You are on page 1of 224

)252%2/,9,$1262%5(0(',2 2%6(59$725,2/$7,12$0(5,&$12'(

$0%,(17(<'(6$552//2 &21)/,&726$0%,(17$/(6

0,5$'$692&(6<621,'26

&21)/,&726 $0%,(17$/(6 (1 %2/,9,$

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
%ROLYLD

&RQIOLFWRV$PELHQWDOHVHQ%ROLYLD
(GLFLyQ -HQQ\*UXHQEHUJHU

&RUUHFFLyQ 6XVDQD&DEH]DV
+pFWRU6iQFKH]

5HYLVLyQ\DSRUWHV $OLSLR9DOGp]
&pVDU3DGLOOD
3DWULFLD0ROLQD
(GXDUGR*XG\QDV

7DSD (GXDUGR*XG\QDV SURSXHVWDFRQFHSWXDO


0DXULFLR%D\UR SURSXHVWDJUiILFD
0LJXHO$OFRED HODERUDFLyQPRQWDMH

0DSDV &HQWURGH3ODQLILFDFLyQ7HUULWRULDOH,QGtJHQD &37, &,'2%

¤ )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR )2%20$'(
&DVLOOD
/D3D]%ROLYLD
7HO
)D[
HPDLOIRERPDGH#IRERPDGHRUJER
KWWSZZZIRERPDGHRUJER

¤ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV 2/&$
0DWWD2ULHQWH3'SWRfXxRD
6DQWLDJR&KLOH
7HO 
)D[
HPDLORFD#UGFFO
SDJLQDZHEZZZUHOFDQHWRFD

(VWDSXEOLFDFLyQHVSRVLEOHJUDFLDVDODFRODERUDFLyQVROLGDULDGHOJRELHUQRGH+RODQGD\GH+,926

/D3D] %ROLYLD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
,QGLFH

3UHVHQWDFLyQ 

&RQIOLFWRVVRFLHGDG\QDWXUDOH]D 

&RQWH[WRVRFLRHFRQyPLFRQDFLRQDO 

&RQWH[WROHJDO\FRQIOLFWRVDPELHQWDOHV 

%UHYHKLVWRULDGHODPLQHUtDHQ%ROLYLD 
5XSWXUDGLTXHGHFRODVGH3RUFR 
&RQWDPLQDFLyQGHDJXDV\VXHORVSRUODERUHVPLQHUDVGHODPLQD7D]QDDODFXHQFDPHQRUGHUtR
%ODQFR &RWDJDLWD 
&RQWDPLQDFLyQGHDJXDV\VXHORSRUPLQDVHLQJHQLRVGH&KRUROTXH\&KXUTXLQL 
&RQWDPLQDFLyQGHDJXDVGHOUtR7XSL]DSRUSDVLYRVDPELHQWDOHV 
&RQWDPLQDFLyQGHOUtR+XD\QD0D\X 
&RQWDPLQDFLyQGHOUtRGHOD5LYHUD 
&RQFHVLyQPLQHUDSDUDODH[SORWDFLyQGHiULGRVHQHOUtR,YLUJDU]DPD 
&RQFHVLRQHVPLQHUDVHQHO3DUTXH1DFLRQDO$PERUy 
'HVWUXFFLyQSURJUHVLYDGHO&HUUR5LFRGH3RWRVt 

%RVTXHV\FRQIOLFWRVIRUHVWDOHV 
([SORWDFLyQIRUHVWDOSRUODHPSUHVD'RQ9tFWRU 
&RQVWUXFFLyQGHFDUUHWHUD6DQWD&UX] 7ULQLGDG 
$SHUWXUDGHFDPLQRHQWUH%HQL\&RFKDEDPED 
2SRVLFLyQDODH[SORWDFLyQIRUHVWDOLUUDFLRQDOHQODFRORQLD2VDNDGH(QWUH5tRV 
$XWRUL]DFLyQSDUDH[SORWDFLyQ\ XVRGHUHFXUVRVIRUHVWDOHV 
([SORWDFLyQLOHJDOGHPDGHUDHQOD5HVHUYD1DFLRQDO0DQXULSL+HDWK 
,QVWDODFLyQ GH DQWHQD UHSHWLGRUD GH (17(/ HQ OD 5HVHUYD GH OD %LRVIHUD \ 7HUULWRULR
,QGtJHQD3LOyQ/DMDV 
6DTXHRGHPDGHUDHQOD(VWDFLyQ%LROyJLFDGHO%HQL 
'HIRUHVWDFLyQHQHOPXQLFLSLRGH7RPLQD 

([SORWDFLyQGHKLGURFDUEXURV\FRQIOLFWRVDPELHQWDOHVHQ%ROLYLD 
&RQVWUXFFLyQGHOJDVRGXFWR%ROLYLD %UDVLO 
*DVRGXFWR6DQ0LJXHO 6DQ0DWtDV &XLDEi 
&RQWDPLQDFLyQFDXVDGDSRUODH[SORWDFLyQSHWUROHUDDFDUJRGHODHPSUHVD&KDFR6$HQ(QWUH5tRV
'HVWUXFFLyQGHFDPLQRV\FRQWDPLQDFLyQSRUODHPSUHVDSHWUROHUD3OXV3HWURO 

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
&RQIOLFWRXQLYHUVLWDULRFRQOD0D[XVHQHOWUySLFRFRFKDEDPELQR 
,PSDFWRVDPELHQWDOHVGHODHPSUHVD&KDFR $PRFR HQODFRPXQLGDGGH,SD 9LOODPRQWHV 
/RVLPSDFWRVGHOD5HSVROHQHO3DUTXH1DFLRQDO7HUULWRULR,QGtJHQD,VLERUR6pFXUH 
'HUUDPHGHKLGURFDUEXURVGH75$165('(6 
&RQWDPLQDFLyQGHODTXHEUDGD/RV0RQRV 

3ROtWLFDHLQVWUXPHQWRVGHJHVWLyQGHORVUHFXUVRVKtGULFRVHQ%ROLYLD 
&RQWDPLQDFLyQGHOUtR3LOFRPD\X 
0RUWDQGDGGHSHFHVSRUFRQWDPLQDFLyQGHDJXDVHQHOUtR3LUDt 
5HGXFFLyQGHODDFWLYLGDGSLVFtFRODHQ9LOODPRQWHV 
&RQWDPLQDFLyQGHODTXHEUDGD'HOSRUHOLQJHQLRD]XFDUHUR 
'UDJDGRGHOFDQDO7DPHQJRSDUDODFRQVWUXFFLyQGHOD+LGURYtD3DUDJXD\ 3DUDQi 
&RQVWUXFFLyQGHUHSUHVDV/DV3DYDV$UUD]D\DO\&DPEDUt 
3HVFDFRPHUFLDOFODQGHVWLQDHQHO%HQL 
5HVLVWHQFLDDODSHUIRUDFLyQGHSR]RVGHDJXDHQHO9DOOH%DMRGH&RFKDEDPED 
7LHUUD\WHUULWRULRDYDQFHVGLILFXOWDGHV\FRQIOLFWRV 
&RQIOLFWRVSRUODSURSLHGDG\SRVHVLyQHQHOWHUULWRULRLQGtJHQDGH0RQWH9HUGH 
6XSHUSRVLFLyQGHFRQFHVLyQIRUHVWDOFRQ5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ
/DMDV 
6XSHUSRVLFLyQGHFRQFHVLyQIRUHVWDOFRQHO3DUTXH1DFLRQDO\$UHDGH0DQHMR,QWHJUDO
0DGLGL 
6XSHUSRVLFLyQGH7HUULWRULRV&RPXQLWDULRVGH2ULJHQFRQFRQFHVLyQPDGHUHUD 
([SORWDFLyQIRUHVWDO\H[SORWDFLyQSDOPLWHUDHQiUHDVGH7&2V 
6XSHUSRVLFLyQGHFRQFHVLRQHVIRUHVWDOHVFRQ7LHUUDV&RPXQLWDULDVGH 2ULJHQ 
/RVFRQIOLFWRVDPELHQWDOHVXUEDQRVHQ%ROLYLD 
(PLVLyQGHJDVHVWy[LFRVSRUSHTXHxDVLQGXVWULDVODGULOOHUDVGH2UXUR 
&RQWDPLQDFLyQDPELHQWDOSRUODGULOOHUDVHQODFLXGDGGH/D3D] 
(PLVLyQGHJDVHVWy[LFRVSRUODVFKLPHQHDVGHODHPSUHVD6$0&2 
(PLVLyQGHJDVHV\HIOXHQWHVKDFLDODDWPyVIHUD\VXHORSRUODHPSUHVD%$5(06$ 
&RQWDPLQDFLyQ$WPRVIpULFDSRUOD)DEULFDGH&HPHQWRHO3XHQWH 
&RQWDPLQDFLyQDPELHQWDOHQ $OWR/LPD 
3pUGLGDGHiUHDVYHUGHVGH7ULQLGDGSRUORWHDPLHQWRVLOHJDOHV 

&RQIOLFWRVXVFLWDGRDFDXVDGHODYHQWDSDUFLDOGHOSDUTXH([ &RPEDWLHQWHVHQODFLXGDGGH&RFKDEDPED 


&RQWDPLQDFLyQ\GHIRUHVWDFLyQHQOD]RQD/DMDVWDPER\OD%DUUDQFD 
&RQWDPLQDFLyQGHODTXHEUDGDGH4XLUSLQFKDFD 

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
&RQWDPLQDFLyQSURYRFDGDSRUHOLQJHQLRD]XFDUHUR6DQ$XUHOLRDOD]RQD6XUGHODFLXGDG  GH6DQWD&UX]

&RQWDPLQDFLyQGHODUUR\RGH6DQ-XDQGH7ULQLGDG 
&RQVXPRGHDJXDFRQWDPLQDGDHQ5LEHUDOWD 
&RQWDPLQDFLyQGHUHOOHQRVDQLWDULRGH.¶DUD.¶DUD 

&RQFOXVLRQHV 

%LEOLRJUDItD 

$QH[RV 
(OSUR\HFWR&XLDEi&RPRFRPSUDUFRQVHUYDFLRQLVWDV 
$SXQWHVVREUHODVDPHQD]DVGHFRQIOLFWRVDPELHQWDOHVHQ3DQGR 
/LVWDGHSHUVRQDVTXHKLFLHURQSRVLEOHHVWDSXEOLFDFLyQ 
6LJODV\DEUHYLDFLRQHV 

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
3UHVHQWDFLyQ

(VWH GRFXPHQWR TXH SUHVHQWD GH PDQHUD JHQHUDO HO iPELWR HQ HO TXH VH GHVDUUROODQ ORV SUREOHPDV
DPELHQWDOHV HQ %ROLYLD DVt FRPR DOJXQRV GH ORV FRQIOLFWRV GHO SDtV HV HO UHVXOWDGR GH OD FRRUGLQDFLyQ GH
DFFLRQHVGHXQDVHULHGHSHUVRQDVHLQVWLWXFLRQHVTXHDSDUWLUGHVXWUDEDMRFRWLGLDQRLGHQWLILFDURQFRQIOLFWRV
DPELHQWDOHVFX\DJHVWLyQHQODPD\RUSDUWHGHORVFDVRVHVRVHUiVXSUy[LPRGHVDItR

6RQGRVODVLQVWLWXFLRQHVTXHLPSXOVDURQHVWHWUDEDMRSRUXQDSDUWHHO2EVHUYDWRULR/DWLQRDPHULFDQRGH
&RQIOLFWRV$PELHQWDOHV 2/&$ TXHWLHQHVHGHHQ6DQWLDJRGH&KLOH\HVXQDRUJDQL]DFLyQFUHDGDHQ
SDUDODSURWHFFLyQDPELHQWDOTXH FRQWULEX\HD ODUHGXFFLyQGHORVGDxRV VRFLDOHV \ DPELHQWDOHV
GRQGHODVHJXULGDGHFROyJLFDVHYHDPHQD]DGDSRUDFWLYLGDGHVGHOVHUKXPDQR

6X WUDEDMR FRQVLVWH HQ DVHVRUDU D FRPXQLGDGHV SURWDJRQLVWDV GH FRQIOLFWRV DPELHQWDOHV UHDOL]DU XQ
VHJXLPLHQWR GH ORV PLVPRV GHVDUUROODU LQVWUXPHQWRV GH JHVWLyQ GH FRQIOLFWRV LQYHVWLJDU \ GLIXQGLU
DVSHFWRV UHODFLRQDGRV FRQ OD SURWHFFLyQ DPELHQWDO \ ORV GHUHFKRV FLXGDGDQRV UHDOL]DU FDWDVWURV
VHFWRULDOHV H LQYHVWLJDFLRQHV HVSHFtILFDV \ SURPRYHU OD WUDQVIHUHQFLD GH PHWRGRORJtDV GH JHVWLyQ GH
FRQIOLFWRV

3DUD OD HODERUDFLyQ GH HVWH GRFXPHQWR HO 2/&$ DSRUWy VX H[SHULHQFLD \ HQ  FDSDFLWy D
DSUR[LPDGDPHQWHSHUVRQDVGHORVGHSDUWDPHQWRVGH7DULMD6DQWD&UX]%HQL6XFUH2UXUR3RWRVt
&RFKDEDPED \ /D 3D] HQ OD PHWRGRORJtD GH JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV DGHPiV FRRUGLQy HO
VHJXLPLHQWRGHODVDFWLYLGDGHV\EULQGyLPSRUWDQWHVDSRUWHVWHyULFRVSDUDHOHQULTXHFHUHVWHGRFXPHQWR

3RU RWUD SDUWH HO )2%20$'( TXH HV XQ PRYLPLHQWR VRFLRDPELHQWDO QDFLRQDO FUHDGR HQ  FRPR
LQVWDQFLDDUWLFXODGRUDDQDOtWLFDSURSRVLWLYD\GHDFFLyQGHVWLQDGDDFRQVROLGDUHOPRYLPLHQWRHFRORJLVWD
QDFLRQDO PHGLDQWH HO IRUWDOHFLPLHQWR GH ORV YtQFXORV HQWUH RUJDQL]DFLRQHV GH EDVH LQVWLWXFLRQHV QR
JXEHUQDPHQWDOHVHQWLGDGHVDFDGpPLFDV\SHUVRQDVVHQVLEOHVDODWHPiWLFDDPELHQWDO

6XUROHVDWHQGHU\DUWLFXODUODVLQLFLDWLYDV\SURSXHVWDVVRFLRDPELHQWDOHVGHVXVPLHPEURV\GHRWURV
DFWRUHVVRFLDOHVPHGLDQWHODGHQXQFLDDFWLYDRSRUWXQD\GRFXPHQWDGDGHORVSUREOHPDVODH[LJHQFLDGH
DSOLFDFLyQGHODOHJLVODFLyQYLJHQWH\HOPRQLWRUHRDVtFRPRODILVFDOL]DFLyQGHODJHVWLyQDPELHQWDO6X
REMHWLYR JHQHUDO HV FRQWULEXLU D OD JHQHUDFLyQ GH DOWHUQDWLYDV GH JHVWLyQ GH OD SUREOHPiWLFD VRFLR
DPELHQWDOFRQ ODILQDOLGDGGHPHMRUDUODFDOLGDGGHYLGDGHODSREODFLyQHQODSHUVSHFWLYDGHOGHVDUUROOR
VRVWHQLEOH

(O )2%20$'( FRRUGLQy FRQ HO 2/&$ HO SURFHVR QDFLRQDO GH FDSDFLWDFLyQ HQ JHVWLyQ FRPXQLWDULD GH
FRQIOLFWRV\DWUDYpVGHORVPLHPEURVGHORVIRURVGHSDUWDPHQWDOHVSDUWLFLSyHQHOPLVPR(VWHSURFHVR
TXH LQYROXFUy D XQ LPSRUWDQWH Q~PHUR GH SHUVRQDV FRPSURPHWLGDV FRQ OD WHPiWLFD DPELHQWDO  IXH OD
EDVHWHyULFRPHWRGROyJLFDSDUDODHODERUDFLyQGHHVWHUHJLVWURQDFLRQDOGHFRQIOLFWRV

3RURWUDSDUWHHO )2%20$'(SUHSDUyODSXEOLFDFLyQGHOSUHVHQWHGRFXPHQWRWDQWRFRQORVDSRUWHVGH
LQVWLWXFLRQHV \ SHUVRQDV YLQFXODGDV D OD WHPiWLFD DPELHQWDO GHVGH OD SHUVSHFWLYD GH OD HFRORJtDVRFLDO

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
FRPRFRQODFRQYRFDWRULDDDOJXQRVHVSHFLDOLVWDVSDUDTXHFRODERUHQHQWHPDVTXHHQJOREDQFLHUWRWLSR
GHFRQIOLFWRV

6LQHPEDUJRHOSULQFLSDODSRUWHIXHHOGHORVSURWDJRQLVWDVTXHEULQGDURQLQIRUPDFLyQSDUDORVUHJLVWURV
GH FRQIOLFWRV TXLHQHV HQ JHQHUDO VH FDUDFWHUL]DQ SRU WHQHU OD YDOHQWtD GH HQIUHQWDU D ORV VHFWRUHV GH
SRGHU SDUD GHIHQGHU HO DPELHQWH GHO TXH GHSHQGH QXHVWUD VREUHYLYHQFLD \ OD GH ODV IXWXUDV
JHQHUDFLRQHV

(QHVWHVHQWLGRWDQWRODVSREODFLRQHVORFDOHVTXHKDQ EULQGDGRLQIRUPDFLyQSDUDODHODERUDFLyQGHHVWH
UHJLVWURFRPRORVHFRORJLVWDVVRPRVSDUWHGHXQSURFHVRGHDSUHQGL]DMHTXHQRVHQULTXHFHPXWXDPHQWH
\TXHHVWiGHVWLQDGRDIRUWDOHFHUQXHVWUDVFDSDFLGDGHVGHLQYHVWLJDFLyQ\DFFLyQ SDUDSDUWLFLSDUHQOD
JHVWLyQDPELHQWDOGHVGHHOiPELWRORFDO\FRQORVDFWRUHVORFDOHV

(VWHOLEURDGHPiVGHVHUHOSURGXFWRGHXQJUDQQ~PHURGHH[SHULHQFLDVLQVWLWXFLRQDOHV\SHUVRQDOHVWDPELpQ
LQWHQWDUHVXPLUODUHDOLGDGDPELHQWDOGH%ROLYLD$XQTXHVXFRQWHQLGRHVWiGHVWLQDGRDSUHVHQWDUDOJXQRVGHORV
FRQIOLFWRV VRFLRDPELHQWDOHV QDFLRQDOHV \ SRU HOOR WLHQGH D VHU FUtWLFR \ KDFH pQIDVLV HQ HO DQiOLVLV GH OR
QHJDWLYR WDPELpQ SHUPLWH DSUHFLDUORV DYDQFHV\UHWURFHVRV TXH HQ PDWHULD DPELHQWDO WXYR HOSDtV WDQWRD
WUDYpVGHODOHJLVODFLyQQDFLRQDO\ODVSROtWLFDVGHJRELHUQRDVtFRPRGHODVDFFLRQHVGHOPRYLPLHQWRDPELHQWDO
FX\RVp[LWRV\IUDFDVRVVHYHQUHIOHMDGRVHQHVWDVSiJLQDVDWUDYpVGHHMHPSORVHVSHFtILFRV

(OOLEURHQXQDSULPHUDSDUWHSUHVHQWDWDQWRDODVLQVWLWXFLRQHVTXHOOHYDURQDGHODQWHHVWHWUDEDMRFRPR
OD SURSXHVWD TXH OHV SHUPLWLy DXQDU HVIXHU]RV \ FRPSDUWLU H[SHULHQFLDV FRQ OD ILQDOLGDG GH PHMRUDU OD
UHDOLGDG VRFLRDPELHQWDO GH QXHVWURV SDtVHV (Q HVWH VHQWLGR H[SOLFD UHVXPLGDPHQWH HO GHVDUUROOR GHO
FRQFHSWRGHJHVWLyQFRPXQLWDULDGHFRQIOLFWRVDVtFRPRVXVSULQFLSLRV\PHWRGRORJtDFRQODLQWHQFLyQGH
TXHHOOHFWRUFRPSUHQGDHOVLJQLILFDGRGHHVWHWUDEDMR

/DVHJXQGDSDUWHFRQWLHQHXQDPX\EUHYHGHVFULSFLyQGHOFRQWH[WREROLYLDQRHQHOWUDQVFXUVRGHOD~OWLPD
GpFDGD \ KDFH UHIHUHQFLD D ODV OLPLWDFLRQHV TXH LPSOLFD VHU SDUWHGH XQ VLVWHPD JOREDOL]DGR HQ HO TXH
LPSHUDODOH\GHOPiVIXHUWHSDUDFRQFOXLUFRQXQHVER]RGHSURSXHVWDKDFLDHOIXWXUR$FRQWLQXDFLyQ
SUHVHQWDHOPDUFROHJDOHQHOFXiOVHJHVWDQ\GHVDUUROODQORVFRQIOLFWRVPHGLDQWHXQEUHYHDQiOLVLVGHO
HVWDGRDFWXDOGHODOHJLVODFLyQEROLYLDQDFRQLQFLGHQFLDDPELHQWDO

/DWHUFHUDSDUWHHVWiGHVWLQDGDDODSUHVHQWDFLyQGHORVFRQIOLFWRVTXHIXHURQUHJLVWUDGRVDORODUJRGH
HVWHWUDEDMR&DEHPHQFLRQDUTXHVHLQWHQWyUHFRJHUORVPiVVREUHVDOLHQWHVQRREVWDQWHVHGLRSULRULGDG
DDTXHOORVHQORVTXHORVSDUWLFLSDQWHVHVWDEDQWUDEDMDQGR\DTXHODLQWHQFLyQGHHVWHGRFXPHQWRHVGDU
FRQWLQXLGDGD ODVDFFLRQHV UHDOL]DGDV \IRUWDOHFHUODV (VWDSDUWHGHOGRFXPHQWRIXHRUJDQL]DGDHQ VHLV
JUDQGHV WHPiWLFDV PLQHUD IRUHVWDO SHWUROHUD KtGULFD WHUULWRULDO \ XUEDQD &DGD XQR GH ORV WHPDV
PHQFLRQDGRV YD DFRPSDxDGR GH XQD LQWURGXFFLyQ TXH HQ OtQHDV JHQHUDOHV WLHQH HO SURSyVLWR GH
LQWURGXFLUDOOHFWRUHQODSUREOHPiWLFDDPELHQWDOTXHUHSUHVHQWDQ

/D FXDUWD SDUWH GHO GRFXPHQWR HVWi GHVWLQDGR DO HVWXGLR GH FDVR GHO *DVRGXFWR &XLDEi GRQGH HO
)2%20$'(WXYRXQDDFWLYDSDUWLFLSDFLyQ\TXHSRUORVLQWHUHVHVSULYDGRVWDQWRGHODVWUDQVQDFLRQDOHV
FRPRGHJUXSRVFRQVHUYDFLRQLVWDVFRQFOX\yHQODILUPDGHXQFRQYHQLRTXHWHQGUiXQLPSDFWRQHJDWLYR
LUUHYHUVLEOHHQHOERVTXHVHFRWURSLFDOFKLTXLWDQR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
/D TXLQWD SDUWH LQFOX\H XQ DUWtFXOR VREUH OD SUREOHPiWLFD VRFLR DPELHQWDO GH 3DQGR OD PLVPD TXH IXH
HODERUDGDFRQODILQDOLGDGGHH[SOLFDUODUD]yQSRUODTXHQRH[LVWHXQQ~PHURLPSRUWDQWHGHFRQIOLFWRV
DPELHQWDOHV\ODGLItFLOVLWXDFLyQSRUODTXHDWUDYLHVDHVHGHSDUWDPHQWR

(OGRFXPHQWRFRQFOX\HFRQXQDHYDOXDFLyQGHORTXHIXHVXGHVDUUROORDVtFRPRFRQXQDQiOLVLVGHODV
SHUVSHFWLYDVTXHODJHVWLyQFRPXQLWDULDGHFRQIOLFWRVEULQGDDODHFRORJtDSROtWLFD

(VWHOLEURKDLQWHQWDGRVHUORPiVSDUWLFLSDWLYRSRVLEOHORTXHVHYHUHIOHMDGRHQVXFRQWHQLGRTXHSRUOD
PLVPDUD]yQQRVLHPSUHFRLQFLGHFRQODSRVLFLyQGHODVRUJDQL]DFLRQHVTXHLPSXOVDURQVXHODERUDFLyQ\
SXEOLFDFLyQ6LQHPEDUJRVXLQWHQFLyQWDPELpQIXHUHFRJHURSLQLRQHVGLYHUVDV\GLVWLQWRVSXQWRVGHYLVWD
(QFXDQWRDODVILFKDVHVLPSRUWDQWHVHxDODUTXHpVWDVVRQGHH[FOXVLYDUHVSRQVDELOLGDGGHTXLHQHVODV
HODERUDURQ\DTXHODLQIRUPDFLyQTXHFRQWLHQHQHVSURGXFWRGHVXWUDEDMRHLQYHVWLJDFLyQ

)2%20$'(2/&$

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
&RQIOLFWRVVRFLHGDG\QDWXUDOH]D

(Q%ROLYLDH[LVWHXQDODUJDKLVWRULDGHFRQIOLFWRVRULJLQDGRVDSDUWLUGHODPDQHUDHQODTXHORVGLIHUHQWHV
JUXSRVVRFLDOHVDSURYHFKDQORVUHFXUVRVQDWXUDOHV<DGHVGHpSRFDVGHODFRORQLDVHDO]DURQDOJXQDV
YRFHV DLVODGDV SUHRFXSDGDV SRU OD GHIRUHVWDFLyQ R HO DFFHVR DO DJXD SRWDEOH 3RU RWUD SDUWH HQ ORV
~OWLPRVDxRVVHKDQVXFHGLGRYDULRVFRQIOLFWRVPXFKRVUHFRUGDUiQHO³WUHQIDQWDVPD´TXHGHDPEXODED
GH SXHEOR HQ SXHEOR SRUTXH QDGLH TXHUtD UHFLELU XQD FDUJD TXH WRGRV VRVSHFKDEDQ SHOLJURVD 2WURV
WHQGUiQ WRGDYtD SUHVHQWH HO URPSLPLHQWR GHO GLTXH GH FRODV GH 3RUFR TXH LQFUHPHQWy GH PDQHUD
SUHRFXSDQWH OD FRQWDPLQDFLyQ GH ODV DJXDV GHO UtR 3LOFRPD\R 0iV UHFLHQWHPHQWH HO WHQGLGR GH
JDVRGXFWRVKDGHVHQFDGHQDGRHQpUJLFRVFRQIOLFWRVSDUDORJUDUODSUHVHUYDFLyQGHOERVTXHFKLTXLWDQR

(VRV\RWURVFDVRVPXHVWUDQTXHHQODDFWXDOLGDGORVFRQIOLFWRVVHHQFXHQWUDQHQHOFHQWURGHODWHPiWLFD
DPELHQWDO \ UHYHODQ VXV HVWUHFKDV YLQFXODFLRQHV FRQ ODV HVWUDWHJLDV GH GHVDUUROOR TXH VLJXH HO SDtV
(VWRV FRQIOLFWRV UHIOHMDQ ODV GLIHUHQWHV FRQFHSFLRQHV GH ODV SHUVRQDV VREUH FyPR GHEH PDUFKDU HO
GHVDUUROOR FyPR FRQVHUYDU ORV UHFXUVRV QDWXUDOHV \ FyPR ORJUDU XQD GLVWULEXFLyQ HTXLWDWLYD GH ORV
EHQHILFLRV TXH HOOR SURGXFH 3RU OR WDQWR ORV FRQIOLFWRV DPELHQWDOHV WDPELpQ VH H[WLHQGHQ KDFLD
SUREOHPDV PX\ LPSRUWDQWHV FRPR OD GHPRFUDWL]DFLyQ GH ODV SROtWLFDV DPELHQWDOHV \ HO FRQFHSWR GH
FLXGDGDQtD

 &RQFHSWRGHFRQIOLFWRDPELHQWDO

/RV FRQIOLFWRV VRFLRDPELHQWDOHV VXUJHQ FXDQGR H[LVWH XQD LQFRPSDWLELOLGDG GH LQWHUHVHV TXH
JHQHUDOPHQWHHVWiUHODFLRQDGDDXQDDVLPHWUtDHQFXDQWRDODFFHVRGHORVLQYROXFUDGRVDORVUHFXUVRVOR
TXHSHUPLWHLQIOXLUDIDYRUGHXQRV\HQGHWULPHQWRGHRWURV$SDUWLUGHORDQWHULRUFRPSUHQGHUHPRVSRU
TXp OD JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV HV XQ SURFHVR GH UHGHILQLFLyQ GH UHODFLRQHV KXPDQDV GH
FUHDFLyQ GH HVSDFLRV GH SDUWLFLSDFLyQ SDUD OD WRPD GH GHFLVLRQHV \ GH UHDILUPDFLyQ GH GHUHFKRV GH
DFFHVR D ORV UHFXUVRV \ D ODVRSRUWXQLGDGHV 2UWt]  $GHPiV GHO DFFHVR ORV FRQIOLFWRV WDPELpQ
SXHGHQVXUJLUSRUGLIHUHQWHVYDORUHVTXHVHDGMXGLFDQDORVUHFXUVRVQDWXUDOHVHQYDULRVFDVRVJUXSRV
FLXGDGDQRVGHILHQGHQiUHDVVLOYHVWUHVSRUVXVYDORUHVLQWUtQVHFRVDXQTXHQXQFDOOHJDUiQDXWLOL]DUORV
UHFXUVRVTXHHOODVEULQGHQ(VWRVFRQIOLFWRVVHGHVDUUROODQHQXQHVSDFLRTXHHVS~EOLFRVHYHQWLODQHQ
UHXQLRQHVDELHUWDVDSDUHFHQGHFODUDFLRQHVHQODSUHQVD\ODRSLQLyQS~EOLFDSXHGHOOHJDUDHVWDUDOWDQWR
GH ODGLVFXVLyQ )LQDOPHQWH KD\ XQ UHFRQRFLPLHQWRHQWUHORVDFWRUHVHQRSRVLFLyQ PiVDOOiTXHVHDQ
FRQVLGHUDGDVYiOLGDVRQRVXVSRVLFLRQHV 6DQWDQGUHX\*XG\QDV 

(QDOJXQRVFDVRV ORVFRQIOLFWRVVRFLRDPELHQWDOHVHQIUHQWDQDGRVWLSRVGHDFWRUHV ORVTXHSUHWHQGHQ


DSRGHUDUVHRKDFHUXVRGHORVUHFXUVRVQDWXUDOHVSDUDORJUDUEHQHILFLRVLQGLYLGXDOHVRHPSUHVDULDOHVVLQ
LPSRUWDUOHVODVLWXDFLyQGHODVSREODFLRQHVORFDOHV\HVWDV~OWLPDVTXHGHILHQGHQVXVUHFXUVRVSRUTXH
VRQ OD EDVH GH VX VXEVLVWHQFLD (Q RWURV FDVRV KD\ PiVGH GRV DFWRUHV \ ILQDOPHQWH WDPELpQ H[LVWHQ
VLWXDFLRQHV PiV FRPSOHMDV GRQGH OD GLVSXWD SDUWH GH EXVFDU EHQHILFLRV FROHFWLYRV SHUR H[LVWHQ
GLIHUHQFLDVVREUHORVPRGRVRFRQGLFLRQHVSDUDOOHJDUDHOORV

/RV FRQIOLFWRV DPELHQWDOHV TXH VH GHVFULEHQ HQ HVWH OLEUR SDUWHQ GH ODV SURSLDV FRQFHSFLRQHV GH VXV
SDUWLFLSDQWHV \ WHVWLJRV (V OD YLVLyQ GH ORV SURSLRVDFWRUHVOR TXH GHILQH DO FRQIOLFWR\ QR WLHQH PD\RU

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
VHQWLGR LQWHQWDU GLULPLUORV VREUH VX YDOLGH] R QR GHVGH DQiOLVLV H[WHUQRV 3RU HVD UD]yQ ODV ILFKDV \
GHVFULSFLRQHVGHORVFRQIOLFWRVVRQPX\YDULDGDVUHIOHMDQGRFRQFHSFLRQHVGLVWLQWDVGHXQJUXSRDRWUR\
GHXQDUHJLyQGHOSDtVDRWUD(VDGLYHUVLGDGVHKDPDQWHQLGR\HVXQRGHORVDVSHFWRVPiVULFRVGHO
SUHVHQWHHVWXGLR

/RVFRQIOLFWRVDPELHQWDOHVSRQHQHQHYLGHQFLD ODSOXUDOLGDGGHYDORUDFLRQHV\SHUFHSFLRQHVTXHH[LVWHQ
VREUHODQDWXUDOH]D(VWDSOXUDOLGDGGHSHQGHGHORVFRQWH[WRVVRFLDOHV\SRVHHXQDKLVWRULD3DUWLHQGRGH
HVWRODHFRORJtDSROtWLFDVHFRQVWLWX\HHQXQDSURSXHVWDTXHVRVWLHQHODQHFHVLGDGGHDQDOL]DUODUHODFLyQ
KXPDQDFRQODQDWXUDOH]DHQXQFRQWH[WRKLVWyULFRGHVWDFDQGRODUHODFLyQGLDOpFWLFDHQWUHODVRFLHGDG\
VX HQWRUQR GHELGR D TXH FRQVLGHUD TXH DQWHV TXH ORV OtPLWHV ItVLFRV TXH HQIUHQWD OD VRFLHGDG HQ VX
LQWHJULGDGHVWiQORVOtPLWHVVRFLDOHVTXHWUDGXFHQORVSUREOHPDVQDWXUDOHVHQFRQWUDGLFFLRQHVSROtWLFDV
KDFHQTXHODSUREOHPiWLFDDPELHQWDOVHDDVXPLGDGHIRUPDVGLIHUHQWHV\GHSHQGHQGHORVLQWHUHVHVGH
ODVGLVWLQWDVFODVHVVRFLDOHV\SDtVHV )RODGRUL 

&RQUHODFLyQD ORDQWHULRU ORVFRQIOLFWRVGHMDQ HQ HYLGHQFLDTXHVLELHQHODSRUWHGH ODV FLHQFLDVSDUD


GLVHxDUHVWUDWHJLDVGHFRQVHUYDFLyQHVIXQGDPHQWDOQRHVVXILFLHQWH+DQVLGRPXFKRVORVFDVRVGRQGH
ORV JUXSRV FLXGDGDQRV D SDUWLU GH VXV VDEHUHV \ YDORUDFLRQHV DUULEDQ D FRQFOXVLRQHV GLVWLQWDV GH ODV
JHQHUDGDV SRU OD FLHQFLD WUDGLFLRQDO $GHPiV PXFKRV GH ORV SUREOHPDV TXH HOORV HQIUHQWDQ VRQ XQD
FRQVHFXHQFLDGHODVDSOLFDFLRQHVGHVPHGLGDVGHODFLHQFLD\WHFQRORJtDFRQWHPSRUiQHD/RVFRQIOLFWRV
DPELHQWDOHVPXHVWUDQDVtODLPSRUWDQFLDHQODSOXUDOLGDGGHVDEHUHVVREUHODQDWXUDOH]D,QVSLUiQGRQRV
HQ'HOpDJH  HVEXHQRUHFRUGDUTXHODVFLHQFLDVSXUDVQRSXHGHQHVWDUDLVODGDVGHORVFRQWHQLGRV
LGHROyJLFRVTXHPDUFDURQHOFDPLQRGHVXGHVDUUROORSRUTXHpVWRVQRVyORDIHFWDURQODDSOLFDFLyQGHORV
FRQRFLPLHQWRV VLQR TXH DGHPiV VRQ FRPSRQHQWHVIXQGDPHQWDOHV GHOFRQRFLPLHQWR HQ Vt PLVPR \ HV
IUHFXHQWHTXHODIRUPDHQTXHVHGLVFXUUHVREUHHORUGHQGHODQDWXUDOH]DVHDWDPELpQXQDIRUPDGHGDU
OHJLWLPLGDG D OD HVWUXFWXUD VRFLDO SUHYDOHFLHQWH 'HVGH HVWD SHUVSHFWLYD HV LPSRVLEOH VHSDUDU HO
GHVFXEULPLHQWRFLHQWtILFRGHODVFRQGLFLRQHVWpFQLFDV GHDFFHVRDODLQIRUPDFLyQ\GHODVPRGDOLGDGHV
SROtWLFDVGRPLQDQWHV(VWRVDSRUWHVGHPXHVWUDQTXHODJHVWLyQDPELHQWDOQRHVVyORXQDFXHVWLyQWpFQLFD
\TXHQHFHVDULDPHQWHGHEHLQFRUSRUDUXQDGLVFXVLyQSROtWLFD

&RPXQLGDG\JHVWLyQFRPXQLWDULD

&RPR UHVSXHVWD D ORV FRQIOLFWRV DPELHQWDOHV KDQ VXUJLGR YDULDV UHVSXHVWDV \ HQWUH HOODV OD JHVWLyQ
FRPXQLWDULD(VWDHVXQ LQVWUXPHQWRGH OD HFRORJtDSROtWLFDGHVWLQDGRDGLVPLQXLUODVDVLPHWUtDV GHORV
SREODGRUHVORFDOHV\RULHQWDGRDTXHODGHIHQVDDFFHVR\FRQWUROGHORVUHFXUVRVQDWXUDOHVOHVSHUPLWD
UHFRQRFHUVXVLQWHUHVHVFROHFWLYRV\HQIUHQWDUVXVFRQIOLFWRVHQIXQFLyQDHOORV

3RUHVWDUD]yQODJHVWLyQFRPXQLWDULDGHFRQIOLFWRVVHDSOLFDSDUDFRQVHJXLUTXHORVFRQIOLFWRVODWHQWHVVH
PDQLILHVWHQ\DVtSRGHUVXSHUDUORVSUREOHPDVTXHORVSURYRFDQ(VWRFRQHOREMHWLYRGHHYLWDUTXHORV
FRVWRV RFDVLRQDGRV SRU ORV SUREOHPDV VHDQ FDUJDGRV D ODV FRPXQLGDGHV ORFDOHV TXH VRQ ODV PiV
YXOQHUDEOHVRDOPHGLRDPELHQWHTXHFRPRVHxDOD&HVDU3DGLOOD *UXHQEHUJHU\0ROLQD HQXQRV
DxRVQRVSDVDUiODFXHQWD

3RU RWUD SDUWH SDUD TXH OD JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV VHD H[LWRVD H[LVWHQ DOJXQDV FRQGLFLRQHV
EiVLFDVTXHHVQHFHVDULRWHQHUHQFXHQWDHQWUHHOODVSRGHPRVPHQFLRQDU

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
/D HIHFWLYD SDUWLFLSDFLyQ FLXGDGDQD TXH HVWi GHVWLQDGD D JDUDQWL]DU TXH OD WRPD GH
GHFLVLRQHV VHD UHSUHVHQWDWLYD \ FRQVLGHUH ODV RSLQLRQHV GH ORV GLVWLQWRV JUXSRV
LQWHUHVDGRV SDUD OR TXH HV LQGLVSHQVDEOH OD GLVSRQLELOLGDG GH UHFXUVRV TXH IDFLOLWHQ HO
DFFHVR RSRUWXQR D OD LQIRUPDFLyQ QHFHVDULD \ D DVHVRUtDV LQGHSHQGLHQWHV DVt FRPR
WDPELpQRSRUWXQLGDGHVLJXDOHVGHDFFHVRDODVDXWRULGDGHV

3URFHVRVGHVFHQWUDOL]DGRV SDUDODWRPDGHGHFLVLRQHVFRQODILQDOLGDGGHQRGHMDUHQ
ODV³PDQRV´GHOPHUFDGRQLODSODQLILFDFLyQWHUULWRULDOQLHOXVRGHUHFXUVRV\SDUDTXHORV
SURFHVRVSDUWLFLSDWLYRVUHIOHMHQODVH[SUHVLRQHVGHGHVDUUROORVRFLRHFRQyPLFR\FXOWXUDO
GH ODV FRPXQLGDGHV TXH SUHWHQGHQ DOFDQ]DU XQ PDQHMR VRVWHQLEOH GH VXV UHFXUVRV
QDWXUDOHV

/DSUHYHQFLyQ\SUHFDXFLyQ FRPRSULQFLSLRVGHJHVWLyQDPELHQWDOSDUDHYLWDU TXHORV


SUR\HFWRVGHDOWRULHVJRLPSXOVDGRVSRUDPELFLRQHVSULYDGDVTXHIDYRUHFHQDSHTXHxRV
VHFWRUHVVHDQSULRUL]DGRV

(O UHFKD]R D ODV FRPSHQVDFLRQHV HFRQyPLFDV D FDPELR GH OD GHJUDGDFLyQ GHO
DPELHQWH(VWHPHFDQLVPRGHPHUFDGRTXHSRQHSUHFLRDOHQWRUQRHVXQDFRUUXSFLyQ
DPELHQWDOTXHYDHQFRQWUDGHODSURWHFFLyQDPELHQWDO\SRUORWDQWRGHOELHQFRP~Q

0HWRGRORJtDGHODJHVWLyQFRPXQLWDULDGHFRQIOLFWRV

/DPHWRGRORJtDGHODJHVWLyQFRPXQLWDULDGHFRQIOLFWRVSUHFLVDSRUXQDSDUWHDFFHGHUDODLQIRUPDFLyQ
SDUD OD WRPD GH GHFLVLRQHV \ SRU RWUD ORJUDU OD SDUWLFLSDFLyQ FRPSURPHWLGD GH ODV RUJDQL]DFLRQHV
FLXGDGDQDV 2/&$ 

(QWUH VXV LQVWUXPHQWRV PiV FRPXQHV HVWiQ OD GRFXPHQWDFLyQ H LQIRUPDFLyQ OD FRPXQLFDFLyQ \ OD
FRRUGLQDFLyQODRULHQWDFLyQODDVHVRUtDODGHQXQFLD\ODVHQVLELOL]DFLyQ 3DUDDSOLFDUODPHWRGRORJtDGH
OD JHVWLyQFRPXQLWDULDGHFRQIOLFWRVHVQHFHVDULRUHFRQRFHUHOHVWDGRGHORVPLVPRV\WHQHULQIRUPDFLyQ
VREUHFyPRpVWRVVHGHVDUUROODQDVtFRPRVREUHODVYDULDEOHVTXHOHVVRQFRPXQHV

(VWDLQIRUPDFLyQVREUHORVFRQIOLFWRVHVODEDVHSDUDODHODERUDFLyQGHXQSODQHVWUDWpJLFRTXHJXtHODV
DFFLRQHVTXHVHUHDOL]DUiQGXUDQWHHOFRQIOLFWRHQHVWDIDVHODSDUWLFLSDFLyQGHORVDFWRUHVORFDOHVHVGH
VXPD LPSRUWDQFLD \D TXH HO SODQ HVWUDWpJLFR GHEH VHU XQ LQVWUXPHQWR FRPXQLWDULR TXH SHUPLWD KDFHU
IUHQWH RSRUWXQDPHQWH D ORV LPSHGLPHQWRV SDUD ORJUDU HO REMHWLYR ³DOFDQ]DEOH´ WHQLHQGR HQ FXHQWD ORV
UHFXUVRVTXHVHUiQXWLOL]DGRVHLGHQWLILFDQGRFODUDPHQWHTXLpQHMHFXWDUiODVDFFLRQHVGHILQLGDV

(Q%ROLYLDHOSURFHVRGHJHVWLyQFRPXQLWDULDGHFRQIOLFWRVGLRXQLPSRUWDQWHSDVRFXDQGRHO2/&$\HO
)2%20$'( FRRUGLQDURQ OD UHDOL]DFLyQ GH WDOOHUHV UHJLRQDOHV VREUH FRQFHSWRV PHWRGRORJtDV H
LQVWUXPHQWRVGHJHVWLyQFRPXQLWDULDGHFRQIOLFWRV

(VWDVDFWLYLGDGHVSHUPLWLHURQFRQWDUDORVIRURVGHSDUWDPHQWDOHVFRQUHFXUVRVKXPDQRVFDSDFLWDGRV\
GLVSXHVWRVDSRQHUHQSUiFWLFDORVFRQRFLPLHQWRVDGTXLULGRVSDUDLQLFLDUHOVHJXQGRSDVRUHIHULGRDOD
LGHQWLILFDFLyQ\UHFROHFFLyQGHLQIRUPDFLyQVREUHFRQIOLFWRVDPELHQWDOHVGHOSDtV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
8QDYH]TXHORVIRURVGHSDUWDPHQWDOHVLGHQWLILFDURQORVFRQIOLFWRVDPELHQWDOHVH[LVWHQWHVHQVXViPELWRV
JHRJUiILFRV GH DFFLyQ VH VHOHFFLRQy ORV FRQIOLFWRV PiV UHSUHVHQWDWLYRV ,QPHGLDWDPHQWH GHVSXpV VH
LQLFLy HO OHYDQWDPLHQWR GH OD LQIRUPDFLyQ TXH FRQVLVWLy SRU XQD SDUWH HQ HO UHJLVWUR GH ORV FRQIOLFWRV
PHGLDQWHXQD ILFKD H[SUHVDPHQWHSUHSDUDGDSDUDWDOHIHFWR\ SRU RWUDHQ ODSUHVHQWDFLyQGH HQWRUQR
VRFLRHFRQyPLFRGHORVPLVPRV

7HQLHQGRHQFXHQWDTXHHOOHYDQWDPLHQWRGHODLQIRUPDFLyQLPSOLFDEDXQFRQWDFWRGLUHFWRFRQORVDFWRUHV
GHO FRQIOLFWR VH GLR XQD PD\RU SULRULGDG D ORV FRQIOLFWRV HQ ORV TXH ODV LQVWLWXFLRQHV GHO )2%20$'(
HVWDEDQ LQYROXFUDGDV 6LQ HPEDUJR HQ DOJXQRV FDVRV HO OHYDQWDPLHQWR GH LQIRUPDFLyQ LPSOLFy OD
UHDOL]DFLyQGHYLDMHVDOHVFHQDULRGHOFRQIOLFWRSDUDHQWDEODUUHODFLyQFRQVXVDFWRUHV

&RQODSUHVHQWDFLyQGHHVWHGRFXPHQWRHO2/&$\HO)2%20$'(KDQDYDQ]DGRXQSDVRPiVHQOD
JHVWLyQFRPXQLWDULDGHFRQIOLFWRVDPELHQWDOHVHQ%ROLYLDVLQHPEDUJRD~QTXHGDQSHQGLHQWHVODVWDUHDV
PiVGLItFLOHVLPSXOVDUSURPRYHUJHQHUDOL]DU\GDUVHJXLPLHQWRDODJHVWLyQFRPXQLWDULDGHORVPLVPRV

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
&RQWH[WRVRFLRHFRQyPLFRQDFLRQDO

(Q UHVSXHVWD D OD FULVLV GHO PRGHOR HVWDWLVWD EDVDGR HQ OD VXVWLWXFLyQ GH LPSRUWDFLRQHV PHGLDQWH OD
LQGXVWULDOL]DFLyQORVJRELHUQRVEROLYLDQRVTXHVHVXFHGLHURQDSDUWLUGHRSWDURQSRUHOPRGHOROLEHUDO
SDUDODFRQGXFFLyQGHO(VWDGR(OOLEHUDOLVPRGHVSXpVGHFDWRUFHDxRVGHDSOLFDFLyQKDGDGROXJDUDOD
SULYDWL]DFLyQ GH ODV HPSUHVDV GH WUDQVSRUWH \ FRPXQLFDFLyQ OD LQIUDHVWUXFWXUD SURGXFWLYD \ ORV UHFXUVRV
KLGURFDUEXUtIHURVDVtFRPRPLQHURVTXHVHKDOODEDQHQPDQRVGHO(VWDGR&RQWLQXDQGRHQHVWDYtDTXH\D
KD PRVWUDGR HQ PXFKRV FDVRV QDFLRQDOHV \ H[WUDQMHURV VX LQHILFLHQFLD HVWi LQWHQWDQGR HQWUHJDU D ORV
FDSLWDOHV SULYDGRV HVSHFLDOPHQWH LQWHUQDFLRQDOHV OD JHVWLyQ GH ORV ERVTXHV ORV UHFXUVRV GH OD
ELRGLYHUVLGDGHLQFOXVRHODJXD

(OLQLFLRGHODMXVWHHVWUXFWXUDOIXHPDUFDGRSRUODSURPXOJDFLyQHQGHO'HFUHWR6XSUHPR
FX\D SULQFLSDO ERQGDG IXH FRQWURODU OD JDORSDQWH LQIODFLyQ \ IUHQDU OD GHYDOXDFLyQ 1R REVWDQWH VXV
JHVWRUHVFRQVLGHUDQTXHWDPELpQVHGHEHSRQGHUDUSRVLWLYDPHQWHSRUXQDSDUWHHOQXHYRUROQRUPDGRU
UHJXODGRU \ IDFLOLWDGRU GHO (VWDGR TXH GHMy HQ PDQRV GH ORV FDSLWDOHV SULYDGRV IXQGDPHQWDOPHQWH
H[WUDQMHURV\ GHOPHUFDGRHOGHVWLQRGHODSURGXFFLyQ 3RURWUD ODOLEUH FRQWUDWDFLyQTXHH[LPLyDODV
HPSUHVDVGHODVWUDEDVOHJDOHVTXHH[LVWtDQSDUDGHVSHGLUDVXVWUDEDMDGRUHV

/D LPSOHPHQWDFLyQ GHO PRGHOR OLEHUDO FX\D FRQVLJQD FHQWUDO HVH[SRUWDU R PRULU WLHQH FRPR WHOyQ GH
IRQGR OD HURJDFLyQ GH OH\HV TXH IDFLOLWDQ DO FDSLWDO SULYDGR QR VyOR OD H[SORWDFLyQ GH ORV UHFXUVRV
QDWXUDOHV VLQR DGHPiV GH ORV UHFXUVRV KXPDQRV GHO SDtV /D /H\ &RUD]yQ TXH IXH GLFWDGD FRQ HO
SURSyVLWR GH VXSHUDU HO REVWiFXOR TXH OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR SRQH D OD DGTXLVLFLyQ R
SRVHVLyQH[WUDQMHUDGHVXHORRVXEVXHORQDFLRQDOGHQWURGHORV.PGHODVIURQWHUDVGHOSDtV\TXH
HVWiGHVWLQDGDDTXH%ROLYLDVHFRQYLHUWDHQXQQ~FOHRHQHUJpWLFRFRPXQLFDFLRQDOUHJLRQDODWUDYpVGHOD
DSHUWXUD GH FRUUHGRUHV SDUD OD H[SRUWDFLyQ GH HQHUJtD H KLGURFDUEXURV \ HO WHQGLGR GH UHGHV GH
WHOHFRPXQLFDFLyQ (O&yGLJR0LQHURTXHSULYLOHJLDHVWDDFWLYLGDGH[WUDFWLYLVWDLQFOXVRD ULHVJRGHFUHDU
LQFHUWLGXPEUH VREUH OD SURSLHGDG \ XVR GHO VXHOR \ OD JHVWLyQ GH iUHDV SURWHJLGDV /D /H\ GH
+LGURFDUEXURV TXH SULYDWL]y <3)% SULYDQGR DO (VWDGR EROLYLDQR GH VX PiV LPSRUWDQWH IXHQWH GH
LQJUHVRV )LQDOPHQWH HO SUR\HFWR GH )OH[LELOL]DFLyQ /DERUDO TXH RILFLDOPHQWHVH GHWXYRKDVWD ILQHV GHO
DxRSHUR TXHHQORVKHFKRVHVWiVLHQGRLPSOHPHQWDGRFRQGLVLPXOR

$O UHVSHFWR GH DFXHUGR DO &HQWUR GH (VWXGLRV SDUD HO 'HVDUUROOR /DERUDO \ $JUDULR &('/$  OD
IOH[LELOL]DFLyQ HVWi HQ PDUFKD \ VH SURSRQH GLYLGLU D ODV IXHU]DV TXH VH RSRQHQ D OD UHGXFFLyQ GH ORV
GHUHFKRVODERUDOHVPHGLDQWHHOGHQRPLQDGR(VWDWXWRGHO)XQFLRQDULR3~EOLFRDSUREDGRUHFLHQWHPHQWHTXH
VXSXHVWDPHQWHHVWiGHVWLQDGR DHOLPLQDU OD FRUUXSFLyQ \ HO FOLHQWHOLVPRSROtWLFR SHURTXH HQ ORVKHFKRV
LQWHQWD DWDFDU SULPHUR D XQ VHFWRU DQXODQGR VXV GHUHFKRV GH DVRFLDFLyQ \ KXHOJD SDUD SRVWHULRUPHQWH
DUUHPHWHUFRQWUDORVWUDEDMDGRUHVIDEULOHVPLQHURV\GHRWURVVHFWRUHV

'H HVWD PDQHUD HQ HO WLHPSR WUDQVFXUULGR \ PLHQWUDV ORV GLIHUHQWHV JRELHUQRV XWLOL]DQ HO HVORJDQ GH
³OXFKDFRQWUDODSREUH]D´VHHVWiGHWHULRUDQGRFDGDYH]PiVODFDOLGDG\HOQLYHOGHYLGDGHODVJUDQGHV
PD\RUtDV OLPLWDQGR VXV SRVLELOLGDGHV GH DFFHVR D ORV UHFXUVRV QDWXUDOHV \ D ODV RSRUWXQLGDGHV GH

 3HULyGLFR/D5D]yQGHVHSWLHPEUHGH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
HGXFDFLyQDVtFRPRDORVVHUYLFLRVGHVDOXG$GHPiVVHHYLGHQFLDTXHHQHVWRVDxRVODDVLPHWUtDVRFLDO
\HFRQyPLFDVHSURIXQGL]D\QRVDOHMDGHODWDQSXEOLFLWDGDPHWDGHVXSHUDUODSREUH]D

(QXQDUWtFXOR GHSUHQVDTXH FRPR PXFKRVRWURVQRVUHFXHUGDTXH %ROLYLD HVXQR GHORV SDtVHV PiV


SREUHV GHO FRQWLQHQWH GHELGR D TXH HO   GH VX SREODFLyQ FDUHFH GH VHUYLFLRV EiVLFRV FRPR
YLYLHQGDVDOXGHGXFDFLyQRLQIUDHVWUXFWXUDVDQLWDULDHOSHULyGLFR/D5D]yQLQIRUPDTXHHVWDVLWXDFLyQ
VH UHIOHMD FUXGDPHQWH HQ ORV HVFDVRV LQJUHVRV HFRQyPLFRV \ ODV SpVLPDV FRQGLFLRQHV GH YLGD GH OD
SREODFLyQ\UHVDOWDHVWHKHFKRLQGLFDQGRTXHPiVGHOGHORVDVDODULDGRVGHOSDtVUHFLEHQHOPtQLPR
EiVLFRGH%ROLYLDQRVORTXHHTXLYDOHDGyODUHVDPHULFDQRVPHQVXDOHV

3RURWUDSDUWHGHDFXHUGRDO$QXDULRGHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDVSHUVRQDVGHODV
 PLOORQHV HFRQyPLFDPHQWH DFWLYDV HVWiQ GHVRFXSDGDV \  PLOORQHV VRQ WUDEDMDGRUHV SRU FXHQWD
SURSLDHVGHFLUWUDEDMDQHQSpVLPDVFRQGLFLRQHVVLQQLQJ~QWLSRGHEHQHILFLRVRFLDORVHJXURPpGLFR\SRU
PtQLPRV LQJUHVRV HFRQyPLFRV TXH OHV REOLJD D UHDOL]DU MRUQDGDV GH HQWUH  \  KRUDV GH WUDEDMR
3DUDOHODPHQWHDHVWDVLWXDFLyQHQHORWURH[WUHPRGHODSLUiPLGHVHDFXPXODQIRUWXQDVFRQHOWUiILFRGH
LQIOXHQFLDV HO QDUFRWUiILFR \ OD FRUUXSFLyQ VLQ HPEDUJR SDUD QR KDEODU GH WHPDV WDQ HVFDEURVRV QRV
SDUHFHVXILFLHQWHPHQFLRQDUTXHHOGHMXQLRGHHO%DQFR0XQGLDOILUPyXQFRQYHQLRSRUPLOORQHV
GHGyODUHVSDUDILQDQFLDUXQ3ODQGH/XFKD&RQWUDOD&RUUXSFLyQHQHO6HFWRU3~EOLFR

/DVFLIUDVVREUHDQDOIDEHWLVPRWDPELpQUHIOHMDQODDFWXDOVLWXDFLyQVRFLRHFRQyPLFDGHOSDtVGHDFXHUGRD
LQIRUPDFLyQ GHO )RQGR GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQFLD 81,&()  HQ %ROLYLD KD\
DSUR[LPDGDPHQWH  PLOORQHV GH SHUVRQDV PD\RUHV GH TXLQFH DxRV HQWUH ORV FXDOHV PiV GH 
PLOORQHVVRQDQDOIDEHWRVIXQFLRQDOHV 6LWHQHPRVHQFXHQWDTXHODSREODFLyQEROLYLDQDHVGHDOJRPiV
GHPLOORQHVGHSHUVRQDVHOSRUFHQWDMHGHDQDOIDEHWLVPRIXQFLRQDOHVH[WUHPDGDPHQWHDOWR

2WURDVSHFWRTXHWDPELpQSRGHPRVPHQFLRQDUHQWUHORVPXFKRVRWURVTXHVRQSDUWHGHOFRQWH[WRHQHO
FXiOVHGHVDUUROODQORVFRQIOLFWRVVRQODVPDVLYDVPLJUDFLRQHVGHODSREODFLyQFDPSHVLQDHLQGtJHQDGHO
iUHDUXUDOKDFLDHOH[WHULRUGHOSDtVSULQFLSDOPHQWHOD5HS~EOLFD$UJHQWLQD\KDFLDODVJUDQGHVFLXGDGHVGHO
HMHFHQWUDOFRPSXHVWRSRU/D3D]&RFKDEDPED\6DQWD&UX]ODVPLVPDVTXHHQODDFWXDOLGDGFRQFHQWUDQ
HOGHODSREODFLyQEROLYLDQDPLHQWUDVTXHKDFHPHQRVGHDxRVODSREODFLyQUXUDOVXSHUDEDHO
GHOWRWDO

/R DQWHULRU VH H[SOLFD SRU OD H[WUHPDGD GHVLJXDOGDG HQ OD GLVWULEXFLyQ GH OD WLHUUD GH DFXHUGR D XQD
SXEOLFDFLyQ GHO ,/',6 $UULHWD   ODV XQLGDGHV DJURSHFXDULDV GH HFRQRPtD FDPSHVLQD FRQ
H[WHQVLRQHVGHKDVWDFLQFRKHFWiUHDVTXHUHSUHVHQWDQHOGHOWRWDOGHXQLGDGHVFRQWURODQVRODPHQWH
HOGHODVXSHUILFLHGHOSDtVHQFRQWUDVWHFRQODVXQLGDGHVDJURSHFXDULDVGHPiVGHKHFWiUHDV
TXHFRQFHQWUDQHOGHODWLHUUD\TXHVyORUHSUHVHQWDQHOGHOWRWDOGHODVXQLGDGHV(QWUHHVWRV
~OWLPRVORVODWLIXQGLVWDVGHPiVGHKHFWiUHDVVRQGXHxRVGHOGHOWHUULWRULRQDFLRQDO

3RURWUDSDUWHGHDFXHUGRDGHFODUDFLRQHVS~EOLFDVGHO6XSHULQWHQGHQWH$JUDULRHO GHODVWLHUUDV
GHO SDtV QR WLHQHQ XQD VLWXDFLyQ MXUtGLFD FODUD OR TXH REYLDPHQWH JHQHUD JUDYHV FRQIOLFWRV GH
VREUHSRVLFLyQGHSURSLHGDGHV\GHXVRVDORODUJRGHOWHUULWRULRQDFLRQDO

 3HULyGLFR/D5D]yQGHDJRVWRGH
 3HULyGLFR/D5D]yQGHDJRVWRGH
 3HULyGLFR3UHVHQFLDGHVHSWLHPEUHGH
 2VFDU5HD(PHUJHQFLDGHKXPDQLGDG3HULyGLFR3UHVHQFLDPDUWHVGHVHSWLHPEUHGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
(V GHFLU TXH GHVSXpV GH WUHV DxRV GH SURPXOJDGD OD /H\ GHO 6HUYLFLR 1DFLRQDO GH 5HIRUPD $JUDULD
,15$  ORV SURFHVRV GH VDQHDPLHQWR GH WLHUUDV HVWiQ HVWDQFDGRV \ HO SHRU FDVR GHOSDtV HV HO GHO
GHSDUWDPHQWRGH3DQGRGRQGHGHDFXHUGRDLQIRUPDFLyQREWHQLGDSRUHOSHULyGLFR3UHVHQFLDHOGH
ORVFDPSHVLQRVQRVRQSURSLHWDULRVOHJtWLPRVGHVXVWLHUUDV

(QHVWDVFLUFXQVWDQFLDVHVGLItFLOKDEODUGHSURWHFFLyQDPELHQWDO\PHQRVGHVRVWHQLELOLGDG$OUHVSHFWR
:HUQHU*5D]D  SODQWHDTXHH[LVWHXQDFODUDFRQWUDGLFFLyQHQWUHHOPRGHORHFRQyPLFRQHROLEHUDO
SUHYDOHFLHQWH\ODVSRVLELOLGDGHVSDUDHVWDEOHFHUUHJXODFLRQHVDPELHQWDOHVHIHFWLYDV\DTXHODV~OWLPDV
VRQ VyOR FRPSDWLEOHV FRQ ODV SROtWLFDV QDFLRQDOHV PLHQWUDV SURYHDQ FLHUWRV EHQHILFLRV H[WUD FRPR SRU
HMHPSORSUHVWLJLRLQWHUQDFLRQDORIOXMRVGHIRQGRVDGLFLRQDOHVSDUDHOSDtV

(VWHDXWRUFRQVLGHUDTXHORVOtPLWHVSDUDODLPSOHPHQWDFLyQGHXQFRQFHSWRGHVRVWHQLELOLGDGHQORVSDtVHV
GH OD SHULIHULD VRQ H[SOtFLWRV \ HVWiQ GDGRV SRU HO SUHGRPLQLR GHO QHROLEHUDOLVPR D HVFDOD QDFLRQDO H
LQWHUQDFLRQDO XQ (VWDGR SHULIpULFR FHQWUDOLVWD FRQ GHILFLHQFLDV FUyQLFDV HQ WpUPLQRV GH VX FDSDFLGDG GH
UHJXODUVXWHUULWRULR\FRQXQDIXHUWH GHSHQGHQFLDGHOILQDQFLDPLHQWRH[WHUQR\XQUpJLPHQGHDFXPXODFLyQ
TXHWUDGLFLRQDOPHQWHKDGHSHQGLGR\WRGDYtDGHSHQGHGHXQDH[SORWDFLyQQDWXUDOGHJUDQHVFDOD3RUOR
WDQWR VHxDOD TXH ODV SROtWLFDV DPELHQWDOHV VyOR SXHGHQ MXJDU XQ URO VHFXQGDULR \DTXH OD VRVWHQLELOLGDG
HFROyJLFDDVtFRPRODVUHJXODFLRQHVDPELHQWDOHVHVWiQVXERUGLQDGDVWDQWRSROtWLFDFRPRFRQFHSWXDOPHQWH
DXQGHVDUUROOREDVDGR\RULHQWDGRHQXQUpJLPHQGHDFXPXODFLyQYtDODLQWHQVLILFDFLyQGHODH[SORWDFLyQGH
ODEDVHGHORVUHFXUVRV QDWXUDOHVGHOSDtV

(MHPSORFODURGHORDQWHULRUHVHOKHFKRGHTXHOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR 20& REVHUYD


FRQEHQHSOiFLWRTXHORVUHJtPHQHVGHFRPHUFLRHLQYHUVLyQEROLYLDQRVVRQSUHGHFLEOHV\WUDQVSDUHQWHV\
GHVWDFDORVEDMRV\XQLIRUPHVQLYHOHVDUDQFHODULRV\ODLQH[LVWHQFLDGHPHGLGDVGHSURWHFFLyQDOFRPHUFLR
H[WHULRU /R TXH HV XQ YHUGDGHUR FRQWUDVWH FRQ ODV  UHJXODFLRQHV QR DUDQFHODULDV TXH (VWDGRV
8QLGRVWLHQHSDUDODVLPSRUWDFLRQHVDVtFRPR ORVDOWtVLPRVSRUFHQWDMHVGHVXEYHQFLyQDODDJULFXOWXUD
TXH WDQWR HQ HVWH SDtV FRPR HQ ORV SDtVHV HXURSHRV HVWiQ HQWUH HO  \ HO  GHO YDORU WRWDO GH OD
SURGXFFLyQ 8JDUWHFKH 

(Q RWUDV SDODEUDV HO OLEHUDOLVPR FX\DV QRUPDV SDUD HO FRPHUFLR LQWHUQDFLRQDO VRQ VyOR LQHOXGLEOHV SDUD
SDtVHV SHULIpULFRV SURYRFD TXH OD UHODFLyQ GH PHUFDGR VH DVLHQWH VREUH QXHVWUDV ~QLFDV YHQWDMDV
FRPSDUDWLYDVODPDQRGHREUDVXEYDORUDGD\ODH[SORWDFLyQLQWHQVLYDGHUHFXUVRVQDWXUDOHV(VWHSURFHVR
GH H[SORWDFLyQ TXH VH GHVDUUROOD HQ PDQRV GH FDSLWDOHV SULYDGRV HQWUH ORV FXDOHV OD LQYHUVLyQ GLUHFWD
H[WUDQMHUDHVFRQVLGHUDGDHOSULQFLSDODJHQWHGHLQYHUVLyQ 6HRDQH GHMDDVXSDVRXQVLQOtPLWHVGH
FRQIOLFWRVVRFLRHFRQyPLFRV\DPELHQWDOHVTXHHQVXJUDQSDUWHUHFDHQVREUHORVPiVYXOQHUDEOHV

(QHVWHVHQWLGRODJOREDOL]DFLyQTXHKDVLGRGHILQLGDFRPRHOFUHFLPLHQWRGHODDFWLYLGDGHFRQyPLFDTXH
WUDVFLHQGHFRQFDGDYH]PD\RUIXHU]DODVIURQWHUDVQDFLRQDOHV\UHJLRQDOHV\TXHYDGHODPDQRGHOD
OLEHUWDGGHORVPRYLPLHQWRVLQWHUQDFLRQDOHVGH FDSLWDOKDOOHJDGRDWDOQLYHOGHFRQFHQWUDFLyQTXHHQOD
DFWXDOLGDG DOUHGHGRU GH  HPSUHVDV PDQHMDQ HO  GHO FRPHUFLR PXQGLDO OR TXH LPSOLFD XQD
VLJQLILFDWLYDSpUGLGDGHDXWRQRPtDSDUDGHILQLUSROtWLFDVHFRQyPLFDV

 3HULyGLFR/D5D]yQ/D3D] GHDJRVWRGH
 2VFDU8JDUWHFKH6HPLQDULR%ROLYLDKDFLDHO6LJOR;;,&,'($&15&('/$&(%318'

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(QHVWHFRQWH[WR\DQWHHVWDVLWXDFLyQORVHFRORJLVWDVFXHVWLRQDQPiVDOOiGHOOLEHUDOLVPRHOPRGHORGH
DFXPXODFLyQ TXH OR XWLOL]D SDUD VXV ILQHV \ SODQWHD TXH OD KXPDQLGDG SDUD FRQWLQXDU VX HYROXFLyQ
SUHFLVDUHYHUWLUOR$OUHVSHFWRVXSURSXHVWDFHQWUDOHVTXHODGHFLVLyQVREUHHO XVRGHORVUHFXUVRV\HO
GHVWLQR GH VXV EHQHILFLRV HVWp HQ PDQRV GH ODV SREODFLRQHV ORFDOHV DVSHFWR TXH ORVLGHQWLILFD FRQ OD
SURSXHVWD GHO GHVDUUROOR VRVWHQLEOH HQ OD PHGLGD HQ pVWD SURSRQH SHQVDU JOREDOPHQWH \ DFWXDU
ORFDOPHQWH SDUD DOFDQ]DU XQ PRGHOR GH GHVDUUROOR TXH FRQWHPSOH OD HTXLGDG HQWUH JHQHUDFLRQHV
SUHVHQWHV\IXWXUDV

(QHVWHVHQWLGRODH[LVWHQFLDGHHQIUHQWDPLHQWRVHQWUHDFWRUHVVRFLDOHVSRUHODFFHVRDORVUHFXUVRVQDWXUDOHV
\ODFDOLGDGGHYLGDH[SUHVDFRQIOLFWRVGHLQWHUHVHVTXHFRQODD\XGDGHODPHWRGRORJtDGHJHVWLyQFRPXQLWDULD
GH FRQIOLFWRV SXHGHQ FRQYHUWLUVH HQ DFFLRQHV TXH FRQTXLVWHQ HO GHUHFKR GH ODV SREODFLRQHV ORFDOHV HQ OD
GHILQLFLyQGHOXVR\GHVWLQRGHORVEHQHILFLRVGHVXVUHFXUVRVQDWXUDOHV\VXDPELHQWH

6LELHQHVWDHVVyORXQDHVWUDWHJLDPiVHQODE~VTXHGDGHVROXFLRQHVDODVOLPLWDQWHVTXHQRVLPSRQHHO
PRGHOR VX DSOLFDFLyQ SXHGH VHU HO KLOR FRQGXFWRU KDFLD OD FRQVHFXFLyQ GH UHVSXHVWDV FRQFUHWDV \ PiV
JHQHUDOHVFRPRHVSRUHMHPSORDOFDQ]DUODDXWRVXILFLHQFLDDOLPHQWDULD\IRUWDOHFHUODVDOLDQ]DVUHJLRQDOHV
SDUDSRGHUHMHUFHUSUHVLyQVREUHHOQLYHOGHORVWpUPLQRVGHLQWHUFDPELR\HOWUDWDPLHQWRTXHWHQGUiQXHVWUD
GHXGDH[WHUQD(VWR~OWLPRGHEHUtDFRQWDUFRQHOVHJXLPLHQWRGHODVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLO
ODWLQRDPHULFDQDGHRWUDPDQHUDSULPDUtDQORVLQWHUHVHVGHDTXHOORVTXHXVXIUXFW~DQGHODGHSHQGHQFLDHQ
ODTXHYLYHQQXHVWURVSDtVHV

-HQQ\*UXHQEHUJHU
6RFLyORJDFRQHVWXGLRVGH0DHVWUtDHQ5HODFLRQHV
(FRQyPLFDV,QWHUQDFLRQDOHVH,QWHJUDFLyQ

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
&RQWH[WROHJDO\FRQIOLFWRVDPELHQWDOHV

/HJLVODFLyQSURSLDPHQWHDPELHQWDO

/D OHJLVODFLyQ SURSLDPHQWHDPELHQWDO HVWi FRPSXHVWD HQ %ROLYLD SRU OD /H\ GHO0HGLR$PELHQWH\ VXV
5HJODPHQWRVHQYLUWXGGHTXHUHVSRQGHQDODPRGHUQDFRQFHSFLyQDPELHQWDOFRQXQDYLVLyQVLVWpPLFD
\ WUDQVGLVFLSOLQDULD 1R REVWDQWH GH TXH OD OHJLVODFLyQ PHQFLRQDGD HV UHFLHQWH SRFR DSOLFDGD \
HVFDVDPHQWH GLIXQGLGD HV HO LQVWUXPHQWRMXUtGLFR IXQGDPHQWDO SDUD SURWHJHU HO HQWRUQR\ ORVUHFXUVRV
QDWXUDOHV GHO SDtV IXQGDPHQWDOPHQWH FRQWUD ORV LQWHUHVHV VHFWRULDOHV TXH VXHOHQ LJQRUDU ORV DVSHFWRV
DPELHQWDOHVHQHOGHVDUUROORGHVXVSURFHVRVSURGXFWLYRV

/D /H\ GHO 0HGLR $PELHQWH DSUREDGD HQ DEULO GH  WLHQH SRU REMHWR FUHDU HO PDUFR OHJDO SDUDOD
SURWHFFLyQ \ FRQVHUYDFLyQ GHO PHGLR DPELHQWH \ ORV UHFXUVRV QDWXUDOHV UHJXODQGR ODV DFFLRQHV GHO
KRPEUHFRQUHODFLyQDODQDWXUDOH]D\SURPRYLHQGRHOGHVDUUROORVRVWHQLEOHFRQODILQDOLGDGGHPHMRUDUOD
FDOLGDGGHYLGDGH ODSREODFLyQ (VWD/H\ IXHSURGXFWRGH XQRGH ORV SURFHVRVPiV SDUWLFLSDWLYRVTXH
YLYLyHOSDtVHQYLUWXGDTXHVXGLVFXVLyQLQYROXFUyDGHFHQDVGHDPELHQWDOLVWDVWpFQLFRVDFDGpPLFRV\
DXWRULGDGHVGHWRGRVORVGHSDUWDPHQWRVGH%ROLYLD

'HDFXHUGRDGLFKD/H\DUWtFXORWRODSROtWLFDQDFLRQDODPELHQWDOGHEHFRQWULEXLUDPHMRUDUODFDOLGDGGH
YLGDGHORVEROLYLDQRV D SDUWLUGHODGHILQLFLyQGH DFFLRQHV JXEHUQDPHQWDOHVTXHJDUDQWLFHQ ODFDOLGDG
DPELHQWDOXUEDQD\UXUDOODSURPRFLyQGHOGHVDUUROORVRVWHQLEOHFRQHTXLGDG\MXVWLFLDVRFLDOWRPDQGRHQ
FXHQWDODGLYHUVLGDG FXOWXUDOGHOSDtVDVtFRPRODFRQVHUYDFLyQGHODGLYHUVLGDGELROyJLFDODRSWLPL]DFLyQ
\ UDFLRQDOL]DFLyQGH ORVUHFXUVRVQDWXUDOHVUHQRYDEOHVJDUDQWL]DQGRVXGLVSRQLELOLGDGDODUJRSOD]R OD
LQFRUSRUDFLyQGHODGLPHQVLyQDPELHQWDOHQORVSURFHVRVGHGHVDUUROORDVtFRPRHQORVGHHGXFDFLyQHO
IRPHQWRDODLQYHVWLJDFLyQFLHQWtILFD\WHFQROyJLFDHORUGHQDPLHQWRWHUULWRULDOODFUHDFLyQ\IRUWDOHFLPLHQWR
GHORVPHGLRVLQVWUXPHQWRV\PHWRGRORJtDVSDUDODHODERUDFLyQGHSODQHV\HVWUDWHJLDVDPELHQWDOHVGHO
SDtVSULRUL]DQGRODHODERUDFLyQ\PDQWHQLPLHQWRGHODVFXHQWDVSDWULPRQLDOHV\ODFRPSDWLELOL]DFLyQGH
ODVSROtWLFDVQDFLRQDOHVFRQODVWHQGHQFLDVDPELHQWDOHVLQWHUQDFLRQDOHV /H\GHO0HGLR$PELHQWH 

&RQ HVWD ILQDOLGDG OD /H\ FUHy XQ PDUFR LQVWLWXFLRQDO SDUD HO WUDWDPLHQWR \ DGPLQLVWUDFLyQ HVWDWDO VLQ
HPEDUJRHQODDFWXDOLGDGpVWHVHKDOODGHVDFWXDOL]DGRGHELGRDORVVXFHVLYRVFDPELRVHQODHVWUXFWXUD
GHO 3RGHU (MHFXWLYR (VWD VLWXDFLyQ HQWUDxD XQ FRQIOLFWR SRWHQFLDO \D TXH OD QHFHVDULD DGHFXDFLyQ GH
HVWD/H\DODQXHYDHVWUXFWXUDGHO(MHFXWLYRSXHGHGDUStHDXQDUHYLVLyQTXHSHUPLWDPRGLILFDUODDIDYRU
GHLQWHUHVHVVHFWRULDOHVSULQFLSDOPHQWHPLQHURV\SHWUROHURV

&RQHOREMHWLYRGHDSOLFDUOD/H\GHO0HGLR$PELHQWHVHSURPXOJyHO'HFUHWR6XSUHPR TXH
SXVRHQYLJHQFLDORV5HJODPHQWRVGHOD/H\GHO0HGLR$PELHQWHORVPLVPRVTXHHVWiQFRPSXHVWRVSRU
ORV 5HJODPHQWRV *HQHUDOHV GH *HVWLyQ $PELHQWDO 3UHYHQFLyQ \ &RQWURO $PELHQWDO &RQWDPLQDFLyQ
$WPRVIpULFDGH&RQWDPLQDFLyQ+tGULFD$FWLYLGDGHVFRQ6XVWDQFLDV3HOLJURVDV\*HVWLyQGH5HVLGXRV
6yOLGRV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
/HJLVODFLyQVHFWRULDO

/D OHJLVODFLyQ VHFWRULDO GH UHOHYDQFLD DPELHQWDO SURWHJH DOJXQRV HOHPHQWRV DPELHQWDOHV GH ODV
DFWLYLGDGHVVHFWRULDOHV

(QFXDQWRDORVSURFHVRVGHUHGDFFLyQ\DSUREDFLyQGHOH\HVVHFWRULDOHVOLJDGDVDOPDQHMRGHUHFXUVRV
QDWXUDOHV&DUORV3HOiH] VHxDODTXHSDUDODDSUREDFLyQGHOD/H\)RUHVWDO  LQVWLWXFLRQHVGHOD
VRFLHGDG FLYLO \ SULQFLSDOPHQWH OD /LJD GH 'HIHQVD GHO 0HGLR $PELHQWH /,'(0$  OD $VRFLDFLyQ 3UR
'HIHQVDGHOD1DWXUDOH]D 352'(1$ \HO)2%20$'(MXJDURQXQSDSHOIXQGDPHQWDOSDUDLPSHGLUTXH
ORVERVTXHVVHDQSULYDWL]DGRV6LQHPEDUJRHVWHQRIXHHOFDVRHQODUHJODPHQWDFLyQGHOD/H\)RUHVWDO
'6   TXH IXH DSUREDGD VLQ HO FRQRFLPLHQWR QL OD SDUWLFLSDFLyQ GH OD VRFLHGDG FLYLO 3RU RWUD
SDUWHVHxDODTXHHQODJHVWLyQGHJRELHUQRGHDGHEtDQVHUDSUREDGRVHOSUR\HFWRGH/H\GH
&RQVHUYDFLyQGHOD'LYHUVLGDG%LROyJLFD\OD/H\GH$JXDVHQFDPELRIXHURQSURPXOJDGDVRWUDVOH\HV
FRQ DOWR LPSDFWR DPELHQWDO FRPR OD /H\ GH +LGURFDUEXURV   HO &yGLJR 0LQHUR   TXH
FRQWLHQHQ DVSHFWRV GLULJLGRV D HYDGLU ODV UHJXODFLRQHV DPELHQWDOHV FRQWHPSODGDV HQ OD /H\ GHO 0HGLR
$PELHQWH \ VXV UHJODPHQWRV +DFLHQGR UHIHUHQFLD D OD /H\ GH &RQVHUYDFLyQ GH OD %LRGLYHUVLGDG
PHQFLRQDTXHVXGLVFXVLyQIXHUHWRPDGDHQSHURTXHDODIHFKDH[LVWHQGRVYHUVLRQHVSURSXHVWDV
SRUHOPLVPRSDUWLGRGHJRELHUQRXQDSURYHQLHQWHGHO(MHFXWLYR\RWUDGHO/HJLVODWLYRTXHKDQVHPEUDGR
GHVFRQFLHUWR \ KDQ UHWUDVDGR FRQVLGHUDEOHPHQWH VX DQiOLVLV \ DSUREDFLyQ &RQ UHODFLyQ D OD /H\ GH
$JXDVHVWiHQYLJHQFLDXQ'HFUHWR6XSUHPRGHOVLJORSDVDGRTXHHQIXHHOHYDGRDUDQJRGH/H\
SRUORTXHHVLQGLVSHQVDEOHVXDFWXDOL]DFLyQSHURODPHQWDEOHPHQWHHOQXHYRSUR\HFWRGH/H\HVWiHQOD
WULJpVLPDSULPHUDYHUVLyQODPLVPDTXHVLJXHHQUHYLVLyQ

(VWD VLWXDFLyQ UHIOHMD DGHPiVGH ODLQFRKHUHQFLD HQ FXDQWR D ODV SROtWLFDV GH GHVDUUROORVRVWHQLEOH OD
IDOWD GH YROXQWDG GH ORV JREHUQDQWHV SDUD GRWDU DO SDtV GH XQD OHJLVODFLyQ DPELHQWDO DFRUGH FRQ ORV
GHVDItRV GHO QXHYR PRGHOR GH GHVDUUROOR SURSXHVWR D HVFDOD JOREDO \ DVXPLGR SRU QXHVWURV SDtVHV
7DPELpQHYLGHQFLDODSUHVLyQ TXHHMHUFHQORVVHFWRUHVGHSRGHUTXHVHKDQPRYLOL]DGRSDUDHYDGLUOD
OHJLVODFLyQ DPELHQWDODWUDYpVGHQXHYDVQRUPDVMXUtGLFDVTXHLPSLGHQVXDSOLFDFLyQ

8Q HMHPSOR FODUR GH OR DQWHULRU HV HO UHIHULGR D ORV SURFHGLPLHQWRV SDUD OD REWHQFLyQ GH OD OLFHQFLD
DPELHQWDO5HVSHFWRDHVWHWHPD0DULDQHOOD+LGDOJR SODQWHDTXHVLELHQOD/H\GHO0HGLR$PELHQWH\
VX FXHUSR UHJODPHQWDULR FRQFLEHQ FRPR WHPDV WUDQVYHUVDOHV ODV OLFHQFLDV DPELHQWDOHV ODV QRUPDV
VHFWRULDOHV FRPR HO 5HJODPHQWR $PELHQWDO GHO &yGLJR GH 0LQHUtD '6   GHMDQ GH ODGR OD
WUDQVYHUVDOLGDGDOHVWDEOHFHUSURFHGLPLHQWRVHLQVWUXPHQWRVWpFQLFRVGLIHUHQWHVTXHOOHYDQDFRQIOLFWRV
GHDSOLFDELOLGDG\FRDG\XYDQDODLQHILFLHQFLDGHODJHVWLyQ(QHVWHVHQWLGROD'UD+LGDOJRRSLQDTXH
SDUD TXH OD QRUPDWLYD DPELHQWDO SXHGD VHU FRQVLGHUDGD XQD IRUWDOH]D GHEH DWUDYHVDU XQ SURFHVR GH
UHYLVLyQ\FRPSDWLELOL]DFLyQGHpVWDVQRUPDV2WUDGHODVGHELOLGDGHVTXHLGHQWLILFDOD'UD+LGDOJRHQOD
QRUPDWLYD DPELHQWDO HV OD IDOWD GH PHFDQLVPRV FODURV GH SDUWLFLSDFLyQ GH OD VRFLHGDG FLYLO 7DPELpQ
VHxDOD TXH HO SULQFLSLR GHO ³6LOHQFLR $GPLQLVWUDWLYR´ FRQWHPSODGR HQ ORV 5HJODPHQWRV GH OD /H\ GHO
0HGLR$PELHQWH\TXHVHDSOLFDGHVGHORVSULPHURVSDVRVGHOSURFHVRSDUDODDSUREDFLyQGHO0DQLILHVWR
$PELHQWDOHVPX\SUHRFXSDQWHSXHVWRTXHHQODSUiFWLFDVHKDREVHUYDGRXQDVHULHGHRPLVLRQHVHQOD
LQIRUPDFLyQSURSRUFLRQDGDHLQFOXVRGHILFLHQFLDVHQGLYHUVRVGRFXPHQWRVWpFQLFRVORVFXDOHVVLQRVRQ

 (QWUHYLVWDUHDOL]DGDD&DUORV3HOiH]HVSHFLDOLVWDHQGHUHFKRDPELHQWDOHOGHVHSWLHPEUHGH
 (QWUHYLVWDUHDOL]DGDDOD'UD0DULDQHOOD+LGDOJRHVSHFLDOLVWDHQGHUHFKRDPELHQWDOHOGHVHSWLHPEUHGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
UHYLVDGRVGHQWURGHOSOD]RILMDGRSRU/H\JUDFLDVDOVLOHQFLRDGPLQLVWUDWLYRVHUiQODEDVHGHOD/LFHQFLD
$PELHQWDOFRQODVFRQVHFXHQFLDVGHVIDYRUDEOHVSDUDODJHVWLyQDPELHQWDO

(QWUHPXFKDVRWUDVGHILFLHQFLDVGHVGHODSHUVSHFWLYDDPELHQWDOOD'UD+LGDOJRVHxDODTXH (O&yGLJR
0LQHUR QR WLSLILFD QLQJ~Q GHOLWR HPHUJHQWH GH ODV DFWLYLGDGHV PLQHUDV QL WDPSRFR HVWDEOHFH LQIUDFFLyQ
DOJXQDSDVLEOHDVDQFLRQHVSHURVHFRQYLHUWHHQHOLQVWUXPHQWRSDUDGHWHUPLQDUHOSOD]RGHSUHVFULSFLyQ
GHODVDFFLRQHVRULJLQDGDVHQDFWLYLGDGHVPLQHUDVUHGXFLHQGRWRGRVHVWRVDWUHVDxRVHLQFXUULHQGRGH
HVWDPDQHUDHQHUURUGHGHUHFKRIUHQWHDO&yGLJR3HQDOTXH HVWDEOHFHDxRVSDUDODSUHVFULSFLyQGH
GHOLWRVSHQDOHV3RURWUDSDUWHUHPDUFDTXHHO5HJODPHQWRGHO&yGLJR0LQHURVHxDODTXHODVDFWLYLGDGHV
GH H[SORUDFLyQ JHRItVLFD SHUIRUDFLyQ \ VRQGHR H[SORUDFLyQ SRU SR]RV FXDGURV SLTXHV \ WULQFKHUDV \
RWURVPpWRGRVGHH[SORUDFLyQTXHQRSURGX]FDQGHVPRQWHVDVtFRPRODVDFWLYLGDGHVPLQHUDVPHQRUHV
FRQ LPSDFWRV DPELHQWDOHV FRQRFLGRV QR VLJQLILFDWLYRV QR UHTXLHUHQ GH OD SUHVHQWDFLyQ GH (VWXGLR GH
(YDOXDFLyQGH,PSDFWR$PELHQWDOQLGH0DQLILHVWR$PELHQWDO'HHVWDPDQHUDVHFRQFOX\HTXHWDQWRHO
&yGLJRFRPRVXUHJODPHQWRQRVHOLPLWDQDGHWHUPLQDUODVQRUPDVWpFQLFDVHVSHFtILFDVGHODDFWLYLGDG
PLQHUDSDUDPLQLPL]DUORVLPSDFWRVDPELHQWDOHVTXHHPDQDQGHpVWDVLQRTXHYDPiVDOOi\DPSOtDOD
OLVWDGHDFWLYLGDGHV PLQHUDVTXHQRUHTXLHUHQFXPSOLUFRQODQRUPDWLYDDPELHQWDO

(QFXDQWRDOD/H\GH+LGURFDUEXURVVXDSOLFDFLyQUHIOHMDQXHYDPHQWHFyPRORVLQWHUHVHVVHFWRULDOHVVH
VREUHSRQHQDORVDPELHQWDOHVOD,QJ3DWULFLD0ROLQDGHVWDFDORVLJXLHQWH(OWUDEDMRGHO)2%20$'(KD
SHUPLWLGRLGHQWLILFDUTXHHO%DQFR0XQGLDOILQDQFLyODVUHIRUPDVGHDMXVWHHVWUXFWXUDO\ODHODERUDFLyQGH
OH\HVQHFHVDULDVSDUDDSOLFDUVXVSROtWLFDVGHDSHUWXUDGHPHUFDGRV\DWUDFFLyQGHLQYHUVLRQHV(QHVWH
PDUFRIXHSURPXOJDGDOD/H\GH +LGURFDUEXURVFRPRFRQGLFLyQSUHYLDSDUDHOSURFHVRGHFDSLWDOL]DFLyQ
(O 5HJODPHQWR $PELHQWDO SDUD HO 6HFWRU GH +LGURFDUEXURV '6   UHGXFH ORV WLHPSRV GH
DSUREDFLyQGHORVHVWXGLRVGHLPSDFWRDPELHQWDOFRQUHODFLyQDO5HJODPHQWRGH3UHYHQFLyQ\&RQWUROGH
OD/H\GHO0HGLR$PELHQWHHQXQDIiQSRUKDFHUPiVDWUDFWLYDVODVDFWLYLGDGHVSHWUROHUDVHQ%ROLYLD&RQ
HOOR VH UHGXFHQ ODV SRVLELOLGDGHV GH REVHUYDU ORV SUR\HFWRV GH UHDOL]DU FRQVXOWDV HIHFWLYDV \ GH
HVWDEOHFHUODVEDVHVSDUDHOVHJXLPLHQWR\PRQLWRUHR1RVDWLVIHFKRVFRQHVWRVFRUWRVSOD]RVOD2ILFLQD
6HFWRULDOHOHYyDO0LQLVWHULRGH'HVDUUROOR(FRQyPLFRXQSUR\HFWRGHPRGLILFDFLRQHVDHVWHUHJODPHQWRHQ
HOTXHVHUHGXFHQD~QPiVHVWRVSOD]RV\VHUHVWDFRPSHWHQFLDVDO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOHD
IDYRU GH OD 8QLGDG $PELHQWDO GHO 9LFHPLQLVWHULR GH +LGURFDUEXURV HVWDEOHFLHQGR DGHPiV XQD UHODFLyQ
GLUHFWD FRQ ODV HPSUHVDV 'H KHFKR HVWD SURSXHVWD GH UHJODPHQWR HVWi SUy[LPD D VHU SURPXOJDGD
PLHQWUDV TXH HO SUR\HFWR GH 5HJODPHQWR GH ([SORWDFLRQHV 3HWUROHUDV HQ 7HUULWRULRV ,QGtJHQDV \ $UHDV
3URWHJLGDVOOHYD\DFDVLWUHVDxRVHQSUHSDUDFLyQ\QRKD VLGRSURPXOJDGRKDVWDODIHFKD

/DVXSHUSRVLFLyQGHGHUHFKRV\ODOHJLVODFLyQVREUHUHFXUVRVQDWXUDOHVUHQRYDEOHV

$ SHVDU GH TXH WDQWR OD /H\ )RUHVWDO FRPR OD /H\ GHO6HUYLFLR 1DFLRQDOGH 5HIRUPD $JUDULD OODPDGD
WDPELpQ /H\ ,15$   HVWDEOHFHQ GLYHUVRV PHFDQLVPRV SDUD GHILQLU HO XVR \ SURSLHGDG GH ODV
WLHUUDVXQRGHORVSULQFLSDOHVSUREOHPDVTXHJHQHUDOPHQWHGHULYDHQFRQIOLFWRVSDUDHODSURYHFKDPLHQWR
VRVWHQLEOH\ODSURWHFFLyQGHORVUHFXUVRVQDWXUDOHVHVODVXSHUSRVLFLyQGHGHUHFKRVVHDQOHJDOPHQWH
RWRUJDGRV HVGHFLUFXPSOLHQGRFRQODVIRUPDOLGDGHVMXUtGLFDVGHOGHUHFKRSRVLWLYR RGHUHFKRVTXHQR
QHFHVDULDPHQWH FXHQWDQ FRQ UHFRQRFLPLHQWR MXUtGLFR H[SUHVR FRPR HV HO FDVR GH ODV WLHUUDV GH ORV
SXHEORV LQGtJHQDV TXH QR WLHQHQ WtWXORV GH SURSLHGDG  $O UHVSHFWR DPEDV OH\HV PHQFLRQDGDV

 (QWUHYLVWDUHDOL]DGDDOD,QJ3DWULFLD0ROLQD&RRUGLQDGRUD1DFLRQDOGHO)2%20$'(
 8QDPRGDOLGDGGHSULYDWL]DFLyQ

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
FRQVLGHUDQ HO UHVJXDUGR GH ODV iUHDV SURWHJLGDV OD GRWDFLyQ R DGMXGLFDFLyQ GH WLHUUDV SDUD XVRV
DJURSHFXDULRVDSDUWLUGHODFDSDFLGDGGHXVRPD\RUGHODWLHUUDIDFLOLGDGHVSDUDTXHHOSURSLHWDULRGH
WLHUUDVDJURSHFXDULDVSXHGDXVDUVXVWLHUUDVSDUDILQHVIRUHVWDOHV\HVWDEOHFHQWDPELpQODSURKLELFLyQGH
XVDU WLHUUDV IRUHVWDOHV SDUD ILQHVDJURSHFXDULRV GHELHQGR XWLOL]DUVH REOLJDWRULDPHQWH GH DFXHUGR D VX
FDSDFLGDGGHXVRPD\RU

2WUD GLVSRVLFLyQ H[SUHVD UHIHULGD D OD VXSHUSRVLFLyQ HV DTXHOOD TXH HVWDEOHFH TXH HQ ODV WLHUUDV GH
DSWLWXGGHXVRDJUtFRODRJDQDGHUDHQODVGHSURWHFFLyQRSURGXFFLyQIRUHVWDO\HQODVFRPXQLWDULDVGH
RULJHQHQODVTXHH[LVWLHUDVXSHUSRVLFLyQRFRQIOLFWRVGHGHUHFKRSUHYDOHFHUiHOGHUHFKRGHSURSLHGDG
DJUtFROD JDQDGHUDRGHODFRPXQLGDGFDPSHVLQDSXHEORR FRPXQLGDGLQGtJHQDXRULJLQDULDVREUHODV
FRQFHVLRQHV FRQWUDWRV R DXWRUL]DFLRQHV GH DSURYHFKDPLHQWR IRUHVWDO (Q ODV WLHUUDV GH SURWHFFLyQ R
SURGXFFLyQIRUHVWDOHOEHQHILFLDULRGHEHUiFXPSOLUFRQODVUHJXODFLRQHVFRQUHVSHFWRDOXVRPD\RUGHOD
WLHUUDHVWDEOHFLGDVHQQRUPDVHVSHFLDOHV

(Q HVWH VHQWLGR VH REVHUYD TXH ORV FRQIOLFWRV H[LVWHQWHV VRQ HQ VX PD\RUtD SRU OD SRFD R QLQJXQD
FRRUGLQDFLyQ HQWUH ODV LQVWDQFLDV FRPSHWHQWHV WDQWR VREUH iUHDV SURWHJLGDV \ YLGD VLOYHVWUH FRPR ODV
LQVWDQFLDV TXH RWRUJDQ GHUHFKRV IRUHVWDOHV \ DJURSHFXDULRV OR TXH GD OXJDU D VXSHUSRVLFLRQHV
SULQFLSDOPHQWHSRUORVSUREOHPDVDUUDVWUDGRVGHORVVLVWHPDVDQWHULRUHVGHGRWDFLRQHV\FRQFHVLRQHVD
WUDYpV GHO &RQVHMR 1DFLRQDO GH 5HIRUPD $JUDULD &HQWUR GH 'HVDUUROOR )RUHVWDO H ,QVWLWXWR GH
&RORQL]DFLyQ

8VRVRVWHQLEOHGHODWLHUUD

8QDVSHFWRLQWHUHVDQWHGHOD/H\,15$HVTXHLQFRUSRUDHOFULWHULRGHOXVRVRVWHQLEOHGHODWLHUUDHQODV
DFWLYLGDGHVDJURSHFXDULDVIRUHVWDOHVXRWUDVGHFDUiFWHUSURGXFWLYR\DPSOtDHOFRQFHSWRGHODIXQFLyQ
HFRQyPLFRVRFLDO DJUDULD HVWDEOHFLGD HQ OD &RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR GH PRGR TXH LQFRUSRUDOD
FRQVHUYDFLyQ HQWLpQGDVHXVRVRVWHQLEOH\SURWHFFLyQ GHODELRGLYHUVLGDG\HOHFRWXULVPR6LQHPEDUJR
SDUHFLHUD QR H[LVWLU FODULGDG HQ TXH HVWDV DFWLYLGDGHV WDPELpQ SXHGHQ VHU SURGXFWLYDV H LQWHUHVDQWHV
HFRQyPLFDPHQWH \D TXH OD UHGDFFLyQ GH VX DUWtFXOR  VHSDUD ODV DFWLYLGDGHV SURGXFWLYDV GH ODV GH
FRQVHUYDFLyQ

/DDSWLWXGGHORVVXHORVOD/H\,15$\OD/H\)RUHVWDO

7DPELpQFDEHFRQVLGHUDUHOWHPDGHODDSWLWXGGHXVRGHODVWLHUUDV/DLQWHQFLyQFRQODTXHVHLQFRUSRUy
HOFRQFHSWRGHODFDSDFLGDGGHXVRPD\RUGHODWLHUUDWDQWRHQOD/H\)RUHVWDOFRPRHQOD/H\,15$IXH
EXHQD \D TXH VH FRQVLGHUDED LPSRUWDQWH TXH ORV HFRVLVWHPDV VHDQ DSURYHFKDGRV GH DFXHUGR D VX
DSWLWXGVHDDJUtFRODIRUHVWDOJDQDGHUDRFRQVLGHUDQGRVXDOWDELRGLYHUVLGDG

1RREVWDQWHVHXVyHUUyQHDPHQWHHOFRQFHSWRGH³FDSDFLGDGGHXVRPD\RUGHODWLHUUD´\DTXHHVWHHV
XQPpWRGRPiVSDUDGHWHUPLQDUODDSWLWXGGHORVVXHORVDVtFRPRHOPpWRGR)$2\RWURV6HJ~QH[SHUWRV
HQODPDWHULDQRQHFHVDULDPHQWHHOPpWRGRGHFDSDFLGDGGHXVRPD\RUGHODWLHUUDHVHOPHMRUSRUOD
ULJLGH]GHOPLVPR\HQYLUWXGGHTXHIXHFRQFHELGRVREUHODEDVHGHXQDUHDOLGDGHFRVLVWpPLFDGLIHUHQWHD
ODGH%ROLYLD'HKHFKRWDPELpQ GHEHFRQVLGHUDUVHTXHHVWRVPpWRGRVVRQHODERUDGRVSDUDGHWHUPLQDU
ODDSWLWXGGHORVVXHORVFRQVLGHUDQGRSULQFLSDOPHQWHORVILQHVDJUtFRODVORTXHGDOXJDUDIDYRUHFHUHOXVR

 'LVSRVLFLyQILQDO6HJXQGD,/H\,15$

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
DJURSHFXDULRSRUTXHVLXQiUHDERVFRVDFRQULTXH]DHQELRGLYHUVLGDGHVDSWDSDUDXVRVDJURSHFXDULRV
ORPiVSUREDEOHHVTXHVHDGHIRUHVWDGDSDUDHVRVILQHVHQGHVPHGURGHOERVTXH\SULQFLSDOPHQWHGHOD
ELRGLYHUVLGDG 'H WRGDV IRUPDV ODVOH\HVGH QLQJXQDPDQHUD GHEHQ GHWHUPLQDU HOPpWRGR HVSHFtILFR D
XVDUVH

/D/H\,15$\ODELRGLYHUVLGDG

/D /H\ ,15$ IDFXOWD D OD 6XSHULQWHQGHQFLD $JUDULD D RWRUJDU FRQFHVLRQHV GH WLHUUDV ILVFDOHV SDUD OD
FRQVHUYDFLyQ \ SURWHFFLyQ GH OD ELRGLYHUVLGDG LQYHVWLJDFLyQ \ HFRWXULVPR GLVSRVLFLyQ TXH GLR OXJDU DO
'HFUHWR6XSUHPR1RGHOGH MXOLR GHTXHVXSHUSRQHDWULEXFLRQHVGHOD6XSHULQWHQGHQFLD
$JUDULDFRQODHQWLGDGTXHUHJtDODViUHDVSURWHJLGDV DQWHULRUPHQWH'LUHFFLyQ1DFLRQDOGH&RQVHUYDFLyQ
GHOD%LRGLYHUVLGDG DFWXDOPHQWHHO6HUYLFLR1DFLRQDOGH$UHDV3URWHJLGDV

(O'HFUHWR6XSUHPRTXHSUiFWLFDPHQWHHVUHJODPHQWDULRGHOD/H\,15$UHJXODPX\OLJHUDPHQWH
ODFRQFHVLyQ GH iUHDVGH ELRGLYHUVLGDG IDFXOWiQGRVHODLQYHVWLJDFLyQFLHQWtILFDHQ iUHDVSURWHJLGDV HQ
WLHUUDV LQPRYLOL]DGDV R HQ WLHUUDV FODVLILFDGDV FRPR LPSURSLDV SDUD DFWLYLGDGHV GH H[SORWDFLyQ IRUHVWDO
DJUtFROD R SHFXDULD H[LVWLHQGR HO ULHVJR GH TXH D WtWXOR GH LQYHVWLJDFLyQ FLHQWtILFD VH UHDOLFH
ELRSURVSHFFLyQ LQFOXVLYH D WtWXOR JUDWXLWR VLQ FRQVLGHUDU TXH HVR GDUi OXJDU D HYDGLU OD OHJLVODFLyQ
LQWHUQDFLRQDO HVSHFLDO VREUH UHFXUVRV JHQpWLFRV TXH D SDUWLU GH OD VXVFULSFLyQ GH OD 'HFLVLyQ  GHO
$FXHUGR GH &DUWDJHQD HV /H\ GH OD 5HS~EOLFD 'HEH FRQVLGHUDUVH TXH OD ELRGLYHUVLGDG \ ORV UHFXUVRV
JHQpWLFRV VRQ UHFXUVRV GH LPSRUWDQFLD HVWUDWpJLFD SDUD %ROLYLD DXQTXH WRGDYtD QR VH OHV RWRUJD OD
LPSRUWDQFLDGHOFDVR

2WUR HUURU GH FRQFHSWR TXH FRQWHPSOD OD /H\ ,15$ HV HO GH HVWDEOHFHU OD H[SURSLDFLyQ GH WLHUUDV
LQGtJHQDV\FDPSHVLQDVSDUDODSURWHFFLyQ\FRQVHUYDFLyQGHODELRGLYHUVLGDGFXDQGROD/H\GHO0HGLR
$PELHQWHUHFRQRFHODFRPSDWLELOLGDGGHODV7LHUUDV&RPXQLWDULDVGH2ULJHQFRQODV$UHDV3URWHJLGDV'H
KHFKRTXLHQHVWLHQHQPD\RUFRQRFLPLHQWRVREUHODIORUD\IDXQDQDWLYDVRQORVLQGtJHQDV\RULJLQDULRV
SULQFLSDOPHQWH TXLHQHV PDQWLHQHQ ORV VLVWHPDV DQFHVWUDOHV GH DSURYHFKDPLHQWR GH ORV UHFXUVRV
QDWXUDOHV\VRQTXLHQHVKDQFRDG\XYDGRDODFRQVHUYDFLyQGHODELRGLYHUVLGDGKDVWDODIHFKD

9DFtRVHQODOHJLVODFLyQDPELHQWDOVHFWRULDO

ƒ (QDXVHQFLDGH OD/H\ GH &RQVHUYDFLyQ GH OD'LYHUVLGDG%LROyJLFD VH DSUREy HO'HFUHWR6XSUHPR


 GHO  GH MXOLR GH  TXH UHJODPHQWD ODV iUHDV SURWHJLGDV \ HO 'HFUHWR 6XSUHPR 
DSUREDGRHOGHMXQLRGHTXHUHJODPHQWDOD'HFLVLyQGHO$FXHUGRGH&DUWDJHQDVREUH
UHFXUVRVJHQpWLFRV

ƒ 8QDIDOHQFLDTXHVHSUHVHQWDUHVSHFWRDOD/H\,15$\VXUHJODPHQWRHVODIDOWDGHUHJXODFLyQGH
DFWLYLGDGHV DJURSHFXDULDV FRQ ILQHV DJUtFRODV SDUD HO XVRGH OD WLHUUDHQ ODGHUDV WDPSRFR H[LVWHQ
QRUPDV WpFQLFDV UHVSHFWR DO PDQHMR GH SDVWL]DOHV R D OD VREUHFDUJD DQLPDO H[LVWLHQGR
FRQWUDGLFFLRQHVHQODOHJLVODFLyQYLJHQWHUHVSHFWRDO0LQLVWHULRTXHGHEHUtDHODERUDUODV\DTXHOD/H\
GH 0HGLR$PELHQWHGLVSRQHTXH HVFRPSHWHQFLDGHO0LQLVWHULR GH $JULFXOWXUD PLHQWUDVTXH OD/H\
,15$RWRUJDHVWDDWULEXFLyQDO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
ƒ 3RURWURODGRHVIXQGDPHQWDOODDSUREDFLyQGHOD/H\GH2UGHQDPLHQWR7HUULWRULDOSDUDSURPRYHUHO
GHVDUUROORVRVWHQLEOHRULHQWDQGRODJHVWLyQGHODWLHUUDUHFXUVRVQDWXUDOHV\RFXSDFLyQGHOWHUULWRULRD
WUDYpVGHODSODQLILFDFLyQWUDQVHFWRULDODHVFDODPXQLFLSDOGHSDUWDPHQWDO\QDFLRQDO

ƒ (O RUGHQDPLHQWR WHUULWRULDO GHEH GDU OD FRKHUHQFLD HVSDFLDO \ GH VRVWHQLELOLGDG D ODV SROtWLFDV
S~EOLFDVGHPRGRTXHGHSROtWLFDVJXEHUQDPHQWDOHVTXHQRUPDOPHQWHQRVXSHUDQHOPHGLDQRSOD]R
VH SDVH D SROtWLFDV GH (VWDGR HV GHFLU DO ODUJR SOD]R PiVDOOi GH XQD JHVWLyQ JXEHUQDPHQWDOGH
FLQFRDxRV

ƒ (VLPSRUWDQWHFRQVLGHUDUTXHODOHJLVODFLyQVREUHUHFXUVRVQDWXUDOHVSULRUL]DHODSURYHFKDPLHQWRGH
UHFXUVRVQDWXUDOHVQRUHQRYDEOHVIUHQWHDORVUHFXUVRVQDWXUDOHVUHQRYDEOHV\DTXHSRUHMHPSORHO
&yGLJRGH0LQHUtDRWRUJDDORVFRQFHVLRQDULRVPLQHURVHOGHUHFKRGHXVRGHODPDGHUDPDWHULDOHV
GHFRQVWUXFFLyQDVtFRPRODSRWHVWDGGHXVRGHDJXDVGHGRPLQLRSULYDGRLQFOXVLYHOOHJDDSODQWHDU
ODH[SURSLDFLyQDOSURSLHWDULRGHOVXHORHQFDVRGHQROOHJXHDXQDFXHUGRFRQHOFRQFHVLRQDULR

ƒ (Q%ROLYLDWRGDYtDORVFRQIOLFWRVDPELHQWDOHVSRUHODEXVRGHDJURTXtPLFRVQRUHIOHMDQODGLPHQVLyQ
GHODSUREOHPiWLFDH[LVWHQWH6LELHQH[LVWHHO'HFUHWR6XSUHPRGHOGHPD\RGHHVWD
GLVSRVLFLyQ HV SRFR FXPSOLGD \ REVROHWD DGHPiV GH VHU PX\ SHUPLVLYD UHVSHFWR D IDFXOWDU OD
SRVLELOLGDG GH LPSRUWDU DJURTXtPLFRV FRQ DXWRUL]DFLyQ GH DOWRV IXQFLRQDULRV GHO 0LQLVWHULR GH
$JULFXOWXUD \ *DQDGHUtD OR FXDO JHQHUD FRUUXSFLyQ \ JUDYHV SUREOHPDV DPELHQWDOHV HQWUH HOORV
WHPLEOHVGDxRVDODVDOXGKXPDQD

)DOHQFLDVHQHOPDUFRLQVWLWXFLRQDO

/D GLVROXFLyQ GHO 9LFHPLQLVWHULR GH 3ODQLILFDFLyQ \ 2UGHQDPLHQWR 7HUULWRULDO GLR OXJDU D TXH HO
9LFHPLQLVWHULRGH 3DUWLFLSDFLyQ3RSXODUDVXPD HOURO GH SODQLILFDGRUDOFRQYHUWLUVHHQ9LFHPLQLVWHULRGH
3ODQLILFDFLyQ(VWUDWpJLFD\GH3DUWLFLSDFLyQ3RSXODU+HFKRTXHSURYRFDXQJUDQYDFtR\FRQIXVLyQHQHO
PDUFRLQVWLWXFLRQDODGPLQLVWUDWLYRGHO(VWDGR\DTXHODSDUWLFLSDFLyQSRSXODUSULQFLSDOPHQWHVHHMHFXWDHQ
HOQLYHOPXQLFLSDOPLHQWUDVTXHODSODQLILFDFLyQGHEHUHDOL]DUVHHQHOQDFLRQDOGHSDUWDPHQWDO\PXQLFLSDO
$SDUHQWHPHQWHVHKDUHVWDGRLPSRUWDQFLDDOUROGHODSODQLILFDFLyQHVWDWDO

2WUR DVSHFWR TXH HV LPSRUWDQWH PHQFLRQDU HV HO PDUFR LQVWLWXFLRQDO GHO 6LVWHPD GH 5HJXODFLyQ GH
5HFXUVRV 1DWXUDOHV 5HQRYDEOHV 6,5(1$5(  TXH KD VLGR FUHDGRFRQ OD /H\ )RUHVWDO \ TXH QR VH KD
SXHVWRHQSUiFWLFD

/DV6XSHULQWHQGHQFLDV$JUDULD\)RUHVWDOTXHDFWXDOPHQWHGHVHPSHxDQ ODVIXQFLRQHVHVWDEOHFLGDVSRU
/H\FDUHFHQGHFRRUGLQDFLyQLQWHULQVWLWXFLRQDOH[LVWLHQGRFRQIOLFWRVGHFRPSHWHQFLDVLWXDFLyQTXHWLHQGH
D FRPSOLFDUVH FRQ OD IXWXUD FUHDFLyQ GH OD 6XSHULQWHQGHQFLD GH $JXDV \ OD SRVLEOH FRQVWLWXFLyQ GH OD
6XSHULQWHQGHQFLD GH %LRGLYHUVLGDG SURSXHVWD SRU XQD GH ODV YHUVLRQHV GHO 3UR\HFWR GH /H\ GH
&RQVHUYDFLyQGHOD'LYHUVLGDG%LROyJLFD

(VLPSRUWDQWHGHVWDFDUODLQGHSHQGHQFLDGHO6LVWHPDGH6XSHULQWHQGHQFLDVHQDOJXQRVFDVRVIDYRUDEOH
SDUDHYLWDUGLVFRQWLQXLGDG\YXOQHUDELOLGDGLQVWLWXFLRQDOSRUSUHVLRQHVSROtWLFDV6LQHPEDUJRVHFRQVWLWX\H
WDPELpQ HQ XQ ULHVJR DO VHU SUiFWLFDPHQWH XQ SRGHU SDUDOHOR DO 3RGHU (MHFXWLYR DO WHQHU DWULEXFLRQHV
RPQtPRGDVVLHQGRPX\OLPLWDGDVODVDWULEXFLRQHVGHOPLQLVWHULRFRPSHWHQWHHQHVWHFDVRHO0LQLVWHULR
GH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQSUiFWLFDPHQWHQXODVHQORTXHKDFHDODILVFDOL]DFLyQ

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
2WUR WHPD TXH FRPSOLFD OD FUHDFLyQ GH ODV 6XSHULQWHQGHQFLDV HQ UHFXUVRV QDWXUDOHV HV TXH GHEHQ
JHQHUDU VXVSURSLRV LQJUHVRV QRUPDOPHQWH D SDUWLU GH FREURV SRU HO DSURYHFKDPLHQWRGHO UHFXUVR TXH
UHJXODQFUHiQGRVH XQD HVSHFLHGH LQFHQWLYR SHUYHUVR TXH SXHGH UHSHUFXWLUQR HQXQ DSURYHFKDPLHQWR
VRVWHQLEOHVLQRPiVELHQHQXQDH[SORWDFLyQGHVPHGLGD7DPELpQVHDGYLHUWHQYDFtRVGHFRRUGLQDFLyQ
FRQODV6XSHULQWHQGHQFLDVGHUHFXUVRVQDWXUDOHVQRUHQRYDEOHVFRPRODGHKLGURFDUEXURVTXHGHSHQGH
GHO6LVWHPDGH5HJXODFLyQ6HFWRULDO 6,5(6( FUHDGRSDUDODUHJXODFLyQGHODVHPSUHVDVFDSLWDOL]DGDV

'HVFHQWUDOL]DFLyQ\SDUWLFLSDFLyQSRSXODU

/D GHVFHQWUDOL]DFLyQ GHO JRELHUQR QDFLRQDO KDFLD HQWLGDGHV GHSDUWDPHQWDOHV SURYLQFLDOHV \ ORFDOHV
GHEHUtD DXPHQWDU OD HILFLHQFLD GH OD DFWLYLGDG S~EOLFD SRU XQD SDUWH JUDFLDV D OD SUHVHQFLD ItVLFD GH
TXLHQHVWRPDQODVGHFLVLRQHVHQORVOXJDUHVGRQGHVXVSROtWLFDVYD\DQDVHULPSOHPHQWDGDVSRURWUD
JUDFLDV DO EHQHILFLR TXH REWLHQHQ ORV DFWRUHV ORFDOHV GH OD ILVFDOL]DFLyQ TXH KDFHQ GH ORV UHFXUVRV
S~EOLFRV \ DGHPiV TXH SHUPLWH XQD PHMRU FRRUGLQDFLyQ LQWHULQVWLWXFLRQDO 6LQ HPEDUJR XQR GH ORV
PD\RUHVSHOLJURVGHHVWDPHGLGDHVTXHVHGHVFHQWUDOLFHQODVUHVSRQVDELOLGDGHVVLQFUHDUXRWRUJDUORV
FRUUHVSRQGLHQWHV UHFXUVRV \ FDSDFLGDG SDUD FXPSOLUODV 2WUR SHOLJUR GH OD GHVFHQWUDOL]DFLyQ HV TXH
SXHGHIRUWDOHFHUODVFDSDFLGDGHVGHORVJUXSRVGHSRGHUSUHHVWDEOHFLGRVSDUDGHIHQGHUVXVLQWHUHVHVHQ
FRQWUDGHDTXHOORVGHODVRFLHGDGFLYLOORFDO\QDFLRQDO 3DFKHFR\.DLPRZLW] 

(Q %ROLYLD HO SURFHVR GH GHVFHQWUDOL]DFLyQ VH LQLFLy HQ  FRQ OD SURPXOJDFLyQ GH OD /H\ GH
3DUWLFLSDFLyQ 3RSXODU TXH FRQ OD ILQDOLGDG GH ORJUDU XQD PHMRU GLVWULEXFLyQ \ DGPLQLVWUDFLyQ GH ORV
UHFXUVRVS~EOLFRVFUHyPHFDQLVPRVSDUDDUWLFXODUDODVFRPXQLGDGHVFDPSHVLQDVSXHEORVLQGtJHQDV\
MXQWDV YHFLQDOHV HQ OD YLGD MXUtGLFD SROtWLFD \ HFRQyPLFD GHO SDtV &RQ HVWH REMHWLYR OD /H\ DPSOLy OD
MXULVGLFFLyQGHORVPXQLFLSLRVDOiPELWRUXUDOSDUDTXHFXEULHUDQWRGRHOWHUULWRULRQDFLRQDODODYH]TXHOHV
WUDQVILULyODUHVSRQVDELOLGDGGHODJHVWLyQGHORVVHUYLFLRVS~EOLFRVGHVDOXGHGXFDFLyQFXOWXUDGHSRUWHV
FDPLQRV YHFLQDOHV \ PLFURULHJR 3DUD KDFHU YLDEOH HO FXPSOLPLHQWR GH HVWDV QXHYDV IXQFLRQHV OD /H\
RWRUJyHOGHORVLQJUHVRVQDFLRQDOHVDORVPXQLFLSLRVSRUFHQWDMHTXHGHEHVHUGLVWULEXLGRHQIXQFLyQ
GHOQ~PHURGHKDELWDQWHVGHFDGDMXULVGLFFLyQPXQLFLSDO2WURLQJUHVRHQWUHJDGRDORVPXQLFLSLRVIXHHO
LPSXHVWRDODVSURSLHGDGHVUXUDOHVDORVLQPXHEOHVXUEDQRV\DORVYHKtFXORV

3RURWUDSDUWHOD/H\FUHyODV2UJDQL]DFLRQHV7HUULWRULDOHVGH%DVH 27%V TXHSDUDVXUHFRQRFLPLHQWR


OHJDOGHEHQUHSUHVHQWDUDWRGDODSREODFLyQGHXQDGHWHUPLQDGDXQLGDGWHUULWRULDORUJDQL]DGDVHJ~QVXV
XVRV FRVWXPEUHV R GLVSRVLFLRQHV HVWDWXWDULDV (O URO GH ODV 27%V HV SDUWLFLSDU HQ ODV GHFLVLRQHV
PXQLFLSDOHV WDQWR HQ OR UHODWLYR D OD GHVLJQDFLyQ GH DXWRULGDGHV HGXFDWLYDV \ GH VDOXG FRPRD OD
UHDOL]DFLyQ GH REUDV S~EOLFDV \ JHVWLyQ DPELHQWDO &RPR PHFDQLVPR SDUD DUWLFXODU D ODV 27%V FRQ OD
SODQLILFDFLyQ SDUWLFLSDWLYD PXQLFLSDO OD /H\ FUHD ORV &RPLWpV GH 9LJLODQFLD FRQVWLWXLGRV SRU XQ D 
UHSUHVHQWDQWHGHFDGDFDQWyQRGLVWULWRGHODMXULVGLFFLyQ(VWRVWLHQHQODDWULEXFLyQGHYLJLODUHOPDQHMR
LQWHJUDOGHORVUHFXUVRVPXQLFLSDOHV /H\GH3DUWLFLSDFLyQ3RSXODU 

3RVWHULRUPHQWH HQ  OD /H\ GH 'HVFHQWUDOL]DFLyQ $GPLQLVWUDWLYD WUDQVILULy D OD 3UHIHFWXUDV OD
UHVSRQVDELOLGDGGHIRUPXODU \HMHFXWDUSODQHVSURJUDPDV\SUR\HFWRVGHGHVDUUROORHFRQyPLFR\VRFLDO
SURPRYHU OD SDUWLFLSDFLyQ SRSXODU HQWUH RWUDV DWULEXFLRQHV \ OH RWRUJD ORV UHFXUVRV SULQFLSDOPHQWH
SURYHQLHQWHVGHUHJDOtDVHLPSXHVWRV /H\GH'HVFHQWUDOL]DFLyQ$GPLQLVWUDWLYD 

6LELHQODVOH\HVDWUDYpVGHODVGLVSRVLFLRQHVDQWHVPHQFLRQDGDVHVWDEOHFHQPHFDQLVPRVSDUDTXHOD
SREODFLyQ ORFDOSDUWLFLSH HQ OD JHVWLyQPXQLFLSDOODVGHFLVLRQHVVREUHHOPDQHMR GH UHFXUVRV QDWXUDOHV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
SRU XQD SDUWH VLJXHQ VLHQGR DWULEXFLyQ GHO JRELHUQR FHQWUDO \ SRU RWUD ODV OH\HV VHFWRULDOHV TXH
VXSHGLWDQ ORV LQJUHVRV GHSDUWDPHQWDOHV DO SDJR GH LPSXHVWRV \ UHJDOtDV IRPHQWDQ XQD PD\RU
H[SORWDFLyQGHORVUHFXUVRVQDWXUDOHVHQFRQWUDSRVLFLyQDXQDSROtWLFDGHFRQWURO\UHJXODFLyQ

$GHPiV ORV SHOLJURV GH OD GHVFHQWUDOL]DFLyQ WDPELpQ VRQ YLVLEOHV HQ %ROLYLD GRQGH HQ PXFKRV FDVRV
HVWH SURFHVR KD RWRUJDGR PiV UHFXUVRV D ORV JUXSRV GH SRGHU WUDGLFLRQDOHV \ KD GHMDGR PiV
GHVDPSDUDGRVDORVSREODGRUHVORFDOHVDTXLHQHVVXSXHVWDPHQWHHVWXYRGLULJLGR

'DQLW]D'HILOLSSLV&K
$ERJDGDHVSHFLDOLVWDHQ'HUHFKR$PELHQWDO

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
%UHYHKLVWRULDGHODPLQHUtDHQ%ROLYLD

(OGHVDUUROORVRFLRHFRQyPLFRGH%ROLYLDKDHVWDGRtQWLPDPHQWHOLJDGRDODH[SORWDFLyQGHPLQHUDOHV\SRU
FRQVLJXLHQWHODVGHPDQGDV\SUHFLRVGHORVPHUFDGRVLQWHUQDFLRQDOHVKDQPDUFDGRHOULWPRGHODYLGDGHO
SDtV\KDQVLGRGHILQLWLYRVSDUDHOFXUVRTXHKDWRPDGRVXKLVWRULD

,QFOXVRDQWHVGHVXFUHDFLyQFRPR5HS~EOLFDHOWHUULWRULRDOWRSHUXDQRIXHFRQRFLGRPXQGLDOPHQWHSRUVXV
ULFRV\DFLPLHQWRVSULQFLSDOPHQWHGHSODWDORVFXDOHVHQOXJDUGHKDEHUGHMDGRULTXH]DV\SURVSHULGDGDO
SDtV VH FRQYLUWLHURQ HQ OD FDXVD GH H[SORWDFLyQ GH VXV KDELWDQWHV \ GH GHJUDGDFLyQ SDXODWLQD GH VXV
UHFXUVRVKtGULFRVVXHORV\YHJHWDFLyQ

$ SDUWLU GH  \ SUiFWLFDPHQWH KDVWD OD LQGHSHQGHQFLD GH %ROLYLD OD H[SORWDFLyQ GH SODWD SHUPLWLy OD
FUHDFLyQGHFDSLWDOHVHXURSHRVTXHSXGLHURQVHUDFXPXODGRVJUDFLDVDODFDQWLGDG\FDOLGDGGHHVWHPHWDO\
D ODXWLOL]DFLyQGH PLOODUHV GHLQGtJHQDV TXH PXULHURQHQORV VRFDYRQHV SRU ODVSURORQJDGDV MRUQDGDV GH
WUDEDMRIRU]DGRTXHHUDQREOLJDGRVDVRSRUWDUDWUDYpVGHODPLWD/DPLWDTXHWUDGLFLRQDOPHQWHIXHXWLOL]DGD
SRUHOVLVWHPDLQFDLFRSDUDODUHDOL]DFLyQGHWUDEDMRVDJUtFRODVPLQHURV\GHVHUYLFLRIXHUHFXSHUDGDSRUORV
HVSDxROHV SDUD REOLJDU D ODV FRPXQLGDGHV LQGtJHQDV D WUDEDMDU HQ ODV PLQDV GHVHVWUXFWXUDQGR VX
RUJDQL]DFLyQFRPXQLWDULD\GLVPLQX\HQGRFRQVLGHUDEOHPHQWHVXSURGXFFLyQDJUtFROD

3HVHDODSURIXQGDFULVLVGHODPLQHUtDGHODSODWDGXUDQWHORVDxRVGHOXFKDSRUODLQGHSHQGHQFLDHVWD
DFWLYLGDG UHWRPy LPSRUWDQFLD D PHGLDGRV GHO VLJOR ;,; \ SHUPLWLy OD DFXPXODFLyQ GH QXHYRV FDSLWDOHV
HVWDYH]QDFLRQDOHVKDVWDTXHDILQHVGHOVLJORSDVDGRODFDtGDGHVXSUHFLRLQWHUQDFLRQDOSUiFWLFDPHQWH
WHUPLQyFRQODH[SORWDFLyQDUJHQWtIHUD

$ LQLFLRV GHO SUHVHQWH VLJOR OD GHPDQGD LQWHUQDFLRQDO GHO HVWDxR UHDILUPy HQ HO PDUFR GH OD GLYLVLyQ
LQWHUQDFLRQDO GHO WUDEDMR HO URO PRQRSURGXFWRU GH PLQHUDOHV GHO SDtV 'XUDQWH VLHWH GpFDGDV OD
H[SORWDFLyQSULQFLSDOPHQWHGHHVWDxRSHURWDPELpQGHSORPR]LQF\ZROIUDPHQWUHRWURVSHUPLWLyDPDVDU
JUDQGHV IRUWXQDV HQWUH pVWDV OD GH 6LPyQ 3DWLxR TXLHQ VH FRQYLUWLy XQ XQR GH ORV GLH]KRPEUHV PiV
ULFRVGHOPXQGR6LQHPEDUJRHVWDVJUDQGHVULTXH]DVQRIXHURQUHLQYHUWLGDVHQHOSDtV\HOUpJLPHQGH
H[SORWDFLyQKXPDQD\QDWXUDOVREUHHOTXHVHFRQVWUX\HURQHQFHQGLyODPHFKDVXEYHUVLYDTXHFXOPLQyHQ
ODUHYROXFLyQGHEDMRODFRQVLJQDGHQDFLRQDOL]DFLyQGHODVPLQDV

'H HVWD PDQHUD VXUJLy OD &RUSRUDFLyQ 0LQHUD %ROLYLDQD &20,%2/  TXH FRQWUROy HO  GH OD LQGXVWULD
PLQHUDQDFLRQDO\TXHDSHVDUGHQDFHUFDVLVLQFDSLWDOGHELGRDODVLQGHPQL]DFLRQHVTXHWXYRTXHSDJDUD
ODV JUDQGHV HPSUHVDV QDFLRQDOL]DGDV VH FRQVWLWX\y HQ OD SULQFLSDO IXHQWH GH LQJUHVR GHO SDtV 3HUR ODV
SROtWLFDVGHVXVWLWXFLyQGHLPSRUWDFLRQHVDWUDYpVGHODGLYHUVLILFDFLyQGHODHFRQRPtDLPSLGLHURQIRUWDOHFHUD
OD&20,%2/TXHWXYRTXHVREUHYLYLUFRQORVDQWLFXDGRVHTXLSRV\ORVFDVLDJRWDGRV\DFLPLHQWRVTXHKDEtD
KHUHGDGRGHORVOODPDGRV³EDURQHVGHOHVWDxR´0LHQWUDVWDQWRVXVUHFXUVRVHUDQGHVWLQDGRVDGHVDUUROODUHO
RULHQWHGHOSDtVPHGLDQWHHODSR\RDOVHFWRUSHWUROHUR\DJURLQGXVWULDO\DODFRQVWUXFFLyQGHFDPLQRVSDUD
FRQHFWDUORFRQHOUHVWRGHOSDtV$GHPiVHQDSHQDVXQDGpFDGDGHVSXpVGHODQDFLRQDOL]DFLyQGHODV
PLQDVVHLQLFLDQXHYDPHQWHHOSURFHVRGHDSHUWXUDDODLQLFLDWLYDSULYDGD

$LQLFLRVGHODGpFDGDGHORVVHWHQWDHOJRELHUQRPLOLWDUGHODpSRFDHQ OXJDUGHIRUWDOHFHUODHPSUHVD
QDFLRQDO GLR XQ IXHUWH LPSXOVR D OD PLQHUtD SULYDGD PHGLDQWH OD HQWUHJD HQ IRUPD GH FUpGLWRV R GH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
LQYHUVLRQHVGHORVPLOORQHVGHGyODUHVTXHKDEtDFRQVHJXLGRSDUDHOVHFWRUPLQHUR(OGHHVH
PRQWRIXHGHVWLQDGRDODVHPSUHVDVPLQHUDVHVWDGRXQLGHQVHVHODODPLQHUtDPHGLDQD\VyORHO
D &20,%2/ 4XLURJD \ 6DOLQDV   (Q HVWD pSRFD D SHVDU GH ODV IDYRUDEOHV FRQGLFLRQHV SDUD HO
HVWDxR HQ HO PHUFDGR PXQGLDO OD IDOWD GH UHFXUVRV SDUD VXSHUDU ODV OLPLWDFLRQHV GH OD &20,%2/
LPSLGLHURQTXHODHPSUHVDHVWDWDODSURYHFKHHVDFR\XQWXUDLQWHUQDFLRQDO)LQDOPHQWHDPHGLDGRVGHOD
GpFDGDGHORVRFKHQWDODGLVPLQXFLyQGHVXSUHFLRHQHOPHUFDGRLQWHUQDFLRQDOSURYRFDGDHQSDUWHSRUOD
YHQWDGHODVUHVHUYDVHVWUDWpJLFDVGH(VWDGRV8QLGRVOOHYyDOSDtVDODEDQFDURWD

(O DxR  IHFKD TXH PDUFD HO LQLFLR GH OD SXHVWD HQ PDUFKD GHO PRGHOR QHROLEUHUDO VH UHDOL]y OD
UHFRQYHUVLyQ GHO VHFWRU PLQHUR FRQ HO GHVSLGR GH PiV GH  WUDEDMDGRUHV GH OD &20,%2/ $O
UHVSHFWRODVDXWRUDVGH0LQHUDOHV\0DGHUDV 4XLURJD\6DOLQDV KDFHQODVLJXLHQWHGHVFULSFLyQ
7UHLQWDDxRVGHVSXpVGHODQDFLRQDOL]DFLyQGHODVPLQDVHO(VWDGR%ROLYLDQRGLVSXVRTXHTXLHQHVKDEtDQ
VXVWHQWDGRODHFRQRPtDQDFLRQDO\DQRHUDQQHFHVDULRVSDUDHOSDtV\DXQTXHVHOHVSDJyXQGHVDKXFLR
QR VH OHV JDUDQWL]y RWUD IXHQWH GH WUDEDMR SRU OR TXH OD ³UHORFDOL]DFLyQ´ IXH XQ HXIHPLVPR /RV H[
WUDEDMDGRUHVPLQHURVGHELHURQPLJUDUDODV FLXGDGHV DODV ]RQDVGHFRORQL]DFLyQ \GHH[SORWDFLyQGHO
RUR HQ E~VTXHGD GH WUDEDMR HQ FRQGLFLRQHV WDQWR R PiV GLItFLOHV TXH ODV PLQDV $OJXQRV JUXSRV
SHUPDQHFLHURQ HQ ORV FHQWURV PLQHURV \ VH RUJDQL]DURQ HQ FRRSHUDWLYDV SDUD FRQWLQXDU WUDEDMDQGR ORV
YLHMRV \DFLPLHQWRV (Q  VH GHFODUy OD PXHUWH GH OD PLQHUtD HVWDWDO HO FLFOR GHO HVWDxR VH KDEtD
HFOLSVDGR\XQSDtVHPSREUHFLGRLQLFLDEDODE~VTXHGDGHRWUDVDOWHUQDWLYDVHFRQyPLFDV

/D SXEOLFDFLyQ 0LQHUtD R 0HGLR $PELHQWH =HOD\D   VHxDOD TXHXQD GH ODV FRQVHFXHQFLDV PiV
YLVLEOHV GHO SURFHVR GH UHHVWUXFWXUDFLyQ PLQHUD IXH XQ JLJDQWHVFR FUHFLPLHQWR HQ ODV ILODV GHO
FRRSHUDWLYLVPRODV PLVPDVTXHGHSHUVRQDVHQSDVDURQDHQ

3DUDOHODPHQWHDHVWHSURFHVR\JUDFLDVDODSR\RGHO(VWDGRODOODPDGDQXHYDPLQHUtDKDEtDFRPHQ]DGR
D IRUWDOHFHUVH \ VH YLR PX\ EHQHILFLDGD FXDQGR HQ  HO JRELHUQR DSOLFy FRPR SDUWHGH OD 1XHYD
3ROtWLFD(FRQyPLFDXQDUHIRUPDWULEXWDULDTXHHVWDEOHFLyODOLEUHH[SORWDFLyQGHORVPLQHUDOHVOLEHUDQGRD
HVWDDFWLYLGDGGHWRGRVORVLPSXHVWRVVDOYRHOGHODVUHJDOtDVPLQHUDV

/DDSOLFDFLyQGHOPRGHOROLEHUDO\HOIDYRUDEOHSUHFLRLQWHUQDFLRQDOGHPLQHUDOHVH[SORWDGRVSRUODQXHYD
PLQHUtDFRPRHO]LQFSORPR\RURKLFLHURQTXHORVSURSLHWDULRVGHODVHPSUHVDV&20685\(086$VH
FRQYLUWLHUDQFRPR GLFH=HOD\DHQORVQXHYRVDPRVGHODVLWXDFLyQ'HHVWDPDQHUD\GHDFXHUGRDOD
LQYHVWLJDFLyQ UHDOL]DGD SRU 4XLURJD \ 6DOLQDV ORV LQJUHVRV SRU FRQFHSWR GH UHJDOtDV H LPSXHVWRV GHO
VHFWRUPLQHURGLVPLQX\HURQHQWUH\GHDPLOORQHVGHGyODUHV

(OSURFHVRGHFUHFLPLHQWRGHODPLQHUtDSULYDGDIXHWDPELpQSURSLFLDGRDSDUWLUGH FRQXQDPD\RU
DSHUWXUD GH OD HFRQRPtD D OD LQYHUVLyQ H[WUDQMHUD $FWXDOPHQWH XQD JUDQ FDQWLGDG GH HPSUHVDV
WUDQVQDFLRQDOHV FRPR $QGHDQ 6LOYHU 5HVRXUFH 5tR 7LQWR $PHULFDQ %DUULFN *HQFRU %LOOLQWRQ 6LOYHU
6WDQGDUG HQWUH PXFKDV RWUDV VH HQFXHQWUDQ H[SORWDQGR PLQHUDOHV HQ HO SDtV \D VHD GH PDQHUD
LQGHSHQGLHQWHRHQVRFLHGDGFRQHPSUHVDVQDFLRQDOHV

(OLQWHUpVGHDVHJXUDUODVLQYHUVLRQHVH[WUDQMHUDVOOHJyDVXPi[LPDH[SUHVLyQFXDQGRHQGLFLHPEUHGH
 VH SURGXMR OD PDVDFUH GH SREODGRUHV GH ODV ORFDOLGDGHV GH &DSDFLUFD \ $PD\DSDPSD (Q HVWD
RFDVLyQ FRPR HQ PXFKDV RWUDV IXHURQ HO HMHUFLWR \ OD SROLFtD QDFLRQDO TXLHQHV D IXHU]D GH EDOD
GHIHQGLHURQORVLQWHUHVHVGHODHPSUHVDFDQDGLHQVH9LVWD*ROG&R

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
(VWH SURFHVR GH H[SORWDFLyQ GH PLQHUDOHV TXH GXUD PiV GH FXDWUR VLJORV QR VyOR WXYR XQ LPSRUWDQWH
LPSDFWRHQODHVSHUDQ]D\FDOLGDGGHYLGDGHORVEROLYLDQRVVLQRTXHDGHPiVGHWHULRUySURIXQGDPHQWH
VXPHGLRDPELHQWH

'HVGHODSHUVSHFWLYDDPELHQWDOODDFWLYLGDGPLQHUDRFDVLRQDGLIHUHQWHVLPSDFWRVFRQGLVWLQWRVQLYHOHVGH
LQWHQVLGDG HQWUH HOORV SRGHPRV PHQFLRQDU OD FRQWDPLQDFLyQ GH JUDQGHV H[WHQVLRQHV GH VXHORV \
FXHUSRV GH DJXD DVt FRPR OD WUDQVIRUPDFLyQ GHO SDLVDMH D WUDYpV GH OD GHVWUXFFLyQ GH FHUURV OD
FRQVWUXFFLyQ GH GLTXHV \ OD DFXPXODFLyQ GH FRODVGH PLQHUDOHV 7DPELpQ WLHQHXQ LPSRUWDQWH LPSDFWR
VREUHODELRGLYHUVLGDG\DTXHXWLOL]DPDGHUDSDUDHODSXQWDODPLHQWRGHVRFDYRQHV\SDUDDOLPHQWDUODV
IXQGLFLRQHV SURYRFDQGR XQD IXHUWH SUHVLyQ VREUH ORV ERVTXHV \ GHMDQGR ORV VXHORV H[SXHVWRV D ORV
SURFHVRVGHHURVLyQ3RURWUDSDUWHODVHPLVLRQHVGHJDVHVWy[LFRVDVtFRPRHOYHUWLPLHQWRGHUHVLGXRV
OtTXLGRV\VyOLGRVDPHQD]DQFRQVWDQWHPHQWHRGDVODVIRUPDVGHYLGDTXHVHGHVDUUROODQDVXHQWRUQR

'HVGH OD E~VTXHGD \ SURVSHFFLyQ SDVDQGR SRU OD IDVH GH H[SORWDFLyQ \ FRQFOX\HQGR FRQ OD GH
SURFHVDPLHQWR WRGRV ORV SURFHVRV GH H[SORWDFLyQ GH PHWDOHV SURYRFDQ LPSDFWRV \D VHD D WUDYpV GH
WRPD GH PXHVWUDV UHPRFLyQ GHO VXHOR FRQVWUXFFLyQ GH FDUUHWHUDV H LQIUDHVWUXFWXUD GUDJDGR GH ORV
OHFKRVGHUtRVGHVFDUJDVGHDJXDGHPLQDRHPLVLyQGHSROYRVREUHFXHUSRVGHDJXD\VXHORVDVtFRPR
GHJDVHVWy[LFRVHQWUHRWURV

/DJHQHUDFLyQGHOL[LYLDGRVSURGXFHORVPiVDOWRVLPSDFWRVDPELHQWDOHVGHODPLQHUtD\HVXQSURFHVR
TXH RFXUUH FXDQGR HO DJXD JHQHUDOPHQWH GH OOXYLD HQWUD HQ FRQWDFWR FRQ ORV GHVPRQWHV R FRODV
DFXPXODGRV FX\RV FRQWHQLGRV HOHYDGRV HQ SLULWD DFLGLILFDQ HO PHGLR \ IDYRUHFH OD PRYLOL]DFLyQ GH
PHWDOHV SHVDGRV TXH DO IOXLU FRQWDPLQDQ WRGR D VX SDVR (O DOWR JUDGR GH WR[LFLGDG GH ORV PHWDOHV
SHVDGRVVHGHEHHQSDUWHDVXEDMDGHJUDGDFLyQ\DOWDFDSDFLGDGGHILMDFLyQHQODFDGHQDWUyILFDIORUD\
IDXQD WHUUHVWUH\ DFXiWLFD 2UVDJ   /RV OL[LYLDGRV VRQ SURGXFLGRVWDQWR SRU ODPLQHUtD WUDGLFLRQDO
FRPRSRUODPRGHUQDDVtFRPRSRUPLQDV HLQJHQLRVTXH\DQRHVWiQHQIXQFLRQDPLHQWR\TXHFRQOD
GHVDSDULFLyQGH&20,%2/QRKD\TXLHQORVDVXPD

7DQWRODVDFWLYLGDGHVSURGXFWLYDVGHORVFRRSHUDWLYLVWDVFRPRGHODVJUDQGHVHPSUHVDVPLQHUDVSURGXFHQ
DOWRVLPSDFWRVDODPELHQWH'HVFULELHQGRODSHTXHxDPLQHUtDDXUtIHUD+HQWVFKHO\7DXFHU  VHxDODQ
TXH ORV LPSDFWRV FDXVDGRV DO DPELHQWH SRU HVWH WLSR GH DFWLYLGDGHV SURGXFHQ XQ DOWR JUDGR GH
FRQWDPLQDFLyQSRUHOPDOXVRGHOPHUFXULRHOLQJUHVRGHFRODVDORVUtRVODVHGLPHQWDFLyQGHPDWHULDOILQR
HQ ORV FDXFHV HO YHUWLPLHQWR GH FRPEXVWLEOHV \ DFHLWHV OD GHVWUXFFLyQ GHO SDLVDMH OD SURGXFFLyQ GH
GHVHFKRVVyOLGRV\DJXDVQHJUDVHQODVSREODFLRQHVPLQHUDVODSUHVLyQVREUHODIORUD\IDXQDHWF

3RU VX SDUWH OD QXHYD PLQHUtD TXH VXSXHVWDPHQWH HV XQ HMHPSOR HQ FXDQWR D PLWLJDFLyQ GH GDxRV
DPELHQWDOHV VH UHILHUH UHVFDWD HO RUR GH \DFLPLHQWRV GH EDMD OH\ PHGLDQWH SURFHGLPLHQWRV ItVLFRV \
TXtPLFRV DOWDPHQWH Wy[LFRV $GHPiV HQ ORV~OWLPRV DxRV OD XWLOL]DFLyQ GHO [DQWDWR \ HO FLDQXURVH KD
JHQHUDOL]DGRSULQFLSDOPHQWHSDUDODUHFXSHUDFLyQGHSORPR]LQF\SODWD7RGRHVWRVLQFRQWDUFRQORV
DFFLGHQWHV TXH FRPR HQ HO FDVR GHO GLTXH GH FRODV GH 3RUFR RFDVLRQDQ LPSDFWRV TXH HVWiQ HQ
SURSRUFLyQFRQHOWDPDxRGHODVH[SORWDFLRQHVPLQHUDV

&RPR VHxDOD =HOD\D   OD SURIXQGD WUDQVIRUPDFLyQ VXIULGD HQ OD PLQHUtD DO SURPHGLDU ORV DxRV
RFKHQWDVXSXVRQRVyORHOUHPSOD]RGHXQRVDFWRUHVVRFLDOHVSRURWURV\GHXQRVPLQHUDOHVSRURWURV
VLQR WDPELpQ HO GH XQD WHFQRORJtD \ XQRV PpWRGRV GH H[SORWDFLyQ SRU RWURV GLIHUHQWHV \ HQ ~OWLPD
LQVWDQFLDGHXQRVGDxRVVREUHHOPHGLRDPELHQWHSRURWURV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
/DV LQYHVWLJDFLRQHV UHDOL]DGDV SRU 4XLURJD \ 6DOLQDV   GDQ HMHPSORV SDWpWLFRV GHO QLYHO GH
FRQWDPLQDFLyQGHQXHVWURVUHFXUVRVGHVFULEHQSRUHMHPSORFRPRHOODJR3RRSyDJRWDGR\FRQWDPLQDGR
KDVWDHOOtPLWHGHVDSDUHFLyVLQTXHVHKD\DHVWDEOHFLGRUHVSRQVDELOLGDGHV&RQUHODFLyQDOODJR7LWLFDFD
DGYLHUWHQ VREUH OD FDWiVWURIH HFROyJLFD TXH VXFHGHUi GH SHUVLVWLU OD FRQWLQXD FRQWDPLQDFLyQ TXH OH
RFDVLRQDODPLQD0DWLOGHPHGLDQWHHODSRUWHGHDJXDV\VHGLPHQWRVTXHFRQWLHQHQQLYHOHVUHODWLYDPHQWH
DOWRVGH]LQFSORPR\PDQJDQHVR7DPELpQHVWiHOFDVRGHOUtR3LOFRPD\XTXHDWUDYpVGHVXVDIOXHQWHV
SURYHQLHQWHVGH ODV ]RQDVPLQHUDV GH 3RWRVt UHFLEH ODFRQWDPLQDFLyQ GH WRQHODGDVGH ORGRV \ ODPDV
VDWXUDGDVSRUUHDFWLYRVTXHFRQWDPLQDQVXVDJXDV\DIHFWDQDPLOHVGHKHFWiUHDVGHFXOWLYR

3DUHFHUtD TXH HQ %ROLYLDQDGLH HVWiOLEUH GH OD FRQWDPLQDFLyQ SURGXFLGD SRU OD PLQHUtD WDPELpQ HQ OD
FLXGDGGH/D3D]GHDFXHUGRDLQYHVWLJDFLRQHVUHDOL]DGDVSRU=HOD\DODVDJXDViFLGDVSURYHQLHQWHVGH
ODPLQD0LOOXQLDFWXDOPHQWHDEDQGRQDGDDIHFWDQDODUHGGHDJXDSRWDEOHTXHDEDVWHFHDFDVLXQFXDUWR
GHVXVKDELWDQWHV

3RU RWUD SDUWH HQ OR TXH KDFH D OD VDOXG VH GHVWDFD GUDPiWLFDPHQWH HO FDVR GH OD FLXGDG GH 2UXUR
GRQGHHQWUH\VHUHDOL]DURQHVWXGLRVTXHGHPRVWUDURQTXHHOGHFDGDPLOQDFLGRVWHQtDQ
PDOIRUPDFLRQHVFRQJpQLWDVUHODFLRQDGDVFRQODFRQWDPLQDFLyQPLQHUD

$SHVDUGHODVLWXDFLyQGHVFULWD HQIXHSURPXOJDGRHO&yGLJR0LQHURHOPLVPRTXHUHDILUPDQGROD
SUHIHUHQFLD RWRUJDGD DO VHFWRU \ DWHQXDQGR OR HVWLSXODGR HQ ORV 5HJODPHQWRV GH OD /H\ GHO 0HGLR
$PELHQWH FRQVLGHUD TXH ODV DFWLYLGDGHV PLQHUDV VRQSUR\HFWRV GH LQWHUpV QDFLRQDO \ FRQ FDUiFWHU GH
XWLOLGDG S~EOLFD (VWR FUHD XQD VHULH GH LQFHUWLGXPEUHV HQ FXDQWR D OD SURSLHGDG \ RWURV GHUHFKRV
SUHFRQVWLWXLGRV\DTXHSHUPLWHTXHODVDFWLYLGDGHVPLQHUDVVHUHDOLFHQWDQWRDOLQWHULRUGHSURSLHGDGHV
DJUtFRODV FRPR IRUHVWDOHV H LQFOXVR GHQWUR GH iUHDV SURWHJLGDV \ 7HUULWRULRV &RPXQLWDULRV GH 2ULJHQ
7&2V 3RURWUDSDUWHHO&yGLJR0LQHURGHWHUPLQDTXHORVHVWXGLRVGHHYDOXDFLyQGHLPSDFWRDPELHQWDO
VyORVRQQHFHVDULRVSDUDODIDVHGHH[SORWDFLyQFRQORTXHODVDFWLYLGDGHVGHSURVSHFFLyQ\H[SORUDFLyQ
VHYHQH[HQWDVGHHVWRVHVWXGLRVHQiUHDVQRSURWHJLGDV

(QHOFDVRGHODV7&2VHO&yGLJR0LQHUROHVLPSLGHODXWLOL]DFLyQGRPpVWLFDGHFDQWHUDV\QRFRQVLGHUDOD
SDUWLFLSDFLyQGHORVKDELWDQWHVHQHOFRQWURODPELHQWDOGHODVRSHUDFLRQHVPLQHUDVSULYDGDVTXHQRGHMDQ
QLQJ~QEHQHILFLRDORVSREODGRUHVORFDOHV\VtOHVFDXVDQHJDWLYRVLPSDFWRVVRFLDOHV\DPELHQWDOHV(QHO
FDVRGHO2ULHQWHEROLYLDQRVyORWRPDQGRHQFXHQWDRFKR7&2VODVFRQFHVLRQHVPLQHUDVVXSHUSXHVWDVD
VXVWHUULWRULRVDEDUFDQXQWRWDOGHKD 'H9ULHV  

(VWHDSUHWDGRUHVXPHQGHODKLVWRULD\VLWXDFLyQPLQHUDGHOSDtVQRVSHUPLWHDERUGDUFRQPiVFODULGDG
ORV FRQIOLFWRV TXH D FRQWLQXDFLyQ SUHVHQWDPRV ORV PLVPRV TXH VH GHVDUUROODQ HQ XQ FRQWH[WR FX\DV
OLPLWDQWHV HVWUXFWXUDOHV SRU OR PHQRVHQHOFDVRGH ORVFRRSHUDWLYLVWDV \ PLQHURVSHTXHxRV GLILFXOWDQ
HQRUPHPHQWHODWDUHDGHPLWLJDUHOFRQVWDQWH\SURIXQGRGDxRDPELHQWDOTXHSURYRFDQ

-HQQ\*UXHQEHUJHU

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 5XSWXUDGLTXHGHFRODVGH3RUFR
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRVGH 3RUFR&DL]D'7RURSDOFD\7XPXVODGHODV
SURYLQFLDV)UtDV/LQDUHV\1RU&KLFKDVGHOGHSDUWDPHQWRGH
3RWRVt
*HQHUDGRUGHOFRQ IOLFWR &RPSDxtD0LQHUDGHO6XU &20685 *UXSR3RUFR 

,QLFLDGRU GHOFRQIOLF WR 6RFLHGDGFLYLOSULQFLSDOPHQWHFRPXQDULRV

5HJXODGRUGHO FRQIOLFWR 3UHIHFWXUD

$IHFWDGRV 0iVGHKDELWDQWHVGHFRPXQLGDGHV

$FWLYLGDGT XHJHQ HU DHO  0LQHUD


GDxR
(OGDxR JHQHUDGR <DVHSURGXMR\VLJXHSURGXFLpQGRVH

/DDFWLYLGDGHV 3HOLJURVDPROHVWD\FRQWDPLQDQWH

$UHDD IHFWDGD KDHQHOGHSDUWDPHQWRGH3RWRVt

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOSLVFtFROD\DJURSHFXDULD

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR GHDJRVWRGH

)HFKDLQLFLRGHOFRQIOLF WR GHDJRVWRGH

2EMHWLYRGHORV DIHFWD GR V 5HVDUFLPLHQWRGHGDxRVRFDVLRQDGRV\FXPSOLPLHQWRGHOD/H\GHO


0HGLR$PELHQWH
$FFLRQHVUH DOL]DGDV ,QIRUPDWLYDVRUJDQL]DWLYDV\GHYLJLODQFLD

)HFKDGH UHJLVWUR GHDJRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
/DHPSUHVD&20685FRPHQ]yDWUDEDMDUHQODVPLQDVGH3RUFRHQ\GHVGHHVHDxRVHLQLFLDURQ
ODVGHQXQFLDVGHFRQWDPLQDFLyQSRUSDUWHGHODVFRPXQLGDGHVDIHFWDGDVVLWXDGDVDORODUJRGHODFXHQFD
DOWD GHO UtR 7XPXVOD (VWDV GHQXQFLDV QR IXHURQ DWHQGLGDV SRU ORV SHUVRQHURV JXEHUQDPHQWDOHV \ ODV
DFWLYLGDGHVGHODHPSUHVDFRQWLQXDURQUHDOL]iQGRVHVLQHOFRQWUROUHVSHFWLYR
(QDJRVWRGHODUXSWXUDGHOGLTXHGHFRODVGH3RUFRGHODHPSUHVD&20685DIHFWyVyORHQHO
GHSDUWDPHQWR GH 3RWRVt D PiV GH  FDPSHVLQRV GH  FRPXQLGDGHV (VWH LPSDFWR DFHQWXy HQ
JUDQGHVSURSRUFLRQHVORVSUREOHPDVVRFLDOHVHFRQyPLFRVGHVDOXG\DPELHQWDOHVGHODUHJLyQVLQHPEDUJR
KDVWDODIHFKDQLVLTXLHUDVHSODQLILFyODUHDOL]DFLyQGHXQGLDJQyVWLFRVRFLRHFRQyPLFR\DPELHQWDOSDUDFRQRFHU
HQODYHUGDGHUDGLPHQVLyQORVHIHFWRVSURYRFDGRV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
$O UHVSHFWR ODV RUJDQL]DFLRQHV GHO OXJDU \ YDULDV LQVWLWXFLRQHV SRWRVLQDV FRPR 'HUHFKRV +XPDQRV OD
6RFLHGDG3RWRVLQDGH(FRORJtD 623( \HO)RUR3RWRVLQRUHDOL]DURQDFFLRQHVGHLQYHVWLJDFLyQ\GHQXQFLD
FRQODILQDOLGDGGHORJUDUHOUHVDUFLPLHQWRGHORVGDxRVRFDVLRQDGRV\HOFXPSOLPLHQWRGHOD/H\
/D &20685 PLQLPL]y ORV HIHFWRV GHO DFFLGHQWH \ RFXOWy LQIRUPDFLyQ VREUH OD FDQWLGDG GH GHVHFKRV
YHUWLGRV DO FDXVH GHO UtR DGHPiV RSWy SRU GLYLGLU D ODV FRPXQLGDGHV KDFLHQGR RIUHFLPLHQWRV VyOR D
DOJXQDV ORFDOLGDGHV R SHUVRQDV \ FRPSUDQGR ORV DQLPDOHV PXHUWRV SRU OD FRQWDPLQDFLyQ D SUHFLRV
LUULVRULRV 3RU VX SDUWH ODV DXWRULGDGHV JXEHUQDPHQWDOHV HQ FRPSOLFLGDG FRQ OD HPSUHVD UHVWDURQ
LPSRUWDQFLDDOKHFKR\WDPELpQPLQLPL]DURQORVHIHFWRV
'HDFXHUGRDORVWHVWLPRQLRVGHORVDIHFWDGRVODHPSUHVD&20685GRWyVyORDDOJXQDVFRPXQLGDGHV
GH WUDQVIRUPDGRUHVSDUDOX] SHURpVWRVQRSXGLHURQVHUXWLOL]DGRV SRUTXHGHDFXHUGRD ODRSLQLyQGH
SHUVRQHURVGHODHPSUHVDGH HOHFWULFLGDGQRVHHQFXHQWUDQHQFRQGLFLRQHVWpFQLFDVDGHFXDGDV
3RURWUDSDUWHORVFDPSHVLQRVGHODV]RQDVDIHFWDGDVDILUPDURQTXHORVGtDVSRVWHULRUHVDODUXSWXUDGHO
GLTXHGHFRODVPLHPEURVGHOD&20685SURFHGLHURQDFRPSUDUORVDQLPDOHVTXHPXULHURQSRUKDEHU
LQJHULGRDJXDVGHOUtRFRQWDPLQDGR6LQHPEDUJRODVPXHUWHVFRQWLQXDURQ\ODHPSUHVD\DQRVRFRUULy
PiV HFRQyPLFDPHQWH D ORV FRPXQDULRV $GHPiV ORV FDPSHVLQRV TXH YLYHQ D OR ODUJR GH HVWD ULEHUD
VHxDODURQTXHOD&20685UHDOL]yPXFKRVRIUHFLPLHQWRVTXHKDVWDODIHFKDQRVHKLFLHURQHIHFWLYRV
2WURDVSHFWRTXHORVFRPXQDULRVREVHUYDURQHVHOKHFKRGHTXHQDGLHUHDOL]yQLXQGLDJQyVWLFRQLXQD
HYDOXDFLyQGHORVGDxRVFDXVDGRVDODIORUD\ODIDXQDFRPRWDPSRFRVREUHORVQHJDWLYRVHIHFWRVVRFLR
HFRQyPLFRV\GHVDOXGRFDVLRQDGRVDORODUJRGHWRGDODFXHQFD
(QODDFWXDOLGDGODVDJXDVGHORVUtRVGHHVWDFXHQFDD~QSHUPDQHFHQFRQXQDFRORUDFLyQPDUUyQRVFXUD\
ORVFDPSHVLQRVHVWiQFRQYHQFLGRVGHTXHQRYROYHUiQDVHUFULVWDOLQDVFRPRORIXHURQDQWHULRUPHQWH(VWR
VHGHEHDTXHODFRQWDPLQDFLyQFRQWLQ~DSXHVWRTXHODHPSUHVDVXHOWDODVDJXDVFRQWDPLQDGDVGHOGLTXH
GH3RUFRHQIRUPDSHUPDQHQWH\HVSHFLDOPHQWHSRUODVQRFKHV'HHVWDPDQHUDORVFDPSHVLQRVVLJXHQ
VLHQGRDIHFWDGRVSRUORVHIHFWRVGHODFRQWDPLQDFLyQWDQWRFRPRVXVDQLPDOHV\VXSURGXFFLyQDJUtFROD
&RQ UHODFLyQ DO WHPD VRFLDO HO HIHFWR GHO URPSLPLHQWR GHO GLTXH GH FRODV GH 3RUFR KD WHQLGR FRPR
FRQVHFXHQFLDODPLJUDFLyQORTXHVHHYLGHQFLDFODUDPHQWHDWUDYpVGHODFODXVXUDSRUIDOWDGHDOXPQRVGH
GRVHVWDEOHFLPLHQWRVHVFRODUHVVHFFLRQDOHVXQRHQODORFDOLGDGGH-DUL\HORWURHQ7RUFRFKL%DMR$QWHHVWD
VLWXDFLyQORVFRPXQDULRVGHODUHJLyQDILUPDQTXHVHRUJDQL]DUiQHQQ~FOHRVGHGHIHQVDSDUDPDUFKDU
KDFLD3RUFR\KDFHURtUVXVGHPDQGDV
/DUXSWXUDGHOGLTXHGHFRODVQRVPXHVWUDSRUXQDSDUWHODVOLPLWDFLRQHVGHODVLQVWLWXFLRQHVTXHWUDEDMDQ
HQODWHPiWLFDDPELHQWDOODVPLVPDVTXHSRUIDOWDGHUHFXUVRVSULQFLSDOPHQWHHFRQyPLFRVQRSXGLHURQ
UHDOL]DUDFFLRQHVRSRUWXQDVSDUDKDFHUTXHVHHQIUHQWHDGHFXDGDPHQWHHVWDFDWiVWURIHDPELHQWDO\SRU
RWUD WDPELpQ GHYHOD OD DFWLWXG LUUHVSRQVDEOH \ GHVOHDO GHO JRELHUQR GH HQWRQFHV TXH VH OLPLWy D
HQFXEULUOD\ODGHMDGH]GHODFWXDOTXHQRKDUHDOL]DGRQLQJXQDDFFLyQSDUDVXEVDQDUHOGDxRSURYRFDGR
\HYLWDUTXHODFRQWDPLQDFLyQVLJDRFXUULHQGR

)XHQWHV 9LVLWDDODVFRPXQLGDGHVGH.HVWXFKL-DUL7RUFRFKL3DQFRFKL7RURSDOFD6DURSDOFD3DOFD
+LJXHUDV\7XPXVODGRQGHVHHQWUHYLVWyDGLULJHQWHV\SREODGRUHVORFDOHV

3HUVRQD HQFDUJDGDGHOUHJLVWUR(UQHVWR4XLQWDQD623(3RWRVt )2%20$'(

 (O3UHVLGHQWHGHODpSRFD*RQ]DOR6iQFKH]GH/R]DGDHVXQRGHORVPD\RUHVDFFLRQLVWDVGH&20685

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHDJXDV\VXHORVSRUODERUHVPLQHUDVGHODPLQD7D]QDD
ODFXHQFDPHQRUGHUtR%ODQFR &RWDJDLWD
8ELFDFLyQG H OFRQIOLF WR &XHQFDPHQRUUtR%ODQFR&RWDJDLWDWUDPR7D]QD 3DOFDUtR
%ODQFRGHOPXQLFLSLR&RWDJDLWDSURYLQFLD1RU&KLFKDVGHO
GHSDUWDPHQWRGH3RWRVt
*HQHUDGRUGHOFRQ IOLFWR &20,%2/&20,1(6$\&RRSHUDWLYDVPLQHUDV

,QLFLDGRU GHOFRQIOLF WR $XWRULGDGHVFDPSHVLQDVVRFLHGDGFLYLO\XQLYHUVLGDG

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ3UHIHFWXUD\


$OFDOGtDGH3RWRVt
$IHFWDGRV $SUR[LPDGDPHQWHDKDELWDQWHVGHFRPXQLGDGHV
DVHQWDGDVDORODUJRGHOUtR%ODQFR
$FWLYLGDGT XHJHQ HU DHO  ([SORWDFLyQGHUHFXUVRVPLQHUDOyJLFRVSRUHOYHUWLGRGHDJXDV
GDxR iFLGDVGHPLQD\SDVLYRVDPELHQWDOHVSRUGHVPRQWHV\FRODV
XELFDGDVHQHOPLVPRFDXFHGHOUtR
(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVD\FRQWDPLQDQWH

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD $JURSHFXDULD

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 'HVGHHODVHQWDPLHQWRGHFRQVRUFLRV 3DWLxR+RVFKLOOG HQ

)HFKDLQLFLRGHOFRQIOLF WR $SDUWLUGHODxR

2EMHWLYRGHORV DIHFWD GR V /DLPSOHPHQWDFLyQGHPHGLGDVGHPLWLJDFLyQHQHO\DFLPLHQWRGH


7D]QD DGHPiV GHO UHVDUFLPLHQWR GH GDxRV DPELHQWDOHV D ODV
FRPXQLGDGHVDVHQWDGDVDORODUJRGHUtR%ODQFR
&XPSOLPLHQWRGH/H\\VXUHJODPHQWR
$FFLRQHVUH DOL]DGDV ,QIRUPDWLYDVGHYLJLODQFLDFRQWURO\UHXQLRQHV

)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
(VWHFRQIOLFWRVHRULJLQyGHELGRDODGHVFDUJDGHDJXDViFLGDVSURFHGHQWHVGHH[FDYDFLRQHVVXEWHUUiQHDV
DEDQGRQDGDVTXHHVWiQXELFDGDVHQHOGLVWULWRGH7D]QD$FWXDOPHQWHHVWHGLVWULWRHVWiFRQWURODGRSRUOD
FRPSDxtDWUDQVQDFLRQDO&RPSDxtD0LQHUD6RFLHGDG$QyQLPD &20,1(6$ 7DPELpQHVWiOD&RRSHUDWLYD
7D]QD/WGDTXHVHGHGLFDDODH[SORWDFLyQGHPLQHUDOHVGHHVWDxR\ZROIUDPXWLOL]DQGRPpWRGRVPDQXDOHV
GHUHFXSHUDFLyQ\SRUJUDYLPHWUtD7D]QDFXHQWDFRQXQDLQIUDHVWUXFWXUDLPSRUWDQWHSDUDVXVRSHUDFLRQHV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
HQWUHHOODVVHSXHGH PHQFLRQDUDOLQJHQLRGH%XHQ5HWLURFX\DFDSDFLGDGLQVWDODGDHVGH 7RQGtDGH
ZROIUDP\ELVPXWR
/D H[SORWDFLyQ PLQHUD WLHQH VX PD\RU LPSDFWR HQ OD YHJHWDFLyQ \ OD VDOXG GH ODV SREODFLRQHV DVHQWDGDV
FHUFDDORV\DFLPLHQWRVGHELGRDTXHHVWDVFRPXQLGDGHVXWLOL]DQHODJXDGHOUtRFRQWDPLQDGDSRUPHWDOHV
SHVDGRVFRPRFDGPLRSORPR]LQFDQWLPRQLRPDQJDQHVR\RWURVSDUDFRQVXPRKXPDQR\DJURSHFXDULR
(O FRQIOLFWR GHO UtR %ODQFR VH LQLFLy DSUR[LPDGDPHQWH HO DxR  HQ HVH HQWRQFHV OD PLQD GH 7D]QD
HVWDEDDGPLQLVWUDGDSRU&20,%2/\VXVVXFHVLYRVJHUHQWHVSURPHWLHURQDOWHUQDWLYDVSDUDVROXFLRQDUHO
FRQIOLFWR 6LQ HPEDUJR HVDV SURPHVDV QR IXHURQ FXPSOLGDV \ SDUDDFDOODU HO GHVFRQWHQWR RIUHFLHURQ
SXHVWRVGHWUDEDMRDWRGRVSULQFLSDOPHQWHDODVDXWRULGDGHVFRPXQDOHV
&RQHOWUDQVFXUVRGHOWLHPSRODVRSHUDFLRQHVIXHURQSDUDOL]iQGRVHGHELGRDODPDODDGPLQLVWUDFLyQKDVWDTXHHQ
ODFDtGDGHORVSUHFLRVGHORVPLQHUDOHVRFDVLRQyHOFLHUUHGHODVRSHUDFLRQHVGH&20,%2/\VHSURFHGLyDO
GHVSLGRPDVLYRGHVXVWUDEDMDGRUHV'HHVWDPDQHUDHO\DFLPLHQWRIXHWRPDGRSRUFRRSHUDWLYDVFX\RWUDEDMR
UXGLPHQWDULR\VLQQLQJ~QFRQWURODPELHQWDOSURYRFyXQQXHYRFRQIOLFWRFRQORVFRPXQDULRV
(QHVWDRFDVLyQORVDIHFWDGRVUHDOL]DURQDFFLRQHVSDUDREOLJDUDORVJHQHUDGRUHVGHOGDxRDWRPDUSUHYLVLRQHV
SHURDQWHODIDOWDGHUHVSXHVWDVGHORVJHQHUDGRUHVORVDIHFWDGRVGHFLGLHURQPDUFKDUKDVWDODPLQD\GHVWUXLU
VXV LQVWDODFLRQHV D UDt] GH OR FXDO VH OOHJy D XQ DFXHUGR HQWUH ODV SDUWHV SDUD FRQWURODU OD FRQWDPLQDFLyQ
SURGXFLGDSRUODVFRRSHUDWLYDV3RVWHULRUPHQWHDSDUWLUGHHOSUR\HFWR6DQ-XDQGHO2URILQDQFLDGRSRU
HO%,' \ DGPLQLVWUDGRSRUOD&RUSRUDFLyQGH 'HVDUUROORGH 3RWRVt &25'(32 FX\RREMHWLYRHUD RULHQWDU\
EULQGDUDSR\RWpFQLFRDOVHFWRUDJUtFROD\JDQDGHURHQODVSURYLQFLDV1RU\6XG&KLFKDVUHFXSHUyVXHORVHQOD
]RQDDIHFWDGDORJUDQGRGHHVWDPDQHUDUHGXFLUHQPtQLPDHVFDODHOLPSDFWRPRWLYRGHOFRQIOLFWR
6LQHPEDUJRHQHOFRQIOLFWRVH LQLFLyQXHYDPHQWHSULQFLSDOPHQWHDSDUWLU GH ODQRWLFLDGHTXH OD
HPSUHVD &20,1(6$ UHDFWLYDUtD OD H[SORWDFLyQ GHO \DFLPLHQWR GH 7D]QD /DV SURWHVWDV QR IXHURQ
HVFXFKDGDV KDVWD TXH HQ  ORV UHSUHVHQWDQWHV GH FRPXQLGDGHV \ OD )HGHUDFLyQ 8QLFD GH
&DPSHVLQRVUHDOL]DURQXQD UHXQLyQDPSOLDGDHQ ODTXH GHWHUPLQDURQEORTXHDUODFDUUHWHUDWURQFDO3RU
RWUDSDUWHODVFRPXQLGDGHVDVHQWDGDVHQHOiUHDGHFRQIOLFWRDPHQD]DURQFRQGHVWUXLUODLQIUDHVWUXFWXUD
GHO\DFLPLHQWRSHURSRUIDOWDGHRULHQWDFLyQ\GHGHFLVLyQODVFRPXQLGDGHVQROOHYDURQDODSUiFWLFDVXV
DPHQD]DV\VHPDQWXYLHURQHQHVSHUDGHTXHHOJRELHUQRFHQWUDOVROXFLRQHHOFRQIOLFWR
(QODDFWXDOLGDGHOFRQIOLFWRHQWUHODHPSUHVD&20,1(6$\ODVFRRSHUDWLYDVFRQORVSREODGRUHVGHODUHJLyQ
FRQWLQ~D\ODGHPDQGDGHORVDIHFWDGRVHVTXHVHLPSOHPHQWHPHGLGDVSDUDPLWLJDUHOLPSDFWRGHODVDJXDV
iFLGDVTXHVHFRPSHQVHORVGDxRVRFDVLRQDGRV\VHFXPSODOD/H\GHO0HGLR$PELHQWH\VXVUHJODPHQWRV
(QHVWHVHQWLGRVROLFLWDQTXHORVVXHORVGHODUHJLyQVHDQUHKDELOLWDGRV\TXHVHOOHYHDGHODQWHXQSURFHVR
GHPRQLWRUHRFRQWLQXRSRUSDUWHGHORVDJHQWHVGHOJRELHUQRFHQWUDO
/DVHPSUHVDV\ODVFRRSHUDWLYDVPLQHUDVHYLWDQDERUGDUHOWHPDGHOFRQIOLFWR\SURPHWHQUHDOL]DUPHGLGDV
GH PLWLJDFLyQ /DV DXWRULGDGHV UHSUHVHQWDWLYDV GHO iUHD DIHFWDGD YHQ FRQ SUHRFXSDFLyQ TXH HO FRQIOLFWR
WLHQGHDFUHFHU\TXHHVXUJHQWHODLQWHUYHQFLyQGHODVDXWRULGDGHVFHQWUDOHVHQFDUJDGDVGHHVWDWHPiWLFD

)XHQWHV (QWUHYLVWDVDODVDXWRULGDGHVFRPXQDOHVGHUtR%ODQFR\ODH[SHULHQFLDSHUVRQDOGHOHQFDUJDGR
GHOUHJLVWURTXLHQWUDEDMyHQHOiUHDHQPRQLWRUHRDPELHQWDOGHDJXDV\VXHORV

3HUVRQDHQFDUJDGDGHOUHJLVWUR(OtDV3XFK&)2%20$'( 3RWRVt

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQ GH DJXDV \ VXHOR SRU PLQDV H LQJHQLRV GH &KRUROTXH \
&KXUTXLQL
8ELFDFLyQG H OFRQIOLF WR 7UDPR)LHUUR8QR± &RWDJDLWDPXQLFLSLRGH&RWDJDLWDGHOD
SURYLQFLD1RU&KLFKDVGHOGHSDUWDPHQWRGH3RWRVt
*HQHUDGRUGHOFRQ IOLFWR &20,%2/FRRSHUDWLYDPLQHUD&KRUROTXH/WGDHPSUHVDPLQHUD
&KXUTXLQL ,QJHQLR&XQFDQL
,QLFLDGRU GHOFRQIOLF WR $XWRULGDGHVFDPSHVLQDV\RWURVDFWRUHVGHODVRFLHGDGFLYLO

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH3UHIHFWXUD\$OFDOGtD

$IHFWDGRV (QWUH\KDELWDQWHVGHFRPXQLGDGHVDVHQWDGDVDORODUJR
GHOUtR&DLWL
$FWLYLGDGT XHJHQ HU DHO  ([SORWDFLyQGHUHFXUVRVPLQHUDOyJLFRV\WUDWDPLHQWRGHPLQHUDOHV
GDxR
(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH\SHOLJURVD

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD $JURSHFXDULR

5HFXUVRVDIHFWDG RV $JXDIDXQDIORUD\VDOXG

)HFKDGHL QLFL RGHOGDxR $SDUWLUGH

)HFKDLQLFLRGHOFRQIOLF WR $SDUWLUGH

2EMHWLYRGHORV DIHFWD GR V 4XH VH UHDOLFHQ PHGLGDV GH PLWLJDFLyQ HQ HO \DFLPLHQWR GH
&KRUROTXH4XHVHFRQWUROH\DOPDFHQHODVFRODVGHODHPSUHVDGH
&KXUTXLQL4XHVHSURFHGDDOUHVDUFLPLHQWRGHGDxRVDPELHQWDOHV
D ODV FRPXQLGDGHV DVHQWDGDV D OR ODUJR GHO UtR &DLWL 4XH VH Gp
FXPSOLPLHQWRDOD/H\GHO0HGLR$PELHQWH\VXVUHJODPHQWRV
$FFLRQHVUH DOL]DGDV ,QIRUPDFLyQYLJLODQFLDFRQWURO\UHXQLRQHV

)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
(VWHFRQIOLFWRHVFDXVDGRSRUORV\DFLPLHQWRVGHODPLQD&KRUROTXH\SRUHOLQJHQLR&KXUTXLQL(OSULPHUR
HV XQ \DFLPLHQWR GH FDVLWHULWD DVRFLDGR D ZROIUDPLWD ELVPXWLQD JDOHQD SLULWD DUVHQRSLULWD (Q OD
DFWXDOLGDGHVWH\DFLPLHQWRVHKDOODEDMRODDGPLQLVWUDFLyQ GHOD&RRSHUDWLYD&KRUROTXH/WGD\SURGXFH
HQWUH\WRQHODGDVGLDULDVGHFRQFHQWUDGRVGHHVWDxRFX\DVDJXDVGHPLQDVRQGHVFDUJDGDVDOUtR
&DLWLHOPLVPRSUHVHQWDS+GH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
3RU RWURODGRHO LQJHQLRGH&KXUTXLQLXELFDGRHQOD PLVPD FXHQFDFRQFHQWUDPLQHUDOHVGHDQWLPRQLR
SURFHGHQWHVGHORVGHVPRQWHVDFXPXODGRVGXUDQWHYDULDVJHVWLRQHVORVPLVPRVTXHHQpSRFDGHOOXYLDV
YDQWDPELpQDSDUDUDOUtR&DLWL
(VWHFRQIOLFWR\DH[LVWtDHQORVWLHPSRVGHOD&20,%2/\VXFDXVDSULQFLSDOIXHODFRQWLQXDIXJDGHDJXDV
iFLGDVGHODPLQD&KRUROTXHKDFLDHOYDOOHGHUtR&DLWL3RVWHULRUPHQWHFRQODLQVWDODFLyQGHODSODQWDGH
WUDWDPLHQWR HQ &KXUTXLQL HO FRQIOLFWR VH IXH DJUDYDQGR \ GHVGH  VH DFHQWXy SRU OD DSDULFLyQ GH
SUREOHPDVVRFLRHFRQyPLFRVSURYRFDGRVSRUODGHJUDGDFLyQGHORVVXHORVGHFXOWLYR\ODFRQWDPLQDFLyQ
GHODVDJXDVGHPLQD
(VWRVSUREOHPDVRFDVLRQDURQIOXMRVPLJUDWRULRVKDFLDRWURVGHSDUWDPHQWRVSULQFLSDOPHQWH7DULMD\6DQWD
&UX] \ WDPELpQ KDFLD OD 5HS~EOLFD $UJHQWLQD $O UHVSHFWR GDWRV GHO ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD
,1(  VH HVWLPDQ TXH XQ  GH OD SREODFLyQ KD DEDQGRQDGR HO WUDEDMR DJUtFROD SDUD XELFDUVH HQ ORV
EDUULRVPDUJLQDOHVGHODVFLXGDGHVPHQFLRQDGDV
3DUDOHODPHQWHVXUJLyRWURFRQIOLFWRFRQODPLQDGH)LHUUR8QRSHUWHQHFLHQWHD&KRUROTXHODPLVPDTXH
H[SORWDFDVLWHULWD\YLHUWHVXVDJXDViFLGDVDOUtR&DLWL/DVDXWRULGDGHVFRPXQDOHVUHDOL]DURQUHFODPRV
DQWHORVJHQHUDGRUHVGHODFRQWDPLQDFLyQSHURQRREWXYLHURQUHVXOWDGRDOJXQRSULQFLSDOPHQWHSRUTXHHQ
HVDpSRFDHVWDVHPSUHVDVGDEDQWUDEDMRDPiVGHSHUVRQDVPXFKDVGHHOODVSURYHQLHQWHVGHODV
]RQDVDIHFWDGDVORTXHUHVWyIXHU]DDODVGHPDQGDVFRPXQDOHV6LQHPEDUJRDxRWUDVDxRFRQWLQXDURQ
ORVFRQIOLFWRVGHPDQHUDLQIRUPDOVLQTXHQLQJXQDDXWRULGDGJXEHUQDPHQWDOLQWHUYHQJDFRPRPHGLDGRU
'HVGH\KDVWDODIHFKDHOFRQIOLFWRFRQWLQ~D\ORVSREODGRUHVGHODUHJLyQDPHQD]DQFRQ UHDOL]DU
DFFLRQHVGLUHFWDV\GHVWUXLUHOLQJHQLR&KXTXLUL(VWHFRQIOLFWRTXHKD VLGRWUDWDGRFRQODSDUWLFLSDFLyQGH
ODSREODFLyQGH&RWDJDLWDHVWiKDFHWLHPSRHQHVSHUDGHTXHODVSURPHVDVUHDOL]DGDVSRUODVHPSUHVDV
VHFXPSODQ$OUHVSHFWRVyOROD8QLYHUVLGDG$XWyQRPD7RPiV)UtDVKDUHDOL]DGRHVWXGLRVVREUHHOJUDGR
GHFRQWDPLQDFLyQGHDJXDVGHOUtR&DLWL\WDPELpQVHHODERUDURQDOJXQRVSUR\HFWRVGHUHFXSHUDFLyQGH
VXHORVSDUDHYLWDUODPDVLYDPLJUDFLyQGHORVSREODGRUHVGHODUHJLyQ
/RVJHQHUDGRUHVGHOGDxRQRVHPDQLILHVWDQUHVSHFWRDOFRQIOLFWR\HOJRELHUQRQDFLRQDOWDPSRFRVHKD
LQYROXFUDGRHQpO /DV FRPXQLGDGHVDIHFWDGDVH[LJHQTXHHOPXQLFLSLR\ ODVXESUHIHFWXUDGH&RWDJDLWD
LQWHUYHQJDQ SHUR VXV H[LJHQFLDV QR VRQ HVFXFKDGDV (O &DFLTXH $JDSLWR /ySH] 9 TXH UHSUHVHQWD \
DGPLQLVWUDRFKRVHFFLRQHVGHODUHJLyQSRGUtDWRPDUGHFLVLRQHVVREUHHOFRQIOLFWRSLGHODLQWHUYHQFLyQGHO
JRELHUQRFHQWUDO
8OWLPDPHQWH XQD FRPLVLyQ GH OD UHJLyQ YLDMy D OD FLXGDG GH /D 3D] SDUD HQWUHYLVWDUVH FRQ SROtWLFRV
UHJLRQDOHV TXLHQHV SURPHWLHURQ GDU VROXFLyQ DO FRQIOLFWR SHUR KDVWD OD IHFKD QR KD\ SURSXHVWD GH
VROXFLyQ

)XHQWHV 9LVLWDVDODVFRPXQLGDGHVGH&RWDJDLWLOOD3HUDV3DPSD&DLWL*XDGDOXSH\HQWUHYLVWDFRQHO
&DFLTXHODPi[LPDDXWRULGDGGHOD]RQD

3HUVRQDHQFDUJDGDGHOUHJLVWUR(OtDV3XFK&)2%20$'( 3RWRVt

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHDJXDVGHOUtR7XSL]DSRUSDVLYRVDPELHQWDOHV
8ELFDFLyQG H OFRQIOLF WR 7UDPR7DWDVL 2UR,QJHQLR 2SORFD 7XSL]DSURYLQFLD6XU
&KLFKDVPXQLFLSLRGH7XSL]DGHOGHSDUWDPHQWRGH 3RWRVt
*HQHUDGRUGHOFRQ IOLFWR <DFLPLHQWRGH7DWDVLLQJHQLRGH9HWLOODV GHSHQGLHQWHVGH
&20,%2/ \\DFLPLHQWRGH&KLOFRELMD
,QLFLDGRU GHOFRQIOLF WR $XWRULGDGHVGH7XSL]D\&RPXQLGDGHVDIHFWDGDV

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH3UHIHFWXUD\$OFDOGtD

$IHFWDGRV $SUR[LPDGDPHQWHDKDELWDQWHVGHFRPXQLGDGHV
DVHQWDGDVDORODUJRGHOUtR7XSL]D
$FWLYLGDGHVTXHJHQHUDQHO $JXDViFLGDVGHPLQDOL[LYLDFLyQGHFRODV\GHVPRQWHV
GDxR
(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVD\FRQWDPLQDQWH

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD $JURSHFXDULD

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR $SDUWLUGH

)HFKDLQLFLRGHOFRQIOLF WR $SDUWLUGH

2EMHWLYRGHORV DIHFWD GR V 0HGLGDV GH PLWLJDFLyQ HQ HO \DFLPLHQWR GH 7DWDVL FRQWURO \
DOPDFHQDPLHQWRGHODVFRODVSURYHQLHQWHVGHORV,QJHQLRV9HWLOODV
\ &KLOFRELMD UHVDUFLPLHQWR GH GDxRV DPELHQWDOHV D ODV
FRPXQLGDGHVSULQFLSDOPHQWHGH2UR,QJHQLR\2SORFD\
&XPSOLPLHQWRGH/H\GHO0HGLR$PELHQWH\VXUHJODPHQWR
$FFLRQHVUH DOL]DGDV ,QIRUPDFLyQYLJLODQFLDFRQWURO\UHXQLRQHVRUJDQL]DWLYDV

)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
/RVSULQFLSDOHVDIOXHQWHVGHODFXHQFDPHQRUGHOUtR7XSL]DQDFHQHQORVFHQWURVPLQHURVGH7DWDVL6DQ
9LFHQWH \ &KLOFRELMD (VWDV XQLGDGHV GH SURGXFFLyQ PLQHUD HQ HO SDVDGR FHUFDQR DGTXLULHURQ XQD
QRWDEOH LPSRUWDQFLD SRU ORV YRO~PHQHV GH SURGXFFLyQ \ VX LQFLGHQFLD IDYRUDEOH HQ OD HFRQRPtD GH OD
UHJLyQ 6LQ HPEDUJR WDPELpQ RULJLQDURQ FRQIOLFWRV GH RUGHQ VRFLDO HQWUH ORV SREODGRUHV GH ODV iUHDV
UXUDOHVSUy[LPDVDORVPHQFLRQDGRVFHQWURVPLQHURVGHELGRDODFRQWDPLQDFLyQGHODVDJXDV\VXHORV
DJUtFRODV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
$ODIHFKDDSHVDUGHODVEDMDVFRWL]DFLRQHVGHORVPLQHUDOHVDVtFRPRGHORVFRVWRVHOHYDGRV\ODV
SUHFDULDV FRQGLFLRQHV GH RSHUDFLyQ OD PLQHUtD VLJXH VLHQGR OD SULQFLSDO DFWLYLGDG\ IXHQWH GH LQJUHVRV
HFRQyPLFRV GH OD UHJLyQ (VWD VLWXDFLyQ SHUVLVWLUi HQWUH WDQWR QR VH HVWUXFWXUH QXHYDV LQGXVWULDV HQ
FRQVHFXHQFLD ORV SUREOHPDV \ FRQIOLFWRV DPELHQWDOHV FRQWLQXDUiQ VL QR VH DGRSWDQ PHGLGDV SDUD
DWHQXDUORV
/D FXHQFDPHQRUGHOUtR 7XSL]D VHXELFDHQ ODSDUWH 6XUGHOGHSDUWDPHQWRGH3RWRVt VHJ~QHOPDSD
JHQHUDO GH VXEFXHQFDV DEDUFD GHVGH ODV QDFLHQWHV GH ORV UtRV 9HWLOODV +RQGD 7DWDVL &KLWD&KLOFR
$OPRQD6DORKDVWDODFRQIOXHQFLDFRQHOUtR6DQ-XDQGHO2URFRQXQDH[WHQVLyQDSUR[LPDGDGHNP
/DFXHQFDSUHVHQWDGLIHUHQWHVWLSRVGHSDLVDMHVJHRPRUIROyJLFRVHQODSDUWHDOWDVHREVHUYD XQSDLVDMH
GHVHUUDQtDVFRQSHQGLHQWHVDEUXSWDV\HOHYDFLRQHVTXHVXSHUDQORVPVQPGRQGHHQFDMDQYDOOHV
MyYHQHVIRUPDGRVD WUDYpV GH XQDGLVHFFLyQSURIXQGD ODSDUWH PHGLD\ EDMDGHHVWDFXHQFD PHQRUVH
FDUDFWHUL]D SRU OD SUHVHQFLD GH XQ SDLVDMH GH YDOOHV DPSOLRV \ PDGXURV FRQ H[WHQVDV SOD\DV H
LPSRUWDQWHVWHUUD]DVGRQGHVHKDGHVDUUROODGRXQDDFWLYLGDGDJUtFRODGHLPSRUWDQFLD
(OVLVWHPDGHGUHQDMHGHOiUHDSUHVHQWDFRPRFDXFHSULQFLSDODOUtR7XSL]DTXHQDFHHQODVFDEHFHUDV
GH ODVPLQDV 7DWDVL 6DQ 9LFHQWH \ &KLOFRELMD 6XV DIOXHQWHV LPSRUWDQWHV FRQVWLWX\HQ ORVUtRV 9HWLOODV \
+RQGDTXHVHXQHQDOUtR7DWDVLpVWHDVXYH]FRQIOX\HFRQORVUtRV&KLOFR\6RURFD\D7UHV3DOFDV\
6DORSDUDIRUPDUHQ~OWLPDLQVWDQFLDHOUtR7XSL]DHOFXDOOOHJDDGHVHPERFDUDODVXEFXHQFDGHOUtR6DQ
-XDQGHO2UR
/DSUREOHPiWLFD DPELHQWDOGH HVWDFXHQFDHVSURGXFLGDSRU ORVWUDEDMRVPLQHURVSULQFLSDOPHQWHGHORV
\DFLPLHQWRV GH 7DWDVL 6DQ 9LFHQWH \ &KLOFRELMD /RV GRV SULPHURV VRQ GHSyVLWRV DUJHQWtIHURV TXH
GHSHQGtDQGH&20,%2/6LQHPEDUJRHOLQLFLRGH ODH[SORWDFLyQVHUHPRQWDDODpSRFDGHODFRORQLD
FXDQGRDPERV\DFLPLHQWRVGLVSRQtDQGHLQJHQLRVPHFDQL]DGRVSRUIORWDFLyQVHOHFWLYDORTXHGHPXHVWUD
ODDFXPXODFLyQGHHQRUPHVGHSyVLWRVGHFRODV7RQDSUR[LPDGDPHQWHFRQFRQWHQLGRVGH]LQF
SORPR \ SLULWD ODVPLVPDVTXH DxR WUDV DxR HQ pSRFDV GH OOXYLD VRQ WUDQVSRUWDGDV DJXDV DEDMR /RV
\DFLPLHQWRVDFWXDOPHQWHVHHQFXHQWUDQEDMRODDGPLQLVWUDFLyQGHFRRSHUDWLYDVTXHH[WUDHQPLQHUDOHVGH
SORPRSODWD\]LQFSDUDWUDWDUORVSRVWHULRUPHQWHHQIRUPDPDQXDO
3RU RWUR ODGR OD PLQD &KLOFRELMD EDMR DGPLQLVWUDFLyQ GH (PSUHVD 0LQHUD 8QLILFDGD 6$ (086$  VH
HQFXHQWUDDO1RUHVWHGHODSREODFLyQGH7XSL]D\H[SORWDHQODDFWXDOLGDGPLQHUDOHVGHDQWLPRQLR6XV
SURFHVRVGHFRQFHQWUDFLyQVHUHDOL]DQHQXQDSODQWDGHWUDWDPLHQWRSRUIORWDFLyQ
(Q OD DFWXDOLGDG QR H[LVWH FRQWURO VREUH ODV DJXDV iFLGDV TXH IOX\HQ GH ODV PLQDV QL GLVSRVLFLRQHV SDUD
FRQWURODUORVGHVHFKRVPHWDO~UJLFRVTXHVHYLHUWHQDORVFDXFHVGHORVUtRV/DVDJXDViFLGDVTXHHQWUDQD
ORV FXUVRV GH ORV UtRV SURYRFDQ VHULRV SUREOHPDV HVHQFLDOPHQWH OD GHJUDGDFLyQ GH WHUUHQRV FXOWLYDEOHV
GHELGR D VX EDMR S+ $GHPiV VH KD FRPSUREDGR OD H[LVWHQFLD GH HOHYDGRV FRQWHQLGRV GH ]LQF FDGPLR
FREUHFURPRQtTXHOPDQJDQHVRDQWLPRQLRSORPR\PHUFXULRGLVXHOWRVSRUHIHFWRGHODYDGR\OL[LYLDFLyQGH
GHVPRQWHV\FRODVGH7DWDVL\9HWLOODV(VWDVDJXDVTXHVRQYHUWLGDVHQORVUtRVOOHJDQDORVYDOOHVGRQGH
VRQXWLOL]DGRVFRQILQHVGHULHJRHLQFOXVRSDUDFRQVXPRKXPDQR\DQLPDO
$OLJXDOTXHHQODVRWUDVUHJLRQHVGHFRQIOLFWRHQOD]RQDGHOUtR7XSL]DQRH[LVWHQUHJXODGRUHVORFDOHVDQWH
ORFXDOORVPXQLFLSLRVGHODVSURYLQFLDVGH1RU\6XU&KLFKDVHVWiQJHVWLRQDQGRODFUHDFLyQGHXQDRILFLQD
DPELHQWDOTXHUHJXOH\ILVFDOLFHORVFRQIOLFWRV\SUREOHPDVGHRUGHQDPELHQWDO

 0DSD*HQHUDOGH6XEFXHQFDVGHOD3DUWH6XGGHO'HSDUWDPHQWRGH3RWRVt)21$0$8$7)

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
(VWH SUREOHPD FRPHQ]y HVSHFLDOPHQWH HQ ODV ]RQDV GH 3RUWXJDOHWH \ 7DWDVL GHELGR D OD H[SORWDFLyQ
LQWHQVLYD GH PLQHUDO PHGLDQWH OD XWLOL]DFLyQ GH PHUFXULR $ SDUWLU GH  VH LQLFLy HO GHVDUUROOR GH
ODERUHVPLQHUDVHQ7DWDVL6DQ9LFHQWH\&KLOFRELMD\HVWHSURFHVRSURYRFyHOGHVSOD]DPLHQWRGHPDQR
GHREUDGHDJULFXOWRUHV\GLROXJDUDODSpUGLGDGHVLVWHPDVGHSURGXFFLyQ\DODEDQGRQRGHWLHUUDV
(OFRQIOLFWR\DH[LVWtDHQORVWLHPSRVGHOD&20,%2/SULQFLSDOPHQWHSRUODIXJDGHDJXDViFLGDVGHOD
PLQD7DWDVLKDFLDHOYDOOHGH7XSL]D\SRUGHVHFKRVVyOLGRVGHOLQJHQLR9HWLOODV3RVWHULRUPHQWHHQ
ODHPSUHVD(086$LQJUHVyDOFRQIOLFWRSRUVROWDUPDWHULDOGHOLQJHQLRDOUtR7XSL]D
/D LQWHQVLYD H[SORWDFLyQ GH PLQHUDOHV \ OD LQVWDODFLyQ GH SODQWDV PHWDO~UJLFDV RFDVLRQDURQ HQ SRFR
WLHPSR XQ JUDYH GHWHULRUR DPELHQWDO \ FRQIOLFWRV VRFLDOHV FRQ ORV SRFRV FRPXQDULRV TXH FRQWLQXDEDQ
DVHQWDGRVDORODUJRGHOUtR7XSL]DTXLHQHVVHDJUXSDURQ\YLVLWDURQDORVJHUHQWHVGH(086$\HVWRV
UHVSRQGLHURQFRQODDPHQD]DGHTXHVHUUDUtDQODPLQD\UHWLUDUtDQDOSHUVRQDOSURYRFDQGRXQFRQIOLFWR
VRFLDOD~QPD\RU
$ILQHVGHODGpFDGDGH  ODSREODFLyQFLYLOGH7XSL]D\ODVFRPXQLGDGHVFDPSHVLQDVGHODUHJLyQ
UHDOL]DURQ DFFLRQHV HQ FRQWUD GH OD HPSUHVD (086$ \ ORJUDURQ TXH pVWD FRQVLGHUH PHGLGDV GH
PLWLJDFLyQ
/D8QLYHUVLGDG$XWyQRPD7RPiV)UtDVPHGLDQWHOD)DFXOWDGGH*HRORJtDKL]RFRQRFHURSRUWXQDPHQWHD
ODVDXWRULGDGHVSROtWLFDVGH7XSL]DHOFRQIOLFWRTXHVHSURGXFLUtDHQFDVRGHTXHVHURPSDHOGLTXHGH
FRODV GH 7DWDVL 6LQ HPEDUJR KDVWD OD IHFKD ODV DXWRULGDGHV QR KDQ WRPDQGR HQ FXHQWD HVWD
DGYHUWHQFLD
/D SURSXHVWD WpFQLFD HV FRQVWUXLU JDYLRQHV SULQFLSDOPHQWH HQ ORV SXQWRV GH PD\RU HVFRUUHQWtD GH DJXDV
VXSHUILFLDOHV \D TXH HVWRV HURVLRQDQ \ DUUDVWUDQ PDWHULDOHV D SDUWLU GH ODV FRODV \ GHVPRQWHV KDFLD HO UtR
7XSL]DSURYRFDQGRDVtFRQIOLFWRVDPELHQWDOHV $GHPiVGHEHH[LVWLUXQSODQGH UHFXSHUDFLyQGH VXHORVGH
FXOWLYRVTXHKDQVLGRDIHFWDGRVSRULQXQGDFLRQHVHQpSRFDGHOOXYLDVPHGLDQWHODFRQVWUXFFLyQGHGHIHQVLYRV
HQODV]RQDVGH2UR,QJHQLR2SORFD9LOOD3URYLGHQFLD\<XUFXPD
$O SUHVHQWH VHJ~Q GHFODUDFLRQHV GHO &RUUHJLGRU \ GHO $JHQWH &DQWRQDO GH ODV FRPXQLGDGHV GH 2UR
,QJHQLR \2SORFDUHVSHFWLYDPHQWHHOFRQIOLFWRH[LVWHFRQODPLQDGH7DWDVL\FRQHO,QJHQLR9HWLOODVTXH
HVWiQDEDQGRQDGRVHQODDFWXDOLGDG$OUHVSHFWRHOORVGHFODUDQKDEHUDFXGLGRHQYDULDVRSRUWXQLGDGHVD
OD$OFDOGtD\DOD6XESUHIHFWXUDGH7XSL]DVLQUHVXOWDGRDOJXQR\PDQLILHVWDQTXHDVXPLUiQPHGLGDVPiV
UDGLFDOHVVLHVTXHQRORJUDQVROXFLRQDUHOFRQIOLFWRSULQFLSDOPHQWHFRQTXLHQHVKDQJHQHUDGRHOGDxR
HQ HVWH FDVR &20,%2/ \ ODV FRRSHUDWLYDV TXH DFWXDOPHQWH RSHUDQ HQ OD ]RQD (VWDV DXWRULGDGHV
ORFDOHV SLGHQ TXH VH GHWHQJD OD IXJD GH DJXDV iFLGDV \ VHGLPHQWRV SURYHQLHQWHV GH ORV SDVLYRV
DPELHQWDOHV\DTXHpVWRVSURYRFDQIXHUWHVLPSDFWRVHVSHFLDOPHQWHHQpSRFDVGHOOXYLD\VRQODFDXVD
GH PLJUDFLRQHV TXH RFXUUHQ GHELGR D OD FRQWDPLQDFLyQ GH ORV VXHORV\ D OD FRQVWDQWH SUHVHQFLD GH
HQIHUPHGDGHV JDVWURLQWHVWLQDOHV \ DIHFFLRQHV SUHQDWDOHV SURGXFLGDV SRU HO FRQVXPR GH DJXDV
FRQWDPLQDGDV

)XHQWHV 6HYLVLWyDODVFRPXQLGDGHVGH2SORFD\2UR,QJHQLRGRQGHVHHQWUHYLVWyDORVGLULJHQWHV\
SREODGRUHVGHGLFKDVFRPXQLGDGHV

3HUVRQDHQFDUJDGDGHOUHJLVWUR(OtDV3XFK&)2%20$'( 3RWRVt

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHOUtR+XD\QD0D\X
8ELFDFLyQG H OFRQIOLF WR &LXGDGGH3RWRVt

*HQHUDGRUGHOFRQ IOLFWR ,QJHQLRVPLQHURV6DJiUQDJD(032&RSDFDEDQD'DQLHOD


3DOOLULV'RORUHV1RYD± &UX]GHO6XU$VXQFLyQ\*XDGDOXSH\
JRELHUQRPXQLFLSDO
,QLFLDGRU GHOFRQIOLF WR 9HFLQRVDJUXSDGRVHQRUJDQL]DFLRQHVGHEDVH\RUJDQL]DFLRQHV
QRJXEHUQDPHQWDOHV
5HJXODGRUGHO FRQIOLFWR *RELHUQRGHSDUWDPHQWDO\PXQLFLSDO

$IHFWDGRV KDELWDQWHVGHODV]RQDVGH6DQ&ULVWyEDO6DQ3HGUR\6DQ
%HQLWR
$FWLYLGDGT XHJHQ HU DHO  0LQHUtD
GDxR
(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDDJURSHFXDULDHTXLSDPLHQWR \VHUYLFLRV

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQDDLUH\VDOXG

)HFKDGHL QLFL RGHOGDxR DJUDYDGRGHVGH

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V (PERYHGDGRGHOUtR+XD\QD0D\X\PHMRUDPLHQWRGHORV


SURFHVRVGHLQJHQLRV
$FFLRQHVUH DOL]DGDV 0RYLOL]DFLRQHVLQIRUPDWLYDVUD\DGRVDILFKHVYRODQWHVPXUDOHV
FRPXQLWDULRVSHULIRQHRVGHQXQFLDVS~EOLFDVFRRUGLQDFLyQHQWUH
RUJDQL]DFLRQHVGHOD]RQDHLQYHVWLJDFLRQHV
)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
'HVGH  HO UtR +XD\QD 0D\X DIOXHQWH GHO UtR GH /D 5LEHUD VLUYH D ODV ODERUHV GH H[SORWDFLyQ GH
PLQHUDOHV FX\RV VLVWHPDV GH ODJXQDV H LQJHQLRV YLHUWHQ VXV GHVKHFKRV VyOLGRV \ DJXDV iFLGDV D VX
FDXFH(VWHUtRSDVDSRUODV]RQDVSREODGDVGHODFLXGDGGH3RWRVtWDOHVFRPR3DLODYLUL6DQ&ULVWyEDO
6DQ3HGUR\6DQ%HQLWR
/DDFWLYLGDGHFRQyPLFDSULQFLSDOGHXQGHODVIDPLOLDVGHHVWDV]RQDVHVODPLQHUtDGHELGRDTXHORV
GLIHUHQWHVLQJHQLRVORFDOHVOHVEULQGDQIXHQWHVGHWUDEDMRSRUHVWDUD]yQVXVYLYLHQGDV\RWURVVHUYLFLRV
VHHQFXHQWUDQHQHOOXJDU

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
'H HVWD PDQHUD DGHPiV GHO SUREOHPD GH ODFRQWDPLQDFLyQ PLQHUDVH WLHQH OD SUHVHQFLD GH IRFRV GH
LQIHFFLyQHQGLIHUHQWHVWUDPRVGHOUtR\DTXHODVIDPLOLDVPDQWHQLHQGRVXVSUiFWLFDVFXOWXUDOHV UXUDOHV
FUtDQ FHUGRV IXHUD GH OD FDVD \ WLHQHQ YDULRV SHUURV HQ ODV FDOOHV TXLHQHV DFXGHQ D HVWH UtR D ILQ GH
DOLPHQWDUVH GH ODV EDVXUDV \ H[FUHPHQWRV SXHV ODV IDPLOLDV OR XWLOL]DQ FRPR EDxR KLJLpQLFR \ FRPR
YHUWHGHURGHGHVHFKRVVyOLGRV3URGXFWRGHOR DQWHULRUORVYHFLQRVWDPELpQGHEHQVRSRUWDUODFRQVWDQWH
SUHVHQFLDGHPRVFDV
&RPR HIHFWR GH OD FRQWDPLQDFLyQGHODJXD \ GHODLUH H[LVWH DOWRVtQGLFHVGH HQIHUPHGDGHV GH OD SLHO
GLDUUHDVDJXGDVLQIHFFLRQHVUHVSLUDWRULDV\FDVRVGHFRQMXQWLYLWLVHVSHFLDOPHQWHHQWUHORVQLxRVTXHDO
QRWHQHUHVSDFLRVGHUHFUHDFLyQMXHJDQDRULOODVGHOUtR
(O UtR +XD\QD 0D\X HPSH]y D JHQHUDU FRQIOLFWR FXDQGR ORV SREODGRUHV ORFDOHV OR LGHQWLILFDQ FRPR HO
FDXVDQWH GH VXVSUREOHPDVGH VDOXG $ HVWH KHFKR WDPELpQFRQWULEX\y HO WUDEDMR GH HGXFDFLyQ VREUH
VDOXGDVRFLDGDDRWURVIDFWRUHVTXHHO&HQWUR3RSXODUGH6DOXG(GXFDFLyQ\3URGXFFLyQ &(1326(3 
RWUDV21*V\OD,JOHVLD&DWyOLFDUHDOL]DURQHQOD]RQD
$SDUWLUGHHQSDUWLFXODUODVMXQWDVGHYHFLQRVGH6DQ3HGURUHDOL]DURQVROLFLWXGHVHVFULWDV\YLVLWDV
D DXWRULGDGHV VROLFLWDQGR HO HPERYHGDGR GHO UtR (Q  ORV YHFLQRV \D PiVRUJDQL]DGRV HQ WRUQRD
&(1326(3 VH PRYLOL]DURQ\ WUDEDMDURQ HQ OD E~VTXHGDGH VROXFLRQHV D OD IDOWD GH VHUYLFLRV EiVLFRV
SODQWHDQGRHVWDVQHFHVLGDGHVVLQQLQJ~Qp[LWRDODVDXWRULGDGHVORFDOHVGHOD3UHIHFWXUDGH6DOXGGHOD
$GPLQLVWUDFLyQ $XWyQRPD SDUD 2EUDV 6DQLWDULDV 3RWRVt $$326  HWF (QWRQFHV VH UHFXUULy DO )RQGR
6RFLDOGH(PHUJHQFLDTXLHQDSR\yHVWDVGHPDQGDV(QVHLQLFLyODLQVWDODFLyQGHDJXDGRPLFLOLDULD
DOFDQWDULOODGR\FRQVWUXFFLyQGHEDxRVHQORVGRPLFLOLRVDXQTXHH[LVWHXQSUREOHPDGHHVFDVH]GHDJXD
(/ SURFHVR GH FRQVWUXFFLyQ GHO VLVWHPD GH DJXD \ DOFDQWDULOODGR PRWLYy XQD VHULH GH YLVLWDV D
DXWRULGDGHV \ SXEOLFDFLRQHV HQ OD  SUHQVD DFHUFD GH OD VLWXDFLyQ TXH WHQtDQ HVWDV IDPLOLDV SRU OD
FRQWDPLQDFLyQ \ OD FDUHQFLD GH DJXD /DV UHODFLRQHV FRQ OD SUHQVD IXHURQ LPSRUWDQWHV SXHV ORV
SHULRGLVWDVUHDOL]DURQHOVHJXLPLHQWRGHODVLWXDFLyQGHOUtR+XD\QD0D\X
(QODJHVWLyQOD+RQRUDEOH$OFDOGtD0XQLFLSDOLQLFLyODSUHSDUDFLyQ\GLVHxRGHXQSUR\HFWRSDUDHO
HPERYHGDGR GHO UtR H LQIRUPy TXH VH UHFLELUtD XQ ILQDQFLDPLHQWR GHO )RQGR 1DFLRQDO GH 'HVDUUROOR
5HJLRQDO )1'5 /DVDXWRULGDGHV\ORVYHFLQRVGHWRGDVODV]RQDVSRUGRQGHHOUtRDWUDYLHVDDEULJDURQ
HVSHUDQ]DVGHPHMRUDUHVWDVSDUWHVGHODFLXGDG\FRQWULEXLUDODGLVPLQXFLyQGHHQIHUPHGDGHV\DOPHGLR
DPELHQWH (VWH SUR\HFWR HQ pSRFDV HOHFWRUDOHV HV XWLOL]DGR FRPR EDQGHUD SRU ORV GLIHUHQWHV SDUWLGRV
SROtWLFRV SHUR XQD YH] TXH OOHJDQ DO SRGHU QR FULVWDOL]DQ QLQJ~Q RIUHFLPLHQWR \ ODV PRYLOL]DFLRQHV \
SURWHVWDVDVtFRPRORVDFFLGHQWHVHQHOUtRVLJXHQVLQVROXFLyQ
$FWXDOPHQWHODSUHIHFWXUDHOPXQLFLSLR\ODLQVWLWXFLyQUHJXODGRUDGHODJXDHVWiQEXVFDQGRILQDQFLDPLHQWR
SDUDHOWUDWDPLHQWRGHDJXDVGHORVLQJHQLRVHODOFDQWDULOODGR\SRVLEOHHPERYHGDGRGHOUtRSHURD~QQR
VH YH ORV IUXWRV GH HVWDV LQLFLDWLYDV (OOR KDFH TXH OD SREODFLyQ QR FUHD HQ SURPHVDV \ QR DSR\H ODV
DFFLRQHVTXHUHDOL]DQHVWDVLQVWLWXFLRQHV

)XHQWHV -,&$³(VWXGLRGH(YDOXDFLyQGHO,PSDFWR$PELHQWDOGHO6HFWRU0LQHURHQHO'HSDUWDPHQWRGH
3RWRVt´HLQIRUPDFLyQGHO&(1326(3

3HUVRQDHQFDUJDGDGHOUHJLVWUR5RVDULR/DLPH0&(1326(3)2%20$'( 3RWRVt

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHO UtRGH/D5LEHUD
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH3RWRVt

*HQHUDGRUGHOFRQ IOLFWR ,QJHQLRVPLQHURVfDxD\6DQ-RVp9HUD&UX]2WWR6DQ0LJXHO


%ROtYDU6DQ-XDQ(0&$'HQYHU0ROLQR6DQWD&DWDOLQD
&RSDFDEDQD6DQ6LOYHVWUH&DQGHODULD6DQ)UDQFLVFR9HODUGH
=DEDOHWD$QGLQD7KXUX*RQ]iOH] 0DUWtQH]6RPLO /D&KDFD
&20,&(/1RYD )RUWDOH]D&RPSDxtDPHWDO~UJLFD3RWRVt
0HQGR]D/$0%2/6DQWD/XFtD2FFLGHQWDO,0685,QJHQLR6DQ
3HGUR3RWRVt&RSDFDEDQD6DQWD&DWDOLQD6DQ-RUJH620,1.25
\/D$OLDGD
,QLFLDGRU GHOFRQIOLF WR 3REODGRUHVUHXQLGRVHQRUJDQL]DFLRQHVGHEDVH\21*V

5HJXODGRUGHO FRQIOLFWR *RELHUQRGHSDUWDPHQWDO

$IHFWDGRV KDELWDQWHVGHORVEDUULRV6DQ-XDQ&DQWXPDUFD\SDUWH
GHOFHQWURGHODFLXGDGGH3RWRVt
$FWLYLGDGT XHJHQ HU DHO  0LQHUtD
GDxR
(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOSLVFtFRODYLYLHQGDHTXLSDPLHQWRVHUYLFLRVHLQGXVWULDO

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQDDLUH\VDOXG

&RVWRVS DU DUHGXFLUHOG DxR 6yORODFRQVWUXFFLyQGHOGLTXHGHFRODVGH6DQ$QWRQLRUHTXLHUH


XQDLQYHUVLyQDSUR[LPDGDGHPLOORQHVGHGyODUHV
)HFKDGHL QLFL RGHOGDxR 'HVGHD

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V 0LWLJDUODFRQWDPLQDFLyQRFDVLRQDGDSRUODDFWLYLGDGPLQHUD\


VHQVLELOL]DUDORVKDELWDQWHVGHODFLXGDGUHVSHFWRDODVLWXDFLyQGH
ODVIDPLOLDVDIHFWDGDVSRUODFRQWDPLQDFLyQ
$FFLRQHVUH DOL]DGDV 'HQXQFLDVPRYLOL]DFLRQHVFRRUGLQDFLyQFRQRUJDQL]DFLRQHVGH
EDVH 21*VH,JOHVLD\E~VTXHGDGHILQDQFLDPLHQWR
)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
(O UtR GH /D 5LEHUD WLHQH WUHV DIOXHQWHV HQ DO FLXGDG GH 3RWRVt &KHFNWDNDOD +XD\QD 0D\X \ .RULPD\X
OXHJRDJXDVDEDMRWRPDODGHQRPLQDFLyQGH$OMDPD\X\IOX\HHQGLUHFFLyQQRUHVWHPiVDGHODQWHFRQIOX\H
FRQODTXHEUDGDGH-D\DMPD\XTXHFXUVDHOIODQFRRHVWHGHO&HUUR5LFRGH3RWRVt\GHOUtRGHDJXDGXOFH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
FX\RDIOXHQWHHVHOUtR+XDFDFKLPD\X/RVUtRVGH/D5LEHUD$OMDPD\X0ROLQR\7DUDSD\DVRQSDUWHVGHOD
PLVPDFXHQFDTXHVHLQLFLDFRQHOSULPHUR\WRPDGLIHUHQWHVGHQRPLQDFLRQHVGHDFXHUGRDODORFDOLGDGTXH
DWUDYLHVD3ULPHURHVGHQRPLQDGRUtR7DUDSD\DOXHJR/D5LEHUDFXDQGRDWUDYLHVDODFLXGDG3RWRVtKDVWD
VXFRQIOXHQFLDFRQHOUtR-HV~V9DOOHDFRQWLQXDFLyQVHOROODPD$OMDPD\XKDVWDVXFRQIOXHQFLDFRQHOUtR
+XDQFDUDQLPiVDGHODQWHWRPDODGHQRPLQDFLyQGH(O0ROLQRHQODVFHUFDQtDVGHODSREODFLyQGHOPLVPR
QRPEUH\ILQDOPHQWHDJXDVDEDMRKDVWDODFRQIOXHQFLDFRQHOUtR3LOFRPD\XVHORQRPEUD7DUDSD\D
(VWH UtR SUHVHQWD FRQWDPLQDFLyQ PLQHUD GHELGR D TXH SDUD HO WUDWDPLHQWR GH PLQHUDOHV VH XWLOL]D
PDWHULDOHV TXH SURGXFHQ HIOXHQWHV iFLGRV (QWUH  \  SDUD OD H[WUDFFLyQ GH HVWDxR \ OD
SURGXFFLyQ GH VX SULQFLSDO PLQHUDO OD FDVLWHULWD VH DSOLFy IXQGDPHQWDOPHQWH OD FRQFHQWUDFLyQ
JUDYLPpWULFDSRUORTXHODFRQWDPLQDFLyQFRQVLVWLyHQODSURGXFFLyQGHGHVKHFKRVVyOLGRV\DFXPXODFLyQ
GHUHODYHV\GHVPRQWHV
$ SDUWLU GH  VH H[SORWy VXOIXURV GH ]LQF SODWD \ SORPR TXH VRQUHFXSHUDGRV SRU IORWDFLyQ HVWH
SURFHVR UHTXLHUH GH XQD PROLHQGD ILQD \ OD DSOLFDFLyQ GH UHDFWLYRV TXtPLFRV FROHFWRUHV [DQWDWRV 
DFWLYDGRUHV \ GHSUHVDQWHV SRU WDQWR OD FRQWDPLQDFLyQ \D H[LVWHQWH IXH DJUDYDGD FRQ ORV GHVKHFKRV
VyOLGRV TXH ORV LQJHQLRV YLHUWHQ DO UtR GH /D 5LEHUD \ IOX\HQ KDFLD HO UtR 3LOFRPD\X (Q FRQGLFLRQHV
QRUPDOHVHOWUDQVSRUWHGHVyOLGRVHQVXVSHQFLyQGHORVUtRVGH/D5LEHUD$OMDPD\X\7DUDSD\DSXHGH
DVFHQGHUD7GtD
(O UtR /D 5LEHUD HUD FRQVLGHUDGR SRU PXFKRV XQD DWUDFFLyQ WXUtVWLFD KR\ HV FDXVD GH XQ FRQIOLFWR
DPELHQWDO SULQFLSDOPHQWH SRU OD DFWLYLGDG PLQHUD \ OD SUHVHQFLD GH EDVXUDOHV \ DQLPDOHV HQ VXV
DOUHGHGRUHV$GHPiVFRQHOFUHFLPLHQWRGHODFLXGDGYDULDVSHUVRQDVFRQVWUX\HURQVXVFDVDVGHMDQGR
TXHHOULyVLJDVXFXUVRSRUGHEDMRGHHOODVRSRUVXVFDOOHVFHQWUDOHV
,QLFLDOPHQWH ODV SURWHVWDV GH ORV YHFLQRV HUDQ DLVODGDV FDGD XQR UHFODPDED SRU VX YLYLHQGD SHUR
SRVWHULRUPHQWHVHRUJDQL]DURQFRQUHSUHVHQWDQWHVGHEDUULRV\GHODV]RQDVSDUDDFXGLUDODVDXWRULGDGHV
\ D RWUDV RUJDQL]DFLRQHV HQ EXVFD GH VROXFLRQHV DO FRQIOLFWR (Q UHVSXHVWD D HVWDV GHQXQFLDV YDULDV
RUJDQL]DFLRQHVQRJXEHUQDPHQWDOHVUHDOL]DURQUHXQLRQHV\DFFLRQHVGHHGXFDFLyQHQWUHRWUDV7DPELpQ
GHPDQHUDFRQMXQWDFRQORVYHFLQRVVHDFXGLy DODVDXWRULGDGHVGHSDUWDPHQWDOHV\QDFLRQDOHV
3DUD HQFRQWUDU VROXFLRQHV D HVWH SUREOHPD D SDUWLU GH OD JHVWLyQ  HO JRELHUQR GHSDUWDPHQWDO
$GPLQLVWUDFLyQ $XWyQRPD SDUD 2EUDV 6DQLWDULDV 3RWRVt $$326  \ HO 0XQLFLSLR UHVSRQGLHQGR D ODV
FRQWLQXDV SUHVLRQHV GH ORV YHFLQRV EXVFDURQ HO DSR\R GH RUJDQLVPRV LQWHUQDFLRQDOHV FRPR OD
&RRSHUDFLyQ)LQDQFLHUD$OHPDQD .I:  SDUDILQDQFLDUXQSUR\HFWRGHJUDQPDJQLWXG(VWDSURSXHVWD
FRQWHPSODHQVXIDVHSULQFLSDOODFRQVWUXFFLyQGHXQGLTXHGHFRODVHQ6DQ $QWRQLRHOPLVPRTXHGHEHUi
VHUYLU SDUD TXH ORV LQJHQLRV RSHUHQ EDMR QRUPDV \ UHJODPHQWRV HVWDEOHFLGRV HQ OD OHJLVODFLyQ DPELHQWDO
$GHPiVEXVFDVROXFLRQDUHOSUREOHPDGHODIDOWDSDUFLDOGHDOFDQWDULOODGRHQODFLXGDG6LQHPEDUJRKDVWD
ODIHFKDQRH[LVWHQDYDQFHVVLJQLILFDWLYRVORTXHSURYRFDLQFHUWLGXPEUHHQODVSREODFLRQHVDIHFWDGDV
$FWXDOPHQWHODRUJDQL]DFLyQGHQRPLQDGD3ODQGH5HKDELOLWDFLyQGH$UHDV+LVWyULFDVGH3RWRVt 35$3+ 
MXQWR D ODV RUJDQL]DFLRQHV YHFLQDOHV \ HO PXQLFLSLR HVWiQ EXVFDQGR DOWHUQDWLYDV GH VROXFLyQ FXLGDQGR
WDPELpQHODVSHFWRKLVWyULFR\WXUtVWLFRGHODFLXGDG

)XHQWHV -,&$(VWXGLRGH(YDOXDFLyQGHO,PSDFWR$PELHQWDOGHO6HFWRU0LQHURHQHO'HSDUWDPHQWRGH
3RWRVtHLQIRUPDFLyQGHO&(1326(3

3HUVRQDHQFDUJDGDGHOUHJLVWUR5RVDULR/DLPH0&(1326(3)2%20$'( 3RWRVt

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQFHVLyQPLQHUDSDUDODH[SORWDFLyQGHiULGRVHQHOUtR,YLUJDU]DPD
8ELFDFLyQG H OFRQIOLF WR ,YLUJDU]DPDFDQWyQ,QFXQDGHOD4XLQWD6HFFLyQGH3XHUWR
9LOODUURHOGHODSURYLQFLD&DUUDVFRGHOGHSDUWDPHQWRGH
&RFKDEDPED
*HQHUDGRUGHOFRQ IOLFWR (PSUHVDPLQHUD1XHYR$PDQHFHU\*UDQ3RGHU

,QLFLDGRU GHOFRQIOLF WR )HGHUDFLyQ GH -XQWDV 9HFLQDOHV GH ,YLUJDU]DPD &RPLWp


3URFDPLQRVGH,YLUJDU]DPD&RORQLDV6DQ-DYLHU\GHPD\R\
+DFLHQGD7UHV&RORQLDV
5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH6XSHULQWHQGHQFLDGH0LQDV
5HJLRQDO&RFKDEDPED3UHIHFWXUDGH&RFKDEDPED\0XQLFLSLR
GH3XHUWR9LOODUURHO
$IHFWDGRV SHUVRQDVGHOSXHEORGH,YLUJDU]DPD

$FWLYLGDGT XHJHQ HU DHO  ([WUDFFLyQGHSLHGUDDUHQDJUDYD\FDVFDMR


GDxR
(OGDxR JHQHUDGR 6HSURGXMR\VHSURGXFLUi

/DDFWLYLGDGHV (URVLYD\FRQWDPLQDQWH

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD 8VRGHPDWHULDOHVGHFRQVWUXFFLyQ

5HFXUVRVDIHFWDG RV 6XHOR\DJXD

)HFKDGHL QLFL RGHOGDxR $JRVWRGH (PSUHVD*UDQ3RGHU \G LFLHPEUHGH (PSUHVD


1XHYRDPDQHFHU
)HFKDLQLFLRGHOFRQIOLF WR -XOLRGH

2EMHWLYRGHORV DIHFWD GR V (YLWDUTXHVHDPHQDFHODHVWDELOLGDGGHOVXHOR\TXHORVUHFXUVRV


H[LVWHQWHVHQHOUtRVHDQGHXVRSULYDGR
$FFLRQHVUH DOL]DGDV 3HWLFLRQHV YRWRV UHVROXWLYRV DPHQD]D GH DFFLRQHV GH KHFKR
PRYLOL]DFLRQHVGHQXQFLDVS~EOLFDV\SDURFtYLFR
)HFKDGH UHJLVWUR GHMXOLRGH

'HVFULSFLyQGHOFRQIOLFWR
(Q OD RSRVLFLyQ D ODV FRQFHVLRQHV PLQHUDV HQ HO UtR ,YLUJDU]DPD SDUWLFLSDURQ WRGRV ORV VHFWRUHV GH OD
]RQD PRYLGRV SRU OD FRQYLFFLyQ GH TXH ORV UHFXUVRV H[LVWHQWHV HQ HO UtR QR GHEtDQ EHQHILFLDU
H[FOXVLYDPHQWHDXQDSHUVRQDPDVDOFRQWUDULRGHEtDQHVWDUDGLVSRVLFLyQGHWRGDODSREODFLyQ
2WURDVSHFWRTXHVHFRQYLUWLyHQSDUWHGHOFRQIOLFWRIXHHOWHPRUGHTXH ODVDFWLYLGDGHVUHDOL]DGDVSRUOD
HPSUHVDDODIHFWDUDORVODWHUDOHVGHOUtRSRQtDQHQSHOLJURDODSREODFLyQGH,YLUJDU]DPD\DTXHORV
FDXGDOHVGHOUtRHQpSRFDVGHOOXYLDSRGUtDQDUUDVDUFRQHO SXHEOR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(QHVWHFRQIOLFWRVHFRQIURQWDURQGRVWLSRVGHLQWHUHVHVHOGHOSXHEORGH,YLUJDU]DPD\ORVFRORQRVGHOD
]RQDTXHKDELWXDOPHQWHXWLOL]DEDQORViULGRVGHOUtR\HOGHODHPSUHVDPLQHUDTXHREWXYRODFRQFHVLyQ
SDUDH[WUDHUORV
&XDQGRODHPSUHVD FRPHQ]yVXVDFWLYLGDGHVVRUSUHQGLyDORVKDELWDQWHVORFDOHVFRQHOFREURGH%V
SRU FDUUHWLOODGHDUHQDH[WUDtGD D UDt]GH ORFXDOODSREODFLyQGH ,YLUJDU]DPD SLGLyODLQWHUYHQFLyQD OD
$OFDOGtD GH 3XHUWR 9LOODUURHO $GHPiV UHDOL]y YRWRV UHVROXWLYRV GH UHFKD]R D OD FRQFHVLyQ PLQHUD DVt
FRPRGHQXQFLDVS~EOLFDVDPHQD]yWDPELpQFRQWRPDUPHGLGDVGHKHFKR\SURWDJRQL]yXQSDURFtYLFR
VROLFLWDQGRTXHODHPSUHVDDEDQGRQHODFRQFHVLyQ/DHPSUHVDSRUVXSDUWHH[SOLFyTXHWHQtDWRGRHQ
UHJOD SDUD SURFHGHU D OD H[SORWDFLyQ GH PDWHULDOHV GH FRQVWUXFFLyQ \ SRU OR WDQWR SRGtD UHDOL]DU ORV
FREURVSRUODH[WUDFFLyQGHiULGRV
/DGLVFXVLyQHQWUHODVHPSUHVDV\ORVDIHFWDGRVVHGLRVREUHODEDVHGHDUJXPHQWRVSROtWLFRVVRFLDOHV
DPELHQWDOHV \MXUtGLFRV SHURDOILQDOVH OOHJyD ODFRQFOXVLyQGHTXHVHGHEtDDFXGLUD ODVDXWRULGDGHV
FRUUHVSRQGLHQWHVSDUDODGHILQLFLyQGHOFRQIOLFWR
&XDQGR ODV DXWRULGDGHV VH SUHVHQWDURQ ORV DIHFWDGRV H[SUHVDURQ VX SUHRFXSDFLyQ DQWH ORV GDxRV
DPELHQWDOHVTXHODHPSUHVDHVWDED RFDVLRQDQGR\VREUHORVLPSDFWRVVRFLDOHVQHJDWLYRVTXHLPSOLFDED
HO PDQHMR GHO UtR SRU XQD HPSUHVD SULYDGD 6LQ HPEDUJROD SUHIHFWXUD QR KL]R FRQRFHU VX SRVLFLyQ DO
UHVSHFWRQLHOLQIRUPHTXHHODERUyGHVSXpVGHODYLVLWD\DSHVDUGHODVH[LJHQFLDVGHORVDIHFWDGRVHQOD
DFWXDOLGDGODHPSUHVDVLJXHWUDEDMDQGR

)XHQWHV 7HVWLPRQLRGHSHUVRQDVTXHSDUWLFLSDQHQHOFRQIOLFWRGHOUtR,YLUJDU]DPD

3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$ &RFKDEDPED

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQFHVLRQHV PLQHUDV HQ HO 3DUTXH 1DF LRQDO \ $UHD 1DWXUDO GH 0DQHMR
,QWHJUDGR$PERUy
8ELFDFLyQG H OFRQIOLF WR 5tR6XUXW~3DUTXH1DFLRQDO$PERUyPXQLFLSLRGH%XHQD9LVWD
SURYLQFLD,FKLORGHOGHSDUWDPHQWRGH6DQWD&UX]
*HQHUDGRUGHOFRQ IOLFWR &HUiPLFDV1RUWH

,QLFLDGRU GHOFRQIOLF WR 6XE&HQWUDO&DPSHVLQDGH&KDVNL&HQWUDO&DPSHVLQD,FKLOR\


FRPXQLGDG9LOOD$PERUy
5HJXODGRUGHO FRQIOLFWR 0XQLFLSLRGH%XHQD9LVWD6XESUHIHFWXUD3UHIHFWXUD\
$GPLQLVWUDFLyQGHO3DUTXH$PERUyGHSHQGLHQWHGHO6(51$3
$IHFWDGRV +DELWDQWHVGHODVFRPXQLGDGHVGH9LOOD$PERUy(VSHMLWRV
5HFRPSHQVD&RRSHUDWLYD'RUDGR9LOOD(QYLGLD0LUDIORUHV,VDPD
,\,,\6DQWD5RVD
$FWLYLGDGT XHJHQ HU DHO  ([SORWDFLyQGHiULGRV
GDxR
(OGDxR JHQHUDGR 6HUHDOL]DUi

/DDFWLYLGDGHV &RQWDPLQDQWH\PROHVWRVD

$FWLYLGDGHVDIHFWDG DV $JURSHFXDULDSLVFtFROD\HFRWXULVPR

5HFXUVRVDIHFWDG RV $JXDDLUHIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 0DU]RGH

)HFKDLQLFLRGHOFRQIOLF WR $EULOGH

2EMHWLYRGHORV DIHFWD GR V ,PSHGLUTXHORVFRQFHVLRQDULRVWUDEDMHQHQHOUtR6XUXW~

$FFLRQHVUH DOL]DGDV 0RYLOL]DFLyQGHORVFDPSHVLQRVDPSOLDGRSDUDGHILQLUDFFLRQHV


VROLFLWXGGHDVHVRUDPLHQWRLQVSHFFLyQRFXODUFRQDXWRULGDGHV
UHXQLRQHVFRQDXWRULGDGHV\FRQFHVLRQDULRV\YRWRUHVROXWLYR
)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
/D H[SORWDFLyQ GH iULGRV HQ HO 3DUTXH 1DFLRQDO $PERUy KD RFDVLRQDGR DGHPiV GH XQ SUREOHPD
DPELHQWDOXQ FRQIOLFWRVRFLDO SRUTXHOD DFWLYLGDG PLQHUD HVWi SRU HQFLPDGH ORV GHUHFKRV SURSLHWDULRV
TXHWLHQHQODVFRPXQLGDGHVFDPSHVLQDVVREUHVXVWLHUUDV(QHVWHFDVRODFRPXQLGDG9LOOD$PERUyHVOD
PiV DIHFWDGD \D TXH OD H[SORWDFLyQ PLQHUD DIHFWDUi OD DFWLYLGDG GH HFRWXULVPR TXH OD FRPXQLGDG KD
HPSUHQGLGRGHVGH
(Q HO FRQWH[WR JHQHUDO OD H[SORWDFLyQ PLQHUD GH iULGRV KD WHQLGR LQWHUUXSFLRQHV GHELGR D OD DFFLyQ
RUJDQL]DGDGHODVFRPXQLGDGHVFDPSHVLQDV(QHOFDVRGHOUtR6XUXW~HQHOVHFWRUGHODVFRPXQLGDGHV
GH9LOOD$PERUy1XHYD3DOHVWLQD\&RRSHUDWLYDODLQVWDODFLyQGHODHPSUHVDTXHVXSRQHHODUUHJORGH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
FDPLQRV GH DFFHVR ODLQVWDODFLyQ GH FDPSDPHQWRV ERPEDV GH DJXD PROHGRUDV \ RWUDV DFWLYLGDGHV
HVWiSDUDOL]DGDGHVGHMXOLRGHGHELGRDODUHVLVWHQFLDTXHKD RUJDQL]DGROD6XEFHQWUDO&KDVNL\OD
&HQWUDOGHODSURYLQFLD,FKLOR
6L ELHQ HO PXQLFLSLR OD SUHIHFWXUD OD VXESUHIHFWXUD \ OD DGPLQLVWUDFLyQ GHO SURSLR SDUTXH VRQ ORV
UHVSRQVDEOHVGHYHODUSRUORVUHFXUVRVQDWXUDOHVPiVD~QWUDWiQGRVHGHXQiUHDSURWHJLGDVXDFFLRQDU
QRKDVLGRGHOWRGRFODURQLGHOWRGRFRQWXQGHQWHSDUDLPSHGLUODH[SORWDFLyQGHiULGRV(VWDVDXWRULGDGHV
QRPDQLIHVWDURQVXSRVLFLyQKDVWDTXHODVFRPXQLGDGHVFDPSHVLQDVH[SUHVDURQVXFRQWUDULHGDGIUHQWHD
ODH[SORWDFLyQPLQHUDLPSLGLHQGRODLQVWDODFLyQGHOFRQFHVLRQDULR\H[LJLHQGRXQDLQVSHFFLyQRFXODUGHO
VHFWRUDIHFWDGR
(QHVWHFDVRODLQVWLWXFLyQ3URGXFWLYLGDG%LRVIHUD\0HGLR$PELHQWH 352%,20$ DSR\yODVDFWLYLGDGHV
GHORVFDPSHVLQRVPHGLDQWHXQDH[SOLFDFLyQGHWDOODGDGHORVLPSDFWRVVRFLRDPELHQWDOHVTXHJHQHUDOD
DFWLYLGDG PLQHUDHVWD H[SOLFDFLyQ VH UHDOL]y HQ OD FRPXQLGDG GH9LOOD $PERUy HQ PDU]RGH  /RV
GLULJHQWHVGHODFRPXQLGDGPHQFLRQDGDVHHQFDUJDURQGHWUDQVPLWLUODLQIRUPDFLyQDVX6XEFHQWUDO\HVWR
JHQHUyODGHIHQVDGHOUtR\ODQHJDWLYDDTXHVHUHDOLFHFXDOTXLHUDFWLYLGDGPLQHUDHQOD]RQD
/D LQVSHFFLyQ RFXODU HQ OD TXH SDUWLFLSDURQ DOUHGHGRU GH  FDPSHVLQRV GH ODV FRPXQLGDGHV
DIHFWDGDVDILOLDGDVDOD6XEFHQWUDO&KDVNLOD)HGHUDFLyQ'HSDUWDPHQWDOUHSUHVHQWDQWHVGHODSUHIHFWXUD
VXESUHIHFWXUD \ PXQLFLSLR GH %XHQD 9LVWD 352%,20$ \ OD $VHVRUtD /HJDO $YD ,YL $YDUHQGD $/$6 
SHUPLWLyFRPSUREDUTXHODH[SORWDFLyQGHiULGRVDWHQWDFRQWUDORVREMHWLYRVGHOSDUTXH\FRQFOXLUHQTXH
VH GHEHUtD UHDOL]DU XQ PDQHMR DGHFXDGR GH OD FXHQFD HQ HO PDUFR GH OD SURSXHVWD GH DGPLQLVWUDFLyQ
FDPSHVLQD GHO 3DUTXH 1DFLRQDO $PERUy 3RU RWUD SDUWH FRPR UHVXOWDGR GH OD LQVSHFFLyQ RFXODU \ HQ
UHVSXHVWDDODMXVWLILFDFLyQGHODHPSUHVDPLQHUDHQVHQWLGRGHTXHHQHOUtR6XUXW~VHKDQDFXPXODGR
PXFKRV VHGLPHQWRV TXH SURYRFDQ HO FDPELR GH VX FDXFH RULJLQDO VH SODQWHy TXH VL HV QHFHVDULR
UHPRYHU ORV VHGLPHQWRVPHQFLRQDGRV HVWD DFWLYLGDG GHEHUi SURGXFLU XQ EHQHILFLR VRFLDO \ QR SULYDGR
SDUDJDUDQWL]DUHOPDQHMRGHODFXHQFD
$O UHVSHFWR ODV FRPXQLGDGHV ODQ]DURQ XQ YRWR UHVROXWLYR FRQ FXDWURSXQWRV HO SULPHUR \ HO VHJXQGR
SLGHQODVXVSHQFLyQGHWRGRWUDEDMRPLQHURHQHO5tR6XUXW~\<DSDFDQtPLHQWUDVQRKD\DXQHVWXGLRGH
LPSDFWRDPELHQWDOFRQSDUWLFLSDFLyQFDPSHVLQD\QRVHKD\DDSUREDGRODILFKDDPELHQWDO(OWHUFHUSXQWR
PHQFLRQDODQHFHVLGDGGHPDQWHQHUHOHVWDGRGHHPHUJHQFLD\HOFXDUWRTXHOD&RQIHGHUDFLyQ6LQGLFDO
8QLFDGH7UDEDMDGRUHV&DPSHVLQRVGH%ROLYLD &687&% QRVHUHVSRQVDELOL]DVLODVFRPXQLGDGHVWRPDQ
PHGLGDVGHKHFKR
3RUHOPRPHQWR\GHELGRDODSUHVLyQTXHHMHUFHQODVRUJDQL]DFLRQHVFDPSHVLQDVODHPSUHVDQRSXHGH
LQJUHVDUDOD]RQDOLEUHPHQWHSDUDLQLFLDUVXVRSHUDFLRQHV

)XHQWHV +HPHURJUiILFDV\HQWUHYLVWDVDFRPXQDULRVGH9LOOD$PERUy,VDPD\(VSHMLWRV

3HUVRQDHQFDUJDGDGHOUHJLVWUR+HQU\0*XDUGLD0)2%20$'( 6DQWD&UX]

 'DWRGH352%,20$TXHSDUWLFLSyHQODLQVSHFFLyQRFXODUUHDOL]DGDHQDEULOGH 
 (OYRWRUHVROXWLYRIXHHPLWLGRHOGHPD\RGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 'HVWUXFFLyQSURJUHVLYDGHO&HUUR5LFRGH3RWRVt
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH3RWRVtGHSDUWDPHQWRGH3RWRVt

*HQHUDGRUGHOFRQ IOLFWR 9DULDVHPSUHVDVPLQHUDV

,QLFLDGRU GHOFRQIOLF WR &20&,32\623(

5HJXODGRUGHO FRQIOLFWR $OFDOGtDGH3RWRVt\JRELHUQRFHQWUDO

$IHFWDGRV 3REODFLyQGHODFLXGDGGH3RWRVt

$FWLYLGDGT XHJHQ HU DHO  0LQHUtD


GDxR
(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH\SHOLJURVD

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDLQGXVWULDOHTXLSDPLHQWRVHUYLFLRV\WXULVPR

5HFXUVRVDIHFWDG RV $JXDDLUHIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V &RQVHUYDUHO&HUUR5LFRGH3RWRVt

$FFLRQHVUH DOL]DGDV 'HFODUDFLyQGH5HOLTXLD1DFLRQDO&RORTXLR,QWHUQDFLRQDOGH


+LVWRULDPHVDUHGRQGDGHFODUDFLyQGH0RQXPHQWR1DFLRQDO
VHPLQDULRWDOOHU\RWUDVDFWLYLGDGHVFXOWXUDOHVHLQIRUPDWLYDV
)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
(O&HUUR5LFRGH3RWRVtFRQVWLWX\HXQRGHORVHOHPHQWRVFXOWXUDOHVDQGLQRVGHPD\RUWUDVFHQGHQFLDDGHPiV
HVIXHQWHGHWUDEDMRSDUDXQLPSRUWDQWHSRUFHQWDMHGHODSREODFLyQSRWRVLQDGHELGRDTXHGHVSXpVGHPiVGH
FXDWUR VLJORV GH H[SORWDFLyQ \ OD DFXPXODFLyQ GH JUDQGHV ULTXH]DV QR VH ORJUy FRQVROLGDU QLQJXQD RWUD
DFWLYLGDGTXHUHHPSODFHODPLQHUDDSHVDUGHVXVQHJDWLYRVLPSDFWRVVREUHODSREODFLyQ\HODPELHQWH
3RFRV DxRV GHVSXpV GHO GHVFXEULPLHQWR GHO \DFLPLHQWR DUJHQWtIHUR HO XVR GH PDGHUD SDUD ILQHV PLQHURV
RFDVLRQyODGHVWUXFFLyQGHVXFREHUWXUDYHJHWDO\FRQHOODGHVDSDUHFLyVXDEXQGDQWHIDXQD/DGHPDQGDGH
PDGHUDSRUSDUWHGHODPLQHUtDOOHJyDOXJDUHVGLVWDQWHVRFDVLRQDQGRODSpUGLGDGHH[WHQVRVERVTXHVQDWLYRV
3RUORVP~OWLSOHVLPSDFWRVTXHJHQHUDVXH[SORWDFLyQODSURWHFFLyQ\FRQVHUYDFLyQGHO&HUUR5LFRGH3RWRVtQR
GHEHHVWDUUHIHULGDVRODPHQWHDVXFDUiFWHUKLVWyULFRVLQRSULQFLSDOPHQWHDVXDVSHFWRVRFLRDPELHQWDO\DTXH
ODPLQHUtDHVXQDDFWLYLGDGTXHHQWRGDVVXVHWDSDVWLHQHHIHFWRVQHJDWLYRVVREUHHOHQWRUQRItVLFR\ODVDOXG
KXPDQD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
/DULTXH]DPLQHUDGHO&HUUR5LFRGHVGHVXGHVFXEULPLHQWRKDDWUDtGRHOLQWHUpV\ODFRGLFLDGHSURSLRV\
H[WUDxRV/DPHQWDEOHPHQWHORVDFWRUHVGHVXH[SORWDFLyQMDPiVLPSOHPHQWDURQPHGLGDVGHSURWHFFLyQ
TXH SUHVHUYHQ VX HVWUXFWXUD ItVLFD QL WDPSRFR DSRUWDURQ DO GHVDUUROOR UHJLRQDO 3RU HO FRQWUDULR VyOR
JHQHUDURQP~OWLSOHVSUREOHPDVFRPRODGHVWUXFFLyQGHUHFXUVRVQDWXUDOHV\KXPDQRVDGHPiVGHXQD
IXHUWHFRQWDPLQDFLyQDPELHQWDO
$SDUWLUGHODSREODFLyQFLYLO\RUJDQLVPRVFXOWXUDOHVLQLFLDURQXQDVHULHGHDFFLRQHVFRQHOREMHWLYR
GH ORJUDU OD SUHVHUYDFLyQ GH HVWH FRORVR GH SODWD &RQ HVWD PLVPD ILQDOLGDG WDPELpQ VH PDQLIHVWDURQ
RUJDQL]DFLRQHV QDFLRQDOHV H LQWHUQDFLRQDOHV SRU OD LPSRUWDQFLD KLVWyULFD TXH SRVHH *UDFLDV D HVWDV
DFFLRQHV HQ  OD FLXGDG GH 3RWRVt IXH GHFODUDGD 3DWULPRQLR GH OD +XPDQLGDG VLHQGR XQR GH ORV
DVSHFWRVIXQGDPHQWDOHVSDUDHVWDGHFODUDFLyQODSUHVHQFLDGHO&HUUR5LFR
(QHO&HUUR5LFRIXHDVXYH]GHFODUDGR0RQXPHQWR1DFLRQDODWUDYpVGH'HFUHWR/H\ GHOGH
QRYLHPEUHGHFX\DUHJODPHQWDFLyQIXHHQFRPHQGDGDDOHQWRQFHV,QVWLWXWR%ROLYLDQR&XOWXUDO ,%& 
\DO+RQRUDEOH&RQVHMR0XQLFLSDO
(Q  HO 9ROXQWDULDGR ,QIDQWLO GH OD 6RFLHGDG 3RWRVLQD GH (FRORJtD 623(  HQYLy XQD FDUWD DO
3UHVLGHQWH GH OD 5HS~EOLFD VROLFLWiQGROH VH DGKLHUD D VX &DPSDxD GH 'HIHQVD GHO &HUUR 5LFR OD
PHQFLRQDGDFDUWDUHXQLyILUPDVGHDOXPQRVGHGLIHUHQWHVHVWDEOHFLPLHQWRVGHOQLYHOSULPDULRGHODFLXGDG
SHUR QXQFD UHFLELy UHVSXHVWD (O PLVPR DxR OD 6RFLHGDG *HRJUiILFD \ GH +LVWRULD GH 3RWRVt
FRQPHPRUDQGRORVDxRV GHO GHVFXEULPLHQWR DUJHQWtIHUR HQ HO &HUUR 5LFR RUJDQL]y HO GHQRPLQDGR
(QFXHQWUR ,QWHUQDFLRQDO GH +LVWRULDGRUHV $PLJRV GH 3RWRVt HQ HO TXH SDUWLFLSDURQ SHUVRQDOLGDGHV
FXOWXUDOHVGH$PpULFD\(XURSDFRQHOREMHWRGHVHQVLELOL]DUDOPXQGRVREUHODQHFHVLGDGGHSUHVHUYDU
HVWHPRQXPHQWRQDWXUDO
(Q  OD &20,%2/ KL]R FRQRFHU VX LQWHQFLyQ GH H[SORWDU HO FHUUR D WUDYpV GH WHFQRORJtDV TXH
JDUDQWLFHQ OD HVWDELOLGDG GH VX HVWUXFWXUD ItVLFD (O PpWRGR SURSXHVWR HUD HO GH UHOOHQR KLGUiXOLFR TXH
VHJ~Q HQWHQGLGRV HQ OD PDWHULD HV DSOLFDEOH VyOR D PDVDV GH URFD TXH QR KDQ VLGR LQWHUYHQLGDV
DQWHULRUPHQWH\HO&HUUR5LFRSUHVHQWDP~OWLSOHVSHUIRUDFLRQHV
(O DQXQFLR GH &20,%2/ DGHPiV GH GHVSHUWDU SUHRFXSDFLyQ HQ ORV HVSHFLDOLVWDV RFDVLRQy TXH ODV 3DOOLULV
PXMHUHVTXHUHVFDWDQPLQHUDOHVGHORVGHVPRQWHV SURFHGLHUDQDWRPDUItVLFDPHQWHHOFHUUR3RURWUDSDUWHOD
623(VHGLULJLyD+HUPiQYDQ+RRIIHVSHFLDOLVWDGHOD81(6&2SDUDH[SUHVDUVXSUHRFXSDFLyQSRUHOSHOLJUR
TXHUHSUHVHQWDEDHOWUDEDMR LQWHQVLYRTXHSUHWHQGtDUHDOL]DUOD&20,%2/(OHVSHFLDOLVWDUHVSRQGLyTXHHQ
GLFLHPEUH GH  HO &RPLWp 3DWULPRQLDO 0XQGLDO KDEtD VROLFLWDGR D ODV DXWRULGDGHV EROLYLDQDV LQIRUPDFLyQ
VREUHODVPHGLGDVTXHHVWDEDQWRPDQGRSDUDODJHVWLyQ\SUHVHUYDFLyQGHOFHUURDORTXHOD6XEVHFUHWDUtDGH
&XOWXUDGH%ROLYLDUHVSRQGLy TXHVHHVWDEDJHVWLRQDQGR ODHODERUDFLyQGHXQUHJODPHQWRVREUHHO&HUUR HO
PLVPRTXHKDVWDODIHFKDQRKDVLGRHODERUDGR
'XUDQWH ORV DxRV TXH GXUD HO FRQIOLFWR OD SUHQVD SRWRVLQD KD KHFKR FRQRFHU FRQVWDQWHPHQWH VX
SUHRFXSDFLyQUHVSHFWRDOSUREOHPDGHOFHUUR\DOKHFKRGHTXHORVSRGHUHVHFRQyPLFRV\SROtWLFRVVLJDQ
LQWHUSRQLpQGRVHDORVSHGLGRVGHODSREODFLyQGHFRQVHUYDUHO&HUUR5LFRTXHVLELHQWLHQHXQVLJQLILFDGR
GHULTXH]DSDUDGyMLFDPHQWHWDPELpQUHSUHVHQWDODSREUH]DGHXQSXHEOR

)XHQWHV +HPHURJUiILFDV GDWRV GH &20,%2/ FRUUHVSRQGHQFLD FRQ OD 81(6&2 FRQVXOWDV
LQVWLWXFLRQDOHVVHPLQDULRVRUJDQL]DGRVSRUHO&RQFHMR0XQLFLSDO\&25'(32

3HUVRQDHQFDUJDGDGHOUHJLVWUR(UQHVWR4XLQWDQD623()2%20$'( 3RWRVt

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
%RVTXHV\FRQIOLFWRVIRUHVWDOHV

(VWHDSDUWDGRHVWiGHVWLQDGRDLQWURGXFLUXQDVHULHGHILFKDVGHVFULSWLYDVTXHKDQVLGRHODERUDGDVFRQHO
SURSyVLWRGHGRFXPHQWDUXQDYDULHGDGGHFRQIOLFWRVHQHOVHQWLGRDPSOLRGHOWpUPLQR TXHKDQHVWDGR
RFXUULHQGRUHODFLRQDGRVFRQHODSURYHFKDPLHQWRGHORVUHFXUVRVIRUHVWDOHVHQ%ROLYLDDOJXQRVGHHOORV
GH ODUJD GXUDFLyQ \ RWURV UHODWLYDPHQWH UHFLHQWHV 3HVH D TXH ODV ILFKDV QR UHIOHMDQ FRQ GHWDOOH HO
FRPSOHMRGHYDULDEOHVHFRQyPLFDVSROtWLFDV\VRFLDOHVTXHURGHDQHORULJHQ\HYROXFLyQGHFDGDXQRGH
ORVFRQIOLFWRVQLORJUDQGLPHQVLRQDUSRUODGLILFXOWDGTXHHOORLPSOLFD VXVLPSDFWRVDFWXDOHV\HVSHUDGRV
SURSRUFLRQDQ DOJXQRV HOHPHQWRV VREUH HO GHVDUUROOR GH HVWRV FRQIOLFWRV \ OR TXH HV PiV LPSRUWDQWH
UHSUHVHQWDQ XQ FRQMXQWR GH DOHUWDV TXH GHEHQ OODPDUQRV OD DWHQFLyQ FRQ UHODFLyQ D FXiOHV VRQ ORV
SULQFLSDOHV IDFWRUHV TXH RULJLQDQ ODV GLVSXWDV (Q %ROLYLD DVt FRPR HQ RWURV SDtVHV GH OD UHJLyQ ORV
IDFWRUHVPiVLPSRUWDQWHVTXHDIHFWDQHOPDQHMRVRVWHQLEOHGHORVUHFXUVRV IRUHVWDOHVHVWiQYLQFXODGRV
FRQ GHUHFKRV SRFR FODURV VREUH ORV UHFXUVRV GHELOLGDGHV LQVWLWXFLRQDOHV \ VHVJRV GH ODV SROtWLFDV
IRUHVWDOHVHQWUHRWURV &RQWUHUDV 

/DLQWHQFLyQGHHVWHGRFXPHQWRHVGHVFULELUODVLWXDFLyQGHODWHQHQFLDGHODWLHUUDHQORTXHVHFRQRFH
FRPR ODV WLHUUDV EDMDV GH %ROLYLD HQ OD PHGLGD HQ TXH GHILQH HO PDUFR HVSDFLDO \ GH GLVWULEXFLyQ GH
UHFXUVRVHQHOTXHVHGHVHQYXHOYHQORVFRQIOLFWRVIRUHVWDOHV'HVSXpVVHSUHVHQWDEUHYHPHQWHDOJXQRV
GH ORV SULQFLSDOHV UDVJRV TXH KDQ FDUDFWHUL]DGR OD HYROXFLyQ GHO VHFWRU IRUHVWDO HQ ODV ~OWLPDV WUHV
GpFDGDV )LQDOPHQWHVHH[SRQHDOJXQDVSLVWDVSDUDOD UHIOH[LyQ HQ UHODFLyQ DDOJXQRVGH ORVFRQIOLFWRV
KHUHGDGRV SRU HO VHFWRU IRUHVWDO \ ODV UHJXODFLRQHV IRUHVWDOHV TXH HVWiQ VLHQGR XWLOL]DGDV SDUD
HQIUHQWDUORV

(Q  OD VXSHUILFLH IRUHVWDO HQ HO SDtV FXEUtD  PLOORQHV GH KHFWiUHDV GH ODV FXDOHV
DSUR[LPDGDPHQWHHOHVWDEDORFDOL]DGRHQODVWLHUUDVEDMDV 0'60$ $XQTXHQRH[LVWHQFLIUDV
FRQILDEOHVVHLQGLFDTXHODWDVDGHGHIRUHVWDFLyQSDUDWRGRHOSDtVVHUtDGHSHURWDPELpQVHKD
VXJHULGR TXH pVWD SRGUtD VHU EDVWDQWH VXSHULRU HQ DOJXQDV ]RQDV GH ODV WLHUUDV EDMDV GRQGH H[LVWHQ
PD\RUHV SUHVLRQHV VREUH ORV ERVTXHV SURYHQLHQWHV GH OD H[SDQVLyQ GH OD DJULFXOWXUD \ JDQDGHUtD
3DFKHFR   'HELGR D OD DPSOLDFLyQ GH OD IURQWHUD DJUtFROD YLQFXODGD DO FUHFLPLHQWR HQ OD ~OWLPD
GpFDGDGHODSURGXFFLyQPHFDQL]DGDGHVR\D\FXOWLYRVDVRFLDGRVHQHOGHSDUWDPHQWRGH6DQWD&UX]OD
GHIRUHVWDFLyQ KD VHJXLGR XQD WHQGHQFLD GH FUHFLPLHQWR H[SRQHQFLDO \ WDPELpQ KD DXPHQWDGR OD
GHJUDGDFLyQGHORVERVTXHV .DLPRZLW]HWDO  

1RH[LVWHLQIRUPDFLyQFRQILDEOHHQORTXHFRQFLHUQHDODVLWXDFLyQGHODWHQHQFLDGHOVXHORHQODVWLHUUDV
EDMDV\HQJUDQGHViUHDVKD\UHFODPRVFRQIOLFWLYRVUHODFLRQDGRVFRQODSURSLHGDG\RHOHVWDGROHJDOGH
OD PLVPD HV LQFLHUWR (VWDGtVWLFDV RILFLDOHV PXHVWUDQ TXH HO JRELHUQR EROLYLDQR KD GLVWULEXLGR
DSUR[LPDGDPHQWH  PLOORQHV GH ORV  PLOORQHV GH KHFWiUHDV GH OD UHJLyQ D GLIHUHQWHV JUXSRV HQWUH
 \   &HUFD GH  PLOORQHV GH KHFWiUHDV IXHURQ HQWUHJDGDV D H[SORWDFLRQHV FRPHUFLDOHV
PHGLDQDV \ JUDQGHV  PLOORQHV D SHTXHxRV SURGXFWRUHV HQ ]RQDV GH FRORQL]DFLyQ \  PLOORQHV SDUD
SXHEORV LQGtJHQDV 3DFKHFR   (V SRVLEOH TXH XQD PD\RU SURSRUFLyQ GH WLHUUD KD\D SDVDGR D
FRQWURO SULYDGR D WUDYpV GH PHGLRV FXDVLOHJDOHV H LOHJDOHV .DLPRZLW] HW DO  \ 3DFKHFR  
$GLFLRQDOPHQWH SRFR PiV GH  PLOORQHV GH KHFWiUHDV FXHQWDQ FRQ GHPDQGDV GH LQPRYLOL]DFLyQ DO
KDEHUVLGRUHFODPDGDVSRU GLIHUHQWHVSXHEORVLQGtJHQDV 6XSHULQWHQGHQFLD)RUHVWDO  DXQTXHQR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
VHFRQRFHFXDQWDGHHVWDVXSHUILFLHVHUiHIHFWLYDPHQWHWLWXODGDHQIDYRUGHHVDVSREODFLRQHV 'H9ULHV
 

'HVGH PHGLDGRV GH ORV DxRV  OD SRUFLyQ GH ODV WLHUUDV EDMDV EROLYLDQDV GHOLPLWDGDV FRPR iUHDV
SURWHJLGDVVHKDYXHOWREDVWDQWHVLJQLILFDWLYD+DFLDPLOORQHVGHKHFWiUHDVHOGHOWRWDOGH
ODVWLHUUDVEDMDVKDEtDUHFLELGRDOJ~QHVWDWXWRGHSURWHFFLyQDXQTXHODVLWXDFLyQOHJDOGHPLOORQHVGH
KHFWiUHDV GH HVWDV WLHUUDV QR KDEtD VLGR GHILQLGD \ VyOR XQD SHTXHxD IUDFFLyQ GHO WRWDO HVWDED
HIHFWLYDPHQWHSURWHJLGD '1&%   $GHPiV KDVWD  HO JRELHUQR EROLYLDQR KDEtD DVLJQDGR 
PLOORQHVGHKHFWiUHDVFRPRiUHDVGHH[SORWDFLyQIRUHVWDODFRPSDxtDVPDGHUHUDV 0DQFLOOD 
0XFKDVGHHVDViUHDVIXHURQDVLJQDGDVVREUHERVTXHVS~EOLFRVQRFODVLILFDGRVSDUDSURGXFFLyQIRUHVWDO
RWUDV VREUH SURSLHGDGHV SULYDGDV R VREUHSXHVWDV D ODV WLHUUDV RFXSDGDV SRU SREODFLRQHV LQGtJHQDV
:RUOG%DQN $FWXDOPHQWHQRVHFRQRFHFRQSUHFLVLyQODVXSHUILFLHGHERVTXHVILVFDOHVTXHKDEUtD
HQHOSDtVDXQTXHOD6XSHULQWHQGHQFLD)RUHVWDOHVWLPDTXHODVWLHUUDVGHSURGXFFLyQIRUHVWDOSHUPDQHQWH
GHOSDtVFXEULUtDQXQiUHDGHPLOORQHVGHKHFWiUHDV 6XSHULQWHQGHQFLD)RUHVWDO +DVWDDKRUD
PLOORQHVGHKHFWiUHDVIXHURQHQWUHJDGDVFRPRFRQFHVLRQHVIRUHVWDOHVDHPSUHVDV\PLOORQHVGH
KHFWiUHDVHVWiQVLHQGRVROLFLWDGDVSRU$6/V 90$51') 

1R VH SXHGH GHFLU TXH HO VHFWRU IRUHVWDO KD RFXSDGR XQ OXJDU LPSRUWDQWH HQ ODV SURSXHVWDV
JXEHUQDPHQWDOHVGHGHVDUUROOR\PDVELHQVXFRPSRUWDPLHQWRKDVLGRUHODWLYDPHQWHHUUiWLFRVLJXLHQGR
HO SDVR GHO GHVHPSHxR JOREDO GH OD HFRQRPtD \ OD LQFHUWLGXPEUH GH ORV PHUFDGRV H[WHUQRV /D
FRQWULEXFLyQGHOVHFWRUIRUHVWDODO3,%KLVWyULFDPHQWHVHKDHQFRQWUDGRHQQLYHOHVSRFRVXSHULRUHVDO
3DYH]\%RMDQLF \PHQRVGHOGHOD3REODFLyQ(FRQyPLFDPHQWH$FWLYD 3($ RFXSDGDTXHYLYH
HQ HO iUHD UXUDO GHVDUUROOD DFWLYLGDGHV VLOYtFRODV \ GH H[WUDFFLyQ GH PDGHUD ,1(   DXQTXH XQD
SURSRUFLyQPD\RUGHSHQGHHQDOJ~QJUDGRGHUHFXUVRVIRUHVWDOHVSDUDVXEVLVWLU(VHHVHOFDVRGHODV
SREODFLRQHVLQGtJHQDVFRPXQLGDGHVGHSURGXFWRUHVFRORQRV\HVSHFLDOPHQWHGHXQQXPHURVRVHFWRUGH
SHTXHxRVSURGXFWRUHVGHPDGHUDHPSOD]DGRVHQORVSREODGRVXUEDQRVGHODVWLHUUDVEDMDV

/D PiV LPSRUWDQWH H[SDQVLyQ GHO DSURYHFKDPLHQWR GH PDGHUD HQ ODV WLHUUDV EDMDV VH SURGXMR HQ OD
GpFDGD GH ORVDxRVKDFLD HO QRUWH GHOGHSDUWDPHQWRGH 6DQWD &UX] YLQFXODGD SULQFLSDOPHQWHD OD
H[SORWDFLyQ \ H[SRUWDFLyQ GH PDGHUDV YDOLRVDV VLJXLHQGR ODV LQLFLDWLYDV GH GLYHUVLILFDFLyQ GH OD EDVH
SURGXFWLYDHQHOGHSDUWDPHQWRGH6DQWD&UX]$XQTXHODH[SORWDFLyQGHORVERVTXHVHVWXYROHJDOPHQWH
OLPLWDGD D ODV iUHDV FODVLILFDGDV FRPR UHVHUYDV IRUHVWDOHV GH SURGXFFLyQ VX DSURYHFKDPLHQWR VH
H[WHQGLy VREUH H[WHQVDV VXSHUILFLHV HQ iUHDV IRUHVWDOHV QRFODVLILFDGDV 6WRO]   /DV HPSUHVDV
JUDQGHV PDQWXYLHURQ iUHDV GH FRUWH HQ ORV ERVTXHV GH SURGXFFLyQ SHUPDQHQWH HQ WDQWR PXFKDV
PHGLDQDV \ SHTXHxDV HPSUHVDV VRODV WXYLHURQ FRQWUDWRV GH DSURYHFKDPLHQWR ~QLFR \R H[WUDMHURQ
PDGHUDGHODVSDUFHODVGHFRORQRV 6WRO] 

 'HDFXHUGRDOD/H\)RUHVWDO 1RGHMXOLRGH ODVWLHUUDVGHSURGXFFLyQIRUHVWDOSHUPDQHQWH 73)3 VRQ


´« DTXHOODV TXH SRU VXV FDUDFWHUtVWLFDV SRVHHQ GLFKD FDSDFLGDG DFWXDO R SRWHQFLDO GH XVR PD\RU VHDQ ILVFDOHV R
SULYDGDVµ DUW 7RPDQGRFRPRUHIHUHQFLDHVWDGHILQLFLyQHQODHVWLPDFLyQGHOD6)QRVHLQGLFDODSURSRUFLyQGH
ODV 73)3V FRUUHVSRQGHUtDQ HIHFWLYDPHQWH D ERVTXHV ILVFDOHV DXQTXH VXSRQHPRV TXH OD PD\RU SDUWH GH HVDV iUHDV
FRUUHVSRQGHUtDQDODFDWHJRUtDGHERVTXHVS~EOLFRV
 6HUHILHUHDODV$VRFLDFLRQHV6RFLDOHVGHO/XJDU $6/V (VWDVVRQUHFRQRFLGDVHQOD/H\)RUHVWDO 1RDUW,, \
FRQVWLWX\HQ JUXSRV RUJDQL]DGRV FRQIRUPDGRV SRU XVXDULRV WUDGLFLRQDOHV GH ERVTXH FRPXQLGDGHV FDPSHVLQDV \
SXHEORVLQGtJHQDVFRQHOGHUHFKR GHVROLFLWDUiUHDVGHFRQFHVLyQ IRUHVWDOGHQWURGHODV$UHDV)RUHVWDOHV GH5HVHUYD
0XQLFLSDO $)50 SDUDVXDSURYHFKDPLHQWRVRVWHQLEOH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
+DFLDILQHVGHHVDGpFDGDFRQODDSHUWXUDGHORVFDPLQRVGHSHQHWUDFLyQKDFLDHO%HQLORVPDGHUHURV
FRPHQ]DURQDLQFXUVLRQDUHQHVWDVQXHYDV]RQDVGHELGRDOKHFKRTXHODVHVSHFLHVILQDV\ODPDUDHQ
SDUWLFXODU YLUWXDOPHQWHVH KDEtDQ DJRWDGR HQ ORV ERVTXHVFUXFHxRVGHELGR D ORV DFHOHUDGRV ULWPRV GH
H[WUDFFLyQ TXH FDUDFWHUL]DURQ D OD H[SORWDFLyQ IRUHVWDO ,/',6 HW DO   1R REVWDQWH OD FULVLV
HFRQyPLFDGHODSULPHUDPLWDGGHODGpFDGDGHORVDxRVVHPDQLIHVWyHQODFDtGDGHODSURGXFFLyQ
PDGHUHUDSHURVREUHWRGRHQODFDtGDGHODVH[SRUWDFLRQHVGHPDGHUD$QGHUVRQHWDO  SODQWHD
TXHXQDGHODVSULQFLSDOHVFDXVDVGHODGHSUHVLyQGHODVH[SRUWDFLRQHVGHPDGHUDDVHUUDGDIXHURQODV
WDVDV GLIHUHQFLDOHV HQWUH HO WLSR GH FDPELR RILFLDO \ HO SDUDOHOR TXH RFDVLRQDURQ HO GHVLQFHQWLYR D ODV
H[SRUWDFLRQHV RILFLDOHV DXQTXH HVH PLVPR IHQyPHQR DOHQWy DO PLVPR WLHPSR OD H[SDQVLyQ GH ODV
H[SRUWDFLRQHVLOHJDOHV

/DLPSOHPHQWDFLyQGHODVSROtWLFDVGHDMXVWHHVWUXFWXUDOGHVGHHQODPHGLGDHQTXHHVWLPXODURQHO
GHVDUUROORGHDFWLYLGDGHVGHH[SRUWDFLyQQRWUDGLFLRQDOHVFRQWULEX\yDODUHFXSHUDFLyQGHOVHFWRUIRUHVWDO
(VD H[SDQVLyQ IXH HO UHVXOWDGR GH SROtWLFDV GH GHYDOXDFLyQ GH OD PRQHGD LQFHQWLYRV ILVFDOHV D ODV
H[SRUWDFLRQHVVXEVLGLRVHQODVWDULIDVGHWUDQVSRUWHS~EOLFR\ODFRQVWUXFFLyQGHFDPLQRV .DLPRZLW]HW
DO  /DVHxDOPiVHYLGHQWHGHODUHFXSHUDFLyQIXHHOLPSRUWDQWHLQFUHPHQWRGHODVH[SRUWDFLRQHVGH
PDGHUDDXQTXHODPD\RUSDUWHGHHOODV VLJXLyFRQFHQWUDGDHQXQDV FXDQWDV HVSHFLHVYDOLRVDV 6HKD
VXJHULGRTXHHVWDH[SDQVLyQLPSOLFyXQDPD\RUGHJUDGDFLyQGHORVERVTXHVGHELGRDTXHVHSURGXMRXQ
LQFUHPHQWR GH OD H[WUDFFLyQ GH PDGHUD SURYHQLHQWH GH ERVTXHV QR PDQHMDGRV ,ELG  $GHPiV HVWH
SURFHVR VH SURGXMR HQ XQ FRQWH[WR GH YDFtR OHJDO H LQVWLWXFLRQDO SDUFLDOPHQWH HVWLPXODGR SRU OD
GHFODUDWRULD GH XQD  ³3DXVD (FROyJLFD +LVWyULFD´ D SULQFLSLRV GH ORV DxRV  OD PLVPD TXH SURYRFy
HIHFWRV FRQWUDULRV D ORV GHVHDGRV SRUTXH JHQHUy LQFHUWLGXPEUH VREUH ORV SOD]RV \ HVWDELOLGDG GH ORV
FRQWUDWRVGH DSURYHFKDPLHQWR OR TXH SXGR KDEHU OOHYDGR D DXPHQWDU OD YHORFLGDGGH OD H[WUDFFLyQ GH
PDGHUD $QGDOX]HWDO  

(QODGpFDGDGHORVVHDPSOLyODRFXSDFLyQGHiUHDVIRUHVWDOHVSRUODVHPSUHVDVPDGHUHUDVHQORV
ERVTXHVK~PHGRVGHOQRUWHGHOSDtV3HVHDTXHHVDUHJLyQVHKDFDUDFWHUL]DGRSRUODLPSRUWDQFLDGHOD
SURGXFFLyQGHJRPD\FDVWDxD±EUD]LOQXWVODSURGXFFLyQGHPDGHUDIXHLPSRUWDQWHHQHVDUHJLyQGHVGH
ORV DxRV RFKHQWD SHUR FREUy PD\RU YLJRU HQ ORV QRYHQWD GHELGR D OD DVLJQDFLyQ GH FRQFHVLRQHV
IRUHVWDOHVDHPSUHVDULRVFUXFHxRV\DODIRUPXODFLyQGHO3ODQ6REHUDQtD&RQVHUYDFLyQ\'HVDUUROOR HQ
PHGLDQWHHOFXDOVHDSUREyODDVLJQDFLyQGHFRQWUDWRVGHDSURYHFKDPLHQWRGHODUJRSOD]RDPiVGH
XQD GHFHQD GH HPSUHVDV PDGHUHUDV HQ ODV iUHDV IURQWHUL]DV GHO GHSDUWDPHQWR GH 3DQGR 3DFKHFR \
.DLPRZLW] 

(QWUH  \  FDVL ODV GRV WHUFHUDV SDUWHV GH ORV YRO~PHQHV DQXDOHV GH H[WUDFFLyQ GH PDGHUD
IXHURQGHFLQFRHVSHFLHVPDUD 6ZLHWHQLDPDFURSK\OOD UREOHRWXPL $PEXUDQDFHDUHQVLV RFKRy +XUD
FUHSLWDQV VHUHEy 6FKL]RORELXPVS \FHGUR &HGUHODVS  /DSURGXFFLyQGHPDUDKDWHQGLGRDGLVPLQXLU
HQHOWLHPSRGHELGRDVXJUDGXDOSURFHVRGHDJRWDPLHQWRPLHQWUDVTXHODGHODVRWUDVFXDWURHVSHFLHVKD
VHJXLGR XQD WHQGHQFLD FRQWUDULD 4XLURJD \ 6DOLQDV   $GHPiV SHVH D TXH HV PRGHVWR HO
DSURYHFKDPLHQWRGHRWUDVHVSHFLHVWLHQGHDFUHFHUHVHOFDVRGHHVSHFLHVFRPRHOELERVL )LFXVVS \
\HVTXHUR &DULQLDQDVS 

/D H[SDQVLyQ GH ORV IUHQWHV IRUHVWDOHV KD LPSOLFDGR OD GHJUDGDFLyQ GH ORV UHFXUVRV IRUHVWDOHV \ GH
PDQHUDSDUDOHODKDDFDUUHDGRXQDVHULHGHFRQIOLFWRVVRFLDOHVGHGLIHUHQWHLQWHQVLGDG\GXUDFLyQHQWUH
ORV GLVWLQWRV DFWRUHV TXH FRPSLWHQ SRU ORV UHFXUVRV GHO ERVTXH LQFOX\HQGR ODV DFWLYLGDGHV GH
FRQVHUYDFLyQGHODELRGLYHUVLGDG(QUHODFLyQDORSULPHURKLVWyULFDPHQWHODVRSHUDFLRQHVIRUHVWDOHVQR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
KDQ VHJXLGR FULWHULRV GH PDQHMR IRUHVWDO VRVWHQLEOH OR TXH VH KD H[SOLFDGR SRU OD H[LVWHQFLD GH XQ
DPELHQWHGHLQFHUWLGXPEUHSDUDODLQYHUVLyQHQRSHUDFLRQHVIRUHVWDOHVGHODUJRSOD]RHQFLHUWDPHGLGD
MXVWLILFDGD SRU ORV FRQIOLFWRV GH VXSHUSRVLFLyQ GH GHUHFKRV H LQVHJXULGDG MXUtGLFD GH ODV iUHDV GH
DSURYHFKDPLHQWR PDGHUHUR OD GHELOLGDG HQ HO VLVWHPD GH DGPLQLVWUDFLyQ \ HO VHVJR GH ODV SROtWLFDV
IRUHVWDOHV TXH SULYLOHJLDURQ FRQWUDWRV GH DSURYHFKDPLHQWR IRUHVWDO GH FRUWR SOD]R :RUOG %DQN 
6WRO]\4XHYHGR6]ZDJU]DN 

&RQ UHODFLyQ D OR VHJXQGR ODV HVWUXFWXUDV GH SRGHU \ ODV GHFLVLRQHV GH SROtWLFDV SDUD HO XVR GH ORV
UHFXUVRV IRUHVWDOHV XVXDOPHQWH KDQ IDYRUHFLGR OD H[SDQVLyQ GH ODV HPSUHVDV IRUHVWDOHV VREUH ORV
ERVTXHV ORTXHKDJHQHUDGRFRQWUDGLFFLRQHVFRQORVLQWHUHVHVORFDOHVHQXQDPSOLRUDQJRTXHYDGHVGH
ORVGHFRPXQLGDGHVLQGtJHQDVRFDPSHVLQDVKDVWDORVGHRUJDQL]DFLRQHVFtYLFDVSURYLQFLDOHVSRUTXHORV
EHQHILFLRV GHO DSURYHFKDPLHQWR QR UHWRUQDURQ D ODV ]RQDV GRQGH VH RULJLQDURQ HVRV UHFXUVRV \ HQ
PXFKRVFDVRVIXHURQDIHFWDGRVORVLQJUHVRVGHSREODGRUHVORFDOHVSURYHQLHQWHVGHODSURYHFKDPLHQWRGH
PDGHUD$OJXQRVUHVXOWDGRVGHHVHIHQyPHQRVHUHIOHMDURQHQHOFUHFLPLHQWRGHXQQXPHURVRVHFWRUGH
SHTXHxRV SURGXFWRUHV LQIRUPDOHV DO PDUJHQ GH OD OHJDOLGDG \ HQ HO KHFKR GH TXH DOJXQRV JRELHUQRV
PXQLFLSDOHVGHODVWLHUUDVEDMDVWRPDUDQLQLFLDWLYDVSDUDILMDULPSXHVWRVDOFRPHUFLRGHODPDGHUDHQWUH
RWUDV3HURHQRWURVFDVRVHVWRVDFWRUHVWDPELpQKDQHVWDEOHFLGRUHODFLRQHVGHFRPSOHPHQWDULHGDGHVHO
FDVRGHSHTXHxRVLQIRUPDOHVTXHSURYHHQPDGHUDSDUDODVFRQFHVLRQHV\DOJXQRVJRELHUQRVPXQLFLSDOHV
TXHDSR\DQODVDFWLYLGDGHVGHHPSUHVDVPDGHUHUDVHQVXVMXULVGLFFLRQHVSRUORVEHQHILFLRVFRODWHUDOHV
TXHSXHGHQREWHQHUGHHOODV 3DFKHFR\.DLPRZLW] 3HVHDTXHH[LVWHQQXPHURVRVHVWXGLRVHQODV
WLHUUDV EDMDV TXH GRFXPHQWDQ GLVWLQWDV VLWXDFLRQHV GHO FRQIOLFWR HV LQFLHUWD OD PDJQLWXG HQ OD TXH
FRQWULEX\HQ HVRV FRQIOLFWRV SDUDDFHOHUDUODV WDVDV GHGHJUDGDFLyQGHORVERVTXHVHQ ODV iUHDVGRQGH
HVWRVVHSUHVHQWDQ

'HVGH OD VHJXQGD PLWDG GH OD GpFDGD GH ORV DxRV  ORV VXFHVLYRV JRELHUQRV KDQ UHDOL]DGR DOJXQRV
HVIXHU]RVFRQHOREMHWLYRH[SOtFLWRGHIRPHQWDUHOXVRPiVVRVWHQLEOHGHOERVTXH\UHVROYHUORVRUtJHQHV
GH ORV FRQIOLFWRV HQ RUGHQ GH DVHJXUDU XQD PHMRU GLVWULEXFLyQ GH ORV EHQHILFLRV SURYHQLHQWHV GHO
DSURYHFKDPLHQWRGHORVUHFXUVRVIRUHVWDOHV3DUDHOORVHKDQLQWURGXFLGRLPSRUWDQWHVPRGLILFDFLRQHVHQ
ODV SROtWLFDV GH WLHUUDV FRPR UHIRUPDV HQ HO VLVWHPD LPSRVLWLYR IRUHVWDO QXHYDV UHJXODFLRQHV SDUD
FRQWURODUHOFXPSOLPLHQWRGHOPDQHMRIRUHVWDO\UHIRUPDVHQODLQVWLWXFLRQDOLGDGS~EOLFDTXHKDLQFOXLGROD
DPSOLDFLyQ GH ODV UHVSRQVDELOLGDGHV PXQLFLSDOHV HQ WHPDV GH JHVWLyQ IRUHVWDO HQWUH ODV PiV
LPSRUWDQWHV(V WRGDYtDSUHPDWXURVHxDODUFRQSUHFLVLyQFXiOHVKDQVLGRORVLPSDFWRVGHHVWDVQXHYDV
UHJXODFLRQHVHQHOFXPSOLPLHQWRGHORVREMHWLYRVGHVRVWHQLELOLGDG\HTXLGDGTXHHVDVPLVPDVSROtWLFDV
VHKDQSURSXHVWR1RREVWDQWHODSULQFLSDOGLVFXVLyQVXE\DFHQWHDODVSROtWLFDVTXHWRGDYtDKDVLGRSRFR
H[SOLFLWDGDHVUHVSHFWRDVtHOQXHYR³UpJLPHQIRUHVWDO´HVWDUtDIDYRUHFLHQGRHOVLVWHPDGHFRQFHVLRQHV
UHSLWLHQGRODWUDGLFLyQGHOSDVDGRRVLHIHFWLYDPHQWHVHHVWiDYDQ]DQGRHQODGHPRFUDWL]DFLyQGHOXVRGH
ORV UHFXUVRV GHO ERVTXH 1R HV QXHVWUD LQWHQFLyQ UHDOL]DU XQD HYDOXDFLyQ GH HVWDV SROtWLFDV VLQR
VLPSOHPHQWH HVER]DU DOJXQDV LGHDV HQ WpUPLQRV GH FXDOHV VRQ VXV LPSOLFDFLRQHV UHVSHFWR D OD
SHUVLVWHQFLDRQRGHVLWXDFLRQHVGHFRQIOLFWR

/D DSOLFDFLyQ GH OD QXHYD QRUPDWLYLGDG IRUHVWDOFRQOOHYD HIHFWRV SRVLWLYRV HQ OD SURPRFLyQ GHO PDQHMR
IRUHVWDO HQ OD PHGLGD HQ TXH VH KD UHGXFLGR OD SRVHVLyQ HVSHFXODWLYD GH iUHDV IRUHVWDOHV VH KD
IRPHQWDGRXQDPiVHILFLHQWHUHFDXGDFLyQGHSDWHQWHVIRUHVWDOHVUHGXFLHQGRORVPiUJHQHVGHFRUUXSFLyQ

 /DVQXHYDVRULHQWDFLRQHVGHODSROtWLFDGHWLHUUDV\IRUHVWDOHVWiQFRQWHQLGDVHQOD/H\)RUHVWDO 1ƒGHMXOLRGH
 \VXUHJODPHQWR '61ƒGHGLFLHPEUHGH \HQOD/H\GHO6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULD
1ƒGHRFWXEUHGH 

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
HQVXUHFDXGDFLyQ\DGPLQLVWUDFLyQ\VHKDSURPRYLGRODH[WUDFFLyQIRUHVWDOEDMRSODQHVGHPDQHMRSDUD
JDUDQWL]DU OD VRVWHQLELOLGDG GHO DSURYHFKDPLHQWR IRUHVWDO 1R REVWDQWH WRGDYtD VRQ GHILFLHQWHV ORV
VLVWHPDV GH FRQWURO GHO FXPSOLPLHQWR GH HVWRV SODQHV \ H[LVWHQ LPSRUWDQWHV PiUJHQHV SDUD HO
DSURYHFKDPLHQWRLQIRUPDOGHPDGHUDVLQODVUHVSHFWLYDVDXWRUL]DFLRQHV$VXYH]ORVSRFRVDYDQFHVHQ
OD FODVLILFDFLyQ GH ERVTXHV\ HQ OD GHOLPLWDFLyQ GH ORVERVTXHVILVFDOHV HVWiOOHYDQGRD TXH ODV iUHDV
OLEHUDGDVSRUODVFRQFHVLRQHVQRVHHQFXHQWUHQSURWHJLGDVHQODSUiFWLFDORTXHODVKDFHYXOQHUDEOHVD
SUHVLRQHVGHDJHQWHVH[WHUQRVVREUHORVUHFXUVRVIRUHVWDOHV(VWH~OWLPRIDFWRUKDIUHQDGRHOSURFHVRGH
OLFLWDFLyQS~EOLFDGHODViUHDVIRUHVWDOHVILVFDOHVSRUORVDOWRVJUDGRVGHLQFHUWLGXPEUHTXHJHQHUDSDUDOD
LQYHUVLyQSULYDGDQDFLRQDO\H[WUDQMHUD

%DVWDQWHV HVIXHU]RV VH KDQ KHFKR SDUD FRQWURODU HO DSURYHFKDPLHQWR LQIRUPDO GH ORV SHTXHxRV
SURGXFWRUHVGHPDGHUDORVTXHWRGDYtDQRVHKDQVRPHWLGRDOQXHYRHVTXHPDGHPDQHMRIRUHVWDO(QOD
FRQFHSFLyQGHODQXHYDOHJLVODFLyQIRUHVWDOODRSFLyQSDUDIRUPDOL]DUHODSURYHFKDPLHQWRGHORVSHTXHxRV
SURGXFWRUHV GH PDGHUD HV RWRUJiQGROHV FRQFHVLRQHV HQ ODV $UHDV GH 5HVHUYD )RUHVWDO 0XQLFLSDO
$5)0 EDMRDOJXQRVSURFHGLPLHQWRVHVWDEOHFLGRV(VWRWHyULFDPHQWHFRQWULEXLUtDDIUHQDUODSUHVLyQGH
ORVJUXSRVLQIRUPDOHVVREUHORVERVTXHV(VWHPHFDQLVPRDVXPHDOJXQRVVXSXHVWRVGLItFLOHVGHFXPSOLU
HQ OD SUiFWLFD HQWUH HOORV OD SRVLELOLGDG GH TXH HVWRV JUXSRV SRU Vt PLVPRV HVWiQ HQ FRQGLFLRQHV GH
DYDQ]DU HQ HO HVWDEOHFLPLHQWR GH DFWLYLGDGHV DVRFLDWLYDV GH PDQHMR GHO ERVTXH \ HQ DGRSWDU QXHYDV
WHFQRORJtDVGHDSURYHFKDPLHQWR3HVHDHOORKDVWDDKRUDORVDYDQFHVKDQVLGROHQWRVGHELGRVREUHWRGR
DGHVHQFXHQWURV LQVWLWXFLRQDOHVHQHOQLYHOQDFLRQDO\H[LVWHXQLPSRUWDQWHPDUJHQGHGHPDQGDVVRFLDOHV
LQVDWLVIHFKDV OR TXH FXHVWLRQD HO DOFDQFH GH ORV HVIXHU]RV RULHQWDGRV D GHPRFUDWL]DU HO DFFHVR D ORV
UHFXUVRV GHO ERVTXH $GHPiV HQ OD PHGLGD HQ TXH QR VH VXSHUHQ ORV REVWiFXORV SDUD UHVROYHU OD
LQIRUPDOLGDG HQ HO DSURYHFKDPLHQWR GH OD PDGHUD SRU SDUWH GH SHTXHxRV H[WUDFWRUHV SDUWH GH HVWDV
SUHVLRQHVSXHGHQRULHQWDUVHKDFLDORVERVTXHVILVFDOHVTXHQRHVWiQVLHQGRRFXSDGRVEDMRHOUpJLPHQGH
FRQFHVLRQHVRTXH QRLQJUHVHQDOVLVWHPDGHVXEDVWD

8QSDVR LPSRUWDQWHKD VLGRHOUHFRQRFLPLHQWRGHGHUHFKRVWHUULWRULDOHVSDUDORVSXHEORVLQGtJHQDV\ OD


H[FOXVLYLGDG GHO DSURYHFKDPLHQWR IRUHVWDO GHQWUR GH ODV 7LHUUDV &RPXQLWDULDV GH 2ULJHQ 7&2V 
$FWXDOPHQWHODVSROtWLFDVSURPXHYHQHODSURYHFKDPLHQWRIRUHVWDOHQ7&2VEDMRHVTXHPDVFRPHUFLDOHV
UHVSHWDQGRODVDFWXDOHVUHJXODFLRQHVGHOPDQHMR IRUHVWDODEULHQGRSRVLELOLGDGHV SDUDOD VXVFULSFLyQGH
FRQWUDWRVVXEVLGLDULRVRGHULHVJRFRPSDUWLGRFRQHPSUHVDVIRUHVWDOHVSDUDYLDELOL]DUHOPDQHMRIRUHVWDO
GHQWURGHVXV7&2V'HVGHODSHUVSHFWLYDGHOD6XSHULQWHQGHQFLD)RUHVWDO 6) VHFRQVLGHUDTXHHVWH
PHFDQLVPRSXHGHFRQWULEXLUDIUHQDUHODSURYHFKDPLHQWRLOHJDOGHPDGHUDTXHSHUVLVWHHQODV7&2V1R
REVWDQWH PXFKDV GH ODV RUJDQL]DFLRQHV LQGtJHQDV \ DOJXQDV GH ODV LQVWLWXFLRQHV SULYDGDV TXH ORV
FRODERUDQKDQVRVWHQLGRTXHHVWDVQRUPDVHVWDUtDQLPSOLFDQGRGLItFLOHVSURFHVRVGHDGDSWDFLyQSRUTXH
ORVHVWDUtDIRU]DQGRDLQFRUSRUDUVLVWHPDVGHPDQHMRH[FOXVLYDPHQWHJXLDGRVSRUREMHWLYRVFRPHUFLDOHV

(OQXHYRHVTXHPDGHGLVWULEXFLyQGHODVSDWHQWHVIRUHVWDOHV SRUDSURYHFKDPLHQWR\GHVPRQWH DEUHOD


SRVLELOLGDG GH SURPRYHU OD LQYHVWLJDFLyQ IRUHVWDO HQ ODV SUHIHFWXUDV SHUR pVWDV KDQ HVWDGR LQYLUWLHQGR
HVWRV UHFXUVRV HQRWURV SURSyVLWRV $VX YH] HVWH HVTXHPD SRVLELOLWD TXH ORVPXQLFLSLRV FRQ UHFXUVRV
IRUHVWDOHV SXHGDQ EHQHILFLDUVH PiV GH OD H[SORWDFLyQ GH HVRV UHFXUVRV SHUR D~Q QR TXHGD FODURVL HO
QXHYRVLVWHPDGHGLVWULEXFLyQGHLQJUHVRVIRUHVWDOHVYDDEHQHILFLDUGHIRUPDVLJQLILFDWLYDDORVPXQLFLSLRV
HQ UHJLRQHV IRUHVWDOHV 1R REVWDQWH EDMR HO DQWHULRU UpJLPHQ IRUHVWDO OD PD\RU SDUWH GH ODV UHJDOtDV
PDGHUHUDV TXH OOHJDEDQ D ODV UHJLRQHV IRUHVWDOHV VH GHVWLQDEDQ D LQIUDHVWUXFWXUD VRFLDO PLHQWUDV TXH
DKRUD XQD PD\RU SDUWH GHEH VHU XVDGD HQ OD SURPRFLyQ GH PDQHMR IRUHVWDO VRVWHQLEOH $VLPLVPR ORV
UHFXUVRV REWHQLGRV GH ODV SDWHQWHV SDUD ILQDQFLDU ODV DFWLYLGDGHV GH OD 6XSHULQWHQGHQFLD )RUHVWDO VRQ

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
GHPDVLDGR EDMRV SRQLHQGR HQ ULHVJR OD YLDELOLGDG HFRQyPLFD GHO VLVWHPD GH UHJXODFLyQIRUHVWDO 6LQ
HPEDUJR GHEH GHVWDFDUVH TXH EDMR HO DFWXDO VLVWHPD VH KDQ SURGXFLGR DYDQFHV UHODFLRQDGRV FRQ ORV
PHFDQLVPRVGH FRQWUROGHO SDJRGHODVSDWHQWHV IRUHVWDOHV ODUHGXFFLyQ GH OD FRUUXSFLyQIXQFLRQDULD\
UHJODV PiV FODUDV SDUD VX GLVWULEXFLyQ 8Q SRVLEOH ULHVJR HV TXH ODV PXQLFLSDOLGDGHV QR XVHQ HVRV
UHFXUVRV HQ DFWLYLGDGHV GH PiV ODUJR SOD]R YLQFXODGDV FRQ OD JHVWLyQ GH ORV UHFXUVRV IRUHVWDOHV \
SHUVLVWDQHQDWHQGHUODVGHPDQGDVGHODFR\XQWXUD

(OWHPDGHODViUHDVSURWHJLGDVHVWRGDYtDSROpPLFRHQWDQWRSHUVLVWHQDOJXQDVVLWXDFLRQHVGHFRQIOLFWR
GHELGR D OD H[LVWHQFLD GH iUHDV GH FRQFHVLRQHV IRUHVWDOHV GHQWUR GHO VLVWHPD GH iUHDV SURWHJLGDV
DXQTXHVHKDQSURGXFLGRLPSRUWDQWHVDYDQFHVLQVWLWXFLRQDOHVSDUDFRPSHQVDUDHPSUHVDVIRUHVWDOHVHQ
HVWDVLWXDFLyQSRUSDUWHGHO6HUYLFLR1DFLRQDOGH$UHDV3URWHJLGDV 6(51$3 3RURWUDSDUWHHQDOJXQRV
FDVRVHVWDViUHDVFRQWULEX\HQHIHFWLYDPHQWHDODFRQVHUYDFLyQSHURHQRWURVUHVWULQJHQODXWLOL]DFLyQGH
ORVUHFXUVRVQDWXUDOHVGHSREODFLRQHVORFDOHV\KDQHQWUDGRHQFRQIOLFWRVDELHUWRVFRQHOODVSRQLHQGRHQ
ULHVJR OD YLDELOLGDG GH VX PDQHMR FRPR iUHDV GH FRQVHUYDFLyQ (Q RWUDV FLUFXQVWDQFLDV JUXSRV GH
LQGtJHQDV \R FDPSHVLQRV VH KDQ FRPSURPHWLGR FRQ RSFLRQHV GH SURWHFFLyQ GH ORV UHFXUVRV SRU ORV
EHQHILFLRVSRWHQFLDOHVTXHHOOROHVSXHGHEULQGDUDIXWXUR$GHPiVHOPDQHMRFHQWUDOL]DGRGHODViUHDV\
XVXDOPHQWH GHOHJDGR D RUJDQL]DFLRQHVH[WHUQDV QR VLHPSUH KD SHUPLWLGR XQD DFWLYD GLVFXVLyQ GH ORV
SODQHVGHJHVWLyQFRQODVRUJDQL]DFLRQHVORFDOHV\FRQ ORVJRELHUQRVPXQLFLSDOHVLPSLGLHQGRTXHpVWRV
VH LQYROXFUHQ HQ PD\RU JUDGR HQ HVWH WLSR GH HVIXHU]RV GH FRQVHUYDFLyQ OR TXH SXHGH GHELOLWDU VXV
SRVLELOLGDGHVIXWXUDV

(V HQ HVWH FRQWH[WR TXH GHEHQ OHHUVH ODV ILFKDV TXH VH SUHVHQWDQ D FRQWLQXDFLyQ ODV TXH LOXVWUDQ
VLWXDFLRQHVHVSHFtILFDVGHFRQIOLFWRYLQFXODGRVFRQHOPDQHMRIRUHVWDO\ODFRQVHUYDFLyQGHORVERVTXHV
(VWRV FRQIOLFWRV QR SXHGHQ HQWHQGHUVH HQ WRGD VX GLPHQVLyQ VL QR VH ORV YLQFXOD FRQ HO SDWUyQ GH
GHVDUUROORHVSDFLDOGHODH[SORWDFLyQIRUHVWDO\ODRULHQWDFLyQGHODVSROtWLFDVIRUHVWDOHV$OPLVPRWLHPSR
OD OHFWXUD GH HVRV FRQIOLFWRV GHEH VHUYLU FRPR XQ HOHPHQWR DGLFLRQDO SDUD MX]JDU HO DYDQFH GH ODV
SROtWLFDV IRUHVWDOHV \ HO JUDGR HQ TXH ORV HVIXHU]RV TXH VH YLHQHQ GHVDUUROODQGR GHVGH HO (VWDGR \ OD
VRFLHGDGHVWiQSURPRYLHQGRRQRHOPDQHMRPiVVRVWHQLEOHGHORVUHFXUVRVIRUHVWDOHV\ODSRVLELOLGDGGH
DVHJXUDUXQDGLVWULEXFLyQPiVHTXLWDWLYDGHVXVEHQHILFLRV\GRQGHHVWiQORVSULQFLSDOHVREVWiFXORVTXH
WRGDYtDVHGHEHQHQIUHQWDU

3DEOR3DFKHFR%
6RFLyORJR0DVWHUHQ(FRQRPtD$JUtFROD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 ([SORWDFLyQIRUHVWDOSRUODHPSUHVD'RQ9tFWRU
8ELFDFLyQG H OFRQIOLF WR &RPXQLGDGHV/DV6LGUDV5tR1HJUR&DPSR/DUJR\*XWLpUUH]
GHODSURYLQFLD*UDQ&KDFRGHO0XQLFLSLRGH&DUDSDUtGHO
GHSDUWDPHQWRGH7DULMD
*HQHUDGRUGHOFRQ IOLFWR (PSUHVD'RQ9tFWRU

,QLFLDGRU GHOFRQIOLF WR &HQWUDO3URYLQFLDOGH&DUDSDUt\)2%20$'(

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH

$IHFWDGRV &XDWURFRPXQLGDGHVFDPSHVLQDVFRQXQD SREODFLyQDSUR[LPDGD


GHIDPLOLDV
$FWLYLGDGT XHJHQ HU DHO GDxR ([SORWDFLyQIRUHVWDO

(OGDxR JHQHUDGR 6HHMHFXWy

/DDFWLYLGDGHV 'HSUHGDGRUD

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD )RUHVWDO

5HFXUVRVDIHFWDG RV )ORUD\IDXQD

,QYHUVLyQG H OJHQH UDGR U GHGyODUHV


FRQRFLGD
)HFKDGHL QLFL RGHOGDxR 0D\RGH

)HFKDLQLFLRGHOFRQIOLF WR 6HSWLHPEUHGH

2EMHWLYRGHORV DIHFWD GR V 6DFDUDODHPSUHVD'RQ9tFWRUGHOOXJDU\QRSHUPLWLUOD


H[SORWDFLyQGHORVERVTXHV
$FFLRQHVUH DOL]DGDV 5HXQLRQHVDPSOLDGRVFRQFHQWUDFLRQHVWDOOHUGHGLVFXVLyQ
KXHOJDGHKDPEUHPDUFKDGHVGH&DUDSDUtD7DULMDWRPDGHODV
LQVWDODFLRQHVGHODHPSUHVDGHFRPLVRGHPDTXLQDULD\GHQXQFLD
S~EOLFD
)HFKDGH UHJLVWUR GHDJRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
(VWHFRQIOLFWRVHLQLFLyHQ\GXUyKDVWDDxRHQTXH ODHPSUHVDGHVLVWLyHQVHJXLUH[SORWDQGR
OD FRQFHVLyQ FRQ OR TXH VH ORJUy VX UHWLUDGD GHILQLWLYD (O FRQIOLFWR VH LQLFLD FXDQGR WRGDYtD H[LVWtD HO
&HQWURGH'HVDUUROOR)RUHVWDOHQHVWDpSRFDODHPSUHVD'RQ9tFWRUORJUDLQJUHVDUDODVFRPXQLGDGHVTXH
VHHQFXHQWUDQXELFDGDVHQODVHJXQGDVHFFLyQGHODSURYLQFLD*UDQ&KDFRGHOGHSDUWDPHQWRGH7DULMD
IUHQWHDORTXHODVFRPXQLGDGHVVHUH~QHQHQXQDPSOLDGRGHOD6XEFHQWUDOGH6LGUDV\GHFLGHQLPSHGLU
ODH[SORWDFLyQIRUHVWDOGHOiUHD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
3RVWHULRUPHQWH OD GHQXQFLD HV HQYLDGD WDQWR DO )2%20$'( GH 7DULMD FRPR DO &HQWUR GH 'HVDUUROOR
)RUHVWDOVROLFLWDQGRTXHVHGHWHQJDODVDFWLYLGDGHVGHGLFKDHPSUHVD'HHVWDPDQHUDVHORJUDTXHXQD
FRPLVLyQFRPSXHVWDSRUHO&RPLWp&tYLFROD)HGHUDFLyQGH&DPSHVLQRVGHOGHSDUWDPHQWRHO&')OD
6XESUHIHFWXUD\HO)2%20$'(LQJUHVHDOD]RQDSDUDYHULILFDUODGHQXQFLD8QDYH]UHDOL]DGDODYLVLWD
VHSURFHGHDHOHYDUXQLQIRUPHGRQGHVHFRQILUPDODYHUDFLGDGGHODGHQXQFLDKHFKDSRUORVFRPXQDULRV
\VHH[LJHODLQPHGLDWDVDOLGDGHODHPSUHVD
6LQ HPEDUJR SRFR WLHPSR GHVSXpV VH DSUREy OD QXHYD /H\ )RUHVWDO \ VH FUHy OD 6XSHULQWHQGHQFLD
)RUHVWDO PHGLDQWH OD FXDO GLFKD HPSUHVD ORJUy OD FRQYHUVLyQ GH VXV FRQWUDWRVGH DSURYHFKDPLHQWR
IRUHVWDODOUpJLPHQGHFRQFHVLRQHV'HHVWDPDQHUDHOFRQIOLFWRVXUJHQXHYDPHQWH
$ VROLFLWXG GH ORV DIHFWDGRV HO )2%20$'( RUJDQL]D XQ VHPLQDULR GH GLVFXVLyQ VREUH HO WHPD HQ OD
FLXGDG GH &DUDSDUtGRQGHVH FRPSUXHEDQXHYDPHQWHODVGHQXQFLDVGH ORVFRPXQDULRV\ VH UDWLILFD OD
GHFLVLyQ GH LPSHGLU HO LQJUHVR GH OD HPSUHVD 3DUDOHODPHQWH VH VXVFLWDQ HQIUHQWDPLHQWRV HQWUH ORV
FRPXQDULRV \ ORV WUDEDMDGRUHVGH OD HPSUHVD \ VH GHWLHQH D DOJXQRV FDPSHVLQRV FRQ HO DSR\R GH OD
6XESUHIHFWXUDGH<DFXLEDTXHOOHYDODIXHU]DS~EOLFDFRQHVDILQDOLGDG
&RPRUHSUHVDOLDODVFRPXQLGDGHVEORTXHDQHOFDPLQRGHDFFHVR\SRVWHULRUPHQWHUHDOL]DQXQDPDUFKD
KDVWDODFLXGDGGH7DULMDSDUDH[LJLUDODVDXWRULGDGHVTXHLPSLGDQHOLQJUHVRGHODHPSUHVDDODViUHDV
HQ FRQIOLFWR $QWH HVWDV PHGLGDV GH SUHVLyQ ODV DXWRULGDGHV VH FRPSURPHWHQ D UHDOL]DU ODV JHVWLRQHV
UHVSHFWLYDVSDUDVDFDUDODHPSUHVDGHODUHJLyQSHURFRQWUDGLFLHQGRVXSURPHVDOHRWRUJDQHOSHUPLVR
GHFRUWH(VWRREYLDPHQWHSURYRFDODLUDGH ORVFRPXQDULRVTXLHQHVGHFLGHQLQFHQGLDUODVPDTXLQDULDV\
GHFRPLVDUORVHTXLSRVGHODHPSUHVD
$UDt]GHHVWRVKHFKRVVHFRQIRUPDQXHYDPHQWHXQDFRPLVLyQSDUDRUJDQL]DUXQDUHXQLyQHQWUHWRGRV
ORV LQYROXFUDGRV \ GXUDQWH OD PLVPD VH ILUPD XQ GRFXPHQWR HQ HO FXDO OD HPSUHVD VH FRPSURPHWH D
SDUDOL]DUVXVDFWLYLGDGHVKDVWDTXHVHFRQFOX\DXQHVWXGLRGHFODVLILFDFLyQGHERVTXHVFX\DHODERUDFLyQ
UHTXHUtDXQRVPHVHV\SHUPLWLUtDVDEHUVLOD]RQDHVDSWDSDUDODH[SORWDFLyQIRUHVWDORQR(OUHVXOWDGR
GH HVHHVWXGLRQRIXHGLIXQGLGRRILFLDOPHQWHSHURVHVDEHTXHIXHPX\GHVIDYRUDEOHSDUDODHPSUHVD\D
TXHpVWDGHVLVWLyGHVXFRQFHVLyQIRUHVWDO\DEDQGRQyOD]RQD
/DVRUJDQL]DFLRQHVKDQMXJDGRXQSDSHOPX\LPSRUWDQWHHQODVROXFLyQGHHVWHFRQIOLFWR/D 6XEFHQWUDO
GH6LGUDVIXHHOPRWRUGHWRGDODPRYLOL]DFLyQOD)HGHUDFLyQGH&DPSHVLQRVGH7DULMD\HQHVSHFLDOODGHO
&KDFR EULQGDURQ VX DSR\R HQ WRGR PRPHQWR HO &RPLWp &tYLFR GH 7DULMD \ HO GH &DUDSDUt DSR\DURQ OD
PRYLOL]DFLyQ\ODVGHQXQFLDV\HO)2%20$'(DSR\yDODVFRPXQLGDGHVVHVXPyDODVPRYLOL]DFLRQHV
UHDOL]yODGHQXQFLD\SUHVLRQyDODVDXWRULGDGHVDWUDYpVGHODRUJDQL]DFLyQGHORVHYHQWRVPHQFLRQDGRV
(Q OD DFWXDOLGDG VH HVWi WUDEDMDQGR SDUD OD FUHDFLyQ GH XQ iUHD GH UHVHUYD IRUHVWDO TXH SXHGD VHU
DGPLQLVWUDGDSRUORVSURSLRVFDPSHVLQRVTXLHQHVHVWiQHQFDUJDGRVGHHVWHWUDEDMRVRQORVGLULJHQWHVGH
OD6XEFHQWUDO\ORVWpFQLFRVGH3520(7$

)XHQWHV 'RFXPHQWRVGHGHQXQFLDGHO)2%20$'(LQIRUPHGHOGHOD6XSHULQWHQGHQFLD)RUHVWDO

3HUVRQDHQFDUJDGDGHOUHJLVWUR$OLSLR9DOGp])2%20$'( 7DULMD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQVWUXFFLyQGHFDUUHWHUD6DQWD&UX]  7ULQLGDG
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH6DQ$QGUpVSURYLQFLD0DUEiQGHSDUWDPHQWRGHO
%HQL
*HQHUDGRUGHOFRQ IOLFWR &RORQL]DGRUHVHVSRQWiQHRV \JUXSRVGHSRGHU

,QLFLDGRU GHOFRQIOLF WR &RPXQLGDGHVORFDOHVRULJLQDULDV

5HJXODGRUGHO FRQIOLFWR ,15$6XSHULQWHQGHQFLD)RUHVWDO6XSHULQWHQGHQFLD$JUDULD\


-XGLFDWXUD$JUDULD
$IHFWDGRV IDPLOLDVGHODFRPXQLGDG(OYLUDHQHOSXHQWH6DQ3DEOR

$FWLYLGDGT XHJHQ HU DHO GDxR 'HIRUHVWDFLyQSDUDKDELOLWDUFXOWLYRV\H[SORWDFLyQGHUHFXUVRV


IRUHVWDOHV
(OGDxR JHQHUDGR (VWiHQHMHFXFLyQ

/DDFWLYLGDGHV 'HVWUXFWLYD

$UHDD IHFWDGD KDGHODViUHDVDOUHGHGRUGHODFDUUHWHUD

$FWLYLGDGHVDIHFWDG DV $JUtFRODGHSDVWRUHR\XVRVWUDGLFLRQDOHV

5HFXUVRVDIHFWDG RV )ORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V (YLWDUODFRORQL]DFLyQHVSRQWiQHDPHGLDQWHWLWXODFLyQGHODV


WLHUUDVSHUWHQHFLHQWHVDODVFRPXQLGDGHV
$FFLRQHVUH DOL]DGDV $XGLHQFLDVGHFRQFLOLDFLyQFRQHO,15$

)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
/D H[WUHPDGD SREUH]D TXH SURGXFH OD GHVLJXDO GLVWULEXFLyQ GH WLHUUDV DIHFWD SULQFLSDOPHQWH D
FDPSHVLQRVGHODOWLSODQR\ORVYDOOHVVXEDQGLQRVTXLHQHVHQODV~OWLPDVGpFDGDVVHKDQ YLVWRIRU]DGRVD
LQLFLDU QXPHURVDVPLJUDFLRQHV VREUHWRGR HVSRQWiQHDVKDFLD ODV ]RQDV WURSLFDOHV(VWDV PLJUDFLRQHV
TXHHQJHQHUDODSURYHFKDQODDSHUWXUDGHQXHYRVFDPLQRVSDUDVXVDVHQWDPLHQWRVSURYRFDQXQDVHULH
GHFRQIOLFWRVHQWUHSREODGRUHVWUDGLFLRQDOHVFRORQRV\JUDQGHVSURSLHWDULRV
$O UHVSHFWR $UJHPLUR 3URFySLR   GHVFULEH XQD VLWXDFLyQ DQDOyJLFD FXDQGR UHILULpQGRVH D OD
$PD]RQLDEUDVLOHUDGLFHQDGDHVPiVSHUYHUVRTXHODVSDVLRQHV\OXFKDVTXHH[LVWHQHQOD$PD]RQLD
HQWUH VXV PiV H[SORWDGRV JUXSRV VRFLDOHV HO LQGLR HO FRORQR HO JDULPSHLUR 6RQ ULYDOLGDGHV ELHQ
RUTXHVWDGDVIRPHQWDGDVSRUORVJUXSRVGRPLQDQWHVTXHLQWHOLJHQWHPHQWHYLVOXPEUDQSHOLJURHQODXQLyQ
GHHVWRVVHJPHQWRVGHVKHUHGDGRV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(Q HO SUHVHQWH FRQIOLFWR ORV HQIUHQWDPLHQWRV HQWUH ORV QXHYRV FRORQRV \ ODV SREODFLRQHV LQGtJHQDV
RULJLQDULDVVHLQLFLDURQDSDUWLUGHFXDQGRVHSUR\HFWyODREUDFDPLQHUDTXHLQFHQWLYyXQDLQWHQVD
FRORQL]DFLyQ GH OD ]RQD HVSHFLDOPHQWH HQ HO WUDPR 3XHQWH 6DQ 3DEOR \ (OYLUD OtPLWH HQWUH HO
GHSDUWDPHQWR GH 6DQWD &UX] \ %HQL 3RVWHULRUPHQWH HQ YLVWD GH TXH OD FRQVWUXFFLyQ GH OD FDUUHWHUD
LQWHUGHSDUWDPHQWDO YDORUL]y ODV SURSLHGDGHV VLWXDGDV HQ HO iUHD HQ  FRPHQ]y XQ SURFHVR GH
DFDSDUDPLHQWRGHWLHUUDVSRUSDUWHGHJUXSRVGHSRGHUTXHGHVSOD]yDODVFRPXQLGDGHVDVHQWDGDVHQHO
iUHD
/D SUHVLyQ SRU SDUWH GH QXHYRV DFWRUHV VRFLDOHV \ HFRQyPLFRV DMHQRV D ORV RULJLQDULRV SURYRFy TXH
PXFKRV LQGtJHQDVDEDQGRQHQ R HQDMHQHQ VXV WLHUUDV 6LQ HPEDUJR HQ OD DFWXDOLGDG ODV FRPXQLGDGHV
RULJLQDULDV HVWiQ JHVWLRQDQGR DQWH HO ,15$ OD LQPRYLOL]DFLyQ GH VXV WLHUUDV FRQ OD ILQDOLGDG GH
UHFXSHUDUODVDWUDYpVGHORVSURFHVRVGHVDQHDPLHQWRFRPXQLWDULRV1RREVWDQWHQRH[LVWHXQFDWDVWUR
WHUULWRULDO GHO iUHD HQ FRQIOLFWR PHQRV SODQHV GH XVR GHO VXHOR TXH SHUPLWDQ HVWDEOHFHU FRQ SUHFLVLyQ
PHFDQLVPRV GH FRQVROLGDFLyQ GH ODV WLHUUDV FRPXQLWDULDV $GHPiV SDUD ORJUDU TXH HVWDV iUHDV VH
FRQYLHUWDQ HQ WLHUUDV FRPXQLWDULDV GH RULJHQ GHEHQ PRGLILFDU VXV DFWXDOHV SHUVRQHUtDV MXUtGLFDV FRPR
FDPSHVLQRVSRUSHUVRQHUtDVFRPXQLWDULDVSURFHVRTXHDGHPiVGHWRPDUWLHPSRLPSOLFDODHURJDFLyQGH
UHFXUVRVHFRQyPLFRV
$SHVDUGHHVWRVLPSHGLPHQWRVODVRUJDQL]DFLRQHVLQGtJHQDVHVWiQGLVSXHVWDVDGHIHQGHU \FRQVROLGDU
VXVWHUULWRULRVDWUDYpVGHODDSOLFDFLyQGHODOHJLVODFLyQYLJHQWHTXHGHDFXHUGRDOD/H\,15$VHxDODTXH
/DV 7LHUUDV &RPXQLWDULDV GH 2ULJHQ VRQ ORV HVSDFLRV JHRJUiILFRV TXH FRQVWLWX\HQ HO KiELWDW GH ORV
SXHEORV\FRPXQLGDGHVLQGtJHQDV\RULJLQDULDVDORVFXDOHVKDQWHQLGRWUDGLFLRQDOPHQWHDFFHVR\GRQGH
PDQWLHQHQ\GHVDUUROODQVXVSURSLDVIRUPDVGHRUJDQL]DFLyQHFRQyPLFDVRFLDO\FXOWXUDOGHPRGRTXH
DVHJXUDQ VX VREUHYLYHQFLD \ GHVDUUROOR 6RQ LQDOLHQDEOHV LQGLYLVLEOHV LUUHYHUVLEOHV FROHFWLYDV
FRPSXHVWDVSRUFRPXQLGDGHVRPDQFRPXQLGDGHVLQHPEDUJDEOHVHLPSUHVFULSWLEOHV

)XHQWHV +HPHURJUiILFDV\HQWUHYLVWDFRQXQFRPXQDULRGHOOXJDUTXHDQWHULRUPHQWHWUDEDMyFRPR
,QVSHFWRU$JUDULRHLQIRUPDFLyQKHPHURJUiILFD

3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D]&(-,6 7ULQLGDG

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 $SHUWXUDGHFDPLQRHQWUH%HQL\&RFKDEDPED
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLR6DQ,JQDFLRSURYLQFLD0R[RVGHSDUWDPHQWRGHO%HQL

*HQHUDGRUGHOFRQ IOLFWR $OFDOGtD\VXESUHIHFWXUDGH6DQ,JQDFLR

,QLFLDGRU GHOFRQIOLF WR 'LULJHQWHVGHO7,31,6

5HJXODGRUGHO FRQIOLFWR 3UHIHFWXUD

$IHFWDGRV KDELWDQWHVGHO7,31,6

$FWLYLGDGT XHJHQ HU DHO GDxR $SHUWXUDGHFDPLQR

(OGDxR JHQHUDGR 6HSURGXFLUi

/DDFWLYLGDGHV 3HOLJURVDSDUDODFRQVHUYDFLyQGHERVTXHSULPDULR\ DWHQWDWRULD


FRQWUDODVXSHUYLYHQFLDGHORVSXHEORVLQGtJHQDV
$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV $JURSHFXDULD\FRQVHUYDFLyQ

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR $JRVWRGH

)HFKDLQLFLRGHOFRQIOLF WR )HEUHURGH

2EMHWLYRGHORV DIHFWD GR V 0RGLILFDUHOWUD\HFWRSDUDHYLWDUODGHVWUXFFLyQGHOERVTXH\DOD


YH]IDYRUHFHUD]RQDVGRQGHVHHQFXHQWUDQFRQFHQWUDGDVODV
FRPXQLGDGHVGHO7,31,6
$FFLRQHVUH DOL]DGDV 3URSXHVWDGHPRGLILFDFLyQGHOWUD]RFDPLQHURVREUHODEDVHGH
XQWUD\HFWRGLJLWDOL]DGRHQPDSDV2ILFLRDQWHOD3UHIHFWXUD
5HVROXFLRQHVGHOžHQFXHQWURGHO7,31,6
)HFKDGH UHJLVWUR -XQLRGH

'HVFULSFLyQGHOFRQIOLFWR
(O7HUULWRULR,QGtJHQD3DUTXH1DFLRQDO,VLERUR6pFXUH 7,31,6 WLHQHXQDVXSHUILFLHGHPLOORQHVGH
KHFWiUHDV\HVWiVLWXDGRDOVXUGHOGHSDUWDPHQWRGHO%HQLHQVXOtPLWHFRQ&RFKDEDPED(VWD]RQDGRQGH
YLYHQDSUR[LPDGDPHQWHLQGtJHQDVGHORVSXHEORVRULJLQDULRVPRMHxRWULQLWDULR\XUDFDUp\FKLPiQDVt
FRPRFRORQL]DGRUHVGHORFFLGHQWHHQIXHGHFODUDGD3DUTXH1DFLRQDO
5HFLHQWHPHQWH OD 3UHIHFWXUD GHO %HQL UHVDOWDQGR OD QHFHVLGDG GH IRUWDOHFHU OD LQWHJUDFLyQ UHJLRQDO
LQVLVWLyVREUHODQHFHVLGDGGHYLQFXODUODVFRPXQLGDGHVGHO7,31,6FRQHOUHVWRGHOGHSDUWDPHQWRSHUR
SRVWHULRUPHQWHHODERUyXQSUR\HFWRFDPLQHURFX\RWUD]ROOHJDDOGHSDUWDPHQWRGH&RFKDEDPED\TXH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
VHJ~Q HVWD LQVWDQFLD JXEHUQDPHQWDO SHUPLWLUi DOFDQ]DU XQ PHUFDGR SRWHQFLDO SDUDORVSURGXFWRVGH OD
]RQD\VXSHUDUVXVGLILFXOWDGHVGHLQWHJUDFLyQSRUIDOWDGHXQFDPLQRGHYLQFXODFLyQ
/RV GLULJHQWHV GHO 7,31,6 KLFLHURQ FRQRFHU D OD DXWRULGDG SUHIHFWXUDO VX SUHRFXSDFLyQ UHVSHFWR D HVWD
VLWXDFLyQ \D TXH HO WUD]R SURSXHVWR HVWDED IXHUD GHO HMH GH ODV FRPXQLGDGHV \ SHQHWUDED iUHDV
GHVSREODGDVSRUORTXHHQYH]GHEHQHILFLDUDORVKDELWDQWHVGHODUHJLyQDFHQWXDUtDODH[SORWDFLyQGH
VXVUHFXUVRV IRUHVWDOHV/RVGLULJHQWHVGHO7,31,6IXQGDPHQWDURQVXSURSXHVWDDUJXPHQWDQGRSRUXQD
SDUWHTXHHOWUD]RGHOFDPLQRFUX]DXQWHUULWRULRLQGtJHQD\SRU RWUDTXHVXVFRPXQLGDGHVVHHQFXHQWUDQ
GHVYLQFXODGDVSRUIDOWDGHXQDFFHVRFDPLQHUR\DTXHODV~QLFDVYtDVGHFRPXQLFDFLyQHQWUHVt\FRQHO
UHVWR GHO GHSDUWDPHQWR VRQ OD IOXYLDO \ OD DpUHD HVWD ~OWLPD DOWDPHQWH FRVWRVD VREUH WRGR SDUD OD
FRPHUFLDOL]DFLyQGHODSURGXFFLyQDJUtFRODGHO7,31,6\GHORVSURGXFWRVTXHLQJUHVDQDOWHUULWRULR
6LQ HPEDUJR HQ YLVWD GH TXH HO WUD]R SURSXHVWR SRU ODV DXWRULGDGHV GHO 7,31,6 LPSOLFDED DPSOLDU HQ
DSUR[LPDGDPHQWHNLOyPHWURVODH[WHQVLyQGHODFDUUHWHUDVHVXJLULyFRPRDOWHUQDWLYDTXHHOHMHWURQFDO
VHH[WLHQGDHQGRVUDPDOHVVHFXQGDULRVTXHSHUPLWDQYLQFXODUDODVFRPXQLGDGHVLQGtJHQDV
$QWHHVWDUHVSXHVWD ORVGLULJHQWHV GHO7,31,6LQVLVWLHURQ HQ VXSURSXHVWDLQLFLDO\ DGHPiVUHFODPDURQHO
(VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDOSDUDHOWUD]RRILFLDOHOPLVPRTXHGHEHUtDUHDOL]DUVHDQWHVGH
ODHODERUDFLyQGHOSUR\HFWR\QRSDUDOHODPHQWHFRPRHVHOFDVRDFWXDO(VWDGHPDQGDGHODRUJDQL]DFLyQ
LQGtJHQDTXHHVWiDSR\DGDSRUOD/H\GHO0HGLR$PELHQWHVH YHIRUWDOHFLGDSRUHOKHFKRGHTXHHOWUD]R
DWUDYLHVDERVTXHVSULPDULRVFRQDOWDFRQFHQWUDFLyQGHELRGLYHUVLGDG
/D SRVLFLyQ JXEHUQDPHQWDO VH UHILHUH D TXH HO SURSyVLWR GHO WUDPR FDUUHWHUR HV OOHJDU D ORVPHUFDGRV GH
&RFKDEDPEDODPLVPDTXHGHVGLFHODLQWHQFLyQGHYLQFXODUFRQHOFDPLQRDODVFRPXQLGDGHVLQGtJHQDV\
SREODFLRQHVUHJLRQDOHVGH6DQ/RUHQ]R6DQ)UDQFLVFR\/D6DQWtVLPD7ULQLGDG(VWRSXVRHQDOHUWDDORV
GLULJHQWHV GHO 7,31,6 GHELGR DO FRQIOLFWR OLPtWURIH TXH WLHQHQ FRQ HO GHSDUWDPHQWR GH&RFKDEDPED HO
PLVPRTXHUHFODPDFRPRSDUWHGHVXWHUULWRULRHO3DUTXH1DFLRQDO,VLERUR6pFXUH3RURWURODGR\DQWHHVWH
KHFKR\DVHKDLQLFLDGRODDSHUWXUDGHODEUHFKDSDUDLQWURGXFLUODPDTXLQDULDODVDXWRULGDGHVGHO7,31,6
LQVLVWHQHQODQHFHVLGDGGHTXHVHUHDOLFHHO(VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO
$QWH HVWD GHPDQGD ODV DXWRULGDGHV GHSDUWDPHQWDOHV KDQ UHFDOFDGR TXH HVWH HV XQ SUR\HFWR GH LQWHUpV
GHSDUWDPHQWDO\QRVHFWRULDOSDUDORTXHFXHQWDQFRQHOUHVSDOGRGHOGHQRPLQDGR&RPLWpGH'HIHQVDGHOD
,QWHJULGDG7HUULWRULDOGHO%HQLTXLpQDSR\DHOSUR\HFWRGHYLQFXODFLyQFRQ&RFKDEDPED
'H DFXHUGR D GHFODUDFLRQHV HPLWLGDV SRU &DUORV 1DYLD 'LUHFWRU GHO &HQWUR GH 'RFXPHQWDFLyQ SDUD HO
'HVDUUROOR GHO %HQL &,''(%(1,  OD FDUUHWHUD 7ULQLGDG&RFKDEDPED UHTXLHUH OD UHDOL]DFLyQ SUHYLD GH
HVWXGLRV GH GLVHxR \ HYDOXDFLyQGHLPSDFWRDPELHQWDO SXHV VH WUDWD GHXQD FDUUHWHUDTXHDWUDYHVDUiXQ
iUHDSURWHJLGD\SRGUtDFRQYHUWLUVHVyORHQXQFDQDOGHH[WUDFFLyQGHUHFXUVRVQDWXUDOHVGHOD]RQD
(OFRQIOLFWRDXQVHPDQWLHQH\SDUHFHTXHHOWUD]RRILFLDOQRVHUiPRGLILFDGRSHURTXHVtVHUHDOL]DUiHO
FRUUHVSRQGLHQWH(VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO

)XHQWHV 3UHQVDRUDO\HVFULWD\HQWUHYLVWDDORVGLULJHQWHVGHO7,31,6

3HUVRQDHQFDUJDGDGHOUHJLVWUR :DOWHU3D]&(-,6 7ULQLGDG

 3HULyGLFR3UHVHQFLDGHVHSWLHPEUHGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 2SRVLFLyQ D OD H[SORWDFLyQ IRUHVWDO LUUDFLRQDO HQ OD FRORQLD 2VDND GH
(QWUH5tRV
8ELFDFLyQG H OFRQIOLF WR &RORQLD2VDNDGHOPXQLFLSLRGH(QWUH5tRVSURYLQFLD&DUUDVFR
GHOGHSDUWDPHQWRGH&RFKDEDPED
*HQHUDGRUGHOFRQ IOLFWR $VHUUDGHUR/XL]DJD

,QLFLDGRU GHOFRQIOLF WR &RORQLD2VDND

5HJXODGRUGHO FRQIOLFWR ,QVWLWXWR1DFLRQDOGH5HIRUPD$JUDULD ,15$ \


6XSHULQWHQGHQFLD)RUHVWDO± 5HJLRQDO&RFKDEDPED
$IHFWDGRV IDPLOLDVGHFRORQRV

$FWLYLGDGT XHJHQ HU DHO GDxR ([WUDFFLyQGHWURQFDV

(OGDxR JHQHUDGR 6HSURGXMRSDUFLDOPHQWH

/DDFWLYLGDGHV 'HVWUXFWLYD

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD $JURSHFXDULD

5HFXUVRVDIHFWDG RV 6XHORIORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR GHIHEUHURGH

)HFKDLQLFLRGHOFRQIOLF WR )HEUHURGH

2EMHWLYRGHORV DIHFWD GR V 2EWHQHUWtWXORVGHSURSLHGDGSDUDLPSHGLUTXHODHPSUHVD


/XL]DJDVHKDJDSURSLHWDULDGHWHUUHQRVXELFDGDVHQODFRORQLD
2VDND
$FFLRQHVUH DOL]DGDV 'HQXQFLDV DFFLRQHV OHJDOHV \ UHWHQFLyQ GH PDTXLQDULD GH OD
HPSUHVDHQODFRORQLD2VDND
)HFKDGH UHJLVWUR GHMXOLRGH

'HVFULSFLyQGHOFRQIOLFWR
3DUWH GH OD FRORQLD 2VDND VH HQFXHQWUD DO LQWHULRUGHO 3DUTXH1DFLRQDO &DUUDVFR HQ XQD ]RQD GRQGH
FRPLHQ]DQODVDOWXUDVGHOD&RUGLOOHUD2ULHQWDO\TXHVHFDUDFWHUL]DSRUODSUHVHQFLDGHiUEROHVFRQYDORU
FRPHUFLDO\XQDDEXQGDQWHULTXH]DGHIORUD\IDXQD/DVFDUUHWHUDVTXHSHUPLWHQHODFFHVRDOD]RQDVRQ
VHFXQGDULDVSHURDODPD\RUSDUWHGHORVFKDFRV SDUFHODVGHFXOWLYR VyORVHOOHJDDSLH
(O DxR  ORV FRORQRV GH OD FRPXQLGDG 2VDND FRQVLJXLHURQ DXWRUL]DFLyQ SDUD DVHQWDUVH HQ XQD
H[WHQVLyQGHKDSRVWHULRUPHQWHHQXQDYH]LQLFLDGRVORVWUiPLWHVGHWLWXODFLyQVHSUHVHQWy
HO FRQIOLFWR GH VXSHUSRVLFLyQ GH WLHUUDV GHELGR D TXH HO DVHUUDGHUR /XL]DJD DSDUHFLy FRQ WtWXORV GH
SURSLHGDGDGXFLHQGRTXHFRPSUyODVWLHUUDVGHXQDWHUFHUDSHUVRQD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
$QWH HVWD VLWXDFLyQ ORV SREODGRUHV GH OD FRORQLD 2VDND GHQXQFLDURQ OD LQYDVLyQ D VX SURSLHGDG \
SLGLHURQXQDLQVSHFFLyQSRUSDUWHGHODVDXWRULGDGHV3RVWHULRUPHQWHHQORVFRORQRVVROLFLWDURQDO
,15$  PHGLDQWH PHPRULDO OD HQWUHJD GH WtWXORV D OD FRORQLD 2VDND DVt FRPR OD VXVSHQVLyQ D OD
HPSUHVD/XL]DJDSRUSDUWHGHOD6XSHULQWHQGHQFLD)RUHVWDO
'XUDQWHHVWHSHULRGRHOFRQIOLFWR VHGHVDUUROOyEiVLFDPHQWHSRUPHGLRVOHJDOHVDWUDYpVGHORVFXDOHVVH
ORJUy GHPRVWUDU TXH OD HPSUHVD HVWDED DFWXDQGR GH PDQHUD LOHJDO \ DEXVLYD (QWUH ORV DEXVRV VH
GHQXQFLyTXHODHPSUHVDXWLOL]DEDORVVHUYLFLRVGHXQDERJDGRTXLHQHVWDEDHQFDUJDGRGHDPHQD]DUD
ORVGLULJHQWHVGHORVFRORQRVFRQGHQXQFLDUORVFRPRQDUFRWUDILFDQWHV\DSOLFDUOHVODWHPLGD/H\
/RVFRORQRVQRSXGLHURQFRQWUDWDUXQDERJDGRSHURUHFXUULHURQDO)RUR&RFKDEDPELQRTXHOHVFRODERUy
SUHVHQWDQGRWRGDODGRFXPHQWDFLyQUHTXHULGDGHQWURGHODFXDOVHFRQWHPSODEDHOSUREOHPDDPELHQWDO
TXHODLQDGHFXDGDH[SORWDFLyQIRUHVWDOHVWDEDRFDVLRQDQGR
(Q YLVWD GH TXH OD HPSUHVD FRQWLQXy WUDEDMDQGR D SHVDU GH TXH ODV DXWRULGDGHV UHFRQRFLHURQ TXH HO
DVHUUDGHURGHEtDVXVSHQGHUVXVDFWLYLGDGHVORVFRORQRVLQFDXWDURQVXPDTXLQDULD(QUHVSXHVWDDHVWD
DFFLyQODHPSUHVDKL]RTXHVHDSUHVDUDDORVGLULJHQWHVGHODFRORQLD2VDNDTXLHQHVFRQODPHGLDFLyQ
GHOD)HGHUDFLyQGHO0DPRUpIXHURQSXHVWRVHQOLEHUWDGFRQGLFLRQDOGHVSXpVGHGRVGtDVGHHQFLHUUR
(QHVWDUHJLyQODVSUHVLRQHVGHORVFRORQRVVREUHHOVHFWRUPDGHUHURKDQRFDVLRQDGRTXHpVWRV~OWLPRV
GHWHQJDQVXVDFWLYLGDGHVH[WUDFWLYDV,QFOXVRODHPSUHVD/XL]DJDGHMySHQGLHQWHHOMXLFLRTXHVHJXtDD
ORVGLULJHQWHVGHODFRORQLD/RDQWHULRUVHGHEHDTXHODRUJDQL]DFLyQ\PRYLOL]DFLyQGHORVFRORQRVFRORFy
D ODV HPSUHVDV PDGHUHUDV HQ XQD SRVLFLyQ GH GHVYHQWDMD TXH OHV LPSLGH UHWRPDU VXV DFWLYLGDGHV HQ
HVWRVOXJDUHVGHGRQGHSUiFWLFDPHQWHIXHURQH[SXOVDGRV

)XHQWHV 7HVWLPRQLRVGH SDUWLFLSDQWHVHQHOFRQIOLFWR

3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$ &RFKDEDPED

 'HDFXHUGRDHVWD/H\HOVRVSHFKRVRHQWUDDSULVLyQKDVWDTXHFRPSUXHEHVXLQRFHQFLD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 $XWRUL]DFLyQSDUDH[SORWDFLyQ\XVRGHUHFXUVRVIRUHVWDOHV
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH6DQ%XHQD9HQWXUDGHOGHSDUWDPHQWRGH/D3D]

*HQHUDGRU GHOFRQ IOLFWR 6XSHULQWHQGHQFLD)RUHVWDO

,QLFLDGRU GHOFRQIOLF WR &RPLWp&tYLFRGH6DQ%XHQD9HQWXUD'LUHFWRULRVGH$6/V

5HJXODGRUGHO FRQIOLFWR 0XQLFLSLR6XSHULQWHQGHQFLD)RUHVWDO,15$\0LQLVWHULRGH


'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ
$IHFWDGRV KDELWDQWHVGHOD]RQDTXHYLYtDQGHODH[WUDFFLyQGHPDGHUD

$FWLYLGDGT XHJHQ HU DHO GDxR 'HPRUDHQODDSUREDFLyQGH3ODQHV2SHUDWLYRVGH


$SURYHFKDPLHQWR)RUHVWDO
(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR

/DDFWLYLGDGHV 6RFLDO\DPELHQWDOPHQWHSHOLJURVDSRUTXHODVSHUVRQDVQR
WLHQHQRWUDIXHQWHGHWUDEDMR\SXHGHQYHUVHIRU]DGDVDH[WUDHU
PDGHUDGHIRUPDLOHJDO
$FWLYLGDGHVDIHFWDG DV &RPHUFLDO

5HFXUVRVDIHFWDG RV (VSHFLHVPDGHUDEOHV

)HFKDGHL QLFL RGHOGDxR GHVGHTXHOD/H\)RUHVWDOFRUWyODVRSFLRQHVGH


DSURYHFKDPLHQWRDORVSHTXHxRVH[WUDFWRUHVGHPDGHUD
)HFKDLQLFLRGHOFRQIOLF WR $EULOGH

2EMHWLYRGHORV DIHFWD GR V $JLOL]DUODDSUREDFLyQGH32$)V\TXHODVOH\HVGHQXQWUDWR


LJXDODODV$6/V\DODVHPSUHVDVPDGHUHUDV
$FFLRQHVUH DOL]DGDV $VDPEOHDV\FDUWDVGHSURWHVWD

)HFKDGH UHJLVWUR 0D\RGH

'HVFULSFLyQGHOFRQIOLFWR
8QDYH]SURPXOJDGDOD/H\)RUHVWDOFLHQWRVGHPRWRVLHUULVWDVTXHGDURQSURKLELGRVGHH[SORWDUPDGHUD
HQIRUPDGHFXDUWRQHVVLHQGRODVXQLGDGHVRSHUDWLYDVIRUHVWDOHVGHODV$OFDOGtDV\ODVRILFLQDVUHJLRQDOHV
GHOD6XSHULQWHQGHQFLD)RUHVWDOODVHQFDUJDGDVGHKDFHUFXPSOLUHVWDSURKLELFLyQ
6LQHPEDUJROD/H\)RUHVWDODEUHODSRVLELOLGDGDORVXVXDULRVWUDGLFLRQDOHVGHOERVTXHGHRUJDQL]DUVH\
REWHQHU SHUVRQHUtD MXUtGLFD PHGLDQWH OD FRQIRUPDFLyQ GH $JUXSDFLRQHV 6RFLDOHV GHO /XJDU $6/V  ODV
PLVPDV TXH D SDUWLU GH OD SUHVHQWDFLyQ \ DSUREDFLyQ SRU OD 6XSHULQWHQGHQFLD )RUHVWDO GH 3ODQHV
2SHUDWLYRV $QXDOHV)RUHVWDOHV 32$)V  SXHGHQ REWHQHU HO GHUHFKR DFRQFHVLRQHV SUHYLR SURFHVR GH
VHOHFFLyQHQODV$UHDVGH5HVHUYD)RUHVWDO0XQLFLSDO $5)0 FX\DH[WHQVLyQDVFLHQGHKDVWDXQGH
ORVERVTXHVILVFDOHVGHQWURGHVXMXULVGLFFLyQ

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(VWHFRQIOLFWRHVVLPLODUDOTXHRFXUUHHQRWUDV]RQDVIRUHVWDOHVGHOSDtVFRPR6DQ,JQDFLRGH9HODVFR\
6DQ5DIDHOGH6DQWD&UX],[LDPDV\7XPXSDVDGH/D3D]\5XUUHQDEDTXHGHO%HQLGRQGHQLODVRILFLQDV
UHJLRQDOHVQLODVORFDOHVWLHQHQLQIRUPDFLyQVREUHORVSURFHVRVTXHVLJXHODRWRUJDFLyQGHSHUPLVRVGH
H[WUDFFLyQ\DTXHDSDUHQWHPHQWHWRGRHVWiFHQWUDOL]DGRHQOD6XSHULQWHQGHQFLD)RUHVWDOGH6DQWD&UX]

(Q6DQ%XHQD9HQWXUDHOFRQIOLFWRIXHLQLFLDGRSRUORVSREODGRUHVGHOOXJDUTXLHQHVGHVSXpVGHKDFHUHO
WUiPLWHGHSHUVRQHUtDMXUtGLFDSDUDFRQVHJXLUHOUHFRQRFLPLHQWRFRPR$6/TXHGXUDHQWUHVHLVPHVHV\GRV
DxRV DVt FRPR HODERUDU 32$)V TXH FXPSODQ FRQ ORV UHTXLVLWRV GH OD /H\ )RUHVWDO \ VX UHJODPHQWR OD
6XSHULQWHQGHQFLD)RUHVWDOQROHVKDRWRUJDGRQLQJ~QSHUPLVRSDUDODH[WUDFFLyQGHUHFXUVRVIRUHVWDOHV6LQ
HPEDUJRODV$5)0VHVWiQVLHQGRRWRUJDGDVDHPSUHVDVPDGHUHUDVDMHQDVDORVPXQLFLSLRVDIHFWDGRV
(VWD VLWXDFLyQ KD SURYRFDGR XQD WRWDO LQHVWDELOLGDG HFRQyPLFD HQ ODV IDPLOLDV TXH YLYtDQ FDVL
H[FOXVLYDPHQWH GH OD H[WUDFFLyQ PDGHUHUD ODV PLVPDV TXH HQ OD DFWXDOLGDG D WUDYpV GH VXV
RUJDQL]DFLRQHVORFDOHV\ORVGLUHFWRULRVGHODV$6/VSUHVLRQDQDODVDXWRULGDGHVGHJRELHUQRSDUDTXHOD
6XSHULQWHQGHQFLD)RUHVWDORWRUJXHODVDXWRUL]DFLRQHVFRUUHVSRQGLHQWHVDODEUHYHGDGSRVLEOH
2WURSUREOHPDUHODFLRQDGRFRQODV$6/VHV HOPRQWRGHODSDWHQWHIRUHVWDODUDt]GHOFXDOHQIHEUHURGH
 $6/V GH 6DQWD $QD 6DQ 5DIDHO \ 6DQ ,JQDFLR GH 9HODVFR GHO GHSDUWDPHQWR GH 6DQWD &UX] VH
UHXQLHURQFRQHO0LQLVWURGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQSDUDVROLFLWDUOHODHQWUHJDGHODV$5)0V
\OOHJDUDXQDFXHUGRVREUHODLQWHUSUHWDFLyQGHODUWtFXORGH OD/H\)RUHVWDOHOPLVPRTXHVHxDODTXH
ODVFRPXQLGDGHVRUJDQL]DGDVGHOOXJDUUHFLELUiQFRQFHVLRQHVSRUXQPRQWRPtQLPRGHSDWHQWHIRUHVWDO
/RVDFXHUGRVDORVTXHVHOOHJyFRQHO0LQLVWUR5H\HV9LOODIXHURQUHIUHQGDGRVHQXQDDXGLHQFLDS~EOLFD
UHDOL]DGDHQ6DQWD&UX]HOPHVGHPDU]R

(Q DEULO GH  YDULDV UHJLRQHV GHO SDtV VH SURQXQFLDURQ VREUH HO LQFXPSOLPLHQWR GHO JRELHUQR \
FRQIRUPDURQ PRYLPLHQWRV GH SURWHVWD DQWH HVWDVLWXDFLyQ /RV SULPHURV GtDV GH PD\R YDULDV $6/V GH
6DQWD&UX]HQQRWDGLULJLGDDO0LQLVWURGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQGLHURQSOD]RKDVWDHO
GHPD\RSDUDTXHVHSURPXOJXHHO'HFUHWR6XSUHPRUHIHULGRDOPRQWRGHODSDWHQWHSDUDODV$6/V\ VH
SURFHGDDHQWUHJDUODViUHDVVROLFLWDGDV/DPLVPDQRWDLQGLFDTXHHQFDVRGHQRWHQHUXQDUHVSXHVWD
SRVLWLYDKDVWDODIHFKDGHILQLGDSURFHGHUtDQDUHDOL]DUPHGLGDVGHSUHVLyQHQFRRUGLQDFLyQFRQODVGHPiV
$6/VGHOSDtV\VXVJRELHUQRVPXQLFLSDOHV
'RVGtDVGHVSXpVRUJDQL]DFLRQHVGH6DQ%XHQD9HQWXUDHQYLDURQXQDFRPLVLyQDODFLXGDGGH/D3D]
HQFDEH]DGD SRU HO $OFDOGH 0XQLFLSDO \ XQD QRWD DO 0LQLVWUR GH 'HVDUUROOR 6RVWHQLEOH \ 3ODQLILFDFLyQ
VROLFLWiQGROH LQVWUX\D D OD 6XSHULQWHQGHQFLD )RUHVWDO TXHDSUXHEH VXV 32$)V \ ODSURPXOJDFLyQ GH XQ
'HFUHWR6XSUHPRTXHLQWHUSUHWHHODUWtFXORGH OD/H\)RUHVWDO
(VH PLVPR PHV ODV $6/V GHO PXQLFLSLR GH 6DQ %XHQD 9HQWXUD VH SXVLHURQ HQ HPHUJHQFLD \ VH
VROLGDUL]DURQ FRQ HO SDUR FtYLFR RUJDQL]DGR SRU ODV $6/V GH OD SURYLQFLD 9HODVFR GHO GHSDUWDPHQWR GH
6DQWD&UX]/DPD\RUSUHRFXSDFLyQGHODV$6/VHVTXHOD/H\QROHVGDHOPLVPRWUDWDPLHQWRTXHDODV
HPSUHVDVPDGHUHUDV\DTXHHOODVREWLHQHQVLQPD\RUHVGLILFXOWDGHVODVFRQFHVLRQHVTXHVROLFLWDQ

)XHQWHV 9LVLWDDOD]RQD\HQWUHYLVWDVFRQGLIHUHQWHVDFWRUHV

3HUVRQDHQFDUJDGDGHOUHJLVWUR +XJR%RVTXH/D3D]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 ([SORWDFLyQLOHJDOGHPDGHUDHQOD5HVHUYD1DFLRQDO0DQXULSL+HDWK
8ELFDFLyQG H OFRQIOLF WR 5HVHUYD1DFLRQDO0DQXULSL+HDWKSURYLQFLD0DQXULSLPXQLFLSLRV
GH)LODGHOILD3XHUWR5LFR\6DQ3HGURGHOGHSDUWDPHQWRGH
3DQGR
*HQHUDGRUGHOFRQ IOLFWR (PSUHVDVPDGHUHUDV

,QLFLDGRU GHOFRQIOLF WR 3REODGRUHVGHOFDQWyQ(O&KLYp

5HJXODGRUGHO FRQIOLFWR 'LUHFFLyQ*HQHUDOGH$UHDV3URWHJLGDV6XSHULQWHQGHQFLD


)RUHVWDO\3UHIHFWXUDGHO'HSDUWDPHQWRGH3DQGR
$IHFWDGRV 3REODGRUHVGHOD]RQDHLQGLUHFWDPHQWHWRGRHOSDtVSRUWUDWDUVH
GHXQDiUHDSURWHJLGDQDFLRQDO\HQPD\RUHVFDODODSREODFLyQ
PXQGLDOSRUODSpUGLGDGHOERVTXHWURSLFDO
$FWLYLGDGT XHJHQ HU DHO GDxR ([SORWDFLyQIRUHVWDOLOHJDO

(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV 'HVWUXFWLYD

$UHDD IHFWDGD $SUR[LPDGDPHQWHKD

$FWLYLGDGD IHFWDGD 5HFROHFFLyQGHSURGXFWRVGHOERVTXH

5HFXUVRVDIHFWDG RV %RVTXHDJXD\VXHOR

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V 4XHORVH[SORWDGRUHVLOHJDOHVVHDQVDQFLRQDGRV\VHIUHQHOD


H[WUDFFLyQLOHJDOGHPDGHUD
$FFLRQHVUH DOL]DGDV 5HVROXFLRQHVGHODFRPXQLGDGLQVSHFFLRQHVGHFRPLVRV
GHQXQFLDVDODVDXWRULGDGHVPHGLRVGHFRPXQLFDFLyQ\D
RUJDQL]DFLRQHVDPELHQWDOLVWDVPDUFKDJHVWLRQHVHQODVHGHGH
JRELHUQR\QHJRFLDFLRQHV
)HFKDGH UHJLVWUR 6HSWLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
/D5HVHUYD1DFLRQDO$PD]yQLFDGHO0DQXULSL+HDWKIXHFUHDGDPHGLDQWH'HFUHWR6XSUHPRGHO
GH GLFLHPEUH GH  HQ HO GHSDUWDPHQWR DPD]yQLFR GH 3DQGR /D 5HVHUYD WLHQH XQD H[WHQVLyQ
DSUR[LPDGD GH  KD (O GHSDUWDPHQWR GH 3DQGR HV DFWXDOPHQWH XQD GH ODV SRFDV iUHDV GH
%ROLYLDGRQGHD~QVHHQFXHQWUDPDUDRFDRED 6ZLHWHQLDPDFURSK\OOD 
/DH[SORWDFLyQLOHJDOIRUHVWDOHQOD5HVHUYD0DQXULSL+HDWKVHLQLFLyHQSHURIXHDSDUWLUGH
TXHORVSREODGRUHVGHODUHJLyQLQLFLDURQVXVUHFODPRVDOHQWRQFHV&HQWURGH'HVDUUROOR)RUHVWDODSDUWLU

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
GHORVFXDOHVVHSURKLELyDORVFRPXQDULRVWDODUPDGHUDSDUDODFRQVWUXFFLyQGHVXVYLYLHQGDVPLHQWUDV
TXHORVPDGHUHURVVHJXtDQH[SORWiQGRODFRQHODYDOGHODVDXWRULGDGHV7UDVPXFKRVUHFODPRVORJUDURQ
HO UHHPSOD]R GHO JXDUGD IRUHVWDO SRU XQ FRPXQDULR FRQ HO TXH UHDOL]DURQ DFFLRQHV GH VHJXLPLHQWR
LQVSHFFLyQ\GHFRPLVR
(QXQRGHORVUHFRUULGRVUHDOL]DGRHOGH DEULOGHHQFRQWUDURQSHUVRQDV\PRWRVLHUUDVGHOD
%DUUDFDGH(UZLQ5RGULJXH]DSXQWRGHVDFDUPDGHUDSHURORJUDURQH[SXOVDUORV3RVWHULRUPHQWHHO
GH MXQLR GHO PLVPR DxR HQFRQWUDURQ TXH ORV KHUPDQRV 'RPtQJXH] KDEtDQ GHUUXPEDGR  WURQFDV GH
PDUD\GH FHGUR\DELHUWRVHQGDVSDUDODH[WUDFFLyQGHODPDGHUD
(Q MXOLR GH  UHDOL]DURQ OD SULPHUD LQVSHFFLyQ XELFDQGR VHQGDV \ FDPSDPHQWRV PDGHUHURV (Q OD
VHJXQGD LQVSHFFLyQ HQ DJRVWR HQFRQWUDURQ FDPSDPHQWRV FRQ HTXLSRV GH UDGLR \ GRFXPHQWRV GH
H[SORWDFLyQGHODHPSUHVD0DQXWDWD
3UHVHQWDGD OD GHQXQFLD HQ HO PHV GH VHSWLHPEUH MXQWDPHQWH FRQ HO )LVFDO GH 'LVWULWR VH SURFHGLy D
LQFDXWDUVNLGHUV WUDFWRUHV \XQFDPLyQORVTXHIXHURQLQXWLOL]DGRV/DVDXWRULGDGHVVHFRPSURPHWLHURQ
DFRODERUDUSDUDVXWUDVODGR\ILUPDURQHODFWDGHGHFRPLVRSHURDOUHWRUQDUORVFRPXQDULRVDOOXJDU\DQR
HVWDEDQORVVNLGHUV QLHOFDPLyQ
'HDFXHUGRDOGLDULR3UHVHQFLDHOGHVHSWLHPEUHGHHOHQWRQFHV3UHIHFWRGH3DQGR-XDQ&DUORV
5LVV DGPLWLy FRUUXSFLyQ HQ OD VDOLGD GH PDGHUD GHO GHSDUWDPHQWR VLQ HPEDUJR VRVWXYR TXH QDGD VH
SRGtD KDFHU KDVWD TXH OD UHJODPHQWDFLyQ GH OD /H\ )RUHVWDO VDOLHUD D OX] OR FXiO VXFHGLy HO  GH
GLFLHPEUHGH
(OGHRFWXEUHGHHVHDxRHOILVFDO,YDQ*DQWLHUTXHKDEtDDFRPSDxDGRODVLQVSHFFLRQHV\GHFRPLVRV
IXH DPHQD]DGR GH PXHUWH /RV SREODGRUHV GH (O &KLYp KLFLHURQ XQ OODPDGR D ODV LQVWLWXFLRQHV \
SRVWHULRUPHQWHXQDGHQXQFLDHOSHULyGLFR/D5D]yQ(OGHGLFLHPEUHPDUFKDURQDODFLXGDGGH&RELMDD
SLHSHUVRQDVHQWUHKRPEUHVPXMHUHV\QLxRV
/RV SULPHURV GtDV GH HQHUR GH  SUHVHQWDURQ RWUD GHQXQFLD TXH GDED FXHQWD TXH HO 6U -RUJH
9DOGLYLDEDUUDTXHURKDEtDFRUWDGRWURQFDVHLQVWDODGRXQDIiEULFDGHSDOPLWR\XQDVHUUDGHURGHQWUR
GHOD5HVHUYD)RUHVWDO
(OGH6HSWLHPEUHGHXQDFRPLVLyQRUJDQL]DGDSRUHO)RUR3DQGLQRFRQODSUHVHQFLDGHO)LVFDO
DXWRULGDGHV \ FRPXQDULRV GHO &KLYp VH KL]R SUHVHQWH HQ HO OXJDUGHQRPLQDGR9HQWDUUyQ GHFRPLVDQGR
HTXLSRVGHWUDEDMRVNLGHUVFKDWDV\PRWRUHVWURQFDV\RWURV (O)RUR3DQGLQRVHFRQVWLWX\yHQSDUWH
FLYLOHQHOSURFHVRTXHHO0LQLVWHULR3~EOLFRLQLFLyHQGHIHQVDGHORVUHFXUVRVQDWXUDOHVGHOD5HVHUYD
'H DFXHUGR DO LQIRUPH GHO YLDMH  GH RFWXEUH GH   UHDOL]DGR SRU OD FRPLVLyQ FRQIRUPDGD SRU
LQWHJUDQWHVGHO)RUR3DQGLQRHQHOWUDPR&RELMD1DUHXGDHQFRQWUDURQHQHONPKDGHVERVFDGDV
\TXHPDGDVGHSURSLHGDGGHOVHxRU)HUUHLUDHQHONPSURSLHGDGGH&DUORV1XxH]HQFRQWUDURQXQ
DVHUUDGHURTXHFRUWDEDPDGHUDGHFDVWDxRSDUDFRQVWUXFFLyQ³SULQFLSDOPHQWHYLJDV\OLVWRQHVSRUVHUGH
EXHQDFDOLGDG´
1DUHXGDVHHQFXHQWUDDNPGH&RELMDOXHJRVHOOHJDDOD SREODFLyQGH9HUDFUX]GHDOOtD)RUWDOH]D
H[LVWHXQ FDPLQRGH NP KDFLD HO1RUWHFRQVWUXLGR SRUODHPSUHVD 6DQ0DUWtQ DELHUWRHVH DxRSDUD
VDFDUPiVGHiUEROHVGHFHGUR\RWURVWDQWRVGHPDUDTXHIXHURQWUDVODGDGRVDODVHUUDGHURGHHVWD
HPSUHVDHQ 5XWLQDHQ ODPDUJHQGHUHFKDGHOUtR7DKXDPDQX/D FRPLVLyQFRPSUREyODH[WUDFFLyQGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
SDOPLWR GH DVDt \ YHULILFDURQ ORV FRUWHV LUUDFLRQDOHV GH DUUR\XHORV \ SHQGLHQWHV $VLPLVPR SXGLHURQ
UHFRJHUODV YHUVLRQHVGH ORVSREODGRUHVSRU ODV TXHORVFDPLRQHVWURQTXHURVGH ,0$3$RWUDHPSUHVD
PDGHUHUD TXH RSHUDED LOHJDOPHQWH KDFtDQ HO WUDVODGR GH WURQFRV VyOR SRU ODV QRFKHV 6HJ~Q ORV
GHQXQFLDQWHVODViUHDVHQODVFXDOHVORVPDGHUHURV\SDOPLWHURVKDEtDQGHSUHGDGROOHJDEDQLQFOXVLYHDO
WHUULWRULRGHODVHWQLDV<DPLQDKXD\0DFKLQHULVHQODPDUJHQGHOUtR$FUHHVGHFLUTXH³EDUULHURQ´GHVGH
ODPDUJHQGHO7DKXDPDQXKDVWDHO$FUHGRQGHTXHGDQPX\SRFRVHVSDFLRVVLQGHSUHGDU

6HJ~QHO)LVFDO,YiQ*DQWLHUOD&RPLVLyQYHULILFyODH[LVWHQFLDGH VNLGHUV \XQFDPLyQWURQTXHURDVt


FRPRiUEROHVGHPDGHUDFRQXQWDPDxRGHPGHODUJR\DFPGHGLiPHWURTXHHVWDEDQSRU
VHUWUDVODGDGRV2WURVDUEROHVGHFHGUR\GHPDUDHVWDEDQHQODVPiUJHQHVGHOUtR0DGUHGH'LRV
/D FRPLVLyQ OXHJR GH UHFRJHU LQIRUPDFLyQ SUHOLPLQDU GHFLGLy LQXWLOL]DU ODV PDTXLQDULDV GHFRPLVDU ODV
OODYHV \ UHSXHVWRV \ RUGHQy D ORV UHVSRQVDEOHV QR VDFDU ODV PDTXLQDULDV QL OD PDGHUD GHO OXJDU EDMR
DGYHUWHQFLDGHVHUSURFHVDGRV3RVWHULRUPHQWHHIHFWXyODLQFDXWDFLyQIRUPDOGHWRGDODPDTXLQDULD\HO
GHFRPLVRGHODPDGHUDFRPRLQVWUXPHQWRGHGHOLWR´ 3UHVHQFLDGHRFWXEUHGH 
(OGHRFWXEUHGHHQHOGHVSDFKRGHOD3UHIHFWXUDVHILUPyXQDFXHUGRHQHOTXHVHHVWDEOHFLHURQ
HQWUHRWURVORVVLJXLHQWHVSXQWRV
D  6XVSHQGHU WHPSRUDOPHQWH OD RWRUJDFLyQ GH QXHYDV FRQFHVLRQHV IRUHVWDOHV HQ WDQWR OD
6XSHULQWHQGHQFLD)RUHVWDO\OD3UHIHFWXUDGHOGHSDUWDPHQWR3DQGRUHDOLFHQXQDHYDOXDFLyQVREUHHO
SURFHVR GH DSOLFDFLyQ GHO 5pJLPHQ )RUHVWDO \ FRQYHQJDQ XQD HVWUDWHJLD FRQMXQWD VREUH IXWXUDV
FRQFHVLRQHV
E  /DUHDOL]DFLyQGHXQDLQVSHFFLyQDODVFRQFHVLRQHVSRUSDUWHGHOD6XSHULQWHQGHQFLD
F  (OIRUWDOHFLPLHQWRGHODRILFLQDORFDOGH3DQGR
G  (O HQYtR SRU SDUWH GH OD 6XSHULQWHQGHQFLD GH ORV SODQHV GH PDQHMR IRUHVWDO GH FDGD XQD GH ODV
HPSUHVDVFRQFHVLRQDGDVKDVWDHOGH GLFLHPEUHGHHVHDxR
H /LTXLGDFLyQVREUHSURGXFWRVIRUHVWDOHVSURFHVDGRVHQ5LEHUDOWDFRQYHULILFDFLyQGHORVFHUWLILFDGRVGH
RULJHQ
0X\ SRFR GH HVWH FRQYHQLR IXH FXPSOLGR SHUR VLUYLy FRPR LQVWUXPHQWR SDUD TXH OD 3UHIHFWXUD \ OD
6XSHULQWHQGHQFLD)RUHVWDOVLJXLHUDQSURWHJLHQGRODH[SORWDFLyQLOHJDO
(O  GH QRYLHPEUH GH  HO )2%20$'( GH 3DQGR SLGLy D OD 6XSHULQWHQGHQFLD )RUHVWDO OD
LQPRYLOL]DFLyQGHODViUHDVGHFRQFHVLyQGHODVHPSUHVDVPDGHUHUDVTXHWUDEDMDQHQHOGHSDUWDPHQWR
GH3DQGRKDVWDTXHVHSUDFWLTXHXQDDXGLWRULDIRUHVWDOGHOSRWHQFLDOPDGHUHUR'HQXQFLySRURWUDSDUWH
TXH ODVHPSUHVDV9DUJDV 'HVWUH %ROLWDO &DEUHUD \ %HFHUUD LQFXUVLRQDURQ HQ SOHQD5HVHUYD 1DFLRQDO
SDUDFRUWDUHQ HVHDxRPiVGHWUHVPLOiUEROHVGHPDUD
(O  GH GLFLHPEUH GH  ORV SREODGRUHV GH OD UHJLyQ KLFLHURQ XQ QXHYR OODPDGR D ORV PHGLRV GH
FRPXQLFDFLyQSDUDLQIRUPDUVREUHODH[SORWDFLyQLOHJDOHQOD5HVHUYD\FRPRVXVLQWHQWRVLQIUXFWXRVRVGH
IUHQDUOD GHVGH  D SHVDU GH ODV GLYHUVDV GHQXQFLDV GHFRPLVRV FRPLVLRQHV H LQVSHFFLRQHV
UHDOL]DGDVFRQHO)RUR3DQGLQR\FRQHO)LVFDOGH'LVWULWRHQOD~OWLPDGHODVFXDOHVIXHURQDFXVDGRVGH
YHQGHUPDGHUD\REOLJDGRVSRUOD3UHIHFWXUDGH3DQGR\OD6XSHULQWHQGHQFLD)RUHVWDODDFHSWDUHOUHWLUR
GHODPDGHUDHQYLUWXGGHOFRQYHQLRILUPDGRHQOD3UHIHFWXUD\DGHYROYHUHOPRWRUGHFRODLQFDXWDGRXQ
DxRDWUiV\FRQHOTXHUHDOL]DEDQHOFRQWUROGHODH[WUDFFLyQ

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
/RVSREODGRUHVGHODUHJLyQKLFLHURQXQOODPDGRDODVRUJDQL]DFLRQHVHFRORJLVWDVSLGLHQGRXQDFRPLVLyQ
GHDOWRQLYHOVDQFLRQHVSDUDORVLQIUDFWRUHVHOWUDVSDVRGHORVREMHWRVGHFRPLVDGRVDODFRPXQLGDG\TXH
HOFRQWUROGHOD5HVHUYDHVWpDFDUJRGHODVRUJDQL]DFLRQHVGH(O&KLYH
&DQVDGRV GH VXV LQIUXFWXRVRV UHVXOWDGRV D OD IHFKD ORV FRPXQDULRV VH YLHURQ REOLJDGRV D QHJRFLDU
DOJXQDVQHFHVLGDGHVPtQLPDVSDUDVXVSREODFLRQHV(QODDFWXDOLGDGODH[SORWDFLyQLOHJDOHQOD5HVHUYD
0DQXULSL+HDWKFRQWLQ~D0HGLDQWHODVDXWRUL]DFLRQHVRWRUJDGDVSRUOD1RUPDGHOD/H\)RUHVWDOTXH
DSUXHEDQ SODQHV GH PDQHMR KDVWD  KD  EDUUDTXHURV HQ FRPSOLFLGDG FRQ ODV HPSUHVDV PDGHUHUDV
UHDOL]DQHO³ODYDGRGHODPDGHUD´TXHVDFDQGHOD5HVHUYD3DUDFRPSOHWDUHVWHSDQRUDPDORVSHUPLVRV
GHFKDTXHRTXHSRU/H\VRQRWRUJDGRV~QLFDPHQWHSRUOD6XSHULQWHQGHQFLD)RUHVWDODFWXDOPHQWHHVWiQ
VLHQGRDSUREDGRVSRUOD3UHIHFWXUDHQFRPSOLFLGDGFRQOD2ILFLQDGH27(3/86ODXQLGDGHQFDUJDGDGH
FHUWLILFDUODFDSDFLGDGGHXVRGHOVXHORGHDFXHUGRDO3ODQGH8VRGHO6XHORDSUREDGRPHGLDQWH'HFUHWR
6XSUHPR1R

/DVGHQXQFLDVGHH[SORWDFLyQLOHJDOHQ3DQGRFRQWLQ~DQDODIHFKDVLQVHUDWHQGLGDV(QHQHURGH
OD)HGHUDFLyQ'HSDUWDPHQWDOGH7UDEDMDGRUHV&DPSHVLQRV\OD6XEFHQWUDOGH3XHUWR5LFRGHQXQFLDURQDO
$OFDOGHGHODSREODFLyQGH&RQTXLVWDFRPRFRPHUFLDOL]DGRULOHJDOGHPDGHUDGHOPXQLFLSLRXELFDGRHQ
PHGLRGHOD5HVHUYD(VHPLVPRPHVORVUHSUHVHQWDQWHVGHODFRPXQLGDG9LOOD$PD]yQLFDGHQXQFLDURQ
TXHIXHURQDWURSHOODGRVHQGLFLHPEUHSRUODHPSUHVDPDGHUHUD&KDULWRGH*XVWDYR5RFDXELFDGDHQHO
3RUYHQLU TXLHQ KL]R WDODU LOHJDOPHQWH GLIHUHQWHV HVSHFLHV GH PDGHUD FHGUR PDUD WXPLO DOPHQGULOOR
FDWXDEDWRFREiOVDPRLWDXEDEDTXLR\PDUILO 
(OGHVHSWLHPEUHHOSUHVLGHQWHGHOD27%7ULQLGDGFLWR\RWURVUHSUHVHQWDQWHVGHODFRPXQLGDGXELFDGD
HQHOOtPLWH6XGHVWHGHOD5HVHUYDGHQXQFLDURQD*HUVHDV&DVWHGREDUUDTXHURGHOD]RQDSRUODWDODGH
 iUEROHV GH UREOH \ FHGUR HQ OD FRPXQLGDG (VWD SHUVRQD IXH WDPELpQ GHQXQFLDGD SRU WHQHU XQ
DVHUUDGHURLOHJDO ORFDOL]DGRHQODSURYLQFLD$EXQiGRQGHOOHYDORViUEROHVWDODGRV
1LQJXQDGH HVWDV GHQXQFLDVIXH UHVXHOWD SRUOD 6XSHULQWHQGHQFLD)RUHVWDOFX\RV IXQFLRQDULRV DUJX\HQ
TXHODVPLVPDVOOHJDQGHPDVLDGRWDUGH(QRWURVFDVRVIUHQWHDODSUHSRWHQFLDGHORVPDGHUHURVLOHJDOHV
\ODGHELOLGDGGHORVSXHVWRVGHFRQWUROGHOD6XSHULQWHQGHQFLDHVWDLQVWDQFLDGHFRRUGLQDFLyQFDVLQDGD
SXHGHKDFHU

)XHQWHV =RQLILFDFLyQ$JURHFROyJLFD\6RFLRHFRQyPLFD \ 3HUILO$PELHQWDOGH 'HSDUWDPHQWRGH 3DQGR


'RFXPHQWRV YDULRV GHQXQFLDV LQIRUPHV GHFRPLVRV FDUWDV QRWDULDGDV  SURSRUFLRQDGRV SRU
ORVSREODGRUHVGH(O&KLYp\RWUDVFRPXQLGDGHV\&DULWDV3DQGR1RWDVGH3UHQVD3UHVHQFLD
  &RQYHQLR VXVFULWR HQ OD 3UHIHFWXUD &RPXQLFDFLRQHV SHUVRQDOHV \
WHVWLPRQLRV

3HUVRQDHQFDUJDGDGHOUHJLVWUR3DWULFLD0ROLQD)2%20$'(

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 ,QVWDODFLyQGHDQWHQDUHSHWLGRUDGH(17(/HQOD5HVHUYDGHOD%LRVIHUD\
7HUULWRULR,QGtJHQD3LOyQ/DMDV
8ELFDFLyQGHOFRQIOLFWR 5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ/DMDV
ORFDOLGDGGH3LHGUDV%ODQFDVPXQLFLSLRGH5XUUHQDEDTXH
GHOGHSDUWDPHQWRGHO%HQL
*HQHUDGRUGHOFRQIOLFWR (PSUHVD1DFLRQDOGH7HOHFRPXQLFDFLRQHV (17(/
,QLFLDGRUGHOFRQIOLFWR &RPLWp&tYLFRGH5XUUHQDEDTXH\DGPLQLVWUDFLyQGHOD
5HVHUYD3LOyQ/DMDV
5HJXODGRUGHOFRQIOLFWR 6(51$3\6XSHULQWHQGHQFLD)RUHVWDO
$IHFWDGRV ,QGtJHQDV&KLPDQHVFRORQL]DGRUHV\RWURVKDELWDQWHVGHOD
UHJLyQ
$FWLYLGDGTXHJHQHUDHO ,QVWDODFLyQGHDQWHQDUHSHWLGRUDGH(17(/
GDxR
(OGDxRJHQHUDGR 6HSURGXFLUi
/DDFWLYLGDGHV ,QFRPSDWLEOHFRQXQiUHDGHFRQVHUYDFLyQ
$FWLYLGDGDIHFWDGD 6XSHUYLYHQFLD
5HFXUVRVDIHFWDGRV $JXDDLUHVXHORIORUDIDXQD\VDOXG
)HFKDGHLQLFLRGHOGDxR 6HSWLHPEUHGH
)HFKDLQLFLRGHOFRQIOLFWR 6HSWLHPEUHGH
2EMHWLYRGHORV DIHFWDGRV 4XH(17(/FXPSODFRQORVUHTXLVLWRVWpFQLFRVGHOD
(YDOXDFLyQGH,PSDFWR$PELHQWDO
$FFLRQHVUHDOL]DGDV $VDPEOHDVHPLVLyQGHUHVROXFLRQHVGHSURWHVWD\
GHQXQFLDVDQWHODDGPLQLVWUDFLyQGHOiUHDSURWHJLGD
)HFKDGHUHJLVWUR 0D\RGH

'HVFULSFLyQGHOFRQIOLFWR
(O DxR  OD (PSUHVD 1DFLRQDO GH 7HOHFRPXQLFDFLRQHV 6$ (17(/  LQLFLD XQD VHULH GH DFFLRQHV
FRPRODFRQVWUXFFLyQGHXQFDPLQRGHDFFHVR\RWUDVLQKHUHQWHVDODLQVWDODFLyQGHXQD5HSHWLGRUDHQHO
&HUUR3LOyQ4XLTXLEH\ %HQLDOLQWHULRUGHOD5HVHUYDGHOD%LRVIHUD\7LHUUD&RPXQLWDULDGH2ULJHQ3LOyQ
/DMDV 3DUDOD UHDOL]DFLyQ GH ODV DFWLYLGDGHV (17(/ QR VROLFLWy DXWRUL]DFLyQ QL D OD 'LUHFFLyQGHO $UHD
3URWHJLGD QL D QLQJXQD RWUD DXWRULGDG WDPSRFR LPSOHPHQWy PHGLGD DOJXQD SDUD PLWLJDU ORV LPSDFWRV
QHJDWLYRVRFDVLRQDGRVDOiUHD
(QHOPHVGHVHSWLHPEUHGHOPLVPRDxROD$GPLQLVWUDFLyQGHO$UHDDUDt]GHODVDFWLYLGDGHVGHSURWHFFLyQ
UHDOL]DGDV SRU ORV JXDUGDSDUTXHV WRPD FRQRFLPLHQWR GH WRGDV ODVDFFLRQHV UHDOL]DGDVSRU (17(/ \ OH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
VROLFLWD OD SUHVHQWDFLyQ GH OD/LFHQFLD $PELHQWDO HQ FXPSOLPLHQWR D OR GLVSXHVWR SRU HO5HJODPHQWR GH
$UHDV 3URWHJLGDV \ 5HJODPHQWR GH 3UHYHQFLyQ \ &RQWURO $PELHQWDO GHPDQGD TXH QR HV DWHQGLGD
IDYRUDEOHPHQWHSRUODHPSUHVDGHELGRDTXHQLVLTXLHUDKDEtDLQLFLDGRHOWUiPLWHSDUDODREWHQFLyQGHOD
PLVPD6LPXOWiQHDPHQWHHO&RPLWp&tYLFRGH5XUUHQDEDTXHHPLWHXQYRWRUHVROXWLYRPHGLDQWHHOFXDOVH
RSRQH D OD UHLQLFLDFLyQ GH ODV DFWLYLGDGHV GH (17(/ SRU ORV GDxRV FDXVDGRV (Q HVWH FRQWH[WR OD
'LUHFFLyQGHO$UHDSDUDOL]D DFWLYLGDGHVGHODUHIHULGDHPSUHVDKDVWDTXHVXVDFFLRQHVVHHQPDUTXHQHQ
/H\\SRQHHQFRQRFLPLHQWRGHODDXWRULGDGDPELHQWDOFRPSHWHQWHORDFRQWHFLGR
8Q PHV PiV WDUGH OD (PSUHVD (17(/ LQLFLD VX WUiPLWH SDUD OD REWHQFLyQ GH OD /LFHQFLD $PELHQWDO
SUHVHQWDQGRVX)LFKD$PELHQWDODFRPSDxDGDGHXQ3ODQGH$SOLFDFLyQ\6HJXLPLHQWR$PELHQWDODGMXQWR
VLQHVSHUDUSUHYLDPHQWHODFDWHJRUL]DFLyQSRUODDXWRULGDGFRPSHWHQWHWDOFXDOPDQGDHOSURFHGLPLHQWR
3HRU D~Q HO FLWDGR SODQ VH SUHVHQWD FRPR VL VH WUDWDUD GH XQ SUR\HFWR QXHYR FX\RV LPSDFWRV VH
SURGXFLUtDQDIXWXUR\FRQWLHQHLQIRUPDFLyQTXHQRFRUUHVSRQGtDDODUHDOLGDGSUHWHQGLHQGRGHHVWHPRGR
QR VyOR EXUODU ODV REOLJDFLRQHV DPELHQWDOHV LPSXHVWDV SRU /H\ DO LJQRUDU WRGRV ORV LPSDFWRV FDXVDGRV
KDVWD HVD IHFKD \ SUHWHQGHU REWHQHU VX /LFHQFLD $PELHQWDO VLQ FXPSOLU HIHFWLYDPHQWH ODV REOLJDFLRQHV
FRQWHQLGDV HQ ODV GLVSRVLFLRQHV DPELHQWDOHV \D TXH SRU HO JUDGR GH DYDQFH GH ODV REUDV   QR
FRUUHVSRQGtD OD SUHVHQWDFLyQ GH XQD )LFKD $PELHQWDO VLQR GH XQ 0DQLILHVWR $PELHQWDO GRQGH VH
FRQWHPSOHFODUDPHQWHODVDFFLRQHVFRUUHFWLYDVDUHDOL]DUVHHQGHWHUPLQDGRSHUtRGRGHWLHPSR
6REUHHOSDUWLFXODUOD'LUHFFLyQGHO$UHDMXQWRDODDXWRULGDGQDFLRQDOGHiUHDVSURWHJLGDVHPLWLHURQXQD
VHULHGHREVHUYDFLRQHVGH tQGROH WpFQLFR\ OHJDODQWHODDXWRULGDGDPELHQWDOFRPSHWHQWH\ H[LJLHURQOD
SUHVHQWDFLyQGHO0DQLILHVWR$PELHQWDOFRQGDWRVILGHGLJQRVDVtFRPRPHGLGDVDGHFXDGDVSDUDFRUUHJLU
WRGRVORVLPSDFWRVFDXVDGRVGHQWURGHOD5HVHUYDKDVWDHVDIHFKD
$QWH HVD VLWXDFLyQ (17(/ LQWHQWy UHLQLFLDU DFWLYLGDGHV VLQ p[LWR SRVWHULRUPHQWH VH GLR D OD WDUHD GH
DILUPDUTXHODLQWHQFLyQGHODVDXWRULGDGHVOXJDUHxDVVyORHUDIUHQDUHOGHVDUUROORGHOD]RQDUHFXUULHQGR
DODSR\RGHDOJXQDVDXWRULGDGHVDMHQDVD5XUUHQDEDTXHTXHVRVWHQtDQODPLVPDYHUVLyQ\PDQLIHVWDQGR
HQUHLWHUDGDVRFDVLRQHVTXHOD]RQDVHTXHGDUtDVLQHOVHUYLFLRGHWHOHFRPXQLFDFLyQ
$SHVDUGHODSUHVLyQHMHUFLGDFRQGLYHUVRVDUJXPHQWRVXQRVPHVHVGHVSXpVGLFKDHPSUHVDQRWXYRRWUD
DOWHUQDWLYD TXH HQPDUFDUVH HQ ODV QRUPDV DPELHQWDOHV YLJHQWHV SUHVHQWDQGR HO 0DQLILHVWR $PELHQWDO
FRUUHVSRQGLHQWH KDVWD OD REWHQFLyQ GH OD /LFHQFLD $PELHQWDO OD FXDO VH RWRUJy FRQGLFLRQDGD D OD
UHSDUDFLyQGHORVGDxRVFDXVDGRVHQXQSOD]RHVWDEOHFLGR
$ OD IHFKD SRU OD LQIRUPDFLyQ REWHQLGD HQ OD ]RQD VH FRQRFH TXH QR REVWDQWH KDEHU WUDQVFXUULGR
VXSHUDEXQGDQWHPHQWHHOSOD]RRWRUJDGRSDUDODVDFFLRQHVFRUUHFWLYDVpVWDVD~QQRKDQVLGRFRQFOXLGDV
SHVHDOFRPSURPLVRDVXPLGRSRU(17(/
/RVHxDODGRHYLGHQFLDTXHHPSUHVDVFRPR(17(/TXH FXHQWDQFRQORVUHFXUVRVKXPDQRV\ILQDQFLHURV
SDUDHQPDUFDUVXVDFFLRQHVHQODVGLVSRVLFLRQHVOHJDOHVGHRUGHQDPLHQWRMXUtGLFRPXHVWUDQXQSURIXQGR
GHVSUHFLRSRUODSURWHFFLyQGHOPHGLRDPELHQWH\ORVUHFXUVRVQDWXUDOHVTXHFRQOOHYDDODLQREVHUYDQFLD
GH ODV REOLJDFLRQHV DPELHQWDOHV HVWDEOHFLGDV SRU /H\ D~Q HQ iUHDV SURWHJLGDV TXH VRQ SDWULPRQLR GH
WRGRVORVEROLYLDQRV\VHHQFXHQWUDQVXMHWDVDXQUpJLPHQHVSHFLDOGHSURWHFFLyQ

)XHQWHV9LVLWDDOD]RQD\HQWUHYLVWDVFRQGLIHUHQWHVDFWRUHV

3HUVRQD HQFDUJDGDGHOUHJLVWUR +XJR%RVTXH/D3D]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 6DTXHRGHPDGHUDHQOD(VWDFLyQ%LROyJLFDGHO%HQL
8ELFDFLyQG H OFRQIOLF WR 5HVHUYDGHOD%LRVIHUD(%%0XQLFLSLRGH6DQWD$QDGHO
<DFXPDGHOGHSDUWDPHQWRGHO%HQL
*HQHUDGRUGHOFRQ IOLFWR *UXSRVSROtWLFRV GHSRGHU\PRWRVLHUULVWDV

,QLFLDGRU GHOFRQIOLF WR (%%$1&%\6(51$3

5HJXODGRUGHO FRQIOLFWR 3ROLFtDGH6DQ%RUMD0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\


3ODQLILFDFLyQ6(51$3\&RUWH1DFLRQDOGH-XVWLFLD
$IHFWDGRV (%%\61$3

$FWLYLGDGT XHJHQ HU DHO GDxR 7DODGHiUEROHVGHPDUDHQiUHDSURWHJLGD

(OGDxR JHQHUDGR <DVHSURGXMR

/DDFWLYLGDGHV ,OHJDO\GHSUHGDWRULD

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD &RQVHUYDFLyQGHODELRGLYHUVLGDG

5HFXUVRVDIHFWDG RV )ORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR GHQRYLHPEUHGH

)HFKDLQLFLRGHOFRQIOLF WR GHQRYLHPEUHGH

2EMHWLYRGHORV DIHFWD GR V &DVWLJDUDORVUHVSRQVDEOHVHLPSHGLUTXHVDTXHQODPDGHUD


SDUDVHQWDUSUHFHGHQWHV
$FFLRQHVUH DOL]DGDV 3URFHVRSHQDO&DPSDxDGHGHQXQFLDDHVFDODQDFLRQDO H
LQWHUQDFLRQDO(VWLPDFLyQHFRQyPLFDGHOGDxR
)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
/D5HVHUYDGHOD%LRVIHUD(VWDFLyQ%LROyJLFDGHO%HQL (%% HVXQDGHODVXQLGDGHVGHFRQVHUYDFLyQGHO
6LVWHPD 1DFLRQDOGH $UHDV 3URWHJLGDV 61$3  TXH HVWi FRDGPLQLVWUDGD SRU OD $FDGHPLD 1DFLRQDO GH
&LHQFLDVGH%ROLYLD $1&% /D(%%SURPXHYHODDFWLYLGDGFLHQWtILFDHGXFDWLYD\GHPDQHMRGHUHFXUVRV
HQODSHUVSHFWLYDGHHQFRQWUDUDOWHUQDWLYDVGHXVRVRVWHQLEOHGHODGLYHUVLGDGELROyJLFD
/DVXSHUILFLHGHOD(%%HVGHKD\HQHOODVHSURWHJHPXHVWUDVUHSUHVHQWDWLYDVGHODGLYHUVLGDG
ELROyJLFDHQWUHODVTXHVHHQFXHQWUDQPDQFKRQHVGHiUEROHVGHPDUD 6ZLHWHQLDPDFURSK\OOD 'HELGRDO
SURFHVRGHH[WLQFLyQFRPHUFLDOGHHVWDHVSHFLHODVDFFLRQHVLOHJDOHVGHH[WUDFFLyQHQiUHDVSURWHJLGDV
VHLQFUHPHQWDQ

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(OGHQRYLHPEUHGHVHVXSRTXHPRWRVLHUULVWDVHVWDEDQLQYDGLHQGRHOiUHDGHOD(%%(OGH
QRYLHPEUHHOFXHUSRGH*XDUGDSDUTXHGHOD5HVHUYDHQXQRSHUDWLYRFRQMXQWRFRQHIHFWLYRVGHOD3ROLFtD
1DFLRQDOHQFRQWUDURQDSHUVRQDVTXHVHKDOODEDQWDODQGRiUEROHVFHQWHQDULRVGHPDUD\SURFHGLHURQDO
GHFRPLVR GHDUPDV \PRWRVLHUUDV DVtFRPRDODGHWHQFLyQ\ GHVDORMRGHORV VHxRUHV/XFLR3RUWDOHV\
2UODQGR 3RUFHO TXLHQHV VH LGHQWLILFDURQ FRPR UHVSRQVDEOHV GHO JUXSR $PEDV SHUVRQDV IXHURQ
FRQGXFLGDV D OD SROLFtD GH OD ORFDOLGDG GH 6DQ %RUMD GRQGH VH OHV WRPy GHFODUDFLyQ \ VH OHV LQLFLy HO
SURFHVRFRUUHVSRQGLHQWH
/DLQVSHFFLyQHQHOOXJDUTXHGHEtDSHUPLWLUFRQFOXLUODVGLOLJHQFLDVMXGLFLDOHVIXHUHWUDViQGRVHKDVWDHO
GHQRYLHPEUHHQHOODSDUWLFLSDURQOD3ROLFtD1DFLRQDOODVXSHULQWHQGHQFLD)RUHVWDOOD8QLGDG)RUHVWDO
0XQLFLSDOGH6DQWD$QDHO,QVWLWXWRGH(FRORJtDGHOD8QLYHUVLGDG0D\RUGH6DQ$QGUpV\FRPXQDULRVGH
&DUPHQGHO0DWR\&HUR2FKR
6LQHPEDUJRSRUSUHVLRQHVGHRUGHQSROtWLFRHOSURFHVRVHGLODWy\OD$1&%UHFXUULyDODSUHQVDSDUDTXH
YHULILTXHQ\KDJDQS~EOLFDODGHQXQFLDDGHPiVUHDOL]yXQOODPDPLHQWRDODVLQVWLWXFLRQHVDPELHQWDOLVWDV
\VROLFLWyDODVDXWRULGDGHVQDFLRQDOHVVXLQWHUYHQFLyQGLUHFWDSDUDTXHYLDELOLFHQODVDFFLRQHVMXGLFLDOHV\
GHQLQLFLRDOSURFHVRFRUUHVSRQGLHQWH
/DUHVSXHVWDGHODVDXWRULGDGHVORFDOHVHQWUHORVTXHVHHQFXHQWUDQSHUVRQDVLQYROXFUDGDVHQHOGHOLWR
IXH GHVSUHVWLJLDU OD LPDJHQ \ WUDEDMR GH OD (%% HQ OD ]RQD H LQLFLDU TXHUHOOD FULPLQDO HQ FRQWUD GH OD
'LUHFWRUDGHOD5HVHUYD3RURWUDSDUWHDUJXPHQWDQGRTXHORVPRWRVLHUULVWDVSHUWHQHFHQDXQDVXSXHVWD
FRPXQLGDG LQGtJHQD GHQRPLQDGD 6DQWD $QLWD GHO 0RQWH $OWR FX\D LQH[LVWHQFLD KD VLGR YHULILFDGD 
FRSWDURQ D DOJXQRV GLULJHQWHV LQGtJHQDV SDUD UHDOL]DU DFXVDFLRQHV VREUH DFFLRQHV TXH OD (%% KDEUtD
UHDOL]DGRHQFRQWUDGHODVXSXHVWDFRPXQLGDG
(QODDFWXDOLGDGHOSURFHVROHJDOHQFRQWUDGHORVDFWRUHVGHOGHOLWRGHWDODHVWiHQFXUVR\OD&RPLVLyQ
GH'HVDUUROOR6RVWHQLEOHGHOD&iPDUDGH'LSXWDGRVKDSURPXOJDGRPLQXWDVGHVROLFLWXGGHLQIRUPHVD
GLIHUHQWHV LQVWDQFLDV GHO 3RGHU (MHFXWLYR 3RU VX SDUWH DOJXQDV DJHQFLDV GH FRRSHUDFLyQ LQWHUQDFLRQDO
KDQ PDQLIHVWDGR VXSUHRFXSDFLyQ SRUHVWDVLWXDFLyQTXH DIHFWDHOFXPSOLPLHQWRGH ORVREMHWLYRV GHODV
XQLGDGHVGHFRQVHUYDFLyQGHOSDtV

)XHQWHV(VWDFLyQ%LROyJLFDGHO%HQL

3HUVRQDHQFDUJDGDGHOUHJLVWUR -HQQ\*UXHQEHUJHU)2%20$'(

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 'HIRUHVWDFLyQHQHOPXQLFLSLRGH7RPLQD
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH7RPLQDGHSDUWDPHQWRGH&KXTXLVDFD

*HQHUDGRUGHOFRQ IOLFWR +LHUYDMHURVGHPXQLFLSLRVDOHGDxRV

,QLFLDGRU GHOFRQIOLF WR &RPXQLGDGGH2WRURQJR

5HJXODGRUGHO FRQIOLFWR &HQWUDOHV\6XEFHQWUDOHVFDPSHVLQDV

$IHFWDGRV 9DULDVIDPLOLDVGHFRPXQLGDGHV

$FWLYLGDGT XHJHQ HU DHO GDxR 8VRLUUDFLRQDOGHELRPDVD\SDVWRUHRLQWHQVLYR

(OGDxR JHQHUDGR (VUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVD

$UHDD IHFWDGD (QWUH\KD

$FWLYLGDGHVDIHFWDG DV 8VRVWUDGLFLRQDOHVYLYLHQGDHTXLSDPLHQWR\VHUYLFLRV

5HFXUVRVDIHFWDG RV $JXDDLUHIORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR )HEUHURGH

2EMHWLYRGHORV DIHFWD GR V 5HGXFLUODSUHVLyQGHOSDVWRUHRHQHOERVTXHPHGLDQWHQRUPDWLYD


HVSHFtILFD
$FFLRQHVUH DOL]DGDV 5HXQLRQHVGHQXQFLDVSURFHVRVGHHODERUDFLyQGHQRUPDWLYD\
ILUPDGHFRPSURPLVRV
)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
7RPLQDHVXQiUHDUXUDOTXHVHHQFXHQWUDD.PGHODFLXGDGGH6XFUHHOGHVXVKDELWDQWHV
VRQFDPSHVLQRV7LHQHXQDH[WHQVLyQGHKHFWiUHDVGHODVFXDOHVHOHVERVTXHVHFRQDWLYR\
XQVRQWLHUUDVFXOWLYDGDV(VWDUHJLyQSUHVHQWDWUHV]RQDVDOWLWXGLQDOHVDOWXUDWHPSRUDO\YDOOH
'HVGH OD pSRFD GH OD FRORQLD ORV ERVTXHV GH OD UHJLyQ VLUYLHURQ SDUD KDFHU WURQFDV GHVWLQDGDV D OD
H[WUDFFLyQ GH PLQHUDOHV \ FRPR FRPEXVWLEOH SDUD ODVIXQGLFLRQHV PHWDO~UJLFDV  +DFH XQRV DxRV OD
GHPDQGD GH OHxD SDUD FDUEyQ FRPHQ]y D LQFUHPHQWDUVH \ FRQ HOOD DXPHQWy OD WDOD LQGLVFULPLQDGD GH
iUEROHVSDUDHOEHQHILFLRH[FOXVLYRGHDOJXQRVHPSUHVDULRVSULYDGRV6HFDOFXODTXHVHSUHFLVDTXHPDU
WRQHODGDVGHiUEROHVSDUDREWHQHUXQDVWRQHODGDVGHFDUEyQ
(QWUH±ODVFRPXQLGDGHV\VXEFHQWUDOHVFDPSHVLQDVGHOD]RQDVHPRYLOL]DURQHQGHIHQVDGH
OD DJUHVLYD H[SORWDFLyQ SULYDGD RULHQWDGD D OD SURGXFFLyQ LQGXVWULDO GH FDUEyQ (Q HVWH SHULRGR ODV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
RUJDQL]DFLRQHVFDPSHVLQDVUHVROYLHURQ SURWHJHUVXVERVTXHVD WUDYpV GHODGHVWUXFFLyQGHORVKRUQRV
FDUERQHURVTXHXWLOL]DEDQWRGRWLSRGHHVSHFLHVIRUHVWDOHV\DUEXVWLYDVFRQWDOGHFXEULUVXFDSDFLGDGGH
SURGXFFLyQODPLVPDTXHDVFHQGtDDXQDVFDPLRQDGDVDSUR[LPDGDPHQWH
(VWH WLSR GH H[SORWDFLyQ IXH GHWHUPLQDQWH SDUD HO HVWDGR GH GHWHULRUR HQ HO TXH VH HQFXHQWUDQ ORV
ERVTXHVVHFRVGH7RPLQD 8QDSXEOLFDFLyQGHO&,&'$35$'(1  VHxDODEDDOUHVSHFWRTXHFDGD
DxRVHGHVWUXtDQLUUHSDUDEOHPHQWHKHFWiUHDVGHERVTXHWDQWRSRUHIHFWRVGHGHJUDGDFLyQSURJUHVLYD
QDWXUDO FRPR D OD SURGXFFLyQ GH FDUEyQ 3RVWHULRUPHQWH ODV LQGXVWULDV FDUERQHUDVVH WUDVODGDURQ D
OXJDUHV GRQGH OD ELRPDVD HUD PiV DEXQGDQWH \ QR H[LVWtD RSRVLFLyQ VRFLDO FRPR ODV SURYLQFLDV
+HUQDQGR6LOHV\/XLV&DOYR
(OGHVDUUROORGHOFRQIOLFWRHQPXFKDVGHVXVDFFLRQHVFRQWyFRQHODSR\RGHRUJDQL]DFLRQHVHFRORJLVWDV
FRPR HV HO FDVR GHO )RUR %ROLYLDQR VREUH 0HGLR $PELHQWH \ OD $VRFLDFLyQ 6XFUHQVH GH (FRORJtD
$FWXDOPHQWH ORV ERVTXHV GH OD SURYLQFLD 7RPLQD HVWiQ VXMHWRV DO XVR WUDGLFLRQDO DVt FRPR DO QR
WUDGLFLRQDO\DTXHODXWLOL]DFLyQGHOHxDSDUDODSURGXFFLyQGHFDUEyQIXHUHPSOD]DGDSRUODXWLOL]DFLyQGH
OHxDSDUDODSURGXFFLyQGHFKLFD EHELGDWUDGLFLRQDOGHOD&XOWXUD4XHFKXDTXHVHSURGXFHPHGLDQWHOD
IHUPHQWDFLyQGHOPDt] HVSHFLDOPHQWHHQODVSURYLQFLDV<DPSDUDH]=XGDxH]\9LOOD6HUUDQR
3RU RWUD SDUWH HO SDVWRUHR UHDOL]DGR SRU SREODGRUHV GH PXQLFLSLRV YHFLQRV FRPR ORV GH =XGDxH] \
<DPSDUDH]7DUDEXFR\9LOOD6HUUDQRVHKDFRQYHUWLGRHQHOQXHYRFRQIOLFWRGHOOXJDU \KDSURYRFDGR
HQIUHQWDPLHQWRVHQWUHFRPXQLGDGHVGHODSURYLQFLD\RWURVPXQLFLSLRVOLPtWURIHV(VWRVHGHEHDTXH ORV
SURSLHWDULRVGHJDQDGRXWLOL]DQORVWUHVSLVRVDOWLWXGLQDOHVGHOD]RQDSDUDDOLPHQWDUDVXVDQLPDOHVORV
PLVPRV TXH TXHGDQ SRU SHULRGRV GH DSUR[LPDGDPHQWH  PHVHV VLQ QLQJ~Q FRQWURO R PDQHMR
GHELOLWDQGR\DFHOHUDQGRHOSURFHVRGHODHURVLyQTXHVHSURGXFHSRUODSHUGLGDGHODFREHUWXUDYHJHWDO
GHOD]RQD
)UHQWHDHVWDVLWXDFLyQVHGHFLGLyFREUDUXQDFLHUWDFDQWLGDGGHGLQHURSDUDSHUPLWLUHOSDVWRUHRHQOD
]RQDSHURHVWRWUDMRFRQVLJRXQDVHULHGHHQIUHQWDPLHQWRVHQWUHFRPXQDULRVGHOOXJDU\SURSLHWDULRVGH
JDQDGR$GHPiVORVIRQGRVUHFDXGDGRVQRIXHURQXWLOL]DGRVSDUDHOPDQHMRGHORVERVTXHVVLQRSDUD
UHDOL]DURWURWLSRGHREUDVFRPRODUHIDFFLyQGHOFROHJLRRODSRVWDVDQLWDULD
8QR GH ORV DVSHFWRV VREUHVDOLHQWHV GH HVWH FRQIOLFWR HV TXH ODV FRPXQLGDGHV ORFDOHV FXHQWDQ FRQ
QRUPDWLYDV WUDGLFLRQDOHV SDUD OD XWLOL]DFLyQ GH ORV UHFXUVRV QDWXUDOHV \ VX HVWUXFWXUD RUJDQL]DWLYD OHV
SHUPLWH XQD JUDQ FDSDFLGDG GH FRQYRFDWRULD \ PRYLOL]DFLyQ FXDQGR VRQ DJHQWHV H[WHUQRV ORV TXH
SURGXFHQORVGDxRV

)XHQWHV )XHQWHVELEOLRJUiILFDVKHPHURJUiILFDV\HQWUHYLVWDVDKDELWDQWHVGHOOXJDU\DRILFLDOHVWpFQLFRV
GHOPXQLFLSLRGH7RPLQD

3HUVRQDHQFDUJDGDGHOUHJLVWUR /XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
([SORWDFLyQGHKLGURFDUEXURV\
FRQIOLFWRVDPELHQWDOHVHQ%ROLYLD

5HVXOWD SDUDGyMLFR TXH HO PLVPR SDUWLGR SROtWLFR \ HO PLVPR SUHVLGHQWH KD\DQ SURWDJRQL]DGR GRV
JRELHUQRV WDQ GLDPHWUDOPHQWH RSXHVWRV FRPR OR IXHURQ HO JRELHUQR HVWDWLVWD GHO 015 GH  \ HO
JRELHUQRQHROLEHUDOGHOPLVPRSDUWLGRHQ

+DVWD  ORV JRELHUQRV EROLYLDQRV FHGLHURQ D HPSUHVDV H[WUDQMHUDV HQRUPHV WHUULWRULRV ULFRV HQ
SHWUyOHR HVDV HPSUHVDV VH OOHYDURQ HOFUXGR GHMDQGR PX\ SRFR SDUD HO  SDtVH LQFOXVLYH YHQGLHURQ HO
SHWUyOHRQDFLRQDO\VXVGHULYDGRVDO3DUDJXD\GXUDQWHOD*XHUUDGHO&KDFR

(OSULPHUSR]RSURGXFWRUGH%ROLYLDIXHHO3R]R1ƒGH %HUPHMRSHUWHQHFLHQWHDOD6WDQGDUG2LOODTXH
HQSRVHtDPLOORQHVGHKD SDUDH[SORUDFLyQ/RVSR]RVGHVFXELHUWRVSRUHVWDHPSUHVDDGHPiVGHO
GH %HUPHMR IXHURQ &DPLUL 6DQDQGLWD\ %XHQD 9LVWD (O SRGHU HFRQyPLFR \ SROtWLFR GH ORV FRQVRUFLRV
SHWUROHURVHQHVDpSRFD\DHUDQRWDEOH\VXVLQWHUHVHVSRGtDQGHFLGLUODKLVWRULDGHXQSDtVFRPRVXFHGLy
FRQ OD*XHUUDGHO&KDFR HQODTXHEROLYLDQRV \ SDUDJXD\RVGHMDURQVXYLGDSRU XQFRQIOLFWRIURQWHUL]R
SURYRFDGR SRU ORV GRV PDVWRGRQWHV GHO SHWUyOHROD 6WDQGDUG 2LOSRU HO ODGR EROLYLDQR\ OD 6KHOO5R\DO
'XWFKSRUHOODGRSDUDJXD\R/DUD]yQGHOFRQIOLFWRHUDQODVVXSXHVWDVUHVHUYDVTXHDOEHUJDEDHO&KDFR
*DYDOGi 

+DVWD HO GHVHQFDGHQDPLHQWR GH OD JXHUUD HQ  OD 6WDQGDUG2LO DILUPDEDTXHQR KDEtD HQFRQWUDGR
SHWUyOHR SHUR \D HQ  VH GHQXQFLy OD H[LVWHQFLD GH XQ ROHRGXFWR FODQGHVWLQR VREUH HO UtR %HUPHMR
KDFLDOD$UJHQWLQDTXHHQUHDOLGDGSURGXFtDGHVGHVLQSDJDULPSXHVWRV

)LQDOL]DGD OD JXHUUD \ OXHJR GHO SURFHVDPLHQWR OHJDO GH OD HPSUHVD HQ  HO 3UHVLGHQWH 7HMDGD
6RU]DQRGHFUHWyODFDGXFLGDGGHWRGDVODVFRQFHVLRQHVTXHQR KXELHUDQFXPSOLGRODVREOLJDFLRQHVILMDGDV
SRUOD/H\GHO3HWUyOHRFRQORTXHHQVHGLFWyODFDGXFLGDGGHODVSURSLHGDGHVGHOD6WDQGDUG2LO
SRUGHIUDXGDFLyQ\SRUFRQWUDEDQGHDUSHWUyOHRDOD$UJHQWLQD\YHQGHUORDO3DUDJXD\

(OGH GLFLHPEUHGHHOJRELHUQRGHOSUHVLGHQWH'DYLG7RURFUHy<DFLPLHQWRV3HWUROtIHURV)LVFDOHV
%ROLYLDQRV <3)% TXHIXHFRQVROLGiQGRVHHQHOJRELHUQRGH*HUPiQ%XVFK/RVLQLFLRVGH<3)%IXHURQ
GLItFLOHV\DTXHODVFRQGLFLRQHVHQTXH VHHQFRQWUDEDHOSDtVGHVSXpVGHODJXHUUDWDPELpQORHUDQ3RU
RWURODGROD6WDQGDUG2LODWUDYpVGHOJRELHUQRGHORV(VWDGRV8QLGRVSUHVLRQySDUDVHULQGHPQL]DGD
(Q  VH OOHJy D XQ DFXHUGR SRU HO FXiO %ROLYLD GHEtD SDJDU  PLOORQHV GH GyODUHV SDUD TXH OD
6WDQGDUG2LODEDQGRQHHOSDtVWUDVOD³YHQWDGHVXVGHUHFKRVLQWHUHVHV\SURSLHGDGHVHQ%ROLYLDWDOFXiO
H[LVWtDQDQWHVGHOGHPDU]RGH\DGHPiVSRUODYHQWDGHPDSDV\HVWXGLRVJHROyJLFRV´ 9DUJDV
6DOJXHLUR 

&RQODUHYROXFLyQGH%ROLYLDYLYLyXQDVHULHGHFDPELRVHVWUXFWXUDOHVLQFOX\HQGRODQDFLRQDOL]DFLyQ
GHODVPLQDV$FRQVHFXHQFLDGHHOOR(VWDGRV8QLGRVUHDOL]yXQEORTXHRHFRQyPLFRTXHOOHYyDOSDtVD
XQD FULVLV DSURYHFKDGD SDUD RIUHFHU DOLPHQWRV HQ GRQDFLyQ D FDPELRGH TXH %ROLYLD UHYLVH VX SROtWLFD
SHWUROHUD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(O &yGLJR 'DYHQSRUW OODPDGR DVt SRU HO EXIHWH GH DERJDGRV QRUWHDPHULFDQRV FRQWUDWDGRV SDUD VX
UHGDFFLyQIXHIRUPXODGRFRQILQDQFLDPLHQWR\DVLVWHQFLDWpFQLFDGHORV(VWDGRV8QLGRV0HGLDQWHHVWD
/H\VHRWRUJDURQSHUPLVRVGHUHFRQRFLPLHQWRVXSHUILFLDO\FRQFHVLRQHVGHH[SORUDFLyQ SRUDxRV \GH
H[SORWDFLyQ SRUDxRV HQVXSHUILFLHVPD\RUHVDKD/DWULEXWDFLyQHVWDEOHFtDUHJDOtDVGH
VREUHSURGXFFLyQEUXWDODVPLVPDVTXHSRGtDQVHUUHEDMDGDVHLPSXHVWRVGHODODVXWLOLGDGHV/DV
HPSUHVDVEHQHILFLDGDVFRQODQXHYDOHJLVODFLyQIXHURQOD*XOI2LO\OD7HVRUR/D*XOI2LOWUDEDMyGHVGH
D\GHVFXEULyORVPiVLPSRUWDQWHVFDPSRVSHWUROtIHURV\JDVtIHURVGHOSDtVFRPRORVGH5tR
*UDQGH/D3HxD&DUDQGD\&ROSD

(QEDMRODSUHVLGHQFLDGH$OIUHGR2YDQGRHVWRVFDPSRVIXHURQQDFLRQDOL]DGRV'HDFXHUGRDYDULRV
DXWRUHVODQDFLRQDOL]DFLyQGHOD*XOIVHHIHFW~RHQXQPRPHQWRSURSLFLRSDUDORVLQWHUHVHVGHOSDtV6LQ
HPEDUJR OD LQGHPQL]DFLyQ TXH OXHJR VH WXYR TXH SDJDU GHELGR D SUHVLRQHV HVWDGRXQLGHQVHV DUJXFLDV
OHJDOHV \ SDJRV LOHJDOHV D ORV SROtWLFRV OH TXLWy JUDQ SDUWH GH VXV PpULWRV \ SDUD PXFKRV VLJQLILFy OD
GHYROXFLyQGHORQDFLRQDOL]DGR(O0LQLVWURGH0LQDV\3HWUyOHRTXHILUPyODQDFLRQDOL]DFLyQGHOD*XOI2LO
0DUFHOR4XLURJD6DQWD&UX]UHQXQFLyHQPD\RGHDQWHVGHODILUPDGHO'HFUHWRGH,QGHPQL]DFLyQ

3RUHO'HFUHWRGH,QGHPQL]DFLyQVHDFRUGySDJDUHOGHODVH[SRUWDFLRQHVGHORVFDPSRV&DUDQGD
&ROSD \ 5tR *UDQGH GH PDQHUD GLIHULGD HQ  DxRV \ VLQ LQWHUHVHV (Q FDVR GH DJRWDPLHQWR GH OD
SURGXFFLyQODVVXPDVSDJDGDVFRQVWLWXLUtDQODLQGHPQL]DFLyQWRWDO6LQHPEDUJRGXUDQWHODGLFWDGXUDGH
+XJR%DQ]HU   HOFRQYHQLRGHILGHLFRPLVRSRUHOFXDOHOSDtVDFRUGySDJDUDOD*XOI2LOHO
PRQWR WRWDO VHLVDxRVHQ YH]GH  DXPHQWy HQRUPHPHQWH OD GHXGD GH <3)% FRQ ODEDQFD SULYDGD
6HJ~Q9DUJDV6DOJXHLUR  FRQHVWHSDJRDFHOHUDGRVHSHUGLHURQPLOORQHVGHGyODUHV

(Q PDU]R GH  VH UHGDFWyOD QXHYD /H\ GH +LGURFDUEXURV HQ OD TXH DSDUHFLHURQ ORV FRQWUDWRV GH
RSHUDFLyQFRQMXQWDFRQORVTXHVHYXHOYHDOVLVWHPDGHFRQFHVLRQHVDXQTXHGHPDQHUDGLVLPXODGD(Q
XQFRQWH[WRJOREDOHQHOTXHHQWRGRHOSODQHWDODH[SORWDFLyQSHWUROHUDSDVDEDDPDQRVHVWDWDOHV HQWUH
\ODSDUWLFLSDFLyQGHOHVWDGRDHVFDODPXQGLDOHQODH[SORWDFLyQSHWUROHUDSDVyGHXQD
XQ %ROLYLDFHGLyODHQWUDGDDQXHYDVFRPSDxtDVFRQFRQFHVLRQHVGHDxRV *DYDOGi 

(QWUH\ODVWDVDVGHFUHFLPLHQWRGHODHFRQRPtDEROLYLDQDIXHURQDOWDVSHURHOORVHGHELyD
ODVIDYRUDEOHV FRQGLFLRQHVGH ORVPHUFDGRVGH H[SRUWDFLyQ \GH DFFHVRD ORVFUpGLWRVLQWHUQDFLRQDOHV
PiV TXH SRU JDQDQFLDV GH SURGXFWLYLGDG LQWHUQD &XDQGR ODV FRQGLFLRQHV LQWHUQDFLRQDOHV FDPELDURQ
DSDUHFLHURQODVGHELOLGDGHV GHO ERRPGH FUHFLPLHQWR\ GHLQYHUVLRQHV (OLQLFLRGH ORV DxRV  PRVWUy
TXH HO GHVDUUROOR KDEtD VLGR PX\ HQGHXGDGR \ TXH ODV LQYHUVLRQHV S~EOLFDV QR SURSRUFLRQDUtDQ ORV
UHWRUQRVHVSHUDGRV´ 0RUDOHV

6LQ HPEDUJR SRFRV DxRV GHVSXpV HQWUH  \  HO GHWHULRUR GH OD VLWXDFLyQ HFRQyPLFD HVWXYR
DFRPSDxDGRSRUXQJUDQGHWHULRURSROtWLFR(OGHVFRQWURO\FULVLVGHODSROtWLFD\GHODHFRQRPtDKL]RTXH
ORV PLOLWDUHV TXH KDEtDQ PDQWHQLGR HO SRGHU HQ VXV PDQRV SRU YDULDV JHVWLRQHV SURIXQGDPHQWH
UHVLVWLGRV LQWHUQDPHQWH\ DLVODGRVLQWHUQDFLRQDOPHQWHGHFLGLHUDQGHMDU HOJRELHUQRD ORV JDQDGRUHVGH
ODVHOHFFLRQHVGH

³(VWHSHUtRGRJHQHUyXQGHFDLPLHQWRLPSRUWDQWHGHODSURGXFFLyQSHWUROtIHUD\UHSUHVHQWyHOFRPLHQ]RGH
XQRGH ORVFLFORV\ FULVLVPiVJUDQGHGH OD HPSUHVD HVWDWDOGHOSHWUyOHRSHUR ORVSUHFLRVGHOSHWUyOHR
VXELHURQGHPDQHUDH[RUELWDQWHHQHOPHUFDGRLQWHUQDFLRQDO\HVWHHVXQDVSHFWRTXHOOHJyDSDOLDUGH
DOJXQD PDQHUD HO GHWHULRUR TXH <3)% SUHVHQWDED HQ ORV QLYHOHV GH SURGXFFLyQ´ 9DUJDV 6DOJXHLUR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 3RURWURODGR ODSDUWLFLSDFLyQGH<3)%HQODSURGXFFLyQQDFLRQDOIXHGLVPLQX\HQGRKDVWDFXEULUHO
GHODSURGXFFLyQGHSHWUyOHRPLHQWUDVTXHODGHODVFRQWUDWLVWDVLEDHQDXPHQWR&RQHOJDVRFXUULy
DOJR SDUHFLGR \D TXH ODV HPSUHVDV FRQWUDWLVWDV HPSH]DURQ D DSRUWDU FDGD YH] PD\RU YROXPHQ D OD
SURGXFFLyQQDFLRQDO

/DWUDQVLFLyQDODGHPRFUDFLD\HOFRPLHQ]RGHODJUDQ\SHUVLVWHQWHFULVLVHFRQyPLFDFRQYHUJLHURQHQHO
JRELHUQR GHO 'U +HUQiQ 6LOHV     TXLHQ KHUHGy DGHPiV XQDV ILQDQ]DV S~EOLFDV PX\
GHWHULRUDGDV D FRQVHFXHQFLD GH OD GHXGD H[WHUQD \ XQD DFXPXODFLyQ GH GHPDQGDV VRFLDOHV TXH VH
FRQYLUWLHURQHQFDXVDLQPHGLDWDGHODDFHOHUDFLyQGHODLQIODFLyQ

$O QR SRGHU FRQWURODU OD FULVLV HFRQyPLFD QL OD RSRVLFLyQ SROtWLFD LPSODFDEOH +HUQiQ 6LOHV WXYR TXH
HQWUHJDUHOJRELHUQRDQWHVGHODILQDOL]DFLyQGHVXPDQGDWR9tFWRU3D](VWHQVRURJDQyODVHOHFFLRQHV\
IXHSURFODPDGRSRUHO&RQJUHVRLQLFLDQGRODHWDSDQHROLEHUDOFRQODSURPXOJDFLyQGHO'HFUHWRHQ
$JRVWRGH(OQXHYRPRGHORHFRQyPLFRGHWXYRODLQIODFLyQSHURODVWDVDVGHFUHFLPLHQWRGHO3,%D
GLH]DxRVGHJRELHUQROOHJDURQDSHQDVDPHQRVGHODQXDO\PHQRVGHSHUFDSLWD

3URGXFWRGHODHVWDELOL]DFLyQHFRQyPLFDHQJHQHUDO\GHODQLYHODFLyQGHSUHFLRVHQHOPHUFDGRH[WHUQR
GH ORVGHULYDGRVGHKLGURFDUEXURV GH HQ DGHODQWH <3)% FRPHQ]y D JHQHUDUDOWRVH[FHGHQWHV\
ORJUyDEDVWHFHUHOFRQVXPRLQWHUQRGHSHWUyOHRKDVWDDxRHQTXHVHHPSH]yDLPSRUWDUGLHVHODVt
FRPRRWURVGHULYDGRV\SHTXHxDVFDQWLGDGHVGHSHWUyOHR)UHQWHDOGHVSORPHGHORVSUHFLRVGHODPLQHUtD
HQ<3)%VHFRQYLUWLyHQODIXHQWHGHPD\RULQJUHVRVGHO7HVRUR*HQHUDOGHOD1DFLyQ 7*1 \HQHO
VRVWpQGHODVILQDQ]DVHVWDWDOHVFRQXQD SDUWLFLSDFLyQSRUFHQWXDOHQHO3,%GHO\ $SHVDUGH
HOOR OD SROtWLFD GH HVWUDQJXODPLHQWR ILQDQFLHUR D <3)% DSOLFDGD GHVGH  IXH DFHQWXDGD SRU ORV
JRELHUQRVVXFHVLYRVGHELOLWDQGRODVSRVLELOLGDGHVGHGHVDUUROORIXWXURGHODHPSUHVD

3HUR QR IXH VLQR KDVWD HO JRELHUQR GH *RQ]DOR 6iQFKH] GH /R]DGD    EDMR OD WHVLV GHO
WULiQJXORHQHUJpWLFRTXHVHGHVPDQWHOy<3)%DEULHQGRGHILQLWLYDPHQWHVXVSXHUWDVDORVLQWHUHVHVGH
ODVWUDQVQDFLRQDOHV(OOODPDGRWULiQJXORHQHUJpWLFRHVODFRQFUHFLyQGHODHVWUDWHJLDQDFLRQDOSDUDKDFHU
GH%ROLYLDXQSDtVFRPSHWLWLYRSDUDODVHPSUHVDVSHWUROHUDV6XVYpUWLFHVVRQODSURPXOJDFLyQGHODQXHYD
/H\ GH +LGURFDUEXURV OD FDSLWDOL]DFLyQ GH <3)% \ OD FRQVWUXFFLyQ GHO JDVRGXFWR %ROLYLD %UDVLO TXH
JDUDQWL]DXQPHUFDGRVHJXURSDUDODH[SRUWDFLyQGHJDV

/D QXHYD /H\ GH +LGURFDUEXURV DSUREDGD HQ DEULO GH  FDPELy WRGDV ODV UHJODV GH MXHJR
HVWDEOHFLHQGR XQ UpJLPHQ WULEXWDULR DWUDFWLYR \ FRPSHWLWLYR SDUD HO FDSLWDO SULYDGR FRQ OD ILQDOLGDG GH
LQFHQWLYDUODHQWUDGDGHFDSLWDOHVIUHVFRVSDUDUHDOL]DUODH[SORUDFLyQGHQXHYRVEORTXHV(OSODQWHDPLHQWR
GH OD QXHYD /H\ HVWi RULHQWDGR D UHWRUQDU HO VLVWHPD GH FRQFHVLRQHV SHWUROtIHUDV VLQ OLPLWDU HO iUHD
Pi[LPD GH H[SORUDFLyQ 7DPSRFR OLPLWD HO Q~PHUR GH FRQWUDWRV GH ULHVJR FRPSDUWLGR FRQ <3)% GH
PDQHUDTXHXQDFRPSDxtDSXHGH DGMXGLFDUVHYDULDVXQLGDGHVGHWUDEDMRHQHOPLVPRSDtV

'XUDQWH HO SHUtRGR GH  <3)% ILUPy DOUHGHGRU GH  FRQWUDWRV GH DVRFLDFLyQ (Q  FRQ OD
QXHYD/H\GH+LGURFDUEXURVOD6HFUHWDUtD1DFLRQDOGH(QHUJtDUHSDUWLyPLOORQHVGHKHFWiUHDVHQWUH
FRQVRUFLRVSHWUROHURVH[WUDQMHURV

0XFKDVVRQODVREVHUYDFLRQHV\FUtWLFDVDOSURFHVRGHFDSLWDOL]DFLyQTXHGHEHUtDKDEHUWHUPLQDGRFRQOD
WUDQVIHUHQFLD GHO 2OHRGXFWR &DUUDVFR9DOOH +HUPRVR D OD (PSUHVD 7UDQVUHGHV SRU XQ PRQWR GH 
PLOORQHVGH GyODUHV 6LQ HPEDUJR HO SURFHVR GH FDSLWDOL]DFLyQ QR WHUPLQy DKt SRUTXH%ROLYLD ILUPy HQ

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
PDU]R GH  XQ QXHYR DFXHUGR GH DMXVWH HFRQyPLFR FRQ HO )RQGR 0RQHWDULR ,QWHUQDFLRQDO )0, 
GHQRPLQDGR 3URJUDPD GH $MXVWH (VWUXFWXUDO $PSOLDGR \ 5HIRU]DGR (6$)  SRU HO TXH HO )0, DFHSWD
UHGXFLUODPHWDGHOFUHFLPLHQWRGHDVXELUHOGpILFLWILVFDOGHDDXPHQWDQGRODFDSDFLGDG
GHHQGHXGDPLHQWR\PDQWHQHUODWDVDGHLQIODFLyQHQ3DUDOHODPHQWHHOJRELHUQRVHFRPSURPHWLyD
DFHOHUDU HO SURFHVR GH SULYDWL]DFLyQ GH ODV XQLGDGHV GH <3)% OD HPSUHVD 9LQWR \ HQYLDU DO &RQJUHVR
1DFLRQDOODVOH\HVGH$GXDQDV\&yGLJR7ULEXWDULR 3UHVHQFLDGHPDU]RGH 

(QWUHODVFUtWLFDVDODFDSLWDOL]DFLyQVHPHQFLRQDQ

ƒ /DVFRQGLFLRQHVJHQHUDOHVGHOSURFHVRGHFDSLWDOL]DFLyQXQDPRGDOLGDGGHSULYDWL]DFLyQHQODFXiO
HO (VWDGR PDQWLHQH XQ UHPDQHQWH VXSRQH HO LQFUHPHQWR GH VX FDSLWDO PHGLDQWH QXHYRV DSRUWHV
SURYHQLHQWHV GH LQYHUVLRQLVWDV SULYDGRV (VWDV DFFLRQHV QR GHEHUtDQ H[FHGHU D ODV DFFLRQHV
HPLWLGDVSRUODVVRFLHGDGHVGHHFRQRPtDPL[WD 9DUJDV6DOJXHLUR
ƒ /RV LQYHUVLRQLVWDV GHEtDQ VXVFULELU XQ FRQWUDWR GH DGPLQLVWUDFLyQ FRQ OD VRFLHGDG GH HFRQRPtD
PL[WDSRUHOTXHQR SRGtDQDGTXLULUGHWHUFHURVDFFLRQHVGHGLFKDVVRFLHGDGHVTXHVXSHUHQHO
GHO WRWDO GH ODV DFFLRQHV HQ FLUFXODFLyQ PLHQWUDV HO FRQWUDWR VH HQFXHQWUH YLJHQWH (Q HO FDVR GH
<3)% ODV UHJODV GH MXHJR IXHURQ FDPELDQGR SDXODWLQDPHQWH HV DVt TXH OD SDUWLFLSDFLyQ GH OD
SURSLHGDGGHSDUDHOVRFLRHVWUDWpJLFR\SDUDORVFLXGDGDQRVSDVyDVHUGH\
9DUJDV6DOJXHLUR 
ƒ /RV\DFLPLHQWRVGHSHWUyOHR\JDVIXHURQFRQFHGLGRVDYDULDVHPSUHVDVH[WUDQMHUDVVyORVREUHOD
EDVHGHUHVHUYDVFRPSUREDGDVTXHOOHJDQDPiVGH PLOPLOORQHVGHGyODUHVGHORVFXDOHVVH
HVWLPD TXH %ROLYLD VyOR UHFLELUi HO  GHO WRWDO 8Q UHJDOR /D HQDMHQDFLyQ GH QXHVWUD ULTXH]D
SHWUROHUD(YDOXDFLyQ&'$(1(O'LDULRGHPDU]RGH 
ƒ (QHOFDVRGHOJDVVyORVHSDJDUiQDO(VWDGRSHTXHxRVLPSXHVWRVVREUHHOYROXPHQH[SRUWDGRQR
VREUHODSURGXFFLyQEUXWDRHQERFDGHSR]RHQEDVHDOFRQWUROGHORVPLVPRVH[SRUWDGRUHVRVHD
TXHVHHQWUHJDUiDORVUDWRQHVHOFRQWUROGHOTXHVR &'$(1(O'LDULRGHPDU]RGH 
ƒ /RTXHVHYDDH[SRUWDUWDQWRHQJDVFRPRHQSHWUyOHRHVSURSLHGDGGHODVWUDQVQDFLRQDOHVQRGH
ORV EROLYLDQRV /RV LQJUHVRV SURYHQGUiQ VRODPHQWH GH ORV LPSXHVWRV TXH KDQ VLGR GLVPLQXLGRV
PHGLDQWH HO XVR GH WHUPLQRORJtD VXL JHQHULV SHWUyOHR YLHMR´ \ SHWUyOHR QXHYR (V GHFLU TXH HO
SHWUyOHR SURYHQLHQWH GH FDPSRV HQ H[SORWDFLyQ SDJDUi LPSXHVWRV DOWRV PLHQWUDV TXH WRGD
SURGXFFLyQGHSR]RVQXHYRVSDJDUiXQLPSXHVWRPiVEDMR&RQHVWDDUJXFLDVHQRPLQDURQFRPR
FDPSRVUHFLHQWHVDGHODVHPSUHVDVFDSLWDOL]DGDVFRQORTXHHOGHODWULEXWDFLyQTXH
HQWUHJDED<3)% DO(VWDGREDMyDTXHHQWUHJDUiQODVHPSUHVDVFDSLWDOL]DGRUDVDVtQRPLQDGDV
SDUD OR FXiO KDQ PRGLILFDGR OD /H\ GH +LGURFDUEXURV \ ORV FRQWUDWRV GH FDSLWDOL]DFLyQ (QULTXH
0DULDFD%LOEDR(O'LDULRGHHQHURGH 
ƒ /DVWUDQVQDFLRQDOHV ORJUDURQLPSRQHU XQ 5HJODPHQWRGH &RQWUROGH 3UHFLRV SRU HOTXH YHQGHQ ³VX
SHWUyOHR´ D <3)% D SUHFLRV PD\RUHV DO LQWHUQDFLRQDO EDMR HO DUJXPHQWR GH TXH SUHFLRV GH 86
EDUULO QR OHV SHUPLWLUtDQ SURJUDPDU VXV LQYHUVLRQHV /RV 7LHPSRV QRYLHPEUH    /D
(PSUHVDHVWDWDOGHMyGHSHUFLELUPiVGHPLOORQHVGHGyODUHVSRUHVWDFDXVD$OPLVPRWLHPSRFRQ
ORVFDPELRVDO5HJODPHQWRPHQFLRQDGRODVXELGDGHSUHFLRVGHORVFRPEXVWLEOHVHVUiSLGDSHUROD
GLVPLQXFLyQ HV OHQWD \D TXH FRQ  GH DO]D HQ ODV FRWL]DFLRQHV LQWHUQDFLRQDOHV GHO SHWUyOHR \ VXV
GHULYDGRVVHSURYRFDXQDVXELGDLQPHGLDWDGHORVSUHFLRVGHORVFRPEXVWLEOHVHQHOPHUFDGRLQWHUQR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
PLHQWUDVTXHUHFLpQFXDQGRVHDOFDQ]DXQDGLVPLQXFLyQGHOOD6XSHULQWHQGHQFLDGH+LGURFDUEXURV
SXHGHEDMDUORVSUHFLRVGHORVFRPEXVWLEOHVHQ%ROLYLD /D5D]yQGHPDU]RGH 
ƒ &RQOD FDSLWDOL]DFLyQ <3)% TXHGy VRODPHQWHFRPRXQD HVSHFLHGHHWLTXHWDR FDVFDUyQYDFtRSDUD
VDOYDUODVIRUPDVOHJDOHV6XVLVWHPDGHWUDQVSRUWHSDVyDODQXHYDHQWLGDG³7UDQVUHGHV´HPSUHVD
FRQIRUPDGDSRU(QURQ\6KHOO\ODV$)3VPLHQWUDVTXHHOUHVWDQWHLQLFLDOPHQWHGHORV
WUDEDMDGRUHVGH<3)%KDVLGRYHQGLGRHQJUDQSDUWHDGRVFRPSDxtDVILQDQFLHUDVLQWHUQDFLRQDOHVHQ
XQSURFHVRPiVELHQGHSULYDWL]DFLyQ(QHOFDVRGHO JDVRGXFWR6DQWD&UX] 6DR3DXORVHIRUPyRWUD
HPSUHVD*DV7UDQV%ROLYLDQRTXHWLHQHD7UDQVUHGHVFRPRDFFLRQLVWDPD\RULWDULRFRQPLHQWUDV
TXHHOGHODVDFFLRQHVUHVWDQWHVVHGLVWULEX\HURQQXHYDPHQWHHQWUH(QURQ  6KHOO  \
RWUDVHPSUHVDVGHODSDUWHEUDVLOHUD  FRQORTXH(QURQ\6KHOOWLHQHQHOGHODVDFFLRQHV
GHOJDVRGXFWRODVGRV$)3VVHTXHGDQFRQHO\ORVWUDEDMDGRUHVGH<3)%SUiFWLFDPHQWHQDGD
/RKPDQ)HEUHUR5HYLVWDGtDVHQODVQRWLFLDV&(',% 

* $ 6 7 5 $ 1 6 % 2 / , 9 , $ 1 2
3 H WUR E UD V
   

% 7 %
    $ ) 3 V
    

6 K H OO
    

( Q U R Q 6 K H OO
( Q UR Q     
    

ƒ (OGHORVLQJUHVRVWRWDOHVSRULQWHUPHGLRGHODVGRV$)3VVLJQLILFDUiSDUDHOSDtVHQHODxR
XQRVPLOORQHVGHGyODUHVGHLQJUHVRQHWRPLHQWUDVTXHSDUDHODxRVHHVSHUDOOHJDU
DPLOORQHVDxRHQTXHORVVRFLRVH[WUDQMHURVOOHJDUiQ DJDQDUHOGHVSURSRUFLRQDGRPRQWRGH
PLOORQHVGHGyODUHVHQWRWDO 0/RKPDQGtDVHQODVQRWLFLDVIHEUHUR
ƒ 6HFDOFXODTXHHQORVSUy[LPRVDxRVORVLQJUHVRVILVFDOHV UHJDOtDV\WULEXWRV SRUH[SRUWDFLyQ
GHJDVDO%UDVLOSDUDORVSUy[LPRVDxRV HVWDUiQDOUHGHGRUGHPLOORQHVGHGyODUHVSRUDxR
TXH HV DSHQDV OD WHUFHUD SDUWH GHO WRWDO GH LQJUHVRV QHWRV FRQ XQD WHQGHQFLD D EDMDU IUHQWH DO
SURPHGLRGHPLOORQHVGHGyODUHVGHLQJUHVRVDOILVFRHQWUHJDGRVSRU<3)%HQORV~OWLPRVDxRV
DQWHVGHODFDSLWDOL]DFLyQ 0/RKPDQIHEUHUR5HYLVWDGtDVHQODVQRWLFLDV&(',% 
ƒ 'LYHUVDVLQVWLWXFLRQHV\HQWHQGLGRVHQODPDWHULDKLFLHURQREVHUYDFLRQHVDOSURFHVRVLQHPEDUJR
pVWHIXHPDQHMDGRFRQPX\SRFDWUDQVSDUHQFLDDXVHQFLDGHFRQVXOWD\FHQVXUDGHLQIRUPDFLyQSRU
ORTXHH[LVWtDQGXGDVVREUHHOVXVWHQWRWpFQLFRGHOSURFHVR\HOGHVFRQRFLPLHQWRGHODVYHQWDMDVD
VHU ORJUDGDV DVt FRPR OD LPSRVLELOLGDG GH ILVFDOL]DU ORV PRQWRV GH LQYHUVLyQ \ ORV WLHPSRV SDUD
HMHFXWDUORV 9DUJDV6DOJXHLUR
ƒ 6H DFRUGy QR YHQGHU ODV UHILQHUtDV \ ODV XQLGDGHV GH FRPHUFLDOL]DFLyQ OR FXiO WDPELpQ IXH
PRGLILFDGR PiV DGHODQWH (O  GH 1RYLHPEUH GH  HO JRELHUQR GH %ROLYLD VXEDVWy ODV GRV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
UHILQHUtDVPiVJUDQGHVGHOSDtV*XDOEHUWR9LOODUURHOGH&RFKDEDPED\*XLOOHUPR(OGHU%HOOGH
6DQWD&UX]DOFRQVRUFLRGHODSHWUROHUDHVWDWDOEUDVLOHxD3(752%5$66$\ODHPSUHVDSULYDGD
DUJHQWLQD3pUH]&RPSDQFGHVSXpVGHXQDxRGHSRVWHUJDFLyQGHELGRDODUHVLVWHQFLDGHGLIHUHQWHV
VHFWRUHVGHOSDtV
ƒ 'HDFXHUGRD5DIDHO0RUDWy (O'LDULRIHEUHURGH %ROLYLDHVWiRIHUWDQGRODVUHILQHUtDVDXQ
SUHFLRGHPLOORQHVGHGyODUHVSDUDTXHHQGLH]DxRVREWHQJDQXQDXWLOLGDGQHWDGHPLOORQHV
GHGyODUHVPiVODUHFXSHUDFLyQGHOFDSLWDO\GHODVUHVHUYDVGHUHSRVLFLyQ/DVUHILQHUtDVJHQHUDQ
XQLQJUHVRDQXDODO7*1GHPLOORQHVGHGyODUHVVHJ~Q(QULTXH0DULDFD%LOEDR (O'LDULRGH
PDU]RGH 
ƒ /D /H\ GH +LGURFDUEXURV RWRUJD DO 6XSHULQWHQGHQWH GH +LGURFDUEXURV ODV IXQFLRQHV GH HQWUHJDU
FRQFHVLRQHVSDUDHOWUDQVSRUWH\GLVWULEXFLyQGHJDVQDWXUDOSRUUHGHVGHWHUPLQDORVYRO~PHQHVGH
JDVQDWXUDOGHVWLQDGRVDOPHUFDGRLQWHUQR\ DODH[SRUWDFLyQHVWDEOHFHODVWDULIDVGHWUDQVSRUWHGH
KLGURFDUEXURV\ILVFDOL]DVXFXPSOLPLHQWRYLJLODODFRQWLQXLGDGGHODVRSHUDFLRQHVGHWUDQVSRUWH\HO
XVRGHFDSDFLGDGHQEHQHILFLRGHWHUFHURVLPSRQHSUHFLRVGHORVGHULYDGRVGHOSHWUyOHRHQIXQFLyQ
GHORVSUHFLRVLQWHUQDFLRQDOHVHWF&RQVLJXLHQWHPHQWHHO(VWDGRQRFRQWURODHOVHFWRUHQHUJpWLFR\
SRUWDQWR KDDEDQGRQDGRODIRUPXODFLyQGHXQDSROtWLFDSHWUROHUDQDFLRQDO (QULTXH0DULDFD%LOEDR
(O'LDULRGHMXQLRGH 

/DFDSLWDOL]DFLyQ\ORVLPSDFWRVDPELHQWDOHV

8QR GH ORV DUJXPHQWRV XWLOL]DGRV SDUD GHIHQGHU HO SURFHVR GH FDSLWDOL]DFLyQ VH UHILHUH D ORV LPSDFWRV
DPELHQWDOHV TXH OD H[SORWDFLyQ SHWUROHUD SRU SDUWH GH OD HPSUHVD HVWDWDO JHQHUy \ TXH VyOR SRGUtDQ VHU
HQIUHQWDGRVSRUODVHPSUHVDVFDSLWDOL]DGDV3UHYLRDOSURFHVRVHHQFDUJyXQDDXGLWRUtDHVSHFLDOL]DGDHQWUH
RWURV GH ORV SDVLYRV DPELHQWDOHV TXH KDEtD GHMDGR <3)% 'H DFXHUGR D ORV UHVXOWDGRV GH HVWD DXGLWRUtD
SUHOLPLQDUODVFDSLWDOL]DGRUDVVyORGHELHURQDVXPLUXQDUHVSRQVDELOLGDGDPELHQWDOGHPLOORQHVGHGyODUHV

3RVWHULRUPHQWH VH UHDOL]y XQD VHJXQGD DXGLWRUtD DPELHQWDO HVWLSXODGD GHQWUR GHO SURFHVR FX\RV
UHVXOWDGRV IXHURQ FRQRFLGRV GXUDQWH  \ SRU OD FXDO UHVDOWy TXH ORV SDVLYRV DPELHQWDOHV UHDOHV
H[LVWHQWHVGXUDQWHHOSURFHVRGHFDSLWDOL]DFLyQQRDVFHQGtDQDORVPLOORQHVGHGyODUHVGHODDXGLWRUtD
SUHOLPLQDUVLQRDPRQWRV RKDVWDYHFHVVXSHULRUHV(QIXQFLyQDODVHJXQGDDXGLWRUtDDPELHQWDOHO
(VWDGRGHEHFXEULUXQPRQWRDSUR[LPDGRGHPLOORQHVGHGyODUHVGHSDVLYRVDPELHQWDOHVDGLFLRQDOHV
TXH QR SRVHH (VWRV HUURUHV FRPHWLGRV GXUDQWH HO SURFHVR GH FDSLWDOL]DFLyQ GH ORV ELHQHV GH <3)%
GHULYDQ HQ XQD DEXOWDGD GHXGD DPELHQWDO SRU HO (VWDGR D WUDYpV GH <3)% &DUORV $OEHUWR /ySH]
9LFHPLQLVWURGH(QHUJtDH+LGURFDUEXURV3UHVHQFLDPD\R 

 /D YHQWD GH ODV UHILQHUtDV VLJQLILFD XQD SpUGLGD PXOWLPLOORQDULD SDUD <3)% \ SDUD HO SDtV \D TXH GH DFXHUGR D ORV
FiOFXORVGHORVH[SHUWRVFRQXQDLQYHUVLyQGHPLOORQHVODVGRVUHILQHUtDVKDEUtDQGDGRDOSDtVXQDXWLOLGDGJOREDO
OtTXLGDGHGyODUHVPLHQWUDVTXHKDQVLGRWUDVSDVDGDVSRUHOJRELHUQRGHO*HQHUDO%DQ]HUSRUODtQILPD
VXPDGHGyODUHV'HDFXHUGRDO,QJ5DIDHO0RUDWy )RURGHO&HQWURGH'LSORPDGRVGH$OWRV(VWXGLRV
1DFLRQDOHVHQGHIHQVDGHODVUHILQHUtDVGH<3)%&'$(15HY$OWRV(VWXGLRV1R HOTXHLQYLHUWDHQFRPSUDU
ODVUHILQHUtDVUHFXSHUDUiVXLQYHUVLyQHQPHVHV\HQDxRVJDQDUiGHPLODPLOPLOORQHVGHGyODUHVTXHGHEtDQ
EHQHILFLDUDODV 1DFLyQ%ROLYLDQD $GHPiVODWUDQVIHUHQFLDUHVXOWDLOHJDOSRUVHU LQFRQVWLWXFLRQDO QRKDEHUVLGR
DXWRUL]DGDSRUHO3RGHU/HJLVODWLYDFRPRPDQGDOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR\ SRUTXHQRKD\XQHVWXGLR
SUHYLR SDUD SURFHGHU D WDO SULYDWL]DFLyQ KHFKRV TXH LQYDOLGDQ OD YHQWD GH XQ ELHQ GHO (VWDGR 5HQp 5RFDEDGR
&(',%'RVVLHU7HPD3HWUyOHR1R*RELHUQR6XEDVWy5HILQHUtDVGH<3)%1RYLHPEUH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
3DUDFRPSOHWDUHOSDQRUDPDIXHSURPXOJDGRHO'HFUHWR6XSUHPRSRUHOTXHHO(VWDGRDVXPHOD
UHVSRQVDELOLGDG GH ORV SDVLYRV DPELHQWDOHV HQ XQ QXHYR LQWHQWR GH ³KDFHU PiV DWUDFWLYRV ORV ELHQHV
HVWDWDOHVDVHUWUDQVIHULGRV´

(QFXDQWRDORVLPSDFWRVDPELHQWDOHVUHVXOWyHYLGHQWHSDUDORVSURPRWRUHVGHODVPHGLGDVGHDMXVWH\
FDSLWDOL]DFLyQ TXH OD SUROLIHUDFLyQ GH DFWLYLGDGHV GH H[SORUDFLyQ \ GHVDUUROOR GH QXHYRV FDPSRV SDUD
VDWLVIDFHU ODV GHPDQGDV \ FRPSURPLVRV GH YHQWD GH JDV DO %UDVLO JHQHUDUtDQ LPSDFWRV VREUH
HFRVLVWHPDV IUiJLOHV WHUULWRULRV \ SXHEORV LQGtJHQDV GH %ROLYLD FRQVWLWX\pQGRVH HQ HO WHPD DPELHQWDO
IXQGDPHQWDO(VWRKDTXHGDGRFRQILUPDGRSRUORVP~OWLSOHVSUREOHPDVFRQIOLFWRV\DFFLGHQWHVTXHHVWiQ
DIHFWDQGRHODPELHQWH\ODVHJXULGDGGHORVSREODGRUHVHQORVGLIHUHQWHVSXQWRVGHOSDtVGRQGHH[LVWHQ
DFWLYLGDGHVSHWUROHUDV

3RUVXSDUWHORVSUR\HFWRV\DFXHUGRVGHILQDQFLDPLHQWRGHODEDQFDPXOWLODWHUDO %DQFR0XQGLDO\%,' 
HVWLSXODURQ FODUDPHQWHTXH ODVLQVWLWXFLRQHVGHOHVWDGRHQFDUJDGDVGHOFRQWURO\ ILVFDOL]DFLyQDPELHQWDO
GHEtDQVHUIRUWDOHFLGDV\ GHVWLQDURQDHOORSDUWHGHOILQDQFLDPLHQWRGHOSURFHVR'HHVWHPRGRIXHFUHDGD
OD 8QLGDG $PELHQWDO GHO 9LFHPLQLVWHULR GH +LGURFDUEXURV 80$  \ IXH SURPXOJDGR HO 5HJODPHQWR
$PELHQWDOGHO6HFWRU+LGURFDUEXURV 5$6+ TXHHVWDEOHFHFRPSHWHQFLDV\DWULEXFLRQHVDOD80$(VWH
UHJODPHQWRHQDOJXQRVFDVRVVHVREUHSRQHDO5HJODPHQWRGHOD/H\GHO0HGLR$PELHQWHSRUHMHPSOR
FRQUHODFLyQDODUHGXFFLyQGHORVSOD]RVSDUDODDSUREDFLyQGHORV(VWXGLRVGH(YDOXDFLyQGH,PSDFWR
$PELHQWDO ((,$V (VWDRILFLQDIXH IRUWDOHFLGDSRUHO%DQFR0XQGLDO3HWUR&DQDGi\HO%,'HQWUHRWURV
PHGLDQWHODFRQWUDWDFLyQGHYDULRVWpFQLFRVSDUDTXHUHDOLFHQODUHYLVLyQ\HOVHJXLPLHQWRGHORV((,$V
DGHPiVGHQRUPDVHVSHFtILFDVFRPRHO5HJODPHQWRGH([SORWDFLyQ3HWUROHUDHQ7HUULWRULRV,QGtJHQDV\
$UHDV 3URWHJLGDV HO 5HJODPHQWR GH (OHFWULFLGDG HO 3ODQ $PELHQWDO GHO 6HFWRU +LGURFDUEXURV \ RWURV
SUR\HFWRVFRQHODSR\RGHFRQVXOWRUHVH[WHUQRV/D80$HVWXYRDFDUJRGHOVHJXLPLHQWRDOJDVRGXFWR
6DQWD&UX] 6DR3DXORDVtFRPRDODJUDQFDQWLGDGGHSUR\HFWRVGHH[SORUDFLyQ\H[SORWDFLyQSHWUROHUD
SUHVHQWDGRV HQ HVD RILFLQD OD PD\RUtD GH ORV FXDOHV IXHURQ DSUREDGRV FRQ JUDQ SUHPXUD \ SRFDV
REVHUYDFLRQHV6LQHPEDUJRHOPRQLWRUHR\ILVFDOL]DFLyQIXHURQSUiFWLFDPHQWHLQH[LVWHQWHVRWHQGLHURQD
YHODUORVLQWHUHVHVVHFWRULDOHVDQWHVTXHDPELHQWDOHV(QHVWHPDUFRVHJHVWLRQDDFWXDOPHQWHHOSUR\HFWR
GH PRGLILFDFLRQHV DO 5$6+ SRU HO FXDO VH SUHWHQGH UHGXFLU D~Q PiV ORV HVWUHFKRV SOD]RV SDUD OD
DSUREDFLyQ GH ((,$V DVt FRPR DFDSDUDU PD\RUHV DWULEXFLRQHV \ UHODFLyQ GLUHFWD FRQ ODV HPSUHVDV \
FRQVXOWRUDVSHWUROHUDVHQDELHUWDFRPSHWHQFLDFRQHO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ

/RV SUREOHPDV \ DFFLGHQWHV DPELHQWDOHV JHQHUDGRV SRU OD H[SORWDFLyQ SHWUROHUD VRQ PXFKRV VLQ
PHQFLRQDU ORV FRQIOLFWRV JHQHUDGRV SRU OD FRQVWUXFFLyQ GH ORV JUDQGHV SUR\HFWRV GH LQIUDHVWUXFWXUD
KLGURFDUEXUtIHUD$FRQWLQXDFLyQDOJXQRVHMHPSORV
ƒ 'HVGHHOGHRFWXEUHDODIHFKD GHQRYLHPEUH HOSR]R0DGUHMRQHVXELFDGRD.PGHOD
FLXGDGGH<DFXLEDVHHQFXHQWUDDUGLHQGR\\DH[SORWyHOSR]RFRQWRGRVORVHTXLSRVTXHIXHURQ
WUDtGRVGHVGHORV(VWDGRV8QLGRVSDUDWUDWDUGHFRQWURODUORSHURODIXJDGHJDVFRQWLQ~D\SRUWDQWR
HOLQFHQGLRQRVHSXHGHDSDJDU(OSR]RSHUWHQHFHDODHPSUHVD3OXVSHWURO
ƒ (QIHEUHURGHXQDULDGDGHVWUX\yHOGXFWRGHH[SRUWDFLyQGHJDVDOD$UJHQWLQDSRUORTXH
7UDQVUHGHV GHFLGLy KDFHUOR SDVDU HQFLPD GHO SXHQWH IHUURYLDULR VREUH HO UtR 3LOFRPD\R /RV
SREODGRUHV GH 9LOODPRQWHV UHDOL]DURQ SURWHVWDV \ GHQXQFLDV KDVWD TXH HQ QRYLHPEUH GH  OD
6XSHULQWHQGHQFLDGH+LGURFDUEXURVFRQPLQyD7UDQVUHGHVDSUHVHQWDUXQDDOWHUQDWLYDGHVROXFLyQ
ƒ 'XUDQWHHODxRORVSREODGRUHVGHOWUySLFRFRFKDEDPELQRGHQXQFLDURQSHUPDQHQWHPHQWHDOD
HPSUHVD  &KDFR SRU FRQWDPLQDFLyQGH DJXDV WLHUUDV \UtRV HQ OD ]RQD GH&DUUDVFR \ %XOR %XOR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
3UHVHQFLD  GH MXQLR GH   (O &HQWUR GH 'HVDUUROOR 3HVTXHUR GHQXQFLy DVLPLVPR TXH ODV
HPSUHVDV&KDFR0D[XV\5HSVROSURYRFDQODPXHUWHGHSHFHVHQORVUtRV,FKLOR6DQ/XLV0D\OD
(xDH,FKRDHQORVDIOXHQWHVGHO,]DU]DPDDVtFRPRHQORVDIOXHQWHVGHO,FKLORHQWHUULWRULRFUXFHxR
'LYHUVDV FRPLVLRQHV GH ORV 0LQLVWHULRV GH 'HVDUUROOR 6RVWHQLEOH H +LGURFDUEXURV VH KLFLHURQ
SUHVHQWHVDVtFRPRRUJDQL]DFLRQHVFtYLFDVDPELHQWDOLVWDV\GHEDVHSHURODVHPSUHVDVLQVLVWHQHQ
TXHORVGDxRVFRUUHVSRQGHQDSDVLYRVDPELHQWDOHVTXHGHMRODHPSUHVDHVWDWDO
ƒ (OGHRFWXEUHGHVHSURGXMRXQLQFHQGLRHQHOSR]R9tERUD,,FHUFDGH<DSDFDQtHOPLVPR
TXHDOSURGXFLUVHHOLQFHQGLRQRFRQWDEDFRQOLFHQFLDDPELHQWDO(QGLFLHPEUHGHHVHDxRHOSR]R
VHJXtD DUGLHQGR HQ XQD OODPD GH  PHWURV GH DQFKR SRU P GH DOWXUD FRQWDPLQDQGR HO
HFRVLVWHPD DGHPiV  GH SURGXFLU XQD DUHQLOOD TXH FRQWDPLQDED WDPELpQ D ODV SHUVRQDV ORV
DQLPDOHVORVSDVWRV\HODJXD 3UHVHQFLDGHQRYLHPEUH\GH GLFLHPEUHGH 
ƒ (O  GH MXOLR GH  VH SURGXMR XQD IXJD GH JDV HQ OD HVWDFLyQ GH ERPEHR GH 7UDQVUHGHV HQ
7LJXLSDSREODFLyQGHKDELWDQWHVTXHGLH]DxRVDWUiVVXIULyRWURDFFLGHQWHTXHFREUyODYLGDGH
SHUVRQDV(QMXQLRGHLQGtJHQDVJXDUDQtHVGH3XHUWR0DUJDULWD\DOUHGHGRUHVGLHURQFXHQWD
GH OD FRQWDPLQDFLyQ HQ TXHEUDGDV \ GHVWUXFFLyQ GH ERVTXHV HQ VXV FRPXQLGDGHV SRU ODV
DFWLYLGDGHVGHODHPSUHVD0D[XVODTXHDFHSWyHOKHFKRPHQFLRQDQGRTXHWRGRORSDJDEDQPX\
ELHQ \ TXH ORV FDPLQRV SODQFKDGDV \ SLVWDV GH DWHUUL]DMH TXHGDUtDQ HQ EHQHILFLR GH OD ]RQD $O
UHVSHFWR HQ HQHUR GH  ORV SREODGRUHV GH ,WLND *XDVX \D VHQWDURQ TXHMDV FRQWUD GLFKD
HPSUHVD 3UHVHQFLDGH MXQLRGH
ƒ (Q VHSWLHPEUH GH  WUHV HMHFXWLYRV GH 7UDQVUHGHV IXHURQ SURFHVDGRV SRU OD FRQWDPLQDFLyQ
DPELHQWDORFDVLRQDGDHQHOPHVGHPD\RGHELGRDXQGHUUDPHGHGLHVHO\SHWUyOHRHQXQDODJXQD
GHR[LGDFLyQXELFDGDHQHOPXQLFLSLRFUXFHxR

(VWRV VRQ DSHQDV DOJXQRV HMHPSORV IUHQWH D OD LQH[LVWHQWH ILVFDOL]DFLyQ SRU SDUWH GH ORV RUJDQLVPRV
UHVSRQVDEOHV ORVSREODGRUHV ORFDOHV \ ODVRUJDQL]DFLRQHVGH EDVH HPSLH]DQ D ILVFDOL]DU ORV SUR\HFWRV
SHWUROHURV JHQHUDQGR SURSXHVWDV SURSLDV SDUD OR FXDO KDQ HQFRQWUDGR DOLDGRV HQ ODV RUJDQL]DFLRQHV
VRFLRDPELHQWDOLVWDV \ HFRORJLVWDV ODV TXH OHV DSR\DQ IDFLOLWDQGR HO DFFHVR D OD LQIRUPDFLyQ D ODV
DXWRULGDGHVDPELHQWDOHVDILQDQFLDGRUHV\DPHGLRVGHFRPXQLFDFLyQ(VWDVSURSXHVWDVSUHOLPLQDUHVGH
PRQLWRUHR\VHJXLPLHQWRGHVGHODVRFLHGDGFLYLOHPSLH]DQDVHUFRQVLGHUDGDVFRQLQWHUpVSRUHO0LQLVWHULR
GH 'HVDUUROOR 6RVWHQLEOH \ ORV RUJDQLVPRV ILQDQFLHURV ORV TXH GHEHQ FRPSUHQGHU TXH HV LPSRVLEOH
UHDOL]DU VHJXLPLHQWR ILVFDOL]DFLyQ \ PRQLWRUHR VL QR SDUWLFLSDQ ORV DIHFWDGRV TXLHQHV VRSRUWDQ ORV
LPSDFWRVGHODVDFWLYLGDGHVSHWUROHUDV

(QHOFDVRGHOJDVRGXFWR%ROLYLD %UDVLOHOVHJXLPLHQWRSRUSDUWHGHORVSREODGRUHVGH(O&DUPHQ5LYHUR
7RUUHVXQDSHTXHxDSREODFLyQHQODUXWDGHOJDVRGXFWRTXHRUJDQL]yHO&RPLWpGH)LVFDOL]DFLyQSURPRYLy
OD FRQWUDWDFLyQ GH XQD ³2LGRUD´ RPEXGVSHUVRQ  LQVWLWXFLRQDOL]DQGR XQD LQVWDQFLD GH PRQLWRUHR TXH
HPSLH]D D VHUUHSURGXFLGD HQ RWURV SUR\HFWRV ILQDQFLDGRVSRU ODEDQFD PXOWLODWHUDO %,'&DUUHWHUD6DQWD
&UX]3XHUWR6XiUH] PLHQWUDVORVSREODGRUHVORFDOHVHPSLH]DQDUHSURGXFLUORV&RPLWpVGH)LVFDOL]DFLyQ

3DWULFLD0ROLQD
,QJHQLHUD$JUyQRPD3RVWJUDGR
HQ(FRORJtD\&RQVHUYDFLyQ

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQVWUXFFLyQGHOJDVRGXFWR%ROLYLD  %UDVLO
8ELFDFLyQG H OFRQIOLF WR &DUPHQ5LYHUR7RUUHVPXQLFLSLRGH3XHVWR6XiUH]SURYLQFLD
*HUPiQ%XVFKGHOGHSDUWDPHQWRGH6DQWD&UX]
*HQHUDGRUGHOFRQ IOLFWR 3(752*$6%2/\HOFRQVRUFLRFRQVWUXFWRUGHOGXFWR%50
&3% 0XUSK\%URV,QF
,QLFLDGRU GHOFRQIOLF WR $JHQFLDPXQLFLSDO&DUPHQ5LYHUR7yUUH])RUR&UXFHxR\
352%,20$
5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\'HVDUUROOR6RVWHQLEOH
3UHIHFWXUDGHO'HSDUWDPHQWR6XESUHIHFWXUD\0XQLFLSLR
$IHFWDGRV &DUPHQ5LYHUR7yUUH]\VXVFRPXQLGDGHVDOHGDxDV&DUPHQ
9LHMR&DQGHODULD\6DQWD$QD
$FWLYLGDGT XHJHQ HU DHO GDxR &RQVWUXFFLyQGHOJDVRGXFWR

(OGDxR JHQHUDGR <DVHSURGXMR

/DDFWLYLGDGHV 3HOLJURVD\PROHVWD

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDHTXLSDPLHQWRV\VHUYLFLRV

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG

,QYHUVLyQG H OJHQH UDGR U PLOORQHVGHGyODUHV

&RPSHQVDFLRQ HV GHGyODUHVDPHULFDQRV

)HFKDGHL QLFL RGHOGDxR $JRVWRGH

)HFKDLQLFLRGHOFRQIOLF WR -XQLRGH

2EMHWLYRGHORV DIHFWD GR V &RQVHJXLUTXHORVHMHFXWRUHVGHOJDVRGXFWRUHFRQR]FDQHO


SDJR SRUHOGHUHFKRGHXVXIUXFWRGHORVUHFXUVRVQDWXUDOHV
$FFLRQHVUH DOL]DGDV 5HXQLRQHVGHQHJRFLDFLyQFRQORVJHQHUDGRUHVGHOFRQIOLFWR7DOOHU
GHDQiOLVLVGHOJDVRGXFWR\GHWHUPLQDFLyQGHORVLPSDFWRV
VRFLDOHVDPELHQWDOHV\HFRQyPLFRV&RQIRUPDFLyQGHO&RPLWpGH
)LVFDOL]DFLyQGHO*DVRGXFWR6HJXLPLHQWRDODVDFFLRQHVGHORV
HMHFXWRUHV0HGLGDVGHSUHVLyQSDUDTXHODVGHPDQGDVVHDQ
DWHQGLGDV'HQXQFLDVS~EOLFDVHQPHGLRVGHFRPXQLFDFLyQ
)HFKDGH UHJLVWUR $EULOGH

'HVFULSFLyQGHOFRQIOLFWR
/DORFDOLGDGGH&DUPHQ5LYHUR7yUUH]IXHFRQYHUWLGDSRUHO*DVRGXFWRHQXQFDPSDPHQWRDSHVDU GH
TXH HO FRPSURPLVR GH OD HPSUHVD FRQVWUXFWRUD HUD TXH ORV DVHQWDPLHQWRV VH UHDOLFHQ D XQD GLVWDQFLD
 'DWRREWHQLGRGHXQFXDGURGHOD8QLGDGGH*HVWLyQ$PELHQWDOGHO3UR\HFWR*DVRGXFWR%ROLYLD%UDVLOHODERUDGRHO
GHVHSWLHPEUHGH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
FRQVLGHUDEOH GH HVWD SREODFLyQ (VWH LQFXPSOLPLHQWR TXH LPSOLFyOD LQYDVLyQ GH FDVL PLO WUDEDMDGRUHV
RFDVLRQySUREOHPDVVRFLDOHVDPELHQWDOHV\HFRQyPLFRV
(QWUH HVWRV SUREOHPDV \ GH DFXHUGR DO OLVWDGR REWHQLGR FRQ OD FRPXQLGDG HQ MXQLR GH  SRGHPRV
PHQFLRQDU HQWUH ORV SUREOHPDV HFRQyPLFRV HO DXPHQWR GH ORV SUHFLRV GH ORV SURGXFWRV GH SULPHUD
QHFHVLGDG ODGHVWUXFFLyQGHODVFDOOHV\ ODGHVWUXFFLyQGH FDEOHVSRU SDUWHGHORVFDPLRQHV (QWUHORV
SUREOHPDVDPELHQWDOHVHVWiQODSUHVLyQVREUHHOERVTXH\ODFRQVHFXHQWHGHIRUHVWDFLyQSRUSDUWHGHODV
HPSUHVDV SULYDGDV HO LQFUHPHQWR GH SODJDV DJUtFRODV HO UXLGR GH PRWRUHV ODV  KRUDV GHO GtD OD
JHQHUDFLyQGHSROYRODHVFDVH]GHDJXDSRWDEOHSDUDFRQVXPRGHODSREODFLyQGHELGRDTXHHOFRQVRUFLR
DFDSDUyODSRFDDJXDH[LVWHQWHODFRQWDPLQDFLyQGHODJXDSRWDEOHODFUHDFLyQGHEDVXUDOHVHQHOPRQWH
OD GHVDSDULFLyQ GH IDXQD \ HO XVR GH H[SORVLYRV (QWUH ORV SUREOHPDV VRFLDOHV OD SUHVLyQ GH ORV
WUDEDMDGRUHV VREUH OD SREODFLyQ SRU IDOWD GH FDSDFLGDG KRWHOHUD \ PHGLRV GH FRPXQLFDFLyQ OD IDOWD GH
VHJXULGDGFLXGDGDQDHOLQFUHPHQWRGHORFDOHV\EDUHVGHH[SHQGLRGHEHELGDVDOFRKyOLFDVHODXPHQWR
GH HQIHUPHGDGHV LQIHFFLRVDV XQD PD\RU GHPDQGD GH PHGLFDPHQWRV TXH VRQ HVFDVRV OD SpUGLGD GH
LQIUDHVWUXFWXUD VDQLWDULD XQ DXPHQWRGH ULHVJRHQ OD VDOXG LQIDQWLO\ ODSpUGLGD GH FRQFHQWUDFLyQ HQ HO
DXODSRUUXLGRGHFDPLRQHWDVGHOFRQVRUFLR
/DVLWXDFLyQGH&DUPHQ5LYHURQRHVDLVODGD\DTXHWDQWRHQODVSURYLQFLDV*HUPiQ%XVFK&KLTXLWRV\
&RUGLOOHUD ORV SREODGRUHV ORFDOHV QR LQGtJHQDV QR IXHURQ WRPDGRVHQ FXHQWD QL SDUD ODV FRQVXOWDV QL
SDUDODH[SOLFDFLyQGHORVDOFDQFHVGHOSUR\HFWRDSHVDUGHTXHODLPSOHPHQWDFLyQGHOPLVPRDGHPiV
GH FDXVDU GDxRV D ODV FDUUHWHUDV SURGXMR XQD LQWHQVLYD H[SORWDFLyQ GHO ERVTXH SDUD OD REWHQFLyQ GH
GXUPLHQWHVGHVWLQDGDVDDVHQWDUODVWXEHUtDVHQHOSURFHVRGHVROGDGRGHODVXQLRQHVGHOGXFWR
'HHVWDPDQHUDHO3ODQGH0DQHMR$PELHQWDO\HO(VWXGLRGH,PSDFWR$PELHQWDOQRWRPDURQHQFXHQWDD
PXFKDVGHODVSREODFLRQHVORFDOHVFRQHODUJXPHQWRGHTXHQRH[LVWtDQLPSDFWRVHQODVPLVPDV (VWR
VLJQLILFyFRPRHQHOFDVR7DSHUDVXELFDGDDNLOyPHWURVGH6DQ-RVpGH&KLTXLWRVFRQXQDSREODFLyQ
GHKDELWDQWHVVXWRWDOH[FOXVLyQHQODVQHJRFLDFLRQHVFRPSHQVDWRULDV
6LQ HPEDUJR &DUPHQ 5LYHUR IXH OD ~QLFD FRPXQLGDG TXH VH DQLPy D HQWUDU HQ FRQIOLFWR FRQ ORV
HMHFXWRUHV GHO SUR\HFWR HO PLVPR TXH IXH SODQWHDGR FRQ HO DUJXPHQWR GH TXH ORV GDxRV VRFLDOHV \
DPELHQWDOHVQRVRQVXMHWRVGHFRPSHQVDFLyQ\TXHORVJHQHUDGRUHVGHOFRQIOLFWRGHELHURQKDEHUSUHYLVWR
WRGDVODVPHGLGDVGHPLWLJDFLyQDQWHVGHOLQLFLRGHODREUD
(QHVWHVHQWLGRODVSREODFLRQHVORFDOHVGHPDQGDURQHOSDJRSRUHOGHUHFKRGHXVXIUXFWR\DFODUDURQTXH
QRHVWDEDQSLGLHQGRIDYRUDOJXQRQLFRPSHQVDFLyQVLPSOHPHQWHH[LJLHQGRVXVGHUHFKRVGHEHQHILFLDUVH
GLUHFWDPHQWHGHOXVR\DSURYHFKDPLHQWRGHVXVUHFXUVRVQDWXUDOHV)XHVREUHODEDVHGHHVWRVFULWHULRV
TXHVHUHDOL]DURQODVQHJRFLDFLRQHVODVPLVPDVTXHHVWXYLHURQDFRPSDxDGDVGHXQDVHULHGHPHGLGDV
GHSUHVLyQ\GHQXQFLDVS~EOLFDVTXHIRUWDOHFLHURQXQPRYLPLHQWRDSDUHQWHPHQWHDLVODGRJUDFLDVDODSR\R
GHYDULDVLQVWLWXFLRQHV
&RPRFRQVHFXHQFLDGHWDOHVDFRQWHFLPLHQWRVORVHMHFXWRUHVGHOSUR\HFWRVHDSUHVXUDURQDQHJRFLDUFRQ
ORVRWURVPXQLFLSLRVSDUDHYLWDUTXHDVXPDQXQDSRVLFLyQVLPLODU\FRQFHGLHURQD&DUPHQ5LYHUR7yUUH]
WRGDVODVGHPDQGDVTXHSODQWHyHQWUHHOODVODVROXFLyQDVXVSUREOHPDVGHDJXDOX]VDOXG\HGXFDFLyQ
/DDFWLWXGDVXPLGDSRUHO&RPLWpGH)LVFDOL]DFLyQWXYRUHSHUFXVLRQHVDWRGRQLYHOSXHVIUXWRGHOWUDEDMR
FRRUGLQDGRHQWUH352%,20$HO)RUR&UXFHxR\HO)2%20$'(VHFRQVLJXLyTXHHOSUR\HFWRLQFOX\DHQ
VXDJHQGDHOGHQRPLQDGR&RPLWp6RFLDOTXHLQFOX\HODSDUWLFLSDFLyQGHOD2LGRUD\TXHSHUPLWLyXQDUHDO

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
SDUWLFLSDFLyQ GH OD VRFLHGDG FLYLO UHSUHVHQWDGD SRU ORV FRPLWpV GH ILVFDOL]DFLyQ FRPLWpV FtYLFRV \ ODV
RUJDQL]DFLRQHVDQWHVPHQFLRQDGDV

)XHDSDUWLUGHODVGHQXQFLDVS~EOLFDVTXHVHORJUyFUHDUWRGDXQDUHGGHVROLGDULGDGFRQODSREODFLyQGHO
&DUPHQ5LYHUR7yUUH]\VHFRPHQ]yDSUHVLRQDUDORVRUJDQLVPRVILQDQFLHURVSDUDDEULUODSDUWLFLSDFLyQ
GH ODVRFLHGDGFLYLOODPLVPD TXH LQLFLDOPHQWHHVWDED FHUUDGDSRU HOWLSR GH FRQYHQLRUHDOL]DGRFRQOD
EDQFDPXOWLODWHUDODSHVDUGHTXHODVGHQXQFLDVKDEtDQPRVWUDGRODFDVLWRWDODXVHQFLDGHPHFDQLVPRV
UHIHULGRVDODSDUWLFLSDFLyQHLQIRUPDFLyQGHODVRFLHGDGFLYLO
(QRFWXEUHGHOVHUHDOL]yODSULPHUDUHXQLyQTXHLQYROXFUyDODVRFLHGDGFLYLOHQHOODSRUSULPHUDYH]
WDPELpQVHSXGRHVFXFKDUODVGHQXQFLDVUHDOL]DGDVSRUORVDIHFWDGRV\SRUODVLQVWLWXFLRQHVTXHHVWDEDQ
KDFLHQGR HO VHJXLPLHQWR DO SUR\HFWR )RUR 5HJLRQDO GH 3XHUWR 6XiUH] &RPLWp GH )LVFDOL]DFLyQ GHO
&DUPHQ 5LYHUR 7yUUH] )RUR&UXFHxR 352%,20$ )2%20$'(  (O UHVXOWDGR GH GLFKD UHXQLyQ IXH OD
FUHDFLyQGHO&RPLWp6RFLDO\GHOFDUJRGHOD2LGRUDSHUVRQDFRQWUDWDGDSRUORVRUJDQLVPRVILQDQFLHURV
FRPRQH[RHQWUHODVRFLHGDGFLYLOHO&RPLWp$PELHQWDODVtFRPRFRQORVPLVPRVRUJDQLVPRVILQDQFLHURV
$ SDUWLU GH HVD IHFKD VHLV UHXQLRQHVKDQ VLGRUHDOL]DGDV D WUDYpV GH HOODV VH SXGR ORJUDU XQ IOXMR GH
LQIRUPDFLyQ\ODSRVLELOLGDGGHFDQDOL]DUODVGHPDQGDVGHODVSREODFLRQHVORFDOHV

)XHQWHV 5HYLVLyQ ELEOLRJUiILFD \ KHPHURJUiILFD DVt FRPR WHVWLPRQLRV GH SREODGRUHV GH (O &DUPHQ
5LYHUR7yUUH]3XHUWR6XiUH]7DSHUDV5RERUp$UUR\R&RQFHSFLyQ

3HUVRQDHQFDUJDGDGHOUHJLVWUR+HQU\0*XDUGLD0)2%20$'( 6DQWD&UX]

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 *DVRGXFWR6DQ0LJXHO 6DQ0DWtDV &XLDEi
8ELFDFLyQG H OFRQIOLF WR 7DSHUDVGH6DQ-XDQPXQLFLSLRGH6DQ-RVpGH&KLTXLWRV
SURYLQFLD&KLTXLWRVGHOGHSDUWDPHQWRGH6DQWD&UX]
*HQHUDGRUGHOFRQIOLFWR *DV2ULHQWH%ROLYLDQRJRELHUQRFRQWUDWLVWDV6(53(7%2/
&203523(7&21'872%2/,17(5\VXEFRQWUDWLVWDV
&26(&$\7UDQV6DOYDWLHUUD
,QLFLDGRU GHOFRQIOLF WR &RPLWpGH)LVFDOL]DFLyQ\&RPLWp&tYLFRGH7DSHUDV)RUR
&UXFHxR\352%,20$
5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ
9LFHPLQLVWHULRGH(QHUJtDH+LGURFDUEXURV3UHIHFWXUD
6XESUHIHFWXUD\PXQLFLSLRV
$IHFWDGRV +DELWDQWHVGH7DSHUDVGH6DQ-XDQ6DQ-XDQGH&KLTXLWRV
%XHQD9LVWD,SLDV5DPDGD\(QWUH5tRV
$FWLYLGDGT XHJHQ HU DHO GDxR &RQVWUXFFLyQGHOJDVRGXFWR

(OGDxR JHQHUDGR <DVHSURGXMR

/DDFWLYLGDGHV 'HVWUXFWLYD

$UHDD IHFWDGD KDHQWRGRHOJDVRGXFWR

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDHTXLSDPLHQWRVVHUYLFLRV\FRQVHUYDFLyQ
GHERVTXHQDWLYR\IXQGDPHQWDOPHQWHHO%RVTXH&KLTXLWDQR
TXHHVHO~OWLPRERVTXHWURSLFDOVHFRGHOPXQGR
5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 1RYLHPEUHGH

)HFKDLQLFLRGHOFRQIOLF WR $EULOGH

2EMHWLYRGHORV DIHFWD GR V 3URWHJHUHO~OWLPRERVTXHSULPDULRVHFRGHOPXQGR \UHDOL]DU


XQDILVFDOL]DFLyQSHUPDQHQWH
$FFLRQHVUH DOL]DGDV &RQIRUPDFLyQGHO&RPLWpGH)LVFDOL]DFLyQWDOOHUHQ7DSHUDV
SURQXQFLDPLHQWRVVHQVLELOL]DFLyQUHXQLRQHVLQIRUPDWLYDV
ILUPDGHFRQYHQLR\UHFRUULGRGHORVFDPSDPHQWRV
)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
/DFRQVWUXFFLyQGHOJDVRGXFWRD&XLDEiWLHQHGRVDVSHFWRVDVHUWRPDGRVHQFXHQWDHODPELHQWDOTXH
VHUHILHUHDODGHIHQVDGHO~OWLPRERVTXHVHFRGHOPXQGR\HOVRFLDOTXHHVWiUHODFLRQDGR FRQHOUHVSHWR
TXHVHGHEHWHQHUDODVSREODFLRQHVORFDOHV
(QORUHIHULGRDODVSHFWRDPELHQWDOHOFRQIOLFWRVHFHQWUyHQODQHFHVLGDGGHPRGLILFDUODUXWDGHOGXFWR
SDUDTXHQRDIHFWHDOERVTXHSULPDULRFKLTXLWDQR\SDVHSRUHOFDPLQRFDUUHWHURTXHXQHD6DQ-RVpGH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
&KLTXLWRV 6DQ 5DIDHO 6DQ /RUHQ]R /DV 3HWDV \ 6DQ 0DWtDV (VWH FDPELR GH UXWD HUD WRWDOPHQWH
MXVWLILFDGRVLVHGHVHDEDHYLWDULPSDFWRVDXQHFRVLVWHPD~QLFRHQHOPXQGR
$GHPiVHQODSURSXHVWDGHOFDPELRGHUXWDVHREVHUYDURQGHILFLHQFLDVHQHOHVWXGLRGHHYDOXDFLyQGH
LPSDFWRDPELHQWDOSUHVHQWDGRSRUODHPSUHVD(175,;± ,QJHQLHURV$VRFLDGRV3&$SXHVORVLQGLFDGRUHV
\ODVPHGLGDVXWLOL]DGDVOR~QLFRTXHKDFtDQHUDHQFXEULUHOLPSDFWRUHDOGHOJDVRGXFWRVREUHHOERVTXH
VHFR\HO3DQWDQDO
(QORVRFLDOODIDOWDGHUHVSHWRDOGHUHFKRTXHWLHQHQORVSXHEORVGHGHILQLUVREUHVXVUHFXUVRVTXHVH
H[SUHVyHQHYLWDUODVFRQVXOWDVFRUUHVSRQGLHQWHV\HQLJQRUDUDVXVDXWRULGDGHVORFDOHVIRUWDOHFLyODLGHD
GH FUHDU XQ &RPLWp GH )LVFDOL]DFLyQ GHO *DVRGXFWR D &XLDEi HO PLVPR TXH SHUPLWLy XQD VHULH GH
PRYLOL]DFLRQHVGHODVORFDOLGDGHVDIHFWDGDVSULQFLSDOPHQWHGH7DSHUDV6DQ-XDQ\%XHQD9LVWD
2WURHOHPHQWRTXHVHLQWURGXMRHQHOFRQIOLFWRIXHHOUHIHULGRDORVFRQVHUYDFLRQLVWDV ::):&6-DUGtQ
%RWiQLFR GH 0LVVRXUL 0XVHR 1RHO .HPSII 0HUFDGR \ )XQGDFLyQ $PLJRV GH OD 1DWXUDOH]D  TXLHQHV
DSURYHFKDQGR OD SUHVLyQ LQWHUQDFLRQDO QHJRFLDURQ SRU GHEDMR GH OD PHVD XQD FRPSHQVDFLyQ TXH OHV
SHUPLWLUiDSURYHFKDUORVUHFXUVRVQDWXUDOHVTXHTXHGHQHQOD ]RQDDFDPELRGHODYDO³YHUGH´TXHGLHURQD
GLFKRSUR\HFWRHOPLVPRTXHGHILQLyODDSUREDFLyQGHVXILQDQFLDPLHQWR(OKHFKRGHTXHRUJDQL]DFLRQHV
H[WUDQMHUDVQHJRFLHQORVUHFXUVRVQDWXUDOHVGHOSDtVDHVSDOGDVGHODVDXWRULGDGHVQDFLRQDOHVJHQHUyOD
PRYLOL]DFLyQ GH ODV SREODFLRQHV ORFDOHV DVt FRPR GH ORV PXQLFLSLRV \ GHO PLVPR 9LFHPLQLVWHULR GH
'HVDUUROOR 6RVWHQLEOH DGHPiV FUHy XQDGLQiPLFD TXH UHDYLYy OD SURSXHVWD GH PRGLILFDU HO WUD]DGRGHO
GXFWRDVtFRPRODGHPDQGDGHVREHUDQtDGHODVSREODFLRQHVORFDOHVVREUHVXVUHFXUVRVQDWXUDOHV
(OUHVXOWDGRGHHVWDVPRYLOL]DFLRQHVIXHTXHODVSREODFLRQHVDIHFWDGDVTXHDQWHVQRHVWDEDQLQFOXLGDV
HQORVSODQHVGHOSUR\HFWRVHDQWRPDGDVHQFXHQWDSRUHOPLVPR\TXHDGHPiVDSDUWLUGHODVDFFLRQHV
GHILVFDOL]DFLyQUHDOL]DGDVGHVGHHOiPELWRORFDOVHORJUyTXHHOSUR\HFWRLQFOX\DXQFRPSRQHQWHVRFLR
DPELHQWDO1RREVWDQWHHOREMHWLYRDPELHQWDOSULQFLSDOQRIXHDOFDQ]DGR\DTXHHOWUD]RLQLFLDODWUDYpV
GHO%RVTXH&KLTXLWDQRVHPDQWHQGUi

)XHQWHV 5HYLVLyQELEOLRJUiILFDKHPHURJUiILFD\GHGRFXPHQWRVHPLWLGRVSRUORVDFWRUHV

3HUVRQDHQFDUJDGDGHOUHJLVWUR+HQU\0*XDUGLD0)2%20$'( 6DQWD&UX]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQ FDXVDGD SRU OD H[SORWDFLyQ SHWUROHUD D FDUJR GH OD
HPSUHVD&KDFR6$HQ(QWUH5tRV
8ELFDFLyQG H OFRQIOLF WR (QWUH5tRVVHJXQGDVHFFLyQGHODSURYLQFLD&DUUDVFRGHO
GHSDUWDPHQWRGH&RFKDEDPED
*HQHUDGRUGHOFRQ IOLFWR <3)%\&KDFR6$

,QLFLDGRU GHOFRQIOLF WR 6LQGLFDWRGHODFRORQLD3DOPDU

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\9LFHPLQLVWHULRGH(QHUJtD


H+LGURFDUEXURV
$IHFWDGRV FRPXQLGDGHVGHFDPSHVLQRVFRORQRV

$FWLYLGDGT XHJHQ HU DHO GDxR ([SORUDFLyQVtVPLFDSHUIRUDFLyQ\SURGXFFLyQ

(OGDxR JHQHUDGR (VWDHQHMHFXFLyQ\FRQWLQXDUiHMHFXWiQGRVH

/DDFWLYLGDGHV 3HOLJURVD\FRQWDPLQDQWH

$UHDD IHFWDGD KD HQH[SORUDFLyQ\HQSURGXFFLyQ

$FWLYLGDGHVDIHFWDG DV $JURSHFXDULRVSLVFtFRODVFRQVXPRKXPDQRGHDJXD

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQDVDOXGVXHORV

&RVWRG HUHG XFLUHO GDxR D 86SRUGDxRVRFDVLRQDGRVDODVSDUFHODV


DJUtFRODVVLQFRQWHPSODUORVFULWHULRVWpFQLFRVDPELHQWDOHV
)HFKDGHL QLFL RGHOGDxR  &DPSR&DUUDVFR \  &DPSR.DWDUL DPEDVD
FDUJRGH<3)%
)HFKDLQLFLRGHOFRQIOLF WR GHRFWXEUHGH

2EMHWLYRGHORV DIHFWD GR V ([LJLUTXHODHPSUHVD&KDFR6$QRFRQWDPLQHHOPHGLR


DPELHQWHHLQGHPQLFHDORVTXH\DKDDIHFWDGRDGHPiVTXH
GHMHEHQHILFLRVSDUDODMXULVGLFFLyQGH(QWUH5tRV
$FFLRQHVUH DOL]DGDV 3UHVHQWDFLyQGHUHFODPRVSDUDODUHSRVLFLyQGH GDxRV\GH
LQIRUPHVREUHORVWHUUHQRV\FXOWLYRVDIHFWDGRVGHQXQFLDV
S~EOLFDVVREUHODFRQWDPLQDFLyQDWUDYpVGHORVPHGLRVGH
FRPXQLFDFLyQHQ&RFKDEDPED\/D3D]DVDPEOHDV\EORTXHR
)HFKDGH UHJLVWUR GHMXOLRGH

'HVFULSFLyQGHOFRQIOLFWR
/DFRQWDPLQDFLyQSHWUROHUDHQHOWUySLFRFRFKDEDPELQRSDUWLFXODUPHQWHHQOD]RQDGH(QWUH5tRVGDWD
GH OD GpFDGD GHO VHVHQWD \ VH LQLFLy FRQ OD SHUIRUDFLyQ GHO SULPHU SR]R H[SORUDWRULR UHDOL]DGD EDMR OD
JHVWLyQGH<3)%/DSURGXFFLyQGHSHWUyOHRHQHO&DPSR&DUUDVFRFRPHQ]y HODxR (VHQHVWH
PRPHQWR TXH VH LQLFLy OD FRQWDPLQDFLyQ GH UtRV \ OD SHUGLGD GH FXOWLYRV TXH SURGXMR OD UHDFFLyQ GH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
FRORQRV\VXUHFODPRGHLQGHPQL]DFLyQSRUORVGDxRVRFDVLRQDGRV(QYDULRVFDVRV<3)%UHFRQRFLyOD
QHFHVLGDGGH HIHFWXDULQGHPQL]DFLRQHV\UHDOL]RLQVSHFFLRQHVVREUHODVSDUFHODVGDxDGDV
(QGHDEULOGHDUDt]GHODFDSLWDOL]DFLyQGH<3)%ODHPSUHVDSHWUROHUD&KDFR6$VHDGMXGLFyORV
FDPSRV &DUUDVFR \ .DWDUL TXH \D VH HQFRQWUDEDQ HQ SURGXFFLyQ )XH HQ HVWDV FLUFXQVWDQFLDV FXDQGR HO
GHSDUWDPHQWRGH&RFKDEDPEDVHFRQVWLWX\yHQHOSULPHUSURGXFWRUGHKLGURFDUEXURVGHOSDtVTXHORVFRORQRVVH
RUJDQL]DURQFRQPiVIXHU]D(VWROHVSHUPLWLyREOLJDUDODHPSUHVDDQHJRFLDUSDUDVHUDGPLWLGRVHQHOGHVDUUROOR
GH ORV WUDEDMRV GH H[SORUDFLyQ \ H[SORWDFLyQ WHQLHQGR FRPR PHWD FRP~Q OD FRPSHQVDFLyQ GH ORV GDxRV
RFDVLRQDGRV3RVWHULRUPHQWHJUDFLDVDODFRRUGLQDFLyQTXHVHGLRFRQHO)RUR&RFKDEDPELQRHOWHPDDPELHQWDO
DGTXLULy LPSRUWDQFLD DXQTXH HQ JHQHUDO VLHPSUH VH HQFRQWUyUHOHJDGR D XQ VHJXQGR SODQR HQ ODV FRQWLQXDV
H[LJHQFLDVSUHVHQWDGDVDODHPSUHVD&KDFR6$
3DUDHYLWDUHQIUHQWDUHOFRQIOLFWRODHPSUHVDUHDOL]yFRQYHQLRVLQGLYLGXDOHVFRQORVFDPSHVLQRVDILQGHTXH
OHSHUPLWDQH[SORUDU\H[SORWDUKLGURFDUEXURV3RURWUDSDUWHUHFXUULyDDPHGUHQWDUDTXLHQHVVHOHRSRQtDQ
RH[LJtDQFRPSHQVDFLRQHVSRUORVGDxRVRFDVLRQDGRV\GHVPLQWLyS~EOLFDPHQWHODVGHQXQFLDVUHDOL]DGDV
VREUH OD FRQWDPLQDFLyQ GH UtRV \ VXHORV TXH HVWDED RFDVLRQDQGR 7DPELpQ ORJUy UHDOL]DU FRQYHQLRV FRQ
DOJXQDV RUJDQL]DFLRQHV GH (QWUH 5tRV FRPR VRQ HO &RPLWp &tYLFR \ OD )HGHUDFLyQ GH 0DPRUp
3DUDOHODPHQWHUHDOL]yFDPSDxDGHSUHQVDVREUHODVYHQWDMDVTXHWUDHQODH[SORWDFLyQGHKLGURFDUEXURVHQHO
SDtV\ODVFDPSDxDVGHVDOXGSURYH\HQGRPHGLFDPHQWRVSDUDSUHYHQLUHQIHUPHGDGHVHQODSREODFLyQ
3RUVXSDUWH ORVDIHFWDGRV UHDOL]DURQHQYDULDVRFDVLRQHVUHFODPRVD<3)%SDUDODFRPSHQVDFLyQGH
GDxRV SRU ODV SDUFHODV DIHFWDGDV H KLFLHURQ GHQXQFLDV S~EOLFDV VREUH OD FRQWDPLQDFLyQ XWLOL]DQGR
IRWRJUDItD\YLGHRVTXHIXHURQPRVWUDGRVSRUORVPHGLRVGHFRPXQLFDFLyQGH&RFKDEDPED\/D3D]
(QDJRVWRGHVHUHDOL]yXQDDVDPEOHDPDJQDHQ%XOR%XORODPLVPDTXHFRQWyFRQODSDUWLFLSDFLyQ
GHODVVXEDOFDOGtDVGH%XOR%XORUtR%ODQFR(QWUH5tRVH,]DUVDPDGHORVFRPLWpVFtYLFRVUHVSHFWLYRV\GH
ODVFHQWUDOHVGH0D\R,FKRD9LOOD8QLyQ\UtR%ODQFRDVtFRPRFRQSREODGRUHVGH%XOR%XOR(QHVWD
RFDVLyQ VH UHFODPy ODV UHJDOtDV SHWUROHUDV SDUD OD UHJLyQ \ VH GHQXQFLy OD FRQWDPLQDFLyQ $VLPLVPRVH
UHDOL]DURQQXHYDVGHQXQFLDVGHFRQWDPLQDFLyQSRUSHUVRQDVGHO3DOPDUOD&HQWUDOGH&RORQL]DGRUHVGHOUtR
%ODQFROD&HQWUDOGHFRORQL]DGRUHVGHPD\R\HO6LQGLFDWRGH6DQWD%DUEDUD(OPLVPRPHVVHH[LJLyDO
3UHIHFWRGH&RFKDEDPEDODVLQGHPQL]DFLRQHVFRUUHVSRQGLHQWHVDVtFRPRODLQIUDHVWUXFWXUDSDUDGHSyVLWRV
GHUHVLGXRVVyOLGRVLQVWDODFLyQGHDJXDSRWDEOH\PHGLGDVSDUDHYLWDUODFRQWDPLQDFLyQGHODPELHQWH
$QWHODIDOWDGHUHVSXHVWDHOPHVGHPDU]RGHORVDIHFWDGRVUHDOL]DURQXQEORTXHRGHGtDVHQODV
HQWUDGDVGHO&DPSR&DUUDVFR\.DWDULGHODORFDOLGDGGH(QWUH5tRV(VWDDFFLyQHQODTXHSDUWLFLSDURQ
ORV DIHFWDGRV \ OD )HGHUDFLyQ GH 0DPRUp REOLJy D OD HPSUHVD D ILUPDU XQ FRQYHQLR HQ HO TXH VH
FRPSURPHWLyDSUHVWDUDWHQFLyQDODVSHWLFLRQHVGHORVSREODGRUHVORFDOHV\DVHJXLUDSR\DQGRSURJUDPDV
GHVDOXG6LQHPEDUJRODVSHWLFLRQHVTXHHVWDEDQUHIHULGDVDUHFLELUXQDLQGHPQL]DUFRUUHFWDPLWLJDUOD
FRQWDPLQDFLyQ\GDUXQDSRUWHHQPDWHULDOHVQRIXHURQUHVSHWDGDVSRUODHPSUHVD
(QODDFWXDOLGDGODVFRQGLFLRQHVSDUDHQIUHQWDUDODHPSUHVDVRQPX\IDYRUDEOHV\DTXHVHUHDOL]DURQ
HVWXGLRVFRQODSDUWLFLSDFLyQPDVLYDGHODVEDVHVTXHSHUPLWLHURQGLIXQGLUORVGDxRVRFDVLRQDGRVDODV
SDUFHODVDORVUtRV\DOPHGLRDPELHQWHGHODVFRPXQLGDGHVDIHFWDGDV

)XHQWHV 7HVWLPRQLRVGHSHUVRQDVTXHSDUWLFLSDURQHQHOFRQIOLFWRFRQODVHPSUHVDV&KDFR\0D[XV

3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$ &RFKDEDPED

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 'HVWUXFFLyQGHFDPLQRV\FRQWDPLQDFLyQSRU ODHPSUHVDSHWUROHUD 3OXV
3HWURO
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH+XDFDUHWDSURYLQFLD+HUQDQGR6LOHV
GHSDUWDPHQWRGH&KXTXLVDFD
*HQHUDGRUGHOFRQ IOLFWR (PSUHVDSHWUROHUD3OXV3HWURO

,QLFLDGRU GHOFRQIOLF WR &RQVHMRPXQLFLSDO\SREODGRUHVGHODFRPXQLGDGGH+XDFDUHWD

5HJXODGRUGHO FRQIOLFWR $OFDOGtD\&RQFHMR0XQLFLSDO

$IHFWDGRV +DELWDQWHVGHOPXQLFLSLRGH+XDFDUHWD

$FWLYLGDGT XHJHQ HU DHO GDxR $FWLYLGDGHVGHSURVSHFFLyQSHWUROHUD

(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVDFRQWDPLQDQWH\PROHVWD

$UHDD IHFWDGD 7UDPRHQWUH+XDFDUHWD\0RQWHDJXGR

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDHTXLSDPLHQWR\VHUYLFLRV

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR GHIHEUHURGH

)HFKDLQLFLRGHOFRQIOLF WR GHPDU]RGH

2EMHWLYRGHORV DIHFWD GR V 5HVWDXUDUODLQIUDHVWUXFWXUDFDPLQHUD\HYLWDUXQPD\RU


LPSDFWRVREUHORVUHFXUVRVKXPDQRV\QDWXUDOHVGHOD]RQD
$FFLRQHVUH DOL]DGDV 'HQXQFLDQHJRFLDFLyQ\EORTXHRGHFDPLQRV

)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
+XDFDUHWDHVXQD]RQDSURGXFWRUDGHFtWULFRVHVSHFLDOPHQWHQDUDQMDPDQGDULQDSRPHOR\NLQRWRFX\D
SULQFLSDO YtD GH DFFHVR HV HO FDPLQR SURYHQLHQWH GH 0RQWHDJXGR 6XFUH (VWD FDUUHWHUD HV GH VXPD
LPSRUWDQFLDSDUDHOPXQLFLSLR\DTXHGHHOODGHSHQGHVXUHODFLyQFRQHOPHUFDGRH[WHUQRWDQWRSDUDOD
YHQWDFRPRSDUDODFRPSUDGHSURGXFWRV
$FWXDOPHQWHHOWUDPRFDPLQHURHQWUH0RQWHDJXGR\+XDFDUHWDHVWiVLHQGRJUDYHPHQWHDIHFWDGRSRUOD
HPSUHVDSHWUROHUD3/863(752/FX\RWUDQVSRUWHGHPDTXLQDULDSHVDGDGHMDKXHOODVSURIXQGDVVREUH
OD WLHUUD VXHOWD \ DUFLOORVD GH OD FDUUHWHUD YROYLpQGROD LQWUDQVLWDEOH \ HQ FRQVHFXHQFLD RFDVLRQDQGR
SpUGLGDV HFRQyPLFDV DO PXQLFLSLR $GHPiV D HVWH SUREOHPD VH DxDGH OD GHVWUXFFLyQ YHJHWDO GH ODV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
ODGHUDVGHOFDPLQR\DTXHFXDQGRXQFDPLyQRODPDTXLQDULDHVGHWHQLGRSRUHOIDQJRVXVWULSXODQWHV
WDODQiUEROHVSDUDVDFDUORV
$QWHHVWDVLWXDFLyQORVSHTXHxRVSURGXFWRUHV\ODSREODFLyQHQJHQHUDOFRQYRFDURQDODVDXWRULGDGHVGH
OD $OFDOGtD HO &RQFHMR 0XQLFLSDO \ OD ,JOHVLD \ GHFLGLHURQ HQ VXV DVDPEOHDV UHDOL]DU XQ EORTXHR GHO
FDPLQR+XDFDUHWD± 0RQWHDJXGR(VWHEORTXHRHQHOTXHWDPELpQSDUWLFLSDURQODVDXWRULGDGHVORFDOHV
WXYRHOSURSyVLWRGHLPSHGLUTXHODHPSUHVDHIHFW~HVXVODERUHVKDVWDTXHQRH[LVWDHOFRPSURPLVRGH
UHKDELOLWDU\DFRQGLFLRQDUHODFFHVRWURQFDO
$ SDUWLU GH HVWDV DFFLRQHV IXH SRVLEOH HQWDEODU FRQYHUVDFLRQHV FRQ ORV UHVSRQVDEOHV GH OD HPSUHVD
TXLHQHV VH FRPSURPHWLHURQ D UHDOL]DU ORV WUDEDMRV GH UHSDUDFLyQ \ PDQWHQLPLHQWR UHVSHFWLYRV /D
HPSUHVDFXPSOLyFRQORVDFXHUGRVUHDOL]DGRVQRREVWDQWHHOSUREOHPDFRQWLQ~DSRUHOFRQVWDQWHIOXMR
YHKLFXODU
$GHPiVODSREODFLyQKDFRPHQ]DGRDSHUFDWDUVHGHRWURSUREOHPDORVUHVLGXRVVyOLGRVTXHJHQHUDQORV
FDPSDPHQWRVGHODHPSUHVDXELFDGRVDSRFRVNLOyPHWURVGHODSREODFLyQSULQFLSDOTXHVHFRQVWLWX\HQ
HQ XQ IRFR GH LQIHFFLyQ \ FRQWDPLQDFLyQ $O UHVSHFWR OD HPSUHVD KD PDQLIHVWDGR VX LQWHQFLyQ GH
WUDVODGDUORVGHVHFKRVDRWUDSREODFLyQ\WUDWyGHHQFRQWUDUVROXFLRQHVFRRUGLQDGDVFRQOD$OFDOGtDGH
+XDFDUHWDQRREVWDQWHKDVWDODIHFKDQRVHUHDOL]yQLQJXQDSURSXHVWDYLDEOH\DTXHORVVXHORVGHOOXJDU
VRQPX\IUiJLOHV\QRSUHVHQWDQORVJUDGRVGHSHUPHDELOLGDGySWLPRVSDUDODFRQVWUXFFLyQGHXQUHOOHQR
VDQLWDULR
2WUR GH ORV SUREOHPDV SURYRFDGRV SRU OD HPSUHVD VRQ ODV ILVXUDV TXH VXIULy HO SXHQWH 3DUDSHWL TXH
FRQHFWDDOPXQLFLSLRFRQODVRWUDVORFDOLGDGHVGHELGRDOVREUHSHVRGHORVFDPLRQHVGHDOWRWRQHODMHTXH
RFDVLRQDURQTXHVXYLGD~WLOFDOFXODGDHQDxRVKD\DGLVPLQXLGRFRQVLGHUDEOHPHQWH
$GHPiVGH ORVSUREOHPDVVHxDODGRV HOLQJUHVRGH ODVHPSUHVDVSHWUROHUDVD ODVSREODFLRQHVUXUDOHV
RFDVLRQDXQLQFUHPHQWRHQORVSUHFLRVGHODFDQDVWDIDPLOLDUTXHSDUDORVKDELWDQWHVGHOiUHDUXUDOWLHQH
LPSRUWDQWHVUHSHUFXVLRQHV

2EVHUYDFLRQHV
(Q HVWH FDVR SRGHPRV LGHQWLILFDU GRV WLSRV GH FRQIOLFWR XQR HQ SURFHVR \ RWUR SRU GHVDUUROODUVH 6LQ
HPEDUJRFDEHKDFHU QRWDU TXH ODVDXWRULGDGHVWLHQHQSRFDV SRVLELOLGDGHVGH VROXFLRQDUORV FRQIOLFWRV
GDGDVORVHVFDVRVUHFXUVRV FRQORVTXHFXHQWDQ\ODQXODSRVLELOLGDGGHPRQLWRUHDUODVDFWLYLGDGHVGHOD
HPSUHVD

)XHQWHV +HPHURJUiILFD \ HQWUHYLVWDV D KDELWDQWHV GHO OXJDU RILFLDOHV WpFQLFRV GH ORV PXQLFLSLRV GH
0RQWHDJXGR\+XDFDUHWD&RQVHMRGH&DSLWDQHV*XDUDQLHVGH&KXTXLVDFD

3HUVRQDHQFDUJDGDGHOUHJLVWUR/XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQIOLFWRXQLYHUVLWDULRFRQOD0D[XVHQHOWUySLFRFRFKDEDPELQR
8ELFDFLyQG H OFRQIOLF WR )XQGR8QLYHUVLWDULRGHO6DFWDHQHO7UySLFR&RFKDEDPELQR

*HQHUDGRUGHOFRQ IOLFWR (PSUHVD0D[XV

,QLFLDGRU GHOFRQIOLF WR 2UJDQL]DFLRQHVDPELHQWDOLVWDV\OD8QLYHUVLGDG0D\RUGH6DQ


6LPyQGH&RFKDEDPED
5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ
9LFHPLQLVWHULRGH(QHUJtDH+LGURFDUEXURV\6XSHULQWHQGHQFLD
GH+LGURFDUEXURV
$IHFWDGRV 'RFHQWHVLQYHVWLJDGRUHV\HVWXGLDQWHVGHOD8066\
SREODGRUHVGHOD]RQD
$FWLYLGDGT XHJHQ HU DHO GDxR ([SORUDFLyQVtVPLFD'

(OGDxR JHQHUDGR 1RVHOOHJyDJHQHUDU

/DDFWLYLGDGHV &RQWDPLQDQWH

$UHDD IHFWDGD KDGHO)XQGR8QLYHUVLWDULRGHO9DOOHGHO6DFWD

$FWLYLGDGHVDIHFWDG DV ,QYHVWLJDFLyQ\FRQVHUYDFLyQ

5HFXUVRVDIHFWDG RV %RVTXHDJXDVXHORIORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR 1ROOHJyDSURGXFLUVH

)HFKDLQLFLRGHOFRQIOLF WR 6HSWLHPEUHGH

2EMHWLYRGHORV DIHFWD GR V ,PSHGLUTXHODHPSUHVD0D[XVLQLFLHDFWLYLGDGHVGH


H[SORUDFLyQVtVPLFDHQORVSUHGLRVXQLYHUVLWDULRV
$FFLRQHVUH DOL]DGDV $SR\RDO&RQVHMR8QLYHUVLWDULRGHQXQFLDVDODSUHQVDYLVLWDV
HLQVSHFFLRQHV
)HFKDGH UHJLVWUR 6HSWLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
(Q DEULO GH  OD HPSUHVD SHWUROHUD 0D[XV LQLFLy OD H[SORUDFLyQ VtVPLFD ' FRQ DOWD GHQVLGDG GH
OtQHDVVtVPLFDV HQORVFDPSRV6XUXEt\3DORPDGHOWUySLFRFRFKDEDPELQR(OSURJUDPDDEDUFDEDXQD
H[WHQVLyQGHKHFWiUHDVFRPSUHQGLHQGRKHFWiUHDVGHO)XQGRGHO6DFWDSHUWHQHFLHQWHDOD
8QLYHUVLGDG0D\RUGH6DQ6LPyQ 8066 
(OGHVHSWLHPEUHHO&RQVHMR8QLYHUVLWDULRUHFKD]yHOLQJUHVRGHOD0D[XVHQVXVSUHGLRV(OGH
VHSWLHPEUH GLYHUVDV LQVWLWXFLRQHV GH OD VRFLHGDG FLYLO FRFKDEDPELQD HQYLDURQ XQD FDUWD DELHUWD DO
0LQLVWURGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQDRWUDVDXWRULGDGHVQDFLRQDOHV\GHSDUWDPHQWDOHVDVt
FRPR DO 5HFWRU GH OD 8QLYHUVLGDG 0D\RU GH 6DQ 6LPyQ DSR\DQGR D HVWD LQVWLWXFLyQ DFDGpPLFD HQ OD
GHIHQVDGHVXVGHUHFKRVSURSLHWDULRVGHSUHVHUYDFLyQDPELHQWDO\GHORVSUR\HFWRVSDUDHOGHVDUUROORH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
LQYHVWLJDFLyQ FRPSURPHWLGRV FRQ RUJDQLVPRV LQWHUQDFLRQDOHV /D UHVROXFLyQ GHO &RQVHMR 8QLYHUVLWDULR
IXHUDWLILFDGDSRUHVDLQVWDQFLDPi[LPDGHGHFLVLyQSRVWHULRUPHQWH
(Q IHFKD  GH RFWXEUH GH  XQD FRPLVLyQ GH ODV RUJDQL]DFLRQHV DPELHQWDOLVWDV GH &RFKDEDPED
UHDOL]yXQDYLVLWDDO%ORTXH0DPRUpGRQGH OD0D[XVUHDOL]DED VXVDFWLYLGDGHV GHH[SORUDFLyQ VtVPLFD
' /D YLVLWD IXH RUJDQL]DGD SRU OD HPSUHVD SDUD FRQYHQFHU D  OD VRFLHGDG FLYLO FRFKDEDPELQD GH OD
QXOLGDGGHLPSDFWRVGHVXVRSHUDFLRQHV\FRQVHJXLUHODSR\RGHODVRUJDQL]DFLRQHVDPELHQWDOLVWDVSDUD
HOLQJUHVRGHODHPSUHVD0D[XVDO)XQGR8QLYHUVLWDULRGHO6DFWDXQRGHORV~OWLPRVUHGXFWRVGHERVTXH
WURSLFDO VXSHU K~PHGR GHO WUySLFR EROLYLDQR (Q HO DFWR HVWXYLHURQ SUHVHQWHV DGHPiV GLUHFWLYRV GH OD
0D[XVHMHFXWLYRVGH<3)$UJHQWLQD\UHVSRQVDEOHVDVtFRPRRSHUDULRVGHODHPSUHVDHQFDUJDGDGHOD
SURVSHFFLyQVtVPLFD
7UDV YLVLWDU HO FDPSDPHQWR FHQWUDO GH OD HPSUHVD VLWXDGR HQ ODV LQPHGLDFLRQHV GH ,YLUJDU]DPD ORV
PLHPEURV GH OD FRPLVLyQLQYLWDGD IXHURQWUDVODGDGRV DOFDPSR GH RSHUDFLRQHV GRQGH VH FRQFOXtDQORV
~OWLPRVWUDPRVGHODFDPSDxDVtVPLFDDQWHVGHHQWUDUDO)XQGR8QLYHUVLWDULRGHO6DFWD5HFRUULHURQXQ
FRUWRWUDPRGH XQD OtQHDVtVPLFDTXH WUDQVFXUUtDD WUDYpVGHiUHDV FXOWLYDGDV DEDQGRQDGDV \HQHVDV
FRQGLFLRQHVORVLPSDFWRVDPELHQWDOHVSHUFLELGRVIXHURQSRFRV SXHVVH WUDWDED GHXQD ]RQDGRQGHODV
FRQGLFLRQHVGHOHFRVLVWHPD\DKDEtDQVLGRGHJUDGDGDV
/DFRPLVLyQGHDPELHQWDOLVWDVDVLVWLyDXQDGHPRVWUDFLyQVREUHODVGHWRQDFLRQHVTXHVHUHDOL]DEDQFDGD
 PHWURV \ TXH FRQVLVWtDQ HQ OD DSHUWXUD GH XQ SR]R GH  PHWURV GH SURIXQGLGDG OD LQVHUFLyQ GH 
OLEUDVGHH[SORVLYR\ODGHWRQDFLyQGHORVPLVPRV(QHODFWRVHDSUHFLyXQLPSDFWRSRWHQFLDOPX\DOWR
VREUHODIDXQDSXHVVLELHQODVH[SORVLRQHVQRSURYRFDQHURVLyQHQFRQGLFLRQHVQRUPDOHV WHUUHQRSODQR
\DOHMDGRGHFXUVRVGHDJXD HOUXLGR\ODRQGDH[SDQVLYDWLHQHXQJUDQLPSDFWRVREUHORVDQLPDOHV
'XUDQWH HO UHWRUQR DO FDPSDPHQWR FHQWUDO ORV DPELHQWDOLVWDV URPSLHURQ HO SURWRFROR SUHSDUDGR SRU OD
HPSUHVD DO IRU]DU XQD YLVLWD DO 3R]R 6XUXEt GRQGH FRQVWDWDURQ XQ SHUPDQHQWH UHEDOVH GH OD IRVD GH
ORGRVGHSHUIRUDFLyQ(QHVWDYLVLWD VHGHWHFWDURQSURIXQGRVVtQWRPDVGHDFXPXODFLyQGHFUXGRJUDVDV\
PHWDOHV SHVDGRV HQ ORV FXUVRV GH DJXD DG\DFHQWHV $O WRPDU PXHVWUDV GH FUXGR VHGLPHQWDGR WDQWR
GLULJHQWHVGH0D[XVFRPRGH<3)PRVWUDURQVXSHUSOHMLGDG\DVHJXUDURQTXHHUDXQFDVRDLVODGRTXH
DGHPiVHVWDEDHQSURFHVRGHUHSDUDFLyQ
(Q HO FDPSR 6XUXEt GRQGH H[LVWH XQD EDWHUtD GH WUHV SR]RV ORVRSHUDULRVGH ODHPSUHVD HQWUDURQ HQ
FLHUWDV FRQWUDGLFFLRQHV DO LQGLFDU HO GHVWLQR GH ORV UHVLGXRV VyOLGRV GH XQD IRVD GH GHFDQWDFLyQ TXH
HVWDED WRWDOPHQWH GHVWUXLGD \D TXH PLHQWUDV XQRV DVHJXUDEDQ TXH ORV UHVLGXRV HUDQ YHUWLGRV HQ ORV
FDPLQRVFRPXQDOHV DFWLYLGDGHVWULFWDPHQWHSURKLELGDSRUOD/H\ RWURVDILUPDEDQTXHORVUHVLGXRVD~Q
SHUPDQHFtDQHQODIRVD3RU~OWLPRRWURVWpFQLFRVDVHJXUDURQ ODFRQWUDWDFLyQGHXQDHPSUHVDIUDQFHVD
SDUDHOWUDWDPLHQWR\UHFLFODMHGHORVUHVLGXRV$GHPiVVHFRQVWDWyXQGXGRVRPRQLWRUHR\VHJXLPLHQWR
DPELHQWDOGHODVRSHUDFLRQHVSXHVWRTXHORVVXSHUYLVRUHVDPELHQWDOHVGHOHJDGRVSRUHOJRELHUQRHUDQ
UHQWDGRVSRUODSURSLDHPSUHVD
/DVRUJDQL]DFLRQHVDPELHQWDOLVWDVHPLWLHURQXQDQXHYDFDUWDDELHUWDHQIHFKDGHRFWXEUHGHDOD
TXH ORV PHGLRV GH FRPXQLFDFLyQ GLHURQ DPSOLD FREHUWXUD D WLHPSR GH VHxDODU TXH OD FRQWDPLQDFLyQ
SHWUROHUDHQHOWUySLFRFRFKDEDPELQRHOGHSDUWDPHQWRFRQPD\RUFDQWLGDGGHSR]RVGHH[SORWDFLyQHQ
%ROLYLDDEDUFDXQDVXSHUILFLHGHKHFWiUHDVVLHQGRODV]RQDVPiVDIHFWDGDVODVGH%XOR%XOR
(QWUH 5tRV 9DOOH GH 6DFWD H LQPHGLDFLRQHV GHO UtR 3XWLQWLUL /DV GHQXQFLDV GH ORV SREODGRUHV ORFDOHV
FRQWUDODVHPSUHVDV0D[XV5HSVRO\&KDFRTXHUHDOL]DQDFWLYLGDGHVGHH[SORUDFLyQ\H[SORWDFLyQKDQ
VLGRFRQVWDQWHV PLHQWUDVHOPRQLWRUHR\ VHJXLPLHQWR SRU SDUWH GH ODVLQVWDQFLDV JXEHUQDPHQWDOHV VRQ

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
LQHILFDFHV \ FDVL LQH[LVWHQWHV OR FXiO QR VRUSUHQGH \D TXH SDUD HO 9LFHPLQLVWUR GH (QHUJtD H
+LGURFDUEXURV&DUORV/ySH]VXUHVSRQVDELOLGDGVHOLPLWDDODGHEULQGDUFRQGLFLRQHVSDUDJDUDQWL]DUOD
HMHFXFLyQGHODVLQYHUVLRQHV 3UHVHQFLDGHMXOLR 
/D HPSUHVD 0D[XV HQVD\y GLIHUHQWHV IRUPDV GH SUHVLyQ SDUD ORJUDU HO LQJUHVR DO )XQGR 8QLYHUVLWDULR
GHVGHODVDPHQD]DVGHLQWHUYHQFLyQSROLFLDOKDVWDLQWHQWDUJDQDUDOLDGRVHQWUHORVDPELHQWDOLVWDVDWUDYpV
GHVXFRQWUDWDFLyQFRPRFRQVXOWRUtDVSDUDHOPRQLWRUHRSHURWRGRIXHLQ~WLO
'HDFXHUGRDXQDQRWDGHSUHQVDGHIHFKDGHMXOLR SHULyGLFR3UHVHQFLD HO9LFHPLQLVWURGH(QHUJtDH
+LGURFDUEXURV ODPHQWy OD SRVLFLyQ DVXPLGD SRU OD 8QLYHUVLGDG 0D\RU GH 6DQ 6LPyQ GH &RFKDEDPED
VHxDODQGRTXHGHHVD IRUPDVHDKX\HQWDQODVLQYHUVLRQHVSHWUROHUDVHQ&RFKDEDPEDODVPLVPDVTXH
VHUiQWUDVODGDGDVDRWURGHSDUWDPHQWR
(O FRPXQLFDGR GHO )2%20$'( GLIXQGLGR HO  GH MXOLR VHxDODED HVWDYH] &RFKDEDPED RSWy SRU VXV
ERVTXHV\SRUODYLGD

)XHQWHV 'RFXPHQWRVYDULRVFDUWDVDELHUWDV,QIRUPH&(',%YLVLWD&DPSR0DPRUpQRWDVGHSUHQVD
GHORVSHULyGLFRV/RV7LHPSRV\3UHVHQFLD

3HUVRQDHQFDUJDGDGHOUHJLVWUR3DWULFLD0ROLQD)2%20$'(

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 ,PSDFWRVDPELHQWDOHVGHODHPSUHVD&KDFR $PRFR HQODFRPXQLGDGGH
,SD 9LOODPRQWHV
8ELFDFLyQG H OFRQIOLF WR &RPXQLGDG,SDPXQLFLSLRGH9LOODPRQWHVSURYLQFLD*UDQ
&KDFRGHSDUWDPHQWRGH7DULMD
*HQHUDGRUGHOFRQ IOLFWR (PSUHVD&KDFR $PRFR \VXEFRQWUDWLVWDV62/,'67$7(\
6(53(7%2/
,QLFLDGRU GHOFRQIOLF WR $XWRULGDGHV\SREODGRUHVGHOD&RPXQLGDGGH,SD

5HJXODGRUGHO FRQIOLFWR 9LFHPLQLVWHULRGH5HFXUVRV1DWXUDOHV0HGLR$PELHQWH\


'HVDUUROOR)RUHVWDO9LFHPLQLVWHULRGH(QHUJtDH+LGURFDUEXURV
$IHFWDGRV +DELWDQWHVGHODVFRPXQLGDGGH,SD &RPXQLGDG*UDQGHGH
7DUDLUt
$FWLYLGDGHVTXHJHQHUDQHO &RQVWUXFFLyQGHXQSR]RH[SORUDWRULR\GHODLQIUDHVWUXFWXUD
GDxR DVRFLDGDKHOLSXHUWRVFDPSDPHQWR
(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH

$FWLYLGDGHVDIHFWDG DV $JULFXOWXUDJDQDGHUtDYLGDVLOYHVWUHFRQVHUYDFLyQGHOERVTXH
DFWLYLGDGHVGHODFRPXQLGDG
5HFXUVRVDIHFWDG RV %RVTXHVDJXDIDXQDVXHORV\VDOXG

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V &RQVHUYDFLyQGHORVUHFXUVRVQDWXUDOHVSDUWLFXODUPHQWHGHO


DJXDERVTXH\VXHORFXPSOLPLHQWRGHODVPHGLGDVGH
PLWLJDFLyQGHO((,$
$FFLRQHVUH DOL]DGDV 5HXQLRQHVFDUWDVDODVDXWRULGDGHVGHQXQFLD

)HFKDGH UHJLVWUR 1RYLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
'XUDQWHORVDxRV\OD(PSUHVD&KDFRUHDOL]yWUDEDMRVGHVtVPLFDHQHOEORTXH$JXDUDJXHSDUDOR
FXDO FRQWUDWy D OD HPSUHVD 6ROLG 6WDWH 3DUD HOOR VH LQVWDODURQ HQ OD FDQFKD GH ,SD FRQYLUWLpQGROD HQ
FDPSDPHQWR \ HQ KHOLSXHUWR SHUMXGLFDQGR GH HVWD PDQHUD OD DFWLYLGDG GHSRUWLYD GH OD FRPXQLGDG /DV
DFWLYLGDGHVGHODSHWUROHUDIXHURQUHDOL]DGDVVLQLQIRUPDUQLVROLFLWDUSHUPLVRDORVSREODGRUHV\SDUDOOHYDUODVD
FDERQRUHSDUDURQHQFUX]DUODVOtQHDVVtVPLFDVSRUPHGLRGHORVSRWUHURVTXHEUDGDV\ERVTXHQDWLYR8QD
YH]WHUPLQDGRHOWUDEDMRVHIXHURQVLQUHSRQHUORVGDxRVFDXVDGRV\VLQUHIRUHVWDUODVEUHFKDVVtVPLFDVQLORV
KHOLSXHUWRV

(QPDU]RGHODHPSUHVD&KDFRYROYLySDUDFRQVWUXLUXQSR]RH[SORUDWRULRDEULHQGRFDPLQRKDVWDOD
SODQFKDGD XELFDGD HQ OD 6HUUDQtD GH $JXDUDJXH H LQVWDODQGR VX FDPSDPHQWR HQ HO SRWUHUR GHO VHxRU

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
6LPyQ=HEDOORVD.PGH,SDHVWDYH]PHGLDQWHODHPSUHVD6HUSHWERO$SHVDUGHTXHHQHO(VWXGLR
GH(YDOXDFLyQGH,PSDFWR$PELHQWDOVRVWLHQHQTXHHIHFWXDURQXQDFRQVXOWDS~EOLFDHVWRQRHVHYLGHQWH
\DTXHVyORDSHGLGRGHODFRPXQLGDGSUHRFXSDGDSRUQRVDEHUORTXHHVWDEDRFXUULHQGRVHKLFLHURQ
SUHVHQWHVHQODPLVPD

(O  GH RFWXEUH GH  OD (PSUHVD &KDFR HQYLy D OD FRPXQLGDG HO SODQ GH FRQFHUWDFLyQ TXH KDEtD
HODERUDGRSDUDVXILUPD(OGH2FWXEUHDXWRULGDGHVGHODFRPXQLGDGVHKLFLHURQSUHVHQWHVHQ9LOODPRQWHV
\D TXH QR HVWDEDQ GH DFXHUGR FRQ HO GRFXPHQWR TXH SUHWHQGtDQ KDFHUOHV ILUPDU OR FXiO IXH LQIRUPDGR DO
$OFDOGHDTXLpQSLGLHURQKDFHUORPLVPRDWLHPSRGHEXVFDUDSR\RHQRUJDQL]DFLRQHVDPELHQWDOLVWDV

(/GHRFWXEUHHO$OFDOGHVHUHXQLyFRQOD'UD.DWLD9HJDGHOD(PSUHVD&KDFR6$\ ILUPyHOSODQGH
FRQFHUWDFLyQ(VWHPLVPRGtDODFRPXQLGDGWHQtDTXHUHXQLUVHFRQOD'UD9HJDDODVGHODPDxDQD
FRPR QR VH SUHVHQWDED ODV DXWRULGDGHV \ RWURV PLHPEURV GH OD &RPXQLGDG VXELHURQ DO SR]R GRQGH
IXHURQVRUSUHQGLGRVDOFRQRFHUTXHODHPSUHVDXWLOL]DHODJXDGHOUtR,SDSDUDHOFDPSDPHQWRDJXDTXH
HVXWLOL]DGDHQHOVLVWHPDGHPLFURULHJRGHODFRPXQLGDG(O'LUHFWRUGH2EUDVGHODHPSUHVD ,QJ:DOGR
0iUTXH]LQIRUPyTXHODHPSUHVDHVWDEDXWLOL]DQGRHODJXDGHOUtRWHPSRUDOPHQWHORFXDOQRDIHFWDUtDD
OD FRPXQLGDG (Q HO (VWXGLR GH (YDOXDFLyQ GH ,PSDFWR $PELHQWDO DSUREDGR HVWi FODUDPHQWH
HVSHFLILFDGRTXHODHPSUHVDSHUIRUDUiSR]RVSDUDVXSURYLVLyQGHDJXDSRUORTXHODXWLOL]DFLyQGHODJXD
GHOUtR,SDHVFRPSOHWDPHQWHLOHJDO &XDQGRILQDOPHQWHOOHJyODDERJDGDGHODHPSUHVDORVFRPXQDULRV
OHPDQLIHVWDURQTXHQR ILUPDUtDQHOGRFXPHQWRUHFODPDQGRORVVLJXLHQWHVSXQWRV\DFRUGDQGRXQDQXHYD
UHXQLyQSDUDHOGHRFWXEUH

ƒ /DUHSUHVDFRQVWUXLGDFHUFDGHOSR]RHVFRPSOHWDPHQWHLOHJDO
ƒ ([LVWHQ ULHVJRV GH FRQWDPLQDFLyQ DJXDV DEDMR GRQGH OD FRPXQLGDG KDFH XVR GH HVWH
UHFXUVRSDUDFRQVXPRKXPDQR
ƒ /DLOHJDOH[WUDFFLyQGHDJXDGHOUtRPHGLDQWH ERPEHRTXHDIHFWDODSURYLVLyQGHDJXDSDUD
PLFURULHJR
ƒ /DH[WUDFFLyQLOHJDOGHPDGHUD
ƒ /DQHFHVLGDGGHFHUFDUODSODQFKDGDSRUORVULHVJRVTXHWLHQHHOJDQDGR
ƒ /DLQH[LVWHQWHRFXSDFLyQGHPDQRGHREUDORFDO

(Q OD UHXQLyQ GHO  GH RFWXEUH GRQGH HVWXYLHURQ SUHVHQWHV HO $OFDOGH GH 9LOODPRQWHV YDULRV GH VXV
WpFQLFRV HO RILFLDO PD\RU OD LQVWLWXFLyQ QR JXEHUQDPHQWDO $PELR &KDFR \ ORV UHSUHVHQWDQWHV GH OD
HPSUHVD&KDFR(QHVWDUHXQLyQHO$OFDOGH\HO2ILFLDO0D\RUKLFLHURQFXDQWRSXGLHURQSDUDFRQYHQFHUD
ODV FRPXQLGDGHV GH ,SD \ 7DUDLUL SDUD ILUPDU HO FRQYHQLR DUJX\HQGR TXH ODV UHJDOtDV SRGUtDQ VHU
SHUMXGLFDGDV VLQORJUDU VX REMHWLYR /D (PSUHVD TXHGy HQ HODERUDU HO QXHYR SODQ GH FRQFHUWDFLyQ FRQ
EDVHHQODUHXQLyQ\HQYLDUORDOD$OFDOGtDSDUDVX UHYLVLyQMXQWRDODFRPXQLGDGGH,SD
/RVLPSDFWRVDPELHQWDOHVFDXVDGRVSRUOD(PSUHVD&KDFRHQOD&RPXQLGDGVRQ
ƒ /D DSHUWXUD GH VHQGDV \ FDPLQRV DG\DFHQWHV SDUD HO WUDVODGR GH PDTXLQDULD H LQVXPRV
HVWiRFDVLRQDQGRXQDPD\RUSUHVLyQGHORVPDGHUHURVLOHJDOHV
ƒ ([LVWH SUHVLyQ VREUH OD SREODFLyQ SRU SDUWH GHO WUiILFR GH YHKtFXORV GH DOWR WRQHODMH \
FDPLRQHWDVTXHSDVDQDYHORFLGDGHVDOWDVRFDVLRQDQGRHODWURSHOORGHORVDQLPDOHVGHOD
]RQD
ƒ (OXVRLOHJDOGHODJXDSRUSDUWHGHODHPSUHVD&KDFR6$KDJHQHUDGRVXGLVPLQXFLyQSDUD
HOPLFURULHJRGHODVFRPXQLGDGHVYHFLQDVDOUtR,SD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
ƒ 'HVDSDULFLyQGHDOJXQDVHVSHFLHVQDWLYDVGHDQLPDOHVTXHKDELWDQHOiUHDFRPRYHQDGRV
DQWDVXULQDVORURVFRU]XHODHWF
ƒ /D SpUGLGD GH FRQFHQWUDFLyQ GH ORV HVFRODUHV HQ ODV FODVHV SRU HO WUiILFR \ HO UXLGR
SURGXFLGRSRUODVPDTXLQDULDV
ƒ /DWLHUUDDFXPXODGDDORODUJRGHOFDPLQRFXDQGRDEULHURQODVEUHFKDVFRUUHHOULHVJRGH
GHVPRURQDUVH\WDSDUORVVLVWHPDVGHPLFURULHJR
ƒ *HQHUDFLyQGHSROYRSRUHOPRYLPLHQWRGHPDTXLQDULDORTXHDIHFWDDODVSHUVRQDV\ORV
FXOWLYRVDJUtFRODV
ƒ 5XLGR\HVWULGHQFLDSRUHOXVRGHH[SORVLYRVDODEULUHOFDPLQRKDFLDODSODQFKDGD
(QRFWXEUHGHOD&RPXQLGDGKL]RFRQRFHUDOD$XWRULGDG$PELHQWDOTXHQRILUPDUtDHO&RQYHQLR(Q
QRYLHPEUHWUDVFRQVHJXLU\DQDOL]DUHOHVWXGLRGHHYDOXDFLyQGHLPSDFWRDPELHQWDOODFRPXQLGDGGHFLGLy
KDFHUS~EOLFDVXGHQXQFLDVREUHORVLQFXPSOLPLHQWRV\DWURSHOORVGHOD(PSUHVD&KDFRHQ,SD\7DUDLUL

)XHQWHV &RPXQLFDFLRQHVSHUVRQDOHV(,$3R]R&DPDWLQGLUHXQLRQHV\YLVLWDVDODFRPXQLGDG

5HVSRQVDEOHGHOUHJLVWUR0DUtD6HOYD*DQGDULOODV$0%,2&+$&2

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 /RV LPSDFWRV GH OD 5HSVRO HQ HO 3DUTXH 1DFLRQDO 7HUULWRULR ,QGtJHQD
,VLERUR6pFXUH
8ELFDFLyQG H OFRQIOLF WR 3DUTXH1DFLRQDO\7HUULWRULR,QGtJHQD,VLERUR6pFXUH 7,31,6 
XELFDGRHQODV3URYLQFLDV&KDSDUH\0R[RVGHORV
GHSDUWDPHQWRVGH%HQL\&RFKDEDPED
*HQHUDGRUGHOFRQ IOLFWR (PSUHVDSHWUROHUD5HSVRO

,QLFLDGRU GHOFRQIOLF WR 2UJDQL]DFLRQHVFDPSHVLQDVHLQGtJHQDVGHOiUHD

5HJXODGRUGHO FRQIOLFWR 9LFHPLQLVWHULRGH5HFXUVRV1DWXUDOHV0HGLR$PELHQWH\


'HVDUUROOR)RUHVWDO6HUYLFLR1DFLRQDOGH$UHDV3URWHJLGDV
9LFHPLQLVWHULRGH(QHUJtDH+LGURFDUEXURV
$IHFWDGRV +DELWDQWHVGHODVFRPXQLGDGHVPR[HxDVGHOD6XEFHQWUDOGHO
7,31,6GHODVFHQWUDOHVGH FRORQL]DGRUHV\GHODV
FRPXQLGDGHV\XUDFDUpVGHORVUtRV0ROHWRH,FKLOR
$FWLYLGDGT XHJHQ HU DHO GDxR ([SORUDFLyQSHWUROHUD

(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH

$UHDD IHFWDGD KDVGHORVGHSDUWDPHQWRVGH&RFKDEDPED\%HQL

$FWLYLGDGHVDIHFWDG DV $JULFXOWXUDFD]DSHVFDDFWLYLGDGHVFRWLGLDQDV

5HFXUVRVDIHFWDG RV )DXQDERVTXHVVDOXG

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V 6HUFRQVXOWDGRVDQWHVGH TXHVHUHDOLFHQODVDFWLYLGDGHV


SHWUROHUDV\TXHVHPLWLJXHQORVLPSDFWRV
$FFLRQHVUH DOL]DGDV 5HXQLRQHVSURQXQFLDPLHQWRVGHQXQFLDVEORTXHRV
FRQYHQLRV
)HFKDGH UHJLVWUR 'LFLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
(Q  OD HPSUHVD 5HSVROILUPy XQ FRQWUDWRFRQ HO JRELHUQR EROLYLDQR PHGLDQWH HO FXDO OD FRPSDxtD
DGTXLULy HO GHUHFKR GH H[SORWDU HO EORTXH 6pFXUH GXUDQWH  DxRV VLHWH GH ORV FXDOHV GHGLFDUtD D OD
DFWLYLGDG SURVSHFWLYD /DV DFWLYLGDGHV GH SURVSHFFLyQ VtVPLFD VH UHDOL]DURQ VREUHWRGRGHQWUR GH ORV
OtPLWHVGHO7HUULWRULR,QGtJHQD3DUTXH1DFLRQDO,VLERUR6pFXUH
(O 3DUTXH 1DFLRQDO ,VLERUR 6pFXUH IXH FUHDGR HO  GH QRYLHPEUH GH  \ SRVWHULRUPHQWH IXH
UHFRQRFLGR FRPR WHUULWRULR LQGtJHQD 7,31,6  HQ  6X XELFDFLyQ JHRJUiILFD HQ OD WUDQVLFLyQ GH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
HFRVLVWHPDV GH SLH GH PRQWH KDFLD ODV OODQXUDV DPD]yQLFDV OH GD FDUDFWHUtVWLFDV PX\ HVSHFLDOHV HQ
FXDQWR D ULTXH]D ELROyJLFD GHELGR D OD FRPELQDFLyQ  GH GLIHUHQWHV HFRVLVWHPDV TXH VH UHSDUWHQ ORV
GLIHUHQWHVSLVRV DOWLWXGLQDOHV(VWD FRPELQDFLyQGH HFRVLVWHPDV PXFKRVGH ORV FXDOHVFRQVHUYDQD~Q
VXVFRQGLFLRQHVRULJLQDOHVSRUVXGLILFXOWDGGHDFFHVRHLQWHUYHQFLyQKDJHQHUDGRHQODHYROXFLyQGHODV
HVSHFLHVXQDJUDQGLYHUVLGDGGHIRUPDV\FRPSRUWDPLHQWRV6HFRQFHQWUDSRUWDQWRHQHO7,31,6XQRGH
ORVIRFRVPiVLPSRUWDQWHVGHELRGLYHUVLGDGDHVFDODPXQGLDO
/DSUHVHQFLDGH5HSVROHQHO7,31,6YXOQHUDWRGRVORVSXQWRVGHO3ODQGH0DQHMRGHO3DUTXHSHURODV
RSHUDFLRQHV KLGURFDUEXUtIHUDV VRQ SULRULGDG QDFLRQDO \ VH VREUHSRQHQ D ORV LQWHUHVHV DPELHQWDOHV
'XUDQWHORVWUHVDxRVTXHOOHYD5HSVRORSHUDQGRHQOD]RQDpVWDKDVLGRGHQXQFLDGDUHSHWLGDVYHFHVSRU
SDUWHGHRUJDQL]DFLRQHVDPELHQWDOLVWDVFRPRHO)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROORRODV
)HGHUDFLRQHV GH 6LQGLFDWRV &DPSHVLQRV GHO 7UySLFR SRU YHUWLGR GH UHVLGXRV Wy[LFRV HQ ORV UtRV
GHIRUHVWDFLyQGHPiUJHQHVGHUtRVFD]DLOHJDOGHHVSHFLHVGHQWURGHiUHDVSURWHJLGDVLQFXPSOLPLHQWR
GHSODQHVGHDEDQGRQRRFXSDFLyQLOHJDOGHSURSLHGDGHVHWF
(OSUR\HFWRGHH[SORUDFLyQVtVPLFDIXHUHDOL]DGRHQGRVIDVHVFRQXQWRWDOGHNPGHDSHUWXUDGH
OtQHDVVtVPLFDV OD PD\RUtDGHHOODVGHQWURGHO3DUTXH1DFLRQDO'XUDQWHODVRSHUDFLRQHV VHJHQHUDURQ
QXPHURVRVLPSDFWRVVREUHODSREODFLyQORFDO VLQGLFDWRVFDPSHVLQRV\RUJDQL]DFLRQHVLQGtJHQDV TXHIXH
HVWDIDGDFRQODILUPDGHFRQYHQLRVFRQ5HSVROTXHQXQFDIXHURQFXPSOLGRV(QDEULOGHOXHJRGH
GtDVGHOEORTXHRSHUPDQHQWHD WRGDVODVDFWLYLGDGHV GH 5HSVROUHDOL]DGR SRUODVRFKRFHQWUDOHVGH
FRORQL]DGRUHVTXHDJOXWLQDQD  FRPXQLGDGHVFDPSHVLQDV GHO7,31,6ODHPSUHVDUHVROYLyHODVXQWR
FRQSURPHVDVGHREUDVFDPLQHUDV\SHTXHxDVGRQDFLRQHVTXHQXQFDFXPSOLy'RVVHPDQDVPiVWDUGH
ODVIXHU]DVDUPDGDVRFXSDEDQHO3DUTXHSDUDHUUDGLFDUORVFRFDOHV
<DHQIHEUHURGHHO;,,(QFXHQWURGH&RUUHJLGRUHV\5HSUHVHQWDQWHVGHO7,31,6UHIOHMyHOUHFKD]R
GHODSREODFLyQGHO3DUTXHDODH[SORUDFLyQSHWUROHUDGH5HSVROSRUVHUXQDGHFLVLyQLQFRQVXOWD(QMXQLR
GH HVH PLVPR DxR XQ (QFXHQWUR ([WUDRUGLQDULR GH &RUUHJLGRUHV \ 5HSUHVHQWDQWHV GHO7,31,6 GHFLGLy
SUHVLRQDU SDUD SDUDOL]DU ODV DFWLYLGDGHV GH SURVSHFFLyQ TXH UHDOL]DED OD HPSUHVD *HRSK\VLFDO SDUD
5HSVRO/RVSXHEORVLQGtJHQDVGHFLGLHURQODLQWHUYHQFLyQGLUHFWDWRPDQGRWUDEDMDGRUHVFRPRUHKHQHV
(OGHMXOLRHQUHXQLyQHQWUH HO3UHIHFWRGHO%HQL&,'2%&3,%68%&(175$/GH3XHEORV,QGtJHQDV
GHO7,31,6OD6HFUHWDUtD1DFLRQDOGH(QHUJtDOD6HFUHWDULDGH5HFXUVRV1DWXUDOHV\*HVWLyQ$PELHQWDO
<3)%\5HSVROVHGHFLGLyTXH<3)%QRYROYHUtDDHIHFWXDUFRQWUDWRVGHRSHUDFLyQVLQFRQVXOWDUDORV
LQGtJHQDVODFUHDFLyQGHXQDFRPLVLyQELSDUWLWD\ODSURSXHVWDLQGtJHQDGHSDUWLFLSDFLyQ\FRQVXOWD
'XUDQWH  \  VH UHDOL]DURQ ODV SURVSHFFLRQHV VtVPLFDV /D (PSUHVD RIUHFLy PiV GH 
GyODUHV FRPR D\XGD KXPDQLWDULD SHUR VRODPHQWH HQWUHJy SHTXHxDV OLPRVQDV \ UHJDORV SHUVRQDOHV D
GLULJHQWHV FDPSHVLQRV (Q  VH LQLFLy OD FRQVWUXFFLyQ GH XQ SR]R H[SORUDWRULR RFXSDQGR ILQFDV
FDPSHVLQDVVLQQLQJXQDFRPSHQVDFLyQPLHQWUDVODHPSUHVD*HRSOXVUHDOL]yHO(VWXGLRGH(YDOXDFLyQ
GH,PSDFWR$PELHQWDOGHODVOtQHDVGHSURVSHFFLyQVtVPLFD\DFRPSOHWDGDVEDViQGRVHHQXQDYLVLWDGH
GRVGtDVDOOXJDU
(Q HQHUR GH  OD HPSUHVD ILUPy XQ FRQYHQLR FRQ OD &HQWUDO GH 3XHEORV ,QGtJHQDV GHO %HQL \ OD
2UJDQL]DFLyQ ,QGtJHQD 5HJLRQDO SRU HO FXDO OD HPSUHVD VH FRPSURPHWLy D PLQLPL]DU ORV LPSDFWRV
FRQWUDWDU PDQR GH REUD ORFDO \ UHDOL]DU WDOOHUHV \ VHPLQDULRV LQIRUPDWLYRV DVt FRPR KDFHU HQWUHJD GH
IRQGRVSDUDODRUJDQL]DFLyQLQGtJHQDQDFLRQDOSDVDMHVSDUDGRVEDFKLOOHUHVLQGtJHQDVODFRQVWUXFFLyQGH
XQFDPSDPHQWRSDUDORVLQGtJHQDV\ODGRWDFLyQGHHTXLSRVGHUDGLRDFRPXQLGDGHV

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
3RUVXSDUWHODVRUJDQL]DFLRQHVFDPSHVLQDVGHOODGRFRFKDEDPELQRHQHVWDGRGHHPHUJHQFLDH[LJLHURQ
XQVHPLQDULRVHULR\FRPSOHWRVREUHODVDFWLYLGDGHVGHOD5HSVROPLHQWUDVGHQXQFLDEDQODGHIRUHVWDFLyQ
GH ODV RULOODVGHO UtR ,VLQXWD SRU SDUWH GH OD HPSUHVD  TXH FRQWUDYHQtD OD /H\ )RUHVWDO \ HO (VWXGLR GH
(YDOXDFLyQGH,PSDFWR$PELHQWDO(O6HPLQDULRSUHSDUDGRSRUODHPSUHVDFRQVLVWLyHQODSUR\HFFLyQGH
XQYtGHR GHRWUDFRPSDxtDHQOD]RQDGHO&KDFR)LQDOPHQWHODHPSUHVDFRQVLJXLyILUPDUXQFRQYHQLR
FRPSURPHWLpQGRVHDGRWDUGHHTXLSRVGHUDGLRUHSDUDUHOFDPLQRGRWDUDOFXHUSRGHSURWHFFLyQFRQXQ
FDPSDPHQWR\FRQIRUPDUXQHTXLSRPL[WRGHPRQLWRUHRFRQORFXDOORVFDPSHVLQRVGHFLGLHURQOHYDQWDUHO
EORTXHR\JDUDQWL]DUHOWUDEDMRGHOD5HSVROHQOD]RQD
3DUDOHODPHQWH HO $OFDOGH GH 9LOOD 7XQDUL GHQXQFLy HO YHUWLGR GH ORGRV \ FUXGRV SURYHQLHQWHV GHO SR]R
H[SORUDWRULR GH OD 5HSVRO HQ HO UtR 6DQ 0DWHR (Q PD\R GH  HO )2%20$'( \ VX ILOLDO HQ
&RFKDEDPEDGHQXQFLDURQODGHIRUHVWDFLyQHQODVPiUJHQHVGHOUtR,VLQXWD\HOLQFXPSOLPLHQWRGHOSODQGH
DEDQGRQR\UHVWDXUDFLyQGHOSR]RH[SORUDWRULRHQ9LOOD7XQDUL
(QMXOLRGHOD'LUHFFLyQGHO7,31,6GHQXQFLyHOURWXQGRLQFXPSOLPLHQWRGHOFRQYHQLRVXVFULWRSRUOD
5HSVROHOWUiILFRGHDQLPDOHV\RWUDVLQIUDFFLRQHVDODQRUPDWLYDDPELHQWDO(QDJRVWRGHOPLVPRDxRHO
)2%20$'(UHDOL]yXQDH[WHQVDGHQXQFLDVREUHODVLQIUDFFLRQHVDOD/H\GHO0HGLR$PELHQWHOD/H\GH
+LGURFDUEXURV\DO'HFUHWR6XSUHPR(QVHSWLHPEUHGH5HSVRODEDQGRQyWHPSRUDOPHQWHHO
7,31,6VLQFXPSOLUQLQJXQRGHORVGRVFRQYHQLRVILUPDGRVFRQOD&HQWUDOGH3XHEORV,QGtJHQDVGHO%HQL\
FRQODVRFKRFHQWUDOHVFDPSHVLQDV (QRFWXEUHGHOD9LFHPLQLVWUDGH5HFXUVRV1DWXUDOHV0HGLR
$PELHQWH \ 'HVDUUROOR )RUHVWDO GLMR GHVFRQRFHU ORV GRV FRQYHQLRV \ VH FRPSURPHWLy D UHDOL]DU XQD
LQVSHFFLyQHQOD]RQD(QQRYLHPEUHGHPiVGH 21*VLQVWLWXFLRQHV\JUXSRVGHODVRFLHGDGFLYLO
GH &RFKDEDPED HPLWLHURQ XQD FDUWD DELHUWD GLULJLGD D ORV 0LQLVWHULRV GH 'HVDUUROOR 6RVWHQLEOH \
3ODQLILFDFLyQH +LGURFDUEXURV DVt FRPRWDPELpQD ODVDXWRULGDGHVORFDOHV H[LJLHQGR TXH VH FXPSOD OD
QRUPDWLYDDPELHQWDO\VHWUDPLWHQDPRQHVWDFLRQHVDODVHPSUHVDVSHWUROHUDV5HSVRO$PRFR\0D[XV
TXHUHDOL]DURQUHSHWLGDVLQIUDFFLRQHVHQHO7UySLFRGH&RFKDEDPED

)XHQWHV 0DUF*DYDOGi/DVPDQFKDVGHO3HWUyOHR%ROLYLDQR7UDVORVSDVRVGH5HSVROHQHO3DUTXH
1DFLRQDO7HUULWRULR,QGtJHQD,VLERUR6pFXUH5HGGH $OHUWD3HWUROHUDGH%ROLYLD

5HVSRQVDEOHGHOUHJLVWUR (ODERUDGRSRU3DWULFLD0ROLQD )2%20$'(VREUHODEDVHGHOWUDEDMRGH


0DUF*DYDOGi

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 'HUUDPHGHKLGURFDUEXURVGH7UDQVUHGHV
8ELFDFLyQG H OFRQIOLF WR =RQDGH&XFKLULEDUULR+LODQGHUtDPXQLFLSLRGH6DQWD&UX]GHO
GHSDUWDPHQWRGH6DQWD&UX]
*HQHUDGRUGHOFRQ IOLFWR 7UDQVUHGHV

,QLFLDGRU GHOFRQIOLF WR -XQWDVYHFLQDOHV

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULR3~EOLFR3UHIHFWXUD2ILFLQDGH&DOLGDG\6HUYLFLR


$PELHQWDOGHOD$OFDOGtD\9LFHPLQLVWHULRGH'HVDUUROOR6RVWHQLEOH
$IHFWDGRV $SUR[LPDGDPHQWHIDPLOLDVGHFXDWURXUEDQL]DFLRQHV

$FWLYLGDGT XHJHQ HU DHO GDxR 5RWXUDGHYiOYXOD\GHUUDPHGHSHWUyOHR

(OGDxR JHQHUDGR <DVHSURGXMR

/DDFWLYLGDGHV 3HOLJURVDPROHVWD\FRQWDPLQDQWH

$UHDD IHFWDGD $SUR[LPDGDPHQWHKD

$FWLYLGDGD IHFWDGD 3LVFtFROD

5HFXUVRVDIHFWDG RV $JXDDLUHIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 0D\RGH

)HFKDLQLFLRGHOFRQIOLF WR 0D\RGH

2EMHWLYRGHORV DIHFWD GR V 5HVDUFLPLHQWRGHGDxRVRFDVLRQDGRVSRUHOGHUUDPH

$FFLRQHVUH DOL]DGDV 2UJDQL]DFLyQVHQVLELOL]DFLyQ\H[LJHQFLDV

)HFKDGH UHJLVWUR 6HSWLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
(OGHPD\RGHVHLQLFLyHOGHUUDPHGHSHWUyOHRHQXQDGHODVSODQWDVGHERPEHRGHODHPSUHVD
7UDQVUHGHV XELFDGD HQ OD ]RQD GHQRPLQDGD /D 0XHUWH GHO EDUULR +LODQGHUtD ,QPHGLDWDPHQWH
GHVSXpV ORV YHFLQRV DIHFWDGRV UHDFFLRQDURQ VROLFLWDQGR D ODV LQVWLWXFLRQHV S~EOLFDV TXH UHDOLFHQ
DFFLRQHVSDUDVXEVDQDUHOGDxR
/DV LQVWDQFLDV HQFDUJDGDV GH UHJXODU HVWH WLSR GH FRQIOLFWRV LQLFLDURQ DFFLRQHV OHJDOHV FRQWUD
7UDQVUHGHVDSDUWLUGHORFXDOHO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQHVWDEOHFLyXQDPXOWD
GHGyODUHVTXHGHEHUiLUHQEHQHILFLRGHOD$OFDOGtD

 (PSUHVDTXHFDSLWDOL]y<3)%SDUDKDFHUVHFDUJRGHOWUDQVSRUWHGHKLGURFDUEXURVTXHWLHQHFRPRDFFLRQLVWDVD
HPSUHVDVPXOWLQDFLRQDOHVFRPR(1521\6+(//

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
3RUVXSDUWHODHPSUHVDKDLQLFLDGRODSXULILFDFLyQGHODVDJXDVFRQWDPLQDGDV\KDFRQWUDWDGRXQDJHQWH
SDUD HYLWDU TXH VH GHSRVLWH EDVXUDHQOD SR]D GRQGH VH SURGXMRHOGHUUDPH SHURVH QLHJD D SDJDU OD
PXOWDDUJXPHQWDQGRTXHXQSURFHVROHJDOGHEHFRQWDUFRQSUXHEDV\WHVWLJRV
(QODDFWXDOLGDGVHHVWiHQHVSHUDGHTXH7UDQVUHGHVFLWHDORVGLULJHQWHVGHORVYHFLQGDULRVDIHFWDGRV
SDUDOOHJDUDDFXHUGRV6LQHPEDUJRHVWRV~OWLPRVWHPHQTXHORVRIUHFLPLHQWRVTXHGHQHQSURPHVDV\VH
KDQGHFODUDGRHQHPHUJHQFLD/DVWLPRVDPHQWHHQHVWHFDVRORVDIHFWDGRVVHHQFXHQWUDQDLVODGRV\D
TXHQRKD\LQVWLWXFLRQHVTXHDSR\HQ\RULHQWHQHIHFWLYDPHQWHVXVGHPDQGDV5HVSHFWRDHVWHFRQIOLFWR
H[LVWHQUXPRUHVGHTXHODHPSUHVDTXLHUHFRQVWUXLUXQSDUTXHHFROyJLFRHQFRPSHQVDFLyQSRUORVGDxRV
RFDVLRQDGRV SHUR SDUHFH TXH HVWD SURSXHVWD QR LQWHUHVD D ORV DIHFWDGRV TXH OR TXH TXLHUHQ HV HO
UHVDUFLPLHQWRGHGDxRVRFDVLRQDGRVSRUHOGHUUDPHGHSHWUyOHR

)XHQWHV +HPHURJUiILFD\HQWUHYLVWDVDUHSUHVHQWDQWHVGHOEDUULR+LODQGHUtD

3HUVRQDHQFDUJDGDGHOUHJLVWUR0DUJRWK&pVSHGHV)2%20$'( 6DQWD&UX]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHODTXHEUDGD/RV0RQRV
8ELFDFLyQG H OFRQIOLF WR 6HUUDQtDGHO$JDUDJH3R]R1žPXQLFLSLRGH9LOODPRQWHV
GHOGHSDUWDPHQWRGH7DULMD
*HQHUDGRUGHOFRQ IOLFWR <3)%\&KDFR

,QLFLDGRUGHOFRQIOLF WR $PELR&KDFR 21*

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ

$IHFWDGRV DIHFWDGRVGLUHFWRVGHODHWQLD:HHQKD\HN

$FWLYLGDGT XHJHQ HU DHO GDxR 3HWUROHUD

(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH\SHOLJURVD

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD 3LVFtFROD

5HFXUVRVDIHFWDG RV $JXDDLUHIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR )HEUHURGH

)HFKDLQLFLRGHOFRQIOLF WR 0DU]RGH

2EMHWLYRGHORV DIHFWD GR V /RJUDUHOFRQWUROGHOSR]R1ž\ODOLPSLH]DDVtFRPROD


UHFXSHUDFLyQGHODViUHDVDIHFWDGDV
$FFLRQHVUH DOL]DGDV 'HQXQFLDS~EOLFDUHXQLRQHVFRQDIHFWDGRVUHXQLyQFRQHO
&RPLWp&tYLFRGH7DULMDGHFODUDWRULDGHHVWDGRGHHPHUJHQFLD
\UHXQLyQFRQHOUHSUHVHQWDQWHGHO9LFHPLQLVWHULRGH$SR\R
,QWHJUDO\OLPSLH]DGHODTXHEUDGD/RV0RQRV
)HFKDGH UHJLVWUR GH-XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
(QIHEUHURGH VHSURGXMRXQGHUUXPEHTXHURPSLyODVWXEHUtDV\ODSODQFKDGDGHOSR]R 1žGHO
EORTXH /RV 0RQRV XELFDGR HQ OD VHUUDQtD GHO $JDUDJH HQ OD WHUFHUD VHFFLyQ GH OD SURYLQFLD *UDQ
&KDFR GHO GHSDUWDPHQWR GH 7DULMD D SRFRV NLOyPHWURV GHO WHUULWRULR :HHQKD\HN (VWH DFFLGHQWH IXH
LQIRUPDGRHQODDXGLWRULDDPELHQWDOUHDOL]DGDSRU ODHPSUHVD&KDFRHQHVWHPLVPRDxRVLQHPEDUJRHO
JRELHUQRQRKL]RQDGDSRUFRQWURODUHOGDxRRFDVLRQDGR
(QPDU]RGHOD21*$PELR&KDFRFRQRILFLQDHQ9LOODPRQWHVUHDOL]yXQDYLVLWDDOOXJDU\DQWHOD
HYLGHQFLDGHOGDxRRFXUULGRKL]RXQDGHQXQFLDS~EOLFDDQWHOD3UHIHFWXUD$HVWDGHQXQFLDVHVXPDURQODV
UHDOL]DGDVSRUORVGLULJHQWHV:HHQKD\HNHO&RPLWp&tYLFRGH7DULMD\HO)2%20$'(3RVWHULRUPHQWHVH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
FUHyXQDFRPLVLyQYHULILFDGRUDFX\RLQIRUPHIXHSUHVHQWDGRHQXQDUHXQLyQRUJDQL]DGDHQ9LOODPRQWHV
GRQGHVHH[LJLyODLQPHGLDWDLQWHUYHQFLyQGHGLFKRSR]R
(VWH KHFKR PRYLOL]y D WRGDV ODV RUJDQL]DFLRQHV H LQVWLWXFLRQHV FtYLFDV GHO GHSDUWDPHQWR GH 7DULMD \ D
RWUDVLQVWLWXFLRQHVGHOSDtVODSUHRFXSDFLyQJHQHUDOKL]RTXHHO&RPLWp&tYLFRGH7DULMDGHFODUDUDHVWDGR
GHHPHUJHQFLD(VWHKHFKRPRWLYyTXHHOJRELHUQRGRVPHVHVGHVSXpVGHKDEHUDVXPLGRFRPSURPLVRV
UHVSHFWR D OD LQWHUYHQFLyQ GHO SR]R UHDFFLRQH \ GHFLGD LQLFLDU DFWLYLGDGHV SDUD FRQWURODUOR \ OXHJR
SURFHGHUDODOLPSLH]D\UHFXSHUDFLyQGHODViUHDVGDxDGDV
(Q HVWH FRQIOLFWR ORV JHQHUDGRUHV XWLOL]DQGR HO DUJXPHQWR GH TXH HO KHFKR KDEtD VLGR LQIRUPDGR
RSRUWXQDPHQWHHQQRUHDOL]DURQQLQJXQDDFFLyQ\VyORUHDFFLRQDURQFXDQGRODVRUJDQL]DFLRQHV\HO
SXHEORHQJHQHUDOVHPRYLOL]y\SUHVLRQySDUDTXHHOGDxRVHDVROXFLRQDGR
(Q HVWH VHQWLGR ODV DFFLRQHV WpFQLFDV SURSXHVWDV SRU HO JRELHUQR \ TXH \D HVWiQ HQ HMHFXFLyQ SRU HO
9LFHPLQLVWHULRGH'HIHQVD VRQ

x %HUPDVGHUHFROHFFLyQHQODTXHEUDGD/RV0RQRV
x &RQVWUXFFLyQGHGRVIRVDV
x 4XHPDGHJDV
x &RQWUROGHILQLWLYRGHOSR]R
$FWXDOPHQWH ORV DIHFWDGRV \ VXV DOLDGRV FRQWLQ~DQ UHDOL]DQGR DFFLRQHV GH PRQLWRUHR SDUD ORJUDU OD
OLPSLH]D\UHFXSHUDFLyQGHODViUHDVDIHFWDGDV\HOFRQWUROGHOSR]R1ž

)XHQWHV 'HQXQFLDGH$PELR&KDFR\DXGLWRULDDPELHQWDOGHODHPSUHVD&KDFR

3HUVRQDHQFDUJDGDGHOUHJLVWUR $OLSLR9DOGp])2%20$'( 7DULMD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
3ROtWLFDHLQVWUXPHQWRVGHJHVWLyQ
GHORVUHFXUVRVKtGULFRVHQ%ROLYLD

3ROtWLFDGHUHFXUVRVKtGULFRVGH%ROLYLD
%ROLYLD QR GLVSRQH GH XQD SROtWLFD JOREDO GH UHFXUVRV KtGULFRV TXH RULHQWH ODV DFWLYLGDGHV QDFLRQDOHV
UHJLRQDOHV\ORFDOHV+DVWDDKRUDORVUHFXUVRVKtGULFRVKDQVLGRXWLOL]DGRVVHJ~QORVUHTXHULPLHQWRVGH
SUR\HFWRVHVSHFtILFRVDVRFLDGRVDSURJUDPDVRHQDOJXQRVFDVRVDSODQHV\HVWUDWHJLDVGHHQWLGDGHV
UHJLRQDOHV QDFLRQDOHV R LQWHUQDFLRQDOHV S~EOLFDV R SULYDGDV (O XVR GHO DJXD KD WHQLGR FRPR
GHQRPLQDGRU FRP~Q HO LQWHUpV SDUWLFXODU VLQ FRQVLGHUDU HIHFWLYDPHQWH VX XVR P~OWLSOH QL PHMRUDU OD
FRRUGLQDFLyQHQWUHORVGLIHUHQWHVVHFWRUHVXVXDULRV

(QHOFDVRHVSHFtILFRGHORVLQVWUXPHQWRVOHJDOHVHQHOSDtVHVWiYLJHQWHXQD/H\GH$JXDVTXHGDWDGH
 EDVDGD D VX YH] HQ XQ GHFUHWR GH  3RU VX PLVPD DQWLJHGDG HVWD /H\ HV DSOLFDEOH VyOR
SDUFLDOPHQWHDVtSRUHMHPSORDFHSWDWDQWRODSURSLHGDGS~EOLFDFRPRSULYDGDGHODVDJXDVORTXHHVWi
HQFRQWUDGLFFLyQFRQOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRTXHGHILQHTXHODVDJXDVHQWRGRVVXVHVWDGRV
VRQ GH GRPLQLR RULJLQDULR GHO (VWDGR TXH VyOR SRGUi HQWUHJDUODV HQ FRQFHVLyQ /D /H\ YLJHQWH KDFH
pQIDVLV HQ ORV XVRV SDUD ULHJR \ IHUURFDUULOHV DVt FRPR HQ HO UpJLPHQ GH VHUYLGXPEUHV SDUD OD
FRQVWUXFFLyQGHREUDVKLGUiXOLFDV([LVWHDGHPiVXQVHQWLGRLPSOtFLWRGHTXHHODJXDHVDFFHVRULDDOD
WLHUUDWRGRORFXDOVHH[SOLFDSRUODpSRFDHQ TXHVHGLFWy'HHVWDPDQHUDQRVHLQFOX\HQDUWtFXORVVREUH
YDULRVXVRVGHODJXD\WDPSRFRVREUHORVGHUHFKRVGHORVSXHEORVRULJLQDULRV

(QHOFDPSRGHORVUHFXUVRVQDWXUDOHVODWHQGHQFLDGHORV~OWLPRVDxRVHVUHGXFLUHOUROGHO(VWDGRFRPR
LQYHUVRUHQORVJUDQGHVSUR\HFWRVGHDSURYHFKDPLHQWRGHHVRVUHFXUVRV\DVXPLUPiVELHQHOSDSHOGH
UHJXODGRU VLJXLHQGR ODV WHQGHQFLDV SUHGRPLQDQWHV HQ /DWLQRDPpULFD LPSXOVDGDV SRU RUJDQLVPRV
LQWHUQDFLRQDOHVFRPRHO)RQGR0RQHWDULR,QWHUQDFLRQDO(QHVWHVHQWLGRHQDxRVUHFLHQWHVVHDSUREDURQ
YDULDV OH\HV VHFWRULDOHV FRPR HO &yGLJR GH 0LQHUtD OD /H\ GH +LGURFDUEXURV \ OD /H\ )RUHVWDO (Q
JHQHUDO HVDV OH\HV GDQ pQIDVLV DO HVWtPXOR GH OD LQYHUVLyQ SULYDGD SDUWLFXODUPHQWH H[WUDQMHUD H
LQFRUSRUDQ DVSHFWRV DPELHQWDOHV \ GH PDQHMR GH UHFXUVRV (O SUREOHPD HV TXH WLHQHQ XQ HQIRTXH
H[FHVLYDPHQWH VHFWRULDO SHUPLWLHQGR SRU HMHPSOR D ODV DXWRULGDGHV GH FDGD iUHD RWRUJDU
DXWRPiWLFDPHQWHORVUHFXUVRVGHDJXD \VXHORMXQWRFRQODVFRQFHVLRQHVPLQHUDVRSHWUROHUDV

/RVDYDQFHVGHOSDtVHQHOWHPDGHORVUHFXUVRVKtGULFRVHVWiQDVRFLDGRVDORVDYDQFHVHQODSROtWLFDGH
GHVDUUROOR VRVWHQLEOH TXH D VX YH] WLHQH XQ SXQWR GH SDUWLGD HQ OD DSUREDFLyQ GH OD /H\ GH 0HGLR
$PELHQWH OR TXH GH DOJXQD PDQHUD KD VLGR UHIRU]DGR SRU OH\HV SRVWHULRUHV FRPR OD GH 3DUWLFLSDFLyQ
3RSXODU TXH KDQ EXVFDGR GHVFHQWUDOL]DU OD DGPLQLVWUDFLyQ GHO SDtV \ GDU PD\RU SDUWLFLSDFLyQ D ODV
FRPXQLGDGHV\ODVRFLHGDGFLYLOHQJHQHUDO'HQWURGHHVWHFRQWH[WRVHHODERUyFRQDSR\RGHOD)$2HO
3ODQ GH 0DQHMR GH &XHQFDV +LGURJUiILFDV TXH VHUi GH XWLOLGDG SDUD HODERUDU SRVWHULRUPHQWH HO 3ODQ
1DFLRQDOGH5HFXUVRV+tGULFRV/D/H\GH0HGLR$PELHQWHLQFRUSRUDDUWtFXORV\UHJODPHQWRVUHODWLYRVDO
DJXD FRPR HO 5HJODPHQWRHQ 0DWHULD GH &RQWDPLQDFLyQ+tGULFD SHURHV FODUDPHQWHLQVXILFLHQWH SDUD
GHILQLUSROtWLFDV\HVWUDWHJLDVHQHOFDPSRGHORVUHFXUVRVKtGULFRV

'LYHUVRVHVWXGLRV HQFDUJDGRVR UHDOL]DGRVSRU HOJRELHUQREROLYLDQR  YDULRVGH ORVFXDOHV


KDQUHFLELGRDSR\RGH81(6&23+,PXHVWUDQODQHFHVLGDGGHWHQHUXQDSROtWLFD\XQSODQQDFLRQDOGH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
UHFXUVRV KtGULFRV DVt FRPR ODV FRQVHFXHQFLDV QHJDWLYDV GH QR GLVSRQHU GH HOORV (O SURSLR JRELHUQR
EROLYLDQR KD GHFODUDGR VX YROXQWDG GH HVWDEOHFHU LQPHGLDWDPHQWH XQD DXWRULGDG GHO VHFWRU KtGULFR GHO
SDtVEDVDGDHQHOFRQFHSWRGHTXHODXQLGDGGHJHVWLyQHVODFXHQFD\HQFULWHULRVGHDWHQFLyQDFDGD
XQRGHORVSULQFLSDOHVIDFWRUHVGHOFLFORKLGUROyJLFR6LQHPEDUJRHVWRQRVHKDOOHYDGRDFDERGHELGRD
GLYHUVRV IDFWRUHV 8QR GH HOORV HV OD SUHVLyQ GH VHFWRUHV LQIOX\HQWHV FRPR HO PLQHUR R SHWUROHUR TXH
SHUFLEHQ TXH VXV LQWHUHVHV VH YHUtDQ DIHFWDGRV QHJDWLYDPHQWH SRU XQD OHJLVODFLyQ PRGHUQD \ XQD
DXWRULGDGGHDJXDVIXHUWH\HILFLHQWH/DIDOWDGHYLVLyQGHGLYHUVRVJRELHUQRVKDOOHYDGRLQFOXVRDUHGXFLU
JUDGXDOPHQWH HO SUHVXSXHVWR GHVWLQDGR D VLVWHPDV GH LQIRUPDFLyQ \ UHFROHFFLyQ GH GDWRV
KLGURPHWHRUROyJLFRVTXHVRQHVHQFLDOHVSDUDODSODQLILFDFLyQ\JHVWLyQKtGULFD

3RU RWUR ODGR HO DFFHVR GH OD SREODFLyQ DO DJXD HV GHILFLHQWH \ PXHVWUD ODV GHVLJXDOGDGHV VRFLDOHV
H[LVWHQWHVHQHOSDtV(QXQGHODSREODFLyQEROLYLDQDWHQtDDFFHVRDODJXDSRWDEOHSRUPHGLR
GH UHGHV HQ HO iUHD UXUDO HVWH SRUFHQWDMH HUD GH VyOR XQ  PLHQWUDV TXH HQ HO iUHD XUEDQD VH
LQFUHPHQWDEDDXQ/DVLWXDFLyQHVSHRUSDUDORVVHUYLFLRVVDQLWDULRV\GHDOFDQWDULOODGRHOGHOD
SREODFLyQFDUHFtDGHHVWRVVHUYLFLRV 6XEVHFUHWDUtDGH0HGLR$PELHQWH 

/DQHFHVLGDGGHSODQLILFDU\JHVWLRQDUVHPXHVWUDWDPELpQHQRWURVDVSHFWRVVLELHQ%ROLYLDDSDUHFHFRQ
XQD GLVSRQLELOLGDG KtGULFD SHU FDSLWD GH  PDxR VXSHULRU DO SURPHGLR ODWLQRDPHULFDQR \ PX\
VXSHULRU DO PXQGLDO OD VLWXDFLyQ YDUtD PXFKR HVSDFLDOPHQWH /D FXHQFD DPD]yQLFD \ HQ SDUWLFXODU OD
OODQXUD\ORVYDOOHVK~PHGRVGHOIODQFRRULHQWDOGHOD&RUGLOOHUDGH/RV$QGHVUHFLEHQODPD\RUSDUWHGH
HVRVUHFXUVRV(QFDPELRODUHJLyQDOWLSOiQLFD\ORVYDOOHVVHFRVLQWHUDQGLQRVUHFLEHQXQDSUHFLSLWDFLyQ
SURPHGLRLQIHULRUDORVPPDxRDSHVDUGHTXHFRQFHQWUDQPiVGHOGHODSREODFLyQ%DMRHVWDV
FRQGLFLRQHVODFRPSHWHQFLDSRUHODJXDVHKDH[DFHUEDGRHQYDULRVOXJDUHV\FRQHOODORVFRQIOLFWRVKDQ
DXPHQWDGR

8Q HVWXGLR GH  UHDOL]DGR SRU HO HQWRQFHV 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 0HGLR $PELHQWH
0'60$ LGHQWLILFyYDULDVOLPLWDFLRQHVHQHO VHFWRUKtGULFRQDFLRQDOTXHVHKDQPDQWHQLGRKDVWDODIHFKD
\VHUHVXPHQHQORVVLJXLHQWHVSXQWRV
ƒ 1RH[LVWHXQDDXWRULGDGQDFLRQDOGHDJXDVFRQVROLGDGD
ƒ 1RH[LVWHXQDOHJLVODFLyQVREUHHOVHFWRUKtGULFRDGHFXDGDDODVLWXDFLyQDFWXDO
ƒ 1RH[LVWHJHVWLyQ GHODRIHUWD\ODGHPDQGDGHUHFXUVRVKtGULFRV
ƒ 1RH[LVWHXQDSROtWLFDGHLQYHVWLJDFLyQ\GHVDUUROORGHORVUHFXUVRVKtGULFRV
ƒ ([LVWHXQDPXOWLSOLFDFLyQGHHVIXHU]RVVREUHHOPLVPRWHPDHQPXFKDVGHODVDFWLYLGDGHV
UHODFLRQDGDVHYDOXDFLyQGHORVUHFXUVRVKtGULFRV

,QVWUXPHQWRV
(O DQiOLVLV GH OD VLWXDFLyQ GH ORV UHFXUVRV KtGULFRV HQ %ROLYLD 0'60$   OOHYy D SURSRQHU XQD
HVWUDWHJLDGHDFFLyQFRQORVVLJXLHQWHVREMHWLYRVDFRUWRSOD]R
ƒ &RQWDU FRQ GLVSRVLFLRQHV OHJDOHV DFWXDOL]DGDV TXH UHJXOHQ ODV DFWLYLGDGHV GHO VHFWRU
KtGULFR
ƒ &RQWDU FRQ XQD HVWUXFWXUD LQVWLWXFLRQDO TXH IDFLOLWH OD HMHFXFLyQ \ FRRUGLQDFLyQ GH ODV
DFWLYLGDGHVUHODFLRQDGDVDORVUHFXUVRVKtGULFRV
ƒ (VWDEOHFHUVLVWHPDVGHRSHUDFLyQ\PDQHMRGHORVUHFXUVRVKtGULFRVDHVFDODGHFXHQFDV

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
ƒ 'HVDUUROODUXQ VLVWHPDGHHGXFDFLyQ\FDSDFLWDFLyQ TXH FXEUDWRGRVORVQLYHOHVSDUDHO
PDQHMRHILFLHQWHGHORVUHFXUVRVKtGULFRV
ƒ 0RYLOL]DUDODSREODFLyQSDUDORJUDUVXSDUWLFLSDFLyQDFWLYDHQHOXVRVRVWHQLEOHGHOUHFXUVR
KtGULFR

(VWRVREMHWLYRVHVWiQtQWLPDPHQWHUHODFLRQDGRVFRQORVLQVWUXPHQWRVRSHUDWLYRVGHODSROtWLFDGHUHFXUVRV
KtGULFRVGHOSDtV\SRUWDQWRFRQORVWHPDVTXHVHGHVDUUROODUiQDFRQWLQXDFLyQ3RURWURODGRHOKHFKR
GHTXHQLQJXQRGHHVRVREMHWLYRVVHKD\DDOFDQ]DGRKDVWDDKRUDPXHVWUDORSRFRTXHVHKDDYDQ]DGR
HQGHILQLUXQDSROtWLFDHLPSOHPHQWDUXQSODQQDFLRQDOGHUHFXUVRVKtGULFRV

,QVWUXPHQWRVOHJDOHV
/DQHFHVLGDGGHXQDQXHYD/H\GH$JXDVQRVHKDSODVPDGRHQKHFKRV\QRSRUIDOWDGHSURSXHVWDVHQ
OD ~OWLPD GpFDGD VH UHGDFWDURQ  YHUVLRQHV OD PiV UHFLHQWH GH MXOLR GH  ([LVWHQ GLYHUVDV
H[SOLFDFLRQHVSDUDHVWDVLWXDFLyQDSDUWHGHODHYLGHQWHIDOWDGHYROXQWDGSROtWLFDPRVWUDGDSRUVXFHVLYRV
JRELHUQRV\OHJLVODWXUDV3RVLEOHPHQWHXQDGHHOODVHVODSUHVLyQHMHUFLGDSRUJUXSRVGHSRGHUDOVHQWLU
TXHVXVLQWHUHVHVHFRQyPLFRVSRGtDQYHUVHDIHFWDGRV(VWHIXHHOFDVRGHOVHFWRUPLQHURTXHORJUyOD
SURQWD DSUREDFLyQ GHO &yGLJR 0LQHUR D SHVDU GH TXH VX DFWLYLGDG KD SHUGLGR SHVR UHODWLYR HQ OD
HFRQRPtDEROLYLDQDHQORV~OWLPRVDxRV$FWXDOPHQWHHOVHFWRUSHWUROHURUHSUHVHQWDODPD\RUSDUWHGHOD
LQYHUVLyQSULYDGD\H[WUDQMHUDHQHOSDtVORTXHHVUHVXOWDGRWDQWRGHXQDSROtWLFDVHFWRULDOELHQGHILQLGD
TXH VH KD FRQFUHWDGR HQ SUR\HFWRV FRPR HO JDVRGXFWR DO %UDVLO \ XQ PDUFR OHJDO SURSLFLR D HVDV
LQYHUVLRQHV(VHPDUFROHJDORWRUJDDOWLWXODUGHODFRQFHVLyQSHWUROHUDHOXVROLEUHGHWRGRFDUJRGHQWUR
GHOiUHDGHFRQFHVLyQGHUHFXUVRVQDWXUDOHVFRPRHODJXDPDGHUDJUDYD\PDWHULDOHVGHFRQVWUXFFLyQ
%DMR HVWDV FRQGLFLRQHV QR HV GH H[WUDxDU TXH FLHUWRV VHFWRUHV QR PXHVWUHQ LQWHUpV HQ DSR\DU XQ
SUR\HFWRGH/H\GH$JXDVTXHOHVTXLWDUtDDOJXQRVGHUHFKRVRDOPHQRVORVOLPLWDUtD

$SHVDUGHHVWRV\RWURVSUREOHPDVHODFWXDOSUR\HFWRWLHQHXQDSUREDELOLGDGUD]RQDEOHGHVHUDSUREDGR
HQ HO 3DUODPHQWR GRQGH \D IXH SUHVHQWDGR \ GHEH VHU WUDWDGR HQ HVWD R HQ OD SUy[LPD JHVWLyQ (O
SUR\HFWR KD VLGR GLVFXWLGR FRQ FLHUWD DPSOLWXG \ VH OH LQFRUSRUDURQ DSRUWHV GH GLYHUVRV VHFWRUHV 6LQ
HPEDUJRSHUVLVWHQDOJXQDVREVHUYDFLRQHVHQWUHHOODVODVUHIHULGDVDOPDUFRLQVWLWXFLRQDOSURSXHVWRTXH
HVFRPSOHMR\SURSRQHXQDDXWRULGDGGHDJXDVEDVDGDHQODGLYLVLyQSROtWLFDGHOSDtV\QRHQ HOFRQFHSWR
GHFXHQFDKLGURJUiILFDDVtFRPRODVREVHUYDFLRQHVVREUHHOPHUFDGRGHGHUHFKRVGHDJXDV

,QVWUXPHQWRVHFRQyPLFRV\DGPLQLVWUDWLYRV
(O ~OWLPR SUR\HFWR GH /H\ GH $JXDV LQFRUSRUD HO SULQFLSLR GHO YDORU HFRQyPLFR GHO DJXD \ SURSRQH
LQVWUXPHQWRV HFRQyPLFRV \ DGPLQLVWUDWLYRV SDUD HOVHFWRUKtGULFR 8QR GH HOORV HV ODSDWHQWH GHO DJXD
GHILQLGD FRPR HO YDORU TXH VH SDJDUi DQXDOPHQWH SRU OD FRQFHVLyQ TXH RWRUJD HO GHUHFKR GH XVR \
DSURYHFKDPLHQWRGHOUHFXUVRHQXQLGDGGHYROXPHQSRUXQLGDGGHWLHPSR$PHGLDQRSOD]RVHVXSRQH
TXHORVLQJUHVRVGHULYDGRVGHODSDWHQWHVRVWHQGUiQHOVLVWHPDDGPLQLVWUDWLYR\GHJHVWLyQGHODJXD

(QODVFRQGLFLRQHVDFWXDOHVHOVHFWRUKtGULFRQRGLVSRQHGHLQVWUXPHQWRVHFRQyPLFRVHVSHFtILFRVSDUDVX
IXQFLRQDPLHQWR &DGD LQVWLWXFLyQ UHODFLRQDGD D OD JHVWLyQ GHO DJXD REWLHQH VXV UHFXUVRV GH PDQHUD
LQGHSHQGLHQWH 6HJ~Q HO FDVR HVWRV SXHGHQ SURYHQLU GHO 3UHVXSXHVWR *HQHUDO GH OD 1DFLyQ GH
FRQYHQLRV QDFLRQDOHV H LQWHUQDFLRQDOHV R GHO FREUR D XVXDULRV (VWD GLVSHUVLyQ FRQWULEX\H DO XVR
LQHILFLHQWH GH HVRV UHFXUVRV TXH GH WRGDV PDQHUDV VRQ HVFDVRV D SHVDU GH OD HYLGHQFLDGH TXH HO
GHVDUUROORGHPXFKDVUHJLRQHVHVWi\HVWDUiIXHUWHPHQWHFRQGLFLRQDGRSRUODGLVSRQLELOLGDGGHDJXD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
'H WRGDV PDQHUDV ORV SODQHV QDFLRQDO \ UHJLRQDOHV GH GHVDUUROOR HFRQyPLFR KDQ LQFOXLGR PRQWRV
LPSRUWDQWHV SDUD HMHFXWDU SUR\HFWRV KtGULFRV SHUR QXHYDPHQWH VH QRWD OD IDOWD GH XQD SROtWLFD GH
UHFXUVRVKtGULFRVTXHRULHQWH\FRRUGLQHODVDFWLYLGDGHVDHVFDODQDFLRQDOUHJLRQDO\ORFDO(OSUR\HFWRGH
/H\ Vt LQFRUSRUD GHWDOODGDPHQWH FRQFHSWRV GH SODQLILFDFLyQ TXH VH WUDGXFLUiQ HQ HO 3ODQ 1DFLRQDO GHO
5HFXUVR $JXD &RQ UHIHUHQFLD D RWURV LQVWUXPHQWRV DGPLQLVWUDWLYRV VH REVHUYD OD H[LVWHQFLD GH XQD
6XSHULQWHQGHQFLDGH$JXDVFRPRyUJDQRUHJXODGRULQGHSHQGLHQWHGHOD$XWRULGDGGH$JXDVHQFDUJDGR
GHOUpJLPHQGHFRQFHVLRQHV

(GXFDFLyQ
/D SREODFLyQ EROLYLDQD SDUWLFXODUPHQWH OD UXUDO WLHQH WUDGLFLyQ GH WUDEDMR FRPXQLWDULR OHJDGR GH ODV
FXOWXUDV SUHFRORPELQDV TXH GHVDUUROODURQ HVWUXFWXUDV HODERUDGDV SDUD HO PDQHMR GH UHFXUVRV HQ XQ
DPELHQWH JHRJUiILFR PX\ FRPSOHMR VXMHWR D ULHVJRV FRPR ODV VHTXtDV H LQXQGDFLRQHV 6H GHVWDFD
HVSHFLDOPHQWHHOJUDGRGHGHVDUUROORTXHDOFDQ]DURQODVHVWUXFWXUDVGHPDQHMRGHODJXDDVtFRPR ORV
QLYHOHVWpFQLFRV\ GH SODQLILFDFLyQ GH HVDVFXOWXUDV/DLQWHUYHQFLyQFRORQLDOTXHEUyHVWHSURFHVRSHUR
D~QTXHGDQIRUPDVGHRUJDQL]DFLyQFRPXQLWDULD\UHVWRVGHORJURVWpFQLFRVFRPRHOFXOWLYRHQFDPSRV
HOHYDGRV

$OJXQDV DFWLYLGDGHV LQWURGXFLGDV MXQWR FRQ OD FRORQL]DFLyQ HVSDxROD FRPR OD PLQHUtD D JUDQ HVFDOD
IXHURQHVSHFLDOPHQWHGHVWUXFWLYDVSDUDHOPHGLRDPELHQWH\HQSDUWLFXODUSDUDHODJXD(VRVPpWRGRVGH
H[SORWDFLyQQRWRPDEDQHQ FXHQWDHOFLFORGHODJXD QLRWURV XVRV\ FRQWDPLQDURQORVUHFXUVRVKtGULFRV
KDVWDXQQLYHOH[WUHPRHQDOJXQDVFXHQFDVGHORVGHSDUWDPHQWRVRFFLGHQWDOHVGH2UXUR\3RWRVt

/D HGXFDFLyQ GH OD pSRFD FRORQLDO \ UHSXEOLFDQD WDPSRFR DSURYHFKy OD EDVH VRFLDO \ WpFQLFD GH ODV
FXOWXUDV SUHFRORPELQDV (O GLDJQyVWLFR LQFOXLGR HQ OD SURSXHVWD GH 5HIRUPD (GXFDWLYD GHO JRELHUQR
DQWHULRU   PXHVWUD XQ SDQRUDPD FUtWLFR GH OD HGXFDFLyQ HQ %ROLYLD FRQ LPSRUWDQWHV VHFWRUHV
KXPDQRV PDUJLQDGRV GH OD HGXFDFLyQ IRUPDO \ FRQ VHULDV GHILFLHQFLDV HQ OD IRUPDFLyQ WpFQLFD \ HQ HO
GHVDUUROOR GHO UD]RQDPLHQWR FUHDWLYLGDG \ GHVWUH]DV HVSHFtILFDV /D 5HIRUPD (GXFDWLYD TXH \D IXH
SURPXOJDGD\HVWiHQHMHFXFLyQLQFOX\yHOREMHWLYRGHLQVSLUDUHQORVHGXFDQGRVXQDFRQFLHQFLDFODUDGH
ODGHIHQVD \ HOPDQHMR VRVWHQLEOHGH ORVUHFXUVRVQDWXUDOHV \GH ODSUHVHUYDFLyQGHOPHGLRDPELHQWH
'HVGHVXSURPXOJDFLyQVHDYDQ]yDOJRHQODLQFRUSRUDFLyQGHFRQWHQLGRVDPELHQWDOHVHQORVSODQHVGH
HVWXGLR\SURJUDPDVGHWRGRVORVFLFORVSHURHYLGHQWHPHQWHHOSHULRGRWUDQVFXUULGRHVWRGDYtDPX\FRUWR
SDUDHYDOXDUUHVXOWDGRV

/RVLQVWUXPHQWRVDGHVDUUROODUHQHOPDUFRGHOD5HIRUPD(GXFDWLYDVRQLPSRUWDQWHVQRVyORSDUDORJUDU
XQPDQHMRHILFLHQWHGHORVUHFXUVRVKtGULFRVVLQRSDUDPRYLOL]DUDODSREODFLyQ\ORJUDUVXSDUWLFLSDFLyQ
DFWLYDHQHOXVRVRVWHQLEOHGHHVRVUHFXUVRV6yORDVtFRQWULEXLUiHIHFWLYDPHQWHDGLVPLQXLUODVGLIHUHQFLDV
VRFLDOHVHQHODFFHVRDOFRQRFLPLHQWR\PHMRUDUHOFRQWUROGHODVHVWUXFWXUDVGHSRGHU

5HODFLyQGHOVLVWHPDHGXFDWLYRFRQHOPDQHMRGHORVUHFXUVRVKtGULFRV
(O PDQHMR GH ORV UHFXUVRV KtGULFRV GH %ROLYLD KD HVWDGR HQ PDQRV GH SHUVRQDO QDFLRQDO SHUR FRQ
IUHFXHQFLDQRHQPDQRVGHSURIHVLRQDOHVFRQIRUPDFLyQHVSHFtILFDHQHVWHFDPSR6LQHPEDUJRPiVDOOi
GHOSUREOHPDGHULYDGRGHODLQIOXHQFLDSROtWLFDHQODDVLJQDFLyQGHFDUJRVMHUiUTXLFRVJXEHUQDPHQWDOHV
VHREVHUYDTXHHOGHVDUUROORVRVWHQLEOHGHORVUHFXUVRVKtGULFRVHQFXHQWUDHQWUHVXVPD\RUHVREVWiFXORV
ODIDOWDGHFDSDFLWDFLyQSURIHVLRQDOGHOSHUVRQDOGHLQVWLWXFLRQHVTXHGHVDUUROODQDFWLYLGDGHQHOFDPSRGHO
DJXDORTXHVHUHODFLRQDHQSDUWHFRQORVEDMRVVDODULRV(QIRUPDJHQHUDOVHREVHUYDSUREOHPDVFRPROD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
IDOWD GH FRQRFLPLHQWRV GH JHVWLyQ \ VXSHUYLVLyQ HQ WRGRV ORV QLYHOHV HO XVR LQHILFD] GH ORV UHFXUVRV
KXPDQRVGLVSRQLEOHV\ODIDOWDGHFDSDFLGDGGHHODERUDUSROtWLFDV\SODQHV

1RREVWDQWHODVXQLYHUVLGDGHVGHOSDtVKDQLQFRUSRUDGRGHVGHKDFHPXFKRWLHPSRDWUiVODIRUPDFLyQGH
SURIHVLRQDOHV HQ UHFXUVRV KtGULFRV HQ HO QLYHO GH SUHJUDGR GHVDUUROODQGR WHFQRORJtD SRU PHGLR GH VXV
LQVWLWXWRVGHLQYHVWLJDFLyQ&DVLWRGDODLQYHVWLJDFLyQVHFRQFHQWUDHQODVXQLYHUVLGDGHVS~EOLFDV\GHDKt
VX DSRUWH IXQGDPHQWDO DO FRQRFLPLHQWR GH ORV UHFXUVRV KtGULFRV GHO SDtV 3RU RWUR ODGR \ JUDFLDV D
FRQYHQLRVHVSHFtILFRVPXFKRVSURIHVLRQDOHVKDQFRQWLQXDGRHVWXGLRVGHSRVWJUDGRHQXQLYHUVLGDGHVGHO
H[WHULRU 'H WRGDV PDQHUDV OD IRUPDFLyQ GH SURIHVLRQDOHV HQ UHFXUVRV KtGULFRV DO LJXDO TXH HQ RWURV
FDPSRV VHKDUHDOL]DGRSRULQLFLDWLYDVDLVODGDVTXHKDQGDGROXJDUDODGLVSHUVLyQGHHVIXHU]RV

$O UHVSHFWR HO GRFXPHQWR GH OD 6XEVHFUHWDUtD GH 0HGLR $PELHQWH   LGHQWLILFy ORV VLJXLHQWHV
REVWiFXORV (Q SULPHU OXJDU OD IDOWD GH XQD HVWUDWHJLD QDFLRQDO GH LQYHVWLJDFLyQ TXH LQFOX\D WDQWR
UHFXUVRVHVWDWDOHVFRPRSULYDGRVSDUDSURPRYHUODLQYHVWLJDFLyQGHDVSHFWRVGHLQWHUpVSDUDHOSDtV\HQ
VHJXQGRODDXVHQFLDGHFHQWURVGHGRFXPHQWDFLyQDGHFXDGRVTXHVLVWHPDWLFHQODLQIRUPDFLyQWpFQLFD\
HFRQyPLFD SURGXFLGD HQ HO SDtV (O PLVPR GRFXPHQWR UHFRPLHQGD HO GHVDUUROOR GH XQ SURJUDPD GH
HQWUHQDPLHQWR GLULJLGR D DGPLQLVWUDGRUHV GHO VHFWRU S~EOLFR \ D ORV GLIHUHQWHV JUXSRV GH XVXDULRV GHO
DJXD8QGRFXPHQWRPiVUHFLHQWH 0'63 LQFOX\HRWUDVUHFRPHQGDFLRQHVFRPRODGHLQFRUSRUDU
DVSHFWRV VRFLDOHV HQ OD IRUPDFLyQ GH WpFQLFRV H LQJHQLHURV HQ HO FDPSR GHO DJXD DVt FRPR OD GH
H[WHQGHUODFDSDFLWDFLyQPiVDOOiGHOQLYHOGHSUHJUDGR

+DVWDSULQFLSLRVGHODGpFDGDGHOQRYHQWDQRH[LVWtDXQVRORFXUVRGHSRVWJUDGRHQ%ROLYLDHQHOFDPSR
GHORVUHFXUVRVKtGULFRV 6LQHPEDUJRDFWXDOPHQWHDOPHQRVWUHVXQLYHUVLGDGHVS~EOLFDVGHGLIHUHQWHV
UHJLRQHVGHOSDtVWLHQHQFXUVRVDHVHQLYHO HLQFOXVRVHHVWiLPSOHPHQWDQGRDSDUWLUGHODxRXQ
FXUVR LWLQHUDQWH FRPSDUWLGR HQWUH WUHV XQLYHUVLGDGHV FRQ OD SDUWLFLSDFLyQ GH SURIHVRUHV QDFLRQDOHV \
H[WUDQMHURV

8QD GH ORV IDFWRUHV TXH KD FRQWULEXLGR D HVWH GHVDUUROOR HV OD IRUPDFLyQ GH XQ JUXSR LPSRUWDQWH GH
SURIHVLRQDOHVHQXQLYHUVLGDGHVGHOH[WHULRUFRQWtWXORVGHPDHVWUtD\GRFWRUDGR6HREVHUYDTXHHOQLYHO
GH SRVWJUDGR VH FRQFHQWUD HQ ODV XQLYHUVLGDGHV S~EOLFDV OR TXH VH H[SOLFD SRU HO KHFKR GH TXH OD
IRUPDFLyQ HQ UHFXUVRV KtGULFRV UHTXLHUH GH LPSRUWDQWHV LQYHUVLRQHV HQ LQIUDHVWUXFWXUD \ HTXLSDPLHQWR
TXH SRU FXHVWLRQHV GH UHQWDELOLGDG JHQHUDOPHQWH QR VH MXVWLILFDQ GHVGH HO SXQWR GH YLVWD GH ODV
XQLYHUVLGDGHVSULYDGDV

7RGRVORVHVIXHU]RVGHPHMRUDGHODHGXFDFLyQSURIHVLRQDOGHEHQWHQHUFRPRPHWDODSDUWLFLSDFLyQDFWLYD
\SULRULWDULDGHSURIHVLRQDOHV\WpFQLFRVEROLYLDQRVHQHOPDQHMRGLVHxRGLPHQVLRQDPLHQWR\SXHVWDHQ
PDUFKDGHODVDFFLRQHVVREUHHOGHVDUUROORGHOUHFXUVRKtGULFR

-RUJH0ROLQD&DUSLR
,QJHQLHUR+LGUiXOLFR
'LUHFWRUGHO,QVWLWXWRGH+LGUiXOLFDH+LGURORJtD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHOUtR3LOFRPD\X
8ELFDFLyQG H OFRQIOLF WR 'HSDUWDPHQWRVGH2UXUR&KXTXLVDFD3RWRVt\7DULMD

*HQHUDGRUGHOFRQ IOLFWR (PSUHVDVFRRSHUDWLYLVWDVHLQJHQLRVPLQHURV

,QLFLDGRU GHOFRQIOLF WR $JULFXOWRUHVDIHFWDGRVSRUODVDJXDVFRQWDPLQDGDVHQWLGDGHV


FtYLFDV\RUJDQL]DFLRQHVDPELHQWDOLVWDV
5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH

$IHFWDGRV /DVFRPXQLGDGHVTXHYLYHQHQODVULEHUDVGHOUtR3LOFRPD\X

$FWLYLGDGT XHJHQ HU DHO GDxR 'HVFDUJDVGHUHVLGXRVGHODDFWLYLGDGPLQHUDDOUtR

(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVDFRQWDPLQDQWH\PROHVWD

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDSLVFtFROD\DJURSHFXDULD

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQDVXHOR\VDOXG

)HFKDGHL QLFL RGHOGDxR 'HVGHODpSRFDGHODFRORQLD

)HFKDLQLFLRGHOFRQIOLF WR 6HSWLHPEUHGH

2EMHWLYRGHORV DIHFWD GR V 'LVPLQXLUHOSURFHVRGHFRQWDPLQDFLyQGHOUtR3LOFRPD\X

$FFLRQHVUH DOL]DGDV $VDPEOHDVFRPXQDOHV\GHVXEFHQWUDOHVHGLFWRVDOD


SUHIHFWXUDPRYLOL]DFLRQHVLQYHVWLJDFLRQHV\GHQXQFLDV
S~EOLFDV
)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
/D KLVWRULD GHO SDtV QRV PXHVWUD TXH HO GHVDUUROOR GH OD H[SORWDFLyQ PLQHUD VH KD FRQVWLWXLGR HQ XQ
LPSHGLPHQWRSDUDODDFWLYLGDGDJUtFROD(VWRVHGHEHDTXHODPLQHUtDWDOFRPRVHGDHQ%ROLYLDDIHFWD
OD SURGXFWLYLGDG FDPSHVLQD GHELGR D TXH FRQWDPLQD ORV UHFXUVRV QDWXUDOHV SURYRFDQGR LPSDFWRV
DPELHQWDOHVQRFLYRVSDUDODVDOXG\ODYLGDGHORVKDELWDQWHVORFDOHV
(QHOFDVRGHOUtR3LOFRPD\XODFRQWDPLQDFLyQVHGHEHDYDULRVIDFWRUHVHQWUHHOORVSRGHPRVPHQFLRQDU
OD GHVFDUJD GH GHVHFKRV \ HIOXHQWHV PLQHURV OD GHVFDUJD GH DJXDV VHUYLGDV VLQ WUDWDPLHQWR GH ODV
FLXGDGHVGH3RWRVt\6XFUHODGHUHVLGXRVLQGXVWULDOHV\ODFRQWDPLQDFLyQ QDWXUDOTXHVXIUHDODWUDYHVDU
]RQDVJHROyJLFDVPLQHUDOL]DGDV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
2WURSUREOHPDFUHFLHQWHSDUDODFXHQFDHVODHURVLyQGHELGDDODGHIRUHVWDFLyQODH[SORWDFLyQDJURSHFXDULD\
HOFXOWLYRLQWHQVLYRTXHSURYRFDXQDUUDVWUHGHDSUR[LPDGDPHQWHPLOORQHVGHWRQHODGDVGHVHGLPHQWRVTXH
HQWUDQFDGDDxRDOUtR &2'(7$5 
(OUtR3LOFRPD\XWLHQHXQDORQJLWXGGH.PHOSURPHGLRDQXDOGHVXFDXGDOHVGHPV\WLHQH
XQDSURIXQGLGDGTXHOOHJDDORVP\XQDQFKRGHP ,QIRUPDFLyQGHODHVWDFLyQKLGUROyJLFDGH
9LOODPRQWHV  /D FXHQFD GH UtR 3LOFRPD\X FXEUH XQ iUHD GH  KHFWiUHDV IRUPD SDUWH GH OD
FXHQFDGHOUtRGH/D3ODWD\DWUDYLHVDFXDWURGHSDUWDPHQWRVGHOSDtV2UXUR  3RWRVt  
&KXTXLVDFD  \7DULMD  6XVDJXDVFRQVWLWX\HQHOSULQFLSDOUHFXUVRKtGULFRSDUDPiVGH
 KHFWiUHDV VLWXDGDV HQ OD ULEHUD GHO UtR \ DSWDV SDUD OD DJULFXOWXUD VLQ HPEDUJR HO SRWHQFLDO
Pi[LPRGHDSURYHFKDPLHQWRVHHVWLPDHQKHFWiUHDV
(OUtR3LOFRPD\XUHFLEHHQVXWUD\HFWRYDULRVDIOXHQWHVPXFKRVGHORVFXDOHVOOHYDQHQVXOHFKRUHVLGXRV
GH GHVKHFKRV PLQHUDOyJLFRV SURYHQLHQWHV GH XQRV  LQJHQLRV XELFDGRV HQ OD FLXGDG GH 3RWRVt \
HPSUHVDV PLQHUDV SULYDGDV \ FRRSHUDWLYDV TXH FRQWDPLQDQ D VX SDVR ODV WLHUUDV FXOWLYDEOHV (Q HO
VHPLQDULR 6LWXDFLyQ $PELHQWDO GHO 5tR 3LOFRPD\X VH KD HVWLPDGR TXH VH YLHUWH XQ SURPHGLR GH 
WRQHODGDVGLDULDVGHFRODVGHIORWDFLyQGHSORPRSODWD\]LQF(VWDFRQWDPLQDFLyQDIHFWDHVSHFtILFDPHQWHD
ODV UHJLRQHV TXH XWLOL]DQ HVWDV DJXDVSDUD HO ULHJR GH ORV FXOWLYRV GH KRUWDOL]DV IUXWDOHV \ RWURV 'H HVWD
PDQHUDVHFRUUH HOJUDYHULHVJR GH TXH ORV SURGXFWRVFRQWHQJDQ DOWRV tQGLFHV GH PHWDOHV GDxLQRV SDUDOD
VDOXGKXPDQD\WDPELpQSDUDHOJDQDGR3RURWUDSDUWHODDFWLYLGDGSLVFtFRODTXHDQWHVGHOURPSLPLHQWRGHO
GLTXHGHFRODVGHODHPSUHVD&20685HQ3RUFR HUDDEXQGDQWHDKRUDVHKDSHUGLGRFRPSOHWDPHQWH
/RV QLYHOHV GH FRQWDPLQDFLyQ GHWHUPLQDGRV HQ ORVHVWXGLRVUHDOL]DGRV SRU HO &(5'(7  GXUDQWH WUHV
DxRVFRQVHFXWLYRVLQGLFDQTXHH[LVWHXQDFRQWDPLQDFLyQGHSORPRYHFHVPD\RUDODSHUPLVLEOHSRU
ODQRUPDGH(QYLURQPHQW&DQDGi(VWRVGDWRVIXHURQUHFRJLGRVDQWHVGHOGHVDVWUHHFROyJLFRGH3RUFR
GHVSXpVRWURVHVWXGLRVGHODXQLYHUVLGDGGH1LMPHGHQGH+RODQGDGHPRVWUDURQTXHODFRQWDPLQDFLyQ
GHOUtRVHLQFUHPHQWyHQYHFHVPiV
&RQODILQDOLGDGGHEXVFDUVROXFLRQHVDHVWRVSUREOHPDVGHJUDQPDJQLWXGVHUHDOL]DURQYDULDVDFFLRQHV
HQWUHVGHORVGHSDUWDPHQWRVDIHFWDGRV
(Q SULPHU OXJDU HO  GH RFWXEUH GH HO FDQWyQ GH 6RWRPD\RU GH OD SURYLQFLD GH <DPSDUDH] GHO
GHSDUWDPHQWRGH&KXTXLVDFDUHDOL]yXQDUHXQLyQ³KLVWyULFD´GHODTXHVXUJLyHOGRFXPHQWRWLWXODGR³(Q
GHIHQVDGHOUtR3LOFRPD\XTXHHVODGHIHQVDGHQXHVWUDVYLGDV´
3RVWHULRUPHQWH HO  GH RFWXEUH GH OD )HGHUDFLyQ 8QLFD GH 7UDEDMDGRUHV &DPSHVLQRV GH
&KXTXLVDFD FRQ PRWLYR GHO 'tD GHO $UERO UHDOL]y XQ DPSOLDGR TXH WHUPLQy FRQ OD UHGDFFLyQ GH XQ
GRFXPHQWR TXH GLR  PHVHV GH SOD]R SDUD TXH VH FRQVWUX\D HO GLTXH GH FRODV GH ³6DQ $QWRQLR´ (O
0RQVHxRU :DOWHU 3pUH] DX[LOLDU GH OD DUTXLGLyFHVLV GH &KXTXLVDFD FULWLFy OD FRQWDPLQDFLyQ \ H[LJLy
£6DOYDUHOUtR3LOFRPD\X
(Q 3RWRVt ODVGHQXQFLDVGH FRQWDPLQDFLyQGH ODVSREODFLRQHV DIHFWDGDV IXHURQ SHUPDQHQWHV SHURVH
GLHURQFRQPD\RULQVLVWHQFLD\IXHU]DDSDUWLUGHODURWXUDGHOGLTXHGHFRODVGH3RUFR(VWHKHFKRJHQHUy
XQDPRYLOL]DFLyQGHODSREODFLyQSRWRVLQDTXHIXHHQFDEH]DGDSRUHO&RPLWp&tYLFRODVLQVWLWXFLRQHVGHO
)RUR3RWRVLQROD$VDPEOHD3HUPDQHQWHGH'HUHFKRV+XPDQRV\RWUDVRUJDQL]DFLRQHVTXHUHFODPDURQHO
UHVDUFLPLHQWRGHGDxRV\ODFRPSHQVDFLyQDORVDIHFWDGRV

 9HUILFKDFRUUHVSRQGLHQWHSiJLQD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
$OJXQDV RUJDQL]DFLRQHV DILOLDGDV DO )RUR 3RWRVLQR UHDOL]DURQ YLVLWDV D OD ]RQD FRQMXQWDPHQWH FRQ
WpFQLFRV GHODHPSUHVD &20685 SDUDGHWHUPLQDUODPDJQLWXGGHOGDxRSURGXFLGRSRUHODFFLGHQWHGH
3RUFRPHGLDQWHXQDHYDOXDFLyQGHDJXDV\WLHUUDVODHPSUHVDUHDOL]yODOLPSLH]DSDUFLDOGHVHGLPHQWRV
TXH DIHFWDURQ FDQDOHV GH ULHJR \ VHPEUDGtRV \ HQWUHJyHQ DOJXQDV FRPXQLGDGHVSROLWXERV \ FHPHQWR
SDUDTXHORVSURSLRVFDPSHVLQRVVHSURYHDQGHDJXDSRWDEOHTXHQRSURYHQJDGHOUtR
3RURWUDSDUWHHQ3RFR3RFR\6RWRPD\RUODVFRPXQLGDGHVVHRUJDQL]DURQSDUDHIHFWXDUGHQXQFLDVVREUH
OD PXHUWH GH DQLPDOHV \ WUDVWRUQRV HQ OD VDOXG GH ORV FRPXQDULRV TXH KLFLHURQ OOHJDU D ORV )RURV
GHSDUWDPHQWDOHV\DOD SUHQVDGHODVFLXGDGHVGH3RWRVt\6XFUH$VLPLVPRFDPSHVLQRVGHFDQWRQHV
LQLFLDURQXQMXLFLRDODHPSUHVD&20685HOPLVPRTXHQRSURVSHUy\DTXHHVWDHPSUHVDGHVPRYLOL]yD
ODVFRPXQLGDGHVDSDUWLUGHQHJRFLDFLRQHVLQGLYLGXDOHVTXHFRQFOX\HURQHQODGRWDFLyQGHKHUUDPLHQWDV
FHPHQWR\RWURVPDWHULDOHV
(Q7DULMDDQWHODDODUPDQWHFRQWDPLQDFLyQGHOUtR\ODFRQVHFXHQWHGLVPLQXFLyQGHODSREODFLyQSLVFtFROD
HO )2%20$'( \ &(5'(7 RUJDQL]DURQ XQD VHULH GH DFWLYLGDGHV (Q SULPHU OXJDU IXHURQ UHDOL]DGRV
HVWXGLRV SDUD GHWHUPLQDU ORV QLYHOHV GH FRQWDPLQDFLyQ ORV PLVPRV TXH LGHQWLILFDURQ OD H[LVWHQFLD GH
FRQFHQWUDFLRQHVGHSORPRYHFHVPD\RUHVGHORSHUPLVLEOH 3RVWHULRUPHQWHVHUHDOL]yXQDFDPSDxD
GH LQIRUPDFLyQ \ FRQFLHQWL]DFLyQ GLULJLGD D WRGD OD SREODFLyQ DIHFWDGD GH 7DULMD 6H SURFHGLy D OD
SXEOLFDFLyQ GH ORV HVWXGLRV \ GRV DILFKHV VREUH OD FRQWDPLQDFLyQ \ D OD RUJDQL]DFLyQ GH WDOOHUHV SDUD
DQDOL]DUHOWHPDGHODFRQWDPLQDFLyQ FRQSDUWLFLSDFLyQGHODSREODFLyQDIHFWDGDHLQVWLWXFLRQHVTXHWLHQHQ
TXH YHUFRQODSUREOHPiWLFDGHOUtR3LOFRPD\XHQODVTXHSDUWLFLSDURQFRPRGLVHUWDQWHV$'(3(6&$GH
7DULMD\GH9LOODPRQWHVJRELHUQRPXQLFLSDOGH9LOODPRQWHV\HO&(5'(7/DVRUJDQL]DFLRQHVGHEDVH\
HO )2%20$'( UHDOL]DURQ GHQXQFLDV S~EOLFDV \ VH SURPRYLy UHXQLRQHV FRQ DXWRULGDGHV SDUD KDFHU
FRQRFHUODSUREOHPiWLFD\SDUDH[LJLUXQDVROXFLyQDOWHPDGHODFRQWDPLQDFLyQ
7DPELpQVHLQLFLyXQMXLFLRGHUHVSRQVDELOLGDGDODHPSUHVD&20685SRUVHUODFDXVDQWHGHOGHVDVWUH
GH 3RUFR ODPHQWDEOHPHQWH HVWH MXLFLR D~Q VLJXH VX SURFHVR HO PLVPR TXH VH GLILFXOWD SRU HVWDU
LQIOXHQFLDGRSRU DVSHFWRV SROtWLFRV (QHVWHSURFHVRSDUWLFLSDURQ HO)2%20$'(&(5'(7 HO&RPLWp
&tYLFR GH 7DULMD 25.$:(7$ 2UJDQL]DFLyQ GH ORV SXHEORV LQGtJHQDV :HHQKD\HN  \ OD $VDPEOHD GHO
3XHEOR*XDUDQtGHO,WLND*XDVXGH7DULMD

(QUHVSXHVWDDODVGHPDQGDVGHSDUWDPHQWDOHVORVSUHIHFWRVGH7DULMD3RWRVt\&KXTXLVDFDSODQWHDURQ
OD SRVLELOLGDG GH OD FRQVWUXFFLyQ GH XQ GLTXH WUDQVLWRULR HQ WDQWR OD FRQVWUXFFLyQ GHO 'LTXH GH 6DQ
$QWRQLRSXHGD VHUUHDOLGDG(VWDSURSXHVWD TXH FRQWDEDFRQXQ ILQDQFLDPLHQWRGHOJRELHUQRDOHPiQ
IXH UHVLVWLGD SRU ORV SURSLHWDULRV GH ORV LQJHQLRV PLQHURV TXH GH HVWH PRGR KLFLHURQ SHOLJUDU HO
ILQDQFLDPLHQWRGHELGRDTXHXQRGHVXVUHTXLVLWRVHUDTXHWRGRVORVHPSUHVDULRVPLQHURVVHLQYROXFUHQ
FRQ HO SURJUDPD GH PLWLJDFLyQ DPELHQWDO (VWD IDOWD GH VHQVLELOLGDG IXH GXUDPHQWH FULWLFDGD SRU ODV
SREODFLRQHVDIHFWDGDV\DTXHFRQVLGHUDQTXHORVLQJHQLRVPLQHURVVRQORVSULQFLSDOHVUHVSRQVDEOHVGH
HVWHGHVDVWUHHFROyJLFR\DPELHQWDOTXHVHFRQVWLWX\HHQXQRGHORVPD\RUHVGHODKLVWRULDGH%ROLYLD
$QWH HVWD VLWXDFLyQ HO EORTXH &tYLFR GH 6XU FRQVWLWXLGR SRU ORV GHSDUWDPHQWRV GH 7DULMD 3RWRVt \
&KXTXLVDFD SLGLyDOJRELHUQRFHQWUDO OD FRQFUHFLyQGHOFUpGLWRDOHPiQGHVWLQDGRD ODFRQVWUXFFLyQGHO
GLTXHGHFRODVGH6DQ$QWRQLR
3RUVXSDUWHOD&iPDUD5HJLRQDO$JURSHFXDULDGH&KXTXLVDFD³&5$&+´LQVWDXUyXQDGHPDQGDSHQDO
TXHFRQFOX\yFRQXQDWUDQVDFFLyQRULHQWDGDDOIRUWDOHFLPLHQWRJUHPLDOGHODV]RQDVDIHFWDGDVGLULJLGDVD
SDOLDU ORV GDxRV DPELHQWDOHV D WUDYpV GH SURJUDPDV GH GHVDUUROOR SURGXFWLYR TXH GLUHFWDPHQWH
EHQHILFLDUDQ D ODV FRPXQLGDGHV FDPSHVLQDV GH ODV SURYLQFLDV 1RU \ 6XG &LQWL GH GHSDUWDPHQWR GH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
&KXTXLVDFD+DVWDHOGtDGHKR\HVWDGHPDQGDUHJLVWUDGDHQHOMX]JDGRGH&DPDUJRKDVLGROD~QLFD
DFFLyQMXGLFLDOUHIHULGDDODFRQWDPLQDFLyQGHUtR3LOFRPD\X
(QHOSODQRLQWHUQDFLRQDOVHFUHyOD&RPLVLyQ7UL1DFLRQDO%ROLYLDQR$UJHQWLQD3DUDJXD\FRQODILQDOLGDG
GHVDOYDUHOUtR3LOFRPD\XHPSHURKDVWDHOPRPHQWRHVWDFRPLVLyQQRUHDOL]yQLQJXQDDFFLyQGHFLVLYD
SDUD UHVROYHU HO SUREOHPD $O UHVSHFWR HO 3UHVLGHQWH SDUDJXD\R GH HQWRQFHV -XDQ &DUORV :DVPRV\
DGPLWLy TXH KDVWD DKRUD ODV VROXFLRQHV SODQWHDGDV SDUD FRPEDWLU OD H[WUHPD DFXPXODFLyQ GH
VHGLPHQWDFLyQ HQHVWDVDJXDVIXHURQSDUFKHVDOFRQIOLFWRDPELHQWDO
$SHVDUGHWRGDVODVDFFLRQHVUHDOL]DGDVKDVWDDKRUDPX\SRFRVHKDFRQVHJXLGRHQEHQHILFLRGHODV
FRPXQLGDGHV\SDUDVROXFLRQDUODFRQWDPLQDFLyQGHOUtR1RREVWDQWHYDULDVDOWHUQDWLYDVGHVROXFLyQDO
SUREOHPDIXHURQSURSXHVWDVHQWUHHOODVODFRQVWUXFFLyQGHGLTXHVHQODV]RQDVPLQHUDVSDUDHYLWDUTXH
FRQWLQ~HQ HFKDQGR VXV GHVHFKRV DO UtR HO PDQHMR GH OD FXHQFD PHGLDQWH VX UHIRUHVWDFLyQ \ HO
DVHVRUDPLHQWRWpFQLFRDWRGRVORVSURGXFWRUHVSDUDTXHUHDOLFHQSUiFWLFDVTXHQR SURYRTXHQHURVLyQ\OD
FRQVWUXFFLyQGHODJXQDVGHR[LGDFLyQHQWRGDVODVFLXGDGHVTXHYLHUWHQVXVDJXDVDOUtR
(OSUREOHPD GHOULy 3LOFRPD\RHVWiFUHFLHQGR GHELGRD TXHORVQLYHOHVGHFRQWDPLQDFLyQVRQPD\RUHV
FDGDYH]PD\RUHV QRVyORDFDXVDGHODUHDFWLYDFLyQPLQHUDVLQRDGHPiVSRUTXHTXHVXVHIHFWRVVRQ
DFXPXODWLYRV

)XHQWHV 5HYLVLyQ ELEOLRJUiILFD KHPHURJUiILFD \ HQWUHYLVWDV D KDELWDQWHV GH ODV SREODFLRQHV GH
6RWRPD\RU\OD0HQGR]D9LVLWDVDODVFRPXQLGDGHVGHORVFDQWRQHV3RFR3RFR\6RWRPD\RU
HQWUHYLVWDV D GLULJHQWHV GH GLIHUHQWHV VLQGLFDWRV \ PDWHULDO SHULRGtVWLFR GH 352',6
<$1$3$.81$ &(5'(7 3LOFRPD\R HVWXGLRV VREUH FRQWDPLQDFLyQ HGLWRU (GLFLRQHV
*UiILFDV(*GRFXPHQWRVGHDUFKLYRGHO)2%20$'(

3HUVRQD HQFDUJDGDGHOUHJLVWUR /XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD


0DQXHO)DUIiQ$)2%20$'( 3RWRVt
$OLSLR9DOGp])2%20$'(± 7DULMD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 0RUWDQGDGGHSHFHVSRUFRQWDPLQDFLyQGHDJXDVHQHOUtR3LUDt
8ELFDFLyQG H OFRQIOLF WR /RFDOLGDG)HUQiQGH]$ORQ]RPXQLFLSLR)HUQiQGH]$ORQ]RGHO
GHSDUWDPHQWRGH6DQWD&UX]
*HQHUDGRUGHOFRQ IOLFWR ,QJHQLR$]XFDUHUR81$*52

,QLFLDGRU GHOFRQIOLF WR +DELWDQWHVGHODV]RQDVDIHFWDGDVSULQFLSDOPHQWHORVGH)DMD


5RFDEDGR6DJUDGR&RUD]yQ\)DMD&RWRFD
5HJXODGRUGHO FRQIOLFWR )LVFDOtDGH'LVWULWR&RPLVLyQ5HJXODGRUDGHO0HGLR$PELHQWH
-X]JDGR6pSWLPRGH,QVWUXFFLyQHQOR3HQDO9LFHPLQLVWHULRGH
'HVDUUROOR6RVWHQLEOH\6XSHULQWHQGHQFLD)RUHVWDO
$IHFWDGRV KDELWDQWHVSULQFLSDOPHQWHDJULFXOWRUHV\FDxHURVGHOD
]RQD
$FWLYLGDGT XHJHQ HU DHO GDxR ([SXOVLyQGHGHVHFKRVGHODSURGXFFLyQGHD]~FDU MDUXELFKL

(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVDFRQWDPLQDQWH\PROHVWD

$UHDD IHFWDGD $SUR[LPDGDPHQWHKD

$FWLYLGDGHVDIHFWDG DV 9LYLHQGD\SLVFtFROD

5HFXUVRVDIHFWDG RV $JXDDLUHIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR $SUR[LPDGDPHQWHHQ

)HFKDLQLFLRGHOFRQIOLF WR 0D\RGH

2EMHWLYRGHORV DIHFWD GR V 'HWHQHUHOGHVDVWUHHFROyJLFR\TXHQRVHSURYRTXH


QXHYDPHQWHODPRUWDQGDGGHSHFHV
$FFLRQHVUH DOL]DGDV 'HQXQFLDVS~EOLFDV

)HFKDGH UHJLVWUR 6HSWLHPEUH

'HVFULSFLyQGHOFRQIOLFWR
'HVGHKDFHYDULRVDxRVDWUiVOD]RQDGH)HUQiQGH]$ORQ]RVHYLRDIHFWDGDSRUHOMDUXELFKL GHVHFKRGH
ODSURGXFFLyQGHD]~FDU TXH 81$*52YLHUWHUHFXUUHQWHPHQWHHQpSRFDGH ]DIUDDODUUR\RTXHSDVD
MXQWRDOLQJHQLR\DWUDYLHVDWRGDOD]RQDKDVWDOOHJDUDOUtR3LUDLFLWR
(OMDUXELFKLDIHFWDDODVSHUVRQDVDVHQWDGDVHQODVULEHUDVGHODUUR\RSRUYDULRVPRWLYRVSRUXQDSDUWH
GHELGRDOPDORORUTXHSURGXFHSRURWUDSRUTXHSURYRFDODPRUWDQGDGGHSHFHV\ILQDOPHQWHSRUTXHKD
FRQWDPLQDGRODVDJXDVVXEWHUUiQHDVGHODUHJLyQ5HVSHFWRDHVWH~OWLPRSUREOHPDXQKDELWDQWHGHOD

 (VWDHVODIHFKDHQTXHVHWRPDHQFXHQWDHOUHJLVWURKHPHURJUiILFR\ODSDUWLFLSDFLyQGHODVRFLHGDGFLYLORUJDQL]DGD
HQHO)RUR&UXFHxR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
]RQD PRVWUy TXH VX SR]R GH YHLQWLVLHWHPHWURVGH SURIXQGLGDG XELFDGR D  PHWURVGHO DUUR\R HVWi
FRQWDPLQDGRFRQMDUXELFKL2WURVKDELWDQWHVGHOD]RQDLQIRUPDURQTXHDOJXQRVYHFLQRVXWLOL]DQHODJXD
FRQWDPLQDGD SDUDUHJDUVXVFXOWLYRV$GHPiVORVYHFLQRVLQGLFDURQTXHXQDQRULDVLWXDGDDFLQFRPHWURV
GHO SR]R DQWHV PHQFLRQDGR \ FX\D SURIXQGLGDG HV GH VLHWH PHWURV WLHQH DJXDV FODUDV SHUR SURGXFH
PDOHVWDUHV HVWRPDFDOHV D~Q GHVSXpV GH KDEHU VLGR KHUYLGD &XDQGR VH UHDOL]y OD YLVLWD D OD ]RQD VH
WRPy XQD PXHVWUD GHO DJXD FRQWDPLQDGDFX\R DQiOLVLV ItVLFRTXtPLFR HQFRQWUy HOHPHQWRV FRPR FDOFLR
ELFDUERQDWRVVXOIDWRV\VyOLGRVHQPD\RUSURSRUFLyQGHORHVWDEOHFLGRHQHOUHJODPHQWRGHOD/H\
$SDUWLUGHODUHFXUUHQWHPRUWDQGDGGHSHFHVSURGXFLGDSRUODGHVFRPSRVLFLyQGHOMDUXELFKLTXHFRQVXPH
HOR[tJHQRGHODJXDVHUHDOL]DURQYDULRVHVWXGLRVDFFLRQHV\GHPDQGDVSDUDFXDQWLILFDUWDQWRODSpUGLGD
GHSHFHVFRPRHOLPSDFWRHFRQyPLFRVREUHORVFXOWLYRVGHOD]RQD &RQHVWDILQDOLGDGLQVWLWXFLRQHVFRPR
$6(2&')\OD8QLYHUVLGDG*DEULHO5HQp0RUHQRUHDOL]DURQXQVLQQ~PHURGHHVWXGLRV

/DVHVSHFLHVGHSHFHVDIHFWDGDVTXHPXHUHQSRUWRQHODGDVVRQHOVXUXEtODERJDHOSDF~ODSHYDOD
UD\DHOJHQHUDO\HOGRUDGR 'DWRREWHQLGRSRUHOLQIRUPHGHODLQVSHFFLyQGH352%,20$HQ 3RU
RWUDSDUWH ODVRQFHFRPXQLGDGHVDIHFWDGDVVRQSURGXFWRUDVGHDUUR]VR\D\FDxDGHD]~FDU\UHVSHFWR
D HVWH ~OWLPR SURGXFWR PHQFLRQDQ TXH HO QLYHO GH VDFDURVD KD GLVPLQXLGR QRWDEOHPHQWH SRU OD
FRQWDPLQDFLyQGH ODVDJXDVVXSHUILFLDOHV\ VXEWHUUiQHDV(QHVWHVHQWLGR ODV IDMDVPiVDIHFWDGDV VRQ
&RSDFDEDQD 5RFDEDGR &RWRFD 3RUWyQ H ,OOLPDQL ODV PLVPDV TXH FXHQWDQ FRQ  IDPLOLDV
DSUR[LPDGDPHQWH\FX\RVFXOWLYRVDIHFWDGRVDOFDQ]DQDXQDVKHFWiUHDV
$O UHVSHFWR HV QHFHVDULR VHxDODU TXH ODV FRPXQLGDGHV FDPSHVLQDV GH OD UHJLyQ WLHQHQ XQD UHODFLyQ
HFRQyPLFDPX\IXHUWHFRQORVLQJHQLRVTXHFRPSUDQVXSURGXFFLyQGHFDxDORTXHKDFHTXHVXDFFLRQDU
QRVHDWDQIURQWDODSHVDUGHTXH ODGLVPLQXFLyQGHORVQLYHOHVGHVDFDURVDOHVDIHFWDHFRQyPLFDPHQWH
/RVFDxDYHUDOHVFRQWDPLQDGRVWLHQHQJUDGRVGHVDFDURVDGHDJUDGRVGHSXUH]D\VXSUHFLRYDUtD
HQWUH  \  GyODUHV DPHULFDQRV OD WRQHODGD PLHQWUDV TXH ODV WLHUUDV TXH QR KDQ VLGR FRQWDPLQDGDV
SURGXFHQFDxDFRQ\JUDGRVGHVDFDURVD\VXSUHFLRHVGHGyODUHVODWRQHODGD
$ SHVDU GH TXH HO SUREOHPD HV UHFXUUHQWH \ GDWD GH PiV GH  DxRV KDVWD OD IHFKD ORV FRQIOLFWRV
JHQHUDGRV QR KDQ GDGR XQD VROXFLyQ DO SUREOHPD  (Q  HO )RUR &UXFHxR LQLFLy XQD DJUHVLYD
FDPSDxD SDUD ORJUDU TXH VHGHWHQJD OD PRUWDQGDG GH SHFHV HOORWUDMR FRPR FRQVHFXHQFLD SUREOHPDV
OHJDOHVSDUDHOUHSUHVHQWDQWHGHO)RURHQHVHHQWRQFHVDSHVDUGHTXHGLYHUVDVLQVWLWXFLRQHVJHQHUDURQ
XQD VHULHGHGDWRV WpFQLFRV TXH FHUWLILFDEDQODVFDXVDVUHDOHVGH OD PRUWDQGDGGHSHFHV \ DSXQWDEDQ
FRPRFXOSDEOHVDORVLQJHQLRVD]XFDUHURVGHOD81$*52
(Q JHQHUDO ODV DFFLRQHV OHJDOHV HPSUHQGLGDV TXH GDWDQ GHVGH  QR SXGLHURQ IUHQDU OD
FRQWDPLQDFLyQ GH ORV LQJHQLRV ,QFOXVR HQ HO FDVR GHO MXLFLR PiV VRQDGR HQ FX\R GHVDUUROOR OOHJy D
GHQRPLQDUVHFRPR ³)LVFDO (FROyJLFR´ D OD DXWRULGDGUHVSRQVDEOH GHO MXLFLR OD VHQWHQFLD IXH SULPHUR OD
DEVROXFLyQ\ GHVSXpVXQDWRWDO DPELJHGDG HQFXDQWRDTXLpQHVHUDQORVFXOSDEOHV \ ILQDOPHQWH VH
GHWHUPLQy XQD HVFDOD GH PXOWDV \ PHGLGDV GH PLWLJDFLyQ TXH QR VHDGHFXDEDQ D OD PDJQLWXG GH ORV
GDxRV SURYRFDGRV /R SDWpWLFR GH HVWH SURFHVR HV TXH PLHQWUDV VH OLEUDED GH FXOSD D ORV SUHVXQWRV
FXOSDEOHVQXHYDPHQWHPRUtDQORVSHFHVGHOUtR3LUDt

 4XHEUDFKR65//DERUDWRULRGH$JXDV\6XHORV6DQWD&UX]GHVHSWLHPEUHGH
 352%,20$,QIRUPH9LDMH,QVSHFFLyQUtR3LUDLFLWR
 352%,20$,QIRUPH9LDMH,QVSHFFLyQUtR3LUDLFLWR
 3HULyGLFR(O'HEHUGHVHSWLHPEUHGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
(O~OWLPRMXLFLRGDWDGH\HQODDFWXDOLGDGHVWiSDVDQGRGHMX]JDGRHQMX]JDGR\HOFDVRLQFOXVRIXH
WUDQVIHULGRDODVDXWRULGDGHVGH9DOOHJUDQGHSREODFLyQXELFDGDDFLHQWRVGHNLOyPHWURVGHOOXJDUGHORV
KHFKRV3RUHVWDUD]yQODVH[FXVDV\GHPiVPDQLREUDVMXGLFLDOHVQRKDQSHUPLWLGRQLMX]JDUQLVDQFLRQDU
DORVFXOSDEOHVGHOGHOLWRHFROyJLFRQLPLWLJDUHOLPSDFWRGHORVLQJHQLRVSDUDHYLWDUHOGHVDVWUHDPELHQWDO
TXHSURGXFHQ
'H HVWD PDQHUD PLHQWUDV ODV DXWRULGDGHV HQFDUJDGDV GH UHJXODU HO FRQIOLFWR GHPRUDQ ORV SURFHVRV
DUJXPHQWDQGR OD IDOWD GH SUXHEDV FRQWXQGHQWHV ORV JHQHUDGRUHV GHO GDxR QLHJDQ FXDOTXLHU
UHVSRQVDELOLGDGDOUHVSHFWR

)XHQWHV +HPHURJUiILFDV\YLVLWDVGHFDPSRSDUDHQWUHYLVWDUDDIHFWDGRV\WRPDUPXHVWUDVGHDJXD

3HUVRQDHQFDUJDGDGHOUHJLVWUR6DUD&UHVSR\)HUQDQGR)LJXHURD )2%20$'( 6DQWD &UX]

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 5HGXFFLyQGHODDFWLYLGDGSLVFtFRODHQ9LOODPRQWHV
8ELFDFLyQG H OFRQIOLF WR 5tR3LOFRPD\RPXQLFLSLRVGH9LOODPRQWHV2
&RQQRU(O
3DOPDU\6XG&KLFKDVGHORVGHSDUWDPHQWRVGH7DULMD3RWRVt\
&KXTXLVDFD
*HQHUDGRUGHOFRQ IOLFWR (PSUHVDV0LQHUDVSHWUROHUDVODVFLXGDGHVTXHHFKDQORV
GHVHFKRVELROyJLFRVDOUtR\ODGHIRUHVWDFLyQ
,QLFLDGRU GHOFRQIOLF WR &HQWURGH'HVDUUROOR3HVTXHURGH7DULMD &'3

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH

$IHFWDGRV  KDELWDQWHVGH:HHQKD\HN\GH*XDUDQt

$FWLYLGDGT XHJHQ HU DHO GDxR &RQWDPLQDFLyQGHOUtR3LOFRPD\RSRUGLIHUHQWHVDFWLYLGDGHV

(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH\SHOLJURVD

$UHDD IHFWDGD 7RGRHOUtR3LOFRPD\R

$FWLYLGDGHVDIHFWDG DV 3LVFtFROD\FRPHUFLDO

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 'HVGHODpSRFDGHODFRORQLD

)HFKDLQLFLRGHOFRQIOLF WR 6HSWLHPEUHGH

2EMHWLYRGHORV DIHFWD GR V 0HMRUDUODFDQWLGDG GHSURGXFFLyQSHVTXHUDGHOUtR3LOFRPD\R

$FFLRQHVUH DOL]DGDV 0RQLWRUHRGHSURGXFFLyQSHVTXHUD\GHQXQFLDS~EOLFD

)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
/D SURGXFFLyQ SHVTXHUD KD VXIULGR XQD GLVPLQXFLyQ PX\ GUiVWLFD HQ  OOHJy D  70 \ IXH
GLVPLQX\HQGRKDVWDOOHJDUD70HQ3RURWUDSDUWHHOWDPDxRGHORVSHFHVSULQFLSDOPHQWHGHO
ViEDORWDPELpQKDGLVPLQXLGRFRQVLGHUDEOHPHQWH
/D SHVFD FRPHUFLDO HV XQD DFWLYLGDG TXH HQ OD UHJLyQ VH UHDOL]D VyOR HQWUH ORV PHVHV GH PD\R \
VHSWLHPEUH \D TXH D PHGLDGRV GH HVWH ~OWLPR PHV VH GHFUHWD ODYHGD KDVWDHO SUy[LPR DxR \ VyOR OD
SHVFDGHVXEVLVWHQFLDFRQWLQ~D\DTXHODVSREODFLRQHVTXHKDELWDQHQODULEHUDGHOUtRFRPRHVHOFDVR
GHORVZHHQKD\HN\JXDUDQtHVVHDOLPHQWDQSULQFLSDOPHQWHGHSHVFDGR

 (OUtR3LOFRPD\XHVGHQRPLQDGR3LOFRPD\RHQORVGHSDUWDPHQWRVHQORVTXHQRVHKDEODHOLGLRPDTXLFKXD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
&RPRIUXWRGHXQVLVWHPiWLFRPRQLWRUHRGHODSURGXFFLyQSHVTXHUDUHDOL]DGDSRUODHQWLGDGHQFDUJDGD
GHOFRQWUROGHODSHVFDGHOViEDOR\WRPDQGRHQFXHQWDORVHVWXGLRVHODERUDGRVSRUHO&(5'(7VREUHOD
FRQWDPLQDFLyQ GHO UtR 3LOFRPD\R VHGHQXQFLy S~EOLFDPHQWH OD DODUPDQWHGLVPLQXFLyQ HQ OD SURGXFFLyQ
SHVTXHUDOD PLVPD TXH HVWDEDDIHFWDQGRVHULDPHQWHDODHFRQRPtDGH ODVSREODFLRQHVLQGtJHQDVTXH
YLYHQGHODSHVFD
(Q HVWH VHQWLGR WDQWR HO SXHEOR :HHQKD\HN FRPR HO*XDUDQt DODUPDGRVSRU HVWDVLWXDFLyQ UHDOL]DURQ
UHXQLRQHVFRPXQDOHV \ WDOOHUHV UHJLRQDOHV FRQ OD ILQDOLGDG GH KDFHU FRQRFHU VX SUHRFXSDFLyQ \ EXVFDU
DOWHUQDWLYDVGHVROXFLyQDOFRQIOLFWR$GHPiVH[LJLHURQDOJRELHUQRQDFLRQDOTXHDVXPDXQDSROtWLFDFODUD
GHGHIHQVD GHOUtR\GHOViEDORTXHHVHOSHVFDGRPiVDSUHFLDGRHQHOPHUFDGRQDFLRQDOHLQWHUQDFLRQDO
3RURWUDSDUWHVHHODERUyXQDILFKHFRQHOVLJXLHQWHHVORJDQ1XHVWURVUtRVVRQQXHVWUDYLGDVHUiODGH
QXHVWURVKLMRV"SDUDPRVWUDUODSUHRFXSDFLyQUHVSHFWRD ODGLVPLQXFLyQGHODSHVFD\HODXPHQWRGHOD
FRQWDPLQDFLyQ 'H HVWD PDQHUD VH LQLFLy XQD FDPSDxD HQ WRGDV ODV FRPXQLGDGHV DIHFWDGDV \ HQ ODV
FLXGDGHVSDUDORJUDUHODSR\RGHODSREODFLyQVREUHHVWHFRQIOLFWRPLHQWUDVHOPLVPRQRVHDVROXFLRQDGR
/D FDPSDxD VH UHDOL]y D WUDYpV GH UHXQLRQHV FRPXQDOHV DVDPEOHDV GH ORV SXHEORV :HHQKD\HN \
*XDUDQtGHQXQFLDVHQORVPHGLRVGHFRPXQLFDFLyQ\UHXQLRQHVFRQODVDXWRULGDGHV
/DVFDXVDVGHHVWHFRQIOLFWRVRQSULQFLSDOPHQWHODVDFWLYLGDGHVGHODVHPSUHVDVPLQHUDV\ODVFLXGDGHV
TXHHFKDQVXVGHVHFKRVDOUtR$OUHVSHFWRODVHPSUHVDVPLQHUDVQRKDQKHFKRFDVLQDGDSDUDHYLWDUOD
FRQWDPLQDFLyQ\DGHPiVVHQHJDURQDDVXPLUORVFRVWRVGHODFRQVWUXFFLyQGHXQDUHSUHVDGHVWLQDGDD
FRQWHQHU VXV GHVKHFKRV 3RU VX SDUWH OD PD\RUtD GH ODV FLXGDGHV ULEHUHxDV QR FXHQWD FRQ ODV WDQ
QHFHVDULDVODJXQDVGHR[LGDFLyQ\VXVDXWRULGDGHVHOXGHQHVWDUHVSRQVDELOLGDGDUJXPHQWDQGRODIDOWDGH
UHFXUVRVHFRQyPLFRVSDUDFXEULUGLFKRVSUR\HFWRV
3RU RWUD SDUWH GHELGR DO SUREOHPD GH HURVLyQ TXH VXIUH JUDQ SDUWH GH OD UHJLyQ VH KD SODQWHDGR OD
QHFHVLGDG GH UHDOL]DU XQ PDQHMR LQWHJUDO GH OD FXHQFD SHUR OD &RPLVLyQ 7ULQDFLRQDO TXLpQ HV OD
HQFDUJDGD GH HVWH WHPD QR VH KD PRYLOL]DGR KDVWD DKRUD SDUD UHVROYHU HO SUREOHPD \ FRQ pVWH HO
FRQIOLFWR

3RU VX SDUWH HO 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 3ODQLILFDFLyQ QR KD GDGR PXHVWUDV GH
LQWHUHVDUVHHQVROXFLRQDUHVWRVSUREOHPDV\DSHVDUGHHVWDULQIRUPDGRVGHVXJUDYHGDGQRKDQ
SURFHGLGRDH[LJLUDORVFRQWDPLQDGRUHVHOFXPSOLPLHQWRGH ODOHJLVODFLyQDPELHQWDO

)XHQWHV ,QIRUPH DQXDOGH$'(3(6&$ ,QJ0DUFR$*XHUUHUR&(5'(73LOFRPD\RHVWXGLRV


VREUHFRQWDPLQDFLyQHGLWRU(GLFLRQHV*UiILFDV(*

3HUVRQDHQFDUJDGDGHOUHJLVWUR $OLSLR9DOGp])2%20$'(± 7DULMD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHODTXHEUDGD'HOSRUHO,QJHQLRD]XFDUHUR
8ELFDFLyQGHOFRQIOLFWR $NPGHODFLXGDG%HUPHMRSURYLQFLD$UFH
GHSDUWDPHQWRGH7DULMD
*HQHUDGRUGHOFRQIOLFWR ,QGXVWULDV$JUtFRODVGH%HUPHMR
,QLFLDGRUGHOFRQIOLFWR )2%20$'(\OD8QLYHUVLGDG$XWyQRPD-XDQ0LVDHO
6DUDFKR 8$-06
5HJXODGRUGHOFRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH
$IHFWDGRV 3REODFLyQGH%HUPHMR
$FWLYLGDGTXHJHQHUDHOGDxR 3URGXFFLyQD]XFDUHUD
(OGDxRJHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH
/DDFWLYLGDGHV 3HOLJURVD\FRQWDPLQDQWH
$UHDDIHFWDGD KD
$FWLYLGDGHVDIHFWDGDV $JURSHFXDULD\SLVFtFROD
5HFXUVRVDIHFWDGRV $JXDIORUDIDXQD\VDOXG
)HFKDGHLQLFLRGHOGDxR $xRGH
)HFKDLQLFLRGHOFRQIOLFWR 0D\RGH
2EMHWLYRGHORVDIHFWDGRV $FDEDUFRQODFRQWDPLQDFLyQ\UHFXSHUDUODViUHDV
DIHFWDGDV
$FFLRQHVUHDOL]DGDV 8QHVWXGLRGHFRQWDPLQDFLyQGHODTXHEUDGD'HOSRU
ORVGHVHFKRVGHPHOD]DGHQXQFLDS~EOLFDGHODDFFLyQ
WDOOHUGHO)2%20$'(\H[LJHQFLDGHPDQLILHVWR
DPELHQWDO
)HFKDGHUHJLVWUR GHDJRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
'HVGHTXHLQLFLyVXVODERUHVHOLQJHQLRD]XFDUHURKDFRQWDPLQDQGRODTXHEUDGD'HOGRQGH
GHSRVLWDWRGRVORVGHVHFKRVGHODIDEULFDFLyQGHD]~FDU(QODDFWXDOLGDGODTXHEUDGD'HO QR
WLHQHQLQJXQDFODVHGHYLGDSRUORTXHVXUHFXSHUDFLyQHVGLItFLO
$QWH HVWD VLWXDFLyQ HO )2%20$'( SUHRFXSDGR SRU ODV GHQXQFLDV GH ODV RUJDQL]DFLRQHV GH
%HUPHMR KD UHDOL]DGR XQ VHPLQDULR SDUD GLVFXWLU \ DQDOL]DU OD FRQWDPLQDFLyQ RFDVLRQDGD SRU
,QGXVWULDV$JUtFRODVGH%HUPHMRDSDUWLUGHOFXDOVHGHFLGLyUHDOL]DUODGHQXQFLDS~EOLFD\H[LJLU
DODVDXWRULGDGHVFRUUHVSRQGLHQWHVODVROXFLyQGHHVWHFRQIOLFWR3DUDUHVSDOGDUHVWDGHQXQFLDOD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
8QLYHUVLGDG UHDOL]y XQ HVWXGLR GH FRQWDPLQDFLyQ GH GLFKD TXHEUDGD GHPRVWUDQGR GH HVWD
PDQHUDTXHHVWiSUiFWLFDPHQWHPXHUWD
(QODDFWXDOLGDGVHHVWiH[LJLHQGRDOD6HFUHWDULDGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWHGH
OD3UHIHFWXUDGH7DULMDTXHXWLOLFHWRGDVODVPHGLGDVQHFHVDULDVSDUDTXHHO,QJHQLRSUHVHQWHVX
PDQLILHVWR DPELHQWDO \ SURFHGD D UHDOL]DU ODV DFFLRQHV QHFHVDULDV SDUD WHUPLQDU FRQ OD
FRQWDPLQDFLyQ\ODSRVWHULRUUHFXSHUDFLyQGHODTXHEUDGD
&RPRHQODPD\RUSDUWHGHORVFRQIOLFWRVDPELHQWDOHVGHOSDtVODIDOWDGHFODULGDGHQODVSROtWLFDV
DPELHQWDOHVGLILFXOWDQHOFXPSOLPLHQWRGHOD/H\GHO0HGLR$PELHQWH\VXUHJODPHQWDFLyQUD]yQ
SRU OD TXH OD VRFLHGDG FLYLO RUJDQL]DGD GHEH UHDOL]DU ODV DFFLRQHV SDUD REOLJDU DO JRELHUQR HO
FXPSOLPLHQWRGHOD/H\
1RVHWLHQHXQDSRVLFLyQGHORVJHQHUDGRUHVGHO FRQIOLFWRQLXQDSURSXHVWDFODUDGHVROXFLyQDO
PLVPR VRODPHQWH VH OLPLWDQ D LQGLFDU TXH HO PDQLILHVWR DPELHQWDO TXH WRGDYtD QR VH KD
SUHVHQWDGRYDDLQGLFDUODVPHGLGDVGHPLWLJDFLyQDVHUHMHFXWDGDV

)XHQWHV0HPRULDGHO6HPLQDULR7DOOHU)2%20$'((VWXGLRGHFRQWDPLQDFLyQGHODTXHEUDGD
HOQXHYH,,(0$8$-06

3HUVRQDHQFDUJDGDGHOUHJLVWUR *RQ]DOR0RQWDxR)2%20$'( 7DULMD




)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 'UDJDGRGHOFDQDO7DPHQJRSDUDODFRQVWUXFFLyQGHOD+LGURYtD3DUDJXD\
 3DUDQi
8ELFDFLyQG H OFRQIOLF WR 3XHUWR6XiUH]SURYLQFLD*HUPiQ%XVFKGHOGHSDUWDPHQWRGH
6DQWD&UX]
*HQHUDGRUGHOFRQ IOLFWR *RELHUQRVGH%ROLYLD%UDVLO8UXJXD\3DUDJXD\\$UJHQWLQD
(Q%ROLYLD&iPDUDGH([SRUWDGRUHVGH%ROLYLD
,QLFLDGRU GHOFRQIOLF WR &DPSHVLQRVLQGtJHQDVDFDGpPLFRVSHULRGLVWDV&RPLWp&tYLFR
27%V\)RUR&UXFHxRHQWUHRWURV
5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ
6XESUHIHFWXUD\$OFDOGtD
$IHFWDGRV 3HVFDGRUHVFDPSHVLQRVLQGtJHQDV\SREODFLyQORFDO

$FWLYLGDGT XHJHQ HU DHO GDxR 'UDJDGRGHOFDQDO7DPHQJR\REUDGHLQJHQLHUtD

(OGDxR JHQHUDGR <DVHSURGXMR

/DDFWLYLGDGHV 3HOLJURVDFRQWDPLQDQWH\PROHVWD

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV $JURSHFXDULD\SLVFtFROD

5HFXUVRVDIHFWDG RV $JXDIORUDIDXQD\VDOXG

,QYHUVLyQG H OJHQH UDGR U GyODUHVVyORSDUDHOGUDJDGR

)HFKDGHL QLFL RGHOGDxR (QHURGH

)HFKDLQLFLRGHOFRQIOLF WR -XQLRGH

2EMHWLYRGHORV DIHFWD GR V &RQRFHUDIRQGRHOSUR\HFWR\KDFHUVHJXLPLHQWRDODVREUDV


GHGUDJDGR
$FFLRQHVUH DOL]DGDV 2EWHQFLyQGHLQIRUPDFLyQVREUHHOSUR\HFWRFRRUGLQDFLyQFRQ
RUJDQL]DFLRQHVGHOOXJDU\21*VUHDOL]DFLyQGHUHXQLRQHV
VHPLQDULR\FRORTXLR\FDPSDxDVGHVHQVLELOL]DFLyQ
)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
(O SUR\HFWR GH FRQVWUXFFLyQ GH OD +LGURYtD 3DUDJXD\3DUDQi HVWi VLHQGR DXVSLFLDGR SRU HO %DQFR
,QWHUDPHULFDQR GH 'HVDUUROOR %,'  \ DOHQWDGR SRU ORV H[SRUWDGRUHV GH JUDQRV PLQHUDOHV \ UHFXUVRV
IRUHVWDOHV(QHOFDVRGHOGUDJDGRGHOFDQDO7DPHQJROD&iPDUDGH([SRUWDGRUHVGH%ROLYLD &$'(; 
IXHODTXHLPSXOVyHOPLVPR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
3DUDORJUDUTXHHOUtRVHDQDYHJDEOHORVGtDVGHODxR\ODVKRUDVGHOGtDHVQHFHVDULRUHDOL]DU
PRGLILFDFLRQHV LPSRUWDQWHV D VX FXUVR HQWUH ODV TXH VH SXHGH VHxDODU OD UHFWLILFDFLyQ GH FXUYDV OD
UHPRFLyQGHVXSHUILFLHVURFRVDV\ODSURIXQGL]DFLyQGHVXOHFKR
(O SUR\HFWR +LGURYtD WDO FRPR HVWi SODQWHDGR DXPHQWDUi OD IXHU]D GHO IOXMR GHO UtR SURYRFDUi
SULQFLSDOPHQWH VHTXtDV HQ ODV SDUWHV DOWDV H LQXQGDFLRQHV HQ ODV SDUWHV EDMDV \ OD PRGLILFDFLyQ HQ HO
FDXVHGHOUtRWHQGUiQLPSDFWRVDFXPXODWLYRVFX\DVFRQVHFXHQFLDVVRQLQVRVSHFKDGDVSXHVDIHFWDUiQDO
3DQWDQDOTXHHVXQRGHORVKXPHGDOHVPiVLPSRUWDQWHVGHOPXQGRSRUVXIXQFLyQUHJXODGRUDGHOIOXMR
KtGULFR\SRUODJUDQELRGLYHUVLGDGTXHSRVHH
3DUDHQFDUDUHOPHJDSUR\HFWRTXHWLHQHXQiUHDGHLQIOXHQFLDGHKHFWiUHDV\DIHFWDDPLOORQHV
GHSHUVRQDVDSUR[LPDGDPHQWHORVFLQFRSDtVHVLQYROXFUDGRVFRQIRUPDURQXQ&RPLWp,QWHUJXEHUQDPHQWDO
GHOD+LGURYtD &,+ HQXQDYH]TXHVHDSUREyODYLDELOLGDGHFRQyPLFD\ORVHVWXGLRVGHIDFWLELOLGDG
DVtFRPRHOHVWXGLRGHLPSDFWRDPELHQWDOILQDQFLDGRVSRUHO318'\HO%,'
1RREVWDQWHHO&,+WXYRTXHPRGLILFDUHOSURJUDPDGHHMHFXFLyQGHOSUR\HFWR\HPSUHQGHUVXUHDOL]DFLyQ
SRUSDUWHVDQWHODRSRVLFLyQRUJDQL]DGDGHODVRFLHGDGFLYLOGHORVFLQFRSDtVHVTXHUHDOL]DURQHVWXGLRV
LQGHSHQGLHQWHV\GHPRVWUDURQVXLQYLDELOLGDGHFRQyPLFDDVtFRPRODIDOWDGHVHULHGDGGHVXVHVWXGLRVGH
HYDOXDFLyQGHLPSDFWRDPELHQWDO
8QD GH ODV REUDV GH PD\RU LPSRUWDQFLD SDUD OD FRQVWUXFFLyQ GH OD +LGURYtD HV HO GUDJDGR GHO FDQDO
7DPHQJR GHELGR D OD FDQWLGDG GH VHGLPHQWRV TXH VH GHEH UHPRYHU (VWH GUDJDGR IXH UHDOL]DGR VLQ
FRQVLGHUDU ORV HIHFWRV TXH SRGUtD RFDVLRQDU (QWUH VXV HIHFWRV SULPDULRV VH VHxDOD SULQFLSDOPHQWH OD
FRQWDPLQDFLyQ GH DJXDV SRU OD UHPRFLyQ GH VHGLPHQWRV TXH SRVHHQ UHVLGXRV GH PHWDOHV GH
DJURTXtPLFRV H LQFOXVR GH KHFHV IHFDOHV (Q HO FDVR GH OD /DJXQD &iFHUHV GRQGH QDFH HO FDQDO
7DPHQJRHOHIHFWRVREUHODSREODFLyQHVJUDYH\DTXHpVWDSURYHHGH DJXDSDUDFRQVXPRKXPDQRDOD
&RRSHUDWLYDGH$JXDV³/D3RUWHxD´GH3XHUWR6XiUH] (QWUHORVHIHFWRVVHFXQGDULRVSRGHPRVPHQFLRQDU
HOKHFKRGHTXHODUHPRFLyQGHVHGLPHQWRV\VXGHSRVLFLyQHQODVRULOODVGHOFDQDOKDQSURYRFDGRTXHOD
ODJXQD VH OOHQH GH ORGR DIHFWDQGR GH PDQHUD GLUHFWD D ORV SHVFDGRUHV TXLpQHV REOLJDGRV SRU HVD
FLUFXQVWDQFLDDPSOLDURQVXVIURQWHUDVGHSHVFD\KDQOOHJDGRLQFOXVRDLQWHUQDUVHHQiUHDVSURWHJLGDV
2WURGHORVIDFWRUHVVHFXQGDULRVTXHQRIXHWRPDGRHQFXHQWDHVHOLQFHQWLYRDODPRQRSURGXFFLyQGH
VR\D FX\R DXPHQWR \ FRQVHFXHQWH DPSOLDFLyQ GH OD IURQWHUD DJUtFROD UHSHUFXWH SULQFLSDOPHQWH HQ ORV
ERVTXHVGHODUHJLyQ
$QWH HVWD VLWXDFLyQ YDULRV VHFWRUHV GH OD SREODFLyQ FLYLO EROLYLDQD H LQWHUQDFLRQDO KLFLHURQ FRQRFHU VX
RSRVLFLyQHVWDPRYLOL]DFLyQWDPELpQLPSXOVyDTXHVHRUJDQLFHHO)RUR5HJLRQDOGHOD3URYLQFLD*HUPiQ
%XVFK FRQ VHGH HQ 3XHUWR 6XiUH] 6LQ HPEDUJR QL OD FRQIRUPDFLyQ GHO )RUR UHJLRQDO QL ODV DFFLRQHV
UHDOL]DGDVKDVWDODIHFKDSXGLHURQHYLWDUODHMHFXFLyQGHODREUDTXHVHLQDXJXUyHOGHQRYLHPEUHGH

1R REVWDQWH ODV DFFLRQHV GH OD VRFLHGDG FLYLO RULJLQDURQ UHDFFLRQHV VREUH WRGR GH SDUWH GH ORV
JHQHUDGRUHV TXLHQHV LQVLVWHQ HQ TXH ORV LPSDFWRV DPELHQWDOHV VRQ PtQLPRV DXQTXH OD UHDOLGDG ORV
FRQWUDGLFH\DTXHHOGUDJDGRGHOFDQDO7DPHQJRKDUHSHUFXWLGRGHPDQHUDGLUHFWDHQOD/DJXQD&iFHUHV
\HQODYLGDGHODVSHUVRQDVTXH\DVHDSDUDODSHVFDRSDUDGRWDUVHGHDJXDSRWDEOHGHSHQGHQGHHOOD
(Q OD DFWXDOLGDG HO )RUR 5HJLRQDO GH OD 3URYLQFLD *HUPiQ %XVFK XELFDGR HQ 3XHUWR 6XiUH] HVWi
HQFDUDQGRODSRVLELOLGDGGHFRQVHJXLUODUHDOL]DFLyQGHXQHVWXGLRKLGUROyJLFRGHOVLVWHPD7DPHQJRTXH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
SHUPLWD LGHQWLILFDU VROXFLRQHV SDUD UHYHUWLU HO GHWHULRUR FDXVDGR SRU ORV VHGLPHQWRV DFXPXODGRV HQ OD
ODJXQD&iFHUHV
3RU VX SDUWH OD FRRSHUDWLYD GH SHVFDGRUHV FRQ OD ILQDOLGDG GH HQFRQWUDU DOWHUQDWLYDV GH
DSURYHFKDPLHQWR VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV HVWi DQDOL]DQGR HO GHVDUUROOR GH DFWLYLGDGHV
HFRWXUtVWLFDVJHVWLRQDGDVSRUORVSREODGRUHVORFDOHVHQHO 3DQWDQDO

&RPHQWDULRV
6REUHODWHPSRUDOLGDGGHOFRQIOLFWRKD\TXHGLIHUHQFLDUGRVPRPHQWRVSULPHURODRSRVLFLyQDOSUR\HFWR
SULQFLSDOPHQWHLPSXOVDGDSRURUJDQL]DFLRQHV³FRQVHUYDFLRQLVWDV´TXHGDWDGHVGH \VHJXQGRODV
DFFLRQHV FRQFUHWDVUHDOL]DGDV SRU SDUWH GH ODV SREODFLRQHVORFDOHVTXH VH LQLFLDQ HQ  (O )RUR GH
3XHUWR 6XiUH] VH FUHy HQ DJRVWR GH  \ ODV PDQLIHVWDFLRQHV S~EOLFDV ORFDOHV GH FDPSHVLQRV
PDHVWURV27%VSHVFDGRUHV21*VSHULRGLVWDVHLQGtJHQDVHQVHQWLGRGHTXHHOGUDJDGRVyOREHQHILFLD
DORVHPSUHVDULRVVLQGHMDUQDGDPiVTXHLPSDFWRVQHJDWLYRVHQODUHJLyQUHFLpQIXHFRQRFLGDHQIHFKD
GHODLQDXJXUDFLyQGHO&DQDO7DPHQJRHVGHFLUHQQRYLHPEUHGH

)XHQWHV 5HYLVLyQKHPHURJUiILFD\ELEOLRJUiILFDHQWUHYLVWDV DSREODGRUHVGH3XHUWR6XiUH]\&DUPHQ


5LYHUR7yUUH]

3HUVRQDHQFDUJDGDGHOUHJLVWUR+HQU\0*XDUGLD0)2%20$'( 6DQWD&UX]

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQVWUXFFLyQGHUHSUHVDV/DV3DYDV$UUD]D\DO\&DPEDUt
8ELFDFLyQG H OFRQIOLF WR 5tRV*UDQGH\%HUPHMRGHODSURYLQFLD$UFHGHOGHSDUWDPHQWR
GH7DULMD\GHODUHS~EOLFD$UJHQWLQD
*HQHUDGRUGHOFRQ IOLFWR &RPLVLyQ5HJLRQDOGHOD&XHQFDGHO%HUPHMR &25(%( 
&RPLVLyQ%LQDFLRQDOGHOD&XHQFDGHO%HUPHMR
,QLFLDGRU GHOFRQIOLF WR )2%20$'(\ODVFRPXQLGDGHVDIHFWDGDV

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ

$IHFWDGRV IDPLOLDVGHFLQFRFRPXQLGDGHVFDPSHVLQDV

$FWLYLGDGT XHJHQ HU DHO GDxR &RQVWUXFFLyQGHWUHVUHSUHVDVGHJUDQPDJQLWXG

(OGDxR JHQHUDGR 6HSURGXFLUi

/DDFWLYLGDGHV &RQWDPLQDQWH

$UHDD IHFWDGD 1RHVWDHVWLPDGD

$FWLYLGDGHVDIHFWDG DV $JURSHFXDULDSLVFtFROD\YLYLHQGD

5HFXUVRVDIHFWDG RV $JXDIORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR 1RVHKDLQLFLDGR

)HFKDLQLFLRGHOFRQIOLF WR GHMXOLRGHO

2EMHWLYRGHORV DIHFWD GR V ,PSHGLUODFRQVWUXFFLyQGHODVUHSUHVDV

$FFLRQHVUH DOL]DGDV 7DOOHUGHGLVFXVLyQGHOWHPDUHXQLRQHVFRPXQDOHVGH


LQIRUPDFLyQFRQIRUPDFLyQGHO&RPLWpGH'HIHQVDGHODV
&RPXQLGDGHVUHXQLRQHVFRQOD)HGHUDFLyQ6LQGLFDO8QLFDGH
7UDEDMDGRUHV&DPSHVLQRVGH7DULMDUHXQLRQHVFRQHO&RPLWp
&tYLFROD3UHIHFWXUD\SDUODPHQWDULRVSDUDGHWHQHUHOSUR\HFWR
)HFKDGH UHJLVWUR GHDJRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
(VWHSUR\HFWRIXHGHILQLGRPHGLDQWHXQFRQYHQLRELQDFLRQDOGHQRPLQDGRHO$FXHUGRGH2UiQHQWUHORV
JRELHUQRV GH %ROLYLD \ OD $UJHQWLQD TXLHQHV D WUDYpV GH VXV UHVSHFWLYDV FDQFLOOHUtDV SDUWLFLSDQ HQ OD
&RPLVLyQ%LQDFLRQDOGHOD&XHQFDGHO%HUPHMR(O$FXHUGRGH2UiQIXHUDWLILFDGRHQWRGRVVXVWpUPLQRV
SRU HO &RQJUHVR GH %ROLYLD PHGLDQWH /H\  GHO  GH RFWXEUH GH  \ SRU HO &RQJUHVR GH OD
$UJHQWLQDPHGLDQWH/H\GHOGHPD\RGHO
(QHVWHDFXHUGRVHDSUXHEDTXHODUHDOL]DFLyQGHOSUR\HFWRVHHODERUDUiPHGLDQWHXQQXHYRSURJUDPD
GHFRPSXWDFLyQOODPDGR'DWD5RRPTXHFRQVLVWHHQTXHHOSUR\HFWRVHYD\DFRQVWUX\HQGRDPHGLGD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
TXHDYDQ]DQORVHVWXGLRVGHIDFWLELOLGDG'HHVWDPDQHUDHOSUR\HFWRVyORHVWDUitQWHJUDPHQWHFRQFOXLGR
FXDQGRVH OLFLWHODREUD PLHQWUDV WDQWRVHLPSLGHTXH HOSUR\HFWRVHDFRQRFLGRHQ VX WRWDOLGDG\FRQ
HVWHSUHWH[WRORVUHVSRQVDEOHVDUJXPHQWDQTXHQRVHSXHGHGDUPD\RULQIRUPDFLyQ
(VWH SUR\HFWR WLHQH XQD LQYHUVLyQ SUHYLVWD GH  PLOORQHV GH GyODUHV DPHULFDQRV \ VX REMHWLYR HV OD
JHQHUDFLyQGHHQHUJtDKLGURHOpFWULFD\ODUHJXODFLyQGHDJXDOLPSLDSDUDULHJRGHPiVGHKHFWiUHDV
ODPD\RUSDUWHHQWHUULWRULRDUJHQWLQR
6LQ HPEDUJR ORV LPSDFWRV TXH SURYRFDUi HVWH SUR\HFWR WHQGUiQ IXHUWHV HIHFWRV HQ %ROLYLD HQWUH HOORV
SRGHPRVPHQFLRQDU

x 0RGLILFDFLyQGHORVSURFHVRVHFROyJLFRV\GHORVHFRVLVWHPDVDIHFWDQGRHOKiELWDWQDWXUDOGHYDULRV
DQLPDOHVGHODVGRVUHVHUYDVGHOD]RQD7DULTXLD\%DULW~
x ,QXQGDFLyQGHOGHODUHVHUYDGH7DULTXLD
x ,QXQGDFLyQGHJUDQFDQWLGDGGHWLHUUDVDJUtFRODVHQSURGXFFLyQ
x ,PSDFWRVVRFLDOHVQHJDWLYRVDOREOLJDUDIDPLOLDVDWUDVODGDUVHDRWURVOXJDUHV
x ,QXQGDFLyQGHiUHDVERVFRVDV\SpUGLGDGH PXFKDVHVSHFLHVIRUHVWDOHV
$QWHHVWDVLWXDFLyQHO)2%20$'(3520(7$\ODVFRPXQLGDGHVSRWHQFLDOPHQWHDIHFWDGDVRUJDQL]DURQ
XQDWDOOHUHQODFLXGDGIURQWHUL]DGH%HUPHMRSDUDGHQXQFLDUS~EOLFDPHQWHHVWDVLWXDFLyQ(QGLFKRWDOOHU
SDUWLFLSDURQ WRGDV ODV FRPXQLGDGHV DIHFWDGDV ODV RUJDQL]DFLRQHV GH EDVH H LQYLWDGRV GH GLIHUHQWHV
LQVWLWXFLRQHV3RVWHULRUPHQWHFRQHODSR\RGH3520(7$ODVFRPXQLGDGHVDXVSLFLDURQUHXQLRQHVFRQHO
&RPLWp&tYLFRGH7DULMDSDUDGHEDWLUVREUHHOWHPD6LQHPEDUJRHO&RPLWp&tYLFRGHFLGLyGHIHQGHUVXV
SRVLEOHVUHJDOtDV\QRRSRQHUVHDODFRQVWUXFFLyQGHHVWDVUHSUHVDV
$ SDUWLU GH HVWD H[SHULHQFLD VH FRQIRUPy HO &RPLWp GH 'HIHQVD FRQ GHOHJDGRV GH ODV FLQFR
FRPXQLGDGHV DIHFWDGDV \ SRU OD )HGHUDFLyQ GH &DPSHVLQRV $FWR VHJXLGR HO &RPLWp GH 'HIHQVD
RUJDQL]y UHXQLRQHV FRQ OD 3UHIHFWXUD \ ORV SDUODPHQWDULRV SDUD VROLFLWDUOHV TXH VH RSRQJDQ D OD
FRQVWUXFFLyQGH ODV UHSUHVDV DUJXPHQWDQGRORVGDxRV DPELHQWDOHV \ HFROyJLFRV TXH VH RFDVLRQDUtDQ
HVSHFLDOPHQWHDODVUHVHUYDVGHIORUD\IDXQDGH7DULTXLD\%DULW~\ORVGDxRVVRFLDOHV\HFRQyPLFRV
TXHFDXVDUtDQDODVSREODFLRQHVORFDOHV
(QOD$UJHQWLQDWDPELpQVHUHDOL]DURQDFFLRQHVSDUDGHWHQHUHVWHSUR\HFWR\HO&ROHJLRGH$ERJDGRVGH
OD FLXGDG GH 6DOWD LQLFLy XQ MXLFLR GH UHVSRQVDELOLGDGHV DO JRELHUQR DQWH HO &RQJUHVR 1DFLRQDO (VWDV
DFFLRQHV KDQ SHUPLWLGR TXH HO JRELHUQR GH OD $UJHQWLQD GHFLGD VXVSHQGHU HO SUR\HFWR KDVWD OD QXHYD
HOHFFLyQSUHVLGHQFLDOGHHVHSDtV6LQHPEDUJRWDPELpQGHFLGLyTXH\DQRILQDQFLDUiHVWHSUR\HFWR\TXH
FRQYRFDUtDDODHPSUHVDSULYDGDSDUDTXHVHKDJDFDUJRGHOPLVPR
(Q OD DFWXDOLGDG ODV RUJDQL]DFLRQHV VH HQFXHQWUDQ HQ DOHUWD DQWH FXDOTXLHU FDPELR GH GHFLVLyQ GH OD
FRPLVLyQELQDFLRQDO

)XHQWHV &RPLVLyQ%LQDFLRQDO&25(%(,QIRUPHVGHO)2%20$'(3520(7$\&RPLWp&tYLFRGH
7DULMD

3HUVRQDHQFDUJDGDGHOUHJLVWUR$OLSLR9DOGp])2%20$'( 7DULMD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 3HVFDFRPHUFLDOFODQGHVWLQDHQHO%HQL
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRVGH6DQ-RDTXtQ\0DJGDOHQDGHODVSURYLQFLDV
0DPRUpH,WHQH]GHOGHSDUWDPHQWRGHO%HQL
*HQHUDGRUGHOFRQ IOLFWR 3HVFDGRUHVEUDVLOHURV

,QLFLDGRU GHOFRQIOLF WR 6XEFHQWUDO,QGtJHQD

5HJXODGRUGHO FRQIOLFWR 8QLGDGGH9LGDVLOYHVWUH\&HQWURGH'HVDUUROOR3HVTXHUR

$IHFWDGRV KDELWDQWHVGHODUHJLyQ

$FWLYLGDGT XHJHQ HU DHO GDxR 3HVFDFRPHUFLDOLOHJDO

(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR

/DDFWLYLGDGHV 'HSUHGDGRUD

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV 3LVFtFROD\FRQVHUYDFLyQGHIDXQDVLOYHVWUH

5HFXUVRVDIHFWDG RV )ORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V &UHDFLyQGHXQDUHGGHFRQWUROSHUPDQHQWHSDUDLPSHGLUHO


LQJUHVRGHHPEDUFDFLRQHVLOHJDOHVDOUtR0DPRUp
$FFLRQHVUHDOL]DGDV 'HFRPLVRGHHPEDUFDFLRQHV5HXQLRQHVFRQDXWRULGDGHVGHO
&HQWURGH5HFXUVRV3HVTXHURV\GHOD1DYDO/HYDQWDPLHQWR
GHLQIRUPDFLyQ
)HFKDGH UHJLVWUR 0D\RGH

'HVFULSFLyQGHOFRQIOLFWR
'HVGHKDFHFLQFRDxRVODSHVFDFRPHUFLDOFODQGHVWLQD UHDOL]DGDSRUODQFKRQHVGHEDQGHUDEUDVLOHUDVH
GHVDUUROODHQODPiVDEVROXWDLPSXQLGDG(VWDDFWLYLGDGGHSUHGDGRUDDIHFWDDOSDF~DOVXUXEt\KDVWDD
ODV WRUWXJDV GH UtR 6H FDOFXOD TXH DQXDOPHQWH VH H[WUDHQ GH HVWD PDQHUD LOHJDO   WRQHODGDV GH
SHVFDGR FX\R GHVWLQR VRQ ORV PHUFDGRV EUDVLOHURV VLQ TXH ORV PXQLFLSLRV \ FRPXQLGDGHV LQGtJHQDV
DIHFWDGDV UHFLEDQ FRPSHQVDFLyQ DOJXQD \ WHQJDQ TXH KDFHU IUHQWH D XQD QRWDEOH UHGXFFLyQ GH HVWH
UHFXUVRIXQGDPHQWDOSDUDVXVREUHYLYHQFLD
6HJ~Q ORV UHODWRV GH ORV KDELWDQWHV GHO OXJDU ODV YHFHV TXH WUDWDURQ GH LQWHUFHSWDU ORV ODQFKRQHV
EUDVLOHURV VXV WULSXODQWHV DILUPDURQ TXH SRVHtDQ DXWRUL]DFLRQHV GHO JRELHUQR EROLYLDQR VLQ HPEDUJR
QXQFDVHPRVWUDURQGLFKDVDXWRUL]DFLRQHV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
'HDFXHUGRDORVWHVWLPRQLRVUHFRJLGRVHQODVFRPXQLGDGHVGH3XHUWR6LOHVHQOD3URYLQFLD0DPRUpORV
UHFXUVRVSHVTXHURVTXHVRQVXSULQFLSDOPHGLRGHVXEVLVWHQFLDKDQLGRPHUPDQGRSDXODWLQDPHQWH\HQ
DOJXQRVFDVRVHVWiQSUiFWLFDPHQWHGHVDSDUHFLHQGR
(VWHWLSRGHSHVFDJHQHUDOPHQWH VHUHDOL]DSRUODVQRFKHVPHGLDQWHPRWRUHVIXHUDGHERUGD\XWLOL]DQGR
UHFLSLHQWHV \ PDOODV TXH QR SHUPLWHQ GLVFULPLQDU ORV SHFHV DGXOWRV GH ORV PHQRUHV $GHPiV ORV
ODQFKRQHVEUDVLOHURVQRFRQRFHQGHYHGDVQLGHFLFORVELROyJLFRV\DTXHRSHUDQHQFXDOTXLHUpSRFDGHO
DxR
$OJXQDVDFFLRQHVDLVODGDVIXHURQUHDOL]DGDVFRQODILQDOLGDGGHFDSWXUDUORVODQFKRQHVSHURSRUIDOWDGH
D\XGDRSRUWXQDGHODVDXWRULGDGHVHQFDUJDGDVQXQFDVHORJUyVDQFLRQDUORVRUHDOL]DUGHFRPLVRVGHODV
WRQHODGDVGHSHFHVTXHH[WUDHQLOHJDOPHQWH 
(QYLVWDGHTXHODVDXWRULGDGHVHQODPDWHULDSODQWHDQTXHODVGHQXQFLDVGHEHQVHUPiVFRQFUHWDVSDUD
SRGHUUHDOL]DUDFFLRQHVODVVXEFHQWUDOHVLQGtJHQDVDIHFWDGDVHVWiQWRPDQGRFRQFLHQFLDGHODJUDYHGDG
GHOSUREOHPD\GHFLGLHURQUHJLVWUDUJUiILFDPHQWHHVWRVKHFKRVPHGLDQWHIRWRJUDItDVTXHVHUiQHQYLDGDVD
OD3UHIHFWXUDORFDOFRQODHVSHUDQ]DGHTXHGHHVWDPDQHUDWRPHFDUWDVHQHODVXQWR

)XHQWHV 6XEFHQWUDO,QGtJHQD6DQ-RDTXtQ

3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D])2%20$'( %HQL

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 5HVLVWHQFLD D OD SHUIRUDFLyQ GH SR]RV GH DJXD HQ HO 9DOOH %DMR GH
&RFKDEDPED
8ELFDFLyQG H OFRQIOLF WR 9LQWRHVODFXDUWDVHFFLyQGHODSURYLQFLD4XLOODFROORGHO
GHSDUWDPHQWRGH&RFKDEDPED
*HQHUDGRUGHOFRQ IOLFWR <3)%\6(0$3$

,QLFLDGRU GHOFRQIOLF WR *RELHUQRVPXQLFLSDOHVGH7LTXLSD\D\9LQWR&RPLWp&tYLFR


6XEFHQWUDOGH&DPSHVLQRV$VRFLDFLyQGH6LVWHPDVGH5LHJR
GH7LTXLSD\D&RPLWpGH'HIHQVDGH5HFXUVRV+tGULFRV
6XEFHQWUDO&DPSHVLQDGH9LQWR\FRPXQLGDGGHSURSLHWDULRV\
XVXDULRV/DJXQD0D\X
5HJXODGRUGHO FRQIOLFWR 3UHVLGHQFLD GH OD 5HS~EOLFD EULJDGD SDUODPHQWDULD GH
&RFKDEDPED3UHIHFWXUDGH&RFKDEDPED0XQLFLSDOLGDGGHOD
3URYLQFLD.DQDWD\6XSHULQWHQGHQFLDGH$JXDV
$IHFWDGRV KDELWDQWHVSULQFLSDOPHQWHGH(O3DVR6LSH6LSH\9LQWR

$FWLYLGDGT XHJHQ HU DHO GDxR 3HUIRUDFLyQGHSR]RVSURIXQGRVSDUDH[WUDHUDJXDVVXEWHUUiQHDV

(OGDxR JHQHUDGR <DVHSURGXMR\FRQWLQXDUiSURGXFLHQGR

/DDFWLYLGDGHV 3HOLJURVDSURYRFDODGHVDSDULFLyQGHPDQDQWLDOHVGLVPLQXFLyQ
GHDJXDGHORVSR]RVFDVHURV\HURVLyQGHORVVXHORV
$FWLYLGDGD IHFWDGD $JURSHFXDULD

5HFXUVRVDIHFWDG RV $JXDVXHOR\VXEVXHOR

,QYHUVLyQG H OJHQH UDGR U 86SRUSR]RSURIXQGR

)HFKDGHL QLFL RGHOGDxR $xRDFDUJR GH<3)%

)HFKDLQLFLRGHOFRQIOLF WR GHVHSWLHPEUHGH

2EMHWLYRGHORV DIHFWD GR V 'HPRVWUDUDODSREODFLyQORVGDxRVRFDVLRQDGRVSRUOD


SHUIRUDFLyQGHSR]RV\HYLWDUODSHUIRUDFLyQGHQXHYRVSR]RV
$FFLRQHVUH DOL]DGDV &DELOGRV DELHUWRV YRWR UHVROXWLYR GH  FRPXQLGDGHV
DJUtFRODV GHO9DOOH%DMR PDUFKDV PDVLYDV GHVGH 9LQWR KDVWD
&RFKDEDPED GHVWUR]RV HQ OD DOFDOGtD GH 6LSH 6LSH \
EORTXHRVGHODFDUUHWHUD&RFKDEDPED± 2UXUR /D3D]
)HFKDGH UHJLVWUR GHMXOLRGH

'HVFULSFLyQGHOFRQIOLFWR
/RV GDxRV RFDVLRQDGRV D ODV SREODFLRQHV GHO 9DOOH %DMR D FDXVD GH OD SHUIRUDFLyQ GH SR]RV SURIXQGRV
WLHQHQ FODUDPHQWH GRV SHULRGRV GHILQLGRV (Q SULPHU OXJDU HO DxR  <3)% FRQVLJXLy OD DSUREDFLyQ
PHGLDQWH'HFUHWR6XSUHPRSDUDSHUIRUDUSR]RVHQ4XLOODFROOR\9LQWRGRQGHODSREODFLyQQRVHRSXVR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
QLFRQVLGHUyORVGDxRVIXWXURV6LQHPEDUJRDSDUWLUGHODSREODFLyQVHRUJDQL]ySDUDLPSHGLUQXHYDV
SHUIRUDFLRQHVGHELGRDTXH\DVHPRVWUDURQORVGDxRVRFDVLRQDGRVSRUODVDQWHULRUPHQWHUHDOL]DGDV(QWUH
ORVGDxRVLGHQWLILFDGRVHVWiDODSpUGLGDGHDJXDHQORVSR]RVFDVHURV\HOKXQGLPLHQWRGHYDULRVWHUUHQRV
DJUtFRODVHQODVORFDOLGDGHVGH(O3DVR\6LSH6LSH
/DVSULQFLSDOHVDFFLRQHVGHVDUUROODGDVHQHVWHFRQIOLFWRIXHURQODVVLJXLHQWHV
(O GHVHSWLHPEUHGHORVDIHFWDGRVUHDOL]DURQXQFDELOGRDELHUWRTXHQROOHJyDWHQHUPD\RUHV
FRQVHFXHQFLDV3RVWHULRUPHQWHHOGH RFWXEUHGHODVMXQWDVYHFLQDOHVGHODVSREODFLRQHVGHO9DOOH
%DMRRUJDQL]DURQXQDPDUFKDGHQRPLQDGD3RUOD9LGD\HO$JXDGHVGH9LQWRKDVWD&RFKDEDPEDHQOD
TXH SDUWLFLSDURQ  SHUVRQDV $QWH HVWD VLWXDFLyQ ORV JHQHUDGRUHV GHO FRQIOLFWR HQ HVWUHFKD
FRRUGLQDFLyQ FRQ OD SUHIHFWXUD\ HO 0XQLFLSLR GH &RFKDEDPED DFXGLHURQ DOD SROLFtD \ DO HMHUFLWR SDUD
UHVJXDUGDU ORVHTXLSRV\UHSULPLUDODSREODFLyQRSRVLWRUD
(O  GH PDU]R GH   FRPXQLGDGHV DJUtFRODV GHO 9DOOH %DMR HODERUDURQ XQ YRWR UHVROXWLYR GH
RSRVLFLyQDODSHUIRUDFLyQGHSR]RV(QDEULOGHHVHPLVPRDxRVHGLFWDHO(VWDGRGH6LWLRHQODUHJLyQ\
YDULRVGHVXVGLULJHQWHVSDVDQDODFODQGHVWLQLGDGPLHQWUDVTXHRWURVVRQDSUHVDGRV
(O  GH QRYLHPEUH GH  ORV SREODGRUHV ORFDOHV RFDVLRQDQ GHVWUR]RV D OD $OFDOGtD GH 6LSH 6LSH \
H[LJHQODDQXODFLyQGHORVFRQWUDWRVTXHDXWRUL]DEDQODSHUIRUDFLyQGH SR]RVHQOD]RQD(OGHOPLVPR
PHV ORV SREODGRUHV GH  FRPXQLGDGHV GH 6LSH 6LSH \ 9LQWR UHDOL]DQ RWUD PDUFKD D OD FLXGDG GH
&RFKDEDPEDSDUDH[SUHVDUVXUHFKD]RIUHQWHDODSHUIRUDFLyQGHSR]RVSURIXQGRV
$QWHHVWDVLWXDFLyQGHFRQIOLFWRORVJHQHUDGRUHVFRQWUDWDQDWpFQLFRVSDUDGHPRVWUDUTXHQRVHHVWDED
SURYRFDQGR GDxRV FRQ OD SHUIRUDFLyQ GH SR]RV VXEWHUUiQHRV \ SUHWHQGHQ HQIUHQWDU D OD SREODFLyQ  GH
&RFKDEDPEDFRQWUDORVSREODGRUHVGHO9DOOH%DMRFRQHVWDILQDOLGDGUHDOL]DQFDPSDxDVSRUORVPHGLRV
GHFRPXQLFDFLyQDIDYRUGHODSHUIRUDFLyQGHSR]RVSURIXQGRV
(O  \  GH HQHUR GH ORV SREODGRUHVGHO 9DOOH %DMR UHDOL]DQ DVDPEOHDV HQ ODVORFDOLGDGHV GH (O
3DVR 9LQWR  \ 4XLOODFROOR  UHFKD]DQGR QXHYDPHQWH OD SHUIRUDFLyQ GH SR]RV \ HO  GH HQHUR UHDOL]DQ
EORTXHRVHQODFDUUHWHUDSULQFLSDOTXHXQH &RFKDEDPEDFRQODVFLXGDGHVGH2UXUR\/D3D]
$ORODUJRGHHVWHFRQIOLFWRODRSRVLFLyQDODSHUIRUDFLyQGHSR]RVSURIXQGRVWXYRODYHQWDMDGHFRQWDU
FRQ LQIRUPDFLyQ WpFQLFD  TXH SUHGHFtD ORV GDxRV TXH VXIULUtDQ ODV FRPXQLGDGHV VL VH SHUVLVWtD FRQ OD
SHUIRUDFLyQ GH QXHYRV SR]RV (VWD GRFXPHQWDFLyQ UHDOL]DGD D SDUWLU GH HVWXGLRV UHDOL]DGRV SRU
FRQVXOWRUDVIUDQFHVDVGHVGHODGpFDGDGHORVVHVHQWDIXHDFWXDOL]DGDSRULQJHQLHURVJHyORJRVTXHVH
KDOODEDQ FRPSURPHWLGRVFRQORVLQWHUHVHVGHORVFDPSHVLQRV
(QFXDQGR6(0$3$SUHWHQGLySHUIRUDUQXHYRVSR]RVVHHQFRQWUyFRQXQDDJUHVLYDUHVLVWHQFLDGHORV
SREODGRUHVGHODUHJLyQDQWHODFXDOODVDXWRULGDGHVLQWHUYLQLHURQPHGLDQWHODUHDOL]DFLyQGHFRQYHQLRVFRQ
DOJXQRVGLULJHQWHVSHURQRSXGLHURQGLVPLQXLUODRSRVLFLyQ\YLJLODQFLDGHORVFDPSHVLQRVDIHFWDGRV

)XHQWHV 7HVWLPRQLRVGHSDUWLFLSDQWHVHQHOFRQIOLFWR

3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$ &RFKDEDPED

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
7LHUUD\WHUULWRULR
DYDQFHVGLILFXOWDGHV\FRQIOLFWRV

/D WLHUUDHVGHGRPLQLRRULJLQDULRGHODQDFLyQ\FRUUHVSRQGHDO(VWDGR VX GLVWULEXFLyQUHGLVWULEXFLyQ\


UHDJUXSDPLHQWR(VWDGLVSRVLFLyQFRQVWLWXFLRQDOUHFRJLGDGHOD5HIRUPD$JUDULDPH[LFDQDGHTXH
LQVSLUyORVGLIHUHQWHVSURFHVRVDJUDULRVGHOFRQWLQHQWHHQWUHpVWRVHOEROLYLDQRGH\FX\DILQDOLGDG
HUD OD GH UHVWLWXLU ODV WLHUUDV D VXV SURSLHWDULRV OHJtWLPRV ORV SXHEORV RULJLQDULRV \ HO FRQMXQWR GH ORV
VHFWRUHVVRFLDOHVQDFLRQDOHV/RDQWHULRUVHFRPSOHPHQWDFRQODGLVSRVLFLyQIXQGDPHQWDOTXHHVWDEOHFH
TXH³/DWLHUUDHVGHTXLHQODWUDEDMD´FRQWHQLGDHQHODUWGHOD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR

(VWRVGRVVRSRUWHVGRFWULQDOHV\OHJDOHVIXQGDPHQWDOHVGHOD5HIRUPD$JUDULDGHEXVFDEDQHOLPLQDU
HOYLHMR\DQDFUyQLFRUpJLPHQIHXGDOODWLIXQGLDULRGHODSULPHUDpSRFDUHSXEOLFDQDTXHIXHUDKHUHGDGRGHOD
FRORQLD KLVSDQD H LPSODQWDGR FRPR SURGXFWR GH OD ³UHFRQTXLVWD´ GH HVSDFLRV WHUULWRULDOHV DXWyQRPRV SRU
SDUWH GH (VSDxD IUHQWH D OD GRPLQDFLyQ iUDEH D OD TXH VH HQFRQWUDEDQ VRPHWLGRV HQ HO SHUtRGR
LQPHGLDWDPHQWH SUHFHGHQWH D OD DYHQWXUD FRORQLDO \ TXH UHIOHMDED VX DWUDVR HFRQyPLFR \ SROtWLFR FRQ
UHODFLyQDOUHVWRGH(XURSD

(OSURFHVRGHOD5HIRUPD$JUDULDEROLYLDQDVHSURSRQtDUHGLVWULEXLU ODVWLHUUDVTXHHQHVH PRPHQWRVH


HQFRQWUDEDQ HQ SRGHU GH DSUR[LPDGDPHQWH  ODWLIXQGLVWDV TXH UHSUHVHQWDEDQ HO  GH ORV
SURSLHWDULRVUXUDOHV\UHWHQtDQHOGHODSURSLHGDGDJUDULD DSUR[LPDGDPHQWHPLOORQHVGHKD HQ
WDQWR TXH HO  GH OD SREODFLyQ LQGtJHQDUHWHQtD DSHQDV HO  2EYLDPHQWH HQ HVWDV FRQGLFLRQHV
H[LVWtD\DHOPLQLIXQGLR\HOODWLIXQGLRGRPLQDQWHUHVXOWDEDVHULPSURGXFWLYR

6H WUDWDED GHXQ QXHYR LQWHQWR GH GHVDUUROODU OD YtD FDSLWDOLVWD HQHO DJUR $O HIHFWR HOHVStULWX GH OD
5HIRUPD$JUDULDEROLYLDQDHUDGHGHVDUUROODUHQIRUPDFRPELQDGDORVVLVWHPDV³MXQNHU´\³IDUPHU´HQHO
PDUFRGHXQPRGHORHVWDWDOSRSXOLVWD

(O VRODU FDPSHVLQR \ OD SHTXHxD SURSLHGDG FRPR FODVHV GH SURSLHGDG UHFRQRFLGDV HQ IDYRU GH ORV
FDPSHVLQRVEXVFDEDGRWDUOHVGHWLHUUDVSDUDTXHSXHGDQGLVSRQHUGHXQPHGLRGHYLGD\GHVDUUROOR/D
PHGLDQD SURSLHGDG HVWDED GHVWLQDGD D VDWLVIDFHU OD GHPDQGD DOLPHQWDULD QDFLRQDO \ OD HPSUHVD
DJURSHFXDULD GHEtD GHVWLQDU VX SURGXFFLyQ VREUH WRGR D OD H[SRUWDFLyQ 'H HVWD PDQHUD VH KDEUtD
UHVXHOWRHOSUREOHPDGHODLQMXVWDGLVWULEXFLyQ\WHQHQFLDGHWLHUUDV\GHODLPSURGXFWLYLGDGODWLIXQGLDULD

(PSHUR FXDWUR GpFDGDV GHVSXpV GH KDEHUVH SXHVWR HQ YLJHQFLD HVWD PHGLGD QLQJXQR GH ORV GRV
REMHWLYRV IXH DOFDQ]DGR $FWXDOPHQWH  PLOORQHV GH KHFWiUHDV VH HQFRQWUDUtDQ HQ SRGHU GH 

 +XELHURQ YDULRV LQWHQWRV DQWHULRUHV GH GHVDUUROOR GH OD YtD FDSLWDOLVWD HQ HO DJUR FDUDFWHUL]DGRV WRGRV HOORV SRU
SUHWHQGHU HOLPLQDU ODV WLHUUDV GH FRPXQLGDG \ FRQYHUWLUODV HQ KDFLHQGDV \ TXH VLQ HPEDUJR SRU QR DIHFWDU
SUHFLVDPHQWH OD HVWUXFWXUD GH ODV KDFLHQGDV IHXGDOHV UHVXOWDURQ VHU UHVWULFWLYRV \ IUXVWUDQWHV 6H LQVFULEHQ HQ HVWRV
LQWHQWRVODVXEDVWD GHWLHUUDV LQGtJHQDVLPSOHPHQWDGD SRU0HOJDUHMR DVtFRPR ODLQVWDODFLyQ GHPHVDVUHYLVLWDGRUDV
FRQILQHVGHH[YLQFXODFLyQGHODVWLHUUDVGHFRPXQLGDGSUDFWLFDGDSRU7RPDV)UtDV\1DUFLVR&DPSHUR
 (O VLVWHPD -XQNHU EXVFD FRQYHUWLU D  ORV FDPSHVLQRV HQ SURSLHWDULRV DJUDULRV SDUD HQULTXHFHUORV DUWLFXODUORV DO
PHUFDGR \FRQYHUWLU VXV WLHUUDVHQKDFLHQGDV FDSLWDOLVWDV (OVLVWHPD )DUPHU WUDWDGHFRQYHUWLUODKDFLHQGD IHXGDOHQ
KDFLHQGDFDSLWDOLVWDDWUDYpVGHODLQWURGXFFLyQGHPDTXLQDULDPHFDQL]DGD\WUDEDMRDVDODULDGR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
HPSUHVDULRV DJURSHFXDULRV  PLOORQHV GH KHFWiUHDV HQ SRGHU GH DSUR[LPDGDPHQWH  PLO
FDPSHVLQRV  PLOORQHV GH KHFWiUHDV HQ SRGHU GH DSUR[LPDGDPHQWH  PLO LQGtJHQDV 
PLOORQHV GH KHFWiUHDV HQ SRGHU GH FRQFHVLRQDULRV PDGHUHURV  PLOORQHV GH KHFWiUHDV HQ SRGHU GH
FRQFHVLRQDULRVPLQHURVPLOORQHVGHKHFWiUHDVGHiUHDVSURWHJLGDV

(QFXDQWRDORVQLYHOHVGHSURGXFWLYLGDGHQ%ROLYLDH[LVWLUtDQPLOORQHVGHKHFWiUHDVDSWDVSDUDOD
DJULFXOWXUD GH ODV FXDOHV DFWXDOPHQWH VyOR HVWDUtDQ VLHQGR DSURYHFKDGDV  PLOORQHV HQ HVWD
VXSHUILFLH FXOWLYDGD HO VHFWRU FDPSHVLQR JHQHUDUtD HO  GH OD  SURGXFFLyQ DJURSHFXDULD QDFLRQDO
PLHQWUDVTXHHOVHFWRUHPSUHVDULDOVyORXQ

(QWUH ODV GLYHUVDV FDXVDV TXH H[SOLFDQ HVWH SURFHVR DJUDULR EROLYLDQR FRQ VHJXULGDG TXH OD LQMXVWD
GLVWULEXFLyQGHWLHUUDV\VXXWLOL]DFLyQGLVWRUVLRQDGDKDQGHWHUPLQDGRORVEDMRVQLYHOHVGHSURGXFWLYLGDG
/DVFDXVDVSRUODVFXDOHVVHKDFRQFHQWUDGRODSURSLHGDGDJUDULDHQGHVPHGURGHODSURGXFWLYLGDGWLHQHQ
TXH YHU FRQ HO IDYRULWLVPR SROtWLFR \ HFRQyPLFR TXH KD SULPDGR HQ OD GLVWULEXFLyQ GH WLHUUDV GRQGH ORV
QLYHOHVGHFRUUXSFLyQKDQOOHJDGRDFRPSURPHWHUDODVPiVDOWDVHVIHUDVHVWDWDOHVDGHPiVHQPXFKRV
FDVRV JUDQGHV H[WHQVLRQHV GH WLHUUDV IXHURQ GLVWULEXLGDV HQ UHJtPHQHV GH IDFWR TXH SRU GHILQLFLyQ
FDUHFtDQGHOHJDOLGDG\OHJLWLPLGDGSDUDWDOHIHFWR

'DGDVHVWDVFRQGLFLRQHVHOGHQRYLHPEUHGHHOJRELHUQRGH3D]=DPRUD  GHFLGH


LQWHUYHQLUODRILFLQDGH5HIRUPD$JUDULD\GHVGHHQWRQFHVVHSUHWHQGHUHHVWUXFWXUDUHODJURSDUDORFXDO
VHSRQHHQYLJHQFLDXQDQXHYDUHIRUPDDJUDULDHQIHFKDGHRFWXEUHGH8QRGHORVREMHWLYRV
FHQWUDOHVGHOD/H\,15$HVHOGHUHJXODUL]DUHOGHUHFKRGHSURSLHGDGDJUDULDPHGLDQWHODHMHFXFLyQGHO
SURFHGLPLHQWR GH VDQHDPLHQWR QR VRODPHQWH SDUD UHYLVDU OD VLWXDFLyQ MXUtGLFD GH ODV SURSLHGDGHV
WLWXODGDV GH ORV SURFHVRV DJUDULRV HQ WUiPLWH \ GH ODV SRVHVLRQHV VLQR WDPELpQ ORV LQQXPHUDEOHV
FRQIOLFWRVTXHDIHFWDQDODWLHUUD\TXHWLHQHQXQRULJHQHQODFDyWLFD\FOLHQWHODUGLVWULEXFLyQGHWLHUUDV

(VWRVFRQIOLFWRVSXHGHQVHUDJUXSDGRVGHODVLJXLHQWHPDQHUD
,QVHJXULGDGMXUtGLFD 0XFKRVSURFHVRVDJUDULRVVHHQFXHQWUDQLQFRQFOXVRVVREUHWRGRWUDWiQGRVHGH
VROLFLWXGHV GH LQGtJHQDV FDPSHVLQRV \ FRORQL]DGRUHV TXH DO QR WHQHU LQIOXHQFLDV HQ ODV LQVWDQFLDV
EXURFUiWLFDVWLHQHQTXHHVSHUDUPXFKDVYHFHVKDVWDHOILQGHVXVGtDVSDUDODFRQFOXVLyQGHORVWUiPLWHV

 /D VXSHUILFLH WLWXODGD HQ IDYRU GH ORV SXHEORV LQGtJHQDV HV WRGDYtD SURYLVLRQDO VH HQFXHQWUD VXMHWR DO SURFHVR GH
VDQHDPLHQWR GH OD SURSLHGDG DJUDULD TXH QHFHVDULDPHQWH OD YD D UHGXFLU FRPR SURGXFWR GH OD FRQVROLGDFLyQ GH
SURSLHWDULRVSDUWLFXODUHVHQVXLQWHULRU
 )XHQWHVFRPELQDGDV&(-,67,(55$)$2&(51$36XSHULQWHQGHQFLD)RUHVWDO\6XSHULQWHQGHQFLDGH0LQDV
 'DWRVSURSRUFLRQDGRVSRUHO0LQLVWHULRGH$JULFXOWXUD*DQDGHUtD\'HVDUUROOR5XUDOHQHOSUHVHQWHDxR
 'DWRVSURSRUFLRQDGRVSRUOD)XQGDFLyQ7,(55$HQSRUWDQWRVXMHWRVDVHUDFWXDOL]DGRV
 (O XVR GH WpFQLFDV LQDGHFXDGDV HQ WRGR HO SDtV \ OD SUHVLyQ GHPRJUiILFD HQ HO DOWLSODQR KDQ SURYRFDGR OD PHQRU
IHUWLOLGDG GHO VXHOR OD HURVLyQ KtGULFD \ HyOLFD SRU SpUGLGD GH OD FXELHUWD YHJHWDO \ GLVPLQXFLyQ GH OD FDQWLGDG GH
DQLPDOHV YHU´ORVGDWRVGHODWLHUUDµGH,YDQ$ULDVHQ3UHVHQFLDGHOGHDJRVWRGH
 (OFDVRPiVHVFDQGDORVRIXHHOGH%2/,%5$6HQHOTXHXQH[0LQLVWURGH(GXFDFLyQVHDGMXGLFRLOHJDOPHQWHPLO
KDGHWLHUUDHQHOGHSDUWDPHQWRGH6DQWD&UX]
 'XUDQWHHOJRELHUQRGHIDFWRGHO*UDO%DQ]HU  VHGLVWULEX\HURQPLOORQHVGHKDHQWDQWRTXHGXUDQWHHO
JRELHUQRGHIDFWRGH*DUFtD0H]D  VHGLVWULEX\HURQPLOORQHV
 )HFKDGHSURPXOJDFLyQGHOD/H\GHO6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULDFRQRFLGDEDMRODGHQRPLQDFLyQGH/H\
,15$

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
8QD JUDQ FDQWLGDG GH SRVHHGRUHV SUHFDULRV IXQGDPHQWDOPHQWH HQ ORV VHFWRUHV VRFLDOHV DUULED
PHQFLRQDGRVHQIUHQWDQWDPELpQXQDVLWXDFLyQGHLQVHJXULGDGMXUtGLFDSRUQRKDEHUVHEHQHILFLDGRFRQOD
WLWXODFLyQGHVXVWLHUUDV
 7UiPLWHV IUDXGXOHQWRV 8QD JUDQ FDQWLGDG GH WUiPLWHV DJUDULRV KDQ VLGR UHDOL]DGRV GH PDQHUD
LUUHJXODUREWHQLHQGRWtWXORVGHOLFWLYDPHQWHFRQSDSHOHVIDEULFDGRVHQJDELQHWH
([SHGLHQWHVYLFLDGRVGHQXOLGDG'HDFXHUGRDHVWLPDFLRQHVIXQGDGDVHQODH[SHULHQFLDLQPHGLDWD
JHQHUDGD HQ OD HMHFXFLyQ GHO SURFHVR GH VDQHDPLHQWR GH OD SURSLHGDG DJUDULD OD PD\RUtD GH ORV
H[SHGLHQWHV VH HQFXHQWUDQ DIHFWDGRV SRU YLFLRV GH QXOLGDG DEVROXWD R UHODWLYD GHULYDGRV GHO
LQFXPSOLPLHQWRGHGLVSRVLFLRQHVOHJDOHVYLJHQWHVGXUDQWHODWUDPLWDFLyQDVtFRPRGHOLQFXPSOLPLHQWRGH
ODVSULQFLSDOHVDFWXDFLRQHVSURFHVDOHV
 6XSHUSRVLFLRQHV /D HODERUDFLyQ GH SODQHV WRSRJUiILFRV HQ PXFKRV FDVRV VH KD UHDOL]DGR HQ
JDELQHWH\QRHQHOWHUUHQRLQFXPSOLHQGRSUHYLDVSHULFLDVWpFQLFDVDOHIHFWR(QRWURVFDVRVORVSODQRV
QR FXPSOHQ PtQLPRV UHTXLVLWRV WpFQLFRV HQ YLUWXG GH KDEHU VLGR LPSURYLVDGRV (VWR KD GDGR OXJDU D
LQQXPHUDEOHVVXSHUSRVLFLRQHVH[SUHVDGDVHQPXFKRVFDVRVHQGREOHV\WULSOHVWLWXODFLRQHV
/LQGHURV /DGHOLPLWDFLyQSUHFDULDRDXVHQFLDGHpVWDVXPDGDDORVFRQIOLFWRVGHVXSHUSRVLFLyQ\DODV
DPSOLDFLRQHV LOHJDOHV GHULYD HQ FRQIOLFWRV GH OLQGHURV SRU ODV FXDOHV ORV FROLQGDQWHV PLGHQ DOWXUDV R
UHXELFDQPRMRQHVDUELWUDULDPHQWH
$YDVDOODPLHQWRV (ODYDVDOODPLHQWRVHKDFRQVWLWXLGRHQXQDSUiFWLFDIUHFXHQWHLPSOHPHQWDGDVREUH
WRGR SRU PHGLDQRV \ JUDQGHV SURSLHWDULRV TXH VXHOHQ LQWURGXFLUVH D SUHGLRV DMHQRV DIHFWDQGR
HVSHFLDOPHQWHDFRPXQDULRVLQGtJHQDV\FDPSHVLQRV
 &RPXQLGDGHV FDXWLYDV /RV DYDVDOODPLHQWRV \ DPSOLDFLRQHV DUELWUDULDV VXPDGRV D LOHJDOHV
FRPSUDYHQWDV GH SDUFHODV KD JHQHUDGR HO FHUFDPLHQWR GH FRPXQLGDGHV TXH D HVWH HIHFWR VH ODV
GHQRPLQDFRQYHQFLRQDOPHQWHFRPR³FRPXQLGDGHVFDXWLYDV´
 &RQIOLFWRV FRQ RWURV RSHUDGRUHV /RV FRQIOLFWRV GH WLHUUDV QR VRODPHQWH VH SUHVHQWDQ HQWUH
SURSLHWDULRV\ SRVHHGRUHVDJUDULRVVLQRWDPELpQFRQRWURVRSHUDGRUHVWDOHVFRPR

D &RQIOLFWRVFRQFRQFHVLRQDULRVIRUHVWDOHVSHVHDTXHOD/H\,15$HVWDEOHFHHOGHUHFKRGHSULRULGDGGH
ORV SURSLHWDULRV DJUDULRV FRQ UHODFLyQ D ORV FRQFHVLRQDULRV IRUHVWDOHV H[LVWHQ GLYHUVRV FRQIOLFWRV \

 'XUDQWH HO VDQHDPLHQWR GHO 7&2 GH 0RQWH 9HUGH HQ HO GHSDUWDPHQWR GH 6DQWD &UX] VH YHULILFy OD H[LVWHQFLD GH
H[SHGLHQWHV FX\RV SDSHOHV VHOODGRV QR FRUUHVSRQGtDQ D ODV IHFKDV GH UHJLVWUR $GHPiV HQ HO FDVR GH OD FRRSHUDWLYD
GHQRPLQDGD´OD(VSHUDQ]DµFRQXQDH[WHQVLyQGHKDVHYHULILFRTXHHOQ~PHURGHH[SHGLHQWHFRUUHVSRQGtDDOD
SURYLQFLD&DPDFKRGHOGHSDUWDPHQWRGH/D3D]\QRDODSURYLQFLDfXIORGH&KDYH]GHO'SWRGH6DQWD&UX](QHVWH
PLVPRFDVRHOQ~PHURGHOWtWXORHMHFXWRULDOFRUUHVSRQGtDPiVELHQDOGHSDUWDPHQWRGH&KXTXLVDFD3RURWUDSDUWHHODxR
HO,15$GHQXQFLyDQWHOD3ROLFtD7pFQLFD-XGLFLDO ODH[LVWHQFLDGHH[SHGLHQWHVFRQVHULRVLQGLFLRVGHIDOVHGDG
PDWHULDOHLGHROyJLFDHQYLUWXGDQRHQFRQWUDUVHUHJLVWUDGRVHQOLEURVRILFLDOHV
 (OVDQHDPLHQWR GHOSROtJRQR 1žGHO7,31,6KDPRVWUDGR TXHSHVHDTXHODH[WHQVLyQREMHWRGHOSURFHGLPLHQWR
DOFDQ]D VRODPHQWH D PLOKD ODVSURSLHGDGHVSDUWLFXODUHVXELFDGDVDOLQWHULRUGHOiUHDGHDFXHUGR DORVGDWRV
FRQWHQLGRVHQVXVWtWXORVFRPSUHQGHQXQDH[WHQVLyQGHKDVLWXDFLyQDSOLFDEOHVRODPHQWHSRUODVQXPHURVDV
VXSHUSRVLFLRQHVTXHOHVDIHFWDQ
 $OJXQDVGHHOODVVHODVGHQRPLQD´FKRQFKRFRULWRµGDGDVXVLWXDFLyQGHHQFLHUUR\KDFLHQGRDQDORJtDDODFiUFHOGHDOWD
VHJXULGDGGHODFLXGDGGH/D3D]

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
OLWLJLRVMXGLFLDOHVVXVFLWDGRVDUDt]GHODRWRUJDFLyQGHFRQFHVLRQHVIRUHVWDOHVVXSHUSXHVWDVDWHUULWRULRV
LQGtJHQDVHQHORULHQWHEROLYLDQR
E &RQIOLFWRVFRQHPSUHVDVSHWUROHUDV\FRQFHVLRQDULRVPLQHURV/DVGLVSRVLFLRQHVOHJDOHVFRQWHQLGDVHQ
OD/H\GH+LGURFDUEXURV\HO&yGLJRGH0LQHUtDHVWDEOHFHQTXHODVDFWLYLGDGHVSHWUROHUDV\PLQHUDV
VRQGHXWLOLGDGS~EOLFDSRULPSHULRGHOD/H\SRUWDQWRWLHQHQSULPDFtDHQUHODFLyQDORVGHUHFKRVGH
SURSLHGDGDJUDULD(VWRVLJQLILFDTXHORVRSHUDGRUHVSHWUROHURV\PLQHURVSXHGHQH[SURSLDUVXSHUILFLHV
GHSUHGLRVDJUDULRV(PSHURDGHPiVGHORVFRQIOLFWRVTXHSXGLHUDQJHQHUDUVHSRUODVLWXDFLyQDQWHV
SODQWHDGD VH SUHVHQWDQ ORV LPSDFWRV DPELHQWDOHV \ FXOWXUDOHV TXH DIHFWDQ D ORV VXSHUILFLDULRV HQ
JHQHUDO\SDUWLFXODUPHQWHDODVFRPXQLGDGHVLQGtJHQDV\FDPSHVLQDV
F 2WURVFRQIOLFWRVSRWHQFLDOHV/DVFRQFHVLRQHVGHXVRTXHVHHQFXHQWUDQHVWDEOHFLGDVHQOD/H\,15$\
VX UHJODPHQWDFLyQ RWRUJDUiQ FRQFHVLRQHV FRQ ILQHV GH LQYHVWLJDFLyQ FRQVHUYDFLyQ \ HFRWXULVPR ODV
PLVPDVTXHVHHQPDUFDUiQIXQGDPHQWDOPHQWHHQHOiPELWRGHODLQGXVWULDJHQpWLFD ELRWHFQROyJLFD
UHSUHVHQWDQGR FXDQWLRVDV XWLOLGDGHV \ JUDQGHV LQWHUHVHV SDUD OR FXDO VH SRGUiQ H[SURSLDU IXQGRV
DJUDULRV JHQHUiQGRVH FRQIOLFWRV \ FRQVHFXHQFLDV VLPLODUHV D ODV TXH VH HQIUHQWD FRQ ODV HPSUHVDV
SHWUROHUDV\PLQHUDV

(O SUR\HFWR GH /H\ GH $JXDV SRU VX SDUWH WDPELpQ SUHYp OD H[SURSLDFLyQ GH IXQGRV DJUDULRV SDUD OD
FRQVWUXFFLyQ GH REUDV S~EOLFDV GH DSURYHFKDPLHQWR GH IXHQWHV KLGURHOpFWULFDV ODV PLVPDV TXH
LQFUHPHQWDUiQORVWHQVLRQDPLHQWRVSRUODWHQHQFLDGHODWLHUUD

)LQDOPHQWH OD WHQGHQFLD GH SDUWH GH ORV JRELHUQRV PXQLFLSDOHV GH DPSOLDU ODV MXULVGLFFLRQHV XUEDQDV
FRQODILQDOLGDGGHSHUFLELUPD\RUHVLQJUHVRVSURYHQLHQWHVSRUODVREOLJDFLRQHVLPSRVLWLYDVDIHFWDUiFDGD
YH] GH PDQHUD PiV FUHFLHQWH D ORV SURSLHWDULRV \ SRVHHGRUHV UXUDOHV TXH WHQGUiQ TXH HQIUHQWDU
LQQXPHUDEOHVFRQIOLFWRVFRQORVJRELHUQRVPXQLFLSDOHV

&DUORV5RPHUR%RQLID]
/LFHQ'HUHFKR
'LUHFWRUGHO&(-,67ULQLGDG

 /DVFRQFHVLRQHVIRUHVWDOHVRWRUJDGDVSRUOD6XSHULQWHQGHQFLD)RUHVWDOHQHOPHVGHDJRVWRGHVHVXSHUSRQHQHQ
XQD H[WHQVLyQ DSUR[LPDGD GH  GH KHFWiUHDV D WHUULWRULRV LQGtJHQDV SRU OR TXH KDQ VLGR REMHWR GH
LPSXJQDFLyQ\VHHQFXHQWUDQHQWUiPLWHORVUHFXUVRVFRQWHQFLRVRDGPLQLVWUDWLYRVLQWHUSXHVWRVDQWHOD&RUWH6XSUHPD
GH-XVWLFLD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQIOLFWRVSRUODSURSLHGDG\SRVHVLyQHQHOWHUULWRULRLQGtJHQDGH0RQWH
9HUGH

8ELFDFLyQG H OFRQIOLF WR 7&2GH0RQWH9HUGHPXQLFLSLR&RQFHSFLyQGHOGHSDUWDPHQWR


GH6DQWD&UX]
*HQHUDGRUGHOFRQ IOLFWR *UXSRVGHSRGHU

,QLFLDGRU GHOFRQIOLF WR &,&&&3(6&2,&+

5HJXODGRUGHO FRQIOLFWR ,15$6XSHULQWHQGHQFLD)RUHVWDO6XESUHIHFWXUDGH


&RQFHSFLyQ\$OFDOGtD&RQFHSFLyQ
$IHFWDGRV 3XHEOR&KLTXLWDQRGH0RQWH9HUGH

$FWLYLGDGT XHJHQ HU DHO GDxR 'HVPRQWHHQiUHDVGHXVR\DSURYHFKDPLHQWRGHOD7&2

(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV 'HVWUXFWLYD

$UHDD IHFWDGD KDGHERVTXHWURSLFDO

$FWLYLGDGHVDIHFWDG DV &RPHUFLDODJURSHFXDULDLQGXVWULDOYLYLHQGD\SLVFtFROD

5HFXUVRVDIHFWDG RV $JXDIORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR )HEUHURGH

)HFKDLQLFLRGHOFRQIOLF WR 0DU]RGH

2EMHWLYRGHORV DIHFWD GR V *DUDQWL]DUODFRQVHUYDFLyQGHORVGHUHFKRVWHUULWRULDOHVGH


SRVHVLyQVREUHOD7&2
$FFLRQHVUH DOL]DGDV &RRUGLQDFLyQ FRQ RWURV LQYROXFUDGRV SDUD OD GHIHQVD GH ORV
LQWHUHVHV GLVHxR GH HVWUDWHJLD GH GHIHQVD GHO WHUULWRULR
LQVWDODFLyQGHWUDQFDVGHFRQWURO\PRYLOL]DFLyQVRFLDOKDFLDHO
7&2
)HFKDGH UHJLVWUR 6HSWLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
'HVGHILQHVGHVHUHJLVWUyHOLQJUHVR\DVHQWDPLHQWRLOHJDOHVHQOD7&2 GH0RQWH9HUGHSURYLQFLD
fXIOR GH &KiYH] GHO GHSDUWDPHQWR GH 6DQWD &UX] (VWD DFWLYLGDG UHDOL]DGD SRU WUDILFDQWHV GH WLHUUDV
WHQtD HO REMHWLYR FRQFUHWR GH DSRGHUDUVH GH JUDQGHV H[WHQVLRQHV GH ERVTXH SDUD OXHJR YHQGHUODV D
SHUVRQDVH[WUDQMHUDVHQGHVPHGURGHODViUHDVGHXVR\DSURYHFKDPLHQWRWUDGLFLRQDOGHORVFKLTXLWDQRV
GH0RQWH9HUGH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(QHVWDVDFWLYLGDGHVLOHJDOHVVHDFHQWXDURQFRQHOLQJUHVRGHSRUORPHQRVDWUDILFDQWHVGH
WLHUUDVDOLQWHULRUGHOWHUULWRULRGH0RQWH9HUGHORVPLVPRVTXHHIHFWXDURQGHVPRQWHVLOHJDOHVFRPRHVHO
FDVR HVSHFtILFR GH OD IDPLOLD +DUE FDFHUtD LQGLVFULPLQDGD FRUWH \ DVHUUDGR GH PDGHUD WRGR HVWR
DFRPSDxDGRSRUXQDHVWUDWHJLDGH³OHJDOL]DU´VXVDVHQWDPLHQWRVDWUDYpVGHODIDOVLILFDFLyQGHWtWXORV\
H[SHGLHQWHV DJUDULRV ³FHUWLILFDGRV´ SRU HO ,15$ QDFLRQDO R GHSDUWDPHQWDO GHSHQGLHQGR GH ODV
YLQFXODFLRQHVSROtWLFDV\HFRQyPLFDVGHORVLQWHUHVDGRV

/RV FRQIOLFWRV GHULYDURQ HQ OD PRYLOL]DFLyQ HIHFWLYD TXH OOHYy D ORV LQGtJHQDVD LQVWDODU WUHV WUDQFDVGH
FRQWURODOLQJUHVRGHOWHUULWRULRLPSLGLHQGRGHKHFKRODHQWUDGDRVDOLGDGHSHUVRQDVTXHLQWHQWDVHQFRQ
PDTXLQDULDSHVDGDXRWURVPHGLRVDVHQWDUVHHQHOOXJDU

/DPRYLOL]DFLyQVHUHJLVWUyHQGRVRSRUWXQLGDGHVXQDHQMXQLR\RWUDHQDJRVWRGH(QODSULPHUD
TXH WXYR FRPR HSLFHQWUR OD ORFDOLGDG GH &RQFHSFLyQ ORV LOHJDOHV ORJUDURQ PRYLOL]DU ODV DXWRULGDGHV
³FtYLFDV´ GHO SXHEOR DVt FRPR D OD $VRFLDFLyQ GH *DQDGHURV HO &RPLWp &tYLFR \ OD 8QLyQ -XYHQLO
&UXFHxLVWD GH 6DQWD &UX] 7RGRV HOORV SHUWHQHFLHQWHV D OD )DODQJH 6RFLDOLVWD %ROLYLDQD \ D $FFLyQ
'HPRFUiWLFD1DFLRQDOLVWD/DVROXFLyQGHHVWHFRQIOLFWRFRQFOX\yHQODGHVWLWXFLyQGHO'LUHFWRU1DFLRQDO
GHO,15$'U+XJR7HRGRYLFK

(QODVHJXQGDPRYLOL]DFLyQORVLQGtJHQDVGH6DQ-DYLHUIXHURQORVPiVSUHVLRQDGRVHQHVWHFDVRKDVWD
HO3iUURFR-HV~V*DOHRWHIXHREMHWRGHDJUHVLRQHV$OLJXDOTXHHQHODQWHULRUFRQIOLFWRHQHVWHWDPELpQ
KXERXQDHVWUDWHJLDGHDPHGUHQWDPLHQWRDORVGLULJHQWHVLQGtJHQDV\DVXVDVHVRUHV

(OFRQIOLFWRDFDEyHOGHDJRVWRGHFRQHO³$FWDGHHQWHQGLPLHQWR\FRRUGLQDFLyQ´SRUODFXDOORV
FKLTXLWDQRV TXHGDURQ MXQWR DO ,15$ \ D OD SROLFtD D FDUJR GH ORV SXHVWRV GH FRQWURO D WUDYpV GH ORV
FXDOHV VH KD ORJUDGR LPSHGLU KDVWD OD IHFKD QXHYRV DVHQWDPLHQWRV GH WHUFHURV HQ OD ]RQD GH 0RQWH
9HUGH

)XHQWHV ,QIRUPDFLyQGHO&(-,6 6DQWD&UX]

3HUVRQDHQFDUJDGDGHOUHJLVWUR/HRQDUGR7DPEXULQL&(-,6 6DQWD&UX]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 6XSHUSRVLFLyQ GH FRQFHVLyQ IRUHVWDO FRQ 5HVHUYD GH OD %LRVIHUD \
7HUULWRULR,QGtJHQD3LOyQ/DMDV
8ELFDFLyQ G H OFRQIOLF WR 5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ/DMDVPXQLFLSLRV
GH<XFXPR\5XUUHQDEDTXHGHOGHSDUWDPHQWRGHO%HQL
*HQHUDGRUGHOFRQ IOLFWR (PSUHVDPDGHUHUD%HUQD6XFHVRUHV65/

,QLFLDGRU GHOFRQIOLF WR &RPLWp&tYLFRGH5XUUHQDEDTXH'1&% DFWXDO'*% 


6(51$3$GPLQLVWUDFLyQGHOD5HVHUYD3LOyQ/DMDV
5HJXODGRUGHO FRQIOLFWR 6XSHULQWHQGHQFLD)RUHVWDO$OFDOGtDVGH<XFXPR\
5XUUHQDEDTXH\$GPLQLVWUDFLyQGHOD5HVHUYD3LOyQ/DMDV
$IHFWDGRV $SUR[LPDGDPHQWHKDELWDQWHVGHODUHJLyQ
HVSHFLDOPHQWHLQGtJHQDV\FRORQL]DGRUHV
$FWLYLGDGT XHJHQ HU DHO GDxR ([SORWDFLyQPDGHUHUD

(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV 'HVWUXFWLYDFRQUHODFLyQDORVUHFXUVRVIRUHVWDOHV

$FWLYLGDGHVDIHFWDG DV 6REUHYLYHQFLD\FRQVHUYDFLyQ

5HFXUVRVDIHFWDG RV $JXDVXHORIORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR DxRHQHOTXHOOHJDQODVSULPHUDVHPSUHVDVPDGHUHUDV

)HFKDLQLFLRGHOFRQIOLF WR 0DU]RGH

2EMHWLYRGHORV DIHFWD GR V ,PSHGLUTXHODHPSUHVD%HUQDVLJDH[WUD\HQGRPDGHUDGHOD


5HVHUYD\TXHDEDQGRQHGHILQLWLYDPHQWHODViUHDVVXSHUSXHVWDV
$FFLRQHVUH DOL]DGDV 3URFHVROHJDOFRQWUDODHPSUHVD'HQXQFLDDQWHOD6)\OD
RSLQLyQS~EOLFD$PSOLDGRV\FDELOGRV
)HFKDGH UHJLVWUR 0D\RGH

'HVFULSFLyQGHOFRQIOLFWR
/D5HVHUYDGHOD%LRVIHUD\7HUULWRULR,QGtJHQD3LOyQ/DMDVIXHFUHDGDHQDEULOGHPHGLDQWHGHFUHWR
6XSUHPR1ƒFRPRFRQVHFXHQFLDGHOD0DUFKDSRUHO7HUULWRULR\OD'LJQLGDGSURWDJRQL]DGDSRU
ORV SXHEORV LQGtJHQDV \ GH ODV SURSXHVWDV GH RUJDQL]DFLRQHV FLHQWtILFDV TXH SURSRQtDQ VX
UHFRQRFLPLHQWRFRPRUHVHUYD(OiUHDSURWHJLGDWLHQHXQDVXSHUILFLHGHKHFWiUHDV\VHHQFXHQWUD
XELFDGDDOQRURHVWHGH/D3D]HQOD~OWLPDHVWULEDFLyQGHOD&RUGLOOHUD2ULHQWDOGHORV$QGHVHQHOOtPLWH
FRQOD/ODQXUD%HQLDQDFRQXQUDQJRDOWLWXGLQDOTXHRVFLODHQWUH\PVQP/DVFDUDFWHUtVWLFDV
HFROyJLFDVGHOD]RQDOHRWRUJDQXQDULTXH]DHQELRGLYHUVLGDGPX\LPSRUWDQWHSHURDOPLVPRWLHPSRXQD
IUDJLOLGDGFDUDFWHUtVWLFDGHHVWHHFRVLVWHPDHQHVSDFLDOIUHQWHDODVDFWLYLGDGHVDQWUySLFDV

 'HDFXHUGRDHVWLPDFLRQHVGHO3ODQGH0DQHMRGHO7HUULWRULR,QGtJHQD5HVHUYDGHOD%LRVIHUD3LOyQ/DMDV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
/DVGHQXQFLDVVREUHRSHUDFLRQHVPDGHUHUDVHQODUHVHUYD3LOyQ/DMDVGDWDQGHVGHVXHVWDEOHFLPLHQWRHQ
$OJXQDVGHODVHPSUHVDVPDGHUHUDVTXHH[WUDMHURQPDGHUDGHO3LOyQFRQFRQWUDWRVGHOH[&HQWUR
GH'HVDUUROOR)RUHVWDOVRQ%HUQD6XFHVRUHV65/6HOYD1HJUD%HOOD9LVWD\0RQWH5HGRQGR(Q
LQLFLy WUDEDMRV OD (PSUHVD (O 3LQR XWLOL]DQGR PDTXLQDULD VRILVWLFDGD DEULHQGR QXPHURVRV FDPLQRV \
VHQGDVVLQUHVSHWDUQRUPDV 6]ZDJU]DN 
8QGLDJQyVWLFRGHODVLWXDFLyQ OHJDOGHODVHPSUHVDVPDGHUHUDVDVHQWDGDVHQODUHJLyQ +HLQULFK \
XQDHYDOXDFLyQWpFQLFDGHOWUDEDMRGHODVPLVPDV %DVFRSpHWDO GHWHUPLQDURQTXHpVWDVHUDQLOHJDOHV
\DTXHQLQJXQDGH ODVHPSUHVDV PDGHUHUDV VH UHJtDQSRU OD/H\ )RUHVWDO GH HQWRQFHV QL SRU HO'HFUHWR
6XSUHPR  GH 3DXVD (FROyJLFD GH  /D PHQFLRQDGD HYDOXDFLyQ FRQVWDWy TXH ODV HPSUHVDV
DFWXDEDQGHPDQHUDLOHJDOSRUORTXHOD6HFUHWDUtD1DFLRQDOGH5HFXUVRV1DWXUDOHV\0HGLR$PELHQWH\OD
3UHIHFWXUDGHOD3D]HQHOPHVGHMXOLRGHGHQXQFLDURQDORVUHSUHVHQWDQWHVGHODVHPSUHVDV(O3LQR
\ %HOODYLVWD SRU GHOLWR GH IDOVHGDG PDWHULDO HQ OD XELFDFLyQ GHO iUHD GH FRUWH \ GDxR D OD 5HVHUYD /D
6HFUHWDUtDGH5HFXUVRV1DWXUDOHV\0HGLR$PELHQWHVHFRQVWLWX\yHQSDUWHFLYLOHQHOMXLFLRHQWDEODGRDODV
HPSUHVDV (O 3LQR \ %HOOD 9LVWD SRU ORV LPSDFWRV FDXVDGRV D OD 5HVHUYD \ SRU ODV LQIUDFFLRQHV OHJDOHV
FRPHWLGDVDQWHORFXDODPEDVVHFRPSURPHWLHURQDSDJDUORVGDxRV\SHUMXLFLRVRFDVLRQDGRV
3DUDOHODPHQWH VH OHYDQWy XQ SURFHVR DGPLQLVWUDWLYR FRQWUD ODV HPSUHVDV PHQFLRQDGDV SRU HO TXH OD
6XSHULQWHQGHQFLD )RUHVWDO DQXOy ORV FRQWUDWRV GH DSURYHFKDPLHQWR IRUHVWDO \ HVWDEOHFLy ORV SDJRV TXH
GHEtDQHIHFWXDUODVHPSUHVDV
6LQ HPEDUJR FXDQGR VH  SRVHVLRQy DO QXHYR 6XSHULQWHQGHQWH )RUHVWDO GHFOLQy FRPSHWHQFLDV SDUD
HMHFXWDUODVUHVROXFLRQHVDQWHULRUHVDSDUWLUGHDUJXPHQWRVGpELOHV\SRFRFODURVFRPRODDXVHQFLDGH
SDSHOPHPEUHWDGRDQRPEUHGHOD6XSHULQWHQGHQFLDODGXDOLGDGGHDFFLyQGHO6XSHULQWHQGHQWH,QWHULQR\
GHO 6HFUHWDULR 1DFLRQDO GH 5HFXUVRV 1DWXUDOHV \ 0HGLR $PELHQWH &RQ HVWD DFWLWXG VH EHQHILFLy D ORV
HPSUHVDULRVPDGHUHURVTXHREWXYLHURQFRQWUDWRVGHIRUPDLUUHJXODU\TXHUHDOL]DURQJUDYHVGDxRVDOD
UHVHUYDLPSLGLHQGRTXHVHDQVDQFLRQDGRV
/DV HPSUHVDV (O 3LQR \ %HOODYLVWD GHMDURQ OD ]RQD DO LJXDO TXH 0RQWH 5HGRQGR \ 6HOYD 1HJUD TXH
VDOLHURQYROXQWDULDPHQWH2WUDHPSUHVDOD%HUQD5HVRXUFHV65/DUJXPHQWDQGRODDSOLFDFLyQGHOD/H\
)RUHVWDODSUREDGDHQLQLFLyXQSURFHVROHJDOGHUHFRQYHUVLyQGHVXVFRQFHVLRQHVD~QHQFXUVR
(QHOWUDQVFXUVR GHGLFKRSURFHVROHJDOODHPSUHVD REWXYRHOSHUPLVRGHOD6XSHULQWHQGHQFLD)RUHVWDO
SDUDVHJXLUH[SORWDQGRPDGHUD\ORVUHVSRQVDEOHVGHOD5HVHUYD\HO6(51$3RSWDURQSRUHO5HFXUVRGH
5HYRFDWRULDDQWHHO6,5(6(SDUD TXHODUHVROXFLyQGHODDXWRULGDGIRUHVWDOVHDPRGLILFDGD$FWXDOPHQWH
VHHVSHUDTXHOD6XSHULQWHQGHQFLD)RUHVWDOVHSURQXQFLHPHGLDQWHXQDQXHYDUHVROXFLyQ
$SHVDUGHOSURFHVROHJDOHQFXUVR\ORVHVIXHU]RVGHJHVWLyQGHOiUHDSURWHJLGDVHJ~QORVWHVWLPRQLRV
GHORVSREODGRUHVGHODVFRPXQLGDGHVFKLPDQHVGHODUHJLyQGHORVFRORQL]DGRUHVORVJXDUGDSDUTXHVGH
ODUHVHUYD\OD8QLGDG2SHUDWLYD)RUHVWDOGHOD$OFDOGtDGH5XUUHQDEDTXHODHPSUHVD%HUQDFRQWLQXDED
H[SORWDQGRPDGHUDPHGLDQWHXQFRQWUDWRGHVHUYLFLRVUHDOL]DGRFRQODHPSUHVD&RODQ]L(VWDVXEVLGLDULD
HVWDUtDSURFHGLHQGRDH[WUDHUPDGHUDWXPEDGD\DPDUFDUORViUEROHVTXHVHWXPEDUiQHVWHDxRFX\R
Q~PHURDVFHQGHUtDDXQRVHMHPSODUHVGHPDUDFHGUR\UREOH2EYLDPHQWHWRGDHVWDDFWLYLGDGHV
LOHJDO \D TXH VHJ~QWpFQLFRV GH OD 6XSHULQWHQGHQFLD )RUHVWDO QL XQD QLRWUD HPSUHVD WLHQH XQ SODQ GH
PDQHMRDSUREDGR
(O &RPLWp &tYLFR GH 5XUUHQDEDTXH UHDOL]y GHQXQFLDV S~EOLFDV VREUH HO FDVR RPLVR TXH OD
6XSHULQWHQGHQFLD )RUHVWDO SUHVWD D ODV GLVSRVLFLRQHV OHJDOHV YLJHQWHV \ SODQWHy D WUDYpV GH YDULRV

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
PHGLRV GH FRPXQLFDFLyQ VX SUHRFXSDFLyQ UHVSHFWR DO IXWXUR GH OD 5HVHUYD \ GH ODV FRPXQLGDGHV
LQGtJHQDVDVHQWDGDVDORODUJRGHOUtR4XLTXLEH\FX\DVWLHUUDVGHFDFHUtDWUDGLFLRQDOVHVREUHSRQHQDODV
GHODVXSXHVWDFRQFHVLyQPDGHUHUD
(QXQFRPXQLFDGRGLULJLGRDO)2%20$'(HQDJRVWRGHHO&RPLWp&tYLFRGH5XUUHQDEDTXHSODQWHy
TXHHQGHIHQVDGHVXSDWULPRQLRHVWiGLVSXHVWRDUHFXUULUDRWUDVLQVWDQFLDVDVtFRPRDHMHFXWDUDFFLRQHV
\TXHVHGHFODUD HQHPHUJHQFLDDJXDUGDQGRFRQLPSDFLHQFLDHOILQGHHVWRVDWURSHOORV
(ORFWXEUHGHIXHSURPXOJDGRHO'HFUHWR6XSUHPRSRUHOTXHVHOHJDOL]DODPDGHUDWDODGD
\ VH GD SOD]R SDUD UHWLUDUOD &RQ HVWH 'HFUHWR VH SURPXHYH OD WDOD LQGLVFULPLQDGDSRU OR TXH ODV
FRPXQLGDGHVFKLPDQHV\ PRVHWHQHVGHO iUHDUHXQLGDVHO GH QRYLHPEUHGHOD]RQDUHFKD]DURQ SRU
XQDQLPLGDGHOGHFUHWR

)XHQWHV9LVLWDDOD]RQD\HQWUHYLVWDVFRQGLIHUHQWHVDFWRUHV

3HUVRQDHQFDUJDGDGHOUHJLVWUR+XJR%RVTXH/D3D]

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 6XSHUSRVLFLyQ GH FRQFHVLyQ IRUHVWDO FRQ HO 3DUTXH 1DFLRQDO \ $UHD GH
0DQHMR,QWHJUDO0DGLGL
8ELFDFLyQG H OFRQIOLF WR 3DUTXH1DFLRQDO\$UHDGH0DQHMR,QWHJUDO0DGLGLPXQLFLSLRV
GH5XUUHQDEDTXH\6DQ%XHQD9HQWXUDGHORVGHSDUWDPHQWRV
GH/D3D]\HO%HQL
*HQHUDGRUGHOFRQ IOLFWR (PSUHVDPDGHUHUD+DXVHU)iWLPD/WGD

,QLFLDGRU GHOFRQIOLF WR &RPLWpVFtYLFRVGH5XUUHQDEDTXH\6DQ%XHQD9HQWXUD

5HJXODGRUGHO FRQIOLFWR 6XSHULQWHQGHQFLD)RUHVWDO$OFDOGtDGH6DQ%XHQD9HQWXUD


$GPLQLVWUDFLyQGHO3DUTXH0DGLGL\6(51$3
$IHFWDGRV KDELWDQWHVGHODUHJLyQHVSHFLDOPHQWHLQGtJHQDV\
FRORQL]DGRUHV
$FWLYLGDGT XHJHQ HU DHO GDxR ([SORWDFLyQGHPDGHUD

(OGDxR JHQHUDGR 6HSURGXFLUi

/DDFWLYLGDGHV 'HVWUXFWLYR

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV &D]D\SHVFDWUDGLFLRQDO

5HFXUVRVDIHFWDG RV $JXDVXHORIORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR 1RVHKDLQLFLDGR

)HFKDLQLFLRGHOFRQIOLF WR 0DU]RGH

2EMHWLYRGHORV DIHFWD GR V $QXODUORVFRQWUDWRVGHDSURYHFKDPLHQWRIRUHVWDODODUJRSOD]R


GHODHPSUHVD)iWLPDGHQWURGHOiUHDSURWHJLGD
$FFLRQHVUH DOL]DGDV $VDPEOHDGHODVRUJDQL]DFLRQHVORFDOHV'HQXQFLDVDQWHOD
6XSHULQWHQGHQFLD)RUHVWDO1HJRFLDFLyQGHO6(51$3FRQOD
HPSUHVD
)HFKDGH UHJLVWUR 0D\RGH

'HVFULSFLyQGHOFRQIOLFWR
(O3DUTXH1DFLRQDO\$UHD1DWXUDOGH0DQHMR,QWHJUDGR0DGLGLIXHFUHDGRPHGLDQWH'HFUHWR6XSUHPR1ž
 GHO  GH VHSWLHPEUH GH  (Q VXSHUSRVLFLyQ FRQ HO iUHD GHO 3DUTXH ODV HPSUHVDV +DXVHU
)iWLPD /WGD \ $JURLQGXVWULDO \ 0DGHUHUD 6DQ ,JQDFLR 65/ HUDQ WLWXODUHV GH FRQWUDWRV GH
DSURYHFKDPLHQWRIRUHVWDODODUJRSOD]RREWHQLGRVHQPDU]R\IHEUHURGHUHVSHFWLYDPHQWHHVGHFLU
FXDQGRWRGDYtDHVWDEDYLJHQWHOD3DXVD(FROyJLFD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
/D/H\)RUHVWDOGHWHUPLQDTXHORVFRQWUDWRVGHDSURYHFKDPLHQWRIRUHVWDODODUJRSOD]RVHFRQYLHUWDQHQ
FRQFHVLRQHV IRUHVWDOHV 6LQ HPEDUJR D SHVDU GH QR HVWDU IDFXOWDGD SDUD HIHFWXDU UHYRFDWRULDV GH
GHUHFKRVOD6XSHULQWHQGHQFLD)RUHVWDOUHXELFyDODHPSUHVD6DQ,JQDFLR65/IXHUDGHORVOtPLWHVGHO
3DUTXHXQDYH]TXHpVWDKXERSUHVHQWDGRVX3ODQ*HQHUDOGH0DQHMR

/D HPSUHVD +DXVHU FX\D iUHD GH DSURYHFKDPLHQWR WRWDO VH HQFRQWUDED VXSHUSXHVWD DO 3DUTXH QR
DGPLWLyWHQHUHOPLVPRWUDWDPLHQWR\DTXHLPSXVR5HFXUVRGH5HYRFDWRULDDOD&RPSHQVDFLyQGH$UHD
UHVXHOWD SRU OD 6XSHULQWHQGHQFLD )RUHVWDO FRQ HO DUJXPHQWR GH TXH OD UHVROXFLyQ GH FRQWUDWRV GH
DSURYHFKDPLHQWRHUDXQDDWULEXFLyQGHO3RGHU(MHFXWLYR

$QWHODLQPLQHQWHLUUXSFLyQPDGHUHUDDO3DUTXH1DFLRQDOODVDXWRULGDGHVORFDOHVGH6DQ%XHQD9HQWXUD
SULPHUR\HO&RPLWp&tYLFRGH5XUUHQDEDTXHGHVSXpVHOHYDURQYRWRVUHVROXWLYRVUHFKD]DQGRWRGRLQWHQWR
GHRFXSDFLyQ6XREMHWLYRHUDHYLWDUTXHHO3DUTXHVHDXVDGRHQEHQHILFLRGHJUDQGHVHPSUHVDULRV\VX
SURSXHVWDIXHODUHXELFDFLyQGHODHPSUHVD

(Q PD\R GH  FXDQGR VH SURFHGLy DO OHYDQWDPLHQWR GH HVWD LQIRUPDFLyQ HVWH FRQIOLFWR HVWDED HQ
DVFHQVR VLQ HPEDUJR D WUDYpV GH OD LQWHUYHQFLyQ GHO 6(51$3 \ FRQ HO DSR\R GH RUJDQL]DFLRQHV
DPELHQWDOLVWDV LQWHUQDFLRQDOHV VH OOHJy D XQ DFXHUGR HFRQyPLFR FRQ OD HPSUHVD +DXVHU )iWLPD /WGD
SDUDTXHDEDQGRQHHOiUHDSURWHJLGD

8QDVSHFWRVREUHVDOLHQWHHQHVWHWLSRGHFRQIOLFWRVHVODQRWDEOHKRUIDQGDGGHORVDIHFWDGRVHQORTXH
UHVSHFWDDUHFXUVRVSDUDODJHVWLyQGHFRQIOLFWRV$OUHVSHFWRSDUHFHUtDTXHOD6XSHULQWHQGHQFLD)RUHVWDO
FRQHODUJXPHQWRGHYDFtRVOHJDOHVRLQWHUSUHWDFLyQHTXtYRFDGHFLHUWRVDUWtFXORVHVWDUtDIDYRUHFLHQGRD
ORVHPSUHVDULRVHQYH]GH GHIHQGHU HOSDWULPRQLRQDWXUDO\ DSR\DU DORVDFWRUHVVRFLDOHV ORFDOHV 8QD
QRWDIHFKDGDHOGHPDU]RGHHVWHDxRGHO&RPLWp&tYLFRGH6DQ%XHQD9HQWXUDTXHOOHYDODVILUPDV
GH ODV DXWRULGDGHV ORFDOHV FRQGHQD OD SROtWLFD SURWHFFLRQLVWD GH OD 6XSHULQWHQGHQFLD TXH EHQHILFLD
VRODPHQWHDORVJUDQGHVPDGHUHURVLPSRUWiQGROHXQEOHGRODFRQVHUYDFLyQGHODVUHVHUYDV\SDUTXHVGH
6DQ%XHQD9HQWXUD

)XHQWHV 9LVLWDDOD]RQD\HQWUHYLVWDVFRQGLIHUHQWHVDFWRUHV

3HUVRQDHQFDUJDGDGHOUHJLVWUR +XJR%RVTXH/D3D]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 6XSHUSRVLFLyQ GH 7HUULWRULRV &RPXQLWDULRV GH 2ULJHQ FRQ FRQFHVLyQ
PDGHUHUD

8ELFDFLyQG H OFRQIOLF WR <RWD~7&2*XDUD\RVPXQLFLSLR(O3XHQWHGHOGHSDUWDPHQWR


GH6DQWD&UX]
*HQHUDGRUGHOFRQ IOLFWR (PSUHVD%HUQD/WGD6XSHULQWHQGHQFLD)RUHVWDOH
,15$
,QLFLDGRU GHOFRQIOLF WR &RPXQLGDG<RWD~

5HJXODGRUGHO FRQIOLFWR 6XSHULQWHQGHQFLD)RUHVWDO

$IHFWDGRV 3XHEOR*XDUD\R&RPXQLGDG<RWD~

$FWLYLGDGT XHJHQ HU DHO GDxR ([SORWDFLyQIRUHVWDO

(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGRRHVUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVD

$UHDD IHFWDGD KDGHERVTXHWURSLFDO

$FWLYLGDGHVDIHFWDG DV &RPHUFLDO\SLVFtFROD

5HFXUVRVDIHFWDG RV $JXDIORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR -XOLRGH

)HFKDLQLFLRGHOFRQIOLF WR $JRVWRGH

2EMHWLYRGHORV DIHFWD GR V *DUDQWL]DUHOOLEUHXVRDSURYHFKDPLHQWR\HOWUiQVLWRKDFLD


RWUDViUHDVHQHOERVTXH*XDUD\RSRUSDUWHGHODV
FRPXQLGDGHVDOHGDxDVDODFRQFHVLyQ%HUQD/WGD
$FFLRQHVUH DOL]DGDV 'HQXQFLD D OD 6XSHULQWHQGHQFLD )RUHVWDO \ PRYLOL]DFLyQ GH OD
FRPXQLGDG
)HFKDGH UHJLVWUR GHVHSWLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
(O  GH MXQLR GH  SHUVRQHURV GH OD 6XSHULQWHQGHQFLD )RUHVWDO HO ,15$ \ HIHFWLYRV GH OD 3ROLFtD
1DFLRQDO LQWHUFHSWDURQ D FRPXQDULRV GH <RWD~ \ GH $VFHQVLyQ GH *XDUD\RV HQ HO 7HUULWRULR ,QGtJHQD
*XDUD\RHQHOiUHDGHXVRWUDGLFLRQDOGHODFRPXQLGDGGH<RWD~

(VWRVFRPXQDULRVFRPRWUDGLFLRQDOPHQWHORKDFHQWUDQVLWDEDQKDFLDXQD]RQDGHXVRFXOWXUDOJXDUD\D
HQ HO RHVWH GH OD 7&2 TXH VXSXHVWDPHQWH HVWi DO LQWHULRU GH OD FRQFHVLyQ IRUHVWDO %HUQD /WGD SDUD
UHDOL]DU GHVOLQGHV GH VXV FKDFRV \ DVt SURWHJHUORV GHO DYDQFH GH SLUDWHURV SHUVRQDV TXH GH PDQHUD
LOHJDO LQJUHVDQ D ORV ERVTXHV SDUD VDFDU PDGHUD GHVWLQDGD D VX FRPHUFLDOL]DFLyQ  JDULPSHLURV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
EXVFDGRUHVGHRUR \DYDVDOODGRUHVSURYHQLHQWHVGHOYHFLQR7HUULWRULRGH0RQWH9HUGH$GHPiVWHQtDQ
OD LQWHQFLyQ GH SRQHU D UHSDUR HO iUHD GH XVR FXOWXUDOGHQRPLQDGR ³&DVD 3LHGUD´ TXH VLUYH GH OtPLWH
KLVWyULFRHQWUH*XDUD\RV\&KLTXLWDQRV]RQDDOWD\GHGHQVDFREHUWXUDERVFRVD

(O RSHUDWLYR DQWHV PHQFLRQDGR TXH IXH UHDOL]DGR DSDUHQWHPHQWH D VROLFLWXG GH OD HPSUHVD PDGHUHUD
FRQGXMR DO GHFRPLVR GH WRGDV ODV SHUWHQHQFLDV GH ORV FRPXQDULRV ODV PLVPDV TXH VyOR SXGLHURQ VHU
UHFXSHUDGDVGHVSXpVGHPXFKRQRVLQDQWHVUHDOL]DULQWHQVDVJHVWLRQHV

/XHJR GH ODV UHSUHVHQWDFLRQHV UHVSHFWLYDV SDUD GHQXQFLDU HVH DWURSHOOR OD 6XSHULQWHQGHQFLD )RUHVWDO
DYDOy ODV DFFLRQHV GH VXV SHUVRQHURV HQ IUDQFD YLRODFLyQ GH ODV QRUPDV OHJDOHV YLJHQWHV FRPR HO
&RQYHQLR2,7UDWLILFDGRSRUHOJRELHUQRGH%ROLYLD\OD/H\,15$3RVWHULRUPHQWHODHPSUHVDLQVWDOy
XQDUHMDSDUDWUDQFDUHOFDPLQRGHDFFHVRD³&DVD3LHGUD´\DORV³FKDFRV´ ORWHVGHFXOWLYR DOJXQRVGH
ORVFXDOHVHVWiQVREUHSXHVWRVDODFRQFHVLyQLOHJDOTXHQRHVUHFRQRFLGDSRUHO3XHEOR*XDUD\R'HHVWD
PDQHUD VyOR VH SHUPLWLy WUDQVLWDU D FRPXQDULRV ³DXWRUL]DGRV´ H[SUHVDPHQWH SRU OD HPSUHVD %HUQD D
WUDYpVGHXQDFUHGHQFLDOHPLWLGDSRUHOODPLVPD1RVDWLVIHFKRVFRQHVWDPHGLGDORVSURSLHWDULRVGHOD
PDGHUHUDLQVWUX\HURQDVXSHUVRQDOFDYDUFRQRUXJDV JUDQGHVSR]RV \]DQMDVSDUDLPSHGLU HOSDVRGH
FXDOTXLHU PRWRUL]DGR X RWUR PHGLR GH WUDQVSRUWH H LQVWDODURQ VREUH OD HQWUDGD GHO FDPLQR JUDQGHV
iUEROHVWDODGRVSDUDLPSHGLUFXDOTXLHULQJUHVRQRGHVHDGR

$QWHHVWDV\RWUDVVLWXDFLRQHVLQYHURVtPLOHVSDUDHOGHVDUUROOR\OLEUHHMHUFLFLRGHORVGHUHFKRVVRFLDOHV
HFRQyPLFRV\FXOWXUDOHVGHO3XHEOR*XDUD\RHQDJRVWRGHODVFRPXQLGDGHVGH<RWD~\0RPHQp
RUJDQL]DURQXQDPDUFKDGHSURWHVWD3RVWHULRUPHQWHVHVXPDURQDODVPRYLOL]DFLRQHVOD&RRUGLQDGRUDGH
3XHEORV (WQLFRV GH 6DQWD &UX] &3(6&  \ OD &HQWUDO GH 2UJDQL]DFLRQHV GH ORV 3XHEORV 1DWLYRV
*XDUD\RV &231$*  ORJUDQGR GH PDQHUD FRQMXQWD \ EDMR DPHQD]D GH EORTXHDU OD FDUUHWHUD 6DQWD
&UX]7ULQLGDG HO GHVSOD]DPLHQWR KDVWD OD ]RQD GH DXWRULGDGHV GH OD 3UHIHFWXUD GHO 'HSDUWDPHQWR GH
6DQWD&UX]HO'LUHFWRU'HSDUWDPHQWDOGHO,15$GH6DQWD&UX]\HO6XSHULQWHQGHQWH)RUHVWDO1DFLRQDO
pVWH~OWLPRLQVSHFFLRQyHOOXJDUGHOFRQIOLFWRSURPHWLHQGRHQFRQWUDUXQDVROXFLyQDOSUREOHPDTXHKDVWD
ODIHFKDQRIXHUHVXHOWR

+R\HVWDV\ RWUDViUHDVKDQVLGRGHYRUDGDVSRUHOIXHJRTXHFRQVXPLyPiVPLOORQHVGHKHFWiUHDV
GHMDQGRFRPR³UHVHUYRULRV´~QLFDPHQWHODViUHDVH[LVWHQWHVDOLQWHULRUGHODVFRQFHVLRQHVIRUHVWDOHV6H
HVWLPDTXHGHVSXpVGHODFDWiVWURIHRFXUULGDHQ*XDUD\RVHO3XHEORGH<RWD~TXHKDVXIULGRODTXHPD
WRWDOGHVXVFKDFRV\iUHDVGHXVR\HOGH0RPHQpTXHSUiFWLFDPHQWHKDGHVDSDUHFLGRSRUHIHFWRGH
ODV OODPDV SUHVLRQDUiQ SRU HO UHWLUR GHILQLWLYR GH HVWD \ RWUDV FRQFHVLRQHV HQ HO 7HUULWRULR ,QGtJHQD
*XDUD\R

)XHQWHV ,QIRUPDFLyQGHO&(-,6 6DQWD&UX]

3HUVRQDHQFDUJDGDGHOUHJLVWUR /HRQDUGR7DPEXULQL&(-,6± 6DQWD&UX]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 ([SORWDFLyQIRUHVWDO\H[SORWDFLyQSDOPLWHUDHQiUHDVGH7&2V

8ELFDFLyQG H OFRQIOLF WR 7&2%DMR3DUDJXiPXQLFLSLR6DQ,JQDFLRGH9HODVFRGHO


GHSDUWDPHQWR6DQWD&UX]
*HQHUDGRUGHOFRQ IOLFWR (PSUHVDV7DUXPi3DUDJXi\3DOPLWRV,FKLOR

,QLFLDGRU GHOFRQIOLF WR &RPXQLGDGHV3RUYHQLU)ORULGD\3LVR)LUPH

5HJXODGRUGHO FRQIOLFWR 6XSHULQWHQGHQFLD)RUHVWDO

$IHFWDGRV KDELWDQWHVGHOSXHEOR,QGtJHQDGHO%DMR3DUDJXi

$FWLYLGDGT XHJHQ HU DHO GDxR ([SORWDFLyQIRUHVWDO\H[SORWDFLyQSDOPLWHUDHQiUHDVGHXVR


FRPXQDOGHWUHVFRPXQLGDGHVLQGtJHQDV
(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGRRHVUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVD

$UHDD IHFWDGD KDGHERVTXHWURSLFDO

$FWLYLGDGHVDIHFWDG DV $JURSHFXDULDFRPHUFLDOLQGXVWULDO\SLVFtFROD

5HFXUVRVDIHFWDG RV $JXDIORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR -XOLRGH

)HFKDLQLFLRGHOFRQIOLF WR $JRVWRGH

2EMHWLYRGHORV DIHFWD GR V *DUDQWL]DUHOOLEUHXVRDSURYHFKDPLHQWRH[FOXVLYRGHORV


UHFXUVRVQDWXUDOHVGHODViUHDVFRPXQDOHVHQOD7&2GHO%DMR
3DUDJXi
$FFLRQHVUH DOL]DGDV 'HQXQFLD DQWH OD 6) SXEOLFDFLRQHV GH SUHQVD UHXQLRQHV FRQ
ODVFRPXQLGDGHV\)$1LQVWDODFLyQGHSXHVWRVGHFRQWUROHQHO
iUHD GH FRQIOLFWR GHVDORMR \ VHFXHVWUR GH WUDFWRUHV ³VNLGHU´
&DPSDxDGHSUHQVD\UHXQLRQHVFRQODVHPSUHVDV\OD&1)
)HFKDGH UHJLVWUR 6HSWLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
(QMXOLRGHOD6XSHULQWHQGHQFLD)RUHVWDORWRUJyWUHVFRQFHVLRQHVIRUHVWDOHVTXHVHVREUHSRQHQHQ
VXWRWDOLGDGDODViUHDVFRPXQDOHVGHWUHVFRPXQLGDGHVLQGtJHQDVXELFDGDVHQODSURYLQFLD9HODVFRDOD
YHUDGHOUtR3DUDJXiFROLQGDQWHVDO3DUTXH1DFLRQDO1RHO.HPSII0HUFDGR 311.0 /DVXSHUILFLHGHOD
FRQFHVLyQ PDGHUHUD 7DUXPi VH VREUHSRQH HQ  KD DSUR[LPDGDPHQWH OD FRQFHVLyQ PDGHUHUD
3DUDJXiWDPELpQHQKD\ODHPSUHVD3DOPLWRV,FKLORFRQKDVHVREUHSRQHHQVXWRWDOLGDG
DOiUHDGHHVWDVFRPXQLGDGHV/DVXSHUSRVLFLyQHVWDOTXHORVFRPXQDULRVQRSXHGHQXVDUVXViUHDVVLQ
TXHFDLJDQHQiUHDVFRQFHVLRQDGDVRHQWUHQGHQWURGHOiUHDGHO311.0

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
3RUHVWDUD]yQ\DQWHODDEVROXWDGHVSUHRFXSDFLyQGHOD6XSHULQWHQGHQFLD)RUHVWDO\RWURVDFWRUHVFRPR
HO9LFHPLQLVWHULRGH0HGLR $PELHQWH\ 'HVDUUROOR)RUHVWDO 90$')  FX\D UHVSRQVDEOHQR UHFRQRFHORV
GHUHFKRV FRPXQDULRV ODV FRPXQLGDGHV SURFHGLHURQ D WRPDU DFFLRQHV GH KHFKR TXH JHQHUDURQ XQ
FRQIOLFWRJUDYHHQWRGDODUHJLyQ

'HVSXpV GH XQ VHFXHVWUR GH GRV WUDFWRUHV GH OD HPSUHVD 3DUDJXi SURSLHGDG GHO 3UHVLGHQWH GH OD
&iPDUD 1DFLRQDO )RUHVWDO &1)  OD UHDOL]DFLyQ GH XQ EORTXHR TXH SDUDOL]y FDVL FRPSOHWDPHQWH ODV
DFWLYLGDGHVHQOD]RQD\ODFRQWLQXDDPHQD]DGHORVPDGHUHURVGHGHVSOD]DUDOHMpUFLWRDOD]RQDVHOOHJy
D XQD QHJRFLDFLyQ D SDUWLU GH OD FXDO VH VXVFULELy XQ FRQYHQLR HQ  GHVWLQDGR SRU XQD SDUWH D
VXVSHQGHUODVPRYLOL]DFLRQHVGHODVFRPXQLGDGHV\SRURWUDSDUDTXHODHPSUHVDSXHGDDSURYHFKDUOD
PDGHUD \ ORV LQGtJHQDV ORV SDOPLWRV (O FRQYHQLR IXH ILUPDGR FRQ OD FRODERUDFLyQ GH OD $OFDOGtD \
6XESUHIHFWXUD GH 6DQ ,JQDFLR GH 9HODVFR HO &(-,6 \ )$1 VRODPHQWH FRQ ODV HPSUHVDV PDGHUHUDV
7DUXPi\3DUDJXi\QRFRQODSDOPLWHUDFX\DVFRQFHVLRQHVHVWiQVREUHSXHVWDHQVXWRWDOLGDGDOD7&2
(QHVWH~OWLPRVHHVWiWUDPLWDQGRXQDGHPDQGDGHH[SURSLDFLyQSRUODLQYLDELOLGDGHFRQyPLFD\VRFLDOGH
ODPLVPDHQHVWD]RQD

)XHQWHV ,QIRUPDFLyQGHO&(-,66DQWD&UX]

3HUVRQDHQFDUJDGDGHOUHJLVWUR /HRQDUGR7DPEXULQL&(-,6 6DQWD&UX]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 6XSHUSRVLFLyQ GH FRQFHVLRQHV IRUHVWDOHV FRQ 7LHUUDV &RPXQLWDULDV GH
2ULJHQ
8ELFDFLyQG H OFRQIOLF WR 7HUULWRULR,QGtJHQD0XOWLpWQLFRGHODVSURYLQFLDVGH0R[RV\
%DOOLYLiQDVtFRPRWLHUUDVFRPXQLWDULDV,WRQDPDVGHODSURYLQFLD
,WHQH]GHOGHSDUWDPHQWRGHO%HQL
*HQHUDGRUGHOFRQ IOLFWR &RQFHVLRQDULRVIRUHVWDOHV)iWLPD%ROLYLD0DKRJDQ\\0RQWH
*UDQGH
,QLFLDGRU GHOFRQIOLF WR 6XEFHQWUDOGH&DELOGRV,QGtJHQDVGHO7,0\OD&HQWUDOGH
3XHEORV,QGtJHQDVGHO%HQL
5HJXODGRUGHO FRQIOLFWR 6,5(6(6XSHULQWHQGHQFLD)RUHVWDO\&RUWH6XSUHPDGH
-XVWLFLD
$IHFWDGRV KDELWDQWHVGHO7HUULWRULR0XOWLpWQLFR,WRQDPDV HVWLPDFLyQ
DSDUWLUGHODSURSLHGDGFROHFWLYD
$FWLYLGDGT XHJHQ HU DHO GDxR ([SORWDFLyQIRUHVWDOHQWHUULWRULRVLQGtJHQDVSRUVXSHUSRVLFLyQ
GHGHUHFKRVFRQFHVLRQDOHV
(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGRSRUODH[SORWDFLyQHQiUHDVVXSHUSXHVWDV

/DDFWLYLGDGHV 'HVWUXFWLYD\H[FOX\HDODV7&2V

$UHDD IHFWDGD KD iUHDWRWDOGHO7,0

$FWLYLGDGHVDIHFWDG DV 6XSHUYLYHQFLD\FRQVHUYDFLyQ

5HFXUVRVDIHFWDG RV )ORUD\IDXQD

)HFKDGHL QLFL RGHOGDxR $JRVWRGH

)HFKDLQLFLRGHOFRQIOLF WR $JRVWRGH

2EMHWLYRGHORV DIHFWD GR V 6DFDUDORVFRQFHVLRQDULRVIRUHVWDOHVGHVXVWLHUUDV

$FFLRQHVUH DOL]DGDV /HJDOHVDGPLQLVWUDWLYDV\GHQXQFLDVS~EOLFDVQDFLRQDOHVH


LQWHUQDFLRQDOHV
)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
$SULQFLSLRVGHORVDxRVHOH[&HQWURGH'HVDUUROOR)RUHVWDO &') RWRUJyXQDVHULHGHFRQWUDWRVGH
DSURYHFKDPLHQWR IRUHVWDO D HPSUHVDV PDGHUHUDV VREUH WLHUUDV TXH WUDGLFLRQDOPHQWH SHUWHQHFtDQ D
GLIHUHQWHVSXHEORVLQGtJHQDVGHQWURGHOERVTXH&KLPDQHV
'XUDQWH OD SUHVLGHQFLD GH -DLPH 3D] =DPRUD VH GLFWy HO 'HFUHWR 6XSUHPR  HO PLVPR TXH
GHFODUDEDDOERVTXH&KLPDQHViUHDGHSURWHFFLyQ\ WHUULWRULRLQGtJHQD (VWH 'HFUHWRGLVSRQtDTXHORV
DVHUUDGHURVGHQWURGHHVWDiUHDGHEtDQVHUUHXELFDGRVIXHUDGHODV]RQDVGHSURWHFFLyQ\TXHXQDYH]

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
FRQFOXLGRVORVFRQWUDWRVGHDSURYHFKDPLHQWRDODUJRSOD]RHVWDV]RQDVGHDSURYHFKDPLHQWRHPSUHVDULDO
SDVDUtDQDIRUPDUQXHYDPHQWHSDUWHGHORVWHUULWRULRVLQGtJHQDV
6LQHPEDUJRHVWDVGLVSRVLFLRQHVQRIXHURQHIHFWLYL]DGDV\DTXHHQFXDQGRVHDSUXHEDODQXHYD
/H\)RUHVWDO VHOHVFRQFHGHDORVWLWXODUHVGHFRQWUDWRVGHDSURYHFKDPLHQWRIRUHVWDOHOEHQHILFLRGHOD
FRQYHUVLyQYROXQWDULDEDMRODFRQGLFLyQGHSUHVHQWDFLyQRDGHFXDFLyQGHVXVSODQHVGHPDQHMR\HOSDJR
GHVXVREOLJDFLRQHVIRUHVWDOHV

(Q DJRVWR GH  OD 6XSHULQWHQGHQFLD )RUHVWDO GLFWy  UHVROXFLRQHV GH FRQYHUVLyQ HQ WRGR HO SDtV
)UHQWHDHVWDVLWXDFLyQORVSXHEORVLQGtJHQDVFX\RVWHUULWRULRVVHHQFRQWUDEDQWLWXODGRVHMHFXWRULDOPHQWH
RGHPDQGDGRVH LQPRYLOL]DGRVSRU HO,15$KLFLHURQODUHSUHVHQWDFLyQDQWHOD6XSHULQWHQGHQFLD(QHO
FDVR GHO GHSDUWDPHQWR GHO %HQL ODV VXSHUSRVLFLRQHV DIHFWDQ DO 7HUULWRULR ,QGtJHQD 0XOWLpWQLFR \ D OD
5HVHUYD)RUHVWDOGHO,WHQH]LQPRYLOL]DGD\GHPDQGDGDSRUORV,WRQDPDV
/D DXWRULGDG IRUHVWDO UHFKD]y ODV UHSUHVHQWDFLRQHV \ UHFXUVRV GH UHYRFDWRULD LQWHUSXHVWRV SRU ODV
RUJDQL]DFLRQHVLQGtJHQDVFRQHODUJXPHQWRGHTXHHQQLQJ~QPRPHQWRVHKDEtDYXOQHUDGRORVSUHFHSWRV
GHOD/H\GHOGHMXOLRGHTXHUDWLILFDHO&RQYHQLRGHOD2UJDQL]DFLyQ,QWHUQDFLRQDOGHO
7UDEDMR 2,7  \ FX\R LQVWUXPHQWR GHWHUPLQD TXH ORV SXHEORV LQGtJHQDV WLHQHQ GHUHFKR D SURFHVRV GH
FRQVXOWDSUHYLDDODLPSRVLFLyQGHFXDOTXLHUUHVROXFLyQGHFDUiFWHUDGPLQLVWUDWLYRRSROtWLFRHQORVOLPLWHV
GHORVWHUULWRULRVWLWXODGRVHLQPRYLOL]DGRV
3RU RWUD SDUWH HO RUJDQLVPR WpFQLFR GH ODV RUJDQL]DFLRQHV LQGtJHQDV &37,  GHPRVWUy D WUDYpV GH XQ
PDSHR GH ODV FRRUGHQDGDV GH ODV FRQYHUVLRQHV IRUHVWDOHV TXH DOJXQRV GH VXV YpUWLFHV DIHFWDEDQ
SDUFLDOPHQWHDORVWHUULWRULRVLQGtJHQDV
(Q  ODV RUJDQL]DFLRQHV LQGtJHQDV VLJXLHQGR ORV SURFHGLPLHQWRV FRQWHQLGRV HQ OD /H\ )RUHVWDO
SUHVHQWDURQ UHFXUVRV MHUiUTXLFRV DQWH HO 6LVWHPD GH 5HJXODFLyQ 6HFWRULDO 6,5(6(  FRQYHUWLGR
SRVWHULRUPHQWHHQ6,5(1$5(SDUDVROLFLWDUTXHDQXOHODVUHVROXFLRQHVGHFRQYHUVLyQHQODViUHDVTXH
UHVXOWDEDQ VREUHSXHVWDV D VXV WHUULWRULRV (VWD LQVWLWXFLyQ UHJXODWRULD LJXDOPHQWH UHFKD]y ORV UHFXUVRV
XWLOL]DQGR ORV PLVPRV DUJXPHQWRV  YHUWLGRV SRU OD 6XSHULQWHQGHQFLD )RUHVWDO HQ VHQWLGR GH TXH HO
GHUHFKRGHEHQHILFLRDFRQYHUVLyQVLPSOHPHQWHUDWLILFDEDHOWUDVSDVRGHXQUpJLPHQIRUHVWDODRWUR\TXH
ODUDWLILFDFLyQGHORVFRQWUDWRVDODUJRSOD]RFRQFHGLGRVSRUHOH[&')SHUPLWLUtDTXHXQDYH]TXHpVWRV
IHQH]FDQODViUHDVHQFRQIOLFWRSDVDUtDQQXHYDPHQWHDIRUPDUSDUWHGHORVWHUULWRULRVWLWXODGRVHQHVWH
FDVRGHO7,0
/DVLQWHUSUHWDFLRQHVOHJDOHVHVJULPLGDVSRUOD6XSHULQWHQGHQFLD\HO6,5(1$5(SDUDQHJDUORVUHFXUVRV
DGPLQLVWUDWLYRV SUHVHQWDGRV IXHURQ UHFKD]DGDV SRU ODV RUJDQL]DFLRQHV LQGtJHQDV FRQ HO DUJXPHQWR GH
TXHHOSURFHVRGH VDQHDPLHQWRQRVHKDOODEDDVHJXUDGRHQXQWLHPSRUHODWLYDPHQWHFRUWRGHELGRDTXH
OD/H\,15$GLVSRQHXQSOD]RGHDxRVSDUDUHVROYHUORVFRQIOLFWRVDJUDULRV\SODQWHDURQVXUHFODPRD
OD &RUWH 6XSUHPD GH -XVWLFLD FRPR UHFXUVR FRQWHQFLRVR HQ ~OWLPD LQVWDQFLD SDUD TXH VH JDUDQWLFH OD
LQPRYLOL]DFLyQ GH ORVWHUULWRULRVWLWXODGRV SRU OD ,15$ (VWD Pi[LPD LQVWDQFLDD~Q QR KD HPLWLGR HOIDOOR
GHILQLWLYR
3DUDOHODPHQWH ODV RUJDQL]DFLRQHV LQGtJHQDV EXVFDURQ TXH RUJDQL]DFLRQHV LQWHUQDFLRQDOHV DSR\HQ VX
FDXVD DQWH OD2,7TXH HV OD LQVWDQFLD HQFDUJDGD GH YLJLODU HOFXPSOLPLHQWR GHO &RQYHQLR  TXH IXH
UDWLILFDGR SRU %ROLYLD PHGLDQWH /H\  GHO DxR  /D 2,7 HYDOXy OD VLWXDFLyQ \ HYLGHQFLR HO
LQFXPSOLPLHQWR GH ORV SUHFHSWRV FRQWHQLGRV HQ HO &RQYHQLR SRU QR KDEHUVH UHDOL]DGR ORV SURFHVRV
SUHYLRVGHFRQVXOWDDQWHVGHODLPSRVLFLyQGHGHUHFKRVDMHQRVDODUJRSOD]RTXHDIHFWDQODVQRUPDVGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
YLGDHVSDFLRV\KiELWDWVQDWXUDOHVFXOWXUDOHVHKLVWyULFRVGHORVSXHEORVLQGtJHQDV$GHPiVUHFRPHQGyHO
FXPSOLPLHQWRGHHVWDQRUPDFRQFDUiFWHUUHWURDFWLYR
$OSDUHFHUVRQODVGLVWLQWDVLQWHUSUHWDFLRQHVOHJDOHVHQWUHODVRUJDQL]DFLRQHVLQGtJHQDV\ODVLQVWDQFLDV
JXEHUQDPHQWDOHV ODV TXH SURYRFDURQ HO FRQIOLFWR GHELGR D TXH HO UpJLPHQ GH FRQYHUWLELOLGDG GH ORV
FRQWUDWRVIRUHVWDOHVDOUpJLPHQGHFRQFHVLRQHV QRHVWiVXILFLHQWHPHQWHFODURHQOD/H\ )RUHVWDOFRPR
SDUD HVWDEOHFHU ODVLWXDFLyQIUHQWH DO 'HFUHWR 6XSUHPR  < D OD SRVWHULRU WLWXODFLyQGHO 7,0 SRU HO
,15$SDUDHVWDEOHFHUORVGHUHFKRVFRQFHVLRQDOHV\ORVHPHUJHQWHVGHHVH'HFUHWR6XSUHPR
6REUH ORV QXHYRV WHUULWRULRV GHPDQGDGRV R LQPRYLOL]DGRV HO UpJLPHQ GH FRQYHUWLELOLGDG IRUHVWDO
GHVFRQRFLyODVUHVROXFLRQHVGHLQPRYLOL]DFLyQDJUDULD\ORVFRQIXQGLyFRQODVLQPRYLOL]DFLRQHVGHRUGHQ
IRUHVWDOTXHWLHQHGHILQLFLRQHV\REMHWLYRVFRPSOHWDPHQWHGLIHUHQWHVSXHVWRTXHODLQPRYLOL]DFLyQDJUDULD
QR SXHGH HVWDEOHFHU QXHYRV GHUHFKRV GH QLQJXQD FODVH PLHQWUDV TXH OD LQPRYLOL]DFLyQ IRUHVWDO EXVFD
HYLWDU OD H[WUDFFLyQ GH IRUHVWDO KDVWD WDQWR QR VH UHDOLFHQ ORV HVWXGLRV WpFQLFRV HYDOXDWLYRV SDUD
GHWHUPLQDUHOWLSRGHFDWHJRUtDGHH[SORWDFLyQIRUHVWDO'HLJXDOPDQHUDODLQWHUSUHWDFLyQHPLWLGDSRUOD
6XSHULQWHQGHQFLD )RUHVWDO GHILQLy TXH ODV UHVROXFLRQHV GH FRQYHUVLyQ QR VLJQLILFDEDQ GH PRGR DOJXQR
XQDIRUPDGHUHQRYDFLyQGH GHUHFKRVIRUHVWDOHVVLQRHOWUiQVLWRGHXQUpJLPHQDQWLJXRDXQRQXHYRTXH
SHUPLWH DGHFXDU ORV GHUHFKRV GH ODV HPSUHVDV IRUHVWDOHV SUHYLR FXPSOLPLHQWR GH DGHFXDFLyQ GH VXV
SODQHV GH PDQHMR 6LQ HPEDUJR HQ YLVWD GH TXH pVWRV WURSH]DURQ FRQ PXFKDV REVHUYDFLRQHV VH
SRVWHUJyODIHFKDOtPLWHSDUDVXSUHVHQWDFLyQSULPHURKDVWDGLFLHPEUHGH\OXHJRSRUYDULRVPHVHV
PiVKDVWDTXHVHSURFHGLyDODGLFWDFLyQGHUHVROXFLRQHVHQDJRVWRGH

)XHQWHV5HVROXFLRQHVGH&RQYHUVLyQ)RUHVWDOHPLWLGDVSRUOD6XSHULQWHQGHQFLD)RUHVWDO

3HUVRQDHQFDUJDGDGHOUHJLVWUR :DOWHU3D]&(-,6 7ULQLGDG

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
/RVFRQIOLFWRVDPELHQWDOHV
XUEDQRVHQ%ROLYLD

$QWHFHGHQWHV

'HVGHTXHHOGRPLQLRGHODQDWXUDOH]DGHMyGHFRQVWLWXLUVHHQXQPHGLRSDUDORJUDUHOELHQHVWDUVRFLDO\
VH WUDQVIRUPy HQ XQ LQVWUXPHQWR GH DFXPXODFLyQ GH ULTXH]DV GH ODV FODVHV GRPLQDQWHV VH HPSH]y D
URPSHUHOHTXLOLEULRDUPRQLRVRKXPDQLGDGQDWXUDOH]DTXHJDUDQWL]DED ORTXH KR\ HXIHPtVWLFDPHQWHVH
GHQRPLQD ³GHVDUUROOR VRVWHQLEOH´ \ SDUDOHODPHQWH VXUJH HO IHQyPHQR GHVWUXFWLYR GH DJUHVLyQ DO PHGLR
DPELHQWH(QRWURVWpUPLQRVDOURPSHUHOHTXLWDWLYR³PHUFDGRQDWXUDO´GHVDWLVIDFFLyQGHODVQHFHVLGDGHV
\ VXVWLWXLUOD SRU OD GHVLJXDO FRQFXUUHQFLD D OD HFRQRPtD GH PHUFDGRVH GD LQLFLR D OD DJUHVLyQ GH OD
QDWXUDOH]DTXHKR\HQGtDVHREMHWLYDFRPRXQDIUDQFDFRQWDPLQDFLyQDPELHQWDO

3ODQWHDUVH SROtWLFDV DPELHQWDOHV VHULDV \ VLQFHUDV LJQRUDQGR HO RULJHQ LQLFLDO GH OD FRQWDPLQDFLyQ
DPELHQWDODFWXDOHVFRPR³SRQHUHOFDVFDEHODOJDWRSDUDTXHQRFDFHUDWRQHV´\SUHFLVDPHQWHHVRHVOR
TXH RFXUUH HQ HOVLVWHPDGH ³HFRQRPtDGH OLEUHPHUFDGR´GRQGHVH SODQWHDXQ FRQVWDQWHLQFHQWLYR DO
FRQVXPLVPR\DOPLVPRWLHPSRXQVXSXHVWRGHVDUUROORVRVWHQLEOH([LVWHQFLHQWRVGHKHFKRVFLHQWtILFRV
TXH UHIUHQGDQ QXHVWUD DVHYHUDFLyQ \ TXH VXUJHQ SUHFLVDPHQWH DOOt GRQGH VH DFXxDQ ODV SROtWLFDV
HFRQyPLFDV\DPELHQWDOHVHFXPpQLFDV&yPRHMHPSORPHQFLRQDPRVDOJXQRVFDVRV

ƒ 6HJ~Q HO &HQWUR 1DFLRQDO SDUD (VWDGtVWLFDV GH OD 6DOXG GH ORV (VWDGRV 8QLGRV HO WDEDFR HV OD
SULQFLSDO FDXVD GH PXHUWHV SUHPDWXUDV DQXDOHV PDWD PiV SHUVRQDV TXH HO FRQMXQWR GH ODV
VLJXLHQWHV FDXVDV GH PXHUWH DOFRKROLVPR DFFLGHQWHV DXWRPRYLOtVWLFRV VXLFLGLRV XVR LQWHQVR GH
GURJDV \ KRPLFLGLRV 3RU HVWD UD]yQ \ SRU TXH HOFRVWR QRFLYR GHO WDEDFR H[FHGH VXV EHQHILFLRV
HFRQyPLFRV HO JRELHUQR GH HVWH SDtV HVWi HPSUHQGLHQGR IXHUWHV UHVWULFFLRQHV D OD YHQWD GH HVWD
GURJDOtFLWD 6LQHPEDUJR³GHVGH HOJRELHUQRIHGHUDOKDDPHQD]DGRFRQ LPSRQHUVDQFLRQHV
FRPHUFLDOHVFRQWUDORVSDtVHVH[WUDQMHURVTXHQRTXLWHQORVDUDQFHOHV\RWUDVUHVWULFFLRQHVLPSXHVWDV
D ORVSURGXFWRVGH WDEDFRHVWDGRXQLGHQVHV (VRVLJQLILFDTXHHOJRELHUQRGH(8$HVWiHMHUFLHQGR
XQDDFFLyQFRHUFLWLYDVREUHRWURVJRELHUQRVSDUDTXHSHUPLWDQODVLPSRUWDFLRQHVGHXQDGURJDPX\
SHOLJURVDDOWDPHQWHDGLFWLYDTXHHVSURGXFLGDHQ(VWDGRV8QLGRVPLHQWUDVTXHWUDWDGHGHWHQHUHO
IOXMRGHODVGURJDVLOtFLWDVGHVGHRWURVSDtVHVDORV(8$´ 0LOOHU 

ƒ (O FRPHUFLR LQWHUQDFLRQDO GH ORV GHVHFKRV SHOLJURVRV HV RWUR JUDQ QHJRFLR GH FLHUWDV FRPSDxtDV
QRUWHDPHULFDQDVTXHVHUHDOL]DOtFLWDPHQWHFRQDXWRUL]DFLyQGHOD$JHQFLDGH3URWHFFLyQ$PELHQWDO
(3$  R GH IRUPD LOtFLWD SHUR TXH HV LQFHQWLYDGD SRU VDQFLRQHV HFRQyPLFDV UHODWLYDPHQWH
LQVLJQLILFDQWHVIUHQWHDODVJUDQGHVJDQDQFLDVTXHGHMDHVWHQHJRFLRHQRUPHPHQWHOXFUDWLYR1RHQ
YDQR HO EDUFR FDUJXHUR .KLDP 6HD HQ  ]DUSy GH )LODGHOILD OD FXQD GH OD OLEHUWDG
QRUWHDPHULFDQDFRQGHVHFKRVSHOLJURVRVDILQGHEXVFDUXQGHSyVLWRGHILQLWLYRSDUDGLFKDFDUJDTXH
OXHJRGH GRVDxRVGHQDYHJDUGHSDtVHQSDtVDOQRVHUDFHSWDGROHJDOPHQWHHQQLQJXQDSDUWHGHO
PXQGRUHJUHVyQXHYDPHQWHD)LODGHOILDSHURVLQVXFDUJDPRUWtIHUDTXHIXHHFKDGDLOHJDOPHQWHHQ
HO2FpDQRËQGLFR

 ,QIRUPHVGH*UHHQSHDFH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
ƒ $O SDtV SHVH D QR FRQWDU FRQ FRVWDV LJXDOPHQWH OOHJDQ GHVHFKRV Wy[LFRV SDUD VHU UHFLFODGRV R
HQWHUUDGRVFRPRHQHOFDVRGH³WUHQIDQWDVPD´TXHSDUWHGHVXFDUJDIXHSURFHVDGDHQ$OWR/LPD
RWURWDQWRWUDVODGDGDD2UXUR\GHOUHVWRQRH[LVWHFHUWH]DGHTXHIXH³GHYXHOWRDOUHPLWHQWH´&RPR
GLFH XQ SDUDGLJPD DPELHQWDOLVWD QHROLEHUDO ³TXLpQ FRQWDPLQD SDJD´ SHUR SRU VXSXHVWR FRQ XQD
tQILPD SDUWH GH ODV JDQDQFLDV JHQHUDGDV D FRVWD GH OD VDOXG GH PLOODUHV GH YtFWLPDV LQGHIHQVDV
JHQHUDOPHQWHGHSDtVHVFDSLWDOLVWDVDWUDVDGRVFRPRHOQXHVWUR

ƒ /RVQHJRFLRVGHODVDUPDVFRQYHQFLRQDOHV\QRFRQYHQFLRQDOHVGHORVSUHFXUVRUHVGHODFRFDtQDGH
ODVLPiJHQHVYLROHQWDV\DOLHQDQWHVGHODLQGXVWULDGHIiUPDFRVSURVFULWRVHQORVSDtVHVGRQGHVRQ
SURGXFLGRVHWFVRQSXHVSDUWHGHODDFWXDOHFRQRPtDGHOLEUHPHUFDGR

(OFRQVXPLVPR\ODKLSRFUHVtDDPELHQWDOLVWDGHORVSDtVHVGHVDUUROODGRVODGHXGDH[WHUQD\ODSREUH]D
GH ORV SDtVHV GHO KHPLVIHULR 6XU FRQVWLWX\HQ ODV YDULDEOHV JHQHUDGRUDV PiV LPSRUWDQWHV GH OD
SUREOHPiWLFD DPELHQWDO HQ ORV SDtVHV GHSHQGLHQWHV \ PLHQWUDV QR VH ODV HQFDUH VLQFHUD \
UHVSRQVDEOHPHQWH KDFHQ XWySLFR FXDOTXLHU SUR\HFWR DPELHQWDO GH SURWHFFLyQ GH OD QDWXUDOH]D R GH
GHVDUUROOR VRVWHQLEOH 3RU WDQWR QLQJXQD SROtWLFD DPELHQWDO VHULD SRGUi VHU YLDEOH \ HIHFWLYD VL VRVOD\D
HVWRVIDFWRUHVHVSHFLDOPHQWHORVGHODGHXGDH[WHUQD\ODSREUH]D

(OFRQWH[WRVRFLRDPELHQWDOHQHOVXEGHVDUUROOR

/D H[FHVLYD SUHVLyQ HFRQyPLFD TXH HMHUFHQ ORV SDtVHV GHO KHPLVIHULR 1RUWH VREUH ORV SDtVHV GHO
KHPLVIHULRVXEGHVDUUROODGR DILQGHPDQWHQHUVXVDOWRVLQGLFDGRUHVHFRQyPLFRVKDRULJLQDGRHQHVWRV
~OWLPRV SDtVHV GRV PDUDEXQWDV DPELHQWDOHV VLDPHVDV /D GHXGD H[WHUQD \ OD SREUH]D TXH D VX YH]
HMHUFHQ IXHUWHSUHVLyQ VREUHORV UHFXUVRVQDWXUDOHVUHQRYDEOHV\ QR UHQRYDEOHV SURYRFDQGRSUREOHPDV
DPELHQWDOHV

+DVWD HO SUHVHQWH QR H[LVWH QLQJXQD VHxDO YHUD]PHQWH LPSRUWDQWH \ VLQFHUD SRU SDUWH GH ORV SDtVHV
GHVDUUROODGRVGHHQFDUDUODVROXFLyQGHODGHXGDH[WHUQD(O³*UXSRGHORV6LHWH´UHFLHQWHPHQWHUHFKD]y
ODFRQGRQDFLyQWRWDOGHODPLVPDSHVHDTXHHQLQWHUHVHV\DVHSDJRYDULDVYHFHVHOPRQWRGHOFDSLWDO

1LODVFRQGRQDFLRQHVSDUFLDOHVQLHOFDPELRGH³GHXGDSRUQDWXUDOH]D´VRQVROXFLRQHVDHVWDWUDJHGLDGH
ODVSRVWULPHUtDVGHOVLJOR;;6RQWDQFRQGLFLRQDGDVWDQSHTXHxDV\FRQWDQWDVDULVWDVFRQWUDFWXDOHVTXH
VH DVHJXUDQ OD UHGXFFLyQ GH ODV SpUGLGDV GH VXV MXJRVDV JDQDQFLDV DO FREUDU SDUFLDOPHQWH OD GHXGD
LPSDJDEOHHLQPRUDO

/D SREUH]D QR VyOR GHSUHGD OD QDWXUDOH]D WDPELpQ GHSUHGD ItVLFD \ HVSLULWXDOPHQWH DO KRPEUH /D
GHSUHGDFLyQ ELROyJLFD VH PDQLILHVWD HQ OD GHSUHVLyQ GHO VLVWHPD LQPXQLWDULR TXH DO LQWHUDFWXDU FRQ HO
DPELHQWHFRQWDPLQDGRVH WUDQVIRUPDHQ XQ LQFUHPHQWRFXDQWLFXDOLWDWLYRSULPLFLDOGH ODVHQIHUPHGDGHV
LQIHFWRFRQWDJLRVDV \ SRVWHULRUPHQWH HO LQFUHPHQWR \R DSDULFLyQ GH HQIHUPHGDGHV FUyQLFDV \
GHJHQHUDWLYDV/DGHSUHGDFLyQHVSLULWXDOVHUHIOHMDHQODGHSUHVLyQGHOVLVWHPDQHUYLRVRFHQWUDO\GHORV
yUJDQRV GH ORV VHQWLGRV TXH DO LQWHUDFWXDU FRQ HO DPELHQWH FRQWDPLQDGR PDQLILHVWDQ WHPSUDQDPHQWH

 9HUHOFRQIOLFWRDPELHQWDOGH$OWR/LPDHOFDVRPiVDQWLJXR\DOPLVPRWLHPSRLUUHVROXWRKDVWDODIHFKDSHVHDVX
FRQVLVWHQFLDOHJtWLPD\OHJDO

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
GLVWXUELRV QHXURYHJHWDWLYRV WHQVLyQ QHUYLRVD \ SRVWHULRUPHQWH DIHFFLRQHV GH ORV yUJDQRV GH ORV
VHQWLGRVHQIHUPHGDGHVQHXURSVtTXLFDV\SVLTXLiWULFDV

,QIHOL]PHQWH HODGYHQLPLHQWRSOHQR GHO QHROLEHUDOLVPR\ GH VXVSROtWLFDV HFRQyPLFDVGH OLEUHPHUFDGR


HVWiDFHOHUDQGRODGHSUHGDFLyQGHQXHVWURVUHFXUVRVQDWXUDOHV\HFRQyPLFRV\DOHMDQGRFDGDYH]PiV
ODVSRVLELOLGDGHVGHXQDWUHJXDDODQDWXUDOH]D\DORVSREUHV

/DGHSUHGDFLyQ\ORVFRQIOLFWRVDPELHQWDOHVHQ%ROLYLD

(O IHQyPHQR GH OD GHJUDGDFLyQ DPELHQWDO HQ HO SDtV WDPSRFR HV QXHYR VXUJH \ FRQYLYH FRQ OD
H[SORWDFLyQGHQXHVWURVUHFXUVRVQDWXUDOHVUHQRYDEOHV\QRUHQRYDEOHVFRPRORVPLQHUDOHVHOSHWUyOHROD
JRPD ODV FDVWDxDV \ ODV PDGHUDV SUHFLRVDV $FWXDOPHQWH D QLYHO GHO FDPSR \D WUDQVFXUUH SRU OD
GHSUHGDFLyQ GH OD ELRGLYHUVLGDG JHQpWLFD \ VH KD DVHQWDGR HQ ORV FHQWURV XUEDQRV PHGLDQWH OD
FRQWDPLQDFLyQDPELHQWDOGHODDWPyVIHUDODVDJXDV\VXHORV

/D FRQWDPLQDFLyQXUEDQDPiVSHOLJURVDSURYLHQHIXQGDPHQWDOPHQWHGH ODVHPSUHVDV LQGXVWULDOHV \GHO


SDUTXH DXWRPRWRU (Q FLHUWDV FLXGDGHV FRPR /D 3D] \ (O $OWR HO SUREOHPD GH ORWHDPLHQWRV GH iUHDV
YHUGHV \ GH HTXLSDPLHQWR FREUD PDJQLWXG VLPLODU D ODV SUREOHPiWLFDV LQGXVWULDOHV \ GH DXWRPRWRUHV
$XQTXH WRGDYtD QR IXH REMHWLYDGR GHQWUR GHO iPELWR DPELHQWDO OD FDUHVWtD GH HVSDFLRV YHUGHV \ GH
UHFUHRMXQWRDODFRQWDPLQDFLyQDF~VWLFDVRQORVSULQFLSDOHVIDFWRUHVDPELHQWDOHVGH WHQVLyQ QHUYLRVD
GLVWXUELRVQHXURYHJHWDWLYRV\SDWRORJtDVQHXURSVtTXLFDV

3HVH D TXH HO PRYLPLHQWR DPELHQWDOLVWD HQ QXHVWUR SDtV HV WRGDYtD LQFLSLHQWH VH DSUHFLD VX UiSLGR
GHVDUUROORDWUDYpVGHODJHVWDFLyQGHFRQIOLFWRVDPELHQWDOHVHQWRUQRDODGHIHQVDSRSXODUGHHVSDFLRV
GHVWLQDGRV SDUD iUHDV YHUGHV \ GH HVSDUFLPLHQWR $Vt VXUJHQ IXHUWHV RUJDQL]DFLRQHV GH GHIHQVD GH
iUHDV YHUGHV TXH OOHJDQ D IUHQDU OD DUUHPHWLGD HPSUHVDULDO GH FRQVWUXFWRUHV PiV FRQRFLGRV FRPR
³ORWHDGRUHV´8QGLJQRHMHPSORTXHHPXODUHQODFLXGDGGH/D3D]VRQORV&RPLWpVGH'HIHQVDGHÈUHDV
9HUGHVFRQIRUPDGRVSRUMXQWDVGHYHFLQRVSURIHVLRQDOHV\YHFLQRVQRWDEOHVGHODVGLVWLQWDV]RQDV

(QJHQHUDOHQODVFLXGDGHVVHHVWiJHVWDQGRPiVUiSLGDPHQWHXQPRYLPLHQWRDPELHQWDOLVWDDOOtGRQGH
VXUJHQSUREOHPDVDPELHQWDOHVHVGHFLUHQDTXHOORVVHFWRUHVVRFLDOHVTXHFRPSDUWHQXQPLVPRHVSDFLR
ItVLFRFRQORVORWHDPLHQWRV\ORVDVHQWDPLHQWRVLQGXVWULDOHV

/RV FRQIOLFWRV DPELHQWDOHVXUEDQRVTXH VH UHSRUWDQHQ OD SUHVHQWHSXEOLFDFLyQ VRQHQ VX PD\RUtDGH
WUDVFHQGHQFLDUHGXFLGDHVSDFLDOPHQWH

 &DVRV SXQWXDOHV GH GHIHQVD GH iUHDV YHUGHV SURWDJRQL]DGRV SRU YHFLQRV PXFKRV GH ORV FXDOHV
VHJXUDPHQWHLJQRUDQVXFDUiFWHUGHFRQIOLFWRDPELHQWDO\

 3RU IHQyPHQRV GH FRQWDPLQDFLyQ LQGXVWULDO FODUDPHQWH WLSLILFDGRV FRPR FRQIOLFWRV DPELHQWDOHV \
SURWDJRQL]DGRVWDPELpQSRU MXQWDV GHYHFLQRV \RWUDVRUJDQL]DFLRQHVSRSXODUHV HQPXFKRVFDVRV
YDOLpQGRVHGHODVQRUPDWLYDVDPELHQWDOHVUHFLHQWHPHQWHVDQFLRQDGDV

(QHORWURH[WUHPRVHHQFXHQWUDQJUDQGHVFDVRVGHSUREOHPDVDPELHQWDOHVFRPRODFRQWDPLQDFLyQGH
ORV UtRV &KRTXH\DSX 3LUDt *XDGDOTXLYLU HWF TXH DIHFWDQ GLUHFWD H LQGLUHFWDPHQWH D SREODGRUHV GH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
JUDQGHV FLXGDGHV SHUR TXH QR KDQ VLGR D~Q PRWLYRV GH FRQIOLFWRV DPELHQWDOHV \ SRU OR WDQWR QR VH
HQFXHQWUDQUHSRUWDGRVFRPRWDOHV

(VWDV DSDUHQWHV SDUDGRMDV WLHQHQ H[SOLFDFLRQHV UHODFLRQDGDV FRQ XQ GHVIDVH HQWUH OD FRQFLHQFLD
DPELHQWDO LQGLYLGXDO \ FROHFWLYD SURSLDV GH LQFLSLHQWHV PRYLPLHQWRV DPELHQWDOLVWDV \ GLFKRV
FRPSRUWDPLHQWRV VLUYHQ SDUD VXVWHQWDU HO RWUR SDUDGLJPD DPELHQWDOLVWD QHROLEHUDO ³/RV GHUHFKRV GH
SURSLHGDG´TXHVHVXVWHQWDSUHFLVDPHQWHHQTXHORVFLXGDGDQRVQRGHILHQGHQELHQHVDPELHQWDOHVGRQGH
ORVGHUHFKRVGHSURSLHGDGVRQFROHFWLYRV

3DUD VXSHUDU HVWRV GHVIDVHV HV LPSRUWDQWH TXH VH UHJHQHUH R JHQHUH OD FRQFLHQFLD GH SURSLHGDG
FROHFWLYD PX\ IXHUWHPHQWH HQUDL]DGD HQ QXHVWUD FXOWXUD UXUDO \ TXH VH IXH SHUGLHQGR D QLYHO XUEDQR
(VWDPRV FRQYHQFLGRV TXH HO QXHYR PRYLPLHQWR DPELHQWDOLVWD UHFXSHUDUi SDUD Vt HVWD FRQFLHQFLD GH
SURSLHGDGFROHFWLYD\TXHPX\SURQWRVHREMHWLYDUiQ\DUULEDUiQDJUDQGHVFRQIOLFWRVDPELHQWDOHVORVTXH
D VX YH] VH FRQVWLWXLUiQ HQ QXHYRV SXQWRV GH SDUWLGD GH UHLYLQGLFDFLRQHV DPELHQWDOHV \ VRFLDOHV
WUDQVIRUPDGRUDV

$QWRQLR0LUDQGD$OLDJD 0'03+
(SLGHPLyORJRHVSHFLDOLVWDHQ6DOXG$PELHQWDO
'RFHQWH7LWXODUGHO'HSDUWDPHQWRGH6DOXG3~EOLFD
GHOD)DFXOWDGGH0HGLFLQDGHOD8QLYHUVLGDG0D\RUGH6DQ$QGUpV

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 (PLVLyQGHJDVHVWy[LFRVSRUSHTXHxDVLQGXVWULDVODGULOOHUDVGH2UXUR
8ELFDFLyQG H OFRQIOLF WR =RQD1RUHVWHGHODFLXGDGGH2UXURPXQLFLSLRGH2UXUR±
&HUFDGRGHOGHSDUWDPHQWRGH2UXUR
*HQHUDGRUGHOFRQ IOLFWR *UXSRGHPLFURHPSUHVDVODGULOOHUDV

,QLFLDGRU GHOFRQIOLF WR -XQWDVYHFLQDOHV3DVWRUDO6RFLDO\)RUR2UXUHxR

5HJXODGRUGHO FRQIOLFWR &RQWUROGHOD'LUHFFLyQGHO0HGLR$PELHQWHGHOD3UHIHFWXUDHO


0XQLFLSLR
$IHFWDGRV 7RGDODSREODFLyQGHOD]RQD1RUHVWH\FLUFXQGDQWHVD NPD
ODUHGRQGDGHORVIRFRVHPLVRUHV\GLUHFWDPHQWHXQRV
KDELWDQWHVGHORVH[LVWHQWHVHQODFLXGDG
$FWLYLGDGT XHJHQ HU DHO GDxR 8VRLQDGHFXDGRGHFRPEXVWLEOHSDUDORVKRUQRVGHFRFFLyQGH
ORVODGULOORV
(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/D DFWLYLGDGHV &RQWDPLQDQWH

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV 9LYLHQGDHLQGXVWULDO

5HFXUVRVDIHFWDG RV $JXDDLUH\VDOXG

&RVWRVG HUHG XFLUHOGDx R $SUR[LPDGDPHQWHXQRVGyODUHVDPHULFDQRVSRU


ODGULOOHUDKDFLHQGRXQWRWDOGH
,QYHUVLyQG H OJHQH UDGRU 1RSDVDGHORVGyODUHVDPHULFDQRVSRUFDGDODGULOOHUD
FRQRFLGR
)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR &RQPXFKDIXHU]DGHVGH

2EMHWLYRGHORV DIHFWD GR V &DPELDUGHOXJDUODVODGULOOHUDVRFDPELDUVXFRPEXVWLEOHSDUD


HYLWDUORVJDVHVFRQWDPLQDQWHVHPLWLGRVDODPELHQWH
$FFLRQHVUH DOL]DGDV ,QIRUPDWLYDVGHSODQLILFDFLyQYLJLODQFLD\FRQWURO\
PRYLOL]DFLRQHV
)HFKDGH UHJLVWUR 'HVHSWLHPEUHDGLFLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
+DFH YDULRV DxRV DWUiV DOJXQDV IDPLOLDV GHHVFDVRVUHFXUVRV LQLFLDURQ OD SURGXFFLyQ GH ODGULOORVHQ OD
]RQDQRUHVWHGHODFLXGDGGH2UXUR7LHPSRGHVSXpVHQFRPHQ]DURQDH[LVWLUTXHMDVPX\IXHUWHV
GH ORV YHFLQRV GHELGR D ORV KXPRV \ JDVHV Wy[LFRV TXH HPLWHQ XQDV WUHLQWD ODGULOOHUDV TXH SURGXFHQ
ODGULOORJDPERWHSDUDODFRQVWUXFFLyQGHYLYLHQGDV\RWURV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
/RVPDWHULDOHVHPSOHDGRVSRUHVWDVPLFURHPSUHVDVSDUDODSURGXFFLyQGHODGULOORVVRQDUFLOOD\DJXD
SRUORFXDOGHMDQHQOD]RQDJUDQGHVKR\RVGHGRQGHH[WUDHQ HVWHPDWHULDO3RURWURODGRSDUDFDOHQWDU
ORVKRUQRVDUWHVDQDOHVFRQTXHFXHQWDQXVDQFRPRFRPEXVWLEOHODWDTXLD H[FUHPHQWRGHRYHMDV \HQOD
PD\RUtDGHORVFDVRVOODQWDVGHJRPD

/D JRPD DO VHU FRPEXVWLRQDGD HPLWH JDVHV Wy[LFRV SDUD OD VDOXG \ HO PHGLR DPELHQWH FRPR VRQ
VXVWDQFLDVFORUDGDVWR[LQDV\KDOyJHQRVTXHVRQFDQFHUtJHQRV1RRFXUUHORPLVPRFRQODWDTXLDTXH
FRPR HV XQD VXVWDQFLD RUJiQLFD VH  TXHPD \ VyOR HPLWH XQ RORU QDXVHDEXQGR FDUDFWHUtVWLFR GH ORV
H[FUHPHQWRVGHJDQDGRSHURTXHQRHVQRFLYRSDUDODVDOXG
&RQODILQDOLGDGGHDOHUWDUVREUHHVWDVLWXDFLyQHO)RUR2UXUHxROD3DVWRUDO6RFLDO\RWUDVRUJDQL]DFLRQHV
UHDOL]DURQDFWLYLGDGHVLQIRUPDWLYDVVREUHHOHIHFWRGHORVJDVHVHPLWLGRVSRUODVODGULOOHUDV3RUVXSDUWH
ORV YHFLQRV SHUWHQHFLHQWHV D ODV MXQWDV YHFLQDOHV DIHFWDGDV UHDOL]DURQ PRYLOL]DFLRQHV SDUD VROLFLWDU OD
VROXFLyQGHOSUREOHPD
/D SURSXHVWD UHDOL]DGD WDQWR SRU ODV RUJDQL]DFLRQHV YHFLQDOHV FRPR SRU DTXHOODV SUHRFXSDGDV SRU OD
FDOLGDG DPELHQWDO HV FDPELDUHOFRPEXVWLEOHTXH WLHQHQ SRU HO JDV QDWXUDO TXHSDVD PX\ FHUFD GH OD
]RQDHOJDVQDWXUDOHVEDUDWR\QRFRQWDPLQDHOPHGLRDPELHQWHSHURORTXHVHGHEHKDFHUHVJHVWLRQDU
ORVUHFXUVRVSDUDODLQVWDODFLyQGHXQDUHGGHGLVWULEXFLyQ\ORVTXHPDGRUHVHQFDGD KRUQRGHFRFFLyQ
7DPELpQVHGHEHUiRSWLPL]DUODFRQVWUXFFLyQGHVXVKRUQRV\FKLPHQHDV

3RU~OWLPRSDUDLQWHQWDUUHXELFDUHVWDVODGULOOHUDVVHGHEHUiFRQVLGHUDUODH[LVWHQFLDGHODPDWHULDSULPD
HQRWUD]RQD\ODVFRPSHQVDFLRQHVSRUORVWHUUHQRVDUHYHUWLU3RUVXSDUWHORVGXHxRVGHODVODGULOOHUDV
VHxDODURQ TXH HVWDUtDQ GLVSXHVWRV D WUDVODGDUVH R D XWLOL]DU RWURV FRPEXVWLEOHV VL VH OHV SURSRUFLRQD
D\XGDWpFQLFD\HFRQyPLFD
$OUHVSHFWRODVDXWRULGDGHVHQFDUJDGDVGHOWHPDVHOLPLWDURQDUHDOL]DUGHQXQFLDVVREUHODFRQWDPLQDFLyQ
SURGXFLGDSHURQRUHDOL]DURQQLQJXQDDFFLyQHIHFWLYDHQFRQWUDGHOSUREOHPD

)XHQWHV 'DWRV GHO 3UR\HFWR 3LORWR 2UXUR 7DOOHUHV GH 0HGLR $PELHQWH )RUR 2UXUHxR GH 0HGLR
$PELHQWH(JU(GJDU5RGUtJXH]

3HUVRQDHQFDUJDGDGHOUHJLVWUR+pFWRU/RD\]D&DUWDJHQD2UXUR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQDPELHQWDOSRUODGULOOHUDVHQODFLXGDGGH/D3D]
8ELFDFLyQG H OFRQIOLF WR &DOOH6XFUHGHODFLXGDGGH/D3D]

*HQHUDGRUGHOFRQ IOLFWR 7HFQRFHUiPLFD%ROLYLDQD/WGD

,QLFLDGRU GHOFRQIOLF WR 9HFLQRVGHOHGLILFLR9LUJHQGH&RQFHSFLyQ

5HJXODGRUGHO FRQIOLFWR $OFDOGtDGH/D3D]

$IHFWDGRV 8QRVKDELWDQWHVGHOD]RQDDOHGDxDDODIiEULFD

$FWLYLGDGT XHJHQ HU DHO GDxR (PLVLyQGHKXPR\KROOtQ

(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH\PROHVWD

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV &RPHUFLDO\YLYLHQGD

5HFXUVRVDIHFWDG RV $JXDDLUH\VDOXG

)HFKDGHL QLFL RGHOGDxR $ORVLQLFLDGRUHVHQ

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V &LHUUHGHODIiEULFDGHODGULOORV

$FFLRQHVUH DOL]DGDV 'HQXQFLDV\VROLFLWXGGHSDUTXHLQGXVWULDO

)HFKDGH UHJLVWUR -XQLRGH

'HVFULSFLyQGHOFRQIOLFWR
(QODFLXGDGGH/D3D]H[LVWHQDSUR[LPDGDPHQWHGRVFLHQWDVIiEULFDVGHODGULOOR\VyORXQDYHLQWHQDGH
HOODV VRQ OHJDOHV (VWDV IiEULFDV TXH HQ VX PD\RUtD HVWiQ XELFDGDV HQ ]RQDV SHULIpULFDV XWLOL]DQ
FRPEXVWLEOHVFRPRFDXFKRDFHLWHVXFLR\PDGHUD
'H DFXHUGR D LQIRUPDFLyQ SXEOLFDGD HQ HO SHULyGLFR /D 5D]yQ HQ OD FLXGDG GH /D 3D] VH TXHPDQ
PHQVXDOPHQWH XQRV  OLWURV GH DFHLWH XVDGR DGHPiV GH OODQWDV \ PDGHUD FX\RV HIHFWRV
FRQWDPLQDQWHVGDxDQODVDOXGGHVXVKDELWDQWHVDVtFRPRODFDOLGDGGHODLUH\GHODJXD
'HDFXHUGRDOD/H\GHO0HGLR$PELHQWHHVDWULEXFLyQGHOJRELHUQRPXQLFLSDOFRQWURODUODFDOLGDGGHODLUH
\ YHODU SRU HO FXPSOLPLHQWRGH ODV GLVSRVLFLRQHV OHJDOHVVREUH FRQWDPLQDFLyQ DWPRVIpULFD /RV YHFLQRV
TXHVXIUHQORVLPSDFWRVSURGXFLGRVSRUHVWDVIiEULFDVKDQUHDOL]DGRYDULDVGHQXQFLDVDODVDXWRULGDGHV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
PXQLFLSDOHVVLQHPEDUJR pVWDVKDQHVWDGRPiVLQWHUHVDGDVHQUHDOL]DUORWHDPLHQWRVGHiUHDVYHUGHV\
RWURVQHJRFLDGRVTXHFXPSOLUODOHJLVODFLyQYLJHQWH
(QHOFDVRGHODIiEULFDGHODGULOORV7HFQRFHUiPLFD%ROLYLDQDXELFDGDHQODFDOOH6XFUHGHODFLXGDGGH/D
3D]  TXH VH HQFXHQWUD D XQDV FLQFR FXDGUDV GH OD SOD]D SULQFLSDO GHVGH KDFH FLQFR DxRV ORV
FRSURSLHWDULRVGHXQ HGLILFLRYHFLQRKDQUHDOL]DGRUHFODPRV\GHQXQFLDVVLQVHUHVFXFKDGRV
(VWD IiEULFD KHFKD KXPRV \ KROOtQ JHQHUDOPHQWH SRU ODV QRFKHV \ GH HVWD PDQHUD FRQWDPLQD ORV
GHSyVLWRVGHDJXDGHOYHFLQGDULR\DGHPiVHQQHJUHFHODVSDUHGHVORVPXHEOHVDVtFRPRODVFRUWLQDVGH
ORVGHSDUWDPHQWRVGHOD]RQD7DPELpQORVFRPHUFLRVFHUFDQRVDODIiEULFDVXIUHQODFRQWDPLQDFLyQGH
VXVPHUFDGHUtDV3HURORSHRUGHHVWDVLWXDFLyQHVTXHODVDOXGGHORVKDELWDQWHV\ODGHORVQLxRVGHODV
HVFXHODVGHOD]RQDVHYHDIHFWDGD
(QUHVSXHVWDDODVFRQVWDQWHVTXHMDVGHORVYHFLQRV\DODVGHPDQGDVGHFLHUUHGHODIiEULFDORVGXHxRV
GH OD IiEULFD SODQWHDQ TXH HVWiQ GLVSXHVWRV D WUDVODGDU VXVLQVWDODFLRQHV VL OD DOFDOGtDFUHD XQ SDUTXH
LQGXVWULDO /D DOFDOGtD UHVSRQGH TXH OR KDUi SHUR KDVWD OD IHFKD QR VH FRQRFH QLQJXQD JHVWLyQ DO
UHVSHFWR

)XHQWHV9LVLWDDOD=RQD\FRQYHUVDFLyQFRQORVYHFLQRV

3HUVRQDHQFDUJDGDGHOUHJLVWUR +XPEHUWR0HUFDGR)2%20$'(± /D3D]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 (PLVLyQGHJDVHVWy[LFRVSRUODVFKLPHQHDVGHODHPSUHVD 6$0&2
8ELFDFLyQG H OFRQIOLF WR =RQD6XUGHODFLXGDGGH2UXURPXQLFLSLRGH2UXUR± &HUFDGR
GHOGHSDUWDPHQWRGH2UXUR
*HQHUDGRUGHOFRQ IOLFWR 6RXWK$PHULFDQ&KHPLFDO&RUSRUDWLRQ 6$0&2

,QLFLDGRU GHOFRQIOLF WR 3REODFLyQDIHFWDGDSRUORVGDxRVFDXVDGRVSRUODVHPLVLRQHV


GH62
5HJXODGRUGHO FRQIOLFWR &RQWUROGHOD'LUHFFLyQGHO0HGLR$PELHQWHGHOD3UHIHFWXUD\
HO0XQLFLSLR
$IHFWDGRV 7RGDODSREODFLyQDIHFWDGDGHOD]RQD6XG\]RQDV
FLUFXQGDQWHVD NPDODUHGRQGDGHORVIRFRVHPLVRUHV/RV
GLUHFWDPHQWHDIHFWDGRVVRQXQRVKDELWDQWHV
$FWLYLGDGT XHJHQ HU DHO GDxR 3URFHVRVLQGXVWULDOHVREWHQFLyQGHiFLGRVXOI~ULFRFORUKtGULFR
DFHLWHVHOHFWUyOLWRVGHWHUJHQWHVEROVDVHWF
(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH\SHOLJURVD

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDHLQGXVWULDO

5HFXUVRVDIHFWDG RV $JXDDLUH\VDOXG

,QYHUVLyQG H OJHQHUDGRU $SUR[LPDGDPHQWHXQPLOOyQGHGyODUHV

)HFKDGHL QLFL RGHOGDxR &DGDYH]TXHUHLQLFLDQRSHUDFLRQHVOD~OWLPDYH]IXHHQ


RFWXEUHGH
)HFKDLQLFLRGHOFRQIOLF WR 'HVGH

2EMHWLYRGHORV DIHFWD GR V 5HXELFDUODHPSUHVD6$0&2IXHUDGHODFLXGDG


([LJLUDODHPSUHVDTXHDGHFXHVXVFKLPHQHDV\WHQJDFRQWURO
DPELHQWDOHQVXVSURFHVRV
3DJRDOGDxRDPELHQWDO\DODVDOXGGHORVYHFLQRVHQHOPDUFR
GHOD/H\GH0HGLR$PELHQWH
$FFLRQHVUH DOL]DGDV ,QIRUPDWLYDVGHSODQLILFDFLyQ\PRYLOL]DFLRQHVGHYLJLODQFLD\
FRQWURO
)HFKDGH UHJLVWUR 'HDJRVWRDRFWXEUHGHDFWXDOL]DGDHQ

'HVFULSFLyQGHOFRQIOLFWR
'HVGHTXHODHPSUHVD6$0&2LQLFLyRSHUDFLRQHVQXQFDWXYRHQFXHQWDORVLPSDFWRVDPELHQWDOHVTXH
HVWDEDRFDVLRQDQGRSULPHURSRUTXHOD]RQD QRHUDPX\SREODGD\VHJXQGRSRUTXHQRH[LVWtDQQRUPDV
SDUDHOFXLGDGRGHOPHGLRDPELHQWH\ODVDOXGKXPDQD3RUHVWDVUD]RQHVODWHFQRORJtDGHHVWDHPSUHVD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
QRSUHYLyHOFRQWUROGHODVGHVFDUJDVJDVHRVDVKDFLDODDWPyVIHUDHQODVHWDSDVGHLQLFLRGHRSHUDFLRQHV
\VREUHFDUJDGHSURGXFFLyQ2WURSUREOHPDWpFQLFRHVTXHODDOWXUDGHVXVFKLPHQHDVQRHVODDGHFXDGD
SDUDGHVDORMDUORVJDVHVGH6262JDVVXOIKtGULFRFRPSXHVWRV12\12 \RWURVQRFXDQWLILFDEOHV
SRUODULJLGH]GHODLQGXVWULDHQFXDQWRDVXFRQWURO\PRQLWRUHR
(VWDVHPLVLRQHVVLQFRQWUROTXHVHVXFHGHQHQHWDSDV\pSRFDVGLIHUHQWHVSURYRFDURQODDODUPDGHOD
SREODFLyQ SRU ORV GDxRV FDXVDGRV D OD YLVWD SXOPRQHV \ SLHO OD PLVPD TXH UHDFFLRQy UHDOL]DQGR
PRYLOL]DFLyQSDUDH[LJLUTXHODHPSUHVDFRUULMDVXVRSHUDFLRQHVRVHWUDVODGHDRWUD]RQD
(QUHVSXHVWDDHVWDVLWXDFLyQODHPSUHVDQRWRPyPHGLGDVSUHYHQWLYDVQLUHVDUFLyGDxRVVLPSOHPHQWH
DUJXPHQWy TXH VH KDEtD WUDWDGR GH XQ DFFLGHQWH \ VH FRPSURPHWLy D TXH QR YROYHUtD D VXFHGHU
2EYLDPHQWHHVWRQRVXFHGLy\DTXHFDGDYH]TXHODSODQWDUHLQLFLDVXVRSHUDFLRQHVHPLWHQXHYDPHQWH
ORVPLVPRVJDVHVFRQWDPLQDQWHVDODDWPyVIHUD
/RVYHFLQRV\DOJXQDVLQVWLWXFLRQHVFRPRHO)RUR2UXUHxROD3DVWRUDO6RFLDO/D8QLYHUVLGDG7pFQLFDGH
2UXUR\HO&HQWURGH(FRORJtD\3XHEORV$QGLQRV &(3$ UHDOL]DURQDFFLRQHVLQIRUPDWLYDVGHYLJLODQFLD\
FRQWURO DVt FRPR PRYLOL]DFLRQHV SDUD VROLFLWDU TXH OD HPSUHVD DGHFXH VX WHFQRORJtD PHGLDQWH OD
LQVWDODFLyQGHXQODYDGRUGHJDVHVTXHHYLWHODHPLVLyQ GHORVFRQWDPLQDQWHVKDFLDODV]RQDVSREODGDV
7DPELpQVHSURSXVRUHDGHFXDUODVFKLPHQHDV\HOHYDUVXDOWXUD3RURWUDSDUWHVHHVWiH[LJLHQGRTXHOD
HPSUHVDSUHVHQWHVXPDQLILHVWRDPELHQWDO
6LQHPEDUJRODVHQWLGDGHVHQFDUJDGDVGHILVFDOL]DU\UHJXODU HOFRQIOLFWRQRKDQUHDOL]DGRKDVWDODIHFKD
DFFLRQHVSDUDFXDQWLILFDUODVHPLVLRQHVQLSDUDGDUVROXFLRQHVFRQFUHWDV\HIHFWLYDVDORVSUREOHPDVGH
FRQWDPLQDFLyQGHOD]RQD3RUWDQWRHOFRQIOLFWRFRQWLQ~DVLQVROXFLyQKDVWDODIHFKD

)XHQWHV 6HPLQDULRWDOOHUUHDOL]DGRSRU&(3$ &HQWURGH(FRORJtD\3XHEORV$QGLQRV GDWRVGHO3,,4


3URJUDPDGH,QYHVWLJDFLyQGH,QJHQLHUtD4XtPLFD \GDWRVGHODHPSUHVD

3HUVRQDHQFDUJDGDGHOUHJLVWUR+pFWRU/RD\]D&DUWDJHQD2UXUR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 (PLVLyQGHJDVHV\HIOXHQWHV KDFLDODDWPyVIHUD\VXHORSRUODHPSUHVD
%$5(06$
8ELFDFLyQG H OFRQIOLF WR =RQD6XGRHVWHGHODFLXGDGGH2UXURPXQLFLSLRGH2UXUR±
&HUFDGRGHOGHSDUWDPHQWRGH2UXUR
*HQHUDGRUGHOFRQ IOLFWR %$5(;(PSUHVD0LQHUD6$

,QLFLDGRU GHOFRQIOLF WR )DPLOLDVDIHFWDGDV\WUDEDMDGRUHVGHODH[,WRV

5HJXODGRUGHO FRQIOLFWR &RQWUROGHOD'LUHFFLyQGHO0HGLR$PELHQWHGHOD3UHIHFWXUD\


HO0XQLFLSLR
$IHFWDGRV 7RGDODSREODFLyQDIHFWDGDGHOD]RQD6XGRHVWH\FLUFXQGDQWHV
DNPDODUHGRQGDGHODSODQWDKLGURPHWDO~UJLFD
'LUHFWDPHQWHXQRVKDELWDQWHV
$FWLYLGDGT XHJHQ HU DHO GDxR 8QSURFHVRGHOL[LYLDFLyQFORUXUDQWHGHODVFRODV\UHODYHVGHO
LQJHQLR,WRVSDUDREWHQHUSODWDPHWiOLFD
(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV 9LYLHQGDHLQGXVWULDO

5HFXUVRVDIHFWDG RV $JXDDLUH\VDOXG

&RVWRVG HUHG XFLUHOGDxR $SUR[LPDGDPHQWHXQRVPLOORQHVGH86SDUDGLVPLQXLUORV


GDxRV\PRQWDUODIiEULFDGHiFLGRFORUKtGULFR
,QYHUVLyQG H OJHQH UDGRU (VWiSRUHQFLPDGHORVPLOORQHVGH86
FRQRFLGR
)HFKDGHL QLFL RGHOGDxR &20,%2/
%$5(06$
)HFKDLQLFLRGHOFRQIOLF WR &RQPXFKDIXHU]DGHVGH

2EMHWLYRGHORV DIHFWD GR V $GHFXDUODVRSHUDFLRQHVGH%$5(06$SDUDHYLWDUQXHYRV


VXFHVRVFRPRHPLVLRQHVJDVHRVDVFRQWDPLQDQWHV\HIOXHQWHV
OtTXLGRV\DGHPiVH[LJLUHOFXPSOLPLHQWRGHOD'HFODUDWRULDGH
,PSDFWR$PELHQWDOGHODHPSUHVD\VXVDGHFXDFLRQHV
$FFLRQHVUH DOL]DGDV ,QIRUPDWLYDVSODQLILFDFLyQYLJLODQFLDFRQWURO\PRYLOL]DFLRQHV

)HFKDGH UHJLVWUR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
(Q  DO LQLFLDU HO DxR FXDQGR %$5(06$ %DUH[ (PSUHVD 0LQHUD 6RFLHGDG $QyQLPD  ILUPy XQ
FRQWUDWRGHDUUHQGDPLHQWRFRQ&20,%2/ &RUSRUDFLyQ0LQHUDGH%ROLYLD SRUXQDGXUDFLyQGHGLH]DxRV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
\SDVLEOHDXQDDPSOLDFLyQSRURWURVGLH]PiVUHFLELyODSODQWDKLGURPHWDO~UJLFDFRQDOJXQRVSUREOHPDV
GH HPLVLRQHV \ VDOLGD GH HIOXHQWHV OtTXLGRV /D SXHVWD HQ PDUFKD GH ODV DFWLYLGDGHV GH %$5(06$
RULJLQy UHFODPRV GH ODSREODFLyQ OD PLVPD TXH \D YLYH HQ XQ iUHD FRQWDPLQDGD FRQ JUDQFDQWLGDG GH
GHVPRQWHV \ FRODV GH PLQHUDO H[SXHVWRV DO DLUH OLEUH \ QR HVWi GLVSXHVWD D VXIULU XQ DXPHQWR GH OD
FRQWDPLQDFLyQ
$UDt]GHHVWDVLWXDFLyQVHUHDOL]DURQDFFLRQHVLQIRUPDWLYDV\PRYLOL]DFLRQHVSDUDH[LJLUHQXQDSULPHUD
LQVWDQFLDTXHODHPSUHVDWUDPLWHVX/LFHQFLD$PELHQWDO\VX'HFODUDWRULDGH,PSDFWRV$PELHQWDOHV\HQ
XQD VHJXQGD TXH OD OLFHQFLD WUDPLWDGD VH DGHFXH D ODV RSHUDFLRQHV TXH DFWXDOPHQWH GHVDUUROOD OD
HPSUHVD (VWR FRQ OD ILQDOLGDG GH JDUDQWL]DU TXH QR VH UHSHWLUiQORV VLQLHVWURV RFXUULGRV DQWHULRUPHQWH
FRPR VRQ HPLVLyQ GH JDVHV \ ILOWUDFLRQHV GHO GLTXH GH FRODV TXH DIHFWy D WRGD OD ]RQD FLUFXQGDQWH
DGHPiVGHODUHPRFLyQGHVXHORV
/DSRVLFLyQGHO%$5(06$HVTXH\DFXHQWDFRQOD'HFODUDWRULDGH,PSDFWR$PELHQWDO\TXHXQDYH]TXH
FRQFOX\DVXVDGHFXDFLRQHVSRGUiUHDOL]DUDFFLRQHVSDUDHOFXPSOLPLHQWRGHOD/H\/RVUHJXODGRUHVGHO
FRQIOLFWR KDQ FRQWURODGR HO SURFHVR GH ODV RSHUDFLRQHV GH OD HPSUHVD \ KDQ GDGR HO YLVWR EXHQR D VX
'HFODUDWRULDGH,PSDFWRV$PELHQWDOHV
(QODDFWXDOLGDGORVDIHFWDGRVHVWiQDODHVSHUDGHTXHODHPSUHVDWRPHPHGLGDVVREUHVXVFKLPHQHDV
GH OD SODQWD SLURPHWDO~UJLFD GRQGH VH HVWi IXQGLHQGR SODWD \ QR VH WLHQH XQ FRQWURO DGHFXDGR GH ODV
HPLVLRQHV $GHPiV HVSHUDQ TXH H[LVWD XQ FRQWURO VHJXUR HQ HO GLTXH GH FRODV GH ,WRV SDUD TXH QR
H[LVWDQILOWUDFLRQHVQLHVFXUULPLHQWRV

)XHQWHV 'DWRVGHODPLVPDHPSUHVDHQWUHJDGRVHQODSUHVHQWDFLyQGHOSUR\HFWRGHLQVWDODFLyQGHOD
SODQWDGHiFLGRFORUKtGULFRLQIRUPDFLyQGHODVMXQWDVYHFLQDOHV'LUHFFLyQGH0HGLR$PELHQWH
GHOD3UHIHFWXUD3DVWRUDO6RFLDO\&iULWDV

3HUVRQDHQFDUJDGDGHOUHJLVWUR+pFWRU/RD\]D&DUWDJHQD2UXUR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQDWPRVIpULFDSRUODIDEULFDGHFHPHQWR(O3XHQWH
8ELFDFLyQG H OFRQIOLF WR (O3XHQWHSURYLQFLD0pQGH]GHOGHSDUWDPHQWRGH7DULMD

*HQHUDGRUGHOFRQ IOLFWR )DEULFDGHFHPHQWR(O3XHQWH

,QLFLDGRU GHOFRQIOLF WR &DPSHVLQRVGH(O3XHQWH\)2%20$'(

5HJXODGRUGHO FRQIOLFWR 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH

$IHFWDGRV KDELWDQWHVHQWUHFDPSHVLQRV\SREODFLyQXUEDQD

$FWLYLGDGT XHJHQ HU DHO GDxR 3URGXFFLyQGHFHPHQWR

(OGDxR JHQHUDGR <DVHSURGXMR

/DDFWLYLGDGHV &RQWDPLQDQWH\PROHVWD

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV $JURSHFXDULD\SLVFtFROD

5HFXUVRVDIHFWDG RV $JXDDLUHIORUDIDXQD\ODVDOXG

)HFKDGHL QLFL RGHOGDxR $JRVWRGHO

)HFKDLQLFLRGHOFRQIOLF WR 0DU]RGH

2EMHWLYRGHORV DIHFWD GR V 4XHODIiEULFDVROXFLRQHHOSUREOHPDGHODFRQWDPLQDFLyQ\


UHVDU]DORVGDxRVRFDVLRQDGRV
$FFLRQHVUH DOL]DGDV 'HQXQFLDGHORVDIHFWDGRVDQWHHO)2%20$'(GHQXQFLD
S~EOLFDDQWHOD6HFUHWDULDGH'HVDUUROOR6RVWHQLEOH\0HGLR
$PELHQWHGHOD3UHIHFWXUD\H[LJHQFLDGHXQDVROXFLyQ
LQPHGLDWD
)HFKDGH UHJLVWUR GHDJRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
'HVGHHOLQLFLRGHVXVDFWLYLGDGHVODIiEULFDGHFHPHQWR(O3XHQWHKDHVWDGRHPLWLHQGRSROYRFRQWRGRV
ORVFRPSRQHQWHVGHOFHPHQWRFX\DFDQWLGDGGLDULDDVFLHQGHDTXHKD SURYRFDGRJUDQGHVSpUGLGDV
SRUODFRQWDPLQDFLyQGHVXHORV\DQLPDOHVGHORVDJULFXOWRUHVTXHKDELWDQHQVXiUHDGHLQIOXHQFLD
$QWH HVWD VLWXDFLyQ OD SREODFLyQ DIHFWDGD UHDOL]y GHQXQFLDV \ H[LJLy D OD IiEULFD TXH LQVWDOH
LQPHGLDWDPHQWHXQILOWURSDUDHYLWDUODFRQWDPLQDFLyQTXHHVWDEDRFDVLRQDQGR&RQORTXHODIiEULFDKL]R
FRQVWUXLUXQILOWURSDUDHYLWDUODFRQWDPLQDFLyQGHOiUHDHQFRQIOLFWR
&RQ HO REMHWLYR GH EXVFDU DOLDGRV TXH OH SHUPLWDQ FXPSOLU VXV REMHWLYRV ORV FDPSHVLQRV GH OD UHJLyQ
SUHVHQWDURQ VX GHQXQFLD DO )2%20$'( HO PLVPR TXH OD KL]R S~EOLFD \ OD HOHYy DQWH OD 3UHIHFWXUD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
GHSDUWDPHQWDO $ SDUWLU GH HVD DFFLyQ VH FRQIRUPy XQD FRPLVLyQ SDUD YHULILFDU OD FRQWDPLQDFLyQ
FRPSXHVWDSRUOD3UHIHFWXUD)2%20$'(\HO&RPLWp&tYLFRODPLVPDTXHHOHYyXQLQIRUPHLQGLFDQGR
ODJUDYHGDGGHODFRQWDPLQDFLyQ\H[LJLHQGRODLQPHGLDWDVROXFLyQ
3RVWHULRUPHQWH HO ,,(0$ ,QVWLWXWR GH ,QYHVWLJDFLyQ GH (FRORJtD \ 0HGLR $PELHQWH  UHDOL]y XQ HVWXGLR
VREUH ODV FDUDFWHUtVWLFDV  GH OD FRQWDPLQDFLyQ GLFKR HVWXGLR IXH VROLFLWDGR SRU HO &RPLWp &tYLFR \ HO
)2%20$'( \ ORV UHVXOWDGRV GH ORV PLVPRV GDQ DOWRV JUDGRV GH FRQWDPLQDFLyQ SRU SROXFLyQ \ XQD
GHJUDGDFLyQGHORVVXHORVGHFXOWLYRHQQLYHOHVDODUPDQWHV

3RVWHULRUPHQWH VH UHDOL]y XQ VHPLQDULR HQ (O 3XHQWH SDUD WUDWDU HO WHPD GH OD FRQWDPLQDFLyQ
DQDOL]DQGRVpODFRQWDPLQDFLyQGHOUtR6DQ-XDQGHO2UR\ODFRQWDPLQDFLyQSRUODIiEULFD(O3XHQWH
'HVSXpVGHXQODUJRSHULRGRGHSUHVLRQHVTXHGXUDGHVGHPDU]RGHOKDVWDMXQLRGHOUHFLpQVH
ORJUy TXH OD IiEULFD LQVWDOH XQ ILOWUR TXH VROXFLRQy HQ SDUWH OD FRQWDPLQDFLyQ6LQ HPEDUJR QR VH KD
UHDOL]DGR QLQJXQD DFFLyQ SDUD VROXFLRQDU HO GDxR RFDVLRQDGR D ORV VXHORV QL VH KD FRPSHQVDGR D ODV
IDPLOLDVDIHFWDGDVHFRQyPLFDPHQWHSRUORVLPSDFWRVGHODIiEULFDORTXHLPSLGHTXHVXSURGXFFLyQDFWXDO
VHLJXDOHDODTXHWHQtDQDQWHVGHVXIULUORVHIHFWRVGHODFRQWDPLQDFLyQ

)XHQWHV 'HQXQFLDVDQWHODVDXWRULGDGHV\ODSUHQVD0HPRULDGHO6HPLQDULRGHO)2%20$'(VREUHOD
FRQWDPLQDFLyQ\HVWXGLRGHFRQWDPLQDFLyQ,,(0$

3HUVRQDHQFDUJDGDGHOUHJLVWUR*RQ]DOR0RQWDxR)2%20$'( 7DULMD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQDPELHQWDOHQ$OWR/LPD
8ELFDFLyQGHOFRQIOLFWR 6HJXQGD6HFFLyQGH$OWR/LPDGHODFLXGDGGH(O$OWRGHO
GHSDUWDPHQWRGH/D3D]
*HQHUDGRUGHOFRQIOLFWR )iEULFDV+RUPHW%XVWRV SURFHVDGRUDVGHPLQHUDOHV \
&$/%2/ IiEULFDGHFDODPLQDV
,QLFLDGRUGHOFRQIOLFWR $VRFLDFLRQHVGHSDGUHVGHIDPLOLDGHHVWDEOHFLPLHQWRV
HGXFDWLYRVYHFLQRVGHOD]RQD\MXQWDVYHFLQDOHVGH$OWR/LPD
\*HUPiQ%XVFKOD&HQWUDO2EUHUD5HJLRQDO\OD)HGHUDFLyQ
GH-XQWDV9HFLQDOHVGH(O$OWR
5HJXODGRUGHOFRQIOLFWR $OFDOGtD0XQLFLSDOGH(O$OWROD3UHIHFWXUD'HSDUWDPHQWDOGH/D
3D]\HO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH
$IHFWDGRV YHFLQRVGHODV]RQDVGH$OWR/LPD\*HUPiQ%XVFK

$FWLYLGDGTXHJHQHUDHOGDxR (PDQDFLRQHVGHJDVHVWy[LFRV\UHVLGXRVOtTXLGRV\VyOLGRV
(OGDxRJHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWHSHOLJURVD\PROHVWD

$UHD$IHFWDGD D PDQ]DQRVDSUR[LPDGDPHQWH

$FWLYLGDGHVDIHFWDGDV 9LYLHQGDVHTXLSDPLHQWR\VHUYLFLRV

5HFXUVRVDIHFWDGRV $LUHVXHORVDJXDPDWHULDOHVVDOXGKXPDQD

)HFKDGHLQLFLRGHOGDxR 

)HFKDLQLFLRGHOFRQIOLFWR GH 2FWXEUHGHUHFODPRHVFULWRD OD$OFDOGtDGH(O


$OWRUHDOL]DGRSRUODVDVRFLDFLRQHVGHSDGUHVGHIDPLOLDGHODV
HVFXHODV0LJXHO$UDPD\R\-XDQ-RVp7yUUH]
2EMHWLYRGHORV DIHFWDGRV &LHUUHRWUDVODGRGHODVIiEULFDVDOXJDUHVPiVDOHMDGRV

$FFLRQHVUHDOL]DGDV 5HFODPRVIRUPDOHVDDXWRULGDGHVYRWRVUHVROXWLYRVPDUFKDV
EORTXHRVFODXVXUDWHPSRUDOGHIiEULFDVHVWXGLRVDPELHQWDOHV
LQVSHFFLRQHVDODVHPSUHVDVHVWXGLRVELRPpGLFRVUHXQLRQHV
WpFQLFDVVHPLQDULRV\HVWXGLRVHSLGHPLROyJLFRVDPELHQWDOHV
)HFKDGHUHJLVWUR 2FWXEUHGH

'HVFULSFLyQGHOFRQIOLFWR
/DHPSUHVDPHWDO~UJLFD%XVWRVVHLQVWDOyHQ(VWDHPSUHVDWUDEDMDORVGtDVGHODxR\ODV
KRUDV GHO GtD 3URFHVD SLURPHWDO~UJLFDPHQWH ZROIUDP \ PLQHUDOHV GH DQWLPRQLR \ DUVpQLFR KDVWD
FRQYHUWLUORVHQ WULy[LGRV 3RVHHXQVLVWHPD GH ILOWURVPHGLDQWHFRQGXFWRV\ FKLPHQHDV TXHSHUPLWH HO
HVFDSH GH JDVHV D OD DWPyVIHUD LQFOXVR DQWHV GH VHU H[SXOVDGRV SRU FKLPHQHDV GH EDMD DOWXUD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
$VLPLVPRDFXPXODUHVLGXRVVyOLGRVHQHVSDFLRVGHVFXELHUWRVTXHVRQGLVHPLQDGRVSRUDFFLyQHyOLFDH
KtGULFD

/DHPSUHVD PHWDO~UJLFD +250(7 WUDEDMDGHVGHSURFHVDQGRSORPR \ HVWDxR /DLQWHQVLGDG \ HO


ULWPRGHWUDEDMRGHHVWDIiEULFDHVDOLJXDOTXHHQHODQWHULRUFDVRGHWRGRHODxR\ODVKRUDVGHOGtD
6XVLVWHPDGHILOWURVHVXQSRFRPHMRUDOGHODHPSUHVD%XVWRVSHURLJXDOPHQWHGHVSLGHJDVHVWy[LFRV
(O DOPDFHQDPLHQWR GH ODV SDUWtFXODV GH ORV PHWDOHV VH UHDOL]D FDVL D OD LQWHPSHULH /RV UHVLGXRV VRQ
DOPDFHQDGRV DO DLUH OLEUH VXMHWRV D OD HURVLyQ HyOLFD H KtGULFD FRQ OD FRQVLJXLHQWH FRQWDPLQDFLyQ GH
VXHORVDJXD\DLUH(VWDHVOD~QLFDHPSUHVDTXHFXHQWDFRQVX PDQLILHVWRDPELHQWDODSUREDGRSHURQR
VH HVWi UHDOL]DQGR XQ VHJXLPLHQWR D VX FURQRJUDPD GH DFWLYLGDGHV GH PLWLJDFLyQ \ PHMRUDPLHQWR
DPELHQWDOGHVXSURFHVRSURGXFWLYR
/D IiEULFD &$/%2/ &DODPLQDV %ROLYLDQDV  RSHUD GHVGH  DSUR[LPDGDPHQWH /RV PDWHULDOHV TXH
XWLOL]D VRQ HO ]LQF SORPR iFLGR FORUKtGULFR \ iFLGR FUyPLFR /RV UHVLGXRV OtTXLGRV FRQWDPLQDQ
SUREDEOHPHQWHODFDSDIUHiWLFDGHODJXD\WDPELpQODVXSHUILFLDO6XVGHVHFKRVVyOLGRVVRQDFXPXODGRVD
ODLQWHPSHULH$GLIHUHQFLDGHODVIiEULFDVDQWHULRUHVWUDEDMDHQ KRUDULRFRQWLQXRGHOXQHVDYLHUQHV\FRQ
HWDSDVGHFLHUUHGHSURGXFFLyQUHJXODGDVSRUODGHPDQGDGHFDODPLQDV
/RV JDVHV TXH GHVSLGHQ ODV IiEULFDV VRQ PDOROLHQWHV LUULWDQWHV GH ODV YtDV UHVSLUDWRULDV FRQMXQWLYDV
PXFRVDV \ SLHO \ SXHGHQ VHU SHUFLELGRV IiFLOPHQWH HVWR SURYRFy FRQVWDQWHV SURWHVWDV GH ORV YHFLQRV
GHVGHKDVWDODIHFKD/DFRQWDPLQDFLyQGHVXHORV\DJXDVQRVRQPD\RUPHQWHPRWLYRGHSURWHVWDV
DXQTXH VRQ LJXDOPHQWH SHOLJURVRV SDUD ORV QLxRV TXH UHDOL]DQ VXV DFWLYLGDGHV O~GLFDV HQ ODV FDOOHV \
WHUUHQRVEDOGtRV$GHPiVODVFRQVWUXFFLRQHVVHUHDOL]DQFRQPDWHULDOHVGHWLHUUDFRQWDPLQDGDFRQSORPR
\RWURVPHWDOHVSHVDGRVFRQHOSHOLJURFRQVLJXLHQWHSDURWRGRVORVTXHVHH[SRQHQDORVPLVPRV
6H UHDOL]DURQ QXPHURVDV DFWLYLGDGHV GH SURWHVWD \ SUHVLyQ SRSXODU SDUD TXH ODV IiEULFDV VHDQ
UHORFDOL]DGDVDSDUWLUGHHVWDVSUHVLRQHVVHUHDOL]DURQDFWLYLGDGHVWpFQLFDVFRPRLQVSHFFLRQHV\KDVWD
HVWXGLRVELRPpGLFRV\HSLGHPLROyJLFRV
(QQRYLHPEUHGHHO,QVWLWXWR1DFLRQDO GH6DOXG2FXSDFLRQDO ,162 HPLWLyXQLQIRUPHWpFQLFRGH
PHGLFLRQHV DWPRVIpULFDV UHDOL]DGDV SRU HQFDUJR GH ODV HPSUHVDV HQ FRQIOLFWR TXLHQHV WDPELpQ
FDQFHODURQ HO FRVWR GHO HVWXGLR 6H UHDOL]DURQ PHGLFLRQHV HQ DLUH GH SORPR DUVpQLFR FURPR ]LQF
DQKtGULGRVXOIXURVR\iFLGRFORUKtGULFR\ORVUHVXOWDGRVREWHQLGRVLQGLFDEDQTXHVHHVWDEDPX\SRUGHEDMR
GH ODV FRQFHQWUDFLRQHV Pi[LPDV SHUPLVLEOHV UHFRPHQGDGDV SRU OD $PHULFDQ &RQIHUHQFH RI
*RYHUQPHQWDO,QGXVWULDO+\JLHQLVWV $&*,+ GHORV(VWDGRV8QLGRV
(QHVWHPLVPRLQIRUPHVLQHPEDUJRVHUHFRPLHQGDFRQWUDGLFWRULDPHQWHDVXVFRQFOXVLRQHVGLVPLQXLUHO
SHUtRGRGHWUDEDMRGHKUVDILQGHGDUXQGHVFDQVRDPELHQWDODODQDWXUDOH]D7DPELpQVHUHFRPLHQGD
D OD $OFDOGtD GH (O $OWR \ QR DVt D ODV HPSUHVDV FRQWDPLQDGRUDV  TXH DUERULFH ORV OtPLWHV GH ODV
HPSUHVDVDPDQHUDGHFUHDUXQDEDUUHUDQDWXUDO
(O  PDU]R GH  HO 'LUHFWRU GH &RQWURO GH &DOLGDG $PELHQWDO GHO 0'60$ HQYLyDO 3URIHVRU 'RQ
6DQWLDJR 7HUiQ 3UHVLGHQWH GH OD &RPLVLyQ GH 6DQHDPLHQWR$PELHQWDOGH OD 6HJXQGD6HFFLyQ GH $OWR
/LPDXQLQIRUPHWpFQLFRSUHSDUDGRSRUXQD&RPLVLyQ7pFQLFD,QWHULQVWLWXFLRQDOFRQIRUPDGDSRUWRGDVODV
SDUWHVLQYROXFUDGDVGRQGHVHFRQFOX\HTXH
x /D SODQWD %86726 WLHQH XQD WHFQRORJtD GHILQLWLYDPHQWHLQDGHFXDGD GH FDSWXUD GH WULy[LGR GH
DUVpQLFRVXVWDQFLDFODUDPHQWHFDQFHUtJHQD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
x /DSODQWD&$/%2/QRFXHQWDFRQXQVLVWHPDGHGHSXUDFLyQGHJDVHVDGHFXDGRSRUORTXHVX
VLVWHPD  HVWDUtD FRQWDPLQDGR FRQ PHWDOHV SHVDGRV HVSHFLDOPHQWH SORPR 7DPELpQ H[LVWHQ
GXGDVVREUHODHILFLHQFLDGHOPDQHMRGHUHVLGXRVOtTXLGRViFLGRV

x 6REUH OD SODQWD +250(7 QR VH UHDOL]DURQ PD\RUHV REVHUYDFLRQHV TXH OD GH HVWDEOHFHU FRQ
SUHFLVLyQORVJDVHVTXHHPLWHQ\HQFDVRQHFHVDULRFRQVWUXLUQXHYDVFKLPHQHDVGHFDSWXUDGH
SROYRV
(O  GH PDU]R GH  HO &RQFHMR 0XQLFLSDO GH (O $OWR HPLWLy OD RUGHQDQ]D PXQLFLSDO  TXH
GLVSRQHODFODXVXUDGHODVWUHVIiEULFDVODVTXHDGHPiVGHEHUtDQLQGHPQL]DUDORVYHFLQRVDIHFWDGRV
5HFLpQHOGHPD\RVHKDFHHIHFWLYDODFODXVXUDGHODVPHQFLRQDGDVIiEULFDV(OGHPD\RGH
ODV HPSUHVDV FRQWDPLQDGRUDV SLGHQ DPSDUR FRQVWLWXFLRQDO HO  GH PD\R VH DGPLWH OD GHPDQGD GH
DPSDUR\HQMXQLRVRQUHDELHUWDVSRURUGHQMXGLFLDO
(OPHVGHDJRVWRGHVHUHDOL]yXQHVWXGLRELRPpGLFR\DPELHQWDOHQQLxRVHVFRODUHVDFDUJRGHOD
236 %ROLYLD\(&2GH0p[LFR6HWRPDURQPXHVWUDVGHVXHORDJXD\SROYRGRPLFLOLDULRSDUDGHWHUPLQDU
QLYHOHV GH DUVpQLFR \ SORPR \ PXHVWUDV KHPiWLFDV SDUD GHWHUPLQDU SORPR HQ ORV HVFRODUHV HVWDV
PXHVWUDVOXHJRIXHURQHQYLDGDVD0p[LFR
/RVUHVXOWDGRVTXHVHREWXYLHURQGHPRVWUDURQXQDFRQWDPLQDFLyQSRUHQFLPDGHORVQLYHOHVDFHSWDGRV
$VtHOGHORVQLxRVPXHVWUHDGRVHQWUH\DxRVSUHVHQWDQYDORUHVKHPiWLFRVSRUHQFLPDGHORV
PLFURJUDPRV SRU GHFLOLWUR \ HO  HVWiQ SRU HQFLPD GH ORV  PLFURJUDPRV SRU GHFLOLWUR (V GHFLU
H[LVWH XQ HIHFWLYR GDxR D OD  VDOXG  KXPDQD HVSHFLDOPHQWH GH QLxRV \ HPEDUD]DGDV ,JXDOPHQWH HO
ULHVJRSURPHGLRGHH[SRVLFLyQDODUVpQLFRHQORVQLxRVHVGHPLFURJUDPRVNJGtDFDVLHOGREOHD
ODQRUPDGHOD$JHQFLDGH3URWHFFLyQ$PELHQWDO (3$ PLFURJUDPRVNJGtD 
/RVUHVXOWDGRVGHHVWHHVWXGLRIXHURQGDGRVDFRQRFHUHQXQD FRQIHUHQFLDGRQGHHVWXYLHURQSUHVHQWHV
WRGDVODVSDUWHVLQYROXFUDGDV6HUHFRPHQGyUHDOL]DUXQDOLPSLH]DJHQHUDOGHVXHORVDLVODUORVUHVLGXRV\
GHVHFKRVTXHVHHQFXHQWUDQDODLQWHPSHULHPHMRUDUHOHVWDGRQXWULFLRQDOHKLJLpQLFRHVSHFLDOPHQWHGH
ORVQLxRV
)LQDOPHQWH \D VH HVWi HQ SOHQR SURFHVR GH FRQFOXVLRQHV GH XQ HVWXGLR HSLGHPLROyJLFR DPELHQWDO
UHDOL]DGR HQ ORV PHQRUHV GH FLQFR DxRV GHO OXJDU DIHFWDGR &RPSDUDQGR ORV UHVXOWDGRV FRQ XQ JUXSR
FRQWURO GH QLxRV XELFDGRV  FXDGUDV PiV DEDMR VH REVHUYD ULHJRV UHODWLYRV \ DWULEXLEOHV FODUDPHQWH
GLIHUHQFLDOHV \ TXH KDFHQ FRQFOXLU TXH H[LVWHXQ GDxR D OD VDOXG KXPDQD HVSHFLDOPHQWH UHVSLUDWRULR
GpUPLFR\FRQMXQWLYDOHV
+DVWD OD IHFKD ORV UHJXODGRUHV GHO FRQIOLFWR QR KLFLHURQ QDGD SRU PLWLJDU OD VLWXDFLyQ GH ORV SREODGRUHV
DIHFWDGRV\VREUHWRGRKDFHUFXPSOLUPtQLPDPHQWHORVDFXHUGRVHVWDEOHFLGRVHQWUHODVSDUWHVLQYROXFUDGDV

)XHQWHV ,QVSHFFLRQHV UHDOL]DGDV FRQMXQWDPHQWH FRQ OD +$0 GH (O $OWR YLVLWDV D ODV IiEULFDV
PHQFLRQDGDV WHVWLPRQLRV GH ORV YHFLQRV DIHFWDGRV HODERUDFLyQ GH KLVWRULDV FOtQLFDV GH
PHQRUHV GH  DxRV UHYLVLyQ GHO UHJLVWUR KHPHURJUiILFR GHO 6U 6DQWLDJR 7HUiQ 'LULJHQWH
DPELHQWDO GH OD ]RQD  0DQLILHVWR $PELHQWDO GH OD HPSUHVD +RUPHW HVWXGLR ELRPpGLFR
UHDOL]DGRSRUOD236206HVWXGLRHSLGHPLROyJLFRUHDOL]DGRSRU$0LUDQGD  

3HUVRQDHQFDUJDGDGHOUHJLVWUR $QWRQLR0LUDQGD$OLDJD /D3D]

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 3pUGLGDGHiUHDVYHUGHVGH7ULQLGDGSRUORWHDPLHQWRVLOHJDOHV
8ELFDFLyQG H OFRQIOLF WR &LXGDGGH7ULQLGDGFDSLWDOGHOGHSDUWDPHQWRGHO%HQL

*HQHUDGRUGHOFRQ IOLFWR /RWHDGRUHVFODQGHVWLQRV

,QLFLDGRU GHOFRQIOLF WR $OFDOGtD\DQWLJXRVSURSLHWDULRV

5HJXODGRUGHO FRQIOLFWR $OFDOGtD0XQLFLSDO

$IHFWDGRV IDPLOLDVDVHQWDGDVHQiUHDVYHUGHVORWHDGDV

$FWLYLGDGT XHJHQ HU DHO GDxR /RWHDPLHQWRGHiUHDVYHUGHV

(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR

/DDFWLYLGDG $IHFWDODFDOLGDGGH YLGD

$FWLYLGDGHVDIHFWDG DV (TXLSDPLHQWR\VHUYLFLRV

5HFXUVRVDIHFWDG RV $UHVYHUGHVFROHFWLYDV

)HFKDGHL QLFL RGHOGDxR 0D\RGH

)HFKDLQLFLRGHOFRQIOLF WR 0D\RGH

2EMHWLYRGHORV DIHFWD GR V &RQVROLGDUVXDVHQWDPLHQWR

$FFLRQHVUH DOL]DGDV 0RYLOL]DFLyQ\KXHOJDV

)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
/DVQXHYDVXUEDQL]DFLRQHVGHODFLXGDGGH7ULQLGDGQRHVWiQDVXPLHQGRHOPDQGDWROHJDOUHIHULGRDOD
REOLJDFLyQ TXH WLHQHQ GH FHGHU HO  GH VX VXSHUILFLH SDUD GHVWLQDUODV D iUHDV YHUGHV \ GH
HTXLSDPLHQWR
(QJHQHUDOHOFUHFLPLHQWRGHODFLXGDGHVFDyWLFR\ODPD\RUSDUWHGHVXVEDUULRVQRFXHQWDQQLFRQOD
LQIUDHVWUXFWXUDVDQLWDULDEiVLFDQLFRQHVSDFLRVYHUGHV3DUDHPSHRUDUODVLWXDFLyQODVSRFDViUHDVGH
HVSDUFLPLHQWRTXHTXHGDQVHKDOODQGHVSURWHJLGDVSRUIDOWDGHXQPDUFROHJDOUHJXODWRULRTXHLPSLGDHO
DYDVDOODPLHQWR GH ORWHDGRUHV FODQGHVWLQRV ORV PLVPRV TXH HQFXHQWUDQ SUHVDV IiFLOHV HQ IDPLOLDV
KXPLOGHVGHVHVSHUDGDVSRUREWHQHUWHUUHQRVHQHOiUHDXUEDQD
(VWHHVHOFDVRGHOD&DQFKD9LHMDXQiUHDTXHDQWLJXDPHQWHHUDXWLOL]DGDFRPRFDQFKDGHSRUWLYD\TXH
IXH FD\HQGR HQ HO DEDQGRQR FXDQGR DSDUHFLHURQ RWURV FDPSRV GHSRUWLYRV PHMRU HTXLSDGRV KDVWD HO
SXQWRGHFRQYHUWLUVHHQiUHDEDOGtDGHELGRDTXHVXV GXHxRVOHJDOHVQRFXPSOLHURQFRQODVRUGHQDQ]DV
PXQLFLSDOHVUHVSHFWRDODPXUDOODPLHQWRGHORVSUHGLRVXUEDQRV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(VWD VLWXDFLyQ IXH DSURYHFKDGD SRU ORWHDGRUHV VLQ HVFU~SXORV \ GLR OXJDU D GRV FRQIOLFWRV (O SULPHUR
HQWUHODVIDPLOLDVTXHVHDVHQWDURQUHFLHQWHPHQWHHQOD&DQFKD9LHMD\ODVSHUVRQDVTXHUHFODPDQVXV
GHUHFKRVPHGLDQWHODSUHVHQWDFLyQGHWtWXORVGHSURSLHWDULRVUHJLVWUDGRVS~EOLFDPHQWH(OVHJXQGRHQWUH
ODPXQLFLSDOLGDGTXHGLFHGHIHQGHUODVXSXHVWDiUHDYHUGH\GHHTXLSDPLHQWR\ORVJUXSRVIDPLOLDUHVTXH
DGXFHQTXHVXDVHQWDPLHQWRHVOHJDOSRUTXHVHWUDWDUtDGHiUHDVEDOGtDV
$QWHHVWDVLWXDFLyQODVIDPLOLDVDVHQWDGDVHQOD&DQFKD9LHMDUHDOL]DURQPRYLOL]DFLRQHV\DQXQFLDURQXQD
KXHOJDGHKDPEUH/XHJRHOFRQIOLFWRVHDJXGL]yFXDQGRVXVGLULJHQWHVIXHURQREMHWRGHXQMXLFLRSHQDO
SRUXVXUSDFLyQGHWHUUHQRVSURPRYLGRSRUTXLHQHVVHFRQVLGHUDQGXHxRVGHGLFKRVSUHGLRV
$O PRPHQWR HO SURFHVR VLJXH VX FXUVR \ H[LVWHQ DOJXQDV LQLFLDWLYDV SDUD UHORFDOL]DU D HVWDV IDPLOLDV
GRWiQGROHV GH RWUDV iUHDV SHUR VXV GLULJHQWHV VH RSRQHQ \ KDQ HPLWLGR GHFODUDFLRQHV S~EOLFDV
FRPXQLFDQGR TXH PDQWHQGUiQ OD RFXSDFLyQ \ VROLFLWDQGR DO PXQLFLSLR OD UHJXODUL]DFLyQ GH HVWRV
DVHQWDPLHQWRVSRUODYtDDGMXGLFDFLyQIUDQFD
(O0XQLFLSLRD~QQRVHKDSURQXQFLDGRVREUHODSURFHGHQFLDGHHVDYtDGHELGRDTXHH[LVWHRSRVLFLyQGH
TXLHQHVVHFRQVLGHUDQVHUORVYHUGDGHURVSURSLHWDULRV(OFRQIOLFWROHJDOHVWiHQVWDWXTXRSHURODV-XQWDV
9HFLQDOHVGH7ULQLGDGKDQUHVSDOGDGRDORVDVHQWDGRVPDQLIHVWDQGRTXHVHWUDWDGH]RQDVEDOGtDVTXH
QXQFDUHFLELHURQDWHQFLyQPXQLFLSDO
$O UHVSHFWR VH GHEH PHQFLRQDU TXH H[LVWHQ PXFKRV YDFtRV OHJDOHV VREUH HO WUDWDPLHQWR D iUHDV
FRQVLGHUDGDVYHUGHV\VXMHWDVDHTXLSDPLHQWRXUEDQR$GHPiVQRH[LVWHQUHJODVSDUDDSOLFDUODFHVLyQ
JUDWXLWDTXHSHUPLWDFRQVROLGDUDIDYRUGHSULYDGRVODViUHDVYHUGHV3RUHVWDVUD]RQHVODGHILQLFLyQGHO
FRQIOLFWRGHSHQGHUiGHODSUHVLyQTXHORVGLIHUHQWHVDFWRUHVSXHGDQUHDOL]DU

)XHQWHV 5HYLVLyQ KHPHURJUiILFD HQWUHYLVWDV FRQ GLULJHQWHV SHWLFLyQ SXEOLFD GH DXGLHQFLD FRQ OD
PXQLFLSDOLGDG

3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D]&(-,6 %HQL

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQIOLFWR VXVFLWDGR D FDXVD GH OD YHQWD SDUFLDO GHO SDUTXH ([ 
FRPEDWLHQWHVHQODFLXGDGGH&RFKDEDPED
8ELFDFLyQG H OFRQIOLF WR =RQD1RURHVWHGHODFLXGDGGH&RFKDEDPEDSURYLQFLD
.DQDWDPXQLFLSLRGH.DQDWD
*HQHUDGRUGHOFRQ IOLFWR &RQFHMR0XQLFLSDOGHOD3URYLQFLD.DQDWD\(PSUHVD,&1RUWH

,QLFLDGRU GHOFRQIOLF WR -XQWDYHFLQDO&DUORV,,,

5HJXODGRUGHO FRQIOLFWR +$OFDOGtD0XQLFLSDOGHOD3URYLQFLD .DQDWD


3UHVLGHQWHGHOD&RUWH6XSUHPDGH-XVWLFLDGHODFLXGDGGH
&RFKDEDPED
$IHFWDGRV -XQWDVYHFLQDOHVGHEDUULR([FRPEDWLHQWHV9LOOD0RQWHQHJUR
&DUORV,,,\EDUULR)DEULO
$FWLYLGDGT XHJHQ HU DHO GDxR &RQVWUXFFLyQGHXQVXSHUPHUFDGRHQiUHDYHUGH

(OGDxR JHQHUDGR 1RVHSURGXMRHOGDxR

/DDFWLYLGDGHV 0ROHVWD

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD (VSDUFLPLHQWR

5HFXUVRVDIHFWDG RV )ORUD

,QYHUVLyQG H OJHQH UDGR U GyODUHVDPHULFDQRV

)HFKDGHL QLFL RGHOGDxR 'LFLHPEUHGH

)HFKDLQLFLRGHOFRQIOLF WR )HEUHURGH

2EMHWLYRGHORV DIHFWD GR V $QXODUODRUGHQDQ]DPXQLFLSDO1žGHOGHGLFLHPEUHGH


TXHGLVSRQHHOFDPELRGHXVRGHVXHORHQSDUWHGHO
SDUTXH([FRPEDWLHQWHV
$FFLRQHVUH DOL]DGDV &RQFLHQWL]DFLyQ DVDPEOHDV GH YHFLQRV SURQXQFLDPLHQWRV
S~EOLFRV GHVWUXFFLyQ GH ODV LQVWDODFLRQHV SDUD HYLWDU TXH OD
REUD VHD LQLFLDGD \ VROLFLWXG GH DPSDUR FRQVWLWXFLRQDO SDUD
DQXODUOD2UGHQDQ]D0XQLFLSDO
)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
(O&RQFHMR0XQLFLSDOGH&RFKDEDPEDHQIHFKDGHGLFLHPEUHGHGLVSXVRHOFDPELRGHXVRGH
VXHORGHPWUDQVIRUPDQGRGHHVWDPDQHUDXQiUHDGHHTXLSDPLHQWRHQiUHDGHFRQVWUXFFLyQ
FRQHODIiQGHIDYRUHFHUDODHPSUHVD,&1RUWHTXHGHVHDEDFRQVWUXLUXQVXSHUPHUFDGRHQOD]RQD'H

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
HVWD PDQHUD HO &RQFHMR 0XQLFLSDO OHJDOL]y OD YHQWD GH HVWRV WHUUHQRV \ IDYRUHFLy OD SRVWHULRU
FRQVWUXFFLyQGHOVXSHUPHUFDGR,&1RUWH $QWHHVWDVLWXDFLyQODMXQWDYHFLQDO &DUORV,,, FXHVWLRQyDVX
UHSUHVHQWDQWH\ORGHVFRQRFLySRUKDEHUSHUPLWLGRODYHQWDSDUFLDOGHOSDUTXH([FRPEDWLHQWHV
(O FRQIOLFWR LQLFLDOPHQWH VH GHVDUUROOy D WUDYpV GH FRPXQLFDGRV SRU OD SUHQVD OR TXH SHUPLWLy HO
SURQXQFLDPLHQWR GH RWURV VHFWRUHV FRPR ORV FROHJLRV GH DERJDGRV \ DUTXLWHFWRV TXH FHQVXUDURQ
S~EOLFDPHQWHODFRQGXFWDDVXPLGDSRUHO&RQFHMR0XQLFLSDO\WLSLILFDURQODYHQWDFRPRXQDFWRLOHJDO
3DUDOHODPHQWHDHVWDVGHQXQFLDVODVEDVHVGHODVMXQWDVYHFLQDOHVFHUFDQDVDOSDUTXHVHVXPDURQDO
FRQIOLFWR\WRPDURQOD]RQDSDUDHYLWDUODFRQVWUXFFLyQGHOVXSHUPHUFDGR'XUDQWHHVWDDFWLYLGDGWXYLHURQ
TXHHQIUHQWDUVHDRWURJUXSRGLULJLGRSHUVRQDOPHQWHSRUHO3UHVLGHQWHGHO&RQFHMR0XQLFLSDOTXHFDVLD
GLDULRVHUHXQtDDPHWURVGHOD]RQDWRPDGD(VWHFRQIOLFWRVHYLRIRUWDOHFLGRSRUODPRYLOL]DFLyQ\
SDUWLFLSDFLyQGHFLGLGDGHODVEDVHVTXHDSDUWLUGHFRQWLQXDVDFFLRQHVGHKHFKRORJUDURQTXHODHPSUHVD
,&1RUWHFDPELHHOVLWLRGHODFRQVWUXFFLyQ
(Q HVWH FDVR HO &ROHJLR GH $ERJDGRV DQWH ODV SUHVLRQHV HMHUFLGDV SRU ODV DXWRULGDGHV PXQLFLSDOHV
UHWURFHGLy HQ VXV FXHVWLRQDPLHQWRV D OD $OFDOGtD QR REVWDQWH HO &ROHJLR GH $UTXLWHFWRV PDQWXYR VX
SRVLFLyQKDVWDHOILQDO
(VWH FRQIOLFWR SXVR GH PDQLILHVWR OD FDSDFLGDG GH ODV SREODFLRQHV ORFDOHV SDUD GHIHQGHU VXV iUHDV
YHUGHV LQFOXVR DQWH ORV UHFXUVRV TXH ODV DXWRULGDGHV PRYLOL]DURQ SDUD ORJUDU VX REMHWLYR (QWUH ODV
DFFLRQHV UHDOL]DGDV SRU ODV DXWRULGDGHV VH GHVWDFDURQ ORV SURQXQFLDPLHQWRV SDJDGRV GH TXLHQHV
VXSXHVWDPHQWH HVWDEDQ GH DFXHUGR FRQ OD FRQVWUXFFLyQ GHO VXSHUPHUFDGR HO DSURYHFKDPLHQWR GH OD
GHVLQIRUPDFLyQGHORVSURSLRVYHFLQRV\ODSREODFLyQHQJHQHUDOSDUDMXVWLILFDUVXVREUDVODXWLOL]DFLyQGH
FKDQWDMHVUHIHULGRVDODVXVSHQVLyQGHODVREUDVGHSDYLPHQWDFLyQTXHVHHVWDEDQGHVDUUROODQGRHQSDUWH
GHODVFDOOHVFROLQGDQWHVDOSDUTXH([FRPEDWLHQWHV\ODSUHVLyQDORVDUTXLWHFWRVGHOD$OFDOGtDSDUDTXH
GHVFRQR]FDQDO&ROHJLRGH$UTXLWHFWRVGHOFXDOOHJDOPHQWHVRQSDUWH

)XHQWHV 7HVWLPRQLRGHSHUVRQDVTXHSDUWLFLSDURQHQHOFRQIOLFWRGHOSDUTXH([FRPEDWLHQWHV

3HUVRQDHQFDUJDGDGHOUHJLVWUR0RLVpV3pUH]$'5(1$± &RFKDEDPED

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQ\GHIRUHVWDFLyQHQOD]RQD/DMDVWDPER\OD%DUUDQFD
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH6XFUHGHSDUWDPHQWRGH&KXTXLVDFD

*HQHUDGRUGHOFRQ IOLFWR 3URSLHWDULRVGHODGULOOHUDV\\HVHUDV

,QLFLDGRUGHOFRQIOLF WR -XQWDVYHFLQDOHVGHORVGLVWULWRV\

5HJXODGRUGHO FRQIOLFWR 3UHIHFWXUD\$OFDOGtD0XQLFLSDOGH6XFUH

$IHFWDGRV $SUR[LPDGDPHQWHKDELWDQWHVGHORVGLVWULWRV\DVt
FRPRSREODFLRQHVDOHGDxDV
$FWLYLGDGT XHJHQ HU DHO GDxR 'HIRUHVWDFLyQ\FRPEXVWLyQGHPDGHUD\OODQWDVSDUDOD
SURGXFFLyQGHODGULOORV\HVR\FDO
(OGDxR JHQHUDGR (VUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVD\FRQWDPLQDQWH

$UHDD IHFWDGD KD

$FWLYLGDGD IHFWDGD (VODVDOXGGHODVSHUVRQDVODTXHVHYHDIHFWDGD\HVWRWLHQH


XQLPSDFWRVREUHVXYLGDFRWLGLDQD
5HFXUVRVDIHFWDG RV $JXDDLUHVXHORIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V 5HORFDOL]DFLyQGHODVLQGXVWULDVODGULOOHUDVD]RQDVPiV


GLVWDQWHVSDUDGLVPLQXLUODFRQWDPLQDFLyQDWPRVIpULFDHQHO
OXJDU
$FFLRQHVUH DOL]DGDV ,QVSHFFLyQGHODVLQGXVWULDVFRQWDPLQDQWHVGHQXQFLDV\
PRYLOL]DFLRQHV
)HFKDGH UHJLVWUR -XQLRGH

'HVFULSFLyQGHOFRQIOLFWR
(Q HO FRQWH[WR GH OD DSOLFDFLyQ GH ODV HVWUDWHJLDV GHSDUWDPHQWDOHV GH GHVDUUROOR HV SUHFLVR DERUGDU OD
SUREOHPiWLFDGHOXVRGHELRPDVDFRPRHQHUJpWLFRGDGRTXHVXQLYHOGHFRQVXPR PiVGHXQWHUFLRGHO
FRQVXPRHQHUJpWLFRQDFLRQDO DVtFRPRVXVLPSOLFDFLRQHVSDUDHOPHGLRDPELHQWH\SDUDHOGHVDUUROORGH
PHUFDGRVHQHUJpWLFRVVREUHWRGRHQHOiUHDUXUDOFREUDQLPSRUWDQFLD

(Q&KXTXLVDFDDGHPiVGHOFRQVXPRGRPpVWLFRODIDEULFDFLyQGHODGULOORV\WHMDVODSURGXFFLyQGHFDO\
\HVRODGHVWLODFLyQGHOLFRUHV\ODSURGXFFLyQGHFDUEyQYHJHWDOVRQVHFWRUHVDOWDPHQWHFRQVXPLGRUHV
GH ELRPDVD 9DULDVGH HVDV LQGXVWULDV JHQHUDOPHQWH UXGLPHQWDULDV VH HQFXHQWUDQXELFDGDV HQ iUHDV
FLUFXQGDQWHVDODFLXGDG6XFUHFRPRVRQOD]RQDGH/DMDVWDPER\/D%DUUDQFD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(Q ORV DxRV VHWHQWD H[LVWtDQ XQDV  ODGULOOHUDV QR REVWDQWH FRQ HO FUHFLPLHQWR GH OD SREODFLyQ \ OD
H[SDQVLyQGHODPDQFKDXUEDQDHVDV]RQDVIXHURQLQWHJUiQGRVHDODFLXGDG\DXPHQWDURQGHWDOPDQHUD
TXH HQ OD DFWXDOLGDG H[LVWHQ DSUR[LPDGDPHQWH XQDV  HQ HO iUHD SHULXUEDQD \  HQ HO iUHD UXUDO
FLUFXQGDQWHDOPXQLFLSLRGH6XFUH

/DXWLOL]DFLyQGHODFREHUWXUDYHJHWDOGHOOXJDUFRPRFRPEXVWLEOHRULJLQyXQDGLVSXWDHQWUHORVKDELWDQWHV
GH OD]RQD\ ORV GXHxRVGH ODV IiEULFDV GHELGRD TXHHQpSRFDGHOOXYLD HOFDXGDOGH ODVTXHEUDGDV
DXPHQWDEDSURYRFDQGRODHURVLyQGHORVVXHORVFXOWLYDEOHV2WURDVSHFWRTXHPHUHFLyODUHDFFLyQGHORV
YHFLQRVIXHODTXHPDGHQHXPiWLFRVSDUDFDOHQWDUORVKRUQRV

(QODVUHXQLRQHVGHYHFLQRVSURYRFDURQHQIUHQWDPLHQWRVYHUEDOHVHQWUHORVGLULJHQWHVYHFLQDOHV\
SURSLHWDULRVGHODVODGULOOHUDVVLQTXHVHOOHJDUDDXQDVROXFLyQ(VWRVHGHELyDTXHHQODPD\RUtDGH
ORVFDVRVODVLQGXVWULDVSURYHHQGHIXHQWHVGHWUDEDMRDORVKDELWDQWHVGHOD]RQDORTXHLPSLGHTXHORV
GLULJHQWHVWHQJDQHODSR\RGHVXV EDVHV\TXHHOFRQIOLFWRWHQJDPD\RUUHSHUFXVLyQHQRWURVQLYHOHVGHOD
VRFLHGDG 3RU DKRUD WRGR VH OLPLWD D OODPDGDV GH DWHQFLyQ SRU SDUWH GH ORV GLULJHQWHV GXUDQWH ODV
DVDPEOHDVYHFLQDOHV

(QODDFWXDOLGDGQRVHUHDOL]DQDFFLRQHVGHELGRDTXHORVGLULJHQWHVYHFLQDOHVVHVLHQWHQOLPLWDGRVSRU
HO KHFKR GH TXH ODVODGULOOHUDVJHQHUDQIXHQWHV GH WUDEDMR HQ VXV GLVWULWRV WUDEDMR 3RU HVWD UD]yQ ODV
DFFLRQHVVHOLPLWDQDOODPDGDVGHDWHQFLyQGXUDQWHODVDVDPEOHDVYHFLQDOHV

2EVHUYDFLRQHV
(V LPSRUWDQWH FXDQWLILFDU OD FDQWLGDG GH OD ELRPDVD H[SORWDGD FRQ ILQHV HQHUJpWLFRV \ ODV
LQFLGHQFLDV GH PHUFDGHR HQ ORV SURFHVRV GH SURGXFFLyQLQGXVWULDO GH PDQHUD TXH VH SXHGDQ
LGHQWLILFDUDOWHUQDWLYDVTXHSHUPLWDQVXSHUDUODSUREOHPiWLFDTXHHOFRQVXPRGHELRPDVDSURYRFD
HQHOSDtV
8QDGHODVFDXVDVGHHVWDVLWXDFLyQVRQODVSROtWLFDVH[SRUWDGRUDVGHOSDtV\ODLQH[LVWHQFLDGH
LQFHQWLYRV HFRQyPLFRV SDUD HO XVR DGHFXDGR GH ORV UHFXUVRV QDWXUDOHV (O JDV QDWXUDO WLHQH
SUHFLRV SUHIHUHQFLDOHV SDUD OD H[SRUWDFLyQ \ QR DVt SDUD GHVDUUROODU OD LQGXVWULD QDFLRQDO  (O
SUHFLR SRU PLOODU GH SLHV F~ELFRV SDUD OD H[SRUWDFLyQ HV GH  FHQWDYRV GH GyODU \ GH 
GyODUHV SDUD OD LQGXVWULD ORFDO (VWH GHEH VHU XQ SXQWR GH DQiOLVLV FRQ ORV SURSLHWDULRV GH ODV
ODGULOOHUDVSDUD TXHSXHGDQPHMRUDUVXVFRQGLFLRQHVGHWUDEDMR

)XHQWHV %LEOLRJUiILFDV\HQWUHYLVWDFRQDFWRUHVKDELWDQWHVGHOOXJDU\RILFLDOHV WpFQLFRVGHORV


PXQLFLSLRVPHQFLRQDGRV

3HUVRQDHQFDUJDGDGHOUHJLVWUR/XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHODTXHEUDGDGH4XLUSLQFKDFD
8ELFDFLyQG H OFRQIOLF WR 'LVWULWRV\GHOPXQLFLSLRGH6XFUHGHSDUWDPHQWRGH
&KXTXLVDFD
*HQHUDGRUGHOFRQ IOLFWR 0XQLFLSLRGHODFLXGDGGH6XFUH

,QLFLDGRU GHOFRQIOLF WR -XQWDVGHYHFLQRVGHOGLVWULWR\

5HJXODGRUGHO FRQIOLFWR $OFDOGtD

$IHFWDGRV $SUR[LPDGDPHQWHSREODGRUHVGHORVGLVWULWRV\DVt
FRPRSREODFLRQHVDOHGDxDV
$FWLYLGDGT XHJHQ HU DHO GDxR (OYHUWHUGHVHFKRVVyOLGRV\OtTXLGRVDODTXHEUDGD

(OGDxR JHQHUDGR (VUHFXUUHQWH

/DDFWLYLGDG HV 3HOLJURVDPROHVWD\FRQWDPLQDQWH

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDDJURSHFXDULDHTXLSDPLHQWR\VHUYLFLRV

5HFXUVRVDIHFWDG RV $JXDDLUHIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V /RJUDUHOPDQHMRVRVWHQLEOHGHODTXHEUDGDSDUDGLVPLQXLUOD


FRQWDPLQDFLyQKtGULFD\ODHURVLyQGHVXHORV
$FFLRQHVUH DOL]DGDV $QiOLVLVWpFQLFRGHQXQFLDVDODSUHQVD\PRYLOL]DFLRQHV

)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
/D FLXGDGGH6XFUH FDSLWDO GH %ROLYLD VH FDUDFWHUL]DSRU VXDUTXLWHFWXUDFRORQLDO \ FOLPD WHPSODGR 6XV
RUtJHQHVVHUHPRQWDQDOVLJOR;9,SHUtRGRHQHOTXHIXHFRQRFLGDSRUXQDSDUWHFRPRXQFHQWURFXOWXUDO
GHH[FHOHQFLDFX\D SULQFLSDOH[SUHVLyQFRQVWLWX\yODWULFHQWHQDULD8QLYHUVLGDGGH6DQ)UDQFLVFR;DYLHU\
SRUODRWUDFRPRHOFHQWURDGPLQLVWUDWLYRUHJLRQDOGHOD&RURQD(VSDxROD(VWRVDWULEXWRV\VXFHUFDQtDD
3RWRVtKLFLHURQTXHHQHOODVHFRQFHQWUHQODVIDPLOLDVGHORVSRWHQWDGRVPLQHURVGHVGHODpSRFDGHOD
FRORQLD

(QORVDxRVVHWHQWDGHELGRDODGLVPLQXFLyQGHODH[SORWDFLyQPLQHUDGH\DFLPLHQWRVGHSODWD\HVWDxR
HQ HO GHSDUWDPHQWR GH 3RWRVt VH LQLFLy XQ SURFHVR PLJUDWRULR TXH GLR OXJDU D DVHQWDPLHQWRV
HVSRQWiQHRVHQHOPXQLFLSLRGH6XFUH(VWHSURFHVRVHDFHQWXyHQORVDxRVRFKHQWDGHELGRDOFLHUUHGH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
YDULRVFHQWURVPLQHURVGH3RWRVt'HHVWDPDQHUDORVOXJDUHVEDOGtRVFHUFDQRVDODTXHEUDGDGHOUtR
4XLUSLQFKDFDIXHURQSREOiQGRVHSDXODWLQDPHQWH

(OUtR4XLUSLQFKDFDFUX]DSDUWHGHODFLXGDGGH6XFUH\SRUIDOWDGHHPERYHGDGRHQORVGLVWULWRV\
VHKDFRQYHUWLGRHQVXSULQFLSDOUHFHSWRUGHDJXDVSOXYLDOHV\VHUYLGDVDVtFRPRGHGHVHFKRVGH
FRQVWUXFFLyQLQGXVWULDOHV GRPpVWLFRV\KRVSLWDODULRV$GHPiVHVWHUtRUHFLEH ODVDJXDVGHOVLVWHPD
GHDOFDQWDULOODGRGH6XFUHTXHMXQWRFRQORVGHPiVGHVHFKRVVRQWUDQVSRUWDGDVUtRDEDMRVLQQLQJ~Q
WLSR GH WUDWDPLHQWR SURYRFDQGR OD FRQWDPLQDFLyQ GHO PXQLFLSLR GH <RWDOD (O  GH OD TXHEUDGD GH
4XLUSLQFKDFD FRUUHVSRQGH DO iUHD XUEDQD QR REVWDQWH SRU OD WHQGHQFLD TXH PXHVWUD HO FUHFLPLHQWR
XUEDQRDFWXDOHQXQIXWXURSUy[LPRVHJXUDPHQWHVHLQFUHPHQWDUiHVWDSURSRUFLyQ

/RVSREODGRUHVTXHKDELWDQUtRDEDMRXWLOL]DQHVWDVDJXDVSDUDGDUGHEHEHUDVXVDQLPDOHV\UHJDUVXV
FXOWLYRV SULQFLSDOPHQWH GH KRUWDOL]DV TXH OXHJR FRPHUFLDOL]DQ HQ OD FLXGDG GH6XFUH (VWR WUDH FRPR
FRQVHFXHQFLDXQDVHULHGHHQIHUPHGDGHVGHRUGHQJDVWURLQWHVWLQDOWDQWRSDUDORVDQLPDOHVTXHEHEHQ \
VHDOLPHQWDQGHHOODFRPRSDUDORVSREODGRUHVGHODFLXGDG'LIHUHQWHVDQiOLVLVUHDOL]DGRVHQOD]RQD
FRQILUPDQ HO DOWR JUDGR GH FRQWDPLQDFLyQ GH OD TXHEUDGD DVt FRPR GH VXV DIOXHQWHV FHUFDQRV /D
FRQWDPLQDFLyQPiVVLJQLILFDWLYDHVODGHPLFURRUJDQLVPRVSDWyJHQRVSRUWDGRUHVGHHQIHUPHGDGHVFRPR
OD SROLRPLHOLWLVJDVWURHQWHULWLVDPHELDVLVGLDUUHDVFRUULHQWHV\HOFyOHUD(VWH~OWLPRRFDVLRQyHQ
XQDIXHUWHHSLGHPLDGHFyOHUDHQODFLXGDG$HVWRVHDxDGHORVRORUHV\HOPDODVSHFWRGHODTXHEUDGD
SULQFLSDOPHQWH HQ ORV GLVWULWRV PHQFLRQDGRV OR FXDO OH TXLWD VXV SLQWRUHVFRV UDVJRV SDLVDMtVWLFRV
LQFRPRGDDORVYHFLQRVGHOD]RQD\VHFRQVWLWX\HHQIRFRSHUPDQHQWHGHFRQWDPLQDFLyQ

3RUHVWDVUD]RQHVHQORVYHFLQRVGHORVGLVWULWRV\GH6XFUHVHRUJDQL]DURQDWUDYpVGHVXVMXQWDV
YHFLQDOHVSDUDVROLFLWDUDO$OFDOGHXQDVROXFLyQDHVWHSUREOHPD3RURWUDSDUWHOD$VRFLDFLyQ6XFUHQVHGH
(FRORJtD $6( PDQLIHVWyTXHHOSUREOHPD GH OD TXHEUDGD GHO4XLUSLQFKDFD LPSOLFDED XQDOWRULHVJR GH
FRQWDPLQDFLyQSDUDODSREODFLyQ\DJULFXOWXUDGHOD]RQD

(Q UHVSXHVWD D OD GHPDQGD VRFLDO HO PXQLFLSLR LQLFLy XQD VHULH GH JHVWLRQHV LQVWLWXFLRQDOHV FRQ OD
(PSUHVD/RFDOGH$JXD3RWDEOH\$OFDQWDULOODGRGH6XFUH (/$3$6 (QUHVSXHVWDDORFXDO(/$3$6
HODERUy XQ SUR\HFWR SDUD HO WUDWDPLHQWR GH DJXDV VHUYLGDV TXH SHUPLWLUi GLVPLQXLU OD FRQWDPLQDFLyQ
DJXDV GHEDMR GH OD TXHEUDGD 4XLUSLQFKDFD (VWH SUR\HFWR GHQRPLQDGR 6XFUH ,, LQFRUSRUD OD
FRQVWUXFFLyQ\SXHVWDHQIXQFLRQDPLHQWRGHXQDSODQWDGHWUDWDPLHQWRELROyJLFRGHDJXDVVHUYLGDV(QOD
DFWXDOLGDGVHWLHQHILQDQFLDGDODFRQWUDSDUWHLQWHUQDFLRQDOSDUDODLPSOHPHQWDFLyQGHOSUR\HFWR6XFUH,,\
HVWDHQ SURFHVRGHDGMXGLFDFLyQ

&DEHKDFHUQRWDUTXHODPRYLOL]DFLyQGHORVGLVWULWRVPHQFLRQDGRVHVFLUFXQVWDQFLDO\DTXHVyORFREUD
LPSRUWDQFLD FXDQGR HO SUREOHPD VH DJXGL]D SRU HMHPSOR HQ OD pSRFD GH OOXYLDV R HQ pSRFDV VHFDV
FXDQGRVXUJHQUHEURWHVGHODHSLGHPLDGHOFyOHUD

)XHQWHV %LEOLRJUiILFDV\HQWUHYLVWDVSHUVRQDOHVDKDELWDQWHVGHOOXJDU\RILFLDOHVWpFQLFRVGHOPXQLFLSLR
PHQFLRQDGR

3HUVRQDHQFDUJDGDGHOUHJLVWUR/XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQSURYRFDGDSRUHOLQJHQLRD]XFDUHUR6DQ$XUHOLRDOD]RQD
6XUGHODFLXGDGGH6DQWD&UX]
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLRGH6DQWD&UX]GHOGHSDUWDPHQWRGH6DQWD&UX]

*HQHUDGRUGHOFRQ IOLFWR ,QJHQLR6DQ$XUHOLR

,QLFLDGRU GHOFRQIOLF WR %DUULR3ULPDYHUD

5HJXODGRUGHO FRQIOLFWR 3UHIHFWXUD\DOFDOGtD

$IHFWDGRV $SUR[LPDGDPHQWHKDELWDQWHVGHEDUULRVFUXFHxRV

$FWLYLGDGT XHJHQ HU DHO GDxR 9HUWLPLHQWRGHGHVHFKRVGHOD]DIUD

(OGDxR JHQHUDGR (VUHFXUUHQWH

/DDFWLYLGDGHV 3HOLJURVDFRQWDPLQDQWH\PROHVWD

$FWLYLGDGHVDIHFWDG DV &RPHUFLDOYLYLHQGDVHUYLFLRV\HTXLSDPLHQWR

5HFXUVRVDIHFWDG RV $JXDDLUH\VDOXG

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR $JRVWRGH

2EMHWLYRGHORV DIHFWD GR V 5HWLURGHOLQJHQLR6DQ$XUHOLR

$FFLRQHVUH DOL]DGDV $QiOLVLVGHDJXDVPRYLOL]DFLRQHV\FRQIHUHQFLDVGHSUHQVD

)HFKDGH UHJLVWUR 6HSWLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
(VWHFRQIOLFWRVHVXVFLWD SRUORVPDORVRORUHVTXHSURYRFDHOULHJRGHFDxDYHUDOHVFRQORVGHVHFKRVGHOD
SURGXFFLyQGHD]~FDUGHQRPLQDGRMDUXELFKL\FX\DVDJXDVFRQWDPLQDGDVVRQYHUWLGDVDORVFDQDOHVGH
GUHQDMHXELFDGRVHQORVFRVWDGRVGHOLQJHQLRODVPLVPDVTXHDIHFWDQDEDUULRVGHODFLXGDGGH6DQWD
&UX]
(OMDUXELFKLSRUXQDSDUWHDWUDHXQDJUDQFDQWLGDGGHPRVFDV\SRURWUDHQWLHPSRVHFRVHFRQYLHUWHHQ
XQ SROYR TXH DIHFWD D PXFKRV EDUULRV GH OD FLXGDG GH HVWD PDQHUD SURYRFD HQIHUPHGDGHV
RIWDOPROyJLFDV GpUPLFDVH LQWHVWLQDOHV HQWUH RWUDV UD]yQ SRU OD TXH ORV EDUULRV DIHFWDGRV H[LJHQ TXH
GLFKRLQJHQLRVHDFODXVXUDGR
/RVGLULJHQWHVGH ORV GLVWLQWRV EDUULRVKDQ UHDOL]DGRXQDVHULHGHDFFLRQHV WHQGLHQWHV DGDU VROXFLyQDO
SUREOHPD GH OD FRQWDPLQDFLyQ \D PHQFLRQDGD HQWUH HOODV VH HQFXHQWUD OD GHQXQFLD S~EOLFD GH OD FXDO
KLFLHURQHFRORVPHGLRVORFDOHVGHFRPXQLFDFLyQ7DPELpQHQHOGHVDUUROORGHOFRQIOLFWRVHLQYROXFUDURQHO

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
0XVHR GH +LVWRULD 1DWXUDO 1RHO .HPSII 0HUFDGR 0+11.0  \ OD )XQGDFLyQ $PLJRV GH OD 1DWXUDOH]D
)$1 TXLHQHVFRODERUDURQDODVMXQWDVYHFLQDOHVHQHOHVWXGLRGHODFDOLGDGGHODVDJXDVYHUWLGDVSRUHO
LQJHQLR
5HVSHFWR DO FRQIOLFWR HO JHQHUDGRU DILUPD TXH QR HVWi YLRODQGR QLQJXQD QRUPD DPELHQWDO \ TXH ORV
GHVHFKRVTXHYLHUWHVRQGHELGDPHQWHWUDWDGRV SRU ORWDQWR QR FRQVLGHUDTXH HVWp RFDVLRQDQGRGDxR
DOJXQR
$QWHHVWDVLWXDFLyQ\ODVPROHVWLDVRFDVLRQDGDVSRUODVPRVFDV\ORVPDORVRORUHVIXQGDPHQWDOPHQWHHQ
pSRFD GH ]DIUD ORV SREODGRUHV GH ORV EDUULRV HVWiQ HQ HVWDGR GH HPHUJHQFLD \ GLVSXHVWRV D UHDOL]DU
PRYLOL]DFLRQHVEXVFDQGRTXHHOLQJHQLRVHWUDVODGHDXQD]RQDLQGXVWULDODXQTXHDFWXDOPHQWHQRHVWiQ
PRYLOL]DGRV H[LVWH OD SRVLELOLGDG GH TXH ODV DFFLRQHV FRPLHQFHQ QXHYDPHQWH HVWD YH] GHVGH XQD
SHUVSHFWLYDPiVLQWHJUDO\QRVLPSOHPHQWHWpFQLFD

)XHQWHV +HPHURJUiILFDV\HQWUHYLVWDVDSREODGRUHVGHOEDUULR3ULPDYHUD

3HUVRQDHQFDUJDGDGHOUHJLVWUR0DXULFLR*XWLpUUH]\)HUQDQGR%DWROODQHU)2%20$'( 6DQWD&UX]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHODUUR\RGH6DQ-XDQGH7ULQLGDG
8ELFDFLyQG H OFRQIOLF WR &LXGDGGH7ULQLGDGFDSLWDOGHOGHSDUWDPHQWRGH%HQL

*HQHUDGRUGHOFRQ IOLFWR 9HFLQRVTXHFLUFXQGDQHODUUR\R6DQ-XDQLQGXVWULDVGH


7ULQLGDG\PXQLFLSLR
,QLFLDGRU GHOFRQIOLF WR 2UJDQL]DFLRQHVFtYLFDVDPELHQWDOLVWDV\MXYHQLOHV

5HJXODGRUGHO FRQIOLFWR $OFDOGtD&HQWURGHVDOXG\6XSHULQWHQGHQFLDGH6DQHDPLHQWR


%iVLFR
$IHFWDGRV KDELWDQWHVGHORVEDUULRVFHUFDQRVDODUUR\R

$FWLYLGDGT XHJHQ HU DHO GDxR 9HUWLPLHQWRGHGHVHFKRVDJXDVVHUYLGDVHLQGXVWULDOHV

(OGDxR JHQHUDGR 6HHVWiSURGXFLHQGR\HVUHFXUUHQWH

/DDFWLYLGDGHV &RQWDPLQDQWH

$UHDD IHFWDGD KD

$FWLYLGDGHVDIHFWDG DV (TXLSDPLHQWR\VHUYLFLRV

5HFXUVRVDIHFWDG RV $LUHIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR 

2EMHWLYRGHORV DIHFWD GR V 0LWLJDUODFRQWDPLQDFLyQKDVWDTXHVHFRQVWUX\DHO


DOFDQWDULOODGRGHODFLXGDG
$FFLRQHVUH DOL]DGDV 7DOOHUHVVHPLQDULRVFDPSDxDV\SURWHVWDVSRUFRQRFLGDV
SHUVRQDOLGDGHV
)HFKDGH UHJLVWUR -XOLRGH

'HVFULSFLyQGHOFRQIOLFWR
'HVGHODGpFDGDGHORVDxRVWUHLQWDHODUUR\R6DQ-XDQHVXQRGHORVHVSDFLRVWXUtVWLFRVGHODFLXGDGGH
7ULQLGDG(QGpFDGDVDQWHULRUHVDORVRFKHQWDGXUDQWHODVpSRFDVGHOOXYLDORVEDUFRVTXHFRPXQLFDEDQD
HVWD FDSLWDO FRQ HO UHVWR GHO GHSDUWDPHQWR LQJUHVDEDQ GLUHFWDPHQWH KDVWD HO FHQWUR GH OD FLXGDG 6LQ
HPEDUJRODVLQXQGDFLRQHVSHULyGLFDVTXHVXIUtDODFLXGDGREOLJDURQDFRQVWUXLUXQDQLOORGHFRQWHQFLyQDVX
DOUHGHGRU
(VWR REVWDFXOL]y HO GUHQDMH QDWXUDO GHO DUUR\R FX\DV DJXDV FRPHQ]DURQ D HVWDQFDUVH (O SRVWHULRU
FUHFLPLHQWR XUEDQR GH OD FLXGDG OD PLVPD TXH QR FXHQWD FRQ DOFDQWDULOODGR FRQYLUWLy DO DUUR\R HQ XQ
FROHFWRUGHDJXDVLQGXVWULDOHVDVtFRPRGRPpVWLFDV\GHVHFKRVGHVyOLGRVGHWRGRWLSR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
3RU HVWD UD]yQ HO JUDGR GH FRQWDPLQDFLyQ GHO DUUR\R HV PX\ HOHYDGR \ RFDVLRQD PDORV RORUHV TXH
HQYXHOYHQ D WRGD OD FLXGDG $GHPiV VXV DJXDV VRQ IRFRV GH SURSDJDFLyQ GH PRVTXLWRV FRQ ORV
FRQVHFXHQWHV ULHVJRV GH PDODULD R ILHEUH DPDULOOD /R ~QLFR TXH SHUPLWH GLVPLQXLU HO DOWR ULHVJR TXH
HQWUDxDHVWDVLWXDFLyQHV TXHXQDSODQWDGHQRPLQDGD7DURSHVHKDH[WHQGLGRFDVLSRUWRGRHODUUR\R\
IXQFLRQDFRPRDEVRUEHQWHQDWXUDOGHODFRQWDPLQDFLyQ
+DVWD OD IHFKD QR VH UHDOL]DURQ HYDOXDFLRQHV QL VREUH HO JUDGR GH HVWD FRQWDPLQDFLyQ QL VREUH ORV
SUREOHPDVTXHRFDVLRQDTXHSHUPLWDQHQFRQWUDUVROXFLRQHVSHUPDQHQWHVDHVWDVLWXDFLyQ(VWRVHGHEH
IXQGDPHQWDOPHQWH TXH QL HQWUH ODV DXWRULGDGHV QL ORV SREODGRUHV H[LVWH XQD YHUGDGHUD FRQFLHQFLD GHO
SUREOHPDDPELHQWDO\GHVXVLPSDFWRVVREUHODVDOXGKXPDQD
6RQ SRFDV ODV RUJDQL]DFLRQHV TXH VH KDQ PRYLOL]DGR \ UHDOL]DGR DFFLRQHV GH SURWHVWD R
SURQXQFLDPLHQWRVS~EOLFRVUHVSHFWRDHVWDVLWXDFLyQHQWUHHOORVSRGHPRVPHQFLRQDUDDOJXQRVYHFLQRV
DVHQWDGRVDODVULYHUDVGHODUUR\RHO&RPLWp&tYLFR)HPHQLQR\RUJDQL]DFLRQHVDPELHQWDOLVWDVDVtFRPR
ORVMXYHQLOHV
(VWDVRUJDQL]DFLRQHVSUHRFXSDGDVSRUODVDOXGGHODSREODFLyQ\ODDSDULHQFLDGHODFLXGDGUHDOL]DURQ
XQDVHULHGHSURWHVWDV\UHFODPRVSDUDH[LJLUDOPXQLFLSLRTXHVDQHHHOiUHD6LQHPEDUJRVXVDFFLRQHV
TXHGDURQSUiFWLFDPHQWHDLVODGDVGHOJUXHVRGHODSREODFLyQ
/RVKDELWDQWHVFHUFDQRVDOD]RQDGHFRQIOLFWRTXHVRQORVTXHSURYRFDQHQJUDQPHGLGDHOSUREOHPD
VLJXHQYHUWLHQGRDOLJXDOTXHDOJXQDVLQGXVWULDVVXVEDVXUDVDODUUR\RGHELGRDTXH QRH[LVWHQLQJXQD
UHJXODULGDGHQHOVHUYLFLRPXQLFLSDOGHUHFRMRGHUHVLGXRVVyOLGRV$GHPiVHOVLVWHPDGHFXQHWDVTXHVH
FRQVWUX\y HQ OD HWDSD GH FUHFLPLHQWR GH ODFLXGDG SDUD HO GHVDJH SOXYLDO HV XWLOL]DGRSRU ORV YHFLQRV
FRPRPHGLRSDUDOLPSLDUVXVSR]RVVpSWLFRVDWUDYpV GHOERPEHR'HHVWDPDQHUDHVDVDJXDVGHVSXpV
GHSDVDUSRUODVFXQHWDVYDQDSDUDUDODUUR\R6DQ-XDQ
'H HVWD PDQHUD ORV JHQHUDGRUHV GHO FRQIOLFWR VH FRQYLHUWHQ HQ ORV DIHFWDGRV \ VL QR IXHUD SRU ODV
RUJDQL]DFLRQHVFtYLFDV\DPELHQWDOLVWDVpVWHQRVHUtDPiVTXHRWURSUREOHPDHQWUHORVPXFKRVTXHWLHQH
ODFLXGDGGH7ULQLGDG
/DVSHUVSHFWLYDVGHVROXFLyQHPSUHQGLGDVSRUHO0XQLFLSLRSRUHOPRPHQWRVHKDQOLPLWDGRDHYLWDUTXH
HO DUUR\R VH FRQYLHUWD WDPELpQ HQ XQ OXJDU GRQGH VH FRQFHQWUH EDVXUD VyOLGD \D TXH FRQVLGHUDQ TXH
PLHQWUDVQRVHFRQVWUX\DHOVLVWHPDGHDOFDQWDULOODGRGHODFLXGDGQRVHSXHGHHQIUHQWDUHVWRVSUREOHPDV
GHFRQWDPLQDFLyQ
3RURWUDSDUWHDQWHODVGHPDQGDVGHODVRUJDQL]DFLRQHVLQLFLDGRUDVGHOFRQIOLFWRODVDXWRULGDGHVVHKDQ
SURSXHVWR ERPEHDU ODV SRFDV DJXDV TXH TXHGDQ HQ HO DUUR\R IXHUD GHO SULPHU DQLOOR D ILQ GH
GHVFRQWDPLQDU SDUFLDOPHQWH HO iUHD $GHPiV D SDUWLU GH ORV HVWXGLRV ELROyJLFRV TXH H[LVWHQ VREUH OD
DFFLyQ ELRGHJUDGDEOH GHO 7DURSH HVWiQ DQDOL]DQGR OD PDQHUD GH FRQFHQWUDU VX VLHPEUD D ILQ GH
FRQWUDUUHVWDUODFRQWDPLQDFLyQGHDJXDV

)XHQWHV (QWUHYLVWDVDRUJDQL]DFLRQHVFtYLFDV\HVWXGLDQWHVGHODVFDUUHUDVGHDJURQRPtD\GHVDQLGDG
DQLPDOYHWHULQDULDGHFODUDFLRQHVSXEOLFDVGHIXQFLRQDULRVGHFRQWURODPELHQWDO

3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D]&(-,6± )2%20$'( %HQL

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQVXPRGHDJXDFRQWDPLQDGDHQ5LEHUDOWD
8ELFDFLyQG H OFRQIOLF WR &LXGDGGH5LEHUDOWDGHOGHSDUWDPHQWRGHO%HQL

*HQHUDGRUGHOFRQ IOLFWR <3)%

,QLFLDGRU GHOFRQIOLF WR 2UJDQL]DFLRQHVDPELHQWDOLVWDVGH5LEHUDOWD

5HJXODGRUGHO FRQIOLFWR 6XSHULQWHQGHQFLDGH+LGURFDUEXURV

$IHFWDGRV %DUULRV(O3DOPDU\3HWUROHUR

$FWLYLGDGT XHJHQ HU DHO GDxR )LOWUDFLRQHVGHGLHVHO

(OGDxR JHQHUDGR &RQWDPLQDQWH

/DDFWLYLGDGHV 3HOLJURVD

$FWLYLGDGD IHFWDGD 9LGD

5HFXUVRVDIHFWDG RV $JXD\DLUH

)HFKDGHL QLFL RGHOGDxR (QHURGH

)HFKDLQLFLRGHOFRQIOLF WR $JRVWRGH

2EMHWLYRGHORV DIHFWD GR V 'HVFRQWDPLQDUORVDFXtIHURV

$FFLRQHVUH DOL]DGDV ,QVSHFFLyQWpFQLFDDORVSR]RV\QRULDV

)HFKDGH UHJLVW UR $JRVWRGH

'HVFULSFLyQGHOFRQIOLFWR
<3)%WLHQHXQDSODQWDGHDOPDFHQDPLHQWRGHFDUEXUDQWHVGHGLHVHOHQODFLXGDGGH5LEHUDOWDODPLVPD
TXHHVWDUtDILOWUDQGRKDFLDORVDFXtIHURVGHDJXDVXEWHUUiQHDTXHVRQXWLOL]DGRVSRUORVEDUULRV(O3DOPDU
\3HWUROHUR(VWDVDJXDVVRQXWLOL]DGDVSRUORVSREODGRUHVGHORVEDUULRVPHQFLRQDGRVDWUDYpVGHSR]RV
\QRULDVFRPR~QLFDIXHQWHGHDEDVWHFHUVHSDUDVXVQHFHVLGDGHVGRPpVWLFDV\DTXHHODJXDSRWDEOH
TXHVHGLVWULEX\HDODSREODFLyQPHGLDQWHUHGVyORDEDUFDDXQFLQFXHQWDSRUFLHQWRGHODSREODFLyQ\HO
UHVWRDFFHGHDHVWHHOHPHQWRPHGLDQWHODSHUIRUDFLyQGHSR]RV
'HVGH SULQFLSLRV GH  ORV SREODGRUHV GH HVWRV EDUULRV SHUFLELHURQ TXH HO DJXD SDUHFtD HVWDU
PH]FODGDFRQNHURVHQH\VROLFLWDURQDODHPSUHVDODLQVSHFFLyQWpFQLFDFRUUHVSRQGLHQWH\ODXELFDFLyQGHO
OXJDUGHODVILOWUDFLRQHV
/RVUHSUHVHQWDQWHVGH<3)%HQ5LEHUDOWDUHVSRQGLHURQTXHORVYHFLQRVGHORVEDUULRVDIHFWDGRVGHEtDQ
DEVWHQHUVHGH FRQVXPLUDJXD GHSR]RV \QRULDVFRQWDPLQDGRVKDVWDTXHVH LGHQWLILTXH HO OXJDUGH ODV
ILOWUDFLRQHV6LQHPEDUJRHVWRIXHUHFKD]DGRSRUORVYHFLQRV\DTXHFRPRVHGLMRDQWHVORVSR]RV\ODV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
QRULDV VRQ VX ~QLFD IXHQWH GH DEDVWHFLPLHQWR \ DGHPiV HO PXQLFLSLR QR FXHQWD FRQ UHFXUVRV SDUD
H[WHQGHULQPHGLDWDPHQWHODUHGGRPLFLOLDULDGHDJXD3RUHVWDVUD]RQHVVHSODQWHyTXH<3)%SURYHDHO
OLTXLGR HOHPHQWR SRU VX FXHQWD \ ULHVJR KDVWD WDQWR VH HQFXHQWUHQ ODV IDOODV TXH RULJLQDQ HVWD
FRQWDPLQDFLyQ

/DVLQVSHFFLRQHVWpFQLFDVUHDOL]DGDVDUDt]GHHVWRVUHFODPRVHQFRQWUDURQSUHVHQFLDGHFDUEXUDQWHVHQ
ORVDFXtIHURV\DOQRSRGHUGHWHFWDUFRQSUHFLVLyQODORFDOL]DFLyQGHODVIXJDVVHOLPLWDURQDUHFRPHQGDU
TXHORVEDUULRVDIHFWDGRVVHDEVWHQJDQGHFRQVXPLUHVWDVDJXDVVXEWHUUiQHDV
(Q YLVWD GH HVWD VLWXDFLyQ <3)% HVWi SURSRUFLRQDQGR DJXD PHGLDQWH FLVWHUQDV \ DXQTXH HVWR QR
VROXFLRQDHOSUREOHPDGHFRQWDPLQDFLyQTXHSUHRFXSDDORVLQLFLDGRUHVGHOFRQIOLFWRSRUORPHQRVHVWi
HYLWDQGRXQPD\RUGDxRD ODVDOXGGHTXLHQHVGHSHQGHQGHORVSR]RVVXEWHUUiQHRV
3RUVXSDUWHODVDXWRULGDGHVGHOUDPRSDUHFHUtDTXHQRKDQWRPDGRFRQRFLPLHQWRGHOFRQIOLFWRDSHVDU
GHORVQHJDWLYRVLPSDFWRVTXHHODJXDPH]FODGDFRQFDUEXUDQWHVWLHQHSDUDODVDOXG\HOPHGLRDPELHQWH
$OUHVSHFWRVHHVSHUDTXHODRILFLQDGHVDOXGSXEOLFDDFDUJRGHODVDXWRULGDGHVGHOVHFWRUREOLJXHQ\
JDUDQWLFHQ TXH OD SODQWD GH DOPDFHQDPLHQWR FXPSOD FRQ ORV UHTXLVLWRV GH LPSHUPHDELOL]DFLyQ TXH
JDUDQWLFHQODLQH[LVWHQFLDGHILOWUDFLRQHV

)XHQWHV 'HQXQFLDVGHORVYHFLQGDULRVDIHFWDGRV\SXEOLFDFLRQHVGHOSHULyGLFR(O'HEHUViEDGRGH
DJRVWRGH

3HUVRQDHQFDUJDGDGHOUHJLVWUR:DOWHU3D]&(-,6± )2%20$'( %HQL

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
 &RQWDPLQDFLyQGHUHOOHQRVDQLWDULRGH.·DUD.·DUD
8ELFDFLyQG H OFRQIOLF WR 0XQLFLSLR&HUFDGRGHOGHSDUWDPHQWRGH&RFKDEDPED

*HQHUDGRUGHOFRQ IOLFWR $OFDOGtDGH&HUFDGRR(06$

,QLFLDGRU GHOFRQIOLF WR &RPXQLGDGHV,JOHVLD\)RUR&RFKDEDPELQR

5HJXODGRUGHO FRQIOLFWR 3UHIHFWXUDGHOGHSDUWDPHQWR

$IHFWDGRV IDPLOLDVGHODVFRPXQLGDGHVGH$UUXPDQL6DQ0LJXHO\
.¶DUD.¶DUD
$FWLYLGDGT XHJHQ HU DHO GDxR 'HSyVLWRLQDGHFXDGRGHGHVHFKRVVyOLGRV

(OGDxR JHQHUDGR <DVHSURGXMR\HVUHFXUUHQWH

/DDFWLYLGDGHV 0ROHVWDFRQWDPLQDQWH\SHOLJURVD

$FWLYLGDGHVDIHFWDG DV 9LYLHQGD\DJURSHFXDULD

5HFXUVRVDIHFWDG RV $JXDDLUHIORUDIDXQD\VDOXG

)HFKDGHL QLFL RGHOGDxR 

)HFKDLQLFLRGHOFRQIOLF WR \UHFUXGHFHHQ

2EMHWLYRGHORV DIHFWD GR V /RJUDUHOSDJRGHLQGHPQL]DFLyQSRUODFRQWDPLQDFLyQ\HO


FLHUUHFRQWURODGRGHOUHOOHQR
$FFLRQHVUH DOL]DGDV %ORTXHRVGHQXQFLDV\FDPSDxDV

)HFKDGH UHJLVWUR 6HSWLHPEUHGH

'HVFULSFLyQGHOFRQIOLFWR
(OFRQIOLFWRVXUJHSRUODFRQWDPLQDFLyQDWPRVIpULFDHKtGULFDTXHDIHFWDSULQFLSDOPHQWHDODVFRPXQLGDGHV
GH$UUXPDQL6DQ0LJXHO\.¶DUD.¶DUDODPLVPDTXHVHJHQHUDDUDt]GHODIDOWDGHFRQWUROHQHOPDQHMRGH
ORVGHVHFKRVVyOLGRVTXHVHYLHUWHQHQHOUHOOHQRVDQLWDULRGH.¶DUD.¶DUD

(Q PD\R GH  ODV WUHV FRPXQLGDGHV PHQFLRQDGDV FRQMXQWDPHQWH FRQ OD SDUURTXLD GH 6DQWD 9HUD
&UX]KDFHQFRQRFHUVXGHQXQFLD\FRPRPHGLGDGHSUHVLyQEORTXHDQORVDFFHVRVDOUHOOHQRVDQLWDULR
$Vt PLVPRVH KDFH ODGHQXQFLD UHVSHFWLYDGH ODV FRPXQLGDGHV \ DPELHQWDOLVWDV DQWH OD 3UHIHFWXUD D
SDUWLUGHORFXiOHVWDDXWRULGDGGHSDUWDPHQWDOHQIRUPDFRQMXQWDFRQHO)RUR&RFKDEDPELQRUHDOL]DXQD
LQVSHFFLyQ DO UHOOHQR VDQLWDULR 0HGLDQWH HVWD YLVLWD VH YHULILFD HO LQFXPSOLPLHQWR GHO 5HJODPHQWR GH
*HVWLyQ GH 5HVLGXRV 6yOLGRV UHIHULGR D GHILFLHQFLDV HQ OD FROHFFLyQ GH ORV OL[LYLDGRV GHO UHOOHQR D OD
H[LVWHQFLD GH GHVSHUGLFLRV SHOLJURVRV KRVSLWDODULRV LQGXVWULDOHV \ GH RWUD tQGROH DVt FRPR D OD
FRQWDPLQDFLyQGHSR]RV\RWUDVIXHQWHVGHDEDVWHFLPLHQWRGHDJXDGHODVFRPXQLGDGHV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
3RVWHULRUPHQWHOD3UHIHFWXUDHPLWHXQDUHVROXFLyQDPELJXD\SRFRVDWLVIDFWRULDHQODTXHFRQPLQDDOD
(PSUHVD 0XQLFLSDO GH 6HUYLFLR GH $VHR (06$  D UHDOL]DU REUDV SDUD HO UHFRMR DGHFXDGR GH ORV
OL[LYLDGRVDVt FRPRSDUDHOGHSRVLWRGHUHVLGXRV LQGXVWULDOHVVHDxDGHHQHVWDUHVROXFLyQTXH(06$
GHEH SUHVHQWDU VX PDQLILHVWR DPELHQWDO DSUREDGR SDUD OR FXDO VH OH RWRUJD  GtDV (VWH SOD]R VH
FXPSOLUi  OD VHJXQGD TXLQFHQD GH VHSWLHPEUH (O PXQLFLSLR HYLWD LQPLVFXLUVH HQ HO SUREOHPD \ GHMD D
(06$OLEUDGDDVXVXHUWHSHVHDKDEHURSHUDGRHOUHOOHQRGHVGHKDVWDHQIRUPDGLUHFWD\D
VHUSDUWHGHO'LUHFWRULRGHHVDHPSUHVD

/DDPSOLDGLIXVLyQUHDOL]DGDHQPHGLRVGHFRPXQLFDFLyQVREUHHOWHPD\ORVDYDQFHV HQODJHVWLyQGHO
FRQIOLFWRREOLJyDODHPSUHVDDUHDOL]DUDOJXQDVDFFLRQHVGHPLWLJDFLyQGHVXVLPSDFWRV6LQHPEDUJROD
IDOWDGHXQDYROXQWDGSDUDUHVROYHUHOSUREOHPDDGHFXDGDPHQWHOOHYyDODHPSUHVD\DODVDXWRULGDGHVD
GLODWDU \ GLVWUDHU D ORV DFWRUHV KDFLHQGR SURPHVDV TXH GHVSXpV QR IXHURQ FXPSOLGDV /RV GDxRV
RULJLQDGRVQRKDQVLGRHYDOXDGRVSRUORVFRVWRVTXHUHTXLHUHQORVHVWXGLRVHVSHFLDOPHQWHUHIHULGRVDOD
SUHVHQFLDGHPHWDOHVSHVDGRV

(QPD\R\MXOLRGHDQWHODVROLFLWXGGHXQRGHORVPLHPEURVGHOD&RPLVLyQGH0HGLR$PELHQWHGH
OD &iPDUD GH 'LSXWDGRV pVWD GHOHJy D ORV 'LSXWDGRV &ODXGLR /R]D \ *RQ]DOR 0DOGRQDGR TXLHQHV
YHULILFDURQ ODV GHQXQFLDV HQ HO OXJDU GH ORV KHFKRV 3RVWHULRUPHQWH HVWD &RPLVLyQ KL]R FRQRFHU GRV
PLQXWDVGHFRPXQLFDFLyQVREUHHOWHPD.DUDNDUDDO0LQLVWURGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ
/DSULPHUDPLQXWD VHxDODTXHHOPLQLVWHULRFRUUHVSRQGLHQWHGHEHUHDOL]DUXQDDXGLWRULDDPELHQWDOHQHO
UHOOHQR VDQLWDULR OD VHJXQGD VROLFLWD DO 0LQLVWUR GH 'HVDUUROOR 6RVWHQLEOH TXH LQVWUX\D DO 3UHIHFWR GHO
GHSDUWDPHQWROD  DSOLFDFLyQGH VDQFLRQHV DGPLQLVWUDWLYDV FRQWUD OD QHJOLJHQFLD GH ORV IXQFLRQDULRV (V
LPSRUWDQWHPHQFLRQDUTXHHQ HOVHJXLPLHQWRGHHVWHFRQIOLFWRTXHWRGDYtDHVWiSHQGLHQWHVHFRQWyFRQ
HOSHUPDQHQWHDSR\RGHO'LSXWDGR*RQ]DOR0DOGRQDGR

3RURWUDSDUWHVHGHEHVHxDODUTXHODVDXWRULGDGHVFRPSHWHQWHVHQHVWHFDVROD'LUHFFLyQGH5HFXUVRV
1DWXUDOHVSDUHFHUtDQGHVFRQRFHUOD/H\GHO0HGLR$PELHQWH\VXVUHJODPHQWRV\DTXHHQHOFRQIOLFWR
H[LVWHQFDXVDOHVTXHORWLSLILFDQFRPRGHOLWRDPELHQWDODSHVDUGHOPLVPRODDPELYDOHQFLDGHODDXWRULGDG
SUHIHFWXUDOGLODWDODDSOLFDFLyQGHVDQFLRQHV\SHUPLWHTXHODVLQIUDFFLRQHVFRQWLQ~HQ6HJ~QOD/H\WRGR
DTXHO TXH HQYHQHQD FRQWDPLQD R DGXOWHUD DJXDV GHVWLQDGDV DO FRQVXPR S~EOLFR DO XVR LQGXVWULDO
DJURSHFXDULRRSLVFtFRODSRUHQFLPDGHORVOtPLWHVSHUPLVLEOHVFRPHWHGHOLWRDPELHQWDO $VtPLVPR DOD
KRUDGHLQWHUSUHWDUHO5HJODPHQWRGH*HVWLyQGH5HVLGXRV6yOLGRVQRVHDSOLFDQVXVDUWtFXORV\ORV
PLVPRVTXHHVWDEOHFHQORVSOD]RVSDUDORVUHOOHQRVVDQLWDULRV\ERWDGHURVSUHVHQWHQVXVPDQLILHVWRV\
SODQGHDGHFXDFLyQDPELHQWDO

)XHQWHV &RSLDVGHODVPLQXWDVGHFRPXQLFDFLyQFRSLDVGHOD5HVROXFLyQ3UHIHFWXUDO&RSLDDFWDGH
YLVLWD.¶DUD.¶DUD

3HUVRQDHQFDUJDGDGHOUHJLVWUR*DEULHO+HUEDV)2%20$'( &RFKDEDPED

 /H\GHO0HGLR$PELHQWH1ƒ5HS~EOLFDGH%ROLYLDGHMXQLRGH
 5HJODPHQWR*HQHUDOGH*HVWLyQGH$PELHQWDO5HS~EOLFDGH%ROLYLDGHGLFLHPEUHGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
&RQFOXVLRQHV

(OUHJLVWURGHFRQIOLFWRVDPELHQWDOHVGH%ROLYLDKDVLGR IXQGDPHQWDOPHQWHXQDH[SHULHQFLDFROHFWLYD\DTXH
VXHODERUDFLyQLPSOLFyVXPDUHODSRUWHGHXQDJUDQFDQWLGDGGHSHUVRQDVWDQWRDWUDYpVGHWHVWLPRQLRV\
HQWUHYLVWDVFRPRGHSXEOLFDFLRQHV6LQHPEDUJRHODSRUWHHVHQFLDOIXHUHDOL]DGRSRUTXLHQHVUHJLVWUDURQORV
FRQIOLFWRV \ HODERUDURQ ORV DUWtFXORV TXH ORV DFRPSDxDQ \ OHV VLUYHQ GH FRQWH[WR (Q HVWH VHQWLGR
FRUUHVSRQGH UHVDOWDU TXH ORV UHVXOWDGRV REWHQLGRV VRQ SULQFLSDOPHQWH SURGXFWR GH OD SDUWLFLSDFLyQ
FRPSURPHWLGD GH ODV LQVWLWXFLRQHV \ SHUVRQDV TXH FRQIRUPDQ ORV IRURV GHSDUWDPHQWDOHV \D TXH VLQ VX
WUDEDMR \ HO GH RWUDV SHUVRQDV TXH D SHVDU GH QR VHU SDUWH DFWLYD GHO )2%20$'( EULQGDURQ VX
H[SHULHQFLD SURIHVLRQDO SDUD HQULTXHFHU HVWH GRFXPHQWR HO PLVPR QR KXELHUD FXPSOLGR FRQ XQR GH ORV
SULQFLSLRV GH OD SURSXHVWD PHWRGROyJLFD GH OD JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV FXDO HV OD HIHFWLYD
SDUWLFLSDFLyQ

$SDUWLUGHORVFRQIOLFWRVSUHVHQWDGRVHQHVWDREUDVXUJHQXQDVHULHGHFRQFOXVLRQHV\GHVDItRVSDUDOD
DFFLyQIXWXUD(QWUHHOORVGHVHDPRVGHVWDFDUORVVLJXLHQWHV

$FFHVRDODLQIRUPDFLyQ

(O DFFHVR D OD LQIRUPDFLyQ HV XQ GHUHFKR FLXGDGDQR TXH DO VHU UHVWULQJLGR R FRDUWDGR JHQHUD
GHVFRQILDQ]D  $O PLVPR WLHPSR OD FDOLGDG GH OD SDUWLFLSDFLyQ FLXGDGDQD GHSHQGH GH TXH pVWD VHD
LQIRUPDGDDGHFXDGD\RSRUWXQDPHQWH

(O DFFHVR D OD LQIRUPDFLyQ QR GHEH TXHGDU UHVWULQJLGR D OD SRVLELOLGDG GH TXH ORV FLXGDGDQRV VH
DFHUTXHQD XQD RILFLQD JXEHUQDPHQWDOSDUDVROLFLWDUXQ LQIRUPH(Q UHDOLGDG WDQWRHO(VWDGR FRPRORV
HPSUHQGHGRUHV SULYDGRV WLHQHQ OD REOLJDFLyQ GH LQIRUPDU GH VXV DFWLYLGDGHV D OD FLXGDGDQtD (V
UHVSRQVDELOLGDG GH ORV HMHFXWRUHV GH SUR\HFWRV TXH OD LQIRUPDFLyQ UHOHYDQWH OOHJXH D ODV SHUVRQDV
SRWHQFLDOPHQWHDIHFWDGDV\pVWDQRSXHGHGHVFDQVDUHQODLQLFLDWLYDGHORVJUXSRVORFDOHV

3DUWLFLSDFLyQFLXGDGDQD

&RQODSURPXOJDFLyQGHOD/H\GH3DUWLFLSDFLyQ3RSXODU\GHOD/H\GH'HVFHQWUDOL]DFLyQHQHOSDtVVH
LQFRUSRUDDOD VRFLHGDGFLYLOHQHOSURFHVRGHJHVWLyQ S~EOLFD PHGLDQWHWUDQVIHUHQFLDGH FRPSHWHQFLDV
GHVGH HO QLYHO FHQWUDO GHO 3RGHU (MHFXWLYR D ORV JRELHUQRV GHSDUWDPHQWDOHV \ ORFDOHV D WUDYpV GH XQ
SURFHVR JUDGXDO SHUPDQHQWH SURJUHVLYR \ REOLJDWRULR  (O FRQFHSWR GH SDUWLFLSDFLyQ FLXGDGDQD TXH
XWLOL]DOD/H\GH3DUWLFLSDFLyQ3RSXODULPSOLFDSDUWLFLSDFLyQHQODWRPDGHGHFLVLRQHVHQWRGRHO SURFHVR
GH SODQLILFDFLyQ JHVWLyQ PRQLWRUHR FRQWURO HYDOXDFLyQ \ VHJXLPLHQWR  3RU OR WDQWR OD SDUWLFLSDFLyQ
FLXGDGDQDQRSXHGHHVWDUUHVWULQJLGDDFRQVXOWDVRLQIRUPDFLRQHVEULQGDGDVDLQLFLRGHXQSUR\HFWRRHQ
HOPDUFRGHXQD(,$(VRVFRPSRQHQWHV VRQLPSRUWDQWHVSHURQRVRQVXILFLHQWHVPiVD~QVLODFRQVXOWD
HVUHDOL]DGDGHPDQHUDGHVLQIRUPDGDRLQRSRUWXQD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(QHOSURFHVRGHWRPDGHGHFLVLyQGHEHQSDUWLFLSDUORVJUXSRVDIHFWDGRV(OORVHGHEHDTXHPXFKRV
HPSUHQGLPLHQWRV H[LJHQ XQD FRQVLGHUDFLyQ SROtWLFD OR TXH UHPLWH D FRQVLGHUDU ODV GLIHUHQWHV
YDORUDFLRQHV GH ORV JUXSRV ODV DSUHFLDFLRQHV VREUH ORV ULHVJRV \ EHQHILFLRV TXH HOORV HQIUHQWDQ \ HQ
FyPRVHGLVWULEXLUiQHVRVEHQHILFLRV

$VLPLVPR HV PX\ LPSRUWDQWH OD FRSDUWLFLSDFLyQ FLXGDGDQD HQ HO PRQLWRUHR \ VHJXLPLHQWR GH ODV
DFWLYLGDGHVFRQLPSDFWRVHFRQyPLFRVVRFLDOHV\DPELHQWDOHV/DVFRPXQLGDGHVORFDOHVHQWDQWRVHUtDQ
ODVPiVDIHFWDGDVSRUFRQWDPLQDFLRQHVRDFFLGHQWHVVRQWDPELpQODVPiVLQWHUHVDGDVHQXQPRQLWRUHR
VRVWHQLGRGHORVSUR\HFWRV$GHPiVHQPXFKRVFDVRVHO(VWDGRQRDVXPHHVHPRQLWRUHRRpVWHQRHV
HIHFWLYRRSXHGHVHUSRWHQFLDOPHQWHFRUUXSWR

(V QHFHVDULRFRPHQ]DU D UHIOH[LRQDU HQ %ROLYLD VREUHOD QHFHVLGDGGH QXHYDVIRUPDV GH SDUWLFLSDFLyQ
FLXGDGDQDHQODJHVWLyQDPELHQWDO([LVWHQH[SHULHQFLDVQXHYDVJHQHUDGDVSRUSUR\HFWRVILQDQFLDGRVSRU
OD EDQFD PXOWLODWHUDO FRPR HO &RPLWp GH &RQVXOWD GH OD (YDOXDFLyQ (VWUDWpJLFD GH OD &DUUHWHUD 6DQWD
&UX]ODVUHXQLRQHVFRQOD2LGRUDGHO*DVRGXFWR%ROLYLD%UDVLO(VWDVH[SHULHQFLDVGHEHQVHUDQDOL]DGDV
GHVPHQX]DQGRORVORJURVREWHQLGRVSDUDYHUVLYDQPiVDOOiGH IRUPDVGHFRSDUWLFLSDFLyQSDUDDYDODU
SUR\HFWRV\VLYDOHODSHQDSUR\HFWDUODVDRWURViPELWRV

(OSDSHOGHO(VWDGR

(QXQDEXHQDSDUWHGHORVFRQIOLFWRVGHVFULWRVHQHVWH OLEURHO(VWDGRKDMXJDGRSDSHOHVFODYHVHDSRU
IDOWDGHLQWHUYHQFLyQSRULQDGHFXDGDVUHJXODFLRQHVHWF6HDGHXQDSHUVSHFWLYDRGHRWUDORVFRQIOLFWRV
DPELHQWDOHVGHMDQHQHYLGHQFLDODGHELOLGDGLQVWLWXFLRQDOGHO(VWDGRJHQHUDGDSRUHOPRGHORHFRQyPLFR
QHROLEHUDOTXHGHMDWRGRHQPDQRVGHOPHUFDGRHOFXiOQRSXHGHVROXFLRQDUFRQIOLFWRV5HVXOWDHYLGHQWH
TXH HV QHFHVDULD XQD SUHVHQFLD GHO (VWDGR HQ SDUWLFXODU HQ DVSHFWRV DPELHQWDOHV \ TXH pVWH GHEH
PHMRUDU HQ VX HILFLHQFLD SDUD OR TXH UHTXLHUH HO DSR\R GH ORV SREODGRUHV ORFDOHV HQ ODV WDUHDV GH
VHJXLPLHQWR\ SURWHFFLyQDPELHQWDO

3RU OR DQWHULRU WDPELpQ HV QHFHVDULR FRQVLGHUDU ORV QXHYRV UROHV GH ODV RUJDQL]DFLRQHV QR
JXEHUQDPHQWDOHVGHORVJUXSRVORFDOHV\GHODVHPSUHVDV(QHOFDVRGHODV21*VODH[SHULHQFLDGH
HVWRV FRQIOLFWRV \ OD SRVLELOLGDG GH OD JHVWLyQ FRPXQLWDULD H[LJH IRUWDOHFLPLHQWRV \ DUWLFXODFLRQHV
LQWHULQVWLWXFLRQDOHVHVWUHFKDUORVYtQFXORVFRQORVJUXSRVDIHFWDGRV\JHQHUDUODVPHMRUHVRSFLRQHVGH
DFFLyQ

'HPRFUDFLD\SROtWLFD

/RVFRQIOLFWRVDPELHQWDOHVVRQXQRGHORVIODQFRVGRQGHVHH[SUHVDQODVWHQVLRQHVGHODVSROtWLFDVGH
GHVDUUROORHQQXHVWURSDtVIUHQWHDODVH[LJHQFLDVGHFDOLGDGGHYLGD\FRQVHUYDFLyQ/DJHQHUDFLyQGH
HVDV SROtWLFDV UHTXLHUH GH HVSDFLRV DELHUWRV \FROHFWLYRV GH GLVFXVLyQ GRQGH SXHGDQ H[SUHVDUVH ORV
FLXGDGDQRV$OOtGRQGHORVFRQIOLFWRVDPELHQWDOHVUHYHODQLQIRUPDFLyQTXHHVRFXOWDGDRODLPSRVLELOLGDG
GH TXH ORV UHFODPRV ORFDOHV JHQXLQRV VHDQ DWHQGLGRV SRU HO (VWDGR R OD DXVHQFLD GH SURWHFFLyQ \
HIHFWLYLGDG OHJDO HQ GHPDQGDV QR VRODPHQWH VH GHWHULRUD HO DPELHQWH VLQR TXH VH HURVLRQD OD
FLXGDGDQtD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
/D JHVWLyQ FRPXQLWDULD GH FRQIOLFWRV WLHQH D QXHVWUR MXLFLR XQ FRPSRQHQWH GH SULPHUD LPSRUWDQFLD DO
IRUWDOHFHUDODSHUVRQDHQVXFRQGLFLyQGHFLXGDGDQR\SRUORWDQWRSURPRYHUORVHVFHQDULRVSROtWLFRV
(OORUHTXLHUHDWULEXWRVTXHD YHFHVVRQPLQLPL]DGRVSHURTXHWRGDYtDVRQGpELOHVHQQXHVWURSDtV(QWUH
HOORV VH HQFXHQWUDQ HO DFFHVR D OD LQIRUPDFLyQ OD SRVLELOLGDG GH HOHYDU GHPDQGDV DOOt GRQGH QR VH
FXPSOHODOHJLVODFLyQQDFLRQDO\TXHORVFLXGDGDQRVTXHKDJDQHVRVHDQSURWHJLGRVHQVXVGHUHFKRVSRU
WULEXQDOHV LPSDUFLDOHV TXH QR VH GHMHQ LQIOXHQFLDU SRU OD SUHVLyQ GH HPSUHVDV PXOWLPLOORQDULDV SRU
SROtWLFRVTXHUHFXHUGHQTXHKDQOOHJDGRDVXVSXHVWRVGHVGHHOYRWRFLXGDGDQR\TXHSRUORWDQWRVLUYDQ
DVXVGHPDQGDV\SRUWpFQLFRVTXHUHFXHUGHQVXVFRPSURPLVRVpWLFRVGHGHIHQVDGHODYLGD

3DUD ILQDOL]DU FDEH VHxDODU TXH HVIXHU]RV GH VLVWHPDWL]DU OD LQIRUPDFLyQ UHOHYDQWH HQ WRUQR D ORV
FRQIOLFWRV DPELHQWDOHVVHHVWiQGHVDUUROODQGRWDPELpQHQRWURVSDtVHVGH$PpULFD/DWLQD&KLOHUHDOL]yOD
H[SHULHQFLD SLORWR HQ  EDMR OD FRRUGLQDFLyQ GHO 2EVHUYDWRULR /DWLQRDPHULFDQR GH &RQIOLFWRV
$PELHQWDOHV \ KR\ WUDEDMD VREUH HO WHUFHU FDWDVWUR GH FRQIOLFWRV DPELHQWDOHV SURQWR D VHU SXEOLFDGR
$FWXDOPHQWHVHHQFXHQWUDQHQSUHSDUDFLyQGHFDWDVWURVHQ3HU~(FXDGRU\3DUDJXD\(VWRVHVIXHU]RV
IRUPDQSDUWHGHXQLQWHQWRGHFRPSDUWLUH[SHULHQFLDVDHVFDODQDFLRQDO\UHJLRQDOSDUDGHHVWDPDQHUD
SRGHUFRPSDUWLUWDPELpQSURSXHVWDVGHJHVWLyQGHFRQIOLFWRVDPELHQWDOHVHQHOIXWXUR

/D LPSRUWDQFLD GH HVWH HVIXHU]R UHJLRQDO HV TXH HQ XQ PXQGR FDGD YH] PiV JOREDOL]DGR ODV
FDUDFWHUtVWLFDVGHODVLQWHUYHQFLRQHVHQHODPELHQWHDGTXLHUHQIRUPDVVLPLODUHVHQORVGLIHUHQWHVSDtVHV
GH OD UHJLyQ (OOR SODQWHD FRPR GHVDItR SRGHU HODERUDU UHVSXHVWDV FRPXQHV D SUREOHPDV FRPXQHV
SURIXQGL]DQGR OD FRRUGLQDFLyQ \ OD VROLGDULGDG HQWUH QXHVWURV SXHEORV \ QXHVWUDV RUJDQL]DFLRQHV HQ OD
WDUHD GH ORJUDU XQ GHVDUUROOR TXH QR SRQJD HQ SHOLJUR OD SUR\HFFLyQ GH QXHVWUDV VRFLHGDGHV HQ HO
SUHVHQWH\HOIXWXUR

)2%20$'(2/&$

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
%LEOLRJUDItD

i $QGDOX]$(9DVTXH]\)$JXLODU(YDOXDFLyQGHOD$SOLFDFLyQGHO'HFUHWRGH5HJODPHQWDFLyQGH
OD3DXVD(FROyJLFD+LVWyULFD6HFWRU)RUHVWDO '6  %2/)256DQWD&UX]
i $QGHUVRQ5-/)&RQVWDQWLQRDQG10.LVKRU6WDELOL]DWLRQ6WUXFWXUDO$GMXVWPHQWDQG%ROLYLDV
)RUHVWU\([SRUWV/DWLQ$PHULFD7HFKQLFDO'HSDUWPHQW(QYLURQPHQW'LYLVLRQ'LVVHPLQDWLRQ1RWH
:KDVLQJWRQ'&:RUOG%DQN
i $UULHWD0DULR7HQHQFLD$FWXDOGHOD7LHUUDHQ%ROLYLD,/',6/D3D]
i %DQN,QIRUPDWLRQ&HQWHU8Q(VWXGLRGH&DVR3ODQGH0DQHMR$PELHQWDO*DVRGXFWR%ROLYLD %UDVLO
(O*DVRGXFWRHQWUH%ROLYLD\%UDVLO¢8QSUR\HFWRGHGHVDUUROORHVWUHOOD"
i %DVFRSp)HWDO(YDOXDFLyQGH,PSDFWR$PELHQWDO'HELGRDOD([SORWDFLyQ0DGHUHUDHQOD5HVHUYD
GH OD %LRVIHUD ± 7HUULWRULR ,QGtJHQD 3LOyQ /DMDV \ 6XJHUHQFLDV SDUD VX 0DQHMR ,QWHJUDO6RVWHQLEOH
96)6DQWD&UX]
i &(',%GtDVHQODV QRWLFLDV3XEOLFDFLyQPHQVXDO0DU]R\-XQLR
i &(5'(7 3LOFRPD\RHVWXGLRVVREUHFRQWDPLQDFLyQ(GLFLRQHV*UiILFDV(*
i &RPLVLyQ1DFLRQDOGH ORV5tRV 3LOFRPD\R\ %HUPHMR,QIRUPHGH $FWLYLGDGHV 7DULMD'LFLHPEUHGH

i &RQWUHUDV $ /DV 3ROtWLFDV GH *RELHUQR \ ORV %RVTXHV HQ &LQFR 3DtVHV $QGLQRV 'RFXPHQWR
3UHVHQWDGRHQHOWDOOHU/DSROtWLFDGHERVTXHVHQORVSDtVHVGHODFRPXQLGDGDQGLQD&HQWUR$QGLQR
SDUDHO'HVDUUROOR6RVWHQLEOH%RJRWi

i &RRUGLQDGRUDGH3XHEORV(WQLFRVGH6DQWD&UX]2SRVLFLyQSUHVHQWDGDDODVROLFLWXGGHFRQFHVLyQ
SDUDODFRQVWUXFFLyQGHOJDVRGXFWR6DQ0LJXHO6DQ0DWtDV6DQWD&UX]0D\RGH
i 'H9ULHV$7HUULWRULRV,QGtJHQDVHQODV7LHUUDV%DMDVGH%ROLYLD&,'2%&37,6196DQWD&UX]
i 'HOpDJH-HDQ3DXO+LVWRULDGHOD(FRORJtD,&$5$(VSDxD
i 'LUHFFLyQ1DFLRQDOGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDG '1&% ,QIRUPDFLyQ%iVLFDVREUHODV$UHDV
3URWHJLGDVHQ%ROLYLD ERUUDGRUQRSXEOLFDGR /D3D]
i (60$3  $6( (VWLPDFLyQ GHO &RQVXPR GH %LRPDVD GH OD ,QGXVWULD 5XUDO 'HSDUWDPHQWR
&KXTXLVDFD6XFUH

i )$1 ::) 0LVVRXUL %RWDQLFDO *DUGHQ :&6 0XVHR GH +LVWRULD 1DWXUDO 1RHO .HPSII 0HUFDGR
(VWXGLR6XSOHPHQWDULR$PELHQWDO,QGHSHQGLHQWH 0D\R
i )2%20$'( &KXTXLVDFD0HPRULDGHO3ULPHU(QFXHQWUR'HSDUWDPHQWDOGHO)RUR&KXTXLVDTXHxR
VREUH0HGLR$PELHQWH\'HVDUUROOR6XFUH2FWXEUH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
i )RODGRUL *XLOOHUPR 8QD 7LSRORJtD VREUH HO 3HQVDPLHQWR $PELHQWDO 8QLYHUVLGDGH )HGHUDO GR
3DUQi
i )RUR &KXTXLVDTXHxR GHO 0HGLR $PELHQWH \ 'HVDUUROOR &RQWDPLQDFLyQ GHO 5tR 3LOFRPD\R 6XFUH
%ROLYLD-XQLR
i *DYDOGD0DUF/DV0DQFKDVGHO3HWUyOHR%ROLYLDQR 5$32/&$)2%20$'(%ROLYLD
i *XG\QDV ( \ $ 6DQWDQGUHX&LXGDGDQtD HQ 0RYLPLHQWR 3DUWLFLSDFLyQ \ &RQIOLFWRV $PELHQWDOHV
75,/&(&/$(6)(6858UXJXD\
i *UXHQEHUJHU -HQQ\ \ 3DWULFLD 0ROLQD (GLWRUDV  0HPRULD 7DOOHUHV GH *HVWLyQ &RPXQLWDULD GH
&RQIOLFWRV$PELHQWDOHV )2%20$'(2/&$%ROLYLD
i *XHUUHUR 0DUFR $ &(5'(7 3LOFRPD\R (VWXGLRV VREUH &RQWDPLQDFLyQ (Q ,QIRUPH $QXDO  GH
$'(3(6&$(GLFLRQHV*UiILFDV(*7DULMD
i +6DOYDGRU94XH]DGD53RUFHO3ODQ3DUWLFLSDWLYRGH$FFLyQ$PELHQWDOSDUDOD&LXGDGGH6XFUH
+$0GH6XFUH$6(\)2%20$'( &KXTXLVDFD6XFUH)HEUHUR
i +HLQULFK )UHGG\ ,QIRUPH -XUtGLFROHJDO 3UHOLPLQDU 6LWXDFLyQ HQ TXH VH (QFXHQWUDQ ODV (PSUHVDV
0DGHUHUDV8ELFDGDV'HQWURGHOD=RQDGH$PRUWLJXDPLHQWRGHOD5HVHUYDGHOD%LRVIHUD± 7HUULWRULR
,QGtJHQD3LOyQ/DMDV 96)/D3D]
i +(5(1&,$ 3ODQ GH 'HVDUUROOR 0XQLFLSDO GH )LODGHOILD 3URYLQFLD 0DQXULSL 3'&5  0XQLFLSLR GH
)LODGHOILD3UHIHFWXUDGH3DQGR&RELMD
i +(5(1&,$3ODQGH'HVDUUROOR0XQLFLSDOGH3XHUWR5LFR3URYLQFLD0DQXULSL3'&50XQLFLSLRGH
3XHUWR5LFR3UHIHFWXUDGH3DQGR&RELMD
i +(5(1&,$ 3URSXHVWD GH 5HFDWHJRUL]DFLyQ GH OD 5HVHUYD 1DFLRQDO $PD]yQLFD 0DQXULSL +HDWK
8QLYHUVLGDG$PD]yQLFDGH3DQGR'LUHFFLyQ*HQHUDOGH%LRGLYHUVLGDG/D3D]
i ,/',6&,''(%(1,1XHVWUR%RVTXHGH0DxDQD6tQWHVLV'RFXPHQWDOGHO3URFHVR)RUHVWDO%HQLDQR
,/',6/D3D]
i ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD ,1( (QFXHVWD1DFLRQDOGH(PSOHR,,5RQGD/D3D]
i .DLPRZWL] ' & 9DOOHMRV 3 3DFKHFR DQG 5 /ySH] 0XQLFLSDO *RYHUQPHQWV DQG )RUHVW
0DQDJHPHQW LQ /RZODQG %ROLYLD -RXUQDO RI (QYLURQPHQW  'HYHORSPHQW    8QLYHUVLW\ RI
&DOLIRUQLD8QLWHG6WDWHV

i .DLPRZWL]'*7KLHOHDQG33DFKHFR7KH(IIHFWVRI6WUXFWXUDO$GMXVWPHQWRQ'HIRUHVWDWLRQDQG
)RUHVW'HJUDGDWLRQLQ/RZODQG%ROLYLD:RUOG'HYHORSPHQW  
i 0DQFLOOD 5&RQVXOWRUtD VREUH5HFXUVRV )RUHVWDOHV 3URJUDPD 1DFLRQDOGH 8VR 6RVWHQLEOH GH ORV
%RVTXHVH,QFUHPHQWRDODV([SRUWDFLRQHV'RFXPHQWR7pFQLFR1R3$)%2//D3D]

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
i 0HUORW / \ %UXJLRQL ,/D 5HVHUYD GH OD %LRVIHUD\ 7HUULWRULR ,QGtJHQD3LOyQ /DMDV HQ OD $PD]RQLD
%ROLYLDQD3URSXHVWDSDUD&RPSDWLELOL]DU&RQVHUYDFLyQ\'HVDUUROOR (Q'HVDUUROOR6RVWHQLEOHHQOD
$PD]RQLD/DFRORQL]DFLyQHQFXHVWLyQ 5XUDOWHU&,&'$
i 0LOOHU7\OHU(FRORJtD\0HGLR$PELHQWH *UXSR(GLWRULDO,EHURDPHULFDQD6$0p[LFR')
i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 0HGLR $PELHQWH 0HPRULD ([SOLFDWLYD 0DSD )RUHVWDO
6HFUHWDUtD1DFLRQDOGH5HFXUVRV1DWXUDOHV/D3D] %ROLYLD

i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 0HGLR $PELHQWH 3URSXHVWD GH )RUWDOHFLPLHQWR GHO 6HFWRU
+tGULFRGHOD5HS~EOLFDGH%ROLYLD /D3D] %ROLYLD
i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 0HGLR $PELHQWH 5HJODPHQWDFLyQ GH OD /H\ GHO 0HGLR
$PELHQWH/D3D]± %ROLYLD
i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH \ 3ODQLILFDFLyQ 0'63 6LWXDFLyQ GH ORV 5HFXUVRV +tGULFRV HQ
%ROLYLD /D3D] %ROLYLD

i 0LQLVWHULR GH 'HVDUUROOR 6RVWHQLEOH 'HFODUDWRULD GH ,PSDFWR $PELHQWDO \ 3OLHJR GH &RQGLFLRQHV
$GLFLRQDOHV 'LFLHPEUH
i 0RUDOHV (O $MXVWH 0DFURHFRQyPLFR %ROLYLDQR GH  D  8QLYHUVLGDG &DWyOLFD %ROLYLDQD /D
3D]
i 0RVFRVR 5RODQGR( ,QYHVWLJDGRU  \ 9LOODQXHYD $UWXUR $VHVRU \ (GLWRU (VWXGLRGH &DVRV GH ODV
&RPXQLGDGHVGH3RWUHURV3XQDPD\R<3XFDUD³7LSRVGH5HODFLyQ%RVTXH&RPXQLGDG\1RUPDV
7UDGLFLRQDOHV GH $FFHVR DO %RVTXH´ 6HFFLyQ 0XQLFLSDO GH 7RPLQD 'HSDUWDPHQWR GH &KXTXLVDFD
&,&'$± 35$'(0
i 0XULOOR$+XPEHUWR&RQWDPLQDFLyQGHO5tR3LOFRPD\RDVX,QJUHVRDO'HSDUWDPHQWRGH&KXTXLVDFD
)2%20$'(80536;&K6XFUH(QHURGH
i 2EVHUYDWRULR /DWLQRDPHULFDQR GH &RQIOLFWRV $PELHQWDOHV *XtD 0HWRGROyJLFD SDUD OD *HVWLyQ
&RPXQLWDULDGH&RQIOLFWRV$PELHQWDOHV &KLOH
i 2UVDJ9ODGLPLU&RQVLGHUDFLRQHVVREUHOD&RQWDPLQDFLyQ4XtPLFDGHORV6XHORV&LUFXQODFXVWUHVDO
/DJR3RRSy (Q6HPLQDULR7DOOHU5HJLRQDOVREUHHO/DJR3RRSy,/',6872&23/$2UXUR
i 2UWL]3DEOR3URSXHVWD0HWRGROyJLFDSDUDOD5HVROXFLyQGH&RQIOLFWRV6RFLRDPELHQWDOHV(Q3ULPHU
&XUVR7DOOHU7UDWDPLHQWR\*HVWLyQGH&RQIOLFWRV6RFLRDPELHQWDOHV3HU~
i 3DFKHFR3(VWLORVGH'HVDUUROOR'HIRUHVWDFLyQ\'HJUDGDFLyQGHORV%RVTXHVHQODV7LHUUDV%DMDV
GH%ROLYLD&,)25&('/$7,(55$/D3D]

i 3DFKHFR3,QIOXHQFLDVGHODV3ROtWLFDV3~EOLFDVVREUHORV%RVTXHV 'RFXPHQWRSUHVHQWDGRHQHO
WDOOHU/DSROtWLFDGHERVTXHVHQORVSDtVHVGHODFRPXQLGDGDQGLQD&HQWUR$QGLQRSDUDHO'HVDUUROOR
6RVWHQLEOH%RJRWi

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
i 3DFKHFR 3 \ ' .DLPRZLW] 0XQLFLSLRV \ *HVWLyQ )RUHVWDO HQ HO 7UySLFR %ROLYLDQR
&,)25&('/$7,(55$%2/)25/D3D]

i 3DYH] , \ $ %RMDQLF (O 3URFHVR 6RFLDO GH )RUPXODFLyQ GH OD /H\ )RUHVWDO GH %ROLYLD GH 
&,)25&('/$7,(55$3520$%/D3D]

i 3LQDUG 1 $ $QiOLVLV VRPHUR GH ORV UHVXOWDGRV &LHQWtILFRV GHO 'U * 1DYDUUR VREUH HO (VWDGR GH
&RQVHUYDFLyQGHO%RVTXH&KLTXLWDQRGHQWURGHO'HUHFKRGH9tDGHO*DVRGXFWRD &XLDEi%ROLYLD

i 3URFySLR$UJHPLR$PD]RQLD(FRORJLDH'HJUDGDFDR6RFLDO (GLWRUD$OID2PHJD6DR3DXOR
i 3XEOLFDFLRQHV GH ORV SHULyGLFRV &RUUHR GHO 6XU (O 'HEHU (O 'LDULR (O 0XQGR (O 1XHYR 'tD /D
0DUFKD/D3UHQVD/RV7LHPSRV\3UHVHQFLD
i 43,'&(5'(7)2%20$'((O5tR3LOFRPD\R7DULMD
i 4XLURJD2VFDU)RURGH3XHUWR6XiUH]&RPHQWDULRVDO(VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO
GHO*DVRGXFWRD&XLDEi%ROHWtQ)RUR1ƒ0D\R
i 4XLURJD06\(6DOLQDV0LQHUDOHV\0DGHUD7HPDVSDUDHO'HEDWH$PELHQWDO*5$0$/D3D]


i 5D]D :HUQHU * 6XVWDLQDEOH 'HYHORSPHQW LQ WKH 1HROLEHUDO 3HULSKHU\ 7KH ([SHULHQFH RI
6XVWDLQDELOLW\3ROLWLFVLQ%ROLYLD±  ERUUDGRUQRSXEOLFDGR $XVWULD
i 5HJODPHQWR$PELHQWDOSDUD$FWLYLGDG0LQHUD'HFUHWR6XSUHPR1ƒGHOGH MXOLRGH
i 5HJODPHQWR$PELHQWDOSDUDHO6HFWRUGH+LGURFDUEXURV'HFUHWR6XSUHPRGHOGHMXOLRGH

i 5HJODPHQWRGH$JXDV'HFUHWR6XSUHPRGHOGH VHSWLHPEUHGH
i 5HJODPHQWRGHOD/H\)RUHVWDO'HFUHWR6XSUHPR1ƒGHOGHGLFLHPEUHGH
i 5HJODPHQWRVGHOD/H\GHO0HGLR$PELHQWH'HFUHWR6XSUHPR1ƒGHOGH GLFLHPEUHGH
i 5HS~EOLFDGH%ROLYLD&yGLJRGH0LQHUtD1ƒGHOGHPDU]RGH
i 5HS~EOLFDGH%ROLYLD/H\GH'HVFHQWUDOL]DFLyQ$GPLQLVWUDWLYD1ƒGHOGHMXOLRGH
i 5HS~EOLFDGH%ROLYLD/H\GH+LGURFDUEXURV1ƒGHOGH DEULOGH
i 5HS~EOLFDGH%ROLYLD/H\GH3DUWLFLSDFLyQ3RSXODU1ƒGHOGHDEULOGH
i 5HS~EOLFDGH%ROLYLD/H\GHO0HGLR$PELHQWH1ƒGHOGHDEULOGH
i 5HS~EOLFDGH%ROLYLD/H\GHO6HUYLFLR1DFLRQDOGH5HIRUPD$JUDULD ,15$ 1ƒGHRFWXEUH
GH
i 5HS~EOLFDGH%ROLYLD/H\)RUHVWDO1ƒGHOGH MXOLRGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
i 5HS~EOLFDGH%ROLYLD1XHYD/H\)RUHVWDO1ƒGHOGHMXOLRGH
i 6DQ0DUWtQ6DDYHGUD3DEOR&RQIOLFWRV$PELHQWDOHVHQ&KLOH2/&$,(3&KLOH
i 6WRO] 5 'LDJQyVWLFR GHO 6HFWRU )RUHVWDO 0LVLyQ )RUHVWDO $OHPDQD0LQLVWHULR GH $VXQWRV
&DPSHVLQRV\$JURSHFXDULRV&HQWURGH 'HVDUUROOR)RUHVWDO/D3D]
i 6WRO] 5 3RVLELOLGDGHV GH 8WLOL]DFLyQ GH ORV 5HFXUVRV )RUHVWDOHV 7URSLFDOHV GHO 1RUWH \ (VWH GH
%ROLYLD&RQVLGHUDQGR$VSHFWRV(FROyJLFRV)*8.521%(5*&2168/7,1*%RQQ

i 6WRO] 5\ /4XHYHGR(VWXGLRGHO6HFWRU )RUHVWDOGHO'HSDUWDPHQWRGH6DQWD&UX]3UR\HFWRGH


3URWHFFLyQGHORV5HFXUVRV1DWXUDOHVHQHO'HSDUWDPHQWRGH6DQWD&UX] 6DQWD&UX]

i 6XEVHFUHWDUtDGH0HGLR$PELHQWH6LWXDFLyQGHORV5HFXUVRV+tGULFRVHQ%ROLYLD /D3D] %ROLYLD



i 6XSHULQWHQGHQFLD)RUHVWDO/D6LWXDFLyQ)RUHVWDOGHODV7&2V83&2,6DQWD&UX]

i 6]ZDUJ]DN $ (VWXGLR VREUH HO $SURYHFKDPLHQWR GH 5HFXUVRV )RUHVWDOHV HQ %ROLYLD ERUUDGRU QR
SXEOLFDGR 7RPR,)RUR%ROLYLDQRGH0HGLR$PELHQWH\'HVDUUROOR/D3D]

i 7KRPDV +HQWVFKHO \ (YHO\Q 7DXFHU/D 3HTXHxD 0LQHUtD $XUtIHUD HQ %ROLYLD \ VX ,PSDFWR HQ HO
$PELHQWH (Q+iELWDW/,'(0$/D3D]
i 80536;&K 3URJUDPD GH *UDGXDFLyQ GH OD &DUUHUD GH 'HUHFKR 2UJDQL]DFLyQ 6LVWpPLFD 6RFLDO
SDUD )UHQDU OD &RQWDPLQDFLyQ GHO UtR 3LOFRPD\R FRQ (QIDVLV HQ OD 'HPDQGD GH 5HVSHWR D OD
1RUPDWLYD9LJHQWH6XFUH
i 9DUJDV6DOJXHLUR<3)%(QWUHQDFLRQDOLVWDV\/LEHUDOHV&DSLWDOL]DFLyQ" 
i 9HWHULQDULRVVLQ)URQWHUDV3ODQGH0DQHMR± GHO7HUULWRULR,QGtJHQD5HVHUYDGH%LRVIHUD
3LOyQ/DMDV/D3D]
i 9LFHPLQLVWHULR GH 0HGLR $PELHQWH 5HFXUVRV 1DWXUDOHV \ 'HVDUUROOR )RUHVWDO 90$51') $UHDV
)RUHVWDOHVGH5HVHUYD0XQLFLSDO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH/D3D]

i :RUOG%DQN%ROLYLD)RUHVWU\6XEVHFWRU 5HYLHZ/DWLQ$PHULFDDQGWKH&DULEEHDQ5HJLRQDO2IILFH
:DVKLQJWRQ'&
i =HOD\D5LFDUGR0LQHUtDR0HGLR$PELHQWHHO*UDQ'LOHPD &('2,1/$3D]
i =21,6,*3ODQGH8VRGHO6XHORGHO'HSDUWDPHQWRGH3DQGR 3/863$1'2 /D3D]
i =21,6,* =RQLILFDFLyQ $JURHFROyJLFD \ 6RFLRHFRQyPLFD \ 3HUILO $PELHQWDO GHO 'HSDUWDPHQWR GH
3DQGR /D3D]

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
$QH[RV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
(OSUR\HFWR&XLDEi
FRPRFRPSUDUFRQVHUYDFLRQLVWDV

(O  GH PDU]R GH  HO JRELHUQR SURPXOJy OD /H\ &RUD]yQ SDUD  TXH ³%ROLYLD VH FRQYLHUWD HQ XQ
Q~FOHR HQHUJpWLFR\FRPXQLFDFLRQDOUHJLRQDOD WUDYpV GH ODDSHUWXUDGH FRUUHGRUHVSDUDODH[SRUWDFLyQ
HQHUJpWLFDKLGURFDUEXUtIHUD \ HO WHQGLGR GH UHGHVGH WHOHFRPXQLFDFLyQ´SDUDOR FXDO OD /H\ SULRUL]D
SUR\HFWRVHQWUHORVTXHVHHQFXHQWUDHOJDVRGXFWR6DQ0LJXHO6DQ0DWtDVFRQRFLGRFRPRHOJDVRGXFWR
ODWHUDORHOJDVRGXFWRD&XLDEi3RVLEOHPHQWHSRUHVWRHOUHSUHVHQWDQWHGH(1521HQ%ROLYLD$EUDKDP
0RUHQRGLMRHQODUHXQLyQUHDOL]DGDSRUHO&RPLWp&tYLFR3UR6DQWD&UX]HOGHMXOLRTXH³VXHPSUHVD
KDEtD ORJUDGROD DSUREDFLyQ GHOD /H\ &RUD]yQ´6DEHPRVTXH IXHURQ PXFKDVODV SUHVLRQHVHMHUFLGDV
SDUDODDSUREDFLyQGHHVWD/H\SHURHVWDGHFODUDFLyQUD\DHQHOFLQLVPR

/D/H\&RUD]yQIXHUHVLVWLGDSRUTXHGHMDGHODGRFRQVLGHUDFLRQHVGHVREHUDQtDQDFLRQDOHVWDEOHFLGDVHQ
OD&RQVWLWXFLyQ3ROtWLFDGHO(VWDGRODPLVPDTXHVHxDODH[SUHVDPHQWHHQVXDUWtFXORTXHGHQWURGH
ORV  .P GH ODV IURQWHUDV ORV H[WUDQMHURV QR SXHGHQ DGTXLULU QL SRVHHU SRU QLQJ~Q WtWXOR VXHOR QL
VXEVXHORGLUHFWDRLQGLUHFWDPHQWHLQGLYLGXDOPHQWHRHQVRFLHGDGEDMRSHQDGHSHUGHUHQEHQHILFLRGHO
(VWDGR OD SURSLHGDG DGTXLULGD H[FHSWR HQ FDVR GH QHFHVLGDG QDFLRQDO GHFODUDGD SRU /H\ H[SUHVD
8WLOL]DQGR HVWH UHFXUVR OD /H\ &RUD]yQ GHFODUD GH QHFHVLGDG QDFLRQDO TXH HPSUHVDV FRQ FDSLWDO
H[FOXVLYDPHQWH H[WUDQMHUR R PL[WR SXHGDQ REWHQHU PHGLDQWH FRQFHVLRQHV H[WHQVLRQHV GH VXHOR
QHFHVDULDVSDUDODFRQVWUXFFLyQ\RSHUDFLyQGH

D GXFWRVSDUDHOWUDQVSRUWH\FRPHUFLDOL]DFLyQGHKLGURFDUEXURV\VXVGHULYDGRV
E WRGR WLSR GH LQVWDODFLRQHV SDUD OD JHQHUDFLyQ LQWHUFRQH[LyQ WUDQVPLVLyQ GLVWULEXFLyQ \
FRPHUFLDOL]DFLyQGHHOHFWULFLGDG\
F WRGRWLSRGHLQVWDODFLRQHVSDUDWHOHFRPXQLFDFLRQHVGHQWURGHORV.PGHODIURQWHUDQDFLRQDOHQHO
SHUtPHWURGHRQFHFRUUHGRUHVGH H[SRUWDFLyQTXHVHVHxDODQHQHODQH[RGHOD/H\

'HHVWDPDQHUDOD/H\&RUD]yQSHUPLWLyVDOYDUHOREVWiFXOROHJDOHVWDEOHFLGRHQOD&RQVWLWXFLyQ3ROtWLFD
GHO(VWDGRTXHLPSHGtDODFRQVWUXFFLyQGHOJDVRGXFWRD&XLDEi

(OSUR\HFWR&XLDEi

(O3UR\HFWR&XLDEiFRPSUHQGHGRVSDUWHVHOJDVRGXFWR6DQ0LJXHO6DQ0DWtDVHQ%ROLYLD\ODSODQWD
WHUPRHOpFWULFDGH&XLDEiHQ%UDVLO(OJDVRGXFWRHVWiIXQGDPHQWDOPHQWHGHVWLQDGRDDOLPHQWDUODSODQWD
SDUD OD JHQHUDFLyQ GH HQHUJtD TXH DFWXDOPHQWH IXQFLRQD D GLHVHO \ TXH D WUDYpV GHO SUR\HFWR VHUi
DPSOLDGDFRQORTXHUHTXHULUiPLOORQHVGHPHWURVF~ELFRVGHJDVQDWXUDOSRUGtD

(VWi SUHYLVWR TXH %ROLYLD DSRUWH FRQ HO  GH HVD GHPDQGD VLHPSUH \ FXDQGR VXV SUHFLRV VHDQ
FRPSHWLWLYRV\HOUHVWRSURYHQJDGH<3)$UJHQWLQDHPSUHVDFRQODTXH(1521XQDGHODVSURSLHWDULDV
GH7UDQVUHGHVILUPyXQDFXHUGRSDUDHVHDSURYLVLRQDPLHQWR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(OJDVRGXFWRD&XLDEi

(OJDVRGXFWR6DQ 0LJXHO6DQ 0DWtDV VHRULJLQDHQHOUHFLHQWHPHQWHFRQVWUXLGRJDVRGXFWR6DQWD&UX]


6DR3DXOR R*DVRGXFWR%ROLYLD%UDVLO\VHGLULJHKDFLDHOQRUHVWH7HQGUiXQDH[WHQVLyQDSUR[LPDGDGH
  .P  HQ WHUULWRULR EROLYLDQR \  HQ WHUULWRULR EUDVLOHUR XQ GLiPHWUR GH  SXOJDGDV \ XQD
FDSDFLGDGGHPLOORQHVGHPHWURVF~ELFRVSRUGtD/DLQYHUVLyQWRWDOGHDFXHUGRDO9LFHSUHVLGHQWHGH
7UDQVUHGHV -DYLHU 3DQWRMD HV GH  PLOORQHV GH GyODUHV (O DQFKR GH YtD VHUi GH  P GXUDQWH OD
FRQVWUXFFLyQ\PHWURVGXUDQWHODRSHUDFLyQ(OGXFWRVHUiHQWHUUDGRDXQDSURIXQGLGDGPtQLPDGH
PHWUR$FWLYLGDGHVDVRFLDGDVDODFRQVWUXFFLyQVRQHOOHYDQWDPLHQWRGHVPRQWHQLYHODGRPDQLSXODFLyQ
HQVDPEODMH \ FRORFDFLyQ GH WXEHUtD DVt FRPR HO UHOOHQR GH ]DQMDV 6X LQIUDHVWUXFWXUD DVRFLDGD LQFOXLUi
iUHDVGHDOPDFHQDPLHQWRRILFLQDV\iUHDVGHPDQWHQLPLHQWR

&DUDFWHUtVWLFDVHFRQyPLFDVGHOSUR\HFWR

ƒ &RVWRDSUR[LPDGRGHODREUD JDVRGXFWR\SODQWDJHQHUDGRUD PLOORQHVGHGyODUHV


ƒ 3UpVWDPRGHOD2YHUVHDV,QYHVWPHQW3ULYDWH&RUSRUDWLRQ 23,& PLOORQHVGHGyODUHV
ƒ &RQFHVLyQ SDUD OD FRQVWUXFFLyQ \ RSHUDFLyQ GHO JDVRGXFWR RWRUJDGD SRU OD 6XSHULQWHQGHQFLD GH
+LGURFDUEXURVDOD(PSUHVD*DV2ULHQWH%ROLYLDQRFRQIRUPDGDSRUODVHPSUHVDV7UDQVUHGHV  
6KHOO  \(QURQ  $VXYH]7UDQVUHGHVHVWiFRQIRUPDGDSRU6KHOO  (QURQ  \
ORVIRQGRVGHSHQVLRQHVDGPLQLVWUDGRVSRUODV$)3  

(O%RVTXH6HFR&KLTXLWDQR

'H DFXHUGR DO WUD]R SUR\HFWDGR HO JDVRGXFWR D &XLDEi DWUDYHVDUi FXDWUR HFRUUHJLRQHV HO &KDFR HO
%RVTXH6HFR&KLTXLWDQRHO&HUUDGR\HO3DQWDQDO$SHVDUGHTXHODFRQVHUYDFLyQGHKiELWDWVLQWDFWRV
HQ HVWDV FXDWUR UHJLRQHV HV LPSRUWDQWH FLHQWtILFRV \ HVSHFLDOLVWDV FRQVLGHUDQ GH LPSRUWDQFLD FUtWLFD HO
HVWDGRGHFRQVHUYDFLyQGHO%RVTXH&KLTXLWDQR

(O %RVTXH &KLTXLWDQR KD VLGR FDWHJRUL]DGR FRPR XQ HFRVLVWHPD PXQGLDOPHQWH QRWDEOH SRU VXV
FDUDFWHUtVWLFDVGHELRGLYHUVLGDG$SHVDUGHKDEHUVLGRSRFRHVWXGLDGRHVWiHQWUHORVERVTXHVVHFRVFRQ
PD\RUULTXH]DGHHVSHFLHVTXHLQFOX\HXQDYDULHGDGGHYHUWHEUDGRVHQSHOLJURGHH[WLQFLyQ\HVSHFLHV
PX\UDUDVGHSODQWDV'HDFXHUGRDO(VWXGLR$PELHQWDO6XSOHPHQWDULR,QGHSHQGLHQWH ,6($ HVWHVHFWRU
GHO%RVTXH6HFR&KLTXLWDQRHVWiDFWXDOPHQWHHQPX\EXHQHVWDGRGHFRQVHUYDFLyQ\UHODWLYDPHQWHKD
VLGR SRFR GLVWXUEDGR (O $UHD 1DWXUDO GH 0DQHMR ,QWHJUDGR GH 6DQ 0DWtDV KD VLGR FUHDGD SDUD GDUOH
DXQTXHLQFRUSRUDVyORXQDSRUFLyQGHO%RVTXH&KLTXLWDQR

/RV ERVTXHV VHFRV VRQ HFRVLVWHPDV GH JUDQ IUDJLOLGDG UD]yQ SRU OD FXDO PX\ SRFRV VH PDQWLHQHQ
LQWDFWRV /DSpUGLGDGHKiELWDWV \ VXGHJUDGDFLyQVH GHEHQSULQFLSDOPHQWHDOIXHJR\ D ODLQYDVLyQGH
SDVWXUDV /DV SULQFLSDOHV DPHQD]DV SDUD HO %RVTXH &KLTXLWDQR VRQ HO LQFUHPHQWR GH OD IUHFXHQFLD GH
IXHJRODFRORQL]DFLyQQRSODQLILFDGDODDJULFXOWXUDPHFDQL]DGD\ODJDQDGHUtD(OJDVRGXFWRFUX]DUiXQ

 (OIXHJR HVXQIHQyPHQR HVWDFLRQDOLPSRUWDQWHHQ HOHVWHGH%ROLYLD QRIUHFXHQWH HQORVERVTXHV VHFRVTXHHVWiQ


OLEUHVGHODLQIOXHQFLD KXPDQD /DIUHFXHQFLD KLVWyULFDGHO IXHJR HQORVGLIHUHQWHV HFRVLVWHPDV HVYDULDEOHGHVGHODV
SDVWXUDV GRQGH SXHGH VHU PX\ IUHFXHQWH XQR D YDULRV DxRV  KDVWD HO ERVTXH GRQGH VyOR VH SUHVHQWD HQ FDVRV GH
VHTXtDVDJXGDVHVGHFLUXQDYH]FDGDDOJXQDVGpFDGDV(OLQFUHPHQWRGHODDFWLYLGDGKXPDQDLQFUHPHQWDODIUHFXHQFLD
GHOIXHJR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
iUHDYLUJHQTXHXQHTXLSRLQWHUQDFLRQDOGHHYDOXDFLyQ UiSLGDGHFRQVHUYDFLyQKDLGHQWLILFDGRFRPR³OR
TXHSXHGHVHUHOiUHDPiVJUDQGHGHERVTXHDOWRVHFRUHPDQHQWHUHODWLYDPHQWHSRFRGLVWXUEDGRQRVyOR
HQQHRWUySLFRVLQRHQPXQGRHQWHUR´ (VWXGLR$PELHQWDO6XSOHPHQWDULR,QGHSHQGLHQWH 

/RVLPSDFWRV GLUHFWRVGHOJDVRGXFWRHVWiQUHIHULGRVD ODFRQVWUXFFLyQ\ PDQWHQLPLHQWRGHOGHUHFKRGH


YtD TXH GHVWUXLUi OD YHJHWDFLyQ \ FDXVDUi UXSWXUD HQ XQD EDQGD GH  PHWURV GH DQFKR HQ
DSUR[LPDGDPHQWH  .P /D PD\RU SUHRFXSDFLyQ VRQ ORV LPSDFWRV VHFXQGDULRV HVSHUDGRV
RFDVLRQDGRVSRUHOHVWDEOHFLPLHQWRGHXQFRUUHGRUDWUDYpVGHOERVTXHLQWDFWRTXHIDFLOLWHHODFFHVRSDUD
RWUDVDFWLYLGDGHVH[WUDFWLYDVPDGHUDEOHV\QRPDGHUDEOHV

/D &KLTXLWDQtDHVXQD UHJLyQJHRJUiILFDGHODVWLHUUDV EDMDV GHOHVWHGHOGHSDUWDPHQWRGH 6DQWD&UX]


TXH WLHQHXQD KHUHQFLDFXOWXUDO GH SXHEORVLQGtJHQDVLQIOXHQFLDGRV SRU ODVPLVLRQHVMHVXtWLFDVGHOVLJOR
;9,,,/DUHJLyQHVWiVLWXDGDHQXQD ]RQDGHWUDQVLFLyQHQWUHORVERVTXHVK~PHGRVHQHOERUGH6XUGHOD
FXHQFDDPD]yQLFD\ODVIRUPDFLRQHVGHPDWRUUDOHVSLQRVRGHO*UDQ&KDFR/D&KLTXLWDQtDVHFDUDFWHUL]D
SRU H[WHQVLRQHV JUDQGHV SRFR QR GLVWXUEDGDV GH ERVTXH VHPLGHFLGXR VDEDQDV GH FHUUDGR \ WLHUUDV
K~PHGDV GH SDQWDQDO ,6($   'LYHUVRV DXWRUHV LGHQWLILFDURQ HVWD iUHD FRPR XQR GH ORV
HFRVLVWHPDVPiVDPHQD]DGRVHQHOQHRWUySLFR\ODHFRUUHJLyQHQPD\RUSHOLJURGH%ROLYLDEDVDGRVHQ
ODFRQGLFLyQ~QLFDGHODUHJLyQHOHVWDGRGHSUHVHUYDFLyQ\ODWDVDGHGHIRUHVWDFLyQRGHJUDGDFLyQTXH
DPHQD]DFDPELDUVXHVWDGR

(QHOiUHDGHHVWXGLRFRH[LVWHQSREODFLRQHVLQGtJHQDVDJULFXOWRUHVSHTXHxRVKDFHQGDGRV\JDQDGHURV
FRPSDxtDVPDGHUHUDV\PLQHUDVFRORQL]DGRUHVQDFLRQDOHV\H[WUDQMHURV(QWUHODVSREODFLRQHVLQGtJHQDV
SRU GRQGH SDVDUi HO GXFWR VH HQFXHQWUDQ DVHQWDGRV SXHEORV FKLTXLWDQRV D\RUHRV \ JXDUDQtHV TXH
KDELWDQSULQFLSDOPHQWHHQODV]RQDVUXUDOHVSHURWDPELpQHQODVSREODFLRQHVXUEDQDV

/DVQHJRFLDFLRQHV\HODFXHUGRGHODVHPSUHVDVFRQORVFRQVHUYDFLRQLVWDV

(QORVSURPRWRUHVGHOSUR\HFWRLQLFLDURQQHJRFLDFLRQHVFRQODVRUJDQL]DFLRQHVLQGtJHQDVSDUDHO
ILQDQFLDPLHQWR GH XQ 3ODQ GH 'HVDUUROOR ,QGtJHQD FRPR PHGLGD GH PLWLJDFLyQ GH ORV LPSDFWRV GHO
JDVRGXFWRD&XLDEiVLQOOHJDUDQLQJ~QDFXHUGRKDVWDPD\RGH

$ ILQHV GH QRYLHPEUH GH  VH FRQRFLy TXH *DV 2ULHQWH %ROLYLDQR KDEtD LQLFLDGR WUDEDMRV GH
GHVPRQWHWUDQVSRUWH\DFRSLRGHPDWHULDOHQODFRPXQLGDGGH7DSHUDVODPLVPDTXHQRIXHLQIRUPDGDQL
PHQRVFRQVXOWDGDVREUHHOSUR\HFWRDSHVDUGHTXHXQRGHORVFDPSDPHQWRVVHHVWDEOHFLyHQVXiUHD
GHMXULVGLFFLyQ

$QWH ODGHQXQFLDHIHFWXDGDDO9LFHPLQLVWHULRGH +LGURFDUEXURV VXRILFLQDGH PHGLRDPELHQWHDJLOL]y OD


DSUREDFLyQ GHO (VWXGLR GH (YDOXDFLyQ GH ,PSDFWR $PELHQWDO GHO SUR\HFWR ORJUDQGROD RWRUJDFLyQ GH OD
OLFHQFLDHQIHFKDGHGLFLHPEUHGHEDMRQXHYHFRQGLFLRQHVTXHIXHURQLPSXHVWDVSRUODDXWRULGDG
DPELHQWDOGHO0LQLVWHULRGH'HVDUUROOR6RVWHQLEOHPLHQWUDVTXHODRILFLQDDPELHQWDOGHO9LFHPLQLVWHULRGH
+LGURFDUEXURVLQVWDQFLDWpFQLFDGHUHYLVLyQQRUHDOL]yQLQJXQDREVHUYDFLyQ

/DHPSUHVD*DV2ULHQWH%ROLYLDQRVROLFLWyDOD23,&FRUSRUDFLyQGHLQYHUVLyQSULYDGD GHVFHQWUDOL]DGD
GHOJRELHUQRGHORV(VWDGRV8QLGRVTXHJDUDQWL]DLQYHUVLRQHVSULYDGDVHVWDGRXQLGHQVHVHQHOH[WHULRU
XQSUpVWDPRGHEDMRLQWHUpVSDUDHOSUR\HFWR/D23,&VHHQFRQWUDEDHYDOXDQGRHOSUR\HFWRGHVGHILQHV
GHSDUDORFXDOUHDOL]yYLDMHVD6DQWD&UX]DFRPLHQ]RVGHDxR3UHRFXSDGRVFRQHVWDVLWXDFLyQHO

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
GHIHEUHURGH$PD]RQ:DWFK::)%ROLYLD\$PLJRVGHOD7LHUUDHQYLDURQXQDFDUWDDOD23,&
SLGLHQGRTXHQRDSUXHEHHOILQDQFLDPLHQWR

(O  GH PDU]R OD 23,& SRVSXVR OD DSUREDFLyQ GHO SUR\HFWR GHELGR D TXH FRQVLGHUy DO (VWXGLR GH
(YDOXDFLyQ GH ,PSDFWR $PELHQWDO DSUREDGR HQ %ROLYLD FRPR GHILFLHQWH H LQFRPSOHWR /RV GHIHFWRV GH
EDVHVHxDODGRVSRUGLIHUHQWHVDXWRUHVIXHURQPXFKRVHQWUHHOORV

ƒ /DFRQVLGHUDFLyQGHO%RVTXH&KLTXLWDQRFRPRXQDVXEXQLGDGGHO3DQWDQDO
ƒ 1RLGHQWLILFDFLyQGHODLPSRUWDQFLDJOREDOGHO%RVTXH&KLTXLWDQR
ƒ 1R IXHURQ FRQVLGHUDGDV DQDOL]DGDV QL SUHYLVWDV PHGLGDV GH PLWLJDFLyQ SDUD ORV LPSDFWRV
VHFXQGDULRV
ƒ (UURUHVHQHODQiOLVLVGHDOWHUQDWLYDV\DTXHpVWHVHUHDOL]DSDUDODWRWDOLGDGGHOWUD]DGRFXDQGR
GHEHUtD GLYLGLUVH OD REUD HQ WUDPRV DQDOL]DQGR DOWHUQDWLYDV SDUD FDGD WUDPR SRWHQFLDOPHQWH
FRQIOLFWLYR
ƒ (UURUHVHQHOFiOFXORGHO,QGLFHGH(YDOXDFLyQ$PELHQWDOGHOSUR\HFWR
ƒ )DOWD GH HVWXGLRV GH GLVWULEXFLyQ GH HVSHFLHV DPHQD]DGDV \ SXQWRV FODYHV HQ OD GLQiPLFD
IDXQtVWLFDQHFHVDULRVSDUDHVWDEOHFHUDOWHUQDWLYDVGHWUD]DGR
ƒ $XVHQFLDGHPHGLGDVEiVLFDVGHPLWLJDFLyQFRPRVRQORVSDVRVGHIDXQDDWUDYpVGHOGHUHFKR
GHYtD
ƒ /DFXHVWLRQDEOHSDUWLFLSDFLyQGHODHPSUHVDHQHO3ODQGH&RQVHUYDFLyQGHO3DQWDQDO\GHO$10,
6DQ0DWtDV

6LQ HPEDUJR OD 23,& HQIRFy VXV REVHUYDFLRQHV HQ OD IDOWD GH FRQVLGHUDFLyQ GH ORV LPSDFWRV
VHFXQGDULRV UD]yQ SRU OD FXDO LQVWUX\y OD UHDOL]DFLyQ GH XQ (VWXGLR $PELHQWDO 6XSOHPHQWDULR HO TXH
GHEHUtD WDPELpQ GHILQLU VL HO iUHD D LPSDFWDU HUD ERVTXH SULPDULR \ GHEHUtD PRGLILFDU ORV SODQHV GH
PLWLJDFLyQ\FRQVHUYDFLyQVREUHODEDVHGHHVWHHVWXGLR(VWHHVWXGLRIXHHQFDUJDGRDODPLVPDHPSUHVD
TXHUHDOL]yHOGHILFLHQWH((,$HVGHFLU(QWUL[3FDEDMRORVDOFDQFHVGHILQLGRVSRUOD23,&FRQXQDIDVH
GHFDPSRGHGtDV\DXQ FRVWRGH86

3DUDOHODPHQWHFLHQWtILFRVGHOD::):&60LVVRXUL%RWDQLFDO*DUGHQ0XVHR1RHO.HPSII0HUFDGR\
)XQGDFLyQ $PLJRV GH OD 1DWXUDOH]D ORJUDURQ XQ ILQDQFLDPLHQWR GH OD (1521 SDUD OOHYDU D FDER XQ
(VWXGLR $PELHQWDO ,QGHSHQGLHQWH /DV FRQFOXVLRQHV GH HVWH HVWXGLR VH FHQWUDURQ HQ HO JUDGR GH
FRQVHUYDFLyQGHO%RVTXH&KLTXLWDQR\GHPRVWUDURQTXHVHWUDWDSULQFLSDOPHQWHGHXQERVTXHSULPDULR
SRU OR WDQWR SODQWHDURQ OD QHFHVLGDG GH FDPELDU HO WUD]R GHO GXFWR \ GH TXH VH ILQDQFLH XQ 3ODQ GH
FRQVHUYDFLyQ SDUD PLWLJDU ORV LPSDFWRV VHFXQGDULRV &RQ HVWDV FRQFOXVLRQHV ODV RUJDQL]DFLRQHV
FRQVHUYDFLRQLVWDVLQLFLDURQXQDHWDSDGHUHXQLRQHVFRQ(QURQ7UDQVUHGHV\6KHOOHQODVFXDOHV(QURQ
PDQLIHVWy VX LQWHUpV GH ILQDQFLDU HO 3ODQ GH &RQVHUYDFLyQ SURSXHVWR SRU HO HVWXGLR PHQFLRQDGR /DV
RUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVGHFLGLHURQTXHVHUtDGH LQWHUpVGHO%RVTXH6HFR&KLTXLWDQRGH%ROLYLD
ORJUDUHVWDLQYHUVLyQ$SDUWLUGHHQWRQFHVVHLQLFLDURQODVFRQYHUVDFLRQHVWDQWRHQ6DQWD&UX]FRPRHQ
:DVKLQJWRQ VREUH HO PRQWR SDUD HO 3ODQ GH &RQVHUYDFLyQ (VWD QHJRFLDFLyQ VREUH HO SDWULPRQLR GH
UHFXUVRVQDWXUDOHV GH %ROLYLD QR VyOR TXH QR FRQWy FRQ OD SUHVHQFLD GH DXWRULGDGHV JXEHUQDPHQWDOHV
QDFLRQDOHVQLPHQRVORFDOHVQLFRQSDUWLFLSDFLyQGHUHSUHVHQWDQWHVLPSDUFLDOHVGHODVRFLHGDGFLYLOVLQR
TXHDGHPiVVHGHVDUUROOyFRQODSDUWLFLSDFLyQGHOD(PEDMDGRUDGHORV(VWDGRV8QLGRVTXLpQSURSLFLyXQ
DFXHUGR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
(OGHPD\RODRUJDQL]DFLyQPDWUL]LQGtJHQDGH6DQWD&UX] &3(6& SUHVHQWyDOD6XSHULQWHQGHQFLDGH
+LGURFDUEXURVXQDRSRVLFLyQFRQWUDODRWRUJDFLyQGHODOLFHQFLDSDUDODFRQVWUXFFLyQGHOGXFWRGHQWURGHO
SOD]ROHJDO\EDVDGDHQFRQVLGHUDFLRQHVDPELHQWDOHV(VWDRSRVLFLyQIXHUHWLUDGDFXDWURGtDVPiVWDUGH
GHELGRDODILUPDGHXQFRQYHQLRSRUHOTXHORVSURPRWRUHVGHOSUR\HFWRVHFRPSURPHWLHURQDILQDQFLDUXQ
3ODQ GH 'HVDUUROOR GH ORV 3XHEORV ,QGtJHQDV 3'3,  \ HO VDQHDPLHQWR GH ODV WLHUUDV SRU XQ PRQWR
DSUR[LPDGRGHPLOORQHVGHGyODUHVSHURQRVHUHVROYLHURQORVDVSHFWRVDPELHQWDOHVVHxDODGRVHQOD
RSRVLFLyQ

(O)2%20$'(QRDOFDQ]yDSUHVHQWDURSRVLFLyQDOD6XSHULQWHQGHQFLDSHUGLHQGRGHHVWDPDQHUDXQD
RSRUWXQLGDGPX\LPSRUWDQWH$VXYH]OD6XSHULQWHQGHQFLDHYDOXyPX\VXSHUILFLDO\DGPLQLVWUDWLYDPHQWH
HOFDVRVLQWRPDUHQFXHQWDSRUHMHPSORODVFRQGLFLRQHVHQTXHIXHDSUREDGDODOLFHQFLDDPELHQWDOODV
PLVPDVTXHQRKDEtDQVLGRFXPSOLGDV

3DUDOHODPHQWH JUXSRVDPELHQWDOLVWDV GH %ROLYLD \ GHOPXQGR DXQDEDQ HVIXHU]RV SDUD FRQYHQFHU D ORV
LQWHJUDQWHVGHOD-XQWD'LUHFWLYDGHOD23,&TXHQRGHEHUtDQILQDQFLDUHOSUR\HFWR\SUHSDUDEDQXQDQRWD
VXVFULWD SRU RUJDQL]DFLRQHV GH WRGR HO PXQGR GLULJLGD D OD -XQWD ::) ILUPy HVD QRWD /HJLVODGRUHV
QRUWHDPHULFDQRVVHVXPDURQWDPELpQDODRSRVLFLyQDOSUR\HFWRKDELHQGRHQYLDGRXQDQRWDDOD23,&HO
 GH MXQLR HQ OD TXH UHFXHUGDQ TXH GH DFXHUGR D ODV UHIRUPDV DPELHQWDOHV GH HVWD LQVWLWXFLyQ
DQXQFLDGDVSRUHOSUHVLGHQWH&OLQWRQHQOD23,&HVWiSURKLELGDGHILQDQFLDUSUR\HFWRVH[WUDFWLYRV\
GHLQIUDHVWUXFWXUDHQERVTXHVWURSLFDOHVSULPDULRV

/DV RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV GHGLFDURQ OD ~OWLPD VHPDQD DQWHV GHO YRWR GH 23,& D OD
LQWHQVLILFDFLyQGHVXVQHJRFLDFLRQHVSDUDORJUDUHOPD\RUPRQWRSRVLEOHHQODVPHMRUHVFRQGLFLRQHVQR
SDUDHOERVTXHVLQRSDUDHOODVHVGHFLUDOPDUJHQGHODIXHQWHGHILQDQFLDPLHQWRDOPDUJHQGHOFDPELR
GHUXWD\FRQHOPDQWHQLPLHQWRGHOYDORUGHXWLOL]DQGRSDUDHOORODSUHVLyQGHORVDPELHQWDOLVWDVDVt
FRPRGHODPLVPD::)TXHDPHQD]yFRQXQDFDPSDxDGHSUHQVD(ODFXHUGRIXHILUPDGRHOGtDGH
MXQLR \ VLUYLy SDUDTXH ODVHPSUHVDVSHWUROHUDV KLFLHUDQOREE\ FRQOD 23,& DUJX\HQGR TXH HO DFXHUGR
SURWRFRODUVDWLVIDFtDODVSUHRFXSDFLRQHVDPELHQWDOHVGHODFRPXQLGDGFRQVHUYDFLRQLVWD

(O DFXHUGR HVWDEOHFH TXH ORV SURPRWRUHV GHO SUR\HFWR HQWUHJDUiQ  PLOORQHV GH GyODUHV DO JUXSR GH
RUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVSDUDHOGHVDUUROORHLPSOHPHQWDFLyQGHXQSURJUDPDGHFRQVHUYDFLyQ
GHO %RVTXH &KLTXLWDQR $GHPiV XQD GH VXV FOiXVXODV VHxDOD TXH HO PHQFLRQDGR SURJUDPD GHEH VHU
FRQWDUFRQHOFRPSURPLVRGHSDUWLFLSDFLyQGHOJRELHUQRGH%ROLYLDTXLpQDGHPiVGHEtDFRPSURPHWHUVHD
VXLPSOHPHQWDFLyQ(VWHDFXHUGRIXH DHVSDOGDVGHORVJUXSRVDPELHQWDOLVWDVTXHVHKDEtDQVXPDGRD
ODV SURWHVWDV HQ FRQWUD GHO JDVRGXFWR \ OR TXH HV LQFRQFHELEOH VLQ FRQRFLPLHQWR GHO 0LQLVWHULR GH
'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQHQ%ROLYLDEDMRFX\DDGPLQLVWUDFLyQVHHQFXHQWUDHO$UHD1DWXUDOGH
0DQHMR,QWHJUDGR6DQ0DWtDVFUHDGDSDUDGDUSURWHFFLyQDO%RVTXH&KLTXLWDQR2EYLDPHQWHHODFXHUGR
WDPSRFRIXHGHFRQRFLPLHQWRGHORVJRELHUQRVGHSDUWDPHQWDOHV\ORFDOHV3DUDFRPSOHWDUODVFRVDVHO
DFXHUGR FUHD XQ FRQVRUFLR SDULWDULR HQWUH ODV HPSUHVDV SURPRWRUDV GHO SUR\HFWR \ ODV RUJDQL]DFLRQHV
FRQVHUYDFLRQLVWDV LQYROXFUDGDV SDUD OD DGPLQLVWUDFLyQ GH ORV IRQGRV SDVDQGR SRU HQFLPD GH ODV
LQVWLWXFLRQHV GHO (VWDGR QHJRFLDQGR  ERVTXHV TXH SHUWHQHFHQ DO SDtV HQ IODJUDQWH DWURSHOOR D VX
VREHUDQtD

 1RWDGHO&RQJUHVRGHORV(VWDGRV8QLGRV +RXVHRI5HSUHVHQWDWLYHV DO6U*HRUJH0XxR]3UHVLGHQWH\&(4GH


8623,&GHMXQLRGH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
(ODFXHUGRLQFOXtDXQSXQWRHVSHFtILFRSRUHOTXHQRSRGtDVHUGDGRDFRQRFHUKDVWDTXHVHHVWDEOHFLHUDQ
HVWUDWHJLDVGHGLIXVLyQ6LQHPEDUJROD23,&ORGLYXOJy\ORXWLOL]yFRPRDYDOSDUDDSUREDUHOGHMXQLR
HO ILQDQFLDPLHQWR SDUD HOSUR\HFWR EDMR RFKRFRQGLFLRQHV HQWUH ODVTXH VH LQFOX\HQ OD ILUPD IRUPDO GHO
DFXHUGRSURWRFRODUODFUHDFLyQGHO&RPLWpGH'LUHFFLyQGHOFRQVRUFLRHOHVWDEOHFLPLHQWROHJDOGHOIRQGR
ILGXFLDULR\DOWHUDFLRQHVHQODFRQVWUXFFLyQGHODUXWDGHOGXFWRHQORVOXJDUHV FRQVLGHUDGRVFRPR]RQDV
FUtWLFDVGHOERVTXHSULPDULR

/DUHDFFLyQGHORVJRELHUQRVQDFLRQDO\ORFDO

(O  GH MXQLR HQ OD FLXGDG GH 6DQWD &UX] VH UHXQLHURQ DOFDOGHV UHSUHVHQWDQWHV GH ORV &RPLWpV GH
)LVFDOL]DFLyQ&RPLWpV&tYLFRV&HQWUDOHV,QGtJHQDV27%VDJHQWHVPXQLFLSDOHVSDUURTXLDVSURIHVRUHV\
PpGLFRV GH ODV SURYLQFLDV $QJHO 6DQGyYDO *HUPiQ %XVFK \ &KLTXLWRV SDUD WRPDU FRQRFLPLHQWR GHO
SUR\HFWR\GHORVLPSDFWRVTXHJHQHUDUtD$OUHVSHFWRREVHUYDURQODIDOWDGHLQIRUPDFLyQ\FRQVXOWDTXH
KDEtD H[LVWLGR \ HPLWLHURQ XQ SURQXQFLDPLHQWR S~EOLFR GH UHFKD]R DO WUD]DGR GHO JDVRGXFWR \ D ODV
QHJRFLDFLRQHV GH ODV RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV UHDOL]DGDV D HVSDOGDV DO SDtV \ GH ODV
SREODFLRQHVORFDOHVHLQGtJHQDV$GHPiVH[LJLHURQTXHORVPLOORQHVGHGyODUHVVHDQHQWUHJDGRVDOD
PDQFRPXQLGDGGHPXQLFLSLRVFKLTXLWDQRV\DODVRUJDQL]DFLRQHVORFDOHVSDUDODFUHDFLyQGHXQIRQGRGH
GHVDUUROOR\JHVWLyQDPELHQWDOTXHVLUYDGHEDVHSDUDTXHODVSREODFLRQHVKDJDQXQ PDQHMRVRVWHQLEOH\
HMHU]DQILVFDOL]DFLyQGHVXVUHFXUVRVQDWXUDOHV

3RVWHULRUPHQWH HO &RPLWp &tYLFR 3UR 6DQWD &UX] OD $VRFLDFLyQ GH 0XQLFLSLRV GH 6DQWD &UX] \ OD
0DQFRPXQLGDG GH 0XQLFLSLRV &KLTXLWDQRV UHDOL]y WUHV UHXQLRQHV HO  HO  \ HO  GH MXOLR D ODV TXH
FRQYRFyDO9LFHPLQLVWHULRGH'HVDUUROOR6RVWHQLEOHTXHHVWXYRSUHVHQWHHQODVGRV~OWLPDV\PDQLIHVWy
QR KDEHU WHQLGR FRQRFLPLHQWR GHO SURFHVR GH QHJRFLDFLRQHV OOHYDGR D FDER SRU OD (QURQ OD 6KHOO ODV
LQVWLWXFLRQHVFRQVHUYDFLRQLVWDVLQYROXFUDGDV\OD23,&/RVUHSUHVHQWDQWHVGHO9LFHPLQLVWHULRLQIRUPDURQ
TXH ODOLFHQFLD DPELHQWDORWRUJDGDHVWDED FRQGLFLRQDGDDOFXPSOLPLHQWRGHYDULRVDVSHFWRV\ DGHPiV
VHxDODEDH[SOtFLWDPHQWHODLQH[LVWHQFLDGHXQSHUPLVRSDUDLQJUHVDUDO$10,6DQ0DWtDV3RURWUDSDUWH
PRVWUDURQVXVRUSUHVDVREUHHOKHFKRGHTXHVHKD\DQHJRFLDGRXQSODQGHFRQVHUYDFLyQDOPDUJHQGH
ODV LQVWLWXFLRQHV EROLYLDQDV UHVSRQVDEOHVGH ODV iUHDV SURWHJLGDV PiV D~Q WRPDQGR HQ FXHQWD TXH HO
JRELHUQRHVWiUHDOL]DQGRJUDQGHVHVIXHU]RVSDUDORJUDUILQDQFLDUODJHVWLyQGHHVWDViUHDV(VHOFDVRGHO
SUR\HFWR*(),,SRUPLOORQHVGHGyODUHVSDUDODJHVWLyQGHYDULDViUHDVTXHD~QHVWiHQSURFHVRGH
DSUREDFLyQ

(QHVWDVUHXQLRQHVSXGRHYLGHQFLDUVHODDFWLWXGSRFRWUDQVSDUHQWH\GLVWUDFFLRQLVWDGHORVUHSUHVHQWDQWHV
GHOD(QURQ\VXVDVHVRUHV(QWUL[3&$DVtFRPRGHODVRUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVVLJQDWDULDVGHO
FRQYHQLRTXLHQHVSUHWHQGLHURQFRQYHQFHUGHTXHVHWUDWDEDGHXQDFXHUGR\HVIXHU]RSULYDGRTXHKDEtD
ORJUDGR PLOORQHVGH GyODUHVSDUDHOSDtV $GHPiV LQWHQWDURQH[SOLFDU TXH HVWDVLWXDFLyQ QDGD WHQtD
TXHYHUFRQODDSUREDFLyQGHOSUpVWDPRGHOD23,&SDUDODFRQVWUXFFLyQGHOJDVRGXFWRDSHVDUGHTXH
ODV FRQGLFLRQHV GH DSUREDFLyQ H[SUHVDPHQWH OR VHxDODQ (Q HVWD RFDVLyQ QR EULQGDURQ QLQJXQD
GRFXPHQWDFLyQ )XH HO )2%20$'( HO TXH SUHVHQWy ORVGRFXPHQWRV GH OD 23,& DVt FRPR HO DFXHUGR
SURWRFRODUTXHIXHURQFXHVWLRQDGRVSRUODVRUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVFRQHODUJXPHQWRGHTXH
QR HUDQ GRFXPHQWRV RILFLDOHV 6LQ HPEDUJR WLHPSR GHVSXpV OD 23,& KL]R OOHJDU HVD PLVPD
GRFXPHQWDFLyQGHPDQHUDRILFLDODOJRELHUQR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
/DSRVLFLyQDPELHQWDOLVWD

/RV DPELHQWDOLVWDV PDQWXYLHURQ ILUPH VX SRVLFLyQ VREUH HO FDPELR GH WUD]R GHO GXFWR SDUD ORJUDU XQD
HIHFWLYDSURWHFFLyQGHO%RVTXH&KLTXLWDQRSHURHOJRELHUQRVRVWXYRTXHKDELpQGRVHDSUREDGRODOLFHQFLD
SRUSDUWHGHOD6XSHULQWHQGHQFLDGH+LGURFDUEXURVODSRVLELOLGDGGHHOORKDEtDTXHGDGRDWUiV3RURWUR
ODGRFXHVWLRQDURQODIDOWDGHpWLFDGHODVRUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVTXHQHJRFLDURQVXVSURSLDV
DILUPDFLRQHVFLHQWtILFDV\VHYDOLHURQGHOPRYLPLHQWRLQWHUQDFLRQDOHQFRQWUDGHOSUR\HFWRSDUDFRQVHJXLU
IRQGRV TXH EHQHILFLDQ VREUH WRGR D RUJDQL]DFLRQHV TXH QR WLHQHQ QLQJXQD WXLFLyQ HQ OD ]RQD QR OD
KDELWDQQRODKDQFRQVHUYDGR\QRVRQUHVSRQVDEOHVGHVX DGPLQLVWUDFLyQ

$VLPLVPRVHVRVWXYRTXHODVREHUDQtDQDFLRQDOGHEHVHUUHVSHWDGD\ORVSREODGRUHVORFDOHVWLHQHQTXH
HMHUFHU HO GHUHFKR GH VHU DPSOLDPHQWH LQIRUPDGRV \ HILFD]PHQWH FRQVXOWDGRV VREUH HVWH WLSR GH
SUR\HFWRV TXH SRU XQDSDUWH JHQHUDQ JUDQGHVLPSDFWRV DPELHQWDOHVD ORVHFRVLVWHPDV PiV ULFRV DVt
FRPRFRQIOLFWRVVRFLDOHVDODVSREODFLRQHVPiVGHVSURWHJLGDVGHOSDtV\SRURWUDPX\SRFRVEHQHILFLRV
SDUDHOSDtVODUHJLyQ\ODVFRPXQLGDGHVORFDOHV

(O  GH MXOLR HO )2%20$'( FRQMXQWDPHQWH D UHGHV \ RUJDQL]DFLRQHV DPELHQWDOLVWDV \ GH GHUHFKRV
KXPDQRV GHO PXQGR GLULJLy XQD QRWD D ODV FLQFR RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV SDUD H[SUHVDU VX
JUDQSUHRFXSDFLyQVREUHHODFXHUGRSURWRFRODUGHELGRDTXH

D (ODFXHUGRSURWRFRODUMXJyXQSDSHOGHVXSUHPDLPSRUWDQFLDHQODGHFLVLyQWRPDGDSRUOD23,&SDUD
VXEVLGLDUDODVFRUSRUDFLRQHVSURPRWRUDVGHOSUR\HFWRJDVRGXFWRD&XLDEi

E (OERUUDGRUPDUFDXQSUHFHGHQWHDOHVWDEOHFHUTXHODVFRUSRUDFLRQHVSXHGHQFRPSUDUHODSR\RGH
RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV SDUD IDFLOLWDU FXDOTXLHU SUR\HFWR GH GHVDUUROOR FRQFHUQLHQWH \ DVt
VRFDYDUORVHVIXHU]RVGHRUJDQL]DFLRQHV\FRPXQLGDGHVSDUDSDUDURUHGLVHxDUHVWRVSUR\HFWRV

F (O ERUUDGRU GHO SURWRFROR HVWDEOHFH TXH OR HVWLSXODGR HQ pVWH QR VH KDUtD S~EOLFR KDVWD TXH HO
DFXHUGRILQDOKXELHVHVLGRILUPDGR6LQHPEDUJR23,&\(QURQVXPLQLVWUDURQFRSLDVGHOERUUDGRUD
ORV UHSUHVHQWDQWHV RILFLDOHV GHO JRELHUQR GH ORV (VWDGRV 8QLGRV FRPR SDUWH GHO p[LWR GH ODV
QHJRFLDFLRQHVGHOSUpVWDPRSDUDHOJDVRGXFWRHOFXDOVHUtDDSUREDGRSRUOD-XQWDGH23,&DSHVDU
GH OD JUDQ RSRVLFLyQ DO SUpVWDPR TXH \D H[LVWtD (UD GH VXSRQHUVH TXH ODV RUJDQL]DFLRQHV
FRQVHUYDFLRQLVWDV HQWHQGtDQ TXH HO ERUUDGRU GHO DFXHUGR SURWRFRODU SRGtD VHU XWLOL]DGR GH HVWD
PDQHUD

3RURWUDSDUWHODQRWDUHDOL]DORVVLJXLHQWHVFXHVWLRQDPLHQWRV

ƒ ¢&DPELDURQ OD LGHD GH DSR\DU OD UXWD DOWHUQDWLYD HQ IDYRU GH ORV SDWURFLQDGRUHV GHO SUR\HFWR
GHELGRDODRIHUWDGHGLQHUR"

ƒ ¢)LUPDURQHOGRFXPHQWRDQWHVGHODIHFKDGHDSUREDFLyQSRUSDUWHGHOD23,&DVDELHQGDVGH
TXHHOGRFXPHQWRVHUtDXWLOL]DGRSDUDTXHVHGLHVHQJDUDQWtDVGHOSUpVWDPR"

 1RWD HQYLDGD SRU HO )2%20$'( &RDOLFLyQ 5tRV 9LYRV $PD]RQ :DWFK 5DLQIRUHVW $FWLRQ 1HWZRUN 3URMHFW
8QGHUJURXQGD::):&60XVHR1RHO.HPSII0HUFDGR0LVVRXUL%RWDQLFDO*DUGHQ)$1GHMXOLRGH
 %RUUDGRU3URWRFRORSDUDXQD3URJUDPDGH&RQVHUYDFLyQHQHO(VWHGH%ROLYLD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
ƒ ¢3RUTXpQRIXHGLVFXWLGRHOGRFXPHQWRFRQORVSREODGRUHVORFDOHV\JUXSRVDPELHQWDOLVWDVGH
%ROLYLD GDGD ODV LPSOLFDQFLDV GHO PLVPR SDUD ORV SXHEORV GH OD UHJLyQ FKLTXLWDQD \ OD
FRQVHUYDFLyQ"

/DQRWDFRQFOX\HHQTXHORVDVXQWRVpWLFRVGHODVQHJRFLDFLRQHVUHDOL]DGDVSRUORVFRQVHUYDFLRQLVWDVFRQ
ORVSDWURFLQDGRUHVGHOJDVRGXFWRD&XLDEiWLHQHQFRQVHFXHQFLDVGHHQRUPHWUDVFHQGHQFLDDODUJRSOD]R
SDUDHOIXWXURGHODVFDPSDxDVVREUHHODPELHQWH\ODMXVWLFLDVRFLDOSRUORTXHVHKDFHQHFHVDULRLQLFLDU
XQDPSOLRGHEDWHLQWHUQDFLRQDOVREUHHOSDSHOGHODVRUJDQL]DFLRQHVFRQVHUYDFLRQLVWDVLQWHUQDFLRQDOHVDO
IDFLOLWDUODUHDOL]DFLyQGHSUR\HFWRVGHGHVDUUROORGHVWUXFWLYRVDFDPELRGHILQDQFLDFLyQSDUDVXVSUR\HFWRV
GHFRQVHUYDFLyQ

/RVLQWHJUDQWHVGHOD5HGGH$OHUWD3HWUROHUDGHORVSDtVHVGHO6XU2LOZDWFKKLFLHURQOOHJDUQRWDVGHORV
PiV GLVWDQWHV OXJDUHV GHO PXQGR DO -HIH GH OD 2ILFLQD 6HFWRULDO GHO 0LQLVWHULR GH +LGURFDUEXURV
UHVSRQVDEOHGHODDSUREDFLyQGHOFXHVWLRQDGR(VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDOGHOSUR\HFWR
SDUDTXHUHYLVHVXSRVLFLyQ/DVQRWDVIXHURQUHPLWLGDVDO9LFHSUHVLGHQWHGHOD5HS~EOLFD$GLFLRQDOPHQWH
IXHGLULJLGDXQDFDUWDDELHUWDDO3UHVLGHQWHGH %ROLYLD SHURQR VHREWXYR UHVSXHVWD /D $VDPEOHDGH
'HUHFKRV+XPDQRVGH%ROLYLDDWUDYpVGHVXILOLDOHQ6DQWD&UX]WDPELpQKL]RS~EOLFRVXUHFKD]R

$FWXDOPHQWH 7UDQVUHGHV \ *DV 2ULHQWH %ROLYLDQR DVt FRPR RWUDV HPSUHVDV FRQVXOWRUDV DPELHQWDOHV
SHWUROHUDV FRPR 'DPHV  0RRUH TXH KL]R HO GHILFLHQWH PRQLWRUHR GHO JDVRGXFWR %ROLYLD%UDVLO VH
HQFXHQWUDQHQXQDFRVWRVDFDPSDxDSXEOLFLWDULDDPELHQWDOGHQWURGH%ROLYLDEXVFDQGRFUHDUXQDLPDJHQ
GHUHVSHWRDOPHGLRDPELHQWHSDUDORFXDOKDQFRQWUDWDGRHPSUHVDVSURGXFWRUDVGHLPDJHQTXHSXEOLFDQ
SiJLQDV HQ ORV GLDULRV QDFLRQDOHV SURFODPDQGR HO UHVSHWR D ODV OH\HV DPELHQWDOHV GHO SDtV \ D ORV
SULQFLSLRV FRPR D ODV DFFLRQHV DPELHQWDOHV $SR\DQ HVWDV FDPSDxDV KDFLHQGR SURSDJDQGD VREUH ORV
DSRUWHV UHDOL]DGRV D HPSUHVDV TXH GLULJHQ SUR\HFWRV HGXFDWLYRV /D 5D]yQ  GH DJRVWR GH  \
3UHVHQFLDGHDJRVWRGH 

/DVLWXDFLyQDFWXDO

(O  GH MXOLR VH LQDXJXUy RILFLDOPHQWH OD FRQVWUXFFLyQ GHO JDVRGXFWR (O 0LQLVWHULR GH 'HVDUUROOR
6RVWHQLEOH\3ODQLILFDFLyQHPLWLyHOSHUPLVRSDUDHOLQJUHVRDOiUHDHQEDVHDXQDFXHUGRGHFRRSHUDFLyQ
ILUPDGR HQWUH *DV 2ULHQWH %ROLYLDQR \ HO 6HUYLFLR 1DFLRQDO GH $UHDV 3URWHJLGDV DxDGLHQGR DOJXQDV
FRQGLFLRQHV FRPR OD SUHVHQWDFLyQ GHO 3ODQ GH 3UHYHQFLyQ \ 0LWLJDFLyQ \ HO 3ODQ GH $SOLFDFLyQ \
6HJXLPLHQWR$PELHQWDOSDUDODVDOWHUQDWLYDVGHWUDPRVSUHVHQWDGDVDVtFRPRODHODERUDFLyQGHXQ3ODQ
GH0RQLWRUHR0LWLJDFLyQ\5HVWDXUDFLyQFRQODSDUWLFLSDFLyQGHO9LFHPLQLVWHULRGH5HFXUVRV1DWXUDOHV\
'HVDUUROOR )RUHVWDO OD SREODFLyQ ORFDO OD 'LUHFFLyQ GHO $10, 6DQ 0DWtDV OD 'LUHFFLyQ *HQHUDO GH
%LRGLYHUVLGDG \ HO 6HUYLFLR 1DFLRQDO GH $UHDV 3URWHJLGDV DVSHFWRV TXH D~Q QR KDQ VLGR FXPSOLGRV D
SHVDUGHORFXDOHOJDVRGXFWRHVWiDSXQWRGHVHUFRQFOXLGR

(O  GH MXQLR ODV RUJDQL]DFLRQHV FRQVHUYDFLRQLVWDV IRUPDOL]DURQ VX SDUWLFLSDFLyQ HQ HO 3UR\HFWR GH
&RQVHUYDFLyQ GHO %RVTXH &KLTXLWDQR &)&3  ::) HQ UHVJXDUGR GH VX FUHGLELOLGDG LQVWLWXFLRQDO
LQWHJULGDGH LQGHSHQGHQFLDGHFLGLy QR ILUPDU HO DFXHUGR GHELGRSULQFLSDOPHQWH DO SHVRTXH WLHQHQODV
HPSUHVDVDOVHUFRQWUDSDUWHVHQODHVWUXFWXUDRUJDQL]DFLRQDO\ODIDOWDGHLQGHSHQGHQFLDHQODWRPDGH
GHFLVLRQHVTXHHVWRVXSRQHORTXHFXHVWLRQDODFDSDFLGDGGHOSURFHVRGHJHQHUDUFRQVHUYDFLyQDODUJR

 &DUWD$ELHUWDDO*HQHUDO+XJR%DQ]HU3UHVLGHQWHGHOD5HS~EOLFDGH%ROLYLDGHMXOLRGH

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
SOD]R::)GHFLGLyDVXPLUXQDUHODFLyQLQGHSHQGLHQWH\GHVGHIXHUDPRQLWRUHDUHO&)&3DVtFRPRORV
LPSDFWRVDFXPXODWLYRVGHOJDVRGXFWR

(OGH VHSWLHPEUHRUJDQL]DFLRQHVDPELHQWDOLVWDVGH%ROLYLD\GHOPXQGRVROLFLWDURQDOYLFHSUHVLGHQWHGH
ORV(VWDGRV8QLGRV $O*RUHLQVWUXLU D ORVGLUHFWLYRVGHOD23,&QHJDUFXDOTXLHU DSR\R DO3UR\HFWR GHO
*DVRGXFWR D &XLDEi FDUWD TXH HO YLFHSUHVLGHQWH QR KD UHVSRQGLGR \ QR VH FRQRFH D~Q VL HO
ILQDQFLDPLHQWRIXHRQRGHVHPEROVDGR

(O,QIRUPH3LQDUG

8QD GH ODV FRQGLFLRQHV SDUDOD DSUREDFLyQ SRU OD -XQWD 'LUHFWLYD GH 23,& GHO ILQDQFLDPLHQWR SDUD HO
SUR\HFWR D &XLDEi IXH OD UHYLVLyQ GH OD PHWRGRORJtD \ FRQFOXVLRQHV DOFDQ]DGRV SRU HO 'U *RQ]DOR
1DYDUURHQVXHVWXGLRERWiQLFRGHO%RVTXH&KLTXLWDQRGHQWURGHOGHUHFKRGHYtDSXEOLFDGRFRPRSDUWH
GHO(VWXGLR$PELHQWDO6XSOHPHQWDULRGH(QWUL[3&$

3DUDUHDOL]DUHVWDUHYLVLyQOD23,&FRQWUDWyDOD'UD0$3LQDUGTXLHQGHEtDRIUHFHUXQDRSLQLyQGHOD
UDFLRQDOLGDGGHODVFRQFOXVLRQHVDOFDQ]DGDVSRUHO'U1DYDUURSDUDORFXDOOD'UD3LQDUGDQDOL]y OR
DSURSLDGRGHODPHWRGRORJtDHPSOHDGD ODVROLGH]GHORVGDWRV\ GDGRVORVGDWRVGLVSRQLEOHVOR
OyJLFRGHODFRQFOXVLyQ

'H DFXHUGR D OD 'UD 3LQDUG 1DYDUUR \ VX HTXLSR RULHQWDURQ OD WDUHD GH GLDJQRVWLFDU HO HVWDGR GH
FRQVHUYDFLyQGHOERVTXHDGRSWDQGRODGHILQLFLyQGH23,&\EXVFDQGRHYLGHQFLDVGHGLVWXUELRVKXPDQRV
(OORVHQFRQWUDURQHYLGHQFLDV\FRQFOX\HURQTXHODPD\RUSDUWHGHOiUHDQRHVSULPDULD'DGRHOFRQFHSWR
GH ERVTXH SULPDULR SUtVWLQR TXH HOORV GHEtDQ XVDU OD FRQFOXVLyQ OH SDUHFH UD]RQDEOH D SHVDU GH ODV
GHELOLGDGHVHQORVPpWRGRVXVDGRVDVtFRPRHOPDOXVRGHOFRQFHSWRGHERVTXHVHFXQGDULRTXHHVXQ
HVWDGRVXFHVLRQDO\QRQHFHVDULDPHQWHXQERVTXHQRSULPDULR$SHVDUGHHOORDODFLHQWtILFDHOHVWXGLR
QR OH SDUHFH IDWDOPHQWH GHIHFWXRVR FRPR OR HV OD GHILQLFLyQ  XWLOL]DGD SDUD GLDJQRVWLFDU HO HVWDGR GH
FRQVHUYDFLyQGHOERVTXH

3RUORDQRWDGRHOODXUJHDORVGLUHFWLYRVGHOD23,&DUHFRQVLGHUDUVXGHILQLFLyQGHERVTXHSULPDULR\D
HVFXFKDUDORV]RyORJRVTXLHQHVVHxDODQTXHWRGRVORVLQGLFDGRUHVGHERVTXHLQWDFWRHVWiQSUHVHQWHVHQ
HO %RVTXH &KLTXLWDQR D ORVELyORJRVTXH VRVWLHQHQ TXH pVWH HV XQR GH ORVVHFWRUHVPiV JUDQGHV GH
ERVTXHGHHVWHWLSRHQHVWDFRQGLFLyQHQWRGRHO7UySLFRD~QFXDQGRHOERVTXHQRFDLJDHQVXFDWHJRUtD
SDUDFRQVHUYDFLyQSRUTXHKD\HYLGHQFLDGHGLVWXUELRVKXPDQRV

&RQFOXVLRQHV

ƒ (O0LQLVWHULR GH 'HVDUUROOR6RVWHQLEOH \ 3ODQLILFDFLyQ SXGRHYLGHQFLDUVXVSURSLDVOLPLWDFLRQHV


SDUD OD DSUREDFLyQ GH HVWXGLRV GH LPSDFWR DPELHQWDO \ RWRUJDPLHQWR GH ODV OLFHQFLDV 3XGR
FRPSUREDUTXHODRILFLQDVHFWRULDOGHO9LFHPLQLVWHULRGH+LGURFDUEXURVQRFXPSOHXQUROWpFQLFR
HQODUHYLVLyQGHORVHVWXGLRV\HODVHVRUDPLHQWRDOD$XWRULGDG$PELHQWDOSDUDODRWRUJDFLyQGH
OLFHQFLDV&RQODDSUREDFLyQ GHOHVWXGLRGHHYDOXDFLyQGHLPSDFWRDPELHQWDOGHOJDVRGXFWR6DQ
0LJXHO6DQ 0DWtDV R JDVRGXFWR D &XLDEi HO JRELHUQR VH FHUUy SRVLELOLGDGHV GH PD\RU SHVR
IUHQWHDORVILQDQFLDGRUHV

 3RVLFLyQGH::)VREUHHO3URJUDPDGH&RQVHUYDFLyQGHO%RVTXH&KLTXLWDQR

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
ƒ /DV OLPLWDFLRQHV GH OD 'LUHFFLyQ *HQHUDO GH ,PSDFWR &DOLGDG  \ 6HUYLFLRV  $PELHQWDOHV
0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ HQORUHIHUHQWHDFRPXQLFDFLyQHVWDPELpQ
XQ DVSHFWR TXH LQIOX\H HQ HOWUDEDMR TXH UHDOL]D 3DUD ORVEDQFRVPXOWLODWHUDOHV TXH ILQDQFLDQ
SURFHVRVGHUHIRUPDVDO(VWDGRHVWHFDVRGHEHUtDFRQVWLWXLUXQSURIXQGROODPDGRGHDWHQFLyQ
SXHVWRTXHHVWiQSRUGHILQLFLyQFRQFHQWUDGRVHQDSR\DUDODVRILFLQDVDPELHQWDOHVVHFWRULDOHV
ODVTXHKDQGHPRVWUDGRFXPSOLUIXQFLRQHVGLIHUHQWHVDODVGHSURWHFFLyQDPELHQWDO\HQPXFKRV
FDVRVFRPRHOSUHVHQWHFRQWUDSXHVWDV

ƒ /RV SURFHVRV GH FRQVXOWD OOHYDGRV D FDER SRU ORV FRQVXOWRUHV KDQ GHPRVWUDGR VHU
FRPSOHWDPHQWHGHILFLHQWHV\VHVJDGRVSXHVWRTXHHQHOPHMRUGHORVFDVRVUHDOL]DQHQWUHYLVWDV
DDOJXQDVDXWRULGDGHVORFDOHVSDUDQHJRFLDUSHTXHxRVPRQWRV GHFRPSHQVDFLyQ/RVSURFHVRV
GH FRQVXOWD GHEHQ LQYROXFUDU WDPELpQ D DXWRULGDGHV UHJLRQDOHV ORFDOHV RUJDQL]DFLRQHV
DPELHQWDOLVWDVLQGtJHQDVFtYLFDV\GHEHQVHUSURFHVRVDPSOLDPHQWHLQIRUPDWLYRV1RGHEHUtDQ
GDUVH QHJRFLDFLRQHV D SXHUWD FHUUDGD FRQ RUJDQL]DFLRQHV LQGtJHQDV DLVODGDV GH ODV
QHJRFLDFLRQHVFRQDXWRULGDGHVQDFLRQDOHVPXQLFLSDOHV\SREODFLRQHVORFDOHVSRUTXHHVWRUHVWD
WUDQVSDUHQFLD \ OOHYD D OD E~VTXHGD GH ³FRPSHQVDFLRQHV´ TXH HQ PXFKRV FDVRV PX\ SRFR
WLHQHQTXHYHUFRQODUHDOSURWHFFLyQDPELHQWDO\VRFLDO

ƒ (O GHEDWH LQWHUQDFLRQDO DELHUWR HQ WRUQR DO HQYHUGHFLPLHQWR GH SUR\HFWRV FXHVWLRQDGRV
DPELHQWDOPHQWHGHEHSURIXQGL]DUVH(VQHFHVDULRHYLWDUTXHHVWHWLSRGHDFWXDFLyQVHFRQYLHUWD
HQ SDWUyQ GH FRQGXFWD SRU OD WUDVFHQGHQFLD VREUH ORV HVIXHU]RV GH SURWHFFLyQ DPELHQWDO \
MXVWLFLDVRFLDO

ƒ )LQDOPHQWHHVQHFHVDULRDXQDUHVIXHU]RVHQWRUQRDOVHJXLPLHQWR\PRQLWRUHRVRFLRDPELHQWDO
GHO SUR\HFWR SDUD OR FXDO ODV H[SHULHQFLDV GH ORV FRPLWpV GH ILVFDOL]DFLyQ FRQVWLWX\HQ XQ
LPSRUWDQWHDSRUWHTXHUHTXLHUHQGHHVIXHU]RVGHLQIRUPDFLyQ\DSR\RRUJDQL]DWLYR$HVWHQLYHO
ORFDOHOUROGHO)2%20$'(\GHODVRUJDQL]DFLRQHVGHSDUWDPHQWDOHVHVPX\LPSRUWDQWHSRUOR
TXHHVQHFHVDULRVXPDU\FRRUGLQDUDFFLRQHVSDUDFXPSOLUOR

3DWULFLD0ROLQD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
$SXQWHVVREUHODVDPHQD]DVGHFRQIOLFWRV
DPELHQWDOHVHQ3DQGR

(OGHSDUWDPHQWRGH3DQGRFRQVXH[WHQVLyQGHKHFWiUHDVUHSUHVHQWDHOGHODVXSHUILFLH
GHOWHUULWRULREROLYLDQRHVWiGLYLGLGRHQSURYLQFLDV\PXQLFLSLRV7LHQHXQDDOWLWXGTXHYDUtDHQWUHORV
 \  PVQP 6X FOLPD HV WURSLFDO K~PHGR \ FiOLGR FRQ XQD pSRFD UHODWLYDPHQWH VHFD GH PD\R D
VHSWLHPEUH)RUPDSDUWHGHODFXHQFDGHOUtR$PD]RQDVFRQXQD DEXQGDQWHUHGGHUtRV\ODPD\RUtDGH
VXWHUULWRULRHVWiFXELHUWRSRUERVTXHVVLHPSUHYHUGHV6HKDQUHJLVWUDGRPiVGHHVSHFLHVGHiUEROHV
\SDOPHUDVHQHOGHSDUWDPHQWR\HVXQDUHJLyQFRQVLGHUDGDGHDOWDGLYHUVLGDGIDXQtVWLFD6LQHPEDUJR
ORVVXHORVVRQSREUHV\GHEDMDIHUWLOLGDGH[FHSWRHQODVOODQXUDVDOXYLDOHV

/D UHJLyQ TXH HVWXYR SREODGD SRU GLYHUVRV SXHEORV LQGtJHQDV FDUDFWHUL]DGRV SRU XQ DSURYHFKDPLHQWR
HTXLOLEUDGRGHORVUHFXUVRVQDWXUDOHVHPSH]yDFREUDULPSRUWDQFLDSDUDOD5HS~EOLFDUHFLpQDSDUWLUGHO
DXJHHFRQyPLFRGHOFDXFKR'HVGHPHGLDGRVGHOVLJOR;,;FRPHQ]yXQDJUDQSUHVLyQFRORQL]DGRUDTXH
VRPHWLyDODVSREODFLRQHVRULJLQDULDVFRQYLUWLpQGRODVHQPDQRGHREUDHVWDEOHODPD\RUtDGHODVYHFHV
SRU OD IXHU]D /D SHQHWUDFLyQ GH FDSLWDOHV H[WUDQMHURV SULQFLSDOPHQWH LQJOHVHV SDUD OD LQGXVWULD GH OD
JRPD FRQVROLGy HPSUHVDV GH H[SORWDFLyQ \ FRPHUFLDOL]DFLyQ GH HVWD PDWHULD SULPD HQWUH ODV TXH VH
GLVWLQJXLy OD HPSUHVD 6XiUH] +HUPDQRV TXH OOHJy D FRQWURODU HO  GH ODV iUHDV ERVFRVDV (VWDV
HPSUHVDVVH FDUDFWHUL]DURQSRU LQWHJUDUQXPHURVRV FHQWURVGH H[SORWDFLyQGH FDXFKR ORFDOL]DGRVD OR
ODUJRGHORVUtRV\GHQRPLQDGRVEDUUDFDV FRQDFWLYLGDGHVDJUtFRODV\SHFXDULDVGHHVWDIRUPDOOHJDURQD
GRPLQDUWRGRHOSURFHVRGHH[SORWDFLyQGHJRPDH[SRUWDFLyQ\SURYLVLyQGHORVELHQHVEiVLFRVSDUDVXV
WUDEDMDGRUHV

'HVSXpV GH OD 6HJXQGD *XHUUD 0XQGLDO ORV SUHFLRV GH OD JRPD HPSH]DURQ D FDHU \ FRQ HOORV VH
GHVLQWHJUDURQ ODV JUDQGHV HPSUHVDV H[WUDFWLYLVWDV FRPHUFLDOHV /DV SURSLHGDGHV DJUtFRODV JRPHUDV \
FDVWDxHUDVIXHURQYHQGLGDVRDSURSLDGDV\SDVDURQDPDQRVSULQFLSDOPHQWHGHVXVH[DGPLQLVWUDGRUHV\
H[ WUDEDMDGRUHV (OOR RULJLQy OD DSDULFLyQ GH QXPHURVDV EDUUDFDV PHGLDQDV \ SHTXHxDV \ WDPELpQ GH
QXHYDV FRPXQLGDGHV /D H[SORWDFLyQ GH OD JRPD VH PDQWXYR KDVWD OD GpFDGD GHO RFKHQWD JUDFLDV D
VXEYHQFLRQHVGHO%UDVLOHQWDQWRVHLQFUHPHQWDEDODGHPDQGDH[WHUQDGHFDVWDxDPDWHULDSULPDTXHVH
KDFRQYHUWLGRHQHOSULQFLSDOVXVWHQWRHFRQyPLFRGHODUHJLyQGXUDQWHOD~OWLPDGpFDGD

3HVHDTXHHOFUHFLPLHQWRGHODVH[SRUWDFLRQHVGHFDVWDxDKDVLGRDVFHQGHQWHORV~OWLPRVDxRV 
HQWUH  \   ORV LQJUHVRV SDUD ORV UHFROHFWRUHV \ EDUUDTXHURV QR VH KDQ LQFUHPHQWDGR
VLJQLILFDWLYDPHQWH GDGR TXH ORV H[FHGHQWHV KDQ IDYRUHFLGR VyOR D ODV HPSUHVDV EHQHILFLDGRUDV GH
SURSLHWDULRVFUXFHxRV\SDFHxRV'HELGRDTXHODH[SORWDFLyQ GHFDVWDxDVHUHDOL]DVyORFXDWURPHVHVDO
DxR HQWUHGLFLHPEUH\PDU]R ORVEDUUDTXHURVKDQLQFXUVLRQDGRHQODH[SORWDFLyQGHPDGHUD\SDOPLWR
$OJXQRVKDQHVWDGRWDPELpQLQYROXFUDGRVHQODH[SORWDFLyQGHRURDOXYLRQDOVREUHWRGRGXUDQWHHODXJH
TXHVH YLYLyHQWUH\HQHOUtR0DGUHGH'LRV

(QWUH ODV SULQFLSDOHV FDUDFWHUtVWLFDV GH OD UHJLyQ TXH SHUPLWHQ HQWHQGHU ORV SURFHVRV JHQHUDGRUHV GH
SUREOHPDVDPELHQWDOHVVHSXHGHQPHQFLRQDUODVVLJXLHQWHV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
D  (OSDWUyQGHRFXSDFLyQGHOHVSDFLRHVWiEDVDGRHQXQDXQLGDGH[WUDFWLYD EDUUDFD FRPRVLVWHPD
GHDSURSLDFLyQ\XVRLUUHVWULFWRGHWRGRVORVUHFXUVRVTXHVHHQFXHQWUDQHQHOOD&RQHVDOyJLFDVH
HVWDEOHFLyODSUiFWLFDGHOGHUHFKRGHSRVHVLyQVREUHODWLHUUDVLQXQUHVSDOGRSURSLHWDULROHJDO (OOR
KDOOHYDGRDXQDHOHYDGDFRQFHQWUDFLyQGHWLHUUDVHQPDQRVGHDOJXQRVEDUUDTXHURV

E  /DHFRQRPtDGHODUHJLyQVHKDVXVWHQWDGREiVLFDPHQWHHQODH[SORWDFLyQGHPDWHULDVSULPDVVLQ
YDORUDJUHJDGR/RVH[FHGHQWHVGHODH[SORWDFLyQGHORVUHFXUVRVQDWXUDOHVSUiFWLFDPHQWHQRKDQ
EHQHILFLDGR D 3DQGR ORV H[FHGHQWHV HFRQyPLFRV GHO FDXFKR VH H[SRUWDURQ D ,QJODWHUUD ORV
H[FHGHQWHVGHFDVWDxDSDOPLWR\PDGHUDTXHGDQHQPDQRVGHHPSUHVDULRVFUXFHxRVSDFHxRV\
EHQLDQRV(QJHQHUDOFDVLWRGRVORVEDUUDTXHURVORFDOHVJUDQGHV\SHTXHxRVWLHQHQGHXGDVFRQ
ODVHPSUHVDVEHQHILFLDGRUDVRFRQODEDQFDFRPHUFLDO$OSDUHFHUWDPSRFRKXERXQPDQHMRPX\
UDFLRQDOQLHILFLHQWHGHORV FUpGLWRVRWRUJDGRVDOVHFWRUFDVWDxHURSRU ODEDQFD FRPHUFLDOSRUOR
TXHODFDQWLGDGGHGHXGRUHVHVEDVWDQWHHOHYDGD

F (OVLVWHPDGH H[SORWDFLyQ GHODJRPD \ FDVWDxDVH VXVWHQWDVREUHODEDVH GHXQ HOHYDGRFRVWR


VRFLDO/RVWUDEDMDGRUHVGHODVEDUUDFDVPDQWLHQHQXQDUHODFLyQGHGHSHQGHQFLDFRQHOSURSLHWDULR
EDUUDTXHUR  D WUDYpV GHO ³KDELOLWR´ XQD PRGDOLGDG GH FUpGLWR SRU OD FXDO HO WUDEDMDGRU UHFLEH
DQWLFLSDGDPHQWHDOLPHQWRV\SURGXFWRVGHSULPHUDQHFHVLGDGHQGHXGiQGRVHFRQHOSDWUyQFRQHO
FRPSURPLVR GH SDJDU VX GHXGD FRQ HO SURGXFWR GH VX WUDEDMR /RV SUHFLRV GH ORV SURGXFWRV
DOLPHQWDULRV ILMDGRV SRU HO SURSLHWDULR GH OD EDUUDFD VRQ JHQHUDOPHQWH UHFDUJDGRV DO PLVPR
WLHPSRTXHVHSDJDQSUHFLRVEDMRVSRUODFDVWDxD DQWHVSRUODJRPD /RPLVPRVXFHGHFRQODV
FRPXQLGDGHV ³OLEUHV´ TXH QR WLHQHQ UHFXUVRV SDUD PHMRUDU VXV FRQGLFLRQHV GH SURGXFFLyQ \
WHUPLQDQWDPELpQFRPRGHXGRUHVGHORVEDUUDTXHURV3RUHOORQRVRUSUHQGHHOJUDYHHVWDGRGH
SREUH]DHQHOGHSDUWDPHQWRVHJ~QHO,1(ODLQFLGHQFLDGHSREUH]DHQ3DQGRHVGHO

G  (O ILQ GH OD pSRFD GH OD JRPD KD JHQHUDGR XQD JUDQ PLJUDFLyQ GH OD SREODFLyQ UXUDO D &RELMD
SURYRFDQGR XQD JUDQ SUHVLyQ GH WUDEDMR 6LQ HPEDUJR HQ OD FDSLWDO GHO GHSDUWDPHQWR
SUiFWLFDPHQWHQRH[LVWHQIXHQWHVGHHPSOHRDSDUWHGHODVLQVWLWXFLRQHVGHO(VWDGRSULQFLSDOPHQWH
3UHIHFWXUD\$OFDOGtDTXHVHKDQFRQYHUWLGRHQODVPD\RUHVHPSOHDGRUDV(OORKDFHTXHODSUHVLyQ
SROtWLFDGHOSDUWLGRHQIXQFLyQ GHJRELHUQRVHDPX\IXHUWHVREUHORVIXQFLRQDULRVHVWDWDOHV (VWR
GHELOLWD HQWUH RWUDV D ODV LQVWLWXFLRQHV GH ILVFDOL]DFLyQ \ FRQWURO GH ORV UHFXUVRV QDWXUDOHV TXH
UHVSRQGHQPiVDFRQVLJQDVSROtWLFDVTXHDLQWHUHVHVUHJLRQDOHV

/RV HOHPHQWRV DQWHULRUHV QRV SHUPLWHQHQWHQGHU ODVFRQGLFLRQHV GRQGHVH RULJLQDQ DOJXQRVSUREOHPDV


DPELHQWDOHVTXHDPHQD]DQGHULYDUHQFRQIOLFWRV$FRQWLQXDFLyQVHHQXPHUDDOJXQRVGHORVSULQFLSDOHV
SUREOHPDVDPELHQWDOHVGHODUHJLyQTXHDXQTXHQRKDQH[SORWDGRWRGDYtDFRPRFRQIOLFWRVH[SOtFLWRVVH
SXHGHQFODVLILFDUFRPRFRQIOLFWRVSRWHQFLDOHV

([SORWDFLyQLOHJDOGHPDGHUD

/D H[SORWDFLyQ GH PDGHUD KD HPSH]DGR D FREUDU LPSRUWDQFLD D SDUWLU GH ORV ~OWLPRV DxRV FRQ OD
DVLJQDFLyQ GH FRQFHVLRQHV SULQFLSDOPHQWH D HPSUHVDULRV GH 6DQWD &UX] +DVWD  KDEtD 
FRQFHVLRQHV IRUHVWDOHV HQ 3DQGR UHFRQRFLGDV SRU OD 6XSHULQWHQGHQFLD )RUHVWDO FXEULHQGR XQ WRWDO GH
KD 6LQHPEDUJRQR VH WLHQH LQIRUPDFLyQ GH FXiOHVGHHOODV FXHQWDQFRQSODQHVGH PDQHMR
DSUREDGRVQLVHWLHQHQGDWRVVREUHORVYRO~PHQHVGHSURGXFFLyQGHPDGHUD

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
(ODSURYHFKDPLHQWRGHODPDGHUDHVVHOHFWLYDVHH[SORWDSULQFLSDOPHQWHPDUDUREOH\FHGUR8QGDWR
LPSRUWDQWHD GHVWDFDUHVTXHDOJXQDVFRQFHVLRQHVVHHQFXHQWUDQHQiUHDVGHILQLGDVSRUHO3ODQGH8VR
GHO6XHOR 3/863DQGR FRPRSURKLELGDVRGHXVRUHVWULQJLGRSDUDODDFWLYLGDGPDGHUHUD6LELHQSDUHFH
TXHHO&HQWURGH'HVDUUROOR)RUHVWDODVLJQyDQWHULRUPHQWHFRQWUDWRVGHDSURYHFKDPLHQWRGHODUJRSOD]R
HQHVDViUHDVOD6XSHULQWHQGHQFLD)RUHVWDOQRKDDFWXDGRSDUDUHPHGLDUODVLWXDFLyQ3RURWUDSDUWHVH
KDGHQXQFLDGRTXHDOJXQDVHPSUHVDVHVWDUtDQH[SORWDQGRPDGHUDIXHUDGHVXVFRQFHVLRQHV

([LVWHQWDPELpQGHQXQFLDVGHTXHDOJXQDVHPSUHVDVPDGHUHUDVHVWDUtDQRSHUDQGRHQHOGHSDUWDPHQWR
VLQ FRQFHVLRQHV 6H KD YHULILFDGR WDPELpQ TXH H[LVWH H[SORWDFLyQ LOHJDO GH PDGHUD DO LQWHULRU GH OD
5HVHUYD 0DQXULSL +HDWK TXH JHQHUDOPHQWH HV ³EODQTXHDGD´ HQ 5LEHUDOWD DXQTXH QR VH KD SRGLGR
FXDQWLILFDUORVYRO~PHQHVH[WUDtGRV2WUDVGHQXQFLDVKDEODQGHH[SRUWDFLyQLOHJDOGHPDGHUDKDFLD%UDVLO
\3HU~

/DVDXWRULGDGHVGHOGHSDUWDPHQWRPXHVWUDQXQJUDQLQWHUpVSRUODH[SORWDFLyQGHPDGHUDDFWLYLGDGTXH
HVYLVWDHQJHQHUDOFRPRXQDIXHQWHSRWHQFLDOGHUHFXUVRVHFRQyPLFRVSDUD3DQGR6LQHPEDUJRFRPR
VHKDYLVWRQRH[LVWHFDSDFLGDGLQVWLWXFLRQDOSDUDFXPSOLUFRQODHODERUDFLyQ\HMHFXFLyQGHSODQHVGH
PDQHMR \ PHQRV D~Q SDUD IUHQDU HO DSURYHFKDPLHQWR LOHJDO GH PDGHUD 3HUR QR VyOR HV QRWRULD OD
GHELOLGDG GH OD 6XSHULQWHQGHQFLD )RUHVWDO VLQR TXH WDPSRFR H[LVWH ILVFDOL]DFLyQ GH SDUWH GH ORV
PXQLFLSLRV SDUD FRQWURODU ODV UHJDOtDV SURYHQLHQWHV GH HVWD DFWLYLGDG 3RFRV PXQLFLSLRV KDQ
LPSOHPHQWDGRVXV8QLGDGHV)RUHVWDOHV0XQLFLSDOHV\ORVTXHORKDQKHFKRQRFXHQWDQFRQVXILFLHQWH
FDSDFLWDFLyQWpFQLFDQLDGPLQLVWUDWLYD

([SORWDFLyQLQWHQVLYDGHSDOPLWR

/D H[SORWDFLyQ GH SDOPLWR GH DVDt (XWHUSH SUHFDWRULD  VH KD SUHVHQWDGR FRPR XQD DOWHUQDWLYD GH
EHQHILFLRV LQPHGLDWRV SDUD DOJXQRV GXHxRV GH EDUUDFDV (VWD DFWLYLGDG FREUD QRWRULHGDG UHFLpQ ORV
~OWLPRV DxRV (Q  VH HVWLPy TXH VH SURFHVDURQ  PLOORQHV GH FRUD]RQHV GH SDOPLWR HQ ODV 
IiEULFDVH[LVWHQWHVHQWRQFHVHQODUHJLyQ/DH[WUDFFLyQGHSDOPLWRVHUHDOL]DHQJUDQGHVH[WHQVLRQHVGH
ERVTXHGHXQDPDQHUDQRVRVWHQLEOHXQUHFROHFWRUSXHGHVDFDUHQWUHDSDOPLWRVGLDULRV\QRKDFH
QLQJ~QHVIXHU]RSDUDVXUHSREODPLHQWR(QSRFRWLHPSRODSURGXFFLyQGHSDOPLWRKDGHFDtGRDOKDEHUVH
DJRWDGRODVSODQWDVGHDVDtGHPD\RUDFFHVLELOLGDGFHUFDQDVDODVFDUUHWHUDV\UtRVGHOGHSDUWDPHQWR

&D]D\SHVFDLQWHQVLYD

/DVSREODFLRQHVORFDOHVUHDOL]DQDFWLYLGDGHVODFD]D\SHVFDSULQFLSDOPHQWHSDUDDXWRFRQVXPR([LVWH
XQD HOHYDGD GHSHQGHQFLD GH FDUQH GH PRQWH HQ OD GLHWD IDPLOLDU SRU OR TXH pVWH KD VLGR HO IDFWRU
SULQFLSDOGHSUHVLyQVREUHODIDXQD(OORVHYXHOYHXQDDPHQD]DGXUDQWHODpSRFDGH]DIUDGHFDVWDxD
SRUTXHODVSREODFLRQHVGHIDXQDVHYHQVRPHWLGDVDXQD HQRUPHSUHVLyQGHFD]D*UDQGHVFRQWLQJHQWHV
GH WUDEDMDGRUHV VH GHVSOD]DQ GHVGH ODV FLXGDGHV GH 5LEHUDOWD \ &RELMD SDUD LQFRUSRUDUVH D OD
UHFROHFFLyQGHFDVWDxD\HQFXHQWUDQHQORVDQLPDOHVVLOYHVWUHVVXSULQFLSDOIXHQWHGHSURWHtQDV(VWRKD
KHFKR TXH ODV SREODFLRQHV GH DOJXQRV PDPtIHURV \ DYHV VH YHD GLVPLQXLGD 7HVWLPRQLRV GH ORV
SREODGRUHVGHOOXJDUGDQFXHQWDTXHHQORV~OWLPRVDxRVODFDFHUtDVHKDYXHOWRPX\HVFDVD

2WUDSUiFWLFDGHSUHGDWRULDIUHFXHQWHHVODUHFROHFFLyQGHKXHYRVGHSHWD WRUWXJDGHUtR \ODFDSWXUDGH


ODSURSLDSHWDSDUDDOLPHQWDFLyQ\FRPHUFLDOL]DFLyQ/RVKXHYRVVHFRPHUFLDOL]DQHQ&RELMD\5LEHUDOWD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
/RV UtRV PiV DIHFWDGRV SRU HVWD DFWLYLGDG VRQ HO 7DKXDPDQX HO 0DQXULSL \ HO 2UWKRQ GRQGH ODV
SREODFLRQHVGHSHWDVVHKDQYLVWRQRWDEOHPHQWHGLVPLQXLGDVVHJ~QRSLQLyQGHORVSREODGRUHVULEHUHxRV

7DPELpQVHKDHYLGHQFLDGRODSHVFDHQXQDQRWDEOHHVFDODGHO³SDLFKL´ XQSH]GHJUDQWDPDxR\PX\
DSUHFLDGR SRU VX DEXQGDQWH FDUQH  DFWLYLGDG TXH HV UHDOL]DGD SRU V~EGLWRV EUDVLOHxRV \ FRQ ILQHV GH
H[SRUWDFLyQ3REODGRUHVULEHUHxRVDILUPDQTXHHOSDLFKLSH]IRUiQHR\PX\YRUD]HVWDUtDDIHFWDQGRDODV
SREODFLRQHVGHSHFHVQDWLYRVSHURQRVHKDQUHDOL]DGRLQYHVWLJDFLRQHVVREUHHVWHWHPD

*HVWLyQHQGHEOHGHOD5HVHUYD0DQXULSL+HDWK

/D 5HVHUYD 1DFLRQDO 0DQXULSL +HDWK IXH FUHDGD HQ  FRQ FDVL  KD FRQ OD ILQDOLGDG GH
SUHVHUYDUODELRGLYHUVLGDGGHORVERVTXHVDPD]yQLFRVGH%ROLYLD6LQHPEDUJRGHVGHVXFUHDFLyQQRVH
KD UHDOL]DGR QLQJXQD DFWLYLGDG SDUD VX FRQVHUYDFLyQ (Q  HO 3/86 3DQGR UHFRPHQGy UHGXFLU D
DOUHGHGRUGHKDODH[WHQVLyQRULJLQDOGHOD5HVHUYDDOPLVPRWLHPSRTXHUHFRPHQGDEDKDFHU
PD\RUHVHVWXGLRVSDUDODGHILQLFLyQGHODFDWHJRUtDGHPDQHMR\GHORVOtPLWHVGHILQLWLYRV5HFLpQDILQDOHV
GHODHQWRQFHV'LUHFFLyQ1DFLRQDOGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDGGHFLGLyHQFDUJDUXQHVWXGLR
SDUDUHGHILQLUORVOtPLWHV\UHFDWHJRUL]DUOD5HVHUYD(QDEULOGHOD21*+HUHQFLD\OD8QLYHUVLGDG
$PD]yQLFDGH3DQGRSUHVHQWDURQORVUHVXOWDGRVGHOHVWXGLRSURSRQLHQGRTXHORVOtPLWHVGHOD5HVHUYD
TXHGDUDQHQWUHORVUtRV0DQXULSL\2UWKRQDOQRUWH\UtR0DGUHGH'LRVDOVXUFRQXQDH[WHQVLyQWRWDOGH
KD

5HFLpQHQMXQLRGHODDXWRULGDGQDFLRQDOGHiUHDVSURWHJLGDVHO6(51$3WRPyODGHFLVLyQSROtWLFD
GHLQLFLDUODJHVWLyQGHOD5HVHUYDDXQTXHFRQWUDULDPHQWHDODUHFRPHQGDFLyQWpFQLFDPHQFLRQDGDOR
KL]RDSDUWLUGHORVOtPLWHVSUHOLPLQDUHVUHFRPHQGDGRVSRUHO3/863DQGR6HQRPLQyDXQGLUHFWRU\VH
RWRUJy XQ SUHVXSXHVWR DGPLQLVWUDWLYR SDUD OD SUHVHQWH JHVWLyQ TXH SDUD ORV UHTXHULPLHQWRV GH
IXQFLRQDPLHQWRGHOiUHDSURWHJLGDSDUHFHWRGDYtDPX\OLPLWDGR

(VLPSRUWDQWHWRPDUHQFXHQWDTXHHO'HFUHWR6XSUHPR1ƒ GLFLHPEUHGH GHFUHDFLyQGHOD


5HVHUYD WLHQH SOHQD YLJHQFLD DO QR KDEHU VLGR GHURJDGR SRU XQD QRUPD GHO PLVPR UDQJR MXUtGLFR SRU
WDQWRORVOtPLWHVGHOiUHDSURWHJLGDILMDGRVSRUHVWHGHFUHWRVRQORVTXHWLHQHQDFWXDOPHQWHYDOLGH]OHJDO

/RVSULQFLSDOHVSUREOHPDVTXHDIHFWDQDOD5HVHUYDVRQODH[SORWDFLyQLOHJDOGHPDGHUDODJDQDGHUtDOD
FRQIXVDVLWXDFLyQHQFXDQWRDODWHQHQFLDGHWLHUUDVODFD]D\SHVFDIXUWLYDVODH[SORWDFLyQGHSDOPLWR\
ORVFKDTXHRV

3RURWUDSDUWHORVSREODGRUHVORFDOHVQRPXHVWUDQPXFKDFRQILDQ]DVREUHHOIXWXURGHOD5HVHUYD\VH
HQFXHQWUDQ UHFHORVRV GH ODV DFWLYLGDGHV GH FRQWURO DQWLFLSDGDV SRU OD QXHYD DGPLQLVWUDFLyQ GHO iUHD
SURWHJLGD$XQTXHSRULQFLSLHQWHQRVHSXHGHMX]JDUWRGDYtDODJHVWLyQGHOiUHDVtHVSRVLEOHSUHGHFLU
TXH SRGUi VHU YLDEOH VRODPHQWH VL FRQWHPSOD OD HODERUDFLyQ GH XQ SODQ GH PDQHMR TXH SHUPLWD OD
SDUWLFLSDFLyQGHODVFRPXQLGDGHVORFDOHV

,QFLHUWDVLWXDFLyQOHJDOGHODWHQHQFLDGHODWLHUUD

8QR GH ORV SUREOHPDV VRFLDOHV SUHSRQGHUDQWHV HQ 3DQGR HV HO UHIHULGR DO UpJLPHQ GH WHQHQFLD GH OD
WLHUUD /D PD\RU SDUWH GH ORV JUDQGHV SURSLHWDULRV GH WLHUUDV SULQFLSDOPHQWH EDUUDTXHURV FXHQWDQ FRQ
WtWXORVGHGXGRVRRULJHQREDVDQVXGHUHFKRSURSLHWDULRHQODSRVHVLyQDUELWUDULDGHJUDQGHVH[WHQVLRQHV

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
VLQ QLQJ~Q VXVWHQWR OHJDO (Q WDQWR ODV FRPXQLGDGHV FDPSHVLQDV RUJDQL]DGDV HQ WRUQR D WLHUUDV QR
RFXSDGDVSRUODVEDUUDFDVFHUFDQDVDORVUtRV\ODVFDUUHWHUDVQRFXHQWDQFRQWtWXORVGHSURSLHGDG

'H DFXHUGR DO ~OWLPR FHQVR DJURSHFXDULR GH  HQ 3DQGR KDEtD  XQLGDGHV SURGXFWLYDV
FXEULHQGR  KD 8Q  GH HVWH WRWDO  KD  HVWDED HQ PDQRV GH DSHQDV 
SURSLHWDULRV HOGHOWRWDOGHSURSLHWDULRV ORTXHUHSUHVHQWDXQSURPHGLRGHPiVGHKDSRU
FDGDSURSLHGDG([LVWHQSURSLHGDGHV EDUUDFDV TXHOOHJDQDRKD(QFRQWUDVWHXQWRWDO
GHSHTXHxRVSURSLHWDULRV FRQSRVHVLRQHVPHQRUHVDKD XWLOL]DEDQDSHQDVHOGHOVXHOR
GLVSRQLEOH

/D H[DJHUDGD FRQFHQWUDFLyQ GH WLHUUDV SRU ORV EDUUDTXHURV QR VRODPHQWH OLPLWD HO DFFHVR GH ORV
SHTXHxRV SURGXFWRUHV D ORV UHFXUVRV GHO ERVTXH VLQR WDPELpQ WLHQH HIHFWRV HFRQyPLFRV QHJDWLYRV
SXHVWRTXHpVWRVH[SORWDQVyORPDWHULDVSULPDV\SRURWURODGRSRUTXHDSURYHFKDQVRODPHQWHODViUHDV
FHUFDQDVDUtRV\FDUUHWHUDV

6LQHPEDUJR\DSHVDUGHODXUJHQFLDGHUHJXODUL]DUODVLWXDFLyQGHODWHQHQFLDGHODWLHUUDHQ3DQGRHO
,15$SUiFWLFDPHQWHQRKDDUUDQFDGRHOSURFHVRGHVDQHDPLHQWRGHWLHUUDVSRUORTXHFRQWLQXDPHQWHVH
SURGXFHQ WHQVLRQHV HQWUH EDUUDTXHURV TXH VLHQWHQ LQYDGLGD VX SURSLHGDG \ ORV FRPXQDULRV TXH
DSURYHFKDQORVUHFXUVRVGHOERVTXH

3RU RWURODGRFDVL QLQJ~Q EDUUDTXHURFXHQWD FRQSHUPLVRVGHDSURYHFKDPLHQWRSDUDOD UHFROHFFLyQGH


FDVWDxD \ SRU OR WDQWR QR VH SDJDQ ODV SDWHQWHV FRUUHVSRQGLHQWHV (O VLVWHPD LPSRVLWLYR SDUD ORV
SURGXFWRVIRUHVWDOHVQRPDGHUDEOHVKDVLGRUHFKD]DGRSRUHOVHFWRUEDUUDTXHURSRUORTXHSUiFWLFDPHQWH
QRVHKDOOHJDGRDDSOLFDU

2WUR FRQIOLFWR VREUH HO TXH VH KDQ HIHFWXDGR GHQXQFLDV HV OD VXSHUSRVLFLyQ GH FRQFHVLRQHV IRUHVWDOHV
VREUH iUHDV WUDGLFLRQDOPHQWH RFXSDGDV SRU FRPXQLGDGHV LQGtJHQDV FDPSHVLQDV \ EDUUDFDV (VWH
FRQIOLFWRHVQRWRULRVREUHWRGRHQHOQRURHVWHGHOGHSDUWDPHQWRHQODSURYLQFLD1LFROiV6XiUH]

-XDQ)HUQDQGR5H\HV
&RRUGLQDGRU1DFLRQDOGH+HUHQFLD
,QWHUGLVFLSOLQDULDSDUDHO'HVDUUROOR6RVWHQLEOH

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
/LVWDGHSHUVRQDVTXHKLFLHURQSRVLEOHHVWDSXEOLFDFLyQ

 $OLSLR9DOGp])2%20$'( 7DULMD
 $QWRQLR0LUDQGD$OLDJD/D3D]
 &DUORV5RPHUR%RQLID]&(-,6 )2%20$'( %HQL
 &HVDU3DGLOOD&KLOH
 'DQLW]D'HILOLSSLV/D3D]
 (GXDUGR*XG\QDV8UXJXD\
 (OtDV3XFK&)2%20$'( 3RWRVt
 (UQHVWR4XLQWDQD623()2%20$'( 3RWRVt
 )HUQDQGR%DWROODQHU)2%20$'( 6DQWD&UX]
 *DEULHO+HUEDV)2%20$'( &RFKDEDPED
 *RQ]DOR0RQWDxR)2%20$'( 7DULMD
 +pFWRU/RD\]D&DUWDJHQD&DULWDV 2UXUR
 +pFWRU6iQFKH])2%20$'(
 +HQU\0*XDUGLD0)2%20$'( 6DQWD&UX]
 +XJR%RVTXH/D3D]
 +XPEHUWR0HUFDGR)2%20$'( /D3D]
 -HQQ\*UXHQEHUJHU)2%20$'( /D3D]
 -RUJH0ROLQD&/D3D]
 -XDQ)HUQDQGR5H\HV3DQGR
 /DOR/D]R)2%20$'( /D3D]
 /XF\&KDFROOR)2%20$'( /D3D]
 /HRQDUGR7DPEXULQL&(-,6 6DQWD&UX]
 /XL])HOLSH6iQFKH])2%20$'( &KXTXLVDFD
 0DQXHO)DUIiQ$ )2%20$'( 3RWRVt
 0DUJRWK&pVSHGHV)2%20$'( 6DQWD&UX]
 0DULDQHOOD+LGDOJR/D3D]
 0DUtD6HOYD*DQGDULOODV$0%,2&+$&2 7DULMD
 0DXULFLR%D\UR/D3D]
 0DXULFLR*XWLpUUH])2%20$'( 6DQWD&UX]
 0RLVpV3pUH]$'5(1$ &RFKDEDPED
 3DEOR3DFKHFR%(VWDGRV8QLGRV
 3DWULFLD0ROLQD&)2%20$'(
 5RVDULR/DLPH0&(1326(3)2%20$'( 3RWRVt
 6DUD&UHVSR\)HUQDQGR)LJXHURD )2%20$'( 6DQWD&UX]
 6XVDQD&DEH]DV/D3D]
 :DOWHU3D]&(-,6)2%20$'( %HQL

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
6LJODV\DEUHYLDFLRQHV

$$326 $GPLQLVWUDFLyQ$XWyQRPDSDUD2EUDV6DQLWDULDV3RWRVt
$&*,+ $PHULFDQ&RQIHUHQFHRI *RYHUQPHQWDO,QGXVWULDO+\JLHQLVWV
$'(3(6&$ $SR\RDODV$FWLYLGDGHVGHOD3HVFD\OD$FXLFXOWXUDHQ%ROLYLD
$)3V $GPLQLVWUDGRUDVGH)RQGRVGH3HQVLRQHV
$)50 $UHD)RUHVWDOGH5HVHUYD0XQLFLSDO
$/$6 $VHVRUtD/HJDO$YD,YL$YDUHQGD
$1&% $FDGHPLD1DFLRQDOGH&LHQFLDVGH%ROLYLD
$5)0 $UHDVGH5HVHUYD)RUHVWDO0XQLFLSDO
$6( $VRFLDFLyQ6XFUHQVHGH(FRORJtD
$6(2 $VRFLDFLyQ(FROyJLFDGHO2ULHQWH
$6/ $JUXSDFLRQHV6RFLDOHVGHO/XJDU
%$5(06$ %DUH[(PSUHVD0LQHUD6RFLHGDG$QyQLPD
%,' %DQFR,QWHUDPHULFDQRGH'HVDUUROOR
&$'(; &iPDUDGH([SRUWDGRUHVGH%ROLYLD
&$/%2/ &DODPLQDV%ROLYLDQDV
&') &HQWURGH'HVDUUROOR)RUHVWDO
&'3 &HQWURGH'HVDUUROOR3HVTXHURGH7DULMD
&(',% &HQWURGH'RFXPHQWDFLyQH,QIRUPDFLyQGH%ROLYLD
&('/$ &HQWURGH(VWXGLRVSDUDHO'HVDUUROOR/DERUDO\$JUDULR
&(-,6 &HQWURGH(VWXGLRV-XUtGLFRVH,QYHVWLJDFLyQ6RFLDO
&(1326(3 &HQWUR3RSXODUGH6DOXG(GXFDFLyQ\3URGXFFLyQ
&(3$ &HQWURGH(FRORJtD\3XHEORV$QGLQRV
&(3,% &HQWUDOGH3XHEORV,QGtJHQDVGHO%HQL
&(5'(7 &HQWURGH(VWXGLRV5HJLRQDOHVSDUDHO'HVDUUROORGH7DULMD
&,&& &HQWUDO,QGtJHQDGH&RPXQLGDGHVGH&RQFHSFLyQ
&,&'$ &HQWUR,QWHUQDFLRQDOGH&RRSHUDFLyQSDUDHO'HVDUUROOR$JUtFROD
&,''(%(1, &HQWURGH'RFXPHQWDFLyQSDUDHO'HVDUUROOR GHO%HQL
&,'2% &RQIHGHUDFLyQ,QGtJHQDGHO2ULHQWH&KDFR\$PD]RQLDGH%ROLYLD
&,+ &RPLWp,QWHUJXEHUQDPHQWDOGHOD+LGURYtD
&2'$& &RPLWpGH'HIHQVD$PELHQWDOGH&RFKDEDPED
&2'(7$5 &RUSRUDFLyQGH'HVDUUROORGH7DULMD
&20&,32 &RPLWp&tYLFR3RWRVLQLVWD
&20,%2/ &RUSRUDFLyQ0LQHUDGH%ROLYLD

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
&20,1(6$ &RPSDxtD0LQHUD6RFLHGDG$QyQLPD
&20685 &RPSDxtD0LQHUDGHO6XU
&231$* &HQWUDOGH2UJDQL]DFLRQHVGHORV3XHEORV1DWLYRV*XDUD\RV
&25 &HQWUDO2EUHUD5HJLRQDO
&25'(32 &RUSRUDFLyQGH'HVDUUROORGH3RWRVt
&25(%( &RPLVLyQ5HJLRQDOGHOD&XHQFDGHO%HUPHMR
&268'( $JHQFLD6XL]DSDUDHO'HVDUUROOR\OD&RRSHUDFLyQ
&3(6& &RRUGLQDGRUDGH3XHEORV(WQLFRVGH6DQWD&UX]
&37, &HQWURGH3ODQLILFDFLyQ7HUULWRULDO,QGtJHQD
&5$&+ &iPDUD5HJLRQDO$JURSHFXDULDGH&KXTXLVDFD
'*% 'LUHFFLyQ*HQHUDOGH%LRGLYHUVLGDG
'1&% 'LUHFFLyQ1DFLRQDOGH&RQVHUYDFLyQGHOD%LRGLYHUVLGDG
(%% 5HVHUYDGHOD%LRVIHUD(VWDFLyQ%LROyJLFDGHO%HQL
((,$ (VWXGLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO
(/$3$6 (PSUHVD/RFDOGH$JXD3RWDEOH\$OFDQWDULOODGRGH6XFUH
(06$ (PSUHVD0XQLFLSDOGH6HUYLFLRVGH$VHR
(086$ (PSUHVD0LQHUD8QLILFDGD6RFLHGDG$QyQLPD
(17(/ (PSUHVD1DFLRQDOGH7HOHFRPXQLFDFLRQHV
)$1 )XQGDFLyQ$PLJRVGHOD1DWXUDOH]D
)$2 2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD$OLPHQWDFLyQ\$JULFXOWXUD
)1'5 )RQGR1DFLRQDOGH'HVDUUROOR5HJLRQDO
)2%20$'( )RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR
)213/$7$ )RQGR)LQDQFLHURSDUDOD&XHQFDGHO3ODWD
,%& ,QVWLWXWR%ROLYLDQR&XOWXUDO
,/',6 ,QVWLWXWR/DWLQRDPHULFDQRGH,QYHVWLJDFLRQHV6RFLDOHV
,1( ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD
,15$ ,QVWLWXWR1DFLRQDOGH5HIRUPD$JUDULD
,162 ,QVWLWXWR1DFLRQDOGH6DOXG2FXSDFLRQDO
,6($ (VWXGLR$PELHQWDO6XSOHPHQWDULR,QGHSHQGLHQWH
-,&$ $JHQFLDGH&RRSHUDFLyQ,QWHUQDFLRQDOGHO-DSyQ
.I: &RRSHUDFLyQ)LQDQFLHUD$OHPDQD
/,'(0$ /LJDGH'HIHQVDGHO0HGLR$PELHQWH
0'60$ 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\0HGLR$PELHQWH
0'63 0LQLVWHULRGH'HVDUUROOR6RVWHQLEOH\3ODQLILFDFLyQ
0('0,1 0DQHMR,QWHJUDGRGHO0HGLR$PELHQWHHQOD3HTXHxD0LQHUtD
0+11.0 0XVHRGH+LVWRULD1DWXUDO1RHO.HPSII0HUFDGR
2,7 2UJDQL]DFLyQ,QWHUQDFLRQDOGHO7UDEDMR

)RUR%ROLYLDQRVREUH0HGLR$PELHQWH\'HVDUUROOR 
2/&$ 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV
20& 2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR
2,&+ 2UJDQL]DFLyQ,QGtJHQD&KLTXLWDQD
21* 2UJDQL]DFLyQQR*XEHUQDPHQWDO
23,& 2YHUVHDV,QYHVWPHQW3ULYDWH&RUSRUDWLRQ
236 2UJDQL]DFLyQ3DQDPHULFDQDGH6DOXG
27%V 2UJDQL]DFLRQHV7HUULWRULDOHVGH%DVH
3($ 3REODFLyQ(FRQyPLFDPHQWH$FWLYD
3/86 3ODQGH8VRGHO6XHOR
311.0 3DUTXH1DFLRQDO1RHO.HPSII0HUFDGR
317 3DUTXH1DFLRQDO7XQDUL
318' 3URJUDPD GH1DFLRQHV8QLGDVSDUDHO'HVDUUROOR
32$) 3ODQHV2SHUDWLYRVGH$SURYHFKDPLHQWR)RUHVWDO
35$'(0 3UR\HFWRGH$SR\RDO'HVDUUROORHQ0LFURUHJLRQHV
35$3+ 3ODQGH5HKDELOLWDFLyQGH$UHDV+LVWyULFDVGH3RWRVt
352%,20$ 3URGXFWLYLGDG%LRVIHUD\0HGLR$PELHQWH
3520(7$ 3URWHFFLyQGHO0HGLR$PELHQWH7DULMD
6(0$3$ 6HUYLFLR0XQLFLSDOGH$JXD3RWDEOH\$OFDQWDULOODGR
6(51$3 6HUYLFLR1DFLRQDOGH$UHDV3URWHJLGDV
6) 6XSHULQWHQGHQFLD)RUHVWDO
6,5(1$5( 6LVWHPDGH5HJXODFLyQGH5HFXUVRV1DWXUDOHV5HQRYDEOHV
6,5(6( 6LVWHPD GH5HJXODFLyQ6HFWRULDO
61$3 6LVWHPD1DFLRQDOGH$UHDV3URWHJLGDV
623( 6RFLHGDG3RWRVLQDGH(FRORJtD
7&2 7LHUUDV&RPXQLWDULDVGH2ULJHQ
7*1 7HVRUR*HQHUDOGHOD1DFLyQ
7,0 7HUULWRULR,QGtJHQD0XOWLpWQLFR
7,31,6 7HUULWRULR,QGtJHQD3DUTXH1DFLRQDO,VLERUR6pFXUH
73)3 7LHUUDVGH3URGXFFLyQ)RUHVWDO3HUPDQHQWH
80$ 8QLGDG$PELHQWDOGHO9LFHPLQLVWHULRGH+LGURFDUEXURV
81(6&23+, 3URJUDPD+LGUROyJLFR,QWHUQDFLRQDOGHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUD
OD(GXFDFLyQ&LHQFLD\&XOWXUD
81$*52 8QLyQ$JURLQGXVWULDOGH&DxHURV
90$51') 9LFHPLQLVWHULRGH0HGLR$PELHQWH5HFXUVRV1DWXUDOHV\'HVDUUROOR)RUHVWDO
<3) <DFLPLHQWR3HWUROtIHURV)LVFDOHVGHOD$UJHQWLQD
<3)% <DFLPLHQWR3HWUROtIHURV)LVFDOHV%ROLYLDQRV

 2EVHUYDWRULR/DWLQRDPHULFDQRGH&RQIOLFWRV$PELHQWDOHV

You might also like