Professional Documents
Culture Documents
Hisinmadera
Hisinmadera
KLVWRULDPtVWLFD\WUDGLFLRQHVVFRXWV
KWWSZZZMDYORSFRPDUWHGHORVERVTXHV
DUWHGHORVERVTXHVKLVWRULDJHQHUDO
KLVWRULDGHODLQVLJQLDGHPDGHUD
/RVSULPHURVDxRV
(QODSULPHUDGpFDGDGHO0RYLPLHQWR6FRXWODIRUPDFLyQGHORVGLULJHQWHVVHKDFtDGHPDQHUDHPStULFD&XDQGRORVQLxRVRMyYHQHV
IRUPDEDQSDWUXOODVWHQtDQODFRVWXPEUHGHSHGLUDXQKHUPDQRPD\RUXQSDSiXQWtRRXQDPLJRTXHKLFLHUDODVYHFHVGH-HIHGH
7URSD(VWRVMHIHVGHWURSDFRPHQ]DURQDLQWHUFDPELDUFRUUHVSRQGHQFLDFRQ%DGHQ3RZHOOTXLHQORVDGLHVWUDEDDODGLVWDQFLD(Q
VHJXLGDVHLQDXJXUDURQDOJXQDVFODVHVHQOD2ILFLQD1DFLRQDO,PSHULDO+HDGTXDUWHUVDODVTXHDVLVWtDQORVGLULJHQWHVQXHYRV
(OQDFLPLHQWRGHOD,QVLJQLDGH0DGHUD
%DGHQ3RZHOOEXVFDEDXQOXJDUSHUPDQHQWHHQHOFXDOGHVDUUROODUODFDSDFLWDFLyQGHORVGLULJHQWHV4XHUtDKDFHUORFRPRORKDEtD
KHFKRHQ%URZQVHDSRUHVRWUDWDEDGHFRQVHJXLUXQFDPSRFRQERVTXHDJXD\RWUDVIDFLOLGDGHVSURSLDVGHODYLGDHQQDWXUDOH]D(O
PDJQDWHGHOFDXFKR:LOOLDP)GH%RLV0DF/DUHQRIUHFLyFRPSUDUXQFDPSRSDUDTXHORV6FRXWVSREUHVGHO(VWHGH/RQGUHVSXGLHVHQ
KDFHUFDPSDPHQWRV%3DFHSWyODGRQDFLyQFRQODFRQGLFLyQGHTXHHVHFDPSRIXHVHWDPELpQXQDHVFXHODDODLUHOLEUHSDUDORV
GLULJHQWHVVFRXWV(OSURSLRQRPEUHGHpVWRVFUHDEDGLVSXWDV/RVPLHPEURVGHO&RPLWp1DFLRQDOGHOD$VRFLDFLyQSHUVRQDVGHOD
HGDGGH%3SHURPXFKRPiVYLHMRVHQPHQWDOLGDGLQVLVWtDQHQTXHVHORVGHQRPLQDVHRILFLDOHV6FRXWV\TXHVHOHVFRQILULHVH
JUDGRVFRPRHQHOHMpUFLWRVXEWHQLHQWHWHQLHQWHFDSLWiQHWFDVLPLOLWXGGHORTXHKDFtDQODV%ULJDGDVGH0XFKDFKRV%R\·V
%ULJDGHV\HO(MpUFLWRGH6DOYDFLyQ6DOYDWLRQ$UP\2WURVTXHUtDQXQSHUILOGHLQVWUXFWRUGHSRUWLYRFRPRWHQtDOD$VRFLDFLyQ
&ULVWLDQDGH-yYHQHV<0&$%3WUDWyGHVROXFLRQDUHOSUREOHPDFUHDQGRHOQHRORJLVPR6FRXWHUHOTXHDQLPDRFRQGXFH6FRXWV
TXHHQLQJOpVIXQFLRQyELHQDXQTXHQXQFDSXGRVHUWUDGXFLGRIHOL]PHQWHDOHVSDxRO\VHXVyHQVXYHUVLyQRULJLQDO
8QGLULJHQWHHQFRQWUy*LOZHOO\DYLVyD%3TXHHOFDPSRHVWDEDGLVSRQLEOH0DF/DUHQORFRPSUy\ORGRQyDORV6FRXWV(OPLVPR
DxRFRPHQ]yDIXQFLRQDUHOQXHYRVLVWHPDGHIRUPDFLyQGHGLULJHQWHV
$OFRPLHQ]RHQ%3LPDJLQyHO&XUVRFRPRXQDH[SHULHQFLDHQWUHVHWDSDVXQSHUtRGRGHIRUPDFLyQWHyULFD3DUWH,TXHVH
SRGtDKDFHUSRUFRUUHVSRQGHQFLDFRQOD*DFHWDGHOD2ILFLQD1DFLRQDORDVLVWLHQGRDDFWLYLGDGHVGHILQGHVHPDQDHQ*LOZHOO
6HJXtDXQDH[SHULHQFLDSUiFWLFDHQFDPSDPHQWR3DUWH,,TXHVHSDVDEDGXUDQWHXQRVGLH]GtDVVHJXLGRVRFXDWURILQHVGHVHPDQD
HQ*LOZHOO\SRVWHULRUPHQWHHQRWURVOXJDUHVDXWRUL]DGRV$OWpUPLQRGHHVWDVHJXQGDSDUWHVHRWRUJDEDXQDFXHQWDGHODLQVLJQLDGH
PDGHUDSDUDXVDUHQHORMDOGHODFDPLVDRHQODFKDUUHWHUDGHODPLVPD
)LQDOPHQWHXQSHUtRGRGHDSOLFDFLyQHQVXFDUJRFRPR-HIH6XEMHIHGH7URSDRFRPR6FRXWHUGH'LVWULWR3DUWH,,,$OFRPSOHWDUOD
WHUFHUDSDUWHVHRWRUJDEDHOGHUHFKRDXVDUODFXHQWDHQODVDJXMHWDVGHOVRPEUHUR6FRXWSRUVREUHHODOD4XLHQHVKDEtDQREWHQLGR
FDOLILFDFLyQH[FHOHQWHUHFLEtDQGRVFXHQWDV\HVWDEDQDXWRUL]DGRVDUHSHWLUODH[SHULHQFLDGLULJLUHO&XUVRGH,QVLJQLDGH0DGHUDHQ
ORVOXJDUHVHQTXHSUHVWDEDQVHUYLFLRFRPRGLULJHQWHV6yORTXLHQHVFXUVDEDQHQ*LOZHOOSRGtDQUHFLELUGRVFXHQWDV
/DVFXHQWDVIXHURQWRPDGDVGHOYLHMRFROODUTXHVHGLFHSHUWHQHFLyD'LQL]XO~\IXHHQFRQWUDGRSRU%3HQODIRUWDOH]DGHVLHUWDGH
DTXHOMHIHHQ&H]DÉIULFD/RVFRUGRQHVGHFXHURVHJ~QDOJXQDVIXHQWHVKDEUtDQVLGRWRPDGRVGHERWDVPLOLWDUHVGHOSURSLR%DGHQ
3RZHOO
(VLQFLHUWRHOVHQWLGRTXH%3TXLVRGDUOHDOVLVWHPDFXDQGRORGHQRPLQy:RRG%DGJH/DYHUGDGHVTXHpOWUDWDEDGHFUHDUXQ
PHFDQLVPRGHIRUPDFLyQTXHQRVHDVRFLDVHIiFLOPHQWHFRQORVJUDGRVRGLSORPDVGHODXQLYHUVLGDG
(OQRPEUHIXHDWULEXLGRDQWHVGHUHDOL]DUHOSULPHUFXUVR$OWUDGXFLUVHDOIUDQFpVVHOROODPy/DEDGJHGHERLV\DTXtDSDUHFHXQD
FXULRVLGDGDOWUDGXFLUDOHVSDxROVHXWLOL]yODGHQRPLQDFLyQ,QVLJQLDGH0DGHUDVLHQGRTXHWDQWRODSDODEUDLQJOHVDZRRGFRPROD
IUDQFHVDERLVSXHGHQVLJQLILFDUDODYH]PDGHUD\ERVTXH3RVLEOHPHQWHRWURWUDGXFWRUSXGLHVHKDEHULQWHUSUHWDGRTXH%3
LQWHQWDEDDOXGLUDODYLGDHQODQDWXUDOH]DFRPRHVFXHODSDUDODYLGD\ODWUDGXFFLyQVHUtDHQWRQFHV,QVLJQLDGHO%RVTXH
3DUHFHTXHHQORVSULPHURVFXUVRV%3UHSDUWLySDxXHORVLJXDOHVKHFKRVGHWHODGHFDPLVDPLOLWDUSDUDORVSDUWLFLSDQWHV(Q
)UDQFLV*LGQH\SULPHU-HIHGH&DPSRGH*LOZHOOGLVHxyHOSULPHU3DxXHORGH*LOZHOOTXHHVWDEDKHFKRWRWDOPHQWHFRQWHODGHOWDUWiQ
TXHODIDPLOLD0DF/DUHQXVDEDHQVXNLOW(QVHJXLGDHOFRVWRGHKDFHUSDxXHORVGHWHODHVFRFHVD\HOWHPRUDOUiSLGRGHVJDVWHTXH
UHFLELUtDQDOVHUXWLOL]DGRVSDUDMXHJRV\YHQGDMHVPRWLYyVXUHHPSOD]RSRUHOSDxXHORDFWXDOTXHVyOROOHYDXQUHFWiQJXORGHOWDUWiQ
0DF/DUHQ$MX]JDUSRUODVIRWRJUDItDVGLVSRQLEOHVHO$URGH*LOZHOOKL]RVXDSDULFLyQKDFLD\VHSRSXODUL]yDOSXEOLFDUVHHO
OLEULWRGHQRPLQDGR&RPRKDFHUQXGRVHVFULWRSRU6FRXWHUVTXHSUHVWDEDQVHUYLFLR*LOZHOO\TXHSRUHOORILUPDEDQFRQHOVHXGyQLPR
*LOFUDIWHVGHFLUDUWHVDQtDGH*LOZHOOHQHVDSXEOLFDFLyQVHGHVFULEtDHOQXGR&DEH]DGH7XUFRGHWUHVYXHOWDV\HQVXV
HGLFLRQHVPiVDQWLJXDVVHUHFRPHQGDEDTXHKHFKRHQFRUGyQGHFXHUR\FRQGRVSDVDGDVVHXWLOL]DVHSDUDVXMHWDUHOSDxXHORGH
*LOZHOO
$OUHGHGRUGHRTXL]iSRUODOOHJDGDGHGLULJHQWHVGHGLYHUVRVSDtVHVTXHQRXVDEDQHOVRPEUHUR6FRXWVHJHQHUDOL]yHO
XVRGHOD,QVLJQLDGH0DGHUDHQXQFROODUGHFXHUR$GHPiVPX\UiSLGDPHQWHVHJHQHUDOL]yODHQWUHJDGHGRVFXHQWDVDWRGRV
TXLHQHVFRPSOHWDEDQH[LWRVDPHQWHODVWUHVSDUWHVGHOD,QVLJQLDGH0DGHUD
/DGLIXVLyQGHOD,QVLJQLDGH0DGHUDHQORVSULPHURVDxRV
$QWHVGHODVHJXQGDJXHUUDPXQGLDOKXERXQDOHQWDHYROXFLyQGHOFRQFHSWRGH)RUPDFLyQGH'LULJHQWHVVLHPSUHEDMRODWXWHODGHO
3DUTXHGH*LOZHOO\PXFKDVYHFHVEDMRODPLUDGDGH%DGHQ3RZHOOTXLHQGLULJLySHUVRQDOPHQWHPXFKRVGHORV&XUVRVGHOD,QVLJQLDGH
0DGHUDWDQWRHQVXPRGDOLGDGFRQWLQXDGHXQDVHPDQDFRPSOHWDFRPRHQVXIRUPDWRGLIHULGRGHWUHVRFXDWURILQHVGHVHPDQD
(QVHUHDOL]yHOSULPHU&XUVRGH,QVLJQLDGH0DGHUDHQ5DPD/REDWRVFRQEDVWDQWHUHWLFHQFLDSRUSDUWHGHORV6FRXWHUVGH
5DPD6FRXW\ODLQVLJQLDTXHVHRWRUJDEDWHQtD£XQFROPLOORGHORERDJXMHUHDGRHQHOH[WUHPRGHOFROODU3URQWRVHDJUHJyXQD
FXHQWDHQHORWURH[WUHPR(VWDDQWLHFROyJLFDFRVWXPEUHVHGHVFRQWLQXyFDVLGHLQPHGLDWR(QVHKL]RHOSULPHU&XUVRGH
FRS\ULJKWGHUHFKRVUHVHUYDGRVHODUWHGHORVERVTXHV
HODUWHGHORVERVTXHV
KLVWRULDPtVWLFD\WUDGLFLRQHVVFRXWV
KWWSZZZMDYORSFRPDUWHGHORVERVTXHV
,QVLJQLDGH0DGHUDHQ5DPD5RYHUVHQHOSULPHURSDUD&RPLVLRQDGRVHQHOSULPHURSDUD-HIHVGH*UXSR\HQHO
SULPHURHQ5DPD6FRXWV0D\RUHV
(QFXDQWRDORVIRUPDGRUHVHQ%3DSUREyODSROtWLFDGHGLIXVLyQGHORV&XUVRVGH,QVLJQLDGH0DGHUD\VHFUHyHOFRQFHSWRGH
'HOHJDGRVGHO-HIHGH&DPSRGH*LOZHOO'-&TXHSURQWRUHFLELHURQGRVFXHQWDVDGLFLRQDOHVSDUDWHVWLPRQLDUTXHDGHPiVGHVX
WDUHDEiVLFDFRPRGLULJHQWHVGHMyYHQHVWHQtDQODUHVSRQVDELOLGDGGHWUDQVPLWLUVXVFRQRFLPLHQWRVDRWURVDGXOWRVFRPR'LUHFWRUHV
GHO&XUVRGHOD,QVLJQLDGH0DGHUD1DFLyDVtHOFROODUGHFXDWURFXHQWDV
(OSURSLR%3SDVyDXVDUXQFROODUGHFXDWURFXHQWDVDOJXQDVIXHQWHVUHFLHQWHVTXHKDQUHYLVDGRSLH]DVGHPXVHRTXH
FRUUHVSRQGLHURQDOXVRKDELWXDOGH%3GLFHQTXHVXFROODUSHUVRQDOKDEUtDWHQLGRVHLVFXHQWDV\DIXQFLRQDUFRPRGLUHFWRUHQ
QXPHURVRVFXUVRVWDQWRHQHO3DUTXHGH*LOZHOOFRPRHQRWURVOXJDUHV
3DUDREWHQHUHOQRPEUDPLHQWRGH'-&'LSXWDGRGHO-HIHGH&DPSR*$N*XtDGH$NHODVR'-&5'LSXWDGRGHO-HIHGH&DPSR
SDUD5RYHUVHUDFRVWXPEUHVHULQYLWDGRDSDUWLFLSDUQXHYDPHQWHHQHO&XUVRGHOD,QVLJQLDGH0DGHUDHVWDYH]FRPRWXWRUGHXQD
SDWUXOODVHLVHQDRHTXLSR\TXL]iVHSRGtDFRQGXFLUDOJXQDVHVLyQHPLQHQWHPHQWHSUiFWLFD(VWDVLWXDFLyQGHWUDQVLFLyQHQODTXHVH
IRUPDEDSDUWHGHOHTXLSRFRPRXQDJUHJDGRSHURQRVHHUDFXUVDQWHVHUYtDSDUDFRPSUHQGHUHOSURFHVR\FDSDFLWDUVHSDUD
GLULJLUHO&XUVR
(OHVTXHPDVHH[WHQGLyDODJUHJDUVHQXHYRVFXUVRV
(QORVSULPHURVYHLQWHDxRVVyORH[LVWtDHO&XUVRGHOD,QVLJQLDGH0DGHUD/XHJRGHOIDOOHFLPLHQWRGH%3VHFRQVLGHUyTXHVX
FRQWHQLGRHUDPX\HOHYDGRSDUDORVUHFLpQOOHJDGRVDO0RYLPLHQWR\VHGHVDUUROOyHO&XUVR3UHOLPLQDUGHGRVDWUHVGtDVGHGXUDFLyQ
HOSULPHURGHORVFXDOHVVHUHDOL]yHQ$VtVHUHXELFyODHQWUHJDGHO$URGH*LOZHOOSDUDHOSDxXHORFRQYLUWLpQGRORHQHO
VtPERORGHHVWHFXUVR(OSUHOLPLQDUHVHODQWHFHVRUGLUHFWRGHO&XUVR%iVLFRR0HGLRGHPXFKRVSDtVHV
$OPLVPRWLHPSRDPHGLGDTXHODVDVRFLDFLRQHVQHFHVLWDEDQSHUVRQDVLGyQHDVSDUDD\XGDUDORV'-&*$N'-&5VHFUHyHO
FRQFHSWRGH$\XGDQWHGHO'LSXWDGR-HIHGH&DPSR$'-&\VHORLGHQWLILFyFRQXQFROODUGHWUHVFXHQWDV$pVWRVVHORVKDELOLWy
SDUDGLULJLUHO&XUVR3UHOLPLQDUUHFLpQFUHDGR(QODUDPD/REDWRVVHORVOODPy$\XGDQWHGH*XtDGH$NHODV$*$N\HQ5RYHUV
$\XGDQWHGHO'LSXWDGR-HIHGH&DPSRSDUD5RYHUV$'-&5
0iVWDUGHDFRPLHQ]RVGHORVDxRV¶VHGHFLGLyRIUHFHUXQDFDSDFLWDFLyQGHFDUiFWHULQIRUPDWLYRHOHPHQWDODTXLHQHVHVWDEDQSRU
VROLFLWDUVXSULPHUFHUWLILFDGRGHFDUJRFRPRGLULJHQWHV6XUJLyDVtHO&XUVR3UHFHUWLILFDGRWDPELpQRULHQWDGRDFDGDXQDGHODV
5DPDVGHHQWUHXQDWDUGH\XQGtDGHGXUDFLyQDQWHFHVRUGHO&XUVR,QIRUPDWLYR,QLFLDO,QWURGXFWRULRRGH,QIRUPDFLyQTXHVH
UHDOL]DHQPXFKRVSDtVHV
(QHVHPRPHQWRSDUHFLyQDWXUDOGHWHUPLQDUTXHVyORHVWDEDQKDELOLWDGRVSDUDGLULJLUHO&XUVR3UHFHUWLILFDGRDTXHOORVTXHKDEtDQ
REWHQLGROD,QVLJQLDGH0DGHUDHQOD5DPDFRUUHVSRQGLHQWH'HHVWDPDQHUDXQDLQVLJQLDTXHKDEtDVLGRRWRUJDGDFRPRXQD
FDOLILFDFLyQHQHOiUHD3URJUDPD\TXHKDELOLWDEDFRPR'LULJHQWHGH-yYHQHVSDVyDYHUVHFRPRXQDSRVLFLyQHQHOHVFDODIyQGH
ORVDGLHVWUDGRUHVTXHSRGtDQDVtWHQHUGRVWUHVRFXDWURFXHQWDVHQVXFROODU
3DUDOHODPHQWHOD&RQIHUHQFLD6FRXW0XQGLDOUHXQLGDHQ$XVWULDHQUHFRQRFtDSRUSULPHUDYH]ODH[LVWHQFLD\ODFDOLGDGGHO
HVTXHPDGHOD,QVLJQLDGH0DGHUD\VXJHUtDTXHVHFRQWLQXDVHGHVDUUROODQGR
/DFDSDFLWDFLyQGHIRUPDGRUHV
+DFLDILQHVGHORVDxRV¶\FRPLHQ]RVGHORV¶DOJXQDVDVRFLDFLRQHVFRPHQ]DURQDH[SHULPHQWDUHQODFDSDFLWDFLyQGH
IRUPDGRUHV1RWDEOHPHQWH&DQDGi\HO5HLQR8QLGRGH*UDQ%UHWDxD
6XUJLyDVtHO&XUVRSDUD$GLHVWUDUDO(TXLSR7UDLQLQJWKH7HDP&RXUVHRVLPSOHPHQWH777TXHVHUHDOL]DEDEDMRODDXWRULGDGGHO
-HIHGH&DPSRGH*LOZHOO\VHFRQYLUWLyHQHOUHTXLVLWRSDUDREWHQHUHOQRPEUDPLHQWRGH'-&*$NR'-&5
/D&RQIHUHQFLD0XQGLDOUHXQLGDHQ&DQDGiHQGLRODELHQYHQLGDDORV&XUVRVSDUD)RUPDGRUHV777\DSUREyXQDFXHUGRTXH
GHILQH\GHVFULEHODVWUHVLQVLJQLDVDURGH*LOZHOOFROODUFRQFXHQWDV\SDxXHORGH*LOZHOOVDOYDJXDUGDVXSURSLHGDGLQWHOHFWXDO
UHVHUYDVXXVRSDUDTXLHQHVKD\DQVLGRGHELGDPHQWHFDSDFLWDGRVSRUGLULJHQWHVDXWRUL]DGRVHQDVRFLDFLRQHVPLHPEURVGHOD
2UJDQL]DFLyQ0XQGLDO\DFODUDTXHHO3DxXHORGH*LOZHOOQRGHEHVHUPRGLILFDGRQLVHOHGHEHQDJUHJDURWURVGLVWLQWLYRVDGHPiV
UHFRPHQGyODDGRSFLyQGHOHVTXHPDSRUSDUWHGHORVSDtVHVPLHPEURVGHOD2UJDQL]DFLyQ0XQGLDOGHO0RYLPLHQWR6FRXW
$SHVDUGHORVLQWHQWRVSDUDJHQHUDOL]DUHOVLVWHPD\GLIXQGLUORDPSOLDPHQWHODFRVWXPEUHFRQVSLUDEDFRQWUDHVWDQHFHVLGDG/RV
IRUPDGRUHVIXQFLRQDEDQHQXQHVTXHPDGHULJLGH]TXHORVOOHYDEDDPDQHMDUORVPDQXDOHVGHORVFXUVRVFRPRPDWHULDOGHFDUiFWHU
FRQILGHQFLDOTXHVyORSRGtDVHUYLVWRSRUTXLHQHVKXELHVHQUHFLELGRORVQRPEUDPLHQWRVGH'-&*$N'-&5R$'-&$*$N$'-&5
(QODSUiFWLFDSDUDXQ&XUVRGHOD,QVLJQLDGH0DGHUDH[LVWtD7KH'HSXW\&DPS&KLHI+DQGERRNHO0DQXDOGHO'-&\VXV
HTXLYDOHQWHVSDUDODVRWUDVUDPDV&RQVLVWtDHQXQDFDUSHWDFRQXQVLVWHPDGHFLHUUHSDUDSRQHU\TXLWDUKRMDVSHUIRUDGDV
+DELWXDOPHQWHHOGLUHFWRUGHOFXUVRVDFDEDGHVXPDQXDOODKRMDTXHFRUUHVSRQGtDDODVHVLyQTXHXQIRUPDGRUGHEtDFRQGXFLU\OH
SUHVWDEDHVDKRMDDODSHUVRQDHQFXHVWLyQSDUDTXHSUHSDUDVHVXVQRWDV\RUJDQL]DVHVXVHVLyQ1RUPDOPHQWHHVWRVHKDFtDFRQ
SRFDDQWLFLSDFLyQUHVSHFWRGHODVHVLyQPLVPD'HHVWDPDQHUDODSHUVRQDTXHDFWXDEDFRPRIRUPDGRUHQXQFXUVRQRSRGtDFRQRFHU
HOPDQXDOFRPSOHWR\VHYHtDSULYDGDGHODRSRUWXQLGDGGHDSURYHFKDUODVYDOLRVDVRULHQWDFLRQHVTXHpVWHFRQWHQtDHQUHODFLyQFRQHO
SURFHVRGHFDSDFLWDFLyQGHDGXOWRVODUHODFLyQHQWUHIRUPDGRUHV\FXUVDQWHVODUD]yQGHODVHFXHQFLDHVWDEOHFLGDSDUDODVVHVLRQHV\
RWUDVLQWHUHVDQWHVFXHVWLRQHV,QGXGDEOHPHQWHHVWDLQIRUPDFLyQSDUFLDOIXHXQRGHORVPRWLYRVGHORVQXPHURVRVHUURUHVTXH
FRPHWtDQDOJXQRVIRUPDGRUHVDOHVFRJHUVXVHVWLORVGHHQVHxDQ]D\DOQRFRQVLGHUDUDGHFXDGDPHQWHORVGLIHUHQWHVHVWLORVGH
DSUHQGL]DMHGHORVDGXOWRVDORVTXHGHEtDQFDSDFLWDU
9HUGDGHUDPHQWHUHVXOWDGLItFLOGHH[SOLFDUFyPRFRQVHJXtDQDOJXQRVIRUPDGRUHVDGTXLULUODLQIRUPDFLyQ\ODFDSDFLWDFLyQQHFHVDULD
SDUDDFFHGHUDORVQRPEUDPLHQWRVTXHOHVSHUPLWLUtDQDVXYH]GLULJLUFXUVRVFRQDFLHUWR(OVLVWHPDRSHUDEDFRPRHOSURSLR
0RYLPLHQWR6FRXWSRUODYtDGHOHMHPSORGHDTXHOORVTXHORVDEtDQKDFHU\GHTXLHQHVORKDEtDQKHFKRDQWHV7RGRHVWRVLQ
GHVPHUHFHUDORVFXUVRVSDUDIRUPDGRUHV777TXHMXJDURQXQSDSHOGHOLPSRUWDQFLDHQHOSURFHVRGHFDSDFLWDFLyQGHORV
IRUPDGRUHV
FRS\ULJKWGHUHFKRVUHVHUYDGRVHODUWHGHORVERVTXHV
HODUWHGHORVERVTXHV
KLVWRULDPtVWLFD\WUDGLFLRQHVVFRXWV
KWWSZZZMDYORSFRPDUWHGHORVERVTXHV
3DUDOHODPHQWHORVHQFXHQWURVGHIRUPDGRUHVGHGLIHUHQWHVSDtVHVOOHYDURQDOFRQYHQFLPLHQWRTXHHUDQHFHVDULRFRQWDUFRQXQyUJDQR
IRUPDOGHFRRUGLQDFLyQHQWUHHOORVDGHPiVGHO3DUTXHGH*LOZHOO$VtVHIXHJHVWDQGRODLGHDGHHVWDEOHFHUXQD&RPLVLyQ0XQGLDOGH
)RUPDFLyQ\GHGHILQLUXQDSROtWLFDVREUHHOWHPDSDUDHOPXQGRHQWHUR
(OHVTXHPDGHOD,QVLJQLDGH0DGHUDVHKDFHXQLYHUVDO
'HVGHODDSUREDFLyQGHODSULPHUD3ROtWLFD0XQGLDOGH)RUPDFLyQHQOD&RQIHUHQFLD0XQGLDOUHDOL]DGDHQ/LVERDHQODQRUPDHUD
TXHHOHVTXHPDGH)RUPDFLyQGHEtDVHJXLUHOGLVHxRGH*LOZHOO&XUVR3UHFHUWLILFDGR&XUVR3UHOLPLQDU\&XUVRGHOD,QVLJQLDGH
0DGHUDHVWH~OWLPRFRQ3DUWH,R7HyULFD3DUWH,,R&DPSDPHQWR3UiFWLFR\3DUWH,,,R$SOLFDFLyQHQWHUUHQRFRQ2EVHUYDFLyQ(O
GLVHxR\FRQWHQLGRGHORVFXUVRVHVWDEDHVWDEOHFLGRFRQFLHUWDULJLGH]GHVGH*LOZHOO\VHDSOLFDEDHQIRUPDLGpQWLFDHQWRGRVORV
SDtVHV$OFRPSOHWDUHO&XUVR3UHOLPLQDUVHRWRUJDEDHODURGH*LOZHOO\DOFRPSOHWDUODVWUHVSDUWHVGHO&XUVRGHOD,QVLJQLDGH0DGHUD
VHRWRUJDEDHOFROODUFRQGRVFXHQWDV\HO3DxXHORGH*LOZHOO(VWHSDxXHORVHXVDEDVyORFXDQGRKDEtD5HXQLRQHVGH*LOZHOOR
FXDQGRVHSUHVWDEDVHUYLFLRFRPR,QVWUXFWRUR)RUPDGRUGHRWURVGLULJHQWHVWDPELpQFXDQGRXQGLULJHQWHVHGHVHPSHxDEDHQDOJXQD
IXQFLyQHVSHFLDOIXHUDGHVX*UXSR6FRXW(QWRGDVODVRWUDVRFDVLRQHVVHGHEtDXVDUHO3DxXHORGH*UXSRRHOTXHFRUUHVSRQGLHUD
SRUHOQLYHOGHRSHUDFLyQHQTXHVHGHVHPSHxDEDHOGLULJHQWH
3DUDORV)RUPDGRUHVH[LVWtDQORV&XUVRV$GLHVWUDQGRDO(TXLSRR777SRUVXVVLJODVHQLQJOpVGHQLYHOQDFLRQDO\GHQLYHO
LQWHUQDFLRQDO3DUDRSWDUSRUODWHUFHUDFXHQWDKDEtDTXHWRPDUHO777QDFLRQDOHQWUHRWURVUHTXLVLWRV\SDUDRSWDUSRUODFXDUWD
FXHQWDKDEtDTXHSDUWLFLSDUHQXQ777LQWHUQDFLRQDODGHPiVGHRWURVFRQGLFLRQDQWHV
/DVWHUFHUDVFXHQWDVHUDQRWRUJDGDVGHVGHOD2ILFLQD5HJLRQDOHQQXHVWURFDVR,QWHUDPHULFDQD\ODVFXDUWDVFXHQWDVVyORGHVGHHO
3DUTXHGH*LOZHOO$XQTXHORVFXUVRVHUDQJHQpULFRVORVQRPEUDPLHQWRVVHKDFtDQSRUHVSHFLDOLGDGDVt$\XGDQWHGH*XtDGH$NHODV
$\XGDQWHGH'LSXWDGR-HIHGH&DPSR\$\XGDQWHGH'LSXWDGR-HIHGH&DPSR5RYHUFRUUHVSRQGtDQDODWHUFHUDFXHQWD/DFXDUWD
LQGLFDEDXQ*XtDGH$NHODV'LSXWDGR-HIHGH&DPSRR'LSXWDGR-HIHGH&DPSR5RYHU6yORHVWRV~OWLPRVHVWDEDQDXWRUL]DGRVD
GLULJLU&XUVRVGHOD,QVLJQLDGH0DGHUD\pVWRVGHEtDQVHULQIRUPDGRVDOD2ILFLQD5HJLRQDO/RVFXUVRV777VyORSRGtDQVHU
RUJDQL]DGRVEDMRODDXWRULGDGGHOD2ILFLQD5HJLRQDO777QDFLRQDOHVRGHO-HIHGH&DPSRGHO3DUTXHGH*LOZHOO777
LQWHUQDFLRQDOHV
/D2ILFLQD0XQGLDOSXEOLFyHO0DQXDOGHO&RPLVLRQDGR1DFLRQDOGH$GLHVWUDPLHQWR\HQDFXHUGRFRQHO3DUTXHGH*LOZHOOVH
SXEOLFDURQORVPDQXDOHVGHWRGRVORVFXUVRVORVTXHIXHURQWUDGXFLGRVDGLYHUVRVLGLRPDV3HURWRGDYtDPDQWHQtDQVXFDUiFWHUGH
GRFXPHQWRFRQILGHQFLDOVyORSDUDVHUXVDGRVSRUORVPLHPEURVGHORV(TXLSRV1DFLRQDOHVGH)RUPDFLyQ
/DWUDQVLFLyQKDFLDODDXWRQRPtD
0XFKRVSDtVHVLQWHQWDURQREWHQHUDXWRQRPtDSDUDDGPLQLVWUDUVXVVLVWHPDVGHIRUPDFLyQ(QHVWHVHQWLGRFDEHPHQFLRQDUHQ
QXHVWUDUHJLyQODH[SHULHQFLDGH(VWDGRV8QLGRVFRQVXSUR\HFWR&LHUYR%ODQFR\ORVHQFXHQWURVFRQWLQHQWDOHVGHIRUPDGRUHVHQ
&DQHOD%UDVLOHQ\HQ&DFKLPD\R%ROLYLDHQ
/D&RQIHUHQFLD0XQGLDOUHXQLGDHQ+HOVLQNL)LQODQGLDHQDSUREyODGD3ROtWLFD0XQGLDOGH)RUPDFLyQSRUODFXDOVHGLR
DXWRQRPtDDORVSDtVHVSDUDDGPLQLVWUDUVXVSURSLRVVLVWHPDVGHIRUPDFLyQGHGLULJHQWHVGHXQLGDG\GHMHIHVGHJUXSR\
FRPLVLRQDGRV
*LOZHOO3DUNGHMyGHVHUHO&HQWUR0XQGLDOGHOD)RUPDFLyQ\SDVyDVHUODVHGHGHOVLVWHPDGHIRUPDFLyQGHOD$VRFLDFLyQGH6FRXWV
GHO5HLQR8QLGRDXQTXHFRQVHUYyWRGRVXSUHVWLJLRFRPRSXQWRGHSDUWLGDGHOVLVWHPDGHIRUPDFLyQHPSOHDGRHQHOPXQGRHQWHUR
/DQRUPDIXHTXHFDGD$VRFLDFLyQ6FRXW1DFLRQDOVHUtDUHVSRQVDEOHSRUODDGRSFLyQGLVHxRFRQGXFFLyQ\GHVDUUROORGHVXSURSLR
6LVWHPDGH)RUPDFLyQSDUDVXVGLULJHQWHV6HUHFRPHQGDEDTXHVHPDQWXYLHVHOD,QVLJQLDGH0DGHUDGHGRVFXHQWDVFRPRVtPEROR
GHKDEHUFRPSOHWDGROD)RUPDFLyQGH1LYHO$YDQ]DGRSDUDGLULJHQWHV/DPD\RUSDUWHGHODVDVRFLDFLRQHVVyORRWRUJDEDOD,QVLJQLDGH
0DGHUDDVXVGLULJHQWHVGHMyYHQHVHVWRHVHQ5DPD/REDWRV6FRXWV5RYHUV\RWUDVSHURXQEXHQQ~PHURVLJXLyORVHMHPSORVGH
*LOZHOO\RWRUJDEDWDPELpQOD,QVLJQLDGH0DGHUDDGLULJHQWHVGHRSHUDFLRQHVHQHVDpSRFD-HIHVGH*UXSR\&RPLVLRQDGRV/D
PD\RUSDUWHGHORVSDtVHVFRQWLQXyFRQXQVLVWHPDGHWUHVFXUVRVTXHHQJHQHUDOVHGHQRPLQDURQ,QIRUPDWLYR%iVLFR\$YDQ]DGR
(QDOJXQRVSDtVHVORVWUHVFXUVRVVHGHVDUUROODEDQFRQWUHVSDUWHVWHyULFDSUiFWLFD\GHDSOLFDFLyQPLHQWUDVTXHHQRWURVVyORH[LVWtD
ODSDUWHSUiFWLFD\GHDSOLFDFLyQHQORVQLYHOHV,QIRUPDWLYR\%iVLFRPLHQWUDVTXHFRQWLQXDEDFRQWUHVSDUWHVHOQLYHO$YDQ]DGR
6LELHQODVQRUPDVLQWHUQDFLRQDOHVQRORH[LJtDQPXFKRVSDtVHVPDQWXYLHURQODGLVSRVLFLyQSRUODFXDOHO$URGH*LOZHOOVH
HQWUHJDEDDOFRPSOHWDUHO&XUVRRQLYHO%iVLFRHQDOJXQRVFDVRVOODPDGR0HGLR\HO3DxXHORGH*LOZHOOMXQWRFRQHOFROODUGHGRV
FXHQWDVVHRWRUJDEDDOFRPSOHWDUOD,QVLJQLDGH0DGHUDR1LYHO$YDQ]DGR
/D2ILFLQD0XQGLDOFRPHQ]yDSXEOLFDUHO0DQXDO,QWHUQDFLRQDOGH)RUPDFLyQFRQRULHQWDFLRQHVJHQHUDOHV\SUiFWLFDVSDUDTXHORV
SDtVHVDGPLQLVWUDVHQVXVSURSLRVVLVWHPDV$VXYH]PXFKDVDVRFLDFLRQHVFRPHQ]DURQDHODERUDUVXVSURSLRVPDQXDOHVSDUDORV
GLIHUHQWHVFXUVRVGHVXVVLVWHPDV(QJHQHUDOHOSURFHVRSDVyDVHUPiVWUDQVSDUHQWH\SRFRDSRFRVHIXHSHUGLHQGRHOFDUiFWHU
FRQILGHQFLDOGHORVGRFXPHQWRV
(QWUH\ODVDVRFLDFLRQHVGHEtDQFDSDFLWDUDVXV)RUPDGRUHVGHDFXHUGRFRQXQHVTXHPDGHILQLGRHQHOSODQRPXQGLDO
&XUVR%iVLFRSDUD)RUPDGRUHVR1LYHO,SDUD)RUPDGRUHV\&XUVR$YDQ]DGRSDUD)RUPDGRUHVR1LYHO,,SDUD)RUPDGRUHV2WUD
QRYHGDGIXHTXHORVQRPEUDPLHQWRV\DQRVHKLFLHURQSRUHVSHFLDOLGDGDVtORVDQWLJXRV$'-&$*$N$'-&5VHWUDQVIRUPDURQHQ
)RUPDGRUHV$GMXQWRVR$\XGDQWHVGH$GLHVWUDGRUGH'LULJHQWHVPLHQWUDVTXHORV'-&*$N'-&5SDVDURQDOODPDUVH)RUPDGRUHVR
$GLHVWUDGRUHVGH'LULJHQWHV/DVWHUFHUDVFXHQWDVVHSRGtDQRWRUJDUSRUGHFLVLyQDQLYHOQDFLRQDOSHURGHEtDQVHULQIRUPDGDVDOD
2ILFLQD5HJLRQDO3DUDRWRUJDUODVFXDUWDVFXHQWDVKDEtDTXHSHGLUDXWRUL]DFLyQDO6HUYLFLR0XQGLDOGH)RUPDFLyQHQOD2ILFLQD
0XQGLDO\KDELWXDOPHQWHVHKDFtDFRQUHFRPHQGDFLyQGHOD&RPLVLyQ5HJLRQDOGH)RUPDFLyQRGHOD2ILFLQD5HJLRQDOFRUUHVSRQGLHQWH
/DFRQGXFFLyQGHORV&XUVRVSDUD)RUPDGRUHVWDPELpQHVWDEDVXSHUYLVDGDGHVGHODV2ILFLQDV0XQGLDO\5HJLRQDO
'HVGHODDSUREDFLyQGHXQDFXHUGRVREUHHOWHPDHQOD&RQIHUHQFLD0XQGLDOUHDOL]DGDHQ0RQWUHDOHQFRPHQ]yDUHJLUXQD
QRUPDTXHVHxDODEDTXHFDGD$VRFLDFLyQ6FRXW1DFLRQDOHUDUHVSRQVDEOHSRUODFDSDFLWDFLyQ\HOQRPEUDPLHQWRGHVXV)RUPDGRUHV
$OPLVPRWLHPSRHUDFRVWXPEUHTXHORVGRVQLYHOHVXVXDOHVGHQRPEUDPLHQWR)RUPDGRU\)RUPDGRU$GMXQWRVHLGHQWLILFDUDQFRQ
FRS\ULJKWGHUHFKRVUHVHUYDGRVHODUWHGHORVERVTXHV
HODUWHGHORVERVTXHV
KLVWRULDPtVWLFD\WUDGLFLRQHVVFRXWV
KWWSZZZMDYORSFRPDUWHGHORVERVTXHV
FROODUHVGHWUHV\FXDWURFXHQWDVUHVSHFWLYDPHQWH$GHPiVHOXVRGHHVDVWHUFHUDV\FXDUWDVFXHQWDVQRHUDYLWDOLFLRVyORVH
XVDEDQPLHQWUDVHOQRPEUDPLHQWRUHVSHFWLYRHVWXYLHVHYLJHQWH
&XULRVLGDGHV\FDVRV~QLFRVHQHOSURFHVR
3HUF\(YHUHWW\HOFROODUGHODVVHLVFXHQWDV
3HUF\(YHUHWWIXHXQSHULRGLVWDTXHWUDEDMDEDHQODHPSUHVDHGLWRULDOGHOPDJQDWH3HDUVRQHOTXHWHQtDXQFRQYHQLRFRQ%DGHQ
3RZHOOSDUDODSXEOLFDFLyQGH0RYLPLHQWR6FRXWSDUD-yYHQHVWDPELpQFRQRFLGRFRPR(VFXOWLVPRSDUD0XFKDFKRV\GHODV
UHYLVWDV7KH6FRXW\7KH6FRXWHU)XHHQYLDGRSRU3HDUVRQDOD,VODGH%URZQVHDSDUDKDFHUXQLQIRUPHGHODH[SHULHQFLDTXH%
3GHVDUUROOyDOOtFRQORVPXFKDFKRVHQDJRVWRGH'HHVDpSRFDGDWDVXDPLVWDGFRQHO)XQGDGRU&RQHOWLHPSR3HUF\(YHUHWW
VHUtDXQHILFD]FRODERUDGRUGHO0RYLPLHQWR6FRXWHQP~OWLSOHVIXQFLRQHVIRUPDGRUGHGLULJHQWHVDGPLQLVWUDGRURUJDQL]DGRU
GLULJHQWHWHUULWRULDO\KDVWDWHVRUHURGHODDVRFLDFLyQGH*XtDV(QFLHUWDRSRUWXQLGDGHQODGpFDGDGH%3UHJDOyD(YHUHWWXQ
FROODUFRQVHLVFXHQWDVWRPDGDVGHOFROODURULJLQDOGH'LQL]XO~1RKD\XQDH[SOLFDFLyQFRQFUHWDTXHD\XGHDHQWHQGHUODUD]yQGHHVWH
UHJDORWDQSDUWLFXODUSRVLEOHPHQWH%3SHQVyTXH3HUF\HUDXQFRODERUDGRUWDQHIHFWLYRTXHGHEtDUHFRQRFHUVXFDSDFLGDGHQODVWUHV
UDPDVTXHWHQtDHO0RYLPLHQWRHQODpSRFD\SRUHVROHKDEUtDGDGRVHLVFXHQWDVGRVSRUORV/REDWRVGRVSRUORV6FRXWV\GRVSRU
ORV5RYHUV3HURWRGRHVHVSHFXODFLyQ/RFLHUWRHVTXHQDGLHVDOYR3HUF\(YHUHWW\TXL]iHOSURSLR%3XVDEDPiVGHFXHQWDV
(QFXDQGRVHDEULyQXHYDPHQWH*LOZHOOGHVSXpVGHOD,,*XHUUD0XQGLDOODMHIDWXUDGHHVWHFDPSRSDVyGHO&RURQHO-RKQ6
:LOVRQTXLHQGHVGHXQtDDDTXHOFDUJRHOGH'LUHFWRUGHOD2ILFLQD6FRXW0XQGLDOTXHDKRUDFXPSOLUtDDWLHPSRSOHQRD-RKQ
7KXUPDQ(QHVDRSRUWXQLGDGDSDUHFLy3HUF\(YHUHWW\UHJDOyD7KXUPDQVXFROODUGHVHLVFXHQWDVDOWLHPSRTXHVROLFLWyTXHHVH
FROODUSDVDVHDVHUHOVtPERORTXHGLVWLQJXLHVHDO-HIHGH&DPSRGH*LOZHOO$XQTXHVHVXHOHGHFLUTXH7KXUPDQIXHHO~QLFR-HIHTXH
ORXVyFRQVWDQWHPHQWHHQODSUiFWLFDVXVVXFHVRUHVORKDQXVDGRFRQUHJXODULGDG\DFWXDOPHQWHHOFROODUGHODVVHLVFXHQWDVHVHO
GLVWLQWLYRGHFDUJRGHO'LUHFWRUGH3URJUDPD\)RUPDFLyQ0pWRGRV(GXFDWLYRVGHOD$VRFLDFLyQGH6FRXWVGHO5HLQR8QLGRTXHHVHO
QRPEUHDFWXDODOTXHSRGUtDHTXLYDOHUHOGH-HIHGH&DPSRGH*LOZHOO/RFLHUWRHVTXHHOFROODUVLJXHHQWRUQRDOFXHOORGHXQ
GLULJHQWH\QRHVWiHQHOPXVHRGH*LOZHOODXQTXHHVPHQHVWHUDFODUDUTXHVyORDSDUHFHHQWRUQRDOFXHOORGHVXSRVHHGRUFXDQGR
YLVWHXQLIRUPHSXHVWRTXHODPD\RUSDUWHGHOWLHPSRHOFDUJRVHHMHUFHYLVWLHQGRURSDVFRUULHQWHV\HQWRQFHVHOFROODUGHVFDQVDHQHO
URSHURFRPROHKHHVFXFKDGRGHFLUD6WHSKHQ3HFNVXDFWXDOFXVWRGLRHOGtDTXHPHSDVyHOFROODUSDUDFXULRVHDUVREUHpVWH
:LOOLDP+LOOFRXUW\HOFROODUGHODVFLQFRFXHQWDV
+LOOFRXUWIXHXQGLULJHQWHGHRULJHQGDQpV9LOKHOP%MHUUHJDDUGTXHHPLJUyDORV(VWDGRV8QLGRVGH$PpULFDHQVXMXYHQWXG$OOtVH
GHGLFyDWLHPSRFRPSOHWRDO0RYLPLHQWR6FRXWLQWHUHVDGRSRUHO'U-DPHV:HVW-HIH(MHFXWLYR6FRXWGH%R\6FRXWVRI$PHULFD
&RQHOWLHPSRVHUtDXQIDPRVRIRUPDGRU\HVFULWRUDXWRUGHO0DQXDOGHO6FRXW\GHLQQXPHUDEOHVSXEOLFDFLRQHVSDUD-HIHVGH7URSD
\*XtDVGH3DWUXOOD)XHFRQRFLGRSRSXODUPHQWHFRPR*UHHQ%DU%LOOR*XLOOHHOGHODV%DUUDV9HUGHVHQDOXVLyQDOHPEOHPDGHORV
*XtDVGH3DWUXOODHQ%6$$PLJRGH%DGHQ3RZHOOIXHTXLHQLPSODQWyHQ(VWDGRV8QLGRVHOHVTXHPDGHOD,QVLJQLDGH0DGHUDD
SDUWLUGH
$OILQDOL]DUOD,,*XHUUD0XQGLDO+LOOFRXUWHPSUHQGLyXQDREUDJLJDQWHVFDORVFXDWUROLEURVFOiVLFRVGHOIXQGDGRUVREUHHOPpWRGR
6FRXW\VREUHODIXQFLyQGHOGLULJHQWHVHKDEtDQGLIXQGLGRHQVXYHUVLyQSUiFWLFDPHQWHRULJLQDO'HKHFKRUHVSLUDEDQXQDLUH
IXHUWHPHQWHEULWiQLFR\HVWDEDQGLULJLGRVDQLxRVMyYHQHV\DGXOWRVTXHYLYtDQHQODOyJLFDGHODH[SDQVLyQGHO,PSHULR\GHOD
QHFHVLGDGGHOOHYDUODFLYLOL]DFLyQ\HOSURJUHVRDOXJDUHVVXSXHVWDPHQWHDWUDVDGRV
(QWRQFHV+LOOFRXUWHQDOJXQRVFDVRVFRQODD\XGDGH/DG\2ODYH6&6%DGHQ3RZHOOVHGHGLFyDSUHSDUDUODTXHIXHOODPDGD
(GLFLyQGHOD+HUPDQGDG0XQGLDOGH0DQXDOGH/REDWRV0RYLPLHQWR6FRXWSDUD-yYHQHV(VFXOWLVPRSDUD0XFKDFKRV
5RYHULVPRKDFLDHOe[LWR\2ULHQWDFLRQHVSDUDODWDUHDGHO'LULJHQWH6FRXW*XtDSDUDHO-HIHGH7URSD
(VDYHUVLyQGHHVWRVOLEURVIXHODTXHIXHWUDGXFLGD\GLVHPLQDGDSRUHOPXQGRHQWHURGHVGHHVHPRPHQWR\ODTXHFRQRFHPRVOD
PD\RUtDGHORVGLULJHQWHVTXHKHPRVHVWDGRDFWLYRVHQORV~OWLPRVFLQFXHQWDDxRV
(QXQDUHXQLyQPXQGLDOGHIRUPDGRUHVUHDOL]DGDFRQRFDVLyQGHODSXHVWDHQIXQFLRQHVGHOD&RPLVLyQ0XQGLDOGH)RUPDFLyQHQOD
GpFDGDGHO¶VHDGRSWyHODFXHUGRGHSUHPLDUD%LOO+LOOFRXUWSRUODHQRUPHWDUHDGHVDUUROODGDWDQWRDOLPSODQWDUHOVLVWHPDGHOD
,QVLJQLDGH0DGHUDHQORV(VWDGRV8QLGRVFRPRDODGDSWDUORVOLEURVGHOIXQGDGRU(ODFXHUGRFRQVLVWLyHQRWRUJDUD+LOOFRXUWHO
GHUHFKRDXWLOL]DUHQVXFROODUGHOD,QVLJQLDGH0DGHUDXQDTXLQWDFXHQWDTXHIXHWRPDGDGHOFROODURULJLQDOGH'LQL]XO~*UHHQ%DU
%LOOXWLOL]yHVHFROODUKDVWDVXPXHUWHHQ\HOKHFKRFXULRVRGHVDSDUHFLyFRQpO
/RV~OWLPRVDxRV
(QOD&RQIHUHQFLD0XQGLDOUHXQLGDHQ0HOERXUQH$XVWUDOLDFRQVLGHUyXQHVWXGLRTXHLQWHQWDEDFUHDUODVFRQGLFLRQHV
DSURSLDGDVSDUDHQFDPLQDUVH+DFLDXQD(VWUDWHJLDSDUDHO0RYLPLHQWR6FRXW8QRGHORVFDStWXORVGHHVHHVWXGLRFRQVLGHUDEDHO
iUHDGHORVGLULJHQWHVDGXOWRVFRPRXQRGHORVVHFWRUHVGHLQWHUpVTXHGHEtDVHUDWHQGLGR\VXVWDQFLDOPHQWHPHMRUDGRSDUDSRGHU
GHVDUUROODUODHVWUDWHJLDEXVFDGD
&RPRFRQVHFXHQFLDGHDTXHOHVWXGLROD&RPLVLyQ0XQGLDOGH)RUPDFLyQ\OD2ILFLQD6FRXW0XQGLDOHODERUDURQHOGRFXPHQWR
$GXOWRVHQHO0RYLPLHQWR6FRXWTXHIXHSUHVHQWDGRHQOD&RQIHUHQFLD0XQGLDOGHUHXQLGDHQ3DUtVODTXHHQFRPHQGyDO
&RPLWp0XQGLDOODIRUPXODFLyQGHXQD3ROtWLFD0XQGLDOVREUHHVWHWHPD
)LQDOPHQWHDSDUWLUGHODDSUREDFLyQGHOD3ROtWLFD0XQGLDOGH5HFXUVRV$GXOWRVHQOD&RQIHUHQFLD0XQGLDOUHDOL]DGDHQ%DQJNRNHQ
QRH[LVWHQQRUPDVGHDOFDQFHPXQGLDOVREUHHOXVRGHQLQJ~QVtPERORRGLVWLQWLYRGHOD)RUPDFLyQGH'LULJHQWHV/DSROtWLFD
GLFHWH[WXDOPHQWH&(57,),&$&,21'(&$/,),&$&,21(6/DDFHSWDFLyQGHODVFDOLILFDFLRQHVGHXQDSHUVRQDHVUHVSRQVDELOLGDG
H[FOXVLYDGHFDGD$VRFLDFLyQ6FRXW1DFLRQDO6HRWRUJDUiFHUWLILFDGRGHFDOLILFDFLyQSDUDXQFDUJRRIXQFLyQGHWHUPLQDGDVREUHOD
EDVHGHODFDSDFLGDGGHPRVWUDGD\XWLOL]DGDKDELWXDOPHQWHHOTXHWHQGUiXQSHUtRGRGHYDOLGH]GHWHUPLQDGRFRQXQDIHFKDGH
H[SLUDFLyQ(VWRVGDWRVWDPELpQSXHGHQUHJLVWUDUVHHQXQDFDUSHWDSHUVRQDOGHDQWHFHGHQWHV/DVDVRFLDFLRQHVTXHGHVHHQRWRUJDUOD
LQVLJQLDGHPDGHUDGHEHUiQDVLJQDUOHODPLVPDYLJHQFLDTXHHOFHUWLILFDGRGHFDOLILFDFLyQ/RVFHUWLILFDGRVSXHGHQUHQRYDUVHVREUHOD
EDVHGHODFDSDFLGDGGHPRVWUDGD\DFWXDOL]DGD\SRUHOPLVPRSHUtRGRGHYLJHQFLD/DSDUWLFLSDFLyQHQFXUVRVXRWUDVDFWLYLGDGHVGH
FRS\ULJKWGHUHFKRVUHVHUYDGRVHODUWHGHORVERVTXHV
HODUWHGHORVERVTXHV
KLVWRULDPtVWLFD\WUDGLFLRQHVVFRXWV
KWWSZZZMDYORSFRPDUWHGHORVERVTXHV
IRUPDFLyQGHEHUiGRFXPHQWDUVHFRQFHUWLILFDGRVGHDVLVWHQFLDRUHJLVWUDUVHHQODFDUSHWDGHDQWHFHGHQWHVHOGHVWDFDGRHQQHJULWDV
HVPtR
6LQHPEDUJRVXEVLVWHODYLJHQFLDGHODFXHUGRGHSRUHOTXHVHSURWHJHODSURSLHGDG\HOGLVHxRGHORVHPEOHPDVGHIRUPDFLyQ\
VHOLPLWDVXXVRDPLHPEURVGHODVDVRFLDFLRQHVVFRXWVUHFRQRFLGDVFRPRPLHPEURVGHOD2006TXHDVXYH]KXELHUHQVLGR
FDSDFLWDGRVSRUSHUVRQDVDXWRUL]DGDVHQODVDVRFLDFLRQHVVFRXWVQDFLRQDOHVPLHPEURVGHOD2UJDQL]DFLyQ0XQGLDOGHO0RYLPLHQWR
6FRXW
(QODDFWXDOLGDGPXFKRVSDtVHVHVWiQUHIRUPXODQGRWRWDOPHQWHVXHQIRTXHSDUDODFDSDFLWDFLyQGHGLULJHQWHVVLJXLHQGRODV
UHFRPHQGDFLRQHVGHOD3ROtWLFDPHQFLRQDGD
3DVDQGHXQVLVWHPDOLQHDOFRPSXHVWRSRUFXUVRVSUHGHWHUPLQDGRVTXHWRGRVGHEHQVHJXLUDXQVLVWHPDGHPyGXORVSRUORVFXDOHV
WUDQVLWDQDTXHOORVTXHQHFHVLWDQGHVDUUROODUGHWHUPLQDGDVKDELOLGDGHVFRQRFLPLHQWRVRDFWLWXGHVHQUHODFLyQFRQODVIXQFLRQHV
HVSHFtILFDVTXHGHEHQGHVHPSHxDU'HHVWDPDQHUDREWLHQHQXQVLVWHPDTXHHQIRFDHOSURFHVRGHFDSDFLWDFLyQ\QRVXVKHFKRV
SXQWXDOHVGHVDUPDQGRHOFRQFHSWRGHQLYHOHV\FXUVRV\FRQYLUWLpQGRORHQXQFRQWLQXRTXHDEDUFDWRGDODYLGD~WLOGHOGLULJHQWH
$VtSURFXUDQDWHQGHUFRQPD\RUSUHFLVLyQ\HIHFWLYLGDGDODVQHFHVLGDGHV\DOSRWHQFLDOGHFDGDGLULJHQWH(VWRVHFRPSOHPHQWDFRQ
XQDIXHUWHGHVFHQWUDOL]DFLyQSRUODFXDOORVVHUYLFLRVGHFDSDFLWDFLyQHVWiQGLVSRQLEOHVHQ]RQDVGLVWULWRV\KDVWDHQORVJUXSRV
DFHUFDQGRVXGLVSRQLELOLGDGDODVQHFHVLGDGHVGHORVDGXOWRVPLHPEURVGHODVDVRFLDFLRQHV
7DPELpQODFDSDFLWDFLyQGHIRUPDGRUHVVXIUHKR\XQSURIXQGRSURFHVRGHDGDSWDFLyQDODVQXHYDVRULHQWDFLRQHVGHODSROtWLFD'H
KHFKRVHKDGHVDFWLYDGRODYLVLyQMHUiUTXLFDTXHVXJHUtDODH[LVWHQFLDGHXQDWHUFHUD\XQDFXDUWDFXHQWDFRQSRVWHULRULGDGDOD
REWHQFLyQGHOD,QVLJQLDGH0DGHUD<DKD\QXPHURVDVDVRFLDFLRQHVTXHKDQUHHPSOD]DGRORVWUDGLFLRQDOHVFROODUHVGHWUHV\FXDWUR
FXHQWDVSRUQXHYRVGLVWLQWLYRVSDUDVXVIRUPDGRUHVUHODFLRQDGRVPiVHVWUHFKDPHQWHFRQORVVtPERORVSURSLRVGHVXIXQFLyQRFRQHO
VtPERORXWLOL]DGRPXQGLDOPHQWHSDUDHOiUHDGHORV5HFXUVRV$GXOWRV
(OUHVWRHVHOIXWXUR
+DVWDDTXtHVWDEUHYHUHVHxD+D\PDWHULDOSDUDFRQWDU\GRFXPHQWDUORVGHWDOOHVGHHVWDHYROXFLyQHQPiVGHFLHQSiJLQDVSHUR
HVRFRPRGHFtD.LSOLQJ\DHVRWUDKLVWRULD
$OEHUWR2PDU'HO%UXWWR
'LUHFWRUGH5HFXUVRV+XPDQRV
2ILFLQD6FRXW,QWHUDPHULFDQD
2ULJLQDOHODERUDGRHQ
$MXVWHVHQ\
H[WUDtGRGHKWWSZZZJDVWRQHVLHPSUHOLVWRQHWELEOLRWHFDLPKWP
FRS\ULJKWGHUHFKRVUHVHUYDGRVHODUWHGHORVERVTXHV