QRVTXHVHGDQHQODFXOWXUD\HQODIHGH QXHVWURVSXHEORVSHURKDEtDTXHSXULÀFDU RHYDQJHOL]DUFLHUWDVH[SUHVLRQHV$KRUD ODSHUVSHFWLYDHVGLIHUHQWH\HVORTXHPH KDHQWXVLDVPDGRSRUTXHVRQHVDVH[SUH VLRQHVODVTXHQRVHYDQJHOL]DQDQRVRWURV 3RUORWDQWRVHWUDWDGHYLYLUODVSRUTXH FDPELDQXHVWUDSHUFHSFLyQGH'LRVGHOR VDJUDGRRGHODVLPiJHQHVFRQXQVHQWL GRFRPXQLWDULRIXHUWH\SRUTXHWDPELpQ H[SUHVDQQXHVWUDLGHQWLGDGQDFLRQDOµ  /DDFDGpPLFDKDFHHVWDGLVWLQ FLyQGRQGHKD\XQDQWHV\XQGHVSXpVGH OD,,&RQIHUHQFLD(SLVFRSDO/DWLQRDPHUL FDQDFHOHEUDGDHQ0HGHOOtQ&RORPELD HQ(QHVWDUHXQLyQDPSOLDGHOFOHUR ODWLQRDPHULFDQRGHVDUUROODGDLQPHGLDWD PHQWHGHVSXpVGHO&RQFLOLR9DWLFDQR,, FRPLHQ]DDFREUDULPSRUWDQFLDODUHOLJLR VLGDGGHORVSXHEORVHQGRQGHOD,JOHVLD &DWyOLFDVHUHQXHYD\QXWUHFRQHVWDVH[ SUHVLRQHVGHHYDQJHOL]DFLyQSHUWHQHFLHQ WHVDO5HLQRGH'LRV<DHODxRSDVDGROD 6DQWD6HGHSXEOLFyODLPSRUWDQFLDGHHVWD H[SHULHQFLDGHVLJORVGH(YDQJHOL]DFLyQ \GpFDGDVDQWHVHQHQ3XHEODVH GHÀQHODQRFLyQ\VHVXEUD\DHOYDORUTXH WLHQHHO&DWROLFLVPR3RSXODU


81,9(56,'$'&$72/,&$'(/0$8/( $OXPQRV

DJRVWR

7UDVUHVXOWDGRVGHSRUWLYRV

8&0VHXELFDFRPRTXLQWD SRWHQFLDGHSRUWLYDQDFLRQDO ,QIRUPDFLyQIXHHQWUHJDGDDWUDYpVGHOUDQNLQJ GHSRUWLYRTXHUHDOL]DOD)HGHUDFLyQ1DFLRQDO 8QLYHUVLWDULDGH'HSRUWHV 1XHVWUDXQLYHUVLGDGQXHYDPHQ WH VH HQFXHQWUD HQWUH ORV JUDQGHV GHO GHSRUWH XQLYHUVLWDULR (VWD YH] VHJ~Q HOLQIRUPHHQWUHJDGRSRUOD)HGHUDFLyQ 1DFLRQDO 8QLYHUVLWDULD GH 'HSRUWHV ²)(1$8'(² HV OD TXLQWD SRWHQFLD QDFLRQDOGHQWURGHODV8QLYHUVLGDGHV GHO&RQVHMRGH5HFWRUHV /D LQIRUPDFLyQ IXH GDGD D FR QRFHU SRU HO FRRUGLQDGRU GH GHSRUWHV &DUORV 'XDUWH TXLHQ FRQ MXVWD VDWLV IDFFLyQ GLR FXHQWD GH OD FODVLÀFDFLyQ JHQHUDOGHODVXQLYHUVLGDGHVOXHJRGH ODWRWDOLGDGGHORVUHVXOWDGRVREWHQLGRV SRUWRGDVODVFDVDVGHHVWXGLRWUDGLFLR QDOHV HQ ORV UHVSHFWLYRV FDPSHRQDWRV QDFLRQDOHVSRUGLVFLSOLQDGHVDUUROODGRV GXUDQWHGH $QWHVTXHOD8&0VHHQFXHQWUD ODV 8QLYHUVLGDGHV GH &KLOH &DWyOLFD GH&KLOHGH&RQFHSFLyQ\&DWyOLFDGH 9DOSDUDtVR ´1RVXELFDPRVHQHOOXJDUQ~PH URHQHOUHVXPHQGHWRGRVORVGHSRUWHV \QRVRWURVQRSDUWLFLSDPRVHQWRGDVODV GLVFLSOLQDV«WHyULFDPHQWH²DÀUPy²VL

SXGLpUDPRVDEDUFDUXQDVWUHVRFXDWUR GLVFLSOLQDVPiV\VLPDQWHQHPRVHOUHQ GLPLHQWRSRGUtDPRVRSWDUDXQDPHMRU SRVLFLyQµ (OHVIXHU]RGHORVGHSRUWLVWDV\ WpFQLFRVXQLYHUVLWDULRVORFDOHVUHDÀUPDQ DOD8&0HQODYDQJXDUGLDGHOGHSRUWH HQHOSDtV'HVWDFDQHQWUHORVJUDQGHV ORJURVGHOORVWtWXORVQDFLRQDOHVHQ YyOHLEROYDURQHV\NiUDWHGDPDVDGHPiV GHO VHJXQGR OXJDU FRQVHJXLGR SRU OD QDWDFLyQIHPHQLQDORVWHUFHURVOXJDUHV FRQVHJXLGRVSRUODJLPQDVLDUtWPLFD\ HONiUDWHPDVFXOLQR\HOFXDUWRSXHVWR REWHQLGRSRUHOFURVVFRXQWU\GDPDV (Q HIHFWR FDGD DxR H[LVWH XQD DFWLYDSDUWLFLSDFLyQGHDOUHGHGRUGH GHSRUWLVWDVHQGLIHUHQWHVFRPSHWHQFLDV \HYHQWRVGXUDQWHODWHPSRUDGDHQPiV GHGLH]GLVFLSOLQDV 

6DQ0LJXHOVHUiHSLFHQWUR GHSRUWLYRQDFLRQDO $VLPLVPRHO&DPSXV6DQ0L JXHOHQ7DOFDVHUiHVFHQDULRGHGLYHUVDV

(O UiQNLQJ VH HODERUy WRPDQGR ORV UHVXOWDGRV REWHQLGRV SRU WRGDV ODV FDVDV GH HVWXGLR WUDGLFLRQDOHV HQ ORV UHVSHFWLYRV FDPSHRQDWRV QDFLRQDOHV SRU GLVFLSOLQD GHVDUUROODGRVGXUDQWH

DFWLYLGDGHVGHSRUWLYDVGXUDQWHHOPHVGH RFWXEUHUHXQLHQGRDGHVWDFDGRVGHSRU WLVWDVQDFLRQDOHVDQLYHOXQLYHUVLWDULR \WDPELpQDFDGpPLFRVHVSHFLDOLVWDVHQ (GXFDFLyQ)tVLFD ´(O VHJXQGR VHPHVWUH FRPHQ ]DPRVFRQODVLQVWDQFLDVFODVLÀFDWRULDV FRQODVXQLYHUVLGDGHVGHOVXU<QRVRWURV

FRPR8&0RUJDQL]DUHPRVFLQFRFDP SHRQDWRVQDFLRQDOHVHVWHDxRµLQIRUPy 'XDUWH (VWRV VRQ ODV &DPSHRQDWRV GH JLPQDVLDUtWPLFD\GHJLPQDVLDDUWtVWLFD HQGDPDV\YDURQHVGHODOGHRF WXEUH\ORVGHNiUDWHGDPDV\YDURQHV ORVGtDV\GHOPLVPRPHV

3DUDORVGtDV\GHRFWXEUH

1XHYR75,&(/LQLFLDVHJXQGRSURFHVR GHHOHFFLRQHVHVWXGLDQWLOHV

'HODOGHVHSWLHPEUH KDVWDODVKRUDV VHKDDELHUWR HO SHUtRGR SDUD OD LQVFULSFLyQ GH ODV OLVWDV /XHJR GHO  GH VHSWLHPEUH DO  GH RFWXEUH VHUi HO SHUtRGR GH SURSDJDQGD HOHFWRUDOSDUDÀQDOL]DUFRQODVHOHFFLRQHVORVGtDV\GH RFWXEUHWDQWRHQ7DOFDFRPR&XULFy

7UDVXQIDOOLGRLQWHQWRDQWHULRUSRUPR YLOL]DUDORVHVWXGLDQWHVHQIDYRUGHXQDSRVWXUD XQDSURSXHVWDGHWUDEDMRRVLPSOHPHQWHODE~V TXHGDGHOLGHUD]JRVHVWDYH]HOQXHYR7ULEXQDO &DOLÀFDGRUGH(OHFFLRQHV 75,&(/ KDWRPDGR ODLQLFLDWLYDSDUWLHQGRGHFHUR\FRQPD\RUpQ IDVLV HQ OD FRQGXFFLyQ RUJDQL]DGD GHO SURFHVR HOHFFLRQDULR (VDVtFRPRHO7ULEXQDOKDTXHGDGRSUH VLGLGRSRU*ORULD)ORUHVGH,QJHQLHUtD)RUHVWDO HLQWHJUDGRWDPELpQSRU0DUWD(VSLQR]DGH3H GDJRJtDHQ(GXFDFLyQ*HQHUDO%iVLFD(GXDUGR +HUQiQGH] GH7UDEDMR 6RFLDO9LUJLQLD 5RMDV GH3HGDJRJtDHQ0DWHPiWLFDV\&RPSXWDFLyQ \$QGUHD%HUUtRVGH3VLFRORJtD ´4XH GHVSLHUWHQµ HV OD IUDVH TXH ELHQ UHVXPHODLGHDGHODSUHVLGHQWDTXLHQ\DSRVHH WUD\HFWRULDHQHVWDWDUHDKDELHQGRVLGRSUHVLGHQWD GHOD)HGHUDFLyQ\WDPELpQGHO&HQWURGH$OXPQRV GHVXFDUUHUD 0RWLYDGDSDUWLFXODUPHQWHSRUODSRFD UHSUHVHQWDWLYLGDG TXH WLHQH HO 3OHQR GH 3UHVL GHQWHVGHQWURGHOD8QLYHUVLGDG)ORUHVLQGLFy TXH ´H[LVWHQ SROtWLFDV TXH VH SXHGHQ GLVFXWLU GHQWUR GHO &RQVHMR 6XSHULRU SHUR QR WHQHPRV UHSUHVHQWDFLyQµ

´&RPRGLULJHQWHHVWXGLDQWLO\FRPRDOXPQRV FUHR TXH H[LVWH XQ LQGLYLGXDOLVPR PX\ VHVJDGR GH ODJHQWHQXHYD1RH[LVWHQLVLTXLHUDPXFKDSDUWLFL SDFLyQGHQWURGHORV&HQWURVGH$OXPQRVHVGHFLU DFDWDQORTXHVHOHVGLFH\SXQWR«QRH[SUHVDQXQD LGHDGHXQLYHUVDOLGDGFRPRGHELHUDVHUXQHVWXGLDQWH XQLYHUVLWDULRQLWDPSRFRHOUROVRFLDOTXHGHELHUDWHQHU XQHVWXGLDQWHµ 3DUD)ORUHVWDPELpQH[LVWHXQGHVFRQRFLPLHQWR HQORVDOXPQRVGHODLPSRUWDQFLDGHODUHSUHVHQWDWLYLGDG GHXQD)HGHUDFLyQGRQGHVXSUHVLGHQWHWLHQHDWULEX FLRQHVFRPRGHUHFKRDRSLQDU\SURSRQHUDOLQWHULRU GHO&RQVHMR6XSHULRUPi[LPDLQVWDQFLDGHJRELHUQR GHOD8QLYHUVLGDG 'HODOGHVHSWLHPEUH KRUDV VH KDDELHUWRHOSHUtRGRSDUDODLQVFULSFLyQGHODVOLVWDV /XHJRGHOGHVHSWLHPEUHDOGHRFWXEUHVHUiHO SHUtRGR GH SURSDJDQGD HOHFWRUDO SDUD ÀQDOL]DU FRQ ODVHOHFFLRQHVORVGtDV\GHRFWXEUHWDQWRHQ 7DOFDFRPR&XULFy )ORUHVUDWLÀFyTXHVHUiHOGHVHSWLHPEUH FXDQGR75,&(/ VROLFLWDUi DO 'HSDUWDPHQWRGH$G PLVLyQ\5HJLVWUR$FDGpPLFRODQyPLQDGHÀQLWLYDGH DOXPQRVUHJXODUHVGHQXHVWURSODQWHOFRQODFXDOVH HVWDEOHFHUiHOTXyUXPPtQLPRGHOGHOHVWXGLDQWDGR SDUDYDOLGDUHOSURFHVRGHYRWDFLRQHV

,QJHQLHUtDJUDGXyDFHUFDGHQXHYRVSURIHVLRQDOHV /D)DFXOWDGGH&LHQFLDVGHOD ,QJHQLHUtD JUDGXy HO YLHUQHV  GH DJRVWRHQHO&DPSXV6DQ0LJXHOD QXHYRVSURIHVLRQDOHVFRUUHVSRQGLHQWHV DORVSURJUDPDVGH,QJHQLHUtDHQ&RQV WUXFFLyQ,QJHQLHUtD&LYLO,QIRUPiWLFD \GH(MHFXFLyQHQ&RPSXWDFLyQH,Q IRUPiWLFD(QHVWH~OWLPRFDVRVHWUDWD GHODWHUFHUDSURPRFLyQGHLQJHQLHURV FLYLOHV TXLHQHV WDPELpQ DFFHGLHURQ

DO JUDGR DFDGpPLFR GH /LFHQFLDGRV HQ &LHQFLDV GH OD ,QJHQLHUtD $GHPiV VH WLWXOyDXQDQXHYDSURPRFLyQGHWpFQLFRV TXHFXOPLQDURQFRQp[LWRHOSURJUDPDGH 3RVWtWXORHQ,QJHQLHUtDGH(MHFXFLyQHQ &RPSXWDFLyQH,QIRUPiWLFD 8QD VHPDQD PiV WDUGH WLWXOy \ JUDGXyDPiVGHXQFHQWHQDUGHLQJHQLHURV \ WpFQLFRV SHUWHQHFLHQWHV DO SURJUDPD SDUDHO0XQGR/DERUDOFRQVXVFDUUHUDV

GH$GPLQLVWUDGRU8QLYHUVLWDULRGH(P SUHVDV,QJHQLHUtDGH(MHFXFLyQHQ$GPL QLVWUDFLyQ\GH$XGLWRUtDGHODVGLVWLQWDV SURPRFLRQHVGHORV~OWLPRVDxRV (Q FDGD RSRUWXQLGDG DQWH OD SUHVHQFLD GH ODV Pi[LPDV DXWRULGDGHV XQLYHUVLWDULDVIXHUHFDOFDGRFRQpQIDVLV HO GHVDUUROOR H[LWRVR GHO SUR\HFWR GH LQQRYDFLyQFXUULFXODUTXHFXHQWDFRQHO DSR\RGHOSURJUDPDGH0HMRUDPLHQWRGH

9,'$81,9(56,7$5,$



ODFDOLGDG\HTXLGDGGHOD(GXFDFLyQ 6XSHULRU 0(&(683 GHO0LQLVWHULR GH(GXFDFLyQHOFXDOEXVFDSRWHQFLDU ORV SODQHV GH HVWXGLRV D WUDYpV GH OD HODERUDFLyQ GH QXHYRV SHUÀOHV \ FXUUtFXORV EDVDGRV HQ FRPSHWHQFLDV SURIHVLRQDOHVTXHVHVXVWHQWDQVREUH HO SULQFLSLR GH ´DSUHQGHU KDFLHQGRµ HQ OD 8QLYHUVLGDG \ QR GHVSXpV HQ HOWUDEDMR


81,9(56,'$'&$72/,&$'(/0$8/( ([WHQVLyQ

DJRVWR

$ÀUPy'HOÀQD*X]PiQ

´(OWHDWURHVXQDUWHFROHFWLYRµ 0DUtD)HUQDQGD$UpYDOR

(OGHVSODQWHGHODDUWLVWDHQFDQWyDORVDVLVWHQWHVGXUDQWHVXSDUWLFLSDFLyQHQHOFLFOR ´'LiORJRVGH0HGLFLQD&LHQFLD\+XPDQLVPRµ

/DDFWUL]VHxDOyQRHVWDUGHDFXHUGRFRQODLQFOXVLyQGHPRGHORVRSHUVRQDVVLQ HVWXGLRVGHWHDWURHQODVWHOHVHULHV6LQHPEDUJRDJUHJyTXHUHVSHWDDORVDXWR GLGDFWDVTXHKDQUHDOL]DGRWDOOHUHVSURIHVLRQDOHV

5HÁHMDQGR HQ FDGD XQD GH VXV SDODEUDV\JHVWRVHOSRUTXpVHPDQWLHQH YLJHQWH\DWUDHDMyYHQHV\DGXOWRVOD DFWUL] 'HOÀQD *X]PiQ VH UHXQLy FRQ ODFRPXQLGDGPDXOLQDHQHOPDUFRGHO FLFOR ´'LiORJRV GH 0HGLFLQD &LHQFLD \ +XPDQLVPRµ RUJDQL]DGR SRU OD (VFXHODGH0HGLFLQD\OD'LUHFFLyQGH

([WHQVLyQ /DHQWUHYLVWDHVWXYRDFDUJRGH ODSURIHVRUDGHWHDWURGHQXHVWUDXQLYHU VLGDG0DUtD(XJHQLD$UULDJDGDTXLHQ FRQGXMRDODDUWLVWDSRUSDVDMHVtQWLPRV \SURIHVLRQDOHVGHVXYLGD/DVROWXUD\ FRPRGLGDGFRQORVDVLVWHQWHVOOHYyDOD DUWLVWDDUHYHODUVXHGDG´WHQJRVHWHQWD

([WHQVLyQFHOHEUyDORV QLxRVHQVXGtD

\RFKRDxRV\PHVLHQWRHVWXSHQGRµOR TXHSURGXMRHODSODXVRGHOS~EOLFR 3HURODHQWUHYLVWDQRVyORHVWXYR HQIRFDGDHQVXVH[SHULHQFLDVVLQRTXH DGHPiVVLUYLyFRPRHQVHxDQ]DGHYLGD SRU OD SHUVHYHUDQFLD \ DOWD HVWLPD DO WUDEDMRHQHTXLSRFRPRXQHMHPSORD ORVPiVMyYHQHV5HVSHFWRDHVWRVWHPDV ODDFWUL]VHxDOyTXH´HOWHDWURHVXQDUWH FROHFWLYRSRUTXHODUHODFLyQGHOHTXLSR GHWUDEDMRHVIXQGDPHQWDOHVWRORHQWHQGt PX\MRYHQHQWHQGtTXHXQFRPSDxHUR HVDOJRVDJUDGRµ $OVHUFRQVXOWDGDVREUHODLQFOX VLyQGHPRGHORVRSHUVRQDVVLQHVWXGLRV GHWHDWURHQODVWHOHVHULHV'HOÀQDVHxDOy TXH´QRHVWR\GHDFXHUGRSRUTXHGHEH KDEHUXQUHVSHWRSRUQXHVWUDSURIHVLyQ $O PHQRV HQ PL HOHQFR GH 7HOHYLVLyQ 1DFLRQDOGH&KLOHQRH[LVWHQSHUVRQDV TXHGHOPRGHODMHKD\DQVDOWDGRDODVWHOH VHULHVQRPHJXVWDUtDWUDEDMDUFRQJHQWH DVtTXHQRWLHQHQXQDULJXURVLGDGµ6LQ HPEDUJRDJUHJyTXH´HVWR\GHDFXHUGR \UHVSHWRDORVDXWRGLGDFWDVSHURTXHKDQ UHDOL]DGRWDOOHUHVSURIHVLRQDOHVµ $OÀQDOL]DUODDFWLYLGDGDJUDGH FLyODLQYLWDFLyQ´SRUTXHSDUDPDQWH QHUVHYLJHQWHKD\TXHWUDEDMDUWRGRHO WLHPSRDGHPiVTXHHOFRQWDFWRFRQHO S~EOLFRHVHQULTXHFHGRUµ

3DVWRUDOWHLQYLWDDFHOHEUDUOD(XFDULVWtD

&RQWHDWURVRUSUHVDV\UHJDORVQXHVWUDXQLYHUVL GDGIHVWHMyFRQORVPiVSHTXHxRV &RPR XQD IRUPD GH KRPHQDMHDU D ORV QLxRV HQ VX GtDHO&HQWURGH([WHQVLyQ&DUPHQGHQXHVWUDXQLYHUVLGDG HQOD6HGH&XULFyRUJDQL]yODSUHVHQWDFLyQGHODREUD´´/D EXVFDGRUDGHKXHYRVµ\´£XSVPHFDPELDURQXQKXHYLWRµ /DSXHVWDHQHVFHQDTXHHVWXYRDFDUJRGHOD&RPSDxtD GH7HDWUR(VFXHOD81,$&&EXVFyHQWUHJDUHOYDORUGHOD DPLVWDGTXHVHFRPSUHQGDODLPSRUWDQFLDGHWHQHUEXHQRV DPLJRV\SHUWHQHFHUDXQJUXSRGHODPRUODVROLGDULGDG\ ODQHFHVLGDGGHWHQHUXQDEXHQDFRPXQLFDFLyQGHQWURGHOD IDPLOLD (QWDQWROD'LUHFFLyQGH([WHQVLyQHQHO&DPSXV 6DQ0LJXHOUHDOL]yHOWUDGLFLRQDO´'RPLQJRDOD&KLOHQDHQ +XLOTXLOHPXµSHURFRQDFWLYLGDGHV\UHJDORVSDUDORVPiV SHTXHxRVTXLHQHVVHHQWXVLDVPDURQ\HQWRQDURQFDQFLRQHV SRSXODUHVGHQXHVWURIROFORU\GHPRVWUDURQVXVKDELOLGDGHV HQHOEDLOHSULQFLSDOPHQWHDWUDYpVGHOD&XHFD

´/DSHUVRQDYLYDGH-HVXFULVWRVHKDFHUHDO\YHUGD GHUDPHQWHSUHVHQWHHQOD(XFDULVWtDFRQVXFXHUSR \FRQVXVDQJUHµ 9HQDFHOHEUDUOD(XFDULVWtDWRGRVORV /XQHVDODVKRUDV 0DUWHVDODVKRUDV -XHYHVDODVKRUDV (QOD&DSLOODGHO&DPSXV6DQ0LJXHO

%5(9(6(678',$17,/(6 &RQFXUVRGH/RJRWLSR SDUD0HGLFLQD $SDUWLUGHODLQLFLDWLYD GH VXV HVWXGLDQWHV OD (VFXHOD GH 0HGLFLQD \ VX &HQWUR GH $OXPQRV VH HQFXHQWUDQ EXV FDQGRHOPHMRUORJRWLSRTXHORV LGHQWLÀTXHFRQVXFDUUHUD (O FRQFXUVR HVSHUD UH XQLU D OR PHQRV XQ FHQWHQDU GH SURSXHVWDV PHGLDQWH XQ FRQFXUVRDELHUWRDODOXPQDGR D OD 8QLYHUVLGDG \ D WRGD OD FRPXQLGDG UHJLRQDO  ODV TXH VHUiQSUHVHOHFFLRQDGDVSRUXQ

MXUDGR HVSHFLDOL]DGR SDUD OR FXDO ODRUJDQL]DFLyQDQXQFLySUHPLRVHQ GLQHURSDUDORVWUHVSULPHURVOXJD UHV %DVHV \ PD\RUHV DQWHFHGHQWHV HQ KWWSZZZPHGLFLQDXFP WN

(VWXGLDQWHVEXVFDQUHVFDWDU 5DPDO 7DOFD&RQVWLWXFLyQ  $SDUWLUGHOFXUVR3ROtWLFD\ *HVWLyQ(GXFDFLRQDOHVWXGLDQWHVGH OD(VFXHODGH3HGDJRJtDHQ&LHQFLDV VHPRYLOL]DURQSDUDUHFRUUHU\FRQR FHUHO5DPDO7DOFD&RQVWLWXFLyQD

REMHWRGHLQWHUFDPELDUFRQRFLPLHQWRV\ H[SHULHQFLDVFRQDOXPQRVGHVDUUROODU \SODQLÀFDUXQDFODVHIXHUDGHODXOD DQDOL]DU ODV GLVWLQWDV SHUVSHFWLYDV GH GHVDUUROORSURIHVLRQDOGHHVWXGLDQWHV GH GLIHUHQWHV FDUUHUDV \ OOHJDU D VHU FDSDFHVGHRUJDQL]DUSODQLÀFDU\OOHYDU DFDERXQDFWLYLGDGIXHUDGHOD8QLYHU VLGDGFRPSDUWLHQGRFRQDOXPQRVTXH QRSHUWHQHFHQDODPLVPDLQVWLWXFLyQ  (O YLDMH SHUPLWLy D QXHVWURV HVWXGLDQWHV SODQLÀFDU HO KRUDULR FRQ YLVLWDV DO &ROHJLR 3ROLWpFQLFR GH &RQVWLWXFLyQ OD (PSUHVD &(/&2 \HO&RPSOHMR&RVWD$]XOGHQXHVWUD XQLYHUVLGDGHQWUHRWUDV

9,'$81,9(56,7$5,$



2SLQLyQ

9LQR%,2HQWUH 6XL]D\&KLOH

$OGR9LDFDYD&iQHSD ,QJHQLHUR$JUyQRPR(QyORJR 'LUHFWRU(MHFXWLYR 5('9,7,9,1Ë&2/$

 5HDOLGDGHV\H[SHULHQFLDV GLVWLQWDV GH YLGD QR VRQ IDFWRUHV TXH GLVWDQFLDQ D ORV SXHEORV FX DQGR GH YLQR VH WUDWD 1RV XQHQ LQWHUHVHVFRPXQHVORQDWXUDOHV\HO GHVHRGHKDFHUELHQODVFRVDV0H HVWR\UH¿ULHQGRDORVDPLJRVVXL]RV TXHQRVKDQGHPRVWUDGRVXFDOLGH] \VHQFLOOH]HQHOGtDGHVX3DtV GH$JRVWR(QHOGLVFXUVRGHOHP EDMDGRU\WDQVyORGHVSXpVGHORV VDOXGRVSURWRFRODUHVSLGLyDQWHV GHFRQWLQXDUTXHOHDFHUFDUDQXQD FRSDGHYLQR%,2\H[SUHVy³,QYLWR DWRGRVORVSUHVHQWHVDEULQGDUFRQ HVWHYLQR%,2XRUJiQLFRSURGXFLGR SRUORVSURGXFWRUHVGH&DXTXHQHV DTXtSUHVHQWHVHQHVWDFHUHPRQLD 6RQWHVWLPRQLRGHODXQLyQGHORV *RELHUQRVGH&KLOH\6XL]DHQHO GHVDUUROORGHXQSUR\HFWRFRP~Q 6DOXG \ JUDFLDV´ (VWR WDQ VyOR IXHVXORFXFLyQDQWHVGHLQLFLDUHO FyFWHO\FRQRFHUODVERQGDGHVGH VXVTXHVRV\HOWtSLFRSODWRHOUDN OHWMXQWRDQXHVWURYLQR&DEHUQHW VDXYLJQRQRUJiQLFR  (VVRUSUHQGHQWHGHVWDFDU FyPRODVSHUVRQDVTXHSURYLHQHQ GHXQSDtVFRQODULTXH]DFXOWXUDO \HFRQyPLFDTXHSRVHHQFRQXQD DJULFXOWXUDGLItFLOSRUVXVFRQGLFLR QHV FOLPiWLFDV \ XQ SDVDGR TXH GHVWUX\RHOHTXLOLEULRQDWXUDOGHVX HFRVLVWHPDKR\UHFXSHUDGRQRV TXLHUHQ WUDQVPLWLU ±SRU PHGLR GH VXVLPSOH]D\DFHUFDPLHQWR±TXH VRQVRVWHQHGRUHVGHXQDULTXH]D DJURHFROyJLFDFRQVLVWHPDVPiV FRPSOHMRVGHHQWHQGHUSHURQDWX UDOHVGHPDQWHQHUGRQGHLQWHJUDQ ORDPELHQWDOVRFLDO\SURGXFWLYR VLVWHPD KROtVWLFR  GHPRVWUDQGR FRQHOHMHPSORDOSRVHHUFHUFDGHO GHVXDJULFXOWXUDEDMRHVWH VLVWHPD%,2  &RQWLQXDUHPRV KDVWD HO HQHOSUR\HFWRGHODSURGXF FLyQ VXVWHQWDEOH GH YLQRV HODE RUDGRV FRQ XYDV RUJiQLFDV SDUD HOFRQVXPLGRUVXL]RFRQHODSR\R GHVX*RELHUQRGHO0LQLVWHULRGH $JULFXOWXUD GH &KLOH D WUDYpV GH ,1,$\HQFRODERUDFLyQFRQSURIH VLRQDOHVGHOD8QLYHUVLGDG&DWyOLFD GHO0DXOH  (VWpQDWHQWRVDORVSUy[L PRVUHSRUWHV1RVDGHQWUDUHPRV HQ FRQRFHU QXHVWURV FHSDMHV \ YLQRV


81,9(56,'$'&$72/,&$'(/0$8/( ([WHQVLyQ

DJRVWR DJRVWR

0~VLFDFOiVLFD\MD]]PDUFDURQODDJHQGD

8QLYHUVLGDGH[WHQGLyOD FXOWXUDHQVXPHVDQLYHUVDULR

 (Q HVWD RSRUWXQLGDG HO FODULQHWLVWD DUJHQWLQR/XLV5RVVLDFRPSDxyDORVP~VLFRV HQODLQWHUSUHWDFLyQGHO&RQFLHUWRGH0HUFDGDQWH $OÀQDOL]DUODIXQFLyQVHxDOyTXH´VHQWtXQDJUDQ HPRFLyQSRUWRFDUHQHVWHOXJDU\FRQXQS~EOLFR WDQFiOLGR(VSHURYROYHUPX\SURQWRµ  $OGtDVLJXLHQWH&XWXUUXIRGHPRVWUy HQ HO $XOD 0DJQD GHO &DPSXV 6DQ 0LJXHO SRUTXpHVFRQVLGHUDGRHOPHMRUWURPSHWLVWDGH QXHVWURSDtV\DTXHPRVWUyXQQRWDEOHPDQHMR LQVWUXPHQWDO \ UtWPLFR TXH VH FRPSOHPHQWy FRQHOIXQNGHODEDQGDTXHORDFRPSDxDHQHO ~OWLPRWLHPSR  3DUD HO UHFXHUGR TXHGDUiQ HVWDV H[ FHOHQWHV SUHVHQWDFLRQHV (V SRU HOOR TXH OHV HQWUHJDPRV XQD VHOHFFLyQ JUiÀFD GH GLYHUVRV PRPHQWRVGHDPEDVDFWLYLGDGHV

$OUHGHGRU GH  SHUVRQDV GLVIUX WDURQ GHO QRWDEOH &RQFLHUWRGH*DOD TXH SUHVHQWy OD 2UTXHVWD GH &i PDUDGH&KLOHHQOD ,JOHVLD6DQ$JXV WtQGH7DOFD

(QHVWDRSRUWXQLGDGHO GHVWDFDGR FODULQHWLVWD DUJHQWLQR /XLV 5RVVL DFRPSDxyDORVP~VLFRV HQODLQWHUSUHWDFLyQGHO &RQFLHUWRSDUD&ODULQHWH HQ 6L E 0 GH 0HUFD GDQWH

0iVGHMyYHQHV\DGXOWRVGLVIUXWDURQGHOMD]] GH&ULVWLDQ&XWXUUXIRUHSOHWDQGRODVEXWDFDVHQ HO$XOD0DJQDGHO&DPSXV6DQ0LJXHO

9LGD 8QLYHUVLWDULD

;$9,(5*20(=% 'LUHFWRUGH([WHQVLyQ8&0 'XUDQWHHOVHJXQGRVHPHVWUHHQWUHODVDFFLRQHVPiVLP SRUWDQWHVRUJDQL]DGDVSRUOD'LUHFFLyQGH([WHQVLyQSRGHPRVVHxDODU DTXpOODVFRQWHPSODGDVHQHOPDUFRGHODFHOHEUDFLyQGHQXHVWUR;9ƒ $QLYHUVDULR,QVWLWXFLRQDO/DDFWXDFLyQGHGRVDJUXSDFLRQHVPXVLFDOHVGH QLYHOLQWHUQDFLRQDO 2UTXHVWD&iPDUDGH&KLOH\HOMRYHQMD]]LVWD&ULVWLiQ &XWXUUXIRMXQWRDVXEDQGD IXHURQVLQGXGDXQDFLHUWRFRQVLGHUDQGR ODDOWDFRQYRFDWRULDGHHQWXVLDVWDVR\HQWHVTXHDPEDVDJUXSDFLRQHV FRQFLWDURQ$PRGRGHUHVHxD&XWXUUXIRIXHDSDGULQDGRPXVLFDOPHQWH QDGD PHQRV TXH SRU HO H[LPLR WURPSHWLVWD QRUWHDPHULFDQR :\QWRQ 0DUVDOLVSDUDSURVHJXLUVXVHVWXGLRVPXVLFDOHVHQ&XED3RUVXODGR OD2UTXHVWD&iPDUDGH&KLOHHVXQDGHODVRUTXHVWDVFOiVLFDVFULROODV PiVUHFRQRFLGDVHQHOH[WUDQMHURFX\R'LUHFWRUWLWXODU)HUQDQGR5RVDV DFDEDVHULQYHVWLGRFRQHOSULPHU3UHPLR1DFLRQDOGHOD0~VLFDGH QXHVWUDKLVWRULDUHFLHQWH7DPELpQGHEHPRVFHOHEUDUOD~OWLPDYHUVLyQGH 'RPLQJRVDOD&KLOHQDHQ+XLOTXLOHPXDSULQFLSLRVGHVHSWLHPEUHTXH FXOPLQyFRQODDVLVWHQFLDGHPiVGHDGHSWRVDOIROFORUUHSOHWDQGR ORVMDUGLQHVGHOD9LOOD&XOWXUDOHQXQGtDVROHDGR 5HVSHFWR D ODV DFWLYLGDGHV GH H[WHQVLyQ DFDGpPLFDV SRGHPRV FRQVLJQDU ODV RUJDQL]DGDV FRQ OD (VFXHOD GH (GXFDFLyQ )tVLFD\OD&RRUGLQDFLyQGH'HSRUWHV *DODGH*LPQDVLDHQHO*LPQDVLR 0XQLFLSDOGH7DOFD \HOFLFORGHFRQIHUHQFLDVVREUHORVPLVWHULRVGHODV JUDQGHVUHOLJLRQHVHQFRQMXQWRFRQOD)DFXOWDGGH&LHQFLDV5HOLJLRVDV \ )LORVyÀFDV DPEDV DFWLYLGDGHV SURJUDPDGDV SDUD VHSWLHPEUH \ RFWXEUHUHVSHFWLYDPHQWH $GHPiVGHOWUDGLFLRQDOFLFOR'LiORJRVGH0HGLFLQD&LHQFLD \+XPDQLVPRGHOD(VFXHODGHPHGLFLQD²TXHHQVHSWLHPEUHFRQWDUi FRQODSDUWLFLSDFLyQGHOGHVWDFDGRSHULRGLVWDGH7916DQWLDJR3DY ORYLF²SRGHPRVVHxDODUTXHRWUDVXQLGDGHVVHLQFRUSRUDUiQSURQWDPHQWH DXQSODQGHDFFLyQFRP~QGHH[WHQVLyQDFDGpPLFDGLULJLGRDODFR PXQLGDGeVWDVVRQOD(VFXHODGH3VLFRORJtD\HO,QVWLWXWRGH(VWXGLRV *HQHUDOHVXQLGDGHVFRQLQLFLDWLYDVSURDFWLYDVHQEHQHÀFLRGHWRGRV 7DPELpQH[LVWHQFRQYHUVDFLRQHVFRQRWUDVIDFXOWDGHV\HVFXHODVTXH KDQFRPSUHQGLGRODLPSRUWDQFLDGHGDUVHDFRQRFHUHQODUHJLyQHQ HVSHFLDOHQWUHORVKDELWDQWHVGH7DOFD\&XULFy $SDUWLUGHRFWXEUHVHUHLQLFLDUiODWHPSRUDGDGH&RQYHU VDFLyQ$ELHUWDFRQ&ULVWLiQ:DUQNHQ\VXVLQYLWDGRV/DQXHYDWHPSR UDGDLQFOXLUtDODSUHVHQFLDGHGHVWDFDGRVLQWHOHFWXDOHVHQWUHHOORVHO JDODUGRQDGRHVFULWRU-RUJH(GZDUGV3UHPLRV&HUYDQWHV\1DFLRQDOGH /LWHUDWXUD$GHPiVSRGHPRVDQWLFLSDUODRUJDQL]DFLyQGHXQ)HVWLYDO GH&LQH,QIDQWLO\GH&RUWRPHWUDMHVSDUDDGXOWRV 3HURVLQGXGDVHUiQHOGHVDUUROORGHOD)HULDGHO)ROFORU GH+XLTXLOHPX\ODSUy[LPDLQDXJXUDFLyQGHOQXHYR&HQWURGH([WHQVLyQ HQSOHQRFHQWURGHGHODFLXGDGODVGRVDFFLRQHVPiVLPSRUWDQWHV GHODxRHQFXUVR $ORODUJRGHOSDtVOD)HULDGHO)ROFORUUHSUHVHQWDXQKLWRHQ HYHQWRVGHHVWDQDWXUDOH]D\SRGHPRVVHQWLUQRVRUJXOORVRVGHWHQHUXQ ´SURGXFWRµGHLGHQWLGDGUHJLRQDOFDSD]GHFHOHEUDUVXGpFLPDHGLFLyQ DQLYHUVDULR5D]yQSRUODTXHHQODSUHVHQWHYHUVLyQHO&RQVHMR1DFLRQDO GHOD&XOWXUD\ODV$UWHVKDFRPSURPHWLGRXQDSR\RHVSHFLDODÀQGH FRQYHUWLUHVWDPXHVWUDFRVWXPEULVWDHQXQDGHODVPiVFRQQRWDWLYDVD QLYHOQDFLRQDOHQXQDQXHYDIDVHGHFUHFLPLHQWR\GHVDUUROOR 3RU ~OWLPR HO DxR ÀQDOL]DUi FRQ OD DSHUWXUD GHO QXHYR &HQWURGH([WHQVLyQFX\RLQPXHEOHHVWiXELFDGRHQ&DOOH1RUWH \SRQLHQWH(VWHQXHYRHQFODYHFXOWXUDO\HGXFDWLYRHQSOHQRFHQWUR FRQWULEXLUiVXVWDQFLDOPHQWHDPHMRUDUODYLGDFXOWXUDO\GHHQWUHWHQFLyQ GHWRGRVORVPDXOLQRV\VHUiXQHVSDFLRFRPSOHPHQWDULRDORVGRV\D H[LVWHQWHVHQHOSHUtPHWURHO&HQWURGH([WHQVLyQ3HGUR2OPRVGHOD 87$/\HO7HDWUR5HJLRQDOGHO0DXOH

3XEOLFDFLyQGHSHQGLHQWHGHO'HSDUWDPHQWRGH&RPXQLFDFLRQHV\5533GHOD8QLYHUVLGDG&DWyOLFDGHO0DXOH

5(35(6(17$17(/(*$/&ODXGLR5RMDV0LxR',5(&&,21$OYDUR0RUDOHV'HFKHU (',&,21$OYDUR0RUDOHV'HFKHU5('$&&,213DWULFLR&DDPDxR%XVWRV(;7(16,21&8/785$/0DUtD)HUQDQGD$UpYDOR9HJD ',6(f2<',$*5$0$&,213DEOR3DUDGD5DPtUH])272*5$),$&DUORV$ODUFyQ'XDUWH6(&5(7$5,$&DUROLQD-DUDPLOOR9LOODJUD $Y6DQ0LJXHO)RQR    )D[    (PDLODPRUDOHV#XFPFO7DOFD&KLOH

9,'$81,9(56,7$5,$



*XWHQEHUJ7DOFD

/DSUHVHQWDFLyQGHOD2UTXHVWDGH&iPDUD GH&KLOHSDUDORVDPDQWHVGHODP~VLFDGRFWD \HOFRQFLHUWRGHMD]]TXHRIUHFLy&ULVWLiQ&X WXUUXIR\/DWLQ)XQN-D]]PDUFDURQODDJHQGD FXOWXUDO HQ OD FHOHEUDFLyQ GH ORV  DxRV GH QXHVWUDXQLYHUVLGDG  $PEDVDJUXSDFLRQHVTXHVHSUHVHQ WDURQSRUSULPHUDYH]HQ7DOFDDFDSDUDURQXQD DPSOLDJDPDGHJXVWRVPXVLFDOHV  %DMRODGLUHFFLyQGH$OHMDQGUR5H\HV OD2UTXHVWDSUHVHQWyXQ&RQFLHUWRGH*DODHQ OD,JOHVLD6DQ$JXVWtQGRQGHORVDVLVWHQWHVVH GHOHLWDURQFRQOD2EHUWXUDGHODV%RGDVGH)t JDURGH0R]DUWHO$QGDQWHSDUDFXHUGDVGH$ /HQJHO&RQFLHUWRSDUD&ODULQHWHHQ6LE0GH 0HUFDGDQWH\SDUDWHUPLQDUOD6LQIRQtD+DIIQHU GH0R]DUW

$&7,9,'$'(6'( (;7(16,Ð1 -8/,2',&,(0%5(


Agosto 2006