3UiFWLFDVGHUHDSURSLDFLyQGHHVSDFLRVFRPXQLWDULRVHQHO

&HUUR&RUGLOOHUD8QDQiOLVLVHWQRJUiILFRGHO7DOOHUGH$FFLyQ
&RPXQLWDULD7$&OD3REODFLyQ2EUHUDGHOD8QLyQ\HO
(VSDFLR6DQWD$QD9DOSDUDtVR&KLOH
0$;,0,/,$126272
! &HQWURGH'HVDUUROOR8UEDQR6XVWHQWDEOH&('(863RQWLILFLD8QLYHUVLGDG&DWyOLFDGH&KLOH6DQWLDJR&KLOHPVRWP#XFFO

1$+8(/48,52*$&259$/1
! (VFXHODGH$UTXLWHFWXUD8QLYHUVLGDG&HQWUDO6DQWLDJR&KLOHQDKXHOTXLURJD#DOXPQLQGHGX

0$5&(/2*21=/(=&,67(51$6
! &RPLVLyQGH(VWXGLRVGHO(VSDFLR6DQWD$QD9DOSDUDtVR&KLOHHVSDFLRVDQWDDQD#JPDLOFRP
8QLYHUVLGDGGH9DOSDUDtVR
)DFXOWDGGH$UTXLWHFWXUD
5HYLVWD0iUJHQHV
(VSDFLR$UWH6RFLHGDG
3UiFWLFDVGHUHDSURSLDFLyQGHHVSDFLRVFRPXQLWDULRVHQHO&HUUR&RUGLOOHUD8QDQiOLVLVHWQRJUiILFRGHO7DOOHU
GH$FFLyQ&RPXQLWDULD7$&OD3REODFLyQ2EUHUDGHOD8QLyQ\HO(VSDFLR6DQWD$QD9DOSDUDtVR&KLOH
6HSWLHPEUH9RO1
3iJLQDVD
,661HOHF
,661LPS
5HFHSFLyQPD\R
$FHSWDFLyQDJRVWR
5(680(1
(O SUHVHQWH DUWtFXOR HV HO UHVXOWDGR GH XQ DQiOLVLV FXDOLWDWLYR GH WLSR HWQRJUiILFR UHDOL]DGR HQ WUHV HVSDFLRV
GHO &HUUR &RUGLOOHUD GH 9DOSDUDtVR TXH VH HQPDUFDQ GHQWUR GH SUiFWLFDV GH UHDSURSLDFLyQ VRFLRFXOWXUDOHV
UHJLVWUDGDVGHVGHFRPLHQ]RGHODGpFDGDGHDHO7DOOHUGH$FFLyQ&RPXQLWDULD7$&EOD3REODFLyQ
2EUHUDGH/D8QLyQ\FHO(VSDFLR6DQWD$QD7UHVHVSDFLRVTXHUH~QHQH[SHULHQFLDVGLYHUVDVHQORLQGLYLGXDO
FROHFWLYR\FRPXQLWDULRDPRGRGHHQWRUQRVGHLQWHUDFFLyQKDFLHQGRYLVLEOHVGLQiPLFDVLQWHUVXEMHWLYDVTXH
DGTXLHUHQXQDFLHUWDVLQJXODULGDGDOLQWHULRUGHpVWHFHUUR(QWRUQRVGRQGHORVVXMHWRVHVWDEOHFHQUXWLQDVTXH
FRQIRUPDQVXFRWLGLDQHLGDGGHQWURGHXQSURFHVRGHFRQVWUXFFLyQGHXQ1RVRWURVFXOWXUDOFRPRXQLGDGGH
VHQWLGRLQWHUDFFLRQDO
3$/$%5$6&/$9(
HWQRJUDItDVXUEDQDVUHDSURSLDFLRQHVHVSDFLRVFRPXQLWDULRV&HUUR&RUGLOOHUD9DOSDUDtVR

5HDSSURSULDWLRQRIFRPPXQLW\VSDFHVSUDFWLFHVLQ&RUGLOOHUD+LOO$QHWK
QRJUDSKLFDQDO\VLVRIWKH&RPPXQLW\$FWLRQ:RUNVKRS:RUNHUV9LOODJH
LQ/D8QLyQDQG(VSDFLR6DQWD$QD9DOSDUDtVR&KLOH
$%675$&7
7KLVDUWLFOHLVWKHUHVXOWRIDTXDOLWDWLYHHWKQRJUDSKLFDQDO\VLVFRQGXFWHGLQWKUHHDUHDVRIWKHKLOO&HUUR&RUGL
OOHUDLQ9DOSDUDtVR&KLOHD$FWLRQ:RUNVKRS&RPPXQLW\7$&E3REODFLyQ8QLyQ2EUHUDFROOHFWLYHKRXVLQJ
SURMHFWDQGF(VSDFLR6DQWD$QD7KUHHVSDFHVWKDWEULQJWRJHWKHUGLYHUVHH[SHULHQFHVLQWKHLQGLYLGXDOJURXS
DQGFRPPXQLW\DVDQLQWHUDFWLRQHQYLURQPHQWVPDNLQJYLVLEOHLQWHUVXEMHFWLYHG\QDPLFVWKDWDFTXLUHDFHU
WDLQXQLTXHQHVVZLWKLQWKLVKLOO(QYLURQPHQWVZKHUHVXEMHFWVHVWDEOLVKURXWLQHVWKDWPDNHXSWKHLUHYHU\GD\
OLYHVLQDSURFHVVRIEXLOGLQJDFXOWXUDOO\DQG8VXQLWLQWHUDFWLRQDOVHQVH
.(<:25'6
XUEDQHWKQRJUDSKLHVUHDSSURSULDWLRQVFRPPXQLW\VSDFHV&HUUR&RUGLOOHUD9DOSDUDtVR

3UDWLTXHVGHUHDSSURSULDWLRQGHVSDFHVFRPPXQDXWDLUHVGDQVOD&ROOLQH
&RUGLOOHUD8QHDQDO\VHHWKQRJUDSKLTXHGHO$WHOLHUG$FWLRQ&RPPXQDX
WDLUH7$&OD3REODFLyQ2EUHUDGHO8QLRQHWO(VSDFH6DQWD$QD9DOSD
UDLVR&KLOL
5e680e
/HSUpVHQWDUWLFOHHVWOHUpVXOWDWGXQHDQO\VHTXDOLWDWLYHGHW\SHHWQRJUDSKLTXHDSSOLTXpHVXUWURLVHQGURLWVGX
&HUUR&RUGLOOHUDj9DOSDUDtVRGDQVOHFDGUHGXQSURFHVVXVGHSUDWLTXHVVRFLRFXOWXUHOOHVGHUpDSSURSLDWLRQV
'HVSUDWLTXHVTXLRQWpWpHQUHJLVWUHVGqVOHGpEXWGHVDQQpHVDO$WHOLHUG$FWLRQ&RPPXQDXWDLUH7$&

!5HYLVWD0iUJHQHV19RO!6HSWLHPEUH  !,661HOHFWUyQLFR

)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR !,661LPSUHVR
 EOD3REODFLyQ2EUHUDGHOD8QLyQ\FOH(VSDFLR6DQWD$QD7URLVHVSDFHVTXLJDUGHQWGHVH[SHULHQFHVGLYHUV
HQWUH OLQGLYLGXHO OH FROOHFWLI HW OH FRPPXQXWDLUH HQ WDQW TXHQYLURQQHPHQW GLQWHUDFWLRQ HQ PHWWDQW HQ
OXPLqUHG\QDPLTXHVLQWHUVXEMHFWLYHVTXLGHYLHQHQWVLQJXOLqUHVjOLQWpULHXUGHODFROOLQH'HVHQYLURQQHPHQWV
GRQWOHVVXMHWVpWDEOLVVHQWGHVURXWLQHVTXLGRQQHQWIRUPHjOHXUVTXRWLGLDQQpLWHDXWRXUGXQSURFHVVXVGH
FRQVWUXFWLRQGXQ1RXVFXOWXUHOHQWDQWTXXQLWpGHVHQVLQWHUDFWLRQQHOOH
0276&/e6
HWQRJUDSKLHVXUEDLQHVUHDSSURSLDWLRQVHVSDFHVFRPPXQXWDLUHV&HUUR&RUGLOOHUD9DOSDUDtVR
,1752'8&&,1
/HVSDFHXUEDLQHVWOHSURGXLWVpGLPHQWpGLQWHQWLRQQDOLWpV &RUGLOOHUDHQSDUWLFXODUVHFFLyQ,,SDUDQDOL]DUFRQXQDQiOLVLVGH
PXOWLSOHVFRQFXUUHQWHVRXVXFFHVVLYHVTXLOHVWGHOKLVWRLUH ODVSUiFWLFDVGHUHDSURSLDFLyQTXHVHKDQREVHUYDGRHLGHQWLFDGR
DFFXPXOpHHWUpLQWHUSUpWpH*UDIPH\HU HQORVWUHVHVSDFLRVGHLQWHUDFFLyQVHxDODGRVVHFFLyQ,,,

$OLQWHULRUGHXQHVSDFLRQDWXUDOFRPRHVHOFDVRGHORVFHUURV\TXH
,/26(1725126'(,17(5$&&,1&202352'8&
EUDGDV GH 9DOSDUDtVR VH SXHGHQ REVHUYDU GLIHUHQWHV SUiFWLFDV GH
725(6'(,17(568%-(7,9,'$'(6(175(75$16$&
DSURSLDFLyQTXHGHMDQKXHOODVTXHVHLQVFULEHQ\TXHWUDQVIRUPDQGL
&,21(6<5(*8/$&,21(662&,$/(6
FKRHVSDFLRHQXQWHUULWRULRXQDYH]TXHGLFKDVSUiFWLFDVDGTXLHUHQ
OD GLPHQVLyQ GH IRUPDVVRFLDOHV6LPPHOHVWUXFWXUiQGRVH (QXQSULQFLSLRKHPRVSULYLOHJLDGRXQDQiOLVLVVRFLROyJLFR/DHOHF
GHVGHORLQGLYLGXDO\FRPXQLWDULR7HUULWRULDOLGDGHVTXHUHVSRQGHQ FLyQGHXQDQiOLVLVFRPSDUDWLYRSURIXQGRKDLPSOLFDGRXQDDSHUWX
WDPELpQDFLFORVGHFRQWLQXLGDGFXDQGRORVSURFHVRVVRFLDOHVFRQ UDKDFLDODDQWURSRORJtD\ODKLVWRULDVRFLDO$VtKHPRVSDVDGRDXQD
WH[WXDOHVDOWHUDQODVDSURSLDFLRQHV\ODVUXWLQL]DFLRQHVTXHVHHMHU DSUR[LPDFLyQVRFLRDQWURSROyJLFDSDUDLQWHJUDUORVSDUWLFXODULVPRV
FHQGDQGRRULJHQDGHVDSURSLDFLRQHVRGHVYDORUL]DFLRQHVTXHSUR
GXFHQDEDQGRQRVSRUHMHPSORGHLQPXHEOHV\GHHVSDFLRVGHXVR
S~EOLFRSHURWDPELpQGHVDUWLFXODFLRQHVGHOWHMLGRVRFLDOHQHOFDVR
GHVLQGLFDWRV\RDVRFLDFLRQHV7RGRXQSURFHVRTXHGHVYDORUL]DHO
WHUULWRULRSHURTXHGHSHQGLHQGRGHODVGLQiPLFDVSURGXFLGDVSRUORV
DFWRUHVTXHKDELWDQHOOXJDUSXHGHQYROYHUDUHYDORUL]DUVHDFWLYDQGR
UHDSURSLDFLRQHVHQIXQFLyQGHQXHYDVSUiFWLFDVGHLGHQWLFDFLyQ\
UHFRQRFLPLHQWRGHXQWHUULWRULRFRPSDUWLGR
/DVGLIHUHQWHVSUiFWLFDVGHUHDSURSLDFLyQTXHSURGXFHQWHUULWRULR
\TXHFRQVWLWX\HQDODYH]GLIHUHQWHVIRUPDVGHFRQRFLPLHQWR\GH
H[SHUWLFLD FRQVWLWX\HQ WRGR XQ FDPSR GH HVWXGLR TXH GHVGH XQ
DQiOLVLVGHODVLQWHUVXEMHWLYLGDGHVSHUPLWHXQDDSUR[LPDFLyQHQWUH
FURVVFXOWXUDO\XQDDSUR[LPDFLyQVRFLHWDOFRQHOQGHHVWDEOHFHU
SULQFLSLRVJHQHUDOHVTXHH[SOLTXHQORVSURFHVRVGHUHDSURSLDFLyQ
GHVGHVXSDWULPRQLRLQPDWHULDOHQIXQFLyQGHXQDFRPSUHQVLyQGH
SUiFWLFDVGHUHDSURSLDFLyQGHHQWRUQRVGHLQWHUDFFLyQ(OHMHFHQ
WUDOHVVRFLRDQWURSROyJLFR\VHGHVDUUROODDSDUWLUGHXQDUHODFLyQ
HQWUHODIRUPDPDWHULDOGHODYLGDVRFLDO\VXVIRUPDVVLPEyOLFDV
VXVUHSUHVHQWDFLRQHV\XVRV\VLJQLFDGRVGHOHVSDFLRKDELWDGR
/RVHQWRUQRVGHLQWHUDFFLyQVHFRQIRUPDQGHVGHORVGLIHUHQWHVOXJD
UHVHQTXHORVVXMHWRVHVWDEOHFHQODVUXWLQDVTXHHVWUXFWXUDQVXYLGD
FRWLGLDQD/DVLJQLFDFLyQGHpVWRVHQWRUQRVVHDVRFLDDODFRQVWUXF
FLyQGHOVHQWLGRFRP~QHOFXDOHVGHVFULWRGHDFXHUGRDORTXHHQ
HOOHQJXDMHGHODIHQRPHQRORJtDVRFLDOVHGHQRPLQDPXQGRGHYLGD
ORVHVWXGLRVFXOWXUDOHV\ORVHVWXGLRVXUEDQRV/LQGyQ8QD 6FKXW](VpVWHFRQFHSWRHOTXHQRVSHUPLWHDERUGDUHO7$&
SUREOHPiWLFD GH HVWXGLR TXH VH SXHGH REVHUYDU H LGHQWLFDU HQ OD3REODFLyQ2EUHUDGH/D8QLyQ\HO(VSDFLR6DQWD$QDFRPRIRUPDV
XQHVSDFLRGHQLGRFRPRORHVHO&HUUR&RUGLOOHUDHQ9DOSDUDtVR XUEDQDVFXOWXUDOHV VLVWHPD VLPEyOLFR GH UHSUHVHQWDFLyQ \ FRPR
UHVSRQGHQ D OD SUHVHQFLDDFFLyQ GH GLIHUHQWHV DFWRUHV S~EOLFRV IRUPDV XUEDQDVSROtWLFDV VLVWHPD GH WUDQVDFFLyQ \ GH SURGXFFLyQ
SULYDGRV WpFQLFRV KDELWDQWHV HWF 7RGR XQ WHMLGR UHODFLRQDO H VRFLDO'RVIRUPDVGHDQiOLVLVTXHVHFRPSOHPHQWDQD\XGDQGRD
LQWHUDFFLRQDO TXH UHVSRQGH D SRVLFLRQHV H[SHULHQFLDV YDORUHV H DYDQ]DUHQHODQiOLVLVGHOREDUULDOHQWHQGLGRHQIXQFLyQGHVHJUHJD
LQWHUHVHVGLYHUVRVGRQGHODVLQWHUDFFLRQHVVRFLDOHVGDQRULJHQD FLRQHV\DJUHJDFLRQHV(OEDUULRHVHQHVWRVWpUPLQRVXQLQGLFD
ORTXHGHQRPLQDPRVFRPXQLGDGGHDFWRUHV5H\QDXGODV GRUGHODVHJUHJDFLyQHQHOXVRGHOHVSDFLRXUEDQRGHGHWHUPLQDGRV
FXDOHVVRQDWUDYHVDGDVSRUWHQVLRQHV\FRQLFWRVSXHVORVDFWRUHV VHFWRUHVVRFLDOHV\HQFRQVHFXHQFLDORTXHVHGLVWLQJXHFRPRSDUWH
QRSRVHHQORVPLVPRVLQWHUHVHV\YDORUHV\WDPSRFRFRPSDUWHQ
ODVPLVPDVGHQLFLRQHVGHVXVSUiFWLFDV
8QWHUUHQRTXHKDVLGRDERUGDGRDWUDYpVGHXQPpWRGRHWQRJUi
FR DSR\iQGRVH HQ UHJLVWURV IRWRJUiFRV \ HQ QRWDV GH FDPSR
GRQGHSUHYDOHFHHOPRGRSUHGRPLQDQWHGHODPRGHUQDDXWRULGDG
GHXQWRGR*UDYDQR'HVGHHVWDPLUDGDGHO&HUUR&RUGL
OOHUDSRGUtDHVWDUFRQIRUPDGRSRUYDULRVEDUULRVREUHURVTXHUHVSRQ
GHQDXQDSURGXFFLyQVRFLDOHFRQyPLFD\VLPEyOLFDHVSHFtFD3DUD
RWURVVXMHWRVSXHGHQVHUHVSDFLRVGHHMHUFLFLRGHOSRGHUHVSDFLRV
FRQWURODGRVHQORVFXDOHVDWUDYpVGHODUHODFLyQVXMHWRWHUULWRULRVH
UHFRPSRQHQ LGHQWLGDGHV /LQGyQ  6LQ HPEDUJR HVWD QR
GHOWUDEDMRGHFDPSR(VWiVDOOtSRUTXH\RHVWXYHDOOt&OLIIRUG
FLyQGHOHVSDFLRQRGDFXHQWDGHODVSUiFWLFDVGHDSURSLDFLyQTXH
8QPpWRGRFXDOLWDWLYRTXHQRVD\XGDUiDHODERUDUXQD
HMHUFHQORVLQGLYLGXRVVLQRTXHPiVELHQGHODSRVLFLyQTXHRFXSDQ
SULPHUD WLSRORJtD GH GLIHUHQWHV QLYHOHV GH FRQFLHQFLD \ GH YDORUL
DSHODQGRDLQWHJUDURWURVFRQFHSWRVRSHUDWRULRVFRPRWHUULWRULR\WH
]DFLyQGHWUHVHQWRUQRVGHLQWHUDFFLyQHO7DOOHUGH$FFLyQ&RPX
UULWRULDOLGDG SDUD LU GHYHODQGR ORV SURFHVRV TXH VH DUWLFXODQ HQ OD
QLWDULD7$&OD3REODFLyQ2EUHUDGH/D8QLyQ\HO(VSDFLR6DQWD
FRQVWUXFFLyQGHXQ1RVRWURVFXOWXUDO
$QD/DVHWQRJUDItDVUHJLVWUDUiQUHFRUULGRVDOLQWHULRU\H[WHULRUGH
HVWRVOXJDUHVLGHQWLFDQGRXQLGDGHVGHVHQWLGRDVRFLDGDVDXVRV 'DQVODPHVXUHRODYLOOHHVWXQHVSDFHSDUWDJpHOOHHVW
SUiFWLFDV\UHSUHVHQWDFLRQHVHQODUHDSURSLDFLyQGHORVPLVPRV XQPLOLHXGHYLHTXLDPqQHWRXWXQFKDFXQjFRPSRVHU
DYHFDXWUXLHWSHXWrWUHGXFRXSDYHFVRLPrPH/HV
+HPRVHVWUXFWXUDGRHVWHDUWtFXORHQWUHVSDUWHV8QDSULPHUDSDUD
UDSSRUWV GH FRRSpUDWLRQ GH FRQFXUUHQFH RX GH FRQLW
H[SOLFDUORVHQWRUQRVGHLQWHUDFFLyQHQIXQFLyQGHQLYHOHVGHFRQ
GLIIpUHQW VHORQ OD QDWXUH GH FHV HQMHX[ SURSULpWp GX VRO
FLHQFLD \ GH UHFRQRFLPLHQWR VHFFLyQ , (QVHJXLGD XQD UHYLVLyQ
RX GX EkWL DSSURSULDWLRQ PDWpULHOOH RX V\PEROLTXH GHV
VRFLRKLVWyULFD GH OD FLXGDG GH 9DOSDUDtVR HQ JHQHUDO \ GHO &HUUR
WHUULWRLUHVXUEDLQVSURWHFWLRQGHOLQWLPLWpGRPHVWLTXHRX

3UiFWLFDVGHUHDSURSLDFLyQGHHVSDFLRVFRPXQLWDULRVHQHO 5HYLVWD0iUJHQHV19RO!6HSWLHPEUH!
&HUUR&RUGLOOHUD8QDQiOLVLVHWQRJUiILFRGHO7DOOHUGH$FFLyQ )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
&RPXQLWDULD7$&OD3REODFLyQ2EUHUDGHOD8QLyQ\HO(VSDFLR
6DQWD$QD9DOSDUDtVR&KLOH!0D[LPLOLDQR6RWR1DKXHO4XLUR
JD0DUFHOR*RQ]iOH]
 GHOHQWUHVRLVRFLDODFFqVDX[VHUYLFHVFROOHFWLIVRXDX[ HQODUHJXODFLyQGHODUHFXSHUDFLyQGHXQDTXHEUDGDVHSXHGHQ
HVSDFHVSXEOLFV*UDIPH\HU
(QODVSUiFWLFDVGHLQVFULSFLyQWHUULWRULDOHODFWRUVRFLDOVHGHQH
SRUXQDWHQVLyQHQWUHORLQGLYLGXDO\ORFROHFWLYRVLJXLHQGRGRVHMHV
LGHQWLFDU SDUHMDV GH WHQVLyQ TXH VH RSRQHQ HQWUH OD GLPHQVLyQ
PDWHULDOGHOHVSDFLRQDWXUDO\ODLQPDWHULDOLGDGTXHSHUPDQHFHHQ
ODVUHSUHVHQWDFLRQHVVRFLDOHVGHORVGLYHUVRVXVXDULRVXVRVTXHOH
VRQDVRFLDGRV9HU(VTXHPD
RSXHVWRV VXEMHWLYLGDGLQWHUVXEMHWLYLGDG \ UHFRQRFLPLHQWRGHVFR
QRFLPLHQWRRFRQRFLPLHQWRGHIRUPDGR(OHVTXHPDLOXVWUDHVWDV &RKDELWDFLyQ
RSRVLFLRQHV GH XQ ODGR OD FRQFLHQFLD VXEMHWLYD H LQWHUVXEMHWLYD
TXHVHH[SOLFDSRUXQDWHQVLyQHQWUHLGHQWLGDG\DOWHULGDGGHRWUR &RH[LVWHQFLD
ODGRHOUHFRQRFLPLHQWR\GHVFRQRFLPLHQWRGHOSDWULPRQLRLQPDWH 3DUHMDVGHWHQVLyQ /DVUHJODVGHOMXHJR
ULDOTXHVHH[SOLFDSRUXQDWHQVLyQHQWUHORGHVFRQRFLGRLQGLYLGXDO HQXQDSUiFWLFDGH &RPSURPLVR\
\ORFRQRFLGRVRFLDOPHQWH DSURSLDFLyQ FRRSHUDFLyQ

5(&212&,0,(172 ([SXOVLyQ

&RQRFLGR &RQRFLGR ([SURSLDFLyQ

LQGLYLGXDO FROHFWLYR
0DWHULDOLGDG
6XEMHWLYR ,QWHUVXEMHWLYR LQPDWHULDOLGDG
$QWLJHGDGPRGHUQLGDG
'HVFRQRFLGR 'HVFRQRFLGR
LQGLYLGXDO FROHFWLYR ([SHUWLFLDHUXGLWD
H[SHUWLFLDSURIDQD
'(6&212&,0,(172 ! (VTXHPD9LVLyQSDUFLDOGHORULJHQGHODVUHJODVHQODUHJXODFLyQGH
! (VTXHPD1LYHOHVGHFRQFLHQFLDHQORVHQWRUQRVGHLQWHUDFFLyQ\HQ XQDSUiFWLFDGHDSURSLDFLyQ
ODVSUiFWLFDVGHUHDSURSLDFLyQ /D UHDSURSLDFLyQ GH HQWRUQRV GH LQWHUDFFLyQ GH YDORU LGHQWLWDULR
/RVQLYHOHVGHFRQFLHQFLDHQHOFRQRFLPLHQWRGHOXJDUHV\DVHDQ WLHQH XQ LPSDFWR HFRQyPLFR OLJDGR D ORV PRGRV GH YLGD GH ORV
HQWRUQRVGHLQWHUDFFLyQRHVSDFLRVLGHQWLWDULRVSURGXFHQXQDWHQ QXHYRVKDELWDQWHVFRQXQDPD\RUFDSDFLGDGGHFRQVXPR\QXHYDV
VLyQ9HU(VTXHPDHQWUHODFRQFLHQFLDVXEMHWLYDHLQGLYLGXDOGH
XQODGR\ODFRQFLHQFLDLQWHUVXEMHWLYD\FROHFWLYDGHRWURODGR(O
UHFRQRFLPLHQWRHVGHQLGRFRPRODH[WHQVLyQGHODFRQFLHQFLDLQ
GLYLGXDO ([LVWHQ GHVIDVHV HQWUH HO UHFRQRFLPLHQWR GH XQD YLHMD
FRQVWUXFFLyQ SRU ORV H[SHUWRV TXH HVWXGLDQ HO LQPXHEOH SDUD GH
FODUDUORKLVWyULFR\SRURWURODGRHOUHFRQRFLPLHQWRGHVXYDORUSRU
HOLQGLYLGXRTXHORKDELWD6HSXHGHQLGHQWLFDUGRVWLSRVGHUHFR
QRFLPLHQWRHQWUHODH[SHUWLFLDHUXGLWD\ODH[SHUWLFLDSURIDQDGRQ
GHORVHOHPHQWRVTXHHODUTXLWHFWRUHFRQRFH\YDORUL]DQRVRQORV
PLVPRVTXHORVTXHSXHGHQVHUUHFRQRFLGRV\UHYDORUL]DGRVSRUORV
UHVLGHQWHV\RKDELWDQWHV(VWHSDVRRH[WHQVLyQSHUPLWHODFRQV
IRUPDVGHLQWHUDFFLyQVRFLDOHQWUHWUDQVDFFLRQHV\UHJXODFLRQHVVR
FLDOHVHQODE~VTXHGDGHFRPSURPLVRVSUiFWLFRV(QHVWHFRQWH[WR
ODVWUDQVDFFLRQHVVRFLDOHV\ODVUHJXODFLRQHVFRQMXQWDVQRSLHQVDQ
HQ XQ FRQWUDWR VRFLDO GHQLWLYR SXHVOD UHQHJRFLDFLyQHV SHUPD
QHQWH(VWDVGRVYHUWLHQWHVWHyULFDVVHIRFDOL]DQHQHOFRPSURPLVR
SUiFWLFRSDUDOOHJDUDDFXHUGRVHQVLWXDFLRQHVFRQLFWXDOHV/DUH
JXODFLyQFRQMXQWDSUHHUHKDEODUGHVROXFLyQSHVHDTXHHOFRQ
FHSWRGHFRPSURPLVRHVWiSUHVHQWHFRPRDFXHUGRSURYLVRULR3RU
HO FRQWUDULR OD WUDQVDFFLyQ VRFLDO DERUGD HO FRPSURPLVR SUiFWLFR
FRPRXQDGHODVQRFLRQHVFHQWUDOHVGDQGRXQHVSDFLRDOGLVHQVR
/DHVWUXFWXUDGHODWHRUtDVRFLROyJLFDORVSDUDGLJPDVGHODWUDQVDF
WUXFFLyQ GHO LQGLYLGXR FRPR DFWRU PLHPEUR GH XQD FRPXQLGDG FLyQVRFLDO5HP\HWDO>@\ODUHJXODFLyQFRQMXQWD5H\
SDWULPRQLDO8QDFRPXQLGDGTXHUHDJUXSDDDTXHOORVTXHHVWiQ QDXGSHUPLWHQDERUGDUXQDQXHYDPLUDGDVREUHODVIRUPDV
GHDFXHUGRFRQODGHIHQVDGHXQELHQSDWULPRQLDOSHVHDWHQHUPD VRFLDOHVHPHUJHQWHVHQHOFRQWH[WRGHODSXHVWDHQYDORUGHELHQHV
QLHVWDVRSRVLFLRQHVFRQVWLWX\HQGRXQFRQMXQWRGHUHJXODFLRQHV SDWULPRQLDOHVFRPRHVHOFDVRGHO7$&RGHO(VSDFLR6DQWD$QD
FRQMXQWDVSXQWXDOHV5H\QDXG8QDGLQiPLFDVRFLDOTXHVH TXH JHQHUDOPHQWH YDQ DFRPSDxDGRV GH FRQLFWRV GH UHDSURSLD
SXHGHYLVXDOL]DUHQHOFDVRGHORVDVFHQVRUHVGH9DOSDUDtVRTXH FLyQ\GHLQWHUSUHWDFLyQGHYDORUHVFXOWXUDOHV(OFRQLFWRLQWHUYLHQH
VRQ PRQXPHQWRV KLVWyULFRV SHUR WDPELpQ PHGLRV GH WUDQVSRUWH HQODUHYDORUL]DFLyQHQWUHODPDWHULDOLGDG\ODLQPDWHULDOLGDGTXH
QHFHVDULRVSDUDDTXHOORVTXHKDELWDQHQORVFHUURVRSRUORPHQRV HVWiQSUHVHQWHVDOLQWHULRUGHOGLVFXUVR\GHODVUHSUHVHQWDFLRQHV
HQODSULPHUDFRWDGHpVWRV6RWRE
6H SXHGH DERUGDU SRU HMHPSOR OD SXHVWD HQ YDORU GH XQ LQPXH
EOH D SDUWLU GH UHSUHVHQWDFLRQHV \ GLVFXUVRV GH DFWRUHV VRFLDOHV
HO DJHQWH GH WXULVPR HO XUEDQLVWD HO SROtWLFR HO FRQVHUYDGRU GH
PXVHRVHODJHQWHLQPRELOLDULRHWF8QSURFHVRTXHUHTXLHUHXQD
UHJXODFLyQFRQMXQWDSDUDOOHJDUDXQFRPSURPLVRUHVXOWDQWHGHUH
JODV DFHSWDGDV SRU OD PXOWLSOLFLGDG GH DFWRUHV FRQVWLWX\HQGR XQ
GHVLWLRV(VWDWHQVLyQVHDUWLFXODFRQGLVSRVLWLYRVTXHIXQFLRQDQ
FRPRUHJXODGRUHV\SURGXFWRUHVGHYtQFXORVVRFLDOHVGRQGHODSUH
VHQFLDGHFRQLFWRVFRQWULEX\HHQODSURGXFFLyQGHQXHYDVIRUPDV
VRFLDOHV(ODERUDUFRPSURPLVRVSUiFWLFRVSDUDUHVROYHUFRQLFWRV
TXHOLJDQHVWULFWDPHQWHHOXVR\HOYDORUHVHOUHVXOWDGRGHWUDQVDF
FLRQHVQHJRFLDFLRQHV\UHJXODFLRQHV
(ODQiOLVLVGHODVUHODFLRQHVVRFLDOHV\VREUHWRGRGHSUiFWLFDVGH
FRQMXQWRUD]RQDEOHPHQWHFRKHUHQWH5H\QDXG(OFRQFHSWR
GH UHJXODFLyQ FRQMXQWD SXHGH UHVSRQGHU D GLIHUHQWHV QLYHOHV GH
GHFLVLyQODMXQWDGHYHFLQRVHOPXQLFLSLRODDVRFLDFLyQGHFRSUR
SLHWDULRVGHOD3REODFLyQGHOD8QLyQ2EUHUDRHO7$&/DUHJXODFLyQ
FRQMXQWDVHVLW~DHQWUHODGHFLVLyQLQGLYLGXDO\ODUHJODFROHFWLYD
FXDQGRODVRSRVLFLRQHVGHORVDFWRUHVVRFLDOHVHVWUXFWXUDQODVSD
UHMDVGHWHQVLRQHVFRPRVLIXHUDXQMXHJRFROHFWLYR3RUHMHPSOR
!5HYLVWD0iUJHQHV19RO!6HSWLHPEUH 
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
UHDSURSLDFLyQHQXQFRQWH[WRGHUHYDORUL]DFLyQFRPLHQ]DSRUXQD
FRQH[LyQHQWUHODIRUPDXUEDQD\ODIRUPDVRFLDO8QDQXHYDFRQ
JXUDFLyQVHSURGXFHHQORVSURFHVRVWUDQVDFFLRQDOHVGHDSURSLD
FLRQHV GHVDSURSLDFLRQHV \ UHDSURSLDFLRQHV 'H HVWD PDQHUD ODV
WUDQVDFFLRQHVVRFLDOHVLQWHJUDQHOUHFRQRFLPLHQWRGHORVKDELWDQ
WHV\GHVXVHVSDFLRVSXHVHOODVDQDOL]DQODUHODFLyQVRFLDOHQHO
HMHUFLFLRFRWLGLDQRDODYH]FRPRLQGXFWRU\FRPRLQGXFWLYRHQOD
!,661HOHFWUyQLFR
!,661LPSUHVR
SURGXFFLyQ GHO WHUULWRULR 5HP\  GRQGH ORV KDELWDQWHV
HQXQVHQWLGRDPSOLRDUWLFXODQVXVH[SHULHQFLDVFRQWHQLGDVGHVGH
XQDDSURSLDFLyQ\DLQVFULWDHQHOWHUULWRULR\QXHYDVSUiFWLFDVHQ
IXQFLyQGHPLUDGDV\UHFRUULGRVQXHYRVVREUHHOWHUULWRULRUHDSUR
SLDGR\DODYH]UHVLPEROL]DGR
3RURWURODGRDPHGLDGRVGHOVLJOR;,;9DOSDUDtVRFRPLHQ]DDH[SH
ULPHQWDUXQYLVLEOHFUHFLPLHQWRGHPRJUiFR3DUDDSRFRV
PHVHV GH KDEHUVH UPDGR OD GHFODUDFLyQ GH ,QGHSHQGHQFLD GH
&KLOH9DOSDUDtVRFRQWDEDFRQXQDSREODFLyQGHKDELWDQWHV
SREODFLyQTXHSDUDOOHJDDLQGLYLGXRV%HQDYLGHVHW
,,81$5(9,6,162&,2+,675,&$'(9$/3$5$62
<'(/&(552&25',//(5$
9DOSDUDtVRHVFRQRFLGRFRPRHOSULQFLSDOSXHUWRGH&KLOHXQSXHU
DO&DOGHUyQ6iH](QDxRVODSREODFLyQ
GH9DOSDUDtVRH[SHULPHQWyXQFUHFLPLHQWRGHPRJUiFRUHFRUGGH
SRUDxR(OFUHFLPLHQWRFRLQFLGHFRQHOGHVDUUROORXUEDQRGH
ODFLXGDG(OSHUtRGRSRUHMHPSORFRUUHVSRQGHVHJ~Q
ODV SDODEUDV GH $OIRQVR &DOGHUyQ  D OD HGDG GH RUR GH OD
WR PtWLFR GRQGHFRKDELWD HO SODQ \ ORV FHUURV 3DUD DOJXQRV HV OD
FLXGDG HQ UHODFLyQ DO GHVDUUROOR GH DFWLYLGDGHV LQQRYDQWHV D ODV
FLXGDGGHORVFXDUHQWD\FXDWURVFHUURV6iH]8QDFLXGDG
REUDVGHDERYHGDPLHQWRGHFDQDOHV\GHKLJLHQL]DFLyQGHODFLX
3XHUWR TXH HV WHVWLPRQLR GHO GHVDUUROOR LQGXVWULDO \ FRPHUFLDO GH
GDG OD FRQVWUXFFLyQ \ OD LQVWDODFLyQ GH HTXLSDPLHQWRV XUEDQRV
XQDpSRFDTXHFRQJXUDXQWHMLGRVRFLRXUEDQRTXHUHVSRQGHD
FRUUHR FHQWUDO WUHQHV DVFHQVRUHV SOD]DV \ SDUTXHV FHQWURV FR
DVHQWDPLHQWRV SDUWLFXODUHV SRVLEOHV GH GLVWLQJXLU SRU HMHPSOR
PHUFLDOHV\XQDVHULHGHLQPXHEOHVWDQWRS~EOLFRVFRPRSULYDGRV
HQ HO &HUUR &RUGLOOHUD 8Q SURFHVR TXH VLJQLFy DSURSLDFLRQHV GH
TXHEUDGDV\GHWHUUHQRVHQDOWXUDVSDUDPXFKRVFDPSHVLQRVTXH
YHQtDQGHOYDOOHFHQWUDOEXVFDQGRQXHYDVRSRUWXQLGDGHVODERUDOHV
\TXHHVWDEDQDFRVWXPEUDGRVDYLYLUHQWHUUHQRVOODQRV/RVFHUURV
FRQ VXV TXHEUDGDV \ KRQGRQDGDV TXH ORV VHSDUDQ FRQIRUPDQ Ot
PLWHVDOKDELWDUDODVXUEDQL]DFLRQHV/DFRPSOHMLGDGFRQVLVWHHQ
LPDJLQDU TXH ORVFHUURVIXHURQLVODV TXH LEDQDOD GHULYDSRUORV
&RX\RXPGMLDQ
3URFHVR TXH VLJQLFy OD SURGXFFLyQ GH QXHYDV SUiFWLFDV DVRFLD
GDVDQXHYRVGHVSOD]DPLHQWRVULWPRV\KRUDULRVFRQJXUDQGRXQ
VHQWLGRFRWLGLDQRSDUWLFXODUGHOHVSDFLRSDUDVXMHWRVTXHYHtDQSRU
SULPHUDYH]HOPDUVLQQXQFDDQWHVKDEHUREVHUYDGRXMRVFRPHU
FLDOHV GH WDQWD HQYHUJDGXUD FRPR HUDQ ORV TXH VH SRGtDQ YHU D
PDUHVKDVWDYHQLUDHQFDOODUHQ9DOSDUDtVR&UX] QHVGHOVLJOR;,;HQ9DOSDUDtVR&ODUDPHQWHXQQLYHOGHLQGXVWULD
OL]DFLyQTXHHVSRVLEOHYLVXDOL]DU\WHVWLPRQLDUHQSRUHMHPSORORV
8QDYH]QDOL]DGRHOSURFHVRGHLQGHSHQGHQFLDGH&KLOH\HOFRQVH
DVFHQVRUHV$QHVGHOVLJOR;,;ORVDVFHQVRUHVHUDQXQPRGHUQR
FXWLYRPRQRSROLRHFRQyPLFRFRQ(VSDxDHQQXPHURVDVFDVDV
PHGLRGHWUDQVSRUWHTXHFRQHFWDEDHOSODQGHODFLXGDGFRQODSUL
FRPHUFLDOHVLQJOHVDVVHLQVWDODQHQ9DOSDUDtVRDFWLYDQGRXQFUHFL
PHUDFRWDGRQGHVHXELFDEDQODVUHVLGHQFLDVGHDTXHOODVIDPLOLDV
PLHQWRFRPHUFLDO(QHVWDDFWLYLGDGORVFRPHUFLDQWHVLQJOHVHVVRQ
LQPLJUDQWHVTXHKDEtDQORJUDGRDPDVDUXQDLPSRUWDQWHIRUWXQDD
SULYLOHJLDGRVSXHVHQWUHXQ\XQGHWRGRVORVSURGXFWRV
HVFDODORFDOFRPRHVHOFDVRGHORV*HUYDVRQL%DEXUL]]D=DQHWWL
FKLOHQRVHUDQH[SRUWDGRVD,QJODWHUUD\HQVXPD\RUtDVHHPEDUFD
HQWUHRWURV)DPLOLDVTXHVHLQVWDODURQHQFHUURVFHUFDQRVDOEDUULR
EDQHQ9DOSDUDtVR(QHVWHFRQWH[WRORVLQJOHVHVUHSUHVHQWDEDQOD
SXHUWRFRPRHVHOFDVRGHO&HUUR&RUGLOOHUD\GHOEDUULRQDQFLHUR
~OWLPDGLiVSRUDFRPHUFLDODXQDHVFDODGHOGHVDUUROORGHFRUSRUD
FRPRHO&HUUR&RQFHSFLyQ\$OHJUH/RVDVFHQVRUHVVRQXQUHHMR
FLRQHVPXOWLQDFLRQDOHVPRGHUQDV&DYLHUHV(VWHGHVDUUROOR
GHOFUHFLPLHQWRHFRQyPLFRGH9DOSDUDtVRTXHFRQKDEL
GHDFWLYLGDGHVFRPHUFLDOHVUHSHUFXWHVREUHODWUDQVIRUPDFLyQGHOD
WDQWHVHQMXHJDXQUROIXQGDPHQWDOHQHOFRPHUFLRLQWHUQD
PRUIRORJtDVRFLDOGRQGHODVDFWLYLGDGHV\VXUHVSHFWLYDHYROXFLyQ
FLRQDO\HQHOGHVDUUROORHFRQyPLFRGHODFLXGDGSXHUWR
HVWUXFWXUDGDSRUFLFORVSHUPLWHGLVWLQJXLUHQWUHXQDDUTXHREXUJXH
VtDXQDQXHYDEXUJXHVtD\XQDSHTXHxDEXUJXHVtD/HGUXW $QHVGHOVLJOR;,;ODHVWUXFWXUDXUEDQDGH9DOSDUDtVRVHFDUDFWH
UL]DED SRU OD SUHVHQFLD GH FLQFR VHFWRUHV FODUDPHQWH GHQLGRV HO
(OFRQWUROGHODVYHQWDVSRUSDUWHGHOD$VRFLDFLyQGH3UR
3XHUWRGRQGHVHORFDOL]DEDQODVDFWLYLGDGHVFRPHUFLDOHVORVFHUURV
GXFWRUHVGH6DOLWUHUHIRU]yHOOLGHUD]JRGH9DOSDUDtVRHQHVWH
&RUGLOOHUD$OHJUH\&RQFHSFLyQTXHFRUUHVSRQGtDQDORVSULQFLSDOHV
UXEURIXQGDPHQWDOSDUDODHFRQRPtDFKLOHQD6LQHPEDUJR
VHFWRUHVUHVLGHQFLDOHVGHODDUTXHREXUJXHVtDHO$OPHQGUDOEDUULRV
HQODPHGLGDTXHORVFUHFLHQWHVSUREOHPDVGHODLQGXVWULD
UHVLGHQFLDO\FRPHUFLDOVLWXDGRHQHOSODQRHO&HUUR%DUyQRWURVHF
VDOLWUHUD DIHFWDEDQ ORV LQJUHVRV VFDOHV OD LQMHUHQFLD GHO
WRU UHVLGHQFLDO \ QDOPHQWH 3OD\D $QFKD VHFWRUHV UHVLGHQFLDOHV
JRELHUQRVHKL]RPiVPDUFDGD/DGHFLVLyQGHOFRQWURYHUWL
GR0LQLVWURGH+DFLHQGD3DEOR5DPtUH]GHWHUPLQDUFRQOD
FHQWUDOL]DFLyQGHODVYHQWDV\SURPRYHUHODSR\RHVWDWDODOD
LQGXVWULDDUDt]GHODFULVLVGHGHVSOD]DEDHOFHQWURGH
GHFLVLRQHVKDFLD6DQWLDJR/D6XSHULQWHQGHQFLDGHVDOLWUH
\ <RGR FUHDGD DO DxR VLJXLHQWH WHQtD HQWUH VXV REMHWLYRV
YLJLODUODVXWLOLGDGHVGHORVLQWHUPHGLDULRVHQHOQHJRFLRVD
OLWUHURORTXHDIHFWDEDGHUHFKDPHQWHDOPXQGRFRPHUFLDO
SDUDORVREUHURV\SDUDODFODVHPHGLDHPHUJHQWH&DVWLOOR
6LQHPEDUJRDFRPLHQ]RGHOVLJOR;;ODKLVWRULDGHODFLXGDG\GH
VXGHVDUUROORVHYLHURQIXHUWHPHQWHDIHFWDGRVSRUHOWHUUHPRWRGH
\ODDSHUWXUDGHO&DQDOGH3DQDPiHQ3DUWLFXODUPHQWH
FRQHOVLVPRODFLXGDGSHUGLyHOGHVXSREODFLyQGHODV
PDQ]DQDVXELFDGDVSULQFLSDOPHQWHHQHO$OPHQGUDOIXHURQGHVWUXL
GDVSURGXFLHQGRXQDFRQVHFXWLYDPRYLOLGDGUHVLGHQFLDOGHVGHORV
SRUWHxR&RX\RXPGMLDQ FHUURVKDFLD9LxDGHO0DUODFLXGDGPiVSUy[LPDGHOVHFWRU\TXH
UHVLVWLyGHPHMRUPDQHUDHOWHUUHPRWR3RURWURODGRODDSHUWXUDGHO
(QHOVLJOR;,;ODFODVHHPHUJHQWHGH&KLOHFRQVWLWX\HXQDDULVWR
&DQDOGH3DQDPiSXVRDWpUPLQRODHGDGGHRURGHOD&LXGDG3XHU
FUDFLD GHO GLQHUR \D VHD SRU KHUHQFLD R \D VHD SRU ODV IRUWXQDV
WRUHGXFLHQGRGHPDQHUDFRQVLGHUDEOHHOSDVRGHHPEDUFDFLRQHV
DGTXLULGDVSURGXFWRGHODVDFWLYLGDGHVFRPHUFLDOHV\PLQHUDVGH
SRUHO(VWUHFKRGH0DJDOODQHV\ORVDUULERVD9DOSDUDtVR'RVDFRQ
ODpSRFD/DQXHYDEXUJXHVtDHPHUJHQWHGHODpSRFDFRPLHQ]DD
WHFLPLHQWRV TXH KDQ GHELOLWDGR OD FDSLWDO QDQFLHUD FRPHUFLDO \
VHU DVLPLODGD SRU OD DULVWRFUDFLD FRORQLDO WHUUDWHQLHQWH PD\RULWD
HFRQyPLFDGH&KLOHWUDQVIRUPDQGROD&LXGDG3XHUWRHQXQOLHXGH
ULDPHQWHFRQFHQWUDGDHQ6DQWLDJR&RXMRXPGMLDQ(OSHUO
YLOOpJLDWXUH WUqV FRXUX PDLV DXVVL OH OLHX GKDELWDWLRQ GXQH SDU
SURIHVLRQDOVHUHVXPHDVXVIXQFLRQHVGHSURSLHWDULRVGHSHTXH
WLH GH OD SRSXODWLRQ GH 9DOSDUDtVR SDUPL OHV FRXFKHV PR\HQQHV
xDV WLHQGDV \ FDVDV FRPHUFLDOHV \ D IXQFLRQHV FRQFHUQLHQWHV D
HW VXSpULHXUHV FRQWULEXDQW GH OD VRUWH j DFFHQWXHU OH GpFOLQ GX
VHUYLFLRVS~EOLFRVGHLQJHQLHURV\GHVXERFLDOHVGHOD$UPDGD
JUDQGSRUW0DWDV(VWDPRYLOLGDGUHVLGHQFLDOGHODDQ

3UiFWLFDVGHUHDSURSLDFLyQGHHVSDFLRVFRPXQLWDULRVHQHO 5HYLVWD0iUJHQHV19RO!6HSWLHPEUH!
&HUUR&RUGLOOHUD8QDQiOLVLVHWQRJUiILFRGHO7DOOHUGH$FFLyQ )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
&RPXQLWDULD7$&OD3REODFLyQ2EUHUDGHOD8QLyQ\HO(VSDFLR
6DQWD$QD9DOSDUDtVR&KLOH!0D[LPLOLDQR6RWR1DKXHO4XLUR
JD0DUFHOR*RQ]iOH]
WLJXDEXUJXHVtDGHRULJHQLQJOpVDOHPiQHLWDOLDQRGHMDHOOXJDUD
VHFWRUHVSRSXODUHVTXHVHDSURSLDQGHYDULRVLQPXHEOHVGHOOXJDU
(VHOFDVRSRUHMHPSORGHORVFHUURV&RUGLOOHUD\6DQWR'RPLQJR
GRVDQWLJXRVVHFWRUHVHPHUJHQWHVSUy[LPRVDO%DUULR3XHUWRTXH
VHGHVYDORUL]DQ\DODYH]UHRUJDQL]DQHQIXQFLyQGHRWURVJUXSRV
VRFLDOHVTXHFRPLHQ]DQDRFXSDULQPXHEOHVDEDQGRQDGRV\DRFX
SDUQXHYRVVHFWRUHVGHOFHUURDVRFLDGRVDODVTXHEUDGDVGH6DQ
)UDQFLVFR\GH-RVp7RPiV5DPRV
ODJHQWHHVXQLGD$GHPiVDTXtSRUHMHPSORDWRGRVQRV
FRUUHVSRQGHOD,JOHVLDGHO3HUSHWXRGHO6RFRUURWRGRVSHU
WHQHFHPRVDHVDLJOHVLDHQWRQFHVQRVYHPRVVHJXLGR
\EXHQRPLVKLMRVSDUWLFLSDEDQORVKLMRVGHODYHFLQDHO
GHOIUHQWHHOGHDOOiHQWRQFHVIXHDOJRTXHGHSRUVtQRV
IXLPRVPiVXQLHQGR\HVRVtTXHVHKDSHUGLGRXQSRFR
SHURTXHGDHVFXHVWLyQQRPiVGHTXHXQRWUDWHGHLQ
FHQWLYDU D OD JHQWH \ OD JHQWH UHVSRQGH HQ HVH DVSHFWR
'HVSXpVGHODFULVLVHFRQyPLFDTXHVHLQLFLDFRQHOMXHYHVQHJURGH
\TXHVHGHMDVHQWLUGXUDQWHWRGDODVGpFDGDVGH\
\VREUHWRGRHQODGpFDGDGHHOWUDVODGRGHQXPHURVDVLQGXV
WULDVSURGXFHXQGpFLWHFRQyPLFRHQ9DOSDUDtVRTXHVHDFRPSDxD
GHXQDXPHQWRHQHOGHVHPSOHRXQDEDMDFDOLGDGGHORVVHUYLFLRV\
(QWUHYLVWDD6UD,QpV
6HGHVWDFDQWDPELpQODVDFWLYLGDGHVGHVDUUROODGDVSRUHO7$&\HO(V
SDFLR6DQWD$QDGRQGHORVFRQFHSWRVGHDXWRFRQVWUXFFLyQDXWRJHV
WLyQ \ DXWRUJDQL]DFLyQ VRQ YLDEOHV H[SUHViQGRVH HQ DFWLYLGDGHV GH
UHFUHDFLyQFRPRWDOOHUHVGHDXWRFXOWLYRSLQWXUDPXUDORUHFLFODMHSHUR
XQDGHVYDORUL]DFLyQGHOWHMLGRXUEDQR\VRFLDO3LQWR
$FWXDOPHQWH \ HQ HO PDUFR GH WRGR XQ SURFHVR GH SDWULPRQLDOL
]DFLyQTXHYLHQHH[SHULPHQWDQGRODFLXGDGGHVGHODGHFODUDFLyQ
81(6&2GHOD~QHVSRVLEOHGLIHUHQFLDUORVFHUURVWXULVWLFD
GRVSUy[LPRVDODQWLJXRFHQWURQDQFLHURFRPRHVHOFDVRGHORV
FHUURV$OHJUH\&RQFHSFLyQGHDTXHOORVFHUURVSRSXODUHV\GHWHULR
UDGRVSUy[LPRVDODQWLJXRFHQWURSRUWXDULRR%DUULR3XHUWRFRPR
HVHOFDVRGHORVFHUURV&RUGLOOHUD\6DQWR'RPLQJR
(O &HUUR &RUGLOOHUD SDUWLFXODUPHQWH VH ORFDOL]D HQ HO VHFWRU VXU
WDPELpQHQDFWLYLGDGHVGHFRPLGDVROLGDULDHGXFDFLyQ\FDSDFLWDFLyQ
FRPRHVHOFDVRGHODDFWLYLGDGGHDXWRFRQVWUXFFLyQGHODGULOORVGH
DGREHRUJDQL]DGDSRUHO(VSDFLR6DQWD$QDHQIHEUHUR
(O&HUUR&RUGLOOHUDHVSUy[LPRDOFHQWURKLVWyULFRGH9DOSDUDtVRXEL
FiQGRVHHQWUHXQD]RQDYDORUL]DGD\XQDGHVYDORUL]DGD8QFHUUR
TXHFRQVHUYDXQDLPDJHQGHEDUULRREUHURSHVHDORVWUDEDMRVGH
UHKDELOLWDFLyQUHVWDXUDFLyQTXHKDQDIHFWDGRWDQWRHOWHMLGRXUEDQR
FRPR VRFLDO GHO OXJDU (O &HUUR &RUGLOOHUD HV XQR GH ORV SULPHURV
FHUURVTXHVHKDELWDURQHQ9DOSDUDtVRXQSRFRPiVDQWLJXR\HVR
ORWLxHGHDOJRGLVWLQWRDORVRWURVWLHQHXQSDWULPRQLRFRQVWUXL
SRQLHQWH GH 9DOSDUDtVR 6X QRPEUH UHVSRQGH D ODV DFFLGHQWDGDV
GR UHODWLYDPHQWH KRPRJpQHR -XDQ 0DVWUDQWRQLR 3UHVLGHQWH GHO
FDUDFWHUtVWLFDVWRSRJUiFDVTXHSUHVHQWDFRQXQDDFHQWXDGDSHQ
&ROHJLRGH$UTXLWHFWRVGH9DOSDUDtVRHQWUHYLVWDGHO
GLHQWH\SRFDVSODQLFLHVTXHGLFXOWDQODFRQVWUXFFLyQ(VWiURGHD
'HKHFKRHOVHFWRUEDMRGHHVWHFHUURHVWiYDORUL]DGRSRUHOKHFKR
GRSRUGRVTXHEUDGDVDOQRUWHODTXHEUDGDGH-RVp7RPiV5DPRV
GH VHU ]RQD WtSLFD SHVH D FRQWHQHU LQPXHEOHV TXH UHVSRQGHQ D
TXHORVHSDUDGHO&HUUR$OHJUH\DOVXUODTXHEUDGDGH6DQ)UDQ
GLIHUHQWHVSHUtRGRVGHFRQVWUXFFLyQFRPRHVHOFDVRGHODQWLJXR
FLVFRTXHORVHSDUDGHO&HUUR7RUR6XVSULPHURVDVHQWDPLHQWRVVH
ORFDOL]DQHQWRUQRDOD3OD]D(OHXWHULR5DPtUH]TXHFRUUHVSRQGHD
ODSDUWHEDMDGHOFHUUR$OFDPLQDUSRUHO&HUUR&RUGLOOHUDHVSRVLEOH
LGHQWLFDU XQD FDUJD KLVWyULFRFXOWXUDO HQ OD TXH HVWDPRV LQPHU
VRVQRVyORGHVGHODLQVWLWXFLRQDOLGDGVLQRTXHWDPELpQGHVGHOR
ORFDOORUXWLQDULRHLQPHGLDWRODFRQJXUDFLyQGHOHVSDFLRVHDUWL
FXODHQWUHORSDWULPRQLDOFRPRKLVWRULDRFLDO\ODVVLQJXODULGDGHV
WDOOHUGHPDQXIDFWXUD/D,JXDOGDG6RWRDORVFRQYHQWLOORV
GHODFDOOH0HUOHWODVFDVDVUHKDELOLWDGDVHQODFDOOH9tFWRU+XJRR
HO0XVHR/RUG&RFKUDQH
(O&HUUR&RUGLOOHUDHVXQD]RQDGRQGHRULJLQDOPHQWHVHLQVWDODURQ
FDPSHVLQRV\REUHURVSURGXFWRVGHOPRYLPLHQWRPLJUDWRULRFDPSR
FLXGDG\QRUWHFHQWURFRQVHFXWLYDPHQWHDWUDtGRVSRUODVDFWLYLGD
VRFLRFXOWXUDOHVGHOOXJDU GHVFRPHUFLDOHVHLQGXVWULDOHVGHODFLXGDG3XHUWR6DOD]DU
GDQGRRULJHQHQPXFKDVRFDVLRQHVDLQVWDODFLRQHVHVSRQWiQHDV
5HVSHFWR DO FRPHUFLR PLFURORFDO SURSLR GHO &HUUR LGHQWLFDPRV
HQTXHEUDGDV\WHUUHQRVVLQXUEDQL]DFLyQ\GHGLItFLODFFHVR
TXH H[LVWHQ OD SUHVHQFLD GH XQD YDULHGDG LPSRUWDQWH GH ORFDOHV
FRPR OR VRQ FDUQLFHUtDV XQD IHUUHWHUtD PLQLPDUNHWV ERWLOOHUtDV
,,,$1/,6,6'(35&7,&$6'(5($3523,$&,1(1
HQWUHRWURVQHJRFLRVPXFKDVGHODVFXDOHVVRQOODPDGDV0HQHV
75(6(1725126'(/&(552&25',//(5$7$&
WUDV 7RGRV HOORV GHQWUR GHO FRPHUFLR D HVFDOD PLFURHFRQyPLFD
32%/$&,12%5(5$'(/$81,1<(/(63$&,2
TXHQRGDHVSDFLRDXQFRPHUFLRHQHVFDODPDFURHFRQyPLFDFRQ
6$17$$1$
JXUDQGR XQ WHMLGR GH SUiFWLFDV GH LQWHUDFFLyQ TXH GD HVSDFLR D
VLJQLFDFLRQHVFRPHUFLDOHVVLQJXODUHVGHO&HUUR (OSULPHUHQWRUQRGHLQWHUDFFLyQHVWXGLDGRFRUUHVSRQGHDO7DOOHUGH
$FFLyQ&RPXQLWDULD7$&(VWDRUJDQL]DFLyQFRPXQLWDULDFRPHQ]y
/D YLGD FRPXQLWDULD GHO &HUUR &RUGLOOHUD VH FRQFHQWUD HQ FLHUWRV
DWUDEDMDUHQHO&HUUR&RUGLOOHUDHQ\KDSHUGXUDGRSRUPiVGH
HVSDFLRVGHLQWHUDFFLyQFRPRVRQORVFOXEHVGHSRUWLYRVTXHUHDOL
GRVGpFDGDVKDSURPRYLGRODLGHDGHOYROXQWDULDGRODDVRFLDWLYL
]DQXQDVHULHGHDFWLYLGDGHVHQHOHVSDFLRS~EOLFRSHVHTXHSDUD
GDG\ODSDUWLFLSDFLyQHQODFRPXQLGDG(O7$&KDVDELGRSURPRYHU
FLHUWRVLQIRUPDQWHVODDFWLYLGDGGHGLFKRVFOXEHVQRHVORPLVPD
HOHPSRGHUDPLHQWRGHOFLXGDGDQRGRQGHpVWHVHSUHVHQWDFRPR
TXHDQWHVVLJQDQGRGLFKDSUiFWLFDFRPRDOJRTXHHVWiHQUHWLUDGD
FUHDGRU\SDUWtFLSHGHVXUHDOLGDGXQDOyJLFDTXHVHFRQWUDSRQH
VLQPD\RULPSRUWDQFLD(VHOFDVRGHOFOXE0HWHRURXELFDGRDXQ
FRQHOSHUODVLVWHQFLDOLVWDH[LVWHQWHDQHVGHODGpFDGDGH
FRVWDGRGHO$XGLWRULR*XLOOHUPR%UDYR\DHVFDVRVPHWURVGHOD3R
EODFLyQ*XWHPEHUJ 1RVRWURV OOHJDPRV KDFH YHLQWH DxRV DWUiV \ SXHGH VHU
PHGLR DXWRUUHIHUHQWH DFi GRQGH HVWDPRV VHQWDGRV TXH
(VWHFHUURVLHPSUHKDVLGRXQFHUURGHKDUWDOXFKDDQWH
HUDXQJUDQEDVXUDO\DWUDEDMDUFRQQLxRVVLQQLQJXQDRWUD
ULRUPHQWH ORV FOXEHV GHSRUWLYRV SRU HMHPSOR KDFtDQ VXV
SHUVSHFWLYD TXH HVD JHQHUDU XQ HVSDFLR SDUD ORV QLxRV
FDUQDYDOHVWRGRVORVDxRVHOHJtDQUHLQD\KDFtDQFDUURV
XQHVSDFLRFRQGLJQLGDGXQHVSDFLRTXHQRIXHUDHQWUHJD
DOHJyULFRVHUDPX\ERQLWRHO*XLOOHUPR%UDYRVHRFXSD
GRSRUOD0XQLFLSDOLGDGTXHQRIXHUDODWtSLFDUHLYLQGLFD
EDSDUDPDUFKDVSDUDKDFHUSUHVHQWDFLRQHVHUDSUHFLR
FLyQGHODOFDOGHTXHYHQJDDOLPSLDUHOEDVXUDOTXHYHQJD
VR \ OD JHQWH HQ HVH DVSHFWR FRRSHUD HQ HVH DVSHFWR
HODOFDOGHDQRVpTXpRTXHYHQJDDOJXLHQDQRVpTXp

!5HYLVWD0iUJHQHV19RO!6HSWLHPEUH  !,661HOHFWUyQLFR

)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR !,661LPSUHVR
 6LQR TXH OD SURSXHVWD QXHVWUD HUD FyPR SRGHU JHQHUDU
FLXGDGDQRV TXH IXHUDQ FDSDFHV GH WHQHU SURSXHVWD GH
SHQVDUVXEDUULR\GHFDPELDUVXEDUULR3DWULFLD&DVWLOOR
'LUHFWRUDGHO7$&HQWUHYLVWDGHO

$ OR ODUJR GHO WLHPSR HVWD RUJDQL]DFLyQ WDPELpQ KD IXQFLRQDGR

FRPRLQWHUORFXWRUHQWUHODVDXWRULGDGHVGHOJRELHUQRUHJLRQDOOR
FDO \ RWUDV RUJDQL]DFLRQHV QR JXEHUQDPHQWDOHV (O 7$& WDPELpQ
KD SDUWLFLSDGR HQ OD FUHDFLyQ GH UHGHV FRPXQLWDULDV D WUDYpV GH
GLVWLQWDV RUJDQL]DFLRQHV H[LVWHQWHV HQ HO &HUUR &RUGLOOHUD \ RWURV
VHFWRUHVGH9DOSDUDtVR

'HVDUUROODU XQ HVSDFLR GH HQFXHQWUR UHH[LyQ WUDEDMR

HGXFDWLYR DOHJUtD FRRUGLQDFLyQ WUDEDMRV FRPXQLWDULRV
VXHxRVH[SUHVLyQDUWtVWLFRFXOWXUDODQLPDFLyQGHOEDUULR
,QFHQWLYDUODFRQVWUXFFLyQGHFRQRFLPLHQWRHLPSOHPHQWD ! )LJXUD(O7DOOHUGH$FFLyQ&RPXQLWDULD7$&)RWRJUDItDGH06RWR
FLyQGHQXHYRVPpWRGRVHQIRUPDSHUPDQHQWHUHVSHWXR DJRVWR
VRVGHODYLGDFRWLGLDQDGHOEDUULRGHPDQHUDFRKHUHQWH\ (O7$&FRUUHVSRQGHDXQDDFFLyQFROHFWLYDGRQGHVHUHDOL]DQWUDED
DUPyQLFD&RUUHD
/DLGHDGHUHFXSHUDFLyQGHODKLVWRULDGHOFHUURVHHQPDUFDGHQWUR
GH HVWH PLVPR GLVFXUVR OR TXH KDFH SHQVDU TXH KD\ XQD UHVLJ
QLFDFLyQGHORVFRQWHQLGRVVHDQHVWRVPDWHULDOHVLQPDWHULDOHV
VLPEyOLFRV GLVFXUVLYRV HQWUH RWURV 8QD VLWXDFLyQ FRQFUHWD TXH
QRVKDFHSODQWHDUQRVYDULDVLQWHUURJDQWHV&XiOHVVRQORVHOHPHQ
WRVGHFDPELR\SHUPDQHQFLDTXHVHSXHGHQFRQVWDWDU%DMRTXp
OyJLFDVHLQVFULEHQVLWLHQHQHOHPHQWRVGHFUXFH\RVLJXHQXQD
OyJLFDOLQHDO\DVFHQGHQWHRWRGRORFRQWUDULR4XpVXFHGHFRQODV
MRVVRFLDOHVGHVDUUROOiQGRVHFRPRHVSDFLRGHHQFXHQWURUHH[LyQ
WUDEDMRHGXFDWLYRWUDEDMRVFRPXQLWDULRVHWF8QDGHHVWDVLQVWDQ
FLDVGHHQFXHQWURHVOD%LEOLRWHFDGHO7$&TXHVHHQFXHQWUDHQOD
3REODFLyQ*XWHPEHUJXELFDGDHQHOPLVPR&HUUR&RUGLOOHUD(VXQD
DQWLJXDFDVRQDGRQGHVHSXHGHQREVHUYDUFLHUWRVPHQVDMHVTXH
DPRGRGHVLJQRVGHDSURSLDFLyQGHOHQWRUQRH[SUHVDQREMHWLYRV
FRPXQLWDULRV1RHVWHUURULVPRHVUHVLVWHQFLD1LSRUODUD]yQQL
SRUODIXHU]DR/DWLHUUDQRWLHQHGXHxR
+D\XQUHFRQRFLPLHQWRGHVHQWLUVHSDUWHGHXQDLQWHUDFFLyQGHQWUR
GLVWLQWDVJHQHUDFLRQHV\ODVGLVWLQWDVRUJDQL]DFLRQHVSUHVHQWHVHQ
HOFHUURFXiOHVVRQODVFRQVHFXHQFLDVGHHVWDOyJLFDVREUHpVWDV
VLSHUPDQHFHQSURGXFWRGHORDQWHULRURKDQFRQWULEXLGRDGDUOHXQ
QXHYRVLJQLFDGR
3RURWURODGRTXpVXFHGHFRQODVQXHYDVSUiFWLFDV\GLVFXUVRVTXH
VHJHQHUDQSURGXFWRGHRWUDVGLQiPLFDVDVRFLDGDVSRUHMHPSORD
OD JOREDOL]DFLyQ (QWHQGHU HO HVSDFLR FRPR XQ HQWRUQR GLQiPLFR
HV GHFLU HQ SHUPDQHQWH DUWLFXODFLyQFRQOR YLHMR \ OR QXHYR FRQ
DQWLJXDV SUiFWLFDV \ QXHYRV GHVDItRV SXHGH VHU XQD PDQHUD GH
DERUGDUHODQiOLVLVHQWHQGLHQGRTXHpVWHQRHVXQHQWRUQRDLVOD
GHXQSURFHVRFRPSDUWLGR5LFXUFRPRVXFHGHHQWUHHO
PDHVWUR\HOGLVFtSXORFXDQGRVHGDQFXHQWDGHOURO\GHODSRVLFLyQ
TXHRFXSDQHQODLQWHUDFFLyQSHURWDPELpQHQODGLQiPLFDGRQGH
FDGDXQRFXHQWDFRQVXFRPSHWHQFLD\GRQGHHOGLVFtSXORSXHGH
OOHJDUDVXSHUDUDOPDHVWURGHSHQGLHQGRGHODVLWXDFLyQFRQFUHWD
TXHUHVSRQGHDXQFRQWH[WRGDGR6LQHPEDUJRKD\XQLQWHUFDPELR
GHUROHVLQWHUHVHVYDORUHV\SUiFWLFDV
(OSULQFLSDOREMHWLYRGHO7$&HVFRPHQ]DUXQWUDEDMRSDUDDXQDUHQ
ODFRQDQ]DGHORVKDELWDQWHVGHO&HUUR&RUGLOOHUD\GHWRGDVODVRU
JDQL]DFLRQHVORFDOHVTXHH[LVWHQHQHVWHFHUUR3DWULFLD&DVWLOORGL
GRVLQRTXHHQFRQWDFWRFRQHVWUXFWXUDVTXHDFWLYDQSUiFWLFDVGH
UHDSURSLDFLyQGHOHQWRUQR
)RUPDPRV FRPLWp HQ FRQMXQWR FRQ OD GLUHFWLYD WUDEDMD
PRV\FRQVHJXLPRVHODJXDSDUDFDOOHFLQFR\DTXtHODO
FDQWDULOODGRSDUDWRGDVODVIDPLOLDVSDDGHQWURHVHIXH
HOSULPHUSDVRTXHGLPRV\EXHQR\DUUHJODPRVQRVRWURV
HVDSDVDGDQRVHSRGtDSDVDUSRUTXHQRKDEtDSDVDGD
QRKDEtDQDGDGHVSXpVIXLKDFLpQGRPHPiVFRQRFLGD\
UHFWRUDGHO7$&HQWUHYLVWDGHO/DSDUWHDOWDGHOFHUUR
VHFDUDFWHUL]DSRUODSUHVHQFLDGHVHFWRUHVSRSXODUHVTXHKDELWDQ
GHVGHDxRVHOOXJDUPXFKRVGHHOORVKDQSDVDGRSRUHO7$&DSUR
SLiQGRVH\UHYDORUL]DQGRORVHVSDFLRVGHXVRS~EOLFRFRPRTXHEUD
GDVSOD]DV\FDOOHV8QRGHORVSULPHURVUHVXOWDGRVGHODVDFFLRQHV
HPSUHQGLGDVIXHODFUHDFLyQGHXQDFRPLVLyQSDUDUHFXSHUDU\
UHKDELOLWDU/D3REODFLyQ2EUHUDGH/D8QLyQXQDDFFLyQTXHQDFLy
GHODSURSLDLQLFLDWLYDGHMyYHQHVTXHVHPRYLOL]DURQSDUDPHMRUDU
OOHJXpDO7$&3DUDPtHO7$&VHORGLJRFRQKDUWDKRQ
UDGH]DSHVDUGHTXH\DHUDXQDPXMHU\DFRQPLVDxRV
SHURDKtSDUDPtIXHXQDHVFXHODSRUTXH\RDQWHULRUPHQWH
WDPELpQWLUDEDFRVDVDODTXHEUDGDLJQRUDQWHVLQVDEHU
TXHKDFtDXQGDxRSHURFXDQGROOHJXpDO7$&DKtFRPROH
YXHOYRDUHSHWLUSDUDPtIXHXQDHVFXHODSRUTXHDSUHQGt
EDVWDQWHDKtPHHQVHxDURQDPXFKDVFRVDV\WXYHURFHV
FRQPXFKDJHQWHGHGLVWLQWDtQGROHV\HVRPHVLUYLyPX
ODFDOLGDGGHYLGDFRPXQLWDULD
(VDVtFRPRXQVHJXQGRHQWRUQRGHLQWHUDFFLyQHVWXGLDGRFRUUHVSRQ
GHDODUHKDELOLWDFLyQGHOD3REODFLyQ2EUHUDGH/D8QLyQXQYLHMRFRQ
YHQWLOORTXHKDRULJLQDGRXQSURFHVRGHUHYDORUL]DFLyQDFRPSDxDGR
GHQXHYDVIRUPDVGHDSURSLDFLyQGHHVWHSDWULPRQLRLQGXVWULDO(VWH
LQPXHEOHIXHFRQVWUXLGRHQSRUHODUTXLWHFWRPDVyQ&DUORV/RU
FDSDUDGDUKRVSHGDMHDIDPLOLDVFDPSHVLQDVTXHHVWDEDQOOHJDQGR
D9DOSDUDtVRIHQyPHQRTXHUHVSRQGHDORVPRYLPLHQWRVPLJUDWRULRV
FKR/DWtD3DW\SDUDPtIXHSDUDPtFRPRXQDSURIHVR
UDSRUTXHGHHOODDSUHQGtEDVWDQWHDKtPHIXLWHUPLQDQ
GRPiVGHIRUPDU\GHVGHHVHHQWRQFHVDSUHQGtDKDFHU
SUR\HFWRV WDPELpQ \ DKt IXH FXDQGR FRQTXLVWDPRV HVWD
SOD]DKLFLPRVXQDVWHUUD]DVSDUDSODQWDUSODQWiEDPRV
GHWRGDFODVHGHYHUGXUDV\ODVUHSDUWtDPRVGHQWURGHOD
HQWUHHOFDPSR\ODFLXGDGGHOVLJOR;,;6DOD]DU
(Q  HVWH LQPXHEOH IXH FRPSUDGR SRU XQD GH ODV PD\RUHV
IRUWXQDV GH OD pSRFD OD 6UD -XDQD 5RVV GH (GZDUGV FRQ HO Q
GHFRQFHGHUODSURSLHGDGGHOHGLFLRDDTXHOODVIDPLOLDVREUHUDV
RUJDQL]DGDV HQ OD 6RFLHGDG GH 2UGHQ \ 7UDEDMR )HUUDGD  -LPp
FRPXQLGDG(QWUHYLVWDDOD6UD,QpV QH]  /D DGPLQLVWUDFLyQ TXHGy EDMR OD UHVSRQVDELOLGDG GH

3UiFWLFDVGHUHDSURSLDFLyQGHHVSDFLRVFRPXQLWDULRVHQHO 5HYLVWD0iUJHQHV19RO!6HSWLHPEUH!
&HUUR&RUGLOOHUD8QDQiOLVLVHWQRJUiILFRGHO7DOOHUGH$FFLyQ )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
&RPXQLWDULD7$&OD3REODFLyQ2EUHUDGHOD8QLyQ\HO(VSDFLR
6DQWD$QD9DOSDUDtVR&KLOH!0D[LPLOLDQR6RWR1DKXHO4XLUR
JD0DUFHOR*RQ]iOH]
XQFRQVHMRGHKDELWDQWHV\GHORELVSRGH9DOSDUDtVRKDVWD
FXDQGRORVDUUHQGDWDULRVFRPLHQ]DQDRFXSDUVHHOORVPLVPRVGH
ODDGPLQLVWUDFLyQGHOHGLFLRVLQKDFHUVXFLHQWHPHQWHDWHQFLyQD
ORVWUDEDMRVGHPDQWHQFLyQ
(V DVt FRPR OD 8QLyQ 2EUHUD FRPLHQ]D D GHVYDORUL]DUVH SRFR D
SRFR OR TXH H[SOLFD HQ SDUWH ODV DFFLRQHV GH GHVRFXSDFLyQ HP
SUHQGLGDVSRUOD0XQLFLSDOLGDGDORODUJRGHORVDxRV
VXVKDELWDQWHV$TXHOORVUHVLGHQWHVTXHHQDOJ~QPRPHQWRIXHURQ
UHDFLRVDUHODFLRQDUVHFRQODVSHUVRQDVTXHQRHUDQSURSLDPHQWH
GHOD3REODFLyQHQWHQGLHURQTXHDWUDYpVGHOWUDEDMRFRPXQLWDULR
SRGUtDQFRQVWUXLUXQDUHODFLyQGHIXHU]DVTXHSHUPLWLUtDODQHJRFLD
FLyQFRQDFWRUHVVRFLDOHVLQVWLWXFLRQDOHVSDUDODUHFXSHUDFLyQGHOD
FRQVWUXFFLyQ3HURDQWHVGHHVWHSURFHVRHUDQHFHVDULRTXHH[LV
WLHUDXQSURFHVRGHFRQFLHQFLDFLyQSDUDWUDEDMDUODLGHQWLGDGGHORV
DFWRUHVSHUPLWLHQGRDVtODLGHQWLFDFLyQFROHFWLYDGHORVPLHPEURV
\'HVSXpVGHODGLFWDGXUDPLOLWDUXQDVHULHGHRU
GHO JUXSR OR TXH WUDHUtD PiV DGHODQWH OD RUJDQL]DFLyQ GRQGH OD
JDQL]DFLRQHVQRJXEHUQDPHQWDOHV21*VHLQVWDODQDORODUJRGHO
FRRSHUDFLyQGHORVDFWRUHVVHUtDODFODYHSDUDHOSURFHVRGHPRYLOL
WHUULWRULRQDFLRQDOSDUDUHDFWLYDUODVDFFLRQHVVRFLDOHVOLJDGDVDOD
]DFLyQ'XPDV\6HJXLUp
SDUWLFLSDFLyQ FLXGDGDQDDODUHFXSHUDFLyQGHHVSDFLRVS~EOLFRV
\DODHFRQRPtDORFDO(VDVtFRPROD21*&HQWURGH(VWXGLRV&D (OWHUFHUHQWRUQRGHLQWHUDFFLyQHVWXGLDGRFRUUHVSRQGHDO(VSDFLR
SDFLWDFLyQ \ $VHVRUtD 3REODFLRQDO &(&$3 VH LQVWDOD HQ HO &HUUR 6DQWD$QD8QDH[FDSLOODXELFDGDHQODFDOOH%DOPHVGHWUiVGHO
&RUGLOOHUD\UiSLGDPHQWHVHWUDQVIRUPDHQXQWDOOHUGHDFFLyQVRFLDO LQPXHEOHGHOD3REODFLyQ2EUHUDGH/D8QLyQ$ODFHUFDUVHVHHV
VLJXLHQGRORVPpWRGRVHODERUDGRVSRU3DXOR)UHLUHSDUDWUDQVIRU FXFKDQVRQLGRVGHPDUWLOORV\KHUUDPLHQWDVFRPRWDPELpQP~VLFD
PDUVHHQHO7DOOHUGH$FFLyQ&RPXQLWDULD7$& GHGLVWLQWRVHVWLORV\ULWPRV(QHVWHVLWLRVHGDOXJDUDODRUJDQL]D
FLyQFRPXQLWDULD(VSDFLR6DQWD$QDTXHRFXSDODVGHSHQGHQFLDV
/D 3REODFLyQ 2EUHUD GH /D 8QLyQ DEDUFD XQD VXSHUFLH GH 
GHODH[FDSLOOD6DQWD$QD\GHO+RJDUGH1LxDV0DUtD*RUHWWLXQ
PFRQXQSDWLRLQWHULRUTXHDUPRQL]DWRGDODFRQVWUXFFLyQGH
HGLFLRGHGRVSLVRV/DH[FDSLOODHVGHODxR\VHFRQVWUX
GHSDUWDPHQWRVGLVWULEXLGRVHQWUHVSLVRV\FRQHFWDGRVSRUSDVLOORV
\yFRQHOREMHWLYRGHFRODERUDUFRQODVODERUHVHFOHVLiVWLFDVGHOD
LQWHULRUHV/DVIDPLOLDVTXHDOEHUJDQHQVXLQWHULRUXQWRWDOGH
,JOHVLD/D0DWUL]SHURIXHFHUUDGDHQHODxRDWRGDODFRPX
SHUVRQDVQHJRFLDURQ\DFRPSDxDURQORVWUDEDMRVGHUHKDELOL
QLGDG(QHODxRDOJXQRVKDELWDQWHVRUJDQL]DGRVGHO&HUUR
WDFLyQHQWUHORVDxRV\MXQWRDO0LQLVWHULRGH9LYLHQGD\
&RUGLOOHUD PXFKRV GH ORV FXDOHV IXHURQ FDSDFHV GH UHFXSHUDU \
8UEDQLVPR0,198DO3URJUDPDGH5HFXSHUDFLyQ\'HVDUUROOR8UED
UHKDELOLWDUOD3REODFLyQ2EUHUDGH/D8QLyQLGHDURQXQDHVWUDWHJLD
QRGH9DOSDUDtVR35'89\DOD21*HVSDxROD-XQWDGH$QGDOXFtD
SDUDUHVWDXUDUHOHVSDFLRHQEHQHFLRGHpVWDGHVGHXQDOyJLFDGH
(OOXJDUKR\HQGtDFXHQWDFRQODUHFXSHUDFLyQFRPSOHWDGHOHGL DXWRJHVWLyQFRPXQLWDULDTXHHVGLItFLOGHHQWHQGHUSDUDDOJXQRV
FLRGRQGHPXFKDVGHODVIDPLOLDVSXGLHURQUHWRUQDUDVXVYLYLHQ DFWRUHVGHO&HUUR&RUGLOOHUDTXHWLHQHQRWUDVIRUPDVGHDFFLyQ
GDVOXHJRGHDxRVWUDEDMDQGRFRQYHFLQRVGLULJHQWHV\RWURVRUJD
(O6DQWD$QD\RQRVpSRUTXH\RQRHVWR\\HQGRDDVDP
QLVPRVSDUDODUHKDELOLWDFLyQGHOLQPXHEOH(VWHWUDEDMRSHUPLWLyOD
EOHDVQLSHUWHQH]FRDODFRVD\RQRVpTXpHVWiQGLVFXWLHQ
LQWHJUDFLyQVRFLDOSDUDPHMRUDUODFDOLGDGGHYLGDGHODVSHUVRQDV
GRQRVp<RYR\DIXHUDDDOJXQDVFRVDVTXHPHLQYLWDQYR\
\ DVt SRGHU VDFDU D OD OX] OD KLVWRULD \ OD LGHQWLGDG GHO HVSDFLR \

! )LJXUD5HKDELOLWDFLyQGHOD8QLyQ2EUHUD$QWHV\GHVSXpV)RWRJUDItDV06RWR

!5HYLVWD0iUJHQHV19RO!6HSWLHPEUH  !,661HOHFWUyQLFR

)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR !,661LPSUHVR
 DYHUORVDFWRVORTXHKDFHQFRQORVFDEURVFKLFRVFXDQGR
PHOODPDQSHURHQFXHQWURXQSRFRTXHOHKDFHIDOWDPiV
SROtWLFDDKtQRVHKDEODGHSROtWLFDDKtQRVHOOHYDDOGHED
WHQRVHGLVFXWH)DOWDODFRQWLQJHQFLD\YDPRVIRUPDQGR
XQJUXSRSHTXHxRGH\DVLKD\TXHLUDDSR\DUDODFDOOH
YDPRVHQUHSUHVHQWDFLyQGHO6DQWD$QDDSR\DQGRHQODFD
OOHFRPRTXHYLYHQDKtHQFHUUDGRVHQVXVFXHVWLRQHV\D
PtHVRQRPHFDO]DPHIDOWDPiVSROtWLFD\SUHSDUDFLyQ
HQODFXHVWLyQSROtWLFD6LVLJXHQHQHVDRQGDGHVHJXLU
FRQORVSUR\HFWLWRV\PRYLpQGROHODFRODDODDXWRULGDGDOOi
DODDXWRULGDGDFiYDQDWHUPLQDUUHSOLFDQGRHOVLVWHPDGH
OD&RQFHUWD\GHOD1XHYD0D\RUtD\\RWRGDYtDDKtQRYHR
TXHKD\DDXWRJHVWLyQTXHGLFHQTXHHVXQVLVWHPDDXWR
JHVWLRQDGRFRPXQLWDULRWRGDYtDQR<RVpTXHHVRQRGHEH
VHUQDGDGHIiFLOKDFHUORSHURSXHGHHVWDUHPEURPDQGR
PXFKR pVWD SRUTXH PH GD OD LPSUHVLyQ GH TXH KD\ XQD
FDQWLGDGJUDQGHGHJHQWHTXHOHJXVWDHVWRGHORVSUpVWD
PRV\HVWDUSLGLHQGR\HVWDUELHQFRQODVDXWRULGDGHV0DUtD
(XJHQLD9HODVFRHQWUHYLVWDGHO

(O(VSDFLR6DQWD$QDHVXQDFRPXQLGDGGRQGHVHSHUFLEHXQD\X[
WDSRVLFLyQGHFDSDVVRFLDOHV\GRQGHORVHGLPHQWDULR\WUDQVLWRULR
FRKDELWDQSHUPLWLHQGRXQDUHDOLDFLyQLGHQWLWDULDEDVDGDHQXQD
LQWHUSUHWDFLyQ GH OR &RPXQLWDULR (V GHVGH pVWD GLQiPLFD GRQGH
OD QRFLyQ GH XQ FRPSDUWLU WUDQVLWRULR R HItPHUR YD GHQLHQGR ODV
UHODFLRQHVHLQWHUDFFLRQHVDOLQWHULRUGHO(VSDFLR6DQWD$QDGHVGH
GRQGHVHDERUGDQDFFLRQHVSUHFLVDVVREUHHOWHUULWRULR

3RU HMHPSOR HQ MXOLR GH  OD H[ FDSLOOD VXIUH HO GHUUXPEH GH
XQR GH VXV PXURV GH DGREH XQD VLWXDFLyQ FRQFUHWD TXH SURGX
FHQXHYRVGHVDItRVHQHOJUXSRGHDFWRUHVGHOOXJDUORVOODPDGRV
VDQWDQLQRV (Q HO PRPHQWR TXH HPSH]DPRV D YLVLWDU HO OXJDU
XQDVHULHGHPLHPEURV\YROXQWDULRVHVWDEDQRUJDQL]DQGRODVODER
UHVQHFHVDULDVSDUDODDXWRFRQVWUXFFLyQGHODGULOORVGHDGREH8QD
DFWLYLGDGTXHLQYLWDEDDODFRPXQLGDGGHO&HUUR&RUGLOOHUDUHVSRQ
GLHQGRDXQDUHDSURSLDFLyQFRPXQLWDULDGHOWHUULWRULR

6HOHYDQWDURQGLYHUVDVMRUQDGDVSDUDODDXWRFRQVWUXFFLyQGHODGUL
OORV GH DGREH FRQ FDUDFWHUtVWLFDV GH VHU DQWLVtVPLFRV SDUD WRGR
WLSR GH WHPEORUHV 3URPRFLRQDQGR TXH HUD XQD H[SHULHQFLD UHOH
YDQWHSDUDUHDFWLYDUHVSDFLRVGHHQFXHQWUR\DFFLyQFRPXQLWDULD

321 78 *5$1,72 '( 7,(55$ &203$57( 78 )8(5=$

3$5$ &803/,5 &21 (/ 35236,72 &201 3$5$ (/
0852 48( 6( '(5580% (/ ,19,(512 3$6$'2 <$
6$%(6 <$ (67$026 75$%$-$1'2 (6&8&+$1'2 %8(
1$06,&$+2<620262&+20$f$1$32'(0266(5
06(VSDFLR6DQWD$QD)DFHERRN

$QWHVGHFRPHQ]DUODVODERUHVGHDXWRFRQVWUXFFLyQGHDGREHV
MDGDSDUDHOGHIHEUHURPLHPEURVGHODFRPLVLyQGHFR
PXQLFDFLyQFRORFDURQXQDFKH6HFRQYRFDDODSDUWLFLSDFLyQGH
WRGRV\WRGDVDODUHFXSHUDFLyQFROHFWLYDGHHVWHHVSDFLRFRPXQL
WDULR\HQFXHQWURWHUULWRULDO3DUDORVPLHPEURVGHO(VSDFLR6DQWD
$QDODYLQFXODFLyQFRQHOWHUULWRULR\VXFRPXQLGDGUHVSRQGHDSUiF
WLFDV\DLQVFULWDVHQHO&HUUR&RUGLOOHUDGHVGHODVDFFLRQHV\DHP
SUHQGLGDVSRUHO7$&'HVGHGRQGHODUHFXSHUDFLyQGHODH[FDSLOOD
GHVGH XQD DFFLyQ FROHFWLYDFRPXQLWDULD UHSUHVHQWD WDPELpQ XQD
QHFHVLGDGGHFRQVHUYDUHOSDWULPRQLRPDWHULDO\DVtSRGHUDEULUOR
DOS~EOLFRFRPRXQHVSDFLRGHHQFXHQWURGRQGHVHSXHGDQUHDOL ! )LJXUD-RUQDGDGHDXWRFRQVWUXFFLyQGHDGREHVHQHO(VSDFLR6DQWD
]DUVHUYLFLRVFXOWXUDOHVGHSRUWLYRVDUWtVWLFRV\DVtLUIRPHQWDQGROD $QD)RWRJUDItDV06RWR
YLGDVRFLDOHQFRPXQLGDGGHOFHUUR

3UiFWLFDVGHUHDSURSLDFLyQGHHVSDFLRVFRPXQLWDULRVHQHO 5HYLVWD0iUJHQHV19RO!6HSWLHPEUH!
&HUUR&RUGLOOHUD8QDQiOLVLVHWQRJUiILFRGHO7DOOHUGH$FFLyQ )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
&RPXQLWDULD7$&OD3REODFLyQ2EUHUDGHOD8QLyQ\HO(VSDFLR
6DQWD$QD9DOSDUDtVR&KLOH!0D[LPLOLDQR6RWR1DKXHO4XLUR
JD0DUFHOR*RQ]iOH]
 &RPR VH KDFH VLHPSUH OD HVFXHOD GH LQYLHUQR \ GH YHUD SDFLRVVRQGLVWLQWRV\ORVHVSDFLRVWLHQHQGLVWLQWRVHQIRTXHV
QRTXHVRQODVGRVDFWLYLGDGHVELHQJUDQGHVTXHWLHQHHO DXQ FXDQGR HO HQIRTXH JHQHUDO VLJXH VLHQGR HO PLVPR OD
7$&TXHVRQGXUDQWHODVYDFDFLRQHVGHORVQLxRV'RQGH DXWRJHVWLyQHOWUDEDMRFRPXQLWDULRODUHFXSHUDFLyQGHHVSD
KD\ KDUWRV QLxLWRVPHGLMRR\HYDPRVDHVWREXHQR FLRVHWF&KDUO\PLHPEURGHO(VSDFLR6DQWD$QDHQWUHYLVWD
FXHQWRFRUWRIXL\SDUWLFLSpEXHQDRQGD\VDOLyFRPRXQD GHO
DFWLYLGDGVLPSiWLFDHQHVHWLHPSRHQODVYDFDFLRQHVGH
(O WUDEDMR FRPXQLWDULR SRU WDQWR GHEH VHU GLIHUHQFLDGR GH RWUDV
LQYLHUQRGHPLSULPHUDxRDFi'HVSXpVHQYHUDQRPHGLMR
SUiFWLFDVTXHQRWLHQHQFRPRHMHODRUJDQL]DFLyQGHODSREODFLyQ(O
R\H YDPRV GH QXHYR \ OD FXHVWLyQ %XHQR GHVSXpV GH
WUDEDMRFRPXQLWDULRVHVLW~DVREUHHOFRQFHSWRGHDXWRJHVWLyQ\OR
HVHYHUDQRHQDGHODQWHHPSHFpDLQYROXFUDUPHPiVFRQ
LPSRUWDQWHHVFRPSUHQGHUTXHVLQXQVXMHWRFROHFWLYRDXWyQRPR
&RUGLOOHUDFRQODVDFWLYLGDGHVTXHVHVLJXHQDFiHQHVH
QRVHSRGUtDKDEODUGHWUDEDMRFRPXQLWDULRQLGHDFFLyQFROHFWLYD
WLHPSRVHHVWDEDWUDEDMDQGRHQODUHFRQVWUXFFLyQGH6DQ
WD$QDVyORGHODFDSLOODQRHVWDEDHVWHOXJDUDFiHK
&21&/86,1
PHDFXHUGRTXHHQHVHWLHPSRKDEtDVHHVWDEDKDFLHQGR
XQFLFORGHWHDWUR&KDUO\PLHPEURGHO(VSDFLR6DQWD$QD 'HVGHODVHWQRJUDItDVUHDOL]DGDVHQODSDUWHDOWDGHO&HUUR&RUGLOOH
HQWUHYLVWDGHO UDKHPRVSRGLGRDQDOL]DUXQDGLQiPLFDGHFRQWLQXLGDGHQIXQFLyQ
GHSUiFWLFDVGHUHDSURSLDFLyQGHXQHVSDFLRSDUWLFXODUGH9DOSD
(ODGREHHVXQDSLH]DVLPLODUDXQODGULOORIDEULFDGRFRQEDUUR\
UDtVR 'LQiPLFDV VRFLRFXOWXUDOHV TXH QRV SHUPLWHQ LQFRUSRUDU HO
SDMDPDWHULDOFRP~QHQODIDEULFDFLyQGHFDVDVHQODDQWLJHGDG
FRQFHSWRGHHQWRUQRGHLQWHUDFFLyQFRPRFRQFHSWRRSHUDWRULRTXH
ORTXHFRQYLHUWHDOFHUUR&RUGLOOHUDHQXQFHUURDQWLJXRHKLVWyULFR
SHUPLWHSURIXQGL]DUORVFRQFHSWRVGHOXJDU$XJpRGHHV
,QFOXVRXQDGHODVRUJDQL]DFLRQHVFRPXQLWDULDVHO(VSDFLR6DQWD
SDFLRVRFLDO%RXUGLHXSDUDGDUIRUPDDQXHYRVPpWRGRV
$QDOHGLRXQYDORUVLPEyOLFRDODGREH\DTXHVHIDEULFDURQSLH]DV
GHDQiOLVLVGHOWHUULWRULRTXHD\XGDQDHVWXGLDUODVSUiFWLFDVTXHVH
GHHVWHPDWHULDOSDUDODUHFRQVWUXFFLyQGHODH[FDSLOOD6DQWD$QD
HVWiQHMHUFLHQGR\TXHDPRGRGHXQDOXFKDSRUHOUHFRQRFLPLHQWR
(VWDDFWLYLGDGIXHGLIXQGLGDKDFLDORVYHFLQRVORTXHVHH[SUHVDHQ
VRQFDSDFHVGHGDUVHxDVGHODSURGXFFLyQGHXQ1RVRWURVFXOWXUDO
XQSRVWHGHFDOOH-LPpQH]GRQGHKD\XQVHJXQGRFDUWHOTXHGLFH
VLQJXODUGHO&RUGLOOHUD
YHFLQRVDVHQIHEUHURFRPHQ]DPRVFRQODUHFXSHUDFLyQGHOPXUR
GHODH[FDSLOOD(VSDFLR6DQWD$QDSDUWLFLSD
%,%/,2*5$)$
(VWHHQWRUQRGHLQWHUDFFLyQVHHVWUXFWXUDHQIXQFLyQGHSUiFWLFDV
GHUHDSURSLDFLyQTXHFRQIRUPDQXQHVSDFLRFRPXQLWDULRRUJDQL]D
GRHQFRPLVLRQHVSDUDFXPSOLUORVREMHWLYRVGHIRUPDFLyQ\VHJXUL
GDGGHOOXJDU(QHO(VSDFLR6DQWD$QDVHUHDOL]DQGLYHUVDVDFWLYL
$8*e0DUF1RQOLHX[,QWURGXFWLRQjXQHDQWKURSRORJLH
GHODVXUPRGHUQLWp3DUtV6HXLO
%(1$9,'(6-XDQ3,==,0DUFHOD9$/(1=8(/$0DUtD3D]
GDGHVWRGRVORVGtDVGHODVHPDQDDFWXDOPHQWHVHHVWiOOHYDQGR &LXGDGHV\$UTXLWHFWXUDSRUWXDULD9DOSDUDtVR
D FDER XQ SUR\HFWR GH XQ MDUGtQ LQIDQWLO /D PDGULJXHUD SRU OR (GLWRULDO8QLYHUVLWDULD
TXH HV FRP~Q YHU D GLVWLQWDV KRUDV GHO GtD HQWUDU \ VDOLU QLxRV \ %/$1&0DXULFH/DWUDQVDFWLRQVRFLDOHJHQqVHHWIpFRQGLWp
QLxDV FRQ VXV UHVSHFWLYRV SDGUHV \R FXLGDGRUHV GHO UHFLQWR pV KHXULVWLTXH3HQVpH3OXULHOOH%UXVHODV1SS
WRV~OWLPRVHQVXPD\RUtDVRQMyYHQHV3UR\HFWRV\DFWLYLGDGHVTXH
UHVSRQGHQDSUiFWLFDVFXOWXUDOHV\DIRUPDVVRFLDOHVLQVFULWDVHQ %285',(83LHUUH(IIHWVGHOLHX(Q%RXUGLHX3GLU/D
HO WHUULWRULR TXH VH DUWLFXODQ D PRGR GH UHDSURSLDFLyQ GHVGH HO 0LVqUHGX0RQGH3DUtV6HXLO
WUDEDMRUHDOL]DGRSRUHO7$& BBBBB(VSDFHVRFLDOHWJHQqVHGHVFODVHV$FWHVGHODUH
6L\RFUHRTXHHQJHQHUDOQRVpVLVHUiUHVSRQVDELOLGDGGHO FKHUFKHHQVFLHQFHVVRFLDOHV3DUtV9RO/,,/,,,SS
7$&TXHVHJHQHUHHOFDPELRHQODSHUVRQDSHURVtKD\XQ %287,1(7-HDQ3LHUUH$QWKURSRORJLHGXSURMHW
DSRUWHFUHR\R/RTXHVHGHVDUUROODHVHVRHOWHPDHGXFDFLR 3DUtV38)
QDO\HOWHPDGHODUHFXSHUDFLyQGHHVSDFLRVSDUWLHQGRGHV
GHORTXHIXHHVWHHVSDFLRGHTXHEUDGDTXHHUDXQEDVXUDO %289,(53LHUUH'HODVRFLRDQWKURSRORJLH3DUtV*DOLOpH
TXHVHWUDQVIRUPyHQXQKXHUWRXQDQWHDWURHVHHUDFRPR &$/'(51$OIRQVR0HPRULDOGH9DOSDUDtVR9DOSDUDtVR
HOSULQFLSLRGHO7$&HVHSULQFLSLRVHHPSLH]DDUHSURGXFLUHQ (GLFLRQHV8QLYHUVLWDULDVGH9DOSDUDtVR
RWURVHVSDFLRV(QHOFDVRGHODELEOLRWHFD*XWHPEHUJTXH
SXQWXDOPHQWHHVXQHVSDFLRTXHHVGHODSREODFLyQTXHHV &$1'$8-RHO$QWKURSRORJLHGHODPpPRLUH3DUtV38)
ODSREODFLyQ*XWHQEHUJTXHWLHQHWRGRVXFXHQWR\VXKLVWRULD &$67(/5REHUW'HOLQGLJHQFHjOH[FOXVLRQODGpVDIOLD
DWUiV\ODFDVRQDPLVPDWDPELpQWLHQHWRGRVXFXHQWRTXH WLRQ3UpFDULWpGXWUDYDLOHWYXOQpUDELOLWpUHODWLRQQHOOH(Q
HVODFDVRQDTXHVHGDSRUXQDUD]yQGHTXH\DOOHYDEDQ 'RQ]HORW-GLU)DFHjOH[FOXVLRQ/HPRGqOHIUDQoDLV
WLHPSR WUDEDMDQGR DO VHUYLFLR GHO 7$& $ FXDOTXLHU RUJDQL 3DUtV(VSULWSS
]DFLyQOHYDDFRVWDUWHQHUGRVHVSDFLRVGHWUDEDMRDOPLVPR
&$67,//22VFDU/DFLXGDGSXHUWRGH9DOSDUDtVRFRPR
WLHPSRHQWRQFHVORTXHVHGDHOYtQFXORHOWUDWRHQWUHODSR
SDWULPRQLRDUTXLWHFWyQLFRHKLVWyULFRFXOWXUDOGHODKXPD
EODFLyQ*XWHQEHUJ\HO7$&HVHVHHVHHVHOYtQFXORTXHKDFH
QLGDG5HYLVWDDUFKLYXPDxR,91SS
TXHOOHJXHJHQWHDWUDEDMDUDODELEOLRWHFDTXHFRPRHOGDWR
TXHVHGLRGHODSREODFLyQDO7$&FRPRRUJDQL]DFLyQUHFRQR
FLGDHQHO&HUURTXHVHKLFLHUDFDUJRGHODDGPLQLVWUDFLyQGH
ODFDVRQD'HDKtOOHYDQYROXQWDULRVDO7$&GHGLVWLQWDVSDUWHV
\RSRUPLSDUWHOOHJXHGHO7$&DODELEOLRWHFD+D\YtQFXORVD
YHFHVVRPRVORVPLVPRVODVPLVPDVSHUVRQDVSHURORVHV
!5HYLVWD0iUJHQHV19RO!6HSWLHPEUH 
)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
&$9,(5(6(GXDUGR8UEDQL]DFLyQ\FDPELRVRFLDOFRPHU
FLDQWHV\DUWHVDQRVGH9DOSDUDtVRHQODVHJXQGDPLWDGGHO
VLJOR;,;0RQRJUDItDVKLVWyULFDV9RO,9DOSDUDtVR
8QLYHUVLGDG&DWyOLFDGH9DOSDUDtVRSS
!,661HOHFWUyQLFR
!,661LPSUHVR
&()$'DQLHOGLU/HQTXrWHGHWHUUDLQ3DUtV/D'pFRXYHUWH 3,172$QtEDO&KLOHXQFDVRGHGHVDUUROORIUXVWUDGR
6DQWLDJR(GLFLyQ8QLYHUVLWDULD
&/,))25'-DPHV6REUHODDXWRULGDGHWQRJUiFD(Q&OLIIRUG
-'LOHPDVGHOD&XOWXUD$QWURSRORJtDOLWHUDWXUD\DUWHHQOD 5(0<-HDQ/DIRUPHHWODXWRRUJDQLVDWLRQGXVRFLDO
SHUVSHFWLYDSRVWPRGHUQD%DUFHORQD*HGLVDSS ODPpWKRGRORJLHLPSOLFLWHGH*HRUJ6LPPHO3DUtV
/+DUPDWWDQ
BBBBB,GHQWLGDGHQ0DVKSHH(Q&OLIIRUG-'LOHPDVGH
OD&XOWXUD$QWURSRORJtDOLWHUDWXUD\DUWHHQODSHUVSHFWLYD BBBBB/DYLHTXRWLGLHQQHHWOHVWUDQVDFWLRQVVRFLDOHV
SRVWPRGHUQD%DUFHORQD*HGLVDSS SHUVSHFWLYHVPLFURRXPDFURVRFLRORJLTXHV(Q%ODQF0
GLU3RXUXQHVRFLRORJLHGHODWUDQVDFWLRQVRFLDOH3DULV
&255($3LODU1XHYDVUHODFLRQHV(VWDGR2UJDQL]DFLR
/+DUPDWWDQSS
QHVGHODVRFLHGDGFLYLO$SUHQGL]DMHVGHO7DOOHUGH$FFLyQ
&RPXQLWDULD7$&&RUGLOOHUDKWWSZZZWHVLVXFKLOHFO 5(0<-HDQ92<e/LOLDQHHW6(59$,6(PLOH3UR
KDQGOH&RQVXOWDGRHO GXLUHRXUHSURGXLUH"XQHVRFLRORJLHGHODYLHTXRWLGLHQQH
9RO&RQLWVHWWUDQVDFWLRQVRFLDOH%UX[HOOHV'H%RHFN
&28<280'-,$1-XDQ5LFDUGR(ODOWRFRPHUFLRGH9DO
SDUDtVR\ODVJUDQGHVFDVDVH[WUDQMHUDV8QD 5(<1$8'-HDQ'DQLHO/HVUqJOHVGXMHX/DFWLRQFROOHF
/DFWLRQFROOHF
DSUR[LPDFLyQ+LVWRULD6DQWLDJR9ROSS WLYHHWODUpJXODWLRQVRFLDOH3DUtV$UPDQG&ROLQ

&58=$OEHUWR5HYLVLWDU(Q0RQWHFLQR6GLU5HYLVLWDQ BBBBB&RQLWHWUpJXODWLRQVRFLDOH(VTXLVVHGXQHWKpRULH

GR&KLOH,GHQWLGDGHVPLWRVHKLVWRULDV6DQWLDJR&XDGHU GHODUpJXODWLRQFRQMRLQWH5HYXHIUDQoDLVHGHVRFLRORJLH
QRV%LFHQWHQDULRSS 9RO;;SS

'(%$5%,(8;%HUQDUG/HOLHXIUDJPHQWHWV\PEROHGX 5,&853DXO/DOXWWHSRXUODUHFRQQDLVVDQFHHW

WHUULWRLUH(VSDFHHW6RFLpWp3DUtV1SS OpFRQRPLHGXGRQ&RQIpUHQFHjOD3UHPLqUH-RXUQpHGH
ODSKLORVRSKLHjO8QHVFRQRYHPEUH
'(6&2/$3KLOLSSH3DUGHOjQDWXUHHWFXOWXUH3DUtV
*DOOLPDUG 6(=/HRSROGR9DOSDUDtVR/XJDUHVQRPEUHV\SHUVRQD
MHVVLJORV;9,;;,9DOSDUDtVR3XQWiQJHOHV8QLYHUVLGDGGH
'28*/$60DU\'HODVRXLOOXUH(VVDLVVXUOHV
3OD\D$QFKD\86$&+
QRWLRQVGHSROOXWLRQHWGHWDERX3DUtV/D'pFRXYHUWH
6$/$=$5*DEULHO/DEUDGRUHVSHRQHV\SUROHWDULRV
)(55$'$0DULR\-,0e1(=&HFLOLD/DSULPHUDYLYLHQGD
)RUPDFLyQ\FULVLVGHODVRFLHGDGSRSXODUFKLOHQDGHOVLJOR
VRFLDOHQ9DOSDUDtVR)LQHVVLJOR;,;LQLFLRVVLJOR;;(Q
;,;6DQWLDJR(GLFLRQHV6XU
&DVWLOOR0-H+LGDOJR5GLU&LHQDxRVGHSROtWLFDGH
YLYLHQGDHQ&KLOH6DQWLDJR8QLYHUVLGDG$QGUpV%HOOR 6&+87=$OIUHG)HQRPHQRORJtDGHO0XQGR6RFLDO%XHQRV
$LUHV3DLGyV
*((57=&OLIIRUG/DGHVFULSWLRQGHQVH9HUVXQHWKpRULH
LQWHUSUpWDWLYHGHODFXOWXUH(Q&HIDw'GLU/HQTXrWHGH 6,00(/*HRUJ6HFUHWHWVRFLpWpVVHFUqWHV3DUtV
WHUUDLQ3DUtV/D'pFRXYHUWHSS &LUFpSRFKH

*2'(/,(50DXULFH/LGpHOHWOHPDWpULHO3HQVpHpFRQR 62720D[LPLOLDQRD'HOXVRODERUDODOXVRUHVLGHQFLDO

PLHVVRFLpWpV3DUtV)D\DUG DQiOLVLVVRFLRVHPLyWLFRGHODUHFRQYHUVLyQGHXQWDOOHUGH
PDQXIDFWXUD/D,JXDOGDG5HYLVWD/OiPSDUD3DWULPRQLR
*5$)0(<(5<YHV/DFRH[LVWHQFHHQPLOLHXXUEDLQ
,QGXVWULDO3RUWRDOHJUH1SS
pFKDQJHVFRQLWVWUDQVDFWLRQV5HFKHUFKHV6RFLRORJLTXHV
%UXVHODV9RO;;;1SS BBBBB/HVSDUDGR[HVGHODPLVHHQYDOHXUGHVDVFHQVRUHVIXQL
FXODLUHVGH9DOSDUDLVROHFRQLWHQWUHSDWULPRQLDOLVDWLRQ
*5$9$12$ULHO$QWURSRORJtDGHOR%DUULDO(VWXGLRVVREUHOD
PDWpULHOOHHWLPPDWpULHOOH/+RPPHHWOD6RFLpWp1
SURGXFFLyQGHODYLGDXUEDQD%XHQRV$LUHV(GLWRULDO(VSDFLR
SS
+$11(5=8OI([SORUHUODYLOOHpOpPHQWVGDQWKURSRORJLH
85%,1$;LPHQD/RVFRQYHQWLOORVGH9DOSDUDtVR
XUEDLQH3DUtV0LQXLW
VRQRPtD\SHUFHSFLyQGHXQDYLYLHQGDSRSXODU
+211(7+$[HO/DOXWWHSRXUODUHFRQQDLVVDQFH XUEDQD9DOSDUDtVR(GLFLRQHV8QLYHUVLWDULDVGH9DOSDUDtVR
3DUtV&HUI
127$6
/$3/$17,1()UDQoRLV/DGHVFULSWLRQHWKQRJUDSKLTXH
3DUtV1DWKDQXQLYHUVLWpFROO  6LPPHO FRQFHQWUD VX DQiOLVLV HQ ODV PHWUySROLV FHQWUDQGR
HODQiOLVLVVRFLROyJLFRGHODFLXGDGHQODGHQLFLyQGHIRUPDV
/('5875D\PRQG/(VSDFHHQTXHVWLRQRXOHQRXYHDX
LQWHUSV\FKHV/DIRUPDDSDUHFHFRPRXQPRGRGHHVWUXFWXUD
PRQGHXUEDLQ3DUtV$QWKURSRV
FLyQGHORVRFLDO/DIRUPDHVWiGRWDGDGHSURSLHGDGHVHVWUXF
/()(%95(+HQUL/DSURGXFWLRQGHOHVSDFH3DUtV WXUDOHVHQODPHGLGDGRQGHHOODHVFDSD]GHDUWLFXODUWHQVLR
$QWKURSRV QHVHQWUHGRVSRORVHQFRPSHWHQFLD5HP\

/,1'1$OLFLD/DFLXGDG\ODYLGDXUEDQDDWUDYpVGHORVLPD  /DVHWQRJUDItDVVHDSR\DQHQXQDSDXWDGHREVHUYDFLyQFRQHO

JLQDULRVXUEDQRV(85(6DQWLDJR9RO1SS QGHHVWDEOHFHUORVHOHPHQWRVDLGHQWLFDU\GHVFULELUDOLQWH
ULRU\H[WHULRUGHORVWUHVOXJDUHVVHxDODGRV/DSODQWLQH
0$7$6-XDQ'HVIURQWLqUHVF{WpVXG5HYXHGHVVFLHQFHV
2EVHUYDFLRQHVTXHVHUiQFRPSOHPHQWDGDVFRQXQUHJLVWURIR
VRFLDOHV(VWUDVEXUJR1SS

3UiFWLFDVGHUHDSURSLDFLyQGHHVSDFLRVFRPXQLWDULRVHQHO 5HYLVWD0iUJHQHV19RO!6HSWLHPEUH!
&HUUR&RUGLOOHUD8QDQiOLVLVHWQRJUiILFRGHO7DOOHUGH$FFLyQ )DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR
&RPXQLWDULD7$&OD3REODFLyQ2EUHUDGHOD8QLyQ\HO(VSDFLR
6DQWD$QD9DOSDUDtVR&KLOH!0D[LPLOLDQR6RWR1DKXHO4XLUR
JD0DUFHOR*RQ]iOH]
 WRJUiFRGHODVSULQFLSDOHVDFWLYLGDGHVSRQLHQGRDWHQFLyQHQ
ORVORFDWDULRV\HQVXVTXHKDFHUHVFRWLGLDQRV

 (VWH HVTXHPD VH LQVSLUD HQ ORV WUDEDMRV UHDOL]DGRV SRU $[HO
+RQQHWKORVLQGLYLGXRVGHEDMDHVWLPDVRQREOLJDGRVDOXFKDU
SRUHOUHFRQRFLPLHQWR+RQQHWK

 'HQWURGHODOWRFRPHUFLRGH9DOSDUDtVRVHSXHGHQFRQWDUXQ
WRWDOGHFDVDVLPSRUWDGRUDV\JHUHQFLDVFRPHUFLDOHV
DGHPiVGHDOPDFHQHVPD\RULVWDVERGHJDVS~EOLFDV
DOPDFHQHVGHDEDUURWHV\RWURVHVFULWRULRVFRPHUFLD
OHV  FDVDV GH FRQVLJQDFLRQHV \  GHSyVLWRV GH FDO]DGR
-XDQ 8JDUWH 9DOSDUDtVR  5HFRSLODFLyQ +LVWyULFD
&RPHUFLDO\6RFLDOLQ&RX\RXPGMLDQ

!5HYLVWD0iUJHQHV19RO!6HSWLHPEUH  !,661HOHFWUyQLFR

)DFXOWDGGH$UTXLWHFWXUD!8QLYHUVLGDGGH9DOSDUDtVR !,661LPSUHVR