You are on page 1of 90

/D LQIRUPDFLyQ HQ HVWH GRFXPHQWR HVWi VXMHWR DO FDPELR VLQ HO DYLVR \

QR UHSUHVHQWD XQ FRPSURPLVR SRU SDUWH GHO 6RIWZDUH ,PDJH/LQH (O
VRIWZDUHGHVFULWRHQHVWHGRFXPHQWRVHDPXHEODEDMRXQDFXHUGRGHOD
OLFHQFLD R DFXHUGR GHO FLHUUH R FODXVXUD  (O VRIWZDUH SXHGH XVDUVH R
VyORSXHGHFRSLDUVHHQHODFXHUGRGHODVFRQGLFLRQHVGHODFXHUGR(VWi
FRQWUD OD OH\ FRSLDU HVWH VRIWZDUH DGHODQWH FXDOTXLHU HOHPHQWR H[FHSWR
FRPR HVSHFtILFDPHQWH SHUPLWLy HQ HO DFXHUGR  1LQJXQD SDUWH GH HVWH
GRFXPHQWRSXHGHUHSURGXFLUVHRSXHGHWUDQVPLWLUVHHQFXDOTXLHUIRUPD
RSRUFXDOTXLHUPHGLRVHOHFWUyQLFRRPHFiQLFRLQFOX\HQGRIRWRFRSLDQGR
\ JUDEDQGR SDUD FXDOTXLHU SURSyVLWR VLQ HO SHUPLVR HVFULWR H[SUHVR GH
6RIWZDUH,PDJH/LQH


&RS\ULJKW,PDJH/LQH6RIWZDUH7RGRVORVGHUHFKRVUHVHUYDGRV

)UXLW\/RRSV&RS\ULJKW,PDJH/LQH6RIWZDUH7RGRVORV
GHUHFKRVUHVHUYDGRV


)UXLW\ /RRSV HV XQD PDUFD GH IiEULFD UHJLVWUDGR GH 6RIWZDUH ,PDJH
/LQH 2WUD FRPSDxtD \ QRPEUHV GHO SURGXFWR VRQ PDUFDV GH IiEULFD GH
VXVGXHxRVUHVSHFWLYRV

9LVLWD)UXLW\/RRSVHQHOVLWLRZHEZZZIUXLW\ORRSVFRP
0DQXDOWUDGXFLGRSRU5LN\'HSUHGDGRUULN\#DOFR\FRP

&RQWHQLGR

3$5$/26868$5,26)58,7</2236;  
,167$/$7((672  

48,(5(69(548((6(672"  

6HOHFFLRQDQGRORVFRQWURODGRUHV(O0L[LQJ%XIIHUOD3DQWDOOD3ULQFLSDO 

(O5HSURGXFWRU(O&RQWUROGH9ROXPHQ 

3DUDFRPHQ]DU/DEDUUDGHD\XGD$\XGD2Q/LQH7XWRULDO/RRSV(OVLWLR:HE 

+$&,(1'2$/*158,'2 

$<8'$  


9$026$/26/2236'(*(77,1*67$57('  

(/6(&8(1&,$'25'(3$626  

&DQDOHV1RWDVR3DVRV 

/DV2SFLRQHVGHO&DQDO(O1DYHJDGRUGH6DPSOHV 

(O(GLWRU*UDILFR(O(GLWRUGH7HFODGR&RUWDGRUGHQRWDV 

6HOHFFLRQDQGRHOPRGHOR(O3OD\OLVW 

02',),&$1'2(/&$1$/  

02',),&$1'2/263$6262127$6 

(/3/$</,67 '(/2602'(/26$/$6&$1&,21(6  


/26*(1(5$'25(6 '(6$03/(6$6,17(7,=$'25(6  
6LQWHL]DGRUHV[2VF%HHS0DS%RR%DVV'UHDP6WDWLRQ'UXPV\QWK';)UXLW.LFN
3OXFNHG6LP6\QWK6RXQG)RQWV6SHHFK76:DVS(IHFWRV*UDQXOL]HU/D\HUV6OLFHU
9LEUDWRU:UDSSHUV';L967L$USHJJLDWRU 

,1752'8&,(1'2(/76 


2SFLRQHVGHO&DQDO/D/LQHDGHO3URORQJDPLHQWR 

3LVWDV);3OXJLQVGH(IHFWRV/LVWDGH)UXLW\3OXJLQV$xDGLHQGRPiV3OXJLQV 

(O0DLQ$XWRPDWLRQ0RGLILFDQGRHO*UDEDGR&RQVHMRVGH*UDEDGR 

()(&726)58,7< 
*5$%$1'2(19,92  

(/(',725'((9(1726 


0RGLILFDQGRHO9LYR(O(YHQWR/)2 

(O(GLWRUGH3LDQR5ROO/RV&RURV\$UPRQLDV'LDSRVLWLYDQGRODV1RWDV0RGLILFDQGR
1RWDV,PSRUWDQGRPHORGLDV0,', 

(/3,$1252//  


(/%($76/,&(5  


5RPSLUQGR*ROSHV,PSRUWDQGRGHQXHYR 

&UHDQGRXQ:$903R&RPSULPLHQGRXQ/RRS3XEOLFDQGR7XV&DQFLRQHV 

(MHPSORV3KDW%R\'UHK%DQN0&3UHSDUDQGRD7X&RQWURODGRU&RQWURODQGR)UXLW\
/RRSV([WHUQDPHQWH8VDQGRXQ&RQWURODGRU,QWHUQR 

&203$57,(1'27875$%$-2  


&21752/$'25(6(;7(5126 

(;75$,$<8'$  

/DSHVWDxDGH2SFLRQHVGH&DQDO0,6&(O3DQHOGHO7LHPSR 




&UHDQGRJUXSRV0RGLILFDQGRORV%HDWV2WUDVRSFLRQHVGHO3LDQR5ROO,PSRUWDQGR0,',
([SRUWDQGR0,', 

(;75$,,78725,$/(6  

/HPRQ%R\HVWDHQFDVD<RVR\/HPRQ%R\
7LHQHVSUREOHPDV"7LHQHVPLHGRDFRPHQ]DU"
<RVR\HOVRSRUWHGH)UXLW\7HFKE~VFDPH<R
LQWHQWDUpVROXFLRQDUORVSUREOHPDVPiVFRPXQHV \
DOJXQRGH)UXLW\ DOJXQDSUHJXQWD"

3$5$ /26 868$5,26 '( )58,7< /2236 [


(VWDJXtDHVSDUDOD9HUVLyQGH)UXLW\/RRSV6LWLHQHVXQDYHUVLyQGHVFDUJDHOQXHYR)UXLW\/RRSV
4XHHVPXFKRPHMRU VLJXHOH\HQGR\YHUDVTXHQRYHGDGHVKD\HQODYHUVLyQ

 1XHYR(VTXHPD6tSDUHFHEDVWDQWHGLIHUHQWHSHURWRGRHOPDWHULDO\KHUUDPLHQWDVTXHUHFXHUGDVQR
KDGHVDSDUHFLGRWRGDYtDHVWiDKt$KRUDHVWDWRGRGHQWURGHXQDYHQWDQDPiVJUDQGH


 (O3LDQR5ROO$KRUDSXHGHVFRPSRQHUPHORGtDVSROLIyQLFDVVLQWHQHUTXHXVDUP~OWLSOHVPRGHORV<
DXQPiVHO3LDQR5ROOFRQWLHQHD\XGDSRUQRWDV HO'REODGRGH'LVWRUVLyQ \DUSHJLRV0LUDHO
IXQFLRQDPLHQWRGHO3LDQRHQODVHFFLyQGHHVWDJXtD\ODD\XGDSDUDPiVLQIR

 (OQXHYRVRSRUWHGHORV6\QWK3OXJLQV$KRUDSXHGHVGHVFDUJDUQXHYRVV\QWKHVL]HUSOXJLQV\
XWLOL]DUORVHQWXFDQFLyQ$GHPiVKD\XQDQXHYDVHULHGHV\QWKV0LUDHQODVHFFLyQGHORV
*HQHUDGRUHVGHHVWDJXtD\ODD\XGDSDUDPiVLQIR


 $KRUDORVHYHQWRVVHJXDUGDQHQORV0RGHORV(QODVYHUVLRQHVDQWHULRUHVWHQtDVVyORXQPDUFDGRU
JOREDOGHHYHQWRV$KRUDWLHQHVXQ(GLWRUGH(YHQWRVSRUPRGHORSHURWLHQHTXHHVWDUHQHOSOD\OLVW
SDUDTXHHOHYHQWRIXQFLRQHHQHVHPRGHOR(VWRSRGUtDFDXVDUXQSRFRGHFRQIXVLyQKDVWDTXHWH
DFRVWXPEUHVSHURDODODUJDWHDKRUUDUDPXFKRWLHPSR(VXQDJUDQYHQWDMD\DTXHSXHGHVSUHSDUDUHO
HIHFWRTXHTXLHUDVSDUDOXHJRFDPELDUORRUHSHWLUOR\PRYHUORSRUWRGDODFDQFLyQ0LUDHQODVHFFLyQ
GH*UDEDGRGHHVWDJXtD\ODD\XGDSDUDPiVLQIR


 1XHYDV3LVWDV);$KRUDKD\3LVWDV);HQOXJDUGHSHURDGHPiVKD\RWUDVQXHYDVSDUDHQYLDU
SLVWDV);$KRUDSXHGHVSRQHUHOPLVPRUHYHUEHQGRV3LVWDV);GLIHUHQWHVVLQWHQHUTXHXVDUHOSOXJLQ
GHUHYHUEGRVYHFHV0LUDODVHFFLyQGH(IHFWRV)UXLW\GHHVWDJXtD\ODD\XGDSDUDPiVLQIR

 1XHYRHQOD9HUVLyQ(O76KD&DPELDGR$KRUDSXHGHVXVDUHO3LDQR5ROOFRQHO76
SHURQRHVFRPSDWLEOHFRQODYHUVLyQSDUDWHQHUHOPLVPRDVSHFWRGHODQXHYDYHUVLyQ*XDUGDOD
DQWLJXDYHUVLyQGH)UXLW\/RRSVSDUDSRGHUHVFXFKDUWXVDQWLJXDVORRSV


 0iV0XFKR0XFKR0iV/HHHOGRFXPHQWR:KDWV1HZGRFHQHOGLUHFWRULRGH)UXLW\/RRSVSDUDYHU
XQEUHYHKLVWRULDOHQODVQRYHGDGHVGHODVGLIHUHQWHVYHUVLRQHV


, 167 $ / $ 7 ( ( 67 2
&XDQGRFRPSUHVWXFRSLDGH)UXLW\/RRSVHQ,QWHUQHWGHEHVGHKDFHUORVLJXLHQWH

 (VSHUDUHO(PDLO(OHTXLSRGH)UXLW\WHHQYLDUiXQHPDLOFRQXQDUFKLYRFRPSULPLGRDGMXQWR(O
DUFKLYRWHQGUiXQQRPEUHDOJRFRPR)/=,3*XDUGDHVWHDUFKLYRHQWXGLVFRGXURiEUHOR\
HMHFXWDHODUFKLYRJXDUGDGRGHQWUR

 ,UDO6LWLR:HE8QDYH]HMHFXWDGRHODUFKLYRTXHQRVRWURVWHHQYLDPRV HQHO=,3 VHDEULUiXQD
YHQWDQDFRQXQPHQVDMHGHFRQILUPDFLyQ3XOVDVREUHHOOLQNSDUDDFFHGHUDOSRUWDOODSiJLQDGHOVLWLR
:HEGH)UXLW\/RRSVVHUiFRPRODLPDJHQGHGHEDMR


 'HVFDUJDUHO3URJUDPDGH,QVWDODFLyQ(QODVHFFLyQGHODSiJLQD0\)UXLW\/RRSV LQGLFDGDSRUOD


PDQRHQODLPDJHQGHODSiJLQDDQWHULRU GHEHVSRGHUYHUWXOLQNSHUVRQDOSDUDGHVFDUJDUHOSURJUDPD
GHLQVWDODFLyQGH)UXLW\/RRSVDVtFRPRFXDOTXLHURWURSURGXFWRGHOTXHHVWpVUHJLVWUDGR'HVFDUJD
WRGRORTXHSXHGDV\JXiUGDORHQWXXQLGDGGHGLVFRGXUR

 (MHFXWDHO3URJUDPDGH,QVWDODFLyQ(VEDVWDQWHVLPSOH'REOH&OLF HQHODUFKLYRTXHDFDEDVGH
GHVFDUJDU\FRPHQ]DUi/D~QLFDFRVDTXHWLHQHVTXHKDFHUHVHVFRJHUXQGLUHFWRULRSDUD)UXLW\/RRSV
\HVSHUDUDTXHWRGRVHLQVWDOH6LQRTXLHUHVFDPELDUHOGLUHFWRULRGH)UXLW\/RRSVXVDODFDUSHWDTXH
ODLQVWDODFLyQGHWHUPLQDUDSRUGHIHFWRSHURDQRWDGRQGHORLQVWDODSDUDSRGHUHQFRQWUDUORGHVSXpV

 (MHFXWDHO3URJUDPD9DPRVD,QLFLRo 3URJUDPDVo )UXLW\/RRSV \HMHFXWD)UXLW\/RRSV
 /RVUHFXUVRVGHO6LWLRZHE(OVLWLRZHEGH)UXLW\/RRSVHVXQDLPSRUWDQWHELEOLRWHFDGHUHFXUVRV
&RPSUXHEDDPHQXGRZZZIUXLW\ORRSVFRPSDUDYHUODVQRYHGDGHV

 /HHHVWD*XtD&XDQGRFRPLHQFHVFRQ)UXLW\VHDEULUiXQDH[WUDxDYHQWDQDFRQPHQVDMHV&RQWLQXD
FRQODVLJXLHQWHVHFFLyQGHHVWDJXtDSDUDDYHULJXDUTXpKDFHUOXHJR


3DUD$FWXDOL]DFLRQHV 6LHPSUHJXDUGDWXDQWLJXD
YHUVLyQGH)UXLW\/RRSVFXDQGRLQVWDOHVXQDQXHYD
6LPSOHPHQWHQRLQVWDOHVHQHOPLVPRGLUHFWRULR
1RVRWURVVLHPSUHSURFXUDPRVKDFHUQXHVWUDV
YHUVLRQHVFRPSDWLEOHVSHURDYHFHVWHQHPRVTXH
KDFHUXQFDPELR\HOSURJUDPDSDUHFHGLIHUHQWH(Q
HVHFDVRQHFHVLWDUDVODDQWLJXDYHUVLyQSDUD
HVFXFKDUWXVDQWLJXDV/RRSV

48,(5(6 9(5 48( (6 (672"


2.GHVSXpVGHWHUPLQDUFRQODLQVWDODFLyQYDPRVDFRPHQ]DUFRQ)UXLW\/HHHVWDVHFFLyQSDUDHQWHQGHU
TXHHVWiVYLHQGR

 /D9HQWDQDGHORV&RQWURODGRUHV&XDQGRHMHFXWDV)UXLW\ORRSVVHDEULUiXQDYHQWDQDFRPRODGH
GHEDMR VLHVWRQRRFXUUHSXOVD) $SHQDVXWLOL]DUDVODVGLIHUHQWHVSHVWDxDVSDUDHVFRJHUWXWDUMHWD
GHDXGLR\FRQWURODGRUHV0,',/DSULPHUDSHVWDxDTXHVHUiODTXHHVWpVYLHQGRHVODSDQWDOODGH
0,',SHURSDUDDKRUDODPiVLPSRUWDQWHHVODSDQWDOOD$XGLRPRVWUDGDGHEDMR

/LVWDGH
3HVWDxD
&RQWURODGRUHV
GH$XGLR

/RQJLWXG
GHO%XIIHU

$XWRFORVH
GHYLFH

 6HOHFFLRQDUXQFRQWURODGRU&XDQGRSXOVHVODIOHFKDKDFLDDEDMRHQHODSDUWDGR2XWSXWVHGHVSOHJDUD
XQPHQ~6LQRVDEHVFXiOHVFRJHUVLPSOHPHQWHGHMDHOTXHHVWHSRUGHIHFWR'HVSXpVVLWLHQHV
SUREOHPDVSXHGHVUHJUHVDUDHVWDSDQWDOOD SXOVDQGR) \SUREDUFRQODVRWUDVRSFLRQHV/DRSFLyQ
$XWRFORVHGHYLFH VLUYHSDUDTXH)UXLW\/RRSVOLEHUHODVDOLGDGHDXGLRFXDQGRQRODXWLOLFH


 (O'LUHFW6RXQG6WUHDPLQJ%XIIHU /DPD\RUtDGHOUHVWRGHODVRSFLRQHVSUiFWLFDPHQWHQRODV


XWLOL]DUDVSHURGHEHVVDEHUSDUDTXHVLUYHOD/RQJLWXGGHO%XIIHU%iVLFDPHQWHHO%XIIHUHVXQ
VXDYL]DGRU6LTXLHUHVFRQVHJXLUXQVRQLGRGLVWRUVLRQDGRFRQPXFKRVFDPELRVRMXJDQGR\SUREDQGR
FRQHIHFWRVVRORFRQVHJXLUiVSHUGHUHOWLHPSR6LORSRQHVHQFRUWRFLUFXLWRVHUiPiVIiFLOTXHFRQVLJDV
XQVRQLGRDJLWDGRSHURORVFDPELRVRFDVLRQDUDQFRUWHV\GHVHQIRTXHVGHSHQGLHQGRGHORUGHQDGRU
SXHGHVQHFHVLWDUUHJUHVDUGHVSXpVDHVWDSDQWDOOD ) \FDPELDUHVWR6LWLHQHVXQDFRPELQDFLyQGH
XQRUGHQDGRUUiSLGR\XQDWDUMHWDGHVRQLGREXHQDSXHGHVFRQVHJXLUXQDODWHQFLDGHPVGHEDMD8Q
6RXQG%ODVWHU/LYHSXHGHDOFDQ]DUORVPV(O8VRGH5HJLVWURV\RWUDVRSFLRQHVWDPELpQSXHGHQ
PHMRUDUODVODWHQFLDVSDUDDOJXQRVVLVWHPDVRSHUDWLYRV HQ:LQGRZVRRHQ:LQGRZV 



 /D3DQWDOOD3ULQFLSDO'HVSXpVGHFHUUDUODYHQWDQDGH&RQWURODGRUHVDSDUHFHUiXQDSDQWDOODFRPRHO
GLEXMRLQIHULRU(Q)UXLW\ORRSVWRGRVRQYHQWDQDVHVWiQSRUWRGDVSDUWHVYHQWDQDVGHQWURGHYHQWDQDV
\PiVYHQWDQDV/D9HQWDQD3ULQFLSDOHVXQPDUFRFRPSOHWDPHQWHYDFLyFRQHVWDQWHVVXSHULRUHVSDUD
ORV3DQHOHV RWDEOHURVGHKHUUDPLHQWDV(QODSDUWHLQIHULRU\SRUGHIHFWRHVWDUiHO1DYHJDGRU
L]TXLHUGD \HO6HFXHQFLDGRU GHUHFKD 7RGRSXHGHWHQHURWURRUGHQSHURHVRDKRUDQRLPSRUWD


+$&,(1'2 $/*1 58,'2


3XOVDHOERWyQGH3OD\(VHOERWyQTXHHOGHGRHVWiVHxDODQGRHQHOGLEXMRDQWHULRU2LUiVODFDQFLyQGH
K\SHUDFWLYHXQDGHPRORRSGH)UXLW\/RRSV6LQRODHVFXFKDVSRUQRHVWDUFDUJDGRHOORRSWHQGUiVTXH
UHFDUJDUHOGHPR6HOHFFLRQD2SHQ GHOPHQ~)LOH HQHOSDQHOVXSHULRUL]TXLHUGR\KD]GREOHFOLFVREUHHO
DUFKLYR1HZ6WXIIIOS HQHOGLUHFWRULRGHORRSV
&RQWURODHO9ROXPHQ(VODSULPHUDEDUUDYHUWLFDOGH
ODGHUHFKDHQHOSDQHOGHPHQ~V(VWRVHUiHVHQFLD
VLWRGDYtDYLYHVFRQWXVSDGUHV&RQVLJXHXQDYLGD
PHMRURFRQVLJXHSRUORPHQRVGHVFDQVDUXQSRFR

$<8'$
6HVXSRQHTXHHVWHGRFXPHQWRORFRQVHJXLUiUiSLGDPHQWH3HURQRVLJQLILFDTXHXQPDQXDOGHUHIHUHQFLD
SDUD)UXLW\UHVXHOYDWRGRVQXHVWURVSUREOHPDV 1HFHVLWDUtDPRVXQDHQFLFORSHGLDPXOWLYROXPHQ +D\
XQDWRQHODGDGHLQIRDIRUWXQDGDPHQWHVREUH)UXLW\/RRSV0LUDFRPRFRQVHJXLUOD

 /D%DUUDGH$\XGD(VWRVHORFDOL]DHQODSDUWHLQIHULRUGHO3DQHOGH0HQ~V 0LUDHOGLEXMRGHOD
SiJLQDDQWHULRUGyQGHGLFH6WDUW3DXVH $OSRQHUHOUDWyQVREUHFXDOTXLHUSDUWHRPDQGRGH)UXLW\
/RRSVHVWHFXDGURPRVWUDUiXQDGHVFULSFLyQFRUWDGHORTXHHVHPDQGRRERWyQKDFH/DUD]yQGHTXH
SRQJD6WDUW3DXVHHVSRUTXHHOUDWyQHVWiHQFLPDGHOERWyQGH6WDUW3DXVH1RHVOyJLFR"/D%DUUD
GH$\XGDWDPELpQWHPRVWUDUDODVWHFODVGHDFFHVRUiSLGRTXHUHDOL]DODPLVPDIXQFLyQ(VWRORLQGLFD
HQODGHUHFKDGyQGHGLFH6SDFHHQHOGLEXMRDQWHULRU3XOVDQGRHO(VSDFLR WHQGUiHOPLVPRHIHFWR
FRPRDSUHWDUHOERWyQ6WDUW3DXVHFRQHOUDWyQ

 /D$\XGD2QOLQH)UXLW\/RRSVWDPELpQYLHQHFRQXQDUHIHUHQFLDGHD\XGDHQOtQHDFUHDGDSRU
6WDQLVODY9DVLOHYGHOPPODEV6LPSOHPHQWHXVDHO0HQ~GH+HOS \VHOHFFLRQDFRQWHQWV7RGROR
HQFRQWUDUDVDKt HVWDHQIRUPDWRGH$\XGDGH:LQGRZV 

 7XWRULDO/RRSV3XOVD)LOHo2SHQ \EXVFDHQHOGLUHFWRULRGH7XWRULDO(VWDVORRSVFRQWLHQHQQRWDVGH
FyPRKDFHUYDULDVFRVDVFRQ)UXLW\

 (O6LWLR:HE)UXLW\/RRSVWLHQHXQDPX\EXHQDSiJLQDHQZZZIUXLW\ORRSVFRP/DSiJLQDWLHQH
XQDVHFFLyQGHD\XGDTXHLQFOX\HXQ)$4 \XQ)RUR&RPSUXHEDHVWRVGRVVLWLRVDQWHVGHIRUPXODU
XQDSUHJXQWDSDUDYHUVL\DHVWDFRQWHVWDGD


9$026 $ /26 /2236 '( *(77,1* 67$57('

3DUDXQXVRHILFD]GHHVWDJXtDGHEHVFDUJDUHO*HWWLQJ6WDUWHGORRSVLQFOXLGDVHQHOSDTXHWHGH)UXLW\
9HVDOPHQ~)LOH VREUHOD%DUUDGH$\XGD \SXOVD2SHQ2SXHGHVSXOVDUHOERWyQFRQHOLFRQRGH$EULU
$UFKLYR GHEDMRGHOD%DUUDGH$\XGD&XDOTXLHUPpWRGRDEULUiXQDYHQWDQDGHDEULUDUFKLYRHQHO
'LUHFWRULRGH/RRSV$KRUDGREOHFOLFHQHOVXEGLUHFWRULRGHO7XWRULDO\GHQXHYRGREOHFOLFHQHO
VXEGLUHFWRULR*HWWLQJ6WDUWHG\YHUDVWRGRVORVORRSVTXHFRQWLHQH*HWWLQJ6WDUWHG&DUJDHOSULPHUR
OODPDGR*HWWLQJ6WDUWHGIOS3XOVD3OD\\VLJXHFRQODSUy[LPDVHFFLyQ
(+1RVDOWHVHVWHSDVR(VWDJXtD
VDFDUiPiVUHVXOWDGRVLHVWiVPLUDQGR
ORVORRSVGHHMHPSORPLHQWUDVOHHV



(/ 6(&8(1&,$'25 '( 3$626


9DVKDHPSH]DUHQ)UXLW\SRUSULPHUDYH]\ODSULPHUDYHQWDQDTXHYHUDVHVHO6HFXHQFLDGRUGH3DVRV
0LUDODVHFFLyQ4XLHUHVYHUTXHHVHVWR" $TXtSRQGUiVORVSDVRVRQRWDVSDUDFUHDUPRGHORV

 9HDPRVTXHHVHVWR$TXtHQFRQWUDUDVORV&DQDOHV\ORV3DVRV/RVFDQDOHVHVWiQGLVSXHVWRV
KRUL]RQWDOPHQWH YHUGHEDMR \FDGDXQRFRQWLHQHXQVRORVRQLGR&DGDFDQDOHVWDFRPSXHVWRSRU
SDVRV6LHVXQDVLQWRQtDPXVLFDOHVWRVSDVRVUHSUHVHQWDQQRWDV3LHQVDTXHFDGDJUXSRGHFXDWUR
SDVRVHVXQEHDWSDUDTXHSDVRVVHDQORVFXDWUREHDWVGHXQORRSEiVLFR (OGLEXMRGH GHEDMRHVHO
GH*HWWLQJ6WDUWHGIOS'HEHVWHQHUHVWHORRSFDUJDGRDKRUD 

8Q&DQDO

1RPEUH
GHO&DQDO

$OJXQRV
3DVRV

 4XpVRQORV3DVRV3XOVDQGRHQXQSDVRORHQFHQGHUiV\)UXLW\VHOHFFLRQDVXFDQDOSDUDOD
PRGLILFDFLyQ HVWRORLQGLFDODOX]YHUGHTXHVHHQFLHQGHDFRQWLQXDFLyQGHOQRPEUHGHOFDQDO 3XOVD
SOD\SDUDHVFXFKDUFRPRVXHQDHVDFDQFLyQ3RUHMHPSORORVSDVRV\GHOFDQDO&B.LFNHVWiQ
HQFHQGLGRV\)UXLW\WRFDUDFXDWURYHFHVHVWHVRQLGRSRUORRSYXHOWD HVWRKDUiTXH)UXLW\/RRSV
WRTXHHOVRQLGRDOFRPLHQ]RGHFDGDEHDW 3UXHEDDFDPELDUORVSDVRVHQHOFDQDO&B.LFN 6L
QHFHVLWDVDSDJDUXQSDVRSXOVDERWyQGHUHFKRGHOUDWyQVREUHpO 8QDYH]TXHKD\DVFDPELDGRORV
SDVRVFRPRHOGLEXMRGHGHEDMRSXOVDSOD\SDUDHVFXFKDUORTXHKDVFUHDGR

9LVRUGH
&DPELRV
VXJHULGRV

$FWLYLGDG
GHFDQDOHV

&RQWUROHV
GHO&DQDO

&DQDO
GHVHOHFFLRQDGR


 -XHJDFRQORV&RQWUROHVGHO&DQDO'HVSXpVGHKDEHUSUHSDUDGRHOPRGHORSUXHEDMXJDQGRFRQORV
&RQWUROHVGHO&DQDOHVWiQHQODL]TXLHUGDGHFDGDFDQDO/DVGRVUXHGDVVRQHOYROXPHQ GHUHFKD \XQ
EDODQFHGHOFDQDO L]TXLHUGD \ODSHTXHxDOX]YHUGHTXHKD\GHEDMRDFWLYDUDRGHVDFWLYDUDHOFDQDO
3DUDPRYHUXQDUXHGDS~OVDOD\DUUDVWUDKDFLDDUULEDRDEDMR\SDUDUHVWDEOHFHUODSRVLFLyQ
SUHGHILQLGDSXOVDHOERWyQGHUHFKRVREUHODUXHGD\VHOHFFLRQDUHVHW
 +D]7X3URSLR%HDW1RWHJXVWDQORVEHDWVDQWHULRUHV"%XHQRKD]ORVWX\RVQLFDPHQWHQR
FDPELHVHOFDQDO,QVB5RXQGHVWHFDQDOWRFDXQDPHORGtD\WRGDYtDQHFHVLWDVVDEHUPiVDQWHVGHSRGHU
MXJDUFRQHVR(QODVSUy[LPDVVHFFLRQHVDSUHQGHUiVDFDUJDUQXHYRVVDPSOHVFUHDUPHORGtDV\
FDPELDUHOVRQLGRGHFDGDFDQDO HLQFOXVRFDGDSDVR XVDQGRORV(IHFWRV)UXLW\

1R*XDUGHV6LKDVKHFKRXQDREUDPDHVWUD\
TXLHUHVJXDUGDUODSRUORPHQRVJXiUGDODFRQXQQXHYR
QRPEUH1RVRWURVQHFHVLWDPRVTXHWHQJDV
*HWWLQJ6WDUWHGIOSSDUDRWURVHMHUFLFLRV



02',),&$1'2 (/ &$1$/
(QHVWDVHFFLyQQRVRWURVWHPRVWUDUHPRVFyPRPRGLILFDUHOVRQLGRGHOORRSTXHKDVFUHDGRPRGLILFDQGRHO
VDPSOHGHFDGDFDQDO(OVRSRUWHTXH)UXLW\/RRSVFRQFHGHDHVWHWLSRGHPRGLILFDFLyQKDFHTXHGRVORRSV
FRQXQPLVPRVDPSOHVXHQHQWRWDOPHQWHGLIHUHQWHV 7pFQLFDPHQWHFDGDFDQDOSXHGHFRQWHQHUXQ
*HQHUDGRU TXHSRGUtDVHU\DXQVDPSOHEDVHRSRGUtDVHUXQV\QWKHVL]HUSOXJLQ3HURPiVDGHODQWH
FRPHQWDUHPRVHVWRQRWHQJDPRVWDQWDSULVD 

(VSHUD4XpHVXQVDPSOH"8QVDPSOHHVXQSHTXHxRWUR]RGH
VRQLGRJXDUGDGRHQXQDUFKLYR&DGDFDQDOGH)UXLW\/RRSVXVDXQ
VDPSOH\HOVDPSOHVRORWLHQHXQDQRWD FRPRHOVRQLGRGHXQWDPERU
FRQXQVRORJROSH SHURHVWRVWDPELpQSXHGHQFRQWHQHUPHORGtDV/RV
VDPSOHVVXHOHQVHU:$9SHURORVVRSRUWHVGH)UXLW\;,

 /DV2SFLRQHVGHO&DQDO2.PRGLILTXHPRVXQVDPSOHFRPRSRUHMHPSORXQ'UXP&DUJDGHQXHYR
ODYHUVLyQRULJLQDOGH*HWWLQJ6WDUWHGIOS\SXOVDHOUDWyQHQHOQRPEUH&B.LFNSDUDDEULUODYHQWDQD
GH2SFLRQHVGH&DQDO SDUDHVHFDQDO FRPRHQHOGLEXMRGHDEDMR 

&OLF$TXt
6HOHFWRU
GH&DQDO

1RPEUH
GHO6DPSOH

$EULU
&DUSHWD



 &DUJDQGRXQ1XHYRVDPSOH/DSULPHUDFRVDTXHSXHGHVKDFHUSDUDPRGLILFDUXQFDQDOHVFDPELDUVX
VDPSOH(OQRPEUHGHOVDPSOHSXHGHVYHUORHQHOGLEXMRDQWHULRUDVXL]TXLHUGDKD\XQERWyQFRQHO
LFRQRGHXQDFDUSHWDDOSXOVDUORDEULUiVXQDYHQWDQDGHDEULUDUFKLYRHQHO'LUHFWRULRTXHFRQWLHQHHO
DUFKLYR&B.LFNZDYMXQWRFRQRWURVVDPSOHV&XDQGRSXOVHVVREUHHOORV)UXLW\ORVUHSURGXFLUi\
KDFLHQGRGREOHFOLFORVXVWLWXLUiV3XOVD3OD\SDUDHVFXFKDUHOQXHYRORRS

 &DPELDQGRFRQHO1DYHJDGRUGHVDPSOHV2WUDIRUPDGHFDUJDUORVVDPSOHVHVXVDQGRHO1DYHJDGRU
GH6DPSOHV HVODRWUDYHQWDQDTXHKDVYLVWRHQODVHFFLyQ4XLHUHVYHUTXHHVHVWR" eVWHHVXQ
QDYHJDGRUHVSHFLDOSXHGHFDUJDUVDPSOHV\DUFKLYRVORRS9DPRVDHQFRQWUDUHO&B.LFNSXOVDVREUH
3DFNVSXOVDVREUH([WUD \DKtHVWD3XOVDQGRHOERWyQL]TXLHUGR)UXLW\ORUHSURGXFLUi\VLVREUHpO
SXOVDVGHUHFKRWHSUHJXQWDUDVLORHQYtDDOFDQDOVHOHFFLRQDGR RDXQFDQDOQXHYR7DPELpQSXHGHV
DUUDVWUDUOR\GHMDUORFDHUHQHOFDQDOGHOVHFXHQFLDGRUGHSDVRV 3DUDVHOHFFLRQDUXQFDQDOSXOVDHO
6HOHFWRUGH&DQDOODOX]YHUGHDODGHUHFKDGHOQRPEUHGHOFDQDO 


&OLF$TXt

$KRUD$TXt
$TXt(VWD



+DVSHUGLGRHO1DYHJDGRU"1R
SUREOHPR/RVFLQFRERWRQHVJUDQGHVGHO
3DQHOGH9HQWDQDV PRVWUDGRGHEDMR 
DEULUiQ\FHUUDUiQODVYHQWDQDVLQFOXVRHO
1DYHJDGRU RHO6HFXHQFLDGRU 1RWH
SUHRFXSHVDKRUDSRUORVRWURVERWRQHVGH
YHQWDQDV

 -XHJDFRQODV2SFLRQHVGHO6DPSOH$HVWDVDOWXUDVHOPHMRUFRQVHMRHVTXHHVFXFKHVHOORRSPLHQWUDV
ORPRGLILFDVDVtTXHSXOVDSOD\\YHDPRVODSHVWDxDGHORVFRQWUROHV 603 GHOVDPSOHHQODYHQWDQD
GHODVRSFLRQHVGHFDQDO\HVFXFKDODGLIHUHQFLDHQHOVRQLGR 'HEDMRKD\XQDEUHYHGHVFULSFLyQ 

3LWFK(VWDUXHGDFDPELDUiOD
YHORFLGDGGHOVDPSOH SHURHVWR
QRPRGLILFDUDODYHORFLGDGGHO
FDQDO (OQ~PHURLQGLFD
FXDQWDVYHFHVPXOWLSOLFD
YHORFLGDGSRUYXHOWD

%DODQFH\9ROXPHQ 6RQ
ODVPLVPDVUXHGDVGHORV
&RQWUROHVGH&DQDOHQHO
6HFXHQFLDGRU6LODV
PXHYHV DTXtWDPELpQOR
KDUiVHQHOFDQDOGHO
VHFXHQFLDGRUGH3DVRV

); &UHDYHORFLGDGHQOD
2QGD\FDPELDVXH[WHQVLyQ
3UXHEDHOVRQLGR&++

2QGD); (VXQHIHFWRGH
RQGD/DSULPHUDUXHGD
FRQWURODODFDQWLGDGGHO
HIHFWR\ODVHJXQGDUXHGDOD
IUHFXHQFLDGHODRQGDTXH
LQWHUILHUHHQHOVRQLGR
3UXpEDOR

$WW'HF &RQWURODQHO,QLFLR\
)LQDOGHRQGD6LUXHGDVHO
,QLFLRGLVPLQXLUiHOFRPLHQ]RGH
RQGD6LUXHGDVHO)LQDO
GLVPLQXLUiHOILQDOGHODRQGD \
DFRUWDUDVHOVRQLGR 

); $PSOLDOD2QGD
5HYHUE&UHDHIHFWRGHHFR
VLPLODUDOVRQLGRGHXQ
HVSDFLRFHUUDGRPX\DPSOLR
FRPRXQORFDO/DRSFLyQ$
WLHQHXQHIHFWRPD\RUTXH%
)LW (VSHFLILFDODGXUDFLyQ
GHOVDPSOH8QDFDQWLGDG
GHMDUDODGXUDFLyQGHO
VDPSOHSRUGHIHFWR WLO
SDUDLQVWUXPHQWRVGH
SHUFXVLyQ

6'HO 5ROODPLHQWR6WHUHR
9HQWDQDGH2QGD $TXt
SXHGHVYHUODRQGDTXH
WLHQHHOVDPSOH6LKDFHV
FOLFDTXtHVFXFKDUDVHO
VRQLGR&RQERWyQGHUHFKR
SXHGHVJXDUGDUXQVDPSOH
\DPRGLILFDGRRFDPELDUHO
QRPEUHGHOFDQDOHQWUH
RWUDVRSFLRQHV

$PS $PSOLILFDGRUGHVDPSOH
&XW5HV /DSULPHUDUXHGD
PRGLILFD ORVH[WUHPRVGHOD
RQGD\ODVHJXQGDPRGLILFDOD
SDUWHFHQWUDO

1RSXHGHVRtUODGLIHUHQFLD"6LDOSXOVDUXQERWyQRDOJLUDUXQDUXHGD
QRSXHGHVRtUQLQJXQDGLIHUHQFLDHQHOVRQLGRSUXHEDHOPLVPRFDPELRHQ
RWURFDQDO$YHFHVXQFDPELRTXHQRDIHFWDDXQGUXPUHSUHVHQWDUiXQD
JUDQGLIHUHQFLDDOVRQLGRGHXQVQDUH6LWRGDYtDQRSXHGHVRtUOD
GLIHUHQFLDSXHGHVGHWHQHUHOSOD\\HVFXFKDUORVVRQLGRVVHSDUDGDPHQWH
SXOVDQGRVREUHOD9HQWDQDGH2QGD2GHVDFWLYDUWRGRVORVFDQDOHV
H[FHSWRHVHGHVGHORVFRQWUROHVGHFDQDOGHOVHFXHQFLDGRUGHSDVRV
3XHGHTXHHVFXFKHVHOHIHFWRPHMRUVLQORVRWURVLQVWUXPHQWRV



 $xDGDPRVXQSRFRGH(FR9XHOYHD*HWWLQJ6WDUWHGIOSDEUHODVRSFLRQHVGHFDQDOGH&B.LFN\
SXOVDVREUHODSHVWDxD )81& GHEHVWHQHUODYHQWDQDGHDEDMR/RVFRQWUROHVGHODSULPHUDVHFFLyQ
(FKRGHOD\IDWPRGH SXHGHQXVDUVHSDUDSUHSDUDUXQHIHFWRGHHFRSDUDXQVRORLQVWUXPHQWR
(PSLH]DJLUDQGRXQFXDUWRODUXHGD)(('\HVFXFKDORTXHSDVDHQHOVRQLGR3UXHEDMXJDQGRFRQ
ORVRWURVPDQGRVSDUDFDPELDUHOVRQLGRGHOHFR7DPELpQSXHGHVSUREDUFRQGLIHUHQWHV(&2V\
)$7GHVGHODEDUUDGHWtWXORGHHVWDVHFFLyQ HOYDORUSRUGHIHFWRHVHO(FR&OiVLFR (VWRVGLIHUHQWHV
HIHFWRVSXHGHVHQFRQWUDUORVHQOD$\XGD

)HHG 9ROXPLQRVR
HFR LQWHQVLILFD\
FUHDHFR 
3LQJ3RQJ &UHD
HIHFWRGHEDODQFH
DOWHUQDGRFRQHOHFR
HVF~FKDORHQORV
DXULFXODUHV 
$USHJJLDWRU (VWR
VHH[SOLFDHQOD
VHFFLyQGH/RV
*HQHUDGRUHV GH
HVWDJXtD

3DQ(VXQEDODQFHGHO(FR
TXHQRDIHFWDDOVDPSOH

&XW\5HV (VWDVUXHGDV
PRGLILFDQODDPSOLWXGGHRQGD
HO&87VLUYHFRPRYROXPHQGH
HFRDXPHQWDQGRR
GLPLQX\HQGRSRUUHSHWLFLyQ 
3LWFK&DPELDODYHORFLGDGGHO
HFRVLQTXHDIHFWHDOVDPSOH
(FK1XPHURGHUHSHWLFLRQHV
GHOHFRSRU1RWDRSDVR
7LPH'XUDFLyQ HQSDVRV GHO
(FR&RQXQUHWUDVRPi[LPRGH
SDVRV

&RQVLJXH(FRFRQHO7LHPSR-XVWR (OFRQWUROGHO
7LPHSXHGHVLWXDUWHODVUHSHWLFLRQHVHQHOPRPHQWR
MXVWR HVODUXHGDDODL]TXLHUGDGHO(FK 3HURVL
TXLHUHVXQHFRFRQXQDVUHSHWLFLRQHVH[DFWDVGHEHV
GHPLUDUODEDUUDGHD\XGDPLHQWUDVJLUDVODUXHGD(M
VLTXLHUHVHOHFRFDGDWUHVSXQWRVVLPSOHPHQWHJLUDOD
UXHGDKDVWDTXHHQODEDUUDGHD\XGDPXHVWUH



 -XHJDFRQODV2SFLRQHVGHO,QVWUXPHQWR(FKHPRVXQDPLUDGDUiSLGDDODSHVWDxD ,16 DQWHVGH


VHJXLU +D\WDPELpQPDWHULDOTXHGHEHVOHHUVREUHODSHVWDxD0,6&ODSXHGHVYHUHQODVHFFLyQ([WUD
,$\XGD 3XOVDODSHVWDxD,16\FDPELDODVRSFLRQHVGHO,QVWUXPHQWR$TXtSXHGHVDJUHJDU/)2 R
(QYROYHQWHV DWXVDPSOHFRPR%DODQFH9ROXPHQ5HGXFFLyQ5HVRQDQFLD\RSFLRQHVGHYHORFLGDG

/X],QGLFDGRUD
6HOHFWRUGH(IHFWR
(QYROYHQWH

/)2

)LOWUR (VWRVHH[SOLFDHQ

ODVHFFLyQGH*UDEDQGRHQ
9LYR GHHVWDJXtD

1RWDSULQFLSDO

 4XHHVXQ(QYROYHQWH"8QHQYROYHQWHFUHDXQSDUWLFXODUSDUiPHWURDVFHQGHQWH\DOFDHUOHGDYLGD
DOVRQLGR/RPiVFOiVLFRHVKDFHUXQ(QYROYHQWHGH9ROXPHQ SDUDDVFHQGHUHOVRQLGROHQWDPHQWH\
HQWRQFHVGHVSORPDUVHUiSLGDPHQWH3HURWDPELpQOHSXHGHVSRQHUXQHQYROYHQWHGH5HGXFFLyQ
5HVRQDQFLD\9HORFLGDG3XHGHVFRQVHJXLUPiVLQIRGHWRGRVORVSDUiPHWURVHQOD$\XGD/DVUXHGDV
VRQ5HWUDVR '(/ FXDQWRPiVWLHPSRHQWUHPiVWDUGDUDVHQRtUHOVRQLGR$WDTXH $77 SXHGHV
GHELOLWDURIRUWDOHFHUHOSULQFLSLR6RVWHQLPLHQWR +2/' HVWRGHWHUPLQDODGXUDFLyQGHOYROXPHQ
Pi[LPR\'HFDLPLHQWR '(& 6RVWHQLPLHQWRGHFDtGD 686 \5HODMDFLyQ 5(/ HOVRQLGRVH
GHELOLWDUDOHMRV-XHJDFRQODVUXHGDV\REVHUYDHOFDPELRGHOJUiILFR


 4XHHV/)2"/DVVLJODV/)2VLJQLILFDQ2VFLODFLyQGH%DMD)UHFXHQFLD+DFHXQHIHFWRRVFLODWRULRGH
DUULEDDEDMRGXUDQWHHOVRQLGR'HQXHYRPiVLQIRGLVSRQLEOHHQOD$\XGD/DVUXHGDVVRQ&DQWLGDG
$07 FDQWLGDGGHHIHFWRRVFLODWRULR9HORFLGDG 63' ODUDSLGH]GHODVRQGDVRVFLODWRULDV5HWUDVR
'(/ WLHPSRHQSDVRVDQWHVGHFRPHQ]DUODRVFLODFLyQ\$WDTXH $77 ODIXHU]DFRQODTXHFRPLHQ]D
ODRQGDRVFLODWRULD-XHJDFRQODVUXHGDV\REVHUYDHOFDPELRGHOJUiILFR


 &yPRORV8WLOL]R"6HOHFFLRQDHO(IHFWR 0LUDHOGLEXMRDQWHULRU DKRUDJLUDODVUXHGDVHQHO


(QYROYHQWHRHO/)23DUDDFWLYDUHO(QYROYHQWH\TXHIXQFLRQHQVXVHIHFWRVSXOVDOD/X],QGLFDGRUD
$ODL]TXLHUGDGHODEDUUDGHWLWXORGHODVVHFFLRQHVWLHQHVRWUDVRSFLRQHV HQODVHFFLyQ/)2SXHGHV
HOHJLUHOWLSRGHRQGD 7DPELpQSXHGHVPRGLILFDUORVJUiILFRVDUUDVWUDQGRVXVSXQWRVFRQHOUDWyQ


 3RUTXpODSHVWDxDGHO,QVWUXPHQWRWLHQH0iVFRQWUROHVGH&87 5HGXFFLyQ \5(6


5HVRQDQFLD "3XHGHSDUHFHUUHGXQGDQWHHOWHQHU5HGXFFLyQ\5HVRQDQFLDHQODSHVWDxD603\
WDPELpQHQODSHVWDxD,16SHURQRORHV6HDxDGHDTXtXQILOWURGH5HGXFFLyQ\5HVRQDQFLDSDUD
SRGHUPRGLILFDUORHQWLHPSRUHDOHQOXJDUGHFRQMXQWDPHQWH\TXHQRGHSHQGDQGHODVSDQWDOODV/)2R
OD(QYROYHQWH$GHPiVWHSHUPLWHFDPELDUHOWLSRGHILOWURTXHXWLOL]DV PiVLQIRVREUHORVSDUiPHWURV
GHHVWDRSFLyQHQOD$\XGD 

 3RUTXpQR3XHGRRtUHO(IHFWR"6LWRGDYtDHVWiVHQHO'UXPGH*HWWLQJ6WDUWHGIOSYDDVHUGLItFLO
HVFXFKDUFXDOTXLHUHIHFWR/)2DXQTXHHO(QYROYHQWHSRGUtDUHSUHVHQWDUXQDGLIHUHQFLD(VWRVHIHFWRV
VRQPiVDXGLEOHVHQVDPSOHVPiVODUJRV3DUDRtUPHMRUORVHIHFWRVSUXHEDODVRSFLRQHVGHO
,QVWUXPHQWRFRQHOVDPSOH,QVB5RXQG


$KRUDQRVRWURVHVWDPRV
FUHDQGRHOHQWRUQR



02',),&$1'2 /26 3$626 2 127$6


$KRUD\DHVWiVIDPLOLDUL]DGRFRQODLQWHUID]GH)UXLW\\VXIRUPDGHPRGLILFDUORVVRQLGRV(QHVWDVHFFLyQ
QRVRWURVWHPRVWUDUHPRVFyPRDOJXQRVGHHVRVHIHFWRVSXHGHQDSOLFDUVHVHSDUDGDPHQWHDFDGDSDVR
1RVRWURVWDPELpQWHHQVHxDUHPRVDSURJUDPDUODVPHORGtDV

 (O(GLWRU*UiILFR/RPiVIiFLOSDUDHQYROYHUDWXPHQWHDOUHGHGRUGHOVRQLGRSUREDEOHPHQWHVHDOD
XWLOLGDGGHO(GLWRU*UiILFR3ULPHURVHOHFFLRQDXQFDQDO VLSXOVDVVXQRPEUHORVHOHFFLRQDUDVSHUR
WDPELpQDEULUiVVXVRSFLRQHVSXOVDQGRHOVHOHFWRUHYLWDUDVFHUUDUOXHJRVXVRSFLRQHV /XHJRSXOVDHO
%RWyQGHOHGLWRUJUiILFRPRVWUDGRGHEDMR $VHJ~UDWHGHKDEHUFDUJDGRSULPHURODYHUVLyQRULJLQDOGH
*HWWLQJ6WDUWHGIOS 

6HOHFWRU
GH&DQDO

%RWyQGHO
(GLWRU*UiILFR
(GLWRU*UiILFR

6HOHFWRUGH
(IHFWR
 &RPSUXHEDORV(IHFWRV&XDQGRSXOVHVHOERWyQGHO6HOHFWRUGH(IHFWRSRGUiVGHVSOD]DUOR
KRUL]RQWDOPHQWHSDUDYHUTXpRWURVHIHFWRVHVWiQGLVSRQLEOHV'HEHVHQFRQWUDU%DODQFH9HORFLGDG
WDPELpQOODPDGR9ROXPHQ 5HGXFWRUGH)LOWUR5HVRQDQFLDGH)LOWUR'LVWRUVLRQDGRGH9HORFLGDG\
&DPELR/DPD\RUtDGHHVWRVHIHFWRVSXHGHVFDPELDUORVHQODVHFFLyQ0RGLILFDQGRHO&DQDO/D
GLIHUHQFLDHVTXHDTXtSXHGHVPRGLILFDUHOYDORUGHHVWRVHIHFWRVSRUFDGDSDVRLQGLYLGXDOPHQWH&DGD
EDUUDHQHOJUiILFROHSRQHXQYDORUGHHIHFWRSRUSDVR*HWWLQJ6WDUWHGIOS\DWLHQHDOJXQRVSDVRV
PRGLILFDGRVHO9ROXPHQHQHO&++\HO5HGXFWRUGH)LOWURHQ,QVB6TXDUH\,QVB5RXQG



 (O%DODQFHHQHOGUXP3UXHEDODVRSFLRQHVGHOEDODQFHHQORVSDVRVGH&B.LFNGH
*HWWLQJ6WDUWHGIOS(OJUiILFRGHEDODQFHHVWDUiFHQWUDGR3XHGHVFDPELDUHOYDORUGHOEDODQFH
SXOVDQGRFRQHOUDWyQHQODEDUUDTXHKD\GHEDMRGHFDGDSDVRKDVWDHOQLYHOGHVHDGR'HVSXpVGHKDEHU
VHJXLGRHOGLEXMRPRVWUDGRGHEDMRGHEHVRtUTXHHOGUXPWDPERULOHDDUURMiQGRVHGHXQODGRDRWUR
(VWRWHVHUiPX\~WLOVLORFRPELQDVFRQHOHFRGHSDVRVTXHKDVDJUHJDGRHQODVHFFLyQDQWHULRU


 3UXHEDHO9ROXPHQ3XHGHVFRQVHJXLUTXHORVLQVWUXPHQWRVVHDSDJXHQRFREUHQYLGDHQXQFDQDO
XVDQGRHOJUiILFRGHYHORFLGDG YROXPHQ 3UXHEDHVWHHIHFWRHQXQQXHYRFDQDOFRQXQVQDUHFRPRVH
PXHVWUDGHEDMR 3XHGHVSXOVDUERWyQGHUHFKRGHOUDWyQVREUHHOVDPSOH\DxDGLUORDXQQXHYRFDQDOR
SXHGHVDxDGLUXQFDQDOGH6DPSOHUGHVGHHOPHQ~&DQDOHV\DUUDVWUDUHOVRQLGRGHOQDYHJDGRUDHO
QXHYRFDQDO(OVQDUHORHQFRQWUDUDVHQ3DFNVo([WUDo&B6QDUH (VWHJUiILFRQRHVWDUiFHQWUDGR
FRPRHOEDODQFHSHURYDGHOFHURDOPi[LPRFRQHOFHURDEDMR 3DUDKDFHUXQDOtQHDUHFWDHQHOHGLWRU
JUiILFRSXOVDHOERWyQGHUHFKRHQXQDEDUUD\DUUDVWUDHOUDWyQSDUDDOLQHDUORVYDORUHVGHODVEDUUDV 




 -XHJDFRQORV2WURV(IHFWRV,QWHQWDFRQVHJXLUXQDGLIHUHQFLDHQWUHORVRWURVHIHFWRV)LOWHU&XW \
)LOWHU5HV SXHGHQXVDUVHSDUDDJUHJDURVXEVWUDHUYDORUHVDODUHGXFFLyQRODUHVRQDQFLDFRPROD
SHVWDxD,16GHOFDQDO 0LUDODVHFFLyQ0RGLILFDQGRHO&DQDO (O'LVWRUVLRQDGRGH9HORFLGDG HVHO
HTXLYDOHQWHDO3LWFK HQODVRSFLRQHVGH&DQDO(O&DPELR SXHGHXVDUVHSDUDHPSXMDUXQSDVRPiV\
DFHUFDUORDOSDVRVLJXLHQWHRDQWHULRU KD\WLSRVGHP~VLFDTXHXVDQHVWRSDUDDFDQDODUXQEHDW 

 &RPSUREDQGROD0HORGtD&XDQGRUHSURGXFHV*HWWLQJ6WDUWHGIOSHVFXFKDVXQDPHORGtDHQHOFDQDO
,QVB5RXQG3DUDYHUODVQRWDVGHODPHORGtDSXOVDHO%RWyQGHO(GLWRUGH7HFODGR FRQHOFDQDOGH
,QVB5RXQGVHOHFFLRQDGRFRPRVHPXHVWUDGHEDMR$KRUDYHVXQWHFODGRGHSLDQRYHUWLFDOSDUDFDGD
SDVRHQODSDQWDOOD(VSHUDPRVTXHVHSDVDOJRGHSLDQR 6LQRHVWLHPSRSDUDHPSH]DUDOJXQDV
OHFFLRQHV 3XHGHVFDPELDURHQFHQGHUODQRWDSXOVDQGRHOERWyQL]TXLHUGRVREUHXQDWHFOD\ HOERWyQ
GHUHFKRODDSDJDUD&XDQGRHOORRSQRHVWHHQ3OD\FXDQGRSXOVHVVREUHXQDQRWDVHHVFXFKDUD

%RWyQGHO(GLWRU
GHWHFODGR

6HOHFWRU
GH&DQDO
(GLWRUGH
7HFODGR

 &DPELDQGROD0HORGtD&RQWLQXHPRVSDUDFDPELDUODPHORGtD3XHGHVFDPELDUODFyPRTXLHUDVSHUR
GHEDMRKD\XQDVXJHUHQFLD SXHGHVHQFRQWUDUHVWDPHORGtDHQ*HWWLQJ6WDUWHGIOS 3XHGHXVDUHOHGLWRU
GHOWHFODGRHQFXDOTXLHUVDPSOHHOV\QWKEDVV EDMR JXLWDU JXLWDUUD LQFOXVRORVGUXPV WDPERUHV 
'LYLpUWHWH




 3XQWR,PSRUWDQWH&XDQGRWLHQHVXQVDPSOHODUJR\TXLHUHVH[WHQGHUODPHORGtDQHFHVLWDVTXHFDGD
QRWDFRUWHODDQWHULRU SDUDTXHQRVHPRQWHQXQDVHQFLPDGHRWUDV (OFDPLQRIiFLOSDUDKDFHUHVWRHV
SXOVDQGRHOERWyQGHUHFKRGHOUDWyQVREUHHO1RPEUHGHO&DQDO HQHO6HFXHQFLDGRUGH3DVRV\
VHOHFFLRQDQGR&XW,WVHOI &RUWDQGR GHOPHQ~$9,62HQHOFDQDOGH,QVB5RXQGWLHQHHVWDRSFLyQ
VHOHFFLRQDGD3UXHEDGHVHOHFFLRQDUODSHURVHDGYLHUWHTXHORVUHVXOWDGRVSXHGHQHVWDUVXFLRV


*UDQ1RWLFLD (Q
)UXLW\/RRSV
SXHGHVGHVKDFHUHO
XOWLPRFDPELR
'HVGHHO0HQ~
(GLFLyQ RFRQFWUO]



(/ 3/$</,67 GH ORV PRGHORV D ODV FDQFLRQHV


$KRUD\DKDVYLVWRODPD\RUtDGHORTXHSXHGHKDFHUVHFRQORVVRQLGRVSUREDGRVHQXQVRORPRGHOR(QHVWD
VHFFLyQQRVRWURVWHPRVWUDUHPRVFyPRSURJUDPDUPiVGHXQPRGHOR\XQLUORVHQXQORRS SDUDIRUPDUXQD
FDQFLyQ &DUJD*HWWLQJ6WDUWHGIOS\VLJXHOH\HQGR

 (O6HOHFFLRQDGRUGH0RGHOR)UXLW\/RRSVSHUPLWHFUHDUFHQWHQDUHVGHPRGHORVGLIHUHQWHV(QODV
VHFFLRQHVDQWHULRUHVQRVRWURVKHPRVHVWDGRWUDEDMDQGRVLPSOHPHQWHFRQHOPRGHORSHURQRVRWURV
SRGHPRVDFFHGHUDRWURVPRGHORVFDPELDQGRHOQ~PHURGHO3DQHOGHO6HOHFWRUGH0RGHORRSXOVDQGR
VREUHXQRGHORVQ~PHURVGHO4XLFN3DG pVWDHVXQDVHOHFFLyQUiSLGDSDUDORVSULPHURVPRGHORV 
(QFRQWUDUDVHVWRVPDQGRVHQORVHVWDQWHVVXSHULRUHVGHODSDQWDOODSULQFLSDOGH)UXLW\/RRSV

4XLFN3DG

6HOHFWRUGH %RWyQ
0RGHOR
6RQJ3DW

,QGLFDGRU
3OD\

 9HDPRVHO3OD\OLVW(VWDYHQWDQDSXHGHVDEULUODFRQVXERWyQHQHO3DQHOGH9HQWDQDVSXOVDQGR)R
SXOVDQGRHOERWyQGHUHFKRGHOUDWyQVREUHVRQJSDW GHO3DQHOGH5HSURGXFFLyQ PLUDHOGLEXMR
DQWHULRU 6HGHEHGHDEULUXQDYHQWDQDQXHYDFRPRODGHDEDMR(VWDYHQWDQDIXQFLRQDFRQVHFWRUHV
VyORTXHORVSXQWRVUHSUHVHQWDQPRGHORVHQWHURVHQOXJDUGHVRQLGRVGHFDQDO\SXHGHVSURJUDPDU
FLHQWRVGHSXQWRVHQXQPRPHQWR$YLVR*HWWLQJ6WDUWHGIOS VRORFRQWLHQHPRGHORUHSHWLGR
YHFHV\HOPRGHOR6HOHFFLRQD6RQJ FDQFLyQ GHO3DQHOGH5HSURGXFFLyQ\SXOVD3OD\'HEHVGH
YHUTXHHO,QGLFDGRU3OD\ GHOSOD\OLVWVHHPSLH]DDPRYHU\RtUORVPRGHORVTXHHVWiQHQFHQGLGRV
&XDQGRVHWHUPLQHQORVPRGHORVUHJUHVDUiDO/RRS3RLQW \FRQWLQXDUiHOSOD\3DUDPRYHUHVWHSXQWR
SXOVDHOERWyQGHUHFKRVREUHHOOXJDUGHVHDGRGHVXEDUUD6LVHOHFFLRQDVHOERWyQ3DW PRGHOR HQHO
3DQHOGH5HSURGXFFLyQVLPSOHPHQWHVHUHSHWLUiHOPRGHORVHOHFFLRQDGRHQHO6HFXHQFLDGRUGH3DVRV

,QGLFDGRU3OD\
%DUUDV
/RRS3RLQW
0RGHORV

SXOVDHOERWyQ
GHUHFKRSDUD
UHQRPEUDU

 4XH3XQWRVVRQ"$KRUDSXHGHVDJUXSDUYDULRVPRGHORVSDUDFUHDUXQDFDQFLyQ(VWRWHSHUPLWH
DOWHUDUODVPHORGtDVFDPELDUEHDWVDxDGLULQVHUFLRQHV\ERUUDUSDUWHVGHODFDQFLyQ\DWHUPLQDGD
0XFKRVFRPSRVLWRUHVXVDQXQEORTXHGHPRGHORVSDUDORVGUXPVEDVVOHDGHWFSDUDSRGHUWUDEDMDU
VHSDUDGDPHQWHDOSULQFLSLRFRQHOORV\GHVSXpVLQFOXLUPHORGtDVHQODFDQFLyQHQHO3OD\OLVW




 $xDGLHQGR0RGHORVD*HWWLQJ6WDUWHGIOS$TXtVHPXHVWUDXQHMHPSORVLPSOH(O0RGHORXWLOL]D
XQFDQDOQXHYRGH&B6QDUHORHQFRQWUDUDVHQ3DFNVo([WUDo&B6QDUH3XOVDHOERWyQ3DWSDUD
HVFXFKDUHOPRGHOR/XHJRLQWURGXFHHO0RGHORTXHXVDRWURFDQDO&UDVK\ORHQFRQWUDUDVHQ
3DFNVo9LQWDJHo&UDVK 7HQGUiVTXHDJUHJDUGRVQXHYRVFDQDOHVSDUDHVWRSXOVDHOERWyQ
GHUHFKRRDUUDVWUDGHOQDYHJDGRUGH6DPSOHV\XWLOL]DHOPHQ~&DQDO 


0RGHOR

0RGHOR

%LHQ
KHFKR



 &RPSOHWDQGROD&DQFLyQ$KRUDWLHQHVTXHDxDGLUORVPRGHORVDO3OD\OLVWFRPRVHPXHVWUDGHEDMR\
HPSH]DUiVDFRJHUODLGHD1HFHVLWDUiVSXQWRVH[WUDHQHO0RGHOR\WHQGUiVTXHPRYHUHO/RRS3RLQW
DOVHJXQGRHVSDFLR SXOVDHOERWyQGHUHFKRSDUDPRYHUHO/RRS3RLQW (VWH/RRSHVWDWHUPLQDGRHQ
*HWWLQJ6WDUWHGIOS

)DEXORVR

 4Xp,QILHUQRVHVHO0RGHOR"&RPSUREDUiVTXHHOPRGHOR 0DLQDXWRPDWLRQ SDUHFHHVWDUYDFtR


3DFLHQFLDFKLTXLWtQ7RGRVHDFODUDUi SHURSUXHEDTXLWDQGRHOPRGHORGHOSOD\OLVWSDUDFRPSUREDUTXp
GLIHUHQFLDUHSUHVHQWD <DDSUHQGHUiVDXWLOL]DUHOPRGHOR 0DLQDXWRPDWLRQ HQODVHFFLyQGH
*UDEDQGRHQ9LYR3HURDKRUDVLPSOHPHQWHGLVIUXWD




/26 *(1(5$'25(6 GH 6DPSOHV D 6LQWHWL]DGRUHV


+DVWDDKRUDKDVHVWDGRMXJDQGRFRQORV&DQDOHVGH6DPSOH3HUR)UXLW\WDPELpQWLHQHFDQDOHVGHDSR\RTXH
FRQWLHQHQVRQLGRVFUHDGRVHQWLHPSRUHDOSRUVLQWHWL]DGRUHVFRPRHO:DVSHO6LP6\QWK/LYH\HO76
3DUDXWLOL]DUODWHUPLQRORJtDDSURSLDGDFDGD&DQDOTXHFRQWLHQHXQ*HQHUDGRU SRGUtDVHUXQVDPSOHRXQ
SOXJLQVLQWHWL]DGRURDOJ~QRWURWLSRGHJHQHUDGRUHQFRPELQDFLyQFRQHIHFWRV\RSFLRQHVGH&DQDO/D
FRPELQDFLyQGHHVWRV*HQHUDGRUHVFRQORVFDQDOHVGHVDPSOHVHQ)UXLW\/RRSVGDXQHPSXMyQTXHRWRUJD
XQSRGHUGHVRQLGRPD\RU


 $xDGLHQGRXQ&DQDOGH6LQWHWL]DGRU3DUDDJUHJDUXQFDQDOTXHFRQWHQJDXQ*HQHUDGRUGH
VLQWHWL]DGRUKD]FOLFHQHO3DQHOGH0HQ~VVREUH&KDQQHOVo$GG2QH \VHOHFFLRQDXQRGH76
[2VF%HHS0DS%RR%DVV%X]]*HQHUDWRU$GDSWHU )UXLW.LFN)UXLW\'UXP6\QWK/LYH)UXLW\';
)UXLW\6RXQG)RQW3OD\HU3OXFNHG6LP6\QWKR:DVS

 'RQGHHVWD"(OQXHYRFDQDODSDUHFHUiHQHO6HFXHQFLDGRUGH3DVRV\XQD3DQWDOODGH&RQILJXUDFLyQ
GHO*HQHUDGRU VDOYRHO76 6LOD3DQWDOODGH&RQILJXUDFLyQHVSHTXHxDDSDUHFHUiHQXQDQXHYD
SHVWDxDGH2SFLRQHVGH&DQDO [2VF%HHS0DS)UXLW.LFN)UXLW\6RXQG)RQW3OD\HU3OXFNHG 3RU
RWUDSDUWHDSDUHFHUiFRPRXQDYHQWDQDOLEUH %RR%DVV%X]]*HQHUDWRU)UXLW\'UXP6\QWK/LYH
)UXLW\';6LP6\QWK/LYH:DVS 



 &yPRVH8WLOL]D"1RVRWURVUHSDVDUHPRVHO76FRQPiVGHWDOOHHQODSUy[LPDVHFFLyQ\PXFKRGH
ORTXHDSUHQGDVVHUiDSOLFDEOHDRWURVV\QWKV3HURHVLPSRUWDQWHVDEHUTXHODPD\RUtDGHHVWRV
*HQHUDGRUHVWLHQHVXSURSLDD\XGDGLVSRQLEOH6LOD3DQWDOODGH&RQILJXUDFLyQSDUDHO*HQHUDGRUHVWD
LQFOXLGDHQXQDSHVWDxDGH2SFLRQHVGH&DQDOSXOVDHOQRPEUHGHOFDQDO6LHVWiHQXQDYHQWDQDOLEUH
KD]FOLFHQHOERWyQGHODHVTXLQDVXSHULRUL]TXLHUGD

3HVWDxD3OXJLQ
3UHGHILQLU6RQLGRV

$\XGD

 3UHGHILQLUORV6RQLGRV0XFKRVGHORVJHQHUDGRUHVGHVLQWHWL]DGRU %HHS0DS%X]]*HQHUDWRU)UXLW


.LFN)UXLW\'UXP6\QWK/LYH)UXLW\';6LP6\QWK/LYH:DVS HVWDEOHFHQVRQLGRVGLVSRQLEOHV(Q
ODPD\RUtDGHORVFDVRVSXHGHVFRQVHJXLU3UHVHQWV 3UHGHILQLUORV HQVXVHFFLyQGHOPHQ~RSXOVDQGR
ODVIOHFKDVSHTXHxDVHQODGHUHFKDGHXQD9HQWDQDOLEUH PLUDODLPDJHQDQWHULRU 

 /DV2SFLRQHVGH&DQDO7RGRVHVWRVJHQHUDGRUHVWLHQHQXQDSHVWDxDOODPDGD3OXJLQHQODV2SFLRQHV
GH&DQDO DOSXOVDUODDSDUHFHQODVRSFLRQHVGHOJHQHUDGRU 3HURFRPRFDGDJHQHUDGRUHVGLIHUHQWHQR
WLHQHQODVPLVPDVSHVWDxDVFRPRORV*HQHUDGRUHVGHOD6DPSOHV3RUHMHPSORHO76WLHQHODV
SHVWDxDV6030,6&\)81&PLHQWUDVHO%HHS0DSWLHQH6,10,6&\)81&




 4XpSXHGHQKDFHUHVWRV*HQHUDGRUHV"2.YDPRVDH[SOLFDUFDGDWLSRGH*HQHUDGRU3DUDPiVLQIR
PLUDHOSUy[LPRFDStWXORHO763DUDPiVLQIRHQWRGRORGHPiVPLUDOD$\XGD
D 76(QODSUy[LPDVHFFLyQYHUHPRVHVWHJHQHUDGRUFRQPiVGHWDOOHSHURHVXQDPiTXLQDSDUD
FUHDUHOV\QWKOLQHVVRQLGRWHFKQRGHJUDYHVOtQHDVVLPLODUDODFOiVLFDPiTXLQDGH7%

E [2VF(VXQJHQHUDGRUGHHIHFWRSODQRTXHSHUPLWHPH]FODUWUHV2VFLODGRUHV FDGDXQRGHORV
FXDOHVJHQHUDXQWRQR(VWHVRQLGRVRORQRHVLQWHUHVDQWHSHURFRPELQDGRFRQODSHVWDxD,16
SXHGHFUHDUHIHFWRVPX\EXHQRV 0iVLQIRHQHOSUy[LPRFDStWXOR 


F %HHS0DS(VXQHIHFWRUDUR&RJHVXQDUFKLYRGHLPDJHQELWPDS\ORFRQYLHUWHHQXQVRQLGRGH
UHVXOWDGRVH[WUDxRV\PDUDYLOORVRVeVWHHVHOPLVPRWLSRGHV\QWKTXHHO$SKH[7ZLQODLPDJHQ
ODDGDSWDDXQDSLVWDVDPSOHDWUDYpVGHXQDQDOL]DGRUGHHVSHFWUR


G %RR%DVV8QSHTXHxRJHQHUDGRUGHEDVVPX\KiELOGHWLSR6LP6\QWK




H %X]]*HQHUDWRU$GDSWHU&UHDXQ]XPELGRHQHOVRQLGRGHOV\QWKTXHSXHGHVHVFRJHU OD


$QDUTXtDVHPXHVWUDGHEDMR (O%X]]0DFKLQHVYLHQHJUDWXLWDPHQWHFRQ)UXLW\SHURSXHGHV
HQFRQWUDUPXFKRVPiVHQVXVLWLRZHEZZZ%X]]0DFKLQHVFRP

I )UXLW.LFN8QJHQHUDGRUGHSHUFXVLyQ

J )UXLW\'UXP6\QWK/LYH8QSOXJLQ6LQWHWL]DGRUGH'UXPTXHSHUPLWHGHILQLUORVJROSHVGHO
WDPERU\ORVFRQWURODSRUWHFODGR




K )UXLW\';8QSOXJLQSROLIyQLFRGHYRFHV HVRVLJQLILFDQRWDVVHJXLGDV FRQ6LQWHWL]DGRUGH


)0(VWRVLUYHSDUDGDUDOWDFDOLGDGVLQFRQVXPLUGHPDVLDGRUHQGLPLHQWRGH&38


L

)UXLW\*UDQXOL]HU(VWHJHQHUDGRUOHD\XGDDVDFDUVRQLGRVDJLWDGRVGHVDPSOHVFRPRFXDQGR
)XQN6RXO%UXYYDUHGXFHODYHORFLGDGHQXQVDPSOHFRQHO)DWER\6OLPV5RFNHIHOOHU6NDQN


M

)UXLW\6OLFHU3HUPLWHVHFFLRQDUXQEHDWSDUDXWLOL]DUORVHQWHFODGRFRPRGUXPVLQGLYLGXDOHV
3XHGHVFUHDUVLOHQFLRVPX\UiSLGDPHQWHFRQHVWDKHUUDPLHQWD 3DUDHQWHQGHUHVWRPLUDHOGLEXMR
GH%HDW6OLFHUGHEDMR 



N )UXLW\6RXQG)RQW3OD\HU(VXQJHQHUDGRUGHVDPSOHVDYDQ]DGRTXHWUDEDMDFRQFROHFFLRQHVGH
6RXQG)RQW H[WHQVLRQHVVI 


O


)UXLW\9LEUDWRU3XHGHVDJUHJDUYLEUDFLRQHVDWXVFDQFLRQHVXWLOL]DQGRDUFKLYRV)RUFH)HHGEDFN
IIH (VWRVDUFKLYRVXVDQ0LFURVRIW)RUFH(GLWRUKHUUDPLHQWDGH'LUHFW;TXH'LVHxD6'.

P 3OXFNHG8QVLQWHWL]DGRUHVSHFLDOLVWDHQLQVWUXPHQWRVGHFXHUGDFRPRJXLWDUUDVDUSDV
PDQGROLQDVHWF




Q 6LP6\QWK/LYH8QVLQWHWL]DGRUGLJLWDOWRWDOPHQWHIXQFLRQDO8WLOL]DHVWRSDUDFUHDUVRQLGRV
DQDOyJLFRVHQWXFDQFLyQFRQSLVWDVGHGDQFH\WUDQFH


R :DVS2WURVLQWHWL]DGRUGLJLWDOFRPSOHWR(VWHHVEXHQRSDUDFUHDUUiSLGDPHQWH]XPELGRV
RULHQWDUVRQLGRVWHFKQR


S /D\HU(VWRUHDOPHQWHQRHVXQ*HQHUDGRUSHURHVQXHYR3HUPLWHFUHDUXQFDQDOGHPDQGRSDUD
FRQWURODURWURVFDQDOHVUiSLGDPHQWH




T 0,',2XW(VWRQRHVXQ*HQHUDGRU7HSHUPLWHHQYLDUXQFRQWURODGRU0,',GHVLJQRH[WHUQR R
LQWHUQR DOGLVSRVLWLYRGH0,', 0iVLQIRHQHOWXWRULDOH 

 0iV*HQHUDGRUHV&RQHOQXHYR)UXLW\:UDSSHU SXHGHVDJUHJDUFXDOTXLHUSOXJLQVLQWHWL]DGRU967L


R';LTXHGHVFDUJXHVRFRPSUHV'HOPHQ~&KDQQHOV &DQDOHV VHOHFFLRQD$GG2QHo 0RUH(VWR
DEULUiXQDOLVWDGHSOXJLQVGLVSRQLEOHVFRPRODPRVWUDGDGHEDMR3XHGHVVHOHFFLRQDUFXDOTXLHUSOXJLQ\
DJUHJDUORDXQFDQDOSXOVDQGRGREOHFOLFVREUHVXQRPEUH/DPDUFD)HQODFDMDGHODL]TXLHUGDGHO
QRPEUHGHOSOXJLQVLJQLILFD)DYRULWRV\VLHVWDPDUFDGDDSDUHFHUiGLUHFWDPHQWHHQHOPHQ~
&KDQQHOVo $GG2QH



 3OXJLQV967\';L3DUDDJUHJDUXQFDQDOGH)UXLW\:UDSSHU PLUDHOFDSLWXORDQWHULRU(VWHJHQHUDGRU


VyORVLUYHSDUDV\QWKSOXJLQV967\';L3DUDDEULUVXOLVWDSXOVDGREOHFOLFHQ9673OXJLQVRSXOVD
HOVLJQR VLPLODUDOH[SORUDGRUGH:LQGRZV 8Q967SOXJLQV\QWKWDPELpQOODPDGRPGD';
HVWiGLVSRQLEOHFRPRIUHHZDUH JUDWXLWR \XQ';LSOXJLQV\QWKQRPEUDGRFRPR'UHDP6WDWLRQ
WDPELpQHVWiGLVSRQLEOH HVWDHQHOPLVPRSDTXHWHHQHOTXHKDVFRPSUDGR)UXLW\ 3XHGHVUHFLELU
DPERVV\QWKVGHZZZIUXLW\ORRSVFRP

';
'UHDP6WDWLRQ

 (O2WUR9673OXJLQV<RVpORTXHHVWDVSHQVDQGR4XpSDVDFRQHORWUR9673OXJLQGHODOLVWD"/RV
SOXJLQVGH967VRQVLQWHWL]DGRUHVRHIHFWRV ); \ODPD\RUtDWLHQHRQGDV); 1RVRWURV
H[SOLFDUHPRVFyPRXVDUHO);HQODVHFFLyQGH(IHFWRV)UXLW\ 1RKD\RWUDPDQHUDGHVJUDFLDGDPHQWH
SDUDTXH)UXLW\GLIHUHQFLHHQWUH);\SOXJLQVGHOV\QWKSRUORTXHWXGHEHUiVGHUHFRUGDUOR6LLQWHQWDV
DEULUXQ9673OXJLQ\OR~QLFRTXHFRQVLJXHVHVXQPHQVDMHGHHUURU\XQDYHQWDQDYDFtDFRPROD
PRVWUDGDGHEDMRHQWRQFHVSUREDEOHPHQWHHUDXQSOXJLQGH);




 0HWHQJRTXHUHJLVWUDU"$OJXQRVGHHVWRVSURGXFWRVHVWiQKHFKRVSRURWURVHVSHFLDOLVWDVHQ)UXLW\
SDUDTXHIXQFLRQHQFRUUHFWDPHQWHHQDOJXQRVFDVRVWLHQHVTXHUHJLVWUDUORV6LJXHODLQIRUPDFLyQGH
ZZZIUXLW\ORRSVFRPSDUDVDEHUTXHKDVGHKDFHU


 'yQGHSXHGR&RQVHJXLU0iV"+D\FLHQWRVGHSOXJLQVGHOV\QWKSDUDGHVFDUJDU$OJXQRVGHHOORV
VRQJUDWXLWRV\RWURVGHSDJR%~VFDORVHQHOVLWLRZHEZZZIUXLW\ORRSVFRP2WURVGRVOXJDUHVTXH
GHEHVYLVLWDUVRQZZZWKHSOXJLQOLVWFRP\ ZZZNYUYVWFRP GRVVLWLRVFRQJUDQGHVFDQWLGDGHVGH
SOXJLQVGH967\SRVLEOHPHQWHDOJXQRWHLQWHUHVH /RVQXHYRV3OXJLQV967GHEHVGHLQVWDODUORVHQHO
GLUHFWRULRGH)UXLW\/RRSVo 3OXJLQVo 967 GHWXGLVFRGXUR 


1RORQLHJXHV 7XQHFHVLWDUDVWRGRV
HVWRVJHQHUDGRUHV3HURQRPDOJDVWHVWX
GLQHURFRQSURGXFWRVTXHQRXWLOL]DUDV



 (O$USHJJLDWRU$KRUDTXHQRVRWURVKHPRVLQWURGXFLGRORVJHQHUDGRUHVGH6\QWKQRVRWURVSRGHPRV
GHFLUWHILQDOPHQWHSDUDTXHVLUYHHO$USHJJLDWRU GHODV2SFLRQHVGH&DQDO$EUHXQRGHORVFDQDOHVGHO
V\QWK 6LP6\QWK/LYHR3OXFNHGSRUHMHPSOR SRQOHYDULDVQRWDV\YHVDODSHVWDxD)81&GHVXV
2SFLRQHVGH&DQDO$KRUDSXOVDODIOHFKDKDFLDDUULED \VHOHFFLRQDXQFKRUG$KRUDYHVDXQQXHYR
PRGHORGHO6LP6\QWK\SRQVRORXQDQRWD(QOXJDUGHXQDVRODQRWDFRQVHJXLUiVXQDUSHJLRUHSHWLGRU
%XHQRHK"/HHPiVVREUHHVWRHQODD\XGD


'LUHFFLyQGHO
$USHJJLR

5DQJRGH
2FWDYD

9HORFLGDG
'XUDFLyQHWF

6HOHFFLyQ
GHO&KRUG

 PHPHPH
PHPHPH
PHHHH



 6RQLGRVHVWiWLFRVGHO6LQWHWL]DGRU)UXLW\WDPELpQFRQWLHQHVRSRUWHHVWiWLFRHQODYHUVLyQ6LP6\QWK \
XQVLQWHWL]DGRUGHVRQLGRVGUXPOODPDGR'UXP6\QWK6LSRVHHVDPERVSURJUDPDV)UXLW\SXHGHOHHU
VXVDUFKLYRVHQXQ&DQDOGH6DPSOHQRUPDO5HDOPHQWHDOJXQRVVRQLGRVSXHGHTXHQRVDOJDQPX\
ELHQSHURGHHVWDIRUPDSXHGHVFRQVHJXLUVRQLGRVGHOSKDWGH6LP6\QWK\HQWLHPSRUHDO'UXP6\QWK
HVWDJUDWXLWRHQZZZPGDYVWFRP\SXHGHVFRQVHJXLU6LP6\QWKHQZZZIUXLW\ORRSVFRP'HEHVGH
HQFRQWUDUDOJXQRVSUHGHILQLGRV SDUDDPERVV\QWKVHQHO1DYHJDGRUGH6DPSOHV

6LP6\QWK

'UXP6\QWK



 (O'LVFXUVRGH)UXLW\$KRUDSXHGHVWHQHUXQDFRQYHUVDFLyQFRQ)UXLW\/RRSVXWLOL]DQGRHOVRSRUWH
SDUDODVtQWHVLVGHYR]/DPDQHUDPiVIiFLOGHDFFHGHUHVWDRSFLyQHVDOSXOVDUVSHHFK HQHOQDYHJDGRU
GHVDPSOHV\DUUDVWUDQGRXQDUFKLYRDOVHFXHQFLDGRUGHSDVRV&RQVHJXLUiVXQGLiORJRGHEDMRKD\XQ
HMHPSOR7RGRORTXHKDVGHKDFHUHVUHHPSOD]DUHO7H[WRHVFRJHUXQD3HUVRQDOLGDGXQ(VWLORXQ
0RGR5DWH OD9HORFLGDG \3LWFK 'LVWRUVLRQDGR 3XOVDHOERWyQOLVWHQSDUDHVFXFKDUORTXHKDV
FUHDGR&XDQGRORWHUPLQHVSXOVDOD0DUFDGH2. \JXiUGDORHQHOGLUHFWRULRGH)UXLW\/RRSVo
6DPSOHVo 6SHHFK GHWXGLVFRGXURDVtORWHQGUiVGLVSRQLEOHSDUDRWUDVFDQFLRQHV3XHGHVSUREDUD
DxDGLUORDXQFDQDOFRQXQJHQHUDGRUGH*UDQXOL]HU)UXLW\6FUDWFKHUR)UXLW\6OLFHU'LYLpUWHWH


7H[WR

%RWyQSDUD
HVFXFKDU

3HUVRQDOLGDG
(VWLOR\0RGR

9HORFLGDG

'LVWRUVLRQDGR

3RGUtDVWHQHUTXHGHOHWUHDUDOJXQDVSDODEUDVHVFXFKDHOVRQLGR
DQWHVGHSXOVDURN3XHGHVKDFHUOHFRQWDUSRQLHQGRQ~PHURV\
SXHGHVGLVWRUVLRQDUSDODEUDVDGMXQWiQGROHVXQQ~PHURHQWUH
SDUpQWHVLVSUXHEDHVWR5LFN\HVWLLRPXXJXDSR  LKOLVWR  HV 
HOPHMRU /DVWLPDTXHWRGDVODVYRFHVWHQJDQHODFHQWRLQJOHV 



0DUFDGHO2.

,1752'8&,(1'2 (/ 76
(O76HUDRULJLQDOPHQWHXQVLQWHWL]DGRUHVWiQGDUGLVHxDGRSDUDFUHDUHOFOiVLFR7%XQVHFXHQFLDGRU
TXHOHGDDOWHFKQRPRGHUQRXQVRQLGR~QLFR6HSHQVDEDTXHHOHUDXQDUpSOLFDH[DFWDGHODFOiVLFD
PiTXLQDSHURHO~QLFRVRQLGRWHFKQRTXHHVWHSUHVHQWDWLHQHVXVSURSLDVFRPSRVLFLRQHV

 $xDGHXQ&DQDOGH76(QSULPHUOXJDUFDUJD*HWWLQJ6WDUWHGIOS'HVSXpVDxDGHXQFDQDOGH
76FRPRKDVDSUHQGLGRHQHOFDSLWXORDQWHULRU


 &RSLDQGRODV1RWDVGHO,QVB5RXQG0X\ELHQDKRUDYDPRVDUHHPSOD]DUHOFDQDO,QVB5RXQGSRUHO
763ULPHURXWLOL]DHOHGLWRUGHWHFODGRSDUDSURJUDPDUODVQRWDVGH76\GHVSXpVVLOHQFLDHO
FDQDO ,QVB5RXQGDSDJDQGRODOX]YHUGHGHORVFRQWUROHVGHFDQDO(VFXFKD\FRPSDUDUHVXOWDGRV
LQWHUFDPELDQGRORVFDQDOHVGHO76\HO,QVB5RXQG


&DQDO
6LOHQFLDGR
$XPHQWD
HO76

8PP0H
JXVWDEDPiV
DQWHV

$xDGHODV
1RWDV



 1RHV'HPDVLDGR,PSUHVLRQDQWH7RGDYtD2.QRSDUHFHGHPDVLDGREXHQR(VRHVSRUTXHHVWDV
XVDQGRHO76FRQODVRSFLRQHVSUHGHILQLGDV3XOVDHOERWyQFRQHOQRPEUHGHOFDQDOSDUDDEULUODV
RSFLRQHVGHO76HVFRJHODSHVWDxDGHO76 \PRGLILFDORVFRQWUROHV GHEDMRVHPXHVWUDXQ
HMHPSORFRQDOJXQRVGHORVFDPELRVVHxDODGRV 1XHVWUDSURSLDYHUVLyQSXHGHVHQFRQWUDUODHQ
*HWWLQJ6WDUWHGIOS UHDOPHQWHSXHGHVWHQHUTXHPRGLILFDUWXSURSLDYHUVLyQXQSRFRPiVGHORTXH
QRVRWURVWHKHPRVPRVWUDGRDTXtSDUDTXHVHSDUH]FDH[DFWDPHQWHFRPR*HWWLQJ6WDUWHGIOS 

3HVWDxDGHO
76

<DHVWDDOJR
PHMRU

+D]TXHODV
1RWDVVH
GHWHULRUHQPiV
/HQWDPHQWH

&DPELDODSLVWD
); 7HH[SOLFDUHPRV
HVWRPiVDGHODQWH

&DPELDORV
SDUiPHWURV
GHORVFLODGRU
&DPELDOD
FDOLGDGGHO
VRQLGR

(VWRHVOR~OWLPR

*LUDHVWDVUXHGDV
PLHQWUDVHVFXFKDVOD
FDQFLyQ

(UHVXQGLRVGHO7HFKQR



 (QWHQGLHQGRORV&RQWUROHV&RPRFRQODVRWUDVRSFLRQHVGHFDQDOHVWHPDWHULDOVHH[SOLFDFRQPiV
GHWDOOHHQOD$\XGD2QOLQH3HURSDUDDKRUDDTXtWLHQHVXQDDSUHFLDFLyQEUHYHGHORTXHKDFHQORV
SULQFLSDOHVFRQWUROHV+D\WDPELpQRWURVFRQWUROHVLQWHUHVDQWHVTXHSXHGHVPRGLILFDUHQODVSHVWDxDV
0,6&)81&\603'LYLpUWHWHHLQWHQWDFRQVHJXLUHQWHQGHUOR


/RVRVFLODGRUHV
3XHGHVWHQHUGRV
VRQLGRVOLJHUDPHQWH
GLIHUHQWHVTXHVXHQHQ
MXQWRV6HOHFFLRQDHO
WLSRGHRQGDGHORV
SHTXHxRVFXDGURV
YHUGHV3RQODRFWDYD
JLUDQGRODUXHGD&56
(O(QYROYHQWH $WDTXH
GHFDLPLHQWRUHODMDFLyQ
VRVWHQLPLHQWRHWF
2EVHUYDHOJUDILFR
/RV)LOWURV 5HGXFFLyQ\
UHVRQDQFLD3UXHEDORV
ERWRQHVVXSHULRUHV
/DGLVWRUVLyQ *LUDODV
UXHGDVSDUDHVWURSHDUHO
VRQLGR

(OPH]FODGRUGH
RVFLODGRUHV *LUDODV
UXHGDVSDUDDXPHQWDUR
GLVPLQXLUHOYROXPHQGHO
RVFLODGRU\
/)2 2VFLODFLyQGH%DMD
)UHFXHQFLD(VWDIXQFLyQ
VHPXHYHOHQWDPHQWHGH
DUULEDDDEDMRFRPRXQ
SDUiPHWURGHUHGXFFLyQ
/DVUXHGDVVRQ&DQWLGDG
$07 \YHORFLGDG 63' 
\ORVERWRQHV3UHFLVLyQ
26& 5HVRQDQFLD
5(6 5HGXFFLyQ &87 
\DQFKXUDGHGLVWRUVLyQ
3: 3UXHEDWDPELpQ
ODV GLIHUHQWHVRQGDV
RVFLODWRULDV



 'LDSRVLWLYDQGRODVQRWDVGHO768QD~OWLPDFRVD3XHGHVHVWLUDURDODUJDUODVQRWDVGHO76
FRQOD/tQHDGHO3URORQJDPLHQWR VREUHHOHGLWRUGHWHFODGR 6LKDFHVFOLFVREUHXQDQRWDHQOD/tQHD
GHO3URORQJDPLHQWRHVDQRWDVHUHVEDODUiKDVWDODSUy[LPDQRWDRORRS %HDWVRPRGHORV 3HUR
SXHGHFRUWDUVHDQWHVGHODILQDOL]DFLyQGHOORRSVLVHHQFXHQWUDFRQRWURSDVRRQRWDHQHVHFDQDO VH
FRUWDDOHQFRQWUDUXQFDPELRRPRGLILFDFLyQHQVXFDPLQR 5HJUHVDD*HWWLQJ6WDUWHGIOS\PRGLILFD
HOWHFODGRFRPRHOTXHVHPXHVWUDGHEDMR(OUHVXOWDGR\DWHUPLQDGRHVWiHQ*HWWLQJ6WDUWHGIOS
5HDOPHQWHDSDUWLUGHODYHUVLyQHVWDFODVHGHPHORGtDVVHKDFHXVDQGRHO3LDQR5ROO3HURHVWR\D
ORYHUHPRVPiVDGHODQWH


/tQHDGHO
3URORQJDPLHQWR
1RWDV
QXHYDV

1RSXHGHVKDFHUFOLFHQOD/tQHDGHO
3URORQJDPLHQWR" 4XL]iHVWHVHOHFFLRQDGD
3UXHEDFRQL]TXLHUGRRGHUHFKR



()(&726 )58,7<
$KRUDHQ)UXLW\/RRSVSXHGHVDxDGLUQXHYRVHIHFWRVDWXVFDQDOHV(VPiVIiFLODJUHJDUHIHFWRVSXHGHV
DxDGLUORVHIHFWRVPiVDYDQ]DGRVFRPRVLIXHUDXQVLPSOHFRQWUROGHYROXPHQFRPRFKRUXVUHYHUE
SKDVHUGHOD\IODQJH\(4HQWUHRWURV (QODYHUVLyQSXHGHVDJUHJDUWDPELpQ*HQHUDGRUHV1RWDV
&RQWUROHV0RQLWRUHV\RWURVPDQGRV 3XHGHVORJUDUHVWRVHIHFWRVDWUDYpVGHOXVRGH3OXJLQV); \3LVWDV
);5HFXHUGDVFXiQGRWHGLMLPRVTXHKDEtDQFDPELDGRODV3LVWDV);HQODV2SFLRQHVGH&DQDOGHO76"
%LHQDKRUDQRVRWURVWHH[SOLFDUHPRVGHTXHWUDWDHVR

 $EUHOD9HQWDQDGH0DVWHU(IIHFWV(OTXH"7HSUHJXQWDUDV/RV/RRSVGH*HWWLQJ6WDUWHG HVWDEDQ
XVDQGRORV(IHFWRV)UXLW\GHVGHHOSULQFLSLR3DUDDEULUODYHQWDQDGH0DVWHU(IIHFWV SXOVD) RYHVD
9LHZo(IIHFWV HQHO3DQHOGH0HQ~V7DPELpQSXHGHVDEULUODSXOVDQGRHO~OWLPRERWyQGHO3DQHOGH
9HQWDQDV&RQVHJXLUiVXQDYHQWDQDFRPRODGHGHEDMR

0DVWHU7UDFN

3LVWDV);

3LVWDVGH(QYLy
3OXJLQV);

 4XpHVHVWR+D\XQDODUJDOLVWDGH3OXJLQV);7LHQHVXQ0DVWHU7UDFN3LVWDV);1RUPDOHV\
3LVWDVGH(QYLy(O0DVWHU7UDFNVHVHOHFFLRQDSRUGHIHFWR&DGDSLVWDSXHGHWHQHU3OXJLQV);/RV
/RRSVGH*HWWLQJ6WDUWHGXVDQHOSOXJLQ)UXLW\%DQG(4 HQHO0DVWHU7UDFN\ORVSOXJLQV)UXLW\
'HOD\ \)UXLW\5HYHUE HQOD3LVWD3UXHEDDFDPELDUODSLVWDSDUDHQFRQWUDURWURVSOXJLQV

 (QFLHQGH\DSDJDXQ3OXJLQ6LPSOHPHQWHSXOVDHOERWyQL]TXLHUGRSDUDDFWLYDUHOSOXJLQ\RWURFOLF
FRQL]TXLHUGR SDUDGHVDFWLYDUOR3UXHEDHVWRFRQXQ/RRSGH*HWWLQJ6WDUWHGSDUDRtUODGLIHUHQFLD

 6HOHFFLRQDQGR3OXJLQV6LTXLHUHVDxDGLUXQQXHYRSOXJLQSXOVDHQODIOHFKDHQHOOXJDUGHODOLVWD
GyQGHTXLHUHVDJUHJDUHOSOXJLQ\HQWRQFHVHVFRJHVXQRGH3UHVHQW &RQILJXUDFLRQHV3UHGHILQLGDVSDUD
HVHSOXJLQ RXQSOXJLQQXHYRGHODOLVWD6HOHFW \ORFRQILJXUDVDWXJXVWR


&OLF$TXt

&OLFL]TXLHUGR
SDUDDFWLYDU
RGHVDFWLYDU


 0RGLILFDQGRHO3OXJLQ3XOVDHOERWyQGHUHFKRSDUDDEULUVXV2SFLRQHV R(GLWRU \XQVHJXQGRFOLF


FRQGHUHFKR SDUDFHUUDU$OJXQRVSOXJLQVWLHQHQXQDLQWHUIDFHSODQDFRPRHO)UXLW\'HOD\PRVWUDGR
GHEDMR2WURVWLHQHQFRQWUROHVYLVXDOHV/DPD\RUtDGHORVSOXJLQVYLHQHFRQVXSURSLD$\XGDFRPRVH
PXHVWUDGHEDMR1RWHHQVHxDUHPRVDTXtODIXQFLyQGHORVFRQWUROHV3HURDKRUDSXHGHVSUREDUORV"

&OLFGHUHFKR
SDUDDEULU
VXV2SFLRQHV

&DPELRGH
(IHFWRV
3UHGHILQLGRV

&OLFDTXtSDUD
GHVSOHJDUPHQ~
FRQ$\XGD

 (QYLDQGRHO6RQLGRDO3OXJLQ$KRUDWHSRGHPRVH[SOLFDUSDUDTXHVLUYHHOQ~PHURVXSHULRUGHOD
GHUHFKDHQODV2SFLRQHVGH&DQDO(O0DVWHU7UDFNDSOLFDUiFXDOTXLHUHIHFWRSXHVWRHQHVD3LVWD);D
HOVRQLGRGHWRGDODFDQFLyQ3HURVyORVHDSOLFDUiQHIHFWRVGHODV3LVWDV);1RUPDOHVDORV6DPSOHV\
6\QWKVTXHKDQVHOHFFLRQDGRHVD3LVWD);HQVXV2SFLRQHVGH&DQDO$VtTXHHQ*HWWLQJ6WDUWHGIOS
ORVFDQDOHV,QVB5RXQG\76HVWiQHQYLDQGRVXVRQLGRDOD3LVWD);GyQGHVHDSOLFDUiQ)UXLW\
5HYHUE\'HOD\/RVRWURVFDQDOHVHVWiQHQYLDQGRDOD3LVWD); FRQHOYDORUSRUGHIHFWR TXpQR
FRQWLHQHORVHIHFWRV

(QYLDQGRDOD
SLVWD);



 3DUDTXHVLUYHQODV3LVWDVGH(QYLy"+D\3LVWDVGH(QYLyHVSHFLDOHV\VXVHQWUDGDVFRUUHVSRQGHQ
DRWUDV3LVWDV);HQOXJDUGH&DQDOHVGHO6HFXHQFLDGRU6XSRQJDPRVTXHTXLHUHVSRQHUHOPLVPR
)UXLW\5HYHUEHQODJXLWDUUD\HQORVWDPERUHVSHURDGHPiVTXLHUHVDxDGLUHO)UXLW\'HOD\DODJXLWDUUD
\(4DORVWDPERUHV)iFLO(QYtDORVWDPERUHVDOD3LVWD);1RUPDO\DxDGHHO(IHFWR(4<OD
JXLWDUUDODHQYtDVDOD3LVWD);1RUPDOGRQGHOHDxDGHVHO)UXLW\'HOD\(QWRQFHVSRQHVHO)UXLW\
5HYHUEHQOD3LVWDGH(QYLy\YXHOYHVDODV3LVWDV);1RUPDOHV\SDUDJLUDUODVHJXQGDUXHGDGH
ODSDUWHLQIHULRU DPRGRGHYROXPHQ \HQYLDUVXVRQLGRDOD3LVWDGH(QYLy$KRUDWLHQHVHOPLVPR
UHYHUEHQODJXLWDUUD\HQORVWDPERUHVSHURVyORKDVXVDGRXQVRORSOXJLQGHUHYHUE


$TXtVROR
GHEHUtDHVWDU
HO3OXJLQ(4

(VWD3LVWD);VH
HQYtDDOD6DOLGDGH
OD3LVWDGH(QYLy

 &DPELDQGRHO2UGHQGHORV3OXJLQV(ORUGHQHQTXHHVWiQVLWXDGRVORVSOXJLQVHQODVOLVWDVGHODV
3LVWDVWLHQHXQJUDQLPSDFWRHQHOUHQGLPLHQWRILQDOGHOVRQLGR&DGD3LVWDDSOLFDDOVRQLGRHOSULPHU
3OXJLQGHODOLVWDDOUHVXOWDGROHVXPDHOVHJXQGR3OXJLQGHODOLVWD\DVtVXFHVLYDPHQWH3DUDKDFHU
PiVIiFLOHOH[SHULPHQWDUFRQHORUGHQGHORVHIHFWRV)UXLW\/RRSVWLHQHXQDIXQFLyQPX\VLPSOHSDUD
VXELUREDMDUHORUGHQGHXQSOXJLQ(VWiIXQFLyQVHHQFXHQWUDHQHOPHQ~GHHIHFWRVPRVWUDGRGHEDMR
0RYH8S DUULED\0RYH'RZQ DEDMR 




 4XpKDFHQHVWRV3OXJLQV"&RPRDQWHVVHPHQFLRQRSXHGHVFRQVHJXLUXQDD\XGDHVSHFLILFDGHFDGD
3OXJLQGH)UXLW\SHURDTXtWHPRVWUDPRVXQDOLVWDVREUHODIXQFLyQGHDOJXQRV

%X]](IIHFW$GDSWHU(VWHDGDSWDGRUWHSHUPLWHFDUJDUHOHIHFWRGH=XPELGRGHXQD0iTXLQD)UXLW\
YLHQHFRQPXFKRVSUHGHILQLGRVSHURSXHGHVFRQVHJXLUPiVHQZZZ%X]]0DFKLQHVFRP
)UXLW\%DQG(4(FXDOL]DGRUGHVRQLGR

)UXLW\%DODQFH7HSHUPLWHPRGLILFDUHOEDODQFH\YROXPHQHQHO*UDEDGRHQ9LYR

)UXLW\%DVV%RRVW+DFHPiVJUDYHVORVVRQLGRV

)UXLW\%LJ&ORFN&UHDXQDYHQWDQDFRQXQFURQyPHWURTXHFXHQWDHOWLHPSRGHODUHSURGXFFLyQ

)UXLW\%ORRG2YHUGULYH8WLOL]DHVWRSDUDGLVWRUVLRQDUORVFDQDOHV

)UXLW\&HQWHU&RPSHQVDODDVFHQVLyQGHWRQRGHO'&HQWLHPSRUHDO

)UXLW\&KRUXV$xDGHHOHIHFWRGHXQFRUR

)UXLW\&RPSUHVVRU 8WLOL]DHVWRSDUDDSODQDUODGLQiPLFDGHOVRQLGR$OJRSDUHFLGRXWLOL]D)DWER\
SDUDFRQVHJXLUXQRVGUXPVGHPHQRULQWHQVLGDG

)UXLW\'%0HWHU&UHDXQDYHQWDQDFRQXQPDUFDGRUGH'HFLEHOLRV

)UXLW\'HOD\&UHDXQHFRYHUGDGHUR QRVyORVDPSOHVUHSHWLGRVFRPRODV2SFLRQHVGH&DQDO 
)UXLW\'HOD\(VXQ)UXLW\'HOD\GHVHJXQGDJHQHUDFLyQ$xDGH%DODQFH\RWURVHIHFWRV

)UXLW\)DVW/38WLOL]DHVWRSDUDEDMDUHOUHQGLPLHQWRGHWX&38 UHGXFFLyQ\UHVRQDQFLD 

)UXLW\)DVW'LVW3URYRFDXQJUDQHIHFWRGHGLVWRUVLyQVLQFDVLFRQVXPLU&38


)UXLW\)LOWHU0iVUHGXFFLyQ\UHVRQDQFLDSHURHVWHHIHFWRVHILOWUDSDUDDFRPSDxDUOD&38

)UXLW\)ODQJHU$XQQRKDVRtGRQDGDGHHVWHHIHFWR(VPX\SRSXODUHQWUHORVJXLWDUULVWDVHVWHHIHFWR
GHWLSR/)2SXHGHDJUHJDUXQDQXHYDSHUFHSFLyQDFXDOTXLHUFDQFLyQ

)UXLW\)RUPXOD&RQWUROOHUeVWHHVXQFRQWURODGRUGHDWUDFWLYRDVSHFWRTXHSXHGHXQLUVHDRWUDV

UXHGDV\EDUUDVGHVOL]DQWHVGH)UXLW\/RRSV(QODVHFFLyQGH&RQWURODGRUHV([WHUQRV PiVLQIR
)UXLW\)UHH)LOWHU2WURILOWURGHGHFLEHOLRVSHURQRHVXQILOWURWDQLQFRQVWDQWHFRPRHO)UXLW\
)LOWHU HVWRVLJQLILFDHOLQILHUQR 



)UXLW\+70/1RWHERRN$xDGHQRWDVDWXORRSHQHVWUXFWXUDKWPORDJUHJDWXSURSLDSiJLQD:HE 

)UXLW\/6'3HUPLWHD)UXLW\/RRSVDFFHGHUDO'LUHFW0XVLF6RIWZDUH6LQWHWL]DGRUGH'LUHFW; 1RWD
GHEHVWHQHULQVWDODGR'LUHFW;RSRVWHULRU /RVFDQDOHVGH/6'IXQFLRQDQPHMRUFRQXQGLVSRVLWLYR
GH0,',H[WHUQRHOFXDOSXHGDFRQWURODUVHFRQXQ0,',TXHQRSHUWHQH]FDDQLQJ~QFDQDO PLUDHQOD
VHFFLyQGHORV*HQHUDGRUHV 

)UXLW\0XWH8WLOL]DHVWRSDUDVLOHQFLDUORVFDQDOHVHQHO*UDEDGRHQ9LYR

)UXLW\1RWHERRN*XDUGDDSXQWHVHQWXFDQFLyQeVWHHVHOSOXJLQTXH)UXLW\/RRSVXWLOL]DHQVXV
WXWRULDOHV

)UXLW\3DQ20DWLFWLOSDUDFUHDUXQEDODQFHGHVRQLGRDOWHUQDGRPX\IiFLO

)UXLW\3DUDPHWULF(48Q(FXDOL]DGRUSDUDPpWULFRKHFKRSDUD)UXLW\/RRSV8QHFXDOL]DGRUQRUPDO
VyORWHSHUPLWHUHJXODUORVQLYHOHVSDUDXQDIUHFXHQFLDSUHGHILQLGDSHURFRQXQHFXDOL]DGRU
SDUDPpWULFRSXHGHVHVFRJHUODIUHFXHQFLDTXHTXLHUHVUHJXODU

)UXLW\3HDN&RQWUROOHUeVWHHVRWURFRQWURODGRULQWHULRU0iVLQIRGHFRQWURODGRUHVHQODVHFFLyQGH
&RQWURODGRUHV([WHUQRV

)UXLW\3KDVH,QYHUWHUVDORSDUDLQYHUWLUODIDVHHVWHUHR L]TXLHUGD\GHUHFKD 

)UXLW\3KDVHU6LPLODUDO)UXLW\)ODQJHUSHURDXQPiVIULy

)UXLW\5HYHUE8QHFRHQXQDJUDQVDOD0HMRUTXHHOUHYHUEGHODV2SFLRQHVGH&DQDO

)UXLW\6FUDWFKHU&DUJDXQVDPSOH\OLPSLDVXFLHGDGHV(VWHSOXJLQ);HVFRPRXQJHQHUDGRUSXHGH
SURGXFLUVRQLGRHQOXJDUGHPRGLILFDUHOFDQDO

)UXLW\6HQG3RQHVWHSOXJLQHQWUHRWURVGRVSOXJLQVLJXDOHV\SXHGHVHQYLDUHOEDODQFHRYROXPHQTXH
TXLHUDVDXQD3LVWDGH(QYLy

)UXLW\6RIW&OLSSHUeVWHHVXQILOWURTXHVXDYL]D\OLPLWDHOUHQGLPLHQWRGH&387HSHUPLWHHYLWDUHO
UHFRUWH\GLVWRUVLyQDSOLFDQGRXQDFRQGHQVDFLyQVXDYHGHHQWUDGD

)UXLW\6SHFWURPDQ&UHDXQDYHQWDQDFRQXQDQDOL]DGRUGHHVSHFWURSDUDTXHSXHGDVYHUOD
GLVWULEXFLyQHVSHFWUDOGHORVVRQLGRVHQWXSLVWD

)UXLW\6WHUHR(QKDQFHU$xDGHDOJXQRVHIHFWRVPX\EXHQRVHQODVHSDUDFLyQHVWHUHR

)UXLW\;<&RQWUROOHU<RWURFRQWURODGRULQWHULRU0iVLQIRGHFRQWURODGRUHVHQODVHFFLyQGH
&RQWURODGRUHV([WHUQRV


 (IHFWRV3UHGHILQLGRV6LTXLHUHVFUHDUXQSOXJLQFRQXQRVSDUiPHWURVSUHGHILQLGRVSXHGHVDFFHGHUD
HOORVD WUDYpVGHODVHFFLyQGHOPHQ~GHHIHFWRVSUHVHWV FRPRKHPRVYLVWRDQWHULRUPHQWHRXVDQGRODV
SHTXHxDVIOHFKDVHQODSDUWHVXSHULRUGHUHFKDGHODVRSFLRQHVGHORVSOXJLQVFRPRHQORV*HQHUDGRUHV
3XHGHVTXHUHUJXDUGDUWXSURSLDSUHGHILQLFLyQSDUDHQFRQWUDUODSRVLFLyQH[DFWDGHORVFRQWUROHV
SRVWHULRUPHQWHKD]HVWRKDFLHQGRFOLFHQODRSFLyQGHOPHQ~VDYHSUHVHWDV <VLJXDUGDVWX
SUHGHILQLFLyQHQHOGLUHFWRULRTXH)UXLW\/RRSVVXJLHUHSRUGHIHFWRHQWRQFHVDSDUHFHUiHQHOPHQ~GH
SUHVHWV GHHVHSOXJLQFDGDYH]TXHOREXVTXHV


 &RQVLJXLHQGR1XHYRV3OXJLQV1RVRWURVWHGLPRVXQDJUDQVHOHFFLyQGH3OXJLQV);FRQHO3DTXHWHGH
)UXLW\/RRSV3HURSXHGHVTXHUHUDxDGLUDOJXQRQXHYR\SXHGHVHQFRQWUDUPXFKRVGHHOORVHQODUHG
$OJXQRVVRQJUDWXLWRV\RWURVGHSDJR3XHGHVQDYHJDUSRUODUHGSDUDEXVFDUORV/DLQVWDODFLyQHV
EDVWDQWHVLPSOH,QVWiODORWRGRHQODFDUSHWD)UXLW\/RRSV3OXJLQV SHURVLHVXQSOXJLQ967GHEHVGH
LQVWDODUORHQVXVXEGLUHFWRULR)UXLW\/RRSV3OXJLQV967 5HLQLFLD)UXLW\/RRSVFRQVXVQXHYRV
SOXJLQV\GHEHQDSDUHFHUHQODOLVWD'RVVLWLRVFRQPXOWLWXGGHSOXJLQVVRQZZZ7KH3OXJLQ/LVWFRP
\ ZZZNYUYVWFRP
 /DV5HVWULFFLRQHVGHOD&38(6783(1'2<RSXHGRXVDUWRGRVORVSOXJLQVTXHTXLHUD"
5HDOPHQWHQRSXHGHV&DGDSOXJLQTXHXVHVFRQVXPHXQDFLHUWDFDQWLGDGGHSRGHUGHWXRUGHQDGRU
$OJXQRVFRQVXPHQXQUHQGLPLHQWRPD\RUTXHRWURV(OQ~PHURGHSOXJLQVTXHSXHGHVXWLOL]DUHQWX
RUGHQDGRUGHSHQGHGHODYHORFLGDGGHWX&38 \DVDEHVORV0HJDKHUFLRV \WDPELpQXQSRFRHQOD
FDQWLGDGGHPHPRULD5$0TXHWHQJD1RKD\QLQJXQDIRUPDGHVDEHUFXiQWRVSOXJLQVSXHGHVXVDU
SHURVLHOVRQLGRHVGHIHFWXRVRGHVSXpVGHKDEHUDxDGLGRXQSOXJLQHVVHxDOGHTXH\DWLHQHV
GHPDVLDGRVSOXJLQV1RWHROYLGHVGHODV3LVWDVGH(QYLyWHSXHGHQD\XGDUDXWLOL]DUPHQRVQ~PHURGH
SOXJLQV7DPSRFRROYLGHVDMXVWDUODORQJLWXGGHO6WUHDPLQJ%XIIHU WHSXHGHUHVROYHUPXFKRVSUREOHPDV
GHUHQGLPLHQWRGH&38 0LUDHQODVHFFLyQ4XLHUHVYHUTXHHVHVWR"SDUDPiVLQIR 




*5$%$1'2 (1 9,92
&DUJD*HWWLQJ6WDUWHGIOSDEUHODV2SFLRQHVGH&DQDOGH,QVB5RXQG\HVFRJHODSHVWDxD,16$KRUDKD]
FOLFHQ3OD\\YHVODUXHGDTXHSRQH&87HQHODSDUWDGR)LOWHU3XHVVHJLUDUDPLHQWUDVVHHVWi
UHSURGXFLHQGRODFDQFLyQ$FDPELDUHOVRQLGRHQFXUVRQRVRWURVOHOODPDPRV(O*UDEDGRHQ9LYR

&OLFHQODSHVWDxD,16

$KRUDPLUD
HVWD5XHGD

 (VFRJHUHO0RGHORGHO0DLQ$XWRPDWLRQ2.HVWRHVLPSRUWDQWH)LQDOPHQWHQRVRWURVSRGHPRV
GHFLUWHTXpSDVDFRQHO0RGHOR GH*HWWLQJ6WDUWHGIOS(VGRQGHVHJXDUGDQORVGDWRVGHO*UDEDGRHQ
9LYRGHORVPRYLPLHQWRVGHODVUXHGDV&87GHORVFDQDOHV,QVB5RXQGH,QVB6TXDUH/D~QLFDPDQHUD
GHQRFRQIXQGLUVHQXQFDHVJXDUGDUVLHPSUHORVGDWRVGHO*UDEDGRHQ9LYRHQHOPLVPRPRGHOR GH
HVWDIRUPDDGTXLULUiVFRVWXPEUH\QRLUDVSLViQGRWH\ERUUiQGRWHORVGDWRV 3DUDHVWDFDQFLyQORV
GDWRVHVWiQHQHOPRGHOR(QWRQFHVVHQHFHVLWDSRQHUXQSXQWRGHHVHPRGHORDOSULQFLSLRGHO3OD\OLVW
SDUDPRGLILFDUODFDQFLyQGHVGHHOFRPLHQ]R3XHGHVFDPELDUODSRVLFLyQGHOSXQWRSHURFRPHQ]DUDHO
FDPELRPiVWDUGH 7DPELpQSXHGHVHVFRJHURWURPRGHORSDUDXQJUDEDGRSURSLRSHURKDGHWHQHUXQ
SXQWRHQHO3OD\OLVW1238('((67$59$&,2RQRJUDEDUDVQDGD 

5HFXHUGD6HOHFFLRQDUHO0RGHOR
&RUUHFWR'XUDQWHHO*UDEDGRHQ9LYR



 *UDEDDOJXQDV0RGLILFDFLRQHVHQ9LYR&DUJD*HWWLQJ6WDUWHGIOS\DEUHODV2SFLRQHVGH&DQDOGHO
76$KRUDKD]FOLFHQ3OD\SDUDTXHFRPLHQFHODUHSURGXFFLyQ\SUiFWLFDMXJDQGRFRQODVUXHGDV
&87\5(6GHO)LOWHU&XDQGRSLHQVHVTXHKDVHQFRQWUDGRDOJREXHQRDVHJ~UDWHGHTXHKDV
VHOHFFLRQDGRHOPRGHOR HOPRGHORGH0DLQ$XWRPDWLRQ HQWRQFHVSXOVDHO%RWyQGH*UDEDGRHO
TXHVHPXHVWUDGHEDMR3XHGHVSUHSDUDUWHSDUDHOJUDEDGRVLPDUFDVOD&XHQWDDWUiV %RWyQ FRQOD
UHSURGXFFLyQSDUDGDOXHJRSXOVDVHO%RWyQGH*UDEDGR WUDQTXLORTXHDXQQRHPSLH]DODJUDEDFLyQ WH
SUHSDUDV\SXOVDVHOHVSDFLRGHWXWHFODGRHVFXFKDUDVXQWLFWDFTXHHVODFXHQWDDWUiV
$KRUDHPSLH]DHOJUDEDGR\SXHGHVPRGLILFDUODFDQFLyQ8QDYH]WHUPLQDGDODFDQFLyQVHSDUDUDHO
JUDEDGR5HFXHUGDGRVFRVDVLPSRUWDQWHV6HOHFFLRQDHO0RGR6RQJ \HOPRGHORGH0DLQ$XWRPDWLRQ
0RGR6RQJ

%RWyQGH
*UDEDGR

&XHQWDDWUiV

 5HJXODODORQJLWXGGHO%XIIHU3XHGHVKDEHUQRWDGRXQUHWUDVRHQWUHWXPRGLILFDFLyQ\ODUHVSXHVWDGH
)UXLW\(VRVHFRQWURODFRQODORQJLWXGGHO%XIIHU SXOVD) \VHOHFFLRQDODSHVWDxD$XGLR &XDQWR
PiVEDMRHVWHHOGHVOL]DGRUDQWHVUHVSRQGHUi)UXLW\3HURQRORSRQJDVGHPDVLDGREDMRRHOVRQLGR
VDOGUiGLVWRUVLRQDGR 0LUDHQODVHFFLyQ4XLHUHVYHUTXHHVHVWR"SDUDPiVLQIR 

 1RWDLPSRUWDQWH&XDQGRHVWHSXOVDGRHO%RWyQGH*UDEDGR \ODFDQFLyQVHHVWHUHSURGXFLHQGR
FXDOTXLHUFDPELRHQXQFDQDOERUUDUiWRGDVODVPRGLILFDFLRQHVJXDUGDGDVSUHYLDPHQWHGHHVHFDQDOWHQ
FXLGDGRHQTXLWDUHOERWyQGH*UDEDGRFXDQGRWHUPLQHVWXJUDEDFLyQ(VWRSXHGHGHVWUR]DUWXWUDEDMR
HVPHMRUKDFHUODJUDEDFLyQGHRWUDIRUPDHQHO(GLWRUGH(YHQWRV GHVFULWRHQODSUy[LPDVHFFLyQ

 4XpSXHGH*UDEDUVH"/DPD\RUtDGHODVUXHGDV\EDUUDVGHVOL]DQWHVVRQJUDYDEOHVLQFOX\HQGRORV
FRQWUROHVGHORV3OXJLQV3HURDOJXQRVPDQGRVQRVHSXHGHQJUDEDU/DPDQHUDPiVUiSLGDGHGHFLUOR
TXHHVJUDYDEOHHVSRQHUHOUDWyQHQFLPDGHXQPDQGR\PLUDUDODGHUHFKDGHODGHVFULSFLyQGHOD
%DUUDGH$\XGD6LDSDUHFHQXQRV3XQWRV5RMRVHQWRQFHVVHSXHGHJUDEDU

'HVFULSFLyQ

3XQWRV5RMRV
3OXJLQV /DPD\RUtDGHORVFRQWUROHVGH
ORV3OXJLQVVRQJUDYDEOHVSHURQR
WRGRV([SHULPHQWDSDUDDYHULJXDUOR



/RVFRQVHMRVGH/HPRQ%R\SDUDHO*UDEDGRHQ9LYR
x
x
x
x
x

6LHPSUHVLHPSUHVLHPSUHFRPSUXHEDTXHPRGHORHVWD
VHOHFFLRQDGRDQWHVGHHPSH]DUODJUDEDFLyQ

,QWHQWDFRQVHJXLUVLWXDUWXFDQFLyQDQWHVGHOJUDEDGRHQYLYR8QD
YH]TXHWHQJDVORVHYHQWRVJUDEDGRVVHUiGLItFLOGHFDPELDUHO
HVTXHPDGHOSOD\OLVWHQFLHUWRPRGRHVRWRGDYtDSDUHFHEXHQR

6LHPSUHJXDUGD XQDFRSLDGHVHJXULGDGGHWXORRSDQWHVGHTXH
HPSLHFHVFXDOTXLHUJUDEDGRHQYLYR$VtVLGHVRUGHQDVODVFRVDVR
WRGRVHFRQYLHUWHHQXQFDRVSXHGHVUHJUHVDUDWXFRSLDRULJLQDO

*XDUGDWXORRSFRQIUHFXHQFLDGXUDQWHHOJUDEDGRHQYLYR6LFDPELDV
DOJRDFFLGHQWDOPHQWH\ERUUDVDOJXQRVHYHQWRVVLHPSUHSRGUiV
UHJUHVDUDODYHUVLyQDQWHULRU
+D]XQ&RQWUROGH0,',([WHUQRSDUDQRFRPSOLFDUHOWUDEDMR 0LUDOD
VHFFLyQGHORV&RQWURODGRUHV([WHUQRV SDUDPiVLQIR



( / ( ' , 7 2 5 ' ( ( 9 ( 17 2 6
$PHQRVTXHVHDVXQDXWHQWLFRSURIHVLRQDO\TXLHUDVTXHODORQJLWXGGHOEXIIHUWHQJDXQDGLIHUHQFLDGHFHUR
PLOLVHJXQGRVHQFRQWUDUiVTXHHO*UDEDGRHQ9LYRQRHVSUHFLVDPHQWHSHUIHFWR$TXtHVGRQGHHQWUDHO
(GLWRUGH(YHQWRV&DGDWLHPSRSXHGHVPRYHUXQDUXHGDGXUDQWHXQDVHVLyQGHJUDEDGRODQXHYDRSFLyQVH
JXDUGDFRPRXQHYHQWRSDUDHVDUXHGD\HQHVHPRPHQWRGHOORRS&RQHO(GLWRUGH(YHQWRVWLHQHVHO
FRQWUROFRPSOHWRGHFyPRVHPRGLILFDHOVRQLGRGXUDQWHWRGDODUHSURGXFFLyQ

 3UHSDUDQGRXQ/RRSSDUDORV(YHQWRV&DUJD*HWWLQJ6WDUWHGIOS\VHOHFFLRQDHOPRGHOR HO
PRGHORGH0DLQ$XWRPDWLRQ GHO3DQHOGHO6HOHFWRUGH0RGHOR$KRUDDEUHODV2SFLRQHVGH&DQDOGH
,QVB5RXQGRGH,QVB6TXDUH\VHOHFFLRQDODSHVWDxD,16

 $EUDPRVHO(GLWRUGH(YHQWRV3XOVDHOERWyQGHUHFKRGHOUDWyQVREUHODUXHGD&87GHODSDUWDGR
)LOWHU\GHOPHQ~TXHVHIRUPDVHOHFFLRQD(GLW(YHQW$SDUHFHXQDQXHYDYHQWDQDFRQXQ(GLWRU
*UiILFR VLPLODUDOGHOVHFXHQFLDGRUGHSDVRV 8QDJUDQGLIHUHQFLDHVTXHHVWHJUiILFRFRQWURODHOQLYHO
GHXQDVRODUXHGDRGHVOL]DGRUHQXQSXQWRSDUWLFXODUHQODFDQFLyQ2.UHDOPHQWHHVXQSRFRPiV
FRPSOLFDGR5HFXHUGDVFyPRQRVRWURVWHGLMLPRVTXHKLFLHUDVWRGRVWXV*UDEDGRVHQ9LYRHQXQVROR
PRGHOR HOPRGHORGH0DLQ$XWRPDWLRQ \SRQHUORXQDYH]DOSULQFLSLRGHODFDQFLyQ"6LKDVKHFKR
HVWRHQWRQFHVODV%DUUDV1XPHUDGDV GHO(GLWRUGH(YHQWRVHPSDUHMDUiQFRQORVSXQWRVGHO3OD\OLVW/D
RWUDGLIHUHQFLDSULQFLSDOHVTXHHVWHJUiILFRVHXVDSDUDSRQHUORV(YHQWRV OtQHDVYHUWLFDOHVOXPLQRVDV
TXHFRUUHVSRQGHQDOYDORUTXHHVWDVSRQLHQGRD ODUXHGD \HVRSHUVLVWHKDVWDHOSUy[LPRHYHQWR

0HQ~V
%RWRQHV
,QGLFDGRU
0RGRGHO&XUVRU
GH0RGR
3OD\
=RRP
FOLF
DUUDVWUDU 

%DUUD
1XPHUDGD
SULPHUD
EDUUDTXH
FRUUHVSRQGH
FRQHOSULPHU
SXQWRGHO
3OD\OLVW 
(YHQWRV
&DGDXQRPDQWLHQHHOQLYHO
KDVWDHOSUy[LPRHYHQWR



 /RVPRGRVGHO(GLWRUGH(YHQWRV(O(GLWRUGH(YHQWRVWLHQHFXDWURPDQHUDVGHWUDEDMDU

D 0RGR'LEXMR(QHVWHPRGRHOLQGLFDGRUGHOUDWyQVHSDUHFHDXQ OiSL] 3XHGHVDxDGLU
QXHYRVHYHQWRVSXOVDQGRHOERWyQL]TXLHUGRHQODYHQWDQDSULQFLSDO7DPELpQSXHGHVDUUDVWUDUHO
ERWyQGHUHFKRSDUDGLEXMDUXQDOtQHDUHFWDGHHYHQWRV


E 0RGR%RUUDGR3XOVDHQFLPDGHOVtPEROR SDUDFDPELDUDHVWHPRGR3XHGHVDQXODURERUUDU


ORVHYHQWRVSXOVDQGRVREUHHOORVRSXOVDQGR\DUUDVWUDQGRSDUDDQXODUXQDVHULHGHHYHQWRV /RV
HYHQWRVVRQODVOtQHDVYHUWLFDOHVOXPLQRVDVHQODYHQWDQDSULQFLSDO 

SDUDFDPELDUDHVWHPRGR&UHDSULPHURXQ
F 0RGR$OLVDU3XOVDHOVtPERORDOLVDPLHQWR
JUDILFRDPDQRDO]DGDFRQHO0RGR'LEXMR DQWHVGHVDFWLYDODRSFLyQ$XWR6PRRWKLQJ GHORV
0HQ~V /XHJRFRQHO0RGR$OLVDUDUUDVWUDSDUDUHVDOWDUXQDUHJLyQ\WRGRTXHGDUDPiVOODQR
3UXpEDOR$KRUD\DSXHGHVDFWLYDUODRSFLyQ$XWR6PRRWKLQJ SDUDTXHORVHYHQWRVVHDSODQHQ
DXWRPiWLFDPHQWH
G 0RGR6HOHFFLRQDU3XOVDHOVtPERORGHVHOHFFLyQ
SDUDFDPELDUDHVWHPRGR&XDQGRSXOVHV\
DUUDVWUHVYHUiVXQDUHJLyQURMDUHVDOWDGDHQODV%DUUDV1XPHUDGDV3XHGHVFRUWDURFRSLDUSDUD
OXHJRSHJDUHQHVHXRWURHYHQWR\SXHGHVKDFHUXQ=RRP DHVWDVHOHFFLyQGHVGHORV0HQ~V

 2WUDV2SFLRQHV$TXtVHPXHVWUDQDOJXQDVGHODVRWUDVRSFLRQHVGHO(GLWRUGH(YHQWRV

D 'HVKDFHU+D\XQDIRUPDGLVSRQLEOHGHGHVKDFHUSDUDHO(GLWRUGH(YHQWRV8VDQGR&75/=
SHURVRORSXHGHVGHVKDFHUOD~OWLPDDFFLyQ

E 3RQLHQGRHO(YHQWR,QLFLDO1RWDUiVTXHGHVSXpVGHO*UDEDGRHQ9LYRODUXHGDTXHKDVJUDEDGR
QRHPSLH]DHQHOOXJDUTXHGHVHDEDVFXDQGRWXFDQFLyQUHJUHVDDO/RRS3RLQWGHO3OD\OLVW(VWR
SXHGHDUUHJODUVHJLUDQGRODUXHGDDODSRVLFLyQGHVDOLGDTXHTXLHUHV\SXOVDQGRGHUHFKRVREUHOD
UXHGDSDUDVHOHFFLRQDU,QLW(YHQWV:LWK7KLV3RVLWLRQ(VWRSRQHODSULPHUDFDQWLGDGGHHYHQWR
SDUDHOSXQWRLQLFLDOGHODUXHGD\VLHPSUHHPSH]DUDGRQGHTXLHUDV 1RWD(VWHFDPELRQR
DSDUHFHUiPDUFDGRHQHO(GLWRUGH(YHQWRV 

F &RQVLJXLHQGRXQD3HUFHSFLyQ&UpDWHDOJXQDVSUiFWLFDVSDUDGRPLQDUHO(GLWRUGH(YHQWRV\
SDUDSRGHUFRQVHJXLUTXHVXHQHXQDFDQFLyQDOPRGRTXHWXTXLHUDVPHUHFHODSHQDGRPLQDUOR
ELHQ6LJXHSUDFWLFDQGRKDVWDTXHORFRQWUROHVSHUIHFWDPHQWH

G 0RGLILFDQGRHO*UDEDGRHQ9LYR6LXQDUXHGDWLHQHDOJXQRVHYHQWRV*UDEDGRVHQ9LYRSXHGHV
FDPELDUORVRPHMRUDUHOWUD\HFWRGHVGHHO(GLWRUGH(YHQWRVQRQHFHVLWDVHPSH]DUXQDQXHYD
VHVLyQGH*UDEDGRHQ9LYRSDUDFDPELDUOR



 3UHVHQWDQGRHO(YHQWR/)2$QWHVVHH[SOLFyTXHHUDHO/)2 /RZ)UHTXHQF\2VFLOODWLRQ


2VFLODFLyQGH%DMD)UHFXHQFLD HQODVRSFLRQHVGHFDQDOGHO76 WDPELpQHVWiGLVSRQLEOHSDUDHO
UHVWRGHFDQDOHVGHVDPSOHVHQODSHVWDxD,16 3HURDYHFHVXQFRQWUROH[DFWRGHHVWDRVFLODFLyQYDD
UHVXOWDUWHGLItFLO(VHSUREOHPDVHUHVXHOYHFRQHO(YHQWR/)2TXHSHUPLWHVLPXODUODRVFLODFLyQ
SHUIHFWDGHQWURGHO(GLWRUGH(YHQWRV

 8VDQGRHO(YHQWR/)2$EUHHO(GLWRUGH(YHQWRVSDUDDOJ~QFRQWURO (MODUXHGD&87GHODSHVWDxD
,16SDUD,QVB5RXQGHQ*HWWLQJ6WDUWHGIOS $VHJ~UDWHGHTXHHVWiVHQHOPRGHORFRUUHFWRHQHO3DQHO
GHO6HOHFWRUGH0RGHOR PRGHORSDUD*HWWLQJ6WDUWHGIOS $KRUDVHOHFFLRQDXQDiUHDSDUDRVFLODU
XVDQGRHO0RGR6HOHFFLRQDURSXOVDQGRHOERWyQGHUHFKRHQODV%DUUDV1XPHUDGDV \DUUDVWUDQGR
$KRUDSXOVD&WUO/RKD]FOLFVREUH/)2 HQHODSDUWDGR(GLW GHORV0HQ~V(VWRKDUiDSDUHFHUOD
YHQWDQDGHODVRSFLRQHVGHO/)2 HLQPHGLDWDPHQWHDSOLFDUiHO/)2DOiUHDVHOHFFLRQDGD0LUDGHEDMR


 -XJDQGRFRQODV2SFLRQHVSULQFLSDOHVGHO/)2(ODSDUWDGRGH6DOLGDR6WDUWWLHQHWUHVUXHGDVR
FRQWUROHVSDUDFUHDUWRGRWLSRGHHIHFWRVFRQHOORVVHGHILQHHOWDPDxRGHODRQGD/DVRSFLRQHVSDUD
PRGLILFDUHVWHDSDUWDGRVRQYDOXH $OWXUD UDQJH 3URIXQGLGDG \VSHHG /RQJLWXG (ODSDUWDGRGHOD
)RUPDR6KDSHSXHGHVPRGLILFDUHOSHUILOGHO/)2 2QGD'LHQWHR&XDGUDGR \OD3KDVH TXH
PXHYHODRQGDDGHUHFKDHL]TXLHUGD 

3HUILO



3RVLFLyQ+RUL]RQWDO

 -XJDQGRFRQODV2SFLRQHVILQDOHVGHO/)26LTXLHUHVGDUOHDO/)2SURIXQGLGDGRDPSOLWXG
HQFLHQGHHO%RWyQGH3URJUHVR DODL]TXLHUGDGH(QG &XDQGRHOERWyQHVWDHQFHQGLGRSXHGHV
PRGLILFDUORVSDUiPHWURVSDUDHOSULQFLSLR DSDUWDGRL]TXLHUGR \ILQDO DSDUWDGRGHUHFKR GHO/)2
(VWRWHSHUPLWHFUHDUHIHFWRVGH/)2QXHYRV(QODLPDJHQXQDRQGDFXDGUDGDGH/)2TXHHPSLH]DHQ
ODEDUUD\WHUPLQDHQODEDUUD&RPRHVXQHIHFWRGHSURIXQGLGDGODYHORFLGDGDXPHQWD\ODDOWXUD\
ORQJLWXGGLVPLQX\HQ
%RWyQGH

3URJUHVR

 <HO5HVWRGH2SFLRQHV"'HVGHHO0HQ~(GLWSXHGHVERUUDUWRGRVORVHYHQWRV (GLWo'HOHWH$OO R


VHOHFFLRQDUORVWRGRV (GLWo6HOHFW$OO \GHVGHHO0HQ~2SFLRQHVSXHGHVFDPELDUHOFRORUGHOIRQGR
GHOHGLWRU 2SWLRQVo*ULG&RORU 7DPELpQSXHGHVXWLOL]DUOD/LVWDGH6QDS8VDVXOLVWDFRQ
RSFLRQHVSDUDDVHJXUDUVHHOUHVDOWDQGR\ODFRORFDFLyQGHOHYHQWR3XHGHVFDPELDUHOiQJXORGHJROSHV
HQVX/LVWD3UXHEDODVGLIHUHQWHVRSFLRQHVSDUDYHUFyPRHIHFW~DUHVDOWDQGRRFRORFDQGRHOHYHQWR(O
JUDGRPiVVXDYHHV7LFN TXHVXDYL]DUDORVEHDWVHQWUHODVQRWDV3HURVLGHMDVVHOHFFLRQDGRHO$XWR
HQWRQFHV)UXLW\GHFLGLUiTXHVLWXDFLyQHVPHMRU

/LVWD6QDS
7HPSR
2WURV7UXFRV
x
x

5HFXHUGDTXHSXHGHVGHVKDFHUXQ/)2FRQ&WUO=

6LJUDEDVTXHHOWHPSR FDPELDHOUHWUDVRUHVWDEOHFHUiOD
OtQHDGHOFDQDO76DXWRPiWLFDPHQWHDFDGDFDPELR(VWH
UHWUDVRQRDSDUHFHHQRWURVFDQDOHVGHVDPSOHVSHUROD
ORQJLWXGGHUHWUDVRFDPELDUiFRQHOWHPSR



( / 3 , $ 12 5 2 / /
7HKDEUiVGDGRFXHQWDTXHKD\DOJXQDVFRVDVTXHHO6HFXHQFLDGRUGH3DVRVQRKDFHPX\ELHQ1RSXHGHV
FRPSRQHUPHORGtDVTXHVRQPiVODUJDVTXHEDUUD2TXHWDPSRFRSXHGHVXVDUXQVDPSOHGHXQDVRODQRWD
SDUDFUHDUXQFRUR<ILQDOPHQWHHVWDELHQSURORQJDUODVQRWDVHQHO76SHURQRVHSXHGHKDFHUHVRFRQ
DOJXQRVWLSRVGHFDQDOHV(O3LDQR5ROOUHVXHOYHWRGRVHVRVSUREOHPDV


 $EUDPRVHO(GLWRUGHO3LDQR5ROO&DUJD*HWWLQJ6WDUWHGIOS\VHOHFFLRQDHOPRGHOR7HQHQFXHQWD
TXHHOVHFXHQFLDGRUSDUHFHUiGLIHUHQWH(VRHVSRUTXHORVFDQDOHV,QVB5RXQGH,QVB6TXDUHFRQWLHQHQ
ORVGDWRVGHO3LDQR5ROOHQOXJDUGHORVSDVRVQRUPDOHV3XHGHVDEULUHO(GLWRUGHO3LDQR5ROO SDUD
FXDOTXLHUFDQDOSXOVDQGRHOERWyQGHUHFKRVREUHHOQRPEUHGHOFDQDO RHOL]TXLHUGRVREUHXQ0LQL
3LDQR5ROO EUHORSDUDHOFDQDO,QVB5RXQG


&OLFGHUHFKRDTXt
1RPEUHGHO&DQDO



&OLFL]TXLHUGRDTXt
0LQL3LDQR5ROO

 /DYHQWDQDGHO(GLWRUGHO3LDQR5ROO/DSULPHUDFRVDTXHQRWDUDVHVTXHHVWDYHQWDQDVHSDUHFH
PXFKRDO(GLWRUGH(YHQWRV&RPRODV%DUUDV1XPHUDGDVHO,QGLFDGRU3OD\ORV%RWRQHVGH0RGR \
ORV0HQ~V3HURORVHYHQWRVHQHO3LDQR5ROOVRQQRWDVSDUDVHUUHSURGXFLGDVHQOXJDUGHRSFLRQHV
SDUDQLYHODUFRQWUROHVGH)UXLW\&DGDOtQHDYHUGHKRUL]RQWDOPXHVWUDGyQGHXQDQRWDGHEHHPSH]DU\
GHEHDFDEDU\HO7HFODGRGH3LDQR GHODL]TXLHUGDHVHOYDORUGHFDGDQRWD/DQRWDVHxDODGDGHEDMRHV
XQ% %HQODRFWDYD TXpHPSH]DUiHQHOVHJXQGREHDWGHODSULPHUDEDUUD\WRFDUiSDUDGHEHDW

,QGLFDGRU
%RWRQHV
0RGRGHO
0HQ~V
3OD\
GH0RGR
&XUVRU
=RRP
%DUUD
1XPHUDGD
SULPHUD
EDUUDTXH
FRUUHVSRQGH
FRQHOSULPHU
SXQWRTXH
SRQJDVHQHO
3OD\OLVW 

FOLF
DUUDVWUDU

%

 &RPSUXHEDHO3OD\OLVW&RPRHO(GLWRUGH(YHQWRVHO3LDQR5ROOSXHGHH[WHQGHUVHPiVGHXQVROR
SXQWR(QHVWHFDVRHOPRGHORFRQORVFDQDOHV,QVB5RXQGH,QVB6TXDUHVHKDQSURJUDPDGRFRQHO
3LDQR5ROO\RFXSDQSXQWRV$VtHQHO3OD\OLVWYHVTXHHOPRGHORHVWDFDGDEDUUDV


 &RQVHMRLPSRUWDQWH$QWHVGHTXHYD\DPRVDUHDOL]DUFXDOTXLHUFDQFLyQKD\TXHWHQHUHVWRHQFXHQWD
6LHPSUHDVHJXUDUVHGHJXDUGDUORVPRGHORVGHO3LDQR5ROOVHSDUDGRVGHORVPRGHORVUHJXODUHV
(YLWDUDVPXFKDFRQIXVLyQFRQORVSXQWRVGHO3OD\OLVW1RWLHQHVTXHKDFHUORGHHVWDPDQHUDFODURSHUR
QLVLTXLHUDODFDQFLyQGH*HWWLQJ6WDUWHGIOSKDEUtDVLGRSRVLEOHKDFHUODVLQRVRWURVKXELpUDPRVXQLGR
ORVPRGHORV\,QWHQWDGHGXFLUSRUTXp


 4Xp7LSRVGH&DQDOHVSXHGHQWHQHUHO3LDQR5ROO"3XHGHVWHQHUXQ3LDQR5ROOSDUDFXDOTXLHUWLSR
GH*HQHUDGRU H[FHSWRSDUDHO76 DXQTXHDSDUWLUGHODYHUVLyQIXQFLRQDPX\ELHQFRQ
FXDOTXLHU6\QWKV 7DPELpQSXHGHVXVDUHO3LDQR5ROOHQFXDOTXLHU&DQDOGH6DPSOHSHURDOJXQRV
WLHQHQTXHUHJUHVDUGHHOXOWLPR3XQWR/RRS DOSULPHUR,QVB5RXQGSRUHMHPSORFRQWLHQH3XQWRV/RRS
TXHSHUPLWHQDO6DPSOHUHSURGXFLUXQVRQLGRTXHGXUDXQD\RWUDYH]6LQRWLHQHVXQVDPSOHORRSHG
QRQHFHVLWDUDVPDUFDUODRSFLyQHQODVRSFLRQHVGHFDQDO\SRGUiVXWLOL]DUHO3LDQR5ROOGHIRUPD
QRUPDO


8VDU
3XQWRV
/RRS
(VWDELHQSHUR
DSHQDVKDV
FRPHQ]DGR

3XQWRV
/RRS
 (GLWDQGRXQ3LDQR5ROO%iVLFR$TXtVHGHVFULEHQODVIRUPDVEiVLFDVSDUDFUHDUXQDPHORGtD

D $xDGLHQGR1RWDV(VWRSXHGHVKDFHUORXQSRFRDEROHR3DUDHVFULELUXQDQRWDDVHJ~UDWHGHHVWDU
HQHO0RGR'LEXMR SXOVDQGRVXERWyQGHORV%RWRQHVGH0RGR 0LUDHQODVHFFLyQGHO(GLWRUGH
(YHQWRV SXOVDHOERWyQL]TXLHUGRHQHOIRQGR\DUUDVWUDODQRWDDGyQGHTXLHUDV6LHOORRSQRVH
HVWiUHSURGXFLHQGRRLUiVODQRWDPLHQWUDVHVWDVDUUDVWUiQGROD/DORQJLWXGGHODQRWDVHUiFRPROD
ORQJLWXGGHOD~OWLPDQRWDDxDGLGD\SDUDFDPELDUODORQJLWXGHVWLUDODQRWDGHVXODGRGHUHFKR

E (O6QDSGHOD1RWD3XHGHVHQFRQWUDUXQDQRWDTXHVDFDXQVRQLGRTXHWHFRQIXQGH(QHVHFDVR
FDPELDHO1LYHOGHOD/LVWD6QDS GHODPLVPDPDQHUDTXHKDVKHFKRHQHO(GLWRUGH(YHQWRV 0LUD
ODVHFFLyQDQWHULRU $YHFHVQRSXHGHVFRQVHJXLUODORQJLWXGTXHTXLHUHVSDUDXQDQRWD(QHVWH
FDVRVHHQFRJHODQRWDDODL]TXLHUGDKDVWDGRQGHSXHGDV\HQWRQFHVODHVWLUDVGHQXHYRDOD
GHUHFKD(VWRDUUHJODDPHQXGRHOSUREOHPD





F (O&RORUGHODV1RWDV9HVODILODGHERWRQHVFRORUHDGRVEDMRGHORV%RWRQHVGH0RGR"eVWRV
WHSHUPLWHQHVFRJHUHOFRORUGHODVQRWDVTXHDxDGDV(VWRSXHGHSDUHFHUXQDWRQWHUtDDKRUDPLVPR
SHURHOFRORUSXHGHD\XGDUWHDWHQHUXQDFXHQWDGHODVQRWDVDxDGLGDV$GHPiVHQHODSDUWDGR(GLW
GHORV0HQ~V SXHGHVVHOHFFLRQDUODVQRWDVSRU&RORUSDUDERUUDURFRSLDU\SHJDUVyORHVDVQRWDV
G %RUUDQGR1RWDV7LHQHVGRVRSFLRQHVFOLFGHUHFKRVREUHODQRWD TXHTXLHUHVERUUDURDQXODUOD
VHOHFFLRQDQGRHO%RWyQGHO0RGR%RUUDGR 0LUDHQODVHFFLyQGHO(GLWRUGH(YHQWRV 
H 'HVKDFHU&DPELRV&RPRHQHO(GLWRUGH(YHQWRVKD\XQDIRUPDGHGHVKDFHUVRORHO~OWLPR
FDPELRSXOVDQGR8QGR HQHOPHQ~(GLWHQHO3DQHOGH0HQ~V RDSUHWDQGR&WUO=

I &RUWDQGR&RSLDQGR\3HJDQGR1RWDV&RQHO0RGR6HOHFFLRQDU PLUDODVHFFLyQGHO(GLWRUGH


(YHQWRV SXOVDHOERWyQ\DUUDVWUDSDUDUHVDOWDUDOJXQDVQRWDV(QWRQFHVXVD&XW&RS\ \3DVWH HQ
HODSDUWDGR(GLWGHORV0HQ~VRXWLOL]D&WUO&&WUO;\&WUO9$OSHJDUODVQRWDVVXVVLWXDFLRQHV
VHUiQLGpQWLFDVSHURHVWDUiQHQODSULPHUDEDUUD$VtTXHSDUDSHJDUGHODEDUUDDODEDUUD
WHQGUiVTXHREVWUXLUODEDUUDVHOHFFLRQDODVQRWDVGHODEDUUD\SXOVD&WUO&SDUDFRSLDU\
HQWRQFHVREVWUX\HODEDUUD\SXOVD&WUO96LODVQRWDVQRDSDUHFHQSUREDEOHPHQWHHVWiQHQOD
EDUUD$UUiVWUDODVRSXOVD&WUO=SDUDGHVKDFHUHLQWHQWDUGHQXHYR

 /RV&RURV\$UPRQtDV8QDGHODVFDUDFWHUtVWLFDVPiVLPSRUWDQWHVGHO3LDQR5ROOHVTXHSXHGHVWHQHU
ODVQRWDVSDUDFUHDUFRURV\DUPRQtDV$TXtHVWDPRVHQWUDQGRHQPDWHULDOVRILVWLFDGR\QHFHVLWDVDOJ~Q
FRQRFLPLHQWRPXVLFDOSHUR)UXLW\ORKDFHXQSRFRPiVIiFLOGiQGRWHODRSFLyQGH&KRUG HQORV0HQ~V
6HOHFFLRQDHOWLSRGHFRURTXHTXLHUHV\FRQHO0RGR'LEXMRSXHGHVGHMDUFDHUORVFRURVHQWHURVHQHO
IRQGR*HWWLQJ6WDUWHGIOSHVXQHMHPSORGHXQDPHORGtDFRQDUPRQtDV(OGLEXMRGHDEDMRHVHO3LDQR
5ROOGHOFDQDO,QVB5RXQGGHVSXpVGHKDFHUXQ]RRPDO3LDQR5ROOHQWHUR


1RWDV
6RODSDGDV



 'LDSRVLWLYDQGRODV1RWDV6LSXOVDVHO%RWyQGH'LDSRVLWLYDSXHGHVLQVHUWDUXQDGLVWRUVLyQHQODV
QRWDV WDPELpQOODPDGD1RWD'LDSRVLWLYD 3DUDYHUORTXHHVWRKDFHSRQXQDQRWDODUJDHQHOIRQGR\
HQFLPDRGHEDMRGHHOODXQDQRWDGLDSRVLWLYD$VHJ~UDWHTXHODVGRVQRWDVVHVRODSDQ FRLQFLGHQXQD
VREUHODRWUD /DQRWDODUJDVHUHSURGXFLUiKDVWDTXHDOFDQFHODSRVLFLyQGHODQRWDGLDSRVLWLYD
(QWRQFHVVXELUiREDMDUDVXWRQRKDFLDOD1RWD'LDSRVLWLYD \VHTXHGDUDDOOtKDVWDTXHVHWHUPLQHOD
QRWDRULJLQDO(Q*HWWLQJ6WDUWHGIOSVHKDDJUHJDGRRWUR,QVB5RXQGGH3LDQR5ROOHQHOPRGHORTXH
XWLOL]DGLDSRVLWLYDV&RPSUXpEDOR

%RWyQGH
'LDSRVLWLYD

&RPLHQ]R
GH1RWD

'LDSRVLWLYD
DOWD
'LDSRVLWLYD
EDMD

6HOHFWRUGH
(YHQWRV

)LQGHOD
1RWD

3~DGH
9ROXPHQ

 0RGLILFDQGRODV1RWDV5HFXHUGDVHO(GLWRU*UiILFRGHO6HFXHQFLDGRUGH3DVRV"7HSHUPLWtDFDPELDU
HO9ROXPHQHO%DODQFHOD5HVRQDQFLD\DVtVXFHVLYDPHQWHSDUDFDGDQRWD(QHO3LDQR5ROOWLHQHVXQD
IXQFLyQVLPLODUHQODSDUWHLQIHULRUGHO(GLWRUGH3LDQR5ROO&DGDYH]TXHLQWURGX]FDVXQDQRWDVH
FUHDUDXQDQXHYD3~D HQHOJUiILFRLQIHULRUTXHPXHVWUDHOQLYHOGHOSDUiPHWURVHOHFFLRQDGRSRUODOLVWD
GHODL]TXLHUGD HO6HOHFWRUGH(YHQWRV 'HVSXpVGHLQWURGXFLUQRWDVSXHGHVFDPELDUVXVYDORUHVHQ
FXDOTXLHUDGHORVSDUiPHWURVSLQFKDQGRVREUHODVS~DV\DUUDVWUiQGRODV*HWWLQJ6WDUWHGIOSWLHQH
PRGLILFDGRHOYROXPHQGHO3LDQR5ROOSDUDORVPRGHORV\3XHGHVFDPELDU9ROXPHQ%DODQFH
5HGXFFLyQ5HVRQDQFLD\'LVWRUVLyQ7DPELpQSXHGHVXWLOL]DUHVWHJUiILFRFRPRHO(GLWRUGH(YHQWRV
SDUDHOFDQDOGH%DODQFH'LVWRUVLyQR9ROXPHQ

 ,PSRUWDQGR0HORGtDV0,',(QHODSDUWDGR)LOH GHO0HQ~HQFRQWUDUiVHOPpWRGRGHLPSRUWDU0,',
GLUHFWDPHQWHGHDUFKLYRVFRQH[WHQVLyQ0,'+D\WRQHODGDVGHDUFKLYRVGH0,',GHYDULDVPHORGtDV
SRSXODUHVTXHIORWDQHQ,QWHUQHWOLEUHPHQWH$KRUDSXHGHVFKXSDUORVGLUHFWDPHQWHFRQ)UXLW\/RRSV
\SXHGHVXWLOL]DUORVHQWXVFDQFLRQHV 0iVLQIRHQ([WUD,,7XWRULDOHV 

(KWDPELpQSXHGHVSXOVDUGRVYHFHV
VREUHXQDQRWDHQHOHGLWRUGHHYHQWRV
SDUDFDPELDUVXVSDUiPHWURV



(O %($76/,&(5
(VWDHVXQDFXDOLGDGLPSRUWDQWHGH)UXLW\SXHGHVLPSRUWDUVRQLGRVHQWHURV\FRQYHUWLUORVHQJROSHVGH
WDPERUVHSDUDGRVXWLOL]DQGRHO%HDW6OLFHU(VWRHVPX\~WLOSDUDURPSHUEHDWV6LQRKDVUHJLVWUDGRHO
%HDW6OLFHUWHQGUiVTXHVREUHYLYLUFRQHOPRGRGHEDMDFDOLGDGGHODYHUVLyQGHOVKDUHZDUH3HURWRGDYtD
SXHGHVXWLOL]DUHVWHSRGHURVRVRIWZDUH$TXtYHUiVXQHMHPSORGHORTXHKDFH

 6HOHFFLRQD,PSRUWo%HDWWR6OLFH GHOPHQ~)LOH HQHO3DQHOGH0HQ~V

 6HOHFFLRQDXQ%HDW3ULPHURWHQGUiVTXHHVFRJHUXQDUFKLYR:$9SDUDUHEDQDU$VHJ~UDWHTXHRFXSD
SRUORPHQRVXQDEDUUD PRGHORODUJR 6LUYHFXDOTXLHUDSHURRWURVSXHGHTXHQRIXQFLRQHQELHQ

 'HFLGHVLTXLHUHVXWLOL]DUHOHGLWRUHVWiQGDU$KRUDVHWHSUHJXQWDUiVLTXLHUHVXVDUODYHUVLyQ
HVWiQGDUGH%HDW6OLFHURQR6yORUHVSRQGHVtVLVDEHVORTXHHVWiVKDFLHQGR3RURWUDSDUWH
VLPSOHPHQWHSDUDUHEDQDUXQDUFKLYRFRQ%HDW6OLFHUORFRUULJHVROR (OHGLWRUWLHQHVXSURSLDD\XGD 


 'HFLGHGyQGHJXDUGDUHOEHDWUHEDQDGR/XHJRWHSHGLUiHVFRJHUHOGLUHFWRULRSDUDJXDUGDUHOJROSH
UHEDQDGR$TXtVHJXDUGDUDQORVDUFKLYRVVHSDUDGRV FDGDXQRFRQWHQGUiXQWDPERUSHJDGR )UXLW\
WLHQHXQGLUHFWRULRSUHGHILQLGRTXHSXHGHVXVDUOODPDGR6OLFHG%HDWV




 *XDUGDWXV&DPELRV(VWHSURFHVRDOWHUDHOORRSDFWXDOGUiVWLFDPHQWH\ODSUy[LPDYHQWDQDGH
GLiORJRWHSUHJXQWDVLTXLHUHVVDOYDUORDQWHVGHFRQWLQXDU


 'HFLGH&yPRTXLHUHVHO%HDW)LQDOPHQWHFRQVHJXLUiVODVLJXLHQWHFDMDGHGLiORJR/DVRSFLRQHVVRQ
$ XVDQGRXQVRORFDQDOGHOFDWDGRUSDUDFDGDURGDMDGHO%HDW 6DPSOHU&KDQQHOV % XVDQGRXQD
&DSDSDUDDJUXSDUORVFDQDOHV /D\HUHG6DPSOHU&KDQQHOV R& SRQLHQGRHOEHDWHQWHURHQXQVROR
FDQDOTXHXVDHO)UXLW\6OLFHU 6OLFHU&KDQQHO 


 8QLURQR8QLU/DSUHJXQWDILQDO4XLHUHVXQLUHO%HDWFRQHOSUR\HFWRDFWXDO"(QHVHFDVRSXOVDHO
ERWyQGHIXHUDODOX]QDUDQMDGHODYHQWDQDDQWHULRUGRQGHGLFH6WDUW1HZ3URMHFW(O%HDWVH
LQVHUWDUiHQHOSULPHUPRGHORGHWXFDQFLyQ'HELGRDHVWRGHEHVLQWURGXFLUXQPRGHORYDFLy
SUREDEOHPHQWHDODVDOLGDGHODFDQFLyQDQWHVGHUHEDQDU3XHGHVKDFHUHVWRFRQFWUOLQVHUW HQHO
3OD\OLVW


 (O5HVXOWDGR)LQDO(QODSUy[LPDSiJLQDKD\XQDLPDJHQGHXQEHDWUHEDQDGR XVDQGRODRSFLyQGH


6DPSOHU&KDQQHOV HVFRPRXQFDQDOGH)UXLW\7HQHQFXHQWDTXHVLHVFRJHVHPSH]DUXQQXHYR
SUR\HFWRHOWLHPSRVHHPSDUHMDFRQHOEHDWRULJLQDODXWRPiWLFDPHQWH7HQWDPELpQHQFXHQWDTXH
QLQJ~QEHDWHQFDMDH[DFWDPHQWHFRQODVQRWDV)UXLW\KDXVDGRODIXQFLyQGHFDPELR PLUDODSDJLQDGHO
HGLWRUJUiILFRSDUDPiVLQIR SDUDHPSDUHMDUORVEHDWVH[DFWDPHQWH$KRUDSXHGHVUHHVWUXFWXUDUHOEHDW
SDUDTXHVHDPiVGLYHUWLGR




 5HFXHUGDHO3OXJLQ)UXLW\6OLFHUHVHOSOXJLQGHOTXHVHKDEOyHQODVHFFLyQGHORV*HQHUDGRUHV(V
RWUDIRUPDGHXWLOL]DUHO)UXLW\%HDW6OLFHUHQHOHTXLSR\XWLOL]DUFRUWHVGHXQVRQLGRHQWXFDQFLyQVLQ
SDVDUSRUHOSURFHVRGHWDOODGRDTXt


,PSRUWDGRODV&DQFLRQHV5%3XHGHVKDEHUYLVWRHVWD
RSFLyQHQHO0HQ~GH,PSRUWDFLyQ(VWDRSFLyQWHSHUPLWH
DEULUXQDFDQFLyQHOSURJUDPDODFRQILJXUDDOIRUPDWR)UXLW\
\ODHVFXFKDVHQ)UXLW\/RRSV&ODURTXHQRHVXQD
FRQYHUVLyQSHUIHFWDPLUDVXVSURSLHGDGHV(OSOD\OLVW\HO
HVTXHPDGHPRGHORVWDPELpQQHFHVLWDQH[SOLFDFLRQHV/RV
SULPHURVPRGHORVVRQ7%/RVSUy[LPRVVRQ
7%/RVVLJXLHQWHVPRGHORVSDUDHO75\ORV
~OWLPRVSDUDHO75FRQXQWRWDOGHPRGHORV
&ODURTXHODPD\RUtDGHpVWRVSUREDEOHPHQWHQRORVXWLOLFHV
SDUD FXDOTXLHUFDQFLyQGDGDSHURVLDOJXQDYH]ORVQHFHVLWDV
WRGRHVWDDKtSDUDVXXVR



&203$57,(1'2 78 75$%$-2
$KRUD4XpKDFHVFRQWXFDQFLyQ"3UREDEOHPHQWHTXLHUDVH[WUDHUODGH)UXLW\SDUDJUDEDUODHQXQ&'
DQXQFLDUODHQHO,QWHUQHWRUHYLVDUODFRQRWURSURJUDPD3DUDHVWHSURSyVLWRHVWDODIXQFLyQGH([SRUW$TXt
VHPXHVWUDFyPRXWLOL]DUOD

 ([SRUWDD:$9R03(VWDRSFLyQHVWiGLVSRQLEOHHQHOPHQ~)LOH6LHVFRJHV:$9R03WH
SHGLUiQTXHHVSHFLILTXHVHOQRPEUHGHODUFKLYR\HOGHVWLQROXHJRDSDUHFHUiODYHQWDQDTXHKD\
GHEDMR+D\PXFKDVRSFLRQHV\DKRUDQRYDPRVDH[SOLFDUODVWRGDV6LTXLHUHVXQDH[SOLFDFLyQGH
FDGDERWyQPLUDODD\XGDHQOtQHD\EXVFD)LOH)RUPDWV6LVLPSOHPHQWHTXLHUHVFRQVHJXLUH[WUDHUWX
FDQFLyQGHMDODVRSFLRQHVSRUGHIHFWR ORVYDORUHVSRUGHIHFWRHVWiQSRUXQDUD]yQ 


2\H(VWRSDUHFH
FRPSOLFDGR

 4XHGHER8VDU:$9R03":$9HVXQIRUPDWRGHVRQLGRPX\FRP~Q\IiFLOGHPDQHMDUVXV
DUFKLYRVVRQPX\JUDQGHVSHURODFDOLGDGHVH[FHOHQWH XVDDSUR[LPDGDPHQWH0%SRUPLQXWR /RV
DUFKLYRV:$9VRQORVPiVXWLOL]DGRVSDUDJUDEDUHQ&'03HVXQIRUPDWRGHDXGLRFRPSULPLGR
/RVDUFKLYRVVRQPiVSHTXHxRV\VXFDOLGDGGHSHQGHGHODFRPSUHVLyQ XVDDOUHGHGRUGH0%SRU
PLQXWRTXHGHSHQGHGHODFRPSUHVLyQ 6LTXLHUHVFRPSDUWLUORVDUFKLYRVHQ,QWHUQHW03HVORPHMRU

 3DUDTXHVLUYHHO%DFNJURXQG5HQGHULQJ"/DJUDEDFLyQSXHGHGXUDUPXFKRWLHPSRGHSHQGHGH
OD&38VREUHWRGRVLHVFRJHVODRSFLyQGHFDOLGDGVXSHULRUGHODVHFFLyQ4XDOLW\ HQODYHQWDQD3HURVL
SXOVDVHOERWyQ%DFNJURXQG5HQGHULQJ)UXLW\FRQWLQXDUDH[SRUWiQGRWHODFDQFLyQSHURVHRFXOWDUDHQ
ODEDUUDGHWDUHDVSDUDTXHFRQWLQ~HVWUDEDMDQGRHQRWUDFRVD SHURODJUDEDFLyQWDUGDUDPiVWLHPSR 


 ([SRUWDQGRDXQ$UFKLYR=,3FRPSULPLGR(VWDRSFLyQHVPX\~WLOVLTXLHUHVWUDQVPLWLUWXV
DUFKLYRVGHORV/RRSVDODUHG$OKDFHUFOLFHQ=LSSHG/RRS3DFNDJH WXDUFKLYRORRSPiVWRGRVORV
VDPSOHVXWLOL]DGRVVHDUFKLYDQHQXQ=,3


 3URMHFW%RQHV\3URMHFW'DWD)LOHV(VWDVRSFLRQHVWHSHUPLWHQJXDUGDULQIRUPDFLyQVREUHWXSLVWD/D
RSFLyQ3URMHFW%RQHV JXDUGDXQDUFKLYRGHWH[WR1)2FRQWRGRVVXVGDWRVGHLQIRUPDFLyQ\
DXWRPDWL]DFLyQSDUDSRGHUVHUFDUJDGRGHVSXpV3URMHFW'DWD)LOHV JXDUGDWRGRVWXVVDPSOHV\RWURV
GDWRVHQXQDFDUSHWDGHWXGLVFRGXUR


 'yQGHSXHGR3XEOLFDU0LV&DQFLRQHV"+D\YDULRVOXJDUHVHQ,QWHUQHWGyQGHORVDUWLVWDVSXHGHQ
SXEOLFDUVXP~VLFDHQ03GHIRUPDJUDWXLWDZZZPSFRPHVSUREDEOHPHQWHHOVLWLRPiVFRQRFLGR
DGHPiVHVIiFLOSDUDXQORRSHUDILFLRQDGRHQWUDUDOOt\FRPSDUWLUVXPDWHULDOZZZVHFWLRQ]QHWHVRWUD
RSFLyQSDUDP~VLFRVTXHXWLOL]DQ)UXLW\/RRSV8QVLWLRRSDJLQD:HEHVXQDFRPXQLGDGGHSHUVRQDV
HQHVWHFDVRXQDFRPXQLGDGPXVLFDOSDUDFRPSDUWLUFDQFLRQHV(VXQDJUDQPDQHUDGHFRQVHJXLUXQD
UHJHQHUDFLyQPXVLFDO6LQRWHJXVWDQHVWDVGRVRSFLRQHVSXHGHVFUHDUWXSURSLRVLWLRXWLOL]DQGRXQRGH
ORVPXFKRVVHUYLFLRVRUJDQL]DGRV\JUDWXLWRV%XHQDVXHUWH

$KRUDKD\TXH
FRQVHJXLUHOUHJLVWUR



&21752/$'25(6 (;7(5126
8Q&RQWURODGRU([WHUQRGH0,',HVFRPRXQJUDQPDQGRTXHFRQWURODODVUXHGDVHLQWHUUXSWRUHVHQ)UXLW\
/RRSV/DGLIHUHQFLDSULQFLSDOHVTXHWLHQHVTXHGHFLUOHD)UXLW\SRUDGHODQWDGRORTXHTXLHUHVTXHKDJD
FDGDERWyQGHOFRQWURODGRU XQDPROHVWLDPHQRUSDUDHOFDPELRGHUHGXFFLyQ\UHVRQDQFLDDOPLVPR
WLHPSR &DGDERWyQGHOFRQWURODGRUSXHGHXQLUVHDXQDUXHGDGLIHUHQWHRDXQGHVOL]DGRUHQ)UXLW\/RRSV
6LWLHQHVXQFRQWURODGRUHVWDVHFFLyQWHGLUiFyPRKDFHUSDUDTXHWUDEDMHFRQ)UXLW\6LQRWLHQHVXQR
FRQVtJXHOR3ULPHURQRVRWURVUHVHxDUHPRVORVFRQWURODGRUHVPiVSRSXODUHV

18(92DSDUWLUGHODYHUVLyQGH)UXLW\/RRSVSXHGHVXWLOL]DUWDPELpQORV&RQWURODGRUHV,QWHUQRV
3XHGHVKDEHUOHtGRDQWHULRUPHQWHDOJRGHpVWRVHQODVHFFLyQGH(IHFWRV)UXLW\SHURDOILQDOGHHVWDVHFFLyQ
QRVRWURVH[SOLFDUHPRVPiVGHWDOOHV

 8QRV(MHPSORVGH&RQWURODGRUHV0,',

D (O3KDW%R\(O3KDW%R\HV GHORVSRSXODUHV HOPiVHFRQyPLFRGHORV&RQWURODGRUHV0,',
IDEULFDGRSRU.H\)D[HQZZZNH\ID[FRP(VSHTXHxR\FRQVyORERWRQHVSHURSDUDOD
PD\RUtDGHSHUVRQDVHVWRGRORTXHQHFHVLWDUiQ DGHPiVVyORWLHQHVGRVPDQRV 

3RUTXHVH
OODPDUDSKDW"



E (O'UHK%DQN 2WUDRSFLyQSRSXODUHVHO'UHK%DQNGH'RHSIHUHQZZZGRHSIHUGH(VWH


&RQWURODGRUWLHQHERWRQHVHQOXJDUGH


6yOR\RSXHGRSRVHHU
XQ'UHKEDQN(OUHVWR
QRWLHQHVXILFLHQWH
GHVWUH]DSDUDHOOR

j (O-HIHj

F (O0& (O0&SRU5RODQG ZZZURODQGJURRYHFRP HVPXFKRPiVTXHXQ


&RQWURODGRU0,',(VXQVLQWHWL]DGRUGHKDUGZDUH\HVSHFLDOPHQWHORVVHFXHQFLDGRUHVHVWiQ
FRQVWUXLGRVSDUDUHSURGXFLUHOWHFKQRFOiVLFRFRPRHO7%75\753HURWDPELpQ
WLHQHFRPSOHWDVFDSDFLGDGHVSDUDVHUXQ&RQWURODGRU0,',SDUDTXHSXHGDVXQLUVHFRQDOJXQRVGH
ORVERWRQHVDORVPDQGRVGH)UXLW\

:KRD &RQHVWR
SXHGHVFRUWDUHO
DLUH



 3UHSDUDQGRD7X&RQWURODGRU

D &RQVLJXHXQ&DEOH0,',\FRQHFWD7X&RQWURODGRU0LUDHQODSDUWHGHDWUiVGHWXRUGHQDGRU
6LWLHQHVFRQHFWRUHVGHSLQVFRQHWLTXHWDRPDUFD0,',HQWRQFHVORWLHQHVSHUIHFWR6LQR
EXVFDXQSXHUWRWUDSH]RLGDOSDUDHOMR\VWLFN\TXHWLHQHSLQV6LWLHQHVORVFRQHFWRUHVUHGRQGRV
QHFHVLWDUDVXQFDEOH0,',2XWSDUDLUDO0,',,QGHWXFRQWURODGRU6LVyORWLHQHVXQD
FRQH[LyQHQHOFRQWURODGRUQHFHVLWDUDVXQFDEOHHVSHFLDOTXHWLHQHGRVFRQHFWRUHV0,',UHGRQGRV
HQXQH[WUHPR\XQFRQHFWRUWUDSH]RLGDODORWUR(VWRVWLSRVGHFDEOHVGHEHQGHHVWDUGLVSRQLEOHV
HQFXDOTXLHUWLHQGDGHP~VLFDHVSHFLDOL]DGDHQWHFODGRV\VLQWHWL]DGRUHV SHURVLORSLGHVHQXQD
WLHQGDGH2UGHQDGRUHVSXHGHTXHQRORWHQJDQRWHORGHQHTXLYRFDGR 
E (QFLHQGHHO&RQWURODGRU\SRQHQPDUFKDWX)UXLW\/RRSV6LWLHQHVXQ3KDW%R\DVHJ~UDWH
TXHHOLQWHUUXSWRUGHOSRZHUVHSRQHHQHOPRGR,,,RVLWLHQHVXQ'UHK%DQNHQFLHQGHHOERWyQ
%DQNGHOFDEOHGHOSRZHU3DUDHO0&DVHJ~UDWHTXHHOPRGRGH0,',VHSRQHHQ02'2
 6KLIW(GLW7[5[ 0RGH 3UXHEDDPRYHUORVERWRQHVGHWX&RQWURODGRU6LWRGRHV
FRUUHFWRYHUDV0,',FRQXQDOX]URMDDOODGRGHOD%DUUDGH$\XGDHQ)UXLW\/RRSVFDGDYH]
TXHPXHYDVXQERWyQ+DVKHFKRXQEXHQWUDEDMR6LJXHOH\HQGRDPLJR

3HTXHxD
/X]5RMD

F +DELOLWDHOFRQWURO5HPRWRGH0,',0LUDHOPHQ~2SWLRQV SDUDYHUVLKD\XQDPDUFDDOODGRGH


0,',5HPRWH&RQWURO6LQRSXOVDVREUHpO\REVHUYDVLDKRUDVHHQFLHQGHODOX]URMD


6DP &RPSUXpEDOR<RQHFHVLWRXQFDEOH
FRQODVFRQH[LRQHVGH0,',HQXQH[WUHPR\
XQFRQHFWRUWUDSH]RLGDODORWUR
9HQGHGRU4XpQHFHVLWDV"




K(5(7,&

G 6HOHFFLRQDHO'LVSRVLWLYRGHHQWUDGD0,',6LWRGDYtDQRYHVODOX]URMDFXDQGRPXHYHVXQ
ERWyQGHWX&RQWURODGRUHQWUDHQODV2SFLRQHV0,', GHOPHQ~2SWLRQV RSXOVDQGR) 
&RPSUXHEDODVHFFLyQ5HPRWH&RQWURO,QSXW GHODYHQWDQD6LYHVODSDODEUDQRQHHQWRQFHV
WLHQHVTXHVHOHFFLRQDUXQDHQWUDGD1RUPDOPHQWHQRWHQGUDVPXFKDVRSFLRQHV\DSHQDVWHQGUiV
TXHSUREDUSDUDGHGXFLUFXiOHVODFRUUHFWD

(VWDVOLVWR
SDUDHOURFN
DQGUROO"

H /LVWDSDUDDUUHJODUHOFRQWURO6LDXQQRYHVODOX]URMDFXDQGRPXHYHVXQERWyQGHWX
&RQWURODGRUDTXtKD\XQDOLVWDGHFRVDVTXHGHEHVYHULILFDU DQWHVGHUHQGLUWH 
x
x
x
x
x

+DVVHOHFFLRQDGRHOPRGRFRUUHFWR3KDW%R\R'UHK%DQNHQHOSDVRE"
+DVKDELOLWDGR0,',5HPRWH&RQWUROHQHOSDVRF"
+DVVHOHFFLRQDGRODHQWUDGD0,',FRUUHFWDGHOSDVRG"
/RVFRQHFWRUHV,Q\2XWGHWXFDEOH0,',HVWiQELHQFRQHFWDGRV"
+DVFRQHFWDGRWX&RQWURODGRUDXQDWRPDGHFRUULHQWH\HQFHQGLGRHOSRZHU"
6LWX&RQWURODGRU0,',DXQQRIXQFLRQD 3UXHED
HVWRFRPRXOWLPRUHFXUVRVDOGH)UXLW\\VHOHFFLRQD
3URJUDPDVo)UXLW\/RRSVo$GYDQFHGo5HVHW
VHWWLQJV GHOPHQXGH,QLFLRGH:LQGRZV(QWRQFHV
ERUUDUDVWRGRVORVFDPELRVTXHKDVKHFKR\
FRPHQ]DUDVGHQXHYR

-DKD


 8QLHQGRXQD5XHGDGH)UXLW\DWX&RQWURODGRU2.DEUHFXDOTXLHUORRSTXHXVHXQFDQDOFRQHO
JHQHUDGRU76*HWWLQJ6WDUWHGIOSSRGUtDVHUXQEXHQHMHPSORSDUDHPSH]DU

D 3XOVDHOERWyQGHUHFKRVREUHODUXHGDTXHTXLHUHVXQLUDO&RQWURODGRU0,',(QHVWHFDVR
SUREDUHPRVODUXHGDGHOYROXPHQGHOFDQDOGHO76$KRUDSXOVDVREUH/LQNWR&RQWUROOHU \
DSDUHFHUiODYHQWDQDGH5HPRWH&RQWUROOLQJ6HWWLQJV

E 0XHYHXQERWyQGHWX&RQWURODGRU'HEHVYHUHO&KDQQHO \&RQWUROOHU HQODYHQWDQDGH5HPRWH


&RQWUROOLQJ6HWWLQJV6HOHFFLRQDORVFRUUHFWRV\SXOVDHOERWyQ2.OXHJRPXHYHHOERWyQGHWX
&RQWURODGRU'HEHVGHFRQWURODUHOYROXPHQGHO769DPRVSRUEXHQFDPLQR

F 3RQHO%XIIHU/HQJWKWDQEDMRFRPRSXHGDV$QWHV\DH[SOLFDPRVSDUDTXHVHUYLDHOGHVOL]DGRU
EXIIHUOHQJWK HQWUDSXOVDQGR) \VHOHFFLRQDQGRODSHVWDxDGH$XGLR (VWHGHVOL]DGRUGHWHUPLQD
HOWLHPSRGHUHWUDVRHQWUHHOPRYLPLHQWRGHXQERWyQ\HOFDPELRGHVRQLGRHQ)UXLW\$VtTXH
GHEHVGHSRQHUORDOPtQLPR3HURVLORSRQHVGHPDVLDGREDMRVHGLVWRUVLRQDUDHOVRQLGR$VtTXH
LQWHQWDHQFRQWUDUHOSXQWRH[DFWR6LQRSXHGHVFRQVHJXLUOR&2035$7(275225'(1$'25


 4Xp0DQGRVSXHGR8QLU"0XFKRVGHHOORV3DUDFRPSUREDUORHVLJXDOTXHHO*UDEDGRHQ9LYR'H
QXHYRVLTXLHUHVVDEHUVLXQPDQGRSXHGHXQLUVHUDWyQHQFLPDGHpO\EXVFDORVSXQWRVURMRVHQOD
%DUUDGH$\XGD



 4XpSDVDFRQORV&RQWURODGRUHV,QWHUQRV"$KRUDSRGHPRVKDEODUOHVREUHORV3OXJLQVGHORV
&RQWURODGRUHV,QWHUQRVYLVWRVHQODVHFFLyQGH(IHFWRV)UXLW\ )RUPXOD&RQWUROOHU3HDN&RQWUROOHU\
;<&RQWUROOHU $SDUWLUGH)UXLW\/RRSVSXHGHVWHQHUHOFRQWUROGHXQSOXJLQFRQWUROHGHVGHRWUR
SOXJLQ(QWLHQGHVHVR"7RPHPRVDO)UXLW\;<&RQWUROOHUFRPRXQHMHPSOR$EUHODYHQWDQDGHO
0DVWHU(IIHFWV ) \SRQDO)UXLW\;<&RQWUROOHUHQOD0DVWHU7UDFN


D (O)UXLW\;<&RQWUROOHUWHSHUPLWHFRQWURODUGRVUXHGDVXQLGDVXQDUXHGDHQVXHMH; KRUL]RQWDO 


\ODRWUDUXHGDHQVXHMH< YHUWLFDO (QWRQFHVSXHGHVSLQFKDUVREUHHOFtUFXORFHQWUDOGHOD
YHQWDQD\DUUDVWUDUORFDPELDQGRHOYDORUGHDPERVPDQGRVVHJXLGRV(VSDUWLFXODUPHQWHPX\~WLO
SDUDFRQWURODUUHGXFFLyQ\UHVRQDQFLDDOPLVPRWLHPSR&DUJDGHQXHYR*HWWLQJ6WDUWHGIOS
LQVWDODHO)UXLW\;<&RQWUROOHUFRPRHQHOSDVR\DEUHODSHVWDxD,16GHOFDQDO,QVB5RXQG
$KRUDSXOVDERWyQGHUHFKRVREUHOD5HGXFFLyQ\VHOHFFLRQD/LQNWR&RQWUROOHU



E (QWRQFHVXQHODUXHGDGH5HGXFFLyQDOYDORUGH;GHO,QWHUQDO&RQWUROOHUFRPRVHPXHVWUDHQODV
LPiJHQHV$KRUDXQHODUXHGDGH5HVRQDQFLDDOYDORUGH<(QWRQFHVDEUHODYHQWDQDGHO)UXLW\;
<&RQWUROOHU\TXHHPSLHFHHOORRS$UUDVWUDHOFtUFXORDOUHGHGRU\HVFXFKDFRPRYDULDOD
5HGXFFLyQ\5HVRQDQFLDDOPLVPRWLHPSR7HJXVWD"

$GLYHUWLUVH1RWH
ROYLGHVGHTXHKD\PiV
D\XGDGLVSRQLEOHGHQWURGH
)UXLW\/RRSV\HQHOVLWLR
:HE
ZZZ)UXLW\/RRSVFRP



(;75$ , $<8'$
/DV2SFLRQHVGH&DQDO0LVFHOiQHDV 0,6&
 $MXVWHGH1LYHOHV
(VWHDSDUWDGRFRQWLHQHFXDWURUXHGDVTXH
FRQWURODQHOEDODQFH 3$1 YROXPHQ 92/ 
UHGXFFLyQ &87 \UHVRQDQFLD 5(6 SDUD
QLYHODUHOFDQDO(OORVUHSURGXFHQPiVR
PHQRVODIXQFLRQDOLGDGGHRWURVFRQWUROHV
GHODV2SFLRQHVGH&DQDO

 &RUWH&RUWH3RU
(VWDRSFLyQSXHGHFRUWDURPRGLILFDUHO
LQLFLR\RILQDOGHXQDQRWDSURORQJDGD

 3RO\SKRQ\
&RQHVWDVRSFLRQHVSXHGHVPRGLILFDUODV
SURSLHGDGHVGHODORQJLWXGGHWUDQVLFLyQGHO
VRODSDPLHQWRGHODV1RWDV'LDSRVLWLYDV

 9LVWDSUHYLDGHO7HFODGR
3XOVDQGR%RWyQGHUHFKRGHOUDWyQVREUHOD
EDUUDGHOWHFODGRSXHGHVLQGLFDUTXHFODYH
TXLHUHVUHDOL]DUWXFRPSRVLFLyQ<SXOVDQGR
HOL]TXLHUGR\DUUDVWUDQGRSXHGHVGHOLPLWDU
XQD]RQDGRQGHORVHYHQWRVQRWHQGUiQ
HIHFWRVREUHHVDVQRWDV&RQHOERWyQ5HVHW
ERUUDUDVORVFDPELRVGHOWHFODGR

(O3DQHOGHO7LHPSR VROR)UXLW\/RRSV
 6WHS%HDW 6% 
(VWHLQWHUUXSWRUVHOHFFLRQDVLHOWLHPSR
FXHQWDHQSDVRV 6 RHQ %HDWV % (VWD
RSFLyQGHSHQGHGHODSUy[LPDRSFLyQ

 %DU0LQXWH %0 
(VWHLQWHUUXSWRUVHOHFFLRQDVLHOWLHPSRVH
FXHQWDHQ6WHS%HDW % RHQIRUPDWRGH
0LQXWRV6HJXQGRV&HQWHVLPDV 0 

 &RQWDGRUGH7LHPSR
0XHVWUDHOWLHPSRGHODFDQFLyQVHJ~QHO
IRUPDWRGHODVRSFLRQHVDQWHULRUHV



(;75$ ,, 78725,$/(6


D &UHDQGR*UXSRV
(VWDRSFLyQHVPX\~WLO\DTXHWHSHUPLWHWHQHUXQSRFRGHRUGHQHQHOWUDEDMR6LWLHQHVPXFKRVFDQDOHVWX
PRGHORSXHGHFRQYHUWLUVHHQXQDJUDQOLVWDTXHWHGLILFXOWDUDPXFKR\WHUHWUDVDUDHQWXWUDEDMR

 &UHDQGRXQJUXSRSDUDORV'UXPV3DUDKDFHUHVWRVHOHFFLRQDUHPRVWRGRVORVFDQDOHVGHORV
'UXPVGHQXHVWURPRGHOR3XOVDQGRHOERWyQGHUHFKRGHOUDWyQVREUHHO6HOHFWRUGHFDQDO GHWRGRV
ORVFDQDOHVGHORV'UXPV

2\H(VWRHVPX\
IiFLO1R"

6HOHFWRU
GH&DQDO

 ,QWURGXFLHQGRXQQRPEUHSDUDHOJUXSR&RQORVFDQDOHVGHORV'UXPVVHOHFFLRQDGRVKD]FOLF
VREUH*URXSVHOHFWHG GHOPHQ~FKDQQHOVGHO3DQHOGHPHQ~V$SDUHFHUiXQDYHQWDQDSDUDTXH
LQWURGX]FDVXQQRPEUHSDUDHOJUXSRHVFUtEHOR\SXOVD,QWUR127$6LH[LVWHRWURJUXSRFRQHVH
QRPEUHORVFDQDOHVVHDxDGLUiQDpO

1RPEUH
GHO*UXSR



$KRUDHVWDPRVYLHQGRHOQXHYRJUXSRFRQORVFDQDOHVGHORV'UXPV/RVRWURVFDQDOHVQRKDQ
GHVDSDUHFLGRVLPSOHPHQWHHVWiQRFXOWRV


 /RVPHQ~VGHOJUXSR6LSXOVDVFRQHO%RWyQGHUHFKRGHOUDWyQVREUHHOFXDGURQHJURLQIHULRUTXH
WLHQHHOQRPEUHGHOJUXSRDSDUHFHUiXQPHQ~FRQODVVLJXLHQWHVRSFLRQHV
D $GGILOWHUJURXS&UHDVXQQXHYRJUXSRSHURHVWDUiFRPSOHWDPHQWHYDFLy
E 'HOHWHILOWHUJURXS%RUUDVHOJUXSRDFWXDO127$(VWRQRERUUDUDORVFDQDOHV
F 5HQDPHILOWHUJURXS5HQRPEUDVHOJUXSRDFWXDO
<VLSXOVDVHO%RWyQL]TXLHUGRGHOUDWyQVHGHVSOHJDUDXQPHQ~FRQODVVLJXLHQWHVRSFLRQHV
D $OO0XHVWUDWRGRVORVFDQDOHVGHOSUR\HFWR
E 'HEDMRGHODOtQHD0XHVWUDWRGRVORVJUXSRVGHOPRGHORHQHVHSUR\HFWR
F 8QVRUWHG(VWHJUXSRVHFUHDSRUGHIHFWRHQFDGDSUR\HFWRSDUDVRVWHQHUORVFDQDOHVHQ
ORVGLIHUHQWHVJUXSRVFUHDGRV
%RWyQ
'HUHFKR

%RWyQ
,]TXLHUGR

E 0RGLILFDQGRORV%HDWV
8Q/RRSEiVLFRFRQWLHQHQRWDVRSDVRV\HVWDIRUPDGRSRU %HDWVTXHDVXYH]FRQWLHQHQSDVRV3HUR
DXQ/RRS\DVXV%HDWVOHSXHGHVPRGLILFDUHVWRDKRUDVHWHLQGLFDUDFRPR


3DVR

/RRS%iVLFR
QRWDV



 $EULHQGRODV2SFLRQHVGHODFDQFLyQ9DPRVDFDPELDUORVSDVRVGHOORRS\GHOEHDW$EUHHO
PHQ~2SWLRQV GHO3DQHOGHPHQ~V\SXOVDVREUH6RQJVHWWLQV(VDHVODYHQWDQDGH2SFLRQHVGHOD
FDQFLyQ(QODSHVWDxD6RQJ HQFRQWUDUHPRVOD/RQJLWXGGHOORRS TXHGHWHUPLQDODFDQWLGDGGH
SDVRVTXHWLHQHXQORRSSRUGHIHFWRWLHQH\SRQGUHPRV<OD/RQJLWXGGHOEHDW TXH
GHWHUPLQDODFDQWLGDGGHSDVRVTXHIRUPDXQEHDWSRUGHIHFWRWLHQH\SRQGUHPRV

/RQJLWXG
GHOORRS
/RQJLWXG
GHOEHDW
 (O5HVXOWDGR+HPRVREWHQLGRXQVRQLGRPX\VLPLODUSHURFRQXQORRSPiVFRUWR

3XHVELHQWHKDV
DKRUUDGRSDVRV

F 2WUDVRSFLRQHVGHO3LDQR5ROO
9DPRVDH[SOLFDUODVRSFLRQHVLQIHULRUHVGHODSDUWDGR(GLWGHORVPHQ~VGHO3LDQR5ROOTXHFUHRTXHVRQ
PX\LPSRUWDQWHV(O4XDQWL]H \HO&KRS\VXVYHUVLRQHVUiSLGDVR4XLFN



$SDUWDGR(GLW
GHORV0HQ~V
GHO3LDQR5ROO

F (O4XDQWL]H
(O4XDQWL]HWHSHUPLWHYDULDUODORQJLWXGGHODVQRWDV\VXVGHVFDQVRV$GHPiVHOQRUPDOWDPELpQWHSHUPLWH
YDULDUORVSDUiPHWURVEiVLFRVFRPRYROXPHQEDODQFHUHVRQDQFLDUHGXFFLyQRYHORFLGDG

 3UHSDUDQGRXQFDQDO8WLOL]DUHPRVXQFDQDOFRQXQGUXPEiVLFR\OHSRQGUHPRVSDVRVSDVRV
SRUEHDW/XHJRSXOVDUHPRVHOERWyQGHUHFKRGHOUDWyQVREUHHO1RPEUHGHO&DQDO \
VHOHFFLRQDUHPRV6HQGWR3LDQR5ROO
1RPEUH
GHO&DQDO

 6HOHFFLRQDQGRODVQRWDV$KRUDVHOHFFLRQDUHPRVODVQRWDVILQDOHVGHO3LDQR5ROO 3DUDKDFHUXQ


4XLFN4XDQWL]H VLJXHFRQHOSDVR\SDUDKDFHUXQ4XDQWL]H YHVDOSDVR 



 6HOHFFLRQDQGRODORQJLWXG&RQODVQRWDVGHO3LDQR5ROOVHOHFFLRQDGDVSDUDKDFHUXQ4XLFN
4XDQWL]H SXOVDUHPRVVREUHOD/LVWD6QDS GHO3DQHOGH*UDEDFLyQ\VHOHFFLRQDUHPRVEHDW
/LVWD6QDS
(VWDRSFLyQGHODOLVWD6QDS
GDUiXQUHVXOWDGRPX\
YLVWRVR2WUDVRSFLRQHV
SXHGHTXHQRYHDVPXFKRV
FDPELRV

 (O4XLFN4XDQWL]H3DUDKDFHUXQ4XDQWL]HUiSLGRSRGHPRVSXOVDUDKRUD$OW47DPELpQ
SRGHPRVSXOVDUVREUH4XLFN4XDQWL]H HQHODSDUWDGR(GLWGHORVPHQ~VGHO3LDQR5ROO3XOVDHO
SOD\GHO3DQHOGHUHSURGXFFLyQSDUDHVFXFKDUTXHKDVKHFKR



 /DYHQWDQD4XDQWL]HU&RQWLQXDQGRGHVSXpVGHOSDVR\FRQODVQRWDVGHO3LDQR5ROO
VHOHFFLRQDGDVSDUDKDFHUXQ4XDQWL]H SXOVDUHPRV&WUO4 RWDPELpQSRGHPRVSXOVDUVREUH
4XDQWL]H HQHODSDUWDGR(GLWGHORVPHQ~VGHO3LDQR5ROO$KRUDQRVDSDUHFHUiODVLJXLHQWH
YHQWDQD

/D3ODQWLOODGHOD
UHMD 3XOVDHOERWyQ
GHODFDUSHWDSDUD
VHOHFFLRQDUXQD
SODQWLOODGHODUHMD
(O3LDQR5ROO
PXHVWUDODUHMD
LQVWDQWiQHD ODV
OtQHDVURMDV
YHUWLFDOHV TXH
JHQHUDODUHMD
SUHILMDGDORV
DUFKLYRV )6& 

6HQVLELOLGDG7H
3HUPLWHSRQHUOD
VHQVLELOLGDG
LQVWDQWiQHD

&RPLHQ]R 7H
3HUPLWHPH]FODU
ORVWLHPSRVGH
VDOLGDRULJLQDOHVGH
ODVQRWDV
'XUDFLyQ 7H
3HUPLWHPH]FODUOD
GXUDFLyQRULJLQDO
GHODVQRWDVFRQOD
GXUDFLyQGHO
TXDQWL]HG

/DVUXHGDVGHORV
1LYHOHV &RQHVWDV
UXHGDVSXHGHV
PH]FODUORV
SDUiPHWURVGHODV
QRWDVRULJLQDOHV

+XPDQL]H &XDQGR
HVWHLQWHUUXSWRUHVWD
HQFHQGLGRODVUXHGDV
GHORVQLYHOHVVHXVDQ
SDUDSRQHUODFDQWLGDG
GHUDQGRPL]DFLyQ
DSOLFDGDDODV
SURSLHGDGHVGHODV
QRWDV

(OPRGRGHO
4XDQWL]H(O
WLHPSRGHOD
VDOLGDHVHOPLVPR
HQWRGRVORV
PRGRV
4XDQWL]HGXUDWLRQ
ODORQJLWXGGHODV
QRWDVVHJ~QOD
UHMD4XDQWL]H
(QG7LPHHO
WLHPSRILQDOGHODV
QRWDVVHDSOLFDD
ODUHMD/HDYH
'XUDWLRQUHWLHQH
ODGXUDFLyQGHOD
QRWDRULJLQDO
GHVSXpVGHVDFDU
XQDIRWRGHVX
WLHPSRGHVDOLGD
/HDYH(QG7LPH
5HWLHQHHOWLHPSR
GHOILQDORULJLQDO
GHODVQRWDV



 (O4XDQWL]H$KRUDSRQODVPLVPDVFDQWLGDGHVTXHKD\HQHOGLEXMRDQWHULRU\OXHJRSXOVDVREUH
ODPDUFDGHO2.SDUDYDOLGDUWXVFDPELRV2EWHQGUiVXQDYHQWDQDFRPRODVLJXLHQWH3XOVDHOSOD\
GHO3DQHOGHUHSURGXFFLyQSDUDHVFXFKDUTXHKDVKHFKR

F (O&KRS
6LWUDGXFLHUDPRV&KRSVLJQLILFDUtD+DFKD\HVRHVORTXHKDFHQRVFRUWDDWURFLWRVXQDQRWD$OLJXDOTXHHO
4XDQWL]HKD\GRVPRGRVRIRUPDVXQDUiSLGD\ODQRUPDOHQODTXHDSDUHFHXQDYHQWDQDFRQRSFLRQHV

 3UHSDUDQGRXQFDQDO&UHDUHPRVXQQXHYRFDQDOFRQXQ'UXP GHOQDYHJDGRUGH6DPSOHV
DUUDVWUiQGRORDXQOXJDUYDFtRGHO6HFXHQFLDGRUGH3DVRV\OHSRQGUHPRVVRORHOSULPHUSDVR
/XHJRSXOVDUHPRVHOERWyQGHUHFKRGHOUDWyQVREUHHO1RPEUHGHO&DQDO \VHOHFFLRQDUHPRV6HQG
WR3LDQR5ROO

$TXtHVWD
QXHVWUR'UXP


1RPEUH
GHO&DQDO

 6HOHFFLRQDQGRODVQRWDV1XHVWUDQRWDDOVHUHOSULPHUSDVRGHOSULPHUEHDWQRVRFXSDUDWRGRHO
ORRSDxDGLUHPRVQRWDVPiVFRPRHOGLEXMRGHDEDMR\VHOHFFLRQDUHPRVORVGRVEHDWV\PHGLR
ILQDOHV 3DUDKDFHUXQ4XLFN&KRS VLJXHFRQHOSDVR\SDUDKDFHUXQ&KRS YHVDOSDVR 

 6HOHFFLRQDQGRODORQJLWXG&RQODVQRWDVGHO3LDQR5ROOVHOHFFLRQDGDVSDUDKDFHUXQ4XLFN&KRS
SXOVDUHPRVVREUHOD/LVWD6QDS GHO3DQHOGH*UDEDFLyQ\VHOHFFLRQDUHPRVEHDW

FRUWHVSRUSDVRSRU
EHDW
FRUWHSRUSDVRSRUEHDW
FRUWHVSRUEHDW
FRUWHSRUEHDW
6LQFDPELRV

0i[LPRVFRUWHVSRUSDVR
SURGXFHXQDJUDQGLVWRUVLyQ
FRUWHVSRUSDVRSRUEHDW
FRUWHVSRUEHDW
FRUWHVSRUEHDW
FRUWHSRUORRS



 (O4XLFN&KRS3DUDKDFHUXQ&KRSUiSLGRSRGHPRVSXOVDUDKRUD$OW87DPELpQSRGHPRV
SXOVDUVREUH4XLFN&KRS HQHODSDUWDGR(GLWGHORVPHQ~VGHO3LDQR5ROO3XOVDHOSOD\GHO3DQHO
GHUHSURGXFFLyQSDUDHVFXFKDUTXHKDVKHFKR

 /DYHQWDQD&KRS&RQWLQXDQGRGHVSXpVGHOSDVR\FRQODVQRWDVGHO3LDQR5ROOVHOHFFLRQDGDV
SDUDKDFHUXQ&KRSSXOVDUHPRV&WUO8 RWDPELpQSRGHPRVSXOVDUVREUH&KRS HQHODSDUWDGR(GLW
GHORVPHQ~VGHO3LDQR5ROO$KRUDQRVDSDUHFHUiODVLJXLHQWHYHQWDQD

/D3ODQWLOODGHOD
UHMD 3XOVDHOERWyQ
GHODFDUSHWDSDUD
VHOHFFLRQDUXQD
SODQWLOODGHODUHMD
(O3LDQR5ROO
PXHVWUDODUHMD
LQVWDQWiQHD ODV
OtQHDVURMDV
YHUWLFDOHV TXH
JHQHUDODUHMD
SUHILMDGD8WLOL]D
ORVDUFKLYRVGH
UHMLOODFRQ
H[WHQVLyQ )6& 
0XOWLSOLFDGRU &RQ
HVWDRSFLyQSXHGHV
DFHOHUDUR
GHVDFHOHUDUHO
WLHPSRGHOD
SODQWLOOD



,QWHUUXSWRUGH
PRGHORDEVROXWR
&XDQGRHVWD
HQFHQGLGRWRGDV
ODVQRWDVVXIUHQHO
FRUWHSRUODPLVPD
YHUWLFDO0LHQWUDV
TXHFXDQGRHVWD
DSDJDGRFDGD
QRWDVHFRUWDUD
UHVSHFWRDVX
WLHPSRGHOD
VDOLGD YHUOD
LPDJHQGH
HMHPSORGHEDMR 
/DVUXHGDVGHORV1LYHOHV &RQHVWDVUXHGDV
SXHGHVPH]FODUORVSDUiPHWURVGHODVQRWDV
RULJLQDOHVDODVFUHDGDVSRUORVFRUWHV(VWRV
SDUiPHWURVVRQ%DODQFH9ROXPHQUHGXFFLyQ
UHVRQDQFLD\9HORFLGDG 6LJXLHQGRHORUGHQGH
L]TXLHUGDDGHUHFKD 

0DUFDGHO2. $O
SXOVDUHVWDPDUFD
DFHSWDUDVORV
FDPELRV\ORV
DSOLFDUDVDODV
QRWDV

 (O&KRS$KRUDSRQODVPLVPDVFDQWLGDGHVTXHKD\HQHOGLEXMRGHODYHQWDQDDQWHULRU\OXHJR
SXOVDVREUHODPDUFDGHO2.SDUDYDOLGDUWXVFDPELRV2EWHQGUiVXQDYHQWDQDFRPRODVLJXLHQWH
3XOVDHOSOD\GHO3DQHOGHUHSURGXFFLyQSDUDHVFXFKDUTXHKDVKHFKR

G ,PSRUWDQGR0,',
(Q)UXLW\/RRSVSXHGHVLPSRUWDUDUFKLYRVPLGLGHGRVIRUPDVGLIHUHQWHV'HVGHHOSDQHOGHPHQ~V\GHVGH
HOSLDQRUROO

G ,PSRUWDQGR0,', GHVGHHO3DQHOGH0HQ~V 


 $EULHQGRODYHQWDQDGH,PSRUWPLGLGDWD'HVSOHJDPRVHOPHQ~)LOH GHOSDQHOGHPHQ~V\


GHODSDUWDGR,PSRUW VHOHFFLRQDPRV0,',ILOH 6HDEULUiXQDYHQWDQDSDUDH[SORUDUODVXQLGDGHV
GHWXRUGHQDGRUWHQHPRVTXHEXVFDUXQDUFKLYR0LGL\SXOVDUDEULU




 /DYHQWDQDGH,PSRUWPLGLGDWD$O3XOVDUVREUH$EULU QRVDSDUHFHUiODVLJXLHQWHYHQWDQD

4XpSLVWDVKD\
TXHLPSRUWDU"
(VWHPHQ~WH
SHUPLWHVHOHFFLRQDU
VLTXLHUHVLPSRUWDU
WRGDVODVSLVWDVGH
HVH0,',RDOJXQD
HVSHFtILFD
&RPHQ]DUQXHYR
SUR\HFWR(QFLHQGH
HVWDRSFLyQSDUD
QRWRFDUHO
SUR\HFWRDFWXDO
DQWHVGHLPSRUWDU
HODUFKLYR0,',
(YHQWRV5HDOHV
4XLWDHOVLOHQFLR
GHOSULQFLSLRGHXQ
DUFKLYR0,',

4XpFDQDOHVKD\
TXHLPSRUWDU"
8VDORVFDPSRV
SDUDSRQHUVLXQ
FDQDOVHLPSRUWDUi
RQR FDQDOHVHQ
URMRVHLPSRUWDUiQ 
&DGDFDQDOVH
LPSRUWDUiHQXQ
*HQHUDGRU0,',
2XW (QHO
VLJXLHQWHDSDUWDGR
VHH[SOLFDUDFRPR
IXQFLRQDHVWH
JHQHUDGRU 
&UHDUXQFDQDOSRU3LVWD 6LHQFLHQGHVHVWD
RSFLyQFDGDSLVWDGHODUFKLYR0,',VHLPSRUWDUi
HQXQ*HQHUDGRU0,',2XWVLHVWDDSDJDGRODV
SLVWDVTXHXVHQHOPLVPRFDQDOVHVROGDUDQ\
VHLPSRUWDUDQDXQVRORFDQDOGHOVHFXHQFLDGRU\
FRQXQJHQHUDGRU

0DUFDGHO2. $O
SXOVDUHVWDPDUFD
DFHSWDUDVORV
FDPELRV\ORV
DSOLFDUDVDOD
,PSRUWDFLyQ

 (O6HFXHQFLDGRUFRQHO0,',LPSRUWDGR&XDQGRLPSRUWHVWXDUFKLYR0LGLDXQQXHYRSUR\HFWR
VHFUHDUDQYDULRVFDQDOHVHQ*HQHUDGRUHV0,',2XW (QHOVLJXLHQWHDSDUWDGRVHH[SOLFDUDFRPR
IXQFLRQDHVWHJHQHUDGRU 



3DUHFLGRDHVWR
VHUiORTXH
REWHQJDVDO
LPSRUWDUGHVGHHO
SDQHOGHPHQ~V

G ,PSRUWDQGR0,', GHVGHHO3LDQR5ROO 




 $EULHQGRODYHQWDQDGH,PSRUWPLGLGDWD3XOVDUHPRVHOERWyQGHUHFKRGHOUDWyQVREUHHO
ERWyQFRQHOQRPEUHGHXQFDQDOGHOVHFXHQFLDGRU\VHOHFFLRQDUHPRV6HQGWR3LDQRUROO$KRUDHQ
HO3LDQR5ROOGHVSOHJDPRVORVPHQ~V\GHODSDUWDGR)LOH VHOHFFLRQDPRV,PSRUW0,',ILOH 6H
DEULUiXQDYHQWDQDSDUDH[SORUDUODVXQLGDGHVGHWXRUGHQDGRUWHQHPRVTXHEXVFDUXQDUFKLYR
0LGL\SXOVDUDEULU
 /DYHQWDQDGH,PSRUWPLGLGDWD$O3XOVDUVREUH$EULU QRVDSDUHFHUiODVLJXLHQWHYHQWDQD

4XpSLVWDVKD\
TXHLPSRUWDU"
(VWHPHQ~WH
SHUPLWHVHOHFFLRQDU
VLTXLHUHVLPSRUWDU
WRGDVODVSLVWDVGH
HVH0,',RDOJXQD
HVSHFtILFD
0H]FODUFRQORV
'DWRV([LVWHQWHV
&XDQGRHVWD
HQFHQGLGDODV
QRWDVLPSRUWDGDV
VHPH]FODUiQFRQ
ODV\DH[LVWHQWHV
6LQR ODVQRWDVVH
VREUHVFULELUiQSRU
HO0LGLLPSRUWDGR

(YHQWRV5HDOHV4XLWD
HOVLOHQFLRGHOSULQFLSLR
GHXQDUFKLYR0,',

0DUFDGHO2. $O
SXOVDUDFHSWDUDVOD
,PSRUWDFLyQ

4XpFDQDOHVKD\
TXHLPSRUWDU"
8VDORVFDPSRV
SDUDSRQHUVLXQ
FDQDOVHLPSRUWDUi
RQR FDQDOHVHQ
URMRVHLPSRUWDUiQ 
&DGDFDQDOVH
LPSRUWDUiHQXQ
FRORUGLIHUHQWHGHO
3LDQR5ROO
5HFXHUGDTXH
VRORKD\FXDWUR
FRORUHV\VLKD\
PiVGHFXDWUR
FDQDOHVDOJ~QFRORU
FRQWHQGUiPiVGH
XQFDQDOGHO
DUFKLYR0,', 

 (O6HFXHQFLDGRUFRQHO0,',LPSRUWDGR&XDQGRLPSRUWHVWXDUFKLYR0LGLGHVGHHO3LDQR5ROO
HOFDQDOGHWXVHFXHQFLDGRUSXHGHVHUXQVDPSOH\QRUHTXLHUHXQJHQHUDGRU0,',2XW

3DUHFLGRDHVWR
REWHQGUiVDO
LPSRUWDUGHVGHHO
SLDQRUROO



H ([SRUWDQGR0,',
(Q)UXLW\/RRSVDGHPiVGHSRGHUJXDUGDUWXVFDQFLRQHVHQ:$9R03WDPELpQSXHGHVH[SRUWDUWXV
FDQFLRQHVD0,',FRQODD\XGDGHOSOXJLQ0,',RXW


 3DVRVSUHYLRV3DUDH[SRUWDUXQWUDEDMRPLGLGHEHVGHXWLOL]DUORVEDQFRVGHVRQLGRSURSLRVGHWX
WDUMHWDGHDXGLR\DTXHORVVDPSOHVQRVHSXHGHQH[SRUWDUFRPRVLIXHVHQLQVWUXPHQWRVPXVLFDOHV
3ULPHURVLJXHHVWRVSDVRVTXHWHD\XGDUDQHQODFUHDFLyQGHWX0,',
D $FWLYDHOFDQDOGHODWDUMHWDGHVRQLGRGHOSURJUDPD)UXLW\/RRSVHQHOPHQ~RSWLRQV \OD
RSFLyQ(QDEOH0,',RXWSXW
E 9HVDODYHQWDQDGHODV2SFLRQHVJHQHUDOHV0,',GHOSURJUDPDGHVGHHOPHQ~RSWLRQV \
SXOVDQGRVREUH0,',VHWWLQJV\HQHODSDUWDGR0DVWHU6\QF2XWSXW GHODYHQWDQDGH
RSFLRQHV0,',SRQODVDOLGDGHWXWDUMHWDGHVRQLGR
 &UHDQGRODFDQFLyQ0,',3DUDFUHDUXQ0,',SXHGHVRLPSRUWDUXQDUFKLYRGHVGHHO3DQHOGH
PHQ~V\PRGLILFDUORDWXJXVWRRFUHDUORGHVGHFHURHQJHQHUDGRUHV0,',RXW GHORVTXHSXHGHV
DxDGLUQXHYRVFDQDOHVGHVGHHO3DQHOGH0HQ~V&KDQQHOVo $GG2QHo 0,',RXW (VQRUPDO
TXHDXQQRSXHGDVHVFXFKDUQDGDFXDQGRSXOVHVHOSOD\GHO3DQHOGH5HSURGXFFLyQVLJXHOH\HQGR
ORVSDVRV\VHH[SOLFDUDFRPRHVFXFKDUORVVRQLGRV0,',

(VWHHVHOPLVPR
0,',TXHDQWHV
KHPRVLPSRUWDGR
+D]SUXHEDVFRQ
XQPLVPRDUFKLYR
SDUDYHUORV
FDPELRVPHMRU



 (O*HQHUDGRU0,',RXW$EUHODV2SFLRQHVGHXQFDQDO0,',RXW SXOVDQGRVREUHHOQRPEUHGHO


FDQDO HVWDVVRQVXVIXQFLRQHV

(O%DQFRGHO3DUWH
QXPpULFR1RWHQGUiV
TXHWRFDUHVWRFDVL
QXQFDSHURVRQODV
YDULDQWHV06%\
/6%
&DQDO (OFDQDOGHOD
SLVWDGHHQYtR0,',
IXQFLRQDMXQWRFRQHO
3XHUWR 
3DUWHQXPpULFR
1XPHUDORV
LQVWUXPHQWRV

5XHGDVGHFRQWURO
&RQWURODQGLIHUHQWHV
HIHFWRVGHVRQLGRHQ
ODVQRWDV0,',
5HVHW 5HVWDEOHFHORV
FDPELRVHIHFWXDGRV

/DOLVWD0,', $O
SXOVDUVHGHVSOLHJD
HVWHPHQ~
3LDQR5ROO&UHDHO
0,',HQXQHGLWRUGH
3LDQR5ROO
3UHVHQWV7LSRV
SUHGHILQLGRVGH
5XHGDVGHFRQWURO
(GLW(YHQW&UHDXQ
HGLWRUGHHYHQWRV
SDUDHO3DUWH
QXPpULFR\FDGD
5XHGDGHFRQWURO
3XHUWR /DSLVWDGH
HQYtR0,',VLPLODUD
ODVSLVWDV);
/D3DJLQD &DPELD
HQWUHGLIHUHQWHV
PDQGRVGHXQPLVPR
FRQWURO 7LHQHV
SDJLQDV\FDGDXQD
SXHGHWHQHU
FRQWURODGRUHV 



 (OSOXJLQ)UXLW\/6'$EUHOD9HQWDQDGH0DVWHU(IIHFWV ) \HQHO0DVWHU7UDFNDxDGHHO


SOXJLQGH)UXLW\/6'(VWHSOXJLQSHUPLWHD)UXLW\/RRSVDFFHGHUDO'LUHFW0XVLF6RIWZDUH
6LQWHWL]DGRUGH'LUHFW; 1RWDGHEHVWHQHULQVWDODGR'LUHFW;RSRVWHULRU $KRUDVH
H[SOLFDUDQVXVIXQFLRQHV

3XHUWR 5HFLEHOD
SLVWDGHHQYtR0,',
GHOJHQHUDGRU0,',
RXWVLPLODUDODV
SLVWDV);

&DUSHWD$EUHXQD
YHQWDQDSDUDDEULUXQ
DUFKLYR'/6FRQ
QXHYRVLQVWUXPHQWRV
GH0,',
&DQDOHV (OFDQDOGH
ODSLVWDGHHQYtR0,',
IXQFLRQDMXQWRFRQHO
3XHUWR 
9ROXPHQ (VODUXHGD
GHYROXPHQGHO
LQVWUXPHQWRHV
LQGHSHQGLHQWHGHO
YROXPHQGHOFDQDOGHO
VHFXHQ]LDGRU\VH
SXHGHJUDEDUFRQXQ
HGLWRUGHHYHQWRV



5HYHUE $xDGHXQHIHFWRHFRDOLQVWUXPHQWR
&KRUXV $xDGHXQHIHFWRGHFRURDO
LQVWUXPHQWR

1RPEUHGHO
LQVWUXPHQWR $O
SXOVDUVREUHXQ
QRPEUHVHDEULUiXQD
YHQWDQDFRQORV
LQVWUXPHQWRV
GLVSRQLEOHVGHHO
DUFKLYRDFWXDO\DOD
GHUHFKDGHFDGD
LQVWUXPHQWRHVWiQORV
GDWRVGHO3DUWH
QXPpULFR\%DQFR
TXHGHEHVLQWURGXFLU
HQHO0,',RXW

 (VFXFKDQGRHQ)UXLW\/RRSVHOFDQDOGHO0,',RXW3DUDSRGHUHVFXFKDUWXVFDQFLRQHVPLGLHQ
HOFDQDOGHO0,',RXWVRORWHQGUiVTXHSRQHUHOPLPRSXHUWRHQHO0,',RXW\HQHO)UXLW\/6'
OXHJRHOHJLUHOFDQDOGHOLQVWUXPHQWR ItMDWHHQODLPDJHQGHDEDMR 5HFXHUGDTXHHOSOXJLQ)UXLW\
/6'GHEHLUHQHO0DVWHUWUDFNGHODYHQWDQDGH(IHFWRV$KRUDTXH\DVDEHVFRPRIXQFLRQDHO
0,',RXW\SXHGHVHVFXFKDUWXVFRPSRVLFLRQHV\DSXHGHVFUHDUXQDFDQFLyQ



 ([SRUWDQGRODFDQFLyQ0,',8QDYH]TXH\DKDVFUHDGRWXFDQFLyQHQORVFDQDOHV0,',RXWOD
SXHGHVH[SRUWDUFRPRXQDUFKLYR0,',$EUHHOPHQ~)LOHGHO3DQHOGH0HQ~V\VHOHFFLRQD
([SRUWo 0,',ILOH VHJXLGDPHQWHDSDUHFHUiXQDYHQWDQDSDUDTXHOHSRQJDVXQQRPEUH\XQ
GHVWLQRDODUFKLYRTXHYDVDFUHDUFXDQGRSXOVHVJXDUGDUYHUDVOD9HQWDQDGH([SRUWDFLyQ
QRUPDOPHQWHODFRQILJXUDFLyQTXHYLHQHSRUGHIHFWRHVODFRUUHFWDGHMDUOD\SXOVDUVREUH*2
&XDQGRILQDOLFHODEDUUDGHFDUJD\DWHQGUiVWXFDQFLyQ0,',

(VWDHVOD
YHQWDQD GH
H[SRUWDFLyQHQ
HOODHOHJLUHPRV
H[SRUWDUD0,',\
SXOVDUHPRVVREUH
ODPDUFDGHO2.



You might also like