(VWHPDWHULDOKDVLGRSRVLEOHJUDFLDVDODFRODERUDFLyQHQWUH7KLUG0LOOHQQLXP0LQLVWULHV0LQLVWHULRV7HUFHU0LOHQLR\/,)(0LQ

LVWULHV,QWHUQDWLRQDO0LQVWHULRV/,)(,QWHUQDFLRQDO
$FHUFDGHORV0LQLVWHULRV7HUFHU0LOHQLR
7HUFHU0LOHQLRSURYHHHGXFDFLyQEtEOLFDJUDWXLWDDPLOORQHVGH3DVWRUHVVLQIRUPDFLyQDFDGpPLFDDWUDYpVGHWRGRHOPXQGR(Q
OXJDUHVGHPD\RUFUHFLPLHQWRHFOHVLiVWLFR\FRQPHQRVRSRUWXQLGDGHVGHIRUPDFLyQSDUDVXVOtGHUHV7HUFHU0LOHQLRRIUHFHVXFXU
UtFXORGHVHPLQDULRJUDWXLWRPXOWLPHGLD\PXOWLOLQJHHQLQJOpVHVSDxROFKLQRPDQGDUtQUXVR\iUDEH(VWHFXUUtFXORHVWiGLVHxDGR
SDUDDSR\DUGHDFDGHPLDV\DH[LVWHQWHV\WDPELpQDJUXSRVHLQGLYLGXRV7RGRVXPDWHULDO\XQDJUDQYDULHGDGGHUHFXUVRVHVWiQ
GLVSRQLEOHVHQVX6LWLR:HEZZZWKLUGPLOORUJ

7KLUG0LOOHQQLXP0LQLVWULHV
32%R[
)HUQ3DUN)/
3KRQH
(PDLOLQIR#WKLUGPLOORUJ
$FHUFDGHORV0LQLVWHLRV/,)(,QWHUQDFLRQDO
8Q0LQLVWHULRGH*UXSRVGH$SR\RSDUDTXLHQHVVHUHKDELOLWDQGHFRQGXFWDVVH[XDOHVLQDSURSLDGDV
/DPLVLyQGHORV0LQLVWHULRV/,)(,QWHUQDFLRQDOHV$QLPDU(PSRGHUDU\(TXLSDUDOSXHEORGH'LRVSDUDYLYLUFDGDGtDHQLQWHJUL
GDGVH[XDO/,)(WUDEDMDFRQHOOLGHUD]JRGHODLJOHVLDRIUHFLHQGRDORVLQGLYLGXRV\ODVSDUHMDVXQHVSDFLRVHJXURSDUDODUHKDELOLW
DFLyQGHOTXHEUDQWDPLHQWR\ODDGLFFLyQVH[XDO
7RGRVORVPDQXDOHVGHODVHULH*XtD/,)(HVWiQEDVDGRVHQORV6LHWH3ULQFLSLRVGHO'U0DUN/DDVHUXQDDGDSWDFLyQGHORVSDVRV
FOiVLFRVGHODH[SHULHQFLDGHJUXSRVGHUHKDELOLWDFLyQ
(VWHSURJUDPDGHJUXSRVGHDSR\RGHORV0LQLVWHULRV/,)(RIUHFHJUXSRVUHODFLRQDOPHQWHRULHQWDGRV\&ULVWRFpQWULFRVTXHLQFRU
SRUDQODGLVFLSOLQDHVSLULWXDOODUHQGLFLyQGHFXHQWDVHQSHTXHxRVJUXSRV\ODRUDFLyQ\DSR\RSHUPDQHQWHVDTXLHQHVOXFKDQFRQHO
TXHEUDQWDPLHQWRVH[XDO
'HVFXEUHPiVVREUH/,)(0LQLVWULHVHQZZZIUHHGRPHYHU\GD\RUJ
/,)(0,1,675,(6,17(51$7,21$/
32%R[
/DNH0DU\)/
92,&()$;
ZZZIUHHGRPHYHU\GD\RUJ
$QLPDU(PSRGHUDU\(TXLSDUDOSXHEORGH'LRVSDUDYLYLUFDGDGtDHQ/LEHUWDG

*XtD/,)(SDUD+RPEUHV
8QOLEURGHWDUHDVSDUD9LYLUFDGDGtDHQ/LEHUWDGH,QWHJULGDG6H[XDO

'U0DUN/DDVHU

&RS\ULJKWSRU)UHHGRP(YHU\GD\//&

*XtD/,)(SDUD+RPEUHV5HYLVDGD
SRU'U0DUN/DDVHU
7UDGXFLGDGHO2ULJLQDO/,)(*XLGHIRU0HQ5HYLVHG
)UHG\0RQWRUR
,PSUHVRHQORV(VWDGRV8QLGRVGH1RUWH$PpULFD
/LEUDU\RI&RQJUHVV&RQWURO1XPEHU
,6%1

7RGRVORVGHUHFKRVUHVHUYDGRV1LQJXQDSDUWHGHHVWDSXEOLFDFLyQSXHGHVHUUHSURGXFLGDGHQLQJXQDIRUPDRSRU
PRWLYRDOJXQRVLQSHUPLVRHVFULWRGHOHGLWRU

$PHQRVTXHVHLQGLTXHORFRQWUDULRORVSDVDMHV%tEOLFRVKDQVLGRWRPDGRVGHOD5HYLVLyQ5HLQD9DOHUD59GHODV6RFLHGDGHV
%tEOLFDV8QLGDV

$'9(57(1&,$(VWHOLEURGHWDUHDVQRHVWiRULHQWDGRDSURSRUFLRQDUWHUDSLDFRQVHMHUtDRWUDWDPLHQWRFOtQLFR
DOJXQRRWRPDUHOOXJDUGHUHFRPHQGDFLRQHVFOtQLFDV\WUDWDPLHQWRGHSURIHVLRQDOHVHQVDOXGPHQWDORWHUDSHXWDV
FDOLFDGRV /RV OHFWRUHV VRQ DFRQVHMDGRV SDUD TXH EXVTXHQ DSR\R HQ WXWRUHV FDOLFDGRV HQ VDOXG GH FXLGDGR
PHQWDOHPRFLRQDODFXDOTXLHUREVHUYDFLyQTXHUHTXLHUDWUDWDPLHQWRPpGLFR1LHO(GLWRUQLHODXWRUQL/,)(
0LQLVWULHV DVXPHQ UHVSRQVDELOLGDG DOJXQD SRU FXDOTXLHU SRVLEOH FRQVHFXHQFLD GH DOJXQD DFFLyQ GHO OHFWRU R
DSOLFDFLyQGHODLQIRUPDFLyQFRQWHQLGDHQHVWHOLEUR


&RORU+RXVH*UDSKLFV
ZZZFRORUKRXVHJUDSKLFVFRP

*XtD/,)(SDUD+RPEUHV
7DEODGH&RQWHQLGRV
3UyORJR YLL
5HFRQRFLPLHQWRV [
,QWURGXFFLyQ 
&RPR8VDUOD*XtD/,)(
 /RV6LHWH3ULQFLSLRV

*XtDGH5HXQLRQHV
 )RUPDWRGHO*UXSRHQ5HXQLRQHV




/HFWXUDVSDUDODV5HXQLRQHVGHO*UXSR/,)(
 *XtDGH6HJXULGDG*UXSDO

/D0LVLyQ 


6LHWH3ULQFLSLRV 

/DV6LHWH&GHOD7UDQVIRUPDFLyQ

/D(VSHUDQ]D









3ULQFLSLR8QR &RQIURQWDQGROD5HDOLGDG(VWR\HQFDGHQDGRHQPLSURSLD3ULVLyQ

$VLJQDFLyQ
$GPLWLHQGRQXHVWUDYHUGDGHUD&RQGLFLyQ

$VLJQDFLyQ
(QWHQGLHQGRQXHVWUR&LFOR

$VLJQDFLyQ
,GHQWLFDQGRQXHVWUDV5DtFHV\'HVHRV






3ULQFLSLR'RV (QFRQWUDQGROD6ROXFLyQ<RWHQJR8QD6ROD2SFLyQ

$VLJQDFLyQ
([SORUDQGR1XHVWUD5HQXHQFLD

$VLJQDFLyQ
5HQGLUVHDO&RQWURO

$VLJQDFLyQ
3RQLHQGRVX(VSHUDQ]DHQ'LRV

3ULQFLSLR7UHV 'LFLHQGROD9HUGDG<R'HER'HMDUOD2VFXULGDG

$VLJQDFLyQ
$GPLWLHQGR1XHVWUD2VFXULGDG

$VLJQDFLyQ
3HUODQGR1XHVWUD2VFXULGDG

$VLJQDFLyQ
&RQIHVDQGR1XHVWUD2VFXULGDG

3ULQFLSLR&XDWUR&UHFLHQGRHQ7UDQVIRUPDFLyQ<RGHER0DGXUDUHQ&DUiFWHU

$VLJQDFLyQ
$FHSWDQGR5HVSRQVDELOLGDG

$VLJQDFLyQ
9DORUDQGR1XHVWUR&DUiFWHU

$VLJQDFLyQ
&XOWLYDQGR1XHVWUR&DUiFWHU


















3ULQFLSLR&LQFR 'HPRVWUDQGRXQ&DPELR5HDO$FHSWRPL5HVSRQVDELOLGDG

$VLJQDFLyQ
(YDOXDQGRHQ'DxR

$VLJQDFLyQ
3ODQHDQGRODV5HSDUDFLRQHV

$VLJQDFLyQ
(QPLHQGD9LYLHQWH






3ULQFLSLR6HLV 9LYLHQGRHQ&RPSDxHULVPR1R3XHGR6DOLU$GHODQWH6ROR

$VLJQDFLyQ
3UDFWLFDQGRHO3URJUDPD

$VLJQDFLyQ
&DPELDQGRQXHVWUR&LFOR

$VLJQDFLyQ
&UHFLHQGRHQ(VSLULWXDOLGDG

3ULQFLSLR6pSWLPR(QFRQWUDQGRXQ3URSyVLWR7HQJRXQD9LVLyQ

$VLJQDFLyQ
&RQWDQGRWX+LVWRULD

$VLJQDFLyQ
&RPSDUWLHQGRWX3HQD

$VLJQDFLyQ
'HVFXEULHQGRWX9LVLyQ

-XQWiQGROR7RGR/RV3ULQFLSLRVGH1HKHPtDV

/RV3ULQFLSLRVGH7UDQVIRUPDFLyQGH1HKHPtDV/DOLVWDGHORV3ULQFLSLRV

8QR

/D5HVSRQVDELOLGDG&RPLHQ]DFRQ+XPLOGDG

'RV

/D5HVSRQVDELOLGDG'HSHQGHGHXQD&RQIHVLyQ+RQHVWD

7UHV

/D5HVSRQVDELOLGDGLPSOLFDSHGLU$\XGD

&XDWUR 
/D7UDYHVtDGHOD6DQLGDGQXQFDVHUHFRUUH6ROR

&LQFR

/D5HVSRQVDELOLGDG$VXPHTXHHO(QHPLJRGHVHDGHUURWDUQRV

6HLV

/D5HFRQVWUXFFLyQTXL]iVVyORVHDXQDVXQWRGHHPSH]DU

6LHWH

/D5HVSRQVDELOLGDGUHTXLHUHERWDUODEDVXUD

2FKR

/DUHVSRQVDELOLGDGVLJQLFDFRQVWUXLUFHUFDGHO+RJDU

1XHYH

/DUHVSRQVDELOLGDGVLJQLFDSUHSDUDUVHFRQDQWLFLSDFLyQ

'LH]

/D5HVSRQVDELOLGDGVLJQLFD9LJLODUORVOXJDUHVGpELOHV

2QFH

/D5HVSRQVDELOLGDGGHVFDQVDVLHPSUHHQXQ*UXSR

'RFH

1XHVWUDPRWLYDFLyQSDUDOD7UDQVIRUPDFLyQGHEHUtDVHUGHVLQWHUHVDGD

7UHFH

/D5HVSRQVDELOLGDGVLJQLFDWDQWR(GLFDUFRPR3URWHJHU

&DWRUFH 
/D5HVSRQVDELOLGDG6LJQLFDDSOLFDUFRVDVSRVLWLYDVHQWXYLGD

4XLQFH 
/D5HVSRQVDELOLGDGHVXQSURFHVRTXHWRPDWRGDODYLGD

'LHFLVpLV 
$OVHUWHQWDGRPDQWpQHOFRPSURPLVRFRQOD7UDQVIRUPDFLyQ

'LHFLVLHWH
/DWUDQVIRUPDFLyQORKDUiXQEODQFRGHDWDTXHVSHUVRQDOHV\UXPRUHV

'LHFLRFKR
/DWUDQVIRUPDFLyQGDFRPRUHVXOWDGR'LVSRVLFLyQSDUDHO6DFULFLR

-XQWiQGROR7RGR 































'HQLFLRQHV 
5HFXUVRV

$FHUFDGHODXWRU 

)DLWKIXODQG7UXH0LQLVWULHV

/,)(0LQLVWULHV








0DQWHQLHQGRXQ5HJLVWURGHVXV7DUHDV


6(0$1$

35,1&,3,2

$6,*1$&,1

3$*,1$















6(0$1$

35,1&,3,2

$6,*1$&,1

3$*,1$

























6(0$1$

35,1&,3,2

$6,*1$&,1

3$*,1$





























$6,*1$&,1
&203/(7$

$6,*1$&,1
&203/(7$

$6,*1$&,1
&203/(7$

9HUSDJLQD/RV6LHWH3ULQFLSLRVSDUDRULHQWDUVHHQFRPRXVDUHVWD*XtD

*XtD/,)(SDUD+RPEUHV

3UHIDFLR

3UyORJR
/DGHVYLDFLyQVH[XDOVHKDFRQYHUWLGRHQXQFiQFHUFRP~QHQODFXOWXUDDFWXDO\ODLJOHVLDQRHVWiH[HQWD(O
Q~PHURGHSHUVRQDVTXHOXFKDQFRQSUREOHPDVVH[XDOHVVHKDHOHYDGRH[SRQHQFLDOPHQWHGHELGRDGRVIDFWRUHV
SULQFLSDOHV/DSUHYDOHQFLD\GLVSRQLELOLGDGGHODSRUQRJUDItD\ORVPHGLRVVDWXUDGRVGHVH[XDOLGDG0DUN/DDVHU
KDFRPHQWDGRTXHWRGDQXHVWUDVRFLHGDGHVWiVLHQGRVH[XDOPHQWHXOWUDMDGDSRUHVWDHPEHVWLGD/RVFRPSRUWD
PLHQWRVVH[XDOHVHQIHUPL]RV\QREtEOLFRVWDOHVFRPRODSRUQRJUDItDODPDVWXUEDFLyQFRPSXOVLYD\HODGXOWHULR
VRQWDQLPSHUDQWHVGHQWURGHODVRFLHGDGFULVWLDQDFRPRHQODVRFLHGDGHQJHQHUDO(QWUHORVFUH\HQWHVKD\KRP
EUHV\PXMHUHVLQFOX\HQGROtGHUHVTXHGHELGRDH[SHULHQFLDVSHQRVDV\SUHIHUHQFLDVSHFDPLQRVDVFRPSXOVLYD
PHQWHXVDQHOVH[R\ODVUHODFLRQHVLPStDVFRPRXQHVFDSHRPHGLFLQDSDUDKDFHUIUHQWHDODYLGD0XFKDVGHHVWDV
PLVPDVSHUVRQDVGHVHDQGHVHVSHUDGDPHQWHVHUOLEUHVGHHVWDVFDGHQDV\GHVHDQLQWHQVDPHQWHYLYLUHQLQWHJULGDG
VH[XDO (OORV TXLHUHQ H[SHULPHQWDU XQD 9,'$ /,)( JHQXLQD 9,9,(1'2 (1 /,%(57$' &$'$ '$
/LYH,Q)UHGRP(YHU\GD\
(VWD*XtDSDUD+RPEUHVGH/,)(IXHODSULPHUDGHXQDVHULHGHOLEURVGHHMHUFLFLRVGHGLFDGRVDD\XGDUDORV
KLMRVGH'LRVDVHUOLEUHVGHODHVFODYLWXGGHODDGLFFLyQVH[XDO\HTXLSDUORVSDUDFDPLQDUHQ6XDPRULQFRQGLFLR
QDO<DKD\GLVSRQLEOHXQD*XtDSDUDODV0XMHUHV/,)(VHSXEOLFyHQOD*XtDSDUD-yYHQHV\(VSRVRV
\OD*XtDSDUD3DUHMDV/,)(HVWiSODQLFDGDSDUDHO(OPLQLVWHULR/,)(HVWiDJUDGHFLGRGHWHQHUDO
'U0DUN/DDVHUXQFRQRFLGRDXWRULQWHUQDFLRQDO\FRQIHUHQFLVWDHQHOiUHDGHDGLFFLyQVH[XDOSRUPiVGHDxRV
FRPRHODXWRUGHHVWD*XtDSDUD+RPEUHV/,)(\FRPRHOSULQFLSDOHGLWRUSDUDORVOLEURVGHWDUHDVTXHYHQGUiQ
&DGDXQDGHODV*XtDV/,)(HVWiHVFULWDSRUFRQRFLGRV\UHVSHWDGRVH[SHUWRVHQHVWDiUHDGHOPLQLVWHULRFRQOD
FRRSHUDFLyQ\SDUWLFLSDFLyQFHUFDQDVGHO'U/DDVHU
(O3URJUDPDGHDSR\RJUXSDOGHOPLQLVWHULR/,)(RIUHFHJUXSRVGHRULHQWDFLyQFULVWRFpQWULFDTXHLQFRUSRUDQ
GLVFLSOLQDHVSLULWXDOUHVSRQVDELOLGDGGHJUXSRVSHTXHxRVRUDFLyQFRQWLQXD\DSR\RSDUDORVTXHEDWDOODQFRQ
SUREOHPDVVH[XDOHV/RV*UXSRV/,)(VRQJUXSRVGHDSR\RQRJUXSRVWHUDSpXWLFRV$XQTXHKD\PXFKRGHQWUR
GHFDGDXQDGHODV*XtDV/,)(\ORVPDWHULDOHVGHUHFXSHUDFLyQUHFRPHQGDGRVSDUDD\XGDUDOTXHOXFKDSDUD
LGHQWLFDU\SDFWDUFRQODVKHULGDVGHOSDVDGRWDPELpQDOHQWDPRVWHUDSLDVLQGLYLGXDOHVSDUDRULHQWDUODVUDtFHVGHO
SUREOHPDTXHIUHFXHQWHPHQWHFRQGXFHQDODDGLFFLyQVH[XDO(VYLWDOXQFRQVXOWRUFDSDFLWDGRSDUDJXLDUORVDFXUDU
ODVKHULGDVSULQFLSDOHV\DVtYLYLUFDGDGtDHQOLEHUWDG
(ODSR\RFRQWLQXRWDQFUtWLFRSDUDHVWHSURFHVRGHWUDQVIRUPDFLyQYLHQHGHODUHGGHYLGDVDWUDYpVGHORV*UXSRV
/,)( (VWRV JUXSRV LQYROXFUDQ UHODFLRQHV UHDOHV  DELHUWDV WUDQVSDUHQWHV H LQWHUUHODFLRQHV UHVSRQVDEOHV FRQ
FROHJDV OXFKDGRUHV /RV *UXSRV /,)( YDORUDQ OD FRQGHQFLDOLGDG \ PDQWLHQHQ XQ DEVROXWR FRPSURPLVR GH
SURYHHUXQDDWPyVIHUDVHJXUDGHFRPSOHWDKRQHVWLGDG\DFHSWDFLyQGRQGHORVPLHPEURVVRQDFRJLGRVHQXQD
DFWLWXGGHDPRU\SHUGyQGHORVGHPiVTXHOXFKDQODVPLVPDVEDWDOODV7RGRVHVWRVFRPSRQHQWHVJXtDQDORV
PLHPEURVGHOJUXSRKDFLDXQDVH[XDOLGDGFULVWRFpQWULFDGHDFXHUGRDODFRQYLFFLyQGHTXHQXHVWUDYHUGDGHUD
LGHQWLGDGVHHQFXHQWUDHQODOLEHUWDG\ODJUDFLDTXHVyOR-HV~VSXHGHRIUHFHU

YLL

3UHIDFLR

*XtD/,)(SDUD+RPEUHV

5HJLVWURFRQ0LQLVWHULRV/,)(
$QLPDPRVDWRGRVORVJUXSRVTXHXVDQHVWD*XtDGHHMHUFLFLRVGH/,)(DUHJLVWUDVHFRPR*UXSRV/,)($O
UHJLVWUDUVX*UXSR/,)(HQ/,)(0LQLVWULHV,QWHUQDWLRQDOIDFXOWDDORVOtGHUHVGHVXJUXSRSDUDDFFHGHUD
LQIRUPDFLyQDGLFLRQDO\GHVFXHQWRVHQORVUHFXUVRV\DEUHFDQDOHVGHFRPXQLFDFLyQDGLFLRQDOHVFRQLQIRUPDFLyQ
VREUHFRQIHUHQFLDVWDOOHUHV\FDSDFLWDFLyQGHIDFLOLWDGRUHVDPHQXGRFRQGHVFXHQWRVVXVWDQWLYRV$WUDYpVGHER
OHWLQHV\ODSiJLQD:HEGH/,)(0LQLVWULHVVXOtGHUGHJUXSRWHQGUiDFFHVRDORVPDWHULDOHV\DODLQIRUPDFLyQ
SDUDD\XGDUDVXJUXSR/,)(DFUHFHU\H[WHQGHUVXPLQLVWHULRGHD\XGDDODDGLFFLyQVH[XDOGHQWURGHVXLJOH
VLD\VXFRPXQLGDG6XJUXSRWDPELpQJXUDUiHQQXHVWUDUHGGHJUXSRV/,)(\RWURVPLQLVWHULRVGHDGLFFLyQ
VH[XDOSDUDTXHDTXHOORVTXHEXVFDQODD\XGDHQVXFRPXQLGDGORVSXHGDQXELFDUGHHVWDPDQHUDORVPLHPEURV
GHVXJUXSRQXQFDHVWDUiQVLQHODSR\RQHFHVDULRFXDQGRHVWpQOHMRVGHFDVD)LQDOPHQWHDOUHJLVWUDUVHVXJUXSR
HVWDUiSURPRFLRQDQGRHOWUDEDMRGH/,)(0LQLVWULHV,QWHUQDWLRQDO\D\XGDUiDTXHHVWHPLQLVWHULRGHJUXSRVGH
DSR\RHVWpGLVSRQLEOHHQRWUDVLJOHVLDV\FRPXQLGDGHVDWUDYpVGHOSDtV\DOUHGHGRUGHOPXQGR
3DUDPiVLQIRUPDFLyQVREUHFyPRIRUPDUXQ*UXSR/,)(RUHJLVWUDUVX*UXSR/,)(LQJUHVHDODSiJLQD:HE
GHO0LQLVWHULROODPHDOQ~PHURWHOHIyQLFRJUDWXLWRRHVFULEDQRVSDUDPiVLQIRUPDFLyQ(VWDUHPRVJXVWRVRVGH
DWHQGHUOR\DVtHPSH]DUHVWHYLDMHSDUD9,9,5(1/,%(57$'&$'$'$HQ6XDPRULQFRQGLFLRQDO
/,)(0LQLVWULHV,QWHUQDWLRQDO 
32%R[
/DNH0DU\)/



/,)(
ZZZIUHHGRPHYHU\GD\RUJ

$JUDGHFLPLHQWRVGH/,)(0LQLVWULHV
1XHVWUDSURIXQGDJUDWLWXGKDFLDDTXHOORVTXHWDPELpQKDQD\XGDGRSURGXFLUHVWHWUDEDMR$ORV0LHPEURVGHO
HTXLSRGHOtGHUHVGHOPLQLVWHULR/,)(TXLHQHVQRVyORKDQGHGLFDGRKRUDVGHWUDEDMRVLQRWDPELpQODULFDVDEL
GXUtDSURGXFWRGHVXH[SHULHQFLDHQHODSR\RDOJUXSRPLQLVWHULDO*UDFLDVHVSHFLDOHVD/DUU\\7DQLD*DXGLHUXSRU
FRPSDUWLUVXVSHUFHSFLRQHV\H[SHULHQFLDV\SRUVXGHGLFDGDOHFWXUDGHSUXHEDGHHVWHPDWHULDOHGLFLyQ\WUDEDMR
FRQHOSURFHVDGRUGHWH[WRVHQODSUHSDUDFLyQGHHVWDUHYLVLyQGHOD*XtDSDUD+RPEUHV/,)(
*UDFLDVPD\RUPHQWH\GHVGHOXHJRWRGDOD*ORULDD1XHVWUR6HxRUTXLHQVDFyD-RKQDGHODYHUJHQ]D\ODSXVR
HQHOFDPLQRGHODUHFXSHUDFLyQGHVXDGLFFLyQVH[XDO$ORODUJRGHHVWHFDPLQR(OOHGLRODYLVLyQGHVHUSDUWHGHO
0LQLVWHULR/,)(\OXHJRGHGLULJLUQRVD0DUN/DDVHU
3RUVXSXHVWRPXFKtVLPDVJUDFLDVD0DUN\'HE/DDVHUQRVyORSRUODGHGLFDFLyQ\KDELOLGDGHVGHHVFULWXUDGH
0DUNVLQRSRUVXEXHQDGLVSRVLFLyQHQFRPSDUWLUHVWDDYHQWXUD\WRGRORTXHKDDSUHQGLGRGH'LRVVREUH9LYLUHQ
/LEHUWDG&DGD'tD
%RE\-RKQD+DOH
/,)(0LQLVWULHV,QWHUQDWLRQDO
(QHUR

YLLL

*XtD/,)(SDUD+RPEUHV

$JUDGHFLPLHQWRV

$JUDGHFLPLHQWRV
3DUDPtHVFULELUXQOLEURRFXDGHUQRGHHMHUFLFLRVHVVLHPSUHXQHVIXHU]RGHHTXLSR7DOHVHOFDVRGHHVWD*XtD
SDUDKRPEUHV/,)(+D\PXFKDVSHUVRQDVDTXLHQHVDJUDGHFHU\TXHKDQFRQWULEXLGRVLJQLFDWLYDPHQWHDPLV
LGHDVHVFULWRV\WUDEDMRHQHVWHSUR\HFWR

)LQDOPHQWHFXDOTXLHUWUDEDMRGHHVWDPDJQLWXGGHSHQGHGHODVRUDFLRQHVGHDTXHOORVTXHHOPHQWHORUHVSDOGDQ
6REUHWRGRGHVHRDJUDGHFHUD%RE\-RKQD+DOHSDUDVXHVWtPXORLQFDQVDEOHJHQWLOHVUHFRUGDWRULRV\DODVLQF
HVDQWHVRUDFLRQHV(OORVVRQYHUGDGHURJXHUUHURVGHRUDFLyQ\KDVLGRVXYLVLyQGXUDQWHWRGRHOWLHPSRODTXHGLR
DOX]HVWHSUR\HFWR\PLQLVWHULR

&XDOTXLHUHVFULWRUTXHSDVDKRUDVIUHQWHDODSDQWDOODGHOFRPSXWDGRUGHEHFRQWDUFRQODVRUDFLRQHVODSDFLHQFLD
\HODSR\RGHVXIDPLOLD0LVKLMRVDSUHQGLHURQKDFHWLHPSRDVyORGHMDWUDQTXLORD3DSi\DEXVFDURWUDVFRVDV
TXHKDFHU
0DVTXHQDGDHVWHOLEURHVWiGHGLFDGRD'HE+DVLGRHOODTXLHQPHKDHQVHxDGRHOVLJQLFDGRYHUGDGHURGHOD
*UDFLD\ODVXFLHQFLDGH'LRV/DFDUDGHHOODHVYHUGDGHUDPHQWHODFDUDGHODJUDFLDHODPRU\HOSHUGyQ(V
HOODTXLHQFRQPD\RUIUHFXHQFLDSUDFWLFDORTXH\RSUHGLFRHQVHxR\HVFULER(OODWDPELpQKDVLGRODIXHQWHGHOD
IXHU]DSDUDFRQVHJXLUHVWR)LQDOPHQWHHOODDSRUWyPXFKDVGHODVLGHDVDTXtSODVPDGDVIUXWRGHORVDxRVGHFRQ
VHMHUtDWDOOHUHV\DSR\RDJUXSRVMXQWRFRQPLJR0iV\PiV'LRVQRVHVWiOOHYDQGRDVHUVRFLRVHQHOPLQLVWHULR
\HVWRHVUHDOPHQWHDSDVLRQDQWH

8QDVSDODEUDVHVSHFLDOHVSDUD'RQ*OHDVRQTXLpQUHDOPHQWHKDD\XGDGRDFRQFHELUODYLVLyQGHQXHVWURPLQLVWHULR
\KDGDGRWDQWR'HEFRPRDPtXQVHQWLGRGHGyQGHQRVGLULJLUHPRVUHDOPHQWHHQORVSUy[LPRVFLQFRDxRV

8Q KHUPDQR HQ HVSHFLDO (OL 0DFKHQ KD FRPSDUWLGR PL PLQLVWHULR GXUDQWH PiV GH GLH] DxRV$OJXQDV GH ODV
LGHDVHQHVWHFXDGHUQRGHHMHUFLFLRVFRPRHOFRQFHSWRWRWDOGHODYLVLyQTXHHVWiUHODFLRQDGRFRQODUHFXSHUDFLyQ
SHUWHQHFHQDpO6LHPSUHHVWDUpDJUDGHFLGRGH(OLSRUVXDPLVWDGVXVRUDFLRQHV\VXDSR\RHQHVWRVDxRV

'XUDQWHORV~OWLPRVDxRV'HE\\RKHPRVVLGRSDUWHGHOPLQLVWHULRGH7DOOHUHV%HWHVGDHQ1DVKLOOH7HQQHVVHH
1RKHFRQRFLGRXQDLJOHVLDORFDOPiVFRODERUDGRUDTXHOD,JOHVLDGH&ULVWRGH:RRGPRQW+LOOVTXHDXVSLFLRHVH
PLQLVWHULR8QRGHQXHVWURVFROHJDVDKt0DUQLH)HUUHHHVFULELyHOOLEURGHHMHUFLFLRVSDUDDGLFWDVDOVH[R6XV
FRQWULEXFLRQHVDHVWDVVHULHVGHHMHUFLFLRVKDQVLGRH[WUHPDGDPHQWH~WLOHVDVtFRPRVXOLGHUD]JRHQDTXHOPLQLV
WHULR7DPELpQSLHQVRHQHOHTXLSRGHFRQVHMHUtDGHDOOiJHQWHFRPR$QJHOD7KRPSVRQ.HQ*UDKDP\5LFKDUG
%ODQNHQVKLS$YHFHVHOVyORFRQYHUVDUFRQHOORVQRVJXLyDLGHDVSURYHFKRVDV
'XUDQWHQXHVWURVDxRVGHUHFXSHUDFLyQKHHVWDGRVLHPSUHDJUDGHFLGRSRUODFRQWULEXFLyQGHFROHJDV\RWURV/DV
OLVWDVHOORVHVGHPDVLDGDQXPHURVRFRPRSDUDPHQFLRQDUOD+D\DOJXQRVTXHVHPHUHFHQHOUHFRQRFLPLHQWR
3DW&DUQHV5XVV:LOOLQJKDP+DUU\6FKDXPEHUJ5LFKDUG%ODQNHQVKLS0DUQLH)HUUHHQJHOD7KRPSVRQ\.HQ
*UDKDP+HGLVIUXWDGRVLHPSUHPLVUHODFLRQHVFRQSHUVRQDVFRPRHOORV\HQPXFKRVVHQWLGRVKDQPRWLYDGRGH
ODPHMRUPDQHUDHQPLWUDEDMR


L[

$JUDGHFLPLHQWRV

*XtD/,)(SDUD+RPEUHV

+D\PXFKRVDGLFWRVFXUDGRVTXHKDQFRODERUDGRHQHVWHFXDGHUQRGHHMHUFLFLRVSRUHOHQWHQGLPLHQWRTXHKDQ
FRPSDUWLGRFXDQGREXVFiEDPRVHQFRQWUDUODGLVFLSOLQD\ODVUHVSXHVWDVDOGHVDItRSRUVHUSHUVRQDVGHLQWHJ
ULGDG\VDOXGVH[XDO3DUDORVSURSyVLWRVGHODQRQLPDWRGHEHQTXHGDUVHDQyQLPRV3LHQVRHQ0LFKDHO7TXLHQ
UHDOPHQWHOHGLRODIRUPDDOIRUPDWRGHHVWHFXDGHUQRGHHMHUFLFLRV7DPELpQSLHQVRHQORVKRPEUHVGHOJUXSR
GH)DLWKIXODQG7UXHHQOXJDUHVFRPR-DFNVRQYLOOH)O5RFNIRUG,OO\HOJUXSRGH:LOORZ&UHHNHQ%DUULQJWRQ
,OOTXHKLFLHURQVXJHUHQFLDVPX\~WLOHV*UDFLDV-HUU\6:DOWHU+\0HO$3RUVXSXHVWRTXHWDPELpQHVWiQODV
SHUVRQDVGHOJUXSRRULJLQDOGH/,)(HQ2UODQGRFX\DVRUDFLRQHV\VXJHUHQFLDVVRQSDUWHVHVHQFLDOHVGHOFRQ
WHQLGR'HERPHQFLRQDUDWRGRVQXHVWURVFOLHQWHV\SDUWLFLSDQWHVHQHOWDOOHU(VPX\UDURTXHKD\DXQGtDHQTXH
QRDSUHQGDDOJRGHWRGRVXVWHGHV
3RUVXSXHVWRTXHQRVyORFRPRDGLFWRVLQRWDPELpQFRPRXQFRUHVSRQVDEOHPHSUHRFXSDKDEHUGHMDGRGHPHQ
FLRQDURQRKDEHUUHFRQRFLGRHODSRUWHGHDOJXQRGHHOORVFRPRGHELHUD8QDGHODVJUDQGHVDOHJUtDVGHPLYLGD
HVFRPSDUWLUHOPLQLVWHULR(VSHURTXHWRGRVORVTXHPHFRQRFHQDFHSWHQTXHVRQXQDSDUWHPX\ULFD\SURIXQGD
GHPLYLGD
'HQLWLYDPHQWHVLXVWHGHVDOJXLHQTXHWRPDHVWHFXDGHUQRGHHMHUFLFLRVSRUSULPHUDYH]JUDFLDVSRUHOFRUDMH
TXHOHSRQGUiSDUDUHFREUDUVXVDOXG'LRVORSXHGHEHQGHFLU
0DUN/DDVHU
(QHUR

*XtD/,)(SDUD+RPEUHV

,QWURGXFFLyQ

,QWURGXFFLyQ
%LHQYHQLGRDHVWHYLDMHKDFLDHO9LYLU&DGD'tDHQ/LEHUWDG0LRUDFLyQHVTXHHVWHOLEURGHWUDEDMREHQGLJDULFD
PHQWHVXYLGD6XHODERUDFLyQKDVLGRXQDODERUGHDPRU\HVHOUHVXOWDGRGHODVDELGXUtD\JHQHURVLGDGGHPXFKD
JHQWH3DUWHGHHVWRVVRQORVPLOHVGHDGLFWRV\HVSRVDVFRQORVTXHKHWHQLGRHOKRQRUGHWUDEDMDUSRUFDVLDxRV
3HURVREUHWRGRHVHOSURGXFWRGHODPRU\JUDFLDGH'LRVHQPXFKDVYLGDVLQFOX\HQGRODPtDSURSLD
/RVSULQFLSLRVGHHVWH/LEURGH7DUHDV\RWURVFRQWHQLGRVHQHVWDVHULHGH/LEURVGH7UDEDMRVRQORV6LHWH3ULQ
FLSLRVSDUD6HU)LHO\$XWpQWLFR(VWRVIXHURQRULJLQDOPHQWHFRQFHELGRVFXDQGRWUDEDMDEDFRQODV$VRFLDFLyQGH
)DPLOLDV$PHULFDQDV$PHULFDQ)DPLO\$VVRFLDWLRQHQ(OWtWXOR)DLWKIXODQG7UXH)LHO\9HUGDGHUR
IXHWRPDGRGHPLSULPHUOLEUR\OLEURGHWDUHDV(VHOUHVXOWDGRGHXQDFRQYHUVDFLyQTXHWXYHFRQ*DU\6PDOOH\
DFHUFDGHFXDOVHUtDODPDQHUDPiVSRVLWLYDGHYHUODOXFKDTXHLPSOLFDORJUDURPDQWHQHUODGHOLGDGVH[XDO
5HFRQRFHTXHWRGRVORVKRPEUHV\PXMHUHV&ULVWLDQRVEXVFDQPDQWHQHUVHtQWHJURV\SXURVVH[XDOPHQWH
&XDOTXLHUDGHXVWHGHVTXHHVWHIDPLOLDUL]DGRFRQORV3DVRVGHORV$OFRKyOLFRV$QyQLPRVVHGDUiQFXHQWDTXH
ORV3ULQFLSLRVVLJXHQODVDELGXUtDGHHVWRVSDVRV(VWRKDVLGRVLHPSUHPLVHQWLUTXHORVSDVRVFRQWLHQHQPXFKD
VDELGXUtD0XFKRVFULVWLDQRVVLQHPEDUJRKDQVLGRUHQXHQWHVDXVDUORVGHELGRDTXHQRVRQORVXFLHQWHPHQWH
HVSHFtFRVGHQXHVWUDQHFHVLGDGGHHVWDUHQXQDUHODFLyQGHWRWDOGHSHQGHQFLDFRQ&ULVWR3RUHVWDUD]yQKHPRV
FRQGHQVDGRORVSDVRVHQVLHWHSULQFLSLRV\ORVKHPRVHODERUDGRHQXQOHQJXDMHTXHHVFRQVLVWHQWHFRQQXHVWUDIH

(VWH/LEURGH7DUHDVWDPELpQSUHVHQWDUiXQQXHYRPRGRGHYHUORTXHSRUDxRVKDVLGROODPDGR5HFXSHUDFLyQ
(VWHHVHOYLDMHKDFLDODOLEHUWDGGHYLHMRVKiELWRV1REXVFDPRVUHFXSHUDUYLHMDVPDQHUDVGHYLYLU/RTXHVtEXV
FDPRVHVUHVWDEOHFHUDTXHOORTXHGHVHDPRVVDQDU1RREVWDQWHODOLEHUWDGTXHEXVFDPRVHVXQDVXQWRGHWUDQV
IRUPDFLyQ(VXQYLDMHTXHLQYROXFUDFDPELRVHQQXHVWUDVYLGDVORVTXHVHORJUDQDWUDYpVGHODPRU\HOSRGHU
WUDQVIRUPDGRUGH'LRV0XFKRVGHXVWHGHVTXHHVWiQIDPLOLDUL]DGRVFRQHOOHQJXDMHGHODHWDSDGHUHFXSHUDFLyQ
SHUFLELUiQTXHKD\DOJXQDVIRUPDVHQTXHODVSDODEUDVFDPELDQFXDQGRFRPHQ]DPRVDSHQVDUHQODFXUDFRPR
XQDWUDQVIRUPDFLyQ
3RUDxRVPHKHDOHJUDGRPXFKRDOHVFXFKDUDFHUFDGHORVJUXSRVGHKRPEUHV\PXMHUHVTXHKDQIRUPDGRJUXSRV
GHDSR\RSDUDODDGLFFLyQVH[XDO\KDQXVDGRPLSULPHU/LEURGH7UDEDMR0XFKRVGHHVWRVJUXSRVVHOODPDQ
)DLWKIXODQG7UXH)LHO\9HUGDGHUR(QWRQFHVSRUTXpQHFHVLWDPRVXQQXHYR/LEURGH7UDEDMR"1XHVWUDV
FRQFOXVLRQHVIXHURQTXHGDGRHOIRUPDWRRULJLQDOGHOOLEURWRPDEDGHPDVLDGRWLHPSRSDUDORVJUXSRVDEDUFDUHO
PDWHULDO$PXFKRVGHORVJUXSRVOHVKDEtDWRPDGRKDVWDXQDxRHVWXGLDUWRGDVODVOHFFLRQHV&RQVHFXHQWHPHQWH
FXDQGRXQQXHYRPLHPEURTXHUtDXQLUVHDOJUXSRIUHFXHQWHPHQWHWHQtDTXHHVSHUDUPXFKRWLHPSRSDUDUHFXSHUDU
ODVSULPHUDVOHFFLRQHVDVtFRPRWRGRHOPDWHULDOEDVHTXHODJHQWHQHFHVLWDHQWHQGHUHQORVSULPHURVGtDV\VHPD
QDVGHOUHFRUULGRGHWUDQVIRUPDFLyQ


,QWURGXFFLyQ

*XtD/,)(SDUD+RPEUHV

1RVLJQLFDQTXHQHFHVDULDPHQWHUHHPSODFHPRVDTXHO/LEURFRQHVWRVOLEURVGHWUDEDMR+D\DXQXQDJUDQSUR
IXQGLGDG \ SRGHU HQ OD FRPELQDFLyQ GHO PDWHULDO \ HO HVWXGLR GH OD (VFULWXUD 1HFHVLWDPRV VLQ HPEDUJR XQD
PDQHUDGHKDFHUXQFLFORFRQHOPDWHULDOEiVLFRHQSHULRGRVPiVFRUWRVGHWLHPSR(OGLVHxRGHHVWH/LEURGH7UD
EDMR\RWURVGHODVHULHHVTXHHOPDWHULDOSXHGHVHUHVWXGLDGRHQ&LFORVGH6LHWH6HPDQDVFRUUHVSRQGLHQWHVDORV
6LHWH3ULQFLSLRV6L8VWHGREVHUYDHOSHUOYHUiTXHFDGDSULQFLSLRKDVLGRGLYLGLGRHQWUHVVHFFLRQHVSULQFLSDOHV
RDVLJQDWXUDV&DGDVHFFLyQFUHFHHQSURIXQGLGDGGXUDQWHHOUHFRUULGRGHWUDQVIRUPDFLyQGHVDQLGDGGHODDGLFFLyQ
VH[XDO,QWHQFLRQDOPHQWHWRGDVODVSHUVRQDVGHXQ*UXSR/,)(SXHGHQWUDEDMDUHQHOPLVPRSULQFLSLRGXUDQWH
ODPLVPDVHPDQD$OJXQRVTXL]iVHQORVSULPHURVGtDVGHVXVWUDYHVtDVRWURVTXL]iVHVWpQWUDEDMDQGRSRUVHPDQDV
RLQFOXVRPHVHV(OPDWHULDOHVWiGLVHxDGRSDUDFXEULUGLIHUHQWHVQHFHVLGDGHVHQWLHPSRVYDULDEOHVVLHPSUHTXH
HOJUXSRHVWHHQIRFiQGRVHHQXQRGHORV6LHWH3ULQFLSLRV7HQHPRVODFRQYLFFLyQGHTXHWUDEDMDUFRQHVWH/LEUR
VHUiFRPRHVWDUOH\HQGROD%LEOLD&DGDYH]TXH8VWHGORKDJDUHFLELUiQXHYRVSHQVDPLHQWRVHLQVSLUDFLyQ6LHVR
VHFXPSOH8VWHGVHUiUHDOPHQWHFDSD]GHXVDUHVWHPDWHULDOFRPRXQIXQGDPHQWRVLHPSUHYLJHQWH\SHUGXUDEOH
(VWH/LEURGH7UDEDMRUHDOPHQWHFRPLHQ]DFRQPLSURSLDKLVWRULDGHSHFDGRVH[XDO\DGLFFLyQ&RPHQ]yFXDQGR
HUD XQ PXFKDFKR \ H[SHULPHQWp HO DEXVR VH[XDO \ FRQWLQXy KDVWD TXH WXYH  DxRV (Q WRGR HVWH WLHPSR VH
LQFOX\yODPDVWXUEDFLyQDGLFWLYDODSRUQRJUDItDHOXVRGHODSURVWLWXFLyQ\VH[RFRQPXFKDVPXMHUHV/DSHRU
SDUWHGHPLKLVWRULDHVTXHDEXVpGHOSULYLOHJLRGHVHUXQSDVWRU\FRQVHMHURWHQLHQGRVH[RFRQPXMHUHVTXHKDEtDQ
YHQLGRDPtSRUD\XGD(QFLHUWRPRGRWRGRVPLVHVFULWRVVRQXQLQWHQWRSRUHQPHQGDUHOGDxRTXHKLFHDPL
HVSRVDIDPLOLD\RWURV$XQFXDQGRKDEtDDFHSWDGRD&ULVWRFRPRPLVDOYDGRUGHVGHPX\FKLFRFRPRKLMRGHXQ
SDVWRUQXQFDKDEtDUHQGLGRPLYLGDD6X6HxRUtRGHSRGHUOLEHUDGRUKDVWDTXHQDOPHQWHORKLFH+DEtDHVWDGR
VXSOLFDQGRD'LRVTXHPHFDPELHSHURHUDUHDOPHQWHPX\LQPDGXURHVSLULWXDOPHQWH\HVWXYHWUDWDQGRGHPD
QLSXODUOR4XHUtDORTXH$OFRKyOLFRV$QyQLPRVOODPDEDQXQDPDQHUDPiVH[LEOH\JHQWLO3DVHJUDQSDUWHGH
PLYLGDPROHVWRFRQ'LRVSRUQRVDQDUPH$OEHUJXpSURIXQGRVDQKHORVGHQWURGHPLDOPDTXHQRVDEUtDFyPR
H[SUHVDUORV(VWXYHVROR\PROHVWRQRVyORFRQ'LRVVLQRFRQPXFKRVRWURVTXHPHURGHDEDQ7HQtDXQDPHQWDOL
GDGDFWLYD\HVWDEDDEXUULGR
%XVTXHFRQVHMRVFRQPXFKRVWHUDSHXWDV\SDVWRUHV'HELGRDTXHQXQFDIXLKRQHVWRFRQQLQJXQRGHHOORVQR
SXGLHURQD\XGDUPH&RPRQRORKLFLHURQWXYHXQJUXSRPiVGHSHUVRQDVDTXLHQFXOSDU0LHVSRVD\\RWHQtDPRV
ORTXHDSDUHQWDEDVHUSRUIXHUDXQPDWULPRQLRQRUPDO3HURUHDOPHQWHpUDPRVH[WUDxRVXQRFRQHORWURKDEtD
PXFKDVFRVDVDFHUFDGHPtTXHHOODQRVDEtD(VHQFLDOPHQWHODGREOHYLGDTXHOOHYDED)XLXQH[LWRVRSDVWRU
PDHVWUR\FRQVHMHURH[WHUQDPHQWHSHURSRUGHQWURHUDXQDSRUTXHUtD/DODVFLYLDPHWHQtDDWUDSDGRLQFOXVRHQ
IRUPDVTXHQRDFHSWDED<WHQtDODLGHDHUUDGDGHTXH<RSRGUtDD\XGDUPHDPtPLVPRVLORGHVHDED'HVSXpVGH
WRGRFRQTXLpQSRGUtDUHDOPHQWHKDEODU"5HYHODUPLVSHFDGRVWUDHUtDFRQVHFXHQFLDVTXHQRGHVHDEDHQIUHQWDU
)LQDOPHQWH XQ JUXSR GH JHQWH HQRMDGD PH DERUGR (OORV VH HQWHUDURQ GH PLV FRPSRUWDPLHQWRV VH[XDOHV 0H
ERWDURQGHWRGRVPLVWUDEDMRV0HGLMHURQTXHPHDPDEDQSHURPX\SRFRVKDQYXHOWRDGLULJLUPHODSDODEUD
GHVGHHQWRQFHV+XERXQVyORKRPEUHHQHVHJUXSReOHUDXQDOFRKyOLFRUHFXSHUDGR3LHQVRTXH(O(VStULWX6DQWR
LQWHUYLQRHVHGtDQXQFDROYLGDUpHVDVSDODEUDV3LHQVRTXHWXVKiELWRVFRQHOVH[RQRVRQGLIHUHQWHVGHORVPtRV
FRQODEHELGD6LFRQItDVHQPtWHFRQVHJXLUpDOJRGHD\XGD(VWXYHGHPDVLDGRFDQVDGRSDUDUHVLVWLU+LFHORTXH
PHGLMRTXHKLFLHUD)XLDOFHQWURGHWUDWDPLHQWRGLULJLGRSRUHO'U3DWULFN&DUQHV)LQDOPHQWHIXLKRQHVWRFRQ
PXFKDJHQWH\FRPHQFpDVDQDUPH

*XtD/,)(SDUD+RPEUHV

,QWURGXFFLyQ

+DVWDKR\HVWR\DJUDGHFLGRSRUHOWUDEDMRSLRQHURGH3DW&DUQHV0XFKRVGHXVWHGHVDGYHUWLUiQTXHDOJRGHORTXH
OHHUiQHQHVWHOLEURHVWiEDVDGRHQVXWUDEDMR7DPELpQHVWR\DJUDGHFLGRDXQDOFRKyOLFRUHFXSHUDGR'HPXFKRV
PRGRVPLFXUDFRPHQ]yFRQHOWUDEDMRSLRQHURTXH+LOO:LOVRQ\HO'U%RE6PLWKFRPHQ]DURQHQXQPRY
LPLHQWRTXHIXHFRQRFLGRFRPR$OFRKyOLFRV$QyQLPRV$$0XFKRVGH8VWHGHVDGYHUWLUiQHOREYLRSDWULPRQLR
GH$$\VXLQXHQFLDHQDOJXQDVGHHVWDVSiJLQDV

$O HVFULELU HVWR WHQJR  DxRV GH FRQWLQXD VREULHGDG GH FRPSRUWDPLHQWRVH[XDO IXHUD GH PL PDWULPRQLR 0L
HVSRVD\\RKHPRVHVWDGRFDVDGRVSRUDxRV(VUHDOPHQWHVyORDWUDYpVGHVXJUDFLDTXHFRPHQFpDHQWHQGHU
ODJUDFLDGH'LRV$ORODUJRGHHVWHOLEURSXHGRXVDUHOHPHQWRVGHPLKLVWRULDSDUDLOXVWUDUYDULRVSXQWRV+DJR
HVWRQRSDUDFRQWDUOHVFXiQPDUDYLOORVRVR\SRUKDEHUWHUPLQDGRFRQWRGRVHVWRVFRPSRUWDPLHQWRV(VVRODPHQWH
JUDFLDVDOSRGHUWUDQVIRUPDGRU\DODPRUGH'LRVTXHHVWR\YLYR8VRPLSURSLDKLVWRULDFRQODHVSHUDQ]DGHTXH
VHDXQHVWLPXORSDUD8VWHGHV3DUDTXHVHSDQTXH<RVR\XQRGHXVWHGHV1RHVFULERHVWRGHVGHDOJ~QGLVWDQWHLQ
VWLWXWR&RPR8VWHGHVDQKHORSURIXQGDPHQWHXQDUHODFLyQGHGHSHQGHQFLDFRQ-HVXFULVWRDVtFRPRDXQFRQWLQ~R
EXVFDQGRGHSHQGHUGHeOGHPXFKDVPDQHUDV
6REUHWRGRGHVHRTXHVHSDQTXHODFRPSOHWDFXUDHVSRVLEOH&XDQGRPHHVWUHOOp\PHTXHPp\IXLDOFHQWUR
GHWUDWDPLHQWRSHQVpTXH'LRVKDEtDWHUPLQDGRFRQPLJR0XFKDJHQWHHVWXYRHQRMDGDFRQPLJR0LKLVWRULDWHU
PLQyHQODSULPHUDSODQDGHXQSHULyGLFRORFDO0LHVSRVD\\RQRWHQtDPRVGLQHUR)XHVyORHQWRQFHVHQHVRV
PRPHQWRVTXHDPERVUHDOPHQWHFRPHQ]DPRVDHQFRQWUDUODSUHVHQFLDVDQDGRUDGHXQUHDODPDQWHSHUGRQDGRU
\UHVWDXUDGRU'LRV<RKDEtDVLGRPX\RUJXOORVRGHVGHXQSULQFLSLR/XHJRHQPLWRWDOGHELOLGDGFRPHQFpD
HQWHQGHUTXHVRODPHQWHeOSRGUtDKDFHUSRUPtORTXH\RQRSRGUtDKDFHUSRUPtPLVPR$OJXLHQFRPSDUWLyXQ
YHUVtFXORFRQPLJRTXHVHFRQYLUWLyHQPLYHUVtFXORIDYRULWRGXUDQWHPLVSULPHURVGtDV(V)LOLSHQVHV(VWDQGR
FRQDGRGHHVWRTXHHOTXHFRPHQ]yHQYRVRWURVODEXHQDREUDODSHUIHFFLRQDUiKDVWDHOGtDGH-HVXFULVWR
9ROYLHQGROXHJRDDTXHOORVSULPHURVGtDVQXQFDSHQVpTXHHVFULELUtDDOJ~QOLEUR3HUR'LRVKDKHFKRFRVDVLQ
FUHtEOHVHQPLYLGD(VSHURTXH8VWHGHQFXHQWUHHQHVWH/LEURGH7DUHDVXQOXJDUGRQGHHPSLHFHVXWUDYHVtDKDFLD
VXVDQLGDG\WUDQVIRUPDFLyQ3RUIDYRUVHSDTXHDODYH]TXHHVFULERHVWR\RUDQGRSRU8VWHGSDUDTXHXVWHGVHSD
TXH'LRVGHXQPRGRVREUHQDWXUDOKDUiTXH&ULVWRFRPSOHWHODEXHQDREUDTXHeOFRPHQ]yXQGtDHQVXYLGD


'U0DUN/DDVHU

&RPR8VDUHVWD*XtD/,)(

*XtD/,)(SDUD+RPEUHV

&RPR8VDUHVWD*XtD/,)(
(VEXHQRVDEHUTXH8VWHGXVDUiHVWH/LEURGH7UDEDMRSRUTXHDOJXLHQGHXQJUXSR/,)(VHORUHFRPHQGy+D
WRPDGRXQDGHFLVLyQGHKDFHUDOJRSRUVXDGLFLyQVH[XDO\KDHQFRQWUDGRXQJUXSR/,)(ORTXHVLJQLFDTXH
8VWHGWHQGUiODIXHU]DGHOFRPSDxHULVPRGHRWURVKRPEUHVTXHORD\XGDUiQDFRPHQ]DU$Sy\HVHHQHOORV\DSUH
QGDFyPRHVFXFKDUWRPHHQFXHQWDTXHVXPHMRUSHQVDPLHQWRORREWHQGUiDTXtEUDVHDVtPLVPRSDUDDSUHQGHU
RWUDVIRUPDV7UDQTXLOLFHVXPHQWH5HFXHUGHTXH6DWDQiV\DKDSHUGLGRODEDWDOODFRQ8VWHG\VyORGHEHUtDFDO
ODUVH\GHMDUOR8VWHGQRGHVHDHVFXFKDUOR\DTXHVHKDSHUFDWDGRTXHpOHVHOSDGUHGHPHQWLUDV+DJDHOUPH
FRPSURPLVRGH1RHVFXFKDUORRWUDYH]

6X'LDULR3ULYDGR
/DSULPHUDFRVDTXH8VWHGQHFHVLWDUiKDFHUHVFRQVHJXLUXQ'LDULRGHDOJXQDFODVH3XHGHVHUWDQVLPSOHFRPRXQ
FXDGHUQRHVSLUDORSXHGHVHUXQ'LDULRHOHJDQWHTXHSXHGHHQFRQWUDUORHQOLEUHUtDVRDOPDFHQHVGHSURGXFWRVSDUD
RFLQD3XHGHVHUXQDUFKLYDGRUSDUDTXHSXHGDDJUHJDUWDQWDVSiJLQDVFRPRQHFHVLWH&XDOTXLHUDVHDVXIRUPD
VX'LDULRSHUVRQDOGHEHVHUFyPRGRDOHVFULELUHQpO(OPLQLVWHULR/,)(GHFLGLyQRGLVSRQHUGHHVSDFLRHQHVWH
/LEURGH7UDEDMRSDUDHVFULELUHQpODQGHTXHSXHGDXVDUFRPRUHIHUHQFLDHVWHPDWHULDOXQD\RWUDYH]3XHGH
FRSLDUDOJXQDVGHODVSiJLQDV\GiUVHODVDRWURV(OREMHWLYRHVTXHODPD\RUtDGHODV$VLJQDFLRQHVHVFULWDV8VWHG
ODVKDJDHQVX'LDULRHQYH]GHKDFHUORHQVX/LEURGH7UDEDMR6LQHPEDUJRDOJXQDVYHFHV8VWHGREVHUYDUiTXH
VHSURSRUFLRQDUiSRUFRQYHQLHQFLDDOJ~QHVSDFLRSDUDUHVSXHVWDVFRUWDV&DGD$VLJQDFLyQFRQWLHQHDOJXQDGLV
FXVLyQUHODWLYDDO3ULQFLSLRTXHHVWiVLHQGRSUHVHQWDGRDVtFRPRHOSURFHVRGHUHH[LyQQHFHVDULDSDUDFRPSOHWDU
ODV$VLJQDFLyQHVHVFULWDVGHQWURGHHVH3ULQFLSLR/DVLQVWUXFFLRQHVGHOD$VLJQDFLyQDFWXDOHVWiQFODUDPHQWH
VHxDODGDVGHQWURGHOFRQWHQLGRGHODGLVFXVLyQ(VHYLGHQWHTXHSDUDHVWDUVHJXURGHEHUHJLVWUDUODVHQVX'LDULR

&RQUPHTXHKDSXHVWRVXQRPEUHHQHO'LDULR6HFRQYHUWLUiHQVXVDJUDGRGRFXPHQWR\QDGLHPiVGHEHYHUORD
PHQRVTXH8VWHGGHFLGDFRPSDUWLUOR5HFXHUGDFRPRORVYLHMRV'LDULRVWHQtDQOODYHVSDUDSURWHJHUHOFRQWHQLGR"
0DQWHQJDHVDLGHDHQVXPHQWH(VWHHVVX'LDULRSDUDTXHXVWHGUHJLVWUHVXVUHVSXHVWDV\UHH[LRQHVFRQFRPSOHWD
KRQHVWLGDG1RGHVHDPRVTXHQDGLHPiVOROHDVLQVXFRQVHQWLPLHQWR
6X'LDULRHVXQGRFXPHQWRHVFULWR3XHGHVHUXQFXDGHUQRRXQDUFKLYRHQVXFRPSXWDGRUD$PERVWLHQHQVXV
YHQWDMDV\GHVYHQWDMDV8VHHOPpWRGRTXHPHMRUOHDFRPRGHD8VWHG/RLPSRUWDQWHHVTXHVHDGHXVRDPLJDEOH
SDUD8VWHGSDUDTXHDVtGHVHHXVDUHO'LDULR
+HREVHUYDGRSRUDxRVTXHRWURVSXHGHQGHVHDUPLUDUVX'LDULR6XHVSRVDSUREDEOHPHQWHVHUiXQDGHHOODV1R
VHDGXURFRQHOODSRUTXHUHUYHUORTXH8VWHGKDHVFULWR(OODHVWiDWHUURUL]DGD\GROLGD

*XtD/,)(SDUD+RPEUHV

&RPR8VDUHVWD*XtD/,)(

(OODGHVHDVDEHUODYHUGDGHVWiPROHVWDFRQ8VWHG\VLHQWHTXHWLHQHHOGHUHFKRGHOHHUVX'LDULR
3HURFUpDPH(VXQOtPLWHVDQRPDQWHQHUHQSULYDGRHOFRQWHQLGRGHHVWH'LDULRVREUHVXYLGD1RWHQJDWH
PRUGHMDUHVWHOtPLWH2WUDVXJHUHQFLDLPSRUWDQWHHVPDQWHQHUVX'LDULRIXHUDGHYLVWDSDUDTXHRWURVQRHVWpQ
LQQHFHVDULDPHQWHWHQWDGRVDLQYDGLUVXSULYDFLGDG/RTXHHVFULEHHQVX'LDULRHVHQWUH8VWHG\'LRV2UHSDUD
TXHHOSRGHUGHO(VStULWX6DQWRORD\XGHDVHUKRQHVWR\GHWDOOLVWD\JXDUGHVXVHVFULWRVGHRMRVQRDXWRUL]DGRV
4XL]iVKD\DRSRUWXQLGDGHVHQTXHGHVHHPRVWUDUORTXHKDHVFULWRDVXHVSRVDDRWURVDVXVSRQVRUPLHPEURV
GHOJUXSRSDVWRURWHUDSHXWD(VDGHFLVLyQHVDFHSWDEOHVL8VWHGGHFLGHTXHHVSDUDVXEHQHFLR3HURSRUIDYRU
VHSDTXHHVDHVVXGHFLVLyQ2."5HFKDFHVHUSUHVLRQDGRSRUFRPSDUWLUVX'LDULRHVSHFLDOPHQWHSRUVXHVSRVD

2UJDQL]DFLyQGHO0DWHULDOGHOD*XtD/,)(
&DGDXQRGHORV6LHWH3ULQFLSLRVHVWiGLYLGLGRHQWUHVDVLJQDWXUDV&DGDYH]TXHXQ*UXSR/,)(VHUH~QDVH
HQIRFDUiHQXQRGHHVWRVSULQFLSLRVFRPRWHPDGHHVDUHXQLyQ&DGD*UXSR/,)(VLQHPEDUJRSRGUiHVWDU
FRQIRUPDGRSRUPLHPEURVTXHHVWiQHQGLIHUHQWHVHWDSDVHQVXWUDYHVtDKDFLDVXFXUD$OJXQRGHORVKRPEUHV
TXL]iVWHQJDDxRVGHVREULHGDGPLHQWUDVRWURVTXL]iVHVWpQDVLVWLHQGRDVXSULPHUDUHXQLyQ/RV*UXSRV/,)(
GHEHUtDQHVWDUVLHPSUHDELHUWRVDQXHYRVPLHPEURVTXHSXHGHQHVWDUYLQLHQGRSRUSULPHUDYH]1DGLHSX
HGHSUHGHFLUHOWLHPSRGH'LRVDFHUFDGHFXDQGRXQDSHUVRQDGHFLGHQDOPHQWHEXVFDUD\XGD3RUORWDQWRFDGD
YH]TXHXQ*UXSR/,)(VHHQIRFDHQXQ3ULQFLSLRFDGDKRPEUHHQHOJUXSRGHEHUtDHVWDUWUDEDMDQGRXQD
GHODVWUHV$VLJQDFLRQHVGHQWURGHO3ULQFLSLR
&DGD$VLJQDFLyQHVWiGLVHxDGDSDUDOOHYDUORD8GDWUDEDMDUFRQPD\RUSURIXQGLGDGHQHO3ULQFLSLR/D$VLJ
QDFLyQ8QRUHJXODUPHQWHHVDOJREiVLFRHVHO1~FOHR\HOIXQGDPHQWRGHHVHSULQFLSLR&DGD$VLJQDFLyQ'RV
ORLQYLWDSDUDHOWUDEDMRHQORVVLJXLHQWHVHOHPHQWRVSULQFLSDOHV)LQDOPHQWHOD$VLJQDFLyQ7UHVOROOHYDDXQHQ
WHQGLPLHQWRSURIXQGRGHHVH3ULQFLSLR(OFXUVRDVHJXLUHVWiKHFKRSDUDTXH8VWHGWUDEDMHVREUHODV$VLJQDFLRQHV
HQIRUPDFRQVHFXWLYD3HURHOSODQHVTXHXVWHGWUDEDMHSULPHURHQWRGDVODV3ULPHUDV$VLJQDFLRQHVGHFDGDXQR
GHORV6LHWHSULQFLSLRVOXHJRHQWRGDVODV6HJXQGDVDVLJQDFLRQHVGHFDGDXQRGHORV6LHWH\QDOPHQWHHQWRGDV
ODV7HUFHUDVDVLJQDFLRQHVGHORV6LHWH3ULQFLSLRV(VWDDJHQGDWUDHFRPRFRQVHFXHQFLDTXHGHVSXpVGHFRPSOHWDU
HO3ULQFLSLR8QR$VLJQDFLyQ8QR8VWHGVHSDVDUiDO3ULQFLSLR'RV$VLJQDFLyQ8QR&XDQGRKD\DFRPSOHWDGR
HO3ULQFLSLR6LHWH$VLJQDFLyQ8QR8VWHGUHJUHVDUiDO3ULQFLSLR8QR$VLJQDFLyQ'RV\DVtVXFHVLYDPHQWH

(OVLJXLHQWHHVXQFXDGURTXHLOXVWUDHOSURJUHVRGHVHDGRDWUDYpVGHOD*XtD/,)(6XJLHURTXHFRSLHHOFXDGUR
SDUDVX'LDULR\ORXVHSDUDJXLDU\PRQLWRUHDUVXSURJUHVR

&RPR8VDUHVWD*XtD/,)(

*XtD/,)(SDUD+RPEUHV

/266,(7(35,1&,3,26

7UDEDMDQGRDWUDYpVGHORV3ULQFLSLRV
/D *XtD /,)( FRQWLHQH  3ULQFLSLRV FDGD
3ULQFLSLRFRQWLHQH$VLJQDFLRQHVWRWDOL]DQGR
YHLQWLXQD DVLJQDFLRQHV 6X WUDEDMR HQ OD *XtD
/,)( FRPLHQ]D HQ HO 3ULQFLSLR 8QR$VLJ
QDFLyQ 8QR 3$$OJXQDV GH ODV$VLJQD
FLRQHV SXHGHQ WHQHU PiV GH XQ HMHUFLFLR HV
FULWR /H DQLPDPRV D TXH ORV FRPSOHWH DQWHV
GHFRQWLQXDUFRQHOVLJXLHQWH(O3ULQFLSLR'RV
$VLJQDFLyQ8QR3$VHUiVXVLJXLHQWHWUD
EDMR (O XMR GH WUDEDMR TXH FRQWLQXDUi VHUi
FRPSOHWDUWRGDVODV$VLJQDFLRQHV8QRV$
UHVWDQWHVGHORV3ULQFLSLRVGHOD*XtD(OJUXSR
GLVFXWLUi XQ SULQFLSLR R $VLJQDFLyQ GLIHUHQWH
FDGDVHPDQDPRYLpQGRVHDWUDYpVGHOD*XtD
/,)(HQXQFLFORGHYHLQWL~QVHPDQDV
$VXPDPRV SRU HMHPSOR TXH 8VWHG HVWi WUD
EDMDQGRHQHO3ULQFLSLR8QR$VLJQDFLyQ8QR
8VWHGFRPLHQ]DHQHVWDOHFFLyQODSULPHUDYH]
TXHVX*UXSR/,)(HVWiDERUGDQGRHVH3ULQ
FLSLR/DVLJXLHQWHVHPDQDXVWHGSDVDDO3ULQ
FLSLR 'RV$VLJQDFLyQ 8QR 3XHGH TXH 8VWHG
QRKD\DWHUPLQDGRFRPSOHWDPHQWHFRQHO3ULQ
FLSLR8QR$VLJQDFLyQ8QR\HVRHVDFHSWDEOH
8VWHGSXHGHUHJUHVDUDpOHQRWUDRSRUWXQLGDG
(QHVWHSXQWR8VWHGVyORFRQWLQ~HFRQOD*XtD
/,)(\YD\DDO3ULQFLSLR'RVDVt8VWHGHV
WDUiDOLQHDGRHQODVWDUHDVFRQORVRWURV


6(0$1$

35,1&,3,2

$6,*1$&,1

3$*,1$















6(0$1$

35,1&,3,2

$6,*1$&,1

3$*,1$

























6(0$1$

35,1&,3,2

$6,*1$&,1

3$*,1$





























$6,*1$&,1
&203/(7$

$6,*1$&,1
&203/(7$

$6,*1$&,1
&203/(7$

&XDQGRHO*UXSRUHJUHVHDO3ULQFLSLR8QRGHVSXpVGHVLHWHVHPDQDV8VWHGUHWRPDUiHOSXQWRTXHTXHGRSHQGL
HQWHGHOD$VLJQDFLyQ8QR6HJXLUHVWRHVXQIRUPDWRPiVOHQWRODSULPHUDYH]TXL]iVOHWRPHXQDxRWUDEDMDUD
WUDYpVGHWRGRHO/LEURGH7DUHDVHVWRHVDFHSWDEOH2WURVTXL]iVGHVHHQDYDQ]DUUPHPHQWH\FRPSOHWDUWRGDOD
$VLJQDFLyQHQXQDVHPDQD&DGDXQRHVGLIHUHQWH/DUHFXSHUDFLyQQRHVXQDFDUUHUDRXQDFRPSHWHQFLDHVXQ
FDPLQRSDUDODWUDQVIRUPDFLyQGHODYLGD
(VWD*XtD/,)(HVXQGRFXPHQWRGHFUHFLPLHQWR\FDPELR8VWHGSXHGHWUDEDMDUDWUDYpVGHHVWHPDWHULDOQX
PHURVDVYHFHVHQHOFXUVRGHVXYLDMHKDFLDVXVDQLGDG'HKHFKRHVSHUDPRVTXHORKDJD(OLQYHQWDULRTXH8VWHG
FRPSOHWDUiHQHO3ULQFLSLR&XDWURSRUHMHPSORORGHVDUUROODUiHQODPHGLGDHQTXHXVWHGFUH]FDHQVXYLDMHHQ
DXWRFRQFLHQFLDGHVtPLVPR\KRQHVWLGDG<HVWRVHUiPiVFRPSOHWRD~QFXDQGR8VWHG\DWHQJDYDULRVDxRVGH
VREULHGDGHQFRPSDUDFLyQDFXDQGR8VWHGFRPHQ]yVXUHFXSHUDFLyQ


*XtD/,)(SDUD+RPEUHV

&RPR8VDUHVWD*XtD/,)(

6X*UXSR/,)(VHFRQFHQWUDUiHQORV6LHWH3ULQFLSLRVGH7UDQVIRUPDFLyQ0LHVSHUDQ]DHVTXHWRGRVORVHMHUFL
FLRVHQHVWD*XtDORGHVDItHQ$OJXQRGHHOORVTXL]iVORDEUXPHQ+D\XQDFDQWLGDGHQRUPHGHWUDEDMRERVTXHMDGD
HQHVWDVSiJLQDV(QDOJXQDVRSRUWXQLGDGHVTXL]iVVHDWHQWDGRDRPLWLUDOJXQRGHHOORVRGHMDUGHHVFULELUVXV
UHVSXHVWDV2URSDUDTXHXVWHGSHUVHYHUH\FRPSOHWHFDGD$VLJQDFLyQ8QSXQWRFODYHSDUDUHFRUGDUHVTXHXQ
WUDEDMRULJXURVR\HVPHUDGRHVODPHMRUPDQHUDSDUDFRPHQ]DUDFXUDUVH&RPRGLFHQHQ$OFRKyOLFRV$QyQLPRV
/DVPHGLDVWLQWDVQRVLUYHQGHQDGD
4XL]iVGHVFXEUDTXHOOHQDUiPiVGHXQ'LDULRGXUDQWHHVWHYLDMH%LHQSRU8VWHG/OHYDUXQUHJLVWURHQVX'LD
ULRHVXQDGHODVPHMRUHVKHUUDPLHQWDVHPRFLRQDOHV\HVSLULWXDOHVGLVSRQLEOHV\GXUDQWHHOWUDEDMRHQHVWD*XtD
/,)(TXL]iVVHDHOSXQWRGHLQLFLRSDUDHVWDPDUDYLOORVDGLVFLSOLQDHVSLULWXDO&RQVLGHUHTXHORVJUDQGHVHVFUL
WRUHVKDQHVFULWR'LDULRVDWUDYpVGHVXVYLGDV0LHQWUDVTXHOHH\HVWXGLDODV(VFULWXUDVHOUHVWRGHVXYLGDHVFULELU
VXVSHQVDPLHQWRV\VHQWLPLHQWRVVHSXHGHFRQYHUWLUHQXQDPLJRTXHORD\XGDUiDFUHFHUFRQWLQXDPHQWH
&RPR8VWHGDGYHUWLUiKD\RWUDVOHFWXUDVVXJHULGDVDORODUJRGHOFDPLQRODVFXDOHVWLHQHQFRPRSURSyVLWRVHUGH
D\XGDHQVXVWDUHDV3RUVXSXHVWRTXHQRGLJRTXHHVWHHVIXHU]RDFDEDGR(VHO/LEURGH7UDEDMRPiVFRPSOHWR
TXHFRQR]FRSHURHVVyORXQOLEUR&DGDYH]PiVYDULRVPLQLVWHULRVHVWiQSXEOLFDQGRPDWHULDOHVVLPLODUHV1R
SLHQVRTXH8VWHGWHQJDTXHVHUOHDOVRODPHQWHDHVWD*XtD/,)(8QOLEURGH7UDEDMRHVXQDKHUUDPLHQWDGLV
HxDGDSDUDVXEHQHFLR6LKD\RWURVPDWHULDOHVTXHOHD\XGHQFRQHOSURJUHVRGHVX7UDQVIRUPDFLyQJUDQGLRVR
8VHHVWRVFRPRDSR\RHQVXYLDMHDODOLEHUWDG\ODVDQDFLyQ
3RUIDYRUQRYDFLOHHQOODPDUDDOJXLHQGH/,)(0LQLVWULHV,QWHUQDFLRQDOVLHQFXHQWUDTXHQRHQWLHQGHXQD
$VLJQDFLyQ7DPELpQSXHGHSUHJXQWDUDRWURKHUPDQRTXHKDHVWDGRWUDEDMDQGRSRUDOJ~QWLHPSRHOSURJUDPD
GHUHFXSHUDFLyQSDUDTXHORD\XGH6XJUXSRORFDOGHEHUtDGDUOHDXQDOLVWDGHQ~PHURVWHOHIyQLFRVGHVXVPLHP
EURV$PHGLGDTXHSURJUHVDVHVHQWLUiPiVFyPRGRFRQHOHMHUFLFLRGHVROLFLWDUD\XGD
6REUHWRGRRURSDUDTXHHO'LRVGHWRGDSD]\HQWHQGLPLHQWRPDQWHQJDVXFRUD]yQ\PHQWHHQIRFDGRVHQ&ULVWR
DORODUJRGHWRGDHVWDWUDYHVtD




*XtDGH5HXQLRQHV

*XtD/,)(SDUD+RPEUHV

*XtDGH5HXQLRQHVGH*UXSRV/,)(
,GHQWLGDGGH*UXSRV
'DGRTXHHVWDVHULHGH/LEURGH7UDEDMRVHVDXVSLFLDGDSRU/,)(0LQLVWULHVODPD\RUtDGHORVJUXSRVGH
DSR\RTXHXVDQHVWHPDWHULDOOODPDUiQDVXVJUXSRV*UXSRV/,)(4XL]iVKD\DRWURVJUXSRVTXHXVDQ
HVWHPDWHULDOWDOFRPRODUHGGHJUXSRV)DLWKIXODQG7UXH)LHO\9HUGDGHUR\TXHVHKDQGHVDUURO
ODGRSRUWRGR(VWDGRV8QLGRVGH1RUWHDPpULFD$OJXQRGHHVWRVJUXSRVTXL]iVGHVHHLGHQWLFDUVHFRQHVWH
XRWURQRPEUHSHURDOLHQWRDORVJUXSRVDTXHVHLGHQWLTXHQFRPRXQ*UXSR/,)(DQGHEULQGDUOHV
HODSR\RHQVXVDFWLYLGDGHVHQHOSDtV\HQHOPXQGR0iVLPSRUWDQWHTXHHOQRPEUHGHVXJUXSRQRHVFyPR
FRQGXFHVXUHXQLyQ7RGRVORVJUXSRV\DVHDTXHVHOODPHQ/,)(R)DLWK)XODQG7UXHRORVTXHXVHQ
HVWHPDWHULDOGHEHUtDQVHJXLUHVWDJXtDGHUHXQLRQHV\PDQWHQHUORVSULQFLSLRV3RUHOUHVWRGHHVWHFDSLWXOR
PHUHIHULUpDORVJUXSRVFRPR*UXSRV/,)(
/RV7HUDSHXWDVFULVWLDQRVSRGUtDQXVDUHOPDWHULDOFRQWHQLGRHQHVWDV*XtDV/,)(SDUDFRQGXFLUXQDWH
UDSLDJUXSDO(QWDOHVFDVRVODJXtDGHUHXQLRQHVTXL]iVQRVHDQHFHVDULD\DTXHXQWHUDSHXWDVDEUiFRPR
FRQGXFLUFRPSHWHQWHPHQWHXQJUXSR8QLPSRUWDQWHSULQFLSLRVLQHPEDUJRHVTXH/,)(0LQLVWULHVQR
DOLHQWDDTXHFXDOTXLHULQGLYLGXRXVHHVWHPDWHULDOVRORVLQVHUSDUWHGHXQJUXSR&RPR8VWHGYHUiHVWH
WUDEDMRHVWiSUR\HFWDGRSDUDVHUKHFKRHQFDPDUDGHUtDQRDLVODGDPHQWH(VWRQRVLJQLFDGHVGHOXHJRTXH
8VWHGQRKDUiVRORHMHUFLFLRVHVSHFtFRVHQODPD\RUtDGHODVDVLJQDFLRQHV(VWiQKHFKRVVLQHPEDUJRSDUD
UHDOL]DUORVFRQRWURVFRQODUHVSRQVDELOLGDGGHUHQGLUVHFXHQWDVPXWXDPHQWH

)RUPDWRGH*UXSR
&DGD*UXSR/,)(GHEHUtDVHJXLUXQIRUPDWRHVWiQGDU/DH[SHULHQFLDLQGLFDTXHODVUHXQLRQHVTXHQR
XVDQXQIRUPDWRHVWiQGDUSXHGHQGHVRUGHQDVHIiFLOPHQWH6RQYXOQHUDEOHVDORVHVWDGRVGHiQLPRV\GLV
WUDFFLRQHVGHOPRPHQWR7DPELpQVRQYXOQHUDEOHVDODVSHUVRQDOLGDGHVPiVGRPLQDQWHVHQHOJUXSR0X
FKDVYHFHVDTXHOORVTXHEXVFDQGRPLQDUVRQORVPHQRVVDOXGDEOHVGHOJUXSR7RGRVORVJUXSRVQHFHVLWDQ
XQOLGHUD]JRIXHUWH\VyORXQSHTXHxRJUXSRGHLQGLYLGXRVSURYHHUiHVRHQFDGDJUXSR1RHVMXVWRSDUD
HOORVVLQHPEDUJRVLVyORXQRRGRVVLHPSUHOLGHUDQHOJUXSR6LVHVLJXHODJXtDGHVHJXULGDG\HOIRUPDWR
GHUHXQLRQHVPiVDEDMRLQGLFDGRVVHHOLPLQDUiODPD\RUtDGHORVSUREOHPDVGHOLGHUD]JR\GHLQGLYLGXRV
GRPLQDQWHV
/,)( 0LQLVWULHV UHFRPLHQGD HO VLJXLHQWH SDWUyQ &DGD JUXSR R IDFLOLWDGRU SXHGH PRGLFDU HO SDWUyQ
SDUDTXHVHDFRPRGHGHODPHMRUPDQHUDDODVQHFHVLGDGHVSDUWLFXODUHVGHOJUXSRSHURORVJUXSRVGHEHUtDQ
VHUPRGLFDGRVFRQFXLGDGR\DTXHXQDYH]TXHHOIRUPDWRHVWiHVWDEOHFLGRXQJUXSRGHEHUtDDGVFULELUVH
DpOFRQVLVWHQWHPHQWH
&RQVLGHUHFRSLDUHO)RUPDWRGH5HXQLRQHV\YDULDVGHODV/HFWXUDV\FRORFDUODVHQOiPLQDVRFRORFDUODVHQ
PLFDVSDUDIDFLOLWDUVXXVRHQODVUHXQLRQHV

*XtD/,)(SDUD

*XtDGH5HXQLRQHV

)RUPDWRGH5HXQLRQHVGH*UXSRV/,)(
$GYHUWHQFLD/DVLQVWUXFFLRQHVHQLWiOLFDVQRVRQSDUDVHUOHtGDVHQYR]DOWD

3UHVHQWDFLyQ,QLFLDO\2UDFLyQ

([SRVLFLyQLQLFLDOSRUHOIDFLOLWDGRUGHOJUXSR

0LQRPEUHHVBBBBBBBBBBBBBBBB\HVWR\FXUiQGRPHGHODDGLFFLyQVH[XDO(VWHHVHO*UXSR/,)(
GHKDJDFRQVWDUHOPRPHQWR\HOGtDGHODUHXQLyQSRUHMHPSOR/XQHVSRUODQRFKH\GR\ODELHQYHQLGD
DFDGDKRPEUHDTXtSUHVHQWH/RHORJLRSRUVXFRPSURPLVRGHTXHUHUVHUVH[XDOPHQWH\UHODFLRQDOPHQWH
SXURDQWH'LRVeVWDHVXQDVHVLyQSULYDGDORTXHTXLHUHGHFLUTXHVRODPHQWHDTXHOORVTXHEXVFDQVXSURSLD
\SHUVRQDOUHFXSHUDFLyQSXHGHQDVLVWLU
2UDFLyQGHDSHUWXUDHOIDFLOLWDGRURUDRHOJUXSRVHXQHSDUDSHGLUXQDRUDFLyQGHVXHOHFFLyQ3RUHMHPSORXQD
RUDFLyQGH6HUHQLGDGRXQD2UDFLyQDO6HxRU

3UHVHQWDFLRQHVHQHOJUXSR
(O)DFLOLWDGRUGLFH
,QYLWRDWRGRVDTXHVHSUHVHQWHQDPHGLGDTXHYD\DPRVSDVDQGRDODKDELWDFLyQ0HQFLRQHSRUIDYRU
VX QRPEUH \ VL VH VLHQWH FyPRGR PHQFLRQH FyPR VH H[SUHVDED SULQFLSDOPHQWH VX GHVHQIUHQR \ FXiQWR
WLHPSRKDGXUDGRVXVREULHGDG6LDVLVWHSRUSULPHUDYH]SRUIDYRUVLpQWDVHOLEUHGHPHQFLRQDUVXQRPEUH
VRODPHQWH\VHxDOHTXHDVLVWHSRUSULPHUDYH]<RYR\DFRPHQ]DU
&DGDKRPEUHVHSUHVHQWDDVtPLVPRWDOFRPRORKL]RHOIDFLOLWDGRU

0LQRPEUHHVBBBBBBBBBBBBBBBB\HVWR\FXUiQGRPHGHODDGLFFLyQVH[XDO
8QSULQFLSLDQWHSXHGHGHFLU

0LQRPEUHHVBBBBBBBBBBBBBBBB\UHFLpQHVWR\LQJUHVDQGR

%LHQYHQLGD$1XHYRV0LHPEURV
/RV*UXSRV/,)(HVWiQVLHPSUHDELHUWRVDORVQXHYRVPLHPEURVRDVLVWHQWHVTXHHVWiQEXVFDQGRD\XGD(O
IDFLOLWDGRUGLFH
$OJXLHQDVLVWHDHVWDUHXQLyQSRUSULPHUDYH]"SDXVDSDUDOHYDQWDUODPDQR
/HVGDPRVODELHQYHQLGDDORVQXHYRVLQWHJUDQWHV\QRVDOHJUDPRVGHTXHXVWHGKD\DYHQLGR&RPRHVVX
SULPHUDUHXQLyQQRHVSHUDPRVTXHKDEOHSHURVHQWLUHPRVKRQUDGRVVLXVWHGORKDFH+DEUiRSRUWXQLGDGHV
SDUDTXHXVWHGQRVFRPSDUWD\DVHDHQHVWDVHVLyQGHJUXSRPiVJUDQGHRFXDQGRQRVGLYLGDPRVHQJUX
SRVPiVSHTXHxRV3HURORPiVLPSRUWDQWHHVTXHHVWHPRPHQWRHVSDUDTXH8VWHGFRPRQXHYRLQWHJUDQWH
HVFXFKH\FRPLHQFHDVHQWLUVHVHJXUR


*XtDGH5HXQLRQHV

*XtD/,)(SDUD+RPEUHV

&UHHPRVTXHXQDSUiFWLFDLPSRUWDQWHSDUDWRGRV8GVHQHVWHYLDMHGHODWUDQVIRUPDFLyQHVXVDUXQVSRQ
VRUTXHOHD\XGHDWUDEDMDUHVWHSURJUDPD6LXVWHGGHVHDXQVSRQVRUWHPSRUDOSDUDODVVLJXLHQWHV
VHPDQDVE~VTXHPHGHVSXpVGHODUHXQLyQ$VtPLVPRVLWLHQHFXDOTXLHUSUHJXQWDVREUHQXHVWUR*UXSR
/,)(\FyPRIXQFLRQDSRUIDYRUE~VTXHPHGHVSXpVGHODUHXQLyQ

/HFWXUDV
/DVOHFWXUDVHVWiQGDUHVLPSUHVDVHQOD*XtD/,)(GHVSXpVGHHVWH)RUPDWRGHUHXQLyQVRQFRPSDUWLGDV
HQFDGDUHXQLyQ6LHVSRVLEOHHOIDFLOLWDGRUVHOHFFLRQDDORVOHFWRUHV\GLVWULEX\HODVOHFWXUDVDQWHVGHTXHOD
UHXQLyQHPSLHFH

(OIDFLOLWDGRUGLFH+HVROLFLWDGRDQRPEUHBBBBBBBBTXHOHDHOQRPEUHGHODOHFWXUDBBBBBBBBBBBBB
$TXHOORVTXHKDQDFHSWDGROHHUFRPSDUWHQHOPDWHULDOGHDEDMR





'HFODUDFLyQGHOD0LVLyQRXQDSDUWHGHOD'HFODUDFLyQGHODPLVLyQ \R

/RV6LHWH3ULQFLSLRV

\R
/DVVLHWH&V


\R
*XtDGHVHJXULGDGOHtGRVLHPSUHVLXQ3ULQFLSLDQWHHVWiSUHVHQWH

2IUHQGDV
6HSDVDXQUHFLSLHQWHGHRIUHQGDVSRUHOJUXSRDODYH]TXHHOIDFLOLWDGRUGLFH

1RKD\FXRWDRKRQRUDULRVSDUDVHUPLHPEURV\WRGRVVRQELHQYHQLGRVVLQFRQVLGHUDUVXFDSDFLGDG
SDUDKDFHUDOJXQDFRQWULEXFLyQ6LQHPEDUJRWRGRVORV*UXSRV/,)(VRQHFRQyPLFDPHQWHLQGHSHQGLHQ
WHV1RVRWURVSDJDPRVQXHVWURVSURSLRVPDWHULDOHVDOTXLOHUVLHVSHUWLQHQWH\RWURVFRVWRV\FRQWULEXLPRV
D/,)(0LQLVWULHV,QWHUQDWLRQDO6XJHULPRVVHPDQDOHVFRPRXQDFRQWULEXFLyQDQXHVWUDSURSLDVDOXG
\SDUDDVHJXUDUTXHORVRWURVWHQGUiQDFFHVRDODD\XGDTXHXVWHGKDHQFRQWUDGR7DOFRPRXQRIUHQGDHQ
XQDLJOHVLDQRVHH[LJHTXHXVWHGGHHLQGXGDEOHPHQWHXVWHGHVOLEUHGHGDUPiVTXHODFDQWLGDGLQGLFDGD

$VXQWRV
(OIDFLOLWDGRUJXtDHOJUXSRHQFXDOTXLHUGLVFXVLyQGHYLHMRV\QXHYRVDVXQWRV/RVDVXQWRVDQWLJXRVLQFOX\HQ
WHPDVFRPRIHFKDV\OXJDUHVGHUHXQLRQHV\HOSHGLGRGHPDWHULDOHV/RVQXHYRVDVXQWRVLQFOX\HQDFRQWHFLPLHQ
WRVHVSHFLDOHVIXHUDGHOJUXSRSHURUHODFLRQDGRVRFXDOTXLHUDQXQFLRGHORVWHPDVHQUHODFLyQFRQHOELHQHVWDU
GHOJUXSR
1RWHTXHWRGDVODVGHFLVLRQHVVRQKHFKDVHQFRQVHQVRFRQORVPLHPEURVGHJUXSR\GHEHQVHUFRQVLVWHQWHVFRQODV
SROtWLFDVGH/,)(0LQLVWULHV6LKD\GXGDVFRQVXOWDUFRQODRFLQDQDFLRQDO
(OIDFLOLWDGRUGLFH
+D\DOJ~QDQWLJXRDVXQWRGHOTXHQHFHVLWDPRVKDEODU"3DXVD
+D\DOJ~QQXHYRDVXQWRRDQXQFLRVTXHDIHFWHQDWRGRHOJUXSR"




*XtD/,)(SDUD

*XtDGH5HXQLRQHV

'LVFXVLyQGHO3ULQFLSLR
3UHYLDPHQWHVHOHSHGLUiDDOJXLHQTXHKDJDXQDSUHVHQWDFLyQRJXtHXQDGLVFXVLyQVREUHHO3ULQFLSLRTXHVHD
FRQVLGHUDGRHVDQRFKH(VWDSUHVHQWDFLyQGHEHOLPLWDUVHDQRPiVTXHPLQXWRV

(OIDFLOLWDGRUGLFH
1RPEUHGHPLHPEURBBBBBBBBBBBBBBBBQRVYDKDGLULJLUHQODGLVFXVLyQGHO3ULQFLSLRQXPHURBBBHOFXDO
HVBBBBBB/HDHOWH[WRGHO3ULQFLSLRBBBBBBBBBBBBBBBBBBBBBBBB

'LVFXVLyQGH*UXSRV3HTXHxRV

'LYLGLpQGRVHHQ*UXSRV
(VWHHVXQPRPHQWRGHUHVSRQVDELOLGDGFRQIHVLyQ\FRQVWUXFFLyQGHUHODFLRQHV'HSHQGLHQGRGHOWDPDxRGHO
JUXSRVHFXHQWDDFDGDGHWDOPDQHUDTXHVHFUHDQSHTXHxRVJUXSRVGHFXDWURDFLQFRKRPEUHVLQFOX\HQGRHO
IDFLOLWDGRUGHOJUXSRSHTXHxR

(OIDFLOLWDGRUGLFH$KRUDGLYLGLUHPRVHQBBBBBJUXSRVSHTXHxRV&RQWDUHPRVGHDBBBBYDULRV
SXHGHVHUDSURSLDGRBBB<RHPSH]DUH8QR&DGDXQRFXHQWDUHJUHVLYDPHQWH
(OIDFLOLWDGRUGLFH/RVJUXSRVSHTXHxRVVHUHXQLUiQFRPRVLJXH7RGRVORVGHOYDQDODKDELWDFLyQBBB
ORVGHOHQODKDELWDFLyQBBBHWF8VWHGHVHVWiQDKRUDGLVWULEXLGRVSDUDLUVXVJUXSRVSHTXHxRV
7RGRVSRUIDYRUUHJUHVHQDTXtSDUDQXHVWURFLHUUHJUXSDODODVKRUDBBBBB
$FWLYLGDGHVHQHOWUDQVFXUVRGHHVWRV*UXSRV
&DGDJUXSRSHTXHxRIRUPDGRGHEHVHUOLGHUDGRSRUDOJXLHQFRQH[SHULHQFLDDSURSLDGD\VREULHGDG/RVJUXSRV
SHTXHxRVVHUH~QHQGXUDQWHXQDKRUDGLYLGLHQGRHOWLHPSRHTXLWDWLYDPHQWHHQWUHORVPLHPEURVQRPiVTXH
PLQXWRVSRUSHUVRQDGHDFXHUGRDHVWHHVTXHPD


)RUPDWRGH*UXSR3HTXHxR









9HULFDU6HQWLPLHQWRVFyPRVHVLHQWHItVLFDPHQWHHPRFLRQDOPHQWH\HVSLULWXDOPHQWH
&RPSDUWLUUHVSRQVDELOLGDGSRU/tQHDVGH)RQGR
&RPSDUWLUUHVSRQVDELOLGDGSRU/tQHDV6XSHULRUHV
(VWDUYLJHQWHFRPSDUWLUORTXHHVWiSDVDQGRHQWXYLGD
&DGDSHUVRQDFRPSDUWHVXWUDEDMRVREUHXQDDVLJQDFLyQDSDUWLUGHO3ULQFLSLR
3HGLGRVGH2UDFLyQ
2UDFLyQ
(OJUXSRHQWRWDOVHUH~QHGHQXHYRSDUDOD&HOHEUDFLyQGH6HULHGDG\FLHUUH



*XtDGH5HXQLRQHV

*XtD/,)(SDUD+RPEUHV

&HOHEUDFLyQGH6REULHGDG
'HVSXpVTXHWRGRVHVWpQQXHYDPHQWHMXQWRVORVPLHPEURVVRQDQLPDGRVDUHSRUWDUVXVSURJUHVRV\FHOHEUDU
ORVDFRQWHFLPLHQWRVGHUHFXSHUDFLyQ(O*UXSR/,)(UHFRQRFHORVSHUtRGRVLPSRUWDQWHVGHOVREULHGDGWDOHV
FRPRXQDVHPDQDXQPHVWUHVPHVHVVHLVPHVHV\XQDxRRYDULRVDxRV(QDGLFLyQDORVFKLSVRFKDVGH
5HFXSHUDFLyQTXHVRQWUDGLFLRQDOHVHQORV$OFRKyOLFRV$QyQLPRVTXHHOJUXSRSXHGHVXPLQLVWUDUDOJ~QFODVH
GHUHFXHUGRVWDOHVFRPRFHUWLFDGRVRPHGDOODVFRPRUHFRQRFLPLHQWRGHHVWRVORJURV
(OIDFLOLWDGRUSLGHDXQPLHPEURGHJUXSRTXHGLULMDHVWDFHOHEUDFLyQ\GLFH

&UHHPRVTXHHVUHFRQIRUWDQWHUHFRQRFHUDHVRVKRPEUHVTXHHVWiQHQFRQWUDQGRHO/,)(GHYLYLU
HQOLEHUWDGWRGRVORVGtDVSRUSHUtRGRVLPSRUWDQWHVGHWLHPSR+D\DOJXLHQDTXtTXHHVWpFHOHEUDQGRXQD
VHPDQDGHVHULHGDG"8QPHV"7UHVPHVHV"6HLVPHVHV"8QDxR"2YDULRVDxRV"
2EYLDPHQWHKDJDXQDSDXVDHQWUHFDGDSUHJXQWDSDUDSHUPLWLUODUHVSXHVWD6LXQKRPEUHSDVDDGHODQWHSUH
VHQWHVXFKLSSUHJ~QWHOHVLOHDJUDGDUtDXQDEUD]R\OXHJRPRWLYHDOJUXSRDDSODXGLUOR$TXHOORVTXHFHOHEUDQ
XQDxRRYDULRVDxRVGHVREULHGDGSXHGHQVHULQYLWDGRVDKDFHUDOJXQRVFRPHQWDULRV
&XDQGRDTXHOORVTXHUHFLEHQORVFKLSVGHVREULHGDGKDQVLGRUHFRQRFLGRVHOIDFLOLWDGRUGLFH

+D\DOJXLHQDKRUDDTXLHQOHJXVWDUtDXQFKLSGHUHQGLFLyQTXHUHSUHVHQWHVXYROXQWDGGHUHQ
GLUD&ULVWRVXGHVHQIUHQR\YLYLUHQVREULHGDGGXUDQWHODVSUy[LPDVKRUDV"
&XDQGRWRGRVKDQVLGRKRQUDGRVHOIDFLOLWDGRUGLFH

)HOLFLWDFLRQHVSRUORVFKLSVTXHXVWHGKDQJDQDGR\ORVFKLSVTXHXVWHGPDQWLHQH'HPRVOD*ORULD
D'LRV

&RPHQWDULRVGHFLHUUHOHFWXUD\2UDFLyQ
&RPHQWDULRVGH&LHUUH
(OIDFLOLWDGRUGLFH

$JUDGH]FRDWRGRVSRUYHQLU\OHVUHFXHUGRTXHODSUy[LPDUHXQLyQHVGtD\KRUDBBBBBB7HQHPRV
DJHQGDGHUHXQLRQHVHQRWUDViUHDVGH/,)(DVtFRPROLVWDVGHWHOpIRQRVGHPLHPEURVGHOJUXSRTXHGH
VHDQUHFLELUOODPDGDV6LDOJXLHQWLHQHFXDOTXLHUDVXQWRLQGLYLGXDOLQFRPSOHWRORDQLPDPRVDKDEODUFRQ
VXIDFLOLWDGRURJUXSRGHUHVSRQVDELOLGDGHVWDVHPDQD

3RUIDYRUUHFXHUGHTXHHODQRQLPDWRLQGLYLGXDOQRVSURYHHODVHJXULGDGFRQWUDHOULHVJRGHH[SRQHU
QXHVWURVVHFUHWRVDRWURV\DODOX]WUDQVIRUPDGRUDGH'LRV$TXLHQ8VWHGYLRDTXt\ORTXHIXHGLFKRDTXt
GpMHORDTXt



*XtD/,)(SDUD

*XtDGH5HXQLRQHV

/HFWXUD
(OIDFLOLWDGRUGLFH+HSHGLGRDQRPEUHBBBBBBBBTXHFRQFOX\DQXHVWUDUHXQLyQOH\HQGR/DHVSHUDQ]D
/DSHUVRQDGHVLJQDGDOHHHOPDWHULDO

2UDFLyQ
/RV*UXSRV/,)(QDOL]DQFDGDUHXQLyQFRQXQDRUDFLyQXVXDOPHQWHXQDRUDFLyQDO6HxRUX2UDFLyQGH
6HUHQLGDGDGLVFUHFLyQGHOIDFLOLWDGRU(OIDFLOLWDGRUGHEHUiOXHJRGDUSRUFRQFOXLGDODUHXQLyQSURJUDPDGDH
LQYLWDUDKRPEUHVLQWHUHVDGRVDTXHGDUVHSDUDRUDURKDFHUFRPSDxHULVPRHQWUHHOORV

/tQHDVGH7LHPSR6XJHULGRSDUDODV5HXQLRQHV
/RVWLHPSRVSDUDXQDUHXQLyQQRUPDOGHDSUR[LPDGDPHQWHGRVKRUDVVHSDUHFHQDHVWR
%LHQYHQLGDRUDFLyQGHDSHUWXUD\SUHVHQWDFLRQHV

PLQXWRV

%LHQYHQLGDDQXHYRVPLHPEURV 

PLQXWRV

&RPSDUWLU/HFWXUDV

PLQXWRV

2IUHQGDV\GLVFXVLyQGHDVXQWRV 

PLQXWRV

3UHVHQWDFLyQGHO3ULQFLSLR\GLVFXVLyQ 


(OWLHPSRSDUDRUGHQDUVHHQJUXSRVSHTXHxRV 

PLQXWRV

PLQXWRV

3HTXHxRVJUXSRV 

PLQXWRV

(OWLHPSRGHUHJUHVDUDOJUXSRJUDQGH 

PLQXWRV

&HOHEUDFLyQGH6REULHGDG

PLQXWRV

9ROYHUDUHXQLUHQSOHQDULR\FLHUUH

PLQXWRV

7,(032727$/'(5(81,1 

KRUDV



*XtDGH5HXQLRQHV

*XtD/,)(SDUD+RPEUHV

3DXWDVGH6HJXULGDGSDUD*UXSRV/,)(
(VFRPSOHWDPHQWHHVHQFLDOTXHFDGD*UXSR/,)(HVWHVHJXUR/D6HJXULGDGSURGXFHHOPHMRUDPEL
HQWHSDUDODKRQHVWLGDG\HOFRPSDxHULVPR7RGRVORVPLHPEURVGHJUXSRVRQUHVSRQVDEOHVGHREVHUYDU
HVWDV3DXWDVGH6HJXULGDG\VLVRQYLRODGDVORVPLHPEURVGHJUXSRGHEHQFRQIURQWDUVHPXWXDPHQWHHQ
DPRU6LXQLQGLYLGXRQRSXHGHREVHUYDUODVSDXWDVFRQVWDQWHPHQWHRGHVSXpVGHKDEHUVLGRFRQIURQWDGR
VHUiLQYLWDGRDGHMDUODUHXQLyQ(OELHQHVWDUGHOJUXSRHQWHURHVPiVLPSRUWDQWHTXHFXDOTXLHUPLHPEUR
LQGLYLGXDO
 (VVHJXURVHUKRQHVWR(VSHUDPRVTXHWRGRVORVPLHPEURVFXHQWHQODYHUGDG
 (VVHJXURWHQHUVHQWLPLHQWRV7RGRVORVVHQWLPLHQWRVVRQDFHSWDEOHVSDUD'LRV\QRVRWURV
 3HUPLWLUHPRVFRQYHUVDFLRQHVGHJUXSRVHJXUDV\QRGHVFULSFLRQHVVH[XDOHVJUiFDVRLGHQ
WLFDUFOXEHVRUHYLVWDVSRUQRJUiFDV1RVGDPRVXQRVDRWURVUHWURDOLPHQWDFLyQVLHPSUH\
FXDQGRVyORUHHMHQXHVWUDSURSLDH[SHULHQFLDIRUWDOH]D\HVSHUDQ]D3RUORWDQWRHPSH]DPRV
QXHVWUDUHWURDOLPHQWDFLyQFRQ<R\QRFRQ7~1RGDPRVFRQVHMRV
 1RSUHGLFDPRV(VDFHSWDEOHFRPSDUWLUORVPHQVDMHVGHSRGHUHVSLULWXDO\HVSHUDQ]DFLWDUOD
(VFULWXUDRKDFHUVHQWHQFLDVWHROyJLFDV(YLWDPRVORVFRPHQWDULRVTXHXVHQSDODEUDVFRPR
'HEHUtD6LHPSUHR1XQFD\ODVH[SUHVLRQHVWDOHVFRPR'LRVGLFH/DYROXQWDGGH
'LRVSDUDWXYLGDHVR'LRVVHHQRMDUiVL7RGRVEXVFDPRVVHJXLUD&ULVWRDQXHVWUDSUR
SLDPDQHUD
 1RQRVDYHUJRQ]DPRVQLDYHUJRQ]DPRVDRWURV1RQRVGHQLJUDPRVDQRVRWURVPLVPRVQLD
QDGLHPiV

 (OHQIRTXHHVVREUHXVWHGPLVPRQRVREUHVXHVSRVD1RFXOSDPRVDQDGLHSRUQXHVWURFRPSRU
WDPLHQWRSHFDPLQRVR6RPRVWRWDOPHQWHUHVSRQVDEOHVGHQXHVWUDVDFFLRQHV
 &XPSOLPRVFRQHOSULQFLSLRGHODFRQGHQFLDOLGDGGHJUXSR1RUHYHODPRVODLGHQWLGDGGHRWURV
PLHPEURVGHOJUXSRRFXDOTXLHURWUDLQIRUPDFLyQSHUVRQDOIXHUDGHOJUXSRLQFOXVRDQXHVWUDV
HVSRVDV+D\VRODPHQWHXQDH[FHSFLyQDHVWDUHJOD6LDOJXLHQGHVFXEUHVHQWLPLHQWRVRDFFLRQHV
TXHLQGLFDQTXHHVXQSHOLJURSRVLEOHSDUDpOPLVPRRSDUDRWURVLQFOX\HQGRQLxRVPHQRUHV
WRPDUHPRVWRGDVODVDFFLRQHVQHFHVDULDVIXHUDGHO*UXSR/,)(SDUDLQIRUPDUVREUHHVHSHOL
JUR\DVHJXUDUODVHJXULGDGGHRWURV0DVHVSHFtFDPHQWHD~QGHEHPRV\HLQIRUPDUHPRVDODV
DXWRULGDGHVFXDOTXLHUGHVFXEULPLHQWRQRUHSRUWDGRGHDEXVRDQLxRVPHQRUHVGHGHHGDGR
HODEXVRDDQFLDQRVRDSHUVRQDVLQFDSDFLWDGDV7HQHPRVPX\FODUDVODVH[FHSFLRQHVDODFRQ
GHQFLDOLGDG



*XtD/,)(SDUD+RPEUHV

/HFWXUDVSDUD/,)(

/HFWXUDVSDUD/,)(
/D0LVLyQGH/,)(
6RPRVXQDDVRFLDFLyQGHKRPEUHVFULVWLDQRVTXHWLHQHQXQGHVHRVLQFHURGHODEVWHQHUVHGHOVH[R
SHFDPLQRVR\GHPiVFRPSRUWDPLHQWRVUHODFLRQDGRVDQGHSUHVHQWDUYLGDVVDQWDV\SXUDVGHODQWHGH
'LRV0XFKRVGHQRVRWURVKHPRVVLGRDWUDSDGRVHQHOFLFORYLFLRVRGHDGLFFLyQVH[XDO/DQXHVWUDKDVLGR
XQDYLGDGHIDQWDVtDVVH[XDOHVULWXDOHVSHFDGRVVH[XDOHV\VLQHVSHUDQ]D1RVKHPRVVHQWLGRIXHUDGH
FRQWURO1RVRWURVQRVLGHQWLFDPRVFRQODVSDODEUDVGHODSyVWRO3DEORHQ5RPDQRV
3RUTXHQRKDJRHOELHQTXHTXLHURVLQRHOPDOTXHQRTXLHURHVWHKDJR<VLKDJRORTXHQR
TXLHUR\DQRORKDJR\RVLQRHOSHFDGRTXHPRUDHQPt$VtTXHTXHULHQGR\RKDFHUHOELHQ
KDOORHVWDOH\TXHHOPDOHVWiHQPt
1RVGDPRVFXHQWDGHTXHQXHVWURSHFDGRFUHFLyPXFKRHQWRGRHVHWLHPSR+HPRVVLGRDGLFWRVHQORPiV
JUDQGHGHQXHVWURGHVHRGHQXHVWUDDFWLYLGDGVH[XDORGHQXHVWUDVUHODFLRQHVLQIDPHV1RKHPRVVLGR
FDSDFHVGHSDUDUDSHVDUGHODVFRQVHFXHQFLDV\KHPRVH[SHULPHQWDGRJUDQYHUJHQ]D

/DQXHVWUDHVXQDKLVWRULDGHODVSURPHVDVLQFXPSOLGDVYRWRVLQFXPSOLGRVIDPLOLDVKHULGDVWUDED
MRVSHUGLGRVGRORUHVItVLFRVFDRVQDQFLHUREDQFDUURWDHVSLULWXDO\D~QPXHUWHSRWHQFLDO$WUDYpV
GHQXHVWUDVKLVWRULDVORTXHUHDOPHQWHEXVFDPRVHUDDPRU\FRPSUHQVLyQ1RVPROHVWiEDPRVSRUTXH
QRVVHQWtDPRVSRFRTXHULGRVHLUULWDGRVSRUQHFHVLGDGHVLUUHDOL]DGDV+HPRVHVWDGRPROHVWRVFRQ'LRV
SRUTXHeOQRSXGRHOLPLQDUQXHVWUDVWHQWDFLRQHVQXHVWURGRORURQXHVWURVSUREOHPDV(VWiEDPRVDEXUUL
GRVGHQRVRWURVPLVPRVGHODYLGD\FRQRWURVDOUHGHGRUQXHVWUR&RQHOVH[R\UHODFLRQHVLPSXUDVKHPRV
VXVWLWXLGRHODPRUSHQVDQGRTXHORVDOWRVQLYHOHVGHSODFHUSURSRUFLRQDGRVERUUDUtDQQXHVWUDVQHFHVL
GDGHVUHDOHVGHFRPXQLyQFRQ'LRVXQDUHODFLyQFRQ&ULVWR\XQDJHQXLQD\VDQDUHODFLyQFRQORGHPiV

0XFKRVGHQRVRWURVKHPRVSURPHWLGR(VWDHVOD~OWLPDYH]TXHPHGHVHQIUHQRSHURQRIXHDVt1RVH
GHVDOLHQWH8VWHGQRHVWiVROR$TXHOORVGHQRVRWURVTXHKHPRVHVFRJLGRVHUKRQHVWRVFRQQXHVWURSDVDGR
\QXHVWUDVHPRFLRQHVHVWDPRVH[SHULPHQWDQGRXQDFXUDFRQODD\XGDGHO(VStULWX6DQWR0XFKRVGH
QRVRWURVKHPRVWUDWDGRGHUHFXSHUDUQRVVHJ~QQXHVWURSURSLRFULWHULR\SRUQXHVWUDVSURSLDVIXHU]DV(V
PiVKHPRVWUDWDGRGHPDQLSXODUODVDQLGDGTXHYLHQHGH'LRVDWUDYpVGHFRQVWDQWHVRUDFLRQHVHVWXGLRV
EtEOLFRV\DVLVWHQFLDDOD,JOHVLD+HPRVHQFRQWUDGRTXH'LRVQRVD\XGDUDDVDQDUQRVVRORVLYHUGDGHUD
PHQWHGHVHDPRVVRPHWHUQRVDeOVLHQGRKXPLOGHV\UHVSRQVDEOHVFRQQRVRWURVPLVPRV

6LXVWHGGHVHDORTXHWHQHPRV\HVWiGHVHDQGRLUQRLPSRUWDFXDQOHMRVHVWpSDUDFRQVHJXLUOROHLQYL
WDPRVDTXHVHQRVXQDHQODVDVRFLDFLRQHVGH/,)(9LYLU&DGD'tDHQ/LEHUWDGFRQODD\XGDGH
QXHVWURSRGHURVR\DPDQWH'LRVDWUDYpVGH6X+LMR-HVXFULVWR



/HFWXUDVSDUD/,)(

*XtD/,)(SDUD+RPEUHV

/RV6LHWH3ULQFLSLRVGH/,)(
/RVVLJXLHQWHVVRQORVSULQFLSLRVTXHVHJXLPRVFRPRHOFDPLQRSDUDODFXUDFLyQGH
QXHVWURVWUDVWRUQRVSHFDGRV\DGLFFLRQHVVH[XDOHV
 $GPLWLPRVTXHQRWHQHPRVQLQJ~QFRQWUROGHQXHVWUDVYLGDV(OSHFDGRVH[XDOVHKDYXHOWRLQFRQWURO
DEOH
 &UHHPRVHQ'LRVDFHSWDPRVOD*UDFLDRIUHFLGDDWUDYpVGHVXKLMR-HVXFULVWR\UHQGLPRVQXHVWUDV
YLGDV\YROXQWDGHVDeOFDGDGtD
 +HPRVKHFKRXQDOLVWDGHORVSHFDGRV\GHELOLGDGHV\ORVFRQIHVDPRVDXQDSHUVRQDFRQDXWRULGDG
HVSLULWXDO
 %XVFDPRVSRQHUQRVDFXHQWD\IRUPDUQXHVWURFDUiFWHUFRPRKLMRVGH'LRV
 $QDOL]DPRVHOGDxRTXHKHPRVKHFKRDFHSWDPRVODUHVSRQVDELOLGDG\KDFHPRVFRPSHQVDFLRQHVSRU
QXHVWURVHUURUHV
 (QHOFRPSDxHULVPRFRQRWURVGHVDUUROODPRVUHODFLRQHVKRQHVWDVtQWLPDVGRQGHFHOHEUDPRVQXHVWUR
SURJUHVR\FRQWLQXDPRVDGHODQWHSDUDFRUUHJLUQXHVWUDVGHELOLGDGHV
 $OYLYLUHQLQWHJULGDGVH[XDOOOHYDPRVHOPHQVDMHGHODVDQLGDGGH&ULVWRDDTXHOORVTXHHVWiQHQOD
OXFKD\VHJXLPRVODYLVLyQGHTXHH[LVWHXQSURSyVLWRGH'LRVSDUDQXHVWUDVYLGDV



*XtD/,)(SDUD

/HFWXUDVSDUD/,)(

/DV6LHWH&GHOD7UDQVIRUPDFLyQ
3DUDDOJXQRGHQRVRWURVHVIiFLOUHFRUGDUHVWRVSULQFLSLRVHQODIRUPDGH6LHWH&
















&RQFHELUPHYDQLGRVRIXHUD
&RQWUROUHQGLGR
&RQIHVLyQKHFKD
&DUiFWHUFDPELDGR
&RQWULFLyQRIUHFLGD
&RKHUHQFLDHVWDEOHFLGD
&RPXQLFDU/DHVSHUDQ]DHVHVHQFLDO

(VWRVSULQFLSLRVVRQXQDJXtDHQVXYLDMHKDFLDODUHFXSHUDFLyQ\QRODFXUDPiJLFD6LHVWiGHVHDQGR
UHQGLUVXVYLHMDVPDQHUDVGHSHQVDU\VXVPpWRGRVSDUDPHGLFDUVXGRORUHQWRQFHVXVWHGWDPELpQSXHGH
YLYLUFDGDGtDHQOLEHUWDGHQSXUH]DVH[XDO\UHODFLRQDO
'HELGRDTXHYHQLPRVGHGLIHUHQWHVWUDVIRQGRV\WUDGLFLRQHVFULVWLDQDVQRKDUHPRVPHQFLyQGHDOJXQD
LJOHVLDSDUWLFXODURGHQRPLQDFLyQ1RGDUHPRVRSLQLRQHVDFHUFDGHUD]DVWUDVIRQGRVHFRQyPLFRVRHGX
FDFLRQDOHVSROtWLFRVORVyFRVRGLIHUHQFLDVGHDOJ~QRWURWLSRHQWUHSHUVRQDVTXHPDQLHVWDQD-HV~V
FRPRVX6DOYDGRUSHUVRQDO
/RTXHFRPSDUWLPRVHVXQGHVHRFRP~QGHVHUWRWDOPHQWHKRQHVWRVFRQQRVRWURVPLVPRVVREUHORTXH
KHPRVKHFKRVREUHTXLpQHVVRPRV\FyPRQRVVHQWLPRV\VREUHQXHVWURFRPSURPLVRGHPDQWHQHUQRV
VH[XDOPHQWH\UHODFLRQDOPHQWHSXURV'HQLPRVODSXUH]DVH[XDOFRPRODDFWLWXGGHVHUVH[XDO~QLFD
PHQWHDWUDYpVGHODH[SUHVLyQGHODLQWLPLGDGVH[XDO\HPRFLRQDOGHQWURGHXQPDWULPRQLRKHWHURVH[XDO
'HQLPRVODSXUH]DUHODFLRQDOFRPRODDFWLWXGGHFRPXQLFDUVHtQWLPDPHQWHFRQRWURVGHWDOPDQHUDTXH
OOHYHKRQUDD'LRV\QRWUDLJDGHVKRQUDDQDGLH
6LXVWHGFRPSDUWHVLQFHUD\KXPLOGHPHQWHHVWRVGHVHRVOHGDPRVODELHQYHQLGDD8VWHGDHVWDDVRFLDFLyQ
GHKRPEUHVTXHDEUD]DQ/,)(9LYLUHQ/LEHUWDG&DGD'tD



/HFWXUDVSDUD/,)(

*XtD/,)(SDUD+RPEUHV

/D(VSHUDQ]DGH/,)(
6LHVWDPRVUHDOPHQWHKXPLOODGRV\TXHEUDQWDGRV
6LUHDOPHQWHKHPRVHQWUHJDGRQXHVWUDVYLGDVD&ULVWR
6LKHPRVFRQIHVDGRODQDWXUDOH]DH[DFWDGHQXHVWURVSHFDGRV
6LFRQWLQXDPRVFUHFLHQGRHQQXHVWUDUHODFLyQFRQHO6HxRU
6LGHVHDPRVOOHJDUDVHUKRPEUHVGHSXUH]DHLQWHJULGDG
6LWUDWDPRVFRQWLQXDPHQWHGHFRUUHJLUORVSHFDGRVGHQXHVWURSDVDGR
6LSHUPDQHFHPRVFRQVWDQWHPHQWHHQUHQGLFLyQGHFXHQWDVD'LRV\FRQRWURV
<VLEXVFDPRVODVPDQHUDVGHGLIXQGLUHVWHPHQVDMHGHHVSHUDQ]D
(QWRQFHVH[SHULPHQWDUHPRVHVWDVSURPHVDVGHWUDQVIRUPDFLyQ
6DEUHPRVTXH'LRVQRVDPDSRUTXHQRVKDFUHDGRFRPRVXVKLMRV\HQYLyDVXKLMR
  SDUDPRULUSRUQXHVWURVSHFDGRV
$FHSWDUHPRVOD*UDFLDGH'LRV\QRVSHUGRQDUHPRVDQRVRWURVPLVPRV
$FHSWDUHPRVTXHKD\RWURVTXLHQHVQRVDPDQLQGHSHQGLHQWHPHQWHGHTXLpQHVVRPRV\
  TXpKHPRVKHFKR
'HMDUHPRVGHFRPSDUDUHOVH[RRXQDUHODFLyQLPStDFRQDPRU\VHUYLFLR
1XHVWUDOXMXULDGLVPLQXLUi
1XHVWURWHPRUGHVHUGHVFXELHUWRVHQQXHVWURSHFDGRFHVDUi
1XHVWURPLHGRUHVSHFWRDOGLQHURFHVDUi
1XHVWUDSUHRFXSDFLyQSRUODVQHFHVLGDGHVIXWXUDVVHGHVYDQHFHUi
$SUHQGHUHPRVFyPRWRPDUGHFLVLRQHVVDQDV
6HQWLUHPRVTXHHVWDPRVFDGDYH]PiVHQFRQWDFWRFRQWRGRVQXHVWURVVHQWLPLHQWRV
&XUDUHPRVWRGDVODVKHULGDVGHQXHVWURSDVDGR
7HQGUHPRVPiVLQWLPLGDGFRQQXHVWUDVHVSRVDV\DPLJRV
6HUHPRVPHMRUHVSDGUHVMyYHQHVWUDEDMDGRUHV\KRPEUHV
&RQRFHUHPRVFRQDUHPRV\H[DOWDUHPRVDO6HxRUGHPDQHUDVFDGDYH]PiV
  VLJQLFDWLYDV\FUHFLHQWHV

(VHVWDHVXQDHVSHUDQ]DLQFUHtEOH"
3HQVDPRVTXHQR
1XHVWUDVYLGDVVRQWHVWLPRQLRVGHTXHHO'LRVHVWiWUDEDMDQGRHQQRVRWURV
  $YHFHVUiSLGDPHQWH\DYHFHVOHQWR
  VLHPSUHSDUD6XJORULD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR

3ULQFLSLR8QR
$GPLWLPRVTXHQRWHQHPRVFRQWUROHQDEVROXWRGHQXHVWUDVYLGDV(OSHFDGR
6H[XDOVHKDYXHOWRLQFRQWURODEOH

Confrontando la Realidad: Estoy encadenado

en mi propia Prisin
)HOLFLWDFLRQHV'HVSXpVGHPXFKRVDxRVGHHQJDxRVPHQWLUDVQHJDFLRQHVPLQLPL]DFLRQHVWHPRUHVYHUJHQ
]DV\PDQLSXODFLRQHVWLHQHHQVXVPDQRVHVWD*XtD/,)(RKDDVLVWLGRDXQJUXSRGHUHXQLRQHV/,)(8VWHG
KDHVWDGRHVSHUDQGRRSHQVDQGRTXHGHEtDHYDOXDUVLHVDHUDXQDGHFLVLyQFRUUHFWD6HKDUHVLVWLGRKDHQFRQWUD
GRH[FXVDVRVHKDSUHJXQWDGRTXLHQVHSUHRFXSDUtDGHODVFRQVHFXHQFLDVGHVHUKRQHVWR+DSHQVDGRTXHQDGLH
UHDOPHQWHORHQWHQGHUtD,QFOXVLYHKDFUHtGRTXHKDKHFKRODVFRVDVPiVKRUULEOHVFRVDVTXHQDGLHKDUtDRKD
SHQVDGRTXHVXVFRVDVQRVRQWDQPDODVTXH8VWHGUHDOPHQWHQRQHFHVLWDYHQLUDHVWDVUHXQLRQHV\DGPLWLUVX
QHFHVLGDGGHD\XGD(VFXFKHHVWR


%LHQYHQLGR
(VWDHQHOOXJDUFRUUHFWR
(VWDPRVFRQWHQWRVTXH8VWHGHVWHDTXt

,PDJLQHFRPRGHEHKDEHUVLGRODVLWXDFLyQGHO+LMR3URGLJReOVyORTXHUtDHVWDUHQFDVDeOSHQVDEDTXHQRHUD
GLJQRGHYROYHUDWHQHUVXFRQGLFLyQGHKLMR\DTXHVXVSHFDGRVKDEtDQVLGRPX\JUDQGHVeOVLPSOHPHQWHHVSH
UDEDVHUFRPRXQRGHORVVLUYLHQWHVGHVXSDGUH4XL]iV8VWHGHVWpHQHVDVLWXDFLyQ6RORHVWiFRQWHQWRGHHVWDU
YLYRSRGHUHVWDUHQXQDUHXQLyQ\SHUWHQHFHUDOJUXSR(OSDGUHGHOKLMR3UyGLJRVLQHPEDUJRVDOLyDSUHVXUDGR
DVXHQFXHQWUR\OHSUHSDUyXQDJUDQHVWD(VRHVORTXHOHDJUDGDD'LRV'HVHDPRVVHULPLWDGRUHVGH'LRV
DVtFRPRORVQLxRV4XL]iVVLHQWDTXHHVFRPRXQQLxRTXHVRORKDLGRDOyPQLEXVRDOFRPHGRURDOSDUTXHGH
GLYHUVLRQHV\HVWiHVSHUDQGRVHUUHFKD]DGRRDOPHQRVLJQRUDGR0X\SRUHOFRQWUDULROHGDPRVODELHQYHQLGD
+HPRVHVWDGRGRQGH8VWHGKDHVWDGR(QWHQGHPRVVXVWHPRUHV\DLFFLRQHV(VWDPRVIHOLFHVGHTXH8VWHGKD\D
YHQLGR1RSRGHPRVSUHSDUDUOHXQDJUDQHVWDSHURSRGHPRVLUDWRPDUXQFDIpPiVWDUGH



3ULQFLSLR8QR

*XtD/,)(SDUD+RPEUHV

6XSULPHUD$VLJQDFLyQHVORJUDUVHUKRQHVWR6DEHPRVTXHHOHQHPLJRPiVJUDQGHGHODSXUH]DVH[XDOHVHO
VLOHQFLR6DEHPRVWDPELpQFXiQFXLGDGRVDPHQWHXVWHGKDJXDUGDGRVXVVHFUHWRVVH[XDOHV(VGLItFLOLPDJLQDU
TXHORVUHYHOH+D\GHPRQLRVHQVXPHQWHTXHOHGLFHQ1R1RSXHGHVKDEODUGHHVRSXHVDOJXLHQVDOGUiFRU
ULHQGRGHOFXDUWR\ORJULWDUi/RDQLPDPRVDHQIUHQWDUDHVRVGHPRQLRV(VDVYRFHVORKDQPDQWHQLGRHVFODYR
GHVXDQJXVWLDSRUPXFKRWLHPSR/RVDEHPRVSRUTXHHVWDPRVHQXQYLDMHVLPLODUDSUHQGLHQGRDYLYLUFDGDGtD
HQOLEHUWDG4XHUHPRVTXHQRVGLJDFXiQPDOVHSXVR\ORTXHIXHVHQWLUVHLPSRWHQWHVREUHHOFRQWUROVREUHVX
YLGD(VPX\SRVLEOHTXHORVRWURVHQVXJUXSRKD\DQKHFKRDOJXQDVGHODVPLVPDVFRVDV

1RKD\QDGDFLHUWDPHQWHQLQJ~QSHFDGRVH[XDOTXHORVHSDUHGHODPRUGH'LRV1RLPSRUWDORTXHXVWHG
KD\DSHQVDGRRKD\DKHFKRHVPRPHQWRGHYROYHUDQXHVWUR3DGUHFHOHVWLDOTXLHQOHDPD\HVWiDQKHODQGRVX
OLEHUWDG
/DDVLJQDFLyQTXHXVWHGHVWiDSXQWRHPSUHQGHUUHTXHULUiGHJUDQYDORU6HUiXQULHVJR\XQGHVDItR
1RUHWURFHGDDKRUD'HXQSDVRDOIUHQWH\YD\DDFDVD/DOLEHUWDGTXHXVWHGYDOHODSHQDWRGRORTXHOHFRVWDUi
OOHJDUDHOOD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ8QR

$VLJQDFLyQ8QR$GPLWLHQGRQXHVWUDYHUGDGHUDFRQGLFLyQ

/RVFRPSRUWDPLHQWRVVH[XDOHVSRFRVDOXGDEOHVKDQVLGRGLYLGLGRVHQFDWHJRUtDV\JUXSRVGHFDWHJRUtDV(QVX
SULPHUOLEURHO'U3DWULFN&DUQHVDJUXSyWDOHVFRPSRUWDPLHQWRVFRPRVHPXHVWUDHQODWDEODGHDEDMR&RPR
ODVYHQRWDUiORVFRPSRUWDPLHQWRVFRQWUDORVTXHKDOXFKDGR\VXVJUDGRVDXQVLHVWXYRLQYROXFUDGRFRQXQR
HQSDUWLFXODUXQDVRODYH]7UDWHGHUHFRUGDUFXiQWDVYHFHVKDLQFXUULGRHQFDGDXQRGHHOORV3XHGHTXHWHQJD
TXHFDOFXODU1DGLHUHFXHUGDSRUHMHPSORFXiQWDVYHFHVVHKDPDVWXUEDGR'LJDVyORTXHWDQIUHFXHQWHPHQWH
HVWRKDWHQLGROXJDUUHFLHQWHPHQWHXQDYH]DOGtDRPiVXQDYH]DODVHPDQDHWF6LXVWHGQHFHVLWDPD\RU
H[SOLFDFLyQVREUHODVFDWHJRUtDVOHDHOOLEURGHO'U&DUQHV2XWRIWKH6KDGRZV)XHUDGHODV6RPEUDV0L
OLEUR)DLWKIXODQG7UXH)LHO\9HUGDGHURWDPELpQGLYLGHORVFRPSRUWDPLHQWRVVH[XDOHVGHHVWHPRGR\
ORVGHQHDFDGDXQR
&RPSRUWDPLHQWRV%iVLFRVRGHEORTXH

(PSH]y

)UHFXHQFLD

)DQWDVtDV








BBBBBBBB
0DVWXUEDFLyQ 







BBBBBBBB
3RUQRJUDItD5HYLVWDVYLGHRV,QWHUQHW79OLEURVSHOtFXODVP~VLFD 

BBBBBBBB
3URVWLWXFLyQHQODFDOOHSRUWHOpIRQRHQFDVDVGHPDVDMHVVHUYLFLRV
GHDFRPSDxDQWHHQ,QWHUQHW






BBBBBBBB
$YHQWXUDVDPRURVDVFRPSURPLVRHPRFLRQDO\GHODUJRSOD]RDFRUWRSOD]R\
1RHPRFLRQDOXQDVRODQRFKHVH[XDORQRVH[XDOFRQHOPLVPRVH[RRHOVH[RRSXHVWRBBBBBBBB
5HODFLRQHVVH[XDOHVDQyQLPDVHOQRPEUHGHODSDUHMDVH[XDOQRHVFRQRFLGR 
BBBBBBBB





BBBBBBBBB
BBBBBBBBB
BBBBBBBBB

BBBBBBBBB




BBBBBBBBB
BBBBBBBBB

&RPSRUWDPLHQWRV3DUDItOLFRVRGH'RV1LYHOHV

(PSH]y

)UHFXHQFLD

(OYR\HULVPRVHSXHGHLQFOXLUGHVYHVWLUDDOJXLHQFRQVXVRMRV


(OH[KLELFLRQLVPRVHLQFOX\HHOXVRGHURSDSURYRFDWLYD



/DVOLEHUWDGHVLQGHFHQWHVR)UDWHXULVPRHVWiLQFOXLGRHODEUD]DUDDOJXLHQSDUD
FRQVHJXLUH[FLWDFLyQVH[XDODVtFRPRWDPELpQFXDOTXLHUIRUPDGHWRTXHWHR
FRQHOQGHREWHQHUVHQVDFLRQHVVH[XDOHV(VWRYDOHLQFOXVRVLODRWUDSHUVRQD
QRHVFRQVFLHQWHGHHOOR 






&LEHUVH[R6H[RSRUWHOpIRQR






%HVWLDOLVPR








6DGRPDVRTXLVPR6 0R,QWHUFDPELRGH'RORU





BBBBBBBB
BBBBBBBB




BBBBBBBBB
BBBBBBBBB

BBBBBBBB
BBBBBBBB
BBBBBBBB
BBBBBBBB






BBBBBBBBB
BBBBBBBBB
BBBBBBBBB
BBBBBBBBB

&RPSRUWDPLHQWR$EXVLYR 

(PSH]y

)UHFXHQFLD

BBBBBBBB
BBBBBBBB
BBBBBBBB





BBBBBBBBB
BBBBBBBBB
BBBBBBBBB

BBBBBBBB

BBBBBBBBB

,QFHVWR 








9HMDFLyQ








9LRODFLyQ








$FRVR$XWRULWDULR6H[XDOXVDUHOSRGHUGHOUROFDUJRHGDGRDXWRULGDGSDUDREWHQHU
DFFHVRVH[XDO 










3ULQFLSLR8QR$VLJQDFLyQ8QR

*XtD/,)(SDUD

5HJLVWUDQGR(MHUFLFLRV6XKLVWRULD6H[XDO

'LEXMHXQDOtQHDGHWLHPSRGHVXYLGD8QDPDQHUDIiFLOHVGLEXMDUXQDOtQHDYHUWLFDOHQOD
SDUWHLQIHULRUGHOODGRL]TXLHUGRGHXQDSiJLQDGHMDQGRXQDSXOJDGDGHOODGRL]TXLHUGRGH
ODSiJLQDFRQVXVHGDGHVPDUFDGDVDODL]TXLHUGDGHODOtQHDHQGLIHUHQWHVLQWHUYDORVFR
PHQ]DQGRFRQVXVSULPHURVDxRV\FRQWLQXDQGRKDVWDVXHGDGDFWXDO(VWDOtQHDGHWLHPSR
SRGUtDWHQHUPXFKDVSiJLQDVGHSHQGLHQGRGHODFDQWLGDGGHKLVWRULDTXHGHVHHUHJLVWUDU(Q
HOHVSDFLRDODGHUHFKDGHFDGDHGDGUHJLVWUHVXFRPSRUWDPLHQWRVH[XDO\GHLQWHUUHODFLyQ
/DVVLJXLHQWHVSUHJXQWDVSXHGHQGDUOHXQSXQWRGHLQLFLRSHURSXHGHDGLFLRQDUFXDOTXLHU
FRVDUHOHYDQWHTXHOHYHQJDDODPHQWH8QUHVXOWDGRGHSUHSDUDUHVWDKLVWRULDHVTXH8VWHG
SUREDEOHPHQWHYHUiFyPRVXDGLFFLyQVH[XDOVHGHVDUUROOyDORODUJRGHOWLHPSR
 &XiOHVVXUHFXHUGRPiVOHMDQRFRPRVHUVH[XDO"&XiQWRVDxRVWHQtD"4XpSDVR"+XER
DOJXLHQPiVLQYROXFUDGR"
 1RWH ODV YHFHV TXH OD IUHFXHQFLD GH FLHUWRV FRPSRUWDPLHQWRV VH[XDOHV FUHFHQ \ FXDQGR
DSDUHFHQQXHYDVIRUPDVGHGHVHQIUHQR
 /RVDGLFWRVVHGHVHQIUHQDQFXDQGRHVWiQFDQVDGRVVRORVPROHVWRVDQVLRVRVWULVWHVWHP
HURVRVRDEXUULGRV)UHFXHQWHPHQWHHVWDVHPRFLRQHVDFW~DQHQFRPELQDFLyQ3XHGHGDUVH
FXHQWDODVYHFHVFXiQGRHVWRVVHQWLPLHQWRVLPSXOVDURQVXGHVHQIUHQR"6LHVDVtLQGLTXH
VREUHVXOtQHDGHWLHPSRFXDQGRVHFRQFUHWyHVWR
 &DGDDGLFWRKDKHFKRYDULDVSURPHVDVHLQWHQWRVGHGHWHQHUVH(QXPHUHDOJXQDVGHODVYHF
HV\DFFLRQHVTXHKDWRPDGRSDUDSDUDUVXVFRVWXPEUHVVH[XDOHVRGHUHODFLyQ$VHJ~UHVH
GHHQXPHUDUVXVPiVUHFLHQWHVHVIXHU]RV

8QDGHODVVHxDOHVPiVFODUDVGHODDGLFFLyQHVFXDQGRFRQWLQXDPRVFRQXQFRPSRUWDPLHQWRDXQFXDQGRHVWHPRV
H[SHULPHQWDQGR FRQVHFXHQFLDV QHJDWLYDV (V REYLR TXH SDUD ORV TXH HVWiQ DOUHGHGRU GH QRVRWURV TXH HVWDPRV
SDJDQGRXQSUHFLRDOWRSRUQXHVWURFRPSRUWDPLHQWRVLQHPEDUJRVHJXLPRVKDFLHQGRODPLVPDFRVD4XpFRQ
VHFXHQFLDVKDH[SHULPHQWDGRGHELGRDVXVGHVHQIUHQRV"(OSUy[LPRHMHUFLFLRORJXtDSDUDWDEXODUORVUHVXOWDGRV
GHVXVFRPSRUWDPLHQWRVVH[XDOHV\UHODFLRQDOHV



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ8QR

5HJLVWUDQGR(MHUFLFLRV6XV&RQVHFXHQFLDV

+DJDXQDOLVWDGHVXVFRQVHFXHQFLDV\DSXQWHFXiQGRRFXUULHURQHVWDVHQHOWUDQVFXUVRGHO
WLHPSR&RQVLGHUHXVDUXQODSLFHURGHGLIHUHQWHVFRORUHVSDUDVXVFRQVHFXHQFLDV3DUD
UHFRUGDUSXHGHVHU~WLOTXHSLHQVHHQYDULDVFDWHJRUtDV
)tVLFD+DFRQFHELGRXQKLMRFXDQGRQRWHQtDODLQWHQFLyQGHKDFHUOR"6LHVDVt4XpGHFLVLyQ
WRPyDOVDEHUGHHVHHPEDUD]R"+DFRQWUDtGRDOJXQDHQIHUPHGDG(76R6,'$"+DHVWDGR
HQIHUPRGHDOJXQDPDQHUDFRPRUHVXOWDGRGHOVWUHVVGHVXDGLFFLyQ"+DH[SHULPHQWDGRDO
JXQDGLVIXQFLyQVH[XDO"'LVIXQFLyQHUpFWLOH\DFXODFLyQSUHPDWXUD"
)LQDQFLHUD&XiQWRGLQHURKDJDVWDGR"&RQWDELOLFHHOGLQHURTXHKDJDVWDGRHQSRUQRJUDItD
XRWUDVIRUPDVGHFRPSUDUVH[RRGHQDQFLDUDYHQWXUDVDPRURVDV
6RFLDO+DHVWDGRGLYRUFLDGRRKDWHUPLQDGRXQDUHODFLyQ"$OJXLHQHVWiPROHVWRFRQ8VW
HG"+DWHQLGRTXHPXGDUVHDRWUROXJDU"7XYRTXHGHMDUXQHTXLSRFOXERDFWLYLGDGGHELGRD
VXVFRPSRUWDPLHQWRVVH[XDOHV"6XVFRPSRUWDPLHQWRVVH[XDOHVOHKDQFDXVDGRSUREOHPDVFRQ
VXVSDGUHVRKHUPDQRV"<FRQVXHVSRVDHQ+LMRV"
9RFDFLRQDO+DDIHFWDGRVXGHVHQIUHQRDVXSURGXFWLYLGDGHQHOWUDEDMR"6LHVDVtOHKD
FRVWDGRDOJ~QDVFHQVRRDOJ~QRWURWLSRGHDYDQFHHQVXFDUUHUD"+DSHUGLGRXQWUDEDMRR
SHUGLGRWLHPSRHQHOWUDEDMR"(VWiVXEHPSOHDGRRQRHVFDSD]GHWUDEDMDUHQODFDUUHUDGHVX
HOHFFLyQ"
/HJDO$OJXQDYH]KDVLGRDUUHVWDGRHQFDUFHODGRSRUXQWLHPSRRKDVLGRHQMXLFLDGR"

$OJXQRVGHXVWHGHVTXL]iVXVHQRWURVUHFXUVRVSDUDWUDEDMDUHVWHPDWHULDO/D$VLJQDFLyQ8QRVHDVHPHMDD
OD8QLGDG/HFFLRQHV\8QLGDG/HFFLyQGHOLEURGH7UDEDMRGH)DLWKIXOODQG7UXH4XL]iVWDPELpQ
HQFXHQWUHLQYHQWDULRVVLPLODUHVDRWURV/LEURVGH7UDEDMRPHQFLRQDGRVHQODVHFFLyQGHUHFXUVRVGHOHVWD*XtD
/,)(3DUDHVWDDVLJQDFLyQXVWHGLQFOXLUtDFXDOTXLHUWUDEDMRTXHKD\DKHFKRDFHUFDGHO3DVR8QR

$SODXGRVXYDORUSDUDWHUPLQDUHVWRVHMHUFLFLRVHVFULWRV8VWHGKDKHFKRXQDJUDQFDQWLGDGGHWUDEDMR1RVH
SUHRFXSHVLXVWHGVHGDFXHQWDGHTXHKDGHMDGRDOJXQDVFRVDVVLQKDFHU(VTXHPDWL]DUODYHUGDGVREUHVXVH[SH
ULHQFLDVHVXQSURFHVRFRQWLQXRFRQIRUPHDYDQ]DHQHVWHYLDMH+DKHFKRXQJUDQFRPLHQ]R



3ULQFLSLR8QR$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

6LQHPEDUJRDXQFXDQGRHVFULELUWRGDHVWDLQIRUPDFLyQHQVXGLDULRHVXQSDVRKDFLDVHUKRQHVWRQRHVHOSDVR
QDO(OSUy[LPRPRYLPLHQWRFUXFLDOHVFRPSDUWLUHVWDLQIRUPDFLyQFRQRWURV6pTXHODLGHDSRGUtDVHUWHUURUtFD
3HURFXiQWRWLHPSRVHKDJXDUGDGR8VWHGHVWDLQIRUPDFLyQSDUDVtPLVPR"/HKDD\XGDGRHVWRDOOHYDUHVWD
FDUJDDVRODV"4XpPHQWLUDVKDWHQLGRTXHGHFLUSDUDVRVWHQHUHVWDKLVWRULD"(VXQDKLVWRULDQRHVDVt"(VSDUWH
GHTXLpQHV8VWHG1RORGHQHDXVWHGSHUROHSHUWHQHFHD8VWHG3RUDxRVXVWHGKDHVWDGRSHQVDQGR6LODJHQWH
FRQRFLHUDHVWDSDUWHGHPLKLVWRULDPHRGLDUtD\PHGHMDUtD1RTXHUUtDHVWDUFRQPLJR
6XVVHQWLPLHQWRVGHWHPRUORKDQPDQWHQLGRVHFXHVWUDGR+DQVLGRVXRSUHVRU(OUHVXOWDGRKDVLGRVXVROHGDG
GHHVStULWX(OVLOHQFLRKDVLGRVXFRPSDxHUR\ODVPHQWLUDVKDQJXDUGDGRVXVLOHQFLR/DVROHGDGVHKDYXHOWR
IDPLOLDU8VWHGKDWHQLGRGRVYLGDVXQDTXHWRGRVVDEHQ\XQDTXHVRODPHQWHXVWHGVDEH/DS~EOLFDSRGUtDWHQHU
PXFKRVDPLJRVSHURHOVLOHQFLRQRWLHQHQLQJXQD6XLGHQWLGDGVLOHQFLRVDVHH[WLHQGHSRUVXH[LVWHQFLD\DJRELD
WRGRORGHPiVHQODRVFXULGDGGHVXVROHGDG(VHOPRPHQWRSDUDTXHVXVGRVLGHQWLGDGHVVHXQDQ

/D~QLFDPDQHUDGHVDOLUGHODRVFXULGDGHVURPSHUHOVLOHQFLR3DUDHVRHVWiVX*UXSR/,)((OORVVRQORVKHU
PDQRVTXHHVWDUiQFRQ8VWHG1RVDOGUiQFRUULHQGR\JULWDQGRIXHUDGHODKDELWDFLyQ3RVLEOHPHQWHKD\DQKHFKR
PXFKDVGHODVFRVDVTXHXVWHGKL]R(OORVHQWHQGHUiQ(QIUHQWHVXVPLHGRV7HQJDYDORU&RPSDUWDODKLVWRULD
'XUDQWHXQDUHXQLyQGH*UXSR/,)(WHQGUiODRSRUWXQLGDGSDUDFRQWDUVXKLVWRULDDDOJXQDVSHUVRQDVFRQDEOHV
3XHGHTXH8GTXLHUDLQWHQWDUSULPHURFRQXQRRGRVPLHPEURVGHOJUXSR8VWHGTXL]iVQRGLJDWRGRODSULPHUD
YH]SHURFRQHOWLHPSRORKDUi<HQFRQWUDUiXQDD\XGDWUHPHQGDGDQGRDFRQRFHUORVVHFUHWRV

3RUIDYRUWRPHQRWDGHHVWDVSDODEUDVGHDGYHUWHQFLD1RVHDJUiFRHQGHVFULELUFRPSRUWDPLHQWRVVH[XDOHV
HVSHFLDOPHQWHFXDQGRORFRPSDUWDFRQVXJUXSR1RSURYRTXHDRWURVPLHPEURVGHVXJUXSRVLSXHGHHYLWDUOR
8VWHGQRTXHUUiHQVHxDUDPLHPEURVGHOJUXSRRWUDVIRUPDVGHGHVHQIUHQR
)HOLFLWDFLRQHV8VWHGHVWiHPSH]DQGRHOYLDMHGHODWUDQVIRUPDFLyQHQ/,)(9LYLU&DGD'tDHQ/LEHUWDG

3Uy[LPD7DUHD3ULQFLSLR'RV$VLJQDFLyQ8QRSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ'RV

$VLJQDFLyQ'RV&RPSUHQGLHQGRQXHVWURFLFOR
(QHVWD$VLJQDFLyQ8VWHGPDQWHQGUiVXPLUDGDVREUHVXLGHQWLGDGVLOHQFLRVDTXHORKDUHWHQLGRHQODHVFODYLWXG
(OSURSyVLWRGHHVWDDVLJQDFLyQHVWUDHUDODOX]DTXHOORTXHKDVLGRHQYXHOWRHQODRVFXULGDG(VWDPELpQSDUD
PRVWUDUOHDOJXQDVFRVDVTXHQHFHVLWDWUDEDMDUGHXQDPDQHUDPX\HVSHFtFD\SUiFWLFD
(QVXOLEUR2XWRIWKH6KDGRZV)XHUDGHODVVRPEUDVHO'U3DWULFN&DUQHVSULPHURGHVFULELyHOFLFORSUH
GHFLEOHTXHXQDDGLFFLyQVLJXH/RKHGHQLGRWDPELpQHQPLOLEUR3XHGHTXHTXLHUDYHULFDUHVWRVUHFXUVRVSDUD
H[SOLFDFLRQHVPiVGHWDOODGDVGHWRGDVODVFDUDFWHUtVWLFDVGHOFLFORGHODDGLFFLyQ%UHYHPHQWHHVTXHPDWL]DGRHV
DVt

(OFLFORGHODDGLFFLyQGH&DUQHV

)$17$6$ HVGHQLGDFRPRDTXHOODVLGHDVTXHXVWHGWLHQHDFHUFDGHOVH[R7DPELpQKDVLGRUHIHULGRFRPR
2EVHVLyQXVWHGKDHVWDGRSUHRFXSDGRFRQLGHDVHLPDJLQDFLRQHVVH[XDOHV/DVLJXLHQWHOHFFLyQOHD\XGDUDD
HQWHQGHUPiVDFHUFDGHODVIDQWDVtDV\ORTXHHOODVUHSUHVHQWDQSDUDXVWHG



3ULQFLSLR8QR$VLJQDFLyQ'RV

*XtD/,)(SDUD

/RV3HQVDPLHQWRVVH[XDOHVOOHYDQD5,78$/(6TXHVRQFRVDVTXHQRVSUHSDUDQSDUDHOGHVHQIUHQR&XDOTXLHU
LGHDRFRPSRUWDPLHQWRTXHXVWHGXVDSDUDPRYHUVHGHODIDQWDVtDDODDFFLyQHVSDUWHGHVXULWXDO*UDQSDUWHGH
VXWUDEDMRHQHVWDDVLJQDFLyQHVWiRULHQWDGRDLGHQWLFDUVXVULWXDOHVSHUVRQDOHV8QULWXDOHPSLH]DFRQXQDPDOD
LGHDTXHHQUHDOLGDGODQ]DHOSURFHVRPXFKRDQWHVGHTXHXVWHGODSRQJDHQDFFLyQ1XHVWUDFDtGDFRPLHQ]D
FRQ ODV PHQWLUDV TXH QRV GHFLPRV D QRVRWURV PLVPRV$OFRKyOLFRV$QyQLPRV $$ OODPDQ D HVWDV FODVHV GH
SHQVDPLHQWRV3HQVDPLHQWRV,QPXQGRV9LHQHQHQGLIHUHQWHVPDQHUDVHQGLIHUHQWHVPRPHQWRV/DVVLJXLHQWHV
GHVFULSFLRQHVOHD\XGDUiQDGHWHUPLQDUFRQSUHFLVLyQVXVSHQVDPLHQWRVTXHOROOHYDQSRUHOPDOFDPLQR
4XpHVORTXHVHKDGLFKRD8VWHGPLVPRVREUHSRUTXpHVWiELHQGHVHQIUHQDUVH"&RPRFULVWLDQR8VWHGKDWHQLGR
TXHGDUVHFXHQWDGHTXH8VWHGHVWiGHVREHGHFLHQGRHOSODQGH'LRVSDUDODSXUH]DVH[XDO1RUPDOPHQWHVXFXPEL
PRVDGRVFDWHJRUtDVSULQFLSDOHVGHSHQVDPLHQWRVLQPXQGRV

/DMXVWLFDFLyQ3RUHMHPSORSRGUtDPRVSHQVDUTXHVLKDFHPRVDOJXQDVEXHQDVFRVDVSDUD'LRVVHQRVSHU
PLWHKDFHUDOJXQDVFRVDVPDODV(VFRPRVLWXYLpUDPRVXQDEDODQ]DHQQXHVWUDFDEH]DXQDIyUPXODTXHKHPRV
WUDEDMDGR\UD]RQDPRV'LRVQRVHYDKDPROHVWDUVLKDJRHVWDVFRVDVVH[XDOHVSRUTXHKLFHRWUDVPXFKDVFRVDV
EXHQDVSDUDeO
/DMXVWLFDFLyQPiVREYLDLQYROXFUDSHQVDPLHQWRVVREUHVXHVSRVD1RPHFRPSUHQGHQLFXLGDGHPLVQHFH
VLGDGHV6LVyORIXHUDPiVOLQGDRPiVRVDGDVH[XDOPHQWHQRQHFHVLWDUtDKDFHUHVWDVFRVDV4XL]iVDOJXQRVGH
QRVRWURVFUHDPRVTXHHVWDQGRHQXQPDWULPRQLRWHUPLQDUiQWRGRVQXHVWURVGHVHRVVH[XDOHV&UHHPRVTXHVLHQ
FRQWUDPRVODPXMHUSHUIHFWDQREDWDOODUHPRVPiVFRQODWHQWDFLyQ+HPRVOHtGR&RULQWLRVDFHUFDGHFyPR
3DEORGLMRTXHGHEHUtDPRVFDVDUQRVDQWHVGHTXHPDUQRV&XDQGRHQFRQWUDPRVTXHQRHVQXHVWURFDVRQXHVWUR
SHQVDPLHQWRHTXLYRFDGRQRVGLFHTXHQXHVWUDVEDWDOODVVH[XDOHVVRQSRUIDOODVGHQXHVWUDSDUHMDRTXHQRVKHPRV
FDVDGRFRQODSHUVRQDHTXLYRFDGD3RUHVRQRVVHQWLPRVMXVWLFDGRVSDUDFRPHWHUSHFDGRVVH[XDOHV4XL]iVFUHD
PRVLQFOXVRTXHQXHVWURGHVHQIUHQRHVXQPRGRGHVDWLVIDFHUQRVSDUDTXHSRGDPRVWROHUDUHOSHUPDQHFHUFDVDGRV
(QQXHVWURSHQVDPLHQWRHQIHUPL]RYHPRVQXHVWURVSHFDGRVVH[XDOHVFRPRDOJRSRVLWLYRTXHHYLWDHOGLYRUFLR
(O'HUHFKR$YHFHVMXVWLFDPRVQXHVWURVSHFDGRVVH[XDOHVSHQVDQGRTXHORVPHUHFHPRVORFXDOHVXQDIRUPD
GHGHUHFKR0XFKRVGHQRVRWURVQRVKHPRVGLFKR1DGLHPHDPD\QDGLHPHFXLGDUi7HQJRTXHKDFHUORSRU
PtPLVPR&UHHPRVTXHQDGLHPiVHQWLHQGHHOGRORUTXHVHQWLPRV(QORSURIXQGRGHQRVRWURVHVWDPRVPROHVWRV
SRUQRORJUDUVXSOLUQXHVWUDVQHFHVLGDGHV\QRVVHQWLPRVFRQGHUHFKRDVXSOLUODVQRVRWURVPLVPRVLQFOX\HQGRHO
VH[R\ODVUHODFLRQHVLPStDV

(OGHUHFKRWDPELpQQRVGLFHTXHKDFHPRVPXFKRWUDEDMDPRVGXUR\HVWDPRVWDQHVWUHVDGRVTXHQRVPHUHFHPRV
XQDUHFRPSHQVD<\DTXHODYLGDHVDPHQXGRWDQGLItFLOSRGUtDPRVSHQVDUTXHHVDOJRMXVWRKDFHUHVWDVFRVLOODV
VH[XDOHV1RVPHUHFHPRVDOJXQDFRPRGLGDG\VDWLVIDFFLyQ



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ'RV

5HJLVWUDQGR(MHUFLFLRV6XV3HQVDPLHQWRV,QPXQGRV
&RPSOHWHODVVLJXLHQWHVRUDFLRQHVHQVXGLDULR
0LVSHQVDPLHQWRVGHMXVWLFDFLyQLQFOX\HQ
0LVSHQVDPLHQWRVGHGHUHFKRLQFOX\HQ

$GHPiVGHQXHVWUDVLGHDVHTXLYRFDGDVODVHPRFLRQHVGRORURVDVWDPELpQQRVLQFLWDQDDFWXDU(OODVWDPELpQSX
HGHQOOHYDUQRVKDFLDQXHVWURVULWXDOHV5HFXHUGHQXHVWURVGHVHQIUHQRVVRQJHQHUDOPHQWHODH[SUHVLyQGHQXHVWUD
LUD(VWDPRVVRORVVtSHURODLUDFRQVLJXHTXHODPD\RUtDGHQRVRWURVYD\DPiVDOOiGHVXPRUDOLGDG\GHVXV
FUHHQFLDVFULVWLDQDV
'HELGRDDOJXQDVGHQXHVWUDVGRORURVDVH[SHULHQFLDVWDQWRODVGHQXHVWUDLQIDQFLDTXHODVDQDOL]DUHPRVHQXQD
OHFFLyQSRVWHULRUFRPRODVPiVDFWXDOHVORVDGLFWRVVRPRVDPHQXGRSHUVRQDVFRQPXFKDLUD(VWDPRVHQID
GDGRVFRQORVTXHQRVKLULHURQ(VWDPRVHQIDGDGRVFRQDTXHOORVTXHGHMDURQGHTXHUHUQRVRGHFXEULUQXHVWUDV
QHFHVLGDGHV(VWDPRVHQIDGDGRVFRQQXHVWUDVHVSRVDVRDQWHULRUHVHVSRVDV(VWDPRVHQIDGDGRVFRQDTXHOORVTXH
KDQWUDWDGRGHFRQIURQWDUQRVFRQQXHVWURVSHFDGRV(QJHQHUDOHVWDPRVHYLGHQWHPHQWHHQIDGDGRV<XVDPRVHVD
HPRFLyQSDUDHOXGLUQXHVWURFRPSURPLVRFRQODSXUH]D

5HJLVWUDQGR(MHUFLFLRV5HFXHQWRGHLUDV
+DJDXQDOLVWDGHDTXHOODVSHUVRQDVSRUODVTXHVLHQWHLUD'HVSXpVGHFDGDQRPEUHHVFULEDSRUTXpHVWiIXULRVR
FRQHOORV5HFXHUGHTXHXVWHGSXHGHWDPELpQHVWDUHQIDGDGRFRQ'LRV(O5H\'DYLGHOKRPEUHFRQHOFRUD]yQ
GH'LRVHVWXYRDOJXQDVYHFHVIXULRVRFRQ'LRV\HVFULELyHQYDULRV6DOPRVDFHUFDGHHVDLUD8VWHGTXL]iVHVWp
HQIDGDGRFRQRWUDSHUVRQDLPSRUWDQWHXVWHGPLVPR7yPHVHHOWLHPSRTXHQHFHVLWHSDUDFRPSOHWDUVXOLVWD\SLGD
D'LRVTXHORD\XGHPXFKR(OVLJXLHQWHFXDGUROHSXHGHVHUYLUFRPRJXtD
1RPEUH


BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBB

5D]yQHV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


3ULQFLSLR8QR$VLJQDFLyQ'RV

*XtD/,)(SDUD

5,78$/(6
&RPRXQUHFRUGDWRULRKHPRVHVWDGRYLHQGRQXHVWUDV3HQVDPLHQWRVLQPXQGRVODMXVWLFDFLyQ\HOGHUHFKR
\QXHVWUDLUDSRUTXHVRQORVSXQWRVSRUORTXHHPSLH]DQXHVWURULWXDO8QDYH]TXHGHDOJ~QPRGRTXHKHPRV
MXVWLFDGRQXHVWURSHFDGRVH[XDOHQQXHVWUDPHQWHHOSUy[LPRSDVRVHUiODSUHSDUDFLyQSDUDHOGHVHQIUHQR(VWRV
SUHSDUDWLYRVHVSHFtFRVVRQQXHVWURVULWXDOHV(VLPSRUWDQWHLGHQWLFDUQXHVWURVULWXDOHVSRUTXHGHWHQHUHOULWXDO
HVFODYHSDUDGHWHQHUHOGHVHQIUHQR

/RTXHYLHQHVRQDOJXQDVLQVWUXFFLRQHVSDUDD\XGDUORLGHQWLFDUVXVULWXDOHV3XHGHTXHTXLHUDWRPDUQRWDVHQ
VXGLDULRPLHQWUDVYDSHQVDGRHQHVDVSUHJXQWDV3XHGHTXHQHFHVLWHKDEODUFRQDOJXLHQGHO*UXSR/,)(SDUD
FRQVHJXLUHQWHQGHUVXVSURSLRVULWXDOHV
/DPHMRUPDQHUDGHLGHQWLFDUVXULWXDOHVDQDOL]DUGHVGHDWUiVSDUDDGHODQWHVXGHVHQIUHQR3ULPHURVHOHFFLRQH
HOFRPSRUWDPLHQWRVH[XDOPHQWHSHFDPLQRVRHQHOTXHXVWHGKD\DLQFXUULGRFRQPiVIUHFXHQFLD$KRUDUHFXHUGH
OD~OWLPDYH]TXHORKL]R4XpRFXUULyDQWHVGHTXH8VWHGVHGHVHQIUHQDUD"5HJLVWUHHOPRPHQWRHQTXH8VWHG
HPSH]yDSHQVDUHQGHVHQIUHQDUVHGHHVHPRGR/XHJRGHHVHSHQVDPLHQWRTXpKL]RGHVSXpV"<OXHJR"(VDV
DFFLRQHVVRQSDUWHGHVXULWXDO

6LSRUHMHPSORXVWHGKDPLUDGRSRUQRJUDItDHQ,QWHUQHWHPSLHFHSHQVDQGRHQOD~OWLPDYH]TXHYLVLWyXQDGH
HVDVSiJLQDV9XHOYDVREUHVXVSDVRVKDVWDHOPRPHQWRHQTXHXVWHGUHFLpQLQJUHVD1HFHVLWRHVSHUDUHVWDUDVR
ODV"(UDTXL]iVELHQGHQRFKHRFXDQGRQRKDEtDQDGLHHQFDVD"+DVROLFLWDGRXQDFXHQWDFRQGHQFLDO"8VDXQ
DSRGRSDUDLGHQWLFDUVHHQODSDQWDOOD"7RGDVHVDVFRVDVVRQSDUWHGHVXULWXDO
/RVULWXDOHVSXHGHQVHUFRUWRVFRPRHOGHODSRUQRJUDItDGHVFULWDUHFLHQWHPHQWHRPX\ODUJRV$OJXQRVULWXDOHV
GHDYHQWXUDVDPRURVDVWDUGDQVHPDQDVRPHVHVHQGHVDUUROODUVH&RPLHQ]DQGHVGHODSULPHUDYH]TXHYHDOD
DPDQWHSDVDQGRSRUFRQYHUVDFLRQHVLQLFLDOHV\YDULRVDFWRVGHDFHUFDPLHQWRDQWHVGHTXHODUHODFLyQVH[XDOVH
UHDOLFH/DPD\RUtDGHODVSHUVRQDVTXHWLHQHQDYHQWXUDVDPRURVDVODUJDVFUX]DQPXFKRVOtPLWHVHPRFLRQDOHV\
PRUDOHVDQWHVGHFUX]DUORVVH[XDOHV

+D\WDQWRVULWXDOHVFRPRKD\SHUVRQDV\IRUPDVGHGHVHQIUHQR/RV5LWXDOHVVRQSDUWHGHOFLFORGHWRGRVORVDGLF
WRVVLQLPSRUWDUFyPRRFRQTXLpQVHGHVHQIUHQDQ6LVXFRPSRUWDPLHQWRLQYROXFUDDFWLYLGDGHVVROLWDULDVRFUX]DU
ODOtQHDFDUQDOSDUDLQFOXLUDRWUDSHUVRQD\DVHDGHOVH[RRSXHVWRRGHVXPLVPRVH[R8VWHGHVWiSDUWLFLSDQGR
HQXQULWXDOLGHQWLFDEOH$OJXQRVSRGUtDQVHUH[FOXVLYRVGH8VWHG2WURVVRQFDVLXQLYHUVDOHV$OJXQRVULWXDOHV
SXHGHQVHUPX\VXWLOHV

5HSLWDHVWHSURFHVRGHYROYHUVREUHVXVDFFLRQHVSDUDFXDOTXLHUDGHVXVFRPSRUWDPLHQWRVTXHLQYROXFUHQSHUYHU
VLRQHVVH[XDOHVRGHUHODFLRQHV&RPLHQFHFRQHOPiVFRP~Q\OXHJRDYDQFHFRQORVTXHKD\DKHFKRVRODPHQWH
XQDYH]

8VDUODWDEODGHODVLJXLHQWHSiJLQDFRPRXQDJXtDSDUDUHJLVWUDUVXVULWXDOHV3DUDDFRPRGDUHOSUy[LPR
HMHUFLFLRGHMHXQSRFRGHHVSDFLRHQWUHFDGDFODVHGHGHVHQIUHQR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ'RV

5HJLVWUDQGR(MHUFLFLRV6XV5LWXDOHV
&RQGXFWDGH'HVHQIUHQR 
BBBBBBBBBBBBBBBBBBBBB 
BBBBBBBBBBBBBBBBBBBBB 
BBBBBBBBBBBBBBBBBBBBB 
BBBBBBBBBBBBBBBBBBBBB 
BBBBBBBBBBBBBBBBBBBBB 
BBBBBBBBBBBBBBBBBBBBB 
BBBBBBBBBBBBBBBBBBBBB 


5LWXDOHVUHODFLRQDGRVFRQpO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3LHQVH\RUHVREUHFyPRXVWHGVHVHQWtDDOHQWUDUHQVXULWXDO(VWDED8VWHGVRORHVWUHVDGRDVXVWDGRHQIDGDGR
RSUHRFXSDGR"3XHGHTXHVHDGLItFLOSHQVDUHQHVWR\FRQYHUVDUVREUHHVWRFRQRWURVPLHPEURVGHOJUXSR+D
HQFRQWUDGRDOJXQDYH]TXHVyORODHPRFLyQGHHVWDUHQHOULWXDOHVVXFLHQWHSDUD0HGLFDUHOVHQWLPLHQWR"3XHGH
HQFRQWUDUTXHODVGLIHUHQWHVFODVHVGHFRPSRUWDPLHQWRVVH[XDOHVHVWiQDVRFLDGRVFRQVHQWLPLHQWRVHVSHFtFRV
3RUHMHPSORXVWHGSXHGHHQFRQWUDUTXHORVVHQWLPLHQWRVGHHVWUpVRGHSUHRFXSDFLyQOROOHYDQDOGHVHQIUHQRFRQ
ODSRUQRJUDItD\HOFLEHUVH[R0LHQWUDVTXHODVROHGDGOROOHYDDEXVFDUDPDQWHV

5HJLVWUDQGR(MHUFLFLRV6HQWLPLHQWRVGHWUiVGH6XV5LWXDOHV

3RUFDGDGLIHUHQWHFODVHGHGHVHQIUHQRHVFULEDWDQELHQFRPRORUHFXHUGHTXpHVWXYR

VLQWLHQGRFXDQGRFRPHQ]yVXULWXDO7UDWHGHXVDUXQFRORUGLIHUHQWHSDUDUHSUHVHQWDU
FDGDHPRFLyQSRUHMHPSORURMRSDUDODLUDD]XOSDUDODVROHGDGHWF



3ULQFLSLR8QR$VLJQDFLyQ'RV

*XtD/,)(SDUD+RPEUHV

/0,7(6/D&ODYHSDUD,QWHUUXPSLU6XV5LWXDOHV

8QRGHORVJUDQGHVGHVDItRVSDUDFXUDU\FRQVWUXLUXQDQXHYDYLGDHVLQWHUYHQLUHQHVWRV3UHSDUDWLYRVORV
ULWXDOHVTXHKDXVDGRSDUDHVFDODUGHVGHODSUHRFXSDFLyQDOGHVHQIUHQR8QDFRVDHVGHFLUTXHGHVHDGHWHQHUXQ
GHWHUPLQDGRSHFDGR2WUDPiVFRPSOLFDGDHVGHWHQHUHOFRPSRUWDPLHQWRTXHOROOHYDDVXULWXDO
(VFDVLLPSRVLEOHSDUDUHOFLFORHQODHWDSDGHODWRPDGHDFFLyQ8VWHGWLHQHTXHLQWHUYHQLUDQWHVGHTXHHPSLHFH
VXULWXDO
8QSULQFLSLRFODYHSDUDUHFRUGDUHVTXHXQDYH]TXHVXULWXDOKDHPSH]DGR
8VWHGDODODUJDVHGHVHQIUHQDUi
(VLPSHUDWLYRHQWRQFHVTXHXVWHGGLVHxHXQSODQSDUDGHWHQHUHOFRPSRUWDPLHQWRTXHOROOHYDDOULWXDO8VWHG
GHEHFRQFHSWXDOL]DUHQIRUPDPX\HVSHFtFDFyPRVHUiHVHSODQ8VWHGWHQGUiTXHGHQLUORVOtPLWHVGHORVFXDOHV
GHEHUiFXLGDUVHGHQRWUDVSDVDUSDUDQRHQWUDUHQVXULWXDO(VWRVOtPLWHVVRQODSURKLELFLRQHVTXHORPDQWHQGUiQ
VHJXUR(OORVVHUiQORVJXDUGLDQHVGHVXVREULHGDG

3LHQVHHQXQULWXDOTXHXVWHGGHVFULELyHQORVHMHUFLFLRVDQWHULRUHV4XpFRQGXFWDVWHQGUiTXHGHWHQHUSDUD
HYLWDUHVWDUHQHOULWXDO",GHQWLFDQGRHVWDVFRQGXFWDVXVWHGSXHGHGHWHUPLQDUORVOtPLWHVTXHQHFHVLWD

3RUHMHPSORXQKRPEUHTXHDOTXLODYLGHRV;;;WHQGUiTXHHYLWDUODVWLHQGDVTXHORVYHQGHQSRVLEOHPHQWHORV
EDUULRVHQORVTXHH[LVWHQWLHPSRVDVRODVHQHODXWRTXHORSXHGHQOOHYDUDHVRVEDUULRV\HOGLQHURTXHORVSDJD
(VWRSDUHFHVHYHUR\PX\UHVWULFWLYRSHURHQORVSULPHURVGtDVGHOHVWDEOHFLPLHQWRGHVREULHGDGSUREDEOHPHQWH
VHDQHFHVDULR(QRWURHMHPSORHOKRPEUHTXHWLHQHDYHQWXUDVDPRURVDVWHQGUiTXHHYLWDUWHQHUFRQYHUVDFLRQHV
DVRODVFRQFXDOTXLHUPXMHUTXHQRVHDVXHVSRVD(VWRSDUHFHDQWLVRFLDOSHURSUREDEOHPHQWHQHFHVDULRSDUDORV
SULPHURVGtDV(OKRPEUHTXHKDWHQLGRGHVHQIUHQRVFRQORVGHVXPLVPRVH[RQHFHVLWDOtPLWHVFODURVDOUHGHGRU
GHVXLQWHUDFFLyQFRQRWURVKRPEUHV(VWDVSURKLELFLRQHVSXHGHQVHUFRUUHJLGDVWDQSURQWRDOFDQFHIRUWDOH]D<R
KDEORFRQRWUDVPXMHUHVSHURLUtDDDOPRU]DUVRORFRQXQDGHHOODV(VWRHUDXQDSDUWHGHPLYLHMRULWXDO
3RUDKRUDKDJDXQDOLVWDGHOtPLWHVTXHQHFHVLWDUiSDUDSRQHUHQVXOXJDUDFDGDXQRGHVXVULWXDOHV

5HJLVWUDQGR(MHUFLFLRV6XV/LPLWHV
5LWXDOHV


BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBB

/tPLWHVQHFHVDULRV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ'RV

&RPRORHQIDWLFpORVULWXDOHVQRVGLULJHQDOD'(6(1)5(12ODVFXDOHV\DLGHQWLFyHQOD$VLJQDFLyQ8QR
+DEUiDOJXQDRWUDIRUPDGHGHVHQIUHQRTXHYHDQHFHVDULRDxDGLUDVXOLVWD"6LHVDVtKDJDHVRDKRUD
/D~OWLPDHWDSDHQHOFLFORGHODDGLFFLyQHVOD'(6(63(5$&,12WURWpUPLQRSDUDHVWHVHQWLPLHQWRPX\
JUDYHHVODGHSUHVLyQ/DJUDQPD\RUtDGHORVDGLFWRVVH[XDOHVHVWiQGHSULPLGRV5HJUHVH\OHDODKLVWRULDGH
'DYLGSDUDYHUFyPRUHDFFLRQyIUHQWHDVXVSURSLRVSHFDGRVVH[XDOHV(UDXQKRPEUHGHSULPLGR\GHVHVSHUDGR
3DW&DUQHVGHVFXEULyKDFHPXFKRVDxRVTXHFDVLHOGHWRGRVORVDGLFWRVVH[XDOHVKDEtDQFRQVLGHUDGRHOVXL
FLGLR$JRELDGRSRUODFXOSD\ODYHUJHQ]DPXFKRVKRPEUHVWHPHQTXHQRKD\DQLQJXQDRWUDPDQHUDGHGHWHQHU
HOGRORU

5HJLVWUDQGR(MHUFLFLRV6X'HVHVSHUDFLyQ
(VFULEDVREUHORVPRPHQWRVPiVGHSUHVLYRVGHVXYLGD&yPRIXHHVR"&XiOHVIXHURQODVFLUFXQVWDQ
FLDVGXUDQWHHVWHPRPHQWR"+DSHQVDGRDOJXQDYH]HQHOVXLFLGLR"$OJXQDYH]KDPDQLIHVWDGRHVRV
SHQVDPLHQWRV"7LHQHLGHDVVXLFLGDVHQHVWHPRPHQWR"
4XL]iV8VWHGVLHQWHTXHQHFHVLWDVHUHYDOXDGRSRUGHSUHVLyQFOtQLFDORTXHVLJQLFDTXHGHEHEXVFDUDXQSUR
IHVLRQDO SDUD PHGLU VXV QLYHOHV GH GHVHVSHUDFLyQ 8VWHG SRGUtD HPSH]DU FRQ XQ FRQVHMHUR R WHUDSHXWD 6L VH
MXVWLFDHVWDSHUVRQDSXHGHGHULYDUORDXQGRFWRUHVSHFLDOL]DGRFRPRXQSVLTXLDWUDTXHSXHGHWUD]DUXQSODQ
GHWUDWDPLHQWR$OJXQRVPpGLFRVGHIDPLOLDORVLQWHUQLVWDVRORVJLQHFyORJRVWDPELpQXELFDQODVUD]RQHVGHOD
GHSUHVLyQ6L8VWHGVLHQWHJDQDVGHVXLFLGDUVHHQDOJ~QPRPHQWRHVHVHQFLDOTXHXVWHGFRPSDUWDHVDVLGHDV
FRQXQSURIHVLRQDO\FRQVLJDD\XGDDGHFXDGD
02'26$',&,21$/(6'('(6(1)5(12
9XHOYDDWUiV\YHDHOGLDJUDPDGHOFLFORGHODDGLFFLyQ\DGYLHUWDTXHHOSXQWRGHGHVHVSHUDFLyQOROOHYDDODSUHR
FXSDFLyQ\ODIDQWDVtD/RVDGLFWRVDOVH[REXVFDQDOLYLDUVXVVHQWLPLHQWRVGHGHVHVSHUDFLyQ7DQORFRFRPRSXHGH
SDUHFHUODPHMRUPDQHUDSDUDFRQVHJXLUHODOLYLRHVHPSH]DURWUDYH]WRGRHOSURFHVR/RVDGLFWRVYROYHUiQDOR
DOWRGHODIDQWDVtDVH[XDO\HOFLFORVHUHSHWLUi
3DUDDOJXQRVGHQRVRWURVHVLPSRUWDQWHGDUQRVFXHQWDTXHWDPELpQDVXPLPRVRWURVFRPSRUWDPLHQWRVTXHPHGL
FDQORVVHQWLPLHQWRVGHGHVHVSHUDFLyQ(QOtQHDVJHQHUDOHVODPLWDGGHWRGRVORVDGLFWRVVRQGHSHQGLHQWHVGHO
DOFRKRORGHTXtPLFRV0XFKRVVRQIXPDGRUHVJXVWDQGHODFDIHtQDRGHRWUDVGURJDV1RUPDOHV$OJXQRVRUL
HQWDQVXFRPSRUWDPLHQWRKDFLDHOWUDEDMRHOGHSRUWHYHU79RJDVWDUGLQHUR$KRUDVDEHPRVTXHPXFKRVDGLFWRV
VH[XDOHVVRQDGLFWRVP~OWLSOHVSRUHMHPSORSDGHFHQGHPiVGHXQDDGLFFLyQ(VFRP~QTXHPXFKRVDOFRKyOLFRV
SRUHMHPSORGHVFXEUDQTXHGHVSXpVGHPHVHVRDxRVGHUHFXSHUDFLyQTXHWDPELpQVRQDGLFWRVDOVH[R(QHO
YLDMHKDFLDVXFXUDFLyQTXL]iVQHFHVLWHWUDWDUFRQRWUDVVXVWDQFLDVRFRPSRUWDPLHQWRVTXHD8VWHGVROtDQDOWHUDU
VXiQLPR



3ULQFLSLR8QR$VLJQDFLyQ'RV

*XtD/,)(SDUD+RPEUHV

8QDGHODVPDQHUDVHQTXHKHREVHUYDGRHVRKDVLGRMiQGRPHHQFyPRPLIDPLOLDPHHQVHxyDHYLWDUPLVVHQ
WLPLHQWRV1RVJXVWDEDPLUDUOD79FRPHUMXJDURYHUGHSRUWHVLUGHFRPSUDVWUDEDMDUHLUDLJOHVLD0LSDSi
WHQtDUHVSXHVWDVEtEOLFDVSDUDWRGR\QRHUDDOJRPDORSHURVHUYtDSDUDD\XGDUQRVDYHFHVDUHKXLUORTXHQRVRWURV
HVWiEDPRVVLQWLHQGRUHDOPHQWH7RPDUiDOJXQDVVHPDQDVGHVREULHGDGGHODDGLFFLyQVH[XDOUHFRQRFHUDOJXQRV
GHHVWRVRWURVFRPSRUWDPLHQWRV

5HJLVWUDQGR(MHUFLFLRV6XV&RPSRUWDPLHQWRV$GLFLRQDOHV

%DVDGRHQVXSHUFHSFLyQDFWXDOKDJDXQDOLVWDGHRWUDVDGLFFLRQHVRPDQHUDVTXHXVD
SDUDPHGLFDUODDQJXVWLDGHVXGHVHQIUHQR

'HVSXpVGHWRGRHVXQWUDEDMRGXUR7yPHVHXQGHVFDQVR5HFXHUGHTXHWRGRVVRPRVSHFDGRUHV\HVWDPRVDWUD
SDGRVHQHOFLFORGHQXHVWUDSURSLDVLGHDV\FRPSRUWDPLHQWRVSHFDPLQRVRV$XQ3DEORDGPLWLyTXHQRKL]RODV
FRVDVEXHQDVTXHTXHUtDKDFHUHKL]RODVFRVDVTXHQRTXHUtDKDFHU(OGLMR'HVJUDFLDGRGHPL
&UHHTXH'LRVHQYLyDVX+LMRDOPXQGRSRUTXHpUDPRVSHUIHFWRV"'LRVVyOROHSLGHTXHGHSHQGDGHpOPiV\
PiVWRGRVORVGtDV\XQGtDDODYH]\HPSLHFHDFRPSUHQGHUFXiQWRORDPD5HFXHUGHRWUDYH]ODKLVWRULDGHO
KLMRSUyGLJR\ItMHVHHQFyPRVDOHHOSDGUHSUHFLSLWDGDPHQWHSDUDHQFRQWUDUVHFRQVXKLMRRWUDYH]'LRVHVWi
PLUDQGRTXHXVWHGYXHOYDDFDVD\OHHVWiSUHSDUDQGRXQEDQTXHWH

3Uy[LPD7DUHD3ULQFLSLR'RV$VLJQDFLyQ'RVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ7UHV

$VLJQDFLyQ7UHV,GHQWLFDUQXHVWUDV5DtFHV\'HVHRV
/XHJRGHUHYLVDUORV3ULQFLSLRVGHEHUtDWHQHUDKRUDXQDEXHQDFRPSUHVLyQGHFXDQLPSRWHQWHKDVLGRUHDOPHQWH
HQFXDQWRDVXDGLFFLyQVH[XDO(VSHURTXHHVWpWHQLHQGRSURJUHVRVHQODDFHSWDFLyQGHODUHVSRQVDELOLGDGSRUVX
FRQGXFWDSHFDPLQRVDEXVFDQGRSRQHUVHDFXHQWDV\UHODFLRQiQGRVHHQFRPSDxHULVPRJHQXLQRFRQRWURV(VWHHV
HOPRPHQWRSDUDTXH8VWHGH[DPLQHODVFDXVDVSULQFLSDOHVTXHKDQFRQWULEXLGRDVXDGLFFLyQ

$GYHUWHQFLD8VWHG'HEH7HQHUDOPHQRVWUHVPHVHVGH6REULHGDG
$QWHV4XHKDJDODVLJXLHQWH$VLJQDFLyQ
/DUD]yQSDUDHVWHOtPLWHHVVLPSOH(VLPSRUWDQWHTXH8VWHGSRVHDXQVyOLGRIXQGDPHQWRGHVREULHGDG\DSR\R
DQWHVGHHPSH]DUDH[SORUDUORVDVXQWRVIXQGDPHQWDOHV4XL]iV\DKD\DQRWDGRHQVXWUDEDMRGHPDQHUDGLVWDQWH
TXHPXFKRVGHHVWRVVHQWLPLHQWRVKDQVDOLGRDODOX]\TXHKLVWyULFDPHQWHDWUDWDGRGHPHGLFDU
3DUHSRUXQPRPHQWR$JLWDUORVVHQWLPLHQWRVGRORURVRVSRGUtDSDUHFHUOHXQSUREOHPD3XHGHTXHKD\DVLGRXQR
GHHVRV&ULVWLDQRVTXHFUHtDQTXHXQDYH]TXHHPSLH]DKDWRPDUODVGHFLVLRQHVFRUUHFWDVFRPRHVWDUVREULRWRGR
DXWRPiWLFDPHQWHVHYROYHUiPHMRU3XHGHWHQHUODLGHDGHTXHXVWHGQRH[SHULPHQWDUiODVFRQVHFXHQFLDVQHJDWL
YDVTXHVXHVSRVDHPSH]DUiDFRQDULQPHGLDWDPHQWHHQ8VWHG4XHQRSHUGHUiLPSRUWDQWHVUHODFLRQHVRHQIUHQ
WDUiHOFDRVQDQFLHUR0XFKRVGH8VWHGHVKDQSHQVDGRTXHVHUiQ)HOLFHV(VWiWDQGHFHSFLRQDGR\GHVDOHQWDGR
TXHFRQWLQ~DVLQWLHQGRHPRFLRQHVDJRELDQWHV
%LHQYHQLGRDODUHDOLGDG6XYLDMHSDUDYLYLUHQOLEHUWDGFDGDGtDHVSUHFLVDPHQWHHVRXQYLDMH(OFDPLQRQR
VLHPSUHVHUiFODURROODQR(OWRPDUODVGHFLVLRQHVFRUUHFWDVQRORH[LPLUiGHFRQVHFXHQFLDVGRORURVDVRGHHPR
FLRQHVGLItFLOHV'HKHFKRHVWHSHULRGRGHLQLFLRGHODUHFXSHUDFLyQHVSUREDEOHPHQWHXQRGHORVPiVGLItFLOHVTXH
XVWHGDOJXQDYH]KD\DH[SHULPHQWDGR3RUPXFKRWLHPSRVXVHPRFLRQHVKDQVLGRFXELHUWDVSRUVXVGHVHQIUHQRV
KDVWDTXHXVWHGSRVLEOHPHQWHQRVLQWLy\DQDGDPiV<DGLYLQHTXp&XDQGRXVWHGHPSLH]DDVHQWLUODVSULPHUDV
HPRFLRQHVVRQFDVLVLHPSUHODVPiVGRORURVDV
(OSHUtRGRGHWLHPSRHQWUHHOWHUFHU\HOQRYHQRPHVGHUHFXSHUDFLyQHVXQWLHPSRPX\SHOLJURVRSRUXQDYDU
LHGDGGHUD]RQHV3ULPHURXVWHGSRGUtDHVWDUH[SHULPHQWDQGRODYLRODFLyQGHODVH[SHFWDWLYDVTXHSUHFLVDPHQWH
GHVFULEt<VXUHDFFLyQSRGUtDVHUODLUD4XL]iVXVWHGVHGLJDDVtPLVPR&XiOHVODXWLOLGDGGHHVWDUHQXQYL
DMHGHFXUDFLyQVLHVRHVWRGRORTXHFRQVLJR"3HQVDEDTXHPLYLGD\DVHUtDEXHQDDHVWDVDOWXUDV3RGUtDHVWDU
IXULRVRSRUWRGDVODVUHVWULFFLRQHVHQVXYLGDGHELGRDOSURJUDPDGHUHFXSHUDFLyQ3DUHFHTXHPXFKDVFRVDVKDQ
VLGRTXLWDGDV7DOYH]RGLHVHUXQ$GLFWR&UHHTXHQRHVQRUPDO\VHVLHQWHH[WUDxR6HHVWiFDQVDQGRGHWRGR
HVWHWUDEDMRGXUR
5HOiMHVH8VWHGHVQRUPDO5HFXHUGHTXHDXQTXHXVWHGDKRUDVHFRQVLGHUDDVtPLVPRXQDGLFWRHVDSDODEUDQR
GHQHORTXHHVXVWHG8VWHGHVXQSUHFLRVRKLMRGH'LRV8VWHGHVWiKHFKRPDUDYLOORVDPHQWH6tXVWHGHVXQD
SHUVRQDTXHKDVXIULGRFRQODDGLFFLyQSHURXVWHGHVPXFKRPiVTXHHVR6HDDPDEOHFRQ8VWHGPLVPR



3ULQFLSLR8QR$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

5HJLVWUDQGR(MHUFLFLRV6XV%XHQDV&XDOLGDGHV

(QODSULPHUDSDUWHGHHVWDDVLJQDFLyQKDJDXQDOLVWDGHODVEXHQDVFXDOLGDGHVTXH
WLHQH6LXVWHGQRSXHGHSHQVDUHQQLQJXQDSLGDDDOJXQRGHORVPLHPEURVGHVX
JUXSRTXHORD\XGH
$KRUDTXHXVWHGVHKDDFRUGDGRGHDOJXQRVGHVXVDWULEXWRVSRVLWLYRVSXHGHVHJXLUDGHODQWH6LQHPEDUJRQR
ROYLGHTXHXVWHGWLHQHTXHWUDEDMDUHQVXSURJUDPDWDQGXURFRPRORKL]RHQODVSULPHUDVVHPDQDV(VHOPRPHQWR
GHLUPiVDOIRQGRGHVXVSHQVDPLHQWRV\VHQWLPLHQWRV(VHOPRPHQWRGHWRPDUDOJXQDVGHODVUDtFHVSULQFLSDOHV
GHVXVROHGDG\GHVXLUD

+(5,'$6'(68)$0,/,$
3RU IDYRU HPSLHFHOH\HQGRHQRWURV VLWLRVVREUH WHPDVGHSUREOHPDVIDPLOLDUHV+D\ XQDYDULHGDG GH EXHQDV
RSFLRQHV9HDODVHFFLyQGHUHFXUVRVHQODSiJLQDGH,QWHUQHWGH/,)(ZZZIUHHGRPHYHU\GD\RUJ6LVXJUXSR
TXLHUHHVWDUHQODPLVPDSiJLQDOHDORVFDStWXORV\GHPLOLEUR)DLWKIXODQG7UXH(VWRVFDStWXORVGDQXQD
H[SOLFDFLyQGHFyPRODVIDPLOLDVWUDEDMDQHQDOJXQRGHORVHUURUHVTXHSXHGDQKDEHUFRPHWLGR
3LHQVRTXHHVLPSRUWDQWHUHFRUGDUOHHOSURSyVLWRGHHVWHWLSRGHWUDEDMR1RHVFXOSDUDQXHVWURVSDGUHVRDRWURV
GHQXHVWURVSUREOHPDV&XOSDUQRVROXFLRQDQDGD(OSXQWRHVOOHJDUDVDEHUTXpSRGHPRVXVDUTXHQRVD\XGHD
FDPELDUQXHVWURFRPSRUWDPLHQWR\OXHJRHQQXHVWUDFXUDFLyQ

'HVGHTXHRULJLQDOPHQWHHVFULEtHVWHOLEURKHOOHJDGRDXQDFRPSUHQVLyQPiVDFDEDGDGHFyPRGHEHPRVSHQVDU
HQQXHVWUDIDPLOLDRULJLQDO6ROtDPRVKDFHUODGLIHUHQFLDHQWUHYHQLUGHXQDIDPLOLDHQIHUPL]DRGLVIXQFLRQDORGH
XQDIDPLOLDVDQDRIXQFLRQDO(VRQRVSRQHDPXFKRVGHQRVRWURVHQXQDSRVLFLyQDOJRGLItFLO0XFKRVGHQRVRWURV
KHPRVSDVDGRSRUPRPHQWRVPX\GLItFLOHVHQHVWHWHPD3HQViEDPRVTXHYHQtDPRVGHXQDIDPLOLDDOJRERQLWD
4XL]iVKHPRVVLGRDOJRSURWHFWRUHVFRQHOORV\QRKHPRVTXHULGRLQYROXFUDUORVHQHVWRVUHFXHUGRVGHSUREOHPDV
eVWDHVXQDUHVLVWHQFLDDOJRQDWXUDO&RPRFULVWLDQRVQRVKDQHQVHxDGRDDPDU\KRQUDUDQXHVWUDVIDPLOLDV'H
KHFKRORVDPDPRV\SRVLEOHPHQWHORVQHFHVLWDPRV
+H OOHJDGR D OD FRQFOXVLyQGHTXHQXHVWUDVLGHDVHQHVWHWLSRGHWHPDVVXHOHQVHUGHPDVLDGREODQFR \ QHJUR
1HFHVLWDPRVTXHQXHVWUDVIDPLOLDVVHDQEXHQDVRPDODV&UHRTXHWRGDVODVIDPLOLDVVRQIDPLOLDVTXHKDFHQ
PXFKDVFRVDVEXHQDV\DJUDGDEOHV\TXHWRGDVFRPHWHQHUURUHV6pTXHKHFRPHWLGRPXFKRVHUURUHVFRPRSDGUH
0HKDFHHVRXQSDSiGLVIXQFLRQDO"(VSHURTXHPHKDJDXQSDGUHTXHDPDDVXKLMR\TXHWUDWDGHKDFHUORPH
MRU&UHRTXHHVRHVFLHUWRDFHUFDGHORVSDGUHVTXHFRPHWHQHUURUHVKRUULEOHV$OJXQRVGHHOORVVRQLQPDGXURV\
HJRtVWDVLQFOXVRKDVWDHOSXQWRGHGHMDUTXHVXFHGDQFRVDVPX\WHUULEOHVSHURFRPRYHUHPRVGXUDQWHHVWHYLDMHQR
GHEHUtDPRVTXHGDUQRVHQHOLQWHQWRGHGHFLGLUFXiQEXHQRVRPDORVVRQ(Q~OWLPDLQVWDQFLDHVRORGHFLGH'LRV



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ7UHV

(QPLH[SHULHQFLDDOJXQRVGHQRVRWURVKDQVHQWLGRORTXHKHOODPDGRYHUJHQ]DIDPLOLDU(VWRSXHGHWRPDU
GRVFDPLQRVGLIHUHQWHV8QRGHHOORVHVSHQVDUTXHYHQLPRVGHODSHRUIDPLOLDSRVLEOH1XHVWUDKLVWRULDHVUHDO
PHQWHPDODQXHVWURVSDGUHVWHUULEOHV\ODOHVLRQHVUHDOPHQWHGDxLQDV+HPRVVLGRWHQWDGRVDSHQVDUTXHQRHV
VRUSUHQGHQWHTXHHVWHPRVPHWLGRVHQWDQWRVSHFDGRVVH[XDOHVQXHVWUDKLVWRULDHVYHUGDGHUDPHQWHXQDSHVDGLOOD
3RGHPRVWDPELpQOOHJDUDSHQVDUTXHQXHVWUDKLVWRULDHVODSHRU(ORWURFDPLQRHVVHQWLUYHUJHQ]DSRUTXH
UHDOPHQWHQRSRGHPRVSHQVDUTXHQXHVWUDIDPLOLDKD\DKHFKRWDQWDVFRVDVPDODV$KRUDVtTXHHVWDPRVHQSURE
OHPDV&yPRSXGLPRVPHWHUQRVHQWDQWRVSHFDGRVVH[XDOHVFXDQGRQRSDUHFHKDEHUQLQJXQDFDXVD"$OJXQRV
GHXVWHGHVSXHGHQVHQWLUTXHHVWHFDPLQRHPSLH]DDSUHRFXSDUORV\DSHQVDUTXHHOSUREOHPDHVUHDOPHQWHVX\R
\TXHHVVXPDPHQWHYHUJRQ]RVR+DVWDSRGUtDPRVFRPHQ]DUDSHQVDUHQLQYHQWDUDOJXQDVKLVWRULDVGHQXHVWUD
IDPLOLDSDUDSRGHUHQFDMDUHQHOODV
$XQODFRPXQLGDGWHUDSpXWLFDHVWiSUHRFXSDGDSRUHVWD~OWLPDSRVLELOLGDG+D\XQGHEDWHTXHFRQWLQ~DFRQDOJR
OODPDGR6tQGURPHGHO)DOVR5HFXHUGR$OJXQRVFUHHQTXHORVWHUDSHXWDVSXHGHQD\XGDUDXQDSHUVRQDDFUHDU
UHFXHUGRVTXHUHDOPHQWHQXQFDVXFHGLHURQ3RUHMHPSORVLXQWHUDSHXWDDOJXQDYH]OHGLMRTXHHOGHWRGRV
ORVDGLFWRVVH[XDOHVVRQVREUHYLYLHQWHVGHDEXVRVVH[XDOHV\XVWHGWDPELpQGHEHVHUXQRGHHOORV7HQJDFXLGDGR
3RUPXFKRVDxRVKHHQFRQWUDGRTXHHOPHMRUFDPLQRHVVLHPSUHODRUDFLyQ&XDQGRFRPLHQFHHVWDWDUHDWyPHVH
XQWLHPSRFDGDYH]TXHWUDEDMHHQpO\StGDOHD'LRVTXHOHD\XGHDUHFRUGDUHYHQWRVGHOSDVDGRGHORVTXHQHFHVLWD
VDQDUVH'tJDOHD'LRVTXHGHVHDVDQDUVHGHHOORV\TXHQRHVWiEXVFDQGRH[FXVDV'tJDOHD'LRVTXHVLHQWHPXFKR
GRORUVROHGDGHLUD\TXHVHSUHJXQWDGHGyQGHYLHQHWRGRHVR\OXHJRStGDOHTXHVHORPXHVWUH0DQWpQJDVH
VLHPSUHEDMRFRQVHMHUtDRHQJUXSRVTXHOHUHFXHUGHQTXHGHEHKDFHUHVWHWLSRGHRUDFLyQ/RV7HUDSHXWDVSDVWRUHV
\JUXSRVVyORSXHGHQJXLDUOH\DQLPDUORHQHVWDMRUQDGDGHRUDFLyQSHURQRSXHGHQREOLJDUORDTXHORKDJD
0LSULPHUOLEUR)DLWKIXODQG7UXHFRQWLHQHHMHUFLFLRVHVFULWRV\H[SOLFDFLRQHVHQODVXQLGDGHV\TXHD\XGDQ
DTXHWUDEDMHHQHOFRQRFLPLHQWRGHVXIDPLOLD5HFXHUGHTXHFXDOTXLHUWUDEDMRTXHKDFHHVFRQHOSURSyVLWRGH
FRPSUHQGHU/RVTXHGHVHHQSXHGHQWUDEDMDUHVWHPDWHULDOFRQXQWHUDSHXWDRSDVWRUSDUDTXHORDFRQVHMH
0LHQWUDVYDWUDEDMDQGRHVWHPDWHULDODFHUFDGHVXIDPLOLDGpMHPHUHVXPLUOHDOJXQRVGHORVSUREOHPDVGHORVGH
EHUtDFXLGDUVH
 /DVUHJODVTXHH[LVWtDQHQVXIDPLOLD3LHQVHHMHPSORVGHFyPRVXIDPLOLDOHHQVHxyDH[SUHVDUVXV
VHQWLPLHQWRVDKDEODU\KDDFHSWDUODUHVSRQVDELOLGDG2HVTXHVXIDPLOLDQRKDEODEDQRWUDQV
PLWtDVHQWLPLHQWRVFXOSDEDPLQLPL]DEDRHUDLUUHVSRQVDEOH"
 /RVUROHVDORVTXHMXJDEDFDGDXQRHQVXIDPLOLD/RVHMHPSORVLQFOX\HQHOKpURHRHOVDQWROD
SHTXHxDSULQFHVDODYtFWLPDHOVXSHUVWLFLRVRHOHPSUHQGHGRUHOPiUWLUHOSDFLFDGRU
 /HSRQtDVXIDPLOLDOtPLWHVVDQRV"6HQWtDVHJXULGDG"6HVHQWtDDPDGR"3URWHJLGR"(GXFDGR"
$UPDGR"



3ULQFLSLR8QR$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

 +DEtDDGLFFLRQHVSUHVHQWHVHQVXIDPLOLD"$OJXQDVGHHOODVSXHGHQKDEHUVLGRVXVWDQFLDV\RWURV
SRGUtDQKDEHUVLGRFRPSRUWDPLHQWRV6LKXERXQDGLFWRTXLpQHUDHOIDFLOLWDGRU"
 )XHHPRFLRQDOPHQWHItVLFDPHQWHVH[XDOPHQWHRHVSLULWXDOPHQWHPDOWUDWDGRGHPDQHUDKRVWLO"
 'H DOJXQD PDQHUD IXH DEDQGRQDGR" 6LHQWH TXH FRQVLJXLy OR TXH QHFHVLWDED" )XH UDWLFDGR
HVFXFKDGRSURWHJLGRWRFDGR\GHVHDGR"&RPSUHQGDTXHHVXVXDOPHQWHGXURLGHQWLFDUODVPDQH
UDVHQTXHSXGLPRVVHUDEDQGRQDGRVHQODIDPLOLDDXQVLDPERVSDGUHVHVWiQSUHVHQWHVHQFDVD
SRUTXHFyPRSRGHPRVVDEHUVLQRVIDOWyDOJRTXHQXQFDWXYLPRV"

5HJLVWUDQGR(MHUFLFLRV6X)DPLOLD
 +DJDXQDOLVWDGHODVSULQFLSDOHVUHJODVTXHH[LVWtDQHQVXIDPLOLD
 &XiOHVIXHURQORVSULQFLSDOHVUROHVTXHWXYRHQVXIDPLOLD"4XpUROHVWXYLHURQ
ORVRWURV"
 'HVFULEDORVOtPLWHVHQVXIDPLOLD(UDQGHPDVLDGROLEHUDOHV"'HPDVLDGRUtJL
GRV"2XQDFRPELQDFLyQGHDPERV"
 +DJDXQDOLVWDGHODVDGLFFLRQHVSUHVHQWHVHQVXIDPLOLD\ODLGHQWLGDGGHOORV
DGLFWRV

 4XpIRUPDVGHPDOWUDWRH[SHULPHQWyXVWHG"4XLpQHVHUDQHOORVDXWRUHV"

 'HTXpPDQHUDVIXHDEDQGRQDGR"&XiQGRVHVLQWLyVRORDVXVWDGRRPLWLGR
GLIHUHQWHRUDUR"3XGHGHVFULELUPRPHQWRVHQTXHVHQWtDTXHQDGLHVHSUHRFX
SDEDGH8VWHGRORTXHUtD"

127$5HFXHUGHTXHSXHGHQHFHVLWDUPiVLQIRUPDFLyQVREUHODGLQiPLFDIDPLOLDUDQGHFRPSUHQGHUODSOH
QDPHQWH\SDUDWHUPLQDUHVWDDVLJQDFLyQHVFULWD+DFHUUHIHUHQFLDD6DQDQGR+HULGDVGHOD$GLFFLyQ6H[XDO
+HDOLQJWKH:RXQGVRI6H[XDO$GGLFWLRQVRDOJXQDIXHQWHGHLQIRUPDFLyQVLPLODUSDUDXQDH[SOLFDFLyQPiV
H[KDXVWLYD

&RQHFWiQGRVHFRQHO&RQVRODGRU
6pTXHOHHVWR\SLGLHQGRTXHKDJDDOJXQDVWDUHDVPX\GRORURVDV4XL]iVVHUHVLVWDDDKRQGDUHQHVWRVVHQWLPLHQ
WRV,QFOXVRSXHGHTXHVHHVWpVLQWLHQGRSUHRFXSDGRRSRFRVHJXUR/RDOLHQWRDGHWHQHUVHSRUXQRVPRPHQWRV\
DUHDOL]DUXQHMHUFLFLRLPDJLQDULRHQHVWHPRPHQWR6yORHVLPSRUWDQWHTXHHPSUHQGDHVWHWUDEDMRFRQHOFRQVXHOR
\ODSUHVHQFLDGHVX3DGUHFHOHVWLDO


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ7UHV

&UHHVLSXHGHXQDLPDJHQHQVXPHQWH5HFXHUGDODKLVWRULD%tEOLFDTXHVHHQFXHQWUDHQ0DWHRVREUH
ORVQLxRVTXH-HV~VUHFLELyGHVSXpVGHTXHVXVGLVFtSXORVKDEtDQWUDWDGRGHUHFKD]DUORV",PDJLQHTXHXVWHGHVXQR
GHHVRVQLxRV8VWHGUHDOPHQWHGHVHDVHQWDUVHVREUHHOUHJD]R-HV~VSHURKD\DOJRTXHOHLPSLGHKDFHUOR4XL]iV
WHPDTXHORPROHVWDUiRSHRUTXHXVWHGVHUiULGLFXOL]DGRRUHFKD]DGR1RSXHGHLPDJLQDUTXHORTXH-HV~VUHDO
PHQWHGHVHDHVSDVDUPRPHQWRVFRQ8VWHG
/XHJRHQVXPHQWHGHMHTXHVXVRMRVVHHQFXHQWUHQFRQ-HV~V\HVFXFKHVXVSDODEUDVGHLQYLWDFLyQ9HQD
Pt(O6HxRUH[WLHQGHVXPDQR\OHKDFHVHxDVSDUDTXHVHDFHUTXHPiV&XDQGR8VWHGVHVXEHVREUHVXUHJD]R
LPDJtQHVHTXHeOORFRQVXHOD\OHGLFHFXiQWRORDPD
(QWRQFHV-HV~VVXDYHPHQWHSUHJXQWD&XDOHVVRQWXVVHQWLPLHQWRVPLQLxR"&yPRHVTXHWHVLHQWHV"5H
FXHUGHTXHQRHVXQDGXOWRVLQRXQQLxR6HDKRQHVWRFRQ-HV~V&XpQWHOHVXVH[SHULHQFLDVFXDQGRFUHFtDHQVX
IDPLOLD&RPSDUWDVXVKHULGDV\WHPRUHV(OSXHGHHVFXFKDUOR\FRPSUHQGHUOR(O\DVDEHFyPRVHVHQWtD<TXLHUH
TXHXVWHGVHORGLJD

5HJLVWUDQGR(MHUFLFLRV&RQYHUVDFLyQFRQ-HV~V
'HVFULEDHQVXGLDULRFyPRIXHHVWDFRQYHUVDFLyQFRQ-HV~V
(VFULEDODVFRVDVTXH8VWHGOHGLMR7yPHVHHOWLHPSRTXHQHFHVLWH\VLPSOHPHQWH
GHMHTXHVXVVHQWLPLHQWRVDRUHQ(QHOFDPLQRFRQVLGHUHKDFHUXQHVIXHU]RHVSHFLDO
SDUDKDEODUFRQDOJXLHQGHVXJUXSR/,)(DFHUFDGHHVWHHMHUFLFLR

5($&&,21(675$80$7,&$6

(OSULQFLSLRGHSRUTXpKDFHPRVHVWHWUDEDMRGXURHVVLPSOH/RVHIHFWRVVHFXQGDULRVGHOWUDXPDQRGHVDSDUHFHQ
VRORV/RVUHFXHUGRVGRORURVRVWLHQHQXQDPDQHUDGHVXUJLU\FUHDUVHQWLPLHQWRV+DWHQLGRDOJXQDYH]DOJXLHQ
FRPRVXHVSRVDTXHOHGLJD(VWiVUHDFFLRQDQGRH[DJHUDGDPHQWHR3RUTXpDOJRWDQWULYLDOFUHyXQDUHDFFLyQ
WDQJUDQGH"&XDQGRODLQWHQVLGDGGHQXHVWUDUHVSXHVWDQRHVHTXLYDOHQWHFRQHOHYHQWRVXFHGLGRHVXQDVHxDO
FODUDGHTXHKHPRVVLGRSURYRFDGRVSRUDOJXQDKHULGDGHOSDVDGR$OJXQDVYHFHVHVWDVUHDFFLRQHVHQUHODFLyQ
DOSDVDGRYLHQHQHQIRUPDVGLIHUHQWHVDODVREUHUHDFFLyQ3XHGHSHQVDUTXHDOJXLHQHVWiHQIDGDGRFRQXVWHG\
HVDSHUVRQDOHGLFHTXHQRORHVWi(QHVHFDVRSUREDEOHPHQWHHVWiUHDFFLRQDQGRIUHQWHDPRPHQWRVGHOSDVDGR
UHFLHQWHFXDQGRXQDSHUVRQDVLJQLFDWLYDSDUDXVWHGHVWXYRIXULRVDSRUXQDVLWXDFLyQVLPLODU2VHVRUSUHQGHD
YHFHVTXHUHSHQWLQDPHQWHVHSRQHWULVWHSRUDOJXQDFDQFLyQSHOtFXODSURJUDPDGH79RHYHQWR\QDGLHPiVD
VXDOUHGHGRUSDUHFHWHQHUHVDUHDFFLyQ"'HOPLVPRPRGRKDGHVFXELHUWRTXHVHHQIDGDFRQDOJR\TXHQRWLHQH
VHQWLGR"<OXHJRSRUVXSXHVWRTXHGDODJUDQGH6XHVSRVDDOJXQDYH]OHKDGLFKRQRDVXVDYDQFHVVH[XDOHV
\KDVHQWLGRXQDUHDFFLyQLQPHQVDGHLUDUHVHQWLPLHQWRRGRORU"



3ULQFLSLR8QR$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

7RGRVHVWRVHMHPSORVVRQSRVLELOLGDGHVGHPRPHQWRVFXDQGRORVVHQWLPLHQWRVPiVDQWLJXRVHVWiQDIHFWDQGRVXV
UHDFFLRQHVDFWXDOHV

8QGHWRQDQWHHVHOWpUPLQRSDUDFXDOTXLHUHVWtPXORTXHWUDH
DFRODFLyQORVVHQWLPLHQWRVPXFKRPiVDQWLJXRV
3RUHMHPSORKDFHSRFRIXLDOIXQHUDOGHXQDPXMHUTXHIXHODPDGUHGHXQRGHPLVPHMRUHVDPLJRV&XDQGRFHU
UDURQHODWD~GVHQWtVHQWLPLHQWRVLQWHQVRVGHWULVWH]D\FRPHQFpDOORUDU$KRUDELHQ\RDSHQDVFRQRFtDDHVWD
PXMHU/RTXHPHUHFRUGpIXHODPXHUWHGHPLPDGUH(OODPXULyKDFHFXDWURDxRV0LWULVWH]DIXHSRUHOOD&RQHO
SDVRGHORVDxRVKD\PXFKDVFRVDVTXHQRWRTXHGHWRQDQPLWULVWH]DRHQRMRSRUPLPDGUH3RUHMHPSOR








&XDQGRWRFDQXQRGHVXVKLPQRVIDYRULWRV
&XDQGRYHRDXQDPXMHUTXHVHFRPSRUWDFRPRHOODRVHSDUHFHDHOOD
&UXFLJUDPDVXQDGHODVFRVDVIDYRULWDVTXHKDFLD
(OPHVGHIHEUHURHOPHVHQTXHPXULy\FXDOTXLHUFRVDGHOPHVFRPRVXFHVRVGHOPHV
ODWHPSHUDWXUDH[WHULRUODQLHYHHWF
0LHVSRVDDOQHJDUVHDWHQHUUHODFLRQHVVH[XDOHV
$OJRTXHFXDOTXLHUPXMHUGLJDTXHLQGLTXHUHFKD]RKDFLDPt


(VWDHVXQDOLVWDSDUFLDO3HUROHGDXQHMHPSORGHFXiQDPSOLR\WULYLDOSXHGHQVHUHVWRVGHWRQDGRUHV&DSWDOD
LGHD"6LHVWR\HQXQDFRQYHUVDFLyQFRQPLHVSRVDSRUHMHPSORVREUHPXFKDVWHPDVGLIHUHQWHV\PLVVHQWLPLHQWRV
DQWLJXRVDRUDQSXHGHQDIHFWDUPLUHDFFLyQSDUDFRQPLHVSRVD6LQHPEDUJRHOORVUHDOPHQWHSHUWHQHFHQDPL
PDGUH

(VWRVVRQVyORDOJXQDVLOXVWUDFLRQHVSHUROHGDQDOJXQRVHMHPSORVGHFXiQDPSOLRV\FXiQWULYLDOHVSXHGHQVHU
HVWRVGHWRQDGRUHV&DSWDODLGHD"
+HDTXtXQLPSRUWDQWHFDSLWDOGHVHUHO\YHUGDGHUR
<DTXHVXWUDVWRUQRHVHOGRORUTXHORLPSXOVDDVXDGLFFLyQ
8VWHGGHEHFXUDUSULPHURVXVVHQWLPLHQWRVPiVDQWLJXRV
/XHJRVHJXLUiQORVVHQWLPLHQWRVSRVWHULRUHV\VXYLDMHKDFLDVXVDQLGDGVHUiPiVH[LWRVR
6XVSUREOHPDVDFWXDOHVSRGUtDQVHUODPiVUHFLHQWHHYROXFLyQRODGHPRVWUDFLyQGHKHULGDVTXHXVWHGKDVHQWLGR
GHVGHODLQIDQFLD7HQHPRVXQDPDQHUDGHUHSHWLUORVDVXQWRVYLHMRVHVSHUDQGRODFXUDFLyQ\HVWDPRVIUXVWUDGRV
FXDQGR QXQFD SDUHFHQLUVH  (VWHSDWUyQSRGUtDVHU YHUGDGHURHQVXV UHODFLRQHVDFWXDOHV6L XVWHG GLVFXWH FRQ
VXHVSRVDDPLJRVRDOJXLHQVREUHSUREOHPDVVXSHUFLDOHVSUREDEOHPHQWHVHTXHGDUiHVWDQFDGRHQODVSHOHDV
UHSHWLWLYDVHQIDGRV\UHVHQWLPLHQWRV(VFUXFLDOTXHXVWHGOOHJXHDOIRQGRGHOSUREOHPDREYLRDORVSUREOHPDV
PiVSURIXQGRVTXHSUREDEOHPHQWHGDWDQGHVXLQIDQFLD(VWDVUHODFLRQHVTXHVRQFDSDFHVGHSURIXQGL]DUVHVRQ
ODVTXHHQJHQHUDOXQRSXHGHFXUDU



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ7UHV

2FKR5HDFFLRQHVGH7UDXPD(VSHFtFDV
7RGRVWHQHPRVXQDYDULHGDGGHIRUPDVSDUDKDFHUIUHQWHDQXHVWUDVKHULGDVGHOSDVDGR$OJXQRVGHQRVRWURVHYLWD
PRVQXHVWURVVHQWLPLHQWRVDWRGDFRVWD2SXHGHTXHXVHPRVXQDDFWLYLGDGDGLFWLYDSDUDPHGLFDUHVRVVHQWLPLHQ
WRV(QVXOLEUR7KH%HWUD\DO%RQG(OOD]RGHWUDLFLyQ3DWULFN&DUQHVKDEODVREUHRFKRUHDFFLRQHVSRVLEOHVD
QXHVWUDVKHULGDV3XHGHOHHUHOOLEURGH&DUQHVSDUDXQDGHVFULSFLyQPiVGHWDOODGDGHHVWDVUHDFFLRQHV$GHPiV
GHVXOHFWXUDLQGLYLGXDOVHUtDEXHQRSDUDVX*UXSR/,)(XVDUDOJ~QWLHPSRSDUDKDEODUGHHVWDVUHDFFLRQHV
3RUDKRUDGpMHPHHQXPHUDUORVEUHYHPHQWH
 %ORTXHDU(VWRVHUHHUHDFXDOTXLHUFRQGXFWDRVXVWDQFLDTXHXVDSDUDHYLWDUVXVVHQWLPLHQWRV&RQVLGHUH
FyPR SRGUtD PDQLIHVWDUVH HVWR HQ VX YLGD 8VWHG \D KD SHQVDGR HQ FRQGXFWDV VH[XDOHV \ KDVWD FLHUWR
SXQWRHQRWUDVVXVWDQFLDV\FRQGXFWDV1RROYLGHODVVXVWDQFLDVVRFLDOPHQWHDFHSWDEOHVFRPRODFDIHtQD
ODQLFRWLQD\HODOFRKRO$VHJ~UHVHGHLQFOXLUORTXHVHUtDFRQVLGHUDGRFRPRFRQGXFWDVSRVLWLYDVFRPR
HOWUDEDMR'RUPLUPXFKRHVRWURHMHPSORTXHTXL]iVQRSHQVy(OUHVXOWDGRGHOEORTXHRHVTXHVHHVWi
LQVHQVLELOL]DQGR(VIUHFXHQWHUHIHULUVHDHVWRFRPRYLDMDUDOSDtVGHODLQVHQVLELOLGDG
 'LYLVLyQ/DFRPXQLGDGFOtQLFDKDFHUHIHUHQFLDDHVWDUHDFFLyQFRPR'LVRFLDWLYD&XDQGRVHHVFLQGH
VHYD6HSXHGHSHUGHUHQLGHDVVRxDUGHVSLHUWRRWHQHUIDQWDVtDV1ROHVXHQDIDPLOLDU"/DVYtFWLPDV
GHYLRODFLyQWLHQHQODUHSXWDFLyQGHGHMDUVXVFXHUSRV\HPRFLRQDOPHQWHLUDDOJ~QVLWLROHMDQR(VVHPH
MDQWHDORTXHOHVSDVDDDOJXQRVVXSHUYLYLHQWHVGHWUDXPDVVXVPHQWHVVHYDQOHMRV
 $EVWLQHQFLD(VWDUHDFFLyQTXLHUHGHFLUTXHXVWHGHYLWDFXDOTXLHUHVWtPXORTXHOHUHFXHUGDHOWUDXPD$O
JXQRVVXSHUYLYLHQWHVGHWUDXPDVVH[XDOHVSRUHMHPSORHYLWDQUHODFLRQHVVH[XDOHVWRWDOPHQWH(VWDHVWUXF
WXUDHVOODPDGDODDQRUH[LDVH[XDOODFXDOVHUHHUHDODHYDVLyQ/DDEVWLQHQFLDSXHGHVHUPX\HVSHFtFD
WDOFRPRHYLWDUFLHUWDVFRQGXFWDVVH[XDOHV3DUDDOJXQRVHVWHSDWUyQLPSOLFDHYLWDUHOp[LWRODFRPLGDR
HOJDVWR(OJDVWRSRUHMHPSOROHVUHFXHUGDTXHQRWHQGUiQGLQHUR\HVROHVDFWLYDVXPLHGRDODSREUH]D
 5HDFFLRQHV(VWDHVXQDFDWHJRUtDDPSOLDTXHVHUHHUHDTXHGHFXDOTXLHUPDQHUDVXPHQWHRVXFXHUSR
OHGLUiTXHWLHQHPLHGR3RGUtDWHQHUVXHxRVTXHORGHVSHUWDUiQDPHGLDQRFKH3RGUtDH[SHULPHQWDUHV
FHQDV UHWURVSHFWLYDV R UHFXHUGRV LPSUHYLVWRV TXH UHSHQWLQDPHQWH VH DSDUHFHQ HQ VX PHQWH 6X FXHUSR
SXHGHGHVDUUROODUDFKDTXHV\GRORUHVTXHQRSDUHFHQUHODFLRQDGRVFRQQLQJ~QHVWDGRGHVDOXG'RORUHVGH
HVWyPDJRGRORUHVGHHVSDOGD\GRORUHVGHFDEH]DSRUHMHPSOR$OJXQDVFRQGLFLRQHVGHGRORUFUyQLFR
FRPRODEURPLDOJLDSRGUtDQFRQGXFLUDXQPLHGRFUyQLFRDOGDxR&XDOTXLHUVtQWRPDUHODFLRQDGRDO
VWUHVVSRGUtDFDO]DUHQHVWDFDWHJRUtD
 5HSHWLFLyQ(VWDUHDFFLyQTXLHUHGHFLUTXHXQDSHUVRQDWUDWDGHUHSHWLUODVH[SHULHQFLDVGHOWUDXPDSRUGRV
SRVLEOHVUD]RQHVSULQFLSDOHV3ULPHURSXHGHTXHHVSHUHXQUHVXOWDGRGLIHUHQWH3RUTXpDOJXQDVSHUVRQDV
FRQWLQ~DQFRQUHODFLRQHVRVLWXDFLRQHVGDxLQDV"(VSRUTXHWLHQHQODHVSHUDQ]DGHTXHHVWDYH]VXVLWXDFLyQ
RVXUHODFLyQVHDUUHJODUi\IXQFLRQDUi(OOHQJXDMHGH$$KDFHUHIHUHQFLDDHVWHSDWUyQFRPRODGHQLFLyQ
GHODORFXUDFXDQGRVHJXLPRVKDFLHQGRODPLVPDFRVD\HVSHUDPRVXQUHVXOWDGRGLIHUHQWH6HJXQGRXQD
SHUVRQDSRGUtDUHSHWLUXQDVLWXDFLyQWUDXPiWLFDSHURHVWDYH]HVWiWUDWDQGRGHVHUHOTXHWLHQHHOFRQWUROHQ
YH]GHVHUTXLHQHVWiVLHQGRODVWLPDGR([LVWHODQRFLyQHTXLYRFDGDGHTXHHVWDQGRHQFRQWUROHOGRORUGH
ORVUHFXHUGRVDQWLJXRVGLVPLQXLUi(VWDIRUPDGHUHSHWLFLyQGHOWUDXPDHVDOJXQDVYHFHVUHIHULGRFRPRHO
GHOFLFORGHYLFWLPDDYLFWLPDULR\IUHFXHQWHPHQWHYDDFRPSDxDGDGHFRQGXFWDVRIHQVLYDV


3ULQFLSLR8QR$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

 /D]RV(VWHSDWUyQGHVFULEHFRPREXVFDPRVDRWURVSDUDTXHQRVD\XGHQDUHFUHDUYLHMDVVLWXDFLRQHV&X
DQGRHVWDSHUVRQDHVWDEOHFHOD]RVDIHFWLYRVHQWUDHQUHODFLRQHVFRQSHUVRQDVTXHOHUHFXHUGDQGHDOJXQD
PDQHUDDODVSHUVRQDVTXHFUHyRFUHDURQHOGDxRRULJLQDO3RUTXpDYHFHVQXHVWUDVHVSRVDVQRVUHFX
HUGDQODVFDUDFWHUtVWLFDVGHQXHVWUDVPDGUHVRSDGUHV"eVHHVXQHMHPSORGHXQWUDXPDGHOD]R([DPLQH
VXVUHODFLRQHV\SUHJ~QWHVHVLQRHVWiWUDWDQGRGHYROYHUDUHFUHDUYLHMRVSDWURQHVFRQHVWDSHUVRQDSRU
FXDOTXLHUDGHODVUD]RQHVGHVFULWDVHQHOSiUUDIRDQWHULRUVREUHODUHSHWLFLyQGHWUDXPDV(QODWLUDFyPLFD
3HDQXWVSRUHMHPSORSRUTXp&KDUOLH%URZQFRQVHUYDDXQDUHQFRURVD/XF\TXLHQVLHPSUHORYRWDGHO
I~WERO"
 3ODFHU (VWD UHDFFLyQ WUDXPiWLFD HV XQR GH ORV SDWURQHV OLWHUDOPHQWH PiV GRORURVRV /DV SHUVRQDV TXH
WLHQHQHVWHSDWUyQHQFXHQWUDQSODFHUHQHOGRORU$TXHOORVTXHFRQVLJXHQLQYROXFUDUVHFRQFRQGXFWDVVD
GRPDVRTXLVWDVSRUHMHPSORHQFXHQWUDQVH[RJUDQGLRVRHQVLWXDFLRQHVGRORURVDV3XGLHUDVHUTXHHVWpQ
UHFUHDQGRVLWXDFLRQHVGHVXSDVDGRDTXHOODVHQODVTXHHQFRQWUDURQXQ~QLFRFRQWDFWRRDWHQFLyQTXH
DOJXQDYH]UHFLELHURQ3RGUtDVLJQLFDUWDPELpQTXHODHPRFLyQ\ODDGUHQDOLQDRHOPLHGR\HOSHOLJUROR
WLHQHQQHXURTXtPLFDPHQWHSURJUDPDGRHQVXFHUHEUReVWHKRPEUHVHYXHOYHDGLFWRDODSUHFLSLWDFLyQGH
VXSURSLDQHXURTXtPLFDHQVLWXDFLRQHVGRORURVDVRDPHQD]DGRUDV
 9HUJHQ]D/DVKHULGDVYLHMDVGDQOXJDUDODFUHHQFLDFHQWUDOGHTXH6R\XQDSHUVRQDPDODHLQ~WLO/DV
SHUVRQDVTXHH[SHULPHQWDQHOWUDXPDGHODYHUJHQ]DQRVDEHQFyPRVHUIHOLFHVRHVWDUFRQWHQWRV(QFXHQ
WUDQXQVHQWLGRGHLGHQWLGDGDOVHQWLUVHDYHUJRQ]DGRV)UHFXHQWHPHQWHKDFHQHOSDSHOGHYtFWLPDRPiUWLU
1RVHDVXVWHSRUODVUHDFFLRQHVWUDXPiWLFDV&RQD\XGDGHVXJUXSR\SRVLEOHPHQWHGHXQWHUDSHXWDXVWHGSX
HGH REWHQHU LPSRUWDQWH FRPSUHQVLyQ SDUD LGHQWLFDU TXp UHDFFLRQHV VH DSOLFDQ D XVWHG &RPSUHQGHUORV SXHGH
D\XGDUORDFUHDUODVQXHYDVFRQGXFWDV\OtPLWHVTXHURPSHUiQHVRVSDWURQHV8VWHGQRWLHQHTXHTXHGDUDWDGRDORV
WUDXPDVGHOSDVDGR8VWHGSXHGHH[SHULPHQWDUODDEXQGDQWH9,'$TXH-HV~VOHRIUHFH

5HJLVWUDQGR(MHUFLFLRV6XV5HDFFLRQHV7UDXPiWLFDV

$QRWHHQVXGLDULRTXpUHDFFLyQWUDXPiWLFDDSOLFDDXVWHG
'HVFULEDHVSHFtFDPHQWHFRPRODVH[SHULPHQWD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ7UHV

/$)$17$6$81$9(17$1$'(1752'(6875$80$

(OVHJPHQWRQDOGHOD$VLJQDFLyQ7UHVSRGUtDVHUODPiVGHVDOHQWDGRUDSHURHVSRVLEOHPHQWHODPiVSURYHFKRVD
7UDEDMDUHQHVWDDVLJQDFLyQWLHQHHOPD\RUSRWHQFLDOSDUDLQWHUUXPSLUVXFLFORGHDGLFFLyQDOVH[R6XSRQHFRP
SUHQGHUVXVIDQWDVtDV
3ULPHURXQSULQFLSLRIXQGDPHQWDO

/DVIDQWDVtDVVRQXQLQWHQWRGHFUHDUXQPXQGRRHVFHQDULRLGHDOHQHOFXiO
WRGDVQXHVWUDVKHULGDVVRQFXUDGDV
3LHQVHHQHVWRODVIDQWDVtDVVRQHOSULQFLSDOPRGRHQTXHWUDWDPRVGHFRUUHJLUHOGRORUGHQXHVWURSDVDGR'XHOH
VDEHUTXLpQUHDOPHQWHVRPRV1XHVWUDVIDQWDVtDVSXHGHQFRUUHJLUHOVLJQLFDGRGHQXHVWUDLGHQWLGDGHLPSRUWDQFLD
HQHOPXQGR(QQXHVWUDVIDQWDVtDVVRPRVIXHUWHVH[LWRVRV\DGRUDEOHV(QQXHVWUDVIDQWDVtDVQRVFRQPRYHPRV
VRPRVH[DOWDPRVQRVHGXFDPRV\UHDUPDPRV6RPRVHQRUPHPHQWHGHVHDEOHV
7RPHSRUHMHPSORODVIDQWDVtDVDWOpWLFDV1RODVWHQHPRVPXFKRVGHQRVRWURV"(QHOODVKDOODPRVJUDQGH]DDWOp
WLFD6RPRVHVWUHOODV\UHFLELPRVODDGXODFLyQ7HQJRPXFKDVIDQWDVtDVVREUHHOEiVTXHWEROHQODVTXHFRUULMRWRGRV
ORVHUURUHVODVSpUGLGDV\ORVIUDFDVRVGHOSDVDGR

<ODVIDQWDVtDVGHGLQHUR"(QODPtDWHQJRWRGRHOGLQHURTXHQHFHVLWRSDUDORTXHVHD*DQRODORWHUtD\WHQJR
FDVDVPDJQtFDVDXWRPyYLOHVURSD\MR\DV/DJHQWHHVWiLPSUHVLRQDGDFRQPLp[LWR\ULTXH]D
$KRUDYROYDPRVDODVIDQWDVtDVVH[XDOHV4XpHVWiFRUULJLHQGR8G"4XL]iVVLPSOHPHQWHVHDTXHQRWLHQHVX
FLHQWHVH[RDOPHQRVHQVXPHQWH8VWHGQHFHVLWDVHUGHVHDGR\UHDUPDGR7LHQHTXHVHUFRQPRYLGR1HFHVLWD
VHQWLUVHDGPLUDGR\UHDUPDGR7RGRHOPXQGRORTXLHUH\PRULUtDSRUHVWDUFRQ8VWHG\KDFHUDOJRSRUXVWHG3RU
RWURODGRHOVLJQLFDGRGHWUiVGHVXIDQWDVtDSRGUtDVHUPiVFRPSOLFDGRTXHHVR

$QWHVGHTXHYD\DPRVPiVDOOiKDJDXQHMHUFLFLRGHVFULEDVXIDQWDVtDPiVFRP~Q7HQJDFXLGDGR\QRYD\D
GHPDVLDGROHMRVHQODIDQWDVtD1RVHDJUiFRRHVFULEDXQDQRYHODSRUQRJUiFDDPHULFDQD6HDXQREVHUYDGRU
GHORVHYHQWRVQRXQSDUWLFLSDQWH7HUPLQHHOHMHUFLFLRVREUHODIDQWDVtDSRVLEOHPHQWHPiVIUHFXHQWHHQVXPHQWH
4XL]iVVHDODPiVUHFLHQWHRSRGUtDVHUXQDTXHKDLPDJLQDGRPLOHVRPXFKDVYHFHVDORODUJRGHVXYLGD4XL]iV
WHQJDYDULDFLRQHVSHURGHVFULEDORVHOHPHQWRVFRPXQHV6XREMHWLYRSULQFLSDOVHUiH[WUDHUHOWHPDGHODIDQWD
VtD6HDYDOLHQWH\KRQHVWRDOGHVFULELUVXIDQWDVtD5HFXHUGHTXHVXVVHFUHWRVORKDQPDQWHQLGRHQODHVFODYLWXG
8VHODVSUHJXQWDVVXJHULGDVFRPRJXtD



3ULQFLSLR8QR$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

35(&$8&,1
(OVLJXLHQWHHMHUFLFLRSRGUtDVHUSHOLJURVRSDUDXQDSHUVRQDTXHQRHVWiPX\PDG
XUD HQ VX UHFXSHUDFLyQ$QWHV GH LQWHQWDU UHJLVWUDU HVWH HMHUFLFLR XVWHG GHEHUtD
WHQHU
 $OPHQRVPHVHVGHVREULHGDG
 8QDIXHUWHUHVSRQVDELOLGDGGHJUXSRFRQFRQWDFWRVUHJXODUHVHQODVHPDQD
 8Q6SRQVRUDFWLYRTXHORYHDVHPDQDOPHQWHDGLFLRQDOPHQWHDOFRQWDFWRGLDULR

5HJLVWUDQGR(MHUFLFLRV6X)DQWDVtD
 4XLHQ DSDUHFH" (V XQD SHUVRQD R PiV GH XQD" +RPEUH R 0XMHU R DPERV"
&yPRVRQ"(VHORHOODDOWREDMRJRUGRDFRUXELRSHOLUURMRRFDVWDxR"+D\
RWUDVFDUDFWHUtVWLFDVItVLFDVLPSRUWDQWHVFRPRKRPEURVGHPXMHURSLHUQDVODUJDV"
 &yPRDFW~DHOSHUVRQDMHSULQFLSDO"&XiOHVODQDWXUDOH]DHPRFLRQDOGHpORGH
HOOD"$JUDGDEOHVLPSiWLFRRFRPSDVLYR"VSHURGLVWDQWHRDEXVLYR"(VVHGXF
WRU" (OOD R pO SDUHFH GHVHDUOR LQWHQVDPHQWH" &XiO HV OD SHUVRQDOLGDG GHO LQGL
YLGXR"
 'yQGHVXFHGHODIDQWDVtD"&XiOHVHOHVFHQDULRHVWDGRGHiQLPR\HODPELHQWH"
3RUHMHPSORVXFHGHHQORDOWRGHXQDPRQWDxDHQODFDPDIUHQWHDXQDIRJDWD"(O
HVFHQDULRSDUHFHVHJXURRDWHPRUL]DQWH"
 &XiOHVODQDWXUDOH]DGHODDFWLYLGDGVH[XDO"6HDHVSHFLFRSHURQRQHFHVLWDVHU
GHWDOOLVWD3RUHMHPSORUHODFLyQVH[XDORVH[RRUDOHVGHVFULSWLYRSRUQRJUi
FR6HDYDOLHQWHFRQIRUPHGHVFULEHODDFWLYLGDG

127$ /D PD\RUtD GH XVWHGHV GHVFXEULUi TXH QR WRGDV HVWDV FXDWUR FDWHJRUtDV VRQ LJXDOPHQWH LPSRUWDQWHV
3XHGHTXHQROHLPSRUWHTXLpQDSDUH]FDHQWDQWRVXFHGDFLHUWDDFWLYLGDGVH[XDO3XHGHTXHQRSUHVWHDWHQFLyQDO
VH[RHQWDQWRFLHUWRWLSRGHSHUVRQDHVWpLQYROXFUDGD7DOYH]ODMDFLyQVHDORPiVLPSRUWDQWHSDUDXVWHG/RTXH
HVLPSRUWDQWHSDUDXVWHGSXHGHVHUPX\FUXFLDO$OJXQRVVXJHULUtDQTXHVLHOVH[RQRHVLPSRUWDQWHSRUHMHPSOR
8VWHGSXHGHVHUPiVXQDGLFWRDOURPDQFHRDODPRU1XHVWUDVIDQWDVtDVVRQWDQYDULDGDVFRPRQXHVWUDVKHULGDV
QXHVWURVGHVHRV\QHFHVLGDGHV
6HDYDOLHQWH6HDKRQHVWR5HFXHUGHTXHVXVVHFUHWRVORKDQPDQWHQLGRHQODHVFODYLWXG1RKD\SHFDGRTXH
SXHGDVHSDUDUORGHODPRUGH'LRV


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR8QR$VLJQDFLyQ7UHV

$SUHQGLHQGR'H6X)DQWDVtD
8QDYH]TXHWHQJDODGHVFULSFLyQGHVXIDQWDVtDPiVFRP~QODSULQFLSDOPHWDHVGHWHUPLQDUORTXHVLJQLFD3HU
PtWDPHUHFRUGDUOHTXHVXIDQWDVtDWLHQHODFODYHGHVXFXUD1RLPSRUWDFXiQGHYDVWDGRUDKRUULEOHRH[WUDYDJDQWH
SXHGDSDUHFHUKD\XQDUD]yQGHWUiVGHHOOD/DSULPHUDSLVWDVREUHHOVLJQLFDGRSULQFLSDOSXHGHVDOLUDODOX]HQ
ODVLJXLHQWHDVLJQDFLyQ

5HJLVWUDQGR(MHUFLFLRV6XV7HPDV
5HFXHUGHVXIDQWDVtDHVXQDYHQWDQDGHQWURGHVXWUDXPD3XHGHVHUXQPHQVDMHLPSRUWDQWHDFHUFDGHODVKHUL
GDVTXHQHFHVLWDFLFDWUL]DU4XpVXJLHUHQHOORV7HPDVGHVXIDQWDVtDDFHUFDGHVXVQHFHVLGDGHV"5HFXHUGHHO
SULQFLSLR(VWDIDQWDVtDSRGUtDVHUVXLQWHQWRGHFXUDUHOWUDXPDGHVXPDOWUDWRRDEDQGRQR
+D\TXL]iVRWUDVUD]RQHVGHSRUTXHWLHQHHVWDIDQWDVtD3RGUtDHVWDUEDVDGDHQH[SHULHQFLDVGHVXYLGDDFWXDOTXH
KDHQFRQWUDGRPX\H[FLWDQWHV3RGUtDQYHQLUGHODSRUQRJUDItDTXHKDYLVWR3RGUtDVHUVLPSOHPHQWHODUHSHWLFLyQ
GHODDGUHQDOLQDTXHIXHFUHDGDDOSHQVDUHQHOOR0LHVSHFXODFLyQHVTXHDXQVLHVDVRWUDVH[SOLFDFLRQHVVRQFLHU
WDVODIDQWDVtDKDEODVREUHORVDQKHORVPiVSURIXQGRVGHDPRU\FXLGDGRTXHKD\HQVXFRUD]yQ
4XL]iVODSHUVRQDTXHDSDUHFHVHDVHPHMDDXQDSHUVRQDTXHORDEDQGRQy4XL]iVpORHOODWHQJDQODVFDUDFWHU
tVWLFDVGHDPRUFXLGDGR\GHVHRVTXHXVWHGDQVLDED/DMDFLyQSRGUtDVHXQDHQODFXDOXVWHGVHVLHQWHVHJXUR
H[FLWDGRRHVWLPXODGR3RGUtDVHUXQDFODVHGHUHDMXVWHGHH[SHULHQFLDVSUHYLDVDXQODVWUDXPiWLFDV5HFXHUGH
ODVUHDFFLRQHVDODVQDWXUDOH]DVGHOWUDXPDGHVFULWDVDQWHULRUPHQWH/DVFODVHVGHDFWLYLGDGHVVH[XDOHVHQODTXH
HVWiSHQVDQGRSXHGHQVLPEROL]DUOD~OWLPDH[FLWDFLyQ3XHGHQVLPEROL]DUHO~OWLPRDPRU)DQWDVHDUFRQHOVH[R
RUDOSRUHMHPSORSXHGHVLJQLFDUTXH8VWHGHVWiVLHQGRWRWDOPHQWHDFHSWDGRRHVWiFRQVXPLHQGRWRWDOPHQWHOD
HVHQFLDGHVXSDUHMDVH[XDO
3RUTXpHQWHQGHUVXIDQWDVtDHVWDQLPSRUWDQWH"6LHVYHUGDGTXHHVWDIDQWDVtDHVXQLQWHQWRSRUFXUDUXQDSDUWH
GHVXHVStULWX\VLWUDWDGHDFDOODUVXIDQWDVtDHQWRQFHVDSODVWDUiODYR]GHVXDOPD
$OJXQRVFRQVHMHURVGHVLQIRUPDGRVSDVWRUHVSHUVRQDVHQUHFXSHUDFLyQFUHHQTXHODPHWDHVSDUDUODVIDQWDVtDV
(VWR\HQWRWDOGHVDFXHUGR/DV)DQWDVtDVSXHGHQVHUVXVDPLJDV\DTXHHOODVSURYHHQSLVWDVLPSRUWDQWHVDFHUFDGH
ODGLUHFFLyQTXHGHEHWRPDUHOYLDMHDODVDQLGDG(OODVSXHGHQVHUXQPDSDGHOFDPLQRKDFLDODOLEHUWDG



3ULQFLSLR8QR$VLJQDFLyQ7UHV

*XtD/,)(SDUD

/DUHFXSHUDFLyQQRFRQVLVWHVLPSOHPHQWHHQGHWHQHUFRQGXFWDVDGLFWLYDV8QDWUDQVIRUPDFLyQJHQXLQDUHTXLHUH
GHODFXUDGHVXHVStULWX8VWHGGHEHGHMDUTXHHODQKHORPiVSURIXQGRGHVXDOPDVHSURQXQFLH6LQRVXDOPDHQ
FRQWUDUiRWUDVPDQHUDVGHFRPXQLFDUVHFRQXVWHG(OODGHVHDVHUHVFXFKDGDTXL]iVWDOFRPRORHUDFXDQGR8VWHG
HUDQLxR
6LXVWHGSXHGHHVFXFKDUHVDYR]GHVXDOPD\HQFRQWUDUPDQHUDVVDQDV
'HFXUDUODVKHULGDVVXVIDQWDVtDVVHLUiQ
8VWHGQRODVQHFHVLWDUi
(VWi HVFXFKDQGR" 3XHGH LGHQWLFDU ORV GHVHRV PiV SURIXQGRV GH VX FRUD]yQ" +DEOH FRQ VX *UXSR /,)(
VREUHODVEXHQDVUHVSXHVWDVSDUDVXQHFHVLGDGGHUHDUPDFLyQHORJLRWDFWRFULDQ]DVHJXULGDGDSUREDFLyQ\
DFHSWDFLyQ
&RPRFULVWLDQRVVDEHPRVTXHODSULQFLSDOUHVSXHVWDDQXHVWURVDQKHORV\QHFHVLGDGHVIXQGDPHQWDOHVHVXQDUHO
DFLyQFRQ'LRVDWUDYpVGHVXKLMR-HVXFULVWR8VWHGGHEHOOHJDUDFUHHUTXH'LRVORDPDFRPR8VWHGHV1RKD\
SHFDGRTXHORGHWHQJDDeOSDUDTXHUHUOR8VWHGQRWLHQHQLQJXQDQHFHVLGDGGHPDVLDGRJUDQGHTXHeOQRODSXHGD
FXEULU7DPSRFRWLHQHQLQJXQDKHULGDGHPDVLDGRSURIXQGDTXHeOQRSXHGDVDQDU
2WUDSDUWHGHODVUHVSXHVWDV\DFHQHQVXUHODFLyQFRQRWURVFULVWLDQRV7RGRVQHFHVLWDPRVDXQ'LRVFRQSLHO
8QDGHODVPiVULFDVEHQGLFLRQHVGHVHUSDUWHGHXQ*UXSR/,)(HVODDPLVWDGFRQRWURVKHUPDQRVTXLHQHV
SXHGHQVHUXVDGRVFRPRFDQDOHVGHODVDQLGDGGH'LRVSDUDQXHVWUDYLGD

5HJLVWUDQGR(MHUFLFLRV6XV'HVHRV

3tGDOHD'LRVTXHOHHQVHxHHOVLJQLFDGRGHVXIDQWDVtD\FyPRSXHGHHQFRQWUDUXQD
PD\RUUHDOL]DFLyQHQXQDSURIXQGDUHODFLyQFRQeO5HJLVWUHVXVFRPHQWDULRVDFHUFD
GHVXKDPEUHSRU'LRV\SRUUHODFLRQHVVHJXUDV'LVFXWDHVWRVDQKHORVIXQGDPHQWDOHV
FRQVXJUXSR\RVXWHUDSHXWD

)HOLFLWDFLRQHV8VWHGKDWHUPLQDGRODDVLJQDFLyQHPRFLRQDOPiVGLItFLOHQWRGDOD*XtD/,)(8VWHGHVWiELHQ
HQFDPLQDGRSDUDLGHQWLFDUODVFDXVDVEDVDOHVTXHORKDQLPSXOVDGRDVXDGLFFLyQ+DYLVOXPEUDGRORVGHVHRVGH
VXFRUD]yQ0LRUDFLyQHVTXHXVWHGHPSLHFHDHQFRQWUDUXQDQXHYDOLEHUWDGGHORVYLHMRVUHFXHUGRVSHQVDPLHQWRV
\FRQGXFWDV

3Uy[LPD7DUHD3ULQFLSLR'RV$VLJQDFLyQ7UHVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR'RV

(/35,1&,3,2'26
&UHHPRVHQ'LRVDFHSWDPRVODJUDFLDRIUHFLGDDWUDYpVGH
6XKLMR-HVXFULVWR\UHQGLPRVQXHVWUDVYLGDV\
1XHVWURVGHVHRVDeOWRGRVORVGtDV

(QFRQWUDQGROD6ROXFLyQ7HQJR8QD6ROD2SFLyQ

(QHOOLEURGH-XDQFDStWXORKD\XQDJUDQKLVWRULDVREUHXQRGHORVPLODJURVGHVDQLGDGGH-HV~V7DOFRPR
ORFXHQWDODKLVWRULDHQODVDIXHUDVGH-HUXVDOpQKDEtDXQHVWDQTXHOODPDGR%HWHVGDTXHHUDFRQRFLGRFRPRXQ
OXJDUGHVDQLGDG2FDVLRQDOPHQWHXQiQJHOEDMDED\UHYROYtDHODJXD\HOSULPHURTXHGHVFHQGtDDOHVWDQTXHHUD
VDQDGR8QKRPEUHSDUDOtWLFRKDEtDHVWDGRWHQGLGRDOOtGXUDQWHDxRV
&XDQGR-HV~VOOHJy\YLRDHVWHKRPEUHSDUDOtWLFR\GHVHVSHUDGRHOJUDQPpGLFRKL]RXQDSUHJXQWDLQXVXDO$KRUD
SLHQVH SRU XQ PRPHQWR 6L XVWHG IXHUD HO TXH WURSH]y FRQ HVWH SDUDOtWLFR TXp KXELHUD GLFKR" 4XL]iV 8VWHG
KDEUtDGLFKRDOJRDVt(VRGHEHVHUPX\GLItFLOR&yPRORD\XGRDPHWHUVHHQHOHVWDQTXH"3RVLEOHPHQWH
VRUSUHQGLGRSRUODFRQGLFLyQGHHVWHKRPEUH
(Q YH] GH XQD GH HVDV UHVSXHVWDV HVSHUDGDV -HV~V OH KL]R XQD SUHJXQWD GLIHUHQWH 4XLHUHV VHU VDQR" 3DUD
QRVRWURVVXHQDDOJRHVW~SLGR3RUTXpXQKRPEUHTXHKDHVWDGRWLUDGRDOODGRGHXQHVWDQTXHGHVDQLGDGGXUDQWH
DxRVQRTXHUUtDVDQDUVH"
3HUR-HV~VHVHOPDVWHUHQSVLFRORJtD(OVDEHTXpSUHJXQWDUSDUDDXVFXOWDUORSURIXQGRGHOFRUD]yQGHQXHVWUD
SDUiOLVLV

4XLHUHV6DQDUWH"



3ULQFLSLR'RV$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ8QR$QDOL]DQGR1XHVWUD5HQXHQFLD
(VODSUHJXQWDFUXFLDOSDUDORVKRPEUHVHQUHFXSHUDFLyQGHKR\HQGtD6HDPRV+RQHVWRV/RVSULQFLSLRVTXH
OHVHVWDPRVHQVHxDQGRHQHVWDJXtD/,)(QRVRQERPEDVFLHQWtFDV/RVHMHUFLFLRV\WDUHDVQRVRQGLItFLOHVGH
HQWHQGHU/RJUDUODVREULHGDG\YLYLUHQOLEHUWDGFDGDGtDHVXQFRQFHSWRPX\VLPSOH(QWRQFHVSRUTXpHVWDQ
GLItFLOKDFHUOR"
5HVSRQGHUDHVDSUHJXQWDUHTXLHUHTXH8VWHGUHYLVHVXFRUD]yQ6tXQDSDUWHGHXVWHGTXLHUHHVWDUOLEUHGHVX
SHFDGR(QDOJXQRVDVSHFWRV8VWHGTXLHUHYLYLUHQGHOLGDG\SXUH]D$OPHQRVOHJXVWDUtDVHUOLEHUDGRGHVX
YHUJHQ]D3HURXVWHGTXLHUHUHDOPHQWHVDQDUVH"

5HJLVWUDQGR(MHUFLFLRV4XLHUH6DQDUVH"
(VFULEDFXDOTXLHUUD]yQTXH
SXHGD SHQVDU GH SRU TXH QR
GHEHUtDGHMDUODDGLFFLyQ1R
VHDUHOLJLRVR\GLJDTXHQRSX
HGHSHQVDUHQQLQJXQD4Xp
IDFWRUHV OR KDQ UHWHQLGR GH
EXVFDU VX UHVWDEOHFLPLHQWR"
4XpH[FXVDVKDGDGRUHVSHF
WR GH OR GLItFLO TXH HV HQFRQ
WUDUD\XGD"

6DQWLDJRHOKHUPDQRGH&ULVWRGLFHTXHSRGHPRVVHUFXOSDEOHVSRUVHU
GH 'REOH QLPR (O HVFULELy  $FHUFDRV D 'LRV \ HO VH DFHUFDUi D
YRVRWURV3HFDGRUHV/LPSLDGODVPDQRV\YRVRWURVORVGHGREOHDQLPR
SXULFDGYXHVWURVFRUD]RQHVGH-DPHV+D\XQDSDUWHVX\DTXHKD
TXHULGRVDQDUVH\XQDSDUWHTXHQR(O6H[RKDVLGRVXPiVLPSRUWDQWH
QHFHVLGDG\FRPRWDOKDVLGRXQLPSRUWDQWHDPLJR+DVLGRHQORTXH
SHQVyHQVXVPRPHQWRVGHPD\RUVROHGDG\HVWUpV6HSUHJXQWDTXLpQ\
FyPRHVWDUtDVLQVXDGLFFLyQ6XVIDQWDVtDVVH[XDOHVOHWUDHQFRQIRUWR
HVRSHQVDED(VGLItFLOSHQVDUHQH[LVWLUVLQHOODV 

&RPSUHQGDTXHSRGUtDDLJLUVHSRUODSpUGLGDGHVXDGLFFLyQGHELGRDVXSURSyVLWRSRUVDQDUVH
6tVXVLGHDVDGLFWLYDV\FRQGXFWDVVRQSHFDPLQRVDV(VRHVYHUGDG3HURWDPELpQHVSUREDEOHTXHSDVHSRUXQ
SURFHVRGHDLFFLyQPLHQWUDVGXUHHOSURFHVRGHVDQLGDG(VXQDSDUWHQRUPDOGHODUHFXSHUDFLyQ,QFOXVRHVQHF
HVDULRPLHQWUDVOXFKDFRQWUDHOGDUVHSRUYHQFLGR'LRVHQWLHQGH

/XFDVKDEODVREUH(OVLJQLFDGRGHOFRVWR(VWHHVXQLPSRUWDQWHHMHUFLFLRVLXVWHGTXLHUHVHUWUDQV
IRUPDGR(VYLWDOTXHH[DPLQHODVSURIXQGLGDGHVGHVXFRUD]yQODUHVLVWHQFLDDVtFRPRODYROXQWDG



*XtD/,)(SDUD

3ULQFLSLR'RV$VLJQDFLyQ8QR

5HJLVWUDQGR(MHUFLFLRV/R4XH&XHVWD
 +DJDXQDOLVWDGHORTXHOHFRVWDUiVHQWLUVHELHQ4XpFRVWXPEUHVWHQGUiTXH
GHMDU"5HYLVHVXWUDEDMRHQOD$VLJQDFLyQ8QRGHO3ULQFLSLR8QRVLORQHFHVLWD4Xp
DPLJRVGHEHUtDHYLWDUSXHVWRTXHHOORVORDOLHQWDQDVXSHFDPLQRVLGDGHQYH]GHVXFDV
WLGDG"7HQGUtDTXHFDPELDUGHWUDEDMRRFOXEVRDFWLYLGDGHVRUHVLGHQFLD"&yPR
VHYLVWHRGyQGHYDDGLYHUWLUVH"'HTXpPDQHUDLQWHUDFW~DFRQHOVH[RRSXHVWRRHO
PLVPRVH[R"4XpFRQVHFXHQFLDVLQPHGLDWDVYDDWHQHUTXHHQIUHQWDUVHDOQRWHQHU
TXHGHVHQIUHQDUVHPiVGHHVHPRGR"6HDHVSHFtFRDOHQXPHUDUHOFRVWR
 /XHJRH[DPLQHVXVVHQWLPLHQWRV(VFULEDODVHPRFLRQHVTXHH[SHULPHQWDFXDQGR
SLHQVDHQORTXHVHUtDHVWDUOLEUHGHVXSHFDGRVH[XDO6HJXURSUREDEOHPHQWHVLHQWD
DOJXQDDOHJUtDSHURSUXHEHPiVSURIXQGR8VWHGWDPELpQSXHGHVHQWLUDOJ~QWHPRU
R WULVWH]D R LQFOXVR  DPDUJXUD 'HVSXpV GH WRGR VX DGLFFLyQ KD VLGR VX DPLJR SRU
XQODUJRWLHPSR&RQHVHD'LRVWRGRVVXVVHQWLPLHQWRVWDQWRORVPDORVFRPRORV
DFHSWDEOHV$GPLWDKRQHVWDPHQWHDQWHeOODVSDUWHVGHVXHVStULWXTXHSXHGHQUH
VLVWLUVHDUHQGLUVXDGLFFLyQ\VXFRQWUROVREUHVXYLGD
 (VFULEDXQDFDUWDGHGHVSHGLGDDVXODGRDGLFWR(VWDWDUHDSXHGHVHUGLItFLO\GH
VDDQWH6XQDWXUDOH]DDGLFWLYDKDVLGRFRQDEOH\SUHGHFLEOHHQSURYHHUQRVQXHVWUR
FDPLQRSDUDOLEHUDUVHQWLPLHQWRV3DUDPXFKRVGHQRVRWURVHVWDDGLFFLyQKDHVWDQGR
FRQQRVRWURVPXFKRWLHPSR'HFLUOH$GLyVSDUDVLHPSUHSXHGHVHUHPRFLRQDO'H
PXFKDVPDQHUDVODVOtQHDVTXHGHQLHURQQXHVWUDYHUGDGLQWHULRURQXHVWUDLGHQWLGDG
FRQ'LRV\DTXHOORHQQXHVWURODGRDGLFWLYRVHKDQYXHOWRWUiJLFDPHQWHGLIXVRV&X
DQGRKD\DQDOL]DGROHDODFDUWDHQYR]DOWDDVtPLVPR/pDORDVX6SRQVRU\TXL]iV
DVXJUXSR

4XL]iVVHHVWiVLQWLHQGRDYHUJRQ]DGRRVLQHVSHUDQ]DGHVSXpVGHUHYLVDUVXVGHVHQIUHQRVODVFRQVHFXHQFLDVTXH
KDH[SHULPHQWDGR\ODSDUWHGHVXHVStULWXTXHQRTXLHUHGHMDUVXDGLFFLyQ+DUHFRUGDGRVXVLQWHQWRVLQLFLDOHVGH
FRQVHJXLUODSXUH]DVH[XDO\XVWHGVHSUHJXQWDUDTXHKDUiTXHHVWDYH]VHDGLIHUHQWH4XpKDUiTXHHVWHLQWHQWR
VtGHUHVXOWDGR"
6XWUDEDMRHQOD$VLJQDFLyQ8QRGHOSULPHU3ULQFLSLRUHVDOWyVXLPSRWHQFLDVREUHHOSHFDGRVH[XDOHQVXYLGD
\DKRUDYHUiODSURIXQGLGDGGHVXHVFODYLWXG7DOYH]HVWpPiVDVXVWDGRTXHQXQFD(VWiFRPHQ]DQGRDHPHUJHU
VREUH8VWHGHVH'LRVTXHWDPELpQHVWiFRQVFLHQWHGHVXVSHFDGRVeOVDEHGHODGHSUDYDFLyQGHVXVSHQVDPLHQWRV
\DFFLRQHV&yPRHVSRVLEOHTXHSXHGDKDEHUHVSHUDQ]DSDUDDOJXLHQFRPRXVWHG"



3ULQFLSLR'RV$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

(VWDSUHJXQWDFHQWUDOQRVOOHYDDOFRUD]yQGHO3ULQFLSLR'RV(VHIHFWLYDPHQWHXQDSUHJXQWDDOFRUD]yQPLHQWUDV
WUDWDGHUHSDUDURTXL]iVFUHDUSRUSULPHUDYH]VXUHODFLyQFRQ'LRV3XHGHFRQDUOHVXFRUD]yQ"3XHGHFUHHU
TXHODJUDFLDGH6X+LMRHVVXFLHQWHSDUDFXEULUWRGRVVXVSHFDGRV"(VWiFRQYHQFLGRGHTXHVXSHFDGROHLPSRUWD
D'LRVDOLJXDOTXHVXGRORU"
$SHVDUGHQXHVWUDFRQGLFLyQGHFULVWLDQRVFXDQGRVRPRVWRWDOPHQWHKRQHVWRVODPD\RUtDGHQRVRWURVQRFRQ
ItDWRWDOPHQWHHQ'LRV0XFKRVGHQRVRWURVDSHQDVFRQDPRVHQpO8VWHGVDEHTXHFUHHHQ'LRV(VDQRHVOD
SUHJXQWD(OSUREOHPDQRHVFUHHUHV)H&RQItDHQTXH'LRVVHUiVXFLHQWH"(VDHVODSUHJXQWDFODYHGHO
3ULQFLSLR'RV
3XHGHVHQWLUVHDYHUJRQ]DGRGHHVWDIDOWDGHIHHQ'LRV3RGUtDVHUXQRGHVXVVHFUHWRVHVFRQGLGRVMXQWDPHQWHFRQ
ORVTXHDGPLWLyGXUDQWHVXWUDEDMRHQHO3ULQFLSLR8QR1RFRPSUHQGHFyPRSXHGHGHVFRQDUGH'LRV\DTXHKD
HVWDGRLQYROXFUDGRFRQFRVDVUHOLJLRVDVWRGDVXYLGD&RQFUHWDPHQWHHODEXVRHVSLULWXDORFXUUHFXDQGRDOJXLHQ
XVDOD%LEOLDPiVFRPRXQDUPDTXHFRPRXQDJXtD(VFXiQGRRWURVLQWHQWDQPRWLYDUORDODVDFFLRQHVEXHQDV
SRUPLHGRRYHUJHQ]DHQYH]DOHQWDUORHQXQDUHODFLyQGHDPRUFRQ'LRV(ODEXVRHVSLULWXDOWDPELpQVXFHGH
FXDQGRH[SHULPHQWDFXDOTXLHURWURWLSRGHDEXVRItVLFRHPRFLRQDORVH[XDOGHPDQRVGHDOJXLHQTXHHVXQD
JXUDHVSLULWXDOHQVXYLGD(VRTXLHUHGHFLUTXHVLXVWHGIXHDEXVDGRSRUXQSDVWRUXQOtGHUGHMyYHQHVRDOJXLHQ
HQXQUROVLPLODUXVWHGHVDXWRPiWLFDPHQWHXQDYtFWLPDGHODEXVRHVSLULWXDO
'HODPLVPDPDQHUDTXHODVRWUDVIRUPDVGHDEXVRHODEXVRHVSLULWXDOGLVWRUVLRQDQXHVWUDSHUFHSFLyQGH'LRV
1RVRWURVIyUPDQRVQDWXUDOPHQWHQXHVWUDYLVXDOL]DFLyQGH'LRVHQIXQFLyQGHQXHVWUDH[SHULHQFLDFRQQXHVWURV
SDULHQWHVWHUUHQDOHVHVSHFLDOPHQWHQXHVWURVSDGUHV6LVXSDSiIXHItVLFDPHQWHRVH[XDOPHQWHDEXVLYRFRQ8VWHG
FyPRSXHGHFUHHUTXH'LRVTXLHUHORPHMRUSDUD8VWHG"6LODJXUDGHDXWRULGDGHVSLULWXDOIXHiVSHUD\FULWLFD
FyPRSXHGHFRPSUHQGHUODJUDFLD"&yPRSXHGHFRQDUHQTXH'LRVSURYHDSDUDVXVQHFHVLGDGHV\DPDUORLQ
FRQGLFLRQDOPHQWHVLQRKDFRQRFLGRJHQWHTXHORDPHLQGHSHQGLHQWHPHQWHGHORTXHKD\DKHFKR"

5HJLVWUDQGR(MHUFLFLRV([DPLQDQGR
VX0DQHUDGH9HUD'LRV
(VFULEDXQDGHVFULSFLyQGHVXPDQHUDGHYHUD'LRV&yPRHV'LRVHQVXPHQWH"
&XiOHVVRQDOJXQDVGHODVSDODEUDVTXHORGHVFULEHQ"6L8VWHGSUHHUHGLEXMHXQ
FXDGURGHFyPRYHD'LRV5HFXHUGHTXHQRHVLPSRUWDQWHODPDQHUDFyPRORGHVFULEH
RFXiQELHQORGLEXMD1RVHSUHRFXSHSRUVXKDELOLGDGJUDPDWLFDORDUWtVWLFD/RTXHHV
LPSRUWDQWHHVTXH8VWHGLGHQWLTXHFODUDPHQWHORTXHUHDOPHQWHFUHHDFHUFDGH'LRV



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR'RV$VLJQDFLyQ8QR

/DPD\RUtDGHSHUVRQDVTXHSDVDQDSXURVFRQVXVFRQGXFWDVVH[XDOHVVHVLHQWHQPX\VRORV8VWHGHVWiDLVODGR\
GHVHVSHUDGDPHQWHVROR6HVLHQWHDOHMDGRGH'LRV\GHORVGHPiV6tHOVHFUHWRGHVXSHFDGRVH[XDOOHLPSLGHXQD
UHDOLQWLPLGDGFRQRWURVSHURHODVXQWRSUREDEOHPHQWHYDPiVDOOiGHVXSUREOHPDFRQODDGLFFLyQ/DKLVWRULD
GHVXDLVODPLHQWR\VROHGDGSUREDEOHPHQWHGDWDGHPXFKRDQWHVGHOPRPHQWRHQTXHFRPHQ]yVXGHVHQIUHQR
&RPHQ]ySUREDEOHPHQWHHQVXIDPLOLD9LHQHGHVGHHOFHQWURGHODVKHULGDVGHODEDQGRQR

8QDH[SOLFDFLyQPLQXFLRVDGHORTXHVLJQLFDKDEHUVLGRDEDQGRQDGRVHHQFXHQWUDHQOLEURVHOHPHQWDOHVFRPR
)DLWKIXODQG7UXHRHO/LEURGH7UDEDMRGH)DLWK)XO$QG7UXH7DPELpQGR\XQDEUHYHGHVFULSFLyQHQOD$VLJ
QDFLyQ7UHVGHO3ULQFLSLR8QRGHQWURGHHVWD*XtD/,)(5HSDVHDOJXQRVGHHVWRVPDWHULDOHVVLHVQHFHVDULR
3DUDQXHVWURSURSyVLWRDTXtUHFXHUGHTXHVRPRVDEDQGRQDGRVFXiQGRDOJXQDVGHQXHVWUDVQHFHVLGDGHVIXQGD
PHQWDOHVSDUDHOFUHFLPLHQWRItVLFRHPRFLRQDOVH[XDORHVSLULWXDOQRVRQDWHQGLGDVSRUTXLHQHVQRVFXLGDQ7DO
FRPRERVTXHMpHODEXVRHVSLULWXDOHQODVHFFLyQDQWHULRUVLXQDJXUDHVSLULWXDOFODYHHQVXYLGDQRHVWXYLHUD
GLVSRQLEOHSRUDOJXQDUD]yQItVLFDRHPRFLRQDOPHQWHHQWRQFHVKDVXIULGRDEDQGRQRHVSLULWXDO2WUDYH]HVWD
H[SHULHQFLDLQXLUiHQVXPDQHUDGHYHUD'LRV7HQGUiVSUREOHPDVHQFUHHUTXH'LRVHVWiPX\SUHRFXSDGRGHWL

5HJLVWUDQGR(MHUFLFLRV
6DQDQGRVX0DQHUDGH9HUD'LRV
 +DJDXQDOLVWDGHODJHQWHTXHXVWHGVLHQWHTXHORDEDQGRQyGHDOJXQDPDQHUD
FUtWLFD'HVFULELUHODEDQGRQR
 (QFXHQWUHFLQFRYHUVtFXORVTXHGHVFULEHQHOFXLGDGR\ODSUHRFXSDFLyQGH'LRVSRU
8VWHG(VFULEDODVUHIHUHQFLDV/pDODVGLDULDPHQWHGXUDQWHODSUy[LPDVHPDQD

3Uy[LPD7DUHD3ULQFLSLR7UHV$VLJQDFLyQ8QRSiJLQD


3ULQFLSLR'RV$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ'RV5LQGLHQGRHO&RQWURO
8QVXEWtWXORSDUDOD$VLJQDFLyQ'RVSRGUtDVHU/DHOHFFLyQTXHQXQFDKHKHFKR4XL]iVVHVLHQWDDODGHIHQVLYD
GHVSXpVGHOHHUHVHWtWXOR4XL]iVVHDVXVWHSRUODVFRQVHFXHQFLDVGHQRKDEHUWUDWDGRGHKDFHUDOJRSRUVXDGLF
FLyQ3UREDEOHPHQWHKD\DKHFKRPXFKDVFRVDVSRUVXDGLFFLyQH[FHSWRHVWDUVREULRGHVGHHQWRQFHV
/DPD\RUtDGHQXHVWURVLQWHQWRVSDUDWUDWDUQXHVWUDDGLFFLyQIUDFDVDURQSRUTXHHVWRVHVWDEDQPiVRULHQWDGRVD
FRQWURODUQXHVWUDFRQGXFWDROXMXULDHQYH]GHUHQGLUOD8VDPRVXQDYDULHGDGGHH[FXVDVSDUDMXVWLFDUHVWHHQ
IRTXH5HYLVDU$VLJQDFLyQ'RV3ULQFLSLR8QRTXHERVTXHMDHMHPSORVGHHVWDFODVHGHPDORVSHQVDPLHQWRV
7DPELpQGLVFXOSDPRVORVLQWHQWRVVHQWLPHQWDOHVGHUHQGLUQRVFRQUD]RQDPLHQWRVFRPR1RTXLHURKDFHUFDP
ELRVUDGLFDOHVFRPRWHUPLQDUXQDDPLVWDGSRUTXHHVRSRGUtDDYHUJRQ]DUDPLIDPLOLDFXDQGRODVSHUVRQDVVH
SUHJXQWHQSRUTXpR'LRVVDEHTXHQHFHVLWRDSR\DUPHHFRQyPLFDPHQWHDVtTXHHVFRPSUHQVLEOHTXHQRSXHGD
GHMDUGHYLDMDUDFDXVDGHPLWUDEDMR
'HPDQHUDVPiVVXWLOHVDOJXQDVYHFHVWUDWDPRVGHFRQWURODURQHJRFLDUFRQ'LRVVREUHQXHVWUDDGLFFLyQ
+DFHPRVLQWHQWRVSDUDGHMDUHOGHVHQIUHQR\FRQYHQLUTXH'LRVKDUiDOJRSRUQRVRWURVDFDPELR0XFKRVKDQ
HVFXFKDGRPLKLVWRULDGHFyPRUHQGtPLXVRGHODSRUQRJUDItDDFDPELRGHTXH'LRVPHKLFLHUDXQDHVWUHOODGHO
WHQLV$ORVDxRVGHHGDGHQXQFDPSDPHQWRGHOD&RQIUDWHUQLGDGGH$WOHWDV&ULVWLDQRVPHHQWUHJXpDOPLQ
LVWHULR\MXUpGHMDUGHUREDUODUHYLVWD3OD\ER\(QPLLQPDGXUH]HVSLULWXDOFUHtTXH'LRVPHUHFRPSHQVDUtDFRQ
p[LWRHQHOWHQLV)DQWDVHpVREUHJDQDU:LPEOHGRQ\GHYHUDOD5HLQD6LXVWHGPHKXELHUDSUHJXQWDGROHKDEUtD
DVHJXUDGRTXHWUDWDUtDGHUHQGLUPLKiELWRD'LRV/RTXHUHDOPHQWHKDEtDKHFKRIXHLQWHQWDUPDQLSXODUD'LRV
SDUDTXHPHGLHVHDOJRTXHTXHUtDSURIXQGDPHQWHVHUXQMXJDGRUGHWHQLVIDPRVR
/DPD\RUtDGHQRVRWURVKDKHFKRPXFKDVGHHVWDVUHQGLFLRQHVVXVWLWXWDV*HQHUDOPHQWHVRPRVPX\UiSLGRVSDUD
UHQGLUODVFXDQGRHVWDPRVHQIUHQWDQGRODVFRQVHFXHQFLDVGLItFLOHVGHQXHVWUDDGLFFLyQ1RVDVXVWDPRVVLQXHVWUD
SDUHMDHVWiHPEDUD]DGD\SURPHWHPRVSDUDUHODIIDLUHVyORVL'LRVQRVOLEUDGHOSUREOHPDGHOHPEDUD]R2LQ
WHQWDPRVFRQVHJXLUORFRQUHQGLFLRQHVSDUFLDOHV'HMDPRVXQDFRQGXFWDGHGHVHQIUHQRTXHSHQVDPRVTXHHVHVSH
FLDOPHQWHPDODSHURPDQWHQHPRVRWUDVFRQGXFWDVVXSXHVWDPHQWHPHQRVRIHQVLYDV7HUPLQDPRVHODIIDLUHSHUR
FRQWLQXDPRVXVDQGRODSRUQRJUDItDRPDVWXUEiQGRQRV(VHHQIRTXHUHDOPHQWHVyORFRQVLVWHHQVXVWLWXLUXQSHFDGR
SRURWUR(VHLQWHUFDPELRGLItFLOPHQWHFRQVWLWX\HXQDUHQGLFLyQJHQXLQD$YHFHVSRGHPRVGHMDUHOGHVHQIUHQR
GXUDQWHXQWLHPSRDJXDQWDUQRVSHURUHDOPHQWHQRUHQGLPRVQXHVWURVFRUD]RQHV\QXHVWUDYROXQWDGD'LRV
$OJXQRVKHPRVWUDWDGRGHPDQLSXODU\FRQWURODUDRWURVHVSHFLDOPHQWHDQXHVWUDVHVSRVDVDWUDYpVGH
VHXGRHVIXHU]RVGHUHQGLFLyQ3RGHPRVGHMDUHOGHVHQIUHQRFRQRWUDVSHUVRQDVSHURHQVXOXJDUIDVWLGLDPRVD
QXHVWUDHVSRVDFRQHOVH[R3RGHPRVDFHSWDULUDXQFRQVHMHURPLHQWUDVQXHVWUDSDUHMDDFHSWHSDUDUGHIDVWLGLDU
QRV3HURDXQTXHQRVVHQWHPRVHQODRFLQDGHXQFRQVHMHURXQDKRUDSRUVHPDQDQXQFDQRVFRPSURPHWHPRVD
XQSURFHVRJHQXLQRGHFDPELR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR'RV$VLJQDFLyQ7UHV

2FDVLRQDOPHQWHXQDGLFWRUHQGLUiORHVSHFtFRGHVXDGLFFLyQVH[XDOSHURFRQWLQXDUDPDQWHQLpQGRODHQVX
FRUD]yQ&RQHOORWUDWRGHGHFLUTXHHODGLFWRDKRUDVREULRVHUHKXVDUiDPLUDUPiVDOOiGHODVFRQGXFWDVSHFDPL
QRVDV$OQRKDEHUGHVHQIUHQRItVLFRVHFRQVLGHUDFXUDGR(OQRPLUDUiVXVGHIHFWRVFDUDFWHUtVWLFRVFRPRHORU
JXOORORVFHORVODLQVHJXULGDGRHOFRQWURO5HDOPHQWHpOQRVHUiPiVTXHORTXHXQ$$OODPDXQERUUDFKRVHFR
*HQHUDOPHQWHVXHOHPHGLFDUVHFRQLQVWUXPHQWRVPiVDFHSWDEOHVFRPRWUDEDMDURSDVDUPiVWLHPSRFRQVXVKLMRV
(VWDFODVHGHUHQGLGRFDHPX\OHMRVGHOOODPDGRGH'LRV6XGHVDItRHVDSUHVHQWDUYXHVWURVFXHUSRVHQVDFUL
FLRYLYRVDQWRDJUDGDEOHD'LRVTXHHVYXHVWURFXOWRUDFLRQDO1RRVFRQIRUPpLVDHVWHVLJORVLQRWUDQVIRUPDRV
SRUPHGLRGHODUHQRYDFLyQGHYXHVWURHQWHQGLPLHQWR5RPDQRV'LRVHVWiPXFKRPiVSUHRFXSDGRSRU
QXHVWUDWUDQVIRUPDFLyQTXHSRUQXHVWUDVLPSOHVREULHGDG3XHGH8VWHGGHFLUVLQFHUDPHQWHTXHVHKDUHQGLGRD
'LRVHQXQVHQWLGRHVSLULWXDO"(VWiGHVHDQGRSHUPLWLUOHTXHORWUDQVIRUPH\ORPROGHHHQODSHUVRQDTXHeOTXLHUH
TXH8VWHGVHD"
8QHMHPSORQDOGHXQDIDOVDFODVHGHHOHFFLyQTXHKDFHPRVSDUDUHQGLUQRVHVQXHVWURLQWHQWRGHSRQ
HUQRVVREULRVSRUQXHVWUDSURSLDFXHQWD$FDXVDGHQXHVWUDYHUJHQ]D\QXHVWURPLHGRGHVHUUHFRQRFLGRV
QRVWHQWDPRVFRQWUDWDUGHUHFXSHUDUQRVVLQLQYROXFUDUDQDGLHPiVHQQXHVWURSURFHVR&UHHPRVTXHSRGHPRV
UHFXSHUDUQRVDLVODGDPHQWHVyOROH\HQGROLEURVWHUPLQDQGRODVWDUHDVGHORVFXDGHUQRVGHHMHUFLFLRVRKDEODQGR
WDOYH]FRQXQWHUDSHXWD3HURQRYDPRVDFRPSDUWLUFRQRWURVKRPEUHVSRUVHSDUDGR\QRYDPRVDLUDXQJUXSR
GRQGHRWURVHVWiQWUDWDQGRGHYROYHUVHHOHV\YHUGDGHURV
(VWD SHUVHYHUDQFLD HQ EXVFDU OD UHFXSHUDFLyQ VLQ YROYHUVH YXOQHUDEOH H[SRQH XQ EDOXDUWH FODYH HQ OD YLGD GH
PXFKRV DGLFWRV IUHQWH D ORV GHPiV OD FUHHQFLD 3XHGR KDFHUOR<R VROR &RQDPRV HQ QXHVWUD KDELOLGDG GH
D\XGDUQRVDQRVRWURVPLVPRVPiVTXHHQFRQDUHQ'LRV(VSHUDPRVWULXQIDUVLWUDWDPRVHOWLHPSRVXFLHQWH
ORVXFLHQWHPHQWHGXURRORVXFLHQWHHQIRUPDFRUUHFWD(QYH]GHDGPLWLUODLPSRWHQFLD\GHUHQGLUQRVWRWDO
PHQWHD'LRVWUDWDPRVGHWUDEDMDUPiVIXHUWHHQFRQVHJXLUORSRUQRVRWURVPLVPRV7DOHVHVIXHU]RVHVWiQFRQGH
QDGRVDOIUDFDVR+DEODUpPiVHQXQ3ULQFLSLRSRVWHULRUDFHUFDGHODVWUDPSDVGHUHKXVDUHVWDUHQFRPSDxHULVPR
FRQRWURV

5HJLVWUDQGR(MHUFLFLRV5HYLVDQGRVXV(OHFFLRQHV
 &XiOHVVRQWXVH[FXVDVSDUDQRVRPHWHUWXDGLFFLyQWRWDOPHQWHD'LRV"
 +D]XQDOLVWDGHORVWUDWRVTXHKDVKHFKRFRQ'LRVVREUHWXVGHVHQIUHQRV
 &yPRKDVWUDWDGRGHPDQLSXODURFRQWURODUDRWURVSURPHWLHQGRHVWDUVREULRGH
WXDGLFFLyQ"
 (QTXHIRUPDVSUiFWLFDVKDVGHFODUDGR3XHGRKDFHUHVWRSRU\RVRORHQYH]
GHFRQDUHQ'LRV"'HVFULEHFXDOTXLHULQWHQWRTXHKD\DVKHFKRSDUDREWHQHUODVR
EULHGDGW~VROR'HVFULEHWDPELpQORVUHVXOWDGRV
 'HVFULEHFyPRVHUtDVLWHVRPHWLHUDVWRWDOPHQWHDOFRQWUROGH&ULVWR"

3Uy[LPD7DUHD3ULQFLSLR7UHV$VLJQDFLyQ'RVSiJLQD


3ULQFLSLR'RV$VLJQDFLyQ7UHV

*XtD/,)(SDUD

$VLJQDFLyQWUHV3RQLHQGRODHVSHUDQ]DHQ'LRV
/RLQYLWRDTXHKDJDXQHMHUFLFLRLPDJLQDWLYRVLPLODUDOTXHKL]RFXDQGRFRQVLGHUyVXPiVIUHFXHQWHIDQWDVtD
VH[XDO(VWDYH]VLQHPEDUJRHVWDUiLPDJLQDQGRXQDHVFHQDTXHHVUHVXOWDGRGHODHVSHUDQ]DHQOXJDUGHODTXH
YLHQHGHOGRORUGHOSDVDGR3ULPHURVLVXGHVFULSFLyQRIRWRJUDItDGH'LRV$VLJQDFLyQ'RVGHHVWH3ULQFLSLRHV
GHXQ6HUIXULRVRRGLVWDQWHUHFUHHDOPHQRVHQVXPHQWHXQDLPDJHQTXHGHVFULEDPiVHOPHQWHODJUDFLD\HO
DPRUGH'LRV
$KRUDTXLHURTXHVHYHDLQWHUDFWXDQGRFRQHVDFODVHGH'LRVeVWHHVHO'LRV$EEDHOtQWLPRSDSLWR'LRV
(VWHHVHO'LRVTXHORFDUJDUtDHQ6XVKRPEURVMXJDUtDDODSHORWDFRQXVWHGHVFXFKDUtDVXVKLVWRULDV\DOLYLDUtD
VXVPLHGRVeVWHHVHOSDGUHSHUIHFWR8QDEXHQDGHVFULSFLyQGHHVWDYLVXDOL]DFLyQEtEOLFDGH'LRVSRGUtDVHU
HQFRQWUDGDHQHOOLEURGH6DQGUD:LOVRQ(QORVEUD]RVGH$EEDRHQPXFKRGHORVHVFULWRVGH0D[/XFDGR

,PDJtQHVHDXVWHGHVGRVKDEODQGR\ULHQGRMXQWRV7UDWHGHGHVFULELUDOJXQDDFWLYLGDGHVSHFtFDRFRQYHUVDFLyQ
2EVHUYHWRGRVORVGHWDOOHVGHODHVFHQD'HMDUTXHHVWDHVFHQDVHYXHOYDUHDOLGDGHQVXPHQWH

3XHGHVHVWDUVHJXURGHTXH'LRVHVUHDOPHQWHHOSDGUH$EEDFDULxRVR\DIHFWXRVRTXHLPDJLQDVWH(VVHJXURGH
SHQGHUGHeOSRUTXHHVGLJQRGHFRQDQ]D5HQGLUVHD'LRVHVFRORFDUWXYLGD\YROXQWDGEDMRHOFXLGDGR
GH$TXHOTXHHVWiGHVHRVRGHHVWDUHQUHODFLyQFRQWLJR'LRVWHDPyWDQWRTXHHQYLyD6X~QLFR+LMRSDUDPRULU
HQODFUX]SRUWXVSHFDGRV
/DFRQH[LyQTXHXVWHGKDEXVFDGRDWUDYpVGHSUiFWLFDVVH[XDOHVSHFDPLQRVDVHVUHDOPHQWHODDQVLDGDLQ
WLPLGDGFRQ'LRV6XSDVLyQHVVHUFRQRFLGRDPDGR\YDORUDGRDSHVDUGHVXVGHIHFWRV6yOR'LRVSXHGHOOHQDU
HVHGHVHR/DLQWLPLGDGFRQeOQXQFDSXHGHVHUHQFRQWUDGDDWUDYpVGHODE~VTXHGDGHODFDUQH
8QDLPSRUWDQWHSDUWHGHOSURFHVRGHVXWUDQVIRUPDFLyQVHUiH[SHULPHQWDUODDGRSFLyQSRUSDUWHGHVX'LRV$EED
6yOR6XDPRU\ODJUDFLDGH&ULVWRSXHGHQVRVWHQHUOR\FXUDUOR7RGRVORVRWURVVXVWLWXWRVVRQIDOVRV<HOFDPLQR
SDUDHVWDLQWLPLGDGFRQ'LRVFRPLHQ]DFRQVXUHQGLFLyQ

5HJLVWUDQGR(MHUFLFLRV5HYLVDQGRVXV(OHFFLRQHV
 (VFULEDHQVXELWiFRUDXQDGHVFULSFLyQGHHVWHHQFXHQWURFRQ'LRV6HDHVSHFt
FRHLQFOX\DWRGRVORVGHWDOOHVSRVLEOHV4XpKL]R"&yPRUHVSRQGLy'LRV"4XpVH
GLMHURQHOXQRDORWUR"&RPSDUWHHVWDLPDJHQFRQDOJXLHQGHOJUXSR/,)("
&RPSRQJDXQDGHFODUDFLyQGHUHQGLFLyQD'LRV(O7HUFHU3DVRGHOD2UDFLyQGH
$$HVXQHMHPSOR5HFXHUGHTXHODUHGDFFLyQ\ODJUDPiWLFDQRVRQLPSRUWDQWHV/R
TXHLPSRUWDHVODLQWHQFLyQGHVXFRUD]yQ&RPSDUWDODRUDFLyQHQODSUy[LPDUHXQLyQ
GHVXJUXSRRFRPSiUWDODFRQVXSDVWRURVXFRPSDxHURGHFXHQWDV



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR'RV$VLJQDFLyQ7UHV

'RVSDVDMHVGHODHVFULWXUDGHSDUHFHQSDUWLFXODUPHQWHDSURSLDGRVDHVWHSULQFLSLRVREUHSRQHUQXHVWUDHVSHUDQ]D
HQ'LRVGH\HQWUHJDUWRWDOPHQWHQXHVWUDYROXQWDGeO

9HQLGiPtWRGRVORVTXHHVWiLVWUDEDMDGRV\FDUJDGRV
TXH\RRVKDUpGHVFDQVDU
/OHYDGPL\XJRVREUHYRVRWURV\DSUHQGHGGHPtTXHVR\PDQVR\KXPLOGHGHFRUD]yQ
\KDOODUpLVGHVFDQVRSDUDYXHVWUDVDOPDV
3RUTXHPL\XJRHVIiFLO\OLJHUDPLFDUJD

0DWHR

(QWRQFHV-HV~VGLMRiVXVGLVFtSXORV6LDOJXQRTXLHUHYHQLUHQSRVGHPt
QLpJXHVHiVtPLVPR\WRPHVXFUX]\VtJDPH
3RUTXHWRGRHOTXHTXLVLHUDVDOYDUVXYLGD
ODSHUGHUi\WRGRHOTXHSLHUGDVXYLGDSRUFDXVDGHPtODKDOODUi
3RUTXHTXpDSURYHFKDDOKRPEUHVLJDQDUHWRGRHOPXQGR\SHUGLHUHVXDOPD"
2TXpUHFRPSHQVDGDUiHOKRPEUHSRUVXDOPD"

0DWHR

3Uy[LPD7DUHD3ULQFLSLR7UHV$VLJQDFLyQ7UHVSiJLQD




*XtD/,)(SDUD+RPEUHV

3ULQFLSLR7UHV

35,1&,3,275(6

+DFHPRVXQDOLVWDGHQXHVWURVSHFDGRV\GHELOLGDGHV\
/RVFRQIHVDPRVDXQDSHUVRQDFRQDXWRULGDGHVSLULWXDO

Contando la verdad: Debo dejar la oscuridad

6XWUDEDMRLQLFLDOHQHO3ULQFLSLR8QRORLQYLWyDXVWHGDFRQIHVDUVHDVtPLVPR\DVX*UXSR/,)(ODYHUGDG
GHVXSHFDGRVH[XDO(QHO3ULQFLSLR'RV8VWHGUDWLFyTXH'LRVHVGLJQRGHFRQDQ]D\HOSDUDWUDQVIRUPDUVX
YLGDVLXVWHGVHULQGHDeO(O3ULQFLSLR7UHVFRQIURQWDVXQDWXUDOH]DSHFDGRUDHORLQFLWDDXVWHGDFRQIHVDUVXV
SHFDGRVDRWURV

(OWUDEDMRVREUHHO3ULQFLSLR7UHVVHUiGRORURVRFDVLWDQWRFRPRORIXHFRPSOHWDUORVHMHUFLFLRVGHO3ULQFLSLR8QR
(VWDFODVHGHGRORUHQUHDOLGDGSXHGHVHUPX\~WLOHQVXYLDMHKDFLDVXWUDQVIRUPDFLyQ(O'RORUQRVUHFXHUGD
TXpWDQOHMRVHVWDPRVGH'LRV(VHDJXLMyQHQQXHVWURFRUD]yQQRVHQVHxDDYROYHUQRVDeO([SHULPHQWDUODVFRQ
VHFXHQFLDVQRVIXHU]DDTXHSHUGDPRVHOFRQWURO8QDFRQFLHQFLDDIHFWLYDQRVPRWLYDSDUDTXHQRVDEVWHQJDPRV
GHFDXVDUPiVGDxR1RHVWpDVXVWDGRGHOGRORUTXHFDXVDQODVDVLJQDFLRQHVVLQRTXHFUXFHDOOXJDUGRQGHYLYLUi
FDGDGtDHQOLEHUWDG
(VWH 7HUFHU 3ULQFLSLR OR GHVDItD D FRPSUHQGHU VX ODGR RVFXUR  VX QDWXUDOH]D SHFDGRUD 6HJ~Q 3DEOR WRGRV
SHFDPRV\HVWDPRVGHVWLWXLGRVGHODJORULDGH'LRV6RPRVKHUHGHURVGHOSHFDGRRULJLQDOHOSHFDGRGHORUJXOOR
6XLGHQWLGDGDGLFWDVXLGHQWLGDGSHFDGRUDFRQRUJXOORFRQWHPRUKDWUDWDGRGHHVFRQGHUODYHUGDGVREUHVX
YLGD8VWHGKDWHPLGRTXHVLODJHQWHOOHJDUDDFRQRFHUVXVVHFUHWRVHOORVORRGLDUtDQ\ORDEDQGRQDUtDQ(VWDV
GHVFULSFLRQHVLOXVWUDQXQSULQFLSLRFRQRFLGRFRPRWUDVWRUQRGHLQWLPLGDGHOFXDOGLVFXWLUpPiVDGHODQWHDO
QDOGHODDVLJQDFLyQ



3ULQFLSLR7UHV$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ8QR$GPLWLHQGR1XHVWUD2VFXULGDG
0(17,5$618(675$02'2'(0$1(-$518(67527(025
(OUHVXOWDGRGHVXPLHGRDVXVSHFDGRVVHDQGHVFXELHUWRVHVTXH8VWHGVHKDKHFKRXQPHQWLURVRFUyQLFR+D
SUHWHQGLGRPDQLSXODUODRSLQLyQGHRWURVSRUTXHKDWHQLGRPLHGRDVHUDWUDSDGR\HQIUHQWDUODVFRQVHFXHQFLDV
4XL]iVKDSHQVDGRDUURJDQWHPHQWHTXHXVWHGSRGtDVDOLUVHFRQVXVPHQWLUDV(O3ULQFLSLRWUHVORLQYLWDDUHFRQRFHU
YDOLHQWHPHQWHODYHUGDGVREUHVXYLGD

5HFXHUGHTXHQREXVFDPRVDGPLWLUQXHVWURSHFDGRSDUDDXPHQWDUQXHVWUDYHUJHQ]D
VLQRSDUDTXHSRGDPRVDSUHQGHUDGHSHQGHUPiVGH'LRV

(VSHURTXH\DKD\DHPSH]DGRDFRQWDUODYHUGDGHQVX*UXSR/,)(2URSDUDTXHKD\DHQFRQWUDGRXQOXJDU
VHJXURSDUDFRPSDUWLUVXUHDOLGDG\GRORU&RQItRHQTXHHVWiFRQVLJXLHQGRDOJRGHSUiFWLFDHQVDFDUDODOX]VX
RVFXULGDG3HUPLWDTXH'LRVLOXPLQHVXFDPLQRPLHQWUDVWUDEDMDORVHMHUFLFLRV

/D$VLJQDFLyQ8QRH[SORUDFyPRVHKDPHQWLGRDXVWHGPLVPR\DRWURV$OFRKyOLFRV$QyQLPRVWLHQHPXFKRV
OHPDVIHQRPHQDOHVVREUHODUHFXSHUDFLyQGRVGHORVFXDOHVVRQDSOLFDEOHVDQXHVWURSUREOHPDFRQODPHQWLUD$$
KDEODGHORVSHQVDPLHQWRVVXFLRVGHODGLFWR\DVHYHUDTXH6XPHMRUSHQVDPLHQWRHVHOTXHORWUDMRDTXt/RV
PpGLFRVSXHGHQGHFLUTXHKHPRVGLVWRUVLRQDGRHOSHQVDPLHQWRFRJQLWLYR/RVFRQVHMHURVGHORVFROHJLRVWDQWR
VHFXODUHV FRPR FULVWLDQRV  DOJXQDV YHFHV DERUGDQ QXHVWUD FXUDFLyQ LQWHQWDQGR FDPELDU QXHVWUDV LGHDV &RPR
FULVWLDQRVTXHUHPRVOOHYDUFDGDLGHDFDXWLYDD&ULVWRLQFOX\HQGRORVSHQVDPLHQWRVVXFLRVGHWRGDVODVPHQWLUDV
HQTXHKHPRVFUHtGR

/DSULPHUDSDUWHGHOHQWHQGLPLHQWRGHODVPHQWLUDVTXHKHPRVGLFKRDRWURVHVFRPSUHQGHUODVPHQWLUDVTXHQRV
KHPRVGLFKRDQRVRWURVPLVPRV/DPHQWLUDHVSDUWHGHQXHVWURSHFDGRRULJLQDO&XDQGRODVHUSLHQWHWHQWyD(YD
OHGLMRODSULPHUDPHQWLUDTXHSRGtDFRPHUGHOIUXWRGHOiUEROSURKLELGR\TXHHOODQRPRULUtD$OPHQWLUQRVD
QRVRWURVPLVPRVDPHQXGRFRSLDPRVHVDPHQWLUDLQLFLDO&UHHPRVTXHSRGHPRVLUQRVFRQDOJR\TXHQRVHUHPRV
KHULGRVSRUQXHVWURSHFDGR
6HKDGLFKRHVWDFODVHGHPHQWLUDV"4XHVXVSHFDGRVVH[XDOHVQRKHULUtDQDQDGLHPiVLQFOX\HQGRD8VWHGPLV
PR"4XH8VWHGHUDGLIHUHQWHTXHODVUHJODVQRVHDSOLFDEDQD8VWHG\TXH8VWHGSRGtDOLEUDUVHGHODVFRQVHFXHQ
FLDV"(VWDLGHDKHGLRQGDHVFRPRFRPHUPXFKDFRPLGD\FUHHUTXHQRYDDHQJRUGDUWRPDUGHPDVLDGRDOFRKRO
\SHQVDUTXHQRGDxDUHPRVQXHVWURVFXHUSRVRHYLWDUORVKiELWRVVDOXGDEOHV\DVXPLUTXHQRQRVHQIHUPDUHPRV
$OJXQDYH]VHFRQYHQFLyDXVWHGPLVPRTXHXVWHGQRVHULDGHVFXELHUWR"3HQVDEDTXHXVWHGHVWDEDWHQLHQGR
FXLGDGR\VLHQGRGLVFUHWR"4XpSUHFDXFLRQHVKDWRPDGRSDUDHVFRQGHUVXVVHFUHWRV"4XpPDQLSXODFLRQHVKD
KHFKRSDUDHYLWDUH[SRQHUVH"



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR7UHV$VLJQDFLyQ8QR

6HDVHJXUDEDDVtPLVPRTXHVXVSHFDGRVQRHUDQWDQPDORV"+DMXVWLFDGRXQSHFDGRVH[XDOPHQRUSRUTXH
OHLPSLGLyFRPHWHUXQRPiVVHULR"&UHtDTXHWHQtDHOSRGHUSDUDGHMDUDUiSLGDPHQWHHOGHVHQIUHQRVLUHDOPHQWH
ORTXHUtD"6HGLMRDXVWHGPLVPRTXHVXVSHFDGRVQRHUDQGHPDVLDGRPRUWDOHV"3RUHMHPSORDOJXQDYH]KD
SHQVDGRTXHPLHQWUDVVXVSHFDGRVQXQFDHUDQGHVFXELHUWRVQDGLHVHUtDODVWLPDGR"

5HJLVWUDQGR(MHUFLFLRV6X0HQWLUD
R 4XpPHQWLUDVVHKDFRQWDGR8VWHGVREUHVXVSHFDGRVHQUHODFLyQFRQVXFRQGXFWD
VH[XDO\UHODFLRQDO"
R 3LHQVHHQVXYLGDKDFLDDWUiV5HFXHUGDODSULPHUDPHQWLUDTXHFRQWySDUDFXEULU
XQDFRQGXFWDSHFDPLQRVD"4XpHGDGWHQtD"$TXLpQOHPLQWLy"6DOLyDGHODQWH
FRQHVR"
R 3LHQVHOXHJRHQODSULPHUDPHQWLUDTXH8VWHGFRQWySDUDFXEULUXQSHFDGRVH[XDO
1XHYDPHQWHTXpHGDGWHQtD"'HVFULEDODVLWXDFLyQ\VXVPHQWLUDVVREUHHVR/R
SLOODURQ"
R 6LSXHGHWUDFHODKLVWRULDGHVXFRPSRUWDPLHQWRHQJDxRVRGHVGHHQWRQFHV+DJD
XQDOLVWDHQVXELWiFRUDGHODVPHQWLUDVPiVJUDQGHVTXHKDFRQWDGR
R &XiOIXHVXPHQWLUDPiVUHFLHQWH"&XiQGR"$TXLpQVHODFRQWy"(VWiJXDU
GDQGRDOJ~QVHFUHWRD~Q"

'(625'(1'(,17,0,'$'18(67527(025'(6(5&212&,'2

&XDQGR H[SHULPHQWDPRV GHVRUGHQ GH LQWLPLGDG HV PiV GLItFLO GHFLU OD YHUGDG D TXLHQHV PiV TXHUHPRV 2WUD
PDQHUDGHGHVFULELUHVWHIHQyPHQRHVTXHODSHUVRQDDODTXHHVWDPRVPiVWHPHURVRVGHSHUGHUVHUiODPiVGLItFLO
GHGHFLUOHODYHUGDG

3XHGHTXHHVWpH[SHULPHQWDQGRHVWDGLQiPLFDHQVXJUXSR3RGUtDKDEHUVLGRUHODWLYDPHQWHIiFLOLQYROXFUDUVHHQ
VXUHXQLyQ/,)(\VHUKRQHVWR'HVSXpVGHWRGRORVRWURVKRPEUHVTXHKD\HVWiQHQHOPLVPREDUFR(OORV
WDPELpQVRQSHFDGRUHVVH[XDOHVFX\DVYLGDVHVWiQRHVWXYLHURQIXHUDGHFRQWURO8VWHGVHVLHQWHUD]RQDEOHPHQWH
VHJXURTXHQRVHUiMX]JDGRVHYHUDPHQWHSRUTXHORVRWURVPLHPEURVGHOJUXSRKDQDFWXDGRGHPDQHUDVLPLODU
$GHPiVORVULHVJRVQRVRQWDQDOWRVFRQVXJUXSR(QWRQFHVTXpLPSRUWDVLSLHQVDQTXHXVWHGHVDERPLQDEOH"
(VWiQFRPSURPHWLGRVSRUXQDSURPHVDGHODFRQGHQFLDOLGDG\DQRQLPDWR1RSXHGHQGHFLUOHDQDGLHPiVVXV
VHFUHWRVRXVWHGVLPSOHPHQWHQRYROYHUtDDOJUXSR4XpWLHQHTXHSHUGHU"
6LQHPEDUJR8VWHGHVWiHQFRQWUDQGRPXFKRPiVGLItFLOGHFLUODYHUGDGDDOJXLHQDTXLHQDPDUHDOPHQWH3XHGH
TXHFUHDTXHHVLPSRVLEOHVHUWRWDOPHQWHVLQFHURFRQODVSHUVRQDVPiVLPSRUWDQWHVHQVXYLGD6XWHPRUDVHUUH
FKD]DGRVLDOJXLHQOOHJDDFRQRFHUVXLQWLPLGDGORHVWiPDQWHQLHQGRHQHVFODYLWXG\YHUJHQ]D


3ULQFLSLR7UHV$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

5HJLVWUDQGR(MHUFLFLRV6X7HPRU
(VFULEDORVQRPEUHVHVSHFtFRVGHDTXHOORVTXH8VWHGPiVWHPHTXHGHVFXEUDQOD
YHUGDGVREUHVXVVHFUHWRVSDUWLFXODUPHQWHVXVSHFDGRVVH[XDOHV
(VREYLRTXHVL8VWHGHVFDVDGRSUREDEOHPHQWHVXHVSRVDVHDODSHUVRQDPiVLP
SRUWDQWHHQHVWDOLVWD(VFULEDMXQWRDFDGDQRPEUHODFRQVHFXHQFLDTXH8VWHGPiV
WHPH

1RPEUH 

/R4XHXVWHG0iV7HPH'H
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&XiQWRKDHVWDGRSUHRFXSiQGRVHGHFyPRUHDFFLRQDUiQRWURVFXiQGRVHHQWHUHQGHVXVFRQGXFWDV"$KRUDSUHJ~Q
WHVHXVWHGPLVPRVLXVWHGHVGHVHDLUSRUODYLGDSUHRFXSiQGRVHSRUODHVDVFODVHVGHFRQVHFXHQFLDV3DUWHGHVX
SURFHVRGHWUDQVIRUPDFLyQVHUiIRUMDUXQFDUiFWHUGHKRQHVWLGDG8VWHG\DQRVHVHQWLUiPiVFyPRGRYLYLHQGR
FRQVXVPHQWLUDV\GHFHSFLRQHV8VWHGDQKHODUiODLQWHJULGDG(PSLHFHDSHQVDUVREUHHOYDORUTXHOHWRPDUiVHU
VLQFHURFRQODVSHUVRQDVDTXLHQHVXVWHGPiVDPD
8QRGHORVJUDQGHVSULQFLSLRVGHOOHJDUDVHUHO\YHUGDGHUR
(VDFHSWDUHOULHVJRLQYROXFUDGRHQFRQWDUODYHUGDG

5HJLVWUDQGR(MHUFLFLRV6X7HPRU
(VFULEDXQDRUDFLyQSLGLHQGRYDORUSDUDGHFLUODYHUGDGLQFOXVRFXDQGRWHQJDPLH
GRGHOUHVXOWDGR3tGDOHD'LRVTXHOHD\XGHDFRQDUHQeOHOUHVXOWDGRGHHVWHDFWR
GHUHQGLFLyQ
7RPDUHVWDFODVHGHULHVJRHVXQDPDQHUDSUiFWLFDHQTXHUHQGLPRVQXHVWUDYLGDD&ULVWR9HPRVFODUDPHQWHTXH
QRSRGHPRVFRQWURODUQXHVWUDSURSLDYLGD6LDFHSWDPRVTXH'LRVHVWiDFDUJRGHQXHVWURIXWXURHQWRQFHVTXp
ULHVJRVVHUHPRVFDSDFHVGHWRPDU"/DVUHDFFLRQHVGHRWUDVSHUVRQDVLQFOX\HQGRQXHVWUDVHVSRVDVHVWiQHQPDQRV
GH'LRV3XHGHUHQGLUWDPELpQHVWHUHVXOWDGRD&ULVWR\DWUHYHUVHDGHVFXEULUODYHUGDG"
3Uy[LPD7DUHD3ULQFLSLR7UHV$VLJQDFLyQ8QRSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR7UHV$VLJQDFLyQ'RV

$VLJQDFLyQ'RV(VER]DQGR1XHVWUD2VFXULGDG
(QHVWHSXQWRGHVXSURJUDPDXVWHGHVWiGHVSHUWDQGRGHODSHQXPEUDGHORVDFWRVGHVXFRQGXFWD(VWiHPSH]DQGR
DVHUKRQHVWR/DUHDOLGDGHVWiKDFLHQGRPHOODORTXHSXHGHVHUHVSDQWRVR\GHVDOHQWDGRU3UREDEOHPHQWHHVSH
UDEDDTXHOORTXH$$OODPDXQDPDQHUDPiVVXDYH\DSDFLEOH(VWpFRQVFLHQWHGHVXSHQVDPLHQWRGLVWRUVLRQDGR
6DWDQiVOHHVWiGLFLHQGRDOJXQDPHQWLUDFRPR6LHVWHYLDMHGHFXUDFLyQHVWDQJUDQGLRVRSRUTXp8VWHGVHVLHQWH
WDQPDO"
+DWHQLGRDOJXQDYH]XQDOHVLyQRDOJXQDFODVHGHFLUXJtD"8VWHGVDEHTXHPX\DPHQXGRHOSURFHVRGHUHFX
SHUDFLyQHVGRORURVR8VWHGTXL]iVVXIUDEDVWDQWHDQWHVGHTXHHPSLHFHDVHQWLUVHPHMRU&XUDUVHGHORVWUDXPDV
VH[XDOHVHOSHFDGR\ODDGLFFLyQQRHVGLIHUHQWH

$KRUDHVHOPRPHQWRGHSUHSDUDUXQLQYHQWDULRKRQHVWRGHVXYLGD&XDQGR-HV~VHQIUHQWyDXQKRPEUHTXH
KDEtDVLGRSRVHtGRSRUGHPRQLRVOHSUHJXQWy&XiOHVWXQRPEUH"(OKRPEUHGLMR0LQRPEUHHVOHJLyQ
3XGLHVHSDUHFHUTXHVXVSHFDGRVVRQXQDOHJLyQ\XVWHGSXHGHHVWDUDJRELDGRSRUORLQPHQVRGHODRVFXULGDGGH
VXYLGD
(VWpFRQFLHQWHGHTXHHVWiHQXQSURFHVRGHDLFFLyQDLJLGRSRUWRGDVODVH[SHULHQFLDVGRORURVDVGHOSDVDGR
6HODVHVWiDUUHJODQGRFRQVXYHUJHQ]D\SUHJXQWiQGRVH&yPRSXGHKDEHUKHFKRFRVDVWDQWHUULEOHV"(VWRV
VHQWLPLHQWRVVRQQRUPDOHV$XQTXHGRORURVRVVRQHQUHDOLGDGVHxDOHVGHVXWUDQVIRUPDFLyQ

/DPHMRUPDQHUDELHQGHFRQWUDUUHVWDUODRVFXULGDGGHVXSDVDGRHVFRQWLQXDUH[SRQLpQGRODDODOX]+DHVWDGR
HVFRQGLHQGRVXYLGDVHFUHWDSRUDxRV\VXVLOHQFLRORKDHVWDGRPDWDQGR(VKRUDGHFRPSOHWDUORTXHHOSURJUDPD
GH$$OODPDXQLQYHQWDULRGHPRUDOLGDGSHQHWUDQWHHLQWUpSLGR\H[SRQHUHVHSHUOGHSHFDGRVDOSRGHUVDQD
GRUGHOD*UDFLDGH'LRV
,QVWUXFFLRQHVDFHUFDGHVXLQYHQWDULR

$OSUHSDUDUHVWHLQYHQWDULRRERVTXHMRTXL]iVVHDPiVIiFLOGLYLGLUVXYLGDHQHWDSDV\FDWHJRUtDV$OUHYLVDUODV
iUHDVGHSHFDGRHQVXYLGDUHFXHUGHODVSDODEUDVGH3DEORUHVSHFWRDVXQDWXUDOH]DSHFDGRUD(VFULELyDFHUFDGH
1RKDFHUODVFRVDVTXHTXHUtDKDFHUVLQRGHKDFHUODVFRVDVTXHQRTXHUtDKDFHU3DEORHVWiGHVFULELHQGRORVSHFD
GRVGHDFFLyQ\ORVSHFDGRVGHRPLVLyQ3LHQVHQRVRODPHQWHVREUHHQORVSHFDGRVTXHKDKHFKRVLQRWDPELpQHQ
HOELHQTXH8VWHGQRKDKHFKR1RVyORLQFOX\DVXVDFFLRQHVRIDOWDGHDFFLRQHVVLQRTXHWDPELpQERVTXHMHVXV
SHQVDPLHQWRVQHJDWLYRV\SHFDPLQRVRV\ODIDOWDGHSHQVDPLHQWRVSRVLWLYRV
'LYLGDVXYLGDHQHWDSDVGHIRUPDVLPLODUDODHVFDODGHWLHPSRTXHFUHyHQODSULPHUDDVLJQDFLyQGHHVWD*XtD
/,)(8QDGLYLVLyQSRGUtDVHU,QIDQFLD3XEHUWDG$GROHVFHQFLD$GXOWR-RYHQ$GXOWRV7HUFHUDHGDG2EYLD
PHQWHDOJXQRVGH8VWHGHVQRKDQDOFDQ]DGRWRGDVHVWDVHWDSDV
/XHJRSLHQVHHQFDWHJRUtDVGHVXYLGDFRPRODVVLJXLHQWHVIDPLOLDHGXFDFLyQUHODFLRQHVVRFLDOHVWUDEDMRX
RFXSDFLyQSDVDWLHPSRVRUHFUHDFLyQVH[XDOLGDG\YLGDHVSLULWXDO3DUWHGHVXWUDEDMRYDDGXSOLFDUODVKLVWRULDV
VH[XDOHV\GHUHODFLRQHVSHUVRQDOHVTXHSUHSDUyDQWHV



3ULQFLSLR7UHV$VLJQDFLyQ'RV

*XtD/,)(SDUD+RPEUHV

0HSDUHFHELHQ(VWHLQYHQWDULRVLQHPEDUJRVHUiPXFKRPiVDPSOLRTXHVXVFRQGXFWDVVH[XDOHV/DLQWHQFLyQ
HVGDUXQDLGHDJHQHUDOGHFDGDDVSHFWRGHOSHFDGRHQVXYLGD([SORUHFDGDULQFyQ\JULHWDGHVXDOPD1RGHMH
QDGDHVFRQGLGRHQORVULQFRQHVRVFXURVGHVXHVStULWX

3XHGHTXHHVWpDJRELDGRSRUODYDULHGDGRFRPSOHMLGDGGHSHQVDPLHQWRV+iJDORVLPSOH(PSLHFHDUHJLVWUDUXQ
SHULRGR\XQDFDWHJRUtD\OXHJRPXpYDVHDRWUD&UH]FDXVWHGPLVPRHQVXERVTXHMRDxRDDxRRDOPHQRVHWDSD
SRUHWDSD'HODPLVPDPDQHUDTXHHQWRGDVODVDVLJQDFLRQHVHQHVWHFXDGHUQRGHHMHUFLFLRVpVWHQRHVXQHMHUFLFLR
GHXQDVRODYH]'HEHUtDVHUXQGRFXPHQWRYLYLHQWH\FDPELDQWH3XHGHDFWXDOL]DUVXLQYHQWDULRVLHPSUHTXHXQ
QXHYRUHFXHUGRVXUMDLQFOXVRVLHVGHPXFKRVDxRVDWUiV
$xDGDHMHPSORVRDXQFDWHJRUtDVHQFXDQWRSLHQVHHQHOORV3XHGHTXHKD\DPHQWLGRVREUHPXFKDVFRVDVRTXH
KD\DUHDOL]DGRXQDYDULHGDGGHDFWRVGLVSDUDWDGRV(QPLKLVWRULDSRUHMHPSORODSULPHUDYH]TXHPLUpSRUQR
JUDItDUREpODVUHYLVWDV)XLWDQWRXQSHFDGRUVH[XDOFRPRXQODGUyQ+DKHFKRDOJRVLPLODU"$OJXQDYH]KL]R
WUDPSDHQXQDSUXHEDRHQGHFODUDUVXVLPSXHVWRVRWRPyDOJRTXHQRHUDVX\RRGLMRXQDPHQWLUDSDUDJDQDUOD
DSUREDFLyQGHRWURV"&XDOTXLHUDVHDHOSHFDGRLQFO~\DORHQVXLQYHQWDULR


35(&$8&,1
7RPHQRWDGHHVWHOtPLWHLPSRUWDQWH(VWHQRHVXQHMHUFLFLRHQHOTXHGHVFULEDGH
PRGRJUDQGLRVRHOIDQWiVWLFRSHFDGRUTXHHV(VWDDVLJQDFLyQQRHVXQDFRPSHWHQFLD
SDUDGHVFXEULUDODSHUVRQDPiVGHSUDYDGDGHOJUXSR(ODSyVWRO3DEOR\DVHSURFODPDED
FRPRHOMHIHGHORVSHFDGRUHV$OJXQDVYHFHVFXDQGRXQDGLFWRHVFULEHVXLQYHQWDULR
SDUHFHTXHHVWXYLHUDMDFWiQGRVHGHORWHUULEOHTXHHUDGHPRGRTXHVXHVWDGRDFWXDOGH
VREULHGDGSDUHFHUiWRGDYtDPiVVRUSUHQGHQWH/RVIDOVRVUHPRUGLPLHQWRVVRQVyORRWUD
IRUPDGHPDQLSXODFLyQ
$GHPiVFXDQGRHVWpFRPSDUWLHQGRVXDVLJQDFLyQHQVX*UXSR/,)(SRUIDYRUSRQJD
DWHQFLyQHQODVSDODEUDVDGLFLRQDOHVGHSUHFDXFLyQ2EVHUYHORVOtPLWHVDSURSLDGRVHQOD
PDQHUDFyPRFRPSDUWHVXVKLVWRULDVVH[XDOHV\GHUHODFLRQHVSHUVRQDOHV1RVHDJUiFR
DOGHVFULELUVXVFRQGXFWDVVH[XDOHVSRUTXHXVWHGQRTXHUUiSURYRFDURHGXFDUDRWURV
PLHPEURVGHOJUXSR

eVWDHVXQDDVLJQDFLyQODUJD\OOHQDUiSUREDEOHPHQWHSiJLQDV\SiJLQDVGHWUDEDMR1RWHPDRPLWLUDOJXQDVFRVDV
/DSULPHUDYH]TXHFRPSLOHVXLQYHQWDULRTXL]iVDFLHUWHVyORHQOREiVLFR3XHGHUHJUHVDU\GHWDOODUGHVSXpV5H
FXHUGHTXHXVWHGHVWiSUDFWLFDQGRSDUDVHUKRQHVWR\HVWiWRPDQGRPXFKRVULHVJRV/DUHFXSHUDFLyQHVXQSURFHVR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR7UHV$VLJQDFLyQ'RV

$PHGLGDTXHWUDEDMDHQHVWDDVLJQDFLyQDVHJ~UHVHGHWRPDUSDXVDVUHJXODUHV+iEOHOHDXQKHUPDQRHQUHFXSHU
DFLyQ\FRQVLJDDOJRGHDSR\R\HVWtPXOR6HDDSDFLEOHFRQ8VWHGPLVPR5HFXHUGHRWUDYH]QLQJ~QSHFDGRSX
HGHVHSDUDUQRVGHODPRUGH'LRV(OVDFULFLRGHODVDQJUHGH&ULVWRQRVOLPSLDGHWRGRSHFDGR\QRVKDFHSXURV
\VDQWRVDQWHORVRMRVGH'LRV3HUPLWDTXHVXDPRUHWHUQRORFRQIRUWH\VRVWHQJDPLHQWUDVXVWHGKXPLOGHPHQWH
ERVTXHMDORVIUDFDVRVGHVXYLGD'LRVSURPHWHWUDQVIRUPDUORDXQDQXHYDYLGD

5HJLVWUDQGR(MHUFLFLRV6X,QYHQWDULR
(VWHHMHUFLFLRHVPiVTXHXQDVLPSOHUHFHWD/HDODVLQVWUXFFLRQHV\VXJHUHQFLDVHQ
ORVSiUUDIRVDQWHULRUHV\OXHJRFRPLHQFHDERVTXHMDUORVSHFDGRVGHVXYLGD1R
LPSRUWDODIRUPDHQTXHRUJDQLFHVXVSHFDGRV/RLPSRUWDQWHHVDQRWDUORV

3Uy[LPD7DUHD3ULQFLSLR&XDWUR$VLJQDFLyQ'RVSiJLQD


3ULQFLSLR7UHV$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ7UHV&RQIHVDQGR1XHVWUD2VFXULGDG
(VWDDVLJQDFLyQHVPX\VLPSOHSHURVXPDPHQWHYLWDOSDUDVXUHFXSHUDFLyQHVSLULWXDO(Q6DQWLDJRHOKHU
PDQRGH-HV~VQRVGLFHTXHGHEHUtDPRVFRQIHVDUQXHVWURVSHFDGRVXQRVDRWURV(VWDDVLJQDFLyQHVVXPRPHQWR
SDUDKDFHUXQDFRQIHVLyQGHPDQHUDIRUPDO3RU)RUPDOTXLHURGHFLUGHXQDPDQHUDTXHVHDHVSLULWXDOPHQWH
VLJQLFDWLYDSDUDXVWHG
7RPHQRWDTXHHVWDHVOD$VLJQDFLyQ7UHVGHO3ULQFLSLR7UHV(VWD*XtD/,)(QROHKDSHGLGRTXHKDJDODFRQ
IHVLyQ DQWHULRUPHQWH SRUTXH XVWHG QHFHVLWDED WRPDUVH XQ WLHPSR SDUD FRQVLGHUDU FXLGDGRVDPHQWH VX YLGD (O
WLHPSRWDPELpQIXHGLVHxDGRSDUDJXDUGDUORGHDSUHVXUDPLHQWRV\GHTXHVHFRQHVHFRQWRGRVTXLHQHVVHHQ
FXHQWUHORFXDOHVXQDWHQWDFLyQSDUDDOJXQRV(VWDVSHUVRQDVFUHHQTXHVLHOORVFRQHVDQ\FRQVLJXHQDFDEDUOR
WRGRHVWDUiELHQFRQVXPXQGR(VWDFODVHGHFRQIHVLyQSRFRSURIXQGDSXHGHVHQWLUVHSXULFDQWH\VHUSHOLJURVD
1RHVDSURSLDGRFRQIHVDUDWRGRV
$TXtKD\YDULDVSUHJXQWDVSDUDUHH[LRQDUPLHQWUDVVHSUHSDUDSDUDHVWDDVLJQDFLyQ
 +DKHFKR8VWHGHOWUDEDMRVHULR\GHRUDFLyQHQODVSULPHUDVGRVDVLJQDFLRQHVGHO3ULQFLSLR7UHV"
 +DREVHUYDGR8VWHGWRGDVODViUHDVGHVXYLGDQRVyORODVVH[XDOHV"
 +DFRQVLGHUDGR8VWHGODUD]yQGHSRUTXpFRQIHVDUDKRUD"4XpHVSHUDORJUDU8VWHG"6HUSHUGR
QDGRSRUWRGRVLQVWDQWiQHDPHQWH"+DEHUWHUPLQDGRFRQHVWHSURFHVRGRORURVRSDUDVLHPSUH"
5HFXHUGRKDFHPXFKRVDxRVDXQIDPRVRHYDQJHOLVWDTXLHQFRQHVRS~EOLFDPHQWHVXVSHFDGRVVH[XDOHVHQVX
SURJUDPDGHWHOHYLVLyQ/ORUy\VHODPHQWyOXHJRFLWyXQDYDULHGDGGHYHUVtFXORVVREUHOD*UDFLDGH'LRV\FyPR
WHQHPRVTXHSHUGRQDUQRVXQRVDRWURV+XERDOJRHVVXSUHVHQWDFLyQ\DFWLWXGTXHQRVHVHQWtDPX\FRUUHFWR1R
IXHVRUSUHQGHQWHTXHYDULRVPHVHVGHVSXpVUHFD\HUDHQODVPLVPDVFRQGXFWDVVH[XDOHV

3DUDTXHODFRQIHVLyQVHDJHQXLQDHVWDGHEHRFXUULUGHDFXHUGRFRQHVWDVLPSRUWDQWHVSDXWDV

 /DFRQIHVLyQGHEHVHUKHFKDFRQKXPLOGDGQRFRQDUURJDQFLD
 1RFRQHVHDQDGLHFX\RSHUGyQXVWHGSRGUtDHVWDUWUDWDQGRGHPDQLSXODU
 1RFRQHVHVLXVWHGHVSHUDTXHHVWDVHDOD~QLFDRSRUWXQLGDG
 1RFRQHVHVLXVWHGVyORHVWiWUDWDQGRGHVXSHUDUOR
 1RFRQHVHVLHVWiSHQVDQGRTXHRWURVVHHQRMDUDQFRQ8VWHGVLQRORKDFH
 /DFRQIHVLyQHVXQDFWRJHQXLQRGHDUUHSHQWLPLHQWRQRDOJRTXHKDFHSRUTXHIXHDWUDSDGR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR7UHV$VLJQDFLyQ7UHV

2UH\UHH[LRQHVREUHHVWDVSDXWDVSDUDXQDDXWHQWLFDFRQIHVLyQ/XHJRFRQVLJDXQSRFRGHUHWURDOLPHQWDFLyQGH
VXJUXSR/,)(VREUHVXPRWLYDFLyQ\EXHQDGLVSRVLFLyQSDUDWRPDUHVWHSDVRHQHVWHPRPHQWR
6LHPSUHPHKDQLQFRPRGDGRORVDFWRVJHQHUDOPHQWHEUHYHV\FROHFWLYRVGHFRQIHVLyQTXHODPD\RUtDGHQRVRWURV
KDKHFKRHQVHUYLFLRVGHODLJOHVLD4XL]iVOHtDPRVMXQWRVDOJXQRVLPSUHVRVHQHOEROHWtQXRUiEDPRVD'LRVHQ
VLOHQFLRVREUHQXHVWURVSHFDGRV(VRVDFWRVQRVRQVXFLHQWHV
/RV&DWyOLFRV5RPDQRVORKDQKHFKRPHMRUHQODFRQIHVLyQTXHODPD\RUtDGHORVJUXSRVSURWHVWDQWHV(VWR\FRQ
VFLHQWHGHFyPRODFRQIHVLyQVXSHUFLDORULWXDOLVWDSXHGHKDEHUVHWUDQVIRUPDGRHQXQKiELWRSDUDPXFKRVFDWyOL
FRV6LQHPEDUJRXQVDFUDPHQWRHVXQDFWRVDJUDGR\GHEHVHUKHFKRFRQXQDSHUVRQDVDFHUGRWHFRQDXWRULGDG
HVSLULWXDO(VWHSULQFLSLRGHODDXWRULGDGHVSLULWXDOHVLPSRUWDQWH

&RQVLGHUHTXLpQUHSUHVHQWDODDXWRULGDGHVSLULWXDOSDUDXVWHG7HQJDFXLGDGRDTXt\QRVXSRQJDTXHHVVXSDVWRU
DFWXDO4XL]iVQRWHQJDXQSDVWRUSRUTXHQRWLHQHXQDUHODFLyQUHJXODUFRQDOJXQDLJOHVLD4XL]iVQROHDJUDGDVX
SDVWRUDFWXDO
7yPHVHVXWLHPSRSDUDFRQWHPSODUODLGHDGHODDXWRULGDGHVSLULWXDO(PSLHFHFRQODVWUDGLFLRQHVUHOLJLRVDVGH
VXMXYHQWXG$XQTXHWDOYH]VHKD\DFRQYHUWLGRDXQDFRQJUHJDFLyQGLIHUHQWHSXHGHTXH8VWHGWHQJDXQOXJDUHQ
VXFRUD]yQTXHUHFRQRFHODDXWRULGDGHVSLULWXDOGHVXLQIDQFLD+HKDEODGRFRQPXFKDVSHUVRQDVSRUHMHPSOR
TXLHQHVVHKDQFRQYHUWLGRGHOFDWROLFLVPRDXQDGHQRPLQDFLyQ3URWHVWDQWH3HURHOORVD~QUHFXHUGDQODDXWRULGDG
HVSLULWXDOGHXQVDFHUGRWH\VXVFRUD]RQHVD~QVHDJLWDQDOSHQVDUHQODVSDODEUDVGHSHUGyQGHODERFDGHOVDFHU
GRWH
3DUWHGHVXSHQVDPLHQWRGHEHUtDFRQVLGHUDUHOSDSHOGHODDXWRULGDGHQODLJOHVLD&UHH8VWHGTXH'LRVOODPDD
DOJXQRVSDUDVHUSDVWRU\HYDQJHOLVWDV\TXHOHVKDVLGRGDGDDXWRULGDGHVSLULWXDOSDUDUHSUHVHQWDUOD*UDFLDGH
'LRV"+R\GHTXLpQGLFH8VWHGpOHVPLSDVWRU"
4XL]iVVHDDOJXLHQGHOSDVDGR/RVSRVLEOHVFDQGLGDWRVVHUtDQSHUVRQDVTXHORFRQGXMHURQDO6HxRUXQDSHUVRQD
TXHORGLVFLSOLQyRORWXWHOyXQSDVWRUDQWHULRURXQUHVSHWDGRSURIHVRUGHOD%LEOLDRSURIHVRUGHOD(VFXHOD
'RPLQLFDO3RGUtDVHUXQFRQVHMHUR&ULVWLDQRRSRVLEOHPHQWHHOOtGHUGHVXJUXSR/,)(



3ULQFLSLR7UHV$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

5HJLVWUDQGR(MHUFLFLRV6X$XWRULGDG(VSLULWXDO
(VFULEDORVQRPEUHVGHXQJUXSRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GHSHUVRQDVTXHUHSUHVHQWHQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DXWRULGDGHVSLULWXDOSDUD8VWHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$KRUD SXHGH FRQFHUWDU XQD FLWD FRQ DOJXLHQ GH VX OLVWD SDUD UHYLVDU MXQWRV WRGR HO
WUDEDMRTXHKDUHDOL]DGRFRQHO3ULQFLSLR7UHV"$YHFHVHVWDVUHXQLRQHVGXUDQKRUDV
SRUTXH KD\ PXFKR TXH GHFLU GH PRGR TXH WHQGUi TXH DVHJXUDUVH GH TXH OD SHUVRQD
WHQJDWLHPSRVXFLHQWHSDUDHVFXFKDUOR

'HVSXpVGHSURJUDPDUHVWDHQWUHYLVWDDQRWHODKRUDHQVXGLDULR/XHJRLQIRUPHVREUHHVWDUHXQLyQDVX
JUXSR/,)(\StGDOHVDORVPLHPEURVTXHORD\XGHQ\VXSHUYLVHQHQVHUUHVSRQVDEOHHQVXFXPSOLPLHQWR6L
QRHVSRVLEOHUHXQLUVHFRQODSULPHUDSHUVRQDGHVXOLVWDFRQWLQXpKDVWDTXHHQFXHQWUHDDOJXLHQGLVSRQLEOH2UH
SDUDTXHHO6HxRUORGLULMDDOVDFHUGRWHFRUUHFWR3RGUtDVHUDOJXLHQDTXLHQD~QQRFRQRFH6HUpKRQHVWRFRQ
8VWHG/DSULPHUDYH]TXHFRQIHVpWRGDPLKLVWRULDVH[XDOIXHDXQVDFHUGRWH&DWyOLFRUHWLUDGRTXHIXHHOFDSHO
OiQHQHOFHQWURGHWUDWDPLHQWRGRQGHIXLSDFLHQWH1RORFRQRFtDSHURIXHXQDSHUVRQDGHDXWRULGDGHVSLULWXDO
SDUDPtFXDQGRGLMR'LRVWHSHUGRQD\\RFUHt
0LRUDFLyQHVTXH8VWHGWHQJDXQHQFXHQWURSRGHURVRFRQODPDUDYLOORVDJUDFLDGH'LRVGXUDQWHHVWHWLHPSRGH
FRQIHVLyQ(VSHURTXHHQFXHQWUHDOJXLHQTXHORHVFXFKH\TXHVHUiORVRtGRV\ODYR]TXHOHUHFXHUGHQGHODPRU
\HOSHUGyQGH'LRV

3DVDUDODVHJXQGDHWDSDGHODELWiFRUD
/XHJRGHWHQHUHVWHWLHPSRGHFRQIHVLyQKDJDXQUHJLVWURGHFyPRIXH7DOYH]VyOR
QHFHVLWHHVFULELUXQDVSRFDVIUDVHVRSiUUDIRVRDOJRPiVH[WHQVR3HURGHEHVHUXQ
UHJLVWURHQVXGLDULRTXHGHFXHQWDGHHVWHKLWRHVSLULWXDO
&RPRHMHUFLFLRQDOHQVXSUy[LPRJUXSR/,)(WRPHDOJ~QWLHPSRGXUDQWHODVUHYLVLRQHVSDUDFRPXQLFDUVX
H[SHULHQFLDGHFRQIHVLyQ8VWHGSRGUtDHQDOJ~QPRPHQWRDFHSWDUVHUODSHUVRQDTXHKDEODUiVREUHHO3ULQFLSLR
7UHVHQODUHXQLyQUHVSHFWLYD(OFRPSDUWLUORTXH$$OODPDVXH[SHULHQFLDIXHU]D\HVSHUDQ]DDFHUFDGHOD
FRQIHVLyQVHUtDXQH[SHULHQFLDHVWXSHQGDSDUDXVWHG\XQDEHQGLFLyQSDUDORVPLHPEURVGHVXJUXSR

3Uy[LPD7DUHD3ULQFLSLR7UHV$VLJQDFLyQ7UHVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR

(/35,1&,3,2&8$752
%XVFDPRVUHVSRQVDELOLGDG\
&RQVWUXLUQXHVWURFDUiFWHUFRPRKLMRVGH'LRV

Crecer en transformacin: Madurando en Carcter

(OSULQFLSLRFXDWURHVVREUHODUHQGLFLyQGHFXHQWDV\VREUHHOFDUiFWHU3XHGHTXHHQORVSULPHURVGtDVGHDSUH
QGL]DMHVREUHODUHQGLFLyQGHFXHQWDVXVWHGVHSUHVHQWHFRQPXFKDVQRFLRQHVHTXLYRFDGDVVREUHTXpUHSUHVHQWD
&RPRDGLFWRVODPD\RUtDGHQRVRWURVVHUHVLVWHDODLGHDGHVHUUHVSRQVDEOH1RQRVJXVWDTXHQRVGLJDQTXpKDFHU
1RVIDVWLGLDODLGHDGHWHQHUTXHYHULFDUORFRQDOJXLHQ&XiQGRQXHVWURFRPSDxHURGHUHQGLFLyQGHFXHQWDVQRV
GDRQRVQLHJDVXSHUPLVRSDUDKDFHUFLHUWDVFRVDVDOHJDPRVTXHHVWDPRVVLHQGRWUDWDGRVFRPRQLxRV1RVSUH
JXQWDPRVSRUTXpGHEHPRVVRPHWHUQRVDRWUDSHUVRQDRSHUPLWLPRVTXHDOJXLHQQRVFRQWUROHWDQGHFHUFD

$KRUDVHDKRQHVWR1RHVVXUHDFFLyQEDVWDQWHVLPLODUDORTXHDFDERGHGHVFULELU"
(VWDWHQGHQFLDHVORTXHKDFHTXHODPD\RUtDGHORVDGLFWRVVHUHVLVWDQDODLGHDGHODUHVSRQVDELOLGDG7DPELpQ
UHSUHVHQWDPXFKDVGHODVIDOVDVLGHDVVREUHORTXHVLJQLFDVHUUHVSRQVDEOHDQWHDOJXLHQVREUHVXUHFXSHUDFLyQ



3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ8QR$FHSWDQGROD5HVSRQVDELOLGDG
([DPLQHPRVSULPHURQXHVWUDQHFHVLGDGGHUHVSRQVDELOLGDG$ORPHMRUWRGDYtDFUHHTXHSXHGHUHFXSHUDUVHVROR
2WDOYH]8VWHG\DHVWiFRQYHQFLGRGHOEHQHFLRGHHVWDUHQXQJUXSR/,)(SHURVyORKDVWDGRQGHXVWHGTXLHUH
OOHJDU0HVLHQWRREOLJDGRDGHFLUOHODYHUGDGHQDPRU5HFXHUGHTXHIXHVXSURSLDPHMRULGHDODTXHORPHWLy
HQHVWHOLyQR"3HQVyTXHORSRGtDUHVROYHUVRORTXHSRGtDHYLWDUODVFRQVHFXHQFLDVRTXHODVUHJODVQRHUDQ
DSOLFDEOHVD8VWHG(VWDVTXL]iVKDQVLGRDOJXQDVGHODVPHQWLUDVTXHXVWHGPLVPRVHGLMR5HYLVHODWDUHDTXH
KL]RHQOD$VLJQDFLyQ8QRGHO3ULQFLSLR7UHV
+HDTXtORTXH'LRVGLFH/RVQHFLRVSLHQVDQTXHQRQHFHVLWDQFRQVHMRSHURHOVDELRHVFXFKDDRWURV(O
FDPLQRGHOQHFLRHVGHUHFKRHQVXRSLQLyQPiVHOTXHREHGHFHDOFRQVHMRHVVDELR3URYHUELRV598Q
SXQWRGHSDUWLGDSDUDDFHSWDUODUHVSRQVDELOLGDGHVUHFRQRFHUQXHVWUDSRVLFLyQGHWRQWRVHQUHODFLyQDQXHVWURV
SHFDGRVVH[XDOHV\QXHVWUDKDELOLGDGSDUDFRQYHUWLUORVHQQXHVWURV/DSHUVRQDVDELDHVFXFKDHOFRQVHMRGHKRP
EUHVVDQWRVTXHKDQDYDQ]DGRPiVHQHOFDPLQRGHVXYLDMHKDFLDXQDYLGDFRQLQWHJULGDGVH[XDO

8QUHFXUVRSURYHFKRVRSDUDHOFDPELRGHVXDFWLWXGHVHOOLEURGH1HKHPtDVTXHGDXQDGHVFULSFLyQHVWXSHQGD
VREUHODVUHVSRQVDELOLGDGHV(OFDSLWXORGHHVWD*XtD/,)(GHWDOODODVHQVHxDQ]DVGH1HKHPtDV\OHVXJLHUR
TXHOROHDPLHQWUDVWUDEDMDHQHO3ULQFLSLR&XDWUR(OOLEURFXEUHXQDPSOLRHVSHFWURGHORVSULQFLSLRVTXHVRQ
DSOLFDEOHVDOSURFHVRGHWUDQVIRUPDFLyQ\WDPELpQFRQWLHQHXQDSODQWLOODGHORTXHHVUHVSRQVDELOLGDG(OSULPHU
SULQFLSLRTXHERVTXHMD1HKHPtDVHVHVSHFLDOPHQWHDSOLFDEOHDTXt/DUHVSRQVDELOLGDGHPSLH]DFRQODKXPLOGDG
$GPLWDVXRUJXOOR\VXLPSRWHQFLDSDUDFRQVHJXLUVRORORVFDPELRVGXUDGHURV\WRPHRWURSDVRHQRUPHGHHQ
WUHJD9D\DFRQGLVSRVLFLyQDVHULQVWUXLGR
'HVSXpVFXHVWLRQHVXPRGRGHSHQVDUQHJDWLYRVREUHODUHVSRQVDELOLGDG/RDOLHQWRDTXHYHDHOFRQFHSWRFRPR
XQDKHUUDPLHQWDHVHQFLDOGHUHFXSHUDFLyQHQOXJDUYHUODFRPRXQDFODVHGHIXHU]DQHJDWLYDTXHURQGDVREUHXVWHG
$OLJXDOTXHORVOtPLWHVODUHVSRQVDELOLGDGSURYHHRULHQWDFLyQ\SURWHFFLyQSDUDVXYLDMH8QFRPSDxHURGHUH
VSRQVDELOLGDGHVDOJXLHQTXHFXLGDVXVHVSDOGDVTXLHQHVWiFRQXVWHGHQODPXUDOODFRQVXOWH1HKHPtDVSDUDXQD
H[SOLFDFLyQGHHVDIUDVH\TXLHQFDPLQDDVXODGRSDUDHVWDELOL]DUORVL8VWHGVHHPSLH]DDFDHU
$HVWDFODVHGHFRPSDxHURGHUHVSRQVDELOLGDGSULPDULDVHOHOODPDVSRQVRU\HVXQWpUPLQRSUHVWDGRGHO3DVR
'RFHGHOSURJUDPDGH$$(VWDSHUVRQDHVHOJXtDSULQFLSDOTXHGLULJHVXSURJUDPD
(VLPSRUWDQWHVHxDODUTXHXQHUURUSULQFLSDOFRPHWLGRSRUORVKRPEUHVHQUHFXSHUDFLyQHVWHQHUVRODPHQWHXQ
FRPSDxHURGHUHVSRQVDELOLGDG4XL]iVKDSUREDGRHVHHQIRTXH\QRKDIXQFLRQDGRFRPSOHWDPHQWH&RPRXQ
DGLFWRXVWHGHVGHPDVLDGROLVWR\GHPDVLDGRKiELOHQHOHQJDxRSDUDGHMDUTXHVyORXQDSHUVRQDORFRQR]FDUHDO
PHQWH6HQHFHVLWDUiPiVTXHHVD~QLFDSHUVRQDSDUDPDQWHQHUORKRQHVWR\FRUUHFWDPHQWHRULHQWDGRHQORVSULP
HURVGtDVGHVXUHFXSHUDFLyQ(VDHVODUD]yQGHSRUTXpHVWDQFUtWLFRTXHSDUWLFLSHHQVXJUXSR/,)(\SHUPLWD
TXHYDULRVKRPEUHVFRQR]FDQVXFRUD]yQ
3HURFRPR$$GLFH/DVSULPHUDVFRVDVSULPHUR(QHVWDDVLJQDFLyQLQLFLDOGHO3ULQFLSLR&XDWUR8VWHGWLHQH
XQDWDUHDSULQFLSDO(QFRQWUDUXQVSRQVRU$FRQWLQXDFLyQKD\DOJXQDVGHVFULSFLRQHVGHXQVSRQVRUSDUDD\XGDU
ORDHQWHQGHUPHMRUORTXHTXLHURGHFLU



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

/RV6SRQVRUV

/RTXHKDVRtGRGHPtDQWHPXFKRVWHVWLJRVHVWRHQFDUJDDKRPEUHVHOHVTXHVHDQLGyQHRV
SDUDHQVHxDUWDPELpQDRWURV







7LPRWHR59
(VWRVUROHVGHXQ6SRQVRUGHEHQVHU~WLOHVHQVXUHFXSHUDFLyQ

BBBB8QVSRQVRUHVDOJXLHQTXHORDSR\DUiHQPDQWHQHUVHUHVSRQVDEOH&RQHVWDSHUVRQDVHUiFDSD]GHFRPSDUWLU
WRGRVXVSHFDGRVVH[XDOHVGHOSDVDGRVXVFRQGXFWDVGHGHVHQIUHQRVXVULWXDOHV\VXVIDQWDVtDV6XVSRQVRUOH
D\XGDUiDGHVDUUROODUXQSODQSDUDSHUPDQHFHUVREULR6LDOJXQDYH]ORYHPX\FHUFDGHLQWHQWDUKDFHUDOJXQRGH
VXVULWXDOHVRFRQGXFWDVGHGHVHQIUHQRpOORFRQIURQWDUiDOUHVSHFWRHQDPRU
BBBB8QVSRQVRUHVDOJXLHQTXHOHGDUiQLPR$PHGLGDTXHSURJUHVHOHQWDPHQWHXQVSRQVRUFHOHEUDUiVXV
ORJURV6HUiVXPD\RUDQLPDGRU
BBBB8QVSRQVRUHVDOJXLHQFRQTXLHQSRGUiKDEODU\DTXLpQHVFXFKDU(QFXDOTXLHUPRPHQWRTXHVHVLHQWDWHQ
WDGRVRORDVXVWDGRWULVWHRHQIDGDGR8VWHGSXHGHOODPDUDXQVSRQVRUSDUDFRQYHUVDUVREUHHVWDVFRVDV$YHFHV
VHUHXQLUiFRQXVWHGGXUDQWHGLFKDVHPHUJHQFLDVKDVWDTXHSDVHODFULVLV

BBBB8QVSRQVRUHVDOJXLHQFRQTXLHQ8VWHGSXHGHRUDU/RVGRVSXHGHQSHGLUODRULHQWDFLyQGHO6HxRUMXQWRV
7DPELpQSXHGHQFRPSDUWLUHOHVWXGLRGHOD%LEOLD
BBBB8QVSRQVRUHVXQPRGHOR,GHDOPHQWHGHEHVHUDOJXLHQTXHKDWHQLGRDOPHQRVXQDxRGHVREULHGDGGHVXV
DGLFFLRQHV6Xp[LWRGHEHVHUYLUFRPRLQVSLUDFLyQSDUD8VWHG

BBBB8QVSRQVRUHVXQ*XtD/HHQVHxDUiKHUUDPLHQWDVSDUDXVDUHQVXUHFXSHUDFLyQ\OHPRVWUDUiHOVHQGHURFRU
UHFWRSDUDORJUDUOR/HJXLDUiHQODVDVLJQDFLRQHVGHVXJXtD/,)(PLHQWUDVODHVWiGHVDUUROODQGR3XHGHWXWRUHDU
VXVOHFWXUDVIXHUDGHOJUXSR\SXHGHTXHDSRUWHLGHDVVREUHWHUDSLDVRGLUHFFLyQHVSLULWXDOeOHVHOJHQHUDOGHVX
HMpUFLWR

(VWDVGHVFULSFLRQHVVRQFODUDPHQWHSRVLWLYDVQRHVDVt"6RQDWUDFWLYDVHQYH]GHDPHQD]DGRUDV3LHQVRTXH
WRGRVKHPRVDQKHODGRHVWDFODVHGHSHUVRQDHQQXHVWUDVYLGDV3RGHPRVLQWHUHVDUQRVHQHLQFOXVRUHFLELUFRQ
JXVWRXQDUHODFLyQGHUHVSRQVDELOLGDGFRQHVWDFODVHGHVSRQVRUV



3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

4XLpQSXHGHVHUYLUHQWRQFHVFRPRVXVSRQVRU"1RSXHGHVHUVXHVSRVD\QRSXHGHVHUXQPLHPEURGHOVH[R
RSXHVWR8QVSRQVRUGHEHVHUDOJXLHQFRQHOTXHXVWHGSXHGDUHODFLRQDUVH\SUHIHUHQWHPHQWHXQDGLFWRVH[XDOHQ
UHFXSHUDFLyQFRQPiVVREULHGDGTXHXVWHG$OJXQDVVXJHUHQFLDVLQFOX\HQ


8QSDULHQWH 

DOJXLHQHQODLJOHVLD

8QDPLJR 

DOJXLHQHQVX*UXSR/,)(

8QSDVWRU

DOJXLHQFRQH[SHULHQFLDHQ$$R$6


$OJXQRVJUXSRVVHUiQWDQQXHYRVTXHQRKDEUiKRPEUHVFRQODVREULHGDGQHFHVDULD$IRUWXQDGDPHQWHORVVSRQ
VRUVQRVLHPSUHWLHQHQTXHVHUSHUVRQDVUHFXSHUDGDVGHDGLFFLyQVH[XDOORVFXiOHVD\XGDQDFRPEDWLUODDXVHQFLD
GHKRPEUHVHQUHFXSHUDFLyQTXHSXGLHURQVHUYLUFRPRVSRQVRUV0LSULPHUVSRQVRUIXHXQRTXHWHQLDDxRVGH
VREULHGDGGHODOFRKRO$XQDVtIXHVXPDPHQWHSURYHFKRVRSRUTXHVDEtDFRPRPRGHODUODUHVSRQVDELOLGDG$O
JXQRVJUXSRV/,)(TXL]iVQHFHVLWHQDSR\DUVHHQODE~VTXHGDGHVSRQVRUVHQRWURVOXJDUHVDGHPiVGHKDFHUOR
GHQWURGHVXPLVPRJUXSR

(QPXFKRVDVSHFWRVWHQHUXQVSRQVRUVHUiFRPRWHQHUXQSDGUHVXVWLWXWR8QVSRQVRUGHEHVHUIXHUWHVDELR\
DPRURVR6LXVWHGIXHUDDEDQGRQDGRHPRFLRQDOPHQWHItVLFDPHQWHRHVSLULWXDOPHQWHSRUXQRGHVXVSDGUHVWHQHU
XQVSRQVRUSRGUtDSDUHFHUOHPX\H[WUDxR/RVDGLFWRVGHVSXpVGHWRGRHVWiQGHWHULRUDGRVHQWpUPLQRVGHUHOD
FLRQHVtQWLPDV4XL]iVKD\DPRPHQWRVHQTXHQROHFDLJDELHQVX6SRQVRU\HVRHVWiELHQeOHVFRPRXQDVHxDO
GHWUiFRPRVWUiQGROHHOFDPLQR+D\YHFHVHQTXHQRPHJXVWDHOOtPLWHGHYHORFLGDGGHODVVHxDOHVHQODUXWD
FXDQGRHVWR\DSXUDGR+DEUiPRPHQWRVHQTXHQROHJXVWDUiORTXHVXVSRQVRUOHHVWpGLFLHQGR1RVHQFDQWDDLV
ODUQRVVLQVHUUHVSRQVDEOHVRHVWDUJHQXLQDPHQWHFRQHFWDGRVFRQDOJXLHQ3RURWURODGRXQVSRQVRUSRGUtDVHUXQD
SUHVHQFLDHVWXSHQGDHQVXYLGDGHDOJXLHQTXH8VWHGQXQFDKDHQFRQWUDGRDQWHV8QVSRQVRUSXHGHD\XGDUDFXUDU
DOJXQDVGHVXVKHULGDVGHOSDVDGRHQHOSDSHOGHSDGUHVXVWLWXWR

/XHJRFyPRLQWHUDFW~DSUHFLVD\H[DFWDPHQWHFRQXQVSRQVRU"4XpKDUiQMXQWRVHVSHFtFDPHQWH"$FRQ
WLQXDFLyQKDOODUiRWUDOLVWDGHFRQWURO



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

&RVDVFRQFUHWDVTXHGHEHKDFHUFRQVXVSRQVRU
BBBBB/ODPHWRGRVORVGtDV6tFDGDGtD6LQRWLHQHHOKiELWRGHKDEODUFRQpOWRGRVORVGtDV8VWHGQRWRPDUi
HOWHOpIRQRSDUDOODPDUORFXDQGRHVWpWHQWDGRDDFWXDUGHVHQIUHQDGDPHQWH3tGDOHDVXVSRQVRUTXHORFRQWUROHVL
IDOODHQOODPDUORGLDULDPHQWH4XL]iV8VWHGVyORVHUHSRUWHEUHYHPHQWHSDUDLQIRUPDUTXHKR\HVWiVREULR\ORHVWi
KDFLHQGRELHQ2WUDVYHFHVQHFHVLWDUiKDEODUFRQPiVGHWDOOHGHDOJXQDVVLWXDFLRQHVROXFKDVTXHHVWiHQIUHQWDQGR
$VHJ~UHVHGHKDFHUFRQWDFWRGLDULRFRQVXVSRQVRU+DEODUSRUHOWHOpIRQRHVPHMRUTXHHQYLDUXQHPDLO

BBBBB&RPSDUWDFyPRVHVLHQWHFRQpO'XUDQWHFDGDOODPDGDGHWHOpIRQRGLDULDRHPDLOLQIRUPHVREUHORTXp
VLHQWHXVWHG,GHQWLTXHVLXVWHGVHVLHQWHIHOL]WULVWHHQRMDGRDVXVWDGRVRORKHULGRFXOSDEOHRDYHUJRQ]DGR
3XHGHVHQWLUXQRWRGRVRDOJXQRVGHHVWRVVHQWLPLHQWRVFRPELQDGRV1RHVWDUHDGHOVSRQVRUDUUHJODUVXVVHQ
WLPLHQWRVSHURVHUiEXHQRSDUDXVWHGH[SUHVDUORV
BBBBB([WHULRULFHFXDOTXLHULGHDOXMXULRVDRWHQWDFLyQTXHXVWHGKDVHQWLGRGXUDQWHHOGtD5HFXHUGHOOHYDU
ORVVHFUHWRVDODOX]OHTXLWDVXSRGHU&RPR$$GLFH(VWDPRVWDQHQIHUPRVFRPRQXHVWURVVHFUHWRV
BBBBB&RQHVHFXDOTXLHUWUDVSDVRGHORVOtPLWHVRGHVOLFHVTXHKD\DFRPHWLGR
BBBBB3LGDVXSHUYLVLyQHVSHFtFDVREUHVXUHVSRQVDELOLGDGHQHOiUHDRHODVXQWRTXHQHFHVLWH3RUHMHPSORSR
GUtDSHGLUDVXVSRQVRUTXHORLQWHUURJXHVREUHHOXVRGHODFRPSXWDGRUDRVLXVWHGKDHYLWDGRDXQDSDUHMDDQWLJXD
GHGHVHQIUHQRFXDQGRKD\XQDSRVLELOLGDGGHTXHSXHGDYROYHUFRQHOODRpOVLVXVOXFKDVVRQFRQWHPDVGHVX
PLVPRVH[R3XHGHTXHSUHFLVHGHVXSHUYLVLyQVREUHVXUHVSRQVDELOLGDGDFHUFDGHOOXJDUGRQGHDOPXHU]D6LQ
GXGD8VWHGQHFHVLWDTXHVHFRQWUROHVXUHVSRQVDELOLGDGGHQRIDOWDUDQLQJXQDGHODVUHXQLRQHVGHOJUXSR/,)(
BBBBB$ERUGHFXDOTXLHUFLUFXQVWDQFLDRVLWXDFLyQTXHORHVWpPROHVWDQGR6LKDWHQLGRXQDSHOHDFRQVXHV
SRVDRXQDPLJRKDEOHFRQVXVSRQVRUVREUHFyPRSRGUtDKDFHUORGLVWLQWRODSUy[LPDYH]6LHVWiGHVFRQWHQWRFRQ
VXMHIHStGDOHFRQVHMRDVXVSRQVRU+DEOHGHFXDOTXLHUFRVDTXHHVWHREVWDFXOL]DQGRVXVHUHQLGDG
BBBBB7UDEDMHGHQWURGHHVWRVSULQFLSLRVGHUHFXSHUDFLyQ&RPSDUWDVXOLEUHWDGHQRWDVGHDVLJQDFLRQHVHVFUL
WDVHQHVWD*XtD/,)(([DPLQHHVSHFLDOPHQWHVXWUDEDMRGHO3ULQFLSLR7UHVVX,QYHQWDULRGHE~VTXHGD\GH
PRUDOLGDGLQWUpSLGDTXHHVFRPROROODPD$$/DPHMRUPDQHUDGHKDFHUHVWHWUDEDMRFRQVXVSRQVRUHVFDUDD
FDUDVLHVSRVLEOH

BBBBB&HOHEUHVXSURJUHVRHQODUHFXSHUDFLyQ(VWpOLVWRSDUDUHQGLUFXHQWDVVREUHVXIHFKDGHVREULHGDG\
FHOHEUHKLWRVFRPRXQDVHPDQDXQPHVWUHVPHVHVVHLVPHVHV\XQDxR,QYLWHDVXVSRQVRUDDOPRU]DURDWRPDU
XQFDIp\H[SUHVHVXJUDWLWXGSRUHOSURJUHVRTXH8VWHGHVWiKDFLHQGRFRQODD\XGDGH'LRV\GHpO


3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

5HVXPHQGHORV5ROHVGHO6SRQVRU\GHO0LHPEURGH*UXSR
WLOSDUDLGHQWLFDUUHFOXWDU\HVWDEOHFHUODVH[SHFWDWLYDVFRQVXVSRQVRU

5HVSRQVDELOLGDGHVGHO6SRQVRU

5HVSRQVDELOLGDGHVGH0LHPEURGH*UXSR

&RQIURQWDUDPRURVDPHQWHFXDQGRVHD
QHFHVDULRLQFOX\HQGRODSRVLELOLGDGGH
LPSOHPHQWDUOtPLWHV\UHVXOWDGRVSDUDHO
PLHPEURGHOJUXSR
$OHQWDUDOPLHPEURFRQDUPDFLRQHVSRVLWLYDV
$VHJXUDUVHGHTXHHOPLHPEURGHOJUXSR
SURSRQJDXQSODQSDUDVXUHFXSHUDFLyQ\XQ
FRQYHQLRGHUHODFLyQFRQVXVSRQVRU
(VFXFKDUELHQQRWUDWDUGHDUUHJODU
(VWDUGLVSRQLEOHSDUDHOPLHPEURGHOJUXSR
2UDUFRQHOPLHPEURGHOJUXSR\HQVHxDUOHD
RUDUPiVSURIXQGDPHQWH
5HXQLUVHItVLFDPHQWHFRQHOPLHPEURGHOJUXSR
DOPHQRVXQDYH]DODVHPDQD\UHYLVDUODV
DVLJQDFLRQHVGHOD*XtD/,)(
/ODPDUDOPLHPEURVLQROODPDDODKRUD
DFRUGDGD
5HFRPHQGDUIXHUWHPHQWHDOPLHPEURGHOJUXSR
TXHFRQVLJDFRQVHMHUtDVLHVQHFHVDULR
3HGLUOHDOPLHPEURGHOJUXSRTXHPDQLHVWH
VXVVHQWLPLHQWRV
3UHJXQWDUVLKD\DOJ~QSHQVDPLHQWROXMXULRVRR
DOJXQDWHQWDFLyQ
0RQLWRUHDUHODXWRFXLGDGRGHOPLHPEURGHO
JUXSRHQWpUPLQRVGHGHVFDQVRGLHWDHMHUFLFLR
\YLGDEDODQFHDGD

6RPHWHUVHDODDXWRULGDG

5HFLELUiQLPR
3UHSDUDUXQSODQGHUHFXSHUDFLyQ\IRUPHXQ
FRQYHQLRFRQVXVSRQVRUYHUHMHPSOR
&RPSDUWLUDELHUWD\KRQHVWDPHQWH
&RQWDFWDUUHJXODU\FRQVLVWHQWHPHQWHDVXVSRQVRU
2UDUSRUWHOpIRQRRHQSHUVRQDFRQVXVSRQVRU
5HXQLUVHFRQVXVSRQVRU\PRVWUDUOHODV
DVLJQDFLRQHVGHODJXtD/,)(
/ODPDUDOVSRQVRUDXQDKRUDDFRUGDGDSRUXVWHGHV
GRV
&RQVHJXLUXQFRQVHMHURVLWLHQHSRVLELOLGDGHV
HFRQyPLFDV
0DQLHVWHVXVVHQWLPLHQWRVXVHODSODQWLOODGH
VHQWLPLHQWRVVLHVQHFHVDULR
&RPXQLFDUKRQHVWDPHQWHVXVOXFKDVGLDULDV
3UDFWLFDUVDQDPHQWHVXDXWRFXLGDGRHQUHODFLyQ
DOGHVFDQVRGLHWDHMHUFLFLR\HVWDELOLGDGHQWUHOD
IDPLOLDWUDEDMR\UHFUHR

8QVSRQVRUQRSXHGHFXEULUWRGDVVXVQHFHVLGDGHVpOPLVPR\QRVHUiSHUIHFWRQLHVWDUiGLVSRQLEOH

6yORGH'LRVGHSXHGHHVSHUDUTXHVHDWRWDOPHQWHFRQDEOH
3HURXQVSRQVRUHVXQDSLHGUDDQJXODUHQVXSURJUDPDGHUHFXSHUDFLyQ



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

5HJLVWUDQGR(MHUFLFLRV$FHSWDQGROD5HVSRQVDELOLGDG
 +D\DOJXLHQHQVXYLGDHQHVWHPRPHQWRTXHSXGLHUDVHUFDQGLGDWRDVSRQVRU"
+DJDXQDOLVWDGHWRGRVORVQRPEUHVSRVLEOHVHQORVTXHSXHGDSHQVDU2UHSRU
FDGDXQR\SLGDODGLUHFFLyQGH'LRVSDUDVXHOHFFLyQ

 $QRWHODIHFKDGHODSUy[LPDUHXQLyQGHVXJUXSR/,)((QHVDRFDVLyQDFpUTXHVH
DDOJXLHQ\StGDOHTXHVHDVXVSRQVRU6LQRFRQRFHDQDGLHVXJUXSROHSXHGHDVLJ
QDUXQYROXQWDULRTXHIXQFLRQHFRPRXQVSRQVRUWHPSRUDOKDVWDTXHHQFXHQWUHXQR
SHUPDQHQWH1RVHSUHRFXSHGHTXHVHDWHPSRUDO7DQVyOROOiPHORWRGRVORVGtDV
KDVWDODSUy[LPDUHXQLyQ\OXHJRKiJDORQXHYDPHQWH

 $QRWHHOQRPEUHGHVXVSRQVRUVHDVXRSFLyQWHPSRUDORPiVSHUPDQHQWH6LWR
GDYtDQRKDKDOODGRXQRDQRWHQXHYDPHQWHODIHFKDGHODSUy[LPDUHXQLyQ\VROLF
LWHQXHYDPHQWHXQVSRQVRU6LD~QQRORORJUDDPSOtHVXE~VTXHGDDDOJRFRPRXQ
JUXSRGH$$GRQGHSRUORJHQHUDOKDOODUiVREULHGDGGHPD\RUGXUDFLyQ

 &RPSOHWHHO&RQWUDWR6SRQVRU0LHPEURGHO*UXSRYHUIRUPDWRSDUDIRUPDOL]DU
ORVFRPSURPLVRVTXH8VWHG\VXVSRQVRUHVWiQFRQWUD\HQGR

 *XDUGHXQUHJLVWURHQVXELWiFRUDGHODVYHFHVTXHKDOODPDGRDVXVSRQVRU\ODV
YHFHVTXHVHKDUHXQLGRFRQpOPDQWpQJDORVHSDUDGRGHODVRWUDVWDUHDVGHPRGR
TXHSXHGDDFFHGHUFRQIDFLOLGDGDpO&RQVLGHUHHVWHUHJLVWURFRPRXQDPHGLFLyQ
GH FXiQ ELHQ OR HVWi KDFLHQGR HQ HVWDU FRQHFWDGR ,QIRUPH D VX *UXSR /,)(
*URXSVREUHVXVFRQWDFWRVFRQVXVSRQVRU

/DVSUy[LPDVFXDWURSiJLQDVFRQWLHQHQXQ&RQYHQLRFRQ6SRQVRUTXHXVWHG\VXVSRQVRUGHEHQFRPSOHWDU
(OFRQYHQLRWDPELpQWLHQHDOJXQDVSUHJXQWDVHMHPSOR\RWURVFULWHULRVSDUDD\XGDUDDPERVDHQWHQGHUGHXVWHG
FRPSUHQGHU\SHUPDQHFHUUHVSRQVDEOHDQWHHVWRVFRPSURPLVRV



3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

&2175$72'(63216250,(0%52'(/*5832


1RPEUHGHO0LHPEURBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRV&DVDBBBBBBBBBBBBBBBBB7UDEDMRBBBBBBBBBBBBBBBBB&HOXODUBBBBBBBBBBBBBBBB
1RPEUHGHO6SRQVRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRV&DVDBBBBBBBBBBBBBBBBB7UDEDMRBBBBBBBBBBBBBBBBB&HOXODUBBBBBBBBBBBBBBBB
1RPEUHGHO-HIHGHO*UXSRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HOpIRQRV&DVDBBBBBBBBBBBBBBBBB7UDEDMRBBBBBBBBBBBBBBBBB&HOXODUBBBBBBBBBBBBBBBB

+RUDULRVGHOODPDGDV

BBBBBBBBBB'RPLQJR

BBBBBBBBBB/XQHV

BBBBBBBBBB0DUWHV

BBBBBBBBBB0LpUFROHV

BBBBBBBBBB-XHYHV BBBBBBBBBB9LHUQHV BBBBBBBBBB6iEDGR

)RUPDWRSDUDHOFRQWDFWRGLDULR /RVGHWDOOHVVLJXHQDFDGDtWHP
 5HYLVHVXVVHQWLPLHQWRVFRPSDUWDHPRFLRQHVSULQFLSDOHVQRVyORSHQVDPLHQWRV
 (VWHDFWXDOL]DGRWHQWDFLRQHVYLRODFLyQGHOtPLWHVSHQVDPLHQWRVRVLWXDFLRQHVLUULWDQWHVHWF
 5HVSRQVDELOLGDGVREUHODVFRQGXFWDVGHDOWRQLYHO\GHEDMRQLYHOYHUH[SOLFDFLyQ
 &RPSDUWDODOHFWXUDEtEOLFDRDOJ~QRWURGHYRFLRQDORPDWHULDOHGLFDQWH
 2UDFLyQ



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

&RQGXFWDVGH0i[LPR1LYHO



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

&RQGXFWDVGH%DMR1LYHO



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB



BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

2WUDVHQPLFtUFXORGH5HVSRQVDELOLGDG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LUPD\)HFKDGHOPLHPEURGHOJUXSR 

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LUPD\)HFKDGHO6SRQVRU



3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

([SOLFDFLyQGHORVWHPVTXHFRQVWLWX\HQHOFRQWDFWRGLDULRFRQHO6SRQVRU
9HULFDUVHQWLPLHQWRV
+D\VyORRFKRVHQWLPLHQWRVEiVLFRVIHOLFLGDGWULVWH]DLUDVROHGDGDJUDYLRPLHGRFXOSD\YHUJHQ]D7DP
ELpQHVSRVLEOHVHQWLUVHDOHWDUJDGR\TXHVHUtDXQDQRYHQDFDWHJRUtD
2EYLDPHQWH8VWHGH[SHULPHQWDHVWRVVHQWLPLHQWRVHQGLYHUVDVJUDGXDFLRQHVSRUHMHPSORGHHVWDUH[WDVLDGRD
VRORVHQWLUVHFRQWHQWRFRQHOFOLPDDPEDVVRQYDULDFLRQHVGHIHOL]3XHGHVHQWLUVHSUHRFXSDGRSRUORVH[iPHQHV
RXQDUHXQLyQTXHVHDSUR[LPDQRDWHUURUL]DGRSRUTXHVHOHDFDEDGHGLDJQRVWLFDUFiQFHUDPERVVRQPDWLFHVGH
PLHGR(QHOIRQGRWRGDVQXHVWUDVHPRFLRQHVFDHQHQDOJXQDRPiVGHHVWDVQXHYHDPSOLDVFDWHJRUtDV
$PHQXGRFRPSDUWLPRVLGHDV\ODVGHVFULELPRVFRPRVHQWLPLHQWRV3RUHMHPSORXVWHGSRGUtDGHFLU0HSDUHFH
TXHQRPHHVWiVHVFXFKDQGR(VDHVXQDGHFODUDFLyQGHRSLQLyQQRXQVHQWLPLHQWR(OVHQWLPLHQWRVHUtD0H
VLHQWRKHULGRFXDQGRQRPHHVFXFKDVRPHVLHQWRVRORHQHVWDUHODFLyQ\PROHVWRFXDQGRQRGHMDVGHYHU79
SDUDHVFXFKDUPH9HODGLIHUHQFLD"

&XiQGRVHFRPXQLTXHFRQVXVSRQVRULQFOX\DXQDUHYLVLyQGHVHQWLPLHQWRV
6LPSOHPHQWHGHFODUHVXVVHQWLPLHQWRVHQHVHPRPHQWR6LWXYRXQVHQWLPLHQWRV
GLIHUHQWHVTXHGRPLQDURQHOGtDFRPSiUWDORVWDPELpQ

(VWDUDO'tD
(VWDUDOGtDVLJQLFDVLPSOHPHQWHGHVFULELUVXGtDLQFOX\
HQGRWDQWRORVHYHQWRVVLJQLFDWLYRVFRPRORVLQFyPRGRV
(VWDUDOGtDHVSURSRUFLRQDUXQDOLVWDSDUDODYDQGHUtDGH
ORTXHHVWiSDVDQGRHQQXHVWUDYLGDHVSHFLDOPHQWHFXDOTXL
HUFRVDTXHHVWpVRFDYDQGRVXVHUHQLGDG7DPELpQLQFOX\H
UHYHODU FXDOTXLHU YLRODFLyQ GH OtPLWHV HQ TXH KD\D LQFXU
ULGR

3UHJXQWDGHO6SRQVRU
4XpSDVRKR\"
$OJRORHVWiLQFRPRGDQGR"
9LRORDOJ~QOtPLWH"
3RUTXpHVWDUtDDJUDGHFLGR
KR\GtD"



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

5HVSRQVDELOLGDG

5HFXHUGHVXVSRQVRUHVVXSULQFLSDOVRFLRHQHODVXQWRGHODUHQGLFLyQGHFXHQWDV(VODSHUVRQDSULQFLSDODTXLHQ
8VWHGLQYLWDDTXHOHSUHJXQWHVREUHVXSURJUDPDGHUHFXSHUDFLyQ6XUHQGLFLyQGHFXHQWDVGHEHUtDFXEULUVXSDU
WLFLSDFLyQHQVXVFRPSRUWDPLHQWRVGHOtQHDVXSHULRUH[SOLFDGRDEDMR\GHODHYDVLyQGHVXVFRPSRUWDPLHQWRV
GHOtQHDLQIHULRUWDPELpQH[SOLFDGD
'HQLHQGRVXOtQHDVLQIHULRUHV
/RVJUXSRVGHORVGRFHSDVRVJHQHUDOPHQWHXVDQHOWpUPLQR&RPSRUWDPLHQWRVGHOtQHDLQIHULRUSDUDGHVFULELU
ODVFRQGXFWDVTXH8VWHGWLHQHTXHHYLWDU3RUHMHPSOR
2EMHWLYL]DUVH[XDOPHQWH
9HUSRUQRJUDItDXRWURPDWHULDOHVWLPXODQWH
&RTXHWHDURHOXVDUGHKXPRUVH[XDO
&RQWURODUVHHQHOVHQWLGRGHDJXDQWDUVH
9HU79FRPSXOVLYDPHQWH
&RPSUDU OLPSLDU FRPSXOVLYDPHQWH R KDFHU RWUD
PDQLIHVWDFLyQFRQGXFWDVHFXQGDULDGHGHVHQIUHQR

)DQWDVHDU
0DVWXUEDUVH
&RQWURODUDRWURV
&RPHUFRPSXOVLYDPHQWHRDSRVWDU
(MHUFLWDUVHFRPSXOVLYDPHQWH
,QYROXFUDUVHHQSHFDGRVVH[XDOHVFRQRWURV

'HQLHQGROtQHDVVXSHULRUHV
/RVFRPSRUWDPLHQWRVGHOtQHDVXSHULRUGHVFULEHQODVHOHFFLRQHVVDOXGDEOHVTXHXVWHGKDFHGLDULDPHQWHFRPR
ODVVLJXLHQWHV
&RPHUELHQ
-XJDU
+DFHUHMHUFLFLRFXLGDUVXFXHUSR
&RQWDFWDUVHFRQSHUVRQDVQRSHOLJURVDV
5HJLVWUDUVXVDFWLYLGDGHVLGHDV\VHQWLPLHQWRV

'HVFDQVDU
2UDU
/HHUOD%LEOLDRPHGLWDU
3UDFWLFDUODJUDWLWXG

3UHJXQWDVGHO6SRQVRUSDUDOD5HQGLFLyQGH&XHQWDV
6HKDLQYROXFUDGRKR\HQDOJXQDFRQGXFWDGHFRQVXPRGHPHGLFDPHQWRV"
+DREMHWLYL]DGRVH[XDOPHQWHDDOJXLHQKR\"
+DIDQWDVHDGR"
6HKDPDVWXUEDGR"
+DHQWUDGRDVLWLRVLQDSURSLDGRVHQ,QWHUQHW"
+DWHQLGRDOJ~QFRPSRUWDPLHQWRSURYRFDWLYRGHH[KLELFLRQLVPRRGHFRTXHWHR"
&XiQWD79KDYLVWR"
6HKDFXLGDGRItVLFDPHQWH"&XiQWRGXUPLyDQRFKH"
+D\DOJXQDViUHDVHVSHFtFDVHQODVTXHQHFHVLWHUHQGLUFXHQWDV"
+DFRPXQLFDGRFRPSOHWDPHQWHWRGRORTXHQHFHVLWD"


3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

3HULRGRGH$EVWLQHQFLD6H[XDO
(VWRVFRQFHSWRVVREUHVHUUHVSRQVDEOHDQWHXQ6SRQVRUVRQKHUUDPLHQWDVSDUDD\XGDUORDPDQWHQHUVXVREULHGDG
(VGHHVSHUDUTXHDHVWDVDOWXUDVHQVXHYROXFLyQDWUDYpVGHHVWD*XtD/,)(XVWHGKD\DFRQVHJXLGRXQSRFRGH
VREULHGDGUHVSHFWRGHVXFRPSRUWDPLHQWRVH[XDOLQDSURSLDGR
2EYLDPHQWHODVREULHGDGVH[XDOFRPLHQ]DFXDQGRXVWHGGHMDHOGHVHQIUHQR$SULPHUDYLVWDHVWDGHQLFLyQGH
6REULHGDGSDUHFHVHQFLOOD1RVRWURVORVDGLFWRVVLQHPEDUJRQRVFXLGDPRVGHMXVWLFDUFXDOTXLHUFRVDTXH
TXHUHPRVKDFHU\SUHIHULPRVRSHUDUGHQWURGHXQDPSOLRPDUJHQGHFRPSRUWDPLHQWRVTXHHVFRJHPRVSDUDGDUOD
LPSUHVLyQGHTXHQRWHQHPRVGHVHQIUHQR(OHQWUHJDUQRVDXQSURJUDPDGHULJXURVDKRQHVWLGDGDVtFRPRODGH
FLVLyQGHDYDQ]DUWRGRORTXHVHDQHFHVDULRSDUDUHFREUDUODVDOXGH[LJHTXHH[DPLQHPRVDIRQGRWRGDVQXHVWUDV
DFFLRQHV

8QSURJUDPDGHUHFXSHUDFLyQVDOXGDEOHFRQODWUDQVIRUPDFLyQFRPRREMHWLYRUHTXLHUHXQWRWDO\DEVROXWR
SHUtRGRGHDEVWLQHQFLDGHWRGDDFWLYLGDGVH[XDO\GHSHQVDPLHQWRVGHFDUiFWHUVH[XDO/DDEVWLQHQFLDSRGUtD
VHUSRUFXDOTXLHUSHUtRGRGHWLHPSRSHUR\RUHFRPLHQGRGtDV


%HQHFLRV1HXURTXtPLFRV
8QSHULRGRGHDEVWLQHQFLDVLUYHSDUDYDULRVSURSyVLWRV\WLHQHXQDYDULHGDGGHEHQHFLRV3ULPHURDODEVWHQHUVH
GHODDFWLYLGDG\IDQWDVtDVH[XDOH[SHULPHQWDUiXQDOLPSLH]DGHVXTXtPLFDFHUHEUDO$VtFRPRXQDOFRKyOLFR
QHFHVLWDHVWDUVREULRSRUYDULRVGtDVDQWHVGHTXHHODOFRKROHVWHWRWDOPHQWHIXHUDGHVXVLVWHPDHOPLVPRSULQFLSLR
HVDSOLFDEOHDDTXHOORVTXHHVWiQUHFXSHUiQGRVHGHODDGLFFLyQVH[XDO8QWLHPSRVLQVH[RHVXQDIRUPDGHGHVLQ
WR[LFDFLyQ5HFXHUGHQRVRWURVORVDGLFWRVWHQHPRVXQFRQVWDQWHVXPLQLVWURGHQXHVWUDGURJDSRUTXHLQFOXVRODV
IDQWDVtDVSURGXFHQVXVWDQFLDVTXtPLFDVHQHOFHUHEURTXHKDFHQTXHVLQWDPRVSODFHU(VWDVUHDFFLRQHVTXtPLFDV
VRQSDUWHQDWXUDOGHODYLGDSHURORVDGLFWRVVH[XDOHVKDQXVDGRHVWDUHDFFLyQTXtPLFDSDUDPHGLFDU\HYDGLUVXV
VHQWLPLHQWRV(OGHWHQHUWRGDODDFWLYLGDG\SHQVDPLHQWRVVH[XDOHVSHUPLWHTXHODTXtPLFDFHUHEUDOUHJUHVHDOD
QRUPDOLGDG
2WUREHQHFLRGHODDEVWLQHQFLDWLHQHTXHYHUFRQODFDUDFWHUtVWLFDDGLFWLYDOODPDGDWROHUDQFLD/DWROHUDQFLDTXLHUH
GHFLUTXHHODGLFWRH[LJHXQDPD\RUFDQWLGDGGHODJHQWHDGLFWLYRSDUDFRQVHJXLUHOPLVPRUHVXOWDGR8QDOFR
KyOLFRSRUHMHPSORGHVDUUROODODWROHUDQFLDFRQHOSURSyVLWRGHTXHUHTXHULUPiVDOFRKROSDUDHPERUUDFKDUVH'H
PRGRVLPLODUXVWHGSRGUtDKDEHUIRUWDOHFLGRXQDWROHUDQFLDDODDFWLYLGDGVH[XDO4XL]iVHQFXHQWUHTXHQHFHVLWD
XQDFDQWLGDGPiVJUDQGHGHHVWLPXORVH[XDOTXHORTXHDOJXQDYH]OHEDVWyORTXHORKDOOHYDGRDXQDDFWLYLGDG
VH[XDOPiVIUHFXHQWHRGHUHODFLRQHVVH[XDOHVPiVSHOLJURVDV6LHVWiFDVDGRHVWHIDFWRUGHWROHUDQFLDSXHGHKDEHU
DIHFWDGRVXKDELOLGDGGHH[SHULPHQWDUSODFHUVH[XDOFRQVXHVSRVD/DQHFHVLGDGGHPiV\PiVSXHGHKDEHUSUR
GXFLGRODLQFDSDFLGDGGHH[SHULPHQWDUHORUJDVPRGXUDQWHODVUHODFLRQHVVH[XDOHVPDULWDOHV$EVWHQHUVHSRUXQ
SHUtRGRGHWLHPSRORD\XGDUiDUHYHUWLUHVWRVVtQWRPDV'HVSXpVGHXQSHUtRGRGHDEVWLQHQFLDSXHGHHQFRQWUDU
TXHHOJR]RGHOVH[RFRQVXHVSRVDUHJUHVDUD6LQRHVDVtSRGUtDQHFHVLWDUDVHVRUDPLHQWRPiVHVSHFLDOL]DGRSDUD
GHVFXEULUODGLFXOWDGVH[XDORPiVSUREDEOHPHQWHGHODUHODFLyQ



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

&RUUHFFLyQGHODV3ULQFLSDOHV)DOVDV&UHHQFLDV
8QDUD]yQDGLFLRQDOSRUODTXHWRGRVDGLFWRVWLHQHQTXHH[SHULPHQWDUXQSHUtRGREDVWDQWHODUJRGHDEVWLQHQFLDHV
HOSURSyVLWRGHFDPELDUVXVSULQFLSDOHVFUHHQFLDV1RVRWURVORVDGLFWRVVRVWHQHPRVODLQFRQVFLHQWHFUHHQFLDGH
TXHHOVH[RHVQXHVWUDQHFHVLGDGPiVLPSRUWDQWH6REUHODEDVHGHQXHVWUDKLVWRULDGHDEXVRVH[XDORHQODIDOVD
LQWLPLGDGTXHORJUDPRVDWUDYpVGHQXHVWURVHQFXHQWURVVH[XDOHVFRQFOXLPRVTXHHOVH[RRXQDUHODFLyQIXHOD
PDQHUDGHVDWLVIDFHUQXHVWUDVQHFHVLGDGHV&LHUWDPHQWH\GHELGRDTXHWRGRVWHQHPRVQHFHVLGDGHOUHVXOWDGR
GHQXHVWURWUDXPDGHDEDQGRQRGHVFXEULPRVTXHHOVH[RIXHQXHVWUDQHFHVLGDGPiVLPSRUWDQWHSRUTXHIXH
QXHVWUDPHMRUVROXFLyQDXQTXHIDOVDSDUDHOGRORUGHQXHVWURVDEDQGRQDGRVFRUD]RQHV8QSHULRGRGHDEVWLQHQ
FLDH[SRQHHVWDFUHHQFLDSULQFLSDO\JUDGXDOPHQWHODUHYLHUWH
8QSHUtRGRGHDEVWLQHQFLDFRQWUDUUHVWDUiRWUDIDOVDFUHHQFLDSULQFLSDOTXHHOVH[RHVLJXDODODPRU2WUDYH]
QXHVWURWUDXPDGHODEXVR\DEDQGRQRFUHyHVWDPHQWLUD6LHVWiFDVDGRFXDQGRXVWHGVHDEVWLHQHGHUHODFLRQHV
VH[XDOHV\UHFLEHHODPRUGHVXHVSRVDXVWHGDSUHQGHXQDQXHYDGHQLFLyQGHODPRU6LHVVROWHURDWUDYpVGHOD
DEVWLQHQFLDXVWHGGHVFXEULUiTXHSXHGHHQFRQWUDUHODPRUHQDPLVWDGHVtQWLPDVTXHXVWHGQRSRGUtDHQFRQWUDUHQ
HOGHVHQIUHQRVH[XDORDWUDYpVGHUHODFLRQHVSRFRVDOXGDEOHV
/tPLWHV6XJHULGRVSDUDHO3HUtRGRGH$EVWLQHQFLD
8VWHGGHEHREVHUYDUOtPLWHVHVSHFtFRVGXUDQWHXQSHUtRGRGHGtDVTXHORD\XGHHQVXDEVWLQHQFLDGHDFWLYLGDG
\SHQVDPLHQWRVH[XDO/DVVLJXLHQWHVVRQDOJXQDVVXJHUHQFLDV
 1RXVDU,QWHUQHWH[FHSWRFXDQGRVHDQHFHVDULRSDUDHOWUDEDMRRSDUDFRPXQLFDUVHFRQVXVSRQVRUR
JUXSRGHDSR\R6LOD,QWHUQHWKDVLGRSDUWHGHVXFRPSRUWDPLHQWRDGLFWLYRGHVFRQpFWHOR\FLHUUHODFRP
SXWDGRUDGXUDQWHGtDV6LVXHVSRVDXRWUDSHUVRQDHQVXIDPLOLDQHFHVLWDQHODFFHVRD,QWHUQHWHOODSXHGH
WHQHUODOODYH6LOD,QWHUQHWHVQHFHVDULDSDUDVXWUDEDMRKDEOHFRQVXVSRQVRUVREUHODVIRUPDVGHHYLWDUOD
WHQWDFLyQ8VDUVHUYLGRUHVOWUDGRVRSURJUDPDVFRQUHSRUWHGHYHULFDFLyQGHDFFHVRVRQGRVLGHDV
 1REHEHUDOFRKRO(QUHODFLyQDOVH[RRODVUHODFLRQHVVH[XDOHVEHEHUHVXQDGHODVPHMRUHVPDQHUDVGH
DOWHUDUVXKXPRU1REHED
 1RYHD793XHGHKDFHUDOJXQDVH[FHSFLRQHVFRQSURJUDPDVQXHYRVGHKLVWRULDGHGHSRUWHVRSURJUDPDV
DSURSLDGRV VLPLODUHV SHUR HYLWH WHOHQRYHODV SURJUDPDV GH FRQYHUVDFLyQ VHULHV \ GUDPDV QRFWXUQRV TXH
HVWiQOOHQRVGHVLWXDFLRQHVGHFDUiFWHUVH[XDO\VRQHMHPSORVGHUHODFLRQHVHQIHUPL]DV
 6yORYHDYLGHRVRSHOtFXODVDSWDVSDUDWRGRVFDOLFDFLyQ*6LXVWHGYDDYHUXQDSHOtFXODSDUDODIDPLOLD
OOHJXpGHVSXpVGHORVDYDQFHVGHRWUDVSHOtFXODV
 0LQLPLFHODVIDQWDVtDV0XFKDVFRVDVSXHGHQLPSXOVDULQVWDQWiQHDPHQWHXQDIDQWDVtDSHURHVSUXGHQWH
HYLWDUDTXHOORVGHWRQDGRUHVTXHVDEHTXHVRQSUREOHPiWLFRV3RUHMHPSORODP~VLFDGHVSLHUWDUHVSXHVWDV
IXHUWHVSDUDPXFKRVGHQRVRWURV6LHVGHORVTXHVHH[FLWDFRQODP~VLFDVyORHVFXFKHXQDOLVWDGHFLQWDVR
&'VHQORVTXHWHQJDFRQWUROVREUHORTXHHVFXFKD5HYLVHVXOLVWDGHP~VLFDDFHSWDEOHFRQVXVSRQVRU



3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

*XtD/,)(SDUD

 1LQJXQD OHFWXUD GH DQXQFLRV SHUVRQDOHV HQ SHULyGLFRV R SXEOLFDFLRQHV SDUD VROWHURV &DQFHOH FX
DOTXLHUDYLVRTXHKD\DSXEOLFDGRVREUHVXSHUVRQD
 1LQJXQDFRQYHUVDFLyQGHXQRDXQRFRQPXMHUHVLQFOXVRFRQODVLQRFHQWHV1RWLHQHTXHVHUGHVFRU
WpVSHURKDJDORSRVLEOHSRUHYLWDUFXDOTXLHULQWHUDFFLyQSHUVRQDOFRQPXMHUHVXKRPEUHVVL8VWHGWHQLGR
UHODFLRQHVFRQHOPLVPRVH[R
 1RVHDPLUyQ0DQWHQJDVXVRMRVVREUHHOFDPLQRYHUHGDRFXDOTXLHUFRVDTXHHVWpIUHQWHD8VWHG&RQ
FpQWUHVHHQORTXHHVWiKDFLHQGR\YROWpHLQPHGLDWDPHQWHVXVRMRVVLYHDDOJXLHQTXHPRWLYDVXODVFLYLD
2WUDPDQHUDGHGHVFULELUHVWRHVHYLWDUHOYR\HULVPRS~EOLFR
 &DPELHUXWDV6LFLHUWRVFDPLQRVOROOHYDQFHUFDGHOXJDUHVTXHVRQGHWRQDQWHVSDUDXVWHG(MGRQGHYLYH
RWUDEDMDXQDDPDQWHHQWRQFHVHVFRMDRWURFDPLQRSDUDLUVH
 (VWDEOH]FDXQSURWRFRORGHIHQVLYRFXDQGRHVWpVRORHQFDVDSRUKRUDVRPiV/ODPHDVXVSRQVRU
RDXQVRFLRGHUHQGLFLyQGHFXHQWDVDQWHVGXUDQWHRGHVSXpVGHSHULRGRVSURORQJDGRVGHWLHPSRHQTXH
HVWHVRORDQGHHOLPLQDUWLHPSRVPXHUWRVHQORVTXHQRHVWiULQGLHQGRFXHQWDV5HSRUWHORTXHHVWDUi
KDFLHQGRSDUDPDQWHQHUVHIXHUDGHOSUREOHPD
 &RQWDFWHDVXHVSRVDRXQDPLJRtQWLPRFDGDGtD,QWHUDFW~HHVSHFtFDPHQWHFDGDGtDDXQQLYHOPiV
TXHVXSHUFLDO&RPSDUWDLGHDVVHQWLPLHQWRV\FRPXQLTXHSUHRFXSDFLRQHV


5HWUDLPLHQWR
$VtFRPRHODOFRKyOLFRRHOGURJDGLFWRVXIUHQGHUHWUDLPLHQWRFXDQGRGHMDQGHXVDUVXGURJDGHOPLVPRPRGR
ORVDGLFWRVVH[XDOHVH[SHULPHQWDQHOVtQWRPDGHUHWUDLPLHQWRFXDQGRGHMDQHOGHVHQIUHQR5HFXHUGDORVHIHFWRV
QHXURTXtPLFRVGHODFRQGXFWDFRPSXOVLYDVH[XDORGHUHODFLyQLQWHUSHUVRQDO"(OFHUHEURUHDFFLRQDFXDQGR\DQR
H[LVWHHVHLQXMRTXtPLFR\HVDUHDFFLyQSXHGHVHUPX\SHUFHSWLEOH

$OJXQRVDGLFWRVGDQFXHQWDGHVtQWRPDVVLROyJLFRVJHQXLQRVGHUHWUDLPLHQWRTXHLQFOX\HQGRORUHVGHFDEH]D\
FXHUSRGLFXOWDGHVSDUDGRUPLU\FRPHURGHVRUGHQHVJDVWURLQWHVWLQDOHV7RGDVVRQUHDFFLRQHVUHODWLYDVDOVWUHVV
TXHSXHGHQYHQLUDFDXVDGHGHWHQHUHOWUDWDPLHQWRTXHKLVWyULFDPHQWHKDXVDGR(VWRVWDPELpQSXHGHQVHUVtQ
WRPDVGHGHSUHVLyQTXHSRGUtDVHUXQDFRQGLFLyQVXE\DFHQWH
(VLPSRUWDQWHUHFRUGDUTXHHVWRWDPELpQSDVDUiFRPRORSURPHWHXQOHPDGHORV$$1RVLHPSUHVHVHQWLUi
WDQPDOItVLFDPHQWH/HSURPHWRTXHQLQJXQDGHODVSDUWHVGHVXFXHUSRVHUiGDxDGDVLGHMDHOGHVHQIUHQR(O
RUJDVPRHVHIHFWLYDPHQWHRSFLRQDOQRLPSUHVFLQGLEOHSDUDODYLGD&XDQGRVLHQWDHVHDQWRMRIDPLOLDUGHGH
VHQIUHQRUHFXpUGHVHXVWHGPLVPRTXHHVWHPSRUDO\TXHSDVDUi&RPSDUHODVHQVDFLyQGHXUJHQFLDSRUVXELUXQD
FROLQDHPSLQDGD/RVVHQWLPLHQWRVVHLQWHQVLFDUDQ\VXUHVLVWHQFLDVHUiPiVGLItFLOSHURVLGHFLGHQRGDUVHSRU
YHQFLGR\HQWUHJDUVHXVWHGSURQWRHVWDUiHQODFLPDGHODFROLQD\ODEDMDGDVHUiPXFKRPiVIiFLO



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

/DVUHDFFLRQHVHPRFLRQDOHVVRQRWURDVSHFWRWtSLFRGHOUHWUDLPLHQWR'XUDQWHODDEVWLQHQFLDSRGUtDQVXUJLUDO
JXQRVVHQWLPLHQWRVLQWHQVRVORVVHQWLPLHQWRVTXHKDUHSULPLGRSRUDxRV8QRGHORVSULQFLSLRVGH$OFRKyOLFRV
$QyQLPRV HV 8VWHG SXHGH EHEHU R DUUHJOiUVHODV FRQ VXV FRVDV QR SXHGH KDFHU DPEDV &UHR TXH HO PLVPR
HVWiQGDUHVDSOLFDEOHDODGLFWRVH[XDO1XHVWURFRPSRUWDPLHQWRVH[XDO\UHODFLRQDOKDVLGRQXHVWUDPDQHUDGHDU
UHJOiUQRVODFRQQXHVWUDVFRVDV\XQRWLHPSRVLQVH[RIUHFXHQWHPHQWHSHUPLWHTXHVXUMDQDVXQWRVIXQGDPHQWDOHV
TXHKDQHVWDGRHQWHUUDGRVEDMRHOVtQWRPDREYLRGHOSHFDGRVH[XDO3URQRVWLFRTXH8VWHGGHVFXEULUiTXHHVWRV
DVXQWRVIXQGDPHQWDOHVWLHQHQSRFRRQDGDTXHYHUFRQHOVH[R(QVXOXJDUSUREDEOHPHQWHLQYROXFUDQVXVSULQFL
SDOHVWUDVWRUQRV\YHUJHQ]DV(QHOSHULRGRGHDEVWLQHQFLDWHQGUiODRSRUWXQLGDGGHUHFRQRFHU\WUDWDUFRQHVWRV
DVXQWRVHQOXJDUGHPHGLFDUORVDWUDYpVGHOGHVHQIUHQR


/D$EVWLQHQFLD6H[XDOSDUDHO+RPEUH&DVDGR
3DUDHODGLFWRVH[XDOFDVDGRHODVXQWRGHODVREULHGDGVHSRQHPiVFRPSOLFDGR,QGXGDEOHPHQWHGHEHDEVWHQHUVH
GHFXDOTXLHUSDUWLFLSDFLyQH[WUDPDULWDOLQFOX\HQGRDTXHOODVTXHVyORVRQHPRFLRQDOHV6LQHPEDUJRFUHRTXH
HVYLWDOTXHHODGLFWRFDVDGRREVHUYHHOPLVPRSHULRGRGHDEVWLQHQFLDTXHVXVKHUPDQRVVROWHURVLQFOX\HQGRXQ
WLHPSRVLQDFWLYLGDGVH[XDOFRQVXHVSRVD'HELGRDODQHXURTXtPLFDHVWHSHUtRGRGHDEVWLQHQFLDHVLPSRUWDQWH
LQFOXVRVLVXGHVHQIUHQRVyORLQYROXFUDODSRUQRJUDItDRODPDVWXUEDFLyQ

5D]RQHVSDUDOD$EVWLQHQFLD0DULWDO
$GHPiVGHOEHQHFLRQHXURTXtPLFRODYHQWDMDPiVREYLDGHXQSDFWRGHDEVWLQHQFLDSDUDHODGLFWRFDVDGRHV
GLVPLQXLUODSUHVLyQVH[XDOGHODUHODFLyQ3DUDPXFKDVSDUHMDVHOVH[RPDULWDOKDHVWDGROOHQRGHFRQLFWRVDOH
JDWRV\GRORUHVHPRFLRQDOHV4XL]iVKDHYLWDGRUHODFLRQHVVH[XDOHVFRQVXHVSRVD\KDSUHIHULGRVXVFRQGXFWDV
GHGHVHQIUHQRSDUDFRQHFWDUVHFRQHOOD(QHVHFDVRODSUHVLyQHVSRUIDOWDGHVH[RSHURHVSUHVLyQ$XQFXDQGR
KD\DKDELGRSRFRRQDGDGHDFWLYLGDGVH[XDOHQVXPDWULPRQLRSRUODUJRWLHPSRWLHQHTXHFRPSURPHWHUVHDXQ
SHULRGR LQWHQFLRQDO GH DEVWLQHQFLD +D\ XQD GLIHUHQFLD LQPHQVD HQWUH GHFLGLU GHOLEHUDGDPHQWH DEVWHQHUVH GHO
VH[R\HYLWDUORGHELGRDVXDGLFFLyQ
&DVLWRGRVORDGLFWRVVH[XDOHVGHFXDOTXLHUVH[RVRQLQFDSDFHVGHHVWDUSUHVHQWHVGXUDQWHODDFWLYLGDGVH[XDO
HVSHFLDOPHQWHFRQVXVHVSRVDV(QYH]GHKDFHUHODPRUDXWpQWLFDPHQWHFRQVXHVSRVDSUREDEOHPHQWHHVWiIDQ
WDVHDQGRFRQDOJXQDRWUDH[SHULHQFLDVH[XDO\DVHDUHDORLPDJLQDULD)LQJHTXHHVWiFRQRWUDSDUHMDRLQYROX
FUiQGRVHHQGLIHUHQWHVSUDFWLFDVVH[XDOHV,QVLVWHHQRVFXUHFHUODKDELWDFLyQRFHUUDUVXVRMRVSDUDHYLWDUHVWDUHQ
HVHPRPHQWRSRUTXHVXVIDQWDVtDVVRQPiVDJUDGDEOHVTXHORTXHHVWiRFXUULHQGRHQHVHPRPHQWR(QHIHFWR
8VWHGHVWiWHQLHQGRVH[RDGLFWLYRDXQFXDQGRODSDUHMDVHDVXHVSRVD/DDGLFFLyQVH[XDOHVXQWUDVWRUQRGHOD
LQWLPLGDGUHFXHUGD"7RPDUXQGHVFDQVRHQODVUHODFLRQHVPDULWDOHVOHGDODRSRUWXQLGDGGHHPSH]DUGHQXHYR
FRQVXUHODFLyQPDWULPRQLDO\DSUHQGHUDHVWDUSUHVHQWHPHQWDOPHQWHHPRFLRQDOPHQWH\HVSLULWXDOPHQWHDQWHVGH
DJUHJDULQWLPLGDGVH[XDODVXUHODFLyQ/DDEVWLQHQFLDSURYHHXQDRSRUWXQLGDGGHFUHDUODLQWLPLGDGYHUGDGHUDHQ
VXUHODFLyQGHSDUHMD



3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

*XtD/,)(SDUD

8QDUD]yQDGLFLRQDOSDUDODDEVWLQHQFLDHVWiHVTXHPDWL]DGDSRU3DEORHQHOVLJXLHQWHYHUVtFXOR
1RRVQHJXpLVHOXQRDORWURDQRVHUSRUDOJ~QWLHPSRGHPXWXRFRQVHQWLPLHQWRSDUDRFXSDURV
VRVHJDGDPHQWHHQODRUDFLyQ\YROYHGiMXQWDURVHQXQRSRUTXHQRRVWLHQWH6DWDQiViFDXVDGH
YXHVWUDLQFRQWLQHQFLD
&RULQWLRV

/DDEVWHQFLyQGHODDFWLYLGDGVH[XDOSHUPLWHTXHXQDSDUHMDVHRFXSHVRVHJDGDPHQWHHQODRUDFLyQ\UHQRYDFLyQ
HVSLULWXDO(OWLHPSRTXHSDVDPRVFRQ'LRVQRVUHFXHUGDTXHQXHVWUDUHODFLyQGHDPRUFRQ'LRVHVQXHVWUDUHO
DFLyQPiVLPSRUWDQWH\PHUHFHHOSULPHUOXJDUHQQXHVWUDVYLGDV


/D5HVSXHVWDGHODV(VSRVDV
3DUDFRQVHJXLUHOUHVXOWDGRGHVHDGRHQUHODFLyQFRQVXPDWULPRQLRODDEVWLQHQFLDGHEHVHUXQDFXHUGRPXWXR
PX\HVSHFtFRHQVXSODQ\SURSyVLWR1XQFDHPSLHFHHOSHUtRGRGHDEVWLQHQFLDVLQXQDFRQYHUVDFLyQWUDQTXLOD
FRQVXHVSRVD&RQVHJXLUD\XGDGHXQFRQVHMHURSRGUtDVHUQHFHVDULRHVSHFLDOPHQWHVLVXHVSRVDQRKDFRPHQ
]DGRDWUDWDUVXFRDGLFFLyQ(QPLH[SHULHQFLDODVHVSRVDVVHGLYLGHQHQGRVFDWHJRUtDVEiVLFDV
 /DVTXHGDQODELHQYHQLGDDXQSHUtRGRGHDEVWLQHQFLDVH[XDO(OVH[RKDVLGRHPRFLRQDOPHQWHGROR
URVRSRUDxRV\DVHDGHELGRDODVH[FHVLYDVGHPDQGDVSXHVWDVREUHHOODVRSRUTXHODDFWLYLGDGVH[XDOKD
VLGRGHVDJUDGDEOHRSRUTXHHODGLFWRQRHVWDEDLQWHUHVDGRHQODVUHODFLRQHVVH[XDOHVPDULWDOHV&XDOTXLHUD
VHDHOFDVRXQSHULRGRGHOLEHUDGRVLQVH[RHVXQDDOLYLRELHQYHQLGR(VWDVSDUHMDVWLHQHQTXHWUDEDMDUH[WUD
SDUDVXSHUDUVXGHVRUGHQGHLQWLPLGDG\SRGHUFRQHFWDUVHHQQLYHOHVHPRFLRQDOHV\HVSLULWXDOHV
 /DVTXHWLHQHQPLHGRDODDEVWLQHQFLD(VWDVHVSRVDVQHFHVLWDQODJDUDQWtDGHXQDUHODFLyQVH[XDO6HSUH
RFXSDQGHTXHVXVPDULGRVVH[XDOPHQWHDGLFWRVFRQWLQ~HQFRQHOGHVHQIUHQRVLHOVH[RQRHVWiSUHVHQWH
HQVXUHODFLyQ3XHGHTXHVXIUDQDFDXVDGHODFUHHQFLDGHTXHVLIXHUDQPiVDWUDFWLYDVRORKLFLHUDQPHMRU
VXVPDULGRVQRWHQGUtDQSUREOHPDV2EYLDPHQWHFRPRDGLFWRVVDEHPRVTXHHVWDFUHHQFLDQRHVYHUGDG
(ODVSHFWRGHQXHVWUDVHVSRVDVVXLQLFLDWLYDVH[XDORVXGHVWUH]DVH[XDOQRHVWiQUHODFLRQDGDVFRQQXHVWUR
SHFDGRVH[XDO3DUDHVWDVSDUHMDVHOFRQYHQLRGHDEVWLQHQFLDOHVHQVHxDUiDEDVDUVXUHODFLyQPDULWDOHQOD
LQWLPLGDGHPRFLRQDORHVSLULWXDOQRHQODVH[XDO
8QPDWULPRQLRGHEHLQWHQWDUXQSHUtRGRGHDEVWLQHQFLDVLWLHQHXQSODQSDUDWUDEDMDUHQVXUHODFLyQGHRWUDV
PDQHUDV&DVLVLHPSUHXQDSDUHMDQHFHVLWDHVWDUHQDVHVRUDPLHQWRPDWULPRQLDO(OGHVRUGHQGHLQWLPLGDGGH
ODDGLFFLyQVH[XDOHVVLPSOHPHQWHGHPDVLDGRSURIXQGR\DQJXVWLRVRSDUDODPD\RUtDGHODVSDUHMDVFRPRSDUD
FXUDUODVSRUVtVRORV/RVPD\RUHVVHUiQDVXQWRVGHGRORUWUDLFLyQ\GHVFRQDQ]D$PHQXGRWDPELpQVDOGUiQD
ODVXSHUFLHRWURVSUREOHPDVPiVDQWLJXRVHQODUHODFLyQFRPRORVQDQFLHURVGHODIDPLOLDGHODFULDQ]DGHORV
KLMRVHWF/DSDUHMDVDELDWRPDUiVXWLHPSR\WUDWDUiFDGDDVXQWRDQWHVGHFRQVLGHUDUYROYHUDVXDFWLYLGDGVH[XDO
ODFXDOSXHGHRFXOWDUORVSUREOHPDVRFUHDUXQIDOVRVLJQLFDGRGHORTXHSDVD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

8QD SDUHMD GH DGLFWRFRDGLFWR GHEHUtD SODQLFDU HVSHFtFDPHQWH VX SHULRGR GH DEVWLQHQFLD (VWH SODQ SRGUtD
LQFOXLUXQDYDULHGDGGHHVWUDWHJLDVSDUDGHVDUUROODUXQDVDQDLQWLPLGDGVDQDVLQGHSHQGHUGHOVH[R4XL]iVOD
SDUHMDYD\DDODVHVRUDPLHQWRPDWULPRQLDOFDGDVHPDQDDGHPiVGHYLVLWDUVXJUXSRLQGLYLGXDO/,)(7DOYH]
VHFRPSURPHWDQDWUDEDMDUDWUDYpVGHOD*XtD/,)(SDUDSDUHMDVRDOJ~QUHFXUVRVLPLODUSDUDD\XGDUORVDVX
FXUD([LVWHXQDDPSOLDJDPDGHPDWHULDOSDUDHQULTXHFLPLHQWRPDWULPRQLDOTXHSRGUtDVHUGHEHQGLFLyQSDUDVX
PDWULPRQLR$SURYHFKHDTXHOORWDQWRFRPROHVHDSRVLEOHGXUDQWHHOSHULRGRGHDEVWLQHQFLD

/DVLJXLHQWHSiJLQDSURYHHXQHMHPSORGHFRQYHQLRGHDEVWLQHQFLDSDUDXQDSDUHMDPDWULPRQLDO1RWHTXHKD\
XQOXJDUSDUDODUPDGHXQDSDUHMDGHWHVWLJRV5H~QDQVHFRQHVDSDUHMDH[SOtTXHQOHVXREMHWLYR\VXSODQSDUD
WUDEDMDUHQVXUHODFLyQ\RUHQFRQHOORVDQWHVGHSHGLUOHVTXHUPHQVXFRQYHQLR8VHHVWDSDUHMDGH6SRQVRUV
SDUDTXHORVDSR\HQ\ORVPDQWHQJDQUHVSRQVDEOHVPLHQWUDVSDVDQSRUHVWHSHUtRGRGHDEVWLQHQFLD



3ULQFLSLR&XDWUR$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

&RQWUDWRGH$EVWLQHQFLD6H[XDO0DULWDO
1RVRWURVBBBBBBBBBBBBBBBBBBBBB\BBBBBBBBBBBBBBBBBBBBBBBDFHSWDPRVTXHHVWDUHPRVHQDEVWLQHQFLDVH[
XDOSRUBBBBBBBBBBBGtDVFRPHQ]DQGRHOBBBBBBBBBBBBBBBBBBBBBBBBB
7DPELpQHVWDPRVGHDFXHUGRHQTXHGXUDQWHHVWHWLHPSRKDUHPRVODVVLJXLHQWHVDFWLYLGDGHVSDUDDXPHQWDUQXHV
WUDLQWLPLGDGHPRFLRQDO\HVSLULWXDO

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBB
)LUPDGHO(VSRVR



BBBBBBBBBBBBBBBBBBBBBBBBB
)LUPDGHOD(VSRVD

+HPRVVROLFLWDGRDSR\R\RUDFLyQSDUDGDUHVWHQXHYRSDVR\DVtDXPHQWDUODLQWLPLGDGWRWDOHQQXHVWUDUHODFLyQ
GHSDUHMD(VWHSDFWRKDVLGRDWHVWLJXDGRSRUXQKRPEUH\XQDPXMHULPSRUWDQWHVSDUDQXHVWUDUHFXSHUDFLyQ\
UHODFLyQ

BBBBBBBBBBBBBBBBBBBBBBBBB
)LUPDGHO7HVWLJR 


BBBBBBBBBBBBBBBBBBBBBBBBB
)LUPDGHOD7HVWLJR

3Uy[LPD7DUHD3ULQFLSLR&LQFR$VLJQDFLyQ8QRSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ'RV

$VLJQDFLyQ'RV9DORUDQGR1XHVWUD3HUVRQDOLGDG
$GHPiVGHSUDFWLFDUODUHVSRQVDELOLGDGORVKRPEUHVGHLQWHJULGDGVRQKRPEUHVGHFDUiFWHU
/D3HUVRQDOLGDGVHUHHUHDODFODVHGHSHUVRQDVTXHVRPRVLQFOXVRFXDQGRQRKD\UHVSRQVDELOLGDG/D3HUVRQDOL
GDGHVODPDQHUDHQTXHYLYLPRVDXQFXDQGRVDEHPRVTXHQDGLHHVWiPLUDQGRRQRVHHQWHUDUDQ(ODSyVWRO3DEOR
HQ*iODWDVGHVFULEHXQFDUiFWHUPDUFDGRSRUODLQWHJULGDG'HVFULEHHOWHPSHUDPHQWRGHODQDWXUDOH]DSHFDGRUD
\ORFRPSDUDFRQHOGHXQDYLGDOOHYDGDHQHOHVStULWX
< PDQLHVWDV VRQ ODV REUDV GH OD FDUQH TXH VRQ DGXOWHULR IRUQLFDFLyQ LQPXQGLFLD ODVFLYLD
LGRODWUtDKHFKLFHUtDVHQHPLVWDGHVSOHLWRVFHORVLUDVFRQWLHQGDVGLVHQVLRQHVKHUHMtDVHQYLGLDV
KRPLFLGLRVERUUDFKHUDVRUJtDV\FRVDVVHPHMDQWHVDHVWDVDFHUFDGHODVFXDOHVRVDPRQHVWR
FRPR\DRVORKHGLFKRDQWHVTXHORVTXHSUDFWLFDQWDOHVFRVDVQRKHUHGDUiQHOUHLQRGH'LRV0DV
HOIUXWRGHO(VStULWXHVDPRUJR]RSD]SDFLHQFLDEHQLJQLGDGERQGDGIHPDQVHGXPEUHWHP
SODQ]DFRQWUDWDOHVFRVDVQRKD\OH\3HURORVTXHVRQGH&ULVWRKDQFUXFLFDGRODFDUQHFRQVXV
SDVLRQHV\GHVHRV6LYLYLPRVSRUHO(VStULWXDQGHPRVWDPELpQSRUHO(VStULWX1RQRVKDJDPRV
YDQDJORULRVRVLUULWiQGRQRVXQRVDRWURVHQYLGLiQGRQRVXQRVDRWURV


*iODWDV59

(VWHYHUVRHVHOWHPDGHO3ULQFLSLR&XDWUR(OWUDEDMRHQORVIUXWRVGHOHVStULWXVHUiXQYLDMHTXHOHWRPDUiWRGDOD
YLGD\TXHHQPXFKDVLJOHVLDVHVXQSURFHVRGHQRPLQDGR6DQWLFDFLyQ(VWHSURFHVRQRVHUiFRPSOHWDGRHQ
HVWDYLGD1RKD\QLQJXQDPDQHUDHQTXHXVWHGFRPSOHWHHVWDDVLJQDFLyQ3HURSXHGHFRPHQ]DU
(O+HULGR&RUD]yQ(QIDGDGR
'HELGRDTXHODLUDMXQWRFRQODVROHGDGHVODSULQFLSDOHPRFLyQTXHLPSXOVDODDGLFFLyQVH[XDOHVXQEXHQSXQWR
SDUDHPSH]DU1RWDUiFXDQUiSLGDPHQWH3DEORKDEODGHODLUDHQHOSDVDMHDQWHULRUGHVSXpVTXHKDGHVFULWRODLQ
PRUDOLGDGVH[XDO3DEORXVDXQQ~PHURGHSDODEUDVSDUDGHVFRPSRQHUODLUDHQHPLVWDGHVSOHLWRVFHORVLUDV
FRQWLHQGDVGLVHQVLRQHVKHUHMtDVHQYLGLDV
(VWDVSDODEUDVREYLDPHQWHVRQWRGDVGLIHUHQWHVSHURVXUDt]HVODPLVPDXQFRUD]yQKHULGRTXHHVWiIXULRVRSRU
QRVHUDPDGR\DWHQGLGR1RWHTXHWRGRVQHFHVLWDPRVVHUFRQUPDGRVHORJLDGRVHVFXFKDGRVFRQPRYLGRVGH
PDQHUDVVDQDV\DGRUDGRV\QHFHVLWDPRVVHUSDUWHGHXQDFRPXQLGDGVDQD&XDQGRQRVHQWLPRVTXHHVWDPRVFRQ
VLJXLHQGRFRVDVSRGHPRVHQRMDUQRVGHODPLVPDPDQHUDTXHDXQQLxRSHTXHxROHGDXQEHUULQFKH'HKHFKRVL
XVWHGHVFRPR\RKD\PXFKRVGHVXVGHVHQIUHQRVTXHKDQVLGRPX\LQIDQWLOHVH[DFWDPHQWHFRPRXQEHUULQFKH
/DLUD\XQDGHPDQGDGHVHVSHUDGDGHFXEULUQXHVWUDVQHFHVLGDGHVJXLDUiDQXHVWURVHUDPELFLRVRFHORVR\FRP
SHWLWLYR7HQGUHPRVDWDTXHVGHLUDGHVDYHQHQFLD\PXFKDGLVFRUGLD



3ULQFLSLR&XDWUR$VLJQDFLyQ'RV

*XtD/,)(SDUD+RPEUHV

/DLUDSXHGHOOHJDUGHGLIHUHQWHVPDQHUDV$YHFHVHVGLUHFWD2WUDVYHFHVHVVDUFiVWLFDLQGLUHFWD3RGHPRVHQ

IDGDUQRVFRQDOJXLHQTXHQRVHORPHUHFHSRUDOJXQDFRVDTXHpORHOODGLMHURQRKLFLHURQ\TXHQRVUHFRUGyXQD
YLHMDKHULGD\XQDFyOHUDSDVDGDTXL]iVLQFOXVRLQFRQVFLHQWHPHQWH

$PHQXGRHVLPSRUWDQWHLGHQWLFDUTXLpQFDXVyQXHVWURGRORURULJLQDO7RPHXQPRPHQWR\SLGDD'LRVTXH
OHPXHVWUHVLVXFyOHUDHVPiVDQWLJXDTXHODVLWXDFLyQSRUODTXHSDVD(VGHFLUVLVXFyOHUDKDFLDHVWDSHUVRQD
HVUHDOPHQWHXQUHFXHUGRGHXQDKHULGDPiVDQWLJXD8QDPDQHUDGHLGHQWLFDUYLHMDVHPRFLRQHVHVSUHJXQWDU
&XiQYLHMRPHHVWR\VLQWLHQGRHQHVWHPRPHQWR"4XL]iVVHVRUSUHQGDDOGHVFXEULUTXHWLHQHJDQDVGHVHUPX\
MRYHQ6HVLHQWHSHTXHxR\YXOQHUDEOH\TXL]iVLQGHIHQVR8QVtQWRPDGHTXHHQXQPRPHQWRHVWDPRVUHVSRQ
GLHQGRDXQDVLWXDFLyQPXFKRPiVYLHMDHVVLVREUHYLHQHQUHFXHUGRVGRORURVRV6LXVWHGKDFHODVSUHJXQWDVFRU
UHFWDVORVUHFXHUGRV\ODKHULGDRULJLQDOSRGUtDQUHVXUJLU1RWHQJDPLHGRGHHVRVUHFXHUGRV6HHVWiQOLPSLDQGR
6LHQFXHQWUDTXHVXLUDHVWiUHDOPHQWHIXHUDGHFRQWUROSXHGHTXHQHFHVLWHWUDEDMDUFRQXQWHUDSHXWD&ULVWLDQR
TXLHQSXHGHD\XGDUOHDGHVFXEULUVXUDt]8VWHGSXHGHHQFRQWUDUODVLPSOHPHQWHFRQYHUVDQGRVREUHVXFyOHUDFRQ
SHUVRQDVFRQDEOHVTXLHQHVOHD\XGDUiQDGLVLSDUOD(VFULELUVREUHODLUDHVRWUDEXHQDPDQHUDGHH[SUHVDUOD5HFX
HUGHODQRVHSXHGHRFXOWDUODLUDWDUGHRWHPSUDQRVLHPSUHVDOGUi\JHQHUDOPHQWHGHPDQHUDVSRFRVDOXGDEOHV
$PHQXGRODWHUDSLD\HODSR\RVHFHQWUDQHQFRPSUHQGHUFyPRIXLPRVKHULGRV\VHQWLPRVODOLEHUWDGGHPDQLIH
VWDUQXHVWUDLUDDDTXHOORVTXHQRVKLULHURQ(VWRVSDVRVVRQXQDLPSRUWDQWHSDUWHGHOUHFRUULGR1RVSHUPLWHQVDEHU
TXHQRQRVPHUHFtDPRVODVFRVDVTXHQRVSDVDURQ6RQODVPDQHUDVHQTXHQRVDFRQJRMDPRV\FRQVHFXHQWHPHQWH
QRVFXUDQ

5HJLVWUDQGR(MHUFLFLRV6X&yOHUD
3RUDKRUDKDJDXQDOLVWDGHFRQTXLHQHV8VWHGVDEHTXHHVWiHQRMDGR,GHQWLTXHDODV
SHUVRQDV\HVFULEDHQIRUPDHVSHFtFDSRUTXpHVWiHQRMDGRFRQHOODV&RPSDUWDHVWRV
UHFXHUGRVFRQVXJUXSR\StGDOHVTXHORUHWURDOLPHQWHQVREUHFXDOTXLHULUDTXH8VWHG
HVWpGHPRVWUDQGRKR\(VWDUiQUHODFLRQDGDVFRQHVDVVLWXDFLRQHVGHOSDVDGR"

1XHVWUD,UDSDUDFRQ'LRV

&XDQGRXVWHGHVWiDQDOL]DQGRVXLUDKDFLDRWURVQRVHROYLGHGHDQDOL]DUVLHVWiHQIDGDGRFRQ'LRV(QHOGRORUGH
PLDGLFFLyQHVWXYHDPHQXGRHQIDGDGRFRQ'LRV0XFKDVYHFHVKDEtDRUDGRSDUDTXHpOUHWLUDUDWRGDVODVLGHDV
OXMXULRVDV\WHQWDFLRQHVGHPLYLGD4XHUtDVHUFXUDGRRHQWUHJDGRDOVHUYLFLRFRPRSRUDUWHGHPDJLD&RPRXQ
QLxRHVWXYHPROHVWRSRUTXH'LRVQRPHSUHYLQRGHWRGRGDxR'HVSXpVPLHQWUDVFUHFtD\DXQFXDQGRPHFRQ
YHUWtHQ&ULVWLDQRPHSRQtDIXULRVRFRQ'LRVVREUHDOJRTXHQRIXHFRUUHFWRHQPLYLGD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ'RV

<TXHGHMDGRHQPLLUDFRQ'LRV3RUVXSXHVWRTXHQRVDEtDTXHHVWDEDELHQHVWDUHQIDGDGRFRQ'LRV3HQVpTXH
PLVVHQWLPLHQWRVHUDQXQDVXQWRPiVHQPLODUJDGHOLVWDGHDFRQWHFLPLHQWRVFRQWUDPt$FXPXOpPLSURIXQGDLUD
GHQWURGHPLFRUD]yQ\QXQFDODFRPSDUWtFRQQDGLH
4XL]iV8VWHGVHKD\DVHQWLGRGHODPLVPDPDQHUD+DFUHtGRTXHHUDPDORHVWDUHQIDGDGRFRQ'LRV6LHVDVtWRPH
VX%LEOLD\OHDDOJXQRVGHORV6DOPRVTXHGHVFULEHQFyPRHOIXULRVR5H\'DYLGVHVHQWtDDYHFHVFRQ'LRV'LRV
QRQRVSLGHTXHDSODVWHPRVQXHVWURVVHQWLPLHQWRVLQFOXVRORVPDORV

5HJLVWUDQGR(MHUFLFLRV6X,UDSDUDFRQ'LRV

(VFULEDXQDVHJXQGDOLVWDGHUD
]RQHV SRU ODV TXH KD VHQWLGR LUD
SDUDFRQ'LRV

$KRUDWLHQHGRVOLVWDVGHGLVJXVWRVSDUDFRPSDUWLUFRQVXJUXSR
4XpKDFHUGHVSXpV"

9R\DKDFHUXQDVXJHUHQFLDUDGLFDOTXHSXHGHVRUSUHQGHUORGHFLGDSHUGRQDUDFDGDSHUVRQDTXHHVWiHQVX
OLVWD8VWHGSRGUtDUHVSRQGHU4Xp"5HFLpQPHGLMRTXHSRGtDHVWDUPROHVWRFRQHVWDVSHUVRQDV\DKRUDPH
HVWiGLFLHQGRTXHORVSHUGRQH"1RWHQJRJDQDVGHKDFHUHVR$GHPiVQLQJXQRGHHOORVPHKDSHGLGRTXHOR
SHUGRQH(VWDUHDFFLyQHVFRP~QSHURDTXHOORWDPELpQEURWDGHOSHUGyQPDOHQWHQGLGR

(QWHQGLHQGRHO3HUGyQ
3HUGRQDUDRWUDSHUVRQDHVSDUDVXVDOXGHPRFLRQDOQRODGHHOORV8VWHGSXHGHGHFLGLUSHUGRQDUHQDOJ~QPR
PHQWRLQFOXVRVLXVWHGQRWLHQHJDQDV$PHQXGRREWHQHPRVHVWHSUHFHSWRUHWUD]DGR3HQVDPRVTXHWHQHPRVTXH
WHQHUJDQDVGHKDFHUDOJRDQWHVGHTXHORKDJDPRV(QUHDOLGDGODVHFXHQFLDLQYHUVDHVODYHUGDGHUD1XHVWURV
VHQWLPLHQWRVSXHGHQVHJXLUDQXHVWUDVGHFLVLRQHVQRORFRQWUDULR(VWiHQHOOHPDGHOD$$HV7RPHODDFFLyQ
FRUUHFWD\ORVVHQWLPLHQWRVYHQGUiQGHWUiVGHHOOD(OSHUGyQHVXQDFWRGHODYROXQWDG/DVHPRFLRQHVVDOX
GDEOHVSXHGHQVHJXLULQPHGLDWDPHQWHRVRODPHQWHGHVSXpVTXHKD\DSDVDGRXQWLHPSRFRQVLGHUDEOH
$OJXQRV GH QRVRWURV KHPRV VLGR DFRQVHMDGRV D QR GHMDU PX\ UiSLGDPHQWH QXHVWUD LUD SRUTXH VL OR KDFHPRV
TXHGDUHPRVYXOQHUDEOHVDVHUKHULGRVQXHYDPHQWH1RFRQIXQGDSHUGyQFRQVXQHFHVLGDGDFWXDOGHSRQHUOtPLWHV
VDOXGDEOHV3XHGHHVWDUVHJXUR\DXQDVtSHUGRQDU$GHFLUYHUGDGHOSHUGyQQRQHFHVDULDPHQWHUHSUHVHQWDOD
UHFRQFLOLDFLyQGHODUHODFLyQ6XVOtPLWHVSXHGHQLQFOXLUQRWHQHUFRQWDFWRFRQDTXHOORVTXHORKLULHURQ\HVRHVWi
ELHQ2WURHUURUTXHFRPHWHPRVHVSHQVDUTXHHOSHUGyQHVXQHYHQWR~QLFR8VWHGSRGUtDWHQHUTXHSHUGRQDUD
DOJXLHQXQD\RWUDYH]



3ULQFLSLR&XDWUR$VLJQDFLyQ'RV

*XtD/,)(SDUD+RPEUHV

5HJLVWUDQGR(MHUFLFLRV3HUGRQDQGR

(VFULEDHQVXGLDULRUHVSHFWRGH
XQDGHFLVLyQHVSHFtFDTXHKD\D
WRPDGRGHSHUGRQDUDDOJXLHQ
'HVFULEDODRIHQVDRHOGDxR
OXHJRHVFULEDXQDH[SUHVLyQGH
SHUGyQKDFLDTXLHQORKDKHULGR
3RGUtDFRPHQ]DUGHFLGRSHU
GRQDUWHBBBBBBBBBBBBBBBBBBBB
SRUBBBBBBBBBBBBBBBBBBB

(VWDHVODLGHDGHIRQGR3HUGRQDUDDOJXLHQHVXQDFWRHVSLULWXDOGH
REHGLHQFLD (V OR TXH -HV~V QRV SLGH KDFHU 3HUGyQDQRV QXHVWUDV
GHXGDVWUDVJUHVLRQHVDVtFRPRQRVRWURVSHUGRQDPRVDQXHVWURVGHX
GRUHV'HVHDVHUSHUGRQDGRGHVXVSHFDGRVVH[XDOHV"3UDFWLTXHHO
SHUGyQKDFLDRWURVFXDOTXLHUDKD\DVLGRODKHULGDTXHOHKD\DQFDXVD
GR8QDYH]TXHKD\DWRPDGRODGHFLVLyQGHSHUGRQDUHQWRQFHVGHEH
DFWXDUFRPRTXHODKDWRPDGR5HFXHUGHTXHWRGDYtDSXHGHWHQHUVXV
OtPLWHV\H[SHULPHQWDUD~QVHQWLPLHQWRVIXHUWHVSHURDFWXDUiGHXQ
PRGRTXHKRQUHD'LRV5HYLVHORVIUXWRVGHO(VStULWX6DQWR\ORTXH
3DEORGLFHDOUHVSHFWR3DFLHQFLD\GRPLQRSURSLR

3RGHPRVGHFLGLUDFWXDUGHDFXHUGRDORVIUXWRVGH(VStULWX6DQWRFRPRXQDFWRGHREHGLHQFLDD'LRVQRLPSRU
WDQGRFyPRQRVVLQWDPRV

3RUVXSXHVWRTXH8VWHGQRQHFHVLWDSHUGRQDUD'LRV3HURXVWHGQHFHVLWDWUDEDMDUSDUDDFHSWDUTXHWRGRORTXH'LRV
KDSHUPLWLGRTXHOHSDVHKDVLGRSRUXQDUD]yQ1RSRUTXHXVWHGQRFRPSUHQGHD~QODUD]yQQRTXLHUHGHFLUTXH
QRKD\DXQD+R\PHSRQJRDSHQVDUHQWRGDVODVFRVDVSRUODTXHHVWXYHPROHVWRFRQ'LRV\YHRTXHGHDOJXQD
GHHOODVDSUHQGtDOJXQDVJUDQGHVOHFFLRQHV'HVHFKDUtDHVHFRQRFLPLHQWR"-DPiVHQODYLGD+HGHVFXELHUWRTXH
ORVPRPHQWRVHQTXHKHHVWDGRPiVPROHVWRRGHFHSFLRQDGRFRQ'LRVKDQVLGRORVTXHPiVKDQFRQVWUXLGRPL
SHUVRQDOLGDG*HQHUDOPHQWHHOFUHFLPLHQWRHVGRORURVR
5HH[LRQHHQORTXHKDDSUHQGLGRGHOGRORUTXH'LRVKDSHUPLWLGRHQVXYLGD(VFULEDHQVXGLDULRDFHUFDGH
DOJXQDVGHHVDVOHFFLRQHVVLSXHGH+D\XQEXHQQ~PHURGHEXHQRVOLEURVTXHWUDWDQGHHVWR8QRTXHPHKD
LPSDFWDGRSURIXQGDPHQWHHV6KDWWHUHG'UHDPV6XHxRV'HVWUR]DGRVGH/DUU\&UDEE

5HJLVWUDQGR(MHUFLFLRV/HFFLRQHV$SUHQGLGDV

5HJLVWUHHQVXGLDULRDOJXQDVGHODVOHFFLRQHVTXH8VWHGKDDSUHQGLGRDWUDYpVGHOD
DGYHUVLGDG&yPRKDQPROGHDGRVXFDUiFWHUHVDVH[SHULHQFLDV"



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ'RV

/D,UD$OLPHQWDGDSRUHO0LHGRROD$QVLHGDG

$PHQXGRQRVHQIDGDPRVSRUTXHHVWDPRVDVXVWDGRV1RQRVVHQWLPRVVHJXURV\QRVSUHRFXSDPRVSRUHOIXWXUR
3XHGHTXHQXHVWUDVKHULGDVGHOSDVDGRKD\DQDIHFWDGRQXHVWUDFDSDFLGDGGHVHQWLUQRVVHJXURV+HPRVVLGRKHUL
GRV\DEDQGRQDGRV\WHQHPRVUHFXHUGRVGHPLHGR\DQVLHGDG$OJXQDFRVDGHOSUHVHQWHIiFLOPHQWHSXHGHPDQ
GDUQRVGHUHJUHVRDHVRVYLHMRVVHQWLPLHQWRV(OPLHGR\ODSUHRFXSDFLyQVHDOLPHQWDQHQWUHVt\SXHGHQFUHDUXQ
FLFORYLFLRVRGHSHQVDPLHQWRVREVHVLYRVGHSHOLJUR

(VLPSRUWDQWHFRPSUHQGHUODGLIHUHQFLDHQWUHODDQVLHGDG\HOPLHGR/D$QVLHGDGHVJHQHUDOPHQWHDOJRGHXQD
QDWXUDOH]DPiVJOREDORJHQHUDOFRPRHVWDUWRWDOPHQWHVRORQRWHQHUQLQJ~QVLJQLFDGRHQVXYLGDH[SHULPHQ
WDUODPXHUWH\VHUMX]JDGRRFRQGHQDGR(OPLHGRHVJHQHUDOPHQWHDOJRHVSHFtFR

(QJHQHUDOWHQJRPLHGRGHQRSRGHUFRUWDUPLSDVWRHQHOYHUDQR\ODPSHDUPLFDPLQRGHHQWUDGDHQLQYLHUQR
YLYRHQ0LQQHVRWDXVWHGFRPSUHQGHUi3XHGRSRQHUPHPX\REVHVLYR\SUHRFXSDGRSRUHVWDVFRVDVFXDQGRQR
VHKDFHQ3XHGRHQIDGDUPHFRQPLJRPLVPRSRUQRKDFHUORRFRQRWURVFRPRPLVGRVKLMRVSRUQRD\XGDUPH(O
KHFKRHVTXHFXLGDUPLFDVDVLPEROL]DFXLGDUPLYLGD8QFpVSHGELHQFRUWDGRRXQFDPLQROLEUHGHQLHYHSXHGH
D\XGDUPHDVHQWLUTXHHVWR\KDFLHQGRXQEXHQWUDEDMRGHSURWHFFLyQGHPLHVSDFLR6XHQDDEVXUGRQR"
1XHVWUDVDEVXUGDVREVHVLRQHVVRQTXL]iVVtPERORVGHDQVLHGDGHVSURIXQGDVTXHOOHYDPRVGHVGHQXHVWUDVKHUL
GDV&XDQGRFRPLHQ]DDHQWHQGHUTXHLQFOXVRODVSHTXHxDVFRVDVSXHGHQSUHFLSLWDUORDODVSUHRFXSDFLRQHVPiV
SURIXQGDV8VWHGSXHGHGDUVHFXHQWDGHSRUTXpKD\PRPHQWRVFXDQGRLQFOXVRODVFRVDVSHTXHxDVORPROHVWDQ
WDQWR8QDSDUWHLPSRUWDQWHGHPHGLUQXHVWUDSHUVRQDOLGDGHVFRPSUHQGHUHVWRVERWRQHVTXHQRVSUHFLSLWDQD
ODLUDODSUHRFXSDFLyQRHOPLHGR/DVSiJLQDVGHOOLEURGHHMHUFLFLRVGH)DLWKIXODQG7UXHQRVJXtDQD
WUDYpVGHHOOR

6LXVWHGUHDOPHQWHHVDIHFWDGRSRUODSUHRFXSDFLyQHODQWtGRWRSXHGHLQYROXFUDUWRPDUXQWUDWDPLHQWRSRUXQ
WLHPSR1RVHDVXVWHGHHVWHHQIRTXHPXFKDVSHUVRQDVQHFHVLWDQHVWDD\XGD$OJXQRVGHQRVRWURVWHQHPRVSUH
GLVSRVLFLRQHVJHQpWLFDVHQQXHVWUDQHXURTXtPLFDSDUDWHQHUPiVGLFXOWDGFRQHOPLHGR\ODDQVLHGDG2WURVKDQ
H[SHULPHQWDGRWUDXPDVWDQSURIXQGRVTXHSXHGHQQHFHVLWDUD\XGDH[WUDSDUDVHQWLUVHVHJXURV1LQJXQDGHODVGRV
VLWXDFLRQHVHVDOJRSDUDDYHUJRQ]DUVH(VVyORXQDSDUWHGHORTXHVRPRV3DUWHGHODPDGXUH]GHOFDUiFWHUSXHGH
HVWDUHQHOGHVDItRDQXHVWURRUJXOORRYHUJHQ]DDOVROLFLWDUHVWHQLYHOGHD\XGD

5HJLVWUDQGR(MHUFLFLRV6X7HPRU
(VFULEDHQVXGLDULRVREUHOD~OWLPDYH]HQTXHUHDOPHQWHVLQWLyPLHGR
3XHGHLGHQWLFDUDOJXQDSDODEUDVXFHVRTXHJDWLOODHVDHPRFLyQ"



3ULQFLSLR&XDWUR$VLJQDFLyQ'RV

*XtD/,)(SDUD+RPEUHV

$VRFLDFLRQHV8QDQWtGRWRSDUDHOPLHGR
2WURDQWtGRWRLPSRUWDQWHSDUDHOPLHGR\ODDQVLHGDGHVODVHJXULGDGTXHXVWHGHVWiHPSH]DQGRDH[SHULPHQWDU
HQVX*UXSR/,)(/DVUHODFLRQHVSRFRVDOXGDEOHVQRVHQVHxDQDVHUWHPHURVRV\FRQODVVDQDVSRGHPRVDSUH
QGHUDVHQWLUQRVVHJXURV9DORUDUQXHVWURFDUiFWHUSXHGHVXSRQHUUHFRQRFHUFyPRQXHVWUDFRQDQ]DHQRWURVHVWi
GHWHULRUDGDGHELGRDQXHVWURVWUDVWRUQRV(QFRQWUDUHOFRPSDxHULVPRDWUDYpVGHXQJUXSRGHDSR\RSXHGHVHUXQ
SDVRHQRUPHGHIH

'XUDQWHHOWLHPSRGHLQVFULSFLyQHQFDGDJUXSRDVHJ~UHVHGHLQIRUPDUVREUHFXDOTXLHUWHPRURDQVLHGDGTXHHVWp
WHQLHQGR(PSLHFHDSHQVDUTXpSXHGHD\XGDUOHSDUDTXHVHVLHQWDVHJXUR&RQVLJDGHVXJUXSRGHUHQGLFLyQGH
FXHQWDVXQSRFRGHUHWURDOLPHQWDFLyQHQHOPRPHQWRDSURSLDGRVREUHODVHJXULGDG

(ODQWtGRWRSULQFLSDOSDUDHOPLHGR\ODDQVLHGDGHVGHVDUUROODUXQDJUDQGHSHQGHQFLDGH'LRV(OYLDMHGHWUDQV
IRUPDFLyQ\UHFXSHUDFLyQHVXQYLDMHHVSLULWXDO7DQWDVYHFHVFRPRVHDQHFHVDULRUHJUHVHDODWDUHDTXHQHFHVLWD
KDFHUHQHO3ULQFLSLR'RV\UHFXpUGHVHD8VWHGPLVPRODGLVFLSOLQDTXHQHFHVLWDUiSDUDFUHFHUHQVXUHODFLyQFRQ
&ULVWR

3Uy[LPD7DUHD3ULQFLSLR&LQFR$VLJQDFLyQ'RVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ7UHV

$VLJQDFLyQWUHV&XOWLYDQGRQXHVWUR&DUiFWHU
(O3ULQFLSLR&XDWURWUDWDVREUHHOFUHFHUHQWUDQVIRUPDFLyQ\PDGXUH]GHFDUiFWHU(VWDDVLJQDFLyQVHHQIRFDHQ
FyPRFXOWLYDPRVQXHVWURFDUiFWHU$IRUWXQDGDPHQWHWHQHPRVXQDGHVFULSFLyQGHWDOODGDGHXQFDUiFWHUPDGXUR
ORVIUXWRVGHOHVStULWXTXH3DEORGHVFULEHHQ*iODWDV(VWRVIUXWRVVDQWRVVRQHODPRUJR]RSD]SDFLHQFLDEH
QLJQLGDGERQGDGGHOLGDGDPDELOLGDG\GRPLQLRSURSLR1RQRVJXVWDUtDVHUPiVFRPRHVRHQFDUiFWHU"8QD
YH]PiVPRGHODUQRVDQRVRWURVPLVPRVVHJ~QHVWDVFXDOLGDGHVVHUiXQYLDMHGHWRGDODYLGD&RQRSWLPLVPR
PLHQWUDVFRQWLQ~DVXYLDMHGHFXUDFLyQGHVDUUROODUiPiV\PiVGRPLQLRSURSLR
8QDGHODVFODYHVSDUDODVFXDOLGDGHVGHOFDUiFWHUHVODKDELOLGDGGHVHUHPSiWLFR/D(PSDWtDHVODKDELOLGDGGH
SRQHUVHHQHOOXJDUGHRWUDSHUVRQD\FRPSUHQGHUFRPSOHWDPHQWHSRUORTXHpORHOODHVWiQSDVDQGR(PSLH]DD
YHUTXHVXDGLFFLyQOHKDGDGRODRSRUWXQLGDGGHVHUPiVHPSiWLFR"(VWiHPSH]DQGRDFRPSUHQGHUVXVKHULGDVVX
GRORUVXVROHGDGVXLUD\VXPLHGR(VWHFRQRFLPLHQWROHD\XGDUiDHQWHQGHUPHMRUHVWRVVHQWLPLHQWRVHQRWURV
6HUiFDSD]GHHVFXFKDUVXVKLVWRULDV\HQWHQGHUVXGRORU6HUiPiVSDFLHQWHDPDEOHEXHQRDSDFLEOH\WUDQTXLOR
(VWHFDPELRHQHOFDUiFWHUYLHQHGHVXSURSLDKXPLOGDG

(VWDDVLJQDFLyQHVXQHOHPHQWRPiVHQVXYLDMHDFWXDOSDUDGHVDUUROODUODHPSDWtD(OHJRtVPRSRUVXSXHVWRHV
HOHQHPLJRGHODHPSDWtD'DGRTXHODPD\RUtDGHQRVRWURVVRPRVUHFKD]DGRVSRUHOHJRtVPRGHRWURVSRUTXp
VRPRVDPHQXGRWDQHJRtVWDV"8QDIyUPXODTXHFRQVLGHURVHUODUD]yQHV
(OHJRtVPRHVLJXDODODVKHULGDVQRVDQDGDV
/DVSHUVRQDVHJRtVWDVVRQDTXHOODVTXHVLHQWHQTXHVXVQHFHVLGDGHVQRKDQVLGRVDWLVIHFKDV/DVSHUVRQDVHJRtVWDV
VRQWDPELpQDTXHOODVTXHSLHQVDQTXHVRODPHQWHHOORVSXHGHQFXEULUVXVSURSLDVQHFHVLGDGHV(VWDFUHHQFLDHV
XQDFDUDFWHUtVWLFDGHOSHFDGRRULJLQDO<RFRQWURORPLYLGDQRFRQItRHQTXH'LRVORKDJD0LHQWUDVFRQWLQ~D
WUDEDMDQGRHVWHSURJUDPDGHVFXEULUiPiV\PiVTXHVRODPHQWH'LRVSXHGHVDWLVIDFHUVXVQHFHVLGDGHV(QFRQWUDUi
WDPELpQTXHVXVQHFHVLGDGHVVHUiQVDWLVIHFKDVDWUDYpVGHUHODFLRQHVtQWLPDV\VHJXUDVFRQRWURV6XHJRtVPR
GHFOLQDUiFRQIRUPHXVWHGDSUHQGDTXHKD\PDQHUDVVDQDVGHFRQVHJXLUORTXHQHFHVLWD

(PSDWtDSDUD2WURV
/DHPSDWtDFRPLHQ]DFXDQGRGHVFXEUHTXHRWURVHVWiQWDQKHULGRVFRPRORHVWi8VWHG8QDGHODVJUDQGHVWDUHDV
GHODUHFXSHUDFLyQHVHQWHQGHUTXHQRHVWiVRORFRQVXVKHULGDV&RQIRUPHHVFXFKHDRWURVHQVXJUXSR/,)(
ODXQLYHUVDOLGDGGHOGRORUGHEHUtDPiVSDWHQWH&RPRXQDPDQHUDGHD\XGDUDHVHSURFHVROD$VLJQDFLyQ7UHVOH
SLGHTXHKDJDDOJXQDVFRVDVIXHUDGHORFRP~Q



3ULQFLSLR&XDWUR$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

5HJLVWUDQGR(MHUFLFLRV&XOWLYDQGROD(PSDWtD
 3ULPHURHQWUHYLVWHDXQRGHVXVVRFLRVHQUHQGLFLyQGHFXHQWDVVREUHODVKHULGDV
TXHKDH[SHULPHQWDGR+DJDXQDOLVWDGHGLFKDVKHULGDVHQVXGLDULR3ULPHUR
StGDOHSHUPLVRSRUVXSXHVWR4XL]iVHDPHMRUQRDQRWDUVXQRPEUH
 $KRUDWRPHXQPLHPEURGHVXIDPLOLD3XHGHVHUVXHVSRVDXQKHUPDQRDXQ
SULPRDWtRRWtDRDOJXLHQFRQTXLHQ8VWHGVHVLHQWDVHJXUR6LHVDSHUVRQDVH
JXUDWRGDYtDQRHVVXHVSRVDHQWRQFHVXWLOLFHDDOJXLHQPiV(VWDSHUVRQDWLHQH
TXHKDEHUKHFKRDOJRTXHUHHMDVXSURSLRYLDMHGHYLGD1RWUDWHGHHGXFDUDHVWD
SHUVRQD R GH FRQYHQFHUOD VREUH DOJXQD KHULGD TXH QR KD DFHSWDGR R FRPSUHQ
GLGR(QWUHYLVWHDHVWDSHUVRQDVREUHODVKHULGDVTXHKDGHVFXELHUWRGHVtPLVPD
\DQRWHHQVXGLDULRORTXH8VWHGDSUHQGLyFRQHVWDHQWUHYLVWD

&RQWLQXHPRVFRQXQDDVLJQDFLyQDOJRSHOLJURVDLPDJLQDQGRVX~OWLPDSDUHMDFRQTXLHQLQWHUDFWXDED3XHGHTXH
VHDXQDSHUVRQDHQXQDIRWRJUDItDSRUQRJUiFDRDOJXLHQFRQTXLHQHVWXYRItVLFDPHQWH3RGUtDVHUXQDSHUVRQD
TXHGHVSXpVVLQWLyGHVHRV127$LQFOXVRVLXVWHGWLHQHODRSRUWXQLGDGGHHQWUHYLVWDUDHVWDSHUVRQDQRORKDJD
4XLHURTXHVyORVHLPDJLQHFyPRSXHGHKDEHUVLGRSDUDHVWDSHUVRQDFUHFHU"'pMHPHD\XGDUOR3RUHMHPSOR
VDEH8VWHGTXHODPD\RUtDGHODVPXMHUHVTXHSRVDQSDUDODSRUQRJUDItDIXHURQDEXVDGDVVH[XDOPHQWHFXDQGR
QLxDV"/RPLVPRVHUtDYHUGDGGHVXVSURVWLWXWDVSURPHGLRWDQWRPXMHUHVFRPRKRPEUHV&XiOIXHODKLVWRULDGH
YLGDGHVX~OWLPDDPDQWH"'HTXpPDQHUDVIXHKHULGDHVDSHUVRQDFXDQGRQLxD"5HFXHUGHWRGDVHVWDVSHUVRQDV
VRQKLMRVRKLMDVGHDOJXLHQKHUPDQRVGHDOJXLHQ\TXL]iVHOHVSRVRRODHVSRVDGHDOJXLHQ(QWLHQGHORTXH
TXLHURGHFLU"

5HJLVWUDQGR(MHUFLFLRV3UDFWLFDQGROD(PSDWtD

$QRWH HQ VX GLDULR DOJXQRV EUHYHV SiUUDIRV TXH FXHQWHQ OD KLVWRULD GH YLGD GHO VRFLR
GHGHVHQIUHQRTXH8VWHGHVFRJLy&yPRFUHHTXHHVWDSHUVRQDORSDVyFXDQGRQLxR"
4XpGRORUHVRFDPELRVGHYLGDWXYRTXHHQIUHQWDU"



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&XDWUR$VLJQDFLyQ7UHV

8QDGHODVYHUGDGHVEiVLFDVDFHUFDGHOGHVHQIUHQRVH[XDOHVTXHWLHQHTXHREMHWLYL]DUDHVDSHUVRQDHVWRHV
LPDJLQDUORDpORDHOODFRPRXQREMHWRSDUDGLVPLQXLUFXDOTXLHUVHQWLPLHQWRGHFXOSDELOLGDGRPDOHVWDUTXHGH
RWUDIRUPDWHQGUtD&XiQGRYHDVXVSDUHMDVVH[XDOHVFRPRVHUHVKXPDQRVKHULGRVXVWHGDGTXLHUHHPSDWtDSDUD
FRQHOGRORUGHHOORV\HVPXFKRPiVGLItFLOREMHWLYL]DUORV

$UPDQGRD2WURV
$KRUD WUDEDMHPRV HQ FXOWLYDU HO FDUiFWHU HQ RWUD GLUHFFLyQ &yPR KDV HVWDGR HQ UHFRQIRUWDU \ DQLPDU" 3DUD
PXFKRVGHQRVRWURVGHELGRDTXHQRUHFLELPRVHVDVFRVDVSRVLWLYDVQRVHVPX\GLItFLOVHUGHHVDPDQHUDFRQ
RWURVSDUWLFXODUPHQWHFRQDTXHOORVDTXLHQHVUHDOPHQWHDPDPRV
3XHGHTXHWHQJDTXHSUDFWLFDUGLOLJHQWHPHQWHHVWR+DJDXQHVIXHU]RFRQVFLHQWHGHDUPDU\DOHQWDUDVXVKHUPD
QRVHQVXJUXSR/,)(&XDQGRGHFXDOTXLHUUHWURDOLPHQWDFLyQDDOJXLHQFRQTXLHQKDFRPSDUWLGRHPSLHFHFRQ
XQDDUPDFLyQ6HDDOHQWDGRUDQWHVGXUDQWH\GHVSXpVGHODVUHXQLRQHV
$KRUDFRQVLGHUHDDTXHOORVDOUHGHGRUGH8VWHGDTXLHQHVDPD6RVSHFKDGHDOJXLHQTXHUHDOPHQWHDQKHOHDU
PDFLyQ\DOLHQWR"7DOYH]HVVXHVSRVD5HFXHUGHTXHHOODSRGUtDHVWDUFRPSRUWiQGRVHFRPRTXHQRQHFHVLWDHV
WtPXORSRUTXHHVWiPX\HQIDGDGDRUHWUDtGD6LWLHQHQLxRVSRVLEOHPHQWHQHFHVLWHQDUPDFLyQ

5HJLVWUDQGR(MHUFLFLRV5HDUPDFLyQ
+DJD HO FRPSURPLVR GH UHDU
PDUFDGDGtDDDOJXLHQFHUFDQR
D8VWHG$QRWHHQVXGLDULRORTXH
KL]R\FRPRUHDFFLRQRODSHUVRQD

0HGLWH HQ XQD SHUVRQD TXH HVWXYR UHDUPiQGROR \ DOHQWiQGROR HQ

VXYLGD4XL]iVQRVHDODSHUVRQDTXHHVSHUDEDTXHIXHUDFRPRVX
PDPiRVXSDSi5HFXHUGDFXiQDPDEOHJHQHURVRSDFLHQWH\DPR
URVRIXHHVDSHUVRQDFRQ8VWHG"/HJXVWDUtDRIUHFHUHVDVGiGLYDVD
DOJXLHQPiV"

+HYLVWRDOJXQRVFDPELRVPLODJURVRVHQRWUDVSHUVRQDVFXDQGRVyORKHWRPDGRXQWLHPSRSDUDUHDUPDUORV,PDJ
LQHODVRQULVDHQODFDUDGHDOJXLHQTXHVHGHOHLWDHQVXVSDODEUDVGHDOLHQWR
'HVFXEULUiTXHVLOOHYDDFDERHVWDVDVLJQDFLRQHVVXFDUiFWHUPHMRUDUi6HYROYHUiPiVSDFLHQWHDPDEOHJHQWLO
\FRQGRPLQLRSURSLR3RUTXp"3XHVGHELGRDVXKDELOLGDGGHVHUHPSiWLFR9HFXiQLPSRUWDQWHHVFXOWLYDUVX
FDUiFWHUHQHVWDiUHD"



3ULQFLSLR&XDWUR$VLJQDFLyQ7UHV

*XtD/,)(SDUD

127$6LHQFXHQWUDTXHVHOHKDFHGLItFLODUPDUDRWURVYD\DDODVHFFLyQGH,UD\FRQWLQ~HWUDEDMDQGRHQVXV
SULQFLSDOHVWUDVWRUQRV5HFXHUGHTXHQRKD\TXHDYHUJRQ]DUVHGHKDEODUOHDXQSDVWRUFRQVHMHURRDPLJRGHFRQ
DQ]D

5HJLVWUDQGR(MHUFLFLRV'HOD%LEOLD

(VWXGLH GRV SDVDMHV VHSDUDGRV

SHURUHODFLRQDGDV\FRQVLGHUHODV
SDODEUDVGH&ULVWR
 /XFDV
 0DWHR

(VFULEDHQVXGLDULRVXVSHQVDP
LHQWRVDFHUFDGHHVDVHQVHxDQ]DV

)LQDOPHQWHUHFXHUGHRWUDYH]TXHODIRUPDFLyQGHOFDUiFWHUHVXQYL
DMHGHWRGDODYLGD5HDItUPHVH8VWHGPLVPRSDUDQDOPHQWHSHQVDU
DFHUFDGHHVWDVFRVDV\WRPDUODVVHULDPHQWH

3Uy[LPD7DUHD3ULQFLSLR&LQFR$VLJQDFLyQ7UHVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&LQFR

3ULQFLSLR&,1&2
$QDOL]DPRVHOGDxRTXHKHPRVKHFKRDFHSWDPRVODUHVSRQVDELOLGDG
\FRUUHJLPRVQXHVWURVHUURUHV

Demostrar un Cambio Real:

Acepto la Responsabilidad
(OSULQFLSLRFLQFRPDUFDXQSXQWRGHFLVLYRHQVXYLDMHDODWUDQVIRUPDFLyQ$TXtHQFRQWUDUiXQDUHYLVLyQGHVXWUD
EDMRJXLDGRKDVWDHVWHSXQWRSRUORVSULPHURVFXDWUR3ULQFLSLRV$GPLWDHOGHVFRQWUROGHVXYLGDGHELGRDOSHFDGR
VH[XDO\VXLQFDSDFLGDGGHUHVROYHUHOSUREOHPDSRUVtPLVPR/XHJRGHFtGDVHDUHQGLUVHWRWDOPHQWHD&ULVWR\
DEXVFDUODYROXQWDGGH'LRVSDUDVXYLGDGtDDGtD+DJDXQLQYHQWDULRGHVXKLVWRULDFRQFRPSOHWDKRQHVWLGDG
\UHYHOHODYHUGDGDWUDYpVGHXQDFRQIHVLyQHVSHFtFDDRWUDSHUVRQD$ERUGHHQWRQFHVVXVIDOODV\GHIHFWRVGH
FDUiFWHUDWUDYpVGHOLQJUHVRDUHODFLRQHVGHUHQGLFLyQGHFXHQWD

/RVSULPHURVFXDWUR3ULQFLSLRVVRQYLWDOHVHQODIRUPDFLyQGHORVFLPLHQWRVSDUDHOFDPELRJHQXLQR\GXUDGHUR
8VWHGUHYLVDODSURIXQGLGDGGHVXQDWXUDOH]DSHFDGRUD\VXQHFHVLGDGGH'LRV7RPDSDVRVLQPHQVRVSDUDFRQWDU
ODYHUGDG\SHGLUSRUD\XGD
(OUHFRUULGRHVODUJRVLQHPEDUJRHVWDPELpQHQJUDQSDUWHDXWRHQIRFDGR(VWRVH[iPHQHVFRQIHVLRQHV\OD
VXPLVLyQDODUHQGLFLyQGHFXHQWDVUHTXLHUHQGHJUDQLQWURVSHFFLyQ8VWHGHVWiPLUDQGRKDFLDGHQWUR\DQDOL]DQGR
VXSURSLDYLGDFRPSRUWDPLHQWRPHQWH\FRUD]yQ
(OSULQFLSLRFLQFRDPSOtDVXLQYHVWLJDFLyQ/RGHVDItDDPLUDUIXHUDGHXVWHGPLVPR\FRQVLGHUDUGHTXHPDQHUDVX
SHFDGRVH[XDOKDDIHFWDGRDRWURV$GPLWHTXHQRHVWiDLVODGRHQVXSHFDGR\TXHWLHQHUHSHUFXVLRQHVSDUDRWURV
6XDGLFFLyQDIHFWDDODVSHUVRQDVHQVXYLGD6XVDFFLRQHVKDQFDXVDGRGRORUDPXFKRVSUREDEOHPHQWHPiVGHOR
TXH8VWHGSLHQVD(QXQDYDULHGDGGHIRUPDVVXFRPSRUWDPLHQWR\ORVGHIHFWRVHQVXFDUiFWHUKDQGDxDGRDRWURV
(OSURFHVRGHO3ULQFLSLR&LQFRHPSLH]DFRQXQDHYDOXDFLyQPLQXFLRVDGHOGDxRFDXVDGRSRUVXSHFDGRVH[XDOVXV
FRQVHFXHQFLDV\VXVGHIHFWRVGHFDUiFWHU7DOFRPR1HKHPtDV8VWHGVDOHGHXVWHGPLVPRSDUDH[DPLQDUHOGDxR
TXHH[LVWHHQVXDPELHQWH2EVHUYDODSUHFLSLWDFLyQUDGLRDFWLYDHQVXYLGD8VWHGFDWDORJDHOGRORUTXHKDFDXVDGR
DRWURV0LUDHVWRLFDPHQWHHOGDxRTXHKDSURYRFDGR



3ULQFLSLR&LQFR$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ8QR(YDOXDQGRHO'DxR

3XHGHVHUSURYHFKRVRSHQVDUHQFDWHJRUtDVGHGDxR/RVHMHPSORVLQFOX\HQHOGDxRItVLFRGDxRHPRFLRQDOGDxR
HVSLULWXDO\GDxRQDQFLHUR8VWHGSRGUtDWUDHUDFRODFLyQRWUDVPDQHUDVDGLFLRQDOHVHQTXHVXSHFDGRKDKHULGRD
RWURV3LGDD'LRVTXHOHPXHVWUHODYHUGDGVREUHVXVDFFLRQHV\VXVUHVXOWDGRV
5HFXHUGHODUD]yQGHDQDOL]DUHOGDxR1RHVSDUDLQFUHPHQWDUVXGHVHVSHUDFLyQRDXPHQWDUVXYHUJHQ]D3XHGH
HVWDUVHJXURGHHVWDGHFODUDFLyQGHODPRUGH'LRVSDUDXVWHGVLQLPSRUWDUORTXH8VWHGKD\DKHFKR
>(O6(f25@1RKDKHFKRFRQQRVRWURVFRQIRUPHDQXHVWUDVLQLTXLGDGHVQLQRVKDSDJDGRFRQ
IRUPHDQXHVWURVSHFDGRV3RUTXHFRPRODDOWXUDGHORVFLHORVVREUHODWLHUUDHQJUDQGHFLyVX
PLVHULFRUGLDVREUHORVTXHOHWHPHQ&XDQWRHVWiOHMRVHORULHQWHGHORFFLGHQWHKL]RDOHMDUGH
QRVRWURVQXHVWUDVUHEHOLRQHV






6DOPRV59

(OSURSyVLWRGHO3ULQFLSLR&LQFRHVFUHFHUHQPDGXUH]FRQIRUPHVHDOHMDGHFXDOTXLHUFRQWUDGLFFLyQFXOSDRDX
WRFRPSDVLyQ\DSUHQGHDDFHSWDUODUHVSRQVDELOLGDGSRUVXVDFFLRQHV&RQIRUPHFRQVLGHUDODVPXFKDVPDQHUDV
HQTXHKDGDxDGRDRWURVDGTXLHUHXQHQWHQGLPLHQWRPiVSURIXQGRGHFyPRVXVSHFDGRVKDQKHULGRHOFRUD]yQGH
'LRV(O+LMR3UyGLJR/XFDVSURSRUFLRQDXQHMHPSORSHUIHFWRGHXQSHFDGRUTXHTXLVRDVXPLUWRGDOD
UHVSRQVDELOLGDGSRUVXFRPSRUWDPLHQWR&RPSUHQGLyWDPELpQFyPRVXSHFDGRKDEtDKHULGRDVX3DGUHFHOHVWLDO
DVXSDGUHWHUUHQDO
$QWHVGHTXHHPSLHFHDUHJLVWUDUODVWDUHDVOHDVXKLVWRULDHQHOHYDQJHOLRGH/XFDV
127$&RQVLGHUHHVWDDVLJQDFLyQFRPRXQSULPHUSDVRSDUDLGHQWLFDUDDTXHOORVDTXLHQHVXVWHGKDGDxDGR1R
HVDOJRTXHSXHGDUHFRSLODUXQDYH]\DKtVHDFDEy0LHQWUDVFUHFHHQVXSURFHVRGHWUDQVIRUPDFLyQ8VWHGLGHQ
WLFDUiDRWURVTXHGHEHDxDGLUDODVOLVWD1RVHGHVDQLPHVLHVWDDVLJQDFLyQSDUHFHDEUXPDGRUDRLQWHUPLQDEOH
(VHQUHDOLGDGXQDVHxDOGHSURJUHVRFXDQGRXVWHGVHYXHOYHFRQVFLHQWHGHODVFDSDVPiVJUXHVDVRPiVSURIXQGDV
GHOGRORUTXHXVWHGKDFDXVDGR



*XtD/,)(SDUD

3ULQFLSLR&LQFR$VLJQDFLyQ8QR

5HJLVWUDQGR(MHUFLFLRV(YDOXDQGRHO'DxR
,GHQWLTXHORVWLSRVGHSHUVRQDVTXHKDGDxDGR/RVHMHPSORVSRGUtDQLQFOXLUD
VXIDPLOLDDFWXDOFyQ\XJH\RKLMRVSHUVRQDVGHVXIDPLOLDGHRULJHQDPLJRVFROH
JDVHWF$VHJ~UHVHGHLQFOXLUDTXLHQHVKDQVLGRLQGLUHFWDPHQWHGDxDGRVDFDXVDGH
VXDGLFFLyQFRPRORVFyQ\XJHVRKLMRVGHVXVSDUHMDVGHGHVHQIUHQRXRWURVTXHORKD
REVHUYDGR\VHKDQGHVDQLPDGRDFDXVDGHVXSHFDGRVH[XDO

+DJDXQDOLVWDHVSHFtFDGHDTXHOORVDTXLpQHVKDGDxDGR$QRWHFDGDQRPEUH
5HYLVHORVWLSRVGHSHUVRQDVHQVXYLGDFRPRXQDJXtDTXHOHD\XGHDUHFRUGDUDFDGD
LQGLYLGXR&RPLHQFHFRQORVPiVFHUFDQRVD8VWHGFRPRVXFyQ\XJH\VXVKLMRV

'HVFULEDODQDWXUDOH]DGHOGDxRMXQWRDOQRPEUHGHFDGDSHUVRQD6HDHVSHFtFR
QXHYDPHQWH$FRQWLQXDFLyQKD\DOJXQRVHMHPSORVFRQFUHWRV

 9LROyORVYRWRVPDWULPRQLDOHVTXHOHKL]RDVXFyQ\XJH
 (VWXYRDXVHQWHGHLPSRUWDQWHVHYHQWRVFRQVXVKLMRVDFDXVDGHVXFRPSRUWDPLHQWR
GHGHVHQIUHQR
 *DVWyGLQHURHQSHFDGRVH[XDO
 6XGHVHPSHxRIXHLQHFLHQWHHQHOWUDEDMR
 &RQWDJLyDRWURVFRQHQIHUPHGDGHVVH[XDOHV
 ,PSLGLy OD LQWLPLGDG GH RWURV R IXH LQFDSD] GH WHQHU LQWLPLGDG D FDXVD GH ORV
WUDVWRUQRV\HOSHFDGRVH[XDO
 $FWXyHQIRUPDKLSyFULWDYLRODQGRVXVVWDQGDUGVFULVWLDQRVSURIHVDGRV

/XHJRGHGHVFULELUHOGDxRTXH8VWHGOHFDXVyDFDGDXQRGHHOORVDQRWHHOSURE
OHPDGHFDUiFWHUTXHOROOHYyD8VWHGDHVHFRPSRUWDPLHQWRFRPRVXRUJXOORHJRtV
PRLPSDFLHQFLDWR]XGH]HWF6LQRHVWiVHJXURGHOGHIHFWRGHFDUiFWHUSRVSRQJDHVWD
SDUWHGHODDVLJQDFLyQKDVWDTXHKD\DFRPSOHWDGROD$VLJQDFLyQ'RVGHO3ULQFLSLR
&XDWURTXHWUDWDORVSUREOHPDVGHFDUiFWHU

$VHJ~UHVHGHVHUDPDEOHFRQXVWHGPLVPRPLHQWUDVFRPSOHWDODOLVWD+DEOHGHOSURFHVRHQVXJUXSR/,)(3UH
JXQWHDVXVKHUPDQRVHQUHFXSHUDFLyQTXpUHFXHUGHQGHVXYDOtDFRPRXQDSHUVRQDFUHDGDDODLPDJHQGH'LRV
6X3DGUHFHOHVWLDOHQYLyD6X+LMRSDUDSDJDUHOFDVWLJRSRUHOGDxRGHVXSHFDGR

3Uy[LPD7DUHD3ULQFLSLR6HLV$VLJQDFLyQ8QRSiJLQD


3ULQFLSLR&LQFR$VLJQDFLyQ'RV

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ'RV3ODQLFDQGROD5HSDUDFLyQ
(YDOXDUHOGDxRTXHKDUHVXOWDGRGHVXSHFDGRVH[XDO\KDFHUXQDOLVWDGHDTXHOORVDTXLHQHVKDGDxDGRHVVROD
PHQWHHOSXQWRGHSDUWLGD$GHFLUYHUGDGHVWDVDFHSWDFLRQHVVRQVyORXQKR\RVLXVWHGVHTXHGDDOOt/DOLVWDTXH
KDFUHDGRVLUYHFRPRXQWUDPSROtQSDUDODDFFLyQXQDDFFLyQHVSHFtFDHLGHQWLFDEOH/D$VLJQDFLyQ'RVGHO
3ULQFLSLR&LQFRORSUHSDUDSDUDWRPDUODVDFFLRQHVGHUHVWLWXFLyQ
3ULPHURQHFHVLWRGHQLUORTXHTXLHURGHFLUSRUKDFHUUHVWLWXFLyQ/RVSURJUDPDVGHORV'RFH3DVRVVHUHHUHQ
DHVWDVDFFLRQHVFRPRUHSDUDQGRODVIDOWDVGHQXHVWURVHUURUHV(QWpUPLQRVVLPSOHVUHSDUDUODVIDOWDVLPSOLFD
RIUHFHUXQDGLVFXOSDSRUHOGDxRFDXVDGR(VGHFLUOH/RVLHQWRFRQKXPLOGDG\VLQQLQJXQDH[SHFWDWLYDGH
UHFLELUHOSHUGyQ3HURUHSDUDUIDOWDVHVWDPELpQUHVSDOGDUODGLVFXOSDFRQLQWHQWRVHVSHFtFRVGHKDFHUODVFRVDV
FRUUHFWDV/DEXHQDGLVSRVLFLyQSDUDSURYHHUUHVWLWXFLyQHVXQEXHQLQGLFDGRUGHODVLQFHULGDGGHVXGLVFXOSD
5HSDUDQGR)DOWDV'LUHFWDPHQWH

/RVDGLFWRVSXHGHQRIUHFHUGRVFODVHVGHUHSDUDFLRQHV/DVSULPHUDVVRQUHSDUDFLRQHVGLUHFWDVHQODVFXDOHV
SURYHHODUHVWLWXFLyQHVSHFtFDPHQWHDODSHUVRQDDTXLHQXVWHGKDGDxDGR8QDDXQDVHDFHUFDLQGLYLGXDOPHQWH
DODVSHUVRQDVTXHKDQVXIULGRGHELGRDVXSHFDGRVH[XDO\XVWHGH[SUHVDVXUHPRUGLPLHQWRSRUORTXHKDKHFKR
\SRUHOGRORUFDXVDGR6LKD\DOJXQDPDQHUDDELHUWDGHFRUUHJLUHOPDOXVWHGORVXJLHUH\OXHJRORSURSRUFLRQD
VLVHORSHUPLWHQ
=DTXHRHOUHFROHFWRUGHLPSXHVWRVPHQFLRQDGRHQ/XFDVSURYHHXQJUDQHMHPSORGHUHSDUDUIDOWDVDWUDYpVGH
ODUHVWLWXFLyQHVSHFtFD$SDUHQWHPHQWHpOKDEtDXVDGRODDXWRULGDGGHVXSRVLFLyQSDUDUHFROHFWDUPiVGLQHURGH
ORTXHORVFLXGDGDQRVGHEtDQSDJDU'HVSXpVGHVXHQFXHQWURFRQ-HV~V=DTXHRSURPHWLyGHYROYHUDODVSHUVRQDV
FXDWURYHFHVODFDQWLGDGFRQTXHRVKDEtDWLPDGRYHUHQ/XFDVHOUHODWREtEOLFRGHODKLVWRULDGH=DTXHR
5HSDUDQGR)DOWDV,QGLUHFWDPHQWH
8QVHJXQGRWLSRGHUHSDUDFLyQHVODUHVWLWXFLyQGHOHJDGDIUHFXHQWHPHQWHOODPDGDUHSDUDFLyQLQGLUHFWD(VWH
HQIRTXHVHXVDFXDQGRHVLPSRVLEOHRLQDSURSLDGRKDFHUUHSDUDFLRQHVGLUHFWDV4XL]iVQRVDEHFyPRFRQWDFWDUVH
FRQDOJXLHQDTXLHQKDGDxDGRRWDOYH]ODSHUVRQDVHKDPXHUWR(QDOJXQRVFDVRVTXL]iVQLVDEHODLGHQWLGDG
GHDTXHOORVDTXLHQHVKLULyHVSHFLDOPHQWHVLVXVGHVHQIUHQRVKDQVLGRGHDPSOLRDOFDQFH+D\VLWXDFLRQHVHQ
ODVTXHSXHGHUHSDUDULQGLUHFWDPHQWHODVIDOWDV3RUHMHPSORXVWHGSRGUtDGRQDUIRQGRVSDUDD\XGDUDODVYtFWL
PDVGHOSHFDGRVH[XDO\TXHSXHGDQUHFLELUFRQVHMHUtDRWUDWDPLHQWR8QKRPEUHDGLFWRTXHFRQR]FRSDJDED
UHJXODUPHQWHHQIRUPDDQyQLPDORVJDVWRVSDUDTXHXQDSHUVRQDDVLVWDDXQSURJUDPDGH6DQLGDGSDUD(VSRVDV
RIUHFLGRDWUDYpVGHORV7DOOHUHVGH%HWHVGD(VWHDGLFWRYHVXGRQDFLyQFRPRXQDPDQHUDGHD\XGDUDRWURVTXH
KDQVXIULGRGHELGRDODDGLFFLyQGHVXSDUHMDWDOFRPRVXIULyVXHVSRVD(VWDVSRVLELOLGDGHVGHSDJRLQGLUHFWRVRQ
LQQXPHUDEOHV



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&LQFR$VLJQDFLyQ'RV

8QD VHJXQGD VLWXDFLyQ TXH JDUDQWL]D OD UHVWLWXFLyQ LQGLUHFWD VRQ ORV FDVRV HQ TXH VHUtD SHUMXGLFLDO UHSDUDU ODV
IDOWDVGLUHFWDPHQWH8VWHGWRPDHVWHFDPLQRVLHOLQWHUDFWXDUHVSHFtFDPHQWHFRQDOJXLHQDTXLHQXVWHGKDKHULGR
IXHUDPiVQRFLYR&LHUWDVVLWXDFLRQHVGHDYHQWXUDVDPRURVDVGDQXQFODURHMHPSORGHFDVRVGRQGHHVLQDSURSLDGR
UHSDUDUIDOWDVGLUHFWDPHQWH8QFDVRVHUtDVLHOPDULGRGHXQDPXMHUFRQTXLHQXVWHGKDWHQLGRODDYHQWXUDQRHVWi
DOWDQWRGHVXFRPSOLFLGDG6HUtDGDxLQRSDUDpOHQWHUDUVHGHODWUDLFLyQDWUDYpVGHVXFRQIHVLyQ\VXGLVFXOSDeO
QHFHVLWDHQWHUDUVHGHODDYHQWXUDDWUDYpVGHVXSURSLDHVSRVDQRDWUDYpVGH8VWHG'HPLVPRPRGRVHUtDXQHU
URUSHGLUGLVFXOSDVDORVQLxRVGHODSDUHMDFRQTXLHQWXYRODDYHQWXUDDPHQRVTXH8VWHGHVWpVHJXURGHTXH\D
HVWDEDQFRQVFLHQWHVGHODLQGHOLGDG\VRQORVXFLHQWHPHQWHPDGXURVSDUDFRPSUHQGHUVXVFRPHQWDULRV
(QHVWHWLSRGHFLUFXQVWDQFLDVEXVTXHDOJXQDIRUPDGHUHSDUDUODVIDOWDVLQGLUHFWDPHQWHDODVSDUWHVDJUDYLDGDV
6HDFUHDWLYR'HVSXpVGHWRGDVODVLGHDV\ODHQHUJtDTXHKDJDVWDGRLPDJLQDQGRFyPRHVFRQGHUVXSHFDGRVH[XDO
XVHSRVLWLYDPHQWHVXFUHDWLYLGDGHLGHHDOJXQDVPDQHUDVFRQVWUXFWLYDVGHFRQWUDUUHVWDUDOJXQRGHORVGDxRVTXH
KDFDXVDGR
([SORUDQGR6XV0RWLYRV
'pMHPHDGYHUWLUOHDOJRVREUHVXWUDEDMRHQFXDQWRDHVWH3ULQFLSLR(VLPSRUWDQWHTXHUHYLVHFXLGDGRVDPHQWHHQ
FDGDFDVRSRUTXpTXLHUHUHSDUDUODVIDOWDV&RPRDGLFWRVVROtDPRVPDQLSXODUORVUHVXOWDGRV\HVSRVLEOHTXHHV
SHUHEHQHFLDUVHGHDOJXQDPDQHUDGLFLHQGRTXHORVLHQWH4XL]iVSLHQVHTXH8VWHGVDOGUiGHXQDVLWXDFLyQGLItFLO
RVHUHFXSHUDUiODEXHQDJUDFLDGHDOJXLHQ(VWRVVRQPRWLYRVLQFRUUHFWRVTXHPDQFKDUiQVXVDFFLRQHV&RQVXOWH
RWUDYH]ODKLVWRULDGHO+LMR3UyGLJRHQ/XFDV1RHVWDEDWUDWDQGRGHUHFRQTXLVWDUVXHVWDWXVFRPRKLMR'H
KHFKRpOHVWDEDGHVHRVRGHVHUXQVLHUYRKXPLOGHSDUDVXSDGUH&RQIRUPHUHYLVDVXFRUD]yQ(VWpUHVXHOWRDGH
WHFWDUFXDOTXLHUSRVLEOHPRWLYRHJRtVWDDOUHSDUDUVXVIDOWDV6HDYDOLHQWH
(VFXGULxHVXVPRWLYRVHVDVUD]RQHVTXHHVWiQGHWUiVGHVXGHVHRGHUHSDUDUODVIDOWDVTXHFRPHWLyFRQWUDFDGD
SHUVRQDGHVXOLVWD
+HDTXtDOJXQDVGHODVSRVLEOHVPRWLYDFLRQHV


,PSHGLURKDFHUTXHDOJXLHQGHMHGHHVWDUHQIDGDGRFRQ8VWHG

+DFHUTXH8VWHGPLVPRVHVLHQWDPHMRUSRUORTXHKDKHFKR

,QXLUHQDOJXLHQSDUDTXHFRQItHHQXVWHGRWUDYH]

0DQLSXODUJHQHUDQGROiVWLPDRFRPSDVLyQGHDOJXLHQ

7UDQVIHULUODFXOSDGLFLHQGR/RVLHQWRSHURQRKDEUtDKHFKRHVWRVLWXQRKXELHUDVKHFKRHVR

7UDWDUGHHYLWDUODVFRQVHFXHQFLDVH[SUHVDQGRDUUHSHQWLPLHQWR

$FHSWDUODUHVSRQVDELOLGDGFRPSOHWDSRUHOGDxRTXHKDFDXVDGR

'HPRVWUDUHPSDWtDSRUDTXHOORVTXHKDKHULGR

5HFWLFDUHOGDxRKDVWDGRQGHVHDSRVLEOH


3ULQFLSLR&LQFR$VLJQDFLyQ'RV

*XtD/,)(SDUD+RPEUHV

5HJLVWUDQGR(MHUFLFLRV(YDOXDQGRHO'DxR

$QDOLFHVXVYHUGDGHUDVPRWLYDFLRQHVHQFDGDFDVRHQTXHKDJDUHSDUDFLRQHV2UHSRU
GLVFHUQLPLHQWR\SXUH]DGHFRUD]yQ

3RURWURODGRVHDRSWLPLVWD\DJUDGHFLGRSRUORVFDPELRVTXH'LRVHVWiRSHUDQGRHQXVWHG$PHGLGDTXHKDWUD
EDMDGRDWUDYpVGHORVSULQFLSLRVGHVHUHO\YHUD]8VWHGKDSURJUHVDGRGHVGHHVWDUHQXQHVWDGRGHQHJDFLyQDO
SXQWRGHHVWDUGHVHRVRGHDFHSWDUODUHVSRQVDELOLGDGFRPSOHWDGHORTXHKDKHFKR\HOGDxRTXHKDFDXVDGR(VWH
GLItFLOWUDEDMRHQHO3ULQFLSLR&LQFRHVXQSDVRPiVHQVXYLDMHGHWUDQVIRUPDFLyQ5HFXHUGH'LRVVHUiHOSDUD
WHUPLQDUODEXHQDREUDTXH(OKDFRPHQ]DGRHQVXFRUD]yQ)LOLSHQVHV

3ODQHHHVSHFtFDPHQWHFyPRLUiDUHSDUDUODVIDOWDV\DVHDQGLUHFWDVRLQGLUHFWDV3DUDFDGDSHUVRQDSULPHUR
GHWHUPLQHVLODUHSDUDFLyQGLUHFWDRLQGLUHFWDHVODPiVDSURSLDGD(VFULEDHOPHMRUPpWRGRMXQWRDFDGDQRPEUH

5HJLVWUDQGR(MHUFLFLRV6X3ODQ
1RPEUHGHODSHUVRQDGDxDGD

7LSRGHUHSDUDFLyQGLUHFWDRLQGLUHFWD

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

/XHJRGHVDUUROOHXQSODQ$TXLpQVHDFHUFDUDSULPHUR"&yPRFRQWDFWDUiDHVDSHUVRQD"4XpOHGLUi"4Xp
DFFLyQWRPDUi8VWHG"

3Uy[LPD7DUHD3ULQFLSLR6HLV$VLJQDFLyQ'RVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&LQFR$VLJQDFLyQ'RV

5HJLVWUDQGR(MHUFLFLRV4XLpQ\&yPR"

,GHQWLTXHDODVWUHVSULPHUDVSHUVRQDV
DTXLHQHVSXHGHUHSDUDUGLUHFWDPHQWH

/XHJRLGHQWLTXHWUHVIRUPDVGHUHSD
UDULQGLUHFWDPHQWH

 BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

 BBBBBBBBBBBBBBBBBBBBBBBBBBBBB

(VFULED VX SODQ HVSHFtFR HQ VX GLDULR

6HDWDQGHWDOODGRFRPRVHDSRVLEOH

(VFULED VX SODQ HVSHFtFR HQ VX GLDULR

6HDWDQGHWDOODGRFRPRVHDSRVLEOH

+DEOHFRQVX6SRQVRU\JUXSR/,)(VREUHVXOLVWDGHDTXHOORVDTXLHQHVKDGDxDGRGHOGDxRTXHKDKHFKR\
VXSODQSDUDUHSDUDUVXVIDOWDV3LGDUHWURDOLPHQWDFLyQ+D\RPLVLRQHVREYLDVDVXOLVWD"6RQVXVPRWLYRVWDQ
KRQHVWRVFRPRSXHGHQVHUSDUDFRQHOORV"(VVXSODQDSURSLDGR\UD]RQDEOHSDUDFDGDSHUVRQD\VLWXDFLyQ"

5HJLVWUDQGR(MHUFLFLRV8QD&LWD
+DJD XQD FLWD SDUD HQFRQWUDUVH
FRQ VX VSRQVRU R GHWHUPLQH
FXiQGR SRGUi FRPSDUWLU FRQ VX
*UXSR /,)( \ UHJLVWUH HVD IH
FKDHQVXGLDULR

12720(1,1*81$$&&,21
6LQTXHSULPHURFRPSDUWDVXSODQFRQVXVLVWHPDGHUHQGLFLyQGHFXHQWDV

3Uy[LPD7DUHD3ULQFLSLR6HLV$VLJQDFLyQ'RVSiJLQD


3ULQFLSLR&LQFR$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ7UHV5HSDUDFLRQHV9LYLHQWHV
/DV$VLJQDFLRQHV8QR\'RVGHO3ULQFLSLR&LQFROROOHYDURQDWUDYpVGHXQSURFHVRGHLGHQWLFDFLyQGHDTXHOORV
DTXLHQHVKDGDxDGR\ODFUHDFLyQGHSODQHVHVSHFtFRVSDUDUHSDUDUIDOWDV$KRUDHQOD$VLJQDFLyQ7UHVWLHQH
ODRSRUWXQLGDGGHGHPRVWUDUHOFDPELRUHDO7RPDQGRDFFLyQHQODUHSDUDFLyQGHVXVIDOWDVPRVWUDUiGHPDQHUD
DELHUWDODUHYROXFLyQTXHHVWiRFXUULHQGRGHQWURGHVXFRUD]yQ3DUDDTXHOORVTXHORURGHDQSRGUtDVHUHOSULPHU
HMHPSORFODURGHVXWUiQVLWRSRUHOFDPLQRGHODWUDQVIRUPDFLyQ
+$&,(1'25(3$5$&,21(6(63(&),&$6
(VWDDVLJQDFLyQFRQVLGHUDUiODVGRVPDQHUDVDELHUWDVGHUHSDUDUIDOWDV3ULPHURH[DPLQDUHPRVFyPRWRPDUDFFLR
QHVHVSHFtFDV\DVHDGLUHFWDRLQGLUHFWDPHQWHSDUDKDFHUUHVWLWXFLyQ5HSDUDUIDOWDVLQGLUHFWDPHQWHHVPHQRV
FRPSOLFDGR'HVSXpVGHFRQVHJXLUUHWURDOLPHQWDFLyQGHVXJUXSRVLPSOHPHQWHDFW~H+iJDORVLOHQFLRVDPHQWH
VLQIDQIDUULD\VLQLQWHQWDUOODPDUODDWHQFLyQKDFLDXVWHGPLVPR
5HSDUDUIDOWDVGLUHFWDPHQWHHVPiVSHOLJURVR(VWHDWHQWRDHVWDVSDXWDVDFHUFDGHVXFRQYHUVDFLyQFRQDOJXLHQ
DTXLHQXVWHGKDKHULGR
 0DQLHVWHODUD]yQSRUODTXHTXLHUHKDEODUFRQHVWDSHUVRQD5HFXHUGHTXH8VWHGSUREDEOHPHQWHKDKHULGR
DHVWDSHUVRQDSURIXQGDPHQWH\pORHOODSXHGHQHVWDUUHFHORVRVGHKDEODUFRQXVWHG6LFRQFHUWDXQDFLWD
HVSHFtFDSDUDUHXQLUVHH[SOLTXHSRUTXpTXLHUHKDEODU6LQRVHKDFRQWDFWDGRFRQDOJXLHQGHVXOLVWDSHUR
'LRVSURYHHXQDRSRUWXQLGDGLQHVSHUDGDSDUDXQDFRQYHUVDFLyQLPSURYLVDGDPDQLHVWHGHVGHHOSULQFLSLR
VXGHVHRGHH[SUHVDUVXSHQDSRUHOGDxRTXHKDFDXVDGR
 /XHJR PDQLHVWH FODUDPHQWH FyPR KD KHULGR D HVWD SHUVRQD 6HD HVSHFtFR  /DV GLVFXOSDV JHQHUDOHV
VRQSRFRFRQYLQFHQWHV(QOXJDUGH/RVLHQWRSRUKHULUWHGLJD6HTXHIXHGRORURVRFXDQGRROYLGpWX
FXPSOHDxRVSRUTXHPHGHMpOOHYDUSRUPLSHFDGRVH[XDO7HSLGRGLVFXOSDV$VHJ~UHVHGHGHFLUOLWHUDO
PHQWHODVSDODEUDV/RVLHQWR\WHSLGRGLVFXOSDV/DWHQGHQFLDGHOUHPRUGLPLHQWRHVGHPDVLDGRLPSRU
WDQWHFRPRSDUDGHMDUTXHVLPSOHPHQWHVHVREUHHQWHQWLHQGD6LQHPEDUJRFUHRTXHHVPHMRUHYLWDUSHGLU
SHUGyQ(VGHPDVLDGRIiFLOVHUPDQLSXODGRUFRQXQDSHWLFLyQGHSHUGyQ6LODSHUVRQDFRQFHGHHOSHUGyQ
HVWXSHQGR3HURHVDHOHFFLyQHVGHpORGHHOOD\GHEHVHUKHFKDOLEUHPHQWHVLQTXHVHORVXJLHUD8VWHG
6yORH[SUHVHVXSHQDSRUHOGRORUTXHKDFDXVDGR\OLEpUHVHGHODVFRQVHFXHQFLDV/DUHDFFLyQGHODSHUVRQD
QRGHSHQGHGH8VWHG
 ([SOLTXHVXLQWHQFLyQGHFRPSRUWDUVHGHPDQHUDGLIHUHQWH\FXDOTXLHUSODQGHUHVWLWXFLyQTXHOHJXVWDUtD
KDFHUSRUHOGDxRTXHKDFDXVDGRDHVWDSHUVRQD2WUDYH]VHDHVSHFtFRVREUHORTXpOHJXVWDUtDKDFHUSDUD
UHSDUDUODIDOWD
 (VFXFKHODUHDFFLyQGHODSHUVRQDeORHOODSXHGHQH[SUHVDUFyOHUDRGRORUSRUORTXHKDKHFKR6HDSDFL
HQWH\QRGHIHQVLYR(VWpGHDFXHUGRFRQHOGDxRTXH8VWHGKDFDXVDGR\VHDHPSiWLFRFRQHOGRORUGHOD
SHUVRQD
 
 $JUDGH]FDDODSHUVRQDSRUHVFXFKDUVXGLVFXOSD\SRUH[SUHVDUVXVSHQVDPLHQWRVRVHQWLPLHQWRV


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&LQFR$VLJQDFLyQ7UHV

1RHVSHUHQLQJXQDUHDFFLyQSRVLWLYDRUHVXOWDGRFXDQGR8VWHGWUDWHGHUHSDUDUIDOWDVHVSHFtFDV$OJXQDVSHUVR
QDVQRFRPSUHQGHUiQORTXpHVWiKDFLHQGR\SRGUtDQHFKDUOR2WURVD~QSXHGHQHVWDUGHPDVLDGRHQIDGDGRVFRPR
SDUDHVFXFKDUORKDVWDHOQDO4XL]iVODPD\RUtDDFHSWHVXGLVFXOSD/DUHDFFLyQGHOLQGLYLGXRQRHVHODVXQWR6X
YROXQWDGGHDFHSWDUODUHVSRQVDELOLGDGKXPLOGHPHQWHHVODFODYH5HFXHUGHODHQVHxDQ]DHQ3HGUR+XPLO
ODRVSXHVEDMRODSRGHURVDPDQRGH'LRVSDUDTXHpORVH[DOWHFXDQGRIXHUHWLHPSR5HSDUDUODVIDOWDVHVWDQ
GLItFLOSDUD8VWHGFRPRORHVSDUDORVTXHKDKHULGR0iVELHQOLEHUDVXFDUJDGHYHUJHQ]D\KDFHPiVSURIXQGD
VXFRQDQ]DHQTXH'LRVVHHQFDUJDUiGHOUHVXOWDGRFXDQGR8VWHGVRPHWDVXYROXQWDGDeO

35$&7,&$1'2/$5(3$5$&,219,9(1&,$/

(OGHVDItR\ODWDUHDGHODUHFXSHUDFLyQDORODUJRGHWRGDODYLGDHVYLYLUGHPDQHUDGLIHUHQWHQRVRODPHQWHHQ
VXFRPSRUWDPLHQWRVH[XDOVLQRHQWRGDVODViUHDVGHVXYLGD3RUSHQVDPLHQWRSDODEUD\REUDXQDGLFWRGHEH
REVHUYDUORVSULQFLSLRVGHVHUHO\YHUGDGHURGLDULDPHQWH(QWpUPLQRVGHUHFXSHUDFLyQDHVWDFODVHGHSUiFWLFDVH
OHGHQRPLQDUHSDUDFLyQYLYHQFLDO(QFDGDVLWXDFLyQ8VWHGWRPDGHFLVLRQHVHQVXPHMRUQLYHOGHFRPSHWHQFLD
ODVFXDOHVVRQEHQHFLRVDVHQOXJDUGHSHUMXGLFLDOHV
8QDSULPHUDiUHDGHUHSDUDFLRQHVYLYHQFLDOHVHVREYLDPHQWHPDQWHQHUODVREULHGDGVH[XDO6LQLQWHJULGDG
VH[XDOQLQJ~QRWURSURJUHVRHVSRVLEOH+DEODUpGHHVWHFRQFHSWRGHWDOODGDPHQWHHQHO3ULQFLSLR6HLV5HFXHUGH
ODSUHFDXFLyQTXHIXHSDUWHGHODDVLJQDFLyQQDOGHO3ULQFLSLR8QR(VWHSHUtRGRGHWLHPSRGXUDQWHVXVVHJXQ
GRVVHLVPHVHVGHVREULHGDGHVXQWLHPSRSHOLJURVRSDUDODUHLQFLGHQFLD(VIiFLOGHVFXLGDUVHHQVXVHVIXHU]RV
GHUHFXSHUDFLyQ4XLHURUHFRUGDUOHXQDKHUUDPLHQWDLPSRUWDQWHSDUDHOWUDEDMRGHVXSURJUDPD/RVOtPLWHVSDUD
VXVREULHGDGVH[XDOVLJXHQVLHQGRFUtWLFRV([DPLQHVXWUDEDMRVREUHORVOtPLWHVHQHO3ULQFLSLR8QR(VWi8VWHG
SUDFWLFDQGREXHQRVOtPLWHVHQHOiUHDItVLFD"0HQWDO"(PRFLRQDO"(VSLULWXDO"5HODFLRQDO"1REDMHODJXDUGLD
8QDVHJXQGDSDUWHLPSRUWDQWHGHOSUDFWLFDUUHSDUDFLRQHVYLYHQFLDOHVHVVHJXLUODUHJODGHRURWUDWDUDRWURV
GHODPLVPDIRUPDHQTXHOHJXVWDUtDTXHORWUDWHQD8VWHG(VWHREMHWLYRUHTXLHUHPDGXUH]\DEQHJDFLyQ
1RVXUJHFRQQDWXUDOLGDGHVSHFLDOPHQWHGHORVDGLFWRVTXHWLHQHQXQDKLVWRULDODUJDGHFRQFHQWUDUVHVyORHQVX
SURSLDVDWLVIDFFLyQ8QDVSHFWRFODYHHQTXHHVWHREMHWLYRVHUHODFLRQDFRQHO3ULQFLSLR&LQFRHVHQHODSUHQGHUD
SHUGRQDUDRWURVSUHFLVDPHQWHFRPR8VWHGHVSHUyTXHORSHUGRQDUDQFXDQGRRIUHFLyODVUHSDUDFLRQHVDVXVIDOWDV



3ULQFLSLR&LQFR$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

6XWUDEDMRDORODUJRGHHVWHWH[WR\FRQVXJUXSR/,)(ORKDSXHVWRHQFRQWDFWRFRQDOJXQDViUHDVSURIXQGDV
GHVXVSURSLDVKHULGDV4XL]iVKDLGHQWLFDGRDOJXQDVPDQHUDVHQTXHKDVLGRSURIXQGDPHQWHKHULGRSRURWURV
LQFOXVRDXQGHQWURGHVXSURSLDIDPLOLD6HKDSHUPLWLGRSDOSDUVXVVHQWLPLHQWRVGHSpUGLGDGHSHVDUGHGRORUGH
FyOHUDGHWULVWH]D\GHVROHGDG&RPSUHQGHODVPDQHUDVHQTXHKDVLGRDEXVDGRRDEDQGRQDGR
(O3ULQFLSLR&LQFRORGHVDItDDSHUGRQDUDDTXHOORVTXHORKDQGDxDGR\DVtWDPELpQUHSDUDUKXPLOGHPHQWH
ODVIDOWDVFRQWUDDTXHOORVTXHKDGDxDGR3DUDDOJXQRVGHQRVRWURVHVWDHPSUHVDHVPiVGLItFLO7DOYH]8VWHG
TXLVLHUDJXDUGDUXQSRFRPiVVXVUHVHQWLPLHQWRV4XL]iVVHVLHQWHPiVFyPRGRHQVXSDSHOGHYtFWLPD$IHUUDUVH
DXQUHQFRUOHSHUPLWHLJQRUDUFXDOTXLHUSDUWHFRQODTXH8VWHGKDFRQWULEXLGRDORVSUREOHPDVGHODUHODFLyQ
8QDFODUDVHxDOGHXQFDPELRGHYLGDHVFXDQGR8VWHGHVWiGLVSXHVWRDROYLGDUORVGHEHUHVTXHRWURVOHGHEHQD
8VWHG6HDTXHHORIHQVRUH[SUHVHGRORUSRUHOVXIULPLHQWRTXHKDFDXVDGRRQR8VWHGGHFLGHSHUGRQDU\VHJXLU
DGHODQWH8VWHGSHUPLWHTXH'LRVVHDHOMXH]\FDVWLJDGRUGHODVLQMXVWLFLDV3DEORKDFHS~EOLFRHVWHGHVDItR
1RSDJXpLVDQDGLHPDOSRUPDOSURFXUDGOREXHQRGHODQWHGHWRGRVORVKRPEUHV6LHVSRVLEOH
HQFXDQWRGHSHQGDGHYRVRWURVHVWDGHQSD]FRQWRGRVORVKRPEUHV1RRVYHQJXpLVYRVRWURVPLV
PRVDPDGRVPtRVVLQRGHMDGOXJDUDODLUDGH'LRVSRUTXHHVFULWRHVWi0tDHVODYHQJDQ]D\R
SDJDUpGLFHHO6HxRU$VtTXHVLWXHQHPLJRWXYLHUHKDPEUHGDOHGHFRPHUVLWXYLHUHVHGGDOHGH
EHEHUSXHVKDFLHQGRHVWRDVFXDVGHIXHJRDPRQWRQDUiVVREUHVXFDEH]D1RVHDVYHQFLGRGHOR
PDORVLQRYHQFHFRQHOELHQHOPDO







5RPDQRV
1RVHGHVDOLHQWHSRUORGLItFLOTXHHVKDFHUUHSDUDFLRQHVDRWURV\H[WHQGHUODJUDFLDDRWURV(VWHVHUiXQSURFHVR
GHWRGDODYLGDFRQIRUPH8VWHGFUHFHHQVXUHODFLyQFRQXQ'LRVSHUGRQDGRU8VWHGQRUHDOL]DUiQLQJXQDGHODV
WDUHDVGHUHFXSHUDFLyQSHUIHFWDPHQWH$OJXQDVYHFHVQRWHQGUiODPDGXUH]RHOFULWHULRQLVLTXLHUDSDUDLQWHQWDUOR
<DTXHXVWHGHVKXPDQRFRQWLQXDUiFDXVDQGRGDxRRFDVLRQDOPHQWH
5HFXHUGHODSURPHVDGHQXHVWUR6HxRU%iVWDWHPLJUDFLDSRUTXHPLSRGHUVHSHUIHFFLRQDHQODGHELOLGDG
&RULQWLRV

5HJLVWUDQGR(MHUFLFLRV6XV7DUHDV
5HDOLFHGRVDFFLRQHVHVSHFtFDV

5HDOLFHXQDUHSDUDFLyQGLUHFWDDDOJXLHQTXHKD\DKHULGR

5HDOLFHXQDIRUPDGHUHSDUDFLyQLQGLUHFWD
5HJLVWUHORTXHKL]RHQVXGLDULRMXQWRFRQORTXHVLQWLy(VWpSUHSDUDGRSDUDFRPSDUWLU
VXVDFFLRQHV\VHQWLPLHQWRVFRQVX*UXSR/,)(

3Uy[LPD7DUHD3ULQFLSLR6HLV$VLJQDFLyQ7UHVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR&LQFR$VLJQDFLyQ7UHV

5HJLVWUDQGR(MHUFLFLRV3HUGRQDQGR

&RPSDUWD ORV QRPEUHV \

VLWXDFLRQHVFRQVX6SRQVRU
2UHQMXQWRVSRUYROXQWDG\
D\XGDSDUDGHMDULUUHQXQFL
DUDVXGHUHFKRDYHQJDQ]D
SRU ODV RIHQVDV TXH KD VXI
ULGR

&LQFRSHUVRQDVTXHQHFHVLWRSHUGRQDU
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6ROLFLWHDVXJUXSRUHDUPDFLRQHVVREUHFXiQWRKDDYDQ]DGR8VWHGHQVXYLDMHD
9LYLHQGR(Q/LEHUWDG&DGD'tD





*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6HLV

(/35,1&,3,26(,6
(QHOFRPSDxHULVPRFRQORVRWURVGHVDUUROODPRVUHODFLRQHVSHUVRQDOHVtQ
WLPDV\KRQHVWDVHQODVTXHFHOHEUDPRVQXHVWURVSURJUHVRV\FRQWLQXDPRV
DERUGDQGRQXHVWUDVGHELOLGDGHV

Viviendo en Compaerismo: No Puedo Triunfar Solo

)HOLFLWDFLRQHVSRUOOHJDUKDVWDDTXtHQVXYLDMHSRUPDQWHQHUODLQWHJULGDGVH[XDO6pTXHHVWiDGTXLULHQGRPiV
YDORUSHUVHYHUDQFLD\GHGLFDFLyQ(QPXFKRVVHQWLGRVTXL]iVKD\DVLGRPiVGXURGHORTXHSUHYLy+DH[SHULPHQ
WDGRPXFKRVVHQWLPLHQWRVTXHSXHGHQVHUQXHYRVSDUD8VWHG+DWHQLGRTXHKXPLOODUVHDODGPLWLUWRGDODYHUGDG
VREUHVXKLVWRULDVXVLGHDV\VXVRIHQVDV3HURFRQODD\XGDGH'LRVXVWHGORKDKHFKR+DFRQWDGRVXKLVWRULD
GHSHFDGRVH[XDO+DGHFLGLGRTXHTXLHUHPHMRUDU\KDHQWUHJDGRVXYLGDD&ULVWR+DDFHSWDGRUHQGLUFXHQWDV
DXQ6SRQVRU\TXL]iVKDHPSH]DGRDWUDEDMDUFRQXQFRQVHMHUR(VWiGHVHRVRGHUHSDUDUODVIDOWDVFRQDTXHOORD
TXLHQHVKDGDxDGR2URSDUDTXH8VWHGHVWpFRPHQ]DQGRDWHQHUXQDSHUFHSFLyQPiVSURIXQGDGHO3RGHUGH'LRV
\ODSUHVHQFLDGHeOHQVXYLGD
(O3ULQFLSLR6HLVORJXLDUiDXQHVWLORGHYLGDTXHLQYROXFUDXQDFRQH[LyQJHQXLQDFRQRWURVHQOXJDUGHODLVOD
PLHQWRTXH8VWHGSUREDEOHPHQWHKDFRQRFLGR/RVFLPLHQWRVSDUDHVWHWUDEDMRYLHQHQGHXQRGHPLVSULQFLSLRV
FODYHVGHHQVHxDQ]D
(OFRPSDxHULVPRHVLJXDODODOLEHUWDGGHODODVFLYLD
3UREDEOHPHQWHVHDGLItFLOSDUDXVWHGFUHHUHQHVWDSURPHVD4XL]iVKDHVWDGRVRORSRUDxRVHVFRQGLHQGRVXVVHFUH
WRVVH[XDOHVGHORVGHPiV1XQFDKDFRQRFLGRHOJR]RGHXQDFRPXQLGDGDOHQWDGRUD6XYHUJHQ]DOHKDLPSHGLGR
FRPXQLFDUVHFRQRWURVPLHQWUDVFRQWLQXDEDDOLPHQWDQGRVXODVFLYLD\VXSHFDGRVH[XDO3UREDEOHPHQWHWDPSRFR
SXHGDLPDJLQDUVHXQDYLGDOLEUHGHODIDQWDVtD\OXMXULDDTXLHQHVKDVHQWLGRFRPRVXVFRPSDxHURVHOHVSRUWDQWR
WLHPSRGHVGHTXHWLHQHPHPRULD(O3ULQFLSLR6HLVRIUHFHXQFDPLQRSDUDVDOLUGHVXDLVODPLHQWRDFXiODVXYH]
HVHOFDPLQRKDFLDODLQWHJULGDGVH[XDO
(VGHHVSHUDUTXH8VWHG\DHVWpGLVIUXWDQGRGHDOJXQRVGHORVEHQHFLRVGHOFRPSDxHULVPRDWUDYpVGHVX*UXSR
/,)(6HHVWiUHXQLHQGRFRQRWURVKRPEUHV&ULVWLDQRVTXHKDQHQIUHQWDGROXFKDVVLPLODUHV\TXHEXVFDQYLYLU
HQOLEHUWDG\SXUH]DVH[XDO(VWiHPSH]DQGRDH[SHULPHQWDUWDQWRODJUDFLDGH'LRVFRPRODJUDFLDGHRWURV&ULV
WLDQRVTXHORDPDQDSHVDUGHVXVHUURUHV



3ULQFLSLR6HLV$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ8QR3UDFWLFDQGRHO3URJUDPD
/D$VLJQDFLyQ8QRGHO3ULQFLSLR6HLVFXEUHODVEDVHVGHODFRQVROLGDFLyQGHHVWHQXHYRHVWLORGHYLGDHQODSUiF
WLFDGLDULD(QHVWDSULPHUDOHFFLyQPLHQIRTXHHVWDUiHQOD~OWLPDLGHDGHO3ULQFLSLRPLVPR&HOHEUDPRVQXHVWUR
SURJUHVR\FRQWLQXDPRVDERUGDQGRQXHVWURVGHELOLGDGHV9R\DERVTXHMDUDOJXQDVIRUPDVGHFRQGXFWDHVSHFt
FDVGHHQFDPLQDUODVFRQYHUVDFLRQHVSDUDODWUDQVIRUPDFLyQ(VWDDVLJQDFLyQWUDWDFRQORVDVSHFWRVEiVLFRVGHOR
TXHODFRPXQLGDGGHORV'RFH3DVRVOODPD3UDFWLFDQGRHOSURJUDPD(OGHVDUUROORGHOYHUGDGHURFRPSDxHULVPR
FRQRWURVGHEHEDVDUVHHQHVWRVFLPLHQWRV
(VWR\VHJXURGHTXH8VWHGVHKDFRQYHQFLGRGHTXHODUHFXSHUDFLyQQRRFXUUHHQIRUPDHVSRQWiQHD$PHQRVTXH
HQUHDOLGDGKDJDODVFRVDVHQIRUPDGLVWLQWDVXFRPSRUWDPLHQWR\DFWLWXGHVQRFDPELDUiQ'RVOHPDVGHOOHQJXDMH
GH/RV'RFH3DVRVGHVFULEHQHVWDUHDOLGDG6LQDGDFDPELDQDGDFDPELD\6LXVWHGVLJXHKDFLHQGRORTXH
VLHPSUHKDKHFKRVHJXLUiREWHQLHQGRORTXHVLHPSUHKDFRQVHJXLGR
/D$VLJQDFLyQ8QRGHWDOODXQDYDULHGDGGHPRGHORVHVSHFtFRVSDUDKDFHUODVFRVDVGHPDQHUDGLIHUHQWH<DORV
KHPHQFLRQDGRFRPRSDUWHGHGLIHUHQWHVDQiOLVLVGHORVRWURV3ULQFLSLRVSHURHVLPSRUWDQWHKDFHUXQERVTXHMR
FODURDTXt3LHQVHHQHVWDOLVWDFRPRXQSODQGHUHFXSHUDFLyQGHOLQHDGRSRUQ~PHURV$HVWDVDOWXUDV8VWHG
GHEHUtDHVWDUSHUPDQHQWHPHQWH

&XLGDQGRGHVtPLVPRItVLFDPHQWHVXFLHQWHHMHUFLFLRGHVFDQVRGLHWDVDOXGDEOHHWFpWHUD

$VLVWLHQGRDODVUHXQLRQHVGHOJUXSR/,)(

/ODPDQGRDDOJXLHQGHVXJUXSRGLDULDPHQWH

/H\HQGRHVWHFXDGHUQRGHHMHUFLFLRV\DOJXQDRWUDOLWHUDWXUDSURYHFKRVD

(VWDEOHFLHQGROtPLWHVVDOXGDEOHVDOUHGHGRUGHVXULWXDOHV\FRQGXFWDVGHGHVHQIUHQR

3UDFWLFDQGRODKRQHVWLGDGFRQ8VWHGPLVPR\FRQORVGHPiV

$VXPLHQGRODUHVSRQVDELOLGDGSRUVXVDFFLRQHV

$ERUGDQGRVXVDFWLWXGHVHQIHUPL]DV\VXVGHIHFWRVGHFDUiFWHU

$FHSWDQGRODUHQGLFLyQGHFXHQWDVFRQVX6SRQVRU

3DUWLFLSDQGRHQWHUDSLDVLHVQHFHVDULR

3LGLHQGRGLDULDPHQWHODD\XGDGH'LRVSDUDVXMRUQDGD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6HLV$VLJQDFLyQ8QR

2EYLDPHQWHQRYDDUHDOL]DUSHUIHFWDPHQWHFDGDXQDGHHVWDVFRVDVWRGRVORVGtDVSHURHVWDOLVWDHVXQERVTXHMR
SDUDVXYLGDFRWLGLDQD&yPRORHVWiKDFLHQGR"
/DVVLJXLHQWHVGRVSiJLQDVFRQWLHQHQKRMDVGHWUDEDMRTXHSXHGHXVDUFRPRXQLQYHQWDULRGLDULRSDUDPHGLUVX
SURJUHVR6XJLHURTXHVDTXHFRSLDVGHHVWDVGRVSiJLQDV\ODVSRQJDHQVXOLEUHWDRGLDULR&DGDGtDHYDO~HVHD
XVWHGPLVPRHQODVFLQFRiUHDVGHVFULWDV\UHJLVWUHVX3XQWDMHGH,QYHQWDULRFRPRVHLQGLFDHQODWDEOD

(VFULELHQGRHOHMHUFLFLR,QYHQWDULR'LDULR

&RPSOHWH HO ,QYHQWDULR 'LDULR GH ODV VLJXLHQWHV SiJLQDV \ DQRWH VXV UHVXOWDGRV HQ OD
WDEOD&RQWLQ~HFDGDGtDFRQHVWDSUiFWLFDGXUDQWHODVSUy[LPDVVHLVVHPDQDV2EVHUYH
HOSDWUyQGHVXVUHVXOWDGRV5HFXHUGHTXHPLHQWUDVPiVDOWRVUHVXOWDGRVPHMRU3LHQVH
HQHOERZOLQJHQYH]GHOJROI2EVHUYHFDGDXQDGHODVFLQFRFDWHJRUtDVDVtFRPRVX
SXQWDMHWRWDO(VWiQDXPHQWDQGRRGLVPLQX\HQGRVXVSXQWRVDPHGLGDTXHSDVDQORV
GtDV\ODVVHPDQDV"6LVXVSXQWDMHVQRGHPXHVWUDQSURJUHVRSXHGHTXHHVWpHQSHOLJUR
GHUHFDHUHQYLHMDVDFWLWXGHV\FRQGXFWDV6LHVDVtTXL]iQHFHVLWHUHSDVDUORVSULPHURV
3ULQFLSLRV&RPSDUWDVXVUHVXOWDGRVFRQVXVSRQVRU\VX*UXSR/,)(FDGDVHPDQD



3ULQFLSLR6HLV$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

,19(17$5,2',$5,2'(9,'$6$1$
(YDO~HVHGLDULDPHQWHDVtPLVPRHQHVWDVFLQFRiUHDVSULQFLSDOHVXVDQGRODHVFDODTXHVHPXHVWUDDEDMR/RV
tWHPVHQXPHUDGRVVRQVyORVXJHUHQFLDVDJUHJXHRWUDVTXHSXHGDQVHUDSURSLDGDVSDUD8VWHG(VWDEOH]FD8VWHG
PLVPRHOSXQWDMHJOREDOSDUDFDGDiUHD5HJLVWUHHVWRVFLQFRSXQWDMHVHQOD7DEODGH,QYHQWDULR'LDULD






  







  









$5($)6,&$
$OLPHQWDFLyQ1XWULWLYD
'HVFDQVRDGHFXDGR
(MHUFLFLR
&XLGDQGRGHQHFHVLGDGHVPpGLFDV
&XLGDGRGHVtPLVPRDVHR
&XLGDGRGHORVELHQHVYLYLHQGDDXWR
'LHWDVLHVQHFHVDULR
$5($5(/$&,21$/
5HODFLRQDUVHtQWLPDPHQWHFRQDOJXLHQVHJXUR
6HUDWHQWRFRQODHVSRVD
'LVSRQLEOHSDUDORVQLxRV
3DUWLFLSDUHQXQDFRPXQLGDGGHDSR\R
$\XGDUDRWURVDOXFKDUFRQHOSHFDGRVH[XDO
6RVWHQHUUHODFLRQHVKRQHVWDV

$5($'(&21'8&7$
6REULHGDG
$VLVWLUDUHXQLRQHV
/ODPDUDO6SRQVRUDPLJRVGHUHFXSHUDFLyQ
+iELWRVGHWUDEDMRVDOXGDEOH
3DVDWLHPSRV
1RFDPELDUDRWUDVDGLFFLRQHV
3LURSRVVDQRV
$5($3(5621$/
6HUHQRHQYH]GHGHSUHVLYRRDQVLRVR
5HFLELUFRQVHMR
&XUDUVHGHODVKHULGDVSULQFLSDOHV
(VWDUDOHUWDDORVVHQWLPLHQWRV\QHFHVLGDGHV
/HHUOLWHUDWXUDGHUHFXSHUDFLyQ
&DSD]GHH[SUHVDUVHQWLPLHQWRV\QHFHVLGDGHV

$5($(63,5,78$/
2UDFLyQ
(VWXGLR%tEOLFR
7LHPSRSDUDGHYRFLRQDOSHUVRQDO
$GRUDFLyQ
3URIXQGL]DUHVSLULWXDOPHQWH
,QYROXFUDUVHHQOD,JOHVLD

3817$-(',$5,2
$5($)6,&$
$5($'(&203257$0,(172
$5($5(/$&,21$/
$5($3(5621$/
$5($(63,5,78$/

>(OSXQWDMHJOREDOHQFDGDiUHDGHEHUtDHVWDUHQWUH\@



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6HLV$VLJQDFLyQ8QR

7$%/$'(,19(17$5,2',$5,$6(0$1$/0(17(

'20

/81

0$5

0,(

-8(

9,(

6$%

727$/

)tVLFD
&RQGXFWD
5HODFLRQDO
3HUVRQDO
(VSLULWXDO
727$/
>(O3XQWDMHGLDULRWRWDOHVWDUiHQWUH(OSXQWDMHWRWDOVHPDQDOHVWDUiHQWUH@

7$%/$'(,19(17$5,2',$5,26(,66(0$1$6
6HPDQD

6HPDQD

6HPDQD

6HPDQD

6HPDQD

'RPLQJR
/XQHV
0DUWHV
0LpUFROHV
-XHYHV
9LHUQHV
6iEDGR
727$/
6(0$1$/

3Uy[LPD7DUHD3ULQFLSLR6HLWH$VLJQDFLyQ8QRSiJLQD


6HPDQD

3ULQFLSLR6HLV$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

$VLJQDFLyQ'RV&DPELDQGR1XHVWUR&LFOR
3RUDKRUDHOFLFORGHDGLFFLyQFRPRORGHVFULELy3DWULFN&DUQHVHVXQGLDJUDPDIDPLOLDU(VWDLOXVWUDFLyQJUiFDHO
WUDVWRUQRTXHVHKDOODHQHOQ~FOHRGHQXHVWUDHQIHUPHGDGODYHUJHQ]DQXHVWUDREVHVLyQ\IDQWDVtDQXHVWURVULWX
DOHVOXHJRQXHVWURVGHVHQIUHQR\SRUVXSXHVWRQXHVWUDGHVHVSHUDFLyQ$XQTXHGXGRTXHWHQJDTXHUHFRUGDUOH
HVWHFLFORXVWHGSXHGHKDFHUUHIHUHQFLDDOD$VLJQDFLyQ'RVGHO3ULQFLSLR8QRSDUDPiVGHWDOOHV
2URSDUDTXH8VWHGVLJXDPDQWHQLHQGRXQDVREULHGDGLQLQWHUUXPSLGD(VSHURTXHHVWpH[SHULPHQWDQGRDOJXQRV
FDPELRVFHQWUDOHVHQVXYLGD\HQVXFDUiFWHU/DMRUQDGDTXHHVWiUHDOL]DQGRHVVREUHDOJRTXHHVPXFKRPiVTXH
LQWHJULGDGVH[XDO(VVREUHODWUDQVIRUPDFLyQGHDOJXLHQTXHHVWiUHQGLGRD&ULVWR

5HYLVH5RPDQRV
$VtTXHKHUPDQRVRVUXHJRSRUODVPLVHULFRUGLDVGH'LRVTXHSUHVHQWpLVYXHVWURVFXHUSRVHQ
VDFULFLRYLYRVDQWRDJUDGDEOHD'LRVTXHHVYXHVWURFXOWRUDFLRQDO1RRVFRQIRUPpLVDHVWH
VLJORVLQRWUDQVIRUPDRVSRUPHGLRGHODUHQRYDFLyQGHYXHVWURHQWHQGLPLHQWR 











5RPDQRV

'HVSXpVGHWRGR'LRVHVPXFKRPiVTXHQXHVWUDSXUH]DVH[XDO$QKHODWUDQVIRUPDUQXHVWUDQDWXUDOH]DSHFDGRUD
HQXQDVHPHMDQWHDODVGH6XKLMR(OGHVHDQXHVWURFRUD]yQ
3DUDLOXVWUDUHVWHSURFHVRGHWUDQVIRUPDFLyQKHFUHDGRXQFLFORGHODUHFXSHUDFLyQTXHHVWiGLDJUDPDGRHQOD
VLJXLHQWHSiJLQD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6HLV$VLJQDFLyQ8QR

&LFORGH5HFXSHUDFLyQGH/DDVHU

(QYH]GHOFLFORDGLFWLYRGHGRORU\SHFDGRODYLGDWUDQVIRUPDGDGHXQDQXHYDFULDWXUDHQ&ULVWRVHFDUDFWHUL]D
SRUHVWHFLFORGHUHFXSHUDFLyQ+DEODUHPRVGHODYLVLyQHQOD$VLJQDFLyQWUHVGHO3ULQFLSLR6LHWH/D$VLJQDFLyQ
'RVDTXtVHHQIRFDHQHOFXHUSRSULQFLSDOGHOFLFORHQVtPLVPR6yORHVODUHSUHVHQWDFLyQYLVXDOGHODVFRQGXFWDV
TXHERVTXHMpHQOD$VLJQDFLyQ8QR/RVSXQWRVGHFRQWUROTXHFRQVWLWX\HHO,QYHQWDULR'LDULRVRQODV'LVFLSOLQDV
6DOXGDEOHV\ODV'HFLVLRQHV6DQDVGHVFULWDVHQHOFLFORGHUHFXSHUDFLyQ
5HYLVHRWUDYH]ODVFLQFRiUHDVSULQFLSDOHVGHXQDYLGDVDOXGDEOHTXHFRQIRUPDQHO,QYHQWDULR'LDULRUHD)tVLFD
UHDGH&RPSRUWDPLHQWRUHD3HUVRQDOUHD5HODFLRQDO\UHD(VSLULWXDO/RVWHPVOLVWDGRVFRPRHMHPSORV
GHGLVFLSOLQDVVDQDVWDOHVFRPRODDVLVWHQFLDDODVUHXQLRQHVGHJUXSR/,)(OODPDUDVX6SRQVRUXRUDU(VWDV
GLVFLSOLQDV OLGHUDQ ODV GHFLVLRQHV VDOXGDEOHV HQ FRPSRUWDPLHQWR SHQVDPLHQWR \ FDUiFWHU$O LJXDO TXH KD\ XQ
SURJUHVRSUHYLVLEOHHQVXSHFDGRKD\XQFDPLQRFRQRFLGRGHWUDQVIRUPDFLyQ&XDQGRSHUPLWHTXH'LRVWRPHHO
FRQWUROGHVXYLGD\FRUD]yQeOSXHGHJXLDUORHQODVHQGDGHJR]RFRQIRUPHFUHFHHQeO



3ULQFLSLR6HLV$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

(VWDUUHODFLRQDGRFRQODIDPLOLDGH'LRVSURYHHHOFRPSDxHULVPRGHXQDFRPXQLGDGVDQD(VDHVODUD]yQSRUOD
TXHLQVLVWRHQTXHQDGLHSXHGHUHFXSHUDUVHDVRODV'LRVQRVKL]RSDUDODUHODFLyQODFXDOREYLDPHQWHQRSRGHPRV
H[SHULPHQWDUDLVODGDPHQWH1RVQHFHVLWDPRVORVXQRVDORVRWURV(VSDUFLDOPHQWHDWUDYpVGHODLQWLPLGDGFRQ
RWURVTXHOOHJDPRVDFUHFHUHQODLQWLPLGDGFRQ'LRV
&XDQGRXVWHGYLYHORV3ULQFLSLRVGHVHUHO\YHUGDGHURXVWHGLQYLWDDKHUPDQRVDVHUSDUWHGHVXYLDMHGHWUDQV
IRUPDFLyQ\XVWHGVHKDFHSDUWHGHORVGHHOORV8VWHGVHDWUHYHDDGPLWLUVXVSHFDGRVSLGHD\XGDULQGHFXHQWDV
DFHSWDODUHVSRQVDELOLGDGVDQDVXVKHULGDVSULQFLSDOHV\FRPSDUWHODJUDFLDTXHHQFRQWUyHQ&ULVWR(QODFRPX
QLyQVDQD8VWHGHQFRQWUDUiKHUPDQRV\KHUPDQDVHQODIDPLOLDGH'LRV&RQWDUiVXVVHFUHWRVH[SRQGUiHOODGR
RVFXURGHVXFRUD]yQDODOX]\YLYLUiHQOLEHUWDGWRGRVORVGtDV

5HJLVWUDQGR(MHUFLFLRV([SUHVDQGR1XHVWUD*UDWLWXG
(VFULEDHOQRPEUHGHWUHVRFXDWURKRPEUHVTXHVHDQSDUWHGHVXFtUFXORGHFRPXQLyQ
(VFULEDXQDRGRVIUDVHVGHJUDWLWXGSRUFDGDXQRGHHOORV&RQWDFWHDFDGDKHUPDQR
HVWDVHPDQD\FRPSDUWDORTXHKDHVFULWRVREUHVXJUDWLWXGKDFLDpOSRUVXSDUWLFLSDFLyQ
HQVXYLGD

/LVWD GH GLVFLSOLQDV VD

QDV HQ ODV TXH VH FRP
SURPHWH D FRQFHQWUDUVH
HVWDVHPDQD
,GHQWLTXH XQD GH
FDGDiUHDSULQFLSDOTXH
QHFHVLWDPHMRUDU

)tVLFR
&RPSRUWDPLHQWR
5HODFLRQDO
3HUVRQDO
(VSLULWXDO

5HJLVWUDQGR(MHUFLFLRV5HHMDQGRQXHVWURVFDPELRV
'HVWDTXHORVFDPELRVSRVLWLYRVHQVXYLGDGXUDQWHODV~OWLPDVVHPDQDV5HJLVWUHWUHVR
FXDWURLQVWDQFLDVGHJR]RTXHGDQFXHQWDGHVXVGHFLVLRQHVVDQDV

3Uy[LPD7DUHD3ULQFLSLR6LHWH$VLJQDFLyQ'RVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6HLV$VLJQDFLyQ7UHV

$VLJQDFLyQWUHV&UHFLHQGRHQHO(VStULWX
/DDFWLYLGDGSULQFLSDOGHHVWiDVLJQDFLyQORHVXQDVXQWRGHFRQYHUVLyQ1RSUREDEOHPHQWHQRHVORTXHHVWi
SHQVDQGR1RPHUHHURDODFODVHGHFRQYHUVLyQTXHFDPELDDXQDSHUVRQDGHVHUXQQR&ULVWLDQRVHUXQ&ULV
WLDQR(VSHURTXH\DKD\DKHFKRHVR/DFRQYHUVLyQTXHHVWR\SURSRQLHQGRWLHQHTXHYHUFRQFRQYHUWLUWRGDOD
HQHUJtDTXHVROtDXVDUHQVHJXLUDOVH[RHQHQHUJtDTXHXVDSDUDVHJXLUD'LRV
8VWHGVDEHSRUVXSXHVWRTXHODFODYHGHHVWDFRQYHUVLyQVHUiODGLVFLSOLQDXQDGLVFLSOLQDFRQVWDQWHTXHHVQHF
HVDULDSDUDJHQHUDUXQFDPELRSHUPDQHQWHHQVXYLGD1RWHFyPRODSDODEUDGLVFLSOLQDWLHQHODPLVPDUDt]TXH
ODSDODEUDGLVFtSXOR(VWDSDODEUDVHXVDUDUDPHQWHHQHO$QWLJXR7HVWDPHQWRSHURHQHO1XHYR7HVWDPHQWRVH
XVDHQUHIHUHQFLDDXQVHJXLGRUGH-HV~V(QFDMDHVDGHVFULSFLyQHQ8VWHG"6LHVDVt8VWHGGHEHVHUXQKRPEUH
GHGLVFLSOLQD

8VWHG\DWLHQHDOJXQDVGHODVFDUDFWHUtVWLFDVGHXQGLVFtSXOR3RUHMHPSOR8VWHGWLHQHODHQHUJtDSDUDVHJXLUD
&ULVWR5HFXHUGHRWUDYH]FXiQWDHQHUJtDJDVWy8VWHGVLHQGRXQVHJXLGRUGHOVH[R\ODVUHODFLRQHVVH[XDOHV6L
8VWHGQRSXHGHUHFRUGDUUHJUHVH\UHYLVHHO3ULQFLSLR8QR6LQRSXHGHRQRSDUHFHHQFRQWUDUODHQHUJtDSDUDHO
DQGDUHVSLULWXDOTXL]iVHVWpH[SHULPHQWDQGRDOJ~QQLYHOGHYHUJHQ]D\GHSUHVLyQ
8VWHGWLHQHHOSODQSDUDVHJXLUD&ULVWR5HFXHUGDODFDWHJRUtDGHOULWXDOHQHOFLFORGHODDGLFFLyQ"5LWXDOQRHV
XQDPDODSDODEUDSXHGHVHUHVSLULWXDO8VWHGQHFHVLWDUiULWXDOHVSDUDVHJXLUVXFDPLQRHVSLULWXDO
3DUDHVWDDVLJQDFLyQQHFHVLWDUiWDPELpQHQWXVLDVPR(QWXVLDVPRHVXQDSDODEUDJULHJDTXHOLWHUDOPHQWHVLJ
QLFD'LRV7KHRVHVWiHQQRVRWURV'LRVHVWiHQ8VWHG6DEtD8VWHGHVR"
/HDHOWRGRHO&DStWXORGHO(YDQJHOLRGH-XDQ-HV~VGLFHTXHeOSHUPDQHFHUiHQXVWHGVL8VWHGSHUPDQHFHHQ
eO<GLFHPXFKRPiVQRHVDVt"'HVFULEHDODYLG\HOSiPSDQR\FyPRHO*UDQ-DUGLQHURHFKDIXHUDORVSiP
SDQRVTXHQROOHYDQIUXWR(VWiVLQWLpQGRVHHFKDGRIXHUD"&RQIRUPHDSUHQGDDSHUPDQHFHUHQ&ULVWRREWHQGUi
FRPRUHVXOWDGRDOLPHQWRGHeO\OOHYDUiPiVIUXWRV
(QOD$VLJQDFLyQ8QRGHO3ULQFLSLR6HLV8VWHGFRPHQ]yDUHJLVWUDUXQLQYHQWDULRGLDULR8QDGHODVFDWHJRUtDV
TXHVHOHSLGRTXHHYDO~HIXHODHVSLULWXDOLGDG(QHVWDDVLJQDFLyQTXLHURTXHVHDPXFKRPiVDJUHVLYRDOSHQVDU
HQHVWDiUHD
$YHFHVFXDQGRSHQVDPRVHQODGLVFLSOLQDHVSLULWXDOTXHUHPRVGHFLUTXHQHFHVLWDPRVWHQHUXQWLHPSRGHWUDQ
TXLOLGDG0LH[SHULHQFLDPHLQGLFDTXHPXFKRVDGLFWRVQRVRQPX\EXHQRVHQHVDSUiFWLFD6RPRVLPSDFLHQWHV
SRUQDWXUDOH]D\QRQRVJXVWDKDFHUDOJRWUDQTXLODPHQWH(QWUHORVLQTXLHWRVGHQRVRWURVLQFUHPHQWDUQXHVWUD
HVSLULWXDOLGDGSXHGHFRQVLVWLUHQKDFHUDOJRPiVDFWLYRFRPRLUDDOJ~QOXJDU\SDUWLFLSDUHQXQHVWXGLR%tEOLFRX
RUDFLyQFRQMXQWDRPHGLWDFLyQHQJUXSR3XHGHLPSOLFDULUDFRQFLHUWRVRVHPLQDULRV&ULVWLDQRV3XHGHVHUSRQHU
XQFDVVHWWHR&'HQHOHTXLSRGHP~VLFDGHODXWRPyYLO\HVFXFKDUP~VLFDGHDODEDQ]DRHQVHxDQ]DVHGLFDQWHV
PLHQWUDVFRQGXFH$ORVDGLFWRVQRVJXVWDQODVDFWLYLGDGHVGLYHUVDV+D\PXFKDVFODVHVGHOLEURVGHHMHUFLFLRV
TXHSXHGHQD\XGDUORDFUHFHUHQGLVFLSOLQDHVSLULWXDO3LHQVRHQHOOLEURGH+HQU\%ODFNDE\([SHULHQFHG*RGHO
'LRVH[SHULPHQWDGRSRUHMHPSOR6HDFUHDWLYRHQSODQLFDUFRPRSXHGHPHMRUDUVXFRPXQLFDFLyQFRQ'LRVGH
ODPLVPDPDQHUDTXHHUDFUHDWLYRFXDQGRHUDDGLFWR



3ULQFLSLR6HLV$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

2WUDPDQHUDGHGHVFULELUORTXpVRPRVGHVSXpVHVOD%~VTXHGD(VWDPRVHQXQDE~VTXHGDUHOLJLRVDSDUDHVWDU
PiVFHUFDGH'LRV3DUDDOJXQRVODE~VTXHGDSXHGHLQYROXFUDUPXFKRVFRPSRUWDPLHQWRVDFWLYRVGLVHxDGRVSDUD
D\XGDUQRVDHQFRQWUDUORDeO+HFRQRFLGRKRPEUHVSRUHMHPSORTXHYLDMDQDOXJDUHVGHWUDVFHQGHQFLDUHOLJLRVD
FRPRODV7LHUUDV6DQWDVFRPRXQPRGRGH([SHULPHQWDUD'LRV(VWDFODVHGHE~VTXHGDTXL]iVQRVHDDOJR
TXHPXFKRVGHXVWHGHVSXHGDQSHUPLWLUVHSHURHVXQHMHPSORGHDOJRDFWLYR8QUHWLURHVSLULWXDORWLHPSROHMRV
GHGLFDGRIXHUDGHVXVUHVSRQVDELOLGDGHVGLDULDVVRQRWUDDFWLYLGDGTXHSRGUtDVHUSDUWHGHXQDE~VTXHGDHVSLULWXDO
3DUDDOJXQRVGHQRVRWURVODGLVFLSOLQDRODE~VTXHGDSXHGHQLPSOLFDUKDFHUDOJ~QDFWRGHVHUYLFLR3RGUtDWUDEDMDU
HQXQFRPHGRUGHEHQHFHQFLDHQXQYROXQWDULDGRGHODLJOHVLDYLVLWDQGRXQDFDVDGHUHSRVRRSODQHDQGRXQ
YLDMHPLVLRQHUR3RGUtDPRVRIUHFHUQRVSDUDWUDEDMDURSDUWLFLSDUHQXQDDFWLYLGDGGHODLJOHVLD3RGUtDPRVHQVHxDU
HQOD(VFXHOD'RPLQLFDO1RKD\QDGDPHMRUTXHODHQVHxDQ]DSDUDD\XGDUORDHVWXGLDU
(VWiHQWHQGLHQGRODLGHD"3DUDVHUHVSLULWXDOPHQWHGLVFLSOLQDGRWLHQHTXHKDFHUDOJR3RVLEOHPHQWHVHUiDOJRTXH
8VWHGQXQFDKL]RDQWHVTXL]iVLQFOXVRXQDSUiFWLFDIXHUDGHVX]RQDGHFRPRGLGDG3XHGHTXHQHFHVLWHTXHOR
DQLPHQSDUDORJUDUOR\VHORSXHGHVROLFLWDUDVX*UXSR/,)(
(QDOJXQDVWUDGLFLRQHVGHODLJOHVLDKD\XQUROSDUDHO'LUHFWRUHVSLULWXDOTXHHVXQRGHORVTXHGLULJHVXYLGD
GHRUDFLyQHVWXGLREtEOLFR\PHGLWDFLRQHV$OJXQDYH]KDWHQLGRWDOSHUVRQDHQVXYLGD"(QHVWHSURJUDPDGH
UHFXSHUDFLyQ8VWHGSRGUtDSHQVDUHQVX6SRQVRUFRPRDTXHOTXHORGLULJHHQVXGLVFLSOLQDHVSLULWXDO(QHVWD
DVLJQDFLyQSRGUtDSHQVDUHQRWUDSHUVRQDTXHSXHGDFXEULUHVWHURO
/RDQLPRDSHQVDUIXHUDGHODFDMD6X'LUHFWRU(VSLULWXDOTXL]iVQRVHDGHVXSURSLDWUDGLFLyQRGHQRPLQDFLyQ
/DFODYHGHHVWHUROGH'LUHFWRUHVSLULWXDOHVPDQWHQHUORULQGLHQGRFXHQWDVGHDTXHOODVFRVDVTXHVHKDFRP
SURPHWLyDKDFHU6XSDVWRUSXHGHVXJHULUDDOJXQRVKRPEUHVGHVX,JOHVLDTXHHVWpQGHVHRVRVGHDVXPLUHVHURO
7DOYH]XVWHGQRWLHQHXQDLJOHVLDUHJXODUDGRQGHDVLVWH6HUiWLHPSRGHLUGHFRPSUDVEXVFDQGRXQDKDVWDTXH
GHVFXEUDODFRPXQLGDGGRQGHVHVLHQWDPiVFRQIRUWDEOH\HVWLPXODGR
)LQDOPHQWHKHDTXtXQD~OWLPDLGHD(Q-XDQ-HV~VGLFHTXHQRKD\UHJDORPiVJUDQGHTXHGDUVXYLGDSRURWUR
/RVDGLFWRVVRQSpVLPRVSDUDSUDFWLFDUHODXWRVDFULFLR1XHVWUDODVFLYLDKDVLGRHJRtVWD&RQIRUPHFUH]FDPRV
HQ HVSLULWXDOLGDG VHUHPRV WUDQVIRUPDGRV HQ SHUVRQDV GHVSUHQGLGDV 3LHQVH HQ HO WHPD GHO VDFULFLR PLHQWUDV
FRQVLGHUDORTXHGHEHUtDKDFHUSDUDWHQHUPiVGLVFLSOLQD&XDOTXLHUDVHDODDFWLYLGDGGHEHUtDLQYROXFUDUDOJ~Q
VDFULFLRGHVXWLHPSRHQHUJtDUHFXUVRVRGLQHUR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6HLV$VLJQDFLyQ7UHV

5HJLVWUDQGR(MHUFLFLRV&UHFLHQGRHQ(VSLULWXDOLGDG

 (VFULEDHOQRPEUHGHXQDSHUVRQDVDTXLHQHVUHQGLUiFXHQWDVHQFXDQWRDWHQHU

PiVGLVFLSOLQDHQVXYLGD
 4XpDFWRGHVHUYLFLRTXLHUHUHDOL]DU"
 1RPEUHXQDVHFFLyQGHODV(VFULWXUDVTXHVHFRPSURPHWHDHVWXGLDU
 4XpPDHVWURHVSLULWXDOGLVIUXWD8VWHG"4XpOLEURVHVWiOH\HQGRRTXpFLQWDVHVWi
HVFXFKDQGR"
 &XiOHVVXWLSRGHP~VLFDIDYRULWD"
 $QRWDVLHVWiVSDUWLFLSDQGRHQXQHVWXGLREtEOLFRRHQXQDFODVHGHHVHWLSR
 +DWUDWDGRGHDVLVWLUDDOJ~QWDOOHURVHPLQDULRUHFLHQWHPHQWH"
 $GyQGHHVWiDVLVWLHQGRDOFXOWR"6HVLHQWHHQFDVDHQHVWDLJOHVLD"3RUTXpR
SRUTXpQR"

(VWDVVRQVyORDOJXQDVVXJHUHQFLDVSDUDD\XGDUORDHPSH]DUDSUDFWLFDUODVGLVFLSOLQDVHVSLULWXDOHV5HFXHUGHQR
H[LVWHWDOFRVDFRPRXQSURJUDPDHVSLULWXDOSHUIHFWR(VWHFUHFLPLHQWRHVXQYLDMHGHSRUYLGD6LXVWHGKDDFHSWDGR
D&ULVWRFRPRVXVDOYDGRU\DKDUHFLELGRODVDOYDFLyQSRUWDQWRODGLVFLSOLQDHVSLULWXDOQRFRQVLVWHHQHOHVIXHU]R
SRUJDQDUHOIDYRUGH'LRV7LHQHTXHYHUFRQVXWLHPSRFRQ'LRV\VXLQWHQWRGHFRQRFHUORPiVtQWLPDPHQWH
'LRVORHVWiEHQGLFLHQGRHQHVWDE~VTXHGD

3Uy[LPD7DUHD3ULQFLSLR6LHWH$VLJQDFLyQ7UHVSiJLQD




*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6LHWH

(/35,1&,3,26,(7(
$OYLYLUHQLQWHJULGDGVH[XDOOOHYDPRVHOPHQVDMHGH6DQLGDGGH&ULVWRD
DTXHOORVTXHD~QHVWiQHQODOXFKD\SHUVHJXLPRVXQDYLVLyQGHOSURSyVLWRGH
'LRVSDUDQXHVWUDVYLGDV

Encontrando un Propsito: Tengo una Visin

&XDQGRHOOLEURGH5LFN:DUUHQ8QDYLGDFRQ3URSyVLWRIXHSXEOLFDGRHQHOVHFRQYLUWLyUiSLGDPHQWHHQ
XQEHVWVHOOHU(QVXVSULPHURVGRVDxRVVHYHQGLHURQFDVLPLOORQHVGHFRSLDV/DJHQWHHVWiKDPEULHQWDSRUODV
UHVSXHVWDVDORVVXEWtWXORVGHOOLEUR3DUDTXHHVWR\HQOD7LHUUD1RVRWURVWHQtDPRVJDQDVGHSUHJXQWDU3RUTXp
KLFHWRGRORTXHKLFH"&XiOIXHHOSURSyVLWRGH'LRVSDUDPLYLGD"R&yPRSXGHVDOLUPHGHOSURSyVLWRGH
'LRV"1RKD\UHVSXHVWDVIiFLOHVSDUDHVWDVSUHJXQWDVSHURWLHQHTXHHQWHQGHUHVWR

1RSXHGHGHVKDFHUORTXHHVWiKHFKR
<
'HVGHDTXtGHEHLUKDFLDDGHODQWH

$PHGLGDTXHWUDEDMDDWUDYpVGHQXHVWUR~OWLPR3ULQFLSLRDSUHQGHUiFyPRLUKDFLDDGHODQWH\XVDUORTXHHVWi
KDFLHQGRDKRUDSDUDOOHYDUHOPHQVDMHGHVDQLGDGGH&ULVWRDDTXHOORTXHD~QVXIUHQ
(QODSULPHUDDVLJQDFLyQSUHSDUDUiVXKLVWRULD\TXHVHFRQYHUWLUiHQVXWHVWLPRQLR(QODVHJXQGDDVLJQDFLyQ
FRPSDUWLUiVXWHVWLPRQLRSULPHURFRQVXJUXSRGHFRQDQ]D/,)(\OXHJRDPHGLGDTXHVHIRUWDOHFHFRQ
RWURV&XDQGRWUDEDMHHQODWHUFHUDDVLJQDFLyQ8VWHGHVWDUiGHVDUUROODQGRVXYLVLyQVXGHFODUDFLyQGHPLVLyQ
VHJ~QODFXDOXVWHGTXLHUHRULHQWDUVXYLGD



3ULQFLSLR6LHWH$VLJQDFLyQ8QR

*XtD/,)(SDUD

$VLJQDFLyQ8QR&RQWDQGRVXKLVWRULD
/DSULPHUDYH]TXHWUDWHGHHVWDDVLJQDFLyQ8VWHGGHEHUtDWHQHUDOPHQRVVHLVVHPDQDVGHVREULHGDG6LXVWHGQR
KDVLGRFDSD]GHPDQHMDUHVHWLHPSRVLQGHVHQIUHQRVUHJUHVHDOSULQFLSLR8QR\DO3ULQFLSLR&XDWUR\WUDEiMHORV
RWUDYH]+HDTXtXQUHSDVRGHDOJXQDVFRVDVHQODVTXHXVWHGWLHQHTXHSHQVDUVLHVWiOXFKDQGRSRUPDQWHQHUXQD
VREULHGDGVyOLGD
 (VYROXQWDULR"4XLHUH8VWHGVDQDUVH"+D\D~QXQDSDUWHGH8VWHGTXHHVWiUHVLVWLHQGRHOWUDEDMRGXUR
TXHQHFHVLWDUHDOL]DU"
 +DHQWUHJDGR8VWHGVXYLGDD&ULVWRUHDOPHQWH"6LQRORKDKHFKRFRQVLJDXQSDVWRURDOJXQDRWUDJXUD
HVSLULWXDO\FRQYHUVHVREUHORTXHORHVWiUHWHQLHQGR
 +DFRQIHVDGRWRWDOPHQWHVXVSHFDGRV"+DKHFKRUHDOPHQWHXQDOLVWDFRPSOHWDGHWRGRVVXVFRPSRUWD
PLHQWRVVH[XDOHVSHFDPLQRVRV"
 +D HVWDEOHFLGR UHDOPHQWH XQ JUXSR GH UHQGLFLyQ GH FXHQWDV FRPSUHQVLYR" 6H HVWi FRPXQLFDQGR FRQ
DOJXLHQGHOJUXSRGLDULDPHQWH"
5HYLVHVXVUHVSXHVWDVFRQVX*UXSR/,)(RFRQDOJXQRVKRPEUHVTXH\DWLHQHQVREULHGDGSRUXQEXHQWLHPSR
&RQVLJDDOJ~QFRQVHMRFRPRDTXHOTXH$$OODPDODVLJXLHQWHFRVDELHQKHFKD
(VWDDVLJQDFLyQHVVHQFLOODSHURWRPDUiXQEXHQWLHPSR&RQWDUVXKLVWRULDSXHGHSDUHFHUXQDDVLJQDFLyQVLPSOH
SHUR HVWi PX\ OHMRV GH VHU IiFLO /D$VLJQDFLyQ 8QR OR SUHSDUD SDUD TXH FXHQWH VX KLVWRULD GH PDQHUD HFD]
3UREDEOHPHQWHKDHVFXFKDGRXQDYDULHGDGGHWHVWLPRQLRVHQVXYLGDFRPRORVGHODLJOHVLDRGHODVUHXQLRQHV
6HKDGDGRFXHQWDGHTXHORVPHMRUHVVRQUHDOPHQWHEUHYHV"5HTXLHUHXQDJUDQKDELOLGDGVHUFRQFUHWRSDUDOR
FXDOKD\TXHSHQVDUHQORTXHHVWiWUDWDQGRGHGHFLU6HJXUDPHQWHWDPELpQKDOHtGRPXFKRVDUWtFXORVGXUDQWHWRGD
VXYLGD(VWiFRQVLHQWHGHTXHHOWtSLFRDUWtFXORGHUHYLVWDWLHQHHQWUHSDODEUDV"7DPELpQVHUHTXLHUH
GHJUDQKDELOLGDGSDUDHVFULELUEUHYHPHQWH\UHVXPLUVXVWHPDVFODUD\FRQFLVDPHQWH
3DUDVXWUDEDMRDTXtGHWHUPLQHFyPRVHVLHQWHPiVFyPRGRDOUHODWDUVXKLVWRULDDRWURV+D\GRVPDQHUDVGH
FRPSDUWLUVXKLVWRULD\ODTXHHVFRMDGHSHQGHUiGHVXVGRQHV\KDELOLGDGHV/HJXVWDFRQYHUVDURKDEODUROH
JXVWDHVFULELU"4XpPpWRGRHVHOPiVFyPRGRSDUDXVWHG"
0iVLPSRUWDQWHTXHHOPpWRGRTXHXVHHVORTXHLQFOXLUiDOFRQWDUVXKLVWRULD/DWUDGLFLyQGH$$HVFRPSDUWLU
VXH[SHULHQFLDIXHU]D\HVSHUDQ]DFRPSDUWLHQGRWUHVFRVDVWUHVFRVDVFyPRIXHDQWHVTXpSDVR\FyPRHV
DKRUD(VWHERVTXHMRVLPSOHHVXQDJUDQIRUPDGHRUJDQL]DUVXKLVWRULD/RTXHVLJXHVRQDOJXQDVVXJHUHQFLDV
VREUHFyPRGDUFXHUSRDVXKLVWRULD8VWHGGHEHUtDLQFOXLUYDULRVDVSHFWRVHQFDGDGLYLVLyQSULQFLSDO



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6LHWH$VLJQDFLyQ8QR



&02)8($17(6"

D 6XKLVWRULDVH[XDO8VWHGSXHGHLQFOXLUFXDOTXLHUHOHPHQWRGHOWUDXPDTXHH[SHULPHQWySHURWUDWH
GHTXHHVWDSRUFLyQVHDEUHYH\HQJHQHUDOGHVFULSWLYDQRGHWDOODGD8VWHGHVWiWUDWDQGRGHDVXPLUOD
UHVSRQVDELOLGDGSRUVXVSURSLDVDFFLRQHV\QRGHFXOSDUDRWURVSRUORSHFDGRVVH[XDOHVTXH8VWHGKDFR
PHWLGR6HDHVSHFtFRDOH[SRQHUVXKLVWRULDSHURQRVHDGHWDOOLVWDRJUiFR2EYLDPHQWHSXHGHUHVXPLU
DOJXQRVFRPSRUWDPLHQWRVGHVFULELHQGRFDWHJRUtDVGHGHVHQIUHQRVFRPRXVDUSRUQRJUDItDRPDVWXUEDUVH
FRPSXOVLYDPHQWHRWHQHUDYHQWXUDVKHWHURVH[XDOHVXKRPRVH[XDOHV1RPHQFLRQHORVQRPEUHVGHQLQ
JXQDSDUHMDGHVXVDYHQWXUDVDPRURVDV6HDHVSHFtFRVREUHFRVDVFRPRHOWLHPSR\HOGLQHURTXHJDVWy
HQVXVFRPSRUWDPLHQWRV

E 6XVHVIXHU]RVSRUGHWHQHUVH'HVFULEDVXVGLYHUVRVLQWHQWRVSRUGHMDUVXVGHVHQIUHQRV\KDJDXQD
HYDOXDFLyQGHSRUTXpORVHVIXHU]RVQRIXQFLRQDURQ5HODWHVXHVWDGRHPRFLRQDOGXUDQWHORVPRPHQWRV
IUXVWUDQWHVGHQRVHUFDSD]GHHQFRQWUDUVREULHGDG6HDKRQHVWRVREUHFXDOTXLHUQLYHOGHLQPDGXUH]HVSLUL
WXDORHPRFLRQDOTXHKD\DSDUWLFLSDGRHQSDUWHGHVXIUDFDVRGHFRQVHJXLUODVREULHGDG

F 6XVFRQVHFXHQFLDV'pXQDLGHDJHQHUDOVREUHODVPD\RUHVFRQVHFXHQFLDVTXHH[SHULPHQWyGHELGRD
VXDGLFFLyQ



48e3$6

D 6X)RQGR&XDQGRWRFyORTXp$$OODPDIRQGR"4XpIXHORTXHQDOPHQWHOODPyVXDWHQFLyQ"

E 6XUHQGLFLyQ'HWDOOHHOGtDHQTXH8VWHGUHDOPHQWHWRPyODGHFLVLyQGHUHQGLUVXYLGDGHSHFDGR\
DGLFFLyQ(VFXGULxHFXDOTXLHUHPRFLyQ\DFFLyQTXHIXHSDUWHGHHVWDGHFLVLyQ

F 6XYLDMH&yPRKDVLGRHOYLDMHKDFLDODFXUDFLyQ"&XiOHVKDQVLGRDOJXQRVGHORVPRPHQWRVPiV
VLJQLFDWLYRV"



&02(6$+25$"

D 6XYLGDDFWXDO'HVFULEDFXiQGLIHUHQWHHVVXYLGDKR\GHFXDQGR8VWHGDFWXDEDFRQGHVHQIUHQR4Xp
KDFDPELDGR"4XpPHMRUDVYH"4XpKDDSUHQGLGRVREUH'LRVVREUH8VWHGPLVPR\VREUHODFRPXQLyQ
FRQ&ULVWR\ORVGHPiV"

E 6XJUDWLWXG&RPSDUWDVXJUDWLWXGSRUODJUDFLDGH'LRV6XSRGHUWUDQVIRUPDGRU\ORTXHeOKDKHFKR
\HVWiKDFLHQGRHQVXYLGD0HQFLRQHHVSHFtFDPHQWHODVGiGLYDVTXHKDHQFRQWUDGRHQODUHFXSHUDFLyQ



3ULQFLSLR6LHWH$VLJQDFLyQ8QR

*XtD/,)(SDUD+RPEUHV

5HJLVWUDQGR(MHUFLFLRV&RQWDQGRVX+LVWRULD

3UHSDUHXQDKLVWRULDGHGLH]PLQXWRVRXQDUWtFXORGHDSDODEUDVTXHUH
ODWHODKLVWRULDGHVXSHFDGRVH[XDODGLFFLyQ\HOYLDMHDODUHFXSHUDFLyQ3XHGHXVDU
FXDOTXLHUHVWLORGHHVFULWXUDDPDQRRHQHOFRPSXWDGRUSDUDUHGDFWDUVXKLVWRULD
3XHGHSUHSDUDUQRWDVRXQERVTXHMRFRPRVLIXHUDDGDUXQGLVFXUVRGHKHFKRSXHGH
JUDEDUVXKLVWRULDHQDXGLRRFRPRYLGHRSDUDSUDFWLFDU7DPELpQSXHGHSHGLUOHDXQ
DPLJRGHFRQDQ]DTXHORHVFXFKHPLHQWUDVORUHSDVD&XDQGRKD\DQDOL]DGRHVWD
SUHSDUDFLyQFRPXQLTXHDVX*UXSR/,)(TXHHVWiOLVWRSDUDFRPSDUWLUVXKLVWRULD

3Uy[LPD7DUHD3ULQFLSLR6LHWH$VLJQDFLyQ7UHVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6LHWH$VLJQDFLyQ'RV

$VLJQDFLyQ'RV&RPSDUWLHQGRVX'RORU
(QOD$VLJQDFLyQ8QRGHO3ULQFLSLR6LHWHKDKHFKRORVSUHSDUDWLYRVSDUDFRQWDUVXKLVWRULD$QWHVGHDEULUVHDORV
GHPiVGpXQSDVRPiV(OREMHWLYRGHHVWDDVLJQDFLyQHVD\XGDUORDFRPSUHQGHUORTXH'LRVKDHVWDGRWUDWDQGR
GHHQVHxDUOHDFHUFDGHeOPLVPRDWUDYpVGHVXKLVWRULD

1RHVWR\GLFLHQGRTXH'LRVVHVHQWyXQGtD\GHFLGLyKDFHUORXQDGLFWRQLVLTXLHUDSHUPLWLUTXHWRGDVHVDVFRVDV
GLVSDUDWDGDVOHSDVDUDQDXVWHG'LRVQRVSHUPLWLyTXHWXYLpVHPRVOLEUHDOEHGUtR\SXGLpVHPRVDGTXLULUFRQR
FLPLHQWRDFHUFDGHeODWUDYpVGHQXHVWUDVSURSLDVGHFLVLRQHV$VRPEURVDPHQWH'LRVGLVHxyODYLGDGHWDOPDQHUD
TXHQXHVWUDVH[SHULHQFLDVSXHGHQHQVHxDUQRVOHFFLRQHVGHSRGHUVREUHORTXHeOUHDOPHQWHHV1XHVWURWUDEDMRHV
HVFXFKDU
+D\PXFKRVOLEURVTXHSXHGHQVHUUHFXUVRVSDUDD\XGDUOHHQHVWDDVLJQDFLyQ/RDQLPDUtDDOHHUHOOLEURGH+HQU\
1RXZHQ(O5HWRUQR'HO+LMR3URGLJR(OIXQGDPHQWREtEOLFRVHHQFXHQWUDHQ/XFDVDXQTXHSUREDEOH
PHQWH\DFRQRFHODKLVWRULD'HPDQHUDHQpUJLFD\SURIXQGDHOOLEURGH1RXZHQGHVFULEHORVUROHVGHOKLMRSUy
GLJRGHOSDGUH\GHOKLMRPD\RU
&yPRHVHVRSLHQVDXVWHGTXHHOSDGUHHQHVWDKLVWRULDKD\DVLGRWDQFRPSUHQVLYRFRQUHVSHFWRDOKLMR"&yPR
HVWHSDGUHWHUUHQDOSXHGHVHUWDQLQGXOJHQWH"1RHVFRPRODPD\RUtDGHORVRWURVSDGUHVWHUUHQDOHVTXHUHDF
FLRQDUtDQPiVVHYHUDPHQWHIUHQWHDXQKLMRLQGLJQR"8QDLQWHUSUHWDFLyQHVTXHHVWHSDGUHKD\DWHQLGRVXSURSLR
SDVDGRSHFDPLQRVR4XL]iVVDEtDORTXHHUDFRPHWHUHUURUHV\VLQWLyFRPRVLHOKXELHUDHVWDGRHQHOFRUUDOGHORV
FKDQFKRV/HSHUPLWLyDHVWHSDGUHODFRPSUHQVLyQGHFyPRWRGRVQRVRWURVUHJUHVDPRVDFDVDWUDWDUDVXKLMR
TXHUHJUHVyGHXQDPDQHUDDPRURVD\JHQWLO"&ODUDPHQWHHQHVWDSDUiEROD-HV~VLOXVWUDODQDWXUDOH]DLQGXOJHQWH
GH'LRV

/RTXHHVLJXDOPHQWHREYLRHVVXSURSLRVWDWXVFRPRXQ+LMR3URGLJR8VWHGUHFRQRFLyVXUHEHOLyQSHFDPLQRVD
HQHO3ULQFLSLR8QR\KDFRQWLQXDGRVXYLDMHGHUHJUHVRDFDVDVXFDPLQRHQ/,)(
0LHQWUDVHOSDGUHHVWXYRDOHJUHGHGDUODELHQYHQLGDDFDVDDOSUyGLJRQRWRGRVWXYLHURQODVPLVPDVUHDFFLRQHV
5HFXHUGDORVFHORVGHOKLMRPD\RUFXDQGRHOKLMRGHVREHGLHQWHUHJUHVy"eOWXYRXQDUHDFFLyQPX\FUtWLFD\GH
PXFKDLUD'HVFULEHHVDUHDFFLyQVXDFWLWXGKDFLDRWURVD~QHQORGDGRVHQHOFRUUDOGHFKDQFKRVGHOSHFDGR"6H
VLHQWHDYHFHVVXSHULRUGHELGRDVXSURJUHVRHQHOFDPELRGHVXYLGD"4XLVLHUDVHUFRPRHOSDGUHJHQWLO\QR
FRPRHOKHUPDQRPD\RU"(VVXSURSLDH[SHULHQFLDGHYLGDODTXHOHSXHGHHQVHxDUDVHUSHUGRQDGRU\DOHQWDGRU
FRQRWURV
5HFRPLHQGRRWUROLEURGH1RXZHQWLWXODGR/D9R],QWHULRUGHO$PRU1RXZHQSHUVRQDOPHQWHH[SHULPHQWyPR
PHQWRVGHJUDQGHVHVSHUDFLyQHQVXYLGDPiVUHFLHQWH/DSDODEUDHVTXHpOPLVPROXFKyFRQWUDDOJXQDVFRQ
GXFWDVVH[XDOPHQWHSHFDPLQRVDV0iVWDUGHIXHDXQUHWLURSHUVRQDOHQHOTXHPDQWXYRXQGLDULRSUHFLVDPHQWH
FRPRXVWHGORKDHVWDGRKDFLHQGR(OGLDULRGH1RXZHQIXHPiVWDUGHSXEOLFDGRFRPR/D9R],QWHULRUGHO$PRU
8QDGHVXVUHH[LRQHVHQHVHOLEURHVPX\SRGHURVD1RXZHQGLFHTXHGHEHPRVGHMDUTXHQXHVWURGRORUVHFRQ
YLHUWDHQHOGRORUeOFUHHTXHWRGRVKHPRVH[SHULPHQWDGRFLUFXQVWDQFLDVHQQXHVWUDVYLGDVTXHFUHDQUHFXHUGRV
\VHQWLPLHQWRVGRORURVRV6LQHPEDUJR1RXZHQFRQWLQ~D\VHxDODTXHVyORSDVDPRVHOWLHPSRKDFLHQGRKLQFDSLp
VRODPHQWHHQODVFLUFXQVWDQFLDVTXHFDXVDURQQXHVWURGRORUQRVHUHPRVFDSDFHVGHFRPSUHQGHUORUHDOPHQWH3R


3ULQFLSLR6LHWH$VLJQDFLyQ'RV

*XtD/,)(SDUD+RPEUHV

GUtDPRVFUHHUGLFHTXHVLQXHVWUDVFLUFXQVWDQFLDVKXELHUDQVLGRGLIHUHQWHVTXL]iVQRWHQGUtDPRVQLQJ~QGRORU
eOSLHQVDTXHHVPHMRUOOHJDUDHQWHQGHUTXHQXHVWURGRORUSHUVRQDOHVQXHVWUDRSRUWXQLGDGGHH[SHULPHQWDUHO
GRORUGHWRGDODKXPDQLGDG
3LHQVHHQHVWR4XpORKDFRQHFWDGRFRQRWURVHQVXYLGD")XHHOp[LWR"/HKDQWUDtGRUHDOPHQWHVXVGLYHUVRV
ORJURVODSD]\ODVHUHQLGDGTXH8VWHGDQKHODED"6HKDVHQWLGRFRQHFWDGRVLHQGRSDUWHGHOHTXLSRYHQFHGRU"2
VHKDVHQWLGRPiVFRQHFWDGRHQODV~OWLPDVVHPDQDVVLHQGRKRQHVWRFRQRWURVTXHVDEHQORTXH8VWHGKDVXIULGR"
0HSDUHFHTXHFXDQGRQRVRWURVPLVPRVSHUPLWLPRVFRPSDUWLUQXHVWURVXIULPLHQWRHQFRQWUDPRVYHUGDGHUDFRQ
H[LyQFRQRWURVHQIHUPRV
2WUROLEURFRQXQPHQVDMHVLPLODUHV6XHxRV'HVWUR]DGRVGH/DUU\&UDEE'HVFULEHQXHVWUDVUHDFFLRQHVFXDQGRODV
H[SHULHQFLDVGHYLGDQRVKDFHQDxLFRV\FyPROOHJDPRVDODFRQH[LyQYHUGDGHUDDWUDYpVGHQXHVWURTXHEUDQWR
&RQVLGHUHHVWDVSDODEUDVGH-HV~V
9HQLGDPtWRGRVORVTXHHVWiLVWUDEDMDGRV\FDUJDGRV\\RRVKDUpGHVFDQVDU/OHYDGPL\XJR
VREUHYRVRWURV\DSUHQGHGGHPtTXHVR\PDQVR\KXPLOGHGHFRUD]yQ\KDOODUpLVGHVFDQVR
SDUDYXHVWUDVDOPDVSRUTXHPL\XJRHVIiFLO\OLJHUDPLFDUJD










0DWHR
&RPRXQKRPEUHTXHKDOXFKDGRFRQHOSHFDGRVH[XDO\ODDGLFFLyQ8VWHGKDYLYLGRHVDSULPHUDHWDSDGHHVWDU
FDQVDGR\HVWUHVDGR8VWHGKDEXVFDGRHOGHVFDVRTXH-HV~VSURPHWH3HURVLXVWHGHVFRPR\RKDWHQLGRSURE
OHPDVHQFRPSUHQGHUOD~OWLPDSDUWHDFHUFDGHOOHYDUHO\XJRGH&ULVWR)XH6XFDUJDUHDOPHQWHOLJHUD",QGXG
DEOHPHQWHQRSDUHFHOLJHUDSDUDPt
&RPRKLMRGH'LRV-HV~VGHMy6XFRQGLFLyQ\VHFRQYLUWLyHQKRPEUH&RPRKXPDQR&ULVWRH[SHULPHQWyODV
GLFXOWDGHVTXHQRVRWURVWHQHPRVeOLQFOXVRWXYRPLHGRGHOGRORUGHVXPXHUWH\OHGLMRD'LRV6LQRSXHGH
SDVDUGHPtHVWDFRSDVLQTXH\RODEHEDKiJDVHWXYROXQWDG-HV~VVHVLQWLyDEDQGRQDGRHQHOMDUGtQSRU6XVGLV
FtSXORVeOIXHUHFKD]DGR\GHVSUHFLDGRSRU6XSURSLDJHQWHeOIXHWRUWXUDGR\HQWUHJDGRDXQDPXHUWHGRORURVD
(QODFUX]eOGXGy\VHSUHJXQWyGyQGHVHKDEtDLGR'LRVKDVWDTXH-HV~VFODPyGHVHVSHUDGR3RUTXpPHKDV
DEDQGRQDGR"&ULVWRFRQRFLyFXiQVLQVHQWLGRHVHOLQHUQRSRUTXHEDMyDVXVSURIXQGLGDGHVGXUDQWHWUHVGtDV
&XDQGRHVWDPRVHQFRPXQLyQFRQ&ULVWRWHQHPRVXQKHUPDQRTXHVDEHFyPRQRVVHQWLPRV5HFXHUGDFyPR
IXHVXSULPHUDUHXQLyQHOFRQWDUVXKLVWRULD\HOHQRUPHDOLYLRTXHH[SHULPHQWyFXDQGRRWURVORHQWHQGLHURQ"
6HVLQWLyPiVOLJHUDVXFDUJDHQHVHPRPHQWR"(VRHVORTXH-HV~VQRVHVWiSLGLHQGRTXHKDJDPRVWRPDU6X
FDUJD\SHUPLWLUTXHQXHVWURGRORUVHDHOGRORUGHWRGDODKXPDQLGDG(VWDPELpQ6XGRORU\eOVDEHPX\ELHQ
FyPRVHVLHQWH'HVSXpVTXHKDFRQVLGHUDGRFRPRVXGRORUVHFRQHFWDFRQHOGRORUGHRWURVERUUDUtDVXSDVDGR
VLSXGLHUD"9HTXHTXL]iVHKDSHUPLWLGRTXH8VWHGH[SHULPHQWHHOGRORUGHRWURVTXHVXIUHQ"6XSURSLRGRORUOH
KDGDGRFRPSDVLyQ\ODHPSDWtDSDUDFRQVXHVSRVDVXVKLMRVKHUPDQRV\KHUPDQDV3XHGHHPSH]DUDFUHHUTXH
HOGRORUGHVXFDUJDKDVLGRXQUHJDOR"



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6LHWH$VLJQDFLyQ'RV

'HTXHRWURPRGRHPSH]DUtDDFRPSUHQGHUHOGRQGHOD*UDFLDGH'LRVDWUDYpVGH6X+LMR-HVXFULVWR"
4XL]iVHVHOPRPHQWRGHGHMDUGHVHQWLUODVWLPDSRUXQRPLVPR9HSRUTXpDOJXQRVVHSUHVHQWDQDVtPLVPRV
GLFLHQGR+RODPLQRPEUHHVBBBBBBB\VR\XQDJUDGHFLGRGHVHUXQDGLFWRVH[XDOHQUHFXSHUDFLyQ"(VDDU
PDFLyQHVXQWHVWLPRQLRGHOSRGHUWUDQVIRUPDGRUGH'LRV

5HJLVWUDQGR(MHUFLFLRV'HSHQGLHQGRGH'LRV
5HH[LRQH \ HVFULED HQ
VX 'LDULR VREUH OR TXH
VXV SpUGLGDV \ DLFFLR
QHV OH KDQ HQVHxDGR
DFHUFD GH GHSHQGHU GH
'LRV

$KRUD DO FRQVLGHUDU FRPSDUWLU VX KLVWRULD OH SLGR TXH UHH[LRQH VREUH ORV
WHVWLPRQLRVTXHKDHVFXFKDGR&XiOHVKDQVLGRUHDOPHQWHGHD\XGDHLQVSL
UDFLyQ"+DQVLGRDTXHOORVHQORVTXHODJHQWHKDFHDODUGHVREUHFXiQELHQ
OR HVWiQ KDFLHQGR R HQ ORV TXH OD JHQWH KRQHVWD \ WUDQVSDUHQWHPHQWH KDEOD
VREUHVXVOXFKDV\DLFFLRQHV"4XL]iVIXHXQKRPEUHTXHHVWXYRGLVSXHVWRD
FRQWDUOHVXKLVWRULDHOTXHFRQVLJXLyWUDHUORDXQHQFXHQWURGH*UXSRV/,)(

/HJXVWDUtDGDUHOUHJDORGHVXKLVWRULDDRWUDSHUVRQD"5HFXHUGHWRGRVHVRVPRPHQWRVFXDQGRWHQtDGHVHRVGH
VDEHUVLDOJXLHQPiVHQWHQGHUtDSRUORTXH8VWHGHVWDEDSDVDQGR3RUOD*UDFLDGH'LRVDOJXLHQOOHJyFRPSDUWLy
VXKLVWRULDGHUXLQD\FXUDFLyQ\DKRUD8VWHGHVWiWDPELpQHQHOFDPLQRKDFLDODUHFXSHUDFLyQ(QHVWHPRPHQWR
DSRVWDUtDDTXHFRQRFHDDOJXLHQTXHQHFHVLWDHVFXFKDUVXKLVWRULD
&RQVLGHUHDODVSHUVRQDVDTXLHQHVOHVJXVWDUtDFRQWDUOHVVXKLVWRULD1RWLHQHQTXHVHUSRWHQFLDOHVRSUREDEOHV
DGLFWRVDOVH[R6yORQHFHVLWDQVHUSHUVRQDVTXH8VWHGVDEHTXHSDVDQDSXURV4XL]iVVHVLHQWDDVXVWDGRFRQOD
LGHDGHFRQWDUVXKLVWRULDDSHUVRQDVQRUPDOHVQRDGLFWDV4XL]iVHVWpWHQLHQGRXQDWDTXHGHYHUJHQ]D
HVWRHVHVWiSHQVDQGR<DHVEDVWDQWHGLItFLOFRQWDUOHPLKLVWRULDDRWURVDGLFWRVVH[XDOHV&yPRSRGUtDFRPSDU
WLUODFRQFXDOTXLHUD"5HOiMHVHSRUDKRUD3RVLEOHPHQWHHPSH]DUiDFRPSDUWLUVXKLVWRULDVyORFRQDTXHOORVTXH
VDEHTXHVRQUHODWLYDPHQWHVHJXURV&RQIRUPHFUH]FDHQVXUHFXSHUDFLyQ\WUDQVIRUPDFLyQHQFRQWUDUDDRWURV
$OSULQFLSLRGHPLUHFXSHUDFLyQGRQGHYLYtDQRKDEtDJUXSRV/,)(GHDGLFWRVVH[XDOHVGRQGHLU0HDFRQVH
MDURQLUDFXDOTXLHUJUXSRGHORVSDVRV$VtTXHHVFRJt$$&RPHQFpDLUDXQJUXSRUHODWLYDPHQWHJUDQGH\
WUDWpGHTXHGDUELHQ1RVR\DOFRKyOLFRVyORGLUpTXHVR\XQDGLFWR$QDGLHSDUHFtDLPSRUWDUOHDOSULQFLSLR
(QWRQFHVXQRGHORVKRPEUHVPHSUHJXQWy0DUNSUHFLVDPHQWHTXpFODVHGHDGLFWRHUHV"$VtTXHOHFRQWpPL
KLVWRULD5HVXOWyTXHpOHVWDEDOXFKDQGRFRQORVPLVPRVWLSRVGHFRPSRUWDPLHQWRVVH[XDOHV'XUDQWHODVVLJXLHQ
WHVVHPDQDVFRQWDPRVQXHVWUDVKLVWRULDVDXQDYDULHGDGGHKRPEUHVTXHYLQLHURQD$$$QWHVTXHQRVGLpUDPRV
FXHQWDKDEtDKRPEUHVDVLVWLHQGRDODVUHXQLRQHVGHDGLFWRVVH[XDOHVTXHHPSH]DPRV<RFUHRTXHHO(VStULWX
6DQWR GLULJLy OD QDUUDFLyQ GH QXHVWUD KLVWRULD 'LRV VLHPSUH WUDHUi JHQWH KDFLD 8VWHG \ VHQWLUi HVH WLUyQ HQ VX
FRUD]yQLQGLFDQGRTXHHOORVQHFHVLWDQHVFXFKDUVXKLVWRULD&RQItHHQVXVVHQWLPLHQWRV\WHQJDYDORU



3ULQFLSLR6LHWH$VLJQDFLyQ'RV

*XtD/,)(SDUD

$KRUDQRTXLHURGHFLUTXHXVWHGGHEHVDOLUFRUULHQGRDFRQWDUOHVXKLVWRULDDWRGRV(VDQRHVXQDSUiFWLFDFRQ
OtPLWHVVDOXGDEOHV3RGUtDWHQHUHVDWHQWDFLyQSRUTXHSDUWHGH8VWHGTXLHUHGHFtUVHORDWRGRHOPXQGR\VDFDU
ODYHUGDGDODOX]3RGUtDSHQVDUTXHH[SRQHUWRGRSRGUtDVHUXQDJUDQFDWDUVLVXQDOLPSLH]DGHVXDOPD3HUR
WLHQHTXHWHQHUFXLGDGRGHQRFRPSDUWLUORLQGLVFULPLQDGDPHQWHFRQDTXHOORVTXHSXGLHUDQQRVHUFRQDEOHVQHF
HVDULDPHQWH&XDQGRGXGHVLHPSUHYHULTXHVXGHVHRGHFRPSDUWLUVXKLVWRULDFRQXQJUXSRRUHGGHKRPEUHV
UHVSRQVDEOHV5HFLEDVXUHWURDOLPHQWDFLyQVREUHORVPRGRVDSURSLDGRVGHFRPSDUWLUFRQXQDSHUVRQDHVSHFtFD
3RURWURODGRVXJUXSRWDPELpQSRGUtDDOHQWDUORFXDQGRORQHFHVLWH

5HJLVWUDQGR(MHUFLFLRV&RPSDUWLHQGR6X+LVWRULD

+DJDXQDOLVWDGHORVQRPEUHVGHFXDWURSHUVRQDVTXHQHFHVLWDQHVFXFKDUVXKLVWRULD
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0DQWHQJDUHJLVWUDGRVHQVXGLDULRDTXHOORVPRPHQWRVHQTXHFRPSDUWLyDFHUFDGHVX
WUDYHVtD5HJLVWUHHQVXGLDULRVXVVHQWLPLHQWRVVREUHFyPRIXHTXHRIUHFLyVXH[SHU
HQFLDUHVLVWHQFLD\HVSHUDQ]D'HVFULEDODUHDFFLyQGHODRWUDSHUVRQD

9HQXHYDPHQWHFyPRHOWUDEDMRGHHVWDDVLJQDFLyQGHO3ULQFLSLR6LHWHHVXQDWUDYHVtDGHWRGDODYLGD"

3Uy[LPD7DUHD3ULQFLSLRXQR$VLJQDFLyQ7UHVSiJLQD


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6LHWH$VLJQDFLyQ7UHV

/D$VLJQDFLyQ7UHV'HVFXEULHQGRWX9LVLyQ
7HQHUXQDYLVLyQHVXQFRQFHSWREtEOLFRIDPLOLDU$PERVHO$QWLJXR\1XHYR7HVWDPHQWRQDUUDQODVKLVWRULDVGH
LQQXPHUDEOHVSHUVRQDVTXHDFWXDURQHQIXQFLyQGHXQDYLVLyQ+R\HQGtDXQD9LVLyQHVXQWpUPLQRSRSXODU
SDUDGHVFULELUXQDLPDJHQPHQWDOLQVSLUDGRUDRHVWLPXODQWHGHOIXWXUR
(QOD$VLJQDFLyQ7UHVWUDEDMDUiHQWHQHUHVDFODVHGHLPDJHQPHQWDOSRVLWLYDKDFLDGyQGH'LRVGHVHDTXH8VWHGVH
GLULMD5HFXHUGDXQDGHODVSULPHUDVDVLJQDFLRQHVVREUHFRPSUHQGHUVXVIDQWDVtDV\TXHIXHSDUWHGHO3ULQFLSLR
8QR"+HH[SUHVDGRPLHVSHUDQ]DGHTXHHQVXYLGD8VWHGSXHGDUHHPSOD]DUODVIDQWDVtDVFRQXQDYLVLyQ
+HDTXtODFRPSDUDFLyQ

8QDIDQWDVtDHVXQDLPDJHQGHXQIXWXURGHVHDGHQHOFXiOWRGDVVXVKHULGDVVRQ
FXUDGDV
8QDYLVLyQHVXQDLPDJHQGHXQIXWXURGHVHDGRHQFXDOXVWHGSHUVLJXHHOSODQGH
'LRVSDUDVXYLGD
$SDUWLUGHVXWUDEDMRHQOD$VLJQDFLyQ'RVGHHVWH3ULQFLSLR&RPSDUWLUVXGRORU8VWHGYLRFyPRVXVKHULGDV
SXHGHQVHUVXVJXtDVVXVSURIHVRUHVHQFXDQWRDFyPRFRPXQLFDUVHFRQ'LRV\FRQORVGHPiV6XVKHULGDVSX
HGHQOOHJDUDVHUVXIXHQWHGHIRUWDOH]D\8VWHGXQDSHUVRQDPiVIXHUWHSRUKDEHUVXSHUDGRVXVH[SHULHQFLDVGH
VXIULPLHQWRHQODYLGD
/DSULPHUDWDUHDGHHVWDDVLJQDFLyQHVHQWHQGHUFyPRXQRVHFRQYLHUWHHQXQDSHUVRQDGHYLVLyQ
3ULPHUR GHEH GHVFXEULU \ DFHSWDU VXV YHUGDGHURV GRQHV 3XHGH TXH VH VRUSUHQGD DO GHVFXEULU DTXHOOR TXH KD
EXVFDGRSRUDxRV\TXpRWURVFRPRVXVSDGUHV\DKDQLGHQWLFDGRFRPRVXVGRQHV3XHGHTXHHOORVQRKD\DQ
WHQLGRHQPHQWHORPHMRUSDUD8VWHGRWDOYH]Vt0HGLWHHQORVPHQVDMHVTXHVXIDPLOLDOHHQYLyVREUHORTXpVH
VXSRQtDTXH8VWHGGHEtDKDFHUHQODYLGD0LSDGUHSRUHMHPSORQXQFDPHGLMRUHDOPHQWHTXHIXHUDXQPLQLV
WURSHURpOYDORUDEDWDQWRHVHUROTXHWRGRVXPRGHOR\HVWtPXORDSXQWDURQHQHVDGLUHFFLyQ<DTXHSDUWHGHPL
WUDEDMRFRQVLVWtDHQFXLGDUGHpOHUDSRUORWDQWRHYLGHQWHTXHWHQtDTXHWHQHUKDELOLGDGHVSDUDHOFXLGDGR$Q
GHFRPSODFHUORSLHQVRHQWUpDOPLQLVWHULR1RPHPDOLQWHUSUHWHQDKRUDFUHRTXHUHDOPHQWHKHVLGROODPDGRDO
PLQLVWHULRSHURHVDOJRTXH\RWXYHTXHH[LJLUPHDPtPLVPRQRDOJRTXHWXYHTXHKDFHUSDUDFRPSODFHUD3DSi
8QRGHPLVSDVWRUHVDPLJRVGLMR)XLRUGHQDGRSRUPLPDGUHQRSRU'LRV
3LHQVHHQORVPHQVDMHVGHVXIDPLOLDVXPRGHODGR\VXVYDORUHV&yPRORDSR\DURQRORGHVDQLPDURQ"&XiOHV
IXHURQVXVUROHVHQVXIDPLOLD"+XERDOJXQRVWUDEDMRVRFDUUHUDVTXHIXHURQYDORUDGRVPiVTXHRWURV"



3ULQFLSLR6LHWH$VLJQDFLyQ7UHV

*XtD/,)(SDUD

5HJLVWUDQGR(MHUFLFLRV/D0LVLyQGHVX)DPLOLDSDUD8VWHG
(VFULED OD GHFODUDURQ
GHPLVLyQTXHLQWHUQDO
L]yGHVXIDPLOLD

3RUHMHPSORPLGHFODUDFLyQGHPLVLyQVHUtDVLPSOH6pXQPLQLVWUR\FXLGD
GHDOJXLHQPiV\QRGHWLPLVPR

(VSRVLEOHSDUDRWURVDSR\DUORFRQUHVSHFWRDVXVGRQHV3LHQVHSULPHURHQHVDVSHUVRQDVHQVXYLGDTXHIXHURQ
UHDOPHQWHHVWLPXODQWHV\SRVLWLYDV4XL]iVIXHXQSURIHVRUXQHQWUHQDGRUXQSDVWRURXQDPLJR(VWRVVRVWHQH
GRUHVFUH\HURQHQ8VWHG\DSR\DURQVXVLQWHUHVHV4XpDSWLWXGHVWDOHQWRV\KDELOLGDGHVFRQUPDURQHQ8VWHG"

5HJLVWUDQGR(MHUFLFLRV6XV$OHQWDGRUHV
$QRWHORVQRPEUHVGHJHQWHTXHORKDDSR\DGR\VXVGHFODUDFLRQHV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$KRUDKDJDPHGLWHHQDTXHOORVPRPHQWRVHQTXH8VWHGVHKDVHQWLGRUHDOPHQWHDSDVLRQDGRFRQORTXHHVWDED
KDFLHQGR(VWRVVHUiQPRPHQWRVFXDQGRHVWpHQOD]RQD\FXDQGRLQGXGDEOHPHQWHHVWDUiKDFLHQGRODVFRVDV
FRUUHFWDPHQWH4XpDSUHFLD"4XpOHWUDHXQDFHVDFLyQGHVDWLVIDFFLyQ"4XpKDFH8VWHGTXHLOXPLQDORVURVWURV
GHORVGHPiVFRQJR]R"3RUTXpRWUDVFRVDVOHKDQGDGRJUDFLDVORVGHPiV"

5HJLVWUDQGR(MHUFLFLRV6XV3DVLRQHV

'HVFULEDDOJXQRVGHORVPRPHQWRVHQTXHVHVLQWLyDSDVLRQDGRHQpUJLFR\FRPSOHWR
4XpHVWDEDKDFLHQGR"&yPRUHVSRQGLHURQORVGHPiV"&XiOHVIXHURQORVUHVXOWDGRV"



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6LHWH$VLJQDFLyQ7UHV

/XHJRUHH[LRQHHQVXHGXFDFLyQ\VXVH[SHULHQFLDVGHYLGD&yPRKDVLGRVXFDSDFLWDFLyQ"4XpWUDEDMRVKD
WHQLGR"4XpWUDEDMRGHYROXQWDULDGRKDKHFKR"7LHQHSDVDWLHPSRV"+DSUDFWLFDGRGHSRUWHV"

5HJLVWUDQGR(MHUFLFLRV/D0LVLyQGHVX)DPLOLDSDUD8VWHG
3UHSDUH R UHYLVH VX UHVXPHQ GH
HGXFDFLyQ HPSOHR SDVDWLHPSRV \
H[SHULHQFLDVFUtWLFDVGHYLGD

)LQDOPHQWH\HVWRHVPX\GLItFLOUHH[LRQHRWUDYH]VREUHORTXHKDDSUHQGLGRDWUDYpVGHODVH[SHULHQFLDVGROR
URVDVHQVXYLGDLQFOX\HQGRODVUHODFLRQDGDVFRQVXDGLFFLyQVH[XDO(OGRORUSXHGHVHUXQJUDQSURIHVRU\JXtD
'LRVKDEODDPHQXGRDWUDYpVGHODVSUXHEDV6DQWLDJRGLFH+HUPDQRVPtRVWHQHGSRUVXPRJR]RFXDQGRRV
KDOOpLVHQGLYHUVDVSUXHEDVVDELHQGRTXHODSUXHEDGHYXHVWUDIHSURGXFHSDFLHQFLD

5HJLVWUDQGR(MHUFLFLRV6XV$OHQWDGRUHV

+DJDXQDOLVWDGHWRGDVODVOHFFLRQHVTXHKDDSUHQGLGRDWUDYpVGHVXSURSLRGRORU5HFX
HUGHTXHHVWHGRORUSXHGHVHUXQGRORUSRUSpUGLGDSRUIUDFDVRSRUSUXHEDVRSRUFULVLV

8VWHGDKRUDWLHQHYDULDVOLVWDV\FRQMXQWRVGHUHH[LRQHV/pDORVQXHYDPHQWHKDVWDTXHVHIRUPHXQFXDGURGHVX
YHUGDGHURGRQ
6LQXQFDKDYLVWRODSHOtFXOD&DUURVGHIXHJRSRGUtDDOTXLODUOD(VXQDPDUDYLOORVDFRPSDUDFLyQGHGRVKRP
EUHVTXHDQGDQWUDVVXVGRQHV\WDOHQWRVSRUGRVUD]RQHVGLIHUHQWHV/RVSHUVRQDMHVSULQFLSDOHVGHHVWDKLVWRULDUHDO
VRQ(ULF/LGGHO\+DUROG$EUDKDPVTXLHQHVHVWXYLHURQSUHSDUiQGRVHSDUDORVMXHJRV2OtPSLFRVGH$PERV
IXHURQUiSLGRV\WDOHQWRVRVFRUUHGRUHV)XHURQORVPHMRUHVGH,QJODWHUUDHQODSDUWLGDGHORVFLHQPHWURVSODQRV\
WHQtDQHOVXHxRGHJDQDUODPHGDOODGHRURROtPSLFD
+DUROG$EUDKDPVHVHOKLMRGHXQKRPEUHGHQHJRFLRVMXGtR6DEHTXHVXIDPLOLDQXQFDKDVLGRDFHSWDGDFRPSOH
WDPHQWHHQODDOWDVRFLHGDGLQJOHVD\pODQKHODVHUDFHSWDGR(OGRORUGHOSUHMXLFLRpWQLFRORSHUMXGLFDSRUGHQWUR
\DOLPHQWDODLUD/OHJDDODFRQFOXVLyQGHTXHODPDQHUDGHVHUDFHSWDGRHVVHUHOKRPEUHPiVUiSLGRGHOPXQGR
\(FKDUDWRGRVORVDGYHUVDULRVDOVXHOR,QFOXVRFRQWUDWDDXQHQWUHQDGRU\HQWUHQDVLQGHVFDQVR+DUROG$EUD
KDPVJDQDODPHGDOODGHRURHQODFDUUHUDGHFLHQPHWURVSODQRVSHURDOQDOGHODSHOtFXODVHPXHVWUDTXHQROH
WUDHDOHJUtD(OORJURFRQHOTXHKDEtDVRxDGRHVFDVLXQDGHVLOXVLyQ



3ULQFLSLR6LHWH$VLJQDFLyQ7UHV

*XtD/,)(SDUD+RPEUHV

(ULF/LGGHOHVXQKLMRGHPLVLRQHURVHQ&KLQDTXHUHJUHVyD(VFRFLDDHVWXGLDUSDUDHOPLQLVWHULRHLUQXHYD
PHQWHD&KLQDFRPRPLVLRQHUR(ULF/LGGHOVDEHTXHVXGRQDWOpWLFRYLHQHGH'LRV6XKHUPDQDVLQHPEDUJRVH
SUHRFXSDSRUTXHVXHQWUHQDPLHQWRDWOpWLFRSDUDODV2OLPSLDGDVHVWiGLVWUD\pQGRORGHVXYHUGDGHUDWDUHDTXHHV
HVWXGLDU\SUHSDUDUVHSDUDUHJUHVDUD&KLQD(QXQHVFHQDIXHUWH(ULFOOHYDDVXKHUPDQDDODVFROLQDVTXHPLUDQ
GHVGHORDOWRD(GLPEXUJR(VFRFLD\OHGLFH-HQQ\VpTXHHO6HxRUPHKL]RSDUD&KLQDSHURpOWDPELpQPH
KL]RYHOR]<FXDQGRFRUURVLHQWRHOSODFHUGH'LRV
'XUDQWHORVMXHJRV2OtPSLFRV(ULF/LGGHOVHQLHJDDFRUUHUODFDUUHUDGHORVFLHQPHWURVSODQRVSRUTXHXQDGHODV
FRPSHWHQFLDVFODVLFDWRULDVHVWiSURJUDPDGDSDUDXQGRPLQJR(QVXOXJDUODFDPELDSRUODFDUUHUDGHFXDWUR
FLHQWRVPHWURVSODQRV\JDQDODPHGDOODGHRUR(VWiHXIyULFR\FRQRFHHOYHUGDGHURVHQWLGRGHOJR]R
8QGHWDOOHLQWHUHVDQWHDFHUWDGDPHQWHGHVFULWRHQ&DUURVGH)XHJRHVHOLQXVXDOHVWLORGHFRUUHU(QPHGLRGH
ODFDUUHUDWLUDEDKDFLDDWUiVVXFDEH]D\FHUUDEDVXVRMRV/LWHUDOPHQWHQRSRGtDYHUSRUGRQGHHVWDED\HQGR(ULF
IXHXQKRPEUHTXHFRUUtDFRQODD\XGDGH'LRV(QWHQGLyTXHFXDQGR'LRVHVWDEDHQFRQWUROQRQHFHVLWDEDYHU
SRUGyQGHHVWDED\HQGR
4XpHVWiKDFLHQGRFXDQGRVLHQWHHOSODFHUGH'LRVFXiQGRQRQHFHVLWDYHUSRUGyQGHHVWi\HQGR"+LOO+\EHOV
GHODLJOHVLDGH:LOORZ&UHHNGLFHTXHORV&ULVWLDQRVVDEUiQTXHHVFXFKDQODYR]GHO(VStULWX6DQWRSRUHOJR]R
\ODH[DOWDFLyQTXHVLHQWHQSRUORTXHSLHQVDQRKDFHQ

5HJLVWUDQGR(MHUFLFLRV(O3ODFHUGH'LRV
+DJDXQDOLVWDGHODVYHFHVHQTXH8VWHG
KDVHQWLGRTXHHVWiKDFLHQGDDOJRTXHOH
WUDMRSXURJR]RHQTXH8VWHGSXGRVHQWLU
HOSODFHUGH'LRV
$KRUDWLHQHDOJXQDVOLVWDVSDUDSHQVDU\RUDU(OODVDEDUFDQVXSURSLDSHUFHSFLyQ\ODSHUFHSFLyQGHRWURVVREUH
VXVGRQHV\WDOHQWRV&yPRFDO]DHVWDLQIRUPDFLyQFRQODVH[SHFWDWLYDVTXHWUDHGHVXIDPLOLDGHRULJHQ"&yPR
FDO]DFRQORTXHDFWXDOPHQWHHVWiKDFLHQGR"1RSLHQVHVyORHQHVWDVSUHJXQWDVHQIRFDGDVHQVXYRFDFLyQVLQR
FRPRSDUWHGHWRGDVXYLGD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6LHWH$VLJQDFLyQ7UHV

&RQVLGHUHVXWUDEDMRHQHO3ULQFLSLR&XDWURVREUHHOGHVDUUROORGHORVUDVJRVGHOFDUiFWHUEDVDGDHQORVIUXWRVGHO
(VStULWXGHVFULWRVHQ*iODWDV4XpSLHQVDTXHGHWHUPLQDHOFDUiFWHU"(VXQDVXQWRGHSXUH]DTXHWUDHSRGHU
RHVXQDVXQWRGHYLVLyQ"&RQVLGpUHORDVt8VWHGVDEHTXHVXYLGDGHIDQWDVtDLPSXOVyVXVFRPSRUWDPLHQWRVSRU
DxRVORFXDOORFRQGXMRDUDVJRVGHFDUiFWHUTXHGLHURQFRPRUHVXOWDGRODGHVHVSHUDFLyQ/DIDQWDVtDHVHQUH
DOLGDGXQDIRUPDGHYLVLyQSRUTXHHVXQDLPDJHQPHQWDOGHOUHVXOWDGRTXHXQRGHVHD6LHVWDFODVHGHYLVLyQHV
FDSD]GHPDQHMDUFRPSRUWDPLHQWRV\GHPDQHMDUFDUDFWHUHVQRGHEHUtDSHQVDUWDPELpQTXHXQDYLVLyQVDQWD
PDQHMDUiHOFRPSRUWDPLHQWR\HOFDUiFWHU"
0LDPLJR\FROHJDHQHOPLQLVWHULR(OL0DFKHQHVDFLRQDGRDKDEODUGHORVJDOOLQD]RV1RVUHSXJQDPXFKR
TXHORVJDOOLQD]RVWHQJDQXQDSHWLWRYRUD]SRUORVDQLPDOHVPXHUWRV'LRVORVKL]RGHHVDPDQHUDeOWDPELpQOHV
GLRODYLVWDRODFDSDFLGDGGHYLVLyQSDUDSRGHUYHUDQLPDOHVPXHUWRVGHVGHPX\OHMRVDFLHQWRVGHPHWURVGH
GLVWDQFLDHQHODLUH'HELGRDVXYLVLyQHVWDVDYHVSXHGHQYRODUDOUHGHGRU\YHUFRVDVTXHQRVRWURVQRYHPRV/RV
JDOOLQD]RVWLHQHQHOFDUiFWHU\HOFRPSRUWDPLHQWRGHXQJDOOLQD]R<HOORVQRVHQVHxDQXQDLPSRUWDQWHOHFFLyQ

(O$SHWLWRSXHGHLPSXOVDUXQDYLVLyQ
&XiOHVVXDSHWLWR"5HFXHUGHODKLVWRULDGHOHQFXHQWURGH-HV~VFRQODPXMHUHQHOSR]RGH6DPDULD(OODWHQtDVHG
GHDJXDYLYDSHURODFRQIXQGLyFRQVXUHODFLyQFRQORVKRPEUHV6XDSHWLWRSRUUHODFLRQDUVHFRQKRPEUHVOD
OOHYyDFLQFRPDWULPRQLRV\DFRQYLYLUFRQXQDVH[WDSDUHMD
2WUDYH]SRUTXpWLHQHVHG"(QVXYLHMDYLGDWHQLDVHGGHVH[R$OJRGHHVRHVGDGRSRU'LRVFRPRLQVWLQWREL
ROyJLFR(VHDSHWLWRORLPSXOVDDVHQWLUVHDWUDtGRKDFLDODVPXMHUHV\SURFUHDUQLxRV(VSLULWXDOPHQWHVLQHPEDUJR
WDPELpQWHQHPRVXQDSHWLWRSRU'LRV1XHVWURSUREOHPDFRPRDGLFWRVVH[XDOHVHVTXHKHPRVFRQIXQGLGRHVRV
GRVDSHWLWRV+HPRVDVRFLDGRQXHVWURDSHWLWRSRU'LRVFRQQXHVWURDSHWLWRSRUHOVH[R(OJUDQHVFULWRULQJOHV*
.&KHVWHUWRQHVFULELy8QKRPEUHTXHJROSHDODSXHUWDGHXQEXUGHOHVWiEXVFDQGRD'LRV
+HPRVHVWDGRVHGLHQWRVGHDPRUFXLGDGRDIHFWRDUPDFLyQ\FRPSDxtD+HPRVSHQVDGRTXHSRGUtDPRVWHQHU
HVWRGHVHRVQRUPDOHVSRUHOVH[RSHURKHPRVHVWDGRHTXLYRFDGRV3DUDDOJXQRVGHQRVRWURVKDVLGRXQDHTXLY
RFDFLyQFDVLPRUWDO6RODPHQWHSRGHPRVREWHQHUHVWDVFRVDVGH'LRV(VWHDSHWLWRFRQIXVRKDPDQHMDGRQXHVWUR
FDUiFWHU\QXHVWURFRPSRUWDPLHQWR+HPRVWHQLGRXQFRPSRUWDPLHQWRGHDGLFFLyQVH[XDOQDFLGRGHXQFDUiFWHU
LPSHUIHFWRFUHDGRSRUXQDSHWLWRGHIHFWXRVR(VKRUDGHUHRULHQWDUOR
8QDYLVLyQSHUVLJXHVXDSHWLWRSRU'LRV6LVHSHUPLWHDVtPLVPRYHUHVDYHUGDGHVWDPDQHMDUDVXFDUiFWHU\
FRPSRUWDPLHQWR,QXHQFLDUiVXGLVFLSOLQD

,PDJLQHFRPRVHUtDSHUVHJXLUD'LRVFRQODPLVPDHQHUJtDTXHKDSHUVHJXLGRHOVH[R



*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6LHWH$VLJQDFLyQ7UHV

(OSUy[LPRSDVRHQODFRPSUHQVLyQGHVXYLVLyQHVHQWHQGHUHOOHJDGRTXH8VWHGHVSHUDFUHDU8QOHJDGRHVFyPR
XVWHGVHUiUHFRUGDGR\ODLQXHQFLDTXHGHMDUiVREUHRWURVGHVSXpVTXHPXHUD$TXtYDQDOJXQDVSUHJXQWDVDFRQ
VLGHUDUVXSRQLHQGRTXHPXHUDDQWHVTXHDOJXQDVGHODVSHUVRQDVLPSRUWDQWHVHQVXYLGD
 &yPROHJXVWDUtDTXHVXHVSRVDORUHFXHUGH"4XpGLUtDVREUH8VWHGGHVSXpVTXHKDSDUWLGR"
 &yPROHJXVWDUtDWDPELpQTXHVXVKLMRVORUHFXHUGHQ"4XpGLUtDQVREUHSDSiHQODVUHXQLRQHVIDPLOLDUHV
IXWXUDV"4XpKLVWRULDVGLUtDQGHXVWHGVXFDUiFWHU\FRPSRUWDPLHQWR"
 4XLpQPiVORUHFRUGDUiFXDQGRPXHUD"4XLpQTXHUUiLUDVXIXQHUDO\SRUTXpHOORVTXHUUtDQHVWDUDOOt"
4XpGLUiQHQVXVHUYLFLRI~QHEUH"4XpVHUHVDOWDUiHQVXOiSLGD"
 3RUTXpFRQWULEXFLRQHV\DFWRVGHVHUYLFLRVVHUiXVWHGUHFRUGDGR"

5HJLVWUDQGR(MHUFLFLRV6X/HJDGR
5HJLVWUH VXV UHVSXHVWDV D ODV
SUHJXQWDV GH DUULED 3tGDOH
KXPLOGHPHQWH D 'LRV TXH OH
PXHVWUH OD YHUGDG VREUH VX
OHJDGR DFWXDO 6L GXGD GH VX
FDSDFLGDGGHYHUVHDVtPLVPR
FODUDPHQWH SLGD D XQ DPLJR
GH FRQDQ]D TXH  FRPSDUWD
KRQHVWDPHQWH VXV LPSUHVLR
QHVVREUH8VWHG

'LItFLOHVSUHJXQWDVQR"3LHQVRTXHVLSXHGHUHVSRQGHUODVYDOLHQWH
PHQWHWHQGUiXQDYLVLyQGHORTXHVXYHUGDGHURFRUD]yQGHVHD([
WUDxDPHQWHFUHRTXHVHUiWDPELpQFRQVLVWHQWHFRQORTXH'LRVGHVHD
SDUD8VWHG
&XDQGRKD\DWUDEDMDGRDWUDYpVGHWRGRORVHMHUFLFLRVHVFULWRVVXJHUL
GRV8VWHGHVWDUiSUHSDUDGRSDUDOD~OWLPDSDUWHGHHVWDDVLJQDFLyQ
DUWLFXODUVXYLVLyQSHUVRQDO

5HJLVWUDQGR(MHUFLFLRV6X9LVLyQ
&RPRHMHPSORDTXtHVWiHOPtR(VWR\SDUDHVFULELUHQVHxDUKDEODU\DFRQVHMDUFRQHOSURSyVLWRGHHGXFDUDOD
LJOHVLDDFHUFDGHODVDOXGVH[XDO\ODLQWHJULGDG(VWDEUHYHGHFODUDFLyQLQFRUSRUDPLVGRQHVPLVWDOHQWRV\PL
SDVLyQ\H[SUHVDORTXHPHWUDHJR]R7DPELpQGHVFULEHDTXHOORSRUORTXHPHJXVWDUtDVHUUHFRUGDGRGHVSXpV
TXHPXHUD
/RVKRPEUHVtQWHJURVVRQKRPEUHVGHYLVLyQ6DEHQDGyQGHYDQ\TXpTXLHUHQKDFHU6LJXHQDVXVSDVLRQHVFRQ
SXUH]D\IHUYRU6LXVWHGFRQWLQ~DGHVDUUROODQGR\KRQUDQGRVXYLVLyQHQFRQWUDUiTXHVXVFRPSRUWDPLHQWRVOR
VHJXLUiQ5HFXHUGHRWUDYH]FyPRVXVFRPSRUWDPLHQWRVVH[XDOHV\GHUHODFLyQVLJXLHURQDVXVIDQWDVtDV$PH
GLGDTXHVHWUDVIRUPDHQHOKRPEUHTXH'LRVTXLHUHTXH8VWHGVHDVXYLVLyQLUiGLULJLHQGRVXVGHFLVLRQHV


*XtD/,)(SDUD+RPEUHV

3ULQFLSLR6LHWH$VLJQDFLyQ7UHV

$QWHVGHTXHWHUPLQHUHJUHVH\PLUHHOFLFORGHVDOXGTXHFUHp\TXHVHSUHVHQWDHQHO3ULQFLSLR6HLV$VLJQDFLyQ
'RV0XHVWUDODHYROXFLyQGHVGHODFRQH[LyQFRQ'LRV\6X)DPLOLDKDFLDODYLVLyQODVGLVFLSOLQDVVDQDVODVGHFL
VLRQHVVDQDVKDVWDOOHJDUDOJR]R&UHRTXHXVWHG\DKDFDPELDGRPXFKtVLPR0LH[SHFWDWLYDHVTXHODLQWHJULGDG
GHVXFRPSRUWDPLHQWROREHQGLJDFRQVHUHQLGDG\JR]R<PLRUDFLyQSUHVHQWHHVTXH8VWHGFRQWLQ~HFUHFLHQGR
HQODIXHU]D\ODIHDPHGLGDTXHGHMDD'LRVTXHORWUDQVIRUPHHQHVHKRPEUHTXHYLYHFDGDGtDHQOLEHUWDG





*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

(175(/$=$1'272'2
/RV3ULQFLSLRVGH7UDQVIRUPDFLyQGH1HKHPtDV
3DUDHVWDVHFFLyQQHFHVLWDUHPRVJXHUUHURV(OWUDEDMRGHHQWHQGHUHVWRVSULQFLSLRVQRHVSDUDFREDUGHV(VSDUD
DTXHOORVTXHGHVHDQWRPDUULHVJRV
$QWHVGHTXHVXIUDGHXQDWDTXHGHYHUJHQ]DSRUVXIDOWDGHYDORUUHFXHUGHTXH'LRVOHKDGDGRD8VWHGWRGROR
TXHQHFHVLWD6XWUDEDMRHVHQFRQWUDUOR3RGUtDVHUWDQVLPSOHFRPRGHFLGLUDFWXDUYDOLHQWHPHQWH
8QUHSRUWHUROHSUHJXQWyXQDYH]DXQIDPRVRJHQHUDOEULWiQLFRGXUDQWHODHUDGHOJUDQLPSHULREDMRODUHLQD9LF
WRULD3RUTXpHVHOVROGDGREULWiQLFRPiVYDOLHQWHTXHRWURV"6XUHVSXHVWDIXHIDVFLQDQWHeOGLMR(OVROGDGR
EULWiQLFRQRHVPiVYDOLHQWHTXHQXHVWURVHQHPLJRVHOVyORHVYDOLHQWHXQPLQXWRPiV
(VWiGHVHDQGRVHUYDOLHQWHXQPLQXWRPiV"$$GLFHTXHGHEHPRVDIURQWDUORXQGtDDODYH]'HVHDVHUYDOLHQWH
KR\"
6L HV DVt GHFtGDVH D HQIUHQWDU HO PDWHULDO GHO OLEUR GH 1HKHPtDV TXH FRQWLHQH XQ SODQR SDUD OD UHQGLFLyQ GH
FXHQWDV6XWUDEDMRHVEXVFDUODVDELGXUtDGH'LRVVREUHFyPRTXLHUHeOTXH8VWHGDFW~HUHVSRQVDEOHPHQWH\VH
GHHQGDFRQWUDORVDWDTXHVGH6DWDQiVTXHWUDWDUiGHGHUURWDUVXVREULHGDG
(OOLEURGH1HKHPtDVHVTXL]iVPHQRVIDPLOLDU\HQJHQHUDOPHQRVHVWXGLDGRTXHPXFKRVGHORVRWURVOLEURVGHO
$QWLJXR7HVWDPHQWR3DVDUSRUDOWRHVWHOLEURVLQHPEDUJRHVSUHVFLQGLUGHXQRGHORVPDWHULDOHVPiVDEXQGDQ
WHVGHOD%LEOLD/DHQVHxDQ]DYHODGDHQ1HKHPtDVHVPX\DSOLFDEOHDQXHVWURYLDMHGHYLYLUHQOLEHUWDGFDGDGtD
(IHFWLYDPHQWHHVXQUHVXPHQIDQWiVWLFRGHJUDQSDUWHGHHVWD*XtD/,)(3XHGHTXHORV*UXSRVTXLHUDQGLVFXWLU
XQRGHHVWRVSULQFLSLRVHQFDGDUHXQLyQRDOPHQRVHQUHXQLRQHVVHOHFFLRQDGDV

/DKLVWRULDGH1HKHPtDVWLHQHOXJDUGXUDQWHORVWLHPSRVHQTXH%DELORQLDKDEtDGHUURWDGRD,VUDHO/DFLXGDGGH
-HUXVDOpQ\HOWHPSORGH'LRVKDEtDQVLGRGHVWUXLGRV0XFKRV-XGtRVKDEtDQVLGROOHYDGRVD%DELORQLDDWUDEDMDU
FRPRHVFODYRV1HKHPtDVIXHXQRGHHVRVFDXWLYRV$SDUHQWHPHQWHVHKDEtDGLVWLQJXLGRFRPRUHVSRQVDEOH\GLJ
QRGHFRQDQ]DSRUTXHOHKDEtDVLGRGDGRXQLPSRUWDQWHWUDEDMRHUDHOFRSHURGHOUH\GH%DELORQLD$UWDMHUMHV6H
UHTXHUtDDOFRSHURSDUDTXHSUREDUDWRGDVODVFRPLGDV\EHELGDVGHOUH\\DVtDVHJXUDUVHGHTXHDOJXLHQQRWUDWDVH
GHHQYHQHQDUDOUH\(UDXQWUDEDMRSRWHQFLDOPHQWHSHOLJURVRSHURDOPHQRVODVFRQGLFLRQHVGHYLGDGH1HKHPtDV
HUDQLQQLWDPHQWHVXSHULRUHVDODGHVXVFRPSDxHURVHVFODYRV(OFRQVLJXLyTXHGDUVHFRQHOUH\HQHOVDOyQGHO
WURQR\SDUWLFLSDUGHODFRPLGDPiVQDGHOUHLQR6LQHPEDUJRVLHPSUHHVWXYRFRQVFLHQWHGHVXGHSHQGHQFLDGH
'LRV\GHODGHYDVWDFLyQGHOUHLQRVDJUDGRGH'LRV
&RQHVWHWUDVIRQGRHQPHQWHFRQVLGHUHORVVLJXLHQWHVSULQFLSLRVGHOOLEURGH1HKHPtDV(VWRVSULQFLSLRVHQOD
]DQHOSURFHVRGHWUDQVIRUPDFLyQGHVFULWRHQHVWD*XtD/,)(


*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

1(+(0$6
/2635,1&,3,26'(75$16)250$&,1
 /DUHVSRQVDELOLGDGHPSLH]DFRQODKXPLOGDG
 /DUHVSRQVDELOLGDGGHSHQGHGHODFRQIHVLyQKRQHVWDGHVXVLWXDFLyQ
 /DUHVSRQVDELOLGDGLPSOLFDSHGLUD\XGD\GHFODUDUVXVQHFHVLGDGHV
 (OYLDMHGHFXUDFLyQQXQFDVHUHFRUUHVROR1HFHVLWDUiGHOHMpUFLWRTXHORURGHD
 (OSURFHVRGHUHQGLFLyQGHFXHQWDVLPSOLFDTXHHOHQHPLJRTXHUUiGHUURWDUQRVHVSHFLDOPHQWHFXDQGRFR
PHQFHPRVDWUDWDUGHKDFHUORFRUUHFWR
 $QWHHOGHVDOLHQWR\HOGDxRDEUXPDGRUUHFRQVWUXLUSXHGHVHUXQDVXQWRGHWDQVyORHPSH]DUGHQXHYR
 6HUWUDQVIRUPDGRUHTXLHUHVDFDUODEDVXUDGHVXYLGD
 /DWUDQVIRUPDFLyQFRPLHQ]DHQFDVD
 /DWUDQVIRUPDFLyQUHTXLHUHSUHSDUDUVHGHDQWHPDQRSDUDORVDWDTXHVTXHYHQGUiQ
/DWUDQVIRUPDFLyQVLJQLFDUHVJXDUGDUORVOXJDUHVPiVGpELOHVGRQGH8VWHGHVPiVYXOQHUDEOH
/DUHVSRQVDELOLGDGHVVLHPSUHFRQXQJUXSRQRSUHFLVDPHQWHFRQXQDSHUVRQD
1XHVWUDPRWLYDFLyQSRUODWUDQVIRUPDFLyQGHEHVHUGHVLQWHUHVDGD
/DWUDQVIRUPDFLyQLPSOLFDWDQWRGHVDUUROODUFRPRWDPELpQGHIHQGHU
/DWUDQVIRUPDFLyQLPSOLFDWUDHUFRVDVSRVLWLYDVDVXYLGD
/DWUDQVIRUPDFLyQHVXQSURFHVRFRQWLQXRGHWRGDODYLGDHQHOTXH'LRVSURYHHODHQHUJtDSDUDVRVWHQHUOR
&XDQGRVHDWHQWDGRSHUPDQH]FDFRPSURPHWLGRFRQODWUDQVIRUPDFLyQVLQYDFLODU
/DWUDQVIRUPDFLyQORKDFHREMHWRGHUXPRUHV\DWDTXHVSHUVRQDOHV
/DWUDQVIRUPDFLyQWUDHFRPRUHVXOWDGRODGLVSRVLFLyQGHVDFULFDULQFOXVRVXSURSLDYLGD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

(O3ULQFLSLR8QRGH1HKHPtDV
/DUHVSRQVDELOLGDGHPSLH]DFRQODKXPLOGDG
(QHOSULQFLSLRGHOOLEURXQRGHORVKHUPDQRVGH1HKHPtDV+DQDQLYLHQHFRQRWURVKRPEUHVDFRQWDUOHVREUH
ODGHVWUXFFLyQGH-HUXVDOpQ8VWHGSRGUtDHVSHUDUTXHVL1HKHPtDVKDEtDGHVHUXQJUDQOtGHUWHQGUtDTXHKDEHU
SUHVHQWDGRGHLQPHGLDWRXQSODQSDUDKDFHUDOJRIUHQWHDHVHSUREOHPD6LQHPEDUJRDOOHHUODKLVWRULDVHYHTXH
FXDQGRHVFXFKyHVWDVQRWLFLDV1HKHPtDVVHVHQWy\OORUy1HKHPtDV
(QHO3ULQFLSLR'RVGHORVVLHWHORVSULQFLSLRVGH/,)(8VWHGIXHGHVDDGRHQFXDQWRDVXGLVSRVLFLyQDHQFRQ
WUDUVREULHGDG\GHMDUVXDGLFFLyQVH[XDO\VXSHFDGR/DEXHQDYROXQWDGWLHQHTXHYHUFRQODKXPLOGDG6HWUDWD
GHVDEHUORTXHQRSRGHPRVFRQWURODUHQQXHVWUDVSURSLDVYLGDV(VVDEHUTXHQHFHVLWDPRVD'LRV1HKHPtDVHV
KXPLOGHFRQXQDKXPLOGDGTXHYLHQHGHVXJUDQWULVWH]D

'HOPLVPRPRGR8VWHGSXHGHHQFRQWUDUKXPLOGDGHQVXWULVWH]DHQODPHGLGDGHTXHWHQJDHQFRQVLGHUDFLyQOD
QDWXUDOH]DGHVWUXFWLYDGHVXVSHFDGRVVH[XDOHV/DKXPLOGDGOHUHFXHUGDTXHVyORSXHGHVDQDUVHFRQODD\XGDGH
'LRV/DOHFFLyQEiVLFDGHHVWHSULPHUFDSLWXORGH1HKHPtDVHVTXHVLQRHVWiGHVHDQGRGHSHQGHUGH'LRVHQOXJDU
GHGHSHQGHUGH8VWHGPLVPR8VWHGQRHQFRQWUDUiODFXUDFLyQ
(OUHVWRGHOFDSLWXOR8QRHVODRUDFLyQGH1HKHPtDVD'LRVeOFRQHVDSULPHURTXHORV-XGtRVVHKDQFRPSRUWDGR
SHUYHUVDPHQWH5HFXHUGHHOWUDEDMRTXHWHUPLQyHQHO3ULQFLSLR7UHVVREUHODFRQIHVLyQ(QODVHJXQGDSDUWHGH
ODRUDFLyQOHSLGHD'LRVTXHHQYtHGHYXHOWDDORVMXGtRVDVXFDVD/DRUDFLyQGHFRQIHVLyQHVODSULPHUDUHVSXHVWD
GHXQFRUD]yQKXPLOGH'HVSXpVGHVXFRQIHVLyQGHKXPLOGDGSLGDD'LRVTXHORUHVWLWX\DSRU6XJUDFLD

(O3ULQFLSLR'RVGH1HKHPtDV
/DUHVSRQVDELOLGDGGHSHQGHGHODFRQIHVLyQKRQHVWDGHVXVLWXDFLyQ
$ODEULUHOFDStWXORGRV1HKHPtDVD~QQRWLHQHXQSODQ$~QHVWiWULVWH(OUH\TXLHQDSDUHQWHPHQWHKDEtDSHUFL
ELGRDOJROHSUHJXQWDD1HKHPtDVSRUTXpOXFHWDQWULVWH\OXHJRGDVXSURSLRGLDJQRVWLFR1RHVHVWRVLQRTXH
EUDQWRGHFRUD]yQ1HKHPtDVUHVSRQGHKRQHVWDPHQWH&yPRQRHVWDUiWULVWHPLURVWURFXDQGRODFXLGDGFDVD
GHORVVHSXOFURVGHPLVSDGUHVHVWiGHVLHUWD\VXVSXHUWDVFRQVXPLGDVSRUHOIXHJR"1HK/DKLVWRULD
FRQWLQ~DFRQODDGPLVLyQGH1HKHPtDV(QWRQFHVWHPtHQJUDQPDQHUD
1XHVWURYLDMHFRPLHQ]DFXDQGRDGPLWLPRVKRQHVWDPHQWHODFRQGLFLyQGHQXHVWUDVYLGDV0LHQWUDVHVFRQGDPRV
QXHVWUDVLWXDFLyQ\QHJXHPRVQXHVWURVVHQWLPLHQWRVVHJXLUHPRVHVWDQGRFDXWLYRVGHOHQHPLJR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

(O3ULQFLSLR7UHVGH1HKHPtDV
/DUHVSRQVDELOLGDGVXSRQHSHGLUD\XGD\GHFODUDUVXVQHFHVLGDGHV
(OUH\VRUSUHQGLyD1HKHPtDVDOUHVSRQGHUOHFRQXQDSUHJXQWDLQHVSHUDGD4XpFRVDSLGHV"$SHVDUGHVX
PLHGR1HKHPtDVVHDWUHYHDSHGLUODD\XGDGHOUH\1RWHTXHpORUDSULPHUR\KDFHXQSUHiPEXORDVXSHGLGRFRQ
XQFXPSOLGRSDUDHOUH\/XHJRTXL]iVDXQPiVVRUSUHQGHQWHTXHODSUHJXQWDGHOUH\HVVXUHVSXHVWDDOSHGLGRGH
1HKHPtDVHOUH\GLFH6t$Vt1HKHPtDVORJUDUHJUHVDUDFDVD&XDQGR8VWHGFRQIURQWHVXVPLHGRVSLGDD\XGD
\H[SUHVHFODUDPHQWHVXVQHFHVLGDGHVSXHGHTXHVHVRUSUHQGDFRQHOUHVXOWDGR

(O3ULQFLSLR&XDWURGH1HKHPtDV
(OYLDMHGHFXUDFLyQQXQFDVHUHFRUUHVROR
1HFHVLWDUiGHOHMpUFLWRTXHORURGHD
1HKHPtDVSLGHWDPELpQDOJXQDVFDUWDVGHUHIHUHQFLDTXHOHDVHJXUDUiHOSDVRDWUDYpVGHORVWHUULWRULRVHQFDPLQR
D-HUXVDOpQ&RQHVDVFDUWDVHQODPDQRHVWiOLVWRSDUDLUVH1HKHPtDVSODQHDYLDMDUVRORFDVLPLOODVDWUDYpV
GHXQWHUULWRULRRFXSDGRSRUPXFKRVHQHPLJRVGHORVMXGtRV3HURHOUH\HVPiVVDELR\HYLWDTXH1HKHPtDVFR
PHWDXQRGHORVJUDQGHVHUURUHVTXHPXFKRVGHQRVRWURVFRPHWHPRV)UHFXHQWHPHQWHLPLWDPRVD1HKHPtDVTXH
SHQVDEDTXHSRGtDKDFHUHVHYLDMHHQRUPHVROR(OUH\VLQHPEDUJRHQYLyRFLDOHVGHOHMpUFLWR\GHODFDEDOOHUtD
SDUD DFRPSDxDU D 1HKHPtDV FDSLWXOR  YHUVtFXOR  5HFXHUGH 8VWHG QR GHEH LQWHQWDU XQ YLDMH GH WUDQVIRU
PDFLyQVROR

(O3ULQFLSLR&LQFRGH1HKHPtDV
/DUHVSRQVDELOLGDGVXSRQHTXHHOHQHPLJRTXHUUiGHUURWDUQRV
HVSHFLDOPHQWHFXDQGRFRPHQ]DPRVDWUDWDUGHKDFHUORFRUUHFWR
(QHOYHUVtFXORGHOFDStWXORGRVHVWiFODURTXHDORVHQHPLJRVGH,VUDHOQROHVJXVWDQLQJXQDLGHDGHSUR\HFWR
GHUHFRQVWUXFFLyQ+D\DQDORJtDVYLWDOHVDWUDYpVGHWRGRHVWHOLEUR\HVWDHVXQDGHODVLPSRUWDQWHV0XFKRVFULV
WLDQRVDVXPHQTXHFXiQGRHPSLH]DQXQSURFHVRGHFXUDFLyQ\EXVFDQYROYHUDO6HxRUVXVYLGDVDXWRPiWLFDPHQWH
PHMRUDUiQ(VSHUDPRVTXHQXHVWUDQXHYDYLGDERUUHORVUHVXOWDGRVGHODDQWLJXD(VWHSDVDMHGH1HKHPtDVQRV
UHFXHUGDTXH6DWDQiVRGLDQXHVWUDLQWHQFLyQGHKDFHUORFRUUHFWR\UHFRQVWUXLU(Q3HGUR3HGURFRPSDUDD
6DWDQiVFRQXQOHyQUXJLHQWHTXHDQGDDOUHGHGRUEXVFDQGRDTXLHQGHYRUDU



*XtD/,)(SDUD

3ULQFLSLRVGH1HKHPtDV

(O3ULQFLSLR6HLVGH1HKHPtDV
$QWHHOGHVDOLHQWR\HOGDxRDEUXPDGRUSXHGHTXHHOUHFRQVWUXLU
VyORXQDVXQWRGHWDQVRORHPSH]DUGHQXHYR
&XDQGR1HKHPtDVOOHJDDFDVDD-HUXVDOpQDOQDOGHOFDStWXORGRVGHVFULEHTXHpOVDOHSRUODQRFKHSDUDUHFRQ
RFHUHOGDxR'HEHKDEHUVLGRFRPRREVHUYDUHO*URXQG=HUROXJDUGRQGHHVWDEDQODV7RUUHVJHPHODVGHVSXpVGH
TXHHO:RUOG7UDGH&HQWHUIXHGHVWUXLGRSRUORVWHUURULVWDV4XpYLVLyQWDQWHUULEOH/DDQDORJtDDTXtHVTXHSDUD
PXFKRVGHQRVRWURVTXHEXVFDPRVODFXUDFLyQSRGUtDPRVGHVSHUWDUUHSHQWLQDPHQWHHQPHGLRGHWRGRHOGDxRTXH
KHPRVFDXVDGRDOUHGHGRUQXHVWUR(OGDUVHFXHQWDGHHVWRSXHGHVHUVXPDPHQWHGHVDOHQWDGRU/DHQRUPHWDUHD
GHUHFRQVWUXFFLyQSXHGHVHUDEUXPDGRUD1RVSRGHPRVVHQWLUSDUDOL]DGRV\VLQVDEHUFyPRRGyQGHFRPHQ]DUD
UHFRQVWUXLU(QHOOHQJXDMHGH$$1HKHPtDVKDFHFRUUHFWDPHQWHORVLJXLHQWHeOVLPSOHPHQWHORVUH~QHDWRGRV
\GLFHVLQGUDPDWLVPRV&RPHQFHPRVDUHFRQVWUXLU
$OQDOGHOFDStWXORGRVVHSUHVHQWDQQXHYDPHQWHORVHQHPLJRV1HKHPtDVOHVUHFXHUGDDWRGRVTXH'LRVHVWiHQ
FRQWURO\TXHOHSHUWHQHFHQ'LFHTXHORVHQHPLJRVQRWLHQHQQLQJ~QUHFODPRKLVWyULFRVREUHHOSXHEORGH'LRV
'HLJXDOPRGRFXDQGR8VWHGHVWiEDMRDWDTXHUHFXpUGHVHDVtPLVPRTXH6DWDQiVQRWLHQHQLQJ~QUHFODPRVREUH
VXYLGDVLHVTXH8VWHGHVFUH\HQWHHQ&ULVWR
/DVLJXLHQWHVHFFLyQHVXQDLGHDJHQHUDOGHODPDQHUDHVSHFtFDHQTXH1HKHPtDVHPSLH]DVXHQRUPHWUDEDMR(O
&DStWXOR7UHVDSDUHQWHPHQWHHVGLItFLOFRQVXVODUJDVOLVWDVGHQRPEUHVGLItFLOHV6LQHPEDUJRHOFDStWXORHVXQ
HMHPSORHVWXSHQGRGHRUJDQL]DFLyQ1HKHPtDVGHGLYLGHHOWUDEDMRHQVHJPHQWRVSHTXHxRV\YDULRVJUXSRVDFHS
WDQODUHVSRQVDELOLGDGSDUDFDGDXQRGHHVWRV
/DGLYLVLyQGHWDUHDVHVTXHPDWL]DGDVHQHOFDSLWXORWUHVGH1HKHPtDVQRHVXQSULQFLSLR~QLFR(VWDYLHMDVD
ELGXUtDQRVUHFXHUGDTXHVLPLUDPRVHOSUR\HFWRHQFRQMXQWRGHSHUVHJXLUODUHFXSHUDFLyQSRGHPRVVHQWLUQRV
DEUXPDGRV3HURFXiQGRVLPSOHPHQWHHPSH]DPRVDGHVDUUROODU\DHQIRFDUQRVHQODSUy[LPDWDUHDLQPHGLDWD
DOFDQ]DUHPRVHQ~OWLPDLQVWDQFLDQXHVWURREMHWLYR&LHUWDPHQWHVHSXHGHDSOLFDUODJUDQIUDVHGH$$XQGtDDOD
YH]$SHVDUGHOGDxR\HOGHVDOLHQWRHOSULPHUSDVRGHODWUDQVIRUPDFLyQHVVLPSOHPHQWHHPSH]DU

(O3ULQFLSLR6LHWHGH1HKHPtDV
6HUWUDQVIRUPDGRUHTXLHUHVDFDUODEDVXUDGHVXYLGD
2FXOWRVHQORVYHUVtFXORVGHOFDStWXORWUHVKD\GRVJUDQGHVSULQFLSLRV(OYHUVtFXORGLFHTXH0DOTXtDVUHHGLFy
ODSXHUWDGHOPXODGDU(VWHWpUPLQRHVODWUDGXFFLyQGH596XVWLW~\DODSRUVXSURSLDSDODEUDEDVXUDHVWLpUFRO
RORTXHFDOFH-HUXVDOpQWHQtDPXFKDVSXHUWDV\FDGDXQDWHQtDXQDIXQFLyQ2EYLDPHQWHODSXHUWDGHOPXODGDU
HUDODSXHUWDTXHFDQDOL]DEDODEDVXUD\HOGHVHFKRIXHUDGHODFLXGDG(UDODSXHUWDVDQLWDULD\HUDHVHQFLDOGH
RWUDPDQHUDODFLXGDGVHVRIRFDUtDHQVXSURSLDVXFLHGDG6LDOJXQDYH]KDHVWDGRHQXQDFLXGDGFRQORVEDVXUHURV
HQKXHOJDFRPSUHQGHUiODLPSRUWDQFLDGHODSXHUWDGHOPXODGDU([SHUWRVHQVDOXGFUHHQTXHHOJUDQDYDQFHGHO
VLJORIXHODGLIXVLyQGHOXVRGHODKLJLHQH(VWDSUiFWLFDPRGHUQDHVODUHVSRQVDEOHGHOLEUDUHOPXQGRGHPiV
VXFLHGDG\HQIHUPHGDGHVTXHFXDOTXLHURWURDYDQFHPpGLFR


*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

8QDDQDORJtDDSOLFDEOHDTXtHVTXHSXHGHTXH8VWHGKD\DVHQWLGRDYHFHVTXHVXYLGDKDFRQVLVWLGRHQWUDWDUFRQOD
PXJUH/HKDQWRFDGRODVSHRUHVDVLJQDFLRQHVWDUHDVVLQLPSRUWDQFLDHWF8QLPSRUWDQWHSULQFLSLRGH1HKHPtDV
HVTXHDYHFHVORTXHSDUHFHXQSUR\HFWRLQPXQGRSXHGHVHUHOPiVLPSRUWDQWH

+D\RWURSXQWRLPSRUWDQWHVREUHOD3XHUWDGHO0XODGDU&XiOHVODPXJUHHQVXYLGD"4XpQHFHVLWDSDUDVHQWLUVH
OLEUH"7DOYH]VHDERWDUODSRUQRJUDItDDFXPXODGDTXLWDUHODFFHVRD,QWHUQHWGHVXVFRPSXWDGRUDVFDQFHODUVHU
YLFLRVGHFDEOHGHVXFDVDRGHFLUOHDGLyVDXQDDPDQWH
1RROYLGHTXHSXHGHKDEHUHPRFLRQHVTXHQHFHVLWDWUDWDUFRPRSDUWHGHHVDEDVXUDTXHKD\HQVXYLGD(VWHHV
WLpUFROSRGUtDVHUODLUDORVUHVHQWLPLHQWRVRORVFHORV3RGUtDQVHUKHULGDVSURIXQGDVGHYLHMRVUHFXHUGRV3XHGH
TXHWRPHPXFKRWLHPSRWUDEDMDUORVSHURQRLJQRUHORVVHQWLPLHQWRVFRQTXHQHFHVLWDWUDWDU

(O3ULQFLSLR2FKRGH1HKHPtDV
/DWUDQVIRUPDFLyQFRPLHQ]DHQFDVD
0LUHORVYHUVtFXORV\GHOFDSLWXORWUHV\QRWHTXHHVWDVSHUVRQDVKDFHQUHVWDXUDFLRQHVDSDUWHVGHORVPX
URVTXHHVWDEDQIUHQWHRFHUFDGHVXVSURSLDVFDVDV(VWRHVXQSXQWRLPSRUWDQWH0XFKRVGHQRVRWURVDVXPLPRV
XQSHQVDPLHQWRJOREDOFXDQGRDFHSWDPRVHOYLDMHGHFXUDFLyQ4XHUHPRVVDOLUSUHFLSLWDGDPHQWH\FRQWDUOHDO
PXQGRVREUHODVFRVDVQXHYDV\~WLOHVTXHHVWDPRVDSUHQGLHQGR$QWHVGHODUHFXSHUDFLyQPXFKRVGHQRVRWURV
QRVGLVWUDtDPRVD\XGDQGRDRWURVHQYH]GHDERUGDUQXHVWURSURSLRSUREOHPD(OPHQVDMHGH1HKHPtDVHVTXH
WHQHPRVTXHFRQVWUXLUFHUFDGHQXHVWUDFDVD$QWHVGHTXHPDUFKHPRVGHSULVDDHYDQJHOL]DUHOPXQGRFRQOD
UHFXSHUDFLyQGHEHPRVUHSDUDUHOGDxRHQQXHVWUDVSURSLDVFDVDVHQQXHVWUDVHVSRVDV\HQQXHVWURVKLMRV3ULP
HURHVORSULPHURHVRWUROHPD$$\ODSULPHUDUHFRQVWUXFFLyQGHEHVXFHGHUHQFDVD$QWHVGHTXHPDUFKHPRV
GHPDVLDGRUiSLGRGHEHPRVSUHJXQWDUQRVDQRVRWURVPLVPRVTXpUHSDUDFLRQHVQHFHVLWDQVHUKHFKDVHQQXHVWUDV
SURSLDVFDVDVDQXHVWURVFyQ\XJHV\DQXHVWURVKLMRV'HEHPRVHVWDUHQFDVD\GLVSRQLEOHV

(O3ULQFLSLR1XHYHGH1HKHPtDV
/DWUDQVIRUPDFLyQUHTXLHUHSUHSDUDUVHGHDQWHPDQRSDUDORVDWDTXHVTXHYHQGUiQ
(O&DSLWXORFXDWURHVXQFDStWXORHVHQFLDO(PSLH]DFRQXQDGHVFULSFLyQGHFyPRORVHQHPLJRVHVWiQUHXQLHQGR
VXV IXHU]DV SDUD YHQLU FRQWUD HO SUR\HFWR GH HGLFDFLyQ /DV SHUVRQDV SRGUtDQ IiFLOPHQWH GHVDOHQWDUVH SRU OD
DPHQD]D1HKHPtDVVHODVDUUHJODFRQODDPHQD]DRUDQGR\SRQLHQGRXQJXDUGLDGtD\QRFKHYHUVtFXOR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

(OPHQVDMHSDUDODUHFXSHUDFLyQHVWiFODUR8VWHGQRSXHGHHVSHUDUTXHHODWDTXHYHQJD(QVXOXJDUGHEHSUH
SDUDUVHSDUDpO9LYLUGHDFXHUGRFRQHVWHSULQFLSLRHVXQJUDQGHVDItR0XFKRVKRPEUHVFD\HURQSRUTXHVHGLMH
URQDVtPLVPRV&XDQGRVHDWHQWDGRHQWRQFHVOODPDUpDDOJXLHQRKDUpDOJR6XRUJXOORHVWiKDEODQGR&XDQGR
VHDWHQWDGRXQDSDUWHGHODWHQWDFLyQFRQVLVWHHQTXHHVWpVRORPROHVWRDEXUULGR\OXMXULRVR3RVLEOHPHQWHQRWHQ
GUiJDQDVGHOODPDUDDOJXLHQ1RTXHUUiUHVLVWLUODWHQWDFLyQROLGLDUFRQHOOD4XL]iVHQVXVVHQWLPLHQWRVMXYHQLOHV
VHFRQYHQ]DDVtPLVPRGHTXHWLHQHHOGHUHFKRGHVXSOLUXQSRFRGHVXVQHFHVLGDGHVGHXQDPDQHUDSHFDGRUD6L
HVSHUDKDVWDHVWDUHQSUREOHPDVSDUDSHGLUD\XGDQRSUHJXQWDUi'pMHPHGHFODUDUHVWHSULQFLSLRGHRWUDPDQHUD

'HEHPRVSUHSDUDUQRVHQWLHPSRVGHIRUWDOH]DSDUDWLHPSRVGHGHELOLGDGTXHVHJXUDPHQWHOOHJDUiQ

'HEHSUHSDUDUVHSDUDORVDWDTXHVFRQWUDVXVREULHGDG&XDQGRVHDVXFLHQWHPHQWHKXPLOGH\GHFODUHVXFXOSD
GHWDOPDQHUDTXHGHVHHFDPELDU\VHUVREULRSRQJDHQHUJtDHQIRUWDOHFHUVXSODQGHUHFXSHUDFLyQ&RQVLGHUHHQ
HVSHFLDOFyPRJXDUGDUiVXFRUD]yQ\VLWXDUiDORVGHPiVSDUDVXSURWHFFLyQ
5HH[LRQHHQHOWUDEDMRTXHKL]RHQHO3ULQFLSLR8QRVREUHORVULWXDOHV5HFXHUGDODOLVWDTXHKL]RGHFRPSRU
WDPLHQWRVTXHWHQGUtDTXHSDUDUSDUDLPSHGLUTXH8VWHGPLVPRYXHOYDDVXVULWXDOHV"3HQVDUHQVXVULWXDOHV\
HVWDEOHFHUOtPLWHVHVSDUWHGHORVSUHSDUDWLYRV2WUDYH]GpMHPHVHUFODUR

1RHVSHUHODWHQWDFLyQ
3UHSiUHVHSDUDHOODSRUTXHOOHJDUi

&DSWDODLGHD"4Xp"3LHQVDTXHHVWDUHQUHFXSHUDFLyQTXLHUHGHFLUTXHWXYRXQDFLUXJtDFHUHEUDO\WRGRVORV
GHVHRVVH[XDOHVIXHURQHOLPLQDGRV"3HQVyTXHHOPXQGRIXHWUDQVIRUPDGR\WRGRVORVGHWRQDGRUHVVHHVIXPD
URQ"3LHQVDTXH8VWHGHVPHMRUTXHRWURVKRPEUHVTXHWLHQHQTXHWUDEDMDUSDUDHVWDUVH[XDOPHQWHVREULRV"6HD
KXPLOGH\HVWpSUHSDUDGR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

(O3ULQFLSLR'LH]GH1HKHPtDV
/DWUDQVIRUPDFLyQVLJQLFDUHVJXDUGDUORVOXJDUHVPiVGpELOHVGRQGH8VWHGHVPiVYXOQHUDEOH
(OFDStWXORFXDWURGH1HKHPtDVGHVFULEHRWUDHVWUDWHJLDLPSRUWDQWHTXHHVDSOLFDEOHDODUHFXSHUDFLyQ(OYLJLODQWH
QRVyORHVWiDKtGtD\QRFKHVLQRTXHHVWiXELFDGRHQODViUHDVPiVGpELOHV'HEHHVWDUVHJXURGHTXHWLHQHJXHU
UHURVXELFDGRVMXQWRD8VWHGHQVXViUHDVPiVYXOQHUDEOHV
(VWDQRHVFLHQFLDGHFRKHWHVHVSDFLDOHV&XDQGRFRQRFHVXVULWXDOHV\FyPROOHJDQODVWHQWDFLRQHVPiVIXHUWHV
DVHJ~UHVHGHTXHYDULRVKRPEUHVHQVXJUXSRHVWpQDOWDQWRGHHVDVDVHFKDQ]DV3tGDOHVTXHORD\XGHQDSUHSDUDUVH
SDUDHVRVPRPHQWRVDVtWHQGUiGHIHQVDVDXWRPiWLFDVHQVXVLWLR&yPRSXHGHQHFKDUVHDDQGDUDXWRPiWLFDPHQWH
HVDVGHIHQVDV"8QHMHPSOREiVLFRHVOODPDUDORVKRPEUHVHQUHFXSHUDFLyQWRGRVORVGtDV3URJUDPHPRPHQWRV
GXUDQWHHOGtDHQTXHVDEHTXHKDEODUiFRQDOJXLHQ<QRGHSHQGDGHVXEXHQDYROXQWDGSDUDKDFHUXQDOODPDGD3t
GDOHDXQKHUPDQRTXHOROODPHVLQRWLHQHQRWLFLDVGHXVWHGDFLHUWDKRUD$PHQXGRTXL]iVKDEOHGHFyPRHVWiHO
WLHPSR\HVWiELHQ2WUDVYHFHVVXFRQYHUVDFLyQVHUiVHULD\KDEODUiVREUHORTXHOHHVWiSDVDQGR(QXQVHJXQGR
HMHPSORVL8VWHGYLDMDXQEXHQSODQSDUDSUHSDUDUVHSRUDGHODQWDGRDQWHSRVLEOHVWHQWDFLRQHVHVDVHJXUDUVHGH
TXHDOJXQRVKRPEUHVFRQR]FDQVXDJHQGD\DGyQGHYD2UJDQtFHVHFRQHOORVSDUDTXHOROODPHQHQYDULRVPR
PHQWRVDVt8VWHGSRGUiHVSHUDUHVFXFKDUDDOJXLHQ\QRPHWHUVHHQSUREOHPDV9HFRPRRSHUDHVWDHVWUDWHJLD"
'XUDQWHVXVHQFXHQWURVGH*UXSR/,)(FRPSDUWDVXViUHDVGHYXOQHUDELOLGDGPiVGpELOHV3LGDDVXJUXSRTXH
ORD\XGHFRQVWUXLUXQSODQTXHVHDSURDFWLYRSDUDSURYHHUORGHGHIHQVDV

(O3ULQFLSLR2QFHGH1HKHPtDV
/DUHVSRQVDELOLGDGHVVLHPSUHFRQXQJUXSRQRSUHFLVDPHQWHFRQXQDSHUVRQD
+DEUiQRWDGRWDPELpQTXH1HKHPtDVXVDPXFKRVJXHUUHURVQXQFDXQRVROR/RVJXHUUHURVVHPDQWLHQHQMXQWRV
8QDLOXVWUDFLyQIXHUWHHVXQDHVFHQDGHODSHOtFXOD(O*ODGLDGRU(OSHUVRQDMHSULQFLSDO0D[LPXVKDVLGRKHFKR
HVFODYR\IRU]DGRDSHOHDUFRPRJODGLDGRU(OHVWiHQHO&ROLVHRGRQGHHOSODQGHORV5RPDQRVHVTXHpO\XQ
JUXSRGHRWURVJODGLDGRUHVVHDQPDVDFUDGRVHQODUHFUHDFLyQGHODVHJXQGDEDWDOODGH&DUWDJR0D[LPXVMXQWDD
ORVKRPEUHVDVXDOUHGHGRU\OHVGLFH1RLPSRUWDORTXHVDOJDGHHVDVSXHUWDVVLQRVTXHGDPRVMXQWRVVREUH
YLYLUHPRV&RQIRUPHORVFDUUXDMHVURPDQRVHQWUDEDQHQODDUHQDORVJODGLDGRUHVVHPDQWHQtDQMXQWRVFHUUDEDQ
HVFXGRV\UHSHOtDQHODWDTXH0D[LPXVFRQWLQXDPHQWHORVH[KRUWDED3HUPDQH]FDPRVXQLGRV3RUTXHGHELGRD
VXIXHU]DXQLGDHVTXHVREUHYLYHQFRQWUDDGYHUVLGDGHVVXSHULRUHV
(VDHVFHQDGHODSHOtFXODHVXQJUDQFXDGURGHUHVSRQVDELOLGDG+RPEUHVTXHSHUPDQHFHQXQLGRVMXQWRV&X
DOTXLHUFRVDTXHHOPXQGRR6DWDQiVOHSRQJDQHQVXFDPLQRVL8VWHGSHUPDQHFHMXQWRFRQRWURVKRPEUHVHQ
UHFXSHUDFLyQSXHGHVREUHYLYLU



*XtD/,)(SDUD

3ULQFLSLRVGH1HKHPtDV

(OHUURUPiVFRP~QTXHFRPHQWHQORVKRPEUHVFULVWLDQRVELHQLQWHQFLRQDGRVFRQUHVSHFWRDODUHQGLFLyQGHFXHQ
WDVHVSHQVDUTXHSXHGHQWHQHUXQVRFLRGHUHQGLFLyQGHFXHQWDV(VWHSODQHVXQDLQVHQVDWH]1RKDPHQWLGR
KiELOPHQWHORVXFLHQWHFRPRSDUDYHQFHUDXQVRFLR"'HVSXpVGHWRGRQRVRWURVORVDGLFWRVJHQHUDOPHQWHVRPRV
JUDQGHVPHQWLURVRV6DEHPRVFyPRFRQVHJXLUODVFRVDVVLQUHYHODUODYHUGDGHVSHFLDOPHQWHVLVyORWHQHPRVTXH
FRQYHQFHUDXQDSHUVRQD8VWHGQHFHVLWDXQJUXSRGHKRPEUHVTXHORFRQR]FDQELHQ\TXLHQHVQRVHUiQHQJDxD
GRVFXDQGRXVWHGHVWiWHQLHQGRPRPHQWRVGHGHELOLGDG
+D\IRUWDOH]DHQHOFRPSDxHULVPR/DVROHGDGIXHXQDGHODVUD]RQHVSULQFLSDOHVGHVXGHVHQIUHQR(OFRPSDxHU
LVPRHVODUHVSXHVWD1RVHHTXLYRTXHVLQHPEDUJRVREUHHOVLJQLFDGRGHFRPSDxHULVPR'HQRHOFRPSD
xHULVPRFRPRKRPEUHVTXHUHDOPHQWHORFRQRFHQD8VWHG1RHVXQJUXSRGHHVWXGLR%tEOLFRRODFODVHUHJXODU
GHOD,JOHVLD/RVKRPEUHVHQVXJUXSRGHEHQVDEHUUHDOPHQWHWRGRVREUH8VWHGWRGRVVXVSHFDGRVVHFUHWRVVXV
KHULGDVVXVWHQWDFLRQHVVXVVHQWLPLHQWRV7DPELpQHVLPSRUWDQWHTXHHOORVVHDQDOHQWDGRUHV\QRGLVFLSOLQDGRUHV
7RGRVQRVRWURVUHVSRQGHPRVPXFKRPHMRUDOHVWLPXORSRVLWLYR

8QRGHPLVSULQFLSLRVHVHVWH
(OFRPSDxHULVPRHVLJXDODODOLEHUWDGGHOGHVHRVH[XDO
8VWHGGHEHLGHQWLFDUDOPHQRVFXDWURRFLQFRKRPEUHVTXHGHVHHQHVWDUFRQ8VWHG(VWRVKHUPDQRVGHEHUtDQ
FRQRFHUWRGDVVXVFRQGXFWDVGHGHVHQIUHQRWRGRVVXVULWXDOHVWRGRVORVPRGRVHQTXHKDIDQWDVHDGR\WRGDVX
KLVWRULDHPRFLRQDO&RQWURODUVHFRQHOORVQRWRPDUiWLHPSRSRUTXHHOORV\DORFRQRFHEDVWDQWHELHQ(OORVVHUiQ
FDSDFHVGHGDUOHUHWURDOLPHQWDFLyQUiSLGDPHQWHVREUHORTXH8VWHGGHEHUtDKDFHUSDUDSURWHJHUVHD8VWHGPLVPR
HQORVGtDVTXHYLHQHQ(VWRVKRPEUHVVHJXURVHVWDUiQFRQXVWHGHQORVPRPHQWRVGLItFLOHV\ORDFRPSDxDUDQ
FRQWUDWRGRVORVDWDTXHV

(O3ULQFLSLR'RFHGH1HKHPtDV
1XHVWUDPRWLYDFLyQSRUODWUDQVIRUPDFLyQGHEHVHUGHVLQWHUHVDGD
+D\XQIHQRPHQDOJULWRGHOXFKDHQHOYHUVRFDWRUFHGHOFDSLWXORFXDWUR1HKHPtDVGLFH1RWHPiLVGHODQWHGH
HOORV>ORVDWDFDQWHV@DFRUGDRVGHO6HxRUJUDQGH\WHUULEOH\SHOHDGSRUYXHVWURVKHUPDQRVSRUYXHVWURVKLMRV\
SRUYXHVWUDVKLMDVSRUYXHVWUDVPXMHUHV\SRUYXHVWUDVFDVDV59(OJUDQUHFRUGDWRULRDFiHVRWUDYH]TXHOD
EDWDOODSHUWHQHFHDO6HxRU3HURKD\PXFKRPiVHQHVWDH[KRUWDFLyQ/DEDWDOODHVWDPELpQSDUDVHUOXFKDGDSRU
RWURV



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

'HVSXpVGHODJUDQFDWiVWURIHGHOGHVHSWLHPEUHGHOWRGRVIXLPRVLQVSLUDGRVSRUHOHMHPSORGHORVERPE
HURV\ORVRFLDOHVGHSROLFtDTXHVDFULFDURQVXVYLGDVHQORVLQWHQWRVSRUVDOYDUDRWURV(VRHVORTXHORVKpURHV
KDFHQ(VRHVORTXHORVJXHUUHURVKDFHQ8VWHGQRGHEHUtDVHUGLIHUHQWH6XPRWLYDFLyQGHEHUtDVHUHYLWDUKHULUD
ORVTXHORURGHDQ'HEHUtDVHUQRYROYHUDYHUQXQFDFDUDVGHGRORUHQDOJXLHQFHUFDQRD8VWHGFRPRVXHVSRVD
'HEHUtDVHUPDQWHQHUVXKRJDUVHJXURSDUDVXVKLMRV\ORVGHPiV<GHEHUtDVHUSURYHHUOLGHUD]JR\HMHPSORSDUD
VXVKHUPDQRVTXHWDPELpQEXVFDQVHUWUDQVIRUPDGRV
6LVXPRWLYDFLyQHVHYLWDUWRGDVODVFRQVHFXHQFLDVSHUVRQDOHV\VLVXUHFXSHUDFLyQHVWiEDVDGDHQHOPLHGRSURE
DEOHPHQWHIDOODUi(OPLHGRVRORGXUDPXFKR&XDQGRGHFUH]FDXVWHGQXHYDPHQWHVHUiWHQWDGRDOGHVHQIUHQR/D
PRWLYDFLyQTXHHVSURDFWLYDHLQFOX\HD\XGDUDRWURVD\XGDQGRJHQHUDOPHQWHHVPXFKRPiVH[LWRVD'HVSXpVGH
TXHHVWpHVWDEOHHQVXUHFXSHUDFLyQHQFDXFHVXHQHUJtDKDFLDIXHUD6DTXHDIXHUDVXHJRtVPR(VWpGHVHRVRGH
OOHYDUXQDYLGDGHVDFULFLR
+HWHQLGRODRSRUWXQLGDGGHKDEODUDYDULRVJUXSRVPLOLWDUHV&XDQGRSHQVDPRVHQODVEDWDOODV\HQORVFRPEDWHV
GHODVJXHUUDVTXpKRQUDPRVHQORVVROGDGRV"(VTXHHOORVHVWiQGLVSXHVWRVDPRULUSRUVXSDtV(VWDYROXQWDGGH
VDFULFLRLQFOXVRKDVWDODPXHUWHHVSDUWHGHORTXHVLJQLFDVHUWUDQVIRUPDGR4XHUUtDPRULUSRUDOJXLHQTXH
QRVHD8VWHG"4XpGHVXVKLMRV"6XHVSRVD"6XVKHUPDQDV\KHUPDQRV"&XDQGRXVWHGSXHGDFRQWHVWDUVtD
HVWDVSUHJXQWDVXVWHGKDEUiWHQLGRp[LWRHQVXYLDMHGHWUDQVIRUPDFLyQ

(O3ULQFLSLR7UHFHGH1HKHPtDV
/DWUDQVIRUPDFLyQLPSOLFDWDQWRGHVDUUROODUFRPRGHIHQGHU
+HDTXtXQ~OWLPRSXQWRGHOFDStWXORFXDWUR1RWHHQORVYHUVtFXORV\TXHODPLWDGGHORVKRPEUHVHGLFDQ
\ODRWUDPLWDGVHTXHGDEDGHJXDUGLDFRQVXVODQ]DVDUFRV\FRUD]DV,QFOXVRORVKRPEUHVTXHFDUJDEDQPDWHULDO
FDUJDEDQODVSURYLVLRQHVHQXQDPDQR\ODHVSDGDHQODRWUD(OFXDGURHVTXHKDEtDXQHTXLOLEULRHQWUHFRQVWUXLU
\GHIHQGHUXQHTXLOLEULRHQLJXDOPHGLGD$TXHOORVTXHVRODPHQWHWLHQHQXQDHVWUDWHJLDGHIHQVLYDHQVXOXJDUVH
FDQVDQPXFKRGHHVWDUVLHPSUHGHJXDUGLD7RPDPXFKDHQHUJtDHVWDUDODGHIHQVLYDWRGRHOWLHPSR'HIHQGHUHV
VRODPHQWHQHJDWLYR6yORVHWUDWDGHFRVDVTXHQRKDFH
(OGHVDItRGHHVWHFXDGURHQHOFDSLWXORFXDWURGH1HKHPtDVHVTXHGHEHPRVHVWDUHGLFDQGRDOJRQRVRORGHIHQ
GLHQGR(OYLDMHUHDOGHWUDQVIRUPDFLyQWLHQHTXHYHUFRQVHJXLUDGHODQWHHQGLUHFFLRQHVSRVLWLYDV1XHVWUDFXUD
GHEHVHUSURDFWLYD1RHVVXFLHQWHHVWDUUHWLUDQGRORVHVFRPEURVGHVXYLGDRLQFOXVRHVWDUYLJLODQWHFRQWUDUHV
EDORQHV\UHLQFLGHQFLDV/DJHQXLQD\GXUDGHUDWUDQVIRUPDFLyQUHTXLHUHGHODFRQVWUXFFLyQGHXQPRGRFRPSOHWR
GHYLYLUODYLGDTXHYDPXFKRPiVOHMRVTXHVXVFRPSRUWDPLHQWRVVH[XDOHV



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

(O3ULQFLSLR&DWRUFHGH1HKHPtDV
/DWUDQVIRUPDFLyQLPSOLFDWUDHUFRVDVSRVLWLYDVDVXYLGD
(OSURJUDPDGHODUHFXSHUDFLyQQRSXHGHVHUVREUHSULYDFLRQHVRIDOODUi0XFKRVYDFLODQHQVXUHFXSHUDFLyQ
SRUTXHWRGRVXSURJUDPDGHDFWLYLGDGHVHVQHJDWLYR5HFXHUGHTXH8VWHGSUREDEOHPHQWHHVXQDYtFWLPDGHODEDQ
GRQR
8QDYR]GHQWURGH8VWHGJULWDSRUDPRUDWHQFLyQ\DFWLYLGDG6LORTXHWRGRVXVWHGHVKDFHQHVQHJDUHVDVQHFH
VLGDGHVEiVLFDVGLFKDYR]FRQWLQXDUiFODPDQGR\SUREDEOHPHQWHVHWRUQDUiPiVUXLGRVD8VWHGVHYROYHUiYXO
QHUDEOHDORVVXVWLWXWRVIDOVRVTXHKLVWyULFDPHQWHKDXVDGRSDUDFXEULUVXVQHFHVLGDGHVOHJtWLPDV\PHGLFDUVXV
VHQWLPLHQWRV
(QHO3ULQFLSLR6LHWHVHGLVFXWHQODVDFFLRQHVSRVLWLYDVGyQGHKDEODPRVGHSHGLUDO6HxRUTXHOHGHXQDYLVLyQ
5HFXHUGHDOJXQRVGHHVRVSDVRVSUiFWLFRV\SRVLWLYRV/RVHMHPSORVLQFOX\HQ












&RPHUPHMRU
'HVFDQVDUPiV
+DFHUVHXQFKHTXHRPpGLFR
+DFHUHMHUFLFLRV
,QYLWDUDXQDPLJRDWRPDUFDIp
7HQHUXQDFLWDFRQVXHVSRVD
6ROLFLWDUXQDHQWUHYLVWDFRQXQWHUDSHXWDRFRQVHMHUR
,UDXQWDOOHU
,UDHVWXGLRVEtEOLFRV
&RPSUDUVHXQSRFRGHP~VLFDTXHORLQVSLUH
+DFHUDOJRVyORSRUGLYHUVLyQ

(VWD QR HV XQD OLVWD FRPSOHWD SHUR OH GD DOJXQDV LGHDV FRPR HMHPSOR 1RWDUi TXH OD PD\RUtD GH HVWRV tWHPV
WLHQHQTXHYHUFRQVXFXLGDGRORFXDOHVDOJRTXHODPD\RUtDGHORVDGLFWRVWLHQHQGLFXOWDGGHKDFHU0XFKRV
GH QRVRWURV UHFLELPRV HO PHQVDMH IDOVR GH TXH FXLGDUQRV D QRVRWURV PLVPRV HV HJRtVWD /D UHDOLGDG HV TXH
KLVWyULFDPHQWHKDVLGRHJRtVWDSHURQRHQHVWHVHQWLGR+DVLGRHJRtVWDHOVXPLQLVWUDUVHIDOVRVVXVWLWXWRVSDUDOD
H[FLWDFLyQODGLYHUVLyQ\HOSODFHU3DUWHGHODFRQVWUXFFLyQGHXQDYLGDVDOXGDEOHHVHQFRQWUDUPDQHUDVSRVLWLYDV
GHFXEULUODVQHFHVLGDGHVGHXQR

/DJXtDGHUHXQLRQHVGHJUXSRV/,)(UHFRPLHQGDTXHHQFDGDUHXQLyQFRPRSDUWHGHOFRQWUROFDGDSHUVRQD
FRPSDUWDDOJRSRVLWLYRTXHKDKHFKRSDUDVtPLVPRHQHVDVHPDQD



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

(O3ULQFLSLR4XLQFHGH1HKHPtDV
/DWUDQVIRUPDFLyQHVXQSURFHVRFRQWLQXRGHWRGDODYLGDHQHOTXH'LRV
SURYHHODHQHUJtDSDUDVRVWHQHUOR
(OFDStWXORFLQFRGH1HKHPtDVGHVFULEHFyPRHOWUDEDMRVHWRUQDFDQVDGRU\FRVWRVR/DIXHU]DGHORVWUDEDMDGRUHV
VHDFDED(OFRVWRGHUHFRQVWUXLUFRQOOHYDXQFRVWRHFRQyPLFR\DOJXQRVGHHVWRVPRQWRVLPSOLFDEDQJDVWRVHLP
SXHVWRV6LQHPEDUJRHQOXJDUGHVyORD\XGDUDODFDXVDHVWRVWUDEDMDGRUHVHVWDEDQORJUDQGREHQHFLRV$OJXQDV
GHODVSHUVRQDVLQFOXVRLEDQWDQOHMRVFRPROHVHUDSRVLEOHSDUDYHQGHUDVXVSURSLRVKLMRVFRPRHVFODYRVORFXDO
HUDXQDFRVWXPEUHGHODpSRFD

(QPLSULPHUDxRGHUHFXSHUDFLyQDVLVWtDDWHUDSLD\DOJUXSRGHDSR\RFRQWLQXDPHQWH(VWDEDORVXFLHQWHPHQWH
DVXVWDGRFRPRSDUDDVLVWLUDDOJXQDVVHVLRQHVGHUHFXSHUDFLyQFDVLWRGRVORVGtDV(OHVIXHU]RIXHFRVWRVR\FDQVD
GRU5HFXHUGRTXHHQHVRVGtDVSHQVDED&XiQGRWHUPLQDUiHVWR"&XiQGRGHMDUpGHVHUDGLFWR"3DW&DUQHV
GHVFXEULyHQXQDVGHVXVSULPHUDVLQYHVWLJDFLRQHVVREUHODDGLFFLyQVH[XDOTXHHOSHUtRGRHQWUHHOVH[WR\HO
GpFLPRVHJXQGRPHVGHVDOXGHVHOWLHPSRPiVSHOLJURVRSDUDUHFDHU3LHQVRTXHODSULQFLSDOUD]yQHVSRUTXHDO
SULQFLSLRODUHFXSHUDFLyQHVPX\DJRWDGRUD2WUDUD]yQHVSRUTXHHVWDPRVHQIUHQWDQGRODVFRQVHFXHQFLDVGHQXHV
WUDDGLFFLyQGXUDQWHHOSULPHUDxR\ODYLGDQHFHVDULDPHQWHQRKDVHYXHOWRPXFKRPHMRU'XUDQWHHVWHSHULRGR
TXL]iVVHUHPRVWHQWDGRVSDUDUHJUHVDUDODHVFODYLWXG

(VLPSRUWDQWHTXHDFHSWHTXHKDFHUHOWUDEDMRGHUHVWLWXLUODVDOXGVHUiFRVWRVR\DJRWDGRU5HFRQVWUXLUHVGLItFLO
SHUR'LRVHVVXFLHQWH1RVHUHYHQGDDODHVFODYLWXG
/HDHOFDSLWXORYHUVtFXOR1HKHPtDVGHVFULEH$GHPiVVDFXGtPLYHVWLGR\GLMH$VtVDFXGD'LRVGHVX
FDVD\GHVXWUDEDMRDWRGRKRPEUHTXHQRFXPSOLHUHHVWR\DVtVHDVDFXGLGR\YDFtR<UHVSRQGLyWRGDODFRQ
JUHJDFLyQ$PpQ<DODEDURQD-HKRYi<HOSXHEORKL]RFRQIRUPHDHVWR
&RPRXQKRPEUHHQHOSURFHVRGHWUDQVIRUPDFLyQPDQWHQJDVXVSURPHVDV
(VWHSULQFLSLRGH1HKHPtDVHVXQUHFRUGDWRULRSDUDTXHFXDQGRSLHQVHTXHQRSXHGHFRQWLQXDURSLHQVHTXHKD
WHUPLQDGRVXWUDEDMRGHUHFXSHUDFLyQRTXHHVWiFXUDGRVHGHFXHQWDGHTXHQRHVDVt0DQWpQJDVHHQFRQWDFWR
SDUDTXHORD\XGHQ\ORDSR\HQ
(OGtDTXHHVWXYHHVFULELHQGRHVWRWHQLDXQGHVD\XQRFRQXQDPLJRPtRGHDxRVTXHKDHVWDGRVREULRSRUDxRV
(OPHGLMRTXHKDEtDDFRPHQ]DGRXQQXHYRJUXSRGHUHXQLRQHV\TXHLEDDYROYHUDKDFHUHOWRGRHOWUDEDMR
GHVGHHOSULQFLSLReVWHHVXQHVWLORGHYLGDVDQR\QRSODQHDFDPELDUQDGD6HTXHHOPDQWHQHUODVDPLVWDGHV\
ODUHVSRQVDELOLGDGVRQFUXFLDOHVHQPLSURSLRYLDMH(VWHVHJXURGHYHUGHQRFDHUHQWUDPSDVSHOLJURVDVGHLGHDV
FRPRTXHORKL]RHVWDUFXUDGRRSXHGHDKRUDEDMDUODJXDUGLD



*XtD/,)(SDUD

3ULQFLSLRVGH1HKHPtDV

(O3ULQFLSLR'LHFLVpLVGH1HKHPtDV
&XDQGRVHDWHQWDGRSHUPDQH]FDFRPSURPHWLGRFRQODWUDQVIRUPDFLyQVLQYDFLODU
(Q1HKHPtDVFDStWXORVHLVHOPXURHVWiFDVLWHUPLQDGD/RVHQHPLJRVHVWiQGHVFRQWHQWRVFRQORVUHVXOWDGRVGH
VXVDJUHVLRQHVIURQWDOHVDVtTXHHODERUDQWUHVSODQHVGLIHUHQWHVSDUDGHUURWDUHOSUR\HFWRGHUHFRQVWUXFFLyQ
)LHODODDVWXWDQDWXUDOH]DGHODDGLFFLyQ\D6DWDQiVHVWRVDWDTXHVVRQPXFKRPiVVXWLOHV
3ULPHURORVHQHPLJRVLQYLWDQD1HKHPtDVDXQDUHXQLyQIXHUDGHODFLXGDGSDUDKDEODUGHVXVGLIHUHQFLDV3HUR
HQOXJDUGHHVWHSODQUD]RQDEOHHQUHDOLGDGHVWiQFRQVSLUDQGRSDUDPDWDUORV(VWDDUJXFLDHVODWUDPSDGHODGLV
WUDFFLyQ/RVHQHPLJRVHVWiQVLHQGRHGXFDGRV\FRUWHVHV\SRGUtDYHUVHUDFLRQDOHOWHQHUXQDUHXQLyQ6HHVWi
WUDWDQGRGHLJQRUDUODVSRWHQFLDOHVFRQVHFXHQFLDVGHHVWDULQYROXFUDGRFRQHOHQHPLJRHVSHFLDOPHQWHVL8VWHG
FUHHTXHWLHQHXQDEXHQDUD]yQ3XHGHHVWDUVHJXURGHTXHORVHQHPLJRVGHODWUDQVIRUPDFLyQWLHQHQXQDDJHQGD
RFXOWD\PDOYDGD(QWLHQGDTXH6DWDQiVYHQGUiGHWUiVGH8VWHGFRQSDVDWLHPSRVTXHVXHQDQPX\VXWLOHVFLYL
OL]DGRV\UDFLRQDOHV3RGUtDVHUVyORDOJRWDQVLPSOHFRPR8VWHGKDHVWDGRWUDEDMDQGRPX\GXURSRUTXpQR
WRPDXQGHVFDQVR"'LYLpUWDVHXQSRFR2TXL]iV6DWDQiVORHQJDxHFXDQGR8VWHGVHGLJDDVtPLVPR(VWR\
FDQVDGR3RUTXpWHQJRTXHJDVWDUWDQWDHQHUJtDHQWUDEDMDUPLSURJUDPD"7HQJRWDQWROLPLWHVUHVWULFWLYRVTXH
SXHGRUHODMDUPHGHHOORXQSRFR4XL]iVVHDWHQWDGRDGHMDUGHSHQVDUGHVtPLVPRFRPRXQDGLFWR\GHFLGDTXH
KDFRQVHJXLGRGHMDUDWUiVVXVDQWLJXDVWHQWDFLRQHV4XL]iVHVWHELHQHQWUDUD,QWHUQHWVLQUHQGLUFXHQWDVVLVyORYD
DYLVLWDUSDJLQDVDSURSLDGDV2VHJXUDPHQWHDHVWDDOWXUDSXHGHPDQHMDUHOYHUDVXDQWLJXDDPDQWH'HVSXpVGH
WRGR8VWHGWLHQHXQDDXWHQWLFDFRPXQLFDFLyQFRQBBBBBBBBBBBBBBBBOOHQHHOHVSDFLRHQEODQFR
/D WHQWDFLyQ YLHQH FRQ PXFKRV GLVIUDFHV \ PXFKDV YRFHV LQFOX\HQGR ODV VX\DV 5HFXHUGH 8VWHG VH HVWi HQ
IUHQWDQGRDXQDJXHUUDHVSLULWXDO(VFXFKHHOJULWRGHEDWDOODGH1HKHPtDV<RHVWR\KDFLHQGRXQDJUDQREUD\QR
SXHGRLU7RPHVXHMHPSORHQVXFRUD]yQ1RSLHUGDGHYLVWDHOJUDQWUDEDMRTXHHVWiKDFLHQGR\QXQFDUHQXQFLH
DVXFRPSURPLVRDODWUDQVIRUPDFLyQ

(O3ULQFLSLR'LHFLVLHWHGH1HKHPtDV
/DWUDQVIRUPDFLyQORKDFHREMHWRGHUXPRUHV\DWDTXHVSHUVRQDOHV
/RVHQHPLJRVDGHODQWDQHODWDTXHFRQIRUPHVHGHVDUUROODHOFDStWXORVHLV(QHOVHJXQGRSODQKDFHQFLUFXODUHO
UXPRUGHTXH1HKHPtDVHVWiWUDWDQGRGHXVXUSDUHOSRGHUGHOUH\/RVHQHPLJRVEiVLFDPHQWHORHVWiQFXOSDQGRGH
DPELFLyQ$UPDQTXH1HKHPtDVHVWiWUDWDQGRGHVHUGHPDVLDGRSRGHURVR\HVWiGHPDVLDGROOHQRGHVtPLVPR
6XJLHUHQTXHYD\DDODUHXQLyQUHFXHUGHIXHUDGHODFLXGDG\KDEOHGHVXLQWHQFLyQ



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

(VWpFRQVLHQWHGHTXHVXYLDMHGHWUDQVIRUPDFLyQVHUiREMHWRGHUXPRUHV$OJXQDVGHODVYRFHVGHDWDTXHYHQ
GUiQGHJHQWHUHOLJLRVD/DVSHUVRQDVSXHGHQDFXVDUORGHWUDWDUGHVHUDOJRTXH8VWHGQRHVRFRQGHQDUORSRUVHU
HJRtVWDDOWRPDUGHFLVLRQHVVDOXGDEOHV4XL]iVFXHVWLRQHQVXSDUWLFLSDFLyQHQHOSURJUDPDVHFXODUGHORV
3DVRVTXHUHFRQRFHXQSRGHUPiVHOHYDGRHLQVLVWDQHQTXH8VWHGOHKDGDGRODHVSDOGDD'LRV2WUDVYRFHV
GHDWDTXHVHUiQODVVHFXODUHV6HEXUODUiQGHXVWHGSRUVHU)DULVHRVREUHVXVH[XDOLGDGPRUDO1RVHVRUSUHQGD
VL8VWHGHVDFXVDGRGHVHUFULWLFRSRUPDQWHQHUVXVSDWURQHVGHVDQDVH[XDOLGDG/DJHQWHGHODVFRPXQLGDGHV
WDQWRUHOLJLRVDVFRPRVHFXODUHVFXHVWLRQDUiVXSURJUDPDGHUHFXSHUDFLyQHQJHQHUDO\FUHHUiQTXHHVWiWUDWDQGR
GHHYDGLUVXUHVSRQVDELOLGDGSRUHVFRQGHUVHGHWUiVGHXQDDGLFFLyQ
(QXQDUWLFXORGHODUHYLVWD3OD\ER\VHPHDFXVyMXQWRFRQRWURVGHLQYHQWDUHOFRQFHSWRGHDGLFFLyQVH[XDOSDUD
TXHHVWRVSURIHVLRQDOHVSXGLHUDQKDFHUGLQHURWUDWiQGROR/DVXSRVLFLyQIXHTXHODDGLFFLyQVH[XDOQRH[LVWH
(VWRVUXPRUHV\DWDTXHVSXHGHQVHUUHDOPHQWHFDQVDGRUHV\DYHFHVDWHPRUL]DQWHV8VWHGVHUiIUHFXHQWHPHQWH
PDOHQWHQGLGRSRUVXVVHQWLPLHQWRV\PRWLYDFLRQHVFRQIRUPHEXVFDVHUWUDQVIRUPDGRDXQDLPDJHQFDGDYH]PiV
FHUFDQDD&ULVWR
(VWDVIDOVDVDFXVDFLRQHVFRQWUD1HKHPtDVVRQORVPLVPRVWLSRVGHUXPRUHVTXHORVOtGHUHV-XGtRVKLFLHURQFLUFXODU
VREUH-HV~V(OORVGHFtDQTXHeOHVWDEDWUDWDQGRGHVHU5H\/RDUUDVWUDURQDOIUHQWHGH3LODWRV\ORFXOSDURQGHVHU
XQUDGLFDO\UHYROXFLRQDULR3LODWRVVDEtDTXHHVWRVFDUJRVHUDQGHVFDEHOODGRV\SHQVyTXHSRGtDUHVROYHUHOSURE
OHPDFXiQGRSXVRD-HV~VMXQWRFRQ%DUUDEiV\OHSUHJXQWyDODJHQWHFXiOGHHOORVGHEtDVHUOLEHUDGR%DUUDEDV
HUDXQFRQRFLGRUHYROXFLRQDULR\3LODWRVGHELySHQVDUTXHHVWDVROXFLyQHUDXQDPDQHUDGHODYDUVHVXVPDQRV
GHODVXQWR\ORJUDUTXHODJHQWHKLFLHUDHOWUDEDMRSRUpO'HVGHOXHJRTXHHOSODQOHVDOLyD3LODWRVSRUODFXODWDOD
JORULD~OWLPDGH-HV~V\QXHVWUDVDOYDFLyQHWHUQD
(OSXQWRHVTXH8VWHGVHHQIUHQWDUiFRQPDORVHQWHQGLGRV\TXL]iVIDOVRVUXPRUHV(VIiFLOGLVWUDHUVHWUDWDQGRGH
H[SOLFiUVHORD8VWHGPLVPR<RDOPHQRVWLHQGRDGHIHQGHUPHORFXDOVyORPHDUUHEDWDODHQHUJtDTXHQHFHVLWR
SDUDFRQFHQWUDUPHHQPLWUDEDMRGHWUDQVIRUPDFLyQ1HKHPtDVGDXQEXHQHMHPSORGHFyPRHQFDUDUHVWDFODVHGH
DWDTXH/HGLMRDVXVDFXVDGRUHV1RKD\WDOFRVDFRPRGLFHVVLQRTXHGHWXFRUD]yQW~ORLQYHQWDVYHUVtFXOR
1HKHPtDVUHVSRQGHGHPDQHUDVHQFLOOD\GLUHFWD\OXHJRUHJUHVDUiSLGDPHQWHDWUDEDMDU

6LQHPEDUJRpOHVWiHQFRQWDFWRFRQVXVHPRFLRQHVHQUHODFLyQDHVWHDWDTXH5HFRQRFHTXHORVHQHPLJRVHVWiQ
WUDWDQGRGHDVXVWDUORDpO\DORVGHPiV/RVDWDFDQWHVHVSHUDQTXH6HGHELOLWDUiQODVPDQRVGHHOORVHQODREUD
\QRVHUiWHUPLQDGDYHUVtFXOR1HKHPtDVRUDD'LRV\OHSLGHIRUWDOHFHW~PLVPDQRVFRQIRUPHFRQGXFH
DODJHQWH$OJXQDVYHFHVQHFHVLWDUiRUDUSRUIRUWDOH]D\SHGLUTXHDPLJRVGHDSR\RORDQLPHQHQHOWUDEDMRTXH
HVWiUHDOL]DQGR
1RWLHQHTXHWHQHUXQDFRPSUHVLyQWRWDOSDUDGHGLFDUVHDVXJUDQWUDEDMRGHWUDQVIRUPDFLyQ3XHGHVHUDFXVDGR
IDOVDPHQWHGHRUJXOORDUURJDQFLDDPELFLyQRHJRtVPR4XL]iVVHDLQTXLHWDGRSRUUXPRUHV6HVHQWLUiLQGXG
DEOHPHQWHGLVWUDtGR\GHVDOHQWDGR7HPHUiTXHVXVPDQRVHVWpQGHPDVLDGRGpELOHVSDUDVXWUDEDMR&RQVLGHUHOD
UHVSXHVWDGH1HKHPtDV\UHQXHYHVXYDORU\FRPSURPLVR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

(O3ULQFLSLR'LHFLRFKRGH1HKHPtDV
/DWUDQVIRUPDFLyQWUDHFRPRUHVXOWDGRODGLVSRVLFLyQ
GHVDFULFDULQFOXVRVXSURSLDYLGD
+D\XQFRPSORWQDO8QLQYiOLGRGHQRPEUHGH6HPDtDVLQYLWDD1HKHPtDVDUHXQLUVHFRQpOHQHOWHPSORGRQGH
HOORVHVWDUiQVHJXURV(OWUDEDMRHVSHOLJURVRGLFH\VL1HKHPtDVYDDFRQWLQXDUVXEXHQHVIXHU]RGHUHFRQVWUXLU
ORVPXURVGHEHSURWHJHUVH/DUHVSXHVWDGH1HKHPtDVHVIXHUWH8QKRPEUHFRPR\RKDGHKXLU"<TXLpQTXH
IXHUDFRPR\RHQWUDUtDDOWHPSORSDUDVDOYDUVHODYLGD"
&RQIRUPHEXVFDFRQVWUXLU\HQFDPLQDUXQDYLGDWUDQVIRUPDGDHQPRPHQWRVHVWDUiWHQWDGRDUHWLUDUVHSRUVHJXUL
GDG2WURVSXHGHQDQLPDUORDWRPDUODUXWDIiFLOGHDXWRSURWHFFLyQ3RUHMHPSORFXDQGR8VWHGHVWiVLHQGRH[L
WRVRHQOOHYDUXQDYLGDSXUD\HVWiHQFRQWUDQGRODVRSRUWXQLGDGHVGHFRPSDUWLUHOPHQVDMHGHOSRGHUWUDVIRUPDGRU
GH'LRVVHUiWHQWDGRRDFRQVHMDGRDQRFRPSDUWLUVXKLVWRULDSRUTXHSRGUtDGDxDUVXUHSXWDFLyQ7XYHPXFKDV
SHUVRQDVTXHWUDWDURQGHFRQYHQFHUPHGHSDUDUGHWUDEDMDUGHVSXpVGHODWDTXHWHUURULVWDGHOGHVHSWLHPEUHGHO
(QPXFKDVPDQHUDVVHUiSUHVLRQDGRSDUDTXHVXVSHQGDVXLPSRUWDQWHWUDEDMR

1HKHPtDVVLQHPEDUJRVDELDPHQWHSHUFLEtDTXH6HPDtDVQRHUDXQYHUGDGHURDPLJRGHSURWHJHUVXVPHMRUHVHV
IXHU]RVeOVDEtDTXH6HPDtDVUHDOPHQWHKDEtDHVWDGRHQXQFRPSORWSDUDPDWDUORGHQWURGHODVXSXHVWDVHJXULGDG
GHOWHPSOR0LFRQMHWXUDHVTXHODUHVSXHVWDGH1HKHPtDVKXELHUDVLGRODPLVPDLQFOXVRVLQRVHKXELHUDSHUFDWDGR
GHODVYHUGDGHUDVLQWHQFLRQHVGH6HPDtDV1HKHPtDVVHKDEUtDQHJDGRUHWUDFWDUVHGHVXPLVLyQ
1XHVWUDUHVSXHVWDGHEHVHUODPLVPD(QHIHVLRV3DEORGLFHTXHGHEHUtDPRVVHULPLWDGRUHVGH'LRV\
HVWDUGHVHRVRVFRPR&ULVWRGHHQWUHJDUQRVFRPRXQDRIUHQGD\VDFULFLRD'LRVHQRORUIUDJDQWH6DFULFLR
LPSOLFDWRPDUULHVJRVSDUDKDFHUODVFRVDVFRUUHFWDPHQWHLQFOXVRVLQRVKDFHVHQWLUPLHGR2EYLDPHQWHQRVHU
HPRVSHUIHFWRVHQFRQWLQXDUYDOLHQWHPHQWHHQQXHVWURWUDEDMRVLQLPSRUWDUHOULHVJR6yOR-HV~VIXHSHUIHFWRHQ
VXVDFULFLR3HURSRGHPRVVDFDUODIXHU]DGH6XHMHPSORHQIUHQWDUQXHVWURVPLHGRV\KDFHUFDVRRPLVRGHODV
YRFHVTXHQRVGLFHQTXHDEDQGRQHPRVQXHVWURWUDEDMR



*XtD/,)(SDUD+RPEUHV

3ULQFLSLRVGH1HKHPtDV

8QLpQGROR7RGR
+HWRPDGRXQEXHQWLHPSRSDUDHQVHxDUHVWRVSULQFLSLRVGH1HKHPtDVSRUTXHFUHRTXHHOORVSURYHHQXQPDUD
YLOORVRHMHPSORGHOSURJUHVRWRWDOGHYLYLUHQOLEHUWDGFDGDGtD(VWDKLVWRULDGHKXPLOGDGYDORUDFFLyQHQIRTXH
\GHSHQGHQFLDGH'LRVLOXVWUDORVVLHWHSULQFLSLRVERVTXHMDGRVHQHVWD*XtD/,)(/DUHFRQVWUXFFLyQGHOPXUR
HVXQDLOXVWUDFLyQGHODWUDQVIRUPDFLyQGHVXYLGD
(VWHSURFHVRVXSRQHXQDHQWUHJDGtDDGtD6LQFRQVLGHUDUORVGHVDItRV\DVHDGHVGHDGHQWURGHVXSURSLRFRUD]yQ
RGHIXHQWHVH[WHUQDVVHUWUDQVIRUPDGRLPSOLFDHQWUHJDUVXYLGDVXVQHFHVLGDGHV\ORVUHVXOWDGRVD'LRV
7RPDUODYLGDXQGtDDODYH]\PDQWHQHUVHUHVSRQVDEOHVHUiQHOSXQWRSULQFLSDOGHVXSURJUDPDSRUHOUHVWRVX
YLGD(VWDUHDOLGDGQRHVVyORSRUTXH8VWHGHVXQDGLFWRDOVH[R(VSRUTXH8VWHGHVXQKRPEUHTXHEXVFDVHJXLU
D&ULVWR

(O7LHPSRHVGH'LRV
$QWHVGHWHUPLQDUFRQ1HKHPtDVQRWHXQDGHFODUDFLyQDOQDOGHOFDStWXORVHLV&XiQWRWLHPSRSLHQVD8VWHG
TXHWRPDHOSUR\HFWRGHFRQVWUXFFLyQ"'RFHDxRV"7DOYH]VRORRFKRDGLH]DxRV"6HJXUDPHQWHXQSUR\HFWRWDQ
JUDQGHSXHGHWRPDUGHWUHVDFXDWURORVDxRVQR"
,QFRUUHFWR(OYHUVRGLFH)XHWHUPLQDGRSXHVHOPXURHOYHLQWLFLQFRGHOPHVGH(OXOHQFLQFXHQWD\GRV
GtDV<FXDQGRORR\HURQWRGRVQXHVWURVHQHPLJRVWHPLHURQWRGDVODVQDFLRQHVTXHHVWDEDQDOUHGHGRUGHQRVRWURV
\VHVLQWLHURQKXPLOODGRV\FRQRFLHURQTXHSRUQXHVWUR'LRVKDEtDVLGRKHFKDHVWDREUD3XHGHHQWHQGHUHVR"
/RVPXURVIXHURQWHUPLQDGRVHQVyORGtDV

(QXQVHQWLGRHOSURFHVRGHWUDQVIRUPDFLyQHVXQHVIXHU]RGHWRGDODYLGD1XQFDKDEUHPRVWHUPLQDGRFRQHO
YLDMHGHVHUWUDQVIRUPDGRVHQXQDYLGDGHVDFULFLRHQ&ULVWR&RQWLQXDPHQWHGHEHPRVHVWDUHQODWDUHDGHUHFRQ
VWUXFFLyQGHORVPXURVGHQXHVWURVFRUD]RQHVQXHVWUDVYLGDVQXHVWUDVIDPLOLDV\QXHVWUDUHODFLyQFRQ&ULVWR

3HURHQRWURVHQWLGRODLQWHQVLGDGGHOWUDEDMRQRGXUDUiWDQWRFRPRSDUDTXHWHQJDPLHGR1RVHUiWDQGXUDFRPR
ORHVHQHOSULQFLSLR/DEDWDOODGHPDQWHQHUODVREULHGDGVHVLPSOLFDUi/DLQWHJULGDGWRPDUiHOOXJDUGHODGH
VKRQHVWLGDG(OGRORUGHOSDVDGRVHDOHMDUi/DVUHODFLRQHVVHUHVWLWXLUiQ/DVKHULGDVVDQDUiQ(OFRPSDxHULVPR
\ODVRFLHGDGUHHPSOD]DUiQODVROHGDG8VWHGGHVFXEULUiTXHKDVLGRVRUSUHQGLGRSRUHOJR]RGHTXHVXHVStULWX
FRQRFHXQDSD]TXHVREUHSDVDWRGRHQWHQGLPLHQWR
2WURJUDQOHPDGH$OFRKyOLFRV$QyQLPRVVHHQFRQWUDGRHQ/DV3URPHVDVGHOD5HFXSHUDFLyQ'HVSXpVGHHQX
PHUDUXQDYDULHGDGGHSXQWRVSRVLWLYRVODVSHUVRQDVUHFXSHUDGDVH[SHULPHQWDUiQTXH(O*UDQ/LEUROHVGDXQ
PDUFRGHWLHPSRHQTXHHVDVSURPHVDVVHFXPSOLUiQDQWHVTXHHVWpVDPLWDGGHFDPLQRGHODSULPHUDSDUWHGH
WXYLDMH4XL]iVVRORHQGtDV



*XtD/,)(SDUD

3ULQFLSLRVGH1HKHPtDV

'XUDQWHHVRVPRPHQWRVFXDQGR8VWHGHVWpFDQVDGRVROR\DVXVWDGRUHFXHUGHODKLVWRULDGH1HKHPtDV\DQtPHVH
FRQVXHMHPSOR8VWHGWDPELpQHVWiKDFLHQGRXQJUDQWUDEDMRDOFRQVWUXLUXQDYLGDGHSXUH]D\ODVEXHQDVFRVDV
SXHGHQFRPHQ]DUDOOHJDUD8VWHGPiVUiSLGDPHQWHGHORTXHVHSXHGHLPDJLQDU

(OWLHPSRSHUWHQHFHD'LRV\eOORJXLDUiHQVXYLDMHGHVGHHOSULQFLSLRKDVWDHOQDO





*XtD/,)(SDUD+RPEUHV

'HQLFLRQHV

'HQLFLRQHV
/DFRPXQLFDFLyQHVHVHQFLDOSDUDHOFRPSDxHULVPRtQWLPR(OFRPSDxHULVPRHVYLWDOSDUD/,)(YLYLHQGRHQOD
OLEHUWDGWRGRVORVGtDV/DVGLVFXVLRQHVGHJUXSRODUHWURDOLPHQWDFLyQ\ODVSUHVHQWDFLRQHVVRQHODOPDGHVRSRUWH
\HVWtPXOR/DFRPXQLFDFLyQHFD]\ODFRPXQLyQUHTXLHUHQTXHQRVFRPSUHQGDPRVHOXQRDORWURTXHKDEOHPRV
HOPLVPROHQJXDMH/DWHUPLQRORJtDHVWiQGDUHVXQDKHUUDPLHQWDSDUDXQDFRPXQLFDFLyQFODUD\HODFXHUGRVREUH
ODVGHQLFLRQHVSHUPLWHQTXHFDGDPLHPEURGHO*UXSR/,)(VHFRPXQLTXHIiFLOPHQWHFRQRWURVGHVXSURSLR
JUXSR\HQODUHGPLQLVWHULDODWUDYpVGHWRGRHOSDtV&DGDPLHPEURGHOJUXSRGHEHHVWXGLDUODVVLJXLHQWHVGHQL
FLRQHVSDUDHOLPLQDUORPiVSRVLEOHODFRQIXVLyQDOUHVSHWDUODWHUPLQRORJtD(VWDVGHQLFLRQHVSRGUtDQVHUFRQ
VLGHUDGDVFRPRXQWHPDGHGLVFXVLyQSURGXFWLYDSDUDXQDUHXQLyQGH*UXSR/,)((VWDVGHQLFLRQHVVHEDVDQ
HQPLFRQRFLPLHQWRDGTXLULGRDOKDEODUFRQFLHQWRVGHSHUVRQDVHQUHFXSHUDFLyQHQXQDYDULHGDGGHOXJDUHV&DGD
JUXSRVLQHPEDUJRSRGUtDWHQHUFRPSUHQVLRQHVORFDOHVRSHUVRQDOHVTXHVRQLPSRUWDQWHVSDUDVXVWUDVIRQGRV
/RTXHHVFUXFLDOHVTXHHOJUXSRGLVFXWDODVYDULDFLRQHVHQORVVLJQLFDGRVFRQHOSURSyVLWRGHTXHDWRGRVOHV
SXHGDQTXHGDUFODURV
'tDV
(OWpUPLQR1RYHQWDGtDVYLHQHGHOOHPDGHORV$$GtDVUHXQLRQHVTXHVHUHHUHDORVSULPHURVPHVHV
GHODUHFXSHUDFLyQGHDOFRKyOLFR0XFKDVYHFHVHVQHFHVDULRSDUDXQDSHUVRQDLUDXQDUHXQLyQWRGRVORVGtDV
GXUDQWHORVSULPHURVGtDVDQGHPDQWHQHUVHVREULR(VWHFRPSURPLVRHVLJXDOPHQWHEXHQRSDUDDGLFWRVDO
VH[R$OSULQFLSLRGHVXYLDMHGHFXUDFLyQRGHVSXpVGHXQDUHFDtGDHVXQH[FHOHQWHSODQHOFRPSURPHWHUVHDXQ
HQ
1RYHQWDGtDVKDVLGRWDPELpQDSOLFDGRDOSHULRGRHQTXHXQDGLFWRDOVH[RSXHGHHVFRJHUVHUVH[XDOPHQWHDE
VWHPLRFRQVLJRPLVPR\FRQRWURVLQFOX\HQGRVXHVSRVD(QFRQWUDUiPiVLQIRUPDFLyQVREUHHOFRQFHSWRGHO
SHUtRGRGHDEVWLQHQFLDGHQRYHQWDGtDVHQHO3ULQFLSLR&XDWUR$VLJQDFLyQ8QR
$EVWLQHQFLD
eVWHHVHOHVWDGRGHVHUQRVH[XDOFRQVLJRPLVPR\FRQRWURV3DUDDOJXQRVKRPEUHVODDEVWLQHQFLDSXHGHLQGLFDU
WDPELpQXQWLHPSRSODQLFDGRVLQQLQJXQDUHODFLyQURPiQWLFD

6RFLRGH5HQGLFLyQGH&XHQWDV
(VFXDOTXLHUSHUVRQDTXHDFHSWDHVWDUHQVXUHGGHSHUVRQDVTXHORPDQWLHQHQULQGLHQGRFXHQWDV8QDIDOWDFRP~Q
HVSHQVDUTXH8VWHGSXHGHWHQHUVyORXQDSDUHMDGHUHVSRQVDELOLGDG1XQFDKHFRQRFLGRDXQDSHUVRQDTXHVHUH
FXSHUHVLHQGRUHVSRQVDEOHVyORDQWHXQDSHUVRQD8QDGHVXVVRFLRVGHUHQGLFLyQGHFXHQWDVSXHGHVHUVXVSRQVRU
SHURVXHVSRVDQRGHEHUtDVHUVXVSRQVRURSDUHMDGHUHVSRQVDELOLGDG/DSDODEUDVRFLRXVXDOPHQWHGHVFULEHPiV
UHFLSURFLGDGHQODUHODFLyQTXHORWtSLFRFRQXQVSRQVRU



*XtD/,)(SDUD

'HQLFLRQHV

'HVHQIUHQR5HSUHVLyQ$FWLQJ2XW$FWLQJ,Q
(OGHVHQIUHQRVHUHHUHDODSUiFWLFDGHSDUWLFLSDUHQFRPSRUWDPLHQWRVSHFDPLQRVRVRGLVIXQFLRQDOHVHQHVWH
FDVRFRPSRUWDPLHQWRVVH[XDOHV5HSUHVLyQVHUHHUHDFRQWURODUUtJLGDPHQWHFRPSRUWDPLHQWRVVH[XDOHVGHXQ
PRGRSRFRVDOXGDEOH)UHFXHQWHPHQWHVLJQLFDTXHHOVH[RXRWURFRPSRUWDPLHQWRHVWiVLHQGRHYLWDGRHVWULF
WDPHQWHSHURODSHUVRQDQRHVWiFUHFLHQGRHPRFLRQDOPHQWHQLHVSLULWXDOPHQWH5HSUHVLyQHVIUHFXHQWHPHQWH
XVDGRFRPRVLQyQLPRGHDQRUH[LDVH[XDO'HVHQIUHQR\UHSUHVLyQVRQUHDOPHQWHH[WUHPRVRSXHVWRVGHOR
PLVPR$PERVSXHGHQVHULQWHQWRVSDUDFRQWURODUUHFXHUGRVGRORURVRVRHPRFLRQHV
$GLFFLyQ
+LVWyULFDPHQWHODSDODEUDDGLFFLyQKDVLGRSROpPLFDHQODFRPXQLGDGFULVWLDQD$OJXQRVWHPHQTXHHOFRQFHS
WRGHDGLFFLyQOHTXLWHUHVSRQVDELOLGDGSHUVRQDODOFRPSRUWDPLHQWRSHFDPLQRVR$OJXQRVFUHHQTXHDTXHOORVTXH
VHOODPDQDVtPLVPRVDGLFWRVFXOSDQGHVXVGHFLVLRQHVSHUVRQDOHVDODDGLFFLyQ7RGRVORVDGLFWRVUHDOPHQWH
DUUHSHQWLGRV\KXPLOGHVVLQHPEDUJRVLHPSUHDFHSWDQODUHVSRQVDELOLGDGSHUVRQDOSRUVXVDFFLRQHV
/D FRPXQLGDG PpGLFD \ SVLFROyJLFD WLHQH DOJXQRV FULWHULRV XQLYHUVDOHV SDUD GHWHUPLQDU VL XQD VXVWDQFLD R XQ
FRPSRUWDPLHQWRHVXQDDGLFFLyQ




(OXVRGHODVXVWDQFLDRFRPSRUWDPLHQWRVHKDQSXHVWRLQFRQWURODEOHV(VWRTXLHUHGHFLUTXHHODGLFWRKDWUDWDGR
GHSDUDUXQD\RWUDYH]SHURQRSXHGH+D\XQDKLVWRULDGHORVLQWHQWRVIDOOLGRV$OJXQRVGRFWRUHVFUHHQTXHGH
EHUtDKDEHUXQDKLVWRULDGHGRVDxRVDOPHQRVGHXQPRGHORLQFRQWURODEOHSDUDTXHXQDSHUVRQDVHDHWLTXHWDGD
FRPRDGLFWR/DSDODEUDLPSRWHQWHKDVLGRWDPELpQXVDGDSDUDGHVFULELUHVWHPRGHOR$OJXQDVYHFHVORVDGLFWRV
VHUHHUHQDVtPLVPRVFRPRIXHUDGHFRQWURO$XQFXDQGRXQDGLFWRJHQHUDFRQVHFXHQFLDVGHVWUXFWLYDVSDUDVt
PLVPRFRQFRPSRUWDPLHQWRSHFDPLQRVRQRHVVXFLHQWHSDUDTXHORGHWHQJD
/DDGLFFLyQHPSHRUDFDGDYH]PiV(VWRTXLHUHGHFLUTXHVHQHFHVLWDUiPiV\PiVGHODVXVWDQFLDRGHOFRPSRUWD
PLHQWRSDUDFRQVHJXLUHOPLVPRHIHFWR8QDOFRKyOLFRVDEHSRUHMHPSORTXHVLHOFRQWLQ~DEHELHQGRHOQHFHVL
WDUiPiV\PiVDOFRKROSDUDVHQWLUVHHQDOWXUDRERUUDFKR/RVDGLFWRVVH[XDOHVVDEHQTXHQHFHVLWDQPiV\PiV
DFWLYLGDGVH[XDOSDUDORJUDUODPLVPDDOWXUDGHODH[SHULHQFLDGHGHVHQIUHQR(VWDHVFDODGDSXHGHWRPDUGRV
IRUPDV%iVLFDPHQWHHODGLFWRLQWHQVLFDFDGDYH]PiVHOPLVPRFRPSRUWDPLHQWR+HFRQRFLGRSRUHMHPSORD
SHUVRQDVTXHHPSLH]DQDPDVWXUEDUVHXQDYH]DOPHV\DYDQ]DQDXQDYH]DOGtDRPiVHQHOWUDQVFXUVRGHVXDGLF
FLyQ3DUDDOJXQRVDGLFWRVODHYROXFLyQVLJQLFDTXHQHFHVLWDUiQQXHYDVFODVHVGHH[SHULHQFLDVGHGHVHQIUHQRSDUD
ORJUDUODPLVPDDOWXUD(VLPSRUWDQWHUHFRUGDUTXHODPD\RUtDGHORVDGLFWRVQRDYDQ]DUiQDFRPSRUWDPLHQWRV
GHWLSRLOHJDODOWDPHQWHSHOLJURVDVRVH[XDOPHQWHRIHQVLYDV$OJXQRVORKDFHQSHURODPD\RUtDQR/RVDGLFWRV
VH[XDOHVSXHGHQVHUFDSDFHVGHSDUDUVXFRPSRUWDPLHQWRSRUSHUtRGRVGHWLHPSRSHURKDVWDTXHQRVDQHQVLHP
SUHYROYHUiQDHOORV&DGDYH]PiVVHKDUiHYLGHQWHXQSDWUyQGHIDOODUHSHWLGD



*XtD/,)(SDUD+RPEUHV

'HQLFLRQHV

/DWROHUDQFLDHVXQDUD]yQSDUDHOIDFWRUGHDYDQFH/DFLHQFLDPpGLFDHVWiGHVFXEULHQGRQXHYDVFRVDVVREUH
HOFHUHEURKXPDQRTXHDPSOtDQXHVWURFRQRFLPLHQWRGHOFRPSRUWDPLHQWRFRPSXOVLYR/DTXtPLFDGHOFHUHEURVH
DMXVWDDFXDOTXLHUFRVDTXHHODGLFWRSRQJDHQpO&DGDYH]PiVHOFHUHEURGHPDQGDPiVSDUDFRQVHJXLUHOPLVPR
HIHFWR3DUDORVDOFRKyOLFRVHOFHUHEURVHDMXVWDDODOFRKRO\HVWHUHTXLHUHPiV3HQVDUHQHOVH[R\RFXSDUVHGHORV
FRPSRUWDPLHQWRVVH[XDOHVUHTXLHUHTXHHOFHUHEURSURGX]FDODTXtPLFDFHUHEUDOSDUDORJUDUODUHVSXHVWDVH[XDO
1XHYDVLQYHVWLJDFLRQHVHVWiQGHVFXEULHQGRTXHODTXtPLFDVH[XDOGHOFHUHEURSXHGHKDFHUVHWROHUDQWHORFXDOVLJ
QLFDTXHVHQHFHVLWDQPiV\PiVSHQVDPLHQWRVRDFWLYLGDGSDUDSURYRFDUORVPLVPRVHIHFWRVTXtPLFRVFHUHEUDOHV
VHQWLPLHQWRVGHGHVSHUWDUODHPRFLyQODH[FLWDFLyQ\HOSODFHU(QPXFKRVVHQWLGRVORVDGLFWRVVH[XDOHVVRQ
WR[LFyPDQRVSRUTXHVHGURJDQFRQODGURJDSURGXFLGDHQVXSURSLRFHUHEUR
'HELGRDODTXtPLFDFHUHEUDOLQYROXFUDGDORVDGLFWRVXVDQODVLGHDV\ORVFRPSRUWDPLHQWRVTXHSURGXFHQ
ORVSXQWRVDOWRVGHODQHXURTXtPLFD\DVHDSDUDDXPHQWDURGLVPLQXLUVXKXPRU'HFLPRVHQWRQFHVTXHORVDGLF
WRVPHGLFDQVXVVHQWLPLHQWRV6LXQDGLFWRHVWiGHSULPLGRVRORRDEXUULGRSXHGHSHQVDUHQHQFXHQWURVVH[XDOHV
H[FLWDQWHV\DVHDQUHFRUGDGRVRLPDJLQDGRV\HOFRPSRQHQWHGHH[FLWDFLyQGHODUHVSXHVWDVH[XDOSURGXFHORV
TXtPLFRVTXHOHYDQWDQVXHVWDGRGHiQLPR6LXQDGLFWRHVWiHVWUHVDGRSUHRFXSDGRRWHPHURVRWHQGHUiDSHQVDU
HQODUHODFLyQRODFDOLGDGGHOURPDQFHGHOHQFXHQWUR(VWRVTXtPLFRVFHUHEUDOHVDVRFLDGRVFUHDQXQVHQWLPLHQWR
GHELHQHVWDU\GHVDWLVIDFFLyQTXHGLVPLQX\HQVXHVWDGRGHiQLPR/DPD\RUtDGHORVDGLFWRVVRQFDSDFHVGHWHQHU
DPEDVFODVHVGHSHQVDPLHQWRV\SRUORWDQWRSXHGHTXHVXHVWDGRGHiQLPRGLVPLQX\DRVHHOHYHGHSHQGLHQGR
GHORVVHQWLPLHQWRVGHOPRPHQWR

)LQDOPHQWHORVDGLFWRVVHGHVHQIUHQDQDSHVDUGHODVFRQVHFXHQFLDVQHJDWLYDV/RVDGLFWRVQRSUHVWDQDWHQ
FLyQDOODVFRQVHFXHQFLDVQHJDWLYDV\HVWiQHQORTXHHVOODPDGRFRP~QPHQWHQHJDFLyQ(OORVXVXDOPHQWHWDP
ELpQPLQLPL]DQRMXVWLFDQVXVDFWRVDSHVDUGHODVFRQVHFXHQFLDV+DVWDTXHXQDGLFWRQRGHFLGDUHQGLUHO
FRQWUROGHVXVPLHGRVTXHOHLPSLGHQSHGLUD\XGDFRQWLQXDUiFRQHOGHVHQIUHQR/RVDGLFWRVSXHGHQFRQWLQXDUFRQ
HOGHVHQIUHQRSRUTXHHVJHQHUDOPHQWHXQDOHQWD\WHQGHQFLRVDIRUPDGHVXLFLGLRHQOXJDUGHXQDPXHUWHLQVWDQ
WiQHD(OORVVDEHQDDOJ~QQLYHOTXHHVWiQGHVWUX\HQGRVXVYLGDVSHURVXGHSUHVLyQOHVLPSLGHLQWHUHVDUVHGHHVWR
/tQHDGHIRQGR
8QDOtQHDGHIRQGRHVXQOtPLWHTXHKDFHUHIHUHQFLDDODGLIHUHQFLDHQWUHORVFRPSRUWDPLHQWRVTXHVRQWROHUDEOHV
\ORVTXHQRORVRQ8QDGLFWRSXHGHWHQHUXQDOtQHDGHIRQGRHQFXDQWRDTXpFRPSRUWDPLHQWRVVH[XDOHVHVWiQ
IXHUDGHVXGHQLFLyQGHVREULHGDG8QDHVSRVDSXGHWHQHUXQDVREUHTXpFRVWXPEUHVVH[XDOHVFDXVDUtDQTXHHOOD
ORGHMHVLRFXUULHUDQRWUDYH](VWDFODVHGHOtQHDGHIRQGRHVDOJXQDVYHFHVUHIHULGDFRPRXQDOtQHDHQODDUHQD
0XFKDVFRPXQLGDGHVGHORV'RFH3DVRVVHUHHUHQDODVOtQHDVGHIRQGRFRPRFLUFXORLQWHULRU(OFtUFXORLQWH
ULRUHVHOOXJDUTXHLQFOX\HWRGRVORVFRPSRUWDPLHQWRVTXHQRHVWiQSHUPLWLGRVHQODYLGDGHUHFXSHUDFLyQGHXQ
DGLFWR'HHVWHPRGRVLODOtQHDGHIRQGRGHOKRPEUHGHWHUPLQDTXHODPDVWXUEDFLyQQRHVWiSHUPLWLGDVHSRGUtD
GHFLUTXHODPDVWXUEDFLyQHVWiHQVXFtUFXORLQWHULRU



*XtD/,)(SDUD+RPEUHV

'HQLFLRQHV

/tPLWHV
(QWpUPLQRVPiVVLPSOHVORVOtPLWHVVRQODVSDXWDVSDUDODVHJXULGDG'HQHQTXpFRPSRUWDPLHQWRVGHEHUtDQ\
QRGHEHUtDQRFXUULUHQODVUHODFLRQHV\HQODVIDPLOLDV(OORVSURVFULEHQORVFRPSRUWDPLHQWRVTXHQRGHEHUtDQSHU
PLWLUVH\FXiQGRHVWRVOtPLWHVVRQYLRODGRVHVWRHVLQYDVLyQ'HOPLVPRPRGRORVOtPLWHVSUHVFULEHQTXHFRP
SRUWDPLHQWRVGHEHUtDQRFXUULU&XDQGRHVWRVOLPLWHVVRQYLRODGRVRQRFXPSOLGRVSRUGHFLUORGHRWUDPDQHUD
HQWRQFHVRFXUUHHODEDQGRQR$OJXQDVSHUVRQDVWLHQHQOtPLWHVLQH[LVWHQWHVROLEHUDOHVTXHIUHFXHQWHPHQWH
FDXVDQTXHHOORVVHDQYLRODGRVGHDOJXQDPDQHUD2WUDVSHUVRQDVWLHQHQOtPLWHVGHPDVLDGRVDOWRVRUtJLGRV1R
SHUPLWLUiQVHUTXHULGRVRDWHQGLGRV0XFKDJHQWHQRVDEHFyPRHVWDEOHFHUVXVSURSLRVOtPLWHV3RGUtDQVHUFR
GHSHQGLHQWHV2WUDVSHUVRQDVQRVDEHQFyPRGLVFHUQLUOtPLWHV3RGUtDQVHUDXWRUHVGHGDxRRDEXVR'HFODUDUVXV
OtPLWHVHVXQDPDQHUDGHVROLFLWDUVHJXULGDGTXHHVXQDSUiFWLFDGLIHUHQWHDOGHKDFHUGHPDQGDV8QDGHPDQGD
HVXQSHGLGRSDUDODDFFLyQPiVLQPHGLDWD\PiVUHODFLRQDGRFRQHOPLHGR\ODFyOHUDTXHFRQODVHJXULGDGSHU
VRQDO
&RGHSHQGHQFLD&RDGLFFLyQ
(VWRVWpUPLQRVVRQXVDGRVDPHQXGRFRQHOPLVPRVLJQLFDGRSHURKD\GLIHUHQFLDV&RGHSHQGHQFLDIXHXVDGR
HQODFRPXQLGDGGH$OFRKyOLFRV$QyQLPRV$$DOSULQFLSLRSDUDUHIHULUVHDDOJXLHQTXHWHQtDUHODFLyQFRQXQ
DOFRKyOLFR/DVXSRVLFLyQIXHTXHHVWRVLQGLYLGXRVWROHUDEDQODEHELGDFRPRXQDHYLGHQFLDGHVXSHUPDQHQFLDHQ
ODUHODFLyQ(VWRVVXMHWRVHQWRQFHVHUDQFRQVLGHUDGRVGHSHQGLHQWHVGHODOFRKyOLFR<\DTXHHODOFRKyOLFRHV
GHSHQGLHQWHGHODOFRKROHVWDVSHUVRQDVVRQFRGHSHQGLHQWHVGHODOFRKRO(VWDVSHUVRQDVJHQHUDOPHQWHHVSRVDV
WROHUDQDXQDOFRKyOLFR\DVXFRPSRUWDPLHQWRDODEHELGDDVFDXVDGHVXPLHGRGHTXHGDUVRODV(VGHPD\RU
LPSRUWDQFLDSDUDHOFRGHSHQGLHQWHVRVWHQHUODUHODFLyQTXHHQIUHQWDUODEHELGD\HOSUREOHPDTXHFUHD&RPR
ODFRPSUHQVLyQGHODDGLFFLyQVHKDDPSOLDGRPiVDOOiGHODOFRKROLVPRKDFLDRWUDVIRUPDVGHFRPSRUWDPLHQWRV
FRPSXOVLYRV\VH[XDOHVHOWpUPLQRFRGHSHQGHFLDKDOOHJDGRDUHIHULUVHDDOJXLHQTXHWROHUDHOFRPSRUWDPLHQWR
FRPSXOVLYR\SUREOHPiWLFR
0XFKRVKDQHVFULWRDSDUWLUGHHVWDGHQLFLyQEiVLFDVREUHFRGHSHQGHQFLD\KDQGLFKRTXHORVFRGHSHQGLHQWHV
DEDQGRQDQVXVSURSLDVQHFHVLGDGHV\SUHVWDQDWHQFLyQDODVQHFHVLGDGHVGHODGLFWR(VWiQPiVLQWHUHVDGRVHQPDQ
WHQHUODDSUREDFLyQ\ODSUHVHQFLDGHODGLFWRTXHGHFLUODYHUGDG(VWHREMHWLYRKDFHTXHHOORVKDJDQFDVRRPLVRGH
VXVSURSLDVQHFHVLGDGHV\TXHVHVDFULTXHQ(VWHVDFULFLRHVWiIXHUDGHVXVWHPRUHVQRIXHUDGHVXVIRUWDOH]DV

/RVFRGHSHQGLHQWHVDPHQXGRKDELOLWDQDODGLFWRH[FXViQGRORDpORHOOD\JHQHUDOPHQWHPLUDQGRKDFLDHORWUR
ODGR7DPELpQOOHYDQDFDERPXFKDVGHODVWDUHDVTXHVRQUHVSRQVDELOLGDGGHODGLFWR\TXHOOHYDQDPXFKRVDOWp
UPLQRGHKDFHGRUHVFRGHSHQGLHQWHV&RQVHFXHQWHPHQWHWRGRVORTXHKDFHQORVFRGHSHQGLHQWHVSXHGHKDFHU
TXHORVDGLFWRVVHVDOYHQGHODVFRQVHFXHQFLDV\VHJDQDQDPHQXGRHOWtWXORGHVDOYDGRUHVFRGHSHQGLHQWHV
)LQDOPHQWH\DTXHORVFRGHSHQGLHQWHVSDUHFHQGHVLQWHUHVDGRVDOJXQRVORVKDQOODPDGR\TXL]iVVHYHDQDVt
PiUWLUHV(VHQFLDOPHQWHODFRGHSHQGHQFLDHVXQPLHGR\XQGHVRUGHQEDVDGRHQODDQVLHGDGHQORVTXHHO
LQGLYLGXRWLHQHXQDDGLFFLyQDODDSUREDFLyQ



*XtD/,)(SDUD+RPEUHV

'HQLFLRQHV

/RVFRDGLFWRVVRQODVSHUVRQDVTXHWLHQHQXQDUHODFLyQSULPDULDFRPRHOPDWULPRQLRFRQXQDGLFWR&RDGLFWR

GHQHXQDUHODFLyQHQWUHGRVSHUVRQDVDVtFRPRXQDWtD\XQDVREULQDGHPXHVWUDQFLHUWDUHODFLyQ/RVFR
DGLFWRVSRGUtDQRQRVXIULUGHORVVtQWRPDVGHODFRGHSHQGHQFLD$OJXQRVFRDGLFWRVSXHGHQQRHVWDUFRQVFLHQWHV
GHODDGLFFLyQGHVXSDUHMD3RGUtDQSDUHFHUIXHUWHV\VHJXURVSHURHVWDDSDULHQFLDSXHGHVHUWDPELpQXQGLVIUD]
SDUDODLQVHJXULGDG
3RUIDYRUHVWpFRQVFLHQWHGHTXHFXDOTXLHUHWLTXHWDFRPRODFRGHSHQGHQFLDRODFRDGLFFLyQVyORVHXVDQFRQ
HOSURSyVLWRGHLGHQWLFDUSUREOHPDVTXHQHFHVLWDQVHUFXUDGRV'HEHPRVWUDWDUGHXVDUWpUPLQRVHQDPRU\QR
SDUDMX]JDU$OJXQDVSULPDULDVHVSRVRVUHFKD]DQUPHPHQWHHVWDVHWLTXHWDVSRUVHUKXPLOODQWHV3RGUtDQGHFLU
(VVXSUREOHPDQRHOPtR(VWRVHVSRVRVSRGUtDQVDFDUSURYHFKRDOH[SORUDUSRUTXpGHFLGHQTXHGDUVHHQOD
UHODFLyQ
&RPSDUWLPHQWDQGR

(Q6DQWLDJRHOKHUPDQRGH&ULVWRGLMRTXHSRGHPRVVHUGHGREOHiQLPR(VWHWpUPLQRVLJQLFDTXHYDULDV
SDUWHVGHQXHVWURFHUHEURSXHGHQHVWDUHQJXHUUDFRQRWURVORFXDOLQGXGDEOHPHQWHHVYHUGDGFRQODDGLFFLyQ
3DEORHQ5RPDQRVGLFHTXHQRVLHPSUHKDFHPRVORTXHTXHUHPRVKDFHU\TXHDPHQXGRKDFHPRVORTXHQR
TXHUHPRVKDFHU8QDUD]yQSDUDHVWHIUDFDVRSXHGHVHUQXHVWUDFRPSDUWLPHQWDUL]DFLyQ6HSDUDPRVSDUWHVGH
QRVRWURVPLVPRV\QRHVWDPRVXQLFDGRV2WUDSDODEUDSDUDHVWHHVWDGRHVGLVRFLDFLyQ(VWHHVXQWpUPLQR
FOtQLFRSDUDXQPHFDQLVPRGHGHIHQVDTXHDOXGHDWUDWDUGHQRSHQVDUHQRQLVLTXLHUDHVWDUFRQVFLHQWHGHDOJR
TXHHVGRORURVR/RVDGLFWRVDPHQXGRFRPSDUWLPHQWDQVXFRPSRUWDPLHQWRSHFDPLQRVR\OXHJRQLHJDQTXHH[LVWD
HQUHDOLGDG
&RQYHUVDFLyQFUX]DGD
(VWD UHIHUHQFLD VLJQLFD VLPSOHPHQWH SDUWLFLSDU DFWLYDPHQWH HQ FRQYHUVDFLRQHV GXUDQWH ODV UHXQLRQHV  HQ HO
SURFHVRGHODUHWURDOLPHQWDFLyQ$OJXQRVJUXSRVKDQOXFKDGRFRQHVWHFRQFHSWRSRUTXHFLHUWRVPLHPEURVSXHGHQ
KDEODUSURORQJDGDPHQWHGDQGRGHPDVLDGRVFRQVHMRVVLHQGRGHPDVLDGRGHVWHPSODGRVRFUtWLFRVRVLPSOHPHQWH
VLHQGRJURVHURV(QODVUHXQLRQHVVHDQLPDDODVSHUVRQDVDVHUEXHQRVR\HQWHV\DQRVHUFRQVHMHURVDFLRQDGRV
/RVPLHPEURVVLHPSUHWUDWDUGHVHUFDULxRVRVDOGDUVXUHWURDOLPHQWDFLyQ/DSUiFWLFDSDUDORVJUXSRV/,)(HV
SHUPLWLUODVFRQYHUVDFLRQHVFUX]DGDVSRUTXHSURYHHHOVRSRUWHHVHQFLDOFXDQGRVHKDFHDSURSLDGDPHQWH9HUOD
*XtDGH6HJXULGDGHQODVHFFLyQGH*XtDGH5HXQLRQHV

1DYHJDQGR
(VWHWpUPLQRVHUHHUHDFXDOTXLHUULWXDOGHFRPSRUWDPLHQWRGHVFULWRHQHO3ULQFLSLR8QRDVLJQDFLyQ'RVGLV
HxDGRSDUDHQFRQWUDUXQDSDUHMDSDUDDFWXDUVH[XDOPHQWH/RVULWXDOHVGHQDYHJDFLyQLQFOX\HQYHVWLPHQWDDSDUL
HQFLDODVH[SUHVLRQHVIDFLDOHVFRTXHWHRSDVDUHOUDWRHQFLHUWRVOXJDUHVRDOJXQDYDULHGDGGHFRPSRUWDPLHQWRV
GLVHxDGRVSDUDHQFRQWUDURDWUDHUDXQDSDUHMD



*XtD/,)(SDUD+RPEUHV

'HQLFLRQHV

&LFOR
8QFLFORHVXQPRGHORSUHGHFLEOHGRQGHXQDLGHDRFRQGXFWDGLULJHDRWURVTXHHYHQWXDOPHQWHGDQPDUFKDDWUiV
HQVXLGHDRHPRFLyQRULJLQDO(OFLFORGHDGLFFLyQVH[XDOHVH[SOLFDGRHQHO3ULQFLSLR8QR$VLJQDFLyQ'RV\HO
FLFORGHUHFXSHUDFLyQVRQGHVFULWRVHQHO3ULQFLSLR6HLV$VLJQDFLyQ'RV

1HJDFLyQ
/DQHJDFLyQHVVLPSOHPHQWHHYLWDURQHJDUODUHDOLGDG(OWHPRUDODVFRQVHFXHQFLDVWDOHVFRPRODUHDFFLyQGH
RWURVRGHQXHVWUDVSURSLDVHPRFLRQHVGRORURVDVHVODFDXVDXVXDOSDUDUHKXLUGHODYHUGDG/DQHJDFLyQLQYROXFUD
WDQWRODVPHQWLUDVGLUHFWDVFRPRODHYDVLyQGHODUHDOLGDG
'HUHFKR
7RGRVORVDGLFWRVQHFHVLWDQGLVFXOSDUVHGHVXVFRPSRUWDPLHQWRV(OORVEXVFDQUD]RQHVSDUDVXVWHQWDUHOSRU
TXpHVWiELHQDFWXDUDVt8QDGHODVSULQFLSDOHVH[FXVDVHVODOODPDGDGHUHFKRTXHTXLHUHGHFLUTXHORVDGLFWRV
PHUHFHQDFWXDUDVt$OJXQRVDGLFWRVVRVWLHQHQXQDKRMDGHHTXLOLEULRHQVXVFDEH]DV\VLHQWHQTXHFXDQGRKDQ
WHQLGRVXFLHQWHVEXHQDVFRQGXFWDVWLHQHQHOGHUHFKRGHWHQHUDOJXQRVPDORVFRPSRUWDPLHQWRV$OJXQRVDGLFWRV
VHVLHQWHQWDQLQMXVWDPHQWHWUDWDGRVHQODYLGDPiUWLUHVTXHFUHHQTXHHVVLPSOHPHQWHMXVWRTXHHOORVFRQVLJDQ
DOJRSDUDVt/DLUD\HOQDUFLVLVPRJHQHUDOPHQWHHVWiQGHWUiVGHOVHQWLPLHQWRGHOGHUHFKR

)DPLOLDGH2ULJHQ
6XIDPLOLDGHRULJHQJHQHUDOPHQWHKDFHUHIHUHQFLDDVXIDPLOLDELROyJLFDLQPHGLDWDVXVSDGUHV\KHUPDQRV\
KHUPDQDV7DPELpQSXHGHUHSUHVHQWDUDFXDOTXLHUSHUVRQDTXHKDYLYLGRFRQXVWHGEDMRHOWHFKRIDPLOLDU$OJX
QRVHMHPSORVQRVyORSRGUtDLQFOXLUDSDGUDVWURVWtRVWtDVDEXHORV\SULPRVVLQRTXHIDPLOLDGHRULJHQSXHGH
WDPELpQVLJQLFDURWURVTXHYLYLHURQFRQ8VWHGLQFOXVRVLQRHVWDEDQELROyJLFDPHQWHUHODFLRQDGRVFRQ8VWHG
)DQWDVtD
)DQWDVtDHVSHQVDUHQDOJRGHXQDPDQHUDLPDJLQDULD/DIDQWDVtDVH[XDOVRQSHQVDPLHQWRVTXHUHFUHDQVH[RLPDJ
LQDULR\DVHDVREUHH[SHULHQFLDVSDVDGDVRVREUHH[SHULHQFLDVHVSHUDGDVHQHOIXWXUR-HV~VGLMRTXHFXDOTXLHUD
TXHPLUDiXQDPXMHUSDUDFRGLFLDUOD\DDGXOWHUyFRQHOODHQVXFRUD]yQ0DWHR
$FLFDODPLHQWR
/RVFRPSRUWDPLHQWRVGHDFLFDODPLHQWRVRQDTXHOORVTXHSDUHFHQLQRFHQWHVSHURWLHQHQODLQWHQFLyQGHJDQDUVH
ODFRQDQ]DGHDOJXLHQ\SRUWDQWRGHFRQVHJXLUODRSRUWXQLGDGSDUDKDFHUDYDQFHVVH[XDOHV7DQWRORVDJUHVRUHV



*XtD/,)(SDUD+RPEUHV

'HQLFLRQHV

VH[XDOHVFRPRORVDGLFWRVVH[XDOHVDOJXQDVYHFHVLQYROXFUDQHQHODFLFDODPLHQWRDYLFWLPDVSRWHQFLDOHVRDSDUH
MDVVH[XDOHV
'HVRUGHQtQWLPR
(OGHVRUGHQtQWLPRUHVXOWDGHODVFUHHQFLDVFHQWUDOHV6R\XQDSHUVRQDPDODHLQ~WLO\$QDGLHOHJXVWDUpFRPR
VR\(VWDVLGHDVVRQSULQFLSLRVHQORVDGLFWRVVH[XDOHV\DFRDGLFWRV$TXHOORVTXHVXIUHQGHFXDOTXLHUWUDVWRUQR
FUHHQTXHVLGLFHQODYHUGDGRH[SUHVDQVXVHPRFLRQHVUHDOHVDODVRWUDVSHUVRQDVQROHVJXVWDUiQRKDVWDTXL]iV
WHUPLQHQRGLiQGRORV\GHMiQGRORV(VWHWHPRUIUHFXHQWHPHQWHVLJQLFDTXHODJHQWHGHTXLHQWHQHPRVPXFKR
PLHGRGHSHUGHUFRPRQXHVWUDHVSRVDVHUiDTXHOODDTXLHQQRVRWURVWHQHPRVODPHQRUSRVLELOLGDGGHGHFLUOHOD
YHUGDG(OGHVRUGHQtQWLPRHVXQGHVRUGHQEDVDGRHQHOWHPRU\ODDQVLHGDG(OPLHGRDTXHDOJXLHQQRVGHMH\
ODDQVLHGDGGHTXHQRVTXHGDUHPRVVRORV
0HGLFDUVH$GPLQLVWUDFLyQ)DUPDFROyJLFD
0HGLFDUVHUHHUHDOXVRGHXQDVXVWDQFLDRFRPSRUWDPLHQWRSDUDDOWHUDUHOiQLPR$OJXQDVVXVWDQFLDV\FRP
SRUWDPLHQWRVSXHGHQOHYDQWDUiQLPRVFDtGRVWDOHVFRPRODVROHGDGODGHSUHVLyQRHODEXUULPLHQWR\DOJXQRV
SXHGHQGHSULPLUREDMDUPiVHOiQLPRFRPRODDQVLHGDGHOPLHGRRHOHVWUpV(OPHGLFDUVHKDVLGROODPDGROD
$GPLQLVWUDFLyQIDUPDFROyJLFDHQORTXHUHVSHFWDDODSHUVRQDTXHPDQLSXODVXSURSLRKXPRUFRQYLUWLpQGRVH
HQXQIDUPDFpXWLFRGHVXSURSLRFHUHEUR
0LQLPL]DU
(V VLPLODU D OD QHJDFLyQ\ UHDOPHQWHXQDIRUPDGHHOORPLQLPL]DUOLWHUDOPHQWHVLJQLFDWUDWDUGH KDFHU PiV
SHTXHxRDTXHOORTXHHVUHDOPHQWHYHUGDGHUR7tSLFDPHQWHXQDSHUVRQDWUDWDGHPLQLPL]DUVXVFRPSRUWDPLHQWRV
GHVWUXFWLYRVTXHDIHFWDQDRWURV\DVLPLVPR



1DUFLVLVPR
eVWHHVXQWpUPLQRFOtQLFRTXHPiVFRP~QPHQWHVHXVDSDUDUHIHULUVHDFRPSRUWDPLHQWRVHJRFpQWULFRV1DUFLVVXV
IXHXQDJXUDJULHJDTXHDGRUDEDPLUDUVXSURSLRUHHMR/RV1DUFLVLVWDVIUHFXHQWHPHQWHVHIHOLFLWDQDVtPLVPR
SRUVXVSURSLRVORJURVRVHGDQDVtPLVPRVXQDJUDQYDULHGDGGHFXPSOLGRV3DUHFHQHVWDUSHQVDGRVyORHQVt
PLVPRV\QRHQORVGHPiV6XDJHQGDHVODPiVLPSRUWDQWH/RVQDUFLVLVWDVSDUHFHQPX\LPSRQHQWHVFRQDGRV
RVHJXURVGHVtPLVPRVSHURUHDOPHQWHQRORVVRQ$OFRQWUDULRVRQPX\LQVHJXURV\SUHRFXSDGRVSRUODDSUR
EDFLyQGHRWURV1RUPDOPHQWHHVWDVSHUVRQDVKDQVLGRKHULGRVQDUFLVtVWLFDPHQWHHVWRHVKDQH[SHULPHQWDGR
WUDXPDVGHYLGDTXHKDQGDxDGRVXVHQWLGRGHSHUWHQHQFLD\GHVHUYDOLRVR/RVQDUFLVLVWDVUHDOPHQWHFDUHFHQGH
DXWRFRQDQ]D\HVWiQWUDWDQGRGHHVWLPXODUVHDVtPLVPRV



*XtD/,)(SDUD

'HQLFLRQHV

1HXURTXtPLFD
7RGDVDFWLYLGDGHVGHOFHUHEURVRQIDFLOLWDGDVSRUODLQWHUDFFLyQGHTXtPLFRVHQHOFHUHEUR$ORTXHVHOHOODPD
DFWLYLGDGHOpFWULFDGHOFHUHEURDYHFHVHVWiEDVDGRHQODTXtPLFDROD1HXURTXtPLFD/RVFLHQWtFRVKDQLGHQWL
FDGRFLHQWRVGHTXtPLFRVLQYROXFUDGRVHQHOSURFHVRGHODFRPXQLFDFLyQHQWUHODVQHXURQDV$OJXQDVSHUVRQDV
KDQQDFLGRFRQODVSUHGLVSRVLFLRQHVJHQpWLFDVDWHQHUSUREOHPDVSDUDPDQWHQHUHOHTXLOLEULRGHHVWRVTXtPLFRV
/RVFRPSRUWDPLHQWRVDGLFWLYRV\GLVIXQFLRQDOHVWDPELpQSXHGHQDOWHUDUHOHVWDGRQRUPDOGHOODTXtPLFDFHUHEUDO
/DSVLTXLDWUtDHVODFLHQFLDPpGLFDTXHWUDWDGHFRPSUHQGHUHOEDODQFHFRUUHFWR\SUHVFULELUORVWUDWDPLHQWRVSDUD
FRUUHJLUWDOHVWUDVWRUQRV
2EMHWLYL]DFLyQ
(VWROLWHUDOPHQWHVLJQLFDYHUDDOJXLHQTXHHVFRPSOHWDPHQWHKXPDQRFRPRXQREMHWRHQYH]GHXQDSHUVRQD
6H[XDOPHQWHODREMHWLYL]DFLyQVLJQLFDYHUDDOJXLHQVyORFRPRXQFXHUSRItVLFR\QRFRPRXQDSHUVRQDFRQXQD
PHQWH\DOPD2EMHWLYL]DUHVGHVKXPDQL]DU&XDQGRREMHWLYL]DPRVDDOJXLHQHVPiVIiFLOGHVHDUVH[XDOPHQWHD
HVDSHUVRQDVyORFRPRXQFXHUSRGHVHDEOH
5DFLRQDOL]DFLyQ
(VWDHVXQDH[FXVDRMXVWLFDFLyQ/DVUDFLRQDOL]DFLRQHVVRQXVDGDVSDUDWUDWDUGHH[SOLFDUSRUTXpDOJRIXHRQR
IXHKHFKR
5HFDtGD
8QDUHFDtGDHVXQDVHULHGHWUDVSLpVTXHUHHMDQODYLRODFLyQGHORVOLPLWHVHPRFLRQDOHVHVSLULWXDOHV\VH[XDOHV
8QDUHFDtGDHVXQDYLRODFLyQGHODVREULHGDG
&XHOORGH*RPD
(VWRVyORLPSOLFDJLUDUVXFDEH]DSDUDUHFLELUHVWtPXORVVH[XDOHVJHQHUDOPHQWHGHRWUDSHUVRQDSRUXQSHUtRGR
SURORQJDGRGHWLHPSR



*XtD/,)(SDUD+RPEUHV

'HQLFLRQHV

$QRUH[LD6H[XDO
&RPRORVTXHOXFKDQFRQODDQRUH[LDGHFRPLGDODFXDOLPSLGHFRPHUORVDQRUp[LFRVVH[XDOHVHYLWDQHOVH[R
2WURVWpUPLQRVFOtQLFRVVRQLQKLELFLyQGHOGHVHRVH[XDORGHVRUGHQGHOGHVHRVH[XDO5HFXHUGRVGRORURVRV
FRQVLHQWHVRLQFRQVFLHQWHVDSDJDQHOGHVHRRGLVSRQLELOLGDGVH[XDO/DDQRUH[LDHVIUHFXHQWHGXUDQWHODFyOHUD
\RODSUHRFXSDFLyQ/RVDGLFWRVVH[XDOHVSXHGHQWHQHUVH[RFRQRWUDV\VHUDQRUp[LFRVFRQVXVHVSRVDV(QHVWRV
FDVRVODFXOSDELOLGDGYHUJHQ]DDQVLHGDGRXQDYDULHGDGGHRWURVIDFWRUHVDSDJDQODVH[XDOLGDGGHQWURGHVXV
PDWULPRQLRV
9HUJHQ]D
8QDFUHHQFLDEiVLFDGHODGLFWRVH[XDOHV6R\XQDSHUVRQDPDOD\VLQYDORU(VWDHVXQDFRQYLFFLyQEDVDGDHQOD
YHUJHQ]D/DYHUJHQ]DVLQHPEDUJRQRHVLQKHUHQWHPHQWHPDOD3XHGHKDEHUYHUJHQ]DVDQDODTXHVHQWL
PRVFXDQGRVDEHPRVTXHQHFHVLWDPRVD'LRV/DYHUJHQ]DLQVDQDRFXUUHFXDQGRH[SHULHQFLDVGHYLGDGHXQD
SHUVRQDFRPRHOWUDXPDOROOHYDQDFUHHUTXHQRPHUHFHHODPRUGH'LRV
'HVOL]
8QGHVOL]HVXQDYLRODFLyQSRUXQDYH]GHODVREULHGDGHQFXDOTXLHUIRUPD/DSDODEUDLQJOHVD6/,3GHVOL]HVXQ
DFUyQLPRSDUD6KRUW/DSVH,Q3URJUHVV)DOWD3HTXHxD(Q0DUFKD8QDYLRODFLyQGHODVREULHGDGVHTXHGDHQ
XQDSHTXHxDIDOWDVyORVLODSHUVRQDDSUHQGHGHpOVHDUUHSLHQWH\FRPRXQUHVXOWDGRFUHFHHQHQWHQGLPLHQWR
6REULHGDG
(QWpUPLQRVGHpWLFD&ULVWLDQDODVREULHGDGH[LVWHFXDQGRXQDSHUVRQDQRKDFHVH[RFRQVLJRPLVPRRFRQQDGLH
TXHQRVHDVXHVSRVD&XDOTXLHUPDQLIHVWDFLyQGHVH[RIXHUDGHOPDWULPRQLRHVYLRODFLyQGHVREULHGDG7DPSRFR
HVDOJ~QFRPSRUWDPLHQWRVH[XDOXVDGRSDUDPHGLFDUHPRFLRQHVQHJDWLYDVVHDGHQWURGHOPDWULPRQLRRQR&RPR
-HV~VGLMRHQ0DWHRHVWDVYLRODFLRQHVSXHGHQLQFOXLUFRGLFLDRIDQWDVtD
6SRQVRU
8Q6SRQVRUHVVXSDUHMDSULQFLSDOGHUHQGLFLyQGHFXHQWDV/DVFDUDFWHUtVWLFDVGHXQVSRQVRUVRQGHVFULWDVHQHO
3ULQFLSLR&XDWUR$VLJQDFLyQ8QR$XQTXHQHFHVLWDUiYDULDVSHUVRQDVHQVXJUXSRRUHGGHUHVSRQVDELOLGDGKDEUi
XQDSHUVRQDTXHORFXLGDUi\OHD\XGDUiDFRQGXFLUVH(VWDSHUVRQDORD\XGDDSODQHDUVXFXUDFLyQFRPSOHWDLQ
FOX\HQGRDVLVWHQFLDVDUHXQLRQHVOODPDGDVWHOHIyQLFDVFRQVHMHUtD\GLUHFFLyQHVSLULWXDOeOQRQHFHVDULDPHQWH
KDUiWRGDVHVWDVFRVDVSHURVtORD\XGDUiDPRQLWRUHDUFRPR8VWHGHVWiUHDOL]DQGRHOSURJUDPD1HFHVLWDUiVRP
HWHUVHDODDXWRULGDGGHVXVSRQVRU\SDUDGHWHUPLQDUTXpFRQVHFXHQFLDVVHUiQDSURSLDGDVVLIDOODDOKRQUDUVXV
FRPSURPLVRVGHUHVWLWXFLyQ



*XtD/,)(SDUD+RPEUHV

'HQLFLRQHV

7UDXPDGH$GKHVLyQ
(VWDHVXQDGHODVUHDFFLRQHVGHOWUDXPDGHVFULWDVHQHO3ULQFLSLR8QR$VLJQDFLyQ7UHV6HXVDFRP~QPHQWHSDUD
KDFHUUHIHUHQFLDDDIHFWRVGLVIXQFLRQDOHV\DUHODFLRQHVSRFRVDOXGDEOHV7HQHUXQWUDXPDGHDGKHVLyQVLJQLFD
TXHGRVSHUVRQDVVHDWUDHQPXWXDPHQWHGHELGRDFDUDFWHUtVWLFDVFRQVLHQWHVRLQFRQVFLHQWHVTXHOHVUHFXHUGDQD
SHUVRQDVTXHHQVXVSULPHURVDxRVGHYLGDORVKLULHURQ/DHVSHUDQ]DLQFRQVFLHQWHHVTXHDOMXQWDUQRVDHVWDFODVH
GHSHUVRQDVHWHQGUiXQDQXHYDRSRUWXQLGDGGHFXUDUYLHMDVKHULGDV%iVLFDPHQWHODHVSHUDQ]DHVWiHQTXHVL
VHPDQWLHQHUHSLWLHQGRYLHMDVFRVWXPEUHVQDOPHQWHORHQWHQGHUi$OJXQDVYHFHVHOWUDXPDGHDGKHVLyQRFXUUH
FXDQGRXQDSHUVRQDHVSHUDHVWDYH]HVWDUPiVHQFRQWUROSDUDUHYHUWLUORVUROHVRSDUDVHUHOTXHWLHQHHOSRGHU
'HWRQDGRUHV
+D\GRVFODVHVEiVLFDVGHGHWRQDGRUHVHQQXHVWURSURJUDPD6HDVXPHJHQHUDOPHQWHTXHODSDODEUDGHWRQDGRUVH
UHHUHDODHVWLPXODFLyQGHOGHVHRRDFFLyQVH[XDOLQDSURSLDGD&XDOTXLHUHVWtPXORTXHHVYLVWRHVFXFKDGRVHQ
WLGRSUREDGRUHFRUGDGRRIDQWDVHDGRVREUHDTXHOORTXHWUDLJDGHVHRRDFFLyQVH[XDODXQVLVRORHVPHQWDOHVXQ
GHWRQDGRUVH[XDO&XDOTXLHUHVWtPXORHQODYDULHGDGGHPDQHUDVGHVFULWDVTXHFUHDVHQWLPLHQWRVHPRFLRQDOHV\
HVSLULWXDOHVGHDQVLHGDGPLHGRVROHGDGDEXUULPLHQWRGHSUHVLyQRFyOHUDHVXQGHWRQDGRUJHQHUDO8VXDOPHQWH
ORVGHWRQDGRUHVJHQHUDOHVWDPELpQVRQUHIHULGRVFRPRGHWRQDGRUHVHPRFLRQDOHV/RVGHWRQDGRUHVJHQHUDOHVVH
WUDQVIRUPDQHQVH[XDOHVFXDQGRHOVH[RHVXVDGRSDUDPHGLFDUVHQWLPLHQWRVTXHVRQFUHDGRVSRUORVGHWRQDGRUHV
JHQHUDOHV
+D\PXFKRVSRVLEOHVGHWRQDGRUHVVH[XDOHVWDOHVFRPRPLUDUSRUQRJUDItDRDXQDFKLFDDWUDFWLYD/RVUHFXHUGRV
GHODVH[SHULHQFLDVVH[XDOHVSDVDGDVDYHFHVUHIHULGDVFRPRXQUHFXHUGRHXIyULFRSXHGHQGHWRQDUSHQVDPLHQWRV
VH[XDOHV/DP~VLFDXQDFDQFLyQHQSDUWLFXODUSXHGHWHQHUHOPLVPRHIHFWR2WURVGHWRQDGRUHVSXHGHQVHUPiV
LQFRQVFLHQWHV3XHGHQHVWDUEDVDGRVHQH[SHULHQFLDVGHYLGDTXHQRVLHPSUHUHFRUGDPRVFRQFLHQWHPHQWH&LHUWDV
SDODEUDVRDFFLRQHVH[SUHVLRQHVRWRQRVGHYR]PRPHQWRVGHODxRRHYHQWRVFLHUWDP~VLFD\FLHUWRVFRPSRU
WDPLHQWRVVH[XDOHVSXHGHQWRGRVHOORVGHWRQDUHPRFLRQHVRUHDFFLRQHV8QDFODYHSDUDLGHQWLFDUXQGHWRQDGRU
HVGLVFHUQLUVLVXUHDFFLyQHPRFLRQDOSDUHFHIXHUDGHSURSRUFLyQSDUDORTXHHVWiVXFHGLHQGR&XDQGRHVWRSDVD
VXPHPRULDLQFRQVFLHQWHSXHGHHVWDUOOHYiQGRORDYLHMRVOXJDUHVHQPRGRVTXHQRVLHPSUHVHSHUFDWDQ$OJXQD
YH]DOJXLHQTXHOHKDGLFKR(VWDVUHDFFLRQDQGRH[DJHUDGDPHQWH"/DUD]yQGHWUiVGHVXVREUHUHDFFLyQHV
SUREDEOHPHQWHDOJ~QGHWRQDGRULQFRQVFLHQWH




*XtD/,)(SDUD+RPEUHV

'HQLFLRQHV

8QDSDODEUDQDOVREUHODVSDODEUDV
3DODEUDVVRQSDODEUDV/DVGHQLFLRQHV\ODVFRPSUHQVLRQHVFDPELDQFRQHOSDVRGHORVDxRV1XQFDHVXQDEXHQD
LGHDGLVFXWLUVREUHGHQLFLRQHV1RVRQDOJRSRUTXHYLYLURPRULU/DVSDODEUDVVRQVLPSOHPHQWHKHUUDPLHQWDVTXH
QRVD\XGDQDFRPXQLFDUQRV6LKD\XQGHVDFXHUGRVREUHDOJ~QWpUPLQRYD\DDXQJUXSRGHFRQVHQVRGHJUXSR\
VLJDDGHODQWH
$GLFLRQDOPHQWHDHVWRVWpUPLQRVTXHKHGHQLGRVXJUXSRSXHGHHQFRQWUDUPXFKRVRWURVTXHQRKHLQFOXLGR3RU
IDYRUFRQWiFWHVHFRQ/,)(0LQLVWULHVVREUHORVWpUPLQRVTXHD8VWHGOHJXVWDUtDHVWDUDOWDQWRWHQHUXQDEXHQD
GHQLFLyQGHHOORVRVLPSOHPHQWHVXJHULUTXHGHEHUtDQHVWDULQFOXLGRVHQIXWXUDVHGLFLRQHVGHHVWD*XtD/,)(



*XtD/,)(SDUD

5HFXUVRV

5(&85626
+HDOLQJWKH:RXQGVRI6H[XDO$GGLFWLRQ&XUDQGRODVKHULGDVGHODDGLFFLyQVH[XDO
0DUN/DDVHU*UDQG5DSLGV0,=RQGHUYDQ3XEOLVKLQJ+RXVH
)DLWKIXODQG7UXH:RUNERRN&XDGHUQRGH(MHUFLFLRV)LHO\9HUGDGHUR
0DUN/DDVHU1DVKYLOOH/,)(ZD\3UHVV,6%1
3RUQRJUDSK\7UDS7UDPSDSRUQRJUiItFD
5DOSK(DUOH 0DUN/DDVHU.DQVDV&LW\%HDFRQ+LOO3UHVV,6%1
1R6WRQHV:RPHQ5HGHHPHGIURP6H[XDO6KDPH6LQ3LHGUDV0XMHUHVVDOYDGDVGHOD
YHUJHQ]DVH[XDO0DUQLH&)HUUHH)DLUID[9$;XORQ3UHVV,6%1
8QEXHQQ~PHURGHEXHQRVUHFXUVRVHVWiQGLVSRQLEOHVSDUDD\XGDUDORVFULVWLDQRVHQVXYLDMHGHWUDQVIRUPDFLyQ
$WUDYpVGHPDWHULDOLPSUHVRH,QWHUQHWDTXHOORVTXHEXVFDQYLYLUHQOLEHUWDGFDGDGtDSXHGHQHQFRQWUDULQIRU
PDFLyQHLQVSLUDFLyQ

'HELGRDTXHHVLPSRVLEOHPDQWHQHUDFWXDOL]DGDODOLVWDGHUHFXUVRVHQHVWD*XtDLPSUHVD/,)(YLVLWHHVWRV
VLWLRVZHESDUDVXJHUHQFLDVDFWXDOHVVREUHGyQGHHQFRQWUDUD\XGDHQODiUHDVGHDGLFFLyQFRDGLFFLyQWUDXPD\
UHFXSHUDFLyQ

ZZZIDLWKIXODQGWUXHPLQLVWULHVFRP
ZZZIUHHGRPHYHU\GD\RUJ



*XtD/,)(SDUD+RPEUHV

5HFXUVRV

62%5((/$8725
0DUN/DDVHUHVXQHVFULWRU\FRQIHUHQFLVWDLQWHUQDFLRQDOPHQWHFRQRFLGR6XSULPHUOLEUR)DLWKIXODQG7UXH
6H[XDO,QWHJULW\LQD)DOOHQ:RUOG)LHO\9HUGDGHUR,QWHJULGDG6H[XDOHQXQ0XQGR&DtGRIXHHOSULPHUOL
EURFULVWLDQRHQDERUGDUHOSUREOHPDGHODDGLFFLyQVH[XDO+DVLGRSXEOLFDGRQXHYDPHQWHHQXQDWHUFHUDHGLFLyQ
EDMRHOWtWXOR+HDOLQJWKH:RXQGVRI6H[XDO$GGLFWLRQ&XUDQGRODV+HULGDVGHOD$GLFFLyQ6H[XDO+DHV
FULWRRWURVVHLVOLEURVLQFOX\HQGR7DONLQJWR<RXU.LGV$ERXW6H[+DEODQGRD6XV+LMRV6REUH6H[R\VXPiV
UHFLHQWHOLEUR7KH3RUQRJUDSK\7UDS/D7UDPSDGHOD3RUQRJUDItDFRHVFULWRFRQHO'U5DOSK(DUOH(O'U
/DDVHUKDPLQLVWUDGRFRPSDVLYDPHQWHDFLHQWRVGHDGLFWRVDOVH[R\DVXVIDPLOLDVKDVLGRFRQVXOWDGRPHGLDQWH
QXPHURVDVLJOHVLDVKDGHVDUUROODGRSURJUDPDVGHWUDWDPLHQWRSDUDXQDGLYHUVLGDGGHKRVSLWDOHV\KDGLULJLGR
WDOOHUHV\VHPLQDULRVDQLYHOPXQGLDO
(O'U/DDVHUSUHVWDVHUYLFLRFRPRGLUHFWRUGHO,QVWLWXWHIRU+HDOWK\6H[XDOLW\RIWKH$PHULFDQ$VVRFLDWLRQRI
&KULVWLDQ&RXQVHORUV,QVWLWXWRSDUDOD6DOXG6H[XDOGHOD$VRFLDFLyQ$PHULFDQDGH&RQVHMHURV&ULVWLDQRV\
FRPR'LUHFWRU(MHFXWLYRGH)DLWKIXODQG7UXH0LQLVWULHV$GHPiVHV'LUHFWRU&OtQLFRSDUDWDOOHUHV%HWKHVGD
:RUNVKRSVXQHVIXHU]RFRRSHUDWLYRFRQODLJOHVLDGH:RRGPRQW+LOOVHQ1DVKYLOOH7HQQHVVHH(VPLHPEURGHO
1DWLRQDO&RXQFLORQ6H[XDO$GGLFWLRQDQG&RPSXOVLYLW\GHO1DWLRQDO$GYLVRU\%RDUGRIWKH1DWLRQDO$VVRFLDWLRQ
IRU&KULVWLDQ5HFRYHU\\GHO,QWHUIDLWK6H[XDO7UDXPD,QVWLWXWHDW6W-RKQV$EEH\DQG8QLYHUVLW\(VIUHFXHQW
HPHQWHLQYLWDGRWDQWRHQODUDGLRFRPRHQODWHOHYLVLyQ\KDVLGRFRQIHUHQFLVWDMHIHGHWDOOHUHVGLVHxDGRUGH
VHPLQDULRV\SUHVHQWDGRUDHVFDODQDFLRQDOHLQWHUQDFLRQDOGXUDQWHORV~OWLPRVDxRV

(O'U/DDVHUWLHQHXQ3K'HQUHOLJLyQ\SVLFRORJtDGHOD8QLYHUVLW\RI,RZDXQDPDHVWUtDGH'LYLQLGDGGHO
VHPLQDULRWHROyJLFRGH3ULQFHWRQ\XQJUDGRGHEDFKLOOHUHQ5HOLJLyQ\)LORVRItDGHOD8QLYHUVLGDGGH$XJXVWDQD
HQ5RFN,VODQG,OOLQRLVeO\VXHVSRVD'HEELHKDQHVWDGRFDVDGRVSRUPiVGHDxRV\UHVLGHQHQ0LQQHVRWD
7LHQHQWUHVQLxRV6DUDK-RQDWKDQ\%HQMDPLQ


3DUD&RQWDFWDUVHFRQ0DUFR
)DLWKIXODQG7UXH0LQLVWULHV,QF
5HJHQF\/DQH
(GHQ3UDLULH01
7HOpIRQR
ZZZIDLWKIXODQGWUXHPLQLVWULHVFRP
(PDLOPDUNODDVHU#DROFRP



*XtD/,)(SDUD

5HFXUVRV

)$,7+)8/$1'758(0,1,675,(6
0LVLyQ\9LVLyQ

/DPLVLyQGH)DLWKIXODQG7UXH0LQLVWULHVHVSURSRUFLRQDUORVUHFXUVRVSDUDDOHQWDUODLQWHJULGDGVH[XDO
HQDTXHOORVTXHHVWiQOXFKDQGRFRQWUDODDGLFFLyQVH[XDO0D\RUPHQWHDWUDYpVGHQXHVWUDVSURSLDVUHFXSHUDFLR
QHV\DWUDYpVGHDOJXQDVGHODVPHQWHVPiVEULOODQWHVHQODVFRPXQLGDGHVVHFXODUHV\FULVWLDQDVKHPRVGHVDU
UROODGRXQSURJUDPDTXHUHVWLWX\HYLGDVPDWULPRQLRV\IDPLOLDV
6HUYLFLRV

/RV*UXSRV)DLWKIXODQG7UXHVRQJUXSRVGHDSR\R&ULVWRFpQWULFRSDUDDTXHOORVTXHEXVFDQUHFXSHU
DUVHGHVXDGLFFLyQVH[XDO$FWXDOPHQWHH[LVWHXQDUHGGHJUXSRVDHVFDODQDFLRQDO\VHHVWiQGHVDUUROODQGRPiV
3DUDPiVLQIRUPDFLyQFRQWiFWHVHFRQQXHVWURVRFLRHQ/,)(PLQLVWULHV


)DLWKIXODQG7UXHPLQLVWULHVHVWiRUJXOORVRGHTXH%HWKHVGD:RUN6KRSVHDVRFLRDQGHVHUYLUPHMRUD
KRPEUHV\PXMHUHVTXHHVWiQOXFKDQGRFRQWUDODDGLFFLyQVH[XDODVtFRPRDVXVFyQ\XJHV

-HIHGHO0LQLVWHULR


0DUN/DDVHU3K'

,QIRUPDFLyQGH&RQWDFWR
)DLWKIXODQG7UXH0LQLVWULHV
5HJHQF\/DQH
(GHQ3UDLULH01
)RQR

ZZZIDLWKIXODQGWUXHPLQLVWULHVFRP



*XtD/,)(SDUD+RPEUHV

5HFXUVRV

/,)(0,1,675,(6,17(51$7,21$/
/LYLQJ,Q)UHHGRP(YHU\GD\
9LYLHQGRHQODOLEHUWDGFDGDGtD
0LVLyQ

/DPLVLyQGH/,)(0LQLVWULHV,QWHUQDWLRQDOHVDOHQWDUFDSDFLWDU\HTXLSDUDORVKLMRVGH'LRVHQSDUD
YLYLUWRGRVORVGtDVHQLQWHJULGDGVH[XDO/,)(0LQLVWULHVWUDEDMDFRQHOOLGHUD]JRGHODLJOHVLDSDUDRIUHFHUD
ODVSHUVRQDVKHULGDVGHQWURGHFRQJUHJDFLRQHVORFDOHVXQOXJDUVHJXURSDUDHQIUHQWDUODDGLFFLyQVH[XDO\HO
TXHEUDQWDPLHQWR\SDUDFDPLQDUHQHODPRULQFRQGLFLRQDOGH&ULVWR
6HUYLFLRV

/,)(0LQLVWULHVRIUHFHJUXSRVGHD\XGD&ULVWRFpQWULFRVTXHLQFRUSRUDQODGLVFLSOLQDHVSLULWXDO
SHTXHxRVJUXSRVGHUHQGLFLyQGHFXHQWDVRUDFLyQFRQWLQXD\DSR\RSDUDDTXHOORVTXHOXFKDQFRQWUDHOUHVTXH
EUDMDPLHQWRVH[XDO/,)(WDPELpQVXPLQLVWUDHOPDWHULDOGHUHFXSHUDFLyQ\ODFDSDFLWDFLyQSDUDORVOtGHUHVGHO
JUXSRGHDSR\R

-HIHVGHO0LQLVWHULR


-RKQD+DOH0$\%RE+DOH

/,)(0LQLVWULHV,QWHUQDWLRQDO
32%R[
/DNH0DU\)/
ZZZIUHHGRPHYHU\GD\RUJ
(PDLO/,)(RUODQGR#\DKRRFRP
/ODPHVLQFRVWR/,)(