(O0HUFXULRFRP%ORJV¢5HJUHVyHOVRFLDOLVPRFRQVDERUDHPSDQDGDV\YLQRWLQWR"

,QLFLR (GLWRULDO\FDUWDV &ROXPQLVWDV

6DQWLDJRGH&KLOH'R  %XVFDU

&ROXPQLVWDV

'RPLQJRGHVHSWLHPEUHGH

¢5HJUHVyHOVRFLDOLVPRFRQVDERUDHPSDQDGDV
\YLQRWLQWR"
¢4Xp&KLOHSUHWHQGHFRQVWUXLUOD1XHYD0D\RUtD"¢6HSURSRQHGRWDUDOSDtVVROR
GHXQURVWURPiVKXPDQRRDVSLUDDUUDQFDUGHFXDMRORVFLPLHQWRVGHORUGHQ
DFWXDO"

 

¢4Xp&KLOHSUHWHQGHFRQVWUXLUOD1XHYD0D\RUtD"¢6HSURSRQHGRWDU
DOSDtVVRORGHXQURVWURPiVKXPDQRRDVSLUDDUUDQFDUGHFXDMRORV
FLPLHQWRVGHORUGHQDFWXDO"(QSRFDVSDODEUDV¢HVWDPRVDQWH
UHIRUPLVWDVRUHYROXFLRQDULRV"$OSHQVDUHQHO3DUWLGR'HPyFUDWD
&ULVWLDQRRHOUDGLFDOHVWDPRVDQWHORVSULPHURV3HURVLSHQVDPRV
HQORVMDFRELQRVHVGHFLUODL]TXLHUGDGXUDGHQWUR\IXHUDGHOD
1XHYD0D\RUtDHVWDPRVDQWHORVVHJXQGRV
/RVMDFRELQRVVXHxDQFRQHOVRFLDOLVPRSDUD&KLOH/RSUXHEDQ
LUUHIXWDEOHPHQWHORVSODQHVGHDFFLyQ\ODVGHFODUDFLRQHVGHO
LQIOX\HQWH)RURGH6DR3DXORHQTXHPLOLWDQ&UHDGRHQSRUOD
L]TXLHUGDGXUDUHJLRQDOTXHVHUHRUJDQL]yWUDVODFDtGDGHO
VRFLDOLVPRUHDOHO)63KDFHOHEUDGRHQFXHQWURVFRQWLQHQWDOHV
&RQWDEDHQDSHQDVFRQXQSDUWLGRHQHOSRGHUHQ&XED\
5REHUWR$PSXHUR XQRVSDUWLGRVGHOXWRSRUODGHUURWDDQWHODGHPRFUDFLDSDUODPHQWDULD
\ODHFRQRPtDGHPHUFDGR9HLQWLFLQFRDxRVGHVSXpVORVSDUWLGRVGHO
)63VXSHUDQHOFHQWHQDU\OLGHUDQRLQWHJUDQJRELHUQRVHQGLH]SDtVHVODWLQRDPHULFDQRV&KLOHHV
XQRGHHOORV
(O)63FX\RVLQVSLUDGRUHVVRQ)LGHO&DVWUR\+XJR&KiYH]GHFODUDHQWUHVXVREMHWLYRV
IRURGHVDRSDXORRUJ HOLPLQDUHOFDSLWDOLVPRLQVWDXUDUHOSRGHUSRSXODU\HOVRFLDOLVPR\FUHDUXQD
3DWULD*UDQGHODWLQRDPHULFDQD/RVPLHPEURVFKLOHQRVGHHVWDFRRUGLQDGRUDVRQ,]TXLHUGD
&LXGDGDQD0RYLPLHQWR$PSOLR6RFLDO0RYLPLHQWRGH,]TXLHUGD5HYROXFLRQDULD3DUWLGR&RPXQLVWD
3DUWLGR+XPDQLVWD3DUWLGR6RFLDOLVWD3DUWLGRGHO6RFLDOLVPR$OOHQGLVWD\5HYROXFLyQ'HPRFUiWLFD
(VGHFLUKD\DOOtSDUWLGRVTXHLQIOX\HQHQ/D0RQHGD\ORVGHVWLQRVGH&KLOH\TXHSRUORPLVPR
GHEHUtDQVLQFHUDUDQWHODFLXGDGDQtDORVREMHWLYRVTXHWLHQHQSDUDODQDFLyQ
1RVHWUDWDVRORGHOREMHWLYRVRFLDOLVWDVLQRWDPELpQGHRWURVWHPDV8QRUHVXOWDSDUWLFXODUPHQWH
KWWSZZZHOPHUFXULRFRPEORJV5HJUHVRHOVRFLDOLVPRFRQVDERUDHPSDQDGDV\YLQRWLQWRDVS[ 
 (O0HUFXULRFRP%ORJV¢5HJUHVyHOVRFLDOLVPRFRQVDERUDHPSDQDGDV\YLQRWLQWR"

LQTXLHWDQWHSRUFRPSURPHWHULQWHUHVHVVXVWDQWLYRVGHOSDtV8QDGHODVUHVROXFLRQHVGHO)63TXH
VHUDWLILFDQDxRDDxRGLFHUHODFLyQFRQ%ROLYLD$SR\RDODVDOLGDDOPDUGH%ROLYLD(O)63HQHO
PDUFRGHODLQWHJUDFLyQGHOD3DWULD*UDQGHHVSHUDXQDVROXFLyQDODMXVWDGHPDQGDEROLYLDQDGH
DFFHVRVREHUDQRDOPDUPHGLDQWHHOGLiORJRTXHVHDUD]RQDEOHHTXLWDWLYD\GXUDGHUD(QWUHORV
REMHWLYRVGHO3ODQGH$FFLyQGHO)63ILJXUDQ([SUHVDUQXHVWURDSR\RDOGHUHFKREROLYLDQRGHXQD
VDOLGDVREHUDQDDOPDUFRPRDVSHFWRIXQGDPHQWDOSDUDODLQWHJUDFLyQVXGDPHULFDQD\GHOD3DWULD
*UDQGHODWLQRDPHULFDQD(VWRSHUMXGLFDD&KLOH\QRVHVDEHTXHORVSDUWLGRVFKLOHQRVUHGDFWDUDQ
XQDGHFODUDFLyQDSDUWHSDUDQRUHVSDOGDUODSRVLFLyQGH(YR0RUDOHV¢7HQGUi/D+D\D
LQIRUPDFLyQGHTXHKD\SDUWLGRVRILFLDOLVWDVFKLOHQRVTXHHQHOPDUFRGHOD)63VXVFULEHQODLGHD
GHXQGHUHFKREROLYLDQR"(VWRHVGHXQDGHOLFDGH]DH[WUHPD\FRQWUDGLFHODSRVLFLyQFKLOHQD
¢<TXpGLUiOD&DQFLOOHUtDFRQUHVSHFWRDODGHFODUDFLyQGHO)63TXHGHPRQL]DRWURDVSHFWRFODYH
GHODSROtWLFDH[WHULRUFKLOHQD"&LWRGHOWH[WRGH'HQXQFLDPRVODVWHQWDWLYDVLQVSLUDGDVSRU
SRWHQFLDVH[WUDUUHJLRQDOHVHQHOVHQWLGRGHIUDFWXUDU\VDERWHDUODLQWHJUDFLyQUHJLRQDOFRPRHVHO
FDVRGHODOODPDGD $OLDQ]DGHO3DFtILFR ¢1RFRUUHVSRQGHTXHSDUWLGRVRILFLDOLVWDVUHIXWHQOD
GHFODUDFLyQTXHGHQLJUDD&KLOH\DOLDGRV"
7DPELpQHVLQTXLHWDQWHRWUDGHFODUDFLyQGHO)63GH(QHOFRQWLQHQWHH[LVWLUtDXQDJXHUUDGH
SRVLFLRQHVHQWUHODVIXHU]DVSRSXODUHV\ODVIXHU]DVGHODGHUHFKD\GHOLPSHULDOLVPR$xDGHTXH
HVWRVHQIUHQWDPLHQWRVGHILQLUiQODFRQVROLGDFLyQ\FRQWLQXLGDGGHODFWXDOFLFORSROtWLFRDYDQ]DGR
LQVWDODGRKDFHDxRVHQQXHVWUD$PpULFD/DWLQD\HO&DULEH$JUHJD7HQHPRVODFRQYLFFLyQGH
TXHFRQWLQXDQGRFRQODSURIXQGL]DFLyQGHORVFDPELRV\DFHOHUDQGRODLQWHJUDFLyQUHJLRQDO
SRGHPRVUHFRUUHUFDPLQRVKDFLDHOVRFLDOLVPRHQQXHVWUD$PpULFD/DWLQD\HO&DULEH¢3RUTXpORV
SDUWLGRVFKLOHQRVQRUHFRQRFHQHQ&KLOHVXDVSLUDFLyQGHDYDQ]DUDOVRFLDOLVPRFRQODTXHVH
LGHQWLILFDQHQHOPDUFRGHO)63"
(O)63DSR\DDOJRELHUQRGH%DFKHOHW\UHGXFHDODRSRVLFLyQFKLOHQDDXQDGHUHFKD\
XOWUDGHUHFKDIDVFLVWDTXHUHLQFLGHQHQLPSOHPHQWDUXQDHVWUDWHJLDGHGHVHVWDELOL]DFLyQ6H
WUDWDUtDGHXQDRSRVLFLyQVHGLFLRVD<DORVDEHHOGHODSREODFLyQ6LQHPEDUJRHO)63DSR\D
DOUpJLPHQGH9HQH]XHODTXHHVXQDGHPRFUDFLDDVHGLDGDSRUHOLPSHULDOLVPR\VXVDOLDGRV\
FHOHEUDDOUpJLPHQGH/D+DEDQD<DHQ5LFDUGR$OHPDRGLUHFWRUGH5HODFLRQHV
,QWHUQDFLRQDOHVGHO)63GHFODUyTXHORVJRELHUQRVEROLYDULDQRVLQDXJXUDQHOGHVDItRGHFRQVWUXLU
QRVRODPHQWHXQDPD\RUGHPRFUDWL]DFLyQVLQRWDPELpQHQWpUPLQRVHVWUDWpJLFRVXQQXHYRSRGHU
SRSXODUTXHDVHJXUHXQUXPERVRFLDOLVWDDOSURFHVR
(VFRQYHQLHQWHTXHHQ&KLOHH[DPLQHPRVODVGHFODUDFLRQHVGHO)63SRUTXHEULQGDQXQD
LQIRUPDFLyQTXHSHUPLWHHQWHQGHUPHMRUODSROtWLFDGHKR\\FRQVWDWDUFRLQFLGHQFLDVFRQHO
SURJUDPDGHOD1XHYD0D\RUtD&RUUHVSRQGHTXHORVSDUWLGRVRILFLDOLVWDVGHO)63DUURMHQOX]VREUH
ORTXHWLHQHWUD]DVGHXQGREOHGLVFXUVRGLVLPXODUHQ&KLOHODPHWDVRFLDOLVWD\HODSR\RD
UHJtPHQHVQRGHPRFUiWLFRVSHURKDFHUORFRQWUDULRHQHO)637DPELpQGHEHUtDQH[SOLFDUGyQGH
UDGLFDUtDQXHVWUDVREHUDQtDHQOD3DWULD*UDQGHFRQTXHVXHxDQ(QPHGLRGHODLQFHUWLGXPEUHHO
IUHQD]RGHODHFRQRPtD\HOGHWHULRURGHODFRQYLYHQFLDFtYLFDORVSDUWLGRVFKLOHQRVTXHLQWHJUDQHO
)63\OD1XHYD0D\RUtDGHEHQGHFLUQRVFRQFXiOGHVXVGLVFXUVRVQRVTXHGDPRV\H[SOLFDUTXp
SDtVDVSLUDQFRQVWUXLU

KWWSZZZHOPHUFXULRFRPEORJV5HJUHVRHOVRFLDOLVPRFRQVDERUDHPSDQDGDV\YLQRWLQWRDVS[ 
 (O0HUFXULRFRP%ORJV¢5HJUHVyHOVRFLDOLVPRFRQVDERUDHPSDQDGDV\YLQRWLQWR"

&RPHQWDU

&RPHQWDULRV %ORJV(O0HUFXULR 
 $FFHGHU

 5HFRPHQGDU ⤤&RPSDUWLU 2UGHQDUSRUORVPiVQXHYRV

,QLFLDHOGHEDWH

6pHOSULPHURHQFRPHQWDU

✉ 6XVFUtEHWH d $xDGH'LVTXVDWXVLWLRZHE ὑ 3ULYDFLGDG

,QLFLR (GLWRULDO\&DUWDV &ROXPQLVWDV

7pUPLQRV\FRQGLFLRQHVGHORVVHUYLFLRVŠ(PSUHVD(O0HUFXULR6$3

KWWSZZZHOPHUFXULRFRPEORJV5HJUHVRHOVRFLDOLVPRFRQVDERUDHPSDQDGDV\YLQRWLQWRDVS[