Professional Documents
Culture Documents
%,2',9(56,'$'
GHO&RUUHGRU$PERUy0DGLGL
(GLWRUHV3LHUUH/,ELVFK1DWDOLD$UDXMR &KULVWRSK1RZLFNL
(GLWRULDO)$1
6DQWD&UX]GHOD6LHUUD%ROLYLD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3UR\HFWRQDQFLDGRSRU
:RUOG:LOGOLIH)XQG::)7KH1DWXUH&RQVHUYDQF\71&\
&RQVHUYDFLyQ,QWHUQDFLRQDO&,%ROLYLD
(VWDSXEOLFDFLyQKDUHFLELGRXQDSRUWHLPSRUWDQWHGHODRFLQDGHOD$JHQFLDSDUDHO'HVDUUROOR,QWHUQDFLRQDO
GHORV(VWDGRV8QLGRVDWUDYpVGHODGRQDFLyQ1R('*$86$,'71&\/$*$
86$,'::)
/DVRSLQLRQHVDTXtH[SUHVDGDVSHUWHQHFHQDORVDXWRUHV\QRUHSUHVHQWDQQHFHVDULDPHQWHODVRSLQLRQHVGHOD
$JHQFLDSDUDHO'HVDUUROOR,QWHUQDFLRQDOGHORV(VWDGRV8QLGRV7KH1DWXUH&RQVHUYDQF\:RUOG:LOGOLIH)XQG
\&RQVHUYDFLyQ,QWHUQDFLRQDO
&RQFRQWULEXFLRQHVGH
7URSHQ|NRORJLVFKHV%HJOHLWSURJUDPP'HXWVFKH*HVHOOVFKDIWIU7HFKQLVFKH=XVDPPHQDUEHLW7g%*7=
&HQWURSDUDOD0LJUDFLyQ,QWHUQDFLRQDO\HO'HVDUUROOR&,0
,QVWLWXWRGH(FRORJtD,(
&HQWURGH,QYHVWLJDFLyQ6DWHOLWDO\7HOHGHWHFFLyQ&,67(/
0XVHRGH+LVWRULD1DWXUDO1RHO.HPSII0HUFDGR0+11.0
$VRFLDFLyQ%ROLYLDQDSDUDOD&RQVHUYDFLyQ7523,&2
&RRUGLQDFLyQGH(GLFLyQ
7HUHVD0*XWLpUUH]0
'LDJUDPDFLyQ
6DUD(VSLQR]D
/DLQIRUPDFLyQSXHGHVHUXWLOL]DGDPHQFLRQDQGRODVLJXLHQWHFLWDELEOLRJUiFD
,ELVFK3/1$UDXMR &1RZLFNLHGV9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU
$PERUy0DGLGL)$1::)71&&,(GLWRULDO)$16DQWD&UX]GHOD6LHUUD%ROLYLD
)$1
,6%1
'HSyVLWROHJDO
(GLWRULDO)$1
.P&DUUHWHUD'REOH9tDD/D*XDUGLD
7HOI)D[
&DVLOOD
6DQWD&UX]GHOD6LHUUD%ROLYLD
,PSUHVRHQ%ROLYLD
'LEXMRGHODSRUWDGD0LFKDHO5RWPDQQ
LL
&HLEDEROLYLDQD%RPEDFDFHDH
+HOLFWHUHVKRWVN\DQD
6WHUFXOLDFHDH
$QHPLDSK\OOLWLGLV
6FKL]DHDFHDH
3DVSDOXPVWHOODWXP3RDFHDH
7LOODQGVLDVDPDLSDWHQVLV
%URPHOLDFHDH
$UDUXEURJHQ\V
3DUDEDIUHQWHURMD
3VHXGRERPED[ORQJLIROLXP
%RPEDFDFHDH
*DOOHVLDLQWHJULIROLD
3K\WRODFFDFHDH
9XOWXUJU\SKXV&yQGRUDQGLQR
9LJQDFDUDFDOOD)DEDFHDH
0LFKDHO5RWPDQQ
/DFRUGLOOHUDGHORVDQGHVVXUJHDEUXSWDPHQWHGHODVLQPHQVDVOODQXUDVTXHRFXSDQHOFHQWURGH6XG$PpULFD
PLHQWUDVYDQIRUPDQGRXQDEDUUHUDGHVGH7LHUUD)XHJRHQHOVXUKDVWD&RORPELD\9HQH]XHODHQHOQRUWH(VWD
SLQWXUDHVGHXQDTXHEUDGDRXQOXJDUFHUFDGHODFLXGDGGH6DQWD&UX]%ROLYLD\HQHVWDiUHDHVGyQGH\R
HVWR\WUDEDMDQGRDFWXDOPHQWHSDUDSURGXFLUXQDOLVWDGHWRGDVODVPDVGHHVSHFLHVGHSODQWDVYDVFXODUHV
TXHFUHFHQHQ\HQORVDOUHGHGRUHVGHO3DUTXH1DFLRQDO$PERUy(QHVWDH[XEHUDQWHUHJLyQODYHJHWDFLyQHV
GHWLSR%RVTXH'HFLGXR6XEWURSLFDO8QRGHORViUEROHVPiVLPSUHVLRQDQWHHVOD&HLEDEROLYLDQDFRQRUHV
EODQFDVJUDQGHVFRQUD\DVURMDV\XQWURQFROOHQRGHHVSLQDVFyQLFDVPDFL]DVRGXUDV0HQRVIHUR]SHURFDXWL
YDQWHDVXSURSLDPDQHUDHVHODMRDMR*DOOHVLDLQWHJULIROLDFX\RQRPEUHVHGHEHDTXHGHVSUHQGHRH[KDODXQ
KHGRUSUHGRPLQDQWHPHQWHDDMRHQWRGDVVXVSDUWHV(O+HOLFWHUHVOKRWVN\DQDQRWLHQHQRPEUHFRP~QQLVHVDEH
TXLHQSROLQL]DVXVPX\ODUJDVRUHV/DEURPHOLD7LOODQGVLDVDPDLSDWHQVLVGHODIDPLOLDGHODVSLxDVIRUPD
URVHWRQHVJUDQGHVGHKRMDVURMDVHQORVSUHFLSLFLRVRDFDQWLODGRVGHSLHGUDDUHQLVFD$ORUHFHUODLQRUHVFHQ
FLDFROJDQWHOOHJDDPHGLUKDVWDPHWURVGHODUJR\WLHQHXQFRORUDPDULOOREULOODQWH$SHVDUGHOKHFKRTXH
QRUPDOPHQWHFUHFHDORODUJRGHXQDFDUUHWHUDSULQFLSDOHVWDSODQWDHVSHFWDFXODUUHFLELyVXQRPEUHFLHQWtFR
UHFLpQHQ0HQRVLPSUHVLRQDQWHSHURLQWULJDQWHDVXSURSLDPDQHUDHVODJUDPtQHD3DVSDOXPVWHOODWXP
&DGDWDOORGHODRUSURSRUFLRQDXQDHVWUXFWXUDFKDWDTXHFXPSOHODIXQFLyQGHXQWHFKR\FXEUH\SURWHJHDODV
RUHVGHODOOXYLD<GHVGHDUULEDHOPDMHVWXRVRFyQGRUGHORVDQGHVXQDHVSHFLHUDUD\HQSHOLJURTXHWRGDYtD
KDELWDHQHVWRVKiELWDWVPRQWDxRVRVVXPDPHQWHGLYHUVRVHVWiLQVSHFFLRQDQGRHVWHSDLVDMH
/DSLQWXUDGHODSRUWDGDFRUUHVSRQGHDXQHFRVLVWHPDGHODSHULIHULHGHO&RUUHGRU$PERUy0DGLGLHQOD]RQDGHO$PERUyGRQGHVHPH]FODQHOHPHQWRV
GHORV<XQJDVFRQRWURVHFRVLVWHPDVPiViULGRV6LQGXGDDOJXQDPXHVWUDODVLQJXODUEHOOH]DSDLVDMtVWLFDGHOOXJDU/DGHVFULSFLyQGHODSLQWXUDSHUWHQHFH
DO'U0LFKDHO1HHTXLpQKDGHGLFDGRYDULRVDxRVGHVXYLGDDHVWXGLDUODRUDGHO$PERUy
LLL
LY
7DEODGH&RQWHQLGR
$JUDGHFLPLHQWRV
5HVXPHQHMHFXWLYR
6LJODV\DFUyQLPRVXWLOL]DGRV
,,QWURGXFFLyQ
$QWHFHGHQWHV\MXVWLFDFLyQGHOSUHVHQWHHVWXGLR
2EMHWLYRV\DOFDQFH
0DUFRFRQFHSWXDOSDUDHOGHVDUUROORGHXQD9LVLyQGH&RQVHUYDFLyQ
,QVWLWXFLRQHVLQYROXFUDGDV\HTXLSRGHWUDEDMR
[LLL
[Y
[L[
,,0HWRGRORJtD
(QIRTXHPHWRGROyJLFRJHQHUDO
3URFHVRWpFQLFRSDUDODHODERUDFLyQGHODYLVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDG
0HWRGRORJtD
%DVHGHLQIRUPDFLyQ\KHUUDPLHQWDVXWLOL]DGDVHQHOSURFHVRGHDQiOLVLVWpFQLFR
0HWRGRORJtDGHOGLDJQyVWLFR
(YDOXDFLyQ,QWHJUDOGH&RQVHUYDFLyQ
$QiOLVLVGHOHVWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDV
$QiOLVLVGHOHVWDGRGHFRQVHUYDFLyQGHODVHVSHFLHV
*HVWLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDG
$QiOLVLVGHSULRULGDGHV\HVWUXFWXUDFLyQGHODYLVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDG
GHO&RUUHGRU$PERUy0DGLGL
'HQLFLyQGHREMHWRVGHFRQVHUYDFLyQ
$QiOLVLVGHSULRULGDGHVHVSDFLDOHVGHFRQVHUYDFLyQ
'HQLFLyQGHOD9LVLyQGH&RQVHUYDFLyQ
3URSXHVWDGH]RQLFDFLyQSDUDODJHVWLyQGHO&$0HQIXQFLyQGHODYLVLyQGHFRQVHUYDFLyQ
,,,'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLFDFLyQ
/tPLWHVGHO&RUUHGRU$PERUy0DGLGL
'HOLPLWDFLyQSROtWLFRDGPLQLVWUDWLYDGHO&RUUHGRU$PERUy0DGLGL
'HOLPLWDFLyQWUDQVIURQWHUL]DGHO&RUUHGRU$PERUy0DGLGL
$VSHFWRVItVLFRV
&OLPD
%UHYHUHVXPHQGHODKLVWRULDJHROyJLFD\FOLPiWLFD
)LVLRJUDDWRSRJUDItD\RURJUDItD
+LGURORJtD
$VSHFWRVELROyJLFRVHFROyJLFRV
(FRUUHJLRQHV
6LQRSVLVHFROyJLFD\RUtVWLFDGHODYHJHWDFLyQGHO&RUUHGRU$PERUy0DGLGL
0pWRGRV\PDUFRFRQFHSWXDO
5HVXOWDGRV
9HJHWDFLyQGHODSURYLQFLDELRJHRJUiFDGHORV<XQJDV
9HJHWDFLyQGHODSURYLQFLDELRJHRJUiFD%ROLYLDQR7XFXPDQD
9HJHWDFLyQGHODSURYLQFLDELRJHRJUiFDDPD]yQLFDVXURFFLGHQWDO$FUH0DGUHGH'LRV
9HJHWDFLyQGHODSURYLQFLDELRJHRJUiFDGHO%HQL
9HJHWDFLyQGHODSURYLQFLDELRJHRJUDFDGHO&HUUDGR
9HJHWDFLyQGHODSURYLQFLDELRJHRJUiFDGHOD3XQD3HUXDQD
)ORUD
'LYHUVLGDGRUtVWLFD
3DWURQHVHVSDFLDOHVGHGLYHUVLGDG
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPR
)DXQD
,QVHFWRV
(VWDGRGHFRQRFLPLHQWR
3DWURQHVHVSDFLDOHVGHGLVWULEXFLyQ\GLYHUVLGDG
3HFHV
(VWDGRGHFRQRFLPLHQWR
3DWURQHVHVSDFLDOHVGHGLVWULEXFLyQ\GLYHUVLGDG
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPRV
$SXQWHVVREUHPRYLPLHQWRGHSREODFLRQHVHIHFWRV\QHFHVLGDGHVGHQWURGHO&RUUHGRU
$QELRV
(VWDGRGHFRQRFLPLHQWR
3DWURQHVHVSDFLDOHVGHGLVWULEXFLyQ\GLYHUVLGDG
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPRV
5HSWLOHV
(VWDGRGHFRQRFLPLHQWR
3DWURQHVHVSDFLDOHVGHGLYHUVLGDG
(QGHPLVPR
$YHV
3DWURQHVHVSDFLDOHVGHGLYHUVLGDG
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPR
0DPtIHURV
(VWDGRGHFRQRFLPLHQWR
3DWURQHVHVSDFLDOHVGHGLVWULEXFLyQ\GLYHUVLGDG
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPRV
$SXQWHVVREUHPRYLPLHQWRGHSREODFLRQHVHIHFWRV\QHFHVLGDGHVGHQWURGHO&RUUHGRU
3DWURQHVGHGLYHUVLGDG\HQGHPLVPRGHRUD\IDXQD
/DVIXQFLRQHV\SURFHVRVELRHFROyJLFRVIXQFLRQDOLGDG\VHUYLFLRV
3URFHVRV\IXQFLRQHVDQLYHOGHHVSHFLHV(YROXFLyQELROyJLFD
0RYLPLHQWR\GHVSOD]DPLHQWRGHRUJDQLVPRV\FRQHFWLYLGDG
0RYLPLHQWRVGHLQGLYLGXRVGHDQLPDOHV\GLiVSRUDVGHRUJDQLVPRVVpVLOHVGHQWURGH
VXUDQJRGHGLVWULEXFLyQ
0LJUDFLyQHQHO&$0
$PSOLDFLyQGHOUDQJRGHGLVWULEXFLyQ
'HVSOD]DPLHQWRGHUDQJRVGHGLVWULEXFLyQ\FDPELRVGHLQWHUDFFLRQHVGHELGRDFDPELRV
FOLPiWLFRV
3URFHVRV\IXQFLRQHVDQLYHOGHFRPXQLGDGHVELROyJLFDVHLQWHUDFFLyQGHHVSHFLHV
3HUWXUEDFLyQELyWLFD\VXFHVLyQ
3ROLQL]DFLyQ
'LVSHUVLyQ]RRFyULFDGHGLiVSRUDV
)XQFLRQHV\SURFHVRVFOLPiWLFRVHKLGUROyJLFRV
/DVIXQFLRQHV\SURFHVRVELRHFROyJLFRVFRPRVHUYLFLRVDPELHQWDOHVDSURYHFKDGRV\
DSURYHFKDEOHVSRUHOKXPDQR
&RQVHUYDUODELRGLYHUVLGDGIXQFLRQDOFRQVHFXHQFLDVSDUDXQDYLVLyQGHFRQVHUYDFLyQ
YL
$VSHFWRVVRFLDOHVHFRQyPLFRV\FXOWXUDOHV
6LWXDFLyQVRFLDO
'HPRJUDItD
3REODFLyQ
'HQVLGDGSREODFLRQDO
&UHFLPLHQWR3REODFLRQDO
0LJUDFLyQ
6LWXDFLyQpWQLFD\OLQJtVWLFDGHODSREODFLyQ
3REODFLyQLQGtJHQD
$XWRLGHQWLFDFLyQFRQSXHEORVRULJLQDULRVRLQGtJHQDV
,GLRPDTXHKDEODODSREODFLyQ
,GLRPDFRQHOTXHDSUHQGLyDKDEODUHQODQLxH]
9LYLHQGD\KRJDU
(GXFDFLyQ
7DVDGHDOIDEHWLVPR
7DVDGHDVLVWHQFLDHVFRODU
1LYHOGHLQVWUXFFLyQDOFDQ]DGR
3URPHGLRGHDxRVGHHVWXGLR
)HFXQGLGDGPRUWDOLGDG\6DOXG
(PSOHR
3REUH]DHtQGLFHGHGHVDUUROORKXPDQR,'+
1HFHVLGDGHVEiVLFDVLQVDWLVIHFKDV1%,
QGLFHGH'HVDUUROOR+XPDQR,'+
9LQFXODFLyQWHUULWRULDO
9LQFXODFLyQWHUULWRULDOSRUFDPLQRV,QIUDHVWUXFWXUDYLDO
9LQFXODFLyQWHUULWRULDOSRUUtRV$FFHVRXYLDO
6LVWHPDHFRQyPLFR\JHVWLyQGHORVUHFXUVRVQDWXUDOHVHQHO&RUUHGRU$PERUy0DGLGL
2FXSDFLyQ\XVRKLVWyULFRGHOWHUULWRULR
8VRDFWXDOGHOVXHOR\SODQHVGHXVRGHOVXHOR
3ULQFLSDOHVDFWLYLGDGHVHFRQyPLFDVUHODFLRQDGDVFRQHOXVRGHVXHOR\ORVUHFXUVRVQDWXUDOHV
'HUHFKRVRWRUJDGRVVREUHODWLHUUD\ORVUHFXUVRVQDWXUDOHV
'HUHFKRSURSLHWDULRGHODWLHUUD7LHUUDV&RPXQLWDULDVGH2ULJHQ
'HUHFKRVRWRUJDGRVVREUHHOXVRGHORVUHFXUVRVQDWXUDOHV
'HUHFKRGHJHVWLyQGHUHDV3URWHJLGDVGHLQWHUpVQDFLRQDOGHSDUWDPHQWDO\PXQLFLSDO
6XSHUSRVLFLRQHV\FRQLFWRVHQWUHORVGHUHFKRVGHWHQHQFLDGHODWLHUUD\GHXVR\JHVWLyQGHORV
UHFXUVRVQDWXUDOHV
,9(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
(VWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDV
(VWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDVWHUUHVWUHV
(VWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDVDFXiWLFRV
(VWDGRGHFRQVHUYDFLyQGHODVHVSHFLHVGHO&RUUHGRU$PERUy0DGLGL
(VWDGRGHFRQVHUYDFLyQGHODRUD
(VWDGRGHFRQVHUYDFLyQGHODIDXQD
,QVHFWRV
3HFHV
$QELRV
YLL
5HSWLOHV
$YHV
0DPtIHURV
/DJHVWLyQGHFRQVHUYDFLyQGHELRGLYHUVLGDGHQHO&RUUHGRU$PERUy0DGLGL
/DViUHDVSURWHJLGDVHQHO&RUUHGRU$PERUy0DGLGL
/DJHVWLyQGHFRQVHUYDFLyQHQODViUHDVSURWHJLGDV
3ROtWLFDGH&RUUHGRUHVGH&RQVHUYDFLyQXQSDVRPiVKDFLDODJHVWLyQGHFRQVHUYDFLyQGHO&RUUHGRU
$PERUy0DGLGL
99LVLyQGHFRQVHUYDFLyQ\]RQLFDFLyQHVWUDWpJLFDSDUDODJHVWLyQGHO&RUUHGRU$PERUy0DGLGL
2EMHWRV\PHWDVGHFRQVHUYDFLyQHQHO&$0
3ULRULGDGHVGHFRQVHUYDFLyQ
9LVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3URSXHVWDGH]RQLFDFLyQSDUDODJHVWLyQGHFRQVHUYDFLyQGHO&RUUHGRU$PERUy0DGLGL
$QiOLVLVGHGHUHFKRVH[LVWHQWHVGHXVRGHORV5511RFXSDFLyQWHUULWRULDO\iUHDVGHFRQVHUYDFLyQ
HQHO&$0FRPRDQiOLVLVGHYLDELOLGDGSDUDODGHOLPLWDFLyQGHiUHDVGHFRQVHUYDFLyQ\]RQLFDFLyQ
=RQLFDFLyQSURSXHVWDSDUDODJHVWLyQGHFRQVHUYDFLyQGHO&RUUHGRU$PERUy0DGLGL
UHDVGHGHVDUUROORVRVWHQLEOH\FRQVHUYDFLyQ
UHDVGHGHVDUUROORPHMRUDPLHQWRGHODFDOLGDGGHOHFRVLVWHPD\UHVWDXUDFLyQ
&RPSUREDFLyQGHODVSULRULGDGHVGHFRQVHUYDFLyQ
&RPSUREDFLyQGHYDFtRVGHUHSUHVHQWDWLYLGDG
/LVWDGHPDSDV
0DSD0DSDEDVHGHO&RUUHGRU$PERUy0DGLGL
0DSD(FRUUHJLRQHVHQHO&$0\VXiUHDGHLQXHQFLD
0DSD&RUUHGRU9LOFDEDPED$PERUy
0DSD7RSRJUDItDGHO&RUUHGRU$PERUy0DGLGL
0DSD+LGURJUDItDGHO&$0
0DSD9HJHWDFLyQHQHO&$0\iUHDGHLQXHQFLD
0DSD5LTXH]DDEVROXWDGHHVSHFLHV
0DSD5LTXH]DGHHQGHPLVPRGHHVSHFLHV
0DSD/tPLWHV0XQLFLSDOHV
0DSD'HQVLGDGSREODFLRQDO\FHQWURVSREODGRV
0DSD&UHFLPLHQWRSREODFLRQDOtQWHUFHQVDO
0DSD1HFHVLGDGHV%iVLFDV,QVDWLVIHFKDV
0DSDQGLFHGH'HVDUUROOR+XPDQR
0DSD0DSDGH5HG9LDO
0DSD3ODQGH8VRGHVXHORGH6DQWD&UX]\%HQLUHFRUWDGRSDUDHO&$0
0DSD8VRDFWXDOGHVXHOR
0DSDUHDV3URWHJLGDVGHFDUiFWHUQDFLRQDOGHQWURGHO&$0
0DSDUHDV3URWHJLGDV'HSDUWDPHQWDOHV0XQLFLSDOHV\5HVHUYDV)RUHVWDOHV
0DSD6XSHUSRVLFLyQGHGHUHFKRVRWRUJDGRVGHXVRGHODWLHUUD
0DSD(VWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDV
0DSD&RUUHGRUHVDOWLWXGLQDOHV
0DSD%ORTXHVJUDQGHVGHERVTXHVGHEXHQHVWDGRGHFRQVHUYDFLyQ
0DSD(FRVLVWHPDVTXHHMHFXWDQSURFHVRVKLGURFOLPiWLFRVLPSRUWDQWHV
0DSD&RPXQLGDGHVFRQDOWDULTXH]DGHHQGHPLVPR
0DSD'LIHUHQFLDFLyQGHHFRVLVWHPDVVLQJXODUHV
0DSD&RPXQLGDGHVELROyJLFDV~QLFDVFRQH[WHQVLyQUHGXFLGD
0DSD%ORTXHVSULRULWDULRVGHFRQVHUYDFLyQ
0DSDUHDVSULRULWDULDVFRPSOHPHQWDULDV
0DSD9LVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDGGHO&$0
0DSD3URSXHVWDGH]RQLFDFLyQSDUDODJHVWLyQGHFRQVHUYDFLyQGHO&$0
0DSD3RUWDIROLRGHVLWLRVSULRULWDULRVSDUDSURWHFFLyQ\FRQVHUYDFLyQ
YLLL
3RUWDIROLRGHVLWLRVSULRULWDULRVFRPRiUHDVGHPD\RUSURWHFFLyQ
YHUFRQWUDWDSD
/LVWDGH7DEODV
7DEOD*UXSRVWD[RQyPLFRVTXHFRQIRUPDURQODEDVHGHGDWRVELROyJLFD
7DEOD%DVHGHLQIRUPDFLyQXWLOL]DGDSDUDGLIHUHQWHVDQiOLVLVHQHOSURFHVRGHHVWUXFWXUDFLyQGHODYLVLyQ
GHFRQVHUYDFLyQGHO&$0
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUDFFHVRGHFDPLQRV
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUDFFHVRXYLDO
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUDFFHVRIHUURYLDULR
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUDFFHVRGHFRQGXFWRVKLGURFDUEXUtIHURV
7DEOD&ODVLFDFLyQGHODGHJUDGDFLyQGHVXEHFRUUHJLRQHVSRUXVRKLVWyULFR
7DEOD3RVLEOHVFRPELQDFLRQHVGHODVFODVHVGHLPSDFWRGHXVRKLVWyULFR
7DEOD)DFWRUHVGHDXPHQWRGHLPSDFWRSRUFHQWURVSREODGRV
7DEOD0DJQLWXG\DOFDQFHGHOLPSDFWRHQ]RQDVFRQXVRKLVWyULFRHMHPSORV
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUGHIRUHVWDFLyQ
7DEOD6XEHFRUUHJLRQHVQRFRQVLGHUDGDVSDUDHOFiOFXORFRQORVIDFWRUHVDOLYLDQWHV
7DEOD5DQJRVGHYDORUHVHQFXDGUtFXODTXHUHSUHVHQWDQHOJUDGRGHFRQYHUVLyQGHORVHFRVLVWHPDV
7DEOD(FRUUHJLRQHVHQHO&RUUHGRU$PERUy0DGLGL
7DEOD(FRUUHJLRQHVTXHIRUPDQSDUWHGHOD]RQDGHLQXHQFLDGHO&$0
7DEOD3RUFHQWDMHGHVXSHUFLHGHOWHUULWRULRPXQLFLSDOGHQWURGHORVOtPLWHVGHO&$0
7DEOD&XHQFDVKLGURJUiFDVGHO&RUUHGRU$PERUy0DGLGL
7DEOD(VTXHPDGHODVXQLGDGHV\VXEXQLGDGHVHFROyJLFRELRJHRJUiFDV
7DEOD&RQFHQWUDFLyQGHHVSHFLHVVHJ~QGLVWULEXFLyQDOWLWXGLQDOHQOD9HUWLHQWH2ULHQWDO$PD]yQLFD
7DEOD3DWURQHVGHGLVWULEXFLyQGHGLYHUVLGDGGHDQELRV
7DEOD3DWURQHVGHGLVWULEXFLyQGHORVDQELRVFRQHVSHFLDOUHIHUHQFLDDHVSHFLHVGHPRQWDxD
7DEOD3RUFHQWDMHGHUHSUHVHQWDFLyQGHODVHVSHFLHVHQGpPLFDVGH%ROLYLDSRUHFRUUHJLRQHV
7DEOD/tPLWHDOWLWXGLQDOVXSHULRUSDUDDOJXQDVHVSHFLHVWtSLFDVGHWLHUUDVEDMDV
7DEOD&DUDFWHUtVWLFDVGHGLVSHUVLyQYVPLJUDFLyQ
7DEOD&DUDFWHUtVWLFDVGHODPLJUDFLyQERUHDODXVWUDO\DOWLWXGLQDOGHDYHVHQHO&$0
7DEOD3DWURQHVGHPLJUDFLyQDOWLWXGLQDOGHVSOD]DPLHQWRGHOtPLWHVGHiUHDGHGLVWULEXFLyQHQODpSRFDQRUHSURGXFWLYD
7DEOD&RPSDUDFLyQGHODLPSRUWDQFLDGHORVVHUYLFLRVDPELHQWDOHVEULQGDGRVSRUERVTXHVK~PHGRV9V6HFRV
7DEOD=RQDVGHDQiOLVLVVRFLRHFRQyPLFRGHQLGDVSDUDODFDUDFWHUL]DFLyQGHO&$0\PXQLFLSLRVTXHODVFRQIRUPDQ
7DEOD5HVXPHQGHFDUDFWHUtVWLFDVGHODSREODFLyQSRU]RQDGHDQiOLVLVVRFLRHFRQyPLFR
7DEOD3REODFLyQWRWDOSRULGLRPDTXHKDEODVHJ~Q]RQDVGHDQiOLVLVVRFLRHFRQyPLFR
7DEOD3REODFLyQGHyPiVDxRVSRULGLRPDVTXHKDEODVHJ~Q]RQDVGHDQiOLVLVVRFLRHFRQyPLFR
7DEOD3REODFLyQGHyPiVDxRVSRULGLRPDFRQHOTXHDSUHQGLyDKDEODUVHJ~Q]RQDGHDQiOLVLV
7DEOD,QGLFDGRUHVGHYLYLHQGD\KRJDUSRU]RQDGHDQiOLVLV
7DEOD(TXLSDPLHQWRGHODVYLYLHQGDVSRU]RQDGHDQiOLVLVVRFLRHFRQyPLFR
7DEOD7DVDGHDOIDEHWLVPRSRU]RQDGHDQiOLVLVVHJ~QiUHD\JpQHUR
7DEOD7DVDGHDVLVWHQFLDHVFRODUSRU]RQDGHDQiOLVLVVHJ~QiUHD\JpQHUR
7DEOD1LYHOGHLQVWUXFFLyQDOFDQ]DGRVHJ~Q]RQDGHDQiOLVLV
7DEOD3URPHGLRGHDxRVGHHVWXGLRSRUiUHD\JpQHURVHJ~Q]RQDGHDQiOLVLV
7DEOD)HFXQGLGDGPRUWDOLGDG\VDOXGSRU]RQDGHDQiOLVLV
7DEOD,QGLFDGRUHVGHHPSOHRSRU]RQDGHDQiOLVLV
7DEOD$FWLYLGDGRFXSDFLRQDOSRU]RQDGHDQiOLVLV
7DEOD,QFLGHQFLDGHSREUH]DSRUWLSRGHXUEDQL]DFLyQGHORVPXQLFLSLRVHQHO&$0
7DEOD,QFLGHQFLDGHSREUH]DSRU]RQDGHDQiOLVLV
7DEODQGLFHGHGHVDUUROORKXPDQRSRU]RQDGHDQiOLVLV
7DEOD5tRVQDYHJDEOHVSULQFLSDOHV
7DEOD&DWHJRUtDVGHO3/86SDUDHO&$0HQORV'HSDUWDPHQWRVGHO%HQL\6DQWD&UX]
7DEOD&DWHJRUtDVGHO3/86SDUDHOiUHDGHLQXHQFLDGHO&$0HQORV'HSDUWDPHQWRVGHO%HQL\6DQWD&UX]
7DEOD3HUOSURGXFWLYRGHODDJULFXOWXUDHQWLHUUDVEDMDVGHO&$0\VXiUHDGHLQXHQFLD
7DEOD3ULQFLSDOHVUHJLRQHVSURGXFWRUDVIRUHVWDOHVHQ%ROLYLD
7DEOD3ULQFLSDOHVHVSHFLHVHQiUHDVGHLPSRUWDQFLDIRUHVWDOGHO&RUUHGRU$PERUy0DGLGL
7DEOD7LHUUDV&RPXQLWDULDVGH2ULJHQHQHO&RUUHGRU$PERUy0DGLGL
7DEOD&RQFHVLRQHV3HWUROHUDVHQHO&RUUHGRU$PERUy0DGLGL
7DEOD&RQFHVLRQHVIRUHVWDOHVHQHO&RUUHGRU$PERUy0DGLGL
7DEODUHDV3URWHJLGDV1DFLRQDOHVHQHO&RUUHGRU$PERUy0DGLGL
7DEODUHDV3URWHJLGDV'HSDUWDPHQWDOHVHQHO&RUUHGRU$PERUy0DGLGL
7DEODUHDV3URWHJLGDV0XQLFLSDOHVHQHO&RUUHGRU$PERUy0DGLGL
7DEOD5HVHUYDVIRUHVWDOHVHQHO&RUUHGRU$PERUy0DGLGL
L[
7DEOD5HVHUYDV3ULYDGDVGH3DWULPRQLR1DWXUDOHQHO&RUUHGRU$PERUy0DGLGL
7DEOD6XSHUSRVLFLyQHQWUHiUHDVSURWHJLGDV\FRQFHVLRQHVPLQHUDVSHWUROHUDV\IRUHVWDOHV
7DEOD&RQFHVLRQHVPLQHUDVHQiUHDVSURWHJLGDVGHO&$0
7DEOD6XSHUSRVLFLyQHQWUH7LHUUDV&RPXQLWDULDVGH2ULJHQ7&2FRQFHVLRQHVPLQHUDV&0SHWUROHUDV
&3\IRUHVWDOHV&)
7DEOD,%$VGHQLGDV\SRWHQFLDOHVXELFDGDVHQHO&RUUHGRU$PERUy0DGLGL
7DEOD'LYHUVLGDGGHHVSHFLHVGHRUD\IDXQDUHJLVWUDGDVHQiUHDVSURWHJLGDV
7DEOD3ULQFLSDOHVSUREOHPDV\DPHQD]DVSDUDODELRGLYHUVLGDGHQODViUHDVSURWHJLGDVGHO&RUUHGRU$PERUy0DGLGL
7DEOD6LWXDFLyQGHOXVRDFWXDOGHODWLHUUD\GHUHFKRVGHXVRGHORVUHFXUVRVQDWXUDOHVSRU]RQDGHFRQVHUYDFLyQ
HVWDEOHFLGDHQODYLVLyQ
7DEOD5HSUHVHQWDFLyQGHORVYDORUHVGHFDGDREMHWRGHFRQVHUYDFLyQHQHOSRUWDIROLRGHVLWLRV\iUHDVGHJHVWLyQGHO&$0
7DEOD6XSHUFLHGHUHSUHVHQWDFLyQGHFRPXQLGDGHVELROyJLFDV~QLFDVHQiUHDVSURWHJLGDV
7DEOD8QLGDGHVGHYHJHWDFLyQGHO&$0FRQPHQRVGHOGHUHSUHVHQWDFLyQHQiUHDVSURWHJLGDVGHFDUiFWHUQDFLRQDO
/LVWDGH)LJXUDV
)LJ(VTXHPDJHQHUDOL]DGRGHOSURFHVRWpFQLFRSDUDODSODQLFDFLyQGHFRQVHUYDFLyQ
)LJ'HOLPLWDFLyQGH]RQDVGHDQiOLVLVVRFLRHFRQyPLFRHQHO&RUUHGRU$PERUy0DGLGL
)LJ(VTXHPDGHOSURFHVRPHWRGROyJLFRSDUDODHYDOXDFLyQGHOHVWDGRGHFRQVHUYDFLyQ
)LJ'HQLFLyQGHEORTXHVGHERVTXHHQEXHQHVWDGRGHFRQVHUYDFLyQ
)LJ0DSDVFOLPDWROyJLFRVGH%ROLYLD
)LJ(VTXHPDGHGLVWULEXFLyQYHUWLFDOGHGLIHUHQWHVSLVRVFOLPiWLFRV\ODYHJHWDFLyQGHORV<XQJDV
EROLYLDQRVPRGLFDGRVHJ~Q/DXHU
)LJ3DWURQHVGHGLYHUVLGDGGHDQELRVVHJ~Q.KROHU
)LJ3DWURQHVGHGLVWULEXFLyQGHORVDQELRVFRQHVSHFLDOUHIHUHQFLDDHVSHFLHVGHPRQWDxD
)LJ3DWURQHVGHGLVWULEXFLyQGHORVPDPtIHURVHQ%ROLYLD&KDFR$PD]RQLD$OWLSODQR\<XQJDV
)LJ=RQDVGHUHSUHVHQWDFLyQSDUDODGLYHUVLGDGGHPDPtIHURVVHJ~Q$QGHUVRQ
)LJ3DWURQHVGHULTXH]DGHHVSHFLHV\ULTXH]DGHHQGHPLVPRSDUDRUDIDXQD
)LJ'HQVLGDGSREODFLRQDOHQHO&$0\VXiUHDGHLQXHQFLD
)LJ7DVDGHFUHFLPLHQWRLQWHUFHQVDOSRU]RQDGHDQiOLVLV
)LJ3REODFLyQLQGtJHQDSRU]RQDGHDQiOLVLVVRFLRHFRQyPLFR
)LJ3REODFLyQGHyPiVDxRVTXHFRQIRUPDHOiUHDGHLQXHQFLDGHO&$0VHJ~QSXHEORGH3HUWHQHQFLD
)LJ3REODFLyQGHyPiVDxRVSRUiUHDGHLQXHQFLDGHO&$0VHJ~QSXHEORGHSHUWHQHQFLD
)LJ3REODFLyQGHyPiVDxRVGHHGDGSRULGLRPDVTXHKDEOD
)LJ3REODFLyQGHyPiVDxRVSRULGLRPDFRQHOTXHDSUHQGLyDKDEODU
)LJ7HQHQFLDGHVHUYLFLRVEiVLFRVSRU]RQDGHDQiOLVLV
)LJ7DVDGHDOIDEHWLVPRSRUiUHDGHUHVLGHQFLDVHJ~QJpQHUR
)LJ7DVDGHDVLVWHQFLDHVFRODUSRUiUHDGHUHVLGHQFLDVHJ~QJpQHUR
)LJ1LYHOGHLQVWUXFFLyQDOFDQ]DGR
)LJ$xRVSURPHGLRGHHVWXGLRSRUiUHDGHUHVLGHQFLDVHJ~QJpQHUR
)LJ,QFLGHQFLDGHSREUH]D1%,
)LJ&RQFHVLRQHVRWRUJDGRVVREUHHOXVRGHORVUHFXUVRVQDWXUDOHV&RQFHVLRQHVPLQHUDVIRUHVWDOHV
\SHWUROHUDV
)LJ6XSHUFLHGHO&RUUHGRU$PERUy0DGLGLVHJ~QVXHVWDGRGHFRQVHUYDFLyQ
)LJ(IHFWLYLGDGGHPDQHMRGHODViUHDVSURWHJLGDVGHO61$3JHVWLyQDO
)LJ9LVLyQGHFRQVHUYDFLyQ\iUHDVFRQGHUHFKRVRWRUJDGRV
)LJ5HSUHVHQWDFLyQGHHFRVLVWHPDVVLQJXODUHVHQiUHDVSURWHJLGDVGHO&RUUHGRU$PERUy0DGLGL
$QH[RV
$QH[R'DWRVVRFLRHFRQyPLFRVGHORVPXQLFLSLRVGHO&$03REODFLyQ
$QH[R'DWRVVRFLRHFRQyPLFRVGHORVPXQLFLSLRVGHO&$03REUH]D
$QH[R'DWRVVRFLRHFRQyPLFRVGHORVPXQLFLSLRVGHO&$0QGLFHGH'HVDUUROOR+XPDQR
$QH[R/LVWDGHDQELRVDPHQD]DGRVSUHVHQWHVHQ&RUUHGRU$PERUy0DGLGL
$QH[R/LVWDGHUHSWLOHVDPHQD]DGRVSUHVHQWHVHQ&RUUHGRU$PERUy0DGLGL
$QH[R/LVWDGHDYHVDPHQD]DGRVSUHVHQWHVHQ&RUUHGRU$PERUy0DGLGL
$QH[R/LVWDGHPDPtIHURVDPHQD]DGRVSUHVHQWHVHQ&RUUHGRU$PERUy0DGLGL
$QH[R3DWUyQGHGLVWULEXFLyQGHHVSHFLHVGHDQELRVDPHQD]DGRVGHO&$0
$QH[R3DWUyQGHGLVWULEXFLyQGHHVSHFLHVGHDYHVDPHQD]DGDVGHO&$0
$QH[R5HSUHVHQWDWLYLGDGHQiUHDVSURWHJLGDVGHDQELRVDPHQD]DGRVGHO&RUUHGRU$PERUy0DGLGL
$QH[R5HSUHVHQWDWLYLGDGHQiUHDVSURWHJLGDVGHDYHVDPHQD]DGDVGHO&RUUHGRU$PERUy0DGLGL
$JUDGHFLPLHQWRV
/DSUHVHQWHSXEOLFDFLyQIXHSRVLEOHJUDFLDVDODSR\RGHO)RQGR0XQGLDOSDUDOD1DWXUDOH]D::)7KH1DWXUH
&RQVHUYDQF\71&&RQVHUYDFLyQ,QWHUQDFLRQDO&,\HO*OREDO%XUHDX86$,':DVKLQJWRQ(VSHFLDO
PHQWHTXHUHPRVDJUDGHFHUD(GXDUGR)RUQR\&OHD3D]GH&,6WHIIHQ5HLFKOHGH71&\D+HQU\&DPSHURGH
::)SRUVXDSR\RWpFQLFR\VHJXLPLHQWRDOSURFHVRGHFRQVWUXFFLyQGHOD9LVLyQGH&RQVHUYDFLyQGHO&RUUHGRU
$PERUy0DGLGL
8QDFRQVLGHUDEOHEDVHGHLQIRUPDFLyQSDUDHOGLDJQyVWLFRELROyJLFR\HOGHVDUUROORFRQFHSWXDOGHOSUR\HFWR
IXHSRVLEOHJUDFLDVDXQDSULPHUDFRODERUDFLyQGHO)RQGR0XQGLDOSDUDOD1DWXUDOH]D::)\HO*OREDO
%XUHDX86$,':DVKLQJWRQEDMRORVWpUPLQRVGHO$FXHUGR1R4=FRQHOSURGXFWR+DFLDXQ3ODQGH
FRQVHUYDFLyQSDUDHO%LR&RUUHGRU$PERUy0DGLGL
(O SUR\HFWR WDPELpQ UHFLELy YDOLRVRV DSRUWHV WpFQLFRV GHO &HQWUR GH ,QYHVWLJDFLyQ 6DWHOLWDO \7HOHGHWHFFLyQ
&,67(/HO,QVWLWXWRGH(FRORJtD,(ODVHFFLyQGH2UQLWRORJtDGHO0XVHRGH+LVWRULD1DWXUDO1RHO.HPSII
0HUFDGR0+11.0\OD$VRFLDFLyQ%ROLYLDQDSDUDOD&RQVHUYDFLyQ7523,&2
/DSDUWLFLSDFLyQGHO'U3LHUUH,ELVFKHQHVWHHVWXGLRIXHYLDEOHJUDFLDVDODSR\RUHFLELGRSRUHOJRELHUQRDOH
PiQTXLpQDVHJXUyODPLVLyQGHO'U,ELVFKHQ)$1FRPRH[SHUWRLQWHJUDGRGHO&HQWURSDUDOD0LJUDFLyQ,Q
WHUQDFLRQDO\HO'HVDUUROOR&,0*7=$VtWDPELpQODSDUWLFLSDFLyQGH&KULVWRSK1RZLFNLVHUHDOL]yJUDFLDV
DVXHVWXGLRGHGRFWRUDGRDSR\DGRSRUHOSURJUDPDDOHPiQ7g%*7=([WUDSRODFLRQHVGHELRGLYHUVLGDG\
HVFHQDULRVGHFOLPD\VRFLRGHPRJUiFRVFRPRLQVWUXPHQWRVGHDQiOLVLVSDUDHOGLVHxR\GLVWULEXFLyQySWLPDGH
iUHDVSURWHJLGDVHQ%ROLYLD
/D'LUHFFLyQ*HQHUDOGH%LRGLYHUVLGDGGHO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOHDFWXDOPHQWH0LQLVWHULRGH'HVD
UUROOR$JURSHFXDULROLGHUyXQFRPLWpGHVHJXLPLHQWR&&&$0SDUDODJHVWLyQGHFRQVHUYDFLyQGHO&RUUHGRU
$PERUy0DGLGL$JUDGHFHPRV SDUWLFXODUPHQWH DO ,QJ (GZLQ &DPDFKR TXLHQ OLGHUy HO &&&$0 \ EULQGy
HVSDFLRVLPSRUWDQWHVSDUDFRPXQLFDUDYDQFHVGHOSUR\HFWRDQWHLQVWLWXFLRQHVQDFLRQDOHVHLQWHUQDFLRQDOHVTXH
SDUWLFLSDURQGHHVWHFRPLWpDVtFRPRDQWHLQVWDQFLDVGHOJRELHUQRSDUDGLIXQGLU\GLDORJDUVREUHODLPSRUWDQFLD
GHO&RUUHGRU$PERUy0DGLGL
8QDJUDGHFLPLHQWRHVSHFLDODO'U0LFKDHO1HH\DO6U0LFKDHO5RWPDQQTXLHQHVSURSRUFLRQDURQGHIRUPD
YROXQWDULDXQKHUPRVRGLEXMRTXHLOXVWUDODSRUWDGDGHODSUHVHQWHSXEOLFDFLyQ\TXHPXHVWUDXQRGHORVPDUD
YLOORVRVHFRVLVWHPDVSUHVHQWHVHQHO&RUUHGRU$PERUy0DGLGL
6HUHFLELyXQYDOLRVRDSRUWHGHPDWHULDOIRWRJUiFRGH-XDQ&DUORV0RQWHUR'LUN(PEHUW6WHIIHQ5HLFKOH
5REHUWR9iVTXH]5REHUW0OOHU(GPRQG6DQFKH],VUDHO9DUJDV0DULH&ODXGH$UWHDJD\5LFKDUG(VWUDGD
,JXDOPHQWH 0HU\ 5XWK 0DULDFD GH &RQVHUYDFLyQ ,QWHUQDFLRQDO IDFLOLWy KHUPRVDV IRWRJUDItDV WRPDGDV SRU
$QGUp%lUWVFKL\$QWRQLR6XiUH]
5REHUW0OOHU'DPLiQ5XPL]\+XPEHUWR*yPH]UHYLVDURQ\FRPHQWDURQYROXQWDULDPHQWHYDULDVVHFFLRQHV
GHOGRFXPHQWR6WHSKDQ%HFNGHO+HUEDULR1DFLRQDOGH%ROLYLDEULQGyXQDSR\RLPSRUWDQWHDOIDFLOLWDUPXHV
WUDVERWiQLFDV\DSR\DUHQVXLGHQWLFDFLyQ6WHIDQ.UHIWFRQWULEX\yFRQGDWRVPXHVWUHDGRVHQHOPDUFRGHVX
WHVLVGRFWRUDODSR\DGRSRUIRQGRVGHO6HUYLFLR$OHPiQGH,QWHUFDPELR$FDGpPLFR\GHOD6RFLHGDG$OHPDQD
GH2UQLWRORJtD7URSLFDO
)LQDOPHQWHDJUDGHFHUDFDGDXQRGHORVDXWRUHVTXHFRQWULEX\HURQVLJQLFDWLYDPHQWHDODUHGDFFLyQGHGLIH
UHQWHVFDStWXORVDVtFRPRDOSHUVRQDOWpFQLFR\DGPLQLVWUDWLYRGH)$1TXHDSR\yHQDVSHFWRVORJtVWLFRV\GH
HMHFXFLyQGHOSUR\HFWR
[L
5HVXPHQHMHFXWLYR
(O&RUUHGRU$PERUy0DGLGL&$0WLHQHXQDOWRYDORUELROyJLFRHFROyJLFR(O&$0IRUPDSDUWHGHO&RUUHGRU
9LOFDEDPED$PERUyTXHVHH[WLHQGHHQWUH3HU~\%ROLYLD\HVSDUWHGHOKRWVSRWGHELRGLYHUVLGDGGHORV$QGHV
7URSLFDOHV(QHO&$0WDPELpQKD\XQDDOWDFRQFHQWUDFLyQGHDFWLYLGDGHVKXPDQDVTXHWDPELpQGHQRWDQVX
LPSRUWDQFLDSDUDHOGHVDUUROORVRFLDO\HFRQyPLFRGH%ROLYLD
(O&$0XELFDGRHQ%ROLYLDFXEUHXQDVXSHUFLHDSUR[LPDGDGHKDTXHUHSUHVHQWDQHOGHO
WHUULWRULRQDFLRQDODEDUFDODHFRUUHJLyQGH<XQJDVSDUWHGHODHFRUUHJLyQGHO6XGRHVWHGHOD$PD]RQtDFRQORV
ERVTXHV6XEDQGLQRV\3UHDQGLQRV\SHTXHxDVH[WHQVLRQHVGHODHFRUUHJLyQGH%RVTXHV6HFRV,QWHUDQGLQRV
$SUR[LPDGDPHQWHKDGHVXSHUFLHGHiUHDGHO&$0HVWiOHJDOPHQWHSURWHJLGDFRQODSUHVHQFLD
GHQXHYHiUHDVSURWHJLGDVGHFDUiFWHUQDFLRQDOHQWUHSDUTXHVQDFLRQDOHV\RWUDVFDWHJRUtDVGHJHVWLyQPDQHMDGDV
SRUHO6HUYLFLR1DFLRQDOGHUHDV3URWHJLGDV6(51$3
9DULRVHVWXGLRVFRQUPDQTXHHO&$0QRVyORWLHQHLPSRUWDQFLDUHJLRQDOVLQRWDPELpQJOREDOSRUHMHPSORHO
3DUTXH1DFLRQDO0DGLGLMXQWRFRQHOiUHDIURQWHUL]DHQHO3HU~7DPERSDWD&DQGDPRUHSUHVHQWDQHOOXJDUFRQ
ODPiVDOWDGLYHUVLGDGGHDYLIDXQDHQHOPXQGR7DPELpQHOFLQFRSRUFLHQWRGHWRGDVODVRUTXtGHDVFRQRFLGDV
HQHOSODQHWDVHHQFXHQWUDQHQHO&$0
(O&$0HVHOPD\RUODERUDWRULRGHODHYROXFLyQELROyJLFDHQ%ROLYLDFDUDFWHUtVWLFDPDUFDGDSRUODVREUHVDOLHQWH
ULTXH]DGHHVSHFLHV\FRQFHQWUDFLyQGHHQGHPLVPR1LQJ~QiUHDHQHOSDtVVHFRPSDUDFRQHVWDVFDUDFWHUtVWL
FDVGHGLYHUVLGDG/RVERVTXHVPRQWDQRVK~PHGRVGH<XQJDVVRQSRUHMHPSORXQFHQWURGHHYROXFLyQGHODV
RUTXtGHDVQHRWURSLFDOHV7UHVPLOHVSHFLHVGHSODQWDVKDQVLGRUHJLVWUDGDVHQHO3DUTXH1DFLRQDO$PERUy\VXV
DOUHGHGRUHVRWUDViUHDVFRPR$SROREDPED0DGLGL3DPSDVGHO+HDWKFRQWLHQHQXQDGLYHUVLGDGLPSRUWDQWHHQ
RUDFRQDOUHGHGRUGHHVSHFLHV
(QIDXQDORVDVSHFWRVPiVVREUHVDOLHQWHVLQGLFDQTXHQLQJXQDRWUDiUHDHQ%ROLYLDWLHQHWDQWRVDQELRVHQGpPLFRV
'HHVSHFLHVGHDQELRVFRQRFLGDVSDUD%ROLYLDKDVWDHODxRGHHOODVVHLGHQWLFDURQFRPRHQGpPLFDV
SDUDHOSDtV\PiVGHOGHpVWDVWLHQHQVXiUHDGHGLVWULEXFLyQUHVWULQJLGDDORV<XQJDV'HODVHVSHFLHV
GHDYHVUHJLVWUDGDVSDUD%ROLYLDKDVWDHODxRXQQ~PHURGHHVSHFLHVVHGHVFULEHQFRQGLVWULEXFLyQ
UHVWULQJLGDDXQDRGRV]RQDVGHYLGD\HOGHpVWDVVHHQFXHQWUDHQWUHORV<XQJDV\OD$PD]RQtD
1XPHURVDVHVSHFLHVJOREDOPHQWHDPHQD]DGDV\HQSHOLJURVHHQFXHQWUDQHQHO&$03DUDHOFDVRGHDQELRV
HVSHFLHVSUHVHQWHVHQHO&$0VHPHQFLRQDQHQOD/LVWD*OREDOGH$QELRV$PHQD]DGRV3RURWURODGRHO
GHODVDYHVDPHQD]DGDVGH%ROLYLDVHJ~QFDWHJRUtDVGH8,&1VHHQFXHQWUDQHQHO&$0LQFOX\HQGR3DX[L
XQLFRUQLVXQDHVSHFLHHQGpPLFD\FDWHJRUL]DGDFRPRHQSHOLJURHQOD/LVWD0XQGLDOGH$YHV$PHQD]DGDV(Q
HO&$0WDPELpQVHXELFDQUHDV,PSRUWDQWHVSDUDOD&RQVHUYDFLyQGHODV$YHV,%$V\VLWLRVSURSXHVWRV
TXHD~QQHFHVLWDQPD\RULQYHVWLJDFLyQ4XLQFHHVSHFLHVGHPDPtIHURVOLVWDGRVHQHO$SpQGLFH,\,,GHO&,7(6
WLHQHQVXGLVWULEXFLyQHQHOiUHDGHO&$0LQFOX\HQGR7UHPDUFWRVRUQDWXV\0D]DPDFKXQ\LTXHVRQHVSHFLHV
WtSLFDVGHORVERVTXHVPRQWDQRVK~PHGRV
KWWSZZZELRGLYHUVLW\KRWVSRWVRUJ[S+RWVSRWVDQGHV
[LL
,JXDOPHQWH HO &$0 WLHQH XQD DOWD LPSRUWDQFLD HFROyJLFD SULQFLSDOPHQWH GHELGR D TXH IRUPD SDUWH GH ODV
FXHQFDVDOWDVGHORVVLVWHPDVXYLDOHVDPD]yQLFRVDEDUFDiUHDVGHVXSHUSOXYLRVLGDG\iUHDVGHLPSRUWDQFLD
SDUDLQXQGDFLRQHVHVWDFLRQDOHV/DVIXQFLRQHVKLGURFOLPiWLFDVGHHVWHFRPSOHMRGHHFRVLVWHPDVVRQSDUWHGHORV
PHFDQLVPRVGHJHQHUDFLyQ\PDQXWHQFLyQGHODELRGLYHUVLGDGGHOiUHD
/DVFDUDFWHUtVWLFDVVRFLDOHV\HFRQyPLFDVWDPELpQVRQUHOHYDQWHVGHQWURGHOFRUUHGRUFRPRHQHOFRQWH[WRQD
FLRQDO8QDVSHUVRQDVYLYHQHQHO&$0\DOPHQRVKDELWDQWHVVHHQFXHQWUDQHQHOiUHDGH
LQXHQFLD&HUFDGHOGHODSREODFLyQSHUWHQHFHQDDOJXQRGHORVRFKRJUXSRVpWQLFRVH[LVWHQWHHQHOiUHD
+D\XQDEXHQDFREHUWXUDGH7LHUUDV&RPXQLWDULDVGH2ULJHQKDVLQHPEDUJRPXFKDVGHHOODVVH
VXSHUSRQHQFRQiUHDVSURWHJLGDVORFXDOUHSUHVHQWDXQIDFWRULPSRUWDQWHSDUDFRQVLGHUDUHVWUDWHJLDVGHFRQVHU
YDFLyQTXHSHUPLWDQFRPSDWLELOL]DUVXVXVRV
/DVSULQFLSDOHVYtDVFDPLQHUDVTXHFRQHFWDQDODVWUHVFLXGDGHVSULQFLSDOHVGH%ROLYLD6DQWD&UX]&RFKDEDPED
\/D3D]DWUDYLHVDQRFLUFXQGDQDO&$0([LVWHQLPSRUWDQWHVFHQWURVDJUtFRODV\WDPELpQKD\XQDDOWDFRQFHQ
WUDFLyQGHFRQFHVLRQHVPLQHUDVSHWUROHUDV\IRUHVWDOHVTXHVLQHPEDUJRD~QQRHVWiQHQVXPi[LPDFDSDFLGDG
GHDSURYHFKDPLHQWR(QWpUPLQRVGHMXULVGLFFLyQSROtWLFD\DGPLQLVWUDWLYDGHOSDtVPXQLFLSLRVGLVWULEXLGRV
HQFXDWURGHSDUWDPHQWRVIRUPDQSDUWHGHO&$0\UHSUHVHQWDQODXQLGDGDGPLQLVWUDWLYDFODYHSDUDHOPDQHMR
GHOWHUULWRULR\ORVUHFXUVRVQDWXUDOHV
7RGRVHVWRVIDFWRUHVGHQRWDQTXHHO&$0VHKDFRQVWLWXLGRHQXQiUHDLPSRUWDQWHSDUDODFRQVHUYDFLyQGHOD
ELRGLYHUVLGDGDVtFRPRSDUDHOGHVDUUROORVRFLDO\HFRQyPLFRGH%ROLYLD
&RQVLGHUDQGRHVWHFRQWH[WRVHGHVDUUROOyHOSUR\HFWR9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU
$PERUy0DGLGLFRQODQDOLGDGGHJDUDQWL]DUVXIXQFLRQDOLGDGFRPRXQFRUUHGRUELROyJLFRQDWXUDO(VWHSUR
\HFWRIXHHMHFXWDGRGHPDQHUDFRQMXQWDHQWUHOD)XQGDFLyQ$PLJRVGHOD1DWXUDOH]DFRPRUHVSRQVDEOHWpFQLFR
HODSR\RWpFQLFR\QDQFLHURGHO)RQGR0XQGLDOSDUDOD1DWXUDOH]D::)7KH1DWXUH&RQVHUYDQF\71&\
&RQVHUYDFLyQ,QWHUQDFLRQDO&,/D'LUHFFLyQ*HQHUDOGH%LRGLYHUVLGDGGHO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH
EULQGyDSR\RLQVWLWXFLRQDOOLGHUDQGRXQFRPLWpGHVHJXLPLHQWR&&&$0(OSUR\HFWRWDPELpQKDUHFLELGR
YDOLRVRVDSRUWHVWpFQLFRVGHO&HQWURGH,QYHVWLJDFLyQ6DWHOLWDO\7HOHGHWHFFLyQ&,67(/HO,QVWLWXWRGH(FR
ORJtD,(\ODVHFFLyQGH2UQLWRORJtDGHO0XVHRGH+LVWRULD1DWXUDO1RHO.HPSII0HUFDGR0+11.0DVt
FRPRDSRUWHVDOGHVDUUROORPHWRGROyJLFR\KHUUDPLHQWDVGHDQiOLVLVSRUSDUWHGHOSURJUDPDDOHPiQ7g%*7=
HQHOPDUFRGHOSUR\HFWR([WUDSRODFLRQHVGHELRGLYHUVLGDG\HVFHQDULRVGHFOLPD\VRFLRGHPRJUiFRVFRPR
LQVWUXPHQWRVGHDQiOLVLVSDUDHOGLVHxR\GLVWULEXFLyQySWLPDGHiUHDVSURWHJLGDVHQ%ROLYLD
/DYLVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDGGHO&$0VHIXQGDPHQWDHQHODQiOLVLVGHODVSULRULGDGHVGHFRQ
VHUYDFLyQGDGDVSRUORVGLVWLQWRVREMHWRVGHFRQVHUYDFLyQGHHVWDPDQHUDORVUHVXOWDGRVVHFRQVWLWX\HQHQOD
OtQHDGHEDVHSDUDGHQLUHOHVWDGRGHVHDEOHGHFRQVHUYDFLyQGHODELRGLYHUVLGDGGHO&$0DODUJRSOD]R3DUD
HVWHQVHUHDOL]yXQWUDWDPLHQWRLQWHJUDO\GLIHUHQFLDGRGHOWHUULWRULREXVFDQGRHQSULPHUDLQVWDQFLDHOPDQ
WHQLPLHQWRGHODLQWHJULGDGHFROyJLFDGHORVJUDQGHVEORTXHVGHHFRVLVWHPDVIXQFLRQDOHV\iUHDVGHDOWRYDORU
ELROyJLFRHFROyJLFRLGHQWLFDGDVFRPRSULRULGDGHVFRPSOHPHQWDULDV(QXQVHJXQGRQLYHOGHSULRULGDGHVVH
DQDOL]DURQSRVLELOLGDGHVGHGHVDUUROORVRVWHQLEOH\RUHVWDXUDFLyQVHJ~QHOJUDGRGHSHUWXUEDFLyQGHORVGLVWLQWRV
HFRVLVWHPDV
(OHQIRTXHGHVHOHFFLyQGHREMHWRVGHFRQVHUYDFLyQGHO&$0GLRPXFKRpQIDVLVHQFRUUHGRUHVDOWLWXGLQDOHVGHELGR
DOGHVSOD]DPLHQWRGHHVSHFLHVHQHVWHJUDGLHQWHTXHHVXQRGHORVPHFDQLVPRVLPSRUWDQWHVSDUDODJHQHUDFLyQGH
HVSHFLHV\VREUHWRGRSDUDODPDQXWHQFLyQGHODGLYHUVLGDGELROyJLFD$GHPiVHQHVWHFRQWH[WRWDPELpQHVPX\
LPSRUWDQWHJDUDQWL]DUODIXQFLRQDOLGDGGHHFRVLVWHPDVERVFRVRVWUDWDQGRGHPDQWHQHUORVEORTXHVPiVJUDQGHV
PHMRUFRQVHUYDGRV\PHMRUFRQHFWDGRV3RURWURODGRHQWRGDHOiUHDGHO&$0KD\XQDLPSRUWDQWHGLYHUVLGDG
[LLL
EHWDDORODUJRGHJUDGLHQWHVDOWLWXGLQDOHV\ODWLWXGLQDOHVDVtWDPELpQUHVDOWDODLPSRUWDQFLDGHFRQVHUYDFLyQGH
FHQWURVGHULTXH]DGHHQGHPLVPRFRPRORVSULQFLSDOHVFHQWURVGHHYROXFLyQELROyJLFDHQHO&$0
'HHVWDPDQHUDDWUDYpVGHXQOWURJUXHVRHQIRFDGRHQODIXQFLRQDOLGDGVHVHOHFFLRQDURQFRPRREMHWRVGH
FRQVHUYDFLyQDORVFRUUHGRUHVDOWLWXGLQDOHVEORTXHVGHERVTXHVHQEXHQHVWDGRGHFRQVHUYDFLyQ\HFRVLVWHPDV
TXHHMHFXWDQIXQFLRQHVKLGURFOLPiWLFDVLPSRUWDQWHV(QXQOWURPiVQR\PiVHQIRFDGRHQODUHSUHVHQWDFLyQ
GHHVSHFLHVVHFRQVLGHUDURQSDWURQHVGHGLVWULEXFLyQSDUDPiVGHHVSHFLHVSULRUL]DQGRORVFHQWURVGH
ULTXH]DGHHQGHPLVPRFRPRREMHWRVGHFRQVHUYDFLyQ\ORVHFRVLVWHPDVFDUDFWHUL]DGRVSRUXQDVLQJXODULGDG
ELROyJLFDVREUHVDOLHQWH
/DYLVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDGGHVDUUROODGDSDUDHO&$0VHFRQVWLWX\HHQHOVXVWHQWRWpFQLFR
SDUDRULHQWDUHORUGHQDPLHQWRGHOHVSDFLRFRPRHVWUDWHJLDIXQGDPHQWDOGHPDQHMR(VWRVHVSDFLRVVXVFHSWL
EOHVDVHURUGHQDGRVFXPSOLUiQXQDRYDULDVIXQFLRQHVWHQLHQGRFRPREDVHODSULRUL]DFLyQGHREMHWRV\PHWDV
GHFRQVHUYDFLyQLPSRUWDQWHVSDUDPDQWHQHUODIXQFLRQDOLGDG\ODUHSUHVHQWDFLyQGHODELRGLYHUVLGDGGHO&$0
&RQHOVXVWHQWRGHODYLVLyQGHFRQVHUYDFLyQHOPLVPRHVSDFLRHVRUGHQDGRDWUDYpVGHXQD]RQLFDFLyQHVWUXF
WXUDGDHQXQSRUWDIROLRGHVLWLRVSULRULWDULRV\iUHDVDOWHUQDWLYDVGHJHVWLyQGHFRQVHUYDFLyQ\GHVDUUROORVRVWH
QLEOHLGHQWLFDQGRDVtiUHDVGHPD\RUSURWHFFLyQRSRUWDIROLRGHVLWLRVSULRULWDULRViUHDVGHGHVDUUROOR
VRVWHQLEOH\iUHDVGHGHVDUUROORPHMRUDPLHQWRGHODFDOLGDGGHOHFRVLVWHPD\UHVWDXUDFLyQ(VWDSURSXHVWD
GH]RQLFDFLyQVHHVWUXFWXUyLQWHJUDQGR\FRPSDWLELOL]DQGRODYLVLyQGHFRQVHUYDFLyQFRQODVLWXDFLyQGHXVR
DFWXDOGHORVUHFXUVRVQDWXUDOHV\RFXSDFLyQWHUULWRULDO'HHVWDPDQHUDODViUHDVSURSXHVWDVSDUDFRQVHUYDFLyQ
\GHVDUUROORWHQGUiQPD\RUYLDELOLGDGGHLPSOHPHQWDFLyQ
[LY
6LJODV\$FUyQLPRVXWLOL]DGRV
$,&$
UHDV,PSRUWDQWHVSDUDOD&RQVHUYDFLyQGHODV$YHV
$6/
$JUXSDFLRQHV6RFLDOHVGHO/XJDU
%(&
%RVTXHVHQ%XHQ(VWDGRGH&RQVHUYDFLyQ
%,20
%,2FOLPDWLF0RGHOIRUWKHH[WUDSRODWLRQRIVSHFLHVUDQJHVDQGGLYHUVLW\SDWWHUQV
%2/)25 3URJUDPD%ROLYLD)RUHVWDO
&$
&RUUHGRUHV$OWLWXGLQDOHV
&$0
&RUUHGRU$PERUy0DGLGL
&%5
&RPXQLGDGHV%LROyJLFDVFRQ$OWD5LTXH]DGH(QGHPLVPR
&%8
&RPXQLGDGHV%LROyJLFDVQLFDV
&&&$0 &RPLWpGH&RRUGLQDFLyQGHO&RUUHGRU$PERUy0DGLGL
&(-,6
&HQWURGH(VWXGLRV-XUtGLFRVH,QYHVWLJDFLyQ6RFLDO
&(3)
&ULWLFDO(FRV\VWHP3DUWKQHUVKLS)XQG
&,
&RQVHUYDFLyQ,QWHUQDFLRQDO
&,$7
&HQWUR,QWHUQDFLRQDOGH$JULFXOWXUD7URSLFDO
&,67(/ &HQWURGH,QYHVWLJDFLyQ6DWHOLWDO\7HOHGHWHFFLyQ
&1+
&iPDUD1DFLRQDOGH+LGURFDUEXURV
&20/,7 &RPLVLyQGH/tPLWHV
&37,
&HQWURGH3ODQLFDFLyQ7HUULWRULDO,QGtJHQD
'*%
'LUHFFLyQ*HQHUDOGH%LRGLYHUVLGDG
()+
(FRVLVWHPDVGH,PSRUWDQFLDSDUD3URFHVRV+LGURFOLPiWLFRV
)$1
)XQGDFLyQ$PLJRVGHOD1DWXUDOH]D
)$2
2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD$OLPHQWDFLyQ
)21$0$ )RQGR1DFLRQDOGHO0HGLR$PELHQWH
*$$
*OREDO$PSKLELDQV$VVHVVPHQW
*()
*OREDO(QYLURQPHQWDO)DFLOLW\
*/&)
*OREDO/DQG&RYHU)DFLOLW\
*36
*OREDO3RVLWLRQ6\VWHP
,%$V
,PSRUWDQW%LUG$UHD
,&,%
,QVWLWXWRSDUDOD&RQVHUYDFLyQ\OD,QYHVWLJDFLyQ%LROyJLFD
,'(
QGLFHGHGHSHQGHQFLDHFRQyPLFD
,'+
QGLFHGH'HVDUUROORKXPDQR
,(
,QVWLWXWRGH(FRORJtD
,*0
,QVWLWXWR*HRJUiFR0LOLWDU
,1(
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDV
,15$
,QVWLWXWR1DFLRQDOGH5HIRUPD$JUDULD
,3&&
,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWH&KDQJH
,7&=
,QWHUWURSLFDO&RQYHUJHQFH=RQH
0'63
0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLFDFLyQ
0(0V
6LVWHPDGH0HGLFLyQGH(IHFWLYLGDGGH0DQHMR
0+11.00XVHRGH+LVWRULD1DWXUDO1RHO.HPSII0HUFDGR
1%,
1HFHVLGDGHV%iVLFDV,QVDWLVIHFKDV
23
2IHUWDSRWHQFLDO
3'0
3ODQGH'HVDUUROOR0XQLFLSDO
3($
3REODFLyQ(FRQyPLFDPHQWH$FWLYD
3(,
3REODFLyQ(FRQyPLFDPHQWH,QDFWLYD
[Y
3(7
3REODFLyQHQ(GDGGH7UDEDMDU
3/86
3ODQGH8VRGH6XHOR
31$10, 3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR,QWHJUDGR
318'
3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO'HVDUUROOR
3520(7$3URWHFFLyQGHO0HGLR$PELHQWH7DULMD
5%7&2 5HVHUYDGHOD%LRVIHUD\7LHUUD&RPXQLWDULDGH2ULJHQ
5511 5HFXUVRV1DWXUDOHV
5331
5HVHUYDV3ULYDGDVGH3DWULPRQLR1DWXUDO
6(1$0+, 6HUYLFLR1DFLRQDOGH0HWHRURORJtDH+LGURORJtD
6(51$3 6HUYLFLR1DFLRQDOGHUHDV3URWHJLGDV
6(70,1 6HUYLFLR7pFQLFRGH0LQDV
6,$
6XSHULQWHQGHQFLD$JUDULD
6,)
6XSHULQWHQGHQFLD)RUHVWDO
6,*
6LVWHPDGH,QIRUPDFLyQJHRJUiFD
615$
6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULD
6570
6KXWWOH5DGDU7RSRJUDSK\0LVVLRQ
7&
7DVDGH&HVDQWtD
7&2
7LHUUD&RPXQLWDULDGH2ULJHQ
7'$
7DVDGH'HVHPSOHR$ELHUWD3REODFLyQGHVRFXSDGD3($
7*)
7DVD*OREDOGH)HFXQGLGDG
7*3
7DVD*OREDOGH3DUWLFLSDFLyQ
7,
7DVDGH,QDFWLYLGDG
7,31,6 7HUULWRULR,QGtJHQD\3DUTXH1DFLRQDO,VLERUR6pFXUH
70,
7DVDGH0RUWDOLGDG,QIDQWLO
71&
7KH1DWXUH&RQVHUYDQF\
72
7DVDGHRFXSDFLyQ
7523,&2 $VRFLDFLyQ%ROLYLDQDSDUDOD&RQVHUYDFLyQ
8'$3( 8QLGDGGH$QiOLVLVGH3ROtWLFDV6RFLDOHV\(FRQyPLFDV
8'$362 8QLGDGGH$QiOLVLVGH3ROtWLFDV6RFLDOHV
8,&1
8QLyQ0XQGLDOSDUDOD1DWXUDOH]D
81(6&2 2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD
86$,'
$JHQFLDGHORV(VWDGRV8QLGRVSDUDHO'HVDUUROOR,QWHUQDFLRQDO
86*6
8QLWHG6WDWHV*HRORJLFDO6XUYH\
::)
)RQGR0XQGLDOSDUDOD1DWXUDOH]D
:&6
:LOGOLIH&RQVHUYDWLRQ6RFLHW\
<3)%
<DFLPLHQWRV3HWUROtIHURV)LVFDOHV%ROLYLDQRV
[YL
/LVWDGHDXWRUHVGHOD3XEOLFDFLyQ
6D~O$OWDPLUDQR
%LyORJR%RWiQLFR
,QYHVWLJDGRU$VRFLDGRGHO+HUEDULR)RUHVWDO0DUWtQ&iUGHQDV
MREDOWDPLUDQR#\DKRRHV
&DUROD$QWH]DQD
%LyORJD%RWiQLFD
,QYHVWLJDGRUD$VRFLDGDGHO+HUEDULR0DUWtQ&iUGHQDV
FDURODDQWH]DQD#KRWPDLOFRP
1DWDOLD$UDXMR1
%LyORJDGH&RQVHUYDFLyQ
)XQGDFLyQ$PLJRVGHOD1DWXUDOH]D)$1%ROLYLD
QDUDXMR#IDQERRUJ
0DUJRWK$WDKXDFKL
$JUyQRPD
+HUEDULR)RUHVWDO1DFLRQDO0&iUGHQDV%2/9
PDUBOHJX#\DKRRFRP
5RELQ&DEDOOHUR
,QIRUPiWLFR
)XQGDFLyQ$PLJRVGHOD1DWXUDOH]D)$1%ROLYLD
UFDEDOOHUR#IDQERRUJ
9HUyQLFD&KDYH]
%LyORJD=RyORJD
&RQVXOWRUDLQGHSHQGLHQWHSDUDHOSUR\HFWR&$0
YHFKDYH]FDO#\DKRRFRP
6D~O&XpOODU
*HRPiWLFR6,*
)XQGDFLyQ$PLJRVGHOD1DWXUDOH]D)$1%ROLYLD
VFXHOODU#IDQERRUJ
1HOO\'HOD%DUUD
%LyORJD
+HUEDULR)RUHVWDO1DFLRQDO0&iUGHQDV%2/9
QHOO\GHODEDUUD#\DKRRHV
'LUN(PEHUW
%LyORJRKHUSHWyORJR
&RQVXOWRULQGHSHQGLHQWH
GHPEHUW#IDQERRUJ
[YLL
6DUD(VSLQR]D
*HRPiWLFR6,*
)XQGDFLyQ$PLJRVGHOD1DWXUDOH]D)$1%ROLYLD
VHVSLQR]D#IDQERRUJ
(ULND)HUQiQGH]
%LyORJD%RWiQLFD
,QYHVWLJDGRUD$VRFLDGDGHO+HUEDULR0DUWtQ&iUGHQDV
HULNDBIHU#\DKRRHV
:DQGHUOH\)HUUHLUD
$JUyQRPRFRQHVSHFLDOLGDGHQWHOHGHWHFFLyQ
&RQVXOWRULQGHSHQGLHQWHDVRFLDGRD&HQWURGH,QYHVWLJDFLyQ6DWHOLWDO\7HOHGHWHFFLyQ&,67(/
ULPRZD#VXSHUQHWFRPER
$OIUHGR)XHQWHV
%LyORJR%RWiQLFR
,QYHVWLJDGRU$VRFLDGRGHO+HUEDULR1DFLRQDOGH%ROLYLD\
GHO0XVHRGH+LVWRULD1DWXUDO1RHO.HPSII0HUFDGR
NXUWTXLVSH#KRWPDLOFRP
<XYLQND*DUHFD
%LyORJD(QWRPyORJD
&RQVXOWRUDLQGHSHQGLHQWH
\XYLQNDJDU#\DKRRFRP
+XPEHUWR*yPH]
%LyORJR
)XQGDFLyQ$PLJRVGHOD1DWXUDOH]D
KJRPH]#IDQERRUJ
3LHUUH/,ELVFK
%LyORJR(FyORJR
,QYHVWLJDGRUDVRFLDGRGH)$1H[([SHUWR,QWHJUDGR&,0*7=
3URIHVVRUIRU1DWXUH&RQVHUYDWLRQ
)DFXOW\RI)RUHVWU\8QLYHUVLW\RI$SSOLHG6FLHQFHV(EHUVZDOGH
SLELVFK#IKHEHUVZDOGHGH
6WHIDQ.UHIW
2UQLWyORJR
7HVLVWDGH'RFWRUDGRGHQWURGHOPDUFRGHOSUR\HFWR&$0
VWHIDQBNUHIW#JP[GH
$OH[DQGUD/H\
%LyORJD
&RQVXOWRUDLQGHSHQGLHQWH
DFBOH\#KRWPDLOFRP
[YLLL
5DPLUR0ROLQD
$QWURSyORJR
&RQVXOWRULQGHSHQGLHQWH
UDPLURPROLQD#DFHOHUDWHFRP
5REHUW0OOHU
%LyORJR(FyORJR
,QYHVWLJDGRUDVRFLDGRGH)$1\7523,&2
UREHPXOH#\DKRRFRP
*RQ]DOR1DYDUUR
%LyORJR*HRERWiQLFR
&RQVXOWRLQGHSHQGLHQWHDVRFLDGRD&HQWURGH,QYHVWLJDFLyQ\7HOHGHWHFFLyQ&,67(/
JRQ]DORQDYDUURVDQFKH]#JPDLOFRP
&KULVWRSK1RZLFNL
%LyORJR(FyORJR
,QYHVWLJDGRUDVRFLDGRGH)$1
)DFXOW\RI)RUHVWU\8QLYHUVLW\RI$SSOLHG6FLHQFHV(EHUVZDOGH
FQRZLFNL#IKHEHUVZDOGHGH
'HQLVVH4XLURJD
%LyORJD
)XQGDFLyQ$PLJRVGHOD1DWXUDOH]D
GTXLURJD#IDQERRUJ
6WHIIHQ5HLFKOH
+HUSHWyORJR(FyORJR
7KH1DWXUH&RQVHUYDQF\
VUHLFKOH#WQFRUJ
*UDFLHOD=ROH]]L
$QWURSyORJD
)XQGDFLyQ$PLJRVGHOD1DWXUDOH]D
J]ROH]]L#IDQERRUJ
[L[
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
2EMHWLYR3ULQFLSDO
(OREMHWLYRSULQFLSDOGHOSUR\HFWRKDVLGRHOGHVDUUROORGHXQDYLVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDGHQ
HO&RUUHGRU$PERUy0DGLGLFRPRXQDKHUUDPLHQWDIXQGDPHQWDOSDUDHQIUHQWDUHVWUDWHJLDVGHFRQVHUYDFLyQHQ
HVWDUHJLyQGH%ROLYLD'HHVWDPDQHUDVHHVSHUDTXHODVOtQHDVHVWUDWpJLFDVGHVDUUROODGDVHQODYLVLyQSXHGDQVHU
LQWHUQDOL]DGDVSULQFLSDOPHQWHSRUORVDFWRUHVGHFRQVHUYDFLyQGHODELRGLYHUVLGDGORJUDQGRHOHVWDEOHFLPLHQWR
GHXQFRUUHGRUGHFRQVHUYDFLyQHQIRFDGRKDFLDHOPDQWHQLPLHQWRGHSURFHVRVHFROyJLFRV\HYROXWLYRVHYLWDQGR
ODSpUGLGDGHFRQHFWLYLGDG\ODIUDJPHQWDFLyQGHORVHFRVLVWHPDVDVtFRPRODFRQVHUYDFLyQGHODVHVSHFLHV
PDQWHQLHQGRVXUHSUHVHQWDWLYLGDGVLQJXODULGDGEDMRXQHQIRTXHGHGHVDUUROORKXPDQRVRVWHQLEOH
2EMHWLYRVHVSHFtFRV
,GHQWLFDUODVQHFHVLGDGHVGHFRQVHUYDFLyQGHVGHODSHUVSHFWLYDGHODELRGLYHUVLGDGHQHO&$0RULHQWDGDV
SRUXQGLDJQyVWLFRFRPSOHWRVREUHDVSHFWRVELROyJLFRV\HFROyJLFRV
'HWHUPLQDUHOSRWHQFLDOGHFRQVHUYDFLyQGHVGHODSHUVSHFWLYDKXPDQDFRQWHPSODQGRHOHVWDGRDFWXDOGH
FRQVHUYDFLyQGHORVHFRVLVWHPDV\HVFHQDULRVIXWXURVSDUDODELRGLYHUVLGDG
'HQLUOLQHDPLHQWRVWpFQLFRVSDUDODJHVWLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDGHQHO&$0DODUJR
SOD]R
0DUFRFRQFHSWXDOSDUDHOGHVDUUROORGHXQD9LVLyQGH&RQVHUYDFLyQ
/D9LVLyQGH&RQVHUYDFLyQVHKDGHQLGRFRPRHOHVWDGRGHVHDEOHGHODELRGLYHUVLGDGHQXQIXWXURDODUJR
SOD]RTXHHVHOUHVXOWDGRGHXQSURFHVRGHDWHQFLyQDGHFXDGDWDQWRGHODVQHFHVLGDGHVGHODELRGLYHUVLGDGFRPR
GHOGHVDUUROORKXPDQRVRVWHQLEOH
6HSODQWHyHOGHVDUUROORGHXQD9LVLyQGLQiPLFDSURDFWLYD\HVSDFLDOL]DGDSDUDWRGDHOiUHDGHO&$0FRQVL
GHUDQGRHVFHQDULRVHFROyJLFRVFRPRVRFLRHFRQyPLFRV\RULHQWDGDKDFLDXQDSURSXHVWDSDUDHOXVRGHODWLHUUD
FRQOtQHDVHVWUDWpJLFDVEDVDGDVHQREMHWLYRVGHFRQVHUYDFLyQPHGLEOHV\HVSDFLDOL]DGRV
(QHVWHPDUFROD9LVLyQGHVDUUROODGDHV
'LQiPLFDGDQGRPXFKRpQIDVLVHQSURFHVRVELROyJLFRV\HFROyJLFRVQREDViQGRVHHQSDWURQHVDFWXD
OHV\HVWiWLFRVGHODELRGLYHUVLGDGWUDWDQGRGHHQWHQGHUODHYROXFLyQGHORVSDWURQHV\JDUDQWL]DQGROD
HYROXFLyQKDFLDHOIXWXURSHURWDPELpQHQWHQGLHQGRODLQWHUDFFLyQGHORVKXPDQRVFRQORVHFRVLVWHPDV
FRPRXQSURFHVRGLQiPLFRTXHVLJXHHQHOIXWXUR
3URDFWLYDDQWLFLSiQGRVHDORVSUREOHPDVGHFRQVHUYDFLyQFRQVLGHUDQGRODVGLQiPLFDV\WHQGHQFLDVVR
FLRHFRQyPLFDVWUDEDMDQGRHVWUDWHJLDVHQIXQFLyQGHHVFHQDULRVGHPHMRURSHRUFDVRTXHSXHGDQSDVDU\
UHFRQRFLHQGRODRSRUWXQLGDGKLVWyULFDTXHVHWLHQHHQ%ROLYLDGHSRGHULQXLUVREUHHOGHVWLQRGHPXFKDV
iUHDVFRQWHQHQFLDGHODWLHUUDD~QQRELHQGHQLGD
(VSDFLDOL]DGDKDFLHQGRXQWUDWDPLHQWRLQWHJUDOGHOHVSDFLRRULHQWDGRKDFLDXQDYLVLyQGHFRQVHUYDFLyQ
TXHUHFRQRFHODVQHFHVLGDGHVGHGHVDUUROORKXPDQR\HOFRQVLJXLHQWHXVRGHORVUHFXUVRVQDWXUDOHVTXH
HVWRLPSOLFDVLQHPEDUJRFRQVLGHUDQGRTXHHOXVRGHEHDSOLFDUVHGHPDQHUDGLIHUHQFLDOHQHOWHUULWRULR
UHVSHWDQGRHOSRWHQFLDOQDWXUDOGHORVUHFXUVRV\ODVQHFHVLGDGHVGHFRQVHUYDFLyQGHODELRGLYHUVLGDG
(QWHQGLHQGRODFRQVHUYDFLyQFRPRXQXVRTXHEXVFDODJHQHUDFLyQ\PDQXWHQFLyQGHVHUYLFLRVHFROyJLFRV
TXHEULQGDQORVHFRVLVWHPDVDWUDYpVGHVXVIXQFLRQHVQDWXUDOHV
0HWRGRORJtD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
,, 0HWRGRORJtD
(QIRTXHPHWRGROyJLFRJHQHUDO
(OGHVDUUROORGHOD9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGHQHO&RUUHGRU$PERUy
0DGLGLKDWHQLGRFRPRHQIRTXHPHWRGROyJLFRODSODQLFDFLyQEDVDGDHQHFRUUHJLRQHV
DGDSWDQGRODPHWRGRORJtDDODVFDUDFWHUtVWLFDVGHO&RUUHGRU$PERUy0DGLGL&$0\D
ODVQHFHVLGDGHVGHVXJHVWLyQGHFRQVHUYDFLyQSDUDDVHJXUDUODFRQVHUYDFLyQGHODELRGL
YHUVLGDG\VXIXQFLRQDOLGDGFRPRFRUUHGRUELROyJLFR3RURWURODGRODSODQLFDFLyQHQ
HO&$0VHUHDOL]yDXQQLYHOLQWHUHFRUUHJLRQDO\DTXHDEDUFDYDULDVHFRUUHJLRQHV/RV
<XQJDVHQVXWRWDOLGDG\SDUWHVGHO6XGRHVWHGHOD$PD]RQLD\9DOOHV6HFRV,QWHUDQGLQRV
YHUFDStWXOR,,,
'XUDQWHORV~OWLPRVDxRVHO'HSDUWDPHQWRGH&LHQFLDVGH)$1KDGHVDUUROODQGRGHIRUPD
FRQWLQXDODPHWRGRORJtDGHSODQLFDFLyQHFRUUHJLRQDOGHDFXHUGRDODUHDOLGDG\HVWDGR
GHFRQRFLPLHQWRGHODELRGLYHUVLGDGHQ%ROLYLD,ELVFKHWDO$UDXMR ,ELVFK
,ELVFKHWDO/DEDVHLQLFLDOGHODVPHWRGRORJtDVGHVDUUROODGDVVHKDVXVWHQWDGRHQ
JUDQPHGLGDHQHOHQIRTXHSURSXHVWRSRU::)DOSULRUL]DUHFRUUHJLRQHVODWLQRDPHULFDQDV
SDUDODFRQVHUYDFLyQ'LQHUVWHLQHWDO(QHOPDUFRGHOGHVDUUROORGHOD9LVLyQGHO
&$0DGHPiVVHKDQLQFRUSRUDGRQXHYRVHOHPHQWRVSURSXHVWRVSRU71&FRQVX
PHWRGRORJtDWLWXODGD'LVHxRGHXQDJHRJUDItDGHODHVSHUDQ]D
/DSULPHUDH[SHULHQFLDPiVFRPSOHWDGHSODQLFDFLyQGHFRQVHUYDFLyQHQ%ROLYLDDXQ
QLYHOUHJLRQDOKDVLGRODHODERUDFLyQGHO3ODQGH&RQVHUYDFLyQ\'HVDUUROOR6RVWHQLEOH
GHO%RVTXH6HFR&KLTXLWDQR&HUUDGR\3DQWDQDO%ROLYLDQR,ELVFKHWDOJUDQ
SDUWHGHOHQIRTXHFRQFHSWXDO\PHWRGROyJLFRDSOLFDGRVHQHVWDSXEOLFDFLyQWDPELpQKDQ
VLGRDSURYHFKDGRVHQGLVWLQWDVHWDSDVGHOGHVDUUROORGHOD9LVLyQGHO&$0
(QODPHWRGRORJtDGHSODQLFDFLyQGHFRQVHUYDFLyQGHVDUUROODGDSDUDOD9LVLyQGHO&$0
VHKDDSOLFDGRWDPELpQHOHQIRTXHGHFRQVHUYDFLyQGHFRUUHGRUHVELROyJLFRV(Q%ROLYLD
D~QQRVHKDGHVDUUROODGRXQDH[SHULHQFLDFRQFUHWDGHGLVHxR\JHVWLyQGHFRUUHGRUHVGH
FRQVHUYDFLyQDXQDHVFDODUHJLRQDOVLQHPEDUJRGHVGHODSURSXHVWDGHSULRUL]DUDFFLRQHV
GHFRQVHUYDFLyQHQHO&RUUHGRU$PERUy0DGLGLLPSXOVDGDVSRU)$1\::)GHVGHHO
DxR,ELVFKHWDO$UDXMR ,ELVFK\OXHJRFRQODVDFFLRQHV\FRQFHSWRV
LPSXOVDGRVSRU&RQVHUYDFLyQ,QWHUQDFLRQDO&,SDUDHO&RUUHGRU9LOFDEDPED$PERUy
VHKDPHMRUDGRVXVWDQFLDOPHQWHHOHVWDGRGHFRQRFLPLHQWRGHO&$0\ORVFRQFHSWRV\
HQIRTXHVSDUDODSODQLFDFLyQ\DFFLRQHVGHFRQVHUYDFLyQ
(QHVWHVHQWLGRJUDQSDUWHGHORVHQIRTXHVPHWRGRORJtDV\FRQFHSWRVVREUHSODQLFDFLyQ
HFRUUHJLRQDO\FRUUHGRUHVGHFRQVHUYDFLyQHQ%ROLYLDKDQVLGRH[SXHVWRVHQGLVWLQWRV
GRFXPHQWRV\SXEOLFDFLRQHVUHDOL]DGDVHQORV~OWLPRVDxRVHQORVGLIHUHQWHVHMHUFLFLRVGH
SODQLFDFLyQHFRUUHJLRQDO,ELVFKHWDO$UDXMR ,ELVFK,ELVFKHWDO
,ELVFK $UDXMR$VSHFWRVFRQFHSWXDOHVVREUHODLPSRUWDQFLDGHO&$0FRPRFR
UUHGRUELROyJLFR\ODUHOHYDQFLDGHDVHJXUDUVXIXQFLRQDOLGDG\HOGHVDUUROORGHSURFHVRV
HFROyJLFRVVHGHVDUUROODQDPSOLDPHQWHHQHOFDStWXOR,,,
0HWRGRORJtD
3URFHVRWpFQLFRSDUDODHODERUDFLyQGHODYLVLyQGHFRQVHUYDFLyQGHOD
ELRGLYHUVLGDG
(OSURFHVRGHGHVDUUROORGHODYLVLyQGHFRQVHUYDFLyQGHO&$0VHHVWUXFWXUyHQWUHVSXQWRVSULQFLSDOHVDXQ
GLDJQyVWLFRGHODVFDUDFWHUtVWLFDVItVLFDVELROyJLFDV\HFROyJLFDVGHO&$0VLQFRQVLGHUDUD~QODLQXHQFLD
KXPDQDVREUHHOHVWDGRGHFRQVHUYDFLyQGHODELRGLYHUVLGDGEXQGLDJQyVWLFRVRFLRHFRQyPLFRSDUDHQWHQGHU
HOFRQWH[WRKXPDQRHQHOiUHDGHHVWXGLRDVtFRPRVXLQXHQFLDVREUHODFRQVHUYDFLyQGHODELRGLYHUVLGDG\
FXQDQiOLVLVLQWHJUDOGHODVQHFHVLGDGHVGHFRQVHUYDFLyQGHODELRGLYHUVLGDGFRQODUHDOLGDGVRFLRHFRQyPLFD
SDUDGLVHxDUXQDYLVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDGFRQXQHQIRTXHLQWHJUDODVtFRPRUHFRPHQGDFLRQHV
WpFQLFDVSDUDODJHVWLyQGHFRQVHUYDFLyQ
)LJ(VTXHPDJHQHUDOL]DGRGHOSURFHVRWpFQLFRSDUDODSODQLFDFLyQGHFRQVHUYDFLyQ
7RGDODHWDSDGHGLDJQyVWLFRELRItVLFRFRPRVRFLRHFRQyPLFRVHEDVyHQJUDQPHGLGDHQODVLVWHPDWL]DFLyQ\
DQiOLVLVGHLQIRUPDFLyQVHFXQGDULDH[LVWHQWH3DUDODGHVFULSFLyQGHDVSHFWRVItVLFRV\ELROyJLFRVVHXWLOL]y
HVSHFLDOPHQWHODLQIRUPDFLyQSURGXFLGDHQHOGRFXPHQWR+DFLDXQ3ODQGH&RQVHUYDFLyQGHO%LR&RUUHGRU
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$PERUy0DGLGL$UDXMR ,ELVFK OD PLVPDTXH IXH DFWXDOL]DGD\ FRPSOHPHQWDGDSDUD OD SUHVHQWH
SXEOLFDFLyQ
(ODQiOLVLVLQWHJUDOGHFRQVHUYDFLyQIXHODHWDSDFHQWUDOGHWRGRHOSURFHVRPHWRGROyJLFRVHLQWHJUDURQHQGLVWLQWRV
SDVRVORVUHVXOWDGRVGHODQiOLVLVELROyJLFRFRQORVVRFLRHFRQyPLFRVSDUDFRQVWUXLUODYLVLyQGHFRQVHUYDFLyQ
GHQLHQGRHQXQSULPHUSDVRHOHVWDGRGHFRQVHUYDFLyQGHODELRGLYHUVLGDG\OXHJRLGHQWLFDQGRREMHWRVGH
FRQVHUYDFLyQFRPREDVHSDUDODGHQLFLyQGHSULRULGDGHV8QDYH]GHQLGDVODVSULRULGDGHVVHFRQVWUX\yODYLVLyQ
GHFRQVHUYDFLyQGDQGRGHHVWDPDQHUDODOtQHDGHEDVHSDUDOD]RQLFDFLyQGHO&$0\VXiUHDGHLQXHQFLD
FRPRLQVWUXPHQWRGHRULHQWDFLyQSDUDODJHVWLyQGHFRQVHUYDFLyQ
/DSURSXHVWDGH]RQLFDFLyQHVWUDWpJLFDWLHQHODQDOLGDGGHRULHQWDUHORUGHQDPLHQWRWHUULWRULDOFRQVLGHUDQGR
XQDYLVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDGGHIRUPDFRPSDWLEOHFRQODUHDOLGDGVRFLRHFRQyPLFDSRUHOOR
VHLQFRUSRUDURQHQHODQiOLVLVGLVWLQWRVHOHPHQWRVGHOGLDJQyVWLFRVRFLHFRQyPLFRUHODFLRQDGRVFRQORVGHUHFKRV
RWRUJDGRVGHXVRGHORVUHFXUVRVQDWXUDOHV\GHUHFKRVVREUHHOWHUULWRULRDVtFRPRSODQHVGHXVRGHVXHORH[LV
WHQWHV
(ODQiOLVLVLQWHJUDOIXHSULQFLSDOPHQWHHVSDFLDOL]DGRXWLOL]yXQVLVWHPDGHYDORUDFLyQHQFXDGUtFXODDWUDYpV
GHOFXDOVHIXHURQSULRUL]DQGRiUHDVGRQGHORVREMHWRVGHFRQVHUYDFLyQSUHVHQWDURQPHMRUYLDELOLGDGGHFRQ
VHUYDFLyQ,QGHSHQGLHQWHPHQWHDOJXQRVDQiOLVLVSDUWLHURQGLUHFWDPHQWHGHOGLDJQyVWLFR\VXVUHVXOWDGRVVLUYHQ
FRPRLQVXPRVSDUDODYLVLyQ\ODGHQLFLyQDFFLRQHV
0HWRGRORJtD
%DVHGHLQIRUPDFLyQ\KHUUDPLHQWDVXWLOL]DGDVHQHOSURFHVRGHDQiOLVLV
WpFQLFR
(OSURFHVRGHHODERUDFLyQGHODYLVLyQWXYRFRPREDVHSULQFLSDOXQDQiOLVLVHVSDFLDOL]DGRDSURYHFKDQGRGHKH
UUDPLHQWDVGHO6LVWHPDGH,QIRUPDFLyQ*HRJUiFD6,*SDUDHOORVHFRPSLOy\WUDEDMyXQDEDVHGHLQIRUPDFLyQ
ELROyJLFDVRFLRHFRQyPLFD\FDUWRJUiFDGHXWLOLGDGHQGLVWLQWDVHWDSDVGHOSUR\HFWR
D /DEDVHGHLQIRUPDFLyQELROyJLFD
$SURYHFKDQGRODVLQHUJLDGHOGHVDUUROORGHODYLVLyQGHFRQVHUYDFLyQGHO&$0FRQYDULRVSUR\HFWRV\HVWXGLRVTXH
VHHVWXYLHURQUHDOL]DQGRGXUDQWHORV~OWLPRVDxRVHQ)$11RZLFNL6RPPHUHWDO/H\,ELVFK
9iVTXH]9iVTXH] ,ELVFKPiVODFRODERUDFLyQGHGLVWLQWRVHVSHFLDOLVWDVWDEODIXHSRVLEOH
FRPSLODU\SURFHVDUSDUDHODQiOLVLVELROyJLFRXQDEDVHGHGDWRVGHHVSHFLHVDQLYHOGH%ROLYLDTXHSHUPLWLyHO
GHVDUUROORGHORVDQiOLVLVVREUHSDWURQHVGHGLYHUVLGDGGHHVSHFLHVHQGHPLVPR\GLVWLQWLYLGDGXQLFLGDG
/DEDVHGHGDWRVHVWDEOHFLGDFRQVLGHUyJUXSRVWD[RQyPLFRVWDEOD(QHOFDVRGHODRUDVHHVWDEOHFLyXQD
EDVHGHGDWRVSDUDHVSHFLHV\SDUDHOFDVRGHIDXQDVHFRQVLGHUDURQHVSHFLHV(QODHVWUXFWXUDFLyQ
GHDPEDVEDVHVGHGDWRVVHVHOHFFLRQDURQORVWD[DFRQPHMRUGLVSRQLELOLGDGGHLQIRUPDFLyQWD[RQRPtDGHQLGD
\GLVWULEXFLyQUHODWLYDPHQWHUHVWULQJLGDFRQODQDOLGDGGHGHWHUPLQDUSDWURQHVGLIHUHQFLDEOHVGHGLYHUVLGDG\
HQGHPLVPR
0HWRGRORJtD
7DEOD*UXSRVWD[RQyPLFRVTXHFRQIRUPDURQODEDVHGHGDWRVELROyJLFD
*UXSRWD[RQyPLFR
)/25$
&DQWLGDG(VSHFLHV
$QQRQDFHDH
$UDFHDH
$UHFDFHDH
$ULVWRORFKLDFHDH
$VWHUDFHDH
%HJRQLDFHDH
+HOLFRQLDFHDH
2UFKLGDFHDH
3DVVLRUDFHDH
3RDFHDH
6RODQDFHDH
UEROHV PDGHUDEOHV GH
LQYHQWDULRVIRUHVWDOHV
)$81$
&LFLQGHOLGDH
$QELRV
2SKLGDH
$YHV
5HJLVWURV
&RQWULEXLGRUHVSULQFLSDOHV
/DUV&KDWURX
$PSDUR$FHEH\7RP&URDW0LFKDHO.HVVOHU
/XLV5HQp0RUHQR
6WHSKDQ%HFN5REHUWR9iVTXH]
6WHSKDQ%HFN3HWHU-UJHQVHQ
6WHSKDQ%HFN
6WHSKDQ%HFN5REHUWR9iVTXH]
5REHUWR9iVTXH]
6WHSKDQ%HFN5REHUWR9iVTXH]
3HWHU-UJHQVHQ
6WHSKDQ%HFN0LNH1HH
-DLPH7HUiQ)HUQDQGR3L]DUUR
'DYLG3HDUVRQ
6WHIIHQ5HLFKOH
'LUN(PEHUW
0DXULFLR+HUUHUD6WHIDQ.UHIW2VZDOGR0DLO
ODUG
8QLYHUVLGDGGH8WUHFKW+RODQGD8QLYHUVLGDGGH*|WWLQJHQ$OHPDQLD/D3D]%ROLYLD0LVVRXUL%RWDQLFDO*DUGHQ86$8QLYHUVLGDGGH*|WWLQJHQ
$OHPDQLD,QYHVWLJDGRULQGHSHQGLHQWH6DQWD&UX]%ROLYLD+HUEDULR1DFLRQDOGH%ROLYLD/D3D]%ROLYLD,QYHVWLJDGRULQGHSHQGLHQWH)$1%ROLYLD
6DQWD&UX]%ROLYLD1HZ<RUN%RWDQLFDO*DUGHQ86$6XSHULQWHQGHQFLD)RUHVWDO6DQWD&UX]%ROLYLD8QLYHUVLW\RI:DVKLQJWRQ86$8QLYHU
VLGDGGH%RQQ$OHPDQLD7KH1DWXUH&RQVHUYDQF\6DQWD&UX]%ROLYLD8QLYHUVLGDGGH%RQQ)$1%ROLYLD6DQWD&UX]%ROLYLD0XVHRGH+LVWRULD
1DWXUDO1RHO.HPSII0HUFDGR6DQWD&UX]%ROLYLD8QLYHUVLGDGGH+DPEXUJR$OHPDQLD)$1%ROLYLD6DQWD&UX]%ROLYLD
2WURGHORVLQVXPRVGHLQIRUPDFLyQLPSRUWDQWHIXHHOPDSDGHYHJHWDFLyQSDUDWRGDHOiUHDHO&$0HQHVFDOD
SXEOLFDGRSRU1DYDUURHWDO(VWHPDSD\ODGHVFULSFLyQGHODYHJHWDFLyQGHO&$0VHSUHVHQWDGH
IRUPDVLQWpWLFD\FRQDOJXQDVFRPSOHPHQWDFLRQHV\DFWXDOL]DFLRQHVHQHOFDStWXOR,,,GHOSUHVHQWHGRFXPHQWR
E /DEDVHGHLQIRUPDFLyQVRFLRHFRQyPLFD
/RVLQVXPRVGHLQIRUPDFLyQSULQFLSDOGHDVSHFWRVVRFLRHFRQyPLFRVVHHVWDEOHFLHURQDSDUWLUGHORVGDWRVGHO
&HQVR1DFLRQDOGH3REODFLyQ\9LYLHQGD,1(\HOLQIRUPHGH'HVDUUROOR+XPDQRGHORV0XQLFLSLRVGH
%ROLYLD318'FRQORFXDOVHHVWDEOHFLyXQDEDVHGHLQIRUPDFLyQSDUDORVPXQLFLSLRVGHO&$02WUD
IXHQWHGHLQIRUPDFLyQLPSRUWDQWHIXHURQORV3ODQHVGH'HVDUUROOR0XQLFLSDO\ORV3ODQHVGH0DQHMRGHUHDV
3URWHJLGDVGLVSRQLEOHV\DFWXDOHV
F %DVHGHLQIRUPDFLyQFDUWRJUiFD
/DEDVHGHGDWRVFDUWRJUiFDXWLOL]yXQDHVFDODJHQHUDOGH/DVFREHUWXUDV\IXHQWHVGHLQIRUPDFLyQ
SULQFLSDOPHQWHXWLOL]DGDVIXHURQODVTXHVHPHQFLRQDQHQODVLJXLHQWHWDEOD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
7DEOD %DVHGHLQIRUPDFLyQXWLOL]DGDSDUDGLIHUHQWHVDQiOLVLVHQHOSURFHVRGHHVWUXFWXUDFLyQGHODYLVLyQ
GHFRQVHUYDFLyQGHO&$0
,QIRUPDFLyQ
/tPLWHVSROtWLFRDGPLQLVWUDWLYRV
/tPLWHVGH7LHUUDV&RPXQLWDULDVGH2ULJHQ7&2
/tPLWHVGHiUHDVSURWHJLGDV
/tPLWHVGHFRQFHVLRQHVPLQHUDV
/tPLWHVGHFRQFHVLRQHVSHWUROHUDV
/tPLWHVGHFRQFHVLRQHVIRUHVWDOHVUHVHUYDVIRUHVWDOHV\DVRFLD
FLRQHVVRFLDOHVGHOXJDU$6/
7LHUUDVGH3URGXFFLyQ)RUHVWDO3HUPDQHQWH73)3
&DPLQRV
5tRV\VXVQRPEUHV
/DJRV\ODJXQDVSULQFLSDOHVFRQQRPEUHVUHIHUHQFLDOHV
9tDVIpUUHDV
*DVRGXFWRV\ROHRGXFWRV
&HQWURVSREODGRVGH%ROLYLDJHRUHIHUHQFLDGRV
'DWRVGHQ~PHURGHKDELWDQWHVSRUFHQWURSREODGR
&HQWURVGHFRORQL]DFLyQ
&XUYDVGHQLYHO
7RSRJUDItDP'(0DUFVHJ
6XHORV
8VRDFWXDOGHODWLHUUD
3ODQGH8VRGHO6XHOR3/86SDUDORV'HSDUWDPHQWRVGH6DQWD
&UX]%HQL\3DQGR
)XHQWH
&20/,7
&37,,15$&(-,6
6(51$3
6(70,1
<3)%
6,)
6,)
'LJLWDOL]DGRVHQEDVHGHO,*0\FODVLFDGRVSRU
)$1VHJ~QWLSRGHDFFHVR\WUiFR
'LJLWDOL]DGRV HQ EDVH GHO ,*0 FODVLFDGRV SRU
)$1VHJ~QWLSRGHQDYHJDELOLGDG
'LJLWDOL]DGRVGHO,*0
'LJLWDOL]DGRVGHO,*0
&1+
0~OWLSOHV IXHQWHV SULQFLSDOPHQWH EDVDGD HQ GDWRV GHO
,1(\GHO,*0*UDQSDUWHGHODLQIRUPDFLyQ
IXHGLJLWDOL]DGDHQ)$1HQEDVHGHODVIXHQWHVPHQFLR
QDGDV
,1(
0DSD pWQLFR WHUULWRULDO \ DUTXHROyJLFR GH %ROLYLD
,*0
86*6
)$2
6,$
3UHIHFWXUDVGH'HSDUWDPHQWR
0HWRGRORJtD
G 3ULQFLSDOHVKHUUDPLHQWDVGHODQiOLVLV
(OPDQHMRGHORVFRQMXQWRVGHGDWRVIXHDSR\DGRSRUXQ6LVWHPDGH,QIRUPDFLyQ*HRJUiFD6,*HOVRIWZDUH
SULQFLSDOPHQWHXWLOL]DGRIXHHO$UF9LHZ
(QHODQiOLVLVHVSDFLDOVHXWLOL]yXQVLVWHPDGHYDORUDFLyQHQFXDGUtFXODVFDGDXQLGDGGHFXDGUtFXODWXYRXQD
UHVROXFLyQGHDUFPLQXWRVaNP[aNP aNPVREUHODFXDOVHRWRUJDURQYDORUHVHQHVFDODV
UHODWLYDVVHJ~QHOWLSRGHDQiOLVLV/DYDORUDFLyQGHFXDGUtFXODVHUHDOL]DDSDUWLUGHXQDIXHQWHGHGDWRVDWUDQV
IHULUSRUHMHPSORLPSDFWRSRUDFFHVRGHFDPLQRVODFXDGUtFXODDGTXLHUHORVYDORUHVQXPpULFRVDJUXSDGRV
HQUDQJRVTXHVRQDVLJQDGRVDODIXHQWHGHGDWRVVHJ~QHOWLSRGHDQiOLVLVUHDOL]DGR(QORVWtWXORVSRVWHULRUHV
VHGHVFULEHSDUDFDGDXQRGHORVDQiOLVLVODIRUPDGHYDORUDFLyQ
2WUDGHODVKHUUDPLHQWDVXWLOL]DGDVSDUDHODQiOLVLVHVSDFLDOKDVLGRHOPRGHORGHQRPLQDGR%,20%,2FOLPDWLF
0RGHOIRUWKHH[WUDSRODWLRQRIVSHFLHVUDQJHVDQGGLYHUVLW\SDWWHUQVHOFXDOVHIXQGDPHQWDHQXQDPHWRGR
ORJtDFLHQWtFDSDUDODSUHGLFFLyQGHUDQJRVGHGLVWULEXFLyQSDWURQHVGHGLYHUVLGDG\HQGHPLVPRHQUHJLRQHV
FDUDFWHUL]DGDVSRUODHVFDVH]GHGDWRV6RPPHUHWDO1RZLFNL
'HPDQHUDPX\UHVXPLGDHOIXQFLRQDPLHQWRGHO%,20HVWiEDVDGRHQSDUiPHWURVDELyWLFRV\SXQWRVGHUHJLVWUR
GHORVWD[DFDOFXODQGRVREUHHVWDEDVHODVFRQGLFLRQHVySWLPDVSDUDFDGDHVSHFLH8WLOL]DLJXDOPHQWHHOVLVWHPD
GHFXDGUtFXODGHDUFPLQ
/RVSDUiPHWURVDELyWLFRVXWLOL]DGRVSRU%,20VRQWHPSHUDWXUDSUHFLSLWDFLyQ\DULGH]ODVEDVHVGHGDWRVGHHVWRV
SDUiPHWURVSURYLHQHQSULQFLSDOPHQWHGHODEDVHFOLPDWROyJLFDGHO&HQWUR,QWHUQDFLRQDOGH$JULFXOWXUD7URSLFDO
GH&RORPELD&,$7-RQHV$GLFLRQDOPHQWH%,20XWLOL]DWUHVSDUiPHWURVHVWUXFWXUDOHVFREHUWXUDGHERV
TXHSDUWLHQGRGHODLQIRUPDFLyQHODERUDGDSRUHOSURJUDPD*OREDO/DQG&RYHU)DFLOLW\GHOD8QLYHUVLGDGGH
0DU\ODQG'H)ULHVHWDOKHODGDTXHWDPELpQVHDSURYHFKDGHODEDVHFOLPDWROyJLFDGHO&,$7-RQHV
\FREHUWXUDGHDJXDTXHXWLOL]yFRPREDVHFDUWRJUiFDHO0DSD)tVLFRGH%ROLYLD,*0HO0DSD+LGUR
OyJLFRGH%ROLYLD,*0\HO0DSDGH,QXQGDFLyQGHO0'63WRGRVFRQHVFDOD
0HWRGRORJtDGHOGLDJQyVWLFR
(OGLDJQyVWLFRFRQVLVWLySULQFLSDOPHQWHHQODFRPSLODFLyQ\VLVWHPDWL]DFLyQGHLQIRUPDFLyQVHFXQGDULDH[LVWHQWH
(QHVWHVHQWLGRVyORVHGHVFULEHQDFRQWLQXDFLyQDOJXQRVSXQWRVTXHPHUHFHQXQDGHVFULSFLyQPHWRGROyJLFD
D 'HQLFLyQGHOtPLWHVGHO&$0
&RPRSULPHUSDVRVHGHQLHURQORVOtPLWHVGHOiUHDGHO&RUUHGRU$PERUy0DGLGLORVFULWHULRVGHGHOLPLWDFLyQ
IXHURQ
/RVOtPLWHVLQLFLDOHVGHO&$0IXHURQSURSXHVWRVHQHOGLDJQyVWLFRGHODHFRUUHJLyQ6XGRHVWHGHOD$PD]RQLD
,ELVFKHWDOHQHOFXDOVHWRPDURQFULWHULRVELROyJLFRVHFROyJLFRV\JHRJUiFRV
8QDxRGHVSXpVVHUHDOL]DURQDOJXQRVDMXVWHV\DPSOLDFLRQHVGHOiUHDPHMRUDQGRHOGHWDOOHHQWUHODVVXE
HFRUUHJLRQHV)DMD6XEDQGLQD\<XQJDVFRQOtPLWHGHFRWDHQORVPFRPSOHWDQGRiUHDVVHJ~QHOPDSD
IRUHVWDO\GHPDUFDQGRPHMRUDOJXQRVOtPLWHV$UDXMR ,ELVFK
)LQDOPHQWHORVOtPLWHVQDWXUDOHVGHO&$0VHGHQLHURQHQIXQFLyQGHOPDSDGHHFRUUHJLRQHVGH%ROLYLD
,ELVFKHWDOGHOLPLWDQGRDO&$0HQWUHORV%RVTXHV3UHDQGLQRVGHOD$PD]RQLDHQ%ROLYLD\ORV
<XQJDV$GLFLRQDOPHQWHVHFRQVLGHUyXQiUHDGHLQXHQFLDGHO&$0TXHVHGHQLyHQIXQFLyQGHORVOtPLWHV
GHORVPXQLFLSLRVTXHIRUPDQSDUWHGHOFRUUHGRUYHUFDStWXOR,,,
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
E 'HQLFLyQGH]RQDVGHDQiOLVLVVRFLRHFRQyPLFR
&RQVLGHUDQGRTXHODSREODFLyQKXPDQDQRHVWiGLVWULEXLGDGHIRUPDKRPRJpQHDHQHO&$0\TXHVXVFDUDFWH
UtVWLFDVSXHGHQYDULDUVHJ~QOD]RQDJHRJUiFD\GLVSRQLELOLGDGGHUHFXUVRVGHXQiUHDGHWHUPLQDGDHVTXHVH
VXEGLYLGLyDO&$0HQFXDWURiUHDVGHDQiOLVLVVRFLRHFRQyPLFRJVLJXLHQGRXQJUDGLHQWHODWLWXGLQDOFX\D
GHOLPLWDFLyQVHEDVDSULQFLSDOPHQWHHQEDUUHUDVJHRJUiFDVTXHWDPELpQFRUUHVSRQGHQHQJHQHUDOFRQiUHDV
DJURHFROyJLFDV\VRFLRSROtWLFDVGHSDUWDPHQWDOHV\PXQLFLSDOHV
)LJ'HOLPLWDFLyQGH]RQDVGHDQiOLVLVVRFLRHFRQyPLFRHQHO&RUUHGRU$PERUy0DGLGL
6HHVSHUDTXHHVWDVXEGLYLVLyQD\XGHDFRPSUHQGHUHQPD\RUGHWDOOHODVLWXDFLyQVRFLRHFRQyPLFDGHO&$0
FRQVLGHUDQGRDODVSHFWRKXPDQRFRPRODEDVHSULQFLSDOSDUDORJUDUDFFLRQHVGHFRQVHUYDFLyQ/DVFXDWURiUHDV
GHDQiOLVLVGHQLGDVSDUDODFDUDFWHUL]DFLyQVRFLRHFRQyPLFDVRQ=RQD$PERUy=RQD&DUUDVFR,VLERUR
6pFXUH&RFDSDWD=RQD<XQJDVGH/D3D]$OWR%HQL0DQLTXt\=RQD$SROREDPED0DGLGL
F (ODERUDFLyQGHOPDSDGHXVRDFWXDOGHOVXHOR
50OOHUFRQFRQWULEXFLRQHVGH7523,&2$VRFLDFLyQ%ROLYLDQDSDUDOD&RQVHUYDFLyQ
(OPDSDGHXVRGHVXHORHODERUDGRSDUDHO&$0EXVFDUHHMDUGHIRUPDJHQHUDOL]DGDORVSDWURQHVGHXVR
GRPLQDQWHVVLQSUHWHQGHUGDUXQDGHVFULSFLyQFRPSOHWDGHODVGLIHUHQWHVIRUPDVGHXVRH[LVWHQWHV(OPDSDVH
GLVHxyXWLOL]DGRFRPRLQVXPRSDUDODIRUPXODFLyQGHDOWHUQDWLYDVGHPDQHMRUHFRPHQGDGDVEDMRFRQFHSWRVGH
FRQVHUYDFLyQ
0HWRGRORJtD
(OLQVXPRPiVLPSRUWDQWHSDUDODHODERUDFLyQGHOPDSDIXHODH[SHULHQFLDGHSHUVRQDVFRQEXHQFRQRFLPLHQWRGH
ODVGLIHUHQWHViUHDVGHO&$0(QHVWHVHQWLGRORVHVSHFLDOLVWDVFRQVXOWDGRVIXHURQ0DXULFLR%DOOHVWHURVDJUyQR
PR7523,&2,QpV+LQRMRVDELyORJD7523,&2.DUHQ*DUFtDHFRQRPLVWD&\QWKLD6LOYDELyORJD6$9,$
-DLPH4XLVSHDJUyQRPR)$10DUFHOR$ODUFyQDJUyQRPR)$15LFKDUG(VWUDGDDJUyQRPR)$1
7DPELpQVHFRQVXOWDURQFRPRUHIHUHQFLDVHO0DSDGH8VR$FWXDOGHOD7LHUUD6XSHULQWHQGHQFLD$JUDULD
HO3ODQGH8VRGH6XHORGHO'HSDUWDPHQWRGH6DQWD&UX]87'3/866DQWD&UX]\HOGHO'HSDUWDPHQWR
GHO%HQL3/86%HQLHO$WODVGH0XQLFLSLRV,1(HWDO\YDULDVIXHQWHVQRSXEOLFDGDV
/RVLQVXPRVGHEDVHSDUDODGHOLPLWDFLyQGHODViUHDVLGHQWLFDGDVIXHURQHOPDSDGHFREHUWXUDERVFRVD*/&)
HOPRGHORWRSRJUiFR86*6HOPDSDGHYHJHWDFLyQSRWHQFLDOGHORV<XQJDV0OOHUHWDO
\OD]RQLFDFLyQHFROyJLFDGHO%LR&RUUHGRU$PERUy0DGLGL1DYDUURHWDO
(YDOXDFLyQ,QWHJUDOGH&RQVHUYDFLyQ
/DHYDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQWXYRFRPRQDOLGDGODLQWHJUDFLyQGHDVSHFWRVELROyJLFRVFRQDVSHFWRV
VRFLRHFRQyPLFRVKDVWDOOHJDUDXQSURFHVRGHSODQLFDFLyQGHOWHUULWRULR\YLVLyQGHFRQVHUYDFLyQ\GHVDUUROOR
VRVWHQLEOHHQIXQFLyQGHSULRULGDGHVSDUDODFRQVHUYDFLyQGHODELRGLYHUVLGDG(QORVVLJXLHQWHVSXQWRVSUHVHQ
WDPRVHOSURFHVRLQLFLDOGHODHYDOXDFLyQLQWHJUDO\ODIDVHGHGHQLFLyQGHSULRULGDGHV\SURSXHVWDVGHDFFLyQ
HQHOPDUFRGHXQDYLVLyQGHFRQVHUYDFLyQVHSUHVHQWDHQXQWtWXORVLJXLHQWHYHUSXQWR
$QiOLVLVGHOHVWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDV
&1RZLFNL 6&XpOODU
(OSURFHVRGHGHVDUUROORGHODSUHVHQWHPHWRGRORJtDDVtFRPRODFRPSLODFLyQ\SURFHVDPLHQWRGHODLQIRUPD
FLyQQHFHVDULDSDUDOOHJDUDODQiOLVLVGHOHVWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDVKDVLGRHOSURGXFWRGHOD
FRPSOHPHQWDFLyQGHDFWLYLGDGHVGHYDULRVSUR\HFWRVGHVDUUROODGRVHQ)$1LQFOX\HQGRHOSUHVHQWHSUR\HFWR
VREUHODYLVLyQGHFRQVHUYDFLyQGHO&$0(OSULQFLSDOHVWXGLRTXHSHUPLWLyODHODERUDFLyQGHXQPDSDGHOHVWD
GRGHFRQVHUYDFLyQDQLYHOGH%ROLYLDIXHHOGH1RZLFNL(ODQiOLVLVGHOHVWDGRGHFRQVHUYDFLyQGHORV
HFRVLVWHPDVGHO&$0VHEDVyHQHVWHPDSD
(O DQiOLVLV GHO HVWDGR GH FRQVHUYDFLyQ SHUPLWLy HYDOXDU HO JUDGR GH SHUWXUEDFLyQ UHODWLYR TXH SUHVHQWDQ ORV
HFRVLVWHPDVHQHO&$0SDUDHOORVHFRQVLGHUDURQORVVLJXLHQWHVLQGLFDGRUHVUHIHULGRVGLUHFWDPHQWHDORVFDX
VDQWHVGHLPSDFWRVHQHOHFRVLVWHPD&DGDLQGLFDGRUIXHDQDOL]DGRVREUHODXQLGDGGHFXDGUtFXODGHQLGD
DUFPLQXWRVWDPELpQVHGHQLHURQFULWHULRVGHPDJQLWXGGHOLPSDFWRGHODGHVWUXFFLyQGHOHFRVLVWHPD\
DOFDQFHGHOLPSDFWRNP
'HVDUUROOyHOSUR\HFWRDSR\DGRSRUHOSURJUDPDDOHPiQ7g%*7=([WUDSRODFLRQHVGHELRGLYHUVLGDG\HVFHQDULRVGHFOLPD\VRFLRGH
PRJUiFRVFRPRLQVWUXPHQWRVGHDQiOLVLVSDUDHOGLVHxR\GLVWULEXFLyQySWLPDGHiUHDVSURWHJLGDVHQ%ROLYLD(VWHSUR\HFWRMXQWRFRQ
HOSUR\HFWR9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGLWXYLHURQXQDIXHUWHVLQHUJLDSDUDODGLVFXVLyQ
PHWRGROyJLFDFRPSOHPHQWDFLyQGHLQIRUPDFLyQGHEDVH\HODERUDFLyQGHGLIHUHQWHVDQiOLVLV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$ ,PSDFWRWRWDO
D,PSDFWRSRUDFFHVR
L5HGYLDO
LL5HGXYLDO
LLL5HGIHUURYLDULD
LY*DVRGXFWRV\2OHRGXFWRV
E,PSDFWRSRUFHQWURVSREODGRV
F,PSDFWRSRUGHIRUHVWDFLyQ
% 6HQVLELOLGDGHFRVLVWpPLFD
& 9DULDFLyQWRSRJUiFD
)yUPXOD
/DJLOXVWUDHOSURFHVRPHWRGROyJLFRVHJXLGRSDUDODHYDOXDFLyQGHOHVWDGRGHFRQVHUYDFLyQFDGDXQRGH
ORVLQGLFDGRUHVXWLOL]DGRVVHFRPELQDSDUDPHGLUHOLPSDFWRWRWDOVREUHXQGHWHUPLQDGRVLWLRDSOLFDQGRSRV
WHULRUPHQWHGRVSDUiPHWURVTXHDFW~DQFRPRDOLYLDQWHVRDJUDYDQWHVGHOLPSDFWRGHQLHQGRDVtHOJUDGRGH
SHUWXUEDFLyQRHVWDGRGHFRQVHUYDFLyQDSUR[LPDGRSDUDORVGLIHUHQWHVHFRVLVWHPDVHQ%ROLYLD
)LJ(VTXHPDGHOSURFHVRPHWRGROyJLFRSDUDODHYDOXDFLyQGHOHVWDGRGHFRQVHUYDFLyQ
0HWRGRORJtD
8QDGHVFULSFLyQGHWDOODGDGHYDORUDFLyQGHFDGDXQRGHORVLQGLFDGRUHVGHLPSDFWRVHUHDOL]DDFRQWLQXDFLyQ
$&iOFXORGHO,PSDFWRWRWDO
(QHODQiOLVLVYiOLGRSDUDORVLQFLVRVD\EFDGDFXDGUtFXODVHHQFXHQWUDFRQHOYDORUGHOHVWDGRQDWXUDO
LPSDFWDGR(OPD\RULPSDFWRVHWRPDHQHOSXQWRFHQWUDOGHRULJHQGHOPLVPR\HVWHYDUHGXFLHQGR
GHDFXHUGRDOYDORUDVLJQDGRSRUFDWHJRUtD(VWD]RQDFUHDGDSRUODGLVPLQXFLyQGHOLPSDFWRKDVWDHOYDORU
IXHODIRUPDGHLGHQWLFDUOD]RQDGHDPRUWLJXDFLyQR]RQDEXIIHU(VGHFLUXQSXQWRFHQWUDOOtQHDGH
XQFDPLQRSHM\VXH[SDQVLyQDSDUWLUGHHVHSXQWRDDPERVODGRVGHOFDPLQRFRQDQLOORVDFDGDODGR
(OUHVXOWDGRGHODYDORUDFLyQGHOLPSDFWRHQFXDGUtFXODWRPDVLHPSUHHOYDORUPiVDOWRGHLPSDFWRFXDQGRVH
FRPELQDQGLIHUHQWHVLQGLFDGRUHV
D,PSDFWRSRUDFFHVR
L,QIUDHVWUXFWXUDYLDO,Y
(QORVFUXFHVGHFDPLQRVVLHPSUHVHWRPyHOYDORUGHOFDPLQRFRQPD\RUFDWHJRUtDFRQHOYDORUPiVDOWR
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUDFFHVRGHFDPLQRV
&ULWHULR
&DPLQRSULQFLSDOPXFKRWUi
FRYDULDVRWDV\FDPLRQHV
JUDQGHVSRUGtD
&DPLQRVHFXQGDULRPRYLOLGD
GHVGLDULDVWUDQVSRUWHS~EOLFR\
GHFDUJD
&DPLQRWUDQVLWDEOHFRQPRYLOL
GDGSHURFRQSRFRWUiFR
&DPLQRVHQGHURQRWUDQVLWDEOH
FRQPRYLOLGDG
0DJQLWXGGHO
LPSDFWR
$OFDQFHGHO
9DORU
LPSDFWR>NP@
,Y
LL,QIUDHVWUXFWXUDXYLDO,I
(ODQiOLVLVFRQVLGHUDGRVHUHHUHHVSHFLDOPHQWHDOLPSDFWRTXHVHGDHQHOERUGHGHORVUtRVGHELGRDOWUiFR
\DVHQWDPLHQWRGHSREODFLyQHQVXVRULOODVRVHDTXHHODQiOLVLVHVVyORDQLYHOGHVLVWHPDVWHUUHVWUHV(QORV
FUXFHVGHUtRVVLHPSUHVHWRPyHOYDORUGHOUtRFRQPD\RUFDWHJRUtDFRQHOYDORUPiVDOWR
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUDFFHVRXYLDO
&ULWHULR
5tRSULQFLSDORODJRQDYHJDEOH
WRGRHODxRFRQEDUFRVJUDQGHV
GHFDUJD\SHUVRQDV
5tRFROHFWRUQDYHJDEOHWRGRHO
DxRFRQERWHVSHTXHxRV
0DJQLWXGGHO $OFDQFHGHO
9DORU
LPSDFWR
LPSDFWR>NP@
,I
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
5tRVHFXQGDULRLQQDYHJDEOH
DOJXQRVPHVHVSRUDxR
/DJXQDSHTXHxDQDYHJDEOHFRQ
ERWHVSHTXHxRVRDUUR\RJUDQGH
LQQDYHJDEOHWRGRHODxR
LLL5HGIHUURYLDULD5I
6HORVHYDOXyFRPRVLIXHUDXQFDPLQRGHODFDWHJRUtDVLHPSUHFRQWDQGRFRQHOLPSDFWRDXQTXHKD\DXQ
FDPLQRDVXODGRHOXVRGHORVWUHQHVWLHQHQRUPDOPHQWHPXFKDPiVDQWLJHGDGTXHHOXVRH[LVWHQFLDGHORV
FDPLQRV
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUDFFHVRIHUURYLDULR
&ULWHULR
)HUURFDUULO
0DJQLWXGGHO $OFDQFHGHO
9DORU
LPSDFWR
LPSDFWR>NP@
5)
LY+LGURFDUEXURGXFWR+G
6HHQWLHQGHFRPRLPSDFWRSRUDFFHVRGHJDVRGXFWRROHRGXFWR\SROLGXFWR&DGDXQRGHHVWRVWLSRVGHYtDVH
HYDOXDURQFRPRVLIXHUDQXQFDPLQRGHODFDWHJRUtDVLHPSUHFRQWDQGRFRQHOLPSDFWRDXQTXHHVWpXQFDPLQR
DVXODGR
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUDFFHVRGHFRQGXFWRVKLGURFDUEXUtIHURV
&ULWHULR
+LGURFDUEXURGXFWR
0DJQLWXGGHO $OFDQFHGHO
9DORU
LPSDFWR
LPSDFWR>NP@
+G
E,PSDFWRSRUFHQWURVSREODGRV\XVRKLVWyULFR
/DVFRQVLGHUDFLRQHVJHQHUDOHVSDUDUHDOL]DUHVWDHYDOXDFLyQGHLPSDFWRIXHURQ
/DDQWLJHGDGSREODFLRQDOVHFRQVLGHUDFRPRXQLQGLFDGRUSDUDHODOFDQFHGHOLPSDFWRPLHQWUDVPiV
DQWLJXRHVHOFHQWURSREODGRHVPD\RUODSRVLELOLGDGTXHVHKD\DSRGLGRDPSOLDUHOUDGLRGHODLQXHQFLD
KXPDQDHQVXHQWRUQR
/DGHQVLGDGSREODFLRQDOVHFRQVLGHUDFRPRXQLQGLFDGRUSDUDODPDJQLWXGGHOLPSDFWRODPiVDOWDGHQVLGDG
KXPDQDFHQWURVSREODGRVKDOOHYDGRDODGHJUDGDFLyQPiVDOWDGHORVHFRVLVWHPDV(QJHQHUDOVHFRQVLGHUD
TXHODPDJQLWXGKDLQFUHPHQWDGRSRUHOWLHPSRHQWRGRVORVFDVRV\OOHJDDWHQHUXQLPSDFWRGH6yOR
HQODVHFRUUHJLRQHVFRQFDWHJRUtDVGHDQWLJHGDGGHDVHEDMyODPDJQLWXGGHOLPSDFWRVXSRQLHQGR
TXHHVWRVDVHQWDPLHQWRVKXPDQRVPiVFKLFRVKDELWDQWHVSRUDVHQWDPLHQWRVRQSRVLEOHPHQWHORVPiV
UHFLHQWHV\QRKDQOOHJDGRDWHQHUHOPLVPRLPSDFWRSRUXVRKLVWyULFRGHORVUHFXUVRVQDWXUDOHV
0HWRGRORJtD
7DEOD&ODVLFDFLyQGHODGHJUDGDFLyQGHVXEHFRUUHJLRQHVSRUXVRKLVWyULFR
,QLFLRGHSREODFLR
QHVVHGHQWDULDV
FRQDFWLYLGDGHV
6XE(FRUUHJLyQ
DJUtFRODV
DQWLJXDPHQWH
UHFLHQWHPHQWH
%RVTXHV$PD]yQLFRV 6XEDQ
GLQRV
&HUUDGR3DFHxR
&HUUDGR%HQLDQR
&HUUDGR&KLTXLWDQR
&HUUDGR&KDTXHxR
6DEDQDV ,QXQGDEOHV GHO 3DQWD
QDO
*UDQ&KDFR
<XQJDV
&KDFR6HUUDQR
%RVTXH7XFXPDQR%ROLYLDQR
%RVTXHV$PD]yQLFRV 3UHDQGL
QRV
%RVTXHV$PD]yQLFRVGH3DQGR
%RVTXHV$PD]yQLFRVGHO%HQL\
6DQWD&UX]
%RVTXH6HFR&KLTXLWDQR
<XQJDVVyORODVXEUHJLRQGHO3i
UDPR<XQJHxR
3UHSXQD
%RVTXHV$PD]yQLFRV GH LQXQ
GDFLyQ
6DEDQDV,QXQGDEOHVGHORV/ODQRV
GH0R[RV
3XQD 'HVpUWLFD FRQ 3LVRV 1L
YDOHV \ 6XEQLYDOHV GH OD &RUGLOOHUD
2FFLGHQWDO
3XQD6HFD
%RVTXHV6HFRV,QWHUDQGLQRV
3XQD+~PHGD
3XQD6HPLK~PHGD
9HJHWDFLyQ$OWR$QGLQD GH OD
&RUGLOOHUD2ULHQWDOFRQ3LVRV1LYDOHV
\6XEQLYDOHV
/DJR7LWLFDFD
'HQVLGDGGHSREOD
FLyQVHGHQWDULDFRQ
DFWLYLGDGDJUtFROD
GHQVLGDGDOWD
GHQVLGDGEDMD
&ODVH
,PSDFWR>@
)DFWRUGHDX
PHQWRSRUXVR
KLVWyULFR
IX LPSDFWR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
&RQGLFLRQHVHVSHFLDOHV
(QODYDORUDFLyQVHSUHIHUHQFLDODDQWLJHGDGGHOXVRDQWHVTXHODGHQVLGDGSREODFLRQDOORVTXHQRFRLQFLGLHURQ
IXHURQDMXVWDGRVSRUODGHQVLGDGRDOUHYpVHQFDVRVGHGLIHUHQFLDVPX\PDUFDGDVSHMSXQDGHVpUWLFDSXQD
VHFD
$XQTXHFRQXQDGHQVLGDGSREODFLRQDOXQSRFRPiVHOHYDGD]RQDVUHFLHQWHPHQWHSREODGDVGHVGHHOSXQWRGH
YLVWDKLVWyULFRFRPRHO%RVTXH&KLTXLWDQRTXHGDURQHQODVHJXQGDFDWHJRUtD
7DEOD3RVLEOHVFRPELQDFLRQHVGHODVFODVHVGHLPSDFWRGHXVRKLVWyULFR
&ODVH
DQWLJHGDGGHODSREODFLyQHQ GHQVLGDGGHODSREODFLyQHQ
7DEOD)DFWRUHVGHDXPHQWRGHLPSDFWRSRUFHQWURVSREODGRV
&ODVHGHLPSDFWRSRUXVRKLVWyULFR
)DFWRUGHDXPHQWRGHODOFDQFHGHLPSDFWRDFWXDO
SRUXVRKLVWyULFR
7DEOD0DJQLWXG\DOFDQFHGHOLPSDFWRHQ]RQDVFRQXVRKLVWyULFRHMHPSORV
1~PHURGH 0DJQLWXGGHOLPSDFWR $OFDQFHGHO 1XHYRDOFDQFHGHOLPSDFWR
KDELWDQWHV
HQ]RQDVGHXVR
LPSDFWR>NP@ SRUFODVHGHXVRKLVWyULFR
KLVWyULFR
HQUHVROXFLyQ
VXEHFRUUHJLRQDO>NP@
!
!
!
!
!
!
!
!
!
0HWRGRORJtD
F,PSDFWRSRUGHIRUHVWDFLyQ
&DOFXODGRFRPRLPSDFWRGLUHFWRSRUDFWLYLGDGKXPDQD6HWRPyFRPRLPSDFWRPi[LPRHOGHELGRDODV
SRVLEOHVLVODVGHERVTXHV\DXQPHQRUSRUFHQWDMHGHGHJUDGDFLyQHQHOFDPELRGHODELRFHQRVLVTXHSXGLHUD
SUHVHQWDUVHHQODVFXDGUtFXODV
7DEOD9DORUDFLyQHQFXDGUtFXODGHOLPSDFWRSRUGHIRUHVWDFLyQ
&ULWHULR
'HIRUHVWDFLyQ
6XSHUFLH>@
0DJQLWXGGHOLPSDFWR
%6HQVLELOLGDGHFRVLVWpPLFD
9DORUHQWUHHQHOPDSDFRQYHUWLGRDXQIDFWRUHQWUHSDUDHOFiOFXOR
D 6LXQHFRVLVWHPDHVPHQRVVHQVLEOHDOLPSDFWRKXPDQRHOLPSDFWRWRWDOWHyULFRTXHVHGDSRUUHVXOWDGRVHUi
GLVPLQXLGRSRUHOYDORUGHODVHQVLELOLGDGHFRVLVWpPLFD/DVHQVLELOLGDGVHUHHUHVREUHWRGRDODHVWUXFWXUD
GHOHFRVLVWHPDHVGHFLUDODFDQWLGDGGHHVWUDWRVTXHFRQWLHQHHQXQERVTXHDOWRFRQVXVHVWUDWRVKDVWD
OOHJDUDODVFDSDVPDVEDMDVGHOVRWRERVTXH\HVDPLVPDWDPELpQHVGHWHUPLQDQWHSDUDODIXQFLRQDOLGDG
GHOPLVPRVLVWHPD$GHPiVWLHQHXQFDPELRGHODHVWUXFWXUDGHXQHFRVLVWHPDFRQVHFXHQFLDVVHULDVSDUDOD
FRPSRVLFLyQGHVXELRFHQRVLVHVGHFLUVHSLHUGHQHVSHFLHVIUHFXHQWHPHQWHPX\OLJDGDVDXQDFLHUWDHVWUXF
WXUD
6HFRQVLGHUDTXHXQVLVWHPDPiVK~PHGRWDPELpQHVPiVVHQVLEOHDSRVLEOHVLPSDFWRVSRUpOKXPDQR
VLJQLFDTXHHOHIHFWRGHOFDPELRGHODHVWUXFWXUDGHOHFRVLVWHPD\VXIXQFLRQDOLGDGHVPiVGUiVWLFR
&ODVHVPHVHVSRUDxR
E 0DSDGHFREHUWXUDERVFRVD
6HFRQVLGHUDTXHXQHFRVLVWHPDERVFRVRHVPiVVHQVLEOHDOLPSDFWRKXPDQRTXHXQHFRVLVWHPDOLEUHGH
ERVTXHSRUHMHPSORORVERVTXHVDPD]yQLFRVYHUVXVODVVDEDQDVGH0R[RV&RPRVLVWHPDVERVFRVRVVH
HQWLHQGHDERVTXHVRVLVWHPDVGRPLQDGRVSRUHVSHFLHVDUERUHVFHQWHVSRUHMHPSORORVFKDSDUUDOHVTXHVH
FRQVLGHUDQFRPRXQDVDEDQDFRQLVODVGHERVTXH
&ODVHV VLQFREHUWXUDERVFRVD
FRQFREHUWXUDERVFRVD
PH]FODHQWUHFREHUWXUDERVFRVD\QRERVFRVDSHMXQDVDEDQDFRQLVODVGHERVTXHRXQHFR
VLVWHPDQRERVFRVRSHURGRPLQDGRSRUHVSHFLHVDUERUHVFHQWHVSHMFKDSDUUDOHV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0HWRGRORJtD
7DEOD6XEHFRUUHJLRQHVQRFRQVLGHUDGDVSDUDHOFiOFXORFRQORVIDFWRUHVDOLYLDQWHV
6XE(FRUUHJLyQ
,QLFLRGHSREODFLRQHV 'HQVLGDGGHSREOD
VHGHQWDULDVFRQDF
FLyQVHGHQWDULDFRQ
WLYLGDGHVDJUtFRODV
DFWLYLGDGDJUtFROD
DQWLJXDPHQWH
GHQVLGDGDOWD
UHFLHQWHPHQWH
GHQVLGDGEDMD
3XQD'HVpUWLFDFRQ
3LVRV 1LYDOHV \ 6XEQL
YDOHV GH OD &RUGLOOHUD
2FFLGHQWDO
9HJHWDFLyQ $OWR
$QGLQD GH OD &RUGLOOHUD
2ULHQWDOFRQ3LVRV1LYD
OHV\6XEQLYDOHV
3XQD6HFD
%RVTXHV 6HFRV ,QWH
UDQGLQRV
3XQD+~PHGD
3XQD6HPLK~PHGD
&ODVH
,PSDFWR>@
)DFWRUGHDXPHQWR
SRUXVRKLVWyULFR
IX LPSDFWR
/RV6LVWHPDVDFXiWLFRVUtRVODJRV\VDODUHVQRKDQVLGRHYDOXDGRVSRUVXSURSLRHVWDGRGHFRQVHUYDFLyQVLQR
PiVELHQKDQGDGRSHVRDODHYDOXDFLyQGHOLPSDFWRGHORVVLVWHPDVWHUUHVWUHV
'HVFULSFLyQGHODVFDWHJRUtDVGHODOH\HQGD/DLQWHUSUHWDFLyQGHORVYDORUHVREWHQLGRVHQHOPDSDGHOHVWDGR
GHFRQVHUYDFLyQGHORVHFRVLVWHPDVGLYLGLyORVYDORUHVREWHQLGRVHQFXDGUtFXODHQFDWHJRUtDVVHJ~QHOJUDGRGH
FRQYHUVLyQGHORVHFRVLVWHPDVPLHQWUDVPD\RUHVHOYDORUREWHQLGRVHLQWHUSUHWDFRPRXQDPD\RUSHUWXUEDFLyQ
RHVWDGRFUtWLFRGHFRQVHUYDFLyQ
7DEOD5DQJRVGHYDORUHVHQFXDGUtFXODTXHUHSUHVHQWDQHOJUDGRGHFRQYHUVLyQGHORVHFRVLVWHPDV
&DWHJRUtD
&DW
&DW
&DW
&DW
&DW
&DW
&DW
&DW
&DW
&DW
'HVFULSFLyQ*UDGR>@GH
FRQYHUVLyQGHJUDGDFLyQGH
ORVHFRVLVWHPDV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$QiOLVLVGHOHVWDGRGHFRQVHUYDFLyQGHODVHVSHFLHV
6HHYDOXyHOHVWDGRGHFRQVHUYDFLyQDQLYHOGHJUDQGHVWD[RQHVHQJHQHUDORUDPDPtIHURVDYHVUHSWLOHV
DQELRVSHFHVHLQVHFWRV\FRQPHMRUGLVSRQLELOLGDGGHLQIRUPDFLyQVHFXQGDULD*UDQSDUWHGHOGRFXPHQWRVH
EDVDHQORVGDWRVGHOGLDJQyVWLFRUHDOL]DGRHQHOSUR\HFWR+DFLDXQ3ODQGH&RQVHUYDFLyQGHO%LR&RUUHGRU
$PERUy0DGLGL$UDXMR ,ELVFKUHDOL]DQGRDFWXDOL]DFLRQHV\FRPSOHPHQWDFLRQHVSDUDODSUHVHQWH
SXEOLFDFLyQ
/DOLVWDGHHVSHFLHVDPHQD]DGDVSUHVHQWDGDVHHODERUyHQEDVHGHOD8,&1SDUDHOFDVRGHDYHV\PDPt
IHURV(QDQELRVODOLVWDGHHVSHFLHVVHEDVyHQHO*OREDO$PSKLELDQV$VVHVVPHQW*$$\OD8,&1
/RVPDSDVGHGLVWULEXFLyQGHHVSHFLHVDPHQD]DGDVGHDYHV\DQELRVVHHODERUDURQDSURYHFKDQGRODEDVHGH
GDWRVHVWDEOHFLGDHQ)$1\SURFHVDGDXWLOL]DQGR%,20YHUSXQWRDQWHULRU
(VWHDQiOLVLVQRLQX\yHQODGHQLFLyQGHSULRULGDGHVHVSDFLDOHVSDUDODYLVLyQGHFRQVHUYDFLyQORVUHVXOWDGRV
DSRUWDURQGLUHFWDPHQWHDODVUHFRPHQGDFLRQHVGHFRQVHUYDFLyQFRQVLGHUDQGRHVWDVHVSHFLHVFRPRREMHWRVGH
FRQVHUYDFLyQSDUWLFXODUHV\EXVFDQGRVXUHSUHVHQWDWLYLGDGGHQWURGHODUHGGHiUHDVSURWHJLGDVGHO&$0
*HVWLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDG
6H HVWUXFWXUy XQD VHFFLyQ GHO GRFXPHQWR PiV GHVFULSWLYD UHODFLRQDGD FRQ HO HVWDGR GH JHVWLyQ GH ODV iUHDV
SURWHJLGDVH[LVWHQWHVHQHO&$0/RVUHVXOWDGRVDTXtSUHVHQWDGRVWDPELpQDSRUWDURQGLUHFWDPHQWHDODVUHFR
PHQGDFLRQHVGHFRQVHUYDFLyQ
/DHYDOXDFLyQGHOHVWDGRGHJHVWLyQGHODViUHDVSURWHJLGDVXWLOL]yORVGDWRVGHO6HUYLFLR1DFLRQDOGHUHDV
3URWHJLGDV6(51$3TXHFRQVLVWHHQODHYDOXDFLyQGHODJHVWLyQGHXQiUHDSURWHJLGDHQUHODFLyQDVX
FRQVROLGDFLyQ\HQIXQFLyQDODVPHGLGDVGHPDQHMRTXHVHHVWiQDSOLFDQGR(OVLVWHPDGH0HGLFLyQGH(IHFWL
YLGDGGH0DQHMR0(0VVHEDVDHQXQDWDEODGHSXQWXDFLyQRVFRUHFDUGGLVHxDGDSRU7KH1DWXUH&RQVHUYDQF\
71&86$,'\KDVLGRDGDSWDGDSRUHO6(51$3DORVREMHWLYRVSDUWLFXODUHVGHO6LVWHPD1DFLRQDOGH
UHDV3URWHJLGDVGH%ROLYLD(OPi[LPRSXQWDMHGHFRPSDUDFLyQHQFXDOTXLHUDGHORVLQGLFDGRUHVTXHDQDOL]D
HO0(0VHVGHFLQFR\UHSUHVHQWDXQHVWDGRGHJHVWLyQLGHDO
6HHYDOXDURQODViUHDVSURWHJLGDVGHO&$0FRQVLGHUDQGRXQSURPHGLRGHORVSXQWDMHVGHJHVWLyQHQWUHORVDxRV
\VHJ~QGDWRVGLVSRQLEOHVGHO0(0V
$QiOLVLVGHSULRULGDGHV\HVWUXFWXUDFLyQGHODYLVLyQGHFRQVHUYDFLyQGH
ODELRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'HQLFLyQGHREMHWRVGHFRQVHUYDFLyQ
/RVREMHWRVGHFRQVHUYDFLyQUHSUHVHQWDQORVHOHPHQWRVGHODGLYHUVLGDGELROyJLFDRVXVWLWXWRVTXHVHUiQHOIRFR
GHORVHVIXHU]RVGHSODQLFDFLyQ*URYHVHWDO3DUDHO&$0IXHURQVHOHFFLRQDGRVDORVFRUUHGRUHVDOWL
WXGLQDOHVHQEXHQHVWDGRGHFRQVHUYDFLyQEEORTXHVGHERVTXHVHQEXHQHVWDGRGHFRQVHUYDFLyQFHFRVLVWHPDV
ZZZJOREDODPSKLELDQVRUJ
0HWRGRORJtD
GHLPSRUWDQFLDSDUDSURFHVRVKLGURFOLPiWLFRVGFRPXQLGDGHVELROyJLFDVFRQDOWDULTXH]DGHHQGHPLVPR\H
FRPXQLGDGHVELROyJLFDV~QLFDVGHH[WHQVLyQUHGXFLGDFRPRREMHWRVGHFRQVHUYDFLyQTXHSHUPLWLUiQHOPDQWH
QLPLHQWRGHIXQFLRQHVHFROyJLFDV\XQDDGHFXDGDUHSUHVHQWDFLyQGHODELRGLYHUVLGDG
(OPDUFRFRQFHSWXDOGHGHQLFLyQGHFDGDXQRGHORVREMHWRVGHFRQVHUYDFLyQVHSUHVHQWDGLUHFWDPHQWHHQHO
FDStWXOR9(QHVWDVHFFLyQQRVOLPLWDPRVDGHVFULELUORVDVSHFWRVPHWRGROyJLFRVSULQFLSDOHVSDUDODGHQLFLyQ
\YDORUDFLyQGHQWURGHOVLVWHPDGHFXDGUtFXODVGHORVGLIHUHQWHVREMHWRVVHOHFFLRQDGRV
D &RUUHGRUHVDOWLWXGLQDOHVHQEXHQHVWDGRGHFRQVHUYDFLyQ&$
(VWH REMHWR GH FRQVHUYDFLyQ EXVFy OD FRQHFWLYLGDG HQWUH ORV GLVWLQWRV SLVRV DOWLWXGLQDOHV GHO &$0 3DUD OD
GHQLFLyQGHOPLVPRVHXWLOL]yODFREHUWXUDGHYDULDFLyQWRSRJUiFDGHO86*6\HODQiOLVLVGHOHVWDGR
GHFRQVHUYDFLyQ1RZLFNL/DOyJLFDGHLQWHUSUHWDFLyQGHODQiOLVLVIXHODDVLJQDFLyQGHPD\RUYDORUGH
FRQVHUYDFLyQDDTXHOODViUHDVHQEXHQHVWDGRGHFRQVHUYDFLyQFRQHFWDGDVHQXQDPD\RUYDULDFLyQDOWLWXGLQDO
(ODQiOLVLVGHYDORUDFLyQHQFXDGUtFXODXWLOL]DQGRHO6,*VHVXVWHQWyHQORVVLJXLHQWHVSDVRV
8WLOL]DQGRHOSURJUDPD$UF9LHZVHLQWHUVHFWDURQODVFREHUWXUDVYDULDFLyQWRSRJUiFD\iUHDVHQHVWDGR
GHFRQVHUYDFLyQEXHQR\PX\EXHQRGHFRQYHUVLyQ
6HFRGLFDURQORVEORTXHVGHFHOGDVFRQWLQXDVUHVXOWDQWHV
(QFDGDEORTXHVHFDOFXOyODDOWXUDPtQLPDGHWRGDVODVDOWXUDVPtQLPDV\ODVDOWXUDPi[LPDGHWRGDVODV
DOWXUDVPi[LPDV
(QEDVHDOYDORUPi[LPRGHORVUDQJRVVHFDOFXODURQORVYDORUHVUHODWLYRVUDQJR UDQJRBPD[
E %ORTXHVGHERVTXHVHQEXHQHVWDGRGHFRQVHUYDFLyQ%(&
(VWHREMHWREXVFyODSULRUL]DFLyQGHiUHDVGHERVTXHFRQWLQXRORPiVH[WHQVDSRVLEOH\ORPHMRUFRQVHUYDGDV
SRVLEOHV/DEDVHGHLQIRUPDFLyQSDUDVXGHQLFLyQIXHHOPDSDGHFREHUWXUDGHERVTXHV*/&)\HOPDSD
GHOHVWDGRGHFRQVHUYDFLyQ1RZLFNL
/RVSDVRVUHDOL]DGRVSDUDODGHQLFLyQGHORVEORTXHVGHERVTXHIXHURQ
8WLOL]DQGRHOSURJUDPD$UF9LHZVHLQWHUVHFWDURQODVFREHUWXUDVGHERVTXHV\HVWDGRGHFRQVHUYDFLyQ
GHFRQYHUVLyQSULRUL]DQGRiUHDVFRQWLQXDVFRQHFWDGDVDOPHQRVHQXQODGRGHODFXDGUtFXOD
6HFRQWyODVFHOGDVFRQWLQXDVHQORVEORTXHVUHVXOWDQWHV
(QEDVHDOQ~PHURPD\RUGHFHOGDVHQORVEORTXHVVHFDOFXOyYDORUHVUHODWLYRVQXPBFHOGDV
QXPBPD
\RUBFHOGDV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(VLPSRUWDQWHUHVDOWDUTXHODLGHQWLFDFLyQGHORVEORTXHVGHERVTXHVHUHDOL]yFRQVLGHUDQGRiUHDVFRQWLQXDV
PiVDOOiGHORVOtPLWHVGHO&$0HQHVWHVHQWLGRDOJXQDVPDQFKDVSHTXHxDVGHERVTXHGHQWURGHORVOtPLWHVGHO
&$0WLHQHQXQYDORUDOWRGHELGRDVXH[WHQVLyQIXHUDGHORVOtPLWHVFRPRVHREVHUYDHQODVLJXLHQWHJXUD
)LJ'HQLFLyQGHEORTXHVGHERVTXHHQEXHQHVWDGRGHFRQVHUYDFLyQ
F (FRVLVWHPDVGHLPSRUWDQFLDSDUDSURFHVRVKLGURFOLPiWLFRV()+
(VWHREMHWRWLHQHODQDOLGDGGHSULRUL]DUiUHDVFODYHVFRPRIXHQWHGHDJXD\SURWHFFLyQGHFXHQFDVWLHQHQXQD
LPSRUWDQFLDHOHYDGDODViUHDVFRQSHQGLHQWHVSURQXQFLDGDV\FDEHFHUDVGHFXHQFDV/RVGDWRVGHEDVHXWLOL]DGRV
IXHURQODFREHUWXUDGHYDULDFLyQWRSRJUiFD86*6VHQVLELOLGDGHFRVLVWpPLFDYHUPHWRGRORJtDGHOHVWDGR
GHFRQVHUYDFLyQ\UtRV,*0
/RVSDVRVUHDOL]DGRVSDUDODGHQLFLyQGHHVWHREMHWRGHFRQVHUYDFLyQIXHURQ
6HLQWHUVHFWDURQODVFREHUWXUDVGH5tRVFRQODGHFXDGUtFXODVODVFXDGUtFXODVTXHVHLQWHUVHFWDURQFRQUtRV
VHOHVGLRHOYDORUGH\DODVTXHQRHOYDORU
3DUDREWHQHUHO()+VHDSOLFyODVLJXLHQWHIyUPXOD9DUBWRS 6( 5tRV
0HWRGRORJtD
G &RPXQLGDGHVELROyJLFDVFRQDOWDULTXH]DGHHQGHPLVPR&%5
(OREMHWLYRGHODVHOHFFLyQGHHVWHREMHWRGHFRQVHUYDFLyQIXHODSULRUL]DFLyQGHFHQWURVGHULTXH]DGHHQGHPLVPR
/DULTXH]DGHHQGHPLVPR.LHU %DUWKORWWYDORU&LQGLFDODVXPDWRULDGHORVLQYHUVRVGHODVVXSHUFLHV
GHORVUDQJRVGHODVHVSHFLHVHQXQiUHD$VtTXHHOYDORU&HVXQDFRPELQDFLyQGHOJUDGRGHHQGHPLVPR\GH
ODULTXH]DGHHVSHFLHVHQXQiUHD8QDOWRYDORUGHXQiUHDVLJQLFDXQDSRUWHDOWRGHHVWDiUHDDODGLYHUVLGDG
HQGHPLVPR\ULTXH]DGHHVSHFLHVGHOSDtV(ODQiOLVLVIXHUHDOL]DGRDQLYHOGH%ROLYLD1RZLFNLHWDO
1RZLFNL\SRVWHULRUPHQWHXWLOL]DQGRORVGDWRVFRUUHVSRQGLHQWHVDOiUHDGHO&$0
(ODQiOLVLVHQJHQHUDOXWLOL]yHOPRGHOR%,201RZLFNLHWDOFDOFXODQGRORVYDORUHVGHULTXH]DGHHQGH
PLVPRHQIXQFLyQGHODEDVHGHGDWRVGHPiVGHHVSHFLHVYHUWtWXORHQHOSUHVHQWHFDStWXOR
/XHJRSDUDODGHQLFLyQGH&%5VHFRQYLUWLyODFREHUWXUDGHULTXH]DGHHQGHPLVPRDYDORUHVUHODWLYRVGHQWUR
GHO&$0XWLOL]DQGRODFODVLFDFLyQQDWXUDOEUHDNGH$UF9LHZ
H &RPXQLGDGHVELROyJLFDV~QLFDVGHH[WHQVLyQUHGXFLGD&%8
(VWHREMHWRGHFRQVHUYDFLyQEXVFDODUHSUHVHQWDFLyQGHODGLYHUVLGDGEHWDGHO&$0GHQWURGHOVLVWHPDiUHDV
SURWHJLGDVRiUHDVGHHVSHFLDODWHQFLyQGHFRQVHUYDFLyQGDQGRXQpQIDVLVSDUWLFXODUDODVFRPXQLGDGHVELROy
JLFDV~QLFDVGHH[WHQVLyQUHGXFLGD
/RVLQVXPRVXWLOL]DGRVSDUDHODQiOLVLVIXHURQHOPDSDGHYHJHWDFLyQGHO&$0SUHVHQWDGRHQHOFDStWXOR,,,\
EDVDGRHQ1DYDUURHWDOODEDVHGHGDWRVGHHVSHFLHV\HO%,20FRPRKHUUDPLHQWDGHDQiOLVLVYHUWtWXOR
HQHOSUHVHQWHFDStWXOR6HUHDOL]yXQDQiOLVLVGHKHWHURJHQHLGDGXQLFLGDGPHGLDQWHXQPpWRGRFOXVWHUVFRQ
GLVWDQFLDVHXFOtGLFDV:DUGFRPELQDQGRXQLGDGHVGHYHJHWDFLyQ\VXFRPSRVLFLyQELyWLFD/DVXQLGDGHVVLQJX
ODUHVUHVXOWDQWHVGHHVWHDQiOLVLVIXHURQFRPSDUDGDVFRQHOSRUWDIROLRGHVLWLRVSULRULWDULRVHQSDVRVSRVWHULRUHV
GHOSURFHVRPHWRGROyJLFR
3DUDODGHQLFLyQGHFRPXQLGDGHV~QLFDVGHH[WHQVLyQUHGXFLGDVHVHOHFFLRQDURQODVXQLGDGHVVLQJXODUHVFRQ
XQWDPDxRUHODWLYRPHQRUDOHQUHODFLyQDODXQLGDGGHPD\RUVXSHUFLH
$QiOLVLVGHSULRULGDGHVHVSDFLDOHVGHFRQVHUYDFLyQ
(ODQiOLVLVGHSULRULGDGHVHVSDFLDOHVHVHOUHVXOWDGRGHODFRPELQDFLyQGHORVGLIHUHQWHVREMHWRVGHFRQVHUYDFLyQ
OOHJDQGRDODLGHQWLFDFLyQGHiUHDVGHPD\RUYDORUELROyJLFRHFROyJLFRGRQGHFRLQFLGHQORVYDORUHVPiVDOWRV
GHFDGDREMHWR
D %ORTXHVSULRULWDULRVGHFRQVHUYDFLyQ9DORUELROyJLFRHFROyJLFRHQERVTXHV
'DWRVGHEDVHXWLOL]DGRV&REHUWXUDGH%RVTXHVHQEXHQHVWDGRGHFRQVHUYDFLyQ%(&&RUUHGRUHVDOWLWXGL
QDOHVHQEXHQHVWDGRGHFRQVHUYDFLyQ&$(FRVLVWHPDVGHLPSRUWDQFLDSDUDSURFHVRVKLGURFOLPiWLFRV()+
\&RPXQLGDGHVELROyJLFDVFRQDOWDULTXH]DGHHQGHPLVPR&%5
)XHQWHV
0DSDV%(&&$()+&%5
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0HWRGRORJtD
3DUDFDOFXODUORV%ORTXHVSULRULWDULRVGHFRQVHUYDFLyQVHPXOWLSOLFyORVYDORUHVGHODVFREHUWXUDV%(&
&$()+\&%5\HOUHVXOWDGRVHFRQYLUWLyDYDORUHVUHODWLYRVHQWUH\/RVYDORUHVPiVDOWRV
UHSUHVHQWDURQODV]RQDVGHPD\RUSULRULGDG
/RVEORTXHVGHERVTXHHQEXHQHVWDGRGHFRQVHUYDFLyQGHPD\RUWDPDxRGLHURQXQSHVRHVSHFLDODO
DQiOLVLV\DTXHVHSULRUL]DURQODViUHDVPiVYLDEOHV\IXQFLRQDOHVSDUDODELRGLYHUVLGDG
E UHDVSULRULWDULDVFRPSOHPHQWDULDV9DORUELROyJLFRHFROyJLFRIXHUDGHERVTXHV
'DWRVGHEDVHXWLOL]DGRV&RUUHGRUHVDOWLWXGLQDOHVHQEXHQHVWDGRGHFRQVHUYDFLyQ&$(FRVLVWHPDVGHLP
SRUWDQFLDSDUDSURFHVRVKLGURFOLPiWLFRV()+&RPXQLGDGHVELROyJLFDVFRQDOWDULTXH]DGHHQGHPLVPR&%5
\&RPXQLGDGHVELROyJLFDPHQWH~QLFDVGHH[WHQVLyQUHGXFLGD&%8
)XHQWHV
0DSDV&$()+&%5&%8
0HWRGRORJtD
3DUDFDOFXODUODViUHDVSULRULWDULDVFRPSOHPHQWDULDVGHFRQVHUYDFLyQVHPXOWLSOLFyORVYDORUHVGHODV
FREHUWXUDV&$()+\&%5\HOUHVXOWDGRVHGLYLGLyHQWUHGLH]PLOSDUDREWHQHUYDORUHVHQWUH\
/RVSRUFHQWDMHVPiVDOWRVUHSUHVHQWDURQODV]RQDVGHPD\RUSULRULGDG
$GLFLRQDOPHQWHVHXELFDURQODV&%8FRPRREMHWRVGHHVSHFLDODWHQFLyQGHFRQVHUYDFLyQSHURQRVH
LQFRUSRUDURQGHQWURGHODQiOLVLVGHYDORUDFLyQHQFXDGUtFXODSDUDQRSHUGHUGHQWURGHOFiOFXORJHQHUD
OL]DGRVXGHOLPLWDFLyQHQSDUWLFXODU
'HQLFLyQGHOD9LVLyQGH&RQVHUYDFLyQ
(OREMHWLYRGHHVWHSDVRHVGHQLUHOHVWDGRGHFRQVHUYDFLyQGHVHDEOHGHODELRGLYHUVLGDGHQHOODUJRSOD]RSDUD
HOORVHSODQWHDXQDYLVLyQGHFRQVHUYDFLyQSRU]RQDGHFRQVHUYDFLyQGLIHUHQFLDGDHQIXQFLyQGHODVSULRULGDGHV
\HVWDGRGHFRQVHUYDFLyQ
/RVFULWHULRVSDUDGHQLUFDGD]RQDIXHURQ
=RQDVFRQSULRULGDGSDUDSURWHFFLyQVHGHQHQDSDUWLUGHORVEORTXHVGHHFRVLVWHPDVIXQFLRQDOHVLGHQWLFDGRV
HQHODQiOLVLVGHSULRULGDGHVDVtFRPRSRUODVSULRULGDGHVFRPSOHPHQWDULDV/DGLIHUHQFLDFLyQGHLQWHQVLGDGHV
GHFRQVHUYDFLyQUHFRPHQGDGDVVHGLRVHJ~QHOYDORUELROyJLFRHFROyJLFRGHFDGDVLWLR
UHDVGRQGHVHFRPELQDQ&%5()+%(&&$FRQVXVYDORUHVPiVDOWRVPHUHFHQXQDDWHQFLyQSULR
ULWDULD\PHGLGDVPiVHVWULFWDVGHFRQVHUYDFLyQFRPRHOHVWDEOHFLPLHQWRGHiUHDVSURWHJLGDVGHFDUiFWHU
QDFLRQDO
UHDVGRQGHVHFRPELQDQ&%5()+%(&&$FRQYDORUHVQRQHFHVDULDPHQWHPiVDOWRVSHURGHQWUR
GHEORTXHVIXQFLRQDOHVGHFRQVHUYDFLyQVHSULRUL]DQSDUDPHGLGDVGHPDQHMRVRVWHQLEOH\FUHDFLyQGHiUHDV
GHSURWHFFLyQGRQGHIXHVHIDFWLEOH
0HWRGRORJtD
UHDVGRQGHVHFRPELQDQ&%5()+&$FRQVXVYDORUHVPiVDOWRVLJXDOPHQWHPHUHFHQXQDDWHQFLyQ
SULRULWDULD\PHGLGDVPiVHVWULFWDVGHFRQVHUYDFLyQ
UHDVFRQSUHVHQFLDGH&%8VHUHFRPLHQGDQSDUDPHGLGDVGHSURWHFFLyQHVWULFWD
=RQDVGHGHVDUUROORVRVWHQLEOHVHXELFDQIXHUDGHORVJUDQGHVEORTXHVIXQFLRQDOHVGHFRQVHUYDFLyQLGHQWL
FDGRVHQHODQiOLVLVGHSULRULGDGHVWLHQHQHQJHQHUDOXQEXHQHVWDGRGHFRQVHUYDFLyQ\ODYLVLyQVHFRQVWUX\y
SULQFLSDOPHQWHFRQVLGHUDQGRHOWLSRGHFREHUWXUDGHYHJHWDFLyQ
UHDVGHERVTXHGHEHQPDQWHQHUVXLQWHJULGDGHFROyJLFDDWUDYpVGHOPDQHMRGHORVUHFXUVRVGHOERVTXH
UHDVGHVDEDQDVRSDPSDVDUERODGDVXELFDGDVHQHOiUHDGHLQXHQFLDGHO&$0QRWLHQHQXQDLPSRUWDQFLD
UHODWLYDDOWDSDUDHOFRUUHGRU\ODYLVLyQ\DLQWHJUDUHFRPHQGDFLRQHVVHJ~QHOSRWHQFLDOGHOXVRGHOVXHOR
=RQDVGHGHVDUUROORPHMRUDPLHQWRGHODFDOLGDGGHOHFRVLVWHPD\UHVWDXUDFLyQVHXELFDQHQODV]RQDV
GHO&$0FRQXQHVWDGRGHFRQVHUYDFLyQSUHGRPLQDQWHPHQWHFUtWLFRVRQODViUHDVGHPD\RUSHUWXUEDFLyQ/DV
UHFRPHQGDFLRQHVHVWXYLHURQSULQFLSDOPHQWHHVWUXFWXUDGDVHQIXQFLyQGHORVSODQHVGHXVRGHVXHORH[LVWHQWHV
FRQPHGLGDVGHUHVWDXUDFLyQHQ]RQDVGRQGHHO&%5WXYRXQYDORUSRWHQFLDODOWR
3URSXHVWDGH]RQLFDFLyQSDUDODJHVWLyQGHO&$0HQIXQFLyQGHODYLVLyQ
GHFRQVHUYDFLyQ
/D]RQLFDFLyQSURSXHVWDSDUDRULHQWDUODJHVWLyQGHFRQVHUYDFLyQHQHO&$0VLJXLyORVOLQHDPLHQWRVSODQWHD
GRVHQODYLVLyQGHFRQVHUYDFLyQ(QXQSULPHUSDVRSDUDGHQLU]RQDVPiVFRQFUHWDVGHJHVWLyQVHUHDOL]yXQD
FRPSDUDFLyQGHODV]RQDVLGHQWLFDGDVHQODYLVLyQ\VXVLWXDFLyQGHXVRDFWXDOGHOVXHORSUHVHQFLDGHFHQWURV
SREODGRVYtDVGHDFFHVRFRQFHVLRQHV\iUHDVSURWHJLGDVH[LVWHQWHVGHHVWDIRUPDVHUHDOL]yXQDQiOLVLVJHQHUDO
GHYLDELOLGDGGHFRQVHUYDFLyQFRQVLGHUDQGRHOFRQWH[WRVRFLRHFRQyPLFR\GHJHVWLyQGHFRQVHUYDFLyQH[LVWHQWH
HQHO&$0
(QXQVHJXQGRSDVRVHDQyODSURSXHVWDGH]RQLFDFLyQHVWDEOHFLGDHQODYLVLyQLGHQWLFDQGRXQSRUWDIROLR
GHVLWLRVSULRULWDULRVORVFULWHULRVXWLOL]DGRVIXHURQ
6HPDQWXYLHURQiUHDVSURWHJLGDVH[LVWHQWHVGHQWURGHORVJUDQGHVEORTXHVIXQFLRQDOHV
6HSURSXVRODFUHDFLyQGHQXHYDViUHDVSURWHJLGDVRODDPSOLDFLyQGHiUHDVSURWHJLGDVH[LVWHQWHVHQiUHDV
GRQGHORVREMHWRVGHFRQVHUYDFLyQDOFDQ]DURQVXPD\RUYDORU\HVSHFLDOPHQWHVLVHXELFDURQGHQWURGHORV
JUDQGHVEORTXHVIXQFLRQDOHV
6HSULRUL]DURQ7LHUUDV&RPXQLWDULDVGH2ULJHQSDUDXQDFRPSDxDPLHQWRHQHOPDQHMRVRVWHQLEOHPiVULJXURVR
FXDQGRpVWDVVHXELFDURQGHQWURGHORVJUDQGHVEORTXHVIXQFLRQDOHV
6HSURSXVLHURQQXHYDViUHDVGHSURWHFFLyQDQLYHOGHSDUWDPHQWDOPXQLFLSDORSULYDGRFXEULHQGRORVOtPLWHV
HQPHMRUHVWDGRGHFRQVHUYDFLyQGHODVFRPXQLGDGHVELROyJLFDV~QLFDVGHH[WHQVLyQUHGXFLGDLGHQWLFDGDV
FRPRREMHWRVGHFRQVHUYDFLyQ
$GLFLRQDOPHQWHVHLGHQWLFDURQVLWLRVDOWHUQDWLYRVGHPDQHMRGHORVUHFXUVRVQDWXUDOHVDVtFRPRXQD]RQLFDFLyQ
PiVGHWDOODGDGHQWURGH]RQDVPiVGHJUDGDGDV/RVFULWHULRVSULQFLSDOPHQWHXWLOL]DGRVIXHURQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3DUD]RQDVLGHQWLFDGDVGHQWURGHODYLVLyQFRPRGHGHVDUUROORVRVWHQLEOH\GHGHVDUUROORPHMRUDPLHQWRGH
ODFDOLGDGGHOHFRVLVWHPD\UHVWDXUDFLyQVHDSOLFDURQFDWHJRUtDVGHPDQHMRUHFRPHQGDGDVHQHO3/86SDUDHO
FDVRGHOiUHDGHO&$0FRUUHVSRQGLHQWHFRQORVGHSDUWDPHQWRVGH%HQL\6DQWD&UX](QORVGHSDUWDPHQWRV
GH&RFKDEDPED\/D3D]VLQ3/86RFLDOPHQWHDSUREDGRVHXWLOL]DURQUHFRPHQGDFLRQHVHPLWLGDVHQHO
DQiOLVLVGHOXVRDFWXDOGHOVXHORYHUFDStWXORGHGLDJQyVWLFRVRFLRHFRQyPLFR
(QiUHDVFRQFREHUWXUDGHERVTXHHQEXHQHVWDGRGHFRQVHUYDFLyQVHPDQWXYLHURQOtPLWHVGHFRQFHVLRQHV
IRUHVWDOHV$6/\7&2DVtFRPRUHFRPHQGDFLRQHVGHPDQHMRGHOERVTXH
6HEXVFDURQRSRUWXQLGDGHVSDUDHVWDEOHFHUFRUUHGRUHVORFDOHVGHFRQHFWLYLGDGHQWUHEORTXHVGHERVTXH\ORV
EORTXHVIXQFLRQDOHVSULRULWDULRV
6H SURSXVR HO FDPELR GH FDWHJRUtD GH iUHDV SURWHJLGDV FRQ HVWDGR GH FRQVHUYDFLyQ SUHGRPLQDQWHPHQWH
PDOR
6HSURSXVLHURQiUHDVGHUHVWDXUDFLyQHVSHFtFDVSDUDVLWLRVSRWHQFLDOHVGHDOWDULTXH]DGHHQGHPLVPRSHUR
GHHVWDGRFUtWLFRGHFRQVHUYDFLyQ
'HHVWDIRUPDVHHODERUyXQPDSDHVSDFLDOL]DGRGHFRQVHUYDFLyQ\GHVDUUROORVRVWHQLEOHSDUDHO&$07RGDV
ODVSURSXHVWDVVyORWXYLHURQXQDQiOLVLVGHYLDELOLGDGEDVDGRHQGDWRVVRFLRHFRQyPLFRVGLVSRQLEOHV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
,,,'LDJQyVWLFR\DQiOLVLVGHEDVHSDUD
ODSODQLFDFLyQ
/tPLWHVGHO&RUUHGRU$PERUy0DGLGL
1$UDXMR 3/,ELVFK
(O&RUUHGRU$PERUy0DGLGL&$0FXEUHXQDVXSHUFLHDSUR[LPDGDGHNP
6XVOtPLWHVVHKDQEDVDGRHQHOPDSDGHHFRUUHJLRQHVGH%ROLYLDVHJ~QFODVLFDFLyQ
GH,ELVFKHWDO'HHVWDPDQHUDODVHFRUUHJLRQHVSULQFLSDOHVPDSDHQODV
FXDOHVVHFRQFHQWUDODSODQLFDFLyQGHFRQVHUYDFLyQSDUDHOFRUUHGRUVRQODHFRUUHJLyQ
GH<XQJDV\ODVVXEHFRUUHJLRQHVGHORV%RVTXHV$PD]yQLFRV3UHDQGLQRV\6XEDQGLQRV
R)DMD6XEDQGLQDSHUWHQHFLHQWHVDOD$PD]RQLDGHQWURGHHVWHEORTXHGHUHJLRQHV
FRPSXHVWDVSRUERVTXHVSUHGRPLQDQWHPHQWHK~PHGRVH[LVWHQDOJXQDVPDQFKDVGH
ERVTXHVVHPLK~PHGRVKDVWDVHPLiULGRVGHODHFRUUHJLyQGH%RVTXHV6HFRV,QWHUDQ
GLQRVTXHWDPELpQVHKDQLQFOXLGRDVtFRPRXQDSHTXHxDUHSUHVHQWDFLyQGHO%RVTXH
7XFXPDQR%ROLYLDQR XELFDGD DO H[WUHPR VXU GHO FRUUHGRU HQ HO 3DUTXH 1DFLRQDO
$PERUy'DWRVDSUR[LPDGRVVREUHVXSHUFLH\OtPLWHDOWLWXGLQDOGHFDGDHFRUUHJLyQR
VXEHFRUUHJLyQVHSUHVHQWDQDFRQWLQXDFLyQ
7DEOD(FRUUHJLRQHVHQHO&RUUHGRU$PERUy0DGLGL
6XSHUFLHWRWDO
HQ%ROLYLDNP
6XSHUFLH
HQHO&$0
NP
3RUFHQWDMH
GHODUHJLyQ
HQ%ROLYLD
/tPLWH
DOWLWXGLQDO
P
%RVTXHV$PD]yQL
FRV3UHDQGLQRV
%RVTXHV$PD]yQL
FRV6XEDQGLQRV
<XQJDV
%RVTXHV6HFRV
,QWHUDQGLQRV
%RVTXH7XFXPDQR
%ROLYLDQR
(FRUUHJLyQ
6XEHFRUUHJLyQ
6XGRHVWHGHOD
$PD]RQLD
,QFOX\HQGRHO3iUDPR<XQJXHxR
'HVFULELHQGRPiVQDPHQWHODGHOLPLWDFLyQGHOiUHDGHHVWXGLRHVLPSRUWDQWHPHQ
FLRQDUTXHORVOtPLWHVGHO&$0IXHURQRULJLQDOPHQWHSURSXHVWRVHQXQGLDJQyVWLFR
VREUHHOVHFWRUEROLYLDQRGHODHFRUUHJLyQ6XGRHVWHGHOD$PD]RQLDVHJ~QHOHQIRTXH
GH&RQVHUYDFLyQ%DVDGDHQ(FRUUHJLRQHVGHVDUUROODGRSRU::),ELVFKHWDO
(Q HVWH HVWXGLR IXHURQ SULRUL]DGRV SRU VX DOWR YDORU ELROyJLFRHFROyJLFR WRGRV ORV
ERVTXHVK~PHGRVVLHPSUHYHUGHVGHO6XGRHVWHGHOD$PD]RQLD\OD]RQDGHLQXHQFLD
GHORV<XQJDVLQFOX\HQGRERVTXHVGHODOODQXUDDPD]yQLFDKDVWDOD&HMDGH0RQWDxD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
HQXQRVP$FWXDOPHQWHFRQODQXHYDGHQLFLyQGHHFRUUHJLRQHVSDUD%ROLYLDORV<XQJDVLQFOXLUtDQHQVX
OtPLWHPiVDOWRDO3iUDPR<XQJXHxRTXHVHORFDOL]DHQIUDQMDV\PDQFKDVHQFLPDGHODFHMDGHPRQWH\IRUPDQ
SDMRQDOHV\PDWRUUDOHVFDVLVLHPSUHK~PHGRVVXELHQGRHOOtPLWHDOWLWXGLQDOHQDOJXQRVVHFWRUHVKDVWDP
,ELVFKHWDO
(OOtPLWHHQWUHORV%RVTXHV$PD]yQLFRV6XEDQGLQRV\ODHFRUUHJLyQGH<XQJDVEROLYLDQRVHVGHFLHUWDIRUPD
DUELWUDULRSRUTXHH[LVWHXQJUDGLHQWHDOWLWXGLQDOTXHKDFHFDPELDUODVFRQGLFLRQHVDELyWLFDVTXHHIHFWDQDFLHUWRV
WD[DGHPDQHUDGLVWLQWD(QUHDOLGDGVHSXHGHGHFLUTXHORVERVTXHVK~PHGRVDQGLQRVVRQXQVRORHFRWRQRSULQ
FLSDOPHQWHGHELGRDOFDPELRHFROyJLFRJUDGXDOTXHVHUHJLVWUDSRUWHPSHUDWXUDVGHFUHFLHQWHV\SUHFLSLWDFLRQHV
FUHFLHQWHVHQFXDQWRVHVXEHDORV$QGHV(OOtPLWHPiVDUELWUDULRGHO&$0VHHQFXHQWUDHQODV]RQDVGRQGHORV
%RVTXHV$PD]yQLFRV3UHDQGLQRVWLHQHQFRQH[LyQGLUHFWDFRQORV%RVTXHV$PD]yQLFRVGH3DQGR\R%RVTXHV
$PD]yQLFRVGH,QXQGDFLyQ
=RQDGHLQXHQFLDGHO&RUUHGRU$PERUy0DGLGL
7RGRHOFRPSOHMRGHHFRUUHJLRQHVPHQFLRQDGDVDQWHULRUPHQWHFRQIRUPDQHOiUHDQ~FOHRGHDWHQFLyQSDUDHO
GHVDUUROORGHOD9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGHVWDiUHDVHEDVDHQOtPLWHVSUHGRPLQDQWHPHQWH
QDWXUDOHV3RURWURODGRFRQVLGHUDQGRODGHOLPLWDFLyQSROtWLFRDGPLQLVWUDWLYDGHOSDtVHQHO&$0VHXELFDUtDQ
PXQLFLSLRVYDULRVGHHOORVVHH[WLHQGHQPiVDOOiGHORVOtPLWHVQDWXUDOHVGHOFRUUHGRUHVDVtTXHSDUDFRQVL
GHUDUWRGRHOFRQWH[WRVRFLRHFRQyPLFRGHO&$0VHKDGHQLGRXQiUHDGHLQXHQFLDGHPDUFDGDSRUHOUHVWR
GHOWHUULWRULRPXQLFLSDOTXHVHH[WLHQGHPiVDOOiGHORVOtPLWHVGHO&$0(O&$0UHFLEHODLQXHQFLDGHYDULDV
HFRUUHJLRQHVWDQWRGHHFRVLVWHPDVDQGLQRVFRPRGHWLHUUDVEDMDVYHUODVLJXLHQWHWDEOD(QHOPDSDVH
YLVXDOL]DORVHFRVLVWHPDVGHO&$0\VXiUHDGHLQXHQFLD
7DEOD(FRUUHJLRQHVTXHIRUPDQSDUWHGHOD]RQDGHLQXHQFLDGHO&$0
6XSHUFLH
6XSHUFLHWRWDO
3RUFHQWDMHHQHO
GHODUHJLyQHQ HQHOiUHDGH iUHDGHLQXHQ
LQXHQFLDGHO
%ROLYLD.P
FLDGHO&$0
&$0.P
(QHOiUHDGHLQXHQFLDGHWLHUUDVEDMDV
$PD]RQLD
%RVTXHV$PD]yQLFRVGH,QXQ
GDFLyQ
%RVTXHV$PD]yQLFRVGH3DQGR
6DEDQDV,QXQGDEOHV
(FRUUHJLyQ6XEHFRUUHJLyQ
6DEDQDV,QXQGDEOHVGHORV/OD
QRVGH0R[RV
%RVTXH6HFR&KLTXLWDQR
*UDQ&KDFR
(QHOiUHDGHLQXHQFLDGHWLHUUDVDOWDV]RQDDQGLQD
%RVTXH7XFXPDQR
%ROLYLDQR
9HUWLHQWH2ULHQWDO\9DOOHV,QWHUDQGLQRV
&KDFR6HUUDQR
%RVTXHV6HFRV,QWHUDQGLQRV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
&HUUDGR
&HUUDGR3DFHxR
&HUUDGR%HQLDQR
&RUGLOOHUDV$OWDV\$OWLSODQR
3XQD+~PHGD
3XQD6HPLK~PHGD
9HJHWDFLyQ$OWRDQGLQDGHOD
&RUGLOOHUD2ULHQWDOFRQ3LVRV
1LYDOHV\6XEQLYDOHV
3XQD6HFD
'HOLPLWDFLyQSROtWLFRDGPLQLVWUDWLYDGHO&RUUHGRU$PERUy0DGLGL
(O&$0VHXELFDHQFXDWURGHORVQXHYHGHSDUWDPHQWRVDGPLQLVWUDWLYRVGH%ROLYLD\HQPXQLFLSLRV&XDUHQWD
GHHVWRVPXQLFLSLRVIRUPDQSDUWHGHO'HSDUWDPHQWRGH/D3D]VRQGHO'HSDUWDPHQWRGH6DQWD&UX]GH
&RFKDEDPED\VHHQFXHQWUDQHQHO%HQL(QODVLJXLHQWHWDEODVHSUHVHQWDXQDOLVWDGHPXQLFLSLRVVHJ~QVX
LQXHQFLDWHUULWRULDOVREUHHO&$0
7DEOD3RUFHQWDMHGHVXSHUFLHGHOWHUULWRULRPXQLFLSDOGHQWURGHORVOtPLWHVGHO&$0
'HSDUWDPHQWR
3URYLQFLD
0XQLFLSLRV
0XQLFLSLRVFRQGHVXVXSHUFLHGHQWURGHO&$0
/D3D]
$EHO,WXUUDOGH
6DQ%XHQDYHQWXUD
&DUDQDYL
&DUDQDYL
)UDQ]7DPD\R
$SROR
,QTXLVLYL
/LFRPD&DMXDWD,QTXLVLYL
/DUHFDMD
7LSXDQL4XLDED\D7DFDFRPD*XDQD\
0XxHFDV
$XFDSDWD
1RU<XQJDV
&RULSDWD&RURLFR
6XU<XQJDV
/D$VXQWD3DORV%ODQFRV&KXOXPDQL
&RFKDEDPED
&DUUDVFR
3XHUWR9LOODUURHO
%HQL
*HQHUDO-RVp%DOOLYLiQ
3XHUWR5XUUHQDEDTXH
0XQLFLSLRVFRQGHVXVXSHUFLHGHQWURGHO&$0
/D3D]
%DXWLVWD6DDYHGUD
*UDO3pUH]&KDUD]DQL
/DUHFDMD
&RPED\D6RUDWD
0XxHFDV
$\DWD&KXPD
6XU<XQJDV
,UXSDQD
&RFKDEDPED
$\RSD\D
0RURFKDWD,QGHSHQGHQFLD
&DUUDVFR
3RMR&KLPRUp
&KDSDUH
9LOOD7XQDUL
7LUDTXH
7LUDTXH
%HQL
*HQHUDO-RVp%DOOLYLiQ
6DQ%RUMD
6DQWD&UX]
$QGUpV,EDxH]
(O7RUQR3RURQJR$\DFXFKR
,FKLOR
%XHQD9LVWD6DQ&DUORV<DSDFDQt6DQ-XDQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
0XQLFLSLRVFRQGHVXVXSHUFLHGHQWURGHO&$0
/D3D]
$EHO,WXUUDOGH
,[LDPDV
%DXWLVWD6DDYHGUD
&XUYD
&DPDFKR
0RFRPRFR
,QTXLVLYL
4XLPH
0XULOOR
/D3D]
6XU<XQJDV
<DQDFDFKL
&RFKDEDPED
&DUUDVFR
7RWRUD
&KDSDUH
&RORPL
%HQL
0R[RV
6DQ,JQDFLR
6DQWD&UX]
0DQXHO0&DEDOOHUR
&RPDUDSD
2ELVSR6DQWLVWHEDQ
*UDO6DDYHGUD
0XQLFLSLRVFRQGHVXVXSHUFLHGHQWURGHO&$0
/D3D]
)UDQ]7DPD\R
3HOHFKXFR
/RD\]D
&DLURPD
0XULOOR
3DOFD0HFDSDFD
%HQL
*HQHUDO-RVp%DOOLYLiQ
5H\HV
<DFXPD
6DQWD$QD
6DQWD&UX]
)ORULGD
0DLUDQD6DPDLSDWD
2ELVSR6DQWLVWHEDQ
0LQHURV
6DUD
6DQWD5RVD
0XQLFLSLRVFRQGHVXVXSHUFLHGHQWURGHO&$0
/D3D]
,QTXLVLYL
,FKRFD&ROTXLUL
/RD\]D
6DSDKDTXL/XULED\
6DQWD&UX]
$QGUpV,EDxH]
/D*XDUGLD
)ORULGD
3DPSD*UDQGH
6DUD
3RUWDFKXHOR
0XQLFLSLRVFRQPHQRVGHOGHVXVXSHUFLHGHQWURGHO&$0
/D3D]
&DPDFKR
3WR&DUDEXFR&KDJXD\D3XHUWR$FRVWD
2PDVX\RV
$FKDFDFKL$QFRUDLPHV
&RFKDEDPED
&DUUDVFR
3RFRQD
&KDSDUH
6DFDED
4XLOODFROOR
7LTXLSD\D
7DSDFDUt
7DSDFDUt
%HQL
6DQWD&UX]
*HQHUDO-RVp%DOOLYLiQ
0DUEiQ
$QGUpV,EDxH]
2ELVSR6DQWLVWHEDQ
:DUQHV
6DQWD5RVD
/RUHWR
6DQWD&UX]GHOD6LHUUD
0RQWHUR
:DUQHV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'HOLPLWDFLyQWUDQVIURQWHUL]DGHO&RUUHGRU$PERUy0DGLGL
(O&$0HVXQFRUUHGRUUHJLRQDODEDUFDQGRPXFKRVFRUUHGRUHVGHQLYHOHVMHUiUTXLFRVPiVEDMRVORFDOHVGHSDL
VDMHHWFWLHQHXQDGHOLPLWDFLyQEDVWDQWHQDWXUDOKDFLDHOVXUHQHO$PERUySHURWDPELpQKD\XQDFRQWLQXDFLyQ
EDVWDQWHQDWXUDOHQHOQRUWHKDFLD3HU~(QHVWHFRQWH[WRHO&$0IRUPDSDUWHGHXQFRUUHGRUGHFRQVHUYDFLyQ
PD\RUGHQRPLQDGR9LOFDEDPED$PERUySULQFLSDOPHQWHSURPRYLGRSRU&RQVHUYDFLyQ,QWHUQDFLRQDO
&,&(3)
/DGHOLPLWDFLyQGHO9LOFDEDPED$PERUyPDSDKDWHQLGRXQIXHUWHHQIRTXHHQODViUHDVSURWHJLGDVH[LVWHQWHV
FRPRQ~FOHRVGHFRQVHUYDFLyQGHVGHHVWHQ~FOHRVHEXVFDODFRQHFWLYLGDGSDUDDVHJXUDUODYLDELOLGDGDODUJR
SOD]RGHODJUDQPD\RUtDGHODVHVSHFLHVELROyJLFDVHQVXPHGLRFRPRUHFXUVRDFWXDO\SRWHQFLDOGHGHVDUUROOR
'HVGHHVWDSHUVSHFWLYDHOFRUUHGRUQRVLPSOHPHQWHEXVFDFRQHFWDUIUDJPHQWRVGHQDWXUDOH]DSUtVWLQD(OFRUUHGRU
SURSRQHXQVLVWHPDGHRUGHQDPLHQWRGHOWHUULWRULRTXHMXQWDPHQWHFRQSURSXHVWDVLQQRYDGRUDVGHXVRSURGXFWLYR
LQWHJUDDODViUHDVSURWHJLGDVFRQVXHQWRUQRFRQFLOLDQGRFRQVHUYDFLyQ\GHVDUUROORHFRQyPLFR
(O&RUUHGRU9LOFDEDPED$PERUyFXEUHXQDVXSHUFLHDSUR[LPDGDGH.PFRPSUHQGHiUHDVQDWXUD
OHVGH3HU~\GH%ROLYLDFRQWLHQHH[WHQVLRQHVGHORVERVTXHVPRQWDxRVRV\ERVTXHVGHOODQXUDWURSLFDOPHMRU
FRQVHUYDGRVHQWRGRHOPXQGR/RVKiELWDWVUHSUHVHQWDGRVGHQWURGHOFRUUHGRUYDUtDQHQWUHORVGRVSDtVHV(Q
3HU~HVWiELHQUHSUHVHQWDGRHO%RVTXH+~PHGRGHOVXURHVWH$PD]yQLFRFRQJUDQGHVH[WHQVLRQHVGHODOODQXUD
DPD]yQLFDEXHQDUHSUHVHQWDFLyQGHERVTXHVGHPRQWDxD\SRFDUHSUHVHQWDFLyQGHHFRVLVWHPDVGHDOWXUDPLHQWUDV
HQ%ROLYLDHOFRUUHGRUHVWiPiVDSHJDGRDORV$QGHVGRQGHODJUDQPD\RUtDGHOKiELWDWHVFRQVLGHUDGRFRPR
<XQJDV\%RVTXH0RQWDxRVR'HORVHFRVLVWHPDVSUHVHQWHVHQHOFRUUHGRUORV<XQJDVVRQGHSULRULGDGSDUD
ODFRQVHUYDFLyQSRUVXDOWDWDVDGHHQGHPLVPRVXGLVWULEXFLyQUHVWULQJLGD\VXSUR[LPLGDGDiUHDVDOWDPHQWH
SREODGDVGHODVLHUUDDQGLQD
,JXDOPHQWHVHKDGHQLGRWRGRXQFRPSOHMRHFRUUHJLRQDOGHORV$QGHV7URSLFDOHVTXHIRUPDQXQFRUUHGRUELROy
JLFRHQWUH9HQH]XHOD\HOQRUWHGH$UJHQWLQDVHFDUDFWHUL]DSRUODSUHVHQFLDGHXQDIUDQMDGHERVTXHVPRQWDQRV
K~PHGRVDORODUJRGHODFRUGLOOHUDRULHQWDOFRQVWLWX\HQXQDEDUUHUDRURJUiFDGHSULPHURUGHQTXHFRQGHQVD
FRUULHQWHVGHDLUHK~PHGRVSURYHQLHQWHVGHODFXHQFDDPD]yQLFDEDMDHVWHFRUUHGRUWDPELpQVHFRQVLGHUDFRPR
XQRGHORVVLWLRVGHPD\RUGLYHUVLGDGGHOPXQGR(QHVWHVHQWLGRODSODQLFDFLyQGHFRQVHUYDFLyQHQHO&RUUHGRU
$PERUy0DGLGLVHFRQVWLWX\HHQHODSRUWHEROLYLDQRSDUDODFRQVHUYDFLyQGHODELRGLYHUVLGDGHQHVWDLPSRUWDQWH
UHJLyQGHORV$QGHV7URSLFDOHV
KWWSZZZELRGLYHUVLW\KRWVSRWVRUJ[S+RWVSRWVDQGHV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
$VSHFWRVItVLFRV
(O&$0DOWHQHUXQDIXHUWHSUHVHQFLDHLQXHQFLDGHODYHUWLHQWHQRURULHQWDOGHORV$QGHVSUHVHQWDXQDVHULHGH
IDFWRUHVJHRJUiFRVVLRJUiFRV\FOLPiWLFRVTXHFRQGLFLRQDQGLIHUHQWHVFDUDFWHUtVWLFDVHFROyJLFDVTXHFRQ
YLHUWHQDHVWD]RQDHQXQiUHDIDVFLQDQWHSDUDHOHVWDEOHFLPLHQWRGHSDWURQHVHVSHFLDOHVGHGLYHUVLGDGELROyJLFD
(QORVSXQWRVVLJXLHQWHVVHGHVFULEHQDOJXQDVGHODVSULQFLSDOHVSDUWLFXODULGDGHVGHORVDVSHFWRVItVLFRVGHOiUHD
GHHVWXGLR
&OLPD
([WUDFWRVGH5DTSRRUHWDO
(QWUHORVGLIHUHQWHVIDFWRUHVDPELHQWDOHVTXHGHWHUPLQDQODDSWLWXGGHXQHVSDFLRFRPRKiELWDWGHODVHVSHFLHVQR
KD\QLQJXQRPiVUHOHYDQWHFRPRHOFOLPD(VSHFLDOPHQWHHVGHWHUPLQDQWHSDUDORVSURGXFWRUHVGHOHFRVLVWHPD
ODVHVSHFLHVGHRUDGHODVFXDOHVGHDOJXQDPDQHUDGHSHQGHQORVFRQVXPLGRUHV
/D)LJDPXHVWUDORVSDWURQHVGHODWHPSHUDWXUDPHGLDDQXDO&ODUDPHQWHVHLGHQWLFDVXGHSHQGHQFLDGHOD
DOWLWXG/DVWHPSHUDWXUDVDOWDVGHOD]RQDSUHDQGLQDLQYDGHQORVYDOOHVSURIXQGRVGHORVUtRVSULQFLSDOHVTXHVDOHQ
GHORV$QGHV/RVWUySLFRVIUtRVVHLQGLFDQSRUHOJUDGLHQWHORVFRORUHVGHVGHURMRKDFLDDPDULOOR\D]XOUHDV
PiVRPHQRVH[WHQVDVFRQWHPSHUDWXUDVLQWHUPHGLDVVHHQFXHQWUDQHQORVYDOOHVLQWHUDQGLQRV
/DSDUWHQRUWHGH%ROLYLDHVWiPiVDIHFWDGDSRUOD,7&=,QWHU7URSLFDO&RQYHUJHQFH=RQH =RQDGH&RQYHU
JHQFLD,QWUDWURSLFDO\HVGRQGHVHUHJLVWUDPD\RUHVYDORUHVGHOOXYLD(OFOLPDGLDJUDPDGH/D3D]PXHVWUD
HOFDPELRGHOUpJLPHQSOXYLDOGXUDQWHHODxRFRPRHVWtSLFRHQODV]RQDVFHUFDQDVDOERUGHGHORVWUySLFRV/D
pSRFDGHOOXYLDVFRPLHQ]DHQQRYLHPEUH\GXUDKDVWDPDU]R(QHVWHSHULRGRVHUHJLVWUDXQGHODSUHFLSL
WDFLyQDQXDO\HQMXQLRKDVWDDJRVWRHOSURPHGLRDQXDOHVWiGHEDMRGHORVPP0OOHU&ODUDPHQWH
ODGLVWULEXFLyQGHODSUHFLSLWDFLyQHQHODxRHVHFROyJLFDPHQWHPiVLPSRUWDQWHTXHODFDQWLGDGDEVROXWDYHU
DEDMRVXEFDStWXORVREUHHYDSRWUDQVSLUDFLyQ\DULGH](Q%ROLYLDVRODPHQWHHQODVODGHUDVQRURULHQWDOHVGHOD
&RUGLOOHUD2ULHQWDOHQORV<XQJDVEROLYLDQRVVHHQFXHQWUDQiUHDVFRQXQDGLVSRQLELOLGDGSHUPDQHQWHGHDJXD
UHTXHULGDSRUYHJHWDFLyQKLJUyOD
/D)LJELOXVWUDORVSDWURQHVGHGLVWULEXFLyQGHODSUHFLSLWDFLyQHQHO&$0GHVWDFiQGRVHFODUDPHQWHORV
Pi[LPRVGHSUHFLSLWDFLyQHQORV<XQJDV(OPi[LPRGHO&KDSDUHDOQRUWHGH&RFKDEDPED!PPDxR
VHH[SOLFDSRUORV$QGHVPX\HVFDUSDGRV\DOWRVTXHFDXVDQODVXELGDGHODVPDVDVGHDLUHK~PHGROOHYDQGRD
ODFRQGHQVDFLyQHQIXQFLyQGHOHQIULDPLHQWRGHODLUHFRPRFRQVHFXHQFLDGHOHIHFWRGHODVRPEUDGHORVYLHQWRV
DOLVRV$GHPiVODV&RUGLOOHUDVGH&RFDSDWD\7LUDTXHGH&RFKDEDPEDIRUPDQXQFRGRUHFHSWRUFROHFWDQGR
ODVPDVDVK~PHGDVGHPDQHUDPX\HFLHQWH\SHUPDQHQWH,ELVFKHWDO/DVRWUDVUHJLRQHVDOQRUWH\DO
VXUGHO&KDSDUHWLHQHQPHQRUHVFDQWLGDGHVGHSUHFLSLWDFLyQ\UiSLGDPHQWHEDMDQDPP\PHQRV
5DTSRRU'&1RZLFNL59LOODUSDQGR$-DUYLV+6RPPHU 3/,ELVFK(OIDFWRUDELyWLFRTXHPiVLQX\HHQOD
GLVWULEXFLyQGHODELRGLYHUVLGDGHOFOLPD(Q,ELVFK3/ *0pULGDHGV%LRGLYHUVLGDGODULTXH]DGH%ROLYLD(VWDGRGH
FRQRFLPLHQWR\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLFDFLyQ(GLWRULDO)$16DQWD&UX]
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)LJ'LVWULEXFLyQYHUWLFDOGHGLIHUHQWHVSLVRVFOLPiWLFRV\ODYHJHWDFLyQGHORV<XQJDVEROLYLDQRV
PRGLFDGRVHJ~Q/DXHU
(OHVTXHPDGHODGLVWULEXFLyQDOWLWXGLQDOGHODSUHFLSLWDFLyQHQORV<XQJDVGHPXHVWUDFODUDPHQWHTXHDORODUJR
GHOJUDGLHQWHDOWLWXGLQDOQRVRODPHQWHVHREVHUYDXQDGLIHUHQFLDFLyQWpUPLFDVLQRWDPELpQKtGULFD)LJ(Q
HOSLHGHPRQWHVHWLHQHQFRQGLFLRQHVFDVLSHUK~PHGDVHQHO&KDSDUH\OD]RQDGH0DGLGL\HVWDFLRQDOHVHQ
ODVRWUDViUHDVFRPSDUDUPDSDGHDULGH])LJG(QJHQHUDOHOSLVRGHODSUHFLSLWDFLyQPiVDOWDVHHQFXHQWUD
HQWUHORV\PKDFLDDUULEDVLJXHHOQLYHOGHFRQGHQVDFLyQPiVLPSRUWDQWHTXHVHFDUDFWHUL]DSRUOD
IRUPDFLyQPi[LPDGHQXEHV3URSRUFLRQDQGRFRQGLFLRQHVySWLPDVSDUDSODQWDVKXPHGDGPi[LPD\WHPSHUD
WXUDVWHPSODGDVVLQKHODGDVDTXtVHHQFXHQWUDWDPELpQXQPi[LPRGHGLYHUVLGDGGHSODQWDV(QFLPDGHOQLYHO
GHFRQGHQVDFLyQODKXPHGDGDEVROXWDGHODLUHGLVPLQX\H
(QHOSLVRHQWUH\PDSHVDUGHXQDPHQRUKXPHGDGDEVROXWDGHELGRDODWHPSHUDWXUDPXFKRPiV
EDMDODKXPHGDGUHODWLYDGHQXHYROOHJDDOORTXHVLJQLFDODIRUPDFLyQGHRWURQLYHOGHFRQGHQVDFLyQ
/DSHUVLVWHQWHFDSDGHQHEOLQDHVHOIDFWRUPiVLPSRUWDQWHSDUDODIRUPDFLyQGHORVERVTXHVGHQHEOLQDFHMD
GHODPRQWDxDTXHUHFLEHQPiVDJXDSRUODOODPDGDSUHFLSLWDFLyQKRUL]RQWDOTXHVHGDHQHOPRPHQWRTXHODV
SHTXHxDVJRWDVGHODVQXEHVFKRFDQFRQHVWUXFWXUDVFRPRUDPDVXKRMDVGHiUEROHV\HSLWDVTXHSRUODOOXYLD
(QFLPDGHOERVTXHGHQHEOLQDFRQWLQ~DXQSLVRGHSDMRQDOHVEDVWDQWHK~PHGRHO3iUDPR<XQJHxR8Q~OWLPR
QLYHOGHFRQGHQVDFLyQVHUHJLVWUDDXQDDOWLWXGGHPiVGHPHQOD]RQDJODFLDU(QHOLQWHULRUGHOD&RUGLOOHUD
2ULHQWDOVHREVHUYDXQDPLFURGLIHUHQFLDFLyQGHODVFRQGLFLRQHVGHSUHFLSLWDFLyQGLUHFWDPHQWHGHSHQGLHQWHGHOD
RURJUDItD(IHFWRVGHVRPEUDGHOOXYLDSRUVHUUDQtDVPX\DOWDVTXHQRGHMDQSDVDUDLUHVK~PHGRVSURYHQLHQWHV
GHOD$PD]RQLDFDXVDQXQPRVDLFRFOLPiWLFRUHHMDGRSRUODYHJHWDFLyQHQWRQFHVHVSRVLEOHREVHUYDUERV
TXHVK~PHGRV\PDWRUUDOHVVHFRVFRQVXFXOHQWDVDPERVVHSDUDGRVSRU]RQDVGHWUDQVLFLyQGHVRODPHQWHPX\
SRFRVPHWURV6HJ~Q7UROOODVLVODVVHFDVGHQWURGHORVYDOOHVLQWHUDQGLQRVQRSXHGHQH[SOLFDUVH
VRODPHQWHSRUHOSDQWDOODMHSOXYLDOPHGLDQWHFDGHQDVPRQWDxRVDVDQWHSXHVWDVVHJ~QHOSULQFLSLRGHEDUORYHQWR
\VRWDYHQWRVLQRTXHWLHQHQTXHUHODFLRQDUVHFRQIXHUWHVYLHQWRVFRPSHQVDWRULRVGLDULRV7DOHVYLHQWRVIXHURQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
REVHUYDGRVSRU7UROOHQYDULRVYDOOHVGHSHQHWUDFLyQHQOD&RUGLOOHUD2ULHQWDO'XUDQWHHOGtDORVYLHQWRVGH
YDOOHVRSODQGHVGHODVSDUWHVEDMDVKDFLDODVDOWXUDVUHFDOHQWDGDV/DXHU (UOHQEDFK6REUHWRGRKDFLD
QHVGHODpSRFDVHFDVHUHJLVWUyXQDXPHQWRHQODLQWHQVLGDGGHORVYLHQWRVGHYDOOH
(FROyJLFDPHQWHQRVyORLPSRUWDODFDQWLGDGGHSUHFLSLWDFLyQHQXQiUHDVLQRVREUHWRGRODGLVSRQLELOLGDGGH
DJXDSDUDORVRUJDQLVPRV(VWDGLVSRQLELOLGDGHVWiLQXHQFLDGDSULQFLSDOPHQWHSRUODGLVWULEXFLyQGHODSUHFLSL
WDFLyQGXUDQWHHODxRODWHPSHUDWXUDTXHFDXVDODHYDSRUDFLyQGHOVXHOR\GHODJXD\ODWUDQVSLUDFLyQDWUDYpV
GHODVSODQWDVTXHFRQMXQWDPHQWHVHVXHOHOODPDUHYDSRWUDQVSLUDFLyQ
/DUHVROXFLyQGHORVSDWURQHVGHDULGH]QRHVFRPSOHWDPHQWHVDWLVIDFWRULDSRUHMHPSORQRVHLGHQWLFDQDOJXQRV
YDOOHViULGRVGHQWURGHORV<XQJDVK~PHGRVGHELGRDODIDOWDGHHVWDFLRQHVPHWHRUROyJLFDVTXHLPSLGHLOXVWUDU
WRGRHOGHWDOOHFOLPDWROyJLFRHQODVUHJLRQHVPiVFRPSOHMDV$OJXQRVSDWURQHVLQFOXVLYHVHHQWLHQGHQFRPR
DUWHIDFWRVSRUHOPRGHODMHFOLPDWROyJLFR
&RPR\DVHPHQFLRQyDQWHULRUPHQWHHOFOLPDKDFDPELDGRGUiVWLFDPHQWHHQHOWUDQVFXUVRGHODKLVWRULDJHROyJLFD
UHFLHQWHYHUSHM*UDI%DNHUHWDO7DOHVDVtTXHHQHOIXWXURWDPELpQHVWiQSRURFXUULU
FDPELRVFOLPiWLFRVQDWXUDOHVFDXVDGRVSHMSRUFDPELRVDVWURQyPLFRVSHMYDULDFLyQGHODLQFOLQDFLyQGHO
HMHD]LPXWDOGHODWLHUUD6LQHPEDUJR\DVHVDEHFRQEDVWDQWHVHJXULGDGTXHHVWiGHVDUUROOiQGRVHXQFDPELR
FOLPiWLFRDQWURSRJpQLFRDUDt]GHODXPHQWRGHJDVHVGHHIHFWRGHLQYHUQDGHURHQODDWPyVIHUDORVFXDOHVVRQ
SURGXFWRWDQWRGHODFRPEXVWLyQGHKLGURFDUEXURV\FDUEyQFRPRGHOFDPELRGHOXVRGHODWLHUUDVREUHWRGR
GHIRUHVWDFLyQSHURWDPELpQSURGXFFLyQGHPHWDQRSRUJDQDGRHQWUHRWURV(QODVGpFDGDVSDVDGDVODWHPSHUDWXUD
DQLYHOJOREDOKDVXELGRVLJQLFDWLYDPHQWH\ODVSUHGLFFLRQHVLQGLFDQTXHKDVWDHODxRSRGUtDDXPHQWDU
GHD&PiVHQ6XGDPpULFDHOPD\RUFDOHQWDPLHQWRVHHVSHUDSDUDOD$PD]RQLDFHQWUDO(VWRDXWRPiWL
FDPHQWHLPSOLFDFDPELRVWHPSRUDOHV\HVSDFLDOHVGHSDWURQHVGHSUHFLSLWDFLyQ\HYDSRWUDQVSLUDFLyQ:DWVRQ
HWDO,3&&D0XOOLJDQ7DPELpQSDUHFHFDPELDUIHQyPHQRVHFROyJLFDPHQWHPX\UHOHYDQWHV
FRPR(O1LxRGHVGHORVDxRVKDQDXPHQWDGRODIUHFXHQFLDSHUVLVWHQFLDHLQWHQVLGDGGHOPLVPR,3&&
E&RQVLGHUDQGRSRVLEOHVHIHFWRVFRPELQDWRULRVGHPD\RUDULGH]JHQHUDOPD\RUIUHFXHQFLDGHDxRVFRQ
VHTXtDVDQRUPDOHVFDPELRVGHOXVRGHVXHORSUHVHQFLDKXPDQDHLQFHQGLRVHVSRVLEOHLPDJLQDUVHHVFHQDULRV
PX\SUHRFXSDQWHV
%UHYHUHVXPHQGHODKLVWRULDJHROyJLFD\FOLPiWLFD
([WUDFWRVGH5DTSRRU ,ELVFK
/RVHOHPHQWRVGRPLQDQWHVGHOUHOLHYHHQ%ROLYLDVRQHOFXHUSRFRPSOHMRGHORV$QGHVFRQHO$OWLSODQRODV6LHUUDV
6XEDQGLQDV\ODV/ODQXUDV2ULHQWDOHVHQODVWLHUUDVEDMDV/RV$QGHVLQFOX\HQGRODVWLHUUDVEDMDVDG\DFHQWHVHQ
HORHVWH\HOHVWHSHUWHQHFHQDXQDHVWUXFWXUDJHRVLQFOLQDOPX\DQWLJXDODFXDO\DVHGHVDUUROOyHQHO3DOHR]RLFR
WHPSUDQRFRPRXQDIRVDLQWUDFUDWyQLFDHQWUHHO(VFXGR%UDVLOHxRHQHOHVWH\HOPDFL]RGH$UHTXLSDHQHORHVWH
(QHOPDUFRGHODH[SORUDFLyQSHWUROHUDHQHOSLHGHPRQWHDQGLQRRULHQWDOVHGHWHFWyHQODSODQLFLHEHQLDQR
FKDTXHxDHOIXQGDPHQWR3DOHR]RLFRGHEDMRGHVHGLPHQWRVPX\SURIXQGRVGHO3OHLVWRFHQR$KOIHOG
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
/DVFRUGLOOHUDVEROLYLDQDVLQFOX\HQGRHO$OWLSODQRUHSUHVHQWDQXQDSDUWHGHOVLQFOLQDODQGLQR/DVURFDVPiV
DQWLJXDVGDWDQGHO2UGRYtFLFR+DVWDDKRUDQRVHKDQUHJLVWUDGRURFDVGHO&DPEULDQRHQ%ROLYLDVLQHPEDUJR
pVWDVVHKDQHQFRQWUDGRHQODOODPDGDSUHFRUGLOOHUDDUJHQWLQDHQWUH0HQGR]D\/D5LRMDFRPRWHVWLJRVGHO
JHRVLQFOLQDODQGLQRSDOHR]RLFR=HLO
(QHO3DOHR]RLFRLQIHULRUHOHVSDFLRGHVHGLPHQWDFLyQDQGLQRVHGHVDUUROOyGHPDQHUDPiVRPHQRVFRQWLQXD
6HSXHGHREVHUYDUTXHHOFDUiFWHUGHORVVHGLPHQWRVHVXQLIRUPHKDVWDHO'HYRQLDQR3RUORWDQWRSUiFWLFDPHQWH
HVLPSRVLEOHGLIHUHQFLDUHOHVTXLVWRGHJUDSWROLWHVGHO2UGRYtFLFR6LOXULDQR(OSDTXHWHGHVHGLPHQWRVGHYDULRV
PLOHVGHPHWURVGHO3DOHR]RLFRVHHQFXHQWUDHQFLPDGHO]yFDORPHWDPyUFRGHO3UHFiPEULFRGHPDQHUDGLV
FRUGDQWH3RUODXQLIRUPLGDGGHOPDWHULDODSHQDVVHUHFRQRFHQGLVFRQWLQXLGDGHVHQWUH2UGRYtFLFR6LOXULDQR\
'HYRQLDQR(QWRQFHVKXERXQDVHGLPHQWDFLyQKRPRJpQHD\ODRURJHQLDOOHYyUHFLpQGHVSXpVGHO'HYRQLDQR
DXQSOHJDPLHQWRLQWHQVLYRGHO3DOHR]RLFRLQIHULRU/DSURIXQGLGDGGHOHVTXLVWRGHJUDSWROLWHVGHOJHRVLQFOLQDO
DQGLQRHVGHDSUR[LPDGDPHQWHGHP0DUWtQH]
(QHO'HYRQLDQRORVVHGLPHQWRVVHGHVDUUROODURQWDPELpQGHPDQHUDPX\XQLIRUPHHQJUDQGHVSDUWHVGHOD
&RUGLOOHUD2ULHQWDOpVWRVFRQVLVWHQHQHVTXLVWRVDUHQLVFRVDUHQLVFRVFDOFiUHRVFXDUFLWDV\OXWLWDV(QODUHJLyQ
GH(VFRPD&DUDEXFRORVVHGLPHQWRVGHYyQLFRVOOHJDQDWHQHUXQDSURIXQGLGDGGHP5LYDV\HQORV
DOUHGHGRUHVGHO/DJR7LWLFDFDP0DUWtQH]+LVWyULFDPHQWHODVHGLPHQWDFLyQPiVRPHQRVFRQWLQXD
GHO3DOHR]RLFRLQIHULRUVHSHUWXUEySRUSULPHUDYH]HQODWUDQVLFLyQ'HYRQLDQR&DUERQtIHURSRUPRYLPLHQWRV
RURJpQLFRV6HSXHGHQRWDUTXHHQHVWDpSRFDVHUHWLUyHOPDU3RUORWDQWRHOJHRVLQFOLQDODQGLQRSRUSULPHUD
YH]IXHDIHFWDGRSRUODRURJHQLDKHUFLQLDQDGRQGHVHJHQHUyXQDSODWDIRUPDFRQWLQHQWDOVLQHPEDUJRVLQTXH
VHSXGLHVHQUHJLVWUDUHYHQWRVLPSRUWDQWHVGHSOHJDPLHQWR/XHJRGHOLPSDFWRGHOPRYLPLHQWRKHUFLQLDQRHQ
ODUHJLyQGHOJHRVLQFOLQDOSDOHR]RLFRDQGLQRXQDYH]PiVKXERXQDWUDQVJUHVLyQPDULQDLQXQGDQGRODOODPDGD
WLHUUDKHUFLQLDQDGHO3DOHR]RLFRDQGLQR'HHVWDIRUPDVHJHQHUyHQHO&DUERQtIHURXQPDUHSLFRQWLQHQWDOSRFR
SURIXQGRHQHOFXDOVHFUHDURQVHGLPHQWRVSDUiOLFRV(QHO&DUERQtIHURVXSHULRUDOHVWHGHOPDFL]RGH$UHTXLSD
VHDPSOLyHOPDUKDFLDHOVXUKDVWDHOQRURHVWHGH$UJHQWLQDUHJLVWUiQGRVHHVSHFLDOPHQWHVHGLPHQWRVFDOFiUHRV
(VWDWUDQVJUHVLyQPDULQDFRQWLQXyKDVWDHO3pUPLFR(QHO&DUERQtIHURKDFHDSUR[LPDGDPHQWHPLOORQHV
GHDxRVDSDUHFLHURQODVSULPHUDVFRQtIHUDV\OXHJRHQHO3pUPLFRKDFHPiVRPHQRVPLOORQHVGHDxRVODV
&\FDGRSK\WD-XGGHWDO$PERVJUXSRVD~QSHUVLVWHQFRQUHSUHVHQWDQWHVHQHOWHUULWRULREROLYLDQR
$OQDOGHO3pUPLFRVHUHJLVWUDURQORVPRYLPLHQWRVWDUGLKHUFLQLDQRV0DUWtQH]TXHFDXVDURQHOSOH
JDPLHQWRLQWHQVLYRGHODVFDSDVGHO3DOHR]RLFR(VWDWHFWyQLFDHVWiYLQFXODGDFRQXQDGLODWDFLyQGHODFRUWH]D
WHUUHVWUHTXHHQOD&RUGLOOHUD2ULHQWDOFDXVDODDVFHQVLyQGHH[WHQVDVLQWUXVLRQHVGHPDJPD'HVSXpVGHODV
SXOVDFLRQHVSpUPLFDVHQODUHJLyQGHO$OWLSODQRVHJHQHUDURQIRVDVVLQVDOLGDHQODVFXDOHVVHSRGtDQIRUPDU
HYDSRULWDV(QORVSHULRGRVSRVWHULRUHVODVVHULHVGH\HVR\\HVRPDUJDVLUYLHURQFRPRGHVOL]DGHURVSDUDODV
GHIRUPDFLRQHVWHFWyQLFDVGHORVVHGLPHQWRV3DOHR]RLFRV(O7ULiVLFR\HO-XUiVLFRHQ%ROLYLDVRQIDVHVGH
DSODQDFLyQLQWHQVLYD(QHO-XUiVLFRVXSXHVWDPHQWHKDEtDQDSDUHFLGRODVSODQWDVPiVHYROXFLRQDGDVODVDQJLRV
SHUPDV-XGGHWDO
$OFRPLHQ]RGHODIRUPDFLyQGHO&UHWiFLFRHQHOQRUWHGHO$OWLSODQRYXHOYHDDSDUHFHUXQDVLWXDFLyQJHRVLQFOLQDO
$OHVWHHVWHPDUHVWiOLPLWDGRSRUOD&RUGLOOHUD2ULHQWDOKHUFLQLDQD(QHORHVWHWDPELpQHOPDFL]RGH$UHTXLSD
SURSRUFLRQyVHGLPHQWRVSDUDODGHSUHVLyQDOWLSOiQLFD(VWHJHRVLQFOLQDOTXHDYDQ]DGHVGHHOQRUWHGXUDQWHHO
&UHWiFLFRLQIHULRUDEDUFyUHJLRQHVHQORVDOUHGHGRUHVGHO/DJR7LWLFDFD\OOHJyKDVWD3XHUWR$FRVWD$OHVWHGHOD
&RUGLOOHUD2ULHQWDOKHUFLQLDQDHQODUHJLyQGHODV6LHUUDV6XEDQGLQDVWDPELpQVHSURGXMHURQVHGLPHQWDFLRQHV
FUHWiFLFDVTXHVRQVLPLODUHVDDTXHOODVGHO$OWLSODQR3RVLEOHPHQWHHQHOQRUWHGHHVWHJHRVLQFOLQDOHQ3HU~
KD\DH[LVWLGRXQDFRQH[LyQHQWUHDPERVEUD]RVPDULQRV(QHO&UHWiFLFRVXSHULRUKXERWUDQVJUHVLRQHVPDULQDV
HQORVVHGLPHQWRVSDOHR]RLFRVKDVWDODUHJLyQGH&KDUDxDDOQRUWHGHO6DODUGH8\XQL(OEUD]RPDULQRRULHQWDO
OOHJyKDVWDDSUR[LPDGDPHQWH6HQ$UJHQWLQD6HJ~QFRQFHSWRVPRGHUQRVHOJHRVLQFOLQDODQGLQRIXHXQD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
HVWUXFWXUDKRPRJpQHDHQHO&UHWiFLFR)RVDVSDUDOHODVGHVHGLPHQWDFLyQIXHURQVHSDUDGDVSRUXPEUDOHVVXEPD
ULQRV=HLO(O&UHWiFLFRGH%ROLYLDIXHLQYHVWLJDGRGHPDQHUDUHODWLYDPHQWHLQWHQVLYD1HZHOO/RV
FDOFiUHRVGHODIRUPDFLyQ0RKRHQOD6HUUDQtDGH0XxHFDVLQGLFDQTXHHOPDU&UHWiFLFR\DHQHO&UHWiFLFR
PHGLDQROOHJyDWHQHUVXH[WHQVLyQPi[LPD/RVVHGLPHQWRVGHO&UHWiFLFRVXSHULRUFRQVLVWHQHQDUHQLVFRVGH
PiVGHPVHxDODQGRFRQGLFLRQHVFDGDYH]PiVFRQWLQHQWDOHV(QHO&UHWiFLFRODVDQJLRVSHUPDVORJUDEDQ
VHUPiVDEXQGDQWHV\DOQDOGHHVWDpSRFDVHH[WLQJXLHURQORVGLQRVDXULRV
'HPDQHUDGHVFULSWLYDHO7HUFLDULRHQODGHSUHVLyQDOWLSOiQLFDFRQVLVWHGHVHGLPHQWRVPROiVLFRVGHPiVGH
P$KOIHOG&RQVLVWHQGHDUHQLVFRVURML]RDPDULOORVFRQJORPHUDGRVPDUJDVHYDSRULWDV\DUHQLVFRV(Q
ORVFRQJORPHUDGRVGHO7HUFLDULRGHO$OWLSODQRSRUSULPHUDYH]VHUHJLVWUDJUDYDGHORVPDFL]RVFRUGLOOHUDQRV
0DUWtQH](VWRLQGLFDTXHHOOHYDQWDPLHQWRGHOEORTXHDQGLQRUHFLpQVHSURGXMRGHVSXpVGHO&UHWiFLFR
3RU RWUR ODGR HO GHVDUUROOR HVWUDWLJUiFR GHO7HUFLDULR HQ OD IRVD DOWLSOiQLFD LQGLFD TXH HO SOHJDPLHQWR \ OD
FRPSUHVLyQGHORVVHGLPHQWRVHVWDEDQYLQFXODGRVFRQHOOHYDQWDPLHQWRGHOEORTXHDQGLQR(Q%ROLYLDODIDVH
VXSUDFUHWiFLFDRSHUXDQDVHJ~Q6WHLQPDQQFDXVyPRYLPLHQWRVGHOEORTXH\GLVFRQWLQXLGDGHVORFDOHV
\ODIDVHODUiPLFDFDPELR&UHWiFLFR7HUFLDULRIXHODIDVHSULQFLSDOGHFRPSUHVLyQ(QORV$QGHVFHQWUDOHVHVWD
IDVHOOHJyDWHQHULPSDFWRHQHOFDPELR(RFHQR2OLJRFHQRIDVHLQFDLFD6WHLQPDQQDIHFWDQGRJUDQGHV
SDUWHVGHODFRUGLOOHUD
/DV6HUUDQtDV6XEDQGLQDVDFRPSDxDQDORV$QGHVHQGLUHFFLyQSDUDOHOD6XVFXPEUHVKDFLDODVWLHUUDVEDMDVVRQ
FDGDYH]PiVEDMDV\ODV~OWLPDVHVWUXFWXUDVHVWiQHVFRQGLGDVGHEDMRGHORVVHGLPHQWRVGHODVWLHUUDVEDMDV=HLO
6HWUDWDGHVLQFOLQDOHV\DQWLFOLQDOHVPX\DQFKDVTXHFRQVLVWHQGHVHGLPHQWRVFUHWiFLFRV\WHUFLDULRVTXH
WDSDQHO3DOHR]RLFRGHODVHUUDQtDEDVDO\VLJXHQKDFLDHOHVWHODVHVWUXFWXUDVWHFWyQLFDVFRQFLHUWDGLYHUJHQFLD
/RVDQWLFOLQDOHVHQSDUWHVWHFWyQLFDPHQWHPiVGpELOHVIXHURQYLUWXDOPHQWHDVHUUDGRVSRUUtRVFRQRULJHQDQGLQR
/DVVHUUDQtDVVRQODVGH(VODEyQ0RVHWHQHV0DWDUDF~$EDSy$JXDUDJHSDUDPHQFLRQDUDOJXQRVHMHPSORV
(QWUHODIURQWHUDFRQHO3HU~\ODUHJLyQGH6DQWD&UX]HVWDVVHUUDQtDVWLHQHQXQDGLUHFFLyQQRURHVWHVXGHVWHHQ
ODSDUWHPHULGLRQDOXQDGLUHFFLyQQRUWHVXU(OFDPELRGHGLUHFFLyQGHOD&RUGLOOHUD2ULHQWDO\GHO6XEDQGLQRHQ
ODODWLWXGGHODDFWXDOFLXGDGGH6DQWD&UX]FUHDHODVtOODPDGR&RGRGHORV$QGHVTXHHVGHXQDLPSRUWDQFLD
FUXFLDOSDUDORVSDWURQHVGHOFOLPD\SRUORWDQWRGHODYHJHWDFLyQ\ODELRGLYHUVLGDG(O6XEDQGLQRFRQVWDGH
YDULDVVHUUDQtDVSDUDOHODVTXHFRLQFLGHQFRQJUDQGHVDOLQHDPLHQWRVDQWLFOLQDOHV(QPHGLRGHODVFXHVWDVIRUPDGDV
VHHQFXHQWUDQYDOOHVVLQFOLQDOHVDQJRVWRV\DQFKRV3RUVXLPSOLFDQFLDHQODELRGLYHUVLGDG\VXFRQVHUYDFLyQHV
QHFHVDULRGHVWDFDUTXHODVVHUUDQtDVDQWLFOLQDOHVFRQVWLWX\HQLPSRUWDQWHVHVWUXFWXUDVSHWUROtIHUDV\DTXHUH~QHQ
ODVFRQGLFLRQHVQHFHVDULDVSDUDSUHVHQWDUVHGLPHQWRVRUJiQLFRVGHYyQLFRVFDUERQtIHURV\FUHWiFLFRVTXHJUDFLDV
DODSUHVLyQ\DODVWHPSHUDWXUDVFDXVDGDVSRUHOOHYDQWDPLHQWRGHORV$QGHVSRGtDQFRQYHUWLUVHHQSHWUyOHR\
JDVJDUDQWL]DQGRODIRUPDFLyQGHUHVHUYRULRVDWUDYpVGHORVSOHJDPLHQWRVFRUUHVSRQGLHQWHV
/DV/ODQXUDVVHHQFXHQWUDQDOHVWHGHODUHJLyQVXEDQGLQDVXDOWLWXGRVFLODHQWUHORV\P6HKDQIRU
PDGRSRUODDFXPXODFLyQGHFLHQWRVGHPHWURVGHVHGLPHQWRVQRVHVSHFLDOPHQWH&XDWHUQDULRV6HGLIHUHQFLD
XQDIDMDSUHDQGLQDRGHSLHGHPRQWHTXHEDMDGHOVXEDQGLQRGRQGHVHGLVWLQJXHQODVGHSUHVLRQHVGHLQXQGDFLyQ
HQHO%HQL\3DQWDQDOODVWHUUD]DVDOXYLDOHVSRFRGLVHFWDGDVODVOODQXUDVDOXYLDOHVHVSHFLDOPHQWHHQHO'SWR
GH3DQGR\ODOODQXUDGHO&KDFRTXHHVGLIHUHQWHGHODVOODQXUDVQRUWHxDVSULQFLSDOPHQWHGHELGRDOFOLPDiULGR
UtRVSRFRIUHFXHQWHVLQOWUDQDUHQDOHVREDxDGRV0RQWHVGH2FD
1RVHVDEHPXFKRDFHUFDGHODKLVWRULDGHOSDLVDMHSUH3OHLVWRFpQLFRGHORV$QGHVFHQWUDOHV&XDQGRODRURJHQLD
ODUiPLFDVLJQLFyHOQGHODIDVHGHOJHRVLQFOLQDO0HVR]RLFRODFRUGLOOHUDIXHSOHJDGD\UHVXOWyVHUGHQLWL
YDPHQWHFRQWLQHQWDO'XUDQWHHO7HUFLDULRODVPRQWDxDVIXHURQOHYDQWDGDVHQGLIHUHQWHVIDVHV\HQODIDVHPiV
UHFLHQWHGHVXGHVDUUROORVHFRQYLUWLyHQXQDUHJLyQGHHURVLyQ$FWXDOPHQWHVHWLHQHODVLJXLHQWHKLSyWHVLVGH
PRUIRJpQHVLVGHORV$QGHVHQHO3OLR3OHLVWRFHQR&XDQGRDSHQDVVHKDEtDQOHYDQWDGRORV$QGHVXQDHURVLyQ
IXHUWHORJUyDSODQDUORVGDQGRRULJHQDXQDSODQLFLHSXQHxDRQGXODGD0DUWtQH]+DFHPLOORQHVGH
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
DxRVHQHO1RURHVWHGHO$OWLSODQRVHSUHVHQWDEDXQDIDVHYROFiQLFD&LQHULWD&KLMLQL(YHUGHQHWDO
FRPSDUDU&ODSSHUWRQ(QODIRUPDFLyQVXSHULRUGH/D3D]ODFDSDGHFHQL]DVIXHFXELHUWDSRUJUDYD
FOiVWLFD XYLDO \ VHGLPHQWRV DUFLOORVRV TXH OXHJR IXHURQ HURVLRQDGRV FDVL FRPSOHWDPHQWH OXHJR VLJXLHURQ
VHGLPHQWRVJODFLDOHV6HUYDQW6HJ~QHVWRVFRQFHSWRVODJODFLDFLyQPiVDQWLJXDKXELHUDRFXUULGR
GHVSXpVGHODIDVHYROFiQLFD&LQHULWD&KLMLQL&ODSSHUWRQ
/DPHQFLRQDGDSODQLFLH3XQHxD7HUFLDULDIXHOHYDQWDGDHQHO3OHLVWRFHQRHQWUHVIDVHVGHOHYDQWDPLHQWRDGLIHUHQ
WHVQLYHOHVSDUDOXHJRDVHUUDUVHLQWHQVLYDPHQWH5HVWRVGHODSODQLFLHWHUFLDULDVHHQFXHQWUDQHQODV&RUGLOOHUDV
2FFLGHQWDO\2ULHQWDOHQDOWLWXGHVTXHYDQGHVGHORVDP0DUWtQH]+DFHPLOORQHVGH
DxRVHQORV$QGHVVHJ~Q&ODSSHUWRQH[LVWLHURQFLHUWRVVHGLPHQWRVTXHVHKDEUtDQOHYDQWDGRWDQWRTXH
SRGtDKDEHURFXUULGRXQDJODFLDFLyQ6HFRQRFHPX\SRFRVREUHHOFOLPD7HUFLDULRHQ%ROLYLD6LQHPEDUJR
ORVSURIXQGRVVHGLPHQWRVURML]RDPDULOOHQWRVGHO7HUFLDULRVXSHULRUODIRUPDFLyQGHODSODQLFLHSXQHxD\OD
VHGLPHQWDFLyQJODFLDOSHUPLWLHURQHOGHVDUUROORGHFLHUWDVKLSyWHVLV(QHO7HUFLDULRLQIHULRUHOFOLPDGHEHKDEHU
VLGRFDOLHQWH\K~PHGRORTXHSURYRFyODGHVFRPSRVLFLyQHURVLyQ\DFXPXODFLyQGHVHGLPHQWRVSURIXQGRV(Q
HO7HUFLDULRVXSHULRUHOFOLPDVHHQIULyOOHJDQGRDXQPtQLPRHQHOFDPELRGHO3OLRFHQRDO3OHLVWRFHQRORTXH
KL]RSRVLEOHXQDJODFLDFLyQH[WHQVD
&RQHOFRPLHQ]RGHODpSRFDJODFLDOKDFHDSUR[LPDGDPHQWHPLOORQHVGHDxRVVHLQLFLyXQFDPELRFOL
PiWLFRLPSRUWDQWH(OFLFORGHpSRFDVFDOLHQWHV\IUtDVTXHSULPHURVHLQYHVWLJyHQ(XURSDWDPELpQVHDSOLFDD
ORV$QGHV$HVWHUHVSHFWRODVSULPHUDVREVHUYDFLRQHVHQOD&RUGLOOHUDIXHURQODVGH5+DXWKDOHQOD
&RUGLOOHUD5HDOTXHKDQVLGRHOIXQGDPHQWRSDUDHVWXGLRVPiVVLVWHPiWLFRVGH&DUO7UROOSHM7UROO
)LQVWHUZDOGHUFODVLFDURQORVVHGLPHQWRVJODFLDOHVHQODViUHDVDG\DFHQWHVGHOD&RUGLOOHUD5HDOHQXQ
*ODFLDODQWLJXR\XQRUHFLHQWHYHUWDPELpQ-RUGiQ/DXHU 5DTSRRU(QORVDxRV'REUR
YROQ\FUH\yTXHIXHSRVLEOHGLIHUHQFLDUFLQFRIDVHVJODFLDOHVFDGDXQDVHSDUDGDGHODRWUDSRUXQDIDVH
LQWHUJODFLDO(QORVDxRVOD256720UHDOL]yHVWXGLRVVREUHODFURQRORJtDGHOKLHORJODFLDOGHOD&RUGLOOHUD
5HDO6HUYDQWSUHVHQWyXQDHVWUDWLJUDItDFRPSOHWDGHO3OHLVWRFHQRGHHVWDFRUGLOOHUDpOUHJLVWUyOXHJR
GHO3OLRFHQRFXDWURRVFLODFLRQHVFDOLHQWHVTXHIXHURQDFRPSDxDGDVSRUHURVLyQ\JHQHUDFLyQGHVXHORV/DV
IDVHVFDOLHQWHVHVWiQGLYLGLGDVSRUFLQFRIDVHVJODFLDOHV8QDVLQRSVLVGHORVGDWRVVREUHODKLVWRULDFOLPiWLFDGHO
3OHLVWRFHQRHQORV$QGHVFHQWUDOHVKDVLGRSUHVHQWDGDSRU/DXHU 5DTSRRU
/DGHWHUPLQDFLyQGHODHGDGGHORVFRPSOHMRVJODFLDOHVGHO3OHLVWRFHQRLQIHULRU\PHGLDQRVHEDVDHQLQGLFLRV
PRUIROyJLFRSDOHRSHGROyJLFRV3DUDHO3OHLVWRFHQRVXSHULRUVHFXHQWDQFRQGDWRVPiVH[DFWRVRKDVWDDEVROX
WRV7DPELpQVHXWLOL]DURQGDWRVSDOHROLPQROyJLFRVVREUHORVODJRVSOHLVWRFpQLFRVGHO$OWLSODQR0LQFKLQ\
7DXFD6HUYDQW )RQWHV(QEDVHDpVWDLQIRUPDFLyQVHSLHQVDTXHKXERXQSHULRGRJODFLDUK~PHGR
KDFHDSUR[LPDGDPHQWHDxRVTXHIXHVHJXLGRSRUXQSHULRGRJODFLDUVHFRDSUR[LPDGDPHQWHKDFH
DxRVGHMDQGRFXDWURPRUUHQDVEDMDV\GRVIDVHVPiVTXHRFXUULHURQDSHVDUGHXQFOLPDJHQHUDOTXH
FDOHQWDEDSDXODWLQDPHQWHKDFH\DxRVJHQHUDQGRPRUUHQDVPX\PDUFDGDV/DXHU 5DTSRRU
+DFHDxRVHOFOLPDFDOHQWyPX\UiSLGDPHQWH\ORVJODFLDUHVVHUHWLUDURQPXFKR(QHVWDIDVHSRVWJODFLDU
ORVJODFLDUHVDOJXQDVYHFHVDYDQ]DURQGHQXHYRRGHWXYLHURQVXUHWLUDGD6HJ~QGDWRVSDOLQROyJLFRVGH.XUW
*UDIKDFHDxRVHQODSDUWHDOWDGHORV$QGHVDXPHQWyODDEXQGDQFLDGH$VWHUDFHDH
3RDFHDH0DOYDFHDH$PDUDQWKDFHDH&DU\RSK\OODFHDH\(SKHGUDLQGLFDQGRXQDIDVHPiVFDOLHQWH\K~PHGD
/RVUHJLVWURVGHSROHQGHOSLQRGHOPRQWH3RGRFDUSXV\HVSRUDVGHKHOHFKRVDUEyUHRV&\DWKHDHQHO$OWLSODQR
QRUWHxRLQGLFDQTXHORVERVTXHVGHQHEOLQDKDEtDQDYDQ]DGRDOWLWXGLQDOPHQWHTXHGDQGRDDOWXUDVVXSHULRUHVD
ODVGHKR\/DpSRFDFRUUHVSRQGLHQWHFRLQFLGHFRQODIRUPDFLyQLQWHQVLYDGHSDQWDQRVERIHGDOHV/DpSRFD
PiVFDOLHQWHVHUHJLVWUyHQWUH\DxRVDWUiV(QWUHORV\DxRVHQORVSHUOHVGHO
QRUWHGHO$OWLSODQR\HQODVHUUDQtDGH0XxHFDVVHUHJLVWUDXQDGRPLQDQFLDGH3RDFHDH\$VWHUDFHDHODHVFDVH]
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
)LVLRJUDDWRSRJUDItD\RURJUDItD
3/,ELVFK
6HJ~Q0RQWHVGH2FDOD]RQDGHORV<XQJDVTXHIRUPDSDUWHGHODQFRRULHQWDOGHODFRUGLOOHUD$QGLQD
SUHVHQWDFDUDFWHUtVWLFDVVLRJUiFDVHVSHFLDOHVGHFOLPDVXHOR\SDLVDMHVHVLW~DQHQWUHORV\P
H[LVWLHQGRXQD]RQDVXSHULRUVLWXDGDHQWUHORV\PGHQRPLQDGD&HMDGH<XQJDV8QVHFWRULQWHUPHGLR
HQWUHODFRUGLOOHUDGHORV$QGHV\ORVOODQRVGHQRPLQDGRFRPR6XEDQGLQRFRQIRUPDGRSRUVHUUDQtDVSDUDOHODV
HQWUHVtTXHFRLQFLGHQFRQJUDQGHVDOLQHDPLHQWRVDQWLFOLQDOHVDODUJDGRVDVLPpWULFRVFRQXQRGHVXVDQFRV
PiVWHQGLGRTXHORVRWURVGDQGROXJDUDXQDPRUIRORJtDGHFXHVWDV(QPHGLRGHHVWRVFRUGRQHVH[LVWHQYDOOHV
VLQFOLQDOHVGHGLIHUHQWHVWDPDxRVORVUtRVORQJLWXGLQDOHVGHVHPERFDQHQRWURVPD\RUHVTXHWLHQHQXQFXUVR
WUDQVYHUVDOGHRHVWHDHVWH\TXHVRQHQJUDQSDUWHUtRVDQWHFHGHQWHVTXHKDQGDGROXJDUDHVWUHFKRVFDxRQHV
&RQWLQXDQGRHOVXEDQGLQRVHFRQIRUPDOD]RQDGHSLHGHPRQWHGRQGHORVGHSyVLWRVGHJUDYDVQDV\DUHQD
SURYHQLHQWHVGHOPDWHULDOWUDQVSRUWDGRSRUORVUtRVGHODFRUGLOOHUDDOSHUGHUVXFDSDFLGDGGHDUUDVWUHOOHJDQD
IRUPDUXQDHVSHFLHGHDEDQLFRVDOXYLDOHVTXHLQYDGHQOD]RQDKDVWDFDVL.PGHGRQGHWHUPLQDQODV~OWLPDV
VHUUDQtDVVXEDQGLQDV
5LEHUD FDUDFWHUL]D HQWUH RWURV OD WRSRJUDItD GHO iUHD /D &HMD GH<XQJDV XELFDGD HQWUH ORV \
PVHFDUDFWHUL]DSRUODSUHVHQFLDGHFUHVWDVODGHUDVDEUXSWDV\YDOOHVSURIXQGRV/RV<XQJDVFRQSLVRV
DOWLWXGLQDOHVHQWUHORV\P]RQDPRQWDxRVDGHODGHUDVHPSLQDGDVYDOOHVSURIXQGRV\FUHVWDVELHQ
H[SXHVWDV+DFLDOD]RQDGH$SRORVHFRQIRUPDQSHTXHxDVPHVHWDVSODQLFLHVRQGXODGDVVHUUDQtDV\YDOOHVSRFR
SURIXQGRVHQXQUDQJRDOWLWXGLQDOHQWUH\P(OVHFWRUVXEDQGLQRHQWUHORV\PHVWiFRP
SXHVWRSRUVHUUDQtDVGHYDOOHVSURIXQGRVSDUDOHORDOUXPERPD\RUGHODFRUGLOOHUD\XQFRQMXQWRGHFROLQDVFRQ
UHOLHYHRQGXODGR\HVFDUSDGR$PHGLGDTXHHOFXUVRGHORVUtRVVHDFHUFDDOVXEDQGLQRORVYDOOHVVHKDFHQPiV
DPSOLRV\FRQWHUUD]DVDOXYLDOHVDOWDV\ELHQGHVDUUROODGDV(O3LHGHPRQWHHQWUHORV\PVHFRQIRUPD
HQODV~OWLPDVHVWULEDFLRQHVDQGLQDVVHFDUDFWHUL]DSRUODSUHVHQFLDGHFROLQDVVXDYHVDOWDVWHUUD]DVDOXYLDOHV
DQWLJXDVRQGXODFLRQHV\SODQLFLHVGHSHQGLHQWHDPSOLD/DOODQXUDGHWRSRJUDItDSULQFLSDOPHQWHSODQD\DOWXUDV
PHQRUHVDP
(OPDSDLOXVWUDODWRSRJUDItDGHOiUHD/DYDULDFLyQWRSRJUiFDTXHHVODSUHVHQFLDGHGLIHUHQWHVSLVRVDOWLWXGL
QDOHVGHQWURGHXQiUHDHVXQLQGLFDGRUSDUDODGLYHUVLGDGGHKiELWDWV\HQFLHUWRVSLVRVWDPELpQGHODGLYHUVLGDG
GHHVSHFLHV
,QIRUPDFLyQVREUHODRURJUDItDSXHGHVHUH[WUDtGDGH0RQWHVGH2FD/D]RQDGHO&$0HVWiSULQFLSDO
PHQWHLQXHQFLDGDSRUODVVLHUUDVVXEDQGLQDVTXHVHHOHYDQGHVGHODVOODQXUDVHQWUHORV\PFRQXQD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
GLUHFFLyQJHQHUDOQRUHVWHVXGHVWHGHVGHODIURQWHUDFRQHO3HU~KDVWDODODWLWXGGHGRQGHFDPELDGHUXPER
HQGLUHFFLyQQRUWHVXUKDVWDOOHJDUDODIURQWHUDFRQ$UJHQWLQD
(QHOVHFWRUGHO&$0VHGHVWDFDQODVVHUUDQtDV(VODEyQ&KLUXGHO%HX&KHSLWH0XFKDQL7DFXDUDO6HMHUXPD
\0RVHWHQHVFRQGLUHFFLyQQRURHVWHVXGHVWH0DWDUDF~\)ORULGDHQGLUHFFLyQQRUWHVXU&RQWLQXDQGROD]RQDGHO
VXEDQGLQR\IXHUDGHO&$0VHHQFXHQWUDQODVVHUUDQtDVGH&RUUDORQHV&DWDULUL$EDSy,ELRGHO,QJUH+XDFD\D
&DLSLSHQGL$JXDUDJXH,SDJXD]X$OWRGHODV&DxDV6DQ7HOPRGHO&DQGDGR\*HPHORV
/DFRUGLOOHUDGH&RFKDEDPEDHVXQPDFL]RXELFDGRHQGLUHFFLyQHVWHRHVWHDJUXSDFRUGLOOHUDVPHQRUHVFRPR
&RFDSDWD0D]R&UX]7RWRUD\7LUDTXHHQHVWHVHFWRUORV$QGHVDGTXLHUHQXQDQFKRPD\RUKDVWDGHNP
$OQRUHVWHGHHVWDFRUGLOOHUDVHGHVDUUROODQORV<XQJDVGH&RUDQL\&KDSDUH
+LGURORJtD
1$UDXMR '4XLURJD
/RVUHFXUVRVKtGULFRVGH%ROLYLDVRQSULQFLSDOPHQWHSURYHQLHQWHVGHDJXDVVXSHUFLDOHVORVFXDOHVWLHQHQVX
RULJHQHQOD&RUGLOOHUDGHORV$QGHV/RVUtRVTXHVXUFDQOD]RQDGHO&RUUHGRU$PERUy0DGLGLPDSDIRUPDQ
SDUWHGHGRVGHODVFLQFRVXEFXHQFDVGHO$PD]RQDV/DVXEFXHQFDGHO5tR%HQL\ODVXEFXHQFDGHO5tR0DPRUp
HQODWDEODVHSUHVHQWDQDOJXQDVFDUDFWHUtVWLFDVGHVXUHFRUULGR
7DEOD&XHQFDVKLGURJUiFDVGHO&RUUHGRU$PERUy0DGLGL
6XEFXHQFDV
5tRV
1DFLHQWHV
GHO$PD]RQDV 3ULQFLSDOHV
5tR%HQL
$OWR%HQL
3URYLQFLD7DSDFDUt&RFKDEDPEDFRQHO
NP
QRPEUHGHUtR7DOOLMDDJXDVDEDMRVHMXQWD
FRQHOUtR%RSLTXHQDFHHQ&KDFDOWD\D/D
3D]FRQHOQRPEUHGH&KRTXH\DSX
7XLFKL
5tR0DPRUp
NP
,FKLOR
*UDQGH
6pFXUH
$XHQWHV
5tRV6DQWD(OHQD.DND7LSXDQL&KD
OODQD\&RURLFR
(QJUDQSDUWHGHVXUHFRUULGRFRQWLQ~D
FRQHOQRPEUHGH.DNDKDVWDMXQWDUVH
FRQHOUtR%HQL
1DFHFRQHOQRPEUHGH3HOHFKXFRDSDUWLU $WpQ(QDSXUHUD7HTXHMH8QGXPR
GHOMXQWHFRQHOUtR,UXSDQDVHGHQRPLQD
(PHUR%DJXHQL0DGLGL1HJUR&DEL
7XLFKL
QDV9LDWD9HUGHH,YyQ
$SDUWLUGH3XHUWR3DQGRFRQWLQ~DFRQ
HOQRPEUHGHUtR%HQL
3URYLQFLD&DEDOOHUR6DQWD&UX]
5tRV6DFWD9tERUD&KLPRUp\&KRUp
5tRV$]HUR3DLODV<DSDFDQt,FKLOR\
&HUFDQtDVGHODFLXGDGGH&RFKDEDPED
FRQHOQRPEUHGHUtR&DLQHHQVXWUD\HFWR &KDSDUH
ULDVHXQHDORVUtRV6DQ3HGUR&KD\DQWD 'HVSXpVGHODFRQXHQFLDFRQ,FKLOR\
&KLFR&KDUREDPEDDSDUWLUGHOFXDOVH
&KDSDUHVHGHQRPLQD0DPRUHFLOOR
GHQRPLQDUtR*UDQGH
3URYLQFLD0R[RV%HQLHQODFRQXHQFLD 5tRV&KLSLULUL,VLERURH,FKRDTXH
GHORVUtRV&DFDULOODV\1DWXVDPD
OXHJRVHMXQWDQFRQHO0DPRUp
)XHQWH(ODERUDFLyQSURSLDHQEDVHGH0RQWHVGH2FD
(QWpUPLQRVGHKLGURORJtDHQHOVXEVXHORODVDJXDVVXEWHUUiQHDVVHSRGUtDQ]RQLFDUVHJ~Q0RQWHVGH2FD
SRUVXHVWUXFWXUDKLGURJHROyJLFDGHOD&RUGLOOHUD\GHOD/ODQXUD/DSULPHUDDIHFWDGDSRUUHOLHYHGHDOWD
PRQWDxDTXHSDVDJUDGXDOPHQWHKDVWDHOVXEDQGLQR
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
/D]RQDGHOD&RUGLOOHUD2ULHQWDOFRQIRUPDGDSRUURFDVVHGLPHQWDULDVFRQVROLGDGDVSRGUtDQVHUFRQVLGHUDGDV
FRPRURFDVLPSHUPHDEOHV(VXQDUHJLyQFRQDJXDVPLQHUDOHV\WHUPDOHVSULQFLSDOPHQWHSUHVHQFLDGHDJXDV
VRGLRELFDUERQDWDGDVFRQDOWRFRQWHQLGRGHVtOLFH\WHPSHUDWXUDVTXHOOHJDQDORV&
/DUHJLyQVXEDQGLQDFRQVWLWX\HXQD]RQDH[WHQVDGHLQOWUDFLyQGHDJXDVVXEWHUUiQHDVGHOD/ODQXUDGHIRUPD
JHQHUDOHVWiFRPSXHVWDSRUURFDVLPSHUPHDEOHV\QRH[LVWHQDFXPXODFLRQHVGHDJXDVVXEWHUUiQHDVGHUHOHYDQ
FLD8QDFDUDFWHUtVWLFDGHOD]RQDHVODSUHVHQFLDGHPDQDQWLDOHVVXUJHQWHVWDPELpQHVXQD]RQDULFDHQDJXDV
PLQHUDOHVGHWHPSHUDWXUDYDULDEOH
/DUHJLyQGHOD/ODQXUDHVXQDFXHQFDKLGURJHROyJLFDDELHUWDODPD\RUtDGHORVDFXtIHURVHVWiQFRQHFWDGRVOD
VDWXUDFLyQGLVPLQX\HHQGLUHFFLyQQRUHVWHDPHGLGDTXHVHDOHMDQGHOERUGHPDUJLQDOPRQWDxRVRGHODFXHQFD
VHJ~QGLVPLQX\HODJUDQXORPHWUtDGHORVVHGLPHQWRV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
$VSHFWRVELROyJLFRVHFROyJLFRV
(FRUUHJLRQHV
([WUDFWRVGH,ELVFKHWDO
(QHO&$0HVWiQUHSUHVHQWDGDVFXDWURHFRUUHJLRQHVGHODVGHQLGDVSDUD%ROLYLD/RV%RVTXHVGHO6XGRHVWH
GHOD$PD]RQLDFRQGRVVXEHFRUUHJLRQHV\ORV<XQJDVRFXSDQHOFHQWURGHDWHQFLyQSDUDODSODQLFDFLyQGH
FRQVHUYDFLyQGHO&$0VHJ~QVHH[SOLFDHQHOFDStWXORGHGHQLFLyQGHOtPLWHVYHU&DS,,,(O%RVTXH7X
FXPDQR%ROLYLDQR\ORV%RVTXHV6HFRV,QWHUDQGLQRVRQODVRWUDVGRVHFRUUHJLRQHVTXHIRUPDQSDUWHGHO&$0
(QHVWHVHQWLGRVHDSURYHFKDQODVGHVFULSFLRQHVPiVUHFLHQWHVVREUHODVHFRUUHJLRQHVGH%ROLYLD,ELVFKHWDO
SDUDSUHVHQWDUHVWDVHFFLyQGHOGRFXPHQWR
$(FRUUHJLyQ%RVTXHVGHO6XGRHVWHGHOD$PD]RQLD
9DULDVFODVLFDFLRQHVGHORVERVTXHVDPD]yQLFRV1DYDUUR 0DOGRQDGR'LQHUVWHLQHWDO3UDQFH
+XHFNHWFFRQVLGHUDQSDUD%ROLYLDVRODPHQWHXQDVHVWULEDFLRQHVDOVXGRHVWH6LQHPEDUJRDTXt
GHQLPRV FRPR %RVTXHV$PD]yQLFRV WRGRV DTXHOORV TXH VH HQFXHQWUDQ HQ OD FXHQFD DPD]yQLFD TXH VRQ
VLHPSUHYHUGHV\TXHDOEHUJDQHOHPHQWRVELRJHRJUiFRVFDUDFWHUtVWLFRVGHOD$PD]RQLDSHMJRPD+HYHD
EUDVLOLHQVLVFDVWDxD%HUWKROHWWLDH[FHOVD
/DHFRUUHJLyQVXGRHVWHGHOD$PD]RQLDHVFRQMXQWDPHQWHFRQORV<XQJDVXQDGHODVPiVFRPSOHMDV\PiVULFDV
HQHVSHFLHVGHSODQWDV\DQLPDOHVGHOSDtV'HELGRDODIDOWDGHPD\RUFRQRFLPLHQWRQRVHSXHGHSUHVHQWDUXQD
FDUDFWHUL]DFLyQFRPSOHWDPHQWHVDWLVIDFWRULD
6XEHFRUUHJLyQ%RVTXHV$PD]yQLFRV6XEDQGLQRV)DMD6XEDQGLQD
'HEHDFODUDUVHTXHODGHQRPLQDFLyQVXEDQGLQRVLJXHODWHUPLQRORJtDFRP~QPHQWHDFHSWDGDSHMHQHOPHGLR
GHODVFLHQFLDVJHROyJLFDVIDMDVXEDQGLQD1RGHEHFRQIXQGLUVHFRQODWHUPLQRORJtDDSOLFDGDDORVSLVRVGH
YHJHWDFLyQFRPRHQ(XURSDSHMVXEDOSLQRVHUHHUHDOSLVRGLUHFWDPHQWHLQIHULRUDOOtPLWHGHOERVTXHDVtSRU
HMHPSORDOSLQRHVHOSLVRPiVEDMRQRFXELHUWRSRUERVTXH/RV%RVTXHV$PD]yQLFRV6XEDQGLQRVVHUHHUHQ
VRODPHQWHDODV]RQDVVXEDQGLQDVDOQRUWHGHOFRGRGHORV$QGHVHQORVDOUHGHGRUHVGHODFLXGDGGH6DQWD&UX]
(O6XEDQGLQRVXUHxRHVWiLQFOXLGRHQHO&KDFR6HUUDQR(OOtPLWHDOWLWXGLQDOHQWUHDSUR[LPDGDPHQWH\
PHQWUH$PD]RQLD\ERVTXHVYHUGDGHUDPHQWHDQGLQRVVHUHFRQRFHVRQyPLFD\ELRJHRJUiFDPHQWH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$OWLWXGHV
P
7HPSHUDWXUDSURPHGLR
DQXDO
&
3UHFLSLWDFLyQDQXDO
PP
1~PHURGHPHVHViULGRV
3DLVDMH
OWLPDV HVWULEDFLRQHV GH ORV$QGHV KDFLD OD OODQXUD VHUUDQtDV FRQ YDOOHV SURIXQGRV
FUHVWDVSURQXQFLDGDV
9HJHWDFLyQ
)DPLOLDVERWiQLFDV
LPSRUWDQWHV
$QQRQDFHDH$UHFDFHDH(XSKRUELDFHDH0RUDFHDH0HOLDFHDH/DXUDFHDH/HF\WKL
GDFHDH/HJXPLQRVDH6DSRWDFHDHIDPLOLDVGHiUEROHV
(VSHFLHVGHiUEROHV
LPSRUWDQWHV
$VWURFDU\XPPXUXPXUX$WWDOHDSKDOHUDWD%URVLPXPODFWHVFHQV&DEUDOHDFDQMHUDQD
&HGUHOLQJDFDWHQDHIRUPLV(VFKZHLOHUDDQGLQD)LFXVVSS*HRQRPDGHYHUVD*XDWWHULD
VSS+XUDFUHSLWDQV,ULDUWHDGHOWRLGHD1HFWDQGUDVSS2FRWHDVSS3RXOVHQLDDUPDWD
6RFUDWHDH[RUUKL]D7ULFKLOLDVSS
=RQDGHWUDQVLFLyQGRQGHVHPH]FODQHVSHFLHVDPD]yQLFDV\DQGLQDVVLQHPEDUJRKD\
GRPLQDQFLDGHHOHPHQWRVDPD]yQLFRV(OHPHQWRVDPD]yQLFRVVXEHQKDVWDHQFLPDGH
ORVP3RVLEOHPHQWHODUHJLyQPiVULFDHQHVSHFLHVFRQVLGHUDQGRWDQWRRUDFRPR
IDXQD(QGHPLVPRQRWDEOHHQPXFKRVJUXSRVGHRUJDQLVPRV
8VRGHOVXHOR
&RORQL]DFLyQFUHFLHQWHH[WUDFFLyQGHPDGHUD=RQDKLGURFDUEXUtIHUDLPSRUWDQWH
UHDVSURWHJLGDV
3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR,QWHJUDGR0DGLGL5HVHUYDGHOD%LRVIHUD\
7HUULWRULR,QGtJHQD3LOyQ/DMDV3DUTXH1DFLRQDO\7HUULWRULR,QGtJHQD,VLERUR6pFXUH
3DUTXH 1DFLRQDO &DUUDVFR 3DUTXH 1DFLRQDO \ UHD 1DWXUDO GH 0DQHMR ,QWHJUDGR
$PERUy
(QQHJULOODODViUHDVSURWHJLGDVTXHIRUPDQSDUWHGHO&$0
6XEHFRUUHJLyQ%RVTXHV$PD]yQLFRV3UHDQGLQRV
'HEHHQWHQGHUVHTXHODGHQRPLQDFLyQHVSULQFLSDOPHQWHJHRJUiFD\DTXHVHWUDWDGHXQDUHJLyQQHWDPHQWH
DPD]yQLFDVXI[ODWtQSUDH DQWHGHODQWHGHDOIUHQWH6LQHPEDUJRGHEHFRQVLGHUDUVHXQDLQXHQFLDHFR
OyJLFDGHORV$QGHVTXHDXPHQWDFRQODGLVWDQFLDGHFUHFLHQWHKDFLDODV6HUUDQtDV6XEDQGLQDVSHMPD\RUSUH
FLSLWDFLyQ(OOtPLWHGHORV%RVTXHV3UHDQGLQRVHQHOFDVRTXHH[LVWDXQDWUDQVLFLyQGLUHFWDKDFLDORVERVTXHV
DPD]yQLFRVPiVQRURULHQWDOHVGHODVOODQXUDVGHO%HQL\GH3DQGRHVDUELWUDULDGHQLpQGRVHSRUODGLVWDQFLD
GHNPGHODV~OWLPDVHVWULEDFLRQHVDQGLQDV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)DPLOLDVERWiQLFDV
LPSRUWDQWHV
(VSHFLHVGHiUEROHV
LPSRUWDQWHV
$QQRQDFHDH$UHFDFHDH%XUVHUDFHDH&RPEUHWDFHDH(ODHRFDUSDFHDH(XSKRUELDFHDH
/DXUDFHDH/HJXPLQRVDH/HF\WKLGDFHDH0RUDFHDH0HOLDFHDHIDPLOLDVGHiUEROHV
$WWDOHDSKDOHUDWD$VWURFDU\XPPXUXPXUX%URVLPXPODFWHVFHQV&DEUDOHDFDQMHUDQD
&DORSK\OOXPEUDVLOLHQVH&DO\FRSK\OOXPVSUXFHDQXP&DULQLDQDVSS&HLEDSHQWDQGUD
&ODULVLDUDFHPRVD(VFKZHLOHUDFRULDFHD)LFXVVSS*XDWWHULDVSS+XUDFUHSLWDQV
,ULDUWHD GHOWRLGHD 3RXWHULD ELORFXODULV 3VHXGROPHGLD ODHYLV 6ORDQHD REWXVLIROLD
6RFUDWHDH[RUUKL]D6ZDUW]LDMRURUL7HUPLQDOLDVSS7HWUDJDVWULVVSS7ULFKLOLDVSS
9LURODSHUXYLDQD;\ORSLDVSS
1~PHUR WRWDO GH HVSHFLHV GH !
iUEROHVHVWLPDFLyQ
1~PHURGHHVSHFLHVGHHSLWDV !VREUHWRGR2UFKLGDFHDH\$UDFHDH
HVWLPDFLyQ
3DUWLFXODULGDGHVELROyJLFDV
=RQD GH WUDQVLFLyQ KDFLD ORV ERVTXHV VXEDQGLQRV FRQ UHODWLYDPHQWH SRFDV HVSHFLHV
DQGLQDV 7DODXPD EROLYLDQD ~QLFR UHSUHVHQWDQWH GH ODV 0DJQROLDFHDH HQ %ROLYLD \
HQGpPLFR
8VRGHOVXHOR
UHDVGHFRORQL]DFLyQDJULFXOWXUDHQSHTXHxDHVFDODGHFDPSHVLQRVSURYHQLHQWHVGHO
RFFLGHQWHGHOSDtVKDVWDJUDQHVFDOD\PHFDQL]DGDHVSHFLDOPHQWH&KDSDUH&RFKDEDPED
\HQ6DUDH,FKLOR6DQWD&UX]PXFKRVERVTXHVVHFXQGDULRV$SURYHFKDPLHQWRIRUHVWDO
]RQDKLGURFDUEXUtIHUDLPSRUWDQWH
UHDVSURWHJLGDV
3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR,QWHJUDGR0DGLGL5HVHUYDGHOD%LRVIHUD\
7HUULWRULR,QGtJHQD3LOyQ/DMDV3DUTXH1DFLRQDO\7HUULWRULR,QGtJHQD,VLERUR6pFX
UH3DUTXH1DFLRQDO&DUUDVFR3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR,QWHJUDGR
$PERUy
(QQHJULOODODViUHDVSURWHJLGDVTXHIRUPDQSDUWHGHO&$0
%(FRUUHJLyQ<XQJDV%ROLYLDQR3HUXDQRV
'HQLPRVFRPR<XQJDVODUHJLyQGHORVERVTXHVFDVLDQGLQRVSHUK~PHGRVGHODODGHUDQRURULHQWDOGHORV
$QGHV/RV<XQJDVKDFHWLHPSRKDQVLGRXQWpUPLQRJHRJUiFRSDUDODVODGHUDVQRURULHQWDOHVK~PHGDVGH
ORV$QGHVEROLYLDQRV\SHUXDQRV(OWpUPLQRWLHQHXQDKLVWRULDODUJDHLQWHUHVDQWH6HJ~Q)RVVDHQHO
LPSHULRLQFDLFRVHFODVLFyHOWHUULWRULRVHJ~QFULWHULRVJHRJUiFRV/RV<XQJDV\XQND\XQFDUHSUHVHQWDEDQ
ORVOODQRVRFXDOTXLHUWLHUUDFDOXURVDPLHQWUDV4XHFKKXDHUDODWLHUUDWHPSODGD\OD3XQDODWLHUUDIUtDSHM
*RQ]iOH]FLWSRU)RVVD$GHPiVORVHVSDxROHVVHDFRVWXPEUDURQDOODPDU<XQJDVDORVQDWLYRV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
GHHVWD]RQDGHORULHQWHGHOLPSHULR\WDPELpQODVOHQJXDVUHVSHFWLYDV(Q%ROLYLDSRSXODUPHQWHHOiUHDGH
<XQJDVVHUHHUHVREUHWRGRDORV<XQJDVGH/D3D]3URYLQFLDV1RU\6XU<XQJDV6LQHPEDUJRWDPELpQVH
DSOLFDHQRWUDVUHJLRQHVSHMOD<XQJDGH0DLUDQDHQ6DQWD&UX]
/RV<XQJDVVRQFOLPDWROyJLFD\ELRJHRJUiFDPHQWHPX\GLVWLQWRVGHODVODGHUDVRULHQWDOHVGHODUHJLyQGHO
%RVTXH7XFXPDQR%ROLYLDQROODPDGRSRU&DEUHUD :LOOLQNODV<XQJDV6LQHPEDUJRSRUIDOWDGH
LQIRUPDFLyQDGHFXDGDODVUHJLRQHVIXHURQMXQWDGDVHQSULPHUDVFODVLFDFLRQHVHFRUUHJLRQDOHV5HFRQRFLHQGR\
UHVSHWDQGRODSUiFWLFDWHUPLQROyJLFDHQ$UJHQWLQDVXJHULPRVGLVWLQJXLUORV<XQJDV%ROLYLDQR3HUXDQRVGHODV
<XQJDV7XFXPDQR%ROLYLDQDVFRPRGRVHFRUUHJLRQHVFRQPDUFDGDVGLIHUHQFLDVHFROyJLFDV\ELRJHRJUiFDV
/DVGLIHUHQFLDVVRQFRQVHFXHQFLDGHODODWLWXGSHURVREUHWRGRGHODRURJHQLDGHORV$QGHV/RV<XQJDV%ROL
YLDQR3HUXDQRVVRQPiVK~PHGRV\PHQRVHVWDFLyQDOHVSRUTXHWLHQHQXQDH[SRVLFLyQQRURULHQWDORULHQWDFLyQ
QRURHVWHVXUHVWHEHQHFLiQGRVHGHODKXPHGDGWUDtGDSRUORVYLHQWRVDOLVLRVPLHQWUDVODV<XQJDV7XFXPDQR
%ROLYLDQDVDOVXUGHOFRGRGHORV$QGHVWLHQHQXQDRULHQWDFLyQQRUWHVXU\VXIUHQGHXQDPDQHUDPXFKRPiV
GLUHFWD\GUiVWLFDGHORVIUHQWHVIUtRVGHOVXUVXUD]RV'HELGRDHVWDVGLIHUHQFLDVHFROyJLFDV\UHODFLRQHV
ELRJHRJUiFDVGLVWLQWDVFRQiUHDVH[WUDWURSLFDOHV\FRQERVTXHVVHFRVODV<XQJDV7XFXPDQR%ROLYLDQDVQRVRQ
XQDYDULHGDGRUtVWLFDPHQWH\IDXQtVWLFDPHQWHHPSUREHFLGDGHORV<XQJDV%ROLYLDQR3HUXDQRVVLQRUHSUHVHQWDQ
XQDHFRUUHJLyQSURSLD\PX\VLQJXODU/DVGRVUHJLRQHVQRGHEHUtDQXQLUVHHQXQDVROD3URYLQFLD%LRJHRJUiFD
FRPRIXHSURSXHVWRSRU&DEUHUD :LOOLQN\&DEUHUDFLWSRU1DYDUUR\QRDSR\DGRSRU
1DYDUUR
(QORV<XQJDV%ROLYLDQR3HUXDQRVVHSXHGHQGLVWLQJXLUYDULRVSLVRVDOWLWXGLQDOHVRUtVWLFDPHQWHPX\GLVWLQWRV
TXHSRVLEOHPHQWHPHUH]FDQXQDVXEGLYLVLyQVHSXHGHQGLIHUHQFLDUXQDSDUWHEDMDGHORV<XQJDV\XQDSDUWH
DOWDFRQOD&HMDGHPRQWHTXHLQFOXLUtDORVERVTXHVPL[WRVGHQHEOLQD\PiVDUULEDORVERVTXHVGH3RO\OHSLV
SHSHLKR\FDVLFRPSOHWDPHQWHUHPSOD]DGRVSRUSDVWL]DOHVK~PHGRVUHSUHVHQWDQGRHO3iUDPR<XQJXHxR3R
VLEOHPHQWHVRQPD\RUPHQWHGHRULJHQDQWURSRJpQLFR/RVSiUDPRV\XQJXHxRVVRQVHPHMDQWHVVRQyPLFD\
RUtVWLFDPHQWHDORVSiUDPRVYHUGDGHURVGHORV$QGHVHQHOQRUWHGHOFRQWLQHQWHTXHVHHQFXHQWUDQHQHOQRUWH
GHORV$QGHVEDMRFRQGLFLRQHVFOLPiWLFDVLQWUDWURSLFDOHV6HORFDOL]DQHQIUDQMDV\PDQFKDVHQFLPDGHODFHMD
GHPRQWH\IRUPDQSDMRQDOHV\PDWRUUDOHVFDVLVLHPSUHK~PHGRV
(Q ORV<XQJDV OD WDVD LQWUDHFRUUHJLRQDO GH UHHPSOD]DPLHQWR GH ORV WD[D GLYHUVLGDG EHWD HV PD\RU TXH HQ
FXDOTXLHURWUDHFRUUHJLyQ&RQVLGHUDQGRLQYHQWDULRVGHGLIHUHQWHVWD[DSRGUtDQGLVWLQJXLUVHWUHVVXEUHJLRQHVOD
WLWXGLQDOHVTXHHQUHDOLGDGH[LVWHQPiVSRUODSUHVHQFLDGHEDUUHUDVRURJUiFDV\SRUGLIHUHQFLDVFOLPDWROyJLFDV
TXHSRUXQJUDGLHQWHODWLWXGLQDOORV<XQJDVSDFHxRVGHODIURQWHUDFRQ3HU~KDVWDOD&RUGLOOHUDGH&RFDSDWD
ORV<XQJDVFRFKDEDPELQRVGHVGHOD&RUGLOOHUDGH&RFDSDWDKDVWDODUHJLyQGH6LEHULD\ORV<XQJDVFUXFHxRV
FRLQFLGLHQGRFRQXQDJUDQSDUWHGHO3DUTXH1DFLRQDO$PERUy(VSHFLDOPHQWHOD&RUGLOOHUDGH&RFDSDWDHVXQ
LPSRUWDQWHGLYLVRUELRJHRJUiFR,ELVFKHWDO1DYDUURGLVWLQJXHGRVVHFWRUHVELRJHRJUiFRV
<XQJDVGHO%HQLFRQVHLVGLVWULWRVTXHVHUtDQORV<XQJDVSDFHxRV\<XQJDVGHO,FKLORFRQGRVGLVWULWRVTXH
VHUtDQORV<XQJDVFRFKDEDPELQRV\FUXFHxRV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
UHDVSURWHJLGDV
UHD1DWXUDOGH0DQHMR,QWHJUDGR$SROREDPED3DUTXH1DFLRQDO\UHD1DWXUDOGH
0DQHMR,QWHJUDGR0DGLGLUHD1DWXUDOGH0DQHMR,QWHJUDGR5HVHUYDGHOD%LRVIHUD\
7HUULWRULR,QGtJHQD3LOyQ/DMDV3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR,QWHJUDGR
&RWDSDWD 3DUTXH 1DFLRQDO \ 7HUULWRULR ,QGtJHQD ,VLERUR6pFXUH 3DUTXH 1DFLRQDO
&DUUDVFR3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR,QWHJUDGR$PERUy
(QQHJULOODODViUHDVSURWHJLGDVTXHIRUPDQSDUWHGHO&$0
&(FRUUHJLyQ%RVTXH7XFXPDQR%ROLYLDQR <XQJDV7XFXPDQR%ROLYLDQDV
/RVERVTXHVVHPLK~PHGRVGHODVODGHUDVRULHQWDOHVHQ$UJHQWLQDVHOODPDQODV<XQJDVYHUDUULEDGLVFXVLyQ
GHOWHPD6LQHPEDUJRSRUODHVWDFLRQDOLGDGWpUPLFDHKtGULFD\WHPSHUDWXUDVPtQLPDVPiVEDMDVVHGLVWLQJXHQ
FODUDPHQWHGHORVERVTXHVPRQWDQRVK~PHGRVDOQRUWHGHOFRGRGHORV$QGHVTXHHQHVWDREUDVHFRQVLGHUDQ
FRPRORV<XQJDV%ROLYLDQR3HUXDQRV(Q%ROLYLDKDFHDOJ~QWLHPSRVHFRQRFHHVWDHFRUUHJLyQGHORVERVTXHV
K~PHGRVVXUHxRVFRPR%RVTXH7XFXPDQR%ROLYLDQRSHM%HFNHWDOFRPSDUDU6HOYD7XFXPDQR
%ROLYLDQDGH+DXPDQ
8ELFDFLyQ JHRJUiFD iUHDV
SROtWLFRDGPLQLVWUDWLYDV
6XSHUFLHNP
$OWLWXGHV
7HPSHUDWXUDSURPHGLR
DQXDO
3UHFLSLWDFLyQSURPHGLR
DQXDO
1~PHURGHPHVHViULGRV
3DLVDMH
9HJHWDFLyQ
)DPLOLDVERWiQLFDV
LPSRUWDQWHV
(VSHFLHVGHiUEROHV
LPSRUWDQWHV
$OQXVDFXPLQDWD%OHSKDURFDO\[VDOLFLIROLXV&HGUHODOLOORL&LQQDPRPXPSRUSK\ULD
-XJODQVDXVWUDOLV0RUHOODFKHYDOLHUL0\UFLDQWKHVSVHXGRPDWR3RGRFDUSXVSDUODWRUHL
6DPEXFXVDXVWUDOLV7DEHEXLDODSDFKR:HLQPDQQLDEROLYLHQVLV
1~PHUR WRWDO GH HVSHFLHV GH
iUEROHVHVWLPDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'(FRUUHJLyQ%RVTXHV6HFRV,QWHUDQGLQRV
%DMRHVWHWpUPLQRVHLQFOX\HQXQDYDULDFLyQJUDQGHGHIRUPDFLRQHVYHJHWDOHVGHFLGXRVTXHYDQGHVGHORVERVTXHV
VHFRVHQODUHJLyQGHOORV<XQJDVKDVWDORVH[WHQVRVYDOOHVHQHOFHQWUR\VXUGHOSDtVOWLPDPHQWH$QWH]DQD
1DYDUURFRQUPDQSDUDORVYDOOHVFHQWUDOHVGH%ROLYLDOD]RQDGHODVSURYLQFLDV&DPSHUR\0L]TXHHQ
HOGHSDUWDPHQWRGH&RFKDEDPEDXQDQRWDEOHGLYHUVLGDGFRQGLYHUVDVHVSHFLHVHQGpPLFDVTXHQRVHUHODFLRQD
FRQHO&KDFR6HUUDQR
8ELFDFLyQ JHRJUiFD iUHDV
SROtWLFRDGPLQLVWUDWLYDV
6XSHUFLHNP
$OWLWXGHV
7HPSHUDWXUDSURPHGLR
DQXDO
3UHFLSLWDFLyQSURPHGLR
DQXDO
1~PHURGHPHVHViULGRV
3DLVDMH
9HJHWDFLyQ
)DPLOLDVERWiQLFDV
LPSRUWDQWHV
(VSHFLHVGHiUEROHV
LPSRUWDQWHV
&KXTXLVDFD&RFKDEDPED/D3D]3RWRVt7DULMD&RQWLQXDFLyQHQYDOOHVFRUUHVSRQ
GLHQWHVGHO3HU~\$UJHQWLQD
P
&
0i[LPD!&PtQLPD&
PP
9DOOHVPiVRPHQRVGLVHFWDGRVSHTXHxDVSODQLFLHV
%RVTXHVHFRGHFLGXRP(QVXPD\RUtDGHVWUXLGRRIXHUWHPHQWHSHUWXUEDGR
'LIHUHQWHVIRUPDFLRQHV\WLSRVRUtVWLFRVLPSRUWDQWHVERVTXHVGHODYHJHWDFLyQSRWHQ
FLDOQDWXUDOHVSHFLDOPHQWHERVTXHVPL[WRVFRQ6FKLQRSVLVKDHQNHDQD\$VSLGRVSHUPD
TXHEUDFKREODQFRPERVTXHGHFKXUTXL3URVRSLVIHUR[HVSHFLDOPHQWH
HQ3RWRVtERVTXHVFRQ$FDFLDYLVFR\3URVRSLVDOEDGHEDMRGHORVPERVTXH
FRQ6FKLQRSVLVEUDVLOLHQVLVPHVSHFLDOPHQWHHQ/D3D]3DUFLDOPHQWHFRQ
VXFXOHQWDVFROXPQDUHVPX\DOWDVSHM1HRUDLPRQGLDKHU]RJLDQD&DFWDFHDH
$QDFDUGLDFHDH$VWHUDFHDH&DFWDFHDH/HJXPLQRVDH9HUEHQDFHDH
$FDFLDVSS$VWURQLXPXUXQGHXYD&DUGHQDVLRGHQGURQEUDFK\SWHUXP(U\WKULQDIDOFDWD
.DJHQHFNLDODQFHRODWD3RO\OHSLVQHJOHFWD3URVRSLVVSS6FKLQXVPROOH6FKLQRSVLV
KDHQNHDQD 7LSXDQD WLSX *pQHURV PiV ULFRV HQ HVSHFLHV $FDFLD &DSSDULV &HLED
3URVRSLV
1~PHUR WRWDO GH HVSHFLHV GH
iUEROHVHVWLPDFLyQ
1~PHUR WRWDO GH HVSHFLHV GH !VREUHWRGR%URPHOLDFHDH
HSLWDVHVWLPDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3DUWLFXODULGDGHVELROyJLFDV
8VRGHOVXHOR
UHDVSURWHJLGDV
&HQWURGHGLYHUVLGDGGHHVSHFLHVHQGpPLFDVGHPXFKRVJUXSRVGHRUJDQLVPRV(FR
UUHJLyQ QDWXUDOPHQWH PX\ IUDJPHQWDGD \ KHWHURJpQHD FRQ PX\ GLVWLQWDV DQLGDGHV
ELRJHRJUiFDV
$JULFXOWXUDJDQDGHUtDDSURYHFKDPLHQWRGHOHxDPDGHUDSUREOHPDVVHYHURVGHHURVLyQ
GHVXHORV
UHDVSHTXHxDV\HQVXPD\RUtDIXHUWHPHQWHSHUWXUEDGDVHQORV3DUTXHV1DFLRQDOHV
$PERUy&DUUDVFR7XQDUL\7RUR7RUR(VSHFLDOPHQWHORVSRFRVERVTXHVPiVLQWDFWRV
SUiFWLFDPHQWHVLQSURWHFFLyQ
(QQHJULOODODViUHDVSURWHJLGDVTXHIRUPDQSDUWHGHO&$0
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
6LQRSVLVHFROyJLFD\RUtVWLFDGHODYHJHWDFLyQGHO&RUUHGRU
$PERUy0DGLGL
*RQ]DOR1DYDUUR$OIUHGR)XHQWHV:DQGHUOH\)HUUHLUD1HOO\'HOD%DUUD&DUROD$QWH]DQD0DU
JRWK$WDKXDFKL6D~O$OWDPLUDQR (ULND)HUQiQGH]
&RFKDEDPEDHPDLOJRQ]DORQDYDUURVDQFKH]#JPDLOFRP
/D3D]+HUEDULR1DFLRQDOGH%ROLYLD/3%
&RFKDEDPED580%2/65/HPDLOULPRZD#VXSHUQHWFRPER
&RFKDEDPED+HUEDULR)RUHVWDO1DFLRQDO0&iUGHQDV%2/9
,QWURGXFFLyQ\DQWHFHGHQWHV
(OREMHWLYRSULQFLSDOGHHVWHWUDEDMRHVSUHVHQWDUXQUHVXPHQVLQySWLFR\XQEUHYHGLDJQyVWLFRUHYLVDGR\DF
WXDOL]DGRGHODVXQLGDGHVGHYHJHWDFLyQGHO&RUUHGRU$PERUy0DGLGL&$0XQLGDGHVTXHIXHURQHVWXGLDGDV
HQFDPSRGHVFULWDV\FDUWRJUDDGDVSRUORVDXWRUHV\FRODERUDGRUHVHQODVHJXQGDPLWDGGHODxRMXQLR
DGLFLHPEUHFRPRWUDEDMRGHFRQVXOWRUtDSDUD&,67(/::)(QXQDVHJXQGDIDVHGHOHVWXGLRGHELRGLYHU
VLGDGGHO&$0VHLPSOHPHQWDURQSDUFHODVGHLQYHVWLJDFLyQGHODRUDVLWXDGDVHQODVSULQFLSDOHVXQLGDGHVGH
YHJHWDFLyQDQWHVLGHQWLFDGDVHVWXGLRTXHIXHOOHYDGRDFDERSRULQYHVWLJDGRUHVGHO&HQWURGH%LRGLYHUVLGDG
GHOD8QLYHUVLGDG0D\RUGH6DQ6LPyQGH&RFKDEDPEDFRRUGLQDGRVSRU()HUQiQGH]\6$OWDPLUDQRFX
\RVUHVXOWDGRVHVWiQHQYtDVGHSXEOLFDFLyQDH[FHSFLyQGHXQDSDUWHGHODYHJHWDFLyQGHHStWDV\DSXEOLFDGD
$OWDPLUDQR )HUQiQGH]
8QDGHVFULSFLyQPiVGHWDOODGDGHODTXHDKRUDVHSUHVHQWDSDUDORVWLSRVGHYHJHWDFLyQGHO&$0\DIXHSDU
FLDOPHQWHSXEOLFDGDFRPRWUDEDMRVSXQWXDOHV0HUFDGR1DYDUUR\)HUUHLUD\HQHOFRQWH[WRGHOD
YHJHWDFLyQGHWRGD%ROLYLD1DYDUUR1DYDUUR 0DOGRQDGR&RQWiQGRVHDVLPLVPRFRQODPRQR
JUDItD\PDSDVGHODYHJHWDFLyQGHO&$01DYDUURHWDO
(QHOPDUFRGHOSUR\HFWRGH1DWXUH6HUYH71&SDUDKRPRORJDU\FODVLFDUORVWLSRVGHYHJHWDFLyQGH$PpULFD
GHOVXUHOSULPHUDXWRUGHHVWHDUWtFXORSURSXVRFRPRFRQVXOWRUtDSDUD1DWXUH6HUYHORVVLVWHPDVHFROyJLFRVGH
ODPD\RUSDUWHGH%ROLYLD\FHQWURGH6XGDPpULFDHQWUHHOORVORVH[LVWHQWHVHQORV<XQJDV(VWDVSURSXHVWDV
SDUDGLVWLQWDVUHJLRQHVVHGLVFXWLHURQPRGLFDURQ\YDOLGDURQFRQHVSHFLDOLVWDVUHJLRQDOHVGH%ROLYLD6%HFN
5/DUD3,ELVFK7.LOOHHQ\65HLFKOH\HOUHVWRGHORVSDtVHVHQXQDVHULHGHWDOOHUHVGHWUDEDMR\FRPR
UHVXOWDGRVHSXEOLFDURQODVEDVHVFRQFHSWXDOHV\HOFRQMXQWRGHVLVWHPDVHFROyJLFRVEDVDGRVHQODYHJHWDFLyQ
-RVVHHWDO\1$785(6(59(
6LPXOWiQHD\SRVWHULRUPHQWHDHVWRVWUDEDMRVIXHURQSXEOLFDGRVRWURVDSRUWHVDOFRQRFLPLHQWRGHODYHJHWDFLyQ
GHORV<XQJDVGH%ROLYLD(VWRVWUDEDMRVVRQPD\RUPHQWHGHFDUiFWHUJHQHUDORPRGHORVWHyULFRVFRQPHQRUHV
GDWRVRUtVWLFRVGHFDPSR0OOHUHWDORELHQUHSUHVHQWDQHQSDUWH,ELVFKHWDODVtQWHVLVRUH
FRSLODFLRQHVGHRWURVHVWXGLRV3RURWURODGRHOUHFLHQWH\YDOLRVRHVIXHU]RLQWHJUDGRU\UHFRSLODGRUGH,ELVFK
HWDOEDFHSWD\VLJXHSDUDODYHJHWDFLyQGH%ROLYLDHQJHQHUDO\GHORV<XQJDVHQSDUWLFXODUYDULDVGH
QXHVWUDVSULQFLSDOHVSURSXHVWDVGH\DUULEDFLWDGDV
(QORV~OWLPRVDxRVYDULRVERWiQLFRVEROLYLDQRVWUDEDMDQFRQ0LVVRXUL%RWDQLFDO*DUGHQHO+HUEDULR1DFLRQDO
GH%ROLYLD/D3D]+HUEDULR)RUHVWDO1DFLRQDO&RFKDEDPED\+HUEDULRGHO2ULHQWH%ROLYLDQR6DQWD&UX]
HQODLPSOHPHQWDFLyQGHSDUFHODVGHHVWXGLRGHODRUDHQYDULDV]RQDVGHO3DUTXH1DFLRQDO0DGLGL3DUTXH
1DFLRQDO&DUUDVFRHOiUHDGH$OWDPDFKL&RWDFDMHV\HO3DUTXH1DFLRQDO$PERUyHVIXHU]RTXHFRQWULEXLUiHQ
IRUPDHVHQFLDODOFRQRFLPLHQWRGHODFRPSOHMDGLYHUVLGDGRUtVWLFDGHHVWDVLPSRUWDQWHViUHDVGHO&RUUHGRU
$PERUy0DGLGL
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$VLPLVPRYDULRVGHORVDXWRUHVGHHVWHFDStWXORQDOL]DURQDFWXDOPHQWHHQHO3UR\HFWRGH1DWXUH6HUYH0D
SSLQJSULRULW\FRQVHUYDWLRQDUHDVLQWKH8SSHU$PD]RQZDWHUVKHGRI3HU~DQG%ROLYLD-RVVHHWDOOR
TXHKDVXSXHVWRXQDLPSRUWDQWHRSRUWXQLGDGSDUDDYDQ]DUHQHODMXVWH\SUHFLVLyQGHOPDSHRGHYHJHWDFLyQ\D
H[LVWHQWHSDUDHOiUHDGHO&$01DYDUURHWDO
(QHVWHFRQWH[WRTXHHQPDUFDORVHVIXHU]RVPiVUHFLHQWHVSRUFRPSUHQGHURDSUR[LPDUVHDODYHJHWDFLyQGH
ORV<XQJDVHVWiFODURTXHHOREMHWLYRWRGDYtDVHKDOODOHMDQRDOVHUpVWDXQDGHODVUHJLRQHVPiVFRPSOHMDV\
GLYHUVDVGHO1HRWUySLFR&XDOTXLHULQWHQWRGHSURGXFLUFODVLFDFLRQHVPiVSUHFLVDVGHODYHJHWDFLyQ\XQJXHxD
GH%ROLYLDQHFHVDULDPHQWHEDVDGDVHQSURVSHFFLRQHVGHFDPSRFKRFDIURQWDOPHQWHFRQHQRUPHVGLFXOWDGHV
SULQFLSDOPHQWHUHODFLRQDGDVFRQODLQDFFHVLELOLGDGGHPXFKDVGHODViUHDVPiVUHPRWDV\PHMRUFRQVHUYDGDV
ORTXHKDFHGHODLQYHVWLJDFLyQHQHVWDV]RQDVXQDWDUHDSDUWLFXODUPHQWHSHQRVD$GHPiVODH[WUDRUGLQDULDGL
YHUVLGDGRUtVWLFDVHKDOODWRGDYtDPX\SRFRFRQRFLGDFRQJUXSRVWD[RQyPLFRVGHJUDQLPSRUWDQFLDHFROyJLFD
SHM/DXUDFHDHHQORVTXHGRQGHODVSRVLELOLGDGHVGHLGHQWLFDFLRQHVSUHFLVDVVRQOLPLWDGDVLQFOXVRSDUDORV
HVSHFLDOLVWDV\GRQGHYDQDSDUHFLHQGRSHULyGLFDPHQWHQXHYDVHVSHFLHVSDUDODFLHQFLD
$QWHHVWDVGLFXOWDGHVQXHVWUDSURSXHVWDUHSUHVHQWDXQDDSUR[LPDFLyQKROtVWLFDDOSUREOHPDWUDWDQGRGHFRP
ELQDUHLQWHJUDUHQXQPRGHORFRQFHSWXDOGHLQWHUSUHWDFLyQFDXVDOGHODYHJHWDFLyQELRFOLPDORVUHVXOWDGRVGH
SURVSHFFLRQHVUiSLGDVGHFDPSRHIHFWXDGDVHQODPD\RUtDGHODV]RQDVDFFHVLEOHV(VWiFODURTXHHVQHFHVDULR
WRGDYtDPXFKRPiVWUDEDMRGHFDPSRHLQYHQWDULRVRUtVWLFRV\WUDEDMRWD[RQyPLFRSDUDSUHFLVDUWDQWRORVWLSRV
GHYHJHWDFLyQTXHSURSRQHPRVFRPRVXFDUDFWHUL]DFLyQERWiQLFDDVtFRPRVREUHWRGRVXVOtPLWHVHVSDFLDOHV
6LQHPEDUJRHVSHUDPRVTXHHVWDFRQWULEXFLyQSXHGDRULHQWDU\HQPDUFDUFRQFHSWXDOPHQWHIXWXURVWUDEDMRVSDUD
XQFRQRFLPLHQWRGHWDOODGRGHHVWDIDVFLQDQWHUHJLyQ
0pWRGRV\PDUFRFRQFHSWXDO
(QODFODVLFDFLyQ\FDUDFWHUL]DFLyQGHODYHJHWDFLyQGHO&$0XWLOL]DPRVORVVLJXLHQWHVHOHPHQWRVFRQFHSWXDOHV
\PHWRGROyJLFRV
(OSXQWRGHSDUWLGD\PDUFRFRQFHSWXDOH[SOLFDWLYRHVHOPRGHORELRFOLPiWLFRJOREDOGH5LYDV0DUWtQH]
HWDO$SOLFDPRVHVWHPRGHORDODLQWHUSUHWDFLyQ\DQiOLVLVGHORVGDWRVFOLPiWLFRVGHODWRWDOLGDG
GHODVHVWDFLRQHVPHWHRUROyJLFDVGLVSRQLEOHVSDUDHOiUHDGHO&$0\]RQDVSUy[LPDVH[LVWHQWHVHQODUHG
PHWHRUROyJLFDGHO6(1$0+,\HQDOJXQDVRWUDVHVWDFLRQHVGHGLYHUVDSURFHGHQFLD3DUDFDGDHVWDFLyQVH
FDOFXODURQORVtQGLFHVGH5LYDV0DUWtQH]VLJXLHQWHV
D QGLFHGHWHUPLFLGDG,W 70P[GRQGH7HVODWHPSHUDWXUDPHGLDDQXDO0HVODWHPSHUDWXUD
PHGLDGHODVPi[LPDVGHOPHVPiVIUtR\PHVODWHPSHUDWXUDPHGLDGHODVPtQLPDVGHOPHVPiVIUtR
/RVLQWHUYDORVGHYDORUHVGHO,WFRQVLGHUDGRVFRQMXQWDPHQWHFRQORVGHOD7HPSHUDWXUDSRVLWLYDDQXDO
7SFRPRVXPDWRULDGHODVPHGLDVPHQVXDOHVGHWHPSHUDWXUDTXHVXSHUDQORVFHURJUDGRVFHQWtJUDGRV
SHUPLWHGLIHUHQFLDUORVWHUPRWLSRVSLVRVELRFOLPiWLFRVH[LVWHQWHVHQHO&$0
7HUPRWLSRVGHO&$0
3LVRV%LRFOLPiWLFRV
,QIUDWURSLFDO
7HUPRWURSLFDO
0HVRWURSLFDO
6XSUDWURSLFDO
2URWURSLFDO
&ULRURWURSLFDO
$WpUPLFRRJpOLGR
,W
7S
!
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
E QGLFHRPEURWpUPLFRDQXDO,R 3S7SGRQGH3SHVODVXPDWRULDGHODVSUHFLSLWDFLRQHVPHGLDVGHWRGRV
ORVPHVHVFX\DPHGLDGHWHPSHUDWXUDVHVVXSHULRUDFHURJUDGRV\7SHVODVXPDWRULDHQJUDGRVFHQWt
JUDGRVGHODVWHPSHUDWXUDVPHGLDVGHWRGRVORVPHVHVHQTXHpVWDVXSHUDDVLPLVPRORVFHURJUDGRV6LHQ
WRGRVORVPHVHVODWHPSHUDWXUDPHGLDVXSHUDORVFHURJUDGRVFHQWtJUDGRVHO,RVHFDOFXODGLUHFWDPHQWH
GLYLGLHQGRODSUHFLSLWDFLyQWRWDODQXDOPHGLDSRUODWHPSHUDWXUDPHGLDDQXDOPXOWLSOLFDGDSRU/RV
LQWHUYDORVGHYDORUHVGHOtQGLFHRPEURWpUPLFRDVtFDOFXODGRGHOLPLWDQORVRPEURWLSRVH[LVWHQWHVHQHO
&$0TXHVRQORVVLJXLHQWHV
2PEURWLSRVGHO&$0
+LSHUK~PHGR
+~PHGR
6XEK~PHGR
6HFR
6HPLiULGR
OR
F QGLFHRPEURWpUPLFRGHORVGRVPHVHVFRQVHFXWLYRVPiVVHFRVGHODxR,RG 3G7GGRQGH3GHV
ODVXPDWRULDGHODSUHFLSLWDFLyQGHORVGRVPHVHVVHJXLGRVPiVVHFRVGHODxR\7GHVODVXPDWRULDGH
ODVWHPSHUDWXUDVPHGLDVGHHVRVGRVPLVPRVPHVHV(VWHtQGLFHHVXQDPHGLGDGHODLQWHQVLGDGGHOD
pSRFDVHFD\HVSDUWLFXODUPHQWHHFD]SDUDGLVFULPLQDUFDXVDOPHQWHORVWLSRVGHYHJHWDFLyQ/DFRQVL
GHUDFLyQFRQMXQWDGHO,R\GHO,RGSHUPLWHGLIHUHQFLDUORVVLJXLHQWHVELRFOLPDVHQHO&$0
%LRFOLPDVGHO&$0
3OXYLDO
3OXYLHVWDFLRQDO
;pULFR
,R
!
!
,RG
!
8QDSULPHUD]RQLFDFLyQGHODYHJHWDFLyQGHOiUHDVXSRQHODDSOLFDFLyQGHOFRQFHSWRGHSURYLQFLDVELR
JHRJUiFDVFRQVLGHUDGDVFRPRORVFHQWURVJHQHUDOPHQWHDFHSWDGRVGHGLVSHUVLyQ\GLIHUHQFLDFLyQGHOD
RUDODIDXQD\ODYHJHWDFLyQHQJHQHUDO1XHVWURFRQFHSWRGHSURYLQFLDELRJHRJUiFDLQWHJUDSRUWDQWR
ODVVLJXLHQWHVYDULDEOHVHQVXGHQLFLyQ
D ([LVWHQFLDGHFRQMXQWRVELRFHQyWLFRVUHSHWLWLYRVHVGHFLUGHFRPELQDFLRQHVRUtVWLFDV\IDXQtVWLFDV
FDUDFWHUtVWLFDVHVSDFLDOPHQWHTXHFRPSDUWHQVLPLODUHVFHQWURVGHRULJHQ\RGLYHUVLGDGRVRQHOUHVXO
WDGRGHVLPLODUHVSDWURQHVGHUXWDVPLJUDWRULDVRGHGLVSHUVLyQSDOHRKLVWyULFDWRGRORFXDOFRQGLFLRQD
DVLPLVPRODVLPLOLWXGGHORVSURFHVRVGHHVSHFLDFLyQ\GLIHUHQFLDFLyQH[SHULPHQWDGRVSRUODVELRFHQR
VLV
E 3UHVHQFLDGHWLSRVGHYHJHWDFLyQUHODFLRQDGRVGHVGHHOSXQWRGHYLVWDRUtVWLFRHFROyJLFR\HVWUXFWX
UDO
F ([LVWHQFLDGHXQDYDULDFLyQELRFOLPiWLFDFDUDFWHUtVWLFDTXHLQFOX\HSHFXOLDUHVSDWURQHVRSDXWDVHVSDFLDOHV
UHSHWLWLYDVGHGLVWULEXFLyQGHRPEURWLSRV\WHUPRWLSRVDORVFXDOHVVHKDQDGDSWDGRORVRUJDQLVPRVGH
PDQHUDGLIHUHQFLDO
G ([LVWHQFLDGHXQDYDULDFLyQJHROyJLFDWHFWyQLFD\JHRPRUIROyJLFDFDUDFWHUtVWLFDTXHLQFOX\HSHFXOLDUHV
SDWURQHVRSDXWDVHVSDFLDOHVUHSHWLWLYDVGHORVVXHORVODVURFDV\HOUHOLHYH/RTXHJHQHUDOPHQWHLPSOLFD
HOFRPSDUWLUDQiORJRVHYHQWRVJHRItVLFRVSDOHRKLVWyULFRV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(QHOiUHDGHO&$0\FRPRDSOLFDFLyQGHORVFULWHULRVLQWHJUDGRVDQWHULRUHVVHUHFRQRFHQODVVLJXLHQWHV
SURYLQFLDVELRJHRJUiFDVSURSXHVWDV\MXVWLFDGDVHQ5LYDV0DUWLQH] 1DYDUUR1DYDUUR
5LYDV0DUWLQH]HWDO1DYDUUR 0DOGRQDGR
D 3URYLQFLDGHORV<XQJDV3HUXDQR%ROLYLDQRVHVODPiVH[WHQVDRFXSDQGRFDVLODVWUHVFXDUWDVSDUWHV
GHOiUHD
E 3URYLQFLD%ROLYLDQR7XFXPDQDOLPLWDGDDOH[WUHPRVXUGHO&$0HQORV<XQJDVGHO$PERUy
F 3URYLQFLD$PD]yQLFD6XURFFLGHQWDORGHO$FUH0DGUHGH'LRVRFXSDWRGDOD]RQDGHOSLHGHPRQWH
GHORV$QGHVVXEDQGLQRLQIHULRU\SUHDQGLQRGHVGHODIURQWHUDFRQHO3HU~KDVWDDSUR[LPDGDPHQWH
ODODWLWXGGHO5tR<DSDFDQtHQHOSUHDQGLQRGH6DQWD&UX]
G 3URYLQFLDGHO%HQLLQFOX\HOD]RQDPiVRULHQWDOGHO&$0VLWXDGDJHRJUiFDPHQWHHQORV/ODQRVGH
0R[RV
H 3URYLQFLDGHO&HUUDGRHQHO&$0~QLFDPHQWHSUHVHQWHHQHOVXEDQGLQRLQIHULRU\SUHDQGLQRGH6DQWD
&UX]DSUR[LPDGDPHQWHDOVXUGHO5tR<DSDFDQt\DOQRUWHGHODVDOLGDGHO5tR*UDQGHGHVGHORV$QGHV
DODOODQXUDRULHQWDO
I 3URYLQFLD GH OD 3XQD 3HUXDQD VRODPHQWH SHTXHxDV H[WHQVLRQHV GH ODV GLYLVRULDV RURJUiFDV PiV
HOHYDGDVGHOD&RUGLOOHUD2ULHQWDOVHKDOODQLQFOXLGDVGHQWURGHHVWDSURYLQFLDHQHO&$0
8WLOL]DQGRODVGLVFRQWLQXLGDGHVYHJHWDFLRQDOHV\RUtVWLFDVFRQRFLGDVSDUDJUXSRVGHWD[DLQGLFDGRUHVDVt
FRPR ODV GLVFRQWLQXLGDGHV JHRItVLFDV \ ELRFOLPiWLFDV VH SURSXVR HQ 1DYDUUR XQD VHFWRUL]DFLyQ
HFROyJLFRELRJHRJUiFDHQODVSULQFLSDOHV\PiVH[WHQVDVXQLGDGHVELRJHRJUiFDVH[LVWHQWHVHQHO&$0
ODVSURYLQFLDVGHORV<XQJDV3HUXDQR%ROLYLDQRV\$PD]yQLFD6XURFFLGHQWDO
/DVVLJXLHQWHVIXHQWHVGHGDWRVVHXWLOL]DURQ\VHVXSHUSXVLHURQHVSDFLDOPHQWHSDUDOOHYDUDFDERHVWDVHF
WRUL]DFLyQ
D 'LVWULEXFLyQHVSDFLDOGHODVVHULHVGHYHJHWDFLyQHQEDVHDQXHVWURVGDWRVGHFDPSR
E 'LVWULEXFLyQHVSDFLDOGHORVRPEURWLSRVWHUPRWLSRV\ELRFOLPDVTXHVHGHGXFHQGHQXHVWURDQiOLVLVGH
ORVGDWRVFOLPiWLFRVSDUDHOiUHDGHO&$0
F &RPSDUDFLyQHQWUHORVGLIHUHQWHVPRGHORVGH]RQLFDFLyQDOWLWXGLQDOGHODYHJHWDFLyQREVHUYDGRVHQ
HO&$0\VXYDULDFLyQRGLVWULEXFLyQJHRJUiFDHQVHQWLGRQRUWHVXU
G 'LVWULEXFLyQJHRJUiFDGHHVSHFLHVFODYHRLQGLFDGRUDVGHSODQWDVEDViQGRQRVSDUDHOORHQORVUHJLVWURV
GHFROHFFLRQHVH[LVWHQWHVHQORVKHUEDULRVGH/D3D]&RFKDEDPED\6DQWD&UX]HQQXHVWURVGDWRVGH
FDPSR\HQODOLWHUDWXUDH[LVWHQWHRPRQRJUDItDVSDUDDOJXQRVJUXSRV
H 'LVWULEXFLyQ\YDULDFLRQHVHQVHQWLGRQRUWHVXUGHOJUDGLHQWHWRSRJUiFR\VLRJUiFRDOWLWXGLQDO
1RWDGHORVHGLWRUHV/DV3URYLQFLDV%LRJHRJUiFDVDTXtPHQFLRQDGDVHQWpUPLQRVJHQHUDOHVFRLQFLGHQFRQODVHFRUUHJLRQHVGH
QLGDVSDUD%ROLYLD,ELVFKHWDOEODVFXDOHVQRHVWiQGHQLGDVVRODPHQWHVHJ~QFULWHULRVELRJHRJUiFRV(VSHFLDOPHQWHORV
<XQJDV3HUXDQR%ROLYLDQRV\OD3URYLQFLD$PD]yQLFD6XURFFLGHQWDORGHO$FUH0DGUHGH'LRVFRUUHVSRQGHQDODVHFRUUHJLRQHVGH
ORV<XQJDV3HUXDQR%ROLYLDQRVLQFOX\HQGRODHFRUUHJLyQGHORV%RVTXHV6HFRV,QWHUDQGLQRV\GHOD6XGRHVWHGHOD$PD]RQLD/D
GHQLFLyQGHODVHFRUUHJLRQHVHQODUHJLyQGHODVYHUWLHQWHVQRURULHQWDOHVGHORV$QGHVFRQWHPSOyGHVGHHOLQLFLRODFODVLFDFLyQGH
YHJHWDFLyQSURSXHVWDSRU*RQ]DOR1DYDUUR\FROHJDV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(OHVTXHPDGHODVXQLGDGHV\VXEXQLGDGHVHFROyJLFRELRJHRJUiFDVREWHQLGDVSUHOLPLQDUPHQWHVHJ~QHVWH
SURFHVRVHUHVXPHHQODVLJXLHQWHWDEODFRQORVELRFOLPDVSUHVHQWHVHQFDGDXQD
7DEOD(VTXHPDGHODVXQLGDGHV\VXEXQLGDGHVHFROyJLFRELRJHRJUiFDV
3URYLQFLD
%LRJHRJUiFD
<XQJDV
3HUXDQR%ROLYLDQRV
6HFWRU
%LRJHRJUiFR
<XQJDV&XHQFDDOWD
GHO%HQL
<XQJDV&XHQFDDOWD
GHO,FKLOR
$PD]yQLFD
6XURFFLGHQWDO
$FUH0DGUHGH
'LRV
0DGUHGH'LRV
$PD]yQLFRGHO
3LHGHPRQWH$QGLQR
'LVWULWR%LRJHRJUiFR
<XQJDVGH$SROREDPED
<XQJDVGH0XxHFDV
<XQJDVGH&RURLFR
<XQJDVGHO%RRSL
<XQJDVGHO&RWDFDMHV
<XQJDVGH$OWDPDFKL\
&RUDQL
<XQJDVGHO&KDSDUH
<XQJDVGHO$PERUy
3DPSDVGHO+HDWK
$PD]yQLFRGHO$OWR0DGLGL
$PD]yQLFRGHO$OWR%HQL
$PD]yQLFRGHO&KDSDUH
%LRFOLPDV
3V3Y;
3V;
3V3Y
3V;3Y
3V;
3Y3V
3Y
3V3Y
3V
3V3Y
3V3Y
3Y
1RWD/RVELRFOLPDVSDUDFDGDGLVWULWRVHSUHVHQWDQHQHORUGHQGHPD\RUDPHQRUH[WHQVLyQRFXSDGDHQHO
GLVWULWR6tPERORV3Y 3OXYLDO3V 3OXYLHVWDFLRQDO; ;pULFR
(QODVDQWHULRUHVXQLGDGHVELRFOLPiWLFDV\HFROyJLFRELRJHRJUiFDVVHUHDOL]DURQSURVSHFFLRQHVJHRERWi
QLFDVUiSLGDVGHODYHJHWDFLyQDORODUJRGHODVSULQFLSDOHVUXWDVGHDFFHVRHQYHKtFXORFRQSURVSHFFLRQHV
SXQWXDOHVPiVLQWHQVDVDSLHGHVGHXQDVKRUDVDYDULRVGtDVGHGXUDFLyQSRUSXQWRSDUDGHWHUPLQDGDViUHDV
FRQVLGHUDGDVIXQGDPHQWDOHV$VLPLVPRVHUHDOL]DURQVREUHYXHORVDEDMDDOWXUDHQDYLRQHWD\HQKHOLFySWHUR
HQ]RQDVGHPX\GLItFLODFFHVRFRPRHOFHQWURGHORV<XQJDVGHO$PERUy\GHO$OWDPDFKLYpDVHPDSDGH
LWLQHUDULRV\SXQWRVGHFRUURERUDFLyQHQ1DYDUURHWDO
(QODVSURVSHFFLRQHVGHFDPSRVHUHDOL]DURQLQYHQWDULRVRUtVWLFRHFROyJLFRVGHODYHJHWDFLyQEDVDGRV
HQHOPpWRGRFOiVLFRGH%UDXQ%ODQTXHWHQiUHDVKRPRJpQHDVUHSUHVHQWDWLYDVDQRWDQGRODVSULQFLSDOHV
HVSHFLHVSUHVHQWHVDORODUJRGHWUDQVHFWDVGHORQJLWXGYDULDEOHVHJ~QHOWLSRGHYHJHWDFLyQDVtFRPRVX
DEXQGDQFLDUHODWLYD6HFRQFHGLySDUWLFXODUDWHQFLyQDODVHVSHFLHVGRPLQDQWHVHQFDGDIRUPDFLyQ\HVSH
FLDOPHQWHDDTXpOODVHVSHFLHVFDUDFWHUtVWLFDVRGLIHUHQFLDOHVGHXQDVIRUPDFLRQHVIUHQWHDODVRWUDVDXQTXHQR
IXHVHQGRPLQDQWHV1XPHURVRVWD[DLPSRUWDQWHVQRLGHQWLFDGRVHQFDPSRIXHURQFROHFWDGRVQ~PHURVGH
FROHFWDGH&$QWH]DQD1'HOD%DUUD\0$WDKXDFKLHQ%2/9FRQGXSOLFDGRVHQ/3%\SRVWHULRUPHQWH
LGHQWLFDGRVRHQYLDGRVDHVSHFLDOLVWDV$VLPLVPRIXHURQWRPDGRVPHGLDQWH*36PiVGHSXQWRVGH
FRUURERUDFLyQJHRUHIHUHQFLDGRVGHORVGLIHUHQWHVWLSRVGHYHJHWDFLyQ
/DFRPSDUDFLyQHQWUHORVLQYHQWDULRVJHRERWiQLFRVDQWHULRUHV\VXGLVWULEXFLyQDOWLWXGLQDOELRFOLPiWLFD\
JHRJUiFDSHUPLWLyGHOLPLWDUJUXSRVGHHVSHFLHVRFRPXQLGDGHVYHJHWDOHVSUHOLPLQDUHVFHQWUiQGRQRVVREUH
WRGRHQODVIRUPDFLRQHVYHJHWDOHVFOLPiFLFDVRSRWHQFLDOHVSHURFRQREVHUYDFLRQHVDGLFLRQDOHVGHODV
GLIHUHQWHVHWDSDVVHULDOHVRVXVWLWX\HQWHVSUHVHQWHVVHULHVGHYHJHWDFLyQ3RUWDQWRODXQLGDGGHYHJHWDFLyQ
EiVLFDXWLOL]DGDWDQWRHQODGHVFULSFLyQFRPRHQODFDUWRJUDItDHVODVHULHGHYHJHWDFLyQHQWHQGLGDFRPRHO
FRQMXQWRSDLVDMtVWLFRFRQIRUPDGRSRUHOPRVDLFRGHODYHJHWDFLyQSRWHQFLDO\VXVHWDSDVVHULDOHVVHFXQGDULDV
RGHGHJUDGDFLyQSRUDFFLyQDQWUySLFD/DVVHULHVGHYHJHWDFLyQVHQRPEUDQVLHPSUHSRUUHIHUHQFLDDOD
DVRFLDFLyQRFRPXQLGDGYHJHWDOSRWHQFLDORFOLPiFLFD\HQHVWDDSUR[LPDFLyQVHQRPEUDQHQODPD\RUtDGH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
ORVFDVRVHQIRUPDSUHOLPLQDUSRUHVSHUDUVHWRGDYtDTXHHOSRVWHULRU\SURJUHVLYRLQJUHVRGHQXHYRVGDWRV
RUtVWLFRHFROyJLFRVSHUPLWDHQXQIXWXURSUy[LPRDMXVWHVHQORVQRPEUHV\FRQFHSWRVGHODVVHULHVTXHVH
SURSRQHQ
6HJ~QODFRPSOHMLGDGHVWUXFWXUDOGHODYHJHWDFLyQ\VXGLYHUVLGDGHVSHFtFDYDULyHOQLYHOGHFRQVHFXFLyQ
GHORVLQYHQWDULRVORVFXDOHVHQODPD\RUtDGHORVFDVRVVRQWRGDYtDXQDLGHDSUHOLPLQDUVREUHORHVHQFLDO
GHODFRPSRVLFLyQRUtVWLFDSDUDQXPHURVRVSXQWRVFODYHJHRUHIHUHQFLDGRV\SRUWDQWRYHULFDEOHV(VWH
DVSHFWRSHUPLWHDFXDOTXLHULQYHVWLJDGRUDFFHGHUGLUHFWDPHQWHDORVSXQWRVGHLQYHQWDULR\GHHVWDIRUPD
QRVyORYHULFDUSUHFLVDU\FRPSOHWDUODFRPSRVLFLyQRUtVWLFDVLQRDVLPLVPRREVHUYDUGLUHFWDPHQWHHO
WLSRFRQFUHWRGHYHJHWDFLyQTXHVHGHVFULEH,QYHQWDULRVSUHOLPLQDUHVVHOHFFLRQDGRVYHULFDEOHVRFR
UURERUDEOHVSDUDYDULRVGHORVWLSRVGHYHJHWDFLyQSURSXHVWRVVHKDQSXEOLFDGRHQ1DYDUUR 0DOGRQDGR
\HQ1DYDUURHWDO
(QODQRPHQFODWXUDWD[RQyPLFDGHODVHVSHFLHVTXHVHFLWDQFRPRFRPELQDFLRQHVRUtVWLFDVFDUDFWHUtVWLFDV
VHVLJXHHQJHQHUDOD0LVVRXUL%RWDQLFDO*DUGHQ9$679DVFXODU7URSLFRVQRPHQFODWXUDOGDWDEDVH3DUD
HOJpQHUR3RO\OHSLVHQSDUWLFXODUVHJXLPRVODQRPHQFODWXUDGH.HVVOHU 6FKPLGW/HEXKQ
5HVXOWDGRV
6HH[SRQHDFRQWLQXDFLyQXQUHVXPHQGHODVXQLGDGHVGHYHJHWDFLyQSRWHQFLDOGHO&$0OOHYDQGRDFDERXQD
EUHYHGLDJQRVLV\FDUDFWHUL]DFLyQRUtVWLFRHFROyJLFDGHORVERVTXHVFOLPiFLFRVGHFDGDVHULHGHYHJHWDFLyQ
RUGHQDGRVSRUSURYLQFLDVELRJHRJUiFDV/RVWLSRVGHYHJHWDFLyQVHFXQGDULD\RVXVWLWX\HQWHGHFDGDERVTXH
FOtPD[QRVHFLWDQDTXtSRUUD]RQHVGHHVSDFLRSHURSXHGHQFRQVXOWDUVHHQ1DYDUUR 0DOGRQDGR/DV
GLIHUHQWHVVHULHVGHYHJHWDFLyQPDSDVHDJUXSDQHQXQLGDGHVPD\RUHVR6LVWHPDVHFROyJLFRVTXHJHQH
UDOPHQWHFRUUHVSRQGHQFRQDOJXQDVPRGLFDFLRQHVRDGDSWDFLRQHVDODUHFLHQWHPHQWHSURSXHVWDFODVLFDFLyQ
GHGLFKRVVLVWHPDVSDUDWRGD6XGDPpULFD-RVVHHWDO(QFDGDVHULHVHLQGLFDQFRUUHODWLYDPHQWH
1RPEUHGHODVHULH
%UHYHGLDJQRVLVHFROyJLFD\RELRFOLPiWLFD
'LVWULEXFLyQHQORVGLIHUHQWHVVXEGLVWULWRVGLVWULWRV\RVHFWRUHVELRJHRJUiFRV
,QWHUYDORDOWLWXGLQDOSURPHGLRFRQRFLGRGHRFXUUHQFLDGHODVHULHFXDQGRpVWDVHGLVWULEX\HHQORV
$QGHV
&RPELQDFLyQRUtVWLFDFDUDFWHUtVWLFD\GLIHUHQFLDOTXHSHUPLWHUHFRQRFHUODVHULH\GLVWLQJXLUODGHODV
SUy[LPDVRDQHV
6DOYRPHQFLyQH[SUHVDGHORVDXWRUHVGHFDGDVHULH\RFRPXQLGDGGHYHJHWDFLyQTXHVLJXHpVWDVVH
KDOODQSURSXHVWDV\GHVFULWDVHQ1DYDUUR\1DYDUURHWDO/RTXHVHH[SRQHD
FRQWLQXDFLyQUHSUHVHQWDXQDDFWXDOL]DFLyQ\DYDQFHUHVSHFWRDORH[LVWHQWHHQGLFKDVSXEOLFDFLRQHV
9HJHWDFLyQGHODSURYLQFLDELRJHRJUiFDGHORV<XQJDV
6HSURSRQHQGRVVHFWRUHVELRJHRJUiFRVGHQWURGHHVWDSURYLQFLDHO6HFWRUGHORV<XQJDVGHOD&XHQFDDOWDGHO
5tR%HQLRFXSDQGRORV\XQJDVGHO'HSDUWDPHQWRGH/D3D]\GHOQRURHVWHGHO'HSDUWDPHQWRGH&RFKDEDPED
\HO6HFWRUGHORV<XQJDVGHOD&XHQFDDOWDGHO,FKLORGLVWULEXLGRHQORVGHSDUWDPHQWRVGH&RFKDEDPED\6DQWD
&UX](OSULPHURFRQSUHGRPLQLRGHOELRFOLPDSOXYLHVWDFLRQDO\HOVHJXQGRFRQSUHGRPLQLRGHOELRFOLPDSOXYLDO
KHFKRGHELGRDOPiVIXHUWHJUDGLHQWHWRSRJUiFRGHORV<XQJDVGHO,FKLOR1DYDUUR 0DOGRQDGRORTXH
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
SURYRFDPD\RUHVDVFHQGHQFLDVRURJUiFDVGHORVDOLVLRVHLQWHQVDVSUHFLSLWDFLRQHV/DYHJHWDFLyQVHUHVXPH
SDUDFDGDSLVRHFROyJLFRVHSDUDGDSRUVHFWRUHV\GLVWULWRVELRJHRJUiFRVLQGLFDQGRDGHPiVHQORVFDVRVHQ
TXHVHFRQRFHODGLVWULEXFLyQGHODVHULHHQORVGLIHUHQWHVVXEGLVWULWRVELRJHRJUiFRVGHQWURGHFDGDGLVWULWR
ORVFXDOHVHQODPD\RUtDGHORVFDVRVSDUHFHQPRVWUDUXQDEXHQDFRLQFLGHQFLDFRQODVSULQFLSDOHVVXEFXHQFDV
KLGURJUiFDV
3LVRV$OWLPRQWDQR\$OWRDQGLQR&HMDGH0RQWH<XQJXHxD
9HJHWDFLyQ \XQJXHxD GH ORV SLVRV ELRFOLPiWLFRV VXSUDWURSLFDO \ RURWURSLFDO LQIHULRU GLVWULEXLGD HQ OD IUDQMD
DOWLWXGLQDOGHPDPFRQELRFOLPDVSOXYLDOHVSOXYLHVWDFLRQDOHV\H[FHSFLRQDOPHQWH
[pULFRV,QFOX\HORVVLJXLHQWHVVLVWHPDVVHULHVGHYHJHWDFLyQ\RFRPXQLGDGHVYHJHWDOHV
%RVTXHVGH3RO\OHSLVDOWLPRQWDQRV\DOWRDQGLQRVSOXYLDOHVGHORV<XQJDV6LVWHPDHFROyJLFRGHOD
&HMDGH0RQWHSOXYLDOGHORV<XQJDVFX\DYHJHWDFLyQSRWHQFLDOFOLPiFLFDVRQERVTXHVVLHPSUHYHUGHV
EDMRV\PHGLRVDPSOLDPHQWHGRPLQDGRVSRUHVSHFLHVGH4XHxRDR.KHZLxD3RO\OHSLV,QFOX\H
D 6HULHGH*\QR[LVDVWHURWULFKD3RO\OHSLVSHSHL2URWURSLFDOSOXYLDOKLSHUK~PHGRGHORV<XQJDVWDQWR
GHO6HFWRU&XHQFDDOWDGHO%HQL<XQJDVGH/D3D]FRPR&XHQFDDOWDGHO,FKLOR<XQJDVGH&RFKD
EDPED(QVXPD\RUSDUWHGHJUDGDGDDHWDSDVVHULDOHVGHSDMRQDOHV\PDWRUUDOHVFRQHVFDVRVUHOLFWRV
GHORVERVTXHVFOtPD[PDP3RO\OHSLVSHSHL*\QR[LVDVWHURWULFKD3HQWDFDOLD
HSLSK\WLFD%HUEHULVDIIDJDSDWHQVLV5XEXVVS
E 6HULHGH,OH[PDQGRQLL3RO\OHSLVODQDWD0HUFDGR6XSUDWURSLFDOSOXYLDOKLSHUK~PHGR&RFKD
EDPED'LVWULWR<XQJDVGHO&KDSDUH$OWR,YLUL]XP3RO\OHSLVODQDWD,OH[PDQGRQLL
&OHWKUD FXQHDWD 0\UVLQH SHDUFHL 3RGRFDUSXV UXVE\L :HLQPDQQLD IDJDURLGHV \ *DLDGHQGURQ
SXQFWDWXP
F 6HULHGH'HVIRQWDLQLDVSLQRVD3RO\OHSLVWULDFRQWDQGUD6XSUDWURSLFDOSOXYLDOK~PHGR/D3D]'LVWULWR
<XQJDVGH$SROREDPED9DOOHGH3HOHFKXFRP3RO\OHSLVWULDFRQWDQGUD'HVIRQWDLQLD
VSLQRVD%HUEHULVZHGGHOOLL0\UVLQHSHDUFHL&LWKDUH[\OXPGHQWDWXP%DUQDGHVLDS\FQRSK\OOD5LEHV
EROLYLDQXP5VWHLQEDFKLRUXP5VXFKH]LHQVH+HVSHURPHOHVIHUUXJLQHD+ODWLIROLD
%RVTXHVDOWLPRQWDQRVSOXYLDOHVGHORV<XQJDVVLVWHPDHFROyJLFRGHOD&HMDGH0RQWHLQIHULRUVXSUD
WURSLFDOSOXYLDOGHORV<XQJDVFX\DYHJHWDFLyQSRWHQFLDOFOLPiFLFDVRQERVTXHVVLHPSUHYHUGHVEDMRV
\PHGLRVFRQGRPLQLRGHELRWLSRVODXURLGHV\HVFOHUyORVGRQGHODVHVSHFLHVGHOJpQHUR3RO\OHSLVQR
HVWiQSUHVHQWHVRFXDQGRVHKDOODQQRVRQHOHOHPHQWRFODUDPHQWHGRPLQDQWHGHOERVTXH'HQWURGHHVWH
VLVWHPDVHKDQLGHQWLFDGRHQHO&$0
D 6HULHSUHOLPLQDUGH6FKHIHUDWUROOLL:HLQPDQQLDIDJDURLGHV)XHQWHVHQSUHS&HMDGHPRQWHLQ
IHULRUSOXYLDOK~PHGDGHOGLVWULWR<XQJDVGH$SROREDPED.HDUD3XLQD/D3D]D
P 3HUVHD UXL]LL :HLQPDQQLD IDJDURLGHV (VFDOORQLD P\UWLOORLGHV YDU SDWHQV 3RO\OHSLV VHULFHD
+HVSHURPHOHVIHUUXJLQHD2UHRSDQD[JURVVHVHUUDWXP6FKHIHUDWUROOLL3V\FKRWULDUHWLFXODWD0LFRQLD
WKHL]DQV0KLJURSK\OD6\PSORFRVPEULDWD0\UVLQHGHSHQGHQV0FRULDFHD%UXQHOOLDUKRLGHV
*\QR[LVDVWHURWULFKD9DOOHDVWLSXODULV&OXVLDDYLRUD&OHWKUDFXQHDWD3UXQXVKXDQWHQVLV6HVVHD
GHSHQGHQV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
E 6HULHSUHOLPLQDUGH,OH[WHUDWRSLV3RGRFDUSXVUXVE\L6XSUDWURSLFDOSOXYLDOK~PHGRKLSHUK~PHGR
'LVWULWR<XQJDVGH&RURLFR/D3D]PDP,OH[WHUDWRSLV,LPEULFDWD3RGRFDUSXV
UXVE\L+HG\RVPXPVFDEUXP+PD[LPXP:HLQPDQQLDDXULFXODWD:EDQJLL:IDJDURLGHV:
PXOWLMXJD3UXQXVKXDQWHQVLV3ULJLGD6\PSORFRVGHQWLFXODWD6SROLSK\OOD6SVLORFODGD0RUHOOD
SXEHVFHQV3HUVHDUXL]LL2UHRSDQD[UXVE\L%RFFRQLDLQWHJULIROLD2UWKDHDEROLYLHQVLV*DXOWKHULD
UHWLFXODWD*HUHFWD6FKHIHUDQHSKHORSKLOD
F 6HULHSUHOLPLQDUGH3UXQXVWXFXPDQHQVLV+HVSHURPHOHVIHUUXJLQHD6XSUDWURSLFDOSOXYLDOK~PHGR
'LVWULWRV<XQJDVGHO&RWDFDMHVGH$OWDPDFKL\&RUDQL&RFKDEDPEDPDP3UXQXV
WXFXPDQHQVLV+HVSHURPHOHVIHUUXJLQHD+FIZHEHUEDXHULL0\UVLQHSVHXGRFUHQDWD3RGRFDUSXV
UXVE\L6\PSORFRVPEULDWD:HLQPDQQLDJHRPHWULFD:IDJDURLGHV:PLFURSK\OOD
G 6HULHSUHOLPLQDUGH:HLQPDQQLDEDQJLL:HLQPDQQLDIDJDURLGHV$OWDPLUDQRHQSUHS9HJHWDFLyQ
FOLPDWyODGHOD&HMDGH0RQWHLQIHULRUVXSUDWURSLFDOSOXYLDOKLSHUK~PHGDGHO'LVWULWR<XQJDVGHO
&KDSDUH&RFKDEDPEDFXHQFDVGHO$OWR(VStULWX6DQWR\9DQGLROD"P:HLQPDQQLD
IDJDURLGHV:EDQJLL:PLFURSK\OOD+HVSHURPHOHVIHUUXJLQHD2UHRSDQD[UXVE\L2WUROOLL%UXQQHOOLD
EROLYLDQD6\PSORFRVVXEFXQHDWD)UH]LHUDNDUVWHQLDQD&\DWKHDFDUDFDVDQD
H 6HULHSUHOLPLQDUGH6\PSORFRVVXEFXQHDWD:HLQPDQQLDPLFURSK\OOD6XSUDWURSLFDOSOXYLDOK~PHGR
1RUWHGHO'LVWULWR<XQJDVGHO$PERUy<XQJDVGH&RPDUDSD6DQWD&UX]PDP
6\PSORFRVFIVXEFXQHDWD:HLQPDQQLDPLFURSK\OOD:IDJDURLGHV&OHWKUDVFDEUD&FDUGHQDVLL
&FXQHDWD*DLDGHQGURQSXQFWDWXP\2UHRSDQD[NXQW]HL
%RVTXHVGH3RO\OHSLVDOWLPRQWDQRVSOXYLHVWDFLRQDOHVGHORV<XQJDVYHJHWDFLyQSRWHQFLDOFOLPiFLFD
GHOD&HMDGH0RQWHLQIHULRUFRQELRFOLPDVXSUDWURSLFDOSOXYLHVWDFLRQDOGHORV<XQJDVFRQVWLWXLGDSRU
ERVTXHVVLHPSUHYHUGHVEDMRV\PHGLRVDPSOLDPHQWHGRPLQDGRVSRUHVSHFLHVGH.KHZLxD3RO\OHSLV
(VWHVLVWHPDHFROyJLFRLQFOX\HHQHO&$0ODVVLJXLHQWHVVHULHV
D 6HULH SUHOLPLQDU GH %HUEHULV HGHQWDWD3RO\OHSLV SDFHQVLV 6XSUDWURSLFDO SOXYLHVWDFLRQDO K~PHGR
'LVWULWR<XQJDVGHO&RWDFDMHV/D3D],QTXLVLYLPDP3RO\OHSLVSDFHQVLV
%HUEHULVHGHQWDWD%UDULRUD+HVSHURPHOHVFXQHDWD+IHUUXJLQHD2UHRSDQD[SHQWODQGLDQXV
E 6HULHSUHOLPLQDUGH6W\ORFHUDVFROXPQDUH3RO\OHSLVODQDWD6XSUDWURSLFDOSOXYLHVWDFLRQDOK~PHGR
'LVWULWRV<XQJDVGHO&RWDFDMHV$OWDPDFKL\&RUDQL&RFKDEDPEDPDP
3RO\OHSLVODQDWD6W\ORFHUDVFROXPQDUH6\PSORFRVREFXQHDWD%HUEHULVZHGGHOOLL%SDXFLGHQWDWD
+HVSHURPHOHVFXQHDWD+ODQXJLQRVD2UHRSDQD[SHQWODQGLDQXV:HLQPDQQLDIDJDURLGHV
F 6HULH SUHOLPLQDU GH 6W\ORFHUDV FROXPQDUH3RO\OHSLV WULDFRQWDQGUD 6XSUDWURSLFDO SOXYLHVWDFLRQDO
K~PHGR'LVWULWRV<XQJDVGHO%RRSL0XxHFDV\$SROREDPED/D3D]PDP
3RO\OHSLVWULDFRQWDQGUD3 VHULFHD :HLQPDQQLD PLFURSK\OOD : IDJDURLGHV 0LFRQLD WKHDH]DQV
6W\ORFHUDV FROXPQDUH +HVSHURPHOHV ODQXJLQRVD 2UHRSDQD[ SHQWODQGLDQXV 2 UXVE\L 3UXQXV
WXFXPDQHQVLV%HUEHULVZHGGHOOLL%SK\OODFDQWKD
G 6HULHSUHOLPLQDUGH%XGGOHMDPRQWDQD3RO\OHSLVWULDFRQWDQGUD6XSUDWURSLFDOSOXYLHVWDFLRQDOVXE
K~PHGR'LVWULWR<XQJDVGH0XxHFDV/D3D]P3RO\OHSLVWULDFRQWDQGUD%XGGOHMD
PRQWDQD0XWLVLDDFXPLQDWD6FKLQXVPLFURSK\OOXV+HVSHURPHOHVFXQHDWD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
H 6HULH SUHOLPLQDU GH 3RO\OHSLV SDFHQVLV 6XSUDWURSLFDO SOXYLHVWDFLRQDO VXEK~PHGR P
'LVWULWR<XQJDVGHO%RRSLHQODVFDEHFHUDVDOWDVGHODFXHQFDGHORVUtRV/D3D]\/XULED\&RQVWLWXLUtD
ODYHJHWDFLyQSRWHQFLDORULJLQDOGHOSLVRDOWLPRQWDQRGHORVSURIXQGRVYDOOHVLQWHUDQGLQRVGH/D3D]
\/XULED\VyORFRQRFLGDKDVWDHOPRPHQWRSRUUHPDQHQWHVGLVSHUVRVGHiUEROHVDLVODGRVRSHTXHxRV
JUXSRVGHORVPLVPRV
%RVTXHV\DUEXVWDOHVDOWLPRQWDQRV[pULFRVGHORV<XQJDV%RVTXHVEDMRV\DUEXVWDOHVHVSLQRVRVUHV
WULQJLGRVDOSLVRELRFOLPiWLFRVXSUDWURSLFDO[pULFRVHFRGHODVFXHQFDVDOWDVGHORVUtRV/D3D]\/XULED\
&RQH[LRQHV RUtVWLFDV \ ELRJHRJUiFDV FRQ OD 3UHSXQD GHO FHQWURVXU GH %ROLYLD$FWXDOPHQWH PX\
GHVWUXLGRV\UHSUHVHQWDGRVPD\RUPHQWHSRUODHWDSDVHULDOGHPDWRUUDO&RQVWLWXLUtDQODYHJHWDFLyQSR
WHQFLDORULJLQDOGHODV]RQDVPHGLDV\EDMDVGHOiUHDDFWXDOPHQWHRFXSDGDSRUODFLXGDGGH/D3D]iUHD
TXHSRUHQFLPDGHOQLYHOGHHVWRVDUEXVWDOHVPGHELyGHWHQHUXQDYHJHWDFLyQRULJLQDOGH
ERVTXHFLOORVGH3RO\OHSLVSDFHQVLV8QDVRODVHULHGHYHJHWDFLyQVHLQFOX\HHQHVWHVLVWHPD
D 6HULHSUHOLPLQDUGH2UHRFHUHXVIRVVXODWXV.DJHQHFNLDODQFHRODWD6XSUDWURSLFDO[pULFRVHFR
P'LVWULWR<XQJDVGHO%RRSL/D3D]FXHQFDVGHORVUtRV/D3D]\/XULED\2UHRFHUHXVIRVVXODWXV
.DJHQHFNLDODQFHRODWD6FKLQXVPROOH'DV\SK\OOXPIHUR[/RSKRSDSSXVIROLRVXV3URXVWLDSXQJHQV
2SXQWLDVXOSKXUHD2YHUVFKDIIHOWLL%DFFKDULVEROLYLHQVLV0XWLVLDDFXPLQDWD&RUU\RFDFWXVPHOD
QRWULFKXV&SHUH]LDQXV
3LVR0RQWDQR
,QFOX\HODYHJHWDFLyQ\XQJXHxDGHOSLVRELRFOLPiWLFRPHVRWURSLFDOGLVWULEXLGDHQODIUDQMDDOWLWXGLQDOGHVGH
PDPGRQGHVHHQFXHQWUDQELRFOLPDVSOXYLDOHVSOXYLHVWDFLRQDOHV\ORFDOPHQWHWDP
ELpQ[pULFRV(QHOiUHDGHO&$0GHQWURGHHVWHSLVRVHKDQLGHQWLFDGRORVVLJXLHQWHVVLVWHPDVHFROyJLFRV\
VHULHVGHYHJHWDFLyQ
%RVTXHV\XQJXHxRVPRQWDQRVSOXYLDOHV6LVWHPDHFROyJLFRTXHDJUXSDXQFRQMXQWRGHVHULHVGHYHJH
WDFLyQHQODVFXDOHVODYHJHWDFLyQFOLPiFLFDVRQERVTXHVODXURLGHVVLHPSUHYHUGHVFRQDOWXUDGHOGRVHO
SURPHGLRHQWUHP\PGLVWULEXLGRVHQHOSLVRPRQWDQRPHVRWURSLFDOSOXYLDOGRQGHDPHQXGRVRQ
IUHFXHQWHVGLIHUHQWHVHVSHFLHVGHSLQRVGHPRQWH3RGRFDUSXV3UXPQRSLW\VTXHSDUHFHQWHQHUHQHVWDV
VLWXDFLRQHVXQDGHVXVSULQFLSDOHV]RQDVySWLPDVGHGLVWULEXFLyQ3RUHOPRPHQWRVHKDQLGHQWLFDGRHQ
HVWHVLVWHPDGHQWURGHO&$0ODVVLJXLHQWHVVHULHV
D 6HULHSUHOLPLQDUGH:HLQPDQQLDEDQJLL3RGRFDUSXVLQJHQVLV0HVRWURSLFDOVXSHULRUSOXYLDOKLSHU
K~PHGR'LVWULWR<XQJDVGH&RURLFR/D3D]FXHQFDVGHORVUtRV8QGXDYL+XDULQLOODV=RQJR"
P D P 3RGRFDUSXV LQJHQVLV :HLQPDQQLD EDQJLL : PLFURSK\OOD :
GU\DGLIROLD+HG\RVPXPGRPEH\DQXP+VFDEUXP6\PSORFRVPEULDWD6DXUDXLDUXVE\L%UXQQHOOLD
EROLYLDQD % UKRLGHV 0\UVLQH DQGLQD 0 SHDUFHL *XQQHUD SHUXYLDQD &\DWKHD FDUDFDVDQD &
EROLYLDQD1HSKHOHDHULQDFHD5XDJHDJODEUD5KLUVXWD/R]DQHOODHQDQWLRSK\OOD&OXVLDDYLRUD
+LHURQ\PDPRULW]LDQD
E 6HULHSUHOLPLQDUGH:HLQPDQQLDFUHQDWD3RGRFDUSXVLQJHQVLV0HVRWURSLFDOVXSHULRUSOXYLDOK~PH
GR'LVWULWR<XQJDVGH&RURLFR/D3D]]RQDGH+XDQFDQpDP3RGRFDUSXVLQJHQVLV
:HLQPDQQLDVRUELIROLDYDUFUHQDWD:SHQWDSK\OOD:FUDVVLIROLD+HG\RVPXPFXDWUHFD]DQXP,OH[
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
QHUYRVD6LSDUXQDDXULFXODWD6HFKLQDWD&\ELDQWKXVSHUXYLDQXV%UXQQHOOLDFRURLFRDQD&\DWKHD
FDUDFDVDQD0\UVLQHFRULDFHD
F 6HULHSUHOLPLQDUGH2FRWHDMHOVNLL3RGRFDUSXVROHLIROLXV0HVRWURSLFDOLQIHULRUSOXYLDOK~PHGRKL
SHUK~PHGR'LVWULWRV<XQJDVGH&RURLFR$OWDPDFKL\&RUDQL/D3D]\&RFKDEDPED
PDP3RGRFDUSXVROHLIROLXV2FRWHDMHOVNLL/DGHQEHUJLDFDUXD2UHRSDQD[MHOVNLL
6FKHIHUDDOORFRWDQWKD+HG\RVPXPDQJXVWLIROLXP$OFKRUQHDODWLIROLD+\HURQLPDREORQJD3DQRSVLV
SHDUFHL5XDJHDRYDOLV:HLQPDQQLDRYDWD&OHWKUDUHYROXWD
G 6HULHSUHOLPLQDUGH3UXPQRSLW\VKDUPVLDQD:HLQPDQQLDSLQQDWD0HVRWURSLFDOLQIHULRUSOXYLDOK~PH
GR'LVWULWR<XQJDVGH&RURLFR/D3D]]RQDGH+XDQFDQpP3UXPQRSLW\VKDUPVLDQD
&OHWKUDVFDEUDYDUODHYLJDWD&HGUHODOLOORL&LQFKRQDSXEHVFHQV0ROOLQHGLDEROLYLDQD6LSDUXQD
DXULFXODWD6HFKLQDWD&\ELDQWKXVOHSLGRWXV%UXQQHOOLDUKRLGHV:HLQPDQQLDSLQQDWD:SROLSK\OOD
&LQFKRQDFDOLVD\D6W\ORJLQHDPELJXD
H 6HULHSUHOLPLQDUGH3UXPQRSLW\VH[LJXD3RGRFDUSXVROHLIROLXV0HVRWURSLFDOLQIHULRUSOXYLDOKLSHU
K~PHGR'LVWULWR<XQJDVGHO&KDSDUH&RFKDEDPED$OWR,YLUL]XPDP
3UXPQRSLW\VH[LJXD3RGRFDUSXVROHLIROLXV3UXPQRSLW\VKDUPVLDQD+HG\RVPXPGRPEH\DQXP+
OHFKOHUL6DXUDXLDFKDSDUHQVLV&OHWKUDUHYROXWD:HLQPDQQLDFRFKDEDPEHQVLV:OHFKOHULDQD:
SLQQDWD5XDJHDJODEUD0HOLRVPDEROLYLHQVLV6FKHIHUDKHU]RJLL6DOORFRWDQWKD
I 6HULHSUHOLPLQDUGH3RGRFDUSXVROHLIROLXV)UH]LHUDNDUVWHQLDQD0HVRWURSLFDOSOXYLDOKLSHUK~PHGR
'LVWULWR<XQJDVGHO&KDSDUH&RFKDEDPED$OWR(VStULWX6DQWR9DQGLROD"P3RGRFDUSXV
ROHLIROLXV:HLQPDQQLDKHWHURSK\OOD:PXOWLMXJD:OHFKOHULDQD)UH]LHUDNDUVWHQLDQD)JODEUHVFHQV
6FKHIHUD DOORFRWDQWKD %UXQQHOOLD EROLYLDQD 2UHRSDQD[ UXVE\L 2 WUROOLL &OHWKUD FXQHDWD
+HG\RVPXPDQJXVWLIROLXP+GRPEH\DQXP5XDJHDJODEUD5RYDOLV6LSDUXQDEROLYLHQVLV0\UVLQH
GHSHQGHQV$OFKRUQHDODWLIROLD&\DWKHDFDUDFDVDQD&SDOOHVFHQV*HRQRPDXQGDWD
J 6HULHGH3HUVHDUXL]LL3UXPQRSLW\VH[LJXD0HUFDGR0HVRWURSLFDOVXSHULRU\VXSUDWURSLFDO
LQIHULRU'LVWULWR<XQJDVGHO&KDSDUH&RFKDEDPED$OWR,YLUL]XP3UXPQRSLW\VH[LJXD
3RGRFDUSXV UXVE\L 3HUVHD UXL]LL &OHWKUD FXQHDWD +HVSHURPHOHV ODQXJLQRVD 0\UVLQH SHDUFHL
2UHRSDQD[PDFURFHSKDORQ2NXQW]HL:HLQPDQQLDIDJDURLGHV:PLFURSK\OOD
K 6HULHSUHOLPLQDUGH$OQXVDFXPLQDWD+HG\RVPXPGRPEH\DQXP$OWDPLUDQRHQSUHS9HJHWDFLyQ
SHUPDQHQWHWRSRJUiFDRVXFHVLRQDOSURSLDGHODVODGHUDVHURVLYDVPRQWDxRVDVPX\DEUXSWDVFRQ
IXHUWHVSHQGLHQWHVVRPHWLGDVDGHVOL]DPLHQWRV\GHUUXPEHVSHULyGLFRVHQHOSLVRPRQWDQRPHVR
WURSLFDOSOXYLDOKLSHUK~PHGRGHOGLVWULWR<XQJDVGHO&KDSDUH&RFKDEDPED$OWR(VStULWX6DQWR
P$OQXVDFXPLQDWD:HLQPDQQLDKHWHURSK\OOD:PXOWLMXJD+HG\RVPXPGRPEH\DQXP
+DQJXVWLIROLXP+UDFHPRVXP$OFKRUQHDODWLIROLD$SHDUFHL$WULSOLQHUYLDYDUEROLYLDQD&OHWKUD
VFDEUD+LHURQ\PDDQGLQD0RUXVLQVLJQLV
L 6HULHSUHOLPLQDUGH3RGRFDUSXVUXVE\L3UXPQRSLW\VH[LJXD0HVRWURSLFDOSOXYLDOK~PHGR'LVWULWR
<XQJDVGHO$PERUy6DQWD&UX]<XQJDVGH&RPDUDSD\0DLUDQDHQHOFRPLHQ]RGHOD]RQDGHWUDQ
VLFLyQHQWUHODVSURYLQFLDVELRJHRJUiFDVGHORV<XQJDV3HUXDQR%ROLYLDQRV\%ROLYLDQR7XFXPDQD
PDP3UXPQRSLW\VH[LJXD3RGRFDUSXVUXVE\L&OHWKUDFXQHDWD:HLQPDQQLD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
VRUELIROLD9LEXUQXPZLWWHDQXP&ULQRGHQGURQWXFXPDQXP%OHSKDURFDO\[VDOLFLIROLXV&HGUHODOLOORL
,OH[WULFKRFODGRV7DEHEXLDODSDFKR
M 6HULHSUHOLPLQDUGH&OHWKUDHORQJDWD3RGRFDUSXVLQJHQVLV)XHQWHVHQSUHS0HVRWURSLFDOLQIHULRU
SOXYLDO K~PHGR 'LVWULWR<XQJDV GH$SROREDPED /D 3D]$SROR P $OFKRUQHD
WULSOLQHUYLD YDU EROLYLDQD &OHWKUD HORQJDWD 3RGRFDUSXV LQJHQVLV 0\UVLQH FRULDFHD 0LFRQLD
EULWWRQLL3V\FKRWULDEDQJLL:HLQPDQQLDRYDWD5XDJHDRYDOLV7DSLULUDJXLDQHQVLVVXEVSVXEDQGLQD
,OH[ JRXGRWLL +LHURQ\PD PRULW]LDQD 5LFKHULD JUDQGLV &KDHWRFDUSXV P\UVLQLWHV YDU VWLSXODULV
+HG\RVPXPUDFHPRVXP
N 6HULH SUHOLPLQDU GH 3RGRFDUSXV LQJHQVLV:HLQPDQQLD SLQQDWD )XHQWHV HQ SUHS 0HVRWURSLFDO
VXSHULRUSOXYLDOK~PHGRGHWUDQVLFLyQKDFLDSOXYLHVWDFLRQDO'LVWULWR<XQJDVGH0XxHFDVGLYLVRULDV
RURJUiFDV\ODGHUDVDOWDVH[SXHVWDVDORVYLHQWRVK~PHGRVHQWUHORVYDOOHVGH&KXPD$\DWD\GH
&DPDWD/D3D]P3RGRFDUSXVLQJHQVLV:HLQPDQQLDFKULVGDYLGVRQLL:SLQQDWD:
FUDVVLIROLD %DFFKDULV VRORPRQLL +HG\RVPXP DQJXVWLIROLXP 2FRWHD PDQGRQLL 2UHRSDQD[
PHPEUDQDFHXV6FKHIHUDWUROOLL3HQWDFDOLDVDLODSDWHQVLV%UXQHOOLDUKRLGHV9LEXUQXPVHPDQQLL
&OXVLD VSKDHURFDUSD $OFKRUQHD EULWWRQLL 1HFWDQGUD ODXUHO *DLDGHQGURQ SXQFWDXP 0\UVLQH
SHOOXFLGD0LFRQLDXQGDWD)UH]LHUDODQDWD6\PSORFRVPDSLULHQVLV&HUR[\ORQSDUYLIURQV0D\WHQXV
MHOVNLL+HVSHURPHOHVIHUUXJLQHD
O 6HULHSUHOLPLQDUGH6W\ORFHUDVODXULIROLXP:HLQPDQQLDSLQQDWD0HVRWURSLFDOVXSHULRUSOXYLDOK~PH
GR'LVWULWR<XQJDVGH$SROREDPED/D3D]FXHQFDGHO5tR3HOHFKXFRP6W\ORFHUDV
ODXULIROLXP :HLQPDQQLD OHFKOHULDQD : SLQQDWD : RYDWD : PLFURSK\OOD &OHWKUD FXQHDWD
+HVSHURPHOHV IHUUXJLQHD 6\PSORFRV GHQWLFXODWD 0LFRQLD WKDHL]DQV 9DOOHD VWLSXODULV 0RUHOOD
SXEHVFHQV)UH]LHUDXQLDXULFXODWD)ODQDWD*RUGRQLDIUXWLFRVD$OFRUQHDJUDQGLRUD(ODHDJLDPDULDH
&OXVLDPXOWLRUD&DYLRUD+HG\RVPXPGRPEH\DQXP3RGRFDUSXVLQJHQVLV2FRWHDVS
P6HULHSUHOLPLQDUGH&OXVLDDYLRUD:HLQPDQQLDOHFKOHULDQD0HVRWURSLFDOSOXYLDOK~PHGR'LVWUL
WR<XQJDVGH&RURLFR/D3D]FXHQFDGHO5tR=RQJRPP:HLQPDQQLDOHFKOHULDQD
:PLFURSK\OOD:RYDWD+HVSHURPHOHVIHUUXJLQHD&OXVLDDYLRUD&PXOWLRUD2UHRSDQD[
WKDXPDVLRSK\OOXV*DLDGHQGURQSXQFWDWXP&OHWKUDFXQHDWD%UXQHOOLDUKRLGHV%HUEHULVOXWHD
%RVTXHV\XQJXHxRVPRQWDQRVSOXYLHVWDFLRQDOHV6LVWHPDHFROyJLFRTXHDJUXSDYDULDVVHULHVFX\DYH
JHWDFLyQSRWHQFLDOFOtPD[VRQERVTXHVVLHPSUHYHUGHVHVWDFLRQDOHV\VHPLGHFLGXRVFRQGRVHOSURPHGLR
GHPGHDOWXUDDPHQXGRGRPLQDGRHQRPEURFOLPDVK~PHGRVSRUHVSHFLHVGHSLQRVGHPRQWH
3RGRFDUSXV3UXPQRSLW\V\SRUiUEROHVGHOJpQHUR:HLQPDQQLDPLHQWUDVTXHHQiUHDVFRQRPEURFOLPD
VXEK~PHGRHVFRP~QHOFHLERRFKLOLMFKL(U\WKULQDIDOFDWD,QFOX\H
D 6HULHSUHOLPLQDUGH%OHSKDURFDO\[VDOLFLIROLXV3RGRFDUSXVJORPHUDWXV0HVRWURSLFDOVXSHULRU\VX
SUDWURSLFDOLQIHULRUSOXYLHVWDFLRQDOK~PHGR'LVWULWR<XQJDVGHO&RWDFDMHV&RFKDEDPED\/D3D]
&RUGLOOHUDGH,QGHSHQGHQFLDPDP%OHSKDURFDO\[VDOLFLIROLXV3RGRFDUSXV
JORPHUDWXV :HLQPDQQLD IDJDURLGHV : OHFKOHULDQD &HGUHOD OLOORL 0\UVLQH SVHXGRFUHQDWD
+HVSHURPHOHVIHUUXJLQHD&HUYDQWHVLDELFRORU'XUDQWDPDQGRQL2UHRSDQD[SHQWODQGLDQXV2
WKDXPDVLRSK\OOXV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
E 0DFURVHULHGH&OHWKUDFXQHDWD:HLQPDQQLDSLQQDWD*UXSRGHVHULHVGHYHJHWDFLyQTXHFRQVWLWX\HQOD
YHJHWDFLyQFOLPDWyODGHOSLVRPRQWDQRPHVRWURSLFDOSOXYLHVWDFLRQDOK~PHGRGHOVHFWRUELRJHRJUiFR
<XQJDVGHOD&XHQFD$OWDGHO%HQL,QWHUYDORDOWLWXGLQDOPDP$OFKRUQHD
SHDUFHL&HGUHODOLOORL&HUR[\ORQSDUYLIURQV&LQFKRQDPLFUDQWKD&SXEHVFHQV&OHWKUDFXQHDWD
&ODHYLJDWD)UH]LHUDODQDWD)UHWLFXODWD6LSDUXQDPXULFDWD6W\UD[SHQWODQGLDQXP7HUQVWURHPLD
DV\PPHWULFD7VXEVHUUDWD:HLQPDQQLDPLFURSK\OOD:SHQWDSK\OOD:SLQQDWD:VRUELIROLD:
FUDVVLIROLD
F 6HULH SUHOLPLQDU GH -XJODQV EROLYLDQD3RGRFDUSXV ROHLIROLXV )HUQiQGH] HQ SUHS 0HVRWURSLFDO
LQIHULRUSOXYLHVWDFLRQDOK~PHGR9HJHWDFLyQFOLPDWyODGHORVYDOOHVHQVRPEUDGHOOXYLDSDUFLDOGH
ODFXHQFDGHO5tR6DQ0DWHR.KDUDXDVLHQHOOtPLWHHQWUHORVGLVWULWRV<XQJDVGHO&KDSDUH\<XQJDV
GHO$PERUy&RFKDEDPED\6DQWD&UX]7DPELpQHQSHTXHxRVHQFODYHVSOXYLHVWDFLRQDOHVGHELGRV
DHIHFWRVRURJUiFRVORFDOHVGHQWURGHODV]RQDVSOXYLDOHVGHORV<XQJDVGHO&KDSDUHFXHQFDGHO
(VStULWX6DQWR,QFDFKDFDDP-XJODQVEROLYLDQD3RGRFDUSXVROHLIROLXV:HLQPDQQLD
PLFURSK\OOD : PXOWLMXJD : VRUELIROLD 1HFWDQGUD GLVFRORU 0\UVLQH FRULDFHD +HG\RVPXP FI
UDFHPRVXP2UHRSDQD[FIUHWLFXODWXV
G 6HULHSUHOLPLQDUGH&LWKDUH[\OXPODXULIROLXP6W\ORFHUDVODXULIROLXP0HVRWURSLFDOVXSHULRUSOXYLHV
WDFLRQDOK~PHR'LVWULWR<XQJDVGH0XxHFDV/D3D]YDOOHVGH&KDUD]DQL\&KXPDP
&LWKDUH[\OXPODXULIROLXP6W\ORFHUDVODXULIROLXP+HVSHURPHOHVIHUUXJLQHD1HFWDQGUDPHPEUDQDFHD
6FKLQXVP\UWLIROLXV(VFDOORQLDVFKUHLWHUL0RUHOODSXEHVFHQV9DOOHDVWLSXODULV0\UVLQHSVHXGRFUHQDWD
3UXQXVKXDQWHQVLV'XUDQWDPDQGRQLL
H 6HULHSUHOLPLQDUGH&LWKDUH[\OXPODXULIROLXP:HLQPDQQLDFUDVVLIROLD0HVRWURSLFDOLQIHULRUSOXYLHV
WDFLRQDOK~PHGR'LVWULWR<XQJDVGH0XxHFDV/D3D]YDOOHVGH&KDUD]DQL\&KXPD
P:HLQPDQQLDFUDVVLIROLD:HOOLSWLFD:VRUELIROLD:PLFURSK\OOD&LWKDUH[\OXPODXULIROLXP
6DXUDXLDVSHFWDELOLV+HVSHURPHOHVIHUUXJLQHD%HMDULDDHVWXDQV0DXULDIHUUXJLQHD3UXQXVKXDQWHQVLV
0RUHOODSXEHVFHQV&OHWKUDFXQHDWD+HG\RVPXPDQJXVWLIROLXP0LFRQLDWKHL]DQV'DV\SK\OOXP
EUDVLOLHQVLV 1HFWDQGUD ODXUHO 0\UFLDQWKHV UKRSDORLGHV 0 SVHXGRPDWR 6W\UD[ SHQWODQGLDQXV
*DXOWKHULDHULRSK\OOD)XFKVLDEROLYLDQD&LVVXVJUDQXORVD6SDWKDQWKHXPIDOOD[
I 6HULHSUHOLPLQDUGH&OXVLDWHUQVWURHPLRLGHV&ROXPHOOLDREORQJD)XHQWHVHQSUHS0HVRWURSLFDO
SOXYLHVWDFLRQDO K~PHGR 9HJHWDFLyQ SHUPDQHQWH GH ODV ODGHUDV URFRVDV DEUXSWDV 'LVWULWR<XQJDV
GH0XxHFDV/D3D]9DOOHGH&KDUD]DQL&DPDWD P&ROXPHOOLDREORQJD&OXVLD
WHUQVWURHPLRLGHV(VFDOORQLDSDQLFXODWD0\UFLDPXOWLRUD7HUQVWURHPLDVXEVHUUDWD
J 6HULHSUHOLPLQDUGH3RGRFDUSXVSDUODWRUHL3UXPQRSLW\VH[LJXD0HVRWURSLFDOSOXYLHVWDFLRQDOK~PHGR
GHOGLVWULWR<XQJDVGHO$PERUy6DQWD&UX]&XHQFDDOWDVXUGHO5tR6DQ0DWHR6LEHULDVXU<XQJDV
GH&RPDUDSDHQHOFRPLHQ]RGHOD]RQDGHWUDQVLFLyQHQWUHODVSURYLQFLDVELRJHRJUiFDVGHORV
<XQJDV3HUXDQR%ROLYLDQRV\%ROLYLDQR7XFXPDQDPDP3UXPQRSLW\VH[LJXD
3RGRFDUSXVSDUODWRUHL&ULQRGHQGURQWXFXPDQXP%OHSKDURFDO\[VDOLFLIROLXV9LEXUQXPZLWWHDQXP
6\PSORFRVVXEFXQHDWD&OHWKUDFDUGHQDVLL+HVSHURPHOHVIHUUXJLQHD\$]DUDVDOLFLIROLD
K 6HULH SUHOLPLQDU GH 3UXPQRSLW\V H[LJXD0\UFLDQWKHV SVHXGRPDWR 1DYDUUR HW DO %RVTXHV
FOLPDWyORVFRQGRPLQLRRJUDQDEXQGDQFLDGHPLUWiFHDVGLVWULEXLGRVHQHOSLVRPRQWDQRPHVRWUR
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
SLFDOSOXYLHVWDFLRQDOK~PHGRGHOGLVWULWR<XQJDVGHO$PERUy6DQWD&UX]<XQJDVGH&RPDUDSD\GH
0DLUDQDVXUGH6LEHULDHQHOFRPLHQ]RGHOD]RQDGHWUDQVLFLyQHQWUHODVSURYLQFLDVELRJHRJUiFDV
GHORV<XQJDV3HUXDQR%ROLYLDQRV\%ROLYLDQR7XFXPDQDPDP3UXPQRSLW\VH[LJXD
0\UFLDQWKHVFDOOLFRPD0SVHXGRPDWR%OHSKDURFDO\[VDOLFLIROLXV&HGUHODOLOORL7DEHEXLDODSDFKR
9LEXUQXPZLWWHDQXP&OHWKUDFDUGHQDVLL
L 6HULHSUHOLPLQDUGH/HXFRFKORURQEROLYLDQXP(U\WKULQDIDOFDWD0HVRWURSLFDOSOXYLHVWDFLRQDOVXE
K~PHGR'LVWULWR<XQJDVGHO&RWDFDMHV/D3D]\&RFKDEDPEDPDP
/HXFRFKORURQEROLYLDQXP3DUDSLSWDGHQLDH[FHOVD(U\WKULQDIDOFDWD-DFDUDQGDPLPRVLIROLD&DULFD
TXHUFLIROLD &DHVDOSLQLD VSLQRVD 'DV\SK\OOXP EUDVLOLHQVLV0LPRVD ZRRGLL -XVWLFLD SOXULIRUPLV
3KLOLEHUWLDIRQWHOODH
M 6HULHSUHOLPLQDUGH-XJODQVVRUDWHQVLV(U\WKULQDIDOFDWD9HJHWDFLyQSRWHQFLDOUHOLFWDFRQFDVLWRWDO
GHVDSDULFLyQGHORVERVTXHVRULJLQDOHV0HVRWURSLFDOSOXYLHVWDFLRQDOVXEK~PHGR'LVWULWR<XQJDVGH
0XxHFDVP(U\WKULQDIDOFDWD-XJODQVVRUDWHQVLV&HGUHODOLOORL0LPRVDUHYROXWD
%RVTXHV\DUEXVWDOHV\XQJXHxRVPRQWDQRV[pULFRVLQWHUDQGLQRV6LVWHPDHFROyJLFRTXHHQHO&$0
~QLFDPHQWHH[LVWHHQORVYDOOHV\XQJXHxRVDOWRVFRQRPEURFOLPDVHFRDVHPLiULGRGHODVFXHQFDVGHORV
UtRV6RUDWD/D3D]\/XULED\,QFOX\HODVVLJXLHQWHVVHULHVGHERVTXHV\DUEXVWDOHVHVSLQRVRVVHPLFD
GXFLIROLRV
D 6HULHGH&OHLVWRFDFWXVYDULLVSLQXV/\WKUDHDWHUQLIROLD0HVRWURSLFDOLQIHULRU[pULFRVHFR
P'LVWULWR<XQJDVGH0XxHFDV&XHQFDGH6RUDWD&OHLVWRFDFWXVYDULLVSLQXV/\WKUDHDWHUQLIROLD
7HFRPDDUHTXLSHQVLV3URVRSLVDQGLFROD7ULFKRFHUHXVODJHQLIRUPLV7FIFX]FRHQVLV$SXULPDFLD
EROLYLDQDFI&RPPLFDUSXVFUDVVLIROLXV
E 6HULHGH&DHVDOSLQLDEDQJLL3URVRSLVDQGLFROD0HVRWURSLFDO[pULFRVHFRLQIHULRUDVHPLiULGRVX
SHULRUP'LVWULWR<XQJDVGHO%RRSL&XHQFDGHO5tR/D3D]3URVRSLVODHYLJDWDYDU
DQGLFROD&DHVDOSLQLDEDQJLL&JLOOLHVLL7HFRPDDUHTXLSHQVLV2UHRFHUHXVIRVVXODWXV&RUU\RFDFWXV
PHODQRWULFKXV7ULFKRFHUHXVODJHQLIRUPLV2SXQWLDYHUVFKDIIHOWLL(FKLQRSVLVEULGJHVLL/\FLDQWKHV
O\FLRLGHV+HWHURSK\OODHDO\FLRLGHV3X\DPH]LDQD
F 6HULHGH&OHLVWRFDFWXVOXULED\HQVLV3URVRSLVDQGLFROD0HVRWURSLFDO[pULFRVHFRLQIHULRUDVHPLiULGR
VXSHULRUP'LVWULWR<XQJDVGHO%RRSL&XHQFDGHO5tR/XULED\&OHLVWRFDFWXVOXULED\HQVLV
3URVRSLVODHYLJDWDYDUDQGLFROD&RUU\RFDFWXVSHUH]LDQXV$WULSOH[UXVE\L+HORJ\QHVWUDPLQHD
&DHVDOSLQLDFRXOWHURLGHV2SXQWLDDONRWXQD2VXOSKXUHD7ULFKRFHUHXVODJHQLIRUPLV(FKLQRSVLV
EULGJHVLL7HFRPDDUHTXLSHQVLV3X\DPH]LDQD
9HJHWDFLyQULEHUHxD\XQJXHxDPRQWDQD6LVWHPDHFROyJLFRTXHDJUXSDYDULDVVHULHVGHYHJHWDFLyQ
FX\DYHJHWDFLyQFOtPD[VRQORVERVTXHVULEHUHxRVSURSLRVGHORVPiUJHQHVXYLDOHVGHOSLVRPRQWDQR
ORVFXDOHVHQPXFKRVFDVRVVRQERVTXHVGHDOLVRTXHVHLQFOX\HQHQODPDFURVHULHGH9DOOHDVWLSXODULV
$OQXVDFXPLQDWD(QHO&$0VHKDLGHQWLFDGRODVVLJXLHQWHVVHULHV\RFRPXQLGDGHVULSDULDV
D 6HULHGH9DOOHDVWLSXODULV$OQXVDFXPLQDWD0HUFDGR%RVTXHVULSDULRVPRQWDQRVPHVRWURSLFDOHV
GHORV<XQJDVSOXYLDOHV\SOXYLHVWDFLRQDOHV$OQXVDFXPLQDWD0RUHOODSXEHVFHQV9DOOHDVWLSXODULV
3WHULVSRGRSK\OOD(TXLVHWXPERJRWHQVH'U\RSWHULVVSS
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
E &RPXQLGDGGH&URWRQSLOXOLIHUXV)LFXVPDWWKHZVLL%RVTXHVULSDULRVGHOSLVRPRQWDQRLQIHULRUSOXYLDO
GHOGLVWULWRELRJHRJUiFR<XQJDVGH&RURLFR
F &RPXQLGDGGH*XDGXDZHEHUEDXHULL7DFXDUDOHVREDPEXVDOHVULSDULRVGHOSLVRPRQWDQRSOXYLHVWD
FLRQDOGHOGLVWULWR<XQJDVGHO%RRSL
3LVR%DVLPRQWDQRR6XEDQGLQR
(QHVWHSLVRHFROyJLFRVHLQFOX\HODYHJHWDFLyQ\XQJXHxDGHOSLVRELRFOLPiWLFRWHUPRWURSLFDOGLVWULEXLGDHQ
SURPHGLRHQHOLQWHUYDORDOWLWXGLQDOGHPDP(QHOiUHDGHO&$0VHKDQLGHQWLFDGRORV
VLJXLHQWHVVLVWHPDVVHULHV\RPDFURVHULHV
%RVTXHV\SDOPDUHV\XQJXHxRVSOXYLDOHVEDVLPRQWDQRVVXEDQGLQRVVLVWHPDHFROyJLFRGHODYHJH
WDFLyQVLHPSUHYHUGHEDVLPRQWDQDRVXEDQGLQDVXSHULRUGHORV<XQJDV3HUXDQR%ROLYLDQRVFRQELRFOLPD
SOXYLDOWHUPRWURSLFDOGLVWULEXLGDHQODIUDQMDDOWLWXGLQDOGHORVPDP8QLGDG
FRPSOHMDRUtVWLFDPHQWH\SRFRFRQRFLGDWRGDYtDTXHLQFOXLUtDGLIHUHQWHVVHULHVGHYHJHWDFLyQYDULDV
GHHOODVFRQDEXQGDQWHVSDOPDVDQGLQDV'LFW\RFDU\XPODPDUFNLDQXPVREUHWRGRHQUHOLHYHVDEUXSWRV
H[SXHVWRVDODVQHEOLQDV\RWUDVVHULHVGHVDUUROODGDVHQVXHORVSURIXQGRVVREUHUHOLHYHVVXDYHVRFDVL
OODQRVFRQDXVHQFLDRUDUH]DGH'LFW\RFDU\XP\JUDQDEXQGDQFLDGHODXUiFHDV7RGDVHOODVODVHQJOREDPRV
HQXQDVRODPDFURVHULH
D 0DFURVHULHGH1HFWDQGUDODXUHO'LFW\RFDU\XPODPDUFNLDQXP7HUPRWURSLFDOVXSHULRUSOXYLDOK~PHGR
KLSHUK~PHGRWDQWRHQHOVHFWRUGHORV<XQJDVGHOD&XHQFD$OWDGHO%HQLFRPRHQHOGHORV<XQJDV
GHOD&XHQFD$OWDGHO,FKLOR/D3D]&RFKDEDPED\6DQWD&UX]PDP
'LFW\RFDU\XP ODPDUFNLDQXP :HLQPDQQLD SLQQDWD : SHQWDSK\OOD 3UXPQRSLW\V KDUPVLDQD
3RGRFDUSXVROHLIROLXV$OFKRUQHDJODQGXORVD+LHURQ\PDDQGLQD7RYRPLWDZHGGHOOLDQD1HFWDQGUD
ODXUHO 1 UHWLFXODWD 3HUVHD SHUXYLDQD 3 WUROOLL &OHWKUD HORQJDWD (XWHUSH OXPLQRVD &HUR[\ORQ
SDUYXP&LQFKRQDKXPEROGWLDQD/DGHQEHUJLDFDUXD*XHWWDUGDKLUVXWD(ODHDJLDPDULDH(
PLFURFDUSD3URWLXPDOWVRQLL$OFKRUQHDJODQGXORVD'HQWURGHOFRQFHSWRRUtVWLFRHFROyJLFRGH
HVWDPDFURVHULHVHKDQLGHQWLFDGRODVVLJXLHQWHVVHULHV
6HULHSUHOLPLQDUGH3HUVHDSHUXYLDQD'LFW\RFDU\XPODPDUFNLDQXP)XHQWHVHQSUHS'LVWULWR<XQJDV
GH$SROREDPED/D3D]
6HULHSUHOLPLQDUGH3URWLXPPRQWDQXP'LFW\RFDU\XPODPDUFNLDQXP'LVWULWRV<XQJDVGH$OWDPDFKL
&RUDQL\&KDSDUH&RFKDEDPED
%RVTXHVSOXYLDOHVEDVLPRQWDQRVVXEDQGLQRVGHORV<XQJDVWUDQVLFLRQDOHVFRQOD$PD]RQLD*UXSR
GHVHOYDV\ERVTXHVVLHPSUHYHUGHVGHOQLYHOPiVLQIHULRUGHORV<XQJDVFRQPX\DOWDGLYHUVLGDGGLVWUL
EXLGRHQHOLQWHUYDORDOWLWXGLQDOGHORVPDP8QLGDGWRGDYtDPX\SRFRFRQRFLGD
TXHHQJOREDYDULDVVHULHVGHYHJHWDFLyQRUtVWLFDPHQWHWUDQVLFLRQDOHVHQWUHORV<XQJDV\OD$PD]RQLD
LQFOXLEOHVSRVLEOHPHQWHHQGRVPDFURVHULHGHYHJHWDFLyQ
D 0DFURVHULHGH(VFKZHLOHUDDQGLQD2HQRFDUSXVEDWDXD7HUPRWURSLFDOLQIHULRUSOXYLDOK~PHGRHQ
HOVHFWRUGHORV<XQJDVGHOD&XHQFD$OWDGHO%HQL/D3D]&RFKDEDPEDPD
P3RGRFDUSXVFHODWXV3PDJQLIROLXV3UXPQRSLW\VKDUPVLDQD(VFKZHLOHUDDQGLQD(FRULDFHD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
2HQRFDUSXVEDWDXD,ULDUWHDGHOWRLGHD$VSLGRVSHUPDUDPLRUXP&DU\RFDUGHQWDWXP&PLFURFDUSXP
3DULQDULRFFLGHQWDOLV+HYHDEUDVLOLHQVLV+XUDFUHSLWDQV&HVSHGH]LDVSDWKXODWD9RFK\VLDEROLYLDQD
6FKHIHUD WLSXDQLFD 6LSDUXQD VSUXFHL /DGHQEHUJLD PDJQLIROLD / VHULFHD &LQFKRQD PLFUDQWKD
(ODHDJLDPROOLV6FOHURORELXPUDGONRIHUL&DODWRODFRVWDULFHQVLV%DOL]LDSHGLFHOODULV(QGOLFKHULD
OKRW]N\L&\ELDQWKXVSHUXYLDQXV)HUGLQDQGXVDFKORUDQWKD6\PSORFRVPDSLUHQVLV8QDVRODVHULHVH
KDLGHQWLFDGRGHQWURGHHVWDPDFURVHULH
6HULHSUHOLPLQDUGH/DGHQEHUJLDFDUXD+HYHDEUDVLOLHQVLV'LVWULWRV<XQJDVGH$SROREDPED0XxHFDV
\&RURLFR/D3D]<X\R0DSLUL7LSXDQL
E 0DFURVHULHGH7DODXPDEROLYLDQD(VFKZHLOHUDFRULDFHD7HUPRWURSLFDOLQIHULRUSOXYLDOKLSHUK~PHGR
HQHOVHFWRUGHORV<XQJDVGHOD&XHQFD$OWDGHO,FKLOR&RFKDEDPED3RUGHEDMRGHP
GHDOWLWXG7DODXPDEROLYLDQD(VFKZHLOHUDFRULDFHD2HQRFDUSXVEDWDXD,ULDUWHDGHOWRLGHD+XUD
FUHSLWDQV3UXPQRSLW\VKDUPVLDQD&DYDQLOOHVLDXPEHOODWD7HUPLQDOLDDPD]RQLD&ODULVLDELRUD
'LSWHU\[RGRUDWD*XDUHDPDFURSK\OOD/DGHQEHUJLDFDUXD7ULSODULVHVWXOLIHUD0DQLONDUDH[FHOVD
6ORDQHDIUDJUDQV6JXLDQHQVLV6WHUQLRUD7DSXUDWHVVPDQQLL&DODWRODYHQH]XHODQD(ODHDJLD
RERYDWD6ZDUW]LDMRURUL+DVWDDKRUDVHKDUHFRQRFLGRXQDVRODVHULHGHQWURGHHVWDPDFURVHULH
6HULHSUHOLPLQDUGH(ODHDJLDRERYDWD7DODXPDEROLYLDQD$OWDPLUDQRHQSUHS'LVWULWR<XQJDVGHO
&KDSDUH&RFKDEDPED6DQWD&UX]
%RVTXHV\XQJXHxRVSOXYLHVWDFLRQDOHVK~PHGRVEDVLPRQWDQRVVXEDQGLQRVVLVWHPDHFROyJLFRGH
ORVERVTXHVVXEDQGLQRV\XQJXHxRVVLHPSUHYHUGHHVWDFLRQDOHVGHVDUUROODGRVHQELRFOLPDSOXYLHVWDFLRQDO
K~PHGR&RQRFLGRVGHOVHFWRUELRJHRJUiFRGHORV<XQJDVGHOD&XHQFD$OWDGHO%HQLHLQFOXLGRVHQXQD
VRODPDFURVHULHGHYHJHWDFLyQ
D 0DFURVHULHGH6DXUDXLDSHUXYLDQD-XJODQVEROLYLDQD7HUPRWURSLFDOVXSHULRUSOXYLHVWDFLRQDOK~PHGR
'LVWULWRVGHORV<XQJDVGH$SROREDPED&RURLFR%RRSL&RWDFDMHV\$OWDPDFKLPD
P-XJODQVEROLYLDQD6DXUDXLDSHUXYLDQD6VSHFWDELOLV&HLEDVDOPRQHD1HFWDQGUD
FLVVLRUD1FXQHDWRFRUGDWD0\UR[\ORQEDOVDPXP3URWLXPKHSWDSK\OOXP&OHWKUDVFDEUD,OH[
EROLYLDQD$OFKRUQHDSHDUFHL%XGGOHLDFRURLFHQVLV&HGUHODRGRUDWD0ROOLQHGLDFDORQHXUD3RXURXPD
WRPHQWRVD 0\UFLD VSOHQGHQV 7ULSODULV FXPLQJLDQD &LQFKRQD SXEHVFHQV /DGHQEHUJLD FDUXD
/PDFURFDUSD9RFK\VLDPDSLUHQVLV0DWD\EDEROLYLDQD0DXULDEROLYLDQD/DSODFHDIUXWLFRVD
)UH]LHUDDQJXORVD/XHKHDVSOHQGHQV&HQWURORELXPFIPLQXV,QFOX\HKDVWDHOPRPHQWRFXDWUR
VHULHVGHYHJHWDFLyQ
6HULHSUHOLPLQDUGH0\UR[\ORQEDOVDPXP-XJODQVEROLYLDQD)XHQWHVHQSUHS'LVWULWR<XQJDVGH
$SROREDPED/D3D]
6HULH SUHOLPLQDU GH 3WHU\JRWD DPD]RQLFD&RSDLIHUD UHWLFXODWD )XHQWHV HQ SUHS 7HUPRWURSLFDO
LQIHULRUSOXYLHVWDFLRQDOK~PHGR'LVWULWR<XQJDVGH$SROREDPED/D3D]P-XJODQV
EROLYLDQD 0\UR[\ORQ EDOVDPXP &RSDLIHUD UHWLFXODWD 3WHU\JRWD DPD]RQLFD ,[RUD EUHYLRUD
$PEXUDQDFHDUHQVLV3VHXGROPHGLDODHYLV$JRQDQGUDFISHUXYLDQD&DVHDULDJRVV\SLRVSHUPD
&ODULVLDUDFHPRVD$OEL]LDQLRSRLGHV+\PHQDHDFRXUEDULO
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
I 0DFURVHULHGH,QJDDGHQRSK\OOD,QJDPDUJLQDWD&RQMXQWRGHVHULHVGHERVTXHVULEHUHxRVVXFHVLR
QDOHVVXEDQGLQRVGHORVGLVWULWRV<XQJDVGH$SROREDPED<XQJDVGHO&KDSDUH\<XQJDVGHO$PERUy
7HUPRWURSLFDOSOXYLDO\SOXYLHVWDFLRQDOP
J &RPXQLGDG GH &DOOLDQGUD DQJXVWLIROLD$UEXVWDO R ERVTXH EDMR FDVL PRQRHVSHFtFR GH FDUiFWHU
VXFHVLRQDOULEHUHxRSURSLRGHODVSOD\DVSHGUHJRVDVGHORVUtRVGHOSLVRVXEDQGLQRLQIHULRUGHWRGRV
ORV<XQJDVWHUPRWURSLFDOHVSOXYLDOHV\SOXYLHVWDFLRQDOHVGH%ROLYLDP
K &RPXQLGDGGH%DFFKDULVVDOLFLIROLD7HVVDULDLQWHJULIROLD$UEXVWDOHVRERVTXHVEDMRVGHFDUiFWHU
VXFHVLRQDOULEHUHxRSURSLRVGHODVSOD\DVDUHQRVRIDQJRVDVGHORVUtRVGHOSLVRVXEDQGLQRLQIHULRUGH
ORV<XQJDVWHUPRWURSLFDOHVSOXYLDOHV\SOXYLHVWDFLRQDOHVP
L 6HULHGH(U\WKULQDSRHSSLJLDQD2FKURPDS\UDPLGDOHP3LHGHPRQWH<XQJDVGHO$OWR%HQL
\GHO$OWR,FKLOR&DUDFWHUtVWLFDV2FKURPDS\UDPLGDOH(U\WKULQDSRHSSLJLDQD&HFURSLDPHPEUDQDFHD
,QJD PDUJLQDWD , WRPHQWRVD &URWRQ PDWRXUHQVLV 6HQQD UHWLFXODWD *\QHULXP VDJLWWDWXP 6DOL[
KXPEROGWLDQD
9HJHWDFLyQGHODSURYLQFLDELRJHRJUiFD%ROLYLDQR7XFXPDQD
(QHOiUHDRFXSDGDSRUHO&RUUHGRU$PERUy0DGLGLHVWDSURYLQFLDELRJHRJUiFDVHKDOODUHSUHVHQWDGD~QLFD
PHQWHHQHOVXUGHO3DUTXH1DFLRQDO$PERUy$SDUWLUGHOD6LEHULD\GHOYDOOHGHO5tR6DQ0DWHRKDFLDHOVXU
VHSURGXFHHQHOGLVWULWRELRJHRJUiFR<XQJDVGHO$PERUyODLPSRUWDQWHWUDQVLFLyQWRJHRJUiFDHQWUHODV
SURYLQFLDVGHORV<XQJDV3HUXDQR%ROLYLDQRV\%ROLYLDQR7XFXPDQD1DYDUUR1DYDUUR 0DOGRQDGR
6RODPHQWHDOVXUGHODFXHQFDDOWDGHO5tR<DSDFDQtODYHJHWDFLyQGHORVSLVRVVXEDQGLQR\PRQWDQRHV
\DLQFOXLEOHHQOD3URYLQFLD%ROLYLDQR7XFXPDQDKDELHQGRLGHQWLFDGRHQHVWD]RQDGHO&$0WUHVVLVWHPDV
HFROyJLFRVFDGDXQRFRQXQDVHULHGHYHJHWDFLyQ
%RVTXHVK~PHGRVPRQWDQRVEROLYLDQRWXFXPDQRV
D 6HULH GH 0\UFLDQWKHV FDOOLFRPD0\UFLDQWKHV SVHXGRPDWR %RVTXHV GH PLUWiFHDV VDKXLQWDOHV
EROLYLDQRWXFXPDQRV GHO SLVR ELRFOLPiWLFR PHVRWURSLFDO SOXYLHVWDFLRQDO VXEK~PHGR D K~PHGR
PDP'LVWULWR<XQJDVGHO$PERUy6DQWD&UX]0\UFLDQWKHVFDOOLFRPD
0SVHXGRPDWR0RVWHRPHORLGHV9DOOHDVWLSXODULV0RUHOODSXEHVFHQV1HFWDQGUDDQJXVWD3UXQXV
WXFXPDQHQVLV.DXQLDVDOWHQVLV-XQJLDSDXFLRUD
%RVTXHVVXEDQGLQRVEROLYLDQRWXFXPDQRVGHWUDQVLFLyQFRQORV<XQJDV
D 6HULHGH7DEHEXLDODSDFKR-XJODQVEROLYLDQD9DUJDV1DYDUUR1DYDUUR 0DOGRQDGR
%RVTXHVVHPLFDGXFLIROLRVGHOSLVRELRFOLPiWLFRWHUPRWURSLFDOSOXYLHVWDFLRQDOVXEK~PHGRGH
$PERUy6DQWD&UX]FXHQFDVDOWDVGHORVUtRV<DSDFDQt&RORUDGR\3LUDtPD
P-XJODQVEROLYLDQD7DEHEXLDODSDFKR(U\WKULQDIDOFDWD3DUDSLSWDGHQLDH[FHOVD3LSWDGHQLD
FIEXFKWLHQLL6DXUDXLDSHUXYLDQD&RUG\OLQHGUDFDHQRLGHV&DULQLDQDHVWUHOOHQVLV&HGUHODOLOORL
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
%RVTXHVVHFRVXEK~PHGRVEROLYLDQRWXFXPDQRVGHOVXEDQGLQRVXSHULRU
D 6HULH GH 6WLOOLQJLD \XQJDVHQVLV6FKLQRSVLV KDHQNHDQD %RVTXH GH ODV IDOGDV RFFLGHQWDOHV HQ VRP
EUDRURJUiFDGHOOXYLDGHODVVHUUDQtDVLQWHULRUHVGHOFHQWURVXUGHO3DUTXH$PERUy6DQWD&UX]
6DPDLSDWD0DLUDQD7HUPRWURSLFDOVXSHULRUVHFRDVXEK~PHGRLQIHULRUP6FKLQRSVLV
KDHQNHDQD0\UR[\ORQSHUXLIHUXP7LSXDQDWLSX6WLOOLQJLD\XQJDVHQVLV/XHKHDHEULJLL3LVRQLD
DPELJXD$VWURQLXPXUXQGHXYD$QDGHQDQWKHUDFROXEULQD$OYDUDGRDVXERYDWD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
+HYHDEUDVLOLHQVLV+XUDFUHSLWDQV&HVSHGH]LDVSDWKXODWD9RFK\VLDEROLYLDQD6FKHIHUDWLSXDQLFD
6LSDUXQDVSUXFHL/DGHQEHUJLDREORQJLIROLD/VHULFHD6\PSORFRVPDSLULHQVLV7ULSODULVHVWXOLIHUD
$VWURFDU\XPDFXOHDWXP
F 0DFURVHULHSUHOLPLQDUGH+XEHURGHQGURQVZLHWHQRLGHV&HGUHOLQJDFDWHQDHIRUPLV*UXSRGHVHULHVGH
YHJHWDFLyQSUHDQGLQDV\VXEDQGLQDVFRQRUDDPD]yQLFDGHO'LVWULWR$PD]yQLFRGHO$OWR0DGLGL
,QIUDWURSLFDO\WHUPRWURSLFDOLQIHULRUSOXYLDOK~PHGR\SOXYLHVWDFLRQDOK~PHGRP
&HGUHOLQJDFDWHQDHIRUPLV+XEHURGHQGURQVZLHWHQRLGHV(ULVPDXQFLQDWXP$VSLGRVSHUPDH[FHOVXP
$SDUYLIROLXP7DEHEXLDLQFDQD7HWUDJDVWULVDOWLVVLPD&DU\RFDUDP\JGDOLIRUPH&LWURQHOODLQFDUXP
&DULQLDQDGHFDQGUD&RXUDWDULJXLDQHQVLV'LDOLXPJXLQHHQVH%URVLPXPDOLFDVWUXP0LQTXDUWLD
JXLDQHQVLV2HQRFDUSXVEDWDXD2PDSRUD3K\WHOHSKDVPDFURFDUSD&DO\FRSK\OOXPPHJLVWRFDXOXP
0LFURSKROLVJX\DQHQVLV&DODWRODFRVWDULFHQVLV
6HOYDV SOXYLHVWDFLRQDOHV DPD]yQLFDV SUHDQGLQRVXEDQGLQDV GH WLHUUD UPH 6LVWHPD HFROyJLFR
FX\D YHJHWDFLyQ HVWi FRPSXHVWD SRU VHOYDV \ ERVTXHV VLHPSUHYHUGHV HVWDFLRQDOHV GH VXHORV ELHQ D
PHGLDQDPHQWHELHQGUHQDGRVTXHGHVSOD]DQ\VHLQWHUFDODQHQHOSDLVDMHFRQODVGHOVLVWHPDDQWHULRU
UHHPSOD]iQGRODVHQODV]RQDVFRQELRFOLPDSOXYLHVWDFLRQDOK~PHGRGHOSLHGHPRQWHDQGLQRDPD]yQLFR
GHO&$06HKDLGHQWLFDGRGRVPDFURVHULHVGHQWURGHHVWHVLVWHPD
D 0DFURVHULHGH6ZLHWHQLDPDFURSK\OOD7HUPLQDOLDREORQJD&RQMXQWRGHVHULHVGHYHJHWDFLyQDPD]yQLFD
SOXYLHVWDFLRQDOGLVWULEXLGDVHQHOSUHDQGLQR\VXEDQGLQRLQIHULRUGHOVXUGHO'LVWULWR$PD]yQLFRGHO
&KDSDUHDSUR[LPDGDPHQWHHQWUHORVUtRV,FKLOR\<DSDFDQt7HUPRWURSLFDOLQIHULRUSOXYLHVWDFLRQDO
K~PHGRP7HUPLQDOLDREORQJD6ZLHWHQLDPDFURSK\OOD$VSLGRVSHUPDULJLGXP&DULQLDQD
HVWUHOOHQVLV&HGUHODRGRUDWD&HOWLVVFKLSSL&HQWURORELXPRFKUR[\OXP&ODULVLDUDFHPRVD*XDUHD
PDFURSK\OOD ,ULDUWHD GHOWRLGHD 3RUFHOLD VWHLQEDFKLL 3RXOVHQLD DUPDWD 3VHXGROPHGLD ODHYLV
5XL]RGHQGURQRYDOH6ORDQHDJXLDQHQVLV6RFUDWHDH[RUKL]D6SDUDWWRVSHUPDOHXFDQWKXP7DEHEXLD
VHUUDWLIROLD7DSXUDDFUHDQD7HUPLQDOLDDPD]RQLD7URSKLVFDXFDQD
E 0DFURVHULHGH3HQWDSODULVGDYLGVPLWKLL7HWUDJDVWULVDOWLVVLPD*UXSRGHVHULHVGHYHJHWDFLyQDPD]y
QLFDSOXYLHVWDFLRQDOGHOVXEDQGLQRLQIHULRUGHO'LVWULWR$PD]yQLFRGHO$OWR%HQLDSUR[LPDGDPHQWH
GHVGHHO$OWR5tR,VLERUR,FKRDKDVWDHO$OWR5tR8QGXPR7HUPRWURSLFDOLQIHULRUSOXYLHVWDFLRQDOK~
PHGRPDP7HWUDJDVWULVDOWLVVLPD3HQWDSODULVGDYLGVPLWKLL3WHU\JRWDDPD]RQLFD
$VWURQLXPJUDYHROHQV&DYDQLOOHVLDXPEHOODWD4XDUDULEHDZLWWLL3URWLXPUK\QFKRSK\OOXP$OFKRUQHD
ODWLIROLD%URVLPXPDOLFDVWUXP+HOLFRVW\OLVWRPHQWRVD9LURODSHUXYLDQD7ULSODULVSRHSSLJLDQD7
VHWRVD 'LSORRQ FXVSLGDWXP 6WHUFXOLD WHVVPDQQLL 6ZLHWHQLD PDFURSK\OOD 7HUPLQDOLD DPD]RQLD
3K\WHOHSKDV PDFURFDUSD &HQWURORELXP WRPHQWRVXP & PLQXV$SXOHLD OHLRFDUSD &DULQLDQD
HVWUHOOHQVLV&DU\RFDUGHQWDWXP4XDOHDFIDFXPLQDWD/HRQLDJO\FLFDUSD5LQRUHDYLULGLIROLD6ORDQHD
JXLDQHQVLV6RFUDWHDH[RUUKL]D,ULDUWHDGHOWRLGHD-DFDUDQGDFRSDLD7DEHEXLDLPSHWLJLQRVD
6HOYDVKLJURItWLFDVDPD]yQLFDVSUHDQGLQDV6LVWHPDHFROyJLFRFX\DYHJHWDFLyQFOLPiFLFDVRQVHOYDV
RERVTXHVDPD]yQLFRVVLHPSUHYHUGHVDVLHPSUHYHUGHHVWDFLRQDOHVGHVDUUROODGRVVREUHORVVXHORVPDO
GUHQDGRVRFRQQLYHOHVIUHiWLFRVVRPHURVH[LVWHQWHVHQODVWHUUD]DVXYLDOHVDEDQLFRVDOXYLDOHV\JODFLV
SUHDQGLQRVGHOSLHGHPRQWHRULHQWDOGHORV$QGHV(VWHVLVWHPDVHKDOODUHSUHVHQWDGRSRUODPDFURVHULHGH
'\SWHUL[RGRUDWD3RXOVHQLDDUPDWDTXHLQFOX\HHQHO&$0GRVVHULHVSUHOLPLQDUHVPX\UHODFLRQDGDV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
D 6HULHSUHOLPLQDUGH(VFKZHLOHUDFRULDFHD'\SWHUL[RGRUDWD6HOYDVDPD]yQLFDVSUHDQGLQDVVREUHVXH
ORVPDOGUHQDGRVRFRQQLYHOHVIUHiWLFRVDOWRVGHO'LVWULWR$PD]yQLFRGHO&KDSDUHDSUR[LPDGDPHQWH
GHVGHHO$OWR,FKLORDO$OWR6pFXUH,FKRD7HUPRWURSLFDOLQIHULRUSOXYLDOKLSHUK~PHGRP
(VFKZHLOHUDFRULDFHD'\SWHUL[RGRUDWD&HLEDSHQWDQGUD3RXOVHQLDDUPDWD$VWURFDU\XPPXUXPXUX
*XDGXDFKDFRHQVLV
E 6HULHSUHOLPLQDUGH4XDUDULEHDZKLWWLL'\SWHUL[RGRUDWD6HOYDVDPD]yQLFDVSUHDQGLQDVVREUHVXHORV
PDOGUHQDGRVKDVWDDOJRDQHJDGRVRFDVLRQDOPHQWHRFRQQLYHOHVIUHiWLFRVDOWRVGHORVGLVWULWRVDPD
]yQLFRVGHO$OWR%HQL\$OWR0DGLGLDSUR[LPDGDPHQWHGHVGHHO5tR0DGLGLDORVUtRV&KLPDQHV\
$OWR6pFXUH,FKRD7HUPRWURSLFDOLQIHULRUHLQIUDWURSLFDOVXSHULRUSOXYLHVWDFLRQDOK~PHGR
P'\SWHUL[RGRUDWD6ZLHWHQLDPDFURSK\OOD&RSDLIHUDUHWLFXODWD'XJXHWLDVSL[LDQD&DO\FRSK\OOXP
VSUXFHDQXP &HLED SHQWDQGUD 3VHXGROPHGLD ODHYLJDWD +XUD FUHSLWDQV 5KHHGLD DFXPLQDWD
4XDUDULEHDFRUGDWD4ZKLWWL3RXOVHQLDDUPDWD2WREDSDUYLIROLD&DEUDOHDFDQMHUDQD7HUPLQDOLD
DPD]RQLD *XDUHD PDFURSK\OOD &DULQLDQD HVWUHOOHQVLV ,U\DQWKHUD MXUXHQVLV 6DSLXP PDUPLHUL
6SRQGLDV PRPELP 0\UR[\ORQ EDOVDPXP &ODULVLD UDFHPRVD $VWURFDU\XP PXUXPXUX ,ULDUWHD
GHOWRLGHD6RFUDWHDH[RUUKL]D2HQRFDUSXVPDSRUD4XDUDULEHDZLWKLL6ZDUW]LDP\UWLOORLGHV
6HOYDVGH9iU]HDSUHDQGLQRVXEDQGLQDV&RQMXQWRGHVHOYDVRERVTXHVDPD]yQLFRVLQXQGDEOHVHV
WDFLRQDOPHQWHSRUDJXDVEODQFDVKLSRPHVRPLQHUDOL]DGDVH[LVWHQWHVHQHOSLHGHPRQWHDQGLQRRULHQWDO
GHORV<XQJDVWDQWRHQOD]RQDSUHDQGLQDFRPRHQODVOODQXUDVGHLQXQGDFLyQGHORVUtRVGHOVXEDQGLQR
LQIHULRUHQDOWLWXGHVSRUGHEDMRGHORVP6HLQFOX\HQHQODPDFURVHULHGH&DO\FRSK\OOXP
VSUXFHDQXP+XUDFUHSLWDQVGHQWURGHODFXDOVHKDQLGHQWLFDGRHQHO&$0ODVVLJXLHQWHVVHULHV
D 6HULHSUHOLPLQDUGH+XUDFUHSLWDQV$WWDOHDEXW\UDFHD6HOYDVGH9iU]HDGHDJXDVHVWDQFDGDVVR
EUHVXHORVFRQPLFURUHOLHYHJLOJDLVDUWHQHMDOGHO'LVWULWR$PD]yQLFRGHO$OWR0DGLGLDGRQGHVH
H[WLHQGHQGHVGHHORHVWH\FHQWURGH3DQGR,QIUDWURSLFDOSOXYLHVWDFLRQDOK~PHGR+XUDFUHSLWDQV
$WWDOHDEXW\UDFHD&DO\FRSK\OOXPVSUXFHDQXP'\SWHUL[PLFUDQWKD&KHO\RFDUSXVFKXFFR$OEL]LD
QLRSRLGHV%DFWULVFIPDMRU+HOLFRQLDPDUJLQDWD+HSLVFRSDOLV*HRQRPDVSS
E 6HULHSUHOLPLQDUGH*XVWDYLDKH[DSHWDOD0DQLONDUDLQXQGDWD6HOYDVPDGXUDVGH9iU]HDLQXQGDGDV
HVWDFLRQDOPHQWHSRUDJXDVX\HQWHV'LVWULWR$PD]yQLFRGHO$OWR0DGLGL,QIUDWURSLFDOSOXYLHVWDFLRQDO
K~PHGR0DQLONDUDELGHQWDWDVXEVSVXULQDPHQVLV0LQXQGDWD)LFXVWULJRQD)NLOOLSLL)SDUDHQVLV
'\SWHUL[RGRUDWD%URVLPXPDOLFDVWUXP%ODFWHVFHQV&ODULVLDELRUD&HLEDSHQWDQGUD*XVWDYLD
KH[DSHWDOD*DXJXVWD6ORDQHDFIREWXVLIROLD$VWURFDU\XPPXUXPXUX$WWDOHDSKDOHUDWD(XWHUSH
SUHFDWRULD6DSLQGXVVDSRQDULD$SHLEDHFKLQDWD5LQRUHDVSS&KHO\RFDUSXVFKXFFR%DFWULVPDMRU
7KHREURPDVSHFLRVXP7VXELQFDQXP4XDUDULEHDURPELIROLD+XUDFUHSLWDQV/HFRLQWHDSHUXYLDQD
6DUFDXOXVEUDVLOLHQVLV/XHKHDF\PXORVD7XUSLQLDRFFLGHQWDOLV+XHUWHDJODQGXORVD
F 6HULHSUHOLPLQDUGH)LFXVLQVLSLGD+XUDFUHSLWDQV6HOYDVLQPDGXUDVGH9iU]HDLQXQGDGDVHVWDFLRQDO
PHQWHSRUDJXDVX\HQWHV'LVWULWR$PD]yQLFRGHO$OWR0DGLGL,QIUDWURSLFDOSOXYLHVWDFLRQDOK~PHGR
)LFXVLQVLSLGD)PD[LPD)WULJRQD,QJDPDUJLQDWD&URWRQGUDFRQRLGHV&HFURSLDPHPEUDQDFHD
2FKURPDS\UDPLGDOH&HGUHODRGRUDWD6FKL]RORELXPDPD]RQLFXP7UHPDPLFUDQWKD*XD]XPDFULQLWD
+XUDFUHSLWDQV1HFWDQGUDUHWLFXODWD/LFDQLDEULWWHQLDQD*XDUHDJXLGRQLD(U\WKULQDXOHL
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
G 6HULH SUHOLPLQDU GH $FDFLD ORUHWHQVLV*DOOHVLD LQWHJULIROLD %RVTXHV GH 9iU]HD RFDVLRQDOPHQWH
LQXQGDGRVSRUDJXDVX\HQWHVSURSLDVGHORVDOEDUGRQHVROHYpHVXYLDOHV'LVWULWR$PD]yQLFRGHO
$OWR0DGLGL,QIUDWURSLFDOSOXYLHVWDFLRQDOK~PHGR*DOOHVLDLQWHJULIROLD$FDFLDORUHWHQVLV7DEHEXLD
FDSLWDWD&HGUHODRGRUDWD;\ORSLDOLJXVWULIROLD9LURODVSS7ULSODULVDPHULFDQD)LFXVLQVLSLGD
H 6HULHGH;\ORSLDOLJXVWULIROLD+XUDFUHSLWDQV6HOYDVPDGXUDVSUHDQGLQDVGH9iU]HDHVWDFLRQDOPHQWH
LQXQGDGDVSRUDJXDVX\HQWHV'LVWULWR$PD]yQLFRGHO&KDSDUH7HUPRWURSLFDOLQIHULRUSOXYLDOKLSHU
K~PHGR+XUDFUHSLWDQV;\ORSLDOLJXVWULIROLD&DORSK\OOXPEUDVLOLHQVLV3LWKHFHOORELXPFRU\PERVXP
)LFXVWULJRQD)LQVLSLGD6\PSKRQLDJOREXOLIHUD(VFKZHLOHUDDOELRUD$VWURFDU\XPPXUXPXUX
$WWDOHDSKDOHUDWD6RFUDWHDH[RUKL]D*XDUHDPDFURSK\OOD
I 6HULHSUHOLPLQDUGH+XUDFUHSLWDQV,QJDQRELOLV6HOYDVLQPDGXUDVSUHDQGLQDVGH9iU]HDLQXQGDGDV
HVWDFLRQDOPHQWHSRUDJXDVX\HQWHV'LVWULWR$PD]yQLFRGHO&KDSDUH7HUPRWURSLFDOLQIHULRUSOXYLDO
KLSHUK~PHGR&HFURSLDFRQFRORU&HLEDSHQWDQGUD)LFXVLQVLSLGD*HQLSDDPHULFDQD,QJDQRELOLV
,SDOOLGD+XUDFUHSLWDQV/HRQLDJO\FLFDUSD;\ORSLDOLJXVWULIROLD
J 6HULHSUHOLPLQDUGH+XUDFUHSLWDQV&DO\FRSK\OOXPVSUXFHDQXP6HOYDVSUHDQGLQDVGH9iU]HDGHDJXDV
HVWDQFDGDVVREUHVXHORVFRQPLFURUHOLHYHJLOJDLVDUWHQHMDOGHO'LVWULWR$PD]yQLFRGHO&KDSDUH
7HUPRWURSLFDOLQIHULRUSOXYLDOKLSHUK~PHGR
K 6HULHSUHOLPLQDUGH&DO\FRSK\OOXPVSUXFHDQXP7HUPLQDOLDDPD]RQLD6HOYDVSUHDQGLQDVGH9iU]HD
GHDJXDVHVWDQFDGDVVREUHVXHORVFRQPLFURUHOLHYHJLOJDLVDUWHQHMDOGHO'LVWULWR$PD]yQLFRGHO
$OWR %HQL 6DQ ,JQDFLR GH 0R[RV D 6DQ %RUMD7HUPRWURSLFDO LQIHULRU SOXYLHVWDFLRQDO K~PHGR
7HUPLQDOLD DPD]RQLD &DO\FRSK\OOXP VSUXFHDQXP *HQLSD DPHULFDQD &DORSK\OOXP EUDVLOLHQVLV
$WWDOHDSKDOHUDWD9LWH[F\PRVD7ULSODULVDPHULFDQD6ZDUW]LDMRURUL
9HJHWDFLyQULEHUHxDVXFHVLRQDODPD]yQLFDGHDJXDVEODQFDV6LVWHPDHFROyJLFRGHOFRPSOHMRGHWLSRV
GHYHJHWDFLyQVXFHVLRQDOTXHVHLQVWDODHQODVSOD\DVXYLDOHVGHORVUtRVDPD]yQLFRVGHDJXDVEODQFDV
(QHO&$0HOVLVWHPDRFXSDODVSOD\DVGHORVUtRVHQHOSUHDQGLQR\VXEDQGLQRLQIHULRUGRQGHVHKDQ
LGHQWLFDGRODVVLJXLHQWHVXQLGDGHV
D %RVTXHVULEHUHxRVVXFHVLRQDOHVWDUGtRVEDMRVTXHVHGHVDUUROODQHQODSDUWHPiVLQWHUQD\UHODWLYDPHQ
WHPiVHVWDEOHGHODVSOD\DVXYLDOHV3HUWHQHFHQDODPDFURVHULHGH2FKURPDS\UDPLGDOH&HFURSLD
PHPEUDQDFHDTXHHQHO&$0LQFOX\HODVVHULHVVLJXLHQWHV
6HULH SUHOLPLQDU GH ,QJD UXL]LDQD&HFURSLD PHPEUDQDFHD 6XEDQGLQR LQIHULRU DPD]yQLFR GH ORV
GLVWULWRV$OWR%HQL\$OWR0DGLGL
6HULHSUHOLPLQDUGH&URWRQGUDFRQRLGHV&HFURSLDPHPEUDQDFHD3UHDQGLQRDPD]yQLFRGHORVGLVWULWRV
$OWR%HQL\$OWR0DGLGL
6HULHSUHOLPLQDUGH2FKURPDS\UDPLGDOH&URWRQPDWRXUHQVLV6XEDQGLQRDPD]yQLFRGHO'LVWULWRGHO
&KDSDUH
6HULHSUHOLPLQDUGH,QJDPDUJLQDWD&HFURSLDPHPEUDQDFHD3UHDQGLQRDPD]yQLFRGHO'LVWULWRGHO
&KDSDUH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
E &DxDYHUDOHVULEHUHxRVVXFHVLRQDOHVFRPXQLGDGHVGH*\QHULXPVDJLWWDWXP3UHDQGLQR\VXEDQGLQR
F $UEXVWDOHVULEHUHxRVVXFHVLRQDOHVGHSOD\DVXYLDOHVIDQJRVDVFRPXQLGDGGH%DFFKDULVVDOLFLIROLD
7HVVDULDLQWHJULIROLD6XEDQGLQRLQIHULRUDPD]yQLFR
G $UEXVWDOHVULEHUHxRVSLRQHURVGHSOD\DVXYLDOHVSHGUHJRVDVFRPXQLGDGGH&DOOLDQGUDDQJXVWLIROLD
6XEDQGLQRLQIHULRUDPD]yQLFR
H 0DWRUUDOHVULEHUHxRVVXFHVLRQDOHVGHSOD\DVXYLDOHVSHGUHJRVDVFRPXQLGDGGH$GHQDULDRULEXQGD
6XEDQGLQRLQIHULRUDPD]yQLFR
I &DxXHODUHV ULEHUHxRV VXFHVLRQDOHV GH SOD\DV XYLDOHV FRPXQLGDG GH 3DVSDOXP IDVFLFXODWXP
(FKLQRFKORDSRO\VWDFK\D3UHDQGLQR\VXEDQGLQRLQIHULRUDPD]yQLFR
&KDSDUUDOHVHVFOHUyORV\VDEDQDVDPD]yQLFDVGHVXHORVPDOGUHQDGRV6LVWHPDHFROyJLFRTXHDJUXSD
ODVVDEDQDVDUERODGDVGHOVXURHVWHGHOD$PD]RQLDGHVDUUROODGDVHQVXHORVSREUHVHQQXWULHQWHVGHWH[WX
UDVQDV\PDOGUHQDGRVRDQHJDGRVWHPSRUDOPHQWHHQORVFXDOHVVRQFRPXQHVORVPLFURUHOLHYHVJLOJDL
VDUWHQHMDO\ORVWHUPLWHURV(QHO&$0VHSUHVHQWDQVRODPHQWHHQVXH[WUHPRQRUWHLQFOX\HQGRODV
3DPSDVGH&XUXPHWHHQOD]RQDGH,[LDPDV\XQDSHTXHxDSDUWHGHODV3DPSDVGHO+HDWK'LIHUHQFLDPRV
SRUHOPRPHQWRXQDVRODVHULHGHYHJHWDFLyQ
D 6HULHGH&DUGLRSHWDOXPFDORSK\OOXP;\ORSLDDURPDWLFD3DPSDVGHO+HDWK\GH&XUXPHWH/D3D]
,QIUDWURSLFDOSOXYLHVWDFLRQDOK~PHGR%HOOXFLDJURVVXODULRLGHV&DUGLRSHWDOXPFDORSK\OOXP&RXVVDUHD
K\GUDQJHLIROLD(U\WKUR[\OXPGDSKQLWHV0LFRQLDDOELFDQV2FRWHDJUDFLOLV4XDOHDJUDQGLRUD
6LPDURXEDDPDUD;\ORSLDDURPDWLFD&XUDWHOODDPHULFDQD6LSDUXQDJXLDQHQVLV9LURODVHELIHUD
9LVPLD JXLDQHQVLV &DVHDULD DUERUHD 7DEHEXLD DXUHD 3K\VRFDO\PPD VFDEHUULPXP $VWURQLXP
IUD[LQLIROLXP '\SWHUL[ DODWD 3VHXGRERPED[ PDUJLQDWXP 7DEHEXLD KHSWDSK\OOD 7HUQVWURHPLD
FDQGROOHDQD
9HJHWDFLyQGHODSURYLQFLDELRJHRJUiFDGHO%HQL
(VWDSURYLQFLDELRJHRJUiFDLQFOX\HODVH[WHQVDVOODQXUDVDOXYLDOHVGHLQXQGDFLyQUHFLHQWHV\DQWLJXDVGHO5tR
0DPRUpODVFXDOHVDOFDQ]DQODPD\RUSDUWHGHOD]RQDRULHQWDOGHO&$0LQPHGLDWDPHQWHKDFLDHOHVWHGHORV
JODFLVSUHDQGLQRVGHOSLHGHPRQWHRULHQWDOGHORV$QGHV&RPSUHQGHORVVLJXLHQWHVVLVWHPDVHFROyJLFRVVHULHV
GHYHJHWDFLyQ\FRPXQLGDGHVYHJHWDOHVUHFRQRFLGRVHQHOiUHDGHO&RUUHGRU
3DOPDUHVERVTXHVEDMRV\VDEDQDVDQHJDEOHVGHODVVHPLDOWXUDVGHO%HQL6LVWHPDHFROyJLFRFX\D
YHJHWDFLyQFOLPiFLFDVRQERVTXHVEDMRVWDMLEDOHV\SDOPDUHVDPHQXGRWUDQVIRUPDGRVSRUHOXVRKX
PDQRHQVDEDQDVDUERODGDVDELHUWDV2FXSDQVXSHUFLHVJHRPRUIROyJLFDVDOJRHOHYDGDVVREUHHOQLYHO
WRSRJUiFRPHGLRGHODVOODQXUDVDOXYLDOHVGHLQXQGDFLyQVHPLDOWXUDVSRUORFXDOVHYHQDIHFWDGDVVyOR
PHVHVSRULQXQGDFLRQHVVRPHUDV/RVVXHORVDPHQXGRSUHVHQWDQPLFURUHOLHYHVJLOJDLVDUWHQHMDO
\DEXQGDQWHVWHUPLWHURV/DYHJHWDFLyQODLQFOXLPRVHQODPDFURVHULHGH3LSWDGHQLDUREXVWD7DEHEXLD
KHSWDSK\OODODFXDOLQFOX\HSRUHOPRPHQWRHQHOiUHDGHO&$0GRVVHULHVGHYHJHWDFLyQ
D 6HULHGH7DEHEXLDKHSWDSK\OOD&RSHUQLFLDDOED3DOPDUHV\WDMLEDOHVVREUHODVVHPLDOWXUDVGHO%HQLFRQ
VXHORVDOFDOLQRVPDOGUHQDGRVRDQHJDEOHV&RSHUQLFLDDOED3LSWDGHQLDUREXVWD7DEHEXLDKHSWDSK\OOD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
0DFKDHULXPKLUWXP0ODWLIROLXP6DSLXPEROLYLDQXP6ZDUW]LDMRURUL&RFFROREDSDUDJXDULHQVLV
&RUGLD JODEUDWD &HUHXV EUDXQLL 6RURFHD VD[LFROD *HRIIURHD VSLQRVD 7DEHEXLD QRGRVD /XHKHD
SDQLFXODWD7DEHEXLDDXUHD$JRQDQGUDEUDVLOLHQVLV$VWURQLXPIUD[LQLIROLXP
E 6HULHSUHOLPLQDUGH7DEHEXLDKHSWDSK\OOD&DOOLVWKHQHIDVFLFXODWD%RVTXHVEDMRVGHODVVHPLDOWXUDV
GHO%HQLFRQVXHORVVLOtFHRVQRDOFDOLQRVPDOGUHQDGRVRDQHJDEOHV&DOOLVWKHQHIDVFLFXODWD7DEHEXLD
KHSWDSK\OOD*HQLSDDPHULFDQD&XUDWHOODDPHULFDQD'LSWHU\[DODWD7DEHEXLDDXUHD6LPDURXED
DPDUD
6DEDQDVKHUEiFHDVHVWDFLRQDOPHQWHLQXQGDGDVGHO%HQL6LVWHPDHFROyJLFRTXHDJUXSDDODVVDEDQDV
LQXQGDEOHVFRQHVFDVRRQXORFRPSRQHQWHOHxRVRGHORV/ODQRVGHO%HQL'LVWULEXLGDVWDQWRHQODVVH
PLDOWXUDVFRPRHQORVEDMtRVHVWDFLRQDOHVLQFOX\HQGRSRUWDQWR
D 6DEDQDVDQHJDEOHVGHODVVHPLDOWXUDVGHO%HQLJUXSRGHFRPXQLGDGHVGH3DQLFXPWULFKRODHQRLGHV
3DVSDOXPSOLFDWXOXP6DEDQDVKHUEiFHDVJUDPLQRLGHVTXHVHDQHJDQVRPHUDPHQWHHQIRUPDWHPSRUDO
GXUDQWHPHVHVDODxR3DVSDOXPYLUJDWXP3SOLFDWXOXP3DQLFXPWULFKRODHQRLGHV
E 6DEDQDV HVWDFLRQDOPHQWH LQXQGDGDV GH ORV EDMtRV GHO %HQL JUXSR GH FRPXQLGDGHV GH 3DVSDOXP
IDVFLFXODWXP(FKLQRFKORDSRO\VWDFK\D6DEDQDVKHUEiFHDVFRQVWLWXLGDVSRUJUDPtQHDVGHJUDQSRUWH
FDxXHODV TXH VH LQXQGDQ GXUDQWH PHVHV DO DxR SRU DJXDV EODQFDV KLSRPHVRPLQHUDOL]DGDV
(FKLQRFKORDSRO\VWDFK\D3DVSDOXPIDVFLFXODWXP3GHQVXP3DWUDWXP3LQWHUPHGLXP3DQLFXP
HOHSKDQWLSHV3PHUWHQVLL+\PHQDFKQHDPSOH[LFDXOLV+GRQDFLIROLD/HHUVLDKH[DQGUD
6DEDQDVDUERODGDVLQXQGDGDV\ERVTXHVULEHUHxRVGHORVEDMtRVGHO%HQL9HJHWDFLyQGHODVVDEDQDV
DELHUWDVDUERODGDVGHORVEDMtRVGHDJXDVSHUPDQHQWHVGHO%HQLLQXQGDGRVRFKRDGRFHPHVHVGHODxR
,QFOX\HORVERVTXHFLOORVGHJDOHUtDGHORVSHTXHxRVDUUR\RV\ULDFKXHORVTXHVXUFDQODVVDEDQDV(VWRV
WLSRVGHYHJHWDFLyQVRQLQFOXLEOHVHQXQDPDFURVHULH
D 0DFURVHULHGH0DFKDHULXPDULVWXODWXP(U\WKULQDIXVFD&DUDFWHUtVWLFDV$OFKRUQHDVFKRPEXUJNLL
%XFKHQDYLD R[\FDUSD &RPEUHWXP MDFTXLQLL & ODQFHRODWXP & OD[XP &UDWHYD WDSLD (U\WKULQD
IXVFD(VFKZHLOHUDRYDOLIROLD(RYDWD*HQLSDDPHULFDQD,QJDSDOOLGD0DFKDHULXPDULVWXODWXP
0DWD\EDPDFURVW\OLV3LWKHFHOORELXPPXOWLRUXP6DODFLDHOOLSWLFD6ZDUW]LDMRURUL9LWH[F\PRVD
$OEL]LDLQXQGDWD
6HOYDVGHYiU]HD\YHJHWDFLyQULEHUHxDGHDJXDVEODQFDVGHO%HQL6LVWHPDHFROyJLFRTXHLQFOX\HORV
ERVTXHVHVWDFLRQDOPHQWHLQXQGDGRVSRUDJXDVEODQFDVGHORVUtRVGHO%HQL\HOFRPSOHMRGHYHJHWDFLyQ
VXFHVLRQDOTXHVHLQVWDODHQVXVRULOODV$PERVWLSRVGHYHJHWDFLyQLQFOXLEOHVHQGRVPDFURVHULHV\YDULDV
FRPXQLGDGHV
D 0DFURVHULHGH&DO\FRSK\OOXPVSUXFHDQXP+XUDFUHSLWDQV%RVTXHVRVHOYDVGH9iU]HDGHOUtR0D
PRUp\VXVSULQFLSDOHVDXHQWHVGHO%HQL,QFOX\HODVVLJXLHQWHVVHULHV
6HULHSUHOLPLQDUGH&ODULVLDUDFHPRVD+XUDFUHSLWDQV%RVTXHVGH9iU]HDGHODVVHPLDOWXUDVWRSR
JUiFDVTXHDQTXHDQORVUtRVGHO%HQLODVFXDOHVVHLQXQGDQRFDVLRQDOPHQWH\SRUSRFRWLHPSRFRQ
DJXDVEODQFDVVRPHUDVRELHQSUHVHQWDQVXHORVFRQQLYHOHVIUHiWLFRVVXSHUFLDOHV&DUDFWHUtVWLFDV
&ODULVLDUDFHPRVD+XUDFUHSLWDQV'\SWHUL[RGRUDWD'XJXHWLDVSL[LDQD)LFXVPD[LPD)WULJRQD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3RXOVHQLDDUPDWD&DORSK\OOXPEUDVLOLHQVLV(VFKZHLOHUDDIIFRULDFHD,QJDSXQFWDWD6RFUDWHD
H[RUUKL]D 1HFWDQGUD ORQJLIROLD +DVVHOWLD RULEXQGD 6RURFHD VWHLQEDFKLL /HRQLD JO\FLFDUSD
3RXURXPDJXLDQHQVLV
6HULHGH;\ORSLDOLJXVWULIROLD+XUDFUHSLWDQV%RVTXHVRVHOYDVGH9iU]HDPDGXURVHVWDFLRQDOPHQWH
LQXQGDGRVSRUDJXDVX\HQWHVRVHPLX\HQWHVGHODFXHQFDEHQLDQDGHO0DPRUp&DUDFWHUtVWLFDV
YpDVHVLVWHPDHFROyJLFRQ~PHURH
6HULHSUHOLPLQDUGH+XUDFUHSLWDQV,QJDQRELOLV%RVTXHVRVHOYDVGH9iU]HDLQPDGXURVHVWDFLRQDOPHQ
WHLQXQGDGRVSRUDJXDVX\HQWHVRVHPLX\HQWHVGHODFXHQFDEHQLDQDGHO0DPRUp&DUDFWHUtVWLFDV
YpDVHVLVWHPDHFROyJLFRQ~PHURI
6HULHSUHOLPLQDUGH+XUDFUHSLWDQV&DO\FRSK\OOXPPXOWLRUXP%RVTXHVGH9iU]HDHVWDFLRQDOPHQWH
DQHJDGRVSRUDJXDVHVWDQFDGDVVREUHVXHORVPX\DUFLOORVRVFRQQRWRULRVPLFURUHOLHYHVJLOJDLVDUWH
QHMDO
E %RVTXHVULEHUHxRVVXFHVLRQDOHV0DFURVHULHGH2FKURPDS\UDPLGDOH&HFURSLDPHPEUDQDFHD%RVTXHV
EDMRVVXFHVLRQDOHVWDUGtRVTXHVHGHVDUUROODQHQODSDUWHPiVLQWHUQD\UHODWLYDPHQWHPiVHVWDEOHGH
ODVSOD\DVXYLDOHV(QHO&$0LQFOX\H
6HULH SUHOLPLQDU GH ,QJD PDUJLQDWD &HFURSLD PHPEUDQDFHD %RVTXHV VXFHVLRQDOHV ULEHUHxRV GH
ODFXHQFDEHQLDQDGHO,FKLOR0DPRUp&DUDFWHUtVWLFDV&HFURSLDFRQFRORU&PHPEUDQDFHD,QJD
PDUJLQDWD
F &DxDYHUDOHVULEHUHxRVVXFHVLRQDOHVFRPXQLGDGHVGH*\QHULXPVDJLWWDWXP
G $UEXVWDOHV\ERVTXHFLOORVULEHUHxRVVXFHVLRQDOHVGHSOD\DVXYLDOHVFRPXQLGDGGH6DOL[KXPEROGWLDQXP
7HVVDULDLQWHJULIROLD\FRPXQLGDGGH$OFKRUQHDFDVWDQHLIROLD
H &DxXHODUHV ULEHUHxRV VXFHVLRQDOHV GH SOD\DV XYLDOHV FRPXQLGDGHV GH 3DVSDOXP IDVFLFXODWXP
(FKLQRFKORDSRO\VWDFK\D
9HJHWDFLyQDFXiWLFD\SDOXVWUHGHO%HQL6LVWHPDHFROyJLFRTXHDJUXSDYDULDGRVWLSRVGHYHJHWDFLyQ
DFXiWLFDGHVDUUROODGRVHQRORVDOUHGHGRUHVGHORVFXHUSRVGHDJXDSHUPDQHQWHVGHO%HQL,QFOX\HORV
VLJXLHQWHVJUXSRVSULQFLSDOHVGHFRPXQLGDGHV
D -XQTXLOODUHVFDxXHODUHVDUURFLOODUHV\SDWXMXVDOHVLQXQGDGRVJUXSRGHFRPXQLGDGHVGH(OHRFKDULV
HOHJDQV&\SHUXVJLJDQWHXV&RPXQLGDGHVGRPLQDGDVSRUSODQWDVDFXiWLFDVFRQELRWLSRGHKHOyWRV
LQXQGDGDVODPD\RUSDUWHGHODxR&DUDFWHUtVWLFDV$HVFK\QRPHQHVHQVLWLYD$VFDEUD&\SHUXV
JLJDQWHXV(FKLQRGRUXVPDFURSK\OOXV(JUDQGLRUXV(OHRFKDULVHOHJDQV(LQWHUVWLQFWD3RO\JRQXP
DFXPLQDWXP3KLVSLGXP6DJLWWDULDUKRPELIROLD7KDOLDJHQLFXODWD5KDEGDGHQLDPDFURVWRPD5
SRKOLL5K\QFKRVSRUDFRU\PERVD5JLJDQWHD+\PHQDFKQHDPSOH[LFDXOLV/HHUVLDKH[DQGUD/X]LROD
SHUXYLDQD 3DVSDOXP ODFXVWUH 3 SDOOHQV 2U\]D ODWLIROLD ,SRPRHD FDUQHD VWXORVD +HOLFRQLD
PDUJLQDWD
E &ROFKDVR\RPRPDOHVRWDQWHVJUXSRGHFRPXQLGDGHVGH2[\FDULXPFXEHQVH3DVSDOXPUHSHQV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
&RPXQLGDGHVDFXiWLFDVGHKHOyWRVTXHGDQOXJDUDLVODVRWDQWHVGRPLQDGDVSRUJUDQGHVJUDPtQHDV
\FLSHUiFHDV&DUDFWHUtVWLFDV&\SHUXVJLJDQWHXV+\PHQDFKQHDPSOH[LFDXOLV+GRQDFLIROLD/HHUVLD
KH[DQGUD (OHRFKDULV DFXWDQJXOD )XLUHQD UREXVWD ) XPEHOODWD 2[\FDULXP FXEHQVH 3DVSDOXP
UHSHQV3DQLFXPHOHSKDQWLSHV
F 7DURSDOHVJUXSRGHFRPXQLGDGHVGH3LVWLDVWUDWLRWHV(LFKKRUQLDFUDVVLSHV&RPXQLGDGHVGHSODQWDV
DFXiWLFDVRWDQWHVTXHSXHGHQHQUDL]DUWHPSRUDOPHQWHDOEDMDUHOQLYHOGHODJXDWDURSHV&DUDF
WHUtVWLFDV3LVWLDVWUDWLRWHV(LFKKRUQLDD]XUHD(FUDVVLSHV&HUDWRSWHULVSWHULGLRLGHV+LGURFRW\OH
ERQDULHQVLV/LPQRELXPODHYLJDWXP1HSWXQLDQDWDQV3RQWHGHULDURWXQGLIROLD3VXERYDWD
G 9HJHWDFLyQDFXiWLFDRWDQWHQRHQUDL]DGDJUXSRGHFRPXQLGDGHVGH$]ROODFDUROLQLDQD6DOYLQLDDX
ULFXODWD&RPXQLGDGHVGHSODQWDVDFXiWLFDVSHTXHxDVVLHPSUHRWDQWHVSOHXVWyWRV&DUDFWHUtVWLFDV
$]ROOD FDUROLQLDQD$ PH[LFDQD /HPQD DHTXLQRFWLDOLV / YDOGLYLDQD /XGZLJLD KHOPLQWKRUUKL]D
3K\OODQWKXV XLWDQV 5LFFLRFDUSRV QDWDQV 6DOYLQLD DXULFXODWD 6SLURGHOD LQWHUPHGLD 8WULFXODULD
JLEED8IROLRVD:ROIDFROXPELDQD:ROIHOODOLQJXODWD:REORQJD
H 9HJHWDFLyQDFXiWLFDVXPHUJLGD\RWDQWHVLHPSUHHQUDL]DGDJUXSRGHFRPXQLGDGHVGH&DERPED
IXUFDWD1\PSKDHDDPD]RQXP&RPXQLGDGHVGHSODQWDVDFXiWLFDVHQUDL]DGDVHQHOIRQGR\FRQKRMDV
VXPHUJLGDVRWDQWHVRDPEDV&DUDFWHUtVWLFDV$SDODQWKHJUDQDWHQVLV&DERPEDIXUFDWD/XGZLJLD
VHGRLGHV 1DMDV DUJXWD 3RWDPRJHWRQ SXVLOOXV 6DJLWWDULD JX\DQHQVLV +\GURFOH\V Q\PSKRLGHV
1\PSKDHDDPD]RQXP1DPSOD1\PSKRLGHVLQGLFD9LFWRULDDPD]RQLFD
9HJHWDFLyQGHODSURYLQFLDELRJHRJUDFDGHO&HUUDGR
/DYHJHWDFLyQGHHVWDSURYLQFLDELRJHRJUiFDLQFOX\HHQ%ROLYLDIXQGDPHQWDOPHQWHGLYHUVRVWLSRVGHERVTXHV
FKLTXLWDQRV\GHFKDSDUUDOHVHVFOHUyORVRVDEDQDVDUERODGDVTXHVHGLVWULEX\HQHQHOHVFXGRSUHFiPEULFRFKL
TXLWDQR\VHUUDQtDVUHODFLRQDGDVHQODOODQXUDDOXYLDOGHODFXHQFDGHOEDMR5tR*UDQGH\HQHOSLVRVXEDQGLQR
LQIHULRUGH6DQWD&UX]2FXSDQVRODPHQWHHOH[WUHPRVXUGHOiUHDGHO&$0GRQGHVHLGHQWLFDURQORVVLJXLHQWHV
VLVWHPDVHFROyJLFRV\VHULHVGHYHJHWDFLyQ
%RVTXHVVXEK~PHGRVVHPLGHFtGXRVFKLTXLWDQRVGHOVXEDQGLQRGH6DQWD&UX]6LVWHPDHFROyJLFR
FX\DYHJHWDFLyQFOLPiFLFDVRQERVTXHVFKLTXLWDQRVVHPLFDGXFLIROLRVH[WHQGLGRVGHVGHODVSULPHUDV
HVWULEDFLRQHVGHFROLQDV\VHUUDQtDVEDMDVGHOVXEDQGLQRLQIHULRUDODVVHUUDQtDVGHOVXEDQGLQRVXSHULRU
HQODUHJLyQGH6DQWD&UX]GHOD6LHUUD7LHQHQUHODFLRQHVRUtVWLFDVPX\PDUFDGDVFRQORVERVTXHV
VHPLGHFtGXRVGHORVYDOOHVLQWHUQRVGHORV<XQJDVVLQHPEDUJRHQHOVXEDQGLQRGH6DQWD&UX]HVWRV
ERVTXHVVHKDOODQHQFRQWLQXLGDGHVSDFLDO\JHRJUiFDFRQORVERVTXHVFKLTXLWDQRVGHODOODQXUDDOXYLR
HyOLFDGH6DQWD&UX]\SRUWDQWRDWUDYpVGHHOORVFRQORVERVTXHVFKLTXLWDQRVGHOHVFXGRSUHFiPEULFR
PLHQWUDVTXHORVERVTXHVVHPLGHFLGXRVGHORVYDOOHVLQWHUQRVGHORV<XQJDVFRQVWLWX\HQLVODVGLV\XQWDV\
SRUWDQWRVRQLQFOXLGRVHQOD3URYLQFLD%LRJHRJUiFDGHORV<XQJDV(OVLVWHPDLQFOX\HSRUHOPRPHQWR
GRVVHULHVGHYHJHWDFLyQ
D 6HULHSUHOLPLQDUGH$FDQWKRV\ULVDVLSDSRWH$VWURQLXPXUXQGHXYD%RVTXHVFKLTXLWDQRVVXEK~PHGRV
VHPLGHFtGXRVGHOVXEDQGLQRLQIHULRUGH6DQWD&UX]7HUPRWURSLFDOVXSHULRUSOXYLHVWDFLRQDOVXEK~
PHGRP$QDGHQDQWKHUDFROXEULQD$VSLGRVSHUPDF\OLQGURFDUSRQ$VWURQLXPXUXQGHXYD
&DHVDOSLQLDSOXYLRVD&HGUHODVVLOLV(ULRWKHFDURVHRUXP*DOOHVLDLQWHJULIROLD=H\KHULDWXEHUFXODWD
$FDQWKRVLULVDVLSDSRWH7LSXDQDWLSX$LSKDQHVDFXOHDWD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
E 6HULHSUHOLPLQDUGH3DFK\VWURPDORQJLIROLXP&DULQLDQDHVWUHOOHQVLV%RVTXHVFKLTXLWDQRVVXEK~PH
GRVGHOVXEDQGLQRVXSHULRUGH6DQWD&UX]VXUGH$PERUyRUtVWLFDPHQWHWUDQVLFLRQDOHVKDFLDORV
ERVTXHVGHOD3URYLQFLD%LRJHRJUiFD%ROLYLDQR7XFXPDQD7HUPRWURSLFDOVXSHULRUSOXYLHVWDFLRQDO
VXEK~PHGRVXSHULRUPDP$VSLGRVSHUPDF\OLQGURFDUSRQ&DULQLDQDHVWUHOOHQVLV
&HGUHODVVLOLV&KRULVLDVSHFLRVD2SXQWLDEUDVLOLHQVLV3DFK\VWURPDORQJLIROLXP6RURFHDVD[LFROD
3RJRQRSXVWXEXORVXV5RXSDODPRQWDQD7DEHEXLDODSDFKR0\UFLDQWKHVSXQJHQV7DEHEXLDRFKUDFHD
VXEVSKHWHURSRGD7LSXDQDWLSX
&KDSDUUDOHV HVFOHUyORV \ FDPSRV FHUUDGRV GHO SUHDQGLQR \ VXEDQGLQR (VWH VLVWHPD DJUXSD ODV
UHSUHVHQWDFLRQHVPiVRFFLGHQWDOHVFRQRFLGDVGHODIRUPDFLyQGHO&HUUDGRLQFOX\HQGRLVODVRGLV\XQFLR
QHVGHFKDSDUUDOHVHVFOHUyORVVREUHVXHORVSREUHVDUHQRVRVRELHQPX\SHGUHJRVRVTXHVHLQWHUFDODQ
WRSRJUiFDPHQWHFRQORVERVTXHVVHPLGHFLGXRVGHOVLVWHPDDQWHULRUORVFXDOHVRFXSDQVXHORVPiV
IpUWLOHVRPiVSURIXQGRV'RVVHULHV\XQDFRPXQLGDGVHKDQLGHQWLFDGR
D 6HULH SUHOLPLQDU GH 0\UVLQH XPEHOODWD7HUPLQDOLD DUJHQWHD &KDSDUUDOHV HVFOHUyORV \ VDEDQDV
DUERODGDVGHO&HUUDGRGLVWULEXLGRVHQODVFROLQDVEDMDVDUFLOORVDVFRQFREHUWXUDHyOLFDDUHQRVDGHO
SUHDQGLQRGH6DQWD&UX]UHJLyQGH7HUHYLQWRFXHQFDGHORVUtRV*HQGi\6XUXW~7HUPRWURSLFDO
LQIHULRUSOXYLHVWDFLRQDOVXEK~PHGRVXSHULRUP7HUPLQDOLDDUJHQWHD0\UVLQHXPEHOODWD
/XHKHDSDQLFXODWD3HUVHDFRHUXOHD&XUDWHOODDPHULFDQD+H[DFKODP\VHGXOLV%URVLPXPJDXGL
FKDXGLL3VHXGRERPED[PDUJLQDWXP'DYLOODHOLSWLFD0DFKDHULXPDFXWLIROLXP0KLUWXP6LPDURXED
DPDUD &\ELVWD[ DQWLVLSK\OLWLFD -DFDUDQGD FXVSLGLIROLD $VWURQLXP IUD[LQLIROLXP '\SWHUL[ DODWD
&RPEUHWXPOHSURVXP9RFK\VLDKDHQNHDQD=DPLDEROLYLDQD$OODJRSWHUDOHXFRFDO\[3VHXGDQDQDV
VDJHQDULXV
E 6HULHSUHOLPLQDUGH6\DJUXVFDUGHQDVLL/DIRHQVLDSDFDUL&KDSDUUDOHVHVFOHUyORVGHO&HUUDGRGLV\XQ
WRVHQVLWXDFLRQHVSHGUHJRVDVHGDIR[HUyODVODMDVURFRVDVGHOVXEDQGLQRLQIHULRUGHOVXUGH6DQWD
&UX]\HOQRUWHGH&KXTXLVDFDDG\DFHQWH7HUPRWURSLFDOVXSHULRUSOXYLHVWDFLRQDOVXEK~PHGR
P/DIRHQVLDSDFDUL6\DJUXVFDUGHQDVLL3VHXGRERPED[PDUJLQDWXP$VWURQLXPIUD[LQLIROLXP
7DEHEXLDDXUHD3ODWK\PHQLDUHWLFXODWD0DJRQLDSXEHVFHQV-DFDUDQGDFXVSLGLIROLD0DFKDHULXP
DFXWLIROLXP0KLUWXP0DXULDWKDXPDWRSK\OOD$JRQDQGUDEUDVLOLHQVLV6HEDVWLDQLDEUDVLOLHQVLV
'LDWHQRSWHU\[VRUELIROLD
F &RPXQLGDGGH:DUV]HZLF]LDFRFFLQHD7HUPLQDOLDDUJHQWHD)XHQWHVHQSUHS%RVTXHVEDMRVHVFOH
UyORVGHO&HUUDGRHQUHOLHYHVURFRVRVGHOSUHDQGLQR\VXEDQGLQRLQIHULRUDPD]yQLFRSOXYLHVWDFLRQDO
K~PHGRGHOQRUWHGH/D3D]<XFXPRD5XUUHQDEDTXH'LORGHQGURQELSLQQDWXP4XDOHDPXOWLRUD
:DUV]HZLF]LDFRFFLQHD7HUPLQDOLDDUJHQWHD3URWLXPKHSWDSK\OOXP&XUDWHOODDPHULFDQD5RXSDOD
PRQWDQD=DPLDEROLYLDQD&RQGDPLQHDFRU\PERVD/XHKHDSDQLFXODWD
%RVTXHVFKLTXLWDQRVVHPLFDGXFLIROLRVKLJURItWLFRV\IUHDWRItWLFRVGH6DQWD&UX]*UXSRGHERVTXHV
FKLTXLWDQRVSURSLRVGHORVVXHORVPHGLDQDPHQWHGUHQDGRVFRQQLYHOHVIUHiWLFRVVRPHURV\GHORVVXHORV
PDOGUHQDGRVH[LVWHQWHVHQODOODQXUDDOXYLRHyOLFDGH6DQWD&UX]GRQGHFXEUtDQJUDQGHVH[WHQVLRQHV
GHODFXHQFDEDMDGHO5tR*UDQGHDFWXDOPHQWHUHGXFLGRVDLVODVUHPDQHQWHV\PiVRPHQRVSHUWXUEDGDV
GHELGRDODDFFLyQDQWUySLFD$GHPiVHVWRVERVTXHVFRQVWLWX\HQODYHJHWDFLyQSRWHQFLDOGHORVIRQGRV
GHYDOOHGHODVVHUUDQtDVEDMDVGHOVXEDQGLQRLQIHULRU6HKDLGHQWLFDGRODVVLJXLHQWHVVHULHV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9HJHWDFLyQGHODSURYLQFLDELRJHRJUiFDGHOD3XQD3HUXDQD
(VWDSURYLQFLDELRJHRJUiFDHVODPHQRVUHSUHVHQWDGDHVSDFLDOPHQWHHQHOiUHDGHO&$0RFXSDQGRVRODPHQWH
DOJXQDV]RQDVGHDOWDVGLYLVRULDVRURJUiFDVGHOD&RUGLOOHUD2ULHQWDOGHORV$QGHVHQORVSLVRVDOWRDQGLQR\
VXEQLYDOFRQELRFOLPDSOXYLHVWDFLRQDOK~PHGRGHORVSLVRVELRFOLPiWLFRVRURWURSLFDO\FULRURWURSLFDO,QFOX\H
HQHO&$0ORVVLJXLHQWHVVLVWHPDVVHULHVGHYHJHWDFLyQ\FRPXQLGDGHVYHJHWDOHV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3DMRQDOHVDOWRDQGLQRVGHOD3XQDK~PHGD6LVWHPDHFROyJLFRFX\DYHJHWDFLyQFOLPiFLFDVRQSDMRQDOHV
GHQVRVGRPLQDGRVSRUJUDQGHVJUDPtQHDVDPDFROODGDVGHVDUUROODGRVHQORVVXHORVELHQGUHQDGRVGHODV
ODGHUDVPRQWDxRVDVGHOSLVRDOWRDQGLQRFRQELRFOLPDRURWURSLFDOSOXYLHVWDFLRQDOK~PHGRPD
P,QFOX\HQXPHURVDVDVRFLDFLRQHV\FRPXQLGDGHVYHJHWDOHVSHUWHQHFLHQWHVDODPDFURVHULHGH$]RUHOOD
GLDSHQVLRLGHV)HVWXFDGROLFKRSK\OOD3ULQFLSDOHVFDUDFWHUtVWLFDV$]RUHOODGLDSHQVLRLGHV$PXOWLGD$
ELORED)HVWXFDGROLFKRSK\OOD)VWXEHOLL)VWHEHFNLL)ULJHVFHQV'H\HX[LDOLIROLD'KHWHURSK\OOD'
ULJLGD'YLFXQDUXP6WLSDKDQVPH\HUL6SXQJHQV3RDDVSHULRUD3J\PQDQWKD$FLDFKQHDFLFXODULV
3\FQRSK\OOXPPROOH:HUQHULDVWULJRVLVVLPD:YLOORVD%DFFKDULVDOSLQD%FDHVSLWRVD
3DMRQDOHVKLJURItWLFRVDOWRDQGLQRV\VXEQLYDOHVGHOD3XQDK~PHGD6LVWHPDHFROyJLFRFX\DYHJHWDFLyQ
FOLPiFLFDVRQSDMRQDOHVGHQVRVGRPLQDGRVSRUJUDPtQHDVDPDFROODGDV\FHVSLWRVDVGHVDUUROODGRVHQ
ORVVXHORVPDOGUHQDGRVRDOJRDQHJDGRVGHODVGHSUHVLRQHVWRSRJUiFDVYHJDVGHOSLVRDOWRDQGLQRFRQ
ELRFOLPDRURWURSLFDOSOXYLHVWDFLRQDOK~PHGRPDP3ULQFLSDOHVFDUDFWHUtVWLFDV(OHRFKDULV
DOELEUDFWHDWD(DFLFXODULV)HVWXFDKXPLOLRU/DFKHPLOODSLQQDWD7ULIROLXPDPDELOH'H\HX[LDFXUYXOD
$FLDFKQH SXOYLQDWD 5DQXQFXOXV ODPHQWRVXV /\VLSRPLD SXPLOD -XQFXV VWLSXODWXV - HEUDFWHDWXV
3HUH]LDVXEO\UDWD3RDFKDPDHFOLQRV3RYDWD+\SRFKRHULVWDUD[DFRLGHV
7XUEHUDVDOWRDQGLQDV\VXEQLYDOHVGHOD3XQDK~PHGD9HJHWDFLyQGHODVWXUEHUDVGXUDVDOWRDQGLQDV
ERIHGDOHVGHORVSLVRVELRFOLPiWLFRVRURWURSLFDO\FULRURWURSLFDOSOXYLHVWDFLRQDOK~PHGR(VWDVWXUEHUDV
SUHVHQWDQPRUIRORJtDVSODQDVRHQFRMtQ\VHKDOODQDQHJDGDVSRUDJXDVROLJyWURIDVVXEPLQHUDOL]DGDVR
KLSRPLQHUDOL]DGDVPDP3ULQFLSDOHVFDUDFWHUtVWLFDV3ODQWDJRWXEXORVD3ULJLGD'LVWLFKLD
PXVFRLGHV'ODPHQWRVD2[\FKORHDQGLQD*HQWLDQHOODSULPXORLGHV:HUQHULDPDUFLGD:S\JPDHD
'H\HX[LDULJHVFHQV'MDPHVRQLL+XSHU]LDFUDVVD
9HJHWDFLyQDFXiWLFD\SDOXVWUHDOWRDQGLQD\VXEQLYDOGHOD3XQDK~PHGD6LVWHPDHFROyJLFRTXH
HQJOREDGLYHUVDVFRPXQLGDGHVYHJHWDOHVGHVDUUROODGDVHQORVFXHUSRVGHDJXDVXEPLQHUDOL]DGDRKLSR
PLQHUDOL]DGDGHORVSLVRVELRFOLPiWLFRVRURWURSLFDO\FULRURWURSLFDOSOXYLHVWDFLRQDOK~PHGRP
DP3ULQFLSDOHVFDUDFWHUtVWLFDV'H\HX[LDFKU\VDQWKD'HPLQHQV&RWXODPH[LFDQD/LODHRSVLV
PDFORYLDQD &DOOLWULFKH KHWHURSRGD 5DQXQFXOXV DJHOOLIRUPLV 0\ULRSK\OOXP TXLWHQVH &UDVVXOD
YHQH]XHOHQVLV(ODWLQHSHUXYLDQD,VRHWHVEROLYLHQVLV,OHFKOHUL,KHU]RJLL(ORGHDSRWDPRJHWRQ
3UDGRVVXEQLYDOHV\9HJHWDFLyQJHOLWXUEDGDVXEQLYDOGHOD3XQDK~PHGD6LVWHPDHFROyJLFRTXH
DJUXSDORVSUDGRVRSDMRQDOHVVXEQLYDOHVGHVXHORVQRJHOLWXUEDGRV\ODYHJHWDFLyQHVSHFLDOL]DGDDELHUWD
RGLVSHUVDTXHVHLQVWDODLQWHUFDOiQGRVHFRQORVSUDGRVHQORVVXHORVJHOLWXUEDGRVGHOSLVRVXEQLYDOFRQ
ELRFOLPDFULRURWURSLFDOSOXYLHVWDFLRQDOK~PHGRPDP3ULQFLSDOHVFDUDFWHUtVWLFDV:HUQHULD
PHODQGUD:FLOLRODWD:GDFW\ORSK\OOD'H\HX[LDPLQLPD'ODJXUXV'JODFLDOLV$QWKRFKORDOHSLGXOD
'LHOVLRFKORDRULEXQGD1RWRWULFKHORQJLURVWULV1PDQGRQLDQD1REFXQHDWD1VXOSKXUHD3DURGLRGR[D
PDQGRQLDQD3RDKXPLOOLPD6HQHFLRDOJHQV6WDQJHDUKL]DQWKD9DOHULDQDQLYDOLV
9HJHWDFLyQVD[tFRODDOWRDQGLQD\VXEQLYDOGHOD3XQDK~PHGD6LVWHPDGHVDUUROODGRHQORVDRUD
PLHQWRVURFRVRV\ODGHUDVGHGHUUXELRVSHGUHJRVRVGHORVSLVRVELRFOLPiWLFRVRURWURSLFDO\FULRURWURSLFDO
SOXYLHVWDFLRQDOK~PHGRPDP3ULQFLSDOHVFDUDFWHUtVWLFDV&DMRSKRUDKRUULGD6HQHFLR
UXIHVFHQV:RRGVLDPRQWHYLGHQVLV6D[LIUDJDPDJHOODQLFD/RELYLDFDHVSLWRVD3KDFHOLDSLQQDWD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)ORUD
3/,ELVFK
8QSULPHUUHVXPHQDFHUFDGHOFRQRFLPLHQWRGHODGLYHUVLGDGGHODRUDGHO&$0VHSXEOLFyHQ,ELVFKHW
DOD'HVGHHQWRQFHVVHKDQREWHQLGRDOJXQRVGDWRVDGLFLRQDOHVTXHHQJHQHUDOFRQUPDQORSXEOLFDGR
(QORVLJXLHQWHVHXWLOL]DQSDUWHVGHOWH[WRFLWDGRPDUFDGRSRUFRPLOODV\QRVHFLWDFDGDYH]ODUHIHUHQFLD,ELVFK
HWDOD\GHQWURGHHVWHVHKDQDFWXDOL]DGRHQDOJXQRVFDVRVORVGDWRVGHODVUHIHUHQFLDV
(VWDGRGHFRQRFLPLHQWRERWiQLFR
7KHRGRU+HU]RJSLRQHURERWiQLFRHQ%ROLYLDIXHXQRGHORVSULPHURVFLHQWtFRVTXHSXEOLFyGHVFULSFLRQHVGH
ODRUD\YHJHWDFLyQHQHOiUHDGHQXHVWURHVWXGLR+HU]RJ/DpSRFDGH+HU]RJPDUFDHOFRPLHQ]RGH
XQDH[SORUDFLyQPiVVLVWHPiWLFDGHOiUHDVLQHPEDUJRODPD\RUtDGHODVFROHFFLRQHVGHSODQWDVVHKDQUHDOL]DGR
GHVSXpVGH6HJ~QHOPDSDGH%HFNHQWpUPLQRVRUtVWLFRVHOiUHDGHO&$0SHUWHQHFHDOD]RQD
UHODWLYDPHQWHPHMRUHVWXGLDGDGHOSDtV6HGHVWDFDQHVSHFLDOPHQWHORV<XQJDVGH/D3D]TXHHVXQDSULQFLSDO
iUHDGHFROHFWDVERWiQLFDV6LQHPEDUJRORVGRFXPHQWRVVREUHODRUDGHOiUHDVRQHVFDVRV\SRFRFRQRFLGRV
(VWR\DIXHFRQVWDWDGRSRU6RORPRQKDFHYHLQWHDxRV\DSHVDUGHFLHUWRDYDQFHGHOLQYHQWDULRQRKD
FDPELDGRGHXQDPDQHUDPX\VLJQLFDWLYD+DFHXQSDUGHDxRVHVFULELPRV6XUJHODSUHJXQWD4XpLPSRU
WDQFLDWLHQHHVWHLQYHQWDULRRUtVWLFRPiVDYDQ]DGRHQWpUPLQRVGHOFRQRFLPLHQWRVREUHODGLYHUVLGDGGHODRUD
FRPREDVHSDUDODWRPDGHGHFLVLRQHVGHFRQVHUYDFLyQ"$OQRH[LVWLUQLQJXQDRUDGH%ROLYLDRXQSURFHVD
PLHQWRLQIRUPiWLFRGHWRGDVODVPXHVWUDVFROHFWDGDV\GHSRVLWDGDVHQORVKHUEDULRVKDVWDDKRUDQRUHSUHVHQWDQ
PiVTXHXQWHVRURHVFRQGLGRTXHUHFLpQVHFRQYHUWLUiHQLQIRUPDFLyQ~WLOXQDYH]TXHVHDQDOLFHQ\SXEOLTXHQ
WRGRVORVGDWRV,ELVFKHWDOD$IRUWXQDGDPHQWHODVLWXDFLyQKDPHMRUDGRXQSRFR$FWXDOPHQWHHVWiHQ
SUHSDUDFLyQHOSULPHUFKHFNOLVWPRGHUQR\FRPHQWDGRGHODRUDEROLYLDQDFRQDSR\RGHO0LVVRXUL%RWDQLFDO
*DUGHQORVJUDQGHVKHUEDULRVGH%ROLYLD\PXFKRVWD[yQRPRVQDFLRQDOHVHLQWHUQDFLRQDOHV3DUDORVDQiOLVLV
GHORVSDWURQHVGHGLYHUVLGDGIXHSRVLEOHXWLOL]DUDOJXQDVEDVHVGHGDWRVGHFLHUWDVIDPLOLDV6LQHPEDUJRHQ
ODPD\RUtDGHORVFDVRVD~QQRVHSXHGHQSXEOLFDUGHWDOOHV\DTXHODVPLVPDVEDVHVHVWiQHQSUHSDUDFLyQ\SRU
SXEOLFDUSRUORVDXWRUHV/RVDQiOLVLVFXDQWLWDWLYRVDFHUFDGHODGLVWULEXFLyQHVSDFLDOGHODGLYHUVLGDGRUtVWLFD
VHGDQDFRQRFHUHQORVSUy[LPRVFDStWXORV(QORVLJXLHQWHVHUHVXPHODELEOLRJUDItDH[LVWHQWH
6HJ~QWD[D(QHOFDVRGHODVEULyWDVKHSiWLFDV\PXVJRVVHFXHQWDFRQXQDLQIRUPDFLyQPtQLPDTXHSHU
PLWHGHFLUFXiQWDVHVSHFLHVVHKDQUHJLVWUDGR\GRQGHVRQPiVDEXQGDQWHV/DVSRWHQFLDOHVIXHQWHVSDUDORV
DQiOLVLVVRQSULQFLSDOPHQWHWUDEDMRVWD[RQyPLFRVSHM6SUXFH+HU]RJ0OOHU +HLQULFKV
(QHO+HUEDULR1DFLRQDOGH%ROLYLDVHWLHQHXQDFRQVLGHUDEOHFROHFFLyQGHODVHVSHFLHVEROLYLDQDV,QYHVWLJD
GRUHVTXHWUDEDMDQDFWLYDPHQWHFRQHVWHJUXSRVHHQFXHQWUDQSHMHQ(XURSDR(VWDGRV8QLGRVKDQUHDOL]DGR
HVWXGLRVGHGLYHUVLGDG\YHJHWDFLyQTXHSDUFLDOPHQWHVHEDVDQHQWUDEDMRGHFDPSRUHDOL]DGRVHQ%ROLYLDSHM
*UDGVWHLQ )UDKP*UDGVWHLQ&KXUFKLOOHWDO8QUHVXPHQDFWXDODFHUFDGHODGLYHUVLGDG
GHODVEULyWDVGHWRGD%ROLYLDIXHSXEOLFDGRSRU&KXUFKLOO(OPLVPRHQWUHRWURVVHEDVDWDPELpQHQ
QXHYDVPRQRJUDItDVFRPRDTXHOODSXEOLFDGDSRU*UDGVWHLQHWDO
(OFRQRFLPLHQWRGHODVSWHULGyWDVWDPELpQHVPX\GHFLHQWH$SHQDVKD\XQLQYHQWDULREiVLFRGHODVHVSHFLHV
H[LVWHQWHVPHQRVD~QVHHQWLHQGHODWD[RQRPtDGHPXFKRVJUXSRVSRFRHVWXGLDGRV&DGDHVWXGLRTXHFRQVLGHUD
HVWHJUXSRFRQPD\RUSURIXQGLGDGJHQHUDPXFKDVVRUSUHVDV(QXQHVWXGLRUHFLHQWHTXHFRQWHPSODHQWUHRWURV
ORVKHOHFKRV\VXVSDULHQWHVHQHO3DUTXH1DFLRQDO&DUUDVFRXQGHODVHVSHFLHVHQFRQWUDGDVHUDQQXHYRV
UHJLVWURVSDUDHOSDtV\XQHUDQHVSHFLHVSRUGHVFULELU.HVVOHUHWDOEF.HVVOHU
ODPHQWDXQDIDOWDGHFROHFWDV\XQFRQRFLPLHQWRLQFLSLHQWHTXHHVODFDXVDGHOKHFKRTXHFXDOTXLHUH[SHGLFLyQ
SXHGDWHQHUUHVXOWDGRVVRUSUHQGHQWHV3RUHMHPSORXQDFROHFFLyQGHHVSHFLHVUHDOL]DGDFHUFDGH3HOHFKXFR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3URY)UDQ]7DPD\R'SWR/D3D]HQHOLQFOX\yUHJLVWURVQXHYRVSDUDHOSDtV\HVSHFLHVQXHYDVSDUD
ODFLHQFLD,-LPpQH]GDWRVQRSXEOLFDGRV
/DVJLPQRVSHUPDVSRUVXPX\UHGXFLGDGLYHUVLGDGVRQPHMRUFRQRFLGDV6LQHPEDUJRQRH[LVWHQPRQRJUDItDV
DFWXDOHVVREUHHOJUXSR(VSUREDEOHTXHMXVWDPHQWHHQHOiUHDGHO&$0VHUHJLVWUHQQXHYDVHVSHFLHVSHMGHO
JpQHUR3RGRFDUSXV
([LVWHXQDELEOLRJUDItDDPSOLD\GLVSHUVDTXHVHUHHUHDWUDEDMRVWD[RQyPLFRVTXHPHQFLRQDQHVSHFLHVGH
DQJLRVSHUPDVGHOiUHD+D\SRFRVHVWXGLRVHVSHFtFRVTXHDQDOL]DQODGLYHUVLGDGGHFLHUWRVJUXSRVGHODVGLFR
WLOHGyQHDVHQHOiUHDGHHVWXGLR/DEDVHSDUDXQDLQIRUPDFLyQSRWHQFLDOVRQODVPLOHVGHPXHVWUDVGHKHUEDULRV
D~QQRGRFXPHQWDGDVQLSURFHVDGDVHQSXEOLFDFLRQHV+D\DOJXQRVHVWXGLRVVREUHIDPLOLDVSULQFLSDOPHQWH
PRQWDQDVFRPRODV$UDOLDFHDH5XELDFHDHR6\PSORFDFHDH)URGLQ$QGHUVVRQ6WnKO8QD
SXEOLFDFLyQUHFLHQWHVHGHGLFDDODV&DFWDFHDHHSLItWLFDV,ELVFKHWDO(QWpUPLQRVGHLQYHQWDULRVGLYHUVL
GDG\GLVWULEXFLyQDOJXQDVIDPLOLDVGHODVPRQRFRWLOHGyQHDVSHUWHQHFHQDORVJUXSRVPHMRUDQDOL]DGRV.HVVOHU
&URDWUHVXPHQHOHVWDGRGHFRQRFLPLHQWRGHODV$UDFHDHEROLYLDQDVTXHVHFRQFHQWUDQHQHOiUHDGHO
&$0+D\XQDLQIRUPDFLyQEiVLFDVREUHODV$UHFDFHDHSHM0RUDHV0RUDHVHWDO7DPELpQVH
FXHQWDFRQXQDEXHQDEDVHSDUDDQDOL]DUODV%URPHOLDFHDHTXHDFWXDOPHQWHSHUWHQHFHQDORVWD[DFRQODVWDVDV
PiVDOWDVGHGHVFXEULPLHQWR\GHVFULSFLyQWD[RQyPLFD.U|PHUHWDO,ELVFK 9iVTXH].HVVOHU
DE.HVVOHU .U|PHU.U|PHUHWDOHQSUHS
3ULQFLSDOPHQWHHQORV~OWLPRVDxRVHODYDQFHGHFRQRFLPLHQWRGHODVHVSHFLHVH[LVWHQWHVHQHO&$0VHUHH
UHDODGHVFULSFLyQGHQXHYDVHVSHFLHV\RWUDWDPLHQWRVWD[RQyPLFRVSHM$UDFHDH+HWWHUVFKHLGHWDO
%URPHOLDFHDH.U|PHU *URVV,ELVFKHWDOD,ELVFK 9iVTXH]9iVTXH] ,ELVFK
D9iVTXH]HWDO(ULFDFHDH/XWH\Q0HODVWRPDWDFHDH5HQQHU %HFN0RUDFHDH%HUJ
9LOODYLFHQFLRD2UFKLGDFHDH9iVTXH]9iVTXH] ,ELVFKE
7DOFRPRODV%URPHOLDFHDHVHSXHGHQFDOLFDUDODV2UFKLGDFHDHFRPRXQWD[RQFRQXQDWDVDPX\DOWDGH
GHVFXEULPLHQWR\TXHVHLQYHVWLJDQLQWHQVLYDPHQWH6HFXHQWDFRQDQiOLVLVSURIXQGRVGHODV3OHXURWKDOOLGL
QDHXQDVXEWULEXPX\ULFDHQHVSHFLHV\PX\WtSLFDGHOiUHDGHO&$09iVTXH] ,ELVFK0OOHUHWDO
HVWHHVWXGLR\DIXHDFWXDOL]DGR\FRPSOHPHQWDGRSRUHODQiOLVLVGHWUHVRWUDVVXEWULEXVGHODVRUTXtGHDV
/DHOLLQDH3RO\VWDFKLQDH6REUDOLLQDH9iVTXH] ,ELVFK7RPDQGRHVWHHMHPSORVHSXHGHLQGLFDUTXH
SRUDSUR[LPDGDPHQWHFROHFFLRQHVGHSODQWDVLQGLYLGXDOHVVHFRQRFHQXQDVHVSHFLHVGHHVWDVVXEWUL
EXVVLQHPEDUJRVHHVWLPDTXHHOQ~PHURUHDODOFDQ]DUtDXQDV,ELVFKHWDOD4XLHUHGHFLUTXHQRVH
FRQRFHPiVGHXQGHODGLYHUVLGDGUHDO(QDOJXQRVFDVRVODFODVLFDFLyQWD[RQyPLFDHVPiVLQVXFLHQWH
TXHHOLQYHQWDULRSRUHMHPSORGHOJpQHUR(SLGHQGUXPVHKDQUHJLVWUDGRHVSHFLHVEROLYLDQDVGHHVWDV
VRQPRUIRHVSHFLHVQRLGHQWLFDGDVSRVLEOHPHQWHUHSUHVHQWDQGRHVSHFLHVQXHYDVSDUDODFLHQFLD9iVTXH]HW
DO(ODQiOLVLVGHOHVWDGRGHFRQRFLPLHQWRGHODVVXEWULEXV3OHXURWKDOOLGLQDH/DHOLLQDH6REUDOLLQDH\
3RO\VWDFKLQDHGHODIDPLOLDGHODVRUTXtGHDVUHYHODTXHXQGHODVHVSHFLHVFRQRFLGDV\PDSHDEOHVKDVLGR
UHJLVWUDGRVRODPHQWHHQXQDORFDOLGDG\XQQRVHFRQRFHGHPiVGHORFDOLGDGHV(QSURPHGLRODVHVSHFLHV
KDQVLGRFROHFWDGDVVRODPHQWHYHFHV9iVTXH]HWDO
(QHOFDVRGHODIDPLOLDGHODV3RDFHDHHQWUHRWURVH[LVWHXQGRFXPHQWRVREUHODGLYHUVLGDGGHORVEDPE~HV
DQGLQRV&ODUN(OOLEURGH5HQYRL]HEULQGDXQDEDVHSDUDDSUHFLDUODGLYHUVLGDGGHODVJUDPtQHDV
HQODVGLIHUHQWHVUHJLRQHVGH%ROLYLD8QSULPHUDQiOLVLVGHHVWDLQIRUPDFLyQLQWHUSUHWDQGRORVSDWURQHVHVSDFLDOHV
GHHVWHJUXSRIXHUHDOL]DGRSRU,ELVFKHWDOEFRPSDUiQGRORFRQRWURVWD[D
6HJ~QIRUPDVGHYLGD/DSULPHUD\~QLFDSXEOLFDFLyQTXHSHUPLWHHQWHQGHUSUHOLPLQDUPHQWHODGLYHUVLGDG
\ODGLVWULEXFLyQGHORViUEROHVHVODUHVSHFWLYDJXtD.LOOHHQHWDOTXHIXHSXEOLFDGDKDFHYDULRVDxRV\
\DQHFHVLWDXQDDFWXDOL]DFLyQ8QSULPHUDQiOLVLVVREUHSDWURQHVGHGLYHUVLGDGIXHUHDOL]DGRSRU,ELVFK
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)XHQWHVGLVSHUVDV\PHQRVDFFHVLEOHVVLJQLFDQLQYHQWDULRVIRUHVWDOHVFRP~QPHQWHQRSXEOLFDGRV8QHVWXGLR
FRUUHVSRQGLHQWHSHMIXHSXEOLFDGRSRU6HLGHO'DWRVSUHOLPLQDUHVWDPELpQVHHQFXHQWUDQHQGRFXPHQWRV
VREUHDOJXQDViUHDVSURWHJLGDVSHM3LOyQ/DMDV96)*HQWU\DQDOL]yODGLYHUVLGDGGHiUEROHV\
OLDQDVFRPSDUDQGRHQWUHRWURVVLWLRVGHWRGRHOQHRWUySLFRFRQWUHVVLWLRVGHORV<XQJDVGH/D3D]8QJUXSR
DOJRPHMRUHVWXGLDGRHQWpUPLQRVGHGLYHUVLGDGVRQODVHStWDV,ELVFK(VWXGLRVUHFLHQWHVVREUHSWHUL
GyWDV\PRQRFRWLOHGyQHDVPHQFLRQDGDVDUULEDFRQWULEX\HQDXQPHMRUHQWHQGLPLHQWRGHHVWDIRUPDGHYLGD
+D\HVWXGLRVUHFLHQWHVFRPRSHM$FHEH\ .U|PHUR.U|PHU
6HJ~QiUHDVJHRJUiFDV6LPiVELHQORV<XQJDVGH/D3D]HVWiQHQWUHODViUHDVGRQGHPiVSODQWDVVHKDQ
FROHFWDGRODFDQWLGDGGHSXEOLFDFLRQHVVREUHVXGLYHUVLGDGRUtVWLFDHVPtQLPD$OJXQRVLQYHQWDULRVUHDOL]DGRVHQ
iUHDVSURWHJLGDVQRUPDOPHQWHHQHOFRQWH[WRGHODHODERUDFLyQGHSODQHVGHPDQHMRRGRFXPHQWRVUHODFLRQDGRV
VRQEDVWDQWHLQFRPSOHWRV\JHQHUDOPHQWHQRSXEOLFDGRV(OiUHDTXHFXHQWDFRQXQLQYHQWDULRPiVVLVWHPiWLFR
\FRPSOHWRHVHO3DUTXH1DFLRQDO$PERUy6DQWD&UX]SDUDORFXDO01HHHVWiHODERUDQGRXQDRUDD~Q
QRSXEOLFDGDHQIRUPDGHOLEURSHUR\DGLVSRQLEOHGHPDQHUDSUHOLPLQDUHQODLQWHUQHW1HHSHUR\DVH
FXHQWDQFRQDOJXQRVUHVXOWDGRVSUHOLPLQDUHV+D\DOJXQRVVLWLRVFRPRHOERVTXHGHOD/DJXQD9HUGH\HO9DOOH
GH(O)XHUWHHQ6DPDLSDWDDG\DFHQWHVDO3DUTXH1DFLRQDO$PERUyTXHFXHQWDQFRQXQLQYHQWDULREDVWDQWH
FRPSOHWR\SXEOLFDGRGHWRGDVODVIRUPDVGHYLGD,ELVFKHWDODFOWLPDPHQWHVHKDPHMRUDGR
HOFRQRFLPLHQWRVREUHODGLYHUVLGDGRUtVWLFDGHO3DUTXH1DFLRQDO&DUUDVFR.HVVOHUHWDODE
,ELVFKSHURVRODPHQWHUHULpQGRVHDFLHUWRVWD[DRLQYHQWDULRVPX\SXQWXDOHV/RVHVWXGLRVGH.U|PHU
KDQFRQWULEXLGRDXQPHMRUFRQRFLPLHQWRRUtVWLFRGHOD]RQDGH6DSHFKRHQODUHJLyQGHO$OWR%HQL
iUHD HVWXGLDGD SRU 6HLGHO YHU SHM 6HLGHO SHUR WDPELpQ GHO 3DUTXH 1DFLRQDO &RWDSDWD *RQ]DOR
1DYDUURVXVFRODERUDGRUHV\FROHJDVSHM,VUDHO9DUJDV5REHUWR9iVTXH]KDQHQWUDGRHQ]RQDVGHO&$0
DQWHULRUPHQWHDSHQDVFRQRFLGDVHLGHQWLFDGDVHQHOSULPHUHVWXGLRVREUHHO&$0$UDXMR ,ELVFK
+DQUHVXOWDGRPXFKRVQXHYRVGDWRVDFHUFDGHODRUDSHM9iVTXH],ELVFKHWDOD\YHJHWDFLyQ
1DYDUUR )HUHLUD0LFKDHO.HVVOHU\FROHJDVKDFHSRFRKDQUHDOL]DGRH[SHGLFLRQHVDiUHDVUHPRWDV
HQOD&RUGLOOHUDGH&RFDSDWD
/DJUDQPD\RUtDGHODVFROHFWDVVHKDUHDOL]DGRDORODUJRGHODVFDUUHWHUDV\FDPLQRV(VWRVLQHPEDUJRQR
QHFHVDULDPHQWHVLJQLFDTXHODRUDGHORVERVTXHVSULPDULRVVHDPDOUHSUHVHQWDGDSRUTXHHQPXFKRVFDPLQRV
VHPDQWXYLHURQERVTXHVPX\LQWDFWRVKDVWDORVPRPHQWRVGHFROHFWD/RVFDPLQRVPHMRUFRQRFLGRVVRQORV
GH/D3D]&DUDQDYL<XFXPR\&RFKDEDPED9LOOD7XQDULYHUWDPELpQ.HVVOHU &URDW
5HULpQGRVHDODVVXEWULEXV3OHXURWKDOOLGLQDH/DHOLLQDH6REUDOLLQDH\3RO\VWDFKLQDHGHODIDPLOLDGHODVRUTXt
GHDV9iVTXH]HWDOGHPXHVWUDQTXHXQGHODVHVSHFLHVFRQRFLGDV\PDSHDEOHVKDVLGRUHJLVWUDGR
VRODPHQWHHQXQDORFDOLGDG\XQQRVHFRQRFHGHPiVGHORFDOLGDGHV(QHOSURPHGLRODVHVSHFLHVKDQ
VLGRFROHFWDGDVVRODPHQWHYHFHV/DGLVWULEXFLyQGHORVSXQWRVGHFROHFWDHQORVGLIHUHQWHVSLVRVDOWLWXGLQDOHV
HVEDVWDQWHKRPRJpQHDHQWUH!KDVWDUHJLVWURVSRUSLVRGHPUHJLVWUiQGRVHXQDGLVPLQXFLyQKDFLD
HOOLPLWHVXSHULRUKDFLDORVP2EYLDPHQWHHVWRVLJQLFDTXHKD\PD\RUUHSUHVHQWDFLyQGHUHJLVWURVHQ
ORVSLVRVGHPHQRUVXSHUFLHHVSHFLDOPHQWHORVSLVRVHQFLPDGHORVP/ODPDODDWHQFLyQTXHHQ/D3D]
KD\PHQRVUHJLVWURVTXHHQ&RFKDEDPEDDSHVDUGHODPD\RUULTXH]DGHHVSHFLHVHQHOQRUWH(VWDVLWXDFLyQVH
GHEHDODDFWLYLGDGGHFROHFFLyQPiVLQWHQVLYDHQODUHJLyQGHORV<XQJDVGH&RFKDEDPED6HSXHGHSUHGHFLU
TXHODPD\RUtDGHORVGHVFXEULPLHQWRVGHQXHYDVHVSHFLHVVHUHDOL]DUiHQ/D3D]
'LYHUVLGDGRUtVWLFD
6HJ~QHVWLPDFLRQHVUHFLHQWHV%ROLYLDFXHQWDFRQDOUHGHGRUGHHVSHFLHVDQJLRVSHUPDV%HFN,ELVFK
%HFN3DUDDOJXQRVVLWLRVGHQWURGHO&$0VHFXHQWDFRQLQYHQWDULRVDYDQ]DGRV0RUDHV %HFN
LQGLFDQTXHOD]RQDGH$SROREDPED0DGLGL3DPSDVGHO+HDWKPWLHQHXQDGLYHUVLGDGHQRUPHGH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3DWURQHVHVSDFLDOHVGHGLYHUVLGDG
'HVGHKDFHXQEXHQWLHPSRH[LVWHQGRFXPHQWRVTXHGDQHVWLPDFLRQHVGHODGLYHUVLGDGRUtVWLFDGHWRGD%ROL
YLD\TXHFLWDQHOiUHDGHO&$0RSDUWHVGHODPLVPDHVSHFLDOPHQWH<XQJDVFRPRFHQWURGHODWRGLYHUVLGDG
6RORPRQ0RUDHV %HFN'HVGHHQWRQFHVVHKDQOOHYDGRDGHODQWHHVWXGLRVLQFUHPHQWDQGROD
HYLGHQFLDFLHQWtFDGHODLPSRUWDQFLDGHHVWDiUHD(QPXFKRVFDVRVORVUHVXOWDGRV\DVREUHSDVDQHOQLYHOGH
VLPSOHVLQYHQWDULRVDQDOL]DQGRWDPELpQSDWURQHVHVSDFLDOHVGHGLYHUVLGDG
*UDGVWHLQKDGHPRVWUDGRTXHODPD\RUtDGHODVHVSHFLHVGHODV+HSDWLFDH\$QWKRFHURWDHGHORV$QGHV
WURSLFDOHVVHHQFXHQWUDQHQFLPDGHORVP/DGLYHUVLGDGPiVDOWDGHHVSHFLHVVHUHJLVWUDHQDSUR[LPDGD
PHQWHP&KXUFKLOOHWDOGHVWDFDQTXH%ROLYLDWLHQHPiVHVSHFLHVGHEULyWDVTXHFXDOTXLHURWUR
SDtVDQGLQR/RVSDWURQHVGHODULTXH]DGHHVSHFLHVGHPXVJRVLQGLFDQTXHODPLVPDHVPiVDOWDHQORVERVTXHV
K~PHGRVGHPRQWDxD<XQJDVGRQGHSXHGHQHVWDUFRQFHQWUDGRVPiVGHODOGHORVWD[D&KXUFKLOO
/RV$QGHVVRQYHFHVPiVULFRVHQHVSHFLHVTXHOD$PD]RQLDGRQGHH[LVWHQVRODPHQWHXQDV
HVSHFLHV&KXUFKLOOHWDO/RVDXWRUHVGHQHQODViUHDVKDVWDXQDDOWLWXGGHPFRPRDPD]yQLFR
GHEDMRGHHVWDDOWLWXGVRODPHQWHKD\XQGHODVHVSHFLHV+D\VRODPHQWHXQGHODVHVSHFLHVUHVWULQJLGDV
DDOWLWXGHVGHEDMRGHP6LJQLFDTXHHQFLPDGHORVPVHHQFXHQWUDXQGHODVHVSHFLHV8Q
VHUHJLVWUDSRUHQFLPDGHP/D]RQDTXHRFXSDHOVHJXQGROXJDUHQWpUPLQRVGHULTXH]DGHHVSHFLHV
HVODIDMDHQWUH\P
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
3WHULGyWDV*HRJUiFDPHQWHODVPD\RUHVFRQFHQWUDFLRQHVGHHVSHFLHVVHHQFXHQWUDQHQERVTXHVK~PHGRV
PRQWDQRVGHORV<XQJDVGH/D3D]\&RFKDEDPEDVREUHWRGRHQWUH\P.HVVOHUDE
EF.HVVOHUHWDOE$OOtVHKDUHJLVWUDGRKDVWDHVSHFLHVHQPDSUR[HVSHFLHVHQNP\
DSUR[HVSHFLHVHQWRWDO0.HVVOHUGDWRVQRSXEOLFDGRV&RQDOUHGHGRUGHHVSHFLHVUHJLVWUDGDVKDVWD
HOSUHVHQWHHO3DUTXH1DFLRQDO&DUUDVFRHVXQDGHODV]RQDVGHPD\RUULTXH]DGHSWHULGyWDVDQLYHOPXQGLDO
.HVVOHUF.HVVOHUHWDOF(VWXGLRVUHFLHQWHVHQ/D3D]GHPXHVWUDQQLYHOHVGHULTXH]D
FRPSDUDEOHVDXQTXHFRQXQDFRPSRVLFLyQRUtVWLFDEDVWDQWHGLIHUHQWH.HVVOHUG0.HVVOHU.%DFK
7.U|PHUGDWRVQRSXEOLFDGRV.HVVOHU
'LFRWLOHGyQHDV(VGHVWDFDEOHTXHORV<XQJDVEROLYLDQRVSHUWHQHFHQDORVFHQWURVGHGLYHUVLGDGGHYDULRVJUXSRV
GHGLFRWLOHGyQHDVHVDVtSHMHQHOFDVRGHODV$UDOLDFHDH)URGLQODV&DFWDFHDHHSLItWLFDV,ELVFKHWDO
RGHODV6\PSORFDFHDH6WnKO8QGHODV6\PSORFDFHDHXQDIDPLOLDDQGLQDVHHQFXHQWUDSRU
HQFLPDGHORVP$QGHUVRQDQDOL]DHOFDVRGHXQJUXSRFODUDPHQWHDPD]yQLFRODV5XELDFHDHHV
QRWDEOHTXHDXQTXHHORULJHQGHHVWDIDPLOLDVHHQFXHQWUDHQORVOODQRVDPD]yQLFRVODGLYHUVLGDGPiVDOWDVH
UHJLVWUDHQDOWLWXGHVGHDSUR[LPDGDPHQWHP
UEROHV3RUHOKHFKRTXHODPD\RUtDGHORViUEROHVFRQH[FHSFLyQGHODV$UHFDFHDHVRQGLFRWLOHGyQHDVVH
DQDOL]DQORVGDWRVGHHVWHJUXSRDQWHVGHPLUDUDODVPRQRFRWLOHGyQHDV6HJ~Q*HQWU\ODGLYHUVLGDGGHORV
iUEROHVGHWUHVVLWLRVDQGLQRVGH%ROLYLDFRUUHVSRQGHDOSURPHGLRGHVXDOWLWXGQRVHREVHUYDXQDGLVPLQXFLyQ
ODWLWXGLQDOGHODGLYHUVLGDGGHVGHHOQRUWHGHORV$QGHVKDVWDORV<XQJDVGH%ROLYLDKDVWDHOFRGRGHORV$QGHV
HQ6DQWD&UX]
/DJXtDGHiUEROHV.LOOHHQHWDOSHUPLWHXQDHVWLPDFLyQSUHOLPLQDUGHODGLVWULEXFLyQHVSDFLDOGHOD
GLYHUVLGDGGHORViUEROHV,ELVFK/RViUEROHVFODUDPHQWHWLHQHQVXFHQWURGHGLYHUVLGDGHQERVTXHVGH
EDMRGHORVPHVSHFLDOPHQWHHQODUHJLyQDPD]yQLFD/DGLYHUVLGDGEDMDFRQWLQXDGDPHQWHFRQODDOWLWXG
6LQHPEDUJRODGLYHUVLGDGTXHGDFRQVLGHUDEOHKDVWDORVPUHVXOWDGRFRQVLVWHQWHFRQGDWRVGH*HQWU\
TXHVHH[SOLFDQHQORVLJXLHQWH6HJ~QHVWHDXWRUHQJHQHUDOODGLYHUVLGDGGHORViUEROHV\WDPELpQGH
ODVOLDQDVQRFRUUHODFLRQDFRQQLQJ~QRWURIDFWRUHFROyJLFRSHMSUHFLSLWDFLyQFRPRFRQODDOWLWXG(QJHQHUDO
ODWRGLYHUVLGDGDQGLQDWURSLFDOHVXQSDWUyQPX\SUHGHFLEOH/DGLYHUVLGDGVHPDQWLHQHHQHOPLVPRQLYHOGH
ORVOODQRVSUHDQGLQRVKDVWDXQDDOWLWXGGHP(QFLPDGHORVPGHFUHFHOLQHDOPHQWHFRQODDOWLWXG
7DPELpQODFRPSRVLFLyQRUtVWLFDGHORVERVTXHVVXEDQGLQRVKDVWDORVPHVPX\VLPLODUDODGHORVERVTXHV
DPD]yQLFRV/DV/HJXPLQRVDHVRQHOJUXSRPiVGLYHUVRHQiUEROHV\ODV%LJQRQLDFHDHHQOLDQDV(QVHJXQGR
OXJDUHVWiQODV0RUDFHDHiUEROHV2WUDVIDPLOLDVLPSRUWDQWHVVRQODV5XELDFHDH6DSLQGDFHDH$QQRQDFHDH
6DSRWDFHDH(QWUHORV\PVHGLIHUHQFLDHOERVTXHPRQWDQRGHDOWLWXGPHGLDQD\HQWUHORV\
PHVWiHOERVTXHPRQWDQRVXSHULRU(QDOWLWXGHVPHGLDQDVSUHGRPLQDQODV/DXUDFHDH'HVSXpVVLJXHQODV
0HODVWRPDWDFHDH5XELDFHDH\0RUDFHDH/RVERVTXHVPRQWDQRVVXSHULRUHVVRQVLPLODUHVSHURPXFKRPHQRV
GLYHUVRV/DVIDPLOLDVPiVLPSRUWDQWHVVRQODV/DXUDFHDHVREUHWRGR2FRWHD0HODVWRPDWDFHDH6RODQDFHDH
0\UVLQDFHDH\RWUDV(QFLPDGHORVPFRPLHQ]DOD]RQDGHSUHGRPLQDQFLDGHODV$VWHUDFHDH
(QHOFDVRGHODV/HJXPLQRVDHYHU5Xt]GH&HQWXULyQ6DOGtDV9DUJDVVHREVHUYDXQFHQWUR
GHGLYHUVLGDGHQORVERVTXHVDPD]yQLFRVGHOQRUWH(QHO&$0ODV/HJXPLQRVDHVRQPiVLPSRUWDQWHVHQORV
ERVTXHVSUHDQGLQRVTXHHQORV$QGHV6yORODVXEIDPLOLDGHODV0LPRVRLGHDHWLHQHXQDGLYHUVLGDGLPSRUWDQWHHQ
HOiUHDDQGLQD6LQHPEDUJRKD\IDPLOLDVDUEyUHDVGLYHUVDV\GHRULJHQDPD]yQLFRTXHWLHQHQXQDFRQVLGHUDEOH
ULTXH]DGHHVSHFLHVHQORV<XQJDV8QHMHPSORVRQODV(XSKRUELDFHDH9DUJDV,GHFDVLHVSHFLHV
DSUR[LPDGDPHQWHXQVHKDUHJLVWUDGRHQERVTXHVDPD]yQLFRVHOSRUFHQWDMHGHODVHVSHFLHVSUHVHQWHVHQ
ORV<XQJDVHQFLPDGHORVPHVHOPLVPRVXSHUDQGRODGLYHUVLGDGGHHVSHFLHVSUHDQGLQD\VXEDQGLQD
GHWRGDVODVHVSHFLHV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0RQRFRWLOHGyQHDV+DVWDDKRUDVHFRQRFHQDSUR[LPDGDPHQWHHVSHFLHVGH$UDFHDHEROLYLDQDVFRPSDUDU
.HVVOHU &URDW(VSUREDEOHTXHH[LVWHQDOUHGHGRUGHVSS/DGLYHUVLGDGHVLQIHULRUHQFRPSDUDFLyQ
FRQRWURVSDtVHVDQGLQRVWURSLFDOHV8QPi[LPRGHGLYHUVLGDGGHODIDPLOLDHQ%ROLYLDVHREVHUYDHQODVODGHUDV
K~PHGDVGHO&$0(QHO&$0SRVLEOHPHQWHKD\XQDGLYHUVLGDGFRPSDUDEOHHQORV<XQJDVGH/D3D]\HQOD
UHJLyQGH&KDSDUHHQ&RFKDEDPED/DGLYHUVLGDGKDFLDHO'SWR6DQWD&UX]EDMDFRQVLGHUDEOHPHQWH
(QHOFDVRGHODIDPLOLDDUEyUHDDPD]yQLFDGHODVSDOPHUDV$UHFDFHDHVyORXQGHODVPiVGHHVSHFLHV
EROLYLDQDVVHHQFXHQWUDHQORV$QGHVSULQFLSDOPHQWHHQHOiUHDGHO&$00RUDHV'HODVHVSHFLHV
GHOODQRVXQVHFRQFHQWUDHQHOQRUWHGHOSDtV$VLPLVPRPX\SUREDEOHPHQWHH[LVWHXQDJUDGLHQWHGHGL
YHUVLGDGGHFUHFLHQWHGHVGH0DGLGLKDVWD$PERUy
'HWRGDVODV%URPHOLDFHDHGH%ROLYLDDSUR[VSSODPD\RUSDUWHVHHQFXHQWUDHQHOiUHDGHO&$0\
DTXtSRUORPHQRVXQHQORVERVTXHVK~PHGRVPRQWDQRVGHORV<XQJDV,ELVFK 9iVTXH]'H
HVSHFLHVQXHYDVGHVFULWDVHQWUH\XQIXHUHJLVWUDGRHQHO&$0\GHQXHYDVHQWUH\
XQ/DGLYHUVLGDGHQORVERVTXHVSUHDQGLQRVHVUHGXFLGDDXPHQWiQGRVHKDFLDORVERVTXHVGHOSLH
GHPRQWH(OPi[LPRGHODGLYHUVLGDGGHHVSHFLHVVHUHJLVWUDHQWUH\PHQDOWLWXGHVPiVDOWDVOD
GLYHUVLGDGEDMDFRQVLGHUDEOHPHQWH,ELVFKHWDOE
+DVWDHQJUXSRVTXHQRSDUHFHQVHUWDQWtSLFDVGHORVERVTXHVPRQWDQRVK~PHGRVFRPRODV3RDFHDHORVSRUFHQ
WDMHVPiVDOWRVGHODVHVSHFLHVVHUHJLVWUDQHQHOSLVRDQGLQRWDQWRHQORV<XQJDVFRPRHQORV%RVTXHV6HFRV
,QWHUDQGLQRV,ELVFKHWDOE
'HODVDSUR[LPDGDPHQWHHVSHFLHVGHODV2UFKLGDFHDHUHJLVWUDGDVHQHOSDtVXQSRUFHQWDMHPX\DOWRGHSRU
ORPHQRVXQVHFRQFHQWUDHQORV<XQJDVFDVLXQGHODVHQGpPLFDV9iVTXH]HWDO/DPD\RUtD
GHODVQXHYDVHVSHFLHVVHHQFXHQWUDHQHO&$0'HHVSHFLHVQXHYDVGHVFULWDVHQWUH\XQIXH
UHJLVWUDGRHQORV<XQJDV/RVFHQWURVGHGLYHUVLGDGGHHVSHFLHVGHODV/DHOLLQDH3RO\VWDFK\LQDH6REUDOLLQDH
\3OHXURWKDOOLGLQDHHVWiQXELFDGRVHQODUHJLyQGH0DGLGLHQOD3URYLQFLDGH1RU<XQJDVGH/D3D]\HQHO
&KDSDUHHQOD~OWLPDUHJLyQVHHQFXHQWUDODFHOGDGHODFXDGUtFXODGHFRQHOQ~PHURPiVDOWRGHHVSHFLHV
UHSUHVHQWDGDVFRQUDQJRVH[WUDSRODGRVVSSGHODVFXDWURVXEWULEXVHQORV<XQJDVGH/D3D]SRUHMHPSOR
HQWUH0DSLUL\7LSXDQLORVQ~PHURVGHHVSHFLHVSRUFHOGDOOHJDQDXQDV(QHOVXUGHODHFRUUHJLyQGHORV
<XQJDVHQHOiUHDGHO$PERUyODVFHOGDVOOHJDQDWHQHUVRODPHQWHVSS(QODVWLHUUDVEDMDVQRUWHxDVHQOD
IUDQMDGHORVERVTXHVSUHDQGLQRVVHUHJLVWUDQQ~PHURVGHHVSHFLHVSRUFHOGDUHODWLYDPHQWHDOWRVOOHJDQGRD
VLQHPEDUJRPiVKDFLDOD$PD]RQLDORVQ~PHURVVRQPiVEDMRVHQ3DQGR/H\HWDO
/RVGDWRVGHODULTXH]DGHHVSHFLHVGHODVPLVPDVVXEWULEXVGHODVRUTXtGHDVHVWiQFODUDPHQWHFRUUHODFLRQDGRV
GHPDQHUDSRVLWLYDFRQODSUHFLSLWDFLyQ\GHPDQHUDQHJDWLYDFRQODFDQWLGDGGHORVPHVHViULGRV(QHOFDVR
GHODDOWLWXG\GHODWHPSHUDWXUDWDPELpQH[LVWHXQDFRUUHODFLyQFODUDVLQHPEDUJRQRVHWUDWDGHXQDIXQFLyQ
OLQHDUVLQRGHXQDGLVWULEXFLyQQRUPDOVHJ~Q*DXVVFRQORVYDORUHVPiVDOWRVHQWUHDOWLWXGHVGH\P
WHPSHUDWXUDSURPHGLRDQXDOHQWUH\&/H\HWDO
3DWURQHVJHQHUDOHV(OiUHDGHO&$0FRQFHQWUDODGLYHUVLGDGRUtVWLFDGHOSDtV\SHUWHQHFHDODViUHDVPiV
WRGLYHUVDVGHOPXQGR%DUWKORWWHWDO/DULTXH]DPX\DOWDHQHVSHFLHVGHWRGDHOiUHDQRVHGHEHH[
FOXVLYDPHQWHDODGLYHUVLGDGGHHFRVLVWHPDV\XQDDOWDWDVDGHUHHPSOD]RGHODVHVSHFLHVHQWUHGLIHUHQWHViUHDV
GLYHUVLGDGEHWDVLQRWDPELpQDIDFWRUHVTXHSHUPLWHQXQDGLYHUVLGDGDOIDPX\DOWDHQPXFKRVVLWLRVHVSH
FLDOPHQWHHQORVERVTXHVK~PHGRV+D\ERVTXHVPRQWDQRVK~PHGRVTXHSRVLEOHPHQWHDOEHUJDQKDVWD
HVSHFLHVSRUKHFWiUHD,ELVFKSDUDFRPSDUDUGLYHUVLGDGGHiUEROHVHQERVTXHVSUHRVXEDQGLQRV3LOyQ
/DMDVVSSKD%RVTXH&KLPiQVSSKD(%%VSSKD96)
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(QORV<XQJDVQRVRODPHQWHKD\JUDGLHQWHVGHGLYHUVLGDG\HQGHPLVPRDOWLWXGLQDOHVVLQRWDPELpQODWLWXGLQDOHV
3RUHMHPSORORVGDWRVGHRUTXtGHDVHQJHQHUDOLQGLFDQXQDPD\RUGLYHUVLGDGHQHOQRUWH'SWR/D3D]TXHHQ
HOVXU'SWRV&RFKDEDPED6DQWD&UX]9iVTXH] ,ELVFK0OOHUHWDO9iVTXH]HWDO/H\HW
DO7HQGHQFLDVVLPLODUHVKD\HQRWURVJUXSRVSRUHMHPSOR$UDFHDH.HVVOHU &URDW%URPHOLDFHDH
,ELVFKHWDO([FHSFLRQHVSXHGHQKDEHUHQFLHUWRVJUXSRVTXHUHTXLHUHQPXFKDKXPHGDG\TXHWLHQHQXQ
FHQWURGHGLYHUVLGDGHQOD]RQDK~PHGDGHO&KDSDUHSHMKHOHFKRVJpQHUR/HSDQWKHV2UFKLGDFHDH,ELVFK
HWDOE8QHVWXGLRGH.HVVOHUHPXHVWUDTXHSHMOD]RQDGHO&KDSDUH>PiVVXUHxD@HVPiVULFD
HQHVSHFLHVTXH3LOyQ/DMDV
/DGLYHUVLGDGWRWDOGHSODQWDVPiVDOWDGHOSDtV\HQHO&$0FRQVHJXULGDGVHUHJLVWUDHQORV$QGHVDXQD
DOWXUDHQWUH\P(VHOSLVRGRQGHD~QODGLYHUVLGDGGHiUEROHV\OLDQDVHVFRQVLGHUDEOH\HQHOFXDO
VHUHJLVWUDHOPi[LPRGHGLYHUVLGDGGHODVHStWDV\SRVLEOHPHQWHWDPELpQGHKLHUEDV\DUEXVWRV(VWDFRQ
FOXVLyQWDPELpQHVWiDSR\DGDSRUODGLVWULEXFLyQYHUWLFDOGHODGLYHUVLGDGRUtVWLFDGH3HU~%UDNR =DUXFFKL
,ELVFKHWDOE7RPDQGRHQFXHQWDHODQiOLVLVGH,ELVFK\GDWRVPiVDFWXDOHVVHVXSRQHTXH
ODVHStWDVHQORVERVTXHVK~PHGRVGHORV<XQJDVOOHJDQDWHQHUXQGHWRGDVODVHVSHFLHV8QPi[LPR
GHGLYHUVLGDGHQFLPDGHPHWURVWDPELpQHVGHHVSHUDUSRUODPH]FODGHORVHOHPHQWRVELRJHRJUiFRVHV
HOSLVRGHOPD\RUWUDVODSHGHWD[DDPD]yQLFRV\DQGLQRV
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPR
(QWRGD%ROLYLDQRKD\RWUDV]RQDVGHHQGHPLVPRGHSODQWDVWDQLPSRUWDQWHVFRPRHQHOiUHDGHO&$0(Q
JHQHUDOHQERVTXHVDQGLQRVWURSLFDOHVVHREVHUYDSRFRHQGHPLVPRDOQLYHOGHJpQHUR\PXFKRDOQLYHOGHHV
SHFLHLQGLFDQGRXQDHYROXFLyQDFWLYD\UHFLHQWHHVSHFLDOPHQWHHQIRUPDVGHYLGDQRDUEyUHDV:HEVWHU
,ELVFK
6LQHPEDUJRKD\IDPLOLDVDUEyUHDVTXHWLHQHQXQSRUFHQWDMHDOWRGHHVSHFLHVHQGpPLFDVHVSHFLDOPHQWHVLVRQ
JUXSRVPD\RUPHQWHGLVWULEXLGRVHQORV<XQJDVVXSHULRUHVRHQOD&HMDSHMODV6\PSORFDFHDHHVWiQUHSUHVHQ
WDGDVHQ%ROLYLDFRQHVSHFLHVGHODVFXDOHVVRQHQGpPLFDVHQHOSDtVHVSHFLDOPHQWHHQORV<XQJDVGH/D
3D]6WnKO(QFRQWUDULRODIDPLOLDDUEyUHDDQWLJXD\PD\RUPHQWHDPD]yQLFDGHODVSDOPHUDVQRKD
GHVDUUROODGRQLQJ~QHQGHPLVPRHQORVERVTXHVK~PHGRVGHO&$0KD\XQDVRODHVSHFLHHQGpPLFDHQXQYDOOH
VHFR6\DJUXV\XQJDVHQVLV0RUDHV8QHMHPSORGHXQJUXSRPX\HQGpPLFRHVODIDPLOLDSULQFLSDO
PHQWHDUEXVWLYD5XELDFHDHXQGHODVHVSHFLHVDQGLQDVWLHQHXQDGLVWULEXFLyQPX\UHVWULQJLGD$QGHUVVRQ
9DULRVJUXSRVGHKLHUEDVWHUUHVWUHVWLHQGHQDXQHQGHPLVPRLPSRUWDQWH(QHOFDVRGHORVPXVJRVVHFXHQWD
FRQXQSRUFHQWDMHGHHQGHPLVPRGHUHIHULGRDWRGD%ROLYLDSHURFRQXQDFODUDFRQFHQWUDFLyQGHODVHVSH
FLHVHQGpPLFDVHQORV$QGHVHVSHFLDOPHQWHHQHO&$0SRUSUREOHPDVWD[RQyPLFRVHOQ~PHURGHHQGpPLFDV
SUREDEOHPHQWHSXHGDGLVPLQXLUHQHORUGHQGHODO&KXUFKLOO(OHQGHPLVPRDQLYHOGHJpQHUR
HQ%ROLYLDHVH[FHSFLRQDOPHQWHULFRUHSUHVHQWDQGRXQRGHORVQLYHOHVPiVDOWRVGHO1HRWUySLFR2FKRJpQHURV
PiVXQDVHFFLyQGH6SKDJQXPVRQHQGpPLFRVSDUD%ROLYLD&KXUFKLOO
6LQFRQWDUODV2UFKLGDFHDHODVHStWDVWLHQGHQDXQHQGHPLVPRPHQRVLPSRUWDQWHTXHORVUHSUHVHQWDQWHVWH
UUHVWUHVGHODVPLVPDVIDPLOLDV6LQHPEDUJRKD\XQDFDQWLGDGLPSRUWDQWHGHHVSHFLHVHSLItWLFDVVXSXHVWDPHQWH
HQGpPLFDVGHKHOHFKRV%URPHOLDFHDH$UDFHDH,ELVFK.HVVOHUHWDOF,ELVFK 9iVTXH]
.HVVOHU &URDW
/DVHVSHFLHVHQGpPLFDVGHSWHULGyWDVEROLYLDQDVPXHVWUDQXQDGLVWULEXFLyQDJORPHUDGD(QJHQHUDOODVFRQ
FHQWUDFLRQHVFRUUHVSRQGHQDODVUHJLRQHVGHPD\RUSUHFLSLWDFLyQ.HVVOHUF/DJUDQPD\RUtDGH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
HQGHPLVPRVVHFHQWUDHQORVERVTXHVPRQWDQRVK~PHGRVGH/D3D]\&RFKDEDPED$OOiODV]RQDVFRQPD\RU
Q~PHURGHHVSHFLHVHQGpPLFDVFRQRFLGDVHVWiQDOUHGHGRUGH8QGXDYL\HQHO3DUTXH1DFLRQDO&RWDSDWD3URY
1RU<XQJDVOD6HUUDQtD%HOODYLVWDDOQRUWHGH&DUDQDYL3URY&DUDQDYL'SWR/D3D]HQHOODGRRULHQWDOGHO
YDOOHGHO5tR&RWDFDMHV3URY$\RSD\D\HQHO3DUTXH1DFLRQDO&DUUDVFR3URYV&KDSDUH\&DUUDVFR'SWR
&RFKDEDPED(VWRVSDWURQHVVHGHEHQHQJUDQSDUWHDODDOWDLQWHQVLGDGGHFROHFWDHQHVDV]RQDV\HVGHHVSHUDUVH
TXHFROHFWDVLQWHQVLYDVHQRWUDVUHJLRQHVHQFXHQWUHQQ~PHURVVLPLODUHVGHHQGHPLVPRV6LQHPEDUJRXQD]RQD
TXHDSDUHQWHPHQWHHVLQWHUHVDQWHHVHOYDOOHGHO5tR&RWDFDMHVGRQGHLQFOXVRHVSHFLHVGHDPSOLDGLVWULEXFLyQ
HVWiQUHSUHVHQWDGDVSRUSREODFLRQHVPRUIROyJLFDPHQWHGLIHUHQFLDEOHV(VWD]RQDWDPELpQHVGHDOWRLQWHUpVRUQL
WROyJLFR\SUREDEOHPHQWHFRUUHVSRQGHDXQD]RQDGHDOWDHVWDELOLGDGHFRFOLPiWLFDORFXDOIDFLOLWDODHYROXFLyQ\
HOPDQWHQLPLHQWRGHHVSHFLHVHQGpPLFDV)MHOGVnHWDO+HU]RJHWDO.HVVOHUHWDOD'HQWUR
GHOHFRVLVWHPDGHORVERVTXHVPRQWDQRVODPD\RUFRQFHQWUDFLyQGHHVSHFLHVHQGpPLFDVVHHQFXHQWUDHQTXH
EUDGDV\HQSDUHGHVURFRVDVFRQPHQRVHQGHPLVPRVHQERVTXHV\D~QPHQRVHQKiELWDWVHFXQGDULRV.HVVOHU
+D\LQGLFDFLRQHVGHTXHHVSHFLHVHQGpPLFDVGHKHOHFKRVGHSHQGHQHQFLHUWRJUDGRGHODGLQiPLFDHQ
VXVKiELWDWV\WROHUDQDFWLYLGDGHVKXPDQDVPLHQWUDVODHVWUXFWXUDGHOERVTXHQRVHDDOWHUDGDGUDPiWLFDPHQWH
.HVVOHUD+iELWDWVIXHUWHPHQWHGLVWXUEDGRVRHQHWDSDVVXFHVLRQDOHVWHPSUDQDVHQJHQHUDOWLHQHQ
SRFDVHVSHFLHVGHSWHULGyWDV\XQDGRPLQDQFLDGHHVSHFLHVGHDPSOLDGLVWULEXFLyQ.HVVOHU
(QHOFDVRGHODV&DFWDFHDHHSLItWLFDVHOiUHDGHO&$0UHSUHVHQWDHOFHQWURGHGLYHUVLGDG\HQGHPLVPR,ELVFK
.HVVOHUHWDO'HHVSHFLHVGHODWULEX5KLSVDOLGHDHSRUORPHQRVVRQHQGpPLFDVHQHO&$0
5KLSVDOLVJRHEHOLDQDHQORVERVTXHVSUH\VXEDQGLQRVGHO&KDSDUH5FXQHDWD\/HSLVPLXPEROLYLDQXPHQORV
<XQJDVGH/D3D]KDVWD6DQWD&UX]/HSLVPLXPSDUDJDQLHQVHHQORVERVTXHVVHPLK~PHGRVGHORV<XQJDVGH
&RFKDEDPED\/D3D]/LQFDFKDFDQXP\/FUHQDWXPHQORV<XQJDVVXSHULRUHVGH&RFKDEDPED\/D3D]/
DVXQWDSDWHQVHHQORV<XQJDVGH/D3D]
(OJUXSRPiVULFRGHHVSHFLHVHQGpPLFDVHQ%ROLYLD\HQHO&$0VRQODV2UFKLGDFHDHTXHSULQFLSDOPHQWH
VRQHStWDV+DVWDDKRUDHVXQGHODVHVSHFLHVSUHVHQWHVHQHOSDtVTXHQRVHFRQRFHGHRWURVSDtVHV\OD
PD\RUtDGHHOODVHVWiQSUHVHQWHVHQHO&$09iVTXH]HWDO(VSRVLEOHTXHH[LVWDQKDVWD
VSSHQGpPLFDVGHRUTXtGHDVHQHO&$08QRGHORVJUXSRVPHMRUHVWXGLDGRVHVODVXEWULEX3OHXURWKDOOLGLQDH
FDVLHStWDV9iVTXH] ,ELVFK&DVLXQGHODVHVSHFLHVEROLYLDQDVGHODV3OHXURWKDOOLGLQDHVH
FRQRFHH[FOXVLYDPHQWHGHHVWHSDtV$SUR[LPDGDPHQWHXQVHSXHGHFRQVLGHUDUFRPRHQGpPLFDVORFDOHV
HQODPD\RUtDGHORVFDVRVREVHUYDGDVVyORHQORVDOUHGHGRUHVGHODORFDOLGDGWLSR6XSXHVWDPHQWHDYDQ]DQGR
FRQHOLQYHQWDULRRUTXLGHROyJLFRHQRWUDV]RQDVGHORV<XQJDVGH%ROLYLDVHUHJLVWUDUiQHQYDULRVFDVRVUDQJRV
PiVDPSOLRV6LQHPEDUJRKDVWDDKRUD\DSOLFDQGRPpWRGRVGHH[WUDSRODFLyQELRFOLPiWLFDGHORVUDQJRVGH
GLVWULEXFLyQXQGHODVPiVGHHVSHFLHVGHODVVXEWULEXV3OHXURWKDOOLGLQDH/DHOLLQDH6REUDOLLQDH\
3RO\VWDFKLQDHWLHQHXQUDQJRLQIHULRUDNP/H\HWDO/DViUHDVGRQGHVHFRQFHQWUDQODVPD\RUHV
FDQWLGDGHVGHHVSHFLHVFRQUDQJRVJHRJUiFRVPiVSHTXHxRVVHFRQFHQWUDQGRQGHWDPELpQVHXELFDQORV
FHQWURVGHGLYHUVLGDG/H\HWDO(OHQGHPLVPRPiVLPSRUWDQWHVHUHJLVWUDHQXQDFHOGDHQHO&KDSDUH
UHDVPX\QRWDEOHVFRQDOWRVYDORUHVVHHQFXHQWUDQHQ&KDUD]DQL6RUDWD0DSLULD7LSXDQL9DOOHGH=RQJR
DOUHGHGRUHVGH&RURLFRDOWLWXGHVPHGLDQDVGHORV<XQJDVGH&RFKDEDPEDDORODUJRGHOFDPLQRKDFLD9LOOD
7XQDUL6HKXHQFDVODVVHUUDQtDVHQWUH6LEHULD\%HUPHMRHQ6DQWD&UX]/H\HWDO$OVXUGHOFRGRGH
ORV$QGHVHQHO%RVTXH7XFXPDQR%ROLYLDQR\WDPELpQHQOD$PD]RQLDORVYDORUHVVRQPX\EDMRV
(VXQKHFKRLQWHUHVDQWHTXHODUHODFLyQHQGpPLFDVORFDOHVYVRWUDVHQGpPLFDVPiVDPSOLDPHQWHGLVWULEXLGDV
EDMDFRQODDOWXUDDXQTXHDXPHQWDHOHQGHPLVPR(QJHQHUDOSDUHFHOyJLFRTXHHOHQGHPLVPRDXPHQWHFRQOD
DOWXUDSRUTXHORVYDOOHVGLVHFWDGRVSURPXHYHQODIUDJPHQWDFLyQ\VHSDUDFLyQJHRJUiFDGHSREODFLRQHV,ELVFK
HWDOEYHUWDPELpQ*HQWU\0DMRUWDQWRHQHOPRPHQWRGHODRURJpQHVLVFRPRHQHO
WUDQVFXUVRGHUHSHWLGDVPLJUDFLRQHVYHUWLFDOHVFDXVDGDVSRUFDPELRVFOLPiWLFRV2WURVJUXSRVGHSODQWDVFRPR
SHMODVEURPHOLDVPXHVWUDQODPLVPDWHQGHQFLD,ELVFK 9iVTXH],ELVFKHWDOE.HVVOHUE
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
HQORVOODQRVXQGHODVEURPHOLDVWLHQHXQDGLVWULEXFLyQPX\DPSOLDFRQWLQHQWDOHVWHYDORUHVWiGHEDMRGH
ORVDORVP\GHEDMRGHORVDP%URPHOLDFHDHHSLItWLFDV\WHUUHVWUHV
(VWXGLRVGHJUDGLHQWHVGHGLYHUVLGDG\HQGHPLVPRDOWLWXGLQDOHVHQORV$QGHVHQEDVHDODVOLVWDVGHSODQWDV
YDVFXODUHVGH3HU~(FXDGRU\WDPELpQGH%ROLYLDKDQGHPRVWUDGRTXHHQHOFDVRGHODRUDHOPD\RUSRUFHQWDMH
GHHQGHPLVPRVHHQFXHQWUDDOUHGHGRUGHORVP,ELVFKHWDOE,ELVFK 9iVTXH].HVVOHU
E6LQHPEDUJRORVSDWURQHVHVSHFtFRVYDUtDQHQWUHORVGLIHUHQWHVJUXSRVGHSODQWDVSRVLEOHPHQWHGHELGR
DODKLVWRULDHYROXWLYDHVSHFtFDGHFDGDJUXSR3UiFWLFDPHQWHHQWRGRVORVFDVRVHVWXGLDGRVKDVWDHOSUHVHQWH
HOPi[LPRSRUFHQWDMHGHHQGHPLVPRVHHQFXHQWUDDHOHYDFLRQHVPD\RUHVTXHHOPi[LPRGHGLYHUVLGDG(VWR
WDPELpQKDVLGRGRFXPHQWDGRSDUDDYHV*UDYHV.HVVOHUF,ELVFKHWDOE
(OSLVRDQGLQRUHSUHVHQWDHOiUHDGHPD\RUDFWLYLGDGHYROXWLYDDFWXDO/RVPHFDQLVPRVGHJHQHUDFLyQ\PDQ
WHQLPLHQWRGHGLYHUVLGDGHQHVWDiUHDWLHQHQTXHYHUFRQ
/DFUHDFLyQGHHFRVLVWHPDVQXHYRVFRQPXFKDVOLFHQFLDVHFROyJLFDVOLEUHVHQHOPRPHQWRGHOOHYDQ
WDPLHQWRDQGLQRTXHSHUPLWLyXQDUDGLDFLyQDGDSWDWLYDGHJUXSRVFRQODSUHGLVSRVLFLyQUHVSHFWLYD
/DGLYHUVLGDGGHKiELWDWVSRUODJHRGLYHUVLGDGFOLPDJHRORJtDVXHORV\JUDGLHQWHVDPELHQWDOHVPX\
SURQXQFLDGRVDFRUWDGLVWDQFLD
/DSHUPDQHQWHGLQiPLFDQDWXUDOGHORVKiELWDWVDQLYHOPLFURSRUSURFHVRVJHRPRUIROyJLFRVFRPR
HURVLyQGHUUXPEHVVHGLPHQWDFLyQHWFTXHSHUPLWHODFRH[LVWHQFLDGHGLIHUHQWHVH[SUHVLRQHVVXFH
VLRQDOHVGHFRPXQLGDGHVELROyJLFDV\TXHDXPHQWDODPLVPDGLYHUVLGDGGHKiELWDWV
/DPH]FODGHHOHPHQWRVELRJHRJUiFRVPX\GLVWLQWRVTXHHQWUHRWURVFDXVyODQHFHVLGDGRSRVLELOLGDG
GHQXHYDVLQWHUDFFLRQHVELyWLFDV
/DFUHDFLyQGHDPELHQWHVPX\K~PHGRV\WHPSODGRVHQORV<XQJDVEHQHFLDQGRDXQDJUDQGLYHU
VLGDGGHIRUPDVGHYLGDGHSODQWDV\ODFRH[LVWHQFLDGHXQJUDQQ~PHURGHHVSHFLHVSRUODKXPHGDG
WDPELpQFUHDFLyQGHODSRVLELOLGDGGHFRORQL]DUHOHVSDFLRHSLItWLFRFX\DVFDUDFWHUtVWLFDVGHKiELWDW
WDPELpQHVWLPXODQODJHQHUDFLyQ\HOPDQWHQLPLHQWRGHGLYHUVLGDG
/DHVWDELOLGDGFOLPiWLFDDQLYHOORFDOTXHPLWLJDHOULHVJRGHH[WLQFLRQHVHQWLHPSRVGHFDPELRVFOL
PiWLFRV
/RVFDPELRVFOLPiWLFRVSHULyGLFRVTXHKDQOOHYDGRDODLVODPLHQWR\RPRYLPLHQWRVIRU]DGRVGHSREOD
FLRQHV\VXVUDQJRVSURPRYLHQGRODHVSHFLDFLyQHVSHFLDOPHQWHHQWD[DTXHWLHQGHQDWHQHUGLFXOWDGHV
HQPDQWHQHUHOXMRJHQpWLFRSHM2UFKLGDFHDHVXEIDPLOLD3LWFDLUQRLGHDHGHODV%URPHOLDFHDH
/DDOWDSUREDELOLGDGGHDLVODPLHQWRJHRJUiFRSRUFDGHQDVPRQWDxRVDV\HOHIHFWRIXQGDGRUHQFDVRV
GHLQGLYLGXRVRGLiVSRUDVTXHORJUDQFRORQL]DUXQDQXHYDiUHD(VWHIDFWRUVHUtDPiVLPSRUWDQWHHQ
ORVYDOOHVLQWHUDQGLQRVSHURWDPELpQVHDSOLFDHQORV<XQJDV,ELVFKHWDOE
&RQWDQGRWRGDVODVHStWDVHODQiOLVLVSUHOLPLQDUGH,ELVFKGHPXHVWUDTXHORVERVTXHVGHQHEOLQDGHOD
&HMD\ORVERVTXHVPRQWDQRVK~PHGRVVRQODV~QLFDVUHJLRQHVHFROyJLFDVGH%ROLYLDGRQGHODVHVSHFLHVHQGp
PLFDVHVWiQVREUHUHSUHVHQWDGDVFRQVLGHUDQGRODUHODFLyQ7RWDOHVSHFLHV7RWDOHQGpPLFDV\HOSURPHGLRGHWRGR
HOWHUULWRULR6RQODV]RQDVGHODPiVDOWDDFWLYLGDGHYROXWLYDORTXHLQGLFDWDPELpQODVUHODFLRQHVPiVEDMDV
GHFDQWLGDGGHJpQHURVSRUFDQWLGDGGHHVSHFLHV&DEHPHQFLRQDUTXHDOJRVLPLODUHVYiOLGRHQHOFDVRGH
ORViUEROHVHQODV]RQDVDOWDVGHO&$0KD\SRFRVJpQHURVTXHHQJHQHUDOKDQHYROXFLRQDGRYDULDVPXFKDV
HVSHFLHVIUHFXHQWHPHQWHHQGpPLFDVHQORVERVTXHVGHORVOODQRVDPD]yQLFRVKD\PXFKRVJpQHURVUHSUHVHQWDGRV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
SRUSRFDVHVSHFLHVQRUPDOPHQWHFRQXQDGLVWULEXFLyQEDVWDQWHDPSOLD6LQHPEDUJRVLHQORVERVTXHVGHOODQRV
VHFXHQWDQORVERVTXHVGHSLHGHPRQWHWDPELpQKD\XQDUHODFLyQUHODWLYDPHQWHEDMDHQFDQWLGDGGHJpQHURVSRU
FDQWLGDGGHHVSHFLHV,ELVFKVHJ~Q.LOOHHQHWDO/RDQWHULRUVLJQLFDTXHODJUDGLHQWHDOWLWXGLQDO
GHODDFWLYLGDGHYROXWLYDUHFLHQWHQRHVWiWDQSURQXQFLDGDHQORViUEROHVFRPRHQODVHStWDVKD\JpQHURVPX\
HVSHFLRVRVHQORVERVTXHVDPD]yQLFRVFRPRSHM)LFXVR3LSHUTXHIXHUWHPHQWHLQX\HQODHVWDGtVWLFD6LQ
HPEDUJRKDVWDHQHOFDVRGHWD[DGHiUEROHVGLYHUVRVHQODVWLHUUDVEDMDVFRPRHOJpQHUR)LFXVFDVLODPLWDG
GHODVHVSHFLHVUHJLVWUDGDVHQHOSDtVH[LVWHQHQHO&$0FRPSDUDU%HUJ 9LOODYLFHQFLREDOOiWDPELpQ
RFXUUHOD~QLFDHVSHFLHHQGpPLFD)LFXVFKDSDUHQVLVHQXQDDOWLWXGGHP%HUJ 9LOODYLFHQFLRD
2WURDVSHFWRUHODFLRQDGRFRQHOWHPDGHHQGHPLVPRVXUJHSRUORVUHVXOWDGRVGH.HVVOHU .U|PHUTXH
HVWXGLDQORVPRGRVGHSROLQL]DFLyQGHODVEURPHOLDVHQFRPXQLGDGHVGHEURPHOLDVHQERVTXHVDQGLQRV/RVDXWRUHV
FRQFOX\HQTXHHQDOWLWXGHVPiVEDMDVKD\PiVSROLQL]DFLyQQRHVSHFtFDXQDFDXVDSRGUtDVHUODDEXQGDQFLD
GHSROLQL]DGRUHVHQORVOODQRV\ODV]RQDVVXEDQGLQDV(VWRLPSOLFDUtDXQDQHFHVLGDGQRWDQIXHUWHGHHVWDEOHFHU
UHODFLRQHVHVSHFtFDVGHLQWHUGHSHQGHQFLDFRQFLHUWRVSROLQL]DGRUHVPLHQWUDVTXHHVWRVtHVPX\LPSRUWDQWH
HQODDOWXUDSDUDJDUDQWL]DUODSROLQL]DFLyQ(VWRSRUXQODGRSXHGHVLJQLFDUTXHKD\XQIDFWRUHWROyJLFRTXH
SURPXHYHHOHQGHPLVPRHQODDOWXUDPiVUHODFLyQHVSHFtFDHQWUHSROLQL]DGRUSODQWDVLJQLFDPiVULHVJRGH
DLVODPLHQWRJHQpWLFRHQHOFDVRGHFDPELRVPHQRUHVGHOVLVWHPD\SRURWURODGRWDPELpQHVLQWHUHVDQWHXQD
SRVLEOHFRQFOXVLyQHQORVERVTXHVPRQWDQRVGHDOWXUDKD\PiVHVSHFLHVFODYHTXHHQORVOODQRV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)DXQD
(QODVVLJXLHQWHVVHFFLRQHVVHGHVFULEHQDOJXQRVDVSHFWRVLPSRUWDQWHVVREUHODIDXQDGHO&$0HQUHODFLyQD
SDWURQHVGHGLYHUVLGDGHQGHPLVPR\IRUPDVGHPRYLPLHQWRGHODVSREODFLRQHV/RVJUXSRVVHOHFFLRQDGRVSDUD
HVWHQVRQORVLQVHFWRVSHFHVDQELRVUHSWLOHVDYHV\PDPtIHURVGHELGRDVXPHMRUFRQRFLPLHQWR\GLVSR
QLELOLGDGGHLQIRUPDFLyQ
3RVLEOHPHQWHHO&$0VHDXQDGHODVUHJLRQHVGH%ROLYLDFRQPD\RULQYHVWLJDFLyQIDXQtVWLFDGHELGRPD\RUPHQWH
DODOWRQ~PHURGHiUHDVSURWHJLGDVH[LVWHQWHVTXHKDQQHFHVLWDGR\PRWLYDGRDODUHDOL]DFLyQGHLQYHQWDULRVGH
ELRGLYHUVLGDG,JXDOPHQWHH[LVWHHOLQWHUpVSDUWLFXODUGHPXFKRVFLHQWtFRVGHHQFRQWUDUQXHYDVHVSHFLHVVLHQGR
HO&$0XQDGHODViUHDVHQ%ROLYLDFRQPD\RUSUREDELOLGDGSDUDGHVFXEULUHVSHFLHVQXHYDVGHELGRDVXDOWR
JUDGRGHGLYHUVLGDG\HQGHPLVPR1RREVWDQWHGHODFDQWLGDGGHHVWXGLRVTXHVHOOHYDURQDFDERHQWRGRVORV
JUXSRVD~QVHHVWLPDXQEXHQSRUFHQWDMHGHHVSHFLHVSRUGHVFXEULUWDQWRQXHYRVUHJLVWURVSDUDHOSDtVFRPR
WDPELpQHVSHFLHVQXHYDVSDUDODFLHQFLD
,QVHFWRV
1$UDXMR65HLFKOH <*DUHFD
(VWDGRGHFRQRFLPLHQWR
/RVLQYHUWHEUDGRVHQJHQHUDOVRQXQRGHORVWD[DPHQRVFRQRFLGRVHQ%ROLYLD3DUDHOiUHDGHO&$0VXFRQRFL
PLHQWRHVWDPELpQPX\EiVLFR$XQTXHHQYDULRVJUXSRVH[LVWHQQXPHURVDVFROHFWDVQRH[LVWHQEXHQDVOLVWDVQL
PDSDVGHGLVWULEXFLyQQLVLTXLHUDDQLYHOGHHFRUUHJLRQHVSDUDODPD\RUtDGHORVJUXSRV(QXQSULPHULQWHQWRGH
FRPSLODUORVHVWXGLRVUHDOL]DGRVSDUDHOiUHDGHO&$0VHLGHQWLFDURQHVWXGLRVVREUHELRORJtD\HFRORJtD
\UHSRUWHVTXHVHUHHUHQDOLVWDVHLQYHQWDULRVGHHVSHFLHV'HORVHVWXGLRVFRPSLODGRVVyORHOVH
HQFRQWUyFRPRSXEOLFDGR$UDXMR
(OHVWXGLRSXEOLFDGRPiVFRPSOHWRVREUHXQJUXSRGHLQVHFWRVSDUDHOSDtVHVHOGH3HDUVRQHWDOHQpOVH
KDFHUHIHUHQFLDDORVHVFDUDEDMRVWLJUHV&ROHRSWHUD&LFLQGHOLGDH5HIHUHQWHDOiUHDGHO&$0H[LVWHQDOJXQRV
HVWXGLRVFRPRHOGH/HGH]PDTXHSXEOLFyXQDJXtDGHPDULSRVDVSDUDHOiUHDSURWHJLGD$PERUyVLHQGR
ODSULPHUDHQVXJpQHURSDUDHOSDtVDVtWDPELpQHOWUDEDMRVREUHORV6SKLQJLGDHGH%ROLYLDGH.LWFKLQJHWDO
VHEDVyPD\RUPHQWHHQFROHFWDV\UHJLVWURVGHQWURGHO&$02WURHVWXGLRLQWHUHVDQWHSHURD~QQRSXEOL
FDGRHVHOGH-)*XHUUDFLWDGRSRU*XWLpUUH]HWDOHQHOTXHKDFHQUHIHUHQFLDDXQDFROHFWDLQWHQVLYDGH
PHVHVHQOD(VWDFLyQ%LROyJLFDGH7XQTXLQL\VXVDOUHGHGRUHV3URYLQFLD1RU<XQJDVGHO'SWRGH/D3D]
UHJLVWUDQGRHVSHFLHVGHOHSLGySWHURVGLXUQRV\HVSHFLHVHQGtDVGHFROHFWDQRLQWHQVLYDSDUDHOiUHD
GH&RWDFDMHV$OWDPDFKL3URYLQFLD$\RSD\DGHO'SWRGH&RFKDEDPED
3ULQFLSDOHVIXHQWHVDGLFLRQDOHVDQLYHOVXSUDUHJLRQDOVRQODVUHYLVLRQHVGHDOJXQRVJUXSRVFRPRSRUHMHPSOR
SDUD3DSLOLRQLGDH7D\ORU %URZQ\1\PSKDOLGDH&DWDVWLFWD(LWVFKEHUJHU 5DFKHOL
/DIDOWDGHLQIRUPDFLyQVREUHORVLQYHUWHEUDGRVGHO&$0VHFRQVWLWX\HHQXQRGHORVPD\RUHVYDFtRVGHFRQR
FLPLHQWRGHOiUHD*UXSRVPX\LPSRUWDQWHVSDUDSURFHVRVHFROyJLFRVKRUPLJDV\WHUPLWDVODVFXDOHVDODYH]
DSRUWDQPiVGHOGHODELRPDVDGHIDXQDVRQSUiFWLFDPHQWHGHVFRQRFLGRVGHQWURGHOiUHD/RVHVFDUDEDMRV
SUREDEOHPHQWHVRQHOJUXSRPiVGLYHUVRGHODIDXQDGHO&$0SHURVyORH[LVWHXQDOLVWDGHORV&LFLQGHOLGDH
TXHHVXQSHTXHxRJUXSRHQFRPSDUDFLyQFRQRWURVGHOPLVPRRUGHQ$VtWDPELpQODLQYHVWLJDFLyQVREUHLQVHF
WRVDFXiWLFRVKDWHQLGRPD\RULPSXOVRHQORV~OWLPRVDxRVHVSHFLDOPHQWHHQHOGHSDUWDPHQWRGH&RFKDEDPED
5HFLHQWHPHQWHGHELGRDVXLQWHUpVFRPHUFLDOORVLQYHQWDULRVVREUHDEHMDVVLQDJXLMyQ0HOLSRQLGDHKDQLQFUH
PHQWDGRHOFRQRFLPLHQWRGHHVWHJUXSRDQLYHOGHO&$0FLWDVFRQ57HMDGD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3DWURQHVHVSDFLDOHVGHGLVWULEXFLyQ\GLYHUVLGDG
/DHVFDVDLQIRUPDFLyQGLVSRQLEOHVREUHLQVHFWRVQRSHUPLWHGHQLUVXVSDWURQHVHVSDFLDOHVGHGLYHUVLGDG$OJX
QRVHVWXGLRVHQHO3DUTXH1DFLRQDO$PERUy)$1 71&LQGLFDQTXHORVLQVHFWRVVLJXHQXQSDWUyQGH
GLYHUVLGDGDVRFLDGRFRQODDOWLWXGHQHOFXDOHOQ~PHURGHHVSHFLHVWLHQGHDGLVPLQXLUVXVWDQFLDOPHQWHDPHGLGD
TXHDXPHQWDODDOWXUD3RURWURODGR\DXQTXHH[LVWHPD\RUFRQFHQWUDFLyQGHHVSHFLHVHQWLHUUDVEDMDVHQ]RQDV
GHPD\RUDOWLWXGDSDUHFHQJUXSRVPiVH[FOXVLYRVTXHQRUPDOPHQWHQRKDELWDQHQ]RQDVEDMDV
5RFDEDGR :DVVRQHQXQHVWXGLRVREUHLQYHUWHEUDGRVEHQWyQLFRVHQODFXHQFDDOWDGHOUtR%HQLLQGLFDQ
TXHOD]RQDGH<XQJDV%DMRV\9DOOHV6HFRVSUHVHQWDQPHQRUGLYHUVLGDG\GHQVLGDGGHHVSHFLHVHQUHODFLyQD
RWUDV]RQDVGHODFXHQFDGHELGRSULQFLSDOPHQWHDHIHFWRVGHOS+\VyOLGRVHQVXVSHQVLyQ'HLJXDOPDQHUDOD
YDULDFLyQGHODIDXQDEHQWyQLFDHQWUHORV<XQJDV\HO6XEDQGLQRVLJXHHOFDPELRJHRPRUIROyJLFRGHODFXHQFD
GRQGHH[LVWHXQDGLIHUHQFLDFLyQELHQFODUDHQWUHODIDXQDGHORV<XQJDV\ODGHO6XEDQGLQR5RFDEDGR :DVVRQ
(QODUHJLyQGHORV<XQJDVODIDXQDHVH[FOXVLYDPHQWHGHLQVHFWRVTXHSUHHUHQDPELHQWHVOyWLFRVPLHQ
WUDVTXHKDFLDOD]RQDGHO6XEDQGLQRYDQDSDUHFLHQGRRWURVJUXSRVGHDUWUySRGRVFRPR*DVWURSRGD+LUXGLQHD
2OLJRFKDHWDTXHKDELWDQDPELHQWHVSUHIHUHQWHPHQWHOpQWLFRV:DVVRQ %DUUHUH
/RVHVWXGLRVH[LVWHQWHVRIUHFHQXQDSDXWDPX\JHQHUDOVREUHDOJXQRVSDWURQHVGHGLYHUVLGDGGHORVLQVHFWRV
1RVHFRQRFHQDGDVREUHSDWURQHVGHHQGHPLVPRVRVREUHVXVPRYLPLHQWRVSREODFLRQDOHVWHPDVWUDWDGRVSDUD
RWURVWD[DHQHOiUHDGHO&$0(QHVWHVHQWLGRVHLGHQWLFDODQHFHVLGDGGHJHQHUDUPD\RUFRQRFLPLHQWRVREUH
PRYLPLHQWRV\GLVWULEXFLyQGHSRUORPHQRVDOJXQRVJUXSRVFODYHGHLQVHFWRVSDUDODLGHQWLFDFLyQGHKiELWDWV
LPSRUWDQWHVSDUDODFRQVHUYDFLyQ
3HFHV
1$UDXMR
(VWDGRGHFRQRFLPLHQWR
(Q%ROLYLDODFXHQFDGHO5tR0DPRUpKDVLGRODPiVHVWXGLDGD\ODOLVWDGHSHFHVPiVFRPSOHWDHVODUHDOL]DGD
SRU/DX]DQQHHWDOSDUDOD$PD]RQLDEROLYLDQD
/D]RQDGHO&$0HQUHODFLyQDSHFHVWDOYH]VHDODPHQRVHVWXGLDGDGHOSDtVHQHVSHFLDOORV<XQJDV\OD)DMD
6XEDQGLQD(OHVWXGLRPiVUHSUHVHQWDWLYRSDUDHOiUHDHVHOGH6DUPLHQWR %DUUHUDTXLHQHVUHDOL]DQ
XQDFDUDFWHUL]DFLyQSUHOLPLQDUGHODLFWLRIDXQDHQODYHUWLHQWHRULHQWDO$QGLQD
/DPD\RUSDUWHGHORVHVWXGLRVVHFRQFHQWUDQKDFLD]RQDVGHWLHUUDVEDMDV\HQODViUHDVSURWHJLGDVGH$PERUy
,VLERUR6pFXUH \ OD (VWDFLyQ%LROyJLFD GHO %HQL 5HFLHQWHPHQWHVH KDQ GHVDUUROODGR YDULRV HVWXGLRV SDUD OD
FXHQFDGHOUtR,FKLOR\DXQTXHJUDQSDUWHGHOUtRVHHQFXHQWUDIXHUDGHOiUHD&$0ODLQWHUDFFLyQGHORVSHFHV
KDFLDHOiUHDHVGHLPSRUWDQFLD
3DWURQHVHVSDFLDOHVGHGLVWULEXFLyQ\GLYHUVLGDG
/RVSRFRVHVWXGLRVVREUHSHFHVUHDOL]DGRVHQ%ROLYLDQRSHUPLWHQGHQLUHFLHQWHPHQWHORVSDWURQHVHVSDFLDOHV
GHGLVWULEXFLyQ\GLYHUVLGDGVLQHPEDUJRHVWXGLRVGHFDVRSDUDDOJXQDV]RQDVPXHVWUDQFLHUWRFRPSRUWDPLHQWR
HQODGLVWULEXFLyQGHODLFWLRIDXQDLQGLFDQGRTXHODDOWDULTXH]DGHHVSHFLHVWLHQGHDFRQFHQWUDUVHHQWLHUUDVEDMDV
\HVWHSDWUyQYDGLVPLQX\HQGRVXVWDQFLDOPHQWHDPHGLGDTXHDXPHQWDODDOWLWXG,QYHVWLJDFLRQHVGH6DUPLHQWR
HQHO3DUTXH1DFLRQDO$PERUyGHPXHVWUDQODLQXHQFLDGHODYDULDFLyQDOWLWXGLQDOVREUHODVSREODFLRQHV
GHSHFHV\GHQHGHIRUPDSUHOLPLQDUWUHV]RQDVGHLPSRUWDQFLDSDUDHOSDUTXH
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(VWHPLVPRSDWUyQGHGLYHUVLGDG\GLVWULEXFLyQJHQHUDGRSDUDHO$PERUyVHSRGUtDDSOLFDUSDUDWRGDOD]RQD
GHO&RUUHGRU$PERUy0DGLGLWRPDQGRHQFXHQWDTXHHQRWUDV]RQDVVHKDUHJLVWUDGRHOOtPLWHDOWLWXGLQDOSDUD
HVSHFLHVGHWLHUUDVEDMDVFRPRHOSDF~ViEDOR\VXUXEtHQORVP\HVSHFLHVGHODIDPLOLD7ULFKRP\FWHULGDH
SRGUtDQVREUHSDVDUORVP9DQ'DPPHFRPSHUV
(QWpUPLQRVKLGUROyJLFRVHO&$0FRUUHVSRQGHDOD9HUWLHQWH2ULHQWDO$PD]yQLFD6DUPLHQWR %DUUHUD
GHPXHVWUDQDWUDYpVGHXQDQiOLVLVEDVDGRHQHVWXGLRVJHQHUDOHVTXHH[LVWHXQSUHGRPLQLRGHHVSHFLHVHQWUH
ORV\P\DDOWXUDVPHQRUHVRPD\RUHVKD\XQDWHQGHQFLDDGLVPLQXLUODIUHFXHQFLDGHHVWDGLYHUVLGDG
HQWRQFHVODFRQFHQWUDFLyQGHHVSHFLHVVHUiYDULDEOHVHJ~QORVSLVRVDOWLWXGLQDOHVFRPRORGHPXHVWUDODVLJXLHQWH
WDEOD
7DEOD&RQFHQWUDFLyQGHHVSHFLHVVHJ~QGLVWULEXFLyQDOWLWXGLQDOHQOD9HUWLHQWH2ULHQWDO$PD]yQLFD
$OWLWXGP
&XHQFDGHO
5tR%HQL
)XHQWH6DUPLHQWR %DUUHUD
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPRV
(Q%ROLYLDH[LVWHQHVSHFLHVFRQRFLGDVVyORSDUDXQDORFDOLGDGWLSRVLQHPEDUJRHOHVWDGRGHFRQRFLPLHQWR
VREUHODGLVWULEXFLyQGHORVSHFHVVXGDPHULFDQRVHQJHQHUDOHVEDVWDQWHSREUHHQHVWHVHQWLGR\HQODPD\R
UtDGHORVFDVRVQRVHSRGUtDKDEODUD~QGHHQGHPLVPRVHQHOSDtVH[FHSWXDQGRDOJXQDVHVSHFLHVGHOJpQHUR
2UHVWLDVTXHVRQHQGpPLFDVGHODFXHQFDGHO$OWLSODQR6DUPLHQWR %DUUHUD3RURWURODGR\DXQTXHQR
VHFXHQWDFRQHVSHFLHVHQGpPLFDVLGHQWLFDGDVHVSHFLDOPHQWHSDUDOD]RQDGHO&$0DOJXQDVSXEOLFDFLRQHV
.XOODQGHU6DUPLHQWRD6DUPLHQWR %DUUHUDSURSRQHQODSRVLEOHH[LVWHQFLDGHXQD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
DOWDSUHVHQFLDGHHQGHPLVPRVHQORVUtRVGHODFXHQFDGHO0DPRUpHVSHFLDOPHQWHHQ]RQDVFRQVDOWRVGHDJXD
FUHDQGRFLHUWDVEDUUHUDVROtPLWHVTXHIRUPDUtDQVXSXHVWRVHVFHQDULRVSDUDHOGHVDUUROORGHHVSHFLHVFRQKiELWDW
UHVWULQJLGRHLQFOXVRHQGpPLFDVGHLJXDOPDQHUDORVVLVWHPDVPRQWDQRVGHELGRDODKLGURORJtDGHVXVUtRVFRQ
DJXDVWRUUHQWRVDVVHHQFXHQWUDQYDULDVHVSHFLHVDGDSWDGDVDHVWRVVLVWHPDVSXGLHQGRFRQVWLWXLUVHHQH[FOXVLYDV
GHOD]RQDDQGLQD3XEOLFDFLRQHVPiVUHFLHQWHVGH6DUPLHQWR %DUUHUDLQGLFDQWDPELpQTXHDOPHQRV
HVSHFLHVGHORVUtRV%HQL\0DGUHGH'LRVVHKDQUHJLVWUDGRFRPRUHVWULQJLGDVDODFXHQFDDOWDGHO0DGHLUD
HQWUH3HU~\%ROLYLD
$SXQWHVVREUHPRYLPLHQWRGHSREODFLRQHVHIHFWRV\QHFHVLGDGHVGHQWURGHO
&RUUHGRU
$SXQWHVVREUHSDWURQHVGHGLVWULEXFLyQ6DUPLHQWR %DUUHUDSHUPLWHQGDUXQDLGHDGHFyPRRFXUUHQ
ORVPRYLPLHQWRVGHODVSREODFLRQHVGHSHFHVHQOD]RQDXQRGHORVIDFWRUHVLPSRUWDQWHVHVODLQWHQVDGLQiPLFD
XYLDOKRORFpQLFD\UHFLHQWHHQODYHUWLHQWHRULHQWDODQGLQD\OD]RQDSUHDQGLQDODFXDOKDWHQLGRLQXHQFLDHQ
ODGLVWULEXFLyQ\GLVSHUVLyQGHHVSHFLHVGHSHFHVHQHOVHQWLGRGHVXGLVSHUVLyQDWUDYpVGHODGHULYDGHGLIHUHQWHV
UtRVHVSHFLDOPHQWHHQOD]RQDGHOVXEDQGLQRFRPRORVUtRV%HQL\0DQLTXtHVWRVPRYLPLHQWRVLQFOX\HQFDPELRV
GHFXHQFDV\VXEFXHQFDV3RURWURODGRPRYLPLHQWRVGHDOJXQDVHVSHFLHVPHGLDQDVDJUDQGHVWtSLFDVGHWLHUUDV
EDMDVFRPR%UDFK\SODW\VWRPD3VHXGRSODW\VWRPD3LDUDFWXV&RORVVRPD3URFKLORGXV\6DOPLQXVPXHVWUDQ
PRYLPLHQWRVYHUWLFDOHVDOFDQ]DQGRVXOtPLWHGHGLVWULEXFLyQHQOD%DVHGHORV$QGHVKDVWDP
(QODFXHQFDGHO0DPRUp\GHO%HQLVHREVHUYDQPRYLPLHQWRVGHDUULEDGDGHORVSHFHVDOQDOGHODpSRFD
VHFD2EVHUYDFLRQHVUHDOL]DGDVSDUDHOSDF~&RORVVRPDPDFURSRPXPPXHVWUDQTXHGXUDQWHODpSRFDGHDJXDV
EDMDVVHLQLFLDXQDPLJUDFLyQUtRDUULEDGHUHSURGXFFLyQTXHDOFDQ]DKDVWDOD]RQDSUHPRQWDQD\VXEPRQWDQD
GHOUtR6pFXUHGRQGHVHSURGXFHHOGHVRYHGXUDQWHHO~OWLPRWULPHVWUHGHODxR/RXEHQV 3DQOLFLWDGR
SRU6DUPLHQWR %DUUHUD9DULDVRWUDVHVSHFLHVUHDOL]DQHVWHWLSRGHPRYLPLHQWRV\XWLOL]DQODEDVHGH
ORV$QGHVFRPRiUHDGHUHSURGXFFLyQ%U\FRQVS3URFKLORGXVVSSYDULDVHVSHFLHVGH&XULPDWLGDH\HVSHFLHV
JUDQGHVGH3LPHORGLGDHFRPR%UDFK\SODW\VWRPDVSS3VHXGRSODW\VWRPDIDVFLDWXP\3WLJULQXP'HLJXDO
PDQHUD1DYDUUR )HUUHLUDFRQUPDQTXHYDULRVSHFHVDPD]yQLFRVUHDOL]DQPLJUDFLRQHVFRQQHVGH
GHVRYHKDFLDHOVXEDQGLQRSXGLHQGROOHJDUKDVWDORVP
$QELRV
1$UDXMR 65HLFKOH
(VWDGRGHFRQRFLPLHQWR
/RVHVWXGLRVVREUHDQELRVFRPRORVGHRWURVJUXSRVGHDQLPDOHV\SODQWDVPD\RUPHQWHVHUHVWULQJHQD]RQDV
FRQWLJXDVGHFDPLQRVSULQFLSDOHVRGHIiFLODFFHVR7UHVHVWXGLRVHVSHFtFRVHQHOiUHDGHO&$0IXHURQFRQ
FOXLGRVHQHODxRD.|KOHUFRPSDUyODGLYHUVLGDG\SDWURQHVGHGLVWULEXFLyQHVSHFLDOPHQWHHQODV
]RQDVGHERVTXHVGHPRQWDxDGHORVGHSDUWDPHQWRVGH6DQWD&UX]\&RFKDEDPEDE&RUWp]YHULFyOD
GLVWULEXFLyQDOWLWXGLQDOHQHO31$01,&RWDSDWD\F$JXD\RH[DPLQyODVFRPXQLGDGHVGHDQELRVHQ
GLIHUHQWHVDOWXUDVGHO31&DUUDVFR'HVGHHQWRQFHVVyORSXEOLFDFLRQHVVREUHHVSHFLHVLQGLYLGXDOHVPD\RUPHQWH
VREUHWD[RQRPtDIXHURQUHDOL]DGRVSRUHMHPSOR$JXD\R +DUYH\5HLFKOHHWDO.|KOHU /|WWHUV
'HOD5LYD
(QJHQHUDOODVLQYHVWLJDFLRQHVSDUDHO&$0VHKDQFRQFHQWUDGRHQORVDOUHGHGRUHVGHORVSDUTXHVQDFLRQDOHV
$PERUy\&DUUDVFRRWUDV]RQDVGHLQYHVWLJDFLyQVHUHHMDQKDFLD31$10,&RWDSDWD(VWDFLyQ%LROyJLFDGHO
%HQL\DOJXQDVORFDOLGDGHVDOHGDxDVDOWUDPRFDUUHWHUR<XFXPR,[LDPDV(QORV~OWLPRVDxRVODVLQYHVWLJDFLRQHV
VHKDQHQIRFDGRPiVKDFLDODViUHDVSURWHJLGDVGH0DGLGL\$SROREDPED
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
3DWURQHVHVSDFLDOHVGHGLVWULEXFLyQ\GLYHUVLGDG
7H[WRVPRGLFDGRVHQEDVHGH.|KOHU
(OHVWXGLRUHDOL]DGRSRU.|KOHUUHYHODXQDQiOLVLVLQWHUHVDQWHEDVDGRHQHVSHFLHVGHDQELRVSDUD
ODVFXDOHVVHFRQWDEDQFRQGDWRVGHUHIHUHQFLDVREUHODULTXH]D\HOHQGHPLVPRFRQUHODFLyQDVXGLVWULEXFLyQ
SRUHFRUUHJLRQHV/RVUHVXOWDGRVREWHQLGRVGHPXHVWUDQSDWURQHVSDUDODGLYHUVLGDGGHDQELRV
/RVERVTXHVDPD]yQLFRVPDQWLHQHQXQGHODVHVSHFLHVGHOSDtVVLHQGRGHHVWDIRUPDORVPiVGLYHU
VRV
2WUD ]RQD GH LPSRUWDQFLD FRQ SRFD SDUWLFLSDFLyQ VXSHUFLH HQ HO &$0 VRQ ORV ERVTXHV K~PHGRV GH
WUDQVLFLyQTXHWLHQHQPXFKDPiVLQXHQFLDKDFLDOD]RQDGHO&RUUHGRU0DPRUp\UHSUHVHQWDQXQGH
ODGLYHUVLGDGGHDQELRV
(QORVERVTXHVPRQWDQRVK~PHGRVFRPSOHWDPHQWHGHQWURGHO&$0VHHQFXHQWUDQUHSUHVHQWDGDVXQ
GHHVSHFLHV
8QGHHVSHFLHVHVWiQUHSUHVHQWDGDVHQOD]RQDGHOERVTXHQXEODGRRFHMD
(QORVYDOOHVVHFRVLQWHUDQGLQRVTXHSDUFLDOPHQWHRFXSDQDOJXQRVVHFWRUHVGHO&$0VHHQFXHQWUDQHQ
GLVWLQWRVJUDGRVXQGHODVHVSHFLHVGHOSDtV
9DOHODSHQDGHVWDFDUTXHVLELHQHODQiOLVLVGH.|KOHUVREUHSDWURQHVGHGLYHUVLGDGGHDQELRVIXHHQEDVHD
HVSHFLHVGHODVHVSHFLHVGHDQELRVUHJLVWUDGDVSDUD%ROLYLD5HLFKOHHOSDWUyQGHGLYHUVLGDG
VHPDQWHQGUtDVLPLODUFRQVLGHUDQGRHOWRWDOGHHVSHFLHV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
7DEOD3DWURQHVGHGLVWULEXFLyQGHGLYHUVLGDGGHDQELRV
=RQD%LRJHRJUiFD
5LTXH]DGH(VSHFLHV
$PD]RQLD
%RVTXHV+~PHGRVGH7UDQVLFLyQ
%RVTXHV0RQWDQRV+~PHGRV
%RVTXH1XEODGR&HMD
9DOOHV6HFRV,QWHUDQGLQRV
(QGHPLVPR
&RQHVWRVUHVXOWDGRV\REVHUYDQGRORVYDORUHVSURSXHVWRVHQOD)LJVHSXHGHOOHJDUDODFRQFOXVLyQFODUDTXH
XQDGLYHUVLGDGDOWDGHDQELRVVHHQFXHQWUDUHSUHVHQWDGDHQOD]RQDGHO&$0(QJHQHUDOHOVHFWRUK~PHGRGH
ORV$QGHVSXHGHVHUFRQVLGHUDGRFRPRODUHJLyQPiVGLYHUVDHLPSRUWDQWHGH%ROLYLDFRQUHODFLyQDORVDQELRV
GHELGRDTXHODVPLVPDVYDULDFLRQHV\FRQGLFLRQHVDPELHQWDOHVIDYRUHFHQDXQDJUDQYDULDELOLGDGGHHVSHFLHV
/RVERVTXHVDPD]yQLFRVGHPRQWDxDHQFRQMXQWRFRQORVERVTXHVQXEODGRVDOEHUJDQXQDDOWDULTXH]DGHDQELRV
\FRQIRUPDQXQD]RQDGHFRQWDFWRGRQGHODVFRPXQLGDGHVGHHVSHFLHVGHGRV]RQDVGHDOWDULTXH]DLQWHUDFW~DQ
FRPELQDQGRGRVDVSHFWRVDOWDGLYHUVLGDGGHHVSHFLHV\DOWRJUDGRGHHVSHFLHVHQGpPLFDV
5HDOL]DQGRXQDQiOLVLVPiVQRVREUHORVSDWURQHVHVSDFLDOHVGHODGLYHUVLGDGGHDQELRV.|KOHUWDPELpQLGHQ
WLFySDWURQHVGHGLVWULEXFLyQ)LJEDViQGRVHSULQFLSDOPHQWHHQHVSHFLHVHQPXFKRVFDVRVQRH[FOXVLYDV
GHERVTXHVPRQWDQRVK~PHGRVGH6DQWD&UX]\&RFKDEDPED/RVSDWURQHVSURSXHVWRVVRQSUHOLPLQDUHV\QR
VRQUtJLGRV6LQGXGDDOJXQDH[LVWLUiQYDULDFLRQHVSDUDDOJXQDVHVSHFLHVVHJ~QVHLQFUHPHQWHHOFRQRFLPLHQWR
RH[LVWDQQXHYRVUHJLVWURVGHGLVWULEXFLyQ
7DEOD3DWURQHVGHGLVWULEXFLyQGHORVDQELRVFRQHVSHFLDOUHIHUHQFLDDHVSHFLHVGHPRQWDxD
3DWUyQ
3DWUyQ
3DWUyQ
3DWUyQ
3DWUyQ
3DWUyQ
3DWUyQ
&DUDFWHUtVWLFDGHODVHVSHFLHVTXHVLJXHQHVWRVSDWURQHV
1GHHVSHFLHV
GHERVTXHV
PRQWDQRV
/DVHVSHFLHVVHGLVWULEX\HQDUULEDGHOERVTXHOOXYLRVRGHPRQWDxD\HOERVTXHQX
EODGRGHORVGHSDUWDPHQWRVGH&RFKDEDPED\6DQWD&UX]SULQFLSDOPHQWHHQWUHORV
\P
6H UHHUH D HVSHFLHV GLVWULEXLGDV HQ ORV ERVTXHV OOXYLRVRV GH PRQWDxD GHVGH HO
VXGHVWHGH3HU~DORODUJRGHORV$QGHVKDVWDORVGHSDUWDPHQWRVGH&RFKDEDPED\
6DQWD&UX]HQ%ROLYLD
6H UHHUH D HVSHFLHV GLVWULEXLGDV HQ ORV ERVTXHV OOXYLRVRV GH PRQWDxD GHVGH HO
VXGHVWHGH3HU~DORODUJRGHORV$QGHVKDVWDORVGHSDUWDPHQWRVGH&RFKDEDPED\
6DQWD&UX]HQ%ROLYLD
/DVHVSHFLHVHVWiQGLVWULEXLGDVDORODUJRGHORV$QGHVGHVGHHOGHSDUWDPHQWRGH6DQWD
&UX]KDFLDHOQRUWHGHSRUORPHQRV3HU~FHQWUDO
(VSHFLHVHQGpPLFDVGHODUHJLyQGHO&KDSDUHHVWHSDWUyQSRGUiVHUPRGLFDGRSUR
EDEOHPHQWHHQHOIXWXURGHSHQGLHQGRGHODDPSOLDFLyQGHORVUDQJRVGHGLVWULEXFLyQ
GHODVHVSHFLHVTXHSRUDKRUDVRQHQGpPLFDVGHODUHJLyQGHO&KDSDUH
(VSHFLHVHQGpPLFDVSDUDODUHJLyQGH/D6LEHULD]RQDGHERVTXHQXEODGRHQWUHHO
OtPLWHGHORVGHSDUWDPHQWRVGH6DQWD&UX]\&RFKDEDPED
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)LJ3DWURQHVGHGLYHUVLGDGGH$QELRV.|KOHU
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
)LJ3DWURQHVGHGLYHUVLGDGGH$QELRVFRQHVSHFLDOUHIHUHQFLDDHVSHFLHVGHPRQWDxD.|KOHU
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
3DWUyQ
/DVGRVHVSHFLHVTXHVHFRQVLGHUDQHQHVWHSDWUyQHVWiQVyORFRQRFLGDVSDUDORVERV
TXHVVHPLK~PHGRVGHPRQWDxDGHORVGHSDUWDPHQWRVGH6DQWD&UX]&KXTXLVDFD
\7DULMD
3DWUyQ (VSHFLHVWtSLFDVGHERVTXHVPRQWDQRVGHODUHJLyQ7XFXPDQR%ROLYLDQD9DQGHVGH
HOGHSDUWDPHQWRGH&RFKDEDPEDR6DQWD&UX]KDVWDHOQRUWHGH$UJHQWLQD
3DWUyQ (VSHFLHVGLVWULEXLGDVHQORVYDOOHVVHFRVLQWHUDQGLQRVSHURHYHQWXDOPHQWHHQWUDQGR
KDFLDODSDUWHDOWDGHORVERVTXHVPRQWDQRV
3DWUyQ 6yORGRVHVSHFLHVVRQFRQVLGHUDGDVHQHVWHSDWUyQDPEDVHVWiQSULPDULDPHQWHGLV
WULEXLGDVSDUDHO&KDFR\HO&HUUDGR\VXHOHQRFXUULUHQHOVXGHVWHGH%UDVLO(VWDV
HVSHFLHVHVWiQSURSHQVDVDLQJUHVDUDKiELWDWVPRQWDQRVKDVWDHOHYDFLRQHVFRQVLGH
UDEOHV
3DWUyQ (VSHFLHVTXHRFXUUHQHQDPELHQWHVK~PHGRVSHURHVWDFLRQDOHVGHERVTXHVGHWLHUUDV
EDMDV\HVWiQSURSHQVDVDLQJUHVDUDLQFOLQDFLRQHVDQGLQDVKDVWDHOHYDFLRQHVFRQVL
GHUDEOHV
3DWUyQ &XELHUWRSRUHVSHFLHVGHWLHUUDVEDMDVFRQUDQJRVDPSOLRVHQORVERVTXHVVHFRVVHPL
K~PHGRV\K~PHGRVGHOHVWHGH%ROLYLD\SDtVHVDG\DFHQWHV7RGDVHVWDHVSHFLHV
WLHQGHQDHQFRQWUDUVHHQODLQFOLQDFLyQHVWHGHORV$QGHV
)XHQWH0RGLFDGRVHJ~Q.|KOHU
(OGHODVHVSHFLHVGHERVTXHVGHPRQWDxDDQDOL]DGDVVLJXHSRUORPHQRVXQRGHORVGRFHSDWURQHVGHV
FULWRV\ORVYDORUHVGHUHSUHVHQWDFLyQSDUDFDGDSDWUyQVHSXHGHQREVHUYDUHQODWDEOD(VWHDQiOLVLVOOHJyD
ODVVLJXLHQWHVFRQFOXVLRQHV
GHODVHVSHFLHVGHERVTXHVGHPRQWDxDRFXUUHQVyORHQ%ROLYLD
GHODVHVSHFLHVSXHGHQVHUFRQVLGHUDGDVFRPRHQGpPLFDVGHERVTXHVPRQWDQRV\GHHVWHSRUFHQWDMH
FDVLHOSUHVHQWDUDQJRVGHGLVWULEXFLyQEDVWDQWHUHVWULQJLGRVKDFLDORV<XQJDVK~PHGRVGH&RFKD
EDPED\/D3D]
VRQHVSHFLHVDQGLQDVTXHLQJUHVDQDOODGRHVWHGHORV$QGHV
VRQHVSHFLHVGHWLHUUDVEDMDVTXHOOHJDQDGLVWULEXLUVHKDVWDORVERVTXHVPRQWDQRV
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPRV
(QHODQiOLVLVDQWHULRUVHPXHVWUDTXHORVERVTXHVDPD]yQLFRVFRQFHQWUDQODPD\RUGLYHUVLGDGGHHVSHFLHVWDEOD
(QFRQWUDSRVLFLyQDHVWHUHVXOWDGRODFRQFHQWUDFLyQGHHQGHPLVPRHVEDVWDQWHEDMD\ODGLVWULEXFLyQ
GHHVWDVHVSHFLHVHQGpPLFDVHVWiPiVOLPLWDGDKDFLDORVERVTXHVDPD]yQLFRVPRQWDQRVGHQWURGHOiUHDGHO&$0
TXHDORVERVTXHVDPD]yQLFRVGHOQRUWH
/DVUD]RQHVSDUDODEDMDFRQFHQWUDFLyQGHHVSHFLHVHQGpPLFDVHQOD$PD]RQLDSXHGHGHEHUVHDGLYHUVRVIDFWRUHV
FRPRODSRFDH[LVWHQFLDGHEDUUHUDVJHRJUiFDVTXHUHVWULQMDQODGLVWULEXFLyQGHODVHVSHFLHVGHQWURGHORVOtPLWHV
GHOSDtVRDOFRQRFLPLHQWROLPLWDGRGHOD]RQDRGHODWD[RQRPtDGHDOJXQDVHVSHFLHV3RURWURODGRXQD]RQD
LQWHUHVDQWHSDUDODGLYHUVLGDG\HOHQGHPLVPRVRQORVERVTXHVPRQWDQRVK~PHGRV<XQJDVTXHUHSUHVHQWDQ
XQGHODDQELRIDXQDGHOSDtV\PiVGHOGHHVWDVHVSHFLHVVRQHQGpPLFDV(OPLVPRFDVRRFXUUH
HQOD]RQDGHOERVTXHQXEODGRGRQGHHOHQGHPLVPRDOFDQ]DXQGHOWRWDOGHODVHVSHFLHVUHJLVWUDGDV(Q
WpUPLQRVJHQHUDOHVODHFRUUHJLyQGH<XQJDVDOEHUJDXQSRUFHQWDMHGHHQGHPLVPRGHO.|KOHU.|KOHU
HWDO(VWDiUHDSUHVHQWDXQDFRQVLGHUDEOHKHWHURJHQHLGDGGHKiELWDWV\FRPRUHVXOWDGRVXVFRPXQLGDGHV
QRVyORVRQULFDVHQHVSHFLHV\HQGHPLVPRVLQRWDPELpQTXHVXFRPSRVLFLyQSXHGHYDULDUFRQVLGHUDEOHPHQWH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3RUFHQWDMHGHOWRWDO
GHHVSHFLHVHQGpPL
FDVFRQRFLGDV
3RUFHQWDMHGHOWRWDOGH
HVSHFLHVFRQRFLGDVSDUD
%ROLYLD
%RVTXH1XEODGR&HMD
)XHQWH.|KOHU
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
5HSWLOHV
'(PEHUW 65HLFKOH
(VWDGRGHFRQRFLPLHQWR
(OFRQRFLPLHQWRVREUHORVUHSWLOHVHQHO&$0DXQTXHDXPHQWyEDVWDQWHHQORV~OWLPRVDxRVWRGDYtDVHHQFXHQWUD
HQXQHVWDGRLQFRPSOHWR/LVWDVSDUDORVUHSWLOHVGHHVWD]RQDVHEDVDQHQORVGDWRVGHGLIHUHQWHVFROHFFLRQHV
FLHQWtFDVGHGLIHUHQWHVSDtVHVHQWUDEDMRGHFDPSR\HQGDWRVSHUVRQDOHVGHYDULRVFLHQWtFRVYLQFXODGRV(Q
ORV~OWLPRVDxRVYDULDVHVSHFLHVQXHYDVSDUDODFLHQFLDIXHURQHQFRQWUDGDVHQHVWD]RQD\KDVWDODIHFKDVLHPSUH
VHVLJXHQDXPHQWDQGRORVGHVFXEULPLHQWRV$OJXQDVGHHVWDVHVSHFLHVVRQHVSHFLHVHQGpPLFDV\SUHVHQWDQDVt
XQYDORULPSRUWDQWHSDUDHO&$0SHM$SRVWROHSLVPXOWLFLQFWD2[\UKRSXVVSQRY
+DVWDHODxRHQXQLQWHQWRGHFRPSLODULQIRUPDFLyQUHODFLRQDGDDOiUHDVHLGHQWLFDURQHVWXGLRVVREUH
UHSWLOHVGHORVFXDOHVVHUHHUHQDOLVWDGRVGHHVSHFLHVVHUHHUHQDHVWXGLRVVREUHELRORJtD\HFRORJtD
\FLQFRGHHOORVKDEODQVREUHXVRV\DPHQD]DV\PHQRVGHODPLWDGGHOWRWDOGHHVWRVHVWXGLRVIXHURQSXEOLFDGRV
$UDXMR ,ELVFK'HVGHHQWRQFHVYDULRVHVWXGLRVPiVIXHURQUHDOL]DGRVHQFRQWUDQGRSRUORPHQRVGRV
QXHYDVHVSHFLHVSDUDODFLHQFLDHQXQHVWXGLRVREUHORVUHSWLOHVGHODSURYLQFLD)ORULGD(PEHUW\SRUOR
PHQRVGRVHVSHFLHVPiVHQHODxR
/DViUHDVJHRJUiFDVPHMRUHVWXGLDGDVSDUDUHSWLOHVHQHO&$0DXQTXHD~QHQEDMDLQWHQVLGDGKDQVLGRORV
DOUHGHGRUHVGHOUHD3URWHJLGD$PERUy\OD(VWDFLyQ%LROyJLFDGHO%HQL
3DWURQHVHVSDFLDOHVGHGLYHUVLGDG
$SHVDUGHODLQVXFLHQFLDGHLQIRUPDFLyQ\DVHSXHGHGHVWDFDUHQEDVHDODVFROHFWDVH[LVWHQWHVTXHODGLYHU
VLGDGGHHVWHJUXSRVLJXHXQSDWUyQVLPLODUDOFRQRFLGRHQRWURVYHUWHEUDGRV/RVSDWURQHVSUHOLPLQDUPHQWH
LGHQWLFDGRVLQGLFDQTXH
6HHQFXHQWUDQPXFKDVPiVHVSHFLHVHQ]RQDVEDMDVTXHHQDOWXUDVKDVWDORVPTXHWLHQHVXUD]yQ
HQODIDOWDGHUDGLDFLyQ\HQODVWHPSHUDWXUDVPiVEDMDVHQHVWD]RQD/DKXPHGDGTXHHVXQIDFWRUHQ
IDYRUSDUDORVDQELRVSHURSXHGHVHUXQIDFWRUQHJDWLYRSDUDPXFKRVUHSWLOHV
3DVDQGRORVPQRVHHQFXHQWUDQFLHUWDVHVSHFLHVFRPRWRUWXJDVFRFRGULORV\ERLGHV
(QODV]RQDVHQWUH\PWRGDYtDVHHQFXHQWUDXQDDOWDGLYHUVLGDGHQODJDUWLMDV\VHUSLHQWHV
6yORHQOD3URYLQFLD)ORULGDVHHQFXHQWUDQPiVGHHVSHFLHVGHUHSWLOHV(PEHUW
$XQTXHIDOWDQPXFKRVHVWXGLRVSDUHFHVHUFODURTXHORVERVTXHVGHPRQWDxDHQHO&$0IXHURQSREODGRV
PD\RUPHQWHSRUHVSHFLHVGHJpQHURVRULJLQDULRVGHOODQXUDVWURSLFDOHVFRPROD$PD]RQLD\%RVTXHV
7URSLFDOHV6HFRV\ORVYDOOHVVHFRVGHHVWD]RQDPXHVWUDXQDJUDQDQLGDGDODV]RQDVGHO&KDFRRGHO
%RVTXH&KLTXLWDQR
5HFLpQFXDQGRVHSDVDOD]RQDGHORVERVTXHVGHQHEOLQDFDPELDODFRPSRVLFLyQGHORVUHSWLOHV(VWDV
]RQDVDOWDVVHHQFXHQWUDQGRPLQDGDVSRUHVSHFLHVGHOJpQHUR/LRODHPXVODJDUWLMDVGHRULJHQDQGLQR\
GHSRFDVYtERUDVGHORVJpQHURV7DFK\PHQLV/LRSKLV\%RWKURSV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(QGHPLVPR
7RGDYtDQRVHVDEHPXFKRVREUHODWDVDGHHQGHPLVPRGHUHSWLOHVHQOD]RQDGHO&$0VLQHPEDUJRVHFRQR
FHQDOJXQDVHVSHFLHVHQGpPLFDVGHVHUSLHQWHV\ODJDUWLMDVSRUHMHPSOR'LSVDVFKDSDUHQVLV5H\QROGV )RVWHU
%RWKURSVMRQDWKDQL+DUYH\$SRVWROHSLVPXOWLFLQFWD+DUYH\$WUDFWXVERFNL:HUQHU
$WUDFWXVERHWWJHUL%RXOHQJHU2[\UKRSXVVSQRY(PEHUWHWDOHQUHYLVLyQ(FKLQDQWKHUDVSQRY
(PEHUWHWDOHQSUHS7RPRGRQVSQRY0XxR] +DUYH\HQUHYLVLyQ&QHPLGRSKRUXVYLWWDWXV%RXOHQJHU
$PHLYDYLWWDWD%RXOHQJHU\$PSKLVEDHQDFHJHL0RQWHURHWDO
/DV]RQDVFRQPD\RUHQGHPLVPRHQORVUHSWLOHVSDUHFHQVHUORVYDOOHV8QDH[SOLFDFLyQKLVWyULFDSDUDHVWH
IHQyPHQRHVWiGDGRHQ,ELVFK %|KPHLQGLFDQGRTXHHOUHVXOWDGRGHODRURJpQHVLVGHORV$QGHV\OD
SpUGLGD\UHFXSHUDFLyQGHKiELWDWGXUDQWHODVpSRFDVGHKLHORFDXVyTXHDOJXQDVSREODFLRQHVTXHGDUDQDLVODGDV
\HYROXFLRQDUDQVHSDUDGDVGHODVRWUDVSREODFLRQHVFUHDQGRDVtQXHYDVHVSHFLHV3HURWDPELpQHQORVERVTXHV
K~PHGRVURGHDQGRHVWRVYDOOHVVHHQFXHQWUDQIUHFXHQWHPHQWHHVSHFLHVQXHYDV\DSDUHQWHPHQWHHQGpPLFDV
0XFKDVHVSHFLHVGHORVYDOOHVVHFRVPXHVWUDQGLIHUHQFLDVHQODSKROLGRVLVRWDPDxRWRWDO(PEHUWTXH
SXHGHWHQHUVXRULJHQHQPXFKDVUD]RQHVSUREDEOHPHQWHVHWUDWDGHRWUDVHVSHFLHVTXH\DHVWiQDLVODGDVWDQWR
WLHPSRGHORVHVSHFtPHQHVGHODVOODQXUDV\KDQGHVDUUROODGRVGLIHUHQFLDVSHURWRGDYtDVRQIpUWLOHVFRQORV
HVSHFtPHQHVGHODVOODQXUDVVXEHVSHFLHVRTXHWDPELpQVHWUDWDGHXQDDGDSWDFLyQDRWURFOLPDTXHKDVWD
ODIHFKDQRVHSXHGHH[SOLFDU6LQHPEDUJROD]RQDGH&$0UHSUHVHQWDODPD\RUtDGHODVHVSHFLHVGHUHSWLOHV
HQGpPLFRVUHJLVWUDGRVSDUD%ROLYLD
$YHV
6.UHIW
3DWURQHVHVSDFLDOHVGHGLYHUVLGDG
/DOLVWDPiVUHFLHQWHGHDYHVSDUDHOWHUULWRULREROLYLDQRDEDUFDHVSHFLHV+HQQHVVH\HWDO\GDWRV
D~Q QR SXEOLFDGRV PHQFLRQDQSRU OR PHQRV HVSHFLHV 5HDOL]DQGR XQD HVWLPDFLyQ SUXGHQWH VH SRGUtD
FDOFXODUTXHSREODFLRQHVGHXQRPiVGHODDYLIDXQDGHOSDtVFRQWULEX\HQDODULTXH]DGHHVSHFLHVHQHO
&$0$OJXQRVGDWRV\DH[LVWHQWHVVXJLHUHQTXHHVWRQRVHDXQDDSUR[LPDFLyQH[DJHUDGDSRUHMHPSOR&ODUN
6DJRWUHJLVWUDURQHVSHFLHVVyORSDUDHO3DUTXH1DFLRQDO$PERUy\HQHOH[WUHPRQRUWHGHO&$0
5HPVHQ 3DUNHUKDQHVWLPDGRTXHHO3DUTXH1DFLRQDO0DGLGLWLHQHXQDGLYHUVLGDGPiVDOWDD~QFRQ
HVSHFLHV
3RURWURODGRHQXQDFRPSDUDFLyQLQWHUHFRUUHJLRQDOSDUD%ROLYLDVHREVHUYDTXHODVDYHVWLHQHQVXFHQWURGH
GLYHUVLGDGHQORV%RVTXHV$PD]yQLFRV3UHDQGLQRV\OD)DMD6XEDQGLQD %RVTXHV$PD]yQLFRV6XEDQGLQRV
FDGDXQDGHHVWDVUHJLRQHVFRQGHOWRWDOGHODVHVSHFLHVEROLYLDQDVFRQVLGHUDGDV>@/RV<XQJDVVRQ
UHODWLYDPHQWHPHQRVLPSRUWDQWHV5HJLRQHVPiViULGDV\PiVDOWDVVRQPXFKRPHQRVULFDVHQHVSHFLHV,ELVFK
HWDO
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
+DFLHQGRXVRGHODEDVHGHGDWRVGHODGLVWULEXFLyQGHODVDYHVEROLYLDQDVFRPSLODGDSRUOD$VRFLDFLyQ$U
PRQtD%LUG/LIH,QWHUQDWLRQDO\EDViQGRVHHQODV=RQDVGH9LGDGHQLGDVSRUORVDXWRUHVPHQFLRQDGRVDQ
WHULRUPHQWH+HU]RJFDOFXODTXHHQORVFXDWURWLSRVGHODSXQDEROLYLDQD>@KDELWDQDOUHGHGRUGH
HVSHFLHVLQFOX\HQGRHVSHFLHVDFXiWLFDVRVHDWRGDOD3XQDHQFRQMXQWRSUHVHQWDPHQRVHVSHFLHVTXHXQVyOR
VLWLRGHERVTXH\XQJXHxRRDPD]yQLFR7DQWRHQORV9DOOHV6HFRV,QWHUDQGLQRVHVSHFLHVFRPRHQOD]RQD
GHO%RVTXH7XFXPDQR%ROLYLDQRVHHQFXHQWUDQPHQRVHVSHFLHVTXHHQORV<XQJDVLQFOX\HQGRORV
ERVTXHVDPD]yQLFRVGHOD)DMD6XEDQGLQD)XHUDGHORV$QGHVORVERVTXHVGHOD$PD]RQLDDOEHUJDQDSUR[L
PDGDPHQWH>@HVSHFLHV
'HIRUPDJHQHUDO+DIIHULQGLFDTXHODGLYHUVLGDGDOIDGHDYHVPiVDOWDGHOFRQWLQHQWHHLQFOXVRGHO
PXQGRVHHQFXHQWUDHQOD]RQDGHWUDQVLFLyQHQWUHODFRUGLOOHUDGHORV$QGHV\HOVXGRHVWHGHOD$PD]RQLD3RU
RWURODGRHOYDORUELROyJLFRGHOD]RQDGHO&$0HVSHFLDOPHQWHGHODUHJLyQGHORV<XQJDVVHH[SOLFDPiVSRU
VXVSDUWLFXODULGDGHVORFDOHVDOWDGLYHUVLGDGEHWDDOWRQLYHOGHHQGHPLVPRTXHSRUODDOWDULTXH]DGHHVSHFLHV
HQXQVyOROXJDUFRQGLYHUVLGDGDOIDUHODWLYDPHQWHEDMD
(QWUHODVDYHVODPD\RUGLYHUVLGDGVHHQFXHQWUDHQERVTXHVDPD]yQLFRVGHWLHUUDVEDMDV6LQHPEDUJRVLVROD
PHQWHVHFRQVLGHUDHVSHFLHVTXHKDELWDQERVTXHVGHWLHUUDUPHODGLYHUVLGDGGHDYHVWLHQHVXPi[LPRDOUHGHGRU
GHORVPGHELGRDOVRODSDPLHQWRGHODDYLIDXQDQHWDPHQWHPRQWDxRVD\GHODDYLIDXQDWURSLFDOTXH
DVFLHQGHHQODIDOGDDQGLQDEDMD5DKEHN6+HU]RJGDWRVQRSXEOLFDGRV,ELVFKHWDO6WRW]HW
DO\YDULRVRWURVHVWXGLRVOOHJDQDUHVXOWDGRVVLPLODUHV
(QFRQWUDVWHDERVTXHVPRQWDQRVK~PHGRVODULTXH]DGHHVSHFLHVGHDYHVDORODUJRGHOJUDGLHQWHDOWLWXGLQDO
HVWXGLDGDSDUDGRVYDOOHVLQWHUDQGLQRVDG\DFHQWHVHQHO&$0FXHQFDGHOUtR&RWDFDMHVUHVXOWDHQXQSDWUyQ
MRUREDGR.HVVOHUHWDO(QHOWUDQVHFWRHQWUHP\PFRQXQYDFtRHQWUHP\
PH[LVWHXQPi[LPRGHULTXH]DDOUHGHGRUGHP(QHORWURWUDQVHFWRHQWUHP\PHO
Pi[LPRVHHQFXHQWUDFHUFDGHP/DSRVLFLyQDOWLWXGLQDOGHORVPi[LPRVSUREDEOHPHQWHVHGHEHDXQD
FRPELQDFLyQGHP~OWLSOHVIDFWRUHVPiVTXHWRGRDODLQWHQVLGDGGHOLPSDFWRKXPDQR\ODFRPSOHMLGDGGHOD
YHJHWDFLyQQDWXUDOHQORVGLIHUHQWHVSLVRVDOWLWXGLQDOHVHQFRUUHODFLyQQHJDWLYD\SRVLWLYDUHVSHFWLYDPHQWHFRQ
ODULTXH]DGHHVSHFLHV
(OWXUQRYHUGHODDYLIDXQDDORODUJRGHOJUDGLHQWHDOWLWXGLQDOUHVXOWDHQXQDGLIHUHQFLDFLyQHQFRPXQLGDGHVGH
DYHVEDVWDQWHGLVWLQWDVGLVWULEX\pQGRVHHQ]RQDVDOWLWXGLQDOHVTXHSULQFLSDOPHQWHFDHQHQODVFDWHJRUtDVGHODV
VXEHFRUUHJLRQHVGHQLGDVSDUDHO&$0/DGLIHUHQFLDPiVREYLDH[LVWHHQWUHODFRPXQLGDGGHDYHVGHOSLVR
PRQWDQR<XQJDV\ODFRPXQLGDGDPD]yQLFD%RVTXHV$PD]yQLFRV3UHDQGLQRVLQFOXVRKD\XQFLHUWRQ~PHUR
GHHVSHFLHVTXHKDELWDQHVWD]RQDH[FOXVLYDPHQWHVLQRFXUULUHQOD$PD]RQLDFHQWUDO/RV%RVTXHV$PD]yQLFRV
6XEDQGLQRVIRUPDQXQD]RQDGHVRODSDPLHQWRGHHVWDVGRVFRPXQLGDGHVPX\GLVWLQWDV6LQHPEDUJRH[LVWHQ
HVSHFLHVWtSLFDVGHOSLHGHPRQWHIRRWKLOOVSHFLHVFX\RVFHQWURVGHGLVWULEXFLyQFDHQHQODVXEHFRUUHJLyQORV
%RVTXHV$PD]yQLFRV6XEDQGLQRV
(QODDFWXDOLGDGVHREVHUYDXQSURFHVRDQWURSRJpQLFRGHDXPHQWRGHODGLVWULEXFLyQDOWLWXGLQDOGHYDULDVHVSH
FLHV6RQHVSHFLHVGHKiELWDWVVHPLDELHUWRVRERUGHVGHERVTXHTXHVLJXHQHOGHVERVTXHHQODFRUGLOOHUDGH
ORV$QGHVTXHDFWXDOPHQWHHVWiOOHJDQGRDORVSLVRVLQWHUPHGLRVGHORV<XQJDV(QDOJXQRVFDVRVVRQSREOD
FLRQHVDPD]yQLFDVSHM5DPSKRFHOXVFDUER0RORWKUXVRU\]LYRUXVHQRWURVVRQSREODFLRQHVTXHVHRULJLQDQ
HQORV9DOOHVRHQHO3iUDPR\XQJXHxRSHM0XVFLVD[LFRODVSPDFXOLURVWULV"=RQRWULFKLDFDSHQVLV\TXH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPR
([LVWHQDOJXQRVDVSHFWRVELRJHRJUiFRVLPSRUWDQWHVTXHLQX\HQVREUHODGLVWULEXFLyQGHODVHVSHFLHV(ODQiOLVLV
VLJXLHQWHVHFRQFHQWUDUiHQSDWURQHVELRJHJUiFRVLPSRUWDQWHVGHODVHVSHFLHVGHKiELWDWERVFRVRVFRQVLGHUDQGR
HVSHFLHVGHKiELWDWDELHUWRVVRODPHQWHGRQGHSDUHFHRSRUWXQR
$VSHFWRVODWLWXGLQDOHV
(OiUHDGHO&$0HVODUHJLyQWURSLFDOK~PHGDXELFDGDPiVDOVXUGHOFRQWLQHQWH(VWR\VXSRVLFLyQFpQWULFDHQ
HOFRQWLQHQWHFRQGLFLRQDQTXHODDYLIDXQDUHJLRQDOVHDXQSURGXFWRGHGLYHUVDVLQXHQFLDVELRJHRJUiFDVYHU
WDPELpQDEDMRDVSHFWRVDOWLWXGLQDOHV/DVPiVLPSRUWDQWHVVRQSUHVHQWDGDVHQORVLJXLHQWH
/DGLVWULEXFLyQGHPXFKDVHVSHFLHVFRQGLVWULEXFLyQDPD]yQLFDWDQWRFRPRDQGLQDWHUPLQDGHQWURGHOiUHDGHO
&$03RUHMHPSORFRQVLGHUDQGRVRODPHQWHODSURYLQFLD,FKLORHQHOGHSDUWDPHQWRGH6DQWD&UX]5HPVHQHW
DOLGHQWLFDQXQVRUSUHQGHQWHQ~PHURGHDSUR[LPDGDPHQWHHVSHFLHVDPD]yQLFDVFX\RVUDQJRV
OOHJDQDVXOtPLWHGHGLVWULEXFLyQVXUHxR5HPVHQ 7UD\ORUHQSUHVHQWDURQXQDOLVWDGHDYHVGH%ROLYLD
FRQD~QVyORHVSHFLHV'HPDQHUDVLPLODUODVHVSHFLHVGHDYHVGHORVERVTXHVK~PHGRVHQVXPD\RUtD
WDPSRFROOHJDQPiVDOOiGHHVWDODWLWXG)MHOGVn 0D\HU6LWXDGDD~QXQSRFRPiVDOVXUODUHJLyQGHO
FRGRGHORV$QGHVFRLQFLGHFRQODGLVWULEXFLyQH[WUHPDVXUHxDGHDOJXQDVHVSHFLHVPRQWDQDVSHMODUDWRQD
+HQLFRUKLQDOHXFRSKU\V7URJORG\WLGDH0\LRERUXVPHODQRFHSKDOXV3DUXOLGDH/RVUDQJRVGHPXFKDVHVSH
FLHVSULQFLSDOPHQWHODV\XQJXHxDVOOHJDQDVXGLVWULEXFLyQH[WUHPDVXUHxDHQDOJ~QRWURSXQWRVLWXDGRPiVDO
QRURHVWHSHURD~QGHQWURGHO&$0$GHPiVGHODUHJLyQGHOFRGRGHORV$QGHVORV<XQJDVGH/D3D]\HO
&KDSDUHVRQHVSHFLDOPHQWHLPSRUWDQWHVFRPROtPLWHVGHGLVWULEXFLyQODWLWXGLQDO
'HIRUPDFRPSOHPHQWDULDKD\YDULDVHVSHFLHVWURSLFDOHV\VXEWURSLFDOHVFX\RFHQWURGHGLVWULEXFLyQHVWiXELFDGR
PiVDOVXURDORHVWHSHURTXHWDPELpQRFXUUHQHQOD]RQDGHO&$0/DPD\RUtDGHODVHVSHFLHVTXHUHSUHVHQWDQ
HVWHWLSRELRJHRJUiFRVRQHVSHFLHVGHKiELWDWDELHUWRVRVHPLDELHUWRVPiVTXHWRGRHQORV%RVTXHV$PD]yQLFRV
3UHDQGLQRV6XEDQGLQRV\RHQORV9DOOHVYHUDEDMRSHMHOFXHUYR&\DQRFRUD[F\DQRPHODV
$XQTXHSDUH]FDPHQRVHVSHFWDFXODUHVLQWHUHVDQWHWRPDUHQFXHQWDTXHODSURSLDYHUWLHQWHDPD]yQLFDGHOD
&RUGLOOHUD2ULHQWDOWDPELpQIRUPDXQOtPLWHSDUDXQVLQQ~PHURGHHVSHFLHVpVWDVOOHJDQKDVWDXQDFLHUWDDOWLWXG
HQHVWDYHUWLHQWHQRRFXUULHQGRHQODYHUWLHQWHRSXHVWD\DTXHDOOtHQORV9DOOHVOD3XQD\HO%RVTXH7XFXPD
QR%ROLYLDQRHOUpJLPHQFOLPDWRHFROyJLFRHVEDVWDQWHKDVWDFRPSOHWDPHQWHGLIHUHQWH
6XVDPSOLRVWUDEDMRVDYLIDXQtVWLFRVHQORVERVTXHVDQGLQRVK~PHGRVHQHO'HSDUWDPHQWRGH&KXTXLVDFDFRQUPDQODLPSRUWDQFLD
ELRJHRJUiFDGHHVWD]RQD'HVSLWHWKHSUHVHQFHRIKXPLGIRUHVWRQPDQ\PRXQWDLQVFDUSVLQVRXWKHUQ%ROLYLDDQGQRUWKHUQ$UJHQ
WLQDPRVW$QGHDQFORXGIRUHVW>VSHFLHV@KDYHWKHLUVRXWKHUQOLPLWVRXWKRIWKH6LEHULDZDWHUVKHGQHDUWKH&RFKDEDPED6DQWD&UX]
ERUGHU LQ FHQWUDO %ROLYLD 6LQ HPEDUJR UHODWLYDQHVWHSDWUyQVLQ GHVYDOLGDUORGHVFXEULHQGRSREODFLRQHVGH HVSHFLHVHQORV
ERVTXHVDQGLQRVK~PHGRVGH&KXTXLVDFD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
3DUD YDULDV HVSHFLHV DPD]yQLFDV SHM &KORURSKDQHV VSL]D WDQWR FRPR HVSHFLHV DQGLQDV (XSKRQLD
F\DQRFHSKDODH[LVWHQUHODFLRQHVELRJHRJUiFDVWDPELpQFRQHOVXUHVWHGH%UDVLO8QFDVRELRJHRJUiFRHV
SHFLDO\PX\LQWHUHVDQWHSDUHFHODFRWLQJD&RWLQJLGDH3KLEDOXUDDYLURVWULV0LHQWUDV3IDYLURVWULVKDELWD
XQUDQJRUHODWLYDPHQWHDPSOLRHQHOVXUHVWHGH%UDVLODORHVWHOOHJDQGRKDVWDHORULHQWHGH3DUDJXD\WDPELpQ
H[LVWHXQDSREODFLyQPX\SHTXHxDGH3KLEDOXUDHQHO'HSDUWDPHQWRGH/D3D](VWDSREODFLyQUHFLHQWHPHQWH
IXHUHGHVFXELHUWDGHVSXpVGHDxRVVLQUHJLVWURV+HQQHVVH\%URPHOGHWDOVLHQGRXQDQXHYD
HVSHFLHQXHYD\HQGpPLFDGH%ROLYLD
8QDFDWHJRUtDGHUHODFLyQELRJHRJUiFDVHUHHUHDOJUXSRGHHVSHFLHVFRQUDQJRVDPSOLRVTXHVHH[WLHQGHQKDFLD
HOQRUWHFRPRDOVXUGHO&$0GRQGHHO&$0QRIRUPDXQOtPLWHGHGLVWULEXFLyQSHMODUDWRQD7URJORG\WHV
DHGRQ7PHODQFKROLFXV'HPDQHUDVLPLODUH[LVWHQYDULDVHVSHFLHVTXHHVWiQGLVWULEXLGDVDORODUJRGHORV
$QGHVVLQTXHHO&RGRGHORV$QGHVIRUPHXQOtPLWHGHGLVWULEXFLyQ0XFKDVYHFHVVRQHVSHFLHVGHORVERVTXHV
PRQWDQRK~PHGRTXHPXHVWUDQH[LJHQFLDVHFROyJLFDVDOJRPHQRVDQJRVWDV\DVtORJUDQRFXSDUORVKiELWDWV
DOJRPiVGLVMXQWRVTXHVRQGLVSRQLEOHVHQODVSDUWHVVXUGHORVGHSDUWDPHQWRV6DQWD&UX]&KXTXLVDFD\7DULMD
DOJXQRVOOHJDQGRKDVWD$UJHQWLQDSHMHOKRUQHUR6\QDOOD[LVD]DUDHODUDWRQD7URJORG\WHVVROVWLWLDOLV
2WURWLSRELRJHRJUiFRHVODGLVWULEXFLyQFLUFXPDPD]yQLFD5HPVHQHWDO(VSHFLHVRODFRPELQDFLyQ
GHWD[DHVWUHFKDPHQWHUHODFLRQDGRVFRQHVWHSDWUyQGLVWULEXFLRQDORFXUUHQDOUHGHGRUGHSHURHYLWDQGROD$PD
]RQLDFHQWUDO/RVUDQJRVTXHRFXSDQVRQGLV\XQFWRVHOSLHGHPRQWHGHORV$QGHVODVWLHUUDVEDMDVHQHOVXU
FHQWUDO\HOVXUHVWHGH%UDVLOODUHJLyQGHORVWHSXtVODFRUGLOOHUDPDUtWLPDGH9HQH]XHODRDOPHQRVDOJXQRVGH
HOORV([LVWHXQQ~PHURFRQVLGHUDEOHGHHMHPSORVHQWUHORV3DVVHULIRUPHVSHMHODWUDSDPRVFDV3ODW\ULQFKXV
P\VWDFHXV5HPVHQHWDO
)LQDOPHQWHH[LVWHQHVSHFLHVTXHH[FOXVLYDPHQWHYLYHQHQHO&$0HVSHFLHVHQGpPLFDVSDUDHO&$0YHUDEDMR
(QHODQiOLVLVVLJXLHQWHVHEULQGDLQIRUPDFLyQLQWHUHVDQWHDQDOL]DQGRDOJXQRVSDWURQHVGHHQGHPLVPRDXQTXH
HQODSUy[LPDVHFFLyQVHSUHVHQWDXQDQiOLVLVHVSHFtFRFRQRWURPpWRGREDVDGRHQXQPpWRGRGHH[WUDSRODFLyQ
GHUDQJRVGHGLVWULEXFLyQ(QHVWHVHQWLGRORVSXQWRVDFRQWLQXDFLyQEULQGDQXQDQiOLVLVFRPSOHPHQWDULR
6RQHVSHFLHVHQGpPLFDVSDUDHO&$0ODPD\RUtDVRQHVSHFLHVGHORV<XQJDV$JODHDFWLVSDPHOD6FKL]RHDFD
KDUWHUWL6LPR[HQRSVVWULDWXV*UDOODULDHU\WKURWLV3K\OORP\LDVVSQRY3KLEDOXUDEROLYLDQD$WODSHWHVUXQXFKD
'HHOODV6VWULDWXV\3K\OORP\LDVVSQRYFRQODSDUWHLQIHULRUGHVXVUDQJRVOOHJDQDORV%RVTXHV$PD]yQLFRV
6XEDQGLQRV0\UPRWKHUXODJULVHDHVXQDHVSHFLHGHORV%RVTXHV$PD]yQLFRV6XEDQGLQRV\3UHDQGLQRV+HQ
QHVVH\HWDO
)LQDOPHQWH$VWKHQHVEHUOHSVFKL0D\HU6DJRW&UDQLROHXFDKHQULFDH0DLMHU )MHOGVn\
&QHPRWULFFXVVSQRY+HU]RJHWDOVRQHVSHFLHVHQGpPLFDVGHORV9DOOHVGHO&$0+HU]RJ .HVVOHU
6LQHPEDUJRHO&$0HVXQDUHJLyQQRHQWHUDPHQWHGHQLGDSRUSDUiPHWURVELRHFROyJLFRV\DTXHODIURQWHUD
FRQ3HU~IRUPDVXOtPLWHQRURHVWH3DUDREWHQHUXQDLGHDGHODLQWHJULGDGELRJHJUiFDGHO&$0HVLQWHUHVDQWH
FRPSDUDUVXVHVSHFLHVHQGpPLFDVFRQODVHVSHFLHVGHUDQJRUHVWULQJLGRHQODYHUWLHQWHRULHQWDOGHODFRUGLOOHUD
RULHQWDOGHORV$QGHVGHOVXUHVWHGH3HU~\HORHVWHGH%ROLYLDHVHQFLDOPHQWHHO&RUUHGRU9LOFDEDPED$PER
UyVHQVX&RQVHUYDFLyQ,QWHUQDFLRQDO$QDOL]DQGRODGLVWULEXFLyQGHHVWDVHVSHFLHV6WDWWHUVHOGHWDO
OOHJDQDODGHOLPLWDFLyQGHGRViUHDVHQIRUPDGHIUDQMDVFRQVXVSDUWHVEROLYLDQDVHVHQFLDOPHQWHUHSUHVHQWDQGR
HO&$0(OUHD(QGpPLFDGH$YHV$($%ROLYLDQDQG3HUXYLDQORZHU<XQJDVHVWiFHQWUDGDHQORV
%RVTXHV$PD]yQLFRV6XEDQGLQRVFRQDOJXQDVHVSHFLHVOOHJDQGRKDVWDODVSDUWHVLQIHULRUHVGHODVXEHFRUUHJLyQ
<XQJDVPLHQWUDV$($%ROLYLDQDQG3HUXYLDQXSSHU<XQJDVUHSUHVHQWDORV<XQJDVSURSLRV$GHPiVHO
$($+LJK$QGHVRI%ROLYLDDQG$UJHQWLQDFRQVXSHULIHULDQRUHVWHVRODSDFRQODSHULIHULDVXSHULRUH[
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0LHQWUDVHOHQGHPLVPRSDUDHO&$0VLJXHXQDGHQLFLyQFRPSXHVWDSRUFULWHULRVELRHFROyJLFRVWDQWRFRPRDGPLQLVWUDWLYRVODV
HVSHFLHVHQGpPLFDVGHOHVWXGLRGH6WDWWHUVHOGHWDOHQUHDOLGDGQRPXHVWUDQDOJXQDUHVWULFFLyQDXQDFLHUWDiUHDORFXDO
VHUtDHOFULWHULRGHHQGHPLVPRSRUGHQLFLyQVLQRVHEDVDHQODGHFLVLyQDUELWUDULDGHFRQVLGHUDUFRPRHVSHFLHVGHUDQJRUHVWULQJLGR
FX\RVUDQJRVQROOHJDQDORVNP8QD$($FRQVLVWHGHODViUHDVVREUHSXHVWDVGHODVHVSHFLHVGHUDQJRUHVWULQJLGRORFDOHV
6LQHPEDUJRODVHVSHFLHVFX\RVUDQJRVGHQHQXQD$($QRUPDOPHQWHWLHQHQDOPHQRVDOJXQDVH[LJHQFLDVHFROyJLFDVLPSRUWDQWHVHQ
FRP~QUHVXOWDQGRDVtHQXQiUHDHFROyJLFDPHQWHKRPRJpQHD
$XQTXHVHDQGRVFRQFHSWRVGLIHUHQWHVGHHQGHPLVPRVLUYHQHQHOFRQWH[WRGHHVWDFRPSDUDFLyQ(VWR\DVHPXHVWUDHQHOKHFKRTXH
WRGDVODVHVSHFLHVHQGpPLFDVSDUDHO&$0WDPELpQVHUtDQHQGpPLFDVVHQVX6WDWWHUVHOGHWDO6HEDVDQHQOLVWDVDYLIDXQtV
WLFDVVHSDUDGDVSRUDxRV$SHVDUTXHVHKD\DQGHVFXELHUWRQXHYDVHVSHFLHVHQODSDUWHSHUXDQDGHODV$($VGHVGH
HVSRFRSUREDEOHTXHHVWDVLJXDOTXHRWURVDYDQFHVFDPELHQHOSDWUyQJHQHUDO
$($ HVSHFLHV 3DX[L XQLFRUQLV 7KDPQRSKLOXV DUR\DH 7HUHQXUD VKDUSHL *UDOODULD DOELJXOD 3VHXGRWULFFXV VLPSOH[
=LPPHULXVEROLYLDQXV0\LRSKREXVLQRUQDWXV&KLUR[LSKLDEROLYLDQD&UHXUJRSVGHQWDWD7DQJDUDDUJ\URIHQJHV$($HVSHFLHV
2GRQWRSKRUXVEDOOLYLDQL+DSDORSVLWWDFDPHODQRWLV0HWDOOXUDDHQHRFDXGD$QGLJHQDFXFXOODWD&UDQLROHXFDDOELFHSV6F\WDORSXV
VFKXOHQEHUJL0\LRWKHUHWHVIXVFRUXIXV/LSDXJXVXURS\JLDOLV+HPLVSLQJXVFDORSKU\V,ULGRVRUQLVMHOVNLL'LJORVVDFDUERQDULD$($
HVSHFLHV
&KDOFRVWLJPD ROLYDFHXP &LQFORGHV DULFRPDH $VWKHQHV XUXEDPEHQVLV $VWKHQHV PDFXOLFDXGD $QDLUHWHV DOSLQXV TXL]iV PiV
8SXFHUWKLDKDUWHUWL/RSKRVSLQJXVJULVHRFULVWDWXV,GLRSVDUEUDFK\XUXV3RRVSL]DEROLYLDQD6DOWDWRUUXYHQWULVTXHSRVLEOHPHQWH
FRQODSHULIHUtDGHVXVUDQJRVOOHJXHQDO&$0/DOLVWDGH+HQQHVVH\HWDOLQFOX\HHVSHFLHVPiVTXHDKRUDIRUPDUtDQSDUWH
GHODVHVSHFLHVGHUDQJRUHVWULQJLGRFRPSDUWLGDVSRUDPERVSDtVHV2WXVPDUVKDOOL+HOLRGR[DEUDQLFNLL=LPPHULXVFLQHUHLFDSLOOD
1RWKRSURFWDWDF]DQRZVNLL6FKL]RHDFDKHOOHUL
(VWDV$JODHDFWLVSDPHOD$VWKHQHVEHUOHSVFKL6FKL]RHDFDKDUWHUWL6LPR[HQRSVVWULDWXV0\UPRWKHUXODJULVHD*UDOODULDHU\WKURWLV
VRQLGpQWLFDVFRQHVSHFLHVHQGpPLFDVEROLYLDQDVPHQFLRQDGDVDUULEDXQD+HPLWULFFXVVSRGLRSVIXHGHVFXELHUWDUHFLHQWHPHQWHWDP
ELpQHQ3HU~\SRUFRQVHFXHQFLDDKRUD\DQRHVHQGpPLFDSDUD%ROLYLD'HODVHVSHFLHVHQGpPLFDVPHQFLRQDGDVWUHVHVSHFLHV
&UDQLROHXFDKHQULFDH3K\OORP\LDVVSQRY&QHPRWULFFXVVSQRYIXHURQGHVFXELHUWDVUHFLHQWHPHQWH\GRV3KLEDOXUDEROLYLDQD
$WODSHWHVUXQXFKDVRQWD[DHQGpPLFDVDKRUDHOHYDGRVDQLYHOGHHVSHFLHV
7LQDPXVRVJRRGL3KORJRSKLOXVKDUWHUWL&UDQLROHXFDPDUFDSDWDH*UDOODULDHU\WKUROHXFD7KU\RWKRUXVHLVHQPDQQL+HPLVSLQJXV
SDURGLL,ULGRVRUQLVUHLQKDUGWL6FKL]RHDFDKHOOHUL\7DQJDUDPH\HUGHVFKDXHQVHHLHO~OWLPRHVWDQGROLVWDGRSDUDXQiUHDDLVODGDTXH
QRSHUWHQHFHDQLQJXQDGHODV$($VSHURTXHVLQHPEDUJRTXHGDHQODYHFLQGDGGLUHFWDGH\IXHURQGHVFXELHUWDVWDPELpQ
HQ%ROLYLDDVtTXH\DQRVRQHQGpPLFDVSDUD3HU~3RVLEOHPHQWHVHKD\DQGHVFXELHUWRQXHYDVHVSHFLHVHQODSDUWHSHUXDQDGHODV
$($VFRQVLGHUDGDVDTXtSHURHVSRFRSUREDEOHTXHFDPELHQHOSDWUyQJHQHUDO
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
5HVXPLHQGRHVWDSDQWDOODJHQHUDOGHODVUHODFLRQHVELRJHRJUiFDVGHODDYLIDXQDPX\GLYHUVDGHO&$0HVLP
SRUWDQWHUHFRQRFHUTXHODJUDQPD\RUtDGHVXVHVSHFLHVDOPHQRVHQXQWUHFKRGHVXOtPLWHGHGLVWULEXFLyQ
RFXUUHHQHOiUHDGHO&$03RVLEOHPHQWHHQODFRPELQDFLyQGHORVDVSHFWRVDOWDGLYHUVLGDGXELFDFLyQQR
SHULIpULFDHQHOFRQWLQHQWH\XELFDFLyQSHULIpULFDHQOD]RQDWURSLFDOVHWUDWDGHXQDVLWXDFLyQHVSHFLDORWDOYH]
~QLFDHQHO1HRWUySLFR(VWDFRQFOXVLyQWLHQHLPSOLFDFLRQHVPX\LPSRUWDQWHVSDUDODLPSRUWDQFLDGHOiUHDHQHO
FRQWH[WRGHOFDPELRFOLPiWLFRFRPSDUDUG
+DVWDHVWHSXQWRQRVHKDFRQVLGHUDGRODDYLIDXQDGHORV9DOOHVDEDUFDGRVHQHO&$0(VWRVYDOOHVDOEHUJDQ
FRPXQLGDGHVEDVWDQWHGLVWLQWDVQRVRODPHQWHHQFRPSDUDFLyQFRQORVERVTXHVK~PHGRVTXHORVURGHDQVLQR
WDPELpQHQWUHVt+HU]RJ .HVVOHU6HLQWHUSUHWDTXHYDULDVHVSHFLHVGHORVERVTXHVK~PHGRVORJUHQ
FRORQL]DUORVYDOOHVLQWHUDQGLQRV3HUU\HWDO
/DVHVSHFLHVWtSLFDVGHERVTXHVHFRHQORVYDOOHVQRUWHxRVHQWRQFHVHQHO&$0DOWRVVRQHQPXFKRVFDVRV
ODVPLVPDVTXHHQORV9DOOHVVXUHxRVIXHUDGHO&$07DOYH]VRUSUHQGDDSULPHUDYLVWDTXHHOSRUFHQWDMHGH
HVSHFLHVWtSLFDVGHERVTXHVHFRFRPSDUWLGDVHQWUHORV9DOOHVQRUWHxRVEDMRV\ORV9DOOHVVXUHxRVHVUHODWLYDPHQWH
SHTXHxR
$VSHFWRVDOWLWXGLQDOHV
3ULQFLSDOPHQWHKD\TXHGLIHUHQFLDUHQWUHODDYLIDXQDGHODWLHUUDEDMD\ODDYLIDXQDPRQWDQDYHUWDPELpQWH[WRV
DQWHULRUHV\SRVWHULRUHV
0XFKDVDYHVDPD]yQLFDVVHFDUDFWHUL]DQSRUWHQHUXQDGLVWULEXFLyQDPSOLDHQJUDQSDUWHGHOD$PD]RQLDDQLYHO
FRQWLQHQWDO/DVHVSHFLHV\XQJXHxDVSRURWURODGRJHQHUDOPHQWHWLHQHQXQDGLVWULEXFLyQHVWUHFKDDORODUJRGH
DQJRVWDVEDQGDVDOWLWXGLQDOHV+HU]RJ
'HKHFKRODVFRPXQLGDGHVGHDYHVDPD]yQLFDV\DQGLQDVVRQEDVWDQWHGLVWLQWDV3HVHDTXHODDYLIDXQDDQGLQD
VHRULJLQDGHHVSHFLHVDPD]yQLFDV\SRUODIRUPDFLyQUHFLHQWHGHORV$QGHVHQHVFDODVWHPSRUDOHVJHROyJLFDV
H[LVWHQSRFDVHVSHFLHVVLQSDULHQWHVFHUFDQRVHQODVWLHUUDVEDMDVDG\DFHQWHVHVWHSHUtRGREDVWDQWHEUHYHKD
DOFDQ]DGRSDUDODHYROXFLyQGHXQDPX\DOWDULTXH]DGHHVSHFLHVHQGpPLFDVSDUDORV$QGHV)MHOGVn .UDEEH
$FWXDOPHQWHHQWpUPLQRVGHHYROXFLyQ\GLYHUVLFDFLyQODFRPXQLGDGDQGLQDGHDYHVVLJXHH[WUDRUGL
QDULDPHQWHGLQiPLFD/RV$QGHVSURSLRVIXQFLRQDQFRPRIXHQWHGHFRORQL]DFLyQSDUDRWUDVUHJLRQHV7HSXtV
GH9HQH]XHOD0DWD$WOiQWLFD6LFN
*HQHUDOPHQWHHOJUDGRGHHQGHPLVPRHQODDYLIDXQDQHRWURSLFDODGHPiVTXHHQRWURVJUXSRVRUJDQtVPLFRV
FUHFHFRQODDOWLWXG*UDYHV/DGLVWULEXFLyQGHODVHVSHFLHVHQGpPLFDVYHUDUULEDVREUHODVVXEH
FRUUHJLRQHV%RVTXHV3UHDQGLQRV$PD]yQLFRV%RVTXHV6XEDQGLQRV$PD]yQLFRV\<XQJDVFDEHHQHVWHSDWUyQ
JHQHUDO
3UiFWLFDPHQWHHQWRGRVORVFDVRVHVWXGLDGRVKDVWDHOSUHVHQWHHOPi[LPRSRUFHQWDMHGHHQGHPLVPRVHHQFXHQ
WUDDHOHYDFLRQHVPD\RUHVTXHHOPi[LPRGHGLYHUVLGDG(VWRWDPELpQKDVLGRGRFXPHQWDGRSDUDDYHV*UDYHV
.HVVOHUHWDO/RTXHVLJQLFDTXHDQLYHOORFDOHQORV$QGHVSXHGHKDEHUXQDFLHUWDGLVFUHSDQFLD
HQWUHODVORFDOLGDGHVSULRULWDULDVSDUDODFRQVHUYDFLyQGHODPD\RUGLYHUVLGDG\ODVGHPD\RUHQGHPLVPRSHM
(VWRVHH[SOLFDSRUVXVGLIHUHQWHVPRGRVGHFRORQL]DFLyQ0LHQWUDVORV9DOOHVQRUWHxRVDOWRVIXHURQFRORQL]DGRVSRUHVSHFLHVGHO&KD
FRDWUDYpVGHORV9DOOHVVXUHxRVORV9DOOHVQRUWHxRVEDMRVIXHURQFRORQL]DGRVGHVGHOD$PD]RQLDHQODpSRFDSOHLVWRFpQLFDFXDQGR
ERVTXHVHFRVHPLGHFLGXRODKDEtDLQYDGLGR+HU]RJ .HVVOHU
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
.HVVOHUHWDO/RPLVPRKDVLGRGRFXPHQWDGRSDUDDYHVDORODUJRGHODOtQHDGHERVTXHVHQODYHUWLHQWH
RULHQWDOGHORV$QGHVGHVGHHO(FXDGRUKDVWD%ROLYLD0.HVVOHUFRPSHUV3RUORWDQWRODVHVWUDWHJLDVGH
FRQVHUYDFLyQGHEHQWHQHUHQFXHQWDHVWHSRVLEOHSUREOHPD,ELVFKHWDO
/DVHVSHFLHVGHUDQJRUHVWULQJLGRVLQHPEDUJRVHGLVWULEX\HQGHPDQHUDXQLIRUPHVREUHODV$($\6HUtD
QHFHVDULRGHGLFDUDHVWDVFXHVWLRQHVXQDQiOLVLVPiVGHWDOODGR\FRQPD\RUUHVROXFLyQHVSDFLDO/DGLVWULEXFLyQ
GHODDYLIDXQDDORODUJRGHODJUDGLHQWHDOWLWXGLQDOHQGRVYDOOHVLQWHUDQGLQRVDG\DFHQWHVHQHO&$0FXHQFDGHO
UtR&RWDFDMHVVLJXHXQSDWUyQVLPLODUGHHQGHPLVPR.HVVOHUHWDO/DVFRQGLFLRQHVFOLPDWRHFROyJLFDV
\FRQHOODVORVUHVXOWDGRVELRJHRJUiFRVHQOD]RQDHVWXGLDGDSXHGHQVHUFRQVLGHUDGDVUHSUHVHQWDWLYRVSDUDORV
YDOOHVVHFRVGHO&$0VLQHPEDUJRHVWDVFRQGLFLRQHVVRQPX\GLIHUHQWHVHQODVSDUWHVK~PHGDVTXHIRUPDQ
ODPD\RUtDGHO&$0UHTXLULHQGRHVWXGLRVDGLFLRQDOHV
0DPtIHURV
1$UDXMR +*yPH]
(VWDGRGHFRQRFLPLHQWR
/RVHVWXGLRVVREUHPDPtIHURVSDUDHO&$0VHHQFXHQWUDQEDVWDQWHGLVSHUVRV\HQVXPD\RUtDQRSXEOLFDGRV3RU
RWURODGRGHHVWXGLRVFRPSLODGRVSDUDHOiUHDVRQOLVWDVHLQYHQWDULRVVHUHHUHQDWHPDVGHELRORJtD
\HFRORJtD\HOUHVWRKDEODGHXVRV\DPHQD]DVDODVHVSHFLHV$UDXMR6LQHPEDUJRUHFLHQWHPHQWHORV
UHJLVWURVGHQXHYDVHVSHFLHV\ORVHVWXGLRVPLVPRVVHKDQLGRDOHMDQGRGHORVVLWLRVGHFROHFWDWtSLFRVFDPLQRV
\FHQWURVSREODGRVKDFLDOXJDUHVFRQPHQRUDFFHVLELOLGDGORTXHKDLQFUHPHQWDGRHOQ~PHURGHHVSHFLHV\
DPSOLDGRORVUHJLVWURVGHGLVWULEXFLyQGHRWUDV6DOD]DUHWDO
$QGHUVRQKDFHODFRQWULEXFLyQPiVLPSRUWDQWHSDUDPDPtIHURVGH%ROLYLDSXEOLFDQGRGDWRVVREUHGLV
WULEXFLyQ\WD[RQRPtDGHVGHHQWRQFHVVHKDQGHVFULWRQXHYRVWD[DVHKDQKHFKRQXHYRVUHJLVWURVGHGLVWULEX
FLyQHQ\SDUD%ROLYLD\KDQRFXUULGRFDPELRVWD[RQyPLFRV6DOD]DUHWDO/RVHVWXGLRVHQHO&$0VH
FRQFHQWUDQKDFLDiUHDVSURWHJLGDVWHQLHQGRQXHYDPHQWHFRPRHQORVRWURVJUXSRVPD\RULQWHQVLGDGHQOD]RQD
GHODViUHDVSURWHJLGDV$PERUy\0DGLGL/RVPDPtIHURVPHGLDQRV\JUDQGHVVRQORVPHMRUHVGRFXPHQWDGRV
\HVSHFLHVSHTXHxDVVRQSUiFWLFDPHQWHGHVFRQRFLGDV
3DWURQHVHVSDFLDOHVGHGLVWULEXFLyQ\GLYHUVLGDG
/RVSDWURQHVGHGLVWULEXFLyQ\GLYHUVLGDGVRQYDULDEOHVHQORVGLIHUHQWHVJUXSRVGHPDPtIHURVHVSHFLDOPHQWH
HQHVSHFLHVSHTXHxDVXQHMHPSORGHHOORHVODYDULDFLyQGHODGLYHUVLGDGGHURHGRUHVTXHDXPHQWDFRUUHODWLYD
PHQWHVHJ~QHOLQFUHPHQWRDOWLWXGLQDODOFDQ]DQGRXQSXQWRPi[LPRHQOD]RQDGHORV<XQJDVFDVRFRQWUDULR
VXFHGHFRQORVTXLUySWHURVTXHDXPHQWDQVXGLYHUVLGDGKDFLDODVWLHUUDVEDMDV$QGHUVRQ8QDQiOLVLVGH
ODGLVWULEXFLyQ\]RRJHRJUDItDGHORVPXUFLpODJRVHQ%ROLYLDPRVWUyTXHODSURYLQFLDELRJHRJUiFD$FUH0DGUH
GH'LRVHVODTXHSUHVHQWDODPD\RUFDQWLGDGGHHVSHFLHVPLHQWUDVTXHODSURYLQFLDGHORV<XQJDVSUHVHQWDQXQ
Q~FOHRGHHVSHFLHVPiVDEXQGDQWHHQUHODFLyQDORVQ~FOHRVDPD]yQLFRV$JXLUUHHWDO
6LQHPEDUJRHOPLVPRDQiOLVLVSDUDKHOHFKRVWDQWRFRPREURPHOLDVUHVXOWyHQSDWURQHVGLIHUHQWHVWDOFRPRSDWURQHVMRUREDGRVX
RQGXODGRV/RVDXWRUHVFRPRPHGLGDGHHQGHPLVPRXWLOL]DQODUDUH]DGHWDPDxRGHiUHDUDQJHVL]HUDULW\HOYDORULQYHUWLGR
SURPHGLRGHOQ~PHURGHFHOGDVGHRFXSDGDVSRUODVSUHVXQWDViUHDVQDWXUDOHVSRUWRGDVHVSHFLHVUHJLVWUDGDV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)LJ3DWURQHVGHGLVWULEXFLyQGHPDPtIHURVHQ%ROLYLD
PRGLFDGRVHJ~Q$QGHUVRQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'HVGHRWUDSHUVSHFWLYDDQDOL]DUORVSDWURQHVHVSDFLDOHVGHGLVWULEXFLyQDXQQLYHOPX\QRVHUtDXQDWDUHDFDVL
LPSRVLEOHSRUHOPRPHQWRGHELGRSULQFLSDOPHQWHDODDXVHQFLDGHHVWXGLRVHVSHFtFRV\DODIDOWDGHVLWLRVGH
HYDOXDFLyQHQGLIHUHQWHViUHDV6DOD]DUHWDO$JXLUUHHWDO6LQHPEDUJR$QGHUVRQLGHQWLFy
SUHOLPLQDUPHQWHFXDWUR]RQDVEiVLFDVGHGLVWULEXFLyQGHORVPDPtIHURVHQ%ROLYLDHQHVWHVHQWLGR\GHVSXpVGH
VXSHUSRQHUOtQHDVFRQUDQJRVGHGLVWULEXFLyQSDUDWRGDVODVHVSHFLHVOOHJyDODFRQFOXVLyQGHTXHSRUORPHQRV
HOGHODVHVSHFLHVDQDOL]DGDVREHGHFHQDDOJXQRGHORVFXDWURSDWURQHVSURSXHVWRV(QOD)LJVHSXHGH
REVHUYDUTXHHOSDWUyQ$HVSHFLHVPD\RUPHQWHFKDTXHxDVQROOHJDQDWHQHUFRQWDFWRFRQOD]RQDGHO&$0
HOSDWUyQ%FRQIRUPDGRSRUHVSHFLHVDPD]yQLFDVFRQUDQJRVGHGLVWULEXFLyQEDVWDQWHDPSOLRV\FRQOtPLWH
RHVWHSDUDXQDJUDQSDUWHGHODVHVSHFLHVKDFLDOD]RQDGHOVXEDQGLQR\<XQJDVHQHOSDWUyQ&VHPXHVWUDQORV
UDQJRVSDUDODIDXQDDQGLQDREVHUYiQGRVHOtPLWHVGHGLVWULEXFLyQ(VWHEDMDQGRDORV<XQJDV\QDOPHQWHODV
HVSHFLHVTXHVHHQIRFDQHQHOSDWUyQ'SUHVHQWDQXQDGLVWULEXFLyQVLJXLHQGRODLQFOLQDFLyQHVWHGHORV$QGHV
PXFKDVHVSHFLHVSUHVHQWDQGLVWULEXFLyQPiVUHVWULQJLGDFRLQFLGLHQGRUHODWLYDPHQWHVXVOtPLWHVFRQORVOtPLWHV
GHO&$0\H[WHQGLHQGRVXGLVWULEXFLyQKDFLDHO3HU~VLJXLHQGRODFRUGLOOHUD
(OFRPSRUWDPLHQWRHQJHQHUDOGHODGLYHUVLGDGGHPDPtIHURVWLHQGHDFRQFHQWUDUVHHQ]RQDVFiOLGDV\QRU
PDOPHQWHKDFLDWLHUUDVEDMDVHOERVTXH$PD]yQLFRH[KLEHODPiVDOWDGLYHUVLGDGGHHVSHFLHVHQOD)LJVH
REVHUYDQDOJXQRVSDWURQHVGHGLYHUVLGDGGHODPDVWRIDXQDVHJ~Q]RQDVELRJHRJUiFDVJHQHUDOL]DGDVHQHVWH
VHQWLGR$QGHUVRQLQGLFDTXHGHODVHVSHFLHVQDWLYDVUHJLVWUDGDVHQ%ROLYLDHQDTXHOHQWRQFHVHO
VHGLVWULEX\HHQORVERVTXHVGH<XQJDV\HOHQWUHORVERVTXHVDPD]yQLFRVGHOQRUWH\ORVERVTXHV
6XEWURSLFDOHVJUDGLHQWHHQWUHOD]RQDEDMDGHORV<XQJDV\ODOODQXUD(VWXGLRVPiVUHFLHQWHVGH6DOD]DUHWDO
LQGLFDQHVSHFLHVGHPDPtIHURVSDUD%ROLYLDDVFHQGLHQGRHVWHQ~PHURDFRQHOGHVFXEULPLHQWR
GHXQDQXHYDHVSHFLHGHPRQRHQHO3DUTXH1DFLRQDO0DGLGL:DOODFHHWDODXQTXHQRVHKDQUHDOL]DGR
HVWXGLRVSDUDDQDOL]DUVLODSURSRUFLyQHQODGLVWULEXFLyQVHPDQWLHQHLJXDOHQUHODFLyQDORVUHVXOWDGRVGH$QGHU
VRQHVGHHVSHUDUTXHHOSDWUyQVHPDQWHQJDUHODWLYDPHQWHLJXDOUHVSDOGDGRVHQTXHODWDVDGHGHVFXEULPLHQWR
GHQXHYDVHVSHFLHVHVDVt
)LJ=RQDVGHUHSUHVHQWDFLyQSDUDODGLYHUVLGDGGHPDPtIHURVVHJ~Q$QGHUVRQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
5HODFLRQHVELRJHRJUiFDV\HQGHPLVPRV
/D ~QLFD HYDOXDFLyQ FRPSOHWD UHDOL]DGD SDUD XQ WD[D HQ FXDQWR D VXV UHODFLRQHV ELRJHRJUiFD IXH SDUD HO
FDVRGHPXUFLpODJRV$JXLUUHHWDO7RPDQGRHQFXHQWDODGLYHUVLGDGHQGLVWLQWDV]RQDVELRJHRJUiFDV
VLJXLHQGRODFODVLFDFLyQGH1DYDUUR\0DOGRQDGRODSURYLQFLDGHORV<XQJDVHVPiVVLPLODUDODSUR
YLQFLDGH%RVTXH7XFXPDQR\PiVGLVWLQWDDODSURYLQFLDGHO$FUH0DGUHGH'LRV3RUORTXHODFRPSRVLFLyQ
GHODIDXQD\XQJXHxDSRUORPHQRVHQHOFDVRGHORVPXUFLpODJRVDXQTXHFRQWLHQHHOHPHQWRVGHORVERVTXHV
DPD]yQLFRVSDUHFHWHQHUPiVUHODFLyQFRQODGLVWULEXFLyQGHORVERVTXHVPRQWDQRVPLVPRV
(QHOSDtVH[LVWHQUHJLVWURVGHHVSHFLHVHQGpPLFDVVLQHPEDUJRDOJXQDVGHHOODVFRQGHWHUPLQDFLyQWD[RQy
PLFDD~QQRELHQGHQLGD$QGHUVRQ 7DULID(VWHSHTXHxRQ~PHURGHHVSHFLHVQRSHUPLWHWHQHUXQD
LGHDFODUDGHORVSDWURQHVGHHQGHPLVPRVSDUDORVPDPtIHURVVLQHPEDUJRVHSXHGHOOHJDUDLGHQWLFDUGRV
]RQDVFODUDVGHFRQFHQWUDFLyQGHHVSHFLHVHQGpPLFDV\FRQFDUDFWHUtVWLFDVHFROyJLFDV~QLFDVTXHSURPXHYHQD
ODHVSHFLDFLyQORFDO
=RQDGHWUDQVLFLyQHQWUHERVTXHVK~PHGRVGH<XQJDV\YDOOHVVHFRVHQ&RFKDEDPED
%RVTXHVGHFLGXRVWUDQVLFLRQDOHVHQHOFHQWURGH6DQWD&UX]
/DVHVSHFLHVHQGpPLFDVFLWDGDVSRU$QGHUVRQ 7DULIDGLVWULEXLGDVHQOD]RQDGHO&$0VHLQGLFDQD
FRQWLQXDFLyQ
0DUPRVRSVGRURWKHDUHSRUWDGDSDUDORVERVTXHVK~PHGRVGH<XQJDVP\ODVWLHUUDViULGDV
PiVEDMDVGHOSLHGHPRQWHGH6DQWD&UX]DP
&DOOLFHEXVPRGHVWXV\&RODOODHH[LVWHQUHJLVWURVVyORSDUDHOGHSDUWDPHQWRGHO%HQLFRQODORFDOLGDG
WLSRHQODVFHUFDQtDVGH6DQWD5RVDFRQXQDGLVWULEXFLyQUHVWULQJLGDDORVERVTXHVDVRFLDGRVDVDEDQDV
\ERVTXHVULEHUHxRV
7KRPDVRP\VODGHZLFRQRFLGDSDUDERVTXHVGH<XQJDVORVUHSRUWHVHVSHFtFRVVHVLW~DQSDUDHOYDOOH
GHO5tR8QGXDYL\VXWULEXWDULRHO5tR$FHUDPDUFDDHOHYDFLRQHVHQWUH\P
$NRGRQGD\LHVXQDHVSHFLHPHMRUFRQRFLGDFRQUHODFLyQDVXGLVWULEXFLyQH[LVWHQUHJLVWURVSDUDORV
GHSDUWDPHQWRVGH&RFKDEDPED6DQWD&UX]/D3D]%HQL\3DQGRRVFLODQGRHQWUHHOHYDFLRQHVGH
PHQERVTXHGH<XQJDV\ERVTXHGHWLHUUDVEDMDV
$NRGRQVLEHULDHORVUHJLVWURVGHHVWDHVSHFLHHVWiQSDUDVHLVORFDOLGDGHVHQHOERVTXHPRQWDQRK~PHGR
\QXEODGRGH6LEHULDHQWUH\PSUy[LPRDODIURQWHUDHQWUH&RFKDEDPED\6DQWD&UX]
2[\P\FWHUXVKXFXFKDHVSHFLHFRQRFLGDSDUDDOJXQDVORFDOLGDGHVHQHOERVTXHPRQWDQRK~PHGR\QX
EODGRGH6LEHULDHQWUH\PSUy[LPRDODIURQWHUDHQWUH&RFKDEDPED\6DQWD&UX]
&KLEFKDQRP\VQVSUHJLVWUDGDHQHOERVTXHPRQWDQRK~PHGRGHO9DOOHGHO=RQJRDP6XVWDWXV
GHHQGHPLVPRSDUD%ROLYLDQHFHVLWDVHUYHULFDGR
$EURFRPDEROLYLHQVLVFRQRFLGDVyORSDUDGRV ORFDOLGDGHVHQODVFHUFDQtDVD&RPDUDSD'SWR6DQWD
&UX](OKiELWDWGHXQDGHHVWDVORFDOLGDGHVSHUWHQHFtDDXQDODGHUDURFRVDFRQHOHYDFLyQGHP
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
/RV<XQJDVPXHVWUDQXQDPD\RUFRQFHQWUDFLyQGHHQGHPLVPRVLQHPEDUJRODVHVSHFLHVHQGpPLFDVHQPXFKRV
FDVRVQRVyORVHUHVWULQJHQDORV<XQJDVHQ%ROLYLDVLQRWDPELpQKDFLDHO3HU~\DTXHQRH[LVWHQEDUUHUDV
JHRJUiFDVGHLPSRUWDQFLDTXHOLPLWHQHOPRYLPLHQWRGHODVSREODFLRQHVHVSHFLDOPHQWHSDUDHOFDVRGHJUDQGHV
PDPtIHURV
(QHVWHVHQWLGRHVSRVLEOHDUPDUTXHGHODVHVSHFLHVGHURHGRUHV\PDUVXSLDOHVHQGpPLFDVSDUD%ROLYLD
RFKRVHGLVWULEX\HQSDUDOD]RQDGHORV<XQJDV'RVHVSHFLHVGHSULPDWHVWLHQHQXQDGLVWULEXFLyQFHUFDQDDOD
FRUGLOOHUD$QGLQD6DOD]DU%UDYR (PPRQV
'HPDQHUDJHQHUDOORV<XQJDVIXQFLRQDQFRPRXQDHVSHFLHGHUHIXJLRSDUDORVPDPtIHURVVHJ~Q3DWWRQHWDO
ODSURQXQFLDGDYDULDFLyQDOWLWXGLQDO\ODLQWHUVHFFLyQYHUWLFDOFRQDOJXQRVYDOOHVKDQIDYRUHFLGRDOD
HYROXFLyQORFDOGHSHTXHxRVPDPtIHURVXQHMHPSORFODURGHHVWRHVHOURHGRU$NRGRQVLEHULDHTXHHVFRQRFLGR
VyORSDUDHOERVTXHQXEODGRGH6LEHULD
$SXQWHVVREUHPRYLPLHQWRGHSREODFLRQHVHIHFWRV\QHFHVLGDGHVGHQWURGHO
&RUUHGRU
'HELGRDODIDOWDGHLQIRUPDFLyQH[LVWHQWHQRHVSRVLEOHGHWHUPLQDUFRPRVXFHGHQORVPRYLPLHQWRVGHODVSR
EODFLRQHVGHPDPtIHURVHQHOiUHDGHO&$0$SXQWHVJHQHUDOHVSHUPLWHQRIUHFHUDOJXQRVGDWRV
(VSHFLHVWtSLFDVDPD]yQLFDVRGHWLHUUDVEDMDVSRGUtDQUHDOL]DUPRYLPLHQWRVDOWLWXGLQDOHV\DTXHVXVUDQJRV
GHGLVWULEXFLyQHQORV~OWLPRVDxRVKDQYDULDGRDOVHUUHJLVWUDGRVDDOWLWXGHVSRFRXVXDOHVSDUDHVWDVHVSHFLHV
(VWRVPRYLPLHQWRVKDFLDWLHUUDVDOWDVSUREDEOHPHQWHVHDQGHFDUiFWHUWHPSRUDO\VXFHGDQSRUSHULRGRVGH
LQXQGDFLyQUHIXJLRHQDOJXQRVFDVRV\E~VTXHGDGHDOLPHQWRVHQRWURV
7DEOD/tPLWHDOWLWXGLQDOVXSHULRUSDUDDOJXQDVHVSHFLHVWtSLFDVGHWLHUUDVEDMDV
(VSHFLH
7DSLUXVWHUUHVWULV
$WHOHVFKDPHN
3DQWKHUDRQFD
0D]DPDDPHULFDQD
1RPEUH&RP~Q
7DSLUR$QWD
0RQRDUDxD
7LJUH
+XDVR
/tPLWHDOWLWXGLQDOVXSHULRU
P
+DVWDORV
+DVWDORV
+DVWDORV
+DVWDORV
)XHQWH(PPRQV$QGHUVRQ
'HLJXDOPDQHUDVHSXHGHQREVHUYDUPRYLPLHQWRVHVSHFLHVDQGLQDVKDFLDWLHUUDVEDMDVSHMVHWLHQHQUHJLV
WURVVREUHHOXVRGHKiELWDWGHORVRDQGLQRRMXFXPDUL7UHPDUFWRVRUQDWXVHQHO3DUTXH1DFLRQDO$PERUy
D GLVWLQWRV SLVRV DOWLWXGLQDOHV GHVGH ORV P KDVWD ORV P WHQLHQGR PDUFDGD SUHIHUHQFLD SRU ODV
DOWXUDVVXSHULRUHVDORVP(XOHUW3UREDEOHPHQWHHOMXFXPDULHVXQDGHODVHVSHFLHVWtSLFDVGH
FRUUHGRUHVELROyJLFRVUHDOL]DQGRPRYLPLHQWRVDOWLWXGLQDOHV\ODWLWXGLQDOHV
$OJXQDVHVSHFLHVXWLOL]DQODEDVHGHORVDQGHVR]RQDVVXSHULRUHVFRPRUHIXJLRHQFDVRVGHSpUGLGDGHKiELWDW
SHUWXUEDFLyQKXPDQDR WDPELpQVHJ~Q OD GLVSRQLELOLGDG GH DOLPHQWRV (Q DOJXQRV OXJDUHV FRPR HO 3DUTXH
1DFLRQDO$PERUyR&DUUDVFRHVSHFLHVFRPRHOWURSHUR7D\DVVXSHFDULTXHHQGpFDGDVDQWHULRUHVVHSRGtDQ
HQFRQWUDUFRQUHODWLYDIDFLOLGDGHQWLHUUDVEDMDVDFWXDOPHQWHVRQPX\GLItFLOHVGHUHJLVWUDU\QRUPDOPHQWHVH
HQFXHQWUDQKDFLDHOLQWHULRUGHORVSDUTXHVHQHOSLHGHPRQWHDQGLQR\DDOWXUDVVXSHULRUHVDORVP(QRWUR
FDVR3DLVOH\DOUHDOL]DUVHJXLPLHQWRGHGRVRVRVDQGLQRVFRQUDGLRWHOHPHWUtDQRUHJLVWUyVHxDOSRU
PHVHVORTXHSRGUtDKDFHUSHQVDUTXHEDMDURQKDFLDOXJDUHVGRQGHODDEXQGDQFLDGHRWURVUHFXUVRVFRPR
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
3DWURQHVGHGLYHUVLGDG\HQGHPLVPRGHRUD\IDXQD
&1RZLFNL 3/,ELVFK
/RV$QGHVWURSLFDOHVVREUHVDOHQDQLYHOPXQGLDOSRUVXDOWDGLYHUVLGDG\HQGHPLVPRGHHVSHFLHV(Q%ROLYLDHO
&RUUHGRU$PERUy0DGLGLIRUPDSDUWHGHHVWHFHQWURGHGLYHUVLGDGELROyJLFDDQLYHOPXQGLDO(QXQHVIXHU]R
SRUHODERUDUPDSDVVREUHSDWURQHVGHGLYHUVLGDG\HQGHPLVPRGHHVSHFLHVSDUD%ROLYLDUHDOL]DGRVFRQ%,20
%LRFOLPDWLF0RGHOIRUWKHH[WUDSRODWLRQRIVSHFLHVUDQJHVDQGGLYHUVLW\SDWWHUQV6RPPHUHWDO1RZLFNL
SDUDWD[DGLIHUHQWHVHQWUHRUD\IDXQDFRQUPDQFODUDPHQWHODLPSRUWDQFLDGHO&$0HQ%ROLYLD
FRPRXQD]RQDFODYHSDUDODELRGLYHUVLGDGGDGDVXDOWDGLYHUVLGDGGHHVSHFLHV\VXVYDORUHVHOHYDGRVGHULTXH]D
GHHQGHPLVPR
/RV UHVXOWDGRV GH HVWH DQiOLVLV LQWHQVLYR GH ORV SDWURQHV GH GLVWULEXFLyQ GH PLOHV GH HVSHFLHV HO HQVD\R GH
PDSHRGHELRGLYHUVLGDGPiVJUDQGHUHDOL]DGRKDVWDHOPRPHQWRFRQUPDODVWHQGHQFLDVFXDOLWDWLYDPHQWHGHV
FULWDVHQGLIHUHQWHVREUDVDFHUFDGHODGLVWULEXFLyQGHODGLYHUVLGDGELROyJLFDGH%ROLYLDYHUSHMWH[WRDFHUFD
GHODRUDGHO&$07DPELpQVHSXHGHQYHUTXHORVPDSDVDTXtSUHVHQWDGRVQRHVWiQVHVJDGRVSRUODIDOWD
GHFRQRFLPLHQWR\FROHFFLyQGHHVSHFLPHQHVHQSDUWHVGHOWHUULWRULR/RVUHVXOWDGRVWDPSRFRUHHMDQSDWURQHV
GHLQIUDHVWUXFWXUD\DFFHVLELOLGDGVLQRPiVELHQSDWURQHVFOLPDWROyJLFRV\WRSRJUiFRVUHVXOWDGRVTXHYDQ
FRQIRUPHFRQODVREVHUYDFLRQHV\H[SOLFDFLRQHVGHODGLVWULEXFLyQGHODGLYHUVLGDG7DPELpQGHEHFRQVLGHUDUVH
TXHVHWUDWDGHPDSDVGHSDWURQHVGHULTXH]DGHHVSHFLHV\ULTXH]DGHHQGHPLVPRSRWHQFLDOTXHQRWLHQHQHQ
FXHQWDHOHVWDGRDFWXDOGHFRQVHUYDFLyQ\SRUORWDQWRWDPSRFRODSpUGLGDGHGLYHUVLGDGHQiUHDVIXHUWHPHQWH
LQWHUYHQLGDVSRUHOKXPDQR
(QWpUPLQRVJHQHUDOHVORVUHVXOWDGRVVREUHULTXH]DDEVROXWDGHHVSHFLHV\ULTXH]DGHHQGHPLVPRFRQVLGHUDQGR
GLIHUHQWHVWD[DHQWUHRUD\IDXQDVHSUHVHQWDQDFRQWLQXDFLyQ
D3DWURQHVGHULTXH]DGHHVSHFLHV
(ODQiOLVLVGHORVSDWURQHVGHODULTXH]DGHHVSHFLHVSDUD%ROLYLDPXHVWUDXQGHVHTXLOLEULRPDUFDGRHQVXGLVWUL
EXFLyQPDSD&RPRPi[LPRDEVROXWRGHODGLYHUVLGDGHPHUJHODYHUWLHQWHQRURFFLGHQWDOTXHFRUUHVSRQGH
FRQHOiUHDGHO&RUUHGRU$PERUy0DGLGL&RQXQPi[LPRGHHVSHFLHVH[WUDSRODGDVHQVyORXQDFHOGD
DUFPLQ NP
NPORV<XQJDVGH/D3D]RFXSDQHOSULPHUOXJDUHQFXDQWRDODULTXH]DGHHVSHFLHVHQ
%ROLYLD+DFLDHOVXGHVWHGHODYHUWLHQWH\KDFLDDOFRGRGHORV$QGHVEDMDHOSURPHGLRGHODULTXH]DGHHVSHFLHV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
FRQWLQXDPHQWHSHUROOHJDHQDOJXQDVFHOGDVFRPRSRUHMHPSORHQHO3DUTXH1DFLRQDO$PERUyWRGDYtDKDVWD
HVSHFLHV
(OSDWUyQGHGLVWULEXFLyQHVSHFtFRSDUDRUD)LJDPXHVWUDXQDPX\DOWDGLYHUVLGDGGHHVSHFLHVGHQWURGH
ORVOtPLWHVGHO&$0(QJHQHUDODQLYHOGH%ROLYLDVREUHVDOHQORV%RVTXHVGHO6XEDQGLQR\ORV<XQJDVSRUVX
PD\RUFRQFHQWUDFLyQGHHVSHFLHV/RV<XQJDVGH/D3D]HQHVSHFLDOSXHGHQFRQVLGHUDUVHFRPRHOFHQWURGH
PD\RUGLYHUVLGDGRUtVWLFDGHOSDtV(QHOSDWUyQJHQHUDOGHGLVWULEXFLyQGHODRUDLJXDOPHQWHVHREVHUYDXQ
JUDGLHQWHHQODULTXH]DGHHVSHFLHVTXHGLVPLQX\HKDFLDHOFRGRGHORV$QGHV
3RURWURODGRODULTXH]DGHHVSHFLHVHQIDXQD)LJEPXHVWUDIXHUDGHORVOtPLWHVGHO&$0XQSDWUyQGLIH
UHQWHDOGHRUD$QLYHOGH%ROLYLDHO&$0VLJXHVREUHVDOLHQGRSRUVXDOWDULTXH]DGHHVSHFLHVHVSHFLDOPHQWH
HQORV%RVTXHVGHO6XEDQGLQR\<XQJDVGH/D3D]VLQHPEDUJRWDPELpQVHREVHUYDXQDDOWDFRQFHQWUDFLyQGH
HVSHFLHVIXHUDGHORVOtPLWHVGHO&$0HQHOiUHDGHWUDQVLFLyQHQWUHORV/ODQRVGH0R[RV%RVTXHV$PD]yQLFRV
GHO0DPRUp\HO&HUUDGR%HQLDQR
E3DWURQHVGHULTXH]DGHHQGHPLVPR
(OGHVHTXLOLEULRHQODGLVWULEXFLyQGHHVSHFLHVVHQRWDDXQPiVHQUHODFLyQDOHQGHPLVPRPDSHDGRFRPRUL
TXH]DGHHQGHPLVPRPDSD/RVYDORUHVPi[LPRVVHHQFXHQWUDQRWUDYH]HQODYHUWLHQWHQRURFFLGHQWDOGH
ORV$QGHV=RQDVGHPiVDOWDULTXH]DGHHQGHPLVPRVRQOD&RUGLOOHUDGH&RWDSDWDVLWXDGDHQORV<XQJDVGH/D
3D]HO&KDSDUHHQHOGHSDUWDPHQWRGH&RFKDEDPED\/D6LEHULDHQWUHORVGHSDUWDPHQWRV&RFKDEDPED\6DQWD
&UX](VWHPLVPRSDWUyQVHSXHGHREVHUYDUSDUDHOFDVRGHRUD)LJFDODQDOL]DUORVSDWURQHVGHULTXH]D
GHHQGHPLVPRSDUDRUD\IDXQDSRUVHSDUDGR
/RVSDWURQHVGHULTXH]DGHHQGHPLVPRHQ%ROLYLDSDUDIDXQD)LJGSUHVHQWDQYDORUHVDOWRVHQWRGDHOiUHD
GHO&$0JUDQSDUWHGHOD$PD]RQLDORV9DOOHV6HFRV,QWHUDQGLQRV\HO%RVTXH7XFXPDQR%ROLYLDQR6LQ
HPEDUJRORVFHQWURVGHPD\RUULTXH]DGHHQGHPLVPRHQ%ROLYLDVHXELFDQHQHO&$0HQORV<XQJDVHQWUH
$SROREDPED\0DGLGLOD&RUGLOOHUDGH&RWDSDWDVLWXDGDHQORV<XQJDVGH/D3D]\OD]RQD$OWDPDFKLHQHO
'HSDUWDPHQWRGH&RFKDEDPED
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
&XDOTXLHUHVSHFLHHVWiLQYROXFUDGDHQSURFHVRVELRHFROyJLFRV&ODUDPHQWHDOJXQRVSURFHVRVVRQPiVREVHU
YDEOHV\GHPD\RUPDJQLWXGTXHRWURV\DOJXQDVSRFDVHVSHFLHVWLHQHQXQDLPSRUWDQFLDUHODWLYDPHQWHDOWDSDUD
SURFHVRVGHPD\RUPDJQLWXG3RUHMHPSORODLQWURGXFFLyQGHXQDHVSHFLHTXHMDQLWUyJHQRHQXQHFRVLVWHPD
FDUDFWHUL]DGRSRUODHVFDVH]GHQXWULHQWHVWHQGUtDXQDLPSRUWDQFLDJUDQGHSDUDHOVLVWHPD&KDSLQHWDO
/DPD\RUtDGHORVSURFHVRVHFROyJLFRVUHSUHVHQWDQIXQFLRQHVGHFDUDFWHUtVWLFDVGHGRVRPiVHVSHFLHVTXHQR
VRQPiVTXHODVXPDGHODVIXQFLRQHVGHODVHVSHFLHV\DTXHVRQHVSHFLDOPHQWHODVLQWHUDFFLRQHVHQWUHHVSHFLHV
TXHGHWHUPLQDQODVFDUDFWHUtVWLFDVGHORVHFRVLVWHPDV&KDSLQHWDO,QWHUDFFLRQHVHQWUHHVSHFLHVTXH
SXHGHQLPSDFWDUDOHFRVLVWHPDSRUHMHPSORVRQHOPXWXDOLVPRLQWHUDFFLRQHVWUyFDV\FRPSHWHQFLDFDSDFHV
GHPRGLFDUHOSDVRGHOXMRHQHUJpWLFRRGHORVQXWULHQWHV
6LORVSURFHVRVHFROyJLFRVVRQLPSRUWDQWHVRLPSUHVFLQGLEOHVQRVRODPHQWHSDUDFDPELDUVLQRWDPELpQSDUD
PDQWHQHURWURVHOHPHQWRVGHODELRGLYHUVLGDGRPDQWHQHUVHDVtPLVPRSRGHPRVKDEODUHQWRQFHVGHIXQFLRQHV
HFROyJLFDV
6LHQXQHFRVLVWHPDRHQXQFRPSOHMRGHHFRVLVWHPDVPHWDHFRVLVWHPDFRPSDUDU/RUHDXHWDOODV
IXQFLRQHVHVWiQLQWDFWDVVHSXHGHGHFLUTXHHOVLVWHPDHVIXQFLRQDO2EYLDPHQWHXQVLVWHPDIXQFLRQDOQRHV
HVWiWLFRVLQRPiVELHQODLQWHUDFFLyQGHORVGLIHUHQWHVSURFHVRVELRHFROyJLFRV\WDPELpQORVSURFHVRVJHRItVLFRV
KDFHQTXHHOVLVWHPDFDPELHVXHVWDGR(QHOFRQWH[WRGHODFRQVHUYDFLyQODIXQFLRQDOLGDGGHORVHFRVLVWHPDV
UHSUHVHQWDXQPX\DOWRYDORU(VSRVLEOHFRQVHUYDUXQHFRVLVWHPDWUDWDQGRGHPDQWHQHUVXHVWUXFWXUDSRUOR
PHQRVGXUDQWHXQFLHUWRWLHPSRSHURVLFDPELDQRVHSLHUGHQVXVIXQFLRQHVHFROyJLFDVFLHUWDPHQWHDORODUJR
HOVLVWHPDHVWDUiFRQYHUWLGRGHJUDGDGRHQXQRWURVLVWHPDVXSXHVWDPHQWHFRQPHQRVSURFHVRVHFROyJLFRV\
FRQXQDHVWUXFWXUDPiVVLPSOH7DOFRPRXQDSREODFLyQGHXQDHVSHFLHHVYLDEOHVRODPHQWHVLFXHQWDFRQXQ
Q~PHURPtQLPRGHLQGLYLGXRV\XQDGLYHUVLGDGJHQpWLFDPtQLPD/RVHFRVLVWHPDVVRQYLDEOHV~QLFDPHQWHVLVH
PDQWLHQHXQMXHJRPtQLPRGHIXQFLRQHVHFROyJLFDV
3RVLEOHPHQWHXQHFRVLVWHPDSXHGHSHUGHUXQDVFXDQWDVHVSHFLHV\XQRVSURFHVRVHFROyJLFRVVLQLQPHGLDWDPHQ
WHFDPELDUVXHVWUXFWXUD\FDUDFWHUtVWLFDV-XVWDPHQWHHVWDSUHJXQWDHVWUDWDGDSRUXQDVXEGLVFLSOLQDUHFLHQWH
\PX\DFWLYDGHODHFRORJtDTXHWUDWDGHHQWHQGHUFXiQWRODIXQFLRQDOLGDGGHORVHFRVLVWHPDVGHSHQGHGHOD
FDQWLGDG\FDOLGDGGHODELRGLYHUVLGDG/RUHDX/RUHDXHWDODEF1DHHPHWDO*LOOHU
HWDO3DUHFHTXHODGLYHUVLGDGGHWLSRVIXQFLRQDOHVHVLPSRUWDQWHSDUDODVIXQFLRQHVGHORVHFRVLVWHPDV
SHURVLQHPEDUJRHVSRFRSUREDEOHTXHFDGDXQDGHODVHVSHFLHVGHXQHFRVLVWHPDHVSHFLDOPHQWHHQHOFDVRGH
ORVPX\GLYHUVRVWHQJDXQUROPX\LPSRUWDQWH,QFOXVRKD\WD[DPX\GLYHUVRVWDPELpQHQHOiUHDGHO&$0
FRPRODVRUTXtGHDVTXHVRQUHFXUVRVLPSRUWDQWHVSDUDPX\SRFDVRWUDVHVSHFLHVFX\DHOLPLQDFLyQSRVLEOHPHQWH
QRDIHFWDUtDODIXQFLRQDOLGDGGHOHFRVLVWHPDHQODTXHYLYHQ,ELVFK
([LVWHODLGHDTXHODELRGLYHUVLGDGSRGUtDUHSUHVHQWDUXQVHJXURLPSRUWDQWHSDUDHQIUHQWDUORVFDPELRVDP
ELHQWDOHVIXWXURV(YHQZKHQKLJKGLYHUVLW\LVQRWFULWLFDOIRUPDLQWDLQLQJHFRV\VWHPSURFHVVHVXQGHUFRQVWDQW
RUEHQLJQHQYLURQPHQWDOFRQGLWLRQVLWPLJKWQHYHUWKHOHVVEHLPSRUWDQWIRUPDLQWDLQLQJWKHPXQGHUFKDQJLQJ
FRQGLWLRQV/RUHDXHWDO+D\KLSyWHVLVHLQGLFLRVUHIHUHQWHVDOWHPDSHURQLQJ~QGDWRVHJXUR$VGL
YHUVLW\LQFUHDVHVWKHYDULDELOLW\RILQGLYLGXDOSRSXODWLRQVPD\LQFUHDVHDVDUHVXOWRIWKHGHVWDELOL]LQJLQXHQFH
RIVWURQJVSHFLHVLQWHUDFWLRQVLQWHUQDOWRWKHV\VWHPEXWWKHYDULDELOLW\RIDJJUHJDWHHFRV\VWHPSURSHUWLHVRIWHQ
GHFUHDVHVEHFDXVHRIWKHVWDELOL]LQJLQXHQFHRIDV\QFKURQRXVVSHFLHVUHVSRQVHVWRLQWULQVLFRUH[WULQVLFHQ
YLURQPHQWDOXFWXDWLRQV:KDWUHPDLQVXQFOHDUKRZHYHULVZKHWKHUWKLVVWDELOL]LQJHIIHFWVDWXUDWHVDWORZRU
KLJKGLYHUVLW\ZKLFKGHSHQGVRQPRGHOFRQGLWLRQV/RUHDXHWDO
$PHWDHFRV\VWHPLVGHQHGDVDVHWRIHFRV\VWHPVFRQQHFWHGE\VSDWLDORZVRIHQHUJ\PDWHULDOVDQGRUJDQLVPVDFURVVHFRV\VWHP
ERXQGDULHV/RUHDXHWDO6LJXLHQGRHVWHFRQFHSWRODVHFRUUHJLRQHVSRGUtDQHQWHQGHUVHFRPRPHWDHFRVLVWHPDV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'HWRGDVPDQHUDVODGLVFXVLyQLQWHQVLYDGHODLQWHUDFFLyQELRGLYHUVLGDGIXQFLRQDOLGDGGHHFRVLVWHPDVFRQ
WULEX\HDXQFDPELRGHHQIRTXHUHOHYDQWHSDUDODLQYHVWLJDFLyQ\WDPELpQODFRQVHUYDFLyQ6KLIWWKHIRFXVRI
LQYHVWLJDWLRQIURPDVSHFLHVULFKQHVVFHQWUHGDSSURDFKWRDEURDGHUFRQVLGHUDWLRQRIWKHPXOWLIDULRXVDVSHFWV
RIELRGLYHUVLW\WKDWPD\ZHOOEHFULWLFDOWRXQGHUVWDQGLQJHIIHFWVRIELRGLYHUVLW\FKDQJHVRQRYHUDOOHFRV\VWHP
IXQFWLRQLQJ*LOOHUHWDO
(QORVVLJXLHQWHVVXEFDStWXORVVHGHVFULEHQSURFHVRV\IXQFLRQHVVHOHFFLRQDGRVTXHWLHQHQUHOHYDQFLDHQHO&$0
\FX\RDQiOLVLVLPSOLFDFRQVHFXHQFLDVSDUDHOGLVHxRGHHVWUDWHJLDVGHFRQVHUYDFLyQ
3URFHVRV\IXQFLRQHVDQLYHOGHHVSHFLHVHYROXFLyQELROyJLFD
0RYLPLHQWR\GHVSOD]DPLHQWRGHRUJDQLVPRV\FRQHFWLYLGDG
0RYLPLHQWRV GH LQGLYLGXRV GH DQLPDOHV \ GLiVSRUDV GH RUJDQLVPRV VpVLOHV GHQWUR GH VX UDQJR GH
GLVWULEXFLyQ
$PSOLDFLyQGHOUDQJRGHGLVWULEXFLyQ
'HVSOD]DPLHQWRGHUDQJRVGHGLVWULEXFLyQ\FDPELRVGHLQWHUDFFLRQHVGHELGRDFDPELRVFOLPiWLFRV
3URFHVRV\IXQFLRQHVDQLYHOGHFRPXQLGDGHVELROyJLFDVHLQWHUDFFLyQGHHVSHFLHV
3ROLQL]DFLyQ
'LVSHUVLyQ]RRFyULFDGHGLiVSRUDV
)XQFLRQHV\SURFHVRVFOLPiWLFRVHKLGUROyJLFRV
&RPRVHYHUiHVSHFLDOPHQWHORVSURFHVRVTXHLQYROXFUDQRUJDQLVPRVHVWiQIXHUWHPHQWHLQWHUUHODFLRQDGRV3RU
HMHPSORXQSURFHVRHFROyJLFRGHLQWHUDFFLyQHQWUHLQGLYLGXRVGHGRVHVSHFLHVFRPRHVODGLVSHUVLyQWLHQHTXH
YHUFRQHOGHVSOD]DPLHQWRGHRUJDQLVPRVSURFHVRELRJHRJUiFRORFXDOSXHGHVHUDOWDPHQWHUHOHYDQWHSDUDHO
RULJHQGHXQDQXHYDHVSHFLHSURFHVRHYROXWLYR/RVFDPELRVFOLPiWLFRVWDPELpQFDXVDUiQHOGHVSOD]DPLHQWR
GHUDQJRVGHGLVWULEXFLyQLPSOLFDQGRTXHXQDQXHYDHVSHFLHDSDUH]FDHQXQHFRVLVWHPDPLHQWUDVRWUDVVHSLHUGDQ
ORTXHFDPELDUtDODVLQWHUDFFLRQHVGHHVSHFLHVHQHOHFRVLVWHPD
3URFHVRV\IXQFLRQHVDQLYHOGHHVSHFLHV(YROXFLyQELROyJLFD
3/,ELVFK 6.UHIW
/DHYROXFLyQGHODYLGDHQHOSODQHWDHQVLHVXQSURFHVRELROyJLFRTXHVHEDVDHQXQVLQItQGHSURFHVRVJHRItVLFRV
ELROyJLFRV\HFROyJLFRV8QRGHORVSURFHVRVPiVVLJQLFDWLYRVGHODHYROXFLyQHVDTXHOODGHODHVSHFLDFLyQ/DV
HVSHFLHVVHRULJLQDQGHELGRDSURFHVRVHFROyJLFRVSRUHMHPSORUHODFLRQDGRVFRQSUHVLRQHVVHOHFWLYDVFDXVDGDV
SRURWUDVHVSHFLHVGHSUHGDGRUHVSROLQL]DGRUHVHQWUHRWURVRFDPELRVDPELHQWDOHVFRQFRQVHFXWLYRFDPELRGH
ORVQLFKRVHFROyJLFRVQLFKHVKLIWLQJFRORQL]DFLyQGHQXHYRVKiELWDWVUDGLDFLyQDGDSWDWLYD\RGHELGRDSUR
FHVRVJHQpWLFRVWDOHVFRPRUHFRPELQDFLyQGHLQIRUPDFLyQJHQpWLFDKLEULGL]DFLyQ\RWURVFRPSDUDUSHM/HYLQ
/DHVSHFLDFLyQGHEHRFXUULUHQXQFRQWH[WRHVSDFLDO\VHFRQRFHQHYHQWRVGHHVSHFLDFLyQDORSiWULFRV\
VLPSiWULFRV/HYLQ(OSURFHVRRSXHVWRGHODHVSHFLDFLyQHVODH[WLQFLyQ'HDOJXQDPDQHUDVRQODVGRV
FDUDVGHODPLVPDPHGDOODDPEDVWLHQHQTXHYHUFRQODGLYHUVLGDGJHQpWLFDHQSREODFLRQHVTXHDXPHQWDQR
GLVPLQX\HQ\VREUHWRGRFRQXMRJHQpWLFRHQWUHPLHPEURVGHSREODFLRQHV\HQWUHSREODFLRQHV/DGLQiPLFDGH
SREODFLRQHVPHWDLQXHQFLDGDSRUDFFLGHQWHVKLVWyULFRVSHMJHRORJtDJHRPRUIRORJtDFDPELRVFOLPiWLFRV
RLPSDFWRVIXHUWHVSRURWUDVHVSHFLHVFRPRHOKXPDQRGHQHVLXQDHVSHFLHPDQWLHQHXQVWDWXTXRSURVSHUDR
SLHUGHFRQUHVSHFWRDOWDPDxRGHVXUDQJRGHGLVWULEXFLyQVXGLYHUVLGDGJHQpWLFD\QDOPHQWHVXYLDELOLGDG(O
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
SUREOHPDSULQFLSDOGHFRQVHUYDFLyQGHSREODFLRQHVYLDEOHVGHHVSHFLHVHVWiUHODFLRQDGRFRQHOWDPDxRGHHVWDV
SREODFLRQHV\VXGLYHUVLGDGJHQpWLFD(QGRJDPLD\KRPRFLJyWLFDHQSREODFLRQHVSHTXHxDVVRQORVIDFWRUHVPiV
LPSRUWDQWHVTXHSXHGHQQRQHFHVDULDPHQWHGHEHQOOHYDUDODH[WLQFLyQ)UDQNKDPHWDO
(YROXFLyQHQHO&$0(QHOiUHDGHO&$0ODDFWLYLGDGHYROXWLYDHVWiQHWDPHQWHUHODFLRQDGDFRQHORULJHQ\
ODH[LVWHQFLDGHORV$QGHV'HVWDFDHOKHFKRTXHHOOHYDQWDPLHQWRGHORV$QGHVJHROyJLFDPHQWHUHFLHQWHHVHO
IDFWRUSULQFLSDOSDUDKDFHUGH%ROLYLDXQSDtVPHJDGLYHUVRFRQPXFKDELRGLYHUVLGDG~QLFD\GLVWLQWD(OSLVR
DQGLQRUHSUHVHQWDHOiUHDGHPD\RUDFWLYLGDGHYROXWLYDDFWXDO/RVPHFDQLVPRVGHJHQHUDFLyQ\PDQWHQLPLHQWR
GHGLYHUVLGDGHQHVWDiUHDWLHQHQTXHYHUFRQ
ODFUHDFLyQGHHFRVLVWHPDVQXHYRVFRQPXFKDVOLFHQFLDVHFROyJLFDVOLEUHVHQHOPRPHQWRGHOOHYDQ
WDPLHQWR DQGLQR TXH SHUPLWLy XQD UDGLDFLyQ DGDSWDWLYD GH JUXSRV FRQ OD SUHGLVSRVLFLyQ UHVSHFWLYD
ODGLYHUVLGDGGHKiELWDWVSRUODJHRGLYHUVLGDGFOLPDJHRORJtDVXHORV\JUDGLHQWHVDPELHQWDOHVPX\
SURQXQFLDGRVDFRUWDGLVWDQFLD
ODSHUPDQHQWHGLQiPLFDQDWXUDOGHORVKiELWDWVDQLYHOPLFURSRUSURFHVRVJHRPRUIROyJLFRVFRPRHUR
VLyQGHUUXPEHVVHGLPHQWDFLyQHWFTXHSHUPLWHODFRH[LVWHQFLDGHGLIHUHQWHVH[SUHVLRQHVVXFHVLRQDOHV
GHFRPXQLGDGHVELROyJLFDV\TXHDXPHQWDODPLVPDGLYHUVLGDGGHKiELWDWV
ODPH]FODGHHOHPHQWRVELRJHRJUiFRVPX\GLVWLQWRVTXHHQWUHRWURVFDXVyODQHFHVLGDGRSRVLELOLGDG
GHQXHYDVLQWHUDFFLRQHVELyWLFDV
ODFUHDFLyQGHDPELHQWHVPX\K~PHGRV\WHPSODGRVHQORV<XQJDVEHQHFLDQGRDXQDJUDQGLYHUVLGDG
GHIRUPDVGHYLGDGHSODQWDV\ODFRH[LVWHQFLDGHXQJUDQQ~PHURGHHVSHFLHVSRUODKXPHGDGWDPELpQ
FUHDFLyQGHODSRVLELOLGDGGHFRORQL]DUHOHVSDFLRHSLItWLFRFX\DVFDUDFWHUtVWLFDVGHKiELWDWWDPELpQHV
WLPXODQODJHQHUDFLyQ\HOPDQWHQLPLHQWRGHGLYHUVLGDG
ODHVWDELOLGDGFOLPiWLFDDQLYHOORFDOTXHPLWLJDHOULHVJRGHH[WLQFLRQHVHQWLHPSRVGHFDPELRVFOLPiWL
FRV
ORVFDPELRVFOLPiWLFRVSHULyGLFRVTXHKDQOOHYDGRDODLVODPLHQWR\RPRYLPLHQWRVIRU]DGRVGHSREOD
FLRQHV\VXVUDQJRVSURPRYLHQGRODHVSHFLDFLyQHVSHFLDOPHQWHHQWD[DTXHWLHQGHQDWHQHUGLFXOWDGHV
HQPDQWHQHUHOXMRJHQpWLFRSHM2UFKLGDFHDHVXEIDPLOLD3LWFDLUQRLGHDHGHODV%URPHOLDFHDH
ODDOWDSUREDELOLGDGGHDLVODPLHQWRJHRJUiFRSRUFDGHQDVPRQWDxRVDV\HOHIHFWRIXQGDGRUHQFDVRV
GHLQGLYLGXRVRGLiVSRUDVTXHORJUDQFRORQL]DUXQDQXHYDiUHD(VWHIDFWRUVHUtDPiVLPSRUWDQWHHQORV
YDOOHVLQWHUDQGLQRVSHURWDPELpQVHDSOLFDHQORV<XQJDV&RPSDUDUWDPELpQ*HQWU\,ELVFK
VXEFDStWXORVDQWHULRUHV,ELVFKHWDO
9DULRVSXQWRVDQWHULRUPHQWHPHQFLRQDGRVVHUHHUHQDPRYLPLHQWRVGHHVSHFLHVSREODFLRQHVLQGLYLGXRVR
PDWHULDOJHQpWLFR(VWRVPRYLPLHQWRVGHWHUPLQDQVLH[LVWHRQRXMRJHQpWLFRHQWUHiUHDVGRQGHODHVSHFLH\D
H[LVWtDRQR7RGDVODVGLIHUHQWHVFODVHVGHXMRV\PRYLPLHQWRVHVSDFLRWHPSRUDOHVSXHGHQVHUODWLWXGLQDOHVR
DOWLWXGLQDOHV0LHQWUDVODVPLJUDFLRQHVFRQWULEX\HQPiVDODPDQXWHQFLyQGHODGLYHUVLGDGDFWXDOODGLVSHUVLyQ
IDFLOLWDODPDQXWHQFLyQGHODGLYHUVLGDGWDQWRFRPRODHYROXFLyQGHQXHYDVHVSHFLHVDWUDYpVGHSREODFLRQHV
IXQGDGRUDV SRU RWUR ODGR XQD FDSDFLGDG SDUD GLVSHUVLyQ EDMD LJXDO SXHGH IDFLOLWDU HYROXFLyQ D WUDYpV GH
DLVODPLHQWRJHRJUiFR'HVWDFiQGRVHODLPSRUWDQFLDGHORVSURFHVRVUHODFLRQDGRVFRQPRYLPLHQWRVHVSHFLHV
SREODFLRQHVLQGLYLGXRVRPDWHULDOJHQpWLFRORVPLVPRVTXHHVWDUiQDQDOL]DGRVPiVDGHWDOOHHQODVVLJXLHQWHV
VHFFLRQHVGHOSUHVHQWHFDStWXOR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
&RQFOXVLRQHVSDUDODFRQVHUYDFLyQHQHO&$0
'HELGRDTXHHQHO&$0VHHQFXHQWUDHOFHQWUREROLYLDQRGHHVSHFLHVFRQUDQJRVPX\UHVWULQJLGRVGHODVFXDOHV
XQDPD\RUtDHYROXFLRQyHQWLHPSRVUHFLHQWHVHQHOiUHDGHVXDFWXDOGLVWULEXFLyQGHEHGHVWDFDUVHODVREUHVD
OLHQWHLPSRUWDQFLDGHFRQVHUYDUORVSURFHVRVHYROXWLYRVHQODUHJLyQ1RKD\RWUDUHJLyQHQ%ROLYLDGRQGHOD
FRQVHUYDFLyQGHSURFHVRVHYROXWLYRVWHQJDXQDUHOHYDQFLDFRPSDUDWLYD(OPDSDGHULTXH]DGHHQGHPLVPRYDORU
&PXHVWUDTXHHQWRGDHOiUHDKD\YDORUHVDOWRVLQGLFDQGRXQDDFWLYLGDGHYROXWLYDHOHYDGD&ODUDPHQWHKD\
DOJXQRVFHQWURVGRQGHVHUHJLVWUDODDFWLYLGDGPiVDOWD1DWXUDOPHQWHHVWDViUHDVUHTXLHUHQGHPD\RUDWHQFLyQ
HQODHVWUDWHJLDUHJLRQDOGHFRQVHUYDFLyQWRPDQGRODVFRPXQLGDGHVELROyJLFDVULFDVHQHVSHFLHVORFDOPHQWHHQ
GpPLFDVFRPRREMHWRVGHFRQVHUYDFLyQ,GHDOPHQWHODViUHDVUHVSHFWLYDVGHEHQSURWHJHUVHGHXQDPDQHUDPiV
RPHQRVLQWHQVLYD(OREMHWLYRGHFRQVHUYDFLyQQRVHUtDVRODPHQWHPDQWHQHUODVHVSHFLHVORFDOPHQWHHQGpPLFDV
PXFKDVYHFHVFDUDFWHUL]DGDVSRUSREODFLRQHVEDVWDQWHSHTXHxDVVLQRFRQVHUYDUODVFRPRVLVWHPDVTXHHQHO
IXWXURSRWHQFLDOPHQWHVHJXLUiQHYROXFLRQDQGROOHYDQGRDPiV\VREUHWRGRGLVWLQWDVHVSHFLHV
0RYLPLHQWR\GHVSOD]DPLHQWRGHRUJDQLVPRV\FRQHFWLYLGDG
3/,ELVFK 6.UHIW
8QDFDUDFWHUtVWLFDLPSRUWDQWHGHORVHFRVLVWHPDVFRQWLQHQWDOHVHVTXHODVFRPXQLGDGHVELROyJLFDVQRVRQPX\
HVWDEOHVFRQUHVSHFWRDVXFRPSRVLFLyQSXHGHQ\GHEHQUHDFFLRQDUGHPDQHUDGLQiPLFDDORVFDPELRVGHODV
FRQGLFLRQHVDPELHQWDOHVTXHVHSUHVHQWDQSHUPDQHQWHPHQWH:DOWHU(VWDUHDFFLyQRFXUUHDWUDYpVGHO
GHVSOD]DPLHQWRGHOUDQJRGHGLVWULEXFLyQGHODVHVSHFLHV&ODUDPHQWHDOJXQDVHVSHFLHVVHGHVSOD]DQPiViJLO
PHQWHTXHRWUDVORTXHFDXVDMXVWDPHQWHFDPELRVGHFRPSRVLFLyQGHODVFRPXQLGDGHVELROyJLFDVHQHOWLHPSR
)XHXQDUHFLHQWHOHFFLyQDSUHQGLGDPX\LPSRUWDQWHGHODSDOHRHFRORJtDTXHODVHVSHFLHVVHFRPSRUWDQGHXQD
PDQHUDEDVWDQWHLQGHSHQGLHQWHHLQGLYLGXDO\TXHSHMORVFDPELRVFOLPiWLFRVQRFDXVDQHOGHVSOD]DPLHQWRGH
HFRVLVWHPDVHQWHURV%XVK3HODWW3RUWDQWRODFRQVHUYDFLyQGHODIXQFLRQDOLGDGFRQWLQHQWDOHV
SHFLDOPHQWHGHEHDSXQWDUKDFLDODFRQHFWLYLGDGGHSREODFLRQHVSDUDTXHSXHGDQPDQWHQHUVXLGHQWLGDGJHQpWLFD
\GHPRJUiFDHQXQiUHDQRFODUDPHQWHGHQLGD\UHVWULQJLGDHVSDFLDOPHQWH:DOWHU
(QHVWHFRQWH[WRHVLPSRUWDQWHUHFRQRFHUTXHORVFDPELRVDPELHQWDOHVQRVLJQLFDQODPLVPDQHFHVLGDGGH
GHVSOD]DPLHQWRSDUDWRGDVODVHVSHFLHV-XVWDPHQWHODVHVSHFLHVHQGpPLFDVDQLYHOORFDOSRUUD]RQHVUHODFLR
QDGDVFRQODGLPHQVLyQHVSDFLRIXQFLRQDOUHGXFLGDGHVXQLFKRHFROyJLFRHLJHQSODFH:DOWHUPXFKDV
YHFHVYLQFXODGRFRQFRQGLFLRQHVDPELHQWDOHVD]RQDOHVRSUREOHPDVTXHWLHQHQTXHYHUFRQXQDFDSDFLGDG
UHGXFLGDGHFRORQL]DUQXHYRVVLWLRVDYHFHVQRSXHGHQGHVSOD]DUVHGHPDQHUDVLJQLFDWLYD(VWRSRUXQODGR
SXHGHVLJQLFDUTXHHQHOFDVRGHFDPELRVFOLPiWLFRVHVWiQHQWUHODVHVSHFLHVPiVDPHQD]DGDV\TXHDSHQDV
SXHGHQEHQHFLDUVHGHPHGLGDVGHFRQVHUYDFLyQLQVLWX3RURWURODGRHQFLHUWRVFDVRVSXHGHQPDQWHQHUVHHQ
VXHLJHQSODFHDSHVDUGHODFRQYHUVLyQGHHFRVLVWHPDVQDWXUDOHVDQLYHOPDFURSHMHVSHFLHVGHSHQGLHQWHVGH
&RPSDUDUWDPELpQ%HFDXVHRIDFRQWLQXDOWXUQRYHURIHFRORJLFDOFRQGLWLRQVORFDOFRPPXQLWLHVVKRZDFRQWLQXDOWXUQRYHURIVSHFLHV
DWRQHWLPHJDLQLQJVSHFLHVEHFDXVHWKHVFDOHRISURFHVVHVDOORZVDFHUWDLQW\SHRIWUDLWDQGDWRWKHUVORVLQJWKHPDJDLQEHFDXVHWKH
VDPHWUDLWKDSSHQVWRKDYHUHVXOWHGLQWRRJUHDWDULVNRIH[WLQFWLRQ%LRORJLFDOGLYHUVLW\LVERWKWKHUHVXOWDQGH[SUHVVLRQRIDOOVRUWV
RIDGDSWDWLRQVRIOLIHWRWKHHQYLURQPHQWDOWXUPRLOLWFDQRQO\EHPDLQWDLQHGDVORQJDVWKLVWXUPRLOH[LVWV+HQJHYHOGFLWDGR
SRU)$2
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
SDUHGHVURFRVDVPX\HVFDUSDGDVTXHPDQWLHQHQVXVFRQGLFLRQHVFRPRKiELWDWDSHVDUGHODGHIRUHVWDFLyQGHO
IRQGRGHOYDOOH,ELVFK2LQFOXVRKD\HVSHFLHVHQGpPLFDVTXHVHIDYRUHFHQSRUHOFDPELRDQWURSRJpQLFR
GHORVKiELWDWV,ELVFK
&RPRFRQFOXVLyQGHORDQWHULRUFDEHGHVWDFDUTXHQRVRQQHFHVDULDPHQWHDTXHOODVHVSHFLHVFRQORVUDQJRVGH
GLVWULEXFLyQPX\UHVWULQJLGDTXHGHEHQHQIRFDUODSODQLFDFLyQUHJLRQDOGHFRQVHUYDFLyQ0iVELHQSXHGHQVHU
ODVHVSHFLHVFRQUDQJRVPHGLDQRVTXHWLHQHQPD\RUHVSUREOHPDVGHPDQWHQHUODFRQHFWLYLGDGGHVXVSREODFLRQHV
\DGDSWDUHOHVSDFLRRFXSDGRDODVP~OWLSOHVFRQGLFLRQHVItVLFDV\ELyWLFDVGHOPHGLRDPELHQWH/DSpUGLGDGH
ODPHQFLRQDGDIXQFLRQDOLGDGFRQWLQHQWDOTXHWLHQHTXHYHUFRQODQHFHVLGDGGHHVSHFLHVGHGHVSOD]DUVXUDQJR
GHGLVWULEXFLyQGHPDQHUDEDVWDQWHGLQiPLFDSXHGHFRQVLGHUDUVHFRPRXQSUREOHPDFHQWUDOGHFRQVHUYDFLyQ\
TXHKDVWDDKRUDQRKDVLGRWRPDGRHQFXHQWDGHPDQHUDVXFLHQWHSRUORVFRQVHUYDFLRQLVWDV:DOWHU
/DQHFHVLGDGGHIDFLOLWDUPRYLPLHQWRVODPLJUDFLyQ\RGHVSOD]DPLHQWRGHLQGLYLGXRVRGLiVSRUDV\QDOPHQWH
SREODFLRQHV\HVSHFLHVVHFRQVLGHUDFRPRXQDSULRULGDGPi[LPDSDUDODSODQLFDFLyQGHFRQVHUYDFLyQHQHO
iUHDGHO&$03RUORWDQWRHQODVVLJXLHQWHVVHFFLRQHVVHDQDOL]DGHPDQHUDGHWDOODGDTXpWLSRGHPRYLPLHQWRV
\GHVSOD]DPLHQWRVHVWiQRFXUULHQGRHQHOiUHDGHHVWXGLR
0RYLPLHQWRV GH LQGLYLGXRV GH DQLPDOHV \ GLiVSRUDV GH RUJDQLVPRV VpVLOHV
GHQWURGHVXUDQJRGHGLVWULEXFLyQ
3/,ELVFK 6.UHIW
&RP~QPHQWHORVDQLPDOHVVRQDVRFLDGRVFRQDOWDPRYLOLGDGPLHQWUDVTXHODVSODQWDVVHFDUDFWHUL]DQSRUVHU
VpVLOHV6LELHQHVWRUHSUHVHQWDXQDJHQHUDOL]DFLyQUHDOtVWLFD\~WLOHQFXDQWRDORVHVWDGRVPDGXURVHQORVFLFORV
GHYLGDGHSODQWDV\DQLPDOHVHVLPSRUWDQWHFRQVLGHUDUTXHHOFLFORGHYLGDGHODPD\RUtDGHODVSODQWDVWDPELpQ
LQFOX\HGRVSHUtRGRVGHGHVSOD]DPLHQWRODWUDQVORFDFLyQGHOSROHQ\ODGLVSHUVLyQGHODGLiVSRUD/DVXQLGDGHV
GHGLVSHUVLyQVHPLOODVHQHOJUXSRGHODVHVSHUPDWyWDVSRUXQODGRVLUYHQSDUDPDQWHQHUHOXMRJHQpWLFRGHQ
WURGHXQDSREODFLyQRHQWUHODVSREODFLRQHVGHXQDSREODFLyQPHWDHQDQLPDOHVPXFKDVYHFHVVRQLQGLYLGXRV
MyYHQHVTXHVHGLVSHUVDQ(QRWUDVSDODEUDVDQLYHOSREODFLRQDOODGLVSHUVLyQHVHOPHFDQLVPRTXHGLVWULEX\H
ORVLQGLYLGXRVVREUHHOiUHDDFWXDOPHQWHRFXSDGD'HVGHXQSXQWRGHYLVWDGHODFRPXQLGDGGHHVSHFLHVOD
GLVSHUVLyQJDUDQWL]DODPH]FODWHQGHQFLDOPHQWHKRPRJpQHDGHODVHVSHFLHVHQVXKiELWDWHYLWDQGRODIRUPDFLyQ
GHJUXPRVFOXPSVGHLQGLYLGXRVGHODVGLIHUHQWHVHVSHFLHV3RURWURODGRXQDVHJXQGDIXQFLyQH[LVWHHQ
ODFRORQL]DFLyQGHQXHYDViUHDVQRKDELWDGDVDQWHULRUPHQWHSRUODHVSHFLHFRUUHVSRQGLHQWHYHUFRQWULEXFLRQHV
HQ&OREHUWHWDOYHUWDPELpQVREUH]RRFRUtDPHFDQLVPRVGHGLVSHUVLyQGHHVSHFLHVFRQODD\XGD
GHRWUDV(QWpUPLQRVELRJHRJUiFRVHQORVOtPLWHVGHGLVWULEXFLyQODGLVSHUVLyQFRPSHQVDODPRUWDOLGDG\OD
SUHVLyQFRPSHWLWLYDGHRWUDVHVSHFLHVLQYDGLHQGRHOiUHD
(QJHQHUDOHOFRQRFLPLHQWRGHODGLVSHUVLyQHVD~QHVFDVR:DOWHUV0F'RQDOG -RKQVRQ3DUD
PXFKDVHVSHFLHVIDOWDQGDWRVUHOHYDQWHVHQHOFRQWH[WRGHODFRQVHUYDFLyQWDOHVFRPRODVGLVWDQFLDVDWUDYHVDGDV
SRUGLiVSRUDV\HQHOFDVRGHGLVSHUVLyQSRUDJHQWHVELyWLFRVODVH[LJHQFLDVGHORVLQGLYLGXRVGLVSHUVRUHVFRQ
UHVSHFWRDODPDWUL]DWUDYHVDGDGXUDQWHVXGLVSHUVLyQHQWUHRWURV
(QHOFDVRGHODVRUTXtGHDVH[LVWHHOIHQyPHQRLQWHUHVDQWHTXHWLHQHQVHPLOODVDSWDVSDUDODGLVSHUVLyQHyOLFDD
JUDQGHVGLVWDQFLDVSHURTXHHOHVWDEOHFLPLHQWRGHQXHYDVVXESREODFLRQHVHVWiOLPLWDGR
SRUORVUDQJRVGHORVSROLQL]DGRUHVTXHIUHFXHQWHPHQWHVRQPXFKRPiVSHTXHxRVTXHHODOFDQFHGHODV
VHPLOODV
\WDPELpQSRUODVH[LJHQFLDVGHODVVHPLOODVFRQUHVSHFWRDXQDJHUPLQDFLyQH[LWRVD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(OUHVXOWDGRVRQSREODFLRQHVQDWXUDOPHQWHSHTXHxDVGLVFRQWLQXDV\GLVSHUVDVTXHIDFLOLWDQGULIWJHQpWLFD\HVSH
FLDFLyQRH[WLQFLyQ,ELVFK<DTXHODVRUTXtGHDVGHVDUUROODURQGLiVSRUDVDSWDVSDUDHOWUDQVSRUWHDPX\
ODUJDGLVWDQFLDDXPHQWDHOULHVJRTXHODVHPLOODFDLJDHQXQOXJDUOHMRVGHOUDQJRGHGLVWULEXFLyQGHOSROLQL]DGRU
\WDPELpQGHODSREODFLyQRULJLQDOGHODRUTXtGHD3RUORWDQWRVLQGXGDHQHOFDVRGHODVRUTXtGHDVIiFLOPHQWH
VHSURGXFHQPXFKRVHYHQWRVGHIXQGDFLyQGHQXHYDVSREODFLRQHVIRXQGHUHIIHFW%HQ]LQJ*HQWU\
'RGVRQ$FNHUPDQ%DVWDTXHYLYDQPX\SRFDVVHPLOODV\SODQWDVGLVSHUVDGDVDODUJDGLVWDQFLD
FLHQWRVRKDVWDPLOHVGHNLOyPHWURVSDUDIXQGDUXQDSREODFLyQJHQpWLFDPHQWHDLVODGD\DGHPiVPX\SHTXHxD
HQODFXDOVHSURGXFHQFDPELRVHYROXWLYRVPX\UiSLGRV,ELVFK
(QODGLVSHUVLyQDFWLYDORVPHMRUHVGLVSHUVRUHVJHQHUDOPHQWHVRQDQLPDOHVYROiWLOHVYDULRVJUXSRVGHLQVHFWRV
SHMOLEpOXODVPDULSRVDVDEHMDVYHUWHEUDGRVDYHVPXUFLpODJRV(QJHQHUDOHVSHFLHVTXHKDELWDQFDPSRV
DELHUWRVHOGRVHORHOERUGHGHERVTXHWLHQHXQDFDSDFLGDGGHGLVSHUVLyQDOWDHQHVSHFLHVGHOLQWHULRUGHOERV
TXHHQFDPELRVHSXHGHREVHUYDUXQDFDSDFLGDGUHGXFLGDSHM+LOO$VLPLVPRHVSHFLHVTXHEXVFDQVXV
DOLPHQWRVHQVXVWUDWRVVXHORIROODMHHWFWLHQGHQDVHUGLVSHUVRUHVPHQRVFDSDFHV)MHOGVn .UDEEH
(QWUHODVHVSHFLHVFRQPHQRUFDSDFLGDGGHGLVSHUVLyQVHSXHGHQPHQFLRQDUDOJXQDVSODQWDVFRQVHPLOODVQRDSWDV
SDUDODGLVSHUVLyQSRUHOYLHQWRQLSRUDQLPDOHV\TXHIXHUWHPHQWHWLHQGHQDSREODFLRQHVORFDOPHQWHHQGpPLFDV
SHM3LWFDLUQRLGHDH%URPHOLDFHDH
(QWUHORVDQLPDOHVH[LVWHQPRYLPLHQWRVPX\GLYHUVRVHQFXDQWRDVXSHULRGLFLGDGODVGLVWDQFLDVDWUDYHVDGDV
ODIXQFLyQORVWD[DTXHORVOOHYDQDFDERHWF/DVGLVWDQFLDVDWUDYHVDGDVGLDULDPHQWHTXHHVWiQYLQFXODGDVDOD
E~VTXHGDDOLPHQWLFLD\FRQODVGLVWDQFLDVWDPELpQODViUHDVFXELHUWDVGHSHQGHQHVHQFLDOPHQWHGHOWDPDxRGH
ODHVSHFLH\GHVXPRYLOLGDG\SXHGHQDEDUFDUGLVWDQFLDVGHXQRVPLOtPHWURVRFHQWtPHWURVLQVHFWRVSHTXHxRV
KDVWDYDULRVNLOyPHWURVORURV3VLWWDFLGDHJDWRV)HOLGDH0LHQWUDVPXFKRVPRYLPLHQWRVFtFOLFRVVRQGHXQ
GtDRWURVVRQHVWDFLRQDOHV\SXHGHQGXUDUYDULRVPHVHV$SDUWHGHPRYLPLHQWRVSDUDEXVFDUDOLPHQWRVDOJX
QRVPRYLPLHQWRVSXHGHQVHUQHFHVDULRVSDUDPDUFDUHOWHUULWRULRSDUDEXVFDUXQDSDUHMDSDUDHVFRQGHUVHGH
GHSUHGDGRUHVSURWHJHUVHGHLQXHQFLDVDELyWLFDVFRQWUDULDVHWF2WUDVGLIHUHQFLDVFRQVLVWHQHQODRUJDQL]DFLyQ
VRFLDO$OJXQRVPRYLPLHQWRVWtSLFDPHQWHFRQFLHUQHQDLQGLYLGXRVVROLWDULRVPLHQWUDVRWURVPRYLPLHQWRVVRQ
FDUDFWHUtVWLFRVSDUDSDUHMDVIDPLOLDVEDQGDGDVLQWUDHVSHFtFDVRLQFOXVREDQGDGDVPL[WDVGHPXFKDVHVSHFLHV
HQHOERVTXHSUHDQGLQRGHO&$0EDQGDGDVPL[WDVGHDYHVSXHGHQDEDUFDUKDVWDHVSHFLHVFRPSXHVWDVGH
KDVWDLQGLYLGXRV6.UHIWGDWRVQRSXEOLFDGRV$XQTXHWRGRVHVWRVPRYLPLHQWRVUHTXLHUHQGHXQDFRQH[LyQ
DGHFXDGDHQWUHSDUFKHVGHKiELWDWVRQHVSHFLDOPHQWHORVPRYLPLHQWRVGHODUJDVGLVWDQFLDV\HQiUHDVGHJUDQ
WDPDxRTXHVRQUHOHYDQWHVHQHOFRQWH[WRGHODFRQVHUYDFLyQUHJLRQDO
$SDUWHGHODGLVSHUVLyQXQRWURIHQyPHQRLPSRUWDQWHGHPRYLPLHQWRHVODPLJUDFLyQDVRFLDGDVRODPHQWHFRQ
DQLPDOHVGHDOWDPRYLOLGDG0LHQWUDVGLVSHUVLyQJHQHUDOPHQWHUHSUHVHQWDPRYLPLHQWRVGHLQGLYLGXRVLQGH
SHQGLHQWHVODPLJUDFLyQVHOOHYDDFDERDQLYHOGHSREODFLRQHVSDUDXQDEUHYHFRPSDUDFLyQGHFDUDFWHUtVWLFDV
ELROyJLFDVGHODVGRVFODVHVGHPRYLPLHQWRVYHUODWDEOD
8QWHUFHUWLSRLPSRUWDQWHGHPRYLPLHQWRGHLQGLYLGXRVDFRUWRSOD]RVRQPLJUDFLRQHVIRU]DGDVSRUHYHQWRV
GUiVWLFRVIXHUDGHOiUHDQRUPDOPHQWHKDELWDGDSRUXQDSREODFLyQ(VWRVHYHQWRVTXHYDUtDQDPSOLDPHQWHHQVX
SUHGHFLELOLGDGGHVGHDOWDKDVWDVHPLHVWRFiVWLFDSXHGHQVHUFDPELRVRFDWiVWURIHVORFDOL]DGRVWDOHVFRPRLQXQ
GDFLRQHVLQFHQGLRV\GHUUXPEHVRFDPELRVPHWHRUROyJLFRVSHMODRVFLODFLyQFOLPiWLFD(O1LxR(QJODQG
RORVVXUD]RV:LOOLV21HLOO 3DUNHU)MHOGVn6.UHIWGDWRVQRSXEOLFDGRVVREUH
QRUWHVHQXQDUHJLyQHQ0p[LFRJHRJUiFDPHQWHFRPSOHPHQWDULDDO&$05DPRV:LQNHUHWDO
8QDYLVWDJHQHUDOVREUHFXiOHVVRQODVHVSHFLHVPLJUDWRULDV\VREUHDOJXQDVFDUDFWHUtVWLFDVLPSRUWDQWHVGDHO5HJLVWURPXQGLDOGH
HVSHFLHVPLJUDWRULDV*52065LHGHSRUVXVLQLFLDOHVHQLQJOpV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
:LQNHUHWDOVREUHKXUDFDQHVHQHO&DULEH:XQGHUOHHWDO(QHOFDVRGHDYHVTXHVRQLPSDFWDGDV
SRUWRUPHQWDVIUtDVODSREODFLyQRSDUWHGHHOODPLJUDDXQUHIXJLR:LQNHUHWDOXQOXJDUIXHUDGHO
DOFDQFHGHODLQXHQFLDFRQWUDULD(QXQDUHJLyQPRQWDxRVDFRPRODUHSUHVHQWDHQJUDQSDUWHHO&$0HVWRV
UHIXJLRVVHHQFXHQWUDQHQORVSLVRVDOWLWXGLQDOHVPiVEDMRVGRQGHODVFRQGLFLRQHVFOLPiWLFDVWHPSHUDWXUD\
HFROyJLFDVRIHUWDDOLPHQWLFLDVRQPHMRUHV$GHPiVODH[WHQVLyQGHOiUHDHVPD\RU\GHWDOPRGRVHDOLYLD
ODGHQVLGDGSREODFLRQDO\FRQHOORODFRPSHWLFLyQSRUORVDOLPHQWRV3UREDEOHPHQWHGHSHQGLHQGRGHODIXHU]D
GHOHYHQWRODVPLJUDFLRQHVSXHGHQWRFDUPD\RUPHQWHDLQGLYLGXRVLQPDGXURV5DPRVRSXHGHQLQFOXLU
WDPELpQDDGXOWRV:LQNHUHWDO&XDQGRHOKiELWDWYXHOYHDVXHVWDGRQRUPDOORVDQLPDOHVYXHOYHQ
SDXODWLQDPHQWHDOOXJDUGHRULJHQ
7DEOD&DUDFWHUtVWLFDVGHGLVSHUVLyQ
YVPLJUDFLyQ
'LVSHUVLyQ
3ODQWDV
,QGLYLGXRV
7D[yQ
1LYHOMHUiUTXLFR
SREODFLRQDO
(VWDGR GH FLFOR GH YLGD -XYHQLO
PiVLPSRUWDQWH
&RQWUROLQWHULRU
'LVSRVLFLyQJHQpWLFD
\PRUIROyJLFD
&RQWUROH[WHULRU
(VWDFLRQDOLGDG
$QLPDOHV
,QGLYLGXRV
6XEDGXOWR
0LJUDFLyQ
$QLPDOHV
3REODFLRQHV R SDU
WHVGHHOOD
6XE$GXOWR
'LVSRVLFLyQJHQpWLFD 3URJUDPDJHQpWLFR
&RPSHWLFLyQH[SXO ( V W D F L R Q D O L G D G
VLyQ LQWUD LQWHU HV RIHUWD DOLPHQWLFLD
FRPSHWLFLyQLQWUD
SHFtFD
LQWHUHVSHFtFD
0HFDQLVPRGH
3DVLYRYLHQWRDJXD 3DVLYRYLHQWRDJXD $FWLYR
PRYLPLHQWR
DFWLYR H[SORVLyQ DFWLYR
HWF
0DJQLWXG GH 'LVWDQFLD
>P@
'LUHFFLRQDOLGDG
8QLGLUHFFLRQDO
8QLGLUHFFLRQDO
&tFOLFD
3HULRGLFLGDG
(YHQWRVLQJXODUDQL (YHQWRVLQJXODUDQL $QXDO
YHOLQGLYLGXDODQXDO YHOLQGLYLGXDODQXDO
DQLYHOSREODFLRQDO DQLYHOSREODFLRQDO
'XUDFLyQ
5HVXOWDGR LUUHYHU 5HVXOWDGR LUUHYHU DxR
VLEOH
VLEOH
3UHGHFLELOLGDG
6HPLHVWRFiVWLFD
6HPLHVWRFiVWLFD
3UHGHFLEOH
H[FOXLGDHVWiGLVSHUVLyQDWUDYpVGHDJHQWHVELyWLFRVGHGLVSHUVLyQ]RRFRUtD
2WUDVFDUDFWHUtVWLFDVGHHVWDVFODVHVGHPRYLPLHQWRVUHOHYDQWHVSDUDODFRQVHUYDFLyQHQHO&$0UHTXLHUHQXQD
GLVFXVLyQPiVGHWDOODGD
0RYLPLHQWRVFRPRIXQFLyQSDUDODPDQXWHQFLyQGHDEXQGDQFLDVQDWXUDOHV\GHiUHDVGHGLVWULEXFLyQ
/RVFHQWURVUHSURGXFWLYRVGHXQDSREODFLyQPHWDHVWpQHVWRVPX\IUDJPHQWDGRVRQRGHDOJXQDHVSHFLHSR
SXODWLRQVRXUFHVPXHVWUDQDOWDVWD]DVUHSURGXFWLYDV\GHWDOPDQHUDSXHGHQSURYHHULQGLYLGXRVQXHYRVD
WUDYpVGHGLVSHUVLyQSDUDiUHDVDG\DFHQWHVHQODV~OWLPDVODWD]DUHSURGXFWLYDQRDOFDQ]DSDUDPDQWHQHUXQD
VXESREODFLyQDXWDUFDSRSXODWLRQVLQNV\VyORODLQPLJUDFLyQRFDVLRQDOKDVWDFRQWLQXDGHLQGLYLGXRVSHUPLWH
ODSHUVLVWHQFLDGHHOOD$VLPLVPRODDLVODFLyQGHXQDVXESREODFLyQSXHGHWHQHUHOHIHFWRGHVXHPSREUHFLPLHQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
WRJHQpWLFR&RQWDOYDULHGDGJHQpWLFDUHGXFLGDSRUWHQGHQFLDHQWUHRWURVXQDSREODFLyQSLHUGHVXFDSDFLGDG
GHUHVLVWLULQXHQFLDVFRQWUDULDVSDUiVLWRVGHSUHGDGRUHVLPSDFWRVFDWDVWUyFRVHWF'LVSHUVLyQDSDUWLUGH
FHQWURVUHSURGXFWLYRVHVODIXQFLyQELROyJLFDODFXDOSXHGHPDQWHQHUHOXMRJHQpWLFRQHFHVDULRSDUDHYLWDU
HVWDGHJUDGDFLyQGHVXESREODFLRQHVHQSDLVDMHVIUDJPHQWDGRV)LQDOPHQWHXQDiUHDGHVSXpVGHODH[WLQFLyQ
ORFDOGHXQDVXESREODFLyQVRODPHQWHSXHGHVHUUHFRORQL]DGDVLH[LVWHXQDSREODFLyQVREUHUHSURGXFWLYDSHM
/DZWRQ)UDQNKDPHWDO
/DXELFDFLyQGHORVFHQWURVUHSURGXFWLYRVREYLDPHQWHYDUtDHQWUHODVHVSHFLHVFRQVXVDXWHFRORJtDV\GLVWULEXFLRQHV
ELRJHRJUiFDVSDUWLFXODUHV(VWRVFHQWURVUHSURGXFWLYRVJHQHUDOPHQWHHVWiQVLWXDGRVHQORVQ~FOHRVJHRJUiFRV
GHVXViUHDVGHGLVWULEXFLyQ3RUHMHPSORODVSREODFLRQHVGHQXPHURVDVHVSHFLHVTXHKDELWDQOD$PD]RQLD\
DGHPiVVXEHQKDVWDXQDFLHUWDDOWXUDHQORV$QGHVHQHVWDSDUWHDQGLQDGHVXiUHDGHGLVWULEXFLyQGHSHQGHQGH
ODVREUDGHLQGLYLGXRVHQODSDUWHDPD]yQLFD'HHVWDPDQHUDH[LVWHXQXMRFRQVWDQWHGHLQGLYLGXRVGHVGH
OD$PD]RQLDKDFLDORV$QGHV'HOPLVPRPRGRODSREODFLyQGHXQDHVSHFLHEiVLFDPHQWHDQGLQDSXHGHSREODU
SLVRVDOWLWXGLQDOHVLQIHULRUHVRFRQPHQRUIUHFXHQFLDRLQWHQVLGDGSLVRVVXSHULRUHVVLODUHSURGXFFLyQORFDO
H[FHGHODFDSDFLGDGGHOiUHDQ~FOHR3DUDHO3DUTXH1DFLRQDO6HUUDGRV2UJmRVVLWXDGRHQOD0DWD$WOiQWLFD
%UDVLO6WRW]HVSHFXODTXHODGHIRUHVWDFLyQFRPSOHWDGHODOODQXUDDG\DFHQWHDODVPRQWDxDV\DSRGUtD
KDEHUOOHYDGRDHVSHFLHVDVXH[WLQFLyQORFDOWDPELpQHQODVDOWLWXGHVVXSHULRUHVGHQWURGHODUHVHUYD
&RQHFWLYLGDGGHKiELWDWVHQFRUUHGRUHVFRPRIXQFLyQTXHIDFLOLWDORVPRYLPLHQWRV8QELRFRUUHGRUHVXQiUHD
PiVRPHQRVOLQHDUTXHVHFDUDFWHUL]DSRUFLHUWDVFRQGLFLRQHVTXH
JDUDQWL]DQHOGHVSOD]DPLHQWRGHLQGLYLGXRVHQWUHGLIHUHQWHVSDUWHVGHOKiELWDWGHXQDHVSHFLHSDUDTXH
SXHGDQDOLPHQWDUVHUHSURGXFLUVHRGHVFDQVDU
SHUPLWHQHOXMRJHQpWLFRHQWUHVXESREODFLRQHVGHXQDSREODFLyQPHWDGHFXDOTXLHUWLSRGHRUJDQLVPRV
TXHVHHQFXHQWUDQHQGLVWLQWDVPDQFKDVGHKiELWDW
\RDVHJXUDQODUHFRORQL]DFLyQGHXQHVSDFLRGHVSXpVGHXQDH[WLQFLyQORFDORGHVSXpVGHTXHKD
FRPHQ]DGRDVHUGLVSRQLEOHFRPRKiELWDW
8QELRFRUUHGRUQDWXUDOVHFDUDFWHUL]DSRUHOXMRJHQpWLFRGHQWURGHVXVOtPLWHV\JHQHUDOPHQWHWDPELpQ
SRUHOKHFKRGHTXHORVRUJDQLVPRVTXHVHGHVSOD]DQHQpOQRWLHQHQDOWHUQDWLYDHVSDFLDOSDUDVXVPRYLPLHQWRV
(MHPSORVSDUDELRFRUUHGRUHVQDWXUDOHVVRQODVVHUUDQtDVGHPRQWDxDSDUDHVSHFLHVPRQWDxRVDVORVUtRVSDUD
HVSHFLHVDFXiWLFDVERVTXHVGHJDOHUtDHQFOLPDViULGRVSDUDHVSHFLHVTXHUHTXLHUHQFRQGLFLRQHVPiVK~PHGDV
FRPSDUDUSHM5HGIRUG 'H)RQVHFD1DLPDQHWDO'REVRQHWDO%HQQHWW'H/LPD
HWDO6LQGXGDORV$QGHVUHSUHVHQWDQWDOELRFRUUHGRUQDWXUDO2WURHMHPSORHVHOLVWPRGH3DQDPiTXH
HVFUtWLFRSDUDHOLQWHUFDPELRJHQpWLFR\RUJDQtVPLFRHQWUH&HQWUR\6XGDPpULFD
(OELRFRUUHGRUQDWXUDOVHFRQYLHUWHHQXQFRUUHGRUGHFRQVHUYDFLyQHQHOPRPHQWRGHOHVWDEOHFLPLHQWRGHXQ
SURJUDPDTXHEXVFDTXHHOELRFRUUHGRUQRSLHUGDVXVFDUDFWHUtVWLFDVQHFHVDULDVSDUDJDUDQWL]DUORVPRYLPLHQWRV
\XMRVDUULEDPHQFLRQDGRV&RQVLGHUDPRVHO&$0FRPRXQELRFRUUHGRUQDWXUDOTXHSDXODWLQDPHQWHGHEHGH
VDUUROODUVHFRPRXQFRUUHGRUGHFRQVHUYDFLyQ+D\GLIHUHQWHVGLPHQVLRQHVGHFRUUHGRUHVTXHWLHQHQTXHYHUFRQ
ODVHVFDODVDQDOL]DGDV0RGLFDQGRGHQLFLRQHVGH0HIIH &DUUROOFLWDQGR1RVVGLVWLQJXLPRV
FRUUHGRUHVORFDOHVTXHFRQHFWDQPDQFKDVSHTXHxDVGHKiELWDWDQLYHOORFDOSHMPDQFKDVGHERVTXHIHQFHURZ
VFDOHFRUUHGRUHVGHSDLVDMHTXHFRQHFWDQEORTXHVPiVJUDQGHVGHKiELWDWODQGVFDSHPRVDLFVFDOHFRUUH
GRUHVUHJLRQDOHVTXHFRQHFWDQiUHDVJUDQGHVDEDUFDQGRGLIHUHQWHVHFRVLVWHPDVKDVWDHFRUUHJLRQHVUHJLRQDO
VFDOH&DEH\DDGHODQWDUTXHHO&$0HVXQFRUUHGRUUHJLRQDODEDUFDQGRXQDVHULHGHFRUUHGRUHVGHSDLVDMH\
XQJUDQQ~PHURGHFRUUHGRUHVORFDOHV,ELVFKHWDO,ELVFK $UDXMR
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(QHOFRQWH[WRGHODFRQHFWLYLGDGGHSREODFLRQHVHVLPSRUWDQWHUHFDOFDUTXHVHGLVWLQJXHQHOXVRHVWUXFWXUDO
\IXQFLRQDOGHORVFRQFHSWRV3REODFLRQHVHVWiQFRQHFWDGDVVLWXDFLyQGHFRQQHFWHGQHVV\HVWRUHSUHVHQWDXQD
FDUDFWHUtVWLFDHVWUXFWXUDO\ODIXQFLyQELROyJLFDHVODFRQHFWLYLGDGFRQQHFWLYLW\FRPSDUDU%DXGUH\ 0HUULDP
,JXDOPHQWHHOFRQFHSWRGHFRUUHGRUSXHGHXWLOL]DUVHGHXQDPDQHUDWDQWRHVWUXFWXUDOFRPRIXQFLRQDO
+HVV )LVFKHU(VWUXFWXUDOPHQWHVHWUDWDGHXQiUHDPiVRPHQRVOLQHDUHQWUHSDUFKHVGHXQKiELWDWOD
FXDOHVWiXELFDGDGHQWURGHXQDPDWUL]GHODFXDOHVGLIHUHQWH/DGLIHUHQFLDPDUFDGDHQWUHFRUUHGRU\PDWUL]HV
TXHVRODPHQWHHOFRUUHGRUSXHGHIDFLOLWDUHOGHVSOD]DPLHQWRGHFLHUWRVRUJDQLVPRVRLQFOXVRVHUYLUFRPRKiELWDW
\iUHDGHUHSURGXFFLyQ+HVV )LVFKHU
/DGLVSHUVLyQGHQWURGHXQDSREODFLyQVHOOHYDDFDERHQORVOtPLWHVGHOiUHDUHSURGXFWLYD'LVSHUVLyQHQWUH
SREODFLRQHVGHXQDSREODFLyQPHWDLPSOLFDYLDMHVGXUDQWHORVFXDOHVORVLQGLYLGXRVVHDOHMDQGHORVKiELWDWVD
ORVFXDOHVHVWiQDGDSWDGRV6LPLODUPHQWHODPLJUDFLyQVHOOHYDDFDERHQWUHHOiUHDUHSURGXFWLYD\HOiUHDQR
UHSURGXFWLYDTXHHQHOFDVRGHXQDJUDYHSHUWXUEDFLyQQDWXUDORDQWURSRJpQHDHVWiQVHSDUDGDVSRUKiELWDWV
FRQWUDULRVTXHVRQGLItFLOHVGHFUX]DUSRUORVPLJUDQWHV
/D'LVSHUVLyQHQXQDSREODFLyQPHWD\ODPLJUDFLyQUHTXLHUHQGHODH[LVWHQFLDGHFRUUHGRUHVHQIRUPD
FRQWLQXD\DSWDFRPRKiELWDWRPHQRVFRQYHQLHQWHGHPDQFKDVLQWHUPLWHQWHVGHVXVKiELWDWVVWHSSLQJ
VWRQHVTXHFRQHFWHQODViUHDVSULQFLSDOHV
8QSRVLEOHHIHFWRQHJDWLYRGHFRUUHGRUHVGHFRQVHUYDFLyQSRGUtDFRQVLVWLUGHOIXQFLRQDPLHQWRGHXQFRUUHGRU
FRPRXQDWUDPSDSRSXODWLRQVLQNSDUWLFXODUPHQWHSDUDHVSHFLHVGHOLQWHULRUGHOERVTXH\VHQVLEOHVDOD
IUDJPHQWDFLyQ+LOOHQXQFRUUHGRUPDOGLVHxDGRGHPDVLDGRDQJRVWRRGHPDODFDOLGDGGHKiELWDWXQD
DOWDPRUWDOLGDGGHLQGLYLGXRVTXHHQWUDQDOFRUUHGRUSRGUtDUHGXFLUXQDVXESREODFLyQ\GHELOLWDUODDXPHQWDQGR
ODSUREDELOLGDGGHVXH[WLQFLyQSRUHYHQWRVHVWRFiVWLFRVYHUGLVFXVLyQHQ+HVV6LQHPEDUJRVHGHEH
GHVWDFDUTXHHVWDGXGDVHUHHUHDFRUUHGRUHVDQJRVWRVRGHXQDPDODFDOLGDGGHKiELWDWHQODPD\RUtDGHO
iUHDGHO&$0GHELGRDVXFRPSDUDEOHEXHQHVWDGRDFWXDOGHFRQVHUYDFLyQWRGDYtDH[LVWHODRSRUWXQLGDGGH
SURWHJHUH[WHQVRVFRUUHGRUHVH[LVWHQWHVTXHJDUDQWL]DUtDQWRGRVORVPRYLPLHQWRVQHFHVDULRVSDUDODPDQXWHQ
FLyQGHODIXQFLRQDOLGDGGHORVHFRVLVWHPDVORFXDOGHEHUtDVHUXQDGHODVPHWDVSULQFLSDOHVGHQWURGHODYLVLyQ
FRQVHUYDFLRQLVWDSDUDHO&$0
0RYLPLHQWRV\H[LJHQFLDVDODFDOLGDGGHKiELWDW/DVDYHV\SRVLEOHPHQWHYDULRVJUXSRVGHDQLPDOHVWLHQHQ
XQDFDSDFLGDGGHUHFRQRFHU\VHOHFFLRQDUVXVKiELWDWVSHM.ORSIHU *DQ]KRUQTXHOHVFRUUHVSRQGH
SRUVXDXWRHFRORJtD(QFDPELRGLIHUHQWHVHVSHFLHVGHDYHVPXHVWUDQGLIHUHQWHVQLYHOHVGHPLHGRDQWHFDUDFWH
UtVWLFDVQXHYDVGHVXHQWRUQRWpUPLQRLQJOpVQHRSKRELDSHM*UHHQEHUJ(VWHPLHGRTXHODVSXHGH
OOHYDUDHYLWDUWRWDOPHQWHHVHHQWRUQRLPSOLFDTXHKiELWDWVSHUWXUEDGRVRUHHPSOD]DGRVSRUKiELWDWVDQWURSRJp
QHRVSXHGHQUHVXOWDUGLItFLOHVKDVWDLPSRVLEOHVGHFRORQL]DUDXQTXHUHSUHVHQWHQKiELWDWVWHyULFDPHQWHDSWRV
SDUD VHU H[SORWDGRV$OJXQDV HVSHFLHV WHQGUiQ GLFXOWDGHV HQ UHFRQRFHUORV FRPR KiELWDWV SRWHQFLDOHV RWUDV
GLUHFWDPHQWHODVHYLWDUiQ/RPLVPRVHDSOLFDSDUDHVSHFLHVPLJUDWRULDVGHDOWDQHRIyELDTXHDOOOHJDUDVX
iUHDUHSURGXFWLYDRHOiUHDQRUHSURGXFWLYDODVHQFXHQWUDQFDPELDGDVGLVWLQWDPHQWHHQFRPSDUDFLyQFRQHO
DxRDQWHULRU,JXDOPHQWHSXHGHQWHQHUGLFXOWDGHVHQUHFRQRFHURH[SORWDUHVDiUHDDSHVDUGHTXH\DORKDEtDQ
H[SORWDGRDQWHULRUPHQWH\GHTXHVLJDVLHQGRXQKiELWDWDGHFXDGR
&RPRWHQGHQFLDODFDOLGDGGHKiELWDWySWLPDHVPiVLPSRUWDQWHHQiUHDVUHSURGXFWLYDVTXHHQFRUUHGRUHV
(QORVFRUUHGRUHVWDQWRFRPRHQHOiUHDQRUHSURGXFWLYDYLVLWDGDSRUORVPLJUDQWHVHQDOJXQRVFDVRVQR
QHFHVDULDPHQWHVHUHTXLHUHGHFRQGLFLRQHVySWLPDVVLQHPEDUJRGHVGHXQSXQWRGHYLVWDHFRVLVWpPLFR
RHFRUUHJLRQDOODGLVSHUVLyQ\ODPLJUDFLyQQRHVWiQUHVWULQJLGDVDFLHUWDViUHDVDVtTXHQRHVIDFWLEOH
SULRUL]DUiUHDVSRUVXLPSRUWDQFLDSDUDORVPRYLPLHQWRVGHVFULWRVDUULEDDGHPiVYHUSRULPSOL
FDFLRQHVGHOFDPELRFOLPiWLFR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'LVWDQFLDVDWUDYHVDGDVHQDXVHQFLDGHFRUUHGRUHV3DUDHOp[LWRGHODGLVSHUVLyQPXFKRPiVTXHSDUDOD
PLJUDFLyQLPSRUWDODGLVWDQFLDQHFHVDULDDDWUDYHVDUHQWUHHOiUHDGHRULJHQ\HOiUHDGHFRORQL]DFLyQ\DTXHOD
SREODFLyQPLJUDWRULD\DHVWiJHQpWLFDPHQWHSURJUDPDGDSDUDHOLWLQHUDULR(QDQLPDOHVWURSLFDOHVHVSHFLDOPHQWH
HQDYHVGHOLQWHULRUGHORVERVTXHVHVFRP~QHOPLHGRDORVYDFtRVWpUPLQRLQJOpVJDSIHDUTXHVHEDVDHQ
XQDEDMDFDSDFLGDGHWROyJLFDJHQpWLFDPHQWHSURJUDPDGDGHFUX]DUYDFtRVDQFKRVQRKDELWDEOHVJDSFURVVLQJ
DELOLW\TXHVHSDUDQGRVPDQFKDVGHVXKiELWDW%HLHU 1RVV3RXOVHQ6LHYLQJHWDO
(QFDPELRORVPLJUDQWHVFRP~QPHQWHVRQPHQRVH[LJHQWHVFRQUHVSHFWRDODFRQHFWLYLGDGHQVXVKiELWDWV
DXQTXHHVREYLRTXHWDPELpQGHEHH[LVWLUXQDFRQHFWLYLGDGPtQLPD(QWRQFHVHVLPSRUWDQWHUHFDOFDUTXHXQ
FRUUHGRUQRVLHPSUHGHEHFRQVLVWLUHQXQDIUDQMDGHKiELWDWFRQWLQXR6LQHPEDUJRODVH[LJHQFLDVGHGLIHUHQWHV
HVSHFLHVDFHUFDGHODFRQWLQXLGDG\FRQHFWLYLGDGGHOKiELWDWGHQWURGHXQFRUUHGRUYDUtDQPXFKRSULQFLSDOPHQWH
HQIXQFLyQGHVXKDELOLGDGGHFUX]DUODPDWUL]HQWUHSDUWHVGHOKiELWDW(QHVWHVHQWLGRGHEHDFODUDUVHTXHXQiUHD
SXHGHVHUYLUFRPRFRUUHGRUIXQFLRQDOSDUDXQMDJXDU3DQWKHUDRQFDTXHSXHGHDWUDYHVDUUiSLGDPHQWHiUHDV
JUDQGHVQRDSWDVFRPRKiELWDWPXFKRVNLOyPHWURVSHURQRSDUDXQDUDQDVHQVLEOHTXHVHUtDLQFDSD]GHFUX]DU
SHMXQiUHDGHIRUHVWDGDGHXQDQFKRGHSRFRVFLHQWRVGHPHWURV
3DUDODGLVSHUVLyQHVSHFLDOPHQWHKD\TXHHYLWDUTXHODIUDJPHQWDFLyQGHOKiELWDWUHVXOWHHQYDFtRVJDSV
DQFKRVHQWUHiUHDVDSWDVRFLUFXQGDQWHV(VLPSRUWDQWHWHQHUHQFXHQWDTXHFDGDHVSHFLHWLHQHVXSURSLRUDQJR
GHGLVSHUVLyQDVtTXHODGLVSHUVLyQVHOOHYDDFDERHQWRGDVHVFDODVGHVGHSRFRVPLOtPHWURVKDVWDYDULRVNL
OyPHWURVDODxR/RPLVPRVHDSOLFDSDUDVXVH[LJHQFLDVDODFDOLGDGGHKiELWDWHOODVYDUtDQHQWUHFDGDXQD
GHODVHVSHFLHVHQFRQWUDGDVHQHO&$0$GHPiVHOp[LWRGHGLVSHUVLyQHQXQSDLVDMHIUDJPHQWDGRGHSHQGH
WDPELpQGHODH[LVWHQFLDGHFRUUHGRUHVFRQWLQXRV(QSDLVDMHVDOWDPHQWHIUDJPHQWDGRVGRQGHORVFRUUHGRUHV
VRQDXVHQWHVRQRVRQVXFLHQWHVHOXMRJHQpWLFRHVWDUiFRQVLGHUDEOH\QHJDWLYDPHQWHDIHFWDGR
*UXSRVWD[RQyPLFRVLQYROXFUDGRV
'LVSHUVLyQ(IHFWLYDPHQWHHQWRGDVODVHVSHFLHVGHSODQWDVWDQWRFRPRGHDQLPDOHV(VXQDIXQFLyQELROyJLFD
XQLYHUVDOTXHKDSHUPLWLGRODFRORQL]DFLyQGHSUiFWLFDPHQWHWRGRHOSODQHWD
0LJUDFLyQ9DULRVWD[DHQHO&$0LQFOX\HQSREODFLRQHVRSDUWHVGHHOODVTXHVRQPLJUDWRULDVFRPSDUDU5LHGH
,QVHFWRV/HSLGRSWHUDSHM-HQNLQV+\PHQRSWHUDSHM+XQWHWDO2GRQDWD6.UHIWRE
VHUYDFLyQSHUVRQDO\SUREDEOHPHQWHRWURVWD[DPiV
3HFHVSHMSDF~&RORVVRPDPDFURSRPXP6.UHIWREVHUYDFLyQSHUVRQDO
$YHVHQQXPHURVRVWD[DSHM5LGJHO\ 7XGRU3DUNHUHWDOGHO+R\RHWDO
+HQQHVVH\HWDO
0DPtIHURV&KLURSWHUDSHM)OHPLQJ)OHPLQJ (E\LQSUHVVSUREDEOHPHQWHHVSHFLHVJUDQGHV
WHUUHVWUHV
/D'LVSHUVLyQHVHOIHQyPHQRPiVJHQHUDO\GHWDOPRGRWLHQHXQDLPSRUWDQFLDXQLYHUVDOSDUDODFRQVHUYDFLyQ
(QFDPELRODPLJUDFLyQHVXQDIXQFLyQDGLFLRQDOHQYDULRVWD[D/DVHVSHFLHVPLJUDWRULDVJHQHUDOPHQWHWDPELpQ
VRQEXHQDVGLVSHUVRUDV/HFNSHURSRUVHUPLJUDWRULDVWLHQHQH[LJHQFLDVHFROyJLFDVFDUDFWHUtVWLFDVYHU
DEDMR
'LPHQVLRQDOLGDGGLUHFFLyQ\GLVWDQFLD(QODGLVSHUVLyQODGLUHFFLyQ\ODGLVWDQFLDUHFRUULGDVSULQFLSDOPHQ
WHQRVRQIiFLOPHQWHSUHGHFLEOHVHQSDUWHSRUODQDWXUDOH]DVHPLHVWRFiVWLFDGHODGLVSHUVLyQ\HQSDUWHSRUOD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
HVFDVH]GHFRQRFLPLHQWRGHHVWHFRPSRUWDPLHQWRTXHHVGLItFLOGHHVWXGLDU\FXDQWLFDU([LVWHXQDH[FHSFLyQ
HQODGLVSHUVLyQHQWHUUHQRHPSLQDGR(Q]RQDVPRQWDxRVDVODViUHDVGHGLVWULEXFLyQWtSLFDPHQWHVRQODUJDV\
DQJRVWDVUHVWULQJLGDVDOWLWXGLQDOPHQWH'HQWURGHODViUHDVGHGLVWULEXFLyQGHPXFKDVHVSHFLHVGHDYHVH[LVWH
XQDFRPSHWHQFLDLQWHQVDHQWUHDGXOWRVLQGLYLGXDOHVRSDUHMDVSRUORVWHUULWRULRV8QDOWRSRUFHQWDMHGHLQGLYLGXRV
MyYHQHVWRGDYtDQRSXHGHRFXSDUVXVSURSLRVWHUULWRULRV\VRQH[SXOVDGRVSRUORVSURSLHWDULRVGHORVWHUULWRULRV
KDFLDHOPDUJHQGHOiUHDGHGLVWULEXFLyQHQWRQFHVKDFLDHOOtPLWHVXSHULRURPiVIUHFXHQWHPHQWHDOOtPLWH
LQIHULRUGHOiUHD(VWDGLVSHUVLyQIRU]DGDUHVXOWDHQXQDFRQFHQWUDFLyQHOHYDGDGHLQGLYLGXRVMyYHQHVHQODVGRV
IUDQMDVDG\DFHQWHVDOQ~FOHRGHOiUHDUHSURGXFWLYD'LDPRQG%XUJHVV 0OLQJZD
/DGLPHQVLRQDOLGDGGHODPLJUDFLyQHVWiGHQLGDFRPRODPLJUDFLyQHVUHSHWLGDDQXDOPHQWHPRVWUDQGRORV
PLVPRVSDWURQHVHVSDFLRWHPSRUDOHVVLQHPEDUJRpVWRVVRQH[LEOHVGHQWURXQPDUFRSXHVWRSRUVXVDGDSWD
FLRQHVHFROyJLFDV
0LJUDFLyQHQHO&$0
6.UHIW
(QHVWHFRQWH[WRFDEHGHVWDFDUTXHHO&$0SRUVXXELFDFLyQJHRJUiFDHQ6XGDPpULFDFHQWUDOVHHQFXHQWUD
LQXHQFLDGRSRUWUHVVLVWHPDVPLJUDWRULRVGLIHUHQWHV/DJUDQSDUWHGHODLQIRUPDFLyQDFXPXODGDVHUHHUHDO
WD[yQGHODVDYHV6LQHPEDUJRSDUHFHMXVWRVXSRQHUTXHH[LVWHQSDWURQHVJHQHUDOHVVLPLODUHVHQORVRWURVWD[D
DSWRVSDUDODPLJUDFLyQTXHIXHURQPHQFLRQDGRVDUULED\DTXHHVWRVSDWURQHVPLJUDWRULRVVRQLQXHQFLDGRV
~OWLPDPHQWHSRUHOFRQWH[WRFOLPiWLFR\HFROyJLFRTXHSUHGRPLQDHQHO&$0\VXFRPXQLGDGRUJDQtVPLFD
(QHOPDUFRGHODPLJUDFLyQODWLWXGLQDOORVVLVWHPDVPiVH[WHQVRVVRQODPLJUDFLyQERUHDOSREODFLRQHV
KLEHUQDQWHVSURYHQLHQWHVGHiUHDVUHSURGXFWLYDVVLWXDGDVHQ1RUWHDPpULFDYHUUHIHUHQFLDVSULQFLSDOHV.HDVW
0RUWRQ5DSSROHHWDO+DJDQ -RKQVWRQ\ODPLJUDFLyQDXVWUDOSHM'DYLV&KHVVHU
+D\HV&KHVVHU-RVHSK0LHQWUDVODPLJUDFLyQERUHDOKDUHFLELGRPXFKDDWHQFLyQSRUORV
LQYHVWLJDGRUHVWDQWRFRPRSRUHQWLGDGHVFRQVHUYDFLRQLVWDVODPLJUDFLyQDXVWUDOSULQFLSDOPHQWHKDEtDTXHGDGR
DOPDUJHQGHHOORKDVWDOD~OWLPDGpFDGDGHOVLJORSDVDGR
$GHPiVHQ/DWLQRDPpULFDHVWHFRQRFLPLHQWRHVWiGUDPiWLFDPHQWHORFDOL]DGRFRQHOPD\RUQ~PHURGHHVWXGLRV
KHFKRVHQ&RVWD5LFDVHJXLGRSRU0p[LFR\SDtVHVRUHJLRQHVH[WUDWURSLFDOHV$UJHQWLQD&KLOH0DWD$WOiQWLFD
HQ%UDVLO&DEHGHVWDFDUDOJXQRVHVWXGLRVGHRWURVSDtVHVGHO1HRWUySLFRTXHEULQGDQLQIRUPDFLyQXUJHQWHPHQWH
UHTXHULGD(VWDVLQYHVWLJDFLRQHVUHSUHVHQWDQHVWXGLRVPX\GHWDOODGRVSHURWDPELpQOLPLWDGRVWD[RQyPLFDPHQWH
7KUDXSLGDHHQ&RORPELD6WUHZH7URFKLOLGDHHQ(FXDGRU+REVRQHWDO
$FRQWLQXDFLyQVHGLVFXWHODGLVWULEXFLyQGHODVHVSHFLHVPLJUDWRULDVHQODVGLIHUHQWHVDOWLWXGHV$QWHVGHSUR
VHJXLUHVLPSUHVFLQGLEOHREVHUYDUODWRSRJUDItDWtSLFDHQHO&$0\VXHIHFWRHQODGLVWULEXFLyQGHOiUHDHQ
ORVGLIHUHQWHVSLVRVDOWLWXGLQDOHV(O&$0HVWiFDUDFWHUL]DGRSRUXQVLQQ~PHURGHVHUUDQtDVSDUDOHODVDOFXUVR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
GHODFRUGLOOHUDRULHQWDOGHORV$QGHV&RPRWHQGHQFLDODVVHUUDQtDVPiVOHMDQDVDODFRUGLOOHUDSULQFLSDOHV
GHFLUVLWXDGDVPiVDOQRUWHVRQODVPiVEDMDV\ODVDOWLWXGHVGHODVVHUUDQtDVYDQDXPHQWDQGRVHJ~QVHDFHU
FDQDODFRUGLOOHUDRFFLGHQWDO$GHPiVVXGLVWULEXFLyQQRHVKRPRJpQHDGHQWURGHO&$00LHQWUDVTXHHQHO
'HSDUWDPHQWRGH/D3D]HOJUDGRGHHVWDFRPSOHMLGDGWRSRJUiFDHVPX\DOWDHQHO&KDSDUH'HSDUWDPHQWR
GH&RFKDEDPEDOOHJDGHVGHODVDOWLWXGHVPiVEDMDVDODVPiVDOWDVFDVLVLQVHUUDQtDVLQWHUPLWHQWHV8QWHUFHU
DVSHFWRGHLPSRUWDQFLDH[LVWHHQODIDOWDGHFHUURVDOWRVHQORV$QGHVGHO'HSDUWDPHQWRGH6DQWD&UX]GRQGH
HOSLFRPiVDOWRQRVXSHUDORVP(VWDVFDUDFWHUtVWLFDVUHVXOWDQHQXQDGLVWULEXFLyQPX\KHWHURJpQHDGHO
WDPDxRGHODViUHDVHQWUHORVSLVRVDOWLWXGLQDOHVYHUWDPELpQ*UDYHV6WUHZH3ULQFLSDOPHQ
WHHOSLVREDMRTXHQRWHUPLQDFRQORVOtPLWHVGHO&$0TXHDOOtVRQDUELWUDULRVHVHOPiVH[WHQVR\FRQpO
ODViUHDVGHGLVWULEXFLyQPiVH[WHQVDVVRQODVGHODVHVSHFLHVTXHKDELWDQHOSLVREDMR3RUODH[LVWHQFLDGHODV
VHUUDQtDVORVSLVRVLQIHULRUHVDUULEDGHOSLVREDMRWLHQHQiUHDVFRPSDUDEOHPHQWHJUDQGHVTXHVHYDQUHGXFLHQGR
SDXODWLQDPHQWHDOVXELUDDOWLWXGHVVXSHULRUHV$OOtHOiUHDHVWiGUiVWLFDPHQWHFRPSULPLGDSULPHURSRUTXHHO
WHUUHQRJHQHUDOPHQWHHVPX\HPSLQDGR\VHJXQGRSRUTXHVXELHQGRSRUODJUDGLHQWHDOWLWXGLQDOKD\FDGDYH]
PHQRVVHUUDQtDVTXHOOHJDQDODVDOWLWXGHVFRUUHVSRQGLHQWHV
(VWHDQiOLVLVWLHQHLPSOLFDFLRQHVPX\LPSRUWDQWHVSDUDODFRQVHUYDFLyQUHDVGHGLVWULEXFLyQFRPSULPLGDV
HVGHFLUOLQHDUHVVRQGHYXOQHUDELOLGDGHOHYDGD&ROODU8QDGHODVUD]RQHVFRQVLVWHHQHOKHFKRGH
TXHHQHOWUySLFRVRQSRFRVORVLQGLYLGXRVTXHIRUPDQODSREODFLyQORFDOHQWUHHOOtPLWHLQIHULRU\HOOtPLWH
VXSHULRUGHOiUHDGHGLVWULEXFLyQ(QXQDHVSHFLHGHDYHSHMVRQSRFRVORVWHUULWRULRVTXHVHHQFXHQWUDQ
XQRVREUHHORWURDORODUJRGHOJUDGLHQWHDOWLWXGLQDO(VWDFRQIRUPDFLyQGHSRFRVLQGLYLGXRVORFDOHVHQ
XQiUHDGHGLVWULEXFLyQOLQHDULPSOLFDXQDDOWDYXOQHUDELOLGDGDQWHODIUDJPHQWDFLyQDQWURSRJpQLFDGHOD
SREODFLyQ
7DEOD&DUDFWHUtVWLFDVGHODPLJUDFLyQERUHDODXVWUDO\DOWLWXGLQDOGHDYHVHQHO&$0
6LVWHPDPLJUDWRULR
7D[RQHV SULQFLSDOHV VSS GH HV
WDWXV VHJXURVSS GH HVWDWXV LQ
VHJXUR
1~PHURGHHVSHFLHVHVSHFLHVGH
HVWDWXVLQVHJXUR
eSRFD GH OOHJDGD DO iUHD KLEHU
QDO
eSRFD GH VDOLGD GHO iUHD KLEHU
QDO
$OWLWXGHVSULQFLSDOHVYLVLWDGDV
%RUHDO
6FRORSDFLGDH7\UDQ
QLGDH 3DUXOLGDH
$XVWUDO
7\UDQQLGDH(PEH
UL]LQDH$FFLSLWULGDH
$OWLWXGLQDO
7\UDQQLGDH 7UR
FKLOLGDH
6HSWLHPEUHRFWXEUH
0DU]RDEULO
(QHURDEULO
)HEUHURPDU]R
2FWXEUHQRYLHPEUH
-XQLRMXOLR
)DMD VXEDQGLQD<XQJDV
ERVTXHSUHDQGLQR
+iELWDWVSULQFLSDOHV
9HJHWDFLyQ VHFXQGDULD
ERUGHGHERVTXHVGRVHO
LQWHULRUGHERVTXH
'LHWDVSULQFLSDOHV
$UWUySRGRV IUXWRV DU
WUySRGRV
2UJDQL]DFLyQ VRFLDO HQ iUHD KL %DQGDGDV PL[WDV VROLWD
EHUQDO
ULDWHUULWRULDO
)LGHOLGDGDOVLWLRKLEHUQDOZLQWHU 9DULDVHVSHFLHV
VLWHGHOLW\
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
1~PHURGHHVSHFLHVDPHQD]DGDV
VVSGHHVWDWXVLQVHJXUR
0LJUDFLyQDOWLWXGLQDO&RPRODPLJUDFLyQDOWLWXGLQDOHVHOVLVWHPDPLJUDWRULRPiVLPSRUWDQWHHQHO&$0YHU
7DEODPHUHFHDWHQFLyQSDUWLFXODU/DPHQWDEOHPHQWHQRVHFRQRFHQLQJ~QHVWXGLRGHO&$0VREUHPLJUDFLyQ
DOWLWXGLQDOHQODPXOWLWXGGHRWURVWD[DFRQSRWHQFLDOPLJUDWRULR6LQHPEDUJRGDWRVGHRWURVSDtVHVGHO1HRWUySLFR
WDQWRFRPRGHRWUDVUHJLRQHVLQGLFDQTXHHVWHFRPSRUWDPLHQWRH[LVWHHQYDULRVJUXSRVGHDQLPDOHV$SDUWHGH
DYHVVHKDREVHUYDGRPLJUDFLyQDOWLWXGLQDOHQPXUFLpODJRV&KLURSWHUDHQ&RVWD5LFD7LPP /D9DO
0F&DUWK\HWDOLQSUHSODVLVODV*DOiSDJRVHQ(FXDGRU0F&UDFNHQHWDOHQ0p[LFR0RQWDOYR
&KLOH6DQERUQ &UHVSR\SRVLEOHPHQWHHQXQDHVSHFLHHQ%UDVLO7UDMDQR&RQUHVSHFWRDRWURV
JUXSRVGHPDPtIHURVVHWLHQHFRQRFLPLHQWRGHPLJUDFLyQDOWLWXGLQDOHQPRQRV3ULPDWHVSHMHQ6XPDWUD%XLM
HWDO\&KLQD)RRGHQ3DUDORVXQJXODGRVFRQGHGRVSDUHV$UWLRGDFW\ODVHORKDGRFXPHQWDGRGH
YDULDVUHJLRQHVGHORV5RFN\0RXQWDLQVHQ1RUWHDPpULFD*UXHOO0RLVDQ6KDZ5REHO
+HEHUW2RVHQEUXJ 7KHEHUJH0RUJDQWLQL +XGVRQGHO+LPDOD\DHQOD,QGLD6DUNDUHW
DOGH-DSyQ7DNDWVXNLHWDO1XHYD=HODQGLD7XVWLQ 3DUNHVGHORV3LULQHRVHQ(VSDxD
+HUUHURHWDOGHORV$OSHVHQ,WDOLD3DUULQLHWDO\)UDQFLD5RFKDW\GH1RUXHJD$OERQ
/DQJYDWQ0\VWHUXG([LVWHIXHUWHHYLGHQFLDGHPLJUDFLyQDOWLWXGLQDOWDPELpQHQXQDHVSHFLHGH
DQWD7DSLUXVEDLUGLLXQXQJXODGRGHGHGRVLPSDUHV3HULVVRGDFW\ODHQ&RVWD5LFD/DZWRQ(QWUHORV
FDUQtYRURV&DUQLYRUDVHKDGRFXPHQWDGRGLFKRIHQyPHQRSDUDRVRV8UVLGDHHQ(VSDxD&DXVVLPRQWHWDO
\SDUDHOSXPD)HOLVFRQFRORUHQORV5RFN\0RXQWDLQV((88/RJDQ ,UZLQ
3DUDPDULSRVDV/HSLGRSWHUDH[LVWHQHVWXGLRVGH&RVWD5LFD+DEHU6WHYHQVRQ +DEHU+DEHU
6WHYHQVRQHQSUHSGH&DOLIRUQLD(VWDGRV8QLGRV6KDSLUR\GH.HQ\D$ZRGH\/DPLJUDFLyQ
DOWLWXGLQDOHQLQVHFWRVWDPELpQVHGRFXPHQWySDUDDYLVSDVHQ&RVWD5LFD+\PHQRSWHUD9HVSLGDH+XQWHWDO
\GHDEHMDVHQ-DSyQ$SLGDH7RPRQR 6RWD'H-DSyQDGHPiVSURYLHQHLQIRUPDFLyQVREUH
PLJUDFLyQDOWLWXGLQDOHQPRVFDV'tSWHUD(VWHFRPSRUWDPLHQWRWDPELpQHVREVHUYDGRHQHVSHFLHVGHHVFDUDED
MRV&ROHRSWHUDHQ&KLQD;X /LX\YDULRVWD[DPiVGHQXPHURVDVUHJLRQHVPRQWDxRVDVHQODWLWXGHV
WHPSODGDV
/DPLJUDFLyQGHSHFHVHQUtRVWDPELpQSXHGHVHULQWHUSUHWDGDFRPRPLJUDFLyQDOWLWXGLQDO(VWDLQWHUSUHWDFLyQ
VHKDFHPiVREYLDFRQVLGHUDQGRSHFHVTXHVHUHSURGXFHQHQODVFDEHFHUDVGHORVQXPHURVRVUtRVTXHQDFHQHQ
ODVDOWXUDVGHOD]RQDGHO&$0
6HUHFRQRFHTXHHVWDFRPSLODFLyQHVWiOHMRVGHVHUODPiVFRPSOHWDVLQHPEDUJRUHSUHVHQWDXQDIXHUWHHYLGHQFLD
GHTXHODPLJUDFLyQDOWLWXGLQDOHQXQVLVWHPDPLJUDWRULRTXHDEDUFDPXFKDVHVSHFLHVHQXQDPXOWLWXGGHJUXSRV
GHDQLPDOHV\TXHDGHPiVRFXUUHSRWHQFLDOPHQWHHQWRGDVODV]RQDVPRQWDxRVDVGHOSODQHWD/DFDVLXELFXLGDG
HQWD[DGHDQLPDOHVPyYLOHVSDUHFHXQDFRQVHFXHQFLDOyJLFDGHODV~QLFDVFRQGLFLRQHVELRJHRJUiFDVTXH
FDUDFWHUL]DQODVPRQWDxDV6RQFRQIRUPDFLRQHVGHHFRVLVWHPDVOLQHDUHVRUGHQDGRVDORODUJRGHODJUDGLHQWH
DOWLWXGLQDORIUHFLHQGRDVtDORVSRWHQFLDOHVPLJUDQWHVDOWLWXGLQDOHVXQDPXOWLWXGGHiUHDVGLIHUHQWHVHFROyJLFD
\IHQROyJLFDPHQWHGHIiFLODOFDQFH/D0LJUDFLyQDOWLWXGLQDOHVGHPXFKDLPSRUWDQFLDGHELGRDOKHFKRGHTXH
VHVREUHSRQHFRQKRWVSRWVRFHQWURVGHELRGLYHUVLGDGFRPRHVHO&$0TXHVHHQFXHQWUDQHQPXFKRVFDVRV
HQUHJLRQHVPRQWDxRVDV6HVXSRQHTXHHQHO&$0H[LVWHQPXFKDVHVSHFLHVGHORVWD[DPHQFLRQDGRVDQWH
ULRUPHQWH\SRVLEOHPHQWHGHRWURVWD[DTXHPLJUDQDOWLWXGLQDOPHQWH(QDYHVDOPHQRVVHGLVSRQHGHGDWRV
SUHOLPLQDUHVSDUDHO&$0ORVFXDOHVVRQSUHVHQWDGRVHQODGLVFXVLyQVLJXLHQWHMXQWRFRQLPSOLFDFLRQHVGHHVWH
FRPSRUWDPLHQWRSDUDODFRQVHUYDFLyQ
OtPLWHVXSHULRUGHiUHDUHSURGXFWLYD
$OWLWXG
PDQWLHQH
OtPLWHVGH
GLVWULEXFLyQ
PDQWLHQH
OtPLWHVGH
GLVWULEXFLyQ
SDUFLDOD
QRPLJUDWRULR
GHVSOD]DOtPLWH
LQIHULRU
SDUFLDOE
PLJUDQWH
GHVSOD]DOtPLWH
VXSHULRU
SDUFLDOF
PLJUDQWH
iUHDRFXSDGDVyORGXUDQWHODpSRFDQRUHSURGXFWLYD
iUHDRFXSDGDVyORGXUDQWHODpSRFDUHSURGXFWLYD
iUHDRFXSDGDGXUDQWHHODxRHQWHUR
/DVHFKDVLQGLFDQSRVLEOHVPRYLPLHQWRVHQODSREODFLyQJHQHUDQGRFDPELRVGLVWULEXFLRQDOHVDORODUJRGHODxR
OtPLWHLQIHULRUGHiUHDUHSURGXFWLYD
PLJUDQWH
UHVLGHQWH
GHVSOD]DDPERV
OtPLWHV
SDUFLDOG
PLJUDQWH
GHVSOD]DOtPLWH
VXSHULRUKDFLD
DUULED
SDUFLDOH
PLJUDQWH
GHVSOD]DHQWHUD
HOiUHD
HQWHUR
PLJUDQWH
7DEOD3DWURQHVGHPLJUDFLyQDOWLWXGLQDOGHVSOD]DPLHQWRGHOtPLWHVGHiUHDGHGLVWULEXFLyQHQODpSRFDQRUHSURGXFWLYD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(VWDREUDWLHQHHQFRP~QFRQPXFKRVHVWXGLRVGHFRPXQLGDGHVGHDYHVDQGLQDVRGHRWUDVUHJLRQHVPRQWDQDVGHOPXQGRODWHQGHQFLD
GHVXEHVWLPDUODLPSRUWDQFLDGHPLJUDFLyQDOWLWXGLQDO/DVGLFXOWDGHVFRPLHQ]DQFRQODSUyEOHPDWLFDGHGHQLULQHTXLYRFDGDPHQWH
ORTXHHVPLJUDFLyQ\ORTXHQRHV$GHPiVVXHVWXGLRUHTXLHUHWUDEDMRVGHFDPSRGHODUJRSOD]RXRWUDLQYHVWLJDFLyQH[WHQVDSDUD
SRGHUHQFRQWUDUHVRVSDWURQHVHVSDFLRWHPSRUDOEDVWDQWHVXWLO7RPDQGRHQFXHQWDRWURVHVWXGLRVHVSRVLEOHSURQRVWLFDUDOPHQRVOD
PDJQLWXGGHODPLJUDFLyQDOWLWXGLQDOHQHO&$0(QWUHORVDWUDSDPRVFDV7\UDQQLGDHHVWXGLDGRVQ &KHVVHUFRQVLGHUy
XQFRPRPLJUDQWHVDOWLWXGLQDOHV6WLOHVVXPDQGRPLJUDQWHVHVWDFLRQDOHV\DYHVTXHVHPXHYHQDORODUJRGHOJUDGLHQWH
DOWLWXGLQDOGLDULDPHQWH\FRQVLGHUDQGRWRGDVODVHVSHFLHVFRQSREODFLRQHVUHSURGXFWLYDVHQ&RVWD5LFDQ OOHJDDOPLVPRSRU
FHQWDMHTXH&KHVVHU+LOW\HQXQHVWXGLRGHODDYLIDXQDGHXQVLWLRHQODYHUWLHQWHSDFtFDGHODFRUGLOOHUDRFFLGHQWDO
HQ&RORPELDLGHQWLFDFRPRPLJUDQWHVDOWLWXGLQDOHVDGHODVHVSHFLHVSUHVHQWHVQ (VLQWHUHVDQWHLQFOXLUORVGDWRVGHXQD
LQYHVWLJDFLyQH[WHQVDGHRWUDUHJLyQWURSLFDOHQHVWHDQiOLVLV7KLROOD\LQGLFDTXHGHODVHVSHFLHVGHVXiUHDGHHVWXGLRHQ
HO+LPDOD\DGH1HSDOQ OOHYDQDFDERPRYLPLHQWRVDOWLWXGLQDOHV(QUHVXPHQXQSURQyVWLFRFRQVHUYDWLYRSDUDODVHVSHFLHV
GHO&$0QaLQGLFDUtDDOPHQRVXQDVHVSHFLHVTXHPLJUDQDOWLWXGLQDOPHQWHXQQ~PHURPXFKRPiVJUDQGHTXHSDUDPL
JUDQWHVERUHDOHVRDXVWUDOHVLQGLFDGRVSRU+HQQHVVH\HWDO
6RQUHVXOWDGRVGHOSUR\HFWRGRFWRUDOGHODXWRUOOHYDGRDFDERGXUDQWHORVDxRVHQHO31&DUUDVFR\DOUHGHGRUHV6HREVHUYy
DORODUJRGHODHQWHUDJUDGLHQWHDOWLWXGLQDOHQWUHP3DUTXH0DFKtD9LOOD7XQDUL\PHQHOSiUDPR\XQJXHxRGHQWURGHO31
&DUUDVFR6HYLVLWyODVGLIHUHQWHVDOWLWXGHVYDULDVYHFHV\HQGLIHUHQWHVpSRFDVGHODxR&RPRPpWRGRVHXWLOL]yFDPLQDWDVHQVHQGHURV
\FDPLQRVH[LVWHQWHVUHJLVWUDQGRWRGRVORVLQGLYLGXRVGHDYHVSRUPHGLRGHREVHUYDFLRQHVYLVXDOHV\DF~VWLFDV\GRFXPHQWDQGR
DSUR[LPDGDPHQWHUHJLVWURVHQJUDEDFLRQHV&RPRFRPSOHPHQWRVHFRPSLOyXQDEDVHGHGDWRVFRQUHJLVWURVGRFXPHQWDGRVHQ
ODOLWHUDWXUD\FROHFFLRQHVFLHQWtFDV/DGLVWULEXFLyQGHORVGDWRVFRUUHVSRQGLHQWHVVREUHHOJUDGLHQWHDOWLWXGLQDO\HQODVGLIHUHQWHV
pSRFDVGHODxRVLUYHSDUDLOXVWUDUFDPELRVHQODGLVWULEXFLyQDOWLWXGLQDOGHSREODFLRQHVDORODUJRGHODxR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0VWULDWLFROOLVHVXQDHVSHFLHSRFRSDUWLFXODUGHELGRDTXHFRQVXPHPiVIUXWRVTXHLQVHFWRVVLHQGRTXHHV
PLHPEUR GH XQD IDPLOLD FRQRFLGD SRU VX SUHIHUHQFLD DOLPHQWLFLD SRU ORV DUWUySRGRV 6X FRPSRUWDPLHQWR HV
HPiWLFR5LGJHO\ 7XGRU\QRYRFDOL]DFRQPXFKDIUHFXHQFLDHVSRUHVRTXHVXVYRFDOL]DFLRQHVQR
HVWiQDPSOLDPHQWHFRQRFLGDV\ODFODVLFDFLyQGHHOODVVLJXHSUREOHPiWLFD0D\HU6WHIDQ.UHIWGDWRVQR
SXEOLFDGRV$SHVDUGHQRVHUODHVSHFLHLGHDOSDUDHODQiOLVLVGHPLJUDFLyQDOWLWXGLQDO+HQQHVVH\HWDO
ODFODVLFDQFRPRPLJUDQWHDOWLWXGLQDOHQ%ROLYLDQDWXUDOPHQWHVLQHVSHFLFDFLRQHVVREUHVXVPRYLPLHQWRV\D
TXHVHWUDWDGHXQDOLVWDDQRWDGD3DUNHUHWDOREYLDPHQWHVRVSHFKDQTXHVHWUDWDGHXQPLJUDQWHDOWLWX
GLQDOVLQSRGHUEDVDUVHHQGDWRVVyOLGRVHOHYDWLRQDOPRYHPHQWVSRRUO\NQRZQ/RVVLJXLHQWHVGDWRVSDUHFHQ
VHUORVSULPHURVVREUHORVPRYLPLHQWRVHQXQDSREODFLyQGHHVWDHVSHFLH(QHOFRUUHGRU$PERUy0DGLGLIXH
REVHUYDGRSULQFLSDOPHQWHHQWUHORVP\PUHHMDQGRELHQGDWRVJHQHUDOHVGHODOLWHUDWXUD
PP5LGJHO\ 7XGRUSHURWDPELpQ3DUNHUHWDOGDQPFRPROtPLWHVXSHULRU6LQ
HPEDUJRGXUDQWHODWUDQVLFLyQGHODpSRFDK~PHGDDODpSRFDVHFDHQHO&KDSDUHDSDUHFHWDPELpQHQSLVRV
LQIHULRUHVGRQGHVHREVHUYyYDULRVLQGLYLGXRVLQFOXVRHQERVTXHSRFRSHUWXUEDGRHQORVDOUHGHGRUHVGH9LOOD
7XQDULPTXHTXHGDHQODSODQLFLHDPD]yQLFDHQXQDGLVWDQFLDGHDSUR[NPGHOSLHGHORV$QGHV(VWR
KDFHSRVLEOHTXHHOPRYLPLHQWRGHODSREODFLyQORFDOVHDWDQVLJQLFDWLYRTXHUHVXOWHHQXQDLQXQGDFLyQ
GHODIUDQMDGHWLHUUDEDMDDG\DFHQWHDODVPRQWDxDV(VWRVLQGLYLGXRVIXHURQREVHUYDGRVGXUDQWHORVPHVHVGH
PDU]R\PD\R&RPRHQRWURVPLJUDQWHVDOWLWXGLQDOHVSDUWLFLSDEDHQEDQGDGDVPL[WDVGHDYHV(VGLItFLOKDFHU
XQDDSUR[LPDFLyQ\DVHDFUXGDGHOSRUFHQWDMHPLJUDWRULRGHODSREODFLyQ\DTXHHOPRYLPLHQWRDOWLWXGLQDOVH
FRPSOLFDFRQXQRVUHJLVWURVPX\DOWRVGHLQGLYLGXRVTXHVHKL]RWDPELpQGXUDQWHODpSRFDVHFDDFRPLHQ]RGH
MXOLR(QWRQFHVSRGUtDQH[LVWLUPRYLPLHQWRVVLPXOWiQHRVHQGLUHFFLRQHVRSXHVWDVKDFLDDUULED\KDFLDDEDMR
GXUDQWHODpSRFDQRUHSURGXFWLYD'LDPRQGGHVFULEHHVWHIHQyPHQRSDUDDYHVPRQWDQDVMXYHQLOHVGH
1XHYD*XLQHD(QHOFRUUHGRU$PERUy0DGLGLYDULDVHVSHFLHVSDUHFHQUHSUHVHQWDUHOPLVPRWLSRPLJUDWRULRSHUR
VLQORVPRYLPLHQWRVKDFLDDUULEDSHM0\DGHVWHVUDOORLGHV(XSKRQLD[DQWKRJDVWHU3LSUDHLGHDPHODQRQRWD\
&KORURVSLQJXVRSKWKDOPLFXV6WHIDQ.UHIWGDWRVQRSXEOLFDGRV
&KU\VXURQLDRHQRQHHVXQSLFDRU7URFKLOLGDHGHWDPDxRPHGLDQR6XFRORUSULQFLSDOHVYHUGHODKHPEUD
FRQSHFKR\YLHQWUHEODQFRVVLQHPEDUJRWLHQHXQDFDEH]DD]XORVFXUD\XQDFRODGHFRORUGRUDGRDQDUDQ
MDGRDPEDVEULOODQGRGHPDQHUDOODPDWLYDFXDQGRHVWiQH[SXHVWDVDOVRO$GHPiV&RHQRQHGLVSRQHGHXQ
FDQWRFDUDFWHUtVWLFR\IiFLOGHLGHQWLFDU0D\HU(VXQDYHEDVWDQWHFRP~QGLVWULEXLGDHQOD$PD]RQLD
RFFLGHQWDO\HQODYHUWLHQWHRULHQWDOGHODFRUGLOOHUDRULHQWDOGHORV$QGHVKDVWDODVWLHUUDVEDMDVGH9HQH]XHOD
6WLOHV6XKiELWDWSXHGHVHUERUGHVGHERVTXHYHJHWDFLyQVHFXQGDULDYLHMDRiUEROHVVROLWDULRVHQFDPSRV
DELHUWRV&RQVXPHQpFWDUDGHPiVGHDUWUySRGRVFRPRHVHOFDVRHQWRGRVORVSLFDRUHVYLVLWDQGRDUEXVWRV\ODV
FRSDVGHORViUEROHVSHM,QJDVSS(U\WKULQDVSS6WLOHV7RGRVORVDXWRUHV+LOW\ %URZQ6WLOHV
+HQQHVVH\HWDOFRLQFLGHQHQTXHODGLVWULEXFLyQDOWLWXGLQDOGH&RHQRQHOOHJDGHODVWLHUUDVEDMDV
KDVWDORVPVLHQGRH[DFWDPHQWHODDOWLWXGPD\RUGRQGHVHODREVHUYyHQHO&KDSDUH6WHIDQ.UHIWGDWRV
QRSXEOLFDGRV'DWRVGHODOLWHUDWXUD\GHHVSHFtPHQHVFROHFWDGRVWDPELpQFRLQFLGHQFRQXQVyORUHJLVWURD
XQDDOWXUDGHP6LQHPEDUJRHODQiOLVLVGHODGLVWULEXFLyQGHORVUHJLVWURVDOWLWXGLQDOHVDORODUJRGHOFLFOR
DQXDO6WHIDQ.UHIWGDWRVQRSXEOLFDGRVUHYHODTXHHVWDHVSHFLHDSDUHFHHQDOWLWXGHVPiVDOOiGHORVP
VRODPHQWHGXUDQWHGRVPHVHVGHODpSRFDVHFDGHVGHQDOHVGHMXQLRKDVWDQDOHVGHDJRVWRFRQXQVyORUHJLVWUR
DSULQFLSLRVGHDEULOHQP(QDOWLWXGHVGHPSDUDDEDMRODHVSHFLHHVWiSUHVHQWHGXUDQWHWRGRHODxR
$GHPiVVHREVHUYDXQDFRQFHQWUDFLyQGHLQGLYLGXRVHQDOWLWXGHVPHGLDQDVPPGXUDQWHHOFRPLHQ]R
GHODpSRFDGHOOXYLDGHVGHSULQFLSLRVGHVHSWLHPEUHKDVWDPHGLDGRVGHQRYLHPEUH(QWRQFHVORVGDWRVSHUPLWHQ
GHGXFLUHOSDWUyQPLJUDWRULRVLJXLHQWH'XUDQWHODpSRFDQRUHSURGXFWLYDODPD\RUSDUWHGHODpSRFDGHOOXYLD
(VWRVGDWRVHQVXPD\RUtDSURYLHQHQGH$UPDQGR9DOGpV9HOiVTXH]TXHKL]RVXWHVLVGHGRFWRUDGRVREUHSUREOHPDVVLVWHPiWLFRV\
ELRJHRJUiFRVFRQUHVSHFWRD&RHQRQH\RWUDVHVSHFLHVGHORV7URFKLOLGDHHQHO,QVWLWXWRGH,QYHVWLJDFLyQ\0XVHR=RROyJLFR$
.RHQLJHQ%RQQ$OHPDQLD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
\HOSULQFLSLRGHODpSRFDVHFDODSREODFLyQHQWHUDGH&KU\VXURQLDRHQRQHHQHOFRUUHGRU$PERUy0DGLGLVH
HQFXHQWUDHQODVWLHUUDVEDMDV\HO3LHGHPRQWHKDVWDP3DUDODUHSURGXFFLyQFRPRHQPXFKDVHVSHFLHVGH
SLFDRUHVDSURYHFKDGHODJUDQDEXQGDQFLDGHRUHVGXUDQWHODpSRFDVHFDDYDQ]DGD6WLOHVXQD
SDUWHGHODSREODFLyQWDOYH]XQVXEHKDVWDPi[LPRP'HVSXpVHVWRVLQGLYLGXRVHPSLH]DQDEDMDU
HIHFWXDQGRXQDFRPSUHVLyQGHODGLVWULEXFLyQDOWLWXGLQDOSHURWRGDYtDQRKDVWDHOOtPLWHVXSHULRURULJLQDOGH
P0iVELHQXQDJUDQSDUWHGHODSREODFLyQDSUR[XQDSDUHQWHPHQWHDXPHQWDGDSRUORVLQGLYLGXRV
MXYHQLOHVUHFLpQFULDGRV\RSRULQGLYLGXRVSURYHQLHQWHVGHSLVRVLQIHULRUHVVHPXHYHDDOWLWXGHVHQWUHP\
P(VSRVLEOHTXHVHDRWURSHDNGHRUHFLPLHQWRHQHVWDDOWLWXGGXUDQWHWDOpSRFDHOTXHDWUDHDXQJUDQ
Q~PHURGHSLFDRUHV3DWURQHVVLPLODUHVKDQVLGRGHVFULWRVSDUDSLFDRUHVHQ&RVWD5LFD6WLOHV(QHO
FRUUHGRU$PERUy0DGLGLRWURVSLFDRUHV&DPS\ORSWHUXVODUJLSHQQLV$JODLRFHUFXVNLQJL2FUHDWXVXQGHUZRRGLL
\HVSHFLHVGHRWUDVIDPLOLDVSHM7KUDXSLGDH%XWKUDXSLVPRQWDQD&RQLURVWUXPDOELIURQVSRVLEOHPHQWHVH
FRPSRUWHQGHLJXDOPDQHUD6WHIDQ.UHIWGDWRVQRSXEOLFDGRV
(QUHVXPHQODFRQVHUYDFLyQGHHVWDPXOWLWXGGHSREODFLRQHVPLJUDWRULDVDOWLWXGLQDOHVWLHQHTXHWRPDUHQFXHQWD
TXHHVWDVSREODFLRQHVRFXSDQGRViUHDVDORODUJRGHODxRDXQTXHHQPXFKRVFDVRVVHVRODSHQ(VWDGLQiPLFD
HVSDFLRWHPSRUDOWLHQHGRVFRQVHFXHQFLDVSULQFLSDOHV
3ULPHURVHKDFHQHFHVDULRHOUHDQiOLVLVGHORVGDWRVGHGLVWULEXFLyQDOWLWXGLQDO\DTXHVyORXQDSDUWH
GHHOODIRUPDHOiUHDUHSURGXFWLYD/RPLVPRDSOLFDSDUDHOiUHDQRUHSURGXFWLYD'HHVWDPDQHUDHO
WDPDxRUHDOGHOiUHDRFXSDGD\FRQpOHOWDPDxRFDOFXODGRGHODSREODFLyQVHUHGXFHHQDOJXQRVFDVRV
FRQVLGHUDEOHPHQWH(VWDSULPHUDSUREOHPiWLFDQRKDUHFLELGRVXFLHQWHDWHQFLyQQLVLTXLHUDHQHOFDVR
GHOVLVWHPDPLJUDWRULRWDOYH]PHMRUHVWXGLDGRHOVLVWHPDGHPLJUDFLyQQHiUWLFRQHRWURSLFDOGHDYHV
*yPH]GH6LOYD$GHPiVHOWDPDxRGHODVGRViUHDVSXHGHVHUGLIHUHQWHORTXHLPSOLFDTXHHO
HPSHRUDPLHQWRRGHVWUXFFLyQGHOKiELWDWWUDHFRQVLJRULHVJRVD~QPD\RUHVSDUDODSREODFLyQ(VWRHV
GHSDUWLFXODULPSRUWDQFLDHQHVSHFLHVGHXQDGLVWULEXFLyQDOWLWXGLQDOUHVWULQJLGDFRPRHVHOFDVRHQOD
PD\RUtDGHODVHVSHFLHVDQGLQDV*UDYHV/D'LVWULEXFLyQOLQHDUHVXQIDFWRUTXHFRQWULEX\H
DODYXOQHUDELOLGDGGHXQDHVSHFLH&ROODU
6HJXQGRORVHVIXHU]RVFRQVHUYDFLRQLVWDVWLHQHQTXHFRQVLGHUDUTXHODRFXSDFLyQGHGRViUHDVSRUODV
GLIHUHQWHVSREODFLRQHVPLJUDWRULDVUHTXLHUHQDFWLYLGDGHVHQDPEDViUHDVODGHVWUXFFLyQGHVRODPHQWH
XQDGHODVGRViUHDV\DVLJQLFDUtDODH[WLQFLyQGHODHVSHFLHPLJUDWRULDSHM6WLOHVD6WLOHV
6WLOHV &ODUN/RLVHOOH %ODNH3RZHOO %MRUN:LQNHUHWDO6WUHZH
:LQNHUHWDO%XUJHVV 0OLQJZD
'H LJXDO PDQHUD :XQGHUOH HW DO VXJLHUHQ XQD KLSyWHVLV LQWHUHVDQWH VREUH OD H[WLQFLyQ GHO SLPStQ
(PEHUL]LGDH/R[LJLOODSRUWRULFHQVLVJUDQGLVHQODLVODFDULEHxD6W.LWWVODGHVWUXFFLyQGHOKiELWDWPRQWDQR
FDUDFWHUtVWLFRGHODHVSHFLHDWUDYpVGHGRVKXUDFDQHVVHJXLGRVHQFRPELQDFLyQFRQODGHVDSDULFLyQGHOKiELWDW
DGHFXDGRHQORVSLVRVEDMRVFRPRUHIXJLRSDUDODSREODFLyQGHHVWDHVSHFLHUHVXOWyHQODGLVPLQXFLyQGHOD
SREODFLyQDXQWDPDxR\DQRYLDEOH&RPRFRQVHFXHQFLDODSREODFLyQVHH[WLQJXLyDOJXQRVDxRVGHVSXpV
(QDOWLWXGHVVXSHULRUHVHQHO&$0ORVVXUD]RVFRP~QPHQWHHIHFW~DQKHODGDV\QHYDGDV\PHQRVREYLRUH
GXFFLRQHVWHPSRUDOHVGHODRIHUWDDOLPHQWLFLDTXHREOLJDQDVXESREODFLRQHVORFDOHVRHQHOFDVRGHHVSHFLHV
DOWLPRQWDQDVDSREODFLRQHVHQWHUDVGHDYHVSHM&LQFORGHVIXVFXV6.UHIWREVHUYDFLyQSHUVRQDODEDQGRQDU
VXViUHDV\PLJUDUKDFLDDOWLWXGHVLQIHULRUHVGRQGHHQFXHQWUDQFRQGLFLRQHVPiVIDYRUDEOHV
/DIUDJPHQWDFLyQGHORVERVTXHVHQVXiUHDQRUHSURGXFWLYD\DSRGUtDFRQWULEXLUDXQDJUDYHSUHVLyQHQODVSR
EODFLRQHVGHDYHVSRUTXHDYHVHQHO1HRWUySLFRHQJHQHUDOWLHQGHQDLQWHJUDUVHHQEDQGDGDVPL[WDVFRQUDQJRV
EDVWDQWHDPSOLRVSHM0XQQ3RZHOOORFXDODSOLFDWDPELpQSDUDDYHVPLJUDWRULDVHQHO&$0
PLJUDQWHVDOWLWXGLQDOHVWDQWRFRPRORQJLWXGLQDOHV6.UHIWGDWRVQRSXEOLFDGRV(VWDVEDQGDGDVEULQGDQSUR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
WHFFLyQFRQWUDGHSUHGDGRUHVDVXVSDUWLFLSDQWHV\SRVLEOHPHQWHXQDE~VTXHGDDOLPHQWLFLDPiVHFLHQWH'RQGH
ORVERVTXHVHVWiQDOWDPHQWHIUDJPHQWDGRVEDQGDGDVPL[WDVVRQGHPHQRUFRPSOHMLGDGRSXHGHQGHVDSDUHFHU
WRWDOPHQWHSHM0XQQ3RXOVHQ.UHIW(VWHHIHFWRVHDJUDYDGRQGHODIUDJPHQWDFLyQUHVXOWDHQ
ODGHVDSDULFLyQGHHQMDPEUHVGHKRUPLJDVGHHMpUFLWRSHM(FLWRQVSSDOUHGHGRUGHORVFXDOHVQRUPDOPHQWHVH
IRUPDQEDQGDGDVPL[WDVGHDYHVTXHDSURYHFKDQGHODVSUHVDVHQFRQWUDGDVSRUODVKRUPLJDV\GRQGHPLJUDQWHV
SDUWLFLSDQ:LOOLV(VWDVEDQGDGDVPL[WDVGHDYHVKRUPLJXHUDVUHSUHVHQWDQXQIHQyPHQRSDUWLFXODUTXH
QRREVWDQWHHVPX\FRP~QHQORVERVTXHVWURSLFDOHVK~PHGRV
/DGLQiPLFDPLJUDWRULDLQXHQFLDFRQVLGHUDEOHPHQWHODFRPSRVLFLyQGHODDYLIDXQDORFDO\FRQHOODODVIXQFLRQHV
HFROyJLFDVSHMODGLVSHUVLyQGHVHPLOODVRODHFLHQFLDGHSROLQL]DFLyQYHU3RUHMHPSORGXUDQWHYLVLWDV
UHSHWLGDVDXQOXJDUVLWXDGRHQWUHORVPPHQORV<XQJDVGHO'HSDUWDPHQWRGH&RFKDEDPEDHQOD
pSRFDVHFDQRUHSURGXFWLYDVHREVHUYyTXHHOiUHDSUiFWLFDPHQWHIXHLQXQGDGDSRUWiQJDUDV7KUDXSLGDH
GHODHVSHFLH7KO\SRSVLVUXFHSVTXHHQRWUDVpSRFDVHVWDEDDXVHQWH5%UXPHOGFRPXQLFDFLyQSHUVRQDO6
.UHIWGDWRVQRSXEOLFDGRV7UXFHSVHVPLJUDQWHDOWLWXGLQDOWDQWRFRPRDXVWUDO\HQODpSRFDQRUHSURGXFWLYD
ODVGRVSREODFLRQHVPLJUDWRULDVVRODSDQHQHVWDDOWLWXGORTXHODFRQYLHUWHHQODHVSHFLHDOPHQRVGHOVRWRERV
TXHERUGHGHERVTXHPiVFRP~QGHODHQWHUDDYLIDXQDORFDOHQHVWDpSRFD
&RQFOXVLRQHVSDUDODFRQVHUYDFLyQHQHO&$0
(QHVWHFDStWXORVHDFXPXOyIXHUWHHYLGHQFLDGHTXHODVPLJUDFLRQHVGHDQLPDOHVUHSUHVHQWDQXQGHVDItRSDUWLFXODU
SDUDORVHVIXHU]RVFRQVHUYDFLRQLVWDVHQHO&$0'HKHFKRVRQFRPELQDFLRQHVGHIDFWRUHVTXHULQGHQDFLHUWDV
HVSHFLHVDXQQLYHOHOHYDGRGHDPHQD]DFRQPLJUDFLRQHVDOWLWXGLQDOHVVLHQGRXQIDFWRUGHJUDQLPSRUWDQFLD
YHUSHM6WLOHVD6WUHZH
7RPDQGRQXHYDPHQWHHOHMHPSORGH7KO\SRSVLVUXFHSVFRPRUHSUHVHQWDQWHGHODPXOWLWXGGHHVSHFLHVPLJUDWRULDV
DOWLWXGLQDOHVLJXDOTXHORQJLODWLWXGLQDOHVHQHO&$0HVREYLRTXHFRPRHVXQDHVSHFLHWtSLFDGHOERUGHGH
ERVTXHQRSRGUtDSHUVLVWLUVLQXQPtQLPRGHKiELWDWVERVFRVRVFRQWLQXRVELRFRUUHGRUHVDORODUJRGHVXYLDMH
GHOVXU\GHDOWLWXGHVVXSHULRUHV1DWXUDOPHQWHRWUDVHVSHFLHVVRQPiVH[LJHQWHVDODFDOLGDGGHVXKiELWDWDVt
TXHHOHVWDEOHFLPLHQWRGHFRUUHGRUHVGHFRQVHUYDFLyQGHEHFXPSOLUFRQODVPD\RUHVH[LJHQFLDVSRVLEOHV
7DOYH]ORPiVLPSRUWDQWHTXHODSHUVLVWHQFLDGHODVHVSHFLHVPyYLOHVRPLJUDWRULDVHQVtHVVXLPSUHVFLQGLEL
OLGDGSDUDODPDQXWHQFLyQGHODIXQFLRQDELOLGDGHFRVLVWpPLFDHQHO&$0YHU\
(QHO&$0UHVDOWDQ]RQDVTXHPX\REYLDPHQWHHVWiQHQFRQLFWRFRQODSUREOHPiWLFDGLVFXWLGDSRUHMHPSOR
HOSLVREDMRGHO&KDSDUHUHSUHVHQWDVHPHMDQWHSUREOHPiWLFD0LHQWUDVODPD\RUtDGHODVDYHVTXHQLGLFDQHQ
ODOODQXUDWLHQHQXQDGLVWULEXFLyQDPSOLDHQODFXHQFDDPD]yQLFD\DVtQRVXIUHQXQDUHGXFFLyQGUDPiWLFDHQ
VXSREODFLyQODGHVWUXFFLyQUiSLGDGHORVERVTXHVGHOD]RQD\VXVXVWLWXFLyQSRUFXOWLYRVSDVWL]DOHV\iUHDV
SREODGDVSRUHOKRPEUHTXLWDQHOiUHDQRUHSURGXFWLYDDYDULDVSREODFLRQHVGHPLJUDQWHVDOWLWXGLQDOHV$GHPiV
GHVDSDUHFHHOUHIXJLRSDUDPXFKDVSREODFLRQHVRSDUWHVGHHOODVGXUDQWHHOLPSDFWRGHHYHQWRVGUiVWLFRV
YHUDUULED/DPLVPDLQWHUUXSFLyQGHORVPRYLPLHQWRVPLJUDWRULRVSRGUiRFXUULURSUREDEOHPHQWH\DHVWi
RFXUULHQGRHQOD]RQDGH&RFDSDWD\HQPHQRUHVFDODHQPXFKDVSDUWHVPiVHQHO&$0
$PSOLDFLyQGHOUDQJRGHGLVWULEXFLyQ
3/,ELVFK 6.UHIW
6LXQDHVSHFLHDOFRORQL]DUQXHYRVKiELWDWVHVPX\H[LWRVDVHDPSOLDVXUDQJRGHGLVWULEXFLyQ/HYLQ
/RVUDQJRVGHGLVWULEXFLyQSXHGHQFDPELDUVHGHELGRDOFDPELRGHIDFWRUHVHFROyJLFRVSHMFOLPDDEXQGDQFLD
GHHVSHFLHVFRQODVFXDOHVLQWHUDFW~DRGHELGRDOFDPELRGHFDUDFWHUtVWLFDVGHODHVSHFLHDWUDYpVGHODVHOHF
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(QODERWiQLFDHOWpUPLQRPLJUDFLyQDPHQXGRHVXWLOL]DGRHQHOVHQWLGRGHDXPHQWR\RGHVSOD]DPLHQWRGHiUHDVGHGLVWULEXFLyQSHUR
YHUSDUDODVGHQLFLRQHVYLJHQWHVDTXt
&RPSDUDU0LVVRXUL%RWDQLFDO*DUGHQZ6SHFLPHQ'DWD%DVHKWWSPRERWPRERWRUJ:76HDUFKYDVWKWPO6LQHPEDUJRGHEH
GHFLUVHTXHODVLVWHPiWLFDGHOJpQHUR$OQXVHQ$PpULFDHVFRQIXVD\SRGUtDVHUTXH$OQXVMRUXOOHQVLV\$DFXPLQDWDVHDQVLQyQL
PRV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'HVSOD]DPLHQWRGHUDQJRVGHGLVWULEXFLyQ\FDPELRVGHLQWHUDFFLRQHVGHELGR
DFDPELRVFOLPiWLFRV
3/,ELVFK 6.UHIW
5HFLHQWHPHQWHSRUSULPHUDYH]VHDQDOL]yHOSUREOHPDGHIXWXURVFDPELRVFOLPiWLFRV\VXVSRVLEOHVLPSDFWRVHQ
ODELRGLYHUVLGDGGH%ROLYLD,ELVFK1RHVSRVLEOHGDUDTXtXQUHVXPHQGHWRGDODDEXQGDQWHELEOLRJUDItD
UHIHUHQWHDODHYLGHQFLDFUHFLHQWHHLPSUHVLRQDQWHTXHORVUHFLHQWHVFDPELRVFOLPiWLFRVDFHOHUDGRVDQWURSRJp
QLFDPHQWHWLHQHQXQLPSDFWRPHQVXUDEOHHQODELRGLYHUVLGDGGHOSODQHWDSHURVHWUDWDGHFLWDUDOJXQRVGHORV
PiVUHFLHQWHVHVWXGLRVFX\DUHOHYDQFLDSDUDODFRQVHUYDFLyQHQHO&$0HVPX\REYLD%XHQRVUHV~PHQHVGHO
HVWDGRGHFRQRFLPLHQWRWDQWRGHODDPHQD]DGHORVFDPELRVFOLPiWLFRVFRPRGHODVHVWUDWHJLDVGHDGDSWDFLyQ
VHHQFXHQWUDQHQUHFLHQWHVSXEOLFDFLRQHVGH::)'XGOH\+DQVHQHWDO
3XHGHQFDXVDUVHLPSDFWRVPX\FRPSOHMRVSHMDWUDYpVGHXFWXDFLRQHVFOLPiWLFDVDIHFWDQGRODGLVSRQLEL
OLGDGGHSUHVDpSRFDVGHUHSURGXFFLyQHWF6WHQVHWKHWDO$SDUWHGHORVLPSDFWRVGLUHFWRVFDXVDGRV
SRUWHPSHUDWXUDVHOHYDGDVORVFDPELRVFOLPiWLFRVSXHGHQDIHFWDUODELRGLYHUVLGDGGHXQDPDQHUDLQGLUHFWD\
WDPELpQPX\VLJQLFDWLYDDWUDYpVGHFDPELRVGHSURFHVRVELRTXtPLFRVJHRTXtPLFRV\HFROyJLFRVWDOHVFRPR
ODIUHFXHQFLDLQWHQVLGDGGXUDFLyQ\pSRFDVGHIXHJRVpSRFDVVHFDVSURORQJDGDVODRFXUUHQFLDGHHVSHFLHV
LQYDVRUDVSDWyJHQRVHYHQWRVH[WUHPRVUHODFLRQDGRVFRQHOWLHPSRFRPRWRUPHQWDV\PXFKRVPiV$EHUHWDO
'DOHHWDO%HQQLQJHWDO1RVHREVHUYDUiXQVLPSOHFDOHQWDPLHQWR\XQFDPELRHQSDWURQHV
GHSUHFLSLWDFLyQVLQRWDPELpQFDPELRVPiVFRPSOHMRVSHURLJXDOPHQWHVLJQLFDWLYRVSDUDODELRGLYHUVLGDG
WDOHVFRPRODSUREDELOLGDGGHFLHUWRVHYHQWRVH[WUHPRVFRPRLQYLHUQRVPX\IUtRVRYHUDQRVPX\FDOXURVRV
SHM6FKlUHWDO-XVWDPHQWHVHUiQORVH[WUHPRVTXHSRGUiQVHUPiVLPSRUWDQWHVTXHORVSURPHGLRV6L
HQXQDUHJLyQFRPRHO&KDSDUHVHJ~QORVPRGHORVFOLPiWLFRVDXPHQWDVHODSUHFLSLWDFLyQSURPHGLRDQXDOHVWR
SRGUtDWUDQTXLOL]DUHQHOVHQWLGRGHORVHVFHQDULRVSDUDODVPXFKDVHVSHFLHVGHSHQGLHQWHVGHFRQGLFLRQHVPX\
K~PHGDV6LQHPEDUJRVLDOPLVPRWLHPSRDXPHQWDVHHOULHVJRGHWHQHUpSRFDVVHFDVPiVODUJDVHVWRSRGUtD
VHUXQIDFWRUFUtWLFRSDUDODH[WLQFLyQGHPXFKDVHVSHFLHV
/RVHIHFWRVGHOFDPELRGHFOLPDHQHOPRYLPLHQWRGHOUDQJRGHGLVWULEXFLyQGHHVSHFLHV\DQRVRQWHyULFRV
GHGXFLGRVGHGDWRVSDOHRHFROyJLFRV(OFDPELRGHOFOLPDJOREDO\DKDGHMDGRVXKXHOODGLJLWDOHQORVVLVWHPDV
HFROyJLFRVGHOSODQHWD6HKDQGRFXPHQWDGRDPSOLDFLRQHVGHUDQJRVKDFLDORVSRORVGHNPKDVWDNP
HQDxRVKD\XQGHVSOD]DPLHQWRSURPHGLRGHNPGpFDGDKDFLDORVSRORVRPHWURVGpFDGDKDFtDDUULED
HQODVPRQWDxDV3DUPHVDQ <RKH
5HDOPHQWHKD\HMHPSORVGHWRGRVORVWD[D\UHJLRQHV/RVPHMRUHVGDWRVQDWXUDOPHQWHVHWLHQHQGHUHJLRQHV
PHMRULQYHVWLJDGDVWDOHVFRPR(XURSD3RUHMHPSORVHKDPRVWUDGRFyPRORVUDQJRVGHGLVWULEXFLyQGHDYHV
VHGHVSOD]DQKDFLDHOQRUWH7KRPDV /HQQRQRTXpPDULSRVDVVHPXHYHQKDFLDDUULEDHQODVPRQWDxDV
GH&KHTXLD.RQYLFNDHWDO(QHFRVLVWHPDVGRPLQDGRVSRUSRFDVHVSHFLHVVHREVHUYDQPRYLPLHQWRVGH
ELRPDVFRPRSHMHQHOFDVRGHORVERVTXHVGH)DJXVV\OYDWLFDHQODVPRQWDxDVGH&DWDOXxDHQ(VSDxDTXH
GHVGHKDQVXELGRXQRVPHWURVVLHQGRUHHPSOD]DGRVHQVXOLPLWHLQIHULRUSRUERVTXHVPHGLWHUUiQHRVGH
UREOH4XHUFXVLOH[3HxXHODVHWDO6LQHPEDUJRVHVDEHTXHODUHDFFLyQGHODVHVSHFLHVDFHUFDGHORV
FDPELRVFOLPiWLFRVHVEDVWDQWHLQGLYLGXDOORTXHVLJQLFDTXHHQHFRVLVWHPDVPiVGLYHUVRVORVFDPELRVQRVH
SRGUiQREVHUYDUWDQIiFLOPHQWH\VREUHWRGRQRSUHGHFLUGHPDQHUDFRQDEOHFRPSDUDU)$810$3
0XFKDVFRPXQLGDGHVELROyJLFDVSRVLEOHPHQWHHVWpQUHRUJDQL]DGDV(OSUREOHPDSULQFLSDOHVTXHODYHORFLGDG
GHORVFDPELRVQRHVFRPSDUDEOHFRQORVFDPELRVHQpSRFDVFRPSDUDEOHVGHODKLVWRULD3RUHMHPSORVHHQWLHQ
GHEDVWDQWHELHQFyPRHQHOFXDWHUQDULRHVSHFLHVGHiUEROHVVHPRYLHURQODWLWXGLQDOPHQWHRDOWLWXGLQDOPHQWH
GLIHUHQFLiQGRVHJHQpWLFDPHQWHHYROXFLRQDQGRDFWLYDPHQWHGXUDQWHHOSURFHVRGHGHVSOD]DPLHQWR'DYLV
6KDZ-XVWDPHQWHHVWHFRQFLHUWRGHGHVSOD]DPLHQWR\DGDSWDFLyQHVWiDPHQD]DGRGHELGRDODUDSLGH]
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
GHORVFDPELRV7UHHWD[DVKLIWHGODWLWXGHRUHOHYDWLRQUDQJHLQUHVSRQVHWRFKDQJHVLQ4XDWHUQDU\FOLPDWH
%HFDXVHPDQ\PRGHUQWUHHVGLVSOD\DGDSWLYHGLIIHUHQWLDWLRQLQUHODWLRQWRODWLWXGHRUHOHYDWLRQLWLVOLNHO\WKDW
DQFLHQWWUHHVZHUHDOVRVRGLIIHUHQWLDWHGZLWKHQYLURQPHQWDOVHQVLWLYLWLHVRISRSXODWLRQVWKURXJKRXWWKHUDQJH
HYROYLQJLQFRQMXQFWLRQZLWKPLJUDWLRQV5DSLGFOLPDWHFKDQJHVFKDOOHQJHWKLVSURFHVVE\LPSRVLQJVWURQJHU
VHOHFWLRQDQGE\GLVWDQFLQJSRSXODWLRQVIURPHQYLURQPHQWVWRZKLFKWKH\DUHDGDSWHG7KHXQSUHFHGHQWHGUDWHV
RIFOLPDWHFKDQJHVDQWLFLSDWHGWRRFFXULQWKHIXWXUHFRXSOHGZLWKODQGXVHFKDQJHVWKDWLPSHGHJHQHRZFDQ
EHH[SHFWHGWRGLVUXSWWKHLQWHUSOD\RIDGDSWDWLRQDQGPLJUDWLRQOLNHO\DIIHFWLQJSURGXFWLYLW\DQGWKUHDWHQLQJ
WKHSHUVLVWHQFHRIPDQ\VSHFLHV'DYLV 6KDZ&RQUHVSHFWRDHVWHSUREOHPDGHODUDSLGH]GHORVFDP
ELRV\DKD\PXFKRFRQVHQVRHQWUHORVLQYHVWLJDGRUHVHVSHFLDOPHQWHHQHOFRQWH[WRTXHODVHVSHFLHVWHQGUiQ
TXHPRYHUVHHQSDLVDMHVFDPELDGRVDQWURSRJpQLFDPHQWHSHM3LWHONDDQGWKH3ODQW0LJUDWLRQ:RUNVKRS
0F&DUW\/DYRUHO6D[RQ%XVKHWDO(OVLQHUJLVPRGHODXPHQWRGHODWHPSHUDWXUD\
RWURVIDFWRUHVGHHVWUpVFRPRODPLVPDFRQYHUVLyQ\IUDJPHQWDFLyQGHHFRVLVWHPDVQDWXUDOHVSXHGHOOHYDUDOD
UXSWXUDGHPXFKDVLQWHUUHODFLRQHVHQWUHHVSHFLHV\XQDUHFRPELQDFLyQGHFRPXQLGDGHVELROyJLFDV+DQVHQHW
DO5RRWHWDO
0DUN%XVK\FROHJDVDQDOL]DURQODKLVWRULDGHOFOLPDGHXQERVTXHPRQWDQRHQHO1HRWUySLFRHQHOOtPLWHGH
3HU~\%ROLYLDFDVLSHUWHQHFLHQGRDO&$0GXUDQWHORVDxRVSDVDGRV/DJR&RQVXHORP%XVKHW
DO(QWUHRWURVPRVWUDURQTXHHOFDOHQWDPLHQWRHQODWUDQVLFLyQGHO3OHLVWRFHQRDO+RORFHQRIXHPXFKR
PiVOHQWRTXHHOFDOHQWDPLHQWRDFWXDOPHQWHREVHUYDEOH(QDTXHOODVpSRFDVODVHVSHFLHVSRGtDQUHVSRQGHUHIHF
WLYDPHQWHDXQFDPELRGH&SRUPLOHQLR/DPHQWDEOHPHQWHORVFDPELRVGHWHPSHUDWXUDDFWXDOHV\IXWXURV
VHJ~QPRGHORVFRQVHUYDGRUHVWLHQHQHOULWPRGH&SRUFHQWHQDULR6LQHPEDUJRORVDXWRUHVSLHQVDQTXHODV
HVSHFLHVFRQJUDQGHVGLVWULEXFLRQHVDOWLWXGLQDOHVSRGUiQUHDFFLRQDUGHELGDPHQWH/DVHVSHFLHVFRQUDQJRVPX\
UHGXFLGRVHQIUHQWDUiQVHULRVULHVJRV*LYHQWKHUHODWLYHO\VKRUWJHRJUDSKLFGLVWDQFHVEHWZHHQHOHYDWLRQVDQG
WKHFRQFRPLWDQWO\VKRUWPLJUDWLRQGLVWDQFHVUHTXLUHGWRPRYHDPRQJWKHP$QGHDQSODQWVZLWKEURDGHOHYDWLRQDO
GLVWULEXWLRQVVKRXOGEHDEOHWRUHPDLQLQHTXLOLEULXPZLWKFOLPDWH)RUWD[DZLWKQDUURZHOHYDWLRQUDQJHV
KRZHYHUWKHSUHGLFWHGUDWHRIFOLPDWHFKDQJHPD\PRYHWKHPFRPSOHWHO\RXWVLGHRIWKHLUFOLPDWLFQLFKHVSDFH
ZLWKLQRQO\RQHRUWZRSODQWJHQHUDWLRQV&RXSOHGZLWKKDELWDWGHVWUXFWLRQSUHYHQWLQJFRORQL]DWLRQIURPDGMDFHQW
PHWDFRPPXQLWLHV$QGHDQSODQWFRPPXQLWLHVPD\H[SHULHQFHJUHDWO\LQFUHDVHGH[WLQFWLRQUDWHV%XVKHWDO
(VWDFRQFOXVLyQYDFRQIRUPHFRQORVUHVXOWDGRVGHOHVWXGLRGH7KRPDVHWDOORVFXDOHVLQGLFDQ
TXHDQLYHOPXQGLDOKDVWDHOXQVHJ~QODVUHJLRQHVWHQGUiTXHH[WLQJXLUVHSRUTXHVXVUDQJRV
IXWXURVH[WUDSRODGRVQRWLHQHQWUDVODSHFRQORVUDQJRVDFWXDOHV
/RVFDPELRVVXWLOHVGHSDWURQHVGHSUHVHQFLDDXVHQFLDDEXQGDQFLDVHLQWHUDFFLRQHVGHHVSHFLHVWDPELpQ\D
HVWiQUHJLVWUDGRVHQORVHFRVLVWHPDVGHOSODQHWD&ODUDPHQWHHVPiVGLItFLOFRPSUREDUODUHODFLyQFDXVDHIHFWR
TXHHQHOFDVRGHUHDFFLRQHVPiVVLPSOHVFRPRHOGHVSOD]DPLHQWRGHUDQJRVVHJ~QHOUpJLPHQGHWHPSHUDWXUDV
6LQHPEDUJRKD\LQGLFLRVTXHORVFDPELRVGHWHPSHUDWXUD\RFRQWHQLGRGH&2HQODDWPyVIHUDFRPLHQ]DQD
FDPELDUFRPXQLGDGHV3RUHMHPSORHQERVTXHVQRSHUWXUEDGRVGHOD$PD]RQLDVHKDFRQVWDWDGRTXHODPRUWD
OLGDGUHJHQHUDFLyQ\FUHFLPLHQWRGHiUEROHVKDDFHOHUDGROOHYDQGRDFDPELRVGHDEXQGDQFLDGHSREODFLRQHV
:HVKRZWKDWRYHUWKHSDVWWZRGHFDGHVIRUHVWVLQDFHQWUDO$PD]RQLDQODQGVFDSHKDYHH[SHULHQFHGKLJKO\
QRQUDQGRPFKDQJHVLQG\QDPLFVDQGFRPSRVLWLRQ2XUDQDO\VHVDUHEDVHGRQDQHWZRUNRISHUPDQHQWSORWV
XQDIIHFWHGE\DQ\GHWHFWDEOHGLVWXUEDQFH:LWKLQWKHVHSORWVUDWHVRIWUHHPRUWDOLW\UHFUXLWPHQWDQGJURZWKKDYH
LQFUHDVHGRYHUWLPH2IUHODWLYHO\DEXQGDQWWUHHJHQHUDFKDQJHGVLJQLFDQWO\LQSRSXODWLRQGHQVLW\RU
EDVDODUHDDYDOXHQHDUO\WLPHVJUHDWHUWKDQWKDWH[SHFWHGE\FKDQFH>@*HQHUDRIIDVWHUJURZLQJWUHHV
LQFOXGLQJPDQ\FDQRS\DQGHPHUJHQWVSHFLHVDUHLQFUHDVLQJLQGRPLQDQFHRUGHQVLW\ZKHUHDVJHQHUDRIVOR
ZHUJURZLQJWUHHVLQFOXGLQJPDQ\VXEFDQRS\VSHFLHVDUHGHFOLQLQJ5LVLQJDWPRVSKHULF&2FRQFHQWUDWLRQV
PD\H[SODLQWKHVHFKDQJHVDOWKRXJKWKHHIIHFWVRIWKLVDQGRWKHUODUJHVFDOHHQYLURQPHQWDODOWHUDWLRQVUHPDLQ
XQFHUWDLQ7KHVHFRPSRVLWLRQDOFKDQJHVFRXOGKDYHLPSRUWDQWLPSDFWVRQWKHFDUERQVWRUDJHG\QDPLFVDQG
ELRWDRI$PD]RQLDQIRUHVWV/DXUDQFHHWDO
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
,JXDOPHQWHRWURJUXSRGHLQYHVWLJDGRUHVWDPELpQHQOD$PD]RQLDGHWHFWyTXHODVFUHFLHQWHVFRQFHQWUDFLRQHV
GH&2SRVLEOHPHQWHVHDQODFDXVDGHOFUHFLPLHQWRLQHVSHUDGRGHSODQWDVHQERVTXHVPDGXURV1RQIUDJPHQWHG
$PD]RQIRUHVWVDUHH[SHULHQFLQJDFRQFHUWHGLQFUHDVHLQWKHGHQVLW\EDVDODUHDDQGPHDQVL]HRIZRRG\FOLPELQJ
SODQWVOLDQDV2YHUWKHODVWWZRGHFDGHVRIWKHWZHQWLHWKFHQWXU\WKHGRPLQDQFHRIODUJHOLDQDVUHODWLYHWRWUHHV
KDVLQFUHDVHGE\D\HDU3KLOOLSVHWDO(OFUHFLPLHQWRGHODDEXQGDQFLDGHOLDQDVSRGUiWHQHU
FRQVHFXHQFLDVSDUDODUHJHQHUDFLyQ\PRUWDOLGDGGHiUEROHVGHVHQFDGHQDQGRPiVFDPELRVHFRVLVWpPLFRV
3RXQGVHWDOFRQFOX\HQTXHFDPELRVGUiVWLFRVGHODVFRPXQLGDGHVELROyJLFDVHQORVERVTXHVPRQWDQRV
K~PHGRVGH&RVWD5LFDLQFOX\HQGRHOFRODSVRGHSREODFLRQHVGHHVSHFLHVUDUDVSRGUtDQVHUFRQVHFXHQFLDGH
FDPELRVFOLPiWLFRVDIHFWDQGRODRFXUUHQFLDGHQXEHV7ZHQW\RIVSHFLHVRIDQXUDQVIURJVDQGWRDGVLQD
NPVWXG\DUHDLQFOXGLQJWKHORFDOO\HQGHPLFJROGHQWRDG%XIRSHULJOHQHVGLVDSSHDUHGIROORZLQJV\Q
FKURQRXVSRSXODWLRQFUDVKHVLQ2XUUHVXOWVLQGLFDWHWKDWWKHVHFUDVKHVSUREDEO\EHORQJWRDFRQVWHOODWLRQ
RIGHPRJUDSKLFFKDQJHVWKDWKDYHDOWHUHGFRPPXQLWLHVRIELUGVUHSWLOHVDQGDPSKLELDQVLQWKHDUHDDQGDUH
OLQNHGWRUHFHQWZDUPLQJ7KHFKDQJHVDUHDOODVVRFLDWHGZLWKSDWWHUQVRIGU\VHDVRQPLVWIUHTXHQF\ZKLFKLV
QHJDWLYHO\FRUUHODWHGZLWKVHDVXUIDFHWHPSHUDWXUHVLQWKHHTXDWRULDO3DFLFDQGKDVGHFOLQHGGUDPDWLFDOO\
VLQFHWKHPLGV7KHELRORJLFDODQGFOLPDWLFSDWWHUQVVXJJHVWWKDWDWPRVSKHULFZDUPLQJKDVUDLVHGWKH
DYHUDJHDOWLWXGHDWWKHEDVHRIWKHRURJUDSKLFFORXGEDQNDVSUHGLFWHGE\WKHOLIWLQJFORXGEDVHK\SRWKHVLV
/DKLSyWHVLVGHODVQXEHVDVFHQGLHQWHVH[SXHVWDPiVDGHDQWHHQODVHFFLyQFRUUHVSRQGLHQWHDSURFHVRVKLGUR
FOLPiWLFRV/DVDPHQD]DVSDUDODELRGLYHUVLGDGGHORVERVTXHVPRQWDQRVK~PHGRVREYLDPHQWHYDQPiVDOOi
GHOGHVSOD]DPLHQWRGHUDQJRVGHGLVWULEXFLyQGHHVSHFLHV
&RQFOXVLRQHVSDUDODFRQVHUYDFLyQHQHO&$0
6LQWHQHUTXHHQIUHQWDUORVIXWXURVFDPELRVFOLPiWLFRVWHQLHQGRHQFXHQWDVRODPHQWHODVQHFHVLGDGHVGHPR
YLPLHQWRV\GHVSOD]DPLHQWRVGHORVRUJDQLVPRVVHSXHGHFRQFOXLUTXHODFRQVHUYDFLyQGHODELRGLYHUVLGDGGH
XQDUHJLyQWDQFRPSOHMDFRPRHO&$0UHTXLHUHGHPXFKRPiVTXHXQDUHGGHLVODVSURWHJLGDVELHQGLVWULEXLGDV
SDUDUHSUHVHQWDUORVGLVWLQWRVHFRVLVWHPDV4XLHUHGHFLUTXHVHPDQWHQJDVXFRQGLFLyQ\IXQFLyQFRPRFRUUHGRU
ELROyJLFR UHJLRQDO FRPSXHVWR SRU XQD PXOWLWXG GH VXEFRUUHGRUHV JDUDQWL]DQGR FRQHFWLYLGDG EiVLFDPHQWH
SURWHJHUHOXMRGHLQGLYLGXRV$VHJXUDUTXHORVLQGLYLGXRVGHODVHVSHFLHVTXHKDELWDQHO&$0SRUFLFORV
UHSURGXFWLYRVFRPSOHWRVRSDUWHVGHHOORVWHQJDQODVFRQGLFLRQHVSDUDPRYHUVHWLHQHTXHVHUODSULPHUDPHWD
GHO&RUUHGRU$PERUy0DGLGL
3HURWHQLHQGRHQFXHQWDDGHPiVORVFDPELRVFOLPiWLFRVTXHGDSHUIHFWDPHQWHFODURTXHVHGHEHHQIRFDUD~Q
PiVHQJDUDQWL]DUODPDQXWHQFLyQGHXQDPi[LPDFRQHFWLYLGDGGHKiELWDWVHVSHFLDOPHQWHHQGLUHFFLRQHVTXH
PX\SUREDEOHPHQWHVHDQUXWDVGHPRYLPLHQWRVGHLQGLYLGXRVHQHO&$0VRQORVFRUUHGRUHVDOWLWXGLQDOHVTXH
WDPELpQVHUHTXLHUHQSRUODPLJUDFLyQDOWLWXGLQDOGHDQLPDOHV0LHQWUDVODPLJUDFLyQVHFDUDFWHUL]DSRUPR
YLPLHQWRVELGLUHFFLRQDOHVORVPRYLPLHQWRVFDXVDGRVSRUORVFDPELRVFOLPiWLFRVVRQXQLGLUHFFLRQDOHVORTXH
HQVtQRHVUHOHYDQWHSDUDODFDOLGDGGHORVFRUUHGRUHVUHTXHULGRV%DMRODDPHQD]DLPSRQHQWHGHORVFDPELRV
FOLPiWLFRVTXHSRQHQHQSHOLJURODHQWHUDFRPXQLGDGRUJDQtVPLFDFRPRWDOHQHO&$0HVLPSHUDWLYRKDFHU
WRGRORSRVLEOHSDUDFRQVHUYDUORPiVSRVLEOHDSHVDUGHORVGHVSOD]DPLHQWRVDFHOHUDGRVTXHVHOOHYDUiQDFDER
FRPRFRQVHFXHQFLDGHFDPELRVFOLPiWLFRVDQWURSRJpQLFRV
0XFKRVDXWRUHVGHSXEOLFDFLRQHVUHFLHQWHVGHVWDFDQODLPSRUWDQFLDGHLQWHJUDUHVWUDWHJLDVGHFyPRHQIUHQWDU
FDPELRVFOLPiWLFRVHQHVWUDWHJLDVGHFRQVHUYDFLyQSHM+DQQDKHWDO6D[RQ+DQVHQHWDO
7KHPDMRULW\RISODQQLQJWRGDWHKDVIRFXVHGRQLVVXHVUHODWLQJWRVSDFHGHVLJQLQJUHVHUYHVWRSURWHFWPR
GHUDWHO\SULVWLQHWUDFWVRIODQGRUZDWHU:KLOHZHKDYHSURWHFWHGRQO\DIUDFWLRQRIWKHDUHDQHHGHGWRPHHW
UHFRPPHQGHGVSDWLDOJRDOVZHPXVWDOVRVWDUWDGGUHVVLQJWKUHDWVWKDWRULJLQDWHRXWVLGHUHVHUYHVDQGSURWHFWHG
DUHDV (QYLURQPHQWDO WKUHDWV OLNH FOLPDWH FKDQJH UHTXLUH WKDW ZH H[WHQG FRQVHUYDWLRQ SODQQLQJ EH\RQG WKH
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
ERXQGDULHVRISURWHFWHGDUHDVDQGLQWRDIXWXUHLQZKLFKHFRV\VWHPVDQGELRPHVPD\EHTXLWHGLIIHUHQWWKDQ
WKH\DUHWRGD\+DQVHQ %LULQJHU(Q%ROLYLD\HVSHFLDOPHQWHHQHOFDVRGHO&$0FRQVXVJUDQGHV
HFRVLVWHPDVEDVWDQWHVDQRVD~QH[LVWHODRSRUWXQLGDGHVSHFLDOGHUHDOL]DUXQDSODQLFDFLyQSURDFWLYD\PiVDOOi
GHORVOtPLWHVGHODViUHDVSURWHJLGDVWUDGLFLRQDOHV\PiVDOOiGHORVSDWURQHVDFWXDOHVGHODELRGLYHUVLGDG
%LULQJHUSURSRQHXQDVHULHGHHVWUDWHJLDVGHDGDSWDFLyQSDUDERVTXHVWURSLFDOHV\PXFKDVGHHOODVGHEHQ
DSOLFDUVHHQHO&$0SHMUHGXFLUHQODPHGLGDSRVLEOHODVGHPiVDPHQD]DV\HVWUHVHVHQODELRGLYHUVLGDGHYLWDU
IUDJPHQWDFLyQ\SURSRUFLRQDUFRQHFWLYLGDGPD[LPL]DUODVXQLGDGHVGHPDQHMRWRPDUGHFLVLRQHVHQXQDHVFDOD
JUDQGHELRJHRJUiFDUHSUHVHQWDUERVTXHVDORODUJRGHJUDGLHQWHVHFROyJLFRVSURWHJHUERVTXHVPDGXURV2WUDV
HVWUDWHJLDVSURSXHVWDVQRVRQWDQUHDOLVWDVSDUDHO&$0SHMDSR\DUPLJUDFLyQGHHVSHFLHVSRULQWURGXFFLRQHV
HQQXHYDViUHDVFRQVHUYDFLyQH[VLWXGHHVSHFLHVHVSHFLDOHV
(QXQSULPHUSDVRORPiVLPSRUWDQWHHVTXHORVDFWRUHVUHOHYDQWHVODV21*ODVHQWLGDGHVJXEHUQDPHQWDOHV
FRPSHWHQWHV\ODSREODFLyQGHVDUUROOHQXQDLGHDGHODUHOHYDQFLDGHORVFDPELRVFOLPiWLFRVSDUDODFRQVHUYDFLyQ
HQHOiUHD\TXHVHUHTXLHUHGHXQQXHYRHQIRTXHPX\GLQiPLFR\WROHUDQWH$V0LOODUQRWHV3656
WKHJRDOVKRXOGQRWEHWRVWRSFKDQJHRUSUHVHUYHDVSHFLHVSRSXODWLRQRUODQGVFDSHLQLWVFXUUHQWRUIRUPHU
FRQGLWLRQ(VSHFLDOO\IRUKLJKO\YXOQHUDEOHV\VWHPVFKDQJHPD\EHLQHYLWDEOHDQGUHVLVWLQJLWFRXOGOHDGWR
DEUXSWDQGXQGHVLUHGFRQVHTXHQFHVLQWKHIXWXUH3656%LULQJHU
7DPELpQHVLPSRUWDQWHUHFRQRFHUTXHODVLWXDFLyQSDUHFHVHUXQMXHJRGHD]DUHQHOTXHHVLPSRVLEOHVDEHUFXiOHV
GHODVHVSHFLHVWHQGUiQp[LWRHQDGDSWDUVH\GyQGHVHHQFRQWUDUiQHQXQIXWXUREDVWDQWHFHUFDQR3RUORWDQWRHV
UHFRPHQGDEOHQRHQIRFDUVHWDQWRHQODVHVSHFLHVLQGLYLGXDOHVVLQRHQORVSURFHVRVHFROyJLFRV3RUORPHQRVOD
PDQXWHQFLyQGHORVSURFHVRVUHODFLRQDGRVFRQPRYLPLHQWRVGHRUJDQLVPRVGHEHWHQHUPD\RUSULRULGDGVREUH
ODUHSUHVHQWDFLyQGHWRGDVODVIDFHWDVGLVWLQWDVGHODELRGLYHUVLGDG,QFOXVRGHEHTXHGDUFODURTXHXQERVTXH
PHQRVULFRHQHVSHFLHVSXHGHWHQHUPD\RUSULRULGDGGHFRQVHUYDFLyQTXHRWURPiVULFRVLHVTXHFRQWULEX\H
GH PDQHUD VREUHVDOLHQWH \ PiV VLJQLFDWLYDPHQWH D OD FRQVHUYDFLyQ GH IXQFLRQHV HFROyJLFDV 6LPSOHPHQWH
FXDOTXLHUHOHPHQWRGHELRGLYHUVLGDGTXHVHDGLVWLQWRVRODPHQWHSRGUiVREUHYLYLUDODUJRSOD]RVLVHHQFXHQWUD
HQXQVLVWHPDIXQFLRQDO
3URFHVRV\IXQFLRQHVDQLYHOGHFRPXQLGDGHVELROyJLFDVHLQWHUDFFLyQGH
HVSHFLHV
3HUWXUEDFLyQELyWLFD\VXFHVLyQ
6.UHIW 3/,ELVFK
(YHQWRVDELyWLFRVTXHSHUWXUEDQORVHFRVLVWHPDVKXUDFDQHVLQFHQGLRVGHUUXPEHVLQXQGDFLRQHVHURVLyQX
YLDOHQWUHRWURVFUHDQPDQFKDVGHHVWDGRVMyYHQHV\DVtUHLQLFLDQODVXFHVLyQQDWXUDOKDFLDHVWDGRVPDGXURV
(QDQDORJtDDHVWRVHYHQWRVFDWDVWUyFRVH[LVWHQSHUWXUEDFLRQHVELyWLFDVTXHWLHQHQXQHIHFWRSULQFLSDOPHQWH
VLPLODU6FKHU]LQJHU(VLPSRUWDQWHWHQHUHQFXHQWDTXHSHUWXUEDFLRQHVWDQWRFRPRVXFHVLRQHVVHSXHGHQ
OOHYDUDFDERHQQLYHOHV\HVFDODVPX\GLIHUHQWHV
/DVXFHVLyQQDWXUDOKDFLDXQERVTXHWURSLFDOPDGXURWUDHFRQVLJRXQDVHULHGHHVWDGRVVXFHVLRQDOHVELHQGLVWLQWRV
SRUVXDVSHFWRSRUVXFRPSRVLFLyQRUtVWLFD\ODVXEFRPXQLGDGGHDQLPDOHVTXHORVDFRPSDxD7HUERUJK
)RVWHUHWDO/DGLYHUVLGDGDOIDWDPELpQYDUtDHQWUHORVGLIHUHQWHVHVWDGRVDPHQXGRFRQXQDGLYHUVLGDG
HOHYDGDDOFRPLHQ]R3UiFWLFDPHQWHVLHPSUHHVHOHVWDGRPDGXURDYHFHVOODPDGRHVWDGRFOtPD[TXHFXOPLQD
HQODPD\RUGLYHUVLGDG(QWRQFHVVRODPHQWHFRQVLGHUDQGRODGLYHUVLGDGDOIDORVHVWDGRVVXFHVLRQDOHVSDUHFHQ
SRFRLPSRUWDQWHVVLQRLQFOXVRXQDFRQWULEXFLyQQHJDWLYDSDUDODGLYHUVLGDGORFDO6LQHPEDUJRHVWDGRVMyYH
QHVGHODVXFHVLyQQDWXUDOVLHPSUHFXEUHQiUHDVUHODWLYDPHQWHUHVWULQJLGDV\ODFRPELQDFLyQGHODHQWHUDVHULH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
VXFHVLRQDOUHVXOWDHQXQDGLYHUVLGDGEHWDPX\HOHYDGDHQFRPSDUDFLyQDOHVWDGRFOtPD[DLVODGR(VLQWHUHVDQWH
WHQHUHQFXHQWDTXHHQXQHVWXGLRGHFRPXQLGDGHVGHYDULRVWD[DGHSODQWDVHQORV<XQJDVEROLYLDQRV.HVVOHU
REVHUYyXQPi[LPRGHHQGHPLVPRHQORVHVWDGRVVXFHVLRQDOHVLQWHUPHGLDULRVHQHVWHFDVRJHQHUDGRV
SRU LPSDFWRV KXPDQRV 3RU FRQVHFXHQFLD OD ULTXH]D GH HVSHFLHV GH DQLPDOHV WDPELpQ DXPHQWD PXFKR HQ
SUHVHQFLDGHXQDGLQiPLFDIXQFLRQDOGHODVXFHVLyQSHMDYHVYHU:LHGHQIHOG'HKHFKRH[LVWHXQD
VLQHUJLDHQWUHHOSURFHVRGHODVXFHVLyQ\RWURVSURFHVRVELRHFROyJLFRV3RUHMHPSORSDUDODFRORQL]DFLyQSRU
HVSHFLHVGHSODQWDVVRFRUULGDVTXHUHHPSOD]DQDODVHVSHFLHVGHXQHVWDGRPiVMRYHQGLVSHUVRUHVGHVXVGLiV
SRUDVVRQLPSUHVFLQGLEOHVYHU3RURWURODGRODVSREODFLRQHVGHHVWRVDQLPDOHVDPHQXGRQRKDELWDQ
XQVyORHVWDGRVXFHVLRQDOVLQRTXHVHPXHYHQHQWUHHOORVVHJ~QORVSDWURQHVHVSDFLRWHPSRUDOHVGHODVRIHUWDV
DOLPHQWLFLDV/RLVHOOH %ODNH7HUERUJKYHUWDPELpQGLVSHUVLyQ]RRFyULFD
3DUDFRPSOHWDUHVWHSURFHVRFtFOLFRODVSHUWXUEDFLRQHVVHDQDELyWLFDVRELyWLFDVWDPELpQVRQLQGLVSHQVDEOHV
(QWUH ODV SHUWXUEDFLRQHV ELyWLFDV HQ ORV ERVTXHV WURSLFDOHV GHVWDFDQ ODV DFWLYLGDGHV GH KRUPLJDV IROtYRUDV
OHDIFXWWHUDQWVORVVHSHV5HSUHVHQWDQSHUWXUEDGRUHVFRQLPSDFWRVFRQVLGHUDEOHV$EUHQHOGRVHODYHFHV
PDWDQGRDODSODQWD/DFDQWLGDGGHOX]TXHOOHJDDOLQWHULRUGHOERVTXHDXPHQWD\DVtODVKRUPLJDVIRPHQWDQOD
UHJHQHUDFLyQGHOERVTXH
0LHQWUDVHOLPSDFWRGHODVKRUPLJDVIROtYRUDVDPHQXGRHVGHHVFDODFRQVLGHUDEOH\REYLDSDUDODSHUFHSFLyQ
KXPDQDKD\XQVLQQ~PHURGHLPSDFWRVGHPHQRUHVFDODSHTXHxDVFDWiVWURIHVTXHVLQHPEDUJRLQLFLDQXQD
VXFHVLyQ8QLQGLYLGXRGH3VHXGRFRODSWHVERLVVRQQHDXWLL)XUQDULLGDHXQDYHHVSHFLDOL]DGDHQEXVFDUDUWUySR
GRVHQHStWDV5LGJHO\ 7XGRUSXHGHGHVWUXLUODFRPXQLGDGRUJDQtVPLFDHQXQDWRWHOPDHOGLPLQXWR
FXHUSRGHDJXDTXHVHIRUPDHQXQDEURPHOLDHStWD/DWRWHOPDGHVSXpVHPSLH]DDVHUUHFRORQL]DGDSRU
PLFURRUJDQLVPRVODUYDVGHLQVHFWRVHWFKDVWDUDQDV
'LIHUHQWHDOFDVRGHODVSHUWXUEDFLRQHVODVXFHVLyQVLHPSUHHVXQSURFHVRPD\RUPHQWHELyWLFR$XQTXHIDFWRUHV
DELyWLFRVWDPELpQLQWHUDFW~DQVLQHUJHWLFDPHQWHSHMIRUPDFLyQGHVXHORVQLYHOGHODFDSDIUHiWLFDVRQORV
RUJDQLVPRVTXHFRQWURODQHOSURFHVRGHODVXFHVLyQ/RVHOHPHQWRVLPSRUWDQWHVGHODVXFHVLyQVRQODSROLQL]D
FLyQ\ODGLVSHUVLyQGRQGHHQHOWUySLFRODSDUWLFLSDFLyQGHDQLPDOHVSUHGRPLQDVREUHPHFDQLVPRVDELyWLFRV(Q
JHQHUDOODGLQiPLFDVXFHVLRQDOGHSHQGHGHODDOWLWXGHOFOLPDUHJLRQDO\ODVFRQGLFLRQHVSUHYLDV6FKHU]LQJHU
ODFRPSRVLFLyQ\HOHVWDGRGHOVXHORSREODFLRQHVFHUFDQDVHQIXHQWHVSDUDODFRORQL]DFLyQ6LOYDHWDO
%ODFNEXUQ *DVWRQHLQWHUDFFLRQHVHQWUHODFRPXQLGDGRUJDQtVPLFDHQJHQHUDO
$ODVHVSHFLHVTXHFUHDQHOKiELWDWSDUDRWUDVHVSHFLHVHVSRVLEOHFODVLFDUODVFRPRLQJHQLHURVGHKiELWDW(OODV
SURYHHQODPDWUL]QHFHVDULDSDUDODFRORQL]DFLyQSRURWUDVHVSHFLHVGXUDQWHXQDVXFHVLyQQDWXUDO
/RViUEROHVSRUHMHPSORSURYHHQODPDWUL]SDUDPXFKDVHVSHFLHV3ULPHURHVHOVXVWUDWRSDUDODFRORQL]DFLyQ
SRUSODQWDVHStWDVVRQHOUHFXUVRDOLPHQWLFLRSDUDPXFKRVFRPHQVDOHVSULPDULRVSHMODUYDVGHLQVHFWRV
KRUPLJDVIROtYRUDVYHUDUULEDIUXJtYRURVYHUSDUiVLWRVSHMORVJpQHURV3KU\JLODQWKXV3VLWWDFDQWKXV
7ULVWHUL[/RUDQWKDFHDH'HQGURSKWKRUD3KRUDGHQGURQ9LVFDFHDH\SDUDGHVFRPSRQHGRUHVSHMKRQJRV\
DGHPiVSURYHHQVRPEUD\PLFURFOLPDDPXFKDVHVSHFLHVVHQVLEOHVGHOVRWRERVTXH/DVXFHVLyQOOHYDGDDFDER
SRUiUEROHVHQWRQFHVUDPLFDHQVXFHVLRQHVGHHVFDODVPHQRUHVSHMODVWRWHOPDVGRQGHHQODVHStWDVVH
IRUPDQKiELWDWVYHUDUULED
6HJXQGRODFRORQL]DFLyQPDVLYDGHXQiUHDUHVXOWDQGRHQXQDPDQFKDGHERVTXHUHFLpQFUHDHOPLFURFOLPD
QHFHVDULRSDUDODDSDULFLyQGHODFRPXQLGDGRUJDQtVPLFDGHFXDOTXLHUHFRVLVWHPDERVFRVR
'HVFULELHQGRXQDHVFDODPiVSHTXHxDSiMDURVFDUSLQWHURV3LFLGDHWtSLFDPHQWHH[FDYDQKXHFRVHQWURQFRV
GRQGHQLGLFDQ'HHVWDPDQHUDFUHDQHVSDFLRVXWLOL]DEOHVSDUDODQLGLFDFLyQGHXQDPXOWLWXGGHRWUDVHVSHFLHV
SHMFDUSLQWHURVGHODPLVPDRGHRWUDVHVSHFLHVORURV3VLWWDFLGDHWXFDQHV5DPSKDVWLGDHWURJRQHV7UR
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(Q%ROLYLDKD\XQJUDQQ~PHURGHHVSHFLHVH[yWLFDVSDUFLDOPHQWHFRQWHQGHQFLDVLQYDVRUDVVLQTXHKDVWDHO
PRPHQWRVHREVHUYHQPD\RUHVFRQVHFXHQFLDVSDUDHVSHFLHVQDWLYDV,ELVFK+D\PiVHVSHFLHVH[yWLFDV
GHSODQWDVTXHDQLPDOHV8QDGLYHUVLGDGDOWDGHQHyWDVVHHQFXHQWUDHQiUHDVFXOWLYDGDVKDFHVLJORVKD\XQD
GLYHUVLGDGHQRUPHGHPDOH]DVHXURSHDVHQORVYDOOHVLQWHUDQGLQRV\HQOD3XQDVHPLK~PHGDYHUSHM6LJOH
3HVWDOR]]L 7RUUH]1RUPDOPHQWHODVHVSHFLHVLQYDVRUDVQRLQYDGHQERVTXHVLQWDFWRVVLQR
VHOLPLWDQDiUHDVDQWUySLFDV/DSUROLIHUDFLyQGHHVSHFLHVH[yWLFDVPXFKDVYHFHVWy[LFDV\GHFLHUWDPDQHUD
GDxLQDVHVXQDFRQVHFXHQFLDWtSLFDGHOSDVWRUHR>@
/DVJUDPtQHDVHVWiQHQWUHORVJUXSRVPiVUHOHYDQWHVFRPRSODQWDVLQYDVRUDV6HUHJLVWUDQDSUR[LPDGDPHQWH
XQDVHVSHFLHVGHJUDPtQHDVQRQDWLYDVFiOFXORSURSLRVHJ~Q5HQYRL]H(QDOJXQDVFRPXQLGDGHVGH
ODVWLHUUDVEDMDVODSUROLIHUDFLyQGHVXMR,PSHUDWDEUDVLOLHQVLVVHFRQYLHUWHHQXQSUREOHPDSDUDHOXVRGHOD
WLHUUD\DTXHQRHVIiFLOPHQWHHOLPLQDEOHFRQIXHJR\SURVSHUDHQEDUEHFKRVTXHQRSXHGHQVHUUHFXSHUDGRV
IiFLOPHQWHSDUDORVFXOWLYRV(OSUREOHPDHVFRQRFLGRHQ3HU~\%UDVLO6FRWW)HDUQVLGH\WLHQHHO
SRWHQFLDOGHPXOWLSOLFDUORVHIHFWRVGHODFRQYHUVLyQGHHFRVLVWHPDVERVFRVRV*UDPtQHDVH[yWLFDVVHXWLOL]DQ
SDUDHOPHMRUDPLHQWRGHSUDGHUDVSHM+\SDUUKHQLDUXID%UDFKLDULDEUL]DQWKD.LOOHHQHWDO\WDPELpQ
HQHOFRQWH[WRGHODUHYHJHWDFLyQSHMGHVSXpVGHLQWHUYHQFLRQHVGHODLQGXVWULDSHWUROHUD6HGHVFRQRFHVLOD
DPSOLDFLyQGHOUDQJRGHGLVWULEXFLyQGHHVWDVHVSHFLHVKDOOHYDGRDSUREOHPDVGHFRQVHUYDFLyQSDUDRWUDV
/D LQWURGXFFLyQ GH HVSHFLHV IRUHVWDOHV H[yWLFDV FRPR (XFDO\SWXV VSS 0\UWDFHDH \ 3LQXV VSS 3LQDFHDH
WLHQHHIHFWRVQHJDWLYRVHQORVVLWLRVGHODVSODQWDFLRQHVSHM6FKXOWH 0pULGD)MHOGVn .HVVOHU
SHUMXGLFDQGRDODRUD\IDXQDGHORVVXHORV\HOLPLQDQGRODYHJHWDFLyQQDWXUDOHQHOVRWRERVTXHSHURDIRUWX
QDGDPHQWHQRVHREVHUYDQWHQGHQFLDVLQYDVRUDVGHHVWDVHVSHFLHV>@
8QFDVRHVSHFLDOGHODLQWURGXFFLyQDQWURSRJpQLFDGHRUJDQLVPRVQRQHFHVDULDPHQWHQDWLYRV\FRQSRWHQFLDO
GHDPHQD]DSDUDODELRGLYHUVLGDGQDWLYDUHSUHVHQWDHOFRQWUROELROyJLFRGHSODJDV(Q%ROLYLD\DKD\LQVWLWX
FLRQHVTXHLQWURGXFHQ\GLIXQGHQRUJDQLVPRVSDWyJHQRVHQDJURHFRVLVWHPDVKDVWDHQiUHDVSURWHJLGDVVLQTXH
VHDSOLTXHQSURWRFRORVGHSUHYHQFLyQ\PRQLWRUHRGHLPSDFWRVSHM352%,20$UHD1DWXUDOGH0DQHMR
,QWHJUDGR$PERUy2EYLDPHQWHODYHQWDMDGHOFRQWUROELROyJLFRHVHYLWDUODDSOLFDFLyQGHSHVWLFLGDVYHUDED
MRVLQHPEDUJRGHEHDQDOL]DUVHFRQFXLGDGRTXpULHVJRVELROyJLFRVSXHGHQJHQHUDUVH(QHOFDVRGHKRQJRV
SDWyJHQRVSHMXWLOL]DGRVSRU352%,20$0HWDUUKL]LXPDQLVRSOLDH9HUWLFLOOLXPOHFDQLL%HDXYHULDEDVVLDQD
7ULFKRGHUPDVSSHVSRVLEOHTXHDIHFWHQQRVRODPHQWHDODVHVSHFLHVSODJDVHQORVFXOWLYRVSHMHVFDUDEDMRV
PDULSRVDVVLQRWDPELpQDHVSHFLHVVLOYHVWUHVTXHVHHQFXHQWUDQDOODGRGHORVFXOWLYRV\TXHSXHGHQVHUKDVWD
EHQHFLRVDVSDUDODDJULFXOWXUD0XFKRVKRQJRVVRQFRVPRSROLWDV\SRUORWDQWRVXSXHVWDPHQWHQRH[yWLFRV
HQFXDOTXLHUOXJDUGHDSOLFDFLyQ6LQHPEDUJRH[LVWHQYDULHGDGHVJHQpWLFDVTXHSXHGHQWHQHUFDUDFWHUtVWLFDV
GLIHUHQWHVGHODVYDULHGDGHVQDWLYDVWDPELpQ\DVHKDFRPHQ]DGRFRQODPDQLSXODFLyQJHQpWLFDGHRUJDQLVPRV
ELRFRQWURODGRUHV(ORULJHQGHOPDWHULDODSOLFDGRHVGHDOWDLPSRUWDQFLD$GHPiVODSURSDJDFLyQDUWLFLDO\OD
LQWURGXFFLyQPDVLYDGHSDWyJHQRVSRGUtDQOOHYDUDFRQVHFXHQFLDVLPSUHGHFLEOHVHQHOHFRVLVWHPD>@
(QHOFRQWH[WRGHFDPELRVDQWURSRJpQLFRVGHODDEXQGDQFLDGHDOJXQDVHVSHFLHVSXHGHQJHQHUDUSUREOHPDV
SDUDRWUDVDVtPHQFLRQDUHPRVEUHYHPHQWHODLQWURGXFFLyQGHDQLPDOHVFULDGRVRPDQWHQLGRVHQFDXWLYHULR$
SDUWHGHYDULRVSRVLEOHVSUREOHPDVHWROyJLFRVTXHGLFXOWDQODUHLQWURGXFFLyQGHDQLPDOHVHQHFRVLVWHPDV
QDWXUDOHVHVSHFLDOPHQWHHQHOFDVRGHGHSUHGDGRUHVJUDQGHVRWDPELpQJHQpWLFRVVLORVDQLPDOHVLQWURGXFL
GRVQRSURYLHQHQGHODSREODFLyQGHOVLWLRGRQGHVHUHDOL]DODLQWURGXFFLyQVHGHEHPHQFLRQDUHOULHVJRGHOD
LQWURGXFFLyQGHHQIHUPHGDGHVQRH[LVWHQWHVHQHOKiELWDWQDWXUDO\ODIDOWDGHKiELWDWDSURSLDGR-LPpQH]
,ELVFK
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
&RQFOXVLRQHVSDUDODFRQVHUYDFLyQHQHO&$0
(QUHVXPHQHOPHQVDMHSDUDORVDFWRUHVFRQVHUYDFLRQLVWDVHQHO&$0GHEHVHU3URWHJHUTXLHUHGHFLUGHMDU
TXHVHSURGX]FDQODVSHUWXUEDFLRQHVQDWXUDOHVHLPSHGLUODGHJUDGDFLyQDQWURSRJpQLFDGHORVHFRVLVWHPDV<DTXH
ODVSHUWXUEDFLRQHVQDWXUDOHVVRQXQPRWRUPX\SRGHURVRSDUDHOGHVDUUROOR\PDQWHQLPLHQWRGHELRGLYHUVLGDG
\DGHPiVSDUDODHYROXFLyQGHWD[DQXHYRVHVDEVROXWDPHQWHFODYHSHUPLWLUHVWDVGLQiPLFDVQDWXUDOHV
(VREYLRTXHHQ]RQDVSREODGDVHVWDVSHUWXUEDFLRQHVSXHGHQHVWDUHQFRQLFWRFRQODVDFWLYLGDGHVKXPDQDV/D
PHWDHQHVWDV]RQDVHQODV$10,VWDQWRFRPRHQODViUHDVQRSURWHJLGDVOHJDOPHQWHGHEHVHUDSOLFDUPHGLGDV
SURDFWLYDVSDUDIDFLOLWDUODFRQYLYHQFLDGHODJHQWH\GHORVSURFHVRVHFROyJLFRVLQFOX\HQGRODVSHUWXUEDFLRQHV
QDWXUDOHV
3DUDGDUXQHMHPSORVHGHEHUtDORJUDUFRQYHQFHUDSREODGRUHVRFRORQRVHYLWDUFLHUWDVDFWLYLGDGHVFRQVWUXFFLyQ
GHYLYLHQGDVFDPLQRVHWFHQODVRULOODVSDUWLFXODUPHQWHHQHOODGRGHDFWXDOHURVLyQDFWLYDGHORVUtRV3RUXQ
ODGRODGLQiPLFDXYLiWLODFRUWRSOD]RDPHQD]DUtDODLQWHJULGDGItVLFDGHODJHQWH\VXVSHUWHQHQFLDV3RURWUR
ODGRORVUtRVVRQSHUWXUEDGRUHVQDWXUDOHVTXHJDUDQWL]DQODVXFHVLyQFRQWLQXDGHVHDGDDGHPiVGHUHSUHVHQWDU
ELRFRUUHGRUHVLPSRUWDQWHVYHU
,PSHGLUODGHJUDGDFLyQDQWURSRJpQLFDGHORVHFRVLVWHPDVHVHOFRPSOHPHQWRGHOFRQFHSWRGHODSURWHFFLyQGH
ODVSHUWXUEDFLRQHVQDWXUDOHV9ROYLHQGRDOHMHPSORGDGRDQWHULRUPHQWHRWURHVFHQDULRVHUtDODIRUWLFDFLyQGH
ODVRULOODVFRQGLTXHVXRWUDVPHGLGDVSDUDFRQWURODUODGLQiPLFDXYLiWLO(VWDPDQLSXODFLyQSRUORPHQRVHQ
JUDQHVFDODVHUtDXQJUDYHLPSDFWRQHJDWLYRTXHVHGHEHUtDHYLWDU&ODUDPHQWHODSULPHUDRSFLyQDFWLYLGDGHV
KXPDQDVVRODPHQWHDSDUWLUGHXQDFLHUWDGLVWDQFLDDOUtRHVPiVVRVWHQLEOH\HFRQyPLFD
,QYDVLRQHVGHHVSHFLHVH[yWLFDVUHSUHVHQWDQSHUWXUEDFLRQHVQRQDWXUDOHV3DUDHYLWDUODVHVFUXFLDOWRPDUPH
GLGDVSURDFWLYDV$QWHWRGRODIXQFLRQDELOLGDGGHHFRVLVWHPDVFRPSOHWRV\QRGHJUDGDGRVSURYHHQXQDIXHUWH
SURWHFFLyQDQWHSRVLEOHVLQYDVLRQHV(QJHQHUDODGHPiVVHGHEHUtDSHUPLWLUHOXVRHQJUDQHVFDODGHHVSHFLHV
QRDXWyFWRQDVHQHO&$0HQODDJULFXOWXUDDSLFXOWXUDJUDQMDVHWFVLHPSUH\FXDQGRVHKD\DDQDOL]DGRORV
ULHVJRVLPSOLFDGRVXQDPHGLGDFRPSOHPHQWDULDVHUtDHOIRPHQWRGHOXVRGHHVSHFLHV\YDULHGDGHVQDWLYDV<D
TXHWRGDVODViUHDVSURWHJLGDVHVWiQURGHDGDVGH]RQDVSREODGDVGRQGHVHOOHYDQDFDERGLYHUVDVDFWLYLGDGHV
KXPDQDVHVSHFLDOPHQWHHQORVDOUHGHGRUHVGHODV$3VVHGHEHUtDDVHJXUDUTXHQRVHLQWURGX]FDQHVSHFLHVFRQ
HOSRWHQFLDOGHDIHFWDUODVFRPXQLGDGHVRUJDQtVPLFDVSRUSURWHJHU
(VSHFLHVFODYH
(QPXFKRVHFRVLVWHPDVVHSXHGHREVHUYDUTXHH[LVWHQHVSHFLHVFODYHNH\VWRQHVSHFLHVTXHVRQHVSHFLHV
LQWHUDFWRUHVIXHUWHV\TXHWLHQHQXQLPSDFWRGHVSURSRUFLRQDGDPHQWHDOWRHQHOVLVWHPD*LOEHUW(VWD
GHQLFLyQDXQTXHQRVHDPX\UtJLGDLPSOLFDTXHHQHOFRQMXQWRGHXQDFRPXQLGDGRUJDQtVPLFDORFDOVyOR
XQQ~PHURUHGXFLGRGHHVSHFLHVUHSUHVHQWDHVSHFLHVFODYH(OFULWHULRPiVLPSRUWDQWHSDUDODLGHQWLFDFLyQGH
HVSHFLHVFODYHHVTXHODDEXQGDQFLD\RODELRPDVDGHODSREODFLyQORFDOGHEHQGHVWDFDUVHSRUVHUSHTXHxDHQ
FRPSDUDFLyQDOSDSHOFODYHTXHWLHQHSDUDHOIXQFLRQDPLHQWRGHOHFRVLVWHPD'DYLF
(OFRQFHSWRGHODVHVSHFLHVFODYHHVGLVFXWLGRFRQWURYHUVLDOPHQWH/DVFUtWLFDVHQODPD\RUtDDSXQWDQDVXFRQ
IXVLyQFRQRWURVFRQFHSWRVFRPRHVSHFLHVSDUDJXDVRHVSHFLHVGHEDQGHUD\QRDODYDOLGH]GHOFRQFHSWRSURSLR
3DLQH&DUR 2'RKHUW\2WUDVFUtWLFDVDGYLHUWHQTXHODFRQFHQWUDFLyQHQODFRQVHUYDFLyQGHXQD
RSRFDVHVSHFLHVFODYHSXHGHOOHYDUDROYLGDUVHODQHFHVLGDGGHYHUHOVLVWHPDHQVXLQWHJULGDG3DLQH
6LQHPEDUJRJDUDQWL]DGDVXDSOLFDFLyQDGHFXDGDHOFRQFHSWRGHHVSHFLHVFODYHKDVLGRDGDSWDGRDPSOLDPHQWH
3DUHFH~WLOSDUDODFRQVHUYDFLyQSRUTXHSHUPLWHOWUDUHVSHFLHVGHLPSRUWDQFLDH[WUDRUGLQDULDGHXQDFDQWLGDGD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
YHFHVLQPHQVDGHHVSHFLHVORFDOHV<DVHWLHQHFRQRFLPLHQWRGHFDVRVPX\FODURVGHHVSHFLHVFODYHGRPLQDQGR
IXQFLRQHVELRHFROyJLFDVLPSRUWDQWHV(VSHFLHVFODYHUHSUHVHQWDQODDQDORJtDELyWLFDDSURFHVRVDELyWLFRVGR
PLQDQWHVFRPRLQFHQGLRVGHUUXPEHVKXUDFDQHVHWF3DLQH
7LSRVGHHVSHFLHVFODYH(QRWURVFDStWXORVVHPHQFLRQDYDULRVHMHPSORVGHHVSHFLHVFODYH8QDHVSHFLHSROLQL
]DGRUDUHSUHVHQWDXQDHVSHFLHFODYHVLYDULDVHVSHFLHVGHSODQWDVGHSHQGHQLPSUHVFLQGLEOHPHQWHGHVXVHUYLFLR
YHU(QHO3DUTXH1DFLRQDO0DQX3HU~HVSHFLHVFODYHGHSODQWDVVRVWLHQHQDODFRPXQLGDGHQWHUD
GHDQLPDOHVIUXJtYRURVSURYH\HQGRVXVIUXWRVGXUDQWHODVpSRFDVGHHVFDVH]DOLPHQWLFLD7HUERUJKYHU
)DOWDFRPHQWDUHOSDSHOGHORVGHSUHGDGRUHVJUDQGHVHQPXFKRVHFRVLVWHPDV(VWRVPDFURGHSUHGDGRUHVFRQWURODQ
ODVDEXQGDQFLDVGHODVSREODFLRQHVGHGHSUHGDGRUHVGHWDPDxRPHGLDQR(QSUHVHQFLDGHHVWHIDFWRUFRQWURODGRU
ORVDQLPDOHVSHTXHxRVSUHVDVSRWHQFLDOHVSDUDORVPHVRGHSUHGDGRUHVSXHGHQH[LVWLUHQDEXQGDQFLDVUHODWLYD
PHQWHJUDQGHV/RVKHUEtYRURVHQWUHHOORVFRPRHIHFWRHIHFW~DQXQFRQWUROVREUHODGLQiPLFDYHJHWDFLRQDO
7DQWRODHOLPLQDFLyQGHKHUEtYRURVFRPRHODXPHQWRGHVXDEXQGDQFLDGHELGRDODHOLPLQDFLyQGHGHSUHGDGRUHV
JUDQGHVSXHGHFDXVDUFDPELRVHVWUXFWXUDOHVHQHOHFRVLVWHPD7HUERUJKXQDPXOWLWXGGHHVSHFLHVSXHGH
FRQYHUWLUVHHQPDOLJQDVLGHVDSDUHFHQVXVGHSUHGDGRUHV,ELVFK
(VWRVHIHFWRVHQODFDVFDGDWUyFDRSDUWHGHHOOD\DKDQVLGRFRPSUREDGRVHQYDULRVHFRVLVWHPDVPX\GLIHUHQ
WHV8QHMHPSORFOiVLFRGHOQRUHVWHGHO2FpDQR3DFtFRORQGUDV0XVWHOLGDHFRQWURODQDSREODFLRQHVGHHUL]RV
(FKLQRGHUPDWD(FKLQRLGH/RVHUL]RVHQFDPELRVHDOLPHQWDQGHDQLPDOHV\SODQWDVTXHYLYHQHQORVVXHORV
PDUtWLPRV'HHVWDPDQHUDODSUHVHQFLDGHODVORQGUDVLPSLGHODVREUHH[SORWDFLyQGHHVWRVRUJDQLVPRVSRUORV
HUL]RV(VWHV 3DOPLVDQR$VLPLVPRHQ(VSDxDODSUHVHQFLDGHO/\Q[LEpULFR/\Q[SDUGLQXV)HOLGDH
IDYRUHFHDDQLPDOHVSHTXHxRVFRPRFRQHMRV2U\FWRODJXVFXQLFXOXV/HSRULGDHDWUDYpVGHOLPLWDUODGLQiPLFD
SREODFLRQDOGHPHORQFLOORV+HUSHVWHVLFKQHXPRQ9LYHUULGDHVXVGHSUHGDGRUHVTXHVRQGHWDPDxRPHGLDQR/D
DXVHQFLDGHO/\Q[WLHQHFRPRHIHFWRXQDOLYLRHFROyJLFRSDUDORVPHVRGHSUHGDGRUHVPHVRSUHGDWRUUHOHDVH
'HPDQHUDVLPLODUHQYHJHWDFLyQDUEXVWLYDHQ&DOLIRUQLDHOJUHPLRHQWHURORFDOGHPHVRGHSUHGDGRUHVDXPHQWD
VXDEXQGDQFLDGRQGHHOPDFURGHSUHGDGRUHOFR\RWH&DQLVODWUDQV&DQLGDHQRRFXUUH&URRNV 6RXOp
6HKDREVHUYDGRHVWHIHQyPHQRWDPELpQHQHO1HRWUySLFRFRQVXVHFRVLVWHPDVWHQGHQFLDOPHQWHPiVFRPSOHMRV
(QXQiUHDGHERVTXHVHPLGHFLGXRHQ9HQH]XHODHOLQYHQWDULRQDWXUDOGHPDFUR\PHVRGHSUHGDGRUHVGH
YHUWHEUDGRVHVGLYHUVRHLQFOX\HDJDWRV)HOLGDHFRPDGUHMDV0XVWHOLGDHDYHVUDSDFHVJDYLODQHV$FFLSLWUL
GDHKDOFRQHV)DOFRQLGDHEXKRV\OHFKX]DV7\WRQLGDH6WULJLGDHHQWUHORVGHSUHGDGRUHVGHKXHYRV\SLFKRQHV
GHVWDFDQORVWXFDQHV5DPSKDVWLGDH\ORVFXHUYRV&RUYLGDH\VHUSLHQWHV6HUSHQWHV/DLQXQGDFLyQGHXQDSDUWH
GHOiUHDSDUDXQDUHSUHVDKLGURHOpFWULFDKDUHVXOWDGRHQODIRUPDFLyQGHDOJXQDVLVODVGRQGHVHSXHGHREVHUYDU
ORVHIHFWRVGHHVWHH[SHULPHQWRHFROyJLFRGHJUDQHVFDOD+DQGHVDSDUHFLGRORVGHSUHGDGRUHVPHQFLRQDGRV
UHVXOWDQGRDEXQGDQFLDVH[WUHPDPHQWHDXPHQWDGDVGHYDULDVHVSHFLHVGHKHUEtYRURV(QFRQVHFXHQFLDHOFUHFL
PLHQWRYHJHWDFLRQDOVHHQFXHQWUDGUDPiWLFDPHQWHVXSULPLGR7HUERUJKHWDO
3UREOHPiWLFDVGHFRQVHUYDFLyQ3RUGHQLFLyQODSURWHFFLyQGHHVSHFLHVFODYHHVFUtWLFDSDUDODFRQVHUYDFLyQ
GHOIXQFLRQDPLHQWRGHORVHFRVLVWHPDVGRQGHYLYHQ6XSpUGLGDSXHGHUHVXOWDUHQODLQWHUUXSFLyQGHXQSURFHVR
ELRHFROyJLFRSHMGHODUHSURGXFFLyQDWUDYpVGHODLQWHUUXSFLyQGHSROLQL]DFLyQYHU\FRPRFRQVH
FXHQFLDHQODH[WLQFLyQGHXQDVXEFRPXQLGDGHQWHUDGHHVSHFLHVRHQRWURFDPELRSURIXQGRGHODHVWUXFWXUDGHOD
FRPXQLGDGRUJDQtVPLFDORFDO3RUHMHPSORSXHGHQGDUVHFDPELRVGUDPiWLFRVHQODVGLVWULEXFLRQHVQXPpULFDVHQWUH
SREODFLRQHVGHGLIHUHQWHVSLVRVWUyFRV\SRUFRQVHFXHQFLDHQHOXMRHQHUJpWLFRDQLYHOGHOHFRVLVWHPD
8QSUREOHPDSUHRFXSDQWHUHSUHVHQWDODGHVDSDULFLyQGHGHSUHGDGRUHVJUDQGHVHQ]RQDVLQXHQFLDGDVSRUHO
KRPEUH3DUDHPSH]DUKD\LQGLFDFLRQHVTXHHQODV]RQDVKDELWDGDVSRUHOKRPEUHODSUHVLyQKDFLDORVDQLPDOHV
SHTXHxRVSRUPHVRGHSUHGDGRUHVHVEDMDODFDFHUtDDSXQWDDPDFURGHSUHGDGRUHVWDQWRFRPRDPHVRGHSUHGD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
GRUHV$OHMiQGRVHGHODPELHQWHKXPDQRODFDFHUtDQRUPDOPHQWHVyORHVWDGLULJLGDKDFLDDQLPDOHVJUDQGHV
HQWUH HOORV ORV PDFURGHSUHGDGRUHV UHVXOWDQGR HQ HO DOLYLR HFROyJLFR SDUD PHVRGHSUHGDGRUHV (OORV SRGUtDQ
DXPHQWDUGUDPiWLFDPHQWHGHDEXQGDQFLDHIHFWXDQGRXQDSUHVLyQDOWDDVXVSUHVDV:LOOLV/DViUHDV
KDELWDGDVVRQGHWDPDxRUHVWULQJLGRHQFRPSDUDFLyQFRQODViUHDVPX\H[WHQVDVGRQGHODFDFHUtDDPHQXGR
ORJUDUHGXFLUODDEXQGDQFLDGHPDFURGHSUHGDGRUHVDXQQLYHOPX\EDMRRLQFOXVRDODH[WLUSDFLyQORFDOGHODV
HVSHFLHVGHSUHGDGRUDVPiVVHQVLEOHV(OKHFKRTXHQDWXUDOPHQWHODDEXQGDQFLDGHPDFURGHSUHGDGRUHVHVEDMD
FRQWULEX\HDODYXOQHUDELOLGDGGHODVSREODFLRQHVGHHVWRVPDFURGHSUHGDGRUHV\FRQHOORDODUHGWUyFDHQWHUD
GHXQHFRVLVWHPD&RPR~OWLPDFRQVHFXHQFLDHOFRQWUROQDWXUDOGHOFUHFLPLHQWRYHJHWDFLRQDOSXHGHIDOODU\
ODFRPSRVLFLyQGHODYHJHWDFLyQSXHGHPRVWUDUFDPELRVSURIXQGRVSRWHQFLDOPHQWHQRFRQYHQLHQWHVSHMHQ
FRQFHVLRQHVIRUHVWDOHV
$SDUWH GH HVSHFLHV FODYH LGHQWLFDGDV HO HIHFWR GH H[WLQFLRQHV HQ XQD FRPXQLGDG GH HVSHFLHV HV GLItFLO GH
SUHGHFLU3DUHFHTXHFRQODVHULHGHH[WLQFLRQHVVXFHVLYDVRVHFXQGDULDVKDEUiR\DKD\HVSHFLHVJDQDGRUDV
TXHDXPHQWDQHQDEXQGDQFLDGHQWURGHOPDUFRGHFRPSHQVDFLyQGHGHQVLGDGHVSREODFLRQDOHVVXEVXPLHQGROD
DEXQGDQFLDGHWRGDVODVHVSHFLHVORFDOHVWDQWRFRPRSHUGHGRUDVTXHVRQDIHFWDGDVSRUODGHVDSDULFLyQGH
HVSHFLHVGHODFXDOHVGHSHQGHQSRUORPHQRVSDUFLDOPHQWH6HJ~QPRGHODFLRQHVELRPDWHPiWLFDV,YHV &DU
GLQDOHODVSULPHUDVH[WLQFLRQHVUHVXOWDQHQXQDFRPXQLGDGPiVUHVLVWHQWHDHVWUpVHFROyJLFR([WLQFLRQHV
DGLFLRQDOHVHQDOJ~QPRPHQWRHIHFW~DQSpUGLGDVHQODUHVLVWHQFLDGHODFRPXQLGDG(OSDSHOGHODVHVSHFLHV
H[WLUSDGDVSDUDODVLQWHUDFFLRQHVHQODUHGWUyFDGHQHFXiOHVHVSHFLHVPXHVWUDQFRPSHQVDFLyQ\FXiOHVVXIUHQ
SpUGLGDVHQVXDEXQGDQFLDSHURODVLQWHUDFFLRQHVLQWUtQVLFDPHQWHFRPSOHMDVHQODUHGWUyFDFRP~QPHQWHQR
SHUPLWHQSUHYHUHVWRVFDPELRV(VWDLPSUHGHFLEOHVLWXDFLyQHVXQIXHUWHDUJXPHQWRSDUDDSOLFDUXQFRQFHSWR
KROtVWLFRWUDWDQGRGHFRQVHUYDUVLVWHPDVHQWHURV\ORVSURFHVRVELRHFROyJLFRVTXHORVIRUPDQ\PDQWLHQHQ
,YHV &DUGLQDOH
&RQFOXVLRQHVSDUDODFRQVHUYDFLyQHQHO&$0
/DPRGHODFLyQGH,YHV &DUGLQDOHLQVLQ~DQRUHVWULQJLUVHHQODSURWHFFLyQGHXQDVHOHFFLyQGHHVSH
FLHVLGHQWLFDGDVFODYHSDUDODIXQFLRQDELOLGDGGHO&$0$SDUWHGHVHULPSRVLEOHDOWHQHUHQFXHQWDHOHVFDVR
FRQRFLPLHQWRDFWXDOGHORVHFRVLVWHPDVGHODUHJLyQORVUHVXOWDGRVGHGLFKRHVWXGLRLPSOLFDQTXHSXHGHVHU
ULHVJRVRHQIRFDUORVHVIXHU]RVFRQVHUYDFLRQLVWDVHQHVSHFLHVDLVODGDV1XHYDPHQWHVHKDFHREYLDODQHFHVLGDG
GHGLULJLUVHDODVFRPXQLGDGHVHQWHUDV\ODIXQFLRQDOLGDGGHORVHFRVLVWHPDVTXHKDELWDQ
$FHSWDQGRHVWRFRPRFRQFHSWRJHQHUDOVLQHPEDUJRHVSRVLEOHSUHVWDUFLHUWDDWHQFLyQHVSHFLDODHVSHFLHVJUDQ
GHVGHDQLPDOHV\DTXHDEDUFDQPXFKDVSRWHQFLDOHVHVSHFLHVFODYHFRPRDJHQWHVGHGLVSHUVLyQHVSHFLDOL]DGRV
YHU\GHSUHGDGRUHVGRPLQDQWHVWRSSUHGDWRUV(VWHJUXSRKHWHURJpQHRGHDQLPDOHVWLHQHHQFRP~Q
TXHVRQSDUWLFXODUPHQWHVHQVLEOHVDQWHODGHVWUXFFLyQGHJUDGDFLyQRIUDJPHQWDFLyQGHVXVKiELWDWVYHUSHM
%LHUUHJDDUGHWDO(VWiQHQWUHODVSULPHUDVHVSHFLHVTXHGHVDSDUHFHQHQUHJLRQHVLPSDFWDGDV$GHPiV
VRQODVTXHPiVVXIUHQSRUODFDFHUtDQRFRQWURODGDYHUDUULED\$KtVXUJHQGRVIXHQWHVGHLPSDFWR
QHJDWLYRSHURTXHWDPELpQUHSUHVHQWDQIHQyPHQRVSRVLEOHVGHPRQLWRUHDU\GHFRQWUDUUHVWDU
3ROLQL]DFLyQ
6.UHIW
(QODVHVSHUPDWyWDVVLVXSROHQQRHVWiDGDSWDGRSDUDVHUWUDQVSRUWDGRSRUPHGLRVDELyWLFRVYLHQWRDJXD
UHTXLHUHQGHSROLQL]DGRUHV(VWRVDQLPDOHVGXUDQWHHODFWRGHEXVFDUHOQpFWDURIUHFLGRSRUXQDRUWtSLFDPHQWH
VHLPSUHJQDQFRQHOSROHQ\OROOHYDQDRWUDVRUHV0XFKDVHVSHFLHVGHSODQWDVSDUDVXUHSURGXFFLyQGHSHQGHQ
GHHVWHVHUYLFLREULQGDGRSRUORVDQLPDOHVQHFWDUtYRURV/DWD]DUHSURGXFWLYDHQWRQFHVFRPRSULPHUSDVROD
SURGXFFLyQGHVHPLOODVHVWiFRUUHODFLRQDGDFRQODDEXQGDQFLDGHSROLQL]DGRUHV\VXHFDFLD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3ODQWDV(QXQGHODVIDPLOLDVHVHQFLDOPHQWHWURSLFDOHVGHHVSHUPDWyWDVSUHGRPLQDOD]RROLDTXLHUH
GHFLUSROLQL]DFLyQSRUDQLPDOHV(QWUHHOODVODPD\RUtDDEDUFDSODQWDVOHxRVDV/DSUHGRPLQDFLyQGH]RROLD
HQORVVLVWHPDVGHSROLQL]DFLyQ\DVHPXHVWUDHQHOSDSHOGHXQVyORWD[yQGHSROLQL]DGRUHVXQGHODVDQ
JLRVSHUPDVHVHQWRPyORRUHVDGDSWDGDVDSROLQL]DFLyQSRULQVHFWRV5HQQHU
3RURUGHQGHLPSRUWDQFLDJOREDOPHQWHKD\WUHVYHFHVPiVJpQHURVRUQLWyORVTXHTXLURSWHUyORVSROLQL]DGRV
SRUDYHV\PXUFLpODJRVUHVSHFWLYDPHQWH(VWRVGRVPRGRVGHSROLQL]DFLyQVRQPiVLPSRUWDQWHVHQHO1HRWUy
SLFRTXHHQRWUDVUHJLRQHVWURSLFDOHV5HQQHUDXQTXHODHQWRPROLDSUHGRPLQDLQGHSHQGLHQWHGH
ODUHJLyQ
1HFWDUtYRURV(QFDPELRXQSRUFHQWDMHPXFKRPiVPRGHVWRGHODVHVSHFLHVGHDQLPDOHVSDUWLFLSDQHQODSR
OLQL]DFLyQGHSODQWDV/RVWD[DGHDQLPDOHVSROLQL]DGRUHVPiVLPSRUWDQWHVVRQORVLQVHFWRV,QVHFWDODVDYHV
$YHV\ORVPDPtIHURV0DPPDOLD(QWUHORVLQVHFWRVGHVWDFDQODVPDULSRVDV/HSLGRSWHUDDEHMDV+\PHQRS
WHUD$SRLGHDPRVFDV'LSWHUD%UDFK\FHUD\HVFDUDEDMRV&ROHRSWHUD5RXELN)DPLOLDVLPSRUWDQWHV
GHDYHVVRQORVSLFDRUHV\ORVWRUGRV7URFKLOLGDHH,FWHULGDHUHVSHFWLYDPHQWH6WLOHV(ORUGHQ
PiVLPSRUWDQWHHQWUHORVPDPtIHURVVRQORVPXUFLpODJRV&KLURSWHUD5RXELNFRQUHSUHVHQWDQWHVHQOD
IDPLOLD3K\OORVWRPLGDH*ORVVRSKDJLQDH/RQFKRSK\OOLQDH(PPRQV )HHU6LQHPEDUJRORVLQVHFWRV
VRQHOJUXSRPiVGLYHUVRGHSROLQL]DGRUHV0LHQWUDVHQDOWLWXGHVVXSHULRUHVORVLQVHFWRV\HVSHFLDOPHQWHORV
PXUFLpODJRVRFXUUHQFRQXQDUHGXFLGDULTXH]DGHHVSHFLHV\SRFDDEXQGDQFLDORVSLFDRUHVHQHVWDVDOWLWXGHV
PD\RUHVWLHQHQXQDHOHYDGDLPSRUWDQFLDUHODWLYD6WLOHV
'HWDOOHVGHOIXQFLRQDPLHQWR([LVWHQDOJXQRVFDVRVGHFRDGDSWDFLRQHVHQWUHXQDVRODHVSHFLHGHSODQWDGH
SHQGLHQWHGHXQDVRODHVSHFLHGHSROLQL]DGRHVSHFLDOPHQWHHQHOFDVRGHODIDPLOLDGHODVRUTXtGHDV8QFDVR
H[WUHPRHVODLQWHUGHSHQGHQFLDHQWUH3DVVLRUDPL[WD\HOSLFDRU(QVLIHUDHQVLIHUD6QRZ 6QRZSDUD
ODSROLQL]DFLyQH[LWRVD\FRPRUHFXUVRDOLPHQWLFLRSUHGRPLQDQWHUHVSHFWLYDPHQWH'LFKRSLFDRURFXUUHHQOD
VXEHFRUUHJLyQ<XQJDVHQHO&$0+HQQHVVH\HWDO
(QJHQHUDOVLQHPEDUJRODFRHYROXFLyQHQWUHSODQWDV\ SROLQL]DGRUHVHV PiV GLIXVD \ ORV JHQHUDOLVWDVVRQ
PiVFRPXQHVTXHORVHVSHFLDOLVWDVHQSODQWDVWDQWRFRPRDQLPDOHV5HQQHU1DEKDQ )OHPLQJ
UHVXOWDQGRHQFRPSHWLFLyQSRUHOQpFWDUYHUGLVFXVLyQHQ:LHQV(QXQFDVRLQWHUPHGLDULR(XWR[HUHV
FRQGDPLQL7URFKLOLGDH3KDHWKRUQLWKLQDHXQSLFDRUFRQXQSLFRH[WUHPDPHQWHFXUYDGRTXHHQ%ROLYLDRFXUUH
HQORV<XQJDVGH/D3D]+HQQHVVH\HWDOKDVLGRREVHUYDGRYLVLWDQGRSODQWDVGHORVJpQHURV+HOLFRQLD
\&HQWURSRJRQ+LQNHOPDQQ3RURWURODGRHVSHFLHVGHOJpQHUR+HOLFRQLDWDPELpQUHFLEHQYLVLWDVGHORV
SLFDRUHVGHRWUDVHVSHFLHVGHODVXEIDPLOLD3KDHWKRUQLWKLQDH6WLOHV6FKXFKPDQQ
([LVWHQSDUiVLWRVQHFWDUtYRURVTXHUREDQQpFWDUDODVSODQWDVVLQFRQWULEXLUDVXSROLQL]DFLyQ(OJpQHURHQWHUR
'LJORVVD$YHV7KUDXSLGDHDOLJXDOTXHORVSLFDRUHVGHOJpQHUR+HOLRWKU\[HVWiQHVSHFLDOL]DGRVHQUREDUQpFWDU
GHYDULDVHVSHFLHVGHSODQWDVWDODGUDQGRXQSHTXHxRKXHFRHQODEDVHGHODVRUHV6WLOHVE
$QLYHOSREODFLRQDOHOXMRJHQpWLFRFRQWULEX\HDODYLDELOLGDGGHXQDSREODFLyQHYLWDQGRODUHGXFFLyQGHOSRRO
JHQpWLFR\ODFUHFLHQWHDSDULFLyQGHDGDSWDFLRQHVFRQWUDULDVHQHOIHQRWLSR'HHVWDPDQHUDODSROLQL]DFLyQHV
XQDIXQFLyQHFROyJLFDLQGLVSHQVDEOHSDUDODJUDQPD\RUtDGHORVHFRVLVWHPDVWHUUHVWUHV
3DUDSRGHUFXPSOLUFRQVXVHUYLFLRHQODUHODFLyQPXWXDFRQODVSODQWDVORVSROLQL]DGRUHVWLHQHQTXHVHUPyYLOHV
6XVPRYLPLHQWRVHVSDFLRWHPSRUDOHV\FRQHOORVODHFDFLDGHODSROLQL]DFLyQGHSHQGHQGHDOJXQDVYDULDEOHV
ODRIHUWDGHQpFWDUTXLHUHGHFLUODFDQWLGDG\GLVWULEXFLyQHVSDFLDOGHQpFWDUHQODVRUHVGHORVGLIHUHQWHVLQGL
YLGXRVGHSODQWDV\HQWUHORVLQGLYLGXRVGHQHHOFRPSRUWDPLHQWRGHODQLPDOHQUHODFLyQDODSODQWD6LODRIHUWD
GHQpFWDUHVJUDQGHORVSROLQL]DGRUHVWLHQGHQDTXHGDUVHSRUSHUtRGRVSURORQJDGRVFHUFDGHODPLVPDSODQWDOR
FXDOWLHQHFRPRFRQVHFXHQFLDXQDEDMDHFDFLDGHSROLQL]DFLyQ(QHOFDVRGHSLFDRUHVUHFXUVRVGHQpFWDUVX
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
FLHQWHPHQWHJUDQGHV\DJUHJDGRVSDUDPDQWHQHUDXQLQGLYLGXRSXHGHQUHVXOWDUHQXQFRPSRUWDPLHQWRWHUULWRULDO
HQHVWHFDVRODHFDFLDHVPX\EDMDSROLQL]DFLyQSXHGHVHUHIHFWXDGDSRUSLFDRUHVLQWUXVRVTXHUREDQQpFWDU
DODYHWHUULWRULDOGXUDQWHYLVLWDVPX\FRUWDVDQWHVGHVHUH[SXOVDGRVSRUHOGHIHQVRUGHOWHUULWRULR\YRODUDRWUD
SODQWDSHM:ROI)HLQVLQJHU &ROZHOO7DPELpQHOPLHGRDORVGHSUHGDGRUHVSXHGHHYLWDUTXH
ORVSROLQL]DGRUHVVHTXHGHQSHUtRGRVODUJRVHQODPLVPDSODQWD(QFDPELRRUHVHQEDMDDEXQGDQFLD\RFRQ
SRFRQpFWDUKDFHQQHFHVDULRVPRYLPLHQWRVIUHFXHQWHVRGHODUJDVGLVWDQFLDVSRUSDUWHGHORVSROLQL]DGRUHV
(QFRQWUDVWHFRQORVQHFWDUtYRURVWHUULWRULDOHVODVHVSHFLHVPLJUDWRULDVSRUVXDOWDPRYLOLGDGFRP~QPHQWHVRQ
SROLQL]DGRUHVHFDFHVFRQWULEX\HQGRDODGLYHUVLFDFLyQJHQpWLFDGHSREODFLRQHV/DVSREODFLRQHVGHYDULDV
HVSHFLHVGHSODQWDVHQOXJDUHVGLVWDQWHVGHSHQGHQGHODYLVLWDGHXQSROLQL]DGRUGXUDQWHVXVYLDMHVPLJUDWRULRV
FtFOLFRVFRPRHVHOFDVRGHODPDULSRVDPRQDUFD0DQDXVSOH[LSSXV:LWKJRWW\FRQFLHUWRVPXUFLpODJRV
QHFWDUtYRURV\DOJXQDVHVSHFLHVGHDYHVHQVXPD\RUtDSLFDRUHV$XQTXHQRVHFRQR]FDQLQJ~QHVWXGLRGH
SROLQL]DGRUHVPLJUDWRULRVSDUDHO&$0VLQGXGDKD\DOPHQRVPXFKRVLQVHFWRVSROLQL]DGRUHVTXHSDVDQSRU
HO&$0GXUDQWHVXVYLDMHVFtFOLFRV(VWRVHDSOLFDWDPELpQSDUDPLJUDQWHVDOWLWXGLQDOHV3RUHMHPSORGXUDQWHHO
RUHFLPLHQWRGHSREODFLRQHVGH3X\DKHU]RJLLHQOD]RQDGHSiUDPR\XQJXHxRDSUR[PHQHO3DUTXH
1DFLRQDO&DUUDVFRDSDUHFHQLQGLYLGXRVGHOSLFDRU&ROLEULFRUXVFDQVPX\SUREDEOHPHQWHYLVLWDQWHVGHSLVRV
LQIHULRUHVGHODPLVPDODGHUDREVHUYDFLyQSURSLD/RVSLFDRUHVSHUWHQHFHQDODIDPLOLDGHDYHVFRQHOQ~PH
URPiVJUDQGHGHPLJUDQWHVDOWLWXGLQDOHVYHU(VREYLRTXHSURWHJHUHVWDVSREODFLRQHV\SHUPLWLUVXV
PLJUDFLRQHVGHEHIRUPDUSDUWHGHHVIXHU]RVSDUDODSUHVHUYDFLyQGHOVLVWHPDGHSROLQL]DFLyQYHUDEDMR
3UREOHPiWLFDGHFRQVHUYDFLyQ+D\LQGLFDFLRQHVTXHHOPXWXDOLVPRHQWUHSODQWDV\VXVSROLQL]DGRUHVHVXQ
VLVWHPDEDVWDQWHYXOQHUDEOH3DUDYDULRVQLYHOHV\HVFDODVORFDOLGDGHVUHJLRQHVHVSHFLHVUDUDVRDPHQD]DGDV
SODQWDVFXOWLYDGDVVHGLVFXWHHOGHUUXPEDPLHQWRGHSROLQL]DFLyQWpUPLQRLQJOpVSROOLQDWLRQGLVUXSWLRQ
&XDQGRHQXQVLVWHPDGHSROLQL]DFLyQTXHHQHOWUySLFRFRQVLVWHGHXQFRPSOHMRGHQXPHURVDVHVSHFLHVYHJHWDOHV
WDQWRFRPRGHDQLPDOHVSROLQL]DGRUHVXQDSREODFLyQGHSODQWDRGHOSROLQL]DGRUEDMDHQVXDEXQGDQFLDHVWR
SXHGHUHVXOWDUHQUHGXFFLRQHVSREODFLRQDOHVGHODVFRQWUDSDUWHVFRPRSDUHFHTXHHVWiRFXUULHQGRDFWXDOPHQWHHQ
YDULRVGHHVWRVVLVWHPDV$OOHQ:DUGHOOHWDO1DEKDQ )OHPLQJ.UHPHQ 5LFNHWWV5RXELN
3RUHMHPSORODSURGXFFLyQUHGXFLGDGHVHPLOODVSRUFLHUWDVSREODFLRQHVGHSODQWDVVXFXOHQWDVHQUHJLRQHV
iULGDVHQ0p[LFRHVWiFRUUHODFLRQDGDFRQUHGXFFLRQHVHQODVSREODFLRQHVGHVXVSROLQL]DGRUHVPXUFLpODJRVGHO
JpQHUR/HSWRQ\FWHULV1DEKDQ )OHPLQJ
/DVFDXVDVGHHVWHGHUUXPEDPLHQWRGHSROLQL]DFLyQSXHGHQFRQVLVWLUHQODUHGXFFLyQRGHJUDGDFLyQGHOiUHDGHO
KiELWDWGLVSRQLEOHSDUDXQDHVSHFLHGHSODQWDRGHVXSROLQL]DGRUDGHPiVGHIUDJPHQWDFLyQ$L]HQ )HLQVLQJHU
5HQQHU(QDOJXQRVFDVRVSXHGHIDOWDUHOKiELWDWTXHHOSROLQL]DGRURFXSDGXUDQWHXQDVRODpSRFD
GHODxR3DWRQ/DIUDJPHQWDFLyQSXHGHDJUDYDUHVWHHIHFWR&RUEHW
2WURWLSRGHSUREOHPDH[LVWHHQODLQWURGXFFLyQGHSROLQL]DGRUHVH[yWLFRVSHMDEHMDV$SLVVSSGHRULJHQ
HXURSHRTXHHQRWUDVUHJLRQHVGHOPXQGRFRPSLWHQFRQHVSHFLHVSROLQL]DGRUDVDXWyFWRQDV\SXHGHQFDXVDU
UHGXFFLRQHVHQODDEXQGDQFLDGHpVWDV.UHPHQ 5LFNHWWV3DWRQ
2EYLDPHQWHHOGHUUXPEDPLHQWRGHODSROLQL]DFLyQSXHGHPRVWUDUHIHFWRVJUDYHVQRVyORHQHFRVLVWHPDVQDWX
UDOHVVLQRWDPELpQHQODDJULFXOWXUD5RXELN4XHGDGHVFRQRFLGRVLHVWR\DHVWDVXFHGLHQGRHQHOFDVR
GHO&$0SHURVHUHFRPLHQGDFRQVLGHUDUORSDUDUHJLRQHV\DDPSOLDPHQWHGHIRUHVWDGDVRFRQWDVDVPX\DOWDVGH
GHIRUHVWDFLyQ(QHVWDViUHDVDGHPiVODDSOLFDFLyQQRDGHFXDGDRH[DJHUDGDGHSHVWLFLGDVSXHGHVHUXQLPSDFWR
GHVWUXFWLYRDODVSREODFLRQHVGHSROLQL]DGRUHV\SRUFRQVHFXHQFLDLQGLUHFWDPHQWHDODSURGXFFLyQDJUDULD(Q
UHJLRQHVDOWDPHQWHIUDJPHQWDGDVODIDOWDGHFRUUHGRUHVGHQpFWDUSXHGHUHSUHVHQWDURWURSUREOHPDSDUDHO
VLVWHPDGHSROLQL]DFLyQ'RQGHKDQGHVDSDUHFLGRHVWRVFRUUHGRUHVSRUORVFXDOHVVHPXHYHQRPLJUDQDQLPD
OHVQHFWDUtYRURV\DQRHVWiJDUDQWL]DGDODGLVWDQFLDPtQLPDUHTXHULGDHQWUHORVUHFXUVRVDOLPHQWLFLRV([LVWH
HOULHVJRGHTXH\DQRVHDQIDFWLEOHVHVWRVYLDMHVORFXDOSRQHHQSHOLJURODSREODFLyQDYHFHVPLJUDWRULDGH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
SROLQL]DGRUHVWDQWRFRPRODVSREODFLRQHVGHSODQWDVTXHSROLQL]DQ$OOHQ:DUGHOOHWDO:LWKJRWW
.UHPHQ 5LFNHWWV
&RQFOXVLRQHVSDUDODFRQVHUYDFLyQHQHO&$0
3DUDODFRQVHUYDFLyQGHOSURFHVRGHSROLQL]DFLyQVHGHEHUtDFRQVLGHUDUODVVLJXLHQWHVDFWLYLGDGHVFRPSDUDU
WDPELpQ$OOHQ:DUGHOOHWDO
&RPRPHGLGDPiVREYLDHVLPSHUDWLYRSURWHJHUHOFRQMXQWRHQWHURGHSODQWDVFRPRUHFXUVRSDUDODVHVSHFLHV
QHFWDUtYRUDV\GHVXVSROLQL]DGRUHVTXHJDUDQWL]DQODWUDQVIHUHQFLDGHSROHQQHFHVDULRSDUDODUHSURGXFFLyQ\R
HOXMRJHQpWLFRGHODVSREODFLRQHVGHSODQWDV6HUHFRPLHQGDGHGLFDUDWHQFLyQSDUWLFXODUDHVSHFLHVGHLPSRU
WDQFLDGHVWDFDGDYHUGLVFXVLyQVREUHHIHFWRVFRQWUDULRVGHIUDJPHQWDFLyQSDUDODSROLQL]DFLyQ5HQQHU
HVSHFLHVLQYROXFUDGDVHQUHODFLRQHVPXWXDOtVWLFDVHVWUHFKDV
HVSHFLHVSROLQL]DGDVSRUPXUFLpODJRVRDYHVTXHSDUHFHQPiVYXOQHUDEOHVSHMDQWHODIUDJPHQWDFLyQ
GHVXKiELWDWLJXDOTXHORVSURSLRVPXUFLpODJRV\DYHVQHFWDUtYRURV
HVSHFLHVQRDXWRFRPSDWLEOHVREOLJDWRULDPHQWH]RROLDV\
HVSHFLHVFODYHNH\VWRQHVSHFLHVTXLHUHGHFLUHVSHFLHVTXHJDUDQWL]DQODVXSHUYLYHQFLDGHXQDYD
ULHGDGGHRWUDVHVSHFLHV\VLQODFXDOHOVLVWHPDGHSROLQL]DFLyQH[SHULPHQWDXQULHVJRHOHYDGRGHXQ
GHUUXPEDPLHQWRGHSROLQL]DFLyQYHUWDPELpQVREUHHVSHFLHVFODYH
7DPELpQGHVGHODSHUVSHFWLYDGHODELRORJtDGHSROLQL]DFLyQDQLYHOUHJLRQDOHVPX\LPSRUWDQWHHYLWDURUHGXFLU
ODGHVWUXFFLyQGHOKiELWDWQDWXUDORVXIUDJPHQWDFLyQ$GHPiVHQiUHDVTXHDFWXDOPHQWH\DVHHQFXHQWUDQIUDJ
PHQWDGDVODSURWHFFLyQGHFRUUHGRUHVH[LVWHQWHVRODFUHDFLyQGHQXHYRVFRUUHGRUHVGHQpFWDUPLWLJDORVHIHFWRV
QHJDWLYRVGHODVSHUWXUEDFLRQHVDQWURSRJpQHDV(VREYLRTXHHVWDPHGLGDVLUYHWDPELpQSDUDODFRQVHUYDFLyQGH
RWUDVIXQFLRQHVELROyJLFDVWDOHVFRPRODPLJUDFLyQRGLVSHUVLyQGHLQGLYLGXRVQRSROLQL]DGRUHVHQWUHSREODFLRQHV
DLVODGDVYHU\GLVSHUVLyQGHGLiVSRUDVSRUDJHQWHVGHGLVSHUVLyQYHUFDStWXORVLJXLHQWH
'LVSHUVLyQ]RRFyULFDGHGLiVSRUDV
6.UHIW
(VSHFLDOPHQWHHQHOWUySLFRK~PHGRFRPRORUHSUHVHQWDHO&$0FDVLHQVXWRWDOLGDGODGLVSHUVLyQGHGLiVSRUDV
GHSODQWDVYHUPiVDUULEDHVGRPLQDGDSRU]RRFRUtDTXLHUHGHFLUSRUODGHSHQGHQFLDGHDQLPDOHVSRUORPHQRV
SDUFLDOPHQWHIUXJtYRURVTXHVLUYHQFRPRDJHQWHVGHGLVSHUVLyQ
8QRGHORVPHFDQLVPRVEiVLFRVSRUSDUWHGHODVSODQWDVHVODHQGR]RRFRUtDTXHFRQVLVWHHQODSURGXFFLyQGH
IUXWRVFDUQRVRVHQFHUUDQGRVHPLOODVODVGLiVSRUDVTXHFRQWLHQHQXQDDOWDFDQWLGDGGHQXWULHQWHV/RVDQLPD
OHVFRQVXPHQORVIUXWRVDSURYHFKDQGRHVWRVQXWULHQWHV$ODYH]HVWRVIUXJtYRURVWUDQVSRUWDQODVVHPLOODVHQ
VXVLVWHPDLQWHVWLQDOHQVXEXFKHRFRQHOIUXWRD~QQRLQJHULGRDRWUROXJDU\DVtHIHFW~DQODGLVSHUVLyQGH
ODVVHPLOODV(ORWURPHFDQLVPRHVODH[R]RRFRUtDODFXDOHVWiFDUDFWHUL]DGDSRUHOWUDQVSRUWHLQYROXQWDULRGH
GLiVSRUDVJHQHUDOPHQWHHQODSLHOGHORVDQLPDOHV
3ODQWDV(QERVTXHVWURSLFDOHVK~PHGRVHOSRUFHQWDMHGHSODQWDVTXHVRQGLVSHUVDGDVFRQODD\XGDGHDJHQWHVGH
GLVSHUVLyQHVDOWRHOSRUFHQWDMHGHHVSHFLHVGHiUEROHVHQERVTXHVK~PHGRVGH&RVWD5LFDTXHGHSHQGHQGHHVWH
VHUYLFLREULQGDGRSRUDYHVRUQLWRFRUtDYDUtDHQWUHXQ\XQ6WLOHV(QHOVRWRERVTXHGRQGHHO
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
YLHQWRFRPRPHGLRDELyWLFRSRWHQFLDOSDUDODGLVSHUVLyQHVWiPX\UHGXFLGRDQLPDOHVIXQFLRQDQFRPRDJHQWHV
GHGLVSHUVLyQSDUDXQSRUFHQWDMHSDUWLFXODUPHQWHDOWRGHHVSHFLHVGHSODQWDV2WUDJUDGLHQWHGHLPSRUWDQFLD
SDUDODGLVSHUVLyQ]RRFyULFDHVODJUDGLHQWHDOWLWXGLQDOHQERVTXHVPRQWDQRVHQ&RVWD5LFDODGHSHQGHQFLDGH
]RRFRUtDHVD~QPD\RUTXHHQDOWLWXGHVLQIHULRUHV(VWDVUHODFLRQHVSUREDEOHPHQWHVHUHSLWHQHQRWUDVUHJLRQHV
QHRWURSLFDOHV3RUHMHPSORHQXQERVTXHPX\K~PHGRHQP$OWR<XQGD&RORPELDHOSRUFHQWDMHGH
HVSHFLHVRUQLWRFyULFDVGHiUEROHVHVHOSDUDHOGRVHO\HOSDUDHOVRWRERVTXH+LOW\
)UXJtYRURV(VWRVSDWURQHVSULQFLSDOPHQWHVHUHHMDQHQORVDQLPDOHVIUXJtYRURV(OSRUFHQWDMHGHHVSHFLHVGH
DYHVHQXQERVTXHQHRWURSLFDOK~PHGRHQ&RVWD5LFDTXHSHUWHQHFHQDOJUHPLRIUXJtYRURYDUtDHQWUHXQ
\XQ6WLOHV(OJUHPLRSRUORPHQRVSDUFLDOPHQWHIUXJtYRURHVUHODWLYDPHQWHPiVGLYHUVRHQODV
FRPXQLGDGHVPRQWDQDV(OJUXSRSUHGRPLQDQWHVRQODVDYHVVHJXLGRSRUORVPDPtIHURV(QPXFKDVIDPLOLDV
GHDYHVKD\UHSUHVHQWDQWHVFRQGLHWDVTXHLQFOX\HQIUXWRV(QPDPtIHURVODIUXJLYRUtDHVXQIHQyPHQRTXHVH
REVHUYDWDPELpQHQPXFKRVJUXSRVGLIHUHQWHV&DEHPHQFLRQDUDORVPRQRV3ULPDWHVSHM)OHPLQJ
7HUERUJK URHGRUHV 5RGHQWLD SRU VX DEXQGDQFLD \ VX GLYHUVLGDG WD[RQyPLFD WDQWR FRPR HFROyJLFD
PXUFLpODJRV&KLURSWHUD3K\OORVWRPLGDH&DUROOLLQDHSHM)OHPLQJ*DOLQGR*RQ]iOH]HWDO\
PLHPEURVGHODVIDPLOLDV3URF\RQLGDH\9LYHUULGDHDPERVGHORUGHQ&DUQLYRUD)OHPLQJSHURKD\PXFKDV
PiVHVSHFLHVGHPDPtIHURVTXHLQFOX\HQIUXWRVHQVXGLHWDDVtUHSUHVHQWDQGRDJHQWHVGHGLVSHUVLyQSRWHQFLDOHV
(QWUHORVLQVHFWRVQXPHURVDVHVSHFLHVGHKRUPLJDV+\PHQRSWHUD)RUPLFRLGHDVRQDJHQWHVGHGLVSHUVLyQTXH
GHSRQHQVHPLOODVHQVXVQLGRV(QODVOODQXUDVGHO&$0\VXVERVTXHVTXHVHHQFXHQWUDQEDMRODLQXHQFLD
SUHGRPLQDQWHGHORVUtRVORVSHFHVVRQRWURJUXSRLPSRUWDQWHTXHJDUDQWL]DODGLVSHUVLyQGHPXFKDVHVSHFLHV
GHSODQWDV.XELW]NL =LEXUVNL
'HWDOOHVGHOIXQFLRQDPLHQWR&RPR\DVHPHQFLRQyDUULEDODGLVSHUVLyQMXHJDXQSDSHOLPSRUWDQWH
HQODGHQLFLyQ\PDQXWHQFLyQGHORVOtPLWHVGHGLVWULEXFLyQGHWRGDVODVHVSHFLHV(QHVWHSURFHVRPXFKDV
HVSHFLHVGHSODQWDVLQYROXFUDQDDQLPDOHVFRPRDJHQWHVGHGLVSHUVLyQ(QODVSDUWHVPRQWDQDVGHO&$0SHM
ODVGLVWULEXFLRQHVDOWLWXGLQDOHVWHQGHQFLDOPHQWHDQJRVWDVGHPXFKDVHVSHFLHVVHUHDOL]DQDWUDYpVGHGLVSHUVLyQ
]RRFyULFDKDFLDORVOtPLWHVVXSHULRUHVHLQIHULRUHV
'XUDQWHODVWUHVGpFDGDVSDVDGDVHOFDPSRGHOD]RRFRUtDKDVLGRLQYHVWLJDGRFRQEDVWDQWHGHWDOOHYHUSHMODV
FRQWULEXFLRQHVHQ(VWUDGD )OHPLQJ)OHPLQJ (VWUDGD/HYH\HWDOSHURYHUWDPELpQ:DQJ
6PLWK/DGLVSHUVLyQH[LWRVDGHXQDSREODFLyQGHSODQWDVGHSHQGHGHXQFRPSOHMRGHIDFWRUHVFDQWLGDG
GHVHPLOODVWUDQVSRUWDGDVGLVWDQFLDVDWUDYHVDGDVVLWLRGHGHSRVLFLyQGHODVHPLOODFRQUHVSHFWRDFRQGLFLRQHV
DELyWLFDVFRPSHWLFLyQGHSUHGDFLyQSDUDVLWLVPRGLVSRVLFLyQSDUDJHUPLQDUGHVSXpVGHOWUDWDPLHQWRSRUHODJHQWH
GHGLVSHUVLyQHWF(QJHQHUDOODGHSRVLFLyQGHODVHPLOODGLUHFWDPHQWHGHEDMRGHOiUEROSDWHUQRHQPXFKDV
HVSHFLHVHVXQDFRQGLFLyQLQFRQYHQLHQWHSDUDVXJHUPLQDFLyQRSDUDSRGHULPSRQHUVHFRPRiUEROFUHFLHQWHXQD
GLVWDQFLDPtQLPDGHOiUEROSDWHUQRDXPHQWDPXFKRODSUREDELOLGDGGHTXHHOQXHYRLQGLYLGXRFUH]FD\OOHJXHD
UHSURGXFLUVH3RURWURODGRDQLPDOHVIUXJtYRURVSDUDVXVXSHUYLYHQFLD\VXVPRYLPLHQWRVGHSHQGHQGHODFDQ
WLGDGGHIUXWRVRIUHFLGRVVXVWDPDxRVIRUPDVVXVQXWULHQWHV/HYH\ 0DUWtQH]GHO5tRVXGLVWULEXFLyQ
HVSDFLDOWDQWRFRPRWHPSRUDOFRPSHWLFLyQLQWUDHVSHFtFDHLQWHUHVSHFtFDSRUORVIUXWRVSHM/HFN
)OHPLQJ.DQWDNODFRPSHWLFLyQHVWtSLFDPHQWHEDMDHQORVIUHFXHQWHVFDVRVGHVXSHUDEXQGDQFLD
GHIUXWRV:LOOLV)OHPLQJSUHVHQFLDGHGHSUHGDGRUHVSRWHQFLDOHVDYHVUDSDFHVJDWRVHWF+RZH
HQWUHRWURVYHUDQiOLVLVGHIDFWRUHVHQ0DUWLQ)RVWHU/RLVHOOH %ODNH
0LHQWUDVODIXQFLyQHFROyJLFDGHGLVSHUVLyQ]RRFyULFDUHTXLHUHHOVHUYLFLRGHDQLPDOHVIUXJtYRURVTXHFRQVXPHQ
IUXWRVVLQGHVWUXLUODVVHPLOODVH[LVWHQHVSHFLHVGHSUHGDGRUDVTXHVHDOLPHQWDQGHODVSURSLDVVHPLOODVDOJXQDV
LQFOXVRGHVFDUWDQGRODSXOSD3RUHMHPSORORVORURV3VLWWDFLGDH\SDORPDV&ROXPELGDHHVWiQDGDSWDGRV
SDUDGLJHULUVHPLOODVDSHVDUGHODVFDUDFWHUtVWLFDVGHVDUUROODGDVSRUSDUWHGHODVSODQWDVSDUDSURWHJHUVHGHOD
GHSUHGDFLyQ2WURVGHSUHGDGRUHVGHVHPLOODVVRQORVWDLWHW~V\HOMRFKLSLQWDGR'DV\SURFWDSXQFWDWD5RGHQWLD
'DV\SURFWLGDH5ROGiQ 6LPRQHWWLYHUGLVFXVLyQHQ+DPPRQG %URZQ0LHQWUDVHVWHLPSDFWR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
SXHGHUHGXFLUFRQVLGHUDEOHPHQWHODUHSURGXFFLyQDQXDOGHLQGLYLGXRVVLQHPEDUJREDMRFRQGLFLRQHVQRSHUWXU
EDGDVQRUHSUHVHQWDXQULHVJRDQLYHOSREODFLRQDOGHODHVSHFLH
5HFLHQWHPHQWHVHKDYHQLGRUHFRQRFLHQGRTXHHQPXFKRVFDVRVHVWiQLQYROXFUDGRVGRVGLIHUHQWHVIDVHVHQOD
GLVSHUVLyQODVFXDOHVHVWiQFRQHFWDGDVVHULDOPHQWH:DQJ 6PLWK9DQGHU:DOO /RQJODQG(VWH
FRPSOHMR]RRFyULFRWLWXODGRGLSORFRUtDREYLDPHQWHHVEDVWDQWHFRP~QHQHOQHRWUySLFRSHMMRFKLV'DV\SUR
FWDVSSVHOOHYDQVHPLOODVGHMDGDVSRURWURVYHUWHEUDGRVHQVXVPDWHULDVIHFDOHV\ODVHQWLHUUDQHQRWURVLWLR
FRPRUHVHUYDDOLPHQWLFLD9DQGHU:DOO /RQJODQG$VLPLVPRGLIHUHQWHVPRGRVGHGLVSHUVLyQSXHGHQ
IRUPDUFRPELQDFLRQHVWDOHVFRPRPHFDQLVPRVH[SORVLYRVP\UPHFRFRUtDGLVSHUVLyQDWUDYpVGHKRUPLJDV
GLVSHUVLyQSRUHVFDUDEDMRVFRSUyIDJRVHQGR]RRFRUtDSRUYHUWHEUDGRV\URHGRUHVOOHYiQGRVH\GHSRVLWDQGR
VHPLOODVGHOPRGRGHVFULWRDQWHULRUPHQWH
(QDYHVXQRGHORVJUXSRVPiVLPSRUWDQWHVSDUDODGLVSHUVLyQ]RRFyULFDVHREVHUYDXQSDWUyQRVtQGURPHTXH
LQFOX\HPRUIRORJtDFRPSRUWDPLHQWRVLRORJtD\HFRORJtDFRQJUDQUHOHYDQFLDSDUDODFRQVHUYDFLyQGHHVWD
IXQFLyQELRHFROyJLFDYHU6QRZ$YHVIUXJtYRUDVJHQHUDOLVWDVFRP~QPHQWHVRQSHTXHxDV7tSLFDPHQWH
LQFOX\HQHQVXGLHWDDUWUySRGRVHQSURSRUFLRQHVYDULDEOHV7DOHVJHQHUDOLVWDVDGHPiVVRQUHODWLYDPHQWHDEXQ
GDQWHV0XFKDVPDQWLHQHQVXVWHUULWRULRVRVHPXHYHQHQUDQJRVUHODWLYDPHQWHSHTXHxRVGHQWURGHORVFXDOHV
DPHQXGRSUHHUHQPRYHUVHHQFRPSDxtDGHRWURVSiMDURVHQEDQGDGDVPRQRHVSHFtFDVRPL[WDV*UXSRV
WtSLFRVFRQPXFKDVHVSHFLHVIUXJtYRUDVJHQHUDOLVWDVVRQORVVDOWDULQHV3LSULGDH6QRZDE.ULMJHU
HWDO\ODVWiQJDUDV7KUDXSLGDH,VOHU ,VOHU6WUHZH+D\TXHPHQFLRQDUTXHHVWDVLGHDV
FRPRFRQFHSWRUtJLGRKDQVLGRUHODWLYDGDVVLQVHUDPSOLDPHQWHUHIXWDGDV:KHHOZULJKWHWDO0RHUPRQG
'HQVORZ+RZHVLQHPEDUJRSDUHFH~WLOSDUDHODQiOLVLVGHFLHUWRVSUREOHPDVGHFRQVHUYDFLyQ
YHUSDUUDIRVVXEVLJXLHQWHV
(QFDPELRHVSHFLDOLVWDVIUXJtYRURVWLHQGHQDVHUGHWDPDxRXQSRFRPiVJUDQGH\VHFDUDFWHUL]DQSRUWHQHU
SREODFLRQHVUHODWLYDPHQWHSHTXHxDVDVtFRPRXQDWDVDUHSURGXFWLYDEDMD(OFRQVXPRGHIUXWRVHQFRQVHFXHQ
FLDSUHGRPLQDHQVXGLHWDPiVTXHHQORVJHQHUDOLVWDV\HVWiFRPSXHVWDSRUIUXWRVJUDQGHV\ULFRVHQOtSLGRV
\SURWHtQDVDVtFRPRWDPELpQSRUIUXWRVSHTXHxRV\ULFRVHQD]~FDUHVYHUSiUUDIRVXEVLJXLHQWH3XHGHQRU
JDQL]DUVHHQEDQGDGDVPRQRHVSHFtFDVSHURRWUDVHVSHFLHVVRQVROLWDULDV8QJUXSRWtSLFRVRQORVTXHW]DOHV
3KDURPDFKUXVVSS5HPVHQHWDO
0XFKDVHVSHFLHVGHSODQWDVVLJXHQXQVtQGURPHFRUUHVSRQGLHQWH6QRZ)OHPLQJXQUHVXPHQJOREDO
GHORVJpQHURVGHSODQWDVGLVSHUVDGDVSRUDYHVHQ6QRZGDWRVFRPSOHPHQWDULRVHQ:KHHOZULJKWHWDO
SRUXQODGRH[LVWHQHVSHFLHVTXHSURGXFHQIUXWRVDSWRVSDUDVHUFRQVXPLGRVSRUDYHVHVSHFLDOLVWDV(VWDV
SODQWDVPXFKDVYHFHVHVWiQFRPSXHVWDVSRUiUEROHVGHOGRVHORGHERUGHGHERVTXH/RVIUXWRVGHpVWRVWLHQGHQ
DVHUJUDQGHVUHODWLYDPHQWHVHFRVFRQXQDOWRJUDGRGHOtSLGRV\SURWHtQDV$GHPiVFRQWLHQHQSRFDVVHPLOODV
ODVFXDOHVVRQFRPSDUDEOHPHQWHPiVJUDQGHV/DFDQWLGDGGHIUXWRVRIUHFLGRVHQDOJXQRVFDVRVHVUHODWLYDPHQWH
OLPLWDGD0XFKDVHVSHFLHVGHODIDPLOLD/DXUDFHDHiUEROHVWtSLFRVGHORVERVTXHVPRQWDQRVTXHUHSUHVHQWDQHO
FRPSRQHQWHPiVLPSRUWDQWHHQODGLHWDGHORVTXHW]DOHVSURGXFHQIUXWRVFRQHVWDVFDUDFWHUtVWLFDV
3RURWURODGRQXPHURVDVHVSHFLHVGHiUEROHVRDUEXVWRVSURGXFHQIUXWRVSHTXHxRVHQJUDQGHVFDQWLGDGHV/DV
SURSLDVHVSHFLHVDPHQXGRDXQTXHQRVLHPSUHRFXUUHQHQHOVRWRERVTXHGRQGHSXHGHQIRUPDUSREODFLRQHV
GHQVDV/RVIUXWRVVRQULFRVHQDJXD\D]~FDUHVSHURSREUHVHQOtSLGRV\SURWHtQDV6RQPXFKDV\SHTXHxDVODV
VHPLOODVSRUIUXWR&RPRJUXSRVWtSLFRVVHSXHGHQQRPEUDUDODV5XELDFHDH\ODV0HODVWRPDWDFHDH
(OPXWXDOLVPRJHQHUDOPHQWHHVPiVHVWUHFKRVLODHVSHFLHGHSODQWDSURGXFHIUXWRVJUDQGHVFRQHOVtQGURPH
GHVFULWRDUULED\VXDJHQWHGHGLVSHUVLyQHVXQHVSHFLDOLVWD6LQHPEDUJRKD\IUXJtYRURVTXHVLJXHQPiVHO
VtQGURPHJHQHUDOLVWDDXQTXHHVWiQHVSHFLDOL]DGRVHQFLHUWRVIUXWRVSHMWiQJDUDVGHOJpQHUR(XSKRQLDTXH
SUHHUHQIUXWRVGHODIDPLOLD/RUDQWKDFHDH6QRZ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
3UREOHPiWLFDGHFRQVHUYDFLyQ8QSUREOHPDVHULRDQLYHOJOREDOSDUDODIDXQDHQERVTXHVWURSLFDOHVHVODFD
FHUtDGHVXEVLVWHQFLD%HQQHWWHWDO/LQJHWDO5RELQVRQ %HQQHWW/RVFD]DGRUHVORFDOHV
EXVFDQGRDXPHQWDUODFDQWLGDGGHSURWHtQDVHQODDOLPHQWDFLyQGHVXVIDPLOLDVVHOHFFLRQDQFRQSUHIHUHQFLDD
YHUWHEUDGRVWHUUHVWUHVGHJUDQWDPDxRFRPRPRQRVDQWDVWDLWHW~VWDW~V\DYHVJUDQGHVHQWUHRWUDVHVSHFLHVTXH
VHSXHGHQFLWDUSDUDHO1HRWUySLFR6HVXSRQHTXHGHVSURSRUFLRQDGDPHQWHPXFKRVGHHVWRVDQLPDOHVUHSUHVHQWDQ
DJHQWHVGHGLVSHUVLyQHVSHFLDOLVWDV7HUERUJK6XGHVDSDULFLyQ\HOUHVXOWDQWHERVTXHYDFtRHPSW\
IRUHVWGHYHUWHEUDGRVJUDQGHV5HGIRUGWLHQHFRPRFRQVHFXHQFLDXQFDPELRFRPSOHMRHQODGLQiPLFD
GHOHFRVLVWHPDODVUHGXFFLRQHVHQGHSUHGDFLyQGHVHPLOODVHQKHUELYRUtD\GHVWUXFFLyQPHFiQLFDGHSODQWLQHV
SRUDQLPDOHVWHUUHVWUHVTXHORVSLVDQUHVXOWDQHQGHQVLGDGHVPiVJUDQGHVGHSODQWLQHVSHURULTXH]DVUHGXFLGDV
GHHVSHFLHVYHUGLVFXVLyQHQ5ROGiQ 6LPRQHWWLFRPSDUDUWDPELpQ
6HKDQREVHUYDGRDOJXQRVGHHVWRVHIHFWRVHQOD5HVHUYDGHOD%LRVIHUD(VWDFLyQ%LROyJLFDGHO%HQLHQODSHUL
IHULDGHO&$0\VHJXUDPHQWHH[LVWHHQXQDJUDQSDUWHGHODVXEHFRUUHJLyQ%RVTXHSUHDQGLQR
/DSpUGLGDGHGLVSHUVRUHVSXHGHDWULEXLUVHPX\IiFLOPHQWHDODFD]DLQGLVFULPLQDGDGHPDPtIHURV\DYHV3DFKHFR
6LPRQHWWLFRPSDUDU3DFKHFR 6LPRQHWWLKDQGHPRVWUDGRTXHODHOLPLQDFLyQGHGLVSHUVRUHV
SXHGHOOHYDUFODUDPHQWHDODGLVPLQXFLyQGHOXMRJHQpWLFRHQWUHVXESREODFLRQHVGHHVSHFLHVYHJHWDOHVSHMOD
SpUGLGDGHOPDULPRQR$WHOHVSDQLVFXVHQODSREODFLyQGH,QJDLQJRLGHV0LPRVDFHDHHQORVERVTXHVSUHDQGLQRV
/DUHGXFFLyQGHSREODFLRQHVGHPDPtIHURVJUDQGHVRFDVLRQDFDPELRVHQODDEXQGDQFLD\GHQVLGDGGHSODQWLQHV
SHMODVSDOPHUDVGHOJpQHUR$VWURFDU\XP5ROGiQ 6LPRQHWWL\ODIDOWDGHKHUELYRUtD\SHUWXUEDFLyQ
GHOVRWRERVTXHRFDVLRQDODSUROLIHUDFLyQGHDOJXQDVHVSHFLHVTXHDVXYH]SXHGHQLPSDFWDUQHJDWLYDPHQWHHQOD
GLYHUVLGDGRUtVWLFDGHOERVTXH3DLQWHU 5XPL]1RVRODPHQWHVRQODVHVSHFLHVH[yWLFDVYHUDEDMRODV
TXHVRQSUREOHPiWLFDVWDPELpQKD\VREUHDEXQGDQFLDGHHVSHFLHVQDWLYDV*DUURWWHWDO,ELVFK
2WUDVDFWLYLGDGHVKXPDQDVFRQSRWHQFLDOGHDIHFWDUQHJDWLYDPHQWHODIXQFLyQELRHFROyJLFDGHODGLVSHUVLyQ
]RRFyULFDFRQSRVLEOHVUHWURDOLPHQWDFLRQHVSRVLWLYDVFRQODFDFHUtDVRQODSHUWXUEDFLyQ\RGHVWUXFFLyQGH
ERVTXHVWtSLFDPHQWHDFRPSDxDGDVSRUVXIUDJPHQWDFLyQ6HHQWLHQGHTXHHQXQDPDQFKDDLVODGDGHERVTXHVRQ
ORVDQLPDOHVJUDQGHVTXHGHVDSDUHFHQSULPHURLQFOXVRHVSHFLHVGHDYHVTXHSRUVXDOWDPRYLOLGDGVXSHUFLDO
PHQWHFRQVLGHUDGDFRPRLQGHSHQGLHQWHVGHKiELWDWFRQWLQXRSDUHFHUtDQPHQRVYXOQHUDEOHVDODIUDJPHQWDFLyQ
GHVXKiELWDW:LOOLV3DUDODSDUWHQRUGHVWHGHOD0DWD$WOiQWLFDHQ%UDVLOODFXDOQRVSRGUtDGDUXQDLGHD
UHDOtVWLFDGHXQHVFHQDULRGHOSHRUFDVRSDUDHO&$06LOYD 7DEDUHOOLGLVFXWHQHOHPSREUHFLPLHQWR
RUtVWLFRGHORVUHVWRVGHODFREHUWXUDERVFRVDFRPRUHVXOWDGRGHODGHVDSDULFLyQGHORVDJHQWHVGHGLVSHUVLyQ
HVSHFLDOLVWDV6HJ~QVXPRGHODFLyQXQGHODVHVSHFLHVGHiUEROHVVHH[WLQJXLUtDHQHVFDODUHJLRQDOFRQ
HIHFWRVPX\SUREOHPiWLFRVSDUDORVHFRVLVWHPDVQDWXUDOHVWDQWRFRPRSDUDORVXVRVKXPDQRVGHORVPLVPRV
'LSORFRUtDODLPSOLFDFLyQGHGLIHUHQWHVDJHQWHVHQODGLVSHUVLyQLPSOLFDD~QFRQPiVFODULGDGTXHODFRQVHU
YDFLyQGHORVVLVWHPDVGHGLVSHUVLyQGHGLiVSRUDVHVXQDWDUHDH[LJHQWH6HGHPRVWUyTXHODPDQXWHQFLyQGH
ODGLYHUVLGDGGHiUEROHVWURSLFDOHVGHSHQGHGHOIXQFLRQDPLHQWRGHODGLVSHUVLyQGHVXVVHPLOODVHQODVGLFKDV
GRVIDVHV+DUPVHWDO(OKHFKRGHTXHLQWHUDFW~HXQDHVSHFLHYHJHWDOFRQGRVHVSHFLHVGHDJHQWHVGH
GLVSHUVLyQVLJQLFDXQDXPHQWRGHOULHVJRGHH[WLQFLyQSDUDODHVSHFLHYHJHWDO\SRVLEOHPHQWHWDPELpQSDUD
DPEDVHVSHFLHVGHDQLPDOHV
/DIUDJPHQWDFLyQWDPELpQSXHGHDIHFWDUDORVDJHQWHVJHQHUDOLVWDV\FRQHOORVODGLQiPLFDSREODFLRQDOGHHV
SHFLHVGHSODQWDVTXHHOORVGLVSHUVDQ&RPRPXFKRVGHHOORVVHDVRFLDQHQEDQGDGDVPL[WDVORVSDWURQHVGHVXV
PRYLPLHQWRV\SRVLEOHPHQWHVXVXSHUYLYHQFLDTXHGHSHQGHGHODDOWDHFDFLDGHODVEDQGDGDVHQODE~VTXHGD
GHVXVDOLPHQWRVYHUODGLVFXVLyQHQ3RZHOOGHSHQGHQGHHVWDVEDQGDGDV0XQQ9DOEXUJ
3RXOVHQ/DDXVHQFLDGHVXFLHQWHKiELWDWFRQWLQXR\DSDULFLyQGHYDFtRVGHKiELWDWDQFKRV\GLItFLOHVGH
DWUDYHVDUKDELWDWJDSVLPSLGHQODIRUPDFLyQGHEDQGDGDVFRPRVHGRFXPHQWySDUDODDYLIDXQDGHDOJXQDV
PDQFKDVGHERVTXHQXEODGRHQ(FXDGRU3RXOVHQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
7DOYH]HVD~QPiVLPSRUWDQWHODUHSURGXFFLyQGHYDULDVHVSHFLHVVRFLDOHVTXHGHSHQGHQGHDJUHJDFLRQHVLQWUD
HVSHFtFDV(OWpUPLQR$OOHHHIIHFWVXEVXPHWRGRVHVWRVHIHFWRVQHJDWLYRVHQODVLQWHUDFFLRQHVLQWUDHVSHFtFDV
TXHUHVXOWDQGHODUHGXFFLyQGHDJUHJDFLRQHVGHLQGLYLGXRVGHXQDHVSHFLH5HHG(VWDGLVIXQFLyQUHVXOWD
HQWDVDVUHSURGXFWLYDVUHGXFLGDV(QFRQMXQWRFRQRWURVLPSDFWRVQHJDWLYRVHO$OOHHHIIHFWSXHGHOOHYDUD
XQDHVSHFLHDVXH[WLQFLyQORFDOSHMGHOWRMR3VDURFROLXVDQJXVWLIURQVHQXQERVTXHVXEDQGLQRIUDJPHQWDGR
5HQMLIRRJOREDOSUREDEOHPHQWHHVWHIXHHOFDVRFRQODSDORPDPLJUDWRULD(FWRSLVWHVPLJUDWRULXVHQ
1RUWHDPpULFD(OOVZRUWK 0F&RPE
(OLPSDFWRGHIUDJPHQWDFLyQHQERVTXHVWURSLFDOHVK~PHGRVWLHQHXQLPSDFWRGHVSURSRUFLRQDGDPHQWHFRQVLGH
UDEOHHQODVSREODFLRQHVGHHVFDUDEDMRVFRSUyIDJRVPXFKDVYHFHVVLHQGRDJHQWHVGHODIDVHGRVGHODGLVSHUVLyQ
GLSORFyULFD$QGUHVHQ
/DUHFRORQL]DFLyQGHERVTXHVSHUWXUEDGRVRGHVWUXLGRVQDWXUDORDQWURSRJpQLFDPHQWHVLPLODUDODFRORQL]DFLyQ
HFLHQWHGHQXHYDViUHDVYHU\HVLQXHQFLDGDSRUORVVLJXLHQWHVIDFWRUHVSULQFLSDOHV3ULPHUR
ODULTXH]DHQHVSHFLHVGHSODQWDV\DQLPDOHVGHOiUHDIXHQWHSRQHXQPDUFRDODFRPSRVLFLyQGHODFRPXQLGDG
VXFHVLRQDO6HJXQGRODWD]DGHFRORQL]DFLyQSULQFLSDOPHQWHHVWiHQFRUUHODFLyQQHJDWLYDFRQODGLVWDQFLDHQWUHODV
GRViUHDV7HUFHURH[LVWHXQFLHUWRJUDGRGHGLVSRVLFLyQGHOiUHDDVXFRORQL]DFLyQ(QiUHDVPX\GHJUDGDGDVR
HQWHUDPHQWHQXHYDVGRQGHODVFRQGLFLRQHVDELyWLFDVQHFHVDULDVD~QVHWLHQHQTXHIRUPDUODUHFRORQL]DFLyQ
WDUGDFRQVLGHUDEOHPHQWHPiVTXHHQiUHDVOLJHUDPHQWHSHUWXUEDGDVFRPRSHMHQERVTXHVTXHH[SHULPHQ
WDURQVRODPHQWHWDODVHOHFWLYD$GHPiVHVWUXFWXUDVYHJHWDFLRQDOHVDSWDVSDUDVHUYLUFRPRDVLHQWRVSDUDDYHV
IUXJtYRUDVHQXQiUHDHQHVWDGRVXFHVLRQDOWHPSUDQRSXHGHQVHUQ~FOHRVGHUHFXSHUDFLyQ*DOLQGR*RQ]iOH]
HWDODFHOHUDQODGLQiPLFDVXFHVLRQDO\HQULTXHFHQODFRPXQLGDGVXFHVLRQDODOLJXDOTXHJDUDQWL]DQHO
FUHFLPLHQWRGHLQGLYLGXRVHQJUDQDEXQGDQFLD,QFOXVRHQXQFXOWLYRPDQWHQLGRDXQSOD]RPiVODUJRYLVLWDGR
SRUDQLPDOHVIUXJtYRURVHQULTXHFHQHOEDQFRGHGLiVSRUDV\PHMRUDQODDSWLWXGGHOiUHDSDUDUHFXSHUDUVHGHVSXpV
TXHWHUPLQDHOLPSDFWRKXPDQR0F&ODQDKDQ :ROIH6LOYDHWDO*DOLQGR*RQ]iOH]/D
DOWDSURGXFWLYLGDGGHYHJHWDFLyQHQVXFHVLyQLQFLSLHQWHQDWXUDOPHQWHHMHUFHXQDJUDQDWUDFFLyQSDUDPXFKRV
DQLPDOHVIUXJtYRURVSHM0DUWLQ .DUU.DUU )UHHPDUN/RLVHOOH %ODNH.UHIWGH
WDOPDQHUDTXHIRPHQWDIXHUWHPHQWHHVWHSURFHVR
6HJ~QHOFRQFHSWRGH7HUERUJKODVHVSHFLHVFODYHGHSODQWDVNH\VWRQHSODQWVSHFLHVYHUWDPELpQ
VHFDUDFWHUL]DQSRUSURYHHUIUXWRVHQJUDQGHVFDQWLGDGHVGXUDQWHSHUtRGRVGHHVFDVH](VWRVUHFXUVRV
GHHPHUJHQFLDIDFLOLWDQDXQDPXOWLWXGGHSREODFLRQHVGHIUXJtYRURVDPDQWHQHUVHHQHOiUHDDORPi[LPR
H[LJLpQGROHVPRYLPLHQWRVGHFRUWDGLVWDQFLD(VWDVHVSHFLHVFODYHSURGXFHQIUXWRVFRQWLQXDPHQWHRHVWDSURGXF
FLyQFRLQFLGHMXVWDPHQWHGXUDQWHODVpSRFDVGHHVFDVH]2WUDVFDUDFWHUtVWLFDVLQFOX\HQFRPSRVLFLyQDOLPHQWLFLD
SREUHGHOtSLGRV\SURWHtQDVFRQVHPLOODVSHTXHxDV
(VLQWHUHVDQWHQRWDUTXHODVHVSHFLHVFODYHGHSODQWDVSRUFRQVHFXHQFLDFRUUHVSRQGHQSULQFLSDOPHQWHDOVHJXQ
GRVtQGURPHGHIUXWRVGHVFULWRDUULEDTXHHVSUHIHULGRSRUORVIUXJtYRURVJHQHUDOLVWDV'HPDQHUDVLPLODUHQ
PXFKRVFDVRVDXQTXHQRHQWRGRVHVWRRFXUUHHQKiELWDWVVXFHVLRQDOHVRWUDQVLFLRQHVGHKiELWDWSHMFODURV
GHERVTXH(VWDVFDUDFWHUtVWLFDVWLHQHQODVVLJXLHQWHVLPSOLFDFLRQHV
1RVRODPHQWHHOERVTXHPDGXURVLQRWRGDODVHULHGHHVWDGRVVXFHVLRQDOHVFRQWULEX\HDODPDQXWHQFLyQ
GHODVSREODFLRQHVGHHVSHFLHVIUXJtYRUDV/RLVHOOH %ODNH
3HUWXUEDFLRQHVDQWURSRJpQLFDVIXHUDGHiUHDVSURWHJLGDVSXHGHQVHUGHPHQRULPSDFWRVLORJUDQLPLWDU
ODGLQiPLFDQDWXUDOSHMVLVRQGHHVFDODSHTXHxDVLSHUPLWHQODVXFHVLyQQDWXUDOGHVSXpVTXHWHUPLQD
HOLPSDFWRHWF
(VHYLGHQWHSRGHUPDQWHQHUSREODFLRQHVGHHVSHFLHVFODYHFRQEXHQDDEXQGDQFLDHQWRGRHOiUHDLQFOXVR
HQ]RQDVJUDYHPHQWHSHUWXUEDGDVYHUWDPELpQGLVFXVLyQHQ6WUHZH
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
$OLJXDOTXHHQHOFDVRGHORVSROLQL]DGRUHVODVSREODFLRQHVPLJUDWRULDVHQWUHORVDQLPDOHVIUXJtYRURVVRQEXH
QRVDJHQWHVGHGLVSHUVLyQSHMPXFKDVHVSHFLHVGHDYHVPLJUDWRULDVERUHDOHVTXHHQVXpSRFDUHSURGXFWLYDHQ
1RUWHDPpULFDVRQLQVHFWtYRUDVGXUDQWHODPLJUDFLyQ-RKQVRQHWDO\HQODpSRFDLQYHUQDO/HFN
0RUWRQ0DUWLQ0DUWLQ .DUU%ODNHHWDO%ODNH /RLVHOOHFRQVXPHQIUXWRV
HQJUDQGHVFDQWLGDGHV\SUREDEOHPHQWHVRQDJHQWHVGHGLVSHUVLyQLPSRUWDQWHVSDUDYDULDVHVSHFLHVGHSODQWDV
*UHHQEHUJ$XQTXHVHKDQLGHQWLFDGRQXPHURVDVHVSHFLHVTXHHQODpSRFDLQYHUQDOPDQWLHQHQWHUULWR
ULRV.DUU5DSSROH :DUQHU+ROPHVHWDOYHUWDPEtHQ7DEOD7DEOD&DUDFWHUtVWLFDVGH
PLJUDFLyQERUHDODXVWUDO\DOWLWXGLQDOHQODVPLVPDVHVSHFLHVPXFKRVLQGLYLGXRVVRQRWDQWHVRDWHUV
YHU HO FRQFHSWR WHyULFR HQ:LQNHU TXH SDVDQ HVWD pSRFD PRYLpQGRVH FRQWLQXDPHQWH \ HQ GLVWDQFLDV
FRPSDUDEOHPHQWHODUJDVHQEXVFDGHXQSRVLEOHWHUULWRULRPLHQWUDVVHDOLPHQWDQHQKiELWDWVHItPHURVSHM
VXFHVLRQDOHV5DSSROHHWDO:LQNHUHWDO(VWRVLQHPEDUJRHVXQIHQyPHQRJHQHUDOTXHODVHVSH
FLHVUHVLGHQWHV\HVSHFLHVPLJUDQWHVWLHQHQHQFRP~Q0XFKDVHVSHFLHVPLJUDWRULDVSUREDEOHPHQWHODPD\RUtD
PXHVWUDQHVWHFRPSRUWDPLHQWRQRWHUULWRULDOHQVXWRWDOLGDG$OJXQDVVHHQFXHQWUDQHQFRQVWDQWHFRPSHWHQFLD
LQWUDHVSHFtFD/\QFKHWDO5DPRV\RLQWHUHVSHFtFDFRQUHVLGHQWHVFRPRFRQRWURVPLJUDQWHV
*UHHQEHUJSRUORVUHFXUVRVGLVSRQLEOHVHQPXFKRVFDVRVORJUDQGRLQWHJUDUVHDODFRPXQLGDGWURSLFDOGH
DYHV9DULDVHVSHFLHVGHPLJUDQWHVERUHDOHVLQFOXVRSDUWLFLSDQHQEDQGDGDVPL[WDVSHM3RZHOO2WUDV
GLUHFWDPHQWHRGHVSXpVGHVHUH[SXOVDGDVSRULQGLYLGXRVGHHVSHFLHVUHVLGHQWHVSHM:LOOLV'HV*UDQJHV
*UDQWH[SORWDQUHFXUVRVSRFRDSURYHFKDGRVSRURWUDVHVSHFLHVYHUGLVFXVLyQHQ7HUERUJK(Q
FRQFOXVLyQH[LVWHDPSOLDFRLQFLGHQFLDHQTXHODVHVSHFLHVPLJUDWRULDVVRQHOHPHQWRVtQWHJURVGHODVFRPXQL
GDGHVWURSLFDOHVGHDYHVHQYH]GHVHUYLVLWDQWHVVXEGRPLQDQWHV.HDVW0RUWRQ *UHHQEHUJ
(VWHDUJXPHQWRWDPELpQUHSUHVHQWDHYLGHQFLDDGLFLRQDOSRUTXpQRHVDGHFXDGRQHJOLJLUDHVSHFLHVPLJUDWRULDV
HQFXDQWRDVXVSDSHOHVHFROyJLFRVSHMFRPRDJHQWHVGHGLVSHUVLyQHQODViUHDVTXHXWLOL]DQ\DVHDQUHSUR
GXFWLYDVRQRUHSURGXFWLYDV0RUWRQ *UHHQEHUJ
$VLPLVPRPLJUDQWHVDXVWUDOHV\DOWLWXGLQDOHVSRGUtDQWHQHUXQDLPSRUWDQFLDFRQVLGHUDEOHSDUDIXQFLRQHVELR
HFROyJLFDVFRPRHVODGLVSHUVLyQ]RRFyULFDTXHHVHOPHFDQLVPRUHVSRQVDEOHSDUDODGHQLFLyQ\PDQXWHQFLyQ
GHORVOtPLWHVGHODViUHDVGHGLVWULEXFLyQORQJLODWLWXGLQDOHVWDQWRFRPRDOWLWXGLQDOHVGHPXFKDVHVSHFLHVGH
SODQWDV6WRW]HWDO6WRW]'HVGHXQSXQWRGHYLVWDFRPSOHPHQWDULRPXFKDVHVSHFLHVPLJUDWRULDV
SHUWHQHFHQDOJUHPLRIUXJtYRUR3RUHMHPSORHQDYHVODIUXJLYRULWDSDUFLDOLQFOXVRSUHGRPLQDHQPLJUDQWHV
DOWLWXGLQDOHV/HYH\ 6WLOHV\HQORVPLJUDQWHVDXVWUDOHVSRUORPHQRVMXHJDXQSDSHOPX\LPSRUWDQWH
&KHVVHU /HYH\3REODFLRQHVPLJUDWRULDVGXUDQWHVXVYLDMHVSDUHFHQHVWDUDGDSWDGDVDODRIHUWDGHIUXWRV
\GHSHQGLHQWHVGHHOODSHMHOJXiFKDUR6WHDWRUQLVFDULSHQVLVXQIUXJtYRURHVSHFLDOLVWDSRVLEOHPHQWHDFRPRGD
VXVLWLQHUDULRVVHJ~QODVIUXFWLFDFLRQHVGHODVSDOPHUDVVXIXHQWHDOLPHQWLFLDSUHIHULGD+LOW\ %URZQ
'HPDQHUDVLPLODU7\UDQQXVW\UDQQXVXQWLUiQLGRPLJUDWRULRERUHDOHQ3DQDPiKDVLGRREVHUYDGRVLQFURQL
]DQGRVXPLJUDFLyQDORVSDWURQHVGHIUXFWLFDFLyQGHVXVSODQWDVIDYRULWDV0RUWRQ(VWDHVSHFLHGXUDQWH
ORVPHVHVGHRFWXEUHKDVWDIHEUHURTXHFRLQFLGHQFRQODpSRFDGHOOXYLDWDPELpQDSDUHFHHQJUDQGHVFDQWLGDGHV
HQORVERVTXHVSUHDQGLQRVGHO&$06.UHIWREVHUYDFLyQSHUVRQDO(QORV$QGHVGH3HU~SHMODFRWLQJD
=DUDWRUQLVVWUHVHPDQQL$YHV&RWLQJLGDHVLUYHGHDJHQWHGHGLVSHUVLyQSDUDHVSHFLHVGHSODQWDVSDUDVtWLFDVGHO
JpQHUR7ULVWHUL[HQERVTXHVGHNHZLxD3RO\OHSLVVSS'XUDQWHVXVPRYLPLHQWRVDOWLWXGLQDOHVKDFLDORVERVTXHV
QXEODGRVHQODYHUWLHQWHSDFtFDGHODFRUGLOOHUDRFFLGHQWDOHODYHDPHQXGROOHYDHVWDVVHPLOODVSHJDMRVDVHQ
VXSOXPDMHDDOWLWXGHVLQIHULRUHV)MHOGVn .UDEEH-)MHOGVnFRPXQLFDFLyQSHUVRQDO(QORV
9DOOHVGH%ROLYLDHOFDUGHQDO&DUGHQDOLGDH6DOWDWRUUXYHQWULVMXHJDXQSDSHOVLPLODU-)MHOGVnFRPXQLFD
FLyQSHUVRQDO(QHVWDUHJLyQVLQHPEDUJRORVERVTXHVGHNHZLxDKDQVLGRUHGXFLGRVHQH[WHQVLyQDVtTXHHO
UHFXUVRGHIUXWRVGHODVSODQWDVSDUDVtWLFDVPHQFLRQDGDVHVPHQRVHVWDEOH(VWDSUREDEOHPHQWHVHDODUD]yQSRU
ODFXiOHOFDUGHQDODPHQXGRWLHQGHDDOLPHQWDUVHGHPDQHUDPHQRVHVSHFLDOL]DGD
(VWHSURFHVRVHHQFXHQWUDLQWHUUXPSLGRHQJUDQHVFDODHQDOJXQDVUHJLRQHVGHO&$0XQHMHPSORHVODFHMD
GHPRQWH\VXWUDQVLFLyQDOSiUDPR\XQJXHxR/DIUHFXHQWHTXHPD\HOVLJXLHQWHSDVWRUHRGHHVWD]RQDGHO
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
&$0TXHSUREDEOHPHQWH\DKDYHQLGROOHYiQGRVHDFDERSRUPXFKRWLHPSRKDRFDVLRQDGRTXHHOOtPLWHGH
ODFHMDGHPRQWHVHDGHVSOD]DGRKDFLDDEDMR.HVVOHU +HU]RJ.HVVOHU\VLJXHGHVSOD]iQGRVH
.HVVOHU6.UHIWREVHUYDFLyQSHUVRQDO(QXQDUHWURDOLPHQWDFLyQSRVLWLYDODGHIRUHVWDFLyQDQWURSRJpQLFD
SRGUtDDXPHQWDUHOULHVJRGHLQFHQGLRVQDWXUDOHV\WDPELpQHOJUDGRGHVXVLPSDFWRV(QFDPELRHOSiUDPR
\XQJXHxRSRVLEOHPHQWHUHSUHVHQWHXQ HFRVLVWHPDSULQFLSDOPHQWHDQWURSRJpQLFR'H WRGDV PDQHUDVHVWRV
SDVWL]DOHVHVWiQH[SHULPHQWDQGRXQDH[SDQVLyQDPSOLDVRODPHQWHSHUPLWLHQGRODSHUVLVWHQFLDGHYHJHWDFLyQGH
FHMDHQVLWLRVSURWHJLGRVWDOFRPRSHTXHxRVFDxRQHVGRQGHORFDOPHQWHH[LVWHQFRQGLFLRQHVPiVK~PHGDV(Q
HOSiUDPR\XQJXHxRiUEROHV\DUEXVWRVHVWiQSULQFLSDOPHQWHDXVHQWHV/DV~QLFDVHVWUXFWXUDVGHYHJHWDFLyQPiV
FRPSOHMDVDPHQXGRVRQSODQWDVIDYRUHFLGDVSRUODTXHPD\UHVLVWHQWHVDOSDVWRUHRFRPRSHMODVEURPHOLDV
GHOJpQHUR3X\D,ELVFK&RPRFRQVHFXHQFLDQRVyORHVWiDIHFWDGRQHJDWLYDPHQWHHOHVWDEOHFLPLHQWRGH
SODQWDVGHODFHMDGHPRQWHHQHOKiELWDWTXHOHVFRUUHVSRQGHUtDVLQRWDPELpQODDFFHVLELOLGDGGHOKiELWDWSDUD
DYHVIUXJtYRUDVORVDJHQWHVGHGLVSHUVLyQSULQFLSDOHV\DTXHSRFDVHVSHFLHVGHPXUFLpODJRVOOHJDQDHVWDDOWLWXG
YHU3DWWHUVRQHWDOSDUDHO3DUTXH1DFLRQDOGHO0DQXHQHOVXUHVWHGH3HU~HQHOSDVRLQLFLDOSRUODIDOWD
GHHVWUXFWXUDVGHYHJHWDFLyQGHELGRDTXHPXFKDVDYHVSDUDDVHQWDUVHLQHYLWDEOHPHQWHUHTXLHUHQHVWUXFWXUDV
YHUWLFDOHVYHUDUULEDQ~FOHRVGHUHFXSHUDFLyQ&DEHDxDGLUTXHHOFUHFLPLHQWRGHODYHJHWDFLyQ\FRQHOOD
ODGLQiPLFDVXFHVLRQDOHQHVWDDOWLWXGQDWXUDOPHQWHVRQPX\OHQWRVSHM7HUERUJK7RGRHVWHFRPSOHMR
FDXVDUiRDFWXDOPHQWH\DHVWiFDXVDQGRSUREOHPDVD~QPiVJUDYHVHQHOFRQWH[WRGHOGHVSOD]DPLHQWRGHiUHDV
GHGLVWULEXFLyQSRUHOFDPELRFOLPiWLFRYHU
&RQFOXVLRQHVSDUDODFRQVHUYDFLyQHQHO&$0
(QEDVHDODVFDUDFWHUtVWLFDVELRHFROyJLFDVGHODGLVSHUVLyQ\ORVSUREOHPDVGHFRQVHUYDFLyQFRUUHVSRQGLHQWHV
VHGHEHUtDFRQVLGHUDUXQDVHULHGHDFWLYLGDGHVSDUDVXSURWHFFLyQ
0LHQWUDVHOSURFHVRGHGLVSHUVLyQ]RRFyULFDSUREDEOHPHQWHVLJXHLQWDFWRHQODViUHDVQ~FOHRGH]RQDVPRQWDQDV
GHO&$0SUHRFXSDQODVLQXHQFLDVKXPDQDVHQDPSOLDVUHJLRQHVSHULIpULFDV3RUHQGHHVSULRULWDULRWRPDU
PHGLGDVGHFRQVHUYDFLyQHQODVIUDQMDVSHULIpULFDVDOQRUWH\DOVXUGHO&$0
3ULPHUDPHQWHHQOD]RQDGHOSLHGHPRQWHFRQORVFHQWURVSREODGRVVXEHFRUUHJLRQHV%RVTXHSUHDQGLQR\)DMD
VXEDQGLQDVHUiGHPXFKDLPSRUWDQFLDOLPLWDUHOLPSDFWRGHODFDFHUtDGHVXEVLVWHQFLDGLULJLGDDYHUWHEUDGRV
JUDQGHVFRQVXVSDUWLFXODULGDGHVFDUDFWHUtVWLFDVHQFXDQWRDODGLVSHUVLyQGHVHPLOODVYHUDUULED(QQLQJXQD
]RQDQLVLTXLHUDHQODViUHDVSURWHJLGDVGHO&$0VHUiSRVLEOHLPSHGLUWRWDOPHQWHHVWDDFWLYLGDGSRUORTXHHV
GHFUXFLDOLPSRUWDQFLDORJUDUXQFLHUWRQLYHOGHFRQWUROGHODFDFHUtDWDQWRGHQWURFRPRIXHUDGHHOODV
6HJXQGRHVGHYLWDOLPSRUWDQFLDGHWHQHUODGHIRUHVWDFLyQUiSLGDTXHVHHVWiOOHYDQGRDFDERDORODUJRGHOD
]RQDSHULIpULFDGHO&$0/DPHWDGHEHUtDVHUSURWHJHURFUHDUDOPHQRVLVODVGHKiELWDWVHPLQDWXUDOGRQGH
PXFKRVDJHQWHVGHGLVSHUVLyQSRGUtDQPDQWHQHUSREODFLRQHVYLDEOHV(VQHFHVDULRWDPELpQJDUDQWL]DUODH[LV
WHQFLDGHKiELWDWVVXFLHQWHPHQWHH[WHQVRVSDUDSRGHUIXQFLRQDUFRPRFHQWURVUHSURGXFWLYRV(QWUHHVWDViUHDV
GHSURWHFFLyQHVWULFWDHQHOHVSDFLRRFXSDGRSRUDFWLYLGDGHVKXPDQDVPiVLQWHQVDVVHGHEHUtDDVHJXUDUTXH
H[LVWDQPDQFKDVGHYHJHWDFLyQVHFXQGDULDODVFXDOHVSXHGHQPDQWHQHUYDOLRVDVSREODFLRQHVGHHVSHFLHVFODYH
GHSODQWDV(QHVWHFRQWH[WRHVUHFRPHQGDEOHSURSDJDUODLGHDGHTXHVHPDQWHQJDiUEROHVVROLWDULRVGLVWULEXLGRV
SRUODViUHDVFXOWLYDGDVYHUDUULED\HQGHQVLGDGHVVXFLHQWHPHQWHJUDQGHV
7HUFHURODPDQXWHQFLyQGHXQEXHQJUDGRGHFRQHFWLYLGDG\HQ]RQDVDPSOLDPHQWHIUDJPHQWDGDVVXPHMR
UDPLHQWRDWUDYpVGHODFUHDFLyQGHFRUUHGRUHVSHUPLWLUtDQORVPRYLPLHQWRVGHDQLPDOHVTXLHQHVDFDPELR
VHUYLUtDQFRPRORVDJHQWHVGHGLVSHUVLyQQHFHVDULRVSDUDODGLQiPLFDSREODFLRQDOGHODPD\RUtDGHODVSODQWDV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)XQFLRQHV\SURFHVRVFOLPiWLFRVHKLGUROyJLFRV
3/,ELVFK
/yJLFDPHQWH ORV SURFHVRV FOLPiWLFRV H KLGUROyJLFRV SHUWHQHFHQ D ORV FRPSRQHQWHV PiV LPSRUWDQWHV GH ORV
HFRVLVWHPDVHQiUHDVFRQXQFOLPDK~PHGR&RPRVHKDH[SOLFDGRHQHO&$0VHFRQFHQWUDQORVERVTXHVPiV
K~PHGRVGH%ROLYLD<DQLYHOPXQGLDOVRQSRFDVODViUHDVFRPSDUDEOHVGRQGHODVXSHUFLHUHFLEHWDQWDFDQWLGDG
GHSUHFLSLWDFLyQFRPRHQORVERVTXHVK~PHGRVGHO&$0ORVFXDOHVGHSHQGHQGLUHFWDPHQWHGHHVWDHVSHFLDOLGDG
FOLPiWLFRKLGUROyJLFD\TXHDODYH]DSR\DQDPDQWHQHUOD
&ODUDPHQWHGHVGHXQDSHUVSHFWLYDKLGUROyJLFDDSULPHUDYLVWDORVERVTXHVK~PHGRVVRQORVHFRVLVWHPDVPiV
LPSRUWDQWHVGHO&$04XHGDODSUHJXQWDVLHVWRVLJQLFDTXHORVERVTXHVVHFRVVRQPHQRVLPSRUWDQWHVSDUD
ODFRQVHUYDFLyQ6LQGXGDDOJXQDORVYDOOHVVHFRVHQHO&$0DOEHUJDQXQJUDQQ~PHURGHHVSHFLHVHQGpPL
FDV\ORVERVTXHVVHFRVUHSUHVHQWDQHFRVLVWHPDV~QLFRV\UDURVORVERVTXHVVHFRVLQWHUDQGLQRVSRVLEOHPHQWH
SHUWHQH]FDQDORVHFRVLVWHPDViULGRVPiVELRGLYHUVRV\DOPLVPRWLHPSRDPHQD]DGRV5HSUHVHQWDQWHVWLJRV
GHODKLVWRULDFOLPiWLFD\YHJHWDFLRQDO3RUHMHPSORORVERVTXHVVHFRVHQHOQRUWHGHO&$0WLHQHQDQLGDGHV
FRQHO%RVTXH6HFR&KLTXLWDQRYHUFDStWXORGH1DYDUURHWDOHQHOSUHVHQWHGRFXPHQWR%RVTXHV\XQJXHxRV
SOXYLHVWDFLRQDOHVVXEK~PHGRVEDVLPRQWDQRV>LQWHUDQGLQRVXEDQGLQRV@FRPRLVODVGHYHJHWDFLyQFRQRUDGH
OD3URYLQFLD%LRJHRJUiFDGHO&HUUDGR\SRGUtDQVHUUHOLFWRVGHXQJUDQERVTXHVHFRSOHLVWRFpQLFRTXHIXH
PXFKRPiVFRQWLQXRTXHORVERVTXHVVHFRVDFWXDOHV3RUVXSXHVWRORVERVTXHVVHFRVLQWHUDQGLQRVPHUHFHQXQD
DWHQFLyQHVSHFLDO\GHEHUtDQFRQVHUYDUVHHVSHFLDOPHQWHHQODVSRFDViUHDVGRQGHD~QSUHVHQWDQXQEXHQHVWDGR
GHFRQVHUYDFLyQ3HURWDPELpQKD\TXHFRQVLGHUDUTXHORVYDOOHVVHFRVHQODKLVWRULDDQGLQDKDQVLGRODVUHJLRQHV
PiVSREODGDVHLQWHUYHQLGDV3RUORWDQWRORVUHOLFWRVGHERVTXHVVHFRVPiVRPHQRVPDGXURVVRQPX\HVFDVRV
UHDVPX\H[WHQVDVKDQVLGRGHIRUHVWDGDVGHVHQFDGHQDQGRXQDGHJUDGDFLyQGUDPiWLFDGHORVVXHORV\WDPELpQ
GHODELRGLYHUVLGDG*HQHUDOPHQWHODPHJDIDXQDKDVLGRPX\UHGXFLGDRKDVWDHOLPLQDGD6LQHPEDUJRSXHGH
FRQVWDWDUVHTXHMXVWDPHQWHPXFKDVHVSHFLHVHQGpPLFDVGHORVYDOOHVVHFRVSHM&DFWDFHDH%URPHOLDFHDH\
TXHKR\SRGUtDQFRQVLGHUDUVHFRPRREMHWRVGHFRQVHUYDFLyQQRVRQWDQVHQVLEOHVDFHUFDGHOFDPELRGHXVRGH
ODWLHUUD\VREUHYLYHQRLQFOXVRVHEHQHFLDQGHVSXpVGHODHOLPLQDFLyQGHORVERVTXHVFHUUDGRV,ELVFK
/RFDOPHQWHODYHJHWDFLyQOHxRVDGHORVYDOOHVVHFRVWLHQHJUDQLPSRUWDQFLDSDUDHYLWDUODHURVLyQGHVXHORV\
IUHQDUODGHJUDGDFLyQHFROyJLFDGHORVHFRVLVWHPDV\GRQGHVHWLHQHXQDHVFDVDFREHUWXUDYHJHWDOORVGDxRV\
SpUGLGDVGHORVDJURHFRVLVWHPDVVRQFRQVLGHUDEOHVYHUSHMYDOOHGH7DULMDYDOOHGHODOXQDGH/D3D]ODV
UHJLRQHVHFRQyPLFDPHQWHPiVSREUHVHQHO6XGRHVWHGH&RFKDEDPED1RUWH3RWRVt
6LQHPEDUJRODGHIRUHVWDFLyQGHORVERVTXHVVHFRVQRFDXVDFRQVHFXHQFLDVFRPSDUDEOHVFRQDTXHOODVGHOD
FRQYHUVLyQGHORVERVTXHVK~PHGRV(QORVERVTXHVK~PHGRVVHHQFXHQWUDXQJUDQQ~PHURGHHVSHFLHVPX\
VHQVLEOHVTXHGHSHQGHQGHHTXLOLEUDGDVFRQGLFLRQHVGHKXPHGDG\VRPEUD,ELVFK,QFOXVRSHTXHxDV
SHUWXUEDFLRQHVSXHGHQJHQHUDUFDPELRVGHODHVWUXFWXUDGHOHFRVLVWHPDSHMFUHFLHQWHGRPLQDQFLDGHOLDQDV
SRUDEULUHOGRVHOTXHVRQIDWDOHVSDUDPXFKDVHVSHFLHVVHQVLEOHV(QORVERVTXHVVHFRVSUiFWLFDPHQWHWRGDVODV
HVSHFLHVHVWiQDGDSWDGDVDOHVWUpVKtGULFRHVSHFLDOPHQWHHQODpSRFDVHFD\GHPD\RULQVRODFLyQ(VWRVLJQLFD
TXHYLUWXDOPHQWHQRKD\WDQWDVHVSHFLHVTXHVHH[WLQJXHQORFDOPHQWHSRUFDPELRVPLFURFOLPiWLFRVXQDYH]TXH
VHDEUHPiVHOGRVHOTXHQLHQERVTXHVPDGXURVHVWiWDQFHUUDGRFRPRHQORVERVTXHVK~PHGRV+DVWDHQFKD
SDUUDOHVRPDWRUUDOHVEDVWDQWHGHJUDGDGRVJHQHUDOPHQWHSXHGHQREVHUYDUVHLQGLYLGXRVGHHVSHFLHVERVFRVDV
<DTXHHQORVERVTXHVK~PHGRVHOQ~PHURGHHVSHFLHVHQGpPLFDV\WDPELpQFRQUDQJRVGHGLVWULEXFLyQPHQRV
UHVWULQJLGRVTXHVRQSRWHQFLDOPHQWHDIHFWDGDV\DPHQD]DGDVSRUODGHJUDGDFLyQHVPXFKRPiVJUDQGHORV
PLVPRVGHEHUtDQFRQVLGHUDUVHFRPRODViUHDVGHO&$0FRQORVYDORUHVPiVDOWRVSDUDODFRQVHUYDFLyQ(VWR
YDOHGHELGRDVXLQFRPSDUDEOHELRGLYHUVLGDG\ODVREUHVDOLHQWHVHQVLELOLGDGGHODPLVPD<DOPLVPRWLHPSROD
FRQYHUVLyQGHERVTXHVK~PHGRVDGHPiVDIHFWDSURFHVRVHFROyJLFRVFX\RFDPELRSXHGHWHQHUFRQVHFXHQFLDV
LPSRUWDQWHVSDUDODELRGLYHUVLGDGPiVDOOiGHOVLWLRORFDO
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(O~QLFRUROGHORVERVTXHVK~PHGRVHVSHFLDOPHQWHHQODVPRQWDxDVWLHQHTXHYHUFRQHOKHFKRTXHHVWiQIXHU
WHPHQWHYLQFXODGDVFRQSURFHVRVKLGUROyJLFRV\FOLPiWLFRVORVFXDOHVDVXYH]SXHGHQDIHFWDUGUDPiWLFDPHQWH
ODFRQGLFLyQGHODELRGLYHUVLGDG/DHYLGHQFLDFRUUHVSRQGLHQWHKDFUHFLGRHQORV~OWLPRVDxRVHQWUHRWURVHQ
HOFRQWH[WRGHODLQYHVWLJDFLyQGHORVFDPELRVFOLPiWLFRV
/DUHOHYDQFLDGHORVSURFHVRVKLGURFOLPiWLFRVSDUDODFRQVHUYDFLyQGHORVERVTXHVK~PHGRVPRQWDQRV\YLFHYHUVD
KDVWDKDFHSRFRQRKDVLGRVXFLHQWHPHQWHHQWHQGLGD%UXLMQ]HHO 3URFWRU3HURTXHGDFDGDYH]PiV
FODURTXHHVWRVERVTXHVFRQWULEX\HQDODGLVSRQLELOLGDGGHDJXDDQLYHOORFDO\UHJLRQDOSHURWDPELpQVXIUHQ
GHFDPELRVKLGURFOLPiWLFRV/RVERVTXHVGHQHEOLQDH[WUDHQDJXDGHODVQXEHV\SXHGHQDXPHQWDUODFDQWLGDG
GHSUHFLSLWDFLyQSUHFLSLWDFLyQKRUL]RQWDOHQWUHPPGtDHQ+DZDLKDVWDWDOYH]PPGtDHQ3DQDPi
VHJ~QGLIHUHQWHVIXHQWHVFLWDGDVSRU%UXLMQ]HHO(QERVTXHVK~PHGRVPRQWDQRVGHSLVRVPHGLDQRVPH
QRVDIHFWDGRVSRUODVQXEHVODFRQWULEXFLyQGHODSUHFLSLWDFLyQKRUL]RQWDOSXHGHOOHJDUDYDORUHVHQWUH\
\HQERVTXHVGHQHEOLQDKDVWDXQSURPHGLRGHSUHFLSLWDFLyQQHWRHQWUH%UXLMQ]HHO
(VWRVYDORUHVUHHMDQODFRQWULEXFLyQSURPHGLRDQXDOVLQHPEDUJRKD\pSRFDVHQODVFXDOHVODLQWHUFHSFLyQGH
ODVQXEHVSXHGHWHQHUXQDLPSRUWDQFLDD~QPiVUHOHYDQWHHQOD6LHUUDGHODV0LQDV*XDWHPDODDPHO
SURPHGLRGHODSUHFLSLWDFLyQKRUL]RQWDOWHQGUtDXQYDORUGHSHURHQODpSRFDVHFDVHUtDPXFKRPiVHOHYDGR
%UXLMQ]HHO
'RQGHVHFRQYLHUWHQERVTXHVK~PHGRVWURSLFDOHVHQDJURHFRVLVWHPDVRSUDGHUDVORVFDPELRVKLGUROyJLFRVVRQ
SURIXQGRV6HGLVPLQX\HHOFRQWHQLGRGHVXVWUDWRRUJiQLFRODDFWLYLGDGGHODIDXQDGHOVXHORODHVWDELOLGDGGH
ORVDJUHJDGRVGHORVVXHORV\ODFDSDFLGDGGHLQOWUDFLyQ\DEVRUFLyQGHDJXDDGHPiVVHFRPSDFWDHOVXHOR\
QDOPHQWHDXPHQWDHOHVFXUULPLHQWRVXSHUFLDOGHODJXD%UXLMQ]HHO
%UXLMQ]HHOSURSRUFLRQDXQQXHYRDQiOLVLVGHORV~OWLPRVFRQRFLPLHQWRVUHIHUHQWHDODLPSRUWDQFLDGH
ORVERVTXHVWURSLFDOHVSDUDODKLGURORJtDHQ$VLD5HODWLYL]DFLHUWRVVXSXHVWRVHKLSyWHVLVFRPRSHMTXHOD
SUHFLSLWDFLyQGLVPLQX\HGHELGRDODGHIRUHVWDFLyQ(VWRQRVHUtDYiOLGRVLXQDYHJHWDFLyQVHFXQGDULDORJUDHV
WDEOHFHUVHODFXDOUiSLGDPHQWHSXHGHUHHPSOD]DUIXQFLRQHVGHOERVTXHSHUGLGR6LQHPEDUJRHVWDSXEOLFDFLyQ
FLWDGDPHUHFHXQDGLVFXVLyQ\DSOLFDFLyQPX\FXLGDGRVDHQHOFRQWH[WRGH%ROLYLD
3HURORVERVTXHVK~PHGRVPRQWDQRVQRVRODPHQWHSURYHHQPiVKXPHGDGSDUDORVHFRVLVWHPDVVLQRSRUVX
SXHVWRWDPELpQGHSHQGHQGHODGLVSRQLELOLGDGGHDJXD\QXEHV6WLOOHWDOGHVWDFDQHOKHFKRTXHORV
ERVTXHVGHQHEOLQDWURSLFDOHVGHSHQGHQGLUHFWDPHQWHGHODIRUPDFLyQGHQXEHV%DMRORVHVFHQDULRVGHORVFDP
ELRVFOLPiWLFRVIXWXURVYHUWDPELpQELEOLRJUDItDFLWDGDHQVHFFLyQPiVDUULEDDFHUFDGHFDPELRVFOLPiWLFRV\
SUREOHPDVGHFRQVHUYDFLyQSDUDHVSHFLHVVHUtDSUREDEOHTXHORVQLYHOHVGHODKXPHGDGUHODWLYDSRGUtDQVXELU
DOWLWXGLQDOPHQWHYDULRVFLHQWRVGHPHWURVFDXVDQGRHOSUREOHPDTXHERVTXHVGHSHQGLHQWHVGHOFRQWDFWRFRQ
ODVQXEHVWHQGUtDQSUREOHPDVKtGULFRVHVSHFLDOPHQWHFRQVLGHUDQGRTXHGHELGRDODVDOWDVWHPSHUDWXUDVFUHFHUtD
WDPELpQODHYDSRWUDQVSLUDFLyQ+D\HYLGHQFLDGHGLIHUHQWHVFRQWLQHQWHVTXHH[LVWHXQDWHQGHQFLDTXHLQGLFDTXH
ODDOWLWXGSURPHGLRGHODVQXEHVHVWiVXELHQGRSHM6WLOOHWDO1DLUHWDO5LFKDUGVRQ$GHPiV
ODIRUPDFLyQGHODVQXEHVHVWiLQXHQFLDGDSRUHOFDPELRGHOXVRGHODWLHUUD/DZWRQHWDOGHPRVWUDURQ
TXHODGHIRUHVWDFLyQGHERVTXHVK~PHGRVHQDOWLWXGHVLQIHULRUHVHQODpSRFDVHFDGHVGHORVDxRVOOHYDD
ODUHGXFFLyQGHODKXPHGDGGLVSRQLEOHHQORVERVTXHVGHQHEOLQDGH&RVWD5LFD<DOJXQRVFDPELRVELROyJLFRV
REVHUYDEOHVFRPRSHMODH[WLQFLyQGHHVSHFLHVVHQVLEOHVSRGUtDVHUFRQVHFXHQFLDGHOFDPELRGHODVLWXDFLyQ
KLGURFOLPiWLFD 3RXQGV HW DO HQ DOJXQRV DxRV OD KXPHGDG PHGLGD FRPR
IUHFXHQFLDGHQHEOLQDKDEDMDGRPX\GUDPiWLFDPHQWH\HVWRVHYHQWRVQDOPHQWHFRLQFLGHQFRQUHGXFFLRQHV
GUiVWLFDVGHSREODFLRQHVGHODJDUWLMDVHQ\+DVWDDKRUD\DVRQGHXQWRWDOGHHVSHFLHV
GHUDQDV\VDSRVTXHKDQGHVDSDUHFLGRPLHQWUDVTXHRWUDVHVSHFLHVGHSLVRVLQIHULRUHV\PiVVHFRVFRPLHQ]DQ
DLQYDGLUORVSLVRVVXSHULRUHV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
&ODUDPHQWHORVHFRVLVWHPDV\HVSHFLHVPiVDPHQD]DGRVSRUHVWRVIHQyPHQRVKDQVLGRGRFXPHQWDGRVHQ&RVWD
5LFDGRQGHVHHQFXHQWUDQHQDOWLWXGHVGRQGHORVQLYHOHVGHFRQGHQVDFLyQVRQHOHYDGRV$GHPiVHVLPSRUWDQWH
KDFHUQRWDUTXHODVXELGDGHORVQLYHOHVGHFRQGHQVDFLyQVLJQLFDXQDUHGXFFLyQGHODVXSHUFLHGHOiUHDDIHFWDGD
SRUQXEHV\HQPRQWDxDVGLVHFWDGDVHVWRLPSOLFDWDPELpQXQDPD\RUIUDJPHQWDFLyQGHKiELWDWVGHERVTXHVGH
QHEOLQD%UXLMQ]HHOFLWDQGR6SHUOLQJ(VLPSRUWDQWHFRQVLGHUDUTXHORVFDPELRVTXHFRPLHQ]DQD
UHJLVWUDUVHVRQQXHYRVHQODKLVWRULDFOLPiWLFDUHFLHQWH\DTXHHQHOSDVDGRORVHFRVLVWHPDV\HVSHFLHVFRPSD
UDEOHVFRQORVDFWXDOHVWHQtDQTXHVRSRUWDUVLWXDFLRQHVPiViULGDVHQWLHPSRVGHUHJtPHQHVGHWHPSHUDWXUDVPiV
EDMDVPLHQWUDVDKRUDVHHQIUHQWDODDPHQD]DGHFRQGLFLRQHVPiViULGDV\PiVFDOLHQWHV
(QHOPDUFRGHORVFDPELRVFOLPiWLFRVSURQRVWLFDGRVORVFDPELRVGHSUHFLSLWDFLyQVHUiQGHDOWDUHOHYDQFLDSDUD
ORVHFRVLVWHPDVPRQWDxRVRV3ULFH 1HYLOOHUHVXPHQDOJXQRVFDPELRV\VXVFRQVHFXHQFLDVHQWUHRWURV
SRUPD\RUSUHFLSLWDFLyQHQIRUPDGHOOXYLDHQOXJDUGHQLHYHVHDFHOHUDHOHVFXUULPLHQWRVXSHUFLDO\GLVPLQX
\HODUHWHQFLyQGHDJXDHQODPRQWDxDHOGHVFRQJHODPLHQWRGHORVJODFLDUHVDXPHQWDHOGHVDJHORVFDXGDOHV
FUHFHQWDQWRFRPRODVWDVDVGHVHGLPHQWDFLyQ\HURVLyQ\VHFDPELDODFDOLGDGGHODVDJXDVFRPRKiELWDW/D
YDULDELOLGDGGHORVFDXGDOHVHVWDUtDDXPHQWDQGRHVSHFLDOPHQWHVLVHSURGXFHQFDPELRVKDFLDODFRQFHQWUDFLyQ
GHODSUHFLSLWDFLyQHQFLHUWDVpSRFDVWDOFRPRHVWiSUR\HFWDGR(QWUHRWURVHVWHFDPELRHQODV]RQDVGHDOWD
SOXYLRVLGDGVLJQLFDTXHHOUROGHOERVTXHFRPRDJHQWHGHUHWHQFLyQGHDJXD\PLWLJDGRUGHFUHFLGDVUiSLGDV
HLQXQGDFLRQHVVHUiPiVLPSRUWDQWH\PiVUHTXHULGRSRUORVKXPDQRVYHUPiVDEDMRHQVHFFLyQDFHUFDGH
VHUYLFLRVDPELHQWDOHV
/DUHOHYDQFLDGHORVERVTXHVK~PHGRVPRQWDQRVHVSHFLDOPHQWHERVTXHVGHQHEOLQD\DKDVLGRUHFRQRFLGDD
QLYHOPXQGLDOHVWDEOHFLHQGRXQDDJHQGDSDUDVXFRQVHUYDFLyQ%XEEHWDO
&RQFOXVLRQHVSDUDODFRQVHUYDFLyQHQHO&$0
/RV FDPELRV FOLPiWLFRV SURQRVWLFDGRV SDUD ODV SUy[LPDV GpFDGDV SRVLEOHPHQWH \D QR VH SXHGDQ HYLWDU 3RU
ORWDQWRHVLPSRUWDQWHUHFRQRFHUODUHOHYDQFLDTXHWLHQHTXHVHIRUWDOH]FDQORVVLVWHPDVQDWXUDOHV\TXHHOORV
PLVPRVSXHGDQSRUORPHQRVPLWLJDUORVFDPELRVHVSHUDGRV(QHVWHFRQWH[WRVREUHVDOHXQDYH]PiVODLPSRU
WDQFLDGHORVERVTXHVK~PHGRV0LHQWUDVVXGHVWUXFFLyQREYLDPHQWHWDOFRPRHVWiGHVFULWRPiVDUULEDWHQGUtD
FRQVHFXHQFLDVQHJDWLYDVSDUDORVSURFHVRVKLGURFOLPiWLFRVHQORVHFRVLVWHPDVPRQWDQRVODFRQVHUYDFLyQGH
iUHDVERVFRVDVJUDQGHVQRIUDJPHQWDGDV\ORPiVIXQFLRQDOHVSRVLEOHVHVOD~QLFD\PiVEDUDWDPHGLGDTXH
VHSXHGHLPSOHPHQWDUHQ%ROLYLDSDUDPLWLJDUORVFDPELRVFOLPiWLFRV3RUORPHQRVVHSXHGHHYLWDUTXHDORV
FDPELRVLQHYLWDEOHVVHVXPHQPiVHIHFWRVDGYHUVRVJHQHUDGRVDQLYHOORFDO\UHJLRQDOGHELGRDFDPELRVGHO
XVRGHODWLHUUD
&RQVHUYDUJUDQGHVERVTXHVLQWDFWRVVLJQLFDUHGXFLUHOQLYHOGHOHVWUpVSDUDHVSHFLHV\HFRVLVWHPDV*UDQGHV
EORTXHVGHERVTXHVSRFRSHUWXUEDGRVSDUHFHQVHUORPiV~WLODQLYHOGHOSDLVDMHSDUDIRUWDOHFHUODFDSDFLGDG
GHUHVLVWHQFLDGHORVHFRVLVWHPDV\HVSHFLHVFRPSDUDU3ULFH 1HYLOOH(VWDFDSDFLGDGGHUHVLVWHQFLDVH
UHHUHWDQWRDODPDQXWHQFLyQGHSURFHVRVKLGURFOLPiWLFRV\ODSURWHFFLyQGHHVSHFLHVKLJUyODVVHQVLEOHVFRPR
DODSRVLELOLGDGGHPRYLPLHQWRVGHLQGLYLGXRVGHHVSHFLHVERVFRVDVSDUDDGDSWDUVHDOFDPELRGHODVFRQGLFLRQHV
DPELHQWDOHV\WDPELpQODPLWLJDFLyQGHHIHFWRVVHFXQGDULRVGHORVFDPELRVFOLPiWLFRVFRPRODVFUHFLGDVGH
ORVFDXGDOHV\ODVLQXQGDFLRQHVPiVIXHUWHV\IUHFXHQWHVHVSHFLDOPHQWHDWUDYpVGHODUHWHQFLyQGHODJXDHQORV
ERVTXHV2EYLDPHQWHQRKD\JDUDQWtDGHTXHODFRQVHUYDFLyQGHORVERVTXHVK~PHGRVVHDVXFLHQWHSDUDHQ
IUHQWDUORVFDPELRVDPELHQWDOHVSURQRVWLFDGRVSHURQRKD\RWUDDOWHUQDWLYD\DTXHHVVXFLHQWHPHQWHFODURTXH
ODGHIRUHVWDFLyQGHORVERVTXHVK~PHGRVSRUHOFRQWUDULRHVWDUiQPXOWLSOLFDQGR\DFHOHUDQGRORVSUREOHPDV
6LQWHQHUHQFXHQWDORVFDPELRVFOLPiWLFRVORVERVTXHVK~PHGRVDFWXDOPHQWH\DVRQHOHPHQWRVFODYHSDUDOD
PDQXWHQFLyQGHSURFHVRVHFROyJLFRVTXHHVWiQDSURYHFKDGRVSRUHOKXPDQRFRPRVHUYLFLRVDPELHQWDOHVYHU
VLJXLHQWHVHFFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
HQODVFXDOHVQRVHSXHGHQWUDQVLWDUOLEUHPHQWHGHELGRDODGHVWUXFFLyQGHYtDV\SXHQWHV\DSXHGHQFRQVLGHUDUVH
FRPRXQGDxRTXHDIHFWDHOGHVDUUROORHFRQyPLFRGHOSDtV
UHDVERVFRVDVELHQFRQVHUYDGDVVLQGXGDVRQORVLQVWUXPHQWRVPiVLQGLFDGRVSDUDHQIUHQWDUORVGHVDVWUHV
QDWXUDOHVHVSHFLDOPHQWHHQHOiUHDGHO&$0TXHVHFDUDFWHUL]DSRUFRQGLFLRQHVFOLPiWLFDV\WRSRJUiFDVH[
WUHPDV/RVFRVWRVGHRSRUWXQLGDGJHQHUDGRVSRUQRXWLOL]DUORVHFRVLVWHPDVPRQWDQRVVLQGXGDVRQPtQLPRV
HQFRPSDUDFLyQFRQORVEHQHFLRVTXHVHSXHGHQJHQHUDUHQHOFRQWH[WRGHODSURWHFFLyQGHLQIUDHVWUXFWXUD
WUiFRFRPHUFLRSREODPLHQWRV\YLGDKXPDQD(QHOVXUGHO&$0DGHPiVVHYHODLPSRUWDQFLDGHORVERVTXHV
PRQWDQRVK~PHGRVSDUDODJHQHUDFLyQGHDJXDSRWDEOHSDUDODFUHFLHQWHFLXGDGGH6DQWD&UX]&ODUDPHQWHDO
JXQDVIXQFLRQHVGHOERVTXHSRGUtDQUHHPSOD]DUVHSRUPHGLGDVWHFQROyJLFDVFRPRSHMPHGLGDVPHFiQLFDVGH
FRQVHUYDFLyQGHVXHORVVLQHPEDUJRKD\TXHGHVWDFDUTXHHVWDVPLVPDVWLHQHQXQFRVWRTXHHQPXFKDViUHDV
VHUtDPD\RUTXHHOFRVWRFDXVDGRSRUODFRQVHUYDFLyQGHORVERVTXHVH[LVWHQWHV
4XHGDSRUUHDOL]DUODYDORUDFLyQH[DFWDGHORVVHUYLFLRVDPELHQWDOHVGHORVERVTXHVGHO&$0HMHUFLFLRTXHVH
KDUHDOL]DGRHQGLIHUHQWHVUHJLRQHVGHOPXQGRSHM*XRHWDOYHUWDPELpQDQiOLVLVGH$\OZDUG\
TXHSXHGHVHUYLUSDUDFRQYHQFHUDPiVDFWRUHVTXHODFRQVHUYDFLyQGHODELRGLYHUVLGDGGHO&$0QRHVFXHVWLyQ
GHSURWHJHUYDORUHVLQWUtQVHFRVpWLFRVHLQWDQJLEOHVVLQRTXHHVXQDLQYHUVLyQHQHOGHVDUUROORHFRQyPLFRGH
%ROLYLD(QUHDOLGDGQRKDFHIDOWDODYDORUDFLyQH[DFWDSDUD\DGHQLUORVERVTXHVK~PHGRVIXQFLRQDOHVFRPR
XQREMHWRSULRULWDULRGHFRQVHUYDFLyQ
7DPELpQKD\TXHDGPLWLUTXHXQDVHULHGHIXQFLRQHV\VHUYLFLRVGHSHQGLHQWHVGHHOORVSRGUtDQFXPSOLUVHSRU
ERVTXHVPRGHUDGDPHQWHDOWHUDGRVRXWLOL]DGRV-XVWDPHQWHVHWUDWDGHXQDVHxDOLPSRUWDQWHTXHODFRQVHUYD
FLyQQRQHFHVDULDPHQWHHVVLQyQLPRGHXQDSURWHFFLyQHVWULFWD6LQHPEDUJRGHEHJDUDQWL]DUVHODYHUGDGHUD
FRQVHUYDFLyQGHORVERVTXHVDYHFHVFRQHOSUHWH[WRGHFRPSDWLELOL]DUODFRQVHUYDFLyQFRQHOXVRVXSXHVWD
PHQWHVRVWHQLEOHGHORVUHFXUVRVQDWXUDOHVVHGHVHQFDGHQDXQDFDVFDGDGHXWLOL]DFLyQTXHQDOPHQWHOOHYDDOD
GHIRUHVWDFLyQ3RUHMHPSORSXHGHQH[LVWLUVHULDVGXGDVDFHUFDGHODXWLOLGDGGHODVUHDVGH0DQHMR,QWHJUDGR
VLORTXHVHSXHGHREVHUYDUHQHOODVHVODGLVPLQXFLyQGHOERVTXH\ODDPSOLDFLyQGHODIURQWHUDDJUtFRODFRPR
SHMHQHOFDVRGHO$10,$PERUy&RQVHUYDUERVTXHVVHDQXWLOL]DGRV\HPSREUHFLGRVHQELRGLYHUVLGDGSHUR
PDQWHQLHQGRVXIXQFLRQDOLGDGEiVLFDEDMRHODFWXDOVLVWHPDGHXVRGHODWLHUUD\HFRQRPtDGH%ROLYLDSDUHFH
FDVLLPSRVLEOH\DTXHFXDOTXLHUERVTXHDFFHVLEOHDFRUWRRPHGLDQRSOD]RHVWDUiFRQYHUWLGRHQDJURHFRVLVWHPD
HVWUXFWXUDO\FRPSDUDWLYDPHQWHVLPSOHTXHGHQLQJXQDPDQHUDFXPSOHQFRQODVIXQFLRQHVHFROyJLFDVGHORV
ERVTXHVPiVRPHQRVPDGXURV
&HUUDQGRHVWDVHFFLyQSDUDHYLWDUPDORVHQWHQGLGRVHVQHFHVDULRGHVWDFDUTXHWDPELpQORVERVTXHVVHFRVWLHQHQ
XQUROLPSRUWDQWHHQFRQVHUYDUORVVXHORV\ODVFRQGLFLRQHVKLGUROyJLFDVHQORVYDOOHVVHFRV(QHOFOLPDVHPLiULGR
PiVELHQHVD~QPiVLPSRUWDQWHTXHKD\DXQDDGHFXDGDFREHUWXUDYHJHWDOSDUDHYLWDUODHURVLyQHyOLFD$XQTXH
HQODViUHDViULGDVFDLJDPXFKRPHQRVSUHFLSLWDFLyQpVWDMXVWDPHQWHSXHGHWHQHUXQHIHFWRPX\GHYDVWDGRUVL
FDHGHQWURGHSRFRWLHPSR\HQXQVXHORGHVQXGR3RUORWDQWRGHVGHODSHUVSHFWLYDGHODFRQVHUYDFLyQGHORV
VHUYLFLRVDPELHQWDOHVLJXDOPHQWHGHEHFRQVHUYDUVHORVERVTXHVVHFRVSRUORPHQRVDWUDYpVGHHVIXHU]RVORFDOHV
\PXQLFLSDOHVRKDVWDGHSDUWDPHQWDOHV(QFLHUWRVFDVRVVLQGXGDODFRQVHUYDFLyQGHORVERVTXHVVHFRVSRGUtD
MXVWLFDUHVIXHU]RVD~QPiVJUDQGHVHVSHFLDOPHQWHVLVHWUDWDGHERVTXHVELHQFRQVHUYDGRV6LQHPEDUJRVH
FUHHTXHORVERVTXHVK~PHGRVHQ%ROLYLDSURWHJHQXQPD\RUMXHJRGHVHUYLFLRVDPELHQWDOHVGHPD\RUDOFDQFH
JHRJUiFR\TXHSRUORWDQWRPHUHFHQXQDSULRULGDGQDFLRQDO
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
7DEOD&RPSDUDFLyQGHODLPSRUWDQFLDGHORVVHUYLFLRVDPELHQWDOHVEULQGDGRVSRUERVTXHVK~PHGRV
9VVHFRV
&DSWXUDUSUHFLSLWDFLyQ
5HWHQHUDJXD\KXPHGDGHQHOVXHOR
0DQWHQHUFDOLGDGGHODJXD
5HJXODUFDXGDOHV\HVWDELOL]DUULEHUDV
3UHYHQLURUHGXFLUHURVLyQUHGXFLUVHGLPHQWDFLyQ\ULHVJRGH
GHUUXPEHVHLQXQGDFLRQHV
3URWHJHUPLFURFOLPDUHTXHULGRSRUHVSHFLHVKLJUyODVVHQVLEOHV
SUHYLQLHQGRODH[WLQFLyQGHSREODFLRQHVHVSHFLHV
,QXHQFLDUHOFOLPDUHJLRQDOFLFORKtGULFRHYDSRWUDQVSLUDFLyQ
IRUPDFLyQGHQXEHVHWF
%RVTXHVK~PHGRV
HVSHFLDOPHQWHHQDOWLWXGHV
VXSHULRUHV
%RVTXHVVHFRV
&RQVHUYDUODELRGLYHUVLGDGIXQFLRQDOFRQVHFXHQFLDVSDUDXQDYLVLyQGH
FRQVHUYDFLyQ
3/,ELVFK 6.UHIW
+D\DPHQD]DVTXHIXHURQ\DGHVFULWDVHQODVSiJLQDVDQWHULRUHVTXHSRGUtDQDIHFWDUORVHFRVLVWHPDVHQWHURV
FDPELDQGRODHVWUXFWXUD\ORVSURFHVRVTXHDVXYH]SXHGHQVHUIDWDOHVSDUDODVHVSHFLHV/DVFRQFOXVLRQHVGHO
DQiOLVLVGHDOJXQRVGHORVSURFHVRV\IXQFLRQHVGHODELRGLYHUVLGDGGHO&$0GHPXHVWUDQTXHVXFRQVHUYDFLyQ
GHEHVHUXQDSULRULGDG$SOLFDQGRXQHQIRTXHGHFRQVHUYDFLyQIXQFLRQDOHQUHDOLGDGVLJQLFDXQFDPELRGH
SDUDGLJPDGHFRQVHUYDFLyQ
HVWRVLJQLFDEXVFDUSULPHUR\VREUHWRGRODFRQVHUYDFLyQGHODIXQFLRQDOLGDGGHORVHFRVLVWHPDVFRQWRGRV
VXVSURFHVRVLQFOX\HQGRHVSHFLDOPHQWHORVPRYLPLHQWRVGHODELRGLYHUVLGDGHQHOHVSDFLR
\ORVHVIXHU]RVQRGHEHUtDQFRQFHQWUDUVHHQODFRQVHUYDFLyQGHHVSHFLHV\RSDWURQHVDFWXDOHV\HItPHURVGH
GLVWULEXFLyQGHODELRGLYHUVLGDGHQIRTXHWUDGLFLRQDO\PiVHVWiWLFRGHFRQVHUYDFLyQ
HVWRSDUDTXHVHPDQWHQJDHOPD\RUSRWHQFLDOGHPLWLJDFLyQGHORVFDPELRVDPELHQWDOHVSUHYLVWRV\HO
PD\RUSRWHQFLDOGHDGDSWDFLyQDORVPLVPRV
3RUORWDQWRSULRUL]DUODFRQVHUYDFLyQGHHFRVLVWHPDVD~QIXQFLRQDOHVEXHQHVWDGRGHFRQVHUYDFLyQOR
PiVJUDQGHVSRVLEOHVHVSHFLDOPHQWHDTXHOORVIXHUWHPHQWHYLQFXODGRVFRQORVSURFHVRVKLGURFOLPiWLFRV
HQWRQFHVORVERVTXHVK~PHGRVGHVGHODVWLHUUDVEDMDVKDVWDORVERVTXHVGHQHEOLQD
$QDOL]DQGRODVIXQFLRQHV\SURFHVRVHFROyJLFRVVHOOHJDDXQDYLVLyQGHFRQVHUYDFLyQPiVIXQFLRQDO\PHQRV
HVWiWLFDODFXDOHQUHDOLGDGHVWiHQFRQJUXHQFLDFRQFRUULHQWHV\RSLQLRQHVUHFLHQWHVHQHOVHFWRUGHODHFRORJtD
\FRQVHUYDFLyQ&RPSDUDUSRUHMHPSOR5RXJHWHWDO0RVWELRGLYHUVLW\IHDWXUHVWDUJHWHGLQSDVWFRQ
VHUYDWLRQSODQQLQJKDYHEHHQODUJHO\DVSHFWVRIHFRORJLFDODQGELRJHRJUDSKLFDOSDWWHUQUDWKHUWKDQSURFHVV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
+RZHYHUWKHSHUVLVWHQFHRIELRGLYHUVLW\FDQRQO\EHHQVXUHGWKURXJKFRQVLGHUDWLRQRIWKHHFRORJLFDODQGHYROX
WLRQDU\SURFHVVHVWKDWXQGHUSLQELRGLYHUVLW\DVZHOODVLWVSUHVHQWVSDWLDOSDWWHUQ(QVXULQJWKDWSURWHFWHGDUHDV
UHSUHVHQWDOOELRGLYHUVLW\IHDWXUHVWRVRPHH[WHQWZLOOQRWQHFHVVDULO\JXDUDQWHHWKHLUSHUVLVWHQFH(FRORJLFDO
DQGHYROXWLRQDU\SURFHVVHVVKRXOGEHGLUHFWO\LQFRUSRUDWHGLQWRFRQVHUYDWLRQSODQQLQJE\LGHQWLI\LQJWKHVSDWLDO
UHTXLUHPHQWVRIWKHVHSURFHVVHV%DOPIRUGHWDO
3DUHFHTXHORVHQIRTXHVUHSUHVHQWRFpQWULFRVTXHD~QGRPLQDQODSODQLFDFLyQGHFRQVHUYDFLyQFRPRSHMORV
FOiVLFRVDQiOLVLVGHYDFtRVGHEHUtDQUHHPSOD]DUVHSRUHQIRTXHVIXQFLRQRFpQWULFRV&RUUHVSRQGLHQWHVOODPDGRV
SDUDTXHVHFDPELHQORVSDUDGLJPDV\DH[LVWHQWHVKDFHXQSDUGHDxRV%RZPDQLQYRFDODPXHUWHGHOD
ELRGLYHUVLGDGGHVWDFDQGRTXHKDFHIDOWDXQHQIRTXHLQWHOHFWXDOHQXQDHFRORJtDJOREDO'HDWKRIELRGLYHUVLW\
WKHXUJHQWQHHGIRUJOREDOHFRORJ\SULRUL]DORVSURFHVRVHFROyJLFRVTXHQRVLHPSUHGHSHQGHQGHODELRGL
YHUVLGDGPLHQWUDVODFRQVHUYDFLyQGHODPLVPDVRODPHQWHSXHGHWHQHUp[LWRVLVHJDUDQWL]DODVRVWHQLELOLGDG
HFROyJLFD,EHOLHYHWKDWIRFXVLQJRQJOREDOELRJHRFKHPLFDOF\FOHVVXFKDVFDUERQQLWURJHQR[\HQDQGZDWHU
ZLOOQHFHVVDULO\UHVXOWLQWKHFRQVHUYDWLRQRIODQGVFDSHVDQGWKHUHIRUHHQWLUHHFRV\VWHPVDQGWKHLUFRPSRQHQW
GLYHUVLW\
/DSUHJXQWDHV6LORVSURFHVRVVRQWDQLPSRUWDQWHV\DORPHMRUPiVLPSRUWDQWHVTXHORVHOHPHQWRVWDQJLEOHV
GHODELRGLYHUVLGDGQRVHUtDPiVOyJLFRGHQLUORVSURFHVRVHFROyJLFRVFRPRORVREMHWRVGHFRQVHUYDFLyQ"
7UDGLFLRQDOPHQWHHQODSODQLFDFLyQGHFRQVHUYDFLyQORVREMHWRVGHFRQVHUYDFLyQVRQHVSHFLHVVHOHFFLRQDGDV
RJUXSRVGHHVSHFLHV(QXQRGHORVSULPHURV\PiVH[FHOHQWHVOLEURVTXHGHVFULEHQFyPRVHSUHSDUDXQSODQGH
FRQVHUYDFLyQ*URYHVVHGHVFULEHQORVGLIHUHQWHVREMHWRVGHFRQVHUYDFLyQSRUHOHJLUWDOHVFRPRHVSHFLHV
IRFDOHVHVSHFLHVFODYHHWF\FODUDPHQWHVHH[SUHVDXQDRSLQLyQHQFRQWUDGHORVSURFHVRVFRPRREMHWRVGH
FRQVHUYDFLyQTXH\DKDQVLGRSURSXHVWRVSHMSRU0DUJXOHV 3UHVVH\7KHPDMRUFRQFHUQLVWKDWLW
LVSRVVLEOHWRPDLQWDLQHFRV\VWHPVLQZKLFKPHDVXUDEOHHFRORJLFDOSURFHVVHVDSSHDUWRIXQFWLRQSURSHUO\\HW
WKHELRORJLFDOFRPSRQHQWRIWKHVHV\VWHPVFRXOGEHVXEVWDQWLDOO\LPSRYHULVKHGGXHWRORVVHVRIQDWLYHVSHFLHV
DQGLQWURGXFWLRQRIH[RWLFRQHV(ODUJXPHQWRHQWRQFHVHVTXHORVSURFHVRVSRGUtDQUHHPSOD]DUVHVLQTXHVH
UHTXLHUDGHWRGDODELRGLYHUVLGDGRULJLQDOPHQWHSUHVHQWHHQXQHFRVLVWHPD(VWRSRVLEOHPHQWHVHDIDFWLEOH
HQVLVWHPDVSRFRFRPSOHMRVGRQGHVHUHHPSOD]DUtDQSURFHVRV\IXQFLRQHVPiVRPHQRVVLPSOHVTXHGHSHQGHQ
GHSRFDVHVSHFLHVSRULQWURGXFLURWUDVHVSHFLHVHMHPSORPDQWHQLHQGRIXQFLRQHVGHXQD$FDFLDQDWLYDHQXQ
ERVTXHVHFRWDOHVFRPRSURGXFFLyQGHIRUUDMHHQULTXHFLPLHQWRGHOVXHORFRQQLWUyJHQRSRUXQD$FDFLDGH
XQRWURFRQWLQHQWH(QHFRVLVWHPDVPX\GLYHUVRVFRQXQDDEXQGDQFLDJHQHUDOPHQWHUHGXFLGDGHODVGLIHUHQWHV
HVSHFLHVODVIXQFLRQHVWLHQGHQDVHUSURGXFWRGHODLQWHUDFFLyQGHPXFKDVGHODVHVSHFLHV3HURFODUDPHQWH
HQFXDOTXLHUVLVWHPDSRGUtDQPDQWHQHUVHFLHUWRVSURFHVRV\IXQFLRQHVDXQTXHVHFDPELHQODVHVSHFLHVSHM
LQWHUFHSFLyQGHSUHFLSLWDFLyQSRUXQERVTXHGHQHEOLQDDUWLFLDOFRQHVSHFLHVH[yWLFDVRLQFOXVRDXQTXHVH
HOLPLQHXQDEXHQDSDUWHGHODELRGLYHUVLGDGSHMFRQWUROGHHURVLyQGHVXHORVSRUPHGLGDVPHFiQLFDVGHVSXpV
GHODGHIRUHVWDFLyQGHODGHUDV/DFXHVWLyQHVTXHHVWHUHHPSOD]DPLHQWRRODUHVWDXUDFLyQGHIXQFLRQHVHFROyJL
FDVHQXQiUHDHFROyJLFDPHQWHFRPSOHMRFRPRHO&$0\HQXQSDtVFRPR%ROLYLDWHQGUtDXQFRVWRHFRQyPLFR
TXHLQYLDELOL]DUtDFXDOTXLHUSODQFRUUHVSRQGLHQWH$GHPiVHVSUiFWLFDPHQWHVHJXURTXHODGLYHUVLGDGGHORV
SURFHVRV\IXQFLRQHV\GHVXVLQWHUUHODFLRQHVVRQWDQDOWDVTXHVLPSOHPHQWHVHUtDLPSRVLEOHUHVWDXUDUHLPLWDUODV
(VSHFLDOPHQWHORVSURFHVRVHYROXWLYRVQRSXHGHQUHHPSOD]DUVH\DTXHGHSHQGHQGHOGHVDUUROORGHODVHVSHFLHV
HYROXFLRQDGDVHQXQFLHUWRHVSDFLR
)LQDOPHQWHODGLVFXVLyQGHODDSWLWXGGHSURFHVRVFRPRREMHWRVGHFRQVHUYDFLyQSXHGHVHUEDVWDQWHDFDGpPLFD
%DMRXQHQIRTXHSUDJPiWLFRFRQVHUYDFLRQLVWDVLPSOHPHQWHGHEHUHFRQRFHUVHTXHKD\FDUDFWHUtVWLFDVItVLFDVGHO
SDLVDMHRPiVELHQHVSDFLRVJHRJUiFRVTXHVLUYHQFRPRUHHPSOD]DQWHVVXUURJDWHVGHORVSURFHVRVHFROyJLFRV
3UHVVH\HWDOSHMWDPDxRFRQWLQXLGDG\FRQHFWLYLGDGGHHFRVLVWHPDV71&&ODUDPHQWHORV
HFRVLVWHPDVFRQFLHUWDVFDUDFWHUtVWLFDVHQWUHRWURVELHQFRQHFWDGRVJUDQGHV\FRQWLQXDGRVVRQORVFDUJDGRUHV
GHORVSURFHVRVHFROyJLFRV\SRUORWDQWRHVWRVHFRVLVWHPDVVHUtDQORVREMHWRVGHFRQVHUYDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(QHVWHFRQWH[WRVXJHULPRVFRQVLGHUDUHOFRQFHSWRGHORVPHWDHFRVLVWHPDVGH/RUHDXHWDOFRPSDUDU
PiVDUULED/RVPHWDHFRVLVWHPDVMXVWDPHQWHVHGHQHQFRPRHOMXHJRGHHFRVLVWHPDVTXHHVWiQYLQFXOD
GRVSRUHOXMRHVSHFLDOGHHQHUJtDPDWHULDOXRUJDQLVPRV(VWRVLJQLFDTXHORVPHWDHFRVLVWHPDVVHGHQHQ
SRUSURFHVRVHFROyJLFRVLQFOX\HQGRORVPRYLPLHQWRVGHRUJDQLVPRVWDQDPSOLDPHQWHGLVFXWLGRVHQVHFFLRQHV
DQWHULRUHV/DHVFDODGHORVPHWDHFRVLVWHPDVGHSHQGHGHORVRUJDQLVPRVHFRVLVWHPDV\SURFHVRVFRQVLGHUDGRV
0HWDHFRV\VWHPVFDQEHGHQHGDWGLIIHUHQWVFDOHVDJDLQGHSHQGLQJRQWKHNLQGRIRUJDQLVPVHFRV\VWHPVDQG
SURFHVVHVFRQVLGHUHG>@)RUVRPHSURFHVVHVKRZHYHUVXFKDVVSDWLDORZVGULYHQE\KLJKO\PRELOHDQLPDOV
RUJOREDOELRJHRFKHPLFDOF\FOHVLQYROYLQJODUJHVFDOHDLURUVHDFXUUHQWVWKHPHWDHFRV\VWHPFRQFHSWFRXOG
OHJLWLPDWHO\EHDSSOLHGDWWKHUHJLRQDORUJOREDOVFDOHZHOOEH\RQGWKHFRQFHSWXDODUHQDRIODQGVFDSHHFRORJ\
DVLWLVXVXDOO\GHQHG/RUHDXHWDO
(QQXHVWURFDVRHO&$0UHSUHVHQWDUtDXQFRPSOHMRGHPHWDHFRVLVWHPDVFDUDFWHUL]DGRVSRUSURFHVRVHLQWHUUH
ODFLRQHVTXHDEDUFDQHVSHFLDOPHQWHHOPRYLPLHQWRDOWLWXGLQDO\ODWLWXGLQDOGHLQGLYLGXRVSHURWDPELpQHOXMRGH
DJXDFLFORKtGULFRFRQGHQVDFLyQSUHFLSLWDFLyQHYDSRWUDQVSLUDFLyQHVFXUULPLHQWRHWF(QHO&$0VHDSOLFD
WDPELpQORTXHGLFHQ/RUHDXHWDODFHUFDGHFDPELRVGHODFRQHFWLYLGDGGHSDLVDMHODIUDJPHQWDFLyQ
XRWUDVSHUWXUEDFLRQHVGHODFRQHFWLYLGDGGHQWURGHORVPHWDHFRVLVWHPDVSXHGHQLQFUHPHQWDURGLVPLQXLUOD
PDJQLWXGSURPHGLR\ODYDULDELOLGDGWHPSRUDOGHORVSURFHVRVHFROyJLFRVGHSHQGLHQGRGHOQLYHOLQLFLDOGHOD
FRQHFWLYLGDG\GHODVKDELOLGDGHVGHGLVSHUVLyQGHORVRUJDQLVPRVFRQVLGHUDGRV
(OFRQFHSWRGHORVPHWDHFRVLVWHPDVIDFLOLWDODGHQLFLyQ\GHOLPLWDFLyQGHO&$06LVHEXVFDODFRQVHUYDFLyQ
GHSURFHVRVHFROyJLFRVQRVLHPSUHHVORPiV~WLOGHQLUODVXQLGDGHVGHSODQLFDFLyQ\DFFLyQVHJ~QFULWHULRV
ELRJHRJUiFRV3RUHVRWLHQHVHQWLGRFRQVLGHUDUHOGLVHxRGHXQDHVWUDWHJLDGHFRQVHUYDFLyQFRKHUHQWHSDUD
FLHUWRVHFRVLVWHPDVSHUWHQHFLHQWHVDGLVWLQWDVXQLGDGHVELRJHRJUiFDVSHURTXHHVWiQLQWHUUHODFLRQDGRVDWUDYpV
GHXMRRLQWHUFDPELRGHRUJDQLVPRVPDWHULDORDJXD'HHVWDUHH[LyQVHGHGXFHODFODUDFRQFOXVLyQTXHHV
HVHQFLDOHODERUDUXQSODQGHFRQVHUYDFLyQSDUDHO&$0TXHFRPSUHQGHXQDHFRUUHJLyQHQWHUD<XQJDV\DGH
PiVSDUWHVGHXQDHFRUUHJLyQYHFLQD6XGRHVWHGHOD$PD]RQLD-XVWDPHQWHODLQWHUUHODFLyQGHODVGRVUHJLRQHV
SHMSRUTXHXQDUHSUHVHQWDODVFXHQFDVDOWDVGHORVUtRVGHODRWUDWDPELpQSRUPLJUDFLRQHV\PRYLPLHQWRV
DOWLWXGLQDOHVGHVGHHOPRPHQWRGHODFUHDFLyQGHOFRQFHSWRGHO&$0KDVLGRHODUJXPHQWRSULQFLSDOSDUDOD
GHOLPLWDFLyQDSDUHQWHPHQWHDUWLFLDOELRJHRJUiFDPHQWHKDEODQGR2EYLDPHQWHHQHOERUGHLQIHULRUGHOiUHD
GHHVWXGLRORVOtPLWHVWLHQGHQDVHUPiVDUWLFLDOHV\DTXHORVERVTXHVDPD]yQLFRVGHODVWLHUUDVEDMDVIXHUD
GHO&$0WDPELpQHVWiQLQWHUUHODFLRQDGRVFRQORVERVTXHVSUHDQGLQRV6LQHPEDUJRVHSLHQVDTXHHQHOiUHD
GHO&$0FRPRDFWXDOPHQWHHVWiGHQLGRUHDOPHQWHVHFRQFHQWUDXQRGHORVPiVYDOLRVRV\VHQVLEOHVSURFHVRV
HFROyJLFRVSUHVHQWHVHQ%ROLYLD
2EMHWRVGHFRQVHUYDFLyQ
(QWRQFHVUHVXPLHQGRWRGRORGLVFXWLGRKDVWDDKRUDORVREMHWRVGHFRQVHUYDFLyQPiVLPSRUWDQWHVGHVGHODSHUV
SHFWLYDGHODIXQFLRQDOLGDGGHODELRGLYHUVLGDGVHUtDQORVPHWDHFRVLVWHPDVJUDQGHV\IXQFLRQDOHVUHVSRQVDEOHV
GHODVIXQFLRQHVGHSHQGLHQWHVGHODFRQHFWLYLGDGGHORVSURFHVRVKLGURFOLPiWLFRV\GHORVSURFHVRVHYROXWLYRV
DGHPiVGH
0HWD(FRVLVWHPDVTXHHMHFXWDQIXQFLRQHVSURFHVRVKLGURFOLPiWLFRVPX\LPSRUWDQWHV
&RUUHGRUHVDOWLWXGLQDOHVIXQFLRQDOHV
*UDQGHVEORTXHVGHERVTXHVFRQWLQXRV
0HWD(FRVLVWHPDVVHQVLEOHVDODGHJUDGDFLyQSpUGLGDGHHVWUXFWXUDELRGLYHUVLGDG\IXQFLRQHV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
QRVHHQFXHQWUDQORVSURFHVRVHFROyJLFRVPiVLPSRUWDQWHVSDUDODPDQXWHQFLyQDODUJRSOD]RGHVHUYLFLRV
DPELHQWDOHV\GHHOHPHQWRVFUtWLFRVGHELRGLYHUVLGDG
(VOyJLFRTXHUHFLHQWHPHQWHDOJXQRVDXWRUHVLQFOXVRKD\DQSURSXHVWRXQHQIRTXHGHORVFROGVSRWV.DUHLYD
0DUYLHUGHVWDFDQHQWUHRWURVTXHODELRGLYHUVLGDGGHEHFRQVHUYDUVHHQWRGRODGR\QRVRODPHQWHHQ
ODViUHDVGRQGHVHHQFXHQWUDQODVFRQFHQWUDFLRQHVPiVDOWDVGHHVSHFLHV%HFDXVHPDQ\FRQVHUYDWLRQWKUHDWV
DUHQRZJOREDOLQWKHLURULJLQDQGVFRSHIRUH[DPSOHFOLPDWHFKDQJHDQGLQYDVLYHVSHFLHVSODFHEDVHGSULR
ULWLHVULVNGLVHQIUDQFKLVLQJWRRPDQ\SHRSOHIURPWKHFKDOOHQJHDWKDQG,QGHHGRQUHHFWLRQZHZRUU\WKDW
WKHLQLWLDOO\DSSHDOLQJQRWLRQRIJHWWLQJWKHPRVWVSHFLHVRUJUHDWHVWELRORJLFDOYDOXHSHUXQLWDUHDLVLQIDFWD
WKRURXJKO\PLVOHDGLQJVWUDWHJ\+RZPXFKRIDYLFWRU\ZRXOGLWDFWXDOO\EHLISHRSOHGLGPDQDJHWRFRQVHUYH
RQO\WKHSHUFHQWRIWKH(DUWKVODQGVXUIDFHWKDWFRQWDLQVDOPRVWKDOIWKHZRUOGVYDVFXODUSODQWV"7KHUHDOLW\
LVWKDWSHRSOHPXVWPDNHFRQVHUYDWLRQSURJUHVVHYHU\ZKHUH'RLQJWKDWUHTXLUHVQRWDUDQNLQJRIWKHRUHWLFDOO\
GHVHUYLQJSODFHVEXWDSULRULWL]DWLRQWKDWWDNHVLQWRDFFRXQWWKHHIIHFWLYHQHVVRISDVWFRQVHUYDWLRQHIIRUWV$O
WKRXJKELRGLYHUVLW\KRWVSRWVDUHLQGHHGDQDFDGHPLFDOO\DSSHDOLQJLGHDEOLQGDGKHUHQFHWRWKLVPDQWUDUXQV
WKHULVNRIOHDYLQJWKHZRUOGZLWKDVL]DEOHFROOHFWLRQRIVSHFLHVLQDIHZDUHDVEXWZLWKDQHQYLURQPHQWWKDWLV
RWKHUZLVHODUJHO\GHJUDGHG5DWKHUWKDQWU\LQJWRLGHQWLI\GHQVHFRQFHQWUDWLRQVRIVSHFLHVRQDPDSZHDQG
RWKHUFRQVHUYDWLRQLVWVVKRXOGEHPRUHH[LEOHDQGVKRXOGEHSUHSDUHGWRUHZDUGHIIHFWLYHDFWLRQVRQWKHJURXQG
DVWKH\KDSSHQ,IZHGRVRZHZLOOVXUHO\GLVFRYHUSOHQW\RIFROGVSRWVGHVHUYLQJRIRXUDWWHQWLRQ
3DUDHO&$0SRGHPRVFRQVWDWDUTXHKD\iUHDVTXHVHFDUDFWHUL]DQSRUSUHVLyQKXPDQD\XQDFLHUWDGHJUDGDFLyQ
SHURTXHVLQHPEDUJRSXHGHQVHULPSRUWDQWHVSDUDODFRQVHUYDFLyQ,QFOXVRSXHGHQVHUD~QPiVLPSRUWDQWHV
SDUDODSURYLVLyQGHVHUYLFLRVDPELHQWDOHVORFDOHV(VWRVVHUYLFLRVOyJLFDPHQWHVRQPiVLPSRUWDQWHVHQiUHDV
PiVGHQVDPHQWHSREODGDVSHMXQDVKDGHERVTXHQXEODGRHQODFLPDGHO&HUUR8FKXPDFKLHQFLPD
GH&RURLFRJDUDQWL]DQODGLVSRQLELOLGDGGHDJXDSRWDEOHSDUDXQDVSHUVRQDVFRPSHUV5REHUW0OOHU
7523,&2/D3D](VWRVLJQLFDSHQVDQGRHQODVHVWUDWHJLDVGHFRQVHUYDFLyQTXHMXVWDPHQWHHQODViUHDV
KDELWDGDVTXH\DQRVHFDUDFWHUL]DQSRUORVPHMRUHVHVWDGRVGHFRQVHUYDFLyQODPDQXWHQFLyQGHVHUYLFLRVDP
ELHQWDOHVSDUDODSREODFLyQORFDOSXHGHVHUXQPHFDQLVPRLPSRUWDQWHSDUDFRQYHQFHUDODPLVPDGHODQHFHVLGDG
GHFRQVHUYDUODELRGLYHUVLGDG
/RVEORTXHVJUDQGHVGHERVTXHVSRFRRQDGDSHUWXUEDGRVVRQPX\DSWRVSDUDiUHDVSURWHJLGDVGHFDWHJRUtDV
QDFLRQDOHV\GHSURWHFFLyQHVWULFWD([LVWHHOSHOLJURTXHSRUHOPRPHQWRHVPX\IiFLO\EDUDWRFRQVHUYDUHVWDV
iUHDVVLQLPSOHPHQWDULQWHUYHQFLRQHVORTXHSRGUtDOOHYDUDSDUTXHVHQHOSDSHOTXHQRHVWDUtDQSUHSDUDGRV
SDUDODSUHVLyQKXPDQDHQHOPRPHQWRTXHOOHJXHDHVWDV~OWLPDVIURQWHUDVGHOERVTXHLQWDFWR(QWRQFHVORV
FRQVHUYDFLRQLVWDV GHEHQ HQWHQGHU TXH KDVWD ODV iUHDV SURWHJLGDV HQ ORV FROGVSRWV UHTXLHUHQ GH XQ PDQHMR
SURDFWLYRDQWLFLSDQGRPD\RUSUHVLyQ\DPHQD]D,GHDOPHQWHHVWDSUHVLyQQXQFDOOHJDUtDDVHUJUDQGHSRUTXH
VHORJUDXQDFRQVHUYDFLyQLQWHJUDO\XQXVRVRVWHQLEOHGHORVUHFXUVRVQDWXUDOHVHQODPDWUL]HQWUHORVEORTXHV
GHHFRVLVWHPDVSRFRGHJUDGDGRV
+DFLDXQDYLVLyQLQWHJUDOGHXQDFRQVHUYDFLyQHQWRGDODVXSHUFLH
)LQDOPHQWHHVWDVUHH[LRQHVDSR\DQXQDYLVLyQGHXQFRQWLQXRGHXQDFRQVHUYDFLyQLQWHJUDOHQWRGDODVXSHUFLH
VXSHUDQGRHOFRQFHSWRGHODFRQVHUYDFLyQH[FOXVLYDHQiUHDVSURWHJLGDV(QHVWHVHQWLGRODFRQVHUYDFLyQHQODV
WLHUUDVXWLOL]DGDVSDUDODDJULFXOWXUDVREUHWRGRWHQGUtDODPLVLyQGHDSR\DUODSURGXFFLyQVRVWHQLEOH\ODVXSHU
YLYHQFLDGHORVDFWRUHVORFDOHV\ODFRQVHUYDFLyQGHORVHFRVLVWHPDVSRFRRQDGDSREODGRVGHEHUtDHQIRFDUVHHQ
ODPDQXWHQFLyQGHIXQFLRQHVLPSRUWDQWHVDQLYHOORFDOUHJLRQDO\JOREDOSURFHVRVKLGURFOLPiWLFRVGHPD\RU
DOFDQFHSURFHVRVHYROXWLYRV6LHPSUHVLPXOWiQHDPHQWHKD\TXHSHQVDUHQODVGLIHUHQWHVHVFDODVSDUDHYLWDU
HIHFWRVGHUHDOLPHQWDFLyQQHJDWLYD3RUHMHPSORVLVHGHVSULRUL]DODDFFLyQFRQVHUYDFLRQLVWDHQiUHDVGHJUDGDGDV
ODSpUGLGDGHORVVHUYLFLRVDPELHQWDOHVSXHGHFDXVDUTXHORVKXPDQRVDIHFWDGRVSRUODPLVPDGHJUDGDFLyQHVWpQ
REOLJDGRVDPLJUDU\SHUWXUEDURGHJUDGDUODELRGLYHUVLGDGHQHFRVLVWHPDVD~QPiVLQWDFWRV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
&RQHVWDVUHH[LRQHVIXQGDPHQWDPRVQXHVWURHQIRTXHLQWHJUDOSDUDODYLVLyQGHFRQVHUYDFLyQODLGHDGHOD
SODQLFDFLyQHFRUUHJLRQDOQRHVSULRUL]DU\HVFRJHUVLWLRVGRQGHOXHJRVHLPSOHPHQWDUtDQODVDFFLRQHVGHFRQ
VHUYDFLyQVLQRWLHQHODWDUHDGHGHQLUODLQWHQVLGDG\HOFDUiFWHUGHODVPHGLGDVGHFRQVHUYDFLyQTXHVHGHEHQ
LPSOHPHQWDUHQWRGDHOiUHD(OSURGXFWRQRHVRWUDFRVDTXHXQSODQGHXVRGHVXHORSHURTXHQDFHDUDt]GHODV
QHFHVLGDGHVGHFRQVHUYDFLyQGHODELRGLYHUVLGDG\TXHGHQHGHPDQHUDFRQVHQVXDGDODLQWHQVLGDGGHFRQVHU
YDFLyQHQFXDOTXLHUSDUWHGHOWHUULWRULRSRUSODQLFDU(Q%ROLYLDHOSULPHU3ODQGH8VRGH6XHORSURSXHVWREDMR
HVWHHQIRTXH\FRQVHQVXDGRFRQORVDFWRUHVORFDOHVKDVLGRHO3ODQGH&RQVHUYDFLyQGHO%RVTXH6HFR&KLTXLWDQR
,ELVFKHWDO/DORVRItDGHOXVRGLIHUHQFLDGRGHODWLHUUDIXHHQWHQGLGDSRUWRGRVXQSDUWLFLSDQWHHQ
XQRGHORVWDOOHUHVFRQORVDFWRUHVORFDOHVXQDYH]H[SUHVyTXHHVPX\OyJLFRTXHHQXQDSURSLHGDGKD\DiUHDV
GRQGHQRVHSXHGHVHPEUDUHOPDt]RFRQVWUXLUXQDFDVD\GHHVWRVHWUDWD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$VSHFWRVVRFLDOHVHFRQyPLFRV\FXOWXUDOHV
/D9LVLyQGHFRQVHUYDFLyQGHODELRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGLVHIXQGDPHQWDHQORVREMHWRVGH
FRQVHUYDFLyQFDUDFWHUtVWLFRVGHQWURGHVXVOtPLWHVQDWXUDOHVVLQHPEDUJRORVGDWRVVRFLRHFRQyPLFRVHQDGHODQWH
SUHVHQWDGRVHVWDUiQEDVDGRVHQPXFKRVFDVRVHQXQDGHOLPLWDFLyQSROtWLFDFRQLQIRUPDFLyQDQLYHOPXQLFLSDO
GHELGRDTXHORVGDWRVFHQVDOHVQDFLRQDOHVHVWiQGLVSRQLEOHVSULQFLSDOPHQWHHQHVWDHVFDOD
3RURWURODGRDQDOL]DUODLQIRUPDFLyQDQLYHOPXQLFLSDOWLHQHXQDVSHFWRLPSRUWDQWHDOWHQHUHOPXQLFLSLROD
UHVSRQVDELOLGDGGHSODQLFDUHLPSOHPHQWDUHOGHVDUUROORVRVWHQLEOHLQFOX\HQGRHOPDQHMRGHORVUHFXUVRVQD
WXUDOHVHQFRQWUDGRVGHQWURGHVXMXULVGLFFLyQ/H\GH3DUWLFLSDFLyQ3RSXODU1GHDEULOGH/H\
GH'HVFHQWUDOL]DFLyQ$GPLQLVWUDWLYD1GHMXOLRGH\ODQXHYD/H\GH0XQLFLSDOLGDGHV1
GHRFWXEUHGH
(QHVWHVHQWLGRSDUDHVWUXFWXUDUHOGLDJQyVWLFRVRFLRHFRQyPLFRVHKDRUJDQL]DGRODSUHVHQWDFLyQGHORVGDWRV
PXQLFLSDOHV\RWUDLQIRUPDFLyQGHQLYHOQDFLRQDOFRQVLGHUDQGRHO&$0FRPROD]RQDQ~FOHRGHOiUHDGHHVWX
GLRGHOLPLWDFLyQQDWXUDOGHOFRUUHGRU\ODGHOLPLWDFLyQGHGRV]RQDVGHLQXHQFLDFRQIRUPDGDVSRUHOiUHDGH
ORVPXQLFLSLRVTXHIRUPDQSDUWHGHO&$0SHURFX\RVOtPLWHVH[FHGHQDOD]RQDQ~FOHR]RQDGHLQXHQFLDGH
WLHUUDVDOWDVFRQSDUWHGHOWHUULWRULRPXQLFLSDOHQHFRUUHJLRQHVGHODOWLSODQR\OD]RQDGHLQXHQFLDGHWLHUUDV
EDMDVFRQSDUWHGHOWHUULWRULRPXQLFLSDOHQODVHFRUUHJLRQHVGHORV/ODQRVGH0R[RV\&HUUDGR3DFHxR
(QORVVLJXLHQWHVSXQWRVQRVFRQFHQWUDUHPRVHQGHVFULELUOD]RQDQ~FOHR\VHKDUiPHQFLyQGHDOJXQDVFDUDF
WHUtVWLFDVGHODV]RQDVGHLQXHQFLD(QXQDVHFFLyQSRVWHULRUKDEODUHPRVVREUHODV]RQDVGHLQXHQFLDFRQ
PD\RUGHWDOOH
/DHVWUXFWXUDSDUDODGHVFULSFLyQGHOD]RQDQ~FOHRSUHVHQWDHQSULPHUOXJDUJHQHUDOLGDGHVSDUDWRGDHOiUHDGHO
&$0\DJUXSDGDWRVHVWDGtVWLFRVPXQLFLSDOHVSDUDSUHVHQWDUORVSRU'HSDUWDPHQWR/D3D]&RFKDEDPED%HQL
\6DQWD&UX](QHO$QH[RVHKDSUHSDUDGRXQGHWDOOHFRQORVGDWRVHVWDGtVWLFRVPXQLFLSDOHVTXHKDQVHUYLGR
GHEDVHSDUDWRGDODLQIRUPDFLyQSUHVHQWDGD
/XHJRFRQVLGHUDQGRTXHODSREODFLyQKXPDQDQRHVWiGLVWULEXLGDHQIRUPDKRPRJpQHDHQHO&$0\TXHVXV
FDUDFWHUtVWLFDVSXHGHQYDULDUVHJ~QOD]RQDJHRJUiFD\GLVSRQLELOLGDGGHUHFXUVRVGHXQiUHDGHWHUPLQDGDHV
TXHKHPRVVXEGLYLGRDO&$0HQFXDWUR]RQDVGHDQiOLVLVVRFLRHFRQyPLFRPDSDTXHVLJXHQXQJUDGLHQWH
ODWLWXGLQDO\FX\DGHOLPLWDFLyQVHEDVDSULQFLSDOPHQWHHQEDUUHUDVJHRJUiFDVTXHWDPELpQFRUUHVSRQGHQHQ
JHQHUDOFRQiUHDVDJURHFROyJLFDV\VRFLRSROtWLFDVGHSDUWDPHQWDOHV\PXQLFLSDOHV6HHVSHUDTXHHVWDVXE
GLYLVLyQD\XGHDFRPSUHQGHUHQPD\RUGHWDOOHODVLWXDFLyQVRFLRHFRQyPLFDGHO&$0FRQVLGHUDQGRHODVSHFWR
KXPDQRFRPRODEDVHSULQFLSDOSDUDORJUDUDFFLRQHVGHFRQVHUYDFLyQ(VWDVFXDWURiUHDVGHDQiOLVLVKDQVLGR
GHQRPLQDGDVFRPR=RQD$PERUy=RQD&DUUDVFR,VLERUR&RFDSDWD=RQD<XQJDVGH/D3D]$OWR%HQL
0DQLTXL\=RQD$SROREDPED0DGLGL\VXFRQIRUPDFLyQVRFLRSROtWLFDVHLQGLFDHQODVLJXLHQWHWDEOD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
7DEOD=RQDVGHDQiOLVLVVRFLRHFRQyPLFRGHQLGDVSDUDODFDUDFWHUL]DFLyQGHO&$0\PXQLFLSLRVTXH
ODVFRQIRUPDQ
=RQD$PERUy
'HSDUWDPHQWR
6DQWD&UX]
3URYLQFLD
0XQLFLSLRV
$QGUpV,EixH]
)ORULGD
0DLUDQD3DPSD*UDQGH6DPDLSDWD
,FKLOR
%XHQD9LVWD6DQ&DUORV<DSDFDQt
0DQXHO0&DEDOOHUR
&RPDUDSD
2ELVSR6DQWLVWHEDQ
*HQHUDO6DDYHGUD0LQHURV0RQWHUR
6DUD
3RUWDFKXHOR6DQWD5RVD
:DUQHV
:DUQHV
=RQD&DUUDVFR,VLERUR&RFDSDWD
'HSDUWDPHQWR
%HQL
&RFKDEDPED
3URYLQFLD
0XQLFLSLRV
0DUEiQ
/RUHWR
0R[RV
6DQ,JQDFLR
$\RSD\D
0RURFKDWD
&DUUDVFR
&KLPRUp3XHUWR9LOODUURHO3RFRQD 3RMR7RWRUD
&KDSDUH
&RORPL6DFDED 9LOOD7XQDUL
4XLOODFROOR
7LTXLSD\D
7LUDTXH
7LUDTXH
=RQD<XQJDVGH/D3D]$OWR%HQL0DQLTXL
'HSDUWDPHQWR
%HQL
&RFKDEDPED
/D3D]
3URYLQFLD
0XQLFLSLRV
*HQHUDO-RVp%DOOLYLiQ
3XHUWR5XUUHQDEDTXH5H\HV6DQ%RUMD6DQWD5RVD
<DFXPD
6DQWD$QD
$\RSD\D
,QGHSHQGHQFLD
7DSDFDUt
7DSDFDUt
&DUDQDYL
&DUDQDYL
,QTXLVLYL
&DMXDWD&ROTXLUL,FKRFD,QTXLVLYL/LFRPD4XLPH
/DUHFDMD
*XDQD\6RUDWD7LSXDQL
/RD\]D
&DLURPD/XULED\6DSDKDTXL
0XULOOR
/D3D]0HFDFDSD3DOFD
1RU<XQJDV
&RULSDWD&RURLFR
6XU<XQJDV
&KXOXPDQL,UXSDQD/D$VXQWD3DORV%ODQFRV<DQDFDFKL
=RQD$SROREDPED0DGLGL
'HSDUWDPHQWR
/D3D]
3URYLQFLD
0XQLFLSLRV
$EHO,WXUUDOGH
,[LDPDV6DQ%XHQDYHQWXUD
%DXWLVWD6DDYHGUD
&XUYD*UDO3pUH]&KDUD]DQL
&DPDFKR
0RFRPRFR3WR&DUDEXFR &KDJXD\D3XHUWR$FRVWD
)UDQ]7DPD\R
$SROR3HOHFKXFR
/DUHFDMD
&RPED\D4XLDED\D7DFDFRPD
0XxHFDV
$XFDSDWD$\DWD&KXPD
2PDVX\RV
$FKDFDFKL $QFRUDLPHV
0XQLFLSLRVFRQPHQRVGHOGHVXVXSHUFLHGHQWURGHORVOtPLWHVGHO&$0
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
/DVIXQFLRQHV\SURFHVRVELRHFROyJLFRVIXQFLRQDOLGDG\VHUYLFLRV
3/,ELVFK 6.UHIW
'HQLFLRQHVPRGHUQDV\FRPSOHWDVVREUHELRGLYHUVLGDGUHFRQRFHQTXHpVWDPLVPDUHSUHVHQWDWRGDODYDULDELOLGDG
GHVLVWHPDVELROyJLFRVHQVXVGLIHUHQWHVQLYHOHVMHUiUTXLFRV$QLYHOGHORVHFRVLVWHPDVODELRGLYHUVLGDGLQFOX
\HWDPELpQODVLQWHUDFFLRQHVHQWUHGLIHUHQWHVHVSHFLHV3HDUFH 0RUDQ\VLHQGRFRQVHFXHQWHWDPELpQ
DEDUFDODVLQWHUDFFLRQHVHQWUHHFRVLVWHPDV(VWDVLQWHUDFFLRQHVVRQSDUWHGHXQVLVWHPDGHSURFHVRVGLQiPLFRV
TXHOOHYDQWDQWRDSDWURQHVGHELRGLYHUVLGDGREVHUYDEOHVWDOHVFRPRULTXH]DGHHVSHFLHVHQGHPLVPRFRPRD
FDPELRVGHORVPLVPRVVLVWHPDVELROyJLFRVGHPX\DOWDUHOHYDQFLDSDUDODFRQVHUYDFLyQ
/RV HQIRTXHV WUDGLFLRQDOHV GH SODQLFDFLyQ GH FRQVHUYDFLyQ VH FDUDFWHUL]DQ SRU HQIRFDU IXHUWHPHQWH HQ ORV
SDWURQHV\HVWUXFWXUDVDFWXDOPHQWHREVHUYDEOHVOOHYDQGRDFRQFHSWRVEDVWDQWHHVWiWLFRV(QHOPDUFRGHORVHV
IXHU]RVSRUGHVDUUROODUXQDPHWRGRORJtDGHSODQLFDFLyQHFRUUHJLRQDOHQ%ROLYLDFRPSDUDU,ELVFKHWDO
,ELVFK $UDXMR,ELVFK 1RZLFNLVHKDWUDWDGRGHHQIDWL]DUFDGDYH]PiVHODVSHFWRGHORVSURFHVRV
ELRHFROyJLFRVUHODFLRQDGRVFRQORVHFRVLVWHPDVIXQFLRQDOHV$OPLVPRWLHPSRODLQYHVWLJDFLyQGHORVDVSHF
WRVGHODIXQFLRQDOLGDGGHODELRGLYHUVLGDGDQLYHOPXQGLDOKDDYDQ]DGRSHUPDQHQWHPHQWH3RUORWDQWRHVOD
SULPHUDYH]TXHVHDQDOL]DGHPDQHUDGHWDOODGDHOWHPDGHORVSURFHVRV\IXQFLRQHVSDUDOOHJDUDXQFRQFHSWR
GHFRQVHUYDFLyQIXQFLRQDOHQXQDUHJLyQEROLYLDQD2EYLDPHQWHODGLYHUVLGDGGHSURFHVRV\HOFRQRFLPLHQWR
UHGXFLGRDFHUFDGHPXFKRVGHHOORVOLPLWDHOQLYHOGHODQiOLVLVVLQHPEDUJRVHSUHVHQWDQDVSHFWRVLPSRUWDQWHV
TXHWLHQHQFRQVHFXHQFLDVUHOHYDQWHVSDUDODVHVWUDWHJLDVGHFRQVHUYDFLyQ
$QWHVGHGHVFULELUDOJXQDVIXQFLRQHV\SURFHVRVELRHFROyJLFRVGHO&$0HVQHFHVDULRH[SOLFDUPiVDIRQGR
ORVFRQFHSWRV\WpUPLQRVEiVLFRV\HOHVWDGRGHFRQRFLPLHQWRFLHQWtFRSDUDGHVWDFDUPHMRUODJUDQLPSRUWDQ
FLDGHOWHPD(VWDVQXHYDVSHUVSHFWLYDVFUHDUiQQHFHVDULDPHQWHFDPELRVIXQGDPHQWDOHVHQODVHVWUDWHJLDVGH
FRQVHUYDFLyQ
3RGUtDPRVGHQLUSURFHVRVELRHFROyJLFRVFRPRFXDOTXLHUFDPELRGHOHVWDGRGHODELRGLYHUVLGDGRGHOPHGLR
DPELHQWHFRPRFRQVHFXHQFLDGHXQDLQWHUDFFLyQHQWUHGRVRPiVHOHPHQWRVGHODELRGLYHUVLGDGHQFXDOTXLHU
QLYHOMHUiUTXLFR
/RVSURFHVRVGHQWURGHXQDHVSHFLHTXHSURPXHYHQVXHYROXFLyQVLQFRQWDUORVHIHFWRVGHRWUDVHVSHFLHVRGHO
PHGLRDPELHQWHVHUtDQORVSURFHVRVQHWDPHQWHELROyJLFRV
/DLQWHUDFFLyQGHLQGLYLGXRVGHRUJDQLVPRVDQLYHOGHJHQRPDVJHQHUDOPHQWHOOHYDDSURFHVRVHYROXWLYRV
/RVSURFHVRVTXHLPSOLFDQODLQWHUDFFLyQGHGRVRPiVHVSHFLHVRGHXQDHVSHFLHFRQIDFWRUHVDELyWLFRVVHUtDQ
ORVSURFHVRVHFROyJLFRV&ODUDPHQWHORVSURFHVRVHFROyJLFRVSXHGHQWHQHUFRQVHFXHQFLDVHYROXWLYDVFRPR
SHMHOHIHFWRGHXQGHSUHGDGRUHQVXSUHVDRGHXQSROLQL]DGRUHQXQDHVSHFLHGHSODQWDHMHFXWDQGRXQDSUHVLyQ
VHOHFWLYD
/RVSURFHVRVELRJHRJUiFRVSHMFRORQL]DFLyQPLJUDFLyQGHVSOD]DPLHQWRDPSOLDFLyQGHUDQJRVGHHVSHFLHV
FRQMXQWDPHQWHFRQSURFHVRVHYROXWLYRVFRPRHVSHFLDFLyQ\H[WLQFLyQOOHYDQDFDPELRVWHPSRUDOHVRGHQLWLYRV
GHODVFRPXQLGDGHVELROyJLFDV\SRUORWDQWRLQWHUDFFLRQHVGHHVSHFLHVFRH[LVWHQWHVHQFLHUWDVGLPHQVLRQHVGH
WLHPSR\HVSDFLR
$SDUWHGHORVSURFHVRVTXHLQYROXFUDQHOHPHQWRVGHODELRGLYHUVLGDGKD\SURFHVRVJHRItVLFRVTXHFDXVDQFDPELRV
HQHOFOLPDODKLGUROyJLFDODJHRPRUIRORJtDODJHRORJtDODWRSRJUDItDHWF(VWRVSURFHVRVJHRItVLFRVVRQORV
PRWRUHVPiVIXHUWHVGHOFDPELRHQODELRGLYHUVLGDG(QHOPRPHQWRHQTXHODELRGLYHUVLGDGHQXQVHQWLGRFRQ
WUDULRWDPELpQDIHFWH\RFDPELHORVSURFHVRVJHRItVLFRVHOSURFHVRFDPELDUtDSDUDVHUXQSURFHVRHFROyJLFR
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
6LWXDFLyQVRFLDO
50ROLQD1$UDXMR'4XLURJD 9&KiYH]
'HPRJUDItD
(QODSUHVHQWHVHFFLyQVHUHYLVDQDVSHFWRVFRQFHUQLHQWHVDODSREODFLyQGHQVLGDGSREODFLRQDO\WDVDGHFUHFL
PLHQWRLQWHUFHQVDOGHODVFXDWUR]RQDVGHLQXHQFLD&RQWDOQODWDEODUHVXPHGLFKDVLWXDFLyQ(OGHWDOOH
PXQLFLSDOSRU]RQDGHDQiOLVLVVHHQFXHQWUDHQHODQH[RHVWDGtVWLFRFRUUHVSRQGLHQWHDHVWHFDStWXOR
7DEOD5HVXPHQGHFDUDFWHUtVWLFDVGHODSREODFLyQSRU]RQDGHDQiOLVLVVRFLRHFRQyPLFR
=RQDV
7RWDO=RQD
0XMHUHV
7,&
6XSHU
FLH.P
'HQVLGDG
8UEDQD
+DE.P
5XUDO
3RE
5XUDO
3REHQ
HO&$0
6XSHU
FLH&$0
NP
7RWDO=RQD
7RWDO=RQD
7RWDO=RQD
7RWDO
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
3REODFLyQ
6HHVWLPDXQDSREODFLyQGHKDELWDQWHVSDUDHOiUHDGHO&$0R]RQDQ~FOHR\GHKDELWDQWHV
SDUDVXiUHDGHLQXHQFLD$PEDV]RQDVUHVSHFWLYDPHQWHFRQFHQWUDQHO\GHODSREODFLyQWRWDOGH
%ROLYLD(VWDGLIHUHQFLDWDQPDUFDGDHQWUH]RQDVVHGHEHDTXHHQHOiUHDGHLQXHQFLDGHO&$0VHXELFDQGRV
GHODVWUHVFLXGDGHVPiVLPSRUWDQWHVGH%ROLYLD6DQWD&UX]GHOD6LHUUDFRQKDELWDQWHV\ODFLXGDG
GH/D3D]FRQKDELWDQWHV
'HQWURGHO&$0ORVPXQLFLSLRVPiVLPSRUWDQWHVHQWpUPLQRVGHSREODFLyQFRQDKDELWDQWHVVRQ
3XHUWR9LOODUURHO0LQHURV*XDQD\<DSDFDQt(O7RUQR9LOOD7XQDUL/D*XDUGLD\&DUDQDYL3RURWURODGRORV
PXQLFLSLRVFRQPHQRUQ~PHURGHKDELWDQWHVGHQWURGHO&$0VRQ/RUHWR3RUWDFKXHOR,FKRFD7LTXLSD\D6DQWD
$QD\:DUQHVFX\DSREODFLyQGHQWURGHO&$0QRVXSHUDORVKDELWDQWHVSRUPXQLFLSLR2WURVPXQLFLSLRV
FRQSDUWLFLSDFLyQGHVXiUHDPXQLFLSDOHQHO&$0SHURVLQKDELWDQWHVGHQWURGHHVWRVOtPLWHVVRQ3RFRQD6D
FDED3XHUWR$FRVWD$FKDFDFKL$QFRUDLPHV6DQWD&UX]GHOD6LHUUD\3DPSD*UDQGHGRQGHODSREODFLyQVH
FRQFHQWUDHQHOiUHDGHLQXHQFLDGHO&$09pDVH$QH[R
(QWpUPLQRVGHSREODFLyQXUEDQD\UXUDOVLELHQHOGHODSREODFLyQWRWDOGHOiUHDGHHVWXGLRHVFRQVLGH
UDGDUXUDOVREUHHVWHSRUFHQWDMHWLHQHPXFKDLQXHQFLDHOQ~PHURGHKDELWDQWHVGHDOJXQDVFLXGDGHVFDSLWDOHV
GHFDUiFWHUPiVXUEDQR'HHVWDPDQHUD\UHDOL]DQGRXQDQiOLVLVSRUPXQLFLSLRVHSXHGHLQGLFDUTXHODPD\RU
SDUWHGHORVPXQLFLSLRVSXHGHQVHUFRQVLGHUDGRVUXUDOHV
'HORVPXQLFLSLRVH[LVWHQWHVHQHOiUHDGHHVWXGLRVyORORVPXQLFLSLRVGH/D3D]6DQWD&UX]GHOD6LHUUD\
0RQWHURVRQFDVLH[FOXVLYDPHQWHXUEDQRVFRQPHQRVGHOGHSREODFLyQUXUDO/RV0XQLFLSLRVGH3RUWD
FKXHOR0LQHURV\/D*XDUGLD'SWRGH6DQWD&UX]7LTXLSD\D\6DFDED'SWR&EED\6DQWD$QDGH<DFX
PD\5XUUHQDEDTXH'SWRGHO%HQLWLHQHQDOPHQRVHQWUHHODGHSREODFLyQXUEDQD\GHWRGRVHVWRV
PXQLFLSLRVVyOR5XUUHQDEDTXHWLHQHVXFLXGDGFDSLWDOGHQWURGHO&$0HOUHVWRWLHQHVXVFLXGDGHVSULQFLSDOHV
HQHOiUHDGHLQXHQFLD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
8QPD\RUGHWDOOHSRU]RQDVGHDQiOLVLVVRFLRHFRQyPLFRSHUPLWHDSUHFLDUORVLJXLHQWH
(QOD]RQD$PERUyFRPSXHVWDSRUPXQLFLSLRVtQWHJUDPHQWHXELFDGRVHQHOGHSDUWDPHQWRGH
6DQWD&UX]VHFRQFHQWUDHOGHODSREODFLyQGHO&$0FRQXQQ~PHURGHKDELWDQWHV3DUD
VXiUHDGHLQXHQFLDVHHVWLPDXQQ~PHURGHKDELWDQWHVSULQFLSDOPHQWHFRQFHQWUDGRVHQOD
FLXGDGGH6DQWD&UX]GHOD6LHUUD\RWUDVFLXGDGHVGHLPSRUWDQFLDDVHQWDGDVHQOD]RQDGHLQXHQFLD
GHWLHUUDVEDMDV(QJHQHUDOKD\XQDSURSRUFLyQVLPLODUGHKRPEUHV\PXMHUHVSRUHOSHVRSREODFLRQDO
GH6DQWD&UX]\0RQWHUR(QHOUHVWRGHORVPXQLFLSLRVHOtQGLFHGHPDVFXOLQLGDGHVPD\RUD
ORTXHVLJQLFDTXHKD\PiVKRPEUHVTXHPXMHUHV
'HOWRWDOGHORVKDELWDQWHVGHHVWD]RQDVyORHOGHODSREODFLyQHVUXUDOVLQHPEDUJRHVWHGDWR
DOLJXDOTXHHOSDWUyQLQGLFDGRSDUDWRGRHO&$0VHGHEHDODLQXHQFLDGHOQ~PHURHOHYDGRGHSR
EODFLyQXUEDQDHQORVPXQLFLSLRVGH6DQWD&UX]\0RQWHURSUHGRPLQDQWHPHQWH\WDPELpQDOKHFKRGH
TXHHVWDHVXQDGHODV]RQDVGHO&$0FRQPD\RUQ~PHURGHPXQLFLSLRVLQWHUPHGLRVHQWUHSREODFLyQ
XUEDQD\UXUDO
6yORFLQFRGHORVPXQLFLSLRVGHOD]RQDVRQSULQFLSDOPHQWHUXUDOHVFRQPiVGHOGHVXSR
EODFLyQFRPRHVHOFDVRGH6DQWD5RVDGHO6DUD6DPDLSDWD6DDYHGUD3RURQJR&RPDUDSD\%XHQD
9LVWD
(Q OD ]RQD &DUUDVFR,VLERUR&RFDSDWD FRPSXHVWD GH PXQLFLSLRV XELFDGRV HQ ORV GHSDUWD
PHQWRVGH%HQL\&RFKDEDPEDVHFRQFHQWUDHOGHODSREODFLyQGHO&$0FRQXQQ~PHURGH
KDELWDQWHV3DUDVXiUHDGHLQXHQFLDVHHVWLPDXQQ~PHURGHKDELWDQWHV(OtQGLFH
GHPDVFXOLQLGDGSDUDHVWD]RQDHVGHORTXHVLJQLFDTXHKD\XQPD\RUQ~PHURGHKRPEUHVTXH
GHPXMHUHVVyORHQORVPXQLFLSLRVGH6DFDED\7LTXLSD\DTXHVRQFHUFDQRVDOPXQLFLSLRFDSLWDOGHO
GHSDUWDPHQWRHOtQGLFHGHPDVFXOLQLGDGHVPHQRUD(QSDUWLFXODUHQHVWD]RQDVHHQFXHQWUDXQ
IRFRLPSRUWDQWHGHFRORQL]DFLyQHQORVPXQLFLSLRVGHODSURYLQFLD&KDSDUH\&DUUDVFRTXHVRQODV
iUHDVGRQGHSULQFLSDOPHQWHVHKDFRQFHQWUDGRHOGHVDUUROORDOWHUQDWLYRSDUDVXVWLWXLUODDFWLYLGDGGH
FXOWLYRGHFRFD
$VLPLVPRHQHVWD]RQD\DH[LVWHXQDSUHGRPLQDQFLDGHSREODFLyQUXUDOFRQHOGHODSREODFLyQ
WRWDOGHOiUHDEDMRHVWHFDUiFWHU6yORORVPXQLFLSLRVGH7LTXLSD\D\6DFDEDSUHVHQWDQEDMRVSRUFHQWDMHV
GHSREODFLyQUXUDO\UHVSHFWLYDPHQWH
(QOD]RQD<XQJDVGH/D3D]$OWR%HQL0DQLTXLFRPSXHVWDGHPXQLFLSLRVXELFDGRVHQORV
GHSDUWDPHQWRVGH%HQL&RFKDEDPED\/D3D]VHFRQFHQWUDHOGHODSREODFLyQGHO&$0FRQXQ
Q~PHURGHKDELWDQWHV3DUDVXiUHDGHLQXHQFLDVHHVWLPDXQQ~PHURGHKDELWDQWHV
(OtQGLFHGHPDVFXOLQLGDGHQOD]RQDHVGHORFXDOGHQRWDXQPD\RUQ~PHURGHPXMHUHVTXHGH
KRPEUHVTXHVHGHEHVREUHWRGRDODLQXHQFLDGHOSHVRSREODFLRQDOGHOPXQLFLSLRGH/D3D]\DTXH
HOUHVWRGHORVRWURVPXQLFLSLRVHQPiVGHXQSUHVHQWDtQGLFHVGHPDVFXOLQLGDGPD\RUHVD
HVGHFLUHQORVTXHKD\XQPD\RUQ~PHURGHKRPEUHVTXHGHPXMHUHV(VWDHVXQDGHODV]RQDVFRQ
PD\RUFRQH[LyQYLDOHQHOiUHDGHO&$0\PD\RUPRYLPLHQWRHFRQyPLFRLQWHUGHSDUWDPHQWDOHQWUH
/D3D]\%HQLSRVLEOHPHQWHHVWHVHDXQRGHORVIDFWRUHVSDUDTXHVHDXQDGHODV]RQDVPiVSREODGDV
GHO&$0
'HOWRWDOGHKDELWDQWHVGHHVWD]RQDVyORHOHVGHFDUiFWHUUXUDOVLQHPEDUJRHVWRVHGHEHQXHYDPHQWH
DODIXHUWHLQXHQFLDGHOPXQLFLSLRGH/D3D]GRQGHVHFRQFHQWUDODPD\RUSDUWHGHODSREODFLyQGHHVWD]RQD
\GRQGHHOGHODSREODFLyQHVUXUDO$GHPiVGHOPXQLFLSLRGH/D3D]ORVPXQLFLSLRVGH6DQWD$QDGH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
<DFXPD\5XUUHQDEDTXHVRQORV~QLFRVHQHVWD]RQDFRQSUHGRPLQDQFLDGHSREODFLyQXUEDQDPiVGHO
/RVUHVWDQWHVPXQLFLSLRVGHOD]RQDWLHQHQHQWUHHO\HOGHVXSREODFLyQUXUDO
(QOD]RQD$SROREDPED0DGLGLFRPSXHVWDSRUPXQLFLSLRVXELFDGRVtQWHJUDPHQWHHQHOGHSDU
WDPHQWRGH/D3D]VHFRQFHQWUDHOGHODSREODFLyQGHO&$0FRQXQQ~PHURGHKDELWDQWHV
3DUDVXiUHDGHLQXHQFLDVHHVWLPDXQQ~PHURGHKDELWDQWHV(OtQGLFHGHPDVFXOLQLGDGHVGH
SRUORTXHKD\PiVKRPEUHVTXHPXMHUHVHQODPD\RUtDGHORVPXQLFLSLRVTXHFRQIRUPDQHVWD]RQD
TXHHVODPHQRVSREODGDGHO&$0GHELGRPX\SUREDEOHPHQWHDTXHVXLQIUDHVWUXFWXUDYLDO\YtDVGH
DFFHVRHQJHQHUDOHVWiQSRFRGHVDUUROODGRV
(VWD]RQDHVSUHGRPLQDQWHPHQWHUXUDOFRQHOGHVXVKDELWDQWHVFRQHVWHFDUiFWHU(OPXQLFLSLRFRQ
PHQRUSRUFHQWDMHGHSREODFLyQUXUDOGH6DQ%XHQDYHQWXUDFRQGHSREODFLyQUXUDO\DOPHQRVGH
ORVPXQLFLSLRVGHOD]RQDVRQFRQVLGHUDGRVFRPRH[FOXVLYDPHQWHUXUDOHVGHODSREODFLyQ
'HQVLGDGSREODFLRQDO
(QJHQHUDOODGHQVLGDGSREODFLRQDOSURPHGLRSDUDHOiUHDWRWDOGHO&$0\VXiUHDGHLQXHQFLDHVGHKDE
NPPLHQWUDVTXHODGHQVLGDGSREODFLRQDOVyORSDUDODSDUWHGHOWHUULWRULRPXQLFLSDOTXHFRUUHVSRQGHFRQHO
&$0R]RQDQ~FOHRHOSURPHGLRHVGHKDENPLQGLFDQGRFODUDPHQWHTXHODSREODFLyQVHFRQFHQWUDPiV
KDFLDODSHULIHULDGHO&$0HQVXiUHDGLUHFWDGHLQXHQFLDYHUPDSD
/RVPXQLFLSLRVPiVGHQVDPHQWHSREODGRVHQWRGDHOiUHDGHHVWXGLRVRQ6DQWD&UX]GHOD6LHUUDKDE
NP/D3D]KDENP0RQWHURKDENP6DFDEDKDENP\7LTXLSD\D
KDENPTXHWDPELpQVRQPXQLFLSLRVFX\DVFDSLWDOHVPXQLFLSDOHVFRPRFHQWURVPiVSREODGRVVHHQFXHQWUDQ
HQHOiUHDGHLQXHQFLDGHO&$0
$QLYHOGH]RQDVGHDQiOLVLVVRFLRHFRQyPLFRHQHO&$0VHSUHVHQWDQORVVLJXLHQWHVUHVXOWDGRV
(QOD]RQD$PERUyODGHQVLGDGSREODFLRQDOWRWDOFRQVLGHUDQGRHOiUHDGHLQXHQFLDHVGH
KDENP\VyORSDUDHOiUHDGHO&$0HVGHKDENPVREUHXQDVXSHUFLHGHNP$QLYHO
PXQLFLSDOODGHQVLGDGYDUtDHQWUH\KDENPTXHFRUUHVSRQGHQDORVPXQLFLSLRVGH6DQWD
5RVD\6DQWD&UX]GHOD6LHUUDUHVSHFWLYDPHQWH
(QOD]RQD&DUUDVFR,VLERUR&RFDSDWDODGHQVLGDGSREODFLRQDOSDUDWRGDHVWD]RQDHVGH
KDENP\FRQVLGHUDQGRVyORHOiUHDQ~FOHR&$0ODGHQVLGDGHVD~QPiVEDMDOOHJDQGRDXQYDORU
GHKDENPVREUHXQDVXSHUFLHGHNP$QLYHOPXQLFLSDOODGHQVLGDGYDUtDHQWUH
\KDENPTXHFRUUHVSRQGHQDORVPXQLFLSLRVGH/RUHWR\7LTXLSD\DUHVSHFWLYDPHQWH
(QOD]RQD<XQJDVGH/D3D]$OWR%HQL0DQLTXLODGHQVLGDGSREODFLRQDOSDUDWRGDHVWD]RQDHV
GHKDENP\FRQVLGHUDQGRVyORHOiUHDQ~FOHR&$0ODGHQVLGDGHVD~QPiVEDMDOOHJDQGR
DXQYDORUGHKDENPVREUHXQDVXSHUFLHGHNP$QLYHOPXQLFLSDOODGHQVLGDGYDUtD
HQWUH\KDENPTXHFRUUHVSRQGHQDORVPXQLFLSLRVGH6DQWD5RVD\/D3D]UHVSHFWL
YDPHQWH
(QOD]RQD$SRODEDPED0DGLGLODGHQVLGDGSREODFLRQDOSDUDWRGDHVWD]RQDHVGHKDENP
\FRQVLGHUDQGRVyORHOiUHDQ~FOHR&$0ODGHQVLGDGHVD~QPiVEDMDOOHJDQGRDXQYDORUGH
KDENPVREUHXQDVXSHUFLHGHNP$QLYHOPXQLFLSDOODGHQVLGDGYDUtDHQWUH\
KDENPTXHFRUUHVSRQGHQDORVPXQLFLSLRVGH,[LDPDV\$QFRUDLPHVUHVSHFWLYDPHQWH
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ'HQVLGDGSREODFLRQDOHQHO&$0\VXiUHDGHLQXHQFLD
&UHFLPLHQWR3REODFLRQDO
(QWUHHOFHQVRQDFLRQDOGHSREODFLyQ\YLYLHQGDGH\,1(,1(VHHYDOXyHOFUHFLPLHQWR
LQWHUFHQVDODQLYHOGHVHFFLRQHVPXQLFLSDOHV\HOSDWUyQJHQHUDOGHFUHFLPLHQWRHVDOWRHQWRGRHOVHFWRUGHO
&$0/RVPXQLFLSLRVFRQPD\RUHVWDVDVGHFUHFLPLHQWRDQXDOLQWHUFHQVDOKDQVLGR7LTXLSD\D
3RMR\&KLPRUpHQHO'HSDUWDPHQWRGH&RFKDEDPEDOXHJRVLJXHQORVPXQLFLSLRVGH/D*XDUGLD
6DQWD5RVDGHO6DUD\(O7RUQRDPERVFRQHQHO'HSDUWDPHQWRGH6DQWD&UX]/RVPXQLFLSLRV
GH5H\HV\5XUUHQDEDTXHHQHO'HSDUWDPHQWRGHO%HQL\ORVPXQLFLSLRVGH$\DWD&KXPD
H,[LDPDVHQHO'HSDUWDPHQWRGH/D3D](Q&RFKDEDPEDHVQRWDEOHHOLQFUHPHQWRGHSREODFLyQ
UHSUHVHQWDQGRHVWHGHSDUWDPHQWRHOiUHDGHPD\RUFUHFLPLHQWRSREODFLRQDOGHOVHFWRUGHO&$0
3RURWURODGRVHLGHQWLFDQiUHDVGHFUHFLPLHQWRLQWHUFHQVDOQHJDWLYRPRGHUDGRFRPRHOPXQLFLSLRGH7LSXDQL
FRQHOPD\RUYDORUQHJDWLYRGHFUHFLPLHQWRXELFDGRHQODSURYLQFLDGH/DUHFDMD\RWURVVHLVPXQLFLSLRV
4XLPH&DMXDWD&RPED\D7DFDFRPD/XULED\H,UXSDQDHQGLVWLQWDVSURYLQFLDVGHOGHSDUWDPHQWRGH/D3D]
&RFKDEDPEDSUHVHQWDGRVPXQLFLSLR7RWRUD\$\RSD\DFRQFUHFLPLHQWRQHJDWLYRQDOPHQWH
%HQLWDPELpQSUHVHQWDXQPXQLFLSLRHOGH6DQWD$QDFRQHVWDPLVPDFDUDFWHUtVWLFDYHUPDSD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ7DVDGHFUHFLPLHQWRLQWHUFHQVDOSRU]RQDGHDQiOLVLV
(QOD]RQD$PERUyHQSURPHGLRODWDVDGHFUHFLPLHQWRLQWHUFHQVDODOFDQ]yDIXHGHELGRDO
FUHFLPLHQWRXUEDQRGHDOJXQRVPXQLFLSLRVHQHOiUHDGHLQXHQFLDGHO&$0FRPRSRUHMHPSORDGHPiV
GH6DQWD&UX]GHOD6LHUUD/D*XDUGLD\0RQWHUR
(QOD]RQD&DUUDVFR,VLERUR&RFDSDWDHOFUHFLPLHQWRSREODFLRQDOGHDOJXQRVFHQWURVSREODGRVHQ
HOiUHDGHLQXHQFLDGHOD]RQDHVPX\QRWRULD0XQLFLSLRVFRPR6DFDED\7LTXLSD\DGXSOLFDURQFRQ
PiVVXSREODFLyQ\FRQVLJXLHQWHPHQWHVXGHQVLGDGSREODFLRQDO
(QOD]RQD<XQJDVGH/D3D]$OWR%HQL0DQLTXLHQSURPHGLRODWDVDGHFUHFLPLHQWRFHQVDOHQWUH
ODVJHVWLRQHV\IXHGHODPiVEDMDGHODVFXDWUR]RQDVGHDQiOLVLVSHVHDTXHHQOD
PLVPDVHHQFXHQWUDLQFOXVRHOPXQLFLSLRGH/D3D]VyORORVPXQLFLSLRVGH5H\HV5XUUHQDEDTXH
\/D$VXQWDH[SHULPHQWDURQWDVDVGHFUHFLPLHQWRHOUHVWRHQODPD\RUtDGHORVFDVRV
QRVXSHUDHO$VLPLVPRHQPXQLFLSLRVGHORVGHOD]RQDGHHVWXGLRVHUHJLVWUDURQWDVDVDQXDOHV
GHFUHFLPLHQWRQHJDWLYDV
(QOD]RQD$SROREDPED0DGLGLODWDVDGHFUHFLPLHQWRLQWHUFHQVDOHQSURPHGLRIXHGHHV
FDVDPHQWHVXSHULRUDOGHOD=RQD\SRUODVXSHUFLHTXHWLHQHPX\SRFRVHKDDXPHQWDGRODGHQVLGDG
SREODFLRQDOVyORVHUHJLVWUDURQSRUFHQWDMHVGHFUHFLPLHQWRVXSHULRUHVDOHQORVPXQLFLSLRVGH$\DWD
,[LDPDV\&KXPD6LQGXGDHVWDVWDVDVGHFUHFLPLHQWRVRQPD\RUHVDOGHO
GHSDUWDPHQWRGH/D3D]TXHHVGH'HLJXDOIRUPDORVPXQLFLSLRVGH&RPED\D\7DFD
FRPDSUHVHQWDURQWDVDVGHFUHFLPLHQWRQHJDWLYRV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
0LJUDFLyQ
$QLYHOQDFLRQDOXQDQiOLVLVGHXMRVPLJUDWRULRVLQWHUGHSDUWDPHQWDOHVUHDOL]DGRSRUHO318'%ROLYLD
EDVDGRHQGDWRVGHORVWUHV~OWLPRVFHQVRVGHSREODFLyQ\YLYLHQGDSHUPLWLyLGHQWLFDUTXHORVPLJUDQWHVLQWHUQRV
GHOSDtVWHQGLHURQDGLULJLUVHKDFLD]RQDVPHQRVSREODGDV\FRQPD\RUHVQLYHOHVGHGHVDUUROORKXPDQR6DQWD
&UX]GHOD6LHUUD%HQL3DQGR\7DULMDORTXHUHIXHU]DODKLSyWHVLVGHTXHODSURSHQVLyQDHPLJUDUHQ%ROLYLD
UHVSRQGLyHQFLHUWDPHGLGDDXQDSUHVLyQH[FHVLYDVREUHORVUHFXUVRVQDWXUDOHV\ORVIDFWRUHVSURGXFWLYRVHQORV
GHSDUWDPHQWRVGHSREODPLHQWRWUDGLFLRQDOFRPR3RWRVt2UXUR\&KXTXLVDFD
3RURWURODGRGHVFULELHQGRHOIDFWRUGHPLJUDFLyQDQLYHOGHO&$0\DXQTXHQRKDVLGRSRVLEOHUHDOL]DUXQDQiOLVLV
H[FOXVLYRGHODWHQGHQFLDPLJUDWRULDQDFLRQDO\VXLQXHQFLDVREUHORVPXQLFLSLRVGHO&$0VHSXHGHLQGLFDU
TXHODJUDQPD\RUtDGHORVPXQLFLSLRVGHO&$0WLHQHQWDVDVQHWDVDQXDOHVGHPLJUDFLyQUHFLHQWHQHJDWLYDVYHU
$QH[R6yOROD]RQDGH$PERUyDGLIHUHQFLDGHODVRWUDV]RQDVGHO&$0SUHVHQWDXQSDWUyQSRVLWLYRHQVX
WDVDGHPLJUDFLyQQHWDSDUDGHVXVPXQLFLSLRV
(QOD]RQD$PERUyHOPXQLFLSLRGH6DQWD&UX]VHLGHQWLFDFRPRXQVHFWRULPSRUWDQWHGHUHFHSFLyQ
GHPLJUDFLyQDVtFRPRORVPXQLFLSLRVGH:DUQHV\0RQWHURTXHVHKDQFRQYHUWLGRHQFHQWURVXUEDQRV
LPSRUWDQWHV\SRORVGHGHVDUUROORDJUtFRODHLQGXVWULDOHQHO'HSDUWDPHQWRGH6DQWD&UX]
(VLQWHUHVDQWHGHVWDFDUTXHORVPXQLFLSLRVGH6DQWD&UX]3RURQJR/D*XDUGLD\HO7RUQRTXHDOEHUJDQ
HQFRQMXQWRHOGHODSREODFLyQGHOD]RQD$PERUyFRQKDELWDQWHVWLHQHQGHVX
SREODFLyQQDFLGDHQHOOXJDUHOSURYHQLHQWHGHO'HSDUWDPHQWRGH&RFKDEDPED\HOSURYLHQH
GHRWUDVFLXGDGHVGHOSDtVRGHOH[WUDQMHUR(QHVWHVHQWLGRVHSXHGHGHGXFLUXQDOWRSRUFHQWDMHGHLQPL
JUDFLyQKDFLDHVWHVHFWRUGHO&$0
(QODVWLHUUDVDOWDVWDPELpQHVFDUDFWHUtVWLFDODPLJUDFLyQWHPSRUDOKDFLDFHQWURVXUEDQRVFRQODQDOLGDG
GHEXVFDULQWHUPHGLRVDODVODERUHVDJUtFRODV
(QHOQRUWHGHO'HSDUWDPHQWRGH/D3D]ODPLJUDFLyQGHODSREODFLyQHVXQDHVWUDWHJLDGHVREUHYLYHQFLD
\E~VTXHGDGHDFFHVRDHPSOHR\GHRFXSDFLyQGHQXHYDVWLHUUDVSRWHQFLDOPHQWHFXOWLYDEOHVDXQTXH
WDPELpQVHHYLGHQFLDQWUDVODGRVWHPSRUDOHVKDFLDRWUDVUHJLRQHVHLQFOXVRDOH[WHULRUSDUDUHDOL]DUSURGXF
FLyQDJURSHFXDULDIRUHVWDOPLQHUDSRUODQHFHVLGDGGHJHQHUDULQJUHVRVDGLFLRQDOHVDODHFRQRPtDORFDO
\IDPLOLDU(OGHVWLQRGHORVHPLJUDQWHVWHPSRUDOHVSUHIHUHQWHPHQWHHVODFLXGDGGH/D3D]RWUDV]RQDV
GHODOWLSODQR\&DUDQDYLODQHFHVLGDGGHEXVFDULQJUHVRVDGLFLRQDOHVODIDOWDRSUHFDULHGDGGHFDPLQRV
VRQIDFWRUHVTXHPRWLYDQDODHPLJUDFLyQWHPSRUDO
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(QJHQHUDOODLQPLJUDFLyQHVPX\EDMD\VHUHPLWHDOVHFWRUWHUFLDULRGHODHFRQRPtDFRQSREODFLyQ
XFWXDQWHSURIHVRUHVPpGLFRVSURIHVLRQDOHV\FRQVXOWRUHV/DLQPLJUDFLyQGHQLWLYDHVSUHGRPLQDQ
WHPHQWHUXUDO\HQJHQHUDOORVUHVLGHQWHVLQPLJUDQWHVGHOJpQHURPDVFXOLQRVHGDSRUODTXLHEUDGHO
VLVWHPDDJUtFROD\RSHFXDULRHQRWUD]RQDGHOSDtV/DUHJLyQGHORV<XQJDVHQHVSHFLDOORVPXQLFLSLRV
GH/D$VXQWD&DUDQDYL&RURLFR\&KXOXPDQLVHFDUDFWHUL]DSRUVHUXQD]RQDUHFHSWRUDGHD\PDUDV\
HQPHQRUSURSRUFLyQGHTXHFKXDV3'0/D$VXQWD3'03DORV%ODQFRV3'0&DLURPD
([LVWHXQDDOWDPLJUDFLyQIXHUDGHODVSURYLQFLDVGH3DFDMHV&DPDFKR\2PDVX\XVVLHQGRODVSURYLQFLDV
GH,WXUUDOGH\/DUHFDMDUHFHSWRUDVGHQXHYRVDVHQWDPLHQWRVKXPDQRV/RVDOWRVQLYHOHVGHPLJUDFLyQ
SXHGHQFRQGXFLUDPRGLFDUODHVWUXFWXUDSURGXFWLYDWUDGLFLRQDOGHORVPXQLFLSLRVGLVWRUVLRQDQGROD
H[SORWDFLyQVLVWHPiWLFDUDFLRQDO\VRVWHQLEOHGHORVUHFXUVRVQDWXUDOHV3'0&XUYD
$VLPLVPRHQORV~OWLPRVWUHVDxRVVHKDQLQWHQVLFDGRORVPRYLPLHQWRVPLJUDWRULRVGHODVSREODFLRQHV
FDPSHVLQDVRLQGtJHQDVGHVXVOXJDUHVGHRULJHQKDFLDODV]RQDVXUEDQDVHVSHFLDOPHQWHKDFLDODVFLXGD
GHVGH/D3D]\HO$OWR,1(/DVPLJUDFLRQHVSRUXQODGRLQGLFDQFLHUWDVYHQWDMDVRGHVYHQWDMDV
HFRQyPLFDVRVRFLDOHVHQXQOXJDUGDGRSHURWDPELpQWLHQHQLPSOLFDFLRQHVSDUDODELRGLYHUVLGDG\VX
HVWDGRGHFRQVHUYDFLyQ
$VLPLVPRRWURVIDFWRUHVFRPRORVEDMRVtQGLFHVGHHGXFDFLyQRFDVLRQDQXQEDMRQLYHOGHLQVWUXFFLyQJHQHUDO
\GHFDSDFLWDFLyQUHDOIXQFLRQDOGHODSREODFLyQTXHUHSHUFXWHGLUHFWDPHQWHHQODFDOLGDGGHYLGDHQODEDMD
SURGXFWLYLGDGGHODPDQRGHREUDHQODSURQXQFLDGDHVFDVH]GHODPDQRGHREUDFDOLFDGD\VHPLFDOLFDGDTXH
DWLHQGDORVUHTXHULPLHQWRGHORVSRFRVVHFWRUHVSURGXFWLYRV\TXHDVXYH]UHIXHU]DODPLJUDFLyQGHORVPHMRUHV
HOHPHQWRVGHOiUHDUXUDOKDFLDFHQWURVSREODGRV3'0&XUYDDOWRVQLYHOHVGHPLJUDFLyQWHPSRUDO\PHGLDGR
tQGLFHGHPLJUDFLyQGHQLWLYDSRUSDUWHGHODSREODFLyQMRYHQ3'0$\DWD
6LWXDFLyQpWQLFD\OLQJtVWLFDGHODSREODFLyQ
(QHVWDVXEVHFFLyQVHDQDOL]DODFRQGLFLyQpWQLFD\OLQJtVWLFDGHODSREODFLyQGHQWURHOiUHDWRWDOGHO&$0\
VXiUHDGHLQXHQFLD(QSULPHUDLQVWDQFLDVHUHYLVDQORVSRUFHQWDMHVGHSREODFLyQLQGtJHQDGHQWURHOiUHDSDUD
OXHJRDQDOL]DUODSHUWHQHQFLDGHORVPLVPRVDDOJ~QSXHEORLQGtJHQDRQRHOLGLRPDTXHKDEODQ\QDOPHQWHHO
LGLRPDHQHOTXHDSUHQGLHURQDKDEODU(VWDVXEVHFFLyQDQWHFHGHDRWURVVHFWRUHVGHHVWXGLRFRPRHGXFDFLyQ\
VDOXGSRUTXHGHDOJXQDPDQHUDD\XGDQDH[SOLFDUORVLQGLFDGRUHVTXHHQORVPLVPRVVHHQFXHQWUDQ
3REODFLyQLQGtJHQD
&RQUHODFLyQDODSREODFLyQGHOiUHDGHLQXHQFLDGHO&$0HOGHODSREODFLyQHVLQGtJHQDHOORGHELGR
VREUHWRGRDODLQXHQFLDGHORVPXQLFLSLRVGHORULHQWHSULQFLSDOPHQWHORVGHOD]RQD$PERUyFRPRRWURV
SHUWHQHFLHQWHVDOGHSDUWDPHQWRGH%HQL
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)XHQWH(ODERUDFLyQSURSLDHQEDVHHQEDVHDGDWRVGHO,1(
)LJ3REODFLyQLQGtJHQDSRU]RQDGHDQiOLVLVVRFLRHFRQyPLFR
/D]RQD$PERUyTXHHVODGHPD\RUSHVRSREODFLRQDOGHQWURHOiUHDWRWDOGHO&$0HVODTXHDOPLVPR
WLHPSRPHQRUSRUFHQWDMHGHSREODFLyQLQGtJHQDSUHVHQWDOD]RQD&DUUDVFR,VLERUR&RFDSDWDHVODVHJXQGD
HQLPSRUWDQFLDHQFXDQWRDSREODFLyQLQGtJHQDSHURQRWLHQHXQSHVRSREODFLRQDOUHSUHVHQWDWLYROD]RQD
<XQJDVGH/D3D]$OWR%HQL0DQLTXtFRQIRUPDGDSRUWUHVGHSDUWDPHQWRV\PXQLFLSLRVWLHQHXQDSREODFLyQ
LQGtJHQDFHUFDQDDO\GHKHFKRVXSHVRSREODFLRQDOGHQWURGHOiUHDGHO&$0HVHOVHJXQGRHQLPSRU
WDQFLDQDOPHQWHOD]RQD$SROREDPED0DGLGLTXHHVODGHPD\RUVXSHUFLHGHQWURHOiUHDGHO&$0\OD
PHQRVSREODGDHVODTXHPD\RUSRUFHQWDMHGHSREODFLyQLQGtJHQDUHVSHFWRDODSREODFLyQGHOiUHDGHLQXHQFLD
SUHVHQWDFDVL
$XWRLGHQWLFDFLyQFRQSXHEORVRULJLQDULRVRLQGtJHQDV
'HODSREODFLyQGHRPiVDxRVGHHGDGTXHFRQIRUPDHOiUHDGHLQXHQFLDGHO&$0HOVH
DXWRLGHQWLFDFRQDOJ~QSXHEORLQGtJHQDXRULJLQDULR/RVUHVXOWDGRVSRUSXHEORVHPXHVWUDQHQODJXUD
(OPD\RUSRUFHQWDMHTXHVHDXWRLGHQWLFDFRQDOJ~QSXHEORLQGtJHQDGHQWURHOiUHDGHLQXHQFLDGHO&$0OR
KDFHFRQHOSXHEOR4XHFKXDHQSULPHUOXJDUHQVHJXQGROXJDUFRQHOD\PDUi\HQWHUFHUOXJDU
FRQHOFKLTXLWDQR6LQHPEDUJRSRU]RQDGHDQiOLVLVORVUHVXOWDGRVYDUtDQFRQVLGHUDEOHPHQWHWDOFRPR
VHDSUHFLDHQODJXUD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ3REODFLyQGHRPiVDxRVTXHFRQIRUPDHOiUHDGHLQXHQFLDGHO&$0
VHJ~QSXHEORGHSHUWHQHQFLD
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ 3REODFLyQ GH R PiV DxRV SRU iUHD GH LQXHQFLD GHO &$0 VHJ~Q SXHEOR GH SHUWHQHQFLD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
$VLPLVPRHQHVWD]RQDQRKD\QLQJ~QPXQLFLSLRH[FHSWXDQGRODFDSLWDOHQTXHDGHPiVGHTXHFKXDV
D\PDUDVFKLTXLWDQRV\JXDUDQtHVKD\DWDPELpQDOJXQRVJXDUD\RVLWRQDPDV\PRYLPDVGHGHSDUWDPHQWR
TXHGHQWURGHOPLVPRYLYDQSXHEORVRULJLQDULRV
(QHVWD]RQDHVGRQGHVHHQFXHQWUDODPD\RUGLYHUVLGDGpWQLFDGHWRGRHO&$0FRQSREODFLyQHQHO
GHSDUWDPHQWRGH%HQLSURYLQFLD-RVp%DOOLYLiQTXHVHLGHQWLFyFRQORVSXHEORVFDYLQHxRWVLPDQH
PRVHWpQPRYLPDUH\HVDQRPDURSD\WDFDQDHQHOGHSDUWDPHQWRGH/D3D]PXQLFLSLRVGH*XDQD\\
7LSXDQLHVSRVLEOHHQFRQWUDUOHFRV\WDFDQD
,GLRPDTXHKDEODODSREODFLyQ
(OLGLRPDPiVKDEODGRHQWRGDHOiUHDGHO&$0\VXiUHDGHLQXHQFLDHVHOFDVWHOODQROHVLJXHQFRQ
SRUFHQWDMHVVLPLODUHVGHHOTXHFKXD\HOD\PDUD$VLPLVPRGHODSREODFLyQGHRPiVDxRVGHHGDG
HOHVPRQROLQJHHVSDxROHVELOLQJHRWULOLQJHFDVWHOODQRRWURVLGLRPDV\VyOR
XQHVPRQROLQJHQDWLYDWDOFRPRVHDSUHFLDHQODVLJXLHQWHJXUD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ3REODFLyQGHRPiVDxRVGHHGDGSRULGLRPDVTXHKDEOD
/DVLWXDFLyQSRUiUHDGHDQiOLVLVPXHVWUDTXHHQOD]RQD$PERUyFDVLHOGHODSREODFLyQKDEODFDVWHOODQR
HQWDQWRTXHHQOD]RQD&DUUDVFR,VLERUR&RFDSDWDHOGHODSREODFLyQKDEODFDVWHOODQR\XQSRUFHQWDMH
VHPHMDQWHKDEODTXHFKXDHQOD]RQD<XQJDVGH/D3D]$OWR%HQL0DQLTXLFDVLHOGHODSREODFLyQKDEOD
FDVWHOODQR\XQKDEODD\PDUDQDOPHQWHHQOD]RQD$SROREDPED0DGLGLFDVLHOKDEODD\PDUDXQ
KDEODFDVWHOODQR(OGHWDOOHSRU]RQDVHDSUHFLDHQODWDEODUHVXPHQVLJXLHQWH
7DEOD3REODFLyQWRWDOSRULGLRPDTXHKDEODVHJ~Q]RQDVGHDQiOLVLVVRFLRHFRQyPLFR
=RQDV
=RQD
=RQD
=RQD
=RQD
7RWDO&$0
4XHFKXD
$\PDUD
1RKDEOD
2WURQDWLYR
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
/RVUHVXOWDGRVSRUHOQ~PHURGHLGLRPDVTXHKDEODODSREODFLyQGHRPiVDxRVGHHGDGVHJ~Q]RQDGHDQiOLVLV
VRFLRHFRQyPLFRPXHVWUDQTXHHQOD]RQD$PERUyHOGHHVWDSREODFLyQHVPRQROLQJHFDVWHOODQDD
GLIHUHQFLDGHORTXHVXFHGHHQOD]RQD&DUUDVFR,VLERUR&RFDSDWDGRQGHHOGHODFLWDGDSREODFLyQ
HVELOLQJHRWULOLQJHFDVWHOODQRRWURVLGLRPDVHVPRQROLQJHFDVWHOODQD\HVPRQROLQJH
QDWLYD
$SHVDUTXHODSUHJXQWDLGLRPDTXHKDEODVHKL]RDODSREODFLyQWRWDOORVGDWRVSURSRUFLRQDGRVSUHVHQWDQXQFRUWHDSDUWLU
GHORVDxRVRPiVGHHGDGHOORGHELGRDQHVFRPSDUDWLYRVFRQUHVSHFWRDOFHQVRDQWHULRUHQGDWRVDJUHJDGRVFRPR
ORVGHSDUWDPHQWRVHQHVWHFDVRSRUODFRQIRUPDFLyQGHPXQLFLSLRVGHO&$0QRUHVXOWDPX\UHOHYDQWH
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
7DEOD3REODFLyQGHRPiVDxRVSRULGLRPDVTXHKDEODVHJ~Q]RQDVGHDQiOLVLVVRFLRHFRQyPLFR
=RQDV
=RQD
=RQD
=RQD
=RQD
7RWDO&$0
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
,GLRPDFRQHOTXHDSUHQGLyDKDEODUHQODQLxH]
/DSREODFLyQREMHWLYRFRQUHVSHFWRDHVWDSUHJXQWDHVODGHFXDWURRPiVDxRVGHHGDGTXHHQHOFDVRGHOiUHDGH
LQXHQFLDGHO&$0UHSUHVHQWDFHUFDGHOGHODSREODFLyQWRWDOGHHVWDSREODFLyQHODSUHQGLyDKDEODU
HQFDVWHOODQRORKL]RHQTXHFKXD\ORKL]RHQD\PDUDWDOFRPRVHDSUHFLDHQODJXUD
3RU]RQDGHDQiOLVLVORVUHVXOWDGRVPXHVWUDQTXHHQOD]RQD$PERUyHOGHODSREODFLyQDSUHQGLyD
KDEODUHQLGLRPDFDVWHOODQRHQWDQWRTXHHQOD]RQD&DUUDVFR,VLERUR&RFDSDWDODPD\RUtDGHODSREODFLyQ
GHFXDWURDPiVDxRVGHHGDGDSUHQGLyDKDEODUTXHFKXD\ORKL]RHQFDVWHOODQR
(QOD=RQD<XQJDVGH/D3D]$OWR%HQL0DQLTXLGRQGHH[LVWHXQSHVRSREODFLRQDOLPSRUWDQWHGHQWURHOiUHD
SRUODLQXHQFLDGHOPXQLFLSLRGH/D3D]ODPD\RUtDGHODSREODFLyQDSUHQGLyDKDEODUHQLGLRPDFDVWHOODQR
\OXHJRHQLGLRPDD\PDUi\OD=RQD$SROREDPED0DGLGLGHPHQRUSHVRSREODFLRQDO
GHQWURHO&$0HVODTXHDSUHQGLyDKDEODUVREUHWRGRHQLGLRPDD\PDUiVHJXLGRGHOLGLRPDTXHFKXD
\FDVWHOODQRWDOFRPRVHDSUHFLDHQHOFXDGURSUHFHGHQWH
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ3REODFLyQGHyPiVDxRVSRULGLRPDFRQHOTXHDSUHQGLyDKDEODU
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
7DEOD3REODFLyQGHRPiVDxRVSRULGLRPDFRQHOTXHDSUHQGLyDKDEODUVHJ~Q]RQDGHDQiOLVLV
=RQDV
=RQD
=RQD
=RQD
=RQD
7RWDO&$0
1RKDEOD
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
9LYLHQGD\KRJDU
(QJHQHUDOSDUDWRGDHOiUHDGHLQXHQFLDGHO&$0VHKDQLGHQWLFDGRXQWRWDOGHKRJDUHVSDUWLFXODUHV
GHORVFXDOHVHQSURPHGLRHOWLHQHYLYLHQGDSURSLD(OWDPDxRPHGLRGHOKRJDUHVGHSHUVRQDV
$VLPLVPRFDVLHOGHHVWRVKRJDUHVVXIUHGHKDFLQDPLHQWR\DTXHKD\PiVGHSHUVRQDVSRUGRUPLWRULR
(OGHODVYLYLHQGDVGHHVWRVKRJDUHVWLHQHSLVRGHWLHUUDQRWLHQHDJXDSRUFDxHUtDGHUHGQR
WLHQHHQHUJtDHOpFWULFDQRWLHQHVHUYLFLRVDQLWDULR\FRFLQDFRQOHxD
(QFXDQWRDHTXLSDPLHQWRGHOKRJDUHOSRVHHXQDUDGLRRHTXLSRGHVRQLGRSRVHHXQWHOHYLVRU\
SRVHHXQUHIULJHUDGRUHVWRVGRV~OWLPRVSRUFHQWDMHVVRQEDMRVGHELGRDTXHHVWRVHOHFWURGRPpVWLFRV
QHFHVLWDQGHHQHUJtDHOpFWULFDSDUDVXIXQFLRQDPLHQWR3RU]RQDGHDQiOLVLVODWDEODPXHVWUDORVGLIHUHQWHV
UHVXOWDGRV
7DEOD,QGLFDGRUHVGHYLYLHQGD\KRJDUSRU]RQDGHDQiOLVLV
=RQDV
=RQD
=RQD
=RQD
=RQD
7RWDO&$0
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(QFXDQWRDODWHQHQFLDGHVHUYLFLRVEiVLFRVHQODVYLYLHQGDVGHHVWRVKRJDUHVODVLJXLHQWHJXUDSHUPLWH
DSUHFLDUTXHOD]RQD$PERUySRUODPD\RUXUEDQLGDGGHORVPXQLFLSLRVTXHODFRPSRQHQWLHQHORVPH
QRUHVSRUFHQWDMHVGHFDUHQFLDGHDJXDSRUFDxHUtDGHUHGHQHUJtDHOpFWULFD\VHUYLFLRVDQLWDULR$VLPLVPR
HVODGHPHQRUSRUFHQWDMHGHYLYLHQGDVFRQSLVRGHWLHUUD
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ7HQHQFLDGHVHUYLFLRVEiVLFRVSRU]RQDGHDQiOLVLV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
4XHFRFLQDQ
FRQOHxD
4XHSRVHHQUDGLRR
HTXLSRGHVRQLGR
4XHSRVHHQ
WHOHYLVRU
4XHSRVHHQ
UHIULJHUDGRU
7RWDO&$0
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
(GXFDFLyQ
(QHVWDVHFFLyQVHUHYLVDQDOJXQRVLQGLFDGRUHVGHOVHFWRUWDOHVFRPRODWDVDGHDOIDEHWLVPRWDVDGHDVLVWHQFLD
HVFRODUQLYHOGHLQVWUXFFLyQDOFDQ]DGR\SURPHGLRGHDxRVGHHVWXGLRTXHGDQFXHQWDGHODVLWXDFLyQHGXFDWLYD
HQHOiUHDWRWDOGHO&$0\VXiUHDGHLQXHQFLD(OGHWDOOHPXQLFLSDOSRU]RQDGHDQiOLVLVVHHQFXHQWUDHQHO
DQH[RHVWDGtVWLFRFRUUHVSRQGLHQWHDHVWHFDStWXOR
7DVDGHDOIDEHWLVPR
/DWDVDGHDOIDEHVWLPRHVHOFRFLHQWHHQWUHHOQ~PHURGHSHUVRQDVGHRPiVDxRVTXHGHFODUDQTXHVDEHQOHHU
\HVFULELU\HOWRWDOGHODSREODFLyQGHDxRVRPiV
(QSURPHGLRSDUDHOiUHDWRWDOGHO&$0\VXiUHDGHLQXHQFLDVHKDUHJLVWUDGRXQDWDVDJHQHUDOGHDOIDEHWLVPR
GH3RUJpQHURODWDVDPDVFXOLQDHVGH\ODIHPHQLQDSXQWRVSRUFHQWXDOHVPHQRV
/DJXUDSHUPLWHDSUHFLDUORVUHVXOWDGRVSURPHGLRSRUiUHDGHUHVLGHQFLDSDUDWRGDHOiUHDGHLQXHQFLD
\QRWRULDPHQWHORVKRPEUHVHQHOiUHDXUEDQDWLHQHQXQDWDVDGHDOIDEHWLVPRVXSHULRUDODGHODVPXMHUHVHQOD
PLVPDiUHD\WDPELpQVXSHULRUDODGHORVPLVPRVKRPEUHVHQHOiUHDUXUDOHOORGHELGRDODPHMRUFREHUWXUDGHO
VHUYLFLRHQHOiUHDXUEDQD
$VLPLVPRVHDSUHFLDTXHHQHOiUHDXUEDQDODVEUHFKDVGHHVWHLQGLFDGRUSRUJpQHURVRQPHQRUHVSXQWRV
SRUFHQWXDOHVTXHODVEUHFKDVHQHOiUHDUXUDOSXQWRVSRUFHQWXDOHVGHELGRDTXHHQHVWD~OWLPD\HQ
HVSHFLDOHQORVPXQLFLSLRVGHOD]RQDV\TXHFRUUHVSRQGHQVREUHWRGRDORVGHSDUWDPHQWRVGH&RFKDEDPED
\/D3D]SRUSDWURQHVFXOWXUDOHVODVQLxDVVHTXHGDQHQODFDVDD\XGDQGRHQODVODERUHVGRPpVWLFDV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ7DVDGHDOIDEHWLVPRSRUiUHDGHUHVLGHQFLDVHJ~QJpQHUR
3RU]RQDGHDQiOLVLVVRFLRHFRQyPLFR\VHJ~QGDWRVGHODWDEODVHSXHGHQLQGLFDUORVVLJXLHQWHVUHVXOWDGRV
/D SREODFLyQ TXH UHVLGH HQ HO iUHD XUEDQD WDQWR KRPEUHV FRPR PXMHUHV SUHVHQWD WDVDV GH DOIDEHWLVPR
LQFOXVRVXSHULRUHVDODWRWDO\ORVTXHUHVLGHQHQHOiUHDUXUDOSUHVHQWDQWDVDVGHDOIDEHWLVPRPHQRUHVDOD
WRWDOSHURVXSHULRUHVDODVGHOUHVWRGHODVWUHV]RQDV/DVEUHFKDVSRUJpQHURHQHOiUHDXUEDQDVLHPSUHVRQ
PHQRUHVTXHHQHOiUHDUXUDO\UHVSHFWLYDPHQWH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
EDPEDFX\DVWDVDVGHDOIDEHWLVPRDSHQDVDOFDQ]DQD\UHVSHFWLYDPHQWHTXHDSURSyVLWR
WLHQHQXQDGHFLHQWHLQIUDHVWUXFWXUDFDPLQHUD
$XQTXHODVEUHFKDVSRUJpQHURVHDQLQIHULRUHVDOD]RQDODVPLVPDVFRQWLQ~DQVLHQGRPiVDOWDVHQHOiUHD
UXUDOTXHHQODXUEDQD
7DEOD7DVDGHDOIDEHWLVPRSRU]RQDGHDQiOLVLVVHJ~QiUHD\JpQHUR
=RQDV
7DVDGHDOIDEHWLVPR7RWDO
=RQD
=RQD
=RQD
=RQD
7RWDO
+RPEUHV
7RWDO&$0
7DVDGHDOIDEHWLVPRiUHD
XUEDQD
7DVDGHDOIDEHWLVPRiUHD
UXUDO
0XMHUHV
7RWDO
+RPEUHV
0XMHUHV
7RWDO
+RPEUHV
0XMHUHV
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
7DVDGHDVLVWHQFLDHVFRODU
/DWDVDGHDVLVWHQFLDHVFRODUHVHOFRFLHQWHHQWUHHOQ~PHURGHSHUVRQDVGHVHLVDDxRVTXHDVLVWHQDOVLVWHPD
UHJXODUGHHGXFDFLyQ\HOWRWDOGHODSREODFLyQHQHVHPLVPRUDQJRGHHGDG
(QSURPHGLRODWDVDGHDVLVWHQFLDHVFRODUSDUDHOWRWDOGHOiUHD&$0\VXiUHDGHLQXHQFLDHVGHFDVLGRV
SXQWRVSRUFHQWXDOHVPHQRVTXHODWDVDQDFLRQDO/DJXUDPXHVWUDORVUHVXOWDGRVSRUiUHDGHUHVLGHQFLD
/DWDVDGHDVLVWHQFLDHVFRODUHQHOiUHDXUEDQDHQSURPHGLRHVVXSHULRUDOWRWDOGHWRGDHOiUHDDVL
PLVPRODVEUHFKDVSRUJpQHURVRQSUiFWLFDPHQWHLQH[LVWHQWHVHQWDQWRTXHHQHOiUHDUXUDOODWDVDGHDVLVWHQFLD
HVFRODUHVGHHVGHFLUXQDEUHFKDGHPiVGHSXQWRVSRUFHQWXDOHVHQWUHiUHDVWDPELpQODVGLIHUHQFLDV
SRUJpQHURVRQPiVQRWRULDVSHURQRWDQVLJQLFDWLYDVFRPRHQODWDVDGHDOIDEHWLVPR
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ7DVDGHDVLVWHQFLDHVFRODUSRUiUHDGHUHVLGHQFLDVHJ~QJpQHUR
3RU]RQDGHDQiOLVLVVRFLRHFRQyPLFR\VHJ~QGDWRVGHODWDEODVHSXHGHQLQGLFDUORVVLJXLHQWHVUHVXOWDGRV
(QOD]RQD$PERUyODWDVDSURPHGLRGHDVLVWHQFLDHVFRODUHVGHLQIHULRUDOSURPHGLRGHWRGD
HOiUHDGHLQXHQFLDGHO&$0DGHPiVDOLJXDOTXHODVRWUDV]RQDVHQHVSHFLDOODSREODFLyQGHD
DxRVHVODTXHPiVDVLVWHDXQHVWDEOHFLPLHQWRHVFRODUHQFRPSDUDFLyQFRQODSREODFLyQGHDDxRV
GHHGDGQLFDPHQWHORVPXQLFLSLRVGH6DQWD5RVDGHO6DUD\*HQHUDO6DDYHGUDVRQORVTXHPHQRUHV
WDVDVGHDVLVWHQFLDHVFRODUSUHVHQWDQ\UHVSHFWLYDPHQWHHOUHVWRGHORVPXQLFLSLRVTXH
FRPSRQHQHVWD]RQDSUHVHQWDQWDVDVGHDOUHGHGRUGHO
/DWDVDGHDVLVWHQFLDHVFRODUHQHOiUHDXUEDQDFX\RUHVXOWDGRHVEDVWDQWHLQXHQFLDGRSRUHOPXQLFLSLR
GH6DQWD&UX]GHOD6LHUUDHVGH\XQDEUHFKDSRUJpQHURGHSXQWRVSRUFHQWXDOHVDIDYRUGH
ORVKRPEUHVHQHOiUHDUXUDOODWDVDSURPHGLRHVGHFRQXQDEUHFKDSRUJpQHURGHSXQWRV
SRUFHQWXDOHVDIDYRUGHODVPXMHUHV\FRQHVWHUHVXOWDGRHVOD~QLFD]RQDTXHSUHVHQWDHVWDVLWXDFLyQ
(Q OD ]RQD &DUUDVFR,VLERUR&RFDSDWD TXH QR HVWi FRQIRUPDGD SRU QLQJ~Q PXQLFLSLR FDSLWDOLQR
GHLPSRUWDQFLDSUHVHQWDHQSURPHGLRGHWDVDGHDVLVWHQFLDHVFRODU([DFWDPHQWHGHORV
PXQLFLSLRVTXHFRQIRUPDQHVWD]RQDWLHQHQPHQRVGHGHDVLVWHQFLDDXQHVWDEOHFLPLHQWRHVFRODU
GHVWDFDQHQSDUWLFXODUORVPXQLFLSLRVGHODSURYLQFLD&DUUDVFRGHOGHSDUWDPHQWRGH&RFKDEDPED
/DWDVDGHDVLVWHQFLDXUEDQDHQSURPHGLRHVGHFRQXQDEUHFKDGHELGDDJpQHURGHSXQWRV
SRUFHQWXDOHVDIDYRUGHODVPXMHUHVHQHVWHFDVRTXHGDUtDQUHHMDGRVORVPXQLFLSLRVGH7LTXLSD\D\
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
6DFDEDODWDVDGHDVLVWHQFLDUXUDOHQSURPHGLRHVGHFRQXQDEUHFKDGHELGDDJpQHURGH
SXQWRVSRUFHQWXDOHVDIDYRUGHORVKRPEUHV
/D]RQD<XQJDVGH/D3D]$OWR%HQL0DQLTXLHQSURPHGLRSUHVHQWDXQDWDVDWRWDOGHDVLVWHQFLDGH
DXQTXHHQHVWD]RQDVHHQFXHQWUDHOPXQLFLSLRFDSLWDOGHOGHSDUWDPHQWRGH/D3D]VXUHVXOWDGR
QRDIHFWDHOSURPHGLRJHQHUDOGHOD]RQD
6yORHOGHORVPXQLFLSLRVGHHVWD]RQDWLHQHXQDWDVDGHDVLVWHQFLDPHQRUDO6DQ%RUMD$\R
SD\D\7DSDFDUt
/DWDVDGHDVLVWHQFLDHVFRODUHQHOiUHDXUEDQDWLHQHXQSURPHGLRGHFRQXQSRUFHQWDMHPD\RU
GHKRPEUHVTXHPXMHUHVHQFDPELRHQHOiUHDUXUDOODWDVDGHDVLVWHQFLDHQSURPHGLRHVGH
WDPELpQFRQXQPD\RUQ~PHURGHKRPEUHVTXHPXMHUHVSXQWRVSRUFHQWXDOHVGHGLIHUHQFLD
7RWDO=RQD
7RWDO=RQD
7RWDO=RQD
7RWDO=RQD
7RWDO&$0
0XMHUHV
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
1LYHOGHLQVWUXFFLyQDOFDQ]DGR
5HIHULGRDOGLIHUHQWHQLYHOGHLQVWUXFFLyQTXHKDDOFDQ]DGRODSREODFLyQGHRPiVDxRVGHHGDGGHVGHQLQ
JXQRKDVWDHOVXSHULRU
(QSURPHGLRHOPD\RUQLYHOGHLQVWUXFFLyQDOFDQ]DGRHQWRGDHOiUHDGHO&$0\VXiUHDGHLQXHQFLDSRUOD
SREODFLyQGHRPiVDxRVGHHGDGHVHOGHSULPDULDFRQXQSRUFHQWDMHGHVHJXLGRHQRUGHQGHLP
SRUWDQFLDGHQLQJ~QQLYHO\GHVSXpVSRUODVHFXQGDULDWDOFRPRVHDSUHFLDHQODJXUD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ1LYHOGHLQVWUXFFLyQDOFDQ]DGR
(OQLYHOVXSHULRUVRODPHQWHSXHGHVHUDOFDQ]DGRHQODVWUHVSULPHUDV]RQDVSRUODLQXHQFLDGHORVPXQLFLSLRV
XUEDQRVGHQWURODVPLVPDV
/RVUHVXOWDGRVSRU]RQDGHDQiOLVLVVHPXHVWUDQUHVXPLGRVHQODWDEODVLJXLHQWH
7DEOD1LYHOGHLQVWUXFFLyQDOFDQ]DGRVHJ~Q]RQDGHDQiOLVLV
=RQDV
=RQD
=RQD
=RQD
=RQD
7RWDO&$0
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
3UiFWLFDPHQWHHQWRGDVODV]RQDVVHUHSLWHHOUHVXOWDGRJHQHUDOREWHQLGRGHOiUHDGHLQXHQFLDGHO&$0~QLFD
PHQWHHQOD]RQD$SROREDPED0DGLGLORVTXHQRKDQDOFDQ]DGRQLQJ~QJUDGRGHLQVWUXFFLyQGXSOLFDQOD
SREODFLyQGHRPiVDxRVGHOD]RQD$PERUy(QWRGRFDVRODSULPDULDWLHQHHQODVFXDWUR]RQDVHOPD\RU
SRUFHQWDMHGHWRGRVORVQLYHOHVGHLQVWUXFFLyQ
3URPHGLRGHDxRVGHHVWXGLR
(VWiUHIHULGRDOFRFLHQWHGHODVXPDWRULDUHVXOWDQWHGHORV[FXUVRVDQXDOHVDSUREDGRVSRUODSREODFLyQGH
RPiVDxRVGHHGDGHQWUHODSREODFLyQGHOPLVPRJUXSRGHHGDG
(QJHQHUDOHOUHVXOWDGRDOFDQ]DGRHQSURPHGLRSDUDHVWHLQGLFDGRUHVGHSDUDHOiUHDWRWDOGHO&$0\VX
iUHDGHLQXHQFLD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ$xRVSURPHGLRGHHVWXGLRSRUiUHDGHUHVLGHQFLDVHJ~QJpQHUR
1RWRULDPHQWHHQODJXUDSUHFHGHQWHVHDGYLHUWHQODVGLIHUHQFLDVGHHVWHLQGLFDGRUSRUiUHDGHUHVLGHQFLD\
WDPELpQSRUJpQHURTXHHQWRGRVORVFDVRVDOFDQ]DXQDEUHFKDLQFOXVRGHPiVGHGRVSXQWRVSRUFHQWXDOHV3RU
VXSXHVWRORVKRPEUHVTXHUHVLGHQHQHOiUHDXUEDQDVRQORVTXHPD\RUSURPHGLRGHDxRVGHHVWXGLRORJUDQ
SHURHQSDUWLFXODUHVWHUHVXOWDGRHVHOUHVXOWDGRGHHVFDVRVPXQLFLSLRVGHFDUiFWHUQHWDPHQWHXUEDQRGHODVWUHV
SULPHUDV]RQDV
3RU]RQDGHDQiOLVLVORVUHVXOWDGRVQRYDUtDQPXFKRLQFOXVRHQOD~OWLPD]RQDTXHHVODGHPiVGHWULPHQWRHQ
ORVGLIHUHQWHVVHFWRUHV
7DEOD3URPHGLRGHDxRVGHHVWXGLRSRUiUHD\JpQHURVHJ~Q]RQDGHDQiOLVLV
=RQDV
$xRVSURPHGLRGHHVWXGLR
7RWDO
$xRVSURPHGLRGHHVWXGLR $xRVSURPHGLRGHHVWXGLR
UHDXUEDQD
UHDUXUDO
=RQD
=RQD
=RQD
=RQD
7RWDO
+RPEUHV
0XMHUHV
7RWDO
+RPEUHV
0XMHUHV
7RWDO
+RPEUHV
0XMHUHV
7RWDO&$0
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)HFXQGLGDGPRUWDOLGDG\6DOXG
(QHVWDVHFFLyQVHUHYLVDQDOJXQRVLQGLFDGRUHVGHVDOXGDVtFRPRWDPELpQDOJXQRVRWURVTXHWDPELpQDWDxHQD
ODGHPRJUDItDFRPRODHVSHUDQ]DGHYLGDOD7DVD*OREDOGH)HFXQGLGDG7*)\7DVDGH0RUWDOLGDGLQIDQWLO
70,
/DWDEODUHVXPHODVLWXDFLyQHQHVWHVHFWRUSRU]RQDGHDQiOLVLVHOGHWDOOHPXQLFLSDOSRU]RQDGHDQiOLVLVVH
HQFXHQWUDHQHODQH[RHVWDGtVWLFRFRUUHVSRQGLHQWHDHVWHFDStWXOR
7DEOD)HFXQGLGDGPRUWDOLGDG\VDOXGSRU]RQDGHDQiOLVLV
=RQDV
(VSHUDQ]D
GHYLGD
70,
7DVDJOREDOGH
IHQFXQGLGDG
=RQD
=RQD
=RQD
=RQD
7RWDO&$0
$WHQFLyQGHO
$WHQFLyQGHO~OWLPRSDUWRSRU
~OWLPRSDUWRHQ
SHUVRQDOPpGLFRHQIHUPHUD
HVWDEOHFLPLHQWRV
RDX[LOLDUGHHQIHUPHUtD
GHVDOXG
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
(QJHQHUDOODHVSHUDQ]DGHYLGDSURPHGLRSDUDHOiUHDWRWDOGHO&$0\VXiUHDGHLQXHQFLDHVGHDxRV
SRUGHEDMRGHODHVSHUDQ]DGHYLGDQDFLRQDOTXHHVGHDxRVODWDVDGHPRUWDOLGDGLQIDQWLOHVGHFDVLQLxRV
PHQRUHVGHXQDxRSRUFDGDPLOQDFLGRVYLYRVTXHHQUHDOLGDGHVXQDFLIUDLQWHUPHGLDGHPRUWDOLGDGHQWUHHOiUHD
XUEDQD\HOiUHDUXUDOGHOSDtV\ODWDVDJOREDOGHIHFXQGLGDGDOFDQ]DDKLMRVTXHHQSURPHGLRWHQGUtDXQD
PXMHUGXUDQWHVXYLGDIpUWLOODFXDOWDPELpQOOHJDDVHUXQDFLIUDSURPHGLRHQWUHHOiUHDXUEDQD\HOiUHDUXUDO
(VFDVDPHQWHHQSURPHGLRHOGHODVPXMHUHVHQHO&$0KDWHQLGRXQSDUWRDWHQGLGRHQXQHVWDEOH
FLPLHQWRGHVDOXG\XQSRUFHQWDMHSURPHGLRDOJRPD\RUHOGHHOODVKDWHQLGRXQSDUWRDVLVWLGRFRQ
SHUVRQDOGHVDOXGHVSHFLDOL]DGR
$OUHGHGRUGHOGHODVPXMHUHVKDGDGRDOX]HQDOJ~QHVWDEOHFLPLHQWRGHVDOXG\HOKDWHQLGRVX
SDUWRDWHQGLGRFRQSHUVRQDOGHVDOXGHVSHFLDOL]DGR3RUWDQWRHQHVWD]RQDVHKDORJUDGRXQDPD\RUGLIXVLyQ
GHSURJUDPDVGHVDOXGVH[XDO\UHSURGXFWLYD
QLFDPHQWHHOPXQLFLSLRGH*HQHUDO6DDYHGUDHVHOTXHVDOHGHHVWHHVTXHPDFRQXQDPHQRUHVSHUDQ]D
GHYLGDDxRVPD\RUWDVDGHPRUWDOLGDGLQIDQWLOSRUFDGDPLOQDFLGRVYLYRV\KLMRVSRUFDGD
PXMHUHQHGDGIpUWLOSHURFRQUHVSHFWRDODDWHQFLyQHQXQHVWDEOHFLPLHQWRGHVDOXG\FRQSHUVRQDOVDQLWDULR
SUHVHQWDSRUFHQWDMHVVXSHULRUHVDO
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$XQTXHWDQWRHOSURPHGLRGHOSRUFHQWDMHGHDWHQFLyQGHO~OWLPRSDUWRHQHVWDEOHFLPLHQWRVGHVDOXGFRPR
VXDWHQFLyQSRUSHUVRQDOVDQLWDULRHVVXSHULRUDOSURPHGLRJHQHUDOSDUDWRGDHOiUHDGHO&$0WRGDYtDVRQ
SRUFHQWDMHVTXHQRDOFDQ]DQQLDO
(QHVWD]RQDVyORORVPXQLFLSLRVGHFDUiFWHUPiVXUEDQR\FHUFDQRVDOPXQLFLSLRFDSLWDOGHGHSDUWDPHQWR
VRQORVTXHVHHQFXHQWUDQHQPHMRUVLWXDFLyQFRQUHVSHFWRDHVWRVLQGLFDGRUHVHOORVVRQ7LTXLSD\D\6DFDED
(OUHVWRGHORVPXQLFLSLRVHQHVSHFLDO0RURFKDWD7RWRUD\3RFRQDSUHVHQWDQUHVXOWDGRVDODUPDQWHVFRQXQD
HVSHUDQ]DGHYLGDGHDxRVXQDWDVDGHPRUWDOLGDGLQIDQWLOGHSRUFDGDPLOQDFLGRVYLYRV\XQDWDVD
JOREDOGHIHFXQGLGDGGHKLMRVSRUFDGDPXMHUHQHGDGIpUWLODVLPLVPRHQQLQJXQRGHORVPXQLFLSLRV
ODDWHQFLyQGHO~OWLPRSDUWRGHODVPXMHUHVGHRPiVDxRVVXSHUDHO
1LHQDWHQFLyQGHO~OWLPRSDUWRHQHVWDEOHFLPLHQWRVGHVDOXGQLSRUSHUVRQDOPpGLFRHVSHFLDOL]DGRHOSRU
FHQWDMHHQSURPHGLRGHPXMHUHVPD\RUHVGHDxRVDOFDQ]DDO
/RVFDVRVPiVFUtWLFRVVRQORVPXQLFLSLRVGH$\RSD\D\7DSDFDUtGHOGHSDUWDPHQWRGH&RFKDEDPEDFRQ
XQDHVSHUDQ]DGHYLGDGHDOUHGHGRUGHORVDxRVWDVDVGHPRUWDOLGDGLQIDQWLOVXSHULRUHVDORVQLxRV
PHQRUHVGHXQDxRSRUFDGDPLOTXHQDFHQYLYRV\WDVDVJOREDOHVGHIHFXQGLGDGSRUHQFLPDGHORVKLMRV
(PSOHR
(QHVWDVXEVHFFLyQVHDQDOL]DQDOJXQRVLQGLFDGRUHVUHODFLRQDGRVFRQHOVHFWRUWDOHVFRPRRIHUWDSRWHQFLDO23
WDVDGHLQDFWLYLGDG7,WDVDJOREDOGHSDUWLFLSDFLyQ7*3WDVDGHRFXSDFLyQ72WDVDGHGHVHPSOHRDELHUWR
7'$WDVDGHFHVDQWtD7&HtQGLFHGHGHSHQGHQFLDHFRQyPLFD,'((OGHWDOOHPXQLFLSDOSRU]RQDGHDQiOLVLV
VHHQFXHQWUDHQHODQH[RHVWDGtVWLFRFRUUHVSRQGLHQWHDHVWHFDStWXOR
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
/DSREODFLyQWRWDOFRQVLGHUDGDSDUDHVWHVHFWRUHQWRGDHOiUHDGHO&$0\VXiUHDGHLQXHQFLDDOFDQ]DD
SHUVRQDVGHODVFXDOHVODSREODFLyQHQHGDGGHWUDEDMDU3(7HVGHSHUVRQDVRORTXHHVORPLVPR
UHSUHVHQWDHOGHODSREODFLyQWRWDOFRP~QPHQWHGHQRPLQDGRRIHUWDSRWHQFLDO/DWDVDJOREDOGHSDU
WLFLSDFLyQTXHHVHOFRFLHQWHHQWUHODSREODFLyQHFRQyPLFDPHQWHDFWLYD3($\OD3(7DOFDQ]DDXQ
ODWDVDGHLQDFWLYLGDGTXHHVHOFRFLHQWHHQWUHODSREODFLyQHFRQyPLFDPHQWHLQDFWLYD3(,\OD3(7DOFDQ]DD
ODWDVDGHRFXSDFLyQTXHUHODFLRQDODSREODFLyQRFXSDGDFRQOD3($HVGH
(OtQGLFHGHGHSHQGHQFLDHFRQyPLFDTXHHVHOFRFLHQWHHQWUHODSREODFLyQPHQRUGHDxRVPiVODSREODFLyQ
LQDFWLYDHQWUHODSREODFLyQHFRQyPLFDPHQWHDFWLYDPXHVWUDTXHKD\SHUVRQDVGHSHQGLHQWHVSRUFDGD
SHUVRQDVHFRQyPLFDPHQWHDFWLYDV
(VWRVUHVXOWDGRVJHQHUDOHVDGHPiVGHORVUHDOL]DGRLQGHSHQGLHQWHPHQWHSRU]RQDVGHDQiOLVLVVRFLRHFRQyPLFR
VHDSUHFLDQHQODWDEOHGHVtQWHVLVVLJXLHQWH
7DEOD,QGLFDGRUHVGHHPSOHRSRU]RQDGHDQiOLVLV
=RQDV
23
7,
7*3
72
7'$
7&
,'(
=RQD
=RQD
=RQD
=RQD
7RWDO&$0
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
'RQGH
23
7,
7*3
72
7'$
7&
,'(
2IHUWDSRWHQFLDO3(737
7DVDGHLQDFWLYLGDG3(,3(7
7DVDJOREDOGHSDUWLFLSDFLyQ3($3(7
7DVDGHRFXSDFLyQ3REODFLyQRFXSDGD3($
7DVDGHGHVHPSOHRDELHUWD3REODFLyQGHVRFXSDGD3($
7DVDGHFHVDQWtD3REODFLyQFHVDQWH3($
QGLFHGHGHSHQGHQFLDHFRQyPLFD3(173(,3($
&RPRVHDSUHFLDHQODWDEODSRFDVGLIHUHQFLDVHQFXDQWRDHVWRVLQGLFDGRUHVVHDSUHFLDQHQWUHODVFXDWUR]RQDV
GHDQiOLVLVVyOROD]RQD&DUUDVFR,VLERUR&RFDSDWDHVODTXHPHQRURIHUWDSRWHQFLDOWLHQHSHURHOUHVWRGH
ORVLQGLFDGRUHVPDQWLHQHXQSDWUyQVLPLODUDOUHVWRGHODVRWUDViUHDVORPLVPRRFXUUHFRQORVLQGLFDGRUHVHQ
ORVPXQLFLSLRVGHFDGD]RQD
(QFXDQWRDODDFWLYLGDGRFXSDFLRQDOHQODWDEODVHREVHUYDTXHHQJHQHUDOSDUDWRGDHOiUHDGHO&$0\VX
iUHDGHLQXHQFLDODDFWLYLGDGPiVLPSRUWDQWHDODTXHVHGHGLFDHVWDSREODFLyQHVODLQGXVWULDPDQXIDFWXUHUD
FRQVWUXFFLyQ\FRPHUFLRVHJXLGDHQRUGHQGHLPSRUWDQFLDSRUODDJULFXOWXUDJDQDGHUtDFD]DSHVFD
\VLOYLFXOWXUDHOUHVWRGHODVRWUDVDFWLYLGDGHVRFXSDFLRQDOHVQRSDVDGHO
3REODFLyQGHRPiVDxRVGHHGDG
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'HVGHOXHJRSRU]RQDGHDQiOLVLVODVLWXDFLyQHVGLIHUHQWHSRUFDGDXQDWDOFRPRVHSXHGHDSUHFLDUHQODWDEOD
6HUYLFLRVDORVKRJDUHV\
VHUYLFLRGRPpVWLFR
=RQD
=RQD
7RWDO&$0
6LQHVSHFLFDU
6HUYLFLRVFRPXQLWDULRV
VRFLDOHVVDOXG\SHUVR
QDOHV
7UDQVSRUWHDOPDFHQD
PLHQWRFRPXQLFDFLRQHV
(GXFDFLyQ
+RWHOHV\UHVWDXUDQWHV
=RQD
$GPLQLVWUDFLyQS~EOLFD
(OHFWULFLGDGJDV\DJXD
6HUYLQPRELOLDULRVHP
SUHVDULDOHV\GHDOTXLOHU
LQWHUPHGLDFLyQQDQFLHUD
([SORWDFLyQGHPLQDV\
FDQWHUDV
=RQD
=RQDV
727$/
$JULFXOWXUDJDQDGHUtD
FD]DSHVFD\VLOYLFXOWXUD
,QGXVWULDPDQXIDFWXUHUD
FRQVWUXFFLyQ\FRPHUFLR
7DEOD$FWLYLGDGRFXSDFLRQDOSRU]RQDGHDQiOLVLV
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
$QDOL]DQGRVyORORVPXQLFLSLRVFRQSREODFLyQSULQFLSDOPHQWHUXUDOVHLQYLHUWHHOSDWUyQWHQLHQGRXQDSUH
GRPLQDQFLDGHODDFWLYLGDGDJUtFRODJDQDGHUDFD]DSHVFD\VLOYLFXOWXUDGHODSREODFLyQ
$QDOL]DQGRVyORORVPXQLFLSLRVFRQSREODFLyQSULQFLSDOPHQWHUXUDOVHPDQWLHQHHOPLVPRSDWUyQGHDFWL
YLGDGHVSULQFLSDOHVVyORTXHHOSRUFHQWDMHGHODSREODFLyQTXHVHGHGLFDDODDFWLYLGDGDJUtFRODJDQDGHUD
FD]DSHVFD\VLOYLFXOWXUDVXEHDO
$QDOL]DQGRVyORORVPXQLFLSLRVFRQSREODFLyQSULQFLSDOPHQWHUXUDOVHLQYLHUWHHOSDWUyQWHQLHQGRXQDSUH
GRPLQDQFLDGHODDFWLYLGDGDJUtFRODJDQDGHUDFD]DSHVFD\VLOYLFXOWXUDGHODSREODFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
/RVPXQLFLSLRVGH$FKDFDFKL7DFDFRPD\3HOHFKXFRSUHVHQWDQORVtQGLFHVPiVEDMRVSDUDODVDFWLYLGDGHVDJUt
FRODVJDQDGHUDV\IRUHVWDOHVHVWRSRGUtDH[SOLFDUVHGHELGRDTXH$FKDFDFKLHVXQPXQLFLSLRGRQGHH[LVWHPD\RU
GLYHUVLFDFLyQHQFXDQWRDRFXSDFLRQHVVHUHHUHSRURWURODGRHQORVPXQLFLSLRVGH7DFDFRPD\3HOHFKXFR
ODDFWLYLGDGPLQHUDMXHJDXQUROLPSRUWDQWHHOGHODSREODFLyQHFRQyPLFDPHQWHDFWLYDGH7DFDFRPDVH
GHGLFDDHVWDDFWLYLGDGPLHQWUDVTXHHQ3HOHFKXFRHVWHYDORUDOFDQ]DHO
3REUH]DHtQGLFHGHGHVDUUROORKXPDQR,'+
(QHVWDVXEVHFFLyQVHDQDOL]DODSREUH]DH[LVWHQWHHQHOiUHDWRWDOGHO&$0PHGLGDSRUHOPpWRGRGHQHFH
VLGDGHVEiVLFDVLQVDWLVIHFKDV1%,HOFXDOUHHMDODSREUH]DHVWUXFWXUDOGHELGRDODFDUHQFLDGHVDWLVIDFWRUHV
FRQVLGHUDGRVFRPREiVLFRVWDOHVFRPRGHFLHQFLDHQORVPDWHULDOHVXVDGRVHQODFRQVWUXFFLyQGHODYLYLHQGD
WHQHQFLDGHVHUYLFLRVEiVLFRV\DFFHVRDVHUYLFLRVGHHGXFDFLyQ\VDOXG
7DPELpQVHUHYLVDDOPLVPRWLHPSRODVLWXDFLyQGHOtQGLFHGHGHVDUUROORKXPDQRHQFDGDXQRGHORVPXQLFLSLRV
TXHFRQIRUPDQHOiUHDGHLQXHQFLD(OGHWDOOHPXQLFLSDOSRU]RQDGHDQiOLVLVGHDPERVLQGLFDGRUHVVHHQFXHQWUD
HQHODQH[RHVWDGtVWLFRFRUUHVSRQGLHQWHDHVWHFDStWXOR
1HFHVLGDGHVEiVLFDVLQVDWLVIHFKDV1%,
/RVQLYHOHVGHSREUH]DHQJHQHUDOSDUDHOSDtVVRQHOHYDGRVVHREVHUYDTXHXQDSDUWHFRQVLGHUDEOHGHODSREOD
FLyQHVSHFLDOPHQWHHQHOiUHDUXUDOWLHQHQLQVDWLVIHFKDVVXVQHFHVLGDGHVHOHPHQWDOHVDOQRFRQWDUFRQDFFHVR
DGHFXDGRDORVVHUYLFLRVEiVLFRVHGXFDFLyQVDOXG\RYLYLHQGD
(OtQGLFHGHLQFLGHQFLDGHSREUH]DRWDPELpQFRQRFLGRFRPRSRUFHQWDMHGHSREUHVDQLYHOGHO&RUUHGRU$PERUy
0DGLGLPXHVWUDXQDPDUFDGDGLIHUHQFLDHQWUHPXQLFLSLRVGHFDUiFWHUXUEDQR\PXQLFLSLRVGHFDUiFWHUUXUDO/RV
PXQLFLSLRVGH6DQWD&UX]\/D3D]HQORVFXDOHVFDVLHOGHVXSREODFLyQHVXUEDQDVRQORVTXHSUHVHQWDQ
XQDPHQRULQFLGHQFLDGHSREUH]DPLHQWUDVTXHGHORVPXQLFLSLRVGHO&$0WLHQHQGHELOLGDGHVIXHUWHV
SDUDFXEULUVXVQHFHVLGDGHVEiVLFDV\DTXHORVSRUFHQWDMHVRVFLODQHQWUHD7DPELpQVHSXHGHGHFLU
TXHODSREUH]DVHFRQFHQWUDD~QPiVHQORVPXQLFLSLRVPiVUHODFLRQDGRVFRQOD]RQDGHLQXHQFLDGHWLHUUDV
DOWDVGHO&$0DOPHQRVPXQLFLSLRVTXHVHXELFDQHQHVWD]RQDWLHQHQORVPD\RUHVSRUFHQWDMHVGHSREODFLyQ
FRQQHFHVLGDGHVEiVLFDVLQVDWLVIHFKDVHQWUHHODOYHUPDSD
7DEOD,QFLGHQFLDGHSREUH]DSRUWLSRGHXUEDQL]DFLyQGHORVPXQLFLSLRVHQHO&$0
&DWHJRUtDGH0XQLFLSLRV
5DQJRGHYDULDFLyQ
GHO1%,
&HQWURXUEDQR6DQWD&UX]
&HQWURXUEDQR/D3D]
0XQLFLSLRVSULQFLSDOPHQWHXUEDQRV
0XQLFLSLRVLQWHUPHGLRV
0XQLFLSLRVUXUDOHV
1RGH0XQLFLSLRVHQ
HVWHUDQJR
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
(QJHQHUDOSDUDWRGDHOiUHDGHLQXHQFLDGHO&$0ODLQFLGHQFLDGHSREUH]DRSRUFHQWDMHGHSREUHVHVGH
TXHVHXELFDPD\RUPHQWHHQHOHVWUDWRGHSREUH]DPRGHUDGD$XQTXHORVSRUFHQWDMHVSRU]RQDGHDQi
OLVLVVRFLRHFRQyPLFRVRQGLIHUHQWHV
9pDVH8'$362HWDO
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHO,1(
)LJ,QFLGHQFLDGHSREUH]D1%,
(QOD]RQD$PERUyHOSRUFHQWDMHGHSREUH]DHVHOPiVEDMRGHWRGDVODV]RQDVORFXDOHV
UHOHYDQWHGDGRHOSHVRSREODFLRQDOTXHWLHQHHVWD]RQDSRUODLQXHQFLDGHOPXQLFLSLRFDSLWDOGHOGHSDU
WDPHQWRGH6DQWD&UX]/DPD\RUtDGHHVWRVSREUHVVHXELFDQHQHOHVWUDWRGHSREUH]DPRGHUDGD6LQ
HPEDUJRORVSRUFHQWDMHVGHSREUH]DGHORVGLVWLQWRVPXQLFLSLRVHQHOiUHDVRQPX\GLIHUHQWHVRVFLODQGR
GHVGHHO6DQWD&UX]GHOD6LHUUDKDVWDHO6DQWD5RVDGHO6DUD
(QOD]RQD&DUUDVFR,VLERUR&RFDSDWDHOSRUFHQWDMHGHSREUHVDXPHQWDFRQVLGHUDEOHPHQWHHQUHOD
FLyQDOD]RQDSXQWRVSRUFHQWXDOHVTXHPD\RUPHQWHVHFRQFHQWUDQHQORVHVWUDWRVGHSREUH]D
PRGHUDGDHLQGLJHQWH
/RVSRUFHQWDMHVGHSREUH]DGHORVGLVWLQWRVPXQLFLSLRVGHHVWD]RQDYDQGHVGHHO7LTXLSD\D
KDVWD/RUHWR
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
8QPD\RUGHWDOOHHQFXDQWRDHVWRVUHVXOWDGRVFRQHVWUDWRVGHSREUH]D\GHVDWLVIDFFLyQGHQHFHVLGDGHVEiVLFDV
VHDSUHFLDHQHOFXDGURUHVXPHQSRU]RQDGHDQiOLVLV
7DEOD,QFLGHQFLDGHSREUH]DSRU]RQDGHDQiOLVLV
=RQDV
3RUFHQWDMH
3REHQ
GHSREUHV
KRJDUHV
SRU1%,
SDUWLFXODUHV
1RSREUHV
1HFHVLGDGHV
EiVLFDV
VDWLVIHFKDV
=RQD
=RQD
=RQD
=RQD
7RWDO&$0
3REUHV
)XHQWH,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD&HQVR/D3D]%ROLYLD
QGLFHGH'HVDUUROOR+XPDQR,'+
2WURLQGLFDGRUTXHDSR\DORVUHVXOWDGRVHQFRQWUDGRVKDVWDHOPRPHQWRHVHO,QGLFHGH'HVDUUROOR+XPDQR,'+
(VWHtQGLFHPLGHFLHUWRVORJURVHQPDWHULDGHVDOXGHGXFDFLyQHLQJUHVRVSRUORTXHVHORREWLHQHKDFLHQGRXQ
SURPHGLRVLPSOHGHHVWDVWUHVGLPHQVLRQHV\HVWHXFW~DHQWUH\
(O,'+QDFLRQDOHVGHVHJ~QHO318'%ROLYLDHOFXDOKDVLGRFDOFXODGRVREUHODEDVHGHGDWRV
PXQLFLSDOHV\XELFDDOSDtVHQXQQLYHOPHGLRGHGHVDUUROORKXPDQR'HVDJUHJDQGRORVLQGLFDGRUHVQDFLRQDOHV
HOIDFWRUHGXFDWLYRHVHOPiVDOWRHQUHODFLyQDORVRWURVLQGLFDGRUHVFRQXQtQGLFHGHHOFRPSRQHQWHGH
VDOXGOOHJDD\SRU~OWLPRHOLQGLFDGRUGHLQJUHVRVHVLJXDOD\HVHOtQGLFHPiVGHVDOHQWDGRUFRQ
XQQLYHOGHGHVDUUROORKXPDQRGHPHGLRDEDMR318'%ROLYLD
(QHOiUHDGHLQXHQFLDGHO&$0HO,'+SURPHGLRGHWRGRVORVPXQLFLSLRVTXHFRQIRUPDQHOiUHDHVGH
VLHQGRLJXDOPHQWHHOtQGLFHGHHGXFDFLyQHOPiVIDYRUDEOHDXQTXHLQGLFDXQYDORUSRUGHEDMRGHOQLYHOPHGLR
FRQ(OFRPSRQHQWHGHVDOXGRGHHVSHUDQ]DGHYLGDFRQXQYDORUGHVHHQFXHQWUDPX\FHUFDGHO
QLYHOPHGLR\QDOPHQWHHOLQGLFDGRUGHLQJUHVRVTXHDOLJXDOGHOYDORUQDFLRQDOWLHQHXQtQGLFHPX\EDMRFRQ
XQYDORUSURPHGLRGH
$QLYHOGHODVGLVWLQWDV]RQDVGHDQiOLVLVVRFLRHFRQyPLFRGHO&$0HO,'+SDUDOD]RQD$PERUyHVHOPiV
DOWR\HOPiVFHUFDQRDOYDORUQDFLRQDOFRQXQSURPHGLRGHPLHQWUDVTXHORVPXQLFLSLRVTXHFRQIRUPDQ
OD]RQD$SROREDPED0DGLGLWLHQHQXQ,'+GHPX\SRUGHEDMRGHOUHVWR9HUVLJXLHQWHWDEOD\WDP
ELpQPDSD
7DEODQGLFHGHGHVDUUROORKXPDQRSRU]RQDGHDQiOLVLV
=RQDV
(VSHUDQ]D
7DVDGH
3URPHGLR
GH9LGDDO DOIDEHWLVPR GHHVFROD
1DFHU
DGXOWRV
ULGDG
7DVDGH
PDWULFXOD
FLyQQHWD
&RQVXPR
SHUFiSLWD
33$
XVDxR
'HV
QGLFHGH
QGLFH
LJXDOGDG HVSHUDQ]D
GH
GHYLGD
HGXFDFLyQ
QGLFH
GH
FRQVXPR
,'+
=RQD
=RQD
=RQD
=RQD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
7RWDO
&$0
%ROLYLD
9LQFXODFLyQWHUULWRULDO
9LQFXODFLyQWHUULWRULDOSRUFDPLQRV,QIUDHVWUXFWXUDYLDO
&RPSDUDQGRODUHGYLDOGHRWUDVUHJLRQHVGHOSDtVVHSRGUtDGHFLUTXHHOiUHDGHO&$0FXHQWDFRQXQDEXHQD
LQIUDHVWUXFWXUDYLDOYHUPDSDORVWUDPRVSULQFLSDOHVTXHYLQFXODQDOiUHDFRQGLIHUHQWHVFHQWURVSREODGRV
VRQ
7UDPR6DQWD&UX]&KDSDUH&RFKDEDPED/D3D]XQHODVWUHVFLXGDGHVSULQFLSDOHVGHOSDtV
5XWDDQWLJXD6DQWD&UX]&RFKDEDPED\DDOJRGHWHULRUDGDVLQHPEDUJRIXQFLRQDFRPRYtDLPSRUWDQWHSDUD
HOWUiQVLWRORFDO\FRPRYtDDOWHUQDWLYDGHFRQH[LyQ
(O7UDPR/D3D]$FKDFDFKLQRSDVDGLUHFWDPHQWHSRUHOiUHDGHO&$0VLQHPEDUJRHVOD~QLFDYtDWUDQVL
WDEOHTXHGHVSXpVFRQWLQ~DHQGLIHUHQWHVFODVHVGHFDPLQRVVHFXQGDULRVKDVWDOOHJDUDORFDOLGDGHVXELFDGDV
GHQWURGHO&$0FRPR&KDUD]DQL\$SROR
(QORVGHSDUWDPHQWRVGH/D3D]\%HQLVHFRQFHQWUDQXQDVHULHGHFDPLQRVVHFXQGDULRVTXHVLQGXGDDOJXQD
IRUPDQXQHMHIXQGDPHQWDOSDUDHOGHVDUUROORHFRQyPLFRGHODVSREODFLRQHVDVHQWDGDVGHQWURGHOiUHDGHO&$0
HQWUHHOORVVHSXHGHQFLWDU
7UDPR /D 3D]<DQDFDFKL,UXSDQD4XLPH HVWH WUDPR XQH D YDULDV SREODFLRQHV DQWLJXDV \ WUDGLFLRQDOHV
SULQFLSDOPHQWHGHODVSURYLQFLDV6XU<XQJDVH,QTXLVLYL(VXQDYtDPX\SRFRWUDQVLWDGD
7UDPR/D3D]&DUDQDYL<XFXPRDSHVDUGHVHUXQFDPLQRVHFXQGDULRVHSXHGHFRQVLGHUDUFRPRXQWUDPR
WURQFDOSDUDHOGHVDUUROOR\DTXHFRQHFWDXQDVHULHGHPXQLFLSLRVDGHPiVHVHOYtQFXORSULQFLSDOKDFLDOD
FLXGDGGH/D3D]GHVGHPXFKDVSREODFLRQHVGHO%HQL$OVHUXQFDPLQRFROHFWRUVHREVHUYDXQDJUDQWUDQ
VLWDELOLGDGYHKLFXODU
<XFXPR6DQ%RUMD7ULQLGDGHVXQHMHLPSRUWDQWHGHYLQFXODFLyQHQHOGHSDUWDPHQWRGHO%HQLHOWUiQVLWR
SULQFLSDOVHHQFXHQWUDHQWUH<XFXPR\6DQ%RUMD
<XFXPR5XUUHQDEDTXH6DQ%XHQD9HQWXUD,[LDPDVHVWHWUDPRVHKDFRQYHUWLGRHQXQHMHSULQFLSDOSDUDHO
GHVDUUROORWXUtVWLFR\HFRQyPLFRHVSHFLDOPHQWHGHO0XQLFLSLRGH5XUUHQDEDTXHTXHHQORV~OWLPRVDxRV
KDPRVWUDGRXQPRYLPLHQWRHFRQyPLFRQRWDEOH
/DLQWHUVHFFLyQGHOFDPLQRSRUHOUtR%HQLTXHGLYLGHDODVSREODFLRQHVGH6DQ%XHQDYHQWXUD\5XUUHQD
EDTXHDSDUHQWHPHQWHKDVLJQLFDGRXQDEDUUHUDSDUDHOGHVDUUROORHFRQyPLFRGHORVPXQLFLSLRVGH6DQ
%XHQDYHQWXUDH,[LDPDVDGHPiVGHODSRFDWUDQVLWDELOLGDGGHODYtDHQpSRFDGHOOXYLD(OWUiFRYHKLFXODU
HVFDVLQXOR
5XUUHQDEDTXH5H\HV6DQWD5RVDHVXQDYtDPX\SRFRWUDQVLWDGDSUHVHQWDGLFXOWDGGHDFFHVRHQpSRFDGH
OOXYLDV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
/RVFDPLQRVSXHGHQFRQVLGHUDUVHFRPRPHGLGRUHVSUR[LGHGHVDUUROORHFRQyPLFR\DOPLVPRWLHPSRGHOHVWDGR
GHFRQVHUYDFLyQGHOiUHDTXHORVFLUFXQGDHVDVtTXHHQHOPDSDGH5HG9LDOVHREVHUYDTXHODPD\RUtDGHODV
YtDVFDPLQHUDVWLHQHXQQLYHOGHLPSDFWRHOHYDGRDPX\HOHYDGRVREUHHOHVWDGRGHFRQVHUYDFLyQGHO&$0
PDQWHQLHQGRXQUDGLRGHLPSDFWRGLUHFWRGHDNPDOIDFLOLWDUODFRORQL]DFLyQFRPRHIHFWRGHERUGH
9LQFXODFLyQWHUULWRULDOSRUUtRV$FFHVRXYLDO
(OiUHDGHO&$0VHHQFXHQWUDVXUFDGDSRUXQDUHGKLGURJUiFDLPSUHVLRQDQWHVLQHPEDUJRHODFFHVRXYLDO
D]RQDVGHDOWDYDULDFLyQWRSRJUiFDHVFDVLLPSRVLEOH(QHVWHVHQWLGRHODFFHVRSRUUtRVVHGDHVSHFLDOPHQWH
KDFLDORV%RVTXHV3UHDQGLQRV\XQVHFWRUGHOD)DMD6XEDQGLQD
(O~QLFRUtRQDYHJDEOHGHLPSRUWDQFLDGHQWURGHO&$0HVHOUtR%HQLXQHORVGHSDUWDPHQWRVGH/D3D]\%HQL
UHDOL]DQGRSULQFLSDOPHQWHXQDFRQH[LyQFRPHUFLDOHQWUH5XUUHQDEDTXH6DQ%XHQDYHQWXUDKDFLD5LEHUDOWD
$SDUWLUGH3XHUWR9LOODUURHOHQ&RFKDEDPEDHOUtR,FKLORHVFRPHUFLDOPHQWHQDYHJDEOHWHQLHQGRXQDFRQH[LyQ
GLUHFWDFRQHOUtR0DPRUp(OWUDPRGHO,FKLORTXHVHXELFDGHQWURGHO&$0HVPHGLDQDPHQWHQDYHJDEOHVyOR
XWLOL]DGRSDUDQDYHJDFLyQORFDO\FRQHPEDUFDFLRQHVSHTXHxDV
/RVUtRVPHGLDQDPHQWHQDYHJDEOHVTXHUHDOL]DQFRQH[LRQHVORFDOHVVHLQGLFDQHQHOFXDGURVLJXLHQWH
7DEOD5tRVQDYHJDEOHVSULQFLSDOHV
'HSDUWDPHQWR
/D3D]
&RFKDEDPED
%HQL
6DQWD&UX]
1RPEUHGHO5tR
4XLTXLEH\7XLFKL\0DGLGL
&KDSDUH,VLERUR6pFXUH,FKRD6DMWD\&KLPRUp
0DQLTXL<DFXPD0DWRV&KHYHMHFXUH
<DSDFDQtH,FKLOR
2WURVUtRV\DUUR\RVTXHIRUPDQSDUWHGHODUHGXYLDOHQORV%RVTXHV3UHDQGLQRVIXQFLRQDQHQVXJUDQPD\RUtD
FRPRYtDVGHDFFHVRPHQRUHVDGLVWLQWDViUHDVGHO&$08QHMHPSORWtSLFRHVHOLQJUHVRGHFD]DGRUHVSRUUtRV
GHEDMRFDXGDOKDFLD]RQDVLQWHUHVDQWHVGHFDFHUtDRHOLQJUHVRSDUDH[WUDFFLyQGHPDGHUD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
6LVWHPDHFRQyPLFR\JHVWLyQGHORVUHFXUVRVQDWXUDOHVHQHO
&RUUHGRU$PERUy0DGLGL
2FXSDFLyQ\XVRKLVWyULFRGHOWHUULWRULR
9&KiYH] '4XLURJD
/DUHJLyQQRUWHGHO$PERUyHVWXYRLQLFLDOPHQWHSREODGDSRUFRPXQLGDGHVLQGtJHQDVFRPRORVVLULRQyV\XUD
FDUpV\XTXLV\ORVDUXZDJH/ODPDGRVSRVWHULRUPHQWH&KDQpVTXHOXHJRIXHURQGRPLQDGRVSRUORVJXDUDQt
(VWRVJUXSRVVRFLDOHVIXHURQSURJUHVLYDPHQWHDEVRUELGRVGXUDQWHODFRORQL]DFLyQHVSDxROD\SRVWHULRUPHQWHOD
5HS~EOLFDPLHQWUDVRWURVVHLQWHUQDURQKDFLDRWUDV]RQDVERVFRVDVXELFDGDVPiVDOQRUWH3027<DSDFDQt
$SDUWLUGHODxRVHLQLFLyXQSURFHVRSDXODWLQRGHFRORQL]DFLyQHQHOVHFWRUQRUWHGHO$PERUyHVSHFLDO
PHQWHHQHO0XQLFLSLRGH<DSDFDQt/RVSULPHURVFRORQL]DGRUHVIXHURQH[FRPEDWLHQWHVGHODJXHUUDGHO&KDFR
PD\RUPHQWH%HQLDQRV6LQHPEDUJRFRQODLPSOHPHQWDFLyQGHXQ3URJUDPDGH&RORQL]DFLyQDFDUJRGHOD
&RUSRUDFLyQ%ROLYLDQDGH)RPHQWR&%)TXHVHLQLFLyHQHODxRGHWRGDHVWDUHJLyQKDVLGRRFXSDGD
SULQFLSDOPHQWHSRUHPLJUDQWHVGHODUHJLyQRFFLGHQWDOGHO3DtV
3URGXFWRGHHVWHSURFHVRGHRFXSDFLyQGHOWHUULWRULRHVHOKHFKRTXHODPD\RUtDGHODSREODFLyQTXHRFXSDHO
VHFWRUQRUWHGHO$PERUyHVRULJLQDULDVHDSRUQDFLPLHQWRRSRUGHVFHQGHQFLDGHSREODGRUHVGHOYDOOH\DOWLSODQR
GHORVGHSDUWDPHQWRVRFFLGHQWDOHVGH%ROLYLD\SRUWDQWRFRQXQDFXOWXUDDJURSHFXDULDGLVWLQWDDODGHODUHJLyQ
WURSLFDO3027GH<DSDFDQt
/D]RQDVXUGHODPERUyTXHFRUUHVSRQGHDORVPXQLFLSLRVGH&RPDUDSD6DPDLSDWD0DLUDQD\3DPSDJUDQGH
IXHKDELWDGDRULJLQDOPHQWHSRUHWQLDVRULHQWDOHV\DQGLQDVFDUDFWHUL]DQGRDODUHJLyQSRUVHUHVFHQDULRGHLQ
WHUFDPELRFXOWXUDO3'0&RPDUDSD
/DVHWQLDVRULHQWDOHV<XUDFDUHV\<RTXLVKDELWDEDQOD]RQDVHOYiWLFD\FXHQFDVKLGURJUiFDVKDVWDODVHVWULEDFLR
QHVGHORVYDOOHVPLHQWUDVTXHORVJXDUDQtHVORJUDURQLQFXUVLRQDUPLOLWDUPHQWHSRUYDULDVSREODFLRQHVGHOYDOOH
SDUDGHVSXpVVHUH[SXOVDGRVGXUDQWHODFRORQLD3RUVXSDUWHGLIHUHQWHVJUXSRVpWQLFRVDQGLQRVSULQFLSDOPHQWH
TXHFKXDVKDELWDURQODVVHUUDQtDVGHOYDOOHSRUVXYRFDFLyQSURGXFWLYDDJUtFROD\KiELWDWFDVLQDWXUDOSDUDHVWD
VRFLHGDG3'0&RPDUDSD
$OJXQDVFDUDFWHUtVWLFDVVREUHODRFXSDFLyQ\XVRKLVWyULFRGHOWHUULWRULRHQHO&$0VHSUHVHQWDQHQORVSiUUDIRV
VLJXLHQWHV
D=RQD$PERUy
/DPD\RUtDGHORVDVHQWDPLHQWRVKXPDQRVHQHVWD]RQDVRQUHODWLYDPHQWHUHFLHQWHV\FRQEDVWDQWHLQXHQFLD
DQGLQDGHELGRDODPLJUDFLyQ\DOSHUPDQHQWHLQWHUFDPELRFRPHUFLDOGHWLHUUDVEDMDV\DOWLSODQRHVSHFLDOPHQWH
HQFHQWURVSREODGRVFRPR<DSDFDQt6DQ&DUORV&RPDUDSD\0DLUDQDHQWUHRWURV3RURWURODGRHOSXHEORGH
6DPDLSDWDHVWXYRKDELWDGRRULJLQDOPHQWHSRULQGLRVFKDQpOXHJRSRUORVFKLULJXDQRVVHLGHQWLFDQFRPRXQD
FXOWXUDSURSLDOODPDGD6DPDLSDWHxD
'HIRUPDJHQHUDOFLXGDGHVFRPROD*XDUGLD\(O7RUQRQDFHQGXUDQWHORVDxRVGHODVJUDQGHVPLJUDFLRQHV
LQWHUQDV ODV SURYLQFLDV ,FKLOR 0DQXHO 0DUtD &DEDOOHUR HVSHFLDOPHQWH WLHQHQ XQD IXHUWH LQXHQFLD pWQLFD
HQPDUFDGDEDMRORVDVSHFWRVSURSLRVGHODVFXOWXUDVTXHFKXDD\PDUD\ODJHQWHGHYDOOHVSURYHQLHQWHVGHORV
GHSDUWDPHQWRVGH&RFKDEDPED&KXTXLVDFD3RWRVt2UXUR/D3D]\9DOOHJUDQGH7RGRVHVWRVFHQWURVSREODGRV
KDQGHVDUUROODGRSULQFLSDOPHQWHODDFWLYLGDGDJURSHFXDULD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
E=RQD&DUUDVFR,VLERUR&RFDSDWD
(QHVWD]RQD\KDFLDHOGHSDUWDPHQWRGHO%HQLLQFOX\HYDULDVFRPXQLGDGHVLQGtJHQDVDVHQWDGDVHQODVULEHUDVGH
ORVUtRV0DPRUp,VLERUR6pFXUHFRQDFWLYLGDGHVDJUtFRODVDSHTXHxDHVFDOD(QJHQHUDOHO'HSDUWDPHQWRGHO
%HQLHVWXYRIXHUWHPHQWHLQXHQFLDGRSRUODVPLVLRQHVMHVXtWLFDVDQHVGHOVLJOR;9,,
(Q&RFKDEDPEDODUHJLyQGHO&KDSDUHGHVGHWLHPSRVDQWHULRUHVDODFRORQLDIXHXQD]RQDRFXSDGDSRUHOSXHEOR
<XUDFDUpDVtWDPELpQORV\XUDFDUpVVLRULRQyV\XTXLVPRVHWHQHV\FKLPDQHVKDQWHQLGRSUHVHQFLDHQODVWLHUUDV
EDMDVGHHVWHGHSDUWDPHQWR+DFLDQHVGHODFRORQLDODRUGHQGHORV)UDQFLVFDQRVSHQHWUyHQOD]RQD
KDVWDHOUtR&KDSDUHFRQHOREMHWLYRGHHYDQJHOL]DUDORVLQGtJHQDV/HVLJXLHURQWDPELpQDOJXQRVWHUUDWHQLHQWHV
FRQHOREMHWLYRGHHVWDEOHFHUKDFLHQGDVSDUDODSURGXFFLyQGHFRFD\RWURVSURGXFWRVWURSLFDOHV(QODGpFDGDGH
ORVVHLQLFLDURQORVSULPHURVSURJUDPDVGHFRORQL]DFLyQGLULJLGDKDFLDODUHJLyQGHO&KDSDUH/DPLJUDFLyQ
KDFLDODUHJLyQH[SHULPHQWyXQFUHFLPLHQWRH[SRQHQFLDODFRPSDxDGRGHOERRPGHODSURGXFFLyQGHFRFDTXH
VHSURORQJyKDVWD7LTXLSD\DPX\FHUFDQRD&RFKDEDPEDVXSREODFLyQHVSUHGRPLQDQWHPHQWHTXHFKXD
DOLJXDOTXHHQ0RURFKDWDHVWDUHJLyQFRUUHVSRQGHDODIDMDVXEDQGLQDGHOGHSDUWDPHQWR
0XQLFLSLRVFRPR7LUDTXH&KLPRUH9LOOD7XQDULFDUDFWHUL]DGRVSRUODSUHVHQFLDGHERVTXHV\DEXQGDQWHDJXD
IXHURQGHVLJQDGRVSRUHO*RELHUQRGH%ROLYLDHQODGpFDGDGHFRPRiUHDVSULRULWDULDVGHFRORQL]DFLyQ
'HVGHHQWRQFHVHVWDiUHDKDUHFLELGRXQDJUDQDXHQFLDGHFRORQRVDXVSLFLDGRVSRUHO*RELHUQRDVtFRPRFR
ORQL]DGRUHVHVSRQWiQHRVGHGLFDGRVODSURGXFFLyQGHFRFD\ODDJULFXOWXUDSULQFLSDOPHQWH
F=RQD<XQJDVGH/D3D]$OWR%HQL0DQLTXL
(VWD]RQDHVWiFRQVWLWXLGDSRUXQDGLYHUVLGDGGHSLVRVHFROyJLFRVTXHLQFOX\HQGHVGHOD3XQDGHFRUGLOOHUDHO
$OWLSODQRFDEHFHUDVGHYDOOH\<XQJDVHQHO'HSDUWDPHQWRGH/D3D]SDVDQGRSRUORVYDOOHV3XQD6HPLK~
PHGDHQHO'HSDUWDPHQWRGH&RFKDEDPEDKDVWDOOHJDUDODVWLHUUDVEDMDVERVTXHVDPD]yQLFRVVXEDQGLQRV
\SUHDQGLQRVGHO'HSDUWDPHQWRGHO%HQL6XVFDUDFWHUtVWLFDVSDUWLFXODUHVEULQGDQXQDDPSOLDULTXH]DSDUDHO
DSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVVLHQGRGHWHUPLQDQWHVHQODIRUPDGHRFXSDFLyQ\XVRGHOHVSDFLR
3'0&DLURPD
'HDFXHUGRDHVWXGLRVDUTXHROyJLFRVHQORVYDOOHVTXHDFWXDOPHQWHFRUUHVSRQGHQDODV3URYLQFLDVGH/DUHFDMD
\ 0XxHFDV VH HVWDEOHFLy OD FXOWXUD SUHFRORPELQD ODFXVWUH GHQRPLQDGD &KLULSD TXH HVSHFtFDPHQWH RFXSy
ODSHQtQVXODGH7DUDFRVREUHHO/DJR7LWLFDFD(VWDFXOWXUDTXHHVHOPiVDQWLJXDDVHQWDGDHQORVYDOOHVVH
GHVDUUROOyHQHOVLJOR;,9D&\GXUyKDVWDORVSULPHURVDxRVGHQXHVWUDHUD(QXQPRPHQWRIXHFRHWiQHDD
7LDKXDQDFR*LVEHUW
/DFXOWXUD7LDKXDQDFRWDKDVLGRGLYLGLGDHQWUHVJUDQGHVpSRFDV3HULRGR$OGHDQR3HULRGR8UEDQR\3HULRGR
,PSHULDO(OSULPHUSHULRGRHVFRQWHPSRUiQHRDODFXOWXUD&KLULSDVHLQLFLDKDFLDHOD&\GXUDKDVWDHO
VLJOR,GHQXHVWUDHUDFXDQGRVHSURGXFHHQ7LDKXDQDFRXQFDPELRUDGLFDOFRQRFLGRFRPR5HYROXFLyQ8UEDQD
(OSHULRGR8UEDQRVHFDUDFWHUL]DSRUODSUHVHQFLDGHFHQWURVFHUHPRQLDOHVGLIHUHQFLDFLyQGHFODVHVVRFLDOHV
\HOHPSOHRGHVXNDFROORVSDUDORVFXOWLYRV(OSHULRGRXUEDQRGXUDKDVWDHOVLJOR9,,GHQXHVWUDHUDFXDQGR
VXUJHHOSHULRGRLPSHULDOHQHOFXDOHO7LDKXDQDFRH[SDQGHVXWHUULWRULRKDFLDHOVXUDEDUFDQGRHOGHVLHUWRGH
$WDFDPD&RFKDEDPEDKDVWDOOHJDUDOQRUWHGHOD$UJHQWLQD*LVEHUW&RPRUHVXOWDGRGHHVWDH[SDQVLyQ
3DUDODUHGDFFLyQGHHVWDVHFFLyQDGHPiVGHODVUHIHUHQFLDVPHQFLRQDGDVHQHOGRFXPHQWRVHFRQVXOWyDKWWSZZZQDWLRQPDVWHU
FRPHQF\FORSHGLD+LVWRU\RI%ROLYLD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
VHKDEUtDRULJLQDGRODFXOWXUDGHORV0ROORVFRQIRUPDGDSRUVRFLHGDGHVDJUtFRODVTXHKDEUtDGHVDSDUHFLGR
DOUHGHGRUGHOG&*LVEHUW3'06RUDWD(VWDH[SDQVLyQGXUDKDVWDHOVLJOR;,,FXDQGRHOLPSHULR
FRODSVDVHJXUDPHQWHSRUFDXVDVGHWLSRVRFLRHFRQyPLFR
'HVDSDUHFLGRHQLPSHULR7LDKXDQDFRWDODUHJLyQTXHGyGLYLGLGD\RFXSDGDSRUYDULDVHWQLDVD\PDUDV$PHGLDGRV
GHOVLJOR;9HO5HLQR$\PDUDIXHFRQTXLVWDGRSRUORVLQFDV/RVLQFDVHPHUJLHURQHO6LJOR;,,GHQXHVWUDHUD
GHVSXpVGHODFDtGDGH7LDKXDQDFR2FXSDURQODV]RQDVGHODOWLSODQRYDOOHV\<XQJDV*LVEHUW
'XUDQWHODpSRFDGHODFRQTXLVWDHVSDxRODVHGLHURQGLIHUHQWHVH[SHGLFLRQHVKDFLDODVWLHUUDVEDMDVGHVGH/D3D]
\%HQL/DVPiUJHQHVGHO5tR%HQLHVWDEDQKDELWDGDVSRUORVJUXSRVGHPRVHWHQHVFHUFDGHHOORVVHHQFRQWUDED
RWURJUXSRpWQLFRFRQRFLGRFRPR0XFKDQL/DSUHVHQFLDGHPRVHWHQHVHQFDVHUtRVGLVSHUVRVXELFDGRVHQODV
LQPHGLDFLRQHVGHO5tR%RRSLGDWDGHQDOHVGHOVLJOR;9,,,HVWRPRWLYyD~QPiVDORVPLVLRQHURVDLQLFLDUXQ
SURFHVRGHHYDQJHOL]DFLyQ\GHDVHQWDPLHQWRHQXQVROROXJDUPRWLYRSRUHOFXDOIXHIXQGDGDODSULPHUD0LVLyQ
GH6DQ)UDQFLVFRGH0RVHWHQHVSRVWHULRUPHQWH\KDVWDHODxRGHIXHURQIXQGDGDVSDXODWLQDPHQWHRWUDV
PLVLRQHVFRPRODGH6DQ0LJXHO$UFiQJHO6DQWD$QDGH0RVHWHQHV\&RYHQGR3'03DORV%ODQFRV
'XUDQWHODpSRFDFRORQLDOVXUJLHURQHQOD]RQDGHORV<XQJDVODVHQPLHQGDVGH&KDUFDVTXHVHFDUDFWHUL]DEDQ
SRUSDJDUDOWRVWULEXWRVHQFRFDpVWDVIXHURQGHVDSDUHFLHQGRPLHQWUDVTXHDQDOHVGHOVLJOR;9,VXUJLHURQODV
+DFLHQGDV<XQJXHxDVODVPLVPDVTXHXWLOL]DEDQHVFODYRVFRPRPDQRGHREUDHVDVtFRPRVHRULJLQDURQODV
SREODFLRQHVDIUREROLYLDQDVTXHVHHQFXHQWUDQHQODUHJLyQ/DV+DFLHQGDVVHHVWDELOL]DURQUHFLpQHQHOVLJOR
;9,,,pSRFDHQTXHODUHJLyQSURGXFtDFDVLH[FOXVLYDPHQWHFRFD
+DFLDODV]RQDVDOWDV\GHYDOOHVORVFRORQL]DGRUHVHVSDxROHVDWUDtGRVSRUODVULTXH]DVPLQHUDOHVHVWDEOHFLHURQ
PLVLRQHVUHOLJLRVDV\FHQWURVGHDYDQ]DGDSDUDH[SORWDUODVGLIHUHQWHVPLQDVH[LVWHQWHVHQODUHJLyQFRPRVHU
ODVPLQDVGH$UDFD6LFD6LFD&RURFRFR
/DpSRFDUHSXEOLFDQDTXHVHHQPDUFDHQHOVLJOR;,;DIHFWyDORVPRVHWHQHVGHPDQHUDLQGLUHFWDSRUODGLV
PLQXFLyQGHODVH[SHGLFLRQHVUHOLJLRVDVDOD]RQD(QHVWHSHULRGRVHLQLFLDHOSURFHVRGHGLYHUVLFDFLyQGH
ODSURGXFFLyQFRQHODSURYHFKDPLHQWRGHODTXLQDHOFRQWDFWRFRQODVSREODFLRQHVORFDOHVGHOD]RQDGH$OWR
%HQLVHPDQWXYRJUDFLDVDOFRQWDFWRTXHH[LVWtDFRQORVH[WUDFWRUHVTXHTXLQDTXHYLDMDEDQHQEDOVDVKDFLD
5XUUHQDEDTXH\0LJXLOODV3'03DORV%ODQFRV3RVWHULRUPHQWH\GHVSXpVGHFRQFOXLUVHHOFDPLQRFDUUHWHUR
/D3D]<XQJDVHQODSURGXFFLyQGHOD]RQDVHGLYHUVLFyFRQFXOWLYRVGHFDIp\iUEROHVIUXWDOHV3ODQGH
0DQHMR&RWDSDWD
(QWUHODVGpFDGDVGHDVHOOHYDDFDERXQSURFHVRGHFRORQL]DFLyQKDFLDOD]RQDGH$OWR%HQLSRU
PLJUDQWHVLQGtJHQDVGHO%HQLFRQRFLGRVFRPRWULQLWDQRV\SRUFRORQL]DGRUHVSURYHQLHQWHVGHODOWLSODQRHVWH
SURFHVRGHPLJUDFLyQHQSULQFLSLRIXHGLULJLGRSRUHO(VWDGREROLYLDQR\SRVWHULRUPHQWHVHGLRGHPDQHUDHV
SRQWiQHD(VWHSHULRGRGHQHHOGHVDUUROORGHORVJUXSRVGHPRVHWHQHV\DTXHHQHODxRGHORVUHOLJLRVRV
PLVLRQHURVWUDPLWDURQORVWtWXORVSDUDKDVSDUDODPLVLyQGH&RYHQGR(QODGpFDGDGHORVDxRVODV
PLVLRQHVUHOLJLRVDVVHVHFXODUL]DQ\ORVKDELWDQWHVORFDOHVYDQLQFRUSRUiQGRVHDOUpJLPHQDJUDULRDSR\DGRVSRU
ODDSHUWXUDGHFDPLQRV3'03DORV%ODQFRV
$ORODUJRGHODKLVWRULDODRFXSDFLyQ\XVRGHOHVSDFLRHQHVWD]RQDGHOFRUUHGRUKDVLGRGLYHUVDHQFXDQWRDORV
SDWURQHVHVWLORV\PRGDOLGDGHVFRQTXHORVKDELWDQWHVVHDSURSLDURQGHOVXHOR\XWLOL]DURQORVUHFXUVRVVREUHOD
EDVHGHODVGLIHUHQWHVDFWLYLGDGHVGHVDUUROODGDV
$FWXDOPHQWHFRPRSDUWHGHODRFXSDFLyQGHOHVSDFLRVHHQFXHQWUDQODViUHDVXUEDQDVGHVWDFiQGRVHODFLXGDGGH
/D3D]FRPRHOFHQWURXUEDQRPiVLPSRUWDQWHGRQGHVHGHVDUUROODQODPD\RUtDGHODVDFWLYLGDGHVHFRQyPLFDV
SROtWLFDV\DGPLQLVWUDWLYDVGHOSDtVDVLPLVPRHVWiQODViUHDVXUEDQDVGHPHQRUWDPDxR\FRQSRWHQFLDOSDUD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
FUHFHU\GHVDUUROODUVHFRPR&RURLFR&KXOXPDQL&DUDQDYL5XUUHQDEDTXH\6DQ%RUMD\ODViUHDVUXUDOHVTXH
VHFDUDFWHUL]DQSRUODSUHVHQFLDGHFRPXQLGDGHVGLVSHUVDV
G=RQD$SROREDPED0DGLGL
$FRPLHQ]RVGHOVHJXQGRVLJORD&HQODUHJLyQGHORV$QGHVEROLYLDQRVODFXOWXUD7LZDQDFRWDVHVLWXyHQODSDUWH
VXUGHO/DJR7LWLFDFDSRVWHULRUPHQWHVHH[WHQGLyKDFLDORVYDOOHVTXHDFWXDOPHQWHFRUUHVSRQGHQDODVSURYLQFLDV
GH/DUHFDMD\0XxHFDVGHO'HSDUWDPHQWRGH/D3D]/RV7LZDQDFRWDVGHVDUUROODURQDYDQ]DGRVFRQRFLPLHQWRV
GHWHFQRORJtDVDJUtFRODV\DUTXLWHFWyQLFDV\SUREDEOHPHQWHGHELGRDODVSURORQJDGDVVHTXtDVGHVDSDUHFLHURQ
DOUHGHGRUGHOG&&RQWHPSRUiQHDPHQWHDOSHULRGRH[SDQVLYRFRORQLDOGHODFXOWXUD7LZDQDFRWDODFXO
WXUDGHORV0ROORVDYDQ]yKDFLDORVYDOOHVTXHDFWXDOPHQWHIRUPDQSDUWHGHO0XQLFLSLRGH$\DWDGLFKDFXOWXUD
FRQIRUPDGDSRUVRFLHGDGHVDJUtFRODVWDPELpQGHVDSDUHFLyDOUHGHGRUGHOG&3'0$\DWD
&RQODFRQTXLVWDHVSDxRODHQVHLQLFLyHOSURFHVRGHHVWDEOHFLPLHQWRGHDVHQWDPLHQWRVKXPDQRVFUHDFLyQ
GHSXHEORVHLQVWDODFLyQGHKDFLHQGDVTXHSURGXMHURQFDPELRVHQODVIRUPDVGHXVRGHOVXHOR\DSURYHFKDPLHQWR
GHORVUHFXUVRVQDWXUDOHVODVRUJDQL]DFLRQHVGHD\OOXVIXHURQGHVDSDUHFLHQGR
6LQHPEDUJRHQODUHJLyQGHOQRUWHGHO'HSDUWDPHQWRGH/D3D]ODRFXSDFLyQ\XVRKLVWyULFRGHOVXHORSUHVHQWD
FLHUWDVFDUDFWHUtVWLFDVSDUWLFXODUHVSULQFLSDOPHQWHDVRFLDGDVDVXFOLPDDGYHUVR\GLItFLODFFHVLELOLGDGPRWLYRV
SRUORVFXDOHVGHVSXpVGHODFRQTXLVWDHVSDxROD\GXUDQWHODVpSRFDVFRORQLDO\UHSXEOLFDQDODVWLHUUDVEDMDV
SHUPDQHFLHURQSRUDxRVGHVKDELWDGDV\SRFRH[SORUDGDV(VWDVWLHUUDVHVWXYLHURQKDELWDGDVSRUSXHEORVLQGtJHQDV
RULJLQDULRVHQWUHORVTXHVHHQFRQWUDEDQPRVHWHQHV\XUDFDUpVDUDRQDVWDFDQDVFDYLQHxDVFKDPDHVVHHMMD\
UH\HVDQRVFX\DVDFWLYLGDGHVSULQFLSDOHVHUDQODFD]DSHVFD\UHFROHFFLyQ
3RVWHULRUPHQWHODPLJUDFLyQGHFRORQRVGHRULJHQD\PDUi\TXHFKXDKDFLDODVWLHUUDVEDMDVGHOQRUWHGHOGHSDU
WDPHQWRKDDGTXLULGRPD\RULPSRUWDQFLDFRQODFUHDFLyQGHOFDPLQR6DQ%XHQDYHQWXUD,[LDPDVPRGLFDQGR
ORVSDWURQHVGHOXVRGHOVXHORTXHWDPELpQVHYLRDIHFWDGDSRUODH[SORWDFLyQIRUHVWDOSRUHPSUHVDVPDGHUHUDV
SURYHQLHQWHVGHOGHSDUWDPHQWRGH6DQWD&UX]GHVGHODGpFDGDGH3'0,[LDPDV&DUDFWHUL]DFLyQGHO
3DUTXH1DFLRQDO0DGLGL$3%
8VRDFWXDOGHOVXHOR\SODQHVGHXVRGHOVXHOR
50OOHU
(Q%ROLYLDVyORHOGHOWHUULWRULRHVDSWRSDUDXVRDJURSHFXDULRLQWHQVLYR\XQRGHHVRVVHFWRUHVVHXELFDQ
HQODVOODQXUDVDOUHGHGRUGHODFLXGDGFDSLWDO\OD]RQDGH3DLOyQ/RV7URQFRVHQ6DQWD&UX]\ODVWHUUD]DVGH
ORVYDOOHVLQWHUDQGLQRVHQODFRUGLOOHUDRULHQWDO
'HORVFXDWURGHSDUWDPHQWRVTXHIRUPDQSDUWHGHO&$0VyOR6DQWD&UX]\%HQLWLHQHQSODQHVGHXVRGHVXHOR
DSUREDGR/RVGHSDUWDPHQWRVGH/D3D]\&RFKDEDPEDFXHQWDQFRQXQHVWXGLRGH]RQLFDFLyQDJURHFROyJLFD\
SURSXHVWDWpFQLFDGHO3ODQGH8VRGHO6XHORGHOD5HJLyQ$PD]yQLFD(852&2168/7\&RQVXOWRUHV*DOLQGR
/WGDDE3DUDHVWRVGRV~OWLPRVGHSDUWDPHQWRVODDSWLWXGGHXVRGHVXHORHQHOiUHDFRUUHVSRQGLHQWH
DO&$0\VX]RQDGHLQXHQFLDHVUHFRPHQGDEOHSDUDJDQDGHUtDLQWHQVLYD\H[WHQVLYDXVRIRUHVWDOPDGHUHUR
VLVWHPDVDJURVLOYRSDVWRULOHV\iUHDVGHSURWHFFLyQ
(OPDSDPXHVWUDODVUHFRPHQGDFLRQHVWpFQLFDVSDUDHOXVRGHOVXHORHQORV'HSDUWDPHQWRVGH6DQWD&UX]\
%HQLHQVXVVHFWRUHVFRUUHVSRQGLHQWHVFRQHOiUHDGHO&RUUHGRU$PERUy0DGLGLHQHOPLVPRVHSXHGHREVHUYDU
TXH
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(OiUHDGHO&$0FRUUHVSRQGLHQWHDORVGHSDUWDPHQWRVGH%HQL\6DQWD&UX]FXEUHXQDVXSHUFLHWRWDOGH
KDGHODVFXDOHVFHUFDGHOWLHQHSRWHQFLDOSDUDXVRIRUHVWDODJUtFROD\JDQDGHURFRQUHVWULF
FLRQHVDSUR[LPDGDPHQWHXQVRQERVTXHVGHSURWHFFLyQ\iUHDVSURWHJLGDVXQWLHQHUHFRPHQGD
FLyQGHXVRIRUHVWDOXQHVWiGHVWLQDGRSDUDWLHUUDVGHXVRDJURVLOYRSDVWRULOXQHVWiSODQLFDGR
SDUDXVRDJURSHFXDULRLQWHQVLYR\XQSRUFHQWDMHPHQRUDOGHOWHUULWRULRHVWiRFXSDGRSRUODJXQDV\UtRV
SULQFLSDOHV
7DEOD&DWHJRUtDVGHO3/86SDUDHO&$0HQORV'HSDUWDPHQWRVGHO%HQL\6DQWD&UX]
&DWHJRUtDV3/86'SWR%HQL
UHDVGHSURWHFFLyQ\XVRDJURIRUHVWDOOLPLWDGR
2WUDViUHDVGHXVRUHVWULQJLGR
8VRDJURVLOYRSDVWRULOOLPLWDGR
8VRIRUHVWDOPDGHUDEOHOLPLWDGR
&XHUSRVGHDJXD
8VRDJURVLOYRSDVWRULO
8VRIRUHVWDOPDGHUDEOH
&DWHJRUtDV3/86'SWR6DQWD&UX]
$JURSHFXDULDH[WHQVLYD\SURWHFFLyQ
$JURSHFXDULD\SURWHFFLyQ
$JURVLOYRSDVWRULO\SURWHFFLyQ
%RVTXHGHSURWHFFLyQGHRULOODVGHFXUVRVGHDJXD
+HFWiUHDV
%RVTXHGHSURWHFFLyQUHIXJLRGHRUD\IDXQD
&RQVHUYDFLyQ
*DQDGHUtDH[WHQVLYDFRQPDQHMRGHIDXQD
*DQDGHUtDH[WHQVLYD\SURWHFFLyQHQGXQDV
3DUTXH1DFLRQDO$PERUy
3DUTXH5HJLRQDO/RPDVGH$UHQD
5HVHUYDELROyJLFD
$JURIRUHVWDO
$JURVLOYRSDVWRULO
*DQDGHUtDH[WHQVLYD\FRQVHUYDFLyQ
$JURSHFXDULDLQWHQVLYD
*DQDGHUtDLQWHQVLYD
/DJXQD
5tR,FKLOR
5tR3LUDt
%RVTXHGHPDQHMRVRVWHQLEOH(O&KRUH
5tR6XUXW~
&HQWURXUEDQR6DQWD&UX]
+HFWiUHDV
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(QHOiUHDGHLQXHQFLDGHO&$0HVWRVGRVGHSDUWDPHQWRVFXEUHQXQDVXSHUFLHGHKDGHODV
FXDOHVHODSUR[LPDGDPHQWHHVWiSODQLFDGRSDUDXVRDJURSHFXDULRLQWHQVLYRHOXVRHQRWURGHO
WHUULWRULRHVUHVWULQJLGRXQFRUUHVSRQGHQFRQiUHDVSURWHJLGDV\ERVTXHVGHSURWHFFLyQHOWLHQHPD\RU
SRWHQFLDOSDUDXVRIRUHVWDO\XQ\FRUUHVSRQGHQDWLHUUDVSDUDXVRDJURVLOYRSDVWRULO\FXHUSRVGH
DJXDUHVSHFWLYDPHQWH
7DEOD&DWHJRUtDVGHO3/86SDUDHOiUHDGHLQXHQFLDGHO&$0HQORV'HSDUWDPHQWRVGHO%HQL\6DQWD
&UX]
&DWHJRUtDVGHO3/86'SWRGHO%HQL
+HFWiUHDV
UHDVGHSURWHFFLyQ\XVRDJURIRUHVWDOOLPLWDGR
2WUDViUHDVGHXVRUHVWULQJLGR
8VRDJURVLOYRSDVWRULOOLPLWDGR
8VRIRUHVWDOPDGHUDEOHOLPLWDGR
8VRIRUHVWDOP~OWLSOHOLPLWDGR
8VRJDQDGHURH[WHQVLYROLPLWDGR
8VRIRUHVWDOPDGHUDEOH
8VRIRUHVWDOP~OWLSOH
&XHUSRVGHDJXD
8VRDJURVLOYRSDVWRULO
8VRJDQDGHURH[WHQVLYR
&DWHJRUtDVGH3/86'SWR6DQWD&UX]
+HFWiUHDV
$JURSHFXDULDH[WHQVLYD\SURWHFFLyQ
$JURSHFXDULD\SURWHFFLyQ
$JURVLOYRSDVWRULO\SURWHFFLyQ
%RVTXHGHSURWHFFLyQGHRULOODVGHFXUVRVLPSRUWDQWHVGHDJXD
&RQVHUYDFLyQ
*DQDGHUtDH[WHQVLYD\PDQHMRGHIDXQD
3DUTXH1DFLRQDO$PERUy
3DUTXH5HJLRQDO/RPDVGH$UHQD
%RVTXHGHSURWHFFLyQ
*DQDGHUtDH[WHQVLYD\SURWHFFLyQGHGXQDV
5HVHUYDGHLQPRYLOL]DFLyQ0HDQGURVGHO,FKLOR
5HIXJLRGH9LGD6LOYHVWUH)HGHULFR%DVFRSp
$JURSHFXDULDLQWHQVLYD
*DQDGHUtDLQWHQVLYD
$JULFXOWXUDEDMRULHJR
$JURVLOYRSDVWRULO
*DQDGHUtDH[WHQVLYD\FRQVHUYDFLyQ
%RVTXHGHPDQHMRVRVWHQLEOH
/DJXQD
/DJXQD<XTXL
5tR*UDQGH
5tR,FKLOR
5tR3LUDt
&HQWURXUEDQR6DQWD&UX]
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(QWUHHO\HOGHODVXSHUFLHGHO&$0HQORV'HSDUWDPHQWRVGH%HQL\6DQWD&UX]FRUUHVSRQGHQ
FRQWLHUUDVEDMRXVRUHVWULQJLGRiUHDVGHSURWHFFLyQRiUHDVFRQDSWLWXGSULQFLSDOPHQWHIRUHVWDOLQGLFDQGR
GHHVWDPDQHUDODDOWDVHQVLELOLGDGGHOVXHOR\HFRVLVWHPDHQJHQHUDODDFWLYLGDGHVDJURSHFXDULDVHVSHFLDO
PHQWHVLHVWDDFWLYLGDGFRQOOHYDDODFRQYHUVLyQGHOERVTXH3RURWURODGRHOiUHDGHLQXHQFLDGHO&$0
FRUUHVSRQGLHQWHWDPELpQDHVWRVGRVGHSDUWDPHQWRVWLHQHXQDEXHQDVXSHUFLHFRQDSWLWXGSDUDDFWLYLGDGHV
DJURSHFXDULDVLQWHQVLYDVHVSHFLDOPHQWHGHJDQDGHUtDH[WHQVLYDDXQTXHLJXDOPHQWHFRQVLGHUDQGRiUHDVFRQ
UHVWULFFLRQHVGHXVR
8VRDFWXDOGHOVXHOR
/RVSODQHVH[LVWHQWHVUHHMDQHOPHMRUHVFHQDULRGHXVRGHOVXHOR6LQHPEDUJRODIRUPDDFWXDOGHXVRGHOVXHOR
\ORVUHFXUVRVQDWXUDOHVHQJHQHUDOQRVHGHVDUUROODQQHFHVDULDPHQWHHQIXQFLyQGHORVSODQHVGHXVRH[LVWHQWHV
'HHVWDPDQHUDVHHODERUyXQPDSDGHXVRDFWXDOGHVXHORHQ&$0HOFXDOEXVFDUHHMDUGHIRUPDJHQHUDOL]DGD
ORVSDWURQHVGHXVRGRPLQDQWHVHQODVGLVWLQWDV]RQDVVLQSUHWHQGHUGDUXQDGHVFULSFLyQFRPSOHWDGHODVGLIH
UHQWHVIRUPDVGHXVRH[LVWHQWHV(OPDSDVHUHDOL]yFRPRLQVXPRSDUDODIRUPXODFLyQGHDOWHUQDWLYDVGHPDQHMR
UHFRPHQGDGDVEDMRFRQFHSWRVGHFRQVHUYDFLyQ
(OPDSDGHXVRGHVXHORGHO&$0PDSDLGHQWLFDSDWURQHVGHXVRSUHGRPLQDQWHVDSDUWHGHXQD]RQD
PX\H[WHQVDGRQGHVHSXHGHGHFLUTXHFDVLQRH[LVWHXVRQLSUHVHQFLDRIXHUWHSUHVHQFLDGHKXPDQRV/RVSD
WURQHVLGHQWLFDGRVVHFODVLFDQHQXVRSULQFLSDOPHQWHDJUtFRODXVRSULQFLSDOPHQWHJDQDGHURH[WUDFFLyQGH
PDGHUDSODQWDFLyQGHPDGHUDVQRQDWLYDVFD]D\SHVFD\PLQHUtD
$FRQWLQXDFLyQVHSUHVHQWDXQDEUHYHGHVFULSFLyQGHORVSDWURQHVLGHQWLFDGRV\GHVXVLPSDFWRVVREUHORV
HFRVLVWHPDVVHJ~Q]RQDVJHQHUDOHVGHXVR
=RQDVFDVLVLQXVR6RQ]RQDVLQDFFHVLEOHVGHELGRDVXVLWXDFLyQWRSRJUiFDRIDOWDDFWXDOGHFDPL
QRV
5HFRPHQGDFLRQHV(YLWDUODFRQYHUVLyQVLKXELHVHSUHVLyQGHXVRVHGHEHIRPHQWDUXQDSURYHFKDPLHQWR
IRUHVWDO\RGHQRPDGHUDEOHV
=RQDVFRQFXOWLYRVDQXDOHVFXOWLYDGRVGHIRUPDPHFDQL]DGD,QFOX\HORVDOUHGHGRUHVGHODFLXGDG
GH6DQWD&UX]GHOD6LHUUDQRUWHLQWHJUDGR\OD]RQDGH<DSDFDQtORVFXOWLYRVSULQFLSDOHVVRQVR\DDUUR]
FDxDVRUJR\JLUDVROHQWUHRWURVHQJUDQSDUWHGHVWLQDGDVDODH[SRUWDFLyQ\GHSHQGLHQGRGHODVWHQGHQFLDV
HQORVPHUFDGRVLQWHUQDFLRQDOHV\QDFLRQDOHV/RVLPSDFWRVVREUHORVHFRVLVWHPDVVRQPX\JUDQGHV\DTXHVH
UHHPSOD]DQLQPHQVDVVXSHUFLHVRULJLQDOPHQWHFXELHUWDVSRUERVTXHV(ODYDQFHGHODGHIRUHVWDFLyQHVPX\
DFHOHUDGRODUHJHQHUDFLyQQDWXUDOJHQHUDOPHQWHHVLPSHGLGDSRUXQXVRJDQDGHURSRVWHULRUDODH[SORWDFLyQ
GHORVVXHORV\ODIXHUWHHURVLyQHyOLFD
5HFRPHQGDFLRQHV(VGHVHDEOHSHURSRFRSUREDEOHTXHVHSXHGDGLVPLQXLUHODYDQFHGHODH[WHQVLyQGHOD
IURQWHUDDJUtFROD6HWHQGUtDQTXHUHYLVDUODVSROtWLFDVGHRWRUJDUWLHUUDV\QRUPDVTXHLQFHQWLYHQDSURSLHWD
ULRVGHJUDQGHVH[WHQVLRQHVGHWLHUUDDUHDOL]DUXQDSURYHFKDPLHQWRGHODPD\RUH[WHQVLyQWHUULWRULDOSRVLEOH
SDUDFXPSOLUXQDIXQFLyQHFRQyPLFDVRFLDOYHU3DFKHFR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0DSD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$GHPiVHVUHFRPHQGDEOHLPSOHPHQWDUPHGLGDVKDFLDXQXVRPiVUDFLRQDO\VRVWHQLEOHTXHHYLWDSRUHMHPSOR
ODSODQWDFLyQGHVR\DPRWLYDGDSRUDXJHVWHPSRUDOHVGHORVSUHFLRVLQWHUQDFLRQDOHVHQWLHUUDVQRDSWDVFRQYR
FDFLyQIRUHVWDO(QORVFXOWLYRVH[LVWHQWHVVHWLHQHQTXHDSOLFDUPHGLGDVTXHDXPHQWHQODVRVWHQLELOLGDGFRPR
FRUWLQDVURPSHYLHQWRV/DSURPRFLyQGHFXOWLYRVTXHSHUPLWDQXQDSURGXFFLyQPiVVRVWHQLEOH\HFLHQWHHQ
FXDQWRDODUHODFLyQiUHDFXOWLYDGDEHQHFLRHFRQyPLFRSRUHMHPSORFRQFXOWLYRVSHUHQQHVFRPRIUXWDOHVVHUtD
RWUDPHGLGDLPSRUWDQWH
=RQDVFRQFXOWLYRVWURSLFDOHVPL[WRVSULQFLSDOPHQWHDUUR]DTXtVHLQFOX\HQODV]RQDVHQWUH&DUD
QDYL*XDQD\0DSLULTXHVHFDUDFWHUL]DQSRUXQDODUJDWUDGLFLyQGHFXOWLYRVGHDUUR]HQHOSDVDGRWDPELpQ
GHFDxD/RVVXHORVGHHVWD]RQDVRQUHODWLYDPHQWHSREUHVJHQHUDOPHQWHURMRV\PXFKDVYHFHVODViUHDV
FXOWLYDGDVVHHQFXHQWUDQHQSHQGLHQWHVLPSRUWDQWHV(OLPSDFWRHQORVHFRVLVWHPDVHVUHODWLYDPHQWHJUDQGH
\DTXHORVFXOWLYRVDEDQGRQDGRVHQPXFKRVFDVRVVHFRQYLHUWHQHQSDMRQDOHVGHELGRDODEDMDFDQWLGDGGH
QXWULHQWHVHQHOVXHOR\DODSUHVHQFLDGHSHQGLHQWHV
5HFRPHQGDFLRQHV(VLPSRUWDQWHIRPHQWDUODVXVWLWXFLyQGHSDUWHVGHFXOWLYRVGHDUUR]SRUFXOWLYRVSHUHQQHV
FRPRHOFDFDRTXHDGHPiVSUHVHQWDH[FHOHQWHVSRVLELOLGDGHVGHFRPELQDFLyQFRQiUEROHVPDGHUDEOHVQDWL
YRVHQVLVWHPDVDJURIRUHVWDOHV7DPELpQVHUHFRPLHQGDSURPRYHUXQDSURYHFKDPLHQWRGH]RQDVGHJUDGDGDV
FRQFXOWLYRVDSWRVFRPRSRUHMHPSORHOFD\~([LVWHQSRVLELOLGDGHVGHDFFHGHUDPHUFDGRVDOWHUQDWLYRVFRQ
SURGXFWRVHFROyJLFRVFHUWLFDGRV6HUtDLPSRUWDQWHDXPHQWDUODSURGXFFLyQGHSURGXFWRVFRQYDORUDJUHJDGR
FRPRPHUPHODGDV\IUXWRVVHFRV7DPELpQHVLPSRUWDQWHLPSOHPHQWDUSURJUDPDVGHFRQWUROGHLQFHQGLRV
IRUHVWDOHVPHGLDQWHUHJODPHQWRVORFDOHVFRPXQLWDULRV\RWURV
=RQDVFRQFXOWLYRVWURSLFDOHVPL[WRV6HUHHUHDiUHDVGHWLHUUDVEDMDVTXHSULQFLSDOPHQWHKDQVLGR
FRORQL]DGDVHQHOODSVRGHORV~OWLPRVDxRV&KDSDUH$OWR%HQL<XFXPR5XUUHQDEDTXH6HHQFXHQWUD
XQDPH]FODGHFXOWLYRVSHUHQQHV\DQXDOHVSOiWDQRDUUR]FDFDRFtWULFRVSDOPLWRHWFGHVWLQDGRVDPHU
FDGRVPD\RUPHQWHQDFLRQDOHV\GHDXWRFRQVXPR8QDVLWXDFLyQSDUWLFXODUVHHQFXHQWUDHQHO&KDSDUHGRQGH
SUR\HFWRVGHGHVDUUROORDOWHUQDWLYRIRPHQWDQHOUHHPSOD]RGHFXOWLYRVGHFRFDSRUFXOWLYRVSDUFLDOPHQWH
GHVWLQDGRVDPHUFDGRVLQWHUQDFLRQDOHVFRPRSOiWDQRVLQHPEDUJRORVFXOWLYRVGHFRFDD~QVLJXHQVLHQGR
LPSRUWDQWHVHQVXH[WHQVLyQ\SURGXFFLyQHO&KDSDUHHVODVHJXQGD]RQDGHSURGXFFLyQGHFRFDHQHOSDtV
GHVSXpVGHORV<XQJDVGH/D3D]
(QJHQHUDOHOJUDGRGHPHFDQL]DFLyQGHODDFWLYLGDGDJUtFRODHQHVWD]RQDHVPX\EDMRGHELGRDODVFDUDF
WHUtVWLFDVWRSRJUiFDV\DODVLWXDFLyQHFRQyPLFDGHORVFRORQL]DGRUHV/RVLPSDFWRVVREUHORVHFRVLVWHPDV
VRQPHGLDQRV\DTXHVHWUDWDPD\RUPHQWHGHSHTXHxDVSDUFHODVPDQHMDGDVVLQPHFDQL]DFLyQ
5HFRPHQGDFLRQHVYHU
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
/RVLPSDFWRVHQHFRVLVWHPDVVRQJUDQGHVGHELGRDODODUJDWUDGLFLyQGHHVWDIRUPDGHXVR/RVPD\RUHV
GDxRVDPELHQWDOHVVRQFDXVDGRVSRUHOJDQDGR\ODVTXHPDVTXHVHUHDOL]DQSDUDSURYRFDUHOUHEURWHGHO
SDVWR7DPELpQHVLPSRUWDQWHHOLPSDFWRGHODSURYHFKDPLHQWRGHOHxD
5HFRPHQGDFLRQHV(QORSRVLEOHOLPLWDUHOiUHDDIHFWDGDSRUHOSDVWRUHRGHJDQDGRRIUHFLHQGRDOWHUQDWLYDV
HFRQyPLFDVDODSREODFLyQFRPRSRUHMHPSORODGHPDUFDFLyQGHUHVHUYDVORFDOHVHQFRPELQDFLyQFRQXQ
DSR\RDODSURGXFFLyQGHKRUWDOL]DVROHFKHSRUJDQDGRHVWDEXODGR,JXDOPHQWHLPSRUWDQWHHVHOFRPEDWHD
ODHURVLyQHLQFHQGLRVIRUHVWDOHV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
3ULQFLSDOHVDFWLYLGDGHVHFRQyPLFDVUHODFLRQDGDVFRQHOXVRGHVXHOR\ORV
UHFXUVRVQDWXUDOHV
1$UDXMR *=ROH]]L
&RQORTXHUHVSHFWDDOXVRGHOHVSDFLRpVWHYDUtDSRUODGLYHUVLGDGGHSLVRVHFROyJLFRVWRSRJUDItDFDUDFWHUtVWLFDV
GHORVVXHORVFRQRFLPLHQWRVWUDGLFLRQDOHVVREUHHOXVRGHORVUHFXUVRV\VXHORVVLHQGRODDJULFXOWXUDJDQDGHUtD
\H[SORWDFLyQIRUHVWDOODVDFWLYLGDGHVTXHSUHGRPLQDQ
D$FWLYLGDGDJURSHFXDULD
(OVLVWHPDGHSURGXFFLyQDJUtFRODHQHO&$0HVFDGDYH]PiVGLYHUVLFDGRPDQWHQLHQGRXQVLVWHPDGHFXOWLYRV
DQXDOHVHLQFRUSRUDQGRHQORV~OWLPRVDxRVFXOWLYRVSHUHQQHVPiVUHQWDEOHV(QHOFDStWXORDQWHULRUVREUHXVRDF
WXDOGHOVXHORVHSXHGHQREVHUYDUHQGHWDOOHODViUHDVGHSURGXFFLyQ\WLSRVGHFXOWLYRVDJUtFRODVSULQFLSDOHV
(QOD]RQDGHYDOOHVVHFRVLQWHUDQGLQRVHOULHJRHVXQIDFWRUGHWHUPLQDQWHSDUDLQWHQVLFDUODSURGXFFLyQ\VX
DFWLYLGDGFRPHUFLDODVtWDPELpQHOULHJRGLVPLQX\HODQHFHVLGDGGHKDELOLWDUQXHYDViUHDVDJUtFRODV/DViUHDV
GHFXOWLYRSUHVHQWDQVXSHUFLHVUHGXFLGDVTXHQRUPDOPHQWHGHELGRDODDXVHQFLDGHSUiFWLFDVGHPDQHMR\
FRQVHUYDFLyQGHVXHORVWLHQGHQDODGHJUDGDFLyQSRUHURVLyQKtGULFD\HyOLFD6ROL] $JXLODU
(QDOJXQDVGHODViUHDVPiVWUDGLFLRQDOHVGHFRORQL]DFLyQHQWLHUUDVEDMDVWDEODQRUWHGH/D3D]&KDSDUH\
6DQWD&UX]VHKDDXPHQWDGRHOXVRGHPDTXLQDULDRLQVXPRVSDUDLQWHQVLFDUHOXVRGHODWLHUUDVHPEUDGDFRQ
FXOWLYRVDQXDOHVPHFDQL]DGRVDXQTXHSDUWHGHHOORVWRGDYtDVLJXHQXWLOL]DQGRVLVWHPDVWUDGLFLRQDOHVGHFRUWH
\TXHPDFRQSURFHVRVGHFRQYHUVLyQGHWLHUUDVPiVDFHOHUDGRVHVSHFLDOPHQWHHQHOQRUWHGH/D3D]\HO%HQL
3DFKHFR(QHOiUHDGHLQXHQFLDGHO&$0HQHO'HSDUWDPHQWRGH6DQWD&UX]VHREVHUYDXQDDJULFXOWXUD
LQWHQVLYDGHJUDQHVFDODFRQDOWRVLPSDFWRVDPELHQWDOHV
/DVDFWLYLGDGHVSHFXDULDVHQODVWLHUUDVDOWDVGHO&$0HVWiQGHVWLQDGDVSULQFLSDOPHQWHDODXWRFRQVXPR\VRQ
FRPSOHPHQWDULDVDODDJULFXOWXUDDVtWDPELpQUHSUHVHQWDQXQDIXHQWHGHDKRUUR0LHQWUDVTXHHQWLHUUDVEDMDVOD
DFWLYLGDGSHFXDULDHVSHFLDOPHQWHODFUtDGHJDQDGRERYLQRWLHQHXQDPD\RULPSRUWDQFLDFRPHUFLDO(QJHQHUDO
QRH[LVWHXQPDQHMRDGHFXDGRGHOJDQDGRVHDOLPHQWDQHQODV]RQDVGHSDVWRUHR\HQHOPRQWHHVWHVLVWHPD
WLHQHXQIXHUWHLPSDFWRVREUHODUHJHQHUDFLyQQDWXUDOGHHVSHFLHVYHJHWDOHV\ODHURVLyQGHOVXHOR8QSUREOHPD
LPSRUWDQWHWDQWRSDUDODVDOXGKXPDQDFRPRSDUDODYLGDVLOYHVWUHSUy[LPDDiUHDVGHDFWLYLGDGKXPDQDHVHO
HVFDVRFRQWUROVDQLWDULRGHOJDQDGR\DYHVGHFRUUDO
7DEOD3HUOSURGXFWLYRGHODDJULFXOWXUDHQWLHUUDVEDMDVGHO&$0\VXiUHDGHLQXHQFLD
5HJLyQ
7LSRGHWLHUUDV
7LSRGHDJULFXOWXUD
3URGXFFLyQ
SUHGRPLQDQWH
<XQJDVQRUWHGH/D3D]
$OWR%HQL
/DVWLHUUDVHVWiQH[SXHVWDV $JULFXOWXUDGHFRUWH\TXH (ODUUR]FRQVWLWX\HHOSUL
DODSpUGLGDGHQXWULHQWHV PDFRQSUHGRPLQLRGHFKD PHU FXOWLYR GHVSXpV GHO
<XFXPR
FKDTXHR\VHVLHPEUDPDt]
5XUUHQDEDTXH GHOVXHORSRUHURVLyQTXH FRV\EDUEHFKRFRUWR
PDV\OL[LYLDFLyQ
HQ PHQRU SURSRUFLyQ R
,[LDPDV
SDVWRV SDUD FRQYHUWLU OD
WLHUUDDODJDQDGHUtD
UHDVGH
SUHVLyQ
'HVSOD]DPLHQWRV
KDFLD HO QRUWH HQ
OD IUDQMD GH 6DQ
%XHQDYHQWXUD
,[LDPDV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
&KDSDUH
/DDJULFXOWXUDHVSUDFWLFDGD
EDMR HO VLVWHPD GH FRUWH
\ TXHPD SHUR FRQ FRUWRV
SHUtRGRV GH GHVFDQVR \
SRVLEOHPHQWHHQiUHDVSRFR
DSWDVSDUDODDJULFXOWXUD
/DFRFDHVHOFXOWLYRSULQ
FLSDO DXQTXH WDPELpQ VH
SURGXFH DUUR] EDQDQD \
\XFD DGHPiV GH DOJXQRV
IUXWDOHVFXOWLYRVSHUHQQHV
\SDVWXUDV
+DFLDHOQRUWHDO
LQWHULRU GHO 3DU
TXH1DFLRQDO,VL
ERUR6pFXUH
3UHGRPLQDQWHPHQWH GH
WUDQVLFLyQ GH VLVWHPD GH
FRUWH \ TXHPD KDFLD DJUL
FXOWXUD SHUPDQHQWH \ PH
FDQL]DGD FRQ SUHVHQFLD
GH DJULFXOWXUD GH FRUWH \
TXHPDHQQXHYDViUHDVGH
IURQWHUD
7UDQVLFLyQDSLHGHPRQWH 3UHGRPLQLRGHDJULFXOWXUD
FRQ RQGXODFLRQHV VXDYHV GHFRUWH\TXHPDHQWUDQVL
D SHQGLHQWHV FRQ SREUH FLyQDVLVWHPDVSHFXDULRV
FDOLGDGGHVXHORV
3UHGRPLQLRGHFDxD\DUUR]
HQFRPELQDFLyQFRQVR\D
GHLQYLHUQRFRQiUHDVEDMR
SURGXFFLyQ PHFDQL]DGD
FRQYHUWLGDV HQ SDVWXUDV
/D SURGXFFLyQ GH DUUR]
HVSUHGRPLQDQWHHQiUHDV
QXHYDVGHFXOWLYR
&XOWLYRVGHDUUR]\IUXWDOHV
FRQ HYHQWXDOHV VLVWHPDV
JDQDGHURVGHEDMDSURGXF
WLYLGDG
+DFLDHOQRURHVWH
D OR ODUJR GHO UtR
,FKLOR \ OD SDUWH
QRUWHGHODUHVHUYD
IRUHVWDO(O&KRUH
E$FWLYLGDGIRUHVWDO
/DDFWLYLGDGIRUHVWDOVHFRQFHQWUDSULQFLSDOPHQWHKDFLDODUHJLyQ$PD]yQLFDGHO&$03UHDQGLQR\6XEDQGLQR
GRQGHVHHQFXHQWUDQHVSHFLHVGHLPSRUWDQFLDHFRQyPLFDFRPRODPDUD6ZLHWHQLDPDFURSK\OODUREOH&HGUHOD
VSS\FHGUR$PEXUDQDFHDUHQVLVFRQSUHVHQFLDGHFRQFHVLRQHVIRUHVWDOHV\$VRFLDFLRQHV6RFLDOHVGH/XJDU
$6/3RURWURODGRODDFWLYLGDGIRUHVWDOHQOD]RQDGHYDOOHVLQWHUDQGLQRVVHGHVDUUROODHQSUHGLRVIDPLOLDUHV\
HQDOJXQDVKDFLHQGDVSULQFLSDOPHQWHWUDEDMDQGRHQSHTXHxDVPDQFKDVGHSODQWDFLRQHVGHHVSHFLHVLQWURGXFLGDV
FRPRHXFDOLSWRDVLPLVPRORVERVTXHVQDWLYRVGHTXHxXDVDXFHDOJDUURERPROOHWKRODVRQDSURYHFKDGRVHQ
GLIHUHQWHVLQWHQVLGDGHVSDUDOHxD\SDUDODIDEULFDFLyQGHLQVWUXPHQWRVGHODEUDQ]D\RWURV(QOD]RQDGHORV
<XQJDVWDPELpQH[LVWHQUHFXUVRVIRUHVWDOHVTXHVRQHQJHQHUDODSURYHFKDGRVSDUDOHxD
(ODSURYHFKDPLHQWRGHODPDGHUDGHOERVTXHHVUHDOL]DGRSRUHPSUHVDVJUDQGHV\PHGLDQDVDVtFRPRSRUORV
GXHxRVGHSURSLHGDGHVUXUDOHV7RGRVHOORVVHGHGLFDQDODWDODVHOHFWLYDGHHVSHFLHVGHDOWRYDORUFRPHUFLDO1R
VHHQFRQWUDURQUHJLVWURVGHODVFDQWLGDGHVSURGXFLGDV/DH[SORWDFLyQFRPHUFLDOGHODPDGHUDHVJHQHUDOPHQWH
GHWLSRHPSUHVDULDO\VXGHVWLQRHVHOPHUFDGRH[WHUQRFRPRLQWHUQR(ODSURYHFKDPLHQWRIRUHVWDOWDPELpQHV
UHDOL]DGDSRUODVIDPLOLDVGHODUHJLyQFRPRXQDDFWLYLGDGHFRQyPLFDDGLFLRQDODODDJUtFROD\JDQDGHUD6LQ
HPEDUJRHQDOJXQDV]RQDVGHO&$0ODH[SORWDFLyQIRUHVWDOHVGHIRUPDLUUDFLRQDOVLQXQDSODQLFDFLyQQL
PDQHMRUD]yQSRUODFXDOQRVHJDUDQWL]DVXVRVWHQLELOLGDGHQHOWLHPSR/DSURGXFFLyQHQHVWHFDVRHVGHIRUPD
PDQXDOSRFRPHFDQL]DGD\DTXHODPD\RUtDGHORVPDGHUHURVXWLOL]DQODPRWRVLHUUDFRPR~QLFDKHUUDPLHQWD
SDUDHOFXDUWRQHRGHORViUEROHVPDGHUDEOHV
6HJ~QGDWRVGHOD6XSHULQWHQGHQFLD)RUHVWDOGH%ROLYLDVHKDQLGHQWLFDGRVHLVJUDQGHVUHJLRQHVSURGXFWRUDV
IRUHVWDOHV HQ %ROLYLD %DMR 3DUDJXi &KLTXLWDQtD &KRUp *XDUD\RV 3UHDQGLQRDPD]yQLFR \$PD]RQtD ODV
SULQFLSDOHVUHVHUYDVGHHVSHFLHVPDGHUDEOHV\QRPDGHUDEOHVVHHQFXHQWUDQHQ$PD]RQtD&KRUp\3UHDQGLQR
DPD]yQLFRHVWDVGRV~OWLPDViUHDVIRUPDQSDUWHGHO&$07DEOD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
7DEOD3ULQFLSDOHVUHJLRQHVSURGXFWRUDVIRUHVWDOHVHQ%ROLYLD
5HJLyQSURGXFWRUD
%DMR3DUDJXi
&KLTXLWDQLD
&KRUp
*XDUD\RV
3UHDQGLQRDPD]yQLFR
$PD]RQtD
727$/
UHD
0LOOyQKDV
9ROXPHQPKD
727$/
/DUHJLyQGHO&KRUpHVWiFRQVWLWXLGDSRUXQD5HVHUYD)RUHVWDOVHFDUDFWHUL]DSRUORVDOWRVYRO~PHQHVGHPDGHUD
\HVSHFLHVGHEXHQFUHFLPLHQWRWLHQHXQDIXHUWHSUHVLyQGHFRORQL]DFLyQSHVHDTXHVHWUDWDGHWLHUUDVVXMHWDVD
LQXQGDFLyQ\FRQVXHORVGHIiFLOGHJUDGDFLyQ3/860LHQWUDVTXHODUHJLyQGHO3UHDQGLQR$PD]yQLFR
WDPELpQUHSUHVHQWDXQDSDUWHLPSRUWDQWHGHOSRWHQFLDOPDGHUDEOHHQHOiPELWRQDFLRQDO*HRJUiFDPHQWHHVWDV
UHJLRQHVHVWiQPX\FHUFDGHORVSULQFLSDOHVFHQWURVGHFRQVXPRVLQHPEDUJRODDFFHVLELOLGDGHVGLItFLOGHELGR
DODOLPLWDGDLQIUDHVWUXFWXUDFDPLQHUD/DVHVSHFLHVPDGHUDEOHVPiVYDOLRVDVGHDPEDV]RQDVVHPXHVWUDQHQOD
VLJXLHQWHWDEODGHVWDFDQGRVHODDEXQGDQFLDGHORFKRyYHUGRODJRELERVL\MRURUL
7DEOD3ULQFLSDOHVHVSHFLHVHQiUHDVGHLPSRUWDQFLDIRUHVWDOGHO&RUUHGRU$PERUy0DGLGL
1RPEUH
FRP~Q
DOPHQGULOOR
ELERVL
FHGUR
FRTXLQR
FXUXSD~
JXD\DERFKL
LVLUt
MRURUL
PDUD
PDUDPDFKR
PRPRTXL
RFKRy
SDORPDUtD
SDTXLy
SOXPHUR
UREOH
1RPEUHFLHQWtFR
'LSWHU\[RGRUDWD
)LFXVVSS
&HGUHODVSS
3RXWHULDVSS
$QDGHQDQWKHUDFROXEULQD
&DO\FRSK\OOXP VSUXFHDQXP
&DSLURQDGHFRUWLFDQV
&ODULVLDUDFHPRVD
6ZDUW]LDMRURUL
6ZLHWHQLDPDFURSK\OOD
7DSLULUDJXLDQHQVLV
&DHVDOSLQLDSOXYLRVD
+XUDFUHSLWDQV
&DORSK\OOXPEUDVLOLHQVH
+\PHQDHDVSS
9RFK\VLDODQFHRODWD
$PEXUDQDFHDUHQVLV
(O&KRUp
DUEKD
3UHDQGLQR$PD]yQLFR
DUEKD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
VDQJUHGHWRUR
VHUHEy
VLUDUL
WDMLER
WURPSLOOR
YHUGRODJR
\HVTXHUR
9LUROD SHUXYLDQD,U\DQWKHUD
MXUXHQVLV
6FKL]RORELXPDPD]RQLFXP
2UPRVLDQRELOLV
7DEHEXLDVSS
*XDUHDPDFURSK\OOD
7HUPLQDOLDVSS
&DULQLDQDVSS
)XHQWH&iPDUD)RUHVWDOGH%ROLYLD
F$FWLYLGDGPLQHUD
(QOD&RUGLOOHUD2ULHQWDOGH%ROLYLDVHGHVDUUROODQDFWLYLGDGHVPLQHUDVGHVGHODpSRFDSUHFRORQLDO/DDFWLYLGDG
PLQHUDHQHO&$0VHFDUDFWHUL]DSULQFLSDOPHQWHSRUODH[WUDFFLyQGHRUR\iULGRVODVRSHUDFLRQHVPLQHUDVVRQ
GHSHTXHxDPLQHUtD\PLQHUtDDUWHVDQDOTXHVHLGHQWLFDQQRVyORSRUHOWDPDxRRYROXPHQGHODRSHUDFLyQVLQR
SRUODVIRUPDVGHSURGXFFLyQPLQHUDTXHKDFHQDODLQIRUPDOLGDGGHVDUUROORDUWHVDQDOQRSURGXFWLYRLOHJDOLGDG
LPSDFWRDPELHQWDOFRQLFWLYLGDGVRFLRFXOWXUDO\GHFLHQFLDVWpFQLFDV\MXUtGLFDVSDUDVXIXQFLRQDPLHQWRHQWUH
RWURVDVSHFWRV&,&(3)
(OZyOIUDPHVXQRGHORVPLQHUDOHVTXHVHH[SORWDHQHO&$0HVSHFLDOPHQWHHQHOVHFWRUGHORV<XQJDVGH/D
3D]VLHQGRXQRGHORVPiVH[SORWDGRVHQDOJXQRVVHFWRUHVGHODVSURYLQFLDV/DUHFDMD6XG<XQJDVH,QTXLVLYL
(ORURWLHQHXQDH[SORWDFLyQLQWHQVLYDHVSHFLDOPHQWHHQODVORFDOLGDGHVGH7LSXDQL0DSLUL*XDQD\7HRSRQWH
&KDOODQD\&RQVDWD/ySH] *ULPDOGH]FLWDGRSRU3DFKHFR$JXLODUHWDO/DVRSHUDFLRQHV
PLQHUDVFHUFDGH$SROREDPED\HQORVDXHQWHV\ODFXHQFDDOWDGHO5tR%HQLKDQSURGXFLGRGDxRVDPELHQ
WDOHVORFDOHV\FRQWDPLQDFLyQGHODVFXHQFDV\KDQFRQWULEXLGRDORVQLYHOHVHOHYDGRVGHPHUFXULRGHWHFWDGRV
HQORVSHVFDGRUHVGHOiUHDGH5XUUHQDEDTXH/DFDUUHWHUD&RWDSDWD6DQWD%iUEDUDKDIRPHQWDGRWDPELpQODLQ
WHQVLFDFLyQGHODDFWLYLGDGGHPLQHUtDGHRURTXHWUDHQFRQVLJRDOWRVLPSDFWRVGHELGRVDODVWpFQLFDVPLQHUDV
KLGUiXOLFDVGHEDMDWHFQRORJtD&(3)
3UREDEOHPHQWHODH[SORWDFLyQDXUtIHUDHVXQDGHODVDFWLYLGDGHVFRQPD\RUHVLPSDFWRVDPELHQWDOHVHQHO&$0VH
SXHGHQREVHUYDUSULQFLSDOPHQWHODH[SORWDFLyQDOXYLDO\ODH[SORWDFLyQGHDOXYLRQHVWHUFLDULRV(QHOSULPHUFDVR
VHGDHOPRYLPLHQWRGHJUDQGHVFDQWLGDGHVGHPDWHULDOHQGHSyVLWRODVH[WHUQDOLGDGHVDPELHQWDOHVUHVXOWDQWHV
LQFOX\HQODGHVWUXFFLyQGHSOD\DVIpUWLOHVDSWDVSDUDHOFXOWLYRSRUHMHPSOR7LSXDQL\<XQJDVHQHOGHSDUWDPHQWR
GH/D3D]DOWHUDFLRQHVGHSDLVDMHORGLFDFLyQGHUtRVGHVWUXFFLyQGHODYHJHWDFLyQSpUGLGDVGHVXHORV\GH
ODFDSDYHJHWDO'XUDQWHORVSURFHVRVGHH[WUDFFLyQGHORURSURYHQLHQWHGHORV\DFLPLHQWRVDOXYLDOHVVHREVHUYD
UHPRFLyQGHOOHFKRGHORVUtRVSRUXVRGHGUDJDV\GLVHPLQDFLyQGHPHUFXULRHQHODJXD\HODLUH/DXWLOL]DFLyQ
GHOPHUFXULRHQHOSURFHVRGHH[WUDFFLyQGHORURSURGXFHLPSRUWDQWHVLPSDFWRVQHJDWLYRVVREUHODVDOXGKXPDQD
VHXWLOL]DHQWUHD.JPHVGHPHUFXULRHQFDGDPLQD&,&(3)(QHOVHJXQGRFDVRODH[SORWDFLyQ
GHDOXYLRQHVWHUFLDULRVVHUHDOL]DHQRSHUDFLRQHVDWDMRDELHUWRSURGXFLHQGRH[WHUQDOLGDGHVDPELHQWDOHVLPSRU
WDQWHVDWUDYpVGHLPSDFWRVYLVXDOHVGHDOWHUDFLyQGHVXHORV\GHODFDSDYHJHWDO(VFREDUL
3RURWURODGRODH[SORWDFLyQGHiULGRVVHUHDOL]DGHIRUPDPiVLQWHQVLYDGHVGHPHGLDGRVGHORVDxRVQRYHQWD
/DH[WUDFFLyQGHJUDYDSDUDODFRQVWUXFFLyQGHFDUUHWHUDVKDDXPHQWDGRHVSHFLDOPHQWHHQODUHJLyQGH$PERUy
(QHVWHWLSRGHDFWLYLGDGHOPDWHULDOEUXWRHVH[WUDtGRGHORVOHFKRVSOD\DVLVODVEDQFRV\WHUUD]DVGHUtRV\D
FLPLHQWRVDOXYLDOHVHVWHWUDEDMRHVUHDOL]DGRSRUVLQGLFDWRVFRRSHUDWLYDVFRPXQDULRV\SHUVRQDVLQGLYLGXDOHV
&,&(3)(VFREDUL
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
G$FWLYLGDGKLGURFDUEXUtIHUD
/DDFWLYLGDGKLGURFDUEXUtIHUDHQHO&$0VHFDUDFWHUL]DSRUODSURGXFFLyQGHSHWUyOHRORVSULQFLSDOHVFDPSRV
VRQ6XUXEt3DORPD&DUUDVFR.DWDUL+659tERUD&DVFDEHO6LUDUL<DSDFDQt&DUDQGD\&ROSDXELFDGRVHQ
ORV'HSDUWDPHQWRVGH&RFKDEDPED\6DQWD&UX]FRQXQDSURGXFFLyQGHEDUULOHVSRUGtDESG8'$3(
TXHUHSUHVHQWDQDSUR[LPDGDPHQWHHOGHODSURGXFFLyQQDFLRQDOGHESG6LQHPEDUJRFHUFDGHO
GHODVUHVHUYDVKLGURFDUEXUtIHUDVVHHQFXHQWUDQDOVXUGHOSDtV
$XQTXHODViUHDVGHPD\RUWUDGLFLyQGHOVHFWRUGHKLGURFDUEXURVVHXELFDQHQODUHJLyQVXUGHOVXEDQGLQRHVSH
FLDOPHQWHHQHO'HSDUWDPHQWRGH7DULMDKD\XQFUHFLHQWHLQWHUpVGHGHVDUUROODUPiVODDFWLYLGDGKLGURFDUEXUtIHUD
HQHOVXEDQGLQRQRUWHFRLQFLGHQWHFRQHO&$0(VWDVLWXDFLyQGHEHDWHQGHUVHGHPDQHUDSURDFWLYDGHELGRD
ODDOWDFRLQFLGHQFLDGHiUHDVSURWHJLGDVFRQFRQFHVLRQHVSHWUROHUDV6LELHQODVHPSUHVDVGHVSXpVGHODFDSLWDOL
]DFLyQHQHODxRPHMRUDURQVLJQLFDWLYDPHQWHODJHVWLyQDPELHQWDO\VRFLDOGHODVDFWLYLGDGHVGHOVHFWRU
SUHRFXSDGHHVSHFLDOPDQHUDORVLPSDFWRVVHFXQGDULRVTXHXQDLQWHQVLFDFLyQ\XELFDFLyQGHQXHYRVFDPSRV
GHSURGXFFLyQSXHGDQVLJQLFDUSDUDHO&$0(VWRVLPSDFWRVVHFXQGDULRVHVWiQUHODFLRQDGRVFRQORVHIHFWRV
FDWDOL]DGRUHVGHODGHIRUHVWDFLyQ\SpUGLGDGHODELRGLYHUVLGDGGHELGRDTXHORVFDPLQRVREUHFKDVQHFHVDULRV
SDUDSURVSHFFLyQSURGXFFLyQ\WUDQVSRUWHGHJDV\SHWUyOHRSXHGDQVHUXWLOL]DGRVSRUWHUFHURVSDUDIDFLOLWDU
FRORQL]DFLyQHQiUHDVQRSODQLFDGDVDSURYHFKDPLHQWRLOHJDOGHPDGHUDLQFUHPHQWRGHODViUHDVGHFDFHUtD\
UHFROHFFLyQGHSURGXFWRVQRPDGHUDEOHV\HQHOPHGLDQR\ODUJRSOD]RFRQYHUVLyQGHHFRVLVWHPDVQDWXUDOHVHQ
DJURHFRVLVWHPDV,ELVFK7DPELpQGHDFXHUGRFRQ,ELVFKVHSXHGHQSURGXFLULPSDFWRVWHUFLDULRVHQORV
FXDOHVODVHPSUHVDVSHWUROHUDVWLHQHQD~QPHQRUUHVSRQVDELOLGDGVLQHPEDUJRHVWRVLPSDFWRVTXHVHRULJLQDQ
SRU OD IRUPD GH LQYHUVLyQ GH IRQGRV GH FRPSHQVDFLyQ SUR\HFWRV GH GHVDUUROOR SURGXFWLYR HQ FRPXQLGDGHV
DOHGDxDVDODViUHDVGHDFWLYLGDGKLGURFDUEXUtIHUDVHSXHGHQUHDOL]DUVLQFRQVLGHUDUORVLPSDFWRVDPELHQWDOHV
FDWDOL]DQGRDVtSURFHVRVGHGHIRUHVWDFLyQ\SpUGLGDGHELRGLYHUVLGDG
(QODUHJLyQGH0DGLGLKD\XQDVRODFRQFHVLyQSHWUROHUDHQHO%ORTXHGH7XLFKLTXHVHHQFXHQWUDHQODVSUL
PHUDVIDVHVGHH[SORUDFLyQDOLJXDOTXHFRQFHVLRQHVHQHOiUHDGH3LOyQ/DMDV3RUHOPRPHQWRODDPHQD]DGH
H[SORWDFLyQSDUHFHVHUPHQRU(QORV~OWLPRVDxRVODVFRPSDxtDVSHWUROHUDVKDQLQWHQVLFDGRVXVDFWLYLGDGHV
HQ&RFKDEDPED\%HQLFHUFDGHO3DUTXH1DFLRQDO,VLERUR6pFXUH\VHKDLQIRUPDGRGHKDOOD]JRVVLJQLFDWLYRV
HQ&DUUDVFR\$PERUyORVDOUHGHGRUHVGHHVWDVWUHV~OWLPDViUHDVKDQVLGRODV]RQDVGHPD\RUWUDGLFLyQGH
H[SORWDFLyQ&(3)
H$FWLYLGDGWXUtVWLFDRGHHFRWXULVPR
(OWXULVPRHVXQDDFWLYLGDGHFRQyPLFDTXHVLELHQD~QHVPHQRUFRPSDUDGDFRQHOUHVWRGHODVDFWLYLGDGHV
HFRQyPLFDVGHO&$0HVWiHQXQSURFHVRFUHFLHQWHGHELGRDODVSRWHQFLDOLGDGHVFDUDFWHUtVWLFDVQDWXUDOHV\DOWD
GLYHUVLGDGELROyJLFDTXHSUHVHQWDHOFRUUHGRU9DULDVGHODVDFWLYLGDGHVGHWXULVPRGHQDWXUDOH]DVHUHDOL]DQ
DSURYHFKDQGRODSUHVHQFLDGHiUHDVSURWHJLGDVHVSHFLDOPHQWH0DGLGL3LOyQ/DMDV&DUUDVFR\$PERUy3UR
EDEOHPHQWH5XUUHQDEDTXH6DPDLSDWD\9LOOD7XQDUL7UySLFRGH&RFKDEDPEDVHDQORVGHVWLQRVWXUtVWLFRVPiV
FRQRFLGRV\GHPDQGDGRVHQHO&$0
5XUUHQDEDTXHHVXQFHQWURSREODGRSHTXHxRFHUFDGHPLOKDELWDQWHVXELFDGRDOVXGHVWHGHOGHSDUWDPHQWR
GHO%HQLHOWXULVPRVHFRQYLUWLyHQXQHMHGHVXGHVDUUROORORVSREODGRUHVUHDOL]DURQLQYHUVLRQHVHQODFRQV
WUXFFLyQGHLQIUDHVWUXFWXUDKRWHOHUDUHVWDXUDQWHV\HPEDUFDFLRQHVHQWUHRWURV(VWHGHVWLQRVHKDFRQYHUWLGRHQ
HOSXHQWHSDUDFRQRFHUHO3DUTXH1DFLRQDO0DGLGL&KDODOiQ\OD5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD
3LOyQ/DMDVODPD\RUSDUWHGHORVWXULVWDVSURYLHQHQGH*UDQ%UHWDxD,VUDHO$OHPDQLD6XL]D%pOJLFD\)UDQ
FLD3HUFLEHXQLQJUHVRDQXDOGHPLOORQHVGHGyODUHV\ODYLVLWDGHFHUFDGHWXULVWDVH[WUDQMHURVDODxR
5XUUHQDEDTXHHVXQRGHORVGHVWLQRVWXUtVWLFRVPiVYLVLWDGRVHQHOiPELWRQDFLRQDOGHVSXpVGH&RSDFDEDQD\
8\XQL/HyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(O7UySLFRGH&RFKDEDPEDWLHQHFRPRVXSULQFLSDOSXQWRGHGHVWLQRWXUtVWLFRDOPXQLFLSLRGH9LOOD7XQDUL
&XHQWDFRQXQDLQIUDHVWUXFWXUDGHVDUUROODGDGHDSUR[LPDGDPHQWHHVWDEOHFLPLHQWRVHQWUHKRWHOHVKRVWDOHV\
DORMDPLHQWRV(QWUHORVDWUDFWLYRVWXUtVWLFRVHVWiQHO3DUTXH&DUUDVFR&DYHUQDVGHO5HSHFKyQHO3DUTXH0D
FKtDOD-XQJODGHSRUWHVGHDYHQWXUD\ORVSXHUWRVGH6DQ)UDQFLVFR\9LOODUURHOGRQGHODYDULHGDGGHSHFHVHV
HODWUDFWLYRFXOLQDULRPiVLPSRUWDQWH/RVFLUFXLWRVWXUtVWLFRVSULQFLSDOHVTXHVHRIHUWDQHQHOiPELWRQDFLRQDO
FRPRLQWHUQDFLRQDOLQYROXFUDQDORVPXQLFLSLRVGH9LOOD7XQDUL&KLPRUp3XHUWR9LOODUURHOOD4XLQWD6HFFLyQ
GHOD3URYLQFLD&DUUDVFR\HO0XQLFLSLRGH7LUDTXH&DUWDJHQD8QSUREOHPDSDUDHOGHVDUUROORWXUtVWLFR
GHHVWD]RQDHVODLQHVWDELOLGDGVRFLDOH[LVWHQWH\DTXHDPHQXGRVHSURGXFHQEORTXHRVGHFDUUHWHUDVFRPR
PHGLGDGHSURWHVWDVRFLDO
6DPDLSDWDWDPELpQHVXQSXHEORSHTXHxRXELFDGRHQOD]RQDGHYDOOHVVHFRVTXHDUWLFXOD\SURPXHYHHOWXULVPR
KDFLDRWURVVLWLRVGHODUHJLyQ8QDSDUWHGHO3DUTXH1DFLRQDO$PERUyVHHQFXHQWUDHQOD]RQD7LHQHYDOLRVRV
DWUDFWLYRVOXJDUHVWXUtVWLFRVFRPR(O)XHUWHVLWLRDUTXHROyJLFRGHFODUDGR3DWULPRQLR&XOWXUDOGHOD+XPDQLGDG
SRUOD81(6&27DPELpQVHSXHGHQKDOODUUHVWRVGHFHUiPLFDGHQRPLQDGDWLHVWRV\URFDVDQWLJXDVWDOODGDV
/RVYLVLWDQWHVGH6DPDLSDWDSURYLHQHQWDQWRGHOLQWHULRUGHOSDtVGHODFLXGDGGH6DQWD&UX]FRPRGHOiPELWR
LQWHUQDFLRQDO6HSURPRFLRQDPXFKRHOWXULVPRGHQDWXUDOH]DFRQH[FXUVLRQHVDO3DUTXH1DFLRQDO$PERUyQR
VyORHQHOiUHDFRUUHVSRQGLHQWHDOPXQLFLSLRVLQRKDFLDRWURVDWUDFWLYRVGHOVHFWRU6XUGHO$PERUyFRPROD
<XQJDHQHOPXQLFLSLR0DLUDQD\/DJXQD9HUGHHQHO0XQLFLSLRGH&RPDUDSD
(QJHQHUDOORVDWUDFWLYRVQDWXUDOHVGHO&$0\VXVYDORUHVFXOWXUDOHV\DUTXHROyJLFRVKDQSURPRYLGRHOGH
VDUUROORGHYDULDVLQLFLDWLYDVGHHFRWXULVPRHQGLIHUHQWHVVLWLRVGHO&RUUHGRUVLQHPEDUJRHOVHFWRUWLHQHTXH
SRWHQFLDUVXLQIUDHVWUXFWXUD\VHUYLFLRVSDUDRIUHFHUXQWXULVPRGHFDOLGDG\QRDSXQWDUDOWXULVPRPDVLYRGDGD
ODVFRQGLFLRQHVGHIUDJLOLGDGGHODELRGLYHUVLGDGHQHOiUHD0XFKDVLQLFLDWLYDVGHHFRWXULVPRFRPXQLWDULRVKDQ
LGRVXUJLHQGRDOJXQDVGHHOODVFRPRSHM&KDODOiQKDQDOFDQ]DGRUHVXOWDGRVGHp[LWRLQWHUHVDQWHVHQWpUPLQRV
GHDXWRVRVWHQLELOLGDGRUJDQL]DFLRQDO\HFRQyPLFDHVLPSRUWDQWHUHVFDWDUHVWDVOHFFLRQHVGHp[LWR\WDPELpQ
EULQGDUDFRPSDxDPLHQWRWpFQLFRSDUDPRQLWRUHDUHOHVWDGRGHFRQVHUYDFLyQGHODELRGLYHUVLGDGHQUHODFLyQDOD
DFWLYLGDGWXUtVWLFDHQHVWRVVLWLRV
'HUHFKRVRWRUJDGRVVREUHODWLHUUD\ORVUHFXUVRVQDWXUDOHV
1$UDXMR *=ROH]]L
(QHO&RUUHGRU$PERUy0DGLGLODVFRQFHVLRQHVIRUHVWDOHVSHWUROHUDV\PLQHUDVVRQODSULQFLSDOPRGDOLGDGGH
GHUHFKRVRWRUJDGRVOHJDOPHQWHHVWDEOHFLGRVSDUDHOXVRGHUHFXUVRVQDWXUDOHV(OXVR\DSURYHFKDPLHQWRGH
ORVUHFXUVRVQDWXUDOHVHQiUHDVFRQFHGLGDVSRUHO(VWDGRGH%ROLYLDGHEHUHDOL]DUVHEDMRQRUPDV\UHJODPHQWRV
DVHJXUDQGRDVtHOGHVDUUROORVRVWHQLEOH(OXVRVRVWHQLEOHGHORVUHFXUVRVQDWXUDOHVSXHGHFRQWULEXLUDODJHVWLyQ
GHFRQVHUYDFLyQSDUWLFXODUPHQWHHQHOFDVRGHODVFRQFHVLRQHVIRUHVWDOHVODViUHDVFRQFHVLRQDGDVSXHGHQVHU
XQDRSRUWXQLGDGSDUDFRQWULEXLUDODIXQFLRQDOLGDGHFROyJLFDGHO&$0DOPDQWHQHUODFREHUWXUDGHERVTXH\HQ
DOJXQRVFDVRVDSR\DUDODFRQHFWLYLGDGGHiUHDVGHFRQVHUYDFLyQGHODELRGLYHUVLGDG/DVFRQFHVLRQHVPLQHUDV
SRUHOFRQWUDULRWLHQGHQDJHQHUDULPSDFWRVDPELHQWDOHVPiVQHJDWLYRV\SRUHVWHPRWLYRQHFHVLWDQXQDJHV
WLyQDPELHQWDOHVWULFWDHVSHFLDOPHQWHHQiUHDVGHDOWDVHQVLELOLGDGSDUDODELRGLYHUVLGDGHLPSRUWDQFLDSDUDOD
SURGXFFLyQGHDJXDFRPRHVHOFDVRGHO&$0
/DSURSLHGDGSULYDGD\DVHDDQLYHOLQGLYLGXDORFRPXQDOHVRWUDGHODVPRGDOLGDGHVGHGHUHFKRVRWRUJDGRVVREUH
ODWLHUUD/RVFDPSHVLQRVHLQGtJHQDVWLHQHQGHUHFKRDREWHQHUWLHUUDVGHO(VWDGRSRUGRWDFLyQJUDWXLWD\GHUHFKRV
SUHIHUHQWHVSDUDODDGMXGLFDFLyQ/DOH\,15$HVWDEOHFHTXHHOVRODUFDPSHVLQRODSHTXHxDSURSLHGDGODVWLHUUDV
FRPXQLWDULDVGHRULJHQ7&2\ODVSURSLHGDGHVFRPXQDOHVVRQLQDOLHQDEOHVLQGLYLVLEOHVQRVXMHWDVDUHYHUVLyQ
FROHFWLYDVHLPSUHVFULSWLEOHV(O5HJODPHQWRGHOD/H\,15$HVWDEOHFHTXHOD7&2HVXQWHUULWRULRTXHYLQFXOD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
ODGLPHQVLyQMXUtGLFDGHSURSLHGDGSULYDGDFROHFWLYD\ODGLPHQVLyQSROtWLFDGHGRPLQLRWHUULWRULDOLQGtJHQD/D
/H\UHFRQRFHDORVLQGtJHQDVODH[FOXVLYLGDGGHODFFHVRDUHFXUVRVQRUHQRYDEOHVGHQWURGHOD7&2
/DViUHDVSURWHJLGDVVFDOHVWDPELpQSXHGHQFRQVLGHUDUVHFRPRRWUDPRGDOLGDGGHGHUHFKRRWRUJDGRSDUDOD
JHVWLyQGHFRQVHUYDFLyQVREUHORVUHFXUVRVQDWXUDOHV\ODELRGLYHUVLGDGHQJHQHUDO/DVPLVPDVSXHGHQVHUGH
FODUDGDVSRU'HFUHWR6XSUHPR\5HVROXFLyQ3UHIHFWXUDOX2UGHQDQ]D0XQLFLSDO\ODUHVSRQVDELOLGDGSULQFLSDO
GHJHVWLyQUHFDHVREUHHO(VWDGR3RURWURODGRWDPELpQVHGDODJXUDGH5HVHUYDV3ULYDGDVGH3DWULPRQLR
1DWXUDO5331DPSDUDGDHQHOPDUFRUHJXODWRULRGHOD/H\)RUHVWDOHQODFXDOXQSURSLHWDULRSULYDGRSXHGH
GHFODUDUFRPRiUHDGHFRQVHUYDFLyQGHODELRGLYHUVLGDGDXQDSDUWHGHVXSUHGLRFRQVLGHUDQGRKDFRPR
OtPLWHPi[LPRSHUPLWLGRSDUDHOWDPDxRGHOD5331
$XQTXHODLQIRUPDFLyQVREUHGLIHUHQWHVPRGDOLGDGHVGHGHUHFKRSURSLHWDULRVREUHODWLHUUDHVSRFRDFFHVLEOH
HQJHQHUDOHQORVWtWXORVVLJXLHQWHVVHSUHVHQWDXQDGHVFULSFLyQSDUDODViUHDVFRQFHVLRQDGDVRFRQGHUHFKR
SURSLHWDULRFRQPD\RUDFFHVRS~EOLFRDLQIRUPDFLyQ
'HUHFKRSURSLHWDULRGHODWLHUUD7LHUUDV&RPXQLWDULDVGH2ULJHQ
/DV7LHUUDV&RPXQLWDULDVGH2ULJHQ7&2RFXSDQXQDFHUFDGHKDGHODVXSHUFLHGHO&$0UHSUH
VHQWDQYDORUHVpWQLFRVFXOWXUDOHV\VHFRQVWLWX\HQHQRSRUWXQLGDGHVSDUDODFRQVHUYDFLyQGHODELRGLYHUVLGDG\
JHVWLyQGHORVUHFXUVRVQDWXUDOHVGHELGRDVXVFDUDFWHUtVWLFDVVRFLRFXOWXUDOHV\ODWUDGLFLyQGHXVRVRVWHQLEOH
GHORVUHFXUVRVQDWXUDOHV6HJ~Q0DUWtQH]HOWtWXORGHSURSLHGDGRWRUJDGRDORVLQGtJHQDVVRODPHQWH
UHFRQRFHHOGHUHFKRGHSHUWHQHQFLDGHVXHVSDFLRDQFHVWUDO\UHVXOWDOLPLWDGRDOXVRWUDGLFLRQDOFRPRFD]D
SHVFDUHFROHFFLyQ\FXOWLYRLWLQHUDQWH
(QHO&$0VHXELFDQRQFH7&2YHUWDEODFRUUHVSRQGLHQWHVSULQFLSDOPHQWHDORVSXHEORVRULJLQDULRV7DFDQD
&KLPDQ0RVHWHQHV<XUDFDUp<XNL\/HFRV0LHQWUDVTXHORVSXHEORVPR[HxRVWULQLWDULRVLJQDFLDQRV\PR
YLPDVVHHQFXHQWUDQXELFDGRVHQHOiUHDGHLQXHQFLDGHO&$0KDFLDODHFRUUHJLyQGHORV/ODQRVGH0R[RV
7DEOD7LHUUDV&RPXQLWDULDVGH2ULJHQHQHO&RUUHGRU$PERUy0DGLGL
7LHUUDV&RPXQLWDULDVGH 3XHEORLQGtJHQD
1GH
'HSDUWDPHQWRV
GHOD7&2
2ULJHQ
&RPXQLGDGHV
HQHO&$0
3LOyQ/DMDV
7DFDQD &KLPDQ
%HQL %DOOLYLiQ \ /D
KD
0RVHWpQ
3D])UDQ]7DPD\R\6XG
<XQJDV
7,&+&KLPiQ
&KLPDQ
%HQL %DOOLYLiQ \ <D
KD
FXPD
7,00XOWLpWQLFR
0R[HxR7ULQLWDULR
%HQL <DFXPD %DOOLYLiQ
KD
,JQDFLDQR0RYLPD
\0R[RV
<XUDFDUp&KLPDQ
7HUULWRULR,QGtJHQD3DUTXH1D <XUDFDUp 0R[HxR
%HQL %DOOLYLiQ 0R[RV
FLRQDO,VLERUR6pFXUH7,31,6 7ULQLWDULR ,JQDFLD
0DUEiQ\&RFKDEDPED
KD
QR&KLPDQ
$\RSD\D&KDSDUH
<XUDFDUp
<XUDFDUp
&RFKDEDPED&KDSDUH
KD
<XNLKD
<XNL
&RFKDEDPED&DUUDVFR
0RVHWpQ
0RVHWpQ
/D3D]6XG<XQJDV/D
KD
UHFDMD \ &RFKDEDPED
$\RSD\D
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
VG /D3D]
/DV7&2WLWXODGDVSRU'HFUHWR6XSUHPRHQHODxRGHVSXpVGHODDSUREDFLyQGHOD/H\,15$IXHURQ3LOyQ
/DMDV&KLPiQ7,&+0XOWLpWQLFR7,07,31,6\<XNLVXWLWXODFLyQVHUHDOL]yVLQHOSURFHVRGHVDQHDPLHQWR
HVGHFLUVXVXSHUFLHGRWDGDSRGUiYDULDUXQDYH]TXHVHUHDOLFHHVWHSURFHVR3RURWURODGRHOHVWDGRGHWLWXODFLyQ
GHRWUDV7&2GHPDQGDGDVTXHLQLFLDURQSURFHVRGHVDQHDPLHQWRLQGLFDQTXHODV7&2<XUDFDUp\0RVHWpQVH
WLWXODURQHQVXWRWDOLGDGFRQSURFHVRGHVDQHDPLHQWRFRQFOXLGRKDVWDHODxR\UHVSHFWLYDPHQWH/D
7&27DFDQDHQHODxRWXYRXQDWLWXODFLyQSDUFLDOGHVXWHUULWRULRGHPDQGDGR/DV7&2/HFRV/DUHFDMD
\/HFRV)UDQ]7DPD\RD~QVHPDQWLHQHQHQGHPDQGD6DQ-RVpGH8FKXSLDPRQDVHVXQDGHODV7&2GHPiV
UHFLHQWHWLWXODFLyQGRWDFLyQGHO,15$HQHODxR
'HDFXHUGRDODOH\,15$HOVDQHDPLHQWROHJDOGHXQD7&2WLHQHHOREMHWLYRGHLGHQWLFDUGHUHFKRVGHWHUFHURV
OHJDOPHQWHHVWDEOHFLGRVHQVXLQWHULRUGHOLPLWDQGR\GHPDUFDQGRODVXSHUFLHGHVXSURSLHGDG'HVGHHOSXQWR
GHYLVWDGHODFRQVHUYDFLyQODWLWXODFLyQGHODV7&2HVXQDQHFHVLGDGVRFLDOGHLQWHUpVFRP~QSRUTXHVRODPHQWH
7&2WLWXODGDV\VDQHDGDVEULQGDQXQDVHJXULGDGMXUtGLFDDODVFRPXQLGDGHVTXHKDELWDQHQHOODV\WDPELpQ
EULQGDQPD\RUHVRSRUWXQLGDGHVSDUDLPSOHPHQWDUSURFHVRVGHPDQHMRGHUHFXUVRVQDWXUDOHV\FRQVHUYDFLyQGH
ODELRGLYHUVLGDGHVWDEOHFLHQGRWDPELpQUHVSRQVDELOLGDGHVGHSDUWHGHLQGtJHQDV\RWURVDFWRUHVSUHVHQWHV
'HUHFKRVRWRUJDGRVVREUHHOXVRGHORVUHFXUVRVQDWXUDOHV
/DGLVWULEXFLyQGHODVFRQFHVLRQHVGHQWURGHO&$0)LJPXHVWUDXQDFRQFHQWUDFLyQGHFRQFHVLRQHVPLQHUDV
KDFLDODHFRUUHJLyQGH<XQJDVHQHOGHSDUWDPHQWRGH/D3D]\HQXQVHFWRUGHORV%RVTXHV3UHDQGLQRVHQHO
GHSDUWDPHQWRGH6DQWD&UX]/DVDFWLYLGDGHVSHWUROHUDVVHFRQFHQWUDQHQOD)DMD6XEDQGLQDDORODUJRGHO&$0
/DPD\RUSDUWHGHODVFRQFHVLRQHVIRUHVWDOHVVHXELFDQHQHO3UHDQGLQRSULQFLSDOPHQWHHQORVGHSDUWDPHQWRV
GH/D3D]\%HQL
/DVFRQFHVLRQHVPLQHUDV/DVSULQFLSDOHVDFWLYLGDGHVPLQHUDVVRQGHH[WUDFFLyQGHRUR\iULGRV6HJ~Q
GDWRVGH&,&(3)HQHO&$0\VXiUHDGHLQXHQFLDVHLGHQWLFDURQFRQFHVLRQHVPLQHUDV
GHODVH[LVWHQWHVHQ%ROLYLDOOHJDQGRDFXEULUXQDVXSHUFLHWRWDOGHKD/DFRQFHVLyQPLQHUD
WLHQHFRPRXQLGDGGHPHGLGDODFXDGUtFXODHTXLYDOHQWHDKDXQFRQFHVLRQDULRSXHGHWHQHUXQDRPiV
FXDGUtFXODV
(OPD\RUQ~PHURGHFRQFHVLRQHVPLQHUDVVHHQFXHQWUDHQHOVHFWRUGHORV<XQJDVGH/D3D]/DPD\RUtD
GHODVFRQFHVLRQHVVRQ\DFLPLHQWRVDXUtIHURVDOXYLDOHV\ODDFWLYLGDGPLQHUDHVDUWHVDQDO3UREDEOHPHQWH
ODORFDOLGDGGH7LSXDQLHQ/D3D]VHDXQRGHORVFHQWURVPLQHURVPiVLPSRUWDQWHVHQHO&$0
/DVFRQFHVLRQHVSHWUROHUDV(QHO&$0FHUFDGHKDHVWiQFXELHUWDVSRUFRQFHVLRQHVSHWUROH
UDVSUHVHQWDQGRXQDIXHUWHFRQFHQWUDFLyQGHpVWDVHQHO3LHGH0RQWH\HO6XEDQGLQRGH6DQWD&UX]\
&RFKDEDPEDYHUWDEOD(OH[WUHPRVXUGHOFRUUHGRUIRUPDSDUWHGHOD]RQDWUDGLFLRQDOGHH[SORWDFLyQ
SHWUROHUD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
)LJ&RQFHVLRQHVRWRUJDGDVVREUHHOXVRGHORVUHFXUVRVQDWXUDOHV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
7DEOD&RQFHVLRQHV3HWUROHUDVHQHO&RUUHGRU$PERUy0DGLGL
&RQFHVLyQ3HWUROHUD
5HSVRO
6XSHUFLHGH
FRQFHVLyQKD
6DQWD&UX]
6DQWD&UX]\&RFKDEDPED
6DQWD&UX]
6DQWD&UX]\&RFKDEDPED
6DQWD&UX]
/D 3D] &RFKDEDPED \
%HQL
/D3D]\%HQL
9LQWDJH
6DQWD&UX]
$QGLQD
&KDFR
'RQ:RQJ
0D[XV
3HFRP(QHUJLD6$
3HWUREUDV
'HSDUWDPHQWR
6XSHUFLHHQ
HO&$0
)XHQWH(ODERUDFLyQSURSLDEDVDGDHQGDWRVSURSRUFLRQDGRVSRU6(51$3
/DVFRQFHVLRQHVIRUHVWDOHV%ROLYLDWLHQHPLOORQHVGHKpFWDUHDVGHVXSHUFLHGHERVTXHGHODVFXDOHV
PLOORQHVVRQERVTXHVS~EOLFRV\PLOORQHVGHKpFWDUHDVHVWiQEDMRHOUpJLPHQGHFRQFHVLRQHV(Q
HO&$0ODVFRQFHVLRQHVIRUHVWDOHVFXEUHQXQDVXSHUFLHDSUR[LPDGDGHKDHOGHHVWD
VXSHUFLHEDMRFRQFHVLyQVHHQFXHQWUDHQHO'HSDUWDPHQWRGHO%HQLHOHQ/D3D]\HOUHVWDQWH
HQ6DQWD&UX]
(OVLVWHPDGHWHQHQFLDYLJHQWHVHFRQVWLWX\HHQXQPHFDQLVPRGHDGMXGLFDFLyQGHGHUHFKRVGHSURSLHGDG
VREUHORVERVTXHV\WLHUUDVIRUHVWDOHVGHGRPLQLRGHO(VWDGRDSHUVRQDVLQGLYLGXDOHVRFROHFWLYDVSDUDHO
DSURYHFKDPLHQWRGHORVUHFXUVRVIRUHVWDOHV8'$3(6(&725)25(67$/
7DEOD&RQFHVLRQHVIRUHVWDOHVHQHO&RUUHGRU$PERUy0DGLGL
&RQFHVLRQHV
IRUHVWDOHV
%ROLYLDQ 0DKR
JDQ\
%RVTXHGHO1RUWH
&LPDJUR
+HUYHO
)iWLPD/WGD
0RQWH*UDQGH
0RQWH5HGRQGR
6DJXVD
<XUHLGLQL
352,16$ <XFX
PR
352,16$0DGUH
6HOYD\3&LQFR
%ROLWDO
%RVTXHV GHO 1RU
WH
6XSHUFLHSRUFDWHJRUtDGHPDQHMR
KD
%HQL
3URGXFWLYD 3URWHFFLyQ
2WURVXVRV
%HQL
%HQL
%HQL
%HQL
%HQL
%HQL
%HQL
%HQL
%HQL
/D3D]
/D3D]
/D3D]
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
,1$)256DQ$Q
WRQLR
0DPRUp
6DQ,JQDFLR
'RQ(QULTXH
-DOLO
0DUDERO
6DQ3HGUR
8$*50%((0
/D3D]
/D3D]
/D3D]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
/DVFRQFHVLRQHV&LPDJUR\+HUYHOSUHVHQWDQXQ3ODQGH0DQHMR)RUHVWDOHQFRP~Q
)XHQWH(ODERUDFLyQSURSLDHQEDVHDGDWRVGHOD6XSHULQWHQGHQFLD)RUHVWDO\HO$WODVGH'HUHFKRV)RUHVWDOHVVD
'HUHFKRGHJHVWLyQGHUHDV3URWHJLGDVGHLQWHUpVQDFLRQDOGHSDUWDPHQWDO\
PXQLFLSDO
%ROLYLDFXHQWDFRQiUHDVSURWHJLGDVGHFDUiFWHUQDFLRQDOQXHYHGHHVWDViUHDVVHXELFDQGHIRUPDWRWDOR
SDUFLDOGHQWURGHORVOtPLWHVGHO&$0YHUPDSD$SUR[LPDGDPHQWHHOGHODVXSHUFLHGHOFRUUHGRU
HVWiFXELHUWDSRUiUHDVSURWHJLGDVFRQGLVWLQWDVFDWHJRUtDVGHPDQHMRGHVGHODSURWHFFLyQPiVHVWULFWDKDVWDODV
FDWHJRUtDVPiVH[LEOHVGHFRQVHUYDFLyQWDEOD(VWDFREHUWXUDVLJQLFDWLYDGHiUHDVSURWHJLGDVVHMXVWLFD
PX\ELHQVLVHFRQVLGHUDQODJUDQGLYHUVLGDGGHHFRVLVWHPDVDOWDVHQVLELOLGDGDPELHQWDO\DOWDGLYHUVLGDGELR
OyJLFDTXHFDUDFWHUL]DDO&$0
7DEODUHDV3URWHJLGDV1DFLRQDOHVHQHO&RUUHGRU$PERUy0DGLGL
UHDSURWHJLGD
3DUTXH1DFLRQDO\UHD1DWXUDO
GH0DQHMR,QWHJUDGR0DGLGL
UHD1DWXUDOGH 0DQHMR,QWH
JUDGR1DFLRQDO$SROREDPED
3DUTXH1DFLRQDO\UHD1DWXUDO
GH0DQHMR,QWHJUDGR&RWDSDWD
5HVHUYDGHOD%LRVIHUD\7HUUL
WRULR,QGtJHQD3LOyQ/DMDV
5HVHUYDGHOD%LRVIHUD(VWDFLyQ
%LROyJLFDGHO%HQL
3DUTXH 1DFLRQDO \ 7HUULWRULR
,QGtJHQD,VLERUR6pFXUH
3DUTXH1DFLRQDO7XQDUL
3DUTXH1DFLRQDO&DUUDVFR
%DVH/HJDO
'HSDUWDPHQWR0XQLFLSLR
6XSHUFLH HQ
WRWDOKD HO&$0
'6 GHO /D 3D]$SROR 6DQ %XHQDYHQWXUD
,[LDPDV3HOHFKXFR\*XDQD\
'6 GHO /D3D]3HOHFKXFR&XUYD&KDUD]DQL
\*XDQD\
'6 GHO /D3D]&RURLFR\/D3D]
'6 GHO %HQL6DQ %RUMD \ 5XUUHQDEDTXH /D
3D]3DORV%ODQFRV\$SROR
'6 GHO %HQL6DQ %RUMD \ 6DQWD$QD GH<D
FXPD
'/GHO %HQL6DQ,JQDFLRGH0R[RV\/RUHWR
&RFKDEDPED 9LOOD 7XQDUL \ 0RUR
FKDWD
'6 GHO &RFKDEDPED0RURFKDWD&RFKDEDP
ED4XLOODFROOR6LSH6LSH7LTXLSD\D
9LQWR&ROFDSLUKXD6DFDED&RORPL
9LOOD7XQDUL\7DSDFDUt
'6 GHO &RFKDEDPED3RMR3XHUWR9LOODUURHO
&KLPRUp 7LUDTXH 7RWRUD 3RFRQD
9LOOD7XQDUL\&RORPL
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
%DVH/HJDO
'HSDUWDPHQWR
6XSHUFLH
0XQLFLSLR
WRWDOKD
3DUTXH'HSDUWDPHQWDO\UHD1DWX 53GHO &RFKDEDPED0RUR
UDOGH0DQHMR,QWHJUDGR$OWDPDFKL SRVWHULRPHQWHUH FKDWD\7LTXLSD\D
$10,
YRFDGD
UHDGH3URWHFFLyQGH&XHQFDV+L '6 GHO %HQL6DQ%RUMD6DQWD
GURJUiFDV(YD(YD0RVHWHQHV
$QD\6DQ,JQDFLR
0RQXPHQWR1DWXUDOGH(VSHMLOORV 53GHO 6DQWD&UX]3RURQJR
5HVHUYD1DWXUDOGH,QPRYLOL]DFLyQ VG
/D 3D]&DMXDWD \
GH&KRTXHWDQJD
4XLPH
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
7DEODUHDV3URWHJLGDV0XQLFLSDOHVHQHO&RUUHGRU$PERUy0DGLGL
UHDSURWHJLGD
%DVH/HJDO
20GH
'HSDUWDPHQWR 6XSHUFLH
0XQLFLSLR
WRWDOKD
6DQWD&UX]6DQ&DUORV
20GH 6DQWD&UX]%XHQD9LVWD
20GH
6DQWD&UX]0DLUDQD
' 6 G H 6DQWD&UX]6DPDLSDWD
20GH 6DQWD&UX]&RPDUDSD
20GH
/D3D],[LDPDV
8ELFDGDVHQHOiUHDGHLQXHQFLDGHO&$0
/DVUHVHUYDVIRUHVWDOHVVRQRWUDVGHODVJXUDVOHJDOHVFRQVLGHUDGDVSDUDODJHVWLyQGHFRQVHUYDFLyQ8QiUHDGH
LPSRUWDQFLDHQHO&$0HVOD5HVHUYD)RUHVWDOGHO&KRUpVHXELFDHQOD3URYLQFLD,FKLORGHO'HSDUWDPHQWRGH
6DQWD&UX]WLHQHXQDVXSHUFLHGHKD3/86(QHO&KRUpVHKDQRWRUJDGRDOUHGHGRUGH
FRQFHVLRQHVIRUHVWDOHVFRQXQDVXSHUFLHWRWDOGHKDHQHOOXJDUWDPELpQVHSXHGHQHQFRQWUDUFRPX
QLGDGHVTXHRFXSDQXQWHUULWRULRGHKDKDFLHQGRXQWRWDOGHRFXSDFLyQHVSDFLDOGHKD3LQWR
3DUDHO'HSDUWDPHQWRGH/D3D]VHKDLGHQWLFDGRODUHVHUYDIRUHVWDO4XLPHUDVGHO$WpQDVtFRPRWUHV
UHVHUYDVIRUHVWDOHVLQPRYLOL]DGDV&RYHQGR&XHQFDGHO5tR%RRSLH,WXUUDOGHQLQJXQDSUHVHQWDJHVWLyQ\OD
UHVHUYDGH&RYHQGRVHXELFDWDPELpQHQHO'HSDUWDPHQWRGH&RFKDEDPED(OFDVRPiVSDUWLFXODUHVHOGHOD
UHVHUYD,WXUUDOGHFX\DiUHDLQPRYLOL]DGDFXEUHJUDQSDUWHGHODSURYLQFLDGHOPLVPRQRPEUHVLQHPEDUJRGHO
GHFUHWRGHFUHDFLyQQRHVSHFLFDHOWDPDxRUHFRPHQGDGRSDUDHOiUHDHQHOFDVRGHRFLDOL]DUVXFDWHJRUtDGH
JHVWLyQ0XVHR+11.0
7DEOD5HVHUYDVIRUHVWDOHVHQHO&RUUHGRU$PERUy0DGLGL
UHDSURWHJLGD
5HVHUYD)RUHVWDOGHO&KRUp
5HVHUYD )RUHVWDO 4XLPHUDV GHO
$WpQ
5HVHUYD )RUHVWDO GH ,QPRYLOL]D
FLyQGH&RYHQGR
5HVHUYD )RUHVWDO GH ,QPRYLOL]D
FLyQGHOD&XHQFDGHO5tR%RRSL
5HVHUYD )RUHVWDO GH ,QPRYLOL]D
FLyQ,WXUUDOGH
%DVH/HJDO
'HSDUWDPHQWR
0XQLFLSLR
3/86
6DQWD &UX]<DSDFDQt
\6DQ&DUORV
' 6 G H /D3D]
'6 GH &RFKDEDPED \ /D
3D]
'6 GH /D3D]
'6 GH /D3D]
6XSHUFLH
WRWDOKD
3RURWURODGRVHKDGRFXPHQWDGRODSUHVHQFLDGHFHUFDGHRQFH5HVHUYDV3ULYDGDVGH3DWULPRQLR1DWXUDOVyOR
SDUDHOVHFWRUGHO&$0FRUUHVSRQGLHQWHDO'HSDUWDPHQWRGH6DQWD&UX]VLQHPEDUJRGDGDODQHFHVLGDGGHXQ
PD\RUSURFHVRGHUHFRSLODFLyQGHLQIRUPDFLyQVyORVHHQFRQWUyHOVXVWHQWROHJDOSDUDODV5331GH$UXEDLFRQ
XQDVXSHUFLHGHKDVHJ~Q5,,7(53313RWUHULOORGHO*HQGiFRQXQDVXSHUFLHGH
KDVHJ~Q5,,7(5331\/DV+R\DGDVFRQXQDVXSHUFLHGHKDVHJ~Q5,,7(5331
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0DSD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0DSD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$OJXQDV UHVHUYDV SULYDGDV HQ HO VHFWRU QRUWH GHO &$0 IXHURQ LGHQWLFDGDV HQ XQ HVWXGLR GH &RQVHUYDFLyQ
,QWHUQDFLRQDOKDFLHQGRXQWRWDOGHGLHFLVLHWHiUHDVEDMRSURWHFFLyQSULYDGDWRGDVHOODVXELFDGDVHQODVWLHUUDV
PiVEDMDVGHO&$0%RVTXHV$PD]yQLFRVGHO6XEDQGLQR\GHO3UHDQGLQR\iUHDGHLQXHQFLDFXEULHQGRORV
PXQLFLSLRVGH5XUUHQDEDTXH\6DQ%RUMDSUHGRPLQDQWHPHQWH/DV5331LGHQWLFDGDVVRQ
7DEOD5HVHUYDV3ULYDGDVGH3DWULPRQLR1DWXUDOHQHO&RUUHGRU$PERUy0DGLGL
5HVHUYD3ULYDGD
/DJXQD3DQWDQDOKD
%DMtR*UDQGHKD
&DYLQDVKD
&RRSHUDWLYD1XHYD(VSHUDQ]DKD
<DQDORPDKD
6DQWD5RVDKD
(O&KDUDOKD
)iWLPD/DJXQD1HJUDKD
,VOD$]XOKD
7LHUUD)LUPHKD
(QJRUGH1HPDU.PKD
1HPDUGHO<DFXPDKD
6DQ-RVpGHO<DFXPDKD
1XHYD%ROLYLDKD
6DQLKD
9LUJHQGHO&DUPHQKD
&DSLOODDQWHV$PHULFDQDKD
5HVROXFLyQ1R
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
,7(&
6XSHUSRVLFLRQHV\FRQLFWRVHQWUHORVGHUHFKRVGHWHQHQFLDGHODWLHUUD\GH
XVR\JHVWLyQGHORVUHFXUVRVQDWXUDOHV
*=ROH]]L 1$UDXMR
(QHO&$0H[LVWHQiUHDVOHJDOPHQWHHVWDEOHFLGDVFRQVXSHUSRVLFLyQGHGHUHFKRVRWRUJDGRVSRUHMHPSORHO
iUHDGHWUDVODSHHQWUHFRQFHVLRQHVSHWUROHUDV\iUHDVSURWHJLGDVGHFDUiFWHUQDFLRQDOHVGHKDTXH
FRUUHVSRQGHDOGHODVXSHUFLHGHiUHDVSURWHJLGDVGHQWURGHO&$0&RQVLGHUDQGRTXHHVWDVXSHUSRVLFLyQ
GHGHUHFKRVRWRUJDGRVSXHGHVLJQLFDUXQSUREOHPDSDUDODJHVWLyQGHFRQVHUYDFLyQGHXQiUHDGHWHUPLQDGD
RUHSUHVHQWDUXQSRWHQFLDOFRQLFWRHQWUHORVGLIHUHQWHVDFWRUHVLQYROXFUDGRVKDFHPRVHVSHFLDOpQIDVLVHQHO
WUDVODSHGHiUHDVSURWHJLGDVGHFDUiFWHUQDFLRQDOFRQRWUDViUHDVFRQGHUHFKRVRWRUJDGRV0DSD7DPELpQVH
DQDOL]DODVXSHUSRVLFLyQGHGHUHFKRVRWRUJDGRVHQ7&2FRQVLGHUDQGRDpVWRVWHUULWRULRVFRPRHVSDFLRVQDWXUDOHV
TXHSXHGHQFRQWULEXLUDODFRQVHUYDFLyQGHODELRGLYHUVLGDG
$'XSOLFLGDGGHFDWHJRUtDRVXSHUSRVLFLyQHQWUHiUHDVSURWHJLGDV\7&2
/DV iUHDV SURWHJLGDV ,VLERUR 6pFXUH \ 3LOyQ /DMDV SUHVHQWDQ WDPELpQ OD FDWHJRUtD GH7LHUUD &RPXQLWDULD GH
2ULJHQPLHQWUDVTXHOD(VWDFLyQ%LROyJLFDGHO%HQL\HO3DUTXH0DGLGLWLHQHQXQDVXSHUSRVLFLyQSDUFLDOFRQ
ODV7&2
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
(O3DUTXH1DFLRQDO,VLERUR6pFXUHVHFUHyFRPRSDUTXHQDFLRQDOHQPHGLDQWH'HFUHWR6XSUHPR1R
SRVWHULRUPHQWHGHELGRDGHPDQGDVWHUULWRULDOHVGHJUXSRVLQGtJHQDVVHGHVLJQyFRPR7HUULWRULR,QGtJHQD\
3DUTXH1DFLRQDO,VLERUR6pFXUH7,31,6PHGLDQWH'HFUHWR6XSUHPR1RGH(QHVWHVHQWLGRWRGD
HOiUHDSURWHJLGDWLHQHDODYH]ODFDWHJRUtDGH7&2
(OiUHDGH3LOyQ/DMDVIXHFUHDGDRFLDOPHQWHHODxR'6\HQHODxRHOWHUULWRULRLQGtJHQD
UHFLELyHOWtWXORGH7&21RDMXVWiQGRVHDODOH\,15$\FRQVROLGiQGRVHFRPR5HVHUYDGHOD
%LRVIHUD\7LHUUD&RPXQLWDULDGH2ULJHQ3LOyQ/DMDV5%7&23LOyQ/DMDV$SHVDUGHODGREOHFDWHJRUtDVHJ~Q
5LEHUD /LEHUPDQHOiUHDQRPXHVWUDQLQJ~QFRQLFWRGHLQWHUpVVLQRPDVELHQFRPSOHPHQWDULHGDG\
DSR\R
/D(VWDFLyQ%LROyJLFDGHO%HQL(%%VHVXSHUSRQHSDUFLDOPHQWHFRQHO7HUULWRULR,QGtJHQD&KLPiQ7,&+
FRQXQDVXSHUFLHWRWDOGHKDTXHFRUUHVSRQGHDOGHOD(%%(OiUHDVHFUHyHQHODxR\HQ
IXHGHFODUDGDSRUOD81(6&2FRPR5HVHUYDGHOD%LRVIHUDFDWHJRUtDTXHHVFRPSDWLEOHFRQDFWLYLGDGHV
KXPDQDVHQVXLQWHULRU(O7,&+VHFUHyLQLFLDOPHQWHSRUGHFUHWRVXSUHPRHQHODxRSRVWHULRUPHQWH
FDPELyVXWtWXORD7&2EDMRODQXHYDOH\GHO,QVWLWXWR1DFLRQDOGH5HIRUPD$JUDULD,15$(O,15$UHFR
QRFHORVGHUHFKRVSURSLHWDULRVGHSHTXHxDVHVWDQFLDV\FLQFRFRPXQLGDGHV&KLPDQHVGHQWURGHORVOtPLWHV
GHQLWLYRVGHOD5%(%%6(51$3
(O3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR,QWHJUDGR0DGLGLVHVREUHSRQHSDUFLDOPHQWHFRQOD7&2GHPDQ
GDGD/HFRVGH$SROR(OiUHDHQFRQLFWRHVGHKDXELFDGDHQHOVHFWRUVXUGHO0DGLGL/DGHPDQGDGH
OD7&2/HFRVGH$SRORVHSUHVHQWySRVWHULRUPHQWHDOD/H\GHO615$6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULD
\ODVXSHUFLHGHPDQGDGDSRGUiFDPELDUOXHJRGHTXHHOSURFHVRGHVDQHDPLHQWRFRQFOX\D7HUFHURV
3RURWURODGRWDPELpQHVLPSRUWDQWHPHQFLRQDUODVLWXDFLyQGHOiUHDSURWHJLGDGHSDUWDPHQWDOGH$OWDPDFKLOD
PLVPDTXHIXHFUHDGD\SRVWHULRUPHQWHGHURJDGD$FWXDOPHQWHHVWDiUHDVHVREUHSRQHFRQODGHPDQGDGH7&2
KDSDUDWRGDODSURYLQFLD$\RSD\D\SDUWHGHODSURYLQFLDGH4XLOODFROORSUHVHQWDGDSRUOD&HQ
WUDO6LQGLFDOQLFDGH7UDEDMDGRUHV&DPSHVLQRV2ULJLQDULRVGH$\RSD\D&687&2$DO,15$ODPLVPDVH
UHDOL]yHOGHRFWXEUHGHO(O,15$MXQWRFRQORVGHPDQGDQWHVDFRUGDURQVXEGLYLGLUHOiUHDGHPDQGDGD
HQFXDWURSROtJRQRVSDUDHOVDQHDPLHQWRHVWHSURFHVRGHVDQHDPLHQWRWLHQHSUREOHPDVSUHVXSXHVWDULRVSDUD
ORJUDUXQDYDQFH
%6XSHUSRVLFLyQHQWUHiUHDVSURWHJLGDV\FRQFHVLRQHVPLQHUDVSHWUROHUDV\IRUHVWDOHV
/DVXSHUFLHGHVXSHUSRVLFLyQGHiUHDSURWHJLGDVFRQFRQFHVLRQHVSHWUROHUDVFXEUHDSUR[LPDGDPHQWH
KDPLHQWUDVTXHODVXSHUSRVLFLyQFRQODVFRQFHVLRQHVPLQHUDVHVGHKD\HQPHQRUJUDGRODVFRQFHVLRQHV
IRUHVWDOHVVHVXSHUSRQHQHQXQDVXSHUFLHGHKD(QJHQHUDOWRGDVODViUHDVSURWHJLGDVGHO&$0GHFDUiFWHU
QDFLRQDOWLHQHQSUREOHPDVGHVXSHUSRVLFLyQFRQFRQFHVLRQHVGHXVRGHUHFXUVRVQDWXUDOHVYHUWDEOD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0DSD
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
7DEOD6XSHUSRVLFLyQHQWUHiUHDVSURWHJLGDV\FRQFHVLRQHVPLQHUDVSHWUROHUDV\IRUHVWDOHV
UHD3URWHJLGD
$PERUy
6XSHUFLH
KD
$SROREDPED
&DUUDVFR
&RWDSDWD
(VWDFLyQ%LROyJLFDGHO%HQL
,VLERUR6pFXUH
0DGLGL
3LOyQ/DMDV
&0
6XS
&)
6XS
&3
6XS
/DVXSHUSRVLFLyQGHiUHDVSURWHJLGDVFRQFRQFHVLRQHVPLQHUDVHQWpUPLQRVGHVXSHUFLHSDUHFHQRVLJQLFDWLYD
VLQHPEDUJRHOLPSDFWRGHODDFWLYLGDGPLQHUDHVXQSUREOHPDFUtWLFRGDGRTXHORVLPSDFWRVSULPDULRVVRQSRFR
FRQWURODGRV\FXDQGRVHWUDWDQGH\DFLPLHQWRVDOXYLDOHVHOLPSDFWRSXHGHDOFDQ]DUODUJDVGLVWDQFLDVTXHVREUH
SDVDQHOiUHDGHXQDFRQFHVLyQHQHVWHVHQWLGRHOLPSDFWRGHODDFWLYLGDGPLQHUDHVPiVGLItFLOGHFXDQWLFDU
6HJ~QGDWRVGH&,&(3)VHWLHQHQUHIHUHQFLDVGHDFWLYLGDGHVPLQHUDVLOHJDOHVGHQWURGHO3DUTXH0DGLGL
\HQODUHVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ/DMDV/DVDFWLYLGDGHVPLQHUDVGHQWURGH$SROREDPED
\HQVX]RQDGHLQXHQFLDDIHFWDQD0DGLGL\3LOyQ/DMDVGHELGRDTXHHOiUHDHVFDEHFHUDGHFXHQFDODSULQFL
SDOIXHQWHGHFRQWDPLQDFLyQHVHOPHUFXULR(QHOiUHDSURWHJLGD&RWDSDWDODDFWLYLGDGPLQHUDHVDXUtIHUD\XQ
HVWXGLRUHFLHQWHLQGLFDWDPELpQFRQWDPLQDFLyQGHPHUFXULR(QHOUHD1DWXUDOGH0DQHMR,QWHJUDGR$PERUy
ODH[WUDFFLyQGHiULGRVHVLQWHQVDPLHQWUDVTXHODH[SORWDFLyQGHRURHVWiPX\ORFDOL]DGD\QRHVPHFDQL]DGD
ODPD\RUtDGHODH[WUDFFLyQGHHVWHPLQHUDOVHHIHFW~DHQORVUtRV<DSDFDQt\6XUXW~0+11.0
7DEOD&RQFHVLRQHVPLQHUDVHQiUHDVSURWHJLGDVGHO&$0
UHDV3URWHJLGDV
31\$10,0DGLGL
5%\7,3LOyQ/DMDV
$10,$SROREDPED
31\$10,&RWDSDWD
31&DUUDVFR
31\$10,$PERUy
1~PHURGHFRQFHVLRQHV
/DVXSHUSRVLFLyQGHFRQFHVLRQHVSHWUROHUDVFRQiUHDVSURWHJLGDVVHSXHGHREVHUYDUHQHOPDSD/D5HVHUYD
GHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ/DMDVHVHOiUHDFRQPD\RUSDUWHGHVXVXSHUFLHVXSHUSXHVWDFRQ
FRQFHVLRQHVSHWUROHUDVODHPSUHVDSHWUROHUD5(362/WLHQHGRVFRQFHVLRQHVTXHVHH[WLHQGHQGHQWURGHOiUHD
SURWHJLGDFRQHOEORTXH7XLFKL\HOEORTXH5XUUHQDEDTXHDPEDVFRQFHVLRQHVVHH[WLHQGHQKDVWDHO3DUTXH0DGLGL
VHKDQUHDOL]DGRHVWXGLRVGHLPSDFWRDPELHQWDO\OHFWXUDVHOHFWURPDJQpWLFDVSHURD~QQRVHKDQGHVDUUROODGR
DFWLYLGDGHVGHH[SORUDFLyQ0+11.0(QHOFDVRGHO0DGLGLODHPSUHVD7RWDO2LODQG*DV([SORUDWLRQ
UHDOL]ySHUIRUDFLRQHVGHQWURGHOSDUTXHHQ\HQODUHJLyQGHOUtR7XLFKLOXHJRGHHVWRODHPSUHVD
DEDQGRQyHOEORTXHUHDOL]DQGRDFWLYLGDGHVGHUHVWDXUDFLyQ
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
/DV FRQFHVLRQHV SHWUROHUDV GHO EORTXH &KDSDUH \ HO EORTXH 6pFXUH HVWiQ DIHFWDQGR DO7HUULWRULR ,QGtJHQD \
3DUTXH1DFLRQDO,VLERUR6pFXUH/DHPSUHVDSHWUROHUD5(362/KDUHDOL]DGRDFWLYLGDGHVGHSURVSHFFLyQGHQWUR
GHO7,31,6(QHOFDVRGHOiUHDSURWHJLGD$PERUyVHSODQLFDURQHVWXGLRVGHVtVPLFDVLQHPEDUJRGHELGR
DXQDDOWDSUHVLyQVRFLDOHQDSR\RDOiUHDSURWHJLGDQRVHFRQWLQXDURQODVDFWLYLGDGHVSHWUROHUDVHQ$PERUy
(OiUHDSURWHJLGDD~QLQPRYLOL]DGD(YD(YD0RVHWHQHVHVOD~QLFDTXHSUHVHQWDDFWLYLGDGGHH[SORWDFLyQGH
KLGURFDUEXURV
/DVFRQFHVLRQHVIRUHVWDOHVGHQWURGHiUHDVSURWHJLGDVGHFDUiFWHUQDFLRQDOHQHO&$0HVWiQDIHFWDQGRVyOR
DO7HUULWRULR,QGtJHQD\3DUTXH1DFLRQDO,VLERUR6pFXUH\5HVHUYDGHOD%LRVIHUD\DO7HUULWRULR,QGtJHQD3LOyQ
/DMDV6LQHPEDUJRHOPD\RUFRQLFWRFRQODVDFWLYLGDGHVIRUHVWDOHVQRUDGLFDHQODVXSHUSRVLFLyQFRQiUHDV
FRQFHVLRQDGDVVLQRDODSURYHFKDPLHQWRLOHJDOGHPDGHUDHQODVGLIHUHQWHViUHDVSURWHJLGDVGHO&$0
&6XSHUSRVLFLyQHQWUH7&2\FRQFHVLRQHVIRUHVWDOHVPLQHUDV\SHWUROHUDV
/D VXSHUFLH GH VXSHUSRVLFLyQ GH iUHD SURWHJLGDV FRQ FRQFHVLRQHV SHWUROHUDV FXEUH DSUR[LPDGDPHQWH XQDV
KDPLHQWUDVTXHODVXSHUSRVLFLyQFRQFRQFHVLRQHVIRUHVWDOHVHVGHKD\HQPHQRUJUDGRODV
FRQFHVLRQHVPLQHUDVVHVXSHUSRQHQHQXQDVXSHUFLHGHKD(QJHQHUDODOLJXDOTXHODVLWXDFLyQGHODV
iUHDVSURWHJLGDVWRGDVODV7&2GHO&$0WLHQHQSUREOHPDVGHVXSHUSRVLFLyQFRQFRQFHVLRQHVGHXVRGHUHFXUVRV
QDWXUDOHVYHUWDEOD
7DEOD6XSHUSRVLFLyQHQWUH7LHUUDV&RPXQLWDULDVGH2ULJHQ7&2FRQFHVLRQHVPLQHUDV&0SH
WUROHUDV&3\IRUHVWDOHV&)
&0
6XSHUFLH
+D
6XS
/HFRVGH$SROR
/HFRVGH/DUHFDMD
0RVHWpQ0LVLyQ&RYHQGR
0RVHWpQ 6DQWD$QD GH 0RVH
WHQHV
6DQ-RVpGH8FKXSLDPRQDV
0XOWLpWQLFR
3LOyQ/DMDV0XFKDQHV
<XTXL
7DFDQD
7,&+
7,31,6
7&2
&)
6XS
&3
6XS
/DSUHVHQFLDGHFRQFHVLRQHVPLQHUDVSHWUROHUDV\IRUHVWDOHVHQ7&2JHQHUDQXHYDVGLQiPLFDVHFRQyPLFDVTXH
HQPXFKRVFDVRVQRLPSDFWDQIDYRUDEOHPHQWHHQODHFRQRPtDGHODVSREODFLRQHVORFDOHV3XHGHQH[LVWLUWDPELpQ
RWURVSUREOHPDVTXHWLHQHQTXHYHUSULQFLSDOPHQWHFRQODGHVLQWHJUDFLyQGHODVFRPXQLGDGHVHOHVWDEOHFLPLHQWR
GHUHODFLRQHVFOLHQWHODUHVTXHJHQHUDQSXJQDVLQWHUQDV
7DPELpQDOJXQRVHVWXGLRVGHFDVRDQDOL]DGRVSRU6WRFNVVREUHWLHUUDVLQGtJHQDV\DFWLYLGDGHVIRUHVWDOHV
LQGLFDQTXHODSUHVHQFLDGHERVTXHVLPSRUWDQWHVSDUDHODSURYHFKDPLHQWRIRUHVWDO\ODSUHVHQFLDGHFRQFHVLRQHV
PDGHUHUDV\ODH[WUDFFLyQLQIRUPDOSRUSDUWHGHFXDUWRQHURV\PRWRVLHUULVWDVKDQIDYRUHFLGRDODSURYHFKDPLHQWR
LOHJDOGHHVSHFLHVPDGHUDEOHVYDOLRVDVFRPRHOFDVRGHODPDUD\HOFHGUR/DH[WUDFFLyQLOHJDOKDVLGRHQOD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
PD\RUtDGHORVFDVRVPiVLPSRUWDQWHSDUDODVHPSUHVDVTXHORVLQJUHVRVSURYHQLHQWHVGHVXVSURSLDVFRQFHVLRQHV
+DQH[LVWLGRSXJQDVLQWHUQDVHQWUHORVSREODGRUHVGHYDULDV7&2SRUHOEHQHFLRHFRQyPLFRGHODYHQWDLOHJDO
GHPDGHUDV(QWpUPLQRVGHPHGLRDPELHQWHHOLPSDFWRKDVLGRXQDGLVPLQXFLyQLPSRUWDQWHGHSREODFLRQHVGH
HVSHFLHVPDGHUDEOHV\ORVHIHFWRVGHOPDOPDQHMRGHORVERVTXHV
'6XSHUSRVLFLyQ\SRWHQFLDOHVFRQLFWRVHQWUHiUHDVSURWHJLGDVSUR\HFWRVFLYLOHV\SUHVLyQSRUDFFHVRD
ODWLHUUD
(QHVWDVHFFLyQSULQFLSDOPHQWHVHSUHVHQWDQSRWHQFLDOHVFRQLFWRVGDGRDOJXQRVHVFHQDULRVGHSUR\HFWRVGH
LQIUDHVWUXFWXUDFLYLO\SUHVLyQSRURFXSDFLyQWHUULWRULDOTXHLQYROXFUDQDODViUHDVSURWHJLGDVGHO&$0DOJXQRV
GHHVWRVSUR\HFWRVUHSUHVHQWDQHVFHQDULRVIXWXURVSHURRWURV\DVHKDQFRQFUHWDGRHQORV~OWLPRVDxRV
(OiUHDSURWHJLGD&RWDSDWDHVXQRGHORVVLWLRVFRQSRWHQFLDOKLGURHOpFWULFRGHOSDtV7DQWRODHPSUHVD(/(&
7523$=FRPR&2%((WLHQHQFRQFHVLRQHVVXSHUSXHVWDVFRQHOSDUTXH(QOD]RQDDOWD&2%((WLHQHKD
DOUHGHGRUGHOUtR&LHOR-DKXLUD\KHFWiUHDVDOUHGHGRUGHODODJXQD7LTXLPDQLTXHIRUPDSDUWHGHVXVLVWHPD
GHJHQHUDFLyQGHFRUULHQWHKLGURHOpFWLFDGHOYDOOHGH=RQJR(/(&7523$=UHDOL]yXQHVWXGLRGHIDFWLELOLGDG
SDUDHO3UR\HFWR+LGURHOpFWULFR&RURLFRDOUHGHGRUGHORVUtRV&KXFXUD\7LTXLPDQL/DVFRPXQLGDGHVORFDOHV
HVWiQDIDYRUGHOSUR\HFWRGHELGRDORVHPSOHRVTXHpVWHJHQHUDUtD\ODFRQVHFXHQWHFRQVWUXFFLyQGHXQFDPLQR
GHDFFHVR0+11.0
3RURWURODGRHQHOiUHDSURWHJLGD0DGLGLVHWLHQHODDPHQD]DODWHQWHGHXQDUHSUHVDHQHO(VWUHFKRGHO%DODOD
LGHDIXHODQ]DGDGHVGH\KDVLGRUHWRPDGDYDULDVYHFHVHQHODxRODDPHQD]DGHHMHFXFLyQGHOSUR\HFWR
HVWXYRPiVYLJHQWH/DHVWUXFWXUDSURSXHVWDGHPHWURVFRQWHPSODUHSUHVDUHO5tR%HQLNLOyPHWURVDOVXU
GH5XUUHQDEDTXH/DUHSUHVDDIHFWDUtDDORVDXHQWHVGHO%HQLLQXQGDQGRXQiUHDJUDQGHGHERVTXHHOLPLQDQGR
ORVHFRVLVWHPDVULEHUHxRVHLQWHUUXPSLHQGRODVPLJUDFLRQHVGHGLIHUHQWHVHVSHFLHVGHSHFHVTXHGHVRYDQHQOD
SDUWHDOWDGHO%HQL(QHO3DUTXH1DFLRQDO0DGLGLHOODJRUHVXOWDQWHSRGUtDGHMDUVXPHUJLGRD]RQDVGHDWUDFWLYR
HLQIUDHVWUXFWXUDHFRWXUtVWLFD
(QWpUPLQRVGHLQIUDHVWUXFWXUDFLYLOGHFDPLQRVH[LVWHQGRVSUR\HFWRVGHFRQVWUXFFLyQGHFDUUHWHUDVTXHSRGUtDQ
DIHFWDUDO7HUULWRULR,QGtJHQD\3DUTXH1DFLRQDO,VLERUR6pFXUHXQRGLYLGLUtDHOSDUTXHHQGRVSDUDXQLU6DQ
,JQDFLRGH0R[RVFRQ9LOOD7XQDUL\HORWURXQLUtDD<XFXPRFRQ9LOOD7XQDUL'HDFXHUGRDO3/86GH&RFKD
EDPEDDPERVSUR\HFWRVUHTXLHUHQHYDOXDFLRQHVHVSHFLDOHVSDUDGHWHUPLQDUVXLPSDFWR(852&2168/7\
&RQVXOWRUHV*DOLQGR/WGD/DVFRPXQLGDGHVLQGtJHQDVORFDOHVVHKDQRSXHVWRDOSUR\HFWR0+11.0
5LEHUD /LEHUPDQPHQFLRQDQYDULDVDPHQD]DVSRUSUR\HFWRVGHFRQVWUXFFLyQGHFDPLQRVHQRWUDViUHDV
SURWHJLGDVGHO&$03DUDHO3DUTXH1DFLRQDO&DUUDVFRXQDGHODVPD\RUHVDPHQD]DVUHSUHVHQWDHOSUR\HFWRYLDO
SUHIHFWXUDO0RQWHSXQFR$QWDKXDJDQD,YLUJD]DPDHOFXDOGLYLGLUtDDOiUHDSURWHJLGDHQGRV(Q$SROREDPED
HOSUR\HFWRGHFRQVWUXFFLyQGHODFDUUHWHUD3HOHFKXFR$SRORLPSXOVDGRSRUODSUHIHFWXUDHVXQDDPHQD]DFUH
FLHQWH(Q&RWDSDWDOD$OFDOGtDGH/D3D]SUR\HFWyHOFDPLQRHQWUHOD&XPEUH\&KXFXUDHVWHSUR\HFWRSXHGH
WHQHUJUDQGHVLPSDFWRVDQLYHOGHSDLVDMHV\SULQFLSDOPHQWHDIHFWDUDOFDPLQRSUHFRORPELQRGHO&KRURXQRGH
ORVDWUDFWLYRVWXUtVWLFRGHOiUHD(Q0DGLGLODSUHVLyQPiVIXHUWHHVSRUODFRQVWUXFFLyQGHOWUDPRYLDO$SROR
,[LDPDVTXHSRGUtDRFDVLRQDUJUDYHVLPSDFWRVVHFXQGDULRVVREUHHOiUHDSURWHJLGD
)XHUDGHORVOtPLWHVGHODViUHDVSURWHJLGDVVHFRQWHPSODQLPSDFWRVVHFXQGDULRVSRUHOSUR\HFWRGHGHVDUUROOR
YLDOGHO&RUUHGRU1RUWHHOFXDOLQYROXFUDSDUDHO&$0ORVWUDPRV&RWDSDWD6DQWD%iUEDUD%HOOD9LVWD4XLTXLEH\
<XFXPR5XUUHQDEDTXH8QDGHODVSULQFLSDOHVSUHRFXSDFLRQHVGHODFRQVWUXFFLyQ\PHMRUDPLHQWRVGHYtDV
GHVGHHOSXQWRGHYLVWDDPELHQWDOHVHOLQFUHPHQWRGHQXHYRVDVHQWDPLHQWRVSDUDQHVDJUtFRODV\XQDPD\RU
SUHVLyQGHXVR\H[WUDFFLyQGHUHFXUVRVQDWXUDOHVHQODViUHDVSURWHJLGDV&RWDSDWD3LOyQ/DMDV\0DGLGL
'LDJQyVWLFR\DQiOLVLVGHEDVHSDUDODSODQLILFDFLyQ
2WURGHORVWHPDVFRQLFWLYRVHQiUHDVSURWHJLGDVHVODLQYDVLyQGHOtPLWHVDFDXVDGHFRORQL]DFLyQFDPSHVLQD
SRUSREODFLyQHPLJUDQWHSULQFLSDOPHQWH/RV3DUTXHV1DFLRQDOHV$PERUy\&DUUDVFRWLHQHQIXHUWHSUHVLyQHQ
VXVOtPLWHV\HODYDQFHGHODIURQWHUDDJUtFRODHVFDGDYH]PiVFUHFLHQWH(Q3LOyQ/DMDVXQDIXHUWHDPHQD]DVRQ
ODVLQWHQFLRQHVGHRFXSDFLyQGHWLHUUDVSRUORVJUXSRVVLQWLHUUDDVtFRPRH[SDQGLU]RQDVGHFRORQL]DFLyQD
NPGHODFWXDOOtPLWH(QHO7,31,6SRURWURODGRH[LVWHQSUREOHPDVGHDYDQFHGHODFRORQL]DFLyQHVSHFLDOPHQWH
SDUDFXOWLYRGHFRFDKD\SUREOHPDVGHFRQWDPLQDFLyQGHUtRVSRUODDFWLYLGDGGHSHTXHxDVIiEULFDVGHFRFDtQD
(QOD(VWDFLyQ%LROyJLFDGHO%HQLVHSUHVHQWDXQIXHUWHLPSDFWRSRUHOWUiQVLWRGHJDQDGRYDFXQRTXHDWUDYLHVD
ODUHVHUYDDWUDYpVGHXQVHFWRUGH5tR0DQLTXt5LEHUD /LEHUPDQ
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
,9 (YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
(QHVWHFDStWXORVHLQWHJUDQGDWRV\DQiOLVLVELROyJLFRVFRQDVSHFWRVVRFLRHFRQyPLFRV
TXHFRQGLFLRQDQHOHVWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDV\HVSHFLHVHQHO&$0
FRQVLGHUDQGRHOFRQWH[WRGHXVRGLUHFWRRLPSDFWRVLQGLUHFWRVGHODDFWLYLGDGKXPDQD
(VWHDQiOLVLVGDORVSULPHURVOLQHDPLHQWRVVREUHODYLDELOLGDGGHLPSOHPHQWDFLyQGHFLHUWDV
DFFLRQHVGHFRQVHUYDFLyQSDUDHFRVLVWHPDVHVSHFLHVDPHQD]DGDV\iUHDVSURWHJLGDV
(VWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDV
3DUDORJUDUXQDQiOLVLV\YDORUDFLyQREMHWLYDGHODViUHDVFRQPHMRUHVWDGRGHFRQVHUYD
FLyQDVtFRPRGHiUHDVHQHVWDGRFUtWLFRGHELGRDVXJUDGRGHSHUWXUEDFLyQVHDSOLFy
XQDPHWRGRORJtDEDVDGDHQLQGLFDGRUHVVRFLRHFRQyPLFRVGHLPSDFWRVYHUFDStWXORGH
PHWRGRORJtDTXHSHUPLWHUHDOL]DUXQDQiOLVLVHVSHFLDOL]DGRSDUDODHYDOXDFLyQGHORV
HFRVLVWHPDVWHUUHVWUHV1RIXHSRVLEOHD~QGHELGRDODLQVXFLHQFLDGHGDWRV\GHVDUUROOR
PHWRGROyJLFRUHDOL]DUXQDHYDOXDFLyQVLPLODUSDUDHFRVLVWHPDVDFXiWLFRVVLQHPEDUJR
VHSUHVHQWDXQDFDUDFWHUL]DFLyQJHQHUDOGHORVSULQFLSDOHVLPSDFWRV
(VWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDVWHUUHVWUHV
1$UDXMR&1RZLFNL6&XpOODU 3/,ELVFK
/RVHFRVLVWHPDVGHO&$0SUHVHQWDQXQEXHQHVWDGRGHFRQVHUYDFLyQHQJHQHUDO)LJXUD
&HUFDGHOGHODVXSHUFLHSUHVHQWDFRQGLFLRQHVGHPX\SRFDDQLQJXQDLQWHU
YHQFLyQKXPDQD\SULQFLSDOPHQWHFRUUHVSRQGHFRQiUHDVSUHGRPLQDQWHPHQWHLQDFFHVL
EOHVTXHHQPXFKRVFDVRVFRLQFLGHQWDPELpQFRQODV]RQDVQ~FOHRGHiUHDVSURWHJLGDV
(VGHVWDFDEOHODSUHVHQFLDGHJUDQGHViUHDVFRQWLQXDVREORTXHVHQEXHQDPX\EXHQ
HVWDGRGHFRQVHUYDFLyQTXHVLQGXGDDOJXQDUHSUHVHQWDQXQDJUDQRSRUWXQLGDGSDUDOD
FRQVHUYDFLyQ\HOPDQWHQLPLHQWRGHODIXQFLRQDOLGDGGHO&$0
)LJXUD6XSHUFLHGHO&RUUHGRU$PERUy0DGLGLVHJ~QVXHVWDGRGH
FRQVHUYDFLyQ
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
(QXQSRUFHQWDMHPHQRUGHODVXSHUFLHGHO&$0VHHQFXHQWUDQHFRVLVWHPDVPiVSHUWXUEDGRV(OH[WUHPRVXU
GHO&$0HQHOiUHDGHOQRUWHLQWHJUDGRGHOGHSDUWDPHQWRGH6DQWD&UX]VHHQFXHQWUDXQDGHODV]RQDVPiV
LQWHUYHQLGDV\HQHVWDGRFUtWLFRGHFRQVHUYDFLyQFDUDFWHUL]DGDSRUXQGHVDUUROORDJURLQGXVWULDOXELFDGRPiV
KDFLDHOiUHDGHLQXHQFLDGHO&$06LJXLHQGRFRQXQiUHDGHLQXHQFLDGHODFDUUHWHUDSULQFLSDOTXHXQH6DQWD
&UX]FRQ&RFKDEDPEDVHHQFXHQWUDRWUD]RQDGHLQWHUYHQFLyQFDUDFWHUL]DGDSRUGHVDUUROORDJURIRUHVWDOFHQWURV
SREODGRVLPSRUWDQWHVSXHUWRVGHQDYHJDFLyQ\DFWLYLGDGKLGURFDUEXUtIHUDSUHVHQWDXQHVWDGRGHFRQVHUYDFLyQ
GHPRGHUDGRDFUtWLFR$PEDViUHDVGHSHUWXUEDFLyQHQFRQMXQWRDFW~DQFRPRXQDEDUUHUDSDUDODFRQHFWLYLGDG
DOWLWXGLQDODLVODQGRGHFLHUWDIRUPDDODViUHDVSURWHJLGDVGH$PERUy\&DUUDVFR
(QHVWHVHQWLGRVHSXHGHQSUHGHFLUSUREOHPDVGHFRQHFWLYLGDG\PLJUDFLyQHQORVFRUUHGRUHVQDWXUDOHVYHUWLFDOHV
UHODFLRQDGRVFRQHVWDViUHDVSURWHJLGDV<DHVWiFDVLLQWHUUXPSLGDODFRQH[LyQSUHDQGLQDVXEDQGLQDLPSOLFDQGR
FRQVHFXHQFLDVJUDYHVSDUDPXFKRVWD[D(QHVWDHVFDODHQRWUDViUHDVQRKD\SUREOHPDVGHVLPLODUJUDYHGDG
2WUDiUHDSHUWXUEDGDHQHVWHVHFWRUGHO&$0VHHQFXHQWUDHQHOiUHDGHLQXHQFLDGHORVUtRV,FKLOR\&KDSDUH
TXHSUHVHQWDXQJUDGRPHGLDQRGHLQWHUYHQFLyQ/RVSULQFLSDOHVLPSDFWRVHVWiQGDGRVSRUHODSURYHFKDPLHQWR
GHODIDXQDVLOYHVWUHODH[SORWDFLyQIRUHVWDO\ODKDELOLWDFLyQGHSHTXHxRVSUHGLRVSDUDXVRDJUtFROD
(QORVDOUHGHGRUHVGHOSULQFLSDOWUDPRYLDOTXHXQHHO$OWLSODQRFRQYDULRVFHQWURVSREODGRVGHWLHUUDVEDMDVHQWUH
/D3D]\%HQLVHHQFXHQWUDRWUDiUHDLPSRUWDQWHGHLQWHUYHQFLyQFRQXQHVWDGRGHFRQVHUYDFLyQPRGHUDGRD
SDUFLDOPHQWHFUtWLFRHQDOJXQRVOXJDUHV8QSUREOHPDGHFRQVLGHUDFLyQSDUDODFRQVHUYDFLyQGHODELRGLYHUVLGDG
VHJHQHUDHQHOiUHDGH7LSXDQLHQUHODFLyQFRQODDFWLYLGDGPLQHUDH[LVWHQWHSDUDH[SORWDFLyQGHRUR(QWRGR
HVWHVHFWRUHQJHQHUDOODVFDXVDVGHLPSDFWRVRQODKDELOLWDFLyQGHSHTXHxDVSDUFHODVDJUtFRODVSRUQXHYRV
DVHQWDPLHQWRVKXPDQRVTXHVHYDQGDQGRDORODUJRGHORVFDPLQRVHODSURYHFKDPLHQWRGHIDXQDVLOYHVWUH\OD
H[SORWDFLyQIRUHVWDOLOHJDO
0iVKDFLDOD]RQDGHORV9DOOHV6HFRV,QWHUDQGLQRV\SDUWHGHORV<XQJDVGH&RFKDEDPED\GHOVXUGH/D3D]
VHHQFXHQWUDQiUHDVGHSHUWXUEDFLyQFRQLPSDFWRVSULQFLSDOPHQWHUHODFLRQDGRVFRQHOXVRKLVWyULFRGHORVUH
FXUVRVQDWXUDOHVH[LVWLHQGRGHHVWDPDQHUDXQHVWDGRGHFRQVHUYDFLyQPRGHUDGRDPX\FUtWLFRHQJUDQSDUWH
GHHVWRVYDOOHV3RURWURODGRHOYDOOHGH6RUDWDPiVKDFLDHOQRUWHGH/D3D]MXQWRFRQOD]RQDGH$SROR\OD
]RQDGH,QGHSHQGHQFLDHQ&RFKDEDPEDSUREDEOHPHQWHVHDQODViUHDVPiVGHJUDGDGDVGHO&$0FRQXQHVWDGR
GHFRQVHUYDFLyQPX\FUtWLFR
(VQHFHVDULRGHVWDFDUHOLPSDFWRHQOD]RQDGH$SRORSDPSDVGH&DXSROLFiQ\GH$WpQGDGDVXLQXHQFLDGLUHFWD
VREUHHO3DUTXH1DFLRQDO0DGLGL(VWD]RQDSUHVHQWDJUDQGHVH[WHQVLRQHVGHSDPSDVRVDEDQDVDQWURSRJpQLFDV
/RVLPSDFWRVDFWXDOHVHVWiQGDGRVSRUGHVERVTXH\TXHPDSDUDXVRJDQDGHURIDFWRUHVTXHKDQJHQHUDGRXQD
HURVLyQHGiFDDYDQ]DGD1DYDUURHWDO
)LQDOPHQWHOD]RQDGHLQXHQFLDGHO&$0SUHVHQWDHQHOVHFWRUGHWLHUUDVDOWDV\DOUHGHGRUHVGHODFLXGDGGH
6DQWD&UX]XQHVWDGRGHFRQVHUYDFLyQFUtWLFRSRVLEOHPHQWHVyORKD\SUHVHQFLDGHSHTXHxDViUHDVUHOLFWXDOHVGH
YHJHWDFLyQRULJLQDO\HVSHFLHVGHIDXQDPHQRVVHQVLEOHV\ELHQDGDSWDGDVDODVQXHYDVFRQGLFLRQHVH[LVWHQWHV
0LHQWUDVTXHHOUHVWRGHOD]RQDGHLQXHQFLDHQODVWLHUUDVEDMDVHOHVWDGRGHFRQVHUYDFLyQHVEXHQRHQJHQHUDO
HVSHFLDOPHQWHKDFLDHOVHFWRUQRUWHGHO%HQL\/D3D]
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(VWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDVDFXiWLFRV
'4XLURJD 1$UDXMR
$~QQRKDVLGRSRVLEOHKDFHUXQDHYDOXDFLyQGHOHVWDGRGHFRQVHUYDFLyQGHORVHFRVLVWHPDVDFXiWLFRVGHO&$0
GHELGRHQJUDQSDUWHDODLQVXFLHQFLDGHLQIRUPDFLyQHVSHFtFDSRUHVWHPRWLYRODSUHVHQWHVHFFLyQVyORKDFH
PHQFLyQGHORVSULQFLSDOHVSUREOHPDVH[LVWHQWHVTXHDIHFWDQDODFDOLGDGGHORVHFRVLVWHPDVDFXiWLFRVORVGDWRV
SXEOLFDGRVSRU9DQ'DPPHVREUHORVVLVWHPDVDFXiWLFRVGH%ROLYLDKDQVLGRODUHIHUHQFLDPiVLPSRU
WDQWH
(QIRUPDJHQHUDOVHSXHGHLQGLFDUTXHODVSUHVLRQHVHLPSDFWRVH[LVWHQWHVVHGHEHQD
D &RQWDPLQDFLyQGHODJXDSRUTXtPLFRVDJURTXtPLFRV\KHFHVIHFDOHVGHOJDQDGR/RVSUREOHPDVSULQFLSDOHV
HVWiQXELFDGRVHQORVUtRV\DUUR\RVFDEHFHUDVGHO0DPRUpGRQGHH[LVWHXVRGHSODJXLFLGDV\GHVHFKRVGH
SURGXFWRVXWLOL]DGRVHQODSURGXFFLyQGHFRFDtQDDFWXDOPHQWHFRQPHQRULPSDFWRGHELGRDODOWRFRQWURO
DQWLGURJD
E &RQWDPLQDFLyQGHODJXDSRUPHUFXULRDFDXVDGHODLPSRUWDQWHDFWLYLGDGPLQHUD(VWHHVXQSUREOHPDVHULR
HVSHFLDOPHQWHHQODVFDEHFHUDVGHOUtR%HQLGRQGHHOPHUFXULRHVXWLOL]DGRGXUDQWHODH[WUDFFLyQGHRUR
TXHOXHJR\DLQWURGXFLGRHQHODJXDVHDFXPXODHQORVWHMLGRVGHSHFHVSLVFtYRURV\FDUQtYRURVGHORV
FXDOHVH[LVWHQYDULDVHVSHFLHVGHYDORUFRPHUFLDOSDUDFRQVXPRKXPDQRYHUPD\RUHVGDWRVHQHVWDGRGH
FRQVHUYDFLyQGHODIDXQD0DXULFH%RXUJRLQGHPRVWUyTXHHOiUHDFRQPD\RULPSDFWRSRUODFRQ
WDPLQDFLyQGHPHUFXULRHV5XUUHQDEDTXHUHJLyQGRQGHQRH[LVWHDFWLYLGDGDXUtIHUDSHURODFRQWDPLQDFLyQ
OOHJDSRUORVGLVWLQWRVWULEXWDULRVGHOUtR%HQL$VtWDPELpQGDGDODVFDUDFWHUtVWLFDVPLJUDWRULDVGHDOJXQDV
HVSHFLHVGHSHFHVORVSUREOHPDVGHFRQWDPLQDFLyQSRUPHUFXULRSXHGHQDIHFWDUDRWUDVUHJLRQHVGHOD&XHQFD
$PD]yQLFDEROLYLDQD
F ,PSDFWRVSRUVHGLPHQWDFLyQ\GHVWUXFFLyQGHULEHUDVSRUVREUHSDVWRUHR\DFWLYLGDGDJUtFRODSXHGHQUHVXOWDU
HQFDPELRVHQHOFDXGDO\RHQODFDQWLGDGGHVHGLPHQWRVHQVXVSHQVLyQGHORVUtRV\FRQGXFLUDXQDUiSLGD
FROPDWDFLyQ([LVWHQLQGLFLRVTXHHOWUDQVSRUWHGHVHGLPHQWRVHQHOUtR%HQLKDLQFUHPHQWDGRGHELGRDOD
GHVWUXFFLyQGHORVERVTXHVULEHUHxRV9DQ'DPPH/RVSUREOHPDVHQJHQHUDOSRUHVWHWLSRGHLPSDFWRV
VHXELFDQHQWRGRHOVHFWRUDPD]yQLFRGHO&$0
G ,PSDFWRVVREUHODVHVSHFLHVDFXiWLFDV([LVWHQPX\SRFRVGDWRVSDUDGHVFULELUHVWHLPSDFWRVLQGXGDWRGDV
ODVIRUPDV\IXHQWHVGHLPSDFWRVPHQFLRQDGRVHQORVSXQWRVDQWHULRUHVVRQLPSRUWDQWHVSDUDFRQGLFLRQDU
ODGLYHUVLGDGGHHVSHFLHVHQJHQHUDOHVSHFLDOPHQWHGHDTXHOODVPiVVHQVLEOHV$XQQLYHOSDUWLFXODU\GH
SUHVLyQGLUHFWDODVHVSHFLHVGHSHFHVFRQSRWHQFLDOFRPHUFLDOSXHGHQSUHVHQWDUDPHQD]DVVREUHVXWDPDxR
SREODFLRQDOVLQHPEDUJRQRKD\GDWRVVXFLHQWHVFRPRSDUDHYDOXDUHVWHLPSDFWRVyORHVSRVLEOHPHQFLRQDU
TXHODVFXHQFDVGHOUtR,FKLOR\GHOUtR%HQLVRQODViUHDVTXHWLHQHQPD\RUSUHVLyQGHSHVFDFRPHUFLDO
(VWDGRGHFRQVHUYDFLyQGHODVHVSHFLHVGHO&RUUHGRU$PERUy0DGLGL
'HQLUHOHVWDGRGHFRQVHUYDFLyQGHODVHVSHFLHVHQHO&$0HVXQDWDUHDFRPSOLFDGDGHELGRDODDOWDGLYHUVLGDG
GHHVSHFLHV\DOHVFDVRFRQRFLPLHQWRVREUHHOHVWDGRGHODVSREODFLRQHVLQFOXVRSDUDORVJUXSRVPHMRUFRQRFLGRV
FRPRRUD\IDXQD6LQHPEDUJRH[LVWHQGDWRVSDUDDOJXQRVGHHOORVJHQHUDOPHQWHHQEDVHDLQIRUPDFLyQSHU
VRQDOHLQIRUPDFLyQQRSXEOLFDGDTXHSHUPLWHQKDFHUXQDSULPHUDLQWURGXFFLyQKDFLDODVSULQFLSDOHVDPHQD]DV
HQHVWRVJUXSRVFRPRLQVXPRSDUDJHQHUDUDOJXQDVSDXWDVVREUHVXHVWDGRGHFRQVHUYDFLyQ
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
7DPELpQHVLPSRUWDQWHPHQFLRQDUTXHHVSHFLDOPHQWHODHFRUUHJLyQGHORV<XQJDVHVSUiFWLFDPHQWHOD~QLFDUH
JLyQHQHOSDtVGRQGHODGHIRUHVWDFLyQGHiUHDVUHODWLYDPHQWHSHTXHxDVSXHGHOOHYDUDODHOLPLQDFLyQGHHVSHFLHV
HQWHUDV,ELVFKGDGRHOJUDGRGHGLVWULEXFLyQUHVWULQJLGDGHPXFKDVHVSHFLHV(QHVWHVHQWLGRHVSRVLEOH
UHFRPHQGDUTXHODFRQVHUYDFLyQHQHO&$0GHEHHQIRFDUVHHQPDQWHQHUSURFHVRVHFROyJLFRV\HFRVLVWHPDV
VDOXGDEOHVDQLYHOGHHVSHFLHV\HQWpUPLQRVJHQHUDOHVGHEHSUHRFXSDUODGHFOLQDFLyQJOREDOGHDQELRVTXH
DIHFWDSULQFLSDOPHQWHDORVWD[RQHVGHERVTXHVPRQWDQRVK~PHGRVJDUDQWL]DUODFRQHFWLYLGDGGHKiELWDWSDUD
HVSHFLHVGHDPSOLRUDQJRGHGLVWULEXFLyQ\HVWUDWHJLDVHVSHFtFDVGHFRQVHUYDFLyQGHHVWDVHVSHFLHVFRPRHQ
HOFDVRGHOMXFXPDUL7UHPDUFWRVRUQDWXV\HVSHFLDOPHQWHGLVHxDUHVWUDWHJLDVGHFRQVHUYDFLyQSDUDHVSHFLHV
FDUDFWHUtVWLFDVGHO3iUDPR<XQJXHxRTXHHVXQRGHORVHFRVLVWHPDVPiVDPHQD]DGRVGHO&$0
(VWDGRGHFRQVHUYDFLyQGHODRUD
3/,ELVFK
&RPRHOHVWDGRGHFRQRFLPLHQWRGHODRUDGHO&$0HVPX\GHFLHQWHHVGLItFLODQDOL]DUHOHVWDGRGHFRQVHU
YDFLyQGHODVHVSHFLHVVLQJXODUHV&RPRODViUHDVPHMRUFRQRFLGDVSULQFLSDOPHQWHFRLQFLGHQFRQORVFDPLQRV
SULQFLSDOHV\QDWXUDOPHQWHSRUHVRFRQODViUHDVPiVSHUWXUEDGDVH[LVWHHOULHVJRGHVREUHVWLPDUHOHVWDGRGH
DPHQD]DGHPXFKDVHVSHFLHVHVSHFLDOPHQWHVLKDQVLGRFROHFWDGDVPX\SRFDVYHFHV\VLHQGRHQGpPLFDVHQ
HOiUHDGHHVWXGLR(QPXFKRVGHHVWRVFDVRVSRUODFRQYHUVLyQGH]RQDVDG\DFHQWHVGHHVWRVFDPLQRV\DVH
ODPHQWDUiODGHVWUXFFLyQGHOKiELWDWHQODVORFDOLGDGHVWLSR6LQHPEDUJRH[LVWHODHVSHUDQ]DGHTXHPXFKDV
HVSHFLHVWHQJDQXQDGLVWULEXFLyQDOJRPiVDPSOLDTXHDTXHOODTXHVHFRQRFHDFWXDOPHQWH
(QJHQHUDOVHSXHGHSUHGHFLUTXHKD\GRVFDWHJRUtDVGHHVSHFLHVYHJHWDOHVDPHQD]DGDViUEROHVDSURYHFKDGRV
SRUVXPDGHUD\HVSHFLHVORFDOPHQWHHQGpPLFDVHQKiELWDWVGHVWUXLGRV6HJ~QHO7UHH&RQVHUYDWLRQ6HUYLFHGHO
:RUOG&RQVHUYDWLRQ0RQLWRULQJ&HQWUHKWWSZZZZFPFRUJXNWUHHVLQGH[KWPOKD\XQDVHVSHFLHVGH
iUEROHVEROLYLDQRVTXHHVWiQDPHQD]DGRV$XQTXHODOLVWDD~QHVWiGHVHTXLOLEUDGDVLHQGRIXHUWHPHQWHLQXHQ
FLDGD\VHVJDGDSRUHOHVWDGRGHFRQRFLPLHQWRGHGLIHUHQWHVJUXSRVWD[RQyPLFRV\SRUFULWHULRVVXEMHWLYRVGH
HVSHFLDOLVWDVVLUYHSDUDDSUHFLDUFLHUWDVWHQGHQFLDV&RQWDQGRODVHVSHFLHVSUREDEOHPHQWHH[LVWHQWHVHQHO&$0
VLQFRQVLGHUDUDOJXQDVUHVWULQJLGDVQHWDPHQWHDORVYDOOHVVHFRVVLQRFRQFHQWUDGDVHQORVERVTXHVK~PHGRV
VRQPiVRPHQRVHVSHFLHVUHJLVWUDGDVHQHOEDQFRGHGDWRVGH:&0&/RTXHVHSXHGHFRQFOXLUHVTXHVRQ
DIHFWDGDVDOJXQDVHVSHFLHVHVSHFtFDPHQWHDSURYHFKDGDVSRUVXPDGHUDSHM3RGRFDUSDFHDH0HOLDFHDHDGHPiV
VHGHVFULEHQSHOLJURVHQHOFDVRGHJUXSRVDOWDPHQWHHQGpPLFRVTXHIiFLOPHQWHHQWUDQHQFDWHJRUtDVGHDPHQD]DV
VLVXKiELWDWHVSHUWXUEDGRRGHVWUXLGRSHM7KHDFHDHJpQHUR)UH]LHUDYHUWDPELpQ:HLW]PDQ
(QHOFDVRGHODV3OHXURWKDOOLGLQDH2UFKLGDFHDHJUXSRHQ%ROLYLDUHVWULQJLGRFDVLH[FOXVLYDPHQWHDOiUHDGHO
&$09iVTXH] ,ELVFKVHKDDSOLFDGRHOPpWRGRSURSXHVWRSRU,ELVFKTXHGHVWDFDHQWUHRWUDV
HVSHFLHVFRQGLVWULEXFLyQUHVWULQJLGD\GHKiELWDWVDPHQD]DGRV&DVLODPLWDGGHODVHVSHFLHVQRHVWiDPHQD]DGD
&DVLXQFXDUWRVHFRQVLGHUDYXOQHUDEOHSULQFLSDOPHQWHSRUVXVXSXHVWDGLVWULEXFLyQUHVWULQJLGDHQGHPLVPR
ORFDO0iVGHXQSHUWHQHFHDXQDFDWHJRUtDGHDPHQD]D\DSUR[LPDGDPHQWHXQFRQFLHUWDSUREDELOLGDG
VHHQFXHQWUDHQXQHVWDGRGHSHOLJURVHULR(VSHFLDOPHQWHHQORV<XQJDVGH&RFKDEDPEDSHURWDPELpQHQ/D
3D]ODVDPHQD]DVVRQPiVSUHRFXSDQWHVDFRQVHFXHQFLDGHFDUUHWHUDVTXHEDMDQGHVGHODVFXPEUHVDORVOODQRV
DEULHQGRSRVLELOLGDGHVSDUDXQDFRORQL]DFLyQGLQiPLFDTXHHQSRFRWLHPSRKDFRQYHUWLGRERVTXHVYtUJHQHVHQ
]RQDVGHIRUHVWDGDVHLQFOXVRGHJUDGDGDV(YDOXDQGRORVUHVXOWDGRVGH9iVTXH] ,ELVFKDFHUFDGHOHVWDGR
GHFRQVHUYDFLyQGHODV3OHXURWKDOOLGLQDHVHKDYLVWRTXHORVUHVXOWDGRVSRGUtDQVHUXQSRFRSHVLPLVWDV,ELVFK
HWDOVLQHPEDUJRVHFRQUPyODWHQGHQFLDJHQHUDO8QDQiOLVLVUHFLHQWHGHOHVWDGRGHFRQVHUYDFLyQGH
ODV/DHOLLQDH6REUDOLLQDH\3RO\VWDFKLQDHVHKDEHQHFLDGRSRUODGLVSRQLELOLGDGGHORVPDSDVGHORVUDQJRV
GHGLVWULEXFLyQH[WUDSRODGRV,ELVFKHWDOE6LVHFRQVLGHUDQVRODPHQWHODVHVSHFLHVFRQUPDGDVSDUD
%ROLYLDVSSHQHOFRQMXQWRGHODV/DHOLLQDH3RO\VWDFKLQDH\6REUDOLLQDHKD\UHODWLYDPHQWHSRFDVHVSHFLHV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(VWDGRGHFRQVHUYDFLyQGHODIDXQD
/RVGDWRVH[LVWHQWHVSDUDDOJXQRVJUXSRVGHIDXQDSHUPLWHQKDFHUGHVFULSFLRQHVSUHOLPLQDUHVVREUHODVSULQFLSDOHV
DPHQD]DVTXHDIHFWDQDOHVWDGRGHFRQVHUYDFLyQGHDOJXQRVWD[RQHV(QHVWHVHQWLGRVHSUHVHQWDQGHVFULSFLRQHV
JHQHUDOHVSDUDORVJUXSRVGHYHUWHEUDGRVHLQVHFWRVHQHOFDVRGHORVLQYHUWHEUDGRV7DPELpQKDVLGRSRVLEOH
HODERUDUOLVWDVGHHVSHFLHVDPHQD]DGDVVyORSDUDORVJUXSRVGHDQELRVDYHV\PDPtIHURVVHJ~QHYDOXDFLyQGH
OD8,&1LJXDOPHQWHVHSUHVHQWDXQDOLVWDSUHOLPLQDUGHHVSHFLHVGHUHSWLOHVTXHSRGUtDQFRQVL
GHUDUVHFRPRDPHQD]DGRVSDUDHO&$0VHJ~QGDWRVH[WUDtGRVGHOHVWXGLRGH(PEHUWHVWDOLVWDHVXQD
SURSXHVWDTXHSXGHVHUFRQVLGHUDGDSDUDVXYDOLGDFLyQRFLDOSRUORVRUJDQLVPRVFRPSHWHQWHVGHOHVWDGR(Q
FXDOTXLHUDGHORVFDVRVD~QTXHGDSRUGHODQWHHYDOXDUHOYHUGDGHURHVWDGRGHFRQVHUYDFLyQGHHVWDVHVSHFLHV
HQHOiUHDGHO&$0
,QVHFWRV
1$UDXMR 65HLFKOH
(OJUXSRGHORVLQVHFWRVHVXQRGHORVWD[RQHVFRQPD\RUGHELOLGDGGHFRQRFLPLHQWRHQ%ROLYLD3RUHVWHPRWLYR
VyORVHSUHVHQWDQDOJXQRVGDWRVUHIHUHQFLDOHVVREUHVXHVWDGRGHFRQVHUYDFLyQ
9DULRVHVWXGLRVHQDPELHQWHVDFXiWLFRVGHO&$0KDQVLGRRULHQWDGRVSDUDPHGLUHOHIHFWRGHFRQWDPLQDQWHV
VREUHODIDXQDEHQWyQLFD6DOLQDVHWDO0DOGRQDGRHWDO9DQ'DPPHHWDOHQUHVXPHQ
LQGLFDQTXHORVHIHFWRVSURGXFLGRVSRUTXtPLFRVVyORVRQPRPHQWiQHRVQRDIHFWDQGRVLJQLFDWLYDPHQWHDODV
SREODFLRQHVGHLQVHFWRVDFXiWLFRVHOHIHFWRVtHVREVHUYDEOHHQ]RQDVGHDQHJDFLyQGHORVUtRV\JHQHUDOPHQWH
HVWRVHGDHQWLHUUDVEDMDV
2EVHUYDFLRQHVSUHOLPLQDUHVHQHO3DUTXH$PERUyGDWRVSHUVRQDOHVLQGLFDQTXHXQPD\RULPSDFWRSDUDODV
SREODFLRQHVGHLQVHFWRVDFXiWLFRVVLJQLFDODDOWHUDFLyQItVLFDGLUHFWDGHVXPHGLRQDWXUDODOSUHVHQWDUGHVPRQWH
\SUHVHQFLDGHJDQDGRHQULEHUDVGHUtR
(QFRQFOXVLyQGHELGRDODVFDUDFWHUtVWLFDVWRSRJUiFDV\ODSUHVHQFLDGHXQDLQWHQVDUHGXYLDOH[WHQVDHQOD
]RQDGHO&$0VHSXHGHSUHGHFLUXQEXHQHVWDGRGHFRQVHUYDFLyQGHORVLQVHFWRV\RWURVRUJDQLVPRVDFXiWLFRV
3RUXQODGRODSHQGLHQWHIDFLOLWDHOGUHQDMH\R[LJHQDFLyQGHODJXDHQFDVLWRGRHOVLVWHPDXYLDOIDYRUHFLHQGR
GHHVWDPDQHUDDOUHFLFODMHGHODJXD3RURWURODGRODH[WHQVDUHGXYLDOJDUDQWL]DXQDFRQH[LyQGHUtRVTXH
GLVLSDQFRQIDFLOLGDGORVSRVLEOHVFRQWDPLQDQWHV2WURIDFWRULPSRUWDQWHHVHOPDQWHQLPLHQWRGHODYHJHWDFLyQ
ULEHUHxDGDGDSRUODSUHVHQFLDGHH[WHQVDViUHDVTXHD~QPDQWLHQHQXQEXHQHVWDGRGHFRQVHUYDFLyQ
3DUDHOUHVWRGHORVLQVHFWRVQRDFXiWLFRVVHGLVSRQHGHGDWRVTXHIDFLOLWHQHODQiOLVLV(QIRUPDJHQHUDOVHSXHGH
VXSRQHUXQEXHQPDQWHQLPLHQWRGHODHVWUXFWXUDGHODVSREODFLRQHVJUDFLDVDODVFROHFWDVUHDOL]DGDVSRUHQWR
PyORJRVGDWRVSHUVRQDOHV/HGH]PDFRPSHUVTXLpQHVHQYDULDVHVSHFLDOLGDGHVKDQHQFRQWUDGRHQOD]RQDGHO
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
&$0XQEXHQQLYHOHQODULTXH]DGHHVSHFLHVVHJ~QORVWD[RQHVHVWXGLDGRV6LQHPEDUJRH[LVWHQYDULDVHVSHFLHV
FRQHQGHPLVPRUHVWULQJLGRTXHGHELGRDODSpUGLGDGHVXKiELWDWRSDUWHGHpOSRGUtDQHVWDUPX\DPHQD]DGDV
ODPHQWDEOHPHQWHQRVHFXHQWDFRQORVGDWRVVXFLHQWHVSDUDGHVWDFDUFRQFOXVLRQHVH[DFWDV
3HFHV
1$UDXMR
6HWLHQHWUHVIDFWRUHVGHLPSRUWDQFLDTXHDIHFWDQDOHVWDGRGHFRQVHUYDFLyQGHORVSHFHVHQGLIHUHQWHVVHFWRUHV
GHO&$0ODSHVFDFRPHUFLDOELQWURGXFFLyQGHHVSHFLHVH[yWLFDV\FFRQWDPLQDFLyQGHDJXDV
/DLFWLRIDXQDHQOD]RQDGHO&$0HVDSURYHFKDGDFRPRUHFXUVRDOLPHQWLFLRWDQWRGHVXEVLVWHQFLDFRPRSDUD
FRPHUFLRHQXQDPtQLPDSURSRUFLyQVLVHFRPSDUDFRQRWUDVUHJLRQHVGHOSDtVGHELGRSULQFLSDOPHQWHDODDX
VHQFLDGHUtRVFDXGDORVRVRODJXQDVTXHSHUPLWDQXQDSURYHFKDPLHQWRSHVTXHURHQIRUPDLQWHQVLYD
2WURIDFWRUTXHGHWLHQHHOLPSDFWRKXPDQRGLUHFWRHVODWRSRJUDItDDFFLGHQWDGDHQJUDQSDUWHGHOiUHDLPSLGLHQ
GRHQHVWDIRUPDHODFFHVRDORVUHFXUVRVDFXiWLFRV6LELHQHQ]RQDVDOWDVSUiFWLFDPHQWHQRH[LVWHQHVSHFLHVGH
LQWHUpVDOLPHQWLFLR\FRPHUFLDOSRGUtDQDSURYHFKDUVHFRQQHVRUQDPHQWDOHVDXQTXHHVWHUXEURHFRQyPLFRQR
HVWiELHQGHVDUUROODGRHQHOSDtV
(OSUREOHPDSULQFLSDOTXHDIHFWDDOHVWDGRGHFRQVHUYDFLyQGHORVSHFHVHQHOVHQWLGRGHOLPSDFWRSRUDSURYH
FKDPLHQWRSHVTXHURHVODSHVFDFRPHUFLDOTXHVHJ~Q6DUPLHQWR %DUUHUDVHUHDOL]DGHIRUPDVHOHFWLYD
XWLOL]DQGR SUHIHUHQWHPHQWH HVSHFLHV GH SRUWH JUDQGH FRPR VHU SDF~ &RORVVRPD PDFURSRPXP WDPEDTXt
3LDUDFWXVEUDFK\SRPXVVXUXEt3VHXGRSODW\VWRPDIDVFLDWXP\FKXQFXLQD3VHXGRSODW\VWRPDWLJULQXP$O
VHUXQDSHVFDVHOHFWLYDHLQWHQVLYDODVSREODFLRQHVGHDOJXQDVHVSHFLHVSRGUtDQHVWDUIXHUWHPHQWHDIHFWDGDV
/RVLPSDFWRVGHELGRDODDXVHQFLDGHHVWXGLRVD~QVRQGHVFRQRFLGRV8QPRQLWRUHRVREUHHODSURYHFKDPLHQWR
SHVTXHURHQODFXHQFDGHOUtR,FKLORDFWXDOPHQWHHQHMHFXFLyQFRPSHUV39DQ'DPPHSRGUiHPLWLUHQWUH
RWUDVFRVDVSDXWDVSDUDYDORUDUHOHVWDGRGHFRQVHUYDFLyQGHORVSHFHV\FDSDFLGDGSURGXFWLYDGHOD]RQD
/RVUtRVGHQWURGHO&$0PiVDIHFWDGRVSRUODSHVFDFRPHUFLDOVRQHO,FKLOR\YDULRVGHVXVDXHQWHVHQHOVHFWRU
GH6DQWD&UX]\&RFKDEDPED2WURVUtRVGHLPSRUWDQFLDFRPHUFLDOSHURHQPHQRUHVFDODVRQHOUtR%HQL\HO
UtRDOWR,VLERUR
6DUPLHQWR %DUUHUDLQGLFDQFRPRRWUDIXHQWHGHDPHQD]DSDUDODVSREODFLRQHVGHSHFHVODLQWURGXFFLyQ
GHHVSHFLHVH[yWLFDVHVSHFLDOPHQWHHQODFXHQFDDOWDGHOUtR%HQL\FRQFLHUWDSUREDELOLGDGSDUDHO0DPRUp\D
TXHVHWLHQHQUHJLVWUDGRVHVSHFtPHQHVGHWUXFKD2QFRUK\QFKXVP\NLVVHQDOJXQRVUtRVGH&KDUD]DQL8QGXDYL
\0LJXLOODV2WURVUHJLVWURVGHWUXFKDVHKDQUHDOL]DGRHQOD]RQDGH6HKXHQFDV3DUTXH1DFLRQDO&DUUDVFR
&RFKDEDPED3/ ,ELVFK FRP SHUV \ HQ HO9DOOH GH =RQJR /D 3D] 6 5HLFKOH GDWRV SHUVRQDOHV &RQ OD
LQWURGXFFLyQGHHVWDHVSHFLHH[yWLFDVHVXVFLWDQXQDVHULHGHSUREOHPDVQRVyORDQLYHOGHDOWHUDFLRQHVHQOD
HVWUXFWXUDWUyFDHQORVUtRV\DUUR\RVVLQRWDPELpQDODLQWURGXFFLyQGHHQIHUPHGDGHVH[yWLFDVFRPRHOSXQWR
EODQFR,FKWK\RSKWKLULXVPXOWLOLVSRQLHQGRHQULHVJRDSREODFLRQHVORFDOHV6DUPLHQWR %DUUHUD0iV
UHFLHQWHPHQWHVHKDYHULFDGRODSUHVHQFLDGHOSDLFKH$UDSDLPDJLJDVHQODFXHQFDGHOUtR%HQL(VWDHVSHFLH
LQWURGXFLGDHVFRQRFLGDSRUVHUXQDGHSUHGDGRUDFX\DSUHVHQFLDSRGUtDFDPELDUODHVWUXFWXUD\FRPSRVLFLyQGH
HVSHFLHVHQHOiUHDGHOUtR%HQL\VXVDXHQWHV
/RVLPSDFWRVSRUFRQWDPLQDFLyQGHODJXDVHSUHVHQWDQSULQFLSDOPHQWHFRPRFRQVHFXHQFLDGHODDFWLYLGDGPL
QHUDGHVDUUROODGDHQYDULRVVHFWRUHVGHORVUtRV%HQL\0DPRUpFDEHFHUDV(VWXGLRVGH0DXULFH%RXUJRLQHW
DOLQGLFDQDFXPXODFLRQHVGHPHUFXULRHQSHFHVSLVFtYRURVKDVWDFLQFRYHFHVPD\RUHVTXHORVOtPLWHV
SHUPLVLEOHVSRUOD206J+JJ\XQDJUDQSDUWHGHHVWDVHVSHFLHVWDPELpQVRQXWLOL]DGDVFRPRUHFXUVR
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$QELRV
65HLFKOH
/DVPD\RUHVDPHQD]DVSDUDODVSREODFLRQHVGHDQELRVHQ%ROLYLDIXHURQUHVXPLGDVSRU5HLFKOH(QWUH
ODVPiVLPSRUWDQWHVSDUDHOiUHDGHO&$0VHHQFXHQWUDQORVSRVLEOHVFDPELRVFOLPiWLFRVYHU+H\HUHWDO
3RXQGVHWDOODGHVWUXFFLyQ\IUDJPHQWDFLyQGHKiELWDWVQDWXUDOHVODLQWURGXFFLyQGHHVSHFLHVH[yWLFDV
PD\RUPHQWHWUXFKDVHQHO&$0/D0DUFD 5KHLQWKDOHU\ODSRVLEOHLQWURGXFFLyQGHDJHQWHVSDWRJp
QLFRV/LSV'DV]DNHWDO
1RVHFXHQWDFRQGDWRVVXFLHQWHFRPRSDUDGHWHUPLQDUVLWRGDVHVWDVFDXVDVHVWiQDIHFWDQGRIXHUWHPHQWHR
QRDODIDXQDDQELDGHO&$0VLQHPEDUJRYDOHODSHQDGHVWDFDUTXHH[LVWHXQHQGHPLVPRPX\UHVWULQJLGRGH
DOJXQDVHVSHFLHV\ODSpUGLGDGHKiELWDWSRUHOFDPELRGHXVRGHVXHORHQHVWRVVHFWRUHVVRQXQSHOLJURSDUDOD
VREUHYLYHQFLDGHHVWDVHVSHFLHV
(OXVRGHORVDQELRVSRUHOKXPDQRHVFDVLQXOR\VyORVHDSURYHFKDSDUDDOJXQDVSUiFWLFDVWUDGLFLRQDOHVFRPR
HQHOFDVRGHODFXOWXUD.DOODZD\DORFDOLGDGGH&XUYD/D3D]TXHXWLOL]DODKHUSHWRIDXQDHQJHQHUDOSDUDQHV
FXUDWLYRVODGHPDQGDHVIUHFXHQWHSRUORVOXJDUHxRV\ORVWXULVWDVODVHVSHFLHVPiVUHTXHULGDVSHUWHQHFHQDO
JpQHUR7HOPDWRELXV$SDULFLR
8QDVSHFWRUHOHYDQWHTXHSRGUtDDIHFWDUIXHUWHPHQWHDOHVWDGRGHFRQVHUYDFLyQHVWiUHODFLRQDGRFRQODGHFOLQD
FLyQJOREDOGHODVSREODFLRQHVGHDQELRVTXHVHJ~Q9LDO 6D\ORUFLWDGRVSRU(UJXHWD +DUYH\WLHQGH
DDIHFWDUDHVSHFLHVHQKiELWDWVGHDOWXUD\ORVUHSRUWHVQRUPDOPHQWHSDUDOXJDUHVSHUWXUEDGRV\QRSHUWXUEDGRV
SRUHOKRPEUH/RVJpQHURVPiVDIHFWDGRVVRQ$WHORSXV%XIR&RORVWHWKXV&RFKUDQHOOD\7HOPDWRELXV
$QGHUVRQIXHXQRGHORVSULPHURVHQLQGLFDUTXHODGHFOLQDFLyQGHHVSHFLHVHQ&HQWUR$PpULFD\$XVWUD
OLDVHGHEHDODSUHVHQFLDGHXQKRQJRGHOJUXSRGHORVFK\WULGRVKRQJRVDQWLJXRVTXHIXHURQFRQRFLGRVFRPR
SDUiVLWRVGHLQYHUWHEUDGRV(OKRQJRSDUHFHVHUXQIHQyPHQRPXQGLDO/DVFDXVDVSDUDXQDDFWXDOGLVWULEXFLyQ
PiVDPSOLDSXHGHQVHUYDULDVHQWUHHOODVVHPDQHMDODKLSyWHVLVGHVXWUDQVSRUWHDWUDYpVGHORVFDO]DGRVGHORV
PLVPRVLQYHVWLJDGRUHVTXHYLDMDQGHXQSDtVDRWURVLQUHDOL]DULQYROXQWDULDPHQWHXQDGHVLQIHFFLyQGHORV
PLVPRV5HLFKOHVXJLHUHODVDFFLRQHVDWRPDUSDUDQRWUDQVSRUWDUSRVLEOHVHQIHUPHGDGHVD\GHQWURGH
%ROLYLD(QDOJXQRVSDtVHVFRPR$XVWUDOLD\DVHHVWDEOHFLHURQDYLVRVHVSHFLDOHVSDUDFLHQWtFRVTXHWUDEDMDQHQ
GLIHUHQWHV]RQDVHQWUHHOORVODOLPSLH]DGHERWDV\YHKtFXORV\ODGHVLQIHFFLyQGHHTXLSRGHWUDEDMRFRQDOFRKRO
GH$QGHUVRQ
(Q%ROLYLDD~QQRVHVDEHVLVHUHJLVWUDXQDGHFOLQDFLyQGHODSREODFLyQGHDQELRV(OiUHDGHO&$0SRU
ODVFRQGLFLRQHVTXHSUHVHQWDHVWDUtDSURSHQVDDVHUDIHFWDGDVLQHPEDUJRHVQHFHVDULRFRQWDUFRQHVWXGLRVGH
YHULFDFLyQ\PHGLGDVGHFRQVHUYDFLyQSDUDSUHYHQLUHVWDVLWXDFLyQ(QHOiUHDGH$SROREDPED\&RWDSDWD
H[FXUVLRQHVUHFLHQWHVDQRWDURQSRFDVHVSHFLHVGHDQELRVHQ]RQDVGHDOWXUDVPHGLDQDVGHKDVWDP
GDWRVSHUVRQDOHVQRSXEOLFDGRVVLHQGRiUHDVGRQGHQRUPDOPHQWHVHHVSHUDQPiVUHJLVWURV
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
(QHODxRVHHYDOXyHOHVWDGRGHFRQVHUYDFLyQGHWRGDVODVHVSHFLHVGHDQELRVGHOPXQGR(QHODQH[R
VHSUHVHQWDXQDOLVWDGHHVSHFLHVDPHQD]DGDVTXHKDELWDQHQHO&$0\TXHIXHURQHYDOXDGDVVHJ~QHOSUREOHPD
GHFRQVHUYDFLyQTXHODVDIHFWD\ODFDXVDGHOPLVPR/DOLVWDDVFLHQGHDHVSHFLHVJOREDOPHQWHDPHQD]DGDV
FRQGLVWULEXFLyQHQHO&$0FLQFRHVSHFLHVSHUWHQHFHQDODIDPLOLD%XIRQLGDHGRVHVSHFLHVFRUUHVSRQGHQD
ODIDPLOLD&HQWUROHQLGDHGRVD'HQGUREDWLGDHFLQFRD+\OLGDH\D/HSWRGDFW\OLGDH0DSDVGHGLVWULEXFLyQ
SDUDGHHVWDVHVSHFLHVVHSUHVHQWDQLJXDOPHQWHHQORVDQH[RVODPD\RUtDWLHQHXQDGLVWULEXFLyQSUiFWLFDPHQWH
UHVWULQJLGDDOiUHDGHO&$0VyOR+\ODDOERQLJUD(OHXWKHURGDFW\OXVLELVFKL(OHXWKHURGDFW\OXVVDPDLSDWDH
\7HOPDWRELXVPDUPRUDWXVWLHQHQXQUDQJRGHGLVWULEXFLyQSUHGRPLQDQWHPHQWHIXHUDGHORVOtPLWHVGHO&$0
KDFLDODUHJLyQDQGLQD\FRQSUHVHQFLDGHHFRVLVWHPDVPiVSHUWXUEDGRVFRQORFXDOD~QTXHGDSRUDQDOL]DUVLHO
&$0RIUHFHODVPHMRUHVFRQGLFLRQHVGHKiELWDWSDUDHVWDVHVSHFLHV
6HJ~QHVWRVPDSDVGHGLVWULEXFLyQODViUHDVFODYHVSDUDDQELRVDPHQD]DGRVVHXELFDQSULQFLSDOPHQWHHQORV
ERVTXHVGH<XQJDVGHOVXUGHO&$0FRLQFLGLHQGRHQJUDQPHGLGDFRQODViUHDVSURWHJLGDV$PERUy\&DUUDV
FRRWUDiUHDFODYHVHXELFDHQORV<XQJDVGH/D3D]HQHOiUHDSURWHJLGDGH&RWDSDWD\VXiUHDGHLQXHQFLD
HVSHFLDOPHQWHKDFLDHOQRUWH
5HSWLOHV
'(PEHU 65HLFKOH
/RVSRFRVGDWRVGLVSRQLEOHVVREUHORVUHSWLOHVQRSHUPLWHQKDFHUXQEXHQDQiOLVLVVREUHVXHVWDGRGHFRQVHUYDFLyQ
HQHO&$0(QIRUPDJHQHUDO\PX\VLPSOLFDGDVHSXHGHGHFLUTXHORVTXHOyQLGRVVRQHOJUXSRPiVDPHQD]DGR
GHELGRDVXH[SORWDFLyQFRPHUFLDOHVSHFLDOPHQWHHQOD]RQDGHORV%RVTXHV3UHDQGLQRVDOUHGHGRUHVGH<XFXPR
5XUUHQDEDTXH\6DQ%RUMDGRQGHHODSURYHFKDPLHQWRSDUDGLIHUHQWHVQHVHVIUHFXHQWH(QODVPLVPDVORFDOL
GDGHVWDPELpQVXIUHQSUHVLyQODVSREODFLRQHVGHVDXULRVHQHVSHFLDOORVODJDUWRV&DLPDQ\DFDUH\HOFDLPiQ
QHJUR0HODQRVXFKXVQLJHU(VWDVGRV~OWLPDVHVSHFLHVQRSRGUtDQFRQVLGHUDUVHFRPRREMHWRVGHFRQVHUYDFLyQ
GHO&$0\DTXHQRVRQHVSHFLHVWtSLFDVGHO&$0VLQRPiVELHQGHOiUHDGHLQXHQFLDHQWLHUUDVEDMDV
2WURVJUXSRVGHUHSWLOHVVXIUHQHOPLVPRLPSDFWRTXHHOUHVWRGHORVYHUWHEUDGRVSRUODGHVWUXFFLyQGHVXKiELWDW
(VSHFLDOPHQWHDOJXQDVHVSHFLHVGHVHUSLHQWHVHQORVDOUHGHGRUHVGHFHQWURVSREODGRVKXPDQRVVRQSUiFWLFDPHQWH
HOLPLQDGDV9DOHODSHQDGHVWDFDUTXHHVSHFLHVFRQHQGHPLVPRUHVWULQJLGRHQiUHDVERVFRVDVGHQWURGHO&$0
FRUUHQXQPD\RUULHVJRGHH[WLQFLyQTXHRWUDV/DPHQWDEOHPHQWHQRVHFXHQWDFRQORVGDWRVVXFLHQWHVSDUD
VDEHUFRQH[DFWLWXGFXDOHVHVSHFLHVWLHQHQXQDGLVWULEXFLyQPX\UHVWULQJLGDRVyORVRQDUWHIDFWRVGHODVSRFDV
FROHFWDVH[LVWHQWHV
6HKDQLGHQWLFDGRHVSHFLHVHQHO&$0VHJ~QGDWRVSURSLRV(PEHUWHQSUHSTXHSXHGHQVHUFRQVLGHUDGDV
HQDOJ~QJUDGRGHDPHQD]DGHELGRSULQFLSDOPHQWHDODGHVWUXFFLyQGHVXKiELWDWTXHDIHFWDHVSHFLDOPHQWHD
HVSHFLHVORFDOPHQWHHQGpPLFDV\EDVWDQWHVHQVLEOHV2QFHGHHVWDVHVSHFLHVVRQHQGpPLFDVSDUDHO&$0\
VLHWHGHHOODVSUHVHQWDQHQGHPLVPRELHQORFDOL]DGRYHUOLVWDGHHVSHFLHVHQDQH[R(VLPSRUWDQWHGHVWDFDUTXH
QLQJXQDGHHVWDVHVSHFLHVKDQVLGRLGHQWLFDGDVKDVWDODIHFKDHQODVOLVWDVURMDVQDFLRQDOHVRLQWHUQDFLRQDOHV
FRPROD8,&1(QHVWHVHQWLGRODOLVWDDTXtSUHVHQWDGDSUHWHQGHFRQWULEXLUFRQGDWRVSDUDODGLVFXVLyQWpFQLFD
VREUHHOWHPD
ZZZJOREDODPSKLELDQVRUJ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$YHV
6.UHIW 1$UDXMR
&RPRFULWHULRVSDUDODSULRUL]DFLyQGHOHVIXHU]RGHFRQVHUYDFLyQ6WRW]HWDOKDQQRPEUDGRFRPRLP
SRUWDQWHVGHFRQVLGHUDUDORVVLJXLHQWHVSURWHJHUiUHDVGHHQGHPLVPRSURWHJHUHVSHFLHVDPHQD]DGDVSURWHJHU
HVSHFLHVHVSHFLDOL]DGDVGHXQFLHUWRWLSRGHKiELWDWSUHVHUYDUHFRWRQRVJUDGLHQWHV\]RQDVGHWUDQVLFLyQELR
JHRJUiFD\SURWHJHUKiELWDWVQDWXUDOPHQWHDLVODGRV
%ROLYLDWLHQHODUHVSRQVDELOLGDGGHXQDJUDQFDQWLGDGGHHVSHFLHVHQGpPLFDVGHDYHV/DGLVWULEXFLyQGHODV
HQGpPLFDVHQHO&$0SUiFWLFDPHQWHFXEUHWRGRHOFRUUHGRU(VRREOLJDDH[WHQGHUHOHVIXHU]RGHFRQVHUYDFLyQ
HQWRGDHOiUHDGHO&$0([LVWHXQDFLHUWDFRQFHQWUDFLyQGHHVSHFLHVHQGpPLFDVHQORVSLVRVPiVDOWRV3RUHVWR
ODVHVSHFLHVTXHKDELWDQORVSLVRVVXSHULRUHVGHO&$0SULQFLSDOPHQWH<XQJDVVXSHULRUHVVRQSDUWLFXODUPHQ
WHYXOQHUDEOHVDODIUDJPHQWDFLyQGHVXVKiELWDWV\FRPRFRQVHFXHQFLDDODGLVPLQXFLyQGHVXVSREODFLRQHV
YLDEOHV
$OPRQLWRUHRGHOJUDGRGHDPHQD]DHQODVHVSHFLHVGHDYHV&ROODUHWDOWRGDYtDOHIDOWDQGDWRVVXFLHQ
WHPHQWHFRPSOHWRVSHURHQFRPSDUDFLyQDOHVWDGRGHFRQRFLPLHQWRGHRWURVWD[RQHVHQODRUQLWRORJtDVHWLHQH
PHMRULGHQWLFDGRVORVSDWURQHVGHDPHQD]D
(Q%ROLYLDHVSHFLHVGHDYHVHVWiQFRQVLGHUDGDVSRUOD8,&1FRPRDPHQD]DGDVHQSHOLJURRYXOQHUD
EOHVGHHOODVKDQVLGRSULRUL]DGDVSDUDHOiUHDGHO&$0YHUDQH[R/RVSDWURQHVGHGLVWULEXFLyQSRWHQFLDO
GHHVWDVHVSHFLHVDPHQD]DGDVDQLYHOGH%ROLYLDLQGLFDQXQSUHGRPLQDQWHUDQJRUHVWULQJLGRKDFLDHOiUHDGHO
&$0/DVHVSHFLHV&LQFORGHVDULFRPDH&UDQLROHXFDKHQULFDH3RRVSL]DJDUOHSSL$QDLUHWHVDOSLQXV\7DQJDUD
PH\HUGHVFKDXHQVHHLWLHQHQXQUDQJRGHGLVWULEXFLyQD~QPiVUHVWULQJLGRSULQFLSDOPHQWHKDFLDDOJXQDViUHDV
GHO3iUDPR<XQJXHxRYHUDQH[R(QJHQHUDOVHSXHGHREVHUYDUTXHFDVLWRGDHOiUHDGHO&$0HVFODYHSDUD
ODFRQVHUYDFLyQGHHVSHFLHVDPHQD]DGDVGLIHUHQFLiQGRVHODUHJLyQGHOVXEDQGLQRFRQXQDPD\RUGLYHUVLGDGGH
HVSHFLHVDPHQD]DGDV
/DPRGLFDFLyQGHOKiELWDWHVODFDXVDSULQFLSDOGHODGLVPLQXFLyQHQDEXQGDQFLDRGLVWULEXFLyQGHODVHVSHFLHV
DPHQD]DGDV&RPRFDXVDVPHQRUHVSHURWDPELpQLPSRUWDQWHVVLJXHQODFD]D\HOFRPHUFLR(O&$0HVXQD
UHJLyQGHERVTXHVSULQFLSDOPHQWHQDWXUDOHV\EDVWDQWHLQWDFWRV/DVDYHVTXHKDELWDQERVTXHVWtSLFDPHQWHVRQ
HVSHFLDOLVWDVGHHVWHWLSRGHKiELWDWTXLHUHGHFLUTXHQRSXHGHQH[LVWLUIXHUDGHpO3RUHVWRODPD\RUSDUWHGH
ODFRPXQLGDGGHDYHVGHSHQGHLQYDULDEOHPHQWHGHODSHUPDQHQFLDHLQWHJULGDGGHOERVTXH
UHDVLPSRUWDQWHVSDUDODFRQVHUYDFLyQGHDYHVHQHO&$0
&RPRLQLFLDWLYDSDUDHYLWDUODH[WLQFLyQGHQXPHURVDVHVSHFLHVGHDYHVVHFUHyDQLYHOLQWHUQDFLRQDOHOSURJUD
PDGHUHDV,PSRUWDQWHVSDUDOD&RQVHUYDFLyQGHODV$YHV,%$VSRUVXVVLJODVHQLQJOpVHOFXDOVHLQLFLy
HQ%ROLYLDDSDUWLUGHODxR7LHQHFRPRREMHWLYRVFRQFHQWUDUHVIXHU]RVHQiUHDVTXHFRQWLHQHQXQDRPiV
HVSHFLHVGHDYHVDPHQD]DGDVGHH[WLQFLyQHQHVFDODJOREDODYHVFRQUDQJRVGHGLVWULEXFLyQUHVWULQJLGRVDUH
JLRQHVJHRJUiFDVSDUWLFXODUHVDYHVH[FOXVLYDVGHXQELRPDRDYHVTXHVHFRQJUHJDQHQJUDQGHVQ~PHURVHQ
FLHUWRVVLWLRVTXHOHVSURYHHQUHFXUVRVQHFHVDULRVSDUDVXFLFORUHSURGXFWLYR
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
&ULWHULRVGH 8ELFDFLyQ
VHOHFFLyQ
$$$
=RQDQRUWHGHO3DUTXH1DFLRQDO\UHD1DWXUDOGH0D
QHMR,QWHJUDGR$PERUy6DQWD&UX]
$$
=RQDGH<XQJDVVXSHULRUHVGHO3DUTXH1DFLRQDO\UHD
1DWXUDOGH0DQHMR,QWHJUDGR$PERUy
$$$
=RQDQRUWHGHO3DUTXH1DFLRQDO&DUUDVFR&RFKDEDPED
$
8QDSDUWHFROLQGDFRQHO3DUTXH1DFLRQDO\UHD1DWXUDO
GH0DQHMR,QWHJUDGR$PERUy
$$$
$QGHVFHQWUDOHVGH%ROLYLDHQWUHHOOtPLWHGHORVGHSDU
WDPHQWRVGH&RFKDEDPEDSURYLQFLD$\RSD\D\/D3D]
SURYLQFLD,QTXLVLYLUHDVLQSURWHFFLyQOHJDO
$$$
3URYLQFLD$\RSD\DDOQRUHVWHGHOGHSDUWDPHQWRGH
&RFKDEDPED6HHQFXHQWUDGHQWURGHO3DUTXH'HSDUWD
PHQWDO$OWDPDFKLTXHIXHGHURJDGRDOSRFRWLHPSRGH
FUHDFLyQSRUSUHVLRQHVVRFLDOHV
$$$
3ULQFLSDOPHQWHHQOD3URYLQFLD6XG<XQJDVGHSDUWDPHQ
WRGH/D3D]UHDVLQSURWHFFLyQOHJDO
%RVTXHVGH3RO\OHSLVGH0LQD(OED
KD
%RVTXHVGH3RO\OHSLVGH6DQMD
KD
<XQJDV6XSHULRUHVGH0DGLGL
KD
$$$
%RVTXHGH3RO\OHSLVGH0DGLGL
$
<XQJDV6XSHULRUHVGH$SROREDPED
KD
$SROR
KD
$$$
$$$
$$$
$
'HQWURGHO3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR
,QWHJUDGR&RWDSDWDGHSDUWDPHQWRGH/D3D]
'HQWURGHO3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR
,QWHJUDGR&RWDSDWDGHSDUWDPHQWRGH/D3D]
'HQWURGHO3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR
,QWHJUDGR0DGLGL/D3D]
6HFWRUVXURULHQWDOGHO3DUTXH1DFLRQDO\UHD1DWXUDOGH
0DQHMR,QWHJUDGR0DGLGL/LPLWDQGRFRQODUHS~EOLFDGH
3HU~\HOiUHDSURWHJLGD$SROREDPEDHQ%ROLYLD
<XQJDVVXSHULRUHVGHOUHD1DWXUDOGH0DQHMR,QWHJUDGR
$SROREDPEDGHSDUWDPHQWRGH/D3D]
/RFDOLGDG$SRORSURYLQFLD)UDQ]7DPD\R/D3D]8QD
SHTXHxDSDUWHVHXELFDGHQWURGHO3DUTXH1DFLR
QDO\UHD1DWXUDOGH0DQHMR,QWHJUDGR0DGLGL
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
9HUWLHQWH6XUGHO3DUTXH1DFLRQDO
$$$
3DUTXH1DFLRQDO7XQDUL6LQHPEDUJRHVWDiUHDSURWHJL
7XQDUL
GDVHHQFXHQWUDSUiFWLFDPHQWHVLQJHVWLyQ
KD
6LWLRVSURSXHVWRVSDUDORVFXDOHVHVQHFHVDULRUHFRSLODUPiVLQIRUPDFLyQ
<XQJDVVXSHULRUHVGH&DUUDVFR
$$
=RQDGH<XQJDVVXSHULRUHVGHO3DUTXH1DFLRQDO&DUUDVFR
KD
&ULVWDO0D\X\DOUHGHGRUHV
$$
([WUHPRQRUWHGHO3DUTXH1DFLRQDO&DUUDVFRXQDVHF
KD
FLyQGHHVWD,%$VHHQFXHQWUDIXHUDGHOiUHDSURWHJLGD
<XQJDV,QIHULRUHVGH,VLERUR6pFXUH
$$
=RQDGH<XQJDVLQIHULRUHV\SLHGHPRQWHDQGLQRHQWUH
Ki
HOiUHDGH$OWDPDFKL\HO3DUTXH1DFLRQDO\7HUULWRULR
,QGtJHQD,VLERUR6pFXUH
<XQJDV,QIHULRUHVGH3LOyQ/DMDV
$$
&RUUHVSRQGHFRQODVVHUUDQtDV%HX&KHSHWH\0XFKDQHV
KD
GHQWURGHOD5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD
3LOyQ/DMDVHQWUHORVGHSDUWDPHQWRVGH/D3D]\%HQL
<XQJDV,QIHULRUHVGH0DGLGL
$$$
'HQWURGHO3DUTXH1DFLRQDO\UHD1DWXUDOGH0DQHMR
KD
,QWHJUDGR0DGLGLGHSDUWDPHQWRGH/D3D]
7DFDFRPD4XLDED\D\9DOOHGH6RUDWD $$$
3URYLQFLDV/DUHFDMD\&DPDFKRGHOGHSDUWDPHQWRGH/D
KD
3D]UHDVLQSURWHFFLyQOHJDO
$$
=RQDPRQWDxRVDHQWUHORV\PXELFDGDHQ
4XHEUDGD0RMyQ
KD
GLUHFFLyQVXUHVWHGHODFLXGDGGH&RFKDEDPED3UHVHQFLD
GHIUDJPHQWRVGH3RO\OHSLVEHVVHULUHDVLQSURWHFFLyQ
OHJDO
)XHQWH(ODERUDGRHQEDVHGH6RULD +HQQHVVH\
&ULWHULRVGHVHOHFFLyQ$(VSHFLHVJOREDOPHQWHDPHQD]DGDV$(VSHFLHVGHGLVWULEXFLyQUHVWULQJLGD$&RQMXQWRGHHVSHFLHV
UHVWULQJLGDVDXQELRPD$&RQJUHJDFLRQHV
6LWLRVTXHVHXELFDQHQWUHORVOtPLWHVGHO&$0\VXiUHDGHLQXHQFLD
0DPtIHURV
1$UDXMR 9&KiYH]
/RVPDPtIHURVDOLJXDOTXHRWURVJUXSRVGHYHUWHEUDGRVVHHQFXHQWUDQDPHQD]DGRVSRUPRGLFDFLRQHVGHO
KiELWDW\SRUHOXVRKXPDQRGLUHFWR
&RPR\DVHPHQFLRQDHQFDStWXORVDQWHULRUHVORVPDPtIHURVJUDQGHVWLHQHQPXFKDPiVIDFLOLGDGGHORFRPR
FLyQSDUDDWUDYHVDUFLHUWDVEDUUHUDVRLQFOXVRGHVSOD]DUVHKDFLDQXHYRVOXJDUHVFXDQGRVXKiELWDWHVIXHUWHPHQWH
SHUWXUEDGR(QHVWHVHQWLGRDOUHVFDWDUODSHUFHSFLyQGHJHQWHORFDOVREUHODSUHVHQFLD\DEXQGDQFLDUHODWLYD
GHHVSHFLHVHQiUHDVFHUFDQDVDVXVFRPXQLGDGHVODRSLQLyQJHQHUDOHVTXHHQDxRVDQWHULRUHVODFDFHUtDHUD
PiVIiFLOHQiUHDVFHUFDQDV\ODGLYHUVLGDGGHHVSHFLHVHUDPD\RUGDWRVSHUVRQDOHV*RQ]iOH]$ULVSH
(XOHUW
5HVFDWDQGRHVWDSHUFHSFLyQXQDJUDQPD\RUtDGHJUDQGHVPDPtIHURVKDGHVDSDUHFLGRHQ]RQDVGHLQXHQFLD
KXPDQD6LQHPEDUJRHVWRQRVLJQLFDTXHVXHVWDGRGHFRQVHUYDFLyQVHDFUtWLFR\DTXHSXHGHQKDEHURFXUULGR
GHVSOD]DPLHQWRVKDFLDKiELWDWVPHMRUFRQVHUYDGRV\VXVSREODFLRQHVD~QSHUPDQHFHUHVWDEOHV6yORIXWXURVHVWX
GLRVSHUPLWLUiQDFODUDUHVWDKLSyWHVLV\WHQHUPHMRUFRQRFLPLHQWRVREUHVXYHUGDGHURHVWDGRGHFRQVHUYDFLyQ
3DUDPDPtIHURVSHTXHxRVHLQFOXVRDOJXQRVPHGLDQRVODVLWXDFLyQSXHGHVHUXQSRFRGLIHUHQWHDOQRFRQWDU
FRQODFDSDFLGDGGHFUX]DUEDUUHUDVH[LVWLHQGRSHOLJURGHDLVODPLHQWRJHRJUiFRGHELGRDODIUDJPHQWDFLyQGH
ORVKiELWDWV
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
(QHO&$0ODVHVSHFLHVPiVXWLOL]DGDVFRPRIXHQWHGHDOLPHQWRSDUDVXEVLVWHQFLDRSDUDQHVFRPHUFLDOHVVRQ
MRFKL&XQLFXOXVSDFD\'DV\SURFWDSXQFWDWDWDLWHW~7D\DVVXWDMDFXKXULQD0D]DPDDPHULFDQDKXD]R
0D]DPDJRXD]RXELUD\WDSLU7DSLUXVWHUUHVWULV0LHQWUDVTXHHVSHFLHVGHSULPDWHVFRPRPDULPRQR$WHOHV
FKDPHNPRQRPDUWtQ&HEXVDSHOOD\PRQRWLWL6DLPLULEROLYLDQHVLVVRQEDVWDQWHXWLOL]DGDVFRPRPDVFRWDV
HVSHFLDOPHQWHHQOD]RQDGH<XFXPR5XUUHQDEDTXHH,[LDPDV$ORODUJRGHODFDUUHWHUDHQWUHODFLXGDGGH6DQWD
&UX]\OD]RQDGHO&KDSDUHHQ&RFKDEDPEDHVSRVLEOHREVHUYDUXQDVHULHGHORFDOHVGHYHQWDGHFRPLGDHQ
EDVHDIDXQDVLOYHVWUHORPLVPRRFXUUHHQODVORFDOLGDGHVGH<XFXPR\5XUUHQDEDTXHDOQRUWHGHO&$0
(QWpUPLQRVGHHVSHFLHVFRQVLGHUDGDVFRPRGHPD\RUDPHQD]DVHJ~QGDWRVGHOD8,&1$QH[RVHKDQLGHQ
WLFDGRSULRULWDULDPHQWHHVSHFLHVGHPDPtIHURVFRQUDQJRGHGLVWULEXFLyQPiVUHVWULQJLGRKDFLDHOiUHDGHO
&$0H[FHSWXDQGR3WHURQXUDEUDVLOLHQVLVFX\DGLVWULEXFLyQHQ%ROLYLDHVPXFKRPiVDPSOLDVLQHPEDUJRGDGR
VXJUDGRGHDPHQD]DPHUHFHXQDDWHQFLyQHVSHFLDOHQORVHFRVLVWHPDVGRQGHVHODHQFXHQWUHSRUHVWHPRWLYR
VHODLQFOX\yHQODOLVWDGHHVSHFLHVDPHQD]DGDVSULQFLSDOHVSDUDHO&$0/DVHVSHFLHV7UHPDUFWRVRUQDWXV\
0D]DPDFKXQ\LVRQHVSHFLHVWtSLFDVGHORVHFRVLVWHPDVGHO&$0\HVWiQFRQVLGHUDGDVSRUOD8,&1FRPRHQ
SHOLJURRWUDVHVSHFLHVFRPRORVURHGRUHVWLHQHQXQDGLVWULEXFLyQPX\UHVWULQJLGDSUHGRPLQDQWHPHQWHHQOD
HFRUUHJLyQGHORV<XQJDV\SXHGHQVHUPX\VHQVLEOHVDODSHUWXUEDFLyQGHVXKiELWDW/DGHVWUXFFLyQGHOKiELWDW
HVODSULQFLSDOSUHVLyQGHDPHQD]DSDUDODVHVSHFLHVGHPDPtIHURVGHO&$0HQJHQHUDO
/DJHVWLyQGHFRQVHUYDFLyQGHELRGLYHUVLGDGHQHO
&RUUHGRU$PERUy0DGLGL
1$UDXMR
/DViUHDVSURWHJLGDVSUHVHQWHVHQHO&$0FXEUHQXQDEXHQDSDUWHGHVXVXSHUFLH\VRQXQRGHORVLQVWUXPHQWRV
RFLDOHVPiVHIHFWLYRVSDUDODFRQVHUYDFLyQGHODELRGLYHUVLGDG(QHVWHVHQWLGRHOSUHVHQWHFDStWXORGHVFULEH
SULQFLSDOPHQWHODVFDUDFWHUtVWLFDVGHJHVWLyQGHODViUHDVSURWHJLGDVGHSULRULGDGQDFLRQDOHQHO&$0\VXV
SULQFLSDOHVSUREOHPDVGHFRQVHUYDFLyQ3RURWURODGRWDPELpQVHSUHVHQWDXQEUHYHUHVXPHQVREUHODSROtWLFD
GHFRUUHGRUHVGHFRQVHUYDFLyQGHVDUUROODGDSRUOD'LUHFFLyQ*HQHUDOGH%LRGLYHUVLGDG'*%KDVWDODJHVWLyQ
FRQODQDOLGDGGHSURPRYHUXQQXHYRHQIRTXHHQODJHVWLyQGHFRQVHUYDFLyQTXHSHUPLWDXQPDQHMR
LQWHJUDOGHOWHUULWRULRHQHVWHFRQWH[WRHO&RUUHGRU$PERUy0DGLGLIXHFRQVLGHUDGRFRPRPRGHORSDUDHOGH
VDUUROORGHODSROtWLFDGHFRUUHGRUHV
/DViUHDVSURWHJLGDVHQHO&RUUHGRU$PERUy0DGLGL
(QHO&$0VHFRQFHQWUDQRFKRiUHDVSURWHJLGDVGHFDUiFWHUQDFLRQDODGLFLRQDOPHQWHSXHGHFRQVLGHUDUVHODSUH
VHQFLDGHO3DUTXH1DFLRQDO7XQDULFRQVyORHOGHVXVXSHUFLHGHQWURGHORVOtPLWHVGHO&$0(QFRQMXQWR
WRGDVHVWDViUHDVSURWHJLGDVOOHJDQDFXEULUXQDVXSHUFLHDSUR[LPDGDGHKDGHWRGRHOFRUUHGRUHVWH
YDORUHVPX\LQWHUHVDQWHHQWpUPLQRVGHFRQVHUYDFLyQGHHFRVLVWHPDV\DTXHJDUDQWL]DQGRODDGHFXDGDJHVWLyQ
\PDQHMRGHpVWDViUHDVVHFRQWULEX\HVXVWDQFLDOPHQWHDOPDQWHQLPLHQWRGHXQEXHQHVWDGRGHFRQVHUYDFLyQHQ
FHUFDGHOGHODVXSHUFLHGHO&$06LQHPEDUJRHOGHVDItRHVWiHQORJUDUODSDUWLFLSDFLyQGHORVGLYHUVRV
DFWRUHVORFDOHVHQHOPDQHMR\JHVWLyQGHODViUHDVSURWHJLGDV\VXHQWRUQR
/DDOWDFREHUWXUDGHiUHDVSURWHJLGDVVHMXVWLFDPX\ELHQGHELGRDOFDUiFWHU~QLFRGHO&$0SRUODLPSRUWDQFLD
QDFLRQDOGHVXIXQFLRQDOLGDGODPX\DOWDGLYHUVLGDGGHHVSHFLHVDVtFRPRODPX\DOWDGLYHUVLGDGEHWD(VWDV
DUPDFLRQHVVHVXVWHQWDQHQORVGDWRV\DQiOLVLVSUHVHQWDGRVHQHO&DStWXOR,,,
(QWpUPLQRVGHFRQRFLPLHQWRGHODULTXH]DGHHVSHFLHVGHO&$0DOJXQRVGDWRVVREUHHOQ~PHURGHHVSHFLHV
GHODViUHDVSURWHJLGDVPXHVWUDQWDPELpQXQUHODWLYREXHQHVWDGRGHFRQRFLPLHQWRGHJUXSRVWD[RQyPLFRVPiV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
WUDGLFLRQDOHVGHHVWXGLR\XQDDOWDULTXH]DHQUHODFLyQDRWUDViUHDVSURWHJLGDVGH%ROLYLDWDPELpQPHMRUHVWX
GLDGDV7DEOD
7DEOD'LYHUVLGDGGHHVSHFLHVGHRUD\IDXQDUHJLVWUDGDVHQiUHDVSURWHJLGDV
UHD3URWHJLGD
GHO&$0
3DUTXH1DFLRQDO\UHD1DWXUDOGH0D
QHMR,QWHJUDGR0DGLGL
3DUTXH1DFLRQDO\UHD1DWXUDOGH0D
QHMR,QWHJUDGR$PERUy
3DUTXH 1DFLRQDO \ 7HUULWRULR ,QGtJHQD
,VLERUR6pFXUH
3DUTXH1DFLRQDO&DUUDVFR
5HVHUYDGHOD%LRVIHUD(VWDFLyQ%LROy
JLFDGHO%HQL
5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGt
JHQD3LOyQ/DMDV
UHD1DWXUDOGH0DQHMR,QWHJUDGR1D
FLRQDO$SROREDPED
3DUTXH1DFLRQDO\UHD1DWXUDOGH0D
QHMR,QWHJUDGR&RWDSDWD
2WUDV$3GH%ROLYLD
3DUTXH1DFLRQDO7XQDUL
3DUTXH 1DFLRQDO 1RHO .HPSII 0HU
FDGR
5HVHUYD 1DFLRQDO GH 9LGD 6LOYHVWUH
$PD]yQLFD0DQXULSL
3DUTXH 1DFLRQDO \ UHD 1DWXUDO GH
0DQHMR ,QWHJUDGR .DD,\D GHO *UDQ
&KDFR
3ODQWD
6XS
1GH9HUWHEUDGRV5HJLVWUDGRV
0DPtIHURV $YHV 5HSWLOHV $QELRV 3HFHV
7RWDO
)XHQWH (ODERUDFLyQ SURSLD HQ EDVH GH +(5(1&,$ 6(51$3 0LUDQGD 6DUPLHQWR ZZZVHUQDSJRY
ERQRHONHPSIIZZZVHUQDSJRYERPDGLGL
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
PDGHUDEOHVGHOERTXHWRGRVGHIRUPDLOHJDO$OJXQDVDPHQD]DVHQHOPHGLDQR\ODUJRSOD]RVRQODH[SORUDFLyQ
\H[SORWDFLyQGHKLGURFDUEXURVFRQULHVJRGHQRFRQWHPSODUDGHFXDGDPHQWHORVLPSDFWRVVHFXQGDULRVGHHVWD
DFWLYLGDGDVtFRPRODFRQVWUXFFLyQGHQXHYRVFDPLQRVTXHWDPELpQSXHGHQWHQHULPSDFWRVVHFXQGDULRVDOIDFLOLWDU
HODYDQFHGHODIURQWHUDDJUtFROD\HODFFHVRDORVUHFXUVRVQDWXUDOHVHQiUHDVDFWXDOPHQWHQRLQWHUYHQLGDV
7DEOD3ULQFLSDOHVSUREOHPDV\DPHQD]DVSDUDODELRGLYHUVLGDGHQODViUHDVSURWHJLGDVGHO&RUUHGRU
$PERUy0DGLGL
UHDSURWHJLGD
3ULQFLSDOHVSUREOHPDV\DPHQD]DV
3DUTXH 1DFLRQDO \ UHD 6XVWLWXFLyQ GH ERVTXHV SRU VDEDQDV GHELGR D JUDQGHV TXHPDV HVWDFLRQDOHV DIHFWDQGR
1DWXUDOGH0DQHMR,QWHJUDGR SULQFLSDOPHQWHDOERVTXHK~PHGRGH<XQJDV\ERVTXHVHFRGHFLGXRGHO7XLFKL&HQWUDO
0DGLGL
(VWHHFRVLVWHPDHVWiIXHUWHPHQWHDPHQD]DGRSRUODH[SDQVLyQGHODIURQWHUDDJUtFROD\OD
FUHFLHQWHDFWLYLGDGJDQDGHUD
&RQWDPLQDFLyQ SRU DFWLYLGDG PLQHUD HQ OD ]RQD GH<XQJDV \ YDULRV WULEXWDULRV GHO UtR
7XLFKL
3UHVLyQGHFDFHUtDWDODLOHJDO\SHVFDFRQGLQDPLWD
$PHQD]DGHDFWLYLGDGKLGURFDUEXUtIHUDHQHO%ORTXH5tR+RQGR$PHQD]DGHDSHUWXUDGHO
FDPLQR$SROR,[LDPDV
UHD 1DWXUDO GH 0DQHMR &RQWDPLQDFLyQGHFXHUSRVGHDJXD\HURVLyQGHOVXHORSRUODDFWLYLGDGPLQHUDUXGLPHQ
,QWHJUDGR 1DFLRQDO $SROR WDULD
EDPED
6REUHSDVWRUHRSRUHOPDQHMRGHJUDQGHVKDWRVGHDOSDFD$YDQFHQRSODQLFDGRGHODIURQWHUD
DJUtFRODHQHOVHFWRUWURSLFDOGHOiUHDSURWHJLGD
7XULVPRGHVRUGHQDGR\QRUHJXODGR
$PHQD]DGHFRQVWUXFFLyQGHFDUUHWHUD3HOHFKXFR$SROR
3DUTXH 1DFLRQDO \ UHD ,QWHQVLFDFLyQGHODDFWLYLGDGWXUtVWLFDGHVRUGHQDGD\QRUHJXODGDHO&DPLQRGHO,QFD
1DWXUDOGH0DQHMR,QWHJUDGR HVXQDGHODVUXWDVPiVXWLOL]DGDV\DODYH]PiVDIHFWDGD
,PSDFWRVVHFXQGDULRVSRUODPHMRUDGHODFDUUHWHUD&RWDSDWD6DQWD%iUEDUD
&RWDSDWD
5HVHUYD GH OD %LRVIHUD \ 7DODLOHJDO\DOWDSUHVLyQGHDSURYHFKDPLHQWRPDGHUHURSRUODSREODFLyQORFDO\XQDHP
7HUULWRULR ,QGtJHQD 3LOyQ SUHVD
/DMDV
$OWDDPHQD]DGHDYDQFHGHODIURQWHUDDJUtFRODHQHOOtPLWHVXUGHOiUHDFROLQGDQWHFRQHO
WUDPRFDPLQHUR<XFXPR5XUUHQDEDTXH
5HVHUYDGHOD%LRVIHUD(VWD 5LHVJRGHDLVODPLHQWRJHRJUiFRSRUSpUGLGDGHFRQHFWLYLGDGFRQHOERVTXHSHGHPRQWDQR
FLyQ%LROyJLFDGHO%HQL
%RVTXH&KLPiQRSRUGHWHULRURGHODVLVODVGHERVTXHHQWUHORVUtRV0DWRV\&XULUDED
)RUPDFLyQGHXQDSDOL]DGDGHNLOyPHWURVGHH[WHQVLyQVREUHHOUtR0DQLTXtTXHDIHFWDDOD
IDXQDDFXiWLFDIDFLOLWDHOLQJUHVRGHJDQDGRYDFXQR\SRQHHQULHVJRHOUpJLPHQKLGUROyJLFR
GHOiUHDSURWHJLGD\]RQDGHLQXHQFLD
,QFUHPHQWRGHLQFHQGLRV
)XHUWHSUHVLyQGHFDFHUtD\DSURYHFKDPLHQWRLOHJDOGHUHFXUVRVPDGHUDEOHV
3DUTXH1DFLRQDO\7HUULWRULR $YDQFHGHIURQWHUDDJUtFRODQRSODQLFDGDHQOD]RQDGHFRORQL]DFLyQDOVXUHVWHGHOiUHD
,QGtJHQD,VLERUR6pFXUH
3URVSHFFLyQ\H[SORUDFLyQKLGURFDUEXUtIHUD
([SORWDFLyQPDGHUHUDSRUHPSUHVDV\PRWRVLHUULVWDV
&D]D\SHVFDLOHJDOFRQQHVGHSRUWLYRV\FRPHUFLDOHV
$PHQD]DGHGLYLVLyQGHOiUHDSRUFRQVWUXFFLyQGHQXHYRVWUDPRV&DPLQHURVHQWUH6DQ
,JQDFLRGH0R[RV\9LOOD7XQDUL\<XFXPR9LOOD7XQDUL
3DUTXH1DFLRQDO7XQDUL
(OVHFWRUGHOiUHDSURWHJLGDTXHIRUPDSDUWHGHO&$0HVHOTXHSUHVHQWDPHMRUHVWDGRGH
FRQVHUYDFLyQVLQHPEDUJRSUHVHQWDDPHQD]DGHGHIRUHVWDFLyQSRUDXPHQWRGHDVHQWDPLHQWRV
KXPDQRVHQHOiUHD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3DUTXH1DFLRQDO&DUUDVFR
$YDQFHGHODIURQWHUDDJUtFRODFXOWLYRVGHFRFD\FRORQL]DFLyQKDFLDODSHULIHULDGHOiUHD
&D]DSHVFD\WDODVHOHFWLYDLOHJDOFRQQHVFRPHUFLDOHV
$SHUWXUDQRUHJXODGDGHFDPLQRV\DPHQD]DGHFRQVWUXFFLyQGHQXHYRVFDPLQRV
3DUTXH 1DFLRQDO \ UHD $YDQFHGHODIURQWHUDDJUtFRODHQHOiUHDGHLQXHQFLDQRUWHGHOiUHDSURWHJLGDFRQULHVJR
1DWXUDOGH0DQHMR,QWHJUDGR SDUDODFRQHFWLYLGDGGHOiUHD)XHUWHSUHVLyQGHQXHYRVDVHQWDPLHQWRV\DYDQFHGHODIURQWHUD
$PERUy
DJUtFRODHQHOVHFWRUVXUGHQWURGHOUHD1DWXUDOGH0DQHMR,QWHJUDGR
3UHVLyQVREUHFDEHFHUDVGHFXHQFDSRUJDQDGHUtDH[WHQVLYDQRFRQWURODGD$OWDSUHVLyQGH
FD]D\DSURYHFKDPLHQWRGHUHFXUVRVPDGHUDEOHV\QRPDGHUDEOHVFRQQHVFRPHUFLDOHV
)XHQWH6(51$35LEHUD /LEHUPDQ=ROH]]LHWDO
/DJHVWLyQGHFRQVHUYDFLyQHQODViUHDVSURWHJLGDV
/DJHVWLyQGHODViUHDVSURWHJLGDVHVXQHOHPHQWRLPSRUWDQWHSDUDJDUDQWL]DUHOPDQWHQLPLHQWR\IXQFLRQDPLHQWR
GHODVPLVPDV6HHQWLHQGHDODJHVWLyQFRPRXQSURFHVRLQWHJUDOTXHDEDUFDWHPiWLFDVGLYHUVDVGHODGLQiPLFD
GHPDQHMRGHODViUHDVSURWHJLGDVVLHQGR ODV PiV LPSRUWDQWHVFRQWURO R SURWHFFLyQGHO iUHD LQYHVWLJDFLyQ
FLHQWtFDPRQLWRUHRPDQHMRGHUHFXUVRVWXULVPRHLQWHUSUHWDFLyQHGXFDFLyQDPELHQWDO7RGRVHVWRVWHPDV
QRUPDOPHQWHGHEHQHVWDUFLUFXQVFULWRVDSURJUDPDVGHPDQHMRGHDFXHUGRDODVPHWRGRORJtDVIRUPDOHVHQJHV
WLyQGHiUHDVSURWHJLGDV6HDGLFLRQDQDODJHVWLyQGHODViUHDVRWURVDVSHFWRVGHRUJDQL]DFLyQDGPLQLVWUDWLYD
FRQWUROQDQFLHURGHSHUVRQDOHLQIUDHVWUXFWXUDRSHUDFLRQHV\PDQWHQLPLHQWRHQWUHRWURV
(QHVWHVHQWLGRHO6(51$3DGRSWyHOVLVWHPDGHVFRUHFDUGGLVHxDGRSRU7KH1DWXUH&RQVHUYDQF\71&
86$,' FRPR KHUUDPLHQWD GH PHGLFLyQ GH HIHFWLYLGDG GH ODV iUHDV SURWHJLGDV (VWH VLVWHPD KD VLGR
DGDSWDGR\GHQRPLQDGRFRPR0(0V0HGLFLyQGH(IHFWLYLGDGGH0DQHMR\FRQVLVWHHQODHYDOXDFLyQGHOD
JHVWLyQGHXQiUHDSURWHJLGDHQUHODFLyQDVXFRQVROLGDFLyQ\HQIXQFLyQDODVPHGLGDVGHPDQHMRTXHVHHVWiQ
DSOLFDQGR(OPi[LPRSXQWDMHGHFRPSDUDFLyQHQFXDOTXLHUDGHORVLQGLFDGRUHVTXHDQDOL]DHO0(0VHVGH
FLQFR\UHSUHVHQWDXQHVWDGRGHJHVWLyQLGHDO
/RVUHVXOWDGRVGHO0(0V6(51$3HQWUHODVJHVWLRQHV)LJLQGLFDQTXHODViUHDVSURWHJL
GDVIXHURQPHMRUDQGRHQHOGHVDUUROORGHVXJHVWLyQFRQFUHFLPLHQWRHQORVSXQWDMHVSURPHGLRVGHODVJHVWLRQHV
\(O3DUTXH1DFLRQDO7XQDULQRWLHQHXQDJHVWLyQHVWDEOHFLGDSRUFRQVLJXLHQWHQRIXHHYDOXDGR
/RVSHULRGRVSUHVHQWDURQORVPD\RUHVDYDQFHVSDUDODJHVWLyQGHODViUHDVSURWHJLGDVHQJHQHUDO
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
)LJ(IHFWLYLGDGGHPDQHMRGHODViUHDVSURWHJLGDVGHO61$3JHVWLyQDO)XHQWH6(51$3
ODViUHDVSURWHJLGDVVXEUD\DGDVIRUPDQSDUWHGH&RUUHGRU$PERUy0DGLGL
/DViUHDVSURWHJLGDVGHO&$0SUHVHQWDQXQQLYHOGHJHVWLyQGHUHJXODUDVDWLVIDFWRULR(QFDVLWRGDVODViUHDV
HYDOXDGDVORVWHPDGHLQYHQWDULRGHGLYHUVLGDGELROyJLFDVLVWHPDGHPRQLWRUHR\HOSURJUDPDGHHGXFDFLyQ
DPELHQWDOVRQORVPiVGpELOHV\DSDUHQWHPHQWHPHQRVSULRULWDULRVGHELGRDODQHFHVLGDGGHFRQVROLGDUHQSUL
PHUDLQVWDQFLDODDGPLQLVWUDFLyQSURWHFFLyQGHODViUHDVSURWHJLGDV\ORVSURFHVRVGHSDUWLFLSDFLyQVRFLDO(Q
ORVSXQWRVVLJXLHQWHVVHGHVFULEHGHIRUPDEUHYHXQDHYDOXDFLyQGHODJHVWLyQGHFDGDiUHDSURWHJLGDGHO&$0
VHJ~QORVUHVXOWDGRVGHO0(0V
(O3DUTXH1DFLRQDO\$10,0DGLGLHVHOiUHDSURWHJLGDGHO&$0FRQPHMRUHIHFWLYLGDGHQVXPDQHMRXQR
GHORVSXQWRVPiVGpELOHVHQVXJHVWLyQHVHOVLVWHPDGHPRQLWRUHR\HYDOXDFLyQHOWHPDGHHGXFDFLyQDPELHQWDO
HUDPX\GpELOVLQHPEDUJRODHYDOXDFLyQGHODJHVWLyQGHOiUHDHQHODxRLQGLFyXQDPHMRUDVLJQLFDWLYD
6(51$3(QHODxRVHHODERUyXQSODQGHPDQHMRSDUDHOiUHDHOFXDOQHFHVLWDVHUDSUREDGRSRU
HOFRPLWpGHJHVWLyQSDUDFRQWDUFRQXQLQVWUXPHQWRRFLDOTXHJXtHODJHVWLyQGHOiUHD
(OUHD1DWXUDOGH0DQHMR,QWHJUDGR$SROREDPEDWDPELpQSUHVHQWyXQEXHQQLYHOGHJHVWLyQHVSHFLDO
PHQWHHQORVLQGLFDGRUHVGHFDSDFLGDGLQVWLWXFLRQDOFDSDFLWDFLyQVWDWXVOHJDODPHQD]DVSODQGHSURWHFFLyQ
HIHFWLYLGDGGHOPDQHMRQDQFLHURSDUWLFLSDFLyQVRFLDO\FRPLWpGHJHVWLyQ/RVWHPDVPiVGpELOHVIXHURQHO
VDQHDPLHQWRGHWLHUUDV\HOGHVDUUROORGHXQDHVWUDWHJLDGHHGXFDFLyQDPELHQWDODVtFRPRODDFWXDOL]DFLyQGHO
LQYHQWDULRGHODGLYHUVLGDGELROyJLFDGHOiUHD
/D(VWDFLyQ%LROyJLFDGHO%HQLXQDGHODVSRFDViUHDVFRQPHMRUHIHFWLYLGDG\FODULGDGHQHOHVWDWXV
OHJDO\WHQHQFLDGHODWLHUUDDGLIHUHQFLDGHRWUDViUHDVSURWHJLGDVGRQGHHVWRVLQGLFDGRUHVVRQORVTXH
SUHVHQWDQPD\RUGHELOLGDG3RURWURODGRORVWHPDVTXHQHFHVLWDQPHMRUDUHQODJHVWLyQGHOiUHDVRQOD
SDUWLFLSDFLyQVRFLDOHOIXQFLRQDPLHQWRGHO&RPLWpGH*HVWLyQHOPDQHMRGHORVUHFXUVRVQDWXUDOHV\OD
HGXFDFLyQDPELHQWDO+DVWDHOHOSODQGHPDQHMRGHOiUHDVHSUHVHQWyFRPRXQLQGLFDGRUFUtWLFR
HQHODxRVHDFWXDOL]yHO3ODQGH0DQHMRGHOiUHD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(O7HUULWRULR,QGtJHQD\3DUTXH1DFLRQDO,VLERUR6pFXUHORVLQGLFDGRUHVGHJHVWLyQTXHKDQWHQLGR
XQPHMRUGHVDUUROORKDQVLGRHOWHPDGHHFLHQFLDHQHOPDQHMRQDQFLHURODSODQLFDFLyQGHOPDQHMR
GHORVUHFXUVRVQDWXUDOHVSRUODVFRPXQLGDGHVORFDOHV+DVWDHODxRVHGHVDUUROOyXQ3ODQGH0D
QHMR)RUHVWDOXQ3ODQGH0DQHMRGH6DXULRV\XQ3ODQGH0DQHMR3HVTXHUR,JXDOPHQWHHOiUHDFXHQWD
FRQXQ3ODQGH0DQHMRTXHD~QQHFHVLWDVHUDSUREDGRSRUHOFRPLWpGHJHVWLyQ
/DSDUWLFLSDFLyQVRFLDO\ODFRQIRUPDFLyQGHOFRPLWpGHJHVWLyQHVXQRGHORVLQGLFDGRUHVPiVGpELOHVGHELGR
DOFRQLFWRGHOtPLWHVGHSDUWDPHQWDOHVHQWUH&RFKDEDPED\%HQLGHHVWDPDQHUDWDPELpQVHKDGLFXOWDGROD
SDUWLFLSDFLyQVRFLDO6LQHPEDUJRHVLPSRUWDQWHGHVWDFDUTXHHOiUHDSURWHJLGDHVWiFRDGPLQLVWUDGDFRQODVXE
FHQWUDO,QGtJHQDGHO7,31,6ODUHQRYDFLyQGHOFRQYHQLRGHFRDGPLQLVWUDFLyQGDWDGHDxRSRUXQSHULRGR
GHDxRV
/D5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ/DMDVFRPRODPD\RUtDGHODViUHDVSURWHJLGDVGHO
&$0SUHVHQWyXQEXHQQLYHOUHODWLYRGHJHVWLyQ/RVLQGLFDGRUHVGHJHVWLyQFRQPHMRUUHFRUGHQSURPHGLRVRQ
ODSDUWLFLSDFLyQVRFLDO&RPLWpGH*HVWLyQHOSODQGHSURWHFFLyQ\ORVLQYHQWDULRVGHGLYHUVLGDGELROyJLFD(O
iUHDWDPELpQHQFDUyXQSURFHVRGHDFWXDOL]DFLyQGHVXSODQGHPDQHMR
(O3DUTXH1DFLRQDO\$10,$PERUyDSHVDUGHODDQWLJHGDGGHOiUHDD~QHVPX\GLItFLOFRQVROLGDUDVSHFWRV
GHOHVWDWXVOHJDO\GHWHQHQFLDGHODWLHUUD(OVLVWHPDGHPRQLWRUHR\ORVLQYHQWDULRVGHGLYHUVLGDGELROyJLFD
WDPELpQIXHURQSXQWRVGpELOHVFRQVLGHUDQGRODDOWDDFWLYLGDGHQLQYHVWLJDFLyQELROyJLFDGHOiUHD\ODLPSOHPHQ
WDFLyQFRPRVLWLRSLORWRGHOVLVWHPDGHPRQLWRUHRLQWHJUDOGHO6(51$3&RQHOSURJUDPD3DUTXHVHQ3HOLJUR
FDQDOL]DGRSRUODRUJDQL]DFLyQ7KH1DWXUH&RQVHUYDQF\HOiUHDSURWHJLGDWXYRXQPD\RUDSR\R
SDUDIRUWDOHFHUVXVVLVWHPDGHSURWHFFLyQ\VLVWHPDGHPRQLWRUHRHQWUHRWUDVOtQHDVGHOSURJUDPD(O3ODQGH
PDQHMRGHO$PERUyHVWiGHVDFWXDOL]DGR
/RV3DUTXHV&DUUDVFR\&RWDSDWDVRQODViUHDVTXHSUHVHQWDQPHQRUQLYHOGHHIHFWLYLGDGHQHOPD
QHMRHQUHODFLyQDRWUDViUHDVSURWHJLGDVGHO&$0(QHO3DUTXH1DFLRQDO&DUUDVFRORVLQGLFDGRUHV
GHFDSDFLGDGLQVWLWXFLRQDO\HIHFWLYLGDGHQHOPDQHMRQDQFLHURVRQORVGHPD\RUHIHFWLYLGDGPLHQWUDV
TXHDVSHFWRVGHSDUWLFLSDFLyQVRFLDO\HVWDWXVOHJDOVRQORVDVSHFWRVPiVGpELOHV\FUtWLFRVHQVXJHVWLyQ
([LVWHEDVWDQWHSUHVLyQVRFLDOVREUHHOiUHDHOHPHQWRTXHKDGHELOLWDGRODSRVLELOLGDGGHFRQIRUPDUXQ
FRPLWpGHJHVWLyQDVtFRPRHOGHVDUUROORGHXQSURFHVRSDUDODHODERUDFLyQGHVXSODQGHPDQHMR(O
3DUTXH1DFLRQDO\$10,&RWDSDWDWLHQHFRPRSXQWRVPiVGpELOHVHQVXJHVWLyQODLQIUDHVWUXFWXUD
\HTXLSDPLHQWRODLQWHJUDFLyQHIHFWLYDGHPXQLFLSLRV\SUHIHFWXUDVDVtFRPRHQORVLQGLFDGRUHVGH
PRQLWRUHRLQYHQWDULRVELROyJLFRVPDQHMRGHUHFXUVRVQDWXUDOHV\HGXFDFLyQDPELHQWDOHVWRV~OWLPRV
VHSUHVHQWDQFRPRXQDGHELOLGDGFRP~QHQYDULDViUHDVSURWHJLGDVGHO&$0
3ROtWLFDGH&RUUHGRUHVGH&RQVHUYDFLyQXQSDVRPiVKDFLDODJHVWLyQGH
FRQVHUYDFLyQGHO&RUUHGRU$PERUy0DGLGL
(VSRVLEOHLQGLFDUTXHHO&$0HVHOFRUUHGRUELROyJLFRFRQPD\RUUHFRQRFLPLHQWR\HVIXHU]RVGHFRQVHUYDFLyQGH
ODELRGLYHUVLGDGHQHOiPELWRQDFLRQDO(QHVWHVHQWLGROD'LUHFFLyQ*HQHUDOGH%LRGLYHUVLGDGGH%ROLYLD'*%
GHSHQGLHQWHGHO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOHKDLQLFLDGRGHVGHHODxRXQSURFHVRSDUDHODERUDUXQD
3ROtWLFD1DFLRQDOGH&RUUHGRUHVGH%LRGLYHUVLGDGFRQODQDOLGDGGHSURPRYHUHOGHVDUUROORVRVWHQLEOHGHPD
QHUDTXHVHORJUHODFRQVHUYDFLyQ\XVRVRVWHQLEOHGHODELRGLYHUVLGDGHQJUDQGHVHVSDFLRV(VWHSURFHVRVHHVWi
UHDOL]DQGRDSURYHFKDQGRHOFRQRFLPLHQWR\H[SHULHQFLDGHVDUUROODHQHOFDVRGHO&RUUHGRU$PERUy0DGLGL
(YDOXDFLyQLQWHJUDOGHFRQVHUYDFLyQ
'HVDUUROORGHOFRQRFLPLHQWRSDUDODFRQVHUYDFLyQ\XVRVRVWHQLEOHGHORVELHQHV\VHUYLFLRVGHODELR
GLYHUVLGDG
3URPRYHUODLQVHUFLyQGHFULWHULRVGHELRGLYHUVLGDGHQORVLQVWUXPHQWRVQRUPDWLYRV\DH[LVWHQWHV\HO
GHVDUUROORGHLQVWUXPHQWRVFRPSOHPHQWDULRV
3URPRYHUHOGHVDUUROORVRVWHQLEOHHQORVFRUUHGRUHVGHFRQVHUYDFLyQ
$UWLFXODFLyQFRQHO6LVWHPD1DFLRQDOGHUHDV3URWHJLGDV
3URPRYHUHOGHVDUUROORGHLQFHQWLYRVSDUDODFRQVHUYDFLyQ\GHVDUUROORVRVWHQLEOHHQORVFRUUHGRUHV
3URPRYHUHOUHFRQRFLPLHQWRGHOFDUiFWHUHVWUDWpJLFRGHORVFRUUHGRUHVSDUDHOGHVDUUROORVRVWHQLEOH
/D SROtWLFD GH FRUUHGRUHV D~Q HQ ERUUDGRU SURSRQH FRPR PDUFR LQVWLWXFLRQDO OD SDUWLFLSDFLyQ GH GLVWLQWDV
LQVWDQFLDVGHOJRELHUQRFHQWUDOHQPDUFDQGRODSROtWLFDGHFRUUHGRUHVGHQWURGHORSUHYLVWRHQHO6,63/$1SUR
PRYLHQGRODDUWLFXODFLyQGHORVSODQHVGHFRQVHUYDFLyQHQODSODQLFDFLyQHVWUDWpJLFD\WHUULWRULDOQDFLRQDO(Q
HVWHPDUFRVHGHEHSURPRYHUODFUHDFLyQGHXQDLQVWDQFLDGHFRRUGLQDFLyQHQWUHGLVWLQWDVLQVWDQFLDVGHOJRELHUQR
FHQWUDOGHSDUWDPHQWDO\PXQLFLSDODVtFRPRPDQFRPXQLGDGHVRUJDQL]DFLRQHVGHEDVH\RUJDQL]DFLRQHVGH
SURGXFWRUHV
8QLQVWUXPHQWRFODYHSDUDODJHVWLyQGHFRUUHGRUHVGHFRQVHUYDFLyQHVHOGHVDUUROORGHXQD9LVLyQGH&RQVHUYD
FLyQGHOD%LRGLYHUVLGDG\ODSRVWHULRUHODERUDFLyQGHXQ3ODQGH,PSOHPHQWDFLyQGHVDUUROODGRVEDMRSURFHVRV
SDUWLFLSDWLYRV
)DXQD
3DQWKHUDRQFDDSHVDUGHODSUHVLyQVREUHVXKiELWDWHVXQDHVSHFLHFRP~QPHQWHUHJLVWUDGDHQORVERV
TXHVDPD]yQLFRVGHO&RUUHGRU$PERUy0DGLGL)RWR$%DUWVFKL&,
6DUFRUDPSKXVSDSDFRQRFLGRFRPRHOFyQGRUUHDOHVXQDGHODVDYHVPiVYLVWRVDV6HWLHQHQUHJLVWURV
GHHVWDHVSHFLHSDUDODPD\RUtDGHODViUHDVSURWHJLGDV)RWR$%DUWVFKL&,
6WHQRFHUFXVURVHLYHQWULVHVWDHVSHFLHWLHQHVXQRPEUHGHELGRDVXYLHQWUHURVDGRURVHLYHQWULV2ULJLQDO
PHQWHIXHGHVFULWDSDUDORV<XQJDVGH/D3D]DFWXDOPHQWHVHOHFRQRFHXQDPSOLRUDQJRGHGLVWULEXFLyQ
HQ%ROLYLDLQFOX\HQGRORV'HSDUWDPHQWRVGH&RFKDEDPED6DQWD&UX]\3DQGR)RWR'(PEHUW
3WHURJORVVXVFDVWDQRWLVORVWXFDQHVVRQLPSRUWDQWHVFRPRGLVSHUVRUHVGHVHPLOODVYDULDVHVSHFLHVGH
HVWHJUXSRVRQIiFLOPHQWHUHJLVWUDGDVHQORVERVTXHVGHO&RUUHGRU$PERUy0DGLGL(VWDHVSHFLHHQ
SDUWLFXODULQFOX\HPiVGHWLSRGHIUXWRVHQVXGLHWDDORODUJRGHiUHDGHGLVWULEXFLyQ)RWR(
6iQFKH]
3WHURFKUR]D RFHOODWD HVWH RUWySWHUR XWLOL]D FRPR HVWUDWHJLD GH GHIHQVD HO FDPXDMH GH VXV DODV SDUD
DKX\HQWDUDVXVSUHGDGRUHV/RVLQVHFWRVVRQXQJUXSRIDVFLQDQWH\DOWDPHQWHGLYHUVRHQHO&RUUHGRU
$PERUy0DGLGL)RWR$%DUWVFKL&,
2SLVWKRFRPXVKRD]LQHVXQDHVSHFLHGHDYHPX\SDUWLFXODUTXHKDELWDHQERVTXHVWURSLFDOHVVREUHOD
YHJHWDFLyQULEHUHxD\GHSDQWDQRV(VEDVWDQWHIUHFXHQWHREVHUYDULQGLYLGXRVGHODHVSHFLHHQORVUtRVGHO
3DUTXH1DFLRQDO0DGLGL)RWR$%DUWVFKL&,
+\DOLQREDWUDFKLXPEHUJHULHVXQDHVSHFLHGHWDPDxRSHTXHxRKDVWDFP6HHQFXHQWUDVLHPSUH
FHUFDGHDUUR\RV\FDVFDGDVHQiUEROHVRDUEXVWRV3RQHQVXVKXHYRVGHEDMRGHKRMDVSRUDUULEDGHDJXD
ORVKXHYRVVRQFXLGDGRVSRUHOPDFKR(VXQDHVSHFLHWtSLFDGHODVODGHUDVRULHQWDOHVGHORV$QGHVGHVGH
3HU~KDVWD%ROLYLD)RWR65HLFKOH
)ORUD
8VRGH5HFXUVRV1DWXUDOHV
([LVWHXQDIXHUWHGHPDQGDGHOHxDHQORV9DOOHV6HFRV,QWHUQDGLQRVORVSREODGRUHVORFDOHVVHDEDVWHVFDQHQODpSRFD
VHFDD\XGDGRVSRUVXVDQLPDOHVGHFDUJD(O7ULJDO3URYLQFLD&DEDOOHUR6DQWD&UX])RWR-&0RQWHUR
(QODIRWRVHREVHUYDXQRGHORVWLSRVGHDSURYHFKDPLHQWRGHUHFXUVRVDFXiWLFRVHQHVWDRFDVLyQHQORVOtPLWHVGHO
3DUTXH1DFLRQDO&DUUDVFR&RFKDEDPED)RWR$6XiUH]&,
/DSDOPDGHPDMR2HQRFDUSXVEDWDXDPX\XWLOL]DGDSDUDODH[WUDFLyQGHDFHLWH\SDUDODHODERUDFLyQGHXQUHIUHFR
FDVHURPX\QXWULWLYRTXHHVOODPDGRORFDOPHQWHOHFKHGHPDMRHOPLVPRVHXWLOL]DSDUDFRPEDWLUODDQHPLDGHQLxRV
\DGXOWRVHQIHUPRV3RURWUDSDUWHHOJUDQWDPDxRGHVXVKRMDV\UHVLVWHQFLDKDFHQTXHVHDQWDPELpQXWLOL]DGDVSDUDHO
WHFKDGRGHODVYLYLHQGDV7DQLSOD\D*XDQD\3URYLQFLD/DUHFDMD/D3D])RWR-&0RQWHUR
(QORVERVTXHVK~PHGRVGHODVSDUWHVDOWDVGHODUHJLyQGHO&KDSDUHODH[WUDFFLyQ\FRPHUFLDOL]DFLyQGHSODQWDVRUQD
PHQWDOHVDXWyFWRQDV\FXOWLYDGDVVHKDFRQVWLWXLGRHQXQDDFWLYLGDGEDVWDQWHFUHFLHQWH(QODIRWRODFDUUHWHUDSULQFLSDO
HQWUH&RFKDEDPED\6DQWD&UX]HVDSURYHFKDGDFRPRSXQWRGHYHQWD)RWR-&0RQWHUR
1LxDPRVHWpQWHMLHQGRXQFHVWRGHFKXFKtR&RPXQLGDG$VXQFLyQGHO4XLTXLEH\5HVHUYD7&23LOyQ/DMDV3URYLQFLD
6XG<XQJDV/D3D])RWR$6XiUH]&,
/DEHOOH]DSDLVDMtVWLFD\ODGLYHUVLGDGGHHVSHFLHVSUHVHQWHVHQHO&$0KDQJHQHUDGRXQDLPSRUWDQWHDFWLYLGDGHFRWX
UtVWLFDFRPRHQHOFDVRGH/D<XQJDGH0DLUDQDGRQGHVHGHVDUUROODXQSUR\HFWRGHHFRWXULVPRFRPXQLWDULR)RWR
-&0RQWHUR
(FRVLVWHPDV
/RV%RVTXHVK~PHGRGHSLVRVDOWLWXGLQDOHVVXSHULRUHVIRUPDQIUDQMDVFRQWLQXDVHQEXHQHVWDGRGHFRQVHUYDFLyQVLQ
HPEDUJRODH[FHVLYDKXPHGDG\ODLQFOLQDFLyQGHVXVHOHPHQWRViUERUHRVSURGXFHQGHUUXPEHVQDWXUDOHV&DPLQR
HQWUH8QGXDYL\&KXOXPDQL(O9HORGHODQRYLD/D3D])RWR-&0RQWHUR
OWLPDVHVWULEDFLRQHVGHORVDQGHVKDFLDODOODQXUDVHUUDQtDVFRQYDOOHVSURIXQGRV\FUHVWDVSURQXQFLDGD=RQDGH
WUDQVLFLyQGRQGHVHPH]FODQHVSHFLHVDPD]yQLFDV\DQGLQDV3DUDFWL&RFKDEDPED)RWR-&0RQWHUR
/RV%RVTXHVVHFRVLQWHUDQGLQRVVRQXQDIRUPDFLyQEDVWDQWHSHUWXUEDGDSRUODDFWLYLGDGDJUtFRODJDQDGHUD\IRUHVWDO
PDGHUD\OHxD(QHO&RUUHGRU$PERUy0DGLGLVHSXHGHQHQFRQWUDUiUHDVUHOLFWXDOHVFRQVHUYDGDV&DPLQRD6DQWD
5RVDGH/LPD6DQWD&UX])RWR,9DUJDV
(O%RVTXH7XFXPDQR%ROLYLDQRGHUHVWULQJLGDGLVWULEXFLyQHQHOH[WUHPRHVWHGHOFRUUHGRUIRUPDHVSHFWDFXODUHVFRP
ELQDFLRQHVGHRUD\FDGHQDVPRQWDxRVDVODVFXDOHVVRQDSURYHFKDGDVDFWXDOPHQWHSDUDHOWXULVPR/DJXQD9ROFDQ
3URYLQFLD)ORULGD6DQWD&UX])RWR-&0RQWHUR
/RV9DOOHV6HFRV,QWHUDQGLQRVGLVWULEXtGRVFRPRPDQFKDVDLVODGDVHQHO&$0VRQEDxDGRVSRUDXHQWHVTXHEDMDQ
GHVGHOD&RUGLOOHUD5HDO\IRUPDHQFODYHVFRQLPSRUWDQWHVUHJLVWURVGHRUDHQGpPLFDGH,QTXLVLYL)RWR-&0RQ
WHUR
%RVTXHQXEODGRVHFRQVWLWX\HHQHFRVLVWHPDVTXHWLHQHQJUDQLPSRUWDQFLDSDUDODFDSWDFLyQGHDJXD\QDFLHQWHVGH
PXFKDVIXHQWHVGHDJXD&DPLQRGH&RPDUDSDDO3LULWLDO3URYLQFLD&DEDOOHUR6DQWD&UX])RWR-&0RQWHUR
(O5tR&KDSDUHDWUDYLH]DXQDH[WHQVDOODQXUDERVFRVDGHODUHJLyQDPD]yQLFDGHOVXEDQGLQRGHVGHODVPRQWDxDVQX
EODGDVGHO3DUTXH&DUUDVFRKDVWDGHVHPERFDUHQHOUtRLFKLOR5tRFKDSDUH3URYLQFLD&KDSDUH&RFKDEDPED)RWR
-&0RQWHUR
,PSDFWRV
UHDVFRQDOWRVtQGLFHVGHGLYHUVLGDG\HQGHPLVPRGHHVSHFLHVVRQWUDQVIRUPDGDVHQiUHDVGHJUDGDGDVRUHPSOD]DGDV
SRUSODQWDFLRQHVH[WHQVLYDVHLQWHQVLYDVGHHXFDOLSWRV,QTXLVLYL3URYLQFLD,QTXLVLYL/D3D])RWR-&0RQWHUR
$OJXQRVFXOWLYRVFRPRHVHOFDVRGHODKRMDGHFRFDHQORV<XQJDVGH/D3D]FRQYLHUWHQiUHDVGHJUDQGHVHFRVLVWHPDV
QDWXUDOHVHQDJURHFRVLVWHPDV&DPLQRHQWUH&RULSDWD\&KXOXPDQL3URYLQFLD1RU<XQJDV/D3D])RWR-&0RQWH
UR
/DVREUDVGHLQIUDHVWUXFWXUDYLDOFRPRODVFDUUHWHUDVVHFRQVWLWX\HQHQLPSDFWRVKDFLDODELRGLYHUVLGDG\DVHDSRUTXH
IRUPDQEDUUHUDVTXHOtPLWDQORVKiELWDWVGHDOJXQDVHVSHFLHVRSRUVXHIHFWRFDWDOL]DGRUGHGHVDUUROOR3DUDFWL3URYLQ
FLD&KDSDUH&RFKDEDPED)RWR-&0RQWHUR
/DVDFWLYLGDGHVPLQHUDVHQHOQRUWHGH/D3D]FDXVDQIXHUWHVLPSDFWRVHQODQDWXUDOH]DXQRGHORVSHRUHVFDVRVOR
FRQVWLWX\HQODVGHQRPLQDGDVPLQDVDELHUWDVFRPXQPHQWHOODPDGRVWDMRV\DTXHKDELOLWDQiUHDVTXHVHHQFXHQWUDQ
HQFDXFHVDQWLJXRVR]RQDVLQXHQFLDGDVSRUUtRV\WUDQVIRUPDQFRPSOHWDPHQWHHOSDLVDMHFLUFXQGDQWH7LSXDQL/D
3D])RWR-&0RQWHUR
/DFRQVWDQWHKDELOLWDFLyQGHWHUUHQRVSDUDODDJULFXOWXUDHVUHDOL]DGDPHGLDQWHODWUDGLFLRQDODFWLYLGDGGHFRUWH\TXH
PDORTXHRFDVLRQDODWUDQVIRUPDFLyQGHJUDQGHViUHDVGHERVTXHDOWRHQEDUEHFKRVLQXWLOL]DGRV7DQLSOD\D*XDQD\
3URYLQFLD/DUHFDMD/D3D])RWR-&0RQWHUR
/RVLQFHQGLRVIRUHVWDOHVDIHFWDQJUDQGHPHQWHORVUHFXUVRVQDWXUDOHVGHOERVTXH,UXSDQD3URYLQFLD6XG<XQJDV/D
3D])RWR50XOOHU
UHDVGHPX\GtFLODFFHVRSXHGHQVHUSHUWXUEDGDVFRPRHIHFWRVHFXQGDULRGHFDPLQRV(O%DOFRQVLOORFDUUHWHUDYLHMD
GH&KXVSLSDWD6DQWD%iUEDUD/D3D])RWR-&0RQWHUR
(VSHFLHVQXHYDVGH)DXQD
2[\UKRSXVVSQRYHVSHFLHHQGpPLFDSDUDHOiUHDGHO&$0UHFLHQWHPHQWHGHVFXELHUWD(VXQDIDOVDFRUDOTXHVyOR
FRPRMXYHQLOSRVHHODVEDQGDVWtSLFDVTXHODKDFHQSDUHFHUPX\VLPLODUDXQDYHUGDGHUDFRUDO/RVDGXOWRVOOHJDQDXQ
QRWDEOHWDPDxRKDVWDP\VRQFRPSOHWDPHQWHQHJURVFRQRMRVURMRV/D+R\DGD3URYLQFLD)ORULGD6DQWD&UX]
)RWR'(PEHUW
(OJHQHUR3KU\QRSXVHVWRGDYtDSRFRFRQRFLGRHQ%ROLYLD/DVHVSHFLHVGHHVWHJpQHURKDELWDQHQDOWXUDVHQWUHORV
DP6HFDUDFWHUL]DQSRUSUHVHQWDUHQGHPLVPRVPX\UHVWULQJLGRV\HQPXFKRVFDVRVVRQVRODPHQWHFRQR
FLGRVGHXQDSREODFLyQ7RGDVODVHVSHFLHVGH3KU\QRSXVFRQRFLGDV\HQGHVFULSFLyQVyORVHFRQRFHQGHO&$0/DV
GRVIRWRV)RWRV\PXHVWUDQHVSHFLHVQRGHVFULWDVGHODViUHDVGH&KRTXHWDQJD\&KDUD]DQL3URYLQFLD%DXWLVWD
6DDYHGUD/D3D])RWR65HLFKOH
(FKLQDQWKHUDVSQRYHVXQDFXOHEUDUHFLHQWHPHQWHGHVFXELHUWD\QXHYDSDUDODFLHQFLD(VXQDHVSHFLHSHTXHxDFRQ
VXGLVHxRHQHOFXHUSRYDULDEOH/RVWUHVHVSHFtPHQHVFRQRFLGRVVRQGHORV<XQJDVDXQDDOWXUDDOUHGHGRUGHORV
P/D+R\DGD3URYLQFLD)ORULGD6DQWD&UX])RWR'(PEHUW
3KU\QRSXVVStGHPDO
&OHOLDVSQRYHVWDYtERUDIXHUHFLHQWHPHQWHGHVFXELHUWD\WLHQHJUDQSDUWHGHVXGLVWULEXFLyQHQHOiUHDGHO&$0(V
XQDHVSHFLHJUDQGHTXHOOHJDKDVWDXQWDPDxRGHP6XFRORUDFLyQHVXQLIRUPHURMRPDUUyQFRQHOYLHQWUHPiVFODUR
\VXVRMRVGHFRORUURMR3DPSDJUDQGH3URYLQFLD)ORULGD6DQWD&UX])RWR65HLFKOH
(ODFKLVWRFOHLVVSQRYXQDHVSHFLHGHOSLHGHPRQWHDQGLQR6HUHSURGXFHVyODPHQWHDOFRPLHQ]RGHODpSRFDGHOOXYLD
WUDVSUHFLSLWDFLRQHVDUULEDGHORVPP/RVPDFKRVIRUPDQFRURVJUDQGHVHQDJXDVWHPSRUDOHVHQHOERVTXH(OHVSp
FLPHQGHODIRWRIXHHQFRQWUDGRFHUFDGHODSREODFLyQGH6DSHFKR3URYLQFLD6XG<XQJDV/D3D])RWR65HLFKOH
0LFUXUXVVHUUDQXVHVWDYtERUDHVDOWDPHQWHYHQHQRVDVHHQFXHQWUDGLVWULEXLGDHQODV3URYLQFLDV&DEDOOHUR\)ORULGD
GHO'HSDUWDPHQWR6DQWD&UX](VXQDFRUDOGHWDPDxRPHGLDQRKDVWDFPSRVHHODFRORUDFLyQWtSLFDGHHVWDVHV
SHFLHV6XKiELWDWVRQORV9DOOHVLQWHUDQGLQRV3DPSDJUDQGH3URYLQFLD)ORULGD6DQWD&UX])RWR'(PEHUW
(VSHFLHVQXHYDVGH)ORUD
3LWFDLUQLDDPERURHQVLVGHEHVXQRPEUHDTXHIXHGHVFXELHUWDHQHO3DUTXH1DFLRQDO$PERUy(VWH3DUTXHHVGHVWD
FDGRGHELGRDTXHHVFRQVLGHUDGRFRPRXQFHQWURGHGLYHUVLGDGGHHVWHJUXSRGHEURPHOLiFHDV(QWUHORVVXSXHVWRV
IDFWRUHVTXHKDQJHQHUDGRODDOWDGLYHUVLGDGGHHVSHFLHVFDEHPHQFLRQDUFRPSOHMDVWUDQVLFLRQHVFOLPiWLFDVWDQWRWHP
SRUDOHVFRPRHVSDFLDOHV\GLYHUVLGDGGHKiELWDWV)RWR59iVTXH]
3LWFDLUQLDKH\GODXLIXHGHVFXELHUWDSRU59iVTXH]&1RZLFNL /50RUHQRHQXQYLDMHGHLQYHVWLJDFLyQERWi
QLFDHQOD3URYLQFLD&KDSDUH5tR(VSLULWX6DQWRGHWHUPLQDGDFRPRHVSHFLHQXHYDSRU59iVTXH]\3LHUUH/,ELVFK
HVXQDHVSHFLHPX\VLPLODUDOD3DPERURHQVLVOD~QLFDGLIHUHQFLDHVODFRORUDFLyQGHODVEUDFWHDVRUDOHV)RWR5
9iVTXH]
3X\DYDVTXH]LLIXHGHVFXELHUWDFHUFDGHOOtPLWHVXUGHO3DUTXH1DFLRQDO$PERUy6HGHGLFDHVWDHVSHFLHDVXGHVFX
EULGRUHOERWiQLFREROLYLDQR5REHUWR9iVTXH]&KiYH]TXLpQODUHFRQRFLyFRPRHVSHFLHQXHYDSDUDODFLHQFLD&UHFH
HQODGHUDV\WDOXGHVDRULOODVGHO%RVTXH7XFXPDQR%ROLYLDQRSRVLEOHPHQWHVHWUDWDGHODSX\DEROLYLDQDTXHYLYHD
PHQRUDOWLWXGVREUHHOQLYHOGHOPDU)RWR59iVTXH]
6FHORFKLOXVQHZ\RUNRUXPIXHFROHFWDGDSRUSULPHUDYH]SRUHOERWiQLFR,VUDHO9DUJDVGXUDQWHXQDH[SHGLFLyQERWiQLFD
HQHODxRDO5tR&RWDFDMHVSDUDREWHQFLyQGHGDWRVELROyJLFRVGHO&RUUHGRU$PERUy0DGLGLQDQFLDGRSRU
::)%ROLYLD)RWR59iVTXH]
0DVGHYDOOLDIULOHKPDQQLLRUTXtGHDGHVFXELHUWDKDFHSRFRVDxRVSRUHOELyORJRDOHPiQ7KURVWHQ.RHPHUHQHO3DUTXH
1DFLRQDO0DGLGLGHOGHSDUWDPHQWRGH/D3D])RWR59iVTXH]
&RU\DQWKHVYDVTXH]LLDWUDFWLYD\IUDJDQFLRVDRUTXtGHDHQGpPLFDGHORVERVTXHVGHSLHGHPRQWHGHORV<XQJDVGH&R
FKDEDPED'HVFXELHUWDSRU5REHUWR9iVTXH]HQpO3DUTXH1DFLRQDO&DUUDVFRHQ)RWR59iVTXH]
2HUVWHGHOODYDVTXH]LLRUTXtGHDHQGpPLFDGHORVERVTXHPRQWDQRK~PHGRVGHO&KDSDUHFUHFHHQWUHPGH
DOWLWXGHQHOWUD\HFWRFDPLQHURHQWUH&RFKDEDPED\9LOOD7XQDUL)RWR59iVTXH]
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
%LEOLRJUDItD
$EHU-RKQ1HLOVRQ5RQDOG30F1XOW\6WHYH/HQLKDQ-DPHV0%DFKHOHW'RPLQTXH'UDSHN5D\PRQG-)RUHVWSURFHVVHV
DQGJOREDOHQYLURQPHQWDOFKDQJHSUHGLFWLQJWKHHIIHFWVRILQGLYLGXDODQGPXOWLSOHVWUHVVRUV%LR6FLHQFH
$FHEH\$ 7.U|PHU'LYHUVLGDG\]RQDFLyQYHUWLFDOGHHSLWDVHQORVDOUHGHGRUHVGHOFDPSDPHQWRUtR(VODEyQ\GHODODJXQD
&KDODOiQ3DUTXH1DFLRQDO0DGLGL'SWR/D3D]5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD
$FNHUPDQ-'(YROXWLRQDU\SRWHQWLDOLQRUFKLGVSDWWHUQVDQGVWUDWHJLHVIRUFRQVHUYDWLRQ6HOE\DQD
$JXD\R)'LYHUVLGDGGHDQELRVHQGLIHUHQWHVSLVRVDOWLWXGLQDOHVGHO3DUTXH1DFLRQDO&DUUDVFR&RFKDEDPED7HVLVGH/LFHQ
FLDWXUDHQ%LRORJtD
$JXD\R&5 0+DUYH\'RVQXHYDVHVSHFLHVGH3KU\QRSXV$QXUD/HSWRGDFW\OLGDHGHORVERVTXHVQXEODGRVGH%ROLYLD
5HYLVWD%LRORJtD7URSLFDO
$JXLUUH/);9pOH]/LHQGR$0XxR] $6HOD\D3DWURQHVGHGLVWULEXFLyQ\]RRJHRJUDItDGHORVPXUFLpODJRVGH%ROLYLD
5HYLVWD%ROLYLDQDGH(FRORJtD
$L]HQ0$ 3)HLQVLQJHU)RUHVWIUDJPHQWDWLRQSROOLQDWLRQDQGSODQWUHSURGXFWLRQLQD&KDFRGU\IRUHVW$UJHQWLQD(FRORJ\
$KOIHOG)=XU7HNWRQLNGHVDQGLQHQ%ROLYLHQV*HRORJLVFKH5XQGVFKDX
$OERQ6' 5/DQJYDWQ3ODQWSKHQRORJ\DQGWKHEHQHWVRIPLJUDWLRQLQDWHPSHUDWHXQJXODWH2LNRV
$OOHQ:DUGHOO* FROODERUDWRUV7KHSRWHQWLDOFRQVHTXHQFHVRISROOLQDWRUGHFOLQHVRQWKHFRQVHUYDWLRQRIELRGLYHUVLW\DQG
VWDELOLW\RIIRRGFURS\LHOGV&RQVHUYDWLRQ%LRORJ\
$OWDPLUDQR6 ()HUQiQGH]'LYHUVLGDG\GLVWULEXFLyQYHUWLFDOGHHSLWDVHQERVTXHVDPD]yQLFRVGHWLHUUDUPHGHO7,31,6
7HUULWRULR,QGtJHQD\3DUTXH1DFLRQDO,VLERUR6pFXUH&RFKDEDPED%ROLYLD5HYLVWD%ROLYLDQDGH(FRORJtD
$QGHUVRQ/'LYHUVLW\DQGRULJLQVRI$QGHDQ5XELDFHDH,Q63&KXUFKLOO+%DOVOHY()RUHUR -//XWH\QHGV%LRGLYHUVLW\
DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV7KH1HZ<RUN%RWDQLFDO*DUGHQ
$QGHUVRQ60DPPDOVRI%ROLYLDWD[RQRP\DQGGLVWULEXWLRQ%XOOHWLQRIWKH$PHULFDQ0XVHXPRI1DWXUDO+LVWRU\
$QGHUVRQ6 77DULID0DPtIHURVHQGpPLFRVGH%ROLYLD(FRORJtDHQ%ROLYLD
$QGUHVHQ((IIHFWRIIRUHVWIUDJPHQWDWLRQRQGXQJEHHWOHFRPPXQLWLHVDQGIXQFWLRQDOFRQVHTXHQFHVIRUSODQWUHJHQHUDWLRQ
(FRJUDSK\
$QWH]DQD& *1DYDUUR&RQWULEXFLyQDODQiOLVLVELRJHRJUiFR\FDWiORJRSUHOLPLQDUGHODRUDGHORVYDOOHVVHFRVLQWHUDQGLQRV
GHOFHQWURGH%ROLYLD5HYLVWD%ROLYLDQDGH(FRORJtD\&RQVHUYDFLyQ$PELHQWDO
$SDULFLR-+HUSHWRIDXQDGHOD5HVHUYD1DFLRQDOGH)DXQD$OWRDQGLQD8OOD8OODGHSDUWDPHQWR/D3D]%ROLYLD5HYLVWD%ROLYLDQD
GH(FRORJtD\&RQVHUYDFLyQ$PELHQWDO
$SDULFLR-(Q)ORUHV( &0LUDQGDHGV)DXQD$PHQD]DGDGH%ROLYLD0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH%,'$75
6)%2
$UDXMR1,QVHFWRV(Q$UDXMR1 3/,ELVFKHGV+DFLDXQ3ODQGH&RQVHUYDFLyQSDUDHO%LR&RUUHGRU$PERUy
0DGLGL%ROLYLD(GLWRULDO)$16DQWD&UX]GHOD6LHUUD%ROLYLD&'520
$UDXMR1 3/,ELVFKHGV+DFLDXQ3ODQGH&RQVHUYDFLyQSDUDHO%LR&RUUHGRU$PERUy0DGLGL%ROLYLD(GLWRULDO)$1
6DQWD&UX]GHOD6LHUUD%ROLYLD&'520
$ULVSH5 &(XOHUW0DPtIHURV(Q9DUJDV, 3/,ELVFKHGV(VWDEOHFLPLHQWRGHXQDEDVHSDUDHOPRQLWRUHRDPELHQWDO
HQHO3DUTXH1DFLRQDO$PERUy\$10,$6DQWD&UX]3S1RSXEOLFDGR
$UULEDV0$/-DPPHV )6DJRW/LVWDGHODVDYHVGH%ROLYLD&XDUWDHGLFLyQ$UPRQtD6DQWD&UX]%ROLYLD
$ZRGH\/9HUWLFDOPLJUDWLRQVRIEXWWHULHVRQ0W.HQ\D>DEVWUDFW@($1+6%XOOHWLQ3S
$\DODHWDO5DQJRGHKRJDU\XVRGHOHVSDFLRSRUFKDQFKRVGHWURSD7D\DVVXSHFDULHQXQERVTXHDPD]yQLFRVXEDQGLQRUHD
1DWXUDOGH0DQHMR,QWHJUDGR0DGLGL/D3D]%ROLYLD0HPRULDVGHO,&RQJUHVRGH0DVWR]RRORJtD&RFKDEDPED%ROLYLD
$\OZDUG%(FRQRPLFDQDO\VLVRIODQGXVHFKDQJHLQDZDWHUVKHGFRQWH[W3DSHUSUHVHQWHGDWD81(6&2V\PSRVLXPZRUNVKRS
RQIRUHVWZDWHUSHRSOHLQWKHKXPLGWURSLFV.XDOD/XPSXU0DOD\VLD-XO\$XJXVW
%DNHU3$&$5LJVE\*26HOW]HU6&)ULW]7./RZHQVWHLQ13%DFKHU &9HOL]7URSLFDOFOLPDWHFKDQJHVDWPLOOHQLDO
DQGRUELWDOWLPHVFDOHVRQWKH%ROLYLDQ$OWLSODQR1DWXUH
%DOORX5-' '$%ULVFRH,QWURGXFWLRQWRFRQVHUYDWLRQJHQHWLFV&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH
%DOPIRUG$*0DFH -5*LQVEHUJ7KHFKDOOHQJHVWRFRQVHUYDWLRQLQDFKDQJLQJZRUOGSXWWLQJSURFHVVHVRQWKHPDS,Q
*0DFH$%DOPIRUGDQG-5*LQVEHUJHGV&RQVHUYDWLRQLQD&KDQJLQJ:RUOG&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH
8.3S
%DUWKORWW::/DXHU $3ODFNH*OREDOHGLVWULEXWLRQRIVSHFLHVGLYHUVLW\LQYDVFXODUSODQWVWRZDUGVDZRUOGPDSRISKLWR
GLYHUVLW\(UGNXQGH
%DXGUH\- +0HUULDP&RQQHFWLYLW\DQGFRQQHFWHGQHVVIXQFWLRQDOYHUVXVVWUXFWXUDOSDWWHUQVLQODQGVFDSHV,Q6FKUHLEHU.)
HG&RQQHFWLYLW\LQ/DQGVFDSH(FRORJ\0QVWHUVFKH*HRJUDSKLVFKH$UEHLWHQ0QVWHU3S
%HFN6*)ORULVWLFLQYHQWRU\RI%ROLYLDDQLQGLVSHQVDEOHFRQWULEXWLRQWRVXVWDLQDEOHGHYHORSPHQW,Q:%DUWKORWW 0:LQLJHU
HGV%LRGLYHUVLW\DFKDOOHQJHIRUGHYHORSPHQWUHVHDUFKDQGSROLF\6SULQJHU9HUODJ%HUOLQ3S
%HFN6*7-.LOOHHQ (*DUFtD9HJHWDFLyQGH%ROLYLD(Q7-.LOOHHQ(*DUFtD 6*%HFNHGV*XtDGHiUEROHVGH
%ROLYLD+HUEDULR1DFLRQDOGH%ROLYLD0LVVRXUL%RWDQLFDO*DUGHQ/D3D]3S
%HLHU3 5)1RVV'RKDELWDWFRUULGRUVSURYLGHFRQQHFWLYLW\"&RQVHUYDWLRQ%LRORJ\
%HQQHWW$)/LQNDJHVLQWKHODQGVFDSH7KHUROHRIFRUULGRUVDQGFRQQHFWLYLW\LQZLOGOLIHFRQVHUYDWLRQ,8&1*ODQG&DPEULG
JH
%HQQHWW(/(-0LOQHU*XOODQG0%DNDUU+((YHV-*5RELQVRQ '6:LONLH+XQWLQJWKHZRUOGVZLOGOLIHWRH[WLQF
WLRQ2U\[
%HQQLQJ7/'/D3RLQWH&7$WNLQVRQ 309LWRXVHN,QWHUDFWLRQVRIFOLPDWHFKDQJHZLWKELRORJLFDOLQYDVLRQVDQGODQG
XVHLQWKH+DZDLLDQ,VODQGV0RGHOLQJWKHIDWHRIHQGHPLFELUGVXVLQJDJHRJUDSKLFLQIRUPDWLRQV\VWHP3URF1DWO$FDG6FL
86$
%HQ]LQJ'+0\FRWURSK\LWVRFFXUUHQFHDQGSRVVLEOHVLJQLFDQFHDPRQJHSLSK\WLF2UFKLGDFHDH6HOE\DQD
%HQ]LQJ'+9DVFXODUHSLSK\WLVPWD[RQRPLFSDUWLFLSDWLRQDQGDGDSWLYHGLYHUVLW\$QQDOVRIWKH0LVVRXUL%RWDQLFDO*DUGHQ
%HUJ&&;9LOODYLFHQFLRD$QHZVSHFLHVRI)LFXVDQGDQHZVSHFLHVRI3VHXGROPHGLD0RUDFHDHIURP%ROLYLD5HYLVWDGH
OD6RFLHGDG%ROLYLDQDGH%RWiQLFD
%HUJ&&;9LOODYLFHQFLRE(OJHQHUR)LFXV0RUDFHDHHQ%ROLYLD5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD
%LHUUHJDDUG52-U7(/RYHMR\9.DSRV$$GRV6DQWRV 5:+XWFKLQJV7KHELRORJLFDOG\QDPLFVRIWURSLFDOUDLQIRUHVW
IUDJPHQWV%LR6FLHQFH
%LULQJHU-)RUHVWHFRV\VWHPVWKUHDWHQHGE\FOLPDWHFKDQJHSURPRWLQJORQJWHUPIRUHVWUHVLOLHQFH,Q+DQVHQ/--/%LULQJHU
DQG-5+RIIPDQHGV%X\LQJWLPH$XVHUVPDQXDOIRUEXLOGLQJUHVLVWDQFHDQGUHVLOLHQFHWRFOLPDWHFKDQJHRQSURWHFWHG
DUHDV::)*ODQG3S
%ODFNEXUQ70 .-*DVWRQ/RFDODYLDQDVVHPEODJHVDVUDQGRPGUDZVIURPUHJLRQDOSRROV(FRJUDSK\
%ODNH-* %$/RLVHOOH)UXLWVLQWKHGLHWVRI1HRWURSLFDOPLJUDQWELUGVLQ&RVWD5LFD%LRWURSLFD
%ODNH-*)*6WLOHV %$/RLVHOOH%LUGVRI/D6HOYD%LRORJLFDO6WDWLRQKDELWDWXVHWURSKLFFRPSRVLWLRQDQGPLJUDQWV,Q
$:*HQWU\HG)RXUQHRWURSLFDOUDLQIRUHVWV<DOH8QLYHUVLW\3UHVV1HZ+DYHQ&RQQHFWLFXW3S
%RXOHQJHU*$&DWDORJXHRIWKHVQDNHVLQWKH%ULWLVK0XVHXP9RO/RQGRQ7D\ORU )UDQFLV
%RXOHQJHU*$'HVFULSWLRQVRIQHZEDWUDFKLDQVDQGUHSWLOHVIURPWKH$QGHVRI3HUXDQG%ROLYLD$QQDOVDQG0DJD]LQHRI
1DWXUDO+LVWRU\VHU
%RZPDQ'0-6'HDWKRIELRGLYHUVLW\WKHXUJHQWQHHGIRUJOREDOHFRORJ\*OREDO(FRORJ\DQG%LRJHRJUDSK\
%UDNR/ -/=DUXFFKL&DWDORJXHRIWKHRZHULQJSODQWVDQGJ\PQRVSHUPVRI3HUX&DWiORJRGHODVDQJLRVSHUPDVGHO3HU~
0LVVRXUL%RWDQLFDO*DUGHQ6W/RXLV
%URPHOG*:15LWFKLH9%URPHOG-5LWFKLH $%+HQQHVVH\1HZLQIRUPDWLRQRQSOXPDJHQHVWLQJEHKDYLRXUDQG
YRFDOL]DWLRQVRIWKH%ROLYLDQVZDOORZWDLOHGFRWLQJD3KLEDOXUDDYLURVWULVEROLYLDQDIURPWKH$SRORDUHDRI0DGLGL1DWLRQDO
3DUN%ROLYLD&RWLQJD
%URRNV.13))ROOLRWW+0*UHJHUVHQ /)'H%DQR+\GURORJ\DQGWKHPDQDJHPHQWRIZDWHUVKHGVQGHGLWLRQ$PHV
,RZD86$,RZD6WDWH8QLYHUVLW\3UHVV
%UXLMQ]HHO/$ -3URFWRU+\GURORJ\DQGELRJHRFKHPLVWU\RIWURSLFDOPRQWDQHFORXGIRUHVWVZKDWGRZHUHDOO\NQRZ",Q/6
+DPLOWRQ-2-XYLN )16FDWHQDHGV7URSLFDOPRQWDQHFORXGIRUHVWV1HZ<RUN6SULQJHU9HUODJ3S
%UXLMQ]HHO/$+\GURORJ\RIWURSLFDOPRQWDQHFORXGIRUHVWVDUHDVVHVVPHQW/DQG8VHDQG:DWHU5HVRXUFHV5HVHDUFK
%UXLMQ]HHO/$+\GURORJLFDOIXQFWLRQVRIWURSLFDOIRUHVWVQRWVHHLQJWKHVRLOIRUWKHWUHHV",Q7RPLFK73YDQ1RRUGZLMN0
7KRPDV'(HGV(QYLURQPHQWDOVHUYLFHVDQGODQGXVHFKDQJHEULGJLQJWKHJDSEHWZHHQSROLF\DQGUHVHDUFKLQ6RXWKHDVW
$VLD$VSHFLDOLVVXHRI$JULFXOWXUH(FRV\VWHPVDQG(QYLURQPHQW9RO6HSWHPEHU3S
%XEE3,0D\/0LOHV -6D\HU&ORXGIRUHVWDJHQGD81(3:&0&&DPEULGJH
%XLM56$:LFK$+/XELV (+06WHUFN6HDVRQDOPRYHPHQWVLQWKH6XPDWUDQRUDQJXWDQ3RQJRS\JPDHXVDEHOLLDQG
FRQVHTXHQFHVIRUFRQVHUYDWLRQ%LRORJLFDO&RQVHUYDWLRQ
%XUJHVV1' &2)0OLQJZD(YLGHQFHIRUDOWLWXGLQDOPLJUDWLRQRIIRUHVWELUGVEHWZHHQPRQWDQH(DVWHUQ$UFDQGORZODQG
IRUHVWVLQ(DVW$IULFD2VWULFK
%XVK0%$PD]RQLDQVSHFLDWLRQDQHFHVVDU\FRPSOH[PRGHO-RXUQDORI%LRJHRJUDSK\
%XVK0%056LOPDQ'+8UUHJR\HDUVRIFOLPDWHDQGIRUHVWFKDQJHLQDELRGLYHUVLW\KRWVSRW6FLHQFH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
&DEUHUD$/5HJLRQHVWRJHRJUiFDVDUJHQWLQDV(QFLFORSHGLD$UJHQWLQDGH$JULFXOWXUD\-DUGLQHUtD3ULPHUDUHLPSUHVLyQ7RPR
,,IDVFtFXOR%XHQRV$LUHV
&DEUHUD$/ $:LOOLQN%LRJHRJUDItDGH$PpULFD/DWLQD2UJDQL]DFLyQGHORV(VWDGRV$PHULFDQRV:DVKLQJWRQ'&
&iPDUD1DFLRQDOGH+LGURFDUEXURV&1+&RQFHVLRQHV3HWUROHUDV/D3D]%ROLYLD
&HQWUR/DWLQRDPHULFDQR\&DULEHxRGH'HPRJUDD&(/$'((QSUHSDUDFLyQ&DUDFWHUtVWLFDVVRFLRGHPRJUiFDVGHODSREODFLyQ
EROLYLDQDSRUFRQGLFLyQpWQLFROLQJtVWLFD&(/$'(%,'
&DUR70 *2'RKHUW\2QWKHXVHRIVXUURJDWHVSHFLHVLQFRQVHUYDWLRQELRORJ\&RQVHUYDWLRQ%LRORJ\
&DUWDJHQD-&RFKDEDPEDXQSRWHQFLDOWXUtVWLFRD~QGRUPLGR3UHPLR5HSRUWDMH$QDFRQGD3HULyGLFR/RV7LHPSRV
&DXVVLPRQW*-+HUUHUR $*DUFtD6HUUDQR(ORVRSDUGRHQ$UDJyQ\1DYDUUD>DEVWUDFW@(Q-1DYHV *3DORPHURHG
(ORVRSDUGR8UVXVDUFWRVHQ(VSDxD,&21$0DGULG6SDLQ3S
&KDSLQ,,,)6(6=DYDOHWD97(YLQHU5/1D\ORU309LWRXVHN+/5H\QROGV'8+RRSHU6/DYRUHO2(6DOD6
(+REELH0&0DFN 6'LD]&RQVHTXHQFHVRIFKDQJLQJELRGLYHUVLW\1DWXUH
&KHVVHU57 '-/HYH\$XVWUDOPLJUDQWVDQGWKHHYROXWLRQRIPLJUDWLRQLQ1HZ:RUOGELUGVGLHWKDELWDWDQGPLJUDWLRQ
UHYLVLWHG7KH$PHULFDQ1DWXUDOLVW
&KHVVHU570LJUDWLRQLQ6RXWK$PHULFDDQRYHUYLHZRIWKHDXVWUDOV\VWHP,Q(60RUWRQ.<RXQJ 0$5DPRVHGV
*URZLQJSRLQWVLQQHRWURSLFDOPLJUDWRU\ELUGFRQVHUYDWLRQ&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH8.3S
&KHVVHU573DWWHUQVRIVHDVRQDODQGJHRJUDSKLFDOGLVWULEXWLRQRIDXVWUDOPLJUDQW\FDWFKHUV7\UDQQLGDHLQ%ROLYLD2UQLWKR
ORJLFDO0RQRJUDSKV
&KXUFKLOO63%ULRWDV(Q,ELVFK3/ *0pULGDHGV%LRGLYHUVLGDGODULTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR
\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLFDFLyQ(GLWRULDO)$16DQWD&UX]3S
&KXUFKLOO63'*ULIQ,,, 0/HZLV0RVVGLYHUVLW\RIWKHWURSLFDO$QGHV,Q63&KXUFKLOO+%DOVOHY()RUHUR -/
/XWH\QHGV%LRGLYHUVLW\DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV7KH1HZ<RUN%RWDQLFDO*DUGHQ3S
&,&(3)&RUUHGRUGH&RQVHUYDFLyQ9LOFDEDPED$PERUy(VWUDWHJLD%iVLFDGH,PSOHPHQWDFLyQGHO&RUUHGRUGH&RQVHUYDFLyQ
9LOFDEDPED$PERUy &RQVHUYDWLRQ ,QWHUQDWLRQDO &ULWLFDO (FRV\VWHP 3DUWQHUVKLS )XQG 3HU~%ROLYLD 6(51$3 %ROLYLD
,15(1$3HU~,QIRUPH%RUUDGRU
&,'2%&37, $WODV7HUULWRULRV,QGtJHQDVHQ%ROLYLD6LWXDFLyQGHODV7LHUUDV&RPXQLWDULDVGH2ULJHQ7&2\3URFHVRGH
7LWXODFLyQ6DQWD&UX]%ROLYLD
&,0$5 &RPXQLGDGHV 7HUULWRULRV ,QGtJHQDV \ %LRGLYHUVLGDG HQ %ROLYLD 6DQWD &UX] 8QLYHUVLGDG$XWyQRPD *DEULHO 5HQp
0RUHQR
&ODSSHUWRQ&07KHSOHLVWRFHQHPRUDLQHVWDJHVRI:HVW&HQWUDO3HU~-RXUQDORI*ODFLRORJ\
&ODSSHUWRQ&0*ODFLDWLRQLQ%ROLYLDEHIRUH0\U1DWXUH
&ODSSHUWRQ&04XDWHUQDU\JODFLDWLRQLQWKH&RUGLOOHUD%ODQFD3HU~DQGWKH&RUGLOOHUD5HDO%ROLYLD5HYLVWD&HQWUR,QWHUDPH
ULFDQRGH)RWRLQWHUSUHWDFLyQ&,$)%RJRWi&RORPELD
&ODSSHUWRQ&07KH*ODFLDWLRQRIWKH$QGHV4XDWHUQDU\6FLHQFH5HYLHZV
&ODUN/*'LYHUVLW\DQGGLVWULEXWLRQRIWKH$QGHDQZRRG\EDPERRV3RDFHDH%DPEXVHDH,Q63&KXUFKLOO+%DOVOHY(
)RUHUR -//XWH\QHGV%LRGLYHUVLW\DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV7KH1HZ<RUN%RWDQLFDO*DUGHQ
3S
&ODUNH52 )6DJRW$JXLGHWRWKHZRUOGVEHVWELUGZDWFKLQJSODFH$PERUy3URWHFWHG$UHD%ROLYLD$UPRQLD6DQWD
&UX]
&OREHUW-('DQFKLQ$$'KRQGW -'1LFKROVHGV'LVSHUVDO2[IRUG8QLYHUVLW\3UHVV2[IRUG8.
&ROODU1-/3*RQ]DJD1.UDEH$0DGURxR1LHWR/*1DUDQMR7$3DUTXHU '&:HJH7KUHDWHQHGELUGVRIWKH
DPHULFDV7KH,&3%,8&15HG'DWD%RRNHGSDUW6PLWKVRQLDQ,QVWLWXWLRQ3UHVV:DVKLQJWRQDQG/RQGRQ,QWHUQDWLRQDO
&RXQFLOIRU%LUG3UHVHUYDWLRQ&DPEULGJH8.
&ROODU1-5LVNLQGLFDWRUVDQGVWDWXVDVVHVVPHQWLQELUGV,Q-GHO+R\R$(OOLRWW -6DUJDWDOHGV+DQGERRNRIWKHELUGV
RIWKHZRUOG9RO%DUQRZOVWRKXPPLQJELUGV/\Q[(GLFLRQV%DUFHORQD6SDLQ3S
&RUEHW&RQVHUYLQJFRPSDUWPHQWVLQSROOLQDWLRQZHEV&RQVHUYDWLRQ%LRORJ\
&25'(&58=.):&RQVRUFLR,3&(6.:&3ODQGH8VRGHO6XHOR3/86SDUDHO'SWRGH6DQWD&UX]$QH[R,,5HJODV
GH,QWHUYHQFLyQ\5HFRPHQGDFLRQHVGH0DQHMR0HPRULD([SOLFDWLYD6DQWD&UX]%ROLYLD
&RUWp]&9DULDFLyQGHODGLYHUVLGDGGHDQXURVHQFLQFRSLVRVDOWLWXGLQDOHVGXUDQWHODHVWDFLyQGHOOXYLDVHQHO31$10,&RWDSDWD
7HVLVGHJUDGRSDUDRSWDUDOWtWXORGH/LFHQFLDGDHQ&LHQFLDV%LROyJLFDV8QLYHUVLGDG0D\RUGH6DQ$QGUpV/D3D]
&RVWDQ]D55G$UJH5GH*URRW6)DUEHU0*UDVVR%+DQQRQ./LPEXUJ61DHHP521HLOO-3DUXHOR55DVNLQ3
6XWWRQ 0YDQGHQ%HOW7KHYDOXHRIWKHZRUOGVHFRV\VWHPVHUYLFHVDQGQDWXUDOFDSLWDO1DWXUH
&ULWLFDO(FRV\VWHP3DUWQHUVKLS)XQG&(3)(FRVLVWHPDIRUHVWDOGH9LOFDEDPED$PERUyGHOiUHDSULRULWDULDGHFRQVHUYDFLyQGH
ODELRGLYHUVLGDGHQORVDQGHVWURSLFDOHV3HU~\%ROLYLD
&URRNV.5 0(6RXOp0HVRSUHGDWRUUHOHDVHDQGDYLIDXQDOH[WLQFWLRQVLQDIUDJPHQWHGV\VWHP1DWXUH
'DLO\*&6$OH[DQGHU35(KUOLFK/*RXOGHU-/XEFKHQFR3$0DWVRQ+$0RRQH\63RVWHO6+6FKQHLGHU'7LOPDQ
DQG*0:RRGZHOO(FRV\VWHPVHUYLFHVEHQHWVVXSSOLHGWRKXPDQVRFLHWLHVE\QDWXUDOHFRV\VWHPV,VVXHVLQ(FRORJ\
(FRORJLFDO6RFLHW\RI$PHULFD:DVKLQJWRQ'&
'DOH9+/$-R\FH60F1XOW\531HLOVRQ03$\UHV0')ODQQLJDQ3-+DQVRQ/&,UODQG$(/XJR&-3HWHUVRQ'6LP
EHUORII)-6ZDQVRQ%-6WRFNV %0:RWWRQ&OLPDWHFKDQJHDQGIRUHVWGLVWXUEDQFHV%LR6FLHQFH
'DQLHOVHQ) &*7UHDGZD\3ULRULW\FRQVHUYDWLRQDUHDVIRUEXWWHULHV/HSLGRSWHUD5KRSDORFHUDLQWKH3KLOLSSLQHLVODQGV
$QLPDO&RQVHUYDWLRQ
'DV]DN3/%HUJHU$$&XQQLJKDP$'+\DWW'(*UHHQ 56SHDUH(PHUJLQJLQIHFWLRXVGLVHDVHVDQGDPSKLELDQ
SRSXODWLRQGHFOLQHV(PHUJLQJ,QIHFWLRXV'LVHDVHV
'DYLF5'/LQNLQJNH\VWRQHVSHFLHVDQGIXQFWLRQDOJURXSVDQHZRSHUDWLRQDOGHQLWLRQRIWKHNH\VWRQHVSHFLHVFRQFHSW&RQ
VHUYDWLRQ(FRORJ\U>RQOLQH@85/KWWSZZZFRQVHFROYROLVVUHVS
'DYLV0% 5*6KDZ5DQJH6KLIWVDQG$GDSWLYH5HVSRQVHVWR4XDWHUQDU\&OLPDWH&KDQJH6FLHQFH
'DYLV6(6HDVRQDOVWDWXVUHODWLYHDEXQGDQFHDQGEHKDYLRURIWKHELUGVRI&RQFHSFLyQ'HSDUWDPHQWR6DQWD&UX]%ROLYLD
)LHOGLDQD=RRORJ\161R
'HOD5LYD,5HGLVFRYHU\DQGWD[RQRPLFVWDWXVRI7HOPDWRELXVPDUPRUDWXVJLJDV9HOODUG$QXUD/HSWRGDFW\OLGDH
+HUSHWRORJLFD
'HOD5LYD,-.KROHU6/RWWHUV 65HLFKOH7HQ\HDUVRIUHVHDUFKRQ%ROLYLDQDPSKLELDQV8SGDWHGFKHFNOLVWGLVWULEXWLRQ
WD[RQRPLFSUREOHPVOLWHUDWXUDDQGHFRJUDSK\5HY(VS+HUS
'H/LPD0*&*DVFRQ :)/DXUDQFH7KHFRQVHUYDWLRQYDOXHRIOLQHDUIRUHVWUHPQDQWVLQFHQWUDO$PD]RQLD(FRORJ\DQG
0DQDJHPHQWRI)UDJPHQWHG7URSLFDO/DQGVFDSHV%LRORJLFDO&RQVHUYDWLRQ
'H)ULHV56-5*7RZQVKHQG 0+DQVHQ&RQWLQXRXVHOGVRIYHJHWDWLRQFKDUDFWHULVWLFVDWWKHJOREDOVFDOHDWNPUHVROX
WLRQ-RXUQDORI%LRSK\VLFDO5HVHDUFK
'HO+R\R-$(OOLRWW -6DUJDWDOHG+DQGERRNRIWKHELUGVRIWKHZRUOG9RO%DUQRZOVWRKXPPLQJELUGV/\Q[(GLFLRQV
%DUFHORQD6SDLQ3S
'HV*UDQJHV-/ 35*UDQW0LJUDQWKXPPLQJELUGVDFFRPPRGDWLRQLQWRWURSLFDOFRPPXQLWLHV(Q$.HDVW (60RU
WRQHG0LJUDQWELUGVLQWKH1HRWURSLFVHFRORJ\EHKDYLRXUGLVWULEXWLRQDQGFRQVHUYDWLRQ6PLWKVRQLDQ,QVWLWXWLRQ3UHVV
:DVKLQJWRQ'&3S
'LDPRQG-0'LVWULEXWLRQDOHFRORJ\RI1HZ*XLQHDELUGV6FLHQFH
'LQHUVWHLQ('02OVRQ'-*UDKDP$/:HEVWHU6$3LPP03%RRNELQGHU */HGHF$FRQVHUYDWLRQDVVHVVPHQWRI
WKHWHUUHVWULDOHFRUHJLRQVRI/DWLQ$PHULFDDQWKH&DULEEHDQ:RUOG%DQN::):DVKLQJWRQ'&
'REVRQ$.5DOOV0)RVWHU0(6RXOp'6LPEHUORII''RDN-$(VWHV/60LOOV'0DWWVRQ5'LU]R+$ULWD65\DQ
($1RUVH5)1RVV '-RKQV&RQQHFWLYLW\PDLQWDLQLQJRZVLQIUDJPHQWHGODQGVFDSHV,Q6RXOp0( -
7HUERUJKHGV&RQWLQHQWDOFRQVHUYDWLRQ6FLHQWLFIRXQGDWLRQVRIUHJLRQDOUHVHUYHQHWZRUNV,VODQG3UHVV:DVKLQJWRQ'&
3S
'REURYROQ\(*HRORJtDGHO9DOOHGH/D3D]'HSDUWDPHQWR1DFLRQDOGH*HRORJtD*(2%2//D3D],QIRUPH(VSHFLDO
'XGOH\1 66WROWRQ(FRORJLFDODQGVRFLRHFRQRPLFEHQHWVRISURWHFWHGDUHDVLQGHDOLQJZLWKFOLPDWHFKDQJH,Q+DQVHQ
/--/%LULQJHU -5+RIIPDQHGV%X\LQJWLPH$XVHUVPDQXDOIRUEXLOGLQJUHVLVWDQFHDQGUHVLOLHQFHWRFOLPDWHFKDQJH
RQSURWHFWHGDUHDV::)*ODQG3S
'XGOH\11RSODFHWRKLGH(IIHFWVRIFOLPDWHFKDQJHRQSURWHFWHGDUHDV::)&OLPDWH&KDQJH3URJUDP
(LWVFKEHUJHU8 75DFKHOL&DWDVWLFWDVWXGLHV/HSLGRSWHUD3LHULGDH,&RQVLGHUDWLRQVIRU5HLVVLQJHUVDQG5REHUWVFROOHF
WLRQVRI&DWDVWLFWD1HXH(QWRPRORJLVFKH1DFKWULFKWHQ
(OOVZRUWK-: %&0F&RPE3RWHQWLDOHIIHFWVRISDVVHQJHUSLJHRQRFNVRQWKHVWUXFWXUHDQGFRPSRVLWLRQRISUHVHWWOHPHQW
IRUHVWVRIHDVWHUQ1RUWK$PHULFD&RQVHUYDWLRQ%LRORJ\
(PEHUW'5HSWLOLHQGHU3URYLQ])ORULGD7pVLVGHPDHVWUtDQRSXEOLFDGR5KHLQLVFKH)ULHGULFK:LOKHOPV8QLYHUVLWlW%RQQ
$OHPDQLD
(PEHUW'0'L%HUQDUGR 65HLFKOH8QDQXHYDHVSHFLHGHOJpQHUR(FKLQDQWKHUDGH%ROLYLD
(PEHUW'65HLFKOH /*RQ]DOHVHQUHYLVLRQ8QDQXHYDHVSHFLHGHOJpQHUR2[\UKRSXVGH%ROLYLD
(PPRQV/+ ))HHU0DPtIHURVGHORVERVTXHVK~PHGRVGH$PpULFD7URSLFDO(GLWRULDO)$16DQWD&UX]GHOD6LHUUD
%ROLYLD
(QJODQG0&$UHYLHZRIELUGUHVSRQVHVWR(O1LxR6RXWKHUQ2VFLOODWLRQFRQGLWLRQVLQWKH1HRWURSLFV&RWLQJD
(UJXHWD3 0%+DUYH\$QELRV(Q3(UJXHWD &0RUDOHVHGV/LEUR5RMRGHORVYHUWHEUDGRVGH%ROLYLD&HQWURGH'DWRV
SDUDOD&RQVHUYDFLyQ/D3D]3S
(VFREDUL-3UREOHPiWLFD$PELHQWDOHQ%ROLYLD8'$3(/D3D]
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
(VWHV-$ -)3DOPHVDQR6HDRWWHUVWKHLUUROHLQVWUXFWXULQJQHDUVKRUHFRPPXQLWLHV6FLHQFH
(VWUDGD$ 7+)OHPLQJHGV)UXJLYRUHVDQGVHHGGLVSHUVDO'U:-XQN'RUGUHFKW1HWKHUODQGV
(852&2168/7 &RQVXOWRUHV*DOLQGR/WGDD=RQLILFDFLyQ$JURHFROyJLFD\SURSXHVWDWpFQLFDGHO3ODQGH8VRGHO6XHORGHOD
5HJLyQ$PD]yQLFDGHO'HSDUWDPHQWRGH&RFKDEDPED0'63
(852&2168/7 &RQVXOWRUHV*DOLQGR/WGDE=RQLILFDFLyQ$JURHFROyJLFD\SURSXHVWDWpFQLFDGHO3ODQGH8VRGHO6XHORGHOD
5HJLyQ$PD]yQLFDGHO'HSDUWDPHQWRGH/D3D]0'63
(YHUGHQ-)(GDGHVDEVROXWDVGHDOJXQDVURFDVtJQHDVHQ%ROLYLDSRUHOPpWRGR.$U6RF*HRO%ROLY
(XOHUW&)(YDOXDFLyQGHOHVWDGRDFWXDOGHO-XFXPDUL7UHPDUFWRVRUQDWXV&XYLHUHQHO3DUTXH1DFLRQDO$PERUy6DQWD&UX]
%ROLYLD7HVLVGH/LFHQFLDWXUDHQ%LRORJtD8QLYHUVLGDG$XWyQRPD*DEULHO5HQp0RUHQR6DQWD&UX]1RSXEOLFDGR
)$1 71&3ODQGH0DQHMR3DUTXH1DFLRQDO\$UHD1DWXUDOGH0DQHMR,QWHJUDGR$PERUy)XQGDFLyQ$PLJRVGHOD1DWXUDOH]D
\7KH1DWXUH&RQVHUYDQF\'LUHFFLyQ1DFLRQDOGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDG'1&%&$5(%ROLYLD6DQWD&UX]
1RSXEOLFDGR
)$2)RRGDQG$JULFXOWXUH2UJDQL]DWLRQRIWKH8QLWHG1DWLRQV'LJLWDOVRLOPDSRIWKHZRUOG9O,96RXWK$PHULFD81(6
&23DULV
)$2)RRGDQG$JULFXOWXUH2UJDQL]DWLRQRIWKH8QLWHG1DWLRQV6WDWHRIWKH:RUOGV)RUHVWV)$25RPH
)$810$36SDWLDOUHVSRQVHRIPDPPDOVWRODWHTXDWHUQDU\HQYLURQPHQWDOXFWXDWLRQV6FLHQFH
)HDUQVLGH30'HIRUHVWDWLRQLQ%UD]LOLDQ$PD]RQ,Q:RRGZHOO*0HGV7KHHDUWKLQWUDQVLWLRQSDWWHUQVDQGSURFHVVHVRI
ELRWLFLPSRYHULVKPHQW3UHVV6\QGLFDWHRIWKH8QLYHUVLW\RI&DPEULGJH&DPEULGJH
)HLQVLQJHU3 5.&ROZHOO&RPPXQLW\RUJDQL]DWLRQDPRQJQHRWURSLFDOQHFWDUIHHGLQJELUGV7KH$PHULFDQ1DWXUDOLVW
)MHOGVn- 60D\HU5HFHQWRUQLWKRORJLFDOVXUYH\VLQWKH9DOOHVUHJLRQVRXWKHUQ%ROLYLDDQGWKHSRVVLEOHUROHRI9DOOHVIRU
WKHHYROXWLRQRIWKH$QGHDQ$YLIDXQD'LYD7HFKQLFDO5HSRUW5RQGH
)MHOGVn - 0 .HVVOHU &RQVHUYLQJ WKH ELRORJLFDO GLYHUVLW\ RI 3RO\OHSLV ZRRGODQGV RI WKH KLJKODQGV RI 3HUX DQG %ROLYLD
125'(&2&RSHQKDJHQ'HQPDUN
)MHOGVn- 1.UDEEH%LUGVRIWKHKLJK$QGHV=RRORJLFDO0XVHXP8QLYHUVLW\RI&RSHQKDJHQ&RSHQKDJHQ'HQPDUN
)MHOGVn-7KHDFWLYLW\RIELUGVGXULQJVQRZVWRUPVRQKLJKOHYHOZRRGODQGVLQ3HUX%XOOHWLQRIWKH%ULWLVK2UQLWKRORJLVWV&OXE
)MHOGVn-0.HVVOHU *6ZDQVRQ(GV&RFDSDWDDQG6DLOD3DWD3HRSOHDQGELRGLYHUVLW\LQD%ROLYLDQPRQWDQHYDOOH\
',9$7HFKQLFDO5HSRUW5QGH'HQPDUN
)MHOGVn- 1.UDEEH$QXQSXEOLVKHGPDMRUFROOHFWLRQRIELUGVIURPWKH%ROLYLDQ$QGHV=RRO6FULSWD
)OHPLQJ7+'RWURSLFDOIUXJLYRUHVFRPSHWHIRUIRRG"$PHULFDQ=RRORJLVW
)OHPLQJ7+7KH6KRUWWDLOHG)UXLW%DWDVWXG\LQSODQWDQLPDOLQWHUDFWLRQV8QLYHUVLW\RI&KLFDJR3UHVV&KLFDJR,OOLQRLV
/RQGRQ8.
)OHPLQJ7+ $(VWUDGDHG)UXJLYRU\DQGVHHGGLVSHUVDOHYROXWLRQDU\DQGHFRORJLFDODVSHFWV.OXZHU$FDGHPLF3UHVV
*UHDW%ULWDLQ
)OHPLQJ7+ 3(E\LQSUHVV(FRORJ\RIEDWPLJUDWLRQ(Q7+.XQ] 0%)HQWRQHG%DWHFRORJ\3OHQXP3UHVV1HZ
<RUN&LW\1HZ<RUN
)RRGHQ-7D[RQRP\DQGHYROXWLRQRIWKHVLQLFDJURXSRIPDFDTXHV2YHUYLHZRIQDWXUDOKLVWRU\>DEVWUDFW@)LHOGLDQD=RRORJ\
LLLL
)RVVD//RVDJHQWHVGHODUHSUHVHQWDFLyQGHOPXQGRDQGLQRHQHO6;9,>@DXWRUHVLQWpUSUHWHVHLQIRUPDQWHV&RORTXLR,QWHU
QDFLRQDOVREUHHOGLVFXUVRFRORQLDO/DFRQVWUXFFLyQGHXQDGLIHUHQFLDDPHULFDQD8QLYHUVLGDGGH0RQWUHDOKWWSZZZFRK
DUL]RQDHGXVSDQLVK)RVVD/\GLD3RQ0RQWKWPO
)RVWHU06)DFWRUVLQXHQFLQJELUGIRUDJLQJSUHIHUHQFHVDPRQJFRQVSHFLFIUXLWWUHHV7KH&RQGRU
)RVWHU5%-$UFH 76:DFKWHU'LVSHUVDODQGWKHVHTXHQWLDOSODQWFRPPXQLWLHVLQ$PD]RQLDQ3HUX,Q$(VWUDGD 7+
)OHPLQJHGV)UXJLYRUHVDQGVHHGGLVSHUVDO'U:-XQN'RUGUHFKW1HWKHUODQGV3S
)RZOHU&: -$0DFPDKRQ6HOHFWLYHH[WLQFWLRQDQGVSHFLDWLRQWKHLULQXHQFHRQWKHVWUXFWXUHDQGIXQFWLRQLQJRIFRPPX
QLWLHVDQGHFRV\VWHPV$PHULFDQ1DWXUDOLVW
)UDQNKDP5-RQDWKDQ'%DOORX'DYLG$%ULVFRH$QLQWURGXFWLRQWRFRQVHUYDWLRQJHQHWLFV&DPEULGJH8QLYHUVLW\3UHVV
&DPEULGJH
)URGLQ'*1HRWURSLFDOPRQWDQH$UDOLDFHDHDQRYHUYLHZ,Q63&KXUFKLOO+%DOVOHY()RUHUR -//XWH\QHGV%LRGL
YHUVLW\DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV7KH1HZ<RUN%RWDQLFDO*DUGHQ3S
*DOLQGR*RQ]iOH]-6*XHYDUD 9-6RVD%DWDQGELUGJHQHUDWHGVHHGUDLQVDWLVRODWHGWUHHVLQSDVWXUHVLQDWURSLFDOUDLQIR
UHVW&RQVHUYDWLRQ%LRORJ\
*DUURWW5$3-:KLWH &$9:KLWH2YHUDEXQGDQFHDQLVVXHIRUFRQVHUYDWLRQELRORJLVWV"&RQVHUYDWLRQ%LRORJ\
*HQWU\$+1HRWURSLFDORULVWLFGLYHUVLW\SK\WRJHRJUDSKLFDOFRQQHFWLRQVEHWZHHQ&HQWUDODQG6RXWK$PHULFDSOHLVWRFHQH
FOLPDWLFXFWXDWLRQVRUDFFLGHQWRIWKH$QGHDQRURJHQ\$QQDOVRI0LVVRXUL%RWDQLFDO*DUGHQ
*HQWU\$+(QGHPLVPLQWURSLFDOYHUVXVWHPSHUDWHSODQWFRPPXQLWLHV,Q06RXOpHG&RQVHUYDWLRQELRORJ\7KHVFLHQFH
RIVFDUFLW\DQGGLYHUVLW\6LQ$VV,QF6XQGHUODQG0DVVDFKXVHWWV3S
*HQWU\$+3DWWHUQVRIGLYHUVLW\DQGRULVWLFFRPSRVLWLRQLQQHRWURSLFDOPRQWDQHIRUHVWV,Q63&KXUFKLOO+%DOVOHY(
)RUHUR -//XWH\QHGV%LRGLYHUVLW\DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV7KH1HZ<RUN%RWDQLFDO*DUGHQ
3S
*HQWU\$+ &+'RGVRQ'LYHUVLW\DQGELRJHRJUDSK\RIQHRWURSLFDOYDVFXODUHSLSK\WHV$QQDOVRIWKH0LVVRXUL%RWDQLFDO
*DUGHQ
*LOEHUW/()RRGZHERUJDQL]DWLRQDQGFRQVHUYDWLRQRIQHRWURSLFDOGLYHUVLW\,Q0(6RXOp %$:LOFR[HGV&RQVHUYDWLRQ
ELRORJ\DQHYROXWLRQDU\HFRORJLFDOSHUVSHFWLYH6LQDXHU$VVRFLDWHV6XQGHUODQG0DVVDFKXVHWWV3S
*LOOHU3++LOOHEUDQG8%HUQLQJHU0*HVVQHU3,QFKDXVWLHWDO%LRGLYHUVLW\HIIHFWVRQHFRV\VWHPIXQFWLRQHPHUJLQJLVVXHV
DQGWKHLUH[SHULPHQWDOWHVWLQDTXDWLFFRPPXQLWLHV2LNRV
*LVEHUW7+LVWRULDGH%ROLYLD(Q0LQLVWHULRGH+DFLHQGD ,1($QXDULR(VWDGtVWLFRKWWSZZZLQHJRYER3')
$QXDULRBSGI3S
*/&)+DQVHQ0'H)ULHV57RZQVKHQG-5&DUUROO0'LPLFHOL&6RKOEHUJ5P02',69HJHWDWLRQ&RQ
WLQXRXV)LHOGV&ROOHJH3DUN0DU\ODQG7KH*OREDO/DQG&RYHU)DFLOLW\
*yPH]GH6LOYD+7KHFRQVHUYDWLRQLPSRUWDQFHRIVHPLHQGHPLFVSHFLHV&RQVHUYDWLRQ%LRORJ\
*RQ]iOH]+ROJXtQ'9RFDEXODULRGHODOHQJXD4TXLFKXDRGHO<QJD(G)UDQFLVFRGHO&DQWR/LPD(GIDF
(G81060/LPD(G)DF81060/LPD
*RQ]iOHV5(VWXGLRGH(FRHWRORJtDGHODORQGUD3WHURQXUDEUDVLOLHQVLVHQOD5HVHUYD)RUHVWDOGH3URGXFFLyQ%DMR3DUDJXi
6DQWD&UX]%ROLYLD
*UDGVWHLQ6*'LYHUVLW\RI+HSDWLFDHDQG$QWKRFHURWDHLQPRQWDQHIRUHVWVRIWKHUWURSLFDO$QGHV,Q63&KXUFKLOO+%DOVOHY
()RUHUR -//XWH\QHGV%LRGLYHUVLW\DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV7KH1HZ<RUN%RWDQLFDO*DUGHQ
3S
*UDGVWHLQ6* -3)UDKP'LHRULVWLVFKH+|KHQJOLHGHUXQJGHU0RRVHHQWODQJGHV%5<275237UDQVHNWHVLQ123HUX
%HLK]1RYD+HGZLJLD
*UDGVWHLQ66&KXUFKLOO 16DOD]DU$OOHQ$*XLGHWRWKH%U\RSK\WHVRI7URSLFDO$PHULFD0HP7KH1HZ<RUN%RWDQLFDO
*DUGHQ
*UDI.3DO\QRORJLFDOLQYHVWLJDWLRQVRIWZRSRVWJODFLDOSHDWERJVQHDUWKHERXQGDU\RI%ROLYLDDQG3HUX-RXUQDORI%LRJHRJUDSK\
*UDI.$VSHFWRVELRJHRJUiFRVJHRPRUIROyJLFRV\SDOHRFOLPiWLFRVGHORVYDOOHVGH3HOHFKXFR\$PDUHWH'SWR/D3D]%ROLYLD
(Q,9&RQJUHVR/DWLQRDPHULFDQRGH3DOHRQWRORJtD%ROLYLD,
*UDI.3ROOHQGLDJUDPPHDXVGHQ$QGHQ(LQH6\QWKHVH]XU.OLPDJHVFKLFKWHXQG9HJHWDWLRQVHQWZLFNOXQJVHLWGHUOHW]WHQ(LV]HLW
3K\VLVFKH*HRJUDSKLH
*UDI.9HJHWDFLyQ\FOLPDGHORV$QGHVEROLYLDQRVGXUDQWHOD~OWLPDpSRFDJODFLDO(FRORJtDHQ%ROLYLD
*UDYHV*5(OHYDWLRQDOFRUUHODWHVRIVSHFLDWLRQDQGLQWUDVSHFLFJHRJUDSKLFYDULDWLRQLQSOXPDJHRI$QGHDQIRUHVWELUGV$XN
*UDYHV*5/LQHDULW\RIJHRJUDSKLFUDQJHDQGLWVSRVVLEOHHIIHFWRQWKHSRSXODWLRQVWUXFWXUHRI$QGHDQELUGV7KH$XN
*UHHQEHUJ5)UXJLYRU\LQVRPHPLJUDQWWURSLFDOIRUHVWZRRGZDUEOHUV%LRWURSLFD
*UHHQEHUJ57KHUROHRIQHRSKRELDLQGHWHUPLQLQJWKHGHJUHHRIIRUDJLQJVSHFLDOL]DWLRQLQVRPHPLJUDQWZDUEOHUV7KH$PHULFDQ
1DWXUDOLVW
*UHHQEHUJ5&RPSHWLWLRQLQPLJUDQWELUGVLQWKHQRQEUHHGLQJVHDVRQ&XUUHQW2UQLWKRORJ\
*URYHV&/9DOXWLV'9RVLFN%1HHO\.:KHDWRQ-7RXYDO %5XQQHOV'LVHxRGHXQDJHRJUDItDGHODHVSHUDQ]D0DQXDO
SDUDODSODQLFDFLyQGHODFRQVHUYDFLyQHFRUUHJLRQDO7KH1DWXUH&RQVHUYDQF\(G
*URYHV&5'UDIWLQJDFRQVHUYDWLRQEOXHSULQW$SUDFWLWLRQHUVJXLGHWRSODQQLQJIRUELRGLYHUVLW\7KH1DWXUH&RQVHUYDQF\
*UXHOO*5HVXOWVIURPIRXU\HDUVRIWUDSSLQJDQGWDJJLQJGHHULQQRUWKHDVWHUQ1HYDGD>DEVWUDFW@3URFWK$QQ&RQI:$VVQ
6WDWH*DPH )LVK&RPPV3S
*XR=;;LDR<*UDQ <=KHQJ(FRV\VWHPIXQFWLRQVVHUYLFHVDQGWKHLUYDOXHVDFDVHVWXG\LQ;LQJVKDQ&RXQW\RI&KLQD
(FRORJLFDO(FRQRPLFV
*XWLpUUH]7-/HGH]PD )*XHUUD,QYHUWHEUDGRV(Q3/,ELVFK *0pULGDHGV%LRGLYHUVLGDG/DULTXH]DGH%ROLYLD
(VWDGRGHFRQRFLPLHQWR\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH(GLWRULDO)$16DQWD&UX]GHOD6LHUUD%ROLYLD
3S
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
+H\HU:5$65DQG&$*GD&UX] 2/3HL[RWR'HFLPDWLRQVH[WLQFWLRQVDQGFRORQL]DWLRQVRIIURJSRSXODWLRQVLQ
VRXWKHDVW%UD]LODQGWKHLUHYROXWLRQDU\LPSOLFDWLRQV%LRWURSLFD
+LOO&-/LQHDUVWULSVRIUDLQIRUHVWYHJHWDWLRQDVSRWHQWLDOGLVSHUVDOFRUULGRUVIRUUDLQIRUHVWLQVHFWV&RQVHUYDWLRQ%LRORJ\
+LOW\6/ :/%URZQ$JXLGHWRWKHELUGVRI&RORPELD3ULQFHWRQ8QLYHUVLW\3UHVV3ULQFHWRQ1HZ-HUVH\
+LQNHOPDQQ&(XWR[HUHVFRQGDPLQL(Q-GHO+R\R$(OOLRWW -6DUJDWDOHGV+DQGERRNRIWKH%LUGVRIWKH:RUOG9RO
%DUQRZOVWRKXPPLQJELUGV/\Q[(GLFLRQV%DUFHORQD6SDLQ
+REVRQ.$/,:DVVHQDDU%0LOD,/RYHWWH&'LQJOH 7%6PLWK6WDEOHLVRWRSHVDVLQGLFDWRUVRIDOWLWXGLQDOGLVWULEXWLRQV
DQGPRYHPHQWVLQDQ(FXDGRUHDQKXPPLQJELUGFRPPXQLW\2HFRORJLD
+ROPHV577:6KHUU\ /5HLWVPD3RSXODWLRQVWUXFWXUHWHUULWRULDOLW\DQGRYHUZLQWHUVXUYLYDORIWZRPLJUDQWZDUEOHU
VSHFLHVLQ-DPDLFD7KH&RQGRU
+ROW5'2QWKHHYROXWLRQDU\HFRORJ\RIVSHFLHVUDQJHV(YROXWLRQDU\(FRORJ\5HVHDUFK
+RZH+))HDUDQGIUXJLYRU\7KH$PHULFDQ1DWXUDOLVW
+RZH+)6SHFLDOL]HGDQGJHQHUDOL]HGGLVSHUVDOV\VWHPVZKHUHGRHVWKHSDUDGLJPVWDQG",Q7)OHPLQJ $(VWUDGDHGV
)UXJLYRU\DQG6HHG'LVSHUVDO(FRORJLFDODQG(YROXWLRQDU\$VSHFWV.OXZHU$FDGHPLF'RUGUHFKW7KH1HWKHUODQGV
'HO+R\R-(OOLRW$ 6DUJDWOD-HGV+DQGERRNRIWKHELUGVRIWKH:RUOG9RO/\Q[(GLFLRQV%DUFHORQD
+XHFN./RVERVTXHVGH6XGDPpULFD6RFLHGDG$OHPDQDGH&RRSHUDFLyQ7pFQLFD(VFKERUQ$OHPDQLD
+XQW-+5-%URGLH73&DULWKHUV3=*ROGVWHLQ '+-DQ]HQ'U\VHDVRQPLJUDWLRQE\&RVWD5LFDQORZODQGSDSHUZDVSV
WRKLJKHOHYDWLRQFROGGRUPDQF\VLWHV%LRWURSLFD
,ELVFK3/D1HRWURSLVFKH(SLSK\WHQGLYHUVLWlWGDV%HLVSLHO%ROLYLHQ0DUWLQD*DOXQGHU9HUODJ:LHKO
,ELVFK3/(VWDGRGHFRQVHUYDFLyQGHODVHVSHFLHVEROLYLDQDVGHOJpQHUR3X\D%URPHOLDFHDHDSOLFDQGRXQQXHYRPpWRGRGH
HYDOXDFLyQ9DORU1DFLRQDOGH&RQVHUYDFLyQ5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD
,ELVFK3/D'HVSOD]DPLHQWRDFHOHUDGRRGHVDSDULFLyQGHKiELWDWVGHHVSHFLHVVLOYHVWUHVFRPRFRQVHFXHQFLDGHFDPELRVFOLPiWLFRV
DQWURSRJpQLFRVDQLYHOORFDOUHJLRQDO\RJOREDO(Q,ELVFK3/ *0pULGDHGV%LRGLYHUVLGDGODULTXH]DGH%ROLYLD
(VWDGRGHFRQRFLPLHQWR\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLFDFLyQ(GLWRULDO)$16DQWD&UX]%ROLYLD
3S
,ELVFK3/E'LIHUHQFLDVGHVHQVLELOLGDGGHORVHFRVLVWHPDV\GHODVHVSHFLHVHQUHODFLyQDODGHJUDGDFLyQ(Q,ELVFK3/ *
0pULGDHGV%LRGLYHUVLGDGODULTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH
\3ODQLFDFLyQ(GLWRULDO)$16DQWD&UX]%ROLYLD3S
,ELVFK3/$FWRUHVTXHWLHQHQLPSDFWRVVREUHODELRGLYHUVLGDGVLQDSURYHFKDUOD(Q,ELVFK3/ *0pULGDHGV%LRGLYHUVLGDG
ODULTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLFDFLyQ(GLWRULDO
)$16DQWD&UX]%ROLYLD3S
,ELVFK3/2UTXtGHDV\ODELRGLYHUVLGDGGH%ROLYLDQXHYRVGDWRVHLGHDVDFHUFDGHODGLYHUVLGDGVREUHVDOLHQWH%ROLYLDQRUFKLGV
DQGELRGLYHUVLW\QHZGDWDDQGLGHDVRQRXWVWDQGLQJGLYHUVLW\(Q9iVTXH]&K5 3/,ELVFKHGV2UTXtGHDVGH%ROLYLD
2UFKLGVRI%ROLYLD'LYHUVLGDG\HVWDGRGHFRQVHUYDFLyQ'LYHUVLW\DQGFRQVHUYDWLRQVWDWXV9RO/DHOLLQDH3RO\VWDFK\LQDH
6REUDOLLQDH FRQ DFWXDOL]DFLyQ \ FRPSOHPHQWDFLyQ GHZLWK XSGDWH DQG FRPSOHPHQWDWLRQ RI WKH 3OHXURWKDOOLGLQDH (GLWRULDO
)$16DQWD&UX]GHOD6LHUUD3S
,ELVFK3/ :%|KPH=XU.HQQWQLVGHULQQHUDQGLQHQ+HUSHWRIDXQD%ROLYLHQV3URYLQFLD$UTXH'HSDUWDPHQWRGH&RFKD
EDPED+HUSHWRIDXQD
,ELVFK3/35RMDV11'HOD%DUUD()HUQiQGH]00HUFDGR/2YDQGR *9DUJDV8QOXJDUGHHQFXHQWUR)ORUDGH
OD]RQDDUTXHROyJLFD(O)XHUWH6DPDLSDWD3URYLQFLD)ORULGD'HSDUWDPHQWR6DQWD&UX]%ROLYLD(FRORJtDHQ%ROLYLD
,ELVFKHWDOD
,ELVFK3/$%RHJQHU-1LHGHU :%DUWKORWW+RZGLYHUVHDUHQHRWURSLFDOHSLSK\WHV"$QDQDO\VLVEDVHGRQWKH&DWDORJXH
RIRZHULQJSODQWVDQGJ\PQRVSHUPVRI3HUX(FRWURSLFD,ELVFKHWDOE
,ELVFK3/5*RQ]iOHV72EHUIUDQN&1RZLFNL &6SHFKWFRQFRQWULEXFLRQHVGH6/|WWHUV-.|KOHU65HLFKOH6'DYLV-
/HGH]PD/&RUUHDGD6LOYD.0LQNRZVNL($UPLMR&RQVHUYDFLyQ%DVDGDHQ(FRUUHJLRQHVHQHO6XGRHVWHGHOD
$PD]RQtD6XEGLYLVLyQ%ROLYLD$QiOLVLV%LROyJLFRVRFLRHFRQyPLFRGHOD6LWXDFLyQGHOD%LRGLYHUVLGDG9LVLyQGH%LRGLYHU
VLGDG\%DVHSDUDXQ3ODQGH&RQVHUYDFLyQ(FRUUHJLRQDO3ULPHU%RUUDGRUSDUDODUHYLVLyQQDFLRQDO3URGXFWRGHFRQVXOWRUtD
SDUD::)%ROLYLDQRSXEOLFDGRGLIXQGLGRHQ&'520
,ELVFK3/65HLFKOH &1RZLFNL&RQFHSWRV\HQIRTXHVIXQGDPHQWDOHV(Q$UDXMR1 3/,ELVFKHGV+DFLDXQ3ODQ
GH&RQVHUYDFLyQSDUDHO%LR&RUUHGRU$PERUy0DGLGL%ROLYLD(GLWRULDO)$16DQWD&UX]%ROLYLD&'520,6%1
,ELVFK3/0.HVVOHU&1RZLFNL :%DUWKORWW2QWKHHFRORJ\ELRJHRJUDSK\DQGGLYHUVLW\RIWKH%ROLYLDQHSLSK\WLFFDFWL
%UDGOH\D
,ELVFK3/ 59iVTXH],OOXVWUDWHGFDWDORJXHRIWKH%URPHOLDFHDHRI%ROLYLD,OOXVWUDWHGELRGLYHUVLW\RI%ROLYLD9RO(GLWRULDO
)$16DQWD&UX]&'5209HUVLRQ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
,ELVFK3/50OOHU &1RZLFNL(OELRFRUUHGRU$PERUy0DGLGLSULPHURVLQVXPRVERWiQLFRVSDUDXQ3ODQGH&RQVHUYDFLyQ
5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD,ELVFKHWDOD
,ELVFK3/&1RZLFNL 59iVTXH]7RZDUGVDQXQGHUVWDQGLQJRIGLYHUVLW\SDWWHUQVDQGFRQVHUYDWLRQUHTXLUHPHQWVRIWKH
%ROLYLDQ%URPHOLDFHDH-RXUQDORIWKH%URPHOLDG6RFLHW\,ELVFKHWDOE
,ELVFK3/5'DULXV,9DUJDV (&DPDFKR(OERVTXHGHQHEOLQD/DJXQD9HUGHHQODVYHFLQGDGHVGHO3DUTXH1DFLRQDO
$PERUy 3URYLQFLD 00 &DEDOOHUR 'HSDUWDPHQWR 6DQWD &UX] %ROLYLD GLYHUVLGDG RUtVWLFD UHODFLRQHV ELRJHRJUiFDV \
FRQFOXVLRQHVSUHOLPLQDUHVDFHUFDGHVXFRQVHUYDFLyQ5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD,ELVFKHW
DOF
,ELVFK3/&1RZLFNL 1$UDXMR5HJLRQDOELRGLYHUVLW\FRQVHUYDWLRQLQWKH%ROLYLDQ$PD]RQ'RWKHFXUUHQWSURWHFWHGDUHDV
FRYHUWKHSULRULW\DUHDV",Q6%RQGUXS1LHOVHQ10XQUR*1HOVRQ-+0:LOOLVRQ7%+HUPDQ 3(DJOHVHGV0D
QDJLQJSURWHFWHGDUHDVLQDFKDQJLQJZRUOG3URFHHGLQJVRIWKH)RXUWK,QWHUQDWLRQDO&RQIHUHQFHRI6FLHQFHDQGWKH0DQDJHPHQW
RI3URWHFWHG$UHDV6$03$$&DQDGD,ELVFKHWDOD
,ELVFK3/59DVTXH](*URVV7.URPHU 05H[1RYHOWLHVLQ%ROLYLDQ)RVWHUHOOD%URPHOLDFHDH6HOE\DQD
,ELVFK3/.&ROXPED 65HLFKOHHGV3ODQGH&RQVHUYDFLyQ\'HVDUUROOR6RVWHQLEOHSDUDHO%RVTXH6HFR&KLTXLWDQR
&HUUDGR\3DQWDQDO%ROLYLDQR(GLWRULDO)$16DQWD&UX],ELVFKHWDOF
,ELVFK3/59iVTXH] :7LOO7LOODQGVLDGRULVGDOWRQLDH%URPHOLDFHDHDQHZVSHFLHVIURPDQLVRODWHGGU\LQWHU$QGHDQ
YDOOH\LQFHQWUDO%ROLYLD5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD,ELVFKHWDOD
,ELVFK3/6*%HFN%*HUNPDQQ $&DUUHWHUR(FRUUHJLRQHV\HFRVLVWHPDV(Q,ELVFK3/ *0pULGDHGV%LRGLYHUVLGDG
/DULTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLFDFLyQ(GLWRULDO
)$16DQWD&UX]3S,ELVFK3/%*HUNPDQQ6.UHIW6*%HFN6.+HU]RJ-.|KOHU50OOHU65HLFKOH
59iVTXH]&RQVLGHUDFLRQHVFRPSDUDWLYDVGHSDWURQHVLQWHUHFRUHJLRQDOHVGHGLYHUVLGDGGHHVSHFLHV\HQGHPLVPR(Q
,ELVFK3/ *0pULGDHGV%LRGLYHUVLGDGODULTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR\FRQVHUYDFLRQ0LQLVWHULRGH
'HVDUUROOR6RVWHQLEOH\3ODQLFDFLRQ(GLWRULDO)$16DQWD&UX]%ROLYLD3S,ELVFKHWDOE
,ELVFK3/ 6*%HFN(VSHUPDWyWDV(Q,ELVFK3/ *0pULGDHGV%LRGLYHUVLGDGODULTXH]DGH%ROLYLD(VWDGRGH
FRQRFLPLHQWR\FRQVHUYDFLRQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLFDFLRQ(GLWRULDO)$16DQWD&UX]%ROLYLD3S
,ELVFK3/ 1$UDXMR&RQVHUYDFLyQUHJLRQDO\FRUUHGRUHVELROyJLFRV(Q,ELVFK3/ *0pULGDHGV%LRGLYHUVLGDGOD
ULTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR\FRQVHUYDFLRQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLFDFLyQ(GLWRULDO)$1
6DQWD&UX]%ROLYLD3S
,ELVFK3/6*%HFN%*HUNPDQQ $&DUUHWHURE(FRUUHJLRQHV\HFRVLVWHPDV(Q3,ELVFK *0pULGDHGV%LRGLYHUVL
GDG/DULTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH(GLWRULDO)$16DQWD
&UX]%ROLYLD3S
,ELVFK3/$&DUUHWHUR 1$UDXMR(GVD0DSDGHORV%RVTXHV1DWLYRV$QGLQRV352%21$/D3D]
,ELVFK3/ -&KRTXHKXDQFD8VRGHODELRGLYHUVLGDGHQHOFRQWH[WRGHVHUYLFLRVDPELHQWDOHV(Q,ELVFK3/ *0pULGD
HGV%LRGLYHUVLGDGODULTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\
3ODQLFDFLyQ(GLWRULDO)$16DQWD&UX]%ROLYLD3S
,ELVFK3/ 59DVTXH]'LH%URPHOLHQ%ROLYLHQV%LOOEHUJLDMDQGHEUDEDQGHULVSQRY%URPHOLHQR
,ELVFK3/ &1RZLFNL%LRGLYHUVLW\SDWWHUQVFRQVHUYDWLRQSODQQLQJDQGVFLHQFHJHQHUDOUHHFWLRQVDQGH[DPSOHVIURPWKH
WURSLFDOGHYHORSLQJFRXQWU\%ROLYLD,Q6:%UHFNOH%6FKZHL]HU $)DQJPHLHUHGV5HVXOWVRIZRUOGZLGHHFRORJLFDO
VWXGLHV9HUODJ*QWHU+HLPEDFK6WXWWJDUW3S
,ELVFK3/$/H\&1RZLFNL 59iVTXH](VWDGtVWLFDGHODGLYHUVLGDGWD[RQyPLFD6WDWLVWLFVRQWD[RQRPLFDOGLYHUVLW\(Q
9iVTXH]&K5 3/,ELVFKHGV2UTXtGHDVGH%ROLYLD2UFKLGVRI%ROLYLD'LYHUVLGDG\HVWDGRGHFRQVHUYDFLyQ
'LYHUVLW\DQGFRQVHUYDWLRQVWDWXV9RO/DHOLLQDH3RO\VWDFKLQDH6REUDOLLQDHFRQDFWXDOL]DFLyQ\FRPSOHPHQWDFLyQGHZLWK
XSGDWHDQGFRPSOHPHQWDWLRQRIWKH3OHXURWKDOOLGLQDH(GLWRULDO)$16DQWD&UX]%ROLYLD3S,ELVFKHWDOD
,ELVFK3/$/H\&1RZLFNL 59iVTXH]&RQVHUYDFLyQ&RQVHUYDWLRQ(Q9iVTXH]&K5 3/,ELVFKHGV2UTXtGHDV
GH%ROLYLD2UFKLGVRI%ROLYLD'LYHUVLGDG\HVWDGRGHFRQVHUYDFLyQ'LYHUVLW\DQGFRQVHUYDWLRQVWDWXV9RO/DHOLLQDH3R
O\VWDFKLQDH6REUDOLLQDHFRQDFWXDOL]DFLyQ\FRPSOHPHQWDFLyQGHZLWKXSGDWHDQGFRPSOHPHQWDWLRQRIWKH3OHXURWKDOOLGLQDH
(GLWRULDO)$16DQWD&UX]%ROLYLD3S,ELVFKHWDOE
,QVWLWXWR*HRJUiFR0LOLWDU,*00DSD+LGUROyJLFRGH%ROLYLD/D3D]%ROLYLD
,QVWLWXWR*HRJUiFR0LOLWDU,*00DSD)tVLFRGH%ROLYLD7HUFHUDHGLFLyQ/D3D]%ROLYLD
,QVWLWXWR1DFLRQDOGH(VWDGLVWLFD,1(5HVXOWDGRVGHO&HQVR1DFLRQDOGH3REODFLyQ\9LYLHQGD/D3D]%ROLYLD
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD,1(&HQVRQDFLRQDOGHSREODFLyQ\YLYLHQGD/D3D]%ROLYLD
,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD,1(0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH0'6$JHQFLDSDUDOD&RRSHUDFLyQ&268'(
%ROLYLDXQ0XQGRGH3RWHQFLDOLGDGHV$WODV(VWDGtVWLFRVGH0XQLFLSLRV/D3D]%ROLYLD
,3&&D7KLUG$VVHVVPHQW5HSRUWRI:RUNLQJ*URXS,RIWKH,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWLF&KDQJH&OLPDWHFKDQJH
WKHVFLHQWLFEDVLV6XPPDU\IRU3ROLF\PDNHUVKWWSZZZLSFFFKSXEVSPSGI
,3&&E7KLUG$VVHVVPHQW5HSRUWRI:RUNLQJ*URXS,,RIWKH,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWLF&KDQJH&OLPDWHFKDQJH
LPSDFWVDGDSWDWLRQDQGYXOQHUDELOLW\6XPPDU\IRU3ROLF\PDNHUVKWWSZZZLSFFFKSXEZJ630QDOSGI
,VOHU0/ 35,VOHU7KHWDQDJHUVQDWXUDOKLVWRU\GLVWULEXWLRQDQGLGHQWLFDWLRQ6PLWKVRQLDQ,QVWLWXWLRQ3UHVV:DVKLQJWRQ
'&
,YHV$5 %-&DUGLQDOH)RRGZHELQWHUDFWLRQVJRYHUQWKHUHVLVWDQFHRIFRPPXQLWLHVDIWHUQRQUDQGRPH[WLQFWLRQV1DWXUH
-HQNLQV:'1HRWURSLFDO1\PSKDOLGDH9,,,5HYLVLRQRI(XQLFD)ORULGD0XVHXPRI1DWXUDO+LVWRU\
-LPpQH],/LPLWDFLRQHVGHODUHLQWURGXFFLyQ\FUtDHQFDXWLYHULRFRPRKHUUDPLHQWDVGHFRQVHUYDFLyQ9LGD6LOYHVWUH1HRWURSLFDO
-RKQVRQ5$0):LOOVRQ-17KRPSVRQ 5,%HUWLQ1XWULWLRQDOYDOXHVRIZLOGIUXLWVDQGFRQVXPSWLRQE\PLJUDQWIUXJL
YRURXVELUGV(FRORJ\
-RQHV37KH&,$7&OLPDWH'DWDEDVH9HUVLRQ0DFKLQH5HDGDEOH'DWDVHW&HQWUR,QWHUQDFLRQDOGH$JULFXOWXUD7URSLFDO
&,$7&DOL&RORPELD
-RUGDQ('LH*OHWVFKHUGHUEROLYLDQLVFKHQ$QGHQ(UGZLVVHQVFKDIWOLFKH)RUVFKXQJ%G)UDQ]6WHLQHU9HUODJ6WXWWJDUW
-RVHSK/7RZDUGVDEURDGHUYLHZRI1HRWURSLFDOPLJUDQWVFRQVHTXHQFHVRIDUHH[DPLQDWLRQRIDXVWUDOPLJUDWLRQ2UQLWRORJtD
1HRWURSLFDO
-RVVH&*1DYDUUR3&RPHU5(YDQV')DEHU/DJHQGRHQ0)HOORZV*.LWWHO60HQDUG03\QH05HLG.6FKXO].
6QRZ -7HDJXH(FRORJLFDO6\VWHPVRI/DWLQ$PHULFDDQGWKH&DULEEHDQ$:RUNLQJ&ODVVLFDWLRQRI7HUUHVWULDO
6\VWHPV1DWXUH6HUYH$UOLQJWRQ9$
-RVVH&*1DYDUUR)(QFDUQDFLyQ$7RYDU3&RPHU:)HUUHLUD)5RGUtJXH]-6DLWR-6DQMXUMR-'\VRQ(5XELQGH&HOLV
5=iUDWH-&KDQJ0$KXLWH&9DUJDV)3DUHGHV:&DVWUR-0DFR\)5HiWHJXL6LVWHPDV(FROyJLFRVGHOD&XHQFD
$PD]yQLFDGH3HU~\%ROLYLD&ODVLFDFLyQ\PDSHR1DWXUH6HUYH$UOLQJWRQ9LUJLQLD
-XGG:6&6&DPSEHOO($.HOORJJ 3)6WHYHQV3ODQWV\VWHPDWLFV$SK\ORJHQHWLFDSSURDFK6LQDXHU$VVRFLDWHV6XQ
GHUODQG0DVVDFKXVHWWV
.DQWDN*7HPSRUDOIHHGLQJSDWWHUQVRIVRPHWURSLFDOIUXJLYRUHV7KH&RQGRU
.DUHLYD3 00DUYLHU&RQVHUYLQJELRGLYHUVLW\FROGVSRWVUHFHQWFDOOVWRGLUHFWFRQVHUYDWLRQIXQGLQJWRWKHZRUOGVELRGLYHUVLW\
KRWVSRWVPD\EHEDGLQYHVWPHQWDGYLFH$PHULFDQ6FLHQWLVW-XO\$XJXVWYLS
.DUU-5:LQWHULQJ.HQWXFN\:DUEOHUV2SRURUQLVIRUPRVXVDQGDZDUQLQJWREDQGHUV%LUG%DQGLQJ
.DUU-5 .()UHHPDUN+DELWDWVHOHFWLRQDQGHQYLURQPHQWDOJUDGLHQWVG\QDPLFVLQWKHVWDEOHWURSLFV(FRORJ\
.HDVW$6\QWKHVLVHFRORJLFDOEDVLVDQGHYROXWLRQRIWKH1HDUFWLF1HRWURSLFDOELUGPLJUDWLRQV\VWHP,Q$.HDVW (60RU
WRQHG0LJUDQWELUGVLQWKH1HRWURSLFVHFRORJ\EHKDYLRXUGLVWULEXWLRQDQGFRQVHUYDWLRQ6PLWKVRQLDQ,QVWLWXWLRQ3UHVV
:DVKLQJWRQ'&3S
.HDVW$ (60RUWRQHG0LJUDQWELUGVLQWKH1HRWURSLFVHFRORJ\EHKDYLRUGLVWULEXWLRQDQGFRQVHUYDWLRQ6PLWKVRQLDQ
,QVWLWXWLRQ3UHVV:DVKLQJWRQ'&
.HVVOHU02EVHUYDWLRQVRQDKXPDQLQGXFHGUHHYHQWDWDKXPLGWLPEHUOLQHLQWKH%ROLYLDQ$QGHV(FRWURSLFD
.HVVOHU0D$OWLWXGLQDO]RQDWLRQRI$QGHDQFU\SWRJDPFRPPXQLWLHV-RXUQDORI%LRJHRJUDSK\
.HVVOHU0E(OHYDWLRQDOJUDGLHQWVLQVSHFLHVULFKQHVVDQGHQGHPLVPRIVHOHFWHGSODQWJURXSVLQWKHFHQWUDO%ROLYLDQ$QGHV3ODQW
(FRORJ\
.HVVOHU0D0D[LPXPSODQWFRPPXQLW\HQGHPLVPDWLQWHUPHGLDWHLQWHQVLWLHVRIDQWKURSRJHQLFGLVWXUEDQFHLQ%ROLYLDQPRQWDQH
IRUHVWV&RQVHUYDWLRQ%LRORJ\
.HVVOHU0E3WHULGRSK\WHVSHFLHVULFKQHVVLQ$QGHDQIRUHVWVLQ%ROLYLD%LRGLYHUVLW\DQG&RQVHUYDWLRQ
.HVVOHU0F3DWWHUQVRIGLYHUVLW\DQGUDQJHVL]HRIVHOHFWHGSODQWJURXSVDORQJDQHOHYDWLRQDOWUDQVHFWLQWKH%ROLYLDQ$QGHV
%LRGLYHUVLW\DQG&RQVHUYDWLRQ
.HVVOHU0G'LYHUVLGDG\HQGHPLVPRGHJUXSRVVHOHFWRVGHSODQWDVHQOD6HUUDQtDGH3LOyQ/DMDV'SWR%HQL%ROLYLD5HYLVWD
GHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD
.HVVOHU0H'LYHUVLGDG\HQGHPLVPRGHJUXSRVVHOHFWRVGHSODQWDVHQOD6HUUDQtDGH3LOyQ/DMDV'SWR%HQL%ROLYLD5HYLVWD
GHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD
.HVVOHU05DQJHVL]HDQGLWVHFRORJLFDOFRUUHODWHVDPRQJWKHSWHULGRSK\WHVRI&DUUDVFR1DWLRQDO3DUN%ROLYLD*OREDO(FRORJ\
DQG%LRGLYHUVLW\3S
.HVVOHU0D6SHFLHVULFKQHVVDQGHFRSK\VLRORJLFDOW\SHDPRQJ%ROLYLDQEURPHOLDGFRPPXQLWLHV%LRGLYHUVLW\DQG&RQVHUYDWLRQ
.HVVOHU0E(QYLURQPHQWDOSDWWHUQVDQGHFRORJLFDOFRUUHODWHVRIUDQJHVL]HDPRQJEURPHOLDGFRPPXQLWLHVRI$QGHDQIRUHVWVLQ
%ROLYLD7KH%RWDQLFDO5HYLHZ
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
.HVVOHU0F7KHHOHYDWLRQDOJUDGLHQWRI$QGHDQSODQWHQGHPLVPYDU\LQJLQXHQFHVRIWD[RQVSHFLFWUDLWVDQGWRSRJUDSK\DW
GLIIHUHQWWD[RQRPLFOHYHOV-%LRJHRJU
.HVVOHU03WHULGyWDV(Q,ELVFK3/ *0pULGDHGV%LRGLYHUVLGDGODULTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR\
FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLFDFLyQ(GLWRULDO)$16DQWD&UX]%ROLYLD3S
.HVVOHU0 6.+HU]RJ&RQVHUYDWLRQVWDWXVLQ%ROLYLDRIWLPEHUOLQHKDELWDWVHOQIRUHVWDQGWKHLUELUGV&RWLQJD
.HVVOHU0 7%&URDW6WDWHRINQRZOHGJHRI%ROLYLDQ$UDFHDH6HOE\DQD
.HVVOHU0$56PLWK -*RQ]DOHV,QYHQWDULRGHSWHULGyWDVHQXQDWUDQVHFWDDOWLWXGLQDOGHO3DUTXH1DFLRQDO&DUUDVFR'SWR
&RFKDEDPED%ROLYLD5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD
.HVVOHU0 7.U|PHU3DWWHUQVDQGHFRORJLFDOFRUUHODWHVRISROOLQDWLRQPRGHVDPRQJEURPHOLDGFRPPXQLWLHVRI$QGHDQIRUHVWV
LQ%ROLYLD3ODQW%LRORJ\
.HVVOHU0%63DUULV (.HVVOHU$FRPSDULVRQRIWKHWURSLFDOPRQWDQHSWHULGRSK\WHFRPPXQLWLHVRI0RXQW.LQDEDOX%RUQHR
DQG3DUTXH1DFLRQDO&DUUDVFR%ROLYLD-RXUQDORI%LRJHRJUDSK\.HVVOHUHWDOE
.HVVOHU0$56PLWK$$FHEH\ -*RQ]DOHV5HJLVWURVDGLFLRQDOHVGHSWHULGyWDVGHO3DUTXH1DFLRQDO&DUUDVFR'SWR
&RFKDEDPED%ROLYLD5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD.HVVOHUHWDOF
.HVVOHU06.+HU]RJ-)MHOGVn .%DFK6SHFLHVULFKQHVDQGHQGHPLVPRISODQWDQGELUGFRPPXQLWLHVDORQJWZRJUDGLHQWV
RIHOHYDWLRQKXPLGLW\DQGKXPDQODQGXVHLQWKH%ROLYLDQ$QGHV'LYHUVLW\DQG'LVWULEXWLRQV
.HVVOHU0 $16FKPLGW/HEXKQ7D[RQRPLFDODQGGLVWULEXWLRQDOQRWHVRQ3RO\OHSLV5RVDFHDH2UJ'LYHUV(YRO(OHFWU
6XSSO
.LHU* %DUWKORWW:0HDVXULQJDQGPDSSLQJHQGHPLVPDQGVSHFLHVULFKQHVVDQHZPHWKRGRORJLFDODSSURDFKDQGLWVDSSOLFDWLRQ
RQWKHRUDRI$IULFD%LRGLYHUVLW\DQG&RQVHUYDWLRQ
.LOOHHQ7-%7/RXPDQ 7*ULPZRRG/DHFRORJtDSDLVDMtVWLFDGHODUHJLyQGH&RQFHSFLyQ\/RPHUtRHQODSURYLQFLDfXR
GH&KiYH]6DQWD&UX]%ROLYLD(FRORJtDHQ%ROLYLD
.LOOHHQ7(*DUFLD 6*%HFNHGV*XtDGHiUEROHVGH%ROLYLD+HUEDULR1DFLRQDOGH%ROLYLD0LVVRXUL%RWDQLFDO*DUGHQ
/D3D]
.LWFKLQJ,--/HGH]PD -%DL[HUDV8QDOLVWDFRPHQWDGDGHORV6SKLQJLGDHGH%ROLYLD,QVHFWD/HSLGRSWHUD*D\DQD&RQ
FHSF9RO1R3S
.ORSIHU3+ -8*DQ]KRUQ+DELWDWVHOHFWLRQ%HKDYLRUDODVSHFWV,Q+DELWDWVHOHFWLRQLQELUGV,Q&RG\0/$FDGHP\SUHVV
1HZ<RUN1HZ<RUN86$3S
.|KOHU-$PSKLELDQGLYHUVLW\LQ%ROLYLDDVWXG\ZLWKVSHFLDOUHIHUHQFHWRPRQWDQHIRUHVWUHJLRQV=RRORJLVFKHV)RUVFKXQJVLQVWLWXW
XQG0XVHXP$OH[DQGHU.RHQLJ%RQQ
.|KOHU-6/|WWHUV 65HLFKOH$PSKLELDQVSHFLHVGLYHUVLW\LQ%ROLYLD,Q:%DUWKORWW 0:LQLJHUHGV%LRGLYHUVLW\$
&KDOOHQJHIRUGHYHORSPHQWUHVHDUFKDQGSROLF\6SULQJHU9HUODJ%HUOLQ+HLGHOEHUJ1HZ<RUN3S
.|KOHU- 6/|WWHUV'HVFULSWLRQRIVPDOOWUHHIURJJHQXV+\OD$QXUD+\OLGDHIURPKXPLG$QGHDQVORSHVRI%ROLYLD6DOD
PDQGUD
.RQYLFND000DUDGRYD-%HQHV=)ULF 3.HSND8SKLOOVKLIWVLQGLVWULEXWLRQRIEXWWHULHVLQWKH&]HFK5HSXEOLFHIIHFWV
RIFKDQJLQJFOLPDWHGHWHFWHGRQDUHJLRQDOVFDOH*OREDO(FRORJ\ %LRJHRJUDSK\
.UHIW6$UWHQYLHOIDOWXQG6WUXNWXUYRQ9RJHOJHPHLQVFKDIWHQLQ3ULPlUXQG6HNXQGlUKDELWDWHQHLQHV1HEHOZDOGHVLQ6GZHV
WNROXPELHQ8QLYHUVLGDGGH+DPEXUJR+DPEXUJR$OHPDQLD7HVLVGH0DHVWUtD
.UHPHQ& 75LFNHWWV*OREDOSHUVSHFWLYHVRQSROOLQDWLRQGLVUXSWLRQV&RQVHUYDWLRQ%LRORJ\
.ULMJHU&/02SGDP07KpU\ )%RQJHUV&RXUWVKLSEHKDYLRURIPDQDNLQVDQGVHHGEDQNFRPSRVLWLRQLQD)UHQFK*XLDQDQ
UDLQIRUHVW-RXUQDORI7URSLFDO(FRORJ\
.U|PHU7'LYHUVLWlWXQGgNRORJLHGHUYDVNXOlUHQ(SLSK\WHQLPSULPlUHQXQGVHNXQGlUHQ%HUJZlOGHUQ%ROLYLHQV&XYLOOLHU
9HUODJ*|WWLQJHQ
.U|PHU70.HVVOHU%.+ROVW+(/XWKHU(-*RXGD3/,ELVFK:7LOO 59iVTXH]&KHFNOLVWRI%ROLYLDQ%URPHOLDFHDH
ZLWKQRWHVRQVSHFLHVGLVWULEXWLRQDQGOHYHOVRIHQGHPLVP6HOE\DQD
.U|PHU7 (*URVV1HXEHVFKUHLEXQJYRQ%LOOEHUJLDLVVLQJLDQDGLH]HKQWH%LOOEHUJLD$UWDXV%ROLYLHQ%URPHOLHQR
.XELW]NL. $=LEXUVNL6HHGGLVSHUVDOLQRRGSODLQIRUHVWVRI$PD]RQLD%LRWURSLFD
.XOODQGHU6&LFKOLGVKHVRIWKH$PD]RQULYHUGUDLQDJHRI3HUX6ZHGLVK0XVHXPRI1DWXUDO+LVWRU\(VWRFROPR
/D0DUFD( +35HLQWKDOHU3RSXODWLRQFKDQJHVLQ$WHORSXVVSHFLHVLQWKH&RUGLOOHUDGH0pULGD9HQH]XHOD+HUSHWRORJLFDO
5HYLHZ
/DXHU:9RP:HVHQGHU7URSHQ.OLPDWRORJLVFKH6WXGLHQ]XP,QKDOWXQG]XU$EJUHQ]XQJHLQHVLUGLVFKHQ/DQGVFKDIWVJUWHOV
$EKDQGOXQJHQGHU0DWKHPDWLVFKQDWXUZLVVHQVFKDIWOLFKHQ.ODVVH$NDGHPLHGHU:LVVHQVFKDIWHQXQGGHU/LWHUDWXU0DLQ]-J
1U
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
1DYDUUR*,9DUJDV$-DUGLP07ROHGR 1'H/D%DUUD&ODVLFDFLyQ\GLDJQyVWLFRSDUDODFRQVHUYDFLyQGHODYHJHWDFLyQ
GHO3DUTXH1DFLRQDO$PERUy6DQWD&UX]%ROLYLD0HPRULD\0DSDGH9HJHWDFLyQ3ODQGH0DQHMRGHO3DUTXH1DFLRQDO
$PERUy)$1'1&%:&66DQWD&UX]GHOD6LHUUD
1DYDUUR* :)HUUHLUD&DUDFWHUL]DFLyQHFROyJLFD\ELRGLYHUVLGDGGHODFXHQFDRHVWHGHO5tR,FKLOR&RFKDEDPED%ROLYLD
5HYLVWD%ROLYLDQDGH(FRORORJtD
1DYDUUR* :)HUUHLUD0DSDGHYHJHWDFLyQGHOFRUUHGRU$PERUy0DGLGL(ODERUDGRSRU&,67(/HQFRODERUDFLyQSRU::)
\QDQFLDPLHQWRGH86$,'3URGXFWRDFXHUGR::)&,67(/4=
1DYDUUR* 00DOGRQDGR*HRJUDItD(FROyJLFDGH%ROLYLD9HJHWDFLyQ\$PELHQWHV$FXiWLFRV(GLWRULDO&HQWURGH(FRORJtD
6LPyQ,3DWLxR'HSDUWDPHQWRGH'LIXVLyQ&RFKDEDPED
1DYDUUR*:)HUUHLUD&$QWH]DQD6$UUD]ROD 59DUJDV%LR&RUUHGRU$PERUy0DGLGL=RQLFDFLyQ(FROyJLFD&,67(/
::)(GLWRULDO)$16DQWD&UX]%ROLYLD
1HH0)ORUDGHODUHJLRQGHO3DUTXH1DFLRQDO$PERUy%ROLYLDKWWSZZZERWDQ\SDJHVRUJ1HHDPER/LVWKWPO
1HZHOO 1' 7KH *HRORJ\ RI WKH7LWLFDFD5HJLRQ *HRORJLFDO 6RFLHW\ RI$PHULFD 0HPRLU 1HZ<RUN1RVV 5)
/DQGVFDSHFRQQHFWLYLW\GLIIHUHQWIXQFWLRQVDWGLIIHUHQWVFDOHV,Q+XGVRQ:(HG/DQGVFDSHOLQNDJHVDQGELRGLYHUVLW\
,VODQG3UHVV:DVKLQJWRQ3S
1RVV5(/DQGVFDSHFRQQHFWLYLW\GLIIHUHQWIXQFWLRQVDWGLIIHUHQWVFDOHV,Q:(+XGVRQHG/DQGVFDSHOLQNDJHVDQGELRGL
YHUVLW\,VODQG3UHVV:DVKLQJWRQ'&3S
1RZLFNL & 1DWXUVFKXW]JHELHWH LQ 5DXP XQG =HLW %LRGLYHUVLWlWVH[WUDSRODWLRQHQ .OLPDV]HQDULHQ XQG VR]LRGHPRJUDSKLVFKH
$QDO\VHQDOV,QVWUXPHQWHGHU1DWXUVFKXW]SODQXQJDP%HLVSLHO%ROLYLHQV'HXWVFKH*HVHOOVFKDIWIU7HFKQLVFKH=XVDPPHQDU
EHLW(VFKERUQ
1RZLFNL&$/H\5&DEDOOHUR-+6RPPHU:%DUWKORWW 3/,ELVFK([WUDSRODWLQJGLVWULEXWLRQUDQJHV%,20D
FRPSXWHUL]HGELRFOLPDWLFPRGHOIRUWKHH[WUDSRODWLRQRIVSHFLHVUDQJHVDQGGLYHUVLW\SDWWHUQV3S,Q59DVTXH]&K
3/,ELVFKHGV2UFKLGVRI%ROLYLD'LYHUVLW\DQGFRQVHUYDWLRQVWDWXV9RO/DHOLLQDH3RO\VWDFKLQDH6REUDOLLQDHZLWK
XSGDWHDQGFRPSOHPHQWDWLRQRIWKH3OHXURWKDOOLGLQDH(GLWRULDO)$16DQWD&UX]%ROLYLD
2DWOH\7%&RPSHWLWLRQDQGORFDOPLJUDWLRQLQVRPH$IULFDQ7XUGLGDH2VWULFK6XSSOHPHQW
2(&'HG9DOXDWLRQRIELRGLYHUVLW\EHQHWV6HOHFWHGVWXGLHV2(&'
2HWWLQJ,0RQLWRUHR$PELHQWDO8QD,QWURGXFFLyQDODWHPiWLFDSUHSDUDGDSDUDODV9MRUQDGDVLQWHUQDFLRQDOHVGHFDSDFLWDFLyQ
SDUDDJHQWHVGHSURWHFFLyQGHODQDWXUDOH]D0D\RGH7DULMD%ROLYLD1RSXEOLFDGR
2OLYHUD0$OJXQRVHOHPHQWRVGHODHFRORJtDGHODSROLQL]DFLyQSRUSLFDRUHVHQHOYDOOHGH/D3D]\VXSRVLEOHHIHFWRHQORV
GHVSOD]DPLHQWRVSREODFLRQDOHVGH6DSSKRVSDUJDQXUD\3DWDJRQDJLJDV7HVLVGHJUDGR&DUUHUD%LRORJtD806$/D3D]
2OVRQ'1 ('LQHUVWHLQ7KHJOREDODUHSUHVHQWDWLRQDSSURDFKWRFRQVHUYLQJWKH(DUWKVPRVWELRORJLFDOO\YDOXDEOH
HFRUHJLRQV&RQVHUYDWLRQ%LRORJ\
21HLOO-3 7$3DUNHU,,,5HVSRQVHVRIELUGVWRDVQRZVWRUPLQWKH$QGHVRIVRXWKHUQ3HUX7KH:LOVRQ%XOOHWLQ
2RVHQEUXJ60 -%7KHEHUJH$OWLWXGLQDOPRYHPHQWVDQGVXPPHUKDELWDWSUHIHUHQFHVRIZRRGODQGFDULERXLQWKH.OXDQH
5DQJHV<XNRQ7HUULWRU\>DEVWUDFW@$UFWLF
3DFKHFR/) -$6LPRQHWWL&RQVHFXHQFLDGHPRJUiFDSDUD,QJDLQJRLGHV0LPRVLRLGHDHSRUODSpUGLGDGH$WHOHVSDQLVFXV
&HELGDHXQRGHVXVGLVSHUVRUHVGHVHPLOODV(FRORJtDHQ%ROLYLD
3DFKHFR/) -$6LPRQHWWL*HQHWLFVWUXFWXUHRIDPLPRVRLGWUHHGHSULYHGRILWVVHHGGLVSHUVHUWKHVSLGHUPRQNH\&RQVHU
YDWLRQ%LRORJ\
3DJLROD6-%LVKRS 1/DQGHOO0LOOVHGV6HOOLQJIRUHVWHQYLURQPHQWDOVHUYLFHV0DUNHWEDVHGPHFKDQLVPVIRUFRQVHUYDWLRQ
DQGGHYHORSPHQW(DUWKVFDQ
3DLQH57$FRQYHUVDWLRQRQUHQLQJWKHFRQFHSWRINH\VWRQHVSHFLHV&RQVHUYDWLRQ%LRORJ\
3DLQWHU5/5%:DOODFH '3LFNIRUG5HODWLYHDEXQGDQFHVRISHFFDULHVLQDUHDVRIGLIIHUHQWKXPDQSUHVVXUHZLWKLQWKH%HQL
%LRVSKHUH5HVHUYH%ROLYLD,%(;-RXUQDORI0RXQWDLQ(FRORJ\
3DLQWHU5/ '5XPL]3RUTXHVRQLPSRUWDQWHVORVKHUEtYRURVWHUUHVWUHVSDUDORVERVTXHVGHSURGXFFLyQIRUHVWDO"5HYLVWD
%ROLYLDQDGH(FRORJtD
3DLVOH\$QGHDQEHDUVDQGSHRSOHLQ$SROREDPED%ROLYLDFXOWXUHFRQLFWDQGFRQVHUYDWLRQ'RFWRUDO7KHVLV'XUUHOO,QVWLWXWH
RI&RQVHUYDWLRQDQG(FRORJ\.HQW8QLYHUVLW\&DQWHUEXU\,QJODWHUUD
3DQLDJXD/'LYHUVLGDGtFWLFDHQORVUtRV6HPD\R\0DWDUDF~GHO3DUTXH1DFLRQDO$PERUy6DQWD&UX]%ROLYLD5HV~PHQHVGHO
,,,&RQJUHVR,QWHUQDFLRQDOVREUH0DQHMRGHIDXQD6LOYHVWUHGHOD$PD]RQtD6DQWD&UX]1RSXEOLFDGR
3DUHGHV/(YDOXDFLyQGHHVSHFLHVRUQDPHQWDOHVGHORVUtRV0DFXxXF~\3LWDVDPDGHO3DUTXH1DFLRQDO$PERUy5HV~PHQHV,,,
&RQJUHVR,QWHUQDFLRQDOVREUH0DQHMRGHIDXQD6LOYHVWUHGHOD$PD]RQtD6DQWD&UX]1RSXEOLFDGR
3DUNHU7$,,,')6WRW] -:)LW]SDWULFN(FRORJLFDODQGGLVWULEXWLRQDOGDWDEDVHVIRU1HRWURSLFDOELUGV8QLYHUVLW\RI&KL
FDJR&KLFDJR,OOLQRLV'LVTXHWWH
3DUPHVDQ& *<RKH$JOREDOO\FRKHUHQWQJHUSULQWRIFOLPDWHFKDQJHLPSDFWVDFURVVQDWXUDOV\VWHPV1DWXUH
3DUULQL)6*ULJQROLR6/XFFDULQL%%DVVDQR 0$SROORQLR6SDWLDOEHKDYLRXURIDGXOWPDOH$OSLQHLEH[&DSUDLEH[LEH[
LQWKH*UDQ3DUDGLVR1DWLRQDO3DUN,WDO\$FWD7KHULRORJLFD
3DWRQ'&'LVUXSWLRQRIELUGSODQWSROOLQDWLRQV\VWHPVLQVRXWKHUQ$XVWUDOLD&RQVHUYDWLRQ%LRORJ\
3DWWHUVRQ%'')6WRW]66RODUL-:)LW]SDWULFN 93DFKHFR&RQWUDVWLQJSDWWHUQVRIHOHYDWLRQDO]RQDWLRQIRUELUGVDQG
PDPPDOVLQWKH$QGHVRIVRXWKHDVWHUQ3HUX-RXUQDORI%LRJHRJUDSK\
3DWWRQ-/30\HUV0)6PLWK9LFDULDQWYHUVXVJUDGLHQWPRGHOVRIGLYHUVLFDWLRQ7KHVPDOOPDPPDOIDXQDRIHDVWHUQVORSHV
RI3HUX(Q*3HWHUV 5+XWWHUHUHGV9HUWHEUDWHVLQWKHWURSLFV=RRORJLVFKHV)RUVFKXQJVLQVWLWXWXQG0XVHXP$OH[DQGHU
.RHQLJ%RQQ3S
3HDUFH' '0RUDQ7KHHFRQRPLFYDOXHRIELRGLYHUVLW\,8&1(DUWKVFDQ3XEOLFDWLRQV/WG/RQGRQ
3HDUVRQ'/)*XHUUD '%U]RVND7KHWLJHUEHHWOHVRI%ROLYLD7KHLULGHQWLFDWLRQGLVWULEXWLRQDQGQDWXUDOKLVWRU\&ROHRS
WHUD&LFLQGHOLGDH&RQWULEXWLRQVRQHQWRPRORJ\,QWHUQDWLRQDO
3HODWW0*7KHUROHRISDOHRHFRORJ\LQXQGHUVWDQGLQJHFRORJLFDOLQWHJULW\DQH[DPSOHIURPKLJKO\IUDJPHQWHGODQGVFDSHLQWKH
VWUDLWRI*HRUJLDORZODQGV,Q6%RQGUXS1LHOVHQ10XQUR*1HOVRQ-+0:LOOLVRQ7%+HUPDQ 3(DJOHVHGV
0DQDJLQJSURWHFWHGDUHDVLQDFKDQJLQJZRUOG3URFHHGLQJVRIWKH)RXUWK,QWHUQDWLRQDO&RQIHUHQFHRI6FLHQFHDQGWKH0DQD
JHPHQWRI3URWHFWHG$UHDV6$03$$&DQDGD3S
3HxXHODV -RVHS 0 %RDGD $ JOREDO FKDQJHLQGXFHG ELRPH VKLIW LQ WKH 0RQWVHQ\ PRXQWDLQV 1( 6SDLQ *OREDO &KDQJH
%LRORJ\
3HUU\$0.HVVOHU 1+HOPH%LUGVRIWKHFHQWUDO5tR7XLFKLYDOOH\ZLWKVSHFLDOHPSKDVLVRQGU\IRUHVW3DUTXH1DFLRQDO
0DGLGL'SWR/D3D]%ROLYLD2UQLWKRORJLFDO0RQRJUDSKV
3HVWDOR]]L+8 0$7RUUH])ORUDLOXVWUDGDDOWRDQGLQD/DUHODFLyQHQWUHKRPEUHSODQWD\PHGLRDPELHQWHHQHO$\OOX0DMDVD\D
0XMOOL3URYLQFLD7DSDFDUt'SWR&RFKDEDPED%ROLYLD+HUEDULR1DFLRQDOGH%ROLYLD8QLYHUVLWlW%HUQ+HUEDULR)RUHVWDO
1DFLRQDO0DUWtQ&iUGHQDV&RFKDEDPED
3HWHUV5/ 7(/RYHMR\*OREDOZDUPLQJDQGELRORJLFDOGLYHUVLW\1HZ+DYHQ&RQQHFWLFXW86$<DOH8QLYHUVLW\3UHVV
3KLOOLSV2/59DVTXH]0/$UUR\R75%DNHU.LOOHHQ6//HZLV<0DOKL$0RQWHDJXGR0HQGR]D'1HLOO31XQH]9DUJDV
0$OH[LDGHV&&HURQ$'L)LRUH7(UZLQ$-DUGLP:3DODFLRV06DOGLDV%9LQFHWL,QFUHDVLQJGRPLQDQFHRI
ODUJHOLDQDVLQ$PD]RQLDQIRUHVWV1DWXUH
3LQWR-(YROXFLyQGHOSDLVDMH\HVWDGRGHFRQVHUYDFLyQGHOD5HVHUYD)RUHVWDO(O&KRUp.HPSIDQD
3LWHOND/DQGWKH3ODQW0LJUDWLRQ:RUNVKRS3ODQWPLJUDWLRQDQGFOLPDWLFFKDQJH$PHULFDQ6FLHQWLVW
3OlQ7(QIRTXHVHFRQyPLFRVSDUDODYDORUDFLyQGHODGLYHUVLGDGELROyJLFD3URJUDPDGH$SR\R(FROyJLFR%HJOHLWSURJUDPP
7URSHQ|NRORJLH7g%*7=(VFKERUQ
3URJUDPDGHODV1DFLRQHV8QLGDV318'%ROLYLDQGLFHGH'HVDUUROOR+XPDQRHQORV0XQLFLSLRVGH%ROLYLD8QDSXEOLFDFLyQ
GHO,QIRUPH1DFLRQDOGH'HVDUUROOR+XPDQR,1(8'$3($6',/D3D]%ROLYLD
3RLDQL. %5LFKWHU)XQFWLRQDOODQGVFDSHVDQGWKHFRQVHUYDWLRQRIELRGLYHUVLW\:RUNLQJSDSHUVLQ&RQVHUYDWLRQ6FLHQFH
7KH1DWXUH&RQVHUYDQF\
3RXOVHQ%20RYHPHQWVRIVLQJOHELUGVDQGPL[HGVSHFLHVRFNVEHWZHHQLVRODWHGIUDJPHQWVRIFORXGIRUHVWLQ(FXDGRU6WXGLHV
RQ1HRWURSLFDO)DXQDDQG(QYLURQPHQW
3RXQGV$03/)RJGHQ -+&DPSEHOO%LRORJLFDOUHVSRQVHWRFOLPDWHFKDQJHRQDWURSLFDOPRXQWDLQ1DWXUH
3RZHOO*91 5%MRUN,PSOLFDWLRQVRILQWUDWURSLFDOPLJUDWLRQRQUHVHUYHGHVLJQDFDVHVWXG\XVLQJ3KDURPDFKUXVPRFLQQR
&RQVHUYDWLRQ%LRORJ\
3RZHOO*910LJUDQWSDUWLFLSDWLRQLQ1HRWURSLFDOVSHFLHVRFNV,Q$.HDVW (60RUWRQHG0LJUDQWELUGVLQWKH1HR
WURSLFVHFRORJ\EHKDYLRXUGLVWULEXWLRQDQGFRQVHUYDWLRQ6PLWKVRQLDQ,QVWLWXWLRQ3UHVV:DVKLQJWRQ'&3S
3RZHOO*916RFLRELROR\DQGDGDSWLYHVLJQLFDQFHRIKHWHURVSHFLFIRUDJLQJLQWKH1HRWURSLFV2UQLWKRORJLFDO0RQRJUDSKV
3UDQFH*7$PHULFDQ7URSLFDO)RUHVWV,Q+/LHWK 0-$:HUJHUHGV7URSLFDO5DLQIRUHVW(FRV\VWHPV%LRJHRJUDSKLFDO
DQGHFRORJLFDOVWXGLHV(FRV\VWHPVRIWKH:RUOG9RO%(OVHYLHU$PVWHUGDP3S
3UHVVH\5/50&RZOLQJ 05RXJHWF)RUPXODWLQJFRQVHUYDWLRQWDUJHWVIRUELRGLYHUVLW\SDWWHUQDQGSURFHVVLQWKH&DSH
)ORULVWLF5HJLRQ6RXWK$IULFD%LRORJLFDOFRQVHUYDWLRQ
3ULFH0) *51HYLOOH'HVLJQLQJVWUDWHJLHVWRLQFUHDVHWKHUHVLOLHQFHRIDOSLQHPRQWDQHV\VWHPVWRFOLPDWHFKDQJH,Q+DQ
VHQ/--/%LULQJHUDQG-5+RIIPDQHGV%X\LQJWLPH$XVHUVPDQXDOIRUEXLOGLQJUHVLVWDQFHDQGUHVLOLHQFHWRFOLPDWH
FKDQJHRQSURWHFWHGDUHDV::)*ODQG3S
36563DFLF6RXWKZHVW5HVHDUFK6WDWLRQ&OLPDWH&KDQJH'HWHFWLQJ&OLPDWHV,PSULQWRQ&DOLIRUQLD)RUHVWV6FLHQFH
3HUVSHFWLYHV6SULQJ
5DKEHN&7KHUHODWLRQVKLSDPRQJDUHDHOHYDWLRQDQGUHJLRQDOVSHFLHVULFKQHVVLQ1HRWURSLFDOELUGV7KH$PHULFDQ1DWXUDOLVW
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
5REHO5-'HWHFWLRQRIHONPLJUDWLRQWKURXJKKXQWHULQWHUYLHZV-RXUQDORI:LOGOLIH0DQDJHPHQW
5RELQVRQ-* (/%HQQHWW:LOODOOHYLDWLQJSRYHUW\VROYHWKHEXVKPHDWFULVLV"2U\[
5RFDEDGR* -*:DVVRQ5HJLRQDOL]DFLyQGHODIDXQDEHQWyQLFDHQODFXHQFDDQGLQDGHOUtR%HQL%ROLYLD5HYLVWD%ROLYLDQD
GH(FRORJtD\&RQVHUYDFLyQ$PELHQWDO0HPRULDVGHO&RQJUHVR%ROLYLDQRGH/LPQRORJtD\5HFXUVRV$FXiWLFRV
5RFKD 5RFKD
5RFKDW1%RXTXHWLQGHV$OSHVQLFKHVSDWLRWHPSRUHOOH$OSLQHLEH[VSDWLRWHPSRUDOGLVWULEXWLRQZLWKLQWKH6ZLVV1DWLRQDO
3DUN>DEVWUDFW@&UDWVFKOD
5ROGiQ$, -$6LPRQHWWL3ODQWPDPPDOLQWHUDFWLRQVLQWURSLFDO%ROLYLDQIRUHVWVZLWKGLIIHUHQWKXQWLQJSUHVVXUHV&RQVHU
YDWLRQ%LRORJ\
5RRW7/-73ULFH.5+DOO6+6FKQHLGHU&5RVHQ]ZHLJ -$3RXQGV)LQJHUSULQWVRIJOREDOZDUPLQJRQZLOGDQLPDOV
DQGSODQWV1DWXUH
5RXELN':3ROOLQDWLRQRIFXOWLYDWHGSODQWVLQWKHWURSLFV$JULFXOWXUDO6HUYLFHV%XOOHWLQ)RRGDQG$JULFXOWXUH2UJDQL]D
WLRQ5RPH,WDO\
5RXELN':3ROOLQDWLRQV\VWHPVWDELOLW\LQWURSLFDO$PHULFD&RQVHUYDWLRQ%LRORJ\
5RXJHW0'05LFKDUGVRQ 50&RZOLQJ7KHFXUUHQWFRQJXUDWLRQRISURWHFWHGDUHDVLQWKH&DSH)ORULVWLF5HJLRQ6RXWK
$IULFDUHVHUYDWLRQELDVDQGUHSUHVHQWDWLRQRIELRGLYHUVLW\SDWWHUQVDQGSURFHVVHV%LRORJLFDO&RQVHUYDWLRQ
5RXJHW050&RZOLQJ5/3UHVVH\ '05LFKDUGVRQ,GHQWLI\LQJVSDWLDOFRPSRQHQWVRIHFRORJLFDODQGHYROXWLRQDU\SUR
FHVVHVIRUUHJLRQDOFRQVHUYDWLRQSODQQLQJLQWKH&DSH)ORULVWLF5HJLRQ6RXWK$IULFD'LYHUVLW\DQG'LVWULEXWLRQV
5Xt]GH&HQWXULyQ7&DHVDOSLQRLGHDH(Q7.LOOHHQ(*DUFLD 6*%HFNHGV*XtDGHiUEROHVGH%ROLYLD+HUEDULR1DFLRQDO
GH%ROLYLD0LVVRXUL%RWDQLFDO*DUGHQ/D3D]3S
6DJRW)$YHVHQGpPLFDVDPHQD]DGDV\PDOSURWHJLGDV(Q$YHV\FRQVHUYDFLyQHQ%ROLYLD$UPRQtD6DQWD&UX]%ROLYLD
6DOD]DU%UDYR- /(PPRQV0DPLIHURV(Q3/,ELVFK *0pULGDHGV%LRGLYHUVLGDG/D5LTXH]DGH%ROLYLD(VWDGRGH
FRQRFLPLHQWR\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH(GLWRULDO)$16DQWD&UX]%ROLYLD3S
6DOD]DU%UDYR-(<HQVHQ77DULID 7/<DWHV'LVWULEXWLRQDOUHFRUGVRIEROLYLDQPDPPDOV-1HRWURS0DPPDO
6DOD]DU%UDYR-77DULID/)$JXLUUH(<HQVHQ 7/<DWHV5HYLVHGFKHFNOLVWRI%ROLYLDQPDPPDOV2FFDVLRQDO3DSHUV
0XVHXP7H[DV7HFK8QLYHUVLW\1R
6DOGLDV00LPRVLRLGHDH(Q7.LOOHHQ(*DUFLD 6*%HFNHGV*XtDGHiUEROHVGH%ROLYLD+HUEDULR1DFLRQDOGH%ROLYLD
0LVV%RW*DUG/D3D]3S
6DOLQDV*50DULQ&+HU\2)RVVDWL\-*:DVVRQ(IHFWRGHODPDWHULDOHQVXVSHQVLyQVREUHORVLQYHUWHEUDGRVEpQWLFRVGH
ORVUtRVGHDJXDVFODUDVHQORV\XQJDVGH%ROLYLD5HYLVWD%ROLYLDQDGH(FRORJtD
6DQERUQ&& -$&UHVSR(OPXUFLpODJREODQTXL]FR/DVLXUXVFLQHUHXV\VXVVXEHVSHFLHV>DEVWUDFW@%RO0XV$UJHQWLQR
&LHQFLDV1DWXUDOHV%HUQDUGLQR5LYDGDYLD
6DUNDU0%&'DV'1'DV'%0RQGDO$&KDWWHUMHH %36<DGDY6WXGLHVRQWKHUPRDGDSWDELOLW\RI\DNV,QGLDQ-RXUQDO
RI$QLPDO6FLHQFHV
6DUPLHQWR- 6%DUUHUD3HFHV(Q3/,ELVFK *0pULGDHGV%LRGLYHUVLGDG/D5LTXH]DGH%ROLYLD(VWDGRGHFRQRFLPLHQWR
\FRQVHUYDFLyQ0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH(GLWRULDO)$16DQWD&UX]%ROLYLD3S
6DUPLHQWR- 6%DUUHUD2EVHUYDFLRQHVSUHOLPLQDUHVVREUHODLFWLRIDXQDGHODYHUWLHQWHRULHQWDO$QGLQDGH%ROLYLD5HYLVWD
%ROLYLDQDGH(FRORJtD\&RQVHUYDFLyQ$PELHQWDO
6DUPLHQWR-2EVHUYDFLRQHVSUHOLPLQDUHVVREUHODFRPSRVLFLyQ\GLVWULEXFLyQGHODLFWLRIDXQDGHOD(VWDFLyQ%LROyJLFDGHO%HQL
%ROLYLD(Q2+HUUHUD0DFEU\GH)'DOOPHLHU%0DFEU\GH-$&RPLVNH\ &0LUDQGDHGV%LRGLYHUVLGDGFRQVHUYD
FLyQ\PDQHMRHQODUHJLyQGHOD5HVHUYDGHOD%LRVIHUD(VWDFLyQ%LROyJLFDGHO%HQL%ROLYLD%LRGLYHUVLW\FRQVHUYDWLRQDQG
PDQDJHPHQWLQWKHUHJLRQRIWKH%HQL%LRORJLFDO6WDWLRQ%LRVSKHUH5HVHUYH%ROLYLD6,0$%6HULHU1:DVKLQJWRQ'&
3S
6DUPLHQWR-%DVHVSDUDODHODERUDFLyQGHOSODQGHPDQHMRGHO3DUTXH1DFLRQDO$PERUy,FWLRIDXQD/D3D]1RSXEOLFDGR
6DUPLHQWR-D(YDOXDFLyQIDXQtVWLFDGHO9DOOHGH=RQJR3URYLQFLD0XULOOR'SWR/D3D]FRPREDVHSDUDHOHVWXGLRGH,PSDFWR
$PELHQWDOGHODDPSOLDFLyQGHODSODQWDJHQHUDGRUDGHHQHUJtDHOpFWULFD&HQWURGH'DWRVSDUDOD&RQVHUYDFLyQ/D3D]%ROLYLD
1RSXEOLFDGR
6D[RQ($GDSWLQJHFRUHJLRQDOSODQVWRDQWLFLSDWHWKHLPSDFWRIFOLPDWHFKDQJH,Q*URYHV&5'UDIWLQJDFRQVHUYDWLRQ
EOXHSULQW$SUDFWLWLRQHUVJXLGHWRSODQQLQJIRUELRGLYHUVLW\7KH1DWXUH&RQVHUYDQF\3S
6FKlU&3/9LGDOH'/WK&)UHL&+lEHUOL0$/LQLJHU &$SSHQ]HOOHU7KHUROHRILQFUHDVLQJWHPSHUDWXUHYDULDELOLW\
LQ(XURSHDQVXPPHUKHDWZDYHV1DWXUH
6FKHU]LQJHU:1DWXUVFKXW]LP:DOG4XDOLWlWV]LHOHHLQHUG\QDPLVFKHQ:DOGHQWZLFNOXQJ8OPHU6WXWWJDUW*HUPDQ\
6FKQHLGHU6+ 7/5RRWHGV:LOGOLIHUHVSRQVHVWRFOLPDWHFKDQJH:DVKLQJWRQ'&,VODQG3UHVV
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
DQGGLYHUVLW\6LQDXHU$VVRFLDWHV6XQGHUODQG0DVVDFKXVHWWV3S
7HUERUJK-7KHELJWKLQJVWKDWUXQWKHZRUOGDVHTXHOWR(2:LOVRQ&RQVHUYDWLRQ%LRORJ\
7HUERUJK-5HTXLHPIRUQDWXUH,VODQG3UHVV6KHDUZDWHU%RRNV:DVKLQJWRQ
7HUERUJK-//RSH]31XxH]905DR*6KDKDEXGGLQ*2ULKXHOD05LYHURV5$VFDQLR*+$GOHU7'/DPEHUW /
%DOEDV(FRORJLFDOPHOWGRZQLQSUHGDWRUIUHHIRUHVWIUDJPHQWV6FLHQFH
7HUERUJK7+DELWDWVHOHFWLRQLQ$PD]RQLDQELUGV,Q0&RG\HG+DELWDWVHOHFWLRQLQ%LUGV$FDGHPLF3UHVV2UODQGR)OR
ULGD3S
7HUFHURV(OYD'HODXWRStDLQGtJHQDDOGHVHQFDQWR5HFRQRFLPLHQWRHVWDWDOGHORVGHUHFKRVWHUULWRULDOHVLQGtJHQDV&(-,63,(%
,:*,$6DQWD&UX]GHOD6LHUUD
7KH1DWXUH&RQVHUYDQF\71&'LVHxRGHXQDJHRJUDItDGHODHVSHUDQ]DPDQXDOSDUDODSODQLFDFLyQGHODFRQVHUYDFLyQHFR
UUHJLRQDO71&9RO,\,,(GLFLyQ
7KRPDV&'$&DPHURQ5(*UHHQ0%DNNHQHV/-%HDXPRQW<&&ROOLQJKDP%)1(UDVPXV0)HUUHLUDGH6LTXHUD$
*UDLQJHU/+DQQDK/+XJKHV%+XQWOH\$69DQ-DDUVYHOG*)0LGJOH\/0LOHV02UWHJD+XHUWD$7RZQVHQG
3HWHUVRQ2/3KLOOLSV 6(:LOOLDPV([WLQFWLRQULVNIURPFOLPDWHFKDQJH1DWXUH
7KRPDV&' --/HQQRQ%LUGVH[WHQGWKHLUUDQJHVQRUWKZDUGV1DWXUH
7LOPDQ'.&DVVPDQ3$0DWVRQV51D\ORU 63RODVN\$JULFXOWXUDOVXVWDLQDELOLW\DQGLQWHQVLYHSURGXFWLRQSUDFWLFHV
1DWXUH
7LPP50 5./D9DO0DPPDOV,Q101DGNDUQL 17:KHHOZULJKWHGV0RQWHYHUGH(FRORJ\DQGFRQVHUYDWLRQRI
DWURSLFDOFORXGIRUHVW2[IRUG8QLYHUVLW\3UHVV2[IRUG8.DQG1HZ<RUN&LW\1HZ<RUN3S
71& 86$,'3DUTXHVHQ3HOLJUR0HGLFLyQGH/RJURV(O6FRUHFDUGGH&RQVROLGDFLyQ7DEODGH3XQWXDFLyQGH3DUTXHVHQ
3HOLJUR:DVKLQJWRQ((88
71& (FRORJLFDO 3URFHVVHV DW WKH (FRUHJLRQDO 6FDOH &RQVLGHUDWLRQV IRU 3RUWIROLR 'HVLJQ *XLGHOLQHV IRU (FRUHJLRQDO 7HDP
/HDGHUVIURPWKH6WHZDUGVKLS([SHUW7HDP'UDIW&RQVHUYHRQOLQHKWWSZZZFRQVHUYHRQOLQHRUJE8SGDW
HELQWHUQDO DFWLRQ EXLOGIUDPHVDFWLRQ
7RPRQR7 76RWD7KHOLIHKLVWRU\DQGSROOLQDWLRQHFRORJ\RIEXPEOHEHHVLQWKHDOSLQH]RQHRIFHQWUDO-DSDQ>DEVWUDFW@-D
SDQHVH-RXUQDORI(QWRPRORJ\(QMDSRQpV
7UDMDQR(0RYHPHQWVRIFDYHEDWVLQVRXWKHDVWHUQ%UD]LOZLWKHPSKDVLVRQWKHSRSXODWLRQHFRORJ\RIWKHFRPPRQYDPSLUHEDW
'HVPRGXVURWXQGXV&KLURSWHUD%LRWURSLFD
7UROO&'LH&RUGLOOHUD5HDO9RUOlXJHU%HULFKWEHUGLHZLVVHQVFKDIWOLFKHQ$UEHLWHQGHU$QGHQ([SHGLWLRQGHV'HXWVFKgVWH
UUHLFKLVFKHQ$OSHQYHUHLQV=HLWGHU*HVI(UGNXQGH]X%HUOLQ
7UROO&7KHUPLVFKH.OLPDW\SHQGHU(UGH3HWHUPDQQV*HRJUDSKLVFKH0LWWHLOXQJHQ3S
7UROO& )LQVWHUZDOGHU5'LH.DUWHQGHU&RUGLOOHUD5HDOXQGGHV7DONHVVHOVYRQ/D3D]3HWHUPDQQV0LWWHLOXQJHQ
\
7UROO:'LH,QRUHV]HQ]HQ7\SRORJLHXQG6WHOOXQJLP$XIEDXGHV9HJHWDWLRQVN|USHUV*XVWDY)LVFKHU-HQD
7XVWLQ.* -33DUNHV'DLO\PRYHPHQWDQGDFWLYLW\RIIHPDOHDQGMXYHQLOH+LPDOD\DQWKDU+HPLWUDJXVMHPODKLFXVLQWKH
HDVWHUQ6RXWKHUQ$OSV1HZ=HDODQG>DEVWUDFW@1HZ=HDODQG-RXUQDORI(FRORJ\
7\OHU+.6%URZQ .:LOVRQ6ZDOORZWDLO%XWWHULHVRIWKH$PHULFDV6FLHQWLF3XEOLVKHUV,QF*DLQHVYLOOH)ORULGD
8'$3(3REUH]D\GHVLJXDOGDGHQPXQLFLSLRVGH%ROLYLD(VWLPDFLyQGHOJDVWRGHFRQVXPRFRPELQDQGRHOFHQVR\ODV
HQFXHVWDVGHKRJDUHV8'$3(H,1(FRQODDVLVWHQFLDGHO%DQFR0XQGLDO/D3D]%ROLYLD
8'$3((VWUXFWXUDGHOVHFWRUKLGURFDUEXURV
8'$362,1(8338'$3(0DSDGH3REUH]D8QDJXtDSDUDODDFFLyQVRFLDO(GLFLyQ0LQLVWHULRGH'HVDUUROOR+XPDQR
/D3D]%ROLYLD
8,&15HG/LVWRI7KUHDWHQHG6SHFLHVKWWSZZZUHGOLVWRUJ
81,6'5HG3-3LORQD*XLGHOLQHVIRUUHGXFLQJRRGORVVHV,QWHU$JHQF\6HFUHWDULDWRIWKH,QWHUQDWLRQDO6WUDWHJ\IRU'LVDVWHU
5HGXFWLRQ81,6'5:RUOG0HWHRORJLFDO2UJDQL]DWLRQ*HQHYD
81,6'5E/LYLQJZLWK5LVN$JOREDOUHYLHZRIGLVDVWHUUHGXFWLRQLQLWLDWLYHVYHUVLRQ,QWHU$JHQF\6HFUHWDULDWRIWKH,QWHU
QDWLRQDO6WUDWHJ\IRU'LVDVWHU5HGXFWLRQ81,6'5:RUOG0HWHRORJLFDO2UJDQL]DWLRQ*HQHYD
81,6'5F:DWHUDQGGLVDVWHUV%HLQIRUPHGDQGSUHSDUHG,QWHU$JHQF\6HFUHWDULDWRIWKH,QWHUQDWLRQDO6WUDWHJ\IRU'LVDVWHU
5HGXFWLRQ81,6'5:RUOG0HWHRORJLFDO2UJDQL]DWLRQ*HQHYD
86*686*65HSURFHVVLQJE\WKH*/&)$UF6HFRQG6570(OHYDWLRQ5HSURFHVVHGWR*HR7,))&ROOHJH3DUN
0DU\ODQG7KH*OREDO/DQG&RYHU)DFLOLW\9HUVLRQ
9DOEXUJ/.)ORFNLQJDQGIUXJLYRU\WKHHIIHFWRIVRFLDOJURXSLQJVRQUHVRXUFHXVHLQWKH&RPPRQ%XVK7DQDJHU7KH&RQGRU
9DQ'DPPH3$)0DOGRQDGR56DQDEULD)&DUYDMDO&9DQGHFDVWHHOH\-5RMDV'LYHUVLGDGDFXiWLFDHQOD]RQDGHLQXHQFLD
GHXQFDPSRGHJDV\SHWUROHRHQODSURYLQFLDO&DUUDVFR&RFKDEDPED%ROLYLD5HYLVWD%ROLYLDQDGH(FRORJtD
9DQ'DPPH3$'LVSRQLELOLGDGXVR\FDOLGDGGHORVUHFXUVRVKtGULFRVHQ%ROLYLD&21,$* &*,$%
9DQGHU+DPPHQ7*OREDOFKDQJHELRGLYHUVLW\DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV(Q63&KXUFKLOO+%DOVOHY
()RUHUR -//XWH\QHGV%LRGLYHUVLW\DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV7KH1HZ<RUN%RWDQLFDO*DUGHQ
3S
9DQGHU:DOO6% :6/RQJODQG'LSORFKRU\DUHWZRVHHGGLVSHUVHUVEHWWHUWKDQRQH"7UHQGVLQ(FRORJ\DQG(YROXWLRQ
9DUJDV, 3/,ELVFKHGV(VWDEOHFLPLHQWRGHXQDEDVHSDUDHOPRQLWRUHRDPELHQWDOHQHO3DUTXH1DFLRQDO\$10,$6DQWD
&UX]GHOD6LHUUD%ROLYLD1RSXEOLFDGR
9DUJDV(3DSLOORQLRLGHDH(Q7.LOOHHQ(*DUFtD 6*%HFNHGV*XtDGHiUEROHVGH%ROLYLD+HUEDULR1DFLRQDOGH%ROLYLD
0LVVRXUL%RWDQLFDO*DUGHQ/D3D]3S
9DUJDV,(XSKRUELDFHDH(Q7.LOOHHQ(*DUFtD 6*%HFNHGV*XtDGHiUEROHVGH%ROLYLD+HUEDULR1DFLRQDOGH%ROLYLD
0LVVRXUL%RWDQLFDO*DUGHQ/D3D]3S
9DUJDV,(VWUXFWXUD\FRPSRVLFLyQGHFXDWURVLWLRVERVFRVRVHQHO3DUTXH1DFLRQDO$PERUy7HVLVGH*UDGRQRSXEOLFDGD8QL
YHUVLGDG$XWyQRPD*DEULHO5HQp0RUHQR6DQWD&UX]GHOD6LHUUD
9iVTXH]&K5 3/,ELVFKHGV2UTXtGHDVGH%ROLYLD2UFKLGVRI%ROLYLD'LYHUVLGDG\HVWDGRGHFRQVHUYDFLyQ'LYHUVLW\
DQGFRQVHUYDWLRQVWDWXV9RO/DHOLLQDH3RO\VWDFKLQDH6REUDOLLQDHFRQDFWXDOL]DFLyQ\FRPSOHPHQWDFLyQGHZLWKXSGDWHDQG
FRPSOHPHQWDWLRQRIWKH3OHXURWKDOOLGLQDH(GLWRULDO)$16DQWD&UX]%ROLYLD
9DVTXH]&K5 3/,ELVFKD7KHJHQXV%URPHOLD%URPHOLDFHDHLQ%ROLYLDZLWKWKHGHVFULSWLRQRIWZRQHZVSHFLHVIURPWKH
6DQWD&UX]GHSDUWPHQW5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD
9DVTXH]&K5 3/,ELVFKD1XHYDVHVSHFLHVGHRUTXtGHDVGH%ROLYLD5HYLVWDGHOD6RFLHGDG%ROLYLDQDGH%RWiQLFD
9DVTXH]&K5=\JRVWDWHVULHIHQVWDKOLDH2UFKLGDFHDHDQHZVSHFLHVIURPDQLVRODWHGGU\LQWHU$QGHDQYDOOH\LQ%ROLYLD5HY
6RF%ROLYLDQD%RW
9DVTXH]&K53/,ELVFK 6*%HFN$QHZ3X\DIURPWKHXSSHUFORXGIRUHVWOLPLWLQ%ROLYLD-%URPHOLDG6RF
9iVTXH]5 3/,ELVFK2UTXtGHDVGH%ROLYLD2UFKLGVRI%ROLYLD'LYHUVLGDG\HVWDGRGHFRQVHUYDFLyQ'LYHUVLW\DQGFRQVHU
YDWLRQVWDWXV9RO3OHXURWKDOOLGLQDH(GLWRULDO)$16DQWD&UX]%ROLYLD
9iVTXH]5$/H\&1RZLFNL 3/,ELVFK(ODERUDFLyQGHOOLVWDGRGHHVSHFLHV\HOHVWDGRDFWXDOGHFRQRFLPLHQWRGHODV/DH
OLLQDH3RO\VWDFK\LQDH6REUDOLLQDH\3OHXURWKDOOLGLQDHHQ%ROLYLD3UHSDUDWLRQRIWKHVSHFLHVFKHFNOLVWDQGWKHFXUUHQWVWDWHRI
NQRZOHGJHRIWKH/DHOLLQDH3RO\VWDFK\LQDH6REUDOLLQDH\3OHXURWKDOOLGLQDHLQ%ROLYLD(Q9iVTXH]&K5 3/,ELVFKHGV
HQSUHQVD2UTXtGHDVGH%ROLYLD2UFKLGVRI%ROLYLD'LYHUVLGDG\HVWDGRGHFRQVHUYDFLyQ'LYHUVLW\DQGFRQVHUYDWLRQ
VWDWXV9RO/DHOLLQDH3RO\VWDFKLQDH6REUDOLLQDHFRQDFWXDOL]DFLyQ\FRPSOHPHQWDFLyQGHZLWKXSGDWHDQGFRPSOHPHQWDWLRQ
RIWKH3OHXURWKDOOLGLQDH(GLWRULDO)$16DQWD&UX]%ROLYLD3S
96)9HWHULQDULRVVLQ)URQWHUDV'LDJQyVWLFRSDUDODLPSOHPHQWDFLyQGHOD5HVHUYDGH%LyVIHUD7HUULWRULR,QGtJHQD3LOyQ/DMDV
/D3D]
:DOODFH5*RPH]+)HOWRQ$ $)HOWRQ2QD1HZ6SHFLHVRI7LWL0RQNH\*HQXV&DOOLFHEXV7KRPDV3ULPDWHV3LWKHFLL
GDHIURP:HVWHUQ%ROLYLDZLWK3UHOLPLQDU\1RWHVRQ'LVWULEXWLRQDQG$EXQGDQFH
:DOWHU.6 +-*LOOHWWHGV,8&15HG/LVWRIWKUHDWHQHGSODQWV,8&1*ODQG6ZLW]HUODQG &DPEULGJH8.
:DOWHU+67KHPLVPHDVXUHRILVODQGVLPSOLFDWLRQVIRUELRJHRJUDSKFLDOWKHRU\DQGWKHFRQVHUYDWLRQRIQDWXUH-RXUQDORI%LR
JHRJUDSK\
:DOWHUV-5'LVSHUVDOEHKDYLRUDQRUQLWKRORJLFDOIURQWLHU7KH&RQGRU
:DQJ%& 7%6PLWK&ORVLQJWKHVHHGGLVSHUVDOORRS7UHQGVLQ(FRORJ\DQG(YROXWLRQ
:DVVRQ-* %%DUUHUH5HJLRQDOL]DFLyQGHODFXHQFDDPD]yQLFDEROLYLDQD/DVKLGURHFRUHJLRQHVGHOD]RQD$QGLQD5HYLVWD
%ROLYLDQDGH(FRORJtD\&RQVHUYDFLyQ$PELHQWDO
:DWVRQ570&=LQ\RZHUD5+0RVV '-'RNNHQHGV7KHUHJLRQDOLPSDFWVRIFOLPDWHFKDQJHDQDVVHVVPHQWRIYXO
QHUDELOLW\$VSHFLDOUHSRUWRI,3&&:RUNLQJ*URXS,,,QWHUJRYHUQPHQWDO3DQHORQ&OLPDWH&KDQJH81(3:02
:HEVWHU*/7KHSDQRUDPDRIQHRWURSLFDOFORXGIRUHVWV,Q63&KXUFKLOO+%DOVOHY()RUHUR -//XWH\QHGV%LRGLYHUVLW\
DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV7KH1HZ<RUN%RWDQLFDO*DUGHQ3S
:HLW]PDQ$/'LYHUVLW\RI7KHDFHDHDQG%RQHOOLDFHDHLQWKHPRQWDQH1HRWURSLFV,Q63&KXUFKLOO+%DOVOHY()RUHUR -/
/XWH\QHGV%LRGLYHUVLW\DQGFRQVHUYDWLRQRIQHRWURSLFDOPRQWDQHIRUHVWV7KH1HZ<RUN%RWDQLFDO*DUGHQ3S
:HUQHU)hEHUQHXHRGHUVHOWHQH5HSWLOLHQGHV1DWXUKLVWRULVFKHQ0XVHXPVLQ+DPEXUJ-DKUE+DPEZLVV$QVWVXSSO0LWW
1DWXUKLVW0XV+DPE
:KHHOZULJKW17:$+DEHU.*0XUUD\ &*XLQGRQ7URSLFDOIUXLWHDWLQJELUGVDQGWKHLUIRRGSODQWVDVXUYH\RID&RVWD
5LFDQORZHUPRQWDQHIRUHVW%LRWURSLFD
:&6([SHULHQFLDVHQODFULDQ]DGHDEHMDVQDWLYDVHQGRVFRPXQLGDGHV7DFDQDV7LHUUDFRPXQLWDULDGHRULJHQ7DFDQD&RPXQLGDGHV
GH6DQ3HGUR\6DQWD)H,[LDPDV(G*UHFR/D3D]%ROLYLD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
:LHGHQIHOG'$7URSLFDOELUGVSHFLHVQXPEHUVLQVHFRQGJURZWKYVSULPDU\IRUHVWKDELWDWVDWODUJHVFDOHV2UQLWRORJtD1HR
WURSLFDO
:LHQV-$7KHHFRORJ\RIELUGFRPPXQLWLHV)RXQGDWLRQVDQGSDWWHUQV&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH8.
:LOOLV(2 <2QLNL%LUGVDQGDUP\DQWV$QQX5HY(FRO6\VW
:LOOLV(2&RPSHWLWLYHH[FOXVLRQDQGELUGVDWIUXLWLQJWUHHVLQZHVWHUQ&RORPELD7KH$XN
:LOOLV(2(IIHFWVRIDFROGZDYHRQDQ$PD]RQLDQDYLIDXQDDQGVXJJHVWLRQVRQRVFLQHVXERVFLQHUHODWLRQVKLSV$FWD$PD]R
QLFD
:LOOLV(27KHFRPSRVLWLRQRIDYLDQFRPPXQLWLHVLQUHPDQHVFHQWZRRGORWVLQVRXWKHUQ%UD]LO3DSpLV$YXOVRV
:LQNHU.7KHFRQFHSWRIRDWHU2UQLWRORJtD1HRWURSLFDO
:LQNHU.-+5DSSROH 0$5DPRV3RSXODWLRQG\QDPLFVRIWKHZRRGWKUXVKLQVRXWKHUQ9HUDFUX]0H[LFR7KH&RQGRU
:LQNHU.3(VFDODQWH-+5DSSROH0$5DPRV5-2HKOHQVFKODJHU '::DUQHU3HULRGLFPLJUDWLRQDQGORZODQGIRUHVW
UHIXJLDLQDVHGHQWDU\QHRWURSLFDOELUG:HWPRUHVEXVKWDQDJHU&RQVHUYDWLRQ%LRORJ\
:LQNHU.6$UULDJD:HLVV-/RXUGHV7UHMR3 3(VFDODQWH31RWHVRQWKHDYLIDXQDRI7DEDVFR7KH:LOVRQ%XOOHWLQ
:LWKJRWW-3ROOLQDWLRQPLJUDWHVWRWRSRIFRQVHUYDWLRQDJHQGDDFROODERUDWLYHHIIRUWRQPLJUDWRU\SROOLQDWRUVDLPVWRLQFUHDVH
UHVHDUFKHGXFDWLRQDQGFRQVHUYDWLRQHIIRUWV%LR6FLHQFH
:ROI//7KHLPSDFWRIVHDVRQDORZHULQJRQWKHELRORJ\RIVRPHWURSLFDOKXPPLQJELUGV7KH&RQGRU
:XQGHUOH-0-U'-/RGJH 5%:DLGH6KRUWWHUPHIIHFWVRI+XUULFDQH*LOEHUWRQWHUUHVWULDOELUGSRSXODWLRQVRQ-DPDLFD
7KH$XN
;X5 +/LX6WXGLHVRQYHUWLFDOPLJUDWLRQRIULFHOHDIUROOHULQWKHPRXQWDLQDUHD>DEVWUDFW@)XMLDQ1RQJ\H;XHEDR
(QFKLQR
=HLO:6GDPHULND*HRORJLHGHU(UGH%G)HUGLQDQG(QNH9HUODJ6WXWWJDUW
=ROH]]L*60DUWLQH]'4XLURJD6$FHEH\6(VSLQR]D$0LUDQGD1$UDXMR &2OLYHU3ODQGH0DQHMRGHOD5HVHUYDGHOD
%LRVIHUD\(VWDFLyQ%LROyJLFDGHO%HQL*HVWLyQ)$1)$81$*8$5%(%%6(51$3*(),,6DQWD&UX]%ROLYLD
$QH[R
,FKLOR
,FKLOR
6DUD
6DUD
)ORULGD
)ORULGD
)ORULGD
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
UD:DUQHV
UD6HF0DL
UDQD
GD 3DPSD
*UDQGH
UD 6DPDL
SDWD
GD 6DQWD
5RVDGHO6DUD
UD 3RUWD
FKXHOR
UD6HF<D
SDFDQt
GD6DQ&DU
ORV
UD %XHQD
9LVWD
:DUQHV
6DQWD&UX]
,FKLOR
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
0XQLFLSLRV
3URYLQFLD
'HSDUWDPHQWR
=21$$PERUy
3REODFLyQ 3REODFLyQ
7,&
6XSHUFLH
'HQVL
.P
GDG
+DE.P
8UEDQD
$QH[R'DWRVVRFLRHFRQyPLFRVGHORVPXQLFLSLRVGHO&RUUHGRU$PERUy0DGLGL3REODFLyQ
5XUDO
3RE
HQHO
&$0
'HQVLGDG GH
3RE&$0 6XSHU
FLH&$0
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
0DUEiQ
$\RSD\D
4XLOODFROOR
&KDSDUH
&KDSDUH
&KDSDUH
&DUUDVFR
&DUUDVFR
&DUUDVFR
&DUUDVFR
&DUUDVFR
7LUDTXH
%HQL
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
0R[RV
%HQL
3URYLQFLD
'HSDUWDPHQWR
UD7LUDTXH
WD 3XHUWR
9LOODUURHO
WD&KLPRUp
UD3RFRQD
GD3RMR
UD7RWRUD
UD6HF9LOOD
7XQDUL
GD&RORPL
UD6DFDED
UD 7LTXL
SD\D
GD 0RUR
FKDWD
UD/RUHWR
QDFLR
0XQLFLSLRV
=21$&DUUDVFR,VLERUR&RFDSDWD
6DQWD&UX]
3REODFLyQ 3REODFLyQ
7,&
6XSHUFLH 'HQVLGDG
.P
8UEDQD
+DE.P
5XUDO
3RE
HQHO
&$0
'HVLGDG
3RE&$0
GH
6XSHU
FLH&$0
$QH[R
-RVp%DOOL
%HQL
-RVp%DOOL
YLDQ
-RVp%DOOL
YLDQ
-RVp%DOOL
YLDQ
<DFXPD
$\RSD\D
7DSDFDUt
0XULOOR
0XULOOR
0XULOOR
/DUHFDMD
/DUHFDMD
/DUHFDMD
/RD\]D
/RD\]D
/RD\]D
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
%HQL
%HQL
%HQL
%HQL
&RFKDEDPED
&RFKDEDPED
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
YLDQ
3URYLQFLD
'HSDUWDPHQWR
WD,FKRFD
WD&ROTXLUL
UD&DMXDWD
GD4XLPH
UD,QTXL
VLYL
WD&DLURPD
GD6DKD
SDTXL
UD/XULED\
WD7LSXDQL
GD*XDQD\
UD6RUDWD
UD0HFD
SDFD
GD3DOFD
UD/D3D]
UD7DSDFDUt
UD,QGH
SHQGHQFLD
UD6DQWD
$QD
WD5XUUH
QDEDTXH
UD6DQWD
5RVD
GD6DQ
%RUMD
UD5H\HV
0XQLFLSLRV
7,&
3REODFLyQ 3REODFLyQ
=21$<XQJDVGH/D3D]$OWR%HQL0DQLTXL
6XSHUFLH
'HQVL
.P
GDG
+DE
.P
8UEDQD
5XUDO
3REHQ 'HVLGDG
GH
HO&$0
3RE
6XSHU
&$0
FLH&$0
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
6XU<XQJDV
6XU<XQJDV
6XU<XQJDV
6XU<XQJDV
6XU<XQJDV
1RU<XQJDV
1RU<XQJDV
&DUDQDYL
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
QDYL
UD&DUD
GD&RUL
SDWD
UD&RURLFR
WD/D
$VXQWD
WD3DORV
%ODQFRV
UD<DQDFD
FKL
GD,UXSDQD
UD&KXOX
PDQL
WD/LFRPD
3DPSD
3URYLQFLD
2PDVX\RV
2PDVX\RV
&DPDFKR
&DPDFKR
&DPDFKR
0XxHFDV
'HSDUWDPHQWR
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
UD&KXPD
UD3XHUWR
&DUDEXFR
GD0RFR
PRFR
UD3XHUWR
$FRVWD
GD$QFR
UDLPHV
FDFKL
UD$FKD
0XQLFLSLRV
=21$$SROREDPED0DGLGL
,QTXLVLYL
/D3D]
3REODFLyQ
3REOD
FLyQ
7,&
6XSHUFLH 'HQVLGDG
.P
8UEDQD
+DE
.P
5XUDO
$QH[R
0XxHFDV
/DUHFDMD
/DUHFDMD
/DUHFDMD
)UDQ]7D
PD\R
)UDQ]7D
PD\R
$EHO,WX
UUDOGH
$EHO,WX
UUDOGH
%DXWLVWD
6DDYHGUD
%DXWLVWD
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
GD&XUYD
UD*UDO
3pUH]&KDUD
]DQL
GD6DQ
%XHQDYHQWXUD
UD,[LDPDV
GD3HOH
FKXFR
UD$SROR
WD&RP
ED\D
WD4XLDED\D
UD7DFD
FRPD
UD$XFD
SDWD
GD$\DWD
$QGUpV,EDxH]
$QGUpV,EDxH]
6DQWD&UX]
3URYLQFLD
6DQWD&UX]
'HSDUWDPHQWR
=21$$PERUy
UD6HF3RURQJR
6LHUUD
6DQWD&UX]GHOD
0XQLFLSLRV
3RUFHQWDMH 3REHQKRJDUHV
1RSREUHV
3REUHV
GHSREUHV
SDUWLFXODUHV
QHFHVLGDGHV 8PEUDOGH 3REUH]D ,QGLJHQFLD 0DUJLQDOLGDG
SRU1%,
EiVLFDVVD ODSREUH]D PRGHUDGD
WLVIHFKDV
$QH[R'DWRVVRFLRHFRQyPLFRVGHORVPXQLFLSLRVGHO&RUUHGRU$PERUy0DGLGL3REUH]D
6DDYHGUD
0XxHFDV
/D3D]
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
:DUQHV
,FKLOR
,FKLOR
,FKLOR
6DUD
6DUD
)ORULGD
)ORULGD
)ORULGD
26DQWLHVWH
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
WD6HF(O7RUQR
&DEDOOHUR
0DQXHO0
EDQ
UD&RPDUDSD
UD6HF0LQHURV
GUD
EDQ
26DQWLHVWH
GD*UDO6DDYH
UD0RQWHUR
UD6HF0DLUDQD
*UDQGH
GD3DPSD
UD6DPDLSDWD
GHO6DUD
GD6DQWD5RVD
UD3RUWDFKXHOR
FDQt
UD6HF<DSD
GD6DQ&DUORV
UD%XHQD9LVWD
UD:DUQHV
0R[RV
0DUEiQ
$\RSD\D
%HQL
&RFKDEDPED
3URYLQFLD
%HQL
'HSDUWDPHQWR
GD0RURFKDWD
UD/RUHWR
UD6DQ,JQDFLR
0XQLFLSLRV
=21$&DUUDVFR,VLERUR&RFDSDWD
6DQWD&UX]
6DQWD&UX]
WD6HF/D
*XDUGLD
26DQWLHVWH
EDQ
$QGUpV,EDxH]
6DQWD&UX]
6DQWD&UX]
$QGUpV,EDxH]
6DQWD&UX]
3RUFHQWDMH 3REHQKRJDUHV
1RSREUHV
GHSREUHV
SDUWLFXODUHV
QHFHVLGDGHV 8PEUDOGH 3REUH]D
SRU1%,
EiVLFDVVD
ODSREUH] PRGHUDGD
WLVIHFKDV
,QGLJHQFLD 0DUJLQDOLGDG
3REUHV
$QH[R
&KDSDUH
&KDSDUH
&KDSDUH
&DUUDVFR
&DUUDVFR
&DUUDVFR
&DUUDVFR
&DUUDVFR
7LUDTXH
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
UD7LUDTXH
OODUURHO
WD3XHUWR9L
WD&KLPRUp
UD3RFRQD
GD3RMR
UD7RWRUD
7XQDUL
UD6HF9LOOD
GD&RORPL
UD6DFDED
UD7LTXLSD\D
-RVp%DOOLYLDQ
-RVp%DOOLYLDQ
-RVp%DOOLYLDQ
-RVp%DOOLYLDQ
<DFXPD
$\RSD\D
7DSDFDUt
0XULOOR
0XULOOR
0XULOOR
/DUHFDMD
/DUHFDMD
%HQL
%HQL
%HQL
%HQL
&RFKDEDPED
&RFKDEDPED
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
3URYLQFLD
%HQL
'HSDUWDPHQWR
GD*XDQD\
UD6RUDWD
UD0HFDSDFD
GD3DOFD
UD/D3D]
UD7DSDFDUt
GHQFLD
UD,QGHSHQ
UD6DQWD$QD
TXH
WD5XUUHQDED
UD6DQWD5RVD
GD6DQ%RUMD
UD5H\HV
0XQLFLSLRV
3RUFHQWDMH 3REHQKRJDUHV
1RSREUHV
3REUHV
GHSREUHV
SDUWLFXODUHV
QHFHVLGDGHV 8PEUDOGH 3REUH]D ,QGLJHQFLD 0DUJLQDOLGDG
SRU1%,
EiVLFDVVD
ODSREUH] PRGHUDGD
WLVIHFKDV
=21$<XQJDVGH/D3D]$OWR%HQL0DQLTXL
4XLOODFROOR
&RFKDEDPED
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
/RD\]D
/RD\]D
/RD\]D
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
6XU<XQJDV
6XU<XQJDV
6XU<XQJDV
6XU<XQJDV
6XU<XQJDV
1RU<XQJDV
1RU<XQJDV
&DUDQDYL
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
WD7LSXDQL
2PDVX\RV
2PDVX\RV
&DPDFKR
&DPDFKR
/D3D]
/D3D]
/D3D]
3URYLQFLD
/D3D]
'HSDUWDPHQWR
GD0RFRPRFR
$FRVWD
UD3XHUWR
GD$QFRUDLPHV
UD$FKDFDFKL
0XQLFLSLRV
UD&DUDQDYL
GD&RULSDWD
UD&RURLFR
WD/D$VXQWD
FRV
WD3DORV%ODQ
UD<DQDFDFKL
GD,UXSDQD
UD&KXOXPDQL
3DPSD
WD/LFRPD
WD,FKRFD
WD&ROTXLUL
UD&DMXDWD
GD4XLPH
UD,QTXLVLYL
WD&DLURPD
GD6DKDSDTXL
UD/XULED\
=21$$SROREDPED0DGLGL
/DUHFDMD
/D3D]
3RUFHQWDMH
GHSREUHV
SRU1%,
3REHQKRJDUHV
1RSREUHV
3REUHV
SDUWLFXODUHV
QHFHVLGDGHV 8PEUDO GH 3 R E U H ] D ,QGLJHQFLD
EiVLFDVVDWLV ODSREUH]
PRGHUDGD
IHFKDV
0DUJLQDOLGDG
$QH[R
0XxHFDV
/DUHFDMD
/DUHFDMD
/DUHFDMD
)UDQ]7DPD\R
)UDQ]7DPD\R
$EHO,WXUUDOGH
$EHO,WXUUDOGH
%DXWLVWD
6DDYHGUD
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
6DDYHGUD
%DXWLVWD
&KDUD]DQL
0XxHFDV
/D3D]
/D3D]
UD*UDO3pUH]
0XxHFDV
/D3D]
GD&XUYD
YHQWXUD
GD6DQ%XHQD
UD,[LDPDV
GD3HOHFKXFR
UD$SROR
WD&RPED\D
WD4XLDED\D
UD7DFDFRPD
UD$XFDSDWD
GD$\DWD
UD&KXPD
UDEXFR
UD3XHUWR&D
&DPDFKR
/D3D]
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3URYLQFLD
$QGUpV
,EDxH]
$QGUpV
,EDxH]
$QGUpV
,EDxH]
$QGUpV
,EDxH]
:DUQHV
,FKLOR
,FKLOR
,FKLOR
6DUD
6DUD
)ORULGD
)ORULGD
)ORULGD
26DQ
WLHVWHEDQ
'HSDUWDPHQWR
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
6DQWD&UX]
UD0RQWHUR
UD6HF
0DLUDQD
GD3DPSD
*UDQGH
UD6DPDL
SDWD
GD6DQWD
5RVDGHO6DUD
UD3RUWD
FKXHOR
UD6HF<D
SDFDQt
GD6DQ
&DUORV
UD%XHQD
9LVWD
UD:DUQHV
WD6HF(O
7RUQR
WD6HF/D
*XDUGLD
UD6HF3R
URQJR
6DQWD&UX]GH
OD6LHUUD
0XQLFLSLRV
(VSHUDQ]D
GH9LGD
DO1DFHU
DxRV
7DVDGH$OID
EHWLVPRGH
DGXOWRVGH
\PiVDxRV
GHHGDG
$xRV
SURPH
GLRGH
HVFROD
ULGDG
7DVDGHPD
WULFXODFLyQ
QHWDFRPEL
QDGDLQLFLDO
SULPDULD\
VHFXQGDULD
&RQVXPR
3HUFiSLWD
33$HQ
XV$xR
'HVLJXDO
GDG
QGLFH
GHHVSH
UDQ]DGH
YLGD
QGLFH
GHHGX
FDFLyQ
QGLFHGHO
FRQVXPR
DMXVWDGR
DO3,%SHU
FiSLWD
=21$$PERUy
$QH[R'DWRVVRFLRHFRQyPLFRVGHORVPXQLFLSLRVGHO&RUUHGRU$PERUy0DGLGLQGLFHGH'HVDUUROOR+XPDQR
9DORUGHO
QGLFHGH
GHVDUUROOR
KXPDQR
,'+
$QH[R
0 D Q X H O UD &RPD
0 &DED UDSD
OOHUR
6DQWD&UX]
3URYLQFLD
0R[RV
0DUEiQ
$\RSD\D
4XLOODFR
OOR
&KDSDUH
&KDSDUH
&KDSDUH
&DUUDVFR
&DUUDVFR
&DUUDVFR
&DUUDVFR
&DUUDVFR
7LUDTXH
'HSDUWDPHQWR
%HQL
%HQL
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
&RFKDEDPED
UD7LUDTXH
WD3XHUWR
9LOODUURHO
WD&KLPRUp
UD3RFRQD
GD3RMR
UD7RWRUD
UD6HF9L
OOD7XQDUL
GD&RORPL
UD6DFDED
UD7LTXL
SD\D
GD0RUR
FKDWD
UD/RUHWR
UD6DQ
,JQDFLR
0XQLFLSLRV
(VSHUDQ]D 7DVDGH$OID
$xRV
GH9LGD
EHWLVPRGH SURPHGLR
DO1DFHU DGXOWRVGH GHHVFR
DxRV \PiVDxRV
ODULGDG
GHHGDG
=21$&DUUDVFR,VLERUR&RFDSDWD
UD6HF0L
QHURV
26DQ
WLHVWHEDQ
6DQWD&UX]
GD*UDO
6DDYHGUD
26DQ
WLHVWHEDQ
6DQWD&UX]
7DVDGHPD
WULFXODFLyQ
QHWDFRPEL
QDGDLQLFLDO
SULPDULD\
VHFXQGDULD
&RQVXPR
3HUFiSLWD
33$HQ
XV$xR
'HVLJXDO
GDG
QGLFH
GHHVSH
UDQ]DGH
YLGD
QGLFH
GHHGX
FDFLyQ
QGLFHGHO
FRQVXPR
DMXVWDGR
DO3,%SHU
FiSLWD
9DORUGHO
QGLFHGH
GHVDUUROOR
KXPDQR
,'+
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
-RVp%DOOL UD6DQWD
YLDQ
5RVD
-RVp%DOOL WD5XUUHQD
YLDQ
EDTXH
<DFXPD
$\RSD\D
7DSDFDUt
0XULOOR
0XULOOR
0XULOOR
/DUHFDMD
/DUHFDMD
/DUHFDMD
/RD\]D
/RD\]D
%HQL
%HQL
%HQL
&RFKDEDPED
&RFKDEDPED
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
GD6DKD
SDTXL
UD/XULED\
WD7LSXDQL
GD*XDQD\
UD6RUDWD
UD0HFD
SDFD
GD3DOFD
UD/D3D]
UD7DSDFDUt
UD,QGHSHQ
GHQFLD
UD6DQWD
$QD
-RVp%DOOL GD6DQ
YLDQ
%RUMD
%HQL
-RVp%DOOL UD5H\HV
YLDQ
(VSHUDQ]D
GH9LGD
DO1DFHU
DxRV
%HQL
0XQLFLSLRV
3URYLQFLD
'HSDUWDPHQWR
=21$<XQJDVGH/D3D]$OWR%HQL0DQLTXL
7DVDGH$OID
$xRV
EHWLVPRGH
SURPHGLR
DGXOWRVGH GHHVFR
\PiVDxRV
ODULGDG
GHHGDG
7DVDGHPD
WULFXODFLyQ
QHWDFRPEL
QDGDLQLFLDO
SULPDULD\
VHFXQGDULD
&RQVXPR
3HUFiSLWD
33$HQ
XV$xR
'HVL
JXDOGDG
,QGLFH
GHHVSH
UDQ]DGH
YLGD
,QGLFH
GHHGX
FDFLyQ
QGLFHGHO
FRQVXPR
DMXVWDGR
DO3,%SHU
FiSLWD
9DORUGHO
QGLFHGH
GHVDUUROOR
KXPDQR
,'+
$QH[R
/RD\]D
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
,QTXLVLYL
6XU<XQ
JDV
6XU<XQ
JDV
6XU<XQ
JDV
6XU<XQ
JDV
6XU<XQ
JDV
1RU<XQ
JDV
1RU<XQ
JDV
&DUDQDYL
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
UD&DUDQDYL
GD&RULSDWD
UD&RURLFR
WD/D
$VXQWD
WD3DORV
%ODQFRV
UD<DQD
FDFKL
GD,UXSDQD
UD&KXOX
PDQL
WD/LFRPD
3DPSD
WD,FKRFD
WD&ROTXLUL
UD&DMXDWD
GD4XLPH
UD,QTXLVLYL
WD&DLURPD
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
3URYLQFLD
2PDVX
\RV
2PDVX
\RV
&DPDFKR
&DPDFKR
&DPDFKR
0XxHFDV
0XxHFDV
0XxHFDV
/DUHFDMD
/DUHFDMD
/DUHFDMD
)UDQ]
7DPD\R
)UDQ]
7DPD\R
$EHO
,WXUUDOGH
$EHO
,WXUUDOGH
%DXWLVWD
6DDYHGUD
%DXWLVWD
6DDYHGUD
'HSDUWDPHQWR
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
/D3D]
GD&XUYD
UD*UDO
3pUH]&KDUD
]DQL
GD6DQ%XH
QDYHQWXUD
UD,[LDPDV
GD3HOH
FKXFR
UD$SROR
WD&RPED\D
WD4XLDED\D
UD7DFDFR
PD
UD$XFDSDWD
GD$\DWD
UD&KXPD
UD3XHUWR
&DUDEXFR
GD0RFR
PRFR
UD3XHUWR
$FRVWD
GD$QFRUDL
PHV
UD$FKD
FDFKL
0XQLFLSLRV
=21$$SROREDPED0DGLGL
(VSHUDQ
]DGH9LGD
DO1DFHU
DxRV
7DVDGH$OID
$xRV
EHWLVPRGH
SURPHGLR
DGXOWRVGH GHHVFR
\PiVDxRV
ODULGDG
GHHGDG
7DVDGHPD
WULFXODFLyQ
QHWDFRPEL
QDGDLQLFLDO
SULPDULD\
VHFXQGDULD
&RQVXPR
3HUFiSLWD
33$HQ
XV$xR
'HVLJXDO
GDG
QGLFH
GHHVSH
UDQ]DGH
YLGD
QGLFH
GHHGX
FDFLyQ
QGLFHGHO
FRQVXPR
DMXVWDGR
DO3,%SHU
FiSLWD
9DORUGHO
QGLFHGH
GHVDUUROOR
KXPDQR
,'+
$QH[R
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$QH[R/LVWDGH$QELRVDPHQD]DGRVSUHVHQWHVHQHO&RUUHGRU$PERUy0DGLGL
(VSHFLHDPHQD]DGD
'LVWULEXFLyQHQHFRUUHJLRQHV
8,&1
7LSRGHDPHQD]D
<XQJDV
$PD]RQtD
9DOOHV
%8)21,'$(
$WHORSXVWULFRORU
98
'$*
&$$3
%XIRDPERURHQVLV
''
3pUGLGDGHKiELWDW'$*
$0
%XIRMXVWLDQRL
&$
'$*
&$$0
%XIRTXHFKXD
&$
'$*
&$$0
%XIRVWDQODLL
05
'$*
&$&23,
&(1752/(1,'$(
&RFKUDQHOODEHMDUDQRL
&$
'$*
&$$0
&RFKUDQHOODQROD
&$
'$*
$0
'(1'52%$7,'$(
&RORVWHWKXVPFGLDUPLGL
98
'$*
&$$3
(SLSHGREDWHVEROLYLDQXV
05
'$*
3,$3
+</,'$(
*DVWURWKHFDODX]XULFDH
&5
3pUGLGDGHKiELWDW'$*
*DVWURWKHFDVSOHQGHQV
(1
'$*
$0
+\ODDOERQLJUD
&$
'$*
+\ODFKDUD]DQL
(1
&RQWDPLQDFLyQSpUGLGDGHKiELWDW
'$*
+\ODFKORURVWHD
&5
3pUGLGDGHKiELWDW'$*
/(372'$&7</,'$(
(OHXWKHURGDFW\OXVDVKNDSDUD
98
'$*
&$
(OHXWKHURGDFW\OXVELVLJQDWXV
(1
3pUGLGDGHKiELWDW'$*
&2
(OHXWKHURGDFW\OXVIUDXGDWRU
05
'$*
&$
(OHXWKHURGDFW\OXVLELVFKL
05
'$*
(OHXWKHURGDFW\OXVOORMVLQWXWD
05
'$*
&$
(OHXWKHURGDFW\OXVPHUFHGHVDH
''
'$*
&$&2
(OHXWKHURGDFW\OXVSOXYLFDQRUXV
05
'$*
&$$0
(OHXWKHURGDFW\OXVVDPDLSDWDH
05
'$*
(OHXWKHURGDFW\OXV]RQJRHQVLV
&5
3pUGLGDGHKiELWDW'$*
,VFKQRFQHPDVDQFWDHFUXFLV
05
'$*
&$$0
3KU\QRSXVDGHQRSOHXUXV
''
'$*
&$
3KU\QRSXVLDWDPDVL
05
'$*
&$
3KU\QRSXVNHPSI
98
3pUGLGDGHKiELWDW'$*
3KU\QRSXVODSODFDL
05
'$*
&2
3KU\QRSXVSLQJXLV
98
3pUGLGDGHKiELWDW'$*
'$* 'HFOLQDFLRQHVGHDQELRVJOREDOHV
&DWHJRUtDGH$PHQD]D(;([WLQFWDHQYLGDVLOYHVWUH&5(QSHOLJURFUtWLFR(1(QSHOLJUR989XOQHUDEOH&$&DVLDPH
QD]DGD050HQRUULHVJRVLQDPHQD]DVFUtWLFDV'''DWRVGHFLHQWHV
$UHDV3URWHJLGDV0$0DGLGL$3$SROREDPED3,3LOyQ/DMDV&2&RWDSDWD(%%(VWDFLyQ%LROyJLFDGHO%HQL7,31,6
,VLERUR6pFXUH$/7$OWDPDFKL&$&DUUDVFR$0$PERUy
$QH[R
$QH[R/LVWDGHUHSWLOHVDPHQD]DGRVSUHVHQWHVHQHO&RUUHGRU$PERUy0DGLGL
(VSHFLHDPHQD]DGD
'LVWULEXFLyQHQHFRUUHJLRQHV
<XQJDV
$PD]RQtD
9DOOHV
8,&1
7LSRGHDPHQD]D
3UHVHQFLDHQiUHDSUR
WHJLGD
$//,*$725,'$(
0HODQRVXFKXVQLJHU
0$(%%7,31,6$3
$03+,6%$(1,'$(
$PSKLVEDHQDFHJHLH
3pUGLGDGHKiELWDW
*<01237+$/0,'$(
1HXVWLFXUXVRFHOODWXVH
3pUGLGDGHKiELWDW
0$3,
3URFWRSRUXVEROLYLDQXV
7(,,'$(
$PHLYDYLWWDWD
&2/8%5,'$(
$SRVWROHSLVPXOWLFLQFWDH
3pUGLGDGHKiELWDW
$SRVWROHSLVWHQXLVH
3pUGLGDGHKiELWDW
$WUDFWXVEDO]DQLH
3pUGLGDGHKiELWDW
$WUDFWXVERFNLH
3pUGLGDGHKiELWDW
$WUDFWXVERHWWJHULH
3pUGLGDGHKiELWDW
$WUDFWXVHPPHOL
2[\UKRSXVVSQRY
$0$/7
7DFK\PHQLVDWWHQXDWD
&$"
(/$3,'$(
0LFUXUXVVHUUDQXVH
3pUGLGDGHKiELWDW
9,3(5,'$(
%RWKURSVMRQDWKDQLH
$0&$
H(VSHFLHHQGpPLFDGH%ROLYLD
&DWHJRUtDGH$PHQD]D(;([WLQFWDHQYLGDVLOYHVWUH&5(QSHOLJURFUtWLFR(1(QSHOLJUR989XOQHUDEOH&$&DVL
DPHQD]DGD050HQRUULHVJRVLQDPHQD]DVFUtWLFDV'''DWRVGHFLHQWHV
$UHDV3URWHJLGDV0$0DGLGL$3$SROREDPED3,3LOyQ/DMDV&2&RWDSDWD(%%(VWDFLyQ%LROyJLFDGHO%HQL7,31,6
,VLERUR6pFXUH$/7$OWDPDFKL&$&DUUDVFR$0$PERUy
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$QH[R/LVWDGH$YHVDPHQD]DGDVSUHVHQWHVHQHO&RUUHGRU$PERUy0DGLGL
(VSHFLHDPHQD]DGD
'LVWULEXFLyQHQHFRUUHJLRQHV
<XQJDV
$PD]RQtD
9DOOHV
8,&1
7LSRGHDPHQD]D
3UHVHQFLDHQiUHDSURWHJLGD
7,1$0,'$(
1RWKRSURFWDWDF]DQRZVNLL
98
3pUGLGDGHKiELWDW
$3
&5$&,'$(
3DX[LXQLFRUQLV
98
&UD[JOREXORVD
98
36,77$&,'$(
$UDPLOLWDULV
98
3pUGLGDGHKiELWDW
3,$30$&$$0
$UDUXEURJHQ\V
(1
)851$5,,'$(
&LQFORGHVDULFRPDH
&5
3pUGLGDGHKiELWDW
0$&2
&UDQLROHXFDKHQULFDH
(1
3pUGLGDGHKiELWDW
6LPR[HQRSVVWULDWXV
98
3pUGLGDGHKiELWDW
3,$30$&$$0
7+$0123+,/,'$(
0\UPRWKHUXODJULVHD
98
3pUGLGDGHKiELWDW
$30$&$7,31,6$0
7HUHQXUDVKDUSHL
(1
3pUGLGDGHKiELWDW
$3&$"
7<5$11,'$(
$QDLUHWHVDOSLQXV
(1
3pUGLGDGHKiELWDW
&2
+HPLWULFFXVUXJXODULV
&$
3pUGLGDGHKiELWDW
3,$30$$0
&27,1*,'$(
&$
3pUGLGDGHKiELWDW
0$
/LSDXJXVXURS\JLDOLV
98
3pUGLGDGHKiELWDW
&20$&$
7+5$83,'$(
2UHRPDQHVIUDVHUL
&$
3pUGLGDGHKiELWDW
$378
7DQJDUDPH\HUGHVFKDXHQVHHL
98
3pUGLGDGHKiELWDW
0$
3$58/,'$(
'HQGURLFDFHUXOHD
98
3pUGLGDGHKiELWDW
&DWHJRUtDGH$PHQD]D(;([WLQFWDHQYLGDVLOYHVWUH&5(QSHOLJURFUtWLFR(1(QSHOLJUR989XOQHUDEOH&$&DVLDPH
QD]DGD050HQRUULHVJRVLQDPHQD]DVFUtWLFDV'''DWRVGHFLHQWHV
$UHDV3URWHJLGDV0$0DGLGL$3$SROREDPED3,3LOyQ/DMDV&2&RWDSDWD(%%(VWDFLyQ%LROyJLFDGHO%HQL7,31,6
,VLERUR6pFXUH787XQDUL$/7$OWDPDFKL&$&DUUDVFR$0$PERUy
$QH[R
$QH[R/LVWDGHPDPtIHURVDPHQD]DGRVSUHVHQWHVHQHO&RUUHGRU$PERUy0DGLGL
(VSHFLHDPHQD]DGD
'LVWULEXFLyQHQHFRUUHJLRQHV
8,&1
7LSRGHDPHQD]D
3UHVHQFLDHQiUHDSURWHJLGD
98
3pUGLGDGHKiELWDW
&5
3pUGLGDGHKiELWDW
98
3pUGLGDGHKiELWDW
98
3pUGLGDGHKiELWDW
3ODW\UUKLQXVYLWWDWXV
98
3pUGLGDGHKiELWDW
0$SRVLEOHPWH&27,31,6&$$0
3,
6WXUQLUDPDJQD
98
3pUGLGDGHKiELWDW
0$
3,7+(&,,'$(
&DOOLFHEXVROODODH
98
0$
&DOOLFHEXVPRGHVWXV
98
0$
0867(/,'$(
3WHURQXUDEUDVLOLHQVLV
(1
3pUGLGDGHKiELWDW
856,'$(
7UHPDUFWRVRUQDWXV
(1
3pUGLGDGHKiELWDW
31&$$0$3&20$7,31,63,
&(59,'$(
0D]DPDFKXQ\L
(1
085,'$(
$NRGRQVLEHULDHH
98
3pUGLGDGHKiELWDW
2[\P\FWHUXVKXFKXFDH
98
3pUGLGDGHKiELWDW
',120<,'$(
'LQRP\VEUDQLFNLL
(1
$%52&20,'$(
$EURFRPDEROLYLHQVLVH
98
3pUGLGDGHKiELWDW
<XQJDV
$PD]RQtD
9DOOHV
','(/3+,'$(
*OLURQLDYHQXVWD
*UDFLOLQDQXVDFHUDPDUFDH
0RQRGHOSKLVRVJRRGL
3+<//26720,'$(
/LFKRQ\FWHULVREVFXUD
H(VSHFLHHQGpPLFDGH%ROLYLD
&DWHJRUtDGH$PHQD]D(;([WLQFWDHQYLGDVLOYHVWUH&5(QSHOLJURFUtWLFR(1(QSHOLJUR989XOQHUDEOH&$&DVL
DPHQD]DGD050HQRUULHVJRVLQDPHQD]DVFUtWLFDV'''DWRVGHFLHQWHV
$UHDV3URWHJLGDV0$0DGLGL$3$SROREDPED3,3LOyQ/DMDV&2&RWDSDWD(%%(VWDFLyQ%LROyJLFDGHO%HQL7,31,6
,VLERUR6pFXUH$/7$OWDPDFKL&$&DUUDVFR$0$PERUy
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$QH[R3DWUyQGHGLVWULEXFLyQGHHVSHFLHVGHDQELRVDPHQD]DGRVGHO&RUUHGRU$PERUy0DGLGL
$QH[R
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$QH[R
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$QH[R3DWUyQGHGLVWULEXFLyQGHHVSHFLHVGHDYHVDPHQD]DGDVGHO&RUUHGRU$PERUy0DGLGL
$QH[R
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$QH[R5HSUHVHQWDWLYLGDGHQiUHDVSURWHJLGDVGHDQELRVDPHQD]DGRVGHO&RUUHGRU$PERUy0DGLGL
(VSHFLHDPHQD]DGD
6XSHUFLHiUHD 6XSHUFLHiUHD
GH
GH
GLVWULEXFLyQ
GLVWULEXFLyQHQ
WRWDOKD
HO&$0KD
'LVWULEXFLyQGH
ODHVSHFLHHQHO
&$0
6XSHUFLHEDMR
SURWHFFLyQHQ
HO&$0KD
5HSUHVHQWDFLyQHQHO
&$0
%8)21,'$(
$WHORSXVWULFRORU
%XIRDPERURHQVLV
%XIRMXVWLDQRL
%XIRTXHFKXD
%XIRVWDQODLL
&(1752/(1,'$(
&RORVWHWKXVPFGLDUPLGL
(SLSHGREDWHVEROLYLDQXV
&RFKUDQHOODEHMDUDQRL
&RFKUDQHOODQROD
'(1'52%$7,'$(
+</,'$(
*DVWURWKHFDODX]XULFDH
+\ODDOERQLJUD
+\ODFKDUD]DQL
+\ODFKORURVWHD
*DVWURWKHFDVSOHQGHQV
/(372'$&7</,'$(
(OHXWKHURGDFW\OXVDVKNDSDUD
VLQGDWR
(OHXWKHURGDFW\OXVELVLJQDWXV
(OHXWKHURGDFW\OXVIUDXGDWRU
(OHXWKHURGDFW\OXVLELVFKL
(OHXWKHURGDFW\OXVOORMVLQWXWD
(OHXWKHURGDFW\OXV
SOXYLFDQRUXV
(OHXWKHURGDFW\OXVVDPDLSDWDH
(OHXWKHURGDFW\OXV]RQJRHQVLV
3KU\QRSXVLDWDPDVL
3KU\QRSXVNHPSI
3KU\QRSXVODSODFDL
(OHXWKHURGDFW\OXVPHUFHGHVDH
,VFKQRFQHPDVDQFWDHFUXFLV
3KU\QRSXVDGHQRSOHXUXV
3K\OORQDVWHVFDUUDVFRLFROD
3K\OORQDVWHVULWDUDVTXLQDH
3KU\QRSXVSLQJXLV
7HOPDWRELXVEROLYLDQXV
7HOPDWRELXVHGDSKRQDVWHV
7HOPDWRELXVPDUPRUDWXV
7HOPDWRELXVYHUUXFRVXV
VLQGDWR
7HOPDWRELXV\XUDFDUH
7HOPDWRELXVVLELULFXV
$QH[R
(VSHFLHDPHQD]DGD
5HSUHVHQWDWLYLGDGHQiUHDVSURWHJLGDVGHOiUHDSRWHQFLDOGHGLVWULEXFLyQGHODHVSHFLHHQHO
&$0KD
0$0DGLGL$3$SROREDPED3/3LOyQ/DMDV&2&RWDSDWD(%%(VWDFLyQ%LROyJLFD
GHO%HQL7,31,6,VLERUR6pFXUH717XQDUL&$&DUUDVFR$0$PERUy
$0
$3
&$
&2
$WHORSXVWULFRORU
%XIRDPERURHQVLV
%XIRMXVWLDQRL
%XIRTXHFKXD
%XIRVWDQODLL
7,31,6
0$
3/
71
(%%
&RFKUDQHOODEHMDUDQRL
&RFKUDQHOODQROD
&RORVWHWKXVPFGLDUPLGL
(SLSHGREDWHVEROLYLDQXV
*DVWURWKHFDODX]XULFDH
*DVWURWKHFDVSOHQGHQV
+\ODDOERQLJUD
+\ODFKDUD]DQL
+\ODFKORURVWHD
%8)21,'$(
&(1752/(1,'$(
'(1'52%$7,'$(
+</,'$(
/(372'$&7</,'$(
(OHXWKHURGDFW\OXVDVKNDSDUD
(OHXWKHURGDFW\OXVELVLJQDWXV
(OHXWKHURGDFW\OXVIUDXGDWRU
(OHXWKHURGDFW\OXVLELVFKL
(OHXWKHURGDFW\OXVOORMVLQWXWD
(OHXWKHURGDFW\OXVVDPDLSDWDH
(OHXWKHURGDFW\OXV]RQJRHQVLV
3KU\QRSXVDGHQRSOHXUXV
3KU\QRSXVLDWDPDVL
3KU\QRSXVNHPSI
3KU\QRSXVODSODFDL
3KU\QRSXVSLQJXLV
3K\OORQDVWHVFDUUDVFRLFROD
3K\OORQDVWHVULWDUDVTXLQDH
(OHXWKHURGDFW\OXVPHUFHGHVDH
(OHXWKHURGDFW\OXVSOXYLFDQRUXV
,VFKQRFQHPDVDQFWDHFUXFLV
7HOPDWRELXVEROLYLDQXV
7HOPDWRELXVHGDSKRQDVWHV
7HOPDWRELXVPDUPRUDWXV
7HOPDWRELXVVLELULFXV
7HOPDWRELXVYHUUXFRVXV
7HOPDWRELXV\XUDFDUH
9LVLyQGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHO&RUUHGRU$PERUy0DGLGL
$QH[R5HSUHVHQWDWLYLGDGHQiUHDVSURWHJLGDVGHDYHVDPHQD]DGDVGHO&RUUHGRU$PERUy0DGLGL
(VSHFLHDPHQD]DGD
6XSHUFLHiUHD 6XSHUFLHiUHD
GHGLVWULEXFLyQ GHGLVWULEXFLyQ
WRWDOKD
HQHO&$0KD
'LVWULEXFLyQGH
ODHVSHFLHHQHO
&$0
6XSHUFLHEDMR
SURWHFFLyQHQ
HO&$0KD
5HSUHVHQWDFLyQHQHO
&$0
7,1$0,'$(
3DX[LXQLFRUQLV
&UD[JOREXORVD
1RWKRSURFWDWDF]DQRZVNLL
&5$&,'$(
36,77$&,'$(
$UDPLOLWDULV
$UDUXEURJHQ\V
)851$5,,'$(
&UDQLROHXFDKHQULFDH
6LPR[HQRSVVWULDWXV
0\UPRWKHUXODJULVHD
7HUHQXUDVKDUSHL
&LQFORGHVDULFRPDH
7+$0123+,/,'$(
7<5$11,'$(
3KLEDOXUDEROLYLDQD
/LSDXJXVXURS\JLDOXV
$QDLUHWHVDOSLQXV
+HPLWULFFXVUXJXODULV
&27,1*,'$(
75$83,'$(
2UHRPDQHVIUDVHUL
7DQJDUDPH\HUGHVFKDXHQVHHL
6LQGDWR
3$58/,'$(
'HQGURLFDFHUXOHD
$QH[R
(VSHFLH
DPHQD]DGD
5HSUHVHQWDWLYLGDGHQiUHDVSURWHJLGDVGHOiUHDSRWHQFLDOGHGLVWULEXFLyQGHOD
HVSHFLHHQHO&$0KD0$0DGLGL$3$SROREDPED3/3LOyQ/DMDV&2
&RWDSDWD(%%(VWDFLyQ%LROyJLFDGHO%HQL7,31,6,VLERUR6pFXUH717XQDUL
&$&DUUDVFR$0$PERUy
$0
$3
&$
&2
7,31,6
0$
3/
71
(%%
7,1$0,'$(
3DX[LXQLFRUQLV
&UD[JOREXORVD
$UDPLOLWDULV
$UDUXEURJHQ\V
&LQFORGHVDULFRPDH
&UDQLROHXFDKHQULFDH
1RWKRSURFWDWDF]DQRZVNLL
&5$&,'$(
36,77$&,'$(
)851$5,,'$(
6LPR[HQRSVVWULDWXV
7+$0123+,/,'$(
0\UPRWKHUXODJULVHD
7HUHQXUDVKDUSHL
7<5$11,'$(
$QDLUHWHVDOSLQXV
+HPLWULFFXVUXJXODULV
&27,1*,'$(
3KLEDOXUDEROLYLDQD
/LSDXJXVXURS\JLDOXV
75$83,'$(
2UHRPDQHVIUDVHUL
7DQJDUDPH\HUGHVFKDXHQVHHL
3$58/,'$(
'HQGURLFDFHUXOHD