Professional Documents
Culture Documents
HTTPSWWW - Funcionpublica.gov - Coevagestornormativonorma PDF - Phpi 41102
HTTPSWWW - Funcionpublica.gov - Coevagestornormativonorma PDF - Phpi 41102
'HFUHWRGH
/RVGDWRVSXEOLFDGRVWLHQHQSURSnVLWRVH[FOXVLYDPHQWHLQIRUPDWLYRV(O'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLnQ3oEOLFDQRVHKDFH
UHVSRQVDEOHGHODYLJHQFLDGHODSUHVHQWHQRUPD1RVHQFRQWUDPRVHQXQSURFHVRSHUPDQHQWHGHDFWXDOL]DFLnQGHORVFRQWHQLGRV
'(&5(72'(
0DU]R
5HJODPHQWDGRSDUFLDOPHQWHSRUHO'HFUHWRGH5HJODPHQWDGRSRUHO'HFUHWRGH$GLFLRQDGRSRUHO$UWgFXOR/H\GH
3RUHOFXDOVHH[SLGHHO&iGLJRGH&RPHUFLR
(/35(6,'(17('(/$5(3i%/,&$'(&2/20%,$
(QHMHUFLFLRGHODVIDFXOWDGHVH[WUDRUGLQDULDVTXHOHFRQqHUHHOQXPHUDOGHODUWlFXORGHOD/H\GH\FXPSOLGRHOUHTXLVLWRDOOl
HVWDEOHFLGR
'(&5(7$
7f78/235(/,0,1$5
',6326,&,21(6*(1(5$/(6
$57f&8/2$3/,&$%,/,'$''(/$/(<&20(5&,$//RVFRPHUFLDQWHV\ORVDVXQWRVPHUFDQWLOHVVHUHJLUjQSRUODVGLVSRVLFLRQHVGHODOH\
FRPHUFLDO\ORVFDVRVQRUHJXODGRVH[SUHVDPHQWHHQHOODVHUjQGHFLGLGRVSRUDQDORJlDGHVXVQRUPDV
$57f&8/2$3/,&$&,h1'(/$/(*,6/$&,h1&,9,/(QODVFXHVWLRQHVFRPHUFLDOHVTXHQRSXGLHUHQUHJXODUVHFRQIRUPHDODUHJODDQWHULRUVH
DSOLFDUjQODVGLVSRVLFLRQHVGHODOHJLVODFLnQFLYLO
$57f&8/2$8725,'$''(/$&26780%5(0(5&$17,/&26780%5(/2&$/&26780%5(*(1(5$//DFRVWXPEUHPHUFDQWLOWHQGUjODPLVPD
DXWRULGDGTXHODOH\FRPHUFLDOVLHPSUHTXHQRODFRQWUDUlHPDQLqHVWDRWjFLWDPHQWH\TXHORVKHFKRVFRQVWLWXWLYRVGHODPLVPDVHDQSoEOLFRV
XQLIRUPHV\UHLWHUDGRVHQHOOXJDUGRQGHKD\DQGHFXPSOLUVHODVSUHVWDFLRQHVRVXUJLGRODVUHODFLRQHVTXHGHEDQUHJXODUVHSRUHOOD
(QGHIHFWRGHFRVWXPEUHORFDOVHWHQGUjHQFXHQWDODJHQHUDOGHOSDlVVLHPSUHTXHUHoQDORVUHTXLVLWRVH[LJLGRVHQHOLQFLVRDQWHULRU
$57f&8/235()(5(1&,$'(/$6(67,38/$&,21(6&2175$&78$/(6/DVHVWLSXODFLRQHVGHORVFRQWUDWRVYjOLGDPHQWHFHOHEUDGRVSUHIHULUjQD
ODVQRUPDVOHJDOHVVXSOHWLYDV\DODVFRVWXPEUHVPHUFDQWLOHV
$57f&8/2$3/,&$&,h1'(/$&26780%5(0(5&$17,//DVFRVWXPEUHVPHUFDQWLOHVVHUYLUjQDGHPjVSDUDGHWHUPLQDUHOVHQWLGRGHODV
SDODEUDVRIUDVHVWkFQLFDVGHOFRPHUFLR\SDUDLQWHUSUHWDUORVDFWRV\FRQYHQLRVPHUFDQWLOHV
$57f&8/2358(%$'(/$&26780%5(0(5&$17,/358(%$&217(67,*26'HURJDGRSRUHOOLWHUDOF DUW/H\GH/D
FRVWXPEUHPHUFDQWLOVHSUREDUjFRPRORGLVSRQHHO&nGLJRGH3URFHGLPLHQWR&LYLO6LQHPEDUJRFXDQGRVHSUHWHQGDSUREDUFRQWHVWLJRVkVWRV
GHEHUjQVHUSRUORPHQRVFLQFRFRPHUFLDQWHVLGnQHRVLQVFULWRVHQHOUHJLVWURPHUFDQWLOTXHGHQFXHQWDUD]RQDGDGHORVKHFKRV\GHORV
UHTXLVLWRVH[LJLGRVDORVPLVPRVHQHODUWlFXORR\FXDQGRVHDGX]FDQFRPRSUXHEDGRVGHFLVLRQHVMXGLFLDOHVGHqQLWLYDVVHUHTXHULUjTXHkVWDV
KD\DQVLGRSURIHULGDVGHQWURGHORVFLQFRDmRVDQWHULRUHVDOGLIHUHQGR
$57f&8/2$3/,&$&,h1'(75$7$'26&219(1&,21(6<&26780%5(,17(51$&,21$/(6/RVWUDWDGRVRFRQYHQFLRQHVLQWHUQDFLRQDOHVGH
FRPHUFLRQRUDWLqFDGRVSRU&RORPELDODFRVWXPEUHPHUFDQWLOLQWHUQDFLRQDOTXHUHoQDODVFRQGLFLRQHVGHODUWlFXORRDVlFRPRORVSULQFLSLRV
JHQHUDOHVGHOGHUHFKRFRPHUFLDOSRGUjQDSOLFDUVHDODVFXHVWLRQHVPHUFDQWLOHVTXHQRSXHGDQUHVROYHUVHFRQIRUPHDODVUHJODVSUHFHGHQWHV
$57f&8/2358(%$'(&26780%5(0(5&$17,/(;75$1-(5$$&5(',7$&,h1'HURJDGRSRUHOOLWHUDOF DUW/H\GH/D
SUXHEDGHODH[LVWHQFLDGHXQDFRVWXPEUHPHUFDQWLOH[WUDQMHUD\GHVXYLJHQFLDVHDFUHGLWDUjSRUFHUWLqFDFLnQGHOUHVSHFWLYRFnQVXOFRORPELDQR
RHQVXGHIHFWRGHOGHXQDQDFLnQDPLJD'LFKRVIXQFLRQDULRVSDUDH[SHGLUHOFHUWLqFDGRVROLFLWDUjQFRQVWDQFLDDODFjPDUDGHFRPHUFLRORFDOR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
GHODHQWLGDGTXHKLFLHUHVXVYHFHV\DIDOWDGHXQD\RWUDDGRVDERJDGRVGHOOXJDUGHUHFRQRFLGDKRQRUDELOLGDGHVSHFLDOLVWDVHQGHUHFKR
FRPHUFLDO
$57f&8/2358(%$'(&26780%5(0(5&$17,/,17(51$&,21$/$&5(',7$&,h1'HURJDGRSRUHOOLWHUDOF DUW/H\GH/D
FRVWXPEUHPHUFDQWLOLQWHUQDFLRQDO\VXYLJHQFLDVHSUREDUjQPHGLDQWHFRSLDDXWkQWLFDFRQIRUPHDO&nGLJRGH3URFHGLPLHQWR&LYLOGHOD
VHQWHQFLDRODXGRHQTXHXQDDXWRULGDGMXULVGLFFLRQDOLQWHUQDFLRQDOODKXELHUHUHFRQRFLGRLQWHUSUHWDGRRDSOLFDGR7DPELkQVHSUREDUjFRQ
FHUWLqFDFLnQDXWHQWLFDGDGHXQDHQWLGDGLQWHUQDFLRQDOLGnQHDTXHGLHUHIHGHODH[LVWHQFLDGHODUHVSHFWLYDFRVWXPEUH
/,%5235,0(52
'(/26&20(5&,$17(6<'(/26$681726'(&20(5&,2
7f78/2,
'(/26&20(5&,$17(6
&$3f78/2,
&$/,),&$&,h1'(/26&20(5&,$17(6
$57f&8/2&20(5&,$17(6&21&(372&$/,'$'6RQFRPHUFLDQWHVODVSHUVRQDVTXHSURIHVLRQDOPHQWHVHRFXSDQHQDOJXQDGHODV
DFWLYLGDGHVTXHODOH\FRQVLGHUDPHUFDQWLOHV
/DFDOLGDGGHFRPHUFLDQWHVHDGTXLHUHDXQTXHODDFWLYLGDGPHUFDQWLOVHHMHU]DSRUPHGLRGHDSRGHUDGRLQWHUPHGLDULRRLQWHUSXHVWDSHUVRQD
$57f&8/2$3/,&$&,h1'(/$61250$6&20(5&,$/(6$23(5$&,21(60(5&$17,/(6'(12&20(5&,$17(6/DVSHUVRQDVTXHHMHFXWHQ
RFDVLRQDOPHQWHRSHUDFLRQHVPHUFDQWLOHVQRVHFRQVLGHUDUjQFRPHUFLDQWHVSHURHVWDUjQVXMHWDVDODVQRUPDVFRPHUFLDOHVHQFXDQWRDGLFKDV
RSHUDFLRQHV
$57f&8/23(5621$6+$%,/,7$'$6(,1+$%,/,7$'$63$5$(-(5&(5(/&20(5&,27RGDSHUVRQDTXHVHJoQODVOH\HVFRPXQHVWHQJD
FDSDFLGDGSDUDFRQWUDWDU\REOLJDUVHHVKjELOSDUDHMHUFHUHOFRPHUFLRODVTXHFRQDUUHJORDHVDVPLVPDVOH\HVVHDQLQFDSDFHVVRQLQKjELOHV
SDUDHMHFXWDUDFWRVFRPHUFLDOHV
$57f&8/235(681&,h1'((67$5(-(5&,(1'2(/&20(5&,23DUDWRGRVORVHIHFWRVOHJDOHVVHSUHVXPHTXHXQDSHUVRQDHMHUFHHOFRPHUFLR
HQORVVLJXLHQWHVFDVRV
&XDQGRVHKDOOHLQVFULWDHQHOUHJLVWURPHUFDQWLO
&XDQGRWHQJDHVWDEOHFLPLHQWRGHFRPHUFLRDELHUWR\
&XDQGRVHDQXQFLHDOSoEOLFRFRPRFRPHUFLDQWHSRUFXDOTXLHUPHGLR
$57f&8/23(5621$6,1+d%,/(63$5$(-(5&(5(/&20(5&,26RQLQKjELOHVSDUDHMHUFHUHOFRPHUFLRGLUHFWDPHQWHRSRULQWHUSXHVWD
SHUVRQD
/RVFRPHUFLDQWHVGHFODUDGRVHQTXLHEUDPLHQWUDVQRREWHQJDQVXUHKDELOLWDFLnQ
/RVIXQFLRQDULRVGHHQWLGDGHVRqFLDOHV\VHPLRqFLDOHVUHVSHFWRGHDFWLYLGDGHVPHUFDQWLOHVTXHWHQJDQUHODFLnQFRQVXVIXQFLRQHV\
/DVGHPjVSHUVRQDVDTXLHQHVSRUOH\RVHQWHQFLDMXGLFLDOVHSURKlEDHOHMHUFLFLRGHDFWLYLGDGHVPHUFDQWLOHV
6LHOFRPHUFLRRGHWHUPLQDGDDFWLYLGDGPHUFDQWLOVHHMHUFLHUHSRUSHUVRQDLQKjELOkVWDVHUjVDQFLRQDGDFRQPXOWDVVXFHVLYDVKDVWDGHFLQFXHQWD
PLOSHVRVTXHLPSRQGUjHOMXH]FLYLOGHOFLUFXLWRGHOGRPLFLOLRGHOLQIUDFWRUGHRqFLRRDVROLFLWXGGHFXDOTXLHUDSHUVRQDVLQSHUMXLFLRGHODVSHQDV
HVWDEOHFLGDVSRUQRUPDVHVSHFLDOHV
$57f&8/2,1+$%,/,'$'(662%5(9,1,(17(6325326(6,h1(181&$5*2&2081,&$&,h1$/$&d0$5$'(&20(5&,2(OFRPHUFLDQWH
TXHWRPHSRVHVLnQGHXQFDUJRTXHLQKDELOLWHSDUDHOHMHUFLFLRGHOFRPHUFLRORFRPXQLFDUjDODUHVSHFWLYDFjPDUDPHGLDQWHFRSLDGHDFWDR
GLOLJHQFLDGHSRVHVLnQRFHUWLqFDGRGHOIXQFLRQDULRDQWHTXLHQVHFXPSOLnODGLOLJHQFLDGHQWURGHORVGLH]GlDVVLJXLHQWHVDODIHFKDGHODPLVPD
(OSRVHVLRQDGRDFUHGLWDUjHOFXPSOLPLHQWRGHHVWDREOLJDFLnQGHQWURGHORVYHLQWHGlDVVLJXLHQWHVDODSRVHVLnQDQWHHOIXQFLRQDULRTXHOHKL]RHO
QRPEUDPLHQWRPHGLDQWHFHUWLqFDGRGHODFjPDUDGHFRPHUFLRVRSHQDGHSHUGHUHOFDUJRRHPSOHRUHVSHFWLYR
$57f&8/2'(/,72648(,03/,&$1352+,%,&,h1'(/(-(5&,&,2'(/&20(5&,2&2023(1$$&&(625,$6LHPSUHTXHVHGLFWHVHQWHQFLD
FRQGHQDWRULDSRUGHOLWRVFRQWUDODSURSLHGDGODIHSoEOLFDODHFRQRPlDQDFLRQDOODLQGXVWULD\HOFRPHUFLRRSRUFRQWUDEDQGRFRPSHWHQFLD
GHVOHDOXVXUSDFLnQGHGHUHFKRVREUHSURSLHGDGLQGXVWULDO\JLURGHFKHTXHVVLQSURYLVLnQGHIRQGRVRFRQWUDFXHQWDFDQFHODGDVHLPSRQGUj
FRPRSHQDDFFHVRULDODSURKLELFLnQSDUDHMHUFHUHOFRPHUFLRGHGRVDGLH]DmRV
$57f&8/23e5','$'(/$&$/,'$''(&20(5&,$17(325,1+$%,/,'$'(662%5(9,1,(17(66HSHUGHUjODFDOLGDGGHFRPHUFLDQWHSRUOD
LQFDSDFLGDGRLQKDELOLGDGVREUHYLQLHQWHVSDUDHOHMHUFLFLRGHOFRPHUFLR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2'(&20268%6$1$5/$618/,'$'(6325,1&$3$&,'$'3$5$(-(5&(5(/&20(5&,2/DVQXOLGDGHVSURYHQLHQWHVGHIDOWDGH
FDSDFLGDGSDUDHMHUFHUHOFRPHUFLRVHUjQGHFODUDGDV\SRGUjQVXEVDQDUVHFRPRVHSUHYkHQODVOH\HVFRPXQHVVLQSHUMXLFLRGHODV
GLVSRVLFLRQHVHVSHFLDOHVGHHVWH&nGLJR
&$3f78/2,,
'(%(5(6'(/26&20(5&,$17(6
$57f&8/22%/,*$&,21(6'(/26&20(5&,$17(6(VREOLJDFLnQGHWRGRFRPHUFLDQWH
0DWULFXODUVHHQHOUHJLVWURPHUFDQWLO
,QVFULELUHQHOUHJLVWURPHUFDQWLOWRGRVORVDFWRVOLEURV\GRFXPHQWRVUHVSHFWRGHORVFXDOHVODOH\H[LMDHVDIRUPDOLGDG
/OHYDUFRQWDELOLGDGUHJXODUGHVXVQHJRFLRVFRQIRUPHDODVSUHVFULSFLRQHVOHJDOHV
&RQVHUYDUFRQDUUHJORDODOH\ODFRUUHVSRQGHQFLD\GHPjVGRFXPHQWRVUHODFLRQDGRVFRQVXVQHJRFLRVRDFWLYLGDGHV
'HQXQFLDUDQWHHOMXH]FRPSHWHQWHODFHVDFLnQHQHOSDJRFRUULHQWHGHVXVREOLJDFLRQHVPHUFDQWLOHV\
$EVWHQHUVHGHHMHFXWDUDFWRVGHFRPSHWHQFLDGHVOHDO
7f78/2,,
'(/26$&72623(5$&,21(6<(035(6$60(5&$17,/(6
$57f&8/2$&72623(5$&,21(6<(035(6$60(5&$17,/(6&21&(3726RQPHUFDQWLOHVSDUDWRGRVORVHIHFWRVOHJDOHV
/DDGTXLVLFLnQGHELHQHVDWlWXORRQHURVRFRQGHVWLQRDHQDMHQDUORVHQLJXDOIRUPD\ODHQDMHQDFLnQGHORVPLVPRV
/DDGTXLVLFLnQDWlWXORRQHURVRGHELHQHVPXHEOHVFRQGHVWLQRDDUUHQGDUORVHODUUHQGDPLHQWRGHORVPLVPRVHODUUHQGDPLHQWRGHWRGDFODVH
GHELHQHVSDUDVXEDUUHQGDUORV\HOVXEDUUHQGDPLHQWRGHORVPLVPRV
(OUHFLERGHGLQHURHQPXWXRDLQWHUkVFRQJDUDQWlDRVLQHOODSDUDGDUORHQSUkVWDPR\ORVSUkVWDPRVVXEVLJXLHQWHVDVlFRPRGDU
KDELWXDOPHQWHGLQHURHQPXWXRDLQWHUkV
/DDGTXLVLFLnQRHQDMHQDFLnQDWlWXORRQHURVRGHHVWDEOHFLPLHQWRVGHFRPHUFLR\ODSUHQGDDUUHQGDPLHQWRDGPLQLVWUDFLnQ\GHPjV
RSHUDFLRQHVDQjORJDVUHODFLRQDGDVFRQORVPLVPRV
/DLQWHUYHQFLnQFRPRDVRFLDGRHQODFRQVWLWXFLnQGHVRFLHGDGHVFRPHUFLDOHVORVDFWRVGHDGPLQLVWUDFLnQGHODVPLVPDVRODQHJRFLDFLnQD
WlWXORRQHURVRGHODVSDUWHVGHLQWHUkVFXRWDVRDFFLRQHV
(OJLURRWRUJDPLHQWRDFHSWDFLnQJDUDQWlDRQHJRFLDFLnQGHWlWXORVYDORUHVDVlFRPRODFRPSUDSDUDUHYHQWDSHUPXWDHWFGHORVPLVPRV
/DVRSHUDFLRQHVEDQFDULDVGHEROVDVRGHPDUWLOORV
(OFRUUHWDMHODVDJHQFLDVGHQHJRFLRV\ODUHSUHVHQWDFLnQGHqUPDVQDFLRQDOHVRH[WUDQMHUDV
/DH[SORWDFLnQRSUHVWDFLnQGHVHUYLFLRVGHSXHUWRVPXHOOHVSXHQWHVYlDV\FDPSRVGHDWHUUL]DMH
/DVHPSUHVDVGHVHJXURV\ODDFWLYLGDGDVHJXUDGRUD
/DVHPSUHVDVGHWUDQVSRUWHGHSHUVRQDVRGHFRVDVDWlWXORRQHURVRFXDOHVTXLHUDTXHIXHUHQODYlD\HOPHGLRXWLOL]DGRV
/DVHPSUHVDVGHIDEULFDFLnQWUDQVIRUPDFLnQPDQXIDFWXUD\FLUFXODFLnQGHELHQHV
/DVHPSUHVDVGHGHSnVLWRGHPHUFDGHUlDVSURYLVLRQHVRVXPLQLVWURVHVSHFWjFXORVSoEOLFRV\H[SHQGLRGHWRGDFODVHGHELHQHV
/DVHPSUHVDVHGLWRULDOHVOLWRJUjqFDVIRWRJUjqFDVLQIRUPDWLYDVRGHSURSDJDQGD\ODVGHPjVGHVWLQDGDVDODSUHVWDFLnQGHVHUYLFLRV
/DVHPSUHVDVGHREUDVRFRQVWUXFFLRQHVUHSDUDFLRQHVPRQWDMHVLQVWDODFLRQHVXRUQDPHQWDFLRQHV
/DVHPSUHVDVSDUDHODSURYHFKDPLHQWR\H[SORWDFLnQPHUFDQWLOGHODVIXHU]DVRUHFXUVRVGHODQDWXUDOH]D
/DVHPSUHVDVSURPRWRUDVGHQHJRFLRV\ODVGHFRPSUDYHQWDDGPLQLVWUDFLnQFXVWRGLDRFLUFXODFLnQGHWRGDFODVHGHELHQHV
/DVHPSUHVDVGHFRQVWUXFFLnQUHSDUDFLnQFRPSUD\YHQWDGHYHKlFXORVSDUDHOWUDQVSRUWHSRUWLHUUDDJXD\DLUH\VXVDFFHVRULRV\
/RVGHPjVDFWRV\FRQWUDWRVUHJXODGRVSRUODOH\PHUFDQWLO
$57f&8/227526$&7260(5&$17,/(66HWHQGUjQDVlPLVPRFRPRPHUFDQWLOHVWRGRVORVDFWRVGHORVFRPHUFLDQWHVUHODFLRQDGRVFRQ
DFWLYLGDGHVRHPSUHVDVGHFRPHUFLR\ORVHMHFXWDGRVSRUFXDOTXLHUSHUVRQDSDUDDVHJXUDUHOFXPSOLPLHQWRGHREOLJDFLRQHVFRPHUFLDOHV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2$3/,&$&,h1'(/$/(<&20(5&,$/$/26$&7260(5&$17,/(66LHODFWRIXHUHPHUFDQWLOSDUDXQDGHODVSDUWHVVHUHJLUjSRUODV
GLVSRVLFLRQHVGHODOH\FRPHUFLDO
$57f&8/2$&72648(126210(5&$17,/(61RVRQPHUFDQWLOHV
/DDGTXLVLFLnQGHELHQHVFRQGHVWLQRDOFRQVXPRGRPkVWLFRRDOXVRGHODGTXLUHQWH\ODHQDMHQDFLnQGHORVPLVPRVRGHORVVREUDQWHV
/DDGTXLVLFLnQGHELHQHVSDUDSURGXFLUREUDVDUWlVWLFDV\ODHQDMHQDFLnQGHkVWDVSRUVXDXWRU
/DVDGTXLVLFLRQHVKHFKDVSRUIXQFLRQDULRVRHPSOHDGRVSDUDqQHVGHVHUYLFLRSoEOLFR
/DVHQDMHQDFLRQHVTXHKDJDQGLUHFWDPHQWHORVDJULFXOWRUHVRJDQDGHURVGHORVIUXWRVGHVXVFRVHFKDVRJDQDGRVHQVXHVWDGRQDWXUDO
7DPSRFRVHUjQPHUFDQWLOHVODVDFWLYLGDGHVGHWUDQVIRUPDFLnQGHWDOHVIUXWRVTXHHIHFWoHQORVDJULFXOWRUHVRJDQDGHURVVLHPSUH\FXDQGRTXH
GLFKDWUDQVIRUPDFLnQQRFRQVWLWX\DSRUVlPLVPDXQDHPSUHVD\
/DSUHVWDFLnQGHVHUYLFLRVLQKHUHQWHVDODVSURIHVLRQHVOLEHUDOHV
$57f&8/2$/&$1&('(&/$5$7,92'(/$6(180(5$&,21(6&217(1,'$6(1/26$57f&8/26</DVHQXPHUDFLRQHVFRQWHQLGDVHQORV
DUWlFXORV\VRQGHFODUDWLYDV\QROLPLWDWLYDV
$57f&8/2(035(6$&21&(3726HHQWHQGHUjSRUHPSUHVDWRGDDFWLYLGDGHFRQnPLFDRUJDQL]DGDSDUDODSURGXFFLnQWUDQVIRUPDFLnQ
FLUFXODFLnQDGPLQLVWUDFLnQRFXVWRGLDGHELHQHVRSDUDODSUHVWDFLnQGHVHUYLFLRV'LFKDDFWLYLGDGVHUHDOL]DUjDWUDYkVGHXQRRPjV
HVWDEOHFLPLHQWRVGHFRPHUFLR
7f78/2,,,
'(/5(*,67520(5&$17,/
$57f&8/25(*,67520(5&$17,/2%-(72&$/,'$'(OUHJLVWURPHUFDQWLOWHQGUjSRUREMHWROOHYDUODPDWUlFXODGHORVFRPHUFLDQWHV\GHORV
HVWDEOHFLPLHQWRVGHFRPHUFLRDVlFRPRODLQVFULSFLnQGHWRGRVORVDFWRVOLEURV\GRFXPHQWRVUHVSHFWRGHORVFXDOHVODOH\H[LJLHUHHVD
IRUPDOLGDG
(OUHJLVWURPHUFDQWLOVHUjSoEOLFR&XDOTXLHUSHUVRQDSRGUjH[DPLQDUORVOLEURV\DUFKLYRVHQTXHIXHUHOOHYDGRWRPDUDQRWDFLRQHVGHVXV
DVLHQWRVRDFWRV\REWHQHUFRSLDVGHORVPLVPRV
$57f&8/2&203(7(1&,$'(/$6&d0$5$6'(&20(5&,23$5$//(9$5(/5(*,67520(5&$17,/&203(7(1&,$6'(/$
683(5,17(1'(1&,$'(,1'8675,$<&20(5&,2(OUHJLVWURPHUFDQWLOVHOOHYDUjSRUODVFjPDUDVGHFRPHUFLRSHUROD6XSHULQWHQGHQFLDGH
,QGXVWULD\&RPHUFLRGHWHUPLQDUjORVOLEURVQHFHVDULRVSDUDFXPSOLUHVDqQDOLGDGODIRUPDGHKDFHUODVLQVFULSFLRQHV\GDUjODVLQVWUXFFLRQHVTXH
WLHQGDQDOSHUIHFFLRQDPLHQWRGHODLQVWLWXFLnQ
$57f&8/23(5621$6$&726<'2&80(172648('(%(1,16&5,%,56((1(/5(*,67520(5&$17,/'HEHUjQLQVFULELUVHHQHOUHJLVWUR
PHUFDQWLO
/DVSHUVRQDVTXHHMHU]DQSURIHVLRQDOPHQWHHOFRPHUFLR\VXVDX[LOLDUHVWDOHVFRPRORVFRPLVLRQLVWDVFRUUHGRUHVDJHQWHVUHSUHVHQWDQWHVGH
qUPDVQDFLRQDOHVRH[WUDQMHUDVTXLHQHVORKDUjQGHQWURGHOPHVVLJXLHQWHDODIHFKDHQTXHLQLFLHQDFWLYLGDGHV
/DVFDSLWXODFLRQHVPDWULPRQLDOHV\ODVOLTXLGDFLRQHVGHVRFLHGDGHVFRQ\XJDOHVFXDQGRHOPDULGR\ODPXMHURDOJXQRGHHOORVVHD
FRPHUFLDQWH
/DLQWHUGLFFLnQMXGLFLDOSURQXQFLDGDFRQWUDFRPHUFLDQWHVODVSURYLGHQFLDVHQTXHVHLPSRQJDDHVWRVODSURKLELFLnQGHHMHUFHUHOFRPHUFLRORV
FRQFRUGDWRVSUHYHQWLYRV\ORVFHOHEUDGRVGHQWURGHOSURFHVRGHTXLHEUDODGHFODUDFLnQGHTXLHEUD\HOQRPEUDPLHQWRGHVlQGLFRGHkVWD\VX
UHPRFLnQODSRVHVLnQGHFDUJRVSoEOLFRVTXHLQKDELOLWHQSDUDHOHMHUFLFLRGHOFRPHUFLR\HQJHQHUDOODVLQFDSDFLGDGHVRLQKDELOLGDGHVSUHYLVWDV
HQODOH\SDUDVHUFRPHUFLDQWH
/DVDXWRUL]DFLRQHVTXHFRQIRUPHDODOH\VHRWRUJXHQDORVPHQRUHVSDUDHMHUFHUHOFRPHUFLR\ODUHYRFDFLnQGHODVPLVPDV
7RGRDFWRHQYLUWXGGHOFXDOVHFRQqHUDPRGLqTXHRUHYRTXHODDGPLQLVWUDFLnQSDUFLDORJHQHUDOGHELHQHVRQHJRFLRVGHOFRPHUFLDQWH
/DDSHUWXUDGHHVWDEOHFLPLHQWRVGHFRPHUFLR\GHVXFXUVDOHV\ORVDFWRVTXHPRGLqTXHQRDIHFWHQODSURSLHGDGGHORVPLVPRVRVX
DGPLQLVWUDFLnQ
0RGLqFDGRSRUHODUW'HFUHWR1DFLRQDOGH/RVOLEURVGHFRQWDELOLGDGORVGHUHJLVWURGHDFFLRQLVWDVORVGHDFWDVGHDVDPEOHDV
\MXQWDVGHVRFLRVDVlFRPRORVGHMXQWDVGLUHFWLYDVGHVRFLHGDGHVPHUFDQWLOHV
/RVHPEDUJRV\GHPDQGDVFLYLOHVUHODFLRQDGRVFRQGHUHFKRVFX\DPXWDFLnQHVWkVXMHWDDUHJLVWURPHUFDQWLO
/DFRQVWLWXFLnQDGLFLRQHVRUHIRUPDVHVWDWXWDULDV\ODOLTXLGDFLnQGHVRFLHGDGHVFRPHUFLDOHVDVlFRPRODGHVLJQDFLnQGHUHSUHVHQWDQWHV
OHJDOHV\OLTXLGDGRUHV\VXUHPRFLnQ/DVFRPSDmlDVYLJLODGDVSRUOD6XSHULQWHQGHQFLDGH6RFLHGDGHVGHEHUjQFXPSOLUDGHPjVGHODIRUPDOLGDG
GHOUHJLVWURORVUHTXLVLWRVSUHYLVWRVHQODVGLVSRVLFLRQHVOHJDOHVTXHUHJXODQGLFKDYLJLODQFLD\
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
/RVGHPjVDFWRV\GRFXPHQWRVFX\RUHJLVWURPHUFDQWLORUGHQHODOH\
$57f&8/25(*/$63$5$//(9$5(/5(*,67520(5&$17,/(OUHJLVWURPHUFDQWLOVHOOHYDUjFRQVXMHFLnQDODVVLJXLHQWHVUHJODVVLQSHUMXLFLR
GHODVHVSHFLDOHVTXHHVWDEOH]FDQODOH\RGHFUHWRVUHJODPHQWDULRV
/RVDFWRVFRQWUDWRV\GRFXPHQWRVVHUjQLQVFULWRVHQODFjPDUDGHFRPHUFLRFRQMXULVGLFFLnQHQHOOXJDUGRQGHIXHUHQFHOHEUDGRVXRWRUJDGRV
VLKXELHUHQGHUHDOL]DUVHIXHUDGHGLFKDMXULVGLFFLnQVHLQVFULELUjQWDPELkQHQODFjPDUDFRUUHVSRQGLHQWHDOOXJDUGHVXHMHFXFLnQR
FXPSOLPLHQWR
/DPDWUlFXODGHORVFRPHUFLDQWHV\ODVLQVFULSFLRQHVQRSUHYLVWDVHQHORUGLQDODQWHULRUVHKDUjQHQODFjPDUDGHFRPHUFLRFRQMXULVGLFFLnQHQ
HOGRPLFLOLRGHODSHUVRQDLQWHUHVDGDRDIHFWDGDFRQHOORV
/DLQVFULSFLnQVHKDUjHQOLEURVVHSDUDGRVVHJoQODPDWHULDHQIRUPDGHH[WUDFWRTXHGkUD]nQGHORVXVWDQFLDOGHODFWRGRFXPHQWRRKHFKR
TXHVHLQVFULEDVDOYRTXHODOH\RORVLQWHUHVDGRVH[LMDQODLQVHUFLnQGHOWH[WRFRPSOHWR\
/DLQVFULSFLnQSRGUjVROLFLWDUVHHQFXDOTXLHUWLHPSRVLODOH\QRqMDXQWkUPLQRHVSHFLDOSDUDHOORSHURORVDFWRV\GRFXPHQWRVVXMHWRVD
UHJLVWURQRSURGXFLUjQHIHFWRVUHVSHFWRGHWHUFHURVVLQRDSDUWLUGHODIHFKDGHVXLQVFULSFLnQ
$57f&8/2358(%$'(,16&5,3&,h1(1(/5(*,67520(5&$17,/7RGDLQVFULSFLnQVHSUREDUjFRQFHUWLqFDGRH[SHGLGRSRUODUHVSHFWLYD
FjPDUDGHFRPHUFLRRPHGLDQWHLQVSHFFLnQMXGLFLDOSUDFWLFDGDHQHOUHJLVWURPHUFDQWLO
$57f&8/23/$=23$5$62/,&,7$5/$0$75f&8/$0(5&$17,//DVROLFLWXGGHPDWUlFXODVHUjSUHVHQWDGDGHQWURGHOPHVVLJXLHQWHDODIHFKD
HQTXHODSHUVRQDQDWXUDOHPSH]nDHMHUFHUHOFRPHUFLRRHQTXHODVXFXUVDORHOHVWDEOHFLPLHQWRGHFRPHUFLRIXHURQDELHUWR
7UDWjQGRVHGHVRFLHGDGHVODSHWLFLnQGHPDWUlFXODVHIRUPXODUjSRUHOUHSUHVHQWDQWHOHJDOGHQWURGHOPHVVLJXLHQWHDODIHFKDGHODHVFULWXUD
SoEOLFDGHFRQVWLWXFLnQRDODGHOSHUPLVRGHIXQFLRQDPLHQWRVHJoQHOFDVR\DFRPSDmDUjWDOHVGRFXPHQWRV
(OPLVPRSOD]RVHmDODGRHQHOLQFLVRSULPHURGHHVWHDUWlFXORVHDSOLFDUjDODVFRSURSLHGDGHVRVRFLHGDGHVGHKHFKRRLUUHJXODUHVGHELHQGRHQ
HVWHFDVRLQVFULELUVHWRGRVORVFRPXQHURVRVRFLRV
$57f&8/2&217(1,'2'(/$62/,&,78''(0$75f&8/$0(5&$17,//DSHWLFLnQGHPDWUlFXODLQGLFDUj
(OQRPEUHGHOFRPHUFLDQWHGRFXPHQWRGHLGHQWLGDGQDFLRQDOLGDGDFWLYLGDGRQHJRFLRVDTXHVHGHGLTXHGRPLFLOLR\GLUHFFLnQOXJDUR
OXJDUHVGRQGHGHVDUUROOHVXVQHJRFLRVGHPDQHUDSHUPDQHQWHVXSDWULPRQLROlTXLGRGHWDOOHGHORVELHQHVUDlFHVTXHSRVHDPRQWRGHODV
LQYHUVLRQHVHQODDFWLYLGDGPHUFDQWLOQRPEUHGHODSHUVRQDDXWRUL]DGDSDUDDGPLQLVWUDUORVQHJRFLRV\VXVIDFXOWDGHVHQWLGDGHVGHFUkGLWRFRQ
ODVFXDOHVKXELHUHFHOHEUDGRRSHUDFLRQHV\UHIHUHQFLDVGHGRVFRPHUFLDQWHVLQVFULWRV\
7UDWjQGRVHGHXQHVWDEOHFLPLHQWRGHFRPHUFLRVXGHQRPLQDFLnQGLUHFFLnQ\DFWLYLGDGSULQFLSDODTXHVHGHGLTXHQRPEUH\GLUHFFLnQGHO
SURSLHWDULR\GHOIDFWRUVLORKXELHUH\VLHOORFDOTXHRFXSDHVSURSLRRDMHQR6HSUHVXPLUjFRPRSURSLHWDULRGHOHVWDEOHFLPLHQWRTXLHQDVl
DSDUH]FDHQHOUHJLVWUR
$57f&8/25(129$&,h1'(/$0$75f&8/$0(5&$17,/7e50,123$5$62/,&,7$5/$/DPDWUlFXODVHUHQRYDUjDQXDOPHQWHGHQWURGHORV
WUHVSULPHURVPHVHVGHFDGDDmR(OLQVFULWRLQIRUPDUjDODFRUUHVSRQGLHQWHFjPDUDGHFRPHUFLRODSkUGLGDGHVXFDOLGDGGHFRPHUFLDQWHOR
PLVPRTXHFXDOTXLHUFDPELRGHGRPLFLOLR\GHPjVPXWDFLRQHVUHIHUHQWHVDVXDFWLYLGDGFRPHUFLDODqQGHTXHVHWRPHQRWDGHHOORHQHO
UHJLVWURFRUUHVSRQGLHQWH/RPLVPRVHKDUjUHVSHFWRGHVXFXUVDOHVHVWDEOHFLPLHQWRVGHFRPHUFLR\GHPjVDFWRV\GRFXPHQWRVVXMHWRVD
UHJLVWUR
$57f&8/275d0,7('(5(*,6752'(/$6(6&5,785$6'(&2167,78&,h1'(62&,('$'(6(OUHJLVWURGHODVHVFULWXUDVGHFRQVWLWXFLnQGH
VRFLHGDGHVPHUFDQWLOHVGHVXVDGLFLRQHV\UHIRUPDVVHKDUjGHODVLJXLHQWHPDQHUD
&RSLDDXWkQWLFDGHODUHVSHFWLYDHVFULWXUDVHDUFKLYDUjHQODFjPDUDGHFRPHUFLRGHOGRPLFLOLRSULQFLSDO
(QXQOLEURHVSHFLDOVHOHYDQWDUjDFWDHQTXHFRQVWDUjODHQWUHJDGHODFRSLDDTXHVHUHqHUHHORUGLQDODQWHULRUFRQHVSHFLqFDFLnQGHO
QRPEUHFODVHGRPLFLOLRGHODVRFLHGDGQoPHURGHODHVFULWXUDODIHFKD\QRWDUlDGHVXRWRUJDPLHQWR\
(OPLVPRSURFHGLPLHQWRVHDGRSWDUjSDUDHOUHJLVWURGHODVDFWDVHQTXHFRQVWHODGHVLJQDFLnQGHORVUHSUHVHQWDQWHVOHJDOHVOLTXLGDGRUHV\
VXVVXSOHQWHV
$57f&8/2$%67(1&,h1'(0$75,&8/$562&,('$'(6&21120%5(6<$,16&5,726/DVFjPDUDVGHFRPHUFLRVHDEVWHQGUjQGHPDWULFXODU
DXQFRPHUFLDQWHRHVWDEOHFLPLHQWRGHFRPHUFLRFRQHOPLVPRQRPEUHGHRWUR\DLQVFULWRPLHQWUDVkVWHQRVHDFDQFHODGRSRURUGHQGH
DXWRULGDGFRPSHWHQWHRDVROLFLWXGGHTXLkQKD\DREWHQLGRODPDWUlFXOD
(QORVFDVRVGHKRPRQLPLDGHSHUVRQDVQDWXUDOHVSRGUjKDFHUVHODLQVFULSFLnQVLHPSUHTXHFRQHOQRPEUHXWLOLFHDOJoQGLVWLQWLYRSDUDHYLWDUOD
FRQIXVLnQ
$57f&8/2'2&80(172648(38('(1(;,*,5/$6&d0$5$6$/62/,&,7$56(/$0$75f&8/$0(5&$17,//DVFjPDUDVSRGUjQH[LJLUDO
FRPHUFLDQWHTXHVROLFLWHVXPDWUlFXODTXHDFUHGLWHVXPDULDPHQWHORVGDWRVLQGLFDGRVHQODVROLFLWXGFRQSDUWLGDVGHHVWDGRFLYLOFHUWLqFDGRVGH
EDQFRVEDODQFHVDXWRUL]DGRVSRUFRQWDGRUHVSoEOLFRVFHUWLqFDGRVGHRWUDVFjPDUDVGHFRPHUFLRRFRQFXDOTXLHURWURPHGLRIHKDFLHQWH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/26$1&,21(6325(-(5&,&,2'(/&20(5&,26,15(*,67520(5&$17,//DSHUVRQDTXHHMHU]DSURIHVLRQDOPHQWHHOFRPHUFLRVLQ
HVWDULQVFULWDHQHOUHJLVWURPHUFDQWLOLQFXUULUjHQPXOWDKDVWDGHGLH]PLOSHVRVTXHLPSRQGUjOD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLRVLQ
SHUMXLFLRGHODVGHPjVVDQFLRQHVOHJDOHV/DPLVPDVDQFLnQVHDSOLFDUjFXDQGRVHRPLWDODLQVFULSFLnQRPDWUlFXODGHXQHVWDEOHFLPLHQWRGH
FRPHUFLR
$57f&8/26$1&,21(6325)$/6('$'(1/$62/,&,78''(/5(*,67520(5&$17,//DIDOVHGDGHQORVGDWRVTXHVHVXPLQLVWUHQDOUHJLVWUR
PHUFDQWLOVHUjVDQFLRQDGDFRQIRUPHDO&nGLJR3HQDO/DUHVSHFWLYDFjPDUDGHFRPHUFLRHVWDUjREOLJDGDDIRUPXODUGHQXQFLDDQWHHOMXH]
FRPSHWHQWH
$57f&8/2352&(',0,(1723$5$(/5(*,6752'(/,%526'(&20(5&,2(OUHJLVWURGHORVOLEURVGHFRPHUFLRVHKDUjHQODVLJXLHQWHIRUPD
(QHOOLEURVHqUPDUjSRUHOVHFUHWDULRGHODFjPDUDGHFRPHUFLRXQDFRQVWDQFLDGHKDEHUVLGRUHJLVWUDGRFRQLQGLFDFLnQGHIHFKD\IROLRGHO
FRUUHVSRQGLHQWHUHJLVWURGHODSHUVRQDDTXLHQSHUWHQH]FDGHOXVRDTXHVHGHVWLQD\GHOQoPHURGHVXVKRMDVoWLOHVODVTXHVHUjQUXEULFDGDV
SRUGLFKRIXQFLRQDULR\
(QXQOLEURGHVWLQDGRDWDOqQVHKDUjFRQVWDUEDMRODqUPDGHOVHFUHWDULRHOKHFKRGHOUHJLVWUR\GHORVGDWRVPHQFLRQDGRVHQHORUGLQDO
DQWHULRU
$57f&8/25(*,6752'('2&80(172612$87e17,&261,5(&212&,'267RGRGRFXPHQWRVXMHWRDUHJLVWURQRDXWkQWLFRSRUVXPLVPD
QDWXUDOH]DQLUHFRQRFLGRSRUODVSDUWHVGHEHUjVHUSUHVHQWDGRSHUVRQDOPHQWHSRUVXVRWRUJDQWHVDOVHFUHWDULRGHODUHVSHFWLYDFjPDUD
$57f&8/25(48,6,7263$5$(/5(*,6752'(3529,'(1&,$6-8',&,$/(6<$'0,1,675$7,9$6/DVSURYLGHQFLDVMXGLFLDOHV\DGPLQLVWUDWLYDV
TXHGHEDQUHJLVWUDUVHVHSUHVHQWDUjQHQFRSLDDXWHQWLFDGDSDUDVHUDUFKLYDGDVHQHOH[SHGLHQWHUHVSHFWLYR'HODHQWUHJDGHGLFKDVFRSLDVVH
OHYDQWDUjDFWDHQXQOLEURHVSHFLDOHQODTXHFRQVWDUjHOFDUJRGHOIXQFLRQDULRTXHGLFWnODSURYLGHQFLDHOREMHWRFODVH\IHFKDGHODPLVPD
$57f&8/2,16&5,3&,h1'('2&80(1726'(67,1$'26$6(5'(98(/726$/,17(5(6$'2/RVGRFXPHQWRVVXMHWRVDUHJLVWUR\GHVWLQDGRV
DVHUGHYXHOWRVDOLQWHUHVDGRVHLQVFULELUjQPHGLDQWHFRSLDGHVXWH[WRHQORVOLEURVUHVSHFWLYRVRGHIRWRFRSLDVRGHFXDOTXLHURWURPkWRGRTXH
DVHJXUHGHPDQHUDOHJLEOHVXFRQVHUYDFLnQ\UHSURGXFFLnQ
$57f&8/2$3(5785$'((;3(',(17(6,1',9,'8$/(6<&216(59$&,h1'($5&+,926'(/5(*,67520(5&$17,/$FDGDFRPHUFLDQWH
VXFXUVDORHVWDEOHFLPLHQWRGHFRPHUFLRPDWULFXODGRVHOHDEULUjXQH[SHGLHQWHHQHOFXDOVHDUFKLYDUjQSRURUGHQFURQROnJLFRGHSUHVHQWDFLnQ
ODVFRSLDVGHORVGRFXPHQWRVTXHVHUHJLVWUHQ
/RVDUFKLYRVGHOUHJLVWURPHUFDQWLOSRGUjQFRQVHUYDUVHSRUFXDOTXLHUPHGLRWkFQLFRDGHFXDGRTXHJDUDQWLFHVXUHSURGXFFLnQH[DFWDVLHPSUH
TXHHOSUHVLGHQWH\HOVHFUHWDULRGHODUHVSHFWLYDFjPDUDFHUWLqTXHQVREUHODH[DFWLWXGGHGLFKDUHSURGXFFLnQ
$57f&8/2352&(',0,(172(1&$62'(3e5','$2'(6758&&,h1'('2&80(17265(*,675$'269$/25352%$725,2(QFDVRGH
SkUGLGDRGHGHVWUXFFLnQGHXQGRFXPHQWRUHJLVWUDGRSRGUjVXSOLUVHFRQXQFHUWLqFDGRGHODFjPDUDGHFRPHUFLRHQGRQGHKXELHUHVLGRLQVFULWR
HQHOTXHVHLQVHUWDUjHOWH[WRTXHVHFRQVHUYH(OGRFXPHQWRDVlVXSOLGRWHQGUjHOPLVPRYDORUSUREDWRULRGHORULJLQDOHQFXDQWRDODV
HVWLSXODFLRQHVRKHFKRVTXHFRQVWHQHQHOFHUWLqFDGR
/RGLVSXHVWRHQHVWHDUWlFXORQRVHDSOLFDUjDORVOLEURVUHJLVWUDGRV
$57f&8/2(02/80(1726325,16&5,3&,h12&(57,),&$&,h1&DGDLQVFULSFLnQRFHUWLqFDFLnQFDXVDUjORVHPROXPHQWRVTXHqMHODOH\
$57f&8/25e*,0(1'(75$16,&,h19$/25<()(&726'(/5(*,6752/RVDFWRV\GRFXPHQWRVUHJLVWUDGRVFRQIRUPHDODOHJLVODFLnQ
YLJHQWHDOHQWUDUDUHJLUHVWH&nGLJRFRQVHUYDUjQHOYDORUTXHWHQJDQGHDFXHUGRFRQODOH\SHURHQFXDQWRDORVHIHFWRVTXHkVWDDWULEX\DDO
UHJLVWURRDODRPLVLnQGHOPLVPRVHDSOLFDUjQODVGLVSRVLFLRQHVGHHVWH&nGLJR
$57f&8/2$3/,&$&,h1(;&/86,9$'(/35(6(17(&$3f78/2$/5(*,67520(5&$17,//RGLVSXHVWRHQHOSUHVHQWH&DSlWXORVHDSOLFDUj
H[FOXVLYDPHQWHDOUHJLVWURPHUFDQWLOVLQSHUMXLFLRGHODVLQVFULSFLRQHVH[LJLGDVHQOH\HVHVSHFLDOHV
7f78/2,9
'(/26/,%526'(&20(5&,2
&$3f78/2,
/,%526<3$3(/(6'(/&20(5&,$17(
$57f&8/2&21)250,'$''(/,%526<3$3(/(6'(/&20(5&,$17($/$61250$6&20(5&,$/(60(',263$5$(/$6,(172'(
23(5$&,21(67RGRFRPHUFLDQWHFRQIRUPDUjVXFRQWDELOLGDGOLEURVUHJLVWURVFRQWDEOHVLQYHQWDULRV\HVWDGRVqQDQFLHURVHQJHQHUDODODV
GLVSRVLFLRQHVGHHVWH&nGLJR\GHPjVQRUPDVVREUHODPDWHULD'LFKDVQRUPDVSRGUjQDXWRUL]DUHOXVRGHVLVWHPDVTXHFRPRODPLFURqOPDFLnQ
IDFLOLWHQODJXDUGDGHVXDUFKLYR\FRUUHVSRQGHQFLD$VLPLVPRVHUjSHUPLWLGDODXWLOL]DFLnQGHRWURVSURFHGLPLHQWRVGHUHFRQRFLGRYDORUWkFQLFR
FRQWDEOHFRQHOqQGHDVHQWDUVXVRSHUDFLRQHVVLHPSUHTXHIDFLOLWHHOFRQRFLPLHQWR\SUXHEDGHODKLVWRULDFODUDFRPSOHWD\qGHGLJQDGHORV
DVLHQWRVLQGLYLGXDOHV\HOHVWDGRJHQHUDOGHORVQHJRFLRV
$57f&8/2/,%526'(&20(5&,2&21&(3723DUDORVHIHFWRVOHJDOHVFXDQGRVHKDJDUHIHUHQFLDDORVOLEURVGHFRPHUFLRVHHQWHQGHUjQ
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
SRUWDOHVORVTXHGHWHUPLQHODOH\FRPRREOLJDWRULRV\ORVDX[LOLDUHVQHFHVDULRVSDUDHOFRPSOHWRHQWHQGLPLHQWRGHDTXkOORV
$57f&8/2&217$%,/,'$'"5(48,6,726/DFRQWDELOLGDGVRODPHQWHSRGUjOOHYDUVHHQLGLRPDFDVWHOODQRSRUHOVLVWHPDGHSDUWLGDGREOHHQ
OLEURVUHJLVWUDGRVGHPDQHUDTXHVXPLQLVWUHXQDKLVWRULDFODUDFRPSOHWD\qGHGLJQDGHORVQHJRFLRVGHOFRPHUFLDQWHFRQVXMHFLnQDODV
UHJODPHQWDFLRQHVTXHH[SLGDHOJRELHUQR
5HJODPHQWDGRSRUHO'HFUHWRGH
$57f&8/2&20352%$17(6<&255(6321'(1&,$3$57('(/$&217$%,/,'$'+DUjQSDUWHLQWHJUDQWHGHODFRQWDELOLGDGWRGRVORV
FRPSUREDQWHVTXHVLUYDQGHUHVSDOGRDODVSDUWLGDVDVHQWDGDVHQORVOLEURVDVlFRPRODFRUUHVSRQGHQFLDGLUHFWDPHQWHUHODFLRQDGDFRQORV
QHJRFLRV
$57f&8/22%/,*$725,('$''((/$%25$53(5,h',&$0(17(81,19(17$5,2<81%$/$1&(*(1(5$/$OLQLFLDUVXVDFWLYLGDGHV
FRPHUFLDOHV\SRUORPHQRVXQDYH]DODmRWRGRFRPHUFLDQWHHODERUDUjXQLQYHQWDULR\XQEDODQFHJHQHUDOTXHSHUPLWDQFRQRFHUGHPDQHUD
FODUD\FRPSOHWDODVLWXDFLnQGHVXSDWULPRQLR
$57f&8/2$6,(172'(/$623(5$&,21(60(5&$17,/(6&20352%$17('(&217$%,/,'$'&21&(372(QORVOLEURVVHDVHQWDUjQHQ
RUGHQFURQROnJLFRODVRSHUDFLRQHVPHUFDQWLOHV\WRGDVDTXHOODVTXHSXHGDQLQrXLUHQHOSDWULPRQLRGHOFRPHUFLDQWHKDFLHQGRUHIHUHQFLDDORV
FRPSUREDQWHVGHFRQWDELOLGDGTXHODVUHVSDOGHQ
(OFRPSUREDQWHGHFRQWDELOLGDGHVHOGRFXPHQWRTXHGHEHHODERUDUVHSUHYLDPHQWHDOUHJLVWURGHFXDOTXLHURSHUDFLnQ\HQHOFXDOVHLQGLFDUjHO
QoPHURIHFKDRULJHQGHVFULSFLnQ\FXDQWlDGHODRSHUDFLnQDVlFRPRODVFXHQWDVDIHFWDGDVFRQHODVLHQWR$FDGDFRPSUREDQWHVHDQH[DUjQ
ORVGRFXPHQWRVTXHORMXVWLqTXHQ
$57f&8/22%/,*$725,('$''(&216(59$5/$&255(6321'(1&,$&20(5&,$/(OFRPHUFLDQWHGHEHUjGHMDUFRSLDqHOGHOD
FRUUHVSRQGHQFLDTXHGLULMDHQUHODFLnQFRQORVQHJRFLRVSRUFXDOTXLHUPHGLRTXHDVHJXUHODH[DFWLWXG\GXUDFLnQGHODFRSLD$VLPLVPR
FRQVHUYDUjODFRUUHVSRQGHQFLDTXHUHFLEDHQUHODFLnQFRQVXVDFWLYLGDGHVFRPHUFLDOHVFRQDQRWDFLnQGHODIHFKDGHFRQWHVWDFLnQRGHQR
KDEHUVHGDGRUHVSXHVWD
$57f&8/22%/,*$725,('$''(&216(59$5/26&20352%$17(6'(/26$6,(1726&217$%/(6(OFRPHUFLDQWHFRQVHUYDUjDUFKLYDGRV\
RUGHQDGRVORVFRPSUREDQWHVGHORVDVLHQWRVGHVXVOLEURVGHFRQWDELOLGDGGHPDQHUDTXHHQFXDOTXLHUPRPHQWRVHIDFLOLWHYHULqFDUVX
H[DFWLWXG
$57f&8/2/,%526+2-$65(029,%/(62%/,*$725,('$''(180(5$50RGLqFDGRSRUHODUW'HFUHWR1DFLRQDOGH/RV
OLEURVSRGUjQVHUGHKRMDVUHPRYLEOHVRIRUPDUVHSRUVHULHVFRQWLQXDVGHWDUMHWDVVLHPSUHTXHXQDV\RWUDVHVWkQQXPHUDGDVSXHGDQ
FRQVHUYDUVHDUFKLYDGDVHQRUGHQ\DSDUH]FDQDXWHQWLFDGDVFRQIRUPHDODUHJODPHQWDFLnQGHO*RELHUQR
$OWHUDUHQORVDVLHQWRVHORUGHQRODIHFKDGHODVRSHUDFLRQHVDTXHkVWRVVHUHqHUHQ
'HMDUHVSDFLRVTXHIDFLOLWHQLQWHUFDODFLRQHVRDGLFLRQHVHQHOWH[WRGHORVDVLHQWRVRDFRQWLQXDFLnQGHORVPLVPRV
+DFHULQWHUOLQHDFLRQHVUDVSDGXUDVRFRUUHFFLRQHVHQORVDVLHQWRV&XDOTXLHUHUURUXRPLVLnQVHVDOYDUjFRQXQQXHYRDVLHQWRHQODIHFKDHQ
TXHVHDGYLUWLHUH
%RUUDURWDFKDUHQWRGRRHQSDUWHORVDVLHQWRV
$UUDQFDUKRMDVDOWHUDUHORUGHQGHODVPLVPDVRPXWLODUORVOLEURVRDOWHUDUORVDUFKLYRVHOHFWUnQLFRV
&UHDUFXHQWDVHQORVOLEURVFRQWDEOHVTXHQRFXHQWHQFRQORVFRPSUREDQWHV\VRSRUWHVFRUUHVSRQGLHQWHV
1RDVHQWDUHQORVOLEURVFRQWDEOHVODVRSHUDFLRQHVHIHFWXDGDV
/OHYDUGREOHFRQWDELOLGDGHVGHFLUOOHYDUGRVRPjVOLEURVLJXDOHVHQORVTXHUHJLVWUHHQIRUPDGLIHUHQWHODVPLVPDVRSHUDFLRQHVRFXDQGR
WHQJDGLVWLQWRVFRPSUREDQWHVVREUHORVPLVPRVDFWRV
5HJLVWUDUHQORVOLEURVFRQWDEOHVRSHUDFLRQHVGHPDQHUDLQDGHFXDGDJDVWRVLQH[LVWHQWHVRSDVLYRVVLQODLGHQWLqFDFLnQFRUUHFWD
8WLOL]DUGRFXPHQWRVIDOVRVTXHVLUYDQGHVRSRUWHDODFRQWDELOLGDG\
$EVWHQHUVHGHUHYHODUSDUWLGDVHQORVHVWDGRVqQDQFLHURVVLQODGHELGDFRUUHVSRQGHQFLDFRQODVFXHQWDVDVHQWDGDVHQORVOLEURVGH
FRQWDELOLGDG
MXULVSUXGHQFLD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/26$1&,21(63259,2/$&,21(6$/$6352+,%,&,21(662%5(/26/,%526'(&20(5&,2$/$62%/,*$&,21(6'(/&20(5&,$17(
<275$6 0RGLqFDGRSRUHO$UWGHOD/H\GH 6LQSHUMXLFLRGHODVSHQDV\VDQFLRQHVHVWDEOHFLGDVHQQRUPDVHVSHFLDOHVOD
YLRODFLnQDODVREOLJDFLRQHV\SURKLELFLRQHVHVWDEOHFLGDVHQORV$UWlFXORV\HQHO&DSlWXORGHO7lWXOR,9GHO/LEURGHO&nGLJRGH&RPHUFLRR
HOQRVXPLQLVWURGHODLQIRUPDFLnQUHTXHULGDSRUODVDXWRULGDGHVGHFRQIRUPLGDGFRQODVQRUPDVYLJHQWHVRHOLQFXPSOLPLHQWRGHODSURKLELFLnQ
GHHMHUFHUHOFRPHUFLRSURIHVLnQXRqFLRSURIHULGDSRUDXWRULGDGMXGLFLDOFRPSHWHQWHVHUjVDQFLRQDGDFRQXQDPXOWDGHKDVWDGRVPLO
VDODULRVPlQLPRVOHJDOHVPHQVXDOHVYLJHQWHVVLVHWUDWDUHGHSHUVRQDVQDWXUDOHV\GHFLHQPLO VDODULRVPlQLPRVOHJDOHVPHQVXDOHV
YLJHQWHVHQHOFDVRGHSHUVRQDVMXUlGLFDVFRQIRUPHFRQORHVWDEOHFLGRHQHO$UWlFXORGHOD/H\GHRODVQRUPDVTXHORPRGLqTXHQR
DGLFLRQHQ/DVDQFLnQVHUjLPSXHVWDSRUOD6XSHULQWHQGHQFLDGH6RFLHGDGHVRHOHQWHGHLQVSHFFLnQYLJLODQFLD\FRQWUROFRUUHVSRQGLHQWHVHJoQ
HOFDVRGHRqFLRRDSHWLFLnQGHFXDOTXLHUSHUVRQD
(QHOFDVRGHODVSHUVRQDVMXUlGLFDVODDXWRULGDGFRPSHWHQWHGHEHUjWHQHUHQFXHQWDSDUDODLPSRVLFLnQGHODPXOWDODFDSDFLGDGSDWULPRQLDO
GHODSHUVRQDMXUlGLFD&XDQGRVHWUDWHGHS\PHV\PLS\PHVODDXWRULGDGFRPSHWHQWHGHEHUjSURFHGHUFRQHVSHFLDOSUHFDXFLnQ
(QHOHYHQWRTXHXQDSHUVRQDTXHKD\DVLGRVDQFLRQDGDSRUDXWRULGDGMXGLFLDOFRQODLQKDELOLWDFLnQSDUDHMHUFHUHOFRPHUFLRSURIHVLnQXRqFLR
HVWkHMHUFLHQGRGLFKDDFWLYLGDGDWUDYkVGHXQHVWDEOHFLPLHQWRGHFRPHUFLRDGLFLRQDODODPXOWDHVWDEOHFLGDHQHOSjUUDIRDQWHULRUOD
6XSHULQWHQGHQFLDGH6RFLHGDGHVRHOHQWHGHLQVSHFFLnQYLJLODQFLD\FRQWUROFRUUHVSRQGLHQWHVHJoQHOFDVRGHRqFLRRDSHWLFLnQGHFXDOTXLHU
SHUVRQDRUGHQDUjODVXVSHQVLnQGHODVDFWLYLGDGHVFRPHUFLDOHVGHVDUUROODGDVHQHOHVWDEOHFLPLHQWRSRUXQWkUPLQRGHKDVWDGRVPHVHV(QFDVR
GHUHLQFLGHQFLDRUGHQDUjHOFLHUUHGHqQLWLYRGHOHVWDEOHFLPLHQWRGHFRPHUFLR
MXULVSUXGHQFLD
$57f&8/2&255(6321'(1&,$(175(/26/,%526</26&20352%$17(6(QWUHORVDVLHQWRVGHORVOLEURV\ORVFRPSUREDQWHVGHODVFXHQWDV
H[LVWLUjODGHELGDFRUUHVSRQGHQFLDVRSHQDGHTXHFDUH]FDQGHHqFDFLDSUREDWRULDHQIDYRUGHOFRPHUFLDQWHREOLJDGRDOOHYDUORV
$57f&8/2&216(59$&,h1'(/26/,%526<3$3(/(6&217$%/(65(352'8&&,h1(;$&7$5HIRUPDGRSRUHO$UWlFXORGHOD/H\GH
/RVOLEURV\SDSHOHVDTXHVHUHqHUHHVWH&DSlWXORGHEHUjQVHUFRQVHUYDGRVFXDQGRPHQRVSRUGLH]DmRVFRQWDGRVGHVGHHOFLHUUHGH
DTXkOORVRODIHFKDGHOoOWLPRDVLHQWRGRFXPHQWRRFRPSUREDQWH7UDQVFXUULGRHVWHODSVRSRGUjQVHUGHVWUXLGRVSRUHOFRPHUFLDQWHVLHPSUH
TXHSRUFXDOTXLHUPHGLRWkFQLFRDGHFXDGRJDUDQWLFHVXUHSURGXFFLnQH[DFWD$GHPjVDQWHODFjPDUDGHFRPHUFLRGRQGHIXHURQUHJLVWUDGRVORV
OLEURVVHYHULqFDUjODH[DFWLWXGGHODUHSURGXFFLnQGHODFRSLD\HOVHFUHWDULRGHODPLVPDqUPDUjDFWDHQODTXHDQRWDUjORVOLEURV\SDSHOHVTXH
VHGHVWUX\HURQ\HOSURFHGLPLHQWRXWLOL]DGRSDUDVXUHSURGXFFLnQ
&XDQGRVHH[SLGDFRSLDGHXQGRFXPHQWRFRQVHUYDGRFRPRVHSUHYkHQHVWHDUWlFXORVHKDUjFRQVWDUHOFXPSOLPLHQWRGHODVIRUPDOLGDGHV
DQWHULRUHV
&$3f78/2,,
5(6(59$<(;+,%,&,h1'(/,%526'(&20(5&,2
$57f&8/2(;&(3&,21(6$/'(5(&+2'(5(6(59$5HIRUPDGRSRUHO$UWlFXORGHOD/H\GH/RVOLEURV\SDSHOHVGHOFRPHUFLDQWH
QRSRGUjQH[DPLQDUVHSRUSHUVRQDVGLVWLQWDVGHVXVSURSLHWDULRVRSHUVRQDVDXWRUL]DGDVSDUDHOORVLQRSDUDORVqQHVLQGLFDGRVHQOD
&RQVWLWXFLnQ1DFLRQDO\PHGLDQWHRUGHQGHDXWRULGDGFRPSHWHQWH
/RGLVSXHVWRHQHVWHDUWlFXORQRUHVWULQJLUjHOGHUHFKRGHLQVSHFFLnQTXHFRQqHUHODOH\DORVDVRFLDGRVVREUHOLEURV\SDSHOHVGHODVFRPSDmlDV
FRPHUFLDOHVQLHOTXHFRUUHVSRQGDDTXLHQHVFXPSODQIXQFLRQHVGHYLJLODQFLDRDXGLWRUlDHQODVPLVPDV
$57f&8/26$1&,21(63259,2/$&,h1'(5(6(59$'(/26/,%526(OUHYLVRUqVFDOHOFRQWDGRURHOWHQHGRUGHORVOLEURVUHJXODGRVHQHVWH
7lWXORTXHYLROHQODUHVHUYDGHORVPLVPRVVHUjVDQFLRQDGRFRQDUUHJORDO&nGLJR3HQDOHQFXDQWRDODYLRODFLnQGHVHFUHWRV\FRUUHVSRQGHQFLD
VLQSHUMXLFLRGHODVVDQFLRQHVGLVFLSOLQDULDVGHOFDVR
$57f&8/2(;+,%,&,h12(;$0(1'(/,%526'(&20(5&,225'(1$'2'(2),&,2/RVIXQFLRQDULRVGHODVUDPDVMXULVGLFFLRQDO\HMHFXWLYD
GHOSRGHUSoEOLFRVRODPHQWHSRGUjQRUGHQDUGHRqFLRODSUHVHQWDFLnQRH[DPHQGHORVOLEURV\SDSHOHVGHOFRPHUFLDQWHHQORVFDVRVVLJXLHQWHV
3DUDODWDVDFLnQGHORVLPSXHVWRVDqQGHYHULqFDUODH[DFWLWXGGHODVGHFODUDFLRQHV
3DUDODYLJLODQFLDGHORVHVWDEOHFLPLHQWRVGHFUkGLWRODVVRFLHGDGHVPHUFDQWLOHV\ODVLQVWLWXFLRQHVGHXWLOLGDGFRPoQ
(QODLQYHVWLJDFLnQGHGHOLWRVFRQIRUPHDODVGLVSRVLFLRQHVGHO&nGLJRGH3URFHGLPLHQWR3HQDO\
(QORVSURFHVRVFLYLOHVFRQIRUPHDODVQRUPDVGHO&nGLJRGH3URFHGLPLHQWR&LYLO
$57f&8/2(;+,%,&,h1<(;$0(1*(1(5$/'(/,%526/RVWULEXQDOHVRMXHFHVFLYLOHVSRGUjQRUGHQDUGHRqFLRRDLQVWDQFLDGHSDUWHOD
H[KLELFLnQ\H[DPHQJHQHUDOGHORVOLEURV\SDSHOHVGHXQFRPHUFLDQWHHQORVFDVRVGHTXLHEUD\GHOLTXLGDFLnQGHVXFHVLRQHVFRPXQLGDGHV\
VRFLHGDGHV
$57f&8/2(;+,%,&,h13$5&,$/'(/,%526(QVLWXDFLRQHVGLVWLQWDVGHODVFRQWHPSODGDVHQORVDUWlFXORVDQWHULRUHVVRODPHQWHSRGUjQVHU
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
H[DPLQDGRVORVOLEURV\SDSHOHVGHFRPHUFLRPHGLDQWHH[KLELFLnQRUGHQDGDSRUORVWULEXQDOHVRMXHFHVDSHWLFLnQGHSDUWHOHJlWLPDSHUROD
H[KLELFLnQ\H[DPHQVHOLPLWDUjQDORVOLEURV\SDSHOHVTXHVHUHODFLRQHQFRQODFRQWURYHUVLD
/DH[KLELFLnQGHOLEURVSRGUjVROLFLWDUVHDQWHVGHVHULQLFLDGRHOMXLFLRFRQHOqQGHSUHFRQVWLWXLUSUXHEDVXRUGHQDUVHGHQWURGHOSURFHVR(O
VROLFLWDQWHDFUHGLWDUjODFDOLGDGGHFRPHUFLDQWHGHTXLHQKD\DGHH[KLELUORV
$57f&8/2)250$'(35$&7,&$5/$(;+,%,&,h1(OH[DPHQGHORVOLEURVVHSUDFWLFDUjHQODVRqFLQDVRHVWDEOHFLPLHQWRVGHOFRPHUFLDQWH\
HQSUHVHQFLDGHkVWHRGHODSHUVRQDTXHORUHSUHVHQWH(OMXH]RIXQFLRQDULRKDUjFRQVWDUORVKHFKRV\DVLHQWRVYHULqFDGRV\DGHPjVGHO
HVWDGRJHQHUDOGHODFRQWDELOLGDGRGHORVOLEURVFRQHOqQGHDSUHFLDUVLVHOOHYDQFRQIRUPHDODOH\\HQFRQVHFXHQFLDUHFRQRFHUOHVRQRHO
YDORUSUREDWRULRFRUUHVSRQGLHQWH
$57f&8/25(18(1&,$$/$(;+,%,&,h1'(/26/,%5266LHOFRPHUFLDQWHQRSUHVHQWDORVOLEURV\SDSHOHVFX\DH[KLELFLnQVHGHFUHWDRFXOWD
DOJXQRGHHOORVRLPSLGHVXH[DPHQVHWHQGUjQFRPRSUREDGRVHQVXFRQWUDORVKHFKRVTXHODRWUDSDUWHVHSURSRQJDGHPRVWUDUVLSDUDHVRV
KHFKRVHVDGPLVLEOHODFRQIHVLnQ
4XLHQVROLFLWHODH[KLELFLnQGHORVOLEURV\SDSHOHVGHXQFRPHUFLDQWHVHHQWLHQGHTXHSRQHDGLVSRVLFLnQGHOMXH]ORVSURSLRV
&$3f78/2,,,
(),&$&,$352%$725,$'(/26/,%526<3$3(/(6'(&20(5&,2
$57f&8/29$/,'(=/,%526<3$3(/(6'(&20(5&,2'HURJDGRSRUHOOLWHUDOF DUW/H\GH/RVOLEURV\SDSHOHVGHFRPHUFLR
FRQVWLWXLUjQSOHQDSUXHEDHQODVFXHVWLRQHVPHUFDQWLOHVTXHORVFRPHUFLDQWHVGHEDWDQHQWUHVlMXGLFLDORH[WUDMXGLFLDOPHQWH
(QPDWHULDFLYLODoQHQWUHFRPHUFLDQWHVGLFKRVOLEURV\SDSHOHVVnORWHQGUjQYDORUFRQWUDVXSURSLHWDULRHQORTXHHQHOORVFRQVWHGHPDQHUD
FODUD\FRPSOHWD\VLHPSUHTXHVXFRQWUDSDUWHQRORUHFKDFHHQORTXHOHVHDGHVIDYRUDEOH
$57f&8/2&8(67,21(60(5&$17,/(6&213(5621$612&20(5&,$17(6'HURJDGRSRUHOOLWHUDOF DUW/H\GH(QODV
FXHVWLRQHVPHUFDQWLOHVFRQSHUVRQDQRFRPHUFLDQWHORVOLEURVVnORFRQVWLWXLUjQXQSULQFLSLRGHSUXHEDHQIDYRUGHOFRPHUFLDQWHTXHQHFHVLWDUj
VHUFRPSOHWDGRFRQRWUDVSUXHEDVOHJDOHV
$57f&8/29$/25352%$725,2'(/,%526<3$3(/(6(1',)(5(1&,$6(175(&20(5&,$17(65(*/$6'HURJDGRSRUHOOLWHUDOF DUW
/H\GH(QODVGLIHUHQFLDVTXHVXUMDQHQWUHFRPHUFLDQWHVHOYDORUSUREDWRULRGHVXVOLEURV\SDSHOHVVHGHWHUPLQDUjVHJoQODV
VLJXLHQWHVUHJODV
6LORVOLEURVGHDPEDVSDUWHVHVWjQDMXVWDGRVDODVSUHVFULSFLRQHVOHJDOHV\FRQFXHUGDQHQWUHVlVHGHFLGLUjFRQIRUPHDOFRQWHQLGRGHVXV
DVLHQWRV
6LORVOLEURVGHDPEDVSDUWHVVHDMXVWDQDODOH\SHURVXVDVLHQWRVQRFRQFXHUGDQVHGHFLGLUjWHQLHQGRHQFXHQWDTXHORVOLEURV\SDSHOHVGH
FRPHUFLRFRQVWLWX\HQXQDFRQIHVLnQ
6LORVOLEURVGHXQDGHODVSDUWHVQRHVWjQDMXVWDGRVDODOH\VHGHFLGLUjFRQIRUPHDORVGHODFRQWUDSDUWHTXHORVOOHYHGHELGDPHQWHVLDTXkOOD
QRDGXFHSOHQDSUXHEDTXHGHVWUX\DRGHVYLUWoHHOFRQWHQLGRGHWDOHVOLEURV
6LORVOLEURVGHDPEDVSDUWHVQRVHDMXVWDQDODVSUHVFULSFLRQHVOHJDOHVVHSUHVFLQGLUjWRWDOPHQWHGHHOORV\VRORVHWRPDUjQHQFXHQWDODV
GHPjVSUXHEDVDOOHJDGDVDOMXLFLR\
6LXQDGHODVSDUWHVOOHYDOLEURVDMXVWDGRVDODOH\\ODRWUDQROOHYDFRQWDELOLGDGRQRODSUHVHQWDVHGHFLGLUjFRQIRUPHDORVGHDTXkOODVLQ
DGPLWLUSUXHEDHQFRQWUDULR
$57f&8/2$&(37$&,h1'(/248(&2167((1/,%526'(/$&2175$3$57('HURJDGRSRUHOOLWHUDOF DUW/H\GH6LXQD
SDUWHRIUHFHHVWDUDORTXHFRQVWHHQORVOLEURV\SDSHOHVGHODRWUDVHGHFLGLUjFRQIRUPHDHOORV
$57f&8/235,1&,3,2'(,1',9,6,%,/,'$''HURJDGRSRUHOOLWHUDOF DUW/H\GH/DIHGHELGDDORVOLEURVHVLQGLYLVLEOH(Q
FRQVHFXHQFLDODSDUWHTXHDFHSWHHQORIDYRUDEOHORVOLEURVGHVXDGYHUVDULRHVWDUjREOLJDGDDSDVDUSRUWRGDVODVHQXQFLDFLRQHVSHUMXGLFLDOHV
TXHHOORVFRQWHQJDQVLVHDMXVWDQDODVSUHVFULSFLRQHVOHJDOHV\QRVHFRPSUXHEDIUDXGH
$57f&8/2$3/,&$&,h1'(5(*/$635(&('(17(6'HURJDGRSRUHOOLWHUDOF DUW/H\GH6LHOFRPHUFLDQWHDFX\RVOLEURV\
SDSHOHVVHGHqHUHODGHFLVLnQGHOFDVRQRORVOOHYDORVRFXOWDRORVOOHYDLUUHJXODUPHQWHVHGHFLGLUjFRQIRUPHDODVGLVSRVLFLRQHVSUHFHGHQWHV
$57f&8/2'2%/(&217$%,/,'$'&216(&8(1&,$6'HURJDGRSRUHOOLWHUDOF DUW/H\GH6LXQFRPHUFLDQWHOOHYDGREOH
FRQWDELOLGDGRLQFXUUHHQFXDOTXLHURWURIUDXGHGHWDOQDWXUDOH]DVXVOLEURV\SDSHOHVVnORWHQGUjQYDORUHQVXFRQWUD
+DEUjGREOHFRQWDELOLGDGFXDQGRXQFRPHUFLDQWHOOHYDGRVRPjVOLEURVLJXDOHVHQORVTXHUHJLVWUHHQIRUPDGLIHUHQWHODVPLVPDVRSHUDFLRQHVR
FXDQGRWHQJDGLVWLQWRVFRPSUREDQWHVVREUHORVPLVPRVDFWRV
7f78/29
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
'(/$&203(7(1&,$'(6/($/
$57f&8/2+(&+26&2167,787,926'(&203(7(1&,$'(6/($/'HURJDGRSRUHODUW/H\GH&RQVWLWX\HQFRPSHWHQFLDGHVOHDO
ORVVLJXLHQWHVKHFKRV
/RVPHGLRVRVLVWHPDVHQFDPLQDGRVDFUHDUFRQIXVLnQFRQXQFRPSHWLGRUVXVHVWDEOHFLPLHQWRVGHFRPHUFLRVXVSURGXFWRVRVHUYLFLRV
/RVPHGLRVRVLVWHPDVWHQGLHQWHVDGHVDFUHGLWDUDXQFRPSHWLGRUVXVHVWDEOHFLPLHQWRVGHFRPHUFLRVXVSURGXFWRVRVHUYLFLRV
/RVPHGLRVRVLVWHPDVGLULJLGRVDGHVRUJDQL]DULQWHUQDPHQWHXQDHPSUHVDFRPSHWLGRUDRDREWHQHUVXVVHFUHWRV
/RVPHGLRVRVLVWHPDVHQFDX]DGRVDREWHQHUODGHVYLDFLnQGHODFOLHQWHODVLHPSUHTXHVHDQFRQWUDULRVDODVFRVWXPEUHVPHUFDQWLOHV
/RVPHGLRVRVLVWHPDVHQFDPLQDGRVDFUHDUGHVRUJDQL]DFLnQJHQHUDOGHOPHUFDGR
/DVPDTXLQDFLRQHVUHLWHUDGDVWHQGLHQWHVDSULYDUDXQFRPSHWLGRUGHVXVWkFQLFRVRHPSOHDGRVGHFRQqDQ]DDXQTXHQRSURGX]FDQOD
GHVRUJDQL]DFLnQGHODHPSUHVDQLVHREWHQJDQVXVVHFUHWRV
/DXWLOL]DFLnQGLUHFWDRLQGLUHFWDGHXQDGHQRPLQDFLnQGHRULJHQIDOVDRHQJDmRVDODLPLWDFLnQGHRULJHQDXQTXHVHLQGLTXHODYHUGDGHUD
SURFHGHQFLDGHOSURGXFWRRVHHPSOHHHQWUDGXFFLnQRYD\DDFRPSDmDGDGHH[SUHVLRQHVWDOHVFRPR JkQHUR PDQHUD LPLWDFLnQ RVLPLODUHV
/DVLQGLFDFLRQHVRSRQGHUDFLRQHVFX\RXVRSXHGDLQGXFLUDOSoEOLFRDHUURUVREUHODQDWXUDOH]DPRGRGHIDEULFDFLnQFDUDFWHUlVWLFDVDSWLWXG
HQHOHPSOHRRFDQWLGDGGHOSURGXFWR\
(QJHQHUDOFXDOTXLHURWURSURFHGLPLHQWRVLPLODUDORVDQWHULRUHVUHDOL]DGRSRUXQFRPSHWLGRUHQGHWULPHQWRGHRWURVRGHODFROHFWLYLGDG
VLHPSUHTXHVHDFRQWUDULRDODVFRVWXPEUHVPHUFDQWLOHV
$57f&8/2&203(7(1&,$'(6/($/6$1&,21(6'HURJDGRSRUHODUW/H\GH(OSHUMXGLFDGRSRUDFWRVGHFRPSHWHQFLDGHVOHDO
WHQGUjDFFLnQSDUDTXHVHOHLQGHPQLFHQORVSHUMXLFLRVFDXVDGRV\VHFRQPLQHHQODVHQWHQFLDDOLQIUDFWRUEDMRPXOWDVVXFHVLYDVKDVWDGH
FLQFXHQWDPLOSHVRVFRQYHUWLEOHVHQDUUHVWRDqQGHTXHVHDEVWHQJDGHUHSHWLUORVDFWRVGHFRPSHWHQFLDGHVOHDO
(OMXH]DQWHVGHOWUDVODGRGHODGHPDQGDGHFUHWDUjGHSODQRODVPHGLGDVFDXWHODUHVTXHHVWLPHQHFHVDULDVVLHPSUHTXHDODGHPDQGDVH
DFRPSDmHSUXHEDSOHQDDXQTXHVXPDULDGHODLQIUDFFLnQ\SUHVWHODFDXFLnQTXHVHOHVHmDOHSDUDJDUDQWL]DUORVSHUMXLFLRVTXHFRQHVDV
PHGLGDVSXHGDFDXVDUDOGHPDQGDGRRDWHUFHURVGXUDQWHHOSURFHVR
$57f&8/2&203(7(1&,$'(6/($/3523$*$1'$'HURJDGRSRUHODUW/H\GH3URKlEHVHODSURSDJDQGDFRPHUFLDOTXHWLHQGDD
HVWDEOHFHUFRPSHWHQFLDGHVOHDODRWURVSURGXFWRUHVRGLVWULEXLGRUHVGHPHUFDQFlDVHQJHQHUDORVHUYLFLRVGHLJXDORVLPLODUQDWXUDOH]D
3UHVoPHVHGHVOHDOODSURSDJDQGDFRPHUFLDOVLVHKDFHSRUVLVWHPDVGHERQLqFDFLnQDOFRQVXPLGRUFRQVLVWHQWHHQULIDVVRUWHRVFXSRQHVERQRV
YDOHVHVWDPSLOODV\RWURVPHGLRVSDJDGHURVHQGLQHURRHQHVSHFLHHQORVVLJXLHQWHVFDVRV
&XDQGRVHWUDWHGHDUWlFXORVFDWDORJDGRVRqFLDOPHQWHGHSULPHUDQHFHVLGDG
&XDQGRVHDQSURGXFWRVRVHUYLFLRVVRPHWLGRVDFRQWUROHVVDQLWDULRV
&XDQGRHOSUHFLRGHORVSURGXFWRVRVHUYLFLRVHQHOPHUFDGRRVXFDOLGDGVHDIHFWHQSRUHOFRVWRGHODVERQLqFDFLRQHV\
&XDQGRHOLQFHQWLYRSDUDHOFRQVXPLGRUHVWkHQFRPELQDFLnQFRQFXDOTXLHUSURFHGLPLHQWRHQTXHLQWHUYHQJDHOD]DU
7RGDLQIUDFFLnQDHVWHDUWlFXORVHUjVDQFLRQDGDSRUHOUHVSHFWLYRDOFDOGHPXQLFLSDOGHRqFLRRDSHWLFLnQGHODSHUVRQDTXHDFUHGLWHORVKHFKRV
FRQPXOWDVVXFHVLYDVKDVWDGHFLQFXHQWDPLOSHVRVFRQYHUWLEOHVHQDUUHVWR
127$(OWH[WRVXEUD\DGRIXHGHFODUDGR,1(;(48,%/(SRUOD&RUWH6XSUHPDGH-XVWLFLDPHGLDQWH6HQWHQFLD&GH0DJLVWUDGR3RQHQWH
'U+HUQDQGR*nPH]2WjORUD
7f78/29,
'(/$6&d0$5$6'(&20(5&,2
$57f&8/2'(),1,&,h1'(&d0$5$'(&20(5&,2/DVFjPDUDVGHFRPHUFLRVRQLQVWLWXFLRQHVGHRUGHQOHJDOFRQSHUVRQHUlDMXUlGLFDFUHDGDV
SRUHO*RELHUQR1DFLRQDOGHRqFLRRDSHWLFLnQGHORVFRPHUFLDQWHVGHOWHUULWRULRGRQGHKD\DQGHRSHUDU'LFKDVHQWLGDGHVVHUjQUHSUHVHQWDGDV
SRUVXVUHVSHFWLYRVSUHVLGHQWHV
$57f&8/2,17(*5$&,h1<-85,6',&&,h1'(/$6&d0$5$6'(&20(5&,20RGLqFDGRSRUHODUW/H\GH&DGDFjPDUDGH
FRPHUFLRHVWDUjLQWHJUDGDSRUORVFRPHUFLDQWHVLQVFULWRVHQVXUHVSHFWLYRUHJLVWURPHUFDQWLO7HQGUjXQDMXQWDGHGLUHFWRUHVFRPSXHVWDSRUXQ
QoPHURGHVHLVDGRFHPLHPEURVFRQVXVUHVSHFWLYRVVXSOHQWHVVHJoQORGHWHUPLQHHO*RELHUQR1DFLRQDOHQDWHQFLnQDODLPSRUWDQFLD
FRPHUFLDOGHODFRUUHVSRQGLHQWHFLUFXQVFULSFLnQ
(O*RELHUQR1DFLRQDOGHWHUPLQDUjODMXULVGLFFLnQGHFDGDFjPDUDWHQLHQGRHQFXHQWDODFRQWLQXLGDGJHRJUjqFD\ORVYlQFXORVFRPHUFLDOHVGHORV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
PXQLFLSLRVTXHDJUXSDUHGHQWURGHODFXDOHMHUFHUjQVXVIXQFLRQHV
$57f&8/2,17(*5$&,h1'(/$6-817$6',5(&7,9$6/DV-XQWDV'LUHFWLYDVGHODV&jPDUDVGH&RPHUFLRHVWDUjQFRQIRUPDGDVSRUDqOLDGRV
HOHJLGRV\SRUUHSUHVHQWDQWHVGHVLJQDGRVSRUHO*RELHUQR1DFLRQDO/RVPLHPEURVVHUjQSULQFLSDOHV\VXSOHQWHV
(O*RELHUQR1DFLRQDOHVWDUjUHSUHVHQWDGRHQODVMXQWDVGLUHFWLYDVGHODV&jPDUDVGH&RPHUFLRKDVWDHQXQDWHUFHUDSDUWHGHFDGDMXQWD
(O*RELHUQR1DFLRQDOqMDUjHOQoPHURGHPLHPEURVTXHFRQIRUPDUjQOD-XQWD'LUHFWLYDGHFDGDFjPDUDLQFOXLGRVORVUHSUHVHQWDQWHVGHO
*RELHUQRWHQLHQGRHQFXHQWDHOQoPHURGHDqOLDGRVHQFDGDXQD\ODLPSRUWDQFLDFRPHUFLDOGHODFRUUHVSRQGLHQWHFLUFXQVFULSFLnQ
(O*RELHUQRQDFLRQDOqMDUjHOQoPHURGHPLHPEURVTXHFRQIRUPDUjQOD-XQWD'LUHFWLYDGHFDGDFjPDUDLQFOXLGRVORVUHSUHVHQWDQWHVGHO*RELHUQR
QDFLRQDOGHQWURGHORVFXDOHVFRPRPlQLPRXQRGHHOORVGHEHUjSURFHGHUGHORVPLFURQHJRFLRVRPLFURHPSUHVDVGHODHFRQRPlDSRSXODUR
XQLGDGHVGHODHFRQRPlDVROLGDULDFDVRHQHOFXDOQRVHDSOLFDUjQORVUHTXLVLWRVVHmDODGRVSDUDORVGHPjVPLHPEURVGHMXQWD/DGHWHUPLQDFLnQ
GHOQoPHURGHPLHPEURVGHOD-XQWD'LUHFWLYDVHKDUjWHQLHQGRHQFXHQWDHOQoPHURGHDqOLDGRVHQFDGDXQD\ODLPSRUWDQFLDFRPHUFLDOGHOD
FRUUHVSRQGLHQWHFLUFXQVFULSFLnQ
MXULVSUXGHQFLD
,QFLVRPRGLqFDGRSRUHO$UWGHODOH\GH
3$5d*5$)23DUDUHDOL]DUODVHOHFFLRQHVGHEHQGLVSRQHUVHPHFDQLVPRVSUHVHQFLDOHV\YLUWXDOHVSDUDTXHFDGDPLHPEURXWLOLFHHOFDQDOGHVX
SUHIHUHQFLD
3DUjJUDIRDGLFLRQDGRSRUHO$UWGHODOH\GH
0RGLqFDGRSRUHODUW/H\GH
$57f&8/2(/(&&,h1'(',5(&725(6'HURJDGRSRUHODUW/H\GH&RQH[FHSFLnQGHORVUHSUHVHQWDQWHVGHO*RELHUQRORV
GLUHFWRUHVGHODVFjPDUDVVHUjQHOHJLGRVGLUHFWDPHQWHSRUORVFRPHUFLDQWHVLQVFULWRVHQODUHVSHFWLYDFjPDUDGHOLVWDVTXHVHLQVFULELUjQHQOD
DOFDOGlDGHOOXJDUDSOLFDQGRHOVLVWHPDGHOFXRFLHQWHHOHFWRUDO6LQHPEDUJRFXDQGRXQDFjPDUDGHFRPHUFLRWHQJDPjVGHWUHVFLHQWRV
FRPHUFLDQWHVLQVFULWRVHQHOUHJLVWURPHUFDQWLOODHOHFFLnQGHORVGLUHFWRUHVTXHOHFRUUHVSRQGDQVHKDUjSRUORVFRPHUFLDQWHVDqOLDGRVVLHPSUH
TXHHOQoPHURGHkVWRVVHDVXSHULRUDOGLH]SRUFLHQWRGHOWRWDOGHLQVFULWRV(O*RELHUQROHGHWHUPLQDUjDFDGDFjPDUDHOSRUFHQWDMHGHDqOLDGRV
TXHVHUHTXHULUjSDUDODHOHFFLnQHQSURSRUFLnQDOQoPHURWRWDOGHLQVFULWRVGHPRGRTXHGLFKRSRUFHQWDMHVHDVXqFLHQWHPHQWHUHSUHVHQWDWLYR
GHkVWRV
$57f&8/2(/(&&,h1'(',5(&725(6(1$6$0%/($60RGLqFDGRSRUHODUW/H\GH/DHOHFFLnQGHGLUHFWRUHVSDUDWRGDVODV
FjPDUDVGHFRPHUFLRVHOOHYDUjDFDERHQDVDPEOHDVTXHVHVLRQDUjQSRUGHUHFKRSURSLRFDGDGRVDmRVHQODVVHGHVUHVSHFWLYDV(O*RELHUQR
UHJODPHQWDUjHOSURFHGLPLHQWRODYLJLODQFLD\GHPjVIRUPDOLGDGHVGHHVWDVHOHFFLRQHV
/DVUHFODPDFLRQHVUHODWLYDVDODIRUPDFRPRVHKXELHUHSUHSDUDGRRHIHFWXDGRODHOHFFLnQRHOHVFUXWLQLRVHUjQGHFLGLGDVHQoQLFDLQVWDQFLDSRU
OD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLR
$57f&8/26(6,21(6'(/$-817$',5(&7,9$0RGLqFDGRSRUHODUW/H\GH/DMXQWDGLUHFWLYDVHVLRQDUjFXDQGRPHQRVXQD
YH]SRUPHV\VXVGHFLVLRQHVVHWRPDUjQFRQHOYRWRIDYRUDEOHGHODPD\RUlDGHVXVPLHPEURV
$57f&8/292723(5621$/(,1'(/(*$%/((1$6$0%/($6'HURJDGRSRUHODUW/H\GH(OYRWRHQODVDVDPEOHDVGHODV
FjPDUDVGHFRPHUFLRVHGDUjSHUVRQDOPHQWH\VHUjLQGHOHJDEOH/DVVRFLHGDGHVYRWDUjQDWUDYkVGHVXVUHSUHVHQWDQWHVOHJDOHV
$57f&8/25(48,6,7263$5$6(5',5(&7250RGLqFDGRSRUHODUW/H\GH3DUDVHUGLUHFWRUGHXQDFjPDUDGHFRPHUFLRVH
UHTXHULUjVHUFLXGDGDQRFRORPELDQRHQHMHUFLFLRGHVXVGHUHFKRVSROlWLFRVQRKDEHUVLGRVDQFLRQDGRSRUQLQJXQRGHORVGHOLWRVGHWHUPLQDGRVHQ
HODUWlFXORGHHVWH&nGLJRHVWDUGRPLFLOLDGRHQODUHVSHFWLYDFLUFXQVFULSFLnQVHUSHUVRQDGHUHFRQRFLGDKRQRUDELOLGDG1DGLHSRGUjHMHUFHUHO
FDUJRGHGLUHFWRUHQPjVGHXQDFjPDUDGHFRPHUFLR
$57f&8/2)81&,21(6'(/$6&d0$5$6'(&20(5&,2/DVFjPDUDVGHFRPHUFLRHMHUFHUjQODVVLJXLHQWHVIXQFLRQHV
6HUYLUGHnUJDQRGHORVLQWHUHVHVJHQHUDOHVGHOFRPHUFLRDQWHHO*RELHUQR\DQWHORVFRPHUFLDQWHVPLVPRV
$GHODQWDULQYHVWLJDFLRQHVHFRQnPLFDVVREUHDVSHFWRVRUDPRVHVSHFlqFRVGHOFRPHUFLRLQWHULRU\H[WHULRU\IRUPXODUUHFRPHQGDFLRQHVDORV
RUJDQLVPRVHVWDWDOHV\VHPLRqFLDOHVHQFDUJDGRVGHODHMHFXFLnQGHORVSODQHVUHVSHFWLYRV
/OHYDUHOUHJLVWURPHUFDQWLO\FHUWLqFDUVREUHORVDFWRV\GRFXPHQWRVHQkOLQVFULWRVFRPRVHSUHYkHQHVWH&nGLJR
'DUQRWLFLDHQVXVEROHWLQHVXnUJDQRVGHSXEOLFLGDGGHODVLQVFULSFLRQHVKHFKDVHQHOUHJLVWURPHUFDQWLO\GHWRGDPRGLqFDFLnQFDQFHODFLnQR
DOWHUDFLnQTXHVHKDJDGHGLFKDVLQVFULSFLRQHV
5HFRSLODUODVFRVWXPEUHVPHUFDQWLOHVGHORVOXJDUHVFRUUHVSRQGLHQWHVDVXMXULVGLFFLnQ\FHUWLqFDUVREUHODH[LVWHQFLDGHODVUHFRSLODGDV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
'HVLJQDUHOjUELWURRORVjUELWURVRORVDPLJDEOHVFRPSRQHGRUHVFXDQGRORVSDUWLFXODUHVVHORVROLFLWHQ
6HUYLUGHWULEXQDOHVGHDUELWUDPHQWRSDUDUHVROYHUODVGLIHUHQFLDVTXHOHVGHqHUDQORVFRQWUDWDQWHVHQFX\RFDVRHOWULEXQDOVHLQWHJUDUjSRU
WRGRVORVPLHPEURVGHODMXQWD
3UHVWDUVXVEXHQRVRqFLRVDORVFRPHUFLDQWHVSDUDKDFHUDUUHJORVHQWUHDFUHHGRUHV\GHXGRUHVFRPRDPLJDEOHVFRPSRQHGRUHV
2UJDQL]DUH[SRVLFLRQHV\FRQIHUHQFLDVHGLWDURLPSULPLUHVWXGLRVRLQIRUPHVUHODFLRQDGRVFRQVXVREMHWLYRV
'LFWDUVXUHJODPHQWRLQWHUQRTXHGHEHUjVHUDSUREDGRSRUHO6XSHULQWHQGHQWHGH,QGXVWULD\&RPHUFLR
5HQGLUHQHOPHVGHHQHURGHFDGDDmRXQLQIRUPHRPHPRULDDO6XSHULQWHQGHQWHGH,QGXVWULD\&RPHUFLRDFHUFDGHODVODERUHVUHDOL]DGDV
HQHODmRDQWHULRU\VXFRQFHSWRVREUHODVLWXDFLnQHFRQnPLFDGHVXVUHVSHFWLYDV]RQDVDVlFRPRHOGHWDOOHGHVXVLQJUHVRV\HJUHVRV\
/DVGHPjVTXHOHVDWULEX\DQODVOH\HV\HO*RELHUQR1DFLRQDO
127$(OWH[WRVXEUD\DGRIXHGHFODUDGR&21',&,21$/0(17((;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GHHQHO
HQWHQGLGRGHTXHWDOHVDWULEXFLRQHVVHFLUFXQVFULEHQDOGHVDUUROORGHDFWLYLGDGHVSURSLDVGHODQDWXUDOH]DMXUlGLFD\REMHWRGHODVFjPDUDVGH
FRPHUFLRGHQWURGHOPDUFRqMDGRSRUODOH\
$57f&8/29,*,/$1&,$<&21752/'(/&803/,0,(172'()81&,21(6(OFXPSOLPLHQWRGHODVIXQFLRQHVSURSLDVGHODVFjPDUDVGHFRPHUFLR
HVWDUjVXMHWRDODYLJLODQFLD\FRQWUROGHOD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLR(VWDSRGUjLPSRQHUPXOWDVVXFHVLYDVKDVWDGHFLQFXHQWD
PLOSHVRVRGHFUHWDUODVXVSHQVLnQRFLHUUHGHODFjPDUDUHQXHQWHVHJoQODJUDYHGDGGHODLQIUDFFLnQFRPHWLGD
$57f&8/2&21752/<9,*,/$1&,$'(5(&$8'26/D&RQWUDORUlD*HQHUDOGHOD5HSoEOLFDHMHUFHUjHOFRQWURO\YLJLODQFLDGHOUHFDXGRPDQHMR
HLQYHUVLnQGHORVLQJUHVRVGHODVFjPDUDVGHFRPHUFLRFRQIRUPHDOSUHVXSXHVWRGHODVPLVPDVSUHYLDPHQWHDSUREDGRSRUOD6XSHULQWHQGHQFLD
GH,QGXVWULD\&RPHUFLR
$57f&8/2)81&,21(6'(/6(&5(7$5,27RGDFjPDUDGHFRPHUFLRWHQGUjXQRRPjVVHFUHWDULRVFX\DVIXQFLRQHVVHUjQVHmDODGDVHQHO
UHJODPHQWRUHVSHFWLYR(OVHFUHWDULRDXWRUL]DUjFRQVXqUPDWRGDVODVFHUWLqFDFLRQHVTXHODFjPDUDH[SLGDHQHMHUFLFLRGHVXVIXQFLRQHV
$57f&8/2,1&203$7,%,/,'$'(6'((03/($'26/RVDERJDGRVHFRQRPLVWDV\FRQWDGRUHVTXHSHUFLEDQUHPXQHUDFLnQFRPRHPSOHDGRV
SHUPDQHQWHVGHODVFjPDUDVGHFRPHUFLRTXHGDUjQLQKDELOLWDGRVSDUDHMHUFHUVXSURIHVLnQHQDVXQWRVSDUWLFXODUHVPLHQWUDVSHUPDQH]FDQHQ
VXVFDUJRVVRSHQDGHGHVWLWXFLnQSRUPDODFRQGXFWD\PXOWDKDVWDGHYHLQWHPLOSHVRV8QD\RWUDODVGHFUHWDUjHO6XSHULQWHQGHQWHGH
,QGXVWULD\&RPHUFLR
127$(OWH[WRVXEUD\DGRIXHGHFODUDGR,1(;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GH
$57f&8/25(48,6,7263$5$/26*$6726/RVJDVWRVGHFDGDFjPDUDVHSDJDUjQFRQFDUJRDVXUHVSHFWLYRSUHVXSXHVWRGHELGDPHQWH
DSUREDGRSRUHO6XSHULQWHQGHQWHGH,QGXVWULD\&RPHUFLR
$57f&8/2$),/,$&,h1$/$&d0$5$0RGLqFDGRSRUHODUW/H\GH/RVFRPHUFLDQWHVTXHKD\DQFXPSOLGR\HVWkQFXPSOLHQGR
ORVGHEHUHVGHFRPHUFLDQWHSRGUjQVHUDqOLDGRVGHXQDFjPDUDGHFRPHUFLRFXDQGRDVlORVROLFLWHQFRQHODSR\RGHXQEDQFRORFDORGHWUHV
FRPHUFLDQWHVLQVFULWRVGHOPLVPROXJDU
/RVDqOLDGRVDODVFjPDUDVWHQGUjQGHUHFKRD
'DUFRPRUHIHUHQFLDODUHVSHFWLYDFjPDUDGHFRPHUFLR
$TXHVHOHVHQYlHJUDWXLWDPHQWHODVSXEOLFDFLRQHVGHODFjPDUD\
$REWHQHUJUDWXLWDPHQWHORVFHUWLqFDGRVTXHVROLFLWHQDODFjPDUD
$57f&8/2,1*5(62625',1$5,26'(/$6&d0$5$6&DGDFjPDUDWHQGUjORVVLJXLHQWHVLQJUHVRVRUGLQDULRV
(OSURGXFWRGHORVGHUHFKRVDXWRUL]DGRVSRUODOH\SDUDODVLQVFULSFLRQHV\FHUWLqFDGRV
/DVFXRWDVDQXDOHVTXHHOUHJODPHQWRVHmDOHSDUDORVFRPHUFLDQWHVDqOLDGRVHLQVFULWRV\
/RVTXHSURGX]FDQVXVSURSLRVELHQHV\VHUYLFLRV
$57,&8/2$3(/$&,21(6'($&726'(/$6&d0$5$6/D6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLRFRQRFHUjGHODVDSHODFLRQHVLQWHUSXHVWDV
FRQWUDORVDFWRVGHODVFjPDUDVGHFRPHUFLR6XUWLGRGLFKRUHFXUVRTXHGDUjDJRWDGDODYlDJXEHUQDWLYD
$57f&8/2$),/,$&,21(6$(17,'$'(6,17(51$&,21$/(6&DGDFjPDUDGHFRPHUFLRSRGUjDqOLDUVHDHQWLGDGHVLQWHUQDFLRQDOHVVLPLODUHV
FRQDXWRUL]DFLnQGHO*RELHUQR1DFLRQDO
$57f&8/2&21)('(5$&,h1'(&d0$5$6)81&,21(6/DVFjPDUDVGHFRPHUFLRSRGUjQFRQIHGHUDUVHVLHPSUHTXHVHUHoQDQHQIRUPDGH
FRQIHGHUDFLnQQRPHQRVGHOFLQFXHQWDSRUFLHQWRGHODVFjPDUDVGHOSDlV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
/DVFRQIHGHUDFLRQHVGHFjPDUDVGHFRPHUFLRVHUYLUjQGHnUJDQRFRQVXOWLYRGHODVFRQIHGHUDGDVHQFXDQWRVHUHqHUDDVXVIXQFLRQHV\
DWULEXFLRQHVFRQHOqQGHXQLqFDUHOHMHUFLFLRGHODVPLVPDVUHFRSLODUODVFRVWXPEUHVTXHWHQJDQFDUjFWHUQDFLRQDO\SURSHQGHUDOPHMRUDPLHQWR
GHODVFjPDUDVHQFXDQWRDWHFQLqFDFLnQHqFDFLD\DJLOLGDGHQODSUHVWDFLnQGHVXVVHUYLFLRV&RPRWDOHVFRQYRFDUjQDUHXQLRQHVRFRQJUHVRV
GHODVFjPDUDVFRQIHGHUDGDVFXDQGRORHVWLPHQFRQYHQLHQWHSDUDDFRUGDUSURJUDPDVGHDFFLnQ\DGRSWDUFRQFOXVLRQHVVREUHRUJDQL]DFLnQ\
IXQFLRQDPLHQWRGHODVFjPDUDVGHOSDlV
$57f&8/25(*,6752'(,16&5,3&,h1&23,$63$5$(/'$1('HWRGRUHJLVWURRLQVFULSFLnQTXHVHHIHFWoHHQUHODFLnQFRQODSURSLHGDG
LQGXVWULDOFRQODGHQDYHVRDHURQDYHVRFRQHOUHJLVWURPHUFDQWLOVHHQYLDUjXQGXSOLFDGRDO6HUYLFLR1DFLRQDOGH,QVFULSFLnQGHO'HSDUWDPHQWR
$GPLQLVWUDWLYR1DFLRQDOGH(VWDGlVWLFDHQODIRUPD\FRQGLFLRQHVTXHORGHWHUPLQHHO*RELHUQR1DFLRQDO
,JXDOREOLJDFLnQVHHVWDEOHFHDFDUJRGHWRGRIXQFLRQDULRMXGLFLDORDGPLQLVWUDWLYRTXHSURqHUDVHQWHQFLDRUHVROXFLnQDFHUFDGHDOJXQRGHORV
DVXQWRVDTXHVHUHqHUHHVWHDUWlFXOR
/,%526(*81'2
'(/$662&,('$'(6&20(5&,$/(6
7f78/2,
'(/&2175$72'(62&,('$'
&$3f78/2,
',6326,&,21(6*(1(5$/(6
$57f&8/2&2175$72'(62&,('$'&21&(3723(5621$-85f',&$',67,17$3RUHOFRQWUDWRGHVRFLHGDGGRVRPjVSHUVRQDVVHREOLJDQ
DKDFHUXQDSRUWHHQGLQHURHQWUDEDMRRHQRWURVELHQHVDSUHFLDEOHVHQGLQHURFRQHOqQGHUHSDUWLUVHHQWUHVlODVXWLOLGDGHVREWHQLGDVHQOD
HPSUHVDRDFWLYLGDGVRFLDO
/DVRFLHGDGXQDYH]FRQVWLWXLGDOHJDOPHQWHIRUPDXQDSHUVRQDMXUlGLFDGLVWLQWDGHORVVRFLRVLQGLYLGXDOPHQWHFRQVLGHUDGRV
$57f&8/2&$3$&,'$''(/$62&,('$'/DFDSDFLGDGGHODVRFLHGDGVHFLUFXQVFULELUjDOGHVDUUROORGHODHPSUHVDRDFWLYLGDGSUHYLVWDHQVX
REMHWR6HHQWHQGHUjQLQFOXLGRVHQHOREMHWRVRFLDOORVDFWRVGLUHFWDPHQWHUHODFLRQDGRVFRQHOPLVPR\ORVTXHWHQJDQFRPRqQDOLGDGHMHUFHUORV
GHUHFKRVRFXPSOLUODVREOLJDFLRQHVOHJDORFRQYHQFLRQDOPHQWHGHULYDGRVGHODH[LVWHQFLD\DFWLYLGDGGHODVRFLHGDG
$57f&8/2$6,0,/$&,h1$62&,('$'(6&20(5&,$/(6/(*,6/$&,h10(5&$17,/0RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WR
HVHOVLJXLHQWH6HWHQGUjQFRPRFRPHUFLDOHVSDUDWRGRVORVHIHFWRVOHJDOHVODVVRFLHGDGHVTXHVHIRUPHQSDUDODHMHFXFLnQGHDFWRVR
HPSUHVDVPHUFDQWLOHV6LODHPSUHVDVRFLDOFRPSUHQGHDFWRVPHUFDQWLOHV\DFWRVTXHQRWHQJDQHVDFDOLGDGODVRFLHGDGVHUjFRPHUFLDO/DV
VRFLHGDGHVTXHQRFRQWHPSOHQHQVXREMHWRVRFLDODFWRVPHUFDQWLOHVVHUjQFLYLOHV
6LQHPEDUJRFXDOTXLHUDTXHVHDVXREMHWRODVVRFLHGDGHVFRPHUFLDOHV\FLYLOHVHVWDUjQVXMHWDVSDUDWRGRVORVHIHFWRVDODOHJLVODFLnQ
PHUFDQWLO
7H[WRRULJLQDO
6HWHQGUeQFRPRFRPHUFLDOHVSDUDWRGRVORVHIHFWRVOHJDOHVODVVRFLHGDGHVTXHVHIRUPHQSDUDODHMHFXFLiQGHDFWRVRHPSUHVDVPHUFDQWLOHV
6LODHPSUHVDVRFLDOFRPSUHQGHDFWRVPHUFDQWLOHV\DFWRVTXHQRWHQJDQHVDFDOLGDGODVRFLHGDGVHUeFRPHUFLDO
/DVVRFLHGDGHVSRUDFFLRQHV\ODVGHUHVSRQVDELOLGDGOLPLWDGDVHUHJLUeQSRUODVQRUPDVGHODVFRPSDhgDVFRPHUFLDOHVFXDOTXLHUDTXHVHDVX
REMHWR
3$5c*5$)2/DVDVRFLDFLRQHVFRQkQHVFXOWXUDOHVUHFUHDWLYRVGHSRUWLYRVGHEHQHkFHQFLDXRWURVDQeORJRVQRVRQFRPHUFLDOHV
$57f&8/29$/,'(='(/&2175$72'(62&,('$'3DUDTXHHOFRQWUDWRGHVRFLHGDGVHDYjOLGRUHVSHFWRGHFDGDXQRGHORVDVRFLDGRVVHUj
QHFHVDULRTXHGHVXSDUWHKD\DFDSDFLGDGOHJDO\FRQVHQWLPLHQWRH[HQWRGHHUURUHVHQFLDOIXHU]DRGROR\TXHODVREOLJDFLRQHVTXHFRQWUDLJDQ
WHQJDQXQREMHWR\XQDFDXVDOlFLWRV6HHQWLHQGHSRUHUURUHVHQFLDOHOTXHYHUVDVREUHORVPnYLOHVGHWHUPLQDQWHVGHODFWRRFRQWUDWRFRPXQHVR
FRQRFLGRVSRUODVSDUWHV
$57f&8/29$/,'(='(62&,('$'(6)$0,/,$5(6$3257('(%,(1(66HUjYjOLGDODVRFLHGDGHQWUHSDGUHVHKLMRVRHQWUHFnQ\XJHVDXQTXH
XQRV\RWURVVHDQORVoQLFRVDVRFLDGRV/RVFnQ\XJHVFRQMXQWDRVHSDUDGDPHQWHSRGUjQDSRUWDUWRGDFODVHGHELHQHVDODVRFLHGDGTXHIRUPHQ
HQWUHVlRFRQRWUDVSHUVRQDV
$57f&8/262&,26,1&$3$&(60RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH/RVLQFDSDFHVQRSRGUjQVHUVRFLRV
GHVRFLHGDGHVFROHFWLYDVQLJHVWRUHVGHVRFLHGDGHVHQFRPDQGLWD
(QORVGHPjVFDVRVSRGUjQVHUVRFLRVVLHPSUHTXHDFWoHQSRUFRQGXFWRGHVXVUHSUHVHQWDQWHVRFRQVXDXWRUL]DFLnQVHJoQHOFDVR3DUDHO
DSRUWHGHGHUHFKRVUHDOHVVREUHLQPXHEOHVEDVWDUjHOFXPSOLPLHQWRGHORVUHTXLVLWRVSUHYLVWRVHQHODUWlFXOR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
127$(OWH[WRVXEUD\DGRIXHGHFODUDGR,1(;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GH
7H[WRDQWHULRU
/RVPHQRUHVDGXOWRVQRKDELOLWDGRVGHHGDGViORSRGUeQLQWHUYHQLUHQODIRUPDFLiQGHVRFLHGDGHVHQODVFXDOHVQRVHFRPSURPHWD
LOLPLWDGDPHQWHVXUHVSRQVDELOLGDGFRQVXMHFLiQDODVUHJODVHVWDEOHFLGDVHQHO7gWXOR,GHO/LEUR3ULPHURGHHVWH&iGLJR/RVPHQRUHVLPSjEHUHV
SRGUeQLQWHUYHQLUHQHVDPLVPDFODVHGHVRFLHGDGHVSRUFRQGXFWRGHVXVUHSUHVHQWDQWHVOHJDOHV
3DUDHODSRUWHGHGHUHFKRVUHDOHVVREUHLQPXHEOHVEDVWDUeODDXWRUL]DFLiQMXGLFLDOFRQFRQRFLPLHQWRGHFDXVD
$57f&8/29,&,26(1(/&2175$72'(62&,('$'18/,'$'(6/RVYLFLRVGHOFRQWUDWRGHVRFLHGDGRHOGHIHFWRGHORVUHTXLVLWRVGHIRQGR
LQGLFDGRVHQHODUWlFXORDIHFWDUjQoQLFDPHQWHODUHODFLnQFRQWUDFWXDOXREOLJDFLnQGHODVRFLDGRHQTXLHQFRQFXUUDQ
/DLQFDSDFLGDGUHODWLYD\ORVYLFLRVGHOFRQVHQWLPLHQWRVnORSURGXFLUjQQXOLGDGUHODWLYDGHOFRQWUDWRODLQFDSDFLGDGDEVROXWD\ODLOLFLWXGGHO
REMHWRRGHODFDXVDSURGXFLUjQQXOLGDGDEVROXWD
+DEUjREMHWRLOlFLWRFXDQGRODVSUHVWDFLRQHVDTXHVHREOLJXHQORVDVRFLDGRVRODHPSUHVDRODDFWLYLGDGVRFLDOVHDQFRQWUDULDVDODOH\RDORUGHQ
SoEOLFR+DEUjFDXVDLOlFLWDFXDQGRORVPnYLOHVTXHLQGX]FDQDODFHOHEUDFLnQGHOFRQWUDWRFRQWUDUlHQODOH\RHORUGHQSoEOLFR\VHDQFRPXQHVR
FRQRFLGRVSRUWRGRVORVVRFLRV
$57f&8/218/,'$'3252%-(722&$86$,/f&,7$(1&2175$72'(62&,('$'/DQXOLGDGSRULOLFLWXGGHOREMHWRRGHODFDXVDSRGUj
DOHJDUVHFRPRDFFLnQRFRPRH[FHSFLnQSRUFXDOTXLHUDGHORVDVRFLDGRVRSRUFXDOTXLHUWHUFHURTXHWHQJDLQWHUkVHQHOOR
/RVWHUFHURVGHEXHQDIHSRGUjQKDFHUHIHFWLYRVVXVGHUHFKRVFRQWUDODVRFLHGDGVLQTXHDORVDVRFLDGRVOHVVHDDGPLVLEOHRSRQHUODQXOLGDG
(QHOFDVRGHQXOLGDGSURYHQLHQWHGHREMHWRRFDXVDLOlFLWRVORVDVRFLDGRVQRSRGUjQSHGLUODUHVWLWXFLnQGHVXVDSRUWHV\ORVELHQHVDSRUWDGRV
SRUHOORVDVlFRPRORVEHQHqFLRVTXHSXHGDQFRUUHVSRQGHUOHVVHUjQHQWUHJDGRVDODMXQWDGHSDUWDPHQWDOGHEHQHqFHQFLDGHOOXJDUGHOGRPLFLOLR
VRFLDORDIDOWDGHkVWDHQGLFKROXJDUVHHQWUHJDUjQDODMXQWDTXHIXQFLRQHHQHOOXJDUPjVSUn[LPR
/RVDVRFLDGRV\TXLHQHVDFWoHQFRPRDGPLQLVWUDGRUHVUHVSRQGHUjQLOLPLWDGD\VROLGDULDPHQWHSRUHOSDVLYRH[WHUQR\SRUORVSHUMXLFLRV
FDXVDGRV$GHPjVTXHGDUjQLQKDELOLWDGRVSDUDHMHUFHUHOFRPHUFLRSRUHOWkUPLQRGHGLH]DmRVGHVGHODGHFODUDWRULDGHODQXOLGDGDEVROXWD
$57f&8/218/,'$',16$1$%/((1&2175$72'(62&,('$'/DQXOLGDGSURYHQLHQWHGHLOLFLWXGGHOREMHWRRGHODFDXVDQRSRGUjVDQHDUVH
1RREVWDQWHFXDQGRODLOLFLWXGSURYHQJDGHXQDSURKLELFLnQOHJDORGHODH[LVWHQFLDGHXQPRQRSROLRRqFLDOODDEROLFLnQGHODSURKLELFLnQRGHO
PRQRSROLRSXUJDUjQHOFRQWUDWRGHOYLFLRGHQXOLGDG
$57f&8/2(5525'(+(&+2(552562%5(/$(63(&,('(62&,('$'9,&,2'(/&216(17,0,(172(OHUURUGHKHFKRDFHUFDGHOD
SHUVRQDGHXQRGHORVDVRFLDGRVYLFLDUjHOFRQVHQWLPLHQWRFXDQGRHOFRQWUDWRVHFHOHEUHHQFRQVLGHUDFLnQDODSHUVRQDGHORVPLVPRVFRPRHQ
ODVRFLHGDGFROHFWLYDUHVSHFWRGHFXDOTXLHUDGHHOORV\HQODFRPDQGLWDULDUHVSHFWRGHORVVRFLRVJHVWRUHVRFROHFWLYRV
(OHUURUVREUHODHVSHFLHGHVRFLHGDGVRODPHQWHYLFLDUjHOFRQVHQWLPLHQWRFXDQGRkVWDVHDGLVWLQWDGHODTXHHOVRFLRHQWHQGLnFRQWUDHU\D
FRQVHFXHQFLDGHOHUURUDVXPDXQDUHVSRQVDELOLGDGVXSHULRUDODTXHWXYRLQWHQFLnQGHDVXPLUFRPRFXDQGRHQWHQGLHQGRIRUPDUSDUWHGHXQD
VRFLHGDGGHUHVSRQVDELOLGDGOLPLWDGDVHDVRFLHDXQDFROHFWLYD
$57f&8/25$7,),&$&,h1<35(6&5,3&,h1&2020(','$6'(6$1($0,(172/DQXOLGDGUHODWLYDGHOFRQWUDWRGHVRFLHGDG\ODSURYHQLHQWH
GHLQFDSDFLGDGDEVROXWDSRGUjQVDQHDUVHSRUUDWLqFDFLnQGHORVVRFLRVHQTXLHQHVFRQFXUUDQODVFDXVDOHVGHQXOLGDGRSRUSUHVFULSFLnQGHGRV
DmRV(OWkUPLQRGHODSUHVFULSFLnQHPSH]DUjDFRQWDUVHGHVGHODIHFKDHQTXHFHVHQODLQFDSDFLGDGRODIXHU]DFXDQGRVHDQHVWDVODVFDXVDOHV
RGHVGHODIHFKDGHOFRQWUDWRGHVRFLHGDGHQORVGHPjVFDVRV
6LQHPEDUJRODVFDXVDOHVDQWHULRUHVSURGXFLUjQQXOLGDGGHODVRFLHGDGFXDQGRDIHFWHQDXQQoPHURGHVRFLRVTXHLPSLGDODIRUPDFLnQR
H[LVWHQFLDGHODPLVPD
(VWDVQXOLGDGHVQRSRGUjQSURSRQHUVHFRPRDFFLnQQLDOHJDUVHFRPRH[FHSFLnQVLQRSRUODVSHUVRQDVUHVSHFWRGHODVFXDOHVH[LVWDQRSRUVXV
KHUHGHURV
$57f&8/2'(&/$5$&,h1-8',&,$/'(81$18/,'$'5(/$7,9$()(&726'HFODUDGDMXGLFLDOPHQWHXQDQXOLGDGUHODWLYDODSHUVRQD
UHVSHFWRGHODFXDOVHSURQXQFLnTXHGDUjH[FOXLGDGHODVRFLHGDG\SRUFRQVLJXLHQWHWHQGUjGHUHFKRDODUHVWLWXFLnQGHVXDSRUWHVLQSHUMXLFLR
GHWHUFHURVGHEXHQDIH
6LODQXOLGDGUHODWLYDGHFODUDGDMXGLFLDOPHQWHDIHFWDDODVRFLHGDGkVWDTXHGDUjGLVXHOWD\VHSURFHGHUjDVXOLTXLGDFLnQSRUORVDVRFLDGRV\HQ
FDVRGHGHVDFXHUGRGHkVWRVSRUODSHUVRQDTXHGHVLJQHHOMXH]
&$3f78/2,,
&2167,78&,h1<358(%$'(/$62&,('$'&20(5&,$/
$57f&8/25(48,6,7263$5$/$&2167,78&,h1'(81$62&,('$'/DVRFLHGDGFRPHUFLDOVHFRQVWLWXLUjSRUHVFULWXUDSoEOLFDHQODFXDOVH
H[SUHVDUj
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
(OQRPEUH\GRPLFLOLRGHODVSHUVRQDVTXHLQWHUYHQJDQFRPRRWRUJDQWHV&RQHOQRPEUHGHODVSHUVRQDVQDWXUDOHVGHEHUjLQGLFDUVHVX
QDFLRQDOLGDG\GRFXPHQWRGHLGHQWLqFDFLnQOHJDOFRQHOQRPEUHGHODVSHUVRQDVMXUlGLFDVODOH\GHFUHWRRHVFULWXUDGHTXHVHGHULYDVX
H[LVWHQFLD
/DFODVHRWLSRGHVRFLHGDGTXHVHFRQVWLWX\H\HOQRPEUHGHODPLVPDIRUPDGRFRPRVHGLVSRQHHQUHODFLnQFRQFDGDXQRGHORVWLSRVGH
VRFLHGDGTXHUHJXODHVWH&nGLJR
(OGRPLFLOLRGHODVRFLHGDG\HOGHODVGLVWLQWDVVXFXUVDOHVTXHVHHVWDEOH]FDQHQHOPLVPRDFWRGHFRQVWLWXFLnQ
(OREMHWRVRFLDOHVWRHVODHPSUHVDRQHJRFLRGHODVRFLHGDGKDFLHQGRXQDHQXQFLDFLnQFODUD\FRPSOHWDGHODVDFWLYLGDGHVSULQFLSDOHV6HUj
LQHqFD]ODHVWLSXODFLnQHQYLUWXGGHODFXDOHOREMHWRVRFLDOVHH[WLHQGDDDFWLYLGDGHVHQXQFLDGDVHQIRUPDLQGHWHUPLQDGDRTXHQRWHQJDQXQD
UHODFLnQGLUHFWDFRQDTXkO
(OFDSLWDOVRFLDOODSDUWHGHOPLVPRTXHVHVXVFULEH\ODTXHVHSDJDSRUFDGDDVRFLDGRHQHODFWRGHODFRQVWLWXFLnQ(QODVVRFLHGDGHVSRU
DFFLRQHVGHEHUjH[SUHVDUVHDGHPjVHOFDSLWDOVXVFULWR\HOSDJDGRODFODVH\YDORUQRPLQDOGHODVDFFLRQHVUHSUHVHQWDWLYDVGHOFDSLWDOOD
IRUPD\WkUPLQRVHQTXHGHEHUjQFDQFHODUVHODVFXRWDVGHELGDVFX\RSOD]RQRSRGUjH[FHGHUGHXQDmR
/DIRUPDGHDGPLQLVWUDUORVQHJRFLRVVRFLDOHVFRQLQGLFDFLnQGHODVDWULEXFLRQHV\IDFXOWDGHVGHORVDGPLQLVWUDGRUHV\GHODVTXHVHUHVHUYHQ
ORVDVRFLDGRVODVDVDPEOHDV\ODVMXQWDVGHVRFLRVFRQIRUPHDODUHJXODFLnQOHJDOGHFDGDWLSRGHVRFLHGDG
/DkSRFD\ODIRUPDGHFRQYRFDU\FRQVWLWXLUODDVDPEOHDRODMXQWDGHVRFLRVHQVHVLRQHVRUGLQDULDVRH[WUDRUGLQDULDV\ODPDQHUDGH
GHOLEHUDU\WRPDUORVDFXHUGRVHQORVDVXQWRVGHVXFRPSHWHQFLD
/DVIHFKDVHQTXHGHEHQKDFHUVHLQYHQWDULRV\EDODQFHVJHQHUDOHV\ODIRUPDHQTXHKDQGHGLVWULEXLUVHORVEHQHqFLRVRXWLOLGDGHVGHFDGD
HMHUFLFLRVRFLDOFRQLQGLFDFLnQGHODVUHVHUYDVTXHGHEDQKDFHUVH
/DGXUDFLnQSUHFLVDGHODVRFLHGDG\ODVFDXVDOHVGHGLVROXFLnQDQWLFLSDGDGHODPLVPD
/DIRUPDGHKDFHUODOLTXLGDFLnQXQDYH]GLVXHOWDODVRFLHGDGFRQLQGLFDFLnQGHORVELHQHVTXHKD\DQGHVHUUHVWLWXLGRVRGLVWULEXLGRVHQ
HVSHFLHRGHODVFRQGLFLRQHVHQTXHDIDOWDGHGLFKDLQGLFDFLnQSXHGDQKDFHUVHGLVWULEXFLRQHVHQHVSHFLH
6LODVGLIHUHQFLDVTXHRFXUUDQDORVDVRFLDGRVHQWUHVlRFRQODVRFLHGDGFRQPRWLYRGHOFRQWUDWRVRFLDOKDQGHVRPHWHUVHDGHFLVLnQDUELWUDO
RGHDPLJDEOHVFRPSRQHGRUHV\HQFDVRDqUPDWLYRODIRUPDGHKDFHUODGHVLJQDFLnQGHORVjUELWURVRDPLJDEOHVFRPSRQHGRUHV
(OQRPEUH\GRPLFLOLRGHODSHUVRQDRSHUVRQDVTXHKDQGHUHSUHVHQWDUOHJDOPHQWHDODVRFLHGDGSUHFLVDQGRVXVIDFXOWDGHV\REOLJDFLRQHV
FXDQGRHVWDIXQFLnQQRFRUUHVSRQGDSRUODOH\RSRUHOFRQWUDWRDWRGRVRDDOJXQRVGHORVDVRFLDGRV
/DVIDFXOWDGHV\REOLJDFLRQHVGHOUHYLVRUqVFDOFXDQGRHOFDUJRHVWkSUHYLVWRHQODOH\RHQORVHVWDWXWRV\
/RVGHPjVSDFWRVTXHVLHQGRFRPSDWLEOHVFRQODlQGROHGHFDGDWLSRGHVRFLHGDGHVWLSXOHQORVDVRFLDGRVSDUDUHJXODUODVUHODFLRQHVDTXH
GDRULJHQHOFRQWUDWR
$57f&8/2,16&5,3&,h1'((6&5,785$3i%/,&$'(&2167,78&,h1(1(/5(*,6752'(/$&d0$5$'(&20(5&,2&RSLDGHODHVFULWXUD
VRFLDOVHUjLQVFULWDHQHOUHJLVWURPHUFDQWLOGHODFjPDUDGHFRPHUFLRFRQMXULVGLFFLnQHQHOOXJDUGRQGHODVRFLHGDGHVWDEOH]FDVXGRPLFLOLR
SULQFLSDO6LVHDEUHQVXFXUVDOHVRVHqMDQRWURVGRPLFLOLRVGLFKDHVFULWXUDGHEHUjVHUUHJLVWUDGDWDPELkQHQODVFjPDUDVGHFRPHUFLRTXH
FRUUHVSRQGDQDORVOXJDUHVGHGLFKDVVXFXUVDOHVVLQRSHUWHQHFHQDOPLVPRGLVWULWRGHODFjPDUDGHOGRPLFLOLRSULQFLSDO
&XDQGRVHKDJDQDSRUWHVGHLQPXHEOHVRGHGHUHFKRVUHDOHVUHODWLYRVDGLFKDFODVHGHELHQHVRVHHVWDEOH]FDQJUDYjPHQHVROLPLWDFLRQHV
VREUHORVPLVPRVODHVFULWXUDVRFLDOGHEHUjUHJLVWUDUVHHQODIRUPD\OXJDUSUHVFULWRVHQHO&nGLJR&LYLOSDUDORVDFWRVUHODFLRQDGRVFRQOD
SURSLHGDGLQPXHEOH
$57f&8/2()(&726'(/125(*,6752'(/$62&,('$'$17(/$&d0$5$'(&20(5&,20LHQWUDVODHVFULWXUDVRFLDOQRVHDUHJLVWUDGDHQ
ODFjPDUDFRUUHVSRQGLHQWHDOGRPLFLOLRSULQFLSDOGHODVRFLHGDGVHUjLQRSRQLEOHHOFRQWUDWRDWHUFHURVDXQTXHVHKD\DFRQVXPDGRODHQWUHJDGH
ORVDSRUWHVGHORVVRFLRV
$57f&8/220,6,h1'(5(48,6,726(1(6&5,785$62&,$/6LHQODHVFULWXUDVRFLDOVHKDRPLWLGRDOJXQDGHODVHVWLSXODFLRQHVLQGLFDGDVHQ
HODUWlFXORRH[SUHVDGRHQIRUPDLQFRPSOHWDRHQGHVDFXHUGRFRQHOUkJLPHQOHJDOGHOUHVSHFWLYRWLSRGHVRFLHGDGSRGUjQRWRUJDUVH
HVFULWXUDVDGLFLRQDOHVSRUORVPLVPRVVRFLRVDQWHVGHTXHVHKDJDODFRUUHVSRQGLHQWHLQVFULSFLnQ7DOHVHVFULWXUDVVHHQWHQGHUjQLQFRUSRUDGDV
DODFWRGHFRQVWLWXFLnQGHODVRFLHGDG
$57f&8/2,1'(7(50,1$&,h1'()$&8/7$'(6'(/26$'0,1,675$'25(6'(68&856$/(6&XDQGRHQODPLVPDHVFULWXUDVRFLDOQRVH
GHWHUPLQHQODVIDFXOWDGHVGHORVDGPLQLVWUDGRUHVGHODVVXFXUVDOHVGHEHUjRWRUJDUVHXQSRGHUSRUHVFULWXUDSoEOLFDTXHVHUHJLVWUDUjHQOD
FjPDUDGHFRPHUFLRFRUUHVSRQGLHQWHDORVOXJDUHVGHODVVXFXUVDOHV$IDOWDGHGLFKRSRGHUVHHQWHQGHUjTXHWDOHVDGPLQLVWUDGRUHVHVWjQ
IDFXOWDGRVFRPRORVDGPLQLVWUDGRUHVGHODSULQFLSDOSDUDREOLJDUDODVRFLHGDGHQGHVDUUROORGHWRGRVORVQHJRFLRVVRFLDOHV
$57f&8/2,038*1$&,h1'(/$(6&5,785$62&,$/5(*,675$'$/(*$/0(17(+HFKRHQGHELGDIRUPDHOUHJLVWURGHODHVFULWXUDVRFLDOQR
SRGUjLPSXJQDUVHHOFRQWUDWRVLQRSRUGHIHFWRVRYLFLRVGHIRQGRFRQIRUPHDORSUHYLVWRHQORVDUWlFXORV\VLJXLHQWHVGHHVWH&nGLJR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/25(*,67520(5&$17,/5(48,6,723$5$,1,&,$5$&7,9,'$'(6/DVVRFLHGDGHVQRSRGUjQLQLFLDUDFWLYLGDGHVHQGHVDUUROORGHOD
HPSUHVDVRFLDOVLQTXHVHKDJDHOUHJLVWURPHUFDQWLOGHODHVFULWXUDGHFRQVWLWXFLnQ\HOFLYLOFXDQGRKD\DDSRUWHVGHLQPXHEOHVQLVLQKDEHU
REWHQLGRHOSHUPLVRGHIXQFLRQDPLHQWRGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHVFXDQGRVHWUDWHGHVRFLHGDGHVTXHFRQIRUPHDODOH\UHTXLHUDQ
GLFKRSHUPLVRDQWHVGHHMHUFHUVXREMHWR
3$5d*5$)2/RVDGPLQLVWUDGRUHVTXHUHDOLFHQDFWRVGLVSRVLWLYRVVLQTXHVHKD\DQOOHQDGRORVUHTXLVLWRVH[LJLGRVHQHVWHDUWlFXORUHVSRQGHUjQ
VROLGDULDPHQWHDQWHORVDVRFLDGRV\DQWHWHUFHURVGHODVRSHUDFLRQHVTXHFHOHEUHQRHMHFXWHQSRUFXHQWDGHODVRFLHGDGVLQSHUMXLFLRGHODV
GHPjVVDQFLRQHVOHJDOHV
$57f&8/2358(%$'(/$(;,67(1&,$&/d868/$6'(/&2175$72<5(35(6(17$&,h1'(/$62&,('$'/DH[LVWHQFLDGHODVRFLHGDG\ODV
FOjXVXODVGHOFRQWUDWRVHSUREDUjQFRQFHUWLqFDFLnQGHODFjPDUDGHFRPHUFLRGHOGRPLFLOLRSULQFLSDOHQODTXHFRQVWDUjHOQoPHURIHFKD\
QRWDUlDGHODHVFULWXUDGHFRQVWLWXFLnQ\GHODVUHIRUPDVGHOFRQWUDWRVLODVKXELHUHHOFHUWLqFDGRH[SUHVDUjDGHPjVODIHFKD\HOQoPHURGHOD
SURYLGHQFLDSRUODFXDOVHOHFRQFHGLnSHUPLVRGHIXQFLRQDPLHQWR\HQWRGRFDVRODFRQVWDQFLDGHTXHODVRFLHGDGQRVHKDOODGLVXHOWD
3DUDSUREDUODUHSUHVHQWDFLnQGHXQDVRFLHGDGEDVWDUjODFHUWLqFDFLnQGHODFjPDUDUHVSHFWLYDFRQLQGLFDFLnQGHOQRPEUHGHORVUHSUHVHQWDQWHV
GHODVIDFXOWDGHVFRQIHULGDVDFDGDXQRGHHOORVHQHOFRQWUDWR\GHODVOLPLWDFLRQHVDFRUGDGDVDGLFKDVIDFXOWDGHVHQVXFDVR
$57f&8/2,1$'0,6,h1'(358(%$6&2175$(/7(125'(/$6(6&5,785$6)UHQWHDODVRFLHGDG\DWHUFHURVQRVHDGPLWLUjSUXHEDGH
QLQJXQDHVSHFLHFRQWUDHOWHQRUGHODVHVFULWXUDVRWRUJDGDVFRQVXMHFLnQDORVDUWlFXORV\QLSDUDMXVWLqFDUODH[LVWHQFLDGHSDFWRVQR
H[SUHVDGRVHQHOOD
$57f&8/25(48,6,726'(/$3520(6$'(&2175$72'(62&,('$'/DSURPHVDGHFRQWUDWRGHVRFLHGDGGHEHUjKDFHUVHSRUHVFULWRFRQ
ODVFOjXVXODVTXHGHEDQH[SUHVDUVHHQHOFRQWUDWRVHJoQORSUHYLVWRHQHODUWlFXOR\FRQLQGLFDFLnQGHOWkUPLQRRFRQGLFLnQTXHqMHODIHFKD
HQTXHKDGHFRQVWLWXLUVHODVRFLHGDG/DFRQGLFLnQVHWHQGUjSRUIDOOLGDVLWDUGDUHPjVGHGRVDmRVHQFXPSOLUVH
/RVSURPLWHQWHVUHVSRQGHUjQVROLGDULDHLOLPLWDGDPHQWHGHODVRSHUDFLRQHVTXHFHOHEUHQRHMHFXWHQHQGHVDUUROORGHORVQHJRFLRVGHODVRFLHGDG
SURPHWLGDDQWHVGHVXFRQVWLWXFLnQFXDOTXLHUDTXHVHDODIRUPDOHJDOTXHVHSDFWHSDUDHOOD
$57f&8/275d16,72'(/(*,6/$&,h19,*(17(/DVVRFLHGDGHVYjOLGDPHQWHFRQVWLWXLGDVORVGHUHFKRVDGTXLULGRV\ODVREOLJDFLRQHV
FRQWUDlGDVSRUWDOHVVRFLHGDGHVEDMRHOLPSHULRGHXQDOH\VXEVLVWLUjQEDMRHOLPSHULRGHODOH\SRVWHULRUSHURODDGPLQLVWUDFLnQVRFLDO\ODV
UHODFLRQHVGHULYDGDVGHOFRQWUDWRWDQWRHQWUHORVVRFLRVFRPRUHVSHFWRGHWHUFHURVVHVXMHWDUjQDODOH\QXHYD
$57f&8/2&2167,78&,h1'(62&,('$'(6&2/(&7,9$6<(1&20$1',7$'HURJDGRSRUHODUW/H\GH/DVVRFLHGDGHVHQ
QRPEUHFROHFWLYR\ODVHQFRPDQGLWDVLPSOHSRGUjQFRQVWLWXLUVHSRUGRFXPHQWRSULYDGRVLQVXMHFLnQDODVSUHVFULSFLRQHVGHHVWH&nGLJRFXDQGR
QRVHSURSRQJDQDFWLYLGDGHVFRPHUFLDOHVFRPRREMHWRSULQFLSDOSHURHOFRUUHVSRQGLHQWHGRFXPHQWRGHEHUjFRQWHQHUODVHVWLSXODFLRQHVTXHWUDH
HODUWlFXOR\VHULQVFULWRHQHOUHJLVWURPHUFDQWLOORPLVPRTXHODUHIRUPDVGHOFRQWUDWRVRFLDOSDUDTXHGLFKDVHVWLSXODFLRQHV\UHIRUPDV
VHDQRSRQLEOHVDWHUFHURV
&$3f78/2,,,
$3257(6'(/26$62&,$'26
$57f&8/2&$3,7$/62&,$/'(),1,&,h1(OFDSLWDOVRFLDOVHUjqMDGRGHPDQHUDSUHFLVDSHURSRGUjDXPHQWDUVHRGLVPLQXLUVHHQYLUWXGGHOD
FRUUHVSRQGLHQWHUHIRUPDHVWDWXWDULDDSUREDGD\IRUPDOL]DGDFRQIRUPHDODOH\
6HUjLQHqFD]WRGRDXPHQWRGHFDSLWDOTXHVHKDJDFRQUHDYDOoRGHDFWLYRV
$57f&8/2$80(17225(326,&,h1'($3257('(/62&,21LQJoQDVRFLDGRSRGUjVHUREOLJDGRDDXPHQWDURUHSRQHUVXDSRUWHVLGLFKD
REOLJDFLnQQRVHHVWLSXODH[SUHVDPHQWHHQHOFRQWUDWR
$57f&8/2(175(*$'($3257(6/RVDVRFLDGRVGHEHUjQHQWUHJDUVXVDSRUWHVHQHOOXJDUIRUPD\kSRFDHVWLSXODGRV$IDOWDGH
HVWLSXODFLnQODHQWUHJDGHELHQHVPXHEOHVVHKDUjHQHOGRPLFLOLRVRFLDOWDQSURQWRFRPRODVRFLHGDGHVWkGHELGDPHQWHFRQVWLWXLGD
$57f&8/2,1&803/,0,(172(1/$(175(*$'($3257(6$5%,752625(&85626(1/$12(67,38/$&,h1&XDQGRHODSRUWHQRVHKDJD
HQODIRUPD\kSRFDFRQYHQLGDVODVRFLHGDGHPSOHDUjORVDUELWULRVGHLQGHPQL]DFLnQHVWLSXODGRVHQHOFRQWUDWR
$IDOWDGHHVWLSXODFLnQH[SUHVDDOUHVSHFWRODVRFLHGDGSRGUjHPSOHDUFXDOTXLHUDGHORVVLJXLHQWHVDUELWULRVRUHFXUVRV
([FOXLUGHODVRFLHGDGDODVRFLDGRLQFXPSOLGR
5HGXFLUVXDSRUWHDODSDUWHGHOPLVPRTXHKD\DHQWUHJDGRRHVWkGLVSXHVWRDHQWUHJDUSHURVLHVWDUHGXFFLnQLPSOLFDGLVPLQXFLnQGHOFDSLWDO
VRFLDOVHDSOLFDUjORGLVSXHVWRHQHODUWlFXOR\
+DFHUHIHFWLYDODHQWUHJDRSDJRGHODSRUWH
(QORVWUHVFDVRVDQWHULRUHVHODVRFLDGRLQFXPSOLGRSDJDUjDODVRFLHGDGLQWHUHVHVPRUDWRULRVDODWDVDTXHHVWkQFREUDQGRORVEDQFRVHQ
RSHUDFLRQHVFRPHUFLDOHVRUGLQDULDV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2$3257(6(1(63(&,(9$/25&20(5&,$//RVDSRUWHVHQHVSHFLHSRGUjQKDFHUVHSRUHOJkQHUR\FDQWLGDGGHODVFRVDVTXH
KD\DQGHOOHYDUVHDOIRQGRVRFLDOSHURHVWLPDGDVHQXQYDORUFRPHUFLDOGHWHUPLQDGR
$57f&8/2/(*,6/$&,h13$5$$3257(6(1(63(&,(6LHODSRUWHHVGHFRVDVGHWHUPLQDGDVVnORSRUVXJkQHUR\FDQWLGDGODREOLJDFLnQGHO
DSRUWDQWHVHUHJLUjSRUODVUHJODVGHO&nGLJR&LYLOVREUHODVREOLJDFLRQHVGHJkQHUR6LHVGHFXHUSRFLHUWRODSkUGLGDIRUWXLWDGHODFRVDGHELGD
GDUjGHUHFKRDODSRUWDQWHSDUDVXVWLWXLUODSRUVXYDORUHVWLPDGRHQGLQHURRSDUDUHWLUDUVHGHODVRFLHGDGDPHQRVTXHVXH[SORWDFLnQFRQVWLWX\D
HOREMHWRVRFLDOFDVRHQHOFXDOODVRFLHGDGVHGLVROYHUjVLORVDVRFLDGRVQRFRQYLHQHQHQFDPELDUGLFKRREMHWR(ODSRUWDQWHGHEHUjLQGHPQL]DUD
ODVRFLHGDGSRUORVSHUMXLFLRVFDXVDGRVVLODFRVDSHUHFHSRUVXFXOSDODTXHVHSUHVXPLUj
5HVSHFWRGHODVFRVDVDSRUWDGDVHQXVXIUXFWRODVRFLHGDGWHQGUjORVPLVPRVGHUHFKRV\REOLJDFLRQHVGHOXVXIUXFWXDULRFRPoQ\OHVVHUjQ
DSOLFDEOHVODVUHJODVGHOLQFLVRDQWHULRU
$57f&8/2&216(59$&,h1'(&26$62%-(72'($3257(65(63216$%/(6/DFRQVHUYDFLnQGHODVFRVDVREMHWRGHODSRUWHVHUjGHFDUJR
GHODSRUWDQWHKDVWDHOPRPHQWRHQTXHVHKDJDODHQWUHJDGHODVPLVPDVDODVRFLHGDGSHURVLKD\PRUDGHSDUWHGHkVWDHQVXUHFLERHOULHVJR
GHGLFKDVFRVDVVHUjGHFDUJRGHODVRFLHGDGGHVGHHOPRPHQWRHQTXHHODSRUWDQWHRIUH]FDHQWUHJDUODVHQOHJDOIRUPD
/DPRUDGHODVRFLHGDGQRH[RQHUDUjVLQHPEDUJRGHUHVSRQVDELOLGDGDODSRUWDQWHSRUORVGDmRVTXHRFXUUDQSRUFXOSDJUDYHRGRORGHkVWH
$57f&8/2$%212()(&7,92'($3257(6'(&5e',72(ODSRUWHGHXQFUkGLWRVRODPHQWHVHUjDERQDGRHQFXHQWDGHOVRFLRFXDQGRKD\D
LQJUHVDGRHIHFWLYDPHQWHDODFDMDVRFLDO
(ODSRUWDQWHGHFXDOTXLHUFUkGLWRUHVSRQGHUjGHVXH[LVWHQFLDGHODOHJLWLPLGDGGHOWlWXOR\GHODVROYHQFLDGHOGHXGRU'LFKRFUkGLWRGHEHUjVHU
H[LJLEOHGHQWURGHODmRVLJXLHQWHDODIHFKDGHODSRUWH
6LHOFUkGLWRQRIXHUHWRWDOPHQWHFXELHUWRGHQWURGHOSOD]RHVWLSXODGRHODSRUWDQWHGHEHUjSDJDUDODVRFLHGDGVXYDORURHOIDOWDQWHVHJoQHO
FDVRGHQWURGHORVWUHLQWDGlDVVLJXLHQWHVDOYHQFLPLHQWRFRQORVLQWHUHVHVFRUULHQWHVGHOPRQWRLQVROXWR\ORVJDVWRVFDXVDGRVHQODFREUDQ]D
6LQRORKLFLHUHODVRFLHGDGGDUjDSOLFDFLnQDORGLVSXHVWRHQHODUWlFXOR
$57f&8/25(63216$%,/,'$'(1/$686&5,3&,h1<3$*2'($3257(6(QODVVRFLHGDGHVSRUDFFLRQHVFDGDDSRUWDQWHUHVSRQGHUjGHO
YDORUWRWDOGHODVXVFULSFLnQTXHKD\DKHFKR6LHOSDJRVHKLFLHUHSRUFXRWDVHOSOD]RSDUDFDQFHODUODVQRH[FHGHUjGHXQDmRGHFRQVLJXLHQWH
ODVDFFLRQHVTXHQRKXELHUHQVLGRlQWHJUDPHQWHFXELHUWDVHQHOUHVSHFWLYRHMHUFLFLRSDUWLFLSDUjQHQODVXWLOLGDGHVVRODPHQWHHQSURSRUFLnQDOD
VXPDHIHFWLYDPHQWHSDJDGDSRUFDGDDFFLnQ
$57f&8/2$3257(6'(&(6,h1'(&2175$726&XDQGRODDSRUWDFLnQFRQVLVWDHQODFHVLnQGHXQFRQWUDWRHODSRUWDQWHUHVSRQGHUjGHO
FXPSOLPLHQWRGHODVREOLJDFLRQHVGHULYDGDVGHOPLVPRVDOYRHVWLSXODFLnQHQFRQWUDULR
$57f&8/2$3257(6(1(63(&,(3267(5,25(6$/$&2167,78&,h15HJODPHQWDGRSRUHO'HFUHWRGH&XDQGRVHFRQVWLWX\DXQD
VRFLHGDGTXHGHEDREWHQHUSHUPLVRGHIXQFLRQDPLHQWRORVDSRUWHVHQHVSHFLHVHDYDOXDUjQXQjQLPHPHQWHSRUORVLQWHUHVDGRVFRQVWLWXLGRVHQ
MXQWDSUHOLPLQDU\HODYDOoRGHELGDPHQWHIXQGDPHQWDGRVHVRPHWHUjDODDSUREDFLnQGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHV
(OYDORUGHORVDSRUWHVHQHVSHFLHSRVWHULRUHVDODFRQVWLWXFLnQVHUjqMDGRHQDVDPEOHDRHQMXQWDGHVRFLRVFRQHOYRWRIDYRUDEOHGHOVHVHQWD
SRUFLHQWRRPjVGHODVDFFLRQHVFXRWDVRSDUWHVGHLQWHUkVVRFLDOSUHYLDGHGXFFLnQGHODVTXHFRUUHVSRQGDQDORVDSRUWDQWHVTXLHQHVQR
SRGUjQYRWDUHQGLFKRDFWR(VWRVDYDOoRVGHELGDPHQWHIXQGDPHQWDGRVVHVRPHWHUjQDODDSUREDFLnQGHOD6XSHULQWHQGHQFLD
6LQODSUHYLDDSUREDFLnQSRUOD6XSHULQWHQGHQFLDGHODYDOoRGHELHQHVHQHVSHFLHQRSRGUjRWRUJDUVHODFRUUHVSRQGLHQWHHVFULWXUD(O*RELHUQR
UHJODPHQWDUjHOSURFHGLPLHQWRTXHGHEDVHJXLUVHDQWHOD6XSHULQWHQGHQFLDGH6RFLHGDGHVSDUDODDSUREDFLnQGHORVDYDOoRVDTXHVHUHqHUH
HVWHDUWlFXOR
$57f&8/2&2167$1&,$'(/26$9$/i26(1(6&5,785$'(&2167,78&,h125()250$/RVDYDOoRVVHKDUjQFRQVWDUHQODVHVFULWXUDVGH
FRQVWLWXFLnQRGHUHIRUPDVHJoQHOFDVR\HQHOODVVHLQVHUWDUjODSURYLGHQFLDHQTXHHOVXSHULQWHQGHQWHORVKD\DDSUREDGR(VWHUHTXLVLWRVHUj
LQGLVSHQVDEOHSDUDODYDOLGH]GHODFRQVWLWXFLnQRGHODUHIRUPDHVWDWXWDULD&RSLDVGHGLFKDVHVFULWXUDVVHUjQHQWUHJDGDVDOD6XSHULQWHQGHQFLD
GHQWURGHORVTXLQFHGlDVVLJXLHQWHVDVXRWRUJDPLHQWRRGHVXUHJLVWURVLIXHUHHOFDVR
$57f&8/29$/25$&,h1'(%,(1(6(1(63(&,(325/$683(5,17(1'(1&,$</26,17(5(6$'26&XDQGROD6XSHULQWHQGHQFLDqMHHOYDORU
GHORVELHQHVHQHVSHFLHHQXQDFLIUDLQIHULRUDODSUREDGRSRUORVLQWHUHVDGRVHORORVSUHVXQWRVDSRUWDQWHVSRGUjQRSWDUSRUDERQDUHQGLQHUROD
GLIHUHQFLDHQWUHORVGRVMXVWLSUHFLRVGHQWURGHODmRVLJXLHQWHRSRUDFHSWDUHOSUHFLRVHmDODGRSRUOD6XSHULQWHQGHQFLDUHGXFLkQGRVHGH
LQPHGLDWRHOPRQWRGHODRSHUDFLnQDGLFKDFLIUD
6LHORORVSUHVXQWRVDSRUWDQWHVDIHFWDGRVQRDFRJLHUHQQLQJXQDGHODVDQWHULRUHVRSFLRQHVTXHGDUjQH[RQHUDGRVGHKDFHUHODSRUWH4XLHQHV
LQVLVWLHUHQHQFRQVWLWXLUODVRFLHGDGRDXPHQWDUHOFDSLWDOGHEHUjQDFRUGDUXQjQLPHPHQWHODInUPXODVXVWLWXWLYD
$57f&8/262/,'$5,'$'325$9$/i2'($3257(6(1(63(&,((QODVVRFLHGDGHVTXHQRUHTXLHUHQHOSHUPLVRGHIXQFLRQDPLHQWRORV
DVRFLDGRVUHVSRQGHUjQVROLGDULDPHQWHSRUHOYDORUDWULEXLGRDORVDSRUWHVHQHVSHFLHDODIHFKDGHODDSRUWDFLnQVHDTXHVHKD\DQHIHFWXDGRDO
FRQVWLWXLUVHODVRFLHGDGRSRVWHULRUPHQWH
$57f&8/2$3257(6&216,'(5$'26(1(63(&,(/RVDSRUWHVGHHVWDEOHFLPLHQWRVGHFRPHUFLRGHUHFKRVVREUHODSURSLHGDGLQGXVWULDO
SDUWHVGHLQWHUkVFXRWDVRDFFLRQHVVHFRQVLGHUDUjQFRPRDSRUWHVHQHVSHFLH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2$3257(6'(,1'8675,$275$%$-248(126213$57('(/&$3,7$/62&,$/3RGUjVHUREMHWRGHDSRUWDFLnQODLQGXVWULDR
WUDEDMRSHUVRQDOGHXQDVRFLDGRVLQTXHWDODSRUWHIRUPHSDUWHGHOFDSLWDOVRFLDO
(ODSRUWDQWHGHLQGXVWULDSDUWLFLSDUjHQODVXWLOLGDGHVVRFLDOHVWHQGUjYR]HQODDVDPEOHDRHQODMXQWDGHVRFLRVORVGHUHFKRVLQLFLDOPHQWH
HVWLSXODGRVHQVXIDYRUQRSRGUjQPRGLqFDUVHGHVFRQRFHUVHQLDEROLUVHVLQVXFRQVHQWLPLHQWRH[SUHVRVDOYRGHFLVLnQHQFRQWUDULRSURIHULGD
MXGLFLDORDUELWUDOPHQWHSRGUjDGPLQLVWUDUODVRFLHGDG\HQFDVRGHVXUHWLURRGHOLTXLGDFLnQGHODPLVPDVRODPHQWHSDUWLFLSDUjHQOD
GLVWULEXFLnQGHODVXWLOLGDGHVUHVHUYDV\YDORUL]DFLRQHVSDWULPRQLDOHVSURGXFLGDVGXUDQWHHOWLHPSRHQTXHHVWXYRDVRFLDGR
+DELkQGRVHSURGXFLGRSkUGLGDVHOVRFLRLQGXVWULDOQRUHFLELUjUHWULEXFLnQHQHOUHVSHFWLYRHMHUFLFLR
$57f&8/2$3257(6'(,1'8675,$275$%$-23(5621$/&213$57,&,3$&,h1'(87,/,'$'(6&XDQGRHODSRUWHFRQVLVWDHQODLQGXVWULDR
WUDEDMRSHUVRQDOHVWLPDGRHQXQYDORUGHWHUPLQDGRODREOLJDFLnQGHODSRUWDQWHVHFRQVLGHUDUjFXPSOLGDVXFHVLYDPHQWHSRUODVXPDSHULnGLFD
TXHUHSUHVHQWHSDUDODVRFLHGDGHOVHUYLFLRTXHFRQVWLWX\DHOREMHWRGHODSRUWH
3RGUjVLQHPEDUJRDSRUWDUVHODLQGXVWULDRHOWUDEDMRSHUVRQDOVLQHVWLPDFLnQGHVXYDORUSHURHQHVWHFDVRHODSRUWDQWHQRSRGUjUHGLPLUR
OLEHUDUFXRWDVGHFDSLWDOVRFLDOFRQVXDSRUWHDXQTXHWHQGUjGHUHFKRDSDUWLFLSDUHQODVXWLOLGDGHVVRFLDOHV\HQFXDOTXLHUVXSHUjYLWHQODIRUPD
TXHVHHVWLSXOH
/DVREOLJDFLRQHVGHODSRUWDQWHVHVRPHWHUjQHQHVWRVFDVRVDOUkJLPHQFLYLOGHODVREOLJDFLRQHVGHKDFHU
$57f&8/2$3257('(,1'8675,$275$%$-23(5621$/&219$/25(67,0$'2(162&,('$'325$&&,21(6(QHOFDVRSUHYLVWRHQHO
LQFLVRSULPHURGHODUWlFXORDQWHULRU\WUDWjQGRVHGHVRFLHGDGHVSRUDFFLRQHVGHEHUjDPRUWL]DUVHHODSRUWHGHLQGXVWULDFRQFDUJRDODFXHQWDGH
SkUGLGDV\JDQDQFLDVGHFDGDHMHUFLFLRVRFLDOHQODSDUWHSURSRUFLRQDOTXHDkVWHFRUUHVSRQGD
$57f&8/235202725(6&21&(372<5(63216$%,/,'$'6RQSURPRWRUHVTXLHQHVKD\DQSODQHDGRODRUJDQL]DFLnQGHXQDHPSUHVD\
SUHVHQWDGRHVWXGLRVWkFQLFRVGHVXIDFWLELOLGDG'LFKRVSURPRWRUHVUHVSRQGHUjQVROLGDULDHLOLPLWDGDPHQWHGHODVREOLJDFLRQHVFRQWUDlGDVSDUD
FRQVWLWXLUODVRFLHGDG\VLkVWDQRVHSHUIHFFLRQDFDUHFHUjQGHWRGDDFFLnQFRQWUDORVSUHVXQWRVFRQVWLWX\HQWHV
$57f&8/25(081(5$&,21(6<9(17$-$6'(/2635202725(6/DVUHPXQHUDFLRQHVRYHQWDMDVSDUWLFXODUHVHQIDYRUGHORVSURPRWRUHV
SDUDFRPSHQVDUOHVVXVVHUYLFLRV\JDVWRVMXVWLqFDGRVGHEHUjQFRQVWDUHQODHVFULWXUDGHFRQVWLWXFLnQ\VRODPHQWHFRQVLVWLUjQHQXQD
SDUWLFLSDFLnQHQODVXWLOLGDGHVOlTXLGDVGLVWULEXLEOHVHQWUHHOORVHQODIRUPDSUHYLVWDHQORVHVWDWXWRVVLQH[FHGHUHQWRWDOGHOTXLQFHSRUFLHQWR
GHODVPLVPDV\SRUXQODSVRQRPD\RUGHFLQFRDmRVFRQWDGRVDSDUWLUGHOSULPHUHMHUFLFLRTXHUHJLVWUHXWLOLGDGHVRFRQHVWDVPLVPDV
OLPLWDFLRQHVHQXQSULYLOHJLRHFRQnPLFRSDUDODVSDUWHVGHLQWHUkVFXRWDVRDFFLRQHVTXHHOORVVXVFULEDQDOWLHPSRGHODFRQVWLWXFLnQ\SDJXHQ
HQGLQHURXRWURVELHQHVWDQJLEOHV&XDOTXLHUHVWLSXODFLnQHQFRQWUDULRVHFRQVLGHUDUjFRPRQRHVFULWD
(QWRGRUHJODPHQWRGHFRORFDFLnQGHDFFLRQHVGHVWLQDGDVDVHUVXVFULWDVSRUSHUVRQDVQRDFFLRQLVWDV\PLHQWUDVVXEVLVWDQODVYHQWDMDVR
SULYLOHJLRVSUHYLVWRVHQHVWHDUWlFXORVHLQVHUWDUjHOWH[WRGHODVFOjXVXODVHVWDWXWDULDVTXHORVFRQVDJUHQ\HQHOEDODQFHJHQHUDODQH[RVH
GHMDUjFRQVWDQFLDGHOSOD]RTXHIDOWHSDUDVXH[WLQFLnQ
$57f&8/2(0%$5*2'($&&,21(6/RVDFUHHGRUHVGHORVDVRFLDGRVSRGUjQHPEDUJDUODVDFFLRQHVODVSDUWHVGHLQWHUkVRFXRWDVTXH
kVWRVWHQJDQHQODVRFLHGDG\SURYRFDUVXYHQWDRDGMXGLFDFLnQMXGLFLDOFRPRVHSUHYkHQHVWH&nGLJR\HQODVOH\HVGHSURFHGLPLHQWR
$57f&8/25(67,78&,h1'($3257(6'(/26$62&,$'26&$626/RVDVRFLDGRVQRSRGUjQSHGLUODUHVWLWXFLnQGHVXVDSRUWHVQLSRGUj
KDFHUORODVRFLHGDGVLQRHQORVVLJXLHQWHVFDVRV
'XUDQWHODVRFLHGDGFXDQGRVHWUDWHGHFRVDVDSRUWDGDVVnORHQXVXIUXFWRVLGLFKDUHVWLWXFLnQVHKDHVWLSXODGR\UHJXODGRHQHOFRQWUDWR
'XUDQWHODOLTXLGDFLnQFXDQGRVHKD\DFDQFHODGRHOSDVLYRH[WHUQRGHODVRFLHGDGVLHQHOFRQWUDWRVHKDSDFWDGRVXUHVWLWXFLnQHQHVSHFLH\
&XDQGRVHGHFODUHQXORHOFRQWUDWRVRFLDOUHVSHFWRGHOVRFLRTXHVROLFLWDODUHVWLWXFLnQVLODQXOLGDGQRSURYLHQHGHREMHWRRFDXVDLOlFLWRV
$57f&8/25((0%2/62727$/23$5&,$/'($&&,21(6&827$623$57(6'(,17(5e6/RVDVRFLDGRVWDPSRFRSRGUjQSHGLUHOUHHPEROVR
WRWDORSDUFLDOGHVXVDFFLRQHVFXRWDVRSDUWHVGHLQWHUkVDQWHVGHTXHGLVXHOWDODVRFLHGDGVHKD\DFDQFHODGRVXSDVLYRH[WHUQR(OUHHPEROVR
VHKDUjHQWRQFHVHQSURSRUFLnQDOYDORUQRPLQDOGHOLQWHUkVGHFDGDDVRFLDGRVLHQHOFRQWUDWRQRVHKDHVWLSXODGRFRVDGLVWLQWD
$57f&8/2$8725,=$&,h13$5$/$',60,18&,h1'(/&$3,7$/62&,$//D6XSHULQWHQGHQFLDGH6RFLHGDGHVDXWRUL]DUjODGLVPLQXFLnQGHO
FDSLWDOVRFLDOHQFXDOTXLHUFRPSDmlDFXDQGRVHSUXHEHTXHODVRFLHGDGFDUHFHGHSDVLYRH[WHUQRRTXHKHFKDODUHGXFFLnQORVDFWLYRVVRFLDOHV
UHSUHVHQWDQQRPHQRVGHOGREOHGHOSDVLYRH[WHUQRRTXHORVDFUHHGRUHVVRFLDOHVDFHSWHQH[SUHVDPHQWH\SRUHVFULWRODUHGXFFLnQFXDOTXLHUD
TXHIXHUHHOPRQWRGHODFWLYRRGHORVDFWLYRVVRFLDOHV
&XDQGRHOSDVLYRH[WHUQRSURYLQLHUHGHSUHVWDFLRQHVVRFLDOHVVHUjQHFHVDULRDGHPjVODDSUREDFLnQGHOFRPSHWHQWHIXQFLRQDULRGHOWUDEDMR
$57f&8/2',60,18&,h1'(&$3,7$/3255((0%2/62'($3257(6$/62&,2&XDQGRHQXQDVRFLHGDGSRUFXRWDVRSDUWHVGHLQWHUkVHO
FDSLWDOVHGLVPLQX\DSRUUHHPEROVRWRWDOGHOLQWHUkVGHDOJXQRRDOJXQRVGHORVVRFLRVHVWRVFRQWLQXDUjQREOLJDGRVSRUODVRSHUDFLRQHVVRFLDOHV
FRQWUDlGDVKDVWDHOPRPHQWRGHOUHWLURGHQWURGHORVOlPLWHVGHODUHVSRQVDELOLGDGOHJDOSURSLDGHOUHVSHFWLYRWLSRGHVRFLHGDG
$57f&8/25()250$'(&2175$7262&,$/325',60,18&,h1'(&$3,7$//DUHGXFFLnQGHOFDSLWDOVHWHQGUjFRPRXQDUHIRUPDGHO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
FRQWUDWRVRFLDO\GHEHUjDGRSWDUVH\IRUPDOL]DUVHFRPRVHRUGHQDHQHVWH&nGLJR
$57f&8/23523,('$'352,1',9,62'(,17(5e6&827$2$&&,h16LXQDRPjVSDUWHVGHLQWHUkVFXRWDVRDFFLRQHVSHUWHQHFLHUHQ
SURLQGLYLVRDYDULDVSHUVRQDVHVWDVGHVLJQDUjQTXLHQKD\DGHHMHUFLWDUORVGHUHFKRVLQKHUHQWHVDODVPLVPDV3HURGHOFXPSOLPLHQWRGHVXV
REOLJDFLRQHVSDUDFRQODVRFLHGDGUHVSRQGHUjQVROLGDULDPHQWHWRGRVORVFRPXQHURV
&$3f78/2,9
87,/,'$'(662&,$/(6
$57f&8/23$&72'(,17(5(6(662%5((/&$3,7$/62&,$/6REUHHOFDSLWDOVRFLDOVRODPHQWHSRGUjQSDFWDUVHLQWHUHVHVSRUHOWLHPSR
QHFHVDULRSDUDODSUHSDUDFLnQGHODHPSUHVD\KDVWDHOFRPLHQ]RGHODH[SORWDFLnQGHODPLVPD
$57f&8/2',675,%8&,h1'(87,/,'$'(662&,$/(6352&(',0,(172*(1(5$//DGLVWULEXFLnQGHODVXWLOLGDGHVVRFLDOHVVHKDUjHQ
SURSRUFLnQDODSDUWHSDJDGDGHOYDORUQRPLQDOGHODVDFFLRQHVFXRWDVRSDUWHVGHLQWHUkVGHFDGDDVRFLDGRVLHQHOFRQWUDWRQRVHKDSUHYLVWR
YjOLGDPHQWHRWUDFRVD
/DVFOjXVXODVGHOFRQWUDWRTXHSULYHQGHWRGDSDUWLFLSDFLnQHQODVXWLOLGDGHVDDOJXQRVGHORVVRFLRVVHWHQGUjQSRUQRHVFULWDVDSHVDUGHVX
DFHSWDFLnQSRUSDUWHGHORVVRFLRVDIHFWDGRVFRQHOODV
3$5d*5$)2$IDOWDGHHVWLSXODFLnQH[SUHVDGHOFRQWUDWRHOVnORDSRUWHGHLQGXVWULDVLQHVWLPDFLnQGHVXYDORUGDUjGHUHFKRDXQDSDUWLFLSDFLnQ
HTXLYDOHQWHDODGHOPD\RUDSRUWHGHFDSLWDO
$57f&8/2',675,%8&,h1'(87,/,'$'(6352&(',0,(172$',&,21$/1RSRGUjGLVWULEXLUVHVXPDDOJXQDSRUFRQFHSWRGHXWLOLGDGHVVL
HVWDVQRVHKDOODQMXVWLqFDGDVSRUEDODQFHVUHDOHV\qGHGLJQRV/DVVXPDVGLVWULEXLGDVHQFRQWUDYHQFLnQDHVWHDUWlFXORQRSRGUjQUHSHWLUVH
FRQWUDORVDVRFLDGRVGHEXHQDIHSHURQRVHUjQUHSDUWLEOHVODVXWLOLGDGHVGHORVHMHUFLFLRVVLJXLHQWHVPLHQWUDVQRVHDEVRUEDRUHSRQJDOR
GLVWULEXLGRHQGLFKDIRUPD
7DPSRFRSRGUjQGLVWULEXLUVHXWLOLGDGHVPLHQWUDVQRVHKD\DQHQMXJDGRODVSkUGLGDVGHHMHUFLFLRVDQWHULRUHVTXHDIHFWHQHOFDSLWDO
3$5d*5$)23DUDWRGRVORVHIHFWRVOHJDOHVVHHQWHQGHUjTXHODVSkUGLGDVDIHFWDQHOFDSLWDOFXDQGRDFRQVHFXHQFLDGHODVPLVPDVVHUHGX]FDHO
SDWULPRQLRQHWRSRUGHEDMRGHOPRQWRGHGLFKRFDSLWDO
$57f&8/25(48,6,7263$5$/$',675,%8&,h1'(/$687,/,'$'(662&,$/(6'HURJDGRSRUHODUWlFXOR/H\GH3DUDORV
HIHFWRVGHORVDUWlFXORVDQWHULRUHVWRGDVRFLHGDGFRPHUFLDOGHEHUjKDFHUXQLQYHQWDULR\XQEDODQFHJHQHUDODqQGHFDGDDmRFDOHQGDULR
&RSLDGHHVWHEDODQFHDXWRUL]DGDSRUXQFRQWDGRUSoEOLFRVHUjSXEOLFDGDSRUORPHQRVHQHOEROHWlQGHODFjPDUDGHFRPHUFLRGHOGRPLFLOLR
VRFLDOFXDQGRVHWUDWHGHVRFLHGDGHVSRUDFFLRQHV
$57f&8/2$'0,1,675$&,h1'(1(*2&,2662&,$/(6&21752/&XDQGRODDGPLQLVWUDFLnQGHORVQHJRFLRVVRFLDOHVQRFRUUDDFDUJRGH
WRGRVORVDVRFLDGRVORVDGPLQLVWUDGRUHVSUHVHQWDUjQXQGHWDOOHFRPSOHWRGHODFXHQWDGHSkUGLGDV\JDQDQFLDVFRUUHVSRQGLHQWHVDFDGD
HMHUFLFLRVRFLDO
$57f&8/25(6(59$62&,$/2&$6,21$/$GHPjVGHODVUHVHUYDVHVWDEOHFLGDVSRUODOH\RORVHVWDWXWRVORVDVRFLDGRVSRGUjQKDFHUODVTXH
FRQVLGHUHQQHFHVDULDVRFRQYHQLHQWHVVLHPSUHTXHWHQJDQXQDGHVWLQDFLnQHVSHFLDOTXHVHDSUXHEHQHQODIRUPDSUHYLVWDHQORVHVWDWXWRVRHQ
ODOH\\TXHKD\DQVLGRMXVWLqFDGDVDQWHOD6XSHULQWHQGHQFLDGH6RFLHGDGHV
/DGHVWLQDFLnQGHHVWDVUHVHUYDVVnORSRGUjYDULDUVHSRUDSUREDFLnQGHORVDVRFLDGRVHQODIRUPDSUHYLVWDHQHOLQFLVRDQWHULRU
$57f&8/20$<25f$3$5$/$$352%$&,h1'(',675,%8&,h1'(87,/,'$'(60RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WR
HVHOVLJXLHQWH6DOYRTXHHQORVHVWDWXWRVVHqMDUHXQDPD\RUlDGHFLVRULDVXSHULRUODGLVWULEXFLnQGHXWLOLGDGHVODDSUREDUjODDVDPEOHDRMXQWD
GHVRFLRVFRQHOYRWRIDYRUDEOHGHXQQoPHURSOXUDOGHVRFLRVTXHUHSUHVHQWHQFXDQGRPHQRVHOGHODVDFFLRQHVFXRWDVRSDUWHVGH
LQWHUkVUHSUHVHQWDGDVHQODUHXQLnQ
&XDQGRQRVHREWHQJDODPD\RUlDSUHYLVWDHQHOLQFLVRDQWHULRUGHEHUjGLVWULEXLUVHSRUORVPHQRVHOGHODVXWLOLGDGHVOlTXLGDVRGHOVDOGRGH
ODVPLVPDVVLWXYLHUHTXHHQMXJDUSkUGLGDVGHHMHUFLFLRVDQWHULRUHV
7H[WRDQWHULRU
6DOYRGHWHUPLQDFLiQHQFRQWUDULRDSUREDGDSRUHOVHWHQWDSRUFLHQWRGHODVDFFLRQHVFXRWDVRSDUWHVGHLQWHUfVUHSUHVHQWDGDVHQODDVDPEOHDR
HQODMXQWDGHVRFLRVODVVRFLHGDGHVUHSDUWLUeQDWgWXORGHGLYLGHQGRRSDUWLFLSDFLiQQRPHQRVGHOFLQFXHQWDSRUFLHQWRGHODVXWLOLGDGHVOgTXLGDV
REWHQLGDVHQFDGDHMHUFLFLRRGHOVDOGRGHODVPLVPDVVLWXYLHUHTXHHQMXJDUSfUGLGDVGHHMHUFLFLRVDQWHULRUHV
$57f&8/2&2%52'(87,/,'$'(6'(%,'$6$/2662&,26/DVVXPDVGHELGDVDORVDVRFLDGRVSRUFRQFHSWRGHXWLOLGDGHVIRUPDUjQSDUWH
GHOSDVLYRH[WHUQRGHODVRFLHGDG\SRGUjQH[LJLUVHMXGLFLDOPHQWH3UHVWDUjQPkULWRHMHFXWLYRHOEDODQFH\ODFRSLDDXWkQWLFDGHODVDFWDVHQTXH
FRQVWHQORVDFXHUGRVYjOLGDPHQWHDSUREDGRVSRUODDVDPEOHDRMXQWDGHVRFLRV
/DVXWLOLGDGHVTXHVHUHSDUWDQVHSDJDUjQHQGLQHURHIHFWLYRGHQWURGHODmRVLJXLHQWHDODIHFKDHQTXHVHGHFUHWHQ\VHFRPSHQVDUjQFRQODV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
VXPDVH[LJLEOHVTXHORVVRFLRVGHEDQDODVRFLHGDG
$57f&8/26$1&,21(6325)$/6('$'(6(1/26%$/$1&(6/RVDGPLQLVWUDGRUHVFRQWDGRUHV\UHYLVRUHVqVFDOHVTXHRUGHQHQWROHUHQ
KDJDQRHQFXEUDQIDOVHGDGHVFRPHWLGDVHQORVEDODQFHVLQFXUULUjQHQODVVDQFLRQHVSUHYLVWDVHQHO&nGLJR3HQDOSDUDHOGHOLWRGHIDOVHGDGHQ
GRFXPHQWRVSULYDGRV\UHVSRQGHUjQVROLGDULDPHQWHGHORVSHUMXLFLRVFDXVDGRV
$UWlFXORGHFODUDGR&21',&,21$/0(17((;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GHFRQSRQHQFLDGHO0DJLVWUDGR
-RVk*UHJRULR+HUQjQGH]*DOLQGR
&$3f78/29
5()250$6'(/&2175$7262&,$/
$57f&8/25(48,6,7263$5$/$5()250$'(/&2175$72'(62&,('$'7RGDUHIRUPDGHOFRQWUDWRGHVRFLHGDGFRPHUFLDOGHEHUj
UHGXFLUVHDHVFULWXUDSoEOLFDTXHVHUHJLVWUDUjFRPRVHGLVSRQHSDUDODHVFULWXUDGHFRQVWLWXFLnQGHODVRFLHGDGHQODFjPDUDGHFRPHUFLR
FRUUHVSRQGLHQWHDOGRPLFLOLRVRFLDODOWLHPSRGHODUHIRUPD
6LQORVUHTXLVLWRVDQWHULRUHVODUHIRUPDQRSURGXFLUjHIHFWRDOJXQRUHVSHFWRGHWHUFHURV/DVUHIRUPDVWHQGUjQHIHFWRVHQWUHORVDVRFLDGRVGHVGH
FXDQGRVHDFXHUGHQRSDFWHQFRQIRUPHDORVHVWDWXWRV
$57f&8/2$8725,=$&,h1'(/$683(5,17(1'(1&,$'(62&,('$'(63$5$(/5(*,6752'((6&5,785$6'(5()250$'(62&,('$'(6
620(7,'$6$68&21752/6XEURJDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH/DV&jPDUDVGH&RPHUFLRVHDEVWHQGUjQ
GHUHJLVWUDUODVHVFULWXUDVGHUHIRUPDVLQODSUHYLDDXWRUL]DFLnQGHOD6XSHULQWHQGHQFLDFXDQGRVHWUDWHGHVRFLHGDGHVVRPHWLGDVDVXFRQWURO
/DYLRODFLnQGHHVWDGLVSRVLFLnQVHUjVDQFLRQDGDFRQPXOWDVGHFLHQDTXLQLHQWRVPLOSHVRVTXHLPSRQGUjOD6XGUDOD6XSHULQWHQGHQFLDGH
6RFLHGDGHVDOD&jPDUDGH&RPHUFLRUHVSRQVDEOHGHODLQIUDFFLnQ
7H[WRDQWHULRU
/DVFePDUDVGHFRPHUFLRVHDEVWHQGUeQGHUHJLVWUDUODVHVFULWXUDVGHUHIRUPDVLQODSUHYLDDXWRUL]DFLiQGHOD6XSHULQWHQGHQFLDFXDQGRVHWUDWH
GHVRFLHGDGHVVRPHWLGDVDVXFRQWURO
$57f&8/25(*,6752'((6&5,785$6'(5()250$62&,$/68&856$/(6/DVHVFULWXUDVHQTXHFRQVWHQODVUHIRUPDVGHOFRQWUDWRVRFLDOVH
UHJLVWUDUjQWDPELkQHQODVFjPDUDVGHFRPHUFLRFRUUHVSRQGLHQWHVDORVOXJDUHVHQGRQGHODVRFLHGDGHVWDEOH]FDVXFXUVDOHV
$57f&8/20(&$1,6026'(5()250$(162&,('$'(6325&827$623$57(6'(,17(5e6(QODVVRFLHGDGHVSRUFXRWDVRSDUWHVGH
LQWHUkVODVUHIRUPDVVHDGRSWDUjQFRQHOYRWRIDYRUDEOHGHWRGRVORVDVRFLDGRVVLHPSUHTXHODOH\RORVHVWDWXWRVQRSUHYHQJDQRWUDFRVD
(QODVVRFLHGDGHVSRUDFFLRQHVSRGUjQDGRSWDUVHFRQHOYRWRIDYRUDEOHGHXQQoPHURSOXUDOGHVRFLRVFRQQRPHQRVGHOVHWHQWDSRUFLHQWRGHODV
DFFLRQHVUHSUHVHQWDGDVVDOYRTXHHQORVHVWDWXWRVVHH[LMDXQQoPHURPD\RUGHYRWRV
$57f&8/2&/$6(6'(5()250$6(67$787$5,$6/DGLVROXFLnQDQWLFLSDGDODIXVLnQODWUDQVIRUPDFLnQ\ODUHVWLWXFLnQGHDSRUWHVDORV
DVRFLDGRVHQORVFDVRVH[SUHVDPHQWHDXWRUL]DGRVSRUODOH\VRQUHIRUPDVHVWDWXWDULDV
$57f&8/2'(6,*1$&,h125(92&$&,h1'($'0,1,675$'25(625(9,625(6),6&$/(6/DGHVLJQDFLnQRUHYRFDFLnQGHORV
DGPLQLVWUDGRUHVRGHORVUHYLVRUHVqVFDOHVSUHYLVWDVHQODOH\RHQHOFRQWUDWRVRFLDOQRVHFRQVLGHUDUjFRPRUHIRUPDVLQRFRPRGHVDUUROORR
HMHFXFLnQGHOFRQWUDWR\QRHVWDUjVXMHWDVLQRDVLPSOHUHJLVWURHQODFjPDUDGHFRPHUFLRPHGLDQWHFRSLDVGHODFWDRDFXHUGRHQTXHFRQVWHOD
GHVLJQDFLnQRODUHYRFDFLnQ
/DVFjPDUDVVHDEVWHQGUjQQRREVWDQWHGHKDFHUODLQVFULSFLnQGHODGHVLJQDFLnQRUHYRFDFLnQFXDQGRQRVHKD\DQREVHUYDGRUHVSHFWRGHODV
PLVPDVODVSUHVFULSFLRQHVGHODOH\RGHOFRQWUDWR
/DUHYRFDFLnQRUHHPSOD]RGHORVIXQFLRQDULRVDTXHVHUHqHUHHVWHDUWlFXORVHKDUjFRQHOTXnUXP\ODPD\RUlDGHYRWRVSUHVFULWRVHQODOH\RHQ
HOFRQWUDWRSDUDVXGHVLJQDFLnQ
$57f&8/2&$1&(/$&,h1'(/$,16&5,3&,h1&$62648(125(48,(5(118(9$,16&5,3&,h1/DVSHUVRQDVLQVFULWDVHQODFjPDUDGH
FRPHUFLRGHOGRPLFLOLRVRFLDOFRPRUHSUHVHQWDQWHVGHXQDVRFLHGDGDVlFRPRVXVUHYLVRUHVqVFDOHVFRQVHUYDUjQWDOFDUjFWHUSDUDWRGRVORV
HIHFWRVOHJDOHVPLHQWUDVQRVHFDQFHOHGLFKDLQVFULSFLnQPHGLDQWHHOUHJLVWURGHXQQXHYRQRPEUDPLHQWRRHOHFFLnQ
/DVLPSOHFRQqUPDFLnQRUHHOHFFLnQGHODVSHUVRQDV\DLQVFULWDVQRUHTXHULUjQXHYDLQVFULSFLnQ
127$$UWlFXORGHFODUDGR(;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GHHQORVWkUPLQRVGHODFRQVLGHUDFLnQMXUlGLFD
QoPHURGHOD6HQWHQFLD
$57f&8/25()250$(67$787$5,$325&$0%,2'('20,&,/,2'(/$62&,('$'0RGLqFDGRSRUHODUW'HFUHWR1DFLRQDOGH
&XDQGRXQDUHIRUPDGHOFRQWUDWRWHQJDSRUREMHWRHOFDPELRGHGRPLFLOLRGHODVRFLHGDG\kVWHFRUUHVSRQGDDXQOXJDUFRPSUHQGLGRGHQWURGHOD
MXULVGLFFLnQGHXQDFjPDUDGHFRPHUFLRGLVWLQWDGHDTXHOODHQODFXDOVHKD\DUHJLVWUDGRODHVFULWXUDGHFRQVWLWXFLnQGHEHUjUHJLVWUDUVHFRSLDGH
GLFKDHVFULWXUD\GHODVGHPjVUHIRUPDV\DFWDVGHQRPEUDPLHQWRGHREOLJDWRULDLQVFULSFLnQHQODFjPDUDGHOOXJDUGHOQXHYRGRPLFLOLR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
/RGLVSXHVWRHQHVWHDUWlFXORVHDSOLFDUjWDPELkQHQORVFDVRVHQTXHSRUDOWHUDFLRQHVHQODFLUFXQVFULSFLnQWHUULWRULDOGHODVFjPDUDVGH
FRPHUFLRHOOXJDUGHOGRPLFLOLRSULQFLSDOGHXQDVRFLHGDGFRUUHVSRQGDDODFLUFXQVFULSFLnQGHXQDFjPDUDGLVWLQWD
$57f&8/2358(%$'(/$5()250$'(/$62&,('$'/DVUHIRUPDVGHODVRFLHGDGVHSUREDUjQGHPDQHUDLJXDODVXFRQVWLWXFLnQ
3$5d*5$)2(QWUHORVVRFLRVSRGUjSUREDUVHODUHIRUPDFRQODVRODFRSLDGHELGDPHQWHH[SHGLGDGHODFXHUGRRDFWDHQTXHFRQVWHGLFKDUHIRUPD
\VXDGRSFLnQ'HOPLVPRPRGRSRGUjSUREDUVHODUHIRUPDSDUDREOLJDUDORVDGPLQLVWUDGRUHVDFXPSOLUODVIRUPDOLGDGHVGHODHVFULWXUD\GHO
UHJLVWUR
&$3f78/29,
75$16)250$&,h1<)86,h1'(/$662&,('$'(6
6(&&,h1,
75$16)250$&,h1
$57f&8/25()250$'(&2175$7262&,$/32575$16)250$&,h1'(62&,('$'8QDVRFLHGDGSRGUjDQWHVGHVXGLVROXFLnQDGRSWDU
FXDOTXLHUDRWUDGHODVIRUPDVGHODVRFLHGDGFRPHUFLDOUHJXODGDVHQHVWH&nGLJRPHGLDQWHXQDUHIRUPDGHOFRQWUDWRVRFLDO
/DWUDQVIRUPDFLnQQRSURGXFLUjVROXFLnQGHFRQWLQXLGDGHQODH[LVWHQFLDGHODVRFLHGDGFRPRSHUVRQDMXUlGLFDQLHQVXVDFWLYLGDGHVQLHQVX
SDWULPRQLR
$57f&8/2$352%$&,h1'(75$16)250$&,21(648(,0321*$10$<25(65(63216$%,/,'$'(6&XDQGRODWUDQVIRUPDFLnQLPSRQJDDORV
VRFLRVXQDUHVSRQVDELOLGDGPD\RUTXHODFRQWUDlGDEDMRODIRUPDDQWHULRUGHEHUjVHUDSUREDGDSRUXQDQLPLGDG
(QORVGHPjVFDVRVORVDVRFLDGRVGLVLGHQWHVRDXVHQWHVSRGUjQHMHUFHUHOGHUHFKRGHUHWLURGHQWURGHOPHVVLJXLHQWHDODIHFKDGHODFXHUGRGH
WUDQVIRUPDFLnQVLQGLVPLQXLUVXUHVSRQVDELOLGDGIUHQWHDWHUFHURV
$57f&8/202',),&$&,h1'(/$5(63216$%,/,'$'(1/$75$16)250$&,h16LHQYLUWXGGHODWUDQVIRUPDFLnQVHPRGLqFDOD
UHVSRQVDELOLGDGGHORVVRFLRVIUHQWHDWHUFHURVGLFKDPRGLqFDFLnQQRDIHFWDUjODVREOLJDFLRQHVFRQWUDlGDVSRUODVRFLHGDGFRQDQWHULRULGDGDOD
LQVFULSFLnQGHODFXHUGRGHWUDQVIRUPDFLnQHQHOUHJLVWURPHUFDQWLO
$57f&8/2,16(572'(%$/$1&((1(6&5,785$3i%/,&$'(75$16)250$&,h1(QODHVFULWXUDSoEOLFDGHWUDQVIRUPDFLnQGHEHUj
LQVHUWDUVHXQEDODQFHJHQHUDOTXHVHUYLUjGHEDVHSDUDGHWHUPLQDUHOFDSLWDOGHODVRFLHGDGWUDQVIRUPDGDDSUREDGRSRUODDVDPEOHDRSRUOD
MXQWDGHVRFLRV\DXWRUL]DGRSRUXQFRQWDGRUSoEOLFR
$57f&8/25(48,6,7263$5$/$9$/,'(='(/$75$16)250$&,h13DUDTXHVHDYjOLGDODWUDQVIRUPDFLnQVHUjQHFHVDULRTXHODVRFLHGDG
UHoQDORVUHTXLVLWRVH[LJLGRVHQHVWH&nGLJRSDUDODQXHYDIRUPDGHVRFLHGDG
6(&&,h1,,
)86,h1
$57f&8/2)86,h1'(/$62&,('$'&21&(372+DEUjIXVLnQFXDQGRXQDRPjVVRFLHGDGHVVHGLVXHOYDQVLQOLTXLGDUVHSDUDVHU
DEVRUELGDVSRURWUDRSDUDFUHDUXQDQXHYD
/DDEVRUEHQWHRODQXHYDFRPSDmlDDGTXLULUjORVGHUHFKRV\REOLJDFLRQHVGHODVRFLHGDGRVRFLHGDGHVGLVXHOWDVDOIRUPDOL]DUVHHODFXHUGRGH
IXVLnQ
$57f&8/2$352%$&,h1<&217(1,'2'(/$)86,h1'(62&,('$'/DVMXQWDVGHVRFLRVRODVDVDPEOHDVDSUREDUjQFRQHOTXnUXP
SUHYLVWRHQVXVHVWDWXWRVSDUDODIXVLnQRHQVXGHIHFWRSDUDODGLVROXFLnQDQWLFLSDGDHOFRPSURPLVRUHVSHFWLYRTXHGHEHUjFRQWHQHU
/RVPRWLYRVGHODSUR\HFWDGDIXVLnQ\ODVFRQGLFLRQHVHQTXHVHUHDOL]DUj
/RVGDWRV\FLIUDVWRPDGRVGHORVOLEURVGHFRQWDELOLGDGGHODVVRFLHGDGHVLQWHUHVDGDVTXHKXELHUHQVHUYLGRGHEDVHSDUDHVWDEOHFHUODV
FRQGLFLRQHVHQTXHVHUHDOL]DUjODIXVLnQ
/DGLVFULPLQDFLnQ\YDORUDFLnQGHORVDFWLYRV\SDVLYRVGHODVVRFLHGDGHVTXHVHUjQDEVRUELGDV\GHODDEVRUEHQWH
8QDQH[RH[SOLFDWLYRGHORVPkWRGRVGHHYDOXDFLnQXWLOL]DGRV\GHOLQWHUFDPELRGHSDUWHVGHLQWHUkVFXRWDVRDFFLRQHVTXHLPSOLFDUjOD
RSHUDFLnQ\
&RSLDVFHUWLqFDGDVGHORVEDODQFHVJHQHUDOHVGHODVVRFLHGDGHVSDUWLFLSDQWHV
$57f&8/238%/,&$&,h1'(/$)86,h1/RVUHSUHVHQWDQWHVOHJDOHVGHODVVRFLHGDGHVLQWHUHVDGDVGDUjQDFRQRFHUDOSoEOLFRODDSUREDFLnQ
GHOFRPSURPLVRPHGLDQWHDYLVRSXEOLFDGRHQXQGLDULRGHDPSOLDFLUFXODFLnQQDFLRQDO'LFKRDYLVRGHEHUjFRQWHQHU /RVQRPEUHVGHODV
FRPSDmlDVSDUWLFLSDQWHVVXVGRPLFLOLRV\HOFDSLWDOVRFLDORHOVXVFULWR\HOSDJDGRHQVXFDVR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
(OYDORUGHORVDFWLYRV\SDVLYRVGHODVVRFLHGDGHVTXHVHUjQDEVRUELGDV\GHODDEVRUEHQWH\
/DVlQWHVLVGHODQH[RH[SOLFDWLYRGHORVPkWRGRVGHHYDOXDFLnQXWLOL]DGRV\GHOLQWHUFDPELRGHSDUWHVGHLQWHUkVFXRWDVRDFFLRQHVTXH
LPSOLFDUjODRSHUDFLnQFHUWLqFDGDSRUHOUHYLVRUqVFDOVLORKXELHUHRHQVXGHIHFWRSRUXQFRQWDGRUSoEOLFR
$57f&8/27e50,12'(/26$&5(('25(63$5$(;,*,5*$5$17f$6'HQWURGHORVWUHLQWDGlDVVLJXLHQWHVDODIHFKDGHSXEOLFDFLnQGHO
DFXHUGRGHIXVLnQORVDFUHHGRUHVGHODVRFLHGDGDEVRUELGDSRGUjQH[LJLUJDUDQWlDVVDWLVIDFWRULDV\VXqFLHQWHVSDUDHOSDJRGHVXVFUkGLWRV/D
VROLFLWXGVHWUDPLWDUjSRUHOSURFHGLPLHQWRYHUEDOSUHVFULWRHQHO&nGLJRGH3URFHGLPLHQWR&LYLO6LODVROLFLWXGIXHUHSURFHGHQWHHOMXH]
VXVSHQGHUjHODFXHUGRGHIXVLnQUHVSHFWRGHODVRFLHGDGGHXGRUDKDVWDWDQWRVHSUHVWHJDUDQWlDVXqFLHQWHRVHFDQFHOHQORVFUkGLWRV
9HQFLGRHOWkUPLQRLQGLFDGRHQHODUWlFXORDQWHULRUVLQTXHVHSLGDQODVJDUDQWlDVXRWRUJDGDVkVWDVHQVXFDVRODVREOLJDFLRQHVGHODV
VRFLHGDGHVDEVRUELGDVFRQVXVFRUUHVSRQGLHQWHVJDUDQWlDVVXEVLVWLUjQVRODPHQWHUHVSHFWRGHODVRFLHGDGDEVRUEHQWH
$57f&8/25(63216$%,/,'$'0$<25325)86,h1&XDQGRODIXVLnQLPSRQJDDORVDVRFLDGRVXQDUHVSRQVDELOLGDGPD\RUTXHODFRQWUDlGD
EDMRODIRUPDDQWHULRUVHDSOLFDUjORSUHVFULWRHQHODUWlFXOR
$57f&8/2&217(1,'2'(/$(6&5,785$3i%/,&$'()86,h1&XPSOLGRORSUHVFULWRHQORVDUWlFXORVDQWHULRUHVSRGUjIRUPDOL]DUVHHO
DFXHUGRGHIXVLnQ(QODHVFULWXUDVHLQVHUWDUjQ
(OSHUPLVRSDUDODIXVLnQHQORVFDVRVH[LJLGRVSRUODVQRUPDVVREUHSUjFWLFDVFRPHUFLDOHVUHVWULFWLYDV
7UDWjQGRVHGHVRFLHGDGHVYLJLODGDVODDSUREDFLnQRqFLDOGHODYDOoRGHORVELHQHVHQHVSHFLHTXHKD\DGHUHFLELUODDEVRUEHQWHRODQXHYD
VRFLHGDG
&RSLDVGHODVDFWDVHQTXHFRQVWHODDSUREDFLnQGHODFXHUGR
6LIXHUHHOFDVRHOSHUPLVRGHOD6XSHULQWHQGHQFLDSDUDFRORFDUODVDFFLRQHVRGHWHUPLQDUODVFXRWDVVRFLDOHVTXHFRUUHVSRQGDQDFDGDVRFLRR
DFFLRQLVWDGHODVVRFLHGDGHVDEVRUELGDV\
/RVEDODQFHVJHQHUDOHVGHODVVRFLHGDGHVIXVLRQDGDV\HOFRQVROLGDGRGHODDEVRUEHQWHRGHODQXHYDVRFLHGDG
$57f&8/2'(5(&+26<2%/,*$&,21(6'(/$62&,('$'$%625%(17((QYLUWXGGHODFXHUGRGHIXVLnQXQDYH]IRUPDOL]DGRODVRFLHGDG
DEVRUEHQWHDGTXLHUHORVELHQHV\GHUHFKRVGHODVVRFLHGDGHVDEVRUELGDV\VHKDFHFDUJRGHSDJDUHOSDVLYRLQWHUQR\H[WHUQRGHODVPLVPDV
/DWUDGLFLnQGHORVLQPXHEOHVVHKDUjSRUODPLVPDHVFULWXUDGHIXVLnQRSRUHVFULWXUDVHSDUDGDUHJLVWUDGDFRQIRUPHDODOH\/DHQWUHJDGHORV
ELHQHVPXHEOHVVHKDUjSRULQYHQWDULR\VHFXPSOLUjQODVVROHPQLGDGHVTXHODOH\H[LMDSDUDVXYDOLGH]RSDUDTXHVXUWDQHIHFWRVFRQWUD
WHUFHURV
$57f&8/25(35(6(17$17(/(*$/'(/$62&,('$')86,21$'$(OUHSUHVHQWDQWHOHJDOGHODQXHYDVRFLHGDGRGHODDEVRUEHQWHDVXPLUjOD
UHSUHVHQWDFLnQGHODVRFLHGDGGLVXHOWDKDVWDODWRWDOHMHFXFLnQGHODVEDVHVGHODRSHUDFLnQFRQODVUHVSRQVDELOLGDGHVSURSLDVGHXQOLTXLGDGRU
$57f&8/2)250$&,h1'(18(9$62&,('$'48(&217,18$1(*2&,26'(/$',68(/7$/RGLVSXHVWRHQHVWD6HFFLnQSRGUjDSOLFDUVH
WDPELkQDOFDVRGHODIRUPDFLnQGHXQDQXHYDVRFLHGDGSDUDFRQWLQXDUORVQHJRFLRVGHXQDVRFLHGDGGLVXHOWDVLHPSUHTXHQRKD\DYDULDFLRQHV
HQHOJLURGHVXVDFWLYLGDGHVRQHJRFLRV\TXHODRSHUDFLnQVHFHOHEUHGHQWURGHORVVHLVPHVHVVLJXLHQWHVDODIHFKDGHGLVROXFLnQ
&$3f78/29,,
$6$0%/($2-817$'(62&,26<$'0,1,675$'25(6
6(&&,h1,
$6$0%/($*(1(5$/<-817$'(62&,26
$57f&8/25(81,21(625',1$5,$6'(/$$6$0%/($2-817$'(62&,26/RVVRFLRVGHWRGDFRPSDmlDVHUHXQLUjQHQMXQWDGHVRFLRVR
DVDPEOHDJHQHUDORUGLQDULDXQDYH]DODmRSRUORPHQRVHQODkSRFDqMDGDHQORVHVWDWXWRV
6HUHXQLUjQWDPELkQHQIRUPDH[WUDRUGLQDULDFXDQGRVHDQFRQYRFDGRVSRUORVDGPLQLVWUDGRUHVSRUHOUHYLVRUqVFDORSRUODHQWLGDGRqFLDOTXH
HMHU]DFRQWUROSHUPDQHQWHVREUHODVRFLHGDGHQVXFDVR
$57f&8/2&2192&$725,$<'(/,%(5$&,h1'(5(81,21(625',1$5,$6<(;75$25',1$5,$6(QODFRQYRFDWRULDSDUDUHXQLRQHV
H[WUDRUGLQDULDVVHHVSHFLqFDUjQORVDVXQWRVVREUHORVTXHVHGHOLEHUDUj\GHFLGLUj(QODVUHXQLRQHVRUGLQDULDVODDVDPEOHDSRGUjRFXSDUVHGH
WHPDVQRLQGLFDGRVHQODFRQYRFDWRULDDSURSXHVWDGHORVGLUHFWRUHVRGHFXDOTXLHUDVRFLDGR
/DMXQWDGHVRFLRVRODDVDPEOHDVHUHXQLUjYjOLGDPHQWHFXDOTXLHUGlD\HQFXDOTXLHUOXJDUVLQSUHYLDFRQYRFDFLnQFXDQGRVHKDOODUH
UHSUHVHQWDGDODWRWDOLGDGGHORVDVRFLDGRV4XLHQHVFRQIRUPHDODUWlFXORDQWHULRUSXHGDQFRQYRFDUDODMXQWDGHVRFLRVRDODDVDPEOHDGHEHUjQ
KDFHUORWDPELkQFXDQGRORVROLFLWHXQQoPHURGHDVRFLDGRVUHSUHVHQWDQWHVGHORPjVGHOFDSLWDOVRFLDO
3$5d*5$)275$16,725,2'HELGRDODVFLUFXQVWDQFLDVGHIXHU]DPD\RUTXHHVWjQDOWHUDQGRODVDOXGSoEOLFD\HORUGHQSoEOLFRHFRQnPLFRHO
*RELHUQR1DFLRQDOSRGUjHVWDEOHFHUHOWLHPSR\ODIRUPDGHODFRQYRFDWRULD\ODVUHXQLRQHVRUGLQDULDVGHOPj[LPRnUJDQRVRFLDOGHODVSHUVRQDV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
MXUlGLFDVLQFOXLGDVODVUHXQLRQHVSRUGHUHFKRSURSLRSDUDHODmR\ODVGLVSRVLFLRQHVQHFHVDULDVSDUDODVUHXQLRQHVSHQGLHQWHVGHOHMHUFLFLR
0RGLqFDGRSRUHO$UWGHOD/H\GH
$57f&8/2&2081,&$&,h1'(5(81,21(6$/$683(5,17(1'(1&,$/DVVRFLHGDGHVVRPHWLGDVDLQVSHFFLnQ\YLJLODQFLDGHEHUjQFRPXQLFDU
DOD6XSHULQWHQGHQFLDODIHFKDKRUD\OXJDUHQTXHVHYHULqFDUjWRGDUHXQLnQGHODMXQWDGHVRFLRVRGHODDVDPEOHDDqQGHTXHVHGHVLJQHXQ
GHOHJDGRVLORHVWLPDUHSHUWLQHQWH
$57f&8/25(35(6(17$&,h1'(/62&,2(1$6$0%/($2-817$'(62&,260RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHO
VLJXLHQWH7RGRVRFLRSRGUjKDFHUVHUHSUHVHQWDUHQODVUHXQLRQHVGHOD-XQWDGH6RFLRVR$VDPEOHDPHGLDQWHSRGHURWRUJDGRSRUHVFULWRHQHO
TXHVHLQGLTXHHOQRPEUHGHODSRGHUDGRODSHUVRQDHQTXLHQkVWHSXHGHVXVWLWXLUORVLHVGHOFDVRODIHFKDRkSRFDGHODUHXQLnQRUHXQLRQHV
SDUDODVTXHVHFRQqHUH\ORVGHPjVUHTXLVLWRVTXHVHVHmDOHQHQORVHVWDWXWRV
/RVSRGHUHVRWRUJDGRVHQHOH[WHULRUVnORUHTXHULUjQODVIRUPDOLGDGHVDTXlSUHYLVWDV
7H[WRDQWHULRU
7RGRDVRFLDGRSRGUeKDFHUVHUHSUHVHQWDUHQODVUHXQLRQHVGHODMXQWDGHVRFLRVRGHODDVDPEOHDPHGLDQWHSRGHURWRUJDGRSRUHVFULWRHQHOTXH
VHLQGLTXHHOQRPEUHGHODSRGHUDGRODSHUVRQDHQTXLHQfVWHSXHGDVXVWLWXLUOR\ODIHFKDGHODUHXQLiQSDUDODFXDOVHFRQkHUHDVgFRPRORV
GHPeVUHTXLVLWRVVHhDODGRVHQORVHVWDWXWRV(VWDUHSUHVHQWDFLiQQRSRGUeRWRUJDUVHDXQDSHUVRQDMXUgGLFDVDOYRTXHVHFRQFHGDHQGHVDUUROOR
GHOQHJRFLRkGXFLDULR
(OSRGHURWRUJDGRSRUHVFULWXUDSjEOLFDRSRUGRFXPHQWROHJDOPHQWHUHFRQRFLGRSRGUeFRPSUHQGHUGRVRPeVUHXQLRQHVGHODDVDPEOHDRGHOD
MXQWDGHVRFLRV
$57f&8/2,1&203$7,%,/,'$''($'0,1,675$'25(6<(03/($'266DOYRORVFDVRVGHUHSUHVHQWDFLnQOHJDOORVDGPLQLVWUDGRUHV\
HPSOHDGRVGHODVRFLHGDGQRSRGUjQUHSUHVHQWDUHQODVUHXQLRQHVGHODDVDPEOHDRMXQWDGHVRFLRVDFFLRQHVGLVWLQWDVGHODVSURSLDVPLHQWUDV
HVWkQHQHMHUFLFLRGHVXVFDUJRVQLVXVWLWXLUORVSRGHUHVTXHVHOHVFRQqHUDQ
7DPSRFRSRGUjQYRWDUORVEDODQFHV\FXHQWDVGHqQGHHMHUFLFLRQLODVGHODOLTXLGDFLnQ
$57f&8/2/8*$5<482580'(5(81,21(6/DVUHXQLRQHVVHUHDOL]DUjQHQHOOXJDUGHOGRPLQLRVRFLDOFRQVXMHFLnQDORSUHVFULWRHQODV
OH\HV\HQORVHVWDWXWRVHQFXDQWRDFRQYRFDFLnQ\TXnUXP&RQH[FHSFLnQGHORVFDVRVHQTXHODOH\RORVHVWDWXWRVH[LMDQXQDPD\RUlD
HVSHFLDOODVUHXQLRQHVGHVRFLRVVHFHOHEUDUjQGHFRQIRUPLGDGFRQODVUHJODVGDGDVHQORVDUWlFXORV\
$57f&8/2)81&,21(6*(1(5$/(6'(/$-817$2$6$0%/($'(62&,26/DMXQWDRDVDPEOHDHMHUFHUjODVVLJXLHQWHVIXQFLRQHVJHQHUDOHV
VLQSHUMXLFLRGHODVHVSHFLDOHVSURSLDVGHFDGDWLSRGHVRFLHGDG
(VWXGLDU\DSUREDUODVUHIRUPDVGHORVHVWDWXWRV
([DPLQDUDSUREDURLPSUREDUORVEDODQFHVGHqQGHHMHUFLFLR\ODVFXHQWDVTXHGHEDQUHQGLUORVDGPLQLVWUDGRUHV
'LVSRQHUGHODVXWLOLGDGHVVRFLDOHVFRQIRUPHDOFRQWUDWR\DODVOH\HV
+DFHUODVHOHFFLRQHVTXHFRUUHVSRQGDVHJoQORVHVWDWXWRVRODVOH\HVqMDUODVDVLJQDFLRQHVGHODVSHUVRQDVDVlHOHJLGDV\UHPRYHUODV
OLEUHPHQWH
&RQVLGHUDUORVLQIRUPHVGHORVDGPLQLVWUDGRUHVRGHOUHSUHVHQWDQWHOHJDOVREUHHOHVWDGRGHORVQHJRFLRVVRFLDOHV\HOLQIRUPHGHOUHYLVRU
qVFDOHQVXFDVR
$GRSWDUHQJHQHUDOWRGDVODVPHGLGDVTXHUHFODPHQHOFXPSOLPLHQWRGHORVHVWDWXWRV\HOLQWHUkVFRPoQGHORVDVRFLDGRV
&RQVWLWXLUODVUHVHUYDVRFDVLRQDOHV\
/DVGHPjVTXHOHVVHmDOHQORVHVWDWXWRVRODVOH\HV
3$5d*5$)2/DVIXQFLRQHVDQWHULRUHVSRGUjQFXPSOLUVHORPLVPRHQODVUHXQLRQHVRUGLQDULDVTXHHQODVH[WUDRUGLQDULDVVLHQHOFRQWUDWRVRFLDOR
HQODVOH\HVQRVHSUHYLHQHRWUDFRVD
$57f&8/22%/,*$725,('$''('(&,6,21(6'(/$-817$2$6$0%/($5HXQLGDODMXQWDGHVRFLRVRDVDPEOHDJHQHUDOFRPRVHSUHYkHQHO
$UWlFXORODVGHFLVLRQHVTXHVHDGRSWHQFRQHOQoPHURGHYRWRVSUHYLVWRHQORVHVWDWXWRVRHQODVOH\HVREOLJDUjQDWRGRVORVVRFLRVDoQDORV
DXVHQWHVRGLVLGHQWHVVLHPSUHTXHWHQJDQFDUjFWHUJHQHUDO\TXHVHDMXVWHQDODVOH\HV\DORVHVWDWXWRV
3$5d*5$)2(OFDUjFWHUJHQHUDOGHODVGHFLVLRQHVVHHQWHQGHUjVLQSHUMXLFLRGHORVSULYLOHJLRVSDFWDGRVFRQVXMHFLnQDODVOH\HV\DOFRQWUDWR
VRFLDO
$57f&8/2&2167$1&,$(1$&7$6'('(&,6,21(6'(/$-817$2$6$0%/($'(62&,26/DVGHFLVLRQHVGHODMXQWDGHVRFLRVRGHOD
DVDPEOHDVHKDUjQFRQVWDUHQDFWDVDSUREDGDVSRUODPLVPDRSRUODVSHUVRQDVTXHVHGHVLJQHQHQODUHXQLnQSDUDWDOHIHFWR\qUPDGDVSRUHO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
SUHVLGHQWH\HOVHFUHWDULRGHODPLVPDHQODVFXDOHVGHEHUjLQGLFDUVHDGHPjVODIRUPDHQTXHKD\DQVLGRFRQYRFDGRVORVVRFLRVORVDVLVWHQWHV
\ORVYRWRVHPLWLGRVHQFDGDFDVR
/DFRSLDGHHVWDVDFWDVDXWRUL]DGDSRUHOVHFUHWDULRRSRUDOJoQUHSUHVHQWDQWHGHODVRFLHGDGVHUjSUXHEDVXqFLHQWHGHORVKHFKRVTXHFRQVWHQ
HQHOODVPLHQWUDVQRVHGHPXHVWUHODIDOVHGDGGHODFRSLDRGHODVDFWDV$VXYH]DORVDGPLQLVWUDGRUHVQROHVVHUjDGPLVLEOHSUXHEDGH
QLQJXQDFODVHSDUDHVWDEOHFHUKHFKRVTXHQRFRQVWHQHQODVDFWDV
$57f&8/2'(&,6,21(6,1(),&$&(618/$62,12321,%/(6720$'$6(1$6$0%/($2-817$'(62&,26/DVGHFLVLRQHVWRPDGDVHQXQD
UHXQLnQFHOHEUDGDHQFRQWUDYHQFLnQDORSUHVFULWRHQHODUWlFXORVHUjQLQHqFDFHVODVTXHVHDGRSWHQVLQHOQoPHURGHYRWRVSUHYLVWRVHQORV
HVWDWXWRVRHQODVOH\HVRH[FHGLHQGRORVOlPLWHVGHOFRQWUDWRVRFLDOVHUjQDEVROXWDPHQWHQXODV\ODVTXHQRWHQJDQFDUjFWHUJHQHUDOFRQIRUPH
DORSUHYLVWRHQHODUWlFXORVHUjQLQRSRQLEOHVDORVVRFLRVDXVHQWHVRGLVLGHQWHV
$57f&8/2,038*1$&,h1'('(&,6,21(6'(/$$6$0%/($2-817$'(62&,26/RVDGPLQLVWUDGRUHVORVUHYLVRUHVqVFDOHV\ORVVRFLRV
DXVHQWHVRGLVLGHQWHVSRGUjQLPSXJQDUODVGHFLVLRQHVGHODDVDPEOHDRGHODMXQWDGHVRFLRVFXDQGRQRVHDMXVWHQDODVSUHVFULSFLRQHVOHJDOHVR
DORVHVWDWXWRV
/DLPSXJQDFLnQVnORSRGUjVHULQWHQWDGDGHQWURGHORVGRVPHVHVVLJXLHQWHVDODIHFKDGHODUHXQLnQHQODFXDOVHDQDGRSWDGDVODVGHFLVLRQHVD
PHQRVTXHVHWUDWHGHDFXHUGRVRDFWRVGHODDVDPEOHDTXHGHEDQVHULQVFULWRVHQHOUHJLVWURPHUFDQWLOFDVRHQHOFXDOORVGRVPHVHVVH
FRQWDUjQDSDUWLUGHODIHFKDGHODLQVFULSFLnQ
$57f&8/2'(&/$5$&,h1'(18/,'$''(81$'(&,6,h1'(/$$6$0%/($2-817$'(62&,26'HFODUDGDODQXOLGDGGHXQDGHFLVLnQGHOD
DVDPEOHDORVDGPLQLVWUDGRUHVWRPDUjQEDMRVXSURSLDUHVSRQVDELOLGDGSRUORVSHUMXLFLRVTXHRFDVLRQHVXQHJOLJHQFLDODVPHGLGDVQHFHVDULDV
SDUDTXHVHFXPSODODVHQWHQFLDFRUUHVSRQGLHQWH\VLVHWUDWDGHGHFLVLRQHVLQVFULWDVHQHOUHJLVWURPHUFDQWLOVHLQVFULELUjODSDUWHUHVROXWLYDGH
ODVHQWHQFLDUHVSHFWLYD
$57f&8/23527(&&,h1'('(5(&+26'(7(5&(526(,1'(01,=$&,h1$/$62&,('$'/RGLVSXHVWRHQHODUWlFXORDQWHULRUVHUjVLQ
SHUMXLFLRGHORVGHUHFKRVGHULYDGRVGHODGHFODUDWRULDGHQXOLGDGSDUDWHUFHURVGHEXHQDIH3HURORVSHUMXLFLRVTXHVXIUDODVRFLHGDGSRUHVWD
FDXVDOHVHUjQLQGHPQL]DGRVVROLGDULDPHQWHSRUORVDGPLQLVWUDGRUHVTXHKD\DQFXPSOLGRODGHFLVLnQTXLHQHVSRGUjQUHSHWLUFRQWUDORVVRFLRV
TXHODDSUREDURQ
/DDFFLnQGHLQGHPQL]DFLnQSUHYLVWDHQHVWHDUWlFXORVnORSRGUjVHUSURSXHVWDGHQWURGHODmRVLJXLHQWHDODIHFKDGHODHMHFXWRULDGHODVHQWHQFLD
TXHGHFODUHQXODODGHFLVLnQLPSXJQDGD
/DDFFLnQSRGUjVHUHMHUFLGDSRUFXDOTXLHUDGPLQLVWUDGRUSRUHOUHYLVRUqVFDORSRUFXDOTXLHUDVRFLDGRHQLQWHUkVGHODVRFLHGDG
$57f&8/2$&&,21(6'(,038*1$&,h1,17(5326,&,h1<75d0,7('HURJDGRSRUHODUW/H\GH/DVDFFLRQHVGH
LPSXJQDFLnQSUHYLVWDVHQHVWH&DSlWXORVHLQWHQWDUjQDQWHORVMXHFHVDXQTXHVHKD\DSDFWDGRFOjXVXODFRPSURPLVRULD\VHWUDPLWDUjQFRPRVH
GLVSRQHHQHVWHPLVPR&nGLJR\HQVXGHIHFWRHQODIRUPDSUHYLVWDHQHO&nGLJRGH3URFHGLPLHQWR&LYLOSDUDORVSURFHVRVDEUHYLDGRV
$57f&8/2,16&5,3&,h1'(5(81,21(6(1/,%52'($&7$6<$&&,21(6/DVRFLHGDGOOHYDUjXQOLEURGHELGDPHQWHUHJLVWUDGRHQHOTXHVH
DQRWDUjQSRURUGHQFURQROnJLFRODVDFWDVGHODVUHXQLRQHVGHODDVDPEOHDRGHODMXQWDGHVRFLRV(VWDVVHUjQqUPDGDVSRUHOSUHVLGHQWHRTXLHQ
KDJDVXVYHFHV\HOVHFUHWDULRGHODDVDPEOHDRGHODMXQWDGHVRFLRV
$VLPLVPRODVVRFLHGDGHVSRUDFFLRQHVWHQGUjQXQOLEURGHELGDPHQWHUHJLVWUDGRSDUDLQVFULELUODVDFFLRQHVHQkODQRWDUjQWDPELkQORVWlWXORV
H[SHGLGRVFRQLQGLFDFLnQGHVXQoPHUR\IHFKDGHLQVFULSFLnQODHQDMHQDFLnQRWUDVSDVRGHDFFLRQHVHPEDUJRV\GHPDQGDVMXGLFLDOHVTXHVH
UHODFLRQHQFRQHOODVODVSUHQGDV\GHPjVJUDYjPHQHVROLPLWDFLRQHVGHGRPLQLRVLIXHUHQQRPLQDWLYDV
6(&&,h1,,
$'0,1,675$'25(6
$57f&8/2)81&,21(6</,0,7$&,21(6'(/26$'0,1,675$'25(6/DUHSUHVHQWDFLnQGHODVRFLHGDG\ODDGPLQLVWUDFLnQGHVXVELHQHV\
QHJRFLRVVHDMXVWDUjQDODVHVWLSXODFLRQHVGHOFRQWUDWRVRFLDOFRQIRUPHDOUkJLPHQGHFDGDWLSRGHVRFLHGDG
$IDOWDGHHVWLSXODFLRQHVVHHQWHQGHUjTXHODVSHUVRQDVTXHUHSUHVHQWDQDODVRFLHGDGSRGUjQFHOHEUDURHMHFXWDUWRGRVORVDFWRV\FRQWUDWRV
FRPSUHQGLGRVGHQWURGHOREMHWRVRFLDORTXHVHUHODFLRQHQGLUHFWDPHQWHFRQODH[LVWHQFLD\HOIXQFLRQDPLHQWRGHODVRFLHGDG
/DVOLPLWDFLRQHVRUHVWULFFLRQHVGHODVIDFXOWDGHVDQWHULRUHVTXHQRFRQVWHQH[SUHVDPHQWHHQHOFRQWUDWRVRFLDOLQVFULWRHQHOUHJLVWURPHUFDQWLO
QRVHUjQRSRQLEOHVDWHUFHURV
$57f&8/2(/(&&,h1'(-817$2&20,6,h1&82&,(17((/(&725$/6LHPSUHTXHHQODVVRFLHGDGHVVHWUDWHGHHOHJLUDGRVRPjV
SHUVRQDVSDUDLQWHJUDUXQDPLVPDMXQWDFRPLVLnQRFXHUSRFROHJLDGRVHDSOLFDUjHOVLVWHPDGHFXRFLHQWHHOHFWRUDO(VWHVHGHWHUPLQDUj
GLYLGLHQGRHOQoPHURWRWDOGHORVYRWRVYjOLGRVHPLWLGRVSRUHOGHODVSHUVRQDVTXHKD\DQGHHOHJLUVH(OHVFUXWLQLRVHFRPHQ]DUjSRUODOLVWDTXH
KXELHUHREWHQLGRPD\RUQoPHURGHYRWRV\DVlHQRUGHQGHVFHQGHQWH'HFDGDOLVWDVHGHFODUDUjQHOHJLGRVWDQWRQRPEUHVFXDQWDVYHFHVTXHSD
HOFXRFLHQWHHQHOQoPHURGHYRWRVHPLWLGRVSRUODPLVPD\VLTXHGDUHQSXHVWRVSRUSURYHHUkVWRVFRUUHVSRQGHUjQDORVUHVLGXRVPjVDOWRV
HVFUXWjQGRORVHQHOPLVPRRUGHQGHVFHQGHQWH(QFDVRGHHPSDWHGHORVUHVLGXRVGHFLGLUjODVXHUWH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
/RVYRWRVHQEODQFRVnORVHFRPSXWDUjQSDUDGHWHUPLQDUHOFXRFLHQWHHOHFWRUDO&XDQGRORVVXSOHQWHVIXHUHQQXPkULFRVSRGUjQUHHPSOD]DUDORV
SULQFLSDOHVHOHJLGRVGHODPLVPDOLVWD
/DVSHUVRQDVHOHJLGDVQRSRGUjQVHUUHHPSOD]DGDVHQHOHFFLRQHVSDUFLDOHVVLQSURFHGHUDQXHYDHOHFFLnQSRUHOVLVWHPDGHOFXRFLHQWHHOHFWRUDO
DPHQRVTXHODVYDFDQWHVVHSURYHDQSRUXQDQLPLGDG
$57f&8/2'(7(50,1$&,h1'(3(5,2'26<(/(&&,h1'($'0,1,675$'25(6&XDQGRODVIXQFLRQHVLQGLFDGDVHQHODUWlFXORQR
FRUUHVSRQGDQSRUOH\DGHWHUPLQDGDFODVHGHVRFLRVORVHQFDUJDGRVGHODVPLVPDVVHUjQHOHJLGRVSRUODDVDPEOHDRSRUODMXQWDGHVRFLRVFRQ
VXMHFLnQDORSUHVFULWRHQODVOH\HV\HQHOFRQWUDWRVRFLDO/DHOHFFLnQSRGUjGHOHJDUVHSRUGLVSRVLFLnQH[SUHVDGHORVHVWDWXWRVHQMXQWDV
GLUHFWLYDVHOHJLGDVSRUODDVDPEOHDJHQHUDO
/DVHOHFFLRQHVVHKDUjQSDUDORVSHUlRGRVGHWHUPLQDGRVHQORVHVWDWXWRVVLQSHUMXLFLRGHTXHORVQRPEUDPLHQWRVVHDQUHYRFDGRVOLEUHPHQWHHQ
FXDOTXLHUWLHPSR
6HWHQGUjQSRUQRHVFULWDVODVFOjXVXODVGHOFRQWUDWRTXHWLHQGDQDHVWDEOHFHUODLQDPRYLOLGDGGHORVDGPLQLVWUDGRUHVHOHJLGRVSRUODDVDPEOHD
JHQHUDOMXQWDGHVRFLRVRSRUMXQWDVGLUHFWLYDVRTXHH[LMDQSDUDODUHPRFLnQPD\RUlDVHVSHFLDOHVGLVWLQWDVGHODVFRPXQHV
$57f&8/23(5f2'2<5(02&,h1'(27526)81&,21$5,26(/(*,'26325$6$0%/($/RSUHYLVWRHQORVLQFLVRVVHJXQGR\WHUFHURGHO
DUWlFXORVHDSOLFDUjUHVSHFWRGHORVPLHPEURVGHODVMXQWDVGLUHFWLYDVUHYLVRUHVqVFDOHV\GHPjVIXQFLRQDULRVHOHJLGRVSRUODDVDPEOHDR
SRUODMXQWDGHVRFLRV
$57f&8/25(63216$%,/,'$''($'0,1,675$'25(60RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH/RV
DGPLQLVWUDGRUHVUHVSRQGHUjQVROLGDULDHLOLPLWDGDPHQWHGHORVSHUMXLFLRVTXHSRUGRORRFXOSDRFDVLRQHQDODVRFLHGDGDORVVRFLRVRDWHUFHURV
1RHVWDUjQVXMHWRVDGLFKDUHVSRQVDELOLGDGTXLHQHVQRKD\DQWHQLGRFRQRFLPLHQWRGHODDFFLnQXRPLVLnQRKD\DQYRWDGRHQFRQWUDVLHPSUH\
FXDQGRQRODHMHFXWHQ
(QORVFDVRVGHLQFXPSOLPLHQWRRH[WUDOLPLWDFLnQGHVXVIXQFLRQHVYLRODFLnQGHODOH\RGHORVHVWDWXWRVVHSUHVXPLUjODFXOSDGHODGPLQLVWUDGRU
'HLJXDOPDQHUDVHSUHVXPLUjODFXOSDFXDQGRORVDGPLQLVWUDGRUHVKD\DQSURSXHVWRRHMHFXWDGRODGHFLVLnQVREUHGLVWULEXFLnQGHXWLOLGDGHVHQ
FRQWUDYHQFLnQDORSUHVFULWRHQHODUWlFXORGHO&nGLJRGH&RPHUFLR\GHPjVQRUPDVVREUHODPDWHULD(QHVWRVFDVRVHODGPLQLVWUDGRU
UHVSRQGHUjSRUODVVXPDVGHMDGDVGHUHSDUWLURGLVWULEXLGDVHQH[FHVR\SRUORVSHUMXLFLRVDTXHKD\DOXJDU
6LHODGPLQLVWUDGRUHVSHUVRQDMXUlGLFDODUHVSRQVDELOLGDGUHVSHFWLYDVHUjGHHOOD\GHTXLHQDFWoHFRPRVXUHSUHVHQWDQWHOHJDO
6HWHQGUjQSRUQRHVFULWDVODVFOjXVXODVGHOFRQWUDWRVRFLDOTXHWLHQGDQDDEVROYHUDORVDGPLQLVWUDGRUHVGHODVUHVSRQVDELOLGDGHVDQWHGLFKDVRD
OLPLWDUODVDOLPSRUWHGHODVFDXFLRQHVTXHKD\DQSUHVWDGRSDUDHMHUFHUVXVFDUJRV
7H[WRDQWHULRU
/RVDGPLQLVWUDGRUHVUHVSRQGHUeQGHORVSHUMXLFLRVTXHSRUGRORRFXOSDRFDVLRQHQDODVRFLHGDGDORVVRFLRVRDWHUFHURV
6HWHQGUeQSRUQRHVFULWDVODVFOeXVXODVGHOFRQWUDWRVRFLDOTXHWLHQGDQDDEVROYHUDORVDGPLQLVWUDGRUHVGHODVUHVSRQVDELOLGDGHVDQWHGLFKDVRD
OLPLWDUODVDOLPSRUWHGHODVFDXFLRQHVTXHKD\DQSUHVWDGRSDUDHMHUFHUVXVFDUJRV
$57f&8/26$1&,21(63$5$/26$'0,1,675$'25(6325'(/,7262&2175$9(1&,21(6/DVVDQFLRQHVLPSXHVWDVDORVDGPLQLVWUDGRUHV
SRUGHOLWRVFRQWUDYHQFLRQHVXRWUDVLQIUDFFLRQHVHQTXHLQFXUUDQQROHVGDUjQDFFLnQDOJXQDFRQWUDODVRFLHGDG
$57f&8/2/,0,7$&,21(6$&$5*26',5(&7,926(162&,('$'(6325$&&,21(6(QODVVRFLHGDGHVSRUDFFLRQHVQLQJXQDSHUVRQDSRGUj
VHUGHVLJQDGDQLHMHUFHUHQIRUPDVLPXOWjQHDXQFDUJRGLUHFWLYRHQPjVGHFLQFRMXQWDVVLHPSUHTXHORVKXELHUHDFHSWDGR
/D6XSHULQWHQGHQFLDGH6RFLHGDGHVVDQFLRQDUjFRQPXOWDKDVWDGHGLH]PLOSHVRVODLQIUDFFLnQDHVWHDUWlFXORVLQSHUMXLFLRGHGHFODUDUOD
YDFDQFLDGHORVFDUJRVTXHH[FHGLHUHQGHOQoPHURDQWHGLFKR
/RGLVSXHVWRHQHVWHDUWlFXORVHDSOLFDUjWDPELkQFXDQGRVHWUDWHGHVRFLHGDGHVPDWULFHV\VXVVXERUGLQDGDVRGHHVWDVHQWUHVl
&$3f78/29,,,
5(9,625),6&$/
$57f&8/262&,('$'(648((67d12%/,*$'$6$7(1(55(9,625),6&$/'HEHUjQWHQHUUHYLVRUqVFDO
/DVVRFLHGDGHVSRUDFFLRQHV
/DVVXFXUVDOHVGHFRPSDmlDVH[WUDQMHUDV\
/DVVRFLHGDGHVHQODVTXHSRUOH\RSRUORVHVWDWXWRVODDGPLQLVWUDFLnQQRFRUUHVSRQGDDWRGRVORVVRFLRVFXDQGRDVlORGLVSRQJDFXDOTXLHU
QoPHURGHVRFLRVH[FOXLGRVGHODDGPLQLVWUDFLnQTXHUHSUHVHQWHQQRPHQRVGHOYHLQWHSRUFLHQWRGHOFDSLWDO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2(/(&&,h1'(5(9,625),6&$//DHOHFFLnQGHOUHYLVRUqVFDOVHKDUjSRUODPD\RUlDDEVROXWDGHODDVDPEOHDRGHODMXQWDGH
VRFLRV
(QODVFRPDQGLWDULDVSRUDFFLRQHVHOUHYLVRUqVFDOVHUjHOHJLGRSRUODPD\RUlDGHYRWRVGHORVFRPDQGLWDULRV
(QODVVXFXUVDOHVGHVRFLHGDGHVH[WUDQMHUDVORGHVLJQDUjHOnUJDQRFRPSHWHQWHGHDFXHUGRFRQORVHVWDWXWRV
$57f&8/2,1+$%,/,'$'(6'(/5(9,625),6&$/1RSRGUjQVHUUHYLVRUHVqVFDOHV
4XLHQHVVHDQDVRFLDGRVGHODPLVPDFRPSDmlDRGHDOJXQDGHVXVVXERUGLQDGDVQLHQkVWDVTXLHQHVVHDQDVRFLDGRVRHPSOHDGRVGHOD
VRFLHGDGPDWUL]
4XLHQHVHVWkQOLJDGRVSRUPDWULPRQLRRSDUHQWHVFRGHQWURGHOFXDUWRJUDGRGHFRQVDQJXLQLGDGSULPHURFLYLORVHJXQGRGHDqQLGDGRVHDQ
FRQVRFLRVGHORVDGPLQLVWUDGRUHV\IXQFLRQDULRVGLUHFWLYRVHOFDMHURDXGLWRURFRQWDGRUGHODPLVPDVRFLHGDG\
4XLHQHVGHVHPSHmHQHQODPLVPDFRPSDmlDRHQVXVVXERUGLQDGDVFXDOTXLHURWURFDUJR
4XLHQKD\DVLGRHOHJLGRFRPRUHYLVRUqVFDOQRSRGUjGHVHPSHmDUHQODPLVPDVRFLHGDGQLHQVXVVXERUGLQDGDVQLQJoQRWURFDUJRGXUDQWHHO
SHUlRGRUHVSHFWLYR
$57f&8/23(5,2'2'(/5(9,625),6&$/(QODVVRFLHGDGHVGRQGHIXQFLRQHMXQWDGLUHFWLYDHOSHUlRGRGHOUHYLVRUqVFDOVHUjLJXDODOGH
DTXHOODSHURHQWRGRFDVRSRGUjVHUUHPRYLGRHQFXDOTXLHUWLHPSRFRQHOYRWRGHODPLWDGPjVXQDGHODVDFFLRQHVSUHVHQWHVHQODUHXQLnQ
&HUFLRUDUVHGHTXHODVRSHUDFLRQHVTXHVHFHOHEUHQRFXPSODQSRUFXHQWDGHODVRFLHGDGVHDMXVWDQDODVSUHVFULSFLRQHVGHORVHVWDWXWRVDODV
GHFLVLRQHVGHODDVDPEOHDJHQHUDO\GHODMXQWDGLUHFWLYD
'DURSRUWXQDFXHQWDSRUHVFULWRDODDVDPEOHDRMXQWDGHVRFLRVDODMXQWDGLUHFWLYDRDOJHUHQWHVHJoQORVFDVRVGHODVLUUHJXODULGDGHVTXH
RFXUUDQHQHOIXQFLRQDPLHQWRGHODVRFLHGDG\HQHOGHVDUUROORGHVXVQHJRFLRV
&RODERUDUFRQODVHQWLGDGHVJXEHUQDPHQWDOHVTXHHMHU]DQODLQVSHFFLnQ\YLJLODQFLDGHODVFRPSDmlDV\UHQGLUOHVORVLQIRUPHVDTXHKD\D
OXJDUROHVHDQVROLFLWDGRV
9HODUSRUTXHVHOOHYHQUHJXODUPHQWHODFRQWDELOLGDGGHODVRFLHGDG\ODVDFWDVGHODVUHXQLRQHVGHODDVDPEOHDGHODMXQWDGHVRFLRV\GHOD
MXQWDGLUHFWLYD\SRUTXHVHFRQVHUYHQGHELGDPHQWHODFRUUHVSRQGHQFLDGHODVRFLHGDG\ORVFRPSUREDQWHVGHODVFXHQWDVLPSDUWLHQGRODV
LQVWUXFFLRQHVQHFHVDULDVSDUDWDOHVqQHV
,QVSHFFLRQDUDVLGXDPHQWHORVELHQHVGHODVRFLHGDG\SURFXUDUTXHVHWRPHQRSRUWXQDPHQWHODVPHGLGDVGHFRQVHUYDFLnQRVHJXULGDGGHORV
PLVPRV\GHORVTXHHOODWHQJDHQFXVWRGLDDFXDOTXLHURWURWlWXOR
,PSDUWLUODVLQVWUXFFLRQHVSUDFWLFDUODVLQVSHFFLRQHV\VROLFLWDUORVLQIRUPHVTXHVHDQQHFHVDULRVSDUDHVWDEOHFHUXQFRQWUROSHUPDQHQWHVREUH
ORVYDORUHVVRFLDOHV
$XWRUL]DUFRQVXqUPDFXDOTXLHUEDODQFHTXHVHKDJDFRQVXGLFWDPHQRLQIRUPHFRUUHVSRQGLHQWH
&RQYRFDUDODDVDPEOHDRDODMXQWDGHVRFLRVDUHXQLRQHVH[WUDRUGLQDULDVFXDQGRORMX]JXHQHFHVDULR\
&XPSOLUODVGHPjVDWULEXFLRQHVTXHOHVHmDOHQODVOH\HVRORVHVWDWXWRV\ODVTXHVLHQGRFRPSDWLEOHVFRQODVDQWHULRUHVOHHQFRPLHQGHOD
DVDPEOHDRMXQWDGHVRFLRV
3$5d*5$)2(QODVVRFLHGDGHVHQTXHVHDPHUDPHQWHSRWHVWDWLYRHOFDUJRGHOUHYLVRUqVFDOkVWHHMHUFHUjODVIXQFLRQHVTXHH[SUHVDPHQWHOH
VHmDOHQORVHVWDWXWRVRODVMXQWDVGHVRFLRVFRQHOYRWRUHTXHULGRSDUDODFUHDFLnQGHOFDUJRDIDOWDGHHVWLSXODFLnQH[SUHVDGHORVHVWDWXWRV\
GHLQVWUXFFLRQHVFRQFUHWDVGHODMXQWDGHVRFLRVRDVDPEOHDJHQHUDOHMHUFHUjODVIXQFLRQHVLQGLFDGDVHQHVWHDUWlFXOR1RREVWDQWHVLQRHV
FRQWDGRUSoEOLFRQRSRGUjDXWRUL]DUFRQVXqUPDEDODQFHVJHQHUDOHVQLGLFWDPLQDUVREUHHOORV
$57f&8/2&217(1,'2'(/26,1)250(6'(/5(9,625),6&$/62%5(%$/$1&(6*(1(5$/(6(OGLFWDPHQRLQIRUPHGHOUHYLVRUqVFDO
VREUHORVEDODQFHVJHQHUDOHVGHEHUjH[SUHVDUSRUORPHQRV
6LKDREWHQLGRODVLQIRUPDFLRQHVQHFHVDULDVSDUDFXPSOLUVXVIXQFLRQHV
6LHQHOFXUVRGHODUHYLVLnQVHKDQVHJXLGRORVSURFHGLPLHQWRVDFRQVHMDGRVSRUODWkFQLFDGHODLQWHUYHQWRUlDGHFXHQWDV
6LHQVXFRQFHSWRODFRQWDELOLGDGVHOOHYDFRQIRUPHDODVQRUPDVOHJDOHV\DODWkFQLFDFRQWDEOH\VLODVRSHUDFLRQHVUHJLVWUDGDVVHDMXVWDQD
ORVHVWDWXWRV\DODVGHFLVLRQHVGHODDVDPEOHDRMXQWDGLUHFWLYDHQVXFDVR
6LHOEDODQFH\HOHVWDGRGHSkUGLGDV\JDQDQFLDVKDQVLGRWRPDGRVqHOPHQWHGHORVOLEURV\VLHQVXRSLQLnQHOSULPHURSUHVHQWDHQIRUPD
qGHGLJQDGHDFXHUGRFRQODVQRUPDVGHFRQWDELOLGDGJHQHUDOPHQWHDFHSWDGDVODUHVSHFWLYDVLWXDFLnQqQDQFLHUDDOWHUPLQDUHOSHUlRGRUHYLVDGR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
\HOVHJXQGRUHrHMDHOUHVXOWDGRGHODVRSHUDFLRQHVHQGLFKRSHUlRGR\
/DVUHVHUYDVRVDOYHGDGHVTXHWHQJDVREUHODqGHOLGDGGHORVHVWDGRVqQDQFLHURV
$57f&8/2&217(1,'2'(/,1)250('(/5(9,625),6&$/35(6(17$'2$/$$6$0%/($2-817$'(62&,26(OLQIRUPHGHOUHYLVRUqVFDOD
ODDVDPEOHDRMXQWDGHVRFLRVGHEHUjH[SUHVDU
6LORVDFWRVGHORVDGPLQLVWUDGRUHVGHODVRFLHGDGVHDMXVWDQDORVHVWDWXWRV\DODVnUGHQHVRLQVWUXFFLRQHVGHODDVDPEOHDRMXQWDGHVRFLRV
6LODFRUUHVSRQGHQFLDORVFRPSUREDQWHVGHODVFXHQWDV\ORVOLEURVGHDFWDV\GHUHJLVWURGHDFFLRQHVHQVXFDVRVHOOHYDQ\VHFRQVHUYDQ
GHELGDPHQWH\
6LKD\\VRQDGHFXDGDVODVPHGLGDVGHFRQWUROLQWHUQRGHFRQVHUYDFLnQ\FXVWRGLDGHORVELHQHVGHODVRFLHGDGRGHWHUFHURVTXHHVWkQHQ
SRGHUGHODFRPSDmlD
$57f&8/2$8;,/,$5(6'(/5(9,625),6&$/&XDQGRODVFLUFXQVWDQFLDVORH[LMDQDMXLFLRGHODDVDPEOHDRGHODMXQWDGHVRFLRVHOUHYLVRU
SRGUjWHQHUDX[LOLDUHVXRWURVFRODERUDGRUHVQRPEUDGRV\UHPRYLGRVOLEUHPHQWHSRUkOTXHREUDUjQEDMRVXGLUHFFLnQ\UHVSRQVDELOLGDGFRQOD
UHPXQHUDFLnQTXHqMHODDVDPEOHDRMXQWDGHVRFLRVVLQSHUMXLFLRGHTXHORVUHYLVRUHVWHQJDQFRODERUDGRUHVRDX[LOLDUHVFRQWUDWDGRV\
UHPXQHUDGRVOLEUHPHQWHSRUHOORV
(OUHYLVRUqVFDOVRODPHQWHHVWDUjEDMRODGHSHQGHQFLDGHODDVDPEOHDRGHODMXQWDGHVRFLRV
$57f&8/25(63216$%,/,'$''(/5(9,625),6&$/(OUHYLVRUqVFDOUHVSRQGHUjGHORVSHUMXLFLRVTXHRFDVLRQHDODVRFLHGDGDVXVDVRFLDGRV
RDWHUFHURVSRUQHJOLJHQFLDRGRORHQHOFXPSOLPLHQWRGHVXVIXQFLRQHV
$57f&8/25(63216$%,/,'$'3(1$/'(/5(9,625),6&$/48($8725,=$%$/$1&(625,1'(,1)250(6,1(;$&726(OUHYLVRUqVFDOTXHD
VDELHQGDVDXWRULFHEDODQFHVFRQLQH[DFWLWXGHVJUDYHVRULQGDDODDVDPEOHDRDODMXQWDGHVRFLRVLQIRUPHVFRQWDOHVLQH[DFWLWXGHVLQFXUULUjHQ
ODVVDQFLRQHVSUHYLVWDVHQHO&nGLJR3HQDOSDUDODIDOVHGDGHQGRFXPHQWRVSULYDGRVPjVODLQWHUGLFFLnQWHPSRUDORGHqQLWLYDSDUDHMHUFHUHO
FDUJRGHUHYLVRUqVFDO
$57f&8/2'(5(&+2'(,17(59(1&,h1'(/5(9,625),6&$/(1/$$6$0%/($<'(5(&+2'(,163(&&,h1(OUHYLVRUqVFDOWHQGUjGHUHFKR
DLQWHUYHQLUHQODVGHOLEHUDFLRQHVGHODDVDPEOHDRGHODMXQWDGHVRFLRV\HQODVGHMXQWDVGLUHFWLYDVRFRQVHMRVGHDGPLQLVWUDFLnQDXQTXHVLQ
GHUHFKRDYRWRFXDQGRVHDFLWDGRDHVWDV7HQGUjDVLPLVPRGHUHFKRDLQVSHFFLRQDUHQFXDOTXLHUWLHPSRORVOLEURVGHFRQWDELOLGDGOLEURVGH
DFWDVFRUUHVSRQGHQFLDFRPSUREDQWHVGHODVFXHQWDVGHPjVSDSHOHVGHODVRFLHGDG
$57f&8/25(6(59$'(/5(9,625),6&$/(1(/(-(5&,&,2'(68&$5*2(OUHYLVRUqVFDOGHEHUjJXDUGDUFRPSOHWDUHVHUYDVREUHORVDFWRV
RKHFKRVGHTXHWHQJDFRQRFLPLHQWRHQHMHUFLFLRGHVXFDUJR\VRODPHQWHSRGUjFRPXQLFDUORVRGHQXQFLDUORVHQODIRUPD\FDVRVSUHYLVWRV
H[SUHVDPHQWHHQODVOH\HV
$57f&8/25(48,6,7263$5$6(55(9,625),6&$/5(675,&&,h1(OUHYLVRUqVFDOGHEHUjVHUFRQWDGRUSoEOLFR1LQJXQDSHUVRQDSRGUj
HMHUFHUHOFDUJRGHUHYLVRUHQPjVGHFLQFRVRFLHGDGHVSRUDFFLRQHV
&RQWRGRFXDQGRVHGHVLJQHQDVRFLDFLRQHVRqUPDVGHFRQWDGRUHVFRPRUHYLVRUHVqVFDOHVkVWDVGHEHUjQQRPEUDUXQFRQWDGRUSoEOLFRSDUD
FDGDUHYLVRUlDTXHGHVHPSHmHSHUVRQDOPHQWHHOFDUJRHQORVWkUPLQRVGHODUWlFXORGHOD/H\GH(QFDVRGHIDOWDGHOQRPEUDGR
DFWXDUjQORVVXSOHQWHV
$57f&8/2,1&803/,0,(172'()81&,21(6'(/5(9,625),6&$/(OUHYLVRUqVFDOTXHQRFXPSODODVIXQFLRQHVSUHYLVWDVHQODOH\RTXHODV
FXPSODLUUHJXODUPHQWHRHQIRUPDQHJOLJHQWHRTXHIDOWHDODUHVHUYDSUHVFULWDHQHODUWlFXORVHUjVDQFLRQDGRFRQPXOWDKDVWDGHYHLQWHPLO
SHVRVRFRQVXVSHQVLnQGHOFDUJRGHXQPHVDXQDmRVHJoQODJUDYHGDGGHODIDOWDXRPLVLnQ(QFDVRGHUHLQFLGHQFLDVHGREODUjQODV
VDQFLRQHVDQWHULRUHV\SRGUjLPSRQHUVHODLQWHUGLFFLnQSHUPDQHQWHRGHqQLWLYDSDUDHOHMHUFLFLRGHOFDUJRGHUHYLVRUqVFDOVHJoQODJUDYHGDGGH
ODIDOWD
$57f&8/26$1&,21(6,038(67$6$/5(9,625),6&$//DVVDQFLRQHVSUHYLVWDVHQHODUWlFXORDQWHULRUVHUjQLPSXHVWDVSRUOD
6XSHULQWHQGHQFLDGH6RFLHGDGHVDXQTXHVHWUDWHGHFRPSDmlDVQRVRPHWLGDVDVXYLJLODQFLDRSRUOD6XSHULQWHQGHQFLD%DQFDULDUHVSHFWRGH
VRFLHGDGHVFRQWURODGDVSRUkVWD
(VWDVVDQFLRQHVVHUjQLPSXHVWDVGHRqFLRRSRUGHQXQFLDGHFXDOTXLHUSHUVRQD
&$3f78/2,;
',62/8&,h1'(/$62&,('$'
$57f&8/2&$86$/(6'(',62/8&,h1'(/$62&,('$'/DVRFLHGDGFRPHUFLDOVHGLVROYHUj
3RUYHQFLPLHQWRGHOWkUPLQRSUHYLVWRSDUDVXGXUDFLnQHQHOFRQWUDWRVLQRIXHUHSURUURJDGRYjOLGDPHQWHDQWHVGHVXH[SLUDFLnQ
3RUODLPSRVLELOLGDGGHGHVDUUROODUODHPSUHVDVRFLDOSRUODWHUPLQDFLnQGHODPLVPDRSRUODH[WLQFLnQGHODFRVDRFRVDVFX\DH[SORWDFLnQ
FRQVWLWX\HVXREMHWR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
3RUUHGXFFLnQGHOQoPHURGHDVRFLDGRVDPHQRVGHOUHTXHULGRHQODOH\SDUDVXIRUPDFLnQRIXQFLRQDPLHQWRRSRUDXPHQWRTXHH[FHGDGHO
OlPLWHPj[LPRqMDGRHQODPLVPDOH\
3RUODGHFODUDFLnQGHTXLHEUDGHODVRFLHGDG
3RUODVFDXVDOHVTXHH[SUHVD\FODUDPHQWHVHHVWLSXOHQHQHOFRQWUDWR
3RUGHFLVLnQGHORVDVRFLDGRVDGRSWDGDFRQIRUPHDODVOH\HV\DOFRQWUDWRVRFLDO
3RUGHFLVLnQGHDXWRULGDGFRPSHWHQWHHQORVFDVRVH[SUHVDPHQWHSUHYLVWRVHQODVOH\HV\
3RUODVGHPjVFDXVDOHVHVWDEOHFLGDVHQODVOH\HVHQUHODFLnQFRQWRGDVRDOJXQDVGHODVIRUPDVGHVRFLHGDGTXHUHJXODHVWH&nGLJR
$57f&8/2()(&726'(/$',62/8&,h1'(/$62&,('$'325/2662&,26(QHOFDVRSUHYLVWRHQHORUGLQDOSULPHURGHODUWlFXORDQWHULRUOD
GLVROXFLnQGHODVRFLHGDGVHSURGXFLUjHQWUHORVDVRFLDGRV\UHVSHFWRGHWHUFHURVDSDUWLUGHODIHFKDGHH[SLUDFLnQGHOWkUPLQRGHVXGXUDFLnQ
VLQQHFHVLGDGGHIRUPDOLGDGHVHVSHFLDOHV
/DGLVROXFLnQSURYHQLHQWHGHGHFLVLnQGHORVDVRFLDGRVVHVXMHWDUjDODVUHJODVSUHYLVWDVSDUDODUHIRUPDGHOFRQWUDWRVRFLDO
&XDQGRODGLVROXFLnQSURYHQJDGHODGHFODUDFLnQGHTXLHEUDRGHODGHFLVLnQGHDXWRULGDGFRPSHWHQWHVHUHJLVWUDUjFRSLDGHODFRUUHVSRQGLHQWH
SURYLGHQFLDHQODIRUPD\FRQORVHIHFWRVSUHYLVWRVSDUDODVUHIRUPDVGHOFRQWUDWRVRFLDO/DGLVROXFLnQVHSURGXFLUjHQWUHORVDVRFLDGRVDSDUWLU
GHODIHFKDTXHVHLQGLTXHHQGLFKDSURYLGHQFLDSHURQRSURGXFLUjHIHFWRVUHVSHFWRGHWHUFHURVVLQRDSDUWLUGHODIHFKDGHUHJLVWUR
$57f&8/2'(&/$5$&,h1'(',62/8&,h1'(/$62&,('$'9HUHO$UWlFXOR/H\GH&XDQGRODGLVROXFLnQSURYHQJDGHFDXVDOHV
GLVWLQWDVGHODVLQGLFDGDVHQHODUWlFXORDQWHULRUORVDVRFLDGRVGHEHUjQGHFODUDUGLVXHOWDODVRFLHGDGSRURFXUUHQFLDGHODFDXVDOUHVSHFWLYD\
GDUjQFXPSOLPLHQWRDODVIRUPDOLGDGHVH[LJLGDVSDUDODVUHIRUPDVGHOFRQWUROVRFLDO
1RREVWDQWHORVDVRFLDGRVSRGUjQHYLWDUODGLVROXFLnQGHODVRFLHGDGDGRSWDQGRODVPRGLqFDFLRQHVTXHVHDQGHOFDVRVHJoQODFDXVDORFXUULGD\
REVHUYDQGRODVUHJODVSUHVFULWDVSDUDODVUHIRUPDVGHOFRQWUDWRVLHPSUHTXHHODFXHUGRVHIRUPDOLFHGHQWURGHORVVHLVPHVHVVLJXLHQWHVDOD
RFXUUHQFLDGHODFDXVDO
$57f&8/2',62/8&,h1'(62&,('$'9,*,/$'$325/$683(5,17(1'(1&,$(QODVVRFLHGDGHVVRPHWLGDVDYLJLODQFLDOD6XSHULQWHQGHQFLD
GH6RFLHGDGHVSRGUjGHFODUDUGHRqFLRRDVROLFLWXGGHOLQWHUHVDGRODGLVROXFLnQGHODVRFLHGDGFXDQGRRFXUUDFXDOTXLHUDGHODVFDXVDOHV
SUHYLVWDVHQORVRUGLQDOHVRRR\RGHODUWlFXORVLORVDVRFLDGRVQRORKDFHQRSRUWXQDPHQWH
(QODVVRFLHGDGHVQRVRPHWLGDVDODYLJLODQFLDGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHVODVGLIHUHQFLDVHQWUHORVDVRFLDGRVVREUHODRFXUUHQFLDGH
XQDFDXVDOGHGLVROXFLnQVHUjQGHFLGLGDVSRUHOMXH]GHOGRPLFLOLRVRFLDODVROLFLWXGGHOLQWHUHVDGRVLQRVHKDSDFWDGRODFOjXVXOD
FRPSURPLVRULD
$57f&8/2()(&7263267(5,25(6$/$/,48,'$&,h1'(/$62&,('$''LVXHOWDODVRFLHGDGVHSURFHGHUjGHLQPHGLDWRDVXOLTXLGDFLnQ(Q
FRQVHFXHQFLDQRSRGUjLQLFLDUQXHYDVRSHUDFLRQHVHQGHVDUUROORGHVXREMHWR\FRQVHUYDUjVXFDSDFLGDGMXUlGLFDoQLFDPHQWHSDUDORVDFWRV
QHFHVDULRVDODLQPHGLDWDOLTXLGDFLnQ&XDOTXLHURSHUDFLnQRDFWRDMHQRDHVWHqQVDOYRORVDXWRUL]DGRVH[SUHVDPHQWHSRUOD/H\KDUj
UHVSRQVDEOHVIUHQWHDODVRFLHGDGDORVDVRFLDGRV\DWHUFHURVHQIRUPDLOLPLWDGD\VROLGDULDDOOLTXLGDGRU\DOUHYLVRUqVFDOTXHQRVHKXELHUH
RSXHVWR
(OQRPEUHGHODVRFLHGDGGLVXHOWDGHEHUjDGLFLRQDUVHVLHPSUHFRQODH[SUHVLnQHQOLTXLGDFLnQ/RVHQFDUJDGRVGHUHDOL]DUODUHVSRQGHUjQGHORV
GDmRV\SHUMXLFLRVTXHVHGHULYHQSRUGLFKDRPLVLnQ
$57f&8/2'(&,6,21(63267(5,25(6$/$',62/8&,h1'(/$62&,('$''LVXHOWDODVRFLHGDGODVGHWHUPLQDFLRQHVGHODMXQWDGHVRFLRVR
GHODDVDPEOHDGHEHUjQWHQHUUHODFLnQGLUHFWDFRQODOLTXLGDFLnQ7DOHVGHFLVLRQHVVHDGRSWDUjQSRUPD\RUlDDEVROXWDGHYRWRVSUHVHQWHVVDOYR
TXHHQORVHVWDWXWRVRHQODOH\VHGLVSRQJDH[SUHVDPHQWHRWUDFRVD
$57f&8/2$%67(1&,h1(1&$62'(&(6$&,h1'(3$*26&XDQGRODVRFLHGDGVHHQFXHQWUHHQHVWDGRGHFHVDFLnQHQORVSDJRVORV
DGPLQLVWUDGRUHVVHDEVWHQGUjQGHLQLFLDUQXHYDVRSHUDFLRQHV\FRQYRFDUjQGHLQPHGLDWRDORVDVRFLDGRVSDUDLQIRUPDUORVFRPSOHWD\
GRFXPHQWDGDPHQWHGHGLFKDVLWXDFLnQVRSHQDGHUHVSRQGHUVROLGDULDPHQWHGHORVSHUMXLFLRVTXHVHFDXVHQDORVDVRFLDGRVRDWHUFHURVSRUOD
LQIUDFFLnQGHHVWHSUHFHSWR
/RVDVRFLDGRVSRGUjQWRPDUODVPHGLGDVFRQGXFHQWHVDLPSHGLUODGHFODUDWRULDGHTXLHEUDRDREWHQHUODUHYRFDWRULDGHODPLVPD
&$3f78/2;
/,48,'$&,h1'(/3$75,021,262&,$/
$57f&8/25(81,21(6'85$17(/$/,48,'$&,h1'(/$62&,('$''XUDQWHHOSHUlRGRGHODOLTXLGDFLnQODMXQWDGHVRFLRVRODDVDPEOHDVH
UHXQLUjHQODVIHFKDVLQGLFDGDVHQORVHVWDWXWRVSDUDVXVVHVLRQHVRUGLQDULDV$VLPLVPRFXDQGRVHDFRQYRFDGDSRUORVOLTXLGDGRUHVHOUHYLVRU
qVFDOROD6XSHULQWHQGHQFLDFRQIRUPHDODVUHJODVJHQHUDOHV
$57f&8/2,1)250$62%5((/%$/$1&((,19(17$5,2(1/$/,48,'$&,h1'(62&,('$'/RVOLTXLGDGRUHVSUHVHQWDUjQHQODVUHXQLRQHV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
RUGLQDULDVGHODDVDPEOHDRGHODMXQWDGHVRFLRVHVWDGRVGHOLTXLGDFLnQFRQXQLQIRUPHUD]RQDGRVREUHVXGHVDUUROORXQEDODQFHJHQHUDO\XQ
LQYHQWDULRGHWDOODGR(VWRVGRFXPHQWRVHVWDUjQDGLVSRVLFLnQGHORVDVRFLDGRVGXUDQWHHOWkUPLQRGHODFRQYRFDWRULD
$57f&8/2$&78$&,h1'(/5(35(6(17$17(/(*$/&202/,48,'$'25$17(6'(/5(*,6752'(//,48,'$'250LHQWUDVQRVHKDJD\VH
UHJLVWUHHOQRPEUDPLHQWRGHOLTXLGDGRUHVDFWXDUjQFRPRWDOHVODVSHUVRQDVTXHqJXUHQLQVFULWDVHQHOUHJLVWURPHUFDQWLOGHOGRPLFLOLRVRFLDO
FRPRUHSUHVHQWDQWHVGHODVRFLHGDG
$57f&8/2/,48,'$&,h1'(/3$75,021,262&,$/0(&$1,6026120%5$0,(172'(//,48,'$'25/DOLTXLGDFLnQGHOSDWULPRQLRVRFLDOVH
KDUjSRUXQOLTXLGDGRUHVSHFLDOQRPEUDGRFRQIRUPHDORVHVWDWXWRVRDODOH\
3RGUjQQRPEUDUVHYDULRVOLTXLGDGRUHV\SRUFDGDXQRGHEHUjQRPEUDUVHXQVXSOHQWH(VWRVQRPEUDPLHQWRVVHUHJLVWUDUjQHQHOUHJLVWUR
PHUFDQWLOGHOGRPLFLOLRVRFLDO\GHODVVXFXUVDOHV\VnORDSDUWLUGHODIHFKDGHODLQVFULSFLnQWHQGUjQORVQRPEUDGRVODVIDFXOWDGHV\REOLJDFLRQHV
GHORVOLTXLGDGRUHV
&XDQGRDJRWDGRVORVPHGLRVSUHYLVWRVHQODOH\RHQHOFRQWUDWRSDUDKDFHUODGHVLJQDFLnQGHOLTXLGDGRUHVWDQRVHKDJDFXDOTXLHUDGHORV
DVRFLDGRVSRGUjVROLFLWDUDOD6XSHULQWHQGHQFLDGH6RFLHGDGHVTXHVHQRPEUHSRUHOODHOUHVSHFWLYROLTXLGDGRU
$57f&8/2/,48,'$&,h1',5(&7$()(&78$'$325/2662&,261RREVWDQWHORGLVSXHVWRHQHODUWlFXORDQWHULRUHQODVVRFLHGDGHVSRU
FXRWDVRSDUWHVGHLQWHUkVSRGUjKDFHUVHODOLTXLGDFLnQGLUHFWDPHQWHSRUORVDVRFLDGRVPLVPRVVLkVWRVDVlORDFXHUGDQXQjQLPHPHQWH(QHVH
FDVRWRGRVWHQGUjQODVIDFXOWDGHV\ODVREOLJDFLRQHVGHORVOLTXLGDGRUHVSDUDWRGRVORVHIHFWRVOHJDOHV
$57f&8/2$'0,1,675$'25'(6,*1$'2&202/,48,'$'25(-(5&,&,2'(/&$5*24XLHQDGPLQLVWUHELHQHVGHODVRFLHGDG\VHD
GHVLJQDGROLTXLGDGRUQRSRGUjHMHUFHUHOFDUJRVLQTXHSUHYLDPHQWHVHDSUXHEHQODVFXHQWDVGHVXJHVWLnQSRUODDVDPEOHDRSRUODMXQWDGH
VRFLRV6LWUDQVFXUULGRVWUHLQWDGlDVGHVGHODIHFKDHQTXHVHGHVLJQnOLTXLGDGRUQRVHKXELHUHQDSUREDGRODVPHQFLRQDGDVFXHQWDVVH
SURFHGHUjDQRPEUDUQXHYROLTXLGDGRU
$57f&8/2$&78$&,h1'(&216802(175(9$5,26/,48,'$'25(66DOYRHVWLSXODFLnQHQFRQWUDULRFXDQGRKD\DGRVRPjVOLTXLGDGRUHV
DFWXDUjQGHFRQVXQR\VLVHSUHVHQWDQGLVFUHSDQFLDVHQWUHHOORVODMXQWDGHVRFLRVRODDVDPEOHDGHFLGLUjFRQHOYRWRGHODPD\RUlDDEVROXWDGH
ODVFXRWDVSDUWHVRDFFLRQHVUHSUHVHQWDGDVHQODFRUUHVSRQGLHQWHUHXQLnQ
$57f&8/2,1)250$$/26$&5(('25(6'(/(67$'2'(/,48,'$&,h1/DVSHUVRQDVTXHHQWUHQDDFWXDUFRPROLTXLGDGRUHVGHEHUjQ
LQIRUPDUDORVDFUHHGRUHVVRFLDOHVGHOHVWDGRGHOLTXLGDFLnQHQTXHVHHQFXHQWUDODVRFLHGDGXQDYH]GLVXHOWDPHGLDQWHDYLVRTXHVHSXEOLFDUj
HQXQSHULnGLFRTXHFLUFXOHUHJXODUPHQWHHQHOOXJDUGHOGRPLFLOLRVRFLDO\TXHVHqMDUjHQOXJDUYLVLEOHGHODVRqFLQDV\HVWDEOHFLPLHQWRVGH
FRPHUFLRGHODVRFLHGDG
$57f&8/262/,&,78'$/$683(5,17(1'(1&,$/$$352%$&,h1'(,19(17$5,26'(/3$75,021,262&,$/(QODVVRFLHGDGHVSRUDFFLRQHV
ORVOLTXLGDGRUHVGHEHUjQGHQWURGHOPHVVLJXLHQWHDODIHFKDHQTXHODVRFLHGDGTXHGHGLVXHOWDUHVSHFWRGHORVVRFLRV\GHWHUFHURVVROLFLWDUDO
6XSHULQWHQGHQWHGH6RFLHGDGHVODDSUREDFLnQGHOLQYHQWDULRGHOSDWULPRQLRVRFLDO
6LORVOLTXLGDGRUHVHVWXYLHUHQXQjQLPHPHQWHGHDFXHUGROD6XSHULQWHQGHQFLDSUHYLRHOWUjPLWHFRUUHVSRQGLHQWHORDSUREDUj
6LQRKXELHUHDFXHUGRHO6XSHULQWHQGHQWHVHmDODUjODIHFKDHQTXHGHEDVHUSUHVHQWDGRSRUORVOLTXLGDGRUHVHOLQYHQWDULRUHVSHFWLYRTXHQR
VHUjQLDQWHVGHWUDQVFXUULGRXQPHVGHVGHODIHFKDGHVXVHmDODPLHQWRQLWUHVPHVHVGHVSXkVGHODPLVPD\RUGHQDUjTXHVHFLWHDWRGRVORV
VRFLRV\DFUHHGRUHVGHODVRFLHGDGSRUPHGLRGHXQHGLFWRTXHVHqMDUjSRUTXLQFHGlDVHQODVHFUHWDUlD\TXHVHSXEOLFDUjHQXQSHULnGLFRTXH
FLUFXOHUHJXODUPHQWHHQHOOXJDUGHOGRPLFLOLRVRFLDO\HQORVGHODVVXFXUVDOHVVLODVKXELHUH
127$(OLQFLVRRGHODUWlFXORGHOD/H\GHHVWDEOHFHTXH 6DOYRDTXHOORVFDVRVTXHH[SUHVDPHQWHGHWHUPLQHHO*RELHUQR
1DFLRQDOHQUD]nQDODFRQVHUYDFLnQGHORUGHQSoEOLFRHFRQnPLFRQRKDEUjOXJDUDODLQWHUYHQFLnQGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHV
UHVSHFWRGHORHVWDEOHFLGRHQORVDUWlFXORVDGHO&nGLJRGH&RPHUFLR
$57f&8/2&217(1,'2'(/,19(17$5,2$8725,=$&,h1325&217$'25(OLQYHQWDULRLQFOXLUjDGHPjVGHODUHODFLnQSRUPHQRUL]DGDGH
ORVGLVWLQWRVDFWLYRVVRFLDOHVODGHWRGDVODVREOLJDFLRQHVGHODVRFLHGDGFRQHVSHFLqFDFLnQGHODSUHODFLnQXRUGHQOHJDOGHVXSDJRLQFOXVLYHGH
ODVTXHVnORSXHGDQDIHFWDUHYHQWXDOPHQWHVXSDWULPRQLRFRPRODVFRQGLFLRQDOHVODVOLWLJLRVDVODVqDQ]DVORVDYDOHVHWF
(VWHLQYHQWDULRGHEHUjVHUDXWRUL]DGRSRUXQ&RQWDGRU3oEOLFRVLHOOLTXLGDGRURDOJXQRGHHOORVQRWLHQHQWDOFDOLGDG\SUHVHQWDQGR
SHUVRQDOPHQWHSRUkVWRVDQWHHO6XSHULQWHQGHQWHEDMRMXUDPHQWRGHTXHUHrHMDqHOPHQWHODVLWXDFLnQSDWULPRQLDOGHODVRFLHGDGGLVXHOWD'HOD
SUHVHQWDFLnQ\GHODGLOLJHQFLDGHMXUDPHQWRVHGHMDUjFRQVWDQFLDHQDFWDqUPDGDSRUHO6XSHULQWHQGHQWH\VXVHFUHWDULR
127$(OLQFLVRRGHODUWlFXORGHOD/H\GHHVWDEOHFHTXH 6DOYRDTXHOORVFDVRVTXHH[SUHVDPHQWHGHWHUPLQHHO*RELHUQR
1DFLRQDOHQUD]nQDODFRQVHUYDFLnQGHORUGHQSoEOLFRHFRQnPLFRQRKDEUjOXJDUDODLQWHUYHQFLnQGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHV
UHVSHFWRGHORHVWDEOHFLGRHQORVDUWlFXORVDGHO&nGLJRGH&RPHUFLR
$57f&8/275$6/$'2$/2662&,26<$&5(('25(675d0,7('(2%-(&,21(63UHVHQWDGRHOLQYHQWDULRFRPRVHGLVSRQHHQHODUWlFXOR
DQWHULRUHO6XSHULQWHQGHQWHRUGHQDUjFRUUHUWUDVODGRFRPoQDORVVRFLRV\DORVDFUHHGRUHVGHODVRFLHGDGSRUXQWkUPLQRGHGLH]GlDVKjELOHV
(OWUDVODGRVHVXUWLUjHQODVHFUHWDUlD\GXUDQWHHOWkUPLQRGHOPLVPR\FLQFRGlDVPjVWDQWRORVDVRFLDGRVFRPRORVDFUHHGRUHVSRGUjQREMHWDUOR
SRUIDOVHGDGLQH[DFWLWXGRHUURUJUDYH/DVREMHFLRQHVVHWUDPLWDUjQFRPRLQFLGHQWHV\VLSURVSHUDQHO6XSHULQWHQGHQWHRUGHQDUjODV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
UHFWLqFDFLRQHVGHOFDVR3HURORVVLPSOHVHUURUHVDULWPkWLFRVSRGUjQFRUUHJLUVHSRUHO6XSHULQWHQGHQWHGHRqFLRRDLQVWDQFLDGHSDUWHHQ
FXDOTXLHUWLHPSR\VLQODWUDPLWDFLnQLQGLFDGD
127$(OLQFLVRRGHODUWlFXORGHOD/H\GHHVWDEOHFHTXH 6DOYRDTXHOORVFDVRVTXHH[SUHVDPHQWHGHWHUPLQHHO*RELHUQR
1DFLRQDOHQUD]nQDODFRQVHUYDFLnQGHORUGHQSoEOLFRHFRQnPLFRQRKDEUjOXJDUDODLQWHUYHQFLnQGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHV
UHVSHFWRGHORHVWDEOHFLGRHQORVDUWlFXORVDGHO&nGLJRGH&RPHUFLR
$57f&8/2$352%$&,h1'(/,19(17$5,2325/$683(5,17(1'(1&,$35272&2/,=$&,h17UDPLWDGDVODVREMHFLRQHV\KHFKDVODV
UHFWLqFDFLRQHVDTXHKD\DOXJDURYHQFLGRHOWkUPLQRHQTXHSXHGDQVHUSURSXHVWDVGLFKDVREMHFLRQHVVLQTXHVHKD\DQIRUPXODGRHO
6XSHULQWHQGHQWHDSUREDUjHOLQYHQWDULR\RUGHQDUjGHYROYHUORDFWXDGRDORVOLTXLGDGRUHVDqQGHTXHGLFKDVGLOLJHQFLDVVHSURWRFROLFHQFRQOD
FXHQWDqQDOGHODOLTXLGDFLnQ
127$(OLQFLVRRGHODUWlFXORGHOD/H\GHHVWDEOHFHTXH 6DOYRDTXHOORVFDVRVTXHH[SUHVDPHQWHGHWHUPLQHHO*RELHUQR
1DFLRQDOHQUD]nQDODFRQVHUYDFLnQGHORUGHQSoEOLFRHFRQnPLFRQRKDEUjOXJDUDODLQWHUYHQFLnQGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHV
UHVSHFWRGHORHVWDEOHFLGRHQORVDUWlFXORVDGHO&nGLJRGH&RPHUFLR
$57f&8/2122%/,*$725,('$''(/683(5,17(1'(17((1(/,19(17$5,2(QODVVRFLHGDGHVSRUFXRWDVRSDUWHVGHLQWHUkVQRVHUj
REOLJDWRULDODLQWHUYHQFLnQGHO6XSHULQWHQGHQWHHQHOLQYHQWDULRTXHKD\DGHVHUYLUGHEDVHSDUDODOLTXLGDFLnQSHURVLGLFKRLQYHQWDULRVHKDFH
FRPRVHGLVSRQHHQORVDUWlFXORVDQWHULRUHVFHVDUjQODVUHVSRQVDELOLGDGHVGHORVVRFLRVSRUODVRSHUDFLRQHVVRFLDOHVVLODOLTXLGDFLnQVHDMXVWDDO
LQYHQWDULRDSUREDGRSRUHO6XSHULQWHQGHQWH\DORSUHVFULWRHQORVDUWlFXORVVLJXLHQWHVGHHVWH7lWXOR
127$(OLQFLVRRGHODUWlFXORGHOD/H\GHHVWDEOHFHTXH 6DOYRDTXHOORVFDVRVTXHH[SUHVDPHQWHGHWHUPLQHHO*RELHUQR
1DFLRQDOHQUD]nQDODFRQVHUYDFLnQGHORUGHQSoEOLFRHFRQnPLFRQRKDEUjOXJDUDODLQWHUYHQFLnQGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHV
UHVSHFWRGHORHVWDEOHFLGRHQORVDUWlFXORVDGHO&nGLJRGH&RPHUFLR
$57f&8/2)81&,21(6'(/26/,48,'$'25(66LQSHUMXLFLRGHORGLVSXHVWRHQORVDUWlFXORVDQWHULRUHVORVOLTXLGDGRUHVSURFHGHUjQ
$FRQWLQXDU\FRQFOXLUODVRSHUDFLRQHVVRFLDOHVSHQGLHQWHVDOWLHPSRGHODGLVROXFLnQ
$H[LJLUODFXHQWDGHVXJHVWLnQDORVDGPLQLVWUDGRUHVDQWHULRUHVRDFXDOTXLHUDTXHKD\DPDQHMDGRLQWHUHVHVGHODVRFLHGDGVLHPSUHTXH
WDOHVFXHQWDVQRKD\DQVLGRDSUREDGDVGHFRQIRUPLGDGFRQODOH\RHOFRQWUDWRVRFLDO
$FREUDUORVFUkGLWRVDFWLYRVGHODVRFLHGDGLQFOX\HQGRORVTXHFRUUHVSRQGDQDFDSLWDOVXVFULWR\QRSDJDGRHQVXLQWHJULGDG
$REWHQHUODUHVWLWXFLnQGHORVELHQHVVRFLDOHVTXHHVWkQHQSRGHUGHORVDVRFLDGRVRGHWHUFHURVDPHGLGDTXHVHKDJDH[LJLEOHVXHQWUHJDOR
PLVPRTXHDUHVWLWXLUODVFRVDVGHTXHODVRFLHGDGQRVHDSURSLHWDULD
$YHQGHUORVELHQHVVRFLDOHVFXDOHVTXLHUDTXHVHDQHVWRVFRQH[FHSFLnQGHDTXHOORVTXHSRUUD]nQGHOFRQWUDWRVRFLDORGHGLVSRVLFLnQ
H[SUHVDGHORVDVRFLDGRVGHEDQVHUGLVWULEXLGRVHQHVSHFLH
$OOHYDU\FXVWRGLDUORVOLEURV\FRUUHVSRQGHQFLDGHODVRFLHGDG\YHODUSRUODLQWHJULGDGGHVXSDWULPRQLR
$OLTXLGDU\FDQFHODUODVFXHQWDVGHORVWHUFHURV\GHORVVRFLRVFRPRVHGLVSRQHHQORVDUWlFXORVVLJXLHQWHV\
$UHQGLUFXHQWDVRSUHVHQWDUHVWDGRVGHODOLTXLGDFLnQFXDQGRORFRQVLGHUHFRQYHQLHQWHRVHORH[LMDQORVDVRFLDGRV
$57f&8/268),&,(1&,$'($&7,92662&,$/(63$5$3$*2'(/3$6,92(;7(512(,17(512'(/$62&,('$'&XDQGRORVDFWLYRVVRFLDOHV
VHDQVXqFLHQWHVSDUDSDJDUHOSDVLYRH[WHUQRHLQWHUQRGHODVRFLHGDGSRGUjQSUHVFLQGLUORVOLTXLGDGRUHVGHKDFHUHIHFWLYRHOSDJRGHOFDSLWDO
VXVFULWRQRFXELHUWRSDUDFRPSHQVDUORFRQORTXHFRUUHVSRQGDDORVDVRFLDGRVGHXGRUHVHQODOLTXLGDFLnQKDVWDFRQFXUUHQFLDGHODVVXPDV
GHELGDV
$57f&8/2%,(1(662&,$/(6'(67,1$'26$6(5',675,%8,'26(1(63(&,(/RVELHQHVVRFLDOHVGHVWLQDGRVDVHUGLVWULEXLGRVHQHVSHFLH
VHUjQWDPELkQYHQGLGRVSRUORVOLTXLGDGRUHVFXDQGRORVGHPjVDFWLYRVVRFLDOHVVHDQLQVXqFLHQWHVSDUDSDJDUHOSDVLYRH[WHUQRGHODVRFLHGDG
VDOYRTXHORVDFUHHGRUHVVRFLDOHVRDOJXQRVGHHOORVH[SUHVDPHQWHDFHSWHQFRPRGHXGRUHVDVXVDGMXGLFDWDULRV\H[RQHUHQDODVRFLHGDG
$57f&8/212',675,%8&,h1'(680$6$17(6'(/$&$1&(/$&,h1'(/3$6,92(;7(5121RSRGUjGLVWULEXLUVHVXPDDOJXQDDORV
DVRFLDGRVPLHQWUDVQRVHKD\DFDQFHODGRWRGRHOSDVLYRH[WHUQRGHODVRFLHGDG3HURSRGUjGLVWULEXLUVHHQWUHORVDVRFLDGRVODSDUWHGHORV
DFWLYRVVRFLDOHVTXHH[FHGDGHOGREOHGHOSDVLYRLQYHQWDULDGR\QRFDQFHODGRDOPRPHQWRGHKDFHUVHODGLVWULEXFLnQ
$57f&8/23$*2'(2%/,*$&,21(62%6(59$1'2',6326,&,21(662%5(35(/$&,h1'(&5e',726(OSDJRGHODVREOLJDFLRQHVVRFLDOHVVH
KDUjREVHUYDQGRODVGLVSRVLFLRQHVOHJDOHVVREUHSUHODFLnQGHFUkGLWRV
3DUDHVWH\ORVGHPjVHIHFWRVOHJDOHVORVELHQHVLQYHQWDULDGRVGHWHUPLQDUjQORVOlPLWHVGHODUHVSRQVDELOLGDGGHORVOLTXLGDGRUHVFRPRWDOHV
UHVSHFWRGHORVDVRFLDGRV\GHWHUFHURVVLQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXORVLJXLHQWH
$57f&8/2,168),&,(1&,$'($&7,9263$5$3$*2'(/3$6,92(;7(512&XDQGRVHWUDWHGHVRFLHGDGHVSRUFXRWDVRSDUWHVGHLQWHUkV\
VHDQLQVXqFLHQWHVORVDFWLYRVVRFLDOHVSDUDDWHQGHUDOSDJRGHOSDVLYRH[WHUQRGHODVRFLHGDGORVOLTXLGDGRUHVGHEHUjQUHFDXGDUGHORVVRFLRVHO
IDOWDQWHVLODUHVSRQVDELOLGDGGHORVPLVPRVHVLOLPLWDGDRODSDUWHIDOWDQWHTXHTXHSDGHQWURGHORVOlPLWHVGHODUHVSRQVDELOLGDGGHORV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
DVRFLDGRVHQFDVRFRQWUDULR
3DUDORVHIHFWRVGHHVWHDUWlFXORORVOLTXLGDGRUHVWHQGUjQDFFLnQHMHFXWLYDFRQWUDORVDVRFLDGRV\EDVWDUjFRPRWlWXORHMHFXWLYRODGHFODUDFLnQ
MXUDGDGHORVOLTXLGDGRUHV/RVDVRFLDGRVSRGUjQQRREVWDQWHSURSRQHUFRPRH[FHSFLnQODVXqFLHQFLDGHORVDFWLYRVVRFLDOHVRHOKHFKRGHQR
KDEHUVHGHVWLQDGRHVWRVDOSDJRGHOSDVLYRH[WHUQRGHODVRFLHGDGSRUSDUWHGHORVOLTXLGDGRUHV
$57f&8/23$*26,1,17(5(6(6'(2%/,*$&,21(6$7e50,123RUHOKHFKRGHODGLVROXFLnQVHSRGUjQSDJDUVLQLQWHUHVHVGLVWLQWRVGHORV
TXHVHKD\DQSDFWDGRH[SUHVDPHQWH\SDUDORVVRORVHIHFWRVGHODOLTXLGDFLnQWRGDVODVREOLJDFLRQHVDWkUPLQRFRQWUDODVRFLHGDGLQFOXVLYH
DTXHOODVFX\RSOD]RVHKD\DSDFWDGRHQIDYRUGHORVDFUHHGRUHV
$57f&8/25(6(59$(132'(5'(/26/,48,'$'25(63$5$$7(1'(52%/,*$&,21(6&21',&,21$/(62(1/,7,*,2&XDQGRKD\D
REOLJDFLRQHVFRQGLFLRQDOHVVHKDUjXQDUHVHUYDDGHFXDGDHQSRGHUGHORVOLTXLGDGRUHVSDUDDWHQGHUGLFKDVREOLJDFLRQHVVLOOHJDUHQDKDFHUVH
H[LJLEOHVODTXHVHGLVWULEXLUjHQWUHORVDVRFLDGRVHQFDVRFRQWUDULR/DPLVPDUHJODVHDSOLFDUjHQFDVRGHREOLJDFLRQHVOLWLJLRVDVPLHQWUDV
WHUPLQDHOMXLFLRUHVSHFWLYR
(QHVWRVFDVRVQRVHVXVSHQGHUjODOLTXLGDFLnQVLQRTXHFRQWLQXDUjHQFXDQWRDORVGHPjVDFWLYRV\SDVLYRV7HUPLQDGDODOLTXLGDFLnQVLQTXHVH
KD\DKHFKRH[LJLEOHODREOLJDFLnQFRQGLFLRQDOROLWLJLRVDODUHVHUYDVHGHSRVLWDUjHQXQHVWDEOHFLPLHQWREDQFDULR
$57f&8/2/,48,'$&,h1<3$*2'(3(16,21(6'(-8%,/$&,h1325689$/25$&78$/&XDQGRODVRFLHGDGGLVXHOWDHVWkREOLJDGDDSDJDU
SHQVLRQHVGHMXELODFLnQKDUjODOLTXLGDFLnQ\SDJRGHkVWDVSRUVXYDORUDFWXDOVHJoQODYLGDSUREDEOHGHFDGDEHQHqFLDULRFRQIRUPHDODVWDEODV
DFRVWXPEUDGDVSRUODVFRPSDmlDVDVHJXUDGRUDVGHOSDlVRFRQWUDWDUjFRQXQDFRPSDmlDGHVHJXURVHOSDJRSHULnGLFRGHODSHQVLnQSRUWRGRHO
WLHPSRHQTXHHVWXYLHUHSHQGLHQWHHOULHVJR
$57f&8/2',675,%8&,h1'(5(0$1(17((175(62&,26352&(',0,(1723DJDGRHOSDVLYRH[WHUQRGHODVRFLHGDGVHGLVWULEXLUjHO
UHPDQHQWHGHORVDFWLYRVVRFLDOHVHQWUHORVDVRFLDGRVFRQIRUPHDORHVWLSXODGRHQHOFRQWUDWRRDORTXHHOORVDFXHUGHQ
/DGLVWULEXFLnQVHKDUjFRQVWDUHQDFWDHQTXHVHH[SUHVHHOQRPEUHGHORVDVRFLDGRVHOYDORUGHVXFRUUHVSRQGLHQWHLQWHUkVVRFLDO\ODVXPDGH
GLQHURRORVELHQHVTXHUHFLEDFDGDXQRDWlWXORGHOLTXLGDFLnQ
7DODFWDVHSURWRFROL]DUjHQXQDQRWDUlDGHOOXJDUGHOGRPLFLOLRVRFLDOMXQWRFRQODVGLOLJHQFLDVGHLQYHQWDULRGHORVELHQHVVRFLDOHV\FRQOD
DFWXDFLnQMXGLFLDOHQVXFDVR
3$5d*5$)2&XDQGRVHKDJDQDGMXGLFDFLRQHVGHELHQHVSDUDFX\DHQDMHQDFLnQVHH[LMDQIRUPDOLGDGHVHVSHFLDOHVHQODOH\GHEHUjQFXPSOLUVH
kVWDVSRUORVOLTXLGDGRUHV6LODIRUPDOLGDGFRQVLVWHHQHORWRUJDPLHQWRGHHVFULWXUDSoEOLFDEDVWDUjTXHVHHOHYHDHVFULWXUDODSDUWHSHUWLQHQWH
GHODFWDLQGLFDGD
$57f&8/2',675,%8&,h1235255$7(2'(5(0$1(17(/DGLVWULEXFLnQRSURUUDWHRGHOUHPDQHQWHGHORVDFWLYRVVRFLDOHVHQWUHORV
DVRFLDGRVVHKDUjDOWLHPSRSDUDWRGRVVLQRVHKDHVWLSXODGRHOUHHPEROVRSUHIHUHQFLDOGHVXVSDUWHVGHLQWHUkVFXRWDVRDFFLRQHVSDUDDOJXQRV
GHHOORVFDVRHQHOFXDOVnORVHGLVSRQGUjGHOUHPDQHQWHXQDYH]KHFKRGLFKRUHHPEROVR
+HFKDODOLTXLGDFLnQGHORTXHDFDGDDVRFLDGRFRUUHVSRQGDHQORVDFWLYRVVRFLDOHVORVOLTXLGDGRUHVFRQYRFDUjQDODDVDPEOHDRDODMXQWDGH
VRFLRVSDUDTXHDSUXHEHQODVFXHQWDVGHORVOLTXLGDGRUHV\HODFWDGHTXHWUDWDHODUWlFXORDQWHULRU(VWDVGHFLVLRQHVSRGUjQDGRSWDUVHFRQHO
YRWRIDYRUDEOHGHODPD\RUlDGHORVDVRFLDGRVTXHFRQFXUUDQFXDOTXLHUDTXHVHDHOYDORUGHODVSDUWHVGHLQWHUkVFXRWDVRDFFLRQHVTXH
UHSUHVHQWHQHQODVRFLHGDG
6LKHFKDGHELGDPHQWHODFRQYRFDWRULDQRFRQFXUUHQLQJoQDVRFLDGRORVOLTXLGDGRUHVFRQYRFDUjQHQODPLVPDIRUPDDXQDVHJXQGDUHXQLnQ
SDUDGHQWURGHORVGLH]GlDVVLJXLHQWHVVLDGLFKDUHXQLnQWDPSRFRFRQFXUUHQLQJXQRVHWHQGUjQSRUDSUREDGDVODVFXHQWDVGHORVOLTXLGDGRUHV
ODVFXDOHVQRSRGUjQVHUSRVWHULRUPHQWHLPSXJQDGDV
$57f&8/2(175(*$'(5(0$1(17($62&,26$9,62$$86(17(6$SUREDGDODFXHQWDqQDOGHODOLTXLGDFLnQVHHQWUHJDUjDORVDVRFLDGRV
ORTXHOHVFRUUHVSRQGD\VLKD\DXVHQWHVRVRQQXPHURVRVORVOLTXLGDGRUHVORVFLWDUjQSRUPHGLRGHDYLVRVTXHVHSXEOLFDUjQSRUQRPHQRVGH
WUHVYHFHVFRQLQWHUYDORVGHRFKRDGLH]GlDVHQXQSHULnGLFRTXHFLUFXOHHQHOOXJDUGHOGRPLFLOLRVRFLDO
+HFKDODFLWDFLnQDQWHULRU\WUDVFXUULGRVGLH]GlDVGHVSXkVGHODoOWLPDSXEOLFDFLnQORVOLTXLGDGRUHVHQWUHJDUjQDODMXQWDGHSDUWDPHQWDOGH
EHQHqFHQFLDGHOOXJDUGHOGRPLFLOLRVRFLDO\DIDOWDGHHVWDHQGLFKROXJDUDODMXQWDTXHIXQFLRQHHQHOOXJDUPjVSUn[LPRORVELHQHVTXH
FRUUHVSRQGDQDORVVRFLRVTXHQRVHKD\DQSUHVHQWDGRDUHFLELUORVTXLHQHVVnORSRGUjQUHFODPDUVXHQWUHJDGHQWURGHODmRVLJXLHQWH
WUDVFXUULGRHOFXDOORVELHQHVSDVDUjQDVHUSURSLHGDGGHODHQWLGDGGHEHQHqFHQFLDSDUDORFXDOHOOLTXLGDGRUHQWUHJDUjORVGRFXPHQWRVGH
WUDVSDVRDTXHKD\DOXJDU
$57f&8/2&2167,78&,h1'(18(9$62&,('$'325$&8(5'2'(/$727$/,'$''(62&,263RUDFXHUGRGHWRGRVORVDVRFLDGRVSRGUj
SUHVFLQGLUVHGHKDFHUODOLTXLGDFLnQHQORVWkUPLQRVDQWHULRUHV\FRQVWLWXLUFRQODVIRUPDOLGDGHVOHJDOHVXQDQXHYDVRFLHGDGTXHFRQWLQoHOD
HPSUHVDVRFLDO
$57f&8/2$3/,&$&,h1'(/$61250$6'(/$)81&,h1<(1$-(1$&,h13$5$/$&2167,78&,h1'(18(9$62&,('$'(ODFWRSUHYLVWRHQ
HODUWlFXORDQWHULRUVHVRPHWHUjDODVGLVSRVLFLRQHVSHUWLQHQWHVVREUHIXVLnQ\HQDMHQDFLnQGHHVWDEOHFLPLHQWRVGHFRPHUFLR&XPSOLGRWDODFWRHQ
HVWDIRUPDODQXHYDVRFLHGDGVHVXVWLWXLUjHQWRGDVODVREOLJDFLRQHVGHODDQWHULRUFRQWRGRVVXVSULYLOHJLRV\JDUDQWlDV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2,0352&('(1&,$'($&&,h1'(7(5&(52&2175$62&,263256862%/,*$&,21(662&,$/(6(162&,('$'$1h1,0$(QODV
VRFLHGDGHVSRUDFFLRQHVQRKDEUjDFFLnQGHORVWHUFHURVFRQWUDORVVRFLRVSRUODVREOLJDFLRQHVVRFLDOHV(VWDVDFFLRQHVVnORSRGUjQHMHUFLWDUVH
FRQWUDORVOLTXLGDGRUHV\oQLFDPHQWHKDVWDFRQFXUUHQFLDGHORVDFWLYRVVRFLDOHVUHFLELGRVSRUHOORV
(QODVVRFLHGDGHVSRUFXRWDVRSDUWHVGHLQWHUkVODVDFFLRQHVTXHSURFHGDQFRQWUDORVDVRFLDGRVHQUD]nQGHVXUHVSRQVDELOLGDGSRUODV
RSHUDFLRQHVVRFLDOHVVHHMHUFLWDUjQFRQWUDORVOLTXLGDGRUHVFRPRUHSUHVHQWDQWHVGHORVDVRFLDGRVWDQWRGXUDQWHODOLTXLGDFLnQFRPRGHVSXkVGH
FRQVXPDGDODPLVPDSHURGLFKRVDVRFLDGRVWDPELkQGHEHUjQVHUFLWDGRVDOMXLFLRUHVSHFWLYR
$57f&8/2'(5(&+2$5(3(7,5&2175$$62&,$'26325(//,48,'$'25/RGLVSXHVWRHQHOLQFLVRSULPHURGHODUWlFXORDQWHULRUQRLPSLGH
TXHORVOLTXLGDGRUHVSXHGDQUHSHWLUFRQWUDORVDVRFLDGRVODVVXPDVRELHQHVHQWUHJDGRVDQWHVGHSDJDUlQWHJUDPHQWHHOSDVLYRH[WHUQRGHOD
VRFLHGDG
$57f&8/268%52*$&,h1'($&5(('25(1/$$&&,h1'(5(3(7,&,h1&2175$$62&,$'266LORVOLTXLGDGRUHVQRHMHUFLWDQODDFFLnQ
SUHYLVWDHQHODUWlFXORDQWHULRUXQDYH]UHTXHULGRVSRUORVDFUHHGRUHVVRFLDOHVkVWRVVHVXEURJDUjQHQODDFFLnQGHUHSHWLFLnQFRQWUDORV
DVRFLDGRV
/DPLVPDUHJODVHDSOLFDUjFXDQGRORVOLTXLGDGRUHVQRFXPSODQORSUHVFULWRHQHODUWlFXOR
$57f&8/25(63216$%,/,'$''(//,48,'$'25/RVOLTXLGDGRUHVVHUjQUHVSRQVDEOHVDQWHORVDVRFLDGRV\DQWHWHUFHURVGHORVSHUMXLFLRV
TXHVHOHVFDXVHSRUYLRODFLnQRQHJOLJHQFLDHQHOFXPSOLPLHQWRGHVXVGHEHUHV
$57f&8/235(6&5,3&,h1'(/$$&&,h17e50,12/DVDFFLRQHVGHORVDVRFLDGRVHQWUHVlSRUUD]nQGHODVRFLHGDG\ODGHORVOLTXLGDGRUHV
FRQWUDORVDVRFLDGRVSUHVFULELUjQHQFLQFRDmRVDSDUWLUGHODIHFKDGHGLVROXFLnQGHODVRFLHGDG
/DVDFFLRQHVGHORVDVRFLDGRV\GHWHUFHURVFRQWUDORVOLTXLGDGRUHVSUHVFULELUjQHQFLQFRDmRVDSDUWLUGHODIHFKDGHODDSUREDFLnQGHODFXHQWD
qQDOGHODOLTXLGDFLnQ
$57f&8/2,17(5583&,h1'(/$35(6&5,3&,h1/DVSUHVFULSFLRQHVDQWHULRUHVFRUUHUjQUHVSHFWRGHWRGDFODVHGHSHUVRQDV\QRVH
LQWHUUXPSLUjQVLQRMXGLFLDOPHQWHFRQIRUPHDODVOH\HVGHSURFHGLPLHQWR
$57f&8/2,038*1$%,/,'$''(/$/,48,'$&,h16($-867$$/,19(17$5,2/RVWHUFHURVQRSRGUjQLPSXJQDUODOLTXLGDFLnQVLkVWDVHDMXVWD
DOLQYHQWDULRDSUREDGRSRUHO6XSHULQWHQGHQWHGH6RFLHGDGHV\DODVUHJODVVHmDODGDVHQHVWH&DSlWXOR
$57f&8/25(0,6,h1$275$61250$6(63(&,$/(6/RGLVSXHVWRHQHVWH7lWXORHVVLQSHUMXLFLRGHORTXHVHHVWDEOHFHHQHODUWlFXOR\
VLJXLHQWHVHQUHODFLnQFRQFDGDFODVHGHVRFLHGDG
&$3f78/2;,
0$75,&(668%25',1$'$6<68&856$/(6
$57f&8/268%25',1$&,h10RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH8QDVRFLHGDGVHUjVXERUGLQDGDR
FRQWURODGDFXDQGRVXSRGHUGHGHFLVLnQVHHQFXHQWUHVRPHWLGRDODYROXQWDGGHRWUDXRWUDVSHUVRQDVTXHVHUjQVXPDWUL]RFRQWURODQWHELHQ
VHDGLUHFWDPHQWHFDVRHQHOFXDODTXkOODVHGHQRPLQDUjqOLDORFRQHOFRQFXUVRRSRULQWHUPHGLRGHODVVXERUGLQDGDVGHODPDWUL]HQFX\RFDVR
VHOODPDUjVXEVLGLDULD
7H[WRDQWHULRU
/DVVRFLHGDGHVVXERUGLQDGDVSXHGHQVHUkOLDOHVRVXEVLGLDULDV6HFRQVLGHUDUekOLDOODVRFLHGDGTXHHVWfGLULJLGDRFRQWURODGDHFRQiPLFD
kQDQFLHUDRDGPLQLVWUDWLYDPHQWHSRURWUDTXHVHUeODPDWUL]6HUeVXEVLGLDULDODFRPSDhgDFX\RFRQWURORGLUHFFLiQORHMHU]DODPDWUL]SRU
LQWHUPHGLRRFRQHOFRQFXUVRGHXQDRYDULDVkOLDOHVVX\DVRGHVRFLHGDGHVYLQFXODGDVDODPDWUL]RDODVkOLDOHVGHfVWD
$57f&8/235(681&,21(6'(68%25',1$&,h10RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH6HUj
VXERUGLQDGDXQDVRFLHGDGFXDQGRVHHQFXHQWUHHQXQRRPjVGHORVVLJXLHQWHVFDVRV
&XDQGRODPDWUL]\ODVVXERUGLQDGDVWHQJDQFRQMXQWDRVHSDUDGDPHQWHHOGHUHFKRGHHPLWLUORVYRWRVFRQVWLWXWLYRVGHODPD\RUlDPlQLPD
GHFLVRULDHQODMXQWDGHVRFLRVRHQODDVDPEOHDRWHQJDQHOQoPHURGHYRWRVQHFHVDULRSDUDHOHJLUODPD\RUlDGHPLHPEURVGHODMXQWDGLUHFWLYD
VLODKXELHUH
&XDQGRODPDWUL]GLUHFWDPHQWHRSRULQWHUPHGLRRFRQHOFRQFXUVRGHODVVXERUGLQDGDVHQUD]nQGHXQDFWRRQHJRFLRFRQODVRFLHGDG
FRQWURODGDRFRQVXVVRFLRVHMHU]DLQrXHQFLDGRPLQDQWHHQODVGHFLVLRQHVGHORVnUJDQRVGHDGPLQLVWUDFLnQGHODVRFLHGDG
3$5d*5$)2R,JXDOPHQWHKDEUjVXERUGLQDFLnQSDUDWRGRVORVHIHFWRVOHJDOHVFXDQGRHOFRQWUROFRQIRUPHDORVVXSXHVWRVSUHYLVWRVHQHO
SUHVHQWHDUWlFXORVHDHMHUFLGRSRUXQDRYDULDVSHUVRQDVQDWXUDOHVRMXUlGLFDVGHQDWXUDOH]DQRVRFLHWDULDELHQVHDGLUHFWDPHQWHRSRU
LQWHUPHGLRRFRQHOFRQFXUVRGHHQWLGDGHVHQODVFXDOHVkVWDVSRVHDQPjVGHOFLQFXHQWDSRUFLHQWR GHOFDSLWDORFRQqJXUHODPD\RUlD
PlQLPDSDUDODWRPDGHGHFLVLRQHVRHMHU]DQLQrXHQFLDGRPLQDQWHHQODGLUHFFLnQRWRPDGHGHFLVLRQHVGHODHQWLGDG
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
3$5d*5$)2R$VlPLVPRXQDVRFLHGDGVHFRQVLGHUDVXERUGLQDGDFXDQGRHOFRQWUROVHDHMHUFLGRSRURWUDVRFLHGDGSRULQWHUPHGLRRFRQHO
FRQFXUVRGHDOJXQDRDOJXQDVGHODVHQWLGDGHVPHQFLRQDGDVHQHOSDUjJUDIRDQWHULRU
7H[WRDQWHULRU
6HFRQVLGHUDUeVXERUGLQDGDODVRFLHGDGTXHVHHQFXHQWUHHQWUHRWURVHQORVVLJXLHQWHVFDVRV
&XDQGRHOFLQFXHQWDSRUFLHQWRRPeVGHOFDSLWDOSHUWHQH]FDDODPDWUL]GLUHFWDPHQWHRSRULQWHUPHGLRRHQFRQFXUUHQFLDFRQVXV
VXERUGLQDGDVRFRQODVkOLDOHVRVXEVLGLDULDVGHfVWDV
&XDQGRODVVRFLHGDGHVPHQFLRQDGDVHQHORUGLQDODQWHULRUWHQJDQFRQMXQWDRVHSDUDGDPHQWHHOGHUHFKRGHHPLWLUORVYRWRVFRQVWLWXWLYRVGHO
TXiUXPPgQLPRGHFLVRULRHQODMXQWDGHVRFLRVRHQODDVDPEOHDRHQODMXQWDGLUHFWLYDVLODKXELHUH\
&XDQGRODVVRFLHGDGHVYLQFXODGDVHQWUHVgSDUWLFLSHQHQHOFLQFXHQWDSRUFLHQWRRPeVGHODVXWLOLGDGHVGHODFRPSDhgDDVgVHDSRU
SUHUURJDWLYDVRSDFWRVHVSHFLDOHV
6HHQWHQGHUeTXHKD\YLQFXODFLiQGHGRVRPeVVRFLHGDGHVFXDQGRH[LVWDQLQWHUHVHVHFRQiPLFRVkQDQFLHURVRDGPLQLVWUDWLYRVHQWUHHOODV
FRPXQHVRUHFgSURFRVDVgFRPRFXDOTXLHUDFWXDFLiQGHFRQWURORGHSHQGHQFLD
$57f&8/2352+,%,&,h1$/$62&,('$'68%25',1$'$0RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH/DV
VRFLHGDGHVVXERUGLQDGDVQRSRGUjQWHQHUDQLQJoQWlWXORSDUWHVGHLQWHUkVFXRWDVRDFFLRQHVHQODVVRFLHGDGHVTXHODVGLULMDQRFRQWUROHQ
6HUjQLQHqFDFHVORVQHJRFLRVTXHVHFHOHEUHQFRQWUDULDQGRORGLVSXHVWRHQHVWHDUWlFXOR
7H[WRDQWHULRU
/DVVRFLHGDGHVVXERUGLQDGDVQRSRGUeQWHQHUDQLQJjQWgWXORSDUWHVGHLQWHUfVFXRWDVRDFFLRQHVHQODVVRFLHGDGHVTXHODVGLULMDQRFRQWUROHQ
$57f&8/2'(),1,&,h1'(68&856$/(6)$&8/7$'(6'(/26$'0,1,675$'25(66RQVXFXUVDOHVORVHVWDEOHFLPLHQWRVGHFRPHUFLR
DELHUWRVSRUXQDVRFLHGDGGHQWURRIXHUDGHVXGRPLFLOLRSDUDHOGHVDUUROORGHORVQHJRFLRVVRFLDOHVRGHSDUWHGHHOORVDGPLQLVWUDGRVSRU
PDQGDWDULRVFRQIDFXOWDGHVSDUDUHSUHVHQWDUDODVRFLHGDG
&XDQGRHQORVHVWDWXWRVQRVHGHWHUPLQHQODVIDFXOWDGHVGHORVDGPLQLVWUDGRUHVGHODVVXFXUVDOHVGHEHUjRWRUJjUVHOHVXQSRGHUSRUHVFULWXUD
SoEOLFDRGRFXPHQWROHJDOPHQWHUHFRQRFLGRTXHVHLQVFULELUjHQHOUHJLVWURPHUFDQWLO$IDOWDGHGLFKRSRGHUVHSUHVXPLUjTXHWHQGUjQODV
PLVPDVDWULEXFLRQHVGHORVDGPLQLVWUDGRUHVGHODSULQFLSDO
$57f&8/2'(),1,&,h1'($*(1&,$66RQDJHQFLDVGHXQDVRFLHGDGVXVHVWDEOHFLPLHQWRVGHFRPHUFLRFX\RVDGPLQLVWUDGRUHVFDUH]FDQGH
SRGHUSDUDUHSUHVHQWDUOD
$57f&8/2&20352%$&,h1'(5($/,'$'62%5(23(5$&,21(6&(/(%5$'$6(175(62&,('$'<9,1&8/$'260RGLqFDGRSRUHODUW
/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH/RVUHVSHFWLYRVRUJDQLVPRVGHLQVSHFFLnQYLJLODQFLDRFRQWUROSRGUjQFRPSUREDUODUHDOLGDGGH
ODVRSHUDFLRQHVTXHVHFHOHEUHQHQWUHXQDVRFLHGDG\VXVYLQFXODGRV(QFDVRGHYHULqFDUODLUUHDOLGDGGHWDOHVRSHUDFLRQHVRVXFHOHEUDFLnQHQ
FRQGLFLRQHVFRQVLGHUDEOHPHQWHGLIHUHQWHVDODVQRUPDOHVGHOPHUFDGRHQSHUMXLFLRGHO(VWDGRGHORVVRFLRVRGHWHUFHURVLPSRQGUjQPXOWDV\
VLORFRQVLGHUDQQHFHVDULRRUGHQDUjQODVXVSHQVLnQGHWDOHVRSHUDFLRQHV/RDQWHULRUVLQSHUMXLFLRGHODVDFFLRQHVGHVRFLRV\WHUFHURVDTXH
KD\DOXJDUSDUDODREWHQFLnQGHODVLQGHPQL]DFLRQHVFRUUHVSRQGLHQWHV
7H[WRDQWHULRU
(O*RELHUQRSRGUeFRPSUREDUSRUPHGLRGHORVUHVSHFWLYRVRUJDQLVPRVGHFRQWUROODUHDOLGDGGHODVWUDQVDFFLRQHVVREUHELHQHVTXHVHQHJRFLHQ
DFXDOTXLHUWgWXORHQWUHXQDVRFLHGDG\VXVVXERUGLQDGDVkOLDOHVRVXEVLGLDULDV
7f78/2,,
'(/$,163(&&,h1<9,*,/$1&,$'(/$662&,('$'(6
&$3f78/2,
'HURJDGRSRUHODUW/H\GH
683(5,17(1'(1&,$'(62&,('$'(6
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH(O3UHVLGHQWHGHOD5HSoEOLFDHMHUFHUjSRUPHGLRGHOD6XSHULQWHQGHQFLDGH
6RFLHGDGHVODLQVSHFFLnQ\YLJLODQFLDGHODVVRFLHGDGHVFRPHUFLDOHVQRVRPHWLGDVDOFRQWUROGHOD6XSHULQWHQGHQFLD%DQFDULDFRQHOqQGHTXH
HQVXIRUPDFLnQ\IXQFLRQDPLHQWRVHDMXVWHQDODVOH\HV\GHFUHWRV\GHTXHVHFXPSODQQRUPDOPHQWHVXVSURSLRVHVWDWXWRVVHJoQORSUHYLVWR
HQHVWH&nGLJRRHQOH\HVSRVWHULRUHV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
/H\GH
D 0RGLqFDGRSRUHO$UWlFXORGHOD/H\GH6REUHWRGDVODVVRFLHGDGHVDQnQLPDV\ODVVXFXUVDOHVGHVRFLHGDGHVH[WUDQMHUDVTXHQR
HVWkQVRPHWLGDVDOD6XSHULQWHQGHQFLD%DQFDULD
E 0RGLqFDGRSRUHO$UWlFXORGHOD/H\GH6REUH6REUHWRGDVDTXHOODVVRFLHGDGHVFXDOTXLHUDTXHVHDVXIRUPDHQODVTXHXQD
FRPSDmlDGHODVVRPHWLGDVDVXYLJLODQFLDWHQJDHOYHLQWHSRUFLHQWRRPjVGHVXFDSLWDOVRFLDO
F 6REUHFXDOTXLHUFRPSDmlDPHUFDQWLOFXDQGRORVROLFLWHXQQoPHURSOXUDOGHDVRFLDGRVTXHSRVHDHOYHLQWHSRUFLHQWRRPjVGHVXFDSLWDO
VRFLDO(QHVWHFDVRODLQVSHFFLnQ\YLJLODQFLDFHVDUjFXDQGRORSLGDXQQoPHURSOXUDOGHDVRFLDGRVTXHUHSUHVHQWHPjVGHORFKHQWDSRUFLHQWR
GHOFDSLWDOVRFLDO\
G 6REUHODVVRFLHGDGHVPHUFDQWLOHVQRFRPSUHQGLGDVHQORVOLWHUDOHVDQWHULRUHVFXDQGRDVlORGHWHUPLQHHO3UHVLGHQWHGHOD5HSoEOLFDHQ
HMHUFLFLRGHVXIDFXOWDGGHLQVSHFFLnQVREUHGLFKDVVRFLHGDGHVHQFX\RFDVRODLQVSHFFLnQVHHMHUFHUjFRQDUUHJORDODVQRUPDVGHHVWH&nGLJR
c$XWRUL]DUODVROHPQL]DFLnQGHODVUHIRUPDVLQWURGXFLGDVDORVHVWDWXWRV
c0RGLqFDGRSDUFLDOPHQWHSRUHO$UWlFXORGHOD/H\GH&RQYRFDUODVDVDPEOHDVRODVMXQWDVGHVRFLRVDUHXQLRQHVH[WUDRUGLQDULDV
FXDQGRQRVHKD\DQYHULqFDGRODVRUGLQDULDVSUHYLVWDVHQHOFRQWUDWR\ORVDGPLQLVWUDGRUHVQRODVFRQYRTXHQRSRUWXQDPHQWH
c'HFUHWDU\SUDFWLFDUYLVLWDVFRQIDFXOWDGSDUDLQVSHFFLRQDUWRGRVORVOLEURV\SDSHOHVGHODVVRFLHGDGHVYLJLODGDV
c0RGLqFDGRSDUFLDOPHQWHSRUHO$UWlFXORGHOD/H\GH0RGLqFDGRSDUFLDOPHQWHSRUHO$UWlFXORGHO'HFUHWRGH'HFUHWDU
HOUHWLURGHODVDFFLRQHVGHORVPHUFDGRVSoEOLFRVGHYDORUHVFXDQGRRFXUUDQLUUHJXODULGDGHVHQHOIXQFLRQDPLHQWRGHODVRFLHGDGTXHSXHGDQ
FRPSURPHWHUORVLQWHUHVHVGHORVLQYHUVLRQLVWDV
c0RGLqFDGRSDUFLDOPHQWHSRUHO$UWlFXORGHOD/H\GH6XVSHQGHUHOSHUPLVRFXDQGRRFXUUDQLUUHJXODULGDGHVJUDYHVHQHO
IXQFLRQDPLHQWRGHFDGDVRFLHGDGVHJoQVXIRUPD
c'HFUHWDUODGLVROXFLnQ\RUGHQDUODOLTXLGDFLnQGHVRFLHGDGHV\GHVLJQDUOLTXLGDGRUFXDQGRIXHUHHOFDVRFRQIRUPHDODOH\
c([LJLUGHODVVRFLHGDGHVYLJLODGDVORVEDODQFHVGHHMHUFLFLR\VXVDQH[RVDQWHVGHVHUFRQVLGHUDGRVSRUODDVDPEOHDRSRUODMXQWDGHVRFLRV
SXGLHQGRIRUPXODUREVHUYDFLRQHVGHQWURGHORVGLH]GlDVVLJXLHQWHV6LHVWDVVHSURGXFHQVHUjQOHlGDVHQODUHXQLnQHQTXHVHDFRQVLGHUDGRHO
EDODQFH\
c0RGLqFDGRSDUFLDOPHQWHSRUHO$UWlFXORGHOD/H\GH,PSRQHUPXOWDVVXFHVLYDVKDVWDGHFLQFXHQWDPLOSHVRVDTXLHQHV
GHVREHGH]FDQVXVGHFLVLRQHVRYLROHQODVQRUPDVOHJDOHVRHVWDWXWDULDV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/DVVRFLHGDGHVVRPHWLGDVDODYLJLODQFLDGHOD6XSHULQWHQGHQFLDQRSRGUjQ
HMHUFHUVXREMHWRVLQXQSHUPLVRGHIXQFLRQDPLHQWRGHODPLVPD6XSHULQWHQGHQFLDTXHVRODPHQWHVHRWRUJDUjFXDQGRVXFRQVWLWXFLnQVHDMXVWHD
ODVOH\HV7UDWjQGRVHGHVRFLHGDGHVQRVRPHWLGDVLQLFLDOPHQWHDGLFKDYLJLODQFLDGHEHUjQREWHQHUWDPELkQHOSHUPLVRXQDYH]TXHGHQEDMR
YLJLODQFLD
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH3DUDREWHQHUHOSHUPLVRGHIXQFLRQDPLHQWRSUHYLVWRHQHODUWlFXORDQWHULRUVHUj
QHFHVDULRTXHDODFRUUHVSRQGLHQWHVROLFLWXGVHDFRPSDmH
&RSLDQRWDULDOGHODHVFULWXUDRHVFULWXUDVGHFRQVWLWXFLnQGHODVRFLHGDGGHELGDPHQWHUHJLVWUDGDVLIXHUHHOFDVR\
&HUWLqFDGRH[SHGLGRSRUXQEDQFRGHOSDlVHQTXHFRQVWHTXHVHKDDELHUWRFXHQWDDQRPEUHGHODVRFLHGDG\VHKDFRQVLJQDGRODSDUWHGHO
FDSLWDOVXVFULWRTXHVHKD\DSDJDGR
3$5d*5$)26LVHKDQKHFKRDSRUWHVHQHVSHFLHVHDJUHJDUjXQFHUWLqFDGRGHOJHUHQWH\GHOUHYLVRUqVFDOHQTXHVHKDJDFRQVWDUTXHOD
VRFLHGDGKDUHFLELGRORVELHQHVREMHWRGHWDOHVDSRUWHV6LODVRFLHGDGQRHVWXYLHUHREOLJDGDDWHQHUUHYLVRUqVFDOHOFHUWLqFDGRVHUjVXVFULWRSRU
WRGRVORVVRFLRV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH3UHVHQWDGRVORVGRFXPHQWRVGHTXHWUDWDHODUWlFXORDQWHULRUGHQWURGHORVGLH]
GlDVVLJXLHQWHVOD6XSHULQWHQGHQFLDGH6RFLHGDGHVFRQFHGHUjHOSHUPLVRGHIXQFLRQDPLHQWRVLORVHVWDWXWRVVHFRQIRUPDQDODVSUHVFULSFLRQHV
OHJDOHV\VLVHKDQFXPSOLGRORVUHTXLVLWRVH[LJLGRVSRUODOH\HQUHODFLnQFRQODIRUPDGHFRPSDmlDDGRSWDGD
6LHODFWRFRQVWLWXWLYRQRVHFLmHHQXQWRGRDODVSUHVFULSFLRQHVOHJDOHVRVHKDRPLWLGRDOJoQUHTXLVLWRVXEVDQDEOHHO6XSHULQWHQGHQWH
FRQFHGHUjSHUPLVRSURYLVLRQDOGHIXQFLRQDPLHQWRPLHQWUDVVHFRUULJHQODVLUUHJXODULGDGHVRGHqFLHQFLDVTXHDQRWH
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/D6XSHULQWHQGHQFLDSRGUjVXVSHQGHUHOSHUPLVRGHIXQFLRQDPLHQWRGHXQD
VRFLHGDGVRPHWLGDDVXFRQWUROHQORVVLJXLHQWHVFDVRV
&XDQGRQRFXPSODVXREMHWRRVHH[FHGDGHORVOlPLWHVSUHYLVWRVHQHOFRQWUDWR
&XDQGRQROOHYHUHJXODUPHQWHVXVOLEURVGHFRQWDELOLGDGORVGHDFWDV\HQVXFDVRORVGHUHJLVWURGHDFFLRQHV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
&XDQGRUHLQFLGDHQHOLQFXPSOLPLHQWRGHODVREOLJDFLRQHVSUHYLVWDVHQHODUWlFXORGHHVWH&nGLJR\HQODVGHPjVTXHLPSRQJDQODVOH\HV
SRVWHULRUHV\
&XDQGRQRVHKDJDQODVUHVHUYDVGHFDUjFWHUOHJDORVHGLVWULEX\DQXWLOLGDGHVQRMXVWLqFDGDVSRUEDODQFHVqGHGLJQRVDSUREDGRVSRUODMXQWD
GHVRFLRVRODDVDPEOHDJHQHUDO
3$5d*5$)2/DVXVSHQVLnQGHOSHUPLVRGHIXQFLRQDPLHQWRGXUDUjHOWkUPLQRQHFHVDULRSDUDTXHODVRFLHGDGVXEVDQHODVLUUHJXODULGDGHVTXHOD
KD\DQPRWLYDGR\VHOHYDQWDUjWDQSURQWRFRPRODVRFLHGDGFRPSUXHEHODFRUUHFFLnQGHODVPLVPDV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/DVYLVLWDVVHRUGHQDUjQGHRqFLRRDSHWLFLnQGHORVDGPLQLVWUDGRUHVGHORV
UHYLVRUHVqVFDOHVRGHFXDOTXLHUDVRFLDGR\WHQGUjQSRUREMHWRHVWDEOHFHU
6LODVRFLHGDGHVWjFXPSOLHQGRVXREMHWR\ORKDFHGHQWURGHORVWkUPLQRVGHOFRQWUDWRVRFLDO
6LVHOOHYDODFRQWDELOLGDGDOGlDVHJoQODVQRUPDVOHJDOHV\ORVSULQFLSLRVRUHJODVSHUWLQHQWHVGHODWkFQLFDFRQWDEOH
6LORVDFWLYRVVRFLDOHVVRQUHDOHV\HVWjQDGHFXDGDPHQWHSURWHJLGRV
6LORVGLYLGHQGRVUHSDUWLGRVRSRUUHSDUWLUFRUUHVSRQGHQUHDOPHQWHDXWLOLGDGHVOLTXLGDGDVHQFDGDHMHUFLFLR\VHKDQSDJDGRFRQIRUPHDO
FRQWUDWR\DODVnUGHQHVGHODDVDPEOHDRMXQWDGHVRFLRV
6LVHHVWjQKDFLHQGRODVUHVHUYDVREOLJDWRULDV\ODVRUGHQDGDVSRUODDVDPEOHDRMXQWDGHVRFLRV\VLVHHVWjUHVSHWDQGRHOGHVWLQRGHODV
PLVPDV
6LKDQRFXUULGRSkUGLGDVGHODVTXHFRQIRUPHDODOH\RDOFRQWUDWRGHEHQSURGXFLUODGLVROXFLnQGHODVRFLHGDG
6LORVOLEURVGHDFWDV\GHUHJLVWURGHDFFLRQHVVHOOHYDQ\VHFRQVHUYDQGHELGDPHQWH\
6LHOIXQFLRQDPLHQWRGHODVRFLHGDGVHDMXVWDDODVGLVSRVLFLRQHVOHJDOHV\DODVHVWLSXODFLRQHVGHORVHVWDWXWRV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH3UDFWLFDGDXQDYLVLWDOD6XSHULQWHQGHQFLDGH6RFLHGDGHVHODERUDUjDFWDFRQ
EDVHHQORVLQIRUPHVGHORVYLVLWDGRUHVTXHVHGDUjHQWUDVODGRDODVRFLHGDGYLVLWDGDKDVWDSRUWUHLQWDGlDVSDUDTXHIRUPXOHVXVDFODUDFLRQHV
RGHVFDUJRV9HQFLGRHOWkUPLQRGHOWUDVODGRVHGLFWDUjXQDUHVROXFLnQPRWLYDGDSDUDLPSDUWLUODVLQVWUXFFLRQHVXnUGHQHVGHOFDVRDODVRFLHGDG
RDORVDGPLQLVWUDGRUHVUHYLVRUHVROLTXLGDGRUHV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH&XDQGRFRQPRWLYRGHXQDYLVLWDVHDQHFHVDULRLQYHVWLJDURSHUDFLRQHVqQDOHVR
LQWHUPHGLDVTXHODVFRPSDmlDVYLJLODGDVKD\DQUHDOL]DGRFRQSHUVRQDVRHQWLGDGHVQRVRPHWLGDVDODYLJLODQFLDSRGUjHO6XSHULQWHQGHQWHH[LJLU
GHkVWDVODVLQIRUPDFLRQHVSHUWLQHQWHV6LUHTXHULGDVUHKoVDQVXPLQLVWUDUODVHO6XSHULQWHQGHQWHOHVLPSRQGUjPXOWDVVXFHVLYDVKDVWDGH
FLQFXHQWDPLOSHVRV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH(O6XSHULQWHQGHQWHRHOIXQFLRQDULRFRPLVLRQDGRSDUDSUDFWLFDUXQDYLVLWDSRGUj
LQWHUURJDUEDMRMXUDPHQWRDFXDOTXLHUSHUVRQDFX\RWHVWLPRQLRVHUHTXLHUDSDUDHOH[DPHQGHORVKHFKRVUHODFLRQDGRVFRQODDGPLQLVWUDFLnQR
qVFDOL]DFLnQGHODVVRFLHGDGHVYLJLODGDV\H[LJLUjVXFRPSDUHFHQFLDDSUHPLjQGRODVLIXHUHPHQHVWHUFRQPXOWDVVXFHVLYDVKDVWDGHGLH]PLO
SHVRV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/D6XSHULQWHQGHQFLDSRGUjGHFUHWDUODGLVROXFLnQGHXQDVRFLHGDGVRPHWLGDDVX
YLJLODQFLDHQORVVLJXLHQWHVFDVRV
&XDQGRQRKD\DREWHQLGRSHUPLVRSDUDHMHUFHUVXREMHWRRSDUDFRQWLQXDUHMHUFLkQGROR
&XDQGRQRKD\DVXEVDQDGRGHQWURGHOWkUPLQRqMDGRSRUODPLVPD6XSHULQWHQGHQFLDODVLUUHJXODULGDGHVTXHKD\DQPRWLYDGRODVXVSHQVLnQ
GHVXSHUPLVRGHIXQFLRQDPLHQWR
&XDQGRVHWUDWHGHVRFLHGDGHVDQnQLPDVFRPDQGLWDULDVSRUDFFLRQHV\GHUHVSRQVDELOLGDGOLPLWDGDTXHKD\DQSHUGLGRHOFLQFXHQWDSRUFLHQWR
RPjVGHOFDSLWDOVXVFULWR\QRVHKD\DQDGRSWDGRRSRUWXQDPHQWHODVPHGLGDVQHFHVDULDVSDUDUHVWDEOHFHUOR\
&XDQGRVHYHULqTXHODRFXUUHQFLDGHDOJXQDGHODVFDXVDOHVGHGLVROXFLnQSUHYLVWDVHQODOH\RHQORVHVWDWXWRV\ODDVDPEOHDQRSURFHGDRQR
SXHGDSURFHGHURSRUWXQDPHQWHDGHFODUDUODGLVROXFLnQRDDGRSWDURSRUWXQDPHQWHODVPHGLGDVLQGLFDGDVHQHODUWlFXOR
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH&XDQGRODDVDPEOHDRODMXQWDGHVRFLRVGHFUHWHRGHFODUHODGLVROXFLnQ\ORV
DGPLQLVWUDGRUHVQRGHQRSRUWXQRFXPSOLPLHQWRDODVFRUUHVSRQGLHQWHVIRUPDOLGDGHVOD6XSHULQWHQGHQFLDGH6RFLHGDGHVORVUHTXHULUjEDMR
PXOWDVVXFHVLYDVKDVWDGHFLQFXHQWDPLOSHVRV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/D6XSHULQWHQGHQFLDGH6RFLHGDGHVSRGUjUHTXHULUDORVOLTXLGDGRUHVEDMR
VDQFLnQGHPXOWDVVXFHVLYDVKDVWDGHGLH]PLOSHVRVSDUDTXHHMHUFLWHQRSRUWXQDPHQWHODDFFLnQGHUHSHWLFLnQSUHYLVWDHQHODUWlFXOR
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH&XPSOLGDHQODIRUPDOHJDOODOLTXLGDFLnQGHXQDVRFLHGDGVRPHWLGDDVX
YLJLODQFLDOD6XSHULQWHQGHQFLDGH6RFLHGDGHVODDSUREDUjDVROLFLWXGGHORVOLTXLGDGRUHV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/DVUHVROXFLRQHVSRUPHGLRGHODVFXDOHVVHFRQFHGDSHUPLVRGHIXQFLRQDPLHQWR
DXQDVRFLHGDGVHVXVSHQGDkVWHVHGHFUHWHODGLVROXFLnQRVHDSUXHEHODOLTXLGDFLnQGHEHUjQVHULQVFULWDVHQHOUHJLVWURPHUFDQWLO\
SXEOLFDGDVFXDQGRPHQRVHQORVEROHWLQHVGHODVFjPDUDVGHFRPHUFLRGHVXGRPLFLOLRSULQFLSDO\GHVXVVXFXUVDOHV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/DSHUVRQDTXHGHPXHVWUHLQWHUkVMXUlGLFRSRGUjGHQXQFLDUDQWHHO
6XSHULQWHQGHQWHODVLUUHJXODULGDGHVRYLRODFLRQHVOHJDOHVTXHVHSUHVHQWHQHQFXDOTXLHUVRFLHGDG3DUDWDOHIHFWRKDUjXQDUHODFLnQGHORV
KHFKRVOHVLYRVGHODOH\RGHORVHVWDWXWRV\GHORVHOHPHQWRVGHMXLFLRTXHWLHQGDQDFRPSUREDUORV/D6XSHULQWHQGHQFLDDGHODQWDUjOD
UHVSHFWLYDLQYHVWLJDFLnQ\GHDFXHUGRFRQORVUHVXOWDGRVGHFUHWDUjODVPHGLGDVSHUWLQHQWHV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH&RQWUDODVSURYLGHQFLDVGLFWDGDVSRUOD6XSHULQWHQGHQFLDVRODPHQWHSURFHGHUjHO
UHFXUVRGHUHSRVLFLnQDQWHHOPLVPR6XSHULQWHQGHQWH6XUWLGDODUHSRVLFLnQTXHGDUjDJRWDGDODYlDJXEHUQDWLYD
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH1LQJXQRGHORVIXQFLRQDULRVGHOD6XSHULQWHQGHQFLDSRGUjUHYHODUORV
SURFHGLPLHQWRVVHFUHWRVGHSURGXFFLnQLQGXVWULDOORVVLVWHPDVGHSURSDJDQGDRGHYHQWD\ODVUHIHUHQFLDVRGDWRVTXHSXHGDQDIHFWDUDOD
HPSUHVDHQUHODFLnQFRQODFRPSHWHQFLD\TXHKD\DQFRQRFLGRFRQRFDVLnQGHOHMHUFLFLRGHVXVIXQFLRQHV/DLQIUDFFLnQVHVDQFLRQDUjFRQOD
SkUGLGDGHOHPSOHRGHFUHWDGDGHRqFLRRDSHWLFLnQGHODUHVSHFWLYDVRFLHGDG
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH0LHQWUDVODVRFLHGDGWXYLHUHVXVSHQGLGRHOSHUPLVRGHIXQFLRQDPLHQWRORV
DGPLQLVWUDGRUHV\UHSUHVHQWDQWHVOHJDOHVQRSRGUjQFHOHEUDUQLHMHFXWDURSHUDFLRQHVHQQRPEUHGHDTXHOODVDOYRODVQHFHVDULDVSDUDODVLPSOH
FRQVHUYDFLnQGHOSDWULPRQLRVRFLDO/DFRQWUDYHQFLnQDODSUHVHQWHQRUPDKDUjVROLGDULDPHQWHUHVSRQVDEOHVDORVDGPLQLVWUDGRUHVGHORV
SHUMXLFLRVTXHRFDVLRQDUHQDODVRFLHGDGDORVDVRFLDGRVRDWHUFHURV$VLPLVPRHO6XSHULQWHQGHQWHLPSRQGUjDOLQIUDFWRUPXOWDVVXFHVLYDVKDVWD
GHFLQFXHQWDPLOSHVRV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/DVVRFLHGDGHVVRPHWLGDVDOFRQWUROGHOD6XSHULQWHQGHQFLDGHEHUjQHQYLDUD
kVWDGHQWURGHORVWUHLQWDGlDVVLJXLHQWHVDODIHFKDGHODVUHXQLRQHVGHODVMXQWDVGHVRFLRVRDVDPEOHDVJHQHUDOHVFRSLDDXWkQWLFDGHODVDFWDV
FRPSOHWDVGHGLFKDVUHXQLRQHV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH6RSHQDGHGHVWLWXFLnQHO6XSHULQWHQGHQWHGH6RFLHGDGHV\ORV6XSHULQWHQGHQWHV
'HOHJDGRVQRSRGUjQGLUHFWDPHQWHQLSRULQWHUSXHVWDSHUVRQDFRQVHUYDURDGTXLULUGHUHFKRVSDUWHVGHLQWHUkVFXRWDVRDFFLRQHVHQODV
VRFLHGDGHVYLJLODGDVQLQHJRFLDUHQIRUPDDOJXQDFRQHOODV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/RVIRQGRVQHFHVDULRVSDUDORVJDVWRVTXHRFDVLRQHHOVRVWHQLPLHQWRGHOD
6XSHULQWHQGHQFLDGH6RFLHGDGHVVHSURYHHUjQPHGLDQWHODFRQWULEXFLnQTXHqMHHO6XSHULQWHQGHQWHDODVFRPSDmlDVFRQODDSUREDFLnQGHO
3UHVLGHQWHGHOD5HSoEOLFD
7DOFRQWULEXFLnQFRQVLVWLUjHQXQSRUFHQWDMHTXHVHFDOFXODUjVREUHHOPRQWRGHODFWLYRGHODVVRFLHGDGHVVRPHWLGDVDYLJLODQFLDFRQEDVHHQHO
EDODQFHGHVXoOWLPRHMHUFLFLR
&XDQGRXQDVRFLHGDGGHPRUHHOHQYlRGHOEDODQFHGHVXoOWLPRHMHUFLFLRVHOHFREUDUjODFRQWULEXFLnQOLTXLGDGDHODmRDQWHULRUVLQSHUMXLFLRGH
TXHVHDUHYLVDGD\GHODVVDQFLRQHVDTXHKD\DOXJDU
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH(QODVVROLFLWXGHVIRUPXODGDVDOD6XSHULQWHQGHQFLDSRUODVVRFLHGDGHVVRPHWLGDV
DVXFRQWUROVHHQWHQGHUjDJRWDGDODYlDJXEHUQDWLYDVLWUDQVFXUULGRVWUHLQWDGlDVKjELOHVQRVHKDGLFWDGRSURYLGHQFLDDOJXQD
(VWDPLVPDUHJODVHDSOLFDUjDORVUHFXUVRVGHUHSRVLFLnQFRQWUDODVSURYLGHQFLDVTXHGLFWHHO6XSHULQWHQGHQWH
&$3f78/2,,
%$/$1&(6
$57f&8/2(19f2'(%$/$1&(6<(67$'26'(&8(17$6$/$683(5,17(1'(1&,$62&,('$'(69,*,/$'$6/DVVRFLHGDGHVVRPHWLGDVD
YLJLODQFLDHQYLDUjQDOD6XSHULQWHQGHQFLDFRSLDVGHORVEDODQFHVGHqQGHHMHUFLFLRFRQHOHVWDGRGHODFXHQWDGHSkUGLGDV\JDQDQFLDV\HQWRGR
FDVRGHOFRUWDGRHQGHGLFLHPEUHGHFDGDDmRHODERUDGRVFRQIRUPHDODOH\'LFKREDODQFHVHUjFHUWLqFDGR
/D6XSHULQWHQGHQFLDKDUjODVREVHUYDFLRQHVGHOFDVRFXDQGRHOEDODQFHQRVHDMXVWHDODVSUHVFULSFLRQHVVREUHODPDWHULD
$57f&8/2%$/$1&(&(57,),&$'2'(),1,&,h1(OEDODQFHFHUWLqFDGRHVHOVXVFULWRFRQODVqUPDVDXWnJUDIDVGHOUHSUHVHQWDQWHOHJDOGHO
FRQWDGRUGHODVRFLHGDG\GHOUHYLVRUqVFDOVLORKXELHUH
$57f&8/2$1(;26$/26%$/$1&(6<&8(17$6'(5(68/7$'26$OEDODQFH\DODFXHQWDGHUHVXOWDGRVVHDQH[DUjQODVVLJXLHQWHV
LQIRUPDFLRQHV
/DVVRFLHGDGHVSRUDFFLRQHVLQGLFDUjQHOQoPHURGHDFFLRQHVHQTXHHVWkGLYLGLGRHOFDSLWDOVXYDORUQRPLQDO\ODVTXHKD\DQUHDGTXLULGR6L
H[LVWLHUHQDFFLRQHVSULYLOHJLDGDVRGLVWLQJXLGDVSRUFODVHVRVHULHVVHHVSHFLqFDUjQODVGLIHUHQFLDVRSULYLOHJLRVGHXQDV\RWUDV
(QORFRQFHUQLHQWHDODVLQYHUVLRQHVHQVRFLHGDGHVVHLQGLFDUjHOQoPHURGHDFFLRQHVFXRWDVRSDUWHVGHLQWHUkVVXFRVWRHOYDORUQRPLQDOOD
GHQRPLQDFLnQRUD]nQVRFLDOODQDFLRQDOLGDG\HOFDSLWDOGHODFRPSDmlDHQODFXDOVHKD\DHIHFWXDGRGLFKDLQYHUVLnQ
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
(OGHWDOOHGHODVFXHQWDVGHRUGHQFRQVXYDORU\IHFKDGHYHQFLPLHQWR
8QHVWXGLRGHODVFXHQWDVTXHKD\DQWHQLGRPRGLqFDFLRQHVGHLPSRUWDQFLDHQUHODFLnQFRQHOEDODQFHDQWHULRU\
/RVlQGLFHVGHVROYHQFLDUHQGLPLHQWR\OLTXLGH]FRQXQDQjOLVLVFRPSDUDWLYRGHGLFKRVlQGLFHVHQUHODFLnQFRQORVGRVoOWLPRVHMHUFLFLRV
$57f&8/2$352%$&,h1'(%$/$1&(325/$$6$0%/($5(63216$%,/,'$''(/26$'0,1,675$'25(6'HURJDGRSRUHODUW/H\
GH/DDSUREDFLnQGHOEDODQFHSRUODDVDPEOHDRMXQWDGHVRFLRVQRH[RQHUDUjGHUHVSRQVDELOLGDGDORVDGPLQLVWUDGRUHV\IXQFLRQDULRV
GLUHFWLYRVUHYLVRUHVqVFDOHV\FRQWDGRUHVTXHKD\DQGHVHPSHmDGRGLFKRVFDUJRVGXUDQWHHOHMHUFLFLRDTXHVHFRQWUDLJDWDOGRFXPHQWR
$57f&8/25(63216$%,/,'$'325680,1,675$5'$726(;3(',5&2167$1&,$62&(57,),&$'26',6&25'$17(6&21/$5($/,'$'
&217$%/(/RVDGPLQLVWUDGRUHV\IXQFLRQDULRVGLUHFWLYRVORVUHYLVRUHVqVFDOHV\ORVFRQWDGRUHVTXHVXPLQLVWUHQGDWRVDODVDXWRULGDGHVR
H[SLGDQFRQVWDQFLDVRFHUWLqFDGRVGLVFRUGDQWHVFRQODUHDOLGDGFRQWDEOHVHUjQVDQFLRQDGRVHQODIRUPDSUHYLVWDHQHODUWlFXORGHO&nGLJR
3HQDO
6LKXELHUHIDOVHGDGHQGRFXPHQWRSULYDGRFRQSHUMXLFLRGHORVDVRFLDGRVRGHWHUFHURVVHDSOLFDUjHODUWlFXORGHOPLVPR&nGLJR
6LODVDqUPDFLRQHVIDOVDVHVWXYLHUHQGHVWLQDGDVDVHUYLUGHSUXHEDVHDSOLFDUjHODUWlFXORLElGHP
4XLHQHVDSDUH]FDQFRPSURPHWLGRVHQORVKHFKRVFRQWHPSODGRVHQHVWHDUWlFXORVHUjQVROLGDULDPHQWHUHVSRQVDEOHVGHORVSHUMXLFLRVVXIULGRV
SRUORVDVRFLDGRVRSRUWHUFHURV
127$$UWlFXORGHFODUDGR&21',&,21$/0(17((;(48,%/(PHGLDQWH6HQWHQFLD&GHHQHOVHQWLGRGHTXHORVVXMHWRVDFWLYRVGHODV
FRQGXFWDVDOOlSUHYLVWDVVRQoQLFD\H[FOXVLYDPHQWHORVDGPLQLVWUDGRUHVFRQWDGRUHV\UHYLVRUHVqVFDOHVGHVRFLHGDGHVFLYLOHVRPHUFDQWLOHV
7f78/2,,,
'(/$62&,('$'&2/(&7,9$
&$3f78/2,
/2662&,26
$57f&8/25(63216$%,/,'$''(62&,26(162&,('$'&2/(&7,9$7RGRVORVVRFLRVGHODVRFLHGDGHQQRPEUHFROHFWLYRUHVSRQGHUjQ
VROLGDULDHLOLPLWDGDPHQWHSRUODVRSHUDFLRQHVVRFLDOHV&XDOTXLHUHVWLSXODFLnQHQFRQWUDULRVHWHQGUjSRUQRHVFULWD
(VWDUHVSRQVDELOLGDGVnORSRGUjGHGXFLUVHFRQWUDORVVRFLRVFXDQGRVHGHPXHVWUHDXQH[WUDMXGLFLDOPHQWHTXHODVRFLHGDGKDVLGRUHTXHULGD
YDQDPHQWHSDUDHOSDJR
(QWRGRFDVRORVVRFLRVSRGUjQDOHJDUODVH[FHSFLRQHVTXHWHQJDODVRFLHGDGFRQWUDVXVDFUHHGRUHV
$57f&8/262&,('$'0(5&$17,/&20262&,$'(62&,('$'&2/(&7,9$5(48,6,726&XDOTXLHUVRFLHGDGPHUFDQWLOSRGUjIRUPDUSDUWH
GHVRFLHGDGHVFROHFWLYDVFXDQGRORGHFLGDODDVDPEOHDRODMXQWDGHVRFLRVFRQHOYRWRXQjQLPHGHORVDVRFLDGRV6HUjQXORHOLQJUHVRDOD
VRFLHGDGFXDQGRVHLQIULQMDHVWDGLVSRVLFLnQ
$57f&8/2$&72648(5(48,(5(1$8725,=$&,h1(;35(6$7RGRVRFLRGHEHUjREWHQHUDXWRUL]DFLnQH[SUHVDGHVXVFRQVRFLRVSDUD
&HGHUWRWDORSDUFLDOPHQWHVXLQWHUkVHQODVRFLHGDG
'HOHJDUHQXQH[WUDmRODVIXQFLRQHVGHDGPLQLVWUDFLnQRGHYLJLODQFLDGHODVRFLHGDG
([SORWDUSRUFXHQWDSURSLDRDMHQDGLUHFWDPHQWHRSRULQWHUSXHVWDSHUVRQDODPLVPDFODVHGHQHJRFLRVHQTXHVHRFXSHODFRPSDmlD\
)RUPDUSDUWHGHVRFLHGDGHVSRUFXRWDVRSDUWHVGHLQWHUkVLQWHUYHQLUHQVXDGPLQLVWUDFLnQRHQODVFRPSDmlDVSRUDFFLRQHVTXHH[SORWHQHO
PLVPRREMHWRVRFLDO
$57f&8/2()(&726325,1)5$&&,h1'(62/,&,78''($8725,=$&,h1(1/$62&,('$'&2/(&7,9$/RVDFWRVTXHLQIULQMDQORVGRV
SULPHURVRUGLQDOHVGHODUWlFXORDQWHULRUQRSURGXFLUjQHIHFWRDOJXQRUHVSHFWRGHODVRFLHGDGQLGHORVGHPjVVRFLRV
/DLQIUDFFLnQGHORVRUGLQDOHVWHUFHUR\FXDUWRGDUjGHUHFKRDORVVRFLRVDODH[FOXVLnQGHOFRQVRFLRUHVSRQVDEOHDODLQFRUSRUDFLnQDOSDWULPRQLR
VRFLDOGHORVEHQHqFLRVTXHOHFRUUHVSRQGLHUHQ\DOUHVDUFLPLHQWRGHORVGDmRVTXHRFDVLRQDUHDODVRFLHGDG$SUREDGDODH[FOXVLnQHO
UHSUHVHQWDQWHOHJDOGHODFRPSDmlDVROHPQL]DUjODFRUUHVSRQGLHQWHUHIRUPDHVWDWXWDULD
$57f&8/2&$86$/(63$5$(;&/86,h1'(81$62&,$'2(1/$62&,('$'&2/(&7,9$6LQSHUMXLFLRGHODVVDQFLRQHVHVWDEOHFLGDVHQODOH\
SHQDOHOVRFLRTXHUHWLUHFXDOTXLHUFODVHGHELHQHVGHODVRFLHGDGRTXHXWLOLFHODqUPDVRFLDOHQQHJRFLRVDMHQRVDHOODSRGUjVHUH[FOXLGRGHOD
FRPSDmlDSHUGLHQGRHQIDYRUGHkVWDVXDSRUWH\GHELHQGRLQGHPQL]DUODVLIXHUHHOFDVR
$57f&8/2(0%$5*2'(/,17(5e662&,$/(1/$62&,('$'&2/(&7,9$(OLQWHUkVVRFLDOVHUjHPEDUJDEOHSRUORVDFUHHGRUHVSHUVRQDOHVGH
ORVVRFLRVSHURQRVHHQDMHQDUjHQVXEDVWDSoEOLFDVLXQRRPjVFRQVRFLRVORDGTXLHUHQSRUHODYDOoRMXGLFLDOGHOPLVPRFDVRHQHOFXDOHOMXH]
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
DXWRUL]DUjODFHVLnQGHOLQWHUkVHPEDUJDGRSUHYLDFRQVLJQDFLnQGHVXYDORU
1RREVWDQWHVLHQODVXEDVWDSoEOLFDGHOLQWHUkVVRFLDODOJXQRGHORVVRFLRVKDFHSRVWXUDVHUjSUHIHULGRHQLJXDOGDGGHFRQGLFLRQHV6LHQGR
YDULRVORVVRFLRVLQWHUHVDGRVHQODDGTXLVLFLnQDOPLVPRSUHFLRHOMXH]ORDGMXGLFDUjDIDYRUGHWRGRVHOORVSRUSDUWHVLJXDOHVVLORVPLVPRV
VRFLRVQRVROLFLWDQTXHVHDGMXGLTXHHQRWUDIRUPD
$57f&8/235(1'$'(/,17(5e662&,$/(1/$62&,('$'&2/(&7,9$(OLQWHUkVVRFLDOSRGUjGDUVHHQSUHQGDPHGLDQWHLQVWUXPHQWR
SoEOLFRRGRFXPHQWRSULYDGRUHFRQRFLGROHJDOPHQWHSHURODSUHQGDQRVHUjRSRQLEOHDWHUFHURVVLQRDSDUWLUGHVXLQVFULSFLnQHQHOUHJLVWUR
PHUFDQWLO
$57f&8/2&(6,h1'(/,17(5e662&,$/(1/$62&,('$'&2/(&7,9$/DFHVLnQGHOLQWHUkVVRFLDOVHWHQGUjFRPRXQDUHIRUPDGHOFRQWUDWR
VRFLDODXQTXHVHKDJDDIDYRUGHRWURVRFLRSHURHOFHGHQWHQRTXHGDUjOLEHUDGRGHVXUHVSRQVDELOLGDGSRUODVREOLJDFLRQHVVRFLDOHVDQWHULRUHV
VLQRWUDVFXUULGRXQDmRGHVGHODIHFKDGHODLQVFULSFLnQGHODFHVLnQ
$57f&8/25(81,21(6'(/$-817$'(62&,26<'(&,6,21(6/DVUHXQLRQHVGHODMXQWDGHVRFLRV\ODVGHFLVLRQHVGHODPLVPDVHVXMHWDUjQ
DORSUHYLVWRHQHOFRQWUDWRVRFLDO$IDOWDGHHVWLSXODFLnQH[SUHVDSRGUjGHOLEHUDUVHFRQODPD\RUlDQXPkULFDGHORVDVRFLDGRVFXDOTXLHUDTXH
VHDVXDSRUWH\SRGUjQDGRSWDUVHODVGHFLVLRQHVFRQHOYRWRGHQRPHQRVGHODPLVPDPD\RUlDVDOYDVODVUHIRUPDVGHOFRQWUDWRTXHUHTXHULUjQ
HOYRWRXQjQLPHGHORVVRFLRV
&$3f78/2,,
/$5$=h162&,$/
$57f&8/2)250$&,h1'(/$5$=h162&,$//DUD]nQVRFLDOVHIRUPDUjFRQHOQRPEUHFRPSOHWRRHOVRORDSHOOLGRGHDOJXQRRDOJXQRVGH
ORVVRFLRVVHJXLGRGHODVH[SUHVLRQHV\FRPSDmlDKHUPDQRVHKLMRVXRWUDVDQjORJDVVLQRVHLQFOX\HQORVQRPEUHVFRPSOHWRVRORV
DSHOOLGRVGHWRGRVORVVRFLRV
1RSRGUjLQFOXLUVHHOQRPEUHGHXQH[WUDmRHQODUD]nQVRFLDO4XLHQORWROHUHVHUjUHVSRQVDEOHDIDYRUGHODVSHUVRQDVTXHKXELHUHQFRQWUDWDGR
FRQODVRFLHGDG
$57f&8/2$',&,h1'(/$3$/$%5$68&(625(6$/$5$=h162&,$/(1&$626'(08(57(/DPXHUWHGHXQVRFLRFX\RQRPEUHRDSHOOLGR
LQWHJUHODUD]nQVRFLDOQRLPSHGLUjDODVRFLHGDGVHJXLUXWLOL]jQGRORFXDQGRFRQWLQoHFRQORVKHUHGHURVRFXDQGRkVWRVVLHQGRFDSDFHV
FRQVLHQWDQH[SUHVDPHQWH(QWDOHVFDVRVVHDJUHJDUjODSDODEUDVXFHVRUHV
$57f&8/2$',&,h1'(/$3$/$%5$68&(625(6$/$5$=h162&,$/(1&$626'(&(6,h1'(,17(5e6&XDQGRODUD]nQVRFLDOVHIRUPH
FRQHOQRPEUHFRPSOHWRRHODSHOOLGRGHXQRGHORVVRFLRV\kVWHFHGDODWRWDOLGDGGHVXLQWHUkVHQODVRFLHGDGSRGUjVHJXLUXWLOL]jQGRVHOD
PLVPDUD]nQVRFLDOFRQODSDODEUDVXFHVRUHV
$57f&8/2$8725,=$&,h13$5$(/862'(/$5$=h162&,$/(1/$62&,('$'&2/(&7,9$/DUD]nQRqUPDVRFLDOVnORSRGUjVHUXWLOL]DGD
SRUODVSHUVRQDVIDFXOWDGDVSDUDUHSUHVHQWDUDODVRFLHGDG(VWDDVXYH]VnORVHREOLJDUjSRUODVRSHUDFLRQHVTXHDGHPjVGHFRUUHVSRQGHUDO
REMHWRVRFLDOVHDQDXWRUL]DGDVFRQODUD]nQRqUPDVRFLDO
$57f&8/25(63216$%,/,'$''(1(/862'(/$5$=h162&,$/(123(5$&,21(612$8725,=$'$61RREVWDQWHORSUHVFULWRHQHODUWlFXOR
DQWHULRUODVRFLHGDGUHVSRQGHUjSRUODVRSHUDFLRQHVQRDXWRUL]DGDVFRQVXqUPDVRFLDOHQORVVLJXLHQWHVFDVRV
&XDQGRVHDQHMHFXWDGDVRFHOHEUDGDVSRUORVUHSUHVHQWDQWHVGHODVRFLHGDGFRUUHVSRQGDQDOJLURRUGLQDULRGHORVQHJRFLRVVRFLDOHV\SRUHO
WHQRUGHOWlWXORRSRUODVFLUFXQVWDQFLDVGHOKHFKRDSDUH]FDQGHXQPRGRLQHTXlYRFRFRQWUDlGDVSRUVXFXHQWD\HQVXLQWHUkVRKD\DGHULYDGR
SURYHFKRGHHOODV
&XDQGRVHDQUDWLqFDGDVH[SUHVDRWjFLWDPHQWHSRUODVRFLHGDG\
&XDQGRHOWHUFHURGHEXHQDIHSUXHEDTXHODVRFLHGDGKDFXPSOLGRYROXQWDULDPHQWHRWUDVREOLJDFLRQHVFRQWUDlGDVGHPRGRVHPHMDQWH
$57f&8/25(63216$%,/,'$''(/26$'0,1,675$'25(6(1/$62&,('$'&2/(&7,9$/RVDFWRVHMHFXWDGRVSRUORVDGPLQLVWUDGRUHVEDMR
ODUD]nQVRFLDOTXHQRHVWXYLHUHQDXWRUL]DGRVHVWDWXWDULDPHQWHRIXHUHQOLPLWDGRVSRUODOH\RSRUORVHVWDWXWRVVRODPHQWHFRPSURPHWHUjQVX
UHVSRQVDELOLGDGSHUVRQDO$GHPjVGHEHUjQLQGHPQL]DUDODVRFLHGDGSRUORVSHUMXLFLRVTXHOHFDXVHQ\VLVHWUDWDGHVRFLRVSRGUjQVHU
H[FOXLGRV
$57f&8/2)250$&,h1'(/$5$=h162&,$//DUD]nQVRFLDOQRIRUPDUjSDUWHGHORVHVWDEOHFLPLHQWRVGHFRPHUFLRGHODVRFLHGDG\HQ
FDVRGHHQDMHQDFLnQGHkVWRVSRGUjWUDVIHULUVHPHGLDQWHDFHSWDFLnQGHORVDVRFLDGRVFX\RVQRPEUHVRDSHOOLGRVqJXUHQHQHOODTXLHQHV
VHJXLUjQUHVSRQGLHQGRDQWHWHUFHURV
&$3f78/2,,,
$'0,1,675$&,h1<5(35(6(17$&,h1'(/$62&,('$'
$57f&8/2$'0,1,675$&,h1<5(35(6(17$&,h1'(/$62&,('$'&2/(&7,9$*(1(5$/,'$'/DDGPLQLVWUDFLnQGHODVRFLHGDGFROHFWLYD
FRUUHVSRQGHUjDWRGRV\DFDGDXQRGHORVVRFLRVTXLHQHVSRGUjQGHOHJDUODHQVXVFRQVRFLRVRHQH[WUDmRVFDVRHQHOFXDOORVGHOHJDQWHV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
TXHGDUjQLQKLELGRVSDUDODJHVWLnQGHORVQHJRFLRVVRFLDOHV/RVGHOHJDGRVWHQGUjQODVPLVPDVIDFXOWDGHVFRQIHULGDVDORVVRFLRV
DGPLQLVWUDGRUHVSRUODOH\RSRUORVHVWDWXWRVVDOYRODVOLPLWDFLRQHVTXHH[SUHVDPHQWHVHOHVLPSRQJDQ
$57f&8/2)$&8/7$'(6'(/$5(35(6(17$&,h1(1/$62&,('$'&2/(&7,9$/DUHSUHVHQWDFLnQGHODVRFLHGDGOOHYDUjLPSOlFLWDODIDFXOWDG
GHXVDUODqUPDVRFLDO\GHFHOHEUDUWRGDVODVRSHUDFLRQHVFRPSUHQGLGDVGHQWURGHOJLURRUGLQDULRGHORVQHJRFLRVVRFLDOHV
$57f&8/2'(/(*$&,h1'(/$$'0,1,675$&,h1(162&,('$'&2/(&7,9$'HOHJDGDODDGPLQLVWUDFLnQDYDULDVSHUVRQDVVLQGHWHUPLQDU
VXVIXQFLRQHV\IDFXOWDGHVVHHQWHQGHUjTXHSRGUjQHMHUFHUVHSDUDGDPHQWHFXDOTXLHUDFWRGHDGPLQLVWUDFLnQ&XDQGRVHHVWLSXOHTXHGHEDQ
REUDUGHFRQVXQRQRSRGUjQDFWXDUDLVODGDPHQWH
$57f&8/25(92&$&,h1'(/$$'0,1,675$&,h1'(/(*$'$'HOHJDGDODDGPLQLVWUDFLnQGHODVRFLHGDGHORORVVRFLRVTXHODKXELHUHQ
FRQIHULGRSRGUjQUHDVXPLUODHQFXDOTXLHUWLHPSRRFDPELDUDVXVGHOHJDGRVWHQLHQGRHQFXHQWDORGLVSXHVWRHQHODUWlFXOR&XDQGROD
GHOHJDFLnQQRFRQVWHHQORVHVWDWXWRVGHEHUjRWRUJDUVHFRQODVIRUPDOLGDGHVSURSLDVGHODVUHIRUPDVHVWDWXWDULDV6HUjQLQRSRQLEOHVDWHUFHURV
ODUHYRFDFLnQHOFDPELRGHGHOHJDGR\ODVOLPLWDFLRQHVGHVXVIDFXOWDGHVPLHQWUDVQRVHOOHQHQGLFKDVIRUPDOLGDGHV
$57f&8/2'(5(&+2'(,163(&&,h1'(/2662&,26(1/$62&,('$'&2/(&7,9$$oQGHOHJDGDODDGPLQLVWUDFLnQORVVRFLRVWHQGUjQ
GHUHFKRGHLQVSHFFLRQDUSRUVlPLVPRVRSRUPHGLRGHUHSUHVHQWDQWHVORVOLEURV\SDSHOHVGHODVRFLHGDGHQFXDOTXLHUWLHPSR$57f&8/2
$6,*1$&,h1'(&2$'0,1,675$'25325$%86221(*/,*(1&,$'(81$'0,1,675$'25120%5$'2'()250$&21',&,21$/&XDQGRHO
QRPEUDPLHQWRGHXQDGPLQLVWUDGRUHQXQDSHUVRQDGHWHUPLQDGDVHDFRQGLFLnQSDUDODVXEVLVWHQFLDGHODVRFLHGDG\GLFKDSHUVRQDDEXVHGH
VXVIDFXOWDGHVRVHDQHJOLJHQWHODMXQWDGHVRFLRVSRGUjGHVLJQDUSRUPD\RUlDXQFRDGPLQLVWUDGRUFRQHOqQGHTXHREUHQGHFRQVXQR
$57f&8/2'(&,6,21(648(5(48,(5(1927281d1,0(20$<25f$$%62/87$(1/$62&,('$'&2/(&7,9$/DWUDQVIHUHQFLDGHSDUWHVGH
LQWHUkVHOLQJUHVRGHQXHYRVVRFLRVDVlFRPRFXDOTXLHUDRWUDUHIRUPDHVWDWXWDULD\ODHQDMHQDFLnQGHODWRWDOLGDGRGHODPD\RUSDUWHGHORV
DFWLYRVVRFLDOHVUHTXHULUjQHOYRWRXQjQLPHGHORVVRFLRVRGHVXVGHOHJDGRVVLRWUDFRVDQRVHGLVSRQHHQORVHVWDWXWRV/DVGHPjVGHFLVLRQHV
VHDSUREDUjQSRUPD\RUlDDEVROXWDGHYRWRVVDOYRHVWLSXODFLnQHQFRQWUDULR
&DGDVRFLRWHQGUjGHUHFKRDXQYRWR
$57f&8/2'(5(&+2'(9(725(63216$%,/,'$'32523(5$&,21(6(1&2175$5,2/RVVRFLRVSRGUjQRSRQHUVHDFXDOTXLHURSHUDFLnQ
SURSXHVWDVDOYRTXHVHUHqHUDDODPHUDFRQVHUYDFLnQGHORVELHQHVVRFLDOHV/DRSRVLFLnQVXVSHQGHUjHOQHJRFLRPLHQWUDVVHGHFLGHSRU
PD\RUlDGHYRWRV6LkVWDQRVHREWLHQHVHGHVLVWLUjGHODFWRSUR\HFWDGR
&XDQGRIXHUHYHWDGRXQQHJRFLRHQODIRUPDLQGLFDGDHQHOLQFLVRSUHFHGHQWH\DSHVDUGHHOORVHOOHYDUHDFDERODVRFLHGDGFRPSURPHWHUjVX
UHVSRQVDELOLGDGSHURVLGHODRSHUDFLnQVHGHULYDUHDOJoQSHUMXLFLRVHUjLQGHPQL]DGDSRUTXLHQODHMHFXWnFRQWUDULDQGRODRSRVLFLnQ
$57f&8/22%/,*$&,h1'(/$'0,1,675$'25'(5(1',5&8(17$6(1/$62&,('$'&2/(&7,9$/RVDGPLQLVWUDGRUHVVHDQVRFLRVR
H[WUDmRVDOqQGHFDGDHMHUFLFLRVRFLDOGDUjQFXHQWDGHVXJHVWLnQDODMXQWDGHVRFLRVHLQIRUPDUjQVREUHODVLWXDFLnQqQDQFLHUD\FRQWDEOHGHOD
VRFLHGDG$GHPjVUHQGLUjQDODPLVPDMXQWDFXHQWDVFRPSUREDGDVGHVXJHVWLnQFXDQGRkVWDODVROLFLWH\HQWRGRFDVRDOVHSDUDUVHGHOFDUJR
/DVHVWLSXODFLRQHVWHQGLHQWHVDH[RQHUDUORVGHGLFKDVREOLJDFLRQHV\GHODVUHVSRQVDELOLGDGHVFRQVLJXLHQWHVVHWHQGUjQSRUQRHVFULWDV
&$3f78/2,9
5(*/$6(63(&,$/(662%5(',62/8&,h1'(/$62&,('$'&2/(&7,9$
$57f&8/2&$86$/(6'(',62/8&,h1(1/$62&,('$'&2/(&7,9$/DVRFLHGDGFROHFWLYDVHGLVROYHUjSRUODVFDXVDOHVSUHYLVWDVHQHO
$UWlFXOR\HQHVSHFLDOSRUODVVLJXLHQWHV
3RUPXHUWHGHDOJXQRGHORVVRFLRVVLQRVHKXELHUHHVWLSXODGRVXFRQWLQXDFLnQFRQXQRRPjVGHORVKHUHGHURVRFRQORVVRFLRVVXSkUVWLWHV
3RULQFDSDFLGDGVREUHYLQLHQWHDDOJXQRGHORVVRFLRVDPHQRVTXHVHFRQYHQJDTXHODVRFLHGDGFRQWLQoHFRQORVGHPjVRTXHDFHSWHQTXH
ORVGHUHFKRVGHOLQFDSD]VHDQHMHUFLGRVSRUVXUHSUHVHQWDQWH
3RUGHFODUDFLnQGHTXLHEUDGHDOJXQRGHORVVRFLRVVLORVGHPjVQRDGTXLHUHQVXLQWHUkVVRFLDORQRDFHSWDQODFHVLnQDXQH[WUDmRXQDYH]
UHTXHULGRVSRUHOVlQGLFRGHODTXLHEUDGHQWURGHORVWUHLQWDGlDVVLJXLHQWHV
3RUHQDMHQDFLnQIRU]DGDGHOLQWHUkVGHDOJXQRGHORVVRFLRVHQIDYRUGHXQH[WUDmRVLORVGHPjVDVRFLDGRVQRVHDYLHQHQGHQWURGHORVWUHLQWD
GlDVVLJXLHQWHVDFRQWLQXDUODVRFLHGDGFRQHODGTXLUHQWH\
3RUUHQXQFLDRUHWLURMXVWLqFDGRGHDOJXQRGHORVVRFLRVVLORVGHPjVQRDGTXLHUHQVXLQWHUkVHQODVRFLHGDGRQRDFHSWDQVXFHVLnQDXQ
WHUFHUR
$57f&8/2&21',&,21(63$5$&217,18$5/$62&,('$'&2/(&7,9$&21/26+(5('(526(OSDFWRGHFRQWLQXDUODVRFLHGDGFRQORV
KHUHGHURVGHXQVRFLRIDOOHFLGRVnORSRGUjFXPSOLUVHFXDQGRWDOHVKHUHGHURVWHQJDQODFDSDFLGDGUHTXHULGDSDUDHMHUFHUHOFRPHUFLR
+DELHQGRHQWUHORVKHUHGHURVGHOVRFLRIDOOHFLGRDOJXQRRDOJXQRVTXHUHoQDQODVFRQGLFLRQHVLQGLFDGDVHQHVWHDUWlFXORSRGUjFRQWLQXDUOD
VRFLHGDGVLVHDGMXGLFDDWDOHVKHUHGHURVODVSDUWHVGHLQWHUkVGHOGLIXQWRSHURVLkVWDVVHDGMXGLFDQHQWRGRRHQSDUWHDSHUVRQDVTXH
FDUH]FDQGHFDSDFLGDGSDUDHMHUFHUHOFRPHUFLRRTXHQRSXHGDQREWHQHUODKDELOLWDFLnQUHVSHFWLYDODVRFLHGDGVHGLVROYHUjGHVGHODIHFKDGHO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
UHJLVWURGHODFRUUHVSRQGLHQWHSDUWLFLnQ
&XDQGRODLQFDSDFLGDGSURYHQJDGHIDOWDGHHGDG\HOKHUHGHURSXHGDREWHQHU\REWHQJDODKDELOLWDFLnQGHHGDGDQWHVGHOUHJLVWURGHOD
SDUWLFLnQVHFXPSOLUjHOSDFWRGHTXHWUDWDHVWHDUWlFXOR
$57f&8/2&217,18$&,h1'(/$62&,('$'&2/(&7,9$&2162&,2662%5(9,9,(17(6&XDQGRODVRFLHGDGQRSXGLHUHFRQWLQXDUFRQORV
KHUHGHURVGHXQVRFLRIDOOHFLGR\VHKXELHUHHVWLSXODGRODFRQWLQXDFLnQFRQORVVRFLRVVREUHYLYLHQWHVGHEHUjOLTXLGDUVH\SDJDUVHGHLQPHGLDWR
HOLQWHUkVGHGLFKRVRFLRSRUHOYDORUTXHDFXHUGHQODVSDUWHV\HQVXGHIHFWRSRUHOTXHqMHQSHULWRVGHVLJQDGRVSRUHOODVGHELkQGRVH
VROHPQL]DUODFRUUHVSRQGLHQWHUHIRUPDHVWDWXWDULD
$57f&8/25(181&,$25(7,52'(62&,2'(/$62&,('$'&2/(&7,9$(QORVFDVRVGHUHQXQFLDRUHWLURGHXQVRFLRVHDSOLFDUjQODV
GLVSRVLFLRQHVTXHDOUHVSHFWRFRQVDJUDHO&nGLJR&LYLO
7f78/2,9
'(/$662&,('$'(6(1&20$1',7$
&$3f78/2,
',6326,&,21(6&2081(6
$57f&8/2)250$&,h1'(62&,('$'(1&20$1',7$'(120,1$&,h1'(62&,26/DVRFLHGDGHQFRPDQGLWDVHIRUPDUjVLHPSUHHQWUH
XQRRPjVVRFLRVTXHFRPSURPHWHQVROLGDULDHLOLPLWDGDPHQWHVXUHVSRQVDELOLGDGSRUODVRSHUDFLRQHVVRFLDOHV\RWURRYDULRVVRFLRVTXHOLPLWDQ
ODUHVSRQVDELOLGDGDVXVUHVSHFWLYRVDSRUWHV/RVSULPHURVVHGHQRPLQDUjQVRFLRVJHVWRUHVRFROHFWLYRV\ORVVHJXQGRVVRFLRVFRPDQGLWDULRV
$57f&8/25$=h162&,$/'(/$62&,('$'(1&20$1',7$5(63216$%,/,'$'/DUD]nQVRFLDOGHODVFRPDQGLWDULDVVHIRUPDUjFRQHO
QRPEUHFRPSOHWRRHOVRORDSHOOLGRGHXQRRPjVVRFLRVFROHFWLYRV\VHDJUHJDUjODH[SUHVLnQ\FRPSDmlDRODDEUHYLDWXUD &lDVHJXLGDHQ
WRGRFDVRGHODLQGLFDFLnQDEUHYLDGD6HQ&RGHODVSDODEUDV6RFLHGDG&RPDQGLWDULDSRU$FFLRQHVRVXDEUHYLDWXUD6&$VLHVSRU
DFFLRQHVVRSHQDGHTXHSDUDWRGRVORVHIHFWRVOHJDOHVVHSUHVXPDGHGHUHFKRTXHODVRFLHGDGHVFROHFWLYD
(OVRFLRFRPDQGLWDULRRODSHUVRQDH[WUDmDDODVRFLHGDGTXHWROHUHODLQFOXVLnQGHVXQRPEUHHQODUD]nQVRFLDOUHVSRQGHUjFRPRVRFLR
FROHFWLYR
$57f&8/2&$3,7$/62&,$/(1/$62&,('$'(1&20$1',7$352+,%,&,h1'(62&,2,1'8675,$/(OFDSLWDOVRFLDOVHIRUPDUjFRQORV
DSRUWHVGHORVVRFLRVFRPDQGLWDULRVRFRQORVGHkVWRV\ORVGHORVVRFLRVFROHFWLYRVVLPXOWjQHDPHQWH
&XDQGRORVFROHFWLYRVKLFLHUHQDSRUWDFLRQHVGHFDSLWDOHQODUHVSHFWLYDHVFULWXUDVHUHODFLRQDUjQSRUVXYDORUVLQSHUMXLFLRGHODUHVSRQVDELOLGDG
LQKHUHQWHDODFDWHJRUlDGHWDOHVVRFLRV
(OFRPDQGLWDULRQRSRGUjHQQLQJoQFDVRVHUVRFLRLQGXVWULDO
$57f&8/2$'0,1,675$&,h1'(62&,('$'(1&20$1',7$/DDGPLQLVWUDFLnQGHODVRFLHGDGHVWDUjDFDUJRGHORVVRFLRVFROHFWLYRV
TXLHQHVSRGUjQHMHUFHUODGLUHFWDPHQWHRSRUVXVGHOHJDGRVFRQVXMHFLnQDORSUHYLVWRSDUDODVRFLHGDGFROHFWLYD
$57f&8/25(35(6(17$&,h1'(62&,26&20$1',7$5,26/RVFRPDQGLWDULRVQRSRGUjQHMHUFHUIXQFLRQHVGHUHSUHVHQWDFLnQGHODVRFLHGDG
VLQRFRPRGHOHJDGRVGHORVVRFLRVFROHFWLYRV\SDUDQHJRFLRVGHWHUPLQDGRV(QHVWRVFDVRVGHEHUjQLQGLFDUDOKDFHUXVRGHODUD]nQVRFLDOTXH
REUDQSRUSRGHUVRSHQDGHUHVSRQGHUVROLGDULDPHQWHFRQORVJHVWRUHVSRUODVRSHUDFLRQHVVRFLDOHVTXHFHOHEUHQRHMHFXWHQ
$57f&8/2'(5(&+2'(,163(&&,h1<3e5','$(1/$62&,('$'(1&20$1',7$(OFRPDQGLWDULRWHQGUjODIDFXOWDGGHLQVSHFFLRQDUHQ
FXDOTXLHUWLHPSRSRUVlRSRUPHGLRGHXQUHSUHVHQWDQWHORVOLEURV\GRFXPHQWRVGHODVRFLHGDG
3HURVLWLHQHXQHVWDEOHFLPLHQWRGHGLFDGRDODVPLVPDVDFWLYLGDGHVGHOHVWDEOHFLPLHQWRGHODVRFLHGDGRVLIRUPDSDUWHGHXQDFRPSDmlD
GHGLFDGDDODVPLVPDVDFWLYLGDGHVSHUGHUjHOGHUHFKRDH[DPLQDUORVOLEURVVRFLDOHV
$57f&8/2&(6,h1'(,17(5e662&,$/'(/2662&,26*(6725(6'(/$62&,('$'(1&20$1',7$/RVVRFLRVJHVWRUHVVnORSRGUjQFHGHU
VXLQWHUkVVRFLDOHQODIRUPDSUHYLVWDSDUDODFHVLnQGHODVSDUWHVGHLQWHUkVGHORVVRFLRVFROHFWLYRV(VWDFHVLnQGHEHUjRWRUJDUVHFRPRVHSUHYk
HQHO7lWXOR,GHHVWH/LEURSDUDODUHIRUPDGHORVHVWDWXWRV
$57f&8/2&(6,h1'(&827$6'(62&,26&20$1',7$5,26/RVVRFLRVFRPDQGLWDULRVSRGUjQFHGHUVXVFXRWDVHQODIRUPDSUHYLVWDSDUDORV
VRFLRVHQODVRFLHGDGGHUHVSRQVDELOLGDGOLPLWDGD
$57f&8/2&(6,h1'(/$6$&&,21(6<3$57('(,17(5e6'(/2662&,26*(6725(6/DVDFFLRQHVTXHXQVRFLRJHVWRUWHQJDHQOD
VRFLHGDGSRGUjQFHGHUVHVHSDUDGDPHQWHGHODVSDUWHVGHLQWHUkVTXHWHQJDFRPRJHVWRUHLQYHUVDPHQWHSHURFRQVXMHFLnQDORSUHYLVWRHQORV
DUWlFXORVDQWHULRUHV
$57f&8/2',675,%8&,h1'(87,/,'$'(6(1/$62&,('$'(1&20$1',7$/DVXWLOLGDGHVVRFLDOHVVHGLVWULEXLUjQHQWUHORVVRFLRVJHVWRUHV\
FRPDQGLWDULRVHQODIRUPDHVWLSXODGDHQHOFRQWUDWR$IDOWDGHHVWLSXODFLnQODVXWLOLGDGHVVHUHSDUWLUjQHQWUHORVFRPDQGLWDULRVDSURUUDWDGHVXV
FXRWDVRDFFLRQHVSDJDQGRSUHYLDPHQWHHOEHQHqFLRGHORVVRFLRVJHVWRUHV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2&$86$/(6'(',62/8&,h1(1/$62&,('$'(1&20$1',7$/DVRFLHGDGHQFRPDQGLWDVHGLVROYHUj
3RUODVFDXVDOHVVHmDODGDVHQHODUWlFXORGHHVWH&nGLJR
3RUODVFDXVDOHVHVSHFLDOHVGHODVRFLHGDGFROHFWLYDFXDQGRRFXUUDQUHVSHFWRGHORVVRFLRVJHVWRUHV\
3RUGHVDSDULFLnQGHXQDGHODVGRVFDWHJRUlDVGHVRFLRV
$57f&8/2'(6,*1$&,h1<5(02&,h1'(//,48,'$'25(181$62&,('$'(1&20$1',7$(OOLTXLGDGRUGHXQDFRPDQGLWDULDVHUj
GHVLJQDGRFRQHOYRWRGHODPD\RUlDDEVROXWDWDQWRGHORVVRFLRVFROHFWLYRVFRPRGHODVFXRWDVGHORVFRPDQGLWDULRVVLRWUDFRVDQRVHKXELHUH
SUHYLVWRHQORVHVWDWXWRV/DUHPRFLnQGHOOLTXLGDGRUUHTXHULUjODPLVPDPD\RUlD
$57f&8/235(681&,h162%5(/$&$/,'$''(8162&,2262%5((/7,32'(62&,('$'(QFDVRGHGXGDVREUHODFDOLGDGGHXQVRFLRVH
SUHVXPLUjTXHHVFROHFWLYR\FXDQGRVHSUHVHQWDUHVREUHODHVSHFLHRWLSRGHODVRFLHGDGVHUHSXWDUjFROHFWLYD
$57f&8/2'(&,6,21(6'(/$-817$'(62&,265(/$7,9$6$/$$'0,1,675$&,h1'(7(50,1$&,h1'(92726(QODVGHFLVLRQHVGHOD
MXQWDGHVRFLRVFDGDJHVWRUWHQGUjXQYRWR/RVYRWRVGHORVFRPDQGLWDULRVVHFRPSXWDUjQFRQIRUPHDOQoPHURGHFXRWDVRDFFLRQHVGHFDGD
XQR
/DVGHFLVLRQHVUHODWLYDVDODDGPLQLVWUDFLnQVRODPHQWHSRGUjQWRPDUODVORVJHVWRUHVHQODIRUPDSUHYLVWDHQORVHVWDWXWRV
&$3f78/2,,
62&,('$'(1&20$1',7$6,03/(
$57f&8/2(6&5,785$'(&2167,78&,h1(1/$62&,('$'(1&20$1',7$6,03/(/DHVFULWXUDFRQVWLWXWLYDGHODVRFLHGDGHQFRPDQGLWD
VLPSOHVHUjRWRUJDGDSRUWRGRVORVVRFLRVFROHFWLYRVFRQRVLQLQWHUYHQFLnQGHORVFRPDQGLWDULRVSHURVHH[SUHVDUjVLHPSUHHOQRPEUHGRPLFLOLR
\QDFLRQDOLGDGGHkVWRVDVlFRPRODVDSRUWDFLRQHVTXHKDJDFDGDXQRGHORVDVRFLDGRV
$57f&8/2&(6,h1'(&827$623$57(6'(,17(5e6(1/$62&,('$'(1&20$1',7$6,03/(/DVSDUWHVGHLQWHUkVGHORVVRFLRV
FROHFWLYRV\ODVFXRWDVGHORVFRPDQGLWDULRVVHFHGHUjQSRUHVFULWXUDSoEOLFDGHELkQGRVHLQVFULELUODFHVLnQHQHOUHJLVWURPHUFDQWLO
/DFHVLnQGHODVSDUWHVGHLQWHUkVGHXQVRFLRFROHFWLYRUHTXHULUjGHODDSUREDFLnQXQjQLPHGHORVVRFLRVODFHVLnQGHODVFXRWDVGHXQ
FRPDQGLWDULRGHOYRWRXQjQLPHGHORVGHPjVFRPDQGLWDULRV
$57f&8/2,163(&&,h1<9,*,/$1&,$'(62&,26&20$1',7$5,26(162&,('$'(1&20$1',7$6,03/(/DVIDFXOWDGHVGHLQVSHFFLnQ\
YLJLODQFLDLQWHUQDGHODVRFLHGDGVHUjQHMHUFLGDVSRUORVFRPDQGLWDULRVVLQSHUMXLFLRGHTXHSXHGDQGHVLJQDUXQUHYLVRUqVFDOFXDQGRODPD\RUlD
GHHOORVDVlORGHFLGD
$57f&8/25()250$6(67$787$5,$6(1/$62&,('$'(1&20$1',7$6,03/(6LQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXOR\VDOYR
HVWLSXODFLnQH[SUHVDHQFRQWUDULRODVUHIRUPDVHVWDWXWDULDVVHDSUREDUjQSRUODXQDQLPLGDGGHORVVRFLRVFROHFWLYRV\SRUODPD\RUlDDEVROXWDGH
YRWRVGHORVFRPDQGLWDULRV\GHEHUjQUHGXFLUVHDHVFULWXUDSoEOLFD
$57f&8/2$3/,&$&,h1'(1250$6(1/21235(9,6725(63(&72'(62&,26&20$1',7$5,26(162&,('$'(1&20$1',7$6,03/((Q
ORQRSUHYLVWRHQHVWH&DSlWXORVHDSOLFDUjQUHVSHFWRGHORVVRFLRVJHVWRUHVODVQRUPDVGHODVRFLHGDGFROHFWLYD\GHORVFRPDQGLWDULRVODV
GLVSRVLFLRQHVGHODFRPSDmlDGHUHVSRQVDELOLGDGOLPLWDGD
$57f&8/2',62/8&,h1'(/$62&,('$'(1&20$1',7$6,03/(3255('8&&,h1(1(/&$3,7$/62&,$//DVRFLHGDGHQFRPDQGLWDVLPSOH
VHGLVROYHUjWDPELkQSRUSkUGLGDTXHUHGX]FDVXFDSLWDODODWHUFHUDSDUWHRPHQRV
$UWlFXORGHURJDGRSRUHO3DUjJUDIRGHO$UWGHOD/H\GH
&$3f78/2,,,
62&,('$'(1&20$1',7$325$&&,21(6
$57f&8/21i0(520f1,02'($&&,21,67$63$5$/$&2167,78&,h1'(62&,('$'(1&20$1',7$325$&&,21(6(QHODFWRFRQVWLWXWLYR
GHODVRFLHGDGQRVHUjQHFHVDULRTXHLQWHUYHQJDQORVVRFLRVFRPDQGLWDULRVSHURHQODHVFULWXUDVLHPSUHVHH[SUHVDUjHOQRPEUHGRPLFLOLR\
QDFLRQDOLGDGGHORVVXVFULSWRUHVHOQoPHURGHDFFLRQHVVXVFULWDVVXYDORUQRPLQDO\ODSDUWHSDJDGD
/DHQFRPDQGLWDSRUDFFLRQHVQRSRGUjFRQVWLWXLUVHQLIXQFLRQDUFRQPHQRVGHFLQFRDFFLRQLVWDV
$57f&8/2&$3,7$/62&,$/'(/$62&,('$'(1&20$1',7$325$&&,21(6(OFDSLWDOGHODVRFLHGDGHQFRPDQGLWDSRUDFFLRQHVHVWDUj
UHSUHVHQWDGRHQWlWXORVGHLJXDOYDORU0LHQWUDVODVDFFLRQHVQRKD\DQVLGRlQWHJUDPHQWHSDJDGDVVHUjQQHFHVDULDPHQWHQRPLQDWLYDV
(ODSRUWHGHLQGXVWULDGHORVVRFLRVJHVWRUHVQRIRUPDUjSDUWHGHOFDSLWDOVRFLDO7DOHVVRFLRVSRGUjQVXVFULELUDFFLRQHVGHFDSLWDOVLQSHUGHUOD
FDOLGDGGHFROHFWLYRV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2686&5,3&,h1<3/$=23$5$(/3$*2'($&&,21(6(162&,('$'(1&20$1',7$325$&&,21(6$OFRQVWLWXLUVHODVRFLHGDG
GHEHUjVXVFULELUVHSRUORPHQRVHOFLQFXHQWDSRUFLHQWRGHODVDFFLRQHVHQTXHVHGLYLGDHOFDSLWDODXWRUL]DGR\SDJDUVHVLTXLHUDODWHUFHUDSDUWH
GHOYDORUGHFDGDDFFLnQVXVFULWD(QODVVXVFULSFLRQHVSRVWHULRUHVVHREVHUYDUjODPLVPDUHJOD(OSOD]RSDUDHOSDJRGHORVLQVWDODPHQWRV
SHQGLHQWHVQRSRGUjH[FHGHUGHXQDmRFRQWDGRDSDUWLUGHODIHFKDGHODVXVFULSFLnQ
$57f&8/25(*/$3$5$/$,1)250$&,h162%5(&$3,7$/$8725,=$'2686&5,72<3$*$'2'(62&,('$'(1&20$1',7$325
$&&,21(63URKlEHVHHQXQFLDUHOFDSLWDODXWRUL]DGRVLQPHQFLRQDUHOVXVFULWR\HOSDJDGR\H[SUHVDUHOFDSLWDOVXVFULWRVLQLQGLFDUHOSDJDGR
$57f&8/2$3/,&$&,h1'(1250$6'(62&,('$'(6$1h1,0$6$/$662&,('$'(6(1&20$1',7$325$&&,21(6/DHPLVLnQFRORFDFLnQ
H[SHGLFLnQGHWlWXORV\QHJRFLDFLnQGHODVDFFLRQHVVHVXMHWDUjQDORSUHYLVWRSDUDODVVRFLHGDGHVDQnQLPDVH[FHSFLnQKHFKDGHODV
DXWRUL]DFLRQHVGHOD6XSHULQWHQGHQFLDFXDQGRODVRFLHGDGQRHVWkYLJLODGD
$57f&8/2,1&203$7,%,/,'$'(6<352+,%,&,21(63$5$/2662&,26&2/(&7,9263$5$/$1(*2&,$&,h1'($&&,21(65(35(6(17$&,h1
<9272/DVLQFRPSDWLELOLGDGHV\SURKLELFLRQHVSUHYLVWDVSDUDORVDGPLQLVWUDGRUHVGHODVVRFLHGDGHVDQnQLPDVUHJLUjQSDUDORVVRFLRVFROHFWLYRV
HQORUHODWLYRDODQHJRFLDFLnQGHDFFLRQHVUHSUHVHQWDFLnQ\YRWRHQODDVDPEOHD
$57f&8/2$6$0%/($<5()250$6(67$787$5,$6(1/$62&,('$'(1&20$1',7$325$&&,21(6(QODVDVDPEOHDVVHVHJXLUjQODV
UHJODVHVWDEOHFLGDVSDUDODVVRFLHGDGHVDQnQLPDV/DVUHIRUPDVHVWDWXWDULDVGHEHUjQDSUREDUVHVDOYRHVWLSXODFLnQHQFRQWUDULRSRUXQDQLPLGDG
GHORVVRFLRVFROHFWLYRV\SRUPD\RUlDGHYRWRVGHODVDFFLRQHVGHORVFRPDQGLWDULRV
$57f&8/25(6(59$/(*$/(1/$62&,('$'(1&20$1',7$325$&&,21(6/DVRFLHGDGHQFRPDQGLWDSRUDFFLRQHVFUHDUjXQDUHVHUYD
OHJDOTXHDVFHQGHUjSRUORPHQRVDOFLQFXHQWDSRUFLHQWRGHOFDSLWDOVXVFULWRIRUPDGDFRQHOGLH]SRUFLHQWRGHODVXWLOLGDGHVOlTXLGDVGHFDGD
HMHUFLFLR&XDQGRHVWDOOHJXHDGLFKROlPLWHRDOSUHYLVWRHQORVHVWDWXWRVVLIXHUHPD\RUODVRFLHGDGQRWHQGUjREOLJDFLnQGHFRQWLQXDU
LQFUHPHQWjQGRODSHURVLGLVPLQX\HYROYHUjDDSURSLDUVHHOPLVPRGLH]SRUFLHQWRGHWDOHVXWLOLGDGHVKDVWDTXHODUHVHUYDDOFDQFHQXHYDPHQWH
HOPRQWRqMDGR
$57f&8/2',62/8&,h1'(/$62&,('$'(1&20$1',7$325$&&,21(63255('8&&,h1'(3$75,021,21(72/DFRPDQGLWDULDSRU
DFFLRQHVVHGLVROYHUjWDPELkQFXDQGRRFXUUDQSkUGLGDVTXHUHGX]FDQHOSDWULPRQLRQHWRDPHQRVGHOFLQFXHQWDSRUFLHQWRGHOFDSLWDOVXVFULWR
$UWlFXORGHURJDGRSRUHO3DUjJUDIRGHO$UWGHOD/H\GH
$57f&8/2$3/,&$&,h1'(1250$6(1/21235(9,672&215(63(&72$/2662&,26*(6725(6<&20$1',7$5,26(QORQRSUHYLVWRHQ
HVWH7lWXORVHDSOLFDUjQUHVSHFWRGHORVVRFLRVJHVWRUHVODVQRUPDVGHODVRFLHGDGFROHFWLYD\UHVSHFWRGHORVFRPDQGLWDULRVODVGHODV
DQnQLPDV
7f78/29
'(/$62&,('$''(5(63216$%,/,'$'/,0,7$'$
$57f&8/25(63216$%,/,'$''(/2662&,26(1/$62&,('$''(5(63216$%,/,'$'/,0,7$'$(QODVFRPSDmlDVGHUHVSRQVDELOLGDG
OLPLWDGDORVVRFLRVUHVSRQGHUjQKDVWDHOPRQWRGHVXVDSRUWHV
(QORVHVWDWXWRVSRGUjHVWLSXODUVHSDUDWRGRVRDOJXQRVGHORVVRFLRVXQDPD\RUUHVSRQVDELOLGDGRSUHVWDFLRQHVDFFHVRULDVRJDUDQWlDV
VXSOHPHQWDULDVH[SUHVjQGRVHVXQDWXUDOH]DFXDQWlDGXUDFLnQ\PRGDOLGDGHV
$57f&8/2&$3,7$/62&,$/(1/$62&,('$''(5(63216$%,/,'$'/,0,7$'$(OFDSLWDOVRFLDOVHSDJDUjlQWHJUDPHQWHDOFRQVWLWXLUVHOD
FRPSDmlDDVlFRPRDOVROHPQL]DUVHFXDOTXLHUDXPHQWRGHOPLVPR(OFDSLWDOHVWDUjGLYLGLGRHQFXRWDVGHLJXDOYDORUFHVLEOHVHQODVFRQGLFLRQHV
SUHYLVWDVHQODOH\RHQORVHVWDWXWRV
/RVVRFLRVUHVSRQGHUjQVROLGDULDPHQWHSRUHOYDORUDWULEXLGRDORVDSRUWHVHQHVSHFLH
$57f&8/26$1&,21(6325(/123$*2'(/727$/'(/26$3257(6(1/$62&,('$''(5(63216$%,/,'$'/,0,7$'$&XDQGRVH
FRPSUXHEHTXHORVDSRUWHVQRKDQVLGRSDJDGRVlQWHJUDPHQWHOD6XSHULQWHQGHQFLDGHEHUjH[LJLUEDMRDSUHPLRGHPXOWDVKDVWDGHFLQFXHQWD
PLOSHVRVTXHWDOHVDSRUWHVVHFXEUDQXRUGHQDUODGLVROXFLnQGHODVRFLHGDGVLQSHUMXLFLRGHTXHODUHVSRQVDELOLGDGGHORVVRFLRVVHGHGX]FD
FRPRHQODVRFLHGDGFROHFWLYD
$57f&8/21i0(520d;,02'(62&,26(1/$62&,('$''(5(63216$%,/,'$'/,0,7$'$/RVVRFLRVQRH[FHGHUjQGHYHLQWLFLQFR6HUj
QXODGHSOHQRGHUHFKRODVRFLHGDGTXHVHFRQVWLWX\DFRQXQQoPHURPD\RU6LGXUDQWHVXH[LVWHQFLDH[FHGLHUHGLFKROlPLWHGHQWURGHORVGRV
PHVHVVLJXLHQWHVDODRFXUUHQFLDGHWDOKHFKRSRGUjWUDVIRUPDUVHHQRWURWLSRGHVRFLHGDGRUHGXFLUHOQoPHURGHVXVVRFLRV&XDQGROD
UHGXFFLnQLPSOLTXHGLVPLQXFLnQGHOFDSLWDOVRFLDOGHEHUjREWHQHUVHSHUPLVRSUHYLRGHOD6XSHULQWHQGHQFLDVRSHQDGHTXHGDUGLVXHOWDOD
FRPSDmlDDOYHQFHUVHHOUHIHULGRWkUPLQR
$57f&8/25$=h162&,$/'(/$62&,('$''(5(63216$%,/,'$'/,0,7$'$/DVRFLHGDGJLUDUjEDMRXQDGHQRPLQDFLnQRUD]nQVRFLDOHQ
DPERVFDVRVVHJXLGDGHODSDODEUDOLPLWDGDRGHVXDEUHYLDWXUD/WGDTXHGHQRDSDUHFHUHQORVHVWDWXWRVKDUjUHVSRQVDEOHVDORV
DVRFLDGRVVROLGDULDHLOLPLWDGDPHQWHIUHQWHDWHUFHURV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2$75,%8&,21(6$',&,21$/(6$/2662&,26(1/$62&,('$''(5(63216$%,/,'$'/,0,7$'$/DUHSUHVHQWDFLnQGHODVRFLHGDG
\ODDGPLQLVWUDFLnQGHORVQHJRFLRVVRFLDOHVFRUUHVSRQGHDWRGRV\DFDGDXQRGHORVVRFLRVkVWRVWHQGUjQDGHPjVGHODVDWULEXFLRQHVTXH
VHmDODHODUWlFXORODVVLJXLHQWHV
5HVROYHUVREUHWRGRORUHODWLYRDODFHVLnQGHFXRWDVDVlFRPRDODDGPLVLnQGHQXHYRVVRFLRV
'HFLGLUVREUHHOUHWLUR\H[FOXVLnQGHVRFLRV
([LJLUGHORVVRFLRVODVSUHVWDFLRQHVFRPSOHPHQWDULDVRDFFHVRULDVVLKXELHUHOXJDU
2UGHQDUODVDFFLRQHVTXHFRUUHVSRQGDQFRQWUDORVDGPLQLVWUDGRUHVHOUHSUHVHQWDQWHOHJDOHOUHYLVRUqVFDORFXDOTXLHUDRWUDSHUVRQDTXH
KXELHUHLQFXPSOLGRVXVREOLJDFLRQHVXRFDVLRQDGRGDmRVRSHUMXLFLRVDODVRFLHGDG\
(OHJLU\UHPRYHUOLEUHPHQWHDORVIXQFLRQDULRVFX\DGHVLJQDFLnQOHFRUUHVSRQGD/DMXQWDGHVRFLRVSRGUjGHOHJDUODUHSUHVHQWDFLnQ\OD
DGPLQLVWUDFLnQGHODVRFLHGDGHQXQJHUHQWHHVWDEOHFLHQGRGHPDQHUDFODUD\SUHFLVDVXVDWULEXFLRQHV
$57f&8/2-817$'(62&,26'(&,6,21(6(1/$62&,('$''(5(63216$%,/,'$'/,0,7$'$(QODMXQWDGHVRFLRVFDGDXQRWHQGUjWDQWRV
YRWRVFXDQWDVFXRWDVSRVHDHQODFRPSDmlD/DVGHFLVLRQHVGHODMXQWDGHVRFLRVVHWRPDUjQSRUXQQoPHURSOXUDOGHVRFLRVTXHUHSUHVHQWHOD
PD\RUlDDEVROXWDGHODVFXRWDVHQTXHVHKDOOHGLYLGLGRHOFDSLWDOGHODFRPSDmlD
(QORVHVWDWXWRVSRGUjHVWLSXODUVHTXHHQOXJDUGHODDEVROXWDVHUHTXHULUjXQDPD\RUlDGHFLVRULDVXSHULRU
$57f&8/25()250$6(67$787$5,$6(1/$62&,('$''(5(63216$%,/,'$'/,0,7$'$6DOYRTXHVHHVWLSXOHXQDPD\RUlDVXSHULRUODV
UHIRUPDVHVWDWXWDULDVVHDSUREDUjQFRQHOYRWRIDYRUDEOHGHXQQoPHURSOXUDOGHDVRFLDGRVTXHUHSUHVHQWHFXDQGRPHQRVHOVHWHQWDSRUFLHQWR
GHODVFXRWDVHQTXHVHKDOOHGLYLGLGRHOFDSLWDOVRFLDO
$57f&8/2/,%52'(5(*,6752'(62&,26(1/$62&,('$''(5(63216$%,/,'$'/,0,7$'$/DVRFLHGDGOOHYDUjXQOLEURGHUHJLVWURGH
VRFLRVUHJLVWUDGRHQODFjPDUDGHFRPHUFLRHQHOTXHVHDQRWDUjQHOQRPEUHQDFLRQDOLGDGGRPLFLOLRGRFXPHQWRGHLGHQWLqFDFLnQ\QoPHURGH
FXRWDVTXHFDGDXQRSRVHDDVlFRPRORVHPEDUJRVJUDYjPHQHV\FHVLRQHVTXHVHKXELHUHQHIHFWXDGRDoQSRUYlDGHUHPDWH
$57f&8/2&(6,h1'(&827$6(1/$62&,('$''(5(63216$%,/,'$'/,0,7$'$/RVVRFLRVWHQGUjQGHUHFKRDFHGHUVXVFXRWDV
&XDOTXLHUHVWLSXODFLnQTXHLPSLGDHVWHGHUHFKRVHWHQGUjSRUQRHVFULWD
/DFHVLnQGHFXRWDVLPSOLFDUjXQDUHIRUPDHVWDWXWDULD/DFRUUHVSRQGLHQWHHVFULWXUDSoEOLFDVHUjRWRUJDGDSRUHOUHSUHVHQWDQWHOHJDOGHOD
FRPSDmlDHOFHGHQWH\HOFHVLRQDULR
$57f&8/235(/$&,h1'(&(6,h1'(&827$6$/2662&,266DOYRHVWLSXODFLnQHQFRQWUDULRHOVRFLRTXHSUHWHQGDFHGHUVXVFXRWDVODV
RIUHFHUjDORVGHPjVVRFLRVSRUFRQGXFWRGHOUHSUHVHQWDQWHOHJDOGHODFRPSDmlDTXLHQOHVGDUjWUDVODGRLQPHGLDWDPHQWHDqQGHTXHGHQWUR
GHORVTXLQFHGlDVVLJXLHQWHVPDQLqHVWHQVLWLHQHQLQWHUkVHQDGTXLULUODV7UDQVFXUULGRHVWHODSVRORVVRFLRVTXHDFHSWHQODRIHUWDWHQGUjQ
GHUHFKRDWRPDUODDSURUUDWDGHODVFXRWDVTXHSRVHDQ(OSUHFLRSOD]R\GHPjVFRQGLFLRQHVGHODFHVLnQVHH[SUHVDUjQHQODRIHUWD
$57f&8/2',6&5(3$1&,$62%5(/$6&21',&,21(6'(/$&(6,h16LORVVRFLRVLQWHUHVDGRVHQDGTXLULUODVFXRWDVGLVFUHSDUHQUHVSHFWRGHO
SUHFLRRGHOSOD]RVHGHVLJQDUjQSHULWRVSDUDTXHqMHQXQRXRWUR(OMXVWLSUHFLR\HOSOD]RGHWHUPLQDGRVVHUjQREOLJDWRULRVSDUDODVSDUWHV6LQ
HPEDUJRkVWDVSRGUjQFRQYHQLUHQTXHODVFRQGLFLRQHVGHODRIHUWDVHDQGHqQLWLYDVVLIXHUHQPjVIDYRUDEOHVDORVSUHVXQWRVFHVLRQDULRVTXHODV
qMDGDVSRUORVSHULWRV
(QORVHVWDWXWRVSRGUjQHVWDEOHFHUVHRWURVSURFHGLPLHQWRVSDUDqMDUODVFRQGLFLRQHVGHODFHVLnQ
$57f&8/20(','$6$17((/5(&+$=2'(81$2)(57$'(&(6,h16LQLQJoQVRFLRPDQLqHVWDLQWHUkVHQDGTXLULUODVFXRWDVGHQWURGHO
WkUPLQRVHmDODGRHQHODUWlFXORQLVHREWLHQHODDXWRUL]DFLnQGHODPD\RUlDSUHYLVWDSDUDHOLQJUHVRGHXQH[WUDmRODVRFLHGDGHVWDUj
REOLJDGDDSUHVHQWDUSRUFRQGXFWRGHVXUHSUHVHQWDQWHOHJDOGHQWURGHORVVHVHQWDGlDVVLJXLHQWHVDODSHWLFLnQGHOSUHVXQWRFHGHQWHXQDRPjV
SHUVRQDVTXHODVDGTXLHUDQDSOLFDQGRSDUDHOFDVRODVQRUPDVVHmDODGDVDQWHULRUPHQWH6LGHQWURGHORVYHLQWHGlDVVLJXLHQWHVQRVH
SHUIHFFLRQDODFHVLnQORVGHPjVVRFLRVRSWDUjQHQWUHGLVROYHUODVRFLHGDGRH[FOXLUDOVRFLRLQWHUHVDGRHQFHGHUODVFXRWDVOLTXLGjQGRODVHQOD
IRUPDHVWDEOHFLGDHQHODUWlFXORDQWHULRU
$57f&8/2)250$/,'$'(63$5$/$&(6,h1'(&827$6'(62&,('$''(5(63216$%,/,'$'/,0,7$'$/DFHVLnQGHODVFXRWDVGHEHUj
KDFHUVHSRUHVFULWXUDSoEOLFDVRSHQDGHLQHqFDFLDSHURQRSURGXFLUjHIHFWRVUHVSHFWRGHWHUFHURVQLGHODVRFLHGDGVLQRDSDUWLUGHODIHFKDHQ
TXHVHDLQVFULWDHQHOUHJLVWURPHUFDQWLO
$57f&8/25(48,6,7263$5$(/5(*,6752'(/$&(6,h1'(&827$6(162&,('$''(5(63216$%,/,'$'/,0,7$'$/DVFjPDUDVQR
UHJLVWUDUjQODFHVLnQPLHQWUDVQRVHDFUHGLWHFRQFHUWLqFDFLnQGHODVRFLHGDGHOFXPSOLPLHQWRGHORSUHVFULWRHQORVDUWlFXORV\
FXDQGRVHDGHOFDVR
$57f&8/2&217,18$&,h1'(/$62&,('$'&21/26+(5('(526/DVRFLHGDGFRQWLQXDUjFRQXQRRPjVGHORVKHUHGHURVGHOVRFLR
GLIXQWRVDOYRHVWLSXODFLnQHQFRQWUDULR1RREVWDQWHHQORVHVWDWXWRVSRGUjGLVSRQHUVHTXHGHQWURGHOSOD]RDOOlVHmDODGRXQRRPjVGHORV
VRFLRVVREUHYLYLHQWHVWHQGUjQGHUHFKRGHDGTXLULUODVFXRWDVGHOIDOOHFLGRSRUHOYDORUFRPHUFLDODODIHFKDGHVXPXHUWH6LQRVHOOHJDUHDXQ
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
DFXHUGRUHVSHFWRGHOSUHFLR\FRQGLFLRQHVGHSDJRVHUjQGHWHUPLQDGRVSRUSHULWRVGHVLJQDGRVSRUODVSDUWHV
6LIXHUHQYDULRVORVVRFLRVTXHTXLVLHUHQDGTXLULUODVFXRWDVVHGLVWULEXLUjQHQWUHHOORVDSURUUDWDGHODVTXHSRVHDQHQODVRFLHGDG
$57f&8/2'(5(&+2'(,163(&&,h1'(/2662&,26'(/$62&,('$''(5(63216$%,/,'$'/,0,7$'$/RVVRFLRVWHQGUjQGHUHFKRD
H[DPLQDUHQFXDOTXLHUWLHPSRSRUVlRSRUPHGLRGHXQUHSUHVHQWDQWHODFRQWDELOLGDGGHODVRFLHGDGORVOLEURVGHUHJLVWURGHVRFLRV\GHDFWDV\
HQJHQHUDOWRGRVORVGRFXPHQWRVGHODFRPSDmlD
$57f&8/2&$86$/(6'(',62/8&,h1'(/$62&,('$''(5(63216$%,/,'$'/,0,7$'$$GHPjVGHODVFDXVDOHVJHQHUDOHVGHGLVROXFLnQ
ODVRFLHGDGGHUHVSRQVDELOLGDGOLPLWDGDVHGLVROYHUjFXDQGRRFXUUDQSkUGLGDVTXHUHGX]FDQHOFDSLWDOSRUGHEDMRGHOFLQFXHQWDSRUFLHQWRR
FXDQGRHOQoPHURGHVRFLRVH[FHGDGHYHLQWLFLQFR
$UWlFXORGHURJDGRSRUHO3DUjJUDIRGHO$UWGHOD/H\GH
$57f&8/2$3/,&$&,h1'(5(*/$6'(/$6$1h1,0$6(15(/$&,h1&21/$5(6(59$/(*$/%$/$1&(6<5(3$572'(87,/,'$'(6/D
VRFLHGDGIRUPDUjXQDUHVHUYDOHJDOFRQVXMHFLnQDODVUHJODVHVWDEOHFLGDVSDUDODDQnQLPD(VWDVPLVPDVUHJODVVHREVHUYDUjQHQFXDQWRDORV
EDODQFHVGHqQGHHMHUFLFLR\DOUHSDUWRGHXWLOLGDGHV
$57f&8/2$3/,&$&,h1'(1250$6'(62&,('$'$1h1,0$(1/21235(9,6723$5$62&,('$''(5(63216$%,/,'$'/,0,7$'$(QORQR
SUHYLVWRHQHVWH7lWXORRHQORVHVWDWXWRVODVVRFLHGDGHVGHUHVSRQVDELOLGDGOLPLWDGDVHUHJLUjQSRUODVGLVSRVLFLRQHVVREUHVRFLHGDGHVDQnQLPDV
7f78/29,
'(/$62&,('$'$1h1,0$
&$3f78/2,
&2167,78&,h1'(/$62&,('$'$1h1,0$
$57f&8/2)250$&,h15(63216$%,/,'$'$'0,1,675$&,h15$=h162&,$/(162&,('$'$1h1,0$/DVRFLHGDGDQnQLPDVHIRUPDUj
SRUODUHXQLnQGHXQIRQGRVRFLDOVXPLQLVWUDGRSRUDFFLRQLVWDVUHVSRQVDEOHVKDVWDHOPRQWRGHVXVUHVSHFWLYRVDSRUWHVVHUjDGPLQLVWUDGDSRU
JHVWRUHVWHPSRUDOHV\UHYRFDEOHV\WHQGUjXQDGHQRPLQDFLnQVHJXLGDGHODVSDODEUDV6RFLHGDG$QnQLPDRGHODVOHWUDV6$
6LODVRFLHGDGVHIRUPDVHLQVFULEHRVHDQXQFLDVLQGLFKDHVSHFLqFDFLnQORVDGPLQLVWUDGRUHVUHVSRQGHUjQVROLGDULDPHQWHGHODVRSHUDFLRQHV
VRFLDOHVTXHVHFHOHEUHQ
$57f&8/21i0(520f1,02'($&&,21,67$6(1/$62&,('$'$1h1,0$/DVRFLHGDGDQnQLPDQRSRGUjFRQVWLWXLUVHQLIXQFLRQDUFRQ
PHQRVGHFLQFRDFFLRQLVWDV
$57f&8/2&$3,7$/62&,$/(1/$62&,('$'$1h1,0$(OFDSLWDOGHODVRFLHGDGDQnQLPDVHGLYLGLUjHQDFFLRQHVGHLJXDOYDORUTXHVH
UHSUHVHQWDUjQHQWlWXORVQHJRFLDEOHV
$57f&8/2&$3,7$/$8725,=$'2686&5,72<3$*$'2(1/$62&,('$'$1h1,0$$OFRQVWLWXLUVHODVRFLHGDGGHEHUjVXVFULELUVHQRPHQRV
GHOFLQFXHQWDSRUFLHQWRGHOFDSLWDODXWRUL]DGR\SDJDUVHQRPHQRVGHODWHUFHUDSDUWHGHOYDORUGHFDGDDFFLnQGHFDSLWDOTXHVHVXVFULED
$OGDUVHDFRQRFHUHOFDSLWDODXWRUL]DGRVHGHEHUjLQGLFDUDODYH]ODFLIUDGHOFDSLWDOVXVFULWR\ODGHOSDJDGR
&$3f78/2,,
/$6$&&,21(6(1/$62&,('$'$1h1,0$
6(&&,h1,
(0,6,h1'($&&,21(6
$57f&8/2&/$6(6'($&&,21(6(1/$62&,('$'$1h1,0$/DVDFFLRQHVSRGUjQVHUQRPLQDWLYDVRDOSRUWDGRUSHURGHEHUjQVHU
QRPLQDWLYDVPLHQWUDVQRVHKD\DQSDJDGRlQWHJUDPHQWH
$57f&8/2,1',9,6,%,/,'$''(/$6$&&,21(6'(/$62&,('$'$1h1,0$/DVDFFLRQHVVHUjQLQGLYLVLEOHV\HQFRQVHFXHQFLDFXDQGRSRU
FXDOTXLHUFDXVDOHJDORFRQYHQFLRQDOXQDDFFLnQSHUWHQH]FDDYDULDVSHUVRQDVkVWDVGHEHUjQGHVLJQDUXQUHSUHVHQWDQWHFRPoQ\oQLFRTXH
HMHU]DORVGHUHFKRVFRUUHVSRQGLHQWHVDODFDOLGDGGHDFFLRQLVWD
$IDOWDGHDFXHUGRHOMXH]GHOGRPLFLOLRVRFLDOGHVLJQDUjHOUHSUHVHQWDQWHGHWDOHVDFFLRQHVDSHWLFLnQGHFXDOTXLHULQWHUHVDGR
(ODOEDFHDFRQWHQHQFLDGHELHQHVUHSUHVHQWDUjODVDFFLRQHVTXHSHUWHQH]FDQDODVXFHVLnQLOlTXLGD6LHQGRYDULRVORVDOEDFHDVGHVLJQDUjQXQ
VRORUHSUHVHQWDQWHVDOYRTXHXQRGHHOORVKXELHUHVLGRDXWRUL]DGRSRUHOMXH]SDUDWDOHIHFWR$IDOWDGHDOEDFHDOOHYDUjODUHSUHVHQWDFLnQOD
SHUVRQDTXHHOLMDQSRUPD\RUlDGHYRWRVORVVXFHVRUHVUHFRQRFLGRVHQHOMXLFLR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2'(5(&+2'(/26$&&,21,67$6'(/$62&,('$'$1h1,0$&DGDDFFLnQFRQIHULUjDVXSURSLHWDULRORVVLJXLHQWHVGHUHFKRV
(OGHSDUWLFLSDUHQODVGHOLEHUDFLRQHVGHODDVDPEOHDJHQHUDOGHDFFLRQLVWDV\YRWDUHQHOOD
(OGHUHFLELUXQDSDUWHSURSRUFLRQDOGHORVEHQHqFLRVVRFLDOHVHVWDEOHFLGRVSRUORVEDODQFHVGHqQGHHMHUFLFLRFRQVXMHFLnQDORGLVSXHVWRHQ
ODOH\RHQORVHVWDWXWRV
(OGHQHJRFLDUOLEUHPHQWHODVDFFLRQHVDPHQRVTXHVHHVWLSXOHHOGHUHFKRGHSUHIHUHQFLDHQIDYRUGHODVRFLHGDGRGHORVDFFLRQLVWDVRGH
DPERV
(OGHLQVSHFFLRQDUOLEUHPHQWHORVOLEURV\SDSHOHVVRFLDOHVGHQWURGHORVTXLQFHGlDVKjELOHVDQWHULRUHVDODVUHXQLRQHVGHODDVDPEOHD
JHQHUDOHQTXHVHH[DPLQHQORVEDODQFHVGHqQGHHMHUFLFLR\
(OGHUHFLELUXQDSDUWHSURSRUFLRQDOGHORVDFWLYRVVRFLDOHVDOWLHPSRGHODOLTXLGDFLnQ\XQDYH]SDJDGRHOSDVLYRH[WHUQRGHODVRFLHGDG
$57f&8/2$&&,21(6'(*2&(2,1'8675,$(1/$62&,('$'$1h1,0$'(5(&+26'(/26$&&,21,67$63RGUjQFUHDUVHDFFLRQHVGHJRFH
RLQGXVWULDSDUDFRPSHQVDUODVDSRUWDFLRQHVGHVHUYLFLRVWUDEDMRFRQRFLPLHQWRVWHFQROnJLFRVVHFUHWRVLQGXVWULDOHVRFRPHUFLDOHVDVLVWHQFLD
WkFQLFD\HQJHQHUDOWRGDREOLJDFLnQGHKDFHUDFDUJRGHODSRUWDQWH/RVWlWXORVGHHVWDVDFFLRQHVSHUPDQHFHUjQGHSRVLWDGRVHQODFDMDVRFLDO
SDUDVHUHQWUHJDGRVDODSRUWDQWHHQODPHGLGDHQTXHFXPSODVXREOLJDFLnQ\PLHQWUDVWDQWRQRVHUjQQHJRFLDEOHV
/RVWLWXODUHVGHODVDFFLRQHVGHJRFHRGHLQGXVWULDWHQGUjQORVVLJXLHQWHVGHUHFKRV
$VLVWLUFRQYR]DODVUHXQLRQHVGHODDVDPEOHD
3DUWLFLSDUHQODVXWLOLGDGHVTXHVHGHFUHWHQ\
$OOLTXLGDUVHODVRFLHGDGSDUWLFLSDUGHODVUHVHUYDVDFXPXODGDV\YDORUL]DFLRQHVSURGXFLGDVGXUDQWHHOWLHPSRHQTXHIXHDFFLRQLVWDHQOD
IRUPD\FRQGLFLRQHVHVWLSXODGDV
$57f&8/2$&&,21(625',1$5,$6235,9,/(*,$'$635,9,/(*,26'(/267,78/$5(6(1/$662&,('$'(6$1h1,0$6/DVDFFLRQHVSRGUjQ
VHURUGLQDULDVRSULYLOHJLDGDV/DVSULPHUDVFRQIHULUjQDVXVWLWXODUHVORVGHUHFKRVHVHQFLDOHVFRQVDJUDGRVHQHODUWlFXORODVVHJXQGDV
DGHPjVSRGUjQRWRUJDUDODFFLRQLVWDORVVLJXLHQWHVSULYLOHJLRV
8QGHUHFKRSUHIHUHQFLDOSDUDVXUHHPEROVRHQFDVRGHOLTXLGDFLnQKDVWDFRQFXUUHQFLDGHVXYDORUQRPLQDO
8QGHUHFKRDTXHGHODVXWLOLGDGHVVHOHVGHVWLQHHQSULPHUWkUPLQRXQDFXRWDGHWHUPLQDGDDFXPXODEOHRQR/DDFXPXODFLnQQRSRGUj
H[WHQGHUVHDXQSHUlRGRPD\RUGHFLQFRDmRV\
&XDOTXLHUDRWUDSUHUURJDWLYDGHFDUjFWHUH[FOXVLYDPHQWHHFRQnPLFR
(QQLQJoQFDVRSRGUjQRWRUJDUVHSULYLOHJLRVTXHFRQVLVWDQHQYRWRPoOWLSOHRTXHSULYHQGHVXVGHUHFKRVGHPRGRSHUPDQHQWHDORV
SURSLHWDULRVGHDFFLRQHVFRPXQHV
$57f&8/2(0,6,h1'($&&,21(635,9,/(*,$'$6(1/$62&,('$'$1h1,0$3DUDHPLWLUDFFLRQHVSULYLOHJLDGDVSRVWHULRUPHQWHDODFWRGH
FRQVWLWXFLnQGHODVRFLHGDGVHUjQHFHVDULRTXHORVSULYLOHJLRVUHVSHFWLYRVVHDQDSUREDGRVHQODDVDPEOHDJHQHUDOFRQHOYRWRIDYRUDEOHGHXQ
QoPHURSOXUDOGHDFFLRQLVWDVTXHUHSUHVHQWHQRPHQRVGHOVHWHQWD\FLQFRSRUFLHQWRGHODVDFFLRQHVVXVFULWDV
(QHOUHJODPHQWRGHFRORFDFLnQGHDFFLRQHVSULYLOHJLDGDVVHUHJXODUjHOGHUHFKRGHSUHIHUHQFLDDIDYRUGHWRGRVORVDFFLRQLVWDVFRQHOqQGHTXH
SXHGDQVXVFULELUODVHQSURSRUFLnQDOQoPHURGHDFFLRQHVTXHFDGDXQRSRVHDHOGlDGHODRIHUWD'LFKRUHJODPHQWRVHUjDSUREDGRSRUOD
DVDPEOHDFRQODPD\RUlDH[LJLGDHQHVWHDUWlFXOR
$57f&8/25(92&$&,h1202',),&$&,h1'((0,6,h1'($&&,21(67RGDHPLVLnQGHDFFLRQHVSRGUjUHYRFDUVHRPRGLqFDUVHSRUOD
DVDPEOHDJHQHUDODQWHVTXHVHDQFRORFDGDVRVXVFULWDV\FRQVXMHFLnQDODVH[LJHQFLDVSUHVFULWDVHQODOH\RHQORVHVWDWXWRVSDUDVXHPLVLnQ
/DGLVPLQXFLnQRVXSUHVLnQGHORVSULYLOHJLRVFRQFHGLGRVDXQDVDFFLRQHVGHEHUjDGRSWDUVHFRQHOYRWRIDYRUDEOHGHDFFLRQLVWDVTXHUHSUHVHQWHQ
QRPHQRVGHOVHWHQWD\FLQFRSRUFLHQWRGHODVDFFLRQHVVXVFULWDVVLHPSUHTXHHVWDPD\RUlDLQFOX\DHQODPLVPDSURSRUFLnQHOYRWRGH
WHQHGRUHVGHWDOHVDFFLRQHV
6(&&,h1,,
686&5,3&,h1'($&&,21(6
$57f&8/2'(),1,&,h1'(686&5,3&,h1'($&&,21(6/DVXVFULSFLnQGHDFFLRQHVHVXQFRQWUDWRSRUHOFXDOXQDSHUVRQDVHREOLJDDSDJDU
XQDSRUWHDODVRFLHGDGGHDFXHUGRFRQHOUHJODPHQWRUHVSHFWLYR\DVRPHWHUVHDVXVHVWDWXWRV$VXYH]ODFRPSDmlDVHREOLJDDUHFRQRFHUOHOD
FDOLGDGGHDFFLRQLVWD\DHQWUHJDUOHHOWlWXORFRUUHVSRQGLHQWH
(QHOFRQWUDWRGHVXVFULSFLnQQRSRGUjSDFWDUVHHVWLSXODFLnQDOJXQDTXHRULJLQHXQDGLVPLQXFLnQGHOFDSLWDOVXVFULWRRGHOSDJDGR
$57f&8/25(*/$63$5$/$686&5,3&,h1'($&&,21(6/DVDFFLRQHVQRVXVFULWDVHQHODFWRGHFRQVWLWXFLnQ\ODVTXHHPLWD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
SRVWHULRUPHQWHODVRFLHGDGVHUjQFRORFDGDVGHDFXHUGRFRQHOUHJODPHQWRGHVXVFULSFLnQ
&RQH[FHSFLnQGHODVDFFLRQHVSULYLOHJLDGDV\GHJRFHDIDOWDGHQRUPDHVWDWXWDULDH[SUHVDFRUUHVSRQGHUjDODMXQWDGLUHFWLYDDSUREDUHO
UHJODPHQWRGHVXVFULSFLnQ
$57f&8/2&217(1,'2'(/5(*/$0(172'(686&5,3&,h1'($&&,21(6(OUHJODPHQWRGHVXVFULSFLnQGHDFFLRQHVFRQWHQGUj
/DFDQWLGDGGHDFFLRQHVTXHVHRIUH]FDTXHQRSRGUjVHULQIHULRUDODVHPLWLGDV
/DSURSRUFLnQ\IRUPDHQTXHSRGUjQVXVFULELUVH
(OSOD]RGHODRIHUWDTXHQRVHUjPHQRUGHTXLQFHGlDVQLH[FHGHUjGHWUHVPHVHV
(OSUHFLRDTXHVHDQRIUHFLGDVTXHQRVHUjLQIHULRUDOQRPLQDO\
/RVSOD]RVSDUDHOSDJRGHODVDFFLRQHV
$57f&8/2&$1&(/$&,h1325&827$623/$=263$5$(/3$*2&XDQGRHOUHJODPHQWRSUHYHDODFDQFHODFLnQSRUFXRWDVDOPRPHQWRGHOD
VXVFULSFLnQVHFXEULUjSRUORPHQRVODWHUFHUDSDUWHGHOYDORUGHFDGDDFFLnQVXVFULWD(OSOD]RSDUDHOSDJRWRWDOGHODVFXRWDVSHQGLHQWHVQR
H[FHGHUjGHXQDmRFRQWDGRGHVGHODIHFKDGHODVXVFULSFLnQ
$57f&8/2'(5(&+2'(35()(5(1&,$(1(0,6,h1'($&&,21(6/RVDFFLRQLVWDVWHQGUjQGHUHFKRDVXVFULELUSUHIHUHQFLDOPHQWHHQWRGD
QXHYDHPLVLnQGHDFFLRQHVXQDFDQWLGDGSURSRUFLRQDODODVTXHSRVHDQHQODIHFKDHQTXHVHDSUXHEHHOUHJODPHQWR(QkVWHVHLQGLFDUjHO
SOD]RSDUDVXVFULELUTXHQRVHUjLQIHULRUDTXLQFHGlDVFRQWDGRVGHVGHODIHFKDGHODRIHUWD
$SUREDGRHOUHJODPHQWRSRUOD6XSHULQWHQGHQFLDGHQWURGHORVTXLQFHGlDVVLJXLHQWHVHOUHSUHVHQWDQWHOHJDOGHODVRFLHGDGRIUHFHUjODV
DFFLRQHVSRUORVPHGLRVGHFRPXQLFDFLnQSUHYLVWRVHQORVHVWDWXWRVSDUDODFRQYRFDWRULDGHODDVDPEOHDRUGLQDULD
3RUHVWLSXODFLnQHVWDWXWDULDRSRUYROXQWDGGHODDVDPEOHDSRGUjGHFLGLUVHTXHODVDFFLRQHVVHFRORTXHQVLQVXMHFLnQDOGHUHFKRGHSUHIHUHQFLD
SHURGHHVWDIDFXOWDGQRVHKDUjXVRVLQTXHDQWHOD6XSHULQWHQGHQFLDVHKD\DDFUHGLWDGRHOFXPSOLPLHQWRGHOUHJODPHQWR
$57f&8/21(*2&,$&,h1'(/'(5(&+2'(686&5,3&,h1'($&&,21(6(OGHUHFKRDODVXVFULSFLnQGHDFFLRQHVVRODPHQWHVHUjQHJRFLDEOH
GHVGHODIHFKDGHODYLVRGHRIHUWD3DUDHOOREDVWDUjTXHHOWLWXODULQGLTXHSRUHVFULWRDODVRFLHGDGHOQRPEUHGHOFHVLRQDULRRFHVLRQDULRV
$57f&8/2&2/2&$&,h1'($&&,21(65(*/$63DUDODFRORFDFLnQGHDFFLRQHVODVRFLHGDGGHEHUjREWHQHUSUHYLDPHQWHDXWRUL]DFLnQGHOD
6XSHULQWHQGHQFLDGH6RFLHGDGHVPHGLDQWHVROLFLWXGDFRPSDmDGDGHOFRUUHVSRQGLHQWHUHJODPHQWRVRSHQDGHLQHqFDFLD
/RVVXVFULSWRUHVSRGUjQVDQHDUHODFWRGHVXVFULSFLnQSRUUDWLqFDFLnQH[SUHVDRWjFLWDXQDYH]REWHQLGDODDXWRUL]DFLnQGHTXHWUDWDHOLQFLVR
DQWHULRU
1RREVWDQWHODUDWLqFDFLnQODFRORFDFLnQGHODVDFFLRQHVVLQODDXWRUL]DFLnQGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHVKDUjLQFXUULUDORV
DGPLQLVWUDGRUHVGHODVRFLHGDGHQPXOWDKDVWDGHFLQFXHQWDPLOSHVRV
$57f&8/23(50,623$5$(/)81&,21$0,(172/DDXWRUL]DFLnQLQGLFDGDHQHODUWlFXORDQWHULRUQRSRGUjRWRUJDUVHDQWHVTXHODVRFLHGDG
KD\DREWHQLGRSHUPLVRSDUDHMHUFHUVXREMHWRQLPLHQWUDVGLFKRSHUPLVRHVWkVXVSHQGLGR
$57f&8/2,1)250$$/$683(5,17(1'(1&,$9(1&,'2(/7e50,12'(/$2)(57$3$5$686&5,3&,h1'($&&,21(69HQFLGRHOWkUPLQR
GHODRIHUWDSDUDVXVFULELUHOJHUHQWH\UHYLVRUqVFDOFRPXQLFDUjQGHLQPHGLDWRDOD6XSHULQWHQGHQFLDHOQoPHURGHODVDFFLRQHVVXVFULWDVORV
SDJRVHIHFWXDGRVDFXHQWDGHODVPLVPDVODFLIUDHQTXHVHHOHYDHOFDSLWDOVXVFULWRODVFXRWDVSHQGLHQWHV\ORVSOD]RVSDUDFXEULUODV
$57f&8/25(48,6,7263$5$/$2)(57$3i%/,&$'($&&,21(6&XDQGRVHWUDWHGHVRFLHGDGHVFX\DVDFFLRQHVQRVHQHJRFLHQHQORV
PHUFDGRVSoEOLFRVGHYDORUHV\VHRIUH]FDQHQSoEOLFDVXVFULSFLnQPHGLDQWHDYLVRVXRWURVPHGLRVGHSXEOLFLGDGVHUjQHFHVDULRTXHFRPR
DQH[RDOUHJODPHQWRGHVXVFULSFLnQGHODVDFFLRQHVVHSXEOLTXHHOoOWLPREDODQFHJHQHUDOGHODVRFLHGDGFRUWDGRHQHOPHVDQWHULRUDODIHFKD
GHVROLFLWXGGHOSHUPLVR\DXWRUL]DGRSRUHOUHYLVRUqVFDO
$57f&8/2$&5(',7$&,h1'(/$686&5,3&,h1'($&&,21(6/DVXVFULSFLnQGHDFFLRQHVXQDYH]REWHQLGRHOSHUPLVRSDUDVXFRORFDFLnQ
QRHVWDUjVRPHWLGDDIRUPDOLGDGHVHVSHFLDOHV\SRGUjDFUHGLWDUVHSRUFXDOTXLHUPHGLRGHSUXHED
$57f&8/26$1&,h1325)$/6('$'(1,1)250$&,h13$5$686&5,%,5$&&,21(6/RVDGPLQLVWUDGRUHVGHODVRFLHGDG\VXVUHYLVRUHV
qVFDOHVLQFXUULUjQHQODVVDQFLRQHVSUHYLVWDVHQHO&nGLJR3HQDOSDUDODIDOVHGDGHQGRFXPHQWRVSULYDGRVFXDQGRSDUDSURYRFDUODVXVFULSFLnQ
GHDFFLRQHVVHGHQDFRQRFHUFRPRDFFLRQLVWDVRFRPRDGPLQLVWUDGRUHVGHODVRFLHGDGDSHUVRQDVTXHQRWHQJDQWDOHVFDOLGDGHVRFXDQGRD
VDELHQGDVVHSXEOLTXHQLQH[DFWLWXGHVJUDYHVHQORVDQH[RVDORVFRUUHVSRQGLHQWHVSURVSHFWRV
/DPLVPDVDQFLnQVHLPSRQGUjDORVFRQWDGRUHVTXHDXWRULFHQORVEDODQFHVTXHDGROH]FDQGHODVLQH[DFWLWXGHVLQGLFDGDVHQHOLQFLVRDQWHULRU
$UWlFXORGHFODUDGR&21',&,21$/0(17((;(48,%/(PHGLDQWH6HQWHQFLD&
$57f&8/2$'48,6,&,h1'($&&,21(63523,$6(1/$62&,('$'$1h1,0$/DVRFLHGDGDQnQLPDQRSRGUjDGTXLULUVXVSURSLDVDFFLRQHV
VLQRSRUGHFLVLnQGHODDVDPEOHDFRQYRWRIDYRUDEOHGHQRPHQRVGHOVHWHQWDSRUFLHQWRGHODVDFFLRQHVVXVFULWDV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
3DUDUHDOL]DUHVDRSHUDFLnQHPSOHDUjIRQGRVWRPDGRVGHODVXWLOLGDGHVOlTXLGDVUHTXLULkQGRVHDGHPjVTXHGLFKDVDFFLRQHVVHKDOOHQ
WRWDOPHQWHOLEHUDGDV0LHQWUDVHVWDVDFFLRQHVSHUWHQH]FDQDODVRFLHGDGTXHGDUjQHQVXVSHQVRORVGHUHFKRVLQKHUHQWHVDODVPLVPDV
/DHQDMHQDFLnQGHODVDFFLRQHVUHDGTXLULGDVVHKDUjHQODIRUPDLQGLFDGDSDUDODFRORFDFLnQGHDFFLRQHVHQUHVHUYD
$57f&8/20(','$6&2175$$&&,21,67$60252626(1(/3$*2'(&827$6'($&&,21(6686&5,7$6&XDQGRXQDFFLRQLVWDHVWkHQ
PRUDGHSDJDUODVFXRWDVGHODVDFFLRQHVTXHKD\DVXVFULWRQRSRGUjHMHUFHUORVGHUHFKRVLQKHUHQWHVDHOODV3DUDHVWHHIHFWRODVRFLHGDG
DQRWDUjORVSDJRVHIHFWXDGRV\ORVVDOGRVSHQGLHQWHV
6LODVRFLHGDGWXYLHUHREOLJDFLRQHVYHQFLGDVDFDUJRGHORVDFFLRQLVWDVSRUFRQFHSWRGHFXRWDVGHODVDFFLRQHVVXVFULWDVDFXGLUjDHOHFFLnQGHOD
MXQWDGLUHFWLYDDOFREURMXGLFLDORDYHQGHUGHFXHQWD\ULHVJRGHOPRURVR\SRUFRQGXFWRGHXQFRPLVLRQLVWDODVDFFLRQHVTXHKXELHUHVXVFULWR
RDLPSXWDUODVVXPDVUHFLELGDVDODOLEHUDFLnQGHOQoPHURGHDFFLRQHVTXHFRUUHVSRQGDQDODVFXRWDVSDJDGDVSUHYLDGHGXFFLnQGHXQYHLQWH
SRUFLHQWRDWlWXORGHLQGHPQL]DFLnQGHSHUMXLFLRVTXHVHSUHVXPLUjQFDXVDGRV
/DVDFFLRQHVTXHODVRFLHGDGUHWLUHDODFFLRQLVWDPRURVRODVFRORFDUjGHLQPHGLDWR
6(&&,h1,,,
3$*2'(/$6$&&,21(6
$57f&8/23$*2'($&&,21(6(1(63(&,(&XDQGRVHDFXHUGHTXHHOSDJRGHODVDFFLRQHVSXHGDKDFHUVHHQELHQHVGLVWLQWRVGHGLQHURHO
DYDOoRGHWDOHVELHQHVGHEHUjVHUDSUREDGRSRUOD6XSHULQWHQGHQFLDGH6RFLHGDGHVPHGLDQWHVROLFLWXGDFRPSDmDGDGHFRSLDGHODFWD
FRUUHVSRQGLHQWHHQODTXHGHEHUjFRQVWDUHOLQYHQWDULRGHGLFKRVELHQHVFRQVXUHVSHFWLYRDYDOoRGHELGDPHQWHIXQGDPHQWDGR
6LVHWUDWDGHSDJDUHQHVSHFLHDFFLRQHVVXVFULWDVHQHODFWRGHFRQVWLWXFLnQGHODVRFLHGDGHODYDOoRGHEHUjKDFHUVHHQXQDDVDPEOHD
SUHOLPLQDUGHORVDFFLRQLVWDVIXQGDGRUHV\VHUDSUREDGRSRUXQDQLPLGDG6LVHWUDWDGHDFFLRQHVVXVFULWDVFRQSRVWHULRULGDGHODYDOoRVHKDUj
SRUODMXQWDGLUHFWLYDRSRUODDVDPEOHDJHQHUDOFRQIRUPHDORTXHGLVSRQJDQORVHVWDWXWRV
/RGLVSXHVWRHQHVWHDUWlFXORQRVHDSOLFDUjDODVDFFLRQHVGHLQGXVWULDFX\RDYDOoR\IRUPDGHSDJRVHqMDUjQHQORVHVWDWXWRVRHQHODFXHUGR
GHODDVDPEOHD
6(&&,h1,9
7f78/26'($&&,21(6
$57f&8/2(;3(',&,h1'(7f78/26$WRGRVXVFULSWRUGHDFFLRQHVGHEHUjH[SHGlUVHOHSRUODVRFLHGDGHOWlWXORRWlWXORVTXHMXVWLqTXHQVX
FDOLGDGGHWDO
0LHQWUDVODVRFLHGDGQRKD\DREWHQLGRSHUPLVRGHIXQFLRQDPLHQWRQRSRGUjH[SHGLUWlWXORVQLFHUWLqFDGRVGHDFFLRQHV
'HQWURGHORVWUHLQWDGlDVVLJXLHQWHVDODIHFKDGHOSHUPLVRGHIXQFLRQDPLHQWRVHH[SHGLUjQORVWlWXORVRFHUWLqFDGRVGHODVDFFLRQHVVXVFULWDVHQ
HODFWRFRQVWLWXWLYRFRQHOFDUjFWHUGHSURYLVLRQDOHVRGHqQLWLYRVVHJoQHOFDVR(QODVGHPjVVXVFULSFLRQHVODH[SHGLFLnQVHKDUjGHQWURGHORV
WUHLQWDGlDVVLJXLHQWHVDODIHFKDGHOUHVSHFWLYRFRQWUDWR
&XDQGRORVDSRUWHVIXHUHQHQHVSHFLHXQDYH]YHULqFDGDVXHQWUHJDVHH[SHGLUjQORVWlWXORVFRUUHVSRQGLHQWHV
$57f&8/2(;3(',&,h1'(&(57,),&$'263529,6,21$/(60,(175$6(/9$/25'(/$$&&,h112(67(&8%,(572727$/0(17(0LHQWUDV
HOYDORUGHODVDFFLRQHVQRHVWkFXELHUWRlQWHJUDPHQWHVnORVHH[SHGLUjQFHUWLqFDGRVSURYLVLRQDOHVDORVVXVFULSWRUHV/DWUDQVIHUHQFLDGHORV
FHUWLqFDGRVVHVXMHWDUjDODVFRQGLFLRQHVVHmDODGDVHQORVHVWDWXWRV\GHOLPSRUWHQRSDJDGRUHVSRQGHUjQVROLGDULDPHQWHFHGHQWHV\
FHVLRQDULRV
3DJDGDVWRWDOPHQWHODVDFFLRQHVVHFDPELDUjQORVFHUWLqFDGRVSURYLVLRQDOHVSRUWlWXORVGHqQLWLYRV
$57f&8/2&217(1,'2'(/267f78/26/RVWlWXORVVHH[SHGLUjQHQVHULHVFRQWLQXDVFRQODVqUPDVGHOUHSUHVHQWDQWHOHJDO\HOVHFUHWDULR
\HQHOORVVHLQGLFDUj
/DGHQRPLQDFLnQGHODVRFLHGDGVXGRPLFLOLRSULQFLSDOODQRWDUlDQoPHUR\IHFKDGHODHVFULWXUDFRQVWLWXWLYD\ODUHVROXFLnQGHOD
6XSHULQWHQGHQFLDTXHDXWRUL]nVXIXQFLRQDPLHQWR
/DFDQWLGDGGHDFFLRQHVUHSUHVHQWDGDVHQFDGDWlWXORHOYDORUQRPLQDOGHODVPLVPDVVLVRQRUGLQDULDVSULYLOHJLDGDVRGHLQGXVWULDVLVX
QHJRFLDELOLGDGHVWjOLPLWDGDSRUHOGHUHFKRGHSUHIHUHQFLD\ODVFRQGLFLRQHVSDUDVXHMHUFLFLR
6LVRQQRPLQDWLYDVHOQRPEUHFRPSOHWRGHODSHUVRQDHQFX\RIDYRUVHH[SLGHQ\
$OGRUVRGHORVWlWXORVGHDFFLRQHVSULYLOHJLDGDVFRQVWDUjQORVGHUHFKRVLQKHUHQWHVDHOODV
$57f&8/2(;3(',&,h1'('83/,&$'2'(7f78/26(QORVFDVRVGHKXUWRRURERGHXQWlWXORQRPLQDWLYRODVRFLHGDGORVXVWLWXLUj
HQWUHJjQGROHXQGXSOLFDGRDOSURSLHWDULRTXHDSDUH]FDLQVFULWRHQHOUHJLVWURGHDFFLRQHVFRPSUREDQGRHOKHFKRDQWHORVDGPLQLVWUDGRUHV\HQ
WRGRFDVRSUHVHQWDQGRODFRSLDDXWkQWLFDGHOGHQXQFLRSHQDOFRUUHVSRQGLHQWH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
&XDQGRHODFFLRQLVWDVROLFLWHXQGXSOLFDGRSRUSkUGLGDGHOWlWXORGDUjODJDUDQWlDTXHOHH[LMDODMXQWDGLUHFWLYD
(QFDVRGHGHWHULRURODH[SHGLFLnQGHOGXSOLFDGRUHTXHULUjODHQWUHJDSRUSDUWHGHODFFLRQLVWDGHORVWlWXORVRULJLQDOHVSDUDTXHODVRFLHGDGORV
DQXOH
/RVWlWXORVDOSRUWDGRUVnORVHUjQVXVWLWXLEOHVHQFDVRGHGHWHULRUR
6(&&,h19
1(*2&,$&,h1'(/$6$&&,21(6
$57f&8/2(;&(3&,21(6$/$/,%5(1(*2&,$&,h1'($&&,21(6/DVDFFLRQHVVHUjQOLEUHPHQWHQHJRFLDEOHVFRQODVH[FHSFLRQHV
VLJXLHQWHV
/DVSULYLOHJLDGDVUHVSHFWRGHODVFXDOHVVHHVWDUjDORGLVSXHVWRVREUHHOSDUWLFXODU
/DVDFFLRQHVFRPXQHVUHVSHFWRGHODVFXDOHVVHKD\DSDFWDGRH[SUHVDPHQWHHOGHUHFKRGHSUHIHUHQFLD
/DVDFFLRQHVGHLQGXVWULDQROLEHUDGDVTXHQRVHUjQQHJRFLDEOHVVLQRFRQDXWRUL]DFLnQGHODMXQWDGLUHFWLYDRGHODDVDPEOHDJHQHUDO\
/DVDFFLRQHVJUDYDGDVFRQSUHQGDUHVSHFWRGHODVFXDOHVVHUHTXHULUjODDXWRUL]DFLnQGHODFUHHGRU
$57f&8/2352+,%,&,h1$/26$'0,1,675$'25(6'((1$-(1$52$'48,5,5$&&,21(66$1&,21(6/RVDGPLQLVWUDGRUHVGHODVRFLHGDG
QRSRGUjQQLSRUVlQLSRULQWHUSXHVWDSHUVRQDHQDMHQDURDGTXLULUDFFLRQHVGHODPLVPDVRFLHGDGPLHQWUDVHVWkQHQHMHUFLFLRGHVXVFDUJRVVLQR
FXDQGRVHWUDWHGHRSHUDFLRQHVDMHQDVDPRWLYRVGHHVSHFXODFLnQ\FRQDXWRUL]DFLnQGHODMXQWDGLUHFWLYDRWRUJDGDFRQHOYRWRIDYRUDEOHGHODV
GRVWHUFHUDVSDUWHVGHVXVPLHPEURVH[FOXLGRHOGHOVROLFLWDQWHRGHODDVDPEOHDJHQHUDOFRQHOYRWRIDYRUDEOHGHODPD\RUlDRUGLQDULDSUHYLVWD
HQORVHVWDWXWRVH[FOXLGRHOGHOVROLFLWDQWH
/RVDGPLQLVWUDGRUHVTXHLQIULQMDQHVWDSURKLELFLnQVHUjQVDQFLRQDGRVFRQPXOWDVKDVWDGHFLQFXHQWDPLOSHVRVTXHLPSRQGUjOD6XSHULQWHQGHQFLD
GH6RFLHGDGHVGHRqFLRRDSHWLFLnQGHFXDOTXLHUSHUVRQD\DGHPjVFRQODSkUGLGDGHOFDUJR
$57f&8/21(*2&,$&,h1'($&&,21(6120,1$7,9$6123$*$'$6(168727$/,'$'/DVDFFLRQHVQRPLQDWLYDVQRSDJDGDVHQVX
LQWHJULGDGSRGUjQVHUQHJRFLDGDVSHURHOVXVFULSWRU\ORVDGTXLUHQWHVVXEVLJXLHQWHVVHUjQVROLGDULDPHQWHUHVSRQVDEOHVGHOLPSRUWHQRSDJDGR
GHODVPLVPDV
$57f&8/21(*2&,$&,h1'($&&,21(6120,1$7,9$6/DHQDMHQDFLnQGHODVDFFLRQHVQRPLQDWLYDVSRGUjKDFHUVHSRUHOVLPSOHDFXHUGRGH
ODVSDUWHVPjVSDUDTXHSURGX]FDHIHFWRUHVSHFWRGHODVRFLHGDG\GHWHUFHURVVHUjQHFHVDULDVXLQVFULSFLnQHQHOOLEURGHUHJLVWURGHDFFLRQHV
PHGLDQWHRUGHQHVFULWDGHOHQDMHQDQWH(VWDRUGHQSRGUjGDUVHHQIRUPDGHHQGRVRKHFKRVREUHHOWlWXORUHVSHFWLYR
3DUDKDFHUODQXHYDLQVFULSFLnQ\H[SHGLUHOWlWXORDODGTXLUHQWHVHUjPHQHVWHUODSUHYLDFDQFHODFLnQGHORVWlWXORVH[SHGLGRVDOWUDGHQWH
3$5d*5$)2(QODVYHQWDVIRU]DGDV\HQODVDGMXGLFDFLRQHVMXGLFLDOHVGHDFFLRQHVQRPLQDWLYDVHOUHJLVWURVHKDUjPHGLDQWHH[KLELFLnQGHO
RULJLQDORGHFRSLDDXWkQWLFDGHORVGRFXPHQWRVSHUWLQHQWHV
$57f&8/21(*2&,$&,h1'($&&,21(6120,1$7,9$6&21'(5(&+235()(5(1&,$/6LODVDFFLRQHVIXHUHQQRPLQDWLYDV\ORVHVWDWXWRV
HVWLSXODUHQHOGHUHFKRGHSUHIHUHQFLDHQODQHJRFLDFLnQVHLQGLFDUjQORVSOD]RV\FRQGLFLRQHVGHQWURGHORVFXDOHVODVRFLHGDGRORVDFFLRQLVWDV
SRGUjQHMHUFHUORSHURHOSUHFLR\ODIRUPDGHSDJRGHODVDFFLRQHVVHUjQqMDGRVHQFDGDFDVRSRUORVLQWHUHVDGRV\VLkVWRVQRVHSXVLHUHQGH
DFXHUGRSRUSHULWRVGHVLJQDGRVSRUODVSDUWHVRHQVXGHIHFWRSRUHOUHVSHFWLYRVXSHULQWHQGHQWH1RVXUWLUjQLQJoQHIHFWRODHVWLSXODFLnQTXH
FRQWUDYLQLHUHODSUHVHQWHQRUPD
0LHQWUDVODVRFLHGDGWHQJDLQVFULWDVXVDFFLRQHVHQEROVDVGHYDORUHVVHWHQGUjSRUQRHVFULWDODFOjXVXODTXHFRQVDJUHFXDOTXLHUUHVWULFFLnQDOD
OLEUHQHJRFLDELOLGDGGHODVDFFLRQHV
$57f&8/21(*2&,$&,h1'($&&,21(6&8<$3523,('$'(67((1/,7,*,23DUDHQDMHQDUDFFLRQHVFX\DSURSLHGDGHVWkHQOLWLJLRVH
QHFHVLWDUjSHUPLVRGHOUHVSHFWLYRMXH]WUDWjQGRVHGHDFFLRQHVHPEDUJDGDVVHUHTXHULUjDGHPjVODDXWRUL]DFLnQGHODSDUWHDFWRUD
$57f&8/2,03(',0(172'((1$-(1$&,h1'($&&,21(61RSRGUjQVHUHQDMHQDGDVODVDFFLRQHVFX\DLQVFULSFLnQHQHOUHJLVWURKXELHUH
VLGRFDQFHODGDRLPSHGLGDSRURUGHQGHODDXWRULGDGFRPSHWHQWH
(QODVYHQWDVIRU]DGDV\HQODVDGMXGLFDFLRQHVMXGLFLDOHVGHDFFLRQHVHOUHJLVWURVHKDUjFRQEDVHHQODRUGHQRFRPXQLFDFLnQGHTXLHQ
OHJDOPHQWHGHEDKDFHUOR
$57f&8/23(5)(&&,21$0,(172'(/$$17,&5(6,6'($&&,21(6/DSUHQGD\HOXVXIUXFWRGHDFFLRQHVQRPLQDWLYDVVHSHUIHFFLRQDUjQ
PHGLDQWHUHJLVWURHQHOOLEURGHDFFLRQHVODGHDFFLRQHVDOSRUWDGRUPHGLDQWHODHQWUHJDGHOWlWXORRWlWXORVUHVSHFWLYRVDODFUHHGRURDO
XVXIUXFWXDULR
$57f&8/2'(5(&+26'(/$&5(('2535(1'$5,2/DSUHQGDQRFRQIHULUjDODFUHHGRUORVGHUHFKRVLQKHUHQWHVDODFDOLGDGGHDFFLRQLVWD
VLQRHQYLUWXGGHHVWLSXODFLnQRSDFWRH[SUHVR(OHVFULWRRGRFXPHQWRHQTXHFRQVWHHOFRUUHVSRQGLHQWHSDFWRVHUjVXqFLHQWHSDUDHMHUFHUDQWH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
ODVRFLHGDGORVGHUHFKRVTXHVHFRQqHUDQDODFUHHGRU\FXDQGRVHWUDWDGHDFFLRQHVDOSRUWDGRUGLFKRGRFXPHQWRVHUjVXqFLHQWHSDUDTXHHO
GHXGRUHMHU]DORVGHUHFKRVGHDFFLRQLVWDQRFRQIHULGRVDODFUHHGRU
$57f&8/2'(5(&+26'(/868)58&78$5,25(6(59$'(/18'23523,(7$5,26DOYRHVWLSXODFLnQH[SUHVDHQFRQWUDULRHOXVXIUXFWR
FRQIHULUjWRGRVORVGHUHFKRVLQKHUHQWHVDODFDOLGDGGHDFFLRQLVWDH[FHSWRHOGHHQDMHQDUODVRJUDYDUODV\HOGHVXUHHPEROVRDOWLHPSRGHOD
OLTXLGDFLnQ
3DUDHOHMHUFLFLRGHORVGHUHFKRVTXHVHUHVHUYHHOQXGRSURSLHWDULREDVWDUjHOHVFULWRRGRFXPHQWRHQTXHVHKDJDQWDOHVUHVHUYDVFRQIRUPHD
ORSUHYLVWRHQHODUWlFXORDQWHULRU
$57f&8/23(5)(&&,21$0,(172'(/$$17,&5(6,6'($&&,21(6/DDQWLFUHVLVGHDFFLRQHVVHSHUIHFFLRQDUjFRPRODSUHQGD\HOXVXIUXFWR
\VRORFRQIHULUjDODFUHHGRUHOGHUHFKRGHSHUFLELUODV^XWLOLGDGHVTXHFRUUHVSRQGDQ`DGLFKDVDFFLRQHVDWlWXORGHGLYLGHQGRVDOYRHVWLSXODFLnQ
HQFRQWUDULR
$57f&8/2(0%$5*2<(1$-(1$&,h1)25=26$'($&&,21(67RGDVODVDFFLRQHVSRGUjQVHUREMHWRGHHPEDUJR\HQDMHQDFLnQIRU]RVD
3HURFXDQGRVHSUHVXPDRVHKD\DSDFWDGRHOGHUHFKRGHSUHIHUHQFLDODVRFLHGDGRORVDFFLRQLVWDVSRGUjQDGTXLULUODVHQODIRUPD\WkUPLQRV
SUHYLVWRVHQHVWH&nGLJR
(OHPEDUJRGHODVDFFLRQHVFRPSUHQGHUjHOGLYLGHQGRFRUUHVSRQGLHQWH\SRGUjOLPLWDUVHDVnORkVWH(QHVWHoOWLPRFDVRHOHPEDUJRVH
FRQVXPDUjPHGLDQWHRUGHQGHOMXH]SDUDTXHODVRFLHGDGUHWHQJD\SRQJDDVXGLVSRVLFLnQODVFDQWLGDGHVUHVSHFWLYDV
$57f&8/2&21680$&,h1'(/(0%$5*2'($&&,21(6120,1$7,9$6<$/3257$'25(OHPEDUJRGHODVDFFLRQHVQRPLQDWLYDVVH
FRQVXPDUjSRULQVFULSFLnQHQHOOLEURGHUHJLVWURGHDFFLRQHVPHGLDQWHRUGHQHVFULWDGHOIXQFLRQDULRFRPSHWHQWH(OGHODVDFFLRQHVDOSRUWDGRU
PHGLDQWHVHFXHVWURGHORVWlWXORVUHVSHFWLYRV
$57f&8/21(*$7,9$'(/$62&,('$'$1h1,0$$/$,16&5,3&,h1'($&&,21(6(1(//,%52'(5(*,6752/DVRFLHGDGQRSRGUjQHJDUVH
DKDFHUODVLQVFULSFLRQHVHQHOOLEURGHUHJLVWURGHDFFLRQHVTXHVHSUHYkQHQHVWD6HFFLnQVLQRSRURUGHQGHDXWRULGDGFRPSHWHQWHRFXDQGRVH
WUDWHGHDFFLRQHVSDUDFX\DQHJRFLDFLnQVHUHTXLHUDGHWHUPLQDGRVUHTXLVLWRVRIRUPDOLGDGHVTXHQRVHKD\DQFXPSOLGR
$57f&8/2$'48,6,&,h1'($&&,21(63523,$6'(/$62&,('$'$1h1,0$0(','$6&RQODVDFFLRQHVDGTXLULGDVHQODIRUPDSUHVFULWDHQ
HODUWlFXORSRGUjWRPDUODVRFLHGDGODVVLJXLHQWHVPHGLGDV
(QDMHQDUODV\GLVWULEXLUVXSUHFLRFRPRXQDXWLOLGDGVLQRVHKDSDFWDGRHQHOFRQWUDWRXRUGHQDGRSRUODDVDPEOHDXQDUHVHUYDHVSHFLDOSDUD
ODDGTXLVLFLnQGHDFFLRQHVSXHVHQHVWHFDVRVHOOHYDUjHOYDORUDGLFKDUHVHUYD
'LVWULEXLUODVHQWUHORVDFFLRQLVWDVHQIRUPDGHGLYLGHQGR
&DQFHODUODV\DXPHQWDUSURSRUFLRQDOPHQWHHOYDORUGHODVGHPjVDFFLRQHVPHGLDQWHXQDUHIRUPDGHOFRQWUDWRVRFLDO
&DQFHODUODV\GLVPLQXLUHOFDSLWDOKDVWDFRQFXUUHQFLDGHVXYDORUQRPLQDO\
'HVWLQDUODVDqQHVGHEHQHqFHQFLDUHFRPSHQVDVRSUHPLRVHVSHFLDOHV
3$5d*5$)20LHQWUDVHVWDVDFFLRQHVSHUWHQH]FDQDODVRFLHGDGTXHGDQHQVXVSHQVRORVGHUHFKRVLQKHUHQWHVDODVPLVPDV
$57f&8/23(57(1(1&,$'(/26',9,'(1'263(1',(17(6/RVGLYLGHQGRVSHQGLHQWHVSHUWHQHFHUjQDODGTXLUHQWHGHODVDFFLRQHVGHVGHOD
IHFKDGHODFDUWDGHWUDVSDVRVDOYRSDFWRHQFRQWUDULRGHODVSDUWHVHQFX\RFDVRORH[SUHVDUjQHQODPLVPDFDUWD
&$3f78/2,,,
',5(&&,h1<$'0,1,675$&,h1
6(&&,h1,
$6$0%/($*(1(5$/'($&&,21,67$6
$57f&8/2&2167,78&,h1'($6$0%/($*(1(5$/'($&&,21,67$6/DDVDPEOHDJHQHUDOODFRQVWLWXLUjQORVDFFLRQLVWDVUHXQLGRVFRQHO
TXnUXP\HQODVFRQGLFLRQHVSUHYLVWDVHQORVHVWDWXWRV
$57f&8/2)81&,21(6'(/$$6$0%/($*(1(5$/'($&&,21,67$6/DDVDPEOHDJHQHUDOGHDFFLRQLVWDVHMHUFHUjODVIXQFLRQHVVLJXLHQWHV
'LVSRQHUTXkUHVHUYDVGHEHQKDFHUVHDGHPjVGHODVOHJDOHV
)LMDUHOPRQWRGHOGLYLGHQGRDVlFRPRODIRUPD\SOD]RVHQTXHVHSDJDUj
2UGHQDUODVDFFLRQHVTXHFRUUHVSRQGDQFRQWUDORVDGPLQLVWUDGRUHVIXQFLRQDULRVGLUHFWLYRVRHOUHYLVRUqVFDO
(OHJLU\UHPRYHUOLEUHPHQWHDORVIXQFLRQDULRVFX\DGHVLJQDFLnQOHFRUUHVSRQGD
'LVSRQHUTXHGHWHUPLQDGDHPLVLnQGHDFFLRQHVRUGLQDULDVVHDFRORFDGDVLQVXMHFLnQDOGHUHFKRGHSUHIHUHQFLDSDUDORFXDOVHUHTXHULUjHO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
YRWRIDYRUDEOHGHQRPHQRVGHOVHWHQWDSRUFLHQWRGHODVDFFLRQHVSUHVHQWHVHQODUHXQLnQ
$GRSWDUODVPHGLGDVTXHH[LJLHUHHOLQWHUkVGHODVRFLHGDG\
/DVGHPjVTXHOHVHmDOHQODOH\RORVHVWDWXWRV\ODVTXHQRFRUUHVSRQGDQDRWURnUJDQR
$57f&8/20$<25f$(1$6$0%/($3$5$$352%$&,h1'(5()250$6(67$787$5,$66DOYRTXHHQODOH\RHQORVHVWDWXWRVVHqMDUHXQ
TXnUXPGHFLVRULRVXSHULRUODVUHIRUPDVHVWDWXWDULDVODVDSUREDUjODDVDPEOHDPHGLDQWHHOYRWRIDYRUDEOHGHXQQoPHURSOXUDOGHDFFLRQLVWDV
TXHUHSUHVHQWHFXDQGRPHQRVHOVHWHQWDSRUFLHQWRGHODVDFFLRQHVUHSUHVHQWDGDVHQODUHXQLnQ
$57f&8/25(81,21(625',1$5,$6'(/$$6$0%/($*(1(5$/5(*/$6/DVUHXQLRQHVRUGLQDULDVGHODDVDPEOHDVHHIHFWXDUjQSRUOR
PHQRVXQDYH]DODmRHQODVIHFKDVVHmDODGDVHQORVHVWDWXWRV\HQVLOHQFLRGHkVWRVGHQWURGHORVWUHVPHVHVVLJXLHQWHVDOYHQFLPLHQWRGH
FDGDHMHUFLFLRSDUDH[DPLQDUODVLWXDFLnQGHODVRFLHGDGGHVLJQDUORVDGPLQLVWUDGRUHV\GHPjVIXQFLRQDULRVGHVXHOHFFLnQGHWHUPLQDUODV
GLUHFWULFHVHFRQnPLFDVGHODFRPSDmlDFRQVLGHUDUODVFXHQWDV\EDODQFHVGHOoOWLPRHMHUFLFLRUHVROYHUVREUHODGLVWULEXFLnQGHXWLOLGDGHV\
DFRUGDUWRGDVODVSURYLGHQFLDVWHQGLHQWHVDDVHJXUDUHOFXPSOLPLHQWRGHOREMHWRVRFLDO
6LQRIXHUHFRQYRFDGDODDVDPEOHDVHUHXQLUjSRUGHUHFKRSURSLRHOSULPHUGlDKjELOGHOPHVGHDEULODODVDPHQODVRqFLQDVGHOGRPLFLOLR
SULQFLSDOGRQGHIXQFLRQHODDGPLQLVWUDFLnQGHODVRFLHGDG
/RVDGPLQLVWUDGRUHVSHUPLWLUjQHOHMHUFLFLRGHOGHUHFKRGHLQVSHFFLnQDORVDFFLRQLVWDVRDVXVUHSUHVHQWDQWHVGXUDQWHORVTXLQFHGlDVDQWHULRUHV
DODUHXQLnQ
$57f&8/25(81,21(6(;75$25',1$5,$6'(/$$6$0%/($*(1(5$/'($&&,21,67$6/DVUHXQLRQHVH[WUDRUGLQDULDVGHODDVDPEOHDVH
HIHFWXDUjQFXDQGRORH[LMDQODVQHFHVLGDGHVLPSUHYLVWDVRXUJHQWHVGHODFRPSDmlDSRUFRQYRFDFLnQGHODMXQWDGLUHFWLYDGHOUHSUHVHQWDQWH
OHJDORGHOUHYLVRUqVFDO
(OVXSHULQWHQGHQWHSRGUjRUGHQDUODFRQYRFDWRULDGHODDVDPEOHDDUHXQLRQHVH[WUDRUGLQDULDVRKDFHUODGLUHFWDPHQWHHQORVVLJXLHQWHVFDVRV
&XDQGRQRVHKXELHUHUHXQLGRHQODVRSRUWXQLGDGHVVHmDODGDVSRUODOH\RSRUORVHVWDWXWRV
&XDQGRVHKXELHUHQFRPHWLGRLUUHJXODULGDGHVJUDYHVHQODDGPLQLVWUDFLnQTXHGHEDQVHUFRQRFLGDVRVXEVDQDGDVSRUODDVDPEOHD\
3RUVROLFLWXGGHOQoPHURSOXUDOGHDFFLRQLVWDVGHWHUPLQDGRHQORVHVWDWXWRV\DIDOWDGHHVWDqMDFLnQSRUHOTXHUHSUHVHQWHQRPHQRVGHOD
TXLQWDSDUWHGHODVDFFLRQHVVXVFULWDV
/DRUGHQGHFRQYRFDUODDVDPEOHDVHUjFXPSOLGDSRUHOUHSUHVHQWDQWHOHJDORSRUHOUHYLVRUqVFDO
$57f&8/2&2192&$725,$$/$65(81,21(6'(/$$6$0%/($*(1(5$/'($&&,21,67$67RGDFRQYRFDWRULDVHKDUjHQODIRUPDSUHYLVWD
HQORVHVWDWXWRV\DIDOWDGHHVWLSXODFLnQPHGLDQWHDYLVRTXHVHSXEOLFDUjHQXQGLDULRGHFLUFXODFLnQHQHOGRPLFLOLRSULQFLSDOGHODVRFLHGDG
7UDWjQGRVHGHDVDPEOHDH[WUDRUGLQDULDHQHODYLVRVHLQVHUWDUjHORUGHQGHOGlD
3DUDODVUHXQLRQHVHQTXHKD\DQGHDSUREDUVHORVEDODQFHVGHqQGHHMHUFLFLRODFRQYRFDWRULDVHKDUjFXDQGRPHQRVFRQTXLQFHGlDVKjELOHVGH
DQWLFLSDFLnQ(QORVGHPjVFDVRVEDVWDUjXQDDQWHODFLnQGHFLQFRGlDVFRPXQHV
$57f&8/2'(&,6,21(6(15(81,21(6(;75$25',1$5,$6'(/$$6$0%/($/DDVDPEOHDH[WUDRUGLQDULDQRSRGUjWRPDUGHFLVLRQHVVREUH
WHPDVQRLQFOXLGRVHQHORUGHQGHOGlDSXEOLFDGR3HURSRUGHFLVLnQGHOVHWHQWDSRUFLHQWRGHODVDFFLRQHVUHSUHVHQWDGDVSRGUjRFXSDUVHGHRWURV
WHPDVXQDYH]DJRWDGRHORUGHQGHOGlD\HQWRGRFDVRSRGUjUHPRYHUDORVDGPLQLVWUDGRUHV\GHPjVIXQFLRQDULRVFX\DGHVLJQDFLnQOH
FRUUHVSRQGD
$57f&8/2/8*$5<)(&+$'(5(81,21(6'(/$$6$0%/($/DDVDPEOHDVHUHXQLUjHQHOGRPLFLOLRSULQFLSDOGHODVRFLHGDGHOGlDDOD
KRUD\HQHOOXJDULQGLFDGRVHQODFRQYRFDWRULD1RREVWDQWHSRGUjUHXQLUVHVLQSUHYLDFLWDFLnQ\HQFXDOTXLHUVLWLRFXDQGRHVWXYLHUH
UHSUHVHQWDGDODWRWDOLGDGGHODVDFFLRQHVVXVFULWDV
$57f&8/24825803$5$'(/,%(5$&,h1<720$'('(&,6,21(6/DDVDPEOHDGHOLEHUDUjFRQXQQoPHURSOXUDOGHSHUVRQDVTXH
UHSUHVHQWHSRUORPHQRVODPD\RUlDDEVROXWDGHODVDFFLRQHVVXVFULWDVVDOYRTXHHQORVHVWDWXWRVVHH[LMDXQTXnUXPGLIHUHQWH/DVGHFLVLRQHV
VHWRPDUjQSRUPD\RUlDGHORVYRWRVSUHVHQWHVDPHQRVTXHODOH\RORVHVWDWXWRVUHTXLHUDQSDUDGHWHUPLQDGRVDFWRVXQDPD\RUlDHVSHFLDO
$57f&8/25(675,&&,h1$/'(5(&+2'(9272'HURJDGRSRUHODUW/H\GH6LQSHUMXLFLRGHORGLVSXHVWRHQQRUPDV
HVSHFLDOHVRHQORVHVWDWXWRVHQODVGHFLVLRQHVGHODDVDPEOHDVHREVHUYDUjQODVVLJXLHQWHVUHJODV
1LQJoQDFFLRQLVWDSRGUjHPLWLUSRUVlRSRULQWHUSXHVWDSHUVRQDPjVGHOYHLQWLFLQFRSRUFLHQWRGHORVYRWRVTXHFRUUHVSRQGDQDODVDFFLRQHV
SUHVHQWHVHQODDVDPEOHDHQHOPRPHQWRGHKDFHUVHODYRWDFLnQ(VWHOlPLWHQRVHWHQGUjHQFXHQWDSDUDHVWDEOHFHUHOTXnUXPGHOLEHUDWLYR\
&XDQGRODOH\RORVHVWDWXWRVH[LMDQSDUDODDSUREDFLnQGHFLHUWRVDFWRVGHWHUPLQDGDPD\RUlDGHDFFLRQHVVXVFULWDVVHUHTXHULUjTXHOD
GHFLVLnQREWHQJDODPD\RUlDGHYRWRVSUHYLDODUHVWULFFLnQFRQVDJUDGDHQHORUGLQDODQWHULRUVLKXELHUHOXJDU\TXHHVDPD\RUlDUHSUHVHQWHXQ
QoPHURGHDFFLRQHVVXVFULWDVQRLQIHULRUDOH[LJLGR
$57f&8/25(81,21(6'(6(*81'$&2192&$725,$325'(5(&+23523,25(*/$60RGLqFDGRSRUHODUW/H\GH(OQXHYR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
WH[WRHVHOVLJXLHQWH6LVHFRQYRFDDODDVDPEOHD\kVWDQRVHOOHYDDFDERSRUIDOWDGHTXnUXPVHFLWDUjDXQDQXHYDUHXQLnQTXHVHVLRQDUj\
GHFLGLUjYjOLGDPHQWHFRQXQQoPHURSOXUDOGHVRFLRVFXDOTXLHUDVHDODFDQWLGDGGHDFFLRQHVTXHHVWkUHSUHVHQWDGD/DQXHYDUHXQLnQGHEHUj
HIHFWXDUVHQRDQWHVGHORVGLH]GlDVQLGHVSXkVGHORVWUHLQWDFRQWDGRVGHVGHODIHFKDqMDGDSDUDODSULPHUDUHXQLnQ
&XDQGRODDVDPEOHDVHUHoQDHQVHVLnQRUGLQDULDSRUGHUHFKRSURSLRHOSULPHUGlDKjELOGHOPHVGHDEULOWDPELkQSRGUjGHOLEHUDU\GHFLGLU
YjOLGDPHQWHHQORVWkUPLQRVGHOLQFLVRDQWHULRU
(QODVVRFLHGDGHVTXHQHJRFLHQVXVDFFLRQHVHQHOPHUFDGRSoEOLFRGHYDORUHVHQODVUHXQLRQHVGHVHJXQGDFRQYRFDWRULDODDVDPEOHDVHVLRQDUj
\GHFLGLUjYjOLGDPHQWHFRQXQRRYDULRVVRFLRVFXDOTXLHUDVHDHOQoPHURGHDFFLRQHVUHSUHVHQWDGDV
7H[WRDQWHULRU
6LVHFRQYRFDODDVDPEOHD\fVWDQRVHOOHYDDFDERSRUIDOWDGHTXiUXPVHFLWDUeDXQDQXHYDUHXQLiQTXHVHVLRQDUe\GHFLGLUeYeOLGDPHQWHFRQ
XQQjPHURSOXUDOGHSHUVRQDOFXDOTXLHUDTXHVHDODFDQWLGDGGHDFFLRQHVTXHHVWfUHSUHVHQWDGD/DQXHYDUHXQLiQGHEHUeHIHFWXDUVHQRDQWHV
GHORVGLH]GgDVQLGHVSXfVGHORVWUHLQWDFRQWDGRVGHVGHODIHFKDkMDGDSDUDODSULPHUDUHXQLiQ
&XDQGRODDVDPEOHDVHUHjQDHQVHVLiQRUGLQDULDSRUGHUHFKRSURSLRHOSULPHUGgDKeELOGHOPHVGHDEULOWDPELfQSRGUeGHOLEHUDU\GHFLGLU
YeOLGDPHQWHHQORVWfUPLQRVGHOLQFLVRDQWHULRU
$57f&8/26863(16,h1<3(5f2'20d;,023$5$/$6'(/,%(5$&,21(6/DVGHOLEHUDFLRQHVGHODDVDPEOHDSRGUjQVXVSHQGHUVHSDUD
UHDQXGDUVHOXHJRFXDQWDVYHFHVORGHFLGDFXDOTXLHUQoPHURSOXUDOGHDVLVWHQWHVTXHUHSUHVHQWHHOFLQFXHQWD\XQRSRUFLHQWRSRUORPHQRVGH
ODVDFFLRQHVUHSUHVHQWDGDVHQODUHXQLnQ3HURODVGHOLEHUDFLRQHVQRSRGUjQSURORQJDUVHSRUPjVGHWUHVGlDVVLQRHVWjUHSUHVHQWDGDOD
WRWDOLGDGGHODVDFFLRQHVVXVFULWDV
6LQHPEDUJRODVUHIRUPDVHVWDWXWDULDV\ODFUHDFLnQGHDFFLRQHVSULYLOHJLDGDVUHTXHULUjQVLHPSUHHOTXnUXPSUHYLVWRHQODOH\RHQORVHVWDWXWRV
$57f&8/2&217(1,'2'(/$6$&7$6<5(*,6752(1/,%526/RRFXUULGRHQODVUHXQLRQHVGHODDVDPEOHDVHKDUjFRQVWDUHQHOOLEURGH
DFWDV(VWDVVHqUPDUjQSRUHOSUHVLGHQWHGHODDVDPEOHD\VXVHFUHWDULRRHQVXGHIHFWRSRUHOUHYLVRUqVFDO
/DVDFWDVVHHQFDEH]DUjQFRQVXQoPHUR\H[SUHVDUjQFXDQGRPHQRVOXJDUIHFKD\KRUDGHODUHXQLnQHOQoPHURGHDFFLRQHVVXVFULWDVOD
IRUPD\DQWHODFLnQGHODFRQYRFDFLnQODOLVWDGHORVDVLVWHQWHVFRQLQGLFDFLnQGHOQoPHURGHDFFLRQHVSURSLDVRDMHQDVTXHUHSUHVHQWHQORV
DVXQWRVWUDWDGRVODVGHFLVLRQHVDGRSWDGDV\HOQoPHURGHYRWRVHPLWLGRVHQIDYRUHQFRQWUDRHQEODQFRODVFRQVWDQFLDVHVFULWDVSUHVHQWDGDV
SRUORVDVLVWHQWHVGXUDQWHODUHXQLnQODVGHVLJQDFLRQHVHIHFWXDGDV\ODIHFKD\KRUDGHVXFODXVXUD
$57f&8/2&23,$'($&7$3$5$/$683(5,17(1'(1&,$(OUHYLVRUqVFDOHQYLDUjDOD6XSHULQWHQGHQFLDGHQWURGHORVTXLQFHGlDVVLJXLHQWHV
DOGHODUHXQLnQFRSLDDXWRUL]DGDGHODFWDGHODUHVSHFWLYDDVDPEOHD
$57f&8/2'(&,6,21(6,1(),&$&(66HUjQLQHqFDFHVODVGHFLVLRQHVDGRSWDGDVSRUODDVDPEOHDHQFRQWUDYHQFLnQDODVUHJODVSUHVFULWDVHQ
HVWD6HFFLnQ
6(&&,h1,,
-817$',5(&7,9$
$57f&8/2$75,%8&,21(6(,17(*5$17(6'(/$6-817$6',5(&7,9$6/DVDWULEXFLRQHVGHODMXQWDGLUHFWLYDVHH[SUHVDUjQHQORVHVWDWXWRV
'LFKDMXQWDVHLQWHJUDUjFRQQRPHQRVGHWUHVPLHPEURV\FDGDXQRGHHOORVWHQGUjXQVXSOHQWH$IDOWDGHHVWLSXODFLnQH[SUHVDHQFRQWUDULR
ORVVXSOHQWHVVHUjQQXPkULFRV
$57f&8/2352+,%,&,h1(1/$6-817$6',5(&7,9$6'(0$<25f$6&21)250$'$63253(5621$63253$5(17(6&2(;&(3&,21(61R
SRGUjKDEHUHQODVMXQWDVGLUHFWLYDVXQDPD\RUlDFXDOTXLHUDIRUPDGDFRQSHUVRQDVOLJDGDVHQWUHVlSRUPDWULPRQLRRSRUSDUHQWHVFRGHQWURGHO
WHUFHUJUDGRGHFRQVDQJXLQLGDGRVHJXQGRGHDqQLGDGRSULPHURFLYLOH[FHSWRHQODVVRFLHGDGHVUHFRQRFLGDVFRPRGHIDPLOLD6LVHHOLJLHUHXQD
MXQWDFRQWUDULDQGRHVWDGLVSRVLFLnQQRSRGUjDFWXDU\FRQWLQXDUjHMHUFLHQGRVXVIXQFLRQHVODMXQWDDQWHULRUTXHFRQYRFDUjLQPHGLDWDPHQWHDOD
DVDPEOHDSDUDQXHYDHOHFFLnQ
&DUHFHUjQGHWRGDHqFDFLDODVGHFLVLRQHVDGRSWDGDVSRUODMXQWDFRQHOYRWRGHXQDPD\RUlDTXHFRQWUDYLQLHUHORGLVSXHVWRHQHVWHDUWlFXOR
$57f&8/2(/(&&,h1'(/2635,1&,3$/(6<683/(17(6'(/$-817$',5(&7,9$3(5,2'25(02&,h1/RVSULQFLSDOHV\ORVVXSOHQWHVGH
ODMXQWDVHUjQHOHJLGRVSRUODDVDPEOHDJHQHUDOSDUDSHUlRGRVGHWHUPLQDGRV\SRUFXRFLHQWHHOHFWRUDOVLQSHUMXLFLRGHTXHSXHGDQVHU
UHHOHJLGRVRUHPRYLGRVOLEUHPHQWHSRUODPLVPDDVDPEOHD
$57f&8/24825803$5$/$'(/,%(5$&,h1<720$'('(&,6,21(6'(/$-817$',5(&7,9$&2192&$725,$/DMXQWDGLUHFWLYD
GHOLEHUDUj\GHFLGLUjYjOLGDPHQWHFRQODSUHVHQFLD\ORVYRWRVGHODPD\RUlDGHVXVPLHPEURVVDOYRTXHVHHVWLSXODUHXQTXnUXPVXSHULRU
/DMXQWDSRGUjVHUFRQYRFDGDSRUHOODPLVPDSRUHOUHSUHVHQWDQWHOHJDOSRUHOUHYLVRUqVFDORSRUGRVGHVXVPLHPEURVTXHDFWoHQFRPR
SULQFLSDOHV
$57f&8/2$75,%8&,21(6'(/$-817$',5(&7,9$6DOYRGLVSRVLFLnQHVWDWXWDULDHQFRQWUDULRVHSUHVXPLUjTXHODMXQWDGLUHFWLYDWHQGUj
DWULEXFLRQHVVXqFLHQWHVSDUDRUGHQDUTXHVHHMHFXWHRFHOHEUHFXDOTXLHUDFWRRFRQWUDWRFRPSUHQGLGRGHQWURGHOREMHWRVRFLDO\SDUDWRPDUODV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
GHWHUPLQDFLRQHVQHFHVDULDVHQRUGHQDTXHODVRFLHGDGFXPSODVXVqQHV
$57f&8/2,1)250($/$$6$0%/($'HURJDGRSRUHODUW/H\GH/DMXQWDSUHVHQWDUjDODDVDPEOHDFRQHOEDODQFH\ODV
FXHQWDVGHFDGDHMHUFLFLRXQLQIRUPHUD]RQDGRVREUHODVLWXDFLnQHFRQnPLFD\qQDQFLHUDGHODVRFLHGDG\HOUHVSHFWLYRSUR\HFWRGHGLVWULEXFLnQ
GHXWLOLGDGHV
6(&&,h1,,,
5(35(6(17$17(/(*$/
$57f&8/25(35(6(17$17(/(*$/'(/$62&,('$'$1h1,0$5(35(6(17$17(5(02&,h1/DVRFLHGDGDQnQLPDWHQGUjSRUORPHQRV
XQUHSUHVHQWDQWHOHJDOFRQXQRRPjVVXSOHQWHVGHVLJQDGRVSRUODMXQWDGLUHFWLYDSDUDSHUlRGRVGHWHUPLQDGRVTXLHQHVSRGUjQVHUUHHOHJLGRV
LQGHqQLGDPHQWHRUHPRYLGRVHQFXDOTXLHUWLHPSR/RVHVWDWXWRVSRGUjQGHIHULUHVWDGHVLJQDFLnQDODDVDPEOHD
$57f&8/2,16&5,3&,h1'(/5(35(6(17$17(/(*$/(1(/5(*,67520(5&$17,/(QHOUHJLVWURPHUFDQWLOVHLQVFULELUjODGHVLJQDFLnQGH
UHSUHVHQWDQWHVOHJDOHVPHGLDQWHFRSLDGHODSDUWHSHUWLQHQWHGHODFWDGHODMXQWDGLUHFWLYDRGHODDVDPEOHDHQVXFDVRXQDYH]^DSUREDGD\
qUPDGD`SRUHOSUHVLGHQWH\HOVHFUHWDULRRHQVXGHIHFWRSRUHOUHYLVRUqVFDO
$57f&8/2&$1&(/$&,h1'(5(*,6752$17(5,25'(5(35(6(17$17(/(*$/&2118(92120%5$0,(172/DVSHUVRQDVFX\RVQRPEUHV
qJXUHQLQVFULWRVHQHOFRUUHVSRQGLHQWHUHJLVWURPHUFDQWLOFRPRJHUHQWHVSULQFLSDOHV\VXSOHQWHVVHUjQORVUHSUHVHQWDQWHVGHODVRFLHGDGSDUD
WRGRVORVHIHFWRVOHJDOHVPLHQWUDVQRVHFDQFHOHVXLQVFULSFLnQPHGLDQWHHOUHJLVWURGHXQQXHYRQRPEUDPLHQWR
127$$UWlFXORGHFODUDGR(;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GHHQORVWkUPLQRVGHODFRQVLGHUDFLnQMXUlGLFD
QoPHURGHOD6HQWHQFLD
$57f&8/25(1',&,h1'(&8(17$6'HURJDGRSRUHODUW/H\GH(OJHUHQWHGHEHUjUHQGLUFXHQWDVFRPSUREDGDVGHVX
JHVWLnQFXDQGRVHORH[LMDODDVDPEOHDJHQHUDORODMXQWDGLUHFWLYDDOqQDOGHFDGDDmR\FXDQGRVHUHWLUHGHVXFDUJR
$57f&8/2$3/,&$&,h1'(1250$6$/26$'0,1,675$'25(6'(68&856$/(6</,48,'$'25(6'(62&,('$'(6$1h1,0$6/DV
GLVSRVLFLRQHVGHHVWH&DSlWXORVHDSOLFDUjQHQORSHUWLQHQWHDORVDGPLQLVWUDGRUHVGHODVVXFXUVDOHVGHODVVRFLHGDGHV\DORVOLTXLGDGRUHV
&$3f78/2,9
%$/$1&(6<',9,'(1'26
6(&&,h1,
%$/$1&(6*(1(5$/(6'(),1'((-(5&,&,2<$1(;26
$57f&8/2%$/$1&(*(1(5$/(,19(17$5,2'(/$662&,('$'(6$1h1,0$6$OqQGHFDGDHMHUFLFLRVRFLDO\SRUORPHQRVXQDYH]DODmR
HOWUHLQWD\XQRGHGLFLHPEUHODVVRFLHGDGHVDQnQLPDVGHEHUjQFRUWDUVXVFXHQWDV\SURGXFLUHOLQYHQWDULR\HOEDODQFHJHQHUDOGHVXVQHJRFLRV
(OEDODQFHVHKDUjFRQIRUPHDODVSUHVFULSFLRQHVOHJDOHV\DODVQRUPDVGHFRQWDELOLGDGHVWDEOHFLGDV
$57f&8/235(6(17$&,h1'(%$/$1&($/$$6$0%/($'2&80(1726$1(;26/DMXQWDGLUHFWLYD\HOUHSUHVHQWDQWHOHJDOSUHVHQWDUjQDOD
DVDPEOHDSDUDVXDSUREDFLnQRLPSUREDFLnQHOEDODQFHGHFDGDHMHUFLFLRDFRPSDmDGRGHORVVLJXLHQWHVGRFXPHQWRV
(OGHWDOOHFRPSOHWRGHODFXHQWDGHSkUGLGDV\JDQDQFLDVGHOFRUUHVSRQGLHQWHHMHUFLFLRVRFLDOFRQHVSHFLqFDFLnQGHODVDSURSLDFLRQHVKHFKDV
SRUFRQFHSWRGHGHSUHFLDFLnQGHDFWLYRVqMRV\GHDPRUWL]DFLnQGHLQWDQJLEOHV
8QSUR\HFWRGHGLVWULEXFLnQGHXWLOLGDGHVUHSDUWLEOHVFRQODGHGXFFLnQGHODVXPDFDOFXODGDSDUDHOSDJRGHOLPSXHVWRVREUHODUHQWD\VXV
FRPSOHPHQWDULRVSRUHOFRUUHVSRQGLHQWHHMHUFLFLRJUDYDEOH
(OLQIRUPHGHODMXQWDGLUHFWLYDVREUHODVLWXDFLnQHFRQnPLFD\qQDQFLHUDGHODVRFLHGDGTXHFRQWHQGUjDGHPjVGHORVGDWRVFRQWDEOHV\
HVWDGlVWLFRVSHUWLQHQWHVORVTXHDFRQWLQXDFLnQVHHQXPHUDQ
D 'HWDOOHGHORVHJUHVRVSRUFRQFHSWRGHVDODULRVKRQRUDULRVYLjWLFRVJDVWRVGHUHSUHVHQWDFLnQERQLqFDFLRQHVSUHVWDFLRQHVHQGLQHUR\HQ
HVSHFLHHURJDFLRQHVSRUFRQFHSWRGHWUDQVSRUWH\FXDOTXLHUDRWUDFODVHGHUHPXQHUDFLRQHVTXHKXELHUHSHUFLELGRFDGDXQRGHORVGLUHFWLYRVGH
ODVRFLHGDG
E /DVHURJDFLRQHVSRUORVPLVPRVFRQFHSWRVLQGLFDGRVHQHOOLWHUDODQWHULRUTXHVHKXELHUHQKHFKRHQIDYRUGHDVHVRUHVRJHVWRUHVYLQFXODGRVR
QRDODVRFLHGDGPHGLDQWHFRQWUDWRGHWUDEDMRFXDQGRODSULQFLSDOIXQFLnQTXHUHDOLFHQFRQVLVWDHQWUDPLWDUDVXQWRVDQWHHQWLGDGHVSoEOLFDVR
SULYDGDVRDFRQVHMDURSUHSDUDUHVWXGLRVSDUDDGHODQWDUWDOHVWUDPLWDFLRQHV
F /DVWUDQVIHUHQFLDVGHGLQHUR\GHPjVELHQHVDWlWXORJUDWXLWRRDFXDOTXLHURWURTXHSXHGDDVLPLODUVHDkVWHHIHFWXDGDVHQIDYRUGHSHUVRQDV
QDWXUDOHVRMXUlGLFDV
G /RVJDVWRVGHSURSDJDQGD\GHUHODFLRQHVSoEOLFDVGLVFULPLQDGRVXQRV\RWURV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
H /RVGLQHURVXRWURVELHQHVTXHODVRFLHGDGSRVHDHQHOH[WHULRU\ODVREOLJDFLRQHVHQPRQHGDH[WUDQMHUD\
I /DVLQYHUVLRQHVGLVFULPLQDGDVGHODFRPSDmlDHQRWUDVVRFLHGDGHVQDFLRQDOHVRH[WUDQMHUDV
8QLQIRUPHHVFULWRGHOUHSUHVHQWDQWHOHJDOVREUHODIRUPDFRPRKXELHUHOOHYDGRDFDERVXJHVWLnQ\ODVPHGLGDVFX\DDGRSFLnQUHFRPLHQGHD
ODDVDPEOHD\
(OLQIRUPHHVFULWRGHOUHYLVRUqVFDO
$57f&8/2'(5(&+2'(/26$&&,21,67$6$/$,163(&&,h1'(/,%526/RVGRFXPHQWRVLQGLFDGRVHQHODUWlFXORDQWHULRUMXQWRFRQORV
OLEURV\GHPjVFRPSUREDQWHVH[LJLGRVSRUODOH\GHEHUjQSRQHUVHDGLVSRVLFLnQGHORVDFFLRQLVWDVHQODVRqFLQDVGHODDGPLQLVWUDFLnQGXUDQWH
ORVTXLQFHGlDVKjELOHVTXHSUHFHGDQDODUHXQLnQGHODDVDPEOHD
/RVDGPLQLVWUDGRUHV\IXQFLRQDULRVGLUHFWLYRVDVlFRPRHOUHYLVRUqVFDOTXHQRGLHUHQFXPSOLPLHQWRDORSUHFHSWXDGRHQHVWHDUWlFXORVHUjQ
VDQFLRQDGRVSRUHOVXSHULQWHQGHQWHFRQPXOWDVVXFHVLYDVGHGLH]PLODFLQFXHQWDPLOSHVRVSDUDFDGDXQRGHORVLQIUDFWRUHV
$57f&8/2&23,$6'(/%$/$1&($/$683(5,17(1'(1&,$'HURJDGRSRUHODUW/H\GH'HQWURGHORVWUHLQWDGlDVVLJXLHQWHV
DODUHXQLnQGHODDVDPEOHDHOUHSUHVHQWDQWHOHJDOGHODVRFLHGDGUHPLWLUjDOD6XSHULQWHQGHQFLDXQDFRSLDGHOEDODQFHVHJoQHOIRUPXODULR
RqFLDO\GHORVDQH[RVTXHORH[SOLTXHQRMXVWLqTXHQMXQWRFRQHODFWDGHODUHXQLnQGHODDVDPEOHDHQTXHKXELHUHQVLGRGLVFXWLGRV\
DSUREDGRV
&DGDYH]TXHVHSUHVHQWHHOEDODQFHGHqQGHHMHUFLFLRSDUDUHYLVLnQGHOD6XSHULQWHQGHQFLDkVWDRUGHQDUjODVUHFWLqFDFLRQHVGHOFDVRFXDQGR
QRVHDMXVWHDODVSUHVFULSFLRQHVOHJDOHVRDODVLQVWUXFFLRQHVTXHVHLPSDUWDQ
$57f&8/238%/,&$&,h1'(%$/$1&(6'(62&,('$'(6&8<$6$&&,21(66(1(*2&,(1(1(/0(5&$'23i%/,&2'(9$/25(6&XDQGRVH
WUDWHGHVRFLHGDGHVFX\DVDFFLRQHVVHQHJRFLHQHQORVPHUFDGRVSoEOLFRVGHYDORUHVORVEDODQFHVGHEHUjQVHUDXWRUL]DGRVSRUXQFRQWDGRU
SoEOLFR\SXEOLFDUVHHQXQSHULnGLFRTXHFLUFXOHUHJXODUPHQWHHQHOOXJDUROXJDUHVGRQGHIXQFLRQHQGLFKRVPHUFDGRV
$57f&8/2(67$'2'(3e5','$6<*$1$1&,$6$OqQDOGHFDGDHMHUFLFLRVHSURGXFLUjHOHVWDGRGHSkUGLGDV\JDQDQFLDV
3DUDGHWHUPLQDUORVUHVXOWDGRVGHqQLWLYRVGHODVRSHUDFLRQHVUHDOL]DGDVHQHOUHVSHFWLYRHMHUFLFLRVHUjQHFHVDULRTXHVHKD\DQDSURSLDGR
SUHYLDPHQWHGHDFXHUGRFRQODVOH\HV\FRQODVQRUPDVGHFRQWDELOLGDGODVSDUWLGDVQHFHVDULDVSDUDDWHQGHUHOGHSUHFLRGHVYDORUL]DFLnQ\
JDUDQWlDGHOSDWULPRQLRVRFLDO
/RVLQYHQWDULRVVHDYDOXDUjQGHDFXHUGRFRQORVPkWRGRVSHUPLWLGRVSRUODOHJLVODFLnQqVFDO
6(&&,h1,,
5(3$572'(87,/,'$'(6
$57f&8/2',675,%8&,h1'(87,/,'$'(6(1/$62&,('$'$1h1,0$&RQVXMHFLnQDODVQRUPDVJHQHUDOHVVREUHGLVWULEXFLnQGHXWLOLGDGHV
FRQVDJUDGDVHQHVWH/LEURVHUHSDUWLUjQHQWUHORVDFFLRQLVWDVODVXWLOLGDGHVDSUREDGDVSRUODDVDPEOHDMXVWLqFDGDVSRUEDODQFHVqGHGLJQRV\
GHVSXkVGHKHFKDVODVUHVHUYDVOHJDOHVWDWXWDULD\RFDVLRQDOHVDVlFRPRODVDSURSLDFLRQHVSDUDHOSDJRGHLPSXHVWRV
$57f&8/25(6(59$/(*$/(1/$62&,('$'$1h1,0$/DVVRFLHGDGHVDQnQLPDVFRQVWLWXLUjQXQDUHVHUYDOHJDOTXHDVFHQGHUjSRUOR
PHQRVDOFLQFXHQWDSRUFLHQWRGHOFDSLWDOVXVFULWRIRUPDGDFRQHOGLH]SRUFLHQWRGHODVXWLOLGDGHVOlTXLGDVGHFDGDHMHUFLFLR
&XDQGRHVWDUHVHUYDOOHJXHDOFLQFXHQWDSRUFLHQWRPHQFLRQDGRODVRFLHGDGQRWHQGUjREOLJDFLnQGHFRQWLQXDUOOHYDQGRDHVWDFXHQWDHOGLH]SRU
FLHQWRGHODVXWLOLGDGHVOlTXLGDV3HURVLGLVPLQX\HUHYROYHUjDDSURSLDUVHHOPLVPRGLH]SRUFLHQWRGHWDOHVXWLOLGDGHVKDVWDFXDQGRODUHVHUYD
OOHJXHQXHYDPHQWHDOOlPLWHqMDGR
$57f&8/25(6(59$6(67$787$5,$6<5(6(59$62&$6,21$/(6(1/$62&,('$'$1h1,0$/DVUHVHUYDVHVWDWXWDULDVVHUjQREOLJDWRULDV
PLHQWUDVQRVHVXSULPDQPHGLDQWHXQDUHIRUPDGHOFRQWUDWRVRFLDORPLHQWUDVQRDOFDQFHQHOPRQWRSUHYLVWRSDUDODVPLVPDV
/DVUHVHUYDVRFDVLRQDOHVTXHRUGHQHODDVDPEOHDVnORVHUjQREOLJDWRULDVSDUDHOHMHUFLFLRHQHOFXDOVHKDJDQ\ODPLVPDDVDPEOHDSRGUj
FDPELDUVXGHVWLQDFLnQRGLVWULEXLUODVFXDQGRUHVXOWHQLQQHFHVDULDV
$57f&8/2,1&5(0(172(1(/325&(17$-('(',675,%8&,h1'(87,/,'$'(6(1/$62&,('$'$1h1,0$6LODVXPDGHODVUHVHUYDVOHJDO
HVWDWXWDULDV\RFDVLRQDOHVH[FHGLHUHGHOFLHQWRSRUFLHQWRGHOFDSLWDOVXVFULWRHOSRUFHQWDMHREOLJDWRULRGHXWLOLGDGHVOlTXLGDVTXHGHEHUjUHSDUWLU
ODVRFLHGDGFRQIRUPHDO$UWlFXORVHHOHYDUjDOVHWHQWDSRUFLHQWR
$57f&8/23$*2'(',9,'(1'26(1/$62&,('$'$1h1,0$+HFKDVODVUHVHUYDVDTXHVHUHqHUHQORVDUWlFXORVDQWHULRUHVVHGLVWULEXLUjHO
UHPDQHQWHHQWUHORVDFFLRQLVWDV
(OSDJRGHOGLYLGHQGRVHKDUjHQGLQHURHIHFWLYRHQODVkSRFDVTXHDFXHUGHODDVDPEOHDJHQHUDODOGHFUHWDUOR\DTXLHQWHQJDODFDOLGDGGH
DFFLRQLVWDDOWLHPSRGHKDFHUVHH[LJLEOHFDGDSDJR
1RREVWDQWHSRGUjSDJDUVHHOGLYLGHQGRHQIRUPDGHDFFLRQHVOLEHUDGDVGHODPLVPDVRFLHGDGVLDVlORGLVSRQHODDVDPEOHDFRQHOYRWRGHO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
RFKHQWDSRUFLHQWRGHODVDFFLRQHVUHSUHVHQWDGDV$IDOWDGHHVWDPD\RUlDVnORSRGUjQHQWUHJDUVHWDOHVDFFLRQHVDWlWXORGHGLYLGHQGRDORV
DFFLRQLVWDVTXHDVlORDFHSWHQ
3$5d*5$)2$GLFLRQDGRSRUHO$UWlFXORGHOD/H\GH$GLFLRQDGRSRUHO$UWlFXORGHOD/H\GH(QWRGRFDVRFXDQGR
VHFRQqJXUHXQDVLWXDFLnQGHFRQWUROHQORVWkUPLQRVSUHYLVWRVHQODOH\VnORSRGUjSDJDUVHHOGLYLGHQGRHQDFFLRQHVRFXRWDVOLEHUDGDVGHOD
PLVPDVRFLHGDGDORVVRFLRVTXHDVlORDFHSWHQ
1RWD3DUjJUDIRDGLFLRQDGRSRUHODUWlFXOR/H\GH
$57f&8/20$1(-2'(3e5','$6(1/$62&,('$'$1h1,0$/DVSkUGLGDVVHHQMXJDUjQFRQODVUHVHUYDVTXHKD\DQVLGRGHVWLQDGDV
HVSHFLDOPHQWHSDUDHVHSURSnVLWR\HQVXGHIHFWRFRQODUHVHUYDOHJDO/DVUHVHUYDVFX\DqQDOLGDGIXHUHODGHDEVRUEHUGHWHUPLQDGDVSkUGLGDV
QRVHSRGUjQHPSOHDUSDUDFXEULURWUDVGLVWLQWDVVDOYRTXHDVlORGHFLGDODDVDPEOHD
6LODUHVHUYDOHJDOIXHUHLQVXqFLHQWHSDUDHQMXJDUHOGkqFLWGHFDSLWDOVHDSOLFDUjQDHVWHqQORVEHQHqFLRVVRFLDOHVGHORVHMHUFLFLRVVLJXLHQWHV
&$3f78/29
',62/8&,h1</,48,'$&,h1'(/$62&,('$'$1h1,0$
$57f&8/2&$86$/(6'(',62/8&,h1(1/$62&,('$'$1h1,0$/DVRFLHGDGDQnQLPDVHGLVROYHUj
3RUODVFDXVDOHVLQGLFDGDVHQHODUWlFXOR
&XDQGRRFXUUDQSkUGLGDVTXHUHGX]FDQHOSDWULPRQLRQHWRSRUGHEDMRGHOFLQFXHQWDSRUFLHQWRGHOFDSLWDOVXVFULWR\
1XPHUDOGHJRUDGRSRUHOSDUjJUDIRGHO$UWGHOD/H\GH
&XDQGRHOQRYHQWD\FLQFRSRUFLHQWRRPjVGHODVDFFLRQHVVXVFULWDVOOHJXHDSHUWHQHFHUDXQVRORDFFLRQLVWD
$57f&8/2,1)250$$/$$6$0%/($(1&$62'(5('8&&,h1'(/3$75,021,21(72(1/$62&,('$'$1h1,0$6$1&,h1325
,1)5$&&,h1&XDQGRVHYHULqTXHQODVSkUGLGDVLQGLFDGDVHQHORUGLQDORGHO$UWlFXORDQWHULRUORVDGPLQLVWUDGRUHVVHDEVWHQGUjQGHLQLFLDU
QXHYDVRSHUDFLRQHV\FRQYRFDUjQLQPHGLDWDPHQWHDODDVDPEOHDJHQHUDOSDUDLQIRUPDUODFRPSOHWD\GRFXPHQWDGDPHQWHGHGLFKDVLWXDFLnQ
/DLQIUDFFLnQGHHVWHSUHFHSWRKDUjVROLGDULDPHQWHUHVSRQVDEOHVDORVDGPLQLVWUDGRUHVGHORVSHUMXLFLRVTXHFDXVHQDORVDFFLRQLVWDV\DWHUFHURV
SRUODVRSHUDFLRQHVFHOHEUDGDVFRQSRVWHULRULGDGDODIHFKDHQTXHVHYHULqTXHQRFRQVWDWHQODVSkUGLGDVLQGLFDGDV
$UWlFXORGHURJDGRSRUHO3DUjJUDIRGHO$UWGHOD/H\GH
$57f&8/20(','$63$5$(/5(67$%/(&,0,(172'(/3$75,021,248((9,7(1/$',62/8&,h1'(/$62&,('$'$1h1,0$/DDVDPEOHD
SRGUjWRPDUXRUGHQDUODVPHGLGDVFRQGXFHQWHVDOUHVWDEOHFLPLHQWRGHOSDWULPRQLRSRUHQFLPDGHOFLQFXHQWDSRUFLHQWRGHOFDSLWDOVXVFULWR
FRPRODYHQWDGHELHQHVVRFLDOHVYDORUL]DGRVODUHGXFFLnQGHOFDSLWDOVXVFULWRFRQIRUPHDORSUHYLVWRHQHVWH&nGLJRODHPLVLnQGHQXHYDV
DFFLRQHVHWF6LWDOHVPHGLGDVQRVHDGRSWDQODDVDPEOHDGHEHUjGHFODUDUGLVXHOWDODVRFLHGDGSDUDTXHVHSURFHGDDVXOLTXLGDFLnQ
(VWDVPHGLGDVGHEHUjQWRPDUVHGHQWURGHORVVHLVPHVHVVLJXLHQWHVDODIHFKDHQTXHTXHGHQFRQVXPDGDVODVSkUGLGDVLQGLFDGDV
$UWlFXORGHURJDGRSRUHO3DUjJUDIRGHO$UWGHOD/H\GH
$57f&8/25(81,21(6'(/$$6$0%/($'85$17(/$/,48,'$&,h1'(/$62&,('$'$1h1,0$'XUDQWHODOLTXLGDFLnQORVDFFLRQLVWDVVHUjQ
FRQYRFDGRVHQODVkSRFDVIRUPD\WkUPLQRVSUHVFULWRVSDUDODVUHXQLRQHVGHODDVDPEOHDJHQHUDO(QWDOHVUHXQLRQHVVHREVHUYDUjQODVUHJODV
HVWDEOHFLGDVHQHOFRQWUDWRVRFLDORHQVXGHIHFWRODVTXHVHSUHYkQHQHVWH&nGLJRSDUDHOIXQFLRQDPLHQWR\GHFLVLRQHVGHODDVDPEOHD
JHQHUDOVLQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXOR
7f78/29,,
'(/$662&,('$'(6'((&2120f$0,;7$
$57f&8/2'(),1,&,h1'(/$62&,('$''((&2120f$0,;7$6RQGHHFRQRPlDPL[WDODVVRFLHGDGHVFRPHUFLDOHVTXHVHFRQVWLWX\HQFRQ
DSRUWHVHVWDWDOHV\GHFDSLWDOSULYDGR
/DVVRFLHGDGHVGHHFRQRPlDPL[WDVHVXMHWDQDODVUHJODVGHOGHUHFKRSULYDGR\DODMXULVGLFFLnQRUGLQDULDVDOYRGLVSRVLFLnQOHJDOHQFRQWUDULR
$57f&8/2&217(1,'2'(/$&72'(&2167,78&,h1'(62&,('$''((&2120f$0,;7$(QHODFWRGHFRQVWLWXFLnQGHWRGDVRFLHGDGGH
HFRQRPlDPL[WDVHVHmDODUjQODVFRQGLFLRQHVTXHSDUDODSDUWLFLSDFLnQGHO(VWDGRFRQWHQJDODGLVSRVLFLnQTXHDXWRULFHVXFUHDFLnQHOFDUjFWHU
QDFLRQDOGHSDUWDPHQWDORPXQLFLSDOGHODVRFLHGDGDVlFRPRVXYLQFXODFLnQDORVGLVWLQWRVRUJDQLVPRVDGPLQLVWUDWLYRVSDUDHIHFWRVGHODWXWHOD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
TXHGHEHHMHUFHUVHVREUHODPLVPD
$57f&8/2$3257(6(67$7$/(6(1/$62&,('$''((&2120f$0,;7$(QODVVRFLHGDGHVGHHFRQRPlDPL[WDORVDSRUWHVHVWDWDOHVSRGUjQ
FRQVLVWLUHQWUHRWURVHQYHQWDMDVqQDQFLHUDVRqVFDOHVJDUDQWlDGHODVREOLJDFLRQHVGHODVRFLHGDGRVXVFULSFLnQGHORVERQRVTXHODPLVPD
HPLWDDX[LOLRVHVSHFLDOHVHWF(O(VWDGRWDPELkQSRGUjDSRUWDUFRQFHVLRQHV
$57f&8/262&,('$'(6'((&2120f$0,;7$620(7,'$$/$6',6326,&,21(635(9,$63$5$/$6(035(6$6,1'8675,$/(6<
&20(5&,$/(6'(/(67$'2&XDQGRORVDSRUWHVHVWDWDOHVVHDQGHOQRYHQWDSRUFLHQWR RPjVGHOFDSLWDOVRFLDOODVVRFLHGDGHVGH
HFRQRPlDPL[WDVHVRPHWHUjQDODVGLVSRVLFLRQHVSUHYLVWDVSDUDODVHPSUHVDVLQGXVWULDOHVRFRPHUFLDOHVGHO(VWDGR(QHVWRVFDVRVXQPLVPR
nUJDQRRDXWRULGDGSRGUjFXPSOLUODVIXQFLRQHVGHDVDPEOHDGHDFFLRQLVWDVRMXQWDGHVRFLRV\GHMXQWDGLUHFWLYD
$57f&8/2&/$6(<(0,6,h1'($&&,21(6'(62&,('$'$1h1,0$'((&2120f$0,;7$/DVDFFLRQHVGHODVVRFLHGDGHVGHHFRQRPlD
PL[WDFXDQGRVHWUDWDUHGHDQnQLPDVVHUjQQRPLQDWLYDV\VHHPLWLUjQHQVHULHVGLVWLQWDVSDUDORVDFFLRQLVWDVSDUWLFXODUHV\SDUDODV
DXWRULGDGHVSoEOLFDV
$57f&8/262&,('$'(6'((&2120f$0,;7$&213$57,&,3$&,h1(67$7$/683(5,25$/&,1&8(17$325&,(172'(/&$3,7$/62&,$/
&XDQGRHQODVVRFLHGDGHVGHHFRQRPlDPL[WDODSDUWLFLSDFLnQHVWDWDOH[FHGDGHOFLQFXHQWDSRUFLHQWR GHOFDSLWDOVRFLDODODVDXWRULGDGHV
GHGHUHFKRSoEOLFRTXHVHDQDFFLRQLVWDVQRVHOHVDSOLFDUjODUHVWULFFLnQGHOYRWR\TXLHQHVDFWXDUHQHQVXQRPEUHSRGUjQUHSUHVHQWDUHQODV
DVDPEOHDVDFFLRQHVGHRWURVHQWHVSoEOLFRV
$57f&8/2$3257((67$7$/<$3257('(&$3,7$/3i%/,&2'(),1,&,h13DUDORVHIHFWRVGHOSUHVHQWH7lWXORVHHQWLHQGHQSRUDSRUWHV
HVWDWDOHVORVTXHKDFHQOD1DFLnQRODVHQWLGDGHVWHUULWRULDOHVRORVRUJDQLVPRVGHVFHQWUDOL]DGRVGHODVPLVPDVSHUVRQDV&XDQGRHODSRUWHOR
KDJDXQDVRFLHGDGGHHFRQRPlDPL[WDVHHQWLHQGHTXHKD\DSRUWHGHFDSLWDOSoEOLFRHQHOPLVPRSRUFHQWDMHRSURSRUFLnQHQTXHODVRFLHGDG
DSRUWDQWHWLHQHDVXYH]FDSLWDOSoEOLFRRHVWDWDOGHQWURGHVXFDSLWDOVRFLDO
$57f&8/2$3/,&$&,h1'(',6326,&,21(6(1/21235(9,672(QORQRSUHYLVWRHQORVDUWlFXORVSUHFHGHQWHV\HQRWUDVGLVSRVLFLRQHV
HVSHFLDOHVGHFDUjFWHUOHJDOVHDSOLFDUjQDODVVRFLHGDGHVGHHFRQRPlDPL[WD\HQFXDQWRIXHUHQFRPSDWLEOHVODVGHPjVUHJODVGHOSUHVHQWH
/LEUR
7f78/29,,,
'(/$662&,('$'(6(;75$1-(5$6
$57f&8/2'(),1,&,h1'(62&,('$'(;75$1-(5$6RQH[WUDQMHUDVODVVRFLHGDGHVFRQVWLWXLGDVFRQIRUPHDODOH\GHRWURSDlV\FRQ
GRPLFLOLRSULQFLSDOHQHOH[WHULRU
$57f&8/29,*,/$1&,$'(/(67$'2$68&856$/(6'(62&,('$'(6(;75$1-(5$6&21$&7,9,'$'3(50$1(17((1&2/20%,$'HURJDGR
SRU(OLQFLVRRGHODUWlFXORGHOD/H\GH
7RGDVODVVXFXUVDOHVGHVRFLHGDGHVH[WUDQMHUDVTXHGHVDUUROOHQDFWLYLGDGHVSHUPDQHQWHVHQ&RORPELDHVWDUjQVRPHWLGDVDODYLJLODQFLDGHO
(VWDGRTXHVHHMHUFHUjSRUOD6XSHULQWHQGHQFLD%DQFDULDRGH6RFLHGDGHVVHJoQVXREMHWRVRFLDO
$57f&8/25(48,6,7263$5$(035(1'(51(*2&,263(50$1(17(6(1&2/20%,$3DUDTXHXQDVRFLHGDGH[WUDQMHUDSXHGDHPSUHQGHU
QHJRFLRVSHUPDQHQWHVHQ&RORPELDHVWDEOHFHUjXQDVXFXUVDOFRQGRPLFLOLRHQHOWHUULWRULRQDFLRQDOSDUDORFXDOFXPSOLUjORVVLJXLHQWHV
UHTXLVLWRV
3URWRFROL]DUHQXQDQRWDUlDGHOOXJDUHOHJLGRSDUDVXGRPLFLOLRHQHOSDlVFRSLDVDXWkQWLFDVGHOGRFXPHQWRGHVXIXQGDFLnQGHVXVHVWDWXWRV
ODUHVROXFLnQRDFWRTXHDFRUGnVXHVWDEOHFLPLHQWRHQ&RORPELD\GHORVTXHDFUHGLWHQODH[LVWHQFLDGHODVRFLHGDG\ODSHUVRQHUlDGHVXV
UHSUHVHQWDQWHV\
2EWHQHUGHOD6XSHULQWHQGHQFLDGH6RFLHGDGHVRGHOD%DQFDULDVHJoQHOFDVRSHUPLVRSDUDIXQFLRQDUHQHOSDlV
$57f&8/2&217(1,'2'(/$&72325(/&8$/6($&8(5'$(67$%/(&(51(*2&,263(50$1(17(6(1&2/20%,$/DUHVROXFLnQRDFWRHQ
TXHODVRFLHGDGDFXHUGDFRQIRUPHDODOH\GHVXGRPLFLOLRSULQFLSDOHVWDEOHFHUQHJRFLRVSHUPDQHQWHVHQ&RORPELDH[SUHVDUj
/RVQHJRFLRVTXHVHSURSRQJDGHVDUUROODUDMXVWjQGRVHDODVH[LJHQFLDVGHODOH\FRORPELDQDUHVSHFWRDODFODULGDG\FRQFUHFLnQGHOREMHWR
VRFLDO
(OPRQWRGHOFDSLWDODVLJQDGRDODVXFXUVDO\HORULJLQDGRHQRWUDVIXHQWHVVLODVKXELHUH
(OOXJDUHVFRJLGRFRPRGRPLFLOLR
(OSOD]RGHGXUDFLnQGHVXVQHJRFLRVHQHOSDlV\ODVFDXVDOHVSDUDODWHUPLQDFLnQGHORVPLVPRV
/DGHVLJQDFLnQGHXQPDQGDWDULRJHQHUDOFRQXQRRPjVVXSOHQWHVTXHUHSUHVHQWHDODVRFLHGDGHQWRGRVORVQHJRFLRVTXHVHSURSRQJD
GHVDUUROODUHQHOSDlV'LFKRPDQGDWDULRVHHQWHQGHUjIDFXOWDGRSDUDUHDOL]DUWRGRVORVDFWRVFRPSUHQGLGRVHQHOREMHWRVRFLDO\WHQGUjOD
SHUVRQHUlDMXGLFLDO\H[WUDMXGLFLDOGHODVRFLHGDGSDUDWRGRVORVHIHFWRVOHJDOHV\
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
/DGHVLJQDFLnQGHOUHYLVRUqVFDOTXLHQVHUjSHUVRQDQDWXUDOFRQUHVLGHQFLDSHUPDQHQWHHQ&RORPELD
$57f&8/2&$626(148((/5(35(6(17$17(/(*$/<683/(17(6'(81$62&,('$'(;75$1-(5$'(%(6(5&,8'$'$12&2/20%,$12
&XDQGRODVRFLHGDGWXYLHUHSRUREMHWRH[SORWDUGLULJLURDGPLQLVWUDUXQVHUYLFLRSoEOLFRRXQDDFWLYLGDGGHFODUDGDSRUHO(VWDGRGHLQWHUkVSDUDOD
VHJXULGDGQDFLRQDOHOUHSUHVHQWDQWH\ORVVXSOHQWHVGHTXHWUDWDHORUGLQDORGHODUWlFXORDQWHULRUVHUjQFLXGDGDQRVFRORPELDQRV
$57f&8/2$&7,9,'$'(648(6(7,(1(1&2023(50$1(17(66HWLHQHQSRUDFWLYLGDGHVSHUPDQHQWHVSDUDHIHFWRVGHODUWlFXORODV
VLJXLHQWHV
$EULUGHQWURGHOWHUULWRULRGHOD5HSoEOLFDHVWDEOHFLPLHQWRVPHUFDQWLOHVXRqFLQDVGHQHJRFLRVDXQTXHkVWDVVRODPHQWHWHQJDQXQFDUjFWHU
WkFQLFRRGHDVHVRUlD
,QWHUYHQLUFRPRFRQWUDWLVWDHQODHMHFXFLnQGHREUDVRHQODSUHVWDFLnQGHVHUYLFLRV
3DUWLFLSDUHQFXDOTXLHUIRUPDHQDFWLYLGDGHVTXHWHQJDQSRUREMHWRHOPDQHMRDSURYHFKDPLHQWRRLQYHUVLnQGHIRQGRVSURYHQLHQWHVGHODKRUUR
SULYDGR
'HGLFDUVHDODLQGXVWULDH[WUDFWLYDHQFXDOTXLHUDGHVXVUDPDVRVHUYLFLRV
2EWHQHUGHO(VWDGRFRORPELDQRXQDFRQFHVLnQRTXHkVWDOHKXELHUHVLGRFHGLGDDFXDOTXLHUWlWXORRTXHHQDOJXQDIRUPDSDUWLFLSHHQOD
H[SORWDFLnQGHODPLVPD\
(OIXQFLRQDPLHQWRGHVXVDVDPEOHDVGHDVRFLDGRVMXQWDVGLUHFWLYDVJHUHQFLDRDGPLQLVWUDFLnQHQHOWHUULWRULRQDFLRQDO
$57f&8/2358(%$$17((/683(5,17(1'(17('(/3$*2'(&$3,7$/'(81$68&856$/'(81$62&,('$'(;75$1-(5$3DUDHVWDEOHFHU
ODVXFXUVDOODVRFLHGDGH[WUDQMHUDFRPSUREDUjDQWHOD6XSHULQWHQGHQFLDUHVSHFWLYDTXHHOFDSLWDODVLJQDGRSRUODSULQFLSDOKDVLGRFXELHUWR
$57f&8/25(6(59$<3529,6,21(6'(/$662&,('$'(6(;75$1-(5$6/DVVRFLHGDGHVH[WUDQMHUDVFRQQHJRFLRVSHUPDQHQWHVHQ
&RORPELDFRQVWLWXLUjQODVUHVHUYDV\SURYLVLRQHVTXHODOH\H[LJHDODVDQnQLPDVQDFLRQDOHV\FXPSOLUjQORVGHPjVUHTXLVLWRVHVWDEOHFLGRVSDUD
VXFRQWURO\YLJLODQFLD
$57f&8/2&2167,78&,h1'($32'(5$'23253(5621$1$785$/(;75$1-(5$3$5$2%7(1(53(50,62'()81&,21$0,(172$
62&,('$'(6(;75$1-(5$6/DVSHUVRQDVQDWXUDOHVH[WUDQMHUDVQRUHVLGHQWHVHQHOSDlVTXHSUHWHQGDQUHDOL]DUQHJRFLRVSHUPDQHQWHVHQ
&RORPELDFRQVWLWXLUjQXQDSRGHUDGRTXHFXPSOLUjODVQRUPDVGHHVWH7lWXORHQFXDQWRIXHUHQFRPSDWLEOHVFRQODQDWXUDOH]DGHXQDHPSUHVD
LQGLYLGXDO
$57f&8/23/$=2$/$62&,('$'(;75$1-(5$<3(5621$1$785$/3$5$2%7(1(53(50,62'()81&,21$0,(172/DVVRFLHGDGHV
H[WUDQMHUDVTXHFRQIRUPHDHVWH&nGLJRGHEDQREWHQHUDXWRUL]DFLnQSDUDRSHUDUHQ&RORPELD\TXHQRODWXYLHUHQWHQGUjQXQSOD]RGHWUHV
PHVHVSDUDDFUHGLWDUORVUHTXLVLWRVLQGLVSHQVDEOHVSDUDHOSHUPLVRGHIXQFLRQDPLHQWR'HOPLVPRWkUPLQRGLVSRQGUjQORVH[WUDQMHURVTXHVH
KDOODUHQHQHOFDVRFRQWHPSODGRHQHODUWlFXORDQWHULRU
$57f&8/235272&2/,=$&,h1'(5()250$6<$&72'(&2167,78&,h1'(/$68&856$/(19f2'(&23,$6$683(5,17(1'(1&,$
&XDQGRORVHVWDWXWRVGHODFDVDSULQFLSDORODUHVROXFLnQRHODFWRPHGLDQWHHOFXDOVHDFRUGnHPSUHQGHUQHJRFLRVHQHOSDlVVHDQPRGLqFDGRV
VHSURWRFROL]DUjGLFKDUHIRUPDHQODQRWDUlDFRUUHVSRQGLHQWHDOGRPLFLOLRGHODVXFXUVDOHQ&RORPELDHQYLjQGRVHFRSLDDODUHVSHFWLYD
6XSHULQWHQGHQFLDFRQHOqQGHFRPSUREDUVLVHPDQWLHQHQRYDUlDQODVFRQGLFLRQHVVXVWDQFLDOHVTXHVLUYLHURQGHEDVHSDUDODFRQFHVLnQGH
SHUPLVR
$57f&8/2$87(17,&$&,h1'('2&80(17262725*$'26(1(/(;7(5,25/RVGRFXPHQWRVRWRUJDGRVHQHOH[WHULRUVHDXWHQWLFDUjQSRU
ORVIXQFLRQDULRVFRPSHWHQWHVSDUDHOORHQHOUHVSHFWLYRSDlV\ODqUPDGHWDOHVIXQFLRQDULRVORVHUjDVXYH]SRUHOFnQVXO&RORPELDQRRDIDOWD
GHkVWHSRUHOGHXQDQDFLnQDPLJDVLQSHUMXLFLRGHORHVWDEOHFLGRHQFRQYHQLRVLQWHUQDFLRQDOHVVREUHHOUkJLPHQGHORVSRGHUHV
$ODXWHQWLFDUORVGRFXPHQWRVDTXHVHUHqHUHHVWHDUWlFXORORVFnQVXOHVKDUjQFRQVWDUTXHH[LVWHODVRFLHGDG\HMHUFHVXREMHWRFRQIRUPHDODV
OH\HVGHOUHVSHFWLYRSDlV
$57f&8/21(*$&,h1'(/$683(5,17(1'(1&,$$2725*$53(50,62'()81&,21$0,(172$62&,('$'(6(;75$1-(5$65HIRUPDGRSRU
HO$UWlFXORGHOD/H\GH/D6XSHULQWHQGHQFLDSRGUjQHJDUHOSHUPLVRFXDQGRODVRFLHGDGQRVDWLVIDJDODVFRQGLFLRQHVHFRQnPLFDV
qQDQFLHUDVRMXUlGLFDVH[SUHVDPHQWHVHmDODGDVHQODOH\FRORPELDQD
$57f&8/25(63216$%,/,'$''(/265(35(6(17$17(662%5(2%/,*$&,21(6&2175$f'$6325/$62&,('$'(;75$1-(5$4XLHQHV
DFWoHQDQRPEUH\UHSUHVHQWDFLnQGHSHUVRQDVH[WUDQMHUDVVLQGDUFXPSOLPLHQWRDODVQRUPDVGHOSUHVHQWH7lWXORUHVSRQGHUjQVROLGDULDPHQWH
FRQGLFKDVSHUVRQDVGHODVREOLJDFLRQHVTXHFRQWUDLJDQHQ&RORPELD
$57f&8/26$1&,21(6325,1&803/,0,(172'(1250$69,*,/$1&,$'(68&856$/(6'(62&,('$'(;75$1-(5$5HIRUPDGRSRUHO
$UWlFXORGHOD/H\GH(O6XSHULQWHQGHQWHGH6RFLHGDGHVRHO%DQFDULRVHJoQHOFDVRSRGUjQVDQFLRQDUFRQPXOWDVVXFHVLYDVKDVWDGH
FLQFXHQWDPLOSHVRVDODVSHUVRQDVH[WUDQMHUDVTXHLQLFLHQRGHVDUUROOHQDFWLYLGDGHVVLQGDUFXPSOLPLHQWRDODVQRUPDVGHOSUHVHQWH7lWXORDVl
FRPRDVXVUHSUHVHQWDQWHVJHUHQWHVDSRGHUDGRVGLUHFWRUHVRJHVWRUHV(OUHVSHFWLYRVXSHULQWHQGHQWHWHQGUjUHVSHFWRGHODVVXFXUVDOHVODV
DWULEXFLRQHVTXHOHFRQqHUHQODVOH\HVHQUHODFLnQFRQODYLJLODQFLDGHODVVRFLHGDGHVQDFLRQDOHV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/25(*,6752'(5()250$6$/26(67$78726(1/$&d0$5$'(&20(5&,2'(6,*1$&,h1<5(02&,h1'(5(35(6(17$17(
/(*$/'(62&,('$'(;75$1-(5$/DVRFLHGDGGHEHUjUHJLVWUDUHQODFjPDUDGHFRPHUFLRGHVXGRPLFLOLRXQDFRSLDGHODVUHIRUPDVTXHVH
KDJDQDOFRQWUDWRVRFLDORDORVHVWDWXWRV\GHORVDFWRVGHGHVLJQDFLnQRUHPRFLnQGHVXVUHSUHVHQWDQWHVHQHOSDlV
$57f&8/25(63216$%,/,'$''(/5(35(6(17$17(/(*$/'(/$62&,('$'(;75$1-(5$/DVRFLHGDGUHVSRQGHUjSRUORVQHJRFLRV
FHOHEUDGRVHQHOSDlVDOWHQRUGHORVHVWDWXWRVTXHWHQJDQUHJLVWUDGRVHQODFjPDUDGHFRPHUFLRDOWLHPSRGHODFHOHEUDFLnQGHFDGDQHJRFLR\
ODVSHUVRQDVFX\RVQRPEUHVqJXUHQLQVFULWRVHQODPLVPDFjPDUDFRPRUHSUHVHQWDQWHVGHODVRFLHGDGWHQGUjQGLFKRFDUjFWHUSDUDWRGRVORV
HIHFWRVOHJDOHVPLHQWUDVQRVHLQVFULEDGHELGDPHQWHXQDQXHYDGHVLJQDFLnQ
$57f&8/2358(%$'(/$(;,67(1&,$'(/$62&,('$'(;75$1-(5$&d0$5$'(&20(5&,2683(5,17(1'(1&,$/DH[LVWHQFLDGHODV
VRFLHGDGHVGRPLFLOLDGDVHQHOH[WHULRUGHTXHWUDWDHVWH7lWXOR\ODVFOjXVXODVGHORVHVWDWXWRVVHSUREDUjQPHGLDQWHHOFHUWLqFDGRGHODFjPDUD
GHFRPHUFLR'HODPLVPDPDQHUDVHSUREDUjODSHUVRQHUlDGHVXVUHSUHVHQWDQWHV/DH[LVWHQFLDGHOSHUPLVRGHIXQFLRQDPLHQWRVHHVWDEOHFHUj
PHGLDQWHFHUWLqFDGRGHODFRUUHVSRQGLHQWH6XSHULQWHQGHQFLD
$57f&8/2&$3,7$/62&,$/'(/$62&,('$'(;75$1-(5$(OFDSLWDOGHVWLQDGRSRUODVRFLHGDGDVXVQHJRFLRVHQHOSDlVSRGUjDXPHQWDUVH
RUHSRQHUVHOLEUHPHQWHSHURQRSRGUjUHGXFLUVHVLQRFRQVXMHFLnQDORSUHVFULWRHQHVWH&nGLJRLQWHUSUHWDGRHQFRQVLGHUDFLnQDORVDFUHHGRUHV
HVWDEOHFLGRVHQHOWHUULWRULRQDFLRQDO
$57f&8/25(*,6752'(/,%526&217$%/(6<%$/$1&(*(1(5$/'(62&,('$'(;75$1-(5$&(57,),&$'2'(/$&d0$5$'(
&20(5&,2(VWDVVRFLHGDGHVOOHYDUjQHQOLEURVUHJLVWUDGRVHQODPLVPDFjPDUDGHFRPHUFLRGHVXGRPLFLOLR\HQLGLRPDHVSDmROODFRQWDELOLGDG
GHORVQHJRFLRVTXHFHOHEUHQHQHOSDlVFRQVXMHFLnQDODVOH\HVQDFLRQDOHV$VLPLVPRHQYLDUjQDODFRUUHVSRQGLHQWH6XSHULQWHQGHQFLD\DOD
PLVPDFjPDUDGHFRPHUFLRFRSLDGHXQEDODQFHJHQHUDOSRUORPHQRVDOqQDOGHFDGDDmR
$57f&8/25(9,625),6&$/(1/$62&,('$'(;75$1-(5$/RVUHYLVRUHVqVFDOHVGHODVVRFLHGDGHVGRPLFLOLDGDVHQHOH[WHULRUVHVXMHWDUjQ
HQORSHUWLQHQWHDODVGLVSRVLFLRQHVGHHVWH&nGLJRVREUHORVUHYLVRUHVqVFDOHVGHODVVRFLHGDGHVGRPLFLOLDGDVHQHOSDlV
(VWRVUHYLVRUHVGHEHUjQDGHPjVLQIRUPDUDODFRUUHVSRQGLHQWH6XSHULQWHQGHQFLDFXDOTXLHULUUHJXODULGDGGHODVTXHSXHGDQVHUFDXVDOHVGH
VXVSHQVLnQRGHUHYRFDFLnQGHOSHUPLVRGHIXQFLRQDPLHQWRGHWDOHVVRFLHGDGHV
$57f&8/20(','$63$5$/$',60,18&,h1'(/&$3,7$/'(/$62&,('$'(;75$1-(5$5(63216$%,/,'$''(/5(35(6(17$17(/(*$/
&XDQGROD6XSHULQWHQGHQFLDFRPSUXHEHTXHHOFDSLWDODVLJQDGRDODVXFXUVDOGLVPLQX\nHQXQFLQFXHQWDSRUFLHQWR RPjVUHTXHULUjDO
UHSUHVHQWDQWHOHJDOSDUDTXHORUHLQWHJUHGHQWURGHOWkUPLQRSUXGHQFLDOTXHVHOHqMHVRSHQDGHUHYRFDUOHHOSHUPLVRGHIXQFLRQDPLHQWR(Q
WRGRFDVRVLTXLHQDFWoHHQQRPEUH\UHSUHVHQWDFLnQGHODVXFXUVDOQRFXPSOHORGLVSXHVWRHQHVWHDUWlFXORUHVSRQGHUjVROLGDULDPHQWHFRQOD
VRFLHGDGSRUODVRSHUDFLRQHVTXHUHDOLFHGHVGHODIHFKDGHOUHTXHULPLHQWR
$UWlFXORGHURJDGRSRUHO3DUjJUDIRGHO$UWGHOD/H\GH
$57f&8/26$1&,21(6$62&,('$'(;75$1-(5$325/$12,19(56,h1'(&$3,7$/$6,*1$'2(1$&7,9,'$'(63523,$6'(/2%-(72
62&,$/&XDQGRXQDVRFLHGDGH[WUDQMHUDQRLQYLHUWDHOFDSLWDODVLJQDGRHQODVDFWLYLGDGHVSURSLDVGHOREMHWRGHODVXFXUVDOOD6XSHULQWHQGHQFLD
UHVSHFWLYDFRQPLQDUjFRQPXOWDVVXFHVLYDVKDVWDGHFLQFXHQWDPLOSHVRVDOUHSUHVHQWDQWHOHJDOSDUDTXHGkDGLFKRFDSLWDOODGHVWLQDFLnQ
SUHYLVWDVLQSHUMXLFLRGHODVGHPjVVDQFLRQHVFRQVDJUDGDVHQHVWH7lWXOR
$57f&8/2352&(626&21&856$/(6$ODVSHUVRQDVQDWXUDOHVRMXUlGLFDVH[WUDQMHUDVFRQQHJRFLRVSHUPDQHQWHVHQ&RORPELDVHOHV
DSOLFDUjVHJoQIXHUHHOFDVRHOUkJLPHQGHFRQFRUGDWRSUHYHQWLYROLTXLGDFLnQDGPLQLVWUDWLYDRTXLHEUD
$57f&8/26863(16,h1'(/3(50,62'()81&,21$0,(172$62&,('$'(;75$1-(5$(OSHUPLVRGHIXQFLRQDPLHQWRGHEHUjVXVSHQGHUVH
FXDQGRODVRFLHGDGLQFXUUDHQLUUHJXODULGDGHVTXHHQVXFDVRDXWRULFHQODPLVPDPHGLGDSDUDODVVRFLHGDGHVGRPLFLOLDGDVHQHOSDlV\FXDQGR
KD\DQVXVSHQGLGR
$57f&8/2()(&726'(/$6863(16,h1'(/3(50,62'()81&,21$0,(1726XVSHQGLGRHOSHUPLVRGHIXQFLRQDPLHQWRODVRFLHGDGQR
SRGUjLQLFLDUQXHYDVRSHUDFLRQHVHQHOSDlVPLHQWUDVQRVXEVDQHODVLUUHJXODULGDGHVTXHKD\DQPRWLYDGRODVXVSHQVLnQVRSHQDGHUHYRFDFLnQ
GHqQLWLYDGHOPLVPRSHUPLVR
$57f&8/25(92&$&,h1'(/3(50,62'()81&,21$0,(172/,48,'$&,h1'(62&,('$'(;75$1-(5$5HYRFDGRHOSHUPLVRHQORVFDVRV
SUHYLVWRVHQODOH\ODVRFLHGDGGHEHUjSURFHGHUDODOLTXLGDFLnQGHVXVQHJRFLRVHQHOSDlVGDQGRFXPSOLPLHQWRHQORSHUWLQHQWHDORSUHVFULWR
HQHVWH&nGLJRSDUDODOLTXLGDFLnQGHVRFLHGDGHVSRUDFFLRQHV
$57f&8/2/,48,'$&,h1'(87,/,'$'(6/RVEHQHqFLRVREWHQLGRVSRUODVVXFXUVDOHVGHVRFLHGDGHVH[WUDQMHUDVVHOLTXLGDUjQGHDFXHUGR
FRQORVUHVXOWDGRVGHOEDODQFHGHqQGHHMHUFLFLRDSUREDGRSRUOD6XSHULQWHQGHQFLD3RUFRQVLJXLHQWHODVXFXUVDOQRSRGUjKDFHUDYDQFHVRJLURV
DODSULQFLSDODEXHQDFXHQWDGHXWLOLGDGHVIXWXUDV
$57f&8/2$3/,&$&,h1'(275$6',6326,&,21(6/DVGLVSRVLFLRQHVGHHVWH7lWXORUHJLUjQVLQSHUMXLFLRGHORSDFWDGRHQWUDWDGRVR
FRQYHQLRVLQWHUQDFLRQDOHV(QORQRSUHYLVWRVHDSOLFDUjQODVUHJODVGHODVVRFLHGDGHVFRORPELDQDV$VLPLVPRHVWDUjQVXMHWDVDkOWRGDVODV
VRFLHGDGHVH[WUDQMHUDVVDOYRHQFXDQWRHVWXYLHUHQVRPHWLGDVDQRUPDVHVSHFLDOHV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
7f78/2,;
'(/$62&,('$'0(5&$17,/'(+(&+2
$57f&8/2)250$&,h1'(/$62&,('$''(+(&+2<358(%$'(/$(;,67(1&,$/DVRFLHGDGFRPHUFLDOVHUjGHKHFKRFXDQGRQRVH
FRQVWLWX\DSRUHVFULWXUDSoEOLFD6XH[LVWHQFLDSRGUjGHPRVWUDUVHSRUFXDOTXLHUDGHORVPHGLRVSUREDWRULRVUHFRQRFLGRVHQODOH\$57f&8/2
&$5(1&,$'(3(5621(5f$-85f',&$&216(&8(1&,$6()(&726/DVRFLHGDGGHKHFKRQRHVSHUVRQDMXUlGLFD3RUFRQVLJXLHQWHORVGHUHFKRV
TXHVHDGTXLHUDQ\ODVREOLJDFLRQHVTXHVHFRQWUDLJDQSDUDODHPSUHVDVRFLDOVHHQWHQGHUjQDGTXLULGRVRFRQWUDlGDVDIDYRURDFDUJRGHWRGRV
ORVVRFLRVGHKHFKR
/DVHVWLSXODFLRQHVDFRUGDGDVSRUORVDVRFLDGRVSURGXFLUjQHIHFWRVHQWUHHOORV
$57f&8/262&,('$'(6,55(*8/$5(6'(),1,&,h1/DVVRFLHGDGHVFRPHUFLDOHVFRQVWLWXLGDVSRUHVFULWXUDSoEOLFD\TXHUHTXLULHQGR
SHUPLVRGHIXQFLRQDPLHQWRDFWXDUHQVLQkOVHUjQLUUHJXODUHV(QFXDQWRDODUHVSRQVDELOLGDGGHORVDVRFLDGRVVHDVLPLODUjQDODVVRFLHGDGHVGH
KHFKR/DVXSHULQWHQGHQFLDUHVSHFWLYDRUGHQDUjGHRqFLRRDSHWLFLnQGHOLQWHUHVDGRODGLVROXFLnQ\OLTXLGDFLnQGHHVWDVVRFLHGDGHV
$57f&8/25(63216$%,/,'$''(/26$62&,$'26(QODVRFLHGDGGHKHFKRWRGRV\FDGDXQRGHORVDVRFLDGRVUHVSRQGHUjQVROLGDULDH
LOLPLWDGDPHQWHSRUODVRSHUDFLRQHVFHOHEUDGDV/DVHVWLSXODFLRQHVWHQGLHQWHVDOLPLWDUHVWDUHVSRQVDELOLGDGVHWHQGUjQSRUQRHVFULWDV
/RVWHUFHURVSRGUjQKDFHUYDOHUVXVGHUHFKRV\FXPSOLUVXVREOLJDFLRQHVDFDUJRRHQIDYRUGHWRGRVORVDVRFLDGRVGHKHFKRRGHFXDOTXLHUDGH
HOORV
$57f&8/2()(&726'(/$'(&/$5$&,h1-8',&,$/'(18/,'$'/DGHFODUDFLnQMXGLFLDOGHQXOLGDGGHODVRFLHGDGQRDIHFWDUjORVGHUHFKRV
GHWHUFHURVGHEXHQDIHTXHKD\DQFRQWUDWDGRFRQHOOD
1LQJoQWHUFHURSRGUjDOHJDUFRPRDFFLnQRFRPRH[FHSFLnQTXHODVRFLHGDGHVGHKHFKRSDUDH[RQHUDUVHGHOFXPSOLPLHQWRGHVXVREOLJDFLRQHV
7DPSRFRSRGUjLQYRFDUODQXOLGDGGHODFWRFRQVWLWXWLYRQLGHVXVUHIRUPDV
$57f&8/2$'0,1,675$&,h1'(/$62&,('$'/DDGPLQLVWUDFLnQGHODHPSUHVDVRFLDOVHKDUjFRPRDFXHUGHQYjOLGDPHQWHORVDVRFLDGRV
VLQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXORUHVSHFWRGHWHUFHURV
$57f&8/2%,(1(6'(67,1$'26$/'(6$552//2'(/2%-(7262&,$//RVELHQHVGHVWLQDGRVDOGHVDUUROORGHOREMHWRVRFLDOHVWDUjQ
HVSHFLDOPHQWHDIHFWRVDOSDJRGHODVREOLJDFLRQHVFRQWUDlGDVHQLQWHUkVGHODVRFLHGDGGHKHFKRVLQSHUMXLFLRGHORVFUkGLWRVTXHJRFHQGH
SULYLOHJLRRSUHODFLnQHVSHFLDOSDUDVXSDJR(QFRQVHFXHQFLDVREUHWDOHVELHQHVVHUjQSUHIHULGRVORVDFUHHGRUHVVRFLDOHVDORVGHPjV
DFUHHGRUHVFRPXQHVGHORVDVRFLDGRV
$57f&8/2/,48,'$&,h1'(/$62&,('$'&DGDXQRGHORVDVRFLDGRVSRGUjSHGLUHQFXDOTXLHUWLHPSRTXHVHKDJDODOLTXLGDFLnQGHOD
VRFLHGDGGHKHFKR\TXHVHOLTXLGH\SDJXHVXSDUWLFLSDFLnQHQHOOD\ORVGHPjVDVRFLDGRVHVWDUjQREOLJDGRVDSURFHGHUDGLFKDOLTXLGDFLnQ
$57f&8/2$3/,&$&,h1'(1250$63$5$/$/,48,'$&,h1/DOLTXLGDFLnQGHODVRFLHGDGGHKHFKRSRGUjKDFHUVHSRUWRGRVORVDVRFLDGRV
GDQGRDSOLFDFLnQHQORSHUWLQHQWHDORVSULQFLSLRVGHO&DSlWXOR,;7lWXOR,GHHVWH/LEUR$VLPLVPRSRGUjQQRPEUDUOLTXLGDGRU\HQWDOFDVRVH
SUHVXPLUjTXHHVPDQGDWDULRGHWRGRV\FDGDXQRGHHOORVFRQIDFXOWDGHVGHUHSUHVHQWDFLnQ
7f78/2;
'(/$6&8(17$6(13$57,&,3$&,h1
$57f&8/2'(),1,&,h1'(&8(17$6'(3$57,&,3$&,h1/DSDUWLFLSDFLnQHVXQFRQWUDWRSRUHOFXDOGRVRPjVSHUVRQDVTXHWLHQHQODFDOLGDG
GHFRPHUFLDQWHVWRPDQLQWHUkVHQXQDRYDULDVRSHUDFLRQHVPHUFDQWLOHVGHWHUPLQDGDVTXHGHEHUjHMHFXWDUXQRGHHOORVHQVXVRORQRPEUH\
EDMRVXFUkGLWRSHUVRQDOFRQFDUJRGHUHQGLUFXHQWD\GLYLGLUFRQVXVSDUWlFLSHVODVJDQDQFLDVRSkUGLGDVHQODSURSRUFLnQFRQYHQLGD
$57f&8/2/,%(57$''(62/(01,'$'(6/DSDUWLFLSDFLnQQRHVWDUjVXMHWDHQFXDQWRDVXIRUPDFLnQDODVVROHPQLGDGHVSUHVFULWDVSDUDOD
FRQVWLWXFLnQGHODVFRPSDmlDVPHUFDQWLOHV
(OREMHWRODIRUPDHOLQWHUkV\ODVGHPjVFRQGLFLRQHVVHUHJLUjQSRUHODFXHUGRGHORVSDUWlFLSHV
$57f&8/2&$5(1&,$'(3(5621(5f$-85f',&$120%5(3$75,021,262&,$/<'20,&,/,2/DSDUWLFLSDFLnQQRFRQVWLWXLUjXQDSHUVRQD
MXUlGLFD\SRUWDQWRFDUHFHUjGHQRPEUHSDWULPRQLRVRFLDO\GRPLFLOLR6XIRUPDFLnQPRGLqFDFLnQGLVROXFLnQ\OLTXLGDFLnQSRGUjQVHU
HVWDEOHFLGDVFRQORVOLEURVFRUUHVSRQGHQFLDWHVWLJRVRFXDOTXLHUDRWUDSUXHEDOHJDO
$57f&8/2$&&,21(6'(7(5&(526*(6725i1,&2'8(g2(OJHVWRUVHUjUHSXWDGRoQLFRGXHmRGHOQHJRFLRHQODVUHODFLRQHVH[WHUQDVGH
ODSDUWLFLSDFLnQ7H[WRVXEUD\DGRGHFODUDGR(;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GH
/RVWHUFHURVVRODPHQWHWHQGUjQDFFLnQFRQWUDHODGPLQLVWUDGRUGHOPLVPRPRGRTXHORVSDUWlFLSHVLQDFWLYRVFDUHFHUjQGHHOODFRQWUDORV
WHUFHURV
$57f&8/25(63216$%,/,'$''(/3$57,&,3(12*(6725/DUHVSRQVDELOLGDGGHOSDUWlFLSHQRJHVWRUVHOLPLWDUjDOYDORUGHVXDSRUWDFLnQ
6LQHPEDUJRORVSDUWlFLSHVLQDFWLYRVTXHUHYHOHQRDXWRULFHQTXHVHFRQR]FDVXFDOLGDGGHSDUWlFLSHUHVSRQGHUjQDQWHWHUFHURVHQIRUPD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
VROLGDULDFRQHOJHVWRU(VWDVROLGDULGDGVXUJLUjGHVGHODIHFKDHQTXHKD\DGHVDSDUHFLGRHQFDUjFWHURFXOWRGHOSDUWlFLSH7H[WRVXEUD\DGR
GHFODUDGR(;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GH
$57f&8/2'(5(&+2'(5(9,6,h1'(/3$57,&,3(12*(6725(QFXDOTXLHUWLHPSRHOSDUWlFLSHLQDFWLYRWHQGUjGHUHFKRDUHYLVDUWRGRVORV
GRFXPHQWRVGHODSDUWLFLSDFLnQ\DTXHHOJHVWRUOHULQGDFXHQWDVGHVXJHVWLnQ
$57f&8/2'(5(&+26<2%/,*$&,21(6(175(/263$57,&,3(66DOYRODVPRGLqFDFLRQHVUHVXOWDQWHVGHODQDWXUDOH]DMXUlGLFDGHOD
SDUWLFLSDFLnQHOODSURGXFLUjHQWUHORVSDUWlFLSHVORVPLVPRVGHUHFKRV\REOLJDFLRQHVTXHODVRFLHGDGHQFRPDQGLWDVLPSOHFRQqHUHHLPSRQHD
ORVVRFLRVHQWUHVl
$57f&8/2$3/,&$&,h1'(1250$63$5$/21235(9,672(QORQRSUHYLVWRHQHOFRQWUDWRGHSDUWLFLSDFLnQSDUDUHJXODUODVUHODFLRQHVGH
ORVSDUWlFLSHVWDQWRGXUDQWHODDVRFLDFLnQFRPRDODOLTXLGDFLnQGHOQHJRFLRRQHJRFLRVVHDSOLFDUjQODVUHJODVSUHYLVWDVHQHVWH&nGLJRSDUDOD
VRFLHGDGHQFRPDQGLWDVLPSOH\HQFXDQWRkVWDVUHVXOWHQLQVXqFLHQWHVODVJHQHUDOHVGHO7lWXOR3ULPHURGHHVWHPLVPR/LEUR
/,%527(5&(52
'(/26%,(1(60(5&$17,/(6
7f78/2,
(/(67$%/(&,0,(172'(&20(5&,2
&$3f78/2,
(67$%/(&,0,(1726'(&20(5&,2<683527(&&,h1/(*$/
$57f&8/2'(),1,&,h1'((67$%/(&,0,(172'(&20(5&,26HHQWLHQGHSRUHVWDEOHFLPLHQWRGHFRPHUFLRXQFRQMXQWRGHELHQHV
RUJDQL]DGRVSRUHOHPSUHVDULRSDUDUHDOL]DUORVqQHVGHODHPSUHVD8QDPLVPDSHUVRQDSRGUjWHQHUYDULRVHVWDEOHFLPLHQWRVGHFRPHUFLR\D
VXYH]XQVRORHVWDEOHFLPLHQWRGHFRPHUFLRSRGUjSHUWHQHFHUDYDULDVSHUVRQDV\GHVWLQDUVHDOGHVDUUROORGHGLYHUVDVDFWLYLGDGHVFRPHUFLDOHV
$57f&8/2(/(0(1726'(/(67$%/(&,0,(172'(&20(5&,26DOYRHVWLSXODFLnQHQFRQWUDULRVHHQWLHQGHTXHIRUPDQSDUWHGHXQ
HVWDEOHFLPLHQWRGHFRPHUFLR
/DHQVHmDRQRPEUHFRPHUFLDO\ODVPDUFDVGHSURGXFWRV\GHVHUYLFLRV
/RVGHUHFKRVGHOHPSUHVDULRVREUHODVLQYHQFLRQHVRFUHDFLRQHVLQGXVWULDOHVRDUWlVWLFDVTXHVHXWLOLFHQHQODVDFWLYLGDGHVGHOHVWDEOHFLPLHQWR
/DVPHUFDQFlDVHQDOPDFkQRHQSURFHVRGHHODERUDFLnQORVFUkGLWRV\ORVGHPjVYDORUHVVLPLODUHV
(OPRELOLDULR\ODVLQVWDODFLRQHV
/RVFRQWUDWRVGHDUUHQGDPLHQWR\HQFDVRGHHQDMHQDFLnQHOGHUHFKRDODUUHQGDPLHQWRGHORVORFDOHVHQTXHIXQFLRQDVLVRQGHSURSLHGDGGHO
HPSUHVDULR\ODVLQGHPQL]DFLRQHVTXHFRQIRUPHDODOH\WHQJDHODUUHQGDWDULR
(OGHUHFKRDLPSHGLUODGHVYLDFLnQGHODFOLHQWHOD\DODSURWHFFLnQGHODIDPDFRPHUFLDO\
/RVGHUHFKRV\REOLJDFLRQHVPHUFDQWLOHVGHULYDGRVGHODVDFWLYLGDGHVSURSLDVGHOHVWDEOHFLPLHQWRVLHPSUHTXHQRSURYHQJDQGHFRQWUDWRV
FHOHEUDGRVH[FOXVLYDPHQWHHQFRQVLGHUDFLnQDOWLWXODUGHGLFKRHVWDEOHFLPLHQWR
$57f&8/2(1$-(1$&,h1)25=$'$(1%/248(281,'$'(&21h0,&$6LHPSUHTXHKD\DGHSURFHGHUVHDODHQDMHQDFLnQIRU]DGDGHXQ
HVWDEOHFLPLHQWRGHFRPHUFLRVHSUHIHULUjODTXHVHUHDOLFHHQEORTXHRHQVXHVWDGRGHXQLGDGHFRQnPLFD6LQRSXGLHUHKDFHUVHHQWDOIRUPDVH
HIHFWXDUjODHQDMHQDFLnQVHSDUDGDGHVXVGLVWLQWRVHOHPHQWRV
(QODPLVPDIRUPDVHSURFHGHUjHQFDVRGHOLTXLGDFLRQHVGHVRFLHGDGHVSURSLHWDULDVGHHVWDEOHFLPLHQWRVGHFRPHUFLR\GHSDUWLFLRQHVGH
HVWDEOHFLPLHQWRVGHTXHYDULDVSHUVRQDVVHDQFRQGXHmDV
$57f&8/2'(5(&+2'(5(129$&,h1'(/&2175$72'($55(1'$0,(172(OHPSUHVDULRTXHDWlWXORGHDUUHQGDPLHQWRKD\DRFXSDGRQR
PHQRVGHGRVDmRVFRQVHFXWLYRVXQLQPXHEOHFRQXQPLVPRHVWDEOHFLPLHQWRGHFRPHUFLRWHQGUjGHUHFKRDODUHQRYDFLnQGHOFRQWUDWRDO
YHQFLPLHQWRGHOPLVPRVDOYRHQORVVLJXLHQWHVFDVRV
&XDQGRHODUUHQGDWDULRKD\DLQFXPSOLGRHOFRQWUDWR
&XDQGRHOSURSLHWDULRQHFHVLWHORVLQPXHEOHVSDUDVXSURSLDKDELWDFLnQRSDUDXQHVWDEOHFLPLHQWRVX\RGHVWLQDGRDXQDHPSUHVD
VXVWDQFLDOPHQWHGLVWLQWDGHODTXHWXYLHUHHODUUHQGDWDULR\
&XDQGRHOLQPXHEOHGHEDVHUUHFRQVWUXLGRRUHSDUDGRFRQREUDVQHFHVDULDVTXHQRSXHGDQHMHFXWDUVHVLQODHQWUHJDRGHVRFXSDFLnQR
GHPROLGRSRUVXHVWDGRGHUXLQDRSDUDODFRQVWUXFFLnQGHXQDREUDQXHYD
$57f&8/2',)(5(1&,$6(1/$5(129$&,h1'(/&2175$72/DVGLIHUHQFLDVTXHRFXUUDQHQWUHODVSDUWHVHQHOPRPHQWRGHODUHQRYDFLnQ
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
GHOFRQWUDWRGHDUUHQGDPLHQWRVHGHFLGLUjQSRUHOSURFHGLPLHQWRYHUEDOFRQLQWHUYHQFLnQGHSHULWRV
$57f&8/2'(6$+8&,2$/$55(1'$7$5,2(QORVFDVRVSUHYLVWRVHQORVRUGLQDOHVR\RGHODUWlFXORHOSURSLHWDULRGHVDKXFLDUjDO
DUUHQGDWDULRFRQQRPHQRVGHVHLVPHVHVGHDQWLFLSDFLnQDODIHFKDGHWHUPLQDFLnQGHOFRQWUDWRVRSHQDGHTXHkVWHVHFRQVLGHUHUHQRYDGRR
SURUURJDGRHQODVPLVPDVFRQGLFLRQHV\SRUHOPLVPRWkUPLQRGHOFRQWUDWRLQLFLDO6HH[FHSWoDQGHORGLVSXHVWRHQHVWHDUWlFXORORVFDVRVHQTXH
HOLQPXHEOHVHDRFXSDGRRGHPROLGRSRURUGHQGHDXWRULGDGFRPSHWHQWH
$57f&8/235()(5(1&,$'($17(5,25$55(1'$7$5,2(1/2&$/(65(&216758,'26(ODUUHQGDWDULRWHQGUjGHUHFKRDTXHVHOHSUHqHUD
HQLJXDOGDGGHFLUFXQVWDQFLDVDFXDOTXLHURWUDSHUVRQDHQHODUUHQGDPLHQWRGHORVORFDOHVUHSDUDGRVUHFRQVWUXLGRVRGHQXHYDHGLqFDFLnQVLQ
REOLJDFLnQGHSDJDUSULPDVRYDORUHVHVSHFLDOHVGLVWLQWRVGHOFDQRQGHDUUHQGDPLHQWRTXHVHqMDUjSRUSHULWRVHQFDVRGHGHVDFXHUGR
3$5d*5$)23DUDORVHIHFWRVGHHVWHDUWlFXORHOSURSLHWDULRGHEHUjLQIRUPDUDOFRPHUFLDQWHSRUORPHQRVFRQVHVHQWDGlDVGHDQWLFLSDFLnQOD
IHFKDHQTXHSXHGDHQWUHJDUORVORFDOHV\HVWHGHEHUjGDUDYLVRDDTXkOFRQQRPHQRVGHWUHLQWDGlDVGHDQWHULRULGDGDGLFKDIHFKDVLHMHUFLWD
RQRHOGHUHFKRGHSUHIHUHQFLDSDUDHODUUHQGDPLHQWR
6LORVORFDOHVUHFRQVWUXLGRVRGHODQXHYDHGLqFDFLnQVRQHQQoPHURPHQRUTXHORVDQWHULRUHVORVDUUHQGDWDULRVPjVDQWLJXRVTXHHMHUFLWHQHO
GHUHFKRGHSUHIHUHQFLDH[FOXLUjQDORVGHPjVHQRUGHQGHDQWLJpHGDG
$57f&8/2&$626'(,1'(01,=$&,h1'(/$55(1'$7$5,26LHOSURSLHWDULRQRGDDORVORFDOHVHOGHVWLQRLQGLFDGRRQRGDSULQFLSLRDODV
REUDVGHQWURGHORVWUHVPHVHVVLJXLHQWHVDODIHFKDGHODHQWUHJDGHEHUjLQGHPQL]DUDODUUHQGDWDULRORVSHUMXLFLRVFDXVDGRVVHJoQHVWLPDFLnQ
GHSHULWRV,JXDOLQGHPQL]DFLnQGHEHUjSDJDUOHVLHQHVRVPLVPRVFDVRVDUULHQGDORVORFDOHVRORVXWLOL]DSDUDHVWDEOHFLPLHQWRVGHFRPHUFLRHQ
TXHVHGHVDUUROOHQDFWLYLGDGHVVLPLODUHVDODVTXHWHQlDHODUUHQGDWDULR
(QODHVWLPDFLnQGHORVSHUMXLFLRVVHLQFOXLUjQDGHPjVGHOOXFURFHVDQWHVXIULGRSRUHOFRPHUFLDQWHORVJDVWRVLQGLVSHQVDEOHVSDUDODQXHYD
LQVWDODFLnQODVLQGHPQL]DFLRQHVGHORVWUDEDMDGRUHVGHVSHGLGRVFRQRFDVLnQGHODFODXVXUDRWUDVODGRGHOHVWDEOHFLPLHQWR\HOYDORUDFWXDOGHODV
PHMRUDVQHFHVDULDV\oWLOHVTXHKXELHUHKHFKRHQORVORFDOHVHQWUHJDGRV
(OLQPXHEOHUHVSHFWLYRTXHGDUjHVSHFLDOPHQWHDIHFWRDOSDJRGHODLQGHPQL]DFLnQ\ODFRUUHVSRQGLHQWHGHPDQGDGHEHUjVHULQVFULWDFRPRVH
SUHYLHQHSDUDODVTXHYHUVDQVREUHHOGRPLQLRGHLQPXHEOHV
$57f&8/268%$55,(1'2<&(6,h1'(&2175$72'($55(1'$0,(172(ODUUHQGDWDULRQRSRGUjVLQODDXWRUL]DFLnQH[SUHVDRWjFLWDGHO
DUUHQGDGRUVXEDUUHQGDUWRWDOPHQWHORVORFDOHVRLQPXHEOHVQLGDUOHVHQIRUPDTXHOHVLRQHORVGHUHFKRVGHODUUHQGDGRUXQDGHVWLQDFLnQ
GLVWLQWDDODSUHYLVWDHQHOFRQWUDWR
(ODUUHQGDWDULRSRGUlDVXEDUUHQGDUKDVWDODPLWDGORVLQPXHEOHVFRQODPLVPDOLPLWDFLnQ
/DFHVLnQGHOFRQWUDWRVHUjYjOLGDFXDQGRODDXWRULFHHODUUHQGDGRU^RVHDFRQVHFXHQFLDGHODHQDMHQDFLnQGHOUHVSHFWLYRHVWDEOHFLPLHQWRGH
FRPHUFLR`
$57f&8/2&$5d&7(5,03(5$7,92'((67$61250$6&RQWUDODVQRUPDVSUHYLVWDVHQORVDUWlFXORVDLQFOXVLYHGHHVWH&DSlWXOR
QRSURGXFLUjHIHFWRVQLQJXQDHVWLSXODFLnQGHODVSDUWHV
&$3f78/2,,
23(5$&,21(662%5((67$%/(&,0,(1726'(&20(5&,2
$57f&8/235(681&,h1'((1$-(1$&,h1'((67$%/(&,0,(172'(&20(5&,2&20281,'$'(&21h0,&$/DHQDMHQDFLnQGHXQ
HVWDEOHFLPLHQWRGHFRPHUFLRDFXDOTXLHUWlWXORVHSUHVXPHKHFKDHQEORTXHRFRPRXQLGDGHFRQnPLFDVLQQHFHVLGDGGHHVSHFLqFDU
GHWDOODGDPHQWHORVHOHPHQWRVTXHORLQWHJUDQ
$57f&8/25(48,6,7263$5$/$(1$-(1$&,h1/DHQDMHQDFLnQVHKDUjFRQVWDUHQHVFULWXUDSoEOLFDRHQGRFXPHQWRSULYDGRUHFRQRFLGRSRU
ORVRWRUJDQWHVDQWHIXQFLRQDULRFRPSHWHQWHSDUDTXHSURGX]FDHIHFWRVHQWUHODVSDUWHV
$57f&8/2(175(*$'(%$/$1&(<5(/$&,h1'(3$6,926(1/$(1$-(1$&,h1(OHQDMHQDQWHGHEHUjHQWUHJDUDODGTXLUHQWHXQEDODQFH
JHQHUDODFRPSDmDGRGHXQDUHODFLnQGLVFULPLQDGDGHOSDVLYRFHUWLqFDGRVSRUXQFRQWDGRUSoEOLFR
$57f&8/25(63216$%,/,'$''(/(1$-(1$17(<$'48,5(17(5(63216$%,/,'$'62/,'$5,$(OHQDMHQDQWH\HODGTXLUHQWHGHO
HVWDEOHFLPLHQWRUHVSRQGHUjQVROLGDULDPHQWHGHWRGDVODVREOLJDFLRQHVTXHVHKD\DQFRQWUDlGRKDVWDHOPRPHQWRGHODHQDMHQDFLnQHQ
GHVDUUROORGHODVDFWLYLGDGHVDTXHVHHQFXHQWUHGHVWLQDGRHOHVWDEOHFLPLHQWR\TXHFRQVWHQHQORVOLEURVREOLJDWRULRVGHFRQWDELOLGDG
/DUHVSRQVDELOLGDGGHOHQDMHQDQWHFHVDUjWUDVFXUULGRVGRVPHVHVGHVGHODIHFKDGHODLQVFULSFLnQGHODHQDMHQDFLnQHQHOUHJLVWURPHUFDQWLO
VLHPSUHTXHVHKD\DQFXPSOLGRORVVLJXLHQWHVUHTXLVLWRV
4XHVHKD\DGDGRDYLVRGHODHQDMHQDFLnQDORVDFUHHGRUHVSRUPHGLRGHUDGLRJUDPDRFXDOTXLHURWUDSUXHEDHVFULWD
4XHVHKD\DGDGRDYLVRGHODWUDQVIHUHQFLDHQJHQHUDODORVDFUHHGRUHVHQXQGLDULRGHODFDSLWDOGHOD5HSoEOLFD\HQXQRORFDOVLORKXELHUH
DPERVGHDPSOLDFLUFXODFLnQ\
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
4XHGHQWURGHOWkUPLQRLQGLFDGRHQHOLQFLVRSULPHURQRVHKD\DQRSXHVWRORVDFUHHGRUHVDDFHSWDUDODGTXLUHQWHFRPRVXGHXGRU
3$5d*5$)2(ODFUHHGRUGHOHQDMHQDQWHTXHQRDFHSWHDODGTXLUHQWHFRPRVXGHXGRUGHEHUjLQVFULELUODRSRVLFLnQHQHOUHJLVWURPHUFDQWLO
GHQWURGHOWkUPLQRTXHVHOHFRQFHGHHQHVWHDUWlFXOR
$57f&8/25(63216$%,/,'$'3252%/,*$&,21(648(12&2167(1(1/26/,%526/DVREOLJDFLRQHVTXHQRFRQVWHQHQORVOLEURVGH
FRQWDELOLGDGRHQGRFXPHQWRGHHQDMHQDFLnQFRQWLQXDUjDFDUJRGHOHQDMHQDQWHGHOHVWDEOHFLPLHQWRSHURVLHODGTXLUHQWHQRGHPXHVWUDEXHQD
IHH[HQWDGHFXOSDUHVSRQGHUjVROLGDULDPHQWHFRQDTXkOGHGLFKDVREOLJDFLRQHV
$57f&8/22326,&,h1'($&5(('25(6/RVDFUHHGRUHVTXHVHRSRQJDQWHQGUjQGHUHFKRDH[LJLUODVJDUDQWlDVRVHJXULGDGHVGHOFDVRSDUD
HOSDJRGHVXVFUkGLWRV\VLkVWDVQRVHSUHVWDQRSRUWXQDPHQWHVHUjQH[LJLEOHVDoQODVREOLJDFLRQHVDSOD]R(VWHGHUHFKRVnORSRGUjHMHUFLWDUVH
GHQWURGHORVGRVPHVHVVLJXLHQWHVDODIHFKDGHOUHJLVWURGHODHQDMHQDFLnQGHOHVWDEOHFLPLHQWR
$57f&8/2,1(;$&7,78''(/,%526'(&217$%,/,'$'(1/$(1$-(1$&,h16LODHQDMHQDFLnQVHKLFLHUHFRQEDVHHQORVOLEURVGH
FRQWDELOLGDG\HQkVWRVUHVXOWDUHQLQH[DFWLWXGHVTXHLPSOLTXHQXQPHQRUYDORUGHOHVWDEOHFLPLHQWRHQDMHQDGRHOHQDMHQDQWHGHEHUjUHVWLWXLUDO
DGTXLUHQWHODGLIHUHQFLDGHOYDORUSURYHQLHQWHGHWDOHVLQH[DFWLWXGHVVLQSHUMXLFLRGHODLQGHPQL]DFLnQDTXHKD\DOXJDU
/DUHJXODFLnQGHODGLIHUHQFLDGHYDORU\GHORVSHUMXLFLRVVHKDUjSRUSHULWRV
(VWDDFFLnQSUHVFULEHHQVHLVPHVHV
$57f&8/235(1'$'((67$%/(&,0,(172'(&20(5&,2/DSUHQGDGHXQHVWDEOHFLPLHQWRGHFRPHUFLRSRGUjKDFHUVHVLQ
GHVDSRGHUDPLHQWRGHOGHXGRU
$IDOWDGHHVWLSXODFLnQVHWHQGUjQFRPRDIHFWRVDODSUHQGDWRGRVORVHOHPHQWRVGHWHUPLQDGRVHQHODUWlFXORFRQH[FHSFLnQGHORVDFWLYRV
FLUFXODQWHV
&XDQGRODSUHQGDVHKDJDH[WHQVLYDDWDOHVDFWLYRVORVTXHVHKD\DQHQDMHQDGRRFRQVXPLGRVHWHQGUjQFRPRVXEURJDGRVSRUORVTXH
SURGX]FDQRDGTXLHUDQHQHOFXUVRGHODVDFWLYLGDGHVGHOHVWDEOHFLPLHQWR
$57f&8/2$55(1'$0,(172868)58&72<$17,&5(6,6'((67$%/(&,0,(172'(&20(5&,2/RVHVWDEOHFLPLHQWRVGHFRPHUFLRSRGUjQVHU
REMHWRGHFRQWUDWRGHDUUHQGDPLHQWRXVXIUXFWRDQWLFUHVLV\FXDOHVTXLHUDRSHUDFLRQHVTXHWUDQVqHUDQOLPLWHQRPRGLqTXHQVXSURSLHGDGRHO
GHUHFKRDDGPLQLVWUDUORVFRQORVUHTXLVLWRV\EDMRODVVDQFLRQHVTXHVHLQGLFDQHQHODUWlFXOR
7f78/2,,
'(/$3523,('$',1'8675,$/
127$HQORUHODFLRQDGRFRQODSURSLHGDGLQGXVWULDOVHDSOLFDOD'HFLVLnQGHGHO$FXHUGRGH&DUWDJHQDH[FHSWRHQORVDUWlFXORV
DO\DO
&$3f78/2,
18(9$6&5($&,21(6
6(&&,h1,
3$7(17(6'(,19(1&,h1
$57f&8/2,19(1&,21(63$7(17$%/(6(VSDWHQWDEOHWRGDQXHYDLQYHQFLnQTXHVHDHOUHVXOWDGRGHXQDDFWLYLGDGFUHDGRUDRTXHWHQJD
DOWXUDLQYHQWLYDVLHVVXVFHSWLEOHGHDSOLFDFLnQLQGXVWULDOWDPELkQORHVHOSHUIHFFLRQDPLHQWRGHODLQYHQFLnQVLUHoQHORVUHTXLVLWRVGHQRYHGDG
\DSOLFDFLnQLQGXVWULDOFXDQGRODVROLFLWXGODKDJDHOWLWXODUGHODSDWHQWHRULJLQDO1RVRQSDWHQWDEOHVHQVlORVSULQFLSLRV\GHVFXEULPLHQWRVGH
FDUjFWHUSXUDPHQWHFLHQWlqFR
$57f&8/2'(&8$1'281$,19(1&,h112(6&216,'(5$'$&20218(9$8QDLQYHQFLnQQRVHFRQVLGHUDFRPRQXHYDVLHVWj
FRPSUHQGLGDHQHOHVWDGRGHODWkFQLFDHVWRHVVLVHKDKHFKRDFFHVLEOHDOSoEOLFRHQFXDOTXLHUOXJDURHQFXDOTXLHUPRPHQWRSRUVX
H[SORWDFLnQFRPHUFLDORLQGXVWULDORPHGLDQWHXQDGHVFULSFLnQRUDORHVFULWDRSRUHOXVRRSRUFXDOTXLHURWURPHGLRVXqFLHQWHSDUDSHUPLWLUVX
HMHFXFLnQFRQDQWHULRULGDGDOGlDGHSUHVHQWDFLnQGHODVROLFLWXGGHODSDWHQWHRDODIHFKDGHSULRULGDGYjOLGDPHQWHUHLYLQGLFDGD
1RREVWDQWHORGLVSXHVWRHQHVWHDUWlFXORQRFRQVWLWX\HSkUGLGDGHODQRYHGDGGHODLQYHQFLnQODGLYXOJDFLnQKHFKDHQORVVHLVPHVHVDQWHULRUHV
DODSUHVHQWDFLnQGHODVROLFLWXGVLWDOGLYXOJDFLnQUHVXOWDGLUHFWDRLQGLUHFWDPHQWH
R'HXQRVWHQVLEOHDFWRGHPDODIHHQGHWULPHQWRGHOVROLFLWDQWHRVXFDXVDKDELHQWHWDOHVFRPRVXVWUDFFLnQGHSODQRVRGRFXPHQWRV
LQqGHQFLDVRLQqGHOLGDGGHOPDQGDWDULRRGHORVFRODERUDGRUHVRWUDEDMDGRUHVGHOLQYHQWRUHVSLRQDMHLQGXVWULDORVLPLODUHV\
R'HOKHFKRGHTXHHOVROLFLWDQWHRVXVFDXVDKDELHQWHVKD\DQH[KLELGRODLQYHQFLnQHQXQDH[SRVLFLnQUHDOL]DGDHQHOSDlV\UHFRQRFLGD
RqFLDOPHQWH
$57f&8/2&21&(372'(,19(1&,h16HFRQVLGHUDTXHXQDLQYHQFLnQHVHOUHVXOWDGRGHXQDDFWLYLGDGFUHDGRUDRWLHQHDOWXUDLQYHQWLYD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
FXDQGRQRVHGHULYDGHPDQHUDHYLGHQWHGHOHVWDGRGHODWkFQLFDELHQSRUODFRPELQDFLnQGHPkWRGRVRSURFHGLPLHQWRVRELHQSRUHOUHVXOWDGR
LQGXVWULDOTXHVHREWLHQH
$57f&8/2,19(1&,h1686&(37,%/('($3/,&$&,h1,1'8675,$/6HFRQVLGHUDTXHXQDLQYHQFLnQHVVXVFHSWLEOHGHDSOLFDFLnQLQGXVWULDOVL
VXREMHWRVHSXHGHIDEULFDURXWLOL]DUHQFXDOTXLHUFODVHGHLQGXVWULDLQFOXVLYHODDJURSHFXDULD
$57f&8/2&$626(148(126(38('(&21&('(53$7(17('(,19(1&,h11RVHSRGUjFRQFHGHUSDWHQWHGHLQYHQFLnQ
R3DUDODVYDULHGDGHVYHJHWDOHV\ODVYDULHGDGHVRODVUD]DVDQLPDOHVQLSDUDORVSURFHGLPLHQWRVHVHQFLDOPHQWHELROnJLFRVGHREWHQFLnQGH
YHJHWDOHVRDQLPDOHVVLQHPEDUJRVRQSDWHQWDEOHVORVSURFHGLPLHQWRVPLFURELROnJLFRV\ORVSURGXFWRVREWHQLGRVFRQkVWRV
R3DUDODVFRPSRVLFLRQHVIDUPDFkXWLFDV\ODVVXVWDQFLDVDFWLYDVXWLOL]DGDVHQHOODVORVPHGLFDPHQWRVODVEHELGDVRDOLPHQWRVSDUDHOXVR
KXPDQRDQLPDORYHJHWDO
6LQHPEDUJRSRGUjFRQFHGHUVHSDWHQWHSDUDORVSURFHGLPLHQWRVIDUPDFkXWLFRV\ORVGHREWHQFLnQGHVXVWDQFLDVDFWLYDVTXHVHXWLOLFHQHQ
FRPSRVLFLRQHVIDUPDFkXWLFDVDVlFRPRSDUDORVGHREWHQFLnQGHEHELGDVRDOLPHQWRVSDUDHOXVRKXPDQRDQLPDORYHJHWDOFXDQGRHO
VROLFLWDQWHGHPXHVWUHTXHH[SORWDHQ&RORPELDHOSURFHGLPLHQWRREMHWRGHODVROLFLWXG\TXHVHKDOODHQFDSDFLGDGGHVXPLQLVWUDUORDOPHUFDGR
HQFRQGLFLRQHVUD]RQDEOHVGHFDQWLGDGFDOLGDG\SUHFLR
1RREVWDQWHSRGUjSUHVHQWDUVHODVROLFLWXGVLQHOFXPSOLPLHQWRGHODQWHULRUUHTXLVLWRFDVRHQHOFXDOOD2qFLQDFRQFHGHUjSOD]RGHXQDmRSDUD
FRPSOHWDUODYHQFLGRHOFXDOODGHFODUDUjDEDQGRQDGDVLQRVHKXELHUHFRPSOHWDGR\
R3DUDODVLQYHQFLRQHVFX\DDSOLFDFLnQRH[SORWDFLnQVHDFRQWUDULDDORUGHQSoEOLFRRDODVEXHQDVFRVWXPEUHV1RVHFRQVLGHUDTXHXQD
LQYHQFLnQHVFRQWUDULDDORUGHQSoEOLFRRDODVEXHQDVFRVWXPEUHVSRUHOVRORKHFKRGHTXHVXH[SORWDFLnQHVWkSURKLELGDDORVSDUWLFXODUHVSRU
XQDGLVSRVLFLnQOHJDO
$57f&8/2&5($&,21(6'(75$%$-$'25(620$1'$7$5,266DOYRHVWLSXODFLnQHQFRQWUDULRODLQYHQFLnQUHDOL]DGDSRUHOWUDEDMDGRUR
PDQGDWDULRFRQWUDWDGRSDUDLQYHVWLJDUSHUWHQHFHDOSDWURQRRPDQGDQWH
/DPLVPDUHJODVHDSOLFDFXDQGRHOWUDEDMDGRUQRKD\DVLGRFRQWUDWDGRSDUDLQYHVWLJDUVLODLQYHQFLnQODUHDOL]DPHGLDQWHGDWRVRPHGLRV
FRQRFLGRVRXWLOL]DGRVHQUD]nQGHODODERUGHVHPSHmDGD(QHVWHFDVRHOWUDEDMDGRUWHQGUjGHUHFKRDXQDFRPSHQVDFLnQTXHVHqMDUjGH
DFXHUGRDOPRQWRGHOVDODULRODLPSRUWDQFLDGHODLQYHQFLnQHOEHQHqFLRTXHUHSRUWHDOSDWURQRXRWURVIDFWRUHVVLPLODUHV
$IDOWDGHDFXHUGRHQWUHODVSDUWHVHOMXH]qMDUjHOPRQWRGHODFRPSHQVDFLnQ
$57f&8/2&$626(148((/'(5(&+2$/$,19(1&,h1&255(6321'($/35,0(562/,&,7$17(2$686&$86$+$%,(17(66LQSHUMXLFLR
GHORGLVSXHVWRHQHODUWlFXORDQWHULRU\GHODDFFLnQUHLYLQGLFDWRULDGHODLQYHQFLnQHQORVFDVRVH[SUHVDPHQWHVHmDODGRVHQHVWH7lWXORHO
GHUHFKRDODLQYHQFLnQFRUUHVSRQGHDOSULPHUVROLFLWDQWHRDVXVFDXVDKDELHQWHV6LYDULDVSHUVRQDVKDQKHFKRFRQMXQWDPHQWHXQDLQYHQFLnQHO
GHUHFKRFRUUHVSRQGHDWRGDV
$57f&8/25(,9,1',&$&,h1'(,19(1&,21(668675$f'$66LHQODVROLFLWXGGHXQDSDWHQWHVHFRPSUHQGHXQDLQYHQFLnQTXHVHKD
VXVWUDlGRDOLQYHQWRURDVXVFDXVDKDELHQWHVRHVHOUHVXOWDGRGHOLQFXPSOLPLHQWRGHXQDREOLJDFLnQFRQWUDFWXDOROHJDOODSHUVRQDSHUMXGLFDGD
SXHGHUHLYLQGLFDUODLQYHQFLnQ\UHFODPDUSDUDVlORVGHUHFKRVDQHMRVDODVROLFLWXG
/DPLVPDDFFLnQVHFRQFHGHFXDQGRVHKDRWRUJDGRHOWlWXOR
/DFRPSHWHQFLDFRUUHVSRQGHDO-XH]/DGHPDQGDVXVSHQGHODWUDPLWDFLnQGHODVROLFLWXGVLHPSUHTXHHODFWRUSUHVWHFDXFLnQVXqFLHQWHDMXLFLR
GHOMXH]SDUDLQGHPQL]DUORVSHUMXLFLRVTXHVHFDXVHQ
$57f&8/2'(5(&+2$/$0(1&,h1'(/120%5('(/,19(1725(OLQYHQWRUWLHQHGHUHFKRDVHUPHQFLRQDGRFRPRWDOHQODSDWHQWH\
SXHGHLJXDOPHQWHRSRQHUVHDHVWDPHQFLnQ
$57f&8/2&217(1,'2'(/$62/,&,78''(3$7(17(5HJODPHQWDGRSRUHO'HFUHWRGH/DVROLFLWXGGHSDWHQWHGHEHUj
SUHVHQWDUVHDOD2qFLQDGH3URSLHGDG,QGXVWULDO\FRQWHQGUj
R (OQRPEUHHOGRPLFLOLR\ODUHVLGHQFLDGHOVROLFLWDQWH\GHOLQYHQWRUVLIXHUHHOFDVR
R (OWlWXORRQRPEUHVLQWkWLFRGHODLQYHQFLnQ
R 8QDGHVFULSFLnQFRPSOHWDGHODLQYHQFLnQDFRPSDmDGDGHORVGLEXMRVVLIXHUHHOFDVR\ODLQGLFDFLnQGHODFODVHDTXHSHUWHQHFHOD
LQYHQFLnQ\
R 8QDRPjVUHLYLQGLFDFLRQHVTXHGHqQDQ\SUHFLVHQHODOFDQFHGHODQRYHGDG\GHODDSOLFDFLnQLQGXVWULDOGHODLQYHQFLnQREMHWRGHODSDWHQWH
3$5d*5$)2R(QFDVRGHTXHHOVROLFLWDQWHUHVLGDIXHUDGHOSDlVGHVLJQDUjXQUHSUHVHQWDQWHHQ%RJRWjFRQIDFXOWDGHVGHUHFLELUQRWLqFDFLRQHV
\QRPEUDUDSRGHUDGRVMXGLFLDOHVRH[WUDMXGLFLDOHV$VLPLVPRLQGLFDUjODGLUHFFLnQGHGLFKRUHSUHVHQWDQWH
3$5d*5$)2R(OVRORKHFKRGHVROLFLWDU\REWHQHUSDWHQWHVHQ&RORPELDQRLPSOLFDTXHORVVROLFLWDQWHVH[WUDQMHURVWHQJDQQHJRFLRVGH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
FDUjFWHUSHUPDQHQWHHQHOSDlV
$57f&8/2'2&80(172648('(%(1$&203$g$5/$62/,&,78''(3$7(17($ODVROLFLWXGGHEHUjDFRPSDmDUVH
R(OSRGHURFHUWLqFDFLnQGHTXHVHKDOODSURWRFROL]DGRHQOD2qFLQDGH3URSLHGDG,QGXVWULDORXQDIRWRFRSLDGHOPLVPRSRGHUGHELGDPHQWH
DXWHQWLFDGD
R/DFRPSUREDFLnQHQVXFDVRGHODH[LVWHQFLDRUHSUHVHQWDFLnQGHODSHUVRQDMXUlGLFDVROLFLWDQWH
R/DFRPSUREDFLnQHQODPLVPDIRUPDSUHYLVWDSDUDORVSRGHUHVGHTXHVHKDGDGRFXPSOLPLHQWRDOSDUjJUDIRSULPHURGHODUWlFXORDQWHULRU
R(OH[WUDFWRGHODVROLFLWXGHOFXDOGHEHUjFRQWHQHUDORPHQRVXQDUHLYLQGLFDFLnQTXHFDUDFWHULFHODLQYHQFLnQ\
R/RVSODQRVVLIXHUHHOFDVR
3$5d*5$)2&XDQGRHOVROLFLWDQWHTXLHUDKDFHUYDOHUXQDSULRULGDGTXHOHFRQqHUDXQDVROLFLWXGDQWHULRUSUHVHQWDGDHQRWURSDlVGHEHUjKDFHUOR
GHQWURGHORVVHLVPHVHVVLJXLHQWHVDODIHFKDGHGLFKDVROLFLWXGHLQGLFDUHQVXSHWLFLnQODIHFKD\HOQoPHURGHODVROLFLWXGDQWHULRU\HOSDlVHQ
TXHOHKD\DHIHFWXDGRDGHPjVHQHOWkUPLQRGHWUHVPHVHVFRQWDGRVGHVGHODIHFKDGHSUHVHQWDFLnQGHODSHWLFLnQHQ&RORPELDSUHVHQWDUj
XQDFRSLDFHUWLqFDGDSRUOD2qFLQDGH3URSLHGDG,QGXVWULDOGHOSDlVHQGRQGHKXELHUHKHFKRODVROLFLWXG
$57f&8/2'(6&5,3&,h1'(/$,19(1&,h1/DGHVFULSFLnQGHEHUjH[SRQHUGHPDQHUDVXqFLHQWHPHQWHFODUD\FRPSOHWDODLQYHQFLnQHQ
IRUPDWDOTXHXQDSHUVRQDYHUVDGDHQODPDWHULDSXHGDHMHFXWDUOD
$57f&8/2&$626(148(38('(&21&('(56(3$7(17(,19(1&,h1i1,&$6RORSXHGHFRQFHGHUVHSDWHQWHSDUDXQDLQYHQFLnQoQLFDR
SDUDXQJUXSRGHLQYHQFLRQHVUHODFLRQDGDVHQIRUPDWDOTXHFRQVWLWX\DXQDXQLGDG&XDOTXLHUVROLFLWXGTXHQRUHoQDODVFRQGLFLRQHVDQWHULRUHV
GHEHUjVHUGLYLGLGDROLPLWDGDGHQWURGHOSOD]RGHVHLVPHVHV
/DVVROLFLWXGHVIUDFFLRQDGDVJR]DUjQGHODPLVPDIHFKDGHSULRULGDGGHODVROLFLWXGLQLFLDO
$57f&8/2&203(7(1&,$'(/$2),&,1$'(3523,('$',1'8675,$//D2qFLQDGH3URSLHGDG,QGXVWULDOH[DPLQDUjVLODVROLFLWXGUHoQHORV
UHTXLVLWRVGHORVDUWlFXORVD6LIDOWDUHDOJXQRORLQGLFDUjDVl\VHDEVWHQGUjGHWUDPLWDUODVROLFLWXGKDVWDFXDQGRHOLQWHUHVDGRVXEVDQH
ODGHqFLHQFLD
7UDQVFXUULGRVVHLVPHVHVVLQTXHVHFRPSOHWHQORVUHTXLVLWRVVHHQWLHQGHDEDQGRQDGDODVROLFLWXGVLQQHFHVLGDGGHGHFODUDFLnQ
$57f&8/238%/,&$&,h1'(/$62/,&,78''(/$,19(1&,h16LODVROLFLWXGUHoQHORVUHTXLVLWRVH[LJLGRVDQWHULRUPHQWHVHRUGHQDUj
SXEOLFDUXQH[WUDFWRGHODPLVPDFXPSOLGRORFXDOHOH[SHGLHQWHGHMDGHVHUUHVHUYDGR'HQWURGHORVVHVHQWDGlDVVLJXLHQWHVDODIHFKDGHOD
SXEOLFDFLnQFXDOTXLHUSHUVRQDSRGUjSUHVHQWDUREVHUYDFLRQHVVREUHHOHVWDGRGHODWkFQLFDTXHSXHGDDIHFWDUODQRYHGDGGHODLQYHQFLnQ\
DFRPSDmDUjORVGRFXPHQWRVTXHUHVSDOGHQVXDqUPDFLnQ
9HQFLGRHVWHWkUPLQRVHHODERUDUjXQLQIRUPHSUHOLPLQDUPRWLYDGRTXHWHQGUjHQFXHQWDODVREVHUYDFLRQHVKHFKDVSRUWHUFHURVDVLPLVPRVH
H[SUHVDUjVLFRQDQWHULRULGDGVHKDSUHVHQWDGRXQDVROLFLWXGRFRQFHGLGRHQ&RORPELDXQDSDWHQWHSDUDXQDLQYHQFLnQHTXLYDOHQWH(VWHLQIRUPH
VHKDUjFRQRFHUGHOVROLFLWDQWHSDUDTXHGHQWURGHORVWUHLQWDGlDVVLJXLHQWHVSXHGDSUHVHQWDUREVHUYDFLRQHV\GRFXPHQWRVRUHGDFWDU
QXHYDPHQWHODVUHLYLQGLFDFLRQHV9HQFLGRHVWHWkUPLQRVHUHQGLUjHOLQIRUPHGHqQLWLYR
3$5d*5$)2(O*RELHUQRPHGLDQWHGHFUHWR\HQUHODFLnQFRQGHWHUPLQDGDRGHWHUPLQDGDVUDPDVGHODLQGXVWULDSRGUjRUGHQDUH[jPHQHV
FRPSOHWRVVREUHHOHVWDGRGHODWkFQLFDTXHDIHFWDODSDWHQWDELOLGDGGHODVLQYHQFLRQHV
$57f&8/22725*$0,(172'(/7f78/2'(3$7(17(352&(',0,(172(1&$62&2175$5,26LQRKXELHUHREVHUYDFLRQHVGHWHUFHURV\HO
LQIRUPHSUHOLPLQDUIXHUHWRWDOPHQWHIDYRUDEOHVHRWRUJDUjHOWlWXORGHODSDWHQWH
(QFXDOTXLHURWURFDVRVHSURFHGHUjDVl
6LHOLQIRUPHGHqQLWLYRIXHUHWRWDOPHQWHIDYRUDEOHPHQWHVHRWRUJDUjHOWlWXORGHODSDWHQWHVLIXHUHSDUFLDOPHQWHIDYRUDEOHSRGUjRWRUJDUVHHO
WlWXORLQFOX\HQGRVRODPHQWHODVUHLYLQGLFDFLRQHVDFHSWDGDVVLIXHUHWRWDOPHQWHGHVIDYRUDEOHRHOVROLFLWDQWHQRDFHSWDUHOLPLWDUODV
UHLYLQGLFDFLRQHVVHQHJDUjODFRQFHVLnQHQSURYLGHQFLDPRWLYDGD
$57f&8/2(;$0(1<38%/,&$&,h1'(3$7(17(65HIRUPDGRSRUHO$UWlFXORGHOD/H\GH8QDYH]FRQFHGLGR\QXPHUDGRHO
WlWXOROD2qFLQDGH3URSLHGDG,QGXVWULDORUGHQDUjSXEOLFDUODUHLYLQGLFDFLnQFDUDFWHUlVWLFDGHODLQYHQFLnQ
&XDOTXLHUSHUVRQDSRGUjH[DPLQDUODVSDWHQWHVFRQFHGLGDV\REWHQHUDVXFRVWDFRSLDVGHODVPLVPDV
$57f&8/2$/&$1&('(/$3527(&&,h148(&21&('(/$3$7(17((ODOFDQFHGHODSURWHFFLnQTXHFRQFHGHODSDWHQWHHVWjGHWHUPLQDGR
SRUHOFRQWHQLGRGHODVUHLYLQGLFDFLRQHV\ODGHVFULSFLnQGLEXMRVHLQIRUPHVVHUYLUjQSDUDLQWHUSUHWDUODV
$57f&8/2$/&$1&('(/'(5(&+2(;&/86,92&21)(5,'2325/$3$7(17((OGHUHFKRH[FOXVLYRFRQIHULGRSRUODSDWHQWHFRPSUHQGHOD
SURKLELFLnQDWHUFHURVGHH[SORWDUODLQYHQFLnQSDWHQWDGD\SDUWLFXODUPHQWH
R)DEULFDUHOSURGXFWRREMHWRGHODLQYHQFLnQSDWHQWDGD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
R8WLOL]DULQWURGXFLUHQHOWHUULWRULRQDFLRQDOHQDMHQDURIUHFHUHQYHQWDRFRORFDUHQHOFRPHUFLRHQFXDOTXLHUIRUPDHOSURGXFWRSDWHQWDGROR
PLVPRTXHWHQHUORFRQHOqQGHXWLOL]DUORRFRORFDUORHQHOFRPHUFLR
R(PSOHDURHMHFXWDUHQDMHQDUXRIUHFHUHQYHQWDHOSURFHGLPLHQWR\ORVPHGLRVDORVFXDOHVVHUHqHUHHOREMHWRGHODLQYHQFLnQSDWHQWDGD\
R/DUHDOL]DFLnQGHORVDFWRVPHQFLRQDGRVHQHORUGLQDORHQUHODFLnQFRQSURGXFWRVTXHVHREWHQJDQSRUHOSURFHGLPLHQWRSDWHQWDGR
(VWHGHUHFKRFRPSUHQGHDGHPjVODSURKLELFLnQDWHUFHURVGHFRQFHGHUSHUPLWLURSURPHWHUDTXLHQHVQRVHDQEHQHqFLDULRVGHXQDOLFHQFLDHO
SURFHGLPLHQWRVRORVPHGLRVSDUDSRQHUHQSUjFWLFDXQDLQYHQFLnQSDWHQWDGD
3$5d*5$)21RVHFRQVLGHUDUjQDFWRVDWHQWDWRULRVGHORVGHUHFKRVJDUDQWL]DGRVSRUHVWHDUWlFXORORVTXHVHHMHFXWHQFRQHOqQH[FOXVLYRGH
H[SHULPHQWDUFLHQWlqFDPHQWHHOREMHWRGHODLQYHQFLnQSDWHQWDGD
$57f&8/27e50,120d;,02'('85$&,h1'(/$63$7(17(6(OWkUPLQRPj[LPRGHGXUDFLnQGHODVSDWHQWHVGHLQYHQFLnQQRSRGUj
H[FHGHUGHGRFHDmRV,QLFLDOPHQWHVHFRQFHGHUjSRURFKRDmRVFRQWDGRVGHVGHODIHFKDGHODUHVROXFLnQSHURHOWLWXODUGHODPLVPDWHQGUj
GHUHFKRDTXHVHOHSURUURJXHSRUFXDWURDmRV3DUDREWHQHUODSUnUURJDGHEHUjDFUHGLWDUTXHHQ&RORPELDVHHVWjH[SORWDQGRODLQYHQFLnQRVH
KDH[SORWDGRHQHOoOWLPRDmR
/DSDWHQWHGHSHUIHFFLRQDPLHQWRFDGXFDUjFRQODSDWHQWHRULJLQDO
$57f&8/25e*,0(1'(&2081,'$'62%5(81$62/,&,78''(3$7(17(6DOYRFRQYHQLRHVSHFLDOHQWUHODVSDUWHVODFRPXQLGDGVREUHXQD
VROLFLWXGGHSDWHQWHVHUHJLUjSRUODVVLJXLHQWHVQRUPDV
&DGDXQRGHORVFRPXQHURVSRGUjH[SORWDUODLQYHQFLnQ\SHUVHJXLUODVIDOVLqFDFLRQHV
6nORFRQHOFRQVHQWLPLHQWRGHORVGHPjVFRPXQHURVRFRQODDXWRUL]DFLnQGHOMXH]FLYLOPHGLDQWHSURFHVRDOTXHGDUjWUjPLWHGHLQFLGHQWH
SRGUjFRQFHGHUVHOLFHQFLDGHH[SORWDFLnQDWHUFHURV\
&DGDFRPXQHURSXHGHFHGHUVXFXRWDSDUWHSHURORVRWURVGLVSRQHQGHXQGHUHFKRGHSUHIHUHQFLDSDUDDGTXLULUODHOFXDOSXHGHQHMHUFHU
GHQWURGHOSOD]RGHWUHVPHVHVFRQWDGRVDSDUWLUGHODQRWLqFDFLnQGHODLQWHQFLnQGHFHGHUOD
$IDOWDGHDFXHUGRVREUHHOSUHFLRkVWHVHUjqMDGRSRUHOMXH]FLYLOFRQLQWHUYHQFLnQGHH[SHUWRV
$57f&8/2/,&(1&,$&2175$&78$/(;3/27$&,h1'(,19(1&,21(6(OVROLFLWDQWHGHXQDSDWHQWHRHOWLWXODUGHkVWDSRGUjFRQFHGHUD
RWUDSHUVRQDOLFHQFLDSDUDH[SORWDUVXLQYHQFLnQPHGLDQWHFRQWUDWRHVFULWR
(VWDOLFHQFLDVHGHQRPLQDOLFHQFLDFRQWUDFWXDO
$57f&8/25(*/$662%5(/,&(1&,$&2175$&78$/6DOYRHVWLSXODFLnQHQFRQWUDULRODOLFHQFLDFRQWUDFWXDOVHULJHSRUODVUHJODVVLJXLHQWHV
1RH[FOX\HHOGHUHFKRGHFRQFHGHURWUDVQLTXHHOWLWXODUH[SORWHODLQYHQFLnQSRUVlPLVPR
(OEHQHqFLDULRGHODOLFHQFLDWHQGUjGHUHFKRDH[SORWDUODLQYHQFLnQSRUHOSOD]RGHGXUDFLnQGHODSDWHQWHHQWRGRHOWHUULWRULRGHOSDlV\SDUD
WRGDVVXVDSOLFDFLRQHV\
(OEHQHqFLDULRGHODOLFHQFLDQRSXHGHFHGHUODDWHUFHURVQLHVWjDXWRUL]DGRSDUDRWRUJDUVXEOLFHQFLDV
$57f&8/218/,'$''(/,0,7$&,21(6(1(/3/$12,1'8675,$/2&20(5&,$/&217(1,'$6(1/$/,&(1&,$&2175$&78$/6HUjQQXODV
ODVFOjXVXODVGHODOLFHQFLDFRQWUDFWXDOTXHLPSRQJDQDOEHQHqFLDULRGHODOLFHQFLDOLPLWDFLRQHVHQHOSODQRFRPHUFLDORLQGXVWULDOTXHQRVH
GHULYHQGHORVGHUHFKRVFRQIHULGRVSRUODSDWHQWH
1RVHFRQVLGHUDUjQFRPROLPLWDFLRQHV
/DVUHODWLYDVDODH[WHQVLnQGHOREMHWRGHODSDWHQWHRODGXUDFLnQGHODOLFHQFLD\
/DVTXHLPSLGHQODFRPHUFLDOL]DFLnQGHOSURGXFWRFXDQGRkVWHQRUHoQHODVFRQGLFLRQHVVREUHFDOLGDGGHOPLVPR
$57f&8/2'(&8$1'26(38('(,03(75$5(/2725*$0,(172'(81$/,&(1&,$3$5$/$(;3/27$&,h1'(81$3$7(17(9HQFLGRHO
WkUPLQRGHWUHVDmRVFRQWDGRVDSDUWLUGHODFRQFHVLnQGHXQDSDWHQWHRGHFXDWURGHVGHODIHFKDGHSUHVHQWDFLnQGHODVROLFLWXGVHJoQVHDHO
WkUPLQRTXHH[SLUHPjVWDUGHWRGDSHUVRQDSRGUjLPSHWUDUGHOMXH]HORWRUJDPLHQWRGHXQDOLFHQFLDSDUDH[SORWDUHVDSDWHQWHVLHQHOPRPHQWR
GHVXSHWLFLnQ\VDOYRH[FXVDOHJlWLPDKXELHUHRFXUULGRDOJXQRGHORVVLJXLHQWHVKHFKRV
R4XHODLQYHQFLnQSDWHQWDGDQRKD\DVLGRH[SORWDGDHQHOSDlVRVXH[SORWDFLnQKD\DVLGRVXVSHQGLGDSRUPjVGHXQDmR
R4XHODH[SORWDFLnQQRVDWLVIDJDHQFRQGLFLRQHVUD]RQDEOHVGHFDQWLGDGFDOLGDGRSUHFLRODGHPDQGDGHOPHUFDGRQDFLRQDO\
R4XHHOWLWXODUGHODSDWHQWHQRKD\DFRQFHGLGROLFHQFLDVFRQWUDFWXDOHVHQIRUPDTXHHOEHQHqFLDULRGHkVWDVSXHGDVDWLVIDFHUODGHPDQGDGHO
PHUFDGRQDFLRQDOHQFRQGLFLRQHVUD]RQDEOHVGHFDQWLGDGFDOLGDG\SUHFLR
3$5d*5$)2R1RWLqFDGRHOWLWXODUGHODSDWHQWHSRGUjRSRQHUVHDODFRQFHVLnQGHODOLFHQFLDREOLJDWRULD/DLPSRUWDFLnQGHOSURGXFWRQR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
FRQVWLWXLUjH[FXVDOHJlWLPD
3$5d*5$)2R6HHQWLHQGHSRUH[SORWDFLnQODXWLOL]DFLnQSHUPDQHQWH\HVWDEOHGHORVSURFHGLPLHQWRVSDWHQWDGRVRODHODERUDFLnQGHOSURGXFWR
DPSDUDGRSRUODSDWHQWHFRQHOREMHWRGHVXPLQLVWUDUDOPHUFDGRHOUHVXOWDGRqQDOHQGLFKDVFRQGLFLRQHVUD]RQDEOHVVLHPSUHTXHWDOHVKHFKRV
RFXUUDQHQ&RORPELD
3$5d*5$)2R/DOLFHQFLDGHTXHWUDWDHVWHDUWlFXORVHGHQRPLQDOLFHQFLDREOLJDWRULDQRSRGUjVHUH[FOXVLYD\HQQLQJoQFDVRGDUjGHUHFKRD
LPSRUWDUHOSURGXFWRDFHGHUODRDRWRUJDUVXEOLFHQFLDV
$57f&8/2&217(1,'2'(/$6(17(1&,$48(2725*8(/$/,&(1&,$2%/,*$725,$/DOLFHQFLDTXHRWRUJXHODOLFHQFLDREOLJDWRULD
HVWDEOHFHUjFRQEDVHHQORVLQIRUPHVGHODVDXWRULGDGHVDGPLQLVWUDWLYDV\HOGLFWDPHQGHSHULWRVHOWkUPLQRGHVXGXUDFLnQODVFRQGLFLRQHV
EDMRODVFXDOHVVHFRQFHGHHOFDPSRGHVXDSOLFDFLnQ\HOPRQWRGHODVFRPSHQVDFLRQHVTXHGHEDQSDJDUVHDOWLWXODUGHODSDWHQWH
$57f&8/23$7(17(648(,17(5(6(1$/$6$/8'3i%/,&$62/,&,78''(620(7,0,(172$/,&(1&,$/,&(1&,$'(2),&,2&XDQGRVH
WUDWHGHSDWHQWHVTXHLQWHUHVHQDODVDOXGSoEOLFDRSRUQHFHVLGDGHVGHOGHVDUUROORHFRQnPLFRRVLORVSURGXFWRVDTXHVHUHqHUHHOREMHWRGHOD
SDWHQWHQRKDQVLGRSXHVWRVDGLVSRVLFLnQGHOSoEOLFRHQFDQWLGDG\FDOLGDGVXqFLHQWHVSDUDVXQRUPDOFRQVXPRRVLVXVSUHFLRVVRQH[FHVLYRV
SRGUjHO0LQLVWHULR3oEOLFRSHGLUDOMXH]TXHODSDWHQWHVHDVRPHWLGDDOLFHQFLD7DPELkQSRGUjVROLFLWDUOLFHQFLDHOWLWXODUGHXQDSDWHQWHFX\D
H[SORWDFLnQUHTXLHUHQHFHVDULDPHQWHHOHPSOHRGHRWUD
(VWDOLFHQFLDVHGHQRPLQDOLFHQFLDGHRqFLRQRVHUjH[FOXVLYD\VXEHQHqFLDULRQRSRGUjFHGHUODQLRWRUJDUVXEOLFHQFLDV
$57f&8/26(17(1&,$(-(&8725,$'$&21&(6,h1'(/$/,&(1&,$'(2),&,2(MHFXWRULDGDODVHQWHQFLDDTXHVHUHqHUHHODUWlFXOR
DQWHULRUWRGDSHUVRQDGHGHUHFKRSULYDGRTXHGHPXHVWUHFDSDFLGDGDFWXDOGHH[SORWDUODLQYHQFLnQRFXDOTXLHUHQWLGDGGHGHUHFKRSoEOLFR
SRGUjVROLFLWDUDOD2qFLQDGH3URSLHGDG,QGXVWULDOTXHOHFRQFHGDXQDOLFHQFLDGHRqFLR
(VWDOLFHQFLDGHWHUPLQDUjODVFRQGLFLRQHVHQTXHVHFRQFHGDHOWkUPLQRGHVXGXUDFLnQ\FDPSRGHVXDSOLFDFLnQSHURQRLQFOXLUjODV
FRPSHQVDFLRQHVDTXHGkOXJDU/DOLFHQFLDWHQGUjHIHFWRDSDUWLUGHODIHFKDGHODQRWLqFDFLnQDODVSDUWHVGHODUHVSHFWLYDGHFLVLnQ
$IDOWDGHDFXHUGRDSUREDGRSRUOD6XSHULQWHQGHQFLDGH,QGXVWULD\&RPHUFLRHOPRQWRGHODVFRPSHQVDFLRQHVVHUjqMDGRSRUHOMXH]FRQ
LQWHUYHQFLnQGHSHULWRV
$57f&8/202',),&$&,h1'(/$/,&(1&,$2%/,*$725,$2'(/$'(2),&,2$SHWLFLnQGHOWLWXODUGHODSDWHQWHRGHOEHQHqFLDULRGHOD
OLFHQFLDREOLJDWRULDRGHODGHRqFLRODVFRQGLFLRQHVGHODOLFHQFLDSRGUjQVHUPRGLqFDGDVSRUODPLVPDDXWRULGDGTXHODVDSUREnFXDQGRDVlOR
MXVWLqTXHQQXHYRVKHFKRV\HQSDUWLFXODUVLHOWLWXODUGHODSDWHQWHFRQFHGHOLFHQFLDHQFRQGLFLRQHVPjVIDYRUDEOHVDODVHVWDEOHFLGDVHQXQD
OLFHQFLDREOLJDWRULDRHQXQDGHRqFLR
/DVROLFLWXGVHWUDPLWDUjFRPRLQFLGHQWH
$57f&8/27(50,1$&,h1'(/$/,&(1&,$2%/,*$725,$<'(/$/,&(1&,$'(2),&,26LHOEHQHqFLDULRGHXQDOLFHQFLDREOLJDWRULDRGHRqFLR
QRFXPSOLHUHODVFRQGLFLRQHVHVWDEOHFLGDVHQHOODHOWLWXODUGHODSDWHQWHRORVRWURVEHQHqFLDULRVGHODOLFHQFLDSRGUjQVROLFLWDUGHOMXH]VX
WHUPLQDFLnQ
/DVROLFLWXGVHWUDPLWDUjHQODIRUPD\SRUHOIXQFLRQDULRLQGLFDGRHQHODUWlFXORDQWHULRU
$57f&8/2$&&,21(6/(*$/(63$5$/$'()(16$'(/26'(5(&+2648(&21),(5(1/$63$7(17(6(OWLWXODUGHODSDWHQWH\HO
EHQHqFLDULRGHXQDOLFHQFLDSRGUjQHMHUFHUFRQMXQWDRVHSDUDGDPHQWHODVDFFLRQHVOHJDOHVTXHVHDQGHOFDVRHQODGHIHQVDGHORVGHUHFKRVTXH
FRQqHUHODSDWHQWH
&XDQGRODGHPDQGDODLQLFLDHOEHQHqFLDULRGHODOLFHQFLDGHEHUjQRWLqFDUVHSHUVRQDOPHQWHDOWLWXODUGHODSDWHQWH
$57f&8/2(;3523,$&,h1'(3$7(17(63255$=21(6'(,17(5e63i%/,&226(*85,'$'1$&,21$/&RQVLGkUDQVHGHLQWHUkVVRFLDOR
XWLOLGDGSoEOLFDODVSDWHQWHVUHODFLRQDGDVFRQODVDOXGSoEOLFDRODGHIHQVDQDFLRQDO6XH[SURSLDFLnQVHUjGHFUHWDGDOOHJDGRHOFDVRSRUHO
0LQLVWHULRUHVSHFWLYR
$57f&8/25(181&,$$/'(5(&+2'(/$3$7(17((OWLWXODUGHODSDWHQWHSRGUjHQFXDOTXLHUPRPHQWRUHQXQFLDUDHOODRDXQDRYDULDV
UHLYLQGLFDFLRQHV
/DUHQXQFLDVHKDUjSRUHVFULWRSUHVHQWDGRDQWHOD2qFLQDGH3URSLHGDG,QGXVWULDO6LKXELHUHXQDOLFHQFLDRXQJUDYDPHQDTXHOODQRWHQGUj
HIHFWRVLQRFXDQGRORVWLWXODUHVGHGLFKRVGHUHFKRVFRQVLHQWDQ
$57f&8/218/,'$''(/$3$7(17(/DSDWHQWHVHUjQXODVLODLQYHQFLnQQRHUDSDWHQWDEOHFRQIRUPHDORGLVSXHVWRHQORVDUWlFXORVD
RVLODGHVFULSFLnQQRUHXQlDORVUHTXLVLWRVGHODUWlFXOR6LODSDWHQWHVHDQXODSDUFLDOPHQWHODQXOLGDGVHSURQXQFLDUjHQIRUPDGH
OLPLWDFLnQDODVUHLYLQGLFDFLRQHV
/DGHPDQGDSRGUjLQVWDXUDUVHSRUHO0LQLVWHULR3oEOLFRRSRUFXDOTXLHUSHUVRQD(QqUPHODVHQWHQFLDVHFRPXQLFDUjDOD2qFLQDGH3URSLHGDG
,QGXVWULDO
/DFRPSHWHQFLDSDUDFRQRFHUGHODDFFLnQGHQXOLGDGFRUUHVSRQGHUjDO&RQVHMRGH(VWDGR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/20(','$6&$87(/$5(63$5$*$5$17,=$5/26'(5(&+26'(/7,78/$5(OWLWXODUGHXQDSDWHQWHRGHXQDOLFHQFLDSRGUj
VROLFLWDUGHOMXH]TXHWRPHODVPHGLGDVFDXWHODUHVQHFHVDULDVSDUDHYLWDUTXHVHLQIULQMDQORVGHUHFKRVJDUDQWL]DGRVDOWLWXODUGHODSDWHQWH
(ODFWRUDFRPSDmDUjDODVROLFLWXGORVHOHPHQWRVTXHDFUHGLWHQVXPDULDPHQWHODH[LVWHQFLDGHODXVXUSDFLnQVHmDODUjHQVXSHWLFLnQODPDQHUD
FRPRSUHWHQGHHYLWDUODUHDOL]DFLnQGHWDOHVKHFKRV\SUHVWDUjODFDXFLnQTXHVHOHVHmDOHSDUDJDUDQWL]DUODLQGHPQL]DFLnQGHORVSHUMXLFLRVTXH
VHSXHGDQFDXVDUDOSUHVXQWRXVXUSDGRURDWHUFHURV
/DVPHGLGDVFDXWHODUHVSRGUjQFRQVLVWLUHQREOLJDUDOXVXUSDGRUDSUHVWDUFDXFLnQSDUDJDUDQWL]DUTXHVHDEVWHQGUjGHUHDOL]DUORVKHFKRVSRU
ORVFXDOHVKDVLGRGHQXQFLDGRHQHOFRPLVRGHORVDUWlFXORVIDEULFDGRVFRQYLRODFLnQGHODSDWHQWH\ODSURKLELFLnQGHKDFHUOHVSURSDJDQGDHQHO
VHFXHVWURGHODPDTXLQDULDRHOHPHQWRVTXHVLUYHQSDUDIDEULFDUORVDUWlFXORVFRQORVFXDOHVVHLQIULQJHQODSDWHQWHRHQFXDOTXLHUDRWUDPHGLGD
HTXLYDOHQWH
/DVDXWRULGDGHVGHSROLFlDFRODERUDUjQSDUDHOHqFD]FXPSOLPLHQWRGHODVPHGLGDVGHFUHWDGDV
$57f&8/2$3(/$&,h1'(0(','$6&$87(/$5(6/DGHFLVLnQTXHRUGHQDWRPDUPHGLGDVFDXWHODUHVHVDSHODEOHHQHOHIHFWRGHYROXWLYROD
TXHODVQLHJDHQHOVXVSHQVLYR1RREVWDQWHODDSHODFLnQGHODSURYLGHQFLDTXHGHFUHWnODVPHGLGDVFDXWHODUHVSRGUjFRQFHGHUVHHQHOHIHFWR
VXVSHQVLYRVLHOSUHVXQWRLQIUDFWRURWRUJDXQDFDXFLnQFX\DQDWXUDOH]D\PRQWRVHUjQLJXDOHVDODSUHVWDGDSRUHODFWRUSDUDJDUDQWL]DUORV
SHUMXLFLRVTXHSXHGDQFDXVDUVHDkVWH
$57f&8/2'(0$1'$&2175$0(','$6&$87(/$5(6(OSUHVXQWRLQIUDFWRUGHEHUjSUHVHQWDUGHPDQGDDQWHHOMXH]SDUDSUREDUODOHJDOLGDG
GHVXSURFHGHUGHQWURGHORVFXDWURPHVHVVLJXLHQWHVDODIHFKDGHODXWRTXHGHFUHWnODVPHGLGDVFDXWHODUHV6LQRORKLFLHUHFDGXFDUjVX
GHUHFKR
6LHODFWRUMXVWLqFDUHVXFRQGXFWDHOMXH]OHYDQWDUjODVPHGLGDVFDXWHODUHV\FRQGHQDUjDOGHPDQGDGRDOSDJRGHORVSHUMXLFLRVTXHKXELHUH
FDXVDGR
$57f&8/2'(181&,$3(1$/2$&&,h1'(,1'(01,=$&,h1325(/7,78/$5(OWLWXODUGHXQDSDWHQWHROLFHQFLDSRGUjIRUPXODUGHQXQFLR
SHQDORLQWHQWDUODDFFLnQGHLQGHPQL]DFLnQGHORVSHUMXLFLRVFDXVDGRVFRQODXVXUSDFLnQVLQQHFHVLGDGGHVROLFLWDUODVPHGLGDVFDXWHODUHVR
FXDQGRkVWDVKXELHUHQVLGRQHJDGDV
6(&&,h1,,
',%8-26<02'(/26,1'8675,$/(6
$57f&8/2',%8-2,1'8675,$/<02'(/2,1'8675,$/&21&(3726HHQWLHQGHSRUGLEXMRLQGXVWULDOWRGDFRPELQDFLnQGHqJXUDVOlQHDVR
FRORUHVTXHVHLQFRUSRUHQDXQSURGXFWRLQGXVWULDOSDUDDXPHQWDUVXDWUDFWLYRVLQFDPELDUVXGHVWLQRQLDFUHFHQWDUVXXWLOLGDG
6HHQWLHQGHSRUPRGHORLQGXVWULDOWRGDIRUPDSOjVWLFDTXHVLUYDGHWLSRSDUDIDEULFDFLnQGHXQSURGXFWRLQGXVWULDOHQFXDQWRQRLPSOLTXHHIHFWRV
WkFQLFRV
$57f&8/25(*,6752'(',%8-26202'(/26,1'8675,$/(6/DVROLFLWXGGHUHJLVWURGHGLEXMRVRPRGHORVSRGUjSUHVHQWDUVHHQIRUPD
VLPLODUDORGLVSXHVWRSDUDODVSDWHQWHVRVLDVlORSUHqHUHHOVROLFLWDQWHODVGHVFULSFLRQHVGLEXMRV\PXHVWUDVSRGUjQHQWUHJDUVHHQVREUH
FHUUDGRFDVRHQHOFXDOVHPDQWHQGUjQHQVHFUHWRSRUXQWkUPLQRTXHQRSRGUjH[FHGHUGHGRFHPHVHV
$57f&8/21i0(52'(',%8-26202'(/26'(81$0,60$&/$6(48(38('(&2035(1'(581$62/,&,78'5HJODPHQWDGRSRUHO
'HFUHWRGH&DGDVROLFLWXGSRGUjFRPSUHQGHUGHXQRDFLQFXHQWDGLEXMRVRPRGHORVVLORVSURGXFWRVVRQGHOPLVPRJkQHURRHVWjQ
GHQWURGHXQDPLVPDFODVH
$57f&8/2(;$0(1'(&803/,0,(172'(5(48,6,726352&(',0,(172'(62/,&,78'',)(5(17($/62%5(&(55$'2
6LODVROLFLWXGVHSUHVHQWDVLQDFXGLUDOSURFHGLPLHQWRGHOVREUHFHUUDGROD2qFLQDGH3URSLHGDG,QGXVWULDOSURFHGHUjDH[DPLQDUVLVHUHoQHQORV
UHTXLVLWRVGHIRUPDH[LJLGRVSDUDODVSDWHQWHVVLHOGLEXMRRPRGHORHVFRQWUDULRDORUGHQSoEOLFRRDODVEXHQDVFRVWXPEUHVVLVLPSOHPHQWH
LPSOLFDXQDYHQWDMDWkFQLFDRVLFRQDQWHULRULGDGVHFRQFHGLnXQRLJXDOFRPRPRGHORRGLEXMR
$57f&8/2(;3(',&,h1'(/&(57,),&$'2'(5(*,6752352&(',0,(172'(62/,&,78'',)(5(17($/62%5(&(55$'2
6LGHOH[DPHQUHVXOWDTXHHOGLEXMRRPRGHORSXHGHFRQFHGHUVHVHH[SHGLUjLQPHGLDWDPHQWHHOFHUWLqFDGR\VHRUGHQDUjVXSXEOLFDFLnQ
$57f&8/2(;3(',&,h1'(/&(57,),&$'2'(5(*,6752352&(',0,(172'(62/,&,78'(162%5(&(55$'2
6LODVROLFLWXGVHSUHVHQWDHQVREUHFHUUDGR\VHDFRPSDmDQORVGRFXPHQWRVH[LJLGRVSDUDODVSDWHQWHVVHSURFHGHUjDRWRUJDUHOFHUWLqFDGR\
VHRUGHQDUjVXSXEOLFDFLnQ
$57f&8/2$18/$&,h1'(/5(*,6752352&(',0,(172'(62/,&,78'(162%5(&(55$'2
$ELHUWRHOVREUHDSHWLFLnQGHOLQWHUHVDGRRSRURUGHQGHODMXVWLFLDRGHRqFLRDOYHQFLPLHQWRGHOWkUPLQRGHGRFHPHVHVFRQWDGRVDSDUWLUGHOD
VROLFLWXGGHGLEXMRRPRGHOROD2qFLQDGH3URSLHGDG,QGXVWULDOFRPSOHPHQWDUjHOH[DPHQDTXHVHUHqHUHHVWDVHFFLnQSDUDGHWHUPLQDUVLVH
UHoQHQORVGHPjVUHTXLVLWRV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
6LGHOH[DPHQUHVXOWDTXHHOGLEXMRRPRGHORQRVHKDGHELGRFRQFHGHUVHDQXODUjHOUHJLVWUR
/DGHFLVLnQUHODWLYDDOH[DPHQFRPSOHPHQWDULRGHEHUjSXEOLFDUVH
$57f&8/23527(&&,h1$3$57,5'(/$$3(5785$'(/62%5(
$SDUWLUGHODDSHUWXUDGHOVREUHHOWLWXODUGHOGLEXMRRPRGHORJR]DUjGHODSURWHFFLnQSUHYLVWDHQHVWD6HFFLnQ
$57f&8/2&203(7(1&,$3$5$62/,&,7$5/$18/,'$''(/&(57,),&$'2'(5(*,6752&203(7(1&,$3$5$&212&(5'(/$$&&,h1
&255(6321',(17(/D2qFLQDGH3URSLHGDG,QGXVWULDOHO0LQLVWHULR3oEOLFRRFXDOTXLHUSHUVRQDSRGUjVROLFLWDUODQXOLGDGGHOFHUWLqFDGRGH
UHJLVWURGHXQGLEXMRRPRGHORVLQRVRQQXHYRVRVLVHUHqHUHQDDOJXQDYHQWDMDWkFQLFD
/DFRPSHWHQFLDSDUDFRQRFHUGHHVWDDFFLnQFRUUHVSRQGHUjDO&RQVHMRGH(VWDGR
$57f&8/2275$61250$6$3/,&$%/(6$',%8-26<02'(/266RQDSOLFDEOHVHQORSHUWLQHQWHDGLEXMRV\PRGHORVORVDUWlFXORVVREUH
SDWHQWHVUHODWLYRVDODQRYHGDGLQGXVWULDELOLGDGFUHDFLRQHVGHWUDEDMDGRUHVRPDQGDWDULRVGHUHFKRDVROLFLWDUODSDWHQWHUHLYLQGLFDFLnQGHOD
LQYHQFLnQGHUHFKRPRUDOGHDXWRUUHTXLVLWRV\GRFXPHQWRVGHODVROLFLWXGVXqFLHQFLDGHODGHVFULSFLnQ\DEDQGRQRGHODVVROLFLWXGHV
LQFRPSOHWDVH[DPHQ\SXEOLFDFLnQGHSDWHQWHVFRQFHGLGDVGHUHFKRGHH[FOXVLYLGDGWkUPLQRGHGXUDFLnQFRQH[FOXVLnQGHODSUnUURJDUkJLPHQ
GHFRPXQLGDG\OLFHQFLDFRQWUDFWXDOUHQXQFLDGHOGHUHFKR\GLVSRVLFLRQHVVREUHPHGLGDVFDXWHODUHV
$57f&8/2&203/(0(17$5,('$'(175(/$3527(&&,h148(2725*$(/&(57,),&$'2'(5(*,6752<275$61250$662%5(
'(5(&+26'($8725
/DSURWHFFLnQTXHRWRUJDHVWD6HFFLnQDGLEXMRV\PRGHORVVHHQWLHQGHVLQSHUMXLFLRGHODTXHRWUDVOH\HVFRQFHGDQDODXWRU
&$3f78/2,,
6,*126',67,17,926
6(&&,h1,
'(),1,&,21(6
$57f&8/26,*1265(*,675$%/(6<&21&(372'(0$5&$
6HHQWLHQGHSRUPDUFDGHSURGXFWRVWRGRVLJQRTXHVLUYDSDUDGLVWLQJXLUORVSURGXFWRVGHXQDHPSUHVDGHORVGHRWUD
6HHQWLHQGHSRUPDUFDGHVHUYLFLRVWRGRVLJQRGHVWLQDGRDGLVWLQJXLUORVVHUYLFLRVGHXQDHPSUHVDGHORVGHRWUD
6HHQWLHQGHSRUPDUFDFROHFWLYDWRGRVLJQRFDOLqFDGRGHWDOTXHVLUYDSDUDGLVWLQJXLUHORULJHQRFXDOTXLHURWUDFDUDFWHUlVWLFDFRPoQGH
SURGXFWRVRGHVHUYLFLRVGHHPSUHVDVRFROHFWLYLGDGHVGLIHUHQWHVTXHXWLOLFHQODPDUFDEDMRHOFRQWUROGHOWLWXODU
6HHQWLHQGHSRUQRPEUHFRPHUFLDOHOTXHGHVLJQDDOHPSUHVDULRFRPRWDO
6HHQWLHQGHSRUHQVHmDHOVLJQRTXHXWLOL]DXQDHPSUHVDSDUDLGHQWLqFDUVXHVWDEOHFLPLHQWR
6HHQWLHQGHSRULQGLFDFLnQGHSURFHGHQFLDODH[SUHVLnQRHOVLJQRTXHVHXWLOL]DSDUDVHmDODUTXHXQSURGXFWRRVHUYLFLRSURYLHQHGHXQSDlVR
GHXQJUXSRGHSDlVHVGHXQDUHJLnQRGHXQOXJDUGHWHUPLQDGR\
6HHQWLHQGHSRUGHQRPLQDFLnQGHRULJHQHOQRPEUHGHXQSDlVGHXQDUHJLnQRGHXQDORFDOLGDGTXHVLUYHSDUDGHVLJQDUXQSURGXFWRRULJLQDO
GHHOORV\FX\DFDOLGDGRFDUDFWHUlVWLFDVVHGHEHQH[FOXVLYDRSULQFLSDOPHQWHDOPHGLRJHRJUjqFRLQFOXLGRVORVIDFWRUHVQDWXUDOHV\KXPDQRV
6(&&,h1,,
0$5&$6'(352'8&726<'(6(59,&,26
$57f&8/2'(48(6(38('(87,/,=$5&2020$5&$
3RGUjQHPSOHDUVHFRPRPDUFDVGHQRPLQDFLRQHVDUELWUDULDVRGHIDQWDVlDSDODEUDVGHFXDOTXLHULGLRPDQRPEUHVSURSLRVVHXGnQLPRVQRPEUHV
JHRJUjqFRVIUDVHVGHSURSDJDQGDGLEXMRVUHOLHYHVOHWUDVFLIUDVHWLTXHWDVHQYDVHVHQYROWXUDVHPEOHPDVHVWDPSDGRVWLPEUHVYLmHWDV
VHOORVRUODVEDQGDVODVFRPELQDFLRQHVRGLVSRVLFLRQHVGHFRORUHV\FXDOTXLHURWURVLJQRTXHVHDGLVWLQWLYR
3DUDDSUHFLDUVLHOVLJQRHVGLVWLQWLYRVHWHQGUjQHQFXHQWDODVFLUFXQVWDQFLDVHVSHFLDOHVTXHFRQFXUUDQFRPRODGXUDFLnQGHOXVRGHOPLVPRHQ
FDOLGDGGHPDUFDHQ&RORPELDRHQRWURVSDlVHVRTXHVHFRQVLGHUHGLVWLQWLYRHQORVPHGLRVFRPHUFLDOHVQDFLRQDOHVRH[WUDQMHURV
3$5d*5$)2&XDQGRODPDUFDFRQVLVWDHQXQDSDODEUDGHLGLRPDH[WUDQMHURRHQXQQRPEUHJHRJUjqFRGHEHUjLQGLFDUVHDOSLHGHHOODHOOXJDU
GHIDEULFDFLnQGHOSURGXFWR
$57f&8/2'(48(126(38('(5(*,675$5&2020$5&$1RSRGUjQUHJLVWUDUVHFRPRPDUFDV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
R/DVTXHFRQVLVWDQHQIRUPDLPSXHVWDSRUODQDWXUDOH]DPLVPDGHOSURGXFWRRGHOVHUYLFLRRSRUVXIXQFLnQLQGXVWULDO
R/DVTXHFRQVLVWDQH[FOXVLYDPHQWHHQXQVLJQRTXHSXHGDVHUYLUHQODLQGXVWULDRHQHOFRPHUFLRSDUDGHVLJQDUHOJkQHURODHVSHFLHOD
FDOLGDGODFDQWLGDGHOGHVWLQRHOYDORUHOOXJDUGHRULJHQRODkSRFDGHSURGXFFLnQGHORVDUWlFXORVRGHODSUHVWDFLnQGHORVVHUYLFLRV
R/DVTXHFRQVLVWDQH[FOXVLYDPHQWHHQXQVLJQRTXHHQHOOHQJXDMHFRUULHQWHRHQODVFRVWXPEUHVFRPHUFLDOHVGHOSDlVVHKD\DFRQYHUWLGRGH
XQDGHVLJQDFLnQXVXDOGHORVSURGXFWRVRVHUYLFLRVGHTXHWUDWH
R/DVTXHSRURWUDVUD]RQHVQRSHUPLWDQGLVWLQJXLUORVSURGXFWRVRVHUYLFLRVGHXQDHPSUHVDGHORVGHRWUD
R/DVTXHVHDQFRQWUDULDVDODVEXHQDVFRVWXPEUHVRDORUGHQSoEOLFRRODVTXHSXHGDQHQJDmDUDORVPHGLRVFRPHUFLDOHVRDOSoEOLFRVREUHOD
QDWXUDOH]DODSURFHGHQFLDHOPRGRGHIDEULFDFLnQODVFDUDFWHUlVWLFDVRODDSWLWXGSDUDHOHPSOHRGHORVSURGXFWRVRVHUYLFLRVGHTXHWUDWH
R/DVTXHSURGX]FDQRLPLWHQORVHVFXGRVGHDUPDV\RWURVHPEOHPDVVLJODVRGHQRPLQDFLRQHVGHFXDOTXLHU(VWDGRRGHFXDOTXLHU
RUJDQL]DFLnQLQWHUQDFLRQDOVLQSHUPLVRGHODDXWRULGDGFRPSHWHQWH
R/DVTXHSURGX]FDQRLPLWHQVLJQRVRSXQ]RQHVGHFRQWURORGHJDUDQWlDDGRSWDGRVSRUXQ(VWDGRVLQSHUPLVRGHODDXWRULGDGFRPSHWHQWH\
R/DVTXHVHDVHPHMHQHQIRUPDTXHSXHGDQLQGXFLUDOSoEOLFRDHUURUDXQDPDUFDFROHFWLYDFX\RUHJLVWURKD\DH[SLUDGRRFX\DUHQXQFLD
FDQFHODFLnQRQXOLGDGKD\DVLGRLQVFULWDGHQWURGHORVWUHVDmRVSUHFHGHQWHVDODQXHYDVROLFLWXG
$57f&8/227526&$62648(126(38('(15(*,675$5&2020$5&$7DPSRFRSRGUjQUHJLVWUDUVHFRPRPDUFDV
R/DVTXHVHDVHPHMHQHQIRUPDTXHSXHGDQLQGXFLUDOSoEOLFRDHUURUDXQDPDUFDUHJLVWUDGDRVROLFLWDGDFRQDQWHULRULGDGSRUXQWHUFHURR
VROLFLWDGDSRVWHULRUPHQWHFRQUHLYLQGLFDFLnQYjOLGDGHXQDSULRULGDGSDUDORVPLVPRVSURGXFWRVRVHUYLFLRVRSDUDRWURVVLPLODUHV
R/DVTXHVHDVHPHMHQHQIRUPDTXHSXHGDQLQGXFLUDOSoEOLFRDHUURUDXQDPDUFDXVDGDSoEOLFDPHQWHSRURWURHQ&RORPELDSDUDSURGXFWRV
LGkQWLFRVRVLPLODUHVVLHOVROLFLWDQWHGHODPDUFDKDFRQRFLGRRQRKDSRGLGRLJQRUDUHOXVR
R/DVTXHVHDVHPHMHQHQIRUPDTXHSXHGDQLQGXFLUDOSoEOLFRDHUURUDXQQRPEUHFRPHUFLDORDXQDHQVHmDXWLOL]DGRVDQWHULRUPHQWHHQ
&RORPELDSRUXQWHUFHURSDUDODPLVPDDFWLYLGDGDTXHVHGHVWLQDHOQRPEUHRODHQVHmD
R/DVTXHHQIRUPDTXHSXHGDQLQGXFLUDOSoEOLFRDHUURUFRQVWLWX\DQODUHSURGXFFLnQWRWDORSDUFLDOODLPLWDFLnQWUDGXFFLnQRWUDVOLWHUDFLnQGH
XQDPDUFDQRPEUHFRPHUFLDORHQVHmDSHUWHQHFLHQWHVDXQWHUFHURQRWRULDPHQWHFRQRFLGRVHQ&RORPELD
R/DVTXHYLROHQRWURVGHUHFKRVGHWHUFHURVRVHDQFRQWUDULDVDODVUHJODVUHODWLYDVDODUHSUHVLnQGHODFRPSHWHQFLDGHVOHDO\
R/DVTXHVHDQVROLFLWDGDVSRUHODJHQWHRUHSUHVHQWDQWHGHXQWHUFHURTXHVHDWLWXODUGHHVDVPDUFDVHQRWURSDlVVLQODDXWRUL]DFLnQGHkVWH
DPHQRVTXHGLFKRDJHQWHRUHSUHVHQWDQWHMXVWLqTXHVXDFWXDFLnQ
$57f&8/262/,&,78''(5(*,6752'(0$5&$352&(',0,(172<5(48,6,726/DVROLFLWXGGHUHJLVWURGHXQDPDUFDGHEHUjSUHVHQWDUVH
HQOD2qFLQDGH3URSLHGDG,QGXVWULDO\FRPSUHQGHUj
R/DLQGLFDFLnQGHOQRPEUH\GRPLFLOLRGHOVROLFLWDQWH
R/DGHVFULSFLnQGHODPDUFDFRQODHQXPHUDFLnQFODUD\FRPSOHWDGHORVSURGXFWRVRVHUYLFLRVSDUDORVFXDOHVVHVROLFLWHHOUHJLVWURGHOD
PLVPD\
R5HSURGXFFLRQHVGHODPDUFD
$57f&8/23527(&&,h1$0$5&$686$'$6(1(;326,&,21(6(OVROLFLWDQWHGHOUHJLVWURGHXQDPDUFDTXHHQXQDH[SRVLFLnQUHDOL]DGDHQ
HOSDlV\UHFRQRFLGDRqFLDOPHQWHKD\DH[SXHVWRSURGXFWRVRVHUYLFLRVDPSDUDGRVSRUGLFKDPDUFD\TXHVROLFLWHHOUHJLVWURGHODPLVPDHQHO
WkUPLQRGHVHLVPHVHVFRQWDGRVDSDUWLUGHOGlDHQTXHWDOHVSURGXFWRVRVHUYLFLRVVHH[KLELHURQSRUSULPHUDYH]FRQWDOPDUFDHQODH[SRVLFLnQ
VHFRQVLGHUDUjVLDVlORSLGHFRPRVLKXELHUDVROLFLWDGRHOUHJLVWURGHVGHODIHFKDGHODH[KLELFLnQ
/RVKHFKRVDTXHVHUHqHUHHVWHDUWlFXORVHDFUHGLWDUjQFRQFHUWLqFDFLnQGHODDXWRULGDGFRPSHWHQWHGHODH[SRVLFLnQHQODFXDOVHPHQFLRQDUj
ODIHFKDHQTXHODPDUFDVHXWLOL]nSRUSULPHUDYH]HQUHODFLnQFRQORVSURGXFWRVRVHUYLFLRVGHTXHVHWUDWH
3$5d*5$)2/DSURWHFFLnQWHPSRUDODTXHVHUHqHUHHVWHDUWlFXORQRLPSOLFDRWURVWkUPLQRVGHSULRULGDGTXHLQYRTXHHOVROLFLWDQWH
$57f&8/25(&8562&8$1'26(1,(*$(/5(*,6752'(81$0$5&$6LOD2qFLQDGH3URSLHGDG,QGXVWULDOFRQVLGHUDTXHODPDUFD
VROLFLWDGDQRSXHGHUHJLVWUDUVHORKDUjVDEHUDOVROLFLWDQWHTXLHQHQHOWkUPLQRGHWUHLQWDGlDVGHEHUjH[SRQHUODVUD]RQHVTXHVXVWHQWDQVX
VROLFLWXG
9HQFLGRHOWkUPLQROD2qFLQDGHFLGLUjGHFRQIRUPLGDGFRQORVKHFKRVTXHDSDUH]FDQHQHOH[SHGLHQWH
(OIXQFLRQDULRTXHWUjPLWHODVROLFLWXGSRGUjDOOHJDUGHRqFLRWRGDFODVHGHLQIRUPDFLnQ
$57f&8/238%/,&$&,h1'(/$662/,&,78'(6'(5(*,6752'(0$5&$52321,%,/,'$'3257(5&(5266LODVROLFLWXGIXHUHDFHSWDGDVH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
RUGHQDUjODSXEOLFDFLnQGHXQH[WUDFWR'HQWURGHORVWUHLQWDGlDVVLJXLHQWHVDODSXEOLFDFLnQFXDOTXLHUSHUVRQDSRGUjRSRQHUVHDOUHJLVWURGHOD
PDUFD
3UHVHQWDGDODRSRVLFLnQOD2qFLQDGH3URSLHGDG,QGXVWULDOVHmDODUjXQWkUPLQRGHSUXHEDGHWUHLQWDGlDVDVlGLH]SDUDSHGLUODV\YHLQWHSDUD
SUDFWLFDUODV
$57f&8/2&(57,),&$'2'(5(*,6752'(0$5&$5HJODPHQWDGRSRUHO'HFUHWRGH6LQRKXELHUHRSRVLFLnQRkVWDIXHUHQHJDGD
VHUHJLVWUDUjODPDUFDSDUDORFXDOVHH[SHGLUjXQFHUWLqFDGRHQIRUPDGHGLSORPDTXHDFUHGLWHHOGHUHFKR(OFHUWLqFDGRVHSXEOLFDUjSRUXQD
VRODYH]
3$5d*5$)2(OUHJLVWURGHODVPDUFDVVHKDUjSRUFODVHV
$57f&8/2'85$&,h1<5(129$&,h1'(/5(*,6752'(0$5&$(OUHJLVWURGHXQDPDUFDWHQGUjXQDGXUDFLnQGHGLH]DmRVFRQWDGRV
GHVGHODIHFKDGHVXRWRUJDPLHQWR\SRGUjUHQRYDUVHLQGHqQLGDPHQWHSRUSHUlRGRVGHFLQFRDmRV
$57f&8/2'(5(&+26$/7,78/$5'(/5(*,6752/DPDUFDFRQqHUHHVSHFLDOPHQWHDOWLWXODUGHOUHJLVWURHOGHUHFKRDXVDUODHQIRUPD
H[FOXVLYD\HOGHLPSHGLUHOXVRGHFXDOTXLHUDRWUDTXHSXHGDSURGXFLUFRQIXVLnQHQWUHORVUHVSHFWLYRVSURGXFWRVRVHUYLFLRV
$57f&8/2(67,38/$&,21(662%5(&$/,'$'(67$%/(&,'$(1/26&2175$726'(/,&(1&,$6<5(63216$%,/,'$'(6$17(7(5&(526(O
FRQWUDWRGHOLFHQFLDFRQWHQGUjHVWLSXODFLRQHVTXHDVHJXUHQODFDOLGDGGHORVSURGXFWRVRVHUYLFLRVSURGXFLGRVRSUHVWDGRVSRUHOEHQHqFLDULRGH
ODOLFHQFLD(OWLWXODUGHODPDUFDHMHUFHUjFRQWUROHIHFWLYRVREUHGLFKDFDOLGDG\VHUjVROLGDULDPHQWHUHVSRQVDEOHIUHQWHDWHUFHURVSRUORV
SHUMXLFLRVFDXVDGRV
$SHWLFLnQGHFXDOTXLHUSHUVRQDRGHRqFLRODRqFLQDHQFDUJDGDGHOFRQWUROGHQRUPDV\FDOLGDGHVWRPDUjODVPHGLGDVDGHFXDGDVSDUD
JDUDQWL]DUGLFKDFDOLGDGHLPSRQGUjODVVDQFLRQHVTXHIXHUHQGHOFDVR
$57f&8/2&$'8&,'$''(/5(*,6752'(/$0$5&$(OUHJLVWURGHODPDUFDFDGXFDUj\VHUjFDQFHODGRDVROLFLWXGGHFXDOTXLHUSHUVRQD
FXDQGRVXWLWXODUQRODKD\DXWLOL]DGRHQ&RORPELDGLUHFWDPHQWHRSRUPHGLRGHWHUFHURVVDOYRIXHU]DPD\RURFDVRIRUWXLWRGXUDQWHFLQFRDmRV
FRQWDGRVKDFLDDWUjVDSDUWLUGHODIHFKDGHODGHPDQGD
&RUUHVSRQGHFRQRFHUGHODDFFLnQGHFDGXFLGDGDOD2qFLQDGH3URSLHGDG,QGXVWULDO\TXLHQREWHQJDUHVROXFLnQIDYRUDEOHWHQGUjGHUHFKR
SUHIHUHQFLDODOUHJLVWURVLORVROLFLWDGHQWURGHORVWUHVPHVHVVLJXLHQWHVDODHMHFXWRULDGHOIDOOR
/DXWLOL]DFLnQGHODPDUFDSDUDXQRRYDULRVSURGXFWRVRVHUYLFLRVSHUWHQHFLHQWHVDGHWHUPLQDGDFODVHEDVWDUjSDUDLPSHGLUODFDGXFLGDGHQ
UHODFLnQFRQORVGHPjVSURGXFWRVRVHUYLFLRVGHODPLVPDRGHYDULDVFODVHV7DPSRFRKDEUjOXJDUDODFDGXFLGDGFXDQGRVHWUDWHGHPDUFDV
GHIHQVLYDV
3$5d*5$)2(OHPSOHRGHXQDPDUFDHQSURGXFWRVRVHUYLFLRVHVIDFXOWDWLYRSHURHO*RELHUQRSRGUjKDFHUORREOLJDWRULR
$57f&8/23/$=23$5$62/,&,78''($18/$&,h1'(/&(57,),&$'2'(0$5&$(OFHUWLqFDGRGHXQDPDUFDSRGUjDQXODUVHDSHWLFLnQGH
FXDOTXLHUSHUVRQDVLDOH[SHGLUVHVHLQIULQJLHURQODVGLVSRVLFLRQHVGHORVDUWlFXORVDSHURHQHVWHoOWLPRFDVRODVROLFLWXGGHEHUj
LQWHQWDUVHGHQWURGHORVFLQFRDmRVFRQWDGRVDSDUWLUGHODIHFKDGHUHJLVWURGHODPDUFDFX\DFDQFHODFLnQVHVROLFLWH'HHVWDDFFLnQFRQRFHUjHO
&RQVHMRGH(VWDGR
$57f&8/2',6326,&,21(6'(3$7(17(6$3/,&$%/(6$/$60$5&$66RQDSOLFDEOHVDODVPDUFDVHQORSHUWLQHQWHORVDUWlFXORVVREUH
SDWHQWHVUHODWLYRVDODREOLJDFLnQGHORVH[WUDQMHURVGHGHVLJQDUUHSUHVHQWDQWHUkJLPHQGHODVVRFLHGDGHVH[WUDQMHUDVTXHVROLFLWHQ\REWHQJDQ
SDWHQWHV^GRFXPHQWRVTXHGHEHQDFRPSDmDUVHFRQODVROLFLWXG`DEDQGRQRGHVROLFLWXGHVLQFRPSOHWDVH[DPHQGHH[SHGLHQWHVUkJLPHQGHOD
FRPXQLGDG\OLFHQFLDFRQWUDFWXDO^UHQXQFLDGHOGHUHFKR`\GLVSRVLFLRQHVVREUHPHGLGDVFDXWHODUHV
6(&&,h1,,,
0$5&$6&2/(&7,9$6
$57f&8/25(*,6752'(0$5&$6&2/(&7,9$6'(352'8&72626(59,&,26(O(VWDGRVXVHQWLGDGHVGHVFHQWUDOL]DGDVODVDVRFLDFLRQHV
JUHPLDOHVORVVLQGLFDWRV\FXDOTXLHUJUXSRGHSURGXFWRUHVRFRPHUFLDQWHVFRQPLUDVDVXLQWHUkVJHQHUDORDIDYRUHFHUHOGHVDUUROORGHODV
DFWLYLGDGHVGHVXVPLHPEURVSRGUjQUHJLVWUDUPDUFDVFROHFWLYDVGHSURGXFWRVRGHVHUYLFLRV
$57f&8/287,/,=$&,h1'(/$60$5&$6&2/(&7,9$6
$57f&8/25(*/$0(172'((03/(2'(/$60$5&$6&2/(&7,9$65HIRUPDGRSRUHO$UWlFXORGHOD/H\GH/DVPDUFDVFROHFWLYDV
VHXWLOL]DUjQHQORVSURGXFWRVRVHUYLFLRVFRPRFRQWUROGLUHFWDPHQWHSRUODSHUVRQDPRUDORFROHFWLYDRSRULQWHJUDQWHVGHOJUHPLRRDVRFLDFLnQ
EDMRODYLJLODQFLD\HQODVFRQGLFLRQHVGHWHUPLQDGDVHQHOUHVSHFWLYRFRQYHQLRRUHJODPHQWR
$57f&8/2&$86$/(6'($18/$&,h1'(/&(57,),&$'2'(81$0$5&$&2/(&7,9$(OFHUWLqFDGRGHXQDPDUFDFROHFWLYDVHUj
HVSHFLDOPHQWHDQXODEOH
R6LHOUHJODPHQWRVREUHHOHPSOHRGHODPDUFDHVFRQWUDULRDODVEXHQDVFRVWXPEUHVRDORUGHQSoEOLFR\
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
R&XDQGRVHXWLOLFHRVHSHUPLWDXWLOL]DUODPDUFDHQFRQGLFLRQHVGLVWLQWDVDODVFRQVLJQDGDVHQHOUHJODPHQWR
$57f&8/2'(5(&+2662%5((/120%5(&20(5&,$//DVGLVSRVLFLRQHVJHQHUDOHVVREUHPDUFDVVRQDSOLFDEOHVDODVPDUFDVFROHFWLYDVVLQ
SHUMXLFLRGHODVUHJODVHVSHFLDOHVUHODWLYDVDODFDOLGDGGHORVSURGXFWRVRVHUYLFLRV
6(&&,h1,9
120%5(6&20(5&,$/(6<(16(g$6
$57f&8/2$'48,6,&,h1'('(5(&+2662%5(81120%5(&20(5&,$/&(57,),&$'2'('(3h6,72/RVGHUHFKRVVREUHHOQRPEUH
FRPHUFLDOVHDGTXLHUHQSRUHOSULPHUXVRVLQQHFHVLGDGGHUHJLVWUR1RREVWDQWHSXHGHVROLFLWDUVHVXGHSnVLWR6LODVROLFLWXGUHoQHORVUHTXLVLWRV
GHIRUPDHVWDEOHFLGRVSDUDHOUHJLVWURGHODVPDUFDVVHRUGHQDUjODFRQFHVLnQGHOFHUWLqFDGRGHGHSnVLWR\VHSXEOLFDUj
$57f&8/2(;,67(1&,$'(120%5(&20(5&,$/<$'(326,7$'26LHOQRPEUHHVWXYLHUH\DGHSRVLWDGRSDUDODVPLVPDVDFWLYLGDGHVOD
2qFLQDGH3URSLHGDG,QGXVWULDOORKDUjVDEHUDOVROLFLWDQWH\VLHVWHLQVLVWLHUHVHKDUjFRQVWDUHQHOFHUWLqFDGRODH[LVWHQFLDGHOSULPHUGHSnVLWR
$57f&8/20(1&,h162%5('(3h6,72$17(5,2512'$'(5(&+262%5((/120%5((OGHSnVLWRRODPHQFLnQGHGHSnVLWRDQWHULRUQR
FRQVWLWX\HQGHUHFKRVVREUHHOQRPEUH
6HSUHVXPHTXHHOGHSRVLWDQWHHPSH]nDXVDUHOQRPEUHGHVGHHOGlDGHODVROLFLWXG\TXHORVWHUFHURVFRQRFHQWDOXVRGHVGHODIHFKDGHOD
SXEOLFDFLnQ
$57f&8/2'(120,1$&,21(648(1238('(187,/,=$56(&202120%5(&20(5&,$/1RSRGUjXWLOL]DUVHFRPRQRPEUHFRPHUFLDOXQD
GHQRPLQDFLnQTXHVHDFRQWUDULDDODVEXHQDVFRVWXPEUHVRDORUGHQSoEOLFRRTXHSXHGDHQJDmDUDORVWHUFHURVVREUHODQDWXUDOH]DGHOD
DFWLYLGDGTXHVHGHVDUUROODFRQHVHQRPEUH
$57f&8/2352+,%,&,h1'(862'(120%5(6&20(5&,$/(6<$87,/,=$'26(1(/0,6025$02'(1(*2&,26HSURKlEHDWHUFHURVHO
HPSOHRGHXQQRPEUHFRPHUFLDORGHXQDPDUFDGHSURGXFWRVRGHVHUYLFLRVTXHVHDLJXDORVLPLODUDXQQRPEUHFRPHUFLDO\DXVDGRSDUDHO
PLVPRUDPRGHQHJRFLRVVDOYRFXDQGRVHWUDWDGHXQQRPEUHTXHSRUOH\OHFRUUHVSRQGDDXQDSHUVRQDFDVRHQHOFXDOGHEHUjQKDFHUVHODV
PRGLqFDFLRQHVTXHHYLWHQWRGDFRQIXVLnQTXHDSULPHUDYLVWDSXGLHUDSUHVHQWDUVH
$57f&8/2&(6,h1'(120%5(&20(5&,$/(OQRPEUHFRPHUFLDOVnORSXHGHWUDQVIHULUVHFRQHOHVWDEOHFLPLHQWRRODSDUWHGHOPLVPR
GHVLJQDGDFRQHVHQRPEUHSHURHOFHGHQWHSXHGHUHVHUYDUORSDUDVlDOFHGHUHOHVWDEOHFLPLHQWR
/DFHVLnQGHEHUjKDFHUVHSRUHVFULWR
$57f&8/2$&&,21(6'(/3(5-8',&$'2325(/862'(81120%5(&20(5&,$/(OSHUMXGLFDGRSRUHOXVRGHXQQRPEUHFRPHUFLDOSRGUj
DFXGLUDOMXH]SDUDLPSHGLUWDOXVR\UHFODPDULQGHPQL]DFLnQGHSHUMXLFLRV
(OSURFHVRVHWUDPLWDUjSRUHOSURFHGLPLHQWRDEUHYLDGRHVWDEOHFLGRHQHO&nGLJRGH3URFHGLPLHQWR&LYLO
$57f&8/2(;7,1&,h1'(/'(5(&+262%5((/120%5(&20(5&,$/(OGHUHFKRVREUHHOQRPEUHFRPHUFLDOVHH[WLQJXHFRQHOUHWLURGHO
FRPHUFLRGHOWLWXODUODWHUPLQDFLnQGHODH[SORWDFLnQGHOUDPRGHQHJRFLRVSDUDTXHVHGHVWLQHRODDGRSFLnQGHRWURSDUDODPLVPDDFWLYLGDG
$57f&8/2$3/,&$&,h1'(1250$65(/$&,21$'$6&21(/120%5(&20(5&,$/$/$6(16(g$66RQDSOLFDEOHVDODHQVHmDODV
GLVSRVLFLRQHVVREUHQRPEUHVFRPHUFLDOHV
&$3f78/2,,,
',6326,&,21(69$5,$6
$57f&8/275$0,7$&,h1'(352&(6265(/$7,926$3523,('$',1'8675,$/&203(7(1&,$'(/&216(-2'((67$'2/RVSURFHVRV
UHODWLYRVDODSURSLHGDGLQGXVWULDOTXHVHDQGHFRPSHWHQFLDGHO&RQVHMRGH(VWDGRVHWUDPLWDUjQPHGLDQWHHOSURFHGLPLHQWRRUGLQDULRGHOR
FRQWHQFLRVRDGPLQLVWUDWLYR
6LVHGHPDQGDUHODQXOLGDGGHXQDFWRJHQHUDGRUGHXQDVLWXDFLnQLQGLYLGXDO\FRQFUHWDVHQRWLqFDUjSHUVRQDOPHQWHDOWLWXODUGHDTXHOODDQWHV
GHODqMDFLnQHQOLVWD6LDOJXQDGHODVSDUWHVORSLGHVHFHOHEUDUjDXGLHQFLDSoEOLFD
$57f&8/2352&(',0,(172&8$1'2&255(6321'$$/-8(=),-$5&203(16$&,21(6235(&,26&XDQGRFRUUHVSRQGDDOMXH]FRPSHWHQWH
qMDUHOPRQWRGHODVFRPSHQVDFLRQHVRHOYDORUGHOSUHFLRHQFDVRGHSUHIHUHQFLDVHSURFHGHUjDVl
'HODGHPDQGDVHGDUjWUDVODGRDODRWUDSDUWHSRUHOWkUPLQRGHWUHVGlDVYHQFLGRHOFXDOVHHYDOXDUjSRUSHULWRVODFRPSHQVDFLnQRODFXRWDGHO
FRPXQHUR
(QqUPHHOGLFWDPHQHOMXH]GHFLGLUjGHSODQR
$57f&8/2-8(=&203(7(17(3$5$$681726'(/$3523,('$',1'8675,$/6HUjQMXHFHVFRPSHWHQWHVSDUDORVHIHFWRVGHHVWH7lWXORORV
FLYLOHVGHO&LUFXLWRGH%RJRWj\HQWUHkVWRVDTXHORDTXHOORVTXHHO7ULEXQDO6XSHULRUGH%RJRWjGHEHUjGHVLJQDUGHFRQIRUPLGDGFRQOR
GLVSXHVWRHQHODUWlFXORGHOD/H\GH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2$3/,&$&,h1'(9(17$-$6'(81$&219(1&,h1,17(51$&,21$/686&5,7$325&2/20%,$(10$7(5,$'(3523,('$'
,1'8675,$//RVFRORPELDQRV\ORVH[WUDQMHURVGRPLFLOLDGRVHQ&RORPELDSRGUjQVROLFLWDUGHODVFRUUHVSRQGLHQWHVDXWRULGDGHVMXGLFLDOHVR
DGPLQLVWUDWLYDVODDSOLFDFLnQGHWRGDYHQWDMDTXHUHVXOWHGHXQDFRQYHQFLnQVXVFULWD\UDWLqFDGDSRU&RORPELDHQPDWHULDGHSURSLHGDG
LQGXVWULDO
$57f&8/2&21&(6,21(648(5(48,(5(1,16&5,3&,h1(1/$2),&,1$'(5(*,6752'(3523,('$',1'8675,$/3DUDTXHVXUWDQHIHFWRV
IUHQWHDWHUFHURV\VLQSHUMXLFLRGHORGLVSXHVWRVREUHUHJLVWURGHFRPHUFLRGHEHUjQLQVFULELUVHHQODRqFLQDGH3URSLHGDG,QGXVWULDOODV
FRQFHVLRQHVGHSDWHQWHVPRGHORV\GLEXMRVPDUFDVQRPEUHVHQVHmDVFHVLRQHVWUDQVPLVLRQHVFDPELRGHQRPEUHRGRPLFLOLRGHOWLWXODU
UHQXQFLDVOLFHQFLDVUHJODPHQWRGHFRPXQLGDG\GHOHPSOHRGHODPDUFDFROHFWLYD
$57f&8/2&(6,h1'(/26'(5(&+26,1+(5(17(6$/$3523,('$',1'8675,$/6DOYRORSUHYLVWRHQHVWH7lWXORORVGHUHFKRVLQKHUHQWHVD
ODSURSLHGDGLQGXVWULDOSRGUjQFHGHUVH
$57f&8/2'(5(&+2$/*2%,(5123$5$5(*/$0(17$51250$662%5(3523,('$',1'8675,$/(OJRELHUQRSRGUjUHJODPHQWDUODV
QRUPDVGHHVWH7lWXOR
7f78/2,,,
'(/267f78/269$/25(6
&$3f78/2,
*(1(5$/,'$'(6
$57f&8/2'(),1,&,h1<&/$6,),&$&,h1'(/267f78/269$/25(6/RVWlWXORVYDORUHVVRQGRFXPHQWRVQHFHVDULRVSDUDOHJLWLPDUHO
HMHUFLFLRGHOGHUHFKROLWHUDO\DXWnQRPRTXHHQHOORVVHLQFRUSRUD3XHGHQVHUGHFRQWHQLGRFUHGLWLFLRFRUSRUDWLYRVRGHSDUWLFLSDFLnQ\GH
WUDGLFLnQRUHSUHVHQWDWLYRVGHPHUFDQFlDV
$57f&8/29$/,'(=,03/f&,7$'(/267f78/269$/25(6/RVGRFXPHQWRV\ORVDFWRVDTXHVHUHqHUHHVWH7lWXORVnORSURGXFLUjQORVHIHFWRV
HQkOSUHYLVWRVFXDQGRFRQWHQJDQODVPHQFLRQHV\OOHQHQORVUHTXLVLWRVTXHODOH\VHmDOHVDOYRTXHHOODORVSUHVXPD
/DRPLVLnQGHWDOHVPHQFLRQHV\UHTXLVLWRVQRDIHFWDHOQHJRFLRMXUlGLFRTXHGLRRULJHQDOGRFXPHQWRRDODFWR
$57f&8/25(48,6,7263$5$/267f78/269$/25(6$GHPjVGHORGLVSXHVWRSDUDFDGDWlWXORYDORUHQSDUWLFXODUORVWlWXORVYDORUHVGHEHUjQ
OOHQDUORVUHTXLVLWRVVLJXLHQWHV
/DPHQFLnQGHOGHUHFKRTXHHQHOWlWXORVHLQFRUSRUD\
/DqUPDGHTXLkQORFUHD
/DqUPDSRGUjVXVWLWXLUVHEDMRODUHVSRQVDELOLGDGGHOFUHDGRUGHOWlWXORSRUXQVLJQRRFRQWUDVHmDTXHSXHGHVHUPHFjQLFDPHQWHLPSXHVWR
6LQRVHPHQFLRQDHOOXJDUGHFXPSOLPLHQWRRHMHUFLFLRGHOGHUHFKRORVHUjHOGHOGRPLFLOLRGHOFUHDGRUGHOWlWXOR\VLWXYLHUHYDULRVHQWUHHOORV
SRGUjHOHJLUHOWHQHGRUTXLHQWHQGUjLJXDOPHQWHGHUHFKRGHHOHFFLnQVLHOWlWXORVHmDODYDULRVOXJDUHVGHFXPSOLPLHQWRRGHHMHUFLFLR6LQ
HPEDUJRFXDQGRHOWlWXORVHDUHSUHVHQWDWLYRGHPHUFDGHUlDVWDPELkQSRGUjHMHUFHUVHODDFFLnQGHULYDGDGHOPLVPRHQHOOXJDUHQTXHkVWDV
GHEDQVHUHQWUHJDGDV
6LQRVHPHQFLRQDODIHFKD\HOOXJDUGHFUHDFLnQGHOWlWXORVHWHQGUjQFRPRWDOHVODIHFKD\HOOXJDUGHVXHQWUHJD
$57f&8/2//(12'((63$&,26(1%/$1&2<7f78/26(1%/$1&29$/,'(=6LHQHOWlWXORVHGHMDQHVSDFLRVHQEODQFRFXDOTXLHUWHQHGRU
OHJlWLPRSRGUjOOHQDUORVFRQIRUPHDODVLQVWUXFFLRQHVGHOVXVFULSWRUTXHORVKD\DGHMDGRDQWHVGHSUHVHQWDUHOWlWXORSDUDHOHMHUFLFLRGHOGHUHFKR
TXHHQkOVHLQFRUSRUD
8QDqUPDSXHVWDVREUHXQSDSHOHQEODQFRHQWUHJDGRSRUHOqUPDQWHSDUDFRQYHUWLUORHQXQWlWXORYDORUGDUjDOWHQHGRUHOGHUHFKRGHOOHQDUOR
3DUDTXHHOWlWXORXQDYH]FRPSOHWDGRSXHGDKDFHUVHYDOHUFRQWUDFXDOTXLHUDGHORVTXHHQkOKDQLQWHUYHQLGRDQWHVGHFRPSOHWDUVHGHEHUjVHU
OOHQDGRHVWULFWDPHQWHGHDFXHUGRFRQODDXWRUL]DFLnQGDGDSDUDHOOR
6LXQWlWXORGHHVWDFODVHHVQHJRFLDGRGHVSXkVGHOOHQDGRDIDYRUGHXQWHQHGRUGHEXHQDIHH[HQWDGHFXOSDVHUjYjOLGR\HIHFWLYRSDUDGLFKR
WHQHGRU\kVWHSRGUjKDFHUORYDOHUFRPRVLVHKXELHUDOOHQDGRGHDFXHUGRFRQODVDXWRUL]DFLRQHVGDGDV
$57f&8/2',)(5(1&,$6(1(/7f78/2'(/,03257((6&5,72(1&,)5$6<(13$/$%5$6$3$5,&,h1'(9$5,$6&,)5$66LHOLPSRUWHGHO
WlWXORDSDUHFHHVFULWRDODYH]HQSDODEUDV\HQFLIUDVYDOGUjHQFDVRGHGLIHUHQFLDODVXPDHVFULWDHQSDODEUDV6LDSDUHFHQGLYHUVDVFDQWLGDGHV
HQFLIUDV\HQSDODEUDV\ODGLIHUHQFLDIXHUHUHODWLYDDODREOLJDFLnQGHXQDPLVPDSDUWHYDOGUjODVXPDPHQRUH[SUHVDGDHQSDODEUDV
$57f&8/2'(5(&+262%5(7f78/29$/25(OHMHUFLFLRGHOGHUHFKRFRQVLJQDGRHQXQWlWXORYDORUUHTXLHUHODH[KLELFLnQGHOPLVPR6LHO
WlWXORHVSDJDGRGHEHUjVHUHQWUHJDGRDTXLHQORSDJXHVDOYRTXHHOSDJRVHDSDUFLDORVnORGHORVGHUHFKRVDFFHVRULRV(QHVWRVVXSXHVWRVHO
WHQHGRUDQRWDUjHOSDJRSDUFLDOHQHOWlWXOR\H[WHQGHUjSRUVHSDUDGRHOUHFLERFRUUHVSRQGLHQWH(QFDVRGHSDJRSDUFLDOHOWlWXORFRQVHUYDUjVX
HqFDFLDSRUODSDUWHQRSDJDGD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2(),&$&,$'(/$2%/,*$&,h1&$0%,$5,$7RGDREOLJDFLnQFDPELDULDGHULYDVXHqFDFLDGHXQDqUPDSXHVWDHQXQWlWXORYDORU\GH
VXHQWUHJDFRQODLQWHQFLnQGHKDFHUORQHJRFLDEOHFRQIRUPHDODOH\GHVXFLUFXODFLnQ
&XDQGRHOWlWXORVHKDOOHHQSRGHUGHSHUVRQDGLVWLQWDGHOVXVFULSWRUVHSUHVXPLUjWDOHQWUHJD
$57f&8/22%/,*$725,('$''(/7(125/,7(5$/'(817f78/29$/25(OVXVFULSWRUGHXQWlWXORTXHGDUjREOLJDGRFRQIRUPHDOWHQRUOLWHUDO
GHOPLVPRDPHQRVTXHqUPHFRQVDOYHGDGHVFRPSDWLEOHVFRQVXHVHQFLD
$57f&8/22%/,*$725,('$'$87h120$'(72'2686&5,3725'(817f78/29$/257RGRVXVFULSWRUGHXQWlWXORYDORUVHREOLJDUj
DXWnQRPDPHQWH/DVFLUFXQVWDQFLDVTXHLQYDOLGHQODREOLJDFLnQGHDOJXQRRDOJXQRVGHORVVLJQDWDULRVQRDIHFWDUjQODVREOLJDFLRQHVGHORV
GHPjV
$57f&8/2'(5(&+2662%5(/$75$16)(5(1&,$'(817f78/29$/25/DWUDQVIHUHQFLDGHXQWlWXORLPSOLFDQRVnORODGHOGHUHFKR
SULQFLSDOLQFRUSRUDGRVLQRWDPELkQODGHORVGHUHFKRVDFFHVRULRV
$57f&8/2&216(&8(1&,$6325$)(&7$&,21(6$817f78/29$/25/DUHLYLQGLFDFLnQHOVHFXHVWURRFXDOHVTXLHUDRWUDVDIHFWDFLRQHVR
JUDYjPHQHVVREUHORVGHUHFKRVFRQVLJQDGRVHQXQWlWXORYDORURVREUHODVPHUFDQFlDVSRUkOUHSUHVHQWDGDVQRVXUWLUjQHIHFWRVVLQR
FRPSUHQGHQHOWlWXORPLVPRPDWHULDOPHQWH
$57f&8/2352+,%,&,21(6$/7(125'(&$0%,2(1/$)250$'(&,5&8/$&,h1'(817f78/29$/25(OWHQHGRUGHXQWlWXORYDORUQR
SRGUjFDPELDUVXIRUPDGHFLUFXODFLnQVLQFRQVHQWLPLHQWRGHOFUHDGRUGHOWlWXOR
$57f&8/22%/,*$&,21(6(1&$62'($/7(5$&,h1'(/7(;72'(817f78/29$/25(QFDVRGHDOWHUDFLnQGHOWH[WRGHXQWlWXORYDORU
ORVVLJQDWDULRVDQWHULRUHVVHREOLJDQFRQIRUPHDOWH[WRRULJLQDO\ORVSRVWHULRUHVFRQIRUPHDODOWHUDGR6HSUHVXPHVDOYRSUXHEDHQFRQWUDULR
TXHODVXVFULSFLnQRFXUULnDQWHVGHODDOWHUDFLnQ
$57f&8/2686&5,3&,h1'(817f78/29$/25325'2620$63(5621$6(1(/0,602*5$'22%/,*$&,21(6<'(5(&+26&XDQGRGRV
RPjVSHUVRQDVVXVFULEDQXQWlWXORYDORUHQXQPLVPRJUDGRFRPRJLUDGRUHVRWRUJDQWHVDFHSWDQWHVHQGRVDQWHVDYDOLVWDVVHREOLJDUj
VROLGDULDPHQWH(OSDJRGHOWlWXORSRUXQRGHORVVLJQDWDULRVVROLGDULRVQRFRQqHUHDTXLHQSDJDUHVSHFWRGHORVGHPjVFRREOLJDGRVVLQRORV
GHUHFKRV\DFFLRQHVTXHFRPSHWHQDOGHXGRUVROLGDULRFRQWUDkVWRVVLQSHUMXLFLRGHODVDFFLRQHVFDPELDULDVFRQWUDODVRWUDVSDUWHV
$57f&8/2*$5$17f$0(',$17($9$/0HGLDQWHHODYDOVHJDUDQWL]DHQWRGRRHQSDUWHHOSDJRGHXQWlWXORYDORU
$57f&8/22725*$0,(172'($9$/(ODYDOSRGUjFRQVWDUHQHOWlWXORPLVPRRHQKRMDDGKHULGDDkO3RGUjWDPELkQRWRUJDUVHSRUHVFULWR
VHSDUDGRHQTXHVHLGHQWLqTXHSOHQDPHQWHHOWlWXORFX\RSDJRWRWDORSDUFLDOVHJDUDQWL]D6HH[SUHVDUjFRQODIRUPXODSRUDYDOXRWUD
HTXLYDOHQWH\GHEHUjOOHYDUODqUPDGHTXLHQORSUHVWD
/DVRODqUPDSXHVWDHQHOWlWXORFXDQGRQRVHOHSXHGDDWULEXLURWUDVLJQLqFDFLnQVHWHQGUjFRPRqUPDGHDYDOLVWD&XDQGRHODYDOVHRWRUJXHHQ
GRFXPHQWRVHSDUDGRGHOWlWXORODQHJRFLDFLnQGHkVWHLPSOLFDUjODWUDQVIHUHQFLDGHODJDUDQWlDTXHVXUJHGHDTXkO
$57f&8/202172'($*$5$17f$'(/$9$/$IDOWDGHPHQFLnQGHFDQWLGDGHODYDOJDUDQWL]DHOLPSRUWHWRWDOGHOWlWXOR
$57f&8/22%/,*$&,21(6'(/$9$/,67$(ODYDOLVWDTXHGDUjREOLJDGRHQORVWkUPLQRVTXHFRUUHVSRQGHUlDQIRUPDOPHQWHDODYDODGR\VX
REOLJDFLnQVHUjYjOLGDDXQFXDQGRODGHHVWHoOWLPRQRORVHD
$57f&8/2,1',&$&,h1'(/$3(5621$48(6((67$$9$/$1'2(QHODYDOGHEHLQGLFDUVHODSHUVRQDDYDODGD$IDOWDGHLQGLFDFLnQ
TXHGDUjQJDUDQWL]DGDVODVREOLJDFLRQHVGHWRGDVODVSDUWHVHQHOWlWXOR
$57f&8/2'(5(&+26$'48,5,'26325(/$9$/,67$48(3$*$(/7f78/2(ODYDOLVWDTXHSDJXHDGTXLHUHORVGHUHFKRVGHULYDGRVGHO
WlWXORYDORUFRQWUDODSHUVRQDJDUDQWL]DGD\FRQWUDORVTXHVHDQUHVSRQVDEOHVUHVSHFWRGHHVWDoOWLPDSRUYLUWXGGHOWlWXOR$57f&8/2
2%/,*$&,21(6(1/$686&5,3&,h1'(817f78/26,1&2175$35(67$&,h1&$0%,$5,$&XDQGRXQDSDUWHDVDELHQGDVVXVFULEDXQWlWXORVLQ
TXHH[LVWDFRQWUDSUHVWDFLnQFDPELDULDDODVREOLJDFLRQHVTXHDGTXLHUHODVSDUWHVHQFX\RIDYRUDTXHOODSUHVWnVXqUPDTXHGDUjQREOLJDGDVSDUD
FRQHOVXVFULSWRUSRUORTXHkVWHSDJXH\QRSRGUjQHMHUFLWDUFRQWUDkOODVDFFLRQHVGHULYDGDVGHOWlWXOR
(QQLQJoQFDVRHOVXVFULSWRUGHTXHWUDWDHOLQFLVRDQWHULRUSRGUjRSRQHUODH[FHSFLnQGHIDOWDGHFDXVDRQHURVDFRQWUDFXDOTXLHUWHQHGRUGHO
LQVWUXPHQWRTXHKD\DGDGRSRUHVWHXQDFRQWUDSUHVWDFLnQDXQTXHWDOKHFKRVHDFRQRFLGRSRUHODGTXLUHQWHDOWLHPSRGHUHFLELUHOLQVWUXPHQWR
$57f&8/25(48,6,7263$5$(/686&5,3725'(7f78/2(1&$/,'$''(5(35(6(17$17(20$1'$7$5,2&XDQGRHOVXVFULSWRUGHXQWlWXOR
REUHFRPRUHSUHVHQWDQWHPDQGDWDULRXRWUDFDOLGDGVLPLODUGHEHUjDFUHGLWDUOD
/DUHSUHVHQWDFLnQSDUDVXVFULELUSRURWURXQWlWXORYDORUSRGUjFRQIHULUVHPHGLDQWHSRGHUJHQHUDORSRGHUHVSHFLDOTXHFRQVWHSRUHVFULWR
1RREVWDQWHTXLHQKD\DGDGROXJDUFRQKHFKRVSRVLWLYRVRFRQRPLVLRQHVJUDYHVDTXHVHFUHDFRQIRUPHDORVXVRVGHOFRPHUFLRTXHXQ
WHUFHURHVWjDXWRUL]DGRSDUDVXVFULELUWlWXORVHQVXQRPEUHQRSRGUjRSRQHUODH[FHSFLnQGHIDOWDGHUHSUHVHQWDFLnQHQHOVXVFULSWRU
$57f&8/2686&5,3&,h1'(7f78/260(',$17(5(35(6(17$17(/(*$/2325)$&725(6/RVUHSUHVHQWDQWHVOHJDOHVGHVRFLHGDGHV\ORV
IDFWRUHVVHUHSXWDUjQDXWRUL]DGRVSRUHOVRORKHFKRGHVXQRPEUDPLHQWRSDUDVXVFULELUWlWXORVYDORUHVDQRPEUHGHODVHQWLGDGHVTXH
DGPLQLVWUHQ
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2686&5,3&,h1'(817f78/29$/25$)$925'(27526,132'(54XLHQVXVFULEHXQWlWXORYDORUDQRPEUHGHRWURVLQSRGHU
SDUDKDFHUORVHREOLJDUjSHUVRQDOPHQWHFRPRVLKXELHUDREUDGRHQQRPEUHSURSLR
/DUDWLqFDFLnQH[SUHVDRWjFLWDGHODVXVFULSFLnQWUDQVIHULUjDTXLHQODKDFHODVREOLJDFLRQHVGHOVXVFULSWRUDSDUWLUGHODIHFKDGHODVXVFULSFLnQ
6HUjWjFLWDODUDWLqFDFLnQTXHUHVXOWHGHDFWRVTXHQHFHVDULDPHQWHDFHSWHQODqUPDRVXVFRQVHFXHQFLDV/DUDWLqFDFLnQH[SUHVDSRGUjKDFHUVH
HQHOWlWXORRVHSDUDGDPHQWH
$57f&8/2(0,6,h1275$16)(5(1&,$'(7f78/29$/25'(&217(1,'2&5(',7,&,2/DHPLVLnQRWUDQVIHUHQFLDGHXQWlWXORYDORUGH
FRQWHQLGRFUHGLWLFLRQRSURGXFLUjVDOYRTXHDSDUH]FDGHPRGRLQHTXlYRFRLQWHQFLnQHQFRQWUDULRGHODVSDUWHVH[WLQFLnQGHODUHODFLnQTXHGLR
OXJDUDWDOHPLVLnQRWUDQVIHUHQFLD
/DDFFLnQFDXVDOSRGUjHMHUFLWDUVHGHFRQIRUPLGDGFRQHODUWlFXOR
$57f&8/2'(5(&+26'(/7(1('25/(*,7,02'(7f78/265(35(6(17$7,926'(0(5&$1&f$6/RVWlWXORVUHSUHVHQWDWLYRVGHPHUFDQFlDV
DWULEXLUjQDVXWHQHGRUOHJlWLPRHOGHUHFKRH[FOXVLYRGHGLVSRQHUGHODVPHUFDQFlDVTXHHQHOORVVHHVSHFLqTXHQ
7DPELkQOHGDUjQGHUHFKRHQFDVRGHUHFKD]RGHOWlWXORSRUHOSULQFLSDOREOLJDGRDHMHUFLWDUODDFFLnQGHUHJUHVRSRUHOYDORUTXHHQHOWlWXORVH
qMnDODVPHUFDQFlDV
$57f&8/2'2&80(17261268-(726$1250$662%5(7f78/269$/25(6/DVGLVSRVLFLRQHVGHHVWH7lWXORQRVHDSOLFDUjQDORVEROHWRV
qFKDVFRQWUDVHmDVXRWURVGRFXPHQWRVTXHQRHVWkQGHVWLQDGRVDFLUFXODU\TXHVLUYDQH[FOXVLYDPHQWHSDUDLGHQWLqFDUDTXLHQWLHQHGHUHFKR
SDUDH[LJLUODSUHVWDFLnQFRUUHVSRQGLHQWH
$57f&8/27f78/29$/25&5($'2(1(/(;75$1-(52/RVWlWXORVFUHDGRVHQHOH[WUDQMHURWHQGUjQODFRQVLGHUDFLnQGHWlWXORVYDORUHVVL
OOHQDQORVUHTXLVLWRVPlQLPRVHVWDEOHFLGRVHQODOH\TXHULJLnVXFUHDFLnQ
$57f&8/2'(),1,&,h1'(7(1('25'(7f78/29$/256HFRQVLGHUDUjWHQHGRUOHJlWLPRGHOWlWXORDTXLHQORSRVHDFRQIRUPHDVXOH\GH
FLUFXODFLnQ
&$3f78/2,,
7f78/26120,1$7,926
$57f&8/2&$5$&7(5f67,&$6'(/267f78/26120,1$7,926(OWlWXORYDORUVHUjQRPLQDWLYRFXDQGRHQkORHQODQRUPDTXHULJHVX
FUHDFLnQVHH[LMDODLQVFULSFLnQGHOWHQHGRUHQHOUHJLVWURTXHOOHYDUjHOFUHDGRUGHOWlWXOR6RORVHUjUHFRQRFLGRFRPRWHQHGRUOHJlWLPRTXLHQ
qJXUHDODYH]HQHOWH[WRGHOGRFXPHQWR\HQHOUHJLVWURGHkVWH
/DWUDQVIHUHQFLDGHXQWlWXORQRPLQDWLYRSRUHQGRVRGDUjGHUHFKRDODGTXLUHQWHSDUDREWHQHUODLQVFULSFLnQGHTXHWUDWDHVWHDUWlFXOR
$57f&8/2$87(17,&$&,h1'(),50$'(/75$160,625'(7f78/26120,1$7,926(OFUHDGRUGHOWlWXORSRGUjH[LJLUTXHODqUPDGHO
WUDQVPLVRUVHDXWHQWLTXH
$57f&8/25(*,6752'(75$160,6,h1'(7f78/26120,1$7,9266DOYRMXVWDFDXVDHOFUHDGRUGHOWlWXORQRSRGUjQHJDUODDQRWDFLnQHQVX
UHJLVWURGHODWUDQVPLVLnQGHOGRFXPHQWR
/DSHUVRQDDTXLHQVHOHKD\DWUDQVIHULGRXQWlWXORQRPLQDWLYRSRGUjDFXGLUHO-XH]SDUDTXHKDJDODDQRWDFLnQGHODWUDQVIHUHQFLDHQHO
UHVSHFWLYRUHJLVWURVLHOFUHDGRUGHOWlWXORVHQHJDUHDKDFHUOD
&$3f78/2,,,
7f78/26$/$25'(1
$57f&8/2&$5$&7(5f67,&$6'(/267f78/26$/$25'(1/RVWlWXORVYDORUHVH[SHGLGRVDIDYRUGHGHWHUPLQDGDSHUVRQDHQORVFXDOHVVH
DJUHJXHODFOjXVXODDODRUGHQRVHH[SUHVHTXHVRQWUDQVIHULEOHVSRUHQGRVRRVHGLJDTXHVRQQHJRFLDEOHVRVHLQGLTXHVXGHQRPLQDFLnQ
HVSHFlqFDGHWlWXORYDORUVHUjQDODRUGHQ\VHWUDQVPLWLUjQSRUHQGRVR\HQWUHJDGHOWlWXORVLQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXOR
$57f&8/275$16)(5(1&,$'(7f78/2$/$25'(13250(',2',)(5(17($/(1'262/DWUDQVIHUHQFLDGHXQWlWXORDODRUGHQSRUPHGLR
GLYHUVRGHOHQGRVRVXEURJDDODGTXLUHQWHHQWRGRVORVGHUHFKRVTXHHOWlWXORFRQqHUDSHURORVXMHWDDWRGDVODVH[FHSFLRQHVTXHVHKXELHUDQ
SRGLGRRSRQHUDOHQDMHQDQWH
$57f&8/2&2167$1&,$'(75$16)(5(1&,$'(7f78/2$/$25'(13250(',2',)(5(17($/(1'2624XLkQMXVWLqTXHTXHVHOHKD
WUDQVIHULGRXQWlWXORDODRUGHQSRUPHGLRGLVWLQWRGHOHQGRVRSRGUjH[LJLUTXHHOMXH]HQYlDGHMXULVGLFFLnQYROXQWDULDKDJDFRQVWDUOD
WUDQVIHUHQFLDHQHOWlWXORRHQXQDKRMDDGKHULGDDkO
/DFRQVWDQFLDTXHSRQJDHOMXH]HQHOWlWXORVHWHQGUjFRPRHQGRVR
$57f&8/2(1'262(1%/$1&2(1'262$/3257$'25'(7f78/2$/$25'(1(OHQGRVRSXHGHKDFHUVHHQEODQFRFRQODVRODqUPDGHO
HQGRVDQWH(QHVWHFDVRHOWHQHGRUGHEHUjOOHQDUHOHQGRVRHQEODQFRFRQVXQRPEUHRHOGHXQWHUFHURDQWHVGHSUHVHQWDUHOWlWXORSDUDHO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
HMHUFLFLRGHOGHUHFKRTXHHQkOVHLQFRUSRUD
&XDQGRHOHQGRVRH[SUHVHHOQRPEUHGHOHQGRVDWDULRVHUjQHFHVDULRHOHQGRVRGHkVWHSDUDWUDQVIHULUOHJlWLPDPHQWHHOWlWXOR
(OHQGRVRDOSRUWDGRUSURGXFLUjHIHFWRVGHHQGRVRHQEODQFR
/DIDOWDGHqUPDKDUjHOHQGRVRLQH[LVWHQWH
$57f&8/2,19$/,'(='(/(1'262&21',&,21$'2<3$5&,$/(1817f78/2$/$25'(1(OHQGRVRGHEHVHUSXUR\VLPSOH7RGD
FRQGLFLnQVHWHQGUjSRUQRSXHVWD(OHQGRVRSDUFLDOVHWHQGUjSRUQRHVFULWR
$57f&8/2&/$6(6'((1'2626'(817f78/2$/$25'(1(OHQGRVRSXHGHKDFHUVHHQSURSLHGDGHQSURFXUDFLnQRHQJDUDQWlD
$57f&8/25(63216$%,/,'$''(/(1'26$17(/,%(5$&,h1'(/$2%/,*$&,h1&$0%,$5,$(1817f78/2$/$25'(1(OHQGRVDQWH
FRQWUDHUjREOLJDFLnQDXWnQRPDIUHQWHDWRGRVORVWHQHGRUHVSRVWHULRUHVDkOSHURSRGUjOLEHUDUVHGHVXREOLJDFLnQFDPELDULDPHGLDQWHOD
FOjXVXODVLQPLUHVSRQVDELOLGDGXRWUDHTXLYDOHQWHDJUHJDGDDOHQGRVR
$57f&8/2(1'2626(1352&85$&,h12$/&2%52'(5(&+26<2%/,*$&,21(6'(/(1'26$7$5,23(5,2'2'('85$&,h1
5(92&$&,h1(OHQGRVRTXHFRQWHQJDODFOjXVXODHQSURFXUDFLnQDOFREURXRWUDHTXLYDOHQWHQRWUDQVqHUHODSURSLHGDGSHURIDFXOWDDO
HQGRVDWDULRSDUDSUHVHQWDUHOGRFXPHQWRDODDFHSWDFLnQSDUDFREUDUORMXGLFLDORH[WUDMXGLFLDOPHQWHSDUDHQGRVDUORHQSURFXUDFLnQ\SDUD
SURWHVWDUOR(OHQGRVDWDULRWHQGUjORVGHUHFKRV\REOLJDFLRQHV^GHXQUHSUHVHQWDQWH`LQFOXVRORVTXHUHTXLHUHQFOjXVXODHVSHFLDOVDOYRHOGH
WUDQVIHUHQFLDGHOGRPLQLR/DUHSUHVHQWDFLnQFRQWHQLGDHQHOHQGRVRQRWHUPLQDFRQODPXHUWHRLQFDSDFLGDGGHOHQGRVDQWHSHURkVWHSXHGH
UHYRFDUOD
(OHQGRVDQWHTXHUHYRTXHODUHSUHVHQWDFLnQFRQWHQLGDHQHOHQGRVRGHEHUjSRQHUHQFRQRFLPLHQWRGHOGHXGRUODUHYRFDWRULDFXDQGRkVWDQR
FRQVWHHQHOWlWXORRHQXQSURFHVRMXGLFLDOHQTXHVHSUHWHQGDKDFHUHIHFWLYRGLFKRWlWXOR
6HUjYjOLGRHOSDJRTXHHIHFWoHHOGHXGRUDOHQGRVDWDULRLJQRUDQGRODUHYRFDFLnQGHOSRGHU
$57f&8/2&$5$&7(5f67,&$6'(/(1'262(1*$5$17f$(1817f78/2$/$25'(1&/d868/$6(OHQGRVRHQJDUDQWlDVHRWRUJDUjFRQ
ODVFOjXVXODVHQJDUDQWlDHQSUHQGDXRWUDHTXLYDOHQWH&RQVWLWXLUjXQGHUHFKRSUHQGDULRVREUHHOWlWXOR\FRQIHULUjDOHQGRVDWDULRDGHPjV
GHVXVGHUHFKRVGHDFUHHGRUSUHQGDULRODVIDFXOWDGHVTXHFRQqHUHHOHQGRVRHQSURFXUDFLnQ
1RSRGUjQRSRQHUVHDOHQGRVDWDULRHQJDUDQWlDODVH[FHSFLRQHVSHUVRQDOHVTXHVHKXELHUDQSRGLGRRSRQHUDWHQHGRUHVDQWHULRUHV
$57f&8/220,6,h1'(/$)(&+$(1(/(1'262'(817f78/2$/$25'(1&XDQGRHQHOHQGRVRVHRPLWDODIHFKDVHSUHVXPLUjTXHHO
WlWXORIXHHQGRVDGRHOGlDHQTXHHOHQGRVDQWHKL]RHQWUHJDGHOPLVPRDOHQGRVDWDULR
(OHQGRVRSRVWHULRUDOYHQFLPLHQWRGHOWlWXORSURGXFLUjORVHIHFWRVGHXQDFHVLnQRUGLQDULD
$57f&8/2/(*,7,0$&,h1'(/7(1('25'(817f78/2$/$25'(13DUDTXHHOWHQHGRUGHXQWlWXORDODRUGHQSXHGDOHJLWLPDUVHODFDGHQD
GHHQGRVRVGHEHUjVHULQLQWHUUXPSLGD
$57f&8/2(/2%/,*$'2</26(1'2626(1(/7f78/2$/$25'(1(OREOLJDGRQRSRGUjH[LJLUTXHVHOHFRPSUXHEHODDXWHQWLFLGDGGHORV
HQGRVRVSHURGHEHUjLGHQWLqFDUDOoOWLPRWHQHGRU\YHULqFDUODFRQWLQXLGDGGHORVHQGRVRV
$57f&8/2$&5(',7$&,h1'(/$&$/,'$''(/(1'26$17(48(2%5$(1120%5('(2752(1817f78/2$/$25'(1&XDQGRHO
HQGRVDQWHGHXQWlWXORREUHHQFDOLGDGGHUHSUHVHQWDQWHPDQGDWDULRXRWUDVLPLODUGHEHUjDFUHGLWDUVHWDOFDOLGDG
$57f&8/2&2%52'(7f78/2$/$25'(1325%$1&263$5$$%212(1&8(17$'(/7(1('25/RVEDQFRVTXHUHFLEDQWlWXORVSDUDDERQR
HQFXHQWDGHOWHQHGRUTXHORVHQWUHJXHSRGUjQFREUDUGLFKRVWlWXORVDXQFXDQGRQRHVWkQHQGRVDGRVDVXIDYRU/RVEDQFRVHQHVWRVFDVRV
GHEHUjQDQRWDUHQHOWlWXORODFDOLGDGFRQTXHDFWoDQ\qUPDUUHFLERHQHOSURSLRWlWXORRHQKRMDDGKHULGD
$57f&8/2(1'2626(175(%$1&26'(7f78/26$/$25'(1/RVHQGRVRVHQWUHEDQFRVSRGUjQKDFHUVHFRQHOVLPSOHVHOORGHOHQGRVDQWH
$57f&8/275$16)(5(1&,$'(7f78/26$/$25'(13255(&,%2'(/,03257(/RVWlWXORVYDORUHVSRGUjQWUDQVIHULUVHDDOJXQRGHORV
REOLJDGRVSRUHOUHFLERGHOLPSRUWHGHOWlWXORH[WHQGLGRHQHOPLVPRGRFXPHQWRRHQKRMDDGKHULGDDkO/DWUDQVIHUHQFLDSRUUHFLERSURGXFLUj
HIHFWRVGHHQGRVRVLQUHVSRQVDELOLGDG
$57f&8/2(1'26263267(5,25(6$/'(/7(1('25'(817f78/2$/$25'(1(OWHQHGRUGHXQWlWXORYDORUSRGUjWDFKDUORVHQGRVRV
SRVWHULRUHVDDTXHOHQTXHkOVHDHQGRVDWDULRRHQGRVDUHOWlWXORVLQWDFKDUGLFKRVHQGRVRV
&$3f78/2,9
7f78/26$/3257$'25
$57f&8/2'(),1,&,h1'(7f78/26$/3257$'2575$',&,h1'(7f78/26$/3257$'256RQWlWXORVDOSRUWDGRUORVTXHQRVHH[SLGDQD
IDYRUGHSHUVRQDGHWHUPLQDGDDXQTXHQRLQFOX\DQODFOjXVXODDOSRUWDGRU\ORVTXHFRQWHQJDQGLFKDFOjXVXOD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
/DVLPSOHH[KLELFLnQGHOWlWXOROHJLWLPDUjDOSRUWDGRU\VXWUDGLFLnQVHSURGXFLUjSRUODVRODHQWUHJD
$57f&8/2(;3(',&,h1'(7f78/26$/3257$'25325$8725,=$&,h1(;35(6$'(/$/(</RVWlWXORVDOSRUWDGRUVnORSRGUjQH[SHGLUVHHQ
ORVFDVRVH[SUHVDPHQWHDXWRUL]DGRVSRUODOH\
$57f&8/27f78/26&5($'26(1&2175$9(1&,h1$/2',638(672325/(</RVWlWXORVFUHDGRVHQFRQWUDYHQFLnQDORGLVSXHVWRHQHO
DUWlFXORDQWHULRUQRSURGXFLUjQHIHFWRVFRPRWlWXORVYDORUHV
&$3f78/29
',67,17$6(63(&,(6'(7f78/269$/25(6
6(&&,h1,
/(75$'(&$0%,2
68%6(&&,h1,
&5($&,h1<)250$'(/$/(75$'(&$0%,2
$57f&8/2&217(1,'2'(/$/(75$'(&$0%,2$GHPjVGHORGLVSXHVWRHQHODUWlFXORODOHWUDGHFDPELRGHEHUjFRQWHQHU
/DRUGHQLQFRQGLFLRQDOGHSDJDUXQDVXPDGHWHUPLQDGDGHGLQHUR
(OQRPEUHGHOJLUDGR
/DIRUPDGHOYHQFLPLHQWR\
/DLQGLFDFLnQGHVHUSDJDGHUDDODRUGHQRDOSRUWDGRU
$57f&8/2)$&8/7$'3$5$48(/$/(75$'(&$0%,2&217(1*$&/d868/$'(,17(5e6<'(&$0%,2/DOHWUDGHFDPELRSRGUjFRQWHQHU
FOjXVXODVGHLQWHUHVHV\GHFDPELRDXQDWDVDqMDRFRUULHQWH
$57f&8/2326,%,/,'$'(6'(9(1&,0,(1726(1/$6/(75$6'(&$0%,2/DOHWUDGHFDPELRSXHGHVHUJLUDGD
$ODYLVWD
$XQGlDFLHUWRVHDGHWHUPLQDGRRQR
&RQYHQFLPLHQWRVFLHUWRVVXFHVLYRV\
$XQGlDFLHUWRGHVSXkVGHODIHFKDRGHODYLVWD
$57f&8/2,17(535(7$&,h1'(/$6(;35(6,21(635,1&,3,260(',$'262),1(6(1/269(1&,0,(1726'(/$6/(75$6'(&$0%,2
6LVHVHmDODUHHOYHQFLPLHQWRSDUDSULQFLSLRVPHGLDGRVRqQHVGHPHVVHHQWHQGHUjSRUHVWRVWkUPLQRVORVGlDVSULPHURTXLQFH\oOWLPRGHO
PHVFRUUHVSRQGLHQWH
$57f&8/2,17(535(7$&,h1'((;35(6,21(6'(7,(032(1/269(1&,0,(1726'(/$6/(75$6'(&$0%,2/DVH[SUHVLRQHVXQD
VHPDQDGRVVHPDQDVXQDTXLQFHQDRPHGLRPHVVHHQWHQGHUjQQRFRPRXQDRGRVVHPDQDVHQWHUDVVLQRFRPRSOD]RVGHRFKRRGH
TXLQFHGlDVFRPXQHVRVRODUHVUHVSHFWLYDPHQWH
$57f&8/2/(75$6'(&$0%,2*,5$'$$/$25'(1'(/0,602*,5$'25/DOHWUDGHFDPELRSXHGHJLUDUVHDODRUGHQRDFDUJRGHOPLVPR
JLUDGRU(QHVWHoOWLPRFDVRHOJLUDGRUTXHGDUjREOLJDGRFRPRDFHSWDQWH\VLODOHWUDIXHUHJLUDGDDFLHUWRWLHPSRYLVWDVXSUHVHQWDFLnQVnOR
WHQGUjHOHIHFWRGHqMDUODIHFKDGHVXYHQFLPLHQWR
$57f&8/2'20,&,/,23$5$(/3$*2'(/$/(75$'(&$0%,2(OJLUDGRUSXHGHVHmDODUFRPRGRPLFLOLRSDUDHOSDJRGHODOHWUDFXDOTXLHU
OXJDUGHWHUPLQDGRTXLHQDOOlSDJXHVHHQWHQGHUjTXHORKDFHSRUFXHQWDGHOSULQFLSDOREOLJDGR
$57f&8/25(63216$%,/,'$''(/*,5$'25'(81$/(75$'(&$0%,2(OJLUDGRUVHUjUHVSRQVDEOHGHODDFHSWDFLnQ\GHOSDJRGHODOHWUD
7RGDFOjXVXODTXHORH[LPDGHHVWDUHVSRQVDELOLGDGVHWHQGUjSRUQRHVFULWD
$57f&8/22%/,*$&,h1'(/7(1('25'(81$/(75$'(&$0%,248($&203$g(81'2&80(172&21,1',&$&,h1$/5(63(&72/D
LQVHUFLnQGHODVFOjXVXODVGRFXPHQWRVFRQWUDDFHSWDFLnQRGRFXPHQWRVFRQWUDSDJRRGHODVLQGLFDFLRQHV'DR'SHQHOWH[WRGHXQDOHWUD
GHFDPELRDODTXHVHDFRPSDmHQGRFXPHQWRVREOLJDUjDOWHQHGRUGHODOHWUDDQRHQWUHJDUORVGRFXPHQWRVVLQRPHGLDQWHODDFHSWDFLnQRHO
SDJRGHODOHWUD
68%6(&&,h1,,
$&(37$&,h1
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/23/$=23$5$/$$&(37$&,h1'(/(75$63$*$'(5$6$'f$&,(572'(638e6'(/$9,67$/DVOHWUDVSDJDGHUDVDGlDFLHUWR
GHVSXkVGHODYLVWDGHEHUjQSUHVHQWDUVHSDUDVXDFHSWDFLnQGHQWURGHODmRTXHVLJDDVXIHFKDDPHQRVTXHHOJLUDGRUDPSOlHGLFKRSOD]RR
SURKlEDVXSUHVHQWDFLnQDQWHVGHGHWHUPLQDGDkSRFD&XDOTXLHUDGHORVREOLJDGRVSRGUjUHGXFLUHOSOD]RFRQVLJQjQGRORDVlHQODOHWUD
$57f&8/23/$=23$5$/$$&(37$&,h1'(/$6/(75$6*,5$'$6$'f$&,(5722'f$&,(572'(638e6'(68)(&+$/DSUHVHQWDFLnQSDUD
ODDFHSWDFLnQGHODVOHWUDVJLUDGDVDGlDFLHUWRRDGlDFLHUWRGHVSXkVGHVXIHFKDVHUjSRWHVWDWLYDSHURHOJLUDGRUVLDVlORLQGLFDHQHOWlWXOR
SXHGHFRQYHUWLUODHQREOLJDWRULD\VHmDODUXQSOD]RSDUDTXHVHUHDOLFH(OJLUDGRUSXHGHDVLPLVPRSURKLELUODSUHVHQWDFLnQDQWHVGHXQDkSRFD
GHWHUPLQDGDVLORFRQVLJQDDVlHQODOHWUD&XDQGRVHDSRWHVWDWLYDODSUHVHQWDFLnQGHODOHWUDHOWHQHGRUSRGUjKDFHUODDPjVWDUGDUHOoOWLPR
GlDKjELODQWHULRUDOGHOYHQFLPLHQWR
$57f&8/2/8*$5'(35(6(17$&,h1'(/$/(75$'(&$0%,2/DOHWUDGHEHUjVHUSUHVHQWDGDSDUDVXDFHSWDFLnQHQHOOXJDU\ODGLUHFFLnQ
GHVLJQDGRVHQHOOD$IDOWDGHLQGLFDFLnQGHOXJDUODSUHVHQWDFLnQVHKDUjHQHOHVWDEOHFLPLHQWRRHQODUHVLGHQFLDGHOJLUDGR6LVHVHmDODUHQ
YDULRVOXJDUHVHOWHQHGRUSRGUjHVFRJHUFXDOTXLHUDGHHOORV
$57f&8/2'(6,*1$&,h1'(/8*$5'(3$*2',)(5(17($/'20,&,/,2'(/*,5$'25'(/$/(75$'(&$0%,26LHOJLUDGRULQGLFDXQOXJDU
GHSDJRGLVWLQWRDOGRPLFLOLRGHOJLUDGRDODFHSWDUkVWHGHEHUjLQGLFDUHOQRPEUHGHODSHUVRQDTXHKDEUjGHUHDOL]DUHOSDJR6LQRORLQGLFDUH
VHHQWHQGHUjTXHHODFHSWDQWHPLVPRTXHGDUjREOLJDGRDUHDOL]DUHOSDJRHQHOOXJDUGHVLJQDGR
$57f&8/2'(6,*1$&,h1'(',5(&&,h1'(3$*2(1(/'20,&,/,2'(/*,5$'25'(/$/(75$'(&$0%,26LODOHWUDHVSDJDGHUDHQHO
GRPLFLOLRGHOJLUDGRSRGUjkVWHDODFHSWDUODLQGLFDUXQDGLUHFFLnQGHQWURGHODPLVPDSOD]DSDUDTXHDKlVHOHSUHVHQWHODOHWUDSDUDVXSDJRD
PHQRVTXHHOJLUDGRUKD\DVHmDODGRH[SUHVDPHQWHXQDGLUHFFLnQGLVWLQWD
$57f&8/2&2167$1&,$'(/$$&(37$&,h1'(/$/(75$'(&$0%,2/DDFHSWDFLnQVHKDUjFRQVWDUHQODOHWUDPLVPDSRUPHGLRGHOD
SDODEUDDFHSWRXRWUDHTXLYDOHQWH\ODqUPDGHOJLUDGR/DVRODqUPDVHUjEDVWDQWHSDUDTXHODOHWUDVHWHQJDSRUDFHSWDGD
$57f&8/2,1',&$&,h1'()(&+$'($&(37$&,h1'(/$/(75$'(&$0%,2&$6266LODOHWUDHVSDJDGHUDDGlDFLHUWRGHVSXkVGHODYLVWD
RFXDQGRHQYLUWXGGHLQGLFDFLnQHVSHFLDOGHEDVHUSUHVHQWDGDGHQWURGHXQSOD]RGHWHUPLQDGRHODFHSWDQWHGHEHUjLQGLFDUODIHFKDHQTXH
DFHSWn\VLODRPLWLHUHSRGUjFRQVLJQDUODHOWHQHGRU
$57f&8/2,1&21',&,21$/,'$''(/$$&(37$&,h1'(/$/(75$'(&$0%,2/DDFHSWDFLnQGHEHUjVHULQFRQGLFLRQDOSHURSRGUjOLPLWDUVH
DFDQWLGDGPHQRUGHODH[SUHVDGDHQODOHWUD
&XDOTXLHUDRWUDPRGDOLGDGLQWURGXFLGDSRUHODFHSWDQWHHTXLYDOGUjDXQDQHJDWLYDGHDFHSWDFLnQSHURHOJLUDGRTXHGDUjREOLJDGRFRQIRUPHDO
GHUHFKRFRPoQHQORVWkUPLQRVGHODGHFODUDFLnQTXHKD\DVXVFULWR
$57f&8/2$&(37$&,h15(+86$'$'(/$/(75$'(&$0%,27$&+$'85$6HFRQVLGHUDUHKXVDGDODDFHSWDFLnQTXHHOJLUDGRWDFKHDQWHV
GHGHYROYHUODOHWUDDOWHQHGRU
$57f&8/2()(&726'(/$$&(37$&,h1'(/$/(75$'(&$0%,2/DDFHSWDFLnQFRQYLHUWHDODFHSWDQWHHQSULQFLSDOREOLJDGR(ODFHSWDQWH
TXHGDUjREOLJDGRFDPELDULDPHQWHDoQFRQHOJLUDGRU\FDUHFHUjGHDFFLnQFDPELDULDFRQWUDkVWH\FRQWUDORVGHPjVVLJQDWDULRVGHODOHWUD
VDOYRHQHOFDVRSUHYLVWRHQHODUWlFXOR
$57f&8/2+(&+2648(12$/7(5$1/$2%/,*$&,h1'(/$&(37$17((1/$/(75$'(&$0%,2/DREOLJDFLnQGHODFHSWDQWHQRVHDOWHUDUj
SRUTXLHEUDLQWHUGLFFLnQRPXHUWHGHOJLUDGRUDoQHQHOFDVRGHTXHKD\DDFRQWHFLGRDQWHVGHODDFHSWDFLnQ
68%6(&&,h1,,,
3$*2
$57f&8/235(6(17$&,h1'(/$/(75$'(&$0%,23$5$683$*2/DOHWUDGHFDPELRGHEHUjSUHVHQWDUVHSDUDVXSDJRHOGlDGHVX
YHQFLPLHQWRRGHQWURGHORVRFKRGlDVFRPXQHVVLJXLHQWHV
$57f&8/235(6(17$&,h13$5$(/3$*2'(/$/(75$$/$9,67$/DSUHVHQWDFLnQSDUDHOSDJRGHODOHWUDDODYLVWDGHEHUjKDFHUVH
GHQWURGHODmRTXHVLJDDODIHFKDGHOWlWXOR&XDOTXLHUDGHORVREOLJDGRVSRGUjUHGXFLUHVHSOD]RVLORFRQVLJQDDVlHQODOHWUD(OJLUDGRUSRGUj
HQODPLVPDIRUPDDPSOLDUOR\SURKLELUODSUHVHQWDFLnQDQWHVGHGHWHUPLQDGDkSRFD
$57f&8/2352+,%,&,h1$/7(1('25'(5(+86$53$*23$5&,$/'(/$/(75$'(&$0%,2(OWHQHGRUQRSXHGHUHKXVDUXQSDJRSDUFLDO
$57f&8/2326,%,/,'$''(/7(1('253$5$125(&,%,5(/3$*2'(/$/(75$'(&$0%,2$17(6'(/9(1&,0,(172(OWHQHGRUQRSXHGH
VHUREOLJDGRDUHFLELUHOSDJRDQWHVGHOYHQFLPLHQWRGHODOHWUD
$57f&8/25(63216$%,/,'$'62%5(/$9$/,'(='(/3$*2'(/$/(75$'(&$0%,2$17(6'(/9(1&,0,(172(OJLUDGRTXHSDJDDQWHV
GHOYHQFLPLHQWRVHUjUHVSRQVDEOHGHODYDOLGH]GHOSDJR
$57f&8/2'(3h6,726-8',&,$/(662%5(/$6/(75$6'(&$0%,29(1&,'$61235(6(17$'$63$5$68&2%526LYHQFLGDODOHWUDkVWDQR
VHSUHVHQWDSDUDVXFREURGHQWURGHORVWkUPLQRVSUHYLVWRVHQHODUWlFXORFXDOTXLHUREOLJDGRSRGUjGHSRVLWDUHOLPSRUWHGHODPLVPDHQXQ
EDQFRDXWRUL]DGROHJDOPHQWHSDUDUHFLELUGHSnVLWRVMXGLFLDOHVTXHIXQFLRQHHQHOOXJDUGRQGHGHEHKDFHUVHHOSDJRDH[SHQVDV\ULHVJRGHO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
WHQHGRU\VLQREOLJDFLnQGHGDUDYLVRDkVWH(VWHGHSnVLWRSURGXFLUjHIHFWRVGHSDJR
68%6(&&,h1,9
3527(672
$57f&8/287,/,=$&,h1'(/3527(6723$5$/$/(75$'(&$0%,2(OSURWHVWRVnORVHUjQHFHVDULRFXDQGRHOFUHDGRUGHODOHWUDRDOJoQ
WHQHGRULQVHUWHODFOjXVXODFRQSURWHVWRHQHODQYHUVR\FRQFDUDFWHUHVYLVLEOHV
$57f&8/2)250$/,=$&,h1$17(127$5,2'(/3527(672(1/$/(75$'(&$0%,2(OSURWHVWRVHSUDFWLFDUjFRQLQWHUYHQFLnQGHQRWDULR
SoEOLFR\VXRPLVLnQSURGXFLUjODFDGXFLGDGGHODVDFFLRQHVGHUHJUHVR
$57f&8/2/8*$53$5$()(&78$5(/3527(672'(/$/(75$'(&$0%,2(OSURWHVWRVHKDUjHQORVOXJDUHVVHmDODGRVSDUDHO
FXPSOLPLHQWRGHODVREOLJDFLRQHVRGHOHMHUFLFLRGHORVGHUHFKRVFRQVLJQDGRVHQHOWlWXOR
$57f&8/2'(6$552//2'(/$',/,*(1&,$'(3527(67262%5(81$/(75$'(&$0%,2$3(5621$$86(17(6LODSHUVRQDFRQWUDTXLHQ
KD\DGHKDFHUVHHOSURWHVWRQRVHHQFXHQWUDSUHVHQWHDVlORDVHQWDUjHOQRWDULRTXHORSUDFWLTXH\ODGLOLJHQFLDQRVHUjVXVSHQGLGD
$57f&8/23527(672'(/(75$'(&$0%,2'(3(5621$&21'20,&,/,2'(6&212&,'2127$5,$3i%/,&$6LVHGHVFRQRFHHOOXJDU
GRQGHVHHQFXHQWUDODSHUVRQDFRQWUDODFXDOGHEDKDFHUVHHOSURWHVWRkVWHVHSUDFWLFDUjHQODRqFLQDGHOQRWDULRTXHKD\DGHDXWRUL]DUOR
$57f&8/29(1&,0,(1723$5$()(&78$5(/3527(672'(81$/(75$'(&$0%,2325)$/7$'(3$*2(OSURWHVWRSRUIDOWDGHDFHSWDFLnQ
GHEHUjKDFHUVHDQWHVGHODIHFKDGHOIDOOHFLPLHQWR
$57f&8/29(1&,0,(172'(3527(672(181$/(75$'(&$0%,2325)$/7$'(3$*2(OSURWHVWRSRUIDOWDGHSDJRVHKDUjGHQWURGHORV
TXLQFHGlDVFRPXQHVVLJXLHQWHVDOGHOYHQFLPLHQWR
$57f&8/23527(672'(/(75$'(&$0%,2325)$/7$'($&(37$&,h1125(48,(5(3527(672325)$/7$'(3$*26LODOHWUDIXHUH
SURWHVWDGDSRUIDOWDGHDFHSWDFLnQQRVHUjQHFHVDULRSURWHVWDUODSRUIDOWDGHSDJR
$57f&8/23527(672'(/(75$'(&$0%,2$/$9,67$62/2325)$/7$'(3$*2/DOHWUDDODYLVWDVnORVHSURWHVWDUjSRUIDOWDGHSDJR
/RPLVPRVHREVHUYDUjVLUHVSHFWRGHODVOHWUDVFX\DSUHVHQWDFLnQSDUDODDFHSWDFLnQIXHUDSRWHVWDWLYD
$57f&8/2&217(1,'2'(/$&7$48(6(/(9$17$3253527(672'(/$/(75$'(&$0%,2(QHOFXHUSRGHODOHWUDGHKRMDDGKHULGDD
HOODVHKDUjFRQVWDUEDMRODqUPDGHOQRWDULRHOKHFKRGHOSURWHVWRFRQLQGLFDFLnQGHODIHFKDGHODFWDUHVSHFWLYD$GHPjVHOIXQFLRQDULRTXHOR
SUDFWLTXHOHYDQWDUjDFWDTXHFRQWHQGUj
/DUHSURGXFFLnQOLWHUDOGHWRGRFXDQWRFRQVWHHQODOHWUD
(OUHTXHULPLHQWRDOJLUDGRRDFHSWDQWHSDUDDFHSWDURSDJDUODOHWUDFRQODLQGLFDFLnQGHVLHVDSHUVRQDHVWXYRRQRSUHVHQWH
/RVPRWLYRVGHODQHJDWLYDSDUDODDFHSWDFLnQRHOSDJR
/DqUPDGHODSHUVRQDFRQTXLHQVHH[WLHQGDODGLOLJHQFLDRODLQGLFDFLnQGHODLPSRVLELOLGDGSDUDqUPDURGHVXQHJDWLYD\
/DH[SUHVLnQGHOOXJDUIHFKD\KRUDHQTXHVHSUDFWLTXHHOSURWHVWR\ODqUPDGHOIXQFLRQDULRTXHORDXWRULFH
$57f&8/2$9,62'(/7(1('25'(/(75$12$&(37$'$23$*$'$'(/3527(672$/266,*1$7$5,265(63216$%,/,'$'32512
$9,62(OWHQHGRUGHOWlWXORFX\DDFHSWDFLnQRSDJRVHKXELHUHUHKXVDGRGHEHUjGDUDYLVRGHWDOFLUFXQVWDQFLDDWRGRVORVVLJQDWDULRVGHOPLVPR
FX\DGLUHFFLnQFRQVWHHQkOGHQWURGHORVFLQFRGlDVFRPXQHVVLJXLHQWHVDODIHFKDGHOSURWHVWRRODSUHVHQWDFLnQSDUDODDFHSWDFLnQRHOSDJR
(OWHQHGRUTXHRPLWDHODYLVRVHUjUHVSRQVDEOHKDVWDXQDVXPDLJXDODOLPSRUWHGHODOHWUDGHORVGDmRV\SHUMXLFLRVTXHVHFDXVHQSRUVX
QHJOLJHQFLD
7DPELkQSRGUjGDUVHHODYLVRSRUHOQRWDULRHQFDUJDGRGHIRUPXODUHOSURWHVWR
$57f&8/23527(672%$1&$5,29$/,'(='(/$$127$&,h16LODOHWUDVHSUHVHQWDSRUFRQGXFWRGHXQEDQFRODDQRWDFLnQGHkVWH
UHVSHFWRGHODQHJDWLYDGHODDFHSWDFLnQRGHSDJRYDOGUjFRPRSURWHVWR
6(&&,h1,,
3$*$5(
$57f&8/25(48,6,726'(/3$*$5e(OSDJDUkGHEHFRQWHQHUDGHPjVGHORVUHTXLVLWRVTXHHVWDEOHFHHO$UWlFXORORVVLJXLHQWHV
/DSURPHVDLQFRQGLFLRQDOGHSDJDUXQDVXPDGHWHUPLQDQWHGHGLQHUR
(OQRPEUHGHODSHUVRQDDTXLHQGHEDKDFHUVHHOSDJR
/DLQGLFDFLnQGHVHUSDJDGHURDODRUGHQRDOSRUWDGRU\
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
/DIRUPDGHYHQFLPLHQWR
$57f&8/2(48,9$/(1&,$'(/686&5,3725'(/3$*$5e$/$&(37$17('(81$/(75$'(&$0%,2(OVXVFULSWRUGHOSDJDUkVHHTXLSDUDDO
DFHSWDQWHGHXQDOHWUDGHFDPELR
$57f&8/2$3/,&$&,h1$/3$*$5e'(/$6',6326,&,21(6'(/$/(75$'(&$0%,26HUjQDSOLFDEOHVDOSDJDUkHQORFRQGXFHQWHODV
GLVSRVLFLRQHVUHODWLYDVDODOHWUDGHFDPELR
6(&&,h1,,,
&+(48(
68%6(&&,h1,
&5($&,h1<)250$'(/&+(48(
$57f&8/2(;3(',&,h1'(/&+(48((OFKHTXHVnORSXHGHVHUH[SHGLGRHQIRUPXODULRVLPSUHVRVGHFKHTXHVRFKHTXHUDV\DFDUJRGHXQ
EDQFR(OWlWXORTXHHQIRUPDGHFKHTXHVHH[SLGDHQFRQWUDYHQFLnQDkVWHDUWlFXORQRSURGXFLUjHIHFWRVGHWlWXORYDORU
$57f&8/2&217(1,'2'(/&+(48((OFKHTXHGHEHUjFRQWHQHUDGHPjVGHORGLVSXHVWRSRUHODUWlFXOR
/DRUGHQLQFRQGLFLRQDOGHSDJDUXQDGHWHUPLQDGDVXPDGHGLQHUR
(OQRPEUHGHOEDQFROLEUDGR\
/DLQGLFDFLnQGHVHUSDJDGHURDODRUGHQRDOSRUWDGRU
$57f&8/2',6326,&,h1'()21'2668),&,(17(6<$8725,=$&,h1'(/%$1&23$5$(;3(',5&+(48(6(OOLEUDGRUGHEHWHQHUSURYLVLnQ
GHIRQGRVGLVSRQLEOHVHQHOEDQFROLEUDGR\KDEHUUHFLELGRGHkVWHDXWRUL]DFLnQSDUDOLEUDUFKHTXHVDVXFDUJR/DDXWRUL]DFLnQVHHQWHQGHUj
FRQFHGLGDSRUHOKHFKRGHTXHHOEDQFRHQWUHJXHORVIRUPXODULRVGHFKHTXHVRFKHTXHUDVDOOLEUDGRU
$57f&8/2/,0,7$&,h1(1/$1(*2&,$%,/,'$''(/26&+(48(6/DQHJRFLDELOLGDGGHORVFKHTXHVSRGUjOLPLWDUVHLQVHUWDQGRHQHOORVXQD
FOjXVXODTXHDVlORLQGLTXH
/RVFKHTXHVQRQHJRFLDEOHVSRUODFOjXVXODFRUUHVSRQGLHQWHRSRUGLVSRVLFLnQGHODOH\VnORSRGUjQFREUDUVHSRUFRQGXFWRGHXQEDQFR
$57f&8/2/,0,7$&,h1'(/$1(*2&,$%,/,'$''(&+(48(6*,5$'26$)$925'(/%$1&2/,%5$'2(OFKHTXHH[SHGLGRRHQGRVDGRD
IDYRUGHOEDQFROLEUDGRQRVHUjQHJRFLDEOHVDOYRTXHHQkOVHLQGLTXHORFRQWUDULR
68%6(&&,h1,,
35(6(17$&,h1<3$*2
$57f&8/2&$5d&7(5'(3$*$'(52$/$9,67$'(/26&+(48(6(OFKHTXHVHUjVLHPSUHSDJDGHURDODYLVWD&XDOTXLHUDQRWDFLnQHQ
FRQWUDULRVHWHQGUjSRUQRSXHVWD(OFKHTXHSRVWGDWDGRVHUjSDJDGHURDVXSUHVHQWDFLnQ
$57f&8/235(6(17$&,h1'(/26&+(48(63$5$683$*2/RVFKHTXHVGHEHUjQSUHVHQWDUVHSDUDVXSDJR
'HQWURGHORVTXLQFHGlDVDSDUWLUGHVXIHFKDVLIXHUHQSDJDGHURVHQHOPLVPROXJDUGHVXH[SHGLFLnQ
'HQWURGHXQPHVVLIXHUHQSDJDGHURVHQHOPLVPRSDlVGHVXH[SHGLFLnQSHURHQOXJDUGLVWLQWRDOGHkVWD
'HQWURGHWUHVPHVHVVLIXHUHQH[SHGLGRVHQXQSDlVODWLQRDPHULFDQR\SDJDGHURVHQDOJoQRWURSDlVGH$PkULFD/DWLQD\
'HQWURGHFXDWURPHVHVVLIXHUHQH[SHGLGRVHQDOJoQSDlVODWLQRDPHULFDQRSDUDVHUSDJDGRVIXHUDGH$PkULFD/DWLQD
$57f&8/2()(&726325/$35(6(17$&,h1'(&+(48((1&d0$5$'(&203(16$&,h1/DSUHVHQWDFLnQGHXQFKHTXHHQFjPDUDGH
FRPSHQVDFLnQVXUWLUjORVPLVPRVHIHFWRVTXHODKHFKDGLUHFWDPHQWHDOOLEUDGR
$57f&8/22%/,*$&,h1'(/%$1&23$5$+$&(53$*2'(&+(48(2'(2)5(&(5683$*23$5&,$/+$67$(/02172'(/6$/'2(O
EDQFRHVWDUjREOLJDGRHQVXVUHODFLRQHVFRQHOOLEUDGRUDFXEULUHOFKHTXHKDVWDHOLPSRUWHGHOVDOGRGLVSRQLEOHVDOYRGLVSRVLFLnQOHJDOTXHOR
OLEHUHGHWDOREOLJDFLnQ
6LORVIRQGRVGLVSRQLEOHVQRIXHUHQVXqFLHQWHVSDUDFXEULUHOLPSRUWHWRWDOGHOFKHTXHHOOLEUDGRGHEHUjRIUHFHUDOWHQHGRUHOSDJRSDUFLDOKDVWD
HOVDOGRGLVSRQLEOH
$57f&8/23$*2'(/&+(48('(1752'(/266(,60(6(66,*8,(17(6$68)(&+$'((;3(',&,h1$XQFXDQGRHOFKHTXHQRKXELHUHVLGR
SUHVHQWDGRHQWLHPSRHOOLEUDGRGHEHUjSDJDUORVLWLHQHIRQGRVVXqFLHQWHVGHOOLEUDGRURKDFHUODRIHUWDGHSDJRSDUFLDOVLHPSUHTXHVH
SUHVHQWHGHQWURGHORVVHLVPHVHVTXHVLJDQDVXIHFKD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2/,%5$'2548(6,1-867$&$86$1,(*$3$*2'(/&+(48(6$1&,21(6&XDQGRVLQFDXVDMXVWDVHQLHJXHHOOLEUDGRDSDJDUXQ
FKHTXHRQRKDJDHORIUHFLPLHQWRGHSDJRSDUFLDOSUHYHQLGRHQORVDUWlFXORVDQWHULRUHVSDJDUjDOOLEUDGRUDWlWXORGHVDQFLnQXQDVXPD
HTXLYDOHQWHDOGHOLPSRUWHGHOFKHTXHRGHOVDOGRGLVSRQLEOHVLQSHUMXLFLRGHTXHGLFKROLEUDGRUSHUVLJDSRUODVYlDVFRPXQHVOD
LQGHPQL]DFLnQGHORVGDmRVTXHVHOHRFDVLRQHQ
$57f&8/25(&+$=2'(/7(1('25'(3$*23$5&,$/'(/&+(48(352&(',0,(1723$5$(/%$1&2(OWHQHGRUSRGUjUHFKD]DUHOSDJR
SDUFLDO6LHOWHQHGRUDGPLWHHOSDJRSDUFLDOHOOLEUDGRSRQGUjHQHOFKHTXHODFRQVWDQFLDGHOPRQWRSDJDGR\GHYROYHUjHOWlWXORDOWHQHGRU
$57f&8/25(92&$&,h1'(81&+(48(3253$57('(//,%5$'25127,),&$&,h1$/%$1&2(OOLEUDGRUSRGUjUHYRFDUHOFKHTXHEDMRVX
UHVSRQVDELOLGDGDXQTXHQRKD\DQWUDQVFXUULGRORVSOD]RVSDUDVXSUHVHQWDFLnQVLQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXOR1RWLqFDGDOD
UHYRFDFLnQDOEDQFRkVWHQRSRGUjSDJDUHOFKHTXH
$57f&8/212(;21(5$&,h1'(3$*2'(&+(48(32508(57(2,1&$3$&,'$'62%5(9,1,(17('(//,%5$'25/DPXHUWHRLQFDSDFLGDG
VREUHYLQLHQWHVGHOOLEUDGRUQRH[RQHUDQDOOLEUDGRGHODREOLJDFLnQGHSDJDUHOFKHTXH
$57f&8/2/DTXLHEUDFRQFXUVROLTXLGDFLnQMXGLFLDORDGPLQLVWUDWLYDGHOOLEUDGRUREOLJDUjQDOOLEUDGRDUHKXVDUHOSDJRGHVGHTXHKD\DQ
KHFKRODVSXEOLFDFLRQHVTXHSDUDWDOHVFDVRVSUHYkODOH\
$57f&8/2()(&726'(/$6$127$&,21(6(1(/&+(48('(+$%(56,'235(6(17$'2(17,(032<123$*$'2727$/2
3$5&,$/0(17(/DDQRWDFLnQTXHHOOLEUDGRRODFjPDUDGHFRPSHQVDFLnQSRQJDHQHOFKHTXHGHKDEHUVLGRSUHVHQWDGRHQWLHPSR\QRSDJDGR
WRWDORSDUFLDOPHQWHVXUWLUjORVHIHFWRVGHOSURWHVWR
$57f&8/22%/,*$&,21(6'(/26%$1&26$'(92/9(5/26&+(48(625,*,1$/(63$*$'267RGREDQFRHVWDUjREOLJDGRDGHYROYHUDO
OLEUDGRUMXQWRFRQHOH[WUDFWRGHVXFXHQWDORVFKHTXHVRULJLQDOHVTXHKD\DSDJDGR
$57f&8/2&$'8&,'$''(/$23(5$&,h1&$0%,$5,$&2175$(//,%5$'25<686$9$/,67$6325/$1235(6(17$&,h1<3527(672'(/
&+(48($7,(032/DDFFLnQFDPELDULDFRQWUDHOOLEUDGRU\VXVDYDOLVWDVFDGXFDSRUQRKDEHUVLGRSUHVHQWDGR\SURWHVWDGRHOFKHTXHHQWLHPSR
VLGXUDQWHWRGRHOSOD]RGHSUHVHQWDFLnQHOOLEUDGRUWXYRIRQGRVVXqFLHQWHVHQSRGHUGHOOLEUDGR\SRUFDXVDQRLPSXWDEOHDOOLEUDGRUHOFKHTXH
GHMnGHSDJDUVH
/DDFFLnQFDPELDULDFRQWUDORVGHPjVVLJQDWDULRVFDGXFDSRUODVLPSOHIDOWDGHSUHVHQWDFLnQRSURWHVWRRSRUWXQRV
$57f&8/235(6&5,3&,h1'(/$6$&&,21(6&$0%,$5,$6'(5,9$'$6'(/&+(48(/DVDFFLRQHVFDPELDULDVGHULYDGDVGHOFKHTXH
SUHVFULEHQ/DVGHOoOWLPRWHQHGRUHQVHLVPHVHVFRQWDGRVGHVGHODSUHVHQWDFLnQODVGHORVHQGRVDQWHV\DYDOLVWDVHQHOPLVPRWkUPLQR
FRQWDGRGHVGHHOGlDVLJXLHQWHDDTXHOHQTXHSDJXHQHOFKHTXH
$57f&8/26$1&,h1$//,%5$'25'(81&+(48(123$*$'232568&8/3$(OOLEUDGRUGHXQFKHTXHSUHVHQWDGRHQWLHPSR\QRSDJDGR
SRUVXFXOSDDERQDUjDOWHQHGRUFRPRVDQFLnQHOGHOLPSRUWHGHOFKHTXHVLQSHUMXLFLRGHTXHGLFKRWHQHGRUSHUVLJDSRUODVYlDVFRPXQHV
ODLQGHPQL]DFLnQGHORVGDmRVTXHOHRFDVLRQH
$57f&8/25(63216$%,/,'$''(/%$1&23253$*2'(&+(48()$/622680$$'8/7(5$'$7RGREDQFRVHUjUHVSRQVDEOHDXQ
GHSRVLWDQWHSRUHOSDJRTXHDTXHOKDJDGHXQFKHTXHIDOVRRFX\DFDQWLGDGVHKD\DDXPHQWDGRVDOYRTXHGLFKRGHSRVLWDQWHQRQRWLqTXHDO
EDQFRGHQWURGHORVWUHVPHVHVGHVSXkVGHTXHVHOHGHYXHOYDHOFKHTXHTXHHOWlWXORHUDIDOVRRTXHODFDQWLGDGGHkOVHKDElDDXPHQWDGR
6LODIDOVHGDGRDOWHUDFLnQVHGHELHUHDFXOSDGHOOLEUDGRUHOEDQFRTXHGDUjH[RQHUDGRGHUHVSRQVDELOLGDG
$57f&8/2$3/,&$&,h1'(/$2%-(&,h1$/3$*2'(81&+(48(&8$1'2126('$$9,6223257812$/%$1&23253e5','$'(
)2508/$5,26(OGXHmRGHXQDFKHTXHUDTXHKXELHUHSHUGLGRXQRRPjVIRUPXODULRV\QRKXELHUHGDGRDYLVRRSRUWXQDPHQWHDOEDQFRVnOR
SRGUjREMHWDUHOSDJRVLODDOWHUDFLnQRODIDOVLqFDFLnQIXHUHQQRWRULDV
68%6(&&,h1,,,
&+(48(6(63(&,$/(6&+(48(),6&$/
$57f&8/2&$5$&7(5f67,&$6'(/&+(48(&58=$'2(OFKHTXHTXHHOOLEUDGRURHOWHQHGRUFUXFHFRQGRVOlQHDVSDUDOHODVWUD]DGDVHQHO
DQYHUVRVnORSRGUjVHUFREUDGRSRUXQEDQFR\VHOODPDFKHTXHFUX]DGR
$57f&8/2&$5$&7(5f67,&$6<()(&726'(/&58=$0,(172(63(&,$/<(/*(1(5$/(1/26&+(48(66LHQWUHODVOlQHDVGHOFUX]DPLHQWR
DSDUHFHHOQRPEUHGHOEDQFRTXHGHEHFREUDUORHOFUX]DPLHQWRVHUjHVSHFLDO\VHUjJHQHUDOVLHQWUHODVOlQHDVQRDSDUHFHHOQRPEUHGHXQ
EDQFR(QHOoOWLPRVXSXHVWRHOFKHTXHSRGUjVHUFREUDGRSRUFXDOTXLHUEDQFR\HQHOSULPHURVnORSRUHOEDQFRFX\RQRPEUHDSDUH]FDHQWUH
ODVOlQHDVRSRUHOEDQFRDTXLHQHODQWHULRUORHQGRVDUHSDUDHOFREUR
$57f&8/2129$/,'(='(%25521(62&$0%,26(1(/&58=$0,(1729$/,'(='(&$0%,26<6835(6,21(61RVHSRGUjERUUDUHO
FUX]DPLHQWRQLHOQRPEUHGHOEDQFRHQkOLQVHUWR6nORYDOGUjQORVFDPELRVRVXSUHVLRQHVTXHVHKLFLHUHQEDMRODqUPDGHOOLEUDGRU
$57f&8/2'(),1,&,21(6<()(&726'(/&+(48(&(57,),&$'2(OOLEUDGRURHOWHQHGRUSXHGHSURKLELUTXHHOFKHTXHVHDSDJDGRHQ
HIHFWLYRLQVHUWDQGRODH[SUHVLnQSDUDDERQRHQFXHQWDXRWUDHTXLYDOHQWH(VWHFKHTXHVHGHQRPLQDSDUDDERQRHQFXHQWD
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
(QHVWHFDVRHOOLEUDGRVnORSRGUjSDJDUHOFKHTXHDERQDQGRVXLPSRUWHHQODFXHQWDTXHOOHYHRDEUDHOWHQHGRU
$57f&8/25(63216$%,/,'$''(//,%5$'23253$*2,55(*8/$5(OOLEUDGRTXHSDJXHHQFRQWUDYHQFLnQDORSUHVFULWRHQORVDUWlFXORV
DQWHULRUHVUHVSRQGHUjSRUHOSDJRLUUHJXODU
$57f&8/2'(),1,&,h1<()(&726'(/&+(48(3$5$$%212(1&8(17$(OOLEUDGRURHOWHQHGRUGHXQFKHTXHSXHGHH[LJLUTXHHOOLEUDGR
FHUWLqTXHODH[LVWHQFLDGHIRQGRVGLVSRQLEOHVSDUDVXSDJR(VWHFKHTXHVHGHQRPLQDFHUWLqFDGR
3RUYLUWXGGHHVWDFHUWLqFDFLnQHOJLUDGRU\WRGRVORVHQGRVDQWHVTXHGDQOLEUHVGHUHVSRQVDELOLGDG
3$5d*5$)2/DFHUWLqFDFLnQQRSXHGHVHUSDUFLDOQLH[WHQGHUVHDFKHTXHVDOSRUWDGRU
$57f&8/25(63216$%,/,'$'&$0%,$5,$'(//,%5$'2)5(17($/7(1('25(1/26&+(48(6&(57,),&$'26/DFHUWLqFDFLnQKDUj
FDPELDULDPHQWHUHVSRQVDEOHDOOLEUDGRIUHQWHDOWHQHGRUGHTXHHOFKHTXHVHUjSDJDGRDVXSUHVHQWDFLnQRSRUWXQD
$57f&8/2(;35(6,21(6'(//,%5$'248((48,9$/(1$&(57,),&$&,h1/DH[SUHVLnQYLVWREXHQRXRWUDVHTXLYDOHQWHVVXVFULWDVSRUHO
OLEUDGRRODVRODqUPDGHkVWHHTXLYDOGUjQDFHUWLqFDFLnQ
$57f&8/2352+,%,&,h1'(5(92&$&,h1'(&+(48(&(57,),&$'2(OOLEUDGRUQRSRGUjUHYRFDUHOFKHTXHFHUWLqFDGRDQWHVGHTXH
WUDQVFXUUDHOSOD]RGHSUHVHQWDFLnQ
$57f&8/2(;3(',&,h1'(&+(48(6&213529,6,h1*$5$17,=$'$/RVEDQFRVSRGUjQHQWUHJDUDVXVFXHQWDFRUUHQWLVWDVIRUPXODULRVGH
FKHTXHVFRQSURYLVLnQJDUDQWL]DGDHQORVFXDOHVFRQVWHODIHFKDGHODHQWUHJD\HQFDUDFWHUHVLPSUHVRVODFXDQWlDPj[LPDSRUODFXDOFDGD
FKHTXHSXHGHVHUOLEUDGR
/DHQWUHJDGHORVIRUPXODULRVUHVSHFWLYRVSURGXFLUjHIHFWRVGHFHUWLqFDFLnQ
$57f&8/2(;7,1&,h1'(/$*$5$17f$'(/$35(9,6,h1/DJDUDQWlDGHODSURYLVLnQVHH[WLQJXLUjVLHOFKHTXHQRHVSUHVHQWDGRGHQWURGHO
DmRVLJXLHQWHDODIHFKDGHHQWUHJDGHORVIRUPXODULRV
$57f&8/2(;3(',&,h1'(&+(48(63253$57('(/%$1&2$&$5*2'(6863523,$6'(3(1'(1&,$6/RVEDQFRVSRGUjQH[SHGLU
FKHTXHVDFDUJRGHVXVSURSLDVGHSHQGHQFLDV
$57f&8/2&$5$&7(5f67,&$6'(/26&+(48(6'(9,$-(52/RVFKHTXHVGHYLDMHURVHUjQH[SHGLGRVSRUHOOLEUDGRUDVXFDUJR\VHUjQ
SDJDGHURVSRUVXHVWDEOHFLPLHQWRSULQFLSDORSRUODVVXFXUVDOHVRORVFRUUHVSRQVDOHVTXHWHQJDHOOLEUDGRUHQVXSDlVRHQHOH[WUDQMHUR
$57f&8/2)250$/,'$'3$5$/$1(*2&,$&,h1'(81&+(48(9,$-(525HIRUPDGRSRUHO$UWlFXORGHOD/H\GH(OEHQHqFLDULR
GHXQFKHTXHGHYLDMHURGHEHUjqUPDUORDOUHFLELUOR\QXHYDPHQWHDOQHJRFLDUORHQHOHVSDFLRGHOWlWXORDHOORGHVWLQDGR(OTXHSDJXHRUHFLEDHO
FKHTXHGHEHUjYHULqFDUODDXWHQWLFLGDGGHODqUPDGHOWHQHGRUFRWHMjQGRODFRQODqUPDSXHVWDDQWHHOOLEUDGRU
$57f&8/2(175(*$3253$57('(//,%5$'25'(/,67$'2'(68&856$/(62&255(63216$/(6'21'(38('$6(5&2%5$'2(/
&+(48(9,$-(52(OOLEUDGRUHQWUHJDUjDOEHQHqFLDULRXQDOLVWDGHODVVXFXUVDOHVRFRUUHVSRQVDOlDVHQGRQGHHOFKHTXHSXHGDVHUFREUDGR
$57f&8/26$1&,21(6325)$/7$'(3$*2'(81&+(48(9,$-(52/DIDOWDGHSDJRGHOFKHTXHGHYLDMHURGDUjDFFLnQFDPELDULDDO
WHQHGRUSDUDH[LJLUDGHPjVGHVXLPSRUWHHOSDJRGHOGHOYDORUGHOFKHTXHDWlWXORGHVDQFLnQ\DODLQGHPQL]DFLnQGHGDmRV\SHUMXLFLRV
TXHSRGUjLQWHQWDUSRUODVYlDVFRPXQHV
$57f&8/2$9$/,67$'(//,%5$'25'(81&+(48(9,$-(52(OFRUUHVSRQVDOTXHSRQJDHQFLUFXODFLnQORVFKHTXHVGHYLDMHURVHREOLJDUj
FRPRDYDOLVWDGHOOLEUDGRU
$57f&8/235(6&5,3&,h1'(/$6$&&,21(662%5(48,(1(;3,'$&+(48(9,$-(523UHVFULELUjQHQGLH]DmRVODVDFFLRQHVFRQWUDHOTXH
H[SLGDFKHTXHVGHYLDMHUR/DVDFFLRQHVFRQWUDHOFRUUHVSRQVDOTXHSRQJDHQFLUFXODFLnQHOFKHTXHSUHVFULELUjQHQFLQFRDmRV
127$/D/H\GH3RUODFXDOVHFUHDHOFKHTXHqVFDO\VHGLFWDQRWUDVGLVSRVLFLRQHVUHODFLRQDGDVFRQODPLVPDPDWHULDDGLFLRQnHO/LEUR
R7lWXOR,,,&DSlWXOR96HFFLnQ6XEVHFFLnQGHO&nGLJRGHFRPHUFLRFRQORVVLJXLHQWHVDUWlFXORV
$57d&8/2R'HQRPgQDQVHFKHTXHVkVFDOHVDTXHOORVTXHVRQJLUDGRVSRUFXDOTXLHUFRQFHSWRDIDYRUGHODVHQWLGDGHVSjEOLFDVGHkQLGDVHQHO
DUWgFXORGHO'HFUHWRGH 127$(O'HFUHWRGHIXHGHURJDGRSRUHODUWGHOD/H\GH
/RVFKHTXHVkVFDOHVFUHDGRVSRUODSUHVHQWHOH\WLHQHQODVVLJXLHQWHVFDUDFWHUgVWLFDV
R (OEHQHkFLDULRVRORSRGUeVHUODHQWLGDGSjEOLFDDODFXDOVHKDJDHOUHVSHFWLYRSDJR
R 1RSRGUeQVHUDERQDGRVHQFXHQWDGLIHUHQWHDODGHODHQWLGDGSjEOLFDEHQHkFLDULD
R 1RSRGUeQPRGLkFDUVHDOUHYHUVRODIRUPDGHQHJRFLDFLiQQLODVFRQGLFLRQHVGHORVPLVPRVHVWDEOHFLGRVHQHODUWgFXORGHO&iGLJRGH
&RPHUFLR
R 1RVRQQHJRFLDEOHVQLSRGUeQVHUSDJDGRVHQHIHFWLYR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$HVWRVFKHTXHVVHDSOLFDUeQHQORSHUWLQHQWHODVQRUPDVFRQWHQLGDVHQORVDUWgFXORV\GHO&iGLJRGH&RPHUFLR
3$5c*5$)23URKgEHVHDODVHQWLGDGHVVRPHWLGDVDOFRQWURO\YLJLODQFLDGHOD6XSHULQWHQGHQFLD%DQFDULDDFUHGLWDURDERQDUHQFXHQWDV
SDUWLFXODUHVFKHTXHVJLUDGRVDQRPEUHGHODVHQWLGDGHVSjEOLFDV
$57d&8/2R/DVUHVWULFFLRQHVFRQWHQLGDVHQHODUWgFXORDQWHULRUQRLPSLGHQODQHJRFLDELOLGDGLQWHUEDQFDULDGHWDOHVWgWXORVYDORUHVDWUDYfVGH
ODVFePDUDVGHFRPSHQVDFLiQGHDFXHUGRFRQORVDUWgFXORV\GHO&iGLJRGH&RPHUFLR6LQHPEDUJRFXDQGRHVWRRFXUUDHOEDQFR
FRQVLJQDWDULRGHEHUeGHMDUFRQVWDQFLDHQHOUHYHUVRGHOFKHTXHGHODFXHQWDGHODHQWLGDGSjEOLFDDODFXDOKDVLGRDERQDGRHOLPSRUWH
UHVSHFWLYR
$57d&8/2R/DVjQLFDVSHUVRQDVDXWRUL]DGDVSDUDFHOHEUDUFRQWUDWRVGHFXHQWDFRUULHQWHEDQFDULDDQRPEUHGHODVHQWLGDGHVSjEOLFDVVRQVX
UHSUHVHQWDQWHOHJDORMHIHGHODHQWLGDGUHVSHFWLYD\HQVXGHIHFWRODVSHUVRQDVHQTXLHQHVfVWRVGHOHJXHQSUHYLRYLVWREXHQRGHOD7HVRUHUgD
*HQHUDOGHOD5HSjEOLFDRODVWHVRUHUgDVGHSDUWDPHQWDOHVRPXQLFLSDOHVVHJjQHOFDVR
/DVFXHQWDVFRUULHQWHVEDQFDULDVGHODVHQWLGDGHVSjEOLFDVGHEHUeQVHUDELHUWDV\PDQWHQLGDVFRQHOOOHQRGHORVUHTXLVLWRVOHJDOHV\
UHJODPHQWDULRVHVWDEOHFLGRVRTXHHVWDEOH]FDQODVDXWRULGDGHVkVFDOL]DGRUDVGHORUGHQQDFLRQDOGHSDUWDPHQWDORPXQLFLSDOHQIRUPDWDOTXH
QLQJjQHVWDEOHFLPLHQWREDQFDULRSRGUeDEULUFXHQWDDOJXQDVLQHOSUHYLRFXPSOLPLHQWRGHWDOHVUHTXLVLWRV
$57d&8/2R/RVIXQFLRQDULRVGHODVHQWLGDGHVSjEOLFDVHQFDUJDGDVGHUHFLELUORVSDJRVTXHYLRODUHQODVGLVSRVLFLRQHVGHODSUHVHQWHOH\VHUeQ
GHVWLWXLGRVGHOFDUJRVLQSHUMXLFLRGHODVVDQFLRQHVSHQDOHVFRUUHVSRQGLHQWHV\GHODUHVSRQVDELOLGDGFLYLODQWHODHQWLGDGUHVSHFWLYDSRUORV
GDhRVFDXVDGRVDVXFRQGXFWD
$57d&8/2R/RVHVWDEOHFLPLHQWRVEDQFDULRVTXHSDJDUHQRQHJRFLDUHQRHQFXDOTXLHUIRUPDYLRODUHQORSUHVFULWRHQHVWDOH\UHVSRQGHUeQHQ
VXWRWDOLGDGSRUHOSDJRLUUHJXODU\VXVHPSOHDGRVUHVSRQVDEOHVTXHGDUeQVRPHWLGRVDODVVDQFLRQHVOHJDOHV\UHJODPHQWDULDVGHOFDVR
$57d&8/2R(VWDOH\ULJHDSDUWLUGHODIHFKDGHVXSURPXOJDFLiQ
6(&&,h1,9
%2126
$57f&8/2'(),1,&,h1'(%2126/RVERQRVVRQWlWXORVYDORUHVTXHLQFRUSRUDQXQDSDUWHDOlFXRWDGHXQFUkGLWRFROHFWLYRFRQVWLWXLGRD
FDUJRGHXQDVRFLHGDGRHQWLGDGVXMHWDVDODLQVSHFFLnQ\YLJLODQFLDGHO*RELHUQR
$57f&8/27f78/265(35(6(17$7,926'(%2126/RVWlWXORVUHSUHVHQWDWLYRVGHORVERQRVFRQVWDUjQHQXQDRPjVVHULHVQXPHUDGDV(Q
FDGDVHULHORVERQRVVHUjQGHLJXDOYDORUQRPLQDO3RGUjQH[SHGLUVHWlWXORVUHSUHVHQWDWLYRVGHYDULRVERQRV(QFDGDFXSnQVHLQGLFDUjHOWlWXORDO
FXDOSHUWHQHFHVXQoPHURYDORU\IHFKDGHVXH[LJLELOLGDG
$57f&8/2&217(1,'2'(/26%2126/RVWlWXORVGHORVERQRVFRQWHQGUjQ
/DSDODEUDERQR\ODIHFKDGHVXH[SHGLFLnQ
(OQRPEUHGHODVRFLHGDGRHQWLGDGHPLVRUD\VXGRPLFLOLR
(OFDSLWDOVXVFULWRHOSDJDGR\ODUHVHUYDOHJDOGHODVRFLHGDG
/DVHULHQoPHURYDORUQRPLQDO\SULPDVVLODVKXELHUH
(OWLSRGHLQWHUkV
(OPRQWRGHODHPLVLnQODIRUPDOXJDU\SOD]RSDUDDPRUWL]DUHOFDSLWDO\ORVLQWHUHVHV
/DVJDUDQWlDVTXHVHRWRUJXHQ
(OQoPHURIHFKD\QRWDUlDGHODHVFULWXUDSRUPHGLRGHODFXDOVHKXELHUHQSURWRFROL]DGRHOFRQWUDWRGHHPLVLnQHOEDODQFHJHQHUDO
FRQVROLGDGR\VXVDQH[RV\ODSURYLGHQFLDTXHKXELHUHRWRUJDGRHOSHUPLVR\
/DVGHPjVLQGLFDFLRQHVTXHHQFRQFHSWRGHOD6XSHULQWHQGHQFLDIXHUHQLQGLVSHQVDEOHVRFRQYHQLHQWHV
/RVERQRVOOHYDUjQODqUPDGHOUHSUHVHQWDQWHOHJDOGHODVRFLHGDGRHQWLGDGHPLVRUDRGHODSHUVRQDDXWRUL]DGDSDUDHOHIHFWR\DVHDDXWnJUDID
RSXHVWDSRUFXDOTXLHURWURPHGLRTXHDMXLFLRGHOD6XSHULQWHQGHQFLDJDUDQWLFHODDXWHQWLFLGDGGHOGRFXPHQWR
$57f&8/2(;&(3&,h1$/$61250$6$3/,&$%/(6$%2126/DVQRUPDVDQWHULRUHVQRVHDSOLFDQHQDTXHOORVDVSHFWRVTXHVHDQFRQWUDULRV
DGLVSRVLFLRQHVHVSHFLDOHVTXHUHJXODQVRFLHGDGHVVRPHWLGDVDODLQVSHFFLnQ\YLJLODQFLDGHOD6XSHULQWHQGHQFLD%DQFDULD
$57f&8/235(6&5,3&,h1'(/$6$&&,21(63$5$&2%52'(%2126/DVDFFLRQHVSDUDHOFREURGHORVLQWHUHVHV\GHOFDSLWDOGHORVERQRV
SUHVFULELUjQHQFXDWURDmRVFRQWDGRVGHVGHODIHFKDGHVXH[SHGLFLnQ
(VWDSUHVFULSFLnQVnORFRUUHUjUHVSHFWRGHORVERQRVVRUWHDGRVFXDQGRVHKXELHUHKHFKRODSXEOLFDFLnQGHODOLVWDGHERQRVIDYRUHFLGRVHQXQ
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
GLDULRGHFLUFXODFLnQQDFLRQDO
6(&&,h19
&(57,),&$'2'('(3h6,72<%212'(35(1'$
$57f&8/2$/0$&(1(6*(1(5$/(6'('(3h6,72(;3(',&,h1'(&(57,),&$'26'('(3h6,72<%2126'(35(1'$/RVDOPDFHQHV
JHQHUDOHVGHGHSnVLWRSRGUjQH[SHGLUFRPRFRQVHFXHQFLDGHOGHSnVLWRGHPHUFDGHUlDVFHUWLqFDGRVGHGHSnVLWR\ERQRVGHSUHQGD
/RVFHUWLqFDGRVGHGHSnVLWRLQFRUSRUDQORVGHUHFKRVGHOGHSRVLWDQWHVREUHODVPHUFDGHUlDVGHSRVLWDGDV\HVWjQGHVWLQDGRVDVHUYLUFRPR
LQVWUXPHQWRGHHQDMHQDFLnQWUDQVqULHQGRDVXDGTXLUHQWHORVPHQFLRQDGRVGHUHFKRV
(OERQRGHSUHQGDLQFRUSRUDXQFUkGLWRSUHQGDULRVREUHODVPHUFDGHUlDVDPSDUDGDVSRUHOFHUWLqFDGRGHGHSnVLWR\FRQqHUHSRUVlPLVPRORV
GHUHFKRV\SULYLOHJLRVGHODSUHQGD
$57f&8/2(175(*$'()2508/$5,26'(%212$62/,&,78'<&2672'(/'(326,7$17((OFHUWLqFDGR\HQVXFDVRHOIRUPXODULRGH
ERQRVHHQWUHJDUjQSRUHODOPDFkQDUHTXHULPLHQWR\FRVWRGHOGHSRVLWDQWH
$57f&8/2&(57,),&$'2<%212'(35(1'$5(48,6,726$GHPjVGHORVUHTXLVLWRVJHQHUDOHVHOFHUWLqFDGRGHGHSnVLWR\HOERQRGH
SUHQGDGHEHUjQFRQWHQHU
/DPHQFLnQGHVHUFHUWLqFDGRGHGHSnVLWR\ERQRGHSUHQGDUHVSHFWLYDPHQWH
/DGHVLJQDFLnQGHODOPDFkQHOOXJDUGHGHSnVLWR\ODIHFKDGHH[SHGLFLnQGHOGRFXPHQWR
8QDGHVFULSFLnQSRUPHQRUL]DGDGHODVPHUFDQFlDVGHSRVLWDGDVFRQWRGRVORVGDWRVQHFHVDULRVSDUDVXLGHQWLqFDFLnQRODLQGLFDFLnQHQVX
FDVRGHTXHVHWUDWDGHPHUFDQFlDVJHQkULFDPHQWHGHVLJQDGDV
/DFRQVWDQFLDGHKDEHUVHFRQVWLWXLGRHOGHSnVLWR
/DVWDULIDVSRUFRQFHSWRGHDOPDFHQDMH\GHPjVSUHVWDFLRQHVDTXHWHQJDGHUHFKRHODOPDFkQ
(OLPSRUWHGHOVHJXUR\HOQRPEUHGHODVHJXUDGRU
(OSOD]RGHOGHSnVLWR\
/RVGHPjVUHTXLVLWRVTXHH[LMDQORVUHJODPHQWRV
3$5d*5$)2(OFHUWLqFDGRGHGHSnVLWRFRQWHQGUjDGHPjVODHVWLPDFLnQGHOYDORUGHODVPHUFDQFlDVGHSRVLWDGDV
$57f&8/25(48,6,726$',&,21$/(6$/26%2126'(35(1'$(OERQRGHSUHQGDFRQWHQGUjDGHPjV
(OQRPEUHGHOEHQHqFLDULRHQVXFDVR
(OLPSRUWH\ODIHFKDGHYHQFLPLHQWRGHOFUkGLWRTXHHQHOERQRGHSUHQGDVHLQFRUSRUD(VWHGDWRVHDQRWDUjHQHOFHUWLqFDGRDOVHUHPLWLGRHO
ERQR
/DLQGLFDFLnQGHKDEHUVHKHFKRHQHOFHUWLqFDGRODDQRWDFLnQGHODHPLVLnQGHOERQR\
/DVqUPDVGHOWHQHGRUGHOFHUWLqFDGR\GHODOPDFkQTXHKD\DLQWHUYHQLGRHQODRSHUDFLnQ
$57f&8/29(1&,0,(172'(/&5e',7235(1'$5,2(OYHQFLPLHQWRGHOFUkGLWRSUHQGDULRQRSRGUjH[FHGHUDOSOD]RGHOGHSnVLWR
$57f&8/2&2167$1&,$(1(/%212'(,17(5(6(65HIRUPDGRSRUHO$UWlFXORGHOD/H\GH6LQRVHKLFLHUHFRQVWDUHQHOERQRHO
LQWHUkVSDFWDGRVHHQWHQGHUjTXHVXLPSRUWHVHKDGHVFRQWDGR
$57f&8/2&,5&8/$&,h1'(/&(57,),&$'2<%212'(35(1'$7DQWRHOFHUWLqFDGRFRPRHOERQRSRGUjQVHUQRPLQDWLYRVDODRUGHQRDO
SRUWDGRU
$57f&8/21(*2&,$&,h1&21-817$26(3$5$'$'(/&(57,),&$'2'('(3h6,72<%212'(35(1'$(OFHUWLqFDGRGHGHSnVLWR\HOERQR
GHSUHQGDVHUjQQHJRFLDEOHVFRQMXQWDRVHSDUDGDPHQWH
$57f&8/26,78$&,h1-85f',&$'(/'(8'2535(1'$5,2(OWHQHGRUGHOFHUWLqFDGRTXHKD\DFRQVWLWXLGRHOFUkGLWRSUHQGDULRHVWDUjHQOD
PLVPDVLWXDFLnQMXUlGLFDTXHHODFHSWDQWHGHXQDOHWUDGHFDPELRRHORWRUJDQWHGHXQSDJDUkQHJRFLDEOH
(ODOPDFkQJHQHUDOTXHqUPHHOFHUWLqFDGRGHGHSnVLWR\HOERQRGHSUHQGDJDUDQWL]DODH[LVWHQFLDGHODVPHUFDGHUlDVTXHkVWDVUHoQHQORV
UHTXLVLWRVGHORVDUWlFXORV\\VHREOLJDUjGHFRQIRUPLGDGFRQORVDUWlFXORV\
$57f&8/2$3/,&$&,h1'(1250$6'(/$/(75$'(&$0%,2<3$*$5e3$5$(/&(57,),&$'2'('(3h6,72<%212'(35(1'$6H
DSOLFDUjQDOFHUWLqFDGRGHGHSnVLWR\DOERQRGHSUHQGDHQORFRQGXFHQWHODVGLVSRVLFLRQHVUHODWLYDVDODOHWUDGHFDPELRRDOSDJDUk
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
QHJRFLDEOH
6(&&,h19,
&$57$'(3257(<&212&,0,(172'((0%$548(
$57f&8/2&$5$&7(5f67,&$6'(/$&$57$'(3257(<&212&,0,(172'((0%$548(/DFDUWDGHSRUWH\HOFRQRFLPLHQWRGHHPEDUTXH
WHQGUjQHOFDUjFWHUGHWlWXORVUHSUHVHQWDWLYRVGHODVPHUFDQFlDVREMHWRGHOWUDQVSRUWH
$57f&8/2&217(1,'2'(/$&$57$'(3257(6LQSHUMXLFLRGHORGLVSXHVWRHQHO/LEUR9GHHVWH&nGLJRVREUHWUDQVSRUWHPDUlWLPR\
DkUHRODFDUWDGHSRUWHRHOFRQRFLPLHQWRGHHPEDUTXHDGHPjVGHORVUHTXLVLWRVHVWDEOHFLGRVHQHODUWlFXORFRQWHQGUj
/DPHQFLnQGHVHUFDUWDGHSRUWHRFRQRFLPLHQWRGHHPEDUTXH
(OQRPEUH\HOGRPLFLOLRGHWUDQVSRUWDGRU
(OQRPEUH\HOGRPLFLOLRGHOUHPLWHQWH
(OQRPEUH\HOGRPLFLOLRGHODSHUVRQDDTXLHQRDFX\DRUGHQVHH[SLGHRODPHQFLnQGHVHUDOSRUWDGRU
(OQoPHURGHRUGHQTXHFRUUHVSRQGDDOWlWXOR
/DGHVFULSFLnQSRUPHQRUL]DGDGHODVPHUFDQFlDVREMHWRGHOWUDQVSRUWH\ODHVWLPDFLnQGHVXYDORU
/DLQGLFDFLnQGHORVrHWHV\GHPjVJDVWRVGHOWUDQVSRUWHGHODVWDULIDVDSOLFDEOHV\ODGHKDEHUVLGRRQRSDJDGRVORVrHWHV
/DPHQFLnQGHORVOXJDUHVGHVDOLGD\GHGHVWLQR
/DLQGLFDFLnQGHOPHGLRGHWUDQVSRUWH\
6LHOWUDQVSRUWHIXHUHSRUYHKlFXORGHWHUPLQDGRORVGDWRVQHFHVDULRVSDUDVXLGHQWLqFDFLnQ
3$5d*5$)26LQRVHLQGLFDUHODIHFKDGHUHFLERGHODVFRVDVSRUHOWUDQVSRUWDGRUVHSUHVXPLUjTXHkVWHODVUHFLELnHQODIHFKDGHHPLVLnQGH
GLFKRVGRFXPHQWRV
$57f&8/2&217(1,'2$',&,21$/'(/$&$57$'(3257(6LPHGLDQWHXQODSVRHQWUHHOUHFLERGHODVPHUFDQFlDV\VXHPEDUTXHHOWlWXOR
GHEHUjFRQWHQHUDGHPjV
/DPHQFLnQGHVHUUHFLELGRSDUDHPEDUTXH
/DLQGLFDFLnQGHOOXJDUGRQGHKDEUjQGHJXDUGDUVHODVPHUFDQFlDVPLHQWUDVHOHPEDUTXHVHUHDOL]D\
(OSOD]RqMDGRSDUDHOHPEDUTXH
$57f&8/25(63216$%,/,'$''(/(1'26$17(325/$(;,67(1&,$'(0(5&$1&f$6(OHQGRVDQWHUHVSRQGHUjGHODH[LVWHQFLDGHODV
PHUFDQFlDVHQHOPRPHQWRGHOHQGRVR
$57f&8/2$3/,&$&,h1'(1250$6'(/$/(75$<3$*$5e$/$&$57$'(3257(<&212&,0,(172'((0%$548($ODFDUWDGHSRUWH\DO
FRQRFLPLHQWRGHHPEDUTXHVHDSOLFDUjQHQORSHUWLQHQWHODVQRUPDVUHODWLYDVDODOHWUDGHFDPELR\DOSDJDUk
6(&&,h19,,
)$&785$6&$0%,$5,$6
$57f&8/2)$&785$0RGLqFDGRSRUHODUW/H\GH5HIRUPDGRSRUHO$UWlFXORGHOD/H\GH)DFWXUD)DFWXUDHVXQ
WlWXORYDORUTXHHOYHQGHGRURSUHVWDGRUGHOVHUYLFLRSRGUjOLEUDU\HQWUHJDURUHPLWLUDOFRPSUDGRUREHQHqFLDULRGHOVHUYLFLR
1RSRGUjOLEUDUVHIDFWXUDDOJXQDTXHQRFRUUHVSRQGDDELHQHVHQWUHJDGRVUHDO\PDWHULDOPHQWHRDVHUYLFLRVHIHFWLYDPHQWHSUHVWDGRVHQYLUWXG
GHXQFRQWUDWRYHUEDORHVFULWR
(OHPLVRUYHQGHGRURSUHVWDGRUGHOVHUYLFLRHPLWLUjXQRULJLQDO\GRVFRSLDVGHODIDFWXUD3DUDWRGRVORVHIHFWRVOHJDOHVGHULYDGRVGHOFDUjFWHUGH
WlWXORYDORUGHODIDFWXUDHORULJLQDOqUPDGRSRUHOHPLVRU\HOREOLJDGRVHUjWlWXORYDORUQHJRFLDEOHSRUHQGRVRSRUHOHPLVRU\ORGHEHUj
FRQVHUYDUHOHPLVRUYHQGHGRURSUHVWDGRUGHOVHUYLFLR8QDGHODVFRSLDVVHOHHQWUHJDUjDOREOLJDGR\ODRWUDTXHGDUjHQSRGHUGHOHPLVRUSDUD
VXVUHJLVWURVFRQWDEOHV
3$5d*5$)23DUDODSXHVWDHQFLUFXODFLnQGHODIDFWXUDHOHFWUnQLFDFRPRWlWXORYDORUHO*RELHUQR1DFLRQDOVHHQFDUJDUjGHVXUHJODPHQWDFLnQ
7H[WRDQWHULRU
)DFWXUDFDPELDULDGHFRPSUDYHQWDHVXQWgWXORYDORUTXHHOYHQGHGRUSRGUeOLEUDU\HQWUHJDURUHPLWLUDOFRPSUDGRU
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
1RSRGUeOLEUDUVHIDFWXUDFDPELDULDTXHQRFRUUHVSRQGDDXQDYHQWDHIHFWLYDGHPHUFDGHUgDVHQWUHJDGDVUHDO\PDWHULDOPHQWHDOFRPSUDGRU
$57f&8/2$&(37$&,h1'(/$)$&785$0RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH8QDYH]TXHODIDFWXUD
VHDDFHSWDGDSRUHOFRPSUDGRUREHQHqFLDULRGHOVHUYLFLRVHFRQVLGHUDUjIUHQWHDWHUFHURVGHEXHQDIHH[HQWDGHFXOSDTXHHOFRQWUDWRTXHOH
GLRRULJHQKDVLGRGHELGDPHQWHHMHFXWDGRHQODIRUPDHVWLSXODGDHQHOWlWXOR
(OFRPSUDGRUREHQHqFLDULRGHOVHUYLFLRGHEHUjDFHSWDUGHPDQHUDH[SUHVDHOFRQWHQLGRGHODIDFWXUDSRUHVFULWRFRORFDGRHQHOFXHUSRGHOD
PLVPDRHQGRFXPHQWRVHSDUDGRIlVLFRRHOHFWUnQLFR,JXDOPHQWHGHEHUjFRQVWDUHOUHFLERGHODPHUFDQFlDRGHOVHUYLFLRSRUSDUWHGHO
FRPSUDGRUGHOELHQREHQHqFLDULRGHOVHUYLFLRHQODIDFWXUD\RHQODJXlDGHWUDQVSRUWHVHJoQHOFDVRLQGLFDQGRHOQRPEUHLGHQWLqFDFLnQROD
qUPDGHTXLHQUHFLEH\ODIHFKDGHUHFLER(OFRPSUDGRUGHOELHQREHQHqFLDULRGHOVHUYLFLRQRSRGUjDOHJDUIDOWDGHUHSUHVHQWDFLnQRLQGHELGD
UHSUHVHQWDFLnQSRUUD]nQGHODSHUVRQDTXHUHFLEDODPHUFDQFlDRHOVHUYLFLRHQVXVGHSHQGHQFLDVSDUDHIHFWRVGHODDFHSWDFLnQGHOWlWXORYDORU
/DIDFWXUDVHFRQVLGHUDLUUHYRFDEOHPHQWHDFHSWDGDSRUHOFRPSUDGRUREHQHqFLDULRGHOVHUYLFLRVLQRUHFODPDUHHQFRQWUDGHVXFRQWHQLGRELHQ
VHDPHGLDQWHGHYROXFLnQGHODPLVPD\GHORVGRFXPHQWRVGHGHVSDFKRVHJoQHOFDVRRELHQPHGLDQWHUHFODPRHVFULWRGLULJLGRDOHPLVRUR
WHQHGRUGHOWlWXORGHQWURGHORVGLH] GlDVFDOHQGDULRVVLJXLHQWHVDVXUHFHSFLnQ(QHOHYHQWRHQTXHHOFRPSUDGRUREHQHqFLDULRGHOVHUYLFLR
QRPDQLqHVWHH[SUHVDPHQWHODDFHSWDFLnQRUHFKD]RGHODIDFWXUD\HOYHQGHGRURHPLVRUSUHWHQGDHQGRVDUODGHEHUjGHMDUFRQVWDQFLDGHHVH
KHFKRHQHOWlWXORODFXDOVHHQWHQGHUjHIHFWXDGDEDMRODJUDYHGDGGHMXUDPHQWR
3$5d*5$)2/DIDFWXUDSRGUjWUDQVIHULUVHGHVSXkVGHKDEHUVLGRDFHSWDGDSRUHOFRPSUDGRUREHQHqFLDULRGHOELHQRVHUYLFLR7UHV GlDV
DQWHVGHVXYHQFLPLHQWRSDUDHOSDJRHOOHJlWLPRWHQHGRUGHODIDFWXUDLQIRUPDUjGHVXWHQHQFLDDOFRPSUDGRUREHQHqFLDULRGHOELHQRVHUYLFLR
7H[WRDQWHULRU
8QDYH]TXHODIDFWXUDFDPELDULDVHDDFHSWDGDSRUHOFRPSUDGRUVHFRQVLGHUDUeIUHQWHDWHUFHURVGHEXHQDIHH[HQWDGHFXOSDTXHHOFRQWUDWR
GHFRPSUDYHQWDKDVLGRGHELGDPHQWHHMHFXWDGRHQODIRUPDHVWLSXODGDHQHOWgWXOR
$57f&8/25(48,6,726'(/$)$&785$0RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH/DIDFWXUDGHEHUjUHXQLU
DGHPjVGHORVUHTXLVLWRVVHmDODGRVHQORVDUWlFXORVGHOSUHVHQWH&nGLJR\GHO(VWDWXWR7ULEXWDULR1DFLRQDORODVQRUPDVTXHORV
PRGLqTXHQDGLFLRQHQRVXVWLWX\DQORVVLJXLHQWHV
/DIHFKDGHYHQFLPLHQWRVLQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXOR(QDXVHQFLDGHPHQFLnQH[SUHVDHQODIDFWXUDGHODIHFKDGH
YHQFLPLHQWRVHHQWHQGHUjTXHGHEHVHUSDJDGDGHQWURGHORVWUHLQWDGlDVFDOHQGDULRVLJXLHQWHVDODHPLVLnQ
/DIHFKDGHUHFLERGHODIDFWXUDFRQLQGLFDFLnQGHOQRPEUHRLGHQWLqFDFLnQRqUPDGHTXLHQVHDHOHQFDUJDGRGHUHFLELUODVHJoQOR
HVWDEOHFLGRHQODSUHVHQWHOH\
(OHPLVRUYHQGHGRURSUHVWDGRUGHOVHUYLFLRGHEHUjGHMDUFRQVWDQFLDHQHORULJLQDOGHODIDFWXUDGHOHVWDGRGHSDJRGHOSUHFLRRUHPXQHUDFLnQ
\ODVFRQGLFLRQHVGHOSDJRVLIXHUHHOFDVR$ODPLVPDREOLJDFLnQHVWjQVXMHWRVORVWHUFHURVDTXLHQHVVHKD\DWUDQVIHULGRODIDFWXUD
1RWHQGUjHOFDUjFWHUGHWlWXORYDORUODIDFWXUDTXHQRFXPSODFRQODWRWDOLGDGGHORVUHTXLVLWRVOHJDOHVVHmDODGRVHQHOSUHVHQWHDUWlFXOR6LQ
HPEDUJRODRPLVLnQGHFXDOTXLHUDGHHVWRVUHTXLVLWRVQRDIHFWDUjODYDOLGH]GHOQHJRFLRMXUlGLFRTXHGLRRULJHQDODIDFWXUD
(QWRGRFDVRWRGRFRPSUDGRUREHQHqFLDULRGHOVHUYLFLRWLHQHGHUHFKRDH[LJLUGHOYHQGHGRURSUHVWDGRUGHOVHUYLFLRODIRUPDFLnQ\HQWUHJDGH
XQDIDFWXUDTXHFRUUHVSRQGDDOQHJRFLRFDXVDOFRQLQGLFDFLnQGHOSUHFLR\GHVXSDJRWRWDORGHODSDUWHTXHKXELHUHVLGRFDQFHODGD
/DRPLVLnQGHUHTXLVLWRVDGLFLRQDOHVTXHHVWDEOH]FDQQRUPDVGLVWLQWDVDODVVHmDODGDVHQHOSUHVHQWHDUWlFXORQRDIHFWDUjODFDOLGDGGHWlWXOR
YDORUGHODVIDFWXUDV
7H[WRDQWHULRU
/DIDFWXUDFDPELDULDGHFRPSUDYHQWDGHEHUeFRQWHQHUDGHPeVGHORVUHTXLVLWRVTXHHVWDEOHFHHODUWgFXORORVVLJXLHQWHV
/DPHQFLiQGHVHU IDFWXUDFDPELDULDGHFRPSUDYHQWD
(OQjPHURGHRUGHQGHOWgWXOR
(OQRPEUH\GRPLFLOLRGHOFRPSUDGRU
/DGHQRPLQDFLiQ\FDUDFWHUgVWLFDVTXHLGHQWLkTXHQODVPHUFDGHUgDVYHQGLGDV\ODFRQVWDQFLDGHVXHQWUHJDUHDO\PDWHULDO
(OSUHFLRXQLWDULR\HOYDORUWRWDOGHODVPLVPDV\
/DH[SUHVLiQHQOHWUDV\VLWLRVYLVLEOHVGHTXHVHDVLPLODHQVXVHIHFWRVDODOHWUDGHFDPELR
/DRPLVLiQGHFXDOTXLHUDGHHVWRVUHTXLVLWRVQRDIHFWDUeODYDOLGH]GHOQHJRFLRMXUgGLFRTXHGLRRULJHQDODIDFWXUDFDPELDULDSHURfVWDSHUGHUe
VXFDOLGDGGHWgWXORYDORU
$57f&8/2)$&785$&$0%,$5,$'(75$163257('(),1,&,h1)DFWXUDFDPELDULDGHWUDQVSRUWHHVXQWlWXORYDORUTXHHOWUDQVSRUWDGRU
SRGUjOLEUDU\HQWUHJDURHQYLDUDOUHPLWHQWHRFDUJDGRU1RSRGUjOLEUDUVHHVWDIDFWXUDVLQRFRUUHVSRQGHDXQFRQWUDWRGHWUDQVSRUWH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
HIHFWLYDPHQWHHMHFXWDGR
$57f&8/2&217(1,'2'(/$)$&785$&$0%,$5,$'(75$163257(/DIDFWXUDFDPELDULDGHWUDQVSRUWHGHEHUjFRQWHQHUDGHPjVGHORV
UHTXLVLWRVTXHHVWDEOHFHHODUWlFXORORVVLJXLHQWHV
/DPHQFLnQGHVHUIDFWXUDFDPELDULDGHWUDQVSRUWH
(OQoPHURGHRUGHQGHOWlWXOR
(OQRPEUH\GRPLFLOLRGHOUHPLWHQWH
/DGHQRPLQDFLnQ\FDUDFWHUlVWLFDVTXHLGHQWLqTXHQODVPHUFDGHUlDVREMHWRGHOWUDQVSRUWH
(OSUHFLRGHkVWH\VXIRUPDGHSDJR
/DFRQVWDQFLDGHHMHFXFLnQGHOWUDQVSRUWH\
/DH[SUHVLnQHQOHWUDV\VLWLRVYLVLEOHVGHTXHVHDVLPLODHQVXVGHIHFWRVDXQDOHWUDGHFDPELR
3$5d*5$)2$HVWDIDFWXUDVHDSOLFDUjORGLVSXHVWRHQHODUWlFXOR\HQHOLQFLVRqQDOGHODUWlFXOR
$57f&8/23$*2325&827$6'(/$)$&785$&217(1,'2$',&,21$/0RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHO
VLJXLHQWH&XDQGRHOSDJRKD\DGHKDFHUVHSRUFXRWDVODVIDFWXUDVFRQWHQGUjQDGHPjV
1oPHURGHFXRWDV
/DIHFKDGHYHQFLPLHQWRGHODVPLVPDV
/DFDQWLGDGDSDJDUHQFDGDXQD
3$5d*5$)2/RVSDJRVSDUFLDOHVVHKDUjQFRQVWDUHQODIDFWXUDRULJLQDO\HQODVGRVFRSLDVGHODIDFWXUDLQGLFDQGRDVlPLVPRODIHFKDHQTXH
IXHUHQKHFKRV\HOWHQHGRUH[WHQGHUjDOGHXGRUORVUHFLERVSDUFLDOHVFRUUHVSRQGLHQWHV1RREVWDQWHSRGUjQXWLOL]DUVHRWURVPHFDQLVPRVSDUD
OOHYDUHOUHJLVWURGHORVSDJRVWDOHVFRPRUHJLVWURVFRQWDEOHVRFXDOTXLHURWURPHGLRWkFQLFDPHQWHDFHSWDGR
(QFDVRGHKDEHUVHWUDQVIHULGRODIDFWXUDSUHYLDPHQWHDORVSDJRVSDUFLDOHVHOHPLVRUYHQGHGRUSUHVWDGRUGHOVHUYLFLRRHOWHQHGRUOHJlWLPRGH
ODIDFWXUDGHEHUjQLQIRUPDUOHGHHOORVDOFRPSUDGRUREHQHqFLDULRGHOVHUYLFLR\DOWHUFHURDOTXHOHKD\DWUDQVIHULGRODIDFWXUDVHJoQHOFDVR
LQGLFjQGROHHOPRQWRUHFLELGR\ODIHFKDGHORVSDJRV
7H[WRDQWHULRU
&XDQGRHOSDJRKD\DGHKDFHUVHSRUFXRWDVODVIDFWXUDVFRQWHQGUeQDGHPeV
(OQjPHURGHFXRWDV
/DIHFKDGHYHQFLPLHQWRGHODVPLVPDV\
/DFDQWLGDGDSDJDUHQFDGDXQD
3$5c*5$)2/RV3DJRV3DUFLDOHVVHKDUeQFRQVWDUHQODVIDFWXUDVLQGLFDQGRDVgPLVPRODIHFKDHQTXHIXHUHQKHFKRV\HOWHQHGRUH[WHQGHUeDO
GHXGRUORVUHFLERVSDUFLDOHVFRUUHVSRQGLHQWHV
$57f&8/22%/,*$725,('$''($&(37$&,h1'(/(1'2620RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH&RQ
HOVRORKHFKRGHTXHODIDFWXUDFRQWHQJDHOHQGRVRHOREOLJDGRGHEHUjHIHFWXDUHOSDJRDOWHQHGRUOHJlWLPRDVXSUHVHQWDFLnQ
iQLFDPHQWHSDUDHIHFWRVGHOSDJRVHHQWLHQGHTXHHOWHUFHURDTXLHQVHODKDHQGRVDGRODIDFWXUDDVXPHODSRVLFLnQGHOHPLVRUGHODPLVPD
(QQLQJoQFDVR\SRUQLQJXQDUD]nQSRGUjHOGHXGRUQHJDUVHDOSDJRGHODIDFWXUDTXHOHSUHVHQWHHOOHJlWLPRWHQHGRUGHODPLVPDVDOYROR
GLVSXHVWRHQHODUWlFXORGHOSUHVHQWHFnGLJR
7RGDHVWLSXODFLnQTXHOLPLWHUHVWULQMDRSURKlEDODOLEUHFLUFXODFLnQGHXQDIDFWXUDRVXDFHSWDFLnQVHWHQGUjSRUQRHVFULWD
7H[WRDQWHULRU
/DQRGHYROXFLiQGHODVIDFWXUDVFDPELDULDVHQXQSOD]RGHFLQFRGgDVDSDUWLUGHODIHFKDGHVXUHFLERVHHQWHQGHUeFRPRIDOWDGHDFHSWDFLiQ
$57f&8/2$3/,&$&,h1'(1250$65(/$7,9$6$/$/(75$'(&$0%,20RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHO
VLJXLHQWH6HDSOLFDUjQDODVIDFWXUDVGHTXHWUDWDODSUHVHQWHOH\HQORSHUWLQHQWHODVQRUPDVUHODWLYDVDODOHWUDGHFDPELR
7H[WRDQWHULRU
6HDSOLFDUeQDODVIDFWXUDVFDPELDULDVHQORSHUWLQHQWHODVQRUPDVUHODWLYDVDODOHWUDGHFDPELR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
&$3f78/29,
352&(',0,(1726
6(&&,h1,
$&&,21(6
$57f&8/2&$626(148(352&('(/$$&&,h1&$0%,$5,$/DDFFLnQFDPELDULDVHHMHUFLWDUj
(QFDVRGHIDOWDGHDFHSWDFLnQRGHDFHSWDFLnQSDUFLDO
(QFDVRGHIDOWDGHSDJRRGHSDJRSDUFLDO\
&XDQGRHOJLUDGRURHODFHSWDQWHVHDQGHFODUDGRVHQTXLHEUDRHQHVWDGRGHOLTXLGDFLnQRVHOHVDEUDFRQFXUVRGHDFUHHGRUHVRVHKDOOHQHQ
FXDOTXLHURWUDVLWXDFLnQVHPHMDQWH
$57f&8/2$&&,h1&$0%,$5,$',5(&7$<'(5(*5(62/DDFFLnQFDPELDULDHVGLUHFWDFXDQGRVHHMHUFLWDFRQWUDHODFHSWDQWHGHXQDRUGHQ
RHORWRUJDQWHGHXQDSURPHVDFDPELDULDRVXVDYDOLVWDV\GHUHJUHVRFXDQGRVHHMHUFLWDFRQWUDFXDOTXLHURWURREOLJDGR
$57f&8/2i/7,027(1('25'(/7f78/2&$626'(5(&/$0$&,h13$5$(/3$*20HGLDQWHODDFFLnQFDPELDUlDHOoOWLPRWHQHGRUGHO
WlWXORSXHGHUHFODPDUHOSDJR
'HOLPSRUWHGHOWlWXORRHQVXFDVRGHODSDUWHQRDFHSWDGDRQRSDJDGD
'HORVLQWHUHVHVPRUDWRULRVGHVGHHOGlDGHVXYHQFLPLHQWR
'HORVJDVWRVGHFREUDQ]D\
'HODSULPD\JDVWRVGHWUDQVIHUHQFLDGHXQDSOD]DDRWUD
$57f&8/22%/,*$'2(19f$'(5(*5(62(-(5&,&,2'(/$$&&,h1&$0%,$5,$(OREOLJDGRHQYlDGHUHJUHVRTXHSDJXHHOWlWXORSRGUj
H[LJLUSRUPHGLRGHODDFFLnQFDPELDULD
(OUHHPEROVRGHORSDJDGRPHQRVODVFRVWDVDTXHKXELHUHVLGRFRQGHQDGR
,QWHUHVHVPRUDWRULRVVREUHHOSULQFLSDOSDJDGRGHVGHODIHFKDGHOSDJR
/RVJDVWRVGHFREUDQ]D\
/DSULPD\JDVWRVGHWUDQVIHUHQFLDGHXQDSOD]DDRWUD
$57f&8/2(;&(3&,21(6'(/$$&&,h1&$0%,$5,$&RQWUDODDFFLnQFDPELDULDVnORSRGUjQRSRQHUVHODVVLJXLHQWHVH[FHSFLRQHV
/DVTXHVHIXQGHQHQHOKHFKRGHQRKDEHUVLGRHOGHPDQGDGRTXLHQVXVFULELnHOWlWXOR
/DLQFDSDFLGDGGHOGHPDQGDGRDOVXVFULELUHOWlWXOR
/DVGHIDOWDGHUHSUHVHQWDFLnQRGHSRGHUEDVWDQWHGHTXLHQKD\DVXVFULWRHOWlWXORDQRPEUHGHOGHPDQGDGR
/DVIXQGDGDVHQODRPLVLnQGHORVUHTXLVLWRVTXHHOWlWXORGHEDFRQWHQHU\TXHODOH\QRVXSODH[SUHVDPHQWH
/DDOWHUDFLnQGHOWH[WRGHOWlWXORVLQSHUMXLFLRGHORGLVSXHVWRUHVSHFWRGHORVVLJQDWDULRVSRVWHULRUHVDODDOWHUDFLnQ
/DVUHODWLYDVDODQRQHJRFLDELOLGDGGHOWlWXOR
/DVTXHVHIXQGHQHQTXLWDVRHQSDJRWRWDORSDUFLDOVLHPSUHTXHFRQVWHQHQHOWlWXOR
/DVTXHVHIXQGHQHQODFRQVLJQDFLnQGHOLPSRUWHGHOWlWXORFRQIRUPHDODOH\RHQHOGHSnVLWRGHOPLVPRLPSRUWHKHFKRHQORVWkUPLQRVGH
HVWH7lWXOR
/DVTXHVHIXQGHQHQODFDQFHODFLnQMXGLFLDOGHOWlWXORRHQRUGHQMXGLFLDOGHVXVSHQGHUVXSDJRSURIHULGDFRPRVHSUHYkHQHVWH7lWXOR
/DVGHSUHVFULSFLnQRFDGXFLGDG\ODVTXHVHEDVHQHQODIDOWDGHUHTXLVLWRVQHFHVDULRVSDUDHOHMHUFLFLRGHODDFFLnQ
/DVTXHVHGHULYHQGHODIDOWDGHHQWUHJDGHOWlWXORRGHODHQWUHJDVLQLQWHQFLnQGHKDFHUORQHJRFLDEOHFRQWUDTXLHQQRVHDWHQHGRUGHEXHQD
IH
/DVGHULYDGDVGHOQHJRFLRMXUlGLFRTXHGLRRULJHQDODFUHDFLnQRWUDQVIHUHQFLDGHOWlWXORFRQWUDHOGHPDQGDQWHTXHKD\DVLGRSDUWHHQHO
UHVSHFWLYRQHJRFLRRFRQWUDFXDOTXLHURWURGHPDQGDQWHTXHQRVHDWHQHGRUGHEXHQDIHH[HQWDGHFXOSD\
/DVGHPjVSHUVRQDOHVTXHSXGLHUHRSRQHUHOGHPDQGDGRFRQWUDHODFWRU
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/27(1('25'(/7f78/2(-(5&,&,2'(/$$&&,h1&$0%,$5,$(OWHQHGRUGHOWlWXORSXHGHHMHUFLWDUODDFFLnQFDPELDULDFRQWUD
WRGRVORVREOLJDGRVDODYH]RFRQWUDDOJXQRRDOJXQRVGHHOORVVLQSHUGHUHQHVWHFDVRODDFFLnQFRQWUDORVRWURV\VLQREOLJDFLnQGHVHJXLUHO
RUGHQGHODVqUPDVHQHOWlWXOR(OPLVPRGHUHFKRWHQGUjWRGRREOLJDGRTXHKD\DSDJDGRHOWlWXORHQFRQWUDGHORVVLJQDWDULRVDQWHULRUHV
$57f&8/20(',263$5$&2%5$5/248((19,578''(/7f78/2'(%$1/26'(0d66,*1$7$5,26(OoOWLPRWHQHGRUGHOWlWXORDVlFRPRHO
REOLJDGRHQYlDGHUHJUHVRTXHORKD\DSDJDGRSXHGHQFREUDUORTXHHQYLUWXGGHOPLVPRGHEDQORVGHPjVVLJQDWDULRVSRUFXDOTXLHUDGHHVWRV
PHGLRV
&DUJDQGRRSLGLHQGRTXHDERQHQHQFXHQWDHOLPSRUWHGHOWlWXORPjVORVDFFHVRULRVOHJDOHV\
*LUDQGRDVXFDUJRSRUHOYDORUGHOWlWXORPjVORVDFFHVRULRVOHJDOHV
(QDPERVFDVRVHODYLVRROHWUDGHFDPELRFRUUHVSRQGLHQWHGHEHUjQLUDFRPSDmDGRVGHOWlWXORRULJLQDOGHODUHVSHFWLYDDQRWDFLnQGHUHFLERGHO
WHVWLPRQLRR&RSLDDXWRUL]DGDGHODFWRGHSURWHVWRHQVXFDVR\GHODFXHQWDGHORVDFFHVRULRVOHJDOHV
$57f&8/2&$'8&,'$''(/$$&&,h1&$0%,$5,$'(5(*5(62'(/i/7,027(1('255HIRUPDGRSRUHO$UWlFXORGHOD/H\GH/D
DFFLnQFDPELDULDGHUHJUHVRGHOoOWLPRWHQHGRUGHOWlWXORFDGXFDUj
3RUQRKDEHUVLGRSUHVHQWDGRHOWlWXORHQWLHPSRSDUDVXDFHSWDFLnQRSDUDVXSDJR\
3RUQRKDEHUOHYDQWDGRHOSURWHVWRFRQIRUPHDODOH\
$57f&8/26863(16,h1'(/$&$'8&,'$'<12,17(5583&,h1/RVWkUPLQRVGHTXHGHSHQGHODFDGXFLGDGGHODDFFLnQFDPELDULDQRVH
VXVSHQGHQVLQRHQORVFDVRVGHIXHU]DPD\RU\QXQFDVHLQWHUUXPSHQ
$57f&8/235(6&5,3&,h1'(/$$&&,h1&$0%,$5,$',5(&7$/DDFFLnQFDPELDULDGLUHFWDSUHVFULEHHQWUHVDmRVDSDUWLUGHOGlDGHO
YHQFLPLHQWR
$57f&8/235(6&5,3&,h1'(/$$&&,h1&$0%,$5,$'(5(*5(62'(/i/7,027(1('255HIRUPDGRSRUHO$UWlFXORGHOD/H\GH
/DDFFLnQFDPELDULDGHUHJUHVRGHOoOWLPRWHQHGRUSUHVFULELUjHQXQDmRFRQWDGRGHVGHODIHFKDGHOSURWHVWRRVLHOWlWXORIXHUHVLQ
SURWHVWRGHVGHODIHFKDGHOYHQFLPLHQWR\HQVXFDVRGHVGHTXHFRQFOX\DQORVSOD]RVGHSUHVHQWDFLnQ
$57f&8/2$&&,h1'(/2%/,*$'2'(5(*5(62&2175$2%/,*$'26$17(5,25(6/DDFFLnQGHOREOLJDGRGHOUHJUHVRFRQWUDORVGHPjV
REOLJDGRVDQWHULRUHVSUHVFULEHHQVHLVPHVHVFRQWDGRVDSDUWLUGHODIHFKDGHOSDJRYROXQWDULRRGHODIHFKDHQTXHVHOHQRWLqTXHODGHPDQGD
$57f&8/2&$86$/(6'(,17(5583&,h1'(/$35(6&5,3&,h1$)(&7$&,h1/DVFDXVDVTXHLQWHUUXPSHQODSUHVFULSFLnQUHVSHFWRGHXQR
GHORVGHXGRUHVFDPELDULRVQRODLQWHUUXPSHUHVSHFWRGHORVRWURVVDOYRHOFDVRGHORVVLJQDWDULRVHQXQPLVPRJUDGR
$57f&8/2&2%52'(7f78/29$/25'$/8*$5$352&(',0,(172(-(&87,92125(&212&,0,(172'(),50$6(OFREURGHXQWlWXOR
YDORUGDUjOXJDUDOSURFHGLPLHQWRHMHFXWLYRVLQQHFHVLGDGGHUHFRQRFLPLHQWRGHqUPDV
6(&&,h1,,
&2%52'(/%212'(35(1'$
$57f&8/2&2%52'(%212'(35(1'$$17((/$/0$&e1(OERQRGHSUHQGDGHEHUjSUHVHQWDUVHSDUDVXFREURDQWHHODOPDFkQ
FRUUHVSRQGLHQWH
$57f&8/2123529,6,h12325781$'(/%212$/$/0$&e1$127$&,h16LQRVHKXELHUHKHFKRSURYLVLnQRSRUWXQDDODOPDFkQkVWH
GHEHUjSRQHUHQHOERQRODDQRWDFLnQGHIDOWDGHSDJR7DODQRWDFLnQVXUWLUjHIHFWRVGHSURWHVWR
$57f&8/2$/0$&e148(1,(*$321(5$127$&,h1$/%2123527(6726LHODOPDFkQVHQLHJDDSRQHUODDQRWDFLnQGHEHUjKDFHUVHHO
SURWHVWRHQODIRUPDSUHYLVWDSDUDODVOHWUDVGHFDPELR
$57f&8/2(;,*(1&,$$/$/0$&e13$5$68%$67$'(%,(1(6'(326,7$'26(OWHQHGRUGHOERQRGHELGDPHQWHDQRWDGRRSURWHVWDGR
SRGUjGHQWURGHORVRFKRGlDVTXHVLJDQDODDQRWDFLnQRDOSURWHVWRH[LJLUGHODOPDFkQTXHSURFHGDDODVXEDVWDGHORVELHQHVGHSRVLWDGRV
$57f&8/268%$67$'(%,(1(6<$3/,&$&,h1'(352'8&72(ODOPDFkQVXEDVWDUjORVELHQHV\VXSURGXFWRORDSOLFDUjDOSDJRGH
/RVJDVWRVGHODVXEDVWD
/RVFUkGLWRVqVFDOHVTXHJUDYHQODVFRVDVGHSRVLWDGDV
/RVFUkGLWRVSURYHQLHQWHVGHOFRQWUDWRGHGHSnVLWR\
(OFUkGLWRLQFRUSRUDGRDOERQRGHSUHQGD
(OUHPDQHQWHFRQVHUYDUjSRUHODOPDFkQDGLVSRVLFLnQGHOWHQHGRUGHOFHUWLqFDGRGHGHSnVLWR
$57f&8/2&2%52'(/,03257(<$3/,&$&,h1'(6(*852(1&$62'(6,1,(6752'(/$/0$&e1(QFDVRVLQLHVWURHODOPDFkQFREUDUjHO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
LPSRUWHGHOVHJXUR\ORDSOLFDUjHQORVWkUPLQRVGHODUWlFXORDQWHULRURGHOLQFLVRWHUFHURGHO$UWlFXORHQVXFDVR
$57f&8/2$&&,h1&$0%,$5,$'(/7(1('253256$/'2,162/872(ODOPDFkQDQRWDUjHQHOERQRODVFDQWLGDGHVSDJDGDV\SRUHOVDOGR
LQVROXWRHOWHQHGRUWHQGUjDFFLnQFDPELDULDFRQWUDHOWHQHGRUGHOFHUWLqFDGRTXHKD\DFRQVWLWXLGRHOFUkGLWRSUHQGDULR\FRQWUDORVHQGRVDQWHV
DYDOLVWDVGHOERQRGHSUHQGD
$57f&8/2$&&,h1'(5(*5(62'(/7(1('25'(%212'(35(1'$&$'8&,'$'/DVDFFLRQHVGHUHJUHVRGHOWHQHGRUGHOERQRGH
SUHQGDFDGXFDUjQ
3RUIDOWDGHSUHVHQWDFLnQ\HQVXFDVRGHODDQRWDFLnQRGHOSURWHVWRRSRUWXQR\
3RUQRH[LJLUDODOPDFkQHQHOWkUPLQROHJDOODVXEDVWDGHORVELHQHVGHSRVLWDGRV
6(&&,h1,,,
5(326,&,21&$1&(/$&,h1<5(,9,1',&$&,h1'(/267f78/269$/25(6
$57f&8/2'(7(5,2522'(6758&&,h13$5&,$/'(7f78/265(326,&,21&$1&(/$&,h1<5(,9,1',&$&,h16LXQWlWXORYDORUVH
GHWHULRUDUHGHWDOPDQHUDTXHQRSXHGDVHJXLUFLUFXODQGRRVHGHVWUX\HUHHQSDUWHSHURGHPRGRTXHVXEVLVWDQORVGDWRVQHFHVDULRVSDUDVX
LGHQWLqFDFLnQHOWHQHGRUSRGUjH[LJLUMXGLFLDOPHQWHTXHHOWlWXORVHDUHSXHVWRDVXFRVWDVLORGHYXHOYHDOSULQFLSDOREOLJDGR,JXDOPHQWHWHQGUj
GHUHFKRDTXHOHqUPHQHOQXHYRWlWXORORVVXVFULSWRUHVGHOWlWXORSULPLWLYRDTXLHQHVVHSUXHEHTXHVXqUPDLQLFLDOKDVLGRGHVWUXLGDRWDFKDGD
$57f&8/2&$1&(/$&,h1<5(326,&,h1'(7f78/269$/25(63253e5','$4XLHQKD\DVXIULGRHOH[WUDYlRKXUWRURERGHVWUXFFLnQWRWDO
GHXQWlWXORYDORUQRPLQDWLYRRDODRUGHQSRGUjVROLFLWDUODFDQFHODFLnQGHkVWH\HQVXFDVRODUHSRVLFLnQ
$57f&8/2-8(=&203(7(17(3$5$&$1&(/$&,h1<5(326,&,h1,QFLVRGHURJDGRSRUHOOLWHUDOF DUW/H\GH6HUjMXH]
FRPSHWHQWHSDUDFRQRFHUGHODGHPDQGDGHFDQFHODFLnQRGHODGHUHSRVLFLnQHOGHOGRPLFLOLRGHOGHPDQGDGRRHOGHOOXJDUHQTXHkVWHGHED
FXPSOLUODVREOLJDFLRQHVTXHHOWlWXOROHLPSRQJD
1RREVWDQWHHQFDVRGHSkUGLGDGHOFHUWLqFDGRGHGHSnVLWRRGHOERQRGHSUHQGDOD6XSHULQWHQGHQFLD%DQFDULDSUHYLDFRPSUREDFLnQGHOKHFKR
RUGHQDUjDODOPDFkQJHQHUDOODH[SHGLFLnQGHXQGXSOLFDGRHQHOFXDODSDUH]FDYLVLEOHHVWDFLUFXQVWDQFLD(OLQWHUHVDGRSUHVWDUjFDXFLnQD
VDWLVIDFFLnQGHOPLVPRDOPDFkQSDUDUHVSRQGHUGHORVSHUMXLFLRVTXHSXHGDQGHULYDUVHGHODH[SHGLFLnQGHOGXSOLFDGR\TXHGHYROYHUjHOWlWXOR
SULPLWLYRDODOPDFkQHQFDVRGHTXHVHUHFXSHUH
$57f&8/2'(0$1'$<38%/,&$&,h1'HURJDGRSRUHOOLWHUDOF DUW/H\GH/DGHPDQGDGHEHUjFRQWHQHUORVGDWRV
QHFHVDULRVSDUDODFRPSOHWDLGHQWLqFDFLnQGHOGRFXPHQWR\GHHOODVHFRUUHUjWUDVODGRDOGHPDQGDGRSRUHOWkUPLQRGHFLQFRGlDV$GHPjVVH
SXEOLFDUjXQDYH]GHQWURGHOPLVPRWkUPLQRXQH[WUDFWRGHODGHPDQGDHQXQGLDULRGHFLUFXODFLnQJHQHUDOHQOD5HSoEOLFD+HFKD
RSRUWXQDPHQWHODSXEOLFDFLnQVHWHQGUjSRUQRWLqFDGDODGHPDQGDDWHUFHURV
$57f&8/22725*$0,(172'(*$5$17f$68),&,(17(325(/$&7250(','$6720$'$6325(/-8(='HURJDGRSRUHOOLWHUDOF DUW
/H\GH(OMXH]VLHODFWRURWRUJDJDUDQWlDVXqFLHQWHRUGHQDUjODVXVSHQVLnQGHOFXPSOLPLHQWRGHODVREOLJDFLRQHVGHULYDGDVGHOWlWXOR
\FRQODVUHVWULFFLRQHV\UHTXLVLWRVTXHVHmDOHIDFXOWDUjDOGHPDQGDQWHSDUDHMHUFLWDUDTXHOORVGHUHFKRVTXHVnORSRGUlDQHMHUFLWDUVHGXUDQWHHO
SURFHGLPLHQWRGHFDQFHODFLnQRGHUHSRVLFLnQHQVXFDVR
$57f&8/26863(16,h1(,17(55583&,h1'(/$&$'8&,'$'325/$&$1&(/$&,h125(326,&,h1'(7f78/269$/25(6'HURJDGRSRUHO
OLWHUDOF DUW/H\GH(OSURFHGLPLHQWRGHFDQFHODFLnQRGHUHSRVLFLnQLQWHUUXPSHODSUHVFULSFLnQ\VXVSHQGHORVWkUPLQRVGH
FDGXFLGDG
$57f&8/275d0,7('HURJDGRSRUHOOLWHUDOF DUW/H\GH7UDQVFXUULGRVWUHLQWDGlDVGHODIHFKDGHQRWLqFDFLnQGHOD
GHPDQGDVLQRVHSUHVHQWDUHRSRVLFLnQVHGLFWDUjVHQWHQFLDTXHGHFUHWHODFDQFHODFLnQRODUHSRVLFLnQDPHQRVTXHHOMXH]FRQVLGHUH
FRQYHQLHQWHGHFUHWDUSUXHEDVGHRqFLR
$57f&8/20(','$6&8$1'26(35(6(17$2326,&,h1'HURJDGRSRUHOOLWHUDOF DUW/H\GH6LORVGHPDQGDGRVQLHJDQ
KDEHUqUPDGRHOWlWXORRVHIRUPXODUHRSRVLFLnQRSRUWXQD\OOHJDUHDSUREDUVHTXHGLFKRVGHPDQGDGRVVlKDElDQVXVFULWRHOWlWXORRVH
DFUHGLWDUHQORVKHFKRVIXQGDPHQWDOHVGHODGHPDQGDHOMXH]GHFUHWDUjODFDQFHODFLnQRUHSRVLFLnQSHGLGD
$57f&8/22326,&,h1'(7(5&(52$/$&$1&(/$&,h1(;+,%,&,h1'(7f78/26'HURJDGRSRUHOOLWHUDOF DUW/H\GH(O
WHUFHURTXHVHRSRQJDDODFDQFHODFLnQGHEHUjH[KLELUHOWlWXOR
$57f&8/2(-(&8&,h1'(/$6(17(1&,$'HURJDGRSRUHOOLWHUDOF DUW/H\GH/DVHQWHQFLDGHFDQFHODFLnQRGHUHSRVLFLnQ
FDXVDUjHMHFXWRULDGLH]GlDVGHVSXkVGHODIHFKDGHVXQRWLqFDFLnQVLHOWlWXOR\DKXELHUHYHQFLGR\GLH]GlDVGHVSXkVGHODIHFKDGHO
YHQFLPLHQWRVLQRKXELHUHYHQFLGRDoQ
/DVHQWHQFLDVHUjDSHODEOHHQHOHIHFWRVXVSHQVLYR
$57f&8/23$*2'(7f78/269(1&,'26'HURJDGRSRUHOOLWHUDOF DUW/H\GH5HIRUPDGRSRUHO$UWlFXORGHOD/H\GH
6LHOWlWXOR\DHVWXYLHUHYHQFLGRRYHQFLHUHGXUDQWHHOSURFHGLPLHQWRHODFWRUSRGUjSHGLUDOMXH]TXHRUGHQHDORVVLJQDWDULRVTXH
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
GHSRVLWHQDGLVSRVLFLnQGHOMX]JDGRHOLPSRUWHGHOWlWXOR
6LORVREOLJDGRVVHQHJDUHQDUHDOL]DUHOSDJRTXLHQREWXYRODFDQFHODFLnQSRGUjOHJLWLPDUVHFRQODFRSLDGHODVHQWHQFLDSDUDH[LJLUODV
SUHVWDFLRQHVGHULYDGDVGHOWlWXOR
$57f&8/2'(3h6,72'(/,03257('(/7f78/2'HURJDGRSRUHOOLWHUDOF DUW/H\GH(OGHSnVLWRGHOLPSRUWHGHOWlWXOR
KHFKRSRUXQRGHORVVLJQDWDULRVOLEHUDDORVRWURVGHODREOLJDFLnQGHKDFHUOR<VLORKLFLHUHQYDULRVVnORVXEVLVWLUjHOGHSnVLWRGHTXLHQOLEHUH
PD\RUQoPHURGHREOLJDGRV
$57f&8/2'(3h6,723$5&,$/'(/,03257('(/7f78/2'HURJDGRSRUHOOLWHUDOF DUW/H\GH6LORVREOLJDGRVGHSRVLWDQ
SDUWHGHOLPSRUWHGHOWlWXORHOMXH]SRQGUjHOKHFKRHQFRQRFLPLHQWRGHOGHPDQGDQWH\VLkVWHDFHSWDUHHOSDJRSDUFLDOGLVSRQGUjTXHOHVHDQ
HQWUHJDGDVODVVXPDVGHSRVLWDGDV(QHVWHFDVRGLFKRGHPDQGDQWHFRQVHUYDUjDFFLnQSRUHOVDOGRLQVROXWR
$57f&8/2'(&5(72'(&$1&(/$&,h1'(7f78/2129(1&,'27f78/26867,7872'HURJDGRSRUHOOLWHUDOF DUW/H\GH
6LDOGHFUHWDUVHODFDQFHODFLnQGHOWlWXORQRKXELHUHYHQFLGRHOMXH]RUGHQDUjDORVVLJQDWDULRVTXHVXVFULEDQHOWlWXORVXVWLWXWR6LQRORKLFLHUHQ
HOMXH]ORqUPDUj
$57f&8/29(1&,0,(172'(/18(927f78/2'HURJDGRSRUHOOLWHUDOF DUW/H\GH(OQXHYRWlWXORYHQFHUjWUHLQWDGlDV
GHVSXkVGHOYHQFLPLHQWRGHOWlWXORFDQFHODGR
$57f&8/2'(5(&+26'(/7(1('25'(/7f78/2&$1&(/$'248(1235(6(17$2326,&,h1$oQHQHOFDVRGHQRKDEHUSUHVHQWDGR
RSRVLFLnQHOWHQHGRUGHOWlWXORFDQFHODGRFRQVHUYDUjVXVGHUHFKRVFRQWUDTXLHQREWXYRODFDQFHODFLnQ\HOFREURGHOWlWXOR
$57f&8/27f78/26$/3257$'2512&$1&(/$%/(6/RVWlWXORVDOSRUWDGRUQRVHUjQFDQFHODEOHV
$57f&8/25(,9,1',&$&,h1'(7f78/269$/25(6(1&$62'(3e5','$/RVWlWXORVYDORUHVSRGUjQVHUUHLYLQGLFDGRVHQORVFDVRVGH
H[WUDYlRURERRDOJoQRWURPHGLRGHDSURSLDFLnQLOlFLWD
$57f&8/2352&('(1&,$'(/$$&&,h15(,9,1',&$725,$/DDFFLnQUHLYLQGLFDWRULDSURFHGHUjFRQWUDHOSULPHUDGTXLUHQWH\FRQWUD
FXDOTXLHUWHQHGRUXOWHULRUTXHQRVHDGHEXHQDIHH[HQWDGHFXOSD
$57f&8/2,167580(17261(*2&,$%/(6&XDQGRHQODOH\RHQORVFRQWUDWRVVHHPSOHDODH[SUHVLnQLQVWUXPHQWRVQHJRFLDEOHVVH
HQWHQGHUjSRUWDOORVWlWXORVYDORUHVGHFRQWHQLGRFUHGLWLFLRTXHWHQJDQSRUREMHWRHOSDJRGHPRQHGD/DSURWHFFLnQSHQDOGHHVWRVWlWXORV
VHJXLUjULJLkQGRVHSRUODVQRUPDVUHVSHFWLYDVGHO&nGLJR3HQDO\GLVSRVLFLRQHVFRPSOHPHQWDULDV
/,%52&8$572
'(/26&2175$726<2%/,*$&,21(60(5&$17,/(6
7f78/2,
'(/$62%/,*$&,21(6(1*(1(5$/
&$3f78/2,
*(1(5$/,'$'(6
$57f&8/2$3/,&$&,h1'(/'(5(&+2&,9,//RVSULQFLSLRVTXHJRELHUQDQODIRUPDFLnQGHORVDFWRV\FRQWUDWRV\ODVREOLJDFLRQHVGH
GHUHFKRFLYLOVXVHIHFWRVLQWHUSUHWDFLnQPRGRGHH[WLQJXLUVHDQXODUVHRUHVFLQGLUVHVHUjQDSOLFDEOHVDODVREOLJDFLRQHV\QHJRFLRVMXUlGLFRV
PHUFDQWLOHVDPHQRVTXHODOH\HVWDEOH]FDRWUDFRVD
/DSUXHEDHQGHUHFKRFRPHUFLDOVHUHJLUjSRUODVUHJODVHVWDEOHFLGDVHQHO&nGLJRGH3URFHGLPLHQWR&LYLOVDOYRODVUHJODVHVSHFLDOHV
HVWDEOHFLGDVHQODOH\
$57f&8/2,',20$&$67(//$12/RVWkUPLQRVWkFQLFRVRXVXDOHVTXHVHHPSOHDQHQGRFXPHQWRVGHVWLQDGRVDSUREDUFRQWUDWRVX
REOLJDFLRQHVPHUFDQWLOHVRTXHVHUHqHUDQDODHMHFXFLnQGHGLFKRVFRQWUDWRVXREOLJDFLRQHVVHHQWHQGHUjQHQHOVHQWLGRTXHWHQJDQHQHO
LGLRPDFDVWHOODQR
&XDQGRVHKD\DQXWLOL]DGRVLPXOWjQHDPHQWHYDULRVLGLRPDVVHHQWHQGHUjQGLFKRVWkUPLQRVHQHOVHQWLGRTXHWHQJDQHQFDVWHOODQRVLHVWH
LGLRPDIXHXVDGRHQVXGHIHFWRVHHVWDUjDODYHUVLnQHVSDmRODTXHPjVVHDFHUTXHDOVLJQLqFDGRGHOWH[WRRULJLQDO(OVHQWLGRRVLJQLqFDGRGH
TXHWUDWDHVWHDUWlFXORHVHOMXUlGLFRTXHWHQJDHOWkUPLQRRORFXFLnQHQHOUHVSHFWLYRLGLRPDRHOWkFQLFRTXHOHGkODFLHQFLDRDUWHDTXH
SHUWHQH]FDRqQDOPHQWHHOVHQWLGRQDWXUDO\REYLRGHOLGLRPDDTXHFRUUHVSRQGD
$57f&8/2)250$/,'$'(63$5$2%/,*$56(/RVFRPHUFLDQWHVSRGUjQH[SUHVDUVXYROXQWDGGHFRQWUDWDUXREOLJDUVHYHUEDOPHQWHSRU
HVFULWRRSRUFXDOTXLHUPRGRLQHTXlYRFR&XDQGRXQDQRUPDOHJDOH[LMDGHWHUPLQDGDVROHPQLGDGFRPRUHTXLVLWRHVHQFLDOGHOQHJRFLRMXUlGLFR
HVWHQRVHIRUPDUjPLHQWUDVQRVHOOHQHWDOVROHPQLGDG
$57f&8/235(681&,h1'(62/,'$5,'$'(QORVQHJRFLRVPHUFDQWLOHVFXDQGRIXHUHQYDULRVORVGHXGRUHVVHSUHVXPLUjTXHVHKDQ
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
REOLJDGRVROLGDULDPHQWH
$57f&8/2&2175$726(6&5,726&XDQGRODOH\H[LMDTXHXQDFWRRFRQWUDWRFRQVWHSRUHVFULWREDVWDUjHOLQVWUXPHQWRSULYDGRFRQODV
qUPDVDXWnJUDIDVGHORVVXVFULSWRUHV
3RUqUPDVHHQWLHQGHODH[SUHVLnQGHOQRPEUHGHOVXVFULSWRURGHDOJXQRGHORVHOHPHQWRVTXHODLQWHJUHQRGHXQVLJQRRVlPERORHPSOHDGR
FRPRPHGLRGHLGHQWLqFDFLnQSHUVRQDO
6LDOJXQRGHHOORVQRSXGLHUHRQRVXSLHUHqUPDUORKDUjRWUDSHUVRQDDVXUXHJRGDQGRIHGHHOORGRVWHVWLJRV\VHLPSULPLUjQHQHOGRFXPHQWR
ODVKXHOODVGLJLWDOHVRSODQWDUHVGHORWRUJDQWH
6LODOH\QRGLVSRQHRWUDFRVDODVFDUWDVRWHOHJUDPDVHTXLYDOGUjQDODIRUPDHVFULWDFRQWDOTXHODFDUWDRHORULJLQDOGHOWHOHJUDPDHVWkQ
qUPDGRVSRUHOUHPLWHQWHRTXHVHSUXHEHTXHKDQVLGRH[SHGLGRVSRUkVWHRSRUVXRUGHQ
$57f&8/2),50$3250(',20(&$1,&2/DqUPDTXHSURFHGHGHDOJoQPHGLRPHFjQLFRQRVHFRQVLGHUDUjVXqFLHQWHVLQRHQORVQHJRFLRV
HQTXHODOH\RODFRVWXPEUHORDGPLWDQ
$57f&8/2),50$'(&,(*26$87(17,&$&,h1/DqUPDGHORVFLHJRVQROHVREOLJDUjVLQRFXDQGRKD\DVLGRGHELGDPHQWHDXWHQWLFDGDDQWH
MXH]RDQWHQRWDULRSUHYLDOHFWXUDGHOUHVSHFWLYRGRFXPHQWRGHSDUWHGHOPLVPRMXH]RQRWDULR
$57f&8/25(*/$63$5$/263/$=26(QORVSOD]RVGHKRUDVGlDVPHVHV\DmRVVHVHJXLUjQODVUHJODVTXHDFRQWLQXDFLnQVHH[SUHVDQ
&XDQGRHOSOD]RVHDGHKRUDVFRPHQ]DUjDFRQWDUVHDSDUWLUGHOSULPHUVHJXQGRGHODKRUDVLJXLHQWH\VHH[WHQGHUjKDVWDHOoOWLPRVHJXQGR
GHODoOWLPDKRUDLQFOXVLYH
&XDQGRHOSOD]RVHDGHGlDVVHH[FOXLUjHOGlDHQTXHHOQHJRFLRMXUlGLFRVHKD\DFHOHEUDGRVDOYRTXHGHODLQWHQFLnQH[SUHVDGHODVSDUWHVVH
GHVSUHQGDRWUDFRVD\
&XDQGRHOSOD]RVHDGHPHVHVRGHDmRVVXYHQFLPLHQWRWHQGUjOXJDUHOPLVPRGlDGHOFRUUHVSRQGLHQWHPHVRDmRVLkVWHQRWLHQHWDOIHFKD
H[SLUDUjHQHOoOWLPRGlDGHOUHVSHFWLYRPHVRDmR(OSOD]RTXHYHQ]DHQGlDIHULDGRVHSURUURJDUjKDVWDHOGlDVLJXLHQWH(OGlDGHYHQFLPLHQWR
VHUjKjELOKDVWDODVVHLVGHODWDUGH
3$5d*5$)2R/RVSOD]RVGHGlDVVHmDODGRVHQODOH\VHHQWHQGHUjQKjELOHVORVFRQYHQFLRQDOHVFRPXQHV
3$5d*5$)2R/RVSOD]RVGHJUDFLDFRQFHGLGRVPHGLDQWHDFXHUGRGHODVSDUWHVFRQDQWHULRULGDGDOYHQFLPLHQWRGHOWkUPLQRVHHQWHQGHUjQ
FRPRSUnUURJDGHOPLVPR
$57f&8/2$%862'(/'(5(&+2,1'(01,=$&,h1'(3(5-8,&,26(OTXHDEXVHGHVXVGHUHFKRVHVWDUjREOLJDGRDLQGHPQL]DUORVSHUMXLFLRV
TXHFDXVH
$57f&8/2(15,48(&,0,(1726,1-867$&$86$1DGLHSRGUjHQULTXHFHUVHVLQMXVWDFDXVDDH[SHQVDVGHRWUR
&$3f78/2,,
/$5(35(6(17$&,h1
$57f&8/25(35(6(17$&,h192/817$5,$&21&(372+DEUjUHSUHVHQWDFLnQYROXQWDULDFXDQGRXQDSHUVRQDIDFXOWDDRWUDSDUDFHOHEUDUHQ
VXQRPEUHXQRRYDULRVQHJRFLRVMXUlGLFRV(ODFWRSRUPHGLRGHOFXDOVHRWRUJDGLFKDIDFXOWDGVHOODPDDSRGHUDU\SXHGHLUDFRPSDmDGRGH
RWURVQHJRFLRVMXUlGLFRV
$57f&8/2()(&726-85f',&26'(/$5(35(6(17$&,h1/RVQHJRFLRVMXUlGLFRVSURSXHVWRVRFRQFOXLGRVSRUHOUHSUHVHQWDQWHHQQRPEUHGHO
UHSUHVHQWDGRGHQWURGHOOlPLWHGHVXVSRGHUHVSURGXFLUjQGLUHFWDPHQWHHIHFWRVHQUHODFLnQFRQkVWH
/DUHJODDQWHULRUQRVHDSOLFDUjDORVQHJRFLRVSURSXHVWRVRFHOHEUDGRVSRULQWHUPHGLDULRTXHFDUH]FDGHIDFXOWDGSDUDUHSUHVHQWDU
$57f&8/2%8(1$)('(/5(35(6(17$17((QORVFDVRVHQTXHODOH\SUHYHDXQHVWDGRGHEXHQDIHGHFRQRFLPLHQWRRGHLJQRUDQFLDGH
GHWHUPLQDGRVKHFKRVGHEHUjWHQHUVHHQFXHQWDODSHUVRQDGHOUHSUHVHQWDQWHVDOYRTXHVHWUDWHGHFLUFXQVWDQFLDVDWLQHQWHVDOUHSUHVHQWDGR
(QQLQJoQFDVRHOUHSUHVHQWDGRGHPDODIHSRGUjDPSDUDUVHHQODEXHQDIHRHQODLJQRUDQFLDGHOUHSUHVHQWDQWH
$57f&8/235(681&,h1'(%8(1$)(6HSUHVXPLUjODEXHQDIHDoQODH[HQWDGHFXOSD4XLHQDOHJXHODPDODIHRODFXOSDGHXQDSHUVRQD
RDqUPHTXHkVWDFRQRFLnRGHELnFRQRFHUGHWHUPLQDGRKHFKRGHEHUjSUREDUOR
$57f&8/232'(53$5$&(/(%5$51(*2&,26-85f',&2648(&2167(1(1(6&5,785$3i%/,&$(OSRGHUSDUDFHOHEUDUXQQHJRFLRMXUlGLFR
TXHGHEDFRQVWDUSRUHVFULWXUDSoEOLFDGHEHUjVHUFRQIHULGRSRUHVWHPHGLRRSRUHVFULWRSULYDGRGHELGDPHQWHDXWHQWLFDGR$57f&8/2
(;+,%,&,h1'(/32'(5(OWHUFHURTXHFRQWUDWHFRQHOUHSUHVHQWDQWHSRGUjHQWRGRFDVRH[LJLUGHHVWHTXHMXVWLqTXHVXVSRGHUHV\VLOD
UHSUHVHQWDFLnQSURYLHQHGHXQDFWRHVFULWRWHQGUjGHUHFKRDTXHVHOHHQWUHJXHXQDFRSLDDXWkQWLFDGHOPLVPR
$57f&8/25(6&,6,h1'(1(*2&,26-85f',&265($/,=$'26325(/5(35(6(17$17((OQHJRFLRMXUlGLFRFRQFOXLGRSRUHOUHSUHVHQWDQWHHQ
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
PDQLqHVWDFRQWUDSRVLFLnQFRQORVLQWHUHVHVGHOUHSUHVHQWDGRSRGUjVHUUHVFLQGLGRDSHWLFLnQGHkVWHFXDQGRWDOFRQWUDSRVLFLnQVHDRSXHGDVHU
FRQRFLGDSRUHOWHUFHURFRQPHGLDQDGLOLJHQFLD\FXLGDGR
$57f&8/2352+,%,&,21(6'(/5(35(6(17$17(1RSRGUjHOUHSUHVHQWDQWHKDFHUGHFRQWUDSDUWHGHOUHSUHVHQWDGRRFRQWUDWDUFRQVLJR
PLVPRHQVXSURSLRQRPEUHRFRPRUHSUHVHQWDQWHGHXQWHUFHURVDOYRH[SUHVDDXWRUL]DFLnQGHOUHSUHVHQWDGR
(QQLQJoQFDVRSRGUjHOUHSUHVHQWDQWHSUHYDOHUVHFRQWUDODYROXQWDGGHOUHSUHVHQWDGRGHODFWRFRQFOXLGRFRQYLRODFLnQGHODDQWHULRU
SURKLELFLnQ\TXHGDUjREOLJDGRDLQGHPQL]DUORVSHUMXLFLRVTXHOHKD\DFDXVDGR
$57f&8/232'(5(63(&,$/(OUHSUHVHQWDQWHSRGUjHMHFXWDUORVDFWRVFRPSUHQGLGRVGHQWURGHOJLURRUGLQDULRGHORVQHJRFLRVFX\DJHVWLnQ
VHOHKD\DHQFRPHQGDGRSHURQHFHVLWDUjXQSRGHUHVSHFLDOSDUDDTXHOORVUHVSHFWRGHORVFXDOHVODOH\DVlORH[LMD
$57f&8/25(35(6(17$&,h16,132'(5(OTXHFRQWUDWHDQRPEUHGHRWURVLQSRGHURH[FHGLHQGRHOOlPLWHGHkVWHVHUjUHVSRQVDEOHDO
WHUFHURGHEXHQDIHH[HQWDGHFXOSDGHODSUHVWDFLnQSURPHWLGDRGHVXYDORUFXDQGRQRVHDSRVLEOHVXFXPSOLPLHQWR\GHORVGHPjVSHUMXLFLRV
TXHDGLFKRWHUFHURRDOUHSUHVHQWDGRVHGHULYHQSRUWDOFDXVD
$57f&8/25(35(6(17$&,h1$3$5(17(4XLkQGkPRWLYRDTXHVHFUHDFRQIRUPHDODVFRVWXPEUHVFRPHUFLDOHVRSRUVXFXOSDTXHXQD
SHUVRQDHVWjIDFXOWDGDSDUDFHOHEUDUXQQHJRFLRMXUlGLFRTXHGDUjREOLJDGRHQORVWkUPLQRVSDFWDGRVDQWHWHUFHURVGHEXHQDIHH[HQWDGHFXOSD
$57f&8/2127,),&$&,h1$7(5&(526'(72'26/26&$0%,26(1(/32'(5/DPRGLqFDFLnQ\ODUHYRFDFLnQGHOSRGHUGHEHUjQVHU
SXHVWDVHQFRQRFLPLHQWRGHWHUFHURVSRUPHGLRVLGnQHRV(QVXGHIHFWROHVVHUjQLQRSRQLEOHVVDOYRTXHVHSUXHEHTXHGLFKRVWHUFHURV
FRQRFlDQODPRGLqFDFLnQRODUHYRFDFLnQHQHOPRPHQWRGHSHUIHFFLRQDUVHHOQHJRFLR
/DVGHPjVFDXVDVGHH[WLQFLnQGHOPDQGDWRQRVHUjQRSRQLEOHVDORVWHUFHURVGHEXHQDIH
$57f&8/25$7,),&$&,h1/DUDWLqFDFLnQGHOLQWHUHVDGRVLVHKDFHFRQODVPLVPDVIRUPDOLGDGHVTXHODOH\H[LJHSDUDHOQHJRFLRMXUlGLFR
UDWLqFDGRWHQGUjHIHFWRUHWURDFWLYRVDOYRHQFXDQWROHVLRQHGHUHFKRVGHWHUFHURV
&$3f78/2,,,
2)(57$235238(67$
$57f&8/22)(57$(/(0(1726(6(1&,$/(6/DRIHUWDRSURSXHVWDHVWRHVHOSUR\HFWRGHQHJRFLRMXUlGLFRTXHXQDSHUVRQDIRUPXOHDRWUD
GHEHUjFRQWHQHUORVHOHPHQWRVHVHQFLDOHVGHOQHJRFLR\VHUFRPXQLFDGDDOGHVWLQDWDULR6HHQWHQGHUjTXHODSURSXHVWDKDVLGRFRPXQLFDGD
FXDQGRVHXWLOLFHFXDOTXLHUPHGLRDGHFXDGRSDUDKDFHUODFRQRFHUGHOGHVWLQDWDULR
$57f&8/2,55(92&$%,/,'$''(/$35238(67$/DSURSXHVWDVHUjLUUHYRFDEOH'HFRQVLJXLHQWHXQDYH]FRPXQLFDGDQRSRGUjUHWUDFWDUVH
HOSURSRQHQWHVRSHQDGHLQGHPQL]DUORVSHUMXLFLRVTXHFRQVXUHYRFDFLnQFDXVHDOGHVWLQDWDULR
/DSURSXHVWDFRQVHUYDVXIXHU]DREOLJDWRULDDXQTXHHOSURSRQHQWHPXHUDROOHJXHDVHULQFDSD]HQHOWLHPSRPHGLRHQWUHODH[SHGLFLnQGHOD
RIHUWD\VXDFHSWDFLnQVDOYRTXHGHODQDWXUDOH]DGHODRIHUWDRGHODYROXQWDGGHOSURSRQHQWHVHGHGX]FDODLQWHQFLnQFRQWUDULD
$57f&8/22)(57$'(0(5&$'(5,$6/DVRIHUWDVGHPHUFDGHUlDVFRQLQGLFDFLnQGHOSUHFLRGLULJLGDVDSHUVRQDVQRGHWHUPLQDGDVHQ
FLUFXODUHVSURVSHFWRVRFXDOTXLHUDRWUDHVSHFLHVLPLODUGHSURSDJDQGDHVFULWDQRVHUjQREOLJDWRULDVSDUDHOTXHODVKDJD'LULJLGDVDSHUVRQDV
GHWHUPLQDGDV\DFRPSDmDGDVGHXQDQRWDTXHQRWHQJDODVFDUDFWHUlVWLFDVGHXQDFLUFXODUVHUjQREOLJDWRULDVVLHQHOODQRVHKDFHVDOYHGDG
DOJXQD
$57f&8/22)(57$6(19,75,1$6<02675$'25(6/DVRIHUWDVTXHKDJDQORVFRPHUFLDQWHVHQODVYLWULQDVPRVWUDGRUHV\GHPjV
GHSHQGHQFLDVGHVXVHVWDEOHFLPLHQWRVFRQLQGLFDFLnQGHOSUHFLR\GHODVPHUFDGHUlDVRIUHFLGDVVHUjQREOLJDWRULDVPLHQWUDVWDOHVPHUFDGHUlDV
HVWkQH[SXHVWDVDOSoEOLFR7DPELkQORVHUjODRIHUWDSoEOLFDGHXQRRPjVJkQHURVGHWHUPLQDGRVRGHXQFXHUSRFLHUWRSRUXQSUHFLRqMRKDVWD
HOGlDVLJXLHQWHDOGHODQXQFLR
$57f&8/27(50,1$&,h1'(/$2)(57$325-867$&$86$&XDQGRHQHOPRPHQWRGHODDFHSWDFLnQVHKD\DQDJRWDGRODVPHUFDGHUlDV
SoEOLFDPHQWHRIUHFLGDVVHWHQGUjSRUWHUPLQDGDODRIHUWDSRUMXVWDFDXVD
$57f&8/235238(67$9(5%$//DSURSXHVWDYHUEDOGHXQQHJRFLRHQWUHSUHVHQWHVGHEHUjVHUDFHSWDGDRUHFKD]DGDHQHODFWRGHRlUVH/D
SURSXHVWDKHFKDSRUWHOkIRQRVHDVLPLODUjSDUDORVHIHFWRVGHVXDFHSWDFLnQRUHFKD]RDODSURSXHVWDYHUEDOHQWUHSUHVHQWHV
$57f&8/235238(67$(6&5,7$&XDQGRODSURSXHVWDVHKDJDSRUHVFULWRGHEHUjVHUDFHSWDGDRUHFKD]DGDGHQWURGHORVVHLVGlDV
VLJXLHQWHVDODIHFKDTXHWHQJDODSURSXHVWDVLHOGHVWLQDWDULRUHVLGHHQHOPLVPROXJDUGHOSURSRQHQWHVLUHVLGHHQOXJDUGLVWLQWRDGLFKR
WkUPLQRVHVXPDUjHOGHODGLVWDQFLD
$57f&8/27e50,12'(/$',67$1&,$(OWkUPLQRGHODGLVWDQFLDVHFDOFXODUjVHJoQHOPHGLRGHFRPXQLFDFLnQHPSOHDGRSRUHOSURSRQHQWH
$57f&8/23/$=26&216(168$/(6/DVSDUWHVSRGUjQqMDUSOD]RVGLVWLQWRVDODDFHSWDFLnQRUHFKD]RGHODSURSXHVWDRkVWDFRQWHQHUORV
$57f&8/2$&(37$&,h17$&,7$(1/$35238(67$/DDFHSWDFLnQWjFLWDPDQLIHVWDGDSRUXQKHFKRLQHTXlYRFRGHHMHFXFLnQGHOFRQWUDWR
SURSXHVWRSURGXFLUjORVPLVPRVHIHFWRVTXHODH[SUHVDVLHPSUHTXHHOSURSRQHQWHWHQJDFRQRFLPLHQWRGHWDOKHFKRGHQWURGHORVWkUPLQRV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
LQGLFDGRVHQORVDUWlFXORVDVHJoQHOFDVR
$57f&8/2$&(37$&,h1&21',&,21$//DDFHSWDFLnQFRQGLFLRQDORH[WHPSRUjQHDVHUjFRQVLGHUDGDFRPRQXHYDSURSXHVWD
$57f&8/22)(57$3i%/,&$'(35(67$&,h1235(0,25HIRUPDGRSRUHO$UWlFXORGHOD/H\GH/DRIHUWDSoEOLFDGHXQD
SUHVWDFLnQRSUHPLRVHUjREOLJDWRULDVLHPSUHTXHVHFXPSODQODVFRQGLFLRQHVHQHOODSUHYLVWDV
6LQRVHmDODHOWkUPLQRSDUDFRPXQLFDUHOFXPSOLPLHQWRGHWDOHVFRQGLFLRQHVODREOLJDFLnQGHORIHUHQWHFHVDUjWUDVFXUULGRXQPHVGHVGHODIHFKD
GHODRIHUWDVDOYRTXHGHODQDWXUDOH]DGHkVWDVHGHGX]FDXQWkUPLQRGLVWLQWR
$57f&8/25(92&$&,h1'(/$2)(57$3i%/,&$/DRIHUWDSoEOLFDVnORSRGUjUHYRFDUVHDQWHVGHOYHQFLPLHQWRGHOWkUPLQRGHODPLVPD
SRUMXVWDFDXVD
/DUHYRFDFLnQGHEHUjSRQHUVHHQFRQRFLPLHQWRGHOSoEOLFRHQODPLVPDIRUPDHQTXHVHKDKHFKRODRIHUWDRHQVXGHIHFWRHQIRUPD
HTXLYDOHQWH
/DUHYRFDFLnQQRSURGXFLUjHIHFWRVFRQUHODFLnQDODSHUVRQDRSHUVRQDVTXHKD\DQFXPSOLGR\DODVFRQGLFLRQHVGHODRIHUWD
$57f&8/2&803/,0,(172'(/$6&21',&,21(63259$5,$63(5621$66LODVFRQGLFLRQHVGHODRIHUWDVHFXPSOHQVHSDUDGDPHQWHSRU
YDULDVSHUVRQDVVnORWHQGUjGHUHFKRDODSUHVWDFLnQRIUHFLGDDTXHOODGHTXLHQHORIHUHQWHSULPHURUHFLEDDYLVRGHVXFXPSOLPLHQWR
(QFDVRGHLJXDOGDGHQHOWLHPSRHORIHUHQWHGHFLGLUjHQIDYRUGHTXLHQKD\DFXPSOLGRPHMRUODVFRQGLFLRQHVGHODRIHUWDSXGLHQGRSDUWLUOD
SUHVWDFLnQVLkVWDHVGLYLVLEOH
6LODVFRQGLFLRQHVVRQFXPSOLGDVSRUYDULDVSHUVRQDVHQFRODERUDFLnQODSUHVWDFLnQVHGLYLGLUjHQWUHHOODVVLVXREMHWRHVGLYLVLEOHHQFDVR
FRQWUDULRVHVHJXLUjQODVUHJODVGHO&nGLJR&LYLOVREUHODVREOLJDFLRQHVLQGLYLVLEOHV
$57f&8/2352+,%,&,h1'(87,/,=$52%5$6(-(&87$'$63253(5621$6(;&/8,'$6(ORIHUHQWHQRSRGUjXWLOL]DUODVREUDVHMHFXWDGDVSRU
ODVSHUVRQDVH[FOXLGDVGHODSUHVWDFLnQRIUHFLGD6LORKLFLHUHGHEHUjHQWRGRFDVRLQGHPQL]DUODV
$57f&8/2/,&,7$&,21(63/,(*2'(&$5*26(QWRGRJkQHURGHOLFLWDFLRQHVSoEOLFDVRSULYDGDVHOSOLHJRGHFDUJRVFRQVWLWX\HXQDRIHUWD
GHFRQWUDWR\FDGDSRVWXUDLPSOLFDODFHOHEUDFLnQGHXQFRQWUDWRFRQGLFLRQDGRDTXHQRKD\DSRVWXUDPHMRU+HFKDODDGMXGLFDFLnQDOPHMRU
SRVWRUVHGHVHFKDUjQODVGHPjV
$57f&8/23520(6$'(&(/(%5$5&2175$72/DSURPHVDGHFHOHEUDUXQQHJRFLRSURGXFLUjREOLJDFLnQGHKDFHU/DFHOHEUDFLnQGHO
FRQWUDWRSURPHWLGRVHVRPHWHUjDODVUHJODV\IRUPDOLGDGHVGHOFDVR
$57f&8/23$&72'(35()(5(1&,$5HIRUPDGRSRUHO$UWlFXORGHOD/H\GH(OSDFWRGHSUHIHUHQFLDRVHDDTXHOSRUHOFXDOXQD
GHODVSDUWHVVHREOLJDDSUHIHULUDODRWUDSDUDODFRQFOXVLnQGHXQFRQWUDWRSRVWHULRUVREUHGHWHUPLQDGDVFRVDVSRUXQSUHFLRqMRRSRUHOTXH
RIUH]FDXQWHUFHURHQGHWHUPLQDGDVFRQGLFLRQHVRHQODVPLVPDVTXHGLFKRWHUFHURSURSRQJDVHUjREOLJDWRULR(OSDFWRGHSUHIHUHQFLDQRSRGUj
HVWLSXODUVHSRUXQWkUPLQRVXSHULRUDXQDmR
6LODSUHIHUHQFLDVHFRQFHGHHQIDYRUGHTXLHQHVWkHMHFXWDQGRDYLUWXGGHFRQWUDWRXQDH[SORWDFLnQHFRQnPLFDGHWHUPLQDGDHODQWHULRUSOD]RVH
FRQWDUjDSDUWLUGHODH[SLUDFLnQGHOWkUPLQRGHOFRQWUDWRHQHMHFXFLnQ
7RGRSOD]RVXSHULRUDXQDmRTXHGDUjUHGXFLGRGHGHUHFKRDOPj[LPROHJDO
$57f&8/2%8(1$)((1(/3(5,2'235(&2175$&78$//DVSDUWHVGHEHUjQSURFHGHUGHEXHQDIXHH[HQWDGHFXOSDHQHOSHUlRGR
SUHFRQWUDFWXDOVRSHQDGHLQGHPQL]DUORVSHUMXLFLRVTXHVHFDXVHQ
&$3f78/2,9
(/&2175$72(1*(1(5$/
$57f&8/2'(),1,&,h1'(&2175$72(OFRQWUDWRHVXQDFXHUGRGHGRVRPjVSDUWHVSDUDFRQVWLWXLUUHJXODURH[WLQJXLUHQWUHHOODVXQD
UHODFLnQMXUlGLFDSDWULPRQLDO\VDOYRHVWLSXODFLnQHQFRQWUDULRVHHQWHQGHUjFHOHEUDGRHQHOOXJDUGHUHVLGHQFLDGHOSURSRQHQWH\HQHOPRPHQWR
HQTXHkVWHUHFLEDODDFHSWDFLnQGHODSURSXHVWD
6HSUHVXPLUjTXHHORIHUHQWHKDUHFLELGRODDFHSWDFLnQFXDQGRHOGHVWLQDWDULRSUXHEHODUHPLVLnQGHHOODGHQWURGHORVWkUPLQRVqMDGRVSRUORV
DUWlFXORV\
$57f&8/21(*2&,26-85f',&263/85,/$7(5$/(6(QORVQHJRFLRVMXUlGLFRVSOXULODWHUDOHVHOLQFXPSOLPLHQWRGHDOJXQRRDOJXQRVGHORV
FRQWUDWDQWHVQROLEHUDUjGHVXVREOLJDFLRQHVDORVRWURVDPHQRVTXHDSDUH]FDTXHHOQHJRFLRVHKDFHOHEUDGRHQFRQVLGHUDFLnQDWDOHV
FRQWUDWDQWHVRTXHVLQHOORVQRVHDSRVLEOHDOFDQ]DUHOqQSURSXHVWR
$57f&8/2$55$6&XDQGRORVFRQWUDWRVVHFHOHEUHQFRQDUUDVHVWRHVGDQGRXQDFRVDHQSUHQGDGHVXFHOHEUDFLnQRGHVXHMHFXFLnQVH
HQWHQGHUjTXHFDGDXQRGHORVFRQWUDWDQWHVSRGUjUHWUDFWDUVHSHUGLHQGRODVDUUDVHOTXHODVKD\DGDGRRUHVWLWX\kQGRODVGREODGDVHOTXHODV
KD\DUHFLELGR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
&HOHEUDGRHOFRQWUDWRSURPHWLGRRHMHFXWDGDODSUHVWDFLnQREMHWRGHOPLVPRQRVHUjSRVLEOHODUHWUDFWDFLnQ\ODVDUUDVGHEHUjQLPSXWDUVHDOD
SUHVWDFLnQGHELGDRUHVWLWXLUVHVLIXHUHHOFDVR
$57f&8/2&/d868/$3(1$/&XDQGRVHHVWLSXOHHOSDJRGHXQDSUHVWDFLnQGHWHUPLQDGDSDUDHOFDVRGHLQFXPSOLPLHQWRRGHPRUDVH
HQWHQGHUjTXHODVSDUWHVQRSXHGHQUHWUDFWDUVH
&XDQGRODSUHVWDFLnQSULQFLSDOHVWkGHWHUPLQDGDRVHDGHWHUPLQDEOHHQXQDVXPDFLHUWDGHGLQHURODSHQDQRSRGUjVHUVXSHULRUDOPRQWRGH
DTXHOOD
&XDQGRODSUHVWDFLnQSULQFLSDOQRHVWkGHWHUPLQDGDQLVHDGHWHUPLQDEOHHQXQDVXPDFLHUWDGHGLQHURSRGUjHOMXH]UHGXFLUHTXLWDWLYDPHQWHOD
SHQDVLODFRQVLGHUDPDQLqHVWDPHQWHH[FHVLYDKDELGDFXHQWDGHOLQWHUkVTXHWHQJDHODFUHHGRUHQTXHVHFXPSODODREOLJDFLnQ/RPLVPRKDUj
FXDQGRODREOLJDFLnQSULQFLSDOVHKD\DFXPSOLGRHQSDUWH
$57f&8/25(9,6,h1'(/&2175$72325&,5&8167$1&,$6(;75$25',1$5,$6&XDQGRFLUFXQVWDQFLDVH[WUDRUGLQDULDVLPSUHYLVWDVR
LPSUHYLVLEOHVSRVWHULRUHVDODFHOHEUDFLnQGHXQFRQWUDWRGHHMHFXFLnQVXFHVLYDSHULnGLFDRGLIHULGDDOWHUHQRDJUDYHQODSUHVWDFLnQGHIXWXUR
FXPSOLPLHQWRDFDUJRGHXQDGHODVSDUWHVHQJUDGRWDOTXHOHUHVXOWHH[FHVLYDPHQWHRQHURVDSRGUjkVWDSHGLUVXUHYLVLnQ
(OMXH]SURFHGHUjDH[DPLQDUODVFLUFXQVWDQFLDVTXHKD\DQDOWHUDGRODVEDVHVGHOFRQWUDWR\RUGHQDUjVLHOORHVSRVLEOHORVUHDMXVWHVTXHOD
HTXLGDGLQGLTXHHQFDVRFRQWUDULRHOMXH]GHFUHWDUjODWHUPLQDFLnQGHOFRQWUDWR
(VWDUHJODQRVHDSOLFDUjDORVFRQWUDWRVDOHDWRULRVQLDORVGHHMHFXFLnQLQVWDQWjQHD
$57f&8/2(-(&8&,h1'(&2175$726&(/(%5$'26(1(/(;7(5,25&21&803/,0,(172(1&2/20%,$/DHMHFXFLnQGHORVFRQWUDWRV
FHOHEUDGRVHQHOH[WHULRUTXHGHEDQFXPSOLUVHHQHOSDlVVHUHJLUjSRUODOH\&RORPELDQD
$57f&8/25(62/8&,h127(50,1$&,h1325025$(QORVFRQWUDWRVELODWHUDOHVHQFDVRGHPRUDGHXQDGHODVSDUWHVSRGUjODRWUDSHGLU
VXUHVROXFLnQRWHUPLQDFLnQFRQLQGHPQL]DFLnQGHSHUMXLFLRVFRPSHQVDWRULRVRKDFHUHIHFWLYDODREOLJDFLnQFRQLQGHPQL]DFLnQGHORVSHUMXLFLRV
PRUDWRULRV
$57f&8/235,1&,3,2'(%8(1$)(/RVFRQWUDWRVGHEHUjQFHOHEUDUVH\HMHFXWDUVHGHEXHQDIH\HQFRQVHFXHQFLDREOLJDUjQQRVnORDOR
SDFWDGRH[SUHVDPHQWHHQHOORVVLQRDWRGRORTXHFRUUHVSRQGDDODQDWXUDOH]DGHORVPLVPRVVHJoQODOH\ODFRVWXPEUHRODHTXLGDGQDWXUDO
$57f&8/235(67$&,h1,55,625,$&XDQGRODSUHVWDFLnQGHXQDGHODVSDUWHVVHDLUULVRULDQRKDEUjFRQWUDWRFRQPXWDWLYR
&$3f78/29
(/3$*2
$57f&8/2&$8&,h1(ODFUHHGRUGHXQDREOLJDFLnQDWkUPLQRTXHVHDH[SUHVDFODUD\OlTXLGDWHQGUjGHUHFKRDH[LJLUFDXFLnQVXqFLHQWH
SDUDJDUDQWL]DUVXFXPSOLPLHQWRFXDQGRHOGHXGRUKX\DGHVXGRPLFLOLRGLVLSHVXVELHQHVRORVDYHQWXUHWHPHUDULDPHQWHRVHKDOOHHQHVWDGR
GHLQVROYHQFLDQRWRULD
9HQFLGRHOSOD]RTXHHOMXH]VHmDOHDOGHXGRUSDUDFRQVWLWXLUODFDXFLnQGHTXHWUDWDHOLQFLVRDQWHULRUVLQTXHODKD\DSUHVWDGRODUHVSHFWLYD
REOLJDFLnQVHUjLQPHGLDWDPHQWHH[LJLEOH
(QORVFRQWUDWRVGHHMHFXFLnQFRQWLQXDGDRVXFHVLYDODREOLJDFLnQVnORVHUjH[LJLEOHHQSURSRUFLnQDODFRQWUDSUHVWDFLnQFXPSOLGDVLQSHUMXLFLR
GHTXHODFDXFLnQFXEUDHOWRWDOGHODREOLJDFLnQ
$57f&8/2(67,38/$&,21(6(1021('$(;75$1-(5$&XDQGRQRVHH[SUHVHRWUDFRVDODVFDQWLGDGHVTXHVHHVWLSXOHQHQORVQHJRFLRV
MXUlGLFRVVHUjQHQPRQHGDOHJDO&RORPELDQD/DPRQHGDQDFLRQDOTXHWHQJDSRGHUOLEHUDWRULRDOPRPHQWRGHKDFHUHOSDJRVHWHQGUjFRPR
HTXLYDOHQWHGHODSDFWDGDFXDQGRkVWDQRVHKDOOHHQFLUFXODFLnQDOWLHPSRGHOSDJR
/DVREOLJDFLRQHVTXHVHFRQWUDLJDQHQPRQHGDVRGLYLVDVH[WUDQMHUDVVHFXEULUjQHQODPRQHGDRGLYLVDHVWLSXODGDVLIXHUHOHJDOPHQWHSRVLEOH
HQFDVRFRQWUDULRVHFXEULUjQHQPRQHGDQDFLRQDOFRORPELDQDFRQIRUPHDODVSUHVFULSFLRQHVOHJDOHVYLJHQWHVDOPRPHQWRGHKDFHUHOSDJR
$57f&8/2,1'(01,=$&,21(6(125238525HJODPHQWDGRSRUHO'HFUHWRGH3DUDODqMDFLnQGHOPRQWRGHODVLQGHPQL]DFLRQHV
GHRURSXURTXHVHPHQFLRQHQHQHVWH&nGLJRHO%DQFRGHOD5HSoEOLFDFHUWLqFDUjVXYDORUFRUUHVSRQGLHQWHHQPRQHGDOHJDOFRORPELDQD
H[FOXLGRVORVLPSXHVWRVUHVSHFWLYRV
$57f&8/2'20,&,/,23$5$(/3$*2'(2%/,*$&,21(6',1(5$5,$66DOYRHVWLSXODFLnQHQFRQWUDULRODREOLJDFLnQTXHWHQJDSRUREMHWRXQD
VXPDGHGLQHURGHEHUjFXPSOLUVHHQHOOXJDUGHGRPLFLOLRTXHWHQJDHODFUHHGRUDOWLHPSRGHOYHQFLPLHQWR6LGLFKROXJDUHVGLVWLQWRDOGRPLFLOLR
TXHWHQlDHODFUHHGRUDOFRQWUDHUVHODREOLJDFLnQ\SRUHOORUHVXOWDPjVJUDYRVRVXFXPSOLPLHQWRHOGHXGRUSRGUjKDFHUHOSDJRHQHOOXJDUGH
VXSURSLRGRPLFLOLRSUHYLRDYLVRDODFUHHGRU
$57f&8/2(;,*(1&,$'(5(&,%22'(92/8&,h1'(/7f78/2(OGHXGRUTXHSDJXHWHQGUjGHUHFKRDH[LJLUXQUHFLER\QRHVWDUjREOLJDGRD
FRQWHQWDUVHFRQODVLPSOHGHYROXFLnQGHOWlWXORVLQHPEDUJRODSRVHVLnQGHkVWHKDUjSUHVXPLUHOSDJR
$57f&8/2,038*1$&,h1'(/3$*2&XDQGRHOSDJRFRQVWLWX\DXQQHJRFLRMXUlGLFRVHUjVXVFHSWLEOHGHLPSXJQDFLnQSRUODVPLVPDV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
FDXVDVTXHORVGHPjVQHJRFLRVMXUlGLFRV
$57f&8/2),1,48,72'(&8(17$35(681&,h1'(3$*2(OqQLTXLWRGHXQDFXHQWDKDUjSUHVXPLUHOSDJRGHODVDQWHULRUHVFXDQGRHO
FRPHUFLDQWHTXHORKDGDGRDUUHJODVXVFXHQWDVHQSHUlRGRVqMRV
$57f&8/2'(5(&+2'(5(&7,),&$&,h1'((5525(63267(5,25$/),1,48,72(OFRPHUFLDQWHTXHDOUHFLELUXQDFXHQWDSDJXHRGk
qQLTXLWRQRSHUGHUjHOGHUHFKRGHVROLFLWDUODUHFWLqFDFLnQGHORVHUURUHVRPLVLRQHVSDUWLGDVGXSOLFDGDVXRWURVYLFLRVGHODFXHQWD
$57f&8/25(*/$63$5$/$,0387$&,h1'(/3$*26DOYRHVWLSXODFLnQHQFRQWUDULRODLPSXWDFLnQGHOSDJRVHKDUjFRQIRUPHDODV
VLJXLHQWHVUHJODV
6LKD\GLIHUHQWHVGHXGDVH[LJLEOHVVLQJDUDQWlDSXHGHHOGHXGRULPSXWDUHOSDJRDODTXHHOLMDSHURVLXQDGHODVGHXGDVH[LJLEOHVWXYLHUH
JDUDQWlDUHDORSHUVRQDOQRSRGUjHOGHXGRULPSXWDUHOSDJRDkVWDVLQHOFRQVHQWLPLHQWRGHODFUHHGRU
(ODFUHHGRUTXHWHQJDYDULRVFUkGLWRVH[LJLEOHV\JDUDQWL]DGRVHVSHFlqFDPHQWHSRGUjLPSXWDUHOSDJRDOTXHOHRIUH]FDPHQRVVHJXULGDGHV
$57f&8/23$*2&217f78/269$/25(6/DHQWUHJDGHOHWUDVFKHTXHVSDJDUkV\GHPjVWlWXORVYDORUHVGHFRQWHQLGRFUHGLWLFLRSRUXQD
REOLJDFLnQDQWHULRUYDOGUjFRPRSDJRGHkVWDVLQRVHHVWLSXODRWUDFRVDSHUROOHYDUjLPSOlFLWDODFRQGLFLnQUHVROXWRULDGHOSDJRHQFDVRGHTXH
HOLQVWUXPHQWRVHDUHFKD]DGRRQRVHDGHVFDUJDGRGHFXDOTXLHUPDQHUD
&XPSOLGDODFRQGLFLnQUHVROXWRULDHODFUHHGRUSRGUjKDFHUHIHFWLYRHOSDJRGHODREOLJDFLnQRULJLQDULDRIXQGDPHQWDOGHYROYLHQGRHOLQVWUXPHQWR
RGDQGRFDXFLnQDVDWLVIDFFLnQGHOMXH]GHLQGHPQL]DUDOGHXGRUORVSHUMXLFLRVTXHSXHGDFDXVDUOHODQRGHYROXFLnQGHOPLVPR
6LHODFUHHGRUGHMDFDGXFDURSUHVFULELUHOLQVWUXPHQWRODREOLJDFLnQRULJLQDULDRIXQGDPHQWDOVHH[WLQJXLUjDVlPLVPRQRREVWDQWHWHQGUj
DFFLnQFRQWUDTXLHQVHKD\DHQULTXHFLGRVLQFDXVDDFRQVHFXHQFLDGHODFDGXFLGDGRSUHVFULSFLnQ(VWDDFFLnQSUHVFULELUjHQXQDmR
$57f&8/23$*2'(,17(5(6(6/(*$/(6&20(5&,$/(6(1&$62'(025$'HURJDGRSRUHODUWlFXOR/H\GH(OGHXGRUHVWDUj
REOLJDGRDSDJDUORVLQWHUHVHVOHJDOHVFRPHUFLDOHVHQFDVRGHPRUD\DSDUWLUGHkVWDFRPRVHGHWHUPLQDHQHODUWlFXORVLJXLHQWH
$57f&8/2/,0,7('(,17(5(6(6<6$1&,h1325(;&(620RGLqFDGRSRUHO$UW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH
&XDQGRHQORVQHJRFLRVPHUFDQWLOHVKD\DGHSDJDUVHUkGLWRVGHXQFDSLWDOVLQTXHVHHVSHFLqTXHSRUFRQYHQLRHOLQWHUkVkVWHVHUjHOEDQFDULR
FRUULHQWHVLODVSDUWHVQRKDQHVWLSXODGRHOLQWHUkVPRUDWRULRVHUjHTXLYDOHQWHDXQD\PHGLDYHFHVGHOEDQFDULRFRUULHQWH\HQFXDQWR
VREUHSDVHFXDOTXLHUDGHHVWRVPRQWRVHODFUHHGRUSHUGHUjWRGRVORVLQWHUHVHVVLQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXOR/H\GH
6HSUREDUjHOLQWHUkVEDQFDULRFRUULHQWHFRQFHUWLqFDGRH[SHGLGRSRUOD6XSHULQWHQGHQFLD%DQFDULD
7H[WRDQWHULRU
&XDQGRHQORVQHJRFLRVPHUFDQWLOHVKD\DQGHSDJDUVHUfGLWRVGHXQFDSLWDOVLQTXHVHHVSHFLkTXHSRUFRQYHQLRHOLQWHUfVfVWHVHUeHOEDQFDULR
FRUULHQWHVLODVSDUWHVQRKDQHVWLSXODGRHOLQWHUfVPRUDWRULRVHUeGHOGREOH\HQFXDQWRVREUHSDVHFXDOTXLHUDGHHVWRVPRQWRVHODFUHHGRU
SHUGHUeWRGRVORVLQWHUHVHV
6HSUREDUeHOLQWHUfVEDQFDULRFRUULHQWHFRQFHUWLkFDGRH[SHGLGRSRUOD6XSHULQWHQGHQFLD%DQFDULD
$57f&8/2,17(5(6(662%5(680,1,6752629(17$6$/),$'27RGRFRPHUFLDQWHSRGUjH[LJLULQWHUHVHVOHJDOHVFRPHUFLDOHVGHORV
VXPLQLVWURVRYHQWDVTXHKDJDDOqDGRVLQHVWLSXODFLnQGHOSOD]RSDUDHOSDJRXQPHVGHVSXkVGHSDVDGDODFXHQWD
$57f&8/2$1$72&,602/RVLQWHUHVHVSHQGLHQWHVQRSURGXFLUjQLQWHUHVHVVLQRGHVGHODIHFKDGHODGHPDQGDMXGLFLDOGHODFUHHGRURSRU
DFXHUGRSRVWHULRUDOYHQFLPLHQWRVLHPSUHTXHHQXQR\RWURFDVRVHWUDWHGHLQWHUHVHVGHELGRVFRQXQDmRGHDQWHULRULGDGSRUORPHQRV
&$3f78/29,
&(6,h1'(&2175$72
$57f&8/2&(6,h1'(&2175$726(QORVFRQWUDWRVPHUFDQWLOHVGHHMHFXFLnQSHULnGLFDRVXFHVLYDFDGDXQDGHODVSDUWHVSRGUjKDFHUVH
VXVWLWXLUSRUXQWHUFHURHQODWRWDOLGDGRHQSDUWHGHODVUHODFLRQHVGHULYDGDVGHOFRQWUDWRVLQQHFHVLGDGGHDFHSWDFLnQH[SUHVDGHOFRQWUDWDQWH
FHGLGRVLSRUODOH\RSRUHVWLSXODFLnQGHODVPLVPDVSDUWHVQRVHKDSURKLELGRROLPLWDGRGLFKDVXVWLWXFLnQ
/DPLVPDVXVWLWXFLnQSRGUjKDFHUVHHQORVFRQWUDWRVPHUFDQWLOHVGHHMHFXFLnQLQVWDQWjQHDTXHDoQQRKD\DQVLGRFXPSOLGRVHQWRGRRHQSDUWH
\HQORVFHOHEUDGRVLQWXLWXSHUVRQDHSHURHQHVWRVFDVRVVHUjQHFHVDULDODDFHSWDFLnQGHOFRQWUDWDQWHFHGLGR
$57f&8/2)250$63$5$+$&(5/$&(6,h15HIRUPDGRSRUHO$UWlFXORGHOD/H\GH/DVXVWLWXFLnQSRGUjKDFHUVHSRUHVFULWRR
YHUEDOPHQWHVHJoQTXHHOFRQWUDWRFRQVWHRQRSRUHVFULWR
6LHOFRQWUDWRFRQVWDHQHVFULWXUDSoEOLFDODFHVLnQSRGUjKDFHUVHSRUHVFULWRSULYDGRSUHYLDDXWHQWLFDFLnQGHODqUPDGHOFHGHQWHVLkVWDQRHV
DXWkQWLFDRQRVHSUHVXPHWDOSHURQRSURGXFLUjHIHFWRVUHVSHFWRGHWHUFHURVPLHQWUDVQRVHDLQVFULWDHQHOFRUUHVSRQGLHQWHUHJLVWUR
6LHOFRQWUDWRFRQVWDHQXQGRFXPHQWRLQVFULWRTXHDSHVDUGHQRVHUWlWXORYDORUHVWkRWRUJDGRRWHQJDODFOjXVXODDODRUGHQXRWUD
HTXLYDOHQWHHOHQGRVRGHOGRFXPHQWREDVWDUjSDUDTXHHOHQGRVDWDULRVHVXVWLWX\DDOHQGRVDQWHHQODVUHODFLRQHVGHULYDGDVGHOFRQWUDWR
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2$&(37$&,h17$&,7$(1&2175$726'(680,1,6752(6&(6,h1'(&2175$7261RREVWDQWHORSUHYLVWRHQHODUWlFXORDQWHULRU
HQORVFRQWUDWRVGHVXPLQLVWURODVLPSOHDTXLHVFHQFLDWjFLWDDVXFRQWLQXDFLnQSRUXQWHUFHURVHHQWHQGHUjFRPRFHVLnQGHOFRQWUDWR
$57f&8/25(63216$%,/,'$''(/&('(17((OTXHFHGHXQFRQWUDWRVHREOLJDDUHVSRQGHUGHODH[LVWHQFLD\YDOLGH]GHOPLVPR\GHVXV
JDUDQWlDVSHURVDOYRHVWLSXODFLnQH[SUHVDHQFRQWUDULRQRUHVSRQGHUjGHVXFXPSOLPLHQWRSRUSDUWHGHORWURFRQWUDWDQWH\GHORVJDUDQWHV
$57f&8/22%/,*$&,h1'('$5$9,62$/&('(17(62%5(/$025$2(/,1&803/,0,(172&XDQGRHOFHGHQWHVHREOLJDDUHVSRQGHUGHO
FXPSOLPLHQWRGHOFRQWUDWRSRUSDUWHGHOFRQWUDWDQWHFHGLGRHOFHVLRQDULRGHEHUjGDUOHDYLVRGHQWURGHORVGLH]GlDVVLJXLHQWHVDODPRUDRDO
LQFXPSOLPLHQWRVRSHQDGHVHUH[RQHUDGRHOFHGHQWHGHODREOLJDFLnQGHODJDUDQWlDFRQWUDlGDFRQHOFHVLRQDULR
$57f&8/25(63216$%,/,'$'(6'(/&('(17(<&(6,21$5,2'(638e6'(127,),&$'$/$&(6,h1(OFRQWUDWDQWHFHGLGRQRSRGUjFXPSOLU
YjOLGDPHQWHHQIDYRUGHOFHGHQWHODVSUHVWDFLRQHVGHULYDGDVGHOFRQWUDWRFHGLGRXQDYH]QRWLqFDGDRDFHSWDGDODFHVLnQRFRQRFLGRHOHQGRVR
6LHOFHGHQWHUHFLEHRDFHSWDWDOHVSUHVWDFLRQHVVLQGDUDOFRQWUDWDQWHFHGLGRDYLVRGHODFHVLnQRHQGRVRGHOFRQWUDWRLQFXUULUjHQODVVDQFLRQHV
SUHYLVWDVHQHO&nGLJR3HQDOSDUDHOGHOLWRGHHVWDID
$57f&8/25(6(59$'(12/,%(5$5$/&('(17(6LHOFRQWUDWDQWHFHGLGRKDFHODUHVHUYDGHQROLEHUDUDOFHGHQWHDODXWRUL]DURDFHSWDUOD
FHVLnQRDOVHUOHQRWLqFDGDHQHOFDVRGHTXHQRODKD\DFRQVHQWLGRSUHYLDPHQWHSRGUjH[LJLUGHOFHGHQWHHOFXPSOLPLHQWRGHODVREOLJDFLRQHV
GHULYDGDVGHOFRQWUDWRFXDQGRHOFHVLRQDULRQRODVFXPSODSHURGHEHUjSRQHUHOLQFXPSOLPLHQWRHQFRQRFLPLHQWRGHOFHGHQWHGHQWURGHORVGLH]
GlDVVLJXLHQWHVDODPRUDGHOGHXGRU
/RGLVSXHVWRHQHVWHDUWlFXORQRVHDSOLFDUjDORVFDVRVHQTXHODOH\DXWRULFHODFHVLnQVLQSUHYLDDFHSWDFLnQRQRWLqFDFLnQ
$57f&8/2)(&+$'(6'(48(/$&(6,h17,(1(()(&726)5(17($/&2175$7$17(&(','2<7(5&(526/DFHVLnQGHXQFRQWUDWRSURGXFH
HIHFWRVHQWUHFHGHQWH\FHVLRQDULRGHVGHTXHDTXHOODVHFHOHEUHSHURUHVSHFWRGHOFRQWUDWDQWHFHGLGR\GHWHUFHURVVnORSURGXFHHIHFWRVGHVGH
ODQRWLqFDFLnQRDFHSWDFLnQVDOYRORSUHYLVWRHQHOLQFLVRWHUFHURGHODUWlFXOR
$57f&8/2,03/,&$&,h1'(/$&(6,h1/DFHVLnQGHXQFRQWUDWRLPSOLFDODGHODVDFFLRQHVSULYLOHJLRV\EHQHqFLRVOHJDOHVLQKHUHQWHVDOD
QDWXUDOH]D\FRQGLFLRQHVGHOFRQWUDWRSHURQRWUDQVqHUHORVTXHVHIXQGHQHQFDXVDVDMHQDVDOPLVPRRHQODFDOLGDGRHVWDGRGHODSHUVRQDGH
ORVFRQWUDWDQWHV
$57f&8/2(;&(3&,21(6'(/&2175$7$17(&(','2(OFRQWUDWDQWHFHGLGRSRGUjRSRQHUDOFHVLRQDULRWRGDVODVH[FHSFLRQHVTXHVH
GHULYHQGHOFRQWUDWR3RGUjWDPELkQRSRQHUDTXHOODVTXHVHIXQGHQVREUHRWUDVUHODFLRQHVFRQHOFHGHQWHUHVSHFWRGHODVFXDOHVKD\DKHFKR
H[SUHVDUHVHUYDDOPRPHQWRGHQRWLqFjUVHOHRDFHSWDUODFHVLnQ
&$3f78/29,,
,1(),&$&,$18/,'$'$18/$&,h1(,12321,%,/,'$'
$57f&8/2,1(),&$&,$'(3/(12'(5(&+25HJODPHQWDGRSRUHO'HFUHWRGH&XDQGRHQHVWH&nGLJRVHH[SUHVHTXHXQDFWRQR
SURGXFHHIHFWRVVHHQWHQGHUjTXHHVLQHqFD]GHSOHQRGHUHFKRVLQQHFHVLGDGGHGHFODUDFLnQMXGLFLDO
$57f&8/25$7,),&$&,h1(;35(6$(,1(;,67(1&,$/DUDWLqFDFLnQH[SUHVDGHODVSDUWHVGDQGRFXPSOLPLHQWRDODVVROHPQLGDGHV
SHUWLQHQWHVSHUIHFFLRQDUjHODFWRLQH[LVWHQWHHQODIHFKDGHWDOUDWLqFDFLnQVLQSHUMXLFLRGHWHUFHURVGHEXHQDIHH[HQWDGHFXOSD
6HUjLQH[LVWHQWHHOQHJRFLRMXUlGLFRFXDQGRVHKD\DFHOHEUDGRVLQODVVROHPQLGDGHVVXVWDQFLDOHVTXHODOH\H[LMDSDUDVXIRUPDFLnQHQUD]nQGHO
DFWRRFRQWUDWR\FXDQGRIDOWHDOJXQRGHVXVHOHPHQWRVHVHQFLDOHV
$57f&8/218/,'$'$%62/87$6HUjQXORDEVROXWDPHQWHHOQHJRFLRMXUlGLFRHQORVVLJXLHQWHVFDVRV
&XDQGRFRQWUDUlDXQDQRUPDLPSHUDWLYDVDOYRTXHODOH\GLVSRQJDRWUDFRVD
&XDQGRWHQJD^FDXVDXREMHWRLOlFLWRV`\
&XDQGRVHKD\DFHOHEUDGRSRUSHUVRQDDEVROXWDPHQWHLQFDSD]
$57f&8/2$18/$%,/,'$'6HUjDQXODEOHHOQHJRFLRMXUlGLFRFHOHEUDGRSRUSHUVRQDUHODWLYDPHQWHLQFDSD]\HOTXHKD\DVLGRFRQVHQWLGRSRU
HUURUIXHU]DRGRORFRQIRUPHDO&nGLJR&LYLO
(VWDDFFLnQVnORSRGUjHMHUFLWDUVHSRUODSHUVRQDHQFX\RIDYRUVHKD\DHVWDEOHFLGRRSRUVXVKHUHGHURV\SUHVFULELUjHQHOWkUPLQRGHGRVDmRV
FRQWDGRVDSDUWLUGHODIHFKDGHOQHJRFLRMXUlGLFRUHVSHFWLYR&XDQGRODQXOLGDGSURYHQJDGHXQDLQFDSDFLGDGOHJDOVHFRQWDUjHOELHQLRGHVGHHO
GlDHQTXHkVWDKD\DFHVDGR
127$$UWlFXORGHFODUDGR(;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GHHQHOHQWHQGLGRTXHHOWkUPLQRGH
SUHVFULSFLnQGHGRVDmRVGHODDFFLnQGHDQXODELOLGDGGHOQHJRFLRMXUlGLFRTXHKD\DVLGRFRQVHQWLGRSRUODIXHU]DVHFXHQWDDSDUWLUGHOGlDTXH
HVWDKXELHUHFHVDGR
$57f&8/2,12321,%,/,'$'6HUjLQRSRQLEOHDWHUFHURVHOQHJRFLRMXUlGLFRFHOHEUDGRVLQFXPSOLUFRQORVUHTXLVLWRVGHSXEOLFLGDGTXHODOH\
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
H[LMD
$57f&8/218/,'$'3$5&,$//DQXOLGDGSDUFLDOGHXQQHJRFLRMXUlGLFRRODQXOLGDGGHDOJXQDGHVXVFOjXVXODVVRORDFDUUHDUjODQXOLGDGGH
WRGRHOQHJRFLRFXDQGRDSDUH]FDTXHODVSDUWHVQRORKDEUlDQFHOHEUDGRVLQODHVWLSXODFLnQRSDUWHYLFLDGDGHQXOLGDG
$57f&8/218/,'$'(11(*2&,26-85f',&263/85,/$7(5$/(6(QORVQHJRFLRVMXUlGLFRVSOXULODWHUDOHVFXDQGRODVSUHVWDFLRQHVGHFDGD
XQRGHORVFRQWUDWDQWHVVHHQFDPLQHQDODREWHQFLnQGHXQqQFRPoQODQXOLGDGTXHDIHFWHHOYlQFXORUHVSHFWRGHXQRVRORGHHOORVQRDFDUUHDUj
ODQXOLGDGGHWRGRHOQHJRFLRDPHQRVTXHVXSDUWLFLSDFLnQVHJoQODVFLUFXQVWDQFLDVVHDHVHQFLDOSDUDODFRQVHFXFLnQGHOqQSUHYLVWR
$57f&8/275$16)250$&,h1'(&2175$7218/2(OFRQWUDWRQXORSRGUjSURGXFLUORVHIHFWRVGHXQFRQWUDWRGLIHUHQWHGHOFXDOFRQWHQJD
ORVUHTXLVLWRVHVHQFLDOHV\IRUPDOHVVLFRQVLGHUDQGRHOqQSHUVHJXLGRSRUODVSDUWHVGHEDVXSRQHUVHTXHkVWDVGHKDEHUFRQRFLGRODQXOLGDG
KDEUlDQTXHULGRFHOHEUDUHORWURFRQWUDWR
7f78/2,,
'(/$&2035$9(17$<'(/$3(5087$
&$3f78/2,
*(1(5$/,'$'(6
$57f&8/2'(),1,&,h1'(&2035$9(17$/DFRPSUDYHQWDHVXQFRQWUDWRHQTXHXQDGHODVSDUWHVVHREOLJDDWUDVPLWLUODSURSLHGDGGH
XQDFRVD\ODRWUDDSDJDUODHQGLQHUR(OGLQHURTXHHOFRPSUDGRUGDSRUODFRVDYHQGLGDVHOODPDSUHFLR
&XDQGRHOSUHFLRFRQVLVWDSDUWHHQGLQHUR\SDUWHHQRWUDFRVDVHHQWHQGHUjSHUPXWDVLODFRVDYDOHPjVTXHHOGLQHUR\YHQWDHQHOFDVR
FRQWUDULR
3DUDORVHIHFWRVGHHVWHDUWlFXORVHHTXLSDUDUjQDGLQHURORVWlWXORVYDORUHVGHFRQWHQLGRFUHGLWLFLR\ORVFUkGLWRVFRPXQHVUHSUHVHQWDWLYRVGH
GLQHUR
$57f&8/2&2035$9(17$6352+,%,'$61RSRGUjQFRPSUDUGLUHFWDPHQWHQLSRULQWHUSXHVWDSHUVRQDQLDoQHQSoEOLFDVXEDVWDODV
VLJXLHQWHVSHUVRQDV
/RVFnQ\XJHVQRGLYRUFLDGRVQLHOSDGUH\HOKLMRGHIDPLOLDHQWUHVl
127$(OWH[WRVXEUD\DGRIXHGHFODUDGR,1(;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&GH
$TXHOORVTXHSRUODOH\RSRUDFWRGHDXWRULGDGSoEOLFDDGPLQLVWUDQELHQHVDMHQRVFRPRORVJXDUGDGRUHVVlQGLFRVVHFXHVWUHVHWFUHVSHFWR
GHORVELHQHVTXHDGPLQLVWUDQ
/RVDOEDFHDVRHMHFXWRUHVWHVWDPHQWDULRVUHVSHFWRGHORVELHQHVTXHVHDQREMHWRGHVXHQFDUJR
/RVUHSUHVHQWDQWHV\PDQGDWDULRVUHVSHFWRGHORVELHQHVFX\DYHQWDOHVKD\DVLGRHQFRPHQGDGDVDOYRTXHHOUHSUHVHQWDGRRHOPDQGDQWH
KD\DDXWRUL]DGRHOFRQWUDWR
/RVDGPLQLVWUDGRUHVGHORVELHQHVGHFXDOTXLHUHQWLGDGRHVWDEOHFLPLHQWRSoEOLFRUHVSHFWRGHORVTXHOHVKD\DQVLGRFRQqDGRVDVXFXLGDGR
/RVHPSOHDGRVSoEOLFRVUHVSHFWRGHORVELHQHVTXHVHYHQGDQSRUVXPLQLVWHULR\
/RVIXQFLRQDULRVTXHHMHU]DQMXULVGLFFLnQ\ORVDERJDGRVUHVSHFWRGHORVELHQHVHQFX\ROLWLJLRKD\DQLQWHUYHQLGR\TXHVHYHQGDQD
FRQVHFXHQFLDGHOOLWLJLR
/DVYHQWDVKHFKDVHQORVFDVRVFRQWHPSODGRVHQORVRUGLQDOHVRR\RVHUjQDQXODEOHVHQORVGHPjVFDVRVODQXOLGDGVHUjDEVROXWD
$57f&8/29(17$'(&26$$-(1$/DYHQWDGHFRVDDMHQDHVYjOLGDHLPSRQHDOYHQGHGRUODREOLJDFLnQGHDGTXLULUOD\HQWUHJDUODDO
FRPSUDGRUVRSHQDGHLQGHPQL]DUORVSHUMXLFLRV
$57f&8/25$7,),&$&,h1'(/$9(17$'(&26$$-(1$9HQGLGD\HQWUHJDGDDRWURXQDFRVDDMHQDVLHOYHQGHGRUDGTXLHUHGHVSXkVHO
GRPLQLRGHHOODVHPLUDUjDOFRPSUDGRUFRPRYHUGDGHURGXHmRGHVGHODIHFKDGHODWUDGLFLnQ
3RUFRQVLJXLHQWHVLHOYHQGHGRUODYHQGLHVHOXHJRDRWUDSHUVRQDVXEVLVWLUjHOGRPLQLRGHHOODHQHOSULPHUFRPSUDGRU
/DPLVPDUHJODVHVHJXLUjHQHOFDVRGHTXHHOYHUGDGHURGXHmRUDWLqTXHODHQDMHQDFLnQKHFKDSRUHOYHQGHGRU
$57f&8/2*$6726'(/&2175$72'(&2035$9(17$/RVJDVWRVTXHRFDVLRQHODFHOHEUDFLnQGHOFRQWUDWRVHGLYLGLUjQSRUSDUWHVLJXDOHV
HQWUHORVFRQWUDWDQWHVVLkVWRVQRDFXHUGDQRWUDFRVD
6DOYRFRVWXPEUHFRPHUFLDORSDFWRHQFRQWUDULRORVJDVWRVGHHQWUHJDGHODFRVDYHQGLGDFRUUHVSRQGHUjQDOYHQGHGRU\ORVGHUHFLERGHOD
PLVPDDOFRPSUDGRU
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/2',6326,&,21(6$3/,&$%/(6$/$3(5087$/DVGLVSRVLFLRQHVUHODWLYDVDODFRPSUDYHQWDVHDSOLFDUjQODSHUPXWDFLnQHQWRGROR
TXHQRVHRSRQJDDODQDWXUDOH]DGHHVWHFRQWUDWR
&$3f78/2,,
/$&26$9(1','$
$57f&8/2)$&8/7$''(*867$52352%$5/$&26$(QODFRPSUDYHQWDGHXQFXHUSRFLHUWRRGHXQJkQHURTXHWHQJDDODYLVWDQRVH
HQWHQGHUjTXHHOFRPSUDGRUVHUHVHUYDODIDFXOWDGGHJXVWDURSUREDUODFRVDDPHQRVTXHVHDGHDTXHOODVTXHDFRVWXPEUDDGTXLULUHQWDO
IRUPDRTXHHOFRPSUDGRUVHUHVHUYHGLFKDVIDFXOWDGHV(QHVWRVFDVRVHOFRQWUDWRVRORVHSHUIHFFLRQDUjFXDQGRHOFRPSUDGRUGkVX
FRQVHQWLPLHQWRXQDYH]JXVWDGDODFRVDRYHULqFDGDSUXHED
$57f&8/27e50,123$5$*867$52352%$5/$&26$6LODVSDUWHVQRqMDQSOD]RSDUDSUREDURJXVWDUODFRVDHOFRPSUDGRUGHEHUj
KDFHUORHQHOWkUPLQRGHWUHVGlDVFRQWDGRVDSDUWLUGHOPRPHQWRHQTXHVHSRQJDDVXGLVSRVLFLnQSRUHOYHQGHGRUODFRVDREMHWRGHOFRQWUDWR\
VLQRORKDFHHOYHQGHGRUSRGUjGLVSRQHUGHHOOD
0DVVLHOFRPSUDGRUUHFLEHODFRVDSDUDSUREDUODRJXVWDUOD\GHQWURGHORVWUHVGlDVVLJXLHQWHVDVXUHFLERQRGDQRWLFLDGHVXUHFKD]RDO
YHQGHGRUVHHQWHQGHUjTXHTXHGDSHUIHFFLRQDGRHOFRQWUDWR
(OYHQGHGRUGHEHUjSRQHUODFRVDDGLVSRVLFLnQGHOFRPSUDGRUGHQWURGHODVYHLQWLFXDWURKRUDVVLJXLHQWHVDODFRQYHQFLnQVDOYRTXHGHODFXHUGR
GHODVSDUWHVGHODFRVWXPEUHRGHODQDWXUDOH]DGHODFRVDVHGHVSUHQGDRWURSOD]R
$57f&8/29(17$62%5(08(675$66LODYHQWDVHKDFHVREUHPXHVWUDVRVREUHGHWHUPLQDGDFDOLGDGFRQRFLGDHQHOFRPHUFLRR
GHWHUPLQDGDHQHOFRQWUDWRHVWDUjVXMHWDDFRQGLFLnQUHVROXWRULDVLODFRVDQRVHFRQIRUPDDGLFKDPXHVWUDRFDOLGDG
(QFDVRGHTXHHOFRPSUDGRUVHQLHJXHDUHFLELUODDOHJDQGRQRVHUFRQIRUPHDODPXHVWUDRDODFDOLGDGGHWHUPLQDGDODFRQWURYHUVLDVH
VRPHWHUjDODGHFLVLnQGHH[SHUWRVTXLHQHVGLFWDPLQDUjQVLODFRVDHVRQRGHUHFLER6LORVSHULWRVGLFWDPLQDQDqUPDWLYDPHQWHHOFRPSUDGRU
QRSRGUjQHJDUVHDUHFLELUODFRVD\HQFDVRFRQWUDULRHOFRPSUDGRUWHQGUjGHUHFKRDODGHYROXFLnQGHORTXHKD\DSDJDGR\DODLQGHPQL]DFLnQ
GHSHUMXLFLRV
$57f&8/2&$/,'$'0(',$(1&2035$6'(*e1(52(QODVFRPSUDVGHJkQHURVTXHQRVHWHQJDQDODYLVWDQLSXHGDQFODVLqFDUVHSRUXQD
FDOLGDGGHWHUPLQDGD\FRQRFLGDHQHOFRPHUFLRRGHWHUPLQDGDHQHOFRQWUDWREDVWDUjTXHHOYHQGHGRUORVHQWUHJXHVDQRV\GHPHGLDQDFDOLGDG
\VLHOFRPSUDGRUDOHJDTXHQRVRQGHUHFLERODFRQWURYHUVLD\VXVHIHFWRVHVWDUjQVRPHWLGRVDODVPLVPDVUHJODVHVWDEOHFLGDVHQHO$UWlFXOR
DQWHULRU
$57f&8/2/8*$5'(7(50,1$'23$5$/$(175(*$'HPRGRJHQHUDOFXDQGRHOYHQGHGRUVHREOLJDUHDHQWUHJDUODFRVDDOFRPSUDGRUHQ
XQOXJDUGHWHUPLQDGRHOFRQWUDWRHVWDUjVXMHWRDODFRQGLFLnQVXVSHQVLYDGHTXHHOODVHDHQWUHJDGDFRPSOHWDVDQD\VDOYDDOFRPSUDGRU
$57f&8/22%-(&,21(6$/5(&,%,5/$&26$&XDQGRHOFRPSUDGRUDOUHFLELUODFRVDDOHJXHQRVHUkVWDGHODHVSHFLHRFDOLGDGFRQYHQLGD
RQRVHUGHUHFLERODGLIHUHQFLDVHVRPHWHUjDOSURFHGLPLHQWRYHUEDOFRQLQWHUYHQFLnQGHSHULWRV
$57f&8/29(17$'(&26$)8785$/DYHQWDGHFRVDIXWXUDVnORTXHGDUjSHUIHFWDHQHOPRPHQWRHQTXHH[LVWDVDOYRTXHVHH[SUHVHOR
FRQWUDULRRTXHGHODQDWXUDOH]DGHOFRQWUDWRSDUH]FDTXHVHFRPSUDHODOHD
6LODFRVDOOHJDUHDWHQHUoQLFDPHQWHH[LVWHQFLDSDUFLDOSRGUjHOFRPSUDGRUGHVLVWLUGHOFRQWUDWRRSHUVHYHUDUHQkODMXVWDWDVDFLnQ
$57f&8/2&2035$9(17$'(&8(532&,(572(;,67(17(2,1(;,67(17(/DFRPSUDGHXQFXHUSRFLHUWRTXHDOWLHPSRGHSHUIHFFLRQDUVH
HOFRQWUDWRVHVXSRQHH[LVWHQWH\QRH[LVWHQRSURGXFLUjHIHFWRDOJXQRVDOYRTXHODVSDUWHVWRPHQFRPRREMHWRGHOFRQWUDWRHODOHDGHVX
H[LVWHQFLD\HOYHQGHGRULJQRUHVXSkUGLGD
6LIDOWDXQDSDUWHFRQVLGHUDEOHGHODFRVDDOWLHPSRGHSHUIHFFLRQDUVHHOFRQWUDWRSRGUjHOFRPSUDGRUGHVLVWLUGHOPLVPRRGDUORSRUVXEVLVWHQWH
DERQDQGRHOSUHFLRDMXVWDWDVDFLnQGHH[SHUWRVRSHULWRV
(OTXHYHQGDDVDELHQGDVORTXHHQWRGRRHQSDUWHQRH[LVWDUHVDUFLUjORVSHUMXLFLRVDOFRPSUDGRUGHEXHQDIH
$57f&8/2'(5(&+2662%5(/26)58726/RVIUXWRVQDWXUDOHVSHQGLHQWHVDOWLHPSRGHODHQWUHJD\WRGRVORVIUXWRVWDQWRQDWXUDOHVFRPR
FLYLOHVTXHGHVSXkVSURGX]FDODFRVDSHUWHQHFHUjQDOFRPSUDGRUGHEXHQDIHH[HQWDGHFXOSD
&$3f78/2,,,
(/35(&,2
$57f&8/235(&,21RKDEUjFRPSUDYHQWDVLORVFRQWUDWDQWHVQRFRQYLHQHQHQHOSUHFLRRHQODPDQHUDGHGHWHUPLQDUOR3HURVLHO
FRPSUDGRUUHFLEHODFRVDVHSUHVXPLUjTXHODVSDUWHVDFHSWDQHOSUHFLRPHGLRTXHWHQJDHQHOGlD\OXJDUGHODHQWUHJD(OSUHFLRLUULVRULRVH
WHQGUjSRUQRSDFWDGR
$57f&8/235(&,2'(7(50,1$%/(325(/3520(',2'(/0(5&$'2&XDQGRODVSDUWHVSDUDODGHWHUPLQDFLnQGHOSUHFLRVHUHPLWDQDOTXH
WHQJDODFRVDHQIHULDVPHUFDGRVSoEOLFRVGHYDORUHV\RWURVHVWDEOHFLPLHQWRVDQjORJRVRHVWLSXOHQFRPRSUHFLRHOFRUULHQWHGHSOD]DVHWRPDUj
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
HOSUHFLRPHGLRTXHODFRVDWHQJDHQODIHFKD\OXJDUGHODFHOHEUDFLnQGHOFRQWUDWR
&$3f78/2,9
2%/,*$&,21(6'(/9(1'('25
$57f&8/275$',&,h1'(,108(%/(6<'(9(+,&8/26$87202725(6/DWUDGLFLnQGHOGRPLQLRGHORVELHQHVUDlFHVUHTXHULUjDGHPjVGHOD
LQVFULSFLnQGHOWlWXORHQODFRUUHVSRQGLHQWHRqFLQDGHUHJLVWURGHLQVWUXPHQWRVSoEOLFRVODHQWUHJDPDWHULDOGHODFRVD
3$5d*5$)2'HODPLVPDPDQHUDVHUHDOL]DUjODWUDGLFLnQGHOGRPLQLRGHORVYHKlFXORVDXWRPRWRUHVSHURODLQVFULSFLnQGHOWlWXORVHHIHFWXDUj
DQWHHOIXQFLRQDULR\HQODIRUPDTXHGHWHUPLQHQODVGLVSRVLFLRQHVOHJDOHVSHUWLQHQWHV/DWUDGLFLnQDVlHIHFWXDGDVHUjUHFRQRFLGD\EDVWDUjDQWH
FXDOHVTXLHUDDXWRULGDGHV
$57f&8/29(5,),&$&,h1'(/$(175(*$/DHQWUHJDGHODFRVDVHHQWHQGHUjYHULqFDGD
3RUODWUDQVPLVLnQGHOFRQRFLPLHQWRGHHPEDUTXHFDUWDGHSRUWHRIDFWXUDGXUDQWHHOWUDQVSRUWHGHODVPHUFDGHUlDVSRUWLHUUDPDU\DLUH
3RUODqMDFLnQTXHKDJDHOFRPSUDGRUGHVXPDUFDHQODVPHUFDGHUlDVFRPSUDGDVFRQFRQRFLPLHQWR\DTXLHVFHQFLDGHOYHQGHGRU
3RUODH[SHGLFLnQTXHKDJDHOYHQGHGRUGHODVPHUFDGHUlDVDOGRPLFLOLRGHOFRPSUDGRURDFXDOTXLHURWUROXJDUFRQYHQLGRVLQSHUMXLFLRGHORV
GLVSXHVWRHQHODUWlFXOR
/DH[SHGLFLnQQRLPSOLFDUjHQWUHJDFXDQGRVHDHIHFWXDGDVLQjQLPRGHWUDQVIHULUODSURSLHGDGFRPRFXDQGRHOYHQGHGRUKDUHPLWLGRODV
PHUFDGHUlDVDXQFRQVLJQDWDULRFRQRUGHQGHQRHQWUHJDUODVKDVWDTXHHOFRPSUDGRUSDJXHHOSUHFLRRGkJDUDQWlDVVXqFLHQWHV\
3RUFXDOTXLHURWURPHGLRDXWRUL]DGRSRUODOH\RODFRVWXPEUHPHUFDQWLO
$57f&8/23/$=2'(/$(175(*$(OYHQGHGRUGHEHUjKDFHUODHQWUHJDGHODFRVDGHQWURGHOSOD]RHVWLSXODGR$IDOWDGHHVWLSXODFLnQ
GHEHUjHQWUHJDUODGHQWURGHODVYHLQWLFXDWURKRUDVVLJXLHQWHVDOSHUIHFFLRQDPLHQWRGHOFRQWUDWRVDOYRTXHGHODQDWXUDOH]DGHOPLVPRRGHOD
IRUPDFRPRGHEDKDFHUVHODHQWUHJDVHGHVSUHQGDTXHSDUDYHULqFDUODVHUHTXLHUHXQSOD]RPD\RU
$57f&8/2,1'(01,=$&,h132575$',&,h1129$/,'$(OFRPSUDGRUWHQGUjGHUHFKRDH[LJLUHOSDJRGHSHUMXLFLRVSRUHOLQFXPSOLPLHQWR
GHOYHQGHGRUDVXREOLJDFLnQGHKDFHUOHWUDGLFLnQYjOLGDVLQQHFHVLGDGGHLQVWDXUDUSUHYLDPHQWHFXDOTXLHUDGHODVDFFLRQHVFRQVDJUDGDVHQHO
DUWlFXORGHO&nGLJR&LYLO\GHHVWH/LEUR
$57f&8/2(;,*(1&,$'((175(*$3$*$1'22$6(*85$1'2(/3$*26LGHVSXkVGHOFRQWUDWRKXELHUHPHQJXDGRFRQVLGHUDEOHPHQWHOD
IRUWXQDGHOFRPSUDGRUGHPRGRTXHHOYHQGHGRUVHKDOOHHQSHOLJURLQPLQHQWHGHSHUGHUHOSUHFLRQRVHSRGUjH[LJLUODHQWUHJDDXQTXHVH
KD\DHVWLSXODGRSOD]RSDUDHOSDJRGHOSUHFLRVLQRSDJDQGRRDVHJXUDQGRHOSDJR
$57f&8/2(175(*$63$5&,$/(6(QORVFRQWUDWRVHQTXHVHSDFWHODHQWUHJDGHXQDFDQWLGDGGHWHUPLQDGDGHPHUFDGHUlDVDXQSOD]RqMR
QRHVWDUjREOLJDGRHOFRPSUDGRUDUHFLELUXQDSDUWHQLDoQHQHOFDVRGHTXHHOYHQGHGRUOHSURPHWDHQWUHJDUHOUHVWRSHURVLDFHSWDODHQWUHJD
SDUFLDOTXHGDUjFRQVXPDGDODYHQWDHQFXDQWRDORVJkQHURVUHFLELGRVVDOYRHOGHUHFKRGHOFRPSUDGRUDH[LJLUHOFXPSOLPLHQWRGHOUHVWRGHO
FRQWUDWRRODUHVROXFLnQGHODSDUWHGHkVWHQRFXPSOLGDSUHYLRUHTXHULPLHQWRDOGHXGRU
$57f&8/22%/,*$&,h1'((175(*$5(OYHQGHGRUHVWDUjREOLJDGRDHQWUHJDUORTXHUH]DHOFRQWUDWRFRQWRGRVVXVDFFHVRULRVHQODV
PLVPDVFRQGLFLRQHVTXHWHQlDDOPRPHQWRGHSHUIHFFLRQDUVH\VLODFRVDYHQGLGDHVXQFXHUSRFLHUWRHVWDUjREOLJDGRDFRQVHUYDUODKDVWDVX
HQWUHJDVRSHQDGHLQGHPQL]DUORVSHUMXLFLRVDOFRPSUDGRUVDOYRTXHODSkUGLGDRGHWHULRURVHGHEDQDIXHU]DPD\RURFDVRIRUWXLWRFX\D
SUXHEDFRUUHVSRQGHUjDOYHQGHGRU
$57f&8/25,(6*2'(3e5','$(19(17$6'(&8(532&,(572(QODYHQWDGHXQFXHUSRFLHUWRHOULHVJRGHODSkUGLGDSRUIXHU]DPD\RU
RFDVRIRUWXLWRRFXUULGRDQWHVGHVXHQWUHJDFRUUHVSRQGHUjDOYHQGHGRUVDOYRTXHHOFRPSUDGRUVHFRQVWLWX\DHQPRUDGHUHFLELUOR\TXHOD
IXHU]DPD\RURHOFDVRIRUWXLWRQRORKXELHUDGHVWUXLGRVLQODPRUDGHOFRPSUDGRU(QHVWHoOWLPRFDVRGHEHUjHOFRPSUDGRUHOSUHFLRlQWHJURGH
ODFRVD
$57f&8/23e5','$)2578,7$'(0(5&$'(5,$69(1','$612,0387$%/($/9(1'('256LODIDOWDGHHQWUHJDSURFHGLHUHGHODSkUGLGD
IRUWXLWDGHODVPHUFDGHUlDVYHQGLGDVSRUFDXVDQRLPSXWDEOHDOYHQGHGRUHOFRQWUDWRTXHGDUjUHVXHOWRGHGHUHFKR\HOYHQGHGRUOLEUHGHWRGD
UHVSRQVDELOLGDG
$57f&8/22%-(&,21(6'(/&2035$'256DOYRSUXHEDHQFRQWUDULRVHSUHVXPLUjTXHHOFRPSUDGRUTXLHUHDGTXLULUODFRVDVDQDFRPSOHWD
\OLEUHGHJUDYjPHQHVGHVPHPEUDFLRQHV\OLPLWDFLRQHVGHOGRPLQLR
6LHOFRPSUDGRUGHQWURGHORVFXDWURGlDVVLJXLHQWHVDODHQWUHJDRGHQWURGHOSOD]RHVWLSXODGRHQHOFRQWUDWRDOHJDTXHODFRVDSUHVHQWD
GHIHFWRVGHFDOLGDGRFDQWLGDGODFRQWURYHUVLDVHVRPHWHUjDODGHFLVLnQGHSHULWRVkVWRVGLFWDPLQDUjQVREUHVLORVGHIHFWRVGHODFRVDDIHFWDQ
QRWDEOHPHQWHVXFDOLGDGRODKDFHQGHVPHUHFHUHQIRUPDWDOTXHQRVHDGHUHFLERRORVHDDXQSUHFLRLQIHULRU(QHVWHFDVRHOFRPSUDGRU
WHQGUjGHUHFKRDODGHYROXFLnQGHOSUHFLRTXHKD\DSDJDGR\HOYHQGHGRUVHKDUjGHQXHYRFDUJRGHODFRVDVLQSHUMXLFLRGHODLQGHPQL]DFLnQD
TXHHVWkREOLJDGRSRUHOLQFXPSOLPLHQWR(OMXH]SRUSURFHGLPLHQWRYHUEDOSURYHHUjVREUHHVWRVH[WUHPRV
3HURVLHOFRPSUDGRUORTXLHUHSRGUjSHUVHYHUDUHQHOFRQWUDWRDOSUHFLRqMDGRSRUORVSHULWRV
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
$57f&8/29(17$&21*$5$17f$'(%8(1)81&,21$0,(1726LHOYHQGHGRUJDUDQWL]DSRUWLHPSRGHWHUPLQDGRHOEXHQIXQFLRQDPLHQWRGH
ODFRVDYHQGLGDHOFRPSUDGRUGHEHUjUHFODPDUDOYHQGHGRUSRUFXDOTXLHUGHIHFWRGHIXQFLRQDPLHQWRTXHVHSUHVHQWHGXUDQWHHOWkUPLQRGHOD
JDUDQWlDGHQWURGHORVWUHLQWDGlDVVLJXLHQWHVDDTXHOHQTXHORKD\DGHVFXELHUWRVRSHQDGHFDGXFLGDG
(OYHQGHGRUGHEHUjLQGHPQL]DUORVSHUMXLFLRVFDXVDGRVSRUFXDOTXLHUGHIHFWRGHIXQFLRQDPLHQWRTXHVHDUHFODPDGRRSRUWXQDPHQWHSRUHO
FRPSUDGRU
/DJDUDQWlDVLQGHWHUPLQDFLnQGHSOD]RH[SLUDUjDOWkUPLQRGHGRVDmRVFRQWDGRVDSDUWLUGHODIHFKDGHOFRQWUDWR
$57f&8/235(681&,h1'(9(17$&21*$5$17f$6HSUHVXPHQYHQGLGDVFRQJDUDQWlDODVFRVDVTXHVHDFRVWXPEUDYHQGHUGHHVWHPRGR
$57f&8/29,&,262&8/7266LODFRVDYHQGLGDSUHVHQWDFRQSRVWHULRULGDGDVXHQWUHJDYLFLRVRGHIHFWRVRFXOWRVFX\DFDXVDVHDDQWHULRUDO
FRQWUDWRLJQRUDGRVVLQFXOSDSRUHOFRPSUDGRUTXHKDJDQODFRVDLPSURSLDSDUDVXQDWXUDOGHVWLQDFLnQRSDUDHOqQSUHYLVWRHQHOFRQWUDWRHO
FRPSUDGRUWHQGUjGHUHFKRDSHGLUODUHVROXFLnQGHOPLVPRRODUHEDMDGHOSUHFLRDMXVWDWDVDFLnQ6LHOFRPSUDGRURSWDSRUODUHVROXFLnQGHEHUj
UHVWLWXLUODFRVDDOYHQGHGRU
(QXQRXRWURFDVRKDEUjOXJDUDLQGHPQL]DFLnQGHSHUMXLFLRVSRUSDUWHGHOYHQGHGRUVLkVWHFRQRFlDRGHElDFRQRFHUDOWLHPSRGHOFRQWUDWRHO
YLFLRRHOGHIHFWRGHODFRVDYHQGLGD
$57f&8/2&$5*$'(/$358(%$3$5$(/9(1'('25&RUUHVSRQGHUjDOYHQGHGRUODSUXHEDGHTXHHOFRPSUDGRUFRQRFlDRGHElDFRQRFHU
HOPDOHVWDGRGHODFRVDYHQGLGDDOPRPHQWRGHOFRQWUDWR3DUDHVWDEOHFHUVLKD\FXOSDGHOFRPSUDGRUVHWHQGUjHQFXHQWDODFRVWXPEUH
$57f&8/2(67,38/$&,21(65()(5(17(6$/269,&,262&8/7266HUjDEVROXWDPHQWHQXODWRGDHVWLSXODFLnQTXHH[FOX\DROLPLWHOD
JDUDQWlDSRUYLFLRVRFXOWRVFXDQGRHOYHQGHGRUORVKD\DFDOODGRGHPDODIHDOFRPSUDGRU
$57f&8/2&26$48(3(5(&($&216(&8(1&,$'(819,&,26LODFRVDSHUHFHDFRQVHFXHQFLDGHOYLFLRQRSRUHOORGHMDUjGHWHQHU
GHUHFKRHOFRPSUDGRUDODUHVROXFLnQGHOFRQWUDWR0jVVLSHUHFHSRUIXHU]DPD\RURFDVRIRUWXLWRSRUFXOSDGHOFRPSUDGRURSRUTXHkVWH
HQDMHQHRWUDQVIRUPHGLFKDFRVDVnORKDEUjOXJDUDODUHEDMDGHOSUHFLRDMXVWDWDVDFLnQ
$57f&8/235(6&5,3&,h1'($&&,21(6/DDFFLnQSUHYLVWDHQORVDUWlFXORV\SUHVFULELUjHQVHLVPHVHVFRQWDGRVDSDUWLUGHOD
HQWUHJD
$57f&8/22%-(&,21(63267(5,25(6$/$(175(*$<5(&,%2'((175(*$(QWUHJDGDVODVPHUFDGHUlDVYHQGLGDVHOFRPSUDGRUQRVHUj
RlGRVREUHGHIHFWRVGHFDOLGDGRIDOWDVGHFDQWLGDGWRGDYH]TXHODVKD\DH[DPLQDGRDOWLHPSRGHODHQWUHJD\UHFLELGRVLQSUHYLDSURWHVWD
(OYHQGHGRUWHQGUjGHUHFKRDH[LJLUGHOFRPSUDGRUHOLQPHGLDWRUHFRQRFLPLHQWRRHOUHFLERTXHDFUHGLWHODHQWUHJDGHODFRVDDVDWLVIDFFLnQ\VL
HOFRPSUDGRUQRKDFHUHVHUYDGHVXIDFXOWDGGHSURWHVWDURGHH[DPLQDUSRVWHULRUPHQWHODFRVDVHHVWDUjDORGLVSXHVWRHQHOLQFLVRSULPHURGH
HVWHDUWlFXOR
$57f&8/2$&&,21(6325(9,&&,h1&XDQGRHOFRPSUDGRUDOUHFLELUODFRVDDOHJDQRVHUkVWDGHODHVSHFLHRFDOLGDGFRQYHQLGDRQRVHU
GHUHFLERODGLIHUHQFLDVHVRPHWHUjDODGHFLVLnQGHH[SHUWRVFRPRVHSUHYLHQHHQHODUWlFXORLQFLVRVHJXQGR
&XDQGRVLQFXOSDGHVXSDUWH\SRUFDXVDDQWHULRUDODYHQWDVHDHOFRPSUDGRUHYLFWRWRWDOPHQWHGHODFRVDWHQGUjGHUHFKRDODUHVWLWXFLnQGHO
SUHFLRSDJDGR\DODSOHQDLQGHPQL]DFLnQGHSHUMXLFLRV
6LODHYLFFLnQIXHUHSDUFLDO\GHWDQWDLPSRUWDQFLDTXHSXHGDGHGXFLUVHTXHHQWDOHVFRQGLFLRQHVQRKDEUlDFRPSUDGRSRGUjDVXDUELWULRHO
FRPSUDGRUHMHUFHUODDFFLnQTXHOHFRQFHGHHOLQFLVRDQWHULRURSHUVHYHUDUHQHOFRQWUDWRPHGLDQWHUHEDMDGHODSDUWHSURSRUFLRQDOGHOSUHFLRR
GHLQGHPQL]DFLnQGHORVSHUMXLFLRVTXHODHYLFFLnQSDUFLDOOHKXELHUHFDXVDGR
$57f&8/2(9,&&,h1'(/&2035$'25)5(17($7(5&(52635(6&5,3&,h1'(/$6$&&,21(6/DVDFFLRQHVFRQFHGLGDVSRUHODUWlFXOR
DQWHULRUVRQH[WHQVLYDVDOFRPSUDGRUTXHGHEDSDJDUDWHUFHURVFRQOHJlWLPRGHUHFKRHOSUHFLRGHODFRVDHQWRGRRHQSDUWHRSXUJDUODHQ
LJXDOIRUPDGHJUDYjPHQHVGHVPHPEUDFLRQHVROLPLWDFLRQHVGHOGRPLQLR7DOHVDFFLRQHVSUHVFULELUjQHQGRVDmRVFRQWDGRVDSDUWLUGHO
PRPHQWRHQTXHHOFRPSUDGRUUHVWLWX\HODFRVDSDJXHHOSUHFLRRSXUJXHHOJUDYDPHQGHVPHPEUDFLRQHVROLPLWDFLnQGHOGRPLQLR\VH
WUDPLWDUjQFRPRLQFLGHQWHRSRUHOMXLFLRDEUHYLDGRDHOHFFLnQGHOGHPDQGDQWH
$57f&8/25(62/8&,h1'(&2175$72325,1&803/,0,(172'(/9(1'('25'(5(&+26'(/&2035$'25(QFDVRGHUHVROXFLnQGHXQD
FRPSUDYHQWDSRULQFXPSOLPLHQWRGHOYHQGHGRUHOFRPSUDGRUWHQGUjGHUHFKRDTXHVHOHSDJXHHOLQWHUkVOHJDOFRPHUFLDOVREUHODSDUWHSDJDGD
GHOSUHFLRRDUHWHQHUORVIUXWRVGHODFRVDHQSURSRUFLnQDGLFKDSDUWHVLQPHQRVFDERGHODFRUUHVSRQGLHQWHLQGHPQL]DFLnQGHSHUMXLFLRV
&$3f78/29
2%/,*$&,21(6'(/&2035$'25
$57f&8/22%/,*$&,h1'(5(&,%,5(OFRPSUDGRUHVWDUjREOLJDGRDUHFLELUODFRVDHQHOOXJDU\HOWLHPSRHVWLSXODGRV\HQVXGHIHFWRHQHO
OXJDU\HQHOWLHPSRqMDGRVSRUODOH\SDUDODHQWUHJDVRSHQDGHLQGHPQL]DUDOYHQGHGRUORVSHUMXLFLRVFDXVDGRVSRUODPRUD
$57f&8/2'(5(&+2'((;,*,5)$&785$(OFRPSUDGRUWLHQHGHUHFKRDH[LJLUGHOYHQGHGRUODIRUPDFLnQ\HQWUHJDGHXQDIDFWXUDGHODV
PHUFDGHUlDVYHQGLGDVFRQLQGLFDFLnQGHOSUHFLR\GHVXSDJRWRWDORGHODSDUWHTXHKXELHUHVLGRFDQFHODGD1RUHFODPjQGRVHFRQWUDHO
'HFUHWRGH (9$*HVWRU1RUPDWLYR
'HSDUWDPHQWR$GPLQLVWUDWLYRGHOD)XQFLbQ3cEOLFD
FRQWHQLGRGHODIDFWXUDGHQWURGHORVWUHVGlDVVLJXLHQWHVDODHQWUHJDGHHOODVHWHQGUjSRULUUHYRFDEOHPHQWHDFHSWDGD
$57f&8/21(*$7,9$$5(&,%,5<5(&/$0266LHOFRPSUDGRUVHQLHJDDUHFLELUODFRVDYHQGLGDDOHJDQGRTXHHOODSUHVHQWDGHIHFWRVR
YLFLRVLJQRUDGRVDOPRPHQWRGHOFRQWUDWRRTXHGLFKDFRVDKDVXIULGRFRQSRVWHULRULGDGSkUGLGDVDYHUlDVRGDmRVGHTXHVHDUHVSRQVDEOHHO
YHQGHGRUHODVXQWRVHGHFLGLUjFRPRORSUHYLHQHHODUWlFXOR
$57f&8/2'(0$1'$'(5(67,78&,h1(,1'(01,=$&,h1'(3(5-8,&,26&XDQGRHOYHQGHGRUGHPDQGHODUHVWLWXFLnQGHODFRVD\OD
LQGHPQL]DFLnQGHSHUMXLFLRVWHQGUjGHUHFKRDODUHSDUDFLnQGHWRGRVORVTXHVHOHKD\DQFDXVDGR\QRVnORDOLQWHUkVPRUDWRULRGHOSUHFLRQR
SDJDGR
$57f&8/22%/,*$&,h1'(3$*$5(/35(&,25HIRUPDGRSRUHO$UWlFXORGHOD/H\GH(OFRPSUDGRUGHEHUjSDJDUHOSUHFLRHQHO
SOD]RHVWLSXODGRRHQVXGHIHFWRDOPRPHQWRGHUHFLELUODFRVD
$57f&8/2025$(1(/3$*2'(/35(&,2(QFDVRGHPRUDGHOFRPSUDGRUHQHOSDJRGHOSUHFLRWHQGUjGHUHFKRHOYHQGHGRUDODLQPHGLDWD
UHVWLWXFLnQGHODFRVDYHQGLGDVLHOFRPSUDGRUODWXYLHUHHQVXSRGHU\QRSDJDUHRDVHJXUDUHHOSDJRDVDWLVIDFFLnQGHOYHQGHGRU
/DVROLFLWXGGHOYHQGHGRUVHWUDPLWDUjFRPRORVMXLFLRVGHWHQHQFLDSHURSRGUjVROLFLWDUVHHOHPEDUJRRVHFXHVWURSUHYHQWLYRVGHODFRVD
&XDQGRHOYHQGHGRUREWHQJDTXHVHGHFUHWHODUHVWLWXFLnQGHODFRVDWHQGUjGHUHFKRHOFRPSUDGRUDTXHSUHYLDPHQWHVHOHUHHPEROVHODSDUWH
SDJDGDGHOSUHFLRGHGXFLGRHOYDORUGHODLQGHPQL]DFLnQRSHQDTXHVHKD\DHVWLSXODGRRODTXHHQGHIHFWRGHHVWLSXODFLnQqMHHOMXH]DO
RUGHQDUODUHVWLWXFLnQ
$57f&8/2(67,38/$&,21(6(17(1','$6&202&/d868/$3(1$/&XDQGRVHHVWLSXOHTXHHOFRPSUDGRUHQFDVRGHLQFXPSOLPLHQWR
SLHUGDODSDUWHSDJDGDGHOSUHFLRSRUFRQFHSWRGHSHUMXLFLRVSHQDXRWURVHPHMDQWHVHHQWHQGHUjTXHODVSDUWHVKDQSDFWDGRXQDFOjXVXOD
SHQDOVXMHWDDODUHJXODFLnQSUHYLVWDHQHODUWlFXOR
$57f&8/2'(5(&+26'(/9(1'('25325,1&803/,0,(172'(/&2035$'25(QFDVRGHLQFXPSOLPLHQWRGHOFRPSUDGRUHOYHQGHGRU
WHQGUjGHUHFKRDXQDMXVWDUHWULEXFLnQSRUHOXVRTXHHOFRPSUDGRUKD\DKHFKRGHODFRVD\DODUHVWLWXFLnQGHORVIUXWRVHQSURSRUFLnQDODSDUWH
QRSDJDGDGHOSUHFLRVLQPHQRVFDERGHODFRUUHVSRQGLHQWHLQGHPQL]DFLnQGHSHUMXLFLRV
&$3f78/29,
9(17$&213/$=23$5$(/3$*2'(/35(&,2<&215(6(59$'(/'20,1,2
$57f&8/235(1'$'(/$&26$9(1','$(QHOFRQWUDWRGHFRPSUDYHQWDGHXQDFRVDFRUSRUDOPXHEOHVLQJXODUL]DEOHHLGHQWLqFDEOH\QR
IXQJLEOHFX\RSUHFLRGHEDSDJDUVHHQWRGRRHQSDUWHDSOD]RHOSDJRSRGUjJDUDQWL]DUVHFRQSUHQGDGHODFRVDYHQGLGDSHURFRQVHUYDQGRHO
FRPSUDGRUODWHQHQFLDGHHOOD
(VWRVFRQWUDWRVVHUHJLUjQSRUODVQRUPDVGHO&DSlWXOR,,GHO7lWXOR,;GHHVWH/LEURVLQSHUMXLFLRGHORGLVSXHVWRHQORVDUWlFXORV\
$57f&8/23$&72'(5(6(59$'('20,1,2(OYHQGHGRUSRGUjUHVHUYDUVHHOGRPLQLRGHODFRVDYHQGLGDPXHEOHRLQPXHEOHKDVWDTXHHO
FRPSUDGRUKD\DSDJDGRODWRWDOLGDGGHOSUHFLR
(OFRPSUDGRUVnORDGTXLULUjODSURSLHGDGGHODFRVDFRQHOSDJRGHODoOWLPDFXRWDGHOSUHFLRFXDQGRkVWHGHEDSDJDUVHSRULQVWDODPHQWRVSHUR
WHQGUjGHUHFKRDOUHHPEROVRGHODSDUWHSDJDGDFRPRVHGLVSRQHHQORVDUWlFXORV\HQFDVRGHTXHHOYHQGHGRUREWHQJDODUHVWLWXFLnQ
GHODFRVD
/RVULHVJRVGHkVWDSHVDUjQVREUHHOFRPSUDGRUDSDUWLUGHVXHQWUHJDPDWHULDO
$57f&8/2()(&726'(/$5(6(59$'('20,1,2)5(17($7(5&(526/DUHVHUYDGHOGRPLQLRGHLQPXHEOHVVnORSURGXFLUjHIHFWRVHQ
UHODFLnQFRQWHUFHURVDSDUWLUGHODIHFKDGHLQVFULSFLnQGHOUHVSHFWLYRFRQWUDWRHQODRqFLQDGHUHJLVWURGHLQVWUXPHQWRVSoEOLFRV\SULYDGRV
/DUHVHUYDGHOGRPLQLRGHPXHEOHVVLQJXODUL]DEOHVHLGHQWLqFDEOHV\QRIXQJLEOHVVnORSURGXFLUjHIHFWRVHQUHODFLnQFRQWHUFHURVSDUWLUGHVX
LQVFULSFLnQHQHOUHJLVWURPHUFDQWLOFRUUHVSRQGLHQWHDOOXJDUHQTXHGHEDQSHUPDQHFHUGLFKRVELHQHVSHURHOUHJLVWURGHODUHVHUYDGHOGRPLQLR
GHDXWRPRWRUHVVHUHJLUjSDUDORVPLVPRVHIHFWRVSRUODVQRUPDVTXHUHJXODQODPDWHULD
$57f&8/2&26$648(126(38('(19(1'(5&215(6(59$'('20,1,21RSRGUjQVHUREMHWRGHYHQWDFRQUHVHUYDGHOGRPLQLRODV
FRVDVPXHEOHVGHVWLQDGDVHVSHFLDOPHQWHDODUHYHQWD7DPSRFRSRGUjQVHUORFRQLQGHSHQGHQFLDGHOSUHGLRDTXHDFFHGHQODVFRVDVTXHGH
PDQHUDFRQVWDQWHIRUPDQSDUWHLQWHJUDQWHGHXQLQPXHEOH\QRSXHGDQVHSDUDUVHVLQJUDYHGDmRGHkVWH
$57f&8/2$&72648(5(48,(5(1&216(17,0,(172'(/9(1'('25(OFRPSUDGRUQRSRGUjVLQHOFRQVHQWLPLHQWRGHOYHQGHGRUFDPELDU
HOVLWLRGHXELFDFLnQGHODFRVDQLKDFHUXVRDQRUPDOGHHOOD
$57f&8/2$&72648('(%(127,),&$5(/&2035$'25$/9(1'('255HIRUPDGRSRUHO$UWlFXORGHOD/H\GH(OFRPSUDGRU
GHEHUjQRWLqFDUDOYHQGHGRUFXDOTXLHUFDPELRGHGRPLFLOLRRUHVLGHQFLDGHQWURGHORVGLH]GlDVVLJXLHQWHVDODIHFKDHQTXHVHUHDOLFH$Vl
PLVPRGHEHUjSDUWLFLSDUOHWRGDPHGLGDSUHYHQWLYDRGHHMHFXFLnQTXHVHOHLQWHQWHVREUHODVFRVDVYHQGLGDVEDMRUHVHUYDGHOGRPLQLRWDQ
SURQWRFRPRKD\DWHQLGRFRQRFLPLHQWRGHHOOR/DIDOWDGHFXPSOLPLHQWRGHFXDOTXLHUDGHHVWRVGHEHUHVGDUjGHUHFKRDOYHQGHGRUDSHGLUOD
HMHFXFLnQLQPHGLDWDGHODREOLJDFLnQFRQDUUHJORDODVSUHVFULSFLRQHVGHOSUHVHQWH&nGLJR
$57f&8/2352+,%,&,h1'((-(5&(5$&726'(',6326,&,h15HIRUPDGRSRUHO$UWlFXORGHOD/H\GH(OFRPSUDGRUQRSXHGH
UHDOL]DUDFWRVGHGLVSRVLFLnQVREUHODFRVDPXHEOHDGTXLULGDFRQUHVHUYDGHOGRPLQLRPLHQWUDVGXUHGLFKDUHVHUYDVDOYRDXWRUL]DFLnQH[SUHVD
GHOSURSLHWDULR6LORVUHDOL]DUHkVWHSRGUjUHLYLQGLFDUGHOWHUFHURODFRVDRGHPDQGDUGHOFRPSUDGRUHOSDJRLQPHGLDWRGHODWRWDOLGDGGHOSUHFLR
GHYHQWD$GHPjVVHUjVDQFLRQDGRGLFKRFRPSUDGRUFRPRUHRGHOGHOLWRSUHYLVWRHQHODUWlFXORGHO&nGLJR3HQDO
$57f&8/2*$5$17f$'(5(38(6726<6(59,&,26(1(/0(5&$'26LQSHUMXLFLRGHXQDHYHQWXDOJDUDQWlDFRQYHQFLRQDOGHEXHQ
IXQFLRQDPLHQWRHOYHQGHGRUUHVSRQGHUjGXUDQWHODYLJHQFLDGHOSDFWRGHUHVHUYDGHODH[LVWHQFLDHQHOPHUFDGRGHORVUHSXHVWRV\GHORV
VHUYLFLRVWkFQLFRV\GHPDQWHQLPLHQWRUHTXHULGRV
$57f&8/2&2167$1&,$'(/$$'48,6,&,h1'(/$3523,('$'&XDQGRSRUUD]nQGHOSDJRXRWUDFDXVDOlFLWDTXHGHDGTXLULGDSRUHO
FRPSUDGRUODSURSLHGDGGHODFRVDYHQGLGDHOYHQGHGRUGHEHUjRWRUJDUOHODFRQVWDQFLDGHOFDVR$IDOWDGHHVWDFRQVWDQFLDHOoOWLPRUHFLERR
FRPSUREDQWHGHSDJRVXUWLUjVXVHIHFWRV
$57f&8/2$'48,6,&,h1'(%8(1$)('(%,(1(69(1','26&215(6(59$'('20,1,24XLHQGHEXHQDIHH[HQWDGHFXOSDDGTXLHUDHQ
IHULDRPHUFDGRHQYHQWDSoEOLFDRHQUHPDWHMXGLFLDOFRVDVTXHKD\DQVLGRYHQGLGDVEDMRUHVHUYDGHOGRPLQLRVnORHVWDUjREOLJDGRD
GHYROYHUODVFXDQGROHVHDQUHHPEROVDGRVORVJDVWRVTXHKD\DKHFKRHQODDGTXLVLFLnQ
$57f&8/268%52*$&,h1'(/$6&$17,'$'(6'(%,'$66LODFRVDYHQGLGDEDMRUHVHUYDGHOGRPLQLRHVWjDVHJXUDGDODVFDQWLGDGHV
GHELGDVSRUORVDVHJXUDGRUHVVHVXEURJDUjQDGLFKDFRVDSDUDKDFHUHIHFWLYDODREOLJDFLnQGHOFRPSUDGRU
$57f&8/2025$(1(/3$*2'(/$6&827$6&XDQGRHOSUHFLRGHODYHQWDEDMRUHVHUYDGHOGRPLQLRVHKD\DSDFWDGRSDUDSDJDUVHSRU
PHGLRGHFXRWDVODIDOWDGHSDJRGHXQRRPjVLQVWDODPHQWRVTXHQRH[FHGDQHQVXFRQMXQWRGHODRFWDYDSDUWHGHOSUHFLRWRWDOGHODFRVDVnOR
GDUjOXJDUDOFREURGHODFXRWDRFXRWDVLQVROXWDV\GHORVLQWHUHVHVPRUDWRULRVFRQVHUYDQGRHOFRPSUDGRUHOEHQHqFLRGHOWkUPLQRFRQUHVSHFWR
DODVFXRWDVVXFHVLYDVVLQSHUMXLFLRGHORGLVSXHVWRHQHO$UWlFXOR
7RGDHVWLSXODFLnQHQFRQWUDULRVHWHQGUjSRUQRHVFULWD
$57f&8/2$80(172'(/9$/25'(/$&26$48('(%(6(55(67,78,'$(ODXPHQWRGHOYDORUDGTXLULGRSRUODFRVDTXHGDUjHQSURYHFKR
GHOYHQGHGRUFXDQGRODUHVWLWXFLnQVHGHEDDLQFXPSOLPLHQWRGHOFRPSUDGRU
$57f&8/22326,&,h1$/(0%$5*2'(/$&26$3253$57('(/9(1'('25(OYHQGHGRUSXHGHRSRQHUVHHOHPEDUJRGHODFRVDYHQGLGD
EDMRUHVHUYDGHOGRPLQLRGHFUHWDGRDLQVWDQFLDGHORVDFUHHGRUHVGHOFRPSUDGRURGHXQWHUFHURSUHVHQWDQGRHOFRQWUDWRGHYHQWDTXHOOHQHORV
UHTXLVLWRVSUHYLVWRVHQHODUWlFXORGHHVWH&nGLJR
$57f&8/22326,&,h1$/(0%$5*2'(/$&26$3253$57('(/9(1'('253RGUjRSRQHUVHHOFRPSUDGRUDOHPEDUJRGHODFRVD
GHFUHWDGRDLQVWDQFLDGHORVDFUHHGRUHVGHOYHQGHGRURGHXQWHUFHURSUHVHQWDQGRHOFRQWUDWRGHTXHWUDWDHODUWlFXORDQWHULRU3HURHQVXFDVR
DODGPLWLUHOMXH]ODRSRVLFLnQGHFUHWDUjHOHPEDUJRGHOFUkGLWRDIDYRUGHOYHQGHGRU\SUHYHQGUjDOFRPSUDGRUVREUHODIRUPDFRPRGHED
HIHFWXDUHOSDJRGHODVFXRWDVLQVROXWDV
$57f&8/2$&&,21(6'(/9(1'('25<5(&83(5$&,h1'(/$&26$5(67,78,'$(1&$62'(,1&803/,0,(172(QFDVRGHLQFXPSOLPLHQWR
GHOFRPSUDGRUDVXVREOLJDFLRQHVSRGUjHOYHQGHGRUDFXGLUDODDFFLnQMXGLFLDOFRQVDJUDGDHQHODUWlFXORSHURHOFRPSUDGRUSRGUjUHFXSHUDU
ODFRVDGHQWURGHORVWUHVPHVHVVLJXLHQWHVDODUHVWLWXFLnQSDJDQGRODWRWDOLGDGGHORVLQVWDODPHQWRVH[LJLEOHVFRQVXVLQWHUHVHVVLHOYHQGHGRU
QRODKXELHUHHQDMHQDGRRGHFXDOTXLHURWURPRGRGLVSXHVWRGHHOOD
$57f&8/2&$1&(/$&,h1'(/$,16&5,3&,h13253$*2727$/3DJDGDODWRWDOLGDGGHOSUHFLRWHQGUjGHUHFKRHOFRPSUDGRUDTXHVH
FDQFHOHODLQVFULSFLnQGHTXHWUDWDHODUWlFXOR\DODLQGHPQL]DFLnQGHSHUMXLFLRVVLHOYHQGHGRUQRFXPSOHHVWDREOLJDFLnQ
(QHVWHFDVRSRGUjDFXGLUHOFRPSUDGRUDODDFFLnQFRQVDJUDGDHQOD/H\GHSDUDREWHQHUODFDQFHODFLnQ\DOSURFHGLPLHQWRGHTXH
WUDWDHODUWlFXORGHHVWH&nGLJRSDUDODLQGHPQL]DFLnQGHSHUMXLFLRV
7f78/2,,,
'(/&2175$72'(680,1,6752
$57f&8/2&2175$72'(680,1,6752'(),1,&,h1(OVXPLQLVWURHVHOFRQWUDWRSRUHOFXDOXQDSDUWHVHREOLJDDFDPELRGHXQD
FRQWUDSUHVWDFLnQDFXPSOLUHQIDYRUGHRWUDHQIRUPDLQGHSHQGLHQWHSUHVWDFLRQHVSHULnGLFDVRFRQWLQXDGDVGHFRVDVRVHUYLFLRV
$57f&8/25(*/$63$5$(67$%/(&(5/$&8$17,$'(/680,1,67523DUDHVWDEOHFHUODFXDQWlDGHOVXPLQLVWURVLODVSDUWHVQRORKXELHUHQ
qMDGRHQFDQWLGDGGHWHUPLQDGDRVHmDODGRODVEDVHVSDUDGHWHUPLQDUODVHDSOLFDUjQODVVLJXLHQWHVUHJODV
6LODVSDUWHVKDQqMDGRXQOlPLWHPj[LPR\XQRPlQLPRSDUDHOWRWDOGHOVXPLQLVWURRSDUDFDGDSUHVWDFLnQFRUUHVSRQGHUjDOFRQVXPLGRU
GHWHUPLQDUGHQWURGHWDOHVOlPLWHVODFXDQWlDGHOVXPLQLVWUR
6LODVSDUWHVKDQqMDGRVRODPHQWHXQOlPLWHPj[LPRFRUUHVSRQGHUjDOFRQVXPLGRUGHWHUPLQDUODFXDQWlDVLQH[FHGHUGLFKRPj[LPR
6LODVSDUWHVVHUHPLWHQDODFDSDFLGDGGHFRQVXPRRDODVQHFHVLGDGHVRUGLQDULDV\VHmDODQXQPlQLPRHOFRQVXPLGRUSRGUjH[LJLUODV
FDQWLGDGHVTXHVXFDSDFLGDGGHFRQVXPRXRUGLQDULDVQHFHVLGDGHVOHLPSRQJDQSHURHVWDUjREOLJDGRDUHFLELUHOPlQLPRqMDGR3RUVXSDUWHHO
SURYHHGRUGHEHUjSUHVWDUGLFKDVFDQWLGDGHVRHOPlQLPRVHJoQHOFDVR\
&XDQGRODFXDQWlDGHOVXPLQLVWURQRKD\DVLGRGHWHUPLQDGDVHHQWHQGHUjTXHODVSDUWHVKDQSDFWDGRDTXHOODTXHFRUUHVSRQGDDORUGLQDULR
FRQVXPRRDODVQRUPDOHVQHFHVLGDGHVGHOFRQVXPLGRUVDOYRODH[LVWHQFLDGHFRVWXPEUHHQFRQWUDULR
3$5d*5$)2/DFDSDFLGDGRODQHFHVLGDGRUGLQDULDVGHFRQVXPRVHUjQODVH[LVWHQWHVHQHOPRPHQWRGHHIHFWXDUVHHOSHGLGR
$57f&8/2'(7(50,1$&,h1'(/35(&,26LODVSDUWHVQRVHmDODQHOSUHFLRGHOVXPLQLVWURHQHOWRGRRSDUDFDGDSUHVWDFLnQRQRqMDQHQHO
FRQWUDWRODPDQHUDGHGHWHUPLQDUORVLQDFXGLUDXQQXHYRDFXHUGRGHYROXQWDGHVVHSUHVXPLUjTXHDFHSWDQHOSUHFLRPHGLRTXHODVFRVDVR
VHUYLFLRVVXPLQLVWUDGRVWHQJDQHQHOOXJDU\HOGlDGHOFXPSOLPLHQWRGHFDGDSUHVWDFLnQRHQHOGRPLFLOLRGHOFRQVXPLGRUVLODVSDUWHVVH
HQFXHQWUDQHQOXJDUHVGLVWLQWRV(QFDVRGHPRUDGHOSURYHHGRUVHWRPDUjHOSUHFLRGHOGlDHQTXHKD\DGHELGRFXPSOLUVHODSUHVWDFLnQ
6LODVSDUWHVVHmDODQSUHFLRSDUDXQDSUHVWDFLnQVHSUHVXPLUjTXHFRQYLHQHQLJXDOSUHFLRSDUDODVGHPjVGHODPLVPDHVSHFLH
$57f&8/23$*2'(/35(&,2(1680,1,675263(5,2',&26<&217,18266LHOVXPLQLVWURHVGHFDUjFWHUSHULnGLFRHOSUHFLR
FRUUHVSRQGLHQWHVHGHEHUjSRUFDGDSUHVWDFLnQ\HQSURSRUFLnQDVXFXDQWlD\GHEHUjSDJDUVHHQHODFWRVDOYRDFXHUGRHQFRQWUDULRGHODV
SDUWHV
6LHOVXPLQLVWURHVGHFDUjFWHUFRQWLQXRHOSUHFLRGHEHUjSDJDUVHGHFRQIRUPLGDGFRQODFRVWXPEUHVLODVSDUWHVQDGDDFXHUGDQVREUHHO
SDUWLFXODU(OVXPLQLVWURGLDULRVHWHQGUjSRUFRQWLQXR
$57f&8/2),-$&,h1'(/3/$=23$5$&$'$35(67$&,h16LODVSDUWHVqMDQHOSOD]RSDUDFDGDSUHVWDFLnQQRSRGUjVHUYDULDGRSRUYROXQWDG
GHXQDVROD
&XDQGRVHGHMHDXQDGHODVSDUWHVHOVHmDODPLHQWRGHODkSRFDHQTXHFDGDSUHVWDFLnQGHEHHIHFWXDUVHHVWDUjREOLJDGDDGDUSUHDYLVR
SUXGHQFLDODODRWUDGHODIHFKDHQTXHGHEHFXPSOLUVHODFRUUHVSRQGLHQWHSUHVWDFLnQ
6LODVSDUWHVWXYLHUHQGLIHUHQFLDVVREUHODRSRUWXQLGDGGHOSUHDYLVRHOFDVRVHGHFLGLUjSRUHOSURFHGLPLHQWRYHUEDOFRQLQWHUYHQFLnQGHSHULWRV
$57f&8/2,1&803/,0,(172<&216(&8(1&,$6(OLQFXPSOLPLHQWRGHXQDGHODVSDUWHVUHODWLYRDDOJXQDGHODVSUHVWDFLRQHVFRQIHULUj
GHUHFKRDODRWUDSDUDGDUSRUWHUPLQDGRHOFRQWUDWRFXDQGRHVHLQFXPSOLPLHQWROHKD\DRFDVLRQDGRSHUMXLFLRVJUDYHVRWHQJDFLHUWD
LPSRUWDQFLDFDSD]SRUVlVRORGHPHUPDUODFRQqDQ]DGHHVDSDUWHHQODH[DFWLWXGGHODRWUDSDUDKDFHUORVVXPLQLVWURVVXFHVLYRV
(QQLQJoQFDVRHOTXHHIHFWoDHOVXPLQLVWURSRGUjSRQHUqQDOPLVPRVLQGDUDYLVRDOFRQVXPLGRUFRPRVHSUHYkHQHODUWlFXORSUHFHGHQWH
/RGLVSXHVWRHQHVWHDUWlFXORQRSULYDDOFRQWUDWDQWHSHUMXGLFDGRSRULQFXPSOLPLHQWRGHORWURGHVXGHUHFKRDSHGLUODLQGHPQL]DFLnQGH
SHUMXLFLRVDMXVWDWDVDFLnQ
$57f&8/23$&72'(35()(5(1&,$(OSDFWRSRUHOFXDOODSDUWHTXHSHUFLEHHOVXPLQLVWURVHREOLJDDSUHIHULUDOSURYHHGRUSDUDFRQFOXLUXQ
FRQWUDWRSRVWHULRUVREUHHOPLVPRREMHWRVHVXMHWDUjDORGLVSXHVWRHQHODUWlFXOR
/DSUHIHUHQFLDSXHGHWDPELkQSDFWDUVHHQIDYRUGHODSDUWHTXHSHUFLEHHOVXPLQLVWUR
$57f&8/23$&72'(/$&/d868/$'((;&/86,9,'$''HURJDGRSRUHODUW/H\GH6LHQXQFRQWUDWRGHVXPLQLVWURVHSDFWD
ODFOjXVXODGHH[FOXVLYLGDGDIDYRUGHOSURYHHGRUODRWUDSDUWHQRSXHGHREWHQHUSUHVWDFLRQHVGHODPLVPDQDWXUDOH]DSURYHQLHQWHVGHWHUFHURV
QLSURYHHUFRQPHGLRVSURSLRVDODSURGXFFLnQGHORVELHQHVRVHUYLFLRVREMHWRGHOFRQWUDWRVDOYRHVWLSXODFLnQHQFRQWUDULR
6LODFOjXVXODGHH[FOXVLYLGDGVHSDFWDHQIDYRUGHOEHQHqFLDULRGHOVXPLQLVWURHOSURYHHGRUQRSXHGHHQOD]RQDTXHFRPSUHQGHODH[FOXVLYLGDG
\GXUDQWHODYLJHQFLDGHOFRQWUDWRGLUHFWDQLLQGLUHFWDPHQWHFXPSOLUDIDYRUGHRWURVEHQHqFLDULRVSUHVWDFLRQHVGHODPLVPDQDWXUDOH]DGH
DTXHOODVTXHVRQREMHWRGHOFRQWUDWR
(OTXHUHFLEHHOVXPLQLVWURHQFDOLGDGGHGLVWULEXLGRUDVXPHODREOLJDFLnQGHSURPRYHUHQOD]RQDTXHVHGHVLJQHODYHQWDGHPHUFDQFlDVR
VHUYLFLRVGHORVFXDOHVWLHQHODH[FOXVLYLGDG\UHVSRQGHGHORVSHUMXLFLRVHQFDVRGHLQFXPSOLPLHQWRGHWDOREOLJDFLnQDXQTXHKD\DFXPSOLGRHO
FRQWUDWRHQODFXDQWlDPlQLPDqMDGD
$57f&8/23/$=2'(/$&/d868/$'((;&/86,9,'$''HURJDGRSRUHODUW/H\GH/LPlWHVHDGLH]DmRVODGXUDFLnQPj[LPD
GHWRGDFOjXVXODGHH[FOXVLYLGDG
&XDQGRGXUDQWHODYLJHQFLDGHOFRQWUDWRFRQFOjXVXODGHH[FOXVLYLGDGVHSDFWHQRWURVFRQWUDWRVDQjORJRVHQWUHODVPLVPDVSDUWHV\VREUHHO
PLVPRJkQHURGHELHQHVRVHUYLFLRVODVFOjXVXODVGHH[FOXVLYLGDGFRQWHQLGDVHQORVQXHYRVFRQWUDWRVWHUPLQDUjQHQODIHFKDGHH[SLUDFLnQGHOD
LQLFLDOPHQWHSDFWDGD
$57f&8/27(50,1$&,h1'(/&2175$72'(680,1,67526LQRVHKXELHUHHVWLSXODGRODGXUDFLnQGHOVXPLQLVWURFXDOTXLHUDGHODVSDUWHV
SRGUjGDUSRUWHUPLQDGRHOFRQWUDWRGDQGRDODRWUDSUHDYLVRHQHOWkUPLQRSDFWDGRRHQHOHVWDEOHFLGRSRUODFRVWXPEUHRHQVXGHIHFWRFRQ
XQDDQWLFLSDFLnQDFRUGHFRQODQDWXUDOH]DGHOVXPLQLVWUR
$57f&8/2&21',&,21(6'(/&2175$72&2135(67$&,21(65(*8/$'$6325(/*2%,(512&XDQGRODSUHVWDFLnQTXHHVREMHWRGHO
VXPLQLVWURHVWkUHJXODGDSRUHO*RELHUQRHOSUHFLR\ODVFRQGLFLRQHVGHOFRQWUDWRVHVXMHWDUjQDORVUHVSHFWLYRVUHJODPHQWRV
$57f&8/26(59,&,263i%/,&26<021232/,266863(16,h1'(/680,1,6752&21$8725,=$&,h1'(/*2%,(512/DVSHUVRQDVTXH
SUHVWHQVHUYLFLRVSoEOLFRVRWHQJDQXQPRQRSROLRGHKHFKRRGHGHUHFKRQRSRGUjQVXVSHQGHUHOVXPLQLVWURDORVFRQVXPLGRUHVTXHQRHVWkQHQ
PRUDQLDoQFRQSUHDYLVRVLQDXWRUL]DFLnQGHOJRELHUQR
$57f&8/2$3/,&$&,h1'(',6326,&,21(6'(27526&2175$7266HDSOLFDUjQDOVXPLQLVWURHQFXDQWRVHDQFRPSDWLEOHVFRQODV
GLVSRVLFLRQHVSUHFHGHQWHVODVUHJODVTXHUHJXODQORVFRQWUDWRVDTXHFRUUHVSRQGDQODVSUHVWDFLRQHVDLVODGDV
7f78/2,9
'(/&2175$72'(75$163257(
&$3f78/2,
',6326,&,21(6*(1(5$/(6
$57f&8/2&2175$72'(75$163257(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(OWUDQVSRUWHHVXQ
FRQWUDWRSRUPHGLRGHOFXDOXQDGHODVSDUWHVVHREOLJDSDUDFRQODRWUDDFDPELRGHXQSUHFLRDFRQGXFLUGHXQOXJDUDRWURSRUGHWHUPLQDGR
PHGLR\HQHOSOD]RqMDGRSHUVRQDVRFRVDV\HQWUHJDUkVWDVDOGHVWLQDWDULR
(OFRQWUDWRGHWUDQVSRUWHVHSHUIHFFLRQDSRUHOVRORDFXHUGRGHODVSDUWHV\VHSUXHEDFRQIRUPHDODVUHJODVOHJDOHV
(QHOHYHQWRHQTXHHOFRQWUDWRRDOJXQDGHVXVFOjXVXODVVHDLQHqFD]\VHKD\DQHMHFXWDGRSUHVWDFLRQHVVHSRGUjVROLFLWDUODLQWHUYHQFLnQGHO
MXH]DqQGHTXHLPSLGDTXHXQDSDUWHVHHQULTXH]FDDH[SHQVDVGHODRWUD
7H[WRDQWHULRU
(OWUDQVSRUWHHVXQFRQWUDWRHQTXHXQDGHODVSDUWHVVHREOLJDFRQODRWUDDFDPELRGHXQSUHFLRDFRQGXFLUGHXQOXJDUDRWURSRU
GHWHUPLQDGRPHGLR\HQHOSOD]RkMDGRSHUVRQDVRFRVDV\DHQWUHJDUfVWDVDOGHVWLQDWDULR(OFRQWUDWRGHWUDQVSRUWHVHSHUIHFFLRQDSRUHOVROR
DFXHUGRGHODVSDUWHV\VHSUREDUeFRQIRUPHDODVUHJODVOHJDOHV
7DPELfQSRGUeSHUIHFFLRQDUVHSRUVLPSOHDGKHVLiQSHURHQWRGRFDVRVHDMXVWDUeDODVGLVSRVLFLRQHVOHJDOHV\DORVUHJODPHQWRVRkFLDOHVVREUH
ODPDWHULD
$57f&8/22%/,*$&,21(6'(/75$163257$'250RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(O
WUDQVSRUWDGRUHVWDUjREOLJDGRGHQWURGHOWkUPLQRSRUHOPRGRGHWUDQVSRUWH\ODFODVHGHYHKlFXORVSUHYLVWRVHQHOFRQWUDWR\HQGHIHFWRGH
HVWLSXODFLnQFRQIRUPHDORVKRUDULRVLWLQHUDULRV\GHPjVQRUPDVFRQWHQLGDVHQORVUHJODPHQWRVRqFLDOHVHQXQWkUPLQRSUXGHQFLDO\SRUXQDYlD
UD]RQDEOHPHQWHGLUHFWD
(QHOWUDQVSRUWHGHFRVDVDUHFLELUODVFRQGXFLUODV\HQWUHJDUODVHQHOHVWDGRHQTXHODVUHFLEDODVFXDOHVVHSUHVXPHQHQEXHQHVWDGRVDOYR
FRQVWDQFLDHQFRQWUDULR\
(QHOWUDQVSRUWHGHSHUVRQDVDFRQGXFLUODVVDQDV\VDOYDVDOOXJDUGHGHVWLQR
7H[WRDQWHULRU
(OWUDQVSRUWDGRUHVWDUeREOLJDGRDFRQGXFLUDODVSHUVRQDVRDODVFRVDVVDQDV\VDOYDVDOOXJDURVLWLRFRQYHQLGRGHQWURGHOWfUPLQRSRUHO
PHGLR\FODVHGHYHKgFXORVSUHYLVWRVHQHOFRQWUDWR\HQGHIHFWRGHHVWLSXODFLiQFRQIRUPHDORVKRUDULRVLWLQHUDULRV\GHPeVQRUPDVFRQWHQLGDV
HQORVUHJODPHQWRVRkFLDOHVHQXQWfUPLQRSUXGHQFLDO\SRUXQDYgDUD]RQDEOHPHQWHGLUHFWD
$57f&8/2(035(6$6'(75$163257(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH/DVHPSUHVDVGH
WUDQVSRUWHVRQGHVHUYLFLRSoEOLFRRGHVHUYLFLRSDUWLFXODU(O*RELHUQRqMDUjODVFDUDFWHUlVWLFDVGHODVHPSUHVDVGHVHUYLFLRSoEOLFR\
UHJODPHQWDUjODVFRQGLFLRQHVGHVXFUHDFLnQ\IXQFLRQDPLHQWR/DVHPSUHVDVGHVHUYLFLRSoEOLFRVRPHWHUjQVXVUHJODPHQWRVDODDSUREDFLnQ
RqFLDO\VLQRSUHVWDQHOVHUYLFLRHQYHKlFXORVGHVXSURSLHGDGFHOHEUDUjQFRQORVGXHmRVGHkVWRVHOUHVSHFWLYRFRQWUDWRGHYLQFXODFLnQ
FRQIRUPHDODVQRUPDVUHJODPHQWDULDVGHOWUDQVSRUWH
3$5d*5$)23DUDODFRQVWLWXFLnQGHSHUVRQDVMXUlGLFDVTXHWHQJDQSRUREMHWRHOVHUYLFLRSoEOLFRGHWUDQVSRUWHDXWRPRWRUVXMHWRDUXWDV\
KRUDULRVDGHPjVGHOOOHQRGHORVUHTXLVLWRVOHJDOHVVHUjQHFHVDULDODDXWRUL]DFLnQSUHYLDGHO,QVWLWXWR1DFLRQDOGHO7UDQVSRUWH\7UjQVLWRRGHOD
HQWLGDGTXHKDJDVXVYHFHVDXWRUL]DFLnQTXHVHSURWRFROL]DUjHQFRSLDDXWkQWLFDFRQODUHVSHFWLYDHVFULWXUD
7H[WRDQWHULRU
/DVHPSUHVDVGHWUDQVSRUWHVRQGHVHUYLFLRSjEOLFRRGHVHUYLFLRSDUWLFXODU(O*RELHUQRkMDUeODVFDUDFWHUgVWLFDVGHXQDV\RWUDV\UHJODPHQWDUe
ODVFRQGLFLRQHVGHVXFUHDFLiQ\IXQFLRQDPLHQWR
/DVHPSUHVDVGHVHUYLFLRSjEOLFRVRPHWHUeQVXVUHJODPHQWRVDODDSUREDFLiQRkFLDO\VLQRSUHVWDQHOVHUYLFLRFRQYHKgFXORVGHVXSURSLHGDG
FHOHEUDUeQFRQORVGXHhRVGHfVWRVHOUHVSHFWLYRFRQWUDWRGHYLQFXODFLiQFRQIRUPHDODVQRUPDVUHJODPHQWDULDVGHOWUDQVSRUWH
3$5c*5$)23DUDODFRQVWLWXFLiQGHSHUVRQDVMXUgGLFDVTXHWHQJDQSRUREMHWRHOVHUYLFLRSjEOLFRGHWUDQVSRUWHDXWRPRWRUDGHPeVGHOOOHQRGH
ORVUHTXLVLWRVOHJDOHVVHUeQHFHVDULDDXWRUL]DFLiQSUHYLDGHO,QVWLWXWR1DFLRQDOGH7UDQVSRUWHRGHODHQWLGDGTXHKDJDVXVYHFHVDXWRUL]DFLiQ
TXHVHSURWRFROL]DUeHQFRSLDDXWfQWLFDFRQODUHVSHFWLYDHVFULWXUDRVHDJUHJDUeDOGRFXPHQWRGHIXQGDFLiQHQVXFDVR
$57f&8/2'(/(*$&,h1'(/$&21'8&&,h1$7(5&(5260RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH
6DOYRORGLVSXHVWRHQQRUPDVHVSHFLDOHVHOWUDQVSRUWHGHEHUjVHUFRQWUDWDGRFRQWUDQVSRUWDGRUHVDXWRUL]DGRVTXLHQHVSRGUjQHQFDUJDUOD
FRQGXFFLnQHQWRGRRHQSDUWHDWHUFHURVSHUREDMRVXUHVSRQVDELOLGDG\VLQTXHSRUHOORVHHQWLHQGDQPRGLqFDGDVODVFRQGLFLRQHVGHOFRQWUDWR
/DLQIUDFFLnQDORGLVSXHVWRHQHVWHDUWlFXORGDUjOXJDUDODLPSRVLFLnQGHODVVDQFLRQHVDGPLQLVWUDWLYDVSHUWLQHQWHV
7H[WRDQWHULRU
(OWUDQVSRUWDGRUSRGUeHQFDUJDUDWHUFHURVHQWRGRRHQSDUWHODFRQGXFFLiQFRQWUDWDGDSHUREDMRVXUHVSRQVDELOLGDG\VLQTXHSRUHOORVH
HQWLHQGDQPRGLkFDGDVODVFRQGLFLRQHVGHOFRQWUDWRFRQHOSDVDMHURHOUHPLWHQWHRGHVWLQDWDULR
$57f&8/2)250$6'(75$163257(&20%,1$'20RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH6HFRQVLGHUD
WUDQVSRUWHFRPELQDGRDTXHOHQTXHH[LVWLHQGRXQoQLFRFRQWUDWRGHWUDQVSRUWHODFRQGXFFLnQHVUHDOL]DGDHQIRUPDVXFHVLYDSRUYDULDV
HPSUHVDVWUDQVSRUWDGRUDVSRUPjVGHXQPRGRGHWUDQVSRUWH6XFRQWUDWDFLnQSRGUjOOHYDUVHDFDERGHODVVLJXLHQWHVIRUPDV
&RQWUDWDQGRHOUHPLWHQWHFRQXQDGHODVHPSUHVDVWUDQVSRUWDGRUDVTXHORUHDOLFHQODFXDOVHUjWUDQVSRUWDGRUHIHFWLYRHQUHODFLnQFRQHO
WUDQVSRUWHTXHPDWHULDOPHQWHOOHYHDFDERSRUVlPLVPD\DFWXDUjFRPRFRPLVLRQLVWDGHWUDQVSRUWHFRQODVGHPjVHPSUHVDV
PHGLDQWHODDFWXDFLnQGHXQFRPLVLRQLVWDGHWUDQVSRUWHTXHFRQWUDWHFRQMXQWDRLQGLYLGXDOPHQWHFRQODVGLVWLQWDVHPSUHVDVWUDQVSRUWDGRUDV
&RQWUDWDQGRHOUHPLWHQWHFRQMXQWDPHQWHFRQODVGLVWLQWDVHPSUHVDVWUDQVSRUWDGRUDV
(QHOWUDQVSRUWHFRPELQDGRDFDGDPRGRGHWUDQVSRUWHVHOHDSOLFDUjQODVQRUPDVTXHORUHJXOHQ
7H[WRDQWHULRU
(OWUDQVSRUWHTXHHIHFWjHQVXFHVLYDPHQWHYDULRVWUDQVSRUWDGRUHVVHMX]JDUeFRPRWUDQVSRUWHjQLFRFXDQGRKD\DVLGRFRQVLGHUDGRSRUODVSDUWHV
FRPRXQDVRODRSHUDFLiQ\DVHDTXHVHIRUPDOLFHSRUXQVRORFRQWUDWRRSRUXQDVHULHGHHOORV
$57f&8/23/85$/,'$''(75$163257$'25(65(*/$63$5$'(),1,5/$5(63216$%,/,'$'0RGLqFDGRSRUHODUW'HFUHWRGH
(OQXHYRWH[WRHVHOVLJXLHQWH&XDQGRYDULRVWUDQVSRUWDGRUHVLQWHUYHQJDQVXFHVLYDPHQWHHQODHMHFXFLnQGHXQoQLFRFRQWUDWRGHWUDQVSRUWHSRU
XQRRYDULRVPRGRVRVHHPLWDELOOHWHFDUWDGHSRUWHFRQRFLPLHQWRGHHPEDUTXHRUHPHVDWHUUHVWUHGHFDUJDoQLFRVRGLUHFWRVVHREVHUYDUjQ
ODVVLJXLHQWHVUHJODV
/RVWUDQVSRUWDGRUHVTXHLQWHUYHQJDQVHUjQVROLGDULDPHQWHUHVSRQVDEOHVGHOFXPSOLPLHQWRGHOFRQWUDWRHQVXLQWHJULGDGFRPRVLFDGDXQRGH
HOORVORKXELHUHHMHFXWDGR
&DGDXQRGHORVWUDQVSRUWDGRUHVLQWHUPHGLRVVHUjUHVSRQVDEOHGHORVGDmRVRFXUULGRVGXUDQWHHOUHFRUULGRDVXFXLGDGRVLQSHUMXLFLRGHOR
SUHYLVWRHQODUHJODDQWHULRU
&XDOTXLHUDGHORVWUDQVSRUWDGRUHVTXHLQGHPQLFHHOGDmRGHTXHVHDUHVSRQVDEOHRWURWUDQVSRUWDGRUVHVXEURJDUjHQODVDFFLRQHVTXHFRQWUD
kVWHH[LVWDQSRUFDXVDGHWDOGDmR\
6LQRSXGLHUHGHWHUPLQDUVHHOWUD\HFWRHQHOFXDOKD\DQRFXUULGRORVGDmRVHOWUDQVSRUWDGRUTXHORVSDJXHWHQGUjDFFLnQFRQWUDFDGDXQRGH
ORVWUDQVSRUWDGRUHVREOLJDGRVDOSDJRHQSURSRUFLnQDOUHFRUULGRDFDUJRGHFDGDFXDOUHSDUWLkQGRVHHQWUHORVUHVSRQVDEOHV\HQODPLVPD
SURSRUFLnQODFXRWDFRUUHVSRQGLHQWHDOWUDQVSRUWDGRULQVROYHQWH
3$5d*5$)23DUDORVHIHFWRVGHHVWHDUWlFXORFDGDWUDQVSRUWDGRUSRGUjH[LJLUGHOVLJXLHQWHODFRQVWDQFLDGHKDEHUFXPSOLGRDFDEDOLGDGODV
REOLJDFLRQHVGHULYDGDVGHOFRQWUDWR/DH[SHGLFLnQGHGLFKDFRQVWDQFLDVLQREVHUYDFLnQDOJXQDKDUjSUHVXPLUWDOFXPSOLPLHQWR
7H[WRDQWHULRU
&XDQGRYDULRVWUDQVSRUWDGRUHVLQWHUYHQJDQVXFHVLYDPHQWHHQODHMHFXFLiQGHXQPLVPRFRQWUDWRGHWUDQVSRUWHRVHHPLWDQELOOHWHjQLFRR
GLUHFWRFDUWDGHSRUWHRFRQRFLPLHQWRGHHPEDUTXHjQLFRRGLUHFWRVHREVHUYDUeQODVVLJXLHQWHVUHJODV
b(OSULPHUR\HOjOWLPRVHUeQVROLGDULDPHQWHUHVSRQVDEOHVGHOFXPSOLPLHQWRGHOFRQWUDWRHQVXLQWHJULGDGFRPRVLFDGDXQRGHHOORVORKXELHUH
HMHFXWDGR
b&DGDXQRGHORVWUDQVSRUWDGRUHVLQWHUPHGLRVVHUeUHVSRQVDEOHGHORVGDhRVRFXUULGRVGXUDQWHHOUHFRUULGRDVXFXLGDGRVLQSHUMXLFLRGHOR
SUHYLVWRHQODUHJODDQWHULRU
b&XDOTXLHUDGHORVWUDQVSRUWDGRUHVTXHLQGHPQLFHHOGDhRGHTXHVHDUHVSRQVDEOHRWURWUDQVSRUWDGRUVHVXEURJDUeHQODVDFFLRQHVTXH
FRQWUDHVWHH[LVWDQSRUFDXVDVGHWDOGDhR\
b6LQRSXGLHUHGHWHUPLQDUVHHOWUD\HFWRHQHOFXDOKD\DQRFXUULGRORVGDhRVHOWUDQVSRUWDGRUTXHORVSDJXHWHQGUeDFFLiQFRQWUDFDGDXQRGH
ORVWUDQVSRUWDGRUHVREOLJDGRVDOSDJRHQSURSRUFLiQDOUHFRUULGRDFDUJRGHFDGDFXDOUHSDUWLfQGRVHHQWUHORVUHVSRQVDEOHV\HQODPLVPD
SURSRUFLiQODFXRWDFRUUHVSRQGLHQWHDOWUDQVSRUWDGRULQVROYHQWH
3$5c*5$)23DUDORVHIHFWRVGHHVWHDUWgFXORFDGDWUDQVSRUWDGRUSRGUeH[LJLUGHOVLJXLHQWHODFRQVWDQFLDGHKDEHUFXPSOLGRDFDEDOLGDGODV
REOLJDFLRQHVGHULYDGDVGHOFRQWUDWR/DH[SHGLFLiQGHGLFKDFRQVWDQFLDVLQREVHUYDFLiQDOJXQDKDUeSUHVXPLUWDOFXPSOLPLHQWR
$57f&8/275$163257(08/7,02'$/0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(QHOWUDQVSRUWH
PXOWLPRGDOODFRQGXFFLnQGHPHUFDQFlDVVHHIHFWXDUjSRUGRVRPjVPRGRVGHWUDQVSRUWHGHVGHXQOXJDUHQHOTXHHORSHUDGRUGHWUDQVSRUWH
PXOWLPRGDOODVWRPDEDMRVXFXVWRGLDRUHVSRQVDELOLGDGKDVWDRWUROXJDUGHVLJQDGRSDUDVXHQWUHJDDOGHVWLQDWDULRHQYLUWXGGHXQFRQWUDWR
oQLFRGHWUDQVSRUWH
6HHQWLHQGHSRURSHUDGRUGHWUDQVSRUWHPXOWLPRGDOWRGDSHUVRQDTXHSRUVlRSRUPHGLRGHRWUDTXHREUHHQVXQRPEUHFHOHEUDXQFRQWUDWRGH
WUDQVSRUWHPXOWLPRGDO\DFWoDFRPRSULQFLSDOQRFRPRDJHQWHRSRUFXHQWDGHOUHPLWHQWHRGHORVWUDQVSRUWDGRUHVTXHSDUWLFLSDQHQODV
RSHUDFLRQHV\DVXPHODUHVSRQVDELOLGDGGHOFXPSOLPLHQWRGHOFRQWUDWR
&XDQGRGLFKDFRQGXFFLnQGHPHUFDQFlDVRFXUUDHQWUHGRVRPjVSDlVHVVHUjWUDQVSRUWHPXOWLPRGDOLQWHUQDFLRQDO
3DUDHOWUDQVSRUWHPXOWLPRGDOVHDSOLFDUjORTXHVREUHHOSDUWLFXODUVHGLVSRQJDHQHVWH&nGLJRRHQORVUHJODPHQWRV\HQORQRUHJODGRVHHVWDUj
DODFRVWXPEUH
7H[WRDQWHULRU
(QFDVRGHWUDQVSRUWHFRPELQDGRDFDGDPHGLRGHWUDQVSRUWHVHDSOLFDUeQODVQRUPDVTXHORUHJXOHQ
$57f&8/25(35(6(17$&,h13253$57('(/i/7,0275$163257$'250RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHO
VLJXLHQWH6DOYRHVWLSXODFLnQHQFRQWUDULRHOoOWLPRWUDQVSRUWDGRUUHSUHVHQWDUjDORVGHPjVSDUDFREUDUODVSUHVWDFLRQHVUHVSHFWLYDVGHULYDGDV
GHOFRQWUDWRSDUDHMHUFHUHOGHUHFKRGHUHWHQFLnQ\ORVSULYLOHJLRVTXHSRUHOPLVPROHVFRUUHVSRQGDQ
6LRPLWLHUHUHDOL]DUORVDFWRVQHFHVDULRVSDUDHOFREURRSDUDHOHMHUFLFLRHVRVSULYLOHJLRVUHVSRQGHUjGHODVFDQWLGDGHVGHELGDVDORVGHPjV
WUDQVSRUWDGRUHVTXHGDQGRDVDOYRHOGHUHFKRGHkVWRVSDUDGLULJLUVHGLUHFWDPHQWHFRQWUDHOGHVWLQDWDULRRUHPLWHQWH
7H[WRDQWHULRU
(OjOWLPRWUDQVSRUWDGRUUHSUHVHQWDUeDORVGHPeVSDUDFREUDUODVSUHVWDFLRQHVUHVSHFWLYDVGHULYDGDVGHOFRQWUDWR\SDUDHMHUFHUHOGHUHFKRGH
UHWHQFLiQ\ORVSULYLOHJLRVTXHSRUHOPLVPROHVFRUUHVSRQGDQ
6LRPLWLHUHUHDOL]DUORVDFWRVQHFHVDULRVSDUDHOFREURRSDUDHOHMHUFLFLRGHHVRVSULYLOHJLRVUHVSRQGHUeGHODVFDQWLGDGHVGHELGDVDORVGHPeV
WUDQVSRUWDGRUHVTXHGDQGRDVDOYRHOGHUHFKRGHfVWRVSDUDGLULJLUVHGLUHFWDPHQWHFRQWUDHOGHVWLQDWDULRRUHPLWHQWHVHJjQVHKXELHUH
FRQYHQLGR
$57f&8/2&21',&,21(63$5$(/&803/,0,(172'(/$2%/,*$&,h1'(/75$163257$'25(OWUDQVSRUWDGRUHVWDUjREOLJDGRDFRQGXFLUODV
SHUVRQDVRODVFRVDVFX\RWUDQVSRUWHVHOHVROLFLWDVLHPSUHTXHORSHUPLWDQORVPHGLRVRUGLQDULRVGHTXHGLVSRQJD\TXHVHFXPSODQODV
FRQGLFLRQHVQRUPDOHV\GHUkJLPHQLQWHUQRGHODHPSUHVDGHFRQIRUPLGDGFRQORVUHJODPHQWRVRqFLDOHV
$57f&8/2(-(&8&,h1'(/&2175$72'(75$163257(/RVFRQWUDWRVGHWUDQVSRUWHGHEHUjQHMHFXWDUVHHQHORUGHQHQTXHVHKD\DQ
FHOHEUDGR6LQRSXHGHHVWDEOHFHUVHGLFKRRUGHQRHQFDVRGHVROLFLWXGHVVLPXOWjQHDVGHWUDQVSRUWHVHHVWDUjDORTXHGLVSRQJDQORV
UHJODPHQWRVRqFLDOHV
$57f&8/25(63216$%,/,'$'62/,'$5,$0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH&XDQGRODHPSUHVD
GHVHUYLFLRSoEOLFRQRVHDSURSLHWDULDRDUUHQGDWDULDGHOYHKlFXORHQTXHVHHIHFWoDHOWUDQVSRUWHRQRWHQJDDRWURWlWXORHOFRQWUROHIHFWLYRGH
GLFKRYHKlFXORHOSURSLHWDULRGHkVWHODHPSUHVDTXHFRQWUDWH\ODTXHFRQGX]FDUHVSRQGHUjQVROLGDULDPHQWHGHOFXPSOLPLHQWRGHODV
REOLJDFLRQHVTXHVXUMDQGHOFRQWUDWRGHWUDQVSRUWH
/DHPSUHVDWLHQHHOFRQWUROHIHFWLYRGHOYHKlFXORFXDQGRORDGPLQLVWUDFRQIDFXOWDGGHXWLOL]DUOR\GHVLJQDUHOSHUVRQDOTXHORRSHUD
GLUHFWDPHQWH\VLQLQWHUYHQFLnQGHOSURSLHWDULR
7H[WRDQWHULRU
&XDQGRODHPSUHVDGHVHUYLFLRSjEOLFRQRVHDSURSLHWDULDRDUUHQGDWDULDGHOYHKgFXORHQTXHVHHIHFWjDHOWUDQVSRUWHRQRWHQJDDRWURWgWXORHO
FRQWUROHIHFWLYRGHGLFKRYHKgFXORHOSURSLHWDULRGHfVWHTXLHQORDkOLH\ODHPSUHVDUHVSRQGHUeQVROLGDULDPHQWHGHOFXPSOLPLHQWRGHODV
REOLJDFLRQHVTXHVXUMDQGHOFRQWUDWRGHWUDQVSRUWH
/DHPSUHVDWLHQHHOFRQWUROHIHFWLYRGHOYHKgFXORFXDQGRORDGPLQLVWUDFRQIDFXOWDGGHXWLOL]DUOR\GHVLJQDUHOSHUVRQDOTXHORRSHUD
GLUHFWDPHQWH\VLQLQWHUYHQFLiQGHOSURSLHWDULR
$57f&8/2(;21(5$&,h1727$/23$5&,$/'(/$5(63216$%,/,'$''(/75$163257$'250RGLqFDGRSRUHODUW'HFUHWRGH
(OQXHYRWH[WRHVHOVLJXLHQWH(OWUDQVSRUWDGRUVnORSRGUjH[RQHUDUVHWRWDORSDUFLDOPHQWHGHVXUHVSRQVDELOLGDGSRUODLQHMHFXFLnQRSRUOD
HMHFXFLnQGHIHFWXRVDRWDUGlDGHVXVREOLJDFLRQHVVLSUXHEDTXHODFDXVDGHOGDmRORIXHH[WUDmDRTXHHQVXFDVRVHGHELnDYLFLRSURSLRR
LQKHUHQWHGHODFRVDWUDQVSRUWDGD\DGHPjVTXHDGRSWnWRGDVODVPHGLGDVUD]RQDEOHVTXHKXELHUHWRPDGRXQWUDQVSRUWDGRUVHJoQODV
H[LJHQFLDVGHODSURIHVLnQSDUDHYLWDUHOSHUMXLFLRRVXDJUDYDFLnQ
/DVYLRODFLRQHVDORVUHJODPHQWRVRqFLDOHVRGHODHPSUHVDVHWHQGUjQFRPRFXOSDFXDQGRHOLQFXPSOLPLHQWRKD\DFDXVDGRRDJUDYDGRHO
ULHVJR
/DVFOjXVXODVGHOFRQWUDWRTXHLPSOLTXHQODH[RQHUDFLnQWRWDORSDUFLDOSRUSDUWHGHOWUDQVSRUWDGRUGHVXVREOLJDFLRQHVRUHVSRQVDELOLGDGHVQR
SURGXFLUjQHIHFWRV
7H[WRDQWHULRU
(OWUDQVSRUWDGRUViORSRGUeH[RQHUDUVHWRWDORSDUFLDOPHQWHGHVXUHVSRQVDELOLGDGSRUODLQHMHFXFLiQ\SRUODHMHFXFLiQGHIHFWXRVDRWDUGgDGH
VXVREOLJDFLRQHVPHGLDQWHSUXHEDGHIXHU]DPD\RUVLHPSUHTXHfVWDQRVHGHEDDFXOSDGHOWUDQVSRUWDGRUGHYLFLRSURSLRRLQKHUHQWHDODFRVD
WUDQVSRUWDGDRGHFXOSDLPSXWDEOHH[FOXVLYDPHQWHDOSDVDMHURDOUHPLWHQWHRDOGHVWLQDWDULR
/DVFOeXVXODVGHOFRQWUDWRTXHLPSOLFDQODH[RQHUDFLiQWRWDORSDUFLDOSRUSDUWHGHOWUDQVSRUWDGRUGHVXVREOLJDFLRQHVRUHVSRQVDELOLGDGHVVH
WHQGUeQSRUQRHVFULWDVRSDFWDGDV
/DVFOeXVXODVOLPLWDWLYDVGHHVDUHVSRQVDELOLGDGDjQDWgWXORGHSHQDkMDFLiQHQXQDVXPDGHWHUPLQDGDGHOYDORUGHORVSHUMXLFLRVRFXDOTXLHU
RWUDViORSURGXFLUeQHIHFWRVFXDQGRVHUHkHUDQH[FOXVLYDPHQWHDODVLPSOHPRUDRUHWDUGRSRU ULHVJRVGHOWUDQVSRUWH RUHYLVWDQODIRUPDGH
VHJXUR
3$5c*5$)2(OFDVRIRUWXLWRTXHUHjQDODVFRQGLFLRQHVGHIXHU]DPD\RUVHUHJLUeSRUODVUHJODVGHfVWD
$57f&8/235(6&5,3&,h1'($&&,21(60RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH/DVDFFLRQHVGLUHFWDV
RLQGLUHFWDVSURYHQLHQWHVGHOFRQWUDWRGHWUDQVSRUWHSUHVFULEHQHQGRVDmRV
(OWkUPLQRGHSUHVFULSFLnQFRUUHUjGHVGHHOGlDHQTXHKD\DFRQFOXLGRRGHELGRFRQFOXLUODREOLJDFLnQGHFRQGXFFLnQ
(VWHWkUPLQRQRSXHGHVHUPRGLqFDGRSRUODVSDUWHV
7H[WRDQWHULRU
/DVDFFLRQHVSURYHQLHQWHVGHOFRQWUDWRGHWUDQVSRUWHSUHVFULEHQHQGRVDhRV
/DSUHVFULSFLiQHPSH]DUeDFRUUHUGHVGHODIHFKDHQTXHHOSDVDMHURHPSUHQGDHOYLDMHRGHVGHTXHHOUHPLWHQWHHQWUHJDODFDUJDDO
WUDQVSRUWDGRU
3HURVLWDOIHFKDQRKDVLGRVHhDODGDHQHOFRQWUDWRRHVLQFLHUWDODSUHVFULSFLiQFRUUHUeGHVGHODIHFKDGHOFRQWUDWR
$57f&8/2(;,*(1&,$'(720$56(*8520RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH&XDQGRHO*RELHUQR
ORH[LMDHOWUDQVSRUWDGRUGHEHUjWRPDUSRUFXHQWDSURSLDRSRUFXHQWDGHOSDVDMHURRGHOSURSLHWDULRGHODFDUJDXQVHJXURTXHFXEUDDODV
SHUVRQDV\ODVFRVDVWUDQVSRUWDGDVFRQWUDORVULHVJRVLQKHUHQWHVDOWUDQVSRUWH
(OWUDQVSRUWDGRUQRSRGUjFRQVWLWXLUVHHQDVHJXUDGRUGHVXSURSLRULHVJRRUHVSRQVDELOLGDG
(O*RELHUQRUHJODPHQWDUjORVUHTXLVLWRVFRQGLFLRQHVDPSDURV\FXDQWlDVGHOVHJXURSUHYLVWRHQHVWHDUWlFXORHOFXDOVHUjRWRUJDGRSRU
HQWLGDGHVDVHJXUDGRUDVFRRSHUDWLYDVGHVHJXURV\FRPSDmlDVGHVHJXURVOHJDOPHQWHHVWDEOHFLGDV
7H[WRDQWHULRU
6LORVLQWHUHVDGRVDFHSWDQGHPDQHUDH[SUHVDHOVHJXURSDFWDGRSRUHOWUDQVSRUWDGRUFRQXQDFRPSDhgDTXHIXQFLRQHOHJDOPHQWHSDUD
UHVSRQGHUSRUORVULHVJRVGHOWUDQVSRUWHVHWHQGUeHOYDORUGHOVHJXURFRPRHTXLYDOHQWHDORVSHUMXLFLRVFDXVDGRVSRUODRFXUUHQFLDGHOULHVJRR
ULHVJRVDVHJXUDGRVTXHGDQGRDVDOYRODVDFFLRQHVGHOFDVRSRUORVGDhRVGHULYDGRVGHULHVJRVQRDVHJXUDGRVRSRUORVTXHKDELHQGRVLGR
DVHJXUDGRVQRVHDQSDJDGRVGHQWURGHORVGRVPHVHVVLJXLHQWHVDODFDHFLPLHQWR
$XQTXHHOLQWHUHVDGRDFHSWHHOVHJXURVLHOSHUMXLFLRSURYLHQHGHFXOSDFRPSUREDGDGHOWUDQVSRUWDGRUDTXHOWHQGUeGHUHFKRDODSOHQD
LQGHPQL]DFLiQVLQTXHYDOJDHVWLSXODFLiQHQFRQWUDULRRUHQXQFLD
(O*RELHUQRkMDUeORVUHTXLVLWRV\FRQGLFLRQHVGHOVHJXURSUHYLVWRHQHVWHDUWgFXOR
(QQLQJjQFDVRHOUHPLWHQWHSRGUeFREUDUFRPRYDORUGHODFRVDXQRPD\RUTXHHOGHFODUDGRQLHOWUDQVSRUWDGRUFRQVWLWXLUVHHQDVHJXUDGRUGH
VXSURSLRULHVJRRUHVSRQVDELOLGDG
$57f&8/275$163257(%(1e92/22*5$78,72<75$163257('(75$%$-$'25(63253$57('(/3$75212(OWUDQVSRUWHEHQkYRORR
JUDWXLWRQRVHWHQGUjFRPRFRQWUDWRPHUFDQWLOVLQRFXDQGRVHDDFFHVRULRGHXQDFWRGHFRPHUFLR
(OVHUYLFLRGHWUDQVSRUWHSUHVWDGRSRUXQSDWURQRDVXVWUDEDMDGRUHVFRQVXVSURSLRVHTXLSRVVHUjFRQVLGHUDGRFRPRDFFHVRULRGHOFRQWUDWRGH
WUDEDMR
$57f&8/275$163257(3$&7$'2(1)250$'(680,1,6752&XDQGRHOWUDQVSRUWHVHSDFWHHQIRUPDGHVXPLQLVWURVHDSOLFDUjQDGHPjV
ODVUHJODVFRQWHQLGDVHQHO7lWXOR,,,GHHVWH/LEUR
$57f&8/25(*/$0(17$&,h10RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(O*RELHUQRUHJODPHQWDUjHO
IXQFLRQDPLHQWRGHODVHPSUHVDVGHWUDQVSRUWHWHUPLQDOHVFHQWURVGHLQIRUPDFLnQ\GLVWULEXFLnQGHWUDQVSRUWHHVSHFLDOPHQWHHQFXDQWRDOD
VHJXULGDGGHORVSDVDMHURV\ODFDUJDODKLJLHQH\ODVHJXULGDGGHORVYHKlFXORVQDYHVDHURQDYHVSXHUWRVHVWDFLRQHVERGHJDV\GHPjV
LQVWDODFLRQHV\HQFXDQWRDODVWDULIDVKRUDULRVLWLQHUDULRV\UHJODPHQWRVGHODVHPSUHVDV$VlPLVPRHVWDEOHFHUjODHVFDODGHVDQFLRQHVSRUOD
YLRODFLnQGHQRUPDVOHJDOHV\UHJODPHQWDULDV
7H[WRDQWHULRU
(O*RELHUQRUHJODPHQWDUeHOIXQFLRQDPLHQWRGHODVHPSUHVDVGHWUDQVSRUWHHVSHFLDOPHQWHHQFXDQWRDODVHJXULGDGGHSDVDMHURV\FDUJD
KLJLHQH\VHJXULGDGGHYHKgFXORVQDYHVDHURQDYHVSXHUWRVHVWDFLRQHVERGHJDVHWFDWDULIDVKRUDULRVLWLQHUDULRV\UHJODPHQWRVGHGLFKDV
HPSUHVDV\HVWDEOHFHUeODHVFDODGHVDQFLRQHVSRUODYLRODFLiQGHQRUPDVOHJDOHV\UHJODPHQWDULDV
$57f&8/2&217,18,'$''(/&2175$72'(75$163257(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH
/DVREOLJDFLRQHVTXHVXUMDQGHOFRQWUDWRGHWUDQVSRUWHQRVHH[WLQJXLUjQSRUODPXHUWHRTXLHEUDGHDOJXQDGHODVSDUWHVQLSRUODGLVROXFLnQGH
ODSHUVRQDMXUlGLFDTXHVHDSDUWHGHOFRQWUDWR
7H[WRDQWHULRU
/DVREOLJDFLRQHVTXHVXUMDQGHOFRQWUDWRGHWUDQVSRUWHQRVHH[WLQJXLUeQSRUODPXHUWHRTXLHEUDGHDOJXQDGHODVSDUWHVQLSRUODH[WLQFLiQGHOD
SHUVRQDMXUgGLFDTXHVHDSDUWHHQHOFRQWUDWR
$57f&8/25(*/$0(17$&,h1<$3/,&$&,h1'(',6326,&,21(6(O*RELHUQRUHJODPHQWDUjODVGLVSRVLFLRQHVGHHVWH7lWXORODVTXHVH
DSOLFDUjQDOWUDQVSRUWHFXDOTXLHUDTXHVHDHOPHGLRHPSOHDGRSDUDUHDOL]DUORVLQSHUMXLFLRGHQRUPDVFRQWHQLGDVHQGLVSRVLFLRQHVHVSHFLDOHV
&$3f78/2,,
75$163257('(3(5621$6
$57f&8/22%/,*$&,21(6'(/3$6$-(520RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(OSDVDMHURHVWDUj
REOLJDGRDSDJDUHOSDVDMH\DREVHUYDUODVFRQGLFLRQHVGHVHJXULGDGLPSXHVWDVSRUHOWUDQVSRUWDGRU\SRUORVUHJODPHQWRVRqFLDOHV\DFXPSOLU
ORVUHJODPHQWRVGHODHPSUHVDHVWRVoOWLPRVVLHPSUH\FXDQGRHVWkQH[KLELGRVHQOXJDUHVGRQGHVHDQIjFLOPHQWHFRQRFLGRVSRUHOXVXDULRRVH
LQVHUWHQHQHOEROHWRRELOOHWH
(OFRQWUDWRFHOHEUDGRSDUDVlSRUSHUVRQDUHODWLYDPHQWHLQFDSD]QRVHUjDQXODEOH
7H[WRDQWHULRU
(OSDVDMHURHVWDUeREOLJDGRDSDJDUHOYDORUGHOSDVDMH\DREVHUYDUORVUHJODPHQWRVGHODHPSUHVD\ODVFRQGLFLRQHVGHVHJXULGDGLPSXHVWDVSRU
HOWUDQVSRUWDGRURSRUORVUHJODPHQWRVRkFLDOHV
$57f&8/2%2/(72<&217(1,'2(OEROHWRRELOOHWHH[SHGLGRSRUHOHPSUHVDULRGHWUDQVSRUWHVGHEHUjFRQWHQHUODVHVSHFLqFDFLRQHVTXH
H[LMDQORVUHJODPHQWRVRqFLDOHV\VnORSRGUjWUDQVIHULUVHFRQIRUPHDkVWRV
$57f&8/2'(6,67,0,(1720RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(OSDVDMHURSRGUjGHVLVWLUGHO
WUDQVSRUWHFRQWUDWDGRFRQGHUHFKRDODGHYROXFLnQWRWDORSDUFLDOGHOSDVDMHGDQGRSUHYLRDYLVRDOWUDQVSRUWDGRUFRQIRUPHVHHVWDEOH]FDHQORV
UHJODPHQWRVRqFLDOHVHOFRQWUDWRRHQVXGHIHFWRSRUODFRVWXPEUH
7H[WRDQWHULRU
(OSDVDMHURSRGUeGHVLVWLUGHOWUDQVSRUWHFRQWUDWDGRFRQGHUHFKRDODGHYROXFLiQGHOYDORUGHOSDVDMHGDQGRDYLVRDOWUDQVSRUWDGRUFRQQRPHQRV
GHYHLQWLFXDWURKRUDVGHDQWLFLSDFLiQDODKRUDLQGLFDGDRSDFWDGDSDUDODVDOLGDRLQLFLDFLiQGHOYLDMHVLORVUHJODPHQWRVRkFLDOHVROD
FRVWXPEUHQRHVWDEOHFHQRWUDFRVD&XDQGRHODYLVRQRVHGfFRQHVWDDQWLFLSDFLiQSHURVLDQWHVGHLQLFLDGRHOYLDMHHOWUDQVSRUWDGRUWHQGUe
GHUHFKRDUHWHQHURDH[LJLUODSDUWHGHOYDORUGHOSDVDMHTXHGHWHUPLQHQORVUHJODPHQWRVRkFLDOHVVLQH[FHGHUGHODPLWDGGHOPLVPR
6LHOSDVDMHURKDSDJDGRHOSUHFLR\QRGDDYLVRDOJXQRQLHVWeOLVWRHQHOOXJDUIHFKD\KRUDGHLQLFLDFLiQGHOYLDMHQRWHQGUeGHUHFKRDOD
GHYROXFLiQGHOSUHFLRGHOSDVDMHSHURGHSUHVHQWDUVHHQFXDOTXLHUVLWLRGHODUXWDRYgDWHQGUeGHUHFKRDVHUWUDQVSRUWDGRSRUHOUHVWRGHOYLDMH
$57f&8/25(63216$%,/,'$''(/75$163257$'25(OWUDQVSRUWDGRUUHVSRQGHUjGHWRGRVORVGDmRVTXHVREUHYHQJDQDOSDVDMHURGHVGH
HOPRPHQWRHQTXHVHKDJDFDUJRGHkVWH6XUHVSRQVDELOLGDGFRPSUHQGHUjDGHPjVORVGDmRVFDXVDGRVSRUORVYHKlFXORVXWLOL]DGRVSRUkO\ORV
TXHRFXUUDQHQORVVLWLRVGHHPEDUTXH\GHVHPEDUTXHHVWDFLRQDPLHQWRRHVSHUDRHQLQVWDODFLRQHVGHFXDOTXLHUlQGROHTXHXWLOLFHHO
WUDQVSRUWDGRUSDUDODHMHFXFLnQGHOFRQWUDWR
'LFKDUHVSRQVDELOLGDGVnORFHVDUjFXDQGRHOYLDMHKD\DFRQFOXLGR\WDPELkQHQFXDOTXLHUDGHORVVLJXLHQWHVFDVRV
&XDQGRORVGDmRVRFXUUDQSRUREUDH[FOXVLYDGHWHUFHUDVSHUVRQDV
&XDQGRORVGDmRVRFXUUDQSRUIXHU]DPD\RUSHURkVWDQRSRGUjDOHJDUVHFXDQGRKD\DPHGLDGRFXOSDLPSXWDEOHDOWUDQVSRUWDGRUTXHHQ
DOJXQDIRUPDVHDFDXVDGHOGDmR
&XDQGRORVGDmRVRFXUUDQSRUFXOSDH[FOXVLYDGHOSDVDMHURRSRUOHVLRQHVRUJjQLFDVRHQIHUPHGDGDQWHULRUGHOPLVPRTXHQRKD\DQVLGR
DJUDYDGDVDFRQVHFXHQFLDGHKHFKRVLPSXWDEOHVDOWUDQVSRUWDGRU\
&XDQGRRFXUUDODSkUGLGDRDYHUlDGHFRVDVTXHFRQIRUPHDORVUHJODPHQWRVGHODHPSUHVDSXHGDQOOHYDUVHDODPDQR\QRKD\DQVLGR
FRQqDGDVDODFXVWRGLDGHOWUDQVSRUWDGRU
$57f&8/25(*/$0(17$&,h13$5$(/75$163257('((48,3$-((OWUDQVSRUWHGHOHTXLSDMHGHOSDVDMHUR\GHODVFRVDVTXHHO
WUDQVSRUWDGRUVHREOLJXHDFRQGXFLUFRPRSDUWHGHOFRQWUDWRGHWUDQVSRUWHGHSHUVRQDVRFRPRFRQWUDWRDGLFLRQDORGLVWLQWRVHVXMHWDUjDODV
UHJODVSUHVFULWDVHQORVDUWlFXORV\VLJXLHQWHV
$57f&8/2&21'8&&,h1'(,1&$3$&(60RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(OWUDQVSRUWDGRU
TXHDVDELHQGDVVHREOLJXHDFRQGXFLUHQIHUPRVGHPHQWHVPHQRUHVGHHGDGGHEHUjSUHVWDUOHVGHQWURGHVXVSRVLELOLGDGHVORVFXLGDGRV
RUGLQDULRVTXHH[LMDVXHVWDGRRFRQGLFLnQ$GHPjVUHVSRQGHUjGHORVSHUMXLFLRVFDXVDGRVSRUIDOWDGHHVWRVFXLGDGRV\HQWRGRFDVRGHORVTXH
RFDVLRQHQHVWDVSHUVRQDVDORVGHPjVSDVDMHURVRFRVDVWUDQVSRUWDGDV
/DUHVSRQVDELOLGDG\GHPjVREOLJDFLRQHVLQKHUHQWHVDOFRQWUDWRUHVSHFWRGHORVHQIHUPRVPHQRUHVRGHPHQWHVVnORFHVDUjQFXDQGRVHDQ
FRQqDGRVDTXLHQHVKD\DQGHKDFHUVHFDUJRGHHOORVVHJoQODVLQVWUXFFLRQHVGDGDVDOWUDQVSRUWDGRU
/DVFOjXVXODVGHH[RQHUDFLnQGHUHVSRQVDELOLGDGHQUHODFLnQFRQORVKHFKRVGHTXHWUDWDHVWHDUWlFXORQRSURGXFLUjQHIHFWRV
7H[WRDQWHULRU
(OWUDQVSRUWDGRUTXHDVDELHQGDVVHREOLJXHDFRQGXFLUHQIHUPRVGHPHQWHVPHQRUHVGHHGDGGHEHUeSUHVWDUOHVGHQWURGHVXVSRVLELOLGDGHV
ORVFXLGDGRVRUGLQDULRVTXHH[LMDVXHVWDGRRFRQGLFLiQ$GHPeVUHVSRQGHUeGHORVSHUMXLFLRVFDXVDGRVSRUIDOWDGHHVRVFXLGDGRV\HQWRGR
FDVRGHORVTXHRFDVLRQHQHVWDVSHUVRQDVDORVGHPeVSDVDMHURVRFRVDVWUDQVSRUWDGDV
/DUHVSRQVDELOLGDG\GHPeVREOLJDFLRQHVLQKHUHQWHVDOFRQWUDWRUHVSHFWRGHORVHQIHUPRVPHQRUHVRGHPHQWHVViORFHVDUeQFXDQGRVHDQ
FRQkDGRVDTXLHQHVKD\DQGHKDFHUVHFDUJRGHHOORVVHJjQODVLQVWUXFFLRQHVGDGDVDOWUDQVSRUWDGRU
/DVFOeXVXODVGHQRUHVSRQVDELOLGDGHQUHODFLiQFRQORVKHFKRVGHTXHWUDWDHVWHDUWgFXORQRWHQGUeQHIHFWRDOJXQR
$57f&8/2$&&,21(6'(/26+(5('(526'HURJDGRSRUHOOLWHUDOF DUW/H\GH/RVKHUHGHURVGHOSDVDMHURIDOOHFLGRD
FRQVHFXHQFLDGHXQDFFLGHQWHTXHRFXUUDGXUDQWHODHMHFXFLnQGHOFRQWUDWRGHWUDQVSRUWHQRSRGUjQHMHUFLWDUDFXPXODWLYDPHQWHODDFFLnQ
FRQWUDFWXDOWUDQVPLWLGDSRUVXFDXVDQWH\ODH[WUDFRQWUDFWXDOGHULYDGDGHOSHUMXLFLRTXHSHUVRQDOPHQWHOHVKD\DLQIHULGRVXPXHUWHSHURSRGUjQ
LQWHQWDUODVVHSDUDGDRVXFHVLYDPHQWH
(QXQR\RWURFDVRVLVHGHPXHVWUDKDEUjOXJDUDODLQGHPQL]DFLnQGHOGDmRPRUDO
$57f&8/2'(5(&+2'(5(7(1&,h1(OWUDQVSRUWDGRUSRGUjUHWHQHUWRWDORSDUFLDOPHQWHHOHTXLSDMH\GHPjVFRVDVGHOSDVDMHURTXH
WUDQVSRUWHPLHQWUDVQROHVHDSDJDGRHOYDORUGHOFRUUHVSRQGLHQWHSDVDMHRHOGHOrHWHGHWDOHVFRVDVRHTXLSDMHFXDQGRKD\DOXJDUDHOOR
&$3f78/2,,,
75$163257('(&26$6
$57f&8/23$57(60RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH6HWHQGUjFRPRSDUWHVHQHOFRQWUDWRGH
WUDQVSRUWHGHFRVDVHOWUDQVSRUWDGRU\HOUHPLWHQWH+DUjSDUWHHOGHVWLQDWDULRFXDQGRDFHSWHHOUHVSHFWLYRFRQWUDWR
3RUWUDQVSRUWDGRUVHHQWHQGHUjODSHUVRQDTXHVHREOLJDDUHFLELUFRQGXFLU\HQWUHJDUODVFRVDVREMHWRGHOFRQWUDWRSRUUHPLWHQWHODTXHVH
REOLJDSRUFXHQWDSURSLDRDMHQDDHQWUHJDUODVFRVDVSDUDODFRQGXFFLnQHQODVFRQGLFLRQHVOXJDU\WLHPSRFRQYHQLGRV\SRUGHVWLQDWDULR
DTXHOODDTXLHQVHHQYlDQODVFRVDV
8QDPLVPDSHUVRQDSRGUjVHUDXQPLVPRWLHPSRUHPLWHQWH\GHVWLQDWDULR
(OWUDQVSRUWHEDMRFDUWDGHSRUWHSnOL]DRFRQRFLPLHQWRGHHPEDUTXHVHUHJLUjSRUODVQRUPDVHVSHFLDOHV
7H[WRDQWHULRU
6HWHQGUeQFRPRSDUWHVHQHOFRQWUDWRGHWUDQVSRUWHGHFRVDVHOWUDQVSRUWDGRUHOUHPLWHQWH\HOGHVWLQDWDULR
3RUWUDQVSRUWDGRUVHHQWHQGHUeODSHUVRQDTXHVHREOLJDDFRQGXFLUODVFRVDVREMHWRGHOFRQWUDWRSRUUHPLWHQWHODTXHHQFDUJDODFRQGXFFLiQ
SRUFXHQWDSURSLDRDMHQD\SRUGHVWLQDWDULRDTXHOODDTXLHQVHHQYgDQODVFRVDV
8QDPLVPDSHUVRQDSRGUeVHUDXQPLVPRWLHPSRUHPLWHQWH\GHVWLQDWDULR
(OWUDQVSRUWHEDMRFDUWDGHSRUWHSiOL]DRFRQRFLPLHQWRGHHPEDUTXHVHUHJLUeSRUODVQRUPDVHVSHFLDOHV
$57f&8/23$*2'(/)/(7(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(OSUHFLRRrHWHGHOWUDQVSRUWH\
GHPjVJDVWRVTXHRFDVLRQHODFRVDFRQPRWLYRGHVXFRQGXFFLnQRKDVWDHOPRPHQWRGHVXHQWUHJDVRQGHFDUJRGHOUHPLWHQWH6DOYR
HVWLSXODFLnQHQFRQWUDULRHOGHVWLQDWDULRHVWDUjVROLGDULDPHQWHREOLJDGRDOFXPSOLPLHQWRGHHVWDVREOLJDFLRQHVGHVGHHOPRPHQWRHQTXHUHFLED
DVDWLVIDFFLnQODFRVDWUDQVSRUWDGD
7H[WRDQWHULRU
(OSUHFLRGHOWUDQVSRUWHRlHWH\ORVJDVWRVTXHRFDVLRQHODFRVDWUDQVSRUWDGDVHUeQGHFDUJRGHOUHPLWHQWH3HURVLHOHQYgRRUHPHVDVHKDFH D
GHEH HQWUHJDFRQWUDSDJR &2' XRWUDVIRUPDVHTXLYDOHQWHVVHUeQVROLGDULDPHQWHUHVSRQVDEOHVGHORVPLVPRVHOUHPLWHQWH\HO
GHVWLQDWDULRTXHKD\DDFHSWDGRHOFRQWUDWR
$57f&8/2(0,7(17((,1)250$&,h162%5(/$&26$0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(O
UHPLWHQWHLQGLFDUjDOWUDQVSRUWDGRUDPjVWDUGDUDOPRPHQWRGHODHQWUHJDGHODPHUFDQFlDHOQRPEUH\ODGLUHFFLnQGHOGHVWLQDWDULRHOOXJDUGH
ODHQWUHJDODQDWXUDOH]DHOYDORUHOQoPHURHOSHVRHOYROXPHQ\ODVFDUDFWHUlVWLFDVGHODVFRVDVDVlFRPRODVFRQGLFLRQHVHVSHFLDOHVSDUDHO
FDUJXH\OHLQIRUPDUjFXDQGRODVPHUFDQFlDVWHQJDQXQHPEDODMHHVSHFLDORXQDGLVWULEXFLnQWkFQLFD/DIDOWDLQH[DFWLWXGRLQVXqFLHQFLDGH
HVWDVLQGLFDFLRQHVKDUjUHVSRQVDEOHDOUHPLWHQWHDQWHHOWUDQVSRUWDGRU\HOGHVWLQDWDULRGHORVSHUMXLFLRVTXHRFXUUDQSRUSUHFDXFLRQHVQR
WRPDGDVHQUD]nQGHODRPLVLnQIDOVHGDGRGHqFLHQFLDGHGLFKRVGDWRV
(OGHVWLQDWDULRGHPHUFDQFlDVSURYHQLHQWHVGHOH[WHULRUTXHVHFRQYLHUWDHQUHPLWHQWHGHODVPLVPDVKDFLDHOLQWHULRUGHOSDlVQRHVWDUjHQOD
REOLJDFLnQGHLQGLFDUDOWUDQVSRUWDGRUVLODVPHUFDQFlDVWLHQHQFRQGLFLRQHVHVSHFLDOHVSDUDHOFDUJXHRVLUHTXLHUHQGHXQHPEDODMHHVSHFLDORGH
XQDGLVWULEXFLnQWkFQLFDSDUDVXWUDQVSRUWHHQHOWHUULWRULRQDFLRQDO
(OYDORUTXHGHEHUjGHFODUDUHOUHPLWHQWHHVWDUjFRPSXHVWRSRUHOFRVWRGHODPHUFDQFlDHQHOOXJDUGHVXHQWUHJDDOWUDQVSRUWDGRUPjVORV
HPEDODMHVLPSXHVWRVrHWHV\VHJXURVDTXHKXELHUHOXJDU
&XDQGRHOUHPLWHQWHKD\DKHFKRXQDGHFODUDFLnQLQH[DFWDUHVSHFWRGHODQDWXUDOH]DGHODVFRVDVHOWUDQVSRUWDGRUTXHGDUjOLEUHGHWRGD
UHVSRQVDELOLGDGGHULYDGDGHHVDLQH[DFWLWXGVDOYRTXHVHGHPXHVWUHTXHODLQHMHFXFLnQRHMHFXFLnQGHIHFWXRVDGHVXVREOLJDFLRQHVVHGHEHD
FXOSDVX\D
&XDQGRHOUHPLWHQWHGHFODUHXQPD\RUYDORUGHODVFRVDVVHDSOLFDUjORGLVSXHVWRSRUHOLQFLVRVH[WRGHODUWlFXOR
(OWUDQVSRUWDGRUSRGUjDEVWHQHUVHGHLQVHUWDURPHQFLRQDUHQHOGRFXPHQWRGHWUDQVSRUWHTXHH[SLGDODVGHFODUDFLRQHVGHOUHPLWHQWHUHODWLYDV
DPDUFDQoPHURFDQWLGDGSHVRRHVWDGRGHODFRVDUHFLELGDFXDQGRH[LVWDQPRWLYRVSDUDGXGDUGHVXH[DFWLWXG\QRKD\DWHQLGRPHGLRV
UD]RQDEOHVSDUDSUREDUOD(QHVWHFDVRGHEHUjKDFHUPHQFLnQH[SUHVD\FODUDHQHOGRFXPHQWRGHWUDQVSRUWHGHWDOHVPRWLYRVR
LPSRVLELOLGDGHV
/DVFOjXVXODVRFRQVWDQFLDVTXHFRQWUDUlHQORGLVSXHVWRHQHVWHDUWlFXORQRSURGXFLUjQHIHFWRV
7H[WRDQWHULRU
(OUHPLWHQWHLQGLFDUeDOWUDQVSRUWDGRUHOQRPEUH\GLUHFFLiQGHOGHVWLQDWDULRHOOXJDUGHODHQWUHJDODQDWXUDOH]DYDORUQjPHURSHVR\YROXPHQ
GHODVFRVDV/DIDOWDLQH[DFWLWXGRLQVXkFLHQFLDGHHVWDVLQGLFDFLRQHVKDUeUHVSRQVDEOHDOUHPLWHQWHHQUHODFLiQFRQHOWUDQVSRUWDGRUHO
GHVWLQDWDULR\FRQWHUFHURVGHORVSHUMXLFLRVTXHRFXUUDQSRUSUHFDXFLRQHVQRWRPDGDVHQUD]iQGHODRPLVLiQIDOVHGDGRGHkFLHQFLDGHGLFKRV
GDWRV
(OWUDQVSRUWDGRUSRGUeHQWRGRFDVRYHULkFDUODH[DFWLWXGGHODVLQGLFDFLRQHVDQWHULRUHV\WRPDUODVSUHFDXFLRQHVFRQGXFHQWHVDWDOkQ
$57f&8/2,1)250(6<'2&80(1726'(/5(0,7(17($17(6'(/75$163257(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYR
WH[WRHVHOVLJXLHQWH(OUHPLWHQWHHVWjREOLJDGRDVXPLQLVWUDUDQWHVGHOGHVSDFKRGHODVFRVDVORVLQIRUPHV\GRFXPHQWRVTXHVHDQQHFHVDULRV
SDUDHOFXPSOLPLHQWRGHOWUDQVSRUWH\ODVIRUPDOLGDGHVGHSROLFlDDGXDQDVDQLGDG\FRQGLFLRQHVGHFRQVXPR(OWUDQVSRUWDGRUQRHVWjREOLJDGR
DH[DPLQDUVLGLFKRVLQIRUPHVRGRFXPHQWRVVRQH[DFWRVRVXqFLHQWHV
(OUHPLWHQWHHVUHVSRQVDEOHDQWHHOWUDQVSRUWDGRUGHORVSHUMXLFLRVTXHSXHGDQUHVXOWDUGHODIDOWDLQVXqFLHQFLDRLUUHJXODULGDGGHGLFKRV
LQIRUPHV\GRFXPHQWRVVDOYRFXDQGRODIDOWDGHORVGRFXPHQWRVUHFLELGRVVHDLPSXWDEOHDOWUDQVSRUWDGRUDVXVDJHQWHVRGHSHQGLHQWHV
7H[WRDQWHULRU
(OH[SHGLGRUHVWeREOLJDGRDVXPLQLVWUDUORVLQIRUPHV\DJUHJDUDODFDUWDGHSRUWHORVGRFXPHQWRVTXHFRQDQWHULRULGDGDODHQWUHJDGHOD
PHUFDQFgDDOGHVWLQDWDULRVHDQQHFHVDULRVSDUDHOFXPSOLPLHQWRGHODVIRUPDOLGDGHVGHSROLFgDDGXDQDVDQLGDG\FRQGLFLRQHVGHFRQVXPR(O
H[SHGLGRUHVUHVSRQVDEOHDQWHHOWUDQVSRUWDGRUGHWRGRVORVSHUMXLFLRVTXHSXHGDQUHVXOWDUGHODIDOWDLQVXkFLHQFLDRLUUHJXODULGDGGHGLFKRV
LQIRUPHVRGRFXPHQWRVVDOYRHQHOFDVRHQTXHODIDOWDVHDLPSXWDEOHDOWUDQVSRUWDGRURDVXVDJHQWHVRGHSHQGLHQWHV
(OWUDQVSRUWDGRUQRHVWeREOLJDGRDH[DPLQDUVLGLFKRVLQIRUPHVRGRFXPHQWRVVRQH[DFWRVRVXkFLHQWHV
$57f&8/2(0,6,h1'(/$)$&785$&$0%,$5,$0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH/DIDFWXUD
FDPELDULDGHOWUDQVSRUWHSRGUjWDPELkQOLEUDUVHDFDUJRGHOGHVWLQDWDULRHQFX\RFDVRHOQRPEUHGHkVWHVHLQVHUWDUjDFRQWLQXDFLnQGHO
QRPEUHGHOUHPLWHQWH(QHVWHHYHQWRVHDSOLFDUjQODVUHJODVFRQWHQLGDVHQODVHFFLnQ9,,GHO&DSlWXOR9GHO7lWXOR,,,GHO/LEUR,,,GHHVWH&nGLJR
7H[WRDQWHULRU
/DIDFWXUDFDPELDULDGHWUDQVSRUWHSRGUeWDPELfQOLEUDUVHDFDUJRGHOGHVWLQDWDULRHQFX\RFDVRHOQRPEUHGHfVWHVHLQVHUWDUeDFRQWLQXDFLiQ
GHOQRPEUHGHOUHPLWHQWH(QHVWHFDVRVHDSOLFDUeQODVUHJODVFRQWHQLGDVHQOD6HFFLiQ9,,GHO&DSgWXOR9GHO7gWXOR,,,GHO/LEUR,,,GHHVWH
&iGLJR
$57f&8/2(175(*$'(0(5&$1&f$6<5(63216$%,/,'$''(/75$163257$'250RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYR
WH[WRHVHOVLJXLHQWH(OUHPLWHQWHGHEHUjHQWUHJDUODVPHUFDQFlDVDOWUDQVSRUWDGRUGHELGDPHQWHHPEDODGDV\URWXODGDVFRQIRUPHDODV
H[LJHQFLDVSURSLDVGHVXQDWXUDOH]DVRSHQDGHLQGHPQL]DUORVGDmRVTXHRFXUUDQSRUIDOWDGHGHqFLHQFLDGHOHPEDODMHRGHODLQIRUPDFLnQ
1RREVWDQWHHOWUDQVSRUWDGRUVHUjUHVSRQVDEOHGHORVGDmRVRFDVLRQDGRVSRUHOPDQHMRLQDGHFXDGRGHODVPHUFDQFlDV\DGHPjVUHVSRQGHUjSRU
ORVSHUMXLFLRVSURYHQLHQWHVGHODIDOWDRGHqFLHQFLDGHHPEDODMHFXDQGRDVDELHQGDVGHHVWDVFLUFXQVWDQFLDVVHKDJDFDUJRGHWUDQVSRUWDUODVVL
ODQDWXUDOH]DRFRQGLFLnQGHODFRVDFRUUHVSRQGHDODLQGLFDGDSRUHOUHPLWHQWH
/RVGHIHFWRVGHHPEDODMHLPSXWDEOHVDOUHPLWHQWHQROLEHUDUjQDOWUDQVSRUWDGRUGHODVREOLJDFLRQHVFRQWUDlGDVHQYLUWXGGHRWURVFRQWUDWRVGH
WUDQVSRUWHVLQSHUMXLFLRGHODDFFLnQGHUHHPEROVRFRQWUDGLFKRUHPLWHQWH
7H[WRDQWHULRU
&XDQGRODQDWXUDOH]DRFRQGLFLiQGHODFRVDREMHWRGHOFRQWUDWRH[LMDXQHPEDODMHHVSHFLDOfVWHVHUeGHFDUJRGHOUHPLWHQWHVRSHQDGH
LQGHPQL]DUORVGDhRVTXHRFXUUDQSRUIDOWDRGHkFLHQFLDGHOHPEDODMH
1RREVWDQWHHOWUDQVSRUWDGRUVHUeUHVSRQVDEOHGHORVGDhRVSURYHQLHQWHVGHIDOWDRGHkFLHQFLDGHHPEDODMHFXDQGRDVDELHQGDVGHHVWDV
FLUFXQVWDQFLDVVHKDJDFDUJRGHWUDQVSRUWDUODVLODQDWXUDOH]DRFRQGLFLiQGHODFRVDFRUUHVSRQGHDODGHQXQFLDGDSRUHOUHPLWHQWH
/RVGHIHFWRVGHHPEDODMHLPSXWDEOHVDOUHPLWHQWHQROLEHUDQDOWUDQVSRUWDGRUGHODVREOLJDFLRQHVFRQWUDgGDVHQYLUWXGGHRWURVFRQWUDWRVGH
WUDQVSRUWHVLQSHUMXLFLRGHODDFFLiQGHUHHPEROVRFRQWUDGLFKRUHPLWHQWH
$57f&8/2',6326,&,h1'(&26$6&255837,%/(67UDWjQGRVHGHFRVDVFRUUXSWLEOHVTXHHPSLHFHQDGDmDUVHHQHOFXUVRGHOWUDQVSRUWH
HOWUDQVSRUWDGRUSRGUjGLVSRQHUGHHOODVFRQOLFHQFLDGHODDXWRULGDGSROLFLYDGHOOXJDUVLSRUHOHVWDGRRQDWXUDOH]DGHODVPLVPDVRSRURWUDV
FLUFXQVWDQFLDVQRHVSRVLEOHSHGLURHVSHUDULQVWUXFFLRQHVGHOUHPLWHQWHRGHOGHVWLQDWDULRVLQXQPD\RUSHUMXLFLRRGDmR
$57f&8/2&26$6'(&$5d&7(53(/,*526225(675,1*,'20RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH
(OUHPLWHQWHHVWjREOLJDGRDLQIRUPDUDOWUDQVSRUWDGRUGHOFDUjFWHUSHOLJURVRRUHVWULQJLGRGHODVPHUFDQFlDVTXHWHQJDQHVWDQDWXUDOH]D\TXH
UHTXLHUDQHVSHFLDOHVPDQHMRV\GHODVSUHFDXFLRQHVTXHGHEHQDGRSWDUVH
(OWUDQVSRUWDGRUQRSRGUjWUDQVSRUWDUODVPHUFDQFlDVTXHSRUVXPDOHVWDGRHPEDODMHDFRQGLFLRQDPLHQWRXRWUDVFLUFXQVWDQFLDVJUDYHVTXHORV
UHJODPHQWRVVHmDOHQSXHGDQFRQVWLWXLUSHOLJURHYLGHQWHDPHQRVTXHVHFXPSODQORVUHTXLVLWRVTXHWDOHVUHJODPHQWRVLPSRQJDQ
7H[WRDQWHULRU
(OWUDQVSRUWDGRUQRSRGUeWUDQVSRUWDUODVPHUFDQFgDVTXHSRUVXPDOHVWDGRHPEDODMHDFRQGLFLRQDPLHQWRXRWUDVFLUFXQVWDQFLDVJUDYHVTXHORV
UHJODPHQWRVVHhDOHQSXHGDQFRQVWLWXLUSHOLJURHYLGHQWHDPHQRVTXHVHFXPSODQORVUHTXLVLWRVTXHWDOHVUHJODPHQWRVLPSRQJDQ
$57f&8/25('8&&,h120(50$1$785$/0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH&XDQGRVHWUDWH
GHFRVDVTXHSRUVXQDWXUDOH]DVXIUDQUHGXFFLnQHQHOSHVRRYROXPHQSRUHOVRORKHFKRGHOWUDQVSRUWHHOWUDQVSRUWDGRUQRUHVSRQGHUjGHOD
UHGXFFLnQRPHUPDQRUPDOGHWHUPLQDGDVHJoQODFRVWXPEUHRORVUHJODPHQWRVRqFLDOHV
([SHGLGDXQDVRODFDUWDGHSRUWHRUHPHVDWHUUHVWUHGHFDUJDVLODVFRVDVWUDQVSRUWDGDVVHGLYLGHQHQORWHVEXOWRVRSDTXHWHV
HVSHFLqFjQGRORVODUHGXFFLnQRPHUPDQDWXUDOVHFDOFXODUjVHSDUDGDPHQWHSDUDFDGDXQRGHHOORVFXDQGRSXHGDHVWDEOHFHUVHVXSHVR
YROXPHQRFDQWLGDG
7H[WRDQWHULRU
&XDQGRVHWUDWHGHFRVDVTXHSRUVXQDWXUDOH]DVXIUDQUHGXFFLiQHQHOSHVRRYROXPHQSRUHOVRORKHFKRGHOWUDQVSRUWHHOWUDQVSRUWDGRUQR
UHVSRQGHUeGHODUHGXFFLiQRPHUPDQRUPDOGHWHUPLQDGDVHJjQODFRVWXPEUHRORVUHJODPHQWRVRkFLDOHV
([SHGLGDXQDVRODFDUWDGHSRUWHVLODVFRVDVWUDQVSRUWDGDVVHGLYLGHQHQORWHVEXOWRVRSDTXHWHVHVSHFLkFeQGRORVODUHGXFFLiQRPHUPD
QDWXUDOVHFDOFXODUeVHSDUDGDPHQWHSDUDFDGDXQRGHHOORVFXDQGRSXHGDHVWDEOHFHUVHVXSHVRYROXPHQRFDQWLGDG
$57f&8/2',9(5*(1&,$662%5((/(67$'2'(/$6&26$60RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH
/DVGLYHUJHQFLDVVREUHHOHVWDGRGHODFRVDRVREUHVXHPEDODMHDFRQGLFLRQDPLHQWRSHVRQDWXUDOH]DYROXPHQ\GHPjVLQGLFDFLRQHVGHO
FRQWUDWRVHGHFLGLUjQSRUSHULWDFLnQ
/DVFRVDVREMHWRGHFRQWURYHUVLDPLHQWUDVkVWDVHGHFLGHSRGUjQVHUGHSRVLWDGDVSRUHOWUDQVSRUWDGRUFRQIRUPHDODVQRUPDVTXHUHJXOHQHO
GHSnVLWR
6LVHUHWLUDODFRVDDQWHVGHLQLFLDGRHOYLDMHHOWUDQVSRUWDGRUWHQGUjGHUHFKRDTXHVHOHSDJXHQORVJDVWRV\VHOHLQGHPQLFHQORVSHUMXLFLRVTXH
OHRFDVLRQHHOUHWLUR\VHOHUHVWLWX\DODFDUWDGHSRUWH
6LHOUHWLURWXYLHUHOXJDUGXUDQWHHOYLDMHHOWUDQVSRUWDGRUWHQGUjGHUHFKRDODWRWDOLGDGGHOrHWH
7H[WRDQWHULRU
(QFDVRGHGLYHUJHQFLDVREUHHOHVWDGRGHODFRVDRVREUHVXHPEDODMHDFRQGLFLRQDPLHQWRSHVRQDWXUDOH]DYROXPHQHWFVHGHFLGLUeSRU
SHULWRV
/DVFRVDVREMHWRGHFRQWURYHUVLDPLHQWUDVfVWDVHGHFLGHSRGUeQVHUGHSRVLWDGDVSRUHOWUDQVSRUWDGRUFRQIRUPHDODVQRUPDVTXHUHJXOHQHO
GHSiVLWR
6LVHUHWLUDODFRVDDQWHVGHLQLFLDGRHOYLDMHHOWUDQVSRUWDGRUWHQGUeGHUHFKRDTXHVHOHSDJXHQORVJDVWRVVHOHLQGHPQLFHQORVSHUMXLFLRVTXH
OHRFDVLRQHHOUHWLUR\VHOHUHVWLWX\DODFDUWDGHSRUWH
6LHOUHWLURWXYLHUHOXJDUGXUDQWHHOYLDMHHOWUDQVSRUWDGRUWHQGUeGHUHFKRDODWRWDOLGDGGHOlHWH
$57f&8/2&$57$'(3257(<&212&,0,(172'((0%$548(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHO
VLJXLHQWH&XDQGRHOUHJODPHQWRGLFWDGRSRUHO*RELHUQRDVlORH[LMDHOWUDQVSRUWDGRUHVWDUjREOLJDGRDH[SHGLUFDUWDGHSRUWHFRQRFLPLHQWRR
SnOL]DGHHPEDUTXHRUHPHVDWHUUHVWUHGHFDUJD
/DFDUWDGHSRUWH\HOFRQRFLPLHQWRRSnOL]DGHHPEDUTXHGHEHUjQFRQWHQHUODVLQGLFDFLRQHVSUHYLVWDVHQHODUWlFXOR6XGHYROXFLnQVLQ
REVHUYDFLRQHVKDFHSUHVXPLUHOFXPSOLPLHQWRGHOFRQWUDWRSRUSDUWHGHOWUDQVSRUWDGRU
/DUHPHVDWHUUHVWUHGHFDUJDHVXQGRFXPHQWRGRQGHFRQVWDUjQODVHVSHFLqFDFLRQHVHVWDEOHFLGDVHQHODUWlFXORGHHVWH&nGLJR\ODV
FRQGLFLRQHVJHQHUDOHVGHOFRQWUDWR
3DUDORVHYHQWRVQRUHJODGRVHOWUDQVSRUWDGRUHVWDUjREOLJDGRDH[SHGLUHQWUHORVGRFXPHQWRVPHQFLRQDGRVHOTXHOHH[LMDHOUHPLWHQWH
OLPLWjQGRVHHQHOWUDQVSRUWHWHUUHVWUHDODUHPHVDWHUUHVWUHGHFDUJD
7H[WRDQWHULRU
&XDQGRHOUHJODPHQWRGLFWDGRSRUHO*RELHUQRORH[LMDHOWUDQVSRUWDGRUHVWDUeREOLJDGRDH[SHGLUXQDFDUWDGHSRUWHFRQRFLPLHQWRRSiOL]DGH
HPEDUTXHVHJjQHOFDVRTXHGHEHUeFRQWHQHUODVLQGLFDFLRQHVSUHYLVWDVHQHODUWgFXOR
(OWUDQVSRUWDGRURFDVLRQDOViORWHQGUeHVWDREOLJDFLiQFXDQGRH[SUHVDPHQWHORH[LMDHOUHPLWHQWH
(OGRFXPHQWRGHTXHWUDWDHVWHDUWgFXORVHVXMHWDUeDODVQRUPDVGHORVDUWgFXORVVLJXLHQWHVVLQSHUMXLFLRGHODVHVSHFLDOHVFRQWHQLGDVHQODOH\
VXGHYROXFLiQVLQREVHUYDFLRQHVKDFHSUHVXPLUHOFXPSOLPLHQWRGHOFRQWUDWRSRUSDUWHGHOWUDQVSRUWDGRU
$57f&8/21(*2&,$%,/,'$''(/$&$57$'(3257(2&212&,0,(172'((0%$548(0RGLqFDGRSRUHODUW'HFUHWRGH(O
QXHYRWH[WRHVHOVLJXLHQWH'HODFDUWDGHSRUWHFRQRFLPLHQWRRSnOL]DGHHPEDUTXHVHH[WHQGHUjXQRULJLQDOQHJRFLDEOHGHFRQIRUPLGDGFRQHO
7lWXOR,,,GHO/LEUR,,,GHHVWH&nGLJRTXHVHHQWUHJDUjDOUHPLWHQWH(OWUDQVSRUWDGRUSRGUjGHMDUSDUDVlXQGXSOLFDGRQRQHJRFLDEOH
/DUHPHVDWHUUHVWUHGHFDUJDVHH[SHGLUjSRUORPHQRVHQGRVHMHPSODUHVXQRGHkVWRVqUPDGRSRUHOWUDQVSRUWDGRUGHEHUjVHUHQWUHJDGRDO
UHPLWHQWH
7H[WRDQWHULRU
'HODFDUWDGHSRUWHFRQRFLPLHQWRRSiOL]DGHHPEDUTXHVHH[WHQGHUeXQRULJLQDOQHJRFLDEOHGHFRQIRUPLGDGFRQHO7gWXOR,,,/LEUR,,,TXHVH
HQWUHJDUeDOUHPLWHQWH(OWUDQVSRUWDGRUSRGUeGHMDUSDUDVgXQGXSOLFDGRQRQHJRFLDEOH
$57f&8/2(-(5&,&,2'(/26'(5(&+26&217(1,'26(1/$&$57$'(3257(&XDQGRVHH[SLGDFDUWDGHSRUWHORVGHUHFKRVUHFRQRFLGRV
HQHVWH7lWXORDOUHPLWHQWHRDOGHVWLQDWDULRVnORSRGUjQVHUHMHUFLGRVSRUHOWHQHGRUOHJlWLPRGHODPLVPDTXLHQSRGUjH[LJLUODUHVWLWXFLnQGHOD
FRVDGHYROYLHQGRFDQFHODGDGLFKDFDUWD
$57f&8/2358(%$'(/&2175$720RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH6DOYRSUXHEDHQ
FRQWUDULRODFDUWDGHSRUWHVLQSHUMXLFLRGHODVQRUPDVHVSHFLDOHVTXHODULJHQ\ODUHPHVDWHUUHVWUHGHFDUJDKDFHQIHGHODFHOHEUDFLnQGHO
FRQWUDWRGHVXVFRQGLFLRQHVGHOUHFLERGHODPHUFDQFlD\GHOROLWHUDOPHQWHH[SUHVDGRHQHOODV/DVHVWLSXODFLRQHVUHODWLYDVDOHVWDGRGHOD
PHUFDQFlDVRORFRQVWLWX\HQSUXHEDHQFRQWUDGHOWUDQVSRUWDGRUFXDQGRVHWUDWDGHLQGLFDFLRQHVUHIHUHQWHVPDOHVWDGRDSDUHQWHGHODPHUFDQFlD
RFXDQGRODYHULqFDFLnQKD\DVLGRKHFKDSRUGLFKRWUDQVSRUWDGRUVLHPSUHTXHHQHOGRFXPHQWRVHKDJDFRQVWDUHVWDoOWLPDFLUFXQVWDQFLD
&XDQGRHQODFDUWDGHSRUWHQRVHLQGLTXHODFDOLGDG\HOHVWDGRHQTXHVHHQFXHQWUHQODVFRVDVVHSUHVXPLUjTXHKDQVLGRHQWUHJDGDVDO
WUDQVSRUWDGRUVDQDVHQEXHQDVFRQGLFLRQHV\GHFDOLGDGPHGLDQD
7H[WRDQWHULRU
6DOYRSUXHEDHQFRQWUDULRODFDUWDGHSRUWHKDFHIHGHODFHOHEUDFLiQGHOFRQWUDWRGHVXVFRQGLFLRQHVGHOUHFLERGHODPHUFDQFgDGHOSHVR
FDQWLGDGYROXPHQGLPHQVLiQ\HPEDODMHGHODPLVPDDVgFRPRGHOQjPHURGHEXOWRV/DVUHODWLYDVDOHVWDGRGHODPHUFDQFgDViORFRQVWLWX\HQ
SUXHEDHQFRQWUDGHOWUDQVSRUWDGRUFXDQGRVHWUDWHGHLQGLFDFLRQHVUHIHUHQWHVDOHVWDGRDSDUHQWHGHODPHUFDQFgDRFXDQGRODYHULkFDFLiQKD\D
VLGRKHFKDSRUGLFKRWUDQVSRUWDGRUVLHPSUHTXHHQHOGRFXPHQWRVHKDJDFRQVWDUHVWDjOWLPDFLUFXQVWDQFLD
&XDQGRHQODFDUWDGHSRUWHQRVHLQGLTXHODFDOLGDG\HOHVWDGRHQTXHVHHQFXHQWUDQODVFRVDVVHSUHVXPLUeTXHKDQVLGRHQWUHJDGDVDO
WUDQVSRUWDGRUVDQDVHQEXHQDVFRQGLFLRQHV\GHFDOLGDGPHGLDQD
3$5c*5$)26DOYRSUXHEDHQFRQWUDULRODHVWLPDFLiQVHKDUeWHQLHQGRHQFXHQWDODVLQGLFDFLRQHVGHODFDUWDGHSRUWHGHODSiOL]DR
FRQRFLPLHQWRGHHPEDUTXHRGHFXDOTXLHURWURGRFXPHQWRGHVWLQDGRDSUREDUHOFRQWUDWR
$57f&8/2/,%(57$'352%$725,$0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(OFRQWUDWRFXDQGRIDOWH
ODFDUWDGHSRUWHHOFRQRFLPLHQWRGHHPEDUTXHRODUHPHVDWHUUHVWUHGHFDUJDGHEHUjSUREDUVHFRQIRUPHDORSUHYLVWRHQODOH\
7H[WRDQWHULRU
(OFRQWUDWRFXDQGRIDOWHODFDUWDGHSRUWH\ODVRPLVLRQHVHUURUHVRPRGLkFDFLRQHVGHfVWDGHEHUeQSUREDUVHFRQIRUPHDORSUHYLVWRHQODOH\
$57f&8/2',6326,&,h1'(/$&26$3253$57('(/5(0,7(17(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHO
VLJXLHQWH(OUHPLWHQWHWHQGUjGHUHFKRDFRQGLFLnQGHFXPSOLUWRGDVVXVREOLJDFLRQHVUHVXOWDQWHVGHOFRQWUDWRGHWUDQVSRUWHDGLVSRQHUGHOD
PHUFDQFlDVHDUHWLUjQGRODGHOVLWLRGHSDUWLGDRGHOGHGHVWLQRVHDGHWHQLkQGRODGXUDQWHODUXWDVHDGLVSRQLHQGRVXHQWUHJDHQHOOXJDUGH
GHVWLQRRGXUDQWHODUXWDDSHUVRQDGLVWLQWDGHOGHVWLQDWDULRGHVLJQDGRHQODFDUWDGHSRUWHHOFRQRFLPLHQWRGHHPEDUTXHRODUHPHVDWHUUHVWUH
GHFDUJDRVHDVROLFLWDQGRVXUHWRUQRDOVLWLRGHSDUWLGDVLHPSUHHQTXHHOHMHUFLFLRGHWDOGHUHFKRQRRFDVLRQHSHUMXLFLRDOWUDQVSRUWDGRUQLD
RWURVUHPLWHQWHVFRQODREOLJDFLnQGHUHHPEROVDUORVJDVWRVTXHPRWLYH
(QHOFDVRGHTXHODHMHFXFLnQGHODVnUGHQHVGHOUHPLWHQWHVHDLPSRVLEOHHOWUDQVSRUWDGRUGHEHUjDYLVDUORLQPHGLDWDPHQWH
6LH[LVWHFDUWDGHSRUWH\HOWUDQVSRUWDGRUVHDFRJHDODVnUGHQHVGHGLVSRVLFLnQGHOUHPLWHQWHVLQH[LJLUODUHVWLWXFLnQGHOHMHPSODUQHJRFLDEOH
HQWUHJDGRDHVWHVHUjUHVSRQVDEOHVDOYRUHFXUVRFRQWUDGLFKRUHPLWHQWHGHOSHUMXLFLRTXHSXHGDUHVXOWDUDTXLHQVHDOHJlWLPRWHQHGRUGHO
RULJLQDOGHODFDUWDGHSRUWH
(OGHUHFKRGHOUHPLWHQWHFHVDUjHQHOPRPHQWRTXHFRPLHQFHHOGHOGHVWLQDWDULRFRQIRUPHDODUWlFXOR6LQHPEDUJRVLHOGHVWLQDWDULR
UHKoVDODPHUFDQFlDRVLQRHVKDOODGRHOUHPLWHQWHUHFREUDUjVXGHUHFKRGHGLVSRVLFLnQ
7H[WRDQWHULRU
(OUHPLWHQWHWHQGUeGHUHFKRDFRQGLFLiQGHFXPSOLUWRGDVVXVREOLJDFLRQHVUHVXOWDQWHVGHOFRQWUDWRGHWUDQVSRUWHDGLVSRQHUGHODPHUFDQFgD
VHDUHWLUeQGRODGHOVLWLRGHSDUWLGDRGHOGHGHVWLQRVHDGHWHQLfQGRODGXUDQWHODUXWDVHDGLVSRQLHQGRVXHQWUHJDHQHOOXJDUGHGHVWLQRR
GXUDQWHODUXWDDSHUVRQDGLVWLQWDGHOGHVWLQDWDULRGHVLJQDGRHQODFDUWDGHSRUWHRHQHOFRQRFLPLHQWRGHHPEDUTXHRVHDVROLFLWDQGRVXUHWRUQR
DOVLWLRGHSDUWLGDVLHPSUHTXHHOHMHUFLFLRGHWDOGHUHFKRQRRFDVLRQHSHUMXLFLRDOWUDQVSRUWDGRUQLDRWURVUHPLWHQWHV\FRQODREOLJDFLiQGH
UHHPEROVDUORVJDVWRVTXHPRWLYH
(QHOFDVRGHTXHODHMHFXFLiQGHODViUGHQHVGHOUHPLWHQWHVHDLPSRVLEOHHOWUDQVSRUWDGRUGHEHUeDYLVDUORLQPHGLDWDPHQWH
6LH[LVWHFDUWDGHSRUWH\HOWUDQVSRUWDGRUVHDFRJHDODViUGHQHVGHGLVSRVLFLiQGHOUHPLWHQWHVLQH[LJLUOHODUHVWLWXFLiQGHOHMHPSODUQHJRFLDEOH
HQWUHJDGRDfVWHVHUeUHVSRQVDEOHVDOYRUHFXUVRFRQWUDGLFKRUHPLWHQWHGHOSHUMXLFLRTXHSXHGDUHVXOWDUDTXLHQVHDOHJgWLPRWHQHGRUGHO
RULJLQDOGHODFDUWDGHSRUWH
(OGHUHFKRGHOUHPLWHQWHFHVDUeHQHOPRPHQWRHQTXHFRPLHQFHHOGHOGHVWLQDWDULRFRQIRUPHDO$UWgFXOR6LQHPEDUJRVLHOGHVWLQDWDULR
UHKjVDODPHUFDQFgDRVLQRHVKDOODGRHOUHPLWHQWHUHFREUDUeVXGHUHFKRGHGLVSRVLFLiQ
$57f&8/2',6326,&,h1'(/$&26$3253$57('(/'(67,1$7$5,20RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHO
VLJXLHQWH6DOYRHQORVFDVRVLQGLFDGRVHQHODUWlFXORSUHFHGHQWHHOGHVWLQDWDULRWLHQHGHUHFKRGHVGHODOOHJDGDGHODPHUFDQFlDDOSXQWRGH
GHVWLQRDVROLFLWDUGHOWUDQVSRUWDGRUTXHOHHQWUHJXHODPHUFDQFlDSUHYLRHOFXPSOLPLHQWRGHODVREOLJDFLRQHVFRQWHQLGDVHQHODUWlFXORRD
ODDFHSWDFLnQGHODIDFWXUDFDPELDULDVHJoQHOFDVR\DOFXPSOLPLHQWRGHODVGHPjVFRQGLFLRQHVLQGLFDGDVHQHOFRQWUDWRGHWUDQVSRUWH
&XDQGRVHH[SLGDFDUWDGHSRUWHVXWHQHGRUGHEHUjSDJDUODVFDQWLGDGHV\FXPSOLUODVREOLJDFLRQHVDVXFDUJRGHFRQIRUPLGDGFRQHOLQFLVR
DQWHULRU
6LVHUHFRQRFLHUHSRUHOWUDQVSRUWDGRUTXHODPHUFDQFlDKDVXIULGRH[WUDYlRRVLDODH[SLUDFLnQGHXQSOD]RGHVLHWHGlDVDSDUWLUGHOGlDHQTXH
KD\DGHELGROOHJDUODPHUFDQFlDQRKXELHUHOOHJDGRHOGHVWLQDWDULRTXHGDDXWRUL]DGRDKDFHUYDOHUFRQUHODFLnQDOWUDQVSRUWDGRUORVGHUHFKRV
UHVXOWDQWHVGHOFRQWUDWRGHWUDQVSRUWH(VWHGHUHFKRORWHQGUjHQVXFDVRHOWHQHGRUOHJlWLPRGHODFDUWDGHSRUWH
7H[WRDQWHULRU
6DOYRHQORVFDVRVLQGLFDGRVHQHODUWgFXORSUHFHGHQWHHOGHVWLQDWDULRWLHQHGHUHFKRGHVGHODOOHJDGDGHODPHUFDQFgDDOSXQWRGHGHVWLQRD
VROLFLWDUGHOWUDQVSRUWDGRUTXHOHHQWUHJXHODPHUFDQFgDFRQWUDHOSDJRGHODVVXPDVDVXFDUJRGHFRQIRUPLGDGFRQHO$UWgFXORROD
DFHSWDFLiQGHODIDFWXUDFDPELDULDHQVXFDVR\DOFXPSOLPLHQWRGHODVFRQGLFLRQHVGHWUDQVSRUWHLQGLFDGDVHQHOFRQWUDWRGHWUDQVSRUWH
&XDQGRKD\DFDUWDGHSRUWHHOWHQHGRUGHfVWDGHEHUeSDJDUODVFDQWLGDGHV\FXPSOLUODVREOLJDFLRQHVDVXFDUJRGHFRQIRUPLGDGFRQHOLQFLVR
SUHFHGHQWH
6DOYRHVWLSXODFLiQHQFRQWUDULRHOWUDQVSRUWDGRUGHEHUeDYLVDUDOGHVWLQDWDULRODOOHJDGDGHODPHUFDQFgD
6LVHUHFRQRFLHUHSRUHOWUDQVSRUWDGRUTXHODPHUFDQFgDKDVXIULGRH[WUDYgRRVLDODH[SLUDFLiQGHXQSOD]RGHVLHWHGgDVDSDUWLUGHOHQTXHKD\D
GHELGROOHJDUODPHUFDQFgDQRKXELHUHOOHJDGRHOGHVWLQDWDULRTXHGDDXWRUL]DGRDKDFHUYDOHUFRQUHODFLiQDOWUDQVSRUWDGRUORVGHUHFKRV
UHVXOWDQWHVGHOFRQWUDWRGHWUDQVSRUWH(VWHGHUHFKRORWHQGUeHQVXFDVRHOWHQHGRUOHJgWLPRGHODFDUWDGHSRUWH
$57f&8/23$*2'(680$6$',&,21$/(6$&$5*2'(/5(0,7(17(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHO
VLJXLHQWH&XDQGRHOFDPELRGHGHVWLQDWDULRLPSOLTXHFDPELRHQODUXWDRXQYLDMHPjVODUJRRPjVGLVSHQGLRVRVHGHEHUjSRUHOUHPLWHQWHHO
H[FHGHQWHGHOrHWH\ORVPD\RUHVJDVWRVTXHRFDVLRQHGLFKRFDPELRDOWUDQVSRUWDGRU
(VWDPLVPDUHJODVHDSOLFDUjFXDQGRVHFDPELHODUXWDRPRGRGHWUDQVSRUWHFRQYHQLGRVSRURUGHQGHOUHPLWHQWHRGHOGHVWLQDWDULRSHURHQ
HVWHFDVRHOH[FHGHQWHGHOrHWH\ORVJDVWRVDGLFLRQDOHVVHSDJDUjQSRUODSDUWHTXHRUGHQHHOFDPELRGHUXWDRPRGRGHWUDQVSRUWH
7H[WRDQWHULRU
&XDQGRHOFDPELRGHGHVWLQDWDULRLPSOLTXHFDPELRHQODUXWDRXQYLDMHPeVODUJRRPeVGLVSHQGLRVRVHGHEHUeSRUHOUHPLWHQWHHOH[FHGHQWH
GHOlHWH\ORVPD\RUHVJDVWRVTXHRFDVLRQHGLFKRFDPELRDOWUDQVSRUWDGRU
(VWDPLVPDUHJODVHDSOLFDUeFXDQGRVHFDPELHODUXWDRPHGLRGHWUDQVSRUWHFRQYHQLGRVSRURUGHQGHOUHPLWHQWHRGHOGHVWLQDWDULRSHURHQ
HVWHFDVRHOH[FHGHQWHGHOlHWH\ORVJDVWRVDGLFLRQDOHVVHSDJDUeQSRUODSDUWHTXHRUGHQHHOFDPELRGHUXWDRGHYHKgFXOR
$57f&8/2$9,62'($55,%2'(/$0(5&$1&f$0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH6DOYR
HVWLSXODFLRQHVHQFRQWUDULRHOWUDQVSRUWDGRUGHEHUjDYLVDUDOGHVWLQDWDULRODOOHJDGDGHODPHUFDQFlD
$IDOWDGHLQGLFDFLnQVREUHHOVLWLR\IHFKDHQORVFXDOHVGHEHHQWUHJDUVHODFRVDODHQWUHJDVHHIHFWXDUjHQODVRqFLQDVRERGHJDVTXHHO
WUDQVSRUWDGRUGHWHUPLQHHQHOOXJDUGHGHVWLQRWDQSURQWRFRPRODFRVDKD\DOOHJDGR
&XDQGRQRVHDSRVLEOHKDFHUODHQWUHJDHQHOVLWLR\IHFKDFRQYHQLGRVHOWUDQVSRUWDGRUGHEHUjLQIRUPDUDOGHVWLQDWDULRDFHUFDGHOGlD\OXJDUHQ
TXHSXHGDHQWUHJDUODPHUFDQFlD
7H[WRDQWHULRU
$IDOWDGHHVWLSXODFLiQVREUHHOVLWLR\IHFKDHQTXHGHEDHQWUHJDUVHODFRVDODHQWUHJDGHfVWDVHKDUeHQODVRkFLQDVRERGHJDVTXHWHQJDHO
WUDQVSRUWDGRUHQHOOXJDUGHGHVWLQRWDQSURQWRFRPRODFRVDKD\DOOHJDGR
&XDQGRQRVHDSRVLEOHKDFHUODHQWUHJDHQHOVLWLR\IHFKDFRQYHQLGRVHOWUDQVSRUWDGRUGHEHUeLQIRUPDUDOGHVWLQDWDULRDFHUFDGHOGgD\OXJDUHQ
TXHSXHGDHQWUHJDUOD
$57f&8/2(175(*$'(/$&26$$/3(62&8(17$20(','$0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHO
VLJXLHQWH(OWUDQVSRUWDGRUVnORHVWDUjREOLJDGRDHQWUHJDUODFRVDWUDQVSRUWDGDDOSHVRFXHQWDRPHGLGDFXDQGRHQHOGRFXPHQWRGHWUDQVSRUWH
VHKDJDFRQVWDUH[SUHVDPHQWHVXUHFLERHQDOJXQDGHHVWDVIRUPDV
&XDQGRODVFRVDVDWUDQVSRUWDUFRQVLVWDQHQFRQWHQHGRUHVSDOHWDVJXDFDOHV\HQJHQHUDOXQLGDGHVFHUUDGDVVHOODGDVRSUHFLQWDGDVkVWDVVH
FRQVLGHUDUjQFRPRXQLGDGGHFDUJD\GHEHUjQVHUHQWUHJDGDVSRUHOWUDQVSRUWDGRUHQHOPLVPRHVWDGRHQTXHODVUHFLEH
7H[WRDQWHULRU
(OWUDQVSRUWDGRUViORHVWDUeREOLJDGRDHQWUHJDUODFRVDWUDQVSRUWDGDDOSHVRFXHQWDRPHGLGDFXDQGRHQODUHPHVDRFDUWDGHSRUWHVHKDJD
FRQVWDUH[SUHVDPHQWHVXUHFLERHQDOJXQDGHHVDVIRUPDV
$57f&8/2&803/,0,(172'(/&2175$72<5(&212&,0,(172'(/$0(5&$1&f$0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYR
WH[WRHVHOVLJXLHQWH5HFLELGDODFRVDWUDQVSRUWDGDVLQREVHUYDFLRQHVVHSUHVXPLUjFXPSOLGRHOFRQWUDWR(QORVFDVRVGHSkUGLGDSDUFLDO
VDTXHRRDYHUlDQRWRULRVRDSUHFLDEOHVDVLPSOHYLVWDODSURWHVWDGHEHUjIRUPXODUVHHQHODFWRGHODHQWUHJD\UHFLERGHODFRVDWUDQVSRUWDGD
&XDQGRSRUFLUFXQVWDQFLDVHVSHFLDOHVTXHLPSLGDQHOLQPHGLDWRUHFRQRFLPLHQWRGHODFRVDVHDLPSRVLEOHDSUHFLDUVXHVWDGRHQHOPRPHQWRGH
ODHQWUHJDSRGUjHOGHVWLQDWDULRUHFLELUODEDMRODFRQGLFLnQGHTXHVHKDJDVXUHFRQRFLPLHQWR(OH[DPHQVHKDUjHQSUHVHQFLDGHOWUDQVSRUWDGRU
RGHODSHUVRQDSRUkOGHVLJQDGDGHQWURGHORVWUHVGlDVVLJXLHQWHVDODIHFKDGHODHQWUHJD
7H[WRDQWHULRU
5HFLELGDODFRVDWUDQVSRUWDGDVLQREVHUYDFLRQHVVHSUHVXPLUeFXPSOLGRHOFRQWUDWR
(QORVFDVRVGHSfUGLGDSDUFLDOVDTXHRRDYHUgDQRWRULRVRDSUHFLDEOHVDVLPSOHYLVWDODSURWHVWDGHEHUeIRUPXODUVHHQHODFWRGHODHQWUHJD\
UHFLERGHODFRVDWUDQVSRUWDGD
&XDQGRSRUFLUFXQVWDQFLDVHVSHFLDOHVTXHLPSLGDQHOLQPHGLDWRUHFRQRFLPLHQWRGHODFRVDVHDLPSRVLEOHDSUHFLDUVXHVWDGRHQHOPRPHQWRGH
ODHQWUHJDSRGUeHOGHVWLQDWDULRUHFLELUODEDMRODFRQGLFLiQGHTXHVHKDJDVXUHFRQRFLPLHQWR(OH[DPHQVHKDUeHQSUHVHQFLDGHOWUDQVSRUWDGRU
RVXUHFRPHQGDGRGHQWURGHORVWUHVGgDVVLJXLHQWHVDODIHFKDGHODHQWUHJD
$57f&8/2'(3h6,72<',6326,&,h1'(/$&26$3253$57('(/75$163257$'250RGLqFDGRSRUHODUW'HFUHWRGH(O
QXHYRWH[WRHVHOVLJXLHQWH&XDQGRVXUMDQGLVFUHSDQFLDVDFHUFDGHOYHUGDGHURGHVWLQDWDULRGHOGHUHFKRGHkVWHDUHFLELUODFRVDWUDQVSRUWDGDR
VREUHODVFRQGLFLRQHVGHODHQWUHJDRFXDQGRHOGHVWLQDWDULRQRODUHFLEDFRQIRUPHDORVDUWlFXORVDQWHULRUHVHOWUDQVSRUWDGRUSRGUjGHSRVLWDUOD
RWRPDUFXDOTXLHURWUDPHGLGDSUHFDXWHODWLYDDFRVWDGHOGHVWLQDWDULRPLHQWUDVHOFDVRVHGHFLGHSRUHOMXH]GHOOXJDUGHODHQWUHJD3RGUj
WDPELkQHOWUDQVSRUWDGRUGLVSRQHUGHODVFRVDVIXQJLEOHVRVXVFHSWLEOHVGHGDmRSRUVXPLVPDQDWXUDOH]DRHVWDGRFRQOLFHQFLDGHODDXWRULGDG
SROLFLYDGHOOXJDU(QWRGRFDVRGHEHUjGDUDYLVRRSRUWXQR\GHWDOODGRDOUHPLWHQWH
7H[WRDQWHULRU
&XDQGRVXUMDQGLVFUHSDQFLDVDFHUFDGHOYHUGDGHURGHVWLQDWDULRGHOGHUHFKRGHfVWHDUHFLELUODFRVDWUDQVSRUWDGDRVREUHODVFRQGLFLRQHVGHOD
HQWUHJDRFXDQGRHOGHVWLQDWDULRQRODVUHFLEDFRQIRUPHDORVDUWgFXORVDQWHULRUHVHOWUDQVSRUWDGRUSRGUeGHSRVLWDUODRWRPDUFXDOTXLHURWUD
PHGLDSUHFDXWHODWLYDDFRVWDGHOGHVWLQDWDULRPLHQWUDVHOFDVRVHGHFLGHSRUHOMXH]GHOOXJDUGHODHQWUHJD3RGUeWDPELfQHOWUDQVSRUWDGRU
GLVSRQHUGHODVFRVDVIXQJLEOHVRVXVFHSWLEOHVGHGDhRSRUVXPLVPDQDWXUDOH]DRHVWDGRFRQOLFHQFLDGHODDXWRULGDGSROLFLYDGHOOXJDU(QWRGR
FDVRGHEHUeGDUDYLVRRSRUWXQR\GHWDOODGRDOUHPLWHQWH
$57f&8/25(63216$%,/,'$'3253e5','$727$/23$5&,$/'(/$&26$0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WR
HVHOVLJXLHQWH(OWUDQVSRUWDGRUUHVSRQGHUjGHODSkUGLGDWRWDORSDUFLDOGHODFRVDWUDQVSRUWDGDGHVXDYHUlD\GHOUHWDUGRHQODHQWUHJDGHVGH
HOPRPHQWRHQTXHODUHFLEHRKDGHELGRKDFHUVHFDUJRGHHOOD(VWDUHVSRQVDELOLGDGVnORFHVDUjFXDQGRODFRVDVHDHQWUHJDGDDOGHVWLQDWDULRR
DODSHUVRQDGHVLJQDGDSDUDUHFLELUODHQHOVLWLRFRQYHQLGR\FRQIRUPHORGHWHUPLQDHVWH&nGLJR
7DPELkQFHVDUjFXDQGRKD\DWUDQVFXUULGRHOWkUPLQRGHFLQFRGlDVFRQWDGRVDSDUWLUGHOqMDGRSDUDODHQWUHJDRGHODYLVRGHTXHWUDWDHODUWlFXOR
DQWHULRUVLQTXHHOLQWHUHVDGRVHKD\DSUHVHQWDGRDUHWLUDUODRUHFLELUOD(QHVWHFDVRHOWUDQVSRUWDGRUWHQGUjGHUHFKRDTXHVHOHSDJXHHO
ERGHJDMHDFRVWXPEUDGRHQODSOD]D
7H[WRDQWHULRU
(OWUDQVSRUWDGRUUHVSRQGHUeGHODSfUGLGDWRWDORSDUFLDOGHODFRVDWUDQVSRUWDGDGHVXDYHUgD\GHOUHWDUGRHQODHQWUHJDGHVGHHOPRPHQWRHQ
TXHHOODTXHGHDVXGLVSRVLFLiQ(VWDUHVSRQVDELOLGDGViORFHVDUeFXDQGRODFRVDVHDHQWUHJDGDDVDWLVIDFFLiQGHOGHVWLQDWDULRRGHODSHUVRQD
UHFRPHQGDGDSDUDUHFLELUODHQHOVLWLRFRQYHQLGR7DPELfQFHVDUeFXDQGRKD\DWUDQVFXUULGRHOWfUPLQRGHFLQFRGgDVFRQWDGRVDSDUWLUGHOkMDGR
SDUDVXHQWUHJDRGHODYLVRGHTXHWUDWDHODUWgFXORDQWHULRUVLQTXHHOLQWHUHVDGRVHKD\DSUHVHQWDGRDUHWLUDUODRUHFLELUOD(QHVWHFDVRHO
WUDQVSRUWDGRUWHQGUeGHUHFKRDTXHVHOHSDJXHHOERGHJDMHDFRVWXPEUDGRHQODSOD]D
$57f&8/29$/25'(/$,1'(01,=$&,h10RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(QFDVRGHSkUGLGD
WRWDOGHODFRVDWUDQVSRUWDGDHOPRQWRGHODLQGHPQL]DFLnQDFDUJRGHOWUDQVSRUWDGRULJXDODOYDORUGHFODUDGRSRUHOUHPLWHQWHSDUDODFDUJD
DIHFWDGD
6LODSkUGLGDIXHUHSDUFLDOHOPRQWRGHODLQGHPQL]DFLnQVHGHWHUPLQDUjGHDFXHUGRFRQODSURSRUFLnQTXHODPHUFDQFlDSHUGLGDUHSUHVHQWH
IUHQWHDOWRWDOGHOGHVSDFKR
1RREVWDQWH\SRUHVWLSXODFLnQH[SUHVDGDHQODFDUWDGHSRUWHFRQRFLPLHQWRRSnOL]DGHHPEDUTXHRUHPHVDWHUUHVWUHGHFDUJDODVSDUWHV
SRGUjQSDFWDUXQOlPLWHLQGHPQL]DEOHTXHHQQLQJoQFDVRSRGUjVHULQIHULRUDOVHWHQWD\FLQFRSRUFLHQWR GHOYDORUGHFODUDGR
(QHYHQWRVGHSkUGLGDWRWDO\SkUGLGDSDUFLDOSRUFRQFHSWRGHOXFURFHVDQWHHOWUDQVSRUWDGRUSDJDUjDGLFLRQDOPHQWHXQYHLQWLFLQFRSRUFLHQWR
GHOYDORUGHODLQGHPQL]DFLnQGHWHUPLQDGDFRQIRUPHDORVLQFLVRVDQWHULRUHV6LODSkUGLGDRDYHUlDHVRFDVLRQDGDSRUGRORRFXOSDJUDYH
GHOWUDQVSRUWDGRUkVWHHVWDUjREOLJDGRDODLQGHPQL]DFLnQSOHQDVLQTXHYDOJDHVWLSXODFLnQHQFRQWUDULRRUHQXQFLD
(QHOHYHQWRGHTXHHOUHPLWHQWHQRVXPLQLVWUHHOYDORUGHODVPHUFDQFlDVDPjVWDUGDUDOPRPHQWRGHODHQWUHJDRGHFODUHXQPD\RUYDORUDO
LQGLFDGRHQHOLQFLVRWHUFHURHODUWlFXORHOWUDQVSRUWDGRUVnORHVWDUjREOLJDGRDSDJDUHORFKHQWDSRUFLHQWR GHOYDORUSUREDGRTXH
WXYLHUHODFRVDSHUGLGDHQHOOXJDU\IHFKDSUHYLVWRVSDUDODHQWUHJDHOGHVWLQDWDULR(QHOHYHQWRFRQWHPSODGRHQHVWHLQFLVRQRKDEUjOXJDUD
UHFRQRFLPLHQWRGHOXFURFHVDQWH
/DVFOjXVXODVFRQWUDULDVDORGLVSXHVWRHQORVLQFLVRVDQWHULRUHVQRSURGXFLUjQHIHFWRV
3DUDHOHYHQWRGHUHWDUGRHQODHQWUHJDODVSDUWHVSRGUjQGHFRPoQDFXHUGRqMDUXQOlPLWHGHLQGHPQL]DFLnQDFDUJRGHOWUDQVSRUWDGRU$IDOWD
GHHVWLSXODFLnQHQHVWHVHQWLGRODLQGHPQL]DFLnQSRUGLFKRHYHQWRVHUjODTXHVHHVWDEOH]FDMXGLFLDOPHQWH
7H[WRDQWHULRU
(QFDVRGHSfUGLGDGHODFRVDWUDQVSRUWDGDODLQGHPQL]DFLiQDFDUJRGHOWUDQVSRUWDGRUVHVXMHWDUeDODVVLJXLHQWHVUHJODV
b&XDQGRVHWUDWHGHFRVDVGHVWLQDGDVDODYHQWDHOWUDQVSRUWDGRUSDJDUeHOSUHFLRGHFRVWRGHODPHUFDQFgDSXHVWDHQHOOXJDU\IHFKD
SUHYLVWRVSDUDODHQWUHJDPeVXQYHLQWLFLQFRSRUFLHQWRGHGLFKRSUHFLRSRUOXFURFHVDQWH\
b(QORVGHPeVFDVRVHOWUDQVSRUWDGRUSDJDUeODLQGHPQL]DFLiQTXHVHkMHSRUSHULWRV
$57f&8/2'$g2(48,3$5$%/($3e5','$'(/$&26$0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(O
GDmRRDYHUlDTXHKDJDLQoWLOHVODVFRVDVWUDQVSRUWDGDVVHHTXLSDUDUjDSkUGLGDGHODVPLVPDV+DOOjQGRVHHQWUHODVFRVDVDYHULDGDVDOJXQDV
SLH]DVLOHVDVHOGHVWLQDWDULRHVWDUjREOLJDGRDUHFLELUODVVDOYRTXHIXHUHGHODVTXHFRPSRQHQXQMXHJR
(QORVGHPjVFDVRVGHGDmRRDYHUlDHOGHVWLQDWDULRGHEHUjUHFLELUODV\HOWUDQVSRUWDGRUHVWDUjREOLJDGRDFXEULUHOLPSRUWHGHOPHQRVFDERR
UHGXFFLnQHQIRUPDSURSRUFLRQDO\FRQIRUPHDORGLVSXHVWRHQHODUWlFXORDQWHULRU
7H[WRDQWHULRU
(OGDhRRDYHUgDTXHKDJDLQjWLOHVODVFRVDVWUDQVSRUWDGDVVHHTXLSDUeDSfUGLGDGHODVPLVPDV+DOOeQGRVHHQWUHODVFRVDVDYHULDGDVDOJXQDV
SLH]DVLOHVDVHOGHVWLQDWDULRHVWDUeREOLJDGRDUHFLELUODVVDOYRTXHIXHUHQGHODVTXHFRPSRQHQXQMXHJR
(QORVGHPeVFDVRVGHGDhRRDYHUgDHOGHVWLQDWDULRGHEHUeUHFLELUODV\HOWUDQVSRUWDGRUHVWDUeREOLJDGRDFXEULUHOLPSRUWHGHOPHQRVFDERR
UHGXFFLiQTXHVHUHJXODUeWHQLHQGRHQFXHQWDHOSUHFLRGHFRVWR\HOOXFURFHVDQWHGHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWgFXORDQWHULRU
$57f&8/2'(5(&+2'(5(7(1&,h1<5(67,78&,h10RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(O
WUDQVSRUWDGRUSRGUjHMHUFHUHOGHUHFKRGHUHWHQFLnQVREUHORVHIHFWRVTXHFRQGX]FDKDVWDTXHOHVHDQSDJDGRVHOSRUWH\ORVJDVWRVTXHKD\D
VXSOLGR
(VWHGHUHFKRVHWUDQVPLWLUjGHXQWUDQVSRUWDGRUDRWURKDVWDHOoOWLPRTXHGHEHYHULqFDUODUHVWLWXFLnQ
3DVDGRVWUHLQWDGlDVGHVGHDTXHOHQHOFXDOHOUHPLWHQWHWHQJDQRWLFLDGHODUHWHQFLnQHOWUDQVSRUWDGRUWHQGUjGHUHFKRDVROLFLWDUHOGHSnVLWR\OD
YHQWDHQPDUWLOORDXWRUL]DGRGHODVFRVDVWUDQVSRUWDGDVHQODFDQWLGDGTXHFRQVLGHUHVXqFLHQWHSDUDFXEULUVXFUkGLWR\KDFHUVHSDJDUFRQHO
SURGXFWRGHODYHQWDFRQODSUHIHUHQFLDFRUUHVSRQGLHQWHDORVFUkGLWRVGHVHJXQGDFODVHVLQSHUMXLFLRGHORTXHSDFWDUHQODVSDUWHV
7H[WRDQWHULRU
(OWUDQVSRUWDGRUSRGUeHMHUFHUHOGHUHFKRGHUHWHQFLiQVREUHORVHIHFWRVTXHFRQGX]FDKDVWDTXHOHVHDQSDJDGRVHOSRUWH\ORVJDVWRVTXHKD\D
VXSOLGR
(VWHGHUHFKRVHWUDQVPLWLUeGHXQWUDQVSRUWDGRUDRWURKDVWDHOjOWLPRTXHGHEDYHULkFDUODUHVWLWXFLiQ
3DVDGRVWUHVPHVHVGHOGgDHQTXHfVWDKD\DGHELGRHIHFWXDUVHWHQGUeGHUHFKRHOWUDQVSRUWDGRUDVROLFLWDUHOGHSiVLWR\ODYHQWDHQPDUWLOORGH
ODVFRVDVWUDQVSRUWDGDVHQODFDQWLGDGTXHFRQVLGHUHVXkFLHQWHSDUDFXEULUVXFUfGLWR\KDFHUVHSDJDUFRQHOSURGXFLGRGHODYHQWDFRQOD
SUHIHUHQFLDFRUUHVSRQGLHQWHDORVFUfGLWRVGHVHJXQGDFODVH
$57f&8/25(48,6,7263$5$(-(5&(5(/'(5(&+2'(5(7(1&,h10RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHO
VLJXLHQWH(OGHUHFKRGHUHWHQFLnQSRGUjHMHUFHUHQUHODFLnQFRQGHXGDVH[LJLEOHVGHOPLVPRUHPLWHQWHRGHOPLVPRGHVWLQDWDULRVHJoQHOFDVR
GHULYDGDVGHFRQWUDWRVGHWUDQVSRUWHDQWHULRUHVFXDQGRVHUHoQDQORVVLJXLHQWHVUHTXLVLWRV
4XHHQWUHODVSDUWHVH[LVWHQUHODFLRQHVGHODPLVPDlQGROH\
4XHORVGkELWRVSURYHQLHQWHVGHORVVHUYLFLRVSUHVWDGRV\ORVFUkGLWRVSRUORVDERQRVKHFKRVVHOOHYHQEDMRXQDPLVPDFXHQWD
7H[WRDQWHULRU
(OGHUHFKRGHUHWHQFLiQSRGUeHMHUFHUVHHQUHODFLiQFRQGHXGDVDQWHULRUHVGHOPLVPRUHPLWHQWHRGHOPLVPRGHVWLQDWDULRVHJjQHOFDVR
GHULYDGDVGHOFRQWUDWRGHWUDQVSRUWHFXDQGRVHUHjQDQORVVLJXLHQWHVUHTXLVLWRV
4XHHQWUHODVPLVPDVSDUWHVH[LVWDQVXFHVLYDVUHODFLRQHVGHODPLVPDgQGROH\
4XHORVGfELWRVSURYHQLHQWHVGHORVVHUYLFLRVSUHVWDGRV\ORVFUfGLWRVSRUORVDERQRVKHFKRVVHOOHYHQEDMRXQDPLVPDFXHQWD
$57f&8/2'(5(&+26'(/'(67,1$7$5,2<2325781,'$'(OGHVWLQDWDULRSRGUjUHFODPDUODFRVDWUDQVSRUWDGD\HMHUFHUFRQWUDHO
WUDQVSRUWDGRUVXVGHPjVGHUHFKRVFXDQGRVHKD\DQSDJDGRHOrHWH\GHPjVJDVWRVGHOWUDQVSRUWHFRQIRUPHDORVDUWlFXORVDQWHULRUHV(QFDVR
GHGLVFUHSDQFLDRFRQWURYHUVLDVREUHHOSDUWLFXODUHOGHVWLQDWDULRSRGUjGHSRVLWDUDnUGHQHVGHOMXH]HOYDORUUHFODPDGRSRUHOWUDQVSRUWDGRUSDUD
TXHVHOHKDJDHQWUHJDLQPHGLDWDGHODFRVDWUDQVSRUWDGDPLHQWUDVVHGHFLGHODFXHVWLnQ
7DPELkQSRGUjHOGHVWLQDWDULRREWHQHUODHQWUHJDLQPHGLDWDGHODFRVDWUDQVSRUWDGDSUHVWDQGRXQDJDUDQWlDDVDWLVIDFFLnQGHOMXH]
7f78/29
'(/&2175$72'(6(*852
&$3f78/2,
35,1&,3,26&2081(6$/266(*85267(55(675(6
$57f&8/2&2175$72'(6(*8526XEURJDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH(OVHJXURHVXQFRQWUDWR
FRQVHQVXDOELODWHUDORQHURVRDOHDWRULR\GHHMHFXFLnQVXFHVLYD
7H[WRDQWHULRU
(OVHJXURHVXQFRQWUDWRVROHPQHELODWHUDORQHURVRDOHDWRULR\GHHMHFXFLiQVXFHVLYD
(OFRQWUDWRGHVHJXURVHSHUIHFFLRQDGHVGHHOPRPHQWRHQTXHHODVHJXUDGRUVXVFULEHODSiOL]D
$57f&8/23$57(6(1(/&2175$72'(6(*8526RQSDUWHVGHOFRQWUDWRGHVHJXUR
(ODVHJXUDGRURVHDODSHUVRQDMXUlGLFDTXHDVXPHORVULHVJRVGHELGDPHQWHDXWRUL]DGDSDUDHOORFRQDUUHJORDODVOH\HV\UHJODPHQWRV\
(OWRPDGRURVHDODSHUVRQDTXHREUDQGRSRUFXHQWDSURSLDRDMHQDWUDVODGDORVULHVJRV
$57f&8/26(*852325&8(17$'(817(5&(52<5$7,),&$&,h16LHOWRPDGRUHVWLSXODHOVHJXURHQQRPEUHGHXQWHUFHURVLQSRGHU
SDUDUHSUHVHQWDUORHODVHJXUDGRSXHGHUDWLqFDUHOFRQWUDWRDoQGHVSXkVGHRFXUULGRHOVLQLHVWUR(OWRPDGRUHVWjREOLJDGRSHUVRQDOPHQWHD
FXPSOLUODVREOLJDFLRQHVGHULYDGDVGHOFRQWUDWRKDVWDHOPRPHQWRHQTXHHODVHJXUDGRUKD\DWHQLGRQRWLFLDGHODUDWLqFDFLnQRGHOUHFKD]RGH
GLFKRFRQWUDWRSRUHODVHJXUDGR
'HVGHHOPRPHQWRHQTXHHODVHJXUDGRUKD\DUHFLELGRODQRWLFLDGHUHFKD]RFHVDUjQORVULHVJRVDVXFDUJR\HOWRPDGRUTXHGDUjOLEHUDGRGHVXV
REOLJDFLRQHVVLQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXOR
$57f&8/26(*852325&8(17$'(817(5&(52<2%/,*$&,21(6'(/$63$57(6(OVHJXURSXHGHVHUFRQWUDWDGRSRUFXHQWDGHXQ
WHUFHURGHWHUPLQDGRRGHWHUPLQDEOH(QWDOFDVRDOWRPDGRULQFXPEHQODVREOLJDFLRQHV\DOWHUFHURFRUUHVSRQGHHOGHUHFKRDODSUHVWDFLnQ
DVHJXUDGD
1RREVWDQWHDODVHJXUDGRFRUUHVSRQGHQDTXHOODVREOLJDFLRQHVTXHQRSXHGDQVHUFXPSOLGDVPjVTXHSRUkOPLVPR
$57f&8/2%(1(),&,$5,2(OVHJXURFRUUHVSRQGHDOTXHORKDFRQWUDWDGRWRGDYH]TXHODSnOL]DQRH[SUHVHTXHHVSRUFXHQWDGHXQ
WHUFHUR
$57f&8/22%/,*$&,21(6$&$5*2'(/720$'252%(1(),&,$5,2/DVREOLJDFLRQHVTXHHQHVWH7lWXORVHLPSRQHQDODVHJXUDGRVH
HQWHQGHUjQDFDUJRGHOWRPDGRUREHQHqFLDULRFXDQGRVHDQHVWDVSHUVRQDVODVTXHHVWkQHQSRVLELOLGDGGHFXPSOLUODV
$57f&8/26(*852325&8(17$6DOYRHVWLSXODFLnQHQFRQWUDULRHOVHJXURSRUFXHQWDYDOGUjFRPRVHJXURDIDYRUGHOWRPDGRUKDVWD
FRQFXUUHQFLDGHOLQWHUkVTXHWHQJDHQHOFRQWUDWR\HQORGHPjVFRQODPLVPDOLPLWDFLnQFRPRHVWLSXODFLnQHQSURYHFKRGHWHUFHUR
$57f&8/2&803/,0,(172'(2%/,*$&,21(6$&$5*2'(/7(5&(52(QWRGRWLHPSRHOWHUFHURSRGUjWRPDUDVXFDUJRHOFXPSOLPLHQWR
GHODVREOLJDFLRQHVTXHODOH\RHOFRQWUDWRLPSRQHQDOWRPDGRUVLkVWHORUHKX\HUHVLQSHUMXLFLRGHODVVDQFLRQHVDTXHKD\DOXJDUSRUPRUD
LPSXWDEOHDOWRPDGRU
$57f&8/22326,&,h1<(;&(3&,21(66DOYRHVWLSXODFLnQHQFRQWUDULRHODVHJXUDGRUSRGUjRSRQHUDOEHQHqFLDULRODVH[FHSFLRQHVTXH
KXELHUHSRGLGRDOHJDUFRQWUDHOWRPDGRURHODVHJXUDGRHQFDVRGHVHUkVWRVGLVWLQWRVGHDTXkO\DODVHJXUDGRODVTXHKXELHUHSRGLGRDOHJDU
FRQWUDHOWRPDGRU
$57f&8/2(/(0(1726(6(1&,$/(66RQHOHPHQWRVHVHQFLDOHVGHOFRQWUDWRGHVHJXUR
(OLQWHUkVDVHJXUDEOH
(OULHVJRDVHJXUDEOH
/DSULPDRSUHFLRGHOVHJXUR\
/DREOLJDFLnQFRQGLFLRQDOGHODVHJXUDGRU
(QGHIHFWRGHFXDOTXLHUDGHHVWRVHOHPHQWRVHOFRQWUDWRGHVHJXURQRSURGXFLUjHIHFWRDOJXQR
$57f&8/2358(%$'(/&2175$72'(6(*8523h/,=$6XEURJDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH(O
FRQWUDWRGHVHJXURVHSUREDUjSRUHVFULWRRSRUFRQIHVLnQ
&RQqQHVH[FOXVLYDPHQWHSUREDWRULRVHODVHJXUDGRUHVWjREOLJDGRDHQWUHJDUHQVXRULJLQDODOWRPDGRUGHQWURGHORVTXLQFHGlDVVLJXLHQWHVDOD
IHFKDGHVXFHOHEUDFLnQHOGRFXPHQWRFRQWHQWLYRGHOFRQWUDWRGHVHJXURHOFXDOVHGHQRPLQDSnOL]DHOTXHGHEHUjUHGDFWDUVHHQFDVWHOODQR\
qUPDUVHSRUHODVHJXUDGRU
/D6XSHULQWHQGHQFLD%DQFDULDVHmDODUjORVUDPRV\ODFODVHGHFRQWUDWRVTXHVHUHGDFWHQHQLGLRPDH[WUDQMHUR
3$5d*5$)2(ODVHJXUDGRUHVWjWDPELkQREOLJDGRDOLEUDUDSHWLFLnQ\DFRVWDGHOWRPDGRUGHODVHJXUDGRRGHOEHQHqFLDULRGXSOLFDGRVRFRSLDV
GHODSnOL]D
7H[WRDQWHULRU
(OGRFXPHQWRSRUPHGLRGHOFXDOVHSHUIHFFLRQD\SUXHEDHOFRQWUDWRGHVHJXURVHGHQRPLQDSiOL]D'HEHUeUHGDFWDUVHHQFDVWHOODQRVHU
kUPDGRSRUHODVHJXUDGRU\HQWUHJDUVHHQVXRULJLQDODOWRPDGRUGHQWURGHORVTXLQFHGgDVVLJXLHQWHVDODIHFKDGHVXH[SHGLFLiQ
$57f&8/2&21',&,21(6'(/$3h/,=$/DSnOL]DGHVHJXURGHEHH[SUHVDUDGHPjVGHODVFRQGLFLRQHVJHQHUDOHVGHOFRQWUDWR
/DUD]nQRGHQRPLQDFLnQVRFLDOGHODVHJXUDGRU
(OQRPEUHGHOWRPDGRU
/RVQRPEUHVGHODVHJXUDGR\GHOEHQHqFLDULRRODIRUPDGHLGHQWLqFDUORVVLIXHUHQGLVWLQWRVGHOWRPDGRU
/DFDOLGDGHQTXHDFWoHHOWRPDGRUGHOVHJXUR
/DLGHQWLqFDFLnQSUHFLVDGHODFRVDRSHUVRQDFRQUHVSHFWRDODVFXDOHVVHFRQWUDWDHOVHJXUR
/DYLJHQFLDGHOFRQWUDWRFRQLQGLFDFLnQGHODVIHFKDV\KRUDVGHLQLFLDFLnQ\YHQFLPLHQWRRHOPRGRGHGHWHUPLQDUXQDV\RWUDV
/DVXPDDVHJXUDGRUDRHOPRGRGHSUHFLVDUOD
/DSULPDRHOPRGRGHFDOFXODUOD\ODIRUPDGHVXSDJR
/RVULHVJRVTXHHODVHJXUDGRUWRPDVXFDUJR
/DIHFKDHQTXHVHH[WLHQGH\ODqUPDGHODVHJXUDGRU\
/DVGHPjVFRQGLFLRQHVSDUWLFXODUHVTXHDFXHUGHQORVFRQWUDWDQWHV
3$5d*5$)26XEURJDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH(QORVFDVRVHQTXHQRDSDUH]FDH[SUHVDPHQWH
DFRUGDGDVVHWHQGUjQFRPRFRQGLFLRQHVGHOFRQWUDWRDTXHOODVGHODSnOL]DRDQH[RTXHHODVHJXUDGRUKD\DGHSRVLWDGRHQOD6XSHULQWHQGHQFLD
%DQFDULDSDUDHOPLVPRUDPRDPSDURPRGDOLGDGGHOFRQWUDWR\WLSRGHULHVJR
7H[WRGHOSDUeJUDIRDQWHULRU
6HWHQGUeQFRPRFRQGLFLRQHVJHQHUDOHVGHOFRQWUDWRDXQTXHQRKD\DQVLGRFRQVLJQDGDVSRUHVFULWRODVDSUREDGDVSRUODDXWRULGDGFRPSHWHQWH
SDUDHOUHVSHFWLYRDVHJXUDGRUHQUHODFLiQFRQHOVHJXURSDFWDGRVDOYRODVUHODWLYDVDULHVJRVQRDVXPLGRV
$57f&8/2'2&80(1726$',&,21$/(648(+$&(13$57('(/$3h/,=$+DFHQSDUWHGHODSnOL]D
/DVROLFLWXGGHVHJXURqUPDGDSRUHOWRPDGRU\
/RVDQH[RVTXHVHHPLWDQSDUDDGLFLRQDUPRGLqFDUVXVSHQGHUUHQRYDURUHYRFDUODSnOL]D
3$5d*5$)2(OWRPDGRUSRGUjHQFXDOTXLHUWLHPSRH[LJLUTXHDVXFRVWDHODVHJXUDGRUOHGkFRSLDGHELGDPHQWHDXWRUL]DGDGHODVROLFLWXG\GH
VXVDQH[RVDVlFRPRGHORVGRFXPHQWRVTXHGHQIHGHODLQVSHFFLnQGHOULHVJR
$57f&8/2$1(;26<5(129$&,21(6/RVDQH[RVGHEHUjQLQGLFDUODLGHQWLGDGSUHFLVDGHODSnOL]DDTXHDFFHGHQ/DVUHQRYDFLRQHV
FRQWHQGUjQDGHPjVHOWkUPLQRGHDPSOLDFLnQGHYLJHQFLDGHOFRQWUDWR(QFDVRFRQWUDULRVHHQWHQGHUjTXHODDPSOLDFLnQVHKDKHFKRSRUXQ
WkUPLQRLJXDODOGHOFRQWUDWRRULJLQDO
$57f&8/23h/,=$)/27$17(<$8720d7,&$/DSnOL]DrRWDQWH\ODDXWRPjWLFDVHOLPLWDUjQDGHVFULELUODVFRQGLFLRQHVJHQHUDOHVGHO
VHJXURGHMDQGRODLGHQWLqFDFLnQRYDORUDFLnQGHORVLQWHUHVHVGHOFRQWUDWRORPLVPRTXHRWURVGDWRVQHFHVDULRVSDUDVXLQGLYLGXDOL]DFLnQSDUD
VHUGHqQLGRVHQGHFODUDFLRQHVSRVWHULRUHV(VWDVVHKDUjQFRQVWDUPHGLDQWHDQH[RDODSnOL]DFHUWLqFDGRGHVHJXURRSRURWURVPHGLRV
VDQFLRQDGRVSRUODFRVWXPEUH
$57f&8/23h/,=$120,1$7,9$2$/$25'(1/DSnOL]DSXHGHVHUQRPLQDWLYDRDODRUGHQ/DFHVLnQGHODSnOL]DQRPLQDWLYDHQQLQJoQ
FDVRSURGXFHHIHFWRVFRQWUDHODVHJXUDGRUVLQVXDTXLHVFHQFLDSUHYLD/DFHVLnQGHODSnOL]DDODRUGHQSXHGHKDFHUVHSRUVLPSOHHQGRVR(O
DVHJXUDGRUSRGUjRSRQHUDOFHVLRQDULRRHQGRVDWDULRODVH[FHSFLRQHVTXHWHQJDFRQWUDHOWRPDGRUDVHJXUDGRREHQHqFLDULR
$57f&8/235(681&,h1'($87(17,&,'$'/DVqUPDVGHODVSnOL]DVGHVHJXUR\GHORVGHPjVGRFXPHQWRVTXHODVPRGLqTXHQR
DGLFLRQHQVHSUHVXPHQDXWkQWLFDV
$57f&8/2&$626(148(/$3h/,=$35(67$0e5,72(-(&87,926XEURJDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH
/DSnOL]DSUHVWDUjPkULWRHMHFXWLYRFRQWUDHODVHJXUDGRUSRUVlVRODHQORVVLJXLHQWHVFDVRV (QORVVHJXURVGRWDOHVXQDYH]FXPSOLGRHO
UHVSHFWLYRSOD]R
(QORVVHJXURVGHYLGDHQJHQHUDOUHVSHFWRGHORVYDORUHVGHFHVLnQRUHVFDWH\
7UDQVFXUULGRXQPHVFRQWDGRDSDUWLUGHOGlDHQHOFXDOHODVHJXUDGRRHOEHQHqFLDULRRTXLHQORVUHSUHVHQWHHQWUHJXHDODVHJXUDGRUOD
UHFODPDFLnQDSDUHMDGDGHORVFRPSUREDQWHVTXHVHJoQODVFRQGLFLRQHVGHODFRUUHVSRQGLHQWHSnOL]DVHDQLQGLVSHQVDEOHVSDUDDFUHGLWDUORV
UHTXLVLWRVGHODUWlFXORVLQTXHGLFKDUHFODPDFLnQVHDREMHWDGDGHPDQHUDVHULD\IXQGDGD6LODUHFODPDFLnQQRKXELHUHVLGRREMHWDGDHO
GHPDQGDQWHGHEHUjPDQLIHVWDUWDOFLUFXQVWDQFLDHQODGHPDQGD
127$(OWH[WRVXEUD\DGRIXHGHURJDGRSRUHOOLWHUDOF DUW/H\GH
7H[WRDQWHULRU
/DSiOL]DSUHVWDUePfULWRHMHFXWLYRFRQWUDHODVHJXUDGRUSRUVgVRODHQORVVLJXLHQWHVFDVRV
(QORVVHJXURVGRWDOHVXQDYH]FXPSOLGRHOUHVSHFWLYRSOD]R
(QORVVHJXURVGHYLGDHQJHQHUDOUHVSHFWRGHORVYDORUHVGHFHVLiQRUHVFDWH\
7UDQVFXUULGRVVHVHQWDGgDVFRQWDGRVDSDUWLUGHDTXHOHQTXHHODVHJXUDGRRHOEHQHkFLDULRRTXLHQORVUHSUHVHQWHHQWUHJXHDODVHJXUDGRUOD
UHFODPDFLiQDSDUHMDGDGHORVFRPSUREDQWHVTXHVHJjQODSiOL]DVHDQLQGLVSHQVDEOHVVLQTXHGLFKDUHFODPDFLiQVHDREMHWDGD
$57f&8/2'(),1,&,h1'(5,(6*2'HQRPLQDVHULHVJRHOVXFHVRLQFLHUWRTXHQRGHSHQGHH[FOXVLYDPHQWHGHODYROXQWDGGHOWRPDGRUGHO
DVHJXUDGRRGHOEHQHqFLDULR\FX\DUHDOL]DFLnQGDRULJHQDODREOLJDFLnQGHODVHJXUDGRU/RVKHFKRVFLHUWRVVDOYRODPXHUWH\ORVIlVLFDPHQWH
LPSRVLEOHVQRFRQVWLWX\HQULHVJRV\VRQSRUORWDQWRH[WUDmRVDOFRQWUDWRGHVHJXUR7DPSRFRFRQVWLWX\HULHVJRODLQFHUWLGXPEUHVXEMHWLYD
UHVSHFWRGHGHWHUPLQDGRKHFKRTXHKD\DWHQLGRRQRFXPSOLPLHQWR
$57f&8/25,(6*26,1$6(*85$%/(6(OGRORODFXOSDJUDYH\ORVDFWRVPHUDPHQWHSRWHVWDWLYRVGHOWRPDGRUDVHJXUDGRREHQHqFLDULR
VRQLQDVHJXUDEOHV&XDOTXLHUHVWLSXODFLnQHQFRQWUDULRQRSURGXFLUjHIHFWRDOJXQRWDPSRFRORSURGXFLUjODTXHWHQJDSRUREMHWRDPSDUDUDO
DVHJXUDGRFRQWUDODVVDQFLRQHVGHFDUjFWHUSHQDORSROLFLYR
$57f&8/2$681&,h1'(5,(6*26&RQODVUHVWULFFLRQHVOHJDOHVHODVHJXUDGRUSRQGUjDVXDUELWULRDVXPLUWRGRVRDOJXQRVGHORVULHVJRV
DTXHHVWkQH[SXHVWRVHOLQWHUkVRODFRVDDVHJXUDGRVHOSDWULPRQLRRODSHUVRQDGHODVHJXUDGR
$57f&8/27e50,12'(6'((/&8$/6($680(1/265,(6*26(QGHIHFWRGHHVWLSXODFLnQRGHQRUPDOHJDOORVULHVJRVSULQFLSLDUjQD
FRUUHUSRUFXHQWDGHODVHJXUDGRUDODKRUDYHLQWLFXDWURGHOGlDHQTXHVHSHUIHFFLRQHHOFRQWUDWR
$57f&8/2'(&/$5$&,h1'(/(67$'2'(/5,(6*2<6$1&,21(6325,1(;$&7,78'25(7,&(1&,$(OWRPDGRUHVWjREOLJDGRDGHFODUDU
VLQFHUDPHQWHORVKHFKRVRFLUFXQVWDQFLDVTXHGHWHUPLQDQHOHVWDGRGHOULHVJRVHJoQHOFXHVWLRQDULRTXHOHVHDSURSXHVWRSRUHODVHJXUDGRU/D
UHWLFHQFLDRODLQH[DFWLWXGVREUHKHFKRVRFLUFXQVWDQFLDVTXHFRQRFLGRVSRUHODVHJXUDGRUORKXELHUHQUHWUDlGRGHFHOHEUDUHOFRQWUDWRR
LQGXFLGRDHVWLSXODUFRQGLFLRQHVPjVRQHURVDVSURGXFHQODQXOLGDGUHODWLYDGHOVHJXUR
6LODGHFODUDFLnQQRVHKDFHFRQVXMHFLnQDXQFXHVWLRQDULRGHWHUPLQDGRODUHWLFHQFLDRODLQH[DFWLWXGSURGXFHQLJXDOHIHFWRVLHOWRPDGRUKD
HQFXELHUWRSRUFXOSDKHFKRVRFLUFXQVWDQFLDVTXHLPSOLTXHQDJUDYDFLnQREMHWLYDGHOHVWDGRGHOULHVJR
6LODLQH[DFWLWXGRODUHWLFHQFLDSURYLHQHQGHHUURULQFXOSDEOHGHOWRPDGRUHOFRQWUDWRQRVHUjQXORSHURHODVHJXUDGRUVnORHVWDUjREOLJDGRHQ
FDVRGHVLQLHVWURDSDJDUXQSRUFHQWDMHGHODSUHVWDFLnQDVHJXUDGDHTXLYDOHQWHDOTXHODWDULIDRODSULPDHVWLSXODGDHQHOFRQWUDWRUHSUHVHQWH
UHVSHFWRGHODWDULIDRODSULPDDGHFXDGDDOYHUGDGHURHVWDGRGHOULHVJRH[FHSWRORSUHYLVWRHQHODUWlFXOR
/DVVDQFLRQHVFRQVDJUDGDVHQHVWHDUWlFXORQRVHDSOLFDQVLHODVHJXUDGRUDQWHVGHFHOHEUDUVHHOFRQWUDWRKDFRQRFLGRRGHELGRFRQRFHUORV
KHFKRVRFLUFXQVWDQFLDVVREUHTXHYHUVDQORVYLFLRVGHODGHFODUDFLnQRVL\DFHOHEUDGRHOFRQWUDWRVHDOODQDDVXEVDQDUORVRORVDFHSWDH[SUHVD
RWjFLWDPHQWH
$57f&8/25(7(1&,h1'(/$35,0$$7f78/2'(3(1$5HVFLQGLGRHOFRQWUDWRHQORVWkUPLQRVGHODUWlFXORDQWHULRUHODVHJXUDGRUWHQGUj
GHUHFKRDUHWHQHUODWRWDOLGDGGHODSULPDDWlWXORGHSHQD
$57f&8/20$17(1,0,(172'(/(67$'2'(/5,(6*2<127,),&$&,h1'(&$0%,26(ODVHJXUDGRRHOWRPDGRUVHJoQHOFDVRHVWjQ
REOLJDGRVDPDQWHQHUHOHVWDGRGHOULHVJR(QWDOYLUWXGXQRXRWURGHEHUjQQRWLqFDUSRUHVFULWRDODVHJXUDGRUORVKHFKRVRFLUFXQVWDQFLDVQR
SUHYLVLEOHVTXHVREUHYHQJDQFRQSRVWHULRULGDGDODFHOHEUDFLnQGHOFRQWUDWR\TXHFRQIRUPHDOFULWHULRFRQVLJQDGRHQHOLQFLVRORGHODUWlFXOR
VLJQLqTXHQDJUDYDFLnQGHOULHVJRRYDULDFLnQGHVXLGHQWLGDGORFDO
/DQRWLqFDFLnQVHKDUjFRQDQWHODFLnQQRPHQRUGHGLH]GlDVDODIHFKDGHODPRGLqFDFLnQGHOULHVJRVLkVWDGHSHQGHGHODUELWULRGHODVHJXUDGRR
GHOWRPDGRU6LOHHVH[WUDmDGHQWURGHORVGLH]GlDVVLJXLHQWHVDDTXHOHQTXHWHQJDQFRQRFLPLHQWRGHHOODFRQRFLPLHQWRTXHVHSUHVXPH
WUDQVFXUULGRVWUHLQWDGlDVGHVGHHOPRPHQWRGHODPRGLqFDFLnQ
1RWLqFDGDODPRGLqFDFLnQGHOULHVJRHQORVWkUPLQRVFRQVLJQDGRVHQHOLQFLVRDQWHULRUHODVHJXUDGRUSRGUjUHYRFDUHOFRQWUDWRRH[LJLUHO
UHDMXVWHDTXHKD\DOXJDUHQHOYDORUGHODSULPD
/DIDOWDGHQRWLqFDFLnQRSRUWXQDSURGXFHODWHUPLQDFLnQGHOFRQWUDWR3HURVnORODPDODIHGHODVHJXUDGRRGHOWRPDGRUGDUjGHUHFKRDO
DVHJXUDGRUDUHWHQHUODSULPDQRGHYHQJDGD
(VWDVDQFLnQQRVHUjDSOLFDEOHDORVVHJXURVGHYLGDH[FHSWRHQFXDQWRDORVDPSDURVDFFHVRULRVDPHQRVGHFRQYHQFLnQHQFRQWUDULRQL
FXDQGRHODVHJXUDGRUKD\DFRQRFLGRRSRUWXQDPHQWHODPRGLqFDFLnQ\FRQVHQWLGRHQHOOD
$57f&8/2'(),1,&,h1'(*$5$17f$6HHQWHQGHUjSRUJDUDQWlDODSURPHVDHQYLUWXGGHODFXDOHODVHJXUDGRVHREOLJDDKDFHURQR
GHWHUPLQDGDFRVDRDFXPSOLUGHWHUPLQDGDH[LJHQFLDRPHGLDQWHODFXDODqUPDRQLHJDODH[LVWHQFLDGHGHWHUPLQDGDVLWXDFLnQGHKHFKR
/DJDUDQWlDGHEHUjFRQVWDUHQODSnOL]DRHQORVGRFXPHQWRVDFFHVRULRVDHOOD3RGUjH[SUHVDUVHHQFXDOTXLHUIRUPDTXHLQGLTXHODLQWHQFLnQ
LQHTXlYRFDGHRWRUJDUOD
/DJDUDQWlDVHDRQRVXVWDQFLDOUHVSHFWRGHOULHVJRGHEHUjFXPSOLUVHHVWULFWDPHQWH(QFDVRFRQWUDULRHOFRQWUDWRVHUjDQXODEOH&XDQGROD
JDUDQWlDVHUHqHUHDXQKHFKRSRVWHULRUDODFHOHEUDFLnQGHOFRQWUDWRHODVHJXUDGRUSRGUjGDUORSRUWHUPLQDGRGHVGHHOPRPHQWRGHOD
LQIUDFFLnQ
$57f&8/2(;&86$'(12&803/,0,(172'(/$*$5$17f$6HH[FXVDUjHOQRFXPSOLPLHQWRGHODJDUDQWlDFXDQGRSRUYLUWXGGHOFDPELR
GHFLUFXQVWDQFLDVHOODKDGHMDGRGHVHUDSOLFDEOHDOFRQWUDWRRFXDQGRVXFXPSOLPLHQWRKDOOHJDGRDVLJQLqFDUYLRODFLnQGHXQDOH\SRVWHULRUDOD
FHOHEUDFLnQGHOFRQWUDWR
$57f&8/2*$5$17f$'(%8(1(67$'2&XDQGRVHJDUDQWLFHTXHHOREMHWRDVHJXUDGRHVWjHQEXHQHVWDGRHQXQGlDGHWHUPLQDGR
EDVWDUjTXHORHVWkHQFXDOTXLHUPRPHQWRGHHVHGlD
$57f&8/26(*852&2/(&7,926LSRUVHUFROHFWLYRHOVHJXURYHUVDVREUHXQFRQMXQWRGHSHUVRQDVRLQWHUHVHVGHELGDPHQWH
LGHQWLqFDGRVHOFRQWUDWRVXEVLVWHFRQWRGRVVXVHIHFWRVUHVSHFWRGHODVSHUVRQDVRLQWHUHVHVH[WUDmRVDODLQIUDFFLnQ
3HURVLHQWUHODVSHUVRQDVRLQWHUHVHVVREUHTXHYHUVDHOVHJXURH[LVWHXQDFRPXQLGDGWDOTXHSHUPLWDFRQVLGHUDUORVFRPRXQVRORULHVJRDODOX]
GHODWkFQLFDDVHJXUDGRUDODVVDQFLRQHVGHTXHWUDWDQORVDUWlFXORV\LQFLGHQVREUHWRGRHOFRQWUDWR
$57f&8/25('8&&,h1'(/$35,0$325',60,18&,h1'(/5,(6*2(QFDVRGHGLVPLQXFLnQGHOULHVJRHODVHJXUDGRUGHEHUjUHGXFLUOD
SULPDHVWLSXODGDVHJoQODWDULIDFRUUHVSRQGLHQWHSRUHOWLHPSRQRFRUULGRGHOVHJXURH[FHSWRHQORVVHJXURVDTXHVHUHqHUHHODUWlFXOR
LQFLVRqQDO
$57f&8/23$*2'(/$35,0$0RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH(OWRPDGRUGHOVHJXURHVWj
REOLJDGRDOSDJRGHODSULPD6DOYRGLVSRVLFLnQOHJDORFRQWUDFWXDOHQFRQWUDULRGHEHUjKDFHUORDPjVWDUGDUGHQWURGHOPHVVLJXLHQWHFRQWDGRD
SDUWLUGHODIHFKDGHODHQWUHJDGHODSnOL]DRVLIXHUHHOFDVRGHORVFHUWLqFDGRVRDQH[RVTXHVHH[SLGDQFRQIXQGDPHQWRHQHOOD
7H[WRDQWHULRU
(OWRPDGRUGHOVHJXURHVWDUeREOLJDGRDOSDJRGHODSULPD6DOYRGLVSRVLFLiQOHJDORFRQWUDFWXDOHQFRQWUDULRGHEHUeKDFHUORDPeVWDUGDUGHQWUR
GHORVGLH]GgDVVLJXLHQWHVDODIHFKDGHODHQWUHJDGHODSiOL]DRVLIXHUHHOFDVRGHORVFHUWLkFDGRVRDQH[RVTXHVHH[SLGDQFRQIXQGDPHQWRHQ
HOOD
$57f&8/2/8*$5'(/3$*2'(/$35,0$(OSDJRGHODSULPDGHEHUjKDFHUVHHQHOGRPLFLOLRGHODVHJXUDGRURHQHOGHVXV
UHSUHVHQWDQWHVRDJHQWHVGHELGDPHQWHDXWRUL]DGRV
$57f&8/2025$(1(/3$*2'(/$35,0$0RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH/DPRUDHQHOSDJR
GHODSULPDGHODSnOL]DRGHORVFHUWLqFDGRVRDQH[RVTXHVHH[SLGDQFRQIXQGDPHQWRHQHOODSURGXFLUjODWHUPLQDFLnQDXWRPjWLFDGHOFRQWUDWR
\GDUjGHUHFKRDODVHJXUDGRUSDUDH[LJLUHOSDJRGHODSULPDGHYHQJDGD\GHORVJDVWRVFDXVDGRVFRQRFDVLnQGHODH[SHGLFLnQGHOFRQWUDWR
/RGLVSXHVWRHQHOLQFLVRDQWHULRUGHEHUjFRQVLJQDUVHSRUSDUWHGHODVHJXUDGRUHQODFDUjWXODGHODSnOL]DHQFDUDFWHUHVGHVWDFDGRV
/RGLVSXHVWRHQHVWHDUWlFXORQRSRGUjVHUPRGLqFDGRSRUODVSDUWHV
7H[WRDQWHULRU
/DPRUDHQHOSDJRGHODSULPDSURGXFLUeODWHUPLQDFLiQGHOFRQWUDWRDSDUWLUGHODIHFKDGHOHQYgRGHODUHVSHFWLYDFRPXQLFDFLiQSRUHO
DVHJXUDGRUDODjOWLPDGLUHFFLiQFRQRFLGDGHOWRPDGRU\GDUeGHUHFKRDDTXHOSDUDH[LJLUTXHVHOHSDJXHQODSDUWHGHYHQJDGDGHGLFKDSULPD\
ORVJDVWRVFDXVDGRVHQHOSURFHVRGHIRUPDOL]DFLiQGHOFRQWUDWR7DOSDJRVHKDUeFRQIRUPHDODWDULIDGHVHJXURVDFRUWRSOD]R
$57f&8/23$*2)5$&&,21$'2(OSDJRIUDFFLRQDGRGHODSULPDQRDIHFWDODXQLGDGGHOFRQWUDWRGHVHJXURQLODGHORVGLVWLQWRVDPSDURV
LQGLYLGXDOHVTXHDFFHGHQDkO
/RGLVSXHVWRHQHVWHDUWlFXORVHDSOLFDUjDOSDJRGHODVSULPDVTXHVHFDXVHQDWUDYkVGHODYLJHQFLDGHOFRQWUDWR\DODVGHUHQRYDFLnQGHO
PLVPR
$57f&8/235,0$'(9(1*$'$6LQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXORHODVHJXUDGRUGHYHQJDUjGHqQLWLYDPHQWHODSDUWHGHOD
SULPDSURSRUFLRQDODOWLHPSRFRUULGRGHOULHVJR6LQHPEDUJRHQFDVRGHVLQLHVWURWRWDOLQGHPQL]DEOHDODOX]GHOFRQWUDWRODSULPDVHHQWHQGHUj
WRWDOPHQWHGHYHQJDGDSRUHODVHJXUDGRU6LHOVLQLHVWURIXHUHSDUFLDOVHWHQGUjSRUGHYHQJDGDODFRUUHVSRQGLHQWHDOYDORUGHODLQGHPQL]DFLnQ
VLQFRQVLGHUDFLnQDOWLHPSRFRUULGRGHOVHJXUR
(QORVVHJXURVFROHFWLYRVHVWDQRUPDVHDSOLFDUjVnORDOVHJXURVREUHHOLQWHUkVRSHUVRQDDIHFWDGRVSRUHOVLQLHVWUR
(QORVVHJXURVPoOWLSOHVFRQWUDWDGRVDWUDYkVGHXQDPLVPDSnOL]D\FRQSULPDVLQGHSHQGLHQWHVVHDSOLFDUjDOVHJXURRFRQMXQWRGHVHJXURVGH
TXHVHDQREMHWRHOLQWHUkVRODSHUVRQDDIHFWDGRVSRUHOVLQLHVWURFRQLQGHSHQGHQFLDGHORVGHPjV
(VWHDUWlFXORWDQVRORSXHGHVHUPRGLqFDGRSRUODFRQYHQFLnQFRQHOREMHWRGHIDYRUHFHUORVLQWHUHVHVGHODVHJXUDGR
$57f&8/25(92&$&,h1(OFRQWUDWRGHVHJXURSRGUjVHUUHYRFDGRXQLODWHUDOPHQWHSRUORVFRQWUDWDQWHV3RUHODVHJXUDGRUPHGLDQWH
QRWLFLDHVFULWDDODVHJXUDGRHQYLDGDDVXoOWLPDGLUHFFLnQFRQRFLGDFRQQRPHQRVGHGLH]GlDVGHDQWHODFLnQFRQWDGRVDSDUWLUGHODIHFKDGHO
HQYlRSRUHODVHJXUDGRHQFXDOTXLHUPRPHQWRPHGLDQWHDYLVRHVFULWRDODVHJXUDGRU
(QHOSULPHUFDVRODUHYRFDFLnQGDGHUHFKRDODVHJXUDGRDUHFXSHUDUODSULPDQRGHYHQJDGDRVHDODTXHFRUUHVSRQGHDOODSVRFRPSUHQGLGR
HQWUHODIHFKDHQTXHFRPLHQ]DDVXUWLUHIHFWRVODUHYRFDFLnQ\ODGHYHQFLPLHQWRGHOFRQWUDWR/DGHYROXFLnQVHFRPSXWDUjGHLJXDOPRGRVLOD
UHYRFDFLnQUHVXOWDGHOPXWXRDFXHUGRGHODVSDUWHV
(QHOVHJXQGRFDVRHOLPSRUWHGHODSULPDGHYHQJDGD\HOGHODGHYROXFLnQVHFDOFXODUjQWRPDQGRHQFXHQWDODWDULIDGHVHJXURVDFRUWRSOD]R
6HUjQWDPELkQUHYRFDEOHVODSnOL]DrRWDQWH\ODDXWRPjWLFDDTXHVHUHqHUHHODUWlFXOR
$57f&8/2'(),1,&,h1'(6,1,(67526HGHQRPLQDVLQLHVWURODUHDOL]DFLnQGHOULHVJRDVHJXUDGR
$57f&8/25(63216$%,/,'$''(/$6(*85$'256(*i1(/,1,&,2'(/6,1,(67526LHOVLQLHVWURLQLFLDGRDQWHV\FRQWLQXDGRGHVSXkVGH
YHQFLGRHOWkUPLQRGHOVHJXURFRQVXPDODSkUGLGDRGHWHULRURGHODFRVDDVHJXUDGDHODVHJXUDGRUUHVSRQGHGHOYDORUGHODLQGHPQL]DFLnQHQORV
WkUPLQRVGHOFRQWUDWR
3HURVLVHLQLFLDDQWHV\FRQWLQoDGHVSXkVTXHORVULHVJRVKD\DQSULQFLSLDGRDFRUUHUSRUFXHQWDGHODVHJXUDGRUkVWHQRVHUjUHVSRQVDEOHSRUHO
VLQLHVWUR
$57f&8/22%/,*$&,h1'((9,7$5/$(;7(16,h1<3523$*$&,h1'(/6,1,(67522FXUULGRHOVLQLHVWURHODVHJXUDGRHVWDUjREOLJDGRD
HYLWDUVXH[WHQVLnQ\SURSDJDFLnQ\DSURYHHUDOVDOYDPHQWRGHODVFRVDVDVHJXUDGDV
(ODVHJXUDGRUVHKDUjFDUJRGHQWURGHODVQRUPDVTXHUHJXODQHOLPSRUWHGHODLQGHPQL]DFLnQGHORVJDVWRVUD]RQDEOHVHQTXHLQFXUUDHO
DVHJXUDGRHQFXPSOLPLHQWRGHWDOHVREOLJDFLRQHV
$57f&8/2$9,62'(/$2&855(1&,$'(/6,1,(6752(ODVHJXUDGRRHOEHQHqFLDULRHVWDUjQREOLJDGRVDGDUQRWLFLDDODVHJXUDGRUGHOD
RFXUUHQFLDGHOVLQLHVWURGHQWURGHORVWUHVGlDVVLJXLHQWHVDODIHFKDHQTXHORKD\DQFRQRFLGRRGHELGRFRQRFHU(VWHWkUPLQRSRGUjDPSOLDUVH
PDVQRUHGXFLUVHSRUODVSDUWHV
(ODVHJXUDGRUQRSRGUjDOHJDUHOUHWDUGRRODRPLVLnQVLGHQWURGHOPLVPRSOD]RLQWHUYLHQHHQODVRSHUDFLRQHVGHVDOYDPHQWRRGH
FRPSUREDFLnQGHOVLQLHVWUR
$57f&8/22%/,*$&,h1'(,1)250$5/$&2(;,67(1&,$'(6(*85266LQSHUMXLFLRGHODREOLJDFLnQTXHOHLPSRQHHODUWlFXORHO
DVHJXUDGRHVWDUjREOLJDGRDGHFODUDUDODVHJXUDGRUDOGDUODQRWLFLDGHOVLQLHVWURORVVHJXURVFRH[LVWHQWHVFRQLQGLFDFLnQGHODVHJXUDGRU\GHOD
VXPDDVHJXUDGD/DLQREVHUYDQFLDPDOLFLRVDGHHVWDREOLJDFLnQOHDFDUUHDUjODSkUGLGDGHOGHUHFKRDODSUHVWDFLnQDVHJXUDGD
$57f&8/2&$5*$'(/$358(%$&RUUHVSRQGHUjDODVHJXUDGRGHPRVWUDUODRFXUUHQFLDGHOVLQLHVWURDVlFRPRODFXDQWlDGHODSkUGLGDVL
IXHUHHOFDVR
(ODVHJXUDGRUGHEHUjGHPRVWUDUORVKHFKRVRFLUFXQVWDQFLDVH[FOX\HQWHVGHVXUHVSRQVDELOLGDG
(QHOFDVRGHORVVHJXURVSDUDPkWULFRVRSRUlQGLFHODRFXUUHQFLDGHOVLQLHVWUR\VXFXDQWlDTXHGDUjQGHPRVWUDGRVFRQODUHDOL]DFLnQGHOlQGLFHR
ORVlQGLFHVGHDFXHUGRFRQHOPRGHORXWLOL]DGRHQHOGLVHmRGHOVHJXUR\GHqQLGRHQHOUHVSHFWLYRFRQWUDWR
,QFLVR$GLFLRQDGRSRUHO$UWGHOD/H\GH
$57f&8/25('8&&,h1'(/$,1'(01,=$&,h1325,1&803/,0,(1726LHODVHJXUDGRRHOEHQHqFLDULRLQFXPSOLHUHQODVREOLJDFLRQHVTXH
OHVFRUUHVSRQGHQHQFDVRGHVLQLHVWURHODVHJXUDGRUVnORSRGUjGHGXFLUGHODLQGHPQL]DFLnQHOYDORUGHORVSHUMXLFLRVTXHOHFDXVHGLFKR
LQFXPSOLPLHQWR
/DPDODIHGHODVHJXUDGRRGHOEHQHqFLDULRHQODUHFODPDFLnQRFRPSUREDFLnQGHOGHUHFKRDOSDJRGHGHWHUPLQDGRVLQLHVWURFDXVDUjODSkUGLGD
GHWDOGHUHFKR
$57f&8/25(63216$%,/,'$'+$67$/$&21&855(1&,$'(/$680$$6(*85$'$(ODVHJXUDGRUQRHVWDUjREOLJDGRDUHVSRQGHUVLQR
KDVWDFRQFXUUHQFLDGHODVXPDDVHJXUDGDVLQSHUMXLFLRGHORGLVSXHVWRHQHOLQFLVRVHJXQGRGHODUWlFXOR
$57f&8/23/$=23$5$(/3$*2'(/$,1'(01,=$&,h1(,17(5(6(6025$725,260RGLqFDGRSDUFLDOPHQWHSRUHO$UWlFXORGHOD/H\
GH0RGLqFDGR ,QFLVR SRUHO$UWlFXORGHOD/H\GH(ODVHJXUDGRUHVWDUjREOLJDGRDHIHFWXDUHOSDJRGHOVLQLHVWURGHQWUR
GHOPHVVLJXLHQWHDODIHFKDHQTXHHODVHJXUDGRREHQHqFLDULRDFUHGLWHDXQH[WUDMXGLFLDOPHQWHVXGHUHFKRDQWHHODVHJXUDGRUGHDFXHUGRFRQ
HODUWlFXOR9HQFLGRHVWHSOD]RHODVHJXUDGRUUHFRQRFHUj\SDJDUjDODVHJXUDGRREHQHqFLDULRDGHPjVGHODREOLJDFLnQDVXFDUJR\VREUH
HOLPSRUWHGHHOODXQLQWHUkVPRUDWRULRLJXDODOFHUWLqFDGRFRPREDQFDULRFRUULHQWHSRUOD6XSHULQWHQGHQFLD%DQFDULDDXPHQWDGRHQODPLWDG
(OFRQWUDWRGHUHDVHJXURQRYDUlDHOFRQWUDWRGHVHJXURFHOHEUDGRHQWUHWRPDGRU\DVHJXUDGRU\ODRSRUWXQLGDGHQHOSDJRGHkVWHHQFDVRGH
VLQLHVWURQRSRGUjGLIHULUVHDSUHWH[WRGHOUHDVHJXUR
(ODVHJXUDGRRHOEHQHqFLDULRWHQGUjQGHUHFKRDGHPDQGDUHQOXJDUGHORVLQWHUHVHVDTXHVHUHqHUHHOLQFLVRDQWHULRUODLQGHPQL]DFLnQGH
SHUMXLFLRVFDXVDGRVSRUODPRUDGHODVHJXUDGRU
7H[WRVXEURJDGRSRUODOH\GH
(ODVHJXUDGRUHVWDUeREOLJDGRDHIHFWXDUHOSDJRGHOVLQLHVWURGHQWURGHOPHVVLJXLHQWHDODIHFKDHQTXHHODVHJXUDGRREHQHkFLDULRDFUHGLWH
DXQH[WUDMXGLFLDOPHQWHVXGHUHFKRDQWHHODVHJXUDGRUGHDFXHUGRFRQHODUWgFXOR9HQFLGRHVWHSOD]RHODVHJXUDGRUUHFRQRFHUe\SDJDUe
DODVHJXUDGRREHQHkFLDULRDGHPeVGHODREOLJDFLiQDVXFDUJR\VREUHHOLPSRUWHGHHOODODWDVDPe[LPDGHLQWHUfVPRUDWRULRYLJHQWHHQHO
PRPHQWRHQTXHHIHFWjHHOSDJR
(OFRQWUDWRGHUHDVHJXURQRYDUgDHOFRQWUDWRGHVHJXURFHOHEUDGRHQWUHHOWRPDGRU\DVHJXUDGRU\ODRSRUWXQLGDGHQHOSDJRGHfVWHHQFDVR
GHVLQLHVWURQRSRGUeGLIHULUVHDSUHWH[WRGHOUHDVHJXUR
7H[WRRULJLQDO
,1&,62R(ODVHJXUDGRUHVWDUeREOLJDGRDHIHFWXDUHOSDJRGHOVLQLHVWURGHQWURGHORVVHVHQWDGgDVVLJXLHQWHVDODIHFKDHQTXHHODVHJXUDGRR
EHQHkFLDULRDFUHGLWHDXQH[WUDMXGLFLDOPHQWHVXGHUHFKRDQWHHODVHJXUDGRUGHDFXHUGRFRQHO$UWgFXOR9HQFLGRHVWHSOD]RHODVHJXUDGRU
UHFRQRFHUe\SDJDUeDODVHJXUDGRREHQHkFLDULRDGHPeVGHODREOLJDFLiQDVXFDUJR\VREUHHOLPSRUWHGHHOODLQWHUHVHVPRUDWRULRVDODWDVDGH
GLHFLRFKRSRUFLHQWRDQXDO
$57f&8/235(6&5,3&,h1'($&&,21(6/DSUHVFULSFLnQGHODVDFFLRQHVTXHVHGHULYDQGHOFRQWUDWRGHVHJXURRGHODVGLVSRVLFLRQHVTXH
ORULJHQSRGUjVHURUGLQDULDRH[WUDRUGLQDULD
/DSUHVFULSFLnQRUGLQDULDVHUjGHGRVDmRV\HPSH]DUjDFRUUHUGHVGHHOPRPHQWRHQTXHHOLQWHUHVDGRKD\DWHQLGRRGHELGRWHQHUFRQRFLPLHQWR
GHOKHFKRTXHGDEDVHDODDFFLnQ
/DSUHVFULSFLnQH[WUDRUGLQDULDVHUjGHFLQFRDmRVFRUUHUjFRQWUDWRGDFODVHGHSHUVRQDV\HPSH]DUjDFRQWDUVHGHVGHHOPRPHQWRHQTXHQDFH
HOUHVSHFWLYRGHUHFKR
(VWRVWkUPLQRVQRSXHGHQVHUPRGLqFDGRVSRUODVSDUWHV
$57f&8/2&/$6(6'(6(*8526/RVVHJXURVSRGUjQVHUGHGDmRVRGHSHUVRQDVDTXHOORVDVXYH]SRGUjQVHUUHDOHVRSDWULPRQLDOHV
&$3f78/2,,
6(*8526'('$g26
6(&&,h1,
35,1&,3,26&2081(6$/266(*8526'('$g26
$57f&8/2,17(5e6$6(*85$%/(7LHQHLQWHUkVDVHJXUDEOHWRGDSHUVRQDFX\RSDWULPRQLRSXHGDUHVXOWDUDIHFWDGRGLUHFWDR
LQGLUHFWDPHQWHSRUODUHDOL]DFLnQGHXQULHVJR
(VDVHJXUDEOHWRGRLQWHUkVTXHDGHPjVGHOlFLWRVHDVXVFHSWLEOHGHHVWLPDFLnQHQGLQHUR
$57f&8/2&21&855(1&,$'(',67,1726,17(5(6(66REUHXQDPLVPDFRVDSRGUjQFRQFXUULUGLVWLQWRVLQWHUHVHVWRGRVORVFXDOHVVRQ
DVHJXUDEOHVVLPXOWjQHDRVXFHVLYDPHQWHKDVWDSRUHOYDORUGHFDGDXQRGHHOORV3HURODLQGHPQL]DFLnQHQFDVRGHSURGXFLUVHHOKHFKRTXHOD
RULJLQHQRSRGUjH[FHGHUGHOYDORUWRWDOGHODFRVDHQHOPRPHQWRGHOVLQLHVWUR6XGLVWULEXFLnQHQWUHORVLQWHUHVDGRVVHKDUjWHQLHQGRHQFXHQWD
HOSULQFLSLRFRQVLJQDGRHQHODUWlFXOR
$57f&8/26(*85262%5(3/85$/,'$''(%,(1(6/RVHVWDEOHFLPLHQWRVGHFRPHUFLRFRPRDOPDFHQHVED]DUHVWLHQGDVIjEULFDV\
RWURV\ORVFDUJDPHQWRVWHUUHVWUHVRPDUlWLPRVSXHGHQVHUDVHJXUDGRVFRQRVLQGHVLJQDFLnQHVSHFlqFDGHODVPHUFDGHUlDV\RWURVREMHWRVTXH
FRQWHQJDQ
/RVPXHEOHVTXHFRQVWLWX\HQHOPHQDMHGHXQDFDVDSXHGHQVHUWDPELkQDVHJXUDGRVHQODPLVPDIRUPDVDOYRODVDOKDMDVFXDGURVGHIDPLOLD
FROHFFLRQHVREMHWRVGHDUWHXRWURVDQjORJRVORVTXHGHEHUjQLQGLYLGXDOL]DUVHDOFRQWUDWDUVHHOVHJXUR\DOWLHPSRGHODRFXUUHQFLDGHOVLQLHVWUR
(QWRGRFDVRHODVHJXUDGRGHEHUjSUREDUODH[LVWHQFLD\HOYDORUGHORVREMHWRVDVHJXUDGRVDOWLHPSRGHOVLQLHVWUR
$57f&8/2(;,67(1&,$'(/,17(5e6<(;7,1&,h1(OLQWHUkVGHEHUjH[LVWLUHQWRGRPRPHQWRGHVGHODIHFKDHQTXHHODVHJXUDGRUDVXPD
HOULHVJR/DGHVDSDULFLnQGHOLQWHUkVOOHYDUjFRQVLJRODFHVDFLnQRH[WLQFLnQGHOVHJXURVLQSHUMXLFLRGHORGLVSXHVWRHQORVDUWlFXORV\
$57f&8/2/,%5((67,38/$&,h1'(/9$/25'(/6(*852(QORVFDVRVHQTXHQRSXHGDKDFHUVHODHVWLPDFLnQSUHYLDHQGLQHURGHOLQWHUkV
DVHJXUDEOHHOYDORUGHOVHJXURVHUjHVWLSXODGROLEUHPHQWHSRUORVFRQWUDWDQWHV3HURHODMXVWHGHODLQGHPQL]DFLnQVHKDUjJXDUGDQGRDEVROXWD
VXMHFLnQDORHVWDWXLGRHQHODUWlFXORVLJXLHQWH
$57f&8/2&$5d&7(5,1'(01,=$725,2'(/6(*8525HVSHFWRGHODVHJXUDGRORVVHJXURVGHGDmRVVHUjQFRQWUDWRVGHPHUD
LQGHPQL]DFLnQ\MDPjVSRGUjQFRQVWLWXLUSDUDkOIXHQWHGHHQULTXHFLPLHQWR/DLQGHPQL]DFLnQSRGUjFRPSUHQGHUDODYH]HOGDmRHPHUJHQWH\HO
OXFURFHVDQWHSHURkVWHGHEHUjVHUREMHWRGHXQDFXHUGRH[SUHVR
3DUDHOFDVRGHOVHJXURSDUDPkWULFRRSRUlQGLFHHOSDJRSRUODRFXUUHQFLDGHOULHVJRDVHJXUDGRVHKDUjHIHFWLYRFRQODUHDOL]DFLnQGHOlQGLFHR
ORVlQGLFHVGHqQLGRVHQHOFRQWUDWRGHVHJXUR
,QFLVR$GLFLRQDGRSRUHO$UWGHOD/H\GH
$57f&8/2/,0,7(0d;,02'(/$,1'(01,=$&,h1'HQWURGHORVOlPLWHVLQGLFDGRVHQHODUWlFXORODLQGHPQL]DFLnQQRH[FHGHUjHQ
QLQJoQFDVRGHOYDORUUHDOGHOLQWHUkVDVHJXUDGRHQHOPRPHQWRGHOVLQLHVWURQLGHOPRQWRHIHFWLYRGHOSHUMXLFLRSDWULPRQLDOVXIULGRSRUHO
DVHJXUDGRRHOEHQHqFLDULR
6HSUHVXPHYDORUUHDOGHOLQWHUkVDVHJXUDGRHOTXHKD\DVLGRREMHWRGHXQDFXHUGRH[SUHVRHQWUHHODVHJXUDGR\HODVHJXUDGRU(VWHQR
REVWDQWHSRGUjSUREDUTXHHOYDORUDFRUGDGRH[FHGHQRWDEOHPHQWHHOYHUGDGHURYDORUUHDOGHOLQWHUkVREMHWRGHOFRQWUDWRPDVQRTXHHVLQIHULRU
DkO
$57f&8/23$*2'(,1'(01,=$&,h1325(/9$/25'(5(326,&,h12'(5((03/$=2/RGLVSXHVWRHQHODUWlFXORDQWHULRUQRREVWDSDUD
TXHODVSDUWHVDOFRQWUDWDUHOVHJXURDFXHUGHQHOSDJRGHODLQGHPQL]DFLnQSRUHOYDORUGHUHSRVLFLnQRGHUHHPSOD]RGHOELHQDVHJXUDGRSHUR
VXMHWRVLDHOORKXELHUHOXJDUDOOlPLWHGHODVXPDDVHJXUDGD
$57f&8/218/,'$''(/&2175$7232562%5(6(*852(OH[FHVRGHOVHJXURVREUHHOYDORUUHDOGHOLQWHUkVDVHJXUDGRSURGXFLUjOD
QXOLGDGGHOFRQWUDWRFRQUHWHQFLnQGHODSULPDDWlWXORGHSHQDFXDQGRGHSDUWHGHODVHJXUDGRKD\DKDELGRLQWHQFLnQPDQLqHVWDGHGHIUDXGDUDO
DVHJXUDGRU(QORVGHPjVFDVRVSRGUjSURPRYHUVHVXUHGXFFLnQSRUFXDOTXLHUDGHODVSDUWHVFRQWUDWDQWHVPHGLDQWHODGHYROXFLnQRUHEDMDGHOD
SULPDFRUUHVSRQGLHQWHDOLPSRUWHGHOH[FHVR\DOSHUlRGRQRWUDQVFXUULGRGHOVHJXUR
/DUHGXFFLnQQRSRGUjHIHFWXDUVHGHVSXkVGHRFXUULGRXQVLQLHVWURWRWDO
$57f&8/2,1'(01,=$&,h1(1&$62'(&2(;,67(1&,$'(6(*8526(QHOFDVRGHSOXUDOLGDGRGHFRH[LVWHQFLDGHVHJXURVORV
DVHJXUDGRUHVGHEHUjQVRSRUWDUODLQGHPQL]DFLnQGHELGDDODVHJXUDGRHQSURSRUFLnQDODFXDQWlDGHVXVUHVSHFWLYRVFRQWUDWRVVLHPSUHTXHHO
DVHJXUDGRKD\DDFWXDGRGHEXHQDIH/DPDODIHHQODFRQWUDWDFLnQGHkVWRVSURGXFHQXOLGDG
$57f&8/2,1)250$&,h162%5(&2(;,67(1&,$'(6(*8526(ODVHJXUDGRGHEHUjLQIRUPDUSRUHVFULWRDODVHJXUDGRUORVVHJXURVGHLJXDO
QDWXUDOH]DTXHFRQWUDWHVREUHHOPLVPRLQWHUkVGHQWURGHOWkUPLQRGHGLH]GlDVDSDUWLUGHVXFHOHEUDFLnQ
/DLQREVHUYDQFLDGHHVWDREOLJDFLnQSURGXFLUjODWHUPLQDFLnQGHOFRQWUDWRDPHQRVTXHHOYDORUFRQMXQWRGHORVVHJXURVQRH[FHGDHOYDORUUHDO
GHOLQWHUkVDVHJXUDGR
$57f&8/23/85$/,'$'2&2(;,67(1&,$'(6(*8526&21',&,21(6+D\SOXUDOLGDGRFRH[LVWHQFLDGHVHJXURVFXDQGRkVWRVUHoQDQODV
FRQGLFLRQHVVLJXLHQWHV
'LYHUVLGDGGHDVHJXUDGRUHV
,GHQWLGDGGHDVHJXUDGR
,GHQWLGDGGHLQWHUkVDVHJXUDGR\
,GHQWLGDGGHULHVJR
$57f&8/2&2$6(*852/DVQRUPDVTXHDQWHFHGHQVHDSOLFDUjQLJXDOPHQWHDOFRDVHJXURHQYLUWXGGHOFXDOGRVRPjVDVHJXUDGRUHVD
SHWLFLnQGHODVHJXUDGRRFRQVXDTXLHVFHQFLDSUHYLDDFXHUGDQGLVWULEXLUVHHQWUHHOORVGHWHUPLQDGRVHJXUR
$57f&8/268%52*$&,h1'(/$6(*85$'2548(3$*$/$,1'(01,=$&,h1(ODVHJXUDGRUTXHSDJXHXQDLQGHPQL]DFLnQVHVXEURJDUj
SRUPLQLVWHULRGHODOH\\KDVWDFRQFXUUHQFLDGHVXLPSRUWHHQORVGHUHFKRVGHODVHJXUDGRFRQWUDODVSHUVRQDVUHVSRQVDEOHVGHOVLQLHVWUR3HUR
kVWDVSRGUjQRSRQHUDODVHJXUDGRUODVPLVPDVH[FHSFLRQHVTXHSXGLHUHQKDFHUYDOHUFRQWUDHOGDPQLqFDGR
+DEUjWDPELkQOXJDUDODVXEURJDFLnQHQORVGHUHFKRVGHODVHJXUDGRFXDQGRkVWHDWlWXORGHDFUHHGRUKDFRQWUDWDGRHOVHJXURSDUDSURWHJHUVX
GHUHFKRUHDOVREUHODFRVDDVHJXUDGD
$57f&8/2,55(181&,$%,/,'$''('(5(&+26&2175$7(5&(526(ODVHJXUDGRQRSRGUjUHQXQFLDUHQQLQJoQPRPHQWRDVXVGHUHFKRV
FRQWUDWHUFHURVUHVSRQVDEOHVGHOVLQLHVWUR(OLQFXPSOLPLHQWRGHHVWDREOLJDFLnQDFDUUHDUjODSkUGLGDGHOGHUHFKRDODLQGHPQL]DFLnQ
$57f&8/2&2/$%25$&,h1'(/$6(*85$'2(1&$62'(68%52*$&,h1$SHWLFLnQGHODVHJXUDGRUHODVHJXUDGRGHEHUjKDFHUWRGROR
TXHHVWkDVXDOFDQFHSDUDSHUPLWLUOHHOHMHUFLFLRGHORVGHUHFKRVGHULYDGRVGHODVXEURJDFLnQ
(OLQFXPSOLPLHQWRGHHVWDREOLJDFLnQVHVDQFLRQDUjHQORVWkUPLQRVGHO$UWlFXOR
$57f&8/2352+,%,&,h1'(68%52*$&,h1(ODVHJXUDGRUQRWHQGUjGHUHFKRDODVXEURJDFLnQFRQWUDQLQJXQDGHODVSHUVRQDVFX\RVDFWRV
XRPLVLRQHVGHQRULJHQDUHVSRQVDELOLGDGGHODVHJXUDGRGHDFXHUGRFRQODVOH\HVQLFRQWUDHOFDXVDQWHGHOVLQLHVWURTXHVHDUHVSHFWRGHO
DVHJXUDGRSDULHQWHHQOlQHDGLUHFWDRFRODWHUDOGHQWURGHOVHJXQGRJUDGRFLYLOGHFRQVDQJXLQLGDGSDGUHDGRSWDQWHKLMRDGRSWLYRRFnQ\XJHQR
GLYRUFLDGR
3HURHVWDQRUPDQRWHQGUjHIHFWRVLODUHVSRQVDELOLGDGSURYLHQHGHGRORRFXOSDJUDYHQLHQORVVHJXURVGHPDQHMRFXPSOLPLHQWR\FUkGLWRRVL
HVWjDPSDUDGDPHGLDQWHXQFRQWUDWRGHVHJXUR(QHVWHoOWLPRFDVRODVXEURJDFLnQHVWDUjOLPLWDGDHQVXDOFDQFHGHDFXHUGRFRQORVWkUPLQRV
GHGLFKRFRQWUDWR
$57f&8/26(*852'($&&,'(17(6'(75$%$-2/DVQRUPDVGHORVDUWlFXORV\VLJXLHQWHVVHDSOLFDQWDPELkQDOVHJXURGH
DFFLGHQWHVGHWUDEDMRVLDVlORFRQYLQLHUHQODVSDUWHV
$57f&8/268%52*$&,h15($//DLQGHPQL]DFLnQDFDUJRGHORVDVHJXUDGRUHVVHVXEURJDUjDODFRVDKLSRWHFDGDRGDGDHQSUHQGDSDUD
HOHIHFWRGHUDGLFDUVREUHHOODORVGHUHFKRVUHDOHVGHODFUHHGRUKLSRWHFDULRRSUHQGDULR3HURHODVHJXUDGRUTXHGHEXHQDIHKD\DHIHFWXDGRHO
SDJRQRLQFXUULUjHQUHVSRQVDELOLGDGIUHQWHDGLFKRDFUHHGRU
/RH[SUHVDGRHQHVWHDUWlFXORVHDSOLFDUjDORVFDVRVHQTXHVHHMHUFLWHHOGHUHFKRGHUHWHQFLnQ\DDTXHOORVHQTXHODFRVDDVHJXUDGDHVWk
HPEDUJDGDRVHFXHVWUDGDMXGLFLDOPHQWH
$57f&8/2,1)5$6(*852(,1'(01,=$&,h11RKDOOjQGRVHDVHJXUDGRHOlQWHJURYDORUGHOLQWHUkVHODVHJXUDGRUVnORHVWDUjREOLJDGRD
LQGHPQL]DUHOGDmRDSURUUDWDHQWUHODFDQWLGDGDVHJXUDGD\ODTXHQRORHVWk
6LQHPEDUJRODVSDUWHVSRGUjQHVWLSXODUTXHHODVHJXUDGRQRVRSRUWDUjSDUWHDOJXQDGHODSkUGLGDRGHWHULRURVLQRHQHOFDVRGHTXHHOPRQWR
GHkVWRVH[FHGDGHODVXPDDVHJXUDGD
$57f&8/2'('8&,%/(/DVFOjXVXODVVHJoQODVFXDOHVHODVHJXUDGRGHEDVRSRUWDUXQDFXRWDHQHOULHVJRRHQODSkUGLGDRDIURQWDUOD
SULPHUDSDUWHGHOGDmRLPSOLFDQVDOYRHVWLSXODFLnQHQFRQWUDULRODSURKLELFLnQSDUDHODVHJXUDGRGHSURWHJHUVHUHVSHFWRGHWDOHVFXRWDV
PHGLDQWHODFRQWUDWDFLnQGHXQVHJXURDGLFLRQDO/DLQIUDFFLnQGHHVWDQRUPDSURGXFLUjODWHUPLQDFLnQGHOFRQWUDWRRULJLQDO
$57f&8/29,&,23523,2'(/$6&26$6/DDYHUlDPHUPDRSkUGLGDGHXQDFRVDSURYHQLHQWHVGHVXYLFLRSURSLRQRHVWDUjQ
FRPSUHQGLGDVGHQWURGHOULHVJRDVXPLGRSRUHODVHJXUDGRU
(QWLkQGHVHSRUYLFLRSURSLRHOJHUPHQGHGHVWUXFFLnQRGHWHULRURTXHOOHYDQHQVlODVFRVDVSRUVXSURSLDQDWXUDOH]DRGHVWLQRDXQTXHVHODV
VXSRQJDGHODPjVSHUIHFWDFDOLGDGHQVXHVSHFLH
$57f&8/2'(),1,&,h1'(5,(6*26&$7$6752),&266HHQWHQGHUjQLJXDOPHQWHH[FOXLGRVGHOFRQWUDWRGHVHJXURODVSkUGLGDVRGDmRVTXH
VXIUDQORVREMHWRVDVHJXUDGRVRORVGHPjVSHUMXLFLRVFDXVDGRVSRU
*XHUUDFLYLORLQWHUQDFLRQDOPRWLQHVKXHOJDVPRYLPLHQWRVVXEYHUVLYRVRHQJHQHUDOFRQPRFLRQHVSRSXODUHVGHFXDOTXLHUFODVH\
(UXSFLRQHVYROFjQLFDVWHPEORUHVGHWLHUUDRFXDOHVTXLHUDRWUDVFRQYXOVLRQHVGHODQDWXUDOH]D
$57f&8/275$160,6,h1325&$86$'(08(57('(/,17(5e6$6(*85$%/(/DWUDQVPLVLnQSRUFDXVDGHPXHUWHGHOLQWHUkVDVHJXUDGRR
GHODFRVDDTXHHVWkYLQFXODGRHOVHJXURGHMDUjVXEVLVWHQWHHOFRQWUDWRDQRPEUHGHODGTXLUHQWHDFX\RFDUJRTXHGDUjHOFXPSOLPLHQWRGHODV
REOLJDFLRQHVSHQGLHQWHVHQHOPRPHQWRGHODPXHUWHGHODVHJXUDGR
3HURHODGMXGLFDWDULRWHQGUjXQSOD]RGHTXLQFHGlDVFRQWDGRVDSDUWLUGHODIHFKDGHODVHQWHQFLDDSUREDWRULDGHODSDUWLFLnQSDUDFRPXQLFDUDO
DVHJXUDGRUODDGTXLVLFLnQUHVSHFWLYD$IDOWDGHHVWDFRPXQLFDFLnQVHSURGXFHODH[WLQFLnQGHOFRQWUDWR
$57f&8/275$16)(5(1&,$325$&72(175(9,926'(/,17(5e6$6(*85$%/(/DWUDQVIHUHQFLDSRUDFWRHQWUHYLYRVGHOLQWHUkV
DVHJXUDGRRGHODFRVDDTXHHVWkYLQFXODGRHOVHJXURSURGXFLUjDXWRPjWLFDPHQWHODH[WLQFLnQGHOFRQWUDWRDPHQRVTXHVXEVLVWDXQLQWHUkV
DVHJXUDEOHHQFDEH]DGHODVHJXUDGR(QHVWHFDVRVXEVLVWLUjHOFRQWUDWRHQODPHGLGDQHFHVDULDSDUDSURWHJHUWDOLQWHUkVVLHPSUHTXHHO
DVHJXUDGRLQIRUPHGHHVWDFLUFXQVWDQFLDDODVHJXUDGRUGHQWURGHORVGLH]GlDVVLJXLHQWHVDODIHFKDGHODWUDQVIHUHQFLD
/DH[WLQFLnQFUHDUjDFDUJRGHODVHJXUDGRUODREOLJDFLnQGHGHYROYHUODSULPDQRGHYHQJDGD
(OFRQVHQWLPLHQWRH[SUHVRGHODVHJXUDGRUJHQkULFDRHVSHFlqFDPHQWHRWRUJDGRGHMDUjVLQHIHFWRVODH[WLQFLnQGHOFRQWUDWRDTXHVHUHqHUHHO
LQFLVRSULPHURGHHVWHDUWlFXOR
$57f&8/2(;&(3&,21(648(6(38('(12321(5$/$'48,5,(17((QORVFDVRVGHORVDUWlFXORV\HODVHJXUDGRUWHQGUj
GHUHFKRGHRSRQHUDODGTXLUHQWHGHOVHJXURWRGDVODVH[FHSFLRQHVUHODWLYDVDOFRQWUDWRRSRQLEOHVDODVHJXUDGRRULJLQDO
$57f&8/2(;7,1&,h1'(/&2175$726HSURGXFLUjLJXDOPHQWHODH[WLQFLnQGHOFRQWUDWRFRQODREOLJDFLnQDFDUJRGHODVHJXUDGRUGH
GHYROYHUODSULPDQRGHYHQJDGDVLODFRVDDVHJXUDGDRDODFXDOHVWjOLJDGRHOVHJXURVHGHVWUX\HSRUKHFKRRFDXVDH[WUDmRVDODSURWHFFLnQ
GHULYDGDGHDTXkO6LODGHVWUXFFLnQHVSDUFLDOODH[WLQFLnQVHSURGXFLUjSDUFLDOPHQWH\KDEUjOXJDUDVLPLVPRDODGHYROXFLnQGHODSULPD
UHVSHFWLYD
$57f&8/2)20$'(3$*2'(/$,1'(01,=$&,h1/DLQGHPQL]DFLnQVHUjSDJDGHUDHQGLQHURRPHGLDQWHODUHSRVLFLnQUHSDUDFLnQR
UHFRQVWUXFFLnQGHODFRVDDVHJXUDGDDRSFLnQGHODVHJXUDGRU
$57f&8/25('8&&,h1'(/$680$$6(*85$'$/DVXPDDVHJXUDGDVHHQWHQGHUjUHGXFLGDGHVGHHOPRPHQWRGHOVLQLHVWURHQHO
LPSRUWHGHODLQGHPQL]DFLnQSDJDGDSRUHODVHJXUDGRU
$57f&8/2352+,%,&,h1'(/$%$1'212'(/$6&26$6$6(*85$'$6$ODVHJXUDGRRDOEHQHqFLDULRVHJoQHOFDVRQROHHVWDUj
SHUPLWLGRHODEDQGRQRGHODVFRVDVDVHJXUDGDVFRQRFDVLnQGHXQVLQLHVWURVDOYRDFXHUGRHQFRQWUDULR
6(&&,h1,,
6(*852'(,1&(1',2
$57f&8/25(63216$%,/,'$''(/$6(*85$'25(1(/6(*852'(,1&(1',2(ODVHJXUDGRUFRQWUDHOULHVJRGHLQFHQGLRUHVSRQGHSRUORV
GDmRVPDWHULDOHVGHTXHVHDQREMHWRODVFRVDVDVHJXUDGDVSRUFDXVDGHIXHJRKRVWLORUD\RRGHVXVHIHFWRVLQPHGLDWRVFRPRHOFDORUHO
KXPR
5HVSRQGHLJXDOPHQWHFXDQGRWDOHVGDmRVVHDQFRQVHFXHQFLDGHODVPHGLGDVDGRSWDGDVSDUDHYLWDUODSURSDJDFLnQGHOLQFHQGLR
$57f&8/2(;21(5$&,h1'(/$6(*85$'25(1&$62'((;3/26,h1(ODVHJXUDGRUQRUHVSRQGHUjSRUODVFRQVHFXHQFLDVGHODH[SORVLnQ
DPHQRVTXHkVWDVHDHIHFWRGHOLQFHQGLR
$57f&8/2(;21(5$&,h1'(/$6(*85$'25(1&$62'(&20%867,21(63217$1($(OGDmRRODSkUGLGDGHXQDFRVDSURYHQLHQWHGHVX
FRPEXVWLnQHVSRQWjQHDQRHVWjQFRPSUHQGLGRVGHQWURGHODH[WHQVLnQGHOULHVJRDVXPLGRSRUHODVHJXUDGRU
$57f&8/2$3523,$&,h1'(7(5&(52612&203520(7(/$5(63216$%,/,'$''(/$6(*85$'25$XQTXHVHSURGX]FDFRQRFDVLnQGHO
LQFHQGLRODDSURSLDFLnQSRUXQWHUFHURGHODVFRVDVDVHJXUDGDVQRFRPSURPHWHODUHVSRQVDELOLGDGGHODVHJXUDGRU
6(&&,h1,,,
6(*852'(75$163257(
$57f&8/2&217(1,'2'(/&(57,),&$'2'(6(*8520RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH
$GHPjVGHODVHQXQFLDFLRQHVH[LJLGDVHQHODUWlFXORHOFHUWLqFDGRGHVHJXURGHEHUjFRQWHQHU
/DIRUPDFRPRVHKD\DKHFKRRGHEDKDFHUVHHOWUDQVSRUWH
/DGHVLJQDFLnQGHOSXQWRGRQGHKD\DQVLGRRGHEDQVHUUHFLELGDVODVPHUFDQFlDVDVHJXUDGDV\HOOXJDUGHODHQWUHJDHVGHFLUHOWUD\HFWR
DVHJXUDGRVLQSHUMXLFLRGHORGLVSXHVWRHQHOLQFLVRVHJXQGRGHODUWlFXORVLJXLHQWH\
/DVFDOLGDGHVHVSHFlqFDVGHODVPHUFDQFlDVDVHJXUDGDVFRQH[SUHVLnQGHOQoPHURGHEXOWRV
(OFHUWLqFDGRGHVHJXURGHWUDQVSRUWHSXHGHVHUQRPLQDWLYRDODRUGHQRDOSRUWDGRU/DFHVLnQGHORVFHUWLqFDGRVQRPLQDWLYRVSXHGHKDFHUVH
DoQVLQHOFRQVHQWLPLHQWRGHODVHJXUDGRUDPHQRVTXHVHHVWLSXOHORFRQWUDULR
3$5d*5$)2(QODSnOL]DDXWRPjWLFDHOFHUWLqFDGRGHVHJXURWLHQHWDPELkQODIXQFLnQGHHVSHFLqFDU\YDORUDUODVPHUFDQFlDVJHQkULFDPHQWH
VHmDODGDVHQODSnOL]D(OFHUWLqFDGRSXHGHHPLWLUVHDoQGHVSXkVGHTXHKDWUDQVFXUULGRHOULHVJRXRFXUULGRRSRGLGRRFXUULUHOVLQLHVWUR
7H[WRDQWHULRU
$GHPeVGHODVHQXQFLDFLRQHVH[LJLGDVHQHO$UWgFXORHOFHUWLkFDGRGHVHJXURGHEHUeFRQWHQHU
/DIRUPDFRPRGHEDKDFHUVHHOWUDQVSRUWH
/DGHVLJQDFLiQGHOSXQWRGRQGHGHEDQVHUUHFLELGRVORVHIHFWRVDVHJXUDGRVSDUDODFDUJD\HOOXJDUGRQGHKD\DGHKDFHUVHODHQWUHJDHV
GHFLUHOWUD\HFWRDVHJXUDGRVLQSHUMXLFLRGHORGLVSXHVWRHQHOLQFLVRVHJXQGRGHODUWgFXORVLJXLHQWH\
/DVFDOLGDGHVHVSHFgkFDVGHORVHIHFWRVDVHJXUDGRVFRQH[SUHVLiQGHOQjPHURGHEXOWRV
$57f&8/25(63216$%,/,'$''(/$6(*85$'25(1(/6(*852'(75$163257(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYR
WH[WRHVHOVLJXLHQWH/DUHVSRQVDELOLGDGGHODVHJXUDGRUSULQFLSLDGHVGHHOPRPHQWRHQTXHHOWUDQVSRUWDGRUUHFLEHRKDGHELGRKDFHUVHFDUJR
GHODVPHUFDQFlDVREMHWRGHOVHJXUR\FRQFOX\HFRQVXHQWUHJDDOGHVWLQDWDULR
&RQWRGRHVWDUHVSRQVDELOLGDGSRGUjH[WHQGHUVHDYROXQWDGGHODVSDUWHVDFXEULUODSHUPDQHQFLDGHORVELHQHVDVHJXUDGRVHQORVOXJDUHV
LQLFLDOHVRqQDOHVGHOWUD\HFWRDVHJXUDGR
7H[WRDQWHULRU
/DUHVSRQVDELOLGDGGHODVHJXUDGRUSULQFLSLDGHVGHHOPRPHQWRHQTXHODVPHUFDQFgDVTXHGDQDGLVSRVLFLiQGHOWUDQVSRUWDGRURDODGHVXV
GHSHQGLHQWHV\FRQFOX\HFRQODHQWUHJDDOGHVWLQDWDULR
&RQWRGRHVWDUHVSRQVDELOLGDGSRGUeH[WHQGHUVHDYROXQWDGGHODVSDUWHVDFXEULUODSHUPDQHQFLDGHORVELHQHVDVHJXUDGRVHQORVOXJDUHV
LQLFLDOHVRkQDOHVGHOWUD\HFWRDVHJXUDGR
$57f&8/2*$1$1&,$'(/$35,0$(ODVHJXUDGRUJDQDUjLUUHYRFDEOHPHQWHODSULPDGHVGHHOPRPHQWRHQTXHORVULHVJRVFRPLHQFHQD
FRUUHUSRUVXFXHQWD
$57f&8/25,(6*26$6(*85$%/(6(1(/6(*852'(75$163257((OVHJXURGHWUDQVSRUWHFRPSUHQGHUjWRGRVORVULHVJRVLQKHUHQWHVDO
WUDQVSRUWH3HURHODVHJXUDGRUQRHVWjREOLJDGRDUHVSRQGHUSRUORVGHWHULRURVFDXVDGRVSRUHOVLPSOHWUDQVFXUVRGHOWLHPSRQLSRUORVULHVJRV
H[SUHVDPHQWHH[FOXLGRVGHODPSDUR
$57f&8/25(63216$%,/,'$''(/$6(*85$'25325&8/3$2'2/2'('(3(1',(17(6<68%52*$&,h1(ODVHJXUDGRUUHVSRQGHUjGH
ORVGDmRVFDXVDGRVSRUFXOSDRGRORGHORVHQFDUJDGRVGHODUHFHSFLnQWUDQVSRUWHRHQWUHJDGHORVHIHFWRVDVHJXUDGRVVLQSHUMXLFLRGHOD
VXEURJDFLnQDTXHWLHQHGHUHFKRGHFRQIRUPLGDGFRQHODUWlFXOR
$57f&8/2&217(1,'2'(/$,1'(01,=$&,h10RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYRWH[WRHVHOVLJXLHQWH(QODVXPD
DVHJXUDGDVHHQWHQGHUjLQFOXLGRDGHPjVGHOFRVWRGHODVPHUFDQFlDVDVHJXUDGDVHQHOOXJDUGHGHVWLQRHOOXFURFHVDQWHVLDVlVHKXELHUH
FRQYHQLGR
(QORVVHJXURVUHODWLYRVDOWUDQVSRUWHWHUUHVWUHVLkVWHORUHDOL]DXQWHUFHURVDOYRSDFWRHQFRQWUDULRODLQGHPQL]DFLnQSRUFRQFHSWRGHGDmR
HPHUJHQWHDFDUJRGHODVHJXUDGRUWHQGUjFRPROlPLWHPj[LPRHOYDORUGHFODUDGRSRUHOUHPLWHQWHVHJoQHOLQFLVRWHUFHURGHODUWlFXORRHQ
VXGHIHFWRHOYDORUGHWHUPLQDGRFRQIRUPHDOLQFLVRVH[WRGHODUWlFXORGHHVWH&nGLJR
7H[WRDQWHULRU
(QODVXPDDVHJXUDGDVHHQWHQGHUeLQFOXLGRDGHPeVGHOFRVWRGHODVPHUFDQFgDVDVHJXUDGDVHQHOOXJDUGHGHVWLQRHOOXFURFHVDQWHVLDVgVH
KXELHUHFRQYHQLGR
$57f&8/2352+,%,&,h1'(+$&(5'(-$&,h1727$/23$5&,$/(ODVHJXUDGRQRSRGUjKDFHUGHMDFLnQWRWDORSDUFLDOGHORVREMHWRV
DYHULDGRVDIDYRUGHODVHJXUDGRUVDOYRHVWLSXODFLnQHQFRQWUDULR
$57f&8/23(5621$648(38('(1&2175$7$5(/6(*852'(75$163257(0RGLqFDGRSRUHODUW'HFUHWRGH(OQXHYR
WH[WRHVHOVLJXLHQWH3RGUjFRQWUDWDUHOVHJXURGHWUDQVSRUWHQRVnORHOSURSLHWDULRGHODPHUFDQFlDVLQRWDPELkQWRGRVDTXHOORVTXHWHQJDQ
UHVSRQVDELOLGDGHQVXFRQVHUYDFLnQWDOHVFRPRHOFRPLVLRQLVWDRODHPSUHVDGHWUDQVSRUWHH[SUHVDQGRHQODSnOL]DVLHOLQWHUkVDVHJXUDGRHVOD
PHUFDQFlDRODUHVSRQVDELOLGDGSRUHOWUDQVSRUWHGHODPHUFDQFlD
7H[WRDQWHULRU
(OFHUWLkFDGRGHVHJXURGHWUDQVSRUWHSXHGHVHUQRPLQDWLYRDODRUGHQRDOSRUWDGRU/DFHVLiQGHORVFHUWLkFDGRVQRPLQDWLYRVSXHGHKDFHUVH
DjQVLQHOFRQVHQWLPLHQWRGHODVHJXUDGRUDPHQRVTXHVHHVWLSXOHORFRQWUDULR
$57f&8/2,1$3/,&$%,/,'$'1250$7,9$1RVHUjQDSOLFDEOHVDOVHJXURGHWUDQVSRUWHHORUGLQDORGHO$UWlFXORQLORVDUWlFXORV
\
$57f&8/25(0,6,h1$/6(*8520$5f7,02(QORVFDVRVQRSUHYLVWRVHQHVWDVHFFLnQVHDSOLFDUjQODVGLVSRVLFLRQHVVREUHHOVHJXUR
PDUlWLPR
6(&&,h1,9
6(*852'(5(63216$%,/,'$'
$57f&8/2'(),1,&,h1'(6(*852'(5(63216$%,/,'$'0RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH(O
VHJXURGHUHVSRQVDELOLGDGLPSRQHDFDUJRGHODVHJXUDGRUODREOLJDFLnQGHLQGHPQL]DUORVSHUMXLFLRVSDWULPRQLDOHVTXHFDXVHHODVHJXUDGRFRQ
PRWLYRGHGHWHUPLQDGDUHVSRQVDELOLGDGHQTXHLQFXUUDGHDFXHUGRFRQODOH\\WLHQHFRPRSURSnVLWRHOUHVDUFLPLHQWRGHODYlFWLPDODFXDOHQWDO
YLUWXGVHFRQVWLWX\HHQHOEHQHqFLDULRGHODLQGHPQL]DFLnQVLQSHUMXLFLRGHODVSUHVWDFLRQHVTXHVHOHUHFRQR]FDQDODVHJXUDGR
6RQDVHJXUDEOHVODUHVSRQVDELOLGDGFRQWUDFWXDO\ODH[WUDFRQWUDFWXDODOLJXDOTXHODFXOSDJUDYHFRQODUHVWULFFLnQLQGLFDGDHQHODUWlFXOR
7H[WRDQWHULRU
(OVHJXURGHUHVSRQVDELOLGDGLPSRQHDFDUJRGHODVHJXUDGRUODREOLJDFLiQGHLQGHPQL]DUORVSHUMXLFLRVSDWULPRQLDOHVTXHVXIUDHODVHJXUDGRFRQ
PRWLYRGHGHWHUPLQDGDUHVSRQVDELOLGDGHQTXHLQFXUUDGHDFXHUGRFRQODOH\6RQDVHJXUDEOHVODUHVSRQVDELOLGDGFRQWUDFWXDO\OD
H[WUDFRQWUDFWXDOFRQODUHVWULFFLiQLQGLFDGDHQHO$UWgFXOR
$57f&8/2&8%5,0,(1726'(/26&26726'(/352&(62<(;&(3&,21(60RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHO
VLJXLHQWH(ODVHJXUDGRUUHVSRQGHUjDGHPjVDoQHQH[FHVRGHODVXPDDVHJXUDGDSRUORVFRVWRVGHOSURFHVRTXHHOWHUFHURGDPQLqFDGRRVXV
FDXVDKDELHQWHVSURPXHYDQHQVXFRQWUDRODGHODVHJXUDGRFRQODVVDOYHGDGHVVLJXLHQWHV
6LODUHVSRQVDELOLGDGSURYLHQHGHGRORRHVWjH[SUHVDPHQWHH[FOXLGDGHOFRQWUDWRGHVHJXUR
6LHODVHJXUDGRDIURQWDHOSURFHVRFRQWUDRUGHQH[SUHVDGHODVHJXUDGRU\
6LODFRQGHQDSRUORVSHUMXLFLRVRFDVLRQDGRVDODYlFWLPDH[FHGHODVXPDTXHFRQIRUPHDORVDUWlFXORVSHUWLQHQWHVGHHVWHWlWXORGHOLPLWDOD
UHVSRQVDELOLGDGGHODVHJXUDGRUkVWHVnORUHVSRQGHUjSRUORVJDVWRVGHOSURFHVRHQSURSRUFLnQDODFXRWDTXHOHFRUUHVSRQGDHQOD
LQGHPQL]DFLnQ
7H[WRDQWHULRU
(ODVHJXUDGRUUHVSRQGHUeDGHPeVDXQHQH[FHVRGHODVXPDDVHJXUDGDSRUORVJDVWRVGHOSURFHVRTXHHOWHUFHURGDPQLkFDGRRVXV
FDXVDKDELHQWHVSURPXHYDQFRQWUDHODVHJXUDGRFRQODVVDOYHGDGHVVLJXLHQWHV
b6LODUHVSRQVDELOLGDGSURYLHQHGHGRORRFXOSDJUDYHRHVWeH[SUHVDPHQWHH[FOXLGDGHOFRQWUDWRGHVHJXUR
b6LHODVHJXUDGRDIURQWDHOMXLFLRFRQWUDRUGHQH[SUHVDGHODVHJXUDGRU\
b6LODFRQGHQDSRUORVSHUMXLFLRVRFDVLRQDGRVDODYgFWLPDH[FHGHODVXPDTXHFRQIRUPHDORVDUWgFXORVSHUWLQHQWHVGHHVWH7gWXORGHOLPLWDOD
UHVSRQVDELOLGDGGHODVHJXUDGRUHVWHViORUHVSRQGHUeSRUORVJDVWRVGHOMXLFLRHQSURSRUFLiQDODFXRWDTXHOHFRUUHVSRQGDHQODLQGHPQL]DFLiQ
$57f&8/218/,'$'$%62/87$'(/6(*852'(5(63216$%,/,'$'6HUjQXORGHQXOLGDGDEVROXWDHOVHJXURGHUHVSRQVDELOLGDG
SURIHVLRQDOFXDQGRODSURIHVLnQ\VXHMHUFLFLRQRJRFHQGHODWXWHODGHO(VWDGRRFXDQGRDOPRPHQWRGHFHOHEUDUVHHOFRQWUDWRHODVHJXUDGRQR
VHDOHJDOPHQWHKjELOSDUDHMHUFHUODSURIHVLnQ
$57f&8/27(50,1$&,h1'(/&2175$72'(6(*852'(5(63216$%,/,'$'(OVHJXURGHUHVSRQVDELOLGDGSURIHVLRQDOYjOLGDPHQWH
FRQWUDWDGRWHUPLQDUjFXDQGRHODVHJXUDGRVHDOHJDOPHQWHLQKDELOLWDGRSDUDHOHMHUFLFLRGHVXSURIHVLnQ
$57f&8/22&855(1&,$'(/6,1,(67520RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH(QHOVHJXURGH
UHVSRQVDELOLGDGVHHQWHQGHUjRFXUULGRHOVLQLHVWURHQHOPRPHQWRHQTXHDFDH]FDHOKHFKRH[WHUQRLPSXWDEOHDODVHJXUDGRIHFKDDSDUWLUGHOD
FXDOFRUUHUjODSUHVFULSFLnQUHVSHFWRGHODYlFWLPD)UHQWHDODVHJXUDGRHOORRFXUULUjGHVGHFXDQGRODYlFWLPDOHIRUPXODODSHWLFLnQMXGLFLDOR
H[WUDMXGLFLDO
7H[WRDQWHULRU
6HHQWHQGHUeRFXUULGRHOVLQLHVWURGHVGHHOPRPHQWRHQTXHDFDH]FDHOKHFKRH[WHUQRLPSXWDEOHDODVHJXUDGR3HURODUHVSRQVDELOLGDGGHO
DVHJXUDGRUVLHVTXHVXUJHGHOUHVSHFWLYRFRQWUDWRGHVHJXURViORSRGUeKDFHUVHHIHFWLYDFXDQGRHOGDPQLkFDGRRVXVFDXVDKDELHQWHV
GHPDQGHQMXGLFLDORH[WUDMXGLFLDOPHQWHODLQGHPQL]DFLiQ
$57f&8/235(/$&,h1'(&5e',72(1&$62'(/,48,'$&,h12%/,*$725,$(QFDVRGHTXLHEUDRFRQFXUVRGHDFUHHGRUHVGHODVHJXUDGR
HOFUkGLWRGHOGDPQLqFDGRJR]DUjGHORUGHQGHSUHODFLnQDVLJQDGRDORVFUkGLWRVGHSULPHUDFODVHDFRQWLQXDFLnQGHORVGHOqVFR
$57f&8/2&&,h1',5(&7$&2175$(/$6(*85$'250RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH(QHO
VHJXURGHUHVSRQVDELOLGDGFLYLOORVGDPQLqFDGRVWLHQHQDFFLnQGLUHFWDFRQWUDHODVHJXUDGRU3DUDDFUHGLWDUVXGHUHFKRDQWHHODVHJXUDGRUGH
DFXHUGRFRQDODUWlFXORODYlFWLPDHQHMHUFLFLRGHODDFFLnQGLUHFWDSRGUjHQXQVRORSURFHVRGHPRVWUDUODUHVSRQVDELOLGDGGHODVHJXUDGR\
GHPDQGDUODLQGHPQL]DFLnQGHODVHJXUDGRU
7H[WRDQWHULRU
(OVHJXURGHUHVSRQVDELOLGDGFLYLOQRHVXQVHJXURDIDYRUGHWHUFHURV(OGDPQLkFDGRFDUHFHHQWDOYLUWXGGHDFFLiQGLUHFWDFRQWUDHO
DVHJXUDGRU
6(&&,h19
5($6(*852
$57f&8/2&2175$72'(5($6(*8520RGLqFDGRSRUHODUW/H\GH(OQXHYRWH[WRHVHOVLJXLHQWH(QYLUWXGGHOFRQWUDWRGH
UHDVHJXURHOUHDVHJXUDGRUFRQWUDHFRQHODVHJXUDGRUGLUHFWRODVPLVPDVREOLJDFLRQHVTXHkVWHKDFRQWUDlGRFRQHOWRPDGRURDVHJXUDGR\
FRPSDUWHDQjORJDVXHUWHHQHOGHVDUUROORGHOFRQWUDWRGHVHJXURVDOYRTXHVHFRPSUXHEHODPDODIHGHODVHJXUDGRUHQFX\RFDVRHOFRQWUDWRGH
UHDVHJXURQRVXUWLUjHIHFWRDOJXQR
/DUHVSRQVDELOLGDGGHOUHDVHJXUDGRUQRFHVDUjHQQLQJoQFDVRFRQDQWHULRULGDGDORVWkUPLQRVGHSUHVFULSFLnQGHODVDFFLRQHVTXHVHGHULYDQ
GHOFRQWUDWRGHVHJXUR
(VWRVWkUPLQRVQRSXHGHQVHUPRGLqFDGRVSRUODVSDUWHV
7H[WRDQWHULRU
(OUHDVHJXUDGRUFRQWUDHSDUDFRQHODVHJXUDGRUGLUHFWRHQODSURSRUFLiQFRQYHQLGDODVPLVPDVREOLJDFLRQHVTXHfVWHFRQWUDHSDUDFRQHO
DVHJXUDGR<FRPSDUWHODVXHUWHGHfOHQHOGHVDUUROORGHOFRQWUDWRSULQFLSDO
(VWHSULQFLSLRQRVXUWLUeQLQJjQHIHFWRVLVHDFUHGLWDODPDODIHGHODVHJXUDGRU
$57f&8/2(/5($6(*85212(6&2175$72$)$925'(7(5&(526(OUHDVHJXURQRHVXQFRQWUDWRDIDYRUGHWHUFHUR(ODVHJXUDGR
FDUHFHHQWDOYLUWXGGHDFFLnQGLUHFWDFRQWUDHOUHDVHJXUDGRU\kVWHGHREOLJDFLRQHVSDUDFRQDTXkO
$57f&8/21250$7,9,'$'683/(7,9$/RVSUHFHSWRVGHHVWHWlWXORVDOYRORVGHRUGHQSoEOLFR\ORVTXHGLFHQUHODFLnQDODHVHQFLDGHO
FRQWUDWRGHVHJXURVnORVHDSOLFDUjQDOFRQWUDWRGHUHDVHJXURHQGHIHFWRGHHVWLSXODFLnQFRQWUDFWXDO
&$3f78/2,,,
6(*8526'(3(5621$6
6(&&,h1,
35,1&,3,26&2081(6$/266(*8526'(3(5621$6
$57f&8/2,17(5e6$6(*85$%/(7RGDSHUVRQDWLHQHLQWHUkVDVHJXUDEOH
(QVXSURSLDYLGD
(QODGHODVSHUVRQDVDTXLHQHVOHJDOPHQWHSXHGDUHFODPDUDOLPHQWRV\
(QODGHDTXHOODVFX\DPXHUWHRLQFDSDFLGDGSXHGHQDSDUHMDUOHXQSHUMXLFLRHFRQnPLFRDXQTXHkVWHQRVHDVXVFHSWLEOHGHXQDHYDOXDFLnQ
FLHUWD
(QORVVHJXURVLQGLYLGXDOHVVREUHODYLGDGHXQWHUFHURVHUHTXLHUHHOFRQVHQWLPLHQWRHVFULWRGHODVHJXUDGRFRQLQGLFDFLnQGHOYDORUGHOVHJXUR\
GHOQRPEUHGHOEHQHqFLDULR/RVPHQRUHVDGXOWRVGDUjQVXFRQVHQWLPLHQWRSHUVRQDOPHQWH\QRSRUFRQGXFWRGHVXVUHSUHVHQWDQWHVOHJDOHV
(QGHIHFWRGHOLQWHUkVRGHOFRQVHQWLPLHQWRUHTXHULGRVDOWHQRUGHORVLQFLVRVTXHDQWHFHGHQRHQFDVRGHVXVFULSFLnQVREUHODYLGDGHXQ
LQFDSD]DEVROXWRHOFRQWUDWRQRSURGXFLUjHIHFWRDOJXQR\HODVHJXUDGRUHVWDUjREOLJDGRDUHVWLWXLUODVSULPDVSHUFLELGDV6nORSRGUjUHWHQHUHO
LPSRUWHGHVXVJDVWRVVLKDDFWXDGRGHEXHQDIH
$57f&8/2/,%(57$'(1(/9$/25'(/,17(5e6$6(*85$%/((QORVVHJXURVGHSHUVRQDVHOYDORUGHOLQWHUkVQRWHQGUjRWUROlPLWHTXHHO
TXHOLEUHPHQWHOHDVLJQHQODVSDUWHVFRQWUDWDQWHVVDOYRHQFXDQWRDOSHUMXLFLRDTXHVHUHqHUHHORUGLQDORGHODUWlFXORVHDVXVFHSWLEOHGH
HYDOXDFLnQFLHUWD
$57f&8/2352+,%,&,h1'(68%52*$&,h1&2175$7(5&(526&$86$17(6'(/6,1,(6752/DVXEURJDFLnQDTXHVHUHqHUHHODUWlFXOR
QRWHQGUjFDELGDHQHVWDFODVHGHVHJXURV
$57f&8/2&$5d&7(5,1'(01,=$725,2'(/26$03$526/RVDPSDURVGHJDVWRVTXHWHQJDQXQFDUjFWHUGHGDmRSDWULPRQLDOFRPR
JDVWRVPkGLFRVFOlQLFRVTXLUoUJLFRVRIDUPDFkXWLFRVWHQGUjQFDUjFWHULQGHPQL]DWRULR\VHUHJXODUjQSRUODVQRUPDVGHO&DSlWXOR,,FXDQGRkVWDV
QRFRQWUDUlHQVXQDWXUDOH]D
$57f&8/2%(1(),&,$5,26$7f78/221(52622*5$78,726HUjEHQHqFLDULRDWlWXORJUDWXLWRDTXHOFX\DGHVLJQDFLnQWLHQHSRUFDXVDOD
PHUDOLEHUDOLGDGGHOWRPDGRU(QORVGHPjVFDVRVHOEHQHqFLDULRVHUjDWlWXORRQHURVR(QGHIHFWRGHHVWLSXODFLnQHQFRQWUDULRVHSUHVXPLUjTXH
HOEHQHqFLDULRKDVLGRGHVLJQDGRDWlWXORJUDWXLWR
$57f&8/2'(6,*1$&,h1'(%(1(),&,$5,26&XDQGRQRVHGHVLJQHEHQHqFLDULRRODGHVLJQDFLnQVHKDJDLQHqFD]RTXHGHVLQHIHFWRSRU
FXDOTXLHUFDXVDWHQGUjQODFDOLGDGGHWDOHVHOFnQ\XJHGHODVHJXUDGRHQODPLWDGGHOVHJXUR\ORVKHUHGHURVGHkVWHHQODRWUDPLWDG
,JXDOUHJODVHDSOLFDUjHQHOHYHQWRGHTXHVHGHVLJQHJHQkULFDPHQWHFRPREHQHqFLDULRVDORVKHUHGHURVGHODVHJXUDGR
$57f&8/2%(1(),&,$5,26(1&$62'(&21025,(1&,$&XDQGRHODVHJXUDGR\HOEHQHqFLDULRPXHUHQVLPXOWjQHDPHQWHRVHLJQRUDFXjO
GHORVGRVKDPXHUWRSULPHURWHQGUjQGHUHFKRDOVHJXURHOFnQ\XJH\ORVKHUHGHURVGHODVHJXUDGRHQODVSURSRUFLRQHVLQGLFDGDVHQHODUWlFXOR
DQWHULRUVLHOWlWXORGHEHQHqFLDULRHVJUDWXLWRVLHVRQHURVRORVKHUHGHURVGHOEHQHqFLDULR
$57f&8/26(*852662%5(/$9,'$'(/'(8'25(QORVVHJXURVVREUHODYLGDGHOGHXGRUHODFUHHGRUVnORUHFLELUjXQDSDUWHGHOVHJXUR
LJXDODOPRQWRQRSDJDGRGHODGHXGD(OVDOGRVHUjHQWUHJDGRDORVGHPjVEHQHqFLDULRV
$57f&8/20(5$$86(1&,$'(6$3$5,&,h1<08(57(35(6817$/DPHUDDXVHQFLD\GHVDSDULFLnQGHODSHUVRQDFX\DYLGDKDVLGR
DVHJXUDGDQRFRQFHGHGHUHFKRDODFDQWLGDGDVHJXUDGD3HURkVWDSRGUjUHFODPDUVHVLVHSURGXFHODGHFODUDFLnQGHPXHUWHSUHVXQWDSRU
GHVDSDUHFLPLHQWREDMRFDXFLnQGHUHVWLWXLUODVLHODXVHQWHUHDSDUHFLHUH
$57f&8/2'(5(&+26,175$16)(5,%/(6(,1'(/(*$%/(6'(/$6(*85$'26HUjQGHUHFKRVLQWUDQVIHULEOHVHLQGHOHJDEOHVGHODVHJXUDGR
ORVGHKDFHU\UHYRFDUODGHVLJQDFLnQGHEHQHqFLDULR3HURHODVHJXUDGRQRSRGUjUHYRFDUODGHVLJQDFLnQGHEHQHqFLDULRKHFKDDWlWXORRQHURVR
QLGHVPHMRUDUVXFRQGLFLnQPLHQWUDVVXEVLVWDHOLQWHUkVTXHODVOHJLWLPDDPHQRVTXHGLFKREHQHqFLDULRFRQVLHQWDHQODUHYRFDFLnQRGHVPHMRUD
$57f&8/2'(6,*1$&,h1'(%(1(),&,$5,2&202*$5$17f$'(81&5e',726LODGHVLJQDFLnQGHEHQHqFLDULRDWlWXORRQHURVRVHKD
KHFKRHQJDUDQWlDGHXQFUkGLWRDOGHYHQLUHVWHH[LJLEOHSRGUjHOEHQHqFLDULRUHFODPDUGLUHFWDPHQWHDODVHJXUDGRUHOYDORUGHUHVFDWHKDVWD
FRQFXUUHQFLDGHVXFUkGLWR
$57f&8/2&2162/,'$&,h1'(/'(5(&+2'(/%(1(),&,$5,2(OEHQHqFLDULRDWlWXORJUDWXLWRFDUHFHUjHQYLGDGHODVHJXUDGRGHXQ
GHUHFKRSURSLRHQHOVHJXURFRQWUDWDGRDVXIDYRU/RWHQGUjHOEHQHqFLDULRDWlWXORRQHURVRSHURQRSRGUjHMHUFHUORVLQHOFRQVHQWLPLHQWR
HVFULWRGHODVHJXUDGR
&RQODPXHUWHGHODVHJXUDGRQDFHUjRVHFRQVROLGDUjVHJoQHOFDVRHOGHUHFKRGHOEHQHqFLDULR
$57f&8/2&(6,h1<&$0%,2'(/%(1(),&,$5,2/DFHVLnQGHOFRQWUDWRGHVHJXURVnORVHUjRSRQLEOHDODVHJXUDGRUVLkVWHODKDDFHSWDGR
H[SUHVDPHQWH
(OVLPSOHFDPELRGHEHQHqFLDULRVnORUHTXHULUjVHURSRUWXQDPHQWHQRWLqFDGRSRUHVFULWRDODVHJXUDGRU
$57f&8/2%(1(),&,$5,26(;&/8,'26'(/'(5(&+2$5(&/$0$5(/9$/25'(/6(*8521RWHQGUjGHUHFKRDUHFODPDUHOYDORUGHO
VHJXURHOEHQHqFLDULRTXHFRPRDXWRURFRPRFnPSOLFHKD\DFDXVDGRLQWHQFLRQDOHLQMXVWLqFDGDPHQWHODPXHUWHGHODVHJXUDGRRDWHQWDGR
JUDYHPHQWHFRQWUDVXYLGD
6(&&,h1,,
6(*852'(9,'$
$57f&8/25((0%2/62'(*$6726<352+,%,&,h1'(5(&/$02-8',&,$/&XDQGRHODVHJXUDGRQRSDJXHODSULPHUDSULPDRODSULPHUD
FXRWDGHkVWDQRSRGUjHODVHJXUDGRUH[LJLUMXGLFLDOPHQWHVXSDJRSHURWHQGUjGHUHFKRDTXHVHOHUHHPEROVHQORVJDVWRVHIHFWXDGRVFRQPLUDV
DODFHOHEUDFLnQGHOFRQWUDWR
$57f&8/2()(&726'(123$*2'(/$35,0$6DOYRORSUHYLVWRHQHODUWlFXORVLJXLHQWHHOQRSDJRGHODVSULPDVGHQWURGHOPHVVLJXLHQWH
DODIHFKDGHFDGDYHQFLPLHQWRSURGXFLUjODWHUPLQDFLnQGHOFRQWUDWRVLQTXHHODVHJXUDGRUWHQJDGHUHFKRSDUDH[LJLUODV
$57f&8/27(50,1$&,h1'(/6(*85275$16&855,'26'26$g26(OVHJXURGHYLGDQRVHHQWHQGHUjWHUPLQDGRXQDYH]TXHKD\DQVLGR
FXELHUWDVODVSULPDVFRUUHVSRQGLHQWHVDORVGRVSULPHURVDmRVGHVXYLJHQFLDVLQRFXDQGRHOYDORUGHODVSULPDVDWUDVDGDV\HOGHORVSUkVWDPRV
HIHFWXDGRVFRQVXVLQWHUHVHVH[FHGDQGHOYDORUGHFHVLnQRUHVFDWHDTXHVHUHqHUHHO$UWlFXORVLJXLHQWH
$57f&8/235(/$&,h1'(/&5e',726LQSHUMXLFLRGHODVFRPSHQVDFLRQHVDTXHKD\DOXJDUORVFUkGLWRVGHOEHQHqFLDULRFRQWUDHO
DVHJXUDGRUHQORVVHJXURVGHYLGDWHQGUjQHORUGHQGHSUHIHUHQFLDDVLJQDGRDORVFUkGLWRVGHSULPHUDFODVHDFRQWLQXDFLnQGHORVGHOqVFR\ORV
YDORUHVGHFHVLnQRGHUHVFDWHVHH[FOXLUjQGHODPDVD
$57f&8/2$3/,&$&,h1'(/9$/25'(&(6,h125(6&$7(6DOYRORGLVSXHVWRHQHODUWlFXORHOYDORUGHFHVLnQRUHVFDWHVHDSOLFDUj
DRSFLnQGHODVHJXUDGRGHVSXkVGHWUDQVFXUULGRVGRVDmRVGHYLJHQFLDGHOVHJXUR
$OSDJRHQGLQHUR
$OSDJRGHXQVHJXURVDOGDGR\
$ODSUnUURJDGHOVHJXURRULJLQDO
$57f&8/2$3/,&$&,h1'(/9$/25'(&(6,h125(6&$7($/$5%,75,2'(/$6(*85$'256LGHQWURGHOPHVGHJUDFLDDTXHVHUHqHUHHO
DUWlFXORHODVHJXUDGRQRVHDFRJHDXQDGHODVRSFLRQHVLQGLFDGDVHODVHJXUDGRUSRGUjDVXDUELWULRDSOLFDUHOYDORUGHFHVLnQRUHVFDWHD
ODSUnUURJDGHOVHJXURRULJLQDORDOSDJRGHODVSULPDVHLQWHUHVHVFDXVDGRV
$57f&8/29$/,'(='(/266(*8526&21-817266HUjQYjOLGRVORVVHJXURVFRQMXQWRVHQYLUWXGGHORVFXDOHVGRVRPjVSHUVRQDV
PHGLDQWHXQPLVPRFRQWUDWRVHDVHJXUDQUHFlSURFDPHQWHXQDRYDULDVHQEHQHqFLRGHRWUDXRWUDV
$57f&8/235(6&,1'(1&,$'((;$0(10(',&2<'(&/$5$&,h1'(/(67$'2'(/5,(6*2$XQTXHHODVHJXUDGRUSUHVFLQGDGHOH[DPHQ
PkGLFRHODVHJXUDGRQRSRGUjFRQVLGHUDUVHH[HQWRGHODVREOLJDFLRQHVDTXHVHUHqHUHHODUWlFXORQLGHODVVDQFLRQHVDTXHVXLQIUDFFLnQ
GkOXJDU
$57f&8/2352+,%,&,h1'(5(92&$&,h181,/$7(5$/3253$57('(/$6(*85$'25(ODVHJXUDGRUQRSRGUjHQQLQJoQFDVRUHYRFDU
XQLODWHUDOPHQWHHOFRQWUDWRGHVHJXURGHYLGD/DUHYRFDFLnQHIHFWXDGDDVROLFLWXGGHODVHJXUDGRGDUjOXJDUDODGHYROXFLnQGHOVDOGRGHOYDORU
GHFHVLnQRUHVFDWH
$57f&8/2,0326,%,/,'$''(5('8&&,h1'(/9$/25'(/6(*8527UDQVFXUULGRVGRVDmRVHQYLGDGHODVHJXUDGRGHVGHODIHFKDGHO
SHUIHFFLRQDPLHQWRGHOFRQWUDWRHOYDORUGHOVHJXURGHYLGDQRSRGUjVHUUHGXFLGRSRUFDXVDGHHUURUHQODGHFODUDFLnQGHDVHJXUDELOLGDG
$57f&8/2()(&726'(/$,1(;$&7,78'(1/$'(&/$5$&,h1'(('$'6LUHVSHFWRDODHGDGGHODVHJXUDGRVHFRPSUREDUHLQH[DFWLWXGHQ
ODGHFODUDFLnQGHDVHJXUDELOLGDGVHDSOLFDUjQODVVLJXLHQWHVQRUPDV
6LODHGDGYHUGDGHUDHVWjIXHUDGHORVOlPLWHVDXWRUL]DGRVSRUODWDULIDGHODVHJXUDGRUHOFRQWUDWRTXHGDUjVXMHWRDODVDQFLnQSUHYLVWDHQHO
$UWlFXOR
6LHVPD\RUTXHODGHFODUDGDHOVHJXURVHUHGXFLUjHQODSURSRUFLnQQHFHVDULDSDUDTXHVXYDORUJXDUGHUHODFLnQPDWHPjWLFDFRQODSULPD
DQXDOSHUFLELGDSRUHODVHJXUDGRU\
6LHVPHQRUHOYDORUGHOVHJXURVHDXPHQWDUjHQODPLVPDSURSRUFLnQHVWDEOHFLGDHQHORUGLQDOVHJXQGR
$57f&8/21250$6,102',),&$%/(6<02',),&$%/(662/2(16(17,'2)$925$%/()XHUDGHODVQRUPDVTXHSRUVXQDWXUDOH]DRSRU
VXWH[WRVRQLQPRGLqFDEOHVSRUODFRQYHQFLnQHQHVWH7lWXORWHQGUjQLJXDOFDUjFWHUODVGHORVDUWlFXORV LQFLVRVRR\R
\<VnORSRGUjQPRGLqFDUVHHQVHQWLGRIDYRUDEOHDOWRPDGRU
DVHJXUDGRREHQHqFLDULRORVFRQVLJQDGRVHQORVDUWlFXORV LQFLVRR LQFLVRR
\
7f78/29,
(/08782
$57f&8/235(681&,h1<3$*2'(,17(5(6(66DOYRSDFWRH[SUHVRHQFRQWUDULRHOPXWXDULRGHEHUjSDJDUDOPXWXDQWHORVLQWHUHVHV
OHJDOHVFRPHUFLDOHVGHODVVXPDVGHGLQHURRGHOYDORUGHODVFRVDVUHFLELGDVHQPXWXR
6DOYRUHVHUYDH[SUHVDHOGRFXPHQWRGHUHFLERGHORVLQWHUHVHVFRUUHVSRQGLHQWHVDXQSHUlRGRGHSDJRKDUjSUHVXPLUTXHVHKDQSDJDGRORV
DQWHULRUHV
$57f&8/2),-$&,h13$5$(/3$*2'(/$5(67,78&,h16LQRVHHVWLSXODXQWkUPLQRFLHUWRSDUDODUHVWLWXFLnQRVLkVWHVHGHMDDOD
YROXQWDGRDODVSRVLELOLGDGHVGHOPXWXDULRVHKDUjVXqMDFLnQSRUHOMXH]FRPSHWHQWHWRPDQGRHQFRQVLGHUDFLnQODVHVWLSXODFLRQHVGHOFRQWUDWR
ODQDWXUDOH]DGHODRSHUDFLnQDTXHVHKD\DGHVWLQDGRHOSUkVWDPR\ODVFLUFXQVWDQFLDVSHUVRQDOHVGHOPXWXDQWH\GHOPXWXDULR
(OSURFHGLPLHQWRTXHVHVHJXLUjHQHVWRVFDVRVVHUjHOEUHYH\VXPDULRUHJXODGRHQHO&nGLJRGH3URFHGLPLHQWR&LYLO
$57f&8/23$*2'(/$6&26$6,0326,%/(6'(5(67,78,5&XDQGRHOPXWXRQRVHDHQGLQHUR\ODUHVWLWXFLnQGHODVFRVDVVHKDJD
LPSRVLEOHRQRWRULDPHQWHGLIlFLOSRUFDXVDVQRLPSXWDEOHVDOPXWXDULRkVWHGHEHUjSDJDUHOYDORUFRUUHVSRQGLHQWHDWDOHVFRVDVHQODkSRFD\
OXJDUHQTXHGHEHKDFHUVHODGHYROXFLnQ
$57f&8/2025$(1$0257,=$&,h1&21&827$63(5,2',&$6'HURJDGRSRUHODUWlFXOR/H\GH6DOYRHVWLSXODFLnQHQ
FRQWUDULRFXDQGRVHSDFWHXQDDPRUWL]DFLnQFRQFXRWDVSHULnGLFDVODVLPSOHPRUDGHOPXWXDULRHQHOSDJRGHODVPLVPDVQRGDUjGHUHFKRDO
PXWXDQWHSDUDH[LJLUODGHYROXFLnQHQVXLQWHJULGDG
$57f&8/2,1'(01,=$&,h13259,&,262&8/726(OPXWXDQWHGHEHUjLQGHPQL]DUORVGDmRVTXHSRUORVYLFLRVRFXOWRVRODPDODFDOLGDGGH
ODFRVDPXWXDGDVXIUDHOPXWXDULRVLkVWHORVKDLJQRUDGRRSRGLGRLJQRUDUVLQVXFXOSD
&XDQGRHOPXWXRVHHVWLSXOHVLQLQWHUHVHVHOPXWXDQWHVnORHVWDUjREOLJDGRDODLQGHPQL]DFLnQLQGLFDGDVLWHQLHQGRFRQRFLPLHQWRGHODPDOD
FDOLGDGRYLFLRVRFXOWRVGHODFRVDPXWXDGDQRKD\DDGYHUWLGRGHHOORVDOPXWXDULR
$57f&8/26,08/$&,h1'(/26,17(5(6(63URKlEHQVHORVSDFWRVTXHFRQOOHYHQODVLPXODFLnQGHORVLQWHUHVHVOHJDOPHQWHDGPLWLGRV
$57f&8/23520(6$<*$5$17f$'(/087824XLHQSURPHWDGDUHQPXWXRSXHGHDEVWHQHUVHGHFXPSOLUVXSURPHVDVLODVFRQGLFLRQHV
SDWULPRQLDOHVGHORWURFRQWUDWDQWHVHKDQDOWHUDGRHQWDOIRUPDTXHKDJDQQRWRULDPHQWHGLIlFLOODUHVWLWXFLnQDPHQRVTXHHOSURPHWLHQWH
PXWXDULROHRIUH]FDJDUDQWlDVXqFLHQWH
7f78/29,,
'(/'(3h6,72
&$3f78/2,
*(1(5$/,'$'(6
$57f&8/25(081(5$&,h1'(/'(3h6,72(OGHSnVLWRPHUFDQWLOHVSRUQDWXUDOH]DUHPXQHUDGR/DUHPXQHUDFLnQGHOGHSRVLWDULRVHqMDUj
HQHOFRQWUDWRRHQVXGHIHFWRFRQIRUPHDODFRVWXPEUH\DIDOWDGHkVWDSRUSHULWRV
$57f&8/25(63216$%,/,'$''(/'(326,7$5,2(OGHSRVLWDULRUHVSRQGHUjKDVWDGHFXOSDOHYHHQODFXVWRGLD\FRQVHUYDFLnQGHODFRVD
6HSUHVXPLUjTXHODSkUGLGDRGHWHULRURVHGHEHDFXOSDGHOGHSRVLWDULRHOFXDOGHEHUjSUREDUODFDXVDH[WUDmDSDUDOLEHUDUVH
$57f&8/2352+,%,&,h1'(/862'(/$&26$'(6326,7$'$<(;&(3&,21(6(OGHSRVLWDULRQRSRGUjVHUYLUVHGHODFRVDGHSRVLWDGDQL
GDUODDRWURHQGHSnVLWRVLQHOFRQVHQWLPLHQWRGHOGHSRVLWDQWHH[FHSWRFXDQGRODFRVWXPEUHORDXWRULFHRVHDQHFHVDULRSDUDODFRQVHUYDFLnQGH
ODFRVD
6LFLUFXQVWDQFLDVXUJHQWHVOHREOLJDUHQDFXVWRGLDUODFRVDHQIRUPDGLVWLQWDGHODSDFWDGDGHEHUjDYLVDUORLQPHGLDWDPHQWHDOGHSRVLWDQWH
$57f&8/2'(3h6,72(1*$5$17f$&XDQGRVHGHSRVLWHXQDVXPDGHGLQHURHQJDUDQWlDGHOFXPSOLPLHQWRGHXQDREOLJDFLnQHO
GHSRVLWDULRVnORHVWDUjREOLJDGRDKDFHUODUHVWLWXFLnQHQFXDQWRDOH[FHVRGHOGHSnVLWRVREUHORTXHHOGHXGRUGHEDSDJDUHQUD]nQGHOFUkGLWR
JDUDQWL]DGR
$57f&8/2'(92/8&,h1'(/$&26$'(326,7$'$/DFRVDGDGDHQGHSnVLWRGHEHUjVHUUHVWLWXLGDDOGHSRVLWDQWHFXDQGRORUHFODPHDQR
VHUTXHVHKXELHUHqMDGRXQSOD]RHQLQWHUkVGHOGHSRVLWDULR
(OGHSRVLWDULRSRGUjSRUMXVWDFDXVDGHYROYHUODFRVDDQWHVGHOSOD]RFRQYHQLGR6LQRVHKXELHUHqMDGRWkUPLQRHOGHSRVLWDULRTXHTXLHUD
UHVWLWXLUODFRVDGHEHUjDYLVDUDOGHSRVLWDQWHFRQXQDSUXGHQFLDODQWHODFLnQVHJoQODQDWXUDOH]DGHODFRVD
/DUHVWLWXFLnQGHODFRVDVXSRQHODGHVXVIUXWRV\DFFHVRULRV
$57f&8/25(67,78&,h1'(/$&26$(1&$62'(3/85$/,'$''('(326,7$5,262'(326,7$17(6&XDQGRVHDQYDULRVORVGHSRVLWDQWHV
GHODFRVD\GLVFUHSHQVREUHVXUHVWLWXFLnQkVWDGHEHUjKDFHUVHHQODIRUPDTXHHVWDEOH]FDHOMXH]
/DPLVPDQRUPDVHDSOLFDFXDQGRDOGHSRVLWDQWHOHVXFHGHQYDULRVKHUHGHURVVLODFRVDQRHVGLYLVLEOH
&XDQGRVHDQYDULRVORVGHSRVLWDULRVHOGHSRVLWDQWHSRGUjH[LJLUODUHVWLWXFLnQDDTXHORDTXHOORVTXHWHQJDQODFRVD(OGHSRVLWDULRUHTXHULGR
GHEHFRPXQLFDUGHLQPHGLDWRHOKHFKRDORVGHPjV
$57f&8/2'(3h6,72(1,17(5e6'(7(5&(526<5(67,78&,h16LODFRVDVHGHSRVLWDUHWDPELkQHQLQWHUkVGHWHUFHUR\kVWHKXELHUH
FRPXQLFDGRVXFRQIRUPLGDGDOGHSRVLWDQWH\DOGHSRVLWDULRQRSRGUjUHVWLWXLUVHODFRVDVLQFRQVHQWLPLHQWRGHOWHUFHUR
$57f&8/2'(5(&+2'(5(7(1&,h1(OGHSRVLWDULRSRGUjUHWHQHUODFRVDGHSRVLWDGDSDUDJDUDQWL]DUHOSDJRGHODVVXPDVOlTXLGDVTXHOH
GHEDHOGHSRVLWDQWHUHODFLRQDGDVGLUHFWDPHQWHFRQHOGHSnVLWR
$57f&8/25(67,78&,h1'(/$&26$6DOYRHVWLSXODFLnQHQFRQWUDULRODUHVWLWXFLnQGHODFRVDGHEHKDFHUVHHQHOOXJDUHQTXHGHElD
FXVWRGLDUVH/RVJDVWRVGHODUHVWLWXFLnQVRQGHFDUJRGHOGHSRVLWDQWH
$57f&8/2'(3h6,72'(&26$6)81*,%/(6(QHOGHSnVLWRGHFRVDVIXQJLEOHVHOGHSRVLWDQWHSRGUjFRQYHQLUFRQHOGHSRVLWDULRHQTXHOH
UHVWLWX\DFRVDVGHODPLVPDHVSHFLH\FDOLGDG
(QHVWHFDVRVLQTXHFHVHQODVREOLJDFLRQHVSURSLDVGHOGHSRVLWDULRDGTXLULUjODSURSLHGDGGHODVFRVDVGHSRVLWDGDV
&$3f78/2,,
'(3h6,72(1$/0$&(1(6*(1(5$/(6
$57f&8/2'(3h6,72(1$/0$&(1(6*(1(5$/(6(OGHSnVLWRHQDOPDFHQHVJHQHUDOHVSRGUjYHUVDUVREUHPHUFDQFlDV\SURGXFWRV
LQGLYLGXDOPHQWHHVSHFLqFDGRVVREUHPHUFDQFlDV\SURGXFWRVJHQkULFDPHQWHGHVLJQDGRVVLHPSUHTXHVHDQGHXQDFDOLGDGKRPRJkQHD
DFHSWDGD\XVDGDHQHOFRPHUFLRVREUHPHUFDQFlDV\SURGXFWRVHQSURFHVRGHWUDQVIRUPDFLnQRGHEHQHqFLR\VREUHPHUFDQFlDV\SURGXFWRV
TXHVHKDOOHQHQWUjQVLWRSRUKDEHUVLGRUHPLWLGRVDORVDOPDFHQHVHQODIRUPDDFRVWXPEUDGDHQHOFRPHUFLR
$57f&8/22%/,*$&,21(6<5(63216$%,/,'$''(/$/0$&e1(QHOGHSnVLWRGHPHUFDQFlDV\SURGXFWRVJHQkULFDPHQWHGHVLJQDGRVORV
DOPDFHQHVHVWjQREOLJDGRVDPDQWHQHUXQDH[LVWHQFLDLJXDOHQFDQWLGDG\FDOLGDG\VHUjQGHVXFDUJRODVSkUGLGDVTXHRFXUUDQSRUDOWHUDFLnQR
GHVFRPSRVLFLnQVDOYRODVPHUPDVQDWXUDOHVFX\RPRQWRKD\DTXHGDGRH[SUHVDPHQWHGHWHUPLQDGRHQHOFHUWLqFDGRGHGHSnVLWR\HQHOERQRGH
SUHQGD
$57f&8/2&(57,),&$'2'('(3h6,72<%2126'(35(1'$62%5(0(5&$1&f$6(1352&(62'(75$16)250$&,h13DUDTXHORV
DOPDFHQHVJHQHUDOHVSXHGDQH[SHGLUFHUWLqFDGRVGHGHSnVLWR\ERQRVGHSUHQGDVREUHPHUFDQFlDVHQSURFHVRGHWUDQVIRUPDFLnQRGHEHQHqFLR
GHEHUjQH[SUHVDUHQORVWlWXORVODVFLUFXQVWDQFLDVGHHVWDUHQGLFKRSURFHVRHLQGLFDUHOSURGXFWRRSURGXFWRVTXHVHREWHQGUjQ
$57f&8/2&(57,),&$'2'('(3h6,72<%2126'(35(1'$62%5(0(5&$1&f$6(175$16,72/RVDOPDFHQHVJHQHUDOHVSRGUjQH[SHGLU
FHUWLqFDGRVGHGHSnVLWR\ERQRVGHSUHQGDVREUHPHUFDQFlDVHQWUjQVLWRVLHPSUHTXHHOORVPLVPRVWHQJDQHOFDUjFWHUGHGHVWLQDWDULRV
(QHVWHFDVRVHDQRWDUjQHQORVWlWXORVHOQRPEUHGHOWUDQVSRUWDGRU\ORVOXJDUHVGHFDUJXH\GHVFDUJXH$VlPLVPRODVPHUFDQFlDVGHEHUjQ
DVHJXUDUVHFRQWUDORVULHVJRVGHOWUDQVSRUWH
(ODOPDFkQQRUHVSRQGHUjGHODVPHUPDVRFDVLRQDGDVSRUHOWUDQVSRUWH
$57f&8/23$*2'(/$'(8'$*$5$17,=$'$<3527(6724XLHQoQLFDPHQWHVHDWHQHGRUGHOFHUWLqFDGRGHGHSnVLWRHQHOFXDOFRQVWHOD
HPLVLnQGHOERQRGHSUHQGDQRSRGUjUHFODPDUODUHVWLWXFLnQGHODVFRVDVGHSRVLWDGDVVLQKDEHUSDJDGRSUHYLDPHQWHODGHXGDJDUDQWL]DGDFRQ
HOERQRGHSUHQGD\VXVLQWHUHVHVKDVWDHOGlDGHOYHQFLPLHQWR
(OWHQHGRUGHOFHUWLqFDGRFXDQGRQRVHKD\DHPLWLGRERQRGHSUHQGDRHOWHQHGRUGHDPERVWlWXORVKDUjHQFDVRGHUHFKD]RSRUHODOPDFkQHO
FRUUHVSRQGLHQWHSURWHVWRFRPRVHSUHYkHQHODUWlFXORRHQHOSDUDHMHUFLWDUODDFFLnQGHUHJUHVR
7DOSDJRSRGUjKDFHUVHDXQTXHHOSOD]RGHODREOLJDFLnQQRHVWkYHQFLGRFRQVLJQDQGRVXYDORUHQHOUHVSHFWLYRDOPDFkQ(VWHGHSnVLWRREOLJDDO
DOPDFkQ\OLEHUDODPHUFDQFlD
$57f&8/2'2&80(172648('(%(1&216(59$5/26$/0$&(1(6'('(3h6,72/RVDOPDFHQHVJHQHUDOHVFRQVHUYDUjQXQGRFXPHQWR
HQkODQRWDUjQORVPLVPRVGDWRVH[LJLGRVSDUDORVFHUWLqFDGRVGHGHSnVLWR\ORVIRUPXODULRVGHERQRGHSUHQGD
$57f&8/2(;3(',&,h1'(&(57,),&$'26'('(3h6,72<%2126'(35(1'$3DUDTXHSXHGDQH[SHGLUVHFHUWLqFDGRVGHGHSnVLWR\
ERQRVGHSUHQGDHVQHFHVDULRTXHODVPHUFDQFlDVFRUUHVSRQGLHQWHVVHKDOOHQOLEUHVGHWRGRJUDYDPHQRHPEDUJRMXGLFLDOTXHKD\DVLGR
SUHYLDPHQWHQRWLqFDGRDODOPDFkQJHQHUDO&XDQGRHOJUDYDPHQRHPEDUJRQRKXELHUHVLGRQRWLqFDGRDQWHVGHODH[SHGLFLnQGHORV
GRFXPHQWRVVHUjLQRSRQLEOHDORVWHQHGRUHV
$57f&8/26(*852'(,1&(1',2'(0(5&$1&f$6/DVPHUFDQFlDVGHSRVLWDGDVGHEHUjQDVHJXUDUVHFRQWUDLQFHQGLR\SRGUjQVHUORFRQWUD
RWURVULHVJRV
7DQWRHOWHQHGRUGHOFHUWLqFDGRGHGHSnVLWRFRPRHOGHOERQRWHQGUjQVREUHHOYDORUGHORVVHJXURVHQFDVRGHVLQLHVWURORVPLVPRVGHUHFKRV
TXHWHQGUlDQVREUHODVPHUFDQFlDVDVHJXUDGDV
$57f&8/2'(5(&+2'(5(7(1&,h1(ODOPDFkQJHQHUDOSRGUjHMHUFHUORVGHUHFKRVGHUHWHQFLnQ\SULYLOHJLRoQLFDPHQWHSDUDKDFHUVH
SDJDUORVGHUHFKRVGHDOPDFHQDMHODVFRPLVLRQHV\JDVWRVGHYHQWD
$57f&8/25(7,5229(17$'(/$0(5&$1&f$&215,(6*2'('(7(5,2526LODVPHUFDQFlDVGHSRVLWDGDVFRUUHQHOULHVJRGHGHWHULRURR
GHFDXVDUGDmRVDRWURVHIHFWRVGHSRVLWDGRVHODOPDFkQJHQHUDOGHEHUjQRWLqFDUORDOGHSRVLWDQWH\DORVWHQHGRUHVGHOFHUWLqFDGRGHGHSnVLWR\
GHOERQRGHSUHQGDVLIXHUHSRVLEOHSDUDTXHVHDQUHWLUDGDVGHODOPDFkQGHQWURGHXQWkUPLQRSUXGHQFLDO\HQFDVRGHTXHHOUHWLURQRVH
YHULqTXHGHQWURGHOWkUPLQRqMDGRSRGUjYHQGHUODVHQSoEOLFDVXEDVWDHQHOPLVPRDOPDFkQRHQXQPDUWLOOR
/RGLVSXHVWRHQHOLQFLVRDQWHULRUVHDSOLFDUjDOFDVRGHTXHODVPHUFDQFlDVQRVHDQUHWLUDGDVDODH[SLUDFLnQGHOSOD]RGHOGHSnVLWRR
WUDQVFXUULGRVWUHLQWDGlDVGHOUHTXHULPLHQWRSULYDGRDOGHSRVLWDQWHRDODGMXGLFDWDULRGHODVPHUFDQFlDVHQODVXEDVWDSDUDTXHODVUHWLUHVLQR
H[LVWHWkUPLQRSDFWDGR
(OSURGXFWRGHODVYHQWDVKHFKDVODVGHGXFFLRQHVGHTXHWUDWDHODUWlFXORDQWHULRUTXHGDUjHQSRGHUGHODOPDFkQDGLVSRVLFLnQGHOWHQHGRUGHO
FHUWLqFDGRGHGHSnVLWR\GHOERQRGHSUHQGDRHQGHSnVLWRGHJDUDQWlDVLGLFKRERQRKXELHUHVLGRQHJRFLDGRVHSDUDGDPHQWHGHOFHUWLqFDGRGH
GHSnVLWR
$57f&8/2',9,6,h1'(/$&26$4XLHQVHDDODYH]WLWXODUGHOFHUWLqFDGRGHGHSnVLWR\GHOERQRGHSUHQGDWHQGUjGHUHFKRGHSHGLUTXHOD
FRVDGHSRVLWDGDVHGLYLGDHQYDULRVORWHV\TXHSRUFDGDXQROHVHDHQWUHJDGRXQFHUWLqFDGRGLVWLQWRFRQVXFRUUHVSRQGLHQWHERQRGHSUHQGDD
FDPELRGHOFHUWLqFDGRWRWDO\oQLFRTXHGHYROYHUjDODOPDFkQJHQHUDO/RVFRVWRVGHODRSHUDFLnQVHUjQGHFDUJRGHOLQWHUHVDGR
,JXDOGHUHFKRWHQGUjHOWHQHGRUGHVRORHOERQRGHSUHQGDSHURHQHVWHFDVRHODOPDFkQQRWLqFDUjSUHYLDPHQWHDOWHQHGRUGHOFHUWLqFDGRGH
GHSnVLWRSDUDTXHGHYXHOYDHOFHUWLqFDGRWRWDO\oQLFR\UHFLEDORVSDUFLDOHV
$57f&8/25(*/$0(17$&,h1(O*RELHUQRUHJODPHQWDUjORGLVSXHVWRHQHVWH&DSlWXOR
7f78/29,,,
'(/&2175$72'(+263('$-(
$57f&8/2&2175$72'(+263('$-((OFRQWUDWRGHKRVSHGDMHVHUjPHUFDQWLOFXDQGRHODORMDPLHQWR\VHUYLFLRVDFFHVRULRVVHSUHVWHQSRU
HPSUHVDVGHGLFDGDVDHVDDFWLYLGDG
$57f&8/25(*/$0(17$&,h1(OFRQWUDWRGHKRVSHGDMHVHDMXVWDUjDOUHJODPHQWRTXHH[SLGDHOIXQFLRQDULRXRUJDQLVPRTXHGHWHUPLQHHO
*RELHUQR
$57f&8/2/,0,7('(/$5(63216$%,/,'$''(/(03(6$5,2(OUHJODPHQWRRqFLDOSRGUjOLPLWDUODFXDQWlDGHODUHVSRQVDELOLGDGGHO
HPSUHVDULRFXDOTXLHUDTXHVHDHOPRQWRGHORVSHUMXLFLRV
$57f&8/2&8672',$'(',1(52<2%-(726'(9$/25/RVKXkVSHGHVWHQGUjQGHUHFKRDHQWUHJDUEDMRUHFLERDORVHPSUHVDULRVR
DGPLQLVWUDGRUHVGHKRWHOHVIRQGDVSHQVLRQHVFRFKHVFDPDVFOlQLFDVVDQDWRULRVKRVSLWDOHV\HPSUHVDVVLPLODUHVGLQHUR\REMHWRVGHYDORU
SDUDVXFXVWRGLD
(OHPSUHVDULRVnORSRGUjQHJDUVHDUHFLELUORVFXDQGRVHDQREMHWRVGHFXDQWLRVRYDORURH[FHVLYDPHQWHYROXPLQRVRV
$57f&8/25(63216$%,/,'$''(/(035(6$5,2(15$=h1'(/'(3h6,72/DUHVSRQVDELOLGDGGHOHPSUHVDULRVHUjODGHOGHSRVLWDULR(VWD
FHVDUjFXDQGRODVXVWUDFFLnQSkUGLGDRGHWHULRURGHODVFRVDVGHSRVLWDGDVVHDQLPSXWDEOHVDFXOSDJUDYHGHOGHSRVLWDQWHGHVXVHPSOHDGRV
YLVLWDQWHVRDFRPSDmDQWHVRDODQDWXUDOH]DRYLFLRGHODFRVD
$57f&8/2&$86$/(6'(7(50,1$&,h1(VWHFRQWUDWRWHUPLQDUj
3RUHOYHQFLPLHQWRGHOSOD]R
$IDOWDGHSOD]RSRUDYLVRGDGRSRUXQDGHODVSDUWHVDODRWUDFRQGRFHKRUDVGHDQWLFLSDFLnQ
3RUIDOWDGHSDJR
3RULQIUDFFLnQGHOUHJODPHQWRRqFLDO\
3RUODVGHPjVFDXVDOHVH[SUHVDPHQWHSDFWDGDV
$57f&8/2,19(17$5,27HUPLQDGRHOFRQWUDWRSRUHOHPSUHVDULRkVWHSURFHGHUjDQWHWHVWLJRVDHODERUDU\VXVFULELUXQLQYHQWDULRGHORV
HIHFWRVRHTXLSDMHGHOFOLHQWH\SRGUjUHWLUDUORVGHODORMDPLHQWR
$57f&8/2(1$-(1$&,h1(13i%/,&$68%$67$325)$/7$'(3$*26LHOKXkVSHGQRSDJDUHVXFXHQWDHOHPSUHVDULRSRGUjOOHYDUORV
ELHQHVDXQPDUWLOORDXWRUL]DGRSDUDTXHVHDQHQDMHQDGRVHQSoEOLFDVXEDVWD\FRQVXSURGXFWRVHOHSDJXH(OUHPDQHQWHOlTXLGRVHGHSRVLWDUj
HQXQEDQFRDGLVSRVLFLnQGHOFOLHQWH
7f78/2,;
'(/$35(1'$
$57f&8/2%,(1(6686&(37,%/(6'(6(5*5$9$'26&2135(1'$3RGUjJUDYDUVHFRQSUHQGDWRGDFODVHGHELHQHVPXHEOHV/DSUHQGD
SRGUjFRQVWLWXLUVHFRQRVLQWHQHQFLDGHODFRVD
$57f&8/2(03(g2'(&26$$-(1$1RSRGUjHPSHmDUVHFRVDDMHQDVLQDXWRUL]DFLnQGHOGXHmR6LFRQVWLWXLGDODSUHQGDHODFUHHGRUWLHQH
FRQRFLPLHQWRGHTXHORVELHQHVSLJQRUDGRVVRQDMHQRVWHQGUjGHUHFKRDH[LJLUDOGHXGRURWUDJDUDQWlDVXqFLHQWHRHOLQPHGLDWRSDJRGHOD
GHXGD
$57f&8/268%$67$$3(7,&,h1'(3$57((OMXH]DSHWLFLnQGHFXDOTXLHUDGHODVSDUWHVSRGUjRUGHQDUTXHODVXEDVWDVHKDJDHQ
PDUWLOOREROVDGHYDORUHVXRWURHVWDEOHFLPLHQWRVHPHMDQWHTXHIXQFLRQHOHJDOPHQWHHQHOOXJDU,JXDOPHQWHSRGUjRUGHQDUTXHORVELHQHV
JUDYDGRVVHVXEDVWHQSRUXQLGDGHVRORWHVVHSDUDGRV
$57f&8/2,1(),&$&,$'((67,38/$&,21(6'HURJDGRSRUHO$UWlFXOR/H\GH7RGDHVWLSXODFLnQTXHGLUHFWDR
LQGLUHFWDPHQWHHQIRUPDRVWHQVLEOHXRFXOWDWLHQGDDSHUPLWLUTXHHODFUHHGRUGLVSRQJDGHODSUHQGDRVHODDSURSLHSRUPHGLRVGLVWLQWRVGHORV
SUHYLVWRVHQODOH\QRSURGXFLUjHIHFWRDOJXQR
&$3f78/2,
35(1'$&217(1(1&,$
$57f&8/235(1'$&217(1(1&,$(OFRQWUDWRGHSUHQGDFRQWHQHQFLDVHSHUIHFFLRQDUjSRUHODFXHUGRGHODVSDUWHVSHURHODFUHHGRUQR
WHQGUjHOSULYLOHJLRTXHQDFHGHOJUDYDPHQVLQRDSDUWLUGHODHQWUHJDTXHGHODFRVDGDGDHQSUHQGDVHKDJDDkORDXQWHUFHURGHVLJQDGRSRU
ODVSDUWHV
6LDODFUHHGRUQRVHOHHQWUHJDUHODFRVDSRGUjVROLFLWDUODMXGLFLDOPHQWH
*UDYDGDXQDFRVDFRQSUHQGDQRSRGUjSLJQRUDUVHQXHYDPHQWHPLHQWUDVVXEVLVWDHOSULPHUJUDYDPHQ3HURSRGUjKDFHUVHH[WHQVLYDODSUHQGD
DRWUDVREOLJDFLRQHVHQWUHODVPLVPDVSDUWHV
$57f&8/22%/,*$&,h1'(3$*$5/26*$6726'(&216(59$&,h1'(/$&26$<'(5(&+2'(5(7(1&,h1(OGHXGRUHVWDUjHQOD
REOLJDFLnQGHSDJDUORVJDVWRVQHFHVDULRVTXHHODFUHHGRURHOWHUFHURWHQHGRUKD\DQKHFKRHQODFRQVHUYDFLnQGHODFRVDSLJQRUDGD\ORV
SHUMXLFLRVTXHOHVKXELHVHRFDVLRQDGRVXWHQHQFLDLPSXWDEOHVDFXOSDGHOGHXGRU
(ODFUHHGRUWHQGUjGHUHFKRGHUHWHQHUODFRVDGDGDHQSUHQGDHQJDUDQWlDGHOFXPSOLPLHQWRGHHVWDREOLJDFLnQ
$57f&8/235(6&5,3&,h1/DDFFLnQUHDOGHODFUHHGRUGHULYDGDGHODSUHQGDGHTXHWUDWDHVWH&DSlWXORSUHVFULELUjDORVFXDWURDmRVGH
VHUH[LJLEOHODREOLJDFLnQ
&$3f78/2,,
35(1'$6,17(1(1&,$'(/$&5(('25
$57f&8/235(1'$6,17(1(1&,$6DOYRODVH[FHSFLRQHVOHJDOHVSRGUjJUDYDUVHFRQSUHQGDFRQVHUYDQGRHOGHXGRUODWHQHQFLDGHOD
FRVDWRGDFODVHGHPXHEOHVQHFHVDULRVSDUDXQDH[SORWDFLnQHFRQnPLFD\GHVWLQDGRVDHOORTXHVHDQUHVXOWDGRGHODPLVPDH[SORWDFLnQ
7RGDSUHQGDVLQWHQHQFLDGHODFUHHGRUVHUHJLUjSRUODOH\PHUFDQWLO
$57f&8/2)250$/,'$'(6<2321,%,/,'$''HURJDGRSRUHO$UWlFXOR/H\GH(OFRQWUDWRGHSUHQGDGHTXHWUDWDHVWH
&DSlWXORSRGUjFRQVWLWXLUVHSRULQVWUXPHQWRSULYDGRSHURVnORSURGXFLUjHIHFWRVHQUHODFLnQFRQWHUFHURVGHVGHHOGlDGHVXLQVFULSFLnQ
$57f&8/2&217(1,'2'(/&2175$72'HURJDGRSRUHO$UWlFXOR/H\GH(OGRFXPHQWRHQTXHFRQVWHXQFRQWUDWRGHSUHQGD
VLQWHQHQFLDGHEHUjFRQWHQHUDORPHQRVODVVLJXLHQWHVHVSHFLqFDFLRQHV
(OQRPEUH\GRPLFLOLRGHOGHXGRU
(OQRPEUH\GRPLFLOLRGHODFUHHGRU
/DIHFKDQDWXUDOH]DYDORUGHODREOLJDFLnQTXHVHJDUDQWL]D\ORVLQWHUHVHVSDFWDGRVHQVXFDVR
/DIHFKDGHYHQFLPLHQWRGHGLFKDREOLJDFLnQ
(OGHWDOOHGHODVHVSHFLHVJUDYDGDVFRQSUHQGDFRQLQGLFDFLnQGHVXFDQWLGDG\WRGDVODVGHPjVFLUFXQVWDQFLDVTXHVLUYDQSDUDVX
LGHQWLqFDFLnQFRPRPDUFDPRGHORQoPHURGHVHULHRGHIjEULFD\FDQWLGDGVLVHWUDWDGHPDTXLQDULDVFDQWLGDGFODVHVH[RPDUFDFRORU
UD]DHGDG\SHVRDSUR[LPDGRVLVHWUDWDGHDQLPDOHVFDOLGDGFDQWLGDGGHPDWDVRVHPLOODVVHPEUDGDV\WLHPSRGHSURGXFFLnQVLVHWUDWDGH
IUXWRVRFRVHFKDVHOHVWDEOHFLPLHQWRRLQGXVWULDFODVHPDUFD\FDQWLGDGGHORVSURGXFWRVVLVHWUDWDGHSURGXFWRVLQGXVWULDOHVHWF
(OOXJDUHQTXHGHEHUjQSHUPDQHFHUODVFRVDVJUDYDGDVFRQLQGLFDFLnQGHVLHOSURSLHWDULRGHkVWDVHVGXHmRDUUHQGDWDULRXVXIUXFWXDULRR
DFUHHGRUDQWLFUkWLFRGHODHPSUHVDqQFDROXJDUGRQGHVHHQFXHQWUHQ
/RVELHQHVUDlFHVSRGUjQLGHQWLqFDUVHWDPELkQLQGLFDQGRHOQoPHURGHVXPDWUlFXOD
6LODVFRVDVJUDYDGDVSHUWHQHFHQDOGHXGRURDXQWHUFHURTXHKDFRQVHQWLGRHQHOJUDYDPHQ\
/DLQGLFDFLnQGHODIHFKD\HOYDORUGHORVFRQWUDWRVGHVHJXURV\HOQRPEUHGHODFRPSDmlDDVHJXUDGRUDHQHOFDVRGHTXHORVELHQHV
JUDYDGRVHVWkQDVHJXUDGRV
$57f&8/2,16&5,3&,h1'(/&2175$72'(35(1'$'HURJDGRSRUHO$UWlFXOR/H\GH(OFRQWUDWRGHSUHQGDVHLQVFULELUjHQ
ODRqFLQDGHUHJLVWURPHUFDQWLOFRUUHVSRQGLHQWHDOOXJDUHQTXHFRQIRUPHDOFRQWUDWRKDQGHSHUPDQHFHUORVELHQHVSLJQRUDGRV\VLkVWRV
GHEHQSHUPDQHFHUHQGLYHUVRVVLWLRVODLQVFULSFLnQVHKDUjHQHOUHJLVWURFRUUHVSRQGLHQWHDFDGDXQRGHHOORVSHURODSUHQGDGHDXWRPRWRUHVVH
UHJLVWUDUjDQWHHOIXQFLRQDULR\HQODIRUPDTXHGHWHUPLQHQODVGLVSRVLFLRQHVOHJDOHVSHUWLQHQWHV
(OUHJLVWURFRQWHQGUjVRSHQDGHLQHqFDFLDORVUHTXLVLWRVLQGLFDGRVHQHO$UWlFXOR
$57f&8/225'(1'(35(/$&,h1&XDQGRVREUHXQDPLVPDFRVDVHFRQVWLWX\DQYDULDVSUHQGDVVHGHWHUPLQDUjVXRUGHQGHSUHODFLnQSRU
ODIHFKDGHOUHJLVWUR
$57f&8/22%/,*$&,h1<5(63216$%,/,'$''(/'(8'25(OGHXGRUWHQGUjHQODFRQVHUYDFLnQGHORVELHQHVJUDYDGRVODVREOLJDFLRQHV\
UHVSRQVDELOLGDGHVGHOGHSRVLWDULR
$57f&8/2$8725,=$&,h13$5$(/&$0%,2'(8%,&$&,h1'(/26%,(1(6'HURJDGRSDUFLDOPHQWHSRUHO$UWlFXOR/H\GH(O
GHXGRUQRSRGUjYDULDUHOOXJDUGHXELFDFLnQGHORVELHQHVSLJQRUDGRVVLQSUHYLRDFXHUGRHVFULWRFRQHODFUHHGRUGHOFXDOVHWRPDUjQRWDWDQWR
HQHOUHJLVWURRUHJLVWURVRULJLQDOHVFRPRHQHOFRUUHVSRQGLHQWHDODQXHYDXELFDFLnQ
/DYLRODFLnQGHODDQWHULRUSURKLELFLnQRGHFXDOHVTXLHUDREOLJDFLRQHVGHOGHXGRUGDUjGHUHFKRDODFUHHGRUSDUDVROLFLWDU\REWHQHUODHQWUHJD
LQPHGLDWDGHODSUHQGDRHOSDJRGHODREOLJDFLnQSULQFLSDODXQTXHHOSOD]RGHkVWDQRVHKDOOHYHQFLGRVLQSHUMXLFLRGHODVVDQFLRQHVSHQDOHV
FRUUHVSRQGLHQWHV
$57f&8/2&216(17,0,(172'(/$&5(('25+,327(&$5,23DUDODFRQVWLWXFLnQGHSUHQGDVREUHELHQHVPXHEOHVUHSXWDGRVFRPR
LQPXHEOHVSRUHO&nGLJR&LYLOHQFDVRGHH[LVWLUKLSRWHFDVREUHHOELHQDTXHHVWjQLQFRUSRUDGRVVHUHTXLHUHHOFRQVHQWLPLHQWRGHODFUHHGRU
KLSRWHFDULR
$57f&8/29(17$'(,108(%/(6&8<26)587262352'8&7263(1',(17(6(67(1*5$9$'26/DYHQWDGHLQPXHEOHVFX\RVIUXWRVR
SURGXFWRVSHQGLHQWHVHVWkQJUDYDGRVFRQSUHQGDUHJLVWUDGDGHELGDPHQWHQRLQFOX\HODWUDGLFLnQGHORVPLVPRVDPHQRVTXHFRQVLHQWDHQHOOR
HODFUHHGRURTXHHODGTXLUHQWHSDJXHHOFUkGLWRTXHWDOHVELHQHVJDUDQWLFHQ
$57f&8/2%,(1(6'$'26(135(1'$(1$-(1$'26325(/'(8'25/RVELHQHVGDGRVHQSUHQGDSRGUjQVHUHQDMHQDGRVSRUHOGHXGRU
SHURVnORVHYHULqFDUjODWUDGLFLnQGHHOORVDOFRPSUDGRUFXDQGRHODFUHHGRUORDXWRULFHRHVWkFXELHUWRHQVXWRWDOLGDGHOFUkGLWRGHELHQGR
KDFHUVHFRQVWDUHVWHKHFKRHQHOUHVSHFWLYRGRFXPHQWRHQQRWDVXVFULWDSRUHODFUHHGRU
(QFDVRGHDXWRUL]DFLnQGHODFUHHGRUHOFRPSUDGRUHVWjREOLJDGRDUHVSHWDUHOFRQWUDWRGHSUHQGD
$57f&8/22%/,*$725,('$''(,163(&&,h1(OGHXGRUHVWjREOLJDGRDSHUPLWLUDODFUHHGRULQVSHFFLRQDUVHJoQODFRVWXPEUHHOHVWDGR
GHORVELHQHVREMHWRGHODSUHQGDVRSHQDGHKDFHUVHLSVRIDFWRH[LJLEOHODREOLJDFLnQHQFDVRGHLQFXPSOLPLHQWR
$57f&8/2(1$-(1$&,h1'(%,(1(6*$59$'26<(;7(16,h1'(/$35(1'$(QHOFRQWUDWRVHUHJXODUjODIRUPDGHHQDMHQDURXWLOL]DUORV
ELHQHVJUDYDGRV\VXVSURGXFWRV
/DSUHQGDVHH[WHQGHUjDORVSURGXFWRVGHODVFRVDVSLJQRUDGDV\DOSUHFLRGHXQRV\RWUDV
$57f&8/235(1'$3$5$&2167,78,5*$5$17f$'(2%/,*$&,21(6)8785$6/DSUHQGDGHTXHWUDWDHVWH&DSlWXORSRGUjWDPELkQ
FRQVWLWXLUVHSDUDJDUDQWL]DUREOLJDFLRQHVIXWXUDVKDVWDSRUXQDFXDQWlD\SRUXQSOD]RFODUDPHQWHGHWHUPLQDGRVHQHOFRQWUDWR
$57f&8/235(6&5,3&,h1/DDFFLnQTXHUHVXOWHGHHVWDFODVHGHSUHQGDSUHVFULEHDOWkUPLQRGHGRVDmRVFRQWDGRVDSDUWLUGHO
YHQFLPLHQWRGHODREOLJDFLnQFRQHOODJDUDQWL]DGD
7f78/2;
'(/$$17,&5(6,6
$57f&8/2$17,&5(6,6/DDQWLFUHVLVSXHGHUHFDHUVREUHWRGDFODVHGHELHQHV(OFRQWUDWRVHSHUIHFFLRQDFRQODHQWUHJDGHODFRVD
(OXVXIUXFWXDULRSXHGHGDUHQDQWLFUHVLVVXGHUHFKRGHXVXIUXFWR
$57f&8/2&$8&,h1<686&5,3&,h1'(,19(17$5,2!(ODFUHHGRUSUHVWDUjSUHYLDPHQWHFDXFLnQ\VXVFULELUjXQLQYHQWDULRGHORVELHQHV
TXHUHFLEDDPHQRVTXHVHDH[RQHUDGRH[SUHVDPHQWHGHHVWRVGHEHUHVSRUHOGHXGRU
$57f&8/25(0,6,h1$/$61250$662%5(868)58&726RQDSOLFDEOHVDODDQWLFUHVLVODVQRUPDVUHODWLYDVDOGHUHFKRUHDOGHXVXIUXFWR
HQFXDQWRQRVHDQLQFRPSDWLEOHVFRQODQDWXUDOH]DGHDTXkOOD
(ODFUHHGRUHVWjHVSHFLDOPHQWHREOLJDGRDKDFHUSURGXFLUODFRVD\DSDJDUORVLPSXHVWRVTXHODJUDYHQGHGXFLHQGRVXLPSRUWHGHOYDORUGHORV
IUXWRVRUHSLWLkQGRORGHOGHXGRUVLkVWRVQRIXHUHQVXqFLHQWHV
$57f&8/2$17,&5(6,6'((67$%/(&,0,(1726'(&20(5&,2/DDQWLFUHVLVGHXQHVWDEOHFLPLHQWRGHFRPHUFLRREOLJDDOGHXGRUDHMHUFHU
SHUPDQHQWHPHQWHDFWLYLGDGHVGHFRQWURO\QROHKDFHSHUGHUSRUVlVRODHOFDUjFWHUGHFRPHUFLDQWH
$57f&8/262/,'$5,'$'&XDQGRODFRVDGDGDHQDQWLFUHVLVVHDXQHVWDEOHFLPLHQWRGHFRPHUFLRVHUjQVROLGDULDPHQWHUHVSRQVDEOHVHO
GHXGRU\HODFUHHGRUDQWLFUkWLFRVUHVSHFWRGHORVQHJRFLRVUHODFLRQDGRVFRQHOPLVPR
7f78/2;,
'(/$),'8&,$
$57f&8/2&21&(372'(/$),'8&,$0(5&$17,//DqGXFLDPHUFDQWLOHVXQQHJRFLRMXUlGLFRHQYLUWXGGHOFXDOXQDSHUVRQDOODPDGD
qGXFLDQWHRqGHLFRPLWHQWHWUDQVqHUHXQRRPjVELHQHVHVSHFLqFDGRVDRWUDOODPDGDqGXFLDULRTXLHQVHREOLJDDDGPLQLVWUDUORVRHQDMHQDUORV
SDUDFXPSOLUXQDqQDOLGDGGHWHUPLQDGDSRUHOFRQVWLWX\HQWHHQSURYHFKRGHkVWHRGHXQWHUFHUROODPDGREHQHqFLDULRRqGHLFRPLVDULR
8QDSHUVRQDSXHGHVHUDOPLVPRWLHPSRqGXFLDQWH\EHQHqFLDULR
6RORORVHVWDEOHFLPLHQWRVGHFUkGLWR\ODVVRFLHGDGHVqGXFLDULDVHVSHFLDOPHQWHDXWRUL]DGRVSRUOD6XSHULQWHQGHQFLD%DQFDULDSRGUjQWHQHUOD
FDOLGDGGHqGXFLDULRV
$57f&8/22%/,*$&,21(6*$5$17,=$'$6&21/26%,(1(6(175(*$'26(1),'(,&20,62/RVELHQHVREMHWRGHODqGXFLDQRIRUPDQ
SDUWHGHODJDUDQWlDJHQHUDOGHORVDFUHHGRUHVGHOqGXFLDULR\VnORJDUDQWL]DQODVREOLJDFLRQHVFRQWUDlGDVHQHOFXPSOLPLHQWRGHODqQDOLGDG
SHUVHJXLGD
$57f&8/2&2167,78&,h1'(/$),'8&,$/DqGXFLDFRQVWLWXLGDHQWUHYLYRVGHEHUjFRQVWDUHQHVFULWXUDSoEOLFDUHJLVWUDGDVHJoQOD
QDWXUDOH]DGHORVELHQHV/DFRQVWLWXLGD0RUWLVFDXVDGHEHUjVHUORSRUWHVWDPHQWR
$57f&8/2(;,67(1&,$'(),'(,&20,6$5,2/DH[LVWHQFLDGHOqGHLFRPLVDULRQRHVQHFHVDULDHQHODFWRGHFRQVWLWXFLnQGHOqGHLFRPLVR
SHURVlGHEHVHUSRVLEOH\UHDOL]DUVHGHQWURGHOWkUPLQRGHGXUDFLnQGHOPLVPRGHPRGRTXHVXVqQHVSXHGDQWHQHUSOHQRHIHFWR
$57f&8/2),'8&,$6352+,%,'$64XHGDQSURKLELGRV
/RVQHJRFLRVqGXFLDULRVVHFUHWRV
$TXHOORVHQORVFXDOHVHOEHQHqFLRVHFRQFHGHDGLYHUVDVSHUVRQDVVXFHVLYDPHQWH\
'HURJDGRSRUHODUW/H\GH$TXHOORVFX\DGXUDFLnQVHDPD\RUGHYHLQWHDmRV(QFDVRGHTXHH[FHGDWDOWkUPLQRVnORVHUj
YjOLGRKDVWDGLFKROlPLWH6HH[FHSWoDQORVqGHLFRPLVRVFRQVWLWXLGRVHQIDYRUGHLQFDSDFHV\HQWLGDGHVGHEHQHqFHQFLDSoEOLFDRXWLOLGDGFRPoQ
$57f&8/22%/,*$&,h1'(()(&78$5,19(17$5,2<&$8&,h1(63(&,$/$SHWLFLnQGHOqGXFLDQWHGHOEHQHqFLDULRRGHVXVDVFHQGLHQWHV
HQFDVRGHTXHDoQQRH[LVWDHOMXH]FRPSHWHQWHSRGUjLPSRQHUDOqGXFLDULRODREOLJDFLnQGHHIHFWXDUHOLQYHQWDULRGHORVELHQHVUHFLELGRVHQ
qGXFLDDVlFRPRODGHSUHVWDUXQDFDXFLnQHVSHFLDO
$57f&8/25(181&,$'(/),'8&,$5,2(OqGXFLDULRVnORSRGUjUHQXQFLDUDVXJHVWLnQSRUORVPRWLYRVH[SUHVDPHQWHLQGLFDGRVHQHO
FRQWUDWR
$IDOWDGHHVWLSXODFLnQVHSUHVXPHQFDXVDVMXVWLqFDWLYDVGHUHQXQFLDODVVLJXLHQWHV
4XHHOEHQHqFLDULRQRSXHGDRVHQLHJXHDUHFLELUODVSUHVWDFLRQHVGHDFXHUGRFRQHODFWRFRQVWLWXWLYR
4XHORVELHQHVqGHLFRPLWLGRVQRULQGDQSURGXFWRVVXqFLHQWHVSDUDFXEULUODVFRPSHQVDFLRQHVHVWLSXODGDVDIDYRUGHOqGXFLDULR\
4XHHOqGXFLDQWHVXVFDXVDKDELHQWHVRHOEHQHqFLDULRHQVXFDVRVHQLHJXHQDSDJDUGLFKDVFRPSHQVDFLRQHV
/DUHQXQFLDGHOqGXFLDULRUHTXLHUHDXWRUL]DFLnQSUHYLDGHO6XSHULQWHQGHQWH%DQFDULR
$57f&8/26(3$5$&,h1'(%,(1(6),'(,&20,7,'263DUDWRGRVORVHIHFWRVOHJDOHVORVELHQHVqGHLFRPLWLGRVGHEHUjQPDQWHQHUVH
VHSDUDGRVGHOUHVWRGHODFWLYRGHOqGXFLDULR\GHORVTXHFRUUHVSRQGDQDRWURVQHJRFLRVqGXFLDULRV\IRUPDQXQSDWULPRQLRDXWnQRPRDIHFWRDOD
qQDOLGDGFRQWHPSODGDHQHODFWRFRQVWLWXWLYR
$57f&8/227526'(%(5(6,1'(/(*$%/(6'(/),'8&,$5,26RQGHEHUHVLQGHOHJDEOHVGHOqGXFLDULRDGHPjVGHORVSUHYLVWRVHQHODFWR
FRQVWLWXWLYRORVVLJXLHQWHV
5HDOL]DUGLOLJHQWHPHQWHWRGRVORVDFWRVQHFHVDULRVSDUDODFRQVHFXFLnQGHODqQDOLGDGGHODqGXFLD
0DQWHQHUORVELHQHVREMHWRGHODqGXFLDVHSDUDGRVGHORVVX\RV\GHORVTXHFRUUHVSRQGDQDRWURVQHJRFLRVqGXFLDULRV
,QYHUWLUORVELHQHVSURYHQLHQWHVGHOQHJRFLRqGXFLDULRHQODIRUPD\FRQORVUHTXLVLWRVSUHYLVWRVHQHODFWRFRQVWLWXWLYRVDOYRTXHVHOHKD\D
SHUPLWLGRREUDUGHOPRGRTXHPjVFRQYHQLHQWHOHSDUH]FD
OOHYDUODSHUVRQHUlDSDUDODSURWHFFLnQ\GHIHQVDGHORVELHQHVqGHLFRPLWLGRVFRQWUDDFWRVGHWHUFHURVGHOEHQHqFLDULR\DoQGHOPLVPR
FRQVWLWX\HQWH
3HGLULQVWUXFFLRQHVDO6XSHULQWHQGHQWH%DQFDULRFXDQGRWHQJDIXQGDGDVGXGDVDFHUFDGHODQDWXUDOH]D\DOFDQFHGHVXVREOLJDFLRQHVRGHED
DSDUWDUVHGHODVDXWRUL]DFLRQHVFRQWHQLGDVHQHODFWRFRQVWLWXWLYRFXDQGRDVlORH[LMDQODVFLUFXQVWDQFLDV(QHVWRVFDVRVHO6XSHULQWHQGHQWH
FLWDUjSUHYLDPHQWHDOqGXFLDQWH\DOEHQHqFLDULR
3URFXUDUHOPD\RUUHQGLPLHQWRGHORVELHQHVREMHWRGHOQHJRFLRqGXFLDULRSDUDORFXDOWRGRDFWRGHGLVSRVLFLnQTXHUHDOLFHVHUjVLHPSUH
RQHURVR\FRQqQHVOXFUDWLYRVVDOYRGHWHUPLQDFLnQFRQWUDULDGHODFWRFRQVWLWXWLYR
7UDQVIHULUORVELHQHVDODSHUVRQDDTXLHQFRUUHVSRQGDFRQIRUPHDODFWRFRQVWLWXWLYRRDODOH\XQDYH]FRQFOXLGRHOQHJRFLRqGXFLDULR\
5HQGLUFXHQWDVFRPSUREDGDVGHVXJHVWLnQDOEHQHqFLDULRFDGDVHLVPHVHV
$57f&8/227526'(5(&+26'(/%(1(),&,$5,2(OEHQHqFLDULRWHQGUjDGHPjVGHORVGHUHFKRVTXHOHFRQFHGHQHODFWRFRQVWLWXWLYR\OD
OH\ORVVLJXLHQWHV
([LJLUDOqGXFLDULRHOqHOFXPSOLPLHQWRGHVXVREOLJDFLRQHV\KDFHUHIHFWLYDODUHVSRQVDELOLGDGSRUHOLQFXPSOLPLHQWRGHHOODV
,PSXJQDUORVDFWRVDQXODEOHVSRUHOqGXFLDULRGHQWURGHORVFLQFRDmRVFRQWDGRVGHVGHHOGlDHQTXHHOEHQHqFLDULRKXELHUDWHQLGRQRWLFLDGHO
DFWRTXHGDRULJHQDODDFFLnQ\H[LJLUODGHYROXFLnQGHORVELHQHVGDGRVHQqGHLFRPLVRDTXLHQFRUUHVSRQGD
RSRQHUVHDWRGDPHGLGDSUHYHQWLYDRGHHMHFXFLnQWRPDGDFRQWUDORVELHQHVGDGRVHQqGXFLDRSRUREOLJDFLRQHVTXHQRORVDIHFWDQHQFDVR
GHTXHHOqGXFLDULRQRORKLFLHUH\
3HGLUDO6XSHULQWHQGHQWH%DQFDULRSRUFDXVDMXVWLqFDGDODUHPRFLnQGHOqGXFLDULR\FRPRPHGLGDSUHYHQWLYDHOQRPEUDPLHQWRGHXQ
DGPLQLVWUDGRULQWHULQR
$57f&8/2'(5(&+26'(/),'8&,$17($OqGXFLDQWHOHFRUUHVSRQGHUjQORVVLJXLHQWHVGHUHFKRV
/RVTXHVHKXELHUHUHVHUYDGRSDUDHMHUFHUORVGLUHFWDPHQWHVREUHORVELHQHVqGHLFRPLWLGRV
5HYRFDUODqGXFLDFXDQGRVHKXELHUHUHVHUYDGRHVDIDFXOWDGHQHODFWRFRQVWLWXWLYRSHGLUODUHPRFLnQGHOqGXFLDULR\QRPEUDUHOVXVWLWXWR
FXDQGRDHOORKD\DOXJDU
REWHQHUODGHYROXFLnQGHORVELHQHVDOH[WLQJXLUVHHOQHJRFLRqGXFLDULRVLFRVDGLVWLQWDQRVHKXELHUHSUHYLVWRHQHODFWRGHVXFRQVWLWXFLnQ
([LJLUUHQGLFLnQGHFXHQWDV
(MHUFHUODDFFLnQGHUHVSRQVDELOLGDGFRQWUDHOqGXFLDULR\
(QJHQHUDOWRGRVORVGHUHFKRVH[SUHVDPHQWHHVWLSXODGRV\TXHQRVHDQLQFRPSDWLEOHVFRQORVGHOqGXFLDULRRGHOEHQHqFLDULRRFRQODHVHQFLD
GHODLQVWLWXFLnQ
$57f&8/25(081(5$&,h1'(/1(*2&,2),'8&,$5,27RGRQHJRFLRqGXFLDULRVHUjUHPXQHUDGRFRQIRUPHDODVWDULIDVTXHDOHIHFWR
H[SLGDOD6XSHULQWHQGHQFLD%DQFDULD
$57f&8/23(56(&8&,h1'(%,(1(62%-(72'(/1(*2&,2),'8&,$5,2/RVELHQHVREMHWRGHOQHJRFLRqGXFLDULRQRSRGUjQVHUSHUVHJXLGRV
SRUORVDFUHHGRUHVGHOqGXFLDQWHDPHQRVTXHVXVDFUHHQFLDVVHDQDQWHULRUHVDODFRQVWLWXFLnQGHOPLVPR/RVDFUHHGRUHVGHOEHQHqFLDULR
VRODPHQWHSRGUjQSHUVHJXLUORVUHQGLPLHQWRVTXHOHUHSRUWHQGLFKRVELHQHV
(OQHJRFLRqGXFLDULRFHOHEUDGRHQIUDXGHGHWHUFHURVSRGUjVHULPSXJQDGRSRUORVLQWHUHVDGRV
$57f&8/2&$86$/(6'(5(02&,h1'(/),'8&,$5,2$VROLFLWXGGHSDUWHLQWHUHVDGDHOqGXFLDULRSRGUjVHUUHPRYLGRGHVXFDUJRSRUHO
MXH]FRPSHWHQWHFXDQGRVHSUHVHQWHDOJXQDGHHVWDVFDXVDOHV
6LWLHQHLQWHUHVHVLQFRPSDWLEOHVFRQORVGHOEHQHqFLDULR
3RULQFDSDFLGDGRLQKDELOLGDG
6LVHOHFRPSUXHEDGRORRJUDYHQHJOLJHQFLDRGHVFXLGRHQVXVIXQFLRQHVFRPRqGXFLDULRRHQFXDOTXLHUDRWURVQHJRFLRVSURSLRVRDMHQRVGH
WDOPRGRTXHVHGXGHIXQGDGDPHQWHGHOEXHQUHVXOWDGRGHODJHVWLnQHQFRPHQGDGD\
&XDQGRQRDFFHGDDYHULqFDULQYHQWDULRGHORVELHQHVREMHWRGHODqGXFLDRDGDUFDXFLnQRWRPDUODVGHPjVPHGLGDVGHFDUjFWHU
FRQVHUYDWLYRTXHOHLPSRQJDHOMXH]
$57f&8/2&$86$6'((;7,1&,h1'(/1(*2&,2),'8&,$5,26RQFDXVDVGHH[WLQFLnQGHOQHJRFLRqGXFLDULRDGHPjVGHODVHVWDEOHFLGDV
HQHO&nGLJR&LYLOSDUDHOqGHLFRPLVRODVVLJXLHQWHV
3RUKDEHUVHUHDOL]DGRSOHQDPHQWHVXVqQHV
3RUODLPSRVLELOLGDGDEVROXWDGHUHDOL]DUORV
3RUH[SLUDFLnQGHOSOD]RRSRUKDEHUWUDQVFXUULGRHOWkUPLQRPj[LPRVHmDODGRSRUODOH\
3RUHOFXPSOLPLHQWRGHODFRQGLFLnQUHVROXWRULDDODFXDOHVWkVRPHWLGR
3RUKDFHUVHLPSRVLEOHRQRFXPSOLUVHGHQWURGHOWkUPLQRVHmDODGRODFRQGLFLnQVXVSHQVLYDGHFX\RDFDHFLPLHQWRSHQGHODH[LVWHQFLDGHOD
qGXFLD
3RUODPXHUWHGHOqGXFLDQWHRGHOEHQHqFLDULRFXDQGRWDOVXFHVRKD\DVLGRVHmDODGRHQHODFWRFRQVWLWXWLYRFRPRFDXVDGHH[WLQFLnQ
3RUGLVROXFLnQGHODHQWLGDGqGXFLDULD
3RUDFFLnQGHORVDFUHHGRUHVDQWHULRUHVDOQHJRFLRqGXFLDULR
3RUODGHFODUDFLnQGHODQXOLGDGGHODFWRFRQVWLWXWLYR
SRUPXWXRDFXHUGRGHOqGXFLDQWH\GHOEHQHqFLDULRVLQSHUMXLFLRGHORVGHUHFKRVGHOqGXFLDULR\
3RUUHYRFDFLnQGHOqGXFLDQWHFXDQGRH[SUHVDPHQWHVHKD\DUHVHUYDGRHVHGHUHFKR
$57f&8/2-8(=&203(7(17(3$5$&212&,0,(172'(/,7,*,26),'8&,$5,266HUjMXH]FRPSHWHQWHSDUDFRQRFHUGHORVOLWLJLRVUHODWLYRV
DOQHJRFLRqGXFLDULRHOGHOGRPLFLOLRGHOqGXFLDULR
$57f&8/27(50,1$&,h1'(/1(*2&,2),'8&,$5,2<'(67,12'(/26%,(1(6),'(,&20,7,'266DOYRGLVSRVLFLnQHQFRQWUDULRGHODFWR
FRQVWLWXWLYRGHOQHJRFLRqGXFLDULRDODWHUPLQDFLnQGHkVWHSRUFXDOTXLHUFDXVDORVELHQHVqGHLFRPLWLGRVSDVDUjQQXHYDPHQWHDOGRPLQLRGHO
qGHLFRPLWHQWHRGHVXVKHUHGHURV
$57f&8/25(63216$%,/,'$''(/),'8&,$5,2(OqGXFLDULRUHVSRQGHUjKDVWDGHODFXOSDOHYHHQHOFXPSOLPLHQWRGHVXJHVWLnQ
$57f&8/2,1(),&$&,$'((67,38/$&,21(66HUjLQHqFD]WRGDHVWLSXODFLnQTXHGLVSRQJDTXHHOqGXFLDULRDGTXLULUjGHqQLWLYDPHQWHSRU
FDXVDGHOQHJRFLRqGXFLDULRHOGRPLQLRGHORVELHQHVqGHLFRPLWLGRV
7f78/2;,,
'(/$&8(17$&255,(17(
$57f&8/2&8(17$&255,(17((QYLUWXGGHOFRQWUDWRGHFXHQWDFRUULHQWHORVFUkGLWRV\GkELWRVGHULYDGRVGHODVUHPHVDVPXWXDVGHODV
SDUWHVVHFRQVLGHUDUjQFRPRSDUWLGDVLQGLYLVLEOHVGHDERQRRGHFDUJRHQODFXHQWDGHFDGDFXHQWDFRUUHQWLVWDGHPRGRTXHVnORHOVDOGRTXH
UHVXOWHDODFODXVXUDGHODFXHQWDFRQVWLWXLUjXQFUkGLWRH[LJLEOH
/DFODXVXUD\ODOLTXLGDFLnQGHODFXHQWDHQORVSHUlRGRVGHFLHUUHQRSURGXFLUjQODWHUPLQDFLnQGHOFRQWUDWRVLQRHQORVFDVRVSUHYLVWRVHQHO
$UWlFXOR
$57f&8/21(*2&,262%-(72'(/&2175$72'(&8(17$&255,(17(7RGDVODVQHJRFLDFLRQHVHQWUHFRPHUFLDQWHVGRPLFLOLDGRVRQRHQ
XQPLVPROXJDURHQWUHXQFRPHUFLDQWH\SHUVRQDTXHQRORVHD\WRGRVORVYDORUHVWUDQVPLVLEOHVHQSURSLHGDGSXHGHQVHUPDWHULDGHODFXHQWD
FRUULHQWH
1RSRGUjQLQFOXLUVHHQFXHQWDFRUULHQWHORVFUkGLWRVTXHQRVHDQVXVFHSWLEOHVGHFRPSHQVDFLnQ
$57f&8/2(;&/86,h1'(&5e',7266DOYRHVWLSXODFLnQH[SUHVDHQFRQWUDULRFXDQGRHOFRQWUDWRVHFHOHEUHHQWUHHPSUHVDULRVVH
H[FOXLUjQGHODFXHQWDORVFUkGLWRVH[WUDmRVDODUHVSHFWLYDHPSUHVD
7DPELkQVHUjQH[WUDmRVDODFXHQWDFRUULHQWHODVVXPDVRYDORUHVDIHFWDGRVDXQDGHVWLQDFLnQGHWHUPLQDGDRTXHGHEDQWHQHUVHDRUGHQGHO
UHPLWHQWH
$57f&8/2&/$8685$'(/$&8(17$<&$/,'$''(/$63$57(6$QWHVGHODFODXVXUDGHODFXHQWDQLQJXQRGHORVLQWHUHVDGRVVHUj
FRQVLGHUDGRFRPRDFUHHGRURGHXGRU
$57f&8/23/$=26&/$8685$'(/$&8(17$</,48,'$&,h1'(/6$/'2/DFODXVXUDGHODFXHQWD\ODOLTXLGDFLnQGHOVDOGRVHKDUjQHQ
ORVSOD]RVHVWDEOHFLGRVHQHOFRQWUDWRRSRUODFRVWXPEUH\HQGHIHFWRHQXQR\RWUDFDGDVHLVPHVHVDSDUWLUGHODIHFKDGHOFRQWUDWR
$57f&8/2(;,*,%,/,'$''(/6$/'2(OVDOGRGHODFXHQWDVHUjH[LJLEOHDODYLVWDVLHOFRQWUDWRQRGLVSRQHRWUDFRVD
6DOYRHVWLSXODFLnQHQFRQWUDULRVLQRH[LJHVXSDJRGHQWURGHORVTXLQFHGlDVVLJXLHQWHVDODFODXVXUDHOVDOGRVHUjFRQVLGHUDGRFRPRSULPHUD
UHPHVDGHXQDFXHQWDQXHYD\HOFRQWUDWRVHHQWHQGHUjUHQRYDGRGHFRQIRUPLGDGFRQORGLVSXHVWRHQHODUWlFXORDQWHULRU
$57f&8/2,17(5(6(662%5((/6$/'2(OVDOGRDXQTXHVHDOOHYDGRDXQDFXHQWDQXHYDFDXVDUjORVLQWHUHVHVSDFWDGRV\HQVXGHIHFWR
ORVOHJDOHVFRPHUFLDOHV
$57f&8/2,17(5(6(662%5(9$/25(6(1&8(17$&DGDXQRGHORVYDORUHVDFUHGLWDGRVHQFXHQWDFRUULHQWHQRSURGXFLUjLQWHUHVHVVDOYR
HVWLSXODFLnQHQFRQWUDULR
$57f&8/2&20,6,21(6<*$6726,1&/8,'26(1/$&8(17$7DQWRODVFRPLVLRQHVSRUORVQHJRFLRVFRPRORVJDVWRVGHUHHPEROVRTXH
RFDVLRQHQODVRSHUDFLRQHVDTXHGHQOXJDUODVUHPHVDVVHLQFOXLUjQHQODFXHQWDVDOYRHVWLSXODFLnQHQFRQWUDULR
$57f&8/25(0(6$6(1&8(17$&255,(17(/DVUHPHVDVHQFXHQWDFRUULHQWHQRVRQLPSXWDEOHVDOSDJRGHORVDUWlFXORVTXHkVWD
FRPSUHQGD
$57f&8/2,1&/86,h1'(81&5e',72(1&8(17$&255,(17(/DLQFOXVLnQGHXQFUkGLWRHQODFXHQWDFRUULHQWHQRH[FOX\HODVDFFLRQHVR
H[FHSFLRQHVUHODWLYDVDODYDOLGH]GHORVDFWRVRFRQWUDWRVGHTXHSURFHGDODUHPHVDVDOYRSDFWRHQFRQWUDULR
6LHODFWRRHOFRQWUDWRIXHUHQDQXODGRVODSDUWLGDFRUUHVSRQGLHQWHVHFDQFHODUjHQODFXHQWD
$57f&8/2*$5$17f$6'(/&5e',72,1&/8,'2(1/$&8(17$6LXQFUkGLWRLQFOXLGRHQODFXHQWDHVWjSURWHJLGRSRUJDUDQWlDUHDOR
SHUVRQDOHOFXHQWDFRUUHQWLVWDWHQGUjGHUHFKRGHYDOHUVHGHODJDUDQWlDSRUHOVDOGRH[LVWHQWHDVXIDYRUDOFLHUUHGHODFXHQWD\KDVWD
FRQFXUUHQFLDGHOFUkGLWRJDUDQWL]DGR
/DPLVPDQRUPDVHDSOLFDUjHQFDVRGHTXHH[LVWDXQFRGHXGRUVROLGDULR
$57f&8/2&5e',72&2175$7(5&(526/DLQFOXVLnQGHXQFUkGLWRFRQWUDXQWHUFHURVHSUHVXPLUjKHFKDEDMRODFOjXVXODVDOYRLQJUHVRHQ
FDMDVLQRVHHVWDEOHFHFRVDGLVWLQWDSRUODVSDUWHV(QWDOFDVRVLHOFUkGLWRQRHVVDWLVIHFKRHOTXHUHFLEHODUHPHVDWLHQHODHOHFFLnQHQWUH
DFFLRQDUSDUDHOFREURRHOLPLQDUODSDUWLGDGHODFXHQWDUHLQWHJUDQGRHQVXVGHUHFKRVDDTXHOTXHOHKL]RODUHPHVD
(OHMHUFLFLRLQIUXFWXRVRGHODVDFFLRQHVFRQWUDHOGHXGRUQRSULYDUjDOFXHQWDFRUUHQWLVWDGHOGHUHFKRGHHOLPLQDUODSDUWLGD
$57f&8/2326,%,/,'$''((0%$5*$53(56(*8,5&('(52&$8&,21$5/266$/'26/RVVDOGRVHYHQWXDOHVGHXQDFXHQWDFRUULHQWH
SRGUjQVHUHPEDUJDGRV\SHUVHJXLGRVHQMXLFLRSRUORVDFUHHGRUHVGHODVSDUWHVLJXDOPHQWHSRGUjQVHUFHGLGRVRFDXFLRQDGRV
$57f&8/2(;75$&72'(&8(17$$352%$&,h125(&+$=2(OUHVXPHQRH[WUDFWRGHODFXHQWDUHPLWLGRSRUXQFXHQWDFRUUHQWLVWDDO
RWURVHHQWHQGHUjDSUREDGRVLQRVHUHFKD]DGHQWURGHOWkUPLQRSDFWDGRRXVXDORHQGHIHFWRGHXQR\RWURGHQWURGHORVTXLQFHGlDV
VLJXLHQWHVDVXUHFLER
/DDSUREDFLnQGHODFXHQWDQRH[FOX\HHOGHUHFKRGHLPSXJQDUODSRUHUURUHVGHFjOFXORSRURPLVLRQHVRGXSOLFDFLRQHV/DDFFLnQGH
LPSXJQDFLnQFDGXFDUjDORVVHLVPHVHVGHODIHFKDGHUHFHSFLnQGHOUHVXPHQHOFXDOGHEHUjHQYLDUVHSRUFDUWDFHUWLqFDGDREDMRUHFLER
$57f&8/25(0(6$6(1021('$62',9,6$6(;75$1-(5$6/DVUHPHVDVHQPRQHGDVRGLYLVDVH[WUDQMHUDVVHOLTXLGDUjQDOWLSRGHFDPELR
YLJHQWHHOGlDHQTXHGHEDKDFHUVHODLQVFULSFLnQGHOFUkGLWRHQODFXHQWD
$57f&8/27(50,1$&,h1'(/&2175$72(OFRQWUDWRGHFXHQWDFRUULHQWHWHUPLQDUj
3RUYHQFLPLHQWRGHOSOD]RDFRUGDGR
3RUDFXHUGRGHODVSDUWHV
3RUODTXLHEUDGHXQRGHORVFXHQWDFRUUHQWLVWDV
$IDOWDGHSOD]RFRQYHQLGRFXDOTXLHUDGHORVFXHQWDFRUUHQWLVWDVSRGUjHQFDGDkSRFDGHFODXVXUDGHQXQFLDUHOFRQWUDWRGDQGRDYLVRFRQQR
PHQRVGHGLH]GlDVGHDQWLFLSDFLnQDODIHFKDGHDTXkOOD\
(QFDVRGHPXHUWHRGHLQFDSDFLGDGGHXQDGHODVSDUWHVVLVXVKHUHGHURVRUHSUHVHQWDQWHVRHORWURFXHQWDFRUUHQWLVWDRSWDQSRUVX
WHUPLQDFLnQGHQWURGHORVWUHLQWDGlDVVLJXLHQWHVDODFDHFLPLHQWRGHOKHFKR
7f78/2;,,,
'(/0$1'$72
&$3f78/2,
*(1(5$/,'$'(6
$57f&8/2'(),1,&,h1'(0$1'$72&20(5&,$/(OPDQGDWRFRPHUFLDOHVXQFRQWUDWRSRUHOFXDOXQDSDUWHVHREOLJDDFHOHEUDUR
HMHFXWDUXQRRPjVDFWRVGHFRPHUFLRSRUFXHQWDGHRWUD
(OPDQGDWRSXHGHFRQOOHYDURQRODUHSUHVHQWDFLnQGHOPDQGDQWH
&RQIHULGDODUHSUHVHQWDFLnQVHDSOLFDUjQDGHPjVODVQRUPDVGHO&DSlWXOR,,GHO7lWXOR,GHHVWH/LEUR
$57f&8/2&217(1,'2'(/0$1'$72(OPDQGDWRFRPSUHQGHUjORVDFWRVSDUDORVFXDOHVKD\DVLGRFRQIHULGR\DTXHOORVTXHVHDQ
QHFHVDULRVSDUDVXFXPSOLPLHQWR
(QPDQGDWRJHQHUDOQRFRPSUHQGHUjORVDFWRVTXHH[FHGDQGHOJLURRUGLQDULRGHOQHJRFLRRQHJRFLRVHQFRPHQGDGRVVDOYRTXHVHKD\D
RWRUJDGRDXWRUL]DFLnQH[SUHVD\HVSHFLDO
$57f&8/25(081(5$&,h1'(/0$1'$7$5,2(OPDQGDWDULRWHQGUjGHUHFKRDODUHPXQHUDFLnQHVWLSXODGDRXVXDOHQHVWHJkQHURGH
DFWLYLGDGHVRHQVXGHIHFWRDODTXHVHGHWHUPLQHSRUPHGLRGHSHULWRV
&XDQGRHOPDQGDWRWHUPLQHDQWHVGHODFRPSOHWDHMHFXFLnQGHOHQFDUJRHOPDQGDWDULRWHQGUjGHUHFKRDXQKRQRUDULRTXHVHqMDUjWRPDGRHQ
FXHQWDHOYDORUGHORVVHUYLFLRVSUHVWDGRV\ODUHPXQHUDFLnQWRWDOGHOPDQGDWR6LODUHPXQHUDFLnQSDFWDGDVHKDOODHQPDQLqHVWDGHVSURSRUFLnQ
HOPDQGDQWHSRGUjGHPDQGDUVXUHGXFFLnQSUREDQGRTXHODUHPXQHUDFLnQXVXDOSDUDHVDFODVHGHVHUYLFLRVHVQRWRULDPHQWHLQIHULRUDOD
HVWLSXODGDRDFUHGLWDQGRSRUPHGLRGHSHULWRVODGHVSURSRUFLnQDIDOWDGHUHPXQHUDFLnQXVXDO
/DUHGXFFLnQQRSRGUjSHGLUVHFXDQGRODUHPXQHUDFLnQVHDSDFWDGDRYROXQWDULDPHQWHSDJDGDGHVSXkVGHODHMHFXFLnQGHOPDQGDWR
$57f&8/2$%212$/0$1'$17('(&8$/48,(53529(&+2(OPDQGDWDULRVnORSRGUjSHUFLELUODUHPXQHUDFLnQFRUUHVSRQGLHQWH\
DERQDUjDOPDQGDQWHFXDOTXLHUSURYHFKRGLUHFWRRLQGLUHFWRTXHREWHQJDHQHOHMHUFLFLRGHOPDQGDWR
&$3f78/2,,
'(5(&+26<2%/,*$&,21(6'(/0$1'$7$5,2<'(/0$1'$17(
$57f&8/2/,0,7(6'(/0$1'$72<$&78$&,21(6(OPDQGDWDULRQRSRGUjH[FHGHUORVOlPLWHVGHVXHQFDUJR
/RVDFWRVFXPSOLGRVPjVDOOjGHGLFKRVOlPLWHVVnORREOLJDUjQDOPDQGDWDULRVDOYRTXHHOPDQGDQWHORVUDWLqTXH
(OPDQGDWDULRSRGUjVHSDUDUVHGHODVLQVWUXFFLRQHVFXDQGRFLUFXQVWDQFLDVGHVFRQRFLGDVTXHQRSXHGDQVHUOHFRPXQLFDGDVDOPDQGDQWH
SHUPLWDQVXSRQHUUD]RQDEOHPHQWHTXHkVWHKDEUlDGDGRODDSUREDFLnQ
$57f&8/2&2168/7$2%/,*$725,$$/0$1'$17((1/26&$6261235(9,6726(QORVFDVRVQRSUHYLVWRVSRUHOPDQGDQWHHO
PDQGDWDULRGHEHUjVXVSHQGHUODHMHFXFLnQGHVXHQFDUJRPLHQWUDVFRQVXOWDFRQDTXkO3HURVLODXUJHQFLDRHVWDGRGHOQHJRFLRQRSHUPLWH
GHPRUDDOJXQDRVLDOPDQGDWDULRVHOHKXELHUHIDFXOWDGRSDUDREUDUDVXDUELWULRDFWXDUjVHJoQVXSUXGHQFLD\HQDUPRQlDFRQODVFRVWXPEUHV
GHORVFRPHUFLDQWHVGLOLJHQWHV
$57f&8/2'(%(5'(,1)250$&,h1(OPDQGDWDULRGHEHUjLQIRUPDUDOPDQGDQWHGHODPDUFKDGHOQHJRFLRUHQGLUOHFXHQWDGHWDOODGD\
MXVWLqFDGDGHODJHVWLnQ\HQWUHJDUOHWRGRORTXHKD\DUHFLELGRSRUFDXVDGHOPDQGDWRGHQWURGHORVWUHVGlDVVLJXLHQWHVDODWHUPLQDFLnQGHO
PLVPR
(OPDQGDWDULRSDJDUjDOPDQGDQWHLQWHUHVHVSRUUD]nQGHODVXPDTXHHVWkREOLJDGRDHQWUHJDUOHHQFDVRGHPRUD
$57f&8/2&2081,&$&,h1$/0$1'$17('(/$(-(&8&,h1&203/(7$'(/0$1'$72(OPDQGDWDULRGHEHUjFRPXQLFDUVLQGHPRUDDO
PDQGDQWHODHMHFXFLnQFRPSOHWDGHOPDQGDWR
(VWDUjLJXDOPHQWHREOLJDGRHOPDQGDWDULRDFRPXQLFDUDOPDQGDQWHODVFLUFXQVWDQFLDVVREUHYLQLHQWHVTXHSXHGDQGHWHUPLQDUODUHYRFDFLnQROD
PRGLqFDFLnQGHOPDQGDWR
$57f&8/26,/(1&,2'(/0$1'$17((48,9$/(17($$352%$&,h16LHOPDQGDQWHQRUHVSRQGLHUHDODFRPXQLFDFLnQGHOPDQGDWDULRHQ
XQWkUPLQRSUXGHQFLDOVXVLOHQFLRHTXLYDOGUjDDSUREDFLnQDXQTXHHOPDQGDWDULRVHKD\DVHSDUDGRGHVXVLQVWUXFFLRQHVRH[FHGLGRHOOlPLWHGH
VXVIDFXOWDGHV
$57f&8/2352+,%,&,h1'(86$5/26)21'26'(/0$1'$17((OPDQGDWDULRQRSRGUjHPSOHDUHQVXVSURSLRVQHJRFLRVORVIRQGRVTXH
OHVXPLQLVWUHHOPDQGDQWH\VLORKDFHDERQDUjDkVWHHOLQWHUkVOHJDOGHVGHHOGlDHQTXHLQIULQMDODSURKLELFLnQ\OHLQGHPQL]DUjORVGDmRVTXH
OHFDXVHVLQSHUMXLFLRGHODVVDQFLRQHVSHQDOHVFRUUHVSRQGLHQWHVDODEXVRGHFRQqDQ]D
/DPLVPDUHJODVHDSOLFDUjFXDQGRHOPDQGDWDULRGkDORVGLQHURVVXPLQLVWUDGRVXQGHVWLQRGLVWLQWRGHOH[SUHVDPHQWHLQGLFDGR
$57f&8/23/85$/,'$''(0$1'$7$5,26&XDQGRHOPDQGDWRVHFRQqHUDDYDULDVSHUVRQDVFDGDXQRGHORVPDQGDWDULRVSRGUjREUDU
VHSDUDGDPHQWHSHURXQDYH]FXPSOLGRHOHQFDUJRSRUXQRGHkVWRVGHEHUjHOPDQGDQWHQRWLFLDUGHOKHFKRDORVGHPjVWDQSURQWRFRPRWHQJD
FRQRFLPLHQWRGHODFHOHEUDFLnQGHOQHJRFLRVRSHQDGHLQGHPQL]DUORVSHUMXLFLRVTXHFDXVHQFRQVXRPLVLnQRUHWDUGR
6LFRQIRUPHDOFRQWUDWRORVPDQGDWDULRVGHEHQREUDUFRQMXQWDPHQWHVHUjQVROLGDULDPHQWHUHVSRQVDEOHVSDUDFRQHOPDQGDQWH
$57f&8/2'(%(5'(&8672',$(OPDQGDWDULRGHEHUjSURYHHUDODFXVWRGLDGHODVFRVDVTXHOHVHDQH[SHGLGDVSRUFXHQWDGHOPDQGDQWH
\WXWHODUORVGHUHFKRVGHkVWHHQUHODFLnQFRQHOWUDQVSRUWDGRURWHUFHURV
(QFDVRGHXUJHQFLDHOPDQGDWDULRSRGUjSURFHGHUDODYHQWDGHGLFKDVFRVDVHQEROVDVRPDUWLOORV
$57f&8/2352+,%,&,h1$/0$1'$7$5,2'(+$&(5&2175$3$57('(/0$1'$17((OPDQGDWDULRQRSRGUjKDFHUGHFRQWUDSDUWHGHO
PDQGDQWHVDOYRH[SUHVDDXWRUL]DFLnQGHkVWH
$57f&8/2'(%(5'(&8672',$&8$1'2126($&(37$(/(1&$5*2/DVSHUVRQDVTXHVHRFXSHQSURIHVLRQDOPHQWHHQDFWLYLGDGHV
FRPSUHQGLGDVSRUHOPDQGDWRTXHQRDFHSWHQHOHQFDUJRTXHVHOHVKDFRQIHULGRHVWDUjQREOLJDGDVDWRPDUODVPHGLGDVLQGLFDGDVHQHODUWlFXOR
\WRGDVDTXHOODVTXHVHDQDFRQVHMDEOHVSDUDODSURWHFFLnQGHORVLQWHUHVHVGHOPDQGDQWHPLHQWUDVkVWHSURYHDORFRQGXFHQWHVLQTXHSRU
HOORVHHQWLHQGDWjFLWDPHQWHDFHSWDGRHOPDQGDWR
$57f&8/262/,'$5,'$''(/260$1'$17(6&XDQGRHOPDQGDWRVHFRQqHUDSRUYDULRVPDQGDQWHV\SDUDXQPLVPRQHJRFLRVHUjQ
VROLGDULDPHQWHUHVSRQVDEOHVSDUDFRQHOPDQGDWDULRGHODVREOLJDFLRQHVUHVSHFWLYDV
$57f&8/2)250$'(3$*2'(/0$1'$7$5,2(OPDQGDWDULRWHQGUjGHUHFKRDSDJDUVHVXVFUkGLWRVGHULYDGRVGHOPDQGDWRTXHKD
HMHFXWDGRFRQODVVXPDVTXHWHQJDHQVXSRGHUSRUFXHQWDGHOPDQGDQWH\HQWRGRFDVRFRQODSUHIHUHQFLDFRQFHGLGDHQODVOH\HVDORV
VDODULRVVXHOGRV\GHPjVSUHVWDFLRQHVSURYHQLHQWHVGHUHODFLRQHVODERUDOHV
$57f&8/2$9,62'(5(&+$=2(ODYLVRGHUHFKD]RSRGUjVHUGDGRDODSDUWHPLVPDRDVXUHSUHVHQWDQWHDXWRUL]DGR
&$3f78/2,,,
(;7,1&,h1'(/0$1'$72
$57f&8/25(92&$&,h1727$/23$5&,$/'(/0$1'$72(OPDQGDQWHSRGUjUHYRFDUWRWDORSDUFLDOPHQWHHOPDQGDWRDPHQRVTXHVH
KD\DSDFWDGRODLUUHYRFDELOLGDGRTXHHOPDQGDWRVHKD\DFRQIHULGRWDPELkQHQLQWHUkVGHOPDQGDWDULRRGHXQWHUFHURHQFX\RFDVRVnORSRGUj
UHYRFDUVHSRUMXVWDFDXVD
$57f&8/25(92&$&,h1$%86,9$(QWRGRVORVFDVRVGHUHYRFDFLnQDEXVLYDGHOPDQGDWRTXHGDUjREOLJDGRHOPDQGDQWHDSDJDUDO
PDQGDWDULRVXUHPXQHUDFLnQWRWDO\DLQGHPQL]DUORVSHUMXLFLRVTXHOHFDXVH
$57f&8/25(92&$&,h1(1&$62'(3/85$/,'$''(/0$1'$17(6(OPDQGDWRFRQIHULGRSRUYDULDVSHUVRQDVVnORSRGUjUHYRFDUVHSRU
WRGRVORVPDQGDQWHVH[FHSWRTXHKD\DMXVWDFDXVD
$57f&8/2()(&726'(/$5(92&$&,h1/DUHYRFDFLnQSURGXFLUjHIHFWRVDSDUWLUGHOPRPHQWRHQTXHHOPDQGDWDULRWHQJDFRQRFLPLHQWR
GHHOODVLQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXORGHO&nGLJR&LYLO
$57f&8/25(181&,$'(/0$1'$7$5,2325-867$&$86$6LHOPDQGDWRKDVLGRSDFWDGRHQLQWHUkVGHOPDQGDQWHRGHXQWHUFHURVnOR
SRGUjUHQXQFLDUORHOPDQGDWDULRSRUMXVWDFDXVDVRSHQDGHLQGHPQL]DUORVSHUMXLFLRVTXHDOPDQGDQWHRDOWHUFHURRFDVLRQHODUHQXQFLDDEXVLYD
$57f&8/20$1'$72&21)(5,'2(1,17(5e6'(/0$1'$7$5,22817(5&(52(OPDQGDWRFRQIHULGRWDPELkQHQLQWHUkVGHOPDQGDWDULR
RGHXQWHUFHURQRWHUPLQDUjSRUODPXHUWHRODLQKDELOLWDFLnQGHOPDQGDQWH
$57f&8/208(57(,17(5',&&,21,162/9(1&,$</,48,'$&,h12%/,*$725,$'(/0$1'$7$5,2(QFDVRGHPXHUWHLQWHUGLFFLnQ
LQVROYHQFLDRTXLHEUDGHOPDQGDWDULRVXVKHUHGHURVRUHSUHVHQWDQWHVGDUjQLQPHGLDWRDYLVRDOPDQGDQWHGHODFDHFLPLHQWRGHOKHFKR\KDUjQHQ
IDYRUGHkVWHORTXHSXHGDQ\ODVFLUFXQVWDQFLDVH[LMDQVRSHQDGHLQGHPQL]DUORVSHUMXLFLRVTXHVXFXOSDFDXVHDOPDQGDQWH
$57f&8/25(181&,$'(/(1&$5*226863(16,h1'(/$(-(&8&,h1325)$/7$'()21'26&XDQGRHOPDQGDWRUHTXLHUDSURYLVLnQGH
IRQGRV\HOPDQGDQWHQRODKXELHUHYHULqFDGRHQFDQWLGDGVXqFLHQWHHOPDQGDWDULRSRGUjUHQXQFLDUVXHQFDUJRRVXVSHQGHUVXHMHFXFLnQ
&XDQGRHOPDQGDWDULRVHFRPSURPHWDDDQWLFLSDUIRQGRVSDUDHOGHVHPSHmRGHOPDQGDWRHVWDUjREOLJDGRDVXSOLUORVH[FHSWRHQHOFDVRGH
VXVSHQVLnQGHSDJRVRTXLHEUDGHOPDQGDQWH
&$3f78/2,9
&20,6,h1
6(&&,h1,
*(1(5$/,'$'(6
$57f&8/2&20,6,h1/DFRPLVLnQHVXQDHVSHFLHGHPDQGDWRSRUHOFXDOVHHQFRPLHQGDDXQDSHUVRQDTXHVHGHGLFDSURIHVLRQDOPHQWHD
HOORODHMHFXFLnQGHXQRRYDULRVQHJRFLRVHQQRPEUHSURSLRSHURSRUFXHQWDDMHQD
$57f&8/235(681&,h1'($&(37$&,h16HSUHVXPLUjDFHSWDGDXQDFRPLVLnQFXDQGRVHFRQqHUDDSHUVRQDVTXHSoEOLFDPHQWHRVWHQWHQ
HOFDUjFWHUGHFRPLVLRQLVWDVSRUHOVnORKHFKRGHTXHQRODUHKoVHQGHQWURGHORVWUHVGlDVVLJXLHQWHVDDTXHOHQTXHUHFLELHURQODSURSXHVWD
UHVSHFWLYD
&XDQGRVLQFDXVDOHJDOGHMDUHHOFRPLVLRQLVWDGHDYLVDUTXHUHKoVDODFRPLVLnQRGHFXPSOLUODH[SUHVDRWjFLWDPHQWHDFHSWDGDVHUj
UHVSRQVDEOHHOFRPLWHQWHGHWRGRVORVGDmRVTXHSRUHOOROHVREUHYHQJDQ
$XQTXHHOFRPLVLRQLVWDUHKoVHODFRPLVLnQTXHVHOHFRQqHUDQRHVWDUjGLVSHQVDGRGHSUDFWLFDUODVGLOLJHQFLDVTXHVHDQQHFHVDULDVSDUDOD
FRQVHUYDFLnQGHORVHIHFWRVTXHHOFRPLWHQWHOHKD\DUHPLWLGRKDVWDTXHkVWHSURYHDQXHYRHQFDUJDGRVLQTXHSRUSUDFWLFDUWDOHVGLOLJHQFLDVVH
HQWLHQGDWjFLWDPHQWHDFHSWDGDODFRPLVLnQ
$57f&8/2&20,6,h1325&8(17$$-(1$<()(&726/DFRPLVLnQSXHGHVHUFRQIHULGDSRUFXHQWDDMHQD\HQHVWHFDVRORVHIHFWRVTXH
HOODSURGXFHVnORDIHFWDQDOWHUFHURLQWHUHVDGR\DOFRPLVLRQLVWD
$57f&8/2326,%,/,'$''(/&20,6,21,67$'(9(1'(5(1%2/6$620$57,//26/26()(&726&216,*1$'26(OFRPLVLRQLVWDSRGUj
KDFHUYHQGHUHQEROVDVRPDUWLOORVORVHIHFWRVTXHVHOHKD\DQFRQVLJQDGR
&XDQGRKDELHQGRDYLVDGRDOFRPLWHQWHTXHUHKoVDODFRPLVLnQGHQWURGHORVWUHVGlDVVLJXLHQWHVDDTXHOHQTXHUHFLELnGLFKRDYLVRQR
GHVLJQDXQQXHYRHQFDUJDGRTXHUHFLEDORVHIHFWRVTXHKD\DUHPLWLGR
&XDQGRHOYDORUSUHVXQWRGHORVPLVPRVQRDOFDQFHDFXEULUORVJDVWRVTXHKD\DGHUHDOL]DUSRUHOWUDQVSRUWH\UHFLERGHHOORV\
6LHQGLFKRVHIHFWRVRFXUUHXQDDOWHUDFLnQWDOTXHODYHQWDVHDQHFHVDULDSDUDVDOYDUSDUWHGHVXYDORU
(OSURGXFWROlTXLGRGHORVHIHFWRVDVlYHQGLGRVVHUjGHSRVLWDGRDGLVSRVLFLnQGHOFRPLWHQWHHQXQHVWDEOHFLPLHQWREDQFDULRGHODPLVPDSOD]D\
HQVXGHIHFWRGHODPjVSUn[LPD
3$5d*5$)2(QORVFDVRVGHORVRUGLQDOHVR\RGHEHUjFRQVXOWDUVHDOFRPLWHQWHVLIXHUHSRVLEOH\KXELHUHWLHPSRSDUDHOOR
$57f&8/2352+,%,&,h1'('(/(*$568&20(7,'26,1$8725,=$&,h1/DFRPLVLnQVHUjGHVHPSHmDGDSHUVRQDOPHQWHSRUHO
FRPLVLRQLVWDTXLHQQRSRGUjGHOHJDUVXFRPHWLGRVLQDXWRUL]DFLnQH[SUHVD
%DMRVXUHVSRQVDELOLGDGSRGUjHPSOHDUHQHOGHVHPSHmRGHODFRPLVLnQGHSHQGLHQWHVHQRSHUDFLRQHVTXHVHJoQODFRVWXPEUHVHFRQIlHQD
kVWRV
$57f&8/2'(48,(1$680(/$3e5','$'(/$6&26$66HUjGHFXHQWDGHOFRPLVLRQLVWDODSkUGLGDGHODVFRVDVTXHWHQJDHQVXSRGHU
SRUUD]nQGHODFRPLVLnQ3HURVLDOGHYROYHUODVREVHUYDHOFRPLVLRQLVWDODVLQVWUXFFLRQHVGHOFRPLWHQWHkVWHVRSRUWDUjODSkUGLGD
$57f&8/25(63216$%,/,'$''(/&20,6,21,67$325%,(1(65(&,%,'26(OFRPLVLRQLVWDUHVSRQGHUjGHORVELHQHVTXHUHFLEDGHDFXHUGR
FRQORVGDWRVFRQWHQLGRVHQHOGRFXPHQWRGHUHPHVDDQRVHUTXHDOUHFLELUORVKDJDFRQVWDUODVGLIHUHQFLDVSRUODFHUWLqFDFLnQGHXQFRQWDGRU
SoEOLFRRHQVXGHIHFWRGHGRVFRPHUFLDQWHV
$57f&8/23e5','$'(/$60(5&$'(5,$6325&$62)2578,7229,&,2,1+(5(17('(/$60,60$61RUHVSRQGHUjHOFRPLVLRQLVWDGHO
GHWHULRURRODSkUGLGDGHODVPHUFDGHUlDVH[LVWHQWHVHQVXSRGHUVLRFXUULHUHSRUFDVRIRUWXLWRRSRUYLFLRLQKHUHQWHDODVPLVPDVPHUFDGHUlDV
(VREOLJDFLnQGHOFRPLVLRQLVWDKDFHUFRQVWDUDQWHODDXWRULGDGSROLFLYDGHOOXJDUGHVXRFXUUHQFLDHOGHWHULRURRODSkUGLGD\GDUDYLVRDVX
FRPLWHQWHVLQGHPRUDDOJXQD
$57f&8/22%/,*$&,h1'($6(*85$5/$60(5&$'(5,$6(VREOLJDFLnQGHOFRPLVLRQLVWDDVHJXUDUODVPHUFDGHUlDVTXHUHPLWDSRUFXHQWD
DMHQDWHQLHQGRRUGHQ\SURYLVLnQSDUDKDFHUORRGDUSURQWRDYLVRDVXFRPLWHQWHVLQRSXHGHUHDOL]DUHOVHJXURSRUHOSUHFLR\FRQGLFLRQHVTXH
OHGHVLJQHQVXVLQVWUXFFLRQHV
(OFRPLVLRQLVWDTXHKD\DGHUHPLWLUPHUFDQFlDVDRWURSXQWRGHEHUjFRQWUDWDUHOWUDQVSRUWH\FXPSOLUODVREOLJDFLRQHVTXHVHLPSRQHQDO
UHPLWHQWH
$57f&8/22%/,*$&,h1'(,'(17,),&$5/$60(5&$'(5,$6/RVFRPLVLRQLVWDVQRSRGUjQDOWHUDUODVPDUFDVGHORVHIHFWRVTXHKD\DQ
FRPSUDGRRYHQGLGRSRUFXHQWDDMHQDQLWHQHUEDMRXQDPLVPDPDUFDHIHFWRVGHODPLVPDHVSHFLHSHUWHQHFLHQWHVDGLVWLQWRVGXHmRVVLQ
GLVWLQJXLUORVSRUXQDFRQWUDPDUFDTXHGHVLJQHODSURSLHGDGUHVSHFWLYDGHFDGDFRPLWHQWH
$57f&8/235e67$026$17,&,326<9(17$6$/),$'2$&$5*2'(/&20,6,21,67$6RQGHFDUJRGHOFRPLVLRQLVWDORVSUkVWDPRV
DQWLFLSDFLRQHV\YHQWDVDOqDGRVLHPSUHTXHSURFHGDVLQDXWRUL]DFLnQGHVXFRPLWHQWH\HQWDOFDVRSRGUjkVWHH[LJLUVHOHHQWUHJXHQGH
LQPHGLDWRODVFDQWLGDGHVSUHVWDGDVDQWLFLSDGDVRqDGDVGHMDQGRHQIDYRUGHOFRPLVLRQLVWDORVEHQHqFLRVTXHUHVXOWHQGHVXVFRQWUDWRV
3HURHOFRPLVLRQLVWDSRGUjYHQGHUDORVSOD]RVGHXVRJHQHUDOHQODUHVSHFWLYDORFDOLGDGDQRVHUTXHVHOHSURKlEDQVXVLQVWUXFFLRQHV
$57f&8/29(17$6$3/$=2$XQFXDQGRHOFRPLVLRQLVWDHVWkDXWRUL]DGRWjFLWDRH[SUHVDPHQWHSDUDYHQGHUDSOD]RVnORSRGUj
FRQFHGHUORDSHUVRQDVQRWRULDPHQWHVROYHQWHV
9HQGLHQGRDSOD]RGHEHUjH[SUHVDUHQODVFXHQWDVTXHULQGDORVQRPEUHVGHORVFRPSUDGRUHV\QRKDFLkQGRORVHHQWHQGHUjTXHODVYHQWDVKDQ
VLGRYHULqFDGDVDOFRQWDGR
$XQHQODVTXHKDJDHQHVWDIRUPDGHEHUjPDQLIHVWDUORVQRPEUHVGHORVFRPSUDGRUHVVLHOFRPLWHQWHVHORH[LJH
$57f&8/2&255(6321'(1&,$'(/$6&8(17$65(1','$6</26$6,(1726'(686/,%526/DVFXHQWDVTXHULQGDHOFRPLVLRQLVWD
GHEHUjQFRQFRUGDUFRQORVDVLHQWRVGHVXVOLEURV
$57f&8/2&2%5$1=$'(&5e',726<()(&72632520,6,h127$5'$1=$(OFRPLVLRQLVWDTXHQRYHULqTXHRSRUWXQDPHQWHODFREUDQ]D
GHORVFUkGLWRVRQRXVHGHORVPHGLRVOHJDOHVSDUDFRQVHJXLUHOSDJRVHUjUHVSRQVDEOHGHORVSHUMXLFLRVTXHFDXVHVXRPLVLnQRWDUGDQ]D
$57f&8/26LHQGRPRURVRHOFRPLVLRQLVWDHQUHQGLUODFXHQWDQRSRGUjFREUDULQWHUHVHVGHVGHHOGlDHQTXHKD\DLQFXUULGRHQPRUD
$57f&8/2'(5(&+2'(5(7(1&,h17LHQHDVLPLVPRHOFRPLVLRQLVWDGHUHFKRGHUHWHQHUODVPHUFDGHUlDVFRQVLJQDGDVRVXSURGXFWRSDUD
TXHSUHIHUHQWHPHQWHDORVGHPjVDFUHHGRUHVGHOFRPLWHQWHVHOHVSDJXHQVXVDQWLFLSDFLRQHVLQWHUHVHVFRVWRV\FRPLVLnQVLFRQFXUUHQHVWDV
FLUFXQVWDQFLDV
4XHODVPHUFDGHUlDVOHKD\DQVLGRUHPLWLGDVGHXQDSOD]DDRWUD\
4XHKD\DQVLGRHQWUHJDGDVUHDORYLUWXDOPHQWHDOFRPLVLRQLVWD
+D\HQWUHJDUHDOFXDQGRODVPHUFDGHUlDVHVWjQDGLVSRVLFLnQGHOFRPLVLRQLVWDHQVXVDOPDFHQHVRHQDMHQRVRHQFXDOTXLHURWUROXJDUSoEOLFRR
SULYDGR
+D\HQWUHJDYLUWXDOVLDQWHVTXHODVPHUFDGHUlDVKD\DQOOHJDGRDPDQRVGHOFRPLVLRQLVWDkVWHSXGLHUDDFUHGLWDUTXHOHKDQVLGRH[SHGLGDVFRQ
XQDFDUWDGHSRUWHRXQFRQRFLPLHQWRDODRUGHQRDOSRUWDGRU
$57f&8/27e50,12'(/$&20,6,h1/DFRPLVLnQWHUPLQDSRUPXHUWHRLQKDELOLGDGGHOFRPLVLRQLVWDODPXHUWHRLQKDELOLGDGGHO
FRPLWHQWHQROHSRQHWkUPLQRDXQTXHSXHGHQUHYRFDUODVXVKHUHGHURV
$57f&8/2,17(50(',$&,h1(1(/0(5&$'23i%/,&2'(9$/25(69HU1RWDVGHO(GLWRU!6RORORVPLHPEURVGHXQDEROVDGHYDORUHV
SRGUjQVHUFRPLVLRQLVWDVSDUDFRPSUD\YHQWDGHYDORUHVLQVFULWRVHQHOODV
$57f&8/2352+,%,&,h1'(7(1(5$*(17(620$1'$7$5,26'HURJDGRSRUHODUW'HFUHWR([WUDRUGLQDULRGH/RV
FRPLVLRQLVWDVGHEROVDQRSRGUjQWHQHUDJHQWHVQLPDQGDWDULRVSDUDODDFWLYLGDGTXHGHVDUUROODQ$VLPLVPRFXDQGRHQWUHORVPLHPEURVGHXQD
EROVDGHYDORUHVKD\DVRFLHGDGHVkVWDVGHEHUjQVHUFROHFWLYDVPHUFDQWLOHV\QRSRGUjQDEULUVXFXUVDOHV
$57f&8/27e50,123$5$&803/,5/$&20,6,h1'HURJDGRSRUHODUW'HFUHWR([WUDRUGLQDULRGH&XDQGRXQFRPLVLRQLVWD
GHEROVDUHFLEDHOHQFDUJRGHFRPSUDURYHQGHUYDORUHVEXUVjWLOHVVLQTXHVHGHWHUPLQHHOODSVRGXUDQWHHOFXDOGHEDFXPSOLUODFRPLVLnQkVWD
VHHQWLHQGHFRQIHULGDSRUHOWkUPLQRGHGlDV$GHPjVVHSUHVXPHTXHHOSUHFLRGHDGTXVLFLnQ VLF RGHYHQWDSDUDHOFRPLWHQWHVHUjHOTXH
UHVXOWHGHSURPHGLDUODVFRWL]DFLRQHVGHOUHVSHFWLYRWlWXORYDORUHQGLFKRODSVRVLQRVHKDQHVWLSXODGRORVSUHFLRVPj[LPR\PlQLPRSRUHOFXDO
GHEHHOFRPLVLRQLVWDGHEHHIHFWXDUODRSHUDFLnQ
$57f&8/2352+,%,&,21(6$/26&20,6,21,67$6'(%2/6$'HURJDGRSRUHODUW'HFUHWR([WUDRUGLQDULRGH3URKlEHVHD
ORVFRPLVLRQLVWDVGHEROVD
R$GTXLULUSDUDVlGLUHFWDPHQWHRSRULQWHUSXHVWDSHUVRQDORVWlWXORVYDORUHVLQVFULWRVHQEROVD
R5HSUHVHQWDUHQODVDVDPEOHDVJHQHUDOHVGHDFFLRQLVWDVODVDFFLRQHVTXHVHQHJRFLHQHQPHUFDGRVSoEOLFRVGHYDORUHV\
R6XVWLWXLUORVSRGHUHVTXHVHOHVRWRUJXHQSDUDUHSUHVHQWDUODVDFFLRQHVDTXHVHUHqHUHHORUGLQDOR
3$5d*5$)2/DLQIUDFFLnQDFXDOTXLHUDGHODVGLVSRVLFLRQHVFRQWHPSODGDVHQORVDUWlFXORVSUHFHGHQWHVVHUjFDXVDOGHH[SXOVLnQGHODEROVDVLQ
SHUMXLFLRGHODVVDQFLRQHVDGPLQLVWUDWLYDV\SHQDOHVTXHSXHGDQLPSRQkUVHOH
$57f&8/2$3/,&$&,h1'(1250$7,9,'$''(/0$1'$726RQDSOLFDEOHVDODFRPLVLnQODVQRUPDVGHOPDQGDWRHQFXDQWRQRSXJQHQFRQ
VXQDWXUDOH]D
$57f&8/2&8(17$66(3$5$'$6(,'(17,),&$&,h1'(0(5&$'(5,$6(OFRPLVLRQLVWDGHEHUjOOHYDUFXHQWDVVHSDUDGDVFXDQGRQHJRFLH
SRUHQFDUJRGHGLVWLQWRVFRPLWHQWHV\GHEHUjLQGLFDUHQODVIDFWXUDVRHQFRPSUREDQWHVHVFULWRVODVPHUFDGHUlDVRHIHFWRVSHUWHQHFLHQWHVDFDGD
FRPLWHQWHSDUDKDFHUODLPSXWDFLnQGHORVSDJRVHQDUPRQlDFRQWDOHVLQGLFDFLRQHV
$57f&8/25(*/$63$5$/$,0387$&,h1'(/3$*2$IDOWDRHQFDVRGHGHqFLHQFLDGHODVDQRWDFLRQHVSUHVFULWDVHQHODUWlFXORDQWHULRU
ODLPSXWDFLnQGHORVSDJRVVHKDUjFRQVXMHFLnQDODVUHJODVVLJXLHQWHV
6LHOFUkGLWRSURFHGHGHXQDVRODRSHUDFLnQHMHFXWDGDSRUFXHQWDGHGLVWLQWDVSHUVRQDVODVHQWUHJDVTXHKDJDHOGHXGRUVHGLVWULEXLUjQHQWUH
ORVDFUHHGRUHVDSURUUDWDGHOYDORUGHVXVPHUFDGHUlDVRHIHFWRV
6LORVFUkGLWRVSURFHGHQGHGLVWLQWDVRSHUDFLRQHVHMHFXWDGDVFRQXQDVRODSHUVRQDHOSDJRVHLPSXWDUjDOFUkGLWRTXHLQGLTXHHOGHXGRUVL
QLQJXQRGHHOORVVHKDOODYHQFLGRRVLWRGRVVHKDQYHQFLGRVLPXOWjQHDPHQWH\
6LVRODPHQWHDOJXQRGHORVFUkGLWRVHVWjQYHQFLGRVHQODkSRFDGHOSDJRVHDSOLFDUjQODVFDQWLGDGHVHQWUHJDGDVSRUHOGHXGRUDORVFUkGLWRV
YHQFLGRV\HOUHPDQHQWHVlORKD\VHGLVWULEXLUjHQWUHORVFUkGLWRVQRYHQFLGRVDSURUUDWDGHVXVYDORUHV
$57f&8/25(63216$%,/,'$''(/$$87(17,&,'$''(/i/7,02(1'262&XDQGRODFRPLVLnQWHQJDSRUREMHWRODFRPSUDRODYHQWDGH
WlWXORVYDORUHVHOFRPLVLRQLVWDUHVSRQGHUjGHODDXWHQWLFLGDGGHOoOWLPRHQGRVRGHORVPLVPRVVDOYRHQFXDQWRORVLQWHUHVDGRVQHJRFLHQ
GLUHFWDPHQWHHQWUHVl
6(&&,h1,,
&20,6,h1'(75$163257(
$57f&8/2&20,6,h1'(75$163257((OFRQWUDWRGHFRPLVLnQGHWUDQVSRUWHHVDTXHOSRUHOFXDOXQDSHUVRQDVHREOLJDHQVXQRPEUH\
SRUFXHQWDDMHQDDFRQWUDWDU\KDFHUHMHFXWDUHOWUDQVSRUWHRFRQGXFFLnQGHXQDSHUVRQDRGHXQDFRVD\ODVRSHUDFLRQHVFRQH[DVDTXHKD\D
OXJDU
(OTXHYHQGHPHUFDGHUlDVSRUFRUUHVSRQGHQFLD\VHREOLJDDUHPLWLUODVDOFRPSUDGRUQRVHFRQVLGHUDUjSRUWDOKHFKRFRPLVLRQLVWDGHWUDQVSRUWH
$57f&8/2'(5(&+26<2%/,*$&,21(6'(/&20,6,21,67$'(75$163257((OFRPLVLRQLVWDGHWUDQVSRUWHJR]DUjGHORVPLVPRVGHUHFKRV
\DVXPLUjODVPLVPDVREOLJDFLRQHVGHOWUDQVSRUWDGRUHQUHODFLnQFRQHOSDVDMHURRFRQHOUHPLWHQWH\HOGHVWLQDWDULRGHODVFRVDVWUDQVSRUWDGDV
$57f&8/2$&&,21(6(-(5&,7$'$6',5(&7$0(17(&2175$(/75$163257$'251RREVWDQWHORSUHYLVWRHQHODUWlFXORDQWHULRUHO
SDVDMHURHOUHPLWHQWHRHOGHVWLQDWDULRSRGUjQHMHUFLWDUGLUHFWDPHQWHFRQWUDHOWUDQVSRUWDGRUODVDFFLRQHVGHOFDVRSRUORVSHUMXLFLRVTXHHVWk
REOLJDGRDLQGHPQL]DU
(OWUDQVSRUWDGRUDVXYH]SRGUjHMHUFLWDUGLUHFWDPHQWHFRQWUDHOSDVDMHURODVDFFLRQHVSRUHOLQFXPSOLPLHQWRGHOFRQWUDWRXQDYH]TXHHO
VHUYLFLROHVHDSUHVWDGRRTXHHQFXDOTXLHURWUDIRUPDDFHSWHHOFRQWUDWRFHOHEUDGRSRUHOFRPLVLRQLVWD
/DPLVPDUHJODVHDSOLFDUjDOUHPLWHQWH\DOGHVWLQDWDULRGHFRVDVFXDQGRDFHSWHQHOFRQWUDWRFHOHEUDGRSRUHOFRPLVLRQLVWD(OUHFLERGHODFRVD
WUDQVSRUWDGDSRUHOGHVWLQDWDULRHTXLYDOGUjDDFHSWDFLnQ
$57f&8/2&20,6,h1'(/(*$'$6LODFRPLVLnQHVGHOHJDGDHOFRPLVLRQLVWDLQWHUPHGLDULRDVXPLUjODVREOLJDFLRQHVFRQWUDlGDVSRUHO
FRPLVLRQLVWDSULQFLSDOUHVSHFWRGHOFRPLWHQWHVDOYRHQFXDQWRHOSULQFLSDOOHLPSDUWDLQVWUXFFLRQHVSUHFLVDVTXHHOLQWHUPHGLDULRFXPSOD
OLWHUDOPHQWH
$57f&8/2352+,%,&,h1'(6(5&20,6,21,67$<75$163257$'25$/0,6027,(0328QDPLVPDSHUVRQDQRSRGUjVHUDXQPLVPR
WLHPSRFRPLVLRQLVWDGHWUDQVSRUWH\WUDQVSRUWDGRU
&$3f78/29
$*(1&,$&20(5&,$/
$57f&8/2$*(1&,$&20(5&,$/3RUPHGLRGHOFRQWUDWRGHDJHQFLDXQFRPHUFLDQWHDVXPHHQIRUPDLQGHSHQGLHQWH\GHPDQHUDHVWDEOH
HOHQFDUJRGHSURPRYHURH[SORWDUQHJRFLRVHQXQGHWHUPLQDGRUDPR\GHQWURGHXQD]RQDSUHqMDGDHQHOWHUULWRULRQDFLRQDOFRPR
UHSUHVHQWDQWHRDJHQWHGHXQHPSUHVDULRQDFLRQDORH[WUDQMHURRFRPRIDEULFDQWHRGLVWULEXLGRUGHXQRRYDULRVSURGXFWRVGHOPLVPR
/DSHUVRQDTXHUHFLEHGLFKRHQFDUJRVHGHQRPLQDJHQkULFDPHQWHDJHQWH
$57f&8/2(;&/86,9,'$'$)$925'(/$*(17(6DOYRSDFWRHQFRQWUDULRHOHPSUHVDULRQRSRGUjVHUYLUVHGHYDULRVDJHQWHVHQXQD
PLVPD]RQD\SDUDHOPLVPRUDPRGHDFWLYLGDGHVRSURGXFWRV
$57f&8/2(;&/86,9,'$'$)$925'(/$*(1&,$'2(QHOFRQWUDWRGHDJHQFLDFRPHUFLDOSRGUjSDFWDUVHODSURKLELFLnQSDUDHODJHQWHGH
SURPRYHURH[SORWDUHQODPLVPD]RQD\HQHOPLVPRUDPRORVQHJRFLRVGHGRVRPjVHPSUHVDULRVFRPSHWLGRUHV
$57f&8/2&217(1,'2'(/&2175$72'($*(1&,$&20(5&,$/(OFRQWUDWRGHDJHQFLDFRQWHQGUjODHVSHFLqFDFLnQGHORVSRGHUHVR
IDFXOWDGHVGHODJHQWHHOUDPRVREUHTXHYHUVHQVXVDFWLYLGDGHVHOWLHPSRGHGXUDFLnQGHODVPLVPDV\HOWHUULWRULRHQTXHVHGHVDUUROOHQ\VHUj
LQVFULWRHQHOUHJLVWURPHUFDQWLO
1RVHUjRSRQLEOHDWHUFHURVGHEXHQDIHH[HQWDGHFXOSDODIDOWDGHDOJXQRVGHHVWRVUHTXLVLWRV
$57f&8/2&803/,0,(172'(/(1&$5*2<5(1',&,h1'(,1)250(6(ODJHQWHFXPSOLUjHOHQFDUJRTXHVHOHKDFRQqDGRDOWHQRUGHODV
LQVWUXFFLRQHVUHFLELGDV\UHQGLUjDOHPSUHVDULRODVLQIRUPDFLRQHVUHODWLYDVDODVFRQGLFLRQHVGHOPHUFDGRHQOD]RQDDVLJQDGD\ODVGHPjVTXH
VHDQoWLOHVDGLFKRHPSUHVDULRSDUDYDORUDUODFRQYHQLHQFLDGHFDGDQHJRFLR
$57f&8/25(081(5$&,h1'(/$*(17((ODJHQWHWHQGUjGHUHFKRDVXUHPXQHUDFLnQDXQTXHHOQHJRFLRQRVHOOHYHDHIHFWRVSRUFDXVDV
LPSXWDEOHVDOHPSUHVDULRRFXDQGRkVWHORHIHFWoHGLUHFWDPHQWH\GHEDHMHFXWDUVHHQHOWHUULWRULRDVLJQDGRDODJHQWHRFXDQGRGLFKR
HPSUHVDULRVHSRQJD^GHDFXHUGRFRQODRWUDSDUWHSDUD`QRFRQFOXLUHOQHJRFLR
$57f&8/25((0%2/6266DOYRHVWLSXODFLnQHQFRQWUDULRHOHPSUHVDULRQRHVWDUjREOLJDGRDUHHPEROVDUDODJHQWHORVJDVWRVGHDJHQFLD
SHURkVWRVVHUjQGHGXFLEOHVFRPRH[SHQVDVJHQHUDOHVGHOQHJRFLRFXDQGRODUHPXQHUDFLnQGHODJHQWHVHDXQWDQWRSRUFLHQWRGHODVXWLOLGDGHV
GHOPLVPR
$57f&8/27(50,1$&,h1'(/0$1'$72(OFRQWUDWRGHDJHQFLDWHUPLQDSRUODVPLVPDVFDXVDVGHOPDQGDWR\DVXWHUPLQDFLnQHODJHQWH
WHQGUjGHUHFKRDTXHHOHPSUHVDULROHSDJXHXQDVXPDHTXLYDOHQWHDODGRFHDYDSDUWHGHOSURPHGLRGHODFRPLVLnQUHJDOlDRXWLOLGDGUHFLELGD
HQORVWUHVoOWLPRVDmRVSRUFDGDXQRGHYLJHQFLDGHOFRQWUDWRRDOSURPHGLRGHWRGRORUHFLELGRVLHOWLHPSRGHOFRQWUDWRIXHUHPHQRU
$GHPjVGHODSUHVWDFLnQLQGLFDGDHQHOLQFLVRDQWHULRUFXDQGRHOHPSUHVDULRUHYRTXHRGkSRUWHUPLQDGRXQLODWHUDOPHQWHHOFRQWUDWRVLQMXVWD
FDXVDFRPSUREDGDGHEHUjSDJDUDODJHQWHXQDLQGHPQL]DFLnQHTXLWDWLYDqMDGDSRUSHULWRVFRPRUHWULEXFLnQDVXVHVIXHU]RVSDUDDFUHGLWDUOD
PDUFDODOlQHDGHSURGXFWRVRORVVHUYLFLRVREMHWRGHOFRQWUDWR/DPLVPDUHJODVHDSOLFDUjFXDQGRHODJHQWHWHUPLQHHOFRQWUDWRSRUMXVWDFDXVD
LPSXWDEOHDOHPSUHVDULR
3DUDODqMDFLnQGHOYDORUGHODLQGHPQL]DFLnQVHWHQGUjHQFXHQWDODH[WHQVLnQLPSRUWDQFLD\YROXPHQGHORVQHJRFLRVTXHHODJHQWHDGHODQWnHQ
GHVDUUROORGHOFRQWUDWR
6LHVHODJHQWHHOTXHGDOXJDUDODWHUPLQDFLnQXQLODWHUDOGHOFRQWUDWRSRUMXVWDFDXVDFRPSUREDGDQRWHQGUjGHUHFKRDLQGHPQL]DFLnQRSDJR
DOJXQRSRUHVWHFRQFHSWR
127$(OWH[WRVXEUD\DGRIXHGHFODUDGR,1(;(48,%/(SRUOD&RUWH&RQVWLWXFLRQDOPHGLDQWH6HQWHQFLD&
$57f&8/2-867$6&$86$63$5$'$53257(50,1$'2(/0$1'$726RQMXVWDVFDXVDVSDUDGDUSRUWHUPLQDGRXQLODWHUDOPHQWHHO
FRQWUDWRGHDJHQFLDFRPHUFLDO
3RUSDUWHGHOHPSUHVDULR
D (OLQFXPSOLPLHQWRJUDYHGHODJHQWHHQVXVREOLJDFLRQHVHVWLSXODGDVHQHOFRQWUDWRRHQODOH\
E &XDOTXLHUDDFFLnQXRPLVLnQGHODJHQWHTXHDIHFWHJUDYHPHQWHORVLQWHUHVHVGHOHPSUHVDULR
F /DTXLHEUDRLQVROYHQFLDGHODJHQWH\
G /DOLTXLGDFLnQRWHUPLQDFLnQGHDFWLYLGDGHV
3RUSDUWHGHODJHQWH
D (OLQFXPSOLPLHQWRGHOHPSUHVDULRHQVXVREOLJDFLRQHVFRQWUDFWXDOHVROHJDOHV
E &XDOTXLHUDFFLnQXRPLVLnQGHOHPSUHVDULRTXHDIHFWHJUDYHPHQWHORVLQWHUHVHVGHODJHQWH
F /DTXLHEUDRLQVROYHQFLDGHOHPSUHVDULR\
G /DWHUPLQDFLnQGHDFWLYLGDGHV
$57f&8/2'(5(&+2'(5(7(1&,h1(ODJHQWHWHQGUjORVGHUHFKRVGHUHWHQFLnQ\SULYLOHJLRVREUHORVELHQHVRYDORUHVGHOHPSUHVDULRTXH
VHKDOOHQHQVXSRGHURDVXGLVSRVLFLnQKDVWDTXHVHFDQFHOHHOYDORUGHODLQGHPQL]DFLnQ\KDVWDHOPRQWRGHGLFKDLQGHPQL]DFLnQ
$57f&8/27(50,1$&,h1'(/&2175$72325-867$&$86$35292&$'$325(/(035(6$5,2&XDQGRHODJHQWHWHUPLQHHOFRQWUDWRSRU
FDXVDMXVWDSURYRFDGDSRUHOHPSUHVDULRkVWHGHEHUjSDJDUDDTXkOODLQGHPQL]DFLnQSUHYLVWDHQHO$UWlFXOR
$57f&8/268-(&,h1$/$6/(<(6&2/20%,$1$63DUDWRGRVORVHIHFWRVORVFRQWUDWRVGHDJHQFLDFRPHUFLDOTXHVHHMHFXWHQHQHO
WHUULWRULRQDFLRQDOTXHGDQVXMHWRVDODVOH\HVFRORPELDQDV
7RGDHVWLSXODFLnQHQFRQWUDULRVHWHQGUjSRUQRHVFULWD
$57f&8/27e50,12'(35(6&5,3&,h1'($&&,21(6/DVDFFLRQHVTXHHPDQDQGHOFRQWUDWRGHDJHQFLDFRPHUFLDOSUHVFULEHQHQFLQFR
DmRV
$57f&8/21250$7,9$$3/,&$%/($ODJHQWHVHDSOLFDUjQHQORSHUWLQHQWHODVQRUPDVGH7lWXOR,,,\GHORV&DSlWXORV,D,9GHHVWH7lWXOR
$57f&8/2$3/,&$&,h1'(1250$7,9$$/$$*(1&,$'(+(&+2$ODDJHQFLDGHKHFKRVHOHDSOLFDUjQODVQRUPDVGHOSUHVHQWH&DSlWXOR
&$3f78/29,
35(326,&,h1
$57f&8/235(326,&,h1/DSUHSRVLFLnQHVXQDIRUPDGHPDQGDWRTXHWLHQHSRUREMHWRODDGPLQLVWUDFLnQGHXQHVWDEOHFLPLHQWRGH
FRPHUFLRRGHXQDSDUWHRUDPRGHODDFWLYLGDGGHOPLVPR(QHVWHFDVRHOPDQGDWDULRVHOHOODPDUjIDFWRU
$57f&8/2,16&5,3&,h1'(/$35(326,&,h1(1(/5(*,67520(5&$17,//DSUHSRVLFLnQGHEHUjLQVFULELUVHHQHOUHJLVWURPHUFDQWLOQR
REVWDQWHORVWHUFHURVSRGUjQDFUHGLWDUVXH[LVWHQFLDSRUWRGRVORVPHGLRVGHSUXHED/DUHYRFDFLnQGHEHUjWDPELkQLQVFULELUVHHQHOUHJLVWUR
PHUFDQWLOSDUDTXHVHDRSRQLEOHDWHUFHURV
$57f&8/2'(48,(1(638('(16(5)$&725(6(OFDUJRGHIDFWRUSRGUjVHUGHVHPSHmDGRSRUPHQRUHVTXHKD\DQFXPSOLGRODHGDGGH
GLH]\RFKRDmRV7DPELkQSRGUjQVHUIDFWRUHVORVTXHEUDGRVQRVDQFLRQDGRVSHQDOPHQWHDoQDQWHVGHREWHQLGDVXUHKDELOLWDFLnQMXGLFLDO
$57f&8/2)$&8/7$'(6'(/26)$&725(6/RVIDFWRUHVSRGUjQFHOHEUDURHMHFXWDUWRGRVORVDFWRVUHODFLRQDGRVFRQHOJLURRUGLQDULRGH
ORVQHJRFLRVGHOHVWDEOHFLPLHQWRTXHDGPLQLVWUHQLQFOX\HQGRODVHQDMHQDFLRQHV\JUDYjPHQHVGHORVHOHPHQWRVGHOHVWDEOHFLPLHQWRTXHHVWkQ
FRPSUHQGLGRVGHQWURGHGLFKRJLURHQFXDQWRHOSUHSRQHQWHQROHVOLPLWHH[SUHVDPHQWHGLFKDVIDFXOWDGHVODOLPLWDFLnQGHEHUjLQVFULELUVHHQHO
UHJLVWURPHUFDQWLOSDUDTXHVHDRSRQLEOHDWHUFHURV
$57f&8/2'(%(5(6'(/)$&7253$5$48(2%/,*8(1$/35(321(17(/RVIDFWRUHVGHEHUjQREUDUVLHPSUHHQQRPEUHGHVXV
PDQGDQWHV\H[SUHVDUHQORVGRFXPHQWRVTXHVXVFULEDQTXHORKDFHQSRUSRGHU2EUDQGRHQHVWDIRUPD\GHQWURGHORVOlPLWHVGHVXV
IDFXOWDGHVREOLJDUjQGLUHFWDPHQWHDOSUHSRQHQWHDXQTXHYLROHQODVLQVWUXFFLRQHVUHFLELGDVVHDSURSLHQGHOUHVXOWDGRGHODVQHJRFLDFLRQHVR
LQFXUUDQHQDEXVRGHFRQqDQ]D
$57f&8/2$&78$&,21(6'(/26)$&725(6(1120%5(3523,2<48(2%/,*$1$/2635(321(17(6$XQTXHORVIDFWRUHVREUHQHQVX
SURSLRQRPEUHREOLJDUjQDOSUHSRQHQWHHQORVFDVRVVLJXLHQWHV
&XDQGRHODFWRRFRQWUDWRFRUUHVSRQGDDOJLURRUGLQDULRGHOHVWDEOHFLPLHQWRDGPLQLVWUDGR\VHDQRWRULDODFDOLGDGGHOIDFWRUGHODSHUVRQDTXH
REUD\
&XDQGRHOUHVXOWDGRGHOQHJRFLRUHGXQGHHQSURYHFKRGHOSUHSRQHQWHDXQTXHQRVHUHoQDQODVFRQGLFLRQHVSUHYLVWDVHQHORUGLQDODQWHULRU
3$5d*5$)2(QFXDOTXLHUDGHHVWRVFDVRVORVWHUFHURVTXHFRQWUDWHQFRQHOIDFWRUSRGUjQHMHUFLWDUVXVDFFLRQHVFRQWUDkVWHRFRQWUDHO
SUHSRQHQWHPDVQRFRQWUDDPERV
$57f&8/2&803/,0,(172'(/(<(6),6&$/(6$&$5*2'(/26)$&725(6/RVIDFWRUHVWHQGUjQDVXFDUJRHOFXPSOLPLHQWRGHODVOH\HV
qVFDOHV\UHJODPHQWRVDGPLQLVWUDWLYRVUHODWLYRVDODHPSUHVDRDFWLYLGDGDTXHVHGHGLFDHOHVWDEOHFLPLHQWRDGPLQLVWUDGRORPLVPRTXHODV
FRQFHUQLHQWHVDODFRQWDELOLGDGGHWDOHVQHJRFLRVVRSHQDGHLQGHPQL]DUDOSUHSRQHQWHORVSHUMXLFLRVTXHVHVLJDQSRUHOLQFXPSOLPLHQWRGH
WDOHVREOLJDFLRQHV
$57f&8/2352+,%,&,21(6$/26)$&725(6/RVIDFWRUHVQRSRGUjQVLQDXWRUL]DFLnQGHOSUHSRQHQWHQHJRFLDUSRUVXFXHQWDRWRPDU
LQWHUkVHQVXQRPEUHRHOGHRWUDSHUVRQDHQQHJRFLDFLRQHVGHOPLVPRJkQHURGHODVTXHVHGHVDUUROODQHQHOHVWDEOHFLPLHQWRDGPLQLVWUDGR
(QFDVRGHLQIUDFFLnQGHHVWDSURKLELFLnQHOSUHSRQHQWHWHQGUjGHUHFKRDODVXWLOLGDGHVRSURYHFKRTXHREWHQJDHOIDFWRUVLQREOLJDFLnQGH
VRSRUWDUODSkUGLGDTXHSXHGDVXIULU
7f78/2;,9
'(/&255(7$-(
6(&&,h1,
&255('25(6(1*(1(5$/
$57f&8/2&255('25(66HOODPDFRUUHGRUDODSHUVRQDTXHSRUVXHVSHFLDOFRQRFLPLHQWRGHORVPHUFDGRVVHRFXSDFRPRDJHQWH
LQWHUPHGLDULRHQODWDUHDGHSRQHUHQUHODFLnQDGRVRPjVSHUVRQDVFRQHOqQGHTXHFHOHEUHQXQQHJRFLRFRPHUFLDOVLQHVWDUYLQFXODGRDODV
SDUWHVSRUUHODFLRQHVGHFRODERUDFLnQGHSHQGHQFLDPDQGDWRRUHSUHVHQWDFLnQ
$57f&8/25(081(5$&,h1'(/26&255('25(6(OFRUUHGRUWHQGUjGHUHFKRDODUHPXQHUDFLnQHVWLSXODGDDIDOWDGHHVWLSXODFLnQDOD
XVXDO\HQVXGHIHFWRDODTXHVHqMHSRUSHULWRV
6DOYRHVWLSXODFLnQHQFRQWUDULRODUHPXQHUDFLnQGHOFRUUHGRUVHUjSDJDGDSRUODVSDUWHVSRUSDUWHVLJXDOHV\ODGHOFRUUHGRUGHVHJXURVSRUHO
DVHJXUDGRU(OFRUUHGRUWHQGUjGHUHFKRDVXUHPXQHUDFLnQHQWRGRVORVFDVRVHQTXHVHDFHOHEUDGRHOQHJRFLRHQTXHLQWHUYHQJD
&XDQGRHQXQPLVPRQHJRFLRLQWHUYHQJDQYDULRVFRUUHGRUHVODUHPXQHUDFLnQVHGLVWULEXLUjHQWUHHOORVSRUSDUWHVLJXDOHVVDOYRSDFWRHQ
FRQWUDULR
$57f&8/2'(5(&+26'(/&255('25$PHQRVTXHVHHVWLSXOHRWUDFRVDHOFRUUHGRUWHQGUjGHUHFKRDTXHVHOHDERQHQODVH[SHQVDV
TXHKD\DKHFKRSRUFDXVDGHODJHVWLnQHQFRPHQGDGDRDFHSWDGDDXQTXHHOQHJRFLRQRVHKD\DFHOHEUDGR&DGDSDUWHDERQDUjODVH[SHQVDV
TXHOHFRUUHVSRQGDQGHFRQIRUPLGDGFRQHODUWlFXORDQWHULRU(VWHDUWlFXORQRVHDSOLFDUjDORVFRUUHGRUHVGHVHJXURV
$57f&8/21(*2&,26&(/(%5$'26%$-2&21',&,h16863(16,9$&XDQGRHOQHJRFLRVHFHOHEUHEDMRFRQGLFLnQVXVSHQVLYDOD
UHPXQHUDFLnQGHOFRUUHGRUVnORVHFDXVDUjDOFXPSOLUVHODFRQGLFLnQVLHVWjVXMHWDDFRQGLFLnQUHVROXWRULDHOFRUUHGRUWHQGUjGHUHFKRDHOOD
GHVGHODIHFKDGHOQHJRFLR
/DQXOLGDGGHOFRQWUDWRQRDIHFWDUjHVWRVGHUHFKRVFXDQGRHOFRUUHGRUKD\DLJQRUDGRODFDXVDOGHLQYDOLGH]
$57f&8/2&2081,&$&,21(6'(&,5&8167$1&,$648(38('(1,1)/8,5(1/$&(/(%5$&,h1'(/1(*2&,2(OFRUUHGRUGHEHUj
FRPXQLFDUDODVSDUWHVWRGDVODVFLUFXQVWDQFLDVFRQRFLGDVSRUkOTXHHQDOJXQDIRUPDSXHGDQLQrXLUHQODFHOHEUDFLnQGHOQHJRFLR
$57f&8/2275$62%/,*$&,21(6'(/26&255('25(6/RVFRUUHGRUHVHVWjQREOLJDGRVDGHPjV
$FRQVHUYDUODVPXHVWUDVGHODVPHUFDQFlDVYHQGLGDVVREUHPXHVWUDPLHQWUDVVXEVLVWDODFRQWURYHUVLDGHFRQIRUPLGDGFRQHODUWlFXOR\
$OOHYDUHQVXVOLEURVXQDUHODFLnQGHWRGRV\FDGDXQRGHORVQHJRFLRVHQTXHLQWHUYHQJDFRQLQGLFDFLnQGHOQRPEUH\GRPLFLOLRGHODVSDUWHV
TXHORVFHOHEUHQGHODIHFKD\FXDQWlDGHORVPLVPRVRGHOSUHFLRGHORVELHQHVVREUHTXHYHUVHQGHODGHVFULSFLnQGHkVWRV\GHOD
UHPXQHUDFLnQREWHQLGD
$57f&8/26863(16,h1(,1+$%,/,'$'(6(OFRUUHGRUTXHIDOWHDVXVGHEHUHVRHQFXDOTXLHUIRUPDTXHEUDQWHODEXHQDIHRODOHDOWDG
GHELGDVVHUjVXVSHQGLGRHQHOHMHUFLFLRGHVXSURIHVLnQKDVWDSRUFLQFRDmRV\HQFDVRGHUHLQFLGHQFLDLQKDELOLWDGRGHqQLWLYDPHQWH
&RQRFHUjGHHVWDDFFLnQHOMXH]FLYLOGHOFLUFXLWRGHOGRPLFLOLRGHOFRUUHGRUPHGLDQWHORVWUjPLWHVGHOSURFHGLPLHQWRYHUEDO
6(&&,h1,,
&255('25(6'(6(*8526
$57f&8/2&255('25(6'(6(*85266RQFRUUHGRUHVGHVHJXURVODVHPSUHVDVFRQVWLWXLGDVRTXHVHFRQVWLWX\DQFRPRVRFLHGDGHV
FRPHUFLDOHVFROHFWLYDVRGHUHVSRQVDELOLGDGOLPLWDGDFX\RREMHWRVRFLDOVHDH[FOXVLYDPHQWHRIUHFHUVHJXURVSURPRYHUVXFHOHEUDFLnQ\REWHQHU
VXUHQRYDFLnQDWlWXORGHLQWHUPHGLDULRVHQWUHHODVHJXUDGR\HODVHJXUDGRU
$57f&8/2&21752/<9,*,/$1&,$'(/$683(5,17(1'(1&,$%$1&$5,$/DVVRFLHGDGHVTXHVHGHGLTXHQDOFRUUHWDMHGHVHJXURVHVWDUjQ
VRPHWLGDVDOFRQWURO\YLJLODQFLDGHOD6XSHULQWHQGHQFLD%DQFDULD\GHEHUjQWHQHUXQFDSLWDOPlQLPR\XQDRUJDQL]DFLnQWkFQLFD\FRQWDEOHFRQ
VXMHFLnQDODVQRUPDVTXHGLFWHDOHIHFWRODPLVPD6XSHULQWHQGHQFLD
$57f&8/2'(%(5'(,16&5,%,56((1/$683(5,17(1'(1&,$%$1&$5,$/DVRFLHGDGFRUUHGRUDGHVHJXURVGHEHUjLQVFULELUVHHQOD
6XSHULQWHQGHQFLD%DQFDULDRUJDQLVPRTXHODSURYHHUjGHXQFHUWLqFDGRTXHODDFUHGLWHFRPRFRUUHGRUFRQHOFXDOSRGUjHMHUFHUODVDFWLYLGDGHV
SURSLDVGHVXREMHWRVRFLDODQWHWRGRVORVDVHJXUDGRUHV\HOSoEOLFRHQJHQHUDO
$57f&8/2&21',&,21(61(&(6$5,$63$5$/$,16&5,3&,h13DUDKDFHUODLQVFULSFLnQGHTXHWUDWDHODUWlFXORDQWHULRUODVRFLHGDGGHEHUj
GHPRVWUDUTXHVXVVRFLRVJHVWRUHV\DGPLQLVWUDGRUHVVRQSHUVRQDVLGnQHDVGHFRQIRUPLGDGFRQODOH\\HOUHJODPHQWRTXHGLFWHOD
6XSHULQWHQGHQFLD%DQFDULD\GHFODUDUEDMRMXUDPHQWRTXHQLODVRFLHGDGQLORVVRFLRVLQFXUUHQHQODVFDXVDOHVGHLQKDELOLGDGRLQFRPSDWLELOLGDG
SUHYLVWDVSRUORVOLWHUDOHVD DG GHODUWlFXORGHOD/H\GH
$57f&8/2&21',&,21(63$5$(/(-(5&,&,26RORSRGUjQXVDUHOWlWXORGHFRUUHGRUHVGHVHJXURV\HMHUFHUHVWDSURIHVLnQODVVRFLHGDGHV
GHELGDPHQWHLQVFULWDVHQOD6XSHULQWHQGHQFLD%DQFDULDTXHWHQJDQYLJHQWHHOFHUWLqFDGRH[SHGLGRSRUGLFKRRUJDQLVPR
$57f&8/21250$6$3/,&$%/(6$/26&255('25(6'(6(*85266HDSOLFDUjQDORVFRUUHGRUHVGHVHJXURVODVQRUPDVFRQVLJQDGDVHQ
ORVDUWlFXORV\GHOD/H\GH
$57f&8/2)$&8/7$'(63$5$5(*/$0(17$5(O*RELHUQRUHJODPHQWDUjHOSUHVHQWH7lWXOR
7f78/2;9
(/&2175$72'((',&,h1
$57f&8/2'(/&2175$72'((',&,h13RUHVWHFRQWUDWRHOSURSLHWDULRRDXWRUGHXQDREUDOLWHUDULDDUWlVWLFDFLHQWlqFDRGLGjFWLFDVH
REOLJDDHQWUHJDUODDXQHGLWRUTXHVHFRPSURPHWHDSXEOLFDUODPHGLDQWHVXLPSUHVLnQJUjqFD\SURSDJDUODSRUVXFXHQWD\ULHVJRFRQHO
QRPEUHGHODXWRURHOVHXGnQLPRTXHkVWHLQGLTXH
(VWHFRQWUDWRHVPHUFDQWLOFXDQGRHOHGLWRUHVXQDHPSUHVDGHGLFDGDDODDFWLYLGDGGHVFULWD
$57f&8/23$&72'(/(67,3(1',225(*$/,$3$5$(/$8725(QWRGRFRQWUDWRGHHGLFLnQGHEHUjSDFWDUVHHOHVWLSHQGLRRUHJDOlDTXH
FRUUHVSRQGDDODXWRURSURSLHWDULRGHODREUDHOTXHHQQLQJoQFDVRVHUjLQIHULRUDOGHOSUHFLRGHYHQWDDOSoEOLFR$IDOWDGHHVWLSXODFLnQVH
SUHVXPLUjTXHFRUUHVSRQGHDODXWRURSURSLHWDULRGLFKRSRUFHQWDMH
&XDQGRHOHGLWRUDGTXLHUDHOGHUHFKRGHKDFHUGRVRPjVHGLFLRQHVODUHJDOlDQRVHUjLQIHULRUDOGHOSUHFLRGHYHQWDGHFDGDHMHPSODU
(QQLQJoQFDVRHODXWRUVRSRUWDUjODVSkUGLGDVTXHUHVXOWHQGHOH[WUDYlRDYHUlDGHVWUXFFLnQRIDOWDGHSDJRGHORVHMHPSODUHVYHQGLGRV
$57f&8/235(681&,h1'(/1i0(52'((',&,21(6$38%/,&$575$16)(5(1&,$'(/'(5(&+2'(3523,('$',17(/(&78$/6LHQHO
FRQWUDWRQRVHGHFODUDH[SUHVDPHQWHTXHVHWUDQVqHUHHOGHUHFKRGHSURSLHGDGLQWHOHFWXDOVHSUHVXPLUjTXHHOHGLWRUVnORSXHGHSXEOLFDUODV
HGLFLRQHVFRQYHQLGDV\HQGHIHFWRGHHVWLSXODFLnQXQDVROD
$57f&8/238%/,&$&,h1'((-(03/$5(6(OHGLWRUGHEHUjSXEOLFDUHOQoPHURGHHMHPSODUHVFRQYHQLGRVSDUDFDGDHGLFLnQ\VLGLFKR
QoPHURQRVHKXELHUHqMDGRHOTXHVHDXVXDOSDUDREUDVGHODPLVPDFODVH&DGDHMHPSODUVHUjQXPHUDGR
/DHGLFLnQVHLQLFLDUj\WHUPLQDUjHQHOSOD]RHVWLSXODGR\HQFDVRGHVLOHQFLRDOUHVSHFWRVHFRPHQ]DUjGHQWURGHORVGRVPHVHVVLJXLHQWHVDOD
HQWUHJDGHORVRULJLQDOHV\VHWHUPLQDUjHQHOSOD]RTXHVHDHVWULFWDPHQWHQHFHVDULRSDUDLPSULPLUODREUDVLQH[FHGHUGHVHLVPHVHV
6LHOHGLWRUUHWUDVDUHODSXEOLFDFLnQGHFXDOTXLHUDGHODVHGLFLRQHVSDFWDGDVVLQFDXVDSOHQDPHQWHMXVWLqFDGDGHEHUjLQGHPQL]DUORVSHUMXLFLRVDO
DXWRURSURSLHWDULR\kVWHSRGUjSURFHGHUDSXEOLFDUODSRUFXHQWDVX\DRGHXQWHUFHUR
$57f&8/218(92&2175$72'((',&,h1&21',&,21(65(7(1&,h1,1-867,),&$'$'(/$2%5$(OSURSLHWDULRRDXWRUGHXQDREUDQR
SRGUjFHOHEUDUXQQXHYRFRQWUDWRGHLPSUHVLnQRGHHGLFLnQPLHQWUDVQRKXELHUHWUDQVFXUULGRHOSOD]RqMDGRSDUDODYHQWDGHODREUDRQRVH
KXELHUHDJRWDGRODHGLFLnQFRQWUDWDGDDQWHV6HFRQVLGHUDUjDJRWDGDXQDHGLFLnQFXDQGRHQQoPHURGHHMHPSODUHVGLVSRQLEOHVSDUDVXYHQWD
VHDLQIHULRUDOGHOWRWDOGHHMHPSODUHVLPSUHVRVHQODUHVSHFWLYDHGLFLnQRFXDQGRVHSURGX]FDHVFDVH]GHODREUDSRUUHWHQFLnQLQMXVWLqFDGD
GHODPLVPDHQSRGHUGHOHGLWRURGHORVGLVWULEXLGRUHV
6HFRQVLGHUDUjUHWHQFLnQLQMXVWLqFDGDODSHUPDQHQFLDHQSRGHUGHOHGLWRURGHORVGLVWULEXLGRUHVGHXQQoPHURGHHMHPSODUHVPD\RUGHOGLH]SRU
FLHQWRVLQH[FHGHUGHOYHLQWHSRUFLHQWRGHOWRWDOGHODHGLFLnQXQDYH]WUDQVFXUULGRVWUHVDmRVGHSXEOLFLGDGGHODREUDFXDQGRkVWDVHKD\D
YHQGLGRDXQSUHFLRVXSHULRUDOLQLFLDOPHQWHqMDGR
$57f&8/25(352'8&&,h1'(2%5$638%/,&$'$6(13(5,2',&2625(9,67$6/RVHVFULWRVSXEOLFDGRVHQSHULnGLFRV\UHYLVWDVSRGUjQ
VHUUHSURGXFLGRVHQWRGRWLHPSRSRUVXDXWRU/RVWUDEDMRVTXHIRUPHQSDUWHGHXQDREUDFROHFWLYDVRORSRGUjQVHUUHSURGXFLGRVSRUVXDXWRU
WUHVPHVHVGHVSXkVGHSXEOLFDGDODREUD
$57f&8/2'(5(&+2<2325781,'$'3$5$()(&78$5&255(&&,21(6$',&,21(620(-25$6(ODXWRUWHQGUjGHUHFKRDHIHFWXDUODV
FRUUHFFLRQHVDGLFLRQHVRPHMRUDVTXHHVWLPHFRQYHQLHQWHVDQWHVGHTXHODREUDHQWUHHQSUHQVD
$VLPLVPRHOHGLWRUQRSRGUjKDFHUXQDQXHYDHGLFLnQVLQTXHHODXWRUORDXWRULFH\VLQGDUOHRSRUWXQLGDGGHKDFHUODVUHIRUPDV\FRUUHFFLRQHV
SHUWLQHQWHV
6LODVHGLFLRQHVRPHMRUDVVRQLQWURGXFLGDVFXDQGR\DODREUDHVWkFRUUHJLGDHQSUXHEDVHODXWRUGHEHUjUHFRQRFHUDOHGLWRUHOPD\RUFRVWRGHOD
LPSUHVLnQ(VWDUHJODVHDSOLFDUjWDPELkQFXDQGRODVUHIRUPDVFRUUHFFLRQHVRDPSOLDFLRQHVVHDQGHJUDQPDJQLWXG\KDJDQPjVRQHURVDOD
LPSUHVLnQVDOYRTXHVHWUDWHGHREUDVDFWXDOL]DGDVPHGLDQWHHQYlRVSHULnGLFRVRGHTXHVHDXPHQWHHOSUHFLRGHYHQWDGHODREUD
/DVLPSOHUHSURGXFFLnQGHXQDREUDVHKDUjFRQIRUPHDORULJLQDO
$57f&8/23$*2'(+2125$5,2625(*$/,$6325'(5(&+26'($8725/RVKRQRUDULRVRUHJDOlDVSRUGHUHFKRVGHDXWRUVHSDJDUjQHQ
ODIRUPDDFRUGDGDHQHOFRQWUDWR6LQDGDVHHVWLSXODDOUHVSHFWRVHUjQH[LJLEOHVGHVGHHOPRPHQWRHQTXHODREUDSXEOLFDGDTXHGHOLVWDSDUDVX
GLVWULEXFLnQRYHQWD
$57f&8/25(1',&,h1<&21752/'(&8(17$66LHPSUHTXHHOSURSLHWDULRRDXWRUGHEDUHFLELUSHULnGLFDPHQWHSDJRVSRUGHUHFKRVGH
DXWRUSRGUjSHGLUTXHVHOHULQGDQFXHQWDVVHPHVWUDOHV\VHOHFDQFHOHORGHELGR
(ODXWRURSURSLHWDULRVXVKHUHGHURVRFHVLRQDULRVSRGUjQFRQWURODUODYHUDFLGDGGHOQoPHURGHHGLFLRQHV\GHHMHPSODUHVLPSUHVRVGHODV
YHQWDVVXVFULSFLRQHVREVHTXLRVGHFRUWHVlD\HQJHQHUDOGHORVLQJUHVRVFDXVDGRVSRUFRQFHSWRGHODREUDPHGLDQWHODYLJLODQFLDGHOWLUDMHHQ
ORVWDOOHUHVGHHGLWRURLPSUHVRU\ODLQVSHFFLnQGHDOPDFHQHV\ERGHJDVGHOHGLWRUFRQWUROTXHSRGUjHMHUFHUSRUVlPLVPRRDWUDYkVGHXQD
SHUVRQDDXWRUL]DGDSRUHVFULWR
$57f&8/235()(5(1&,$62%5((/$8725(1$&78$/,=$&,21(6'(38%/,&$&,21(63(5,2',&$66DOYRHVWLSXODFLnQHQFRQWUDULRFXDQGR
VHWUDWHGHREUDVTXHGHEDQVHUDFWXDOL]DGDVSRUHQYlRVSHULnGLFRVHOHGLWRUGHEHUjSUHIHULUDODXWRUSDUDODHODERUDFLnQGHORVHQYlRVGH
DFWXDOL]DFLnQVLHODXWRUQRDFHSWDUHKDFHUORSRGUjHOHGLWRUFRQWUDWDUGLFKDHODERUDFLnQFRQXQDSHUVRQDLGnQHDDMXLFLRGHODXWRU\GHOHGLWRU
$57f&8/2352&(',0,(172&8$1'2/$2%5$3(5(&(325)8(5=$0$<25(10$126'(/(',725$17(6'(/$(',&,h1&XDQGROD
REUDGHVSXkVGHKDEHUVLGRHQWUHJDGDDOHGLWRUSHUHFHSRUIXHU]DPD\RUDTXHOTXHGDREOLJDGRDOSDJRGHKRQRUDULRVRUHJDOlDV
6LHOSURSLHWDULRRDXWRUSRVHHXQDFRSLDGHORVRULJLQDOHVTXHKDQSHUHFLGRGHEHUjSRQHUODDGLVSRVLFLnQHOHGLWRU(QFDVRFRQWUDULRGHEHUj
UHKDFHUODREUDSHURWHQGUjGHUHFKRDXQDUHPXQHUDFLnQDGLFLRQDOHTXLYDOHQWHDODPLWDGGHORVFRUUHVSRQGLHQWHVKRQRUDULRVRUHJDOlDV
$57f&8/2352&(',0,(172&8$1'2/$2%5$3(5(&(325)8(5=$0$<25(10$126'(/(',725'(638e6'(6(5,035(6$(QFDVRGH
TXHODREUDSHUH]FDWRWDORSDUFLDOPHQWHSRUIXHU]DPD\RUGHVSXkVGHLPSUHVDHODXWRUWHQGUjGHUHFKRDORVKRQRUDULRVRUHJDOlDVVLkVWRV
FRQVLVWHQHQXQDVXPDGHWHUPLQDGDVLQFRQVLGHUDFLnQDOQoPHURGHHMHPSODUHVYHQGLGRV
&XDQGRORVKRQRUDULRVRUHJDOlDVVHSDFWHQSRUHMHPSODUHVYHQGLGRVHODXWRUWHQGUjGHUHFKRDGLFKRVKRQRUDULRVRUHJDOlDVDoQSRUORV
HMHPSODUHVTXHVHKXELHUHQGHVWUXLGRRSHUGLGR
$57f&8/235(&,2'(9(17$$/3i%/,&2$IDOWDGHHVWLSXODFLnQHOSUHFLRGHYHQWDDOSoEOLFRVHUjqMDGRSRUHOHGLWRU
$57f&8/2'(&8$1'2(/'(5(&+2'($87253(57(1(&($/(',725&XDQGRXQRRYDULRVDXWRUHVHODERUHQXQDREUDVHJoQSODQGHO
HGLWRU\SRUFXHQWD\ULHVJRGHkVWHVnORSHUFLELUjQORVKRQRUDULRVFRQYHQLGRV\HOGHUHFKRGHDXWRUSHUWHQHFHUjDOHGLWRU
$57f&8/2275$62%/,*$&,21(6'(/(',725$GHPjVGHODVREOLJDFLRQHV\DLQGLFDGDVHOHGLWRUWHQGUjODVVLJXLHQWHV
D'DUDPSOLDSXEOLFLGDGDODREUDHQODIRUPDPjVDGHFXDGDSDUDDVHJXUDUVXGLIXVLnQRHOk[LWRHFRQnPLFR
D1RDOWHUDUORVRULJLQDOHVQLKDFHUVXSUHVLRQHVDGLFLRQHVRPRGLqFDFLRQHVVLQLQWHUYHQFLnQGLUHFWDGHODXWRU
D1RKDFHUXQDQXHYDLPSUHVLnQGHODREUDVLQDYLVDUDODXWRUFRQODGHELGDDQWHODFLnQSDUDTXHODDGLFLRQHRFRUULMD
D6XPLQLVWUDUHQIRUPDJUDWXLWDDODXWRURSURSLHWDULRKDVWDXQGRVSRUFLHQWRGHORVHMHPSODUHVLPSUHVRVHQFDGDHGLFLnQ
D5HQGLUFXHQWDVVHPHVWUDOHVDODXWRURSURSLHWDULRFXDQGRODUHJDOlDGHEDSDJDUVHHQIRUPDSHULnGLFD
D,QIRUPDUDODXWRURSURSLHWDULRDFHUFDGHOQoPHURGHHMHPSODUHVYHQGLGRV\GHOUHPDQHQWHGHFDGDHGLFLnQ
D3HUPLWLUODLQVSHFFLnQSRUHOSURSLHWDULRRDXWRURSRUVXGHOJDGRGHORVOLEURVGRFXPHQWRV\FRPSUREDQWHVUHODFLRQDGRVFRQFDGDHGLFLnQ
D5HVSRQGHUGHFXDOTXLHUPDOXVRTXHVHKLFLHUHGHODREUDGXUDQWHODYLJHQFLDGHOFRQWUDWR
D5HJLVWUDUODREUDVLHODXWRUQRORKXELHUHKHFKR\
D/DVGHPjVH[SUHVDPHQWHVHmDODGDVHQHOFRQWUDWR
3$5d*5$)2(OHGLWRUHVWjIDFXOWDGRSDUDVROLFLWDUHOUHJLVWURGHODSURSLHGDGLQWHOHFWXDOGHODREUDHQQRPEUHGHDXWRU
$57f&8/27(50,1$&,h1'(/&2175$72'((',&,h1&21&/86,h1'(/$2%5$3253(5621$',)(5(17($/$8725(OFRQWUDWR
WHUPLQDVLDQWHVGHODFRQFOXVLnQGHODREUDHODXWRUPXHUHTXHGDLQFDSD]RVLQFXOSDVX\DHVWjHQLPSRVLELOLGDGGHqQDOL]DUOD
1RREVWDQWHHODXWRUVXVUHSUHVHQWDQWHVRVXVKHUHGHURVSRGUjQSHGLUDOMXH]TXHDXWRULFHHQFRPHQGDUDXQWHUFHURODFRQFOXVLnQGHODREUDVL
HVWRIXHUHSRVLEOHRSXEOLFDUODHOORVPLVPRVWHQLHQGRHQFXHQWDODSDUWHUHDOL]DGDSRUHODXWRU\H[SORWDEOHSRUHOHGLWRUFDVRGHTXHkVWH
UHKXVDUHSXEOLFDUOD
$57f&8/2/DTXLHEUDGHOHGLWRUWHUPLQDUjHOFRQWUDWR\HODXWRUSRGUjUHFODPDUORVRULJLQDOHVRORVPHGLRVTXHORVUHHPSODFHQFXDQGROD
REUDQRVHKXELHUHLPSUHVR(QFDVRGHLPSUHVLnQWRWDORSDUFLDOGLFKRFRQWUDWRVXEVLVWLUjKDVWDFRQFXUUHQFLDGHORVHMHPSODUHVLPSUHVRVSHUR
HODXWRUWHQGUjHOGHUHFKRGHSUHIHUHQFLDFRQFHGLGRDORVFUkGLWRVODERUDOHVSDUDHOSDJRGHVXVKRQRUDULRVRUHJDOlDV
$57f&8/25(7,52'((',&,21(6)5$8'8/(17$632525'(1-8',&,$/6DOYRORGLVSXHVWRHQHOLQFLVRVHJXQGRGHODUWlFXORWDQWRHO
HGLWRUFRPRHODXWRUSRGUjQH[LJLUMXGLFLDOPHQWHHOUHWLURGHODFLUFXODFLnQGHODVHGLFLRQHVIUDXGXOHQWDVGXUDQWHODYLJHQFLDGHOFRQWUDWR\DoQ
GHVSXkVGHWHUPLQDGRPLHQWUDVQRVHKXELHUHQDJRWDGRORVHMHPSODUHVGHODHGLFLnQ
(VWDDFFLnQVHWUDPLWDUjFRPRODGHDPSDURGHODSURSLHGDGLQGXVWULDO
$57f&8/2&$62(148(/$352'8&&,h1'(2%5$6)8785$638('(6(52%-(72'(/&2175$72'((',&,h1/DSURGXFFLnQLQWHOHFWXDO
IXWXUDVRORSRGUjVHUREMHWRGHOFRQWUDWRUHJXODGRSRUHVWH7lWXORFXDQGRVHWUDWHGHREUDXREUDVGHWHUPLQDGDVFX\DVFDUDFWHUlVWLFDVGHEHQ
TXHGDUSHUIHFWDPHQWHHVWDEOHFLGDVHQHOFRQWUDWR
6HUjQXODWRGDHVWLSXODFLnQHQFX\DYLUWXGHODXWRUFRPSURPHWHGHPRGRJHQHUDORLQGHWHUPLQDGRVXSURGXFFLnQIXWXUDRVHREOLJDDUHVWULQJLU
VXSURGXFFLnQLQWHOHFWXDORDQRSURGXFLU
$57f&8/27(50,1$&,h1'(/&2175$72'((',&,h1325129(17$'(/$(',&,h1352&(',0,(1726LGHVSXkVGHWUHVDmRVGH
KDOODUVHODREUDHQYHQWDDOSoEOLFRQRVHKXELHUHYHQGLGRPjVGHOGLH]SRUFLHQWRGHORVHMHPSODUHVHOHGLWRUSRGUjGDUSRUWHUPLQDGRHO
FRQWUDWR\OLTXLGDUORVHMHPSODUHVUHVWDQWHVDXQSUHFLRLQIHULRUDOSDFWDGRRLQLFLDOPHQWHqMDGRSRUHOHGLWRUVLQTXHHODXWRUWHQJDGHUHFKRD
UHPXQHUDFLnQVLHOSUHFLRGHYHQWDIXHUHLQIHULRUDOFRVWRRUHGXFLHQGRODUHPXQHUDFLnQSURSRUFLRQDOPHQWHDOQXHYRSUHFLR
$VXYH]HODXWRUWHQGUjGHUHFKRFXDQGRHOQoPHURGHHMHPSODUHVHQSRGHUGHOHGLWRURGHORGLVWULEXLGRUHVVHDLQIHULRUDOYHLQWHSRUFLHQWRGHO
WRWDOGHODHGLFLnQDDGTXLULUGLFKRVHMHPSODUHVDOSUHFLRGHYHQWDDOSoEOLFRPHQRVXQYHLQWLFLQFRSRUFLHQWRSDUDKDFHUXQDQXHYDHGLFLnQVLQ
FREUDUKRQRUDULRVRUHJDOlDVSRUWDOHVHMHPSODUHVSHURGHEHUjSUHIHULUDOHGLWRUHQLJXDOGDGGHFRQGLFLRQHVFRQORVGHPjV
$57f&8/25(48,6,72648('(%(&803/,5/$&$5$78/$'(/$2%5$(QODFDUjWXODGHFDGDHMHPSODUGHEHUjH[SUHVDUVHHOQRPEUHR
VHXGnQLPRGHODXWRUHOQRPEUHGHODREUDHOQRPEUHGHOWUDGXFWRU\HOWlWXORRULJLQDOGHGLFKDREUDVLVHWUDWDUHGHWUDGXFFLnQHODmR\OXJDUGH
ODHGLFLnQHOQRPEUH\GLUHFFLnQGHOHGLWRU\GHOLPSUHVRU
1RVHH[SUHVDUjHOQRPEUHGHODXWRURGHOWUDGXFWRUFXDQGRVHKXELHUHSDFWDGRHODQRQLPDWR
(QHOUHYHUVRGHODFDUjWXODVHH[SUHVDUjHOQoPHUR\IHFKDGHOUHJLVWURGHODSURSLHGDGLQWHOHFWXDOHOWLUDMHHOQoPHURGHHMHPSODUHVHODmR\
OXJDUGHODVHGLFLRQHVDQWHULRUHV
$57f&8/25(62/8&,h1'(',)(5(1&,$6(175((/$8725(',725<',675,%8,'25(6/DVGLIHUHQFLDVTXHRFXUUDQHQWUHHOHGLWRU\HO
DXWRURHQWUHkVWH\ORVGLVWULEXLGRUHVVHGHFLGLUjQSRUHOSURFHVRYHUEDO
$57f&8/29$/,'(='(',6326,&,21(6$',&,21$/(6/DVGLVSRVLFLRQHVGHHVWH7lWXORULJHQHOFRQWUDWRGHHGLFLnQVLQSHUMXLFLRGHTXHODV
SDUWHVSXHGDQHVWLSXODURWUDVFRQGLFLRQHV
7f78/2;9,
'(/&2175$72'(&216,*1$&,h12(67,0$725,2
$57f&8/2'(),1,&,h1'(&2175$72'(&216,*1$&,h12(67,0$725,23RUHOFRQWUDWRGHFRQVLJQDFLnQRHVWLPDWRULRXQDSHUVRQD
GHQRPLQDGDFRQVLJQDWDULRFRQWUDHODREOLJDFLnQGHYHQGHUPHUFDQFlDVGHRWUDOODPDGDFRQVLJQDQWHSUHYLDODqMDFLnQGHXQSUHFLRTXHDTXkO
GHEHHQWUHJDUDkVWH
(OFRQVLJQDWDULRWHQGUjGHUHFKRDKDFHUVX\RHOPD\RUYDORUGHODYHQWDGHODVPHUFDQFlDV\GHEHUjSDJDUDOFRQVLJQDQWHHOSUHFLRGHODVTXH
KD\DYHQGLGRRQROHKD\DGHYXHOWRDOYHQFLPLHQWRGHOSOD]RFRQYHQLGRRHQVXGHIHFWRGHOTXHUHVXOWDUHGHODFRVWXPEUH
$57f&8/25(63216$%,/,'$'(1&8672',$'(0(5&$1&f$6&803/,0,(172'(/&2175$726DOYRHVWLSXODFLnQGLVWLQWDHOFRQVLJQDWDULR
HVUHVSRQVDEOHGHFXOSDOHYHHQODFXVWRGLDGHODVPHUFDQFlDV\HQHOFXPSOLPLHQWRGHOFRQWUDWRSHURQRUHVSRQGHSRUHOGHWHULRURRSkUGLGDGH
HOODVSURYHQLHQWHVGHVXQDWXUDOH]DGHYLFLRSURSLRRGHIXHU]DPD\RU
$57f&8/2)$&8/7$'(6'(/&216,*1$7$5,23$5$),-$535(&,262'(2%7(1(581$&20,6,h1(OFRQVLJQDWDULRSRGUjYHQGHUODVFRVDV
SRUXQSUHFLRPD\RUTXHHOSUHqMDGRDPHQRVTXHHVWDIDFXOWDGOHKD\DVLGROLPLWDGDSRUHOFRQVLJQDQWHFDVRHQHOFXDOWHQGUjGHUHFKRHO
FRQVLJQDWDULRDODFRPLVLnQHVWLSXODGDRXVXDO\HQVXGHIHFWRDODTXHGHWHUPLQHQSHULWRV
$57f&8/2,1(0%$5*$%,/,'$''(/$6&26$6&216,*1$'$6/DVFRVDVGDGDVHQFRQVLJQDFLnQQRSRGUjQVHUHPEDUJDGDVQL
VHFXHVWUDGDVSRUORVDFUHHGRUHVGHOFRQVLJQDWDULRQLIRUPDUjQSDUWHGHODPDVDGHODTXLHEUD
$57f&8/2()(&7260,(175$6(67(3(1',(17((/35(&,26DOYRHVWLSXODFLnQHQFRQWUDULRHOFRQVLJQDQWHQRSRGUjGLVSRQHUGHODV
PHUFDQFlDVQLH[LJLUHOSUHFLRGHODVYHQGLGDVQLHOFRQVLJQDWDULRGHYROYHUODVTXHKD\DUHFLELGRPLHQWUDVHVWkSHQGLHQWHHOSOD]R
7f78/2;9,,
'(/26&2175$726%$1&$5,26
&$3f78/2,
&8(17$&255,(17(%$1&$5,$
$57f&8/2'(),1,&,h1'(&8(17$&255,(17(%$1&$5,$3RUHOFRQWUDWRGHGHSnVLWRHQFXHQWDFRUULHQWHEDQFDULDHOFXHQWDFRUUHQWLVWD
DGTXLHUHODIDFXOWDGGHFRQVLJQDUVXPDVGHGLQHUR\FKHTXHVHQXQHVWDEOHFLPLHQWREDQFDULR\GHGLVSRQHUWRWDORSDUFLDOPHQWHGHVXVVDOGRV
PHGLDQWHHOJLURGHFKHTXHVRHQRWUDIRUPDSUHYLDPHQWHFRQYHQLGDFRQHOEDQFR
7RGRGHSnVLWRFRQVWLWXLGRDODYLVWDVHHQWHQGHUjHQWUHJDGRHQFXHQWDFRUULHQWHEDQFDULDVDOYRFRQYHQLRHQFRQWUDULR
$57f&8/2&21',&,h1'(6$/92$%8(1&2%52(181&+(48(7RGRFKHTXHFRQVLJQDGRVHHQWLHQGHVDOYREXHQFREURDPHQRVTXH
H[LVWDHVWLSXODFLnQHQFRQWUDULR
$57f&8/2',6326,&,h1'('(3h6,726(1&8(17$&255,(17(&2/(&7,9$'HORVGHSnVLWRVUHFLELGRVHQFXHQWDFRUULHQWHDELHUWDD
QRPEUHGHGRVRPjVSHUVRQDVSRGUjGLVSRQHUFXDOTXLHUDGHHOODVDPHQRVTXHVHKD\DFRQYHQLGRRWUDFRVDFRQHOEDQFR
/RVFXHQWDFRUUHQWLVWDVVHUjQGHXGRUHVVROLGDULRVGHORVVDOGRVDFDUJRGHODFXHQWDFROHFWLYD
$57f&8/223(5$1&,$'(/$&203(16$&,h1'('(8'$6(OEDQFRSRGUjVDOYRSDFWRHQFRQWUDULRDFUHGLWDURGHELWDUHQODFXHQWD
FRUULHQWHGHVXWLWXODUHOLPSRUWHGHODVREOLJDFLRQHVH[LJLEOHVGHTXHVHDQUHFlSURFDPHQWHGHXGRUHVRDFUHHGRUHV
(VWDFRPSHQVDFLnQQRRSHUDUjHQWUDWjQGRVHGHFXHQWDVFROHFWLYDVUHVSHFWRGHGHXGDVTXHQRFRUUDQDFDUJRGHWRGRVORVWLWXODUHVGHODFXHQWD
FRUULHQWH
7DPSRFRRSHUDUjFXDQGRHOFXHQWDFRUUHQWLVWDRFXDOTXLHUDGHORVFXHQWDFRUUHQWLVWDVKD\DVLGRGHFODUDGRHQTXLHEUD RVHOHKD\DDELHUWR
FRQFXUVRGHDFUHHGRUHV
$57f&8/2358(%$'(/$&216,*1$&,h1(1&8(17$&255,(17(5(&,%2'(&+(48(5$&RQVWLWX\HSOHQDSUXHEDGHODFRQVLJQDFLnQHQ
FXHQWDFRUULHQWHHOUHFLERGHGHSnVLWRH[SHGLGRSRUHOEDQFR
(OFRPSUREDQWHGHKDEHUUHFLELGRODFKHTXHUDqUPDGRSRUHOFXHQWDFRUUHQWLVWDFRQVWLWX\HSOHQDSUXHEDGHWDOKHFKR
$57f&8/2$)(&7$&,h1'((0%$5*2'(680$6'(326,7$'$6(OHPEDUJRGHODVVXPDVGHSRVLWDGDVHQFXHQWDFRUULHQWHDIHFWDUjWDQWR
HOVDOGRDFWXDOHQODKRUD\IHFKDHQTXHHOEDQFRUHFLEDODFRPXQLFDFLnQGHOMXH]FRPRODVFDQWLGDGHVGHSRVLWDGDVFRQSRVWHULRULGDGKDVWDHO
OlPLWHLQGLFDGRHQODRUGHQUHVSHFWLYD3DUDHVWHHIHFWRHOEDQFRDQRWDUjHQODWDUMHWDGHOGHSRVLWDQWHODKRUD\ODIHFKDGHUHFLERGHODRUGHQGH
HPEDUJR\SRQGUjORVVDOGRVDGLVSRVLFLnQGHOMXH]VRSHQDGHUHVSRQGHUGHORVSHUMXLFLRVTXHRFDVLRQHDORVHPEDUJDQWHV
$57f&8/23$*2'(&+(48(3259$/25683(5,25$/6$/'2(;,67(17((1&8(17$&255,(17('HURJDGRSRUHODUWlFXOR/H\GH
(QHOFDVRGHTXHHOEDQFRSDJXHFKHTXHVSRUYDORUVXSHULRUDOVDOGRGHODFXHQWDFRUULHQWHHOH[FHGHQWHVHUjH[LJLEOHGHLQPHGLDWR
VDOYRSDFWRHQFRQWUDULR
(OFUkGLWRDVlFRQFHGLGRJDQDUjLQWHUHVHVFRUULHQWHVSDUDRSHUDFLRQHVEDQFDULDVDSOD]RPHQRUGHXQDmRDPHQRVTXHVHDFXHUGHRWUDFRVD
$57f&8/27(50,1$&,h1'(/&2175$72'(&8(17$&255,(17(&DGDXQDGHODVSDUWHVSRGUjSRQHUWkUPLQRDOFRQWUDWRHQFXDOTXLHU
WLHPSRHQFX\RFDVRHOFXHQWDFRUUHQWLVWDHVWDUjREOLJDGRDGHYROYHUDOEDQFRORVIRUPXODULRVGHFKHTXHVQRXWLOL]DGRV
(QHOFDVRGHTXHHOEDQFRWHUPLQHXQLODWHUDOPHQWHHOFRQWUDWRGHEHUjVLQHPEDUJRSDJDUORVFKHTXHVJLUDGRVPLHQWUDVH[LVWDSURYLVLnQGH
IRQGRV
$57f&8/22%/,*$&,h1'(/%$1&2$3$*$5&+(48(6/,%5$'26'(638e6'(/$08(57(2,1&$3$&,'$''(/&8(17$&255(17,67$/D
PXHUWHRLQFDSDFLGDGVREUHYLQLHQWHVGHOFXHQWDFRUUHQWLVWDQROLEHUDQDOEDQFRGHODREOLJDFLnQGHSDJDUHOFKHTXH
$57f&8/25(63216$%,/,'$''(/%$1&23253$*2'(&+(48(6)$/6262$/7(5$'267RGREDQFRHVUHVSRQVDEOHFRQHO
FXHQWDFRUUHQWLVWDSRUHOSDJRTXHKDJDGHXQFKHTXHIDOVRRFX\DFDQWLGDGVHKD\DDOWHUDGRVDOYRTXHHOFXHQWDFRUUHQWLVWDKD\DGDGROXJDUD
HOORSRUVXFXOSDRODGHVXVGHSHQGLHQWHVIDFWRUHVRUHSUHVHQWDQWHV
/DUHVSRQVDELOLGDGGHOEDQFRFHVDUjVLHOFXHQWDFRUUHQWLVWDQROHKXELHUHQRWLqFDGRVREUHODIDOVHGDGRDGXOWHUDFLnQGHOFKHTXHGHQWURGHORV
VHLVPHVHVVLJXLHQWHVDODIHFKDHQTXHVHOHHQYLnODLQIRUPDFLnQVREUHWDOSDJR
$57f&8/2&2167$1&,$'(7f78/26',6321,%/(6/RVGHSnVLWRVGLVSRQLEOHVTXHQRORVHDQHQFXHQWDFRUULHQWHEDQFDULDVHKDUjQ
FRQVWDUHQXQWlWXORHODERUDGRSDUDWDOHIHFWR\VHKDUjQH[LJLEOHVDODYLVWDSRUODSHUVRQDDFX\RIDYRUVHKD\DQH[SHGLGR
&$3f78/2,,
'(3h6,72$7e50,12
$57f&8/2'(),1,&,h1'('(3h6,72$7e50,126HGHQRPLQDQGHSnVLWRVDWkUPLQRDTXHOORVHQTXHVHKD\DHVWLSXODGRHQIDYRUGHO
EDQFRXQSUHDYLVRRXQWkUPLQRSDUDH[LJLUVXUHVWLWXFLnQ
&XDQGRVHKD\DFRQVWLWXLGRHOGHSnVLWRDWkUPLQRRFRQSUHDYLVRSHURVHKD\DRPLWLGRLQGLFDUHOSOD]RGHOYHQFLPLHQWRRGHOSUHDYLVRVH
HQWHQGHUjTXHQRVHUjH[LJLEOHDQWHVGHWUHLQWDGlDV
$57f&8/2(;3(',&,h1'(&(57,),&$'2'('(3h6,72$7e50,12/RVEDQFRVH[SHGLUjQDVROLFLWXGGHOLQWHUHVDGRFHUWLqFDGRVGH
GHSnVLWRDWkUPLQRORVTXHVDOYRHVWLSXODFLnQHQFRQWUDULRVHUjQQHJRFLDEOHVFRPRVHSUHYkHQHO7lWXOR,,,GHO/LEUR,,,GHHVWH&nGLJR
&XDQGRQRKD\DOXJDUDODH[SHGLFLnQGHOFHUWLqFDGRVHUjSOHQDSUXHEDGHOGHSnVLWRHOUHFLERFRUUHVSRQGLHQWHH[SHGLGRSRUHOEDQFR
$57f&8/25(081(5$&,h1'(/'(3h6,72$7e50,12(OGHSnVLWRDWkUPLQRHVSRUQDWXUDOH]DUHPXQHUDGR
&$3f78/2,,,
'(3h6,72'($+2552
$57f&8/25(35(6(17$&,h1(1'2&80(1726,'h1(26'(/'(3h6,725(&,%,'2/RVGHSnVLWRVUHFLELGRVHQFXHQWDGHDKRUURVHVWDUjQ
UHSUHVHQWDGRVHQXQGRFXPHQWRLGnQHRSDUDUHrHMDUqHOPHQWHHOPRYLPLHQWRGHODFXHQWD
/RVUHJLVWURVKHFKRVHQHOGRFXPHQWRSRUHOEDQFRVHUjQSOHQDSUXHEDGHVXPRYLPLHQWR
$57f&8/2',6326,&,h1'('(3h6,7265(&,%,'26(1&8(17$&2/(&7,9$'HORVGHSnVLWRVUHFLELGRVHQFXHQWDGHDKRUURVDQRPEUHGH
GRVRPjVSHUVRQDVSRGUjGLVSRQHUFXDOTXLHUDGHHOODVDPHQRVTXHVHKD\DSDFWDGRRWUDFRVDFRQHOHVWDEOHFLPLHQWRGHFUkGLWR
$57f&8/25(63216$%,/,'$''(/%$1&23255((0%2/62'(680$60$/'(326,7$'$67RGREDQFRHVUHVSRQVDEOHSRUHOUHHPEROVR
GHVXPDVGHSRVLWDGDVTXHKDJDDSHUVRQDGLVWLQWDGHOWLWXODUGHODFXHQWDRGHVXPDQGDWDULR
&$3f78/2,9
',6326,&,h1$3/,&$%/($/26&$3f78/26$17(5,25(6
$57f&8/2/,48,'$&,h1$'0,1,675$7,9$(QFDVRGHOLTXLGDFLnQDGPLQLVWUDWLYDGHXQHVWDEOHFLPLHQWREDQFDULRORVGHSnVLWRVGHTXH
WUDWDQORV&DSlWXORV,,,\,,,GHHVWH7lWXORVHH[FOXLUjQGHODPDVDGHODOLTXLGDFLnQ
&$3f78/29
$3(5785$'(&5e',72<'(6&8(172
$57f&8/2$3(5785$'(&5e',72<'(6&8(1726HHQWLHQGHSRUDSHUWXUDGHFUkGLWRHODFXHUGRHQYLUWXGGHOFXDOXQHVWDEOHFLPLHQWR
EDQFDULRVHREOLJDDWHQHUDGLVSRVLFLnQGHXQDSHUVRQDVXPDVGHGLQHURGHQWURGHOOlPLWHSDFWDGR\SRUXQWLHPSRqMRRLQGHWHUPLQDGR6LQRVH
H[SUHVDODGXUDFLnQGHOFRQWUDWRVHWHQGUjSRUFHOHEUDGRDWkUPLQRLQGHqQLGR
$57f&8/2)250$6'(/&2175$72/DGLVSRQLELOLGDGGHTXHWUDWDHODUWlFXORDQWHULRUSRGUjVHUVLPSOHRURWDWRULD(QHOSULPHUFDVRODV
XWLOL]DFLRQHVH[WLQJXLUjQODREOLJDFLnQGHOEDQFRKDVWDFRQFXUUHQFLDGHOPRQWRGHODVPLVPDV(QHOVHJXQGRORVUHHPEROVRVYHULqFDGRVSRUHO
FOLHQWHVHUjQGHQXHYRXWLOL]DEOHVSRUkVWHGXUDQWHODYLJHQFLDGHOFRQWUDWR
$57f&8/2)250$/,'$''(&2175$72'($3(5785$(OFRQWUDWRGHDSHUWXUDGHFUkGLWRVHFHOHEUDUjSRUHVFULWRHQHOTXHVHKDUjFRQVWDU
ODFXDQWlDGHOFUkGLWRDELHUWR
'HRPLWLUVHODQDWXUDOH]DGHODGLVSRQLELOLGDGVHHQWHQGHUjTXHHVVLPSOH6LRWUDFRVDQRVHKDHVWLSXODGRODVVXPDVXWLOL]DGDVJDQDUjQ
LQWHUHVHVSDUDRSHUDFLRQHVEDQFDULDVDSOD]RPHQRUGHXQDmRGXUDQWHHOWLHPSRGHODXWLOL]DFLnQ
$57f&8/20$1(-2$75$9(6'(&8(17$&255,(17((OFUkGLWRGHTXHWUDWDQORVDUWlFXORVDQWHULRUHVSRGUjVHUPDQHMDGRDWUDYkVGHOD
FXHQWDFRUULHQWHEDQFDULDGHOFOLHQWH
$57f&8/262%5(*,526/RVVREUHJLURVRGHVFXELHUWRVSURYLVLRQDOHVTXHHOEDQFRDXWRULFHVHUHJLUjQSRUORGLVSXHVWRHQHODUWlFXOR
\UHVSHFWRGHHOORVQRVHUHTXHULUjIRUPDHVFULWD
$57f&8/2$&78$&,21(6(1&$62'(/,48,'$&,h12%/,*$725,$&XDQGRODSHUVRQDDTXLHQVHKD\DDELHUWRXQFUkGLWRHQFXHQWD
FRUULHQWHVHDGHFODUDGDHQTXLHEUDHOEDQFRVHDEVWHQGUjGHKDFHUHQWUHJDVSRUUD]nQGHGLFKRFUkGLWR3HURVLkVWHIXHUHPDQHMDGRDWUDYkVGH
ODFXHQWDFRUULHQWHEDQFDULDHOEDQFRGHELWDUjHVWDFXHQWDKDVWDFRQFXUUHQFLDGHODFDQWLGDGQRXWLOL]DGDDqQGHHVWDEOHFHUHOYHUGDGHURVDOGR
6LVHKDRWRUJDGRHQIRUPDGHVREUHJLURHOEDQFRVHDEVWHQGUjGHSDJDUQXHYRVFKHTXHV\GHWHUPLQDUjHOVDOGRDFDUJRGHOFOLHQWH
$57f&8/27(50,1$&,h181,/$7(5$/6DOYRSDFWRHQFRQWUDULRHOHVWDEOHFLPLHQWRGHFUkGLWRQRSRGUjWHUPLQDUHOFRQWUDWRDQWHVGHO
YHQFLPLHQWRGHOWkUPLQRHVWLSXODGR
6LODDSHUWXUDGHFUkGLWRHVSRUWLHPSRLQGHWHUPLQDGRFDGDXQDGHODVSDUWHVSRGUjWHUPLQDUHOFRQWUDWRPHGLDQWHHOSUHDYLVRSDFWDGRRHQVX
GHIHFWRFRQXQRGHTXLQFHGlDV
$57f&8/22725*$0,(172'(/&5e',720(',$17((/2725*$0,(172'(7f78/269$/25(6&XDQGRHOFUkGLWRVHRWRUJXHPHGLDQWHHO
GHVFXHQWRGHWlWXORVYDORUHV\kVWRVQRVHDQSDJDGRVDVXYHQFLPLHQWRSRGUjHOEDQFRDVXHOHFFLnQSHUVHJXLUHOSDJRGHWDOHVLQVWUXPHQWRVR
H[LJLUODUHVWLWXFLnQGHODVVXPDVGDGDVSRUkVWRV
&$3f78/29,
&$57$6'(&5e',72
$57f&8/2'(),1,&,h1'(&5e',72'2&80(17$5,26HHQWLHQGHSRUFUkGLWRGRFXPHQWDULRHODFXHUGRPHGLDQWHHOFXDODSHWLFLnQ\GH
FRQIRUPLGDGFRQODVLQVWUXFFLRQHVGHOFOLHQWHHOEDQFRVHFRPSURPHWHGLUHFWDPHQWHRSRULQWHUPHGLRGHXQEDQFRFRUUHVSRQVDODSDJDUDXQ
EHQHqFLDULRKDVWDXQDVXPDGHWHUPLQDGDGHGLQHURRDSDJDUDFHSWDURQHJRFLDUOHWUDVGHFDPELRJLUDGDVSRUHOEHQHqFLDULRFRQWUDOD
SUHVHQWDFLnQGHORVGRFXPHQWRVHVWLSXODGRV\GHFRQIRUPLGDGFRQORVWkUPLQRV\FRQGLFLRQHVHVWDEOHFLGRV
$57f&8/2&217(1,'2'(/$&$57$'(&5e',72/DFDUWDGHFUkGLWRGHEHUjFRQWHQHU
(OQRPEUHGHOEDQFRHPLVRU\GHOFRUUHVSRQVDOVLORKXELHUH
(OQRPEUHGHOWRPDGRUXRUGHQDQWHGHODFDUWD
(OQRPEUHGHOEHQHqFLDULR
(OPj[LPRGHODFDQWLGDGTXHGHEHHQWUHJDUVHRSRUODFXDOSXHGDQJLUDUVHOHWUDVGHFDPELRDFDUJRGHOEDQFRHPLVRURGHOEDQFR
DFUHGLWDQWH
(OWLHPSRGHQWURGHOFXDOSXHGDKDFHUVHXVRGHOFUkGLWR\
/RVGRFXPHQWRV\UHTXLVLWRVTXHGHEDQSUHVHQWDUVHRVHUDFUHGLWDGRVSDUDODXWLOL]DFLnQGHOFUkGLWR
$57f&8/25(92&$%,/,'$'(,55(92&$%,/,'$''(&5e',72'2&80(17$5,2(OFUkGLWRGRFXPHQWDULRSRGUjVHUUHYRFDEOHRLUUHYRFDEOH
(OFUkGLWRVHUjUHYRFDEOHVDOYRTXHH[SUHVDPHQWHVHHVWLSXOHHQODFDUWDORFRQWUDULR
$57f&8/2&5e',725(92&$%/(325(/%$1&2(0,625(OFUkGLWRVHUjUHYRFDEOHSRUHOEDQFRHPLVRUHQFXDOTXLHUWLHPSRPLHQWUDVQR
KD\DVLGRXWLOL]DGRSRUHOEHQHqFLDULR8WLOL]DGRHQSDUWHFRQVHUYDUjVXFDUjFWHUGHWDOVnORHQFXDQWRDOVDOGR
$57f&8/27e50,12'(87,/,=$&,h1'(/$&$57$'(&5e',72,55(92&$%/((QODFDUWDGHFUkGLWRLUUHYRFDEOHVHH[SUHVDUjVLHPSUHHO
WkUPLQRGHQWURGHOFXDOSXHGHVHUXWLOL]DGD(QODUHYRFDEOHVXRPLVLnQKDUjHQWHQGHUTXHHOSOD]RPj[LPRGHXWLOL]DFLnQVHUjGHVHLVPHVHV
FRQWDGRVDSDUWLUGHODIHFKDGHODYLVRHQYLDGRDOEHQHqFLDULRSRUHOEDQFRDQWHHOFXDOHOFUkGLWRHVXWLOL]DEOH
$57f&8/275$16)(5(1&,$'(/$&$57$'(&5e',72/DFDUWDGHFUkGLWRVHUjWUDQVIHULEOHFXDQGRDVlVHKDJDFRQVWDUH[SUHVDPHQWHHQ
HOOD'HQRSURKLELUVHH[SUHVDPHQWHHOFUkGLWRSRGUjWUDQVIHULUVHSRUIUDFFLRQHVKDVWDFRQFXUUHQFLDGHVXPRQWR$VXYH]VnORSRGUjXWLOL]DUVH
SDUFLDOPHQWHFXDQGRVHDXWRULFHH[SUHVDPHQWHHQODFDUWDGHFUkGLWR
$57f&8/2%$1&2,17(50(',$5,2<&21),50$&,h1'(/&5e',72/DLQWHUYHQFLnQGHRWUREDQFRSDUDGDUDOEHQHqFLDULRDYLVRGHOD
FRQVWLWXFLnQGHXQFUkGLWRQROHLPSRQHREOLJDFLnQFRPREDQFRLQWHUPHGLDULRDQRVHUTXHkVWHDFHSWHHOHQFDUJRGHFRQqUPDUHOFUkGLWR(Q
HVWHFDVRHOEDQFRFRQqUPDQWHVHKDUjUHVSRQVDEOHDQWHHOEHQHqFLDULRHQORVPLVPRVWkUPLQRVTXHHOHPLVRUDSDUWLUGHODIHFKDHQTXHVH
KD\DRWRUJDGRODFRQqUPDFLnQ
$57f&8/2$872120f$'(/$&$57$'(&5e',72/DFDUWDGHFUkGLWRHVLQGHSHQGLHQWHGHOFRQWUDWRHQUHODFLnQFRQHOFXDOKD\DGH
DSOLFDUVHHOFUkGLWRDELHUWR(QFRQVHFXHQFLDQLHOEDQFRHPLVRUQLHOEDQFRFRUUHVSRQVDOHQVXFDVRFRQWUDHUjQQLQJXQDUHVSRQVDELOLGDGHQ
FXDQWRDODIRUPDVXqFLHQFLDH[DFWLWXGDXWHQWLFLGDGIDOVLqFDFLnQRHIHFWROHJDOGHQLQJoQGRFXPHQWRFRQFHUQLHQWHDGLFKRFRQWUDWRQLHQ
FXDQWRDODGHVLJQDFLnQFXDQWlDSHVRFDOLGDGFRQGLFLRQHVHPEDODMHHQWUHJDRYDORUGHODVPHUFDGHUlDVTXHUHSUHVHQWHQORVGRFXPHQWRVQL
HQORUHIHUHQWHDODVFRQGLFLRQHVJHQHUDOHVRSDUWLFXODUHVHVWLSXODGDVHQODGRFXPHQWDFLnQDODEXHQDIHRDORVDFWRVGHOUHPLWHQWHRFDUJDGRU
RGHFXDOTXLHURWUDSHUVRQDQLHQORTXHDWDmHDODVROYHQFLDUHSXWDFLnQHWFGHORVHQFDUJDGRVGHOWUDQVSRUWHRGHORVDVHJXUDGRUHVGHODV
PHUFDGHUlDV
&$3f78/29,,
&$-,//$6'(6(*85,'$'
$57f&8/2&2175$72'(&$-,//$6'(6(*85,'$'/RVHVWDEOHFLPLHQWRVEDQFDULRVSRGUjQFHOHEUDUHOFRQWUDWRGHFDMLOODVGHVHJXULGDG
SDUDODJXDUGDGHELHQHV
$57f&8/25(63216$%,/,'$'<2%/,*$&,21(6'(/26(67$%/(&,0,(1726%$1&$5,26/RVHVWDEOHFLPLHQWRVEDQFDULRVUHVSRQGHUjQGHOD
LQWHJULGDGHLGRQHLGDGGHODVFDMLOODV\VHREOLJDUjQDPDQWHQHUHOOLEUHDFFHVRDHOODVGHORVXVXDULRVHQORVGlDV\KRUDVVHmDODGRVHQHO
FRQWUDWRRHQORVDFRVWXPEUDGRV
5HVSRQGHUjQDVLPLVPRSRUWRGRGDmRTXHVXIUDQORVFOLHQWHVVDOYRIXHU]DPD\RURFDVRIRUWXLWR
$57f&8/2$&&(62$868$5,2625(35(6(17$17(63$5$/$$3(5785$'(/$&$-,//$6(OHVWDEOHFLPLHQWREDQFDULRVnORSHUPLWLUjHO
DFFHVRDOUHFLQWRHQTXHVHHQFXHQWUHQODVFDMLOODVDORVXVXDULRVRVXVUHSUHVHQWDQWHV\EDMRVXUHVSRQVDELOLGDGDVXVHPSOHDGRVR
GHSHQGLHQWHV
6LODFDMDqJXUDDQRPEUHGHYDULDVSHUVRQDVODDSHUWXUDGHHOODVHSHUPLWLUjDFXDOTXLHUDGHORVWLWXODUHVVDOYRSDFWRHQFRQWUDULR(QFDVRGH
PXHUWHLQFDSDFLGDGRTXLHEUDGHXQRGHHOORVORVGHPjVFRQVHUYDUjQVXVGHUHFKRVHQODIRUPDSUHYLVWDHQHVWHDUWlFXORSHURODDSHUWXUDVH
KDUjSRUDQWHQRWDULRFRPRVHSUHYLHQHHQHODUWlFXOR\TXHGDUjQHQSRGHUGHOEDQFRVRODPHQWHORVELHQHVTXHGHPRGRRVWHQVLEOH
DSDUH]FDQFRPRGHSURSLHGDGGHOGLIXQWRLQFDSD]RTXHEUDGR
$57f&8/27e50,12'(/&2175$726DOYRHVWLSXODFLnQHQFRQWUDULRHOWkUPLQRGHOFRQWUDWRVHUjLQGHqQLGRSHURODVSDUWHVSRGUjQ
XQLODWHUDOPHQWHGDUORSRUWHUPLQDGRHQFXDOTXLHUWLHPSRQRWLFLDQGRDODRWUDSDUWHSRUHVFULWRFRQWUHLQWDGlDVSRUORPHQRVGHDQWHODFLnQ(Q
HVWHFDVRHOHVWDEOHFLPLHQWREDQFDULRGHYROYHUjODSDUWHQRFDXVDGDGHOSUHFLRTXHKD\DUHFLELGR
$57f&8/2()(&726'(/$025$(1(/3$*2/DPRUDHQHOSDJRGHOSUHFLRHQODIRUPDFRQYHQLGDGDUjOXJDUODWHUPLQDFLnQGHO
FRQWUDWRTXLQFHGlDVGHVSXkVGHVHUH[LJLGRSRUHVFULWRVXFXPSOLPLHQWRSRUHOEDQFR
$57f&8/2$3(5785$<'(62&83$&,h1$17(127$5,26LDODWHUPLQDFLnQGHOFRQWUDWRHOXVXDULRQRSRQHDGLVSRVLFLnQGHO
HVWDEOHFLPLHQWRODFDMLOODkVWHOHH[LJLUjSRUHVFULWRTXHORKDJD\SDVDGRVWUHLQWDGlDVGHODIHFKDGHGLFKDFRPXQLFDFLnQSURFHGHUjDVX
DSHUWXUD\GHVRFXSDFLnQDQWHQRWDULR(QODGLOLJHQFLDVHOHYDQWDUjLQYHQWDULRVGHORVELHQHVFRQWHQLGRVHQODFDMLOOD(QHVWHFDVRORVELHQHV
LQYHQWDULDGRVSHUPDQHFHUjQHQGHSnVLWRHQSRGHUGHOHVWDEOHFLPLHQWRTXLHQVnORVHUjUHVSRQVDEOHGHOGRORRFXOSDJUDYH'LFKRVELHQHVSRGUjQ
VHUGHSRVLWDGRVDnUGHQHVGHOXVXDULRFRQIRUPHDO&nGLJRGH3URFHGLPLHQWR&LYLO
$57f&8/2'(62&83$&,h1'(/$6&$-,//$6(1&$62'(5,(6*2(QORVFDVRVHQORVFXDOHVHOEDQFRWHQJDFRQRFLPLHQWRGHKHFKRVTXH
SXHGDQUHSUHVHQWDUXQFODURSHOLJURSDUDODVHJXULGDGGHODVFDMLOODVSURFHGHUjDWRPDUODVPHGLGDVLGnQHDVSDUDTXHORVXVXDULRVSXHGDQ
GHVRFXSDUODVDQWHVGHODUHDOL]DFLnQGHOULHVJR
(OHVWDEOHFLPLHQWRVLQHPEDUJRQRHVWDUjREOLJDGRDGDUDYLVRVLQGLYLGXDOHVDORVXVXDULRVEDVWjQGROHHQFRQVHFXHQFLDQRWLqFDUORVHQIRUPD
JHQHUDO
6LHOULHVJRIXHUHLQPLQHQWHSRGUjHOHVWDEOHFLPLHQWRWRPDUODVPHGLGDVTXHMX]JXHFRQYHQLHQWHV\DoQSURFHGHUDODDSHUWXUD\GHVRFXSDFLnQ
GHODFDMLOOD(QHVWHFDVRVHKDUjDQWHQRWDULRDODPD\RUEUHYHGDGODGLOLJHQFLDGHTXHWUDWDHODUWlFXOR
$57f&8/25(67,78&,h1'(/$//$9(/DOODYHHQWUHJDGDDOXVXDULRGHEHUjUHVWLWXLUVHDOEDQFR\VLDDTXkOVHOHSHUGLHUHDVXPLUjORV
JDVWRVGHDSHUWXUDGHODFDMLOOD\UHSRVLFLnQGHODOODYH
$57f&8/2'83/,&$'2'(/$//$9((OHVWDEOHFLPLHQWRFRQVHUYDUjXQGXSOLFDGRGHODOODYHHQWUHJDGDDOFOLHQWHTXHGHSRVLWDUj
LQPHGLDWDPHQWHDQWHHOIXQFLRQDULRTXHGHVLJQHHOVXSHULQWHQGHQWHEDQFDULR
'LFKRGXSOLFDGRVnORSRGUjUHWLUDUVHDVROLFLWXGFRQMXQWDGHOXVXDULR\GHOEDQFRHQHOFDVRGHSkUGLGDGHORULJLQDORGLUHFWDPHQWHSRUkVWH
FXDQGRHVWkIDFXOWDGRRVHHQFXHQWUHREOLJDGRDDEULUODFDMLOODVLQHOFRQFXUVRGHOXVXDULR
$57f&8/235h552*$$8720d7,&$'(/&2175$726LVHSDFWDXQSHUlRGRGHWHUPLQDGRGHGXUDFLnQGHOFRQWUDWR\HOXVXDULRQRUHVWLWX\H
ODOODYHDVXYHQFLPLHQWRHOHVWDEOHFLPLHQWREDQFDULRWHQGUjGHUHFKRDFRQVLGHUDUSURUURJDGRHOFRQWUDWRSRUXQSHUlRGRLJXDO
6DOYRHVWLSXODFLnQHQFRQWUDULRVLHOHVWDEOHFLPLHQWREDQFDULRUHFLEHFRQSRVWHULRULGDGDOYHQFLPLHQWRGHOFRQWUDWRHOSDJRGHOSUHFLRGHOPLVPR
VHHQWHQGHUjTXHFRQYLHQHHQGLFKDSUnUURJD
/,%5248,172
'(/$1$9(*$&,h1
&$3f78/235(/,0,1$5
',6326,&,21(6&2081(6
$57f&8/23$57,&,3$&,h1'(&$3,7$/(;75$1-(52(1(035(6$1$&,21$/$e5($<0,/,7$5'(&$5d&7(5&20(5&,$/'HURJDGR
WjFLWDPHQWHSRUHODUWlFXOR/H\GH(QODVHPSUHVDVQDFLRQDOHVDkUHDV\PDUlWLPDVGHFDUjFWHUFRPHUFLDOODSDUWLFLSDFLnQGLUHFWDR
LQGLUHFWDGHFDSLWDOSHUWHQHFLHQWHDSHUVRQDVH[WUDQMHUDVQRSRGUjH[FHGHUGHOFXDUHQWDSRUFLHQWRGHOWRWDOYLQFXODGRDGLFKDVHPSUHVDV
127$6HJoQORH[SUHVDHO&RQVHMRGH(VWDGRHQ&RQVXOWD1RGHGHDEULOGHGHOD6DODGH&RQVXOWD\6HUYLFLR&LYLO0DJLVWUDGR
3RQHQWH'U$XJXVWR7UHMRV-DUDPLOORFX\DSXEOLFDFLnQIXHDXWRUL]DGDPHGLDQWHRqFLR2$-GHGHDEULOGHVHWLHQHTXHHOSUHVHQWH
DUWlFXORIXHGHURJDGRWjFLWDPHQWHSRUOD/H\GH 3RUODFXDOVHGLFWDQQRUPDVJHQHUDOHVDODVTXHGHEHUjVXMHWDUVHHO*RELHUQR1DFLRQDO
SDUDUHJXODUORVFDPELRVLQWHUQDFLRQDOHV\VHDGRSWDQPHGLGDVFRPSOHPHQWDULDV SRUUHVXOWDULQFRPSDWLEOHFRQHODUWlFXORGHHVWD/H\
$57f&8/2)250$/,'$'(648(5,*(1$&7262&2175$726'($(521$9(6/RVDFWRVRFRQWUDWRVTXHDIHFWHQHOGRPLQLRRTXHWHQJDQ
SRUREMHWRODFRQVWLWXFLnQGHGHUHFKRVUHDOHVVREUHQDYHVPD\RUHVRVREUHDHURQDYHVVHSHUIHFFLRQDQSRUHVFULWXUDSoEOLFD/DUHVSHFWLYD
HVFULWXUDVnORVHLQVFULELUjHQODFDSLWDQlDGHOSXHUWRGHPDWUlFXODRHQHOUHJLVWURDHURQjXWLFRQDFLRQDOVHJoQHOFDVR
/DWUDGLFLnQVHHIHFWXDUjPHGLDQWHGLFKDLQVFULSFLnQDFRPSDmDGDGHODHQWUHJDPDWHULDO
/DVHPEDUFDFLRQHVPHQRUHVVHVXMHWDUjQDORGLVSXHVWRHQHOUHJODPHQWR
$57f&8/2(175(*$'(1$9(62$(521$9(6$03$52$'0,1,675$7,923$5$,03(',523(5$&,h13DUDORVHIHFWRVGHODHQWUHJDGH
QDYHVRDHURQDYHVHOSURSLHWDULRRDGTXLUHQWHSRGUjVROLFLWDUDPSDURDGPLQLVWUDWLYRDQWHODDXWRULGDGPDUlWLPDRDHURQjXWLFDSDUDTXHkVWD
LPSLGDVXRSHUDFLnQ
35,0(5$3$57(
'(/$1$9(*$&,h1$&8$7,&$
',6326,&,21(6*(1(5$/(6
$57f&8/2'(),1,&,h1'($&7,9,'$'(60$5f7,0$66HFRQVLGHUDQDFWLYLGDGHVPDUlWLPDVWRGDVDTXHOODVTXHVHHIHFWoDQHQHOPDU
WHUULWRULDO]RQDVDG\DFHQWHVVXHOR\VXEVXHORSHUWHQHFLHQWHVDODSODWDIRUPDFRQWLQHQWDO\HQODVFRVWDV\SXHUWRVGHOD5HSoEOLFDUHODFLRQDGDV
FRQODQDYHJDFLnQGHDOWXUDGHFDERWDMHGHSHVFD\FLHQWlqFDFRQEXTXHVQDFLRQDOHV\H[WUDQMHURVRFRQODLQYHVWLJDFLnQ\H[WUDFFLnQGHORV
UHFXUVRVGHOPDU\GHODSODWDIRUPD
$57f&8/2'(),1,&,h1'($&7,9,'$'0$5f7,0$/DDXWRULGDGPDUlWLPDQDFLRQDOHVWDUjFRQVWLWXLGDSRUOD'LUHFFLnQGH0DULQD0HUFDQWH\
VXVGLIHUHQWHVGHSHQGHQFLDVODFXDOHMHUFHUjVXVIXQFLRQHV\DWULEXFLRQHVHQORVSXHUWRV\PDUWHUULWRULDOHQORUHODWLYRDODYLJLODQFLDFRQWURO\
FXPSOLPLHQWRGHODVQRUPDVUHODFLRQDGDVFRQODVDFWLYLGDGHVPDUlWLPDV
/DDXWRULGDGPDUlWLPDHQFDGDXQRGHORVSXHUWRVFRORPELDQRVVHHMHUFHUjSRUHOUHVSHFWLYRFDSLWjQGHSXHUWRRTXLHQKDJDVXVYHFHV/RV
GHPjVIXQFLRQDULRVSoEOLFRVTXHHMHU]DQIXQFLRQHVGLIHUHQWHVHQORVSXHUWRVPDUlWLPRV\rXYLDOHVGHEHUjQFRODERUDUFRQODDXWRULGDGPDUlWLPD
\HQFDVRGHFROLVLnQGHFLGLUjHOFDSLWjQGHSXHUWR
$57f&8/25e*,0(1'($8725,'$'0$5f7,0$/DDXWRULGDGPDUlWLPDVHUHJLUjHQWRGRORTXHQRFRQWUDUlHHOSUHVHQWH/LEURSRUODV
QRUPDVRUJjQLFDVGHOD0DULQD0HUFDQWHR&RORPELDQD\ODVGLVSRVLFLRQHVUHJODPHQWDULDVGHkVWD
7f78/2,
'(/$61$9(6<683523,('$'
&$3f78/2,
1$9(6
$57f&8/2'(),1,&,h1'(1$9(66HHQWLHQGHSRUQDYHWRGDFRQVWUXFFLnQSULQFLSDORLQGHSHQGLHQWHLGnQHDSDUDODQDYHJDFLnQ\
GHVWLQDGDDHOODFXDOTXLHUDTXHVHDVXVLVWHPDGHSURSXOVLnQ
3$5d*5$)2R/DVFRQVWUXFFLRQHVrRWDQWHVQRFRPSUHQGLGDVHQODDQWHULRUGHqQLFLnQUHFLELUjQODGHQRPLQDFLnQGHDUWHIDFWRVQDYDOHVSHURVL
FRQHVWRVVHGHVDUUROODQDFWLYLGDGHVUHJXODGDVSRUHVWH/LEURVHOHDSOLFDUjQVXVQRUPDV
3$5d*5$)2R/DDXWRULGDGPDUlWLPDFRPSHWHQWHKDUjODFRUUHVSRQGLHQWHFODVLqFDFLnQGHODVQDYHVGHVGHHOSXQWRGHYLVWDWkFQLFR\GHXVR
$57f&8/2&/$6(6'(1$9(6(0%$5&$&,21(60$<25(6<0(125(6+D\GRVFODVHVGHQDYHV/DVHPEDUFDFLRQHVPD\RUHVFX\R
WRQHODMHVHDRH[FHGDGHYHLQWLFLQFRWRQHODGDV\ODVHPEDUFDFLRQHVPHQRUHVFX\RUHJLVWURQRDOFDQFHHOLQGLFDGRWRQHODMH
3DUDWRGRVORVHIHFWRVHOWRQHODMHVHFRQVLGHUDHOQHWRGHUHJLVWURVDOYRTXHVHH[SUHVHRWUDFRVD
/DVXQLGDGHVUHPROFDGRUDVVHFRQVLGHUDQFRPRHPEDUFDFLRQHVPD\RUHV
$57f&8/2'(7(50,1$&,h1'($&&(625,26'(/$1$9(6RQDFFHVRULRVGHODQDYH\VHLGHQWLqFDQFRQHOODSDUDORVHIHFWRVOHJDOHV
WRGRVORVDSDUHMRV\XWHQVLOLRVGHVWLQDGRVSHUPDQHQWHPHQWHDVXVHUYLFLRHLQGLVSHQVDEOHVSDUDVXXWLOL]DFLnQORVGRFXPHQWRVGHDERUGRORV
UHSXHVWRV\ODVSURYLVLRQHVTXHFRQVWLWX\DQODUHVHUYDFRQVWDQWH\QHFHVDULDGHODQDYH
$57f&8/21$785$/(=$'(/$61$9(6/DQDYHHVXQDXQLYHUVDOLGDGPXHEOHGHKHFKRVXMHWDDOUkJLPHQGHH[FHSFLnQSUHYLVWRHQHVWH
&nGLJR
$57f&8/2&216(59$&,h1'(/$,'(17,'$''(/$1$9(/DQDYHFRQVHUYDVXLGHQWLGDGDXQTXHORVPDWHULDOHVTXHODIRUPHQVHDQ
VXFHVLYDPHQWHFDPELDGRV
'HVKHFKD\UHFRQVWUXLGDODQDYHDXQTXHVHDFRQORVPLVPRVPDWHULDOHVVHUjUHSXWDGDFRPRQXHYD
$57f&8/21$&,21$/,'$''(1$9(60$75,&8/$'$6(1&2/20%,$7RGDQDYHPDWULFXODGDHQ&RORPELDHVGHQDFLRQDOLGDGFRORPELDQD
\SRUWDQWRGHEHHQDUERODUHOSDEHOOnQFRORPELDQR
/DVQDYHVPDUlWLPDVVHPDWULFXODUjQHQFDSLWDQlDGHSXHUWRFRORPELDQR
/DVGHPjVFRPRORGLVSRQJDQORVUHVSHFWLYRVUHJODPHQWRV
$57f&8/25(48,6,7263$5$0$75,&8/$581$1$9(3DUDPDWULFXODUXQDQDYHVHFXPSOLUjQORVVLJXLHQWHVUHTXLVLWRV
R &XDQGRODQDYHVHDGHQXHYDFRQVWUXFFLnQ\HOVROLFLWDQWHVHDHOFRQVWUXFWRUSUHVHQWDUjFHUWLqFDGRGHODVDXWRULGDGHVPDUlWLPDV
FRPSHWHQWHVHQTXHFRQVWHODOLFHQFLDRWRUJDGDSDUDFRQVWUXLUODRODSUXHEDGHTXHWUDWDHODUWlFXORVLJXLHQWH(OFRQVWUXFWRUSRGUjKDFHUOD
VROLFLWXGSDUDVlRSDUDXQWHUFHUR
R 6LHOVROLFLWDQWHHVSHUVRQDGLVWLQWDGHOFRQVWUXFWRUSUHVHQWDUjDGHPjVODHVFULWXUDSoEOLFDTXHFRQWHQJDHOWlWXORGHOFXDOGHULYHVXGHUHFKR
'LFKDHVFULWXUDVnORVHUHJLVWUDUjHQODFDSLWDQlDGHSXHUWRHQTXHVHYD\DDPDWULFXODUODQDYH\
R 6LODQDYHVHKDOODPDWULFXODGDVHFXPSOLUjORSUHFHSWXDGRSRUHODUWlFXOR
3$5d*5$)2R$OPDWULFXODUXQDQDYHGHQXHYDFRQVWUXFFLnQVHH[LJLUjFHUWLqFDFLnQGHODFDSLWDQlDGHOSXHUWRGHOOXJDUGRQGHVHHQFXHQWUHHO
DVWLOOHURHQTXHVHFRQVWUX\nGHTXHVHKDOODOLEUHGHKLSRWHFD6LH[LVWLHUHHVWHJUDYDPHQVHLQVFULELUjHQODUHVSHFWLYDPDWUlFXOD
3$5d*5$)2R(OFRQWUDWRGHFRQVWUXFFLnQGHQDYHVQRREVWDQWHVXQDWXUDOH]DPHUFDQWLOVHUHJLUjSRUODVQRUPDVGHO&nGLJR&LYLO
$57f&8/20$75f&8/$'(/$1$9($17(5,250(17(0$75,&8/$'$(1(/(;7(5,253DUDPDWULFXODUXQDQDYHDQWHULRUPHQWHPDWULFXODGD
HQSDlVH[WUDQMHURVHDFRPSDmDUjDGHPjVGHOWlWXORTXHDFUHGLWHODSURSLHGDGGHOVROLFLWDQWHGHFRQIRUPLGDGFRQORVDUWlFXORV\XQD
FRQVWDQFLDGHFDQFHODFLnQGHODPDWUlFXODH[WUDQMHUD\ODSUXHEDGHODHQWUHJDPDWHULDOGHODQDYH
$57f&8/25(48,6,7267e&1,&26(;,*,'263$5$/$0$75f&8/$/DPDWUlFXODVHVXMHWDUjDORVUHTXLVLWRVWkFQLFRVH[LJLGRVSRUORV
UHJODPHQWRVGHODDXWRULGDGPDUlWLPD\DOKDFHUODVHHQWUHJDUjDOFDSLWjQGHSXHUWRFRSLDDXWkQWLFDGHODHVFULWXUDSoEOLFDFRQGHVWLQRDO
SURWRFRORGHODFDSLWDQlD
$57f&8/2/,%52'(0$75f&8/$<35272&2/,=$&,h1'('2&80(172662%5(1$9(6(QFDGDFDSLWDQlDGHSXHUWRVHOOHYDUjXQOLEURGH
PDWUlFXODHQHOFXDOVHUHJLVWUDUjQDGHPjVORVDFWRVTXHWHQJDQSRUREMHWRGHUHFKRVUHDOHVVREUHODVQDYHV\ORVHPEDUJRV\OLWLJLRV
UHODFLRQDGRVFRQkVWDV
7DPELkQVHOOHYDUjHOSURWRFRORFRQIRUPHDO7lWXOR,9GHO'HFUHWR/H\GHHQHOTXHVHLQFRUSRUDUjQWRGRVORVGRFXPHQWRV\
DFWXDFLRQHVUHODWLYRVDOGRPLQLR\GHPjVGHUHFKRVUHDOHVVREUHODVQDYHV
(OFHUWLqFDGRGHPDWUlFXODFRQODLQVHUFLnQGHODWRWDOLGDGGHHVWDDFUHGLWDUjODQDFLRQDOLGDGGHODQDYH
$57f&8/2358(%$'(/$3523,('$''(1$9(60$75,&8/$'$62&2167,78,'$6(1(/(;7(5,25/DSURSLHGDGGHODVQDYHV
PDWULFXODGDVRFRQVWUXLGDVHQSDlVH[WUDQMHURVHSUREDUjSRUORVPHGLRVTXHHVWDEOH]FDODOHJLVODFLnQGHOFRUUHVSRQGLHQWHSDlVORVGRFXPHQWRV
VHUjQDXWHQWLFDGRVFRQIRUPHDODOH\FRORPELDQD
$57f&8/2)250$6'($'48,5,5(/'20,1,2'(1$9(6/DSURSLHGDGGHODVQDYHVSXHGHDGTXLULUVHSRUORVPHGLRVHVWDEOHFLGRVHQOD
OH\
3DUDORVHIHFWRVGHDGTXLVLFLnQSRUSUHVFULSFLnQORVWkUPLQRVHVWDEOHFLGRVHQHO&nGLJR&LYLOTXHGDQUHGXFLGRVDODPLWDG
(OFDSLWjQORVRqFLDOHV\WULSXODFLnQGHODQDYHQRSRGUjQDGTXLULUVXGRPLQLRSRUSUHVFULSFLnQ
$57f&8/2$'48,6,&,h1325$%$1'212'(1$9(6(OGRPLQLRGHXQDQDYHSXHGHDGTXLULUVHHQFDVRGHDEDQGRQRGHFRQIRUPLGDGFRQ
ORVDUWlFXORV\VLJXLHQWHV
$57f&8/2)250$'(()(&78$575$',&,h1'(/'20,1,2'(/$1$9(/DWUDGLFLnQGHOGRPLQLRGHXQDQDYHPDWULFXODGDVHKDUj
PHGLDQWHODFDQFHODFLnQGHODPDWUlFXODDOHQDMHQDQWH\ODH[SHGLFLnQGHXQDQXHYDPDWUlFXODDODGTXLUHQWHTXLHQDFRPSDmDUjDVXVROLFLWXGOD
SUXHEDGHVXGHUHFKRDGHPjVGHEHUjDFUHGLWDUVHODSUHYLDHQWUHJDGHODQDYH
6LODQDYHQRHVWXYLHUHPDWULFXODGDVXWUDGLFLnQVHKDUjPHGLDQWHPDWUlFXODDIDYRUGHODGTXLUHQWHFRQHOFXPSOLPLHQWRGHORVUHTXLVLWRV
LQGLFDGRVHQHOLQFLVRDQWHULRU
$57f&8/275$160,6,h1'('20,1,2'(/$1$9(325(1$-(1$&,h192/817$5,$()(&726(QFDVRGHHQDMHQDFLnQYROXQWDULDHO
GRPLQLRGHXQDQDYHVHWUDQVPLWHDODGTXLUHQWHVLQSHUMXLFLRGHORVSULYLOHJLRV\GHUHFKRVUHDOHVHVWDEOHFLGRV
(QHOFRUUHVSRQGLHQWHDFWRGHHQDMHQDFLnQVHLQVHUWDUjXQDUHODFLnQGHODVGHXGDVSULYLOHJLDGDVHKLSRWHFDULDVTXHDIHFWHQODQDYHVXPLQLVWUDGD
SRUHOHQDMHQDQWHTXLHQGHQRKDFHUORVHUjFRQVLGHUDGRGHPDODIH
$57f&8/2,038*1$&,h1'(/$(1$-(1$&,h1'(/$1$9(325$&5(('25(6/DHQDMHQDFLnQGHXQDQDYHSXHGHVHULPSXJQDGDSRUORV
DFUHHGRUHVHQORVWkUPLQRV\FRQORVUHTXLVLWRVHVWDEOHFLGRVHQHVWH&nGLJR\HQHO&nGLJR&LYLO
$57f&8/275$160,6,h1'('20,1,2'(/$1$9((19,$-(()(&7267UDQVPLWLGRHOGRPLQLRGHODQDYHPLHQWUDVVHKDOOHHQYLDMHHO
DGTXLUHQWHSHUFLELUjORVEHQHqFLRV\VRSRUWDUjODVSkUGLGDVUHVXOWDQWHVGHOPLVPRYLDMHVDOYRSDFWRHQFRQWUDULR
/DQDYHVHFRQVLGHUDUjHQYLDMHGHVGHHOPRPHQWRHQTXHHOFDSLWjQREWHQJDGHODUHVSHFWLYDFDSLWDQlDGHSXHUWRHOSHUPLVRGH]DUSHKDVWDVX
DUULERDOSUn[LPRSXHUWR
$57f&8/2(0%$5*2'(1$9(0$75,&8/$'$(1&2/20%,$7RGDQDYHGHPDWUlFXODFRORPELDQDSRGUjVHUHPEDUJDGDHQFXDOTXLHU
SXHUWRGHOSDlVSRUORVDFUHHGRUHVFX\RVFUkGLWRVJRFHQGHSULYLOHJLRPDUlWLPR\DGHPjVSRUORVTXHVHDQKLSRWHFDULRV
/RVDFUHHGRUHVFRPXQHVVnORSRGUjQHPEDUJDUODPLHQWUDVVHKDOOHHQHOSXHUWRGHVXPDWUlFXOD
6HUjQFRPSHWHQWHVORVMXHFHVGHOOXJDUHQTXHFRQIRUPHDHVWHDUWlFXORGHEHKDFHUVHHOHPEDUJRQRVnORSDUDHOHPEDUJRPLVPRVLQRSDUD
FRQRFHUGHOFRUUHVSRQGLHQWHSURFHVRGHHMHFXFLnQ
$57f&8/2(0%$5*2'(1$9(6(;75$1-(5$6/DQDYHH[WUDQMHUDVXUWDHQSXHUWRFRORPELDQRSRGUjVHUHPEDUJDGDHQUD]nQGHFXDOTXLHU
FUkGLWRSULYLOHJLDGRRSRUFXDOTXLHURWURFUkGLWRTXHKD\DVLGRFRQWUDlGRHQ&RORPELD
$57f&8/2)250$/,'$'(6(1(/(0%$5*2'(1$9(6(PEDUJDGDXQDQDYHHOMXH]ORFRPXQLFDUjDQWHVGHQRWLqFDUHODXWRUHVSHFWLYR
DOFDSLWjQGHSXHUWRGHPDWUlFXODSDUDVXUHJLVWUR
'LFWDGDODSURYLGHQFLDGHHPEDUJR\VHFXHVWURDXQTXHQRHVWkHMHFXWRULDGDODQDYHQRSRGUj]DUSDUDPHQRVTXHVHSUHVWHXQDFDXFLnQUHDO
EDQFDULDRGHFRPSDmlDGHVHJXURVLJXDODOGREOHGHOFUkGLWRGHPDQGDGRVLQLQWHUHVHVQLFRVWDVQLH[FHGHUHQQLQJoQFDVRHOOlPLWHVHmDODGR
HQHODUWlFXORSDUDJDUDQWL]DUVXUHJUHVRRSRUWXQR
/DQDYHTXHKD\DUHFLELGRDXWRUL]DFLnQGH]DUSHQRSRGUjVHUVHFXHVWUDGDVLQRSRUREOLJDFLRQHVFRQWUDlGDVFRQHOqQGHDSUHVWDUOD\
DSURYLVLRQDUODSDUDHOYLDMH
$57f&8/275d0,7('(/6(&8(6752'(1$9(6(OVHFXHVWURGHXQDQDYHVHKDUjPHGLDQWHVXHQWUHJDDXQVHFXHVWUHTXHSXHGHVHUHO
FDSLWjQGHODPLVPDSUHYLRLQYHQWDULRFRPSOHWR\GHWDOODGRGHWRGRVVXVHOHPHQWRVSUDFWLFDGRFRQDVLVWHQFLDGHODUPDGRURGHOFDSLWjQ
/DVRSRVLFLRQHVVHWUDPLWDUjQFRQIRUPHDO&nGLJRGH3URFHGLPLHQWR&LYLO
$57f&8/2(0%$5*2'(&827$'(/'(8'25&23523,(7$5,2'(/$1$9(/DQDYHQRSRGUjVHUHPEDUJDGDQLUHPDWDGDSRUODVGHXGDV
SDUWLFXODUHVGHXQRGHORVFRSURSLHWDULRVSHURSRGUjHPEDUJDUVH\VXEDVWDUVHODFXRWDTXHHQHOODOHFRUUHVSRQGDDOGHXGRU
$57f&8/25(*/$63$5$(/5(0$7('(1$9(6(OUHPDWHGHXQDQDYHWHQGUjOXJDUFRQIRUPHDODVSUHVFULSFLRQHVGHO&nGLJRGH
3URFHGLPLHQWR&LYLOSHURVHUjDQXQFLDGRDGHPjVPHGLDQWHqMDFLnQGHFDUWHOHVHQOXJDUHVYLVLEOHVGHODQDYHGHODFDSLWDQlDGHSXHUWRGH
PDWUlFXOD\HQODGHOOXJDUHQGRQGHVHKDOOH
$57f&8/2$*(17(0$5f7,02'(/$1$9((;75$1-(5$(ODUPDGRUGHWRGDQDYHH[WUDQMHUDTXHDUULEHDOSXHUWRGHEHWHQHUXQDJHQWH
PDUlWLPRDFUHGLWDGRHQHOSDlV
/RVDJHQWHVPDUlWLPRVGHODVQDYHVVHUjQUHSUHVHQWDQWHVGHVXVSURSLHWDULRVRDUPDGRUHVSDUDWRGRVORVHIHFWRVOHJDOHV
$57f&8/2358(%$'(/'(5(&+2'('20,1,2<'(5(&+265($/(662%5(/$1$9(6HUjSOHQDSUXHEDGHOGRPLQLR\GHPjVGHUHFKRV
UHDOHVVREUHQDYHVDVlFRPRGHORVHPEDUJRVRKLSRWHFDVTXHSHVHQVREUHHOODV\GHODH[LVWHQFLDGHOLWLJLRVVREUHWDOHVGHUHFKRVORV
FHUWLqFDGRVTXHH[SLGDHOFDSLWjQGHSXHUWRGHPDWUlFXODSUHYLRH[DPHQGHkVWD
$57f&8/2&$6263$5$/$&$1&(/$&,h1'(0$75f&8/$/DPDWUlFXODGHXQDQDYHFRORPELDQDVHFDQFHODUj
&XDQGRDGTXLHUDPDWUlFXODHQRWURSDlVSUHYLDDXWRUL]DFLnQGHOJRELHUQR
&XDQGRVHWUDVSDVHHOGHUHFKRGHGRPLQLRGHODQDYHHQFRQWUDYHQFLnQDORGLVSXHVWRHQHODUWlFXOR
&XDQGRDVlORVROLFLWHHOSURSLHWDULRSRUFDXVDMXVWLqFDGDRORRUGHQHDXWRULGDGFRPSHWHQWHSRUFDXVDVOHJDOHV
&XDQGRRFXUUDVXSkUGLGDGHELGDPHQWHFRPSUREDGD
&XDQGRSRUODFDSLWDQlDGHOSXHUWRGHPDWUlFXODVHKD\DHVWDEOHFLGRSOHQDPHQWHODGHVDSDULFLnQQRMXVWLqFDGDGHODQDYHSRUKDEHU
WUDQVFXUULGRVHLVPHVHVDSDUWLUGHODIHFKDGHOoOWLPR]DUSHGHSXHUWRFRORPELDQRVLQTXHVHWHQJDQRWLFLDDOJXQDGHHOODVLVHWUDWDGHQDYHV
GHSURSXOVLnQPHFjQLFDRGHGRFHPHVHVHQODVQDYHVGHRWURVLVWHPDGHQDYHJDFLnQ
$OHIHFWXDUVHHOGHVJXDFHYROXQWDULRGHODQDYHDXQTXHVHFRQVWUX\DFRQORVPLVPRVPDWHULDOHV
3RUKDEHUVHGHFODUDGRHQFRQGLFLRQHVGHLQQDYHJDELOLGDGDEVROXWD\
3RUVHQWHQFLDMXGLFLDOGLFWDGDHQHOSDlVRHQHOH[WUDQMHURVLHVWDIXHUHUHFRQRFLGDOHJDOPHQWHHQ&RORPELD
&$3f78/2,,
3523,(7$5,26<&23523,(7$5,26'(/$61$9(6
$57f&8/23523,(7$5,26'(/$1$9(&20(5&,$/0$75,&8/$'$(1&2/20%,$6RORSXHGHQVHUGXHmRVGHXQDQDYHFRPHUFLDO
PDWULFXODGDHQ&RORPELDORVQDFLRQDOHVFRORPELDQRV
$57f&8/2&23523,('$''(1$9(6&20(5&,$/(68QDQDYHSXHGHSHUWHQHFHUDYDULRVGXHmRVHQFRPoQ\SURLQGLYLVR
$57f&8/2'(&,6,21(65()(5(17(6$/$$'0,1,675$&,h1'(1$9(6'(3523,('$'&20i17RGDVODVGHFLVLRQHVUHIHUHQWHVDOD
DGPLQLVWUDFLnQGHODQDYH\DTXHOODVTXHVHDQHQLQWHUkVFRPoQGHORVFRSURSLHWDULRVVHUjQDGRSWDGDVSRUPD\RUlDGHYRWRVVDOYRTXHODOH\
GLVSRQJDRWUDFRVD/DVGHPjVWDOHVFRPRODH[SHGLFLnQGHXQFDUJDPHQWRSRUFXHQWD\ULHVJRGHWRGRVORVSDUWlFLSHV\ODVLQQRYDFLRQHV
HVWUXFWXUDOHVGHODQDYHUHTXLHUHQXQDQLPLGDG
/DPD\RUlDVHFRQVWLWXLUjSRUXQQoPHURGHFXRWDVTXHIRUPHPjVGHODPLWDGGHORVGHUHFKRVDXQTXHHVWkQHQFDEH]DGHXQVRORSURSLHWDULR
$57f&8/2'(&,6,21(6'(,17(5e6&20(5&,$/5(/$7,9$6$/$1$9(6HUjQGHLQWHUkVFRPoQODVGHFLVLRQHVUHODWLYDVDODUPDPHQWR
HTXLSRDSURYLVLRQDPLHQWRUHSDUDFLRQHVRUGLQDULDVFRQVHUYDFLnQ\VHJXURrHWDPHQWR\XVRGHODQDYH\DODHOHFFLnQ\FRQWUDWDFLnQGHO
FDSLWjQ\WULSXODFLnQ
$57f&8/25(*,6752'(//,%52'($&7$6'(/$6'(&,6,21(6'(&21'8(g26/DVGHFLVLRQHVGHORVFRQGXHmRVVHUjQLQFRUSRUDGDVHQ
XQOLEURGHDFWDVTXHVHUHJLVWUDUjHQODFDSLWDQlDGHOSXHUWRGHPDWUlFXODGHODQDYH
$57f&8/2120%5$0,(172'(/$'0,1,675$'25'(/$1$9(/RVFRSURSLHWDULRVVLQRSXHGHQDGPLQLVWUDUFRQMXQWDPHQWHGHVLJQDUjQ
SRUPD\RUlDDODGPLQLVWUDGRUGHODQDYH3XHGHVHUDGPLQLVWUDGRUXQRFXDOTXLHUDGHORVFRSURSLHWDULRVRXQWHUFHURVLHPSUHTXHWHQJDODV
FDOLGDGHVTXHODOH\H[LJH
$57f&8/2)$&8/7$'(6'(/$'0,1,675$'25'(/$1$9((ODGPLQLVWUDGRUHVHOUHSUHVHQWDQWHOHJDOGHORVFRSURSLHWDULRVSDUDWRGROR
UHODWLYRDODQDYHFRQODVPLVPDVIDFXOWDGHVGHODUPDGRUVDOYRODVUHVWULFFLRQHVTXHVHOHLPSRQJDSHURQRSXHGHVLQODFRUUHVSRQGLHQWH
DXWRUL]DFLnQHMHFXWDUDFWRVTXHQRVHDQGHLQWHUkVFRPoQ
$57f&8/2',6326,&,h1'(/$9(17$'(/$1$9(/RVFRSURSLHWDULRVSRGUjQXQjQLPHPHQWHGLVSRQHUODYHQWDGHODQDYH6LDOJXQRGH
HOORVORSLGH\WRGRVORVFRQGXHmRVVRQFDSDFHVGHGLVSRQHUGHORVX\RkVWDVHVDFDUjDOLFLWDFLnQSULYDGDHQWUHORVFRSURSLHWDULRV
6LVXUJHQGLVFUHSDQFLDVHQWUHORVFRQGXHmRVODQDYHSRGUjVHUYHQGLGDHQXQPDUWLOOROHJDOPHQWHDXWRUL]DGRTXHIXQFLRQHHQHOSXHUWRGH
PDWUlFXODRHQVXGHIHFWRHQSoEOLFDVXEDVWDMXGLFLDODSHWLFLnQGHFXDOTXLHUDGHORVFRSURSLHWDULRV
$57f&8/235()(5(1&,$'(/26&23523,(7$5,26(19(17$'(&827$6'(1$9((QLJXDOGDGGHFLUFXQVWDQFLDVORVFRSURSLHWDULRVVHUjQ
SUHIHULGRVHQHOrHWDPHQWRGHODQDYHDTXLHQHVQRORVHDQ\VLKXELHUHFRQFXUUHQFLDHQWUHDTXHOORVVHUjSUHIHULGRHOTXHWHQJDPD\RULQWHUkV
HQODQDYH6LORVFRSURSLHWDULRVFRQFXUUHQWHVWXYLHUHQLJXDOGDGGHLQWHUkVGHFLGLUjODVXHUWH
(OSDUWlFLSHTXHREWXYLHUHODSUHIHUHQFLDGHOrHWDPHQWRTXHGDUjVXMHWRDODVGHWHUPLQDFLRQHVGHODPD\RUlDHQUHODFLnQFRQHOGHVWLQRGHOD
QDYH
$57f&8/25(3$5$&,21(625',1$5,$6<*$6726'($'0,1,675$&,h1/DVUHSDUDFLRQHVRUGLQDULDV\JDVWRVGHDGPLQLVWUDFLnQVHUjQ
KHFKRVFRQORVGLQHURVFRPXQHV\HQVXGHIHFWRPHGLDQWHFRQWULEXFLnQGHORVFRSURSLHWDULRVHQSURSRUFLnQDVXLQWHUkVHQODQDYH
/DVUHSDUDFLRQHVH[WUDRUGLQDULDVUHTXHULUjQODDSUREDFLnQXQjQLPHGHORVFRSURSLHWDULRVRODDXWRUL]DFLnQGHOMXH]HQFDVRGHGLVFUHSDQFLD
/RVFRSDUWlFLSHVVHUjQUHVSRQVDEOHVHQSURSRUFLnQDOLQWHUkVGHFDGDXQRHQODQDYHGHORVJDVWRVGHUHSDUDFLRQHVHIHFWXDGRVGHFRQIRUPLGDG
FRQODOH\
3$5d*5$)23RUUHSDUDFLRQHVH[WUDRUGLQDULDVVHHQWLHQGHQDTXHOODVFX\RFRVWRH[FHGDGHODPLWDGGHOYDORUGHODQDYH\HQJHQHUDOODVTXHQR
VHDQQHFHVDULDVSDUDVXFRQVHUYDFLnQ\RUGLQDULRVHUYLFLR
$57f&8/2'(&,6,h1'(&23523,(7$5,263$5$$3529,6,21$5/$1$9(6LODPD\RUlDGHFRQGXHmRVGHFLGHVREUHHODUPDPHQWRHTXLSR
RDSURYLVLRQDPLHQWRGHODQDYHORVFRSURSLHWDULRVHVWDUjQREOLJDGRVDFRQWULEXLUHQSURSRUFLnQDODVSDUWHVTXHWXYLHUHQHQHOOD
$57f&8/2&216,'(5$&,21(6'(/$0,125,$'(&21'8(g263255(3$5$&,21(66LODPLQRUlDGHFRQGXHmRVFRQVLGHUDTXHODV
UHSDUDFLRQHVGHFUHWDGDVSRUODPD\RUlDVRQH[WUDRUGLQDULDVSRGUjH[LJLUTXHHOGLIHUHQGRVHVRPHWDDODGHFLVLnQGHH[SHUWRV$VLPLVPRSRGUj
DFXGLUDOMXH]SDUDTXHRlGRHOFRQFHSWRGHSHULWRVGHFLGDVREUHODQHFHVLGDGGHODVUHSDUDFLRQHVTXHODPD\RUlDKD\DQHJDGR
$57f&8/2025$(1(/3$*2'(&26726'(/$3529,6,21$0,(172'(/$1$9(&DGDFRSURSLHWDULRHVWjREOLJDGRDSDJDUODSDUWHTXHOH
FRUUHVSRQGDHQHOFRVWRGHUHSDUDFLnQDUPDPHQWRHTXLSRDSURYLVLRQDPLHQWRGHODQDYH\JDVWRVGHDGPLQLVWUDFLnQGHQWURGHORVYHLQWLFLQFR
GlDVVLJXLHQWHVDODFXHUGRGHODPD\RUlDRDODDSUREDFLnQXQjQLPHGHORVFRSURSLHWDULRVRDODGHFLVLnQGHOMXH]HQVXFDVR
/DFXRWDHQODQDYHGHOFRSURSLHWDULRPRURVRSRGUjVHUDGMXGLFDGDHQOLFLWDFLnQSULYDGDSUHYLRDYDOoRSRUSHULWRVDDTXHOGHORVFRQGXHmRVTXH
RIUH]FDPjVSRUGLFKDSDUWH\HQLJXDOGDGGHFRQGLFLRQHVDWRGRVORVSRVWRUHV
&XDOTXLHUDGHORVFRSURSLHWDULRVLQFOX\HQGRDOPRURVRSRGUjSHGLUTXHODVXEDVWDVHDSoEOLFD
3DJDGDODSDUWLFLSDFLnQUHVSHFWLYDFRQHOSURGXFWRGHODVXEDVWDHOUHPDQHQWHVHHQWUHJDUjDOLQWHUHVDGR
$57f&8/29(17$(+,327(&$'(&827$6'(/$1$9((OFRSURSLHWDULRSRGUjHQDMHQDUOLEUHPHQWHVXFXRWDHQODQDYHSHURSDUD
KLSRWHFDUGLFKDFXRWDUHTXHULUjHOFRQVHQWLPLHQWRSUHYLRGHODPD\RUlD
$57f&8/235()(5(1&,$'(&23523,(7$5,2(1/$9(17$'(&827$6'(1$9(6&XDOTXLHUDGHORVFRSURSLHWDULRVWHQGUjGHUHFKRDTXH
HOFRQGXHmRTXHTXLHUDYHQGHUVXFXRWDORSUHIHULUjDXQH[WUDmRHQLJXDOGDGGHFRQGLFLRQHV
6LKXELHUHYDULRVFRQGXHmRVLQWHUHVDGRVDGTXLULUjQHQSURSRUFLnQDVXFXRWD
7f78/2,,
'(/$50$'25
$57f&8/2'(),1,&,h1'($50$'25/OjPDVHDUPDGRUODSHUVRQDQDWXUDORMXUlGLFDTXHVHDRQRSURSLHWDULDGHODQDYHODDSDUHMD
SHUWUHFKD\H[SLGHDVXSURSLRQRPEUH\SRUVXFXHQWD\ULHVJRSHUFLEHODVXWLOLGDGHVTXHSURGXFH\VRSRUWDWRGDVODVUHVSRQVDELOLGDGHVTXHOD
DIHFWDQ
/DSHUVRQDTXHqJXUHHQODUHVSHFWLYDPDWUlFXODFRPRSURSLHWDULRGHXQDQDYHVHUHSXWDUjDUPDGRUVDOYRSUXHEDHQFRQWUDULR
$57f&8/2'(&/$5$&,h1'(/$50$'25&8$1'2$680$/$(;3/27$&,h1'(/$1$9(4XLHQDVXPDODH[SORWDFLnQGHXQDQDYHGHEH
KDFHUGHFODUDFLnQGHDUPDGRUHQODFDSLWDQlDGHOSXHUWRGHPDWUlFXODGHODPLVPD
(VWDGHFODUDFLnQSXHGHKDFHUVHSRUHOSURSLHWDULRGHODQDYHVLHODUPDGRUQRODKLFLHUH
$57f&8/25(35(6(17$&,h1'(/$50$'25(1(/38(572'(0$75f&8/$6LDOKDFHUODGHFODUDFLnQHODUPDGRUQRVHKDOODUHGRPLFLOLDGR
HQHOSXHUWRGHPDWUlFXODGHODQDYHGHEHUjGHVLJQDUXQUHSUHVHQWDQWHGRPLFLOLDGRHQGLFKRSXHUWRHLQVFULWRHQODFDSLWDQlDGHOSXHUWRGH
PDWUlFXOD
$57f&8/2(175(*$'(&23,$$87e17,&$'(/7f78/25(63(&7,92$/$(;3/27$&,h1'(/$1$9((ODUPDGRUGHEHUjHQWUHJDUHQHO
DFWRGHODGHFODUDFLnQFRSLDDXWkQWLFDGHOWlWXORTXHOHDWULEX\DODH[SORWDFLnQGHODQDYH
$57f&8/2$75,%8&,21(6'(/$50$'256RQDWULEXFLRQHVGHODUPDGRU
1RPEUDU\UHPRYHUOLEUHPHQWHDOFDSLWjQGHODQDYHVDOYRGLVSRVLFLnQOHJDOHQFRQWUDULR
3UHVWDUVXFRQFXUVRDOFDSLWjQHQODVHOHFFLnQGHODWULSXODFLnQ(ODUPDGRUQRSRGUjLPSRQHUQLQJoQWULSXODQWHFRQWUDODQHJDWLYDMXVWLqFDGD
GHOFDSLWjQ
&HOHEUDUSRUVlRSRULQWHUPHGLRGHVXVDJHQFLDVPDUlWLPDVORVFRQWUDWRVTXHUHFODPHODDGPLQLVWUDFLnQGHODQDYH\
,PSDUWLUDOFDSLWjQODVLQVWUXFFLRQHVQHFHVDULDVSDUDHOJRELHUQRGHODQDYH\SDUDVXDGPLQLVWUDFLnQGXUDQWHHOYLDMH
3$5d*5$)2(ODUPDGRUQRSRGUjHQDMHQDUODVPHUFDQFlDVWUDQVSRUWDGDV
$57f&8/22%/,*$&,21(6'(/$50$'256RQREOLJDFLRQHVGHODUPDGRU
3DJDUODVGHXGDVTXHHOFDSLWjQFRQWUDLJDSDUDKDELOLWDU\DSURYLVLRQDUODQDYHHQHMHUFLFLRGHVXVDWULEXFLRQHVOHJDOHV
5HVSRQGHUFLYLOPHQWHSRUODVFXOSDVGHOFDSLWjQGHOSUjFWLFRRGHODWULSXODFLnQ\
&XPSOLUORVFRQWUDWRVOlFLWRVTXHODDJHQFLDPDUlWLPDRHOFDSLWjQFHOHEUHHQEHQHqFLRGHODQDYHRGHODH[SHGLFLnQ
$57f&8/25(63216$%,/,'$''(/$50$'25325&8/3$6'(/&$3,7d1$oQHQORVFDVRVHQTXHKD\DVLGRH[WUDmRDVXGHVLJQDFLnQHO
DUPDGRUUHVSRQGHUjSRUODVFXOSDVGHOFDSLWjQ
$57f&8/2(;&(3&,21(6$/$5(63216$%,/,'$''(/$50$'25$GHPjVGHORVFDVRVHVSHFLDOPHQWHSUHYLVWRVHQHVWH&nGLJRHO
DUPDGRUHVWDUjH[HQWRGHUHVSRQVDELOLGDGHQORVVLJXLHQWHV
6LORVKHFKRVGHOFDSLWjQRGHODWULSXODFLnQQRIXHUHQUHODWLYRVDODQDYHRDODH[SHGLFLnQ
6LVHWUDWDUHGHKHFKRVTXHHOFDSLWjQKXELHUHHMHFXWDGRFRPRGHOHJDGRGHODDXWRULGDGSoEOLFD
6LVHWUDWDUHGHREOLJDFLRQHVGHDVLVWHQFLD\VDOYDPHQWRDWHUFHURV\
6LTXLHQGHPDQGDODLQGHPQL]DFLnQIXHUHFnPSOLFHGHORVKHFKRVGHOFDSLWjQRGHODWULSXODFLnQ
$57f&8/2&$626'(5(63216$%,/,'$''(/$50$'253523,(7$5,2212'(/$1$9((ODUPDGRUSURSLHWDULRRQRGHODQDYHVnOR
UHVSRQGHUjKDVWDSRUHOYDORUGHkVWDVXVDFFHVRULRV\HOrHWHHQHOFXPSOLPLHQWRGHODVREOLJDFLRQHVVLJXLHQWHV
'HODVLQGHPQL]DFLRQHVGHELGDVDWHUFHURVSRUGDmRVRSkUGLGDVFDXVDGRVGXUDQWHODQDYHJDFLnQRHQSXHUWRSRUFXOSDGHOFDSLWjQGHOD
WULSXODFLnQGHOSUjFWLFRRGHFXDOTXLHUDRWUDSHUVRQDDOVHUYLFLRGHODQDYH
'HODVLQGHPQL]DFLRQHVGHELGDVSRUGDmRVFDXVDGRVDOFDUJDPHQWRTXHVHHQWUHJXHDOFDSLWjQSDUDVXWUDQVSRUWHRDORVELHQHVTXHVH
HQFXHQWUHQDERUGR
'HODVGHPjVREOLJDFLRQHVGHULYDGDVGHORVFRQRFLPLHQWRVGHHPEDUTXHRFRQWUDWRGHrHWDPHQWR
'HODVLQGHPQL]DFLRQHVGHELGDVSRUODVFXOSDVQjXWLFDVHQODHMHFXFLnQGHXQFRQWUDWRVLQSHUMXLFLRGHORGLVSXHVWRHQHORUGLQDORGHO
DUWlFXOR
'HODREOLJDFLnQGHH[WUDHUORVUHVWRVGHXQDQDYHQjXIUDJD\GHODVREOLJDFLRQHVYLQFXODGDVDDTXkOOD
'HODVUHPXQHUDFLRQHVGHDVLVWHQFLD\VDOYDPHQWR
'HODFRQWULEXFLnQTXHFRUUHVSRQGDDVXQDYHHQYLUWXGGHXQDFWRGHDYHUlDFRPoQ\
'HODVREOLJDFLRQHVFRQWUDlGDVIXHUDGHOSXHUWRGHPDWUlFXODSRUODDJHQFLDPDUlWLPDRHOFDSLWjQPHUFHGDVXVSRGHUHVOHJDOHVSDUDDWHQGHU
ODVQHFHVLGDGHVGHVXQDYHRDODFRQWLQXDFLnQGHOYLDMHVLHPSUHTXHDTXkOODVQRSURYHQJDQGHLQVXqFLHQFLDRGHIHFWRGHOHTXLSRRGHO
DSURYLVLRQDPLHQWRDOFRPLHQ]RGHOYLDMH
3$5d*5$)23DUDORVHIHFWRVGHHVWHDUWlFXORVHHQWHQGHUjQFRPRDFFHVRULRVORVLQGLFDGRVHQHODUWlFXOR
$57f&8/2&$626(148(126($3/,&$1/$6/,0,7$&,21(6'(5(63216$%,/,'$'/DOLPLWDFLnQGHUHVSRQVDELOLGDGFRQVDJUDGDHQHO
DUWlFXORDQWHULRUQRVHDSOLFDUjDODVREOLJDFLRQHVGHULYDGDVGHDFWRRFXOSDSHUVRQDOGHODUPDGRUQLDODVREOLJDFLRQHVFRQWUDlGDVHQQRPEUHR
SRUFXHQWDGHkVWHSRUODDJHQFLDPDUlWLPDRHOFDSLWjQFXDQGRDTXHOODVKD\DXWLOL]DGRRUDWLqFDGRHVSHFLDOPHQWHQLDODVUHODWLYDVDORV
FRQWUDWRVGHWUDEDMRFRQHOFDSLWjQFRQODWULSXODFLnQRFRQODVGHPjVSHUVRQDVDOVHUYLFLRGHODQDYH
$57f&8/2/,0,7('(5(63216$%,/,'$''(/&$3,7d16LHOFDSLWjQHVDODYH]SURSLHWDULRRFRSURSLHWDULRGHODQDYHRWLHQHODFDOLGDGGH
DUPDGRUQRSRGUjSUHYDOHUVHGHODOLPLWDFLnQGHUHVSRQVDELOLGDGHVWDEOHFLGDHQHODUWlFXORVLQRUHVSHFWRGHVXVFXOSDVQjXWLFDV\GHODV
PLVPDVFXOSDVGHODVSHUVRQDVDOVHUYLFLRGHODQDYH
$57f&8/2358(%$'(/9$/25'(/$1$9(3$5$(//,0,7('(/$5(63216$%,/,'$'(OSURSLHWDULRTXHVHDFRMDDODOLPLWDFLnQGHVX
UHVSRQVDELOLGDGDOYDORUGHODQDYHrHWHV\DFFHVRULRVGHEHUjSUREDUHOYDORUGHODPLVPD\GHORVDFFHVRULRVGHTXHWUDWDHODUWlFXOR/D
YDOXDFLnQGHODQDYHVHEDVDUjHQODVFRQGLFLRQHVGHODPLVPDGHFRQIRUPLGDGFRQODVVLJXLHQWHVUHJODV
(QFDVRGHDERUGDMHXRWURDFFLGHQWHHQORUHODWLYRDODVUHFODPDFLRQHVFRQH[DVFRQXQRXRWURLQFOXVLYHODVGHULYDGDVGHFRQWUDWRV
FHOHEUDGRVDoQDOWLHPSRGHODOOHJDGDGHODQDYHDOSULPHUSXHUWRGHVSXkVGHODFFLGHQWHODYDOXDFLnQHVWDUjGHDFXHUGRFRQODVFRQGLFLRQHVGH
ODQDYHDOPRPHQWRGHVXDUULERDGLFKRSXHUWR
6LDQWHVGHHVHPRPHQWRRWURDFFLGHQWHUHGXMHUHHOYDORUGHODQDYHODQXHYDGLVPLQXFLnQGHHVHYDORUQRVHWRPDUjHQFXHQWDDOFRQVLGHUDUODV
UHFODPDFLRQHVUHODWLYDVDOSULPHUDFFLGHQWH
/DYDOXDFLnQGHODQDYHHQFDVRGHDFFLGHQWHVTXHRFXUUDQGXUDQWHODHVWDGlDGHODPLVPDHQSXHUWRVHKDUjGHDFXHUGRFRQODFRQGLFLnQGHOD
QDYHHQkVWHGHVSXkVGHODFFLGHQWH
&XDQGRVHWUDWHGHUHFODPDFLRQHVUHODFLRQDGDVFRQODFDUJDRTXHVXUMDQGHOFRQRFLPLHQWRGHHPEDUTXHQRSUHYLVWDVHQODUHJODDQWHULRUOD
YDOXDFLnQHVWDUjGHDFXHUGRFRQHOHVWDGRGHODQDYHHQHOSXHUWRGHGHVWLQRGHODFDUJDRHQHOVLWLRHQTXHHOYLDMHVHKD\DLQWHUUXPSLGR
6LODFDUJDHVWXYLHUHGHVWLQDGDDPjVGHXQSXHUWR\HOGDmRVHKDOODUHUHODFLRQDGRFRQXQRGHHOORVODYDOXDFLnQHVWDUjGHDFXHUGRFRQHO
HVWDGRGHOEXTXHHQHOSULPHURGHHVRVSXHUWRV\
(QWRGRVORVGHPjVFDVRVDTXHVHUHqHUHHODUWlFXORODHVWLPDFLnQVHKDUjVHJoQHOHVWDGRGHOEXTXHDOWkUPLQRGHOYLDMH
$57f&8/2)/(7(,1&/8,'2(1(/35(&,2'(/3$6$-(3DUDORVHIHFWRVGHODUWlFXORVHHQWHQGHUjSRUrHWHLQFOXLGRHQkOHOSUHFLRGHO
SDVDMHHOGLH]SRUFLHQWRGHOYDORUGHODQDYHDOFRPLHQ]RGHOYLDMH
$57f&8/21250$7,9,'$'3$5$/26&5e',726/RVGLYHUVRVFUkGLWRVGHULYDGRVGHXQPLVPRDFFLGHQWHRSRUUD]nQGHORVFXDOHVHQ
GHIHFWRGHDFFLGHQWHVHGHWHUPLQDHOYDORUGHODQDYHHQXQPLVPRSXHUWRVHUHJLUjQSRUORGLVSXHVWRHQORVDUWlFXORV\VLJXLHQWHVGHHVWH
&nGLJR
$57f&8/2(;7(16,h1'(/$5(63216$%,/,'$'32508(57(2/(6,21(6(QFDVRGHPXHUWHROHVLRQHVFRUSRUDOHVFDXVDGDVSRUODV
SHUVRQDVLQGLFDGDVHQHORUGLQDORGHODUWlFXORODUHVSRQVDELOLGDGGHODUPDGRUSDUDDQWHODVYlFWLPDVRVXVGHUHFKRKDELHQWHVVH
H[WHQGHUjIXHUDGHOOlPLWHqMDGRHQHOPLVPRDUWlFXORKDVWDODFDQWLGDGGHTXLQFHJUDPRVGHRURSXURSRUWRQHODGDGHDUTXHRGHODQDYH
&RQHOWRWDOLQGLFDGRHQHOLQFLVRDQWHULRUVHSDJDUjQHVWDVLQGHPQL]DFLRQHV\VLIXHUHLQVXqFLHQWHORVGDPQLqFDGRVRVXVGHUHFKRKDELHQWHV
FRQFXUULUjQFRQORVGHPjVDFUHHGRUHVKDVWDSRUHOVDOGRTXHKD\DTXHGDGRDGHEkUVHOHVVREUHHOYDORUGHODQDYHVXVDFFHVRULRV\HOrHWH
WHQLHQGRHQFXHQWDHORUGHQGHORVSULYLOHJLRV
$57f&8/25(*/$63$5$&$/&8/$5(/$548(2(ODUTXHRGHTXHWUDWDQORVDUWlFXORV\VHFDOFXODUjDVl(QODVQDYHVFRQ
SURSXOVLnQPHFjQLFDVREUHHOWRQHODMHQHWRGHUHJLVWURDXPHQWDGRHQHOWRQHODMHGHDUTXHRFRUUHVSRQGLHQWHDORVHVSDFLRVGHODPDTXLQDULDGH
SURSXOVLnQWDOFRPRORVPLVPRVVRQGHqQLGRVSRUORVUHJODPHQWRVGHODDXWRULGDGPDUlWLPD
(QORVYHOHURVVREUHHOWRQHODMHQHWR
7f78/2,,,
'(/$*(17(0$5f7,02
$57f&8/2'(),1,&,h1'($*(17(0$5f7,02$JHQWHPDUlWLPRHVODSHUVRQDTXHUHSUHVHQWDHQWLHUUDDODUPDGRUSDUDWRGRVORVHIHFWRV
UHODFLRQDGRVFRQODQDYH
$57f&8/2$*(17(0$5f7,02&20262&,('$'325&(17$-(3(57(1(&,(17($3(5621$61$&,21$/(6&XDQGRHODJHQWHPDUlWLPRVHD
XQDVRFLHGDGHOVHVHQWDSRUFLHQWRGHOFDSLWDOVRFLDOSRUORPHQRVGHEHUjSHUWHQHFHUDSHUVRQDVQDWXUDOHVFRORPELDQDV
$57f&8/25(*,6752'(/$*(17(0$5f7,02(ODJHQWHPDUlWLPRGHEHUHJLVWUDUVHDQWHODDXWRULGDGPDUlWLPDQDFLRQDO3DUDSRGHU
LQVFULELUVHSUHVHQWDUjVROLFLWXGDFRPSDmDGDGHORVVLJXLHQWHVGRFXPHQWRV
&HUWLqFDGRGHLQVFULSFLnQHQHOUHJLVWURPHUFDQWLO
&HUWLqFDGRGHODDXWRULGDGFRPSHWHQWHHQTXHFRQVWHTXHQRKDVLGRVDQFLRQDGRSRUGHOLWRVGHqQLGRVHQHOHVWDWXWRSHQDODGXDQHUR
&HUWLqFDGRGHODVFDSLWDQlDVGHSXHUWRHQTXHFRQVWHTXHQRKDDJHQFLDGRQDYHVVLQPDWUlFXOD
*DUDQWlDFX\DQDWXUDOH]D\PRQWRVHUjQqMDGRVSRUODDXWRULGDGPDUlWLPDFRQIRUPHDORVUHJODPHQWRV
/LVWDGHODVQDYHVTXHYDDDJHQFLDU\FRSLDGHORVFRUUHVSRQGLHQWHVFRQWUDWRV
'HFODUDFLnQMXUDGDGHTXHQRHVHPSUHVDULRGHWUDQVSRUWH\
&HUWLqFDGRGHODFDSLWDQlDGHSXHUWRHQTXHFRQVWHTXHWLHQHORFDOHVDSURSLDGRVSDUDDWHQGHUODDJHQFLDPDUlWLPD
3$5d*5$)2'HEHUjDGHPjVFXPSOLUORVUHTXLVLWRVTXHqMHHOUHJODPHQWR
$57f&8/22%/,*$&,21(6'(/$*(17(6RQREOLJDFLRQHVGHODJHQWH
5HSUHVHQWDUDODUPDGRUHQWRGDVODVUHODFLRQHVUHIHUHQWHVDFRQWUDWRVGHWUDQVSRUWH
*HVWLRQDUWRGRVORVSUREOHPDVDGPLQLVWUDWLYRVUHODFLRQDGRVFRQODSHUPDQHQFLDGHODQDYHHQSXHUWR
+DFHUHQWUHJDDODVUHVSHFWLYDVDXWRULGDGHVDGXDQHUDV\DnUGHQHVGHOGHVWLQDWDULRGHODVPHUFDQFlDVWUDQVSRUWDGDVSRUODQDYH
5HSUHVHQWDUMXGLFLDOPHQWHDODUPDGRURDOFDSLWjQHQORFRQFHUQLHQWHDODVREOLJDFLRQHVUHODWLYDVDODQDYHDJHQFLDGD
5HVSRQGHUSHUVRQDO\VROLGDULDPHQWHFRQHOFDSLWjQGHODQDYHDJHQFLDGDSRUODLQHMHFXFLnQGHODVREOLJDFLRQHVUHODWLYDVDODHQWUHJDRUHFLER
GHODVPHUFDQFlDV
5HVSRQGHUSRUORVREMHWRV\YDORUHVUHFLELGRV
5HVSRQGHUSHUVRQDOPHQWHFXDQGRKDFRQWUDWDGRXQWUDQVSRUWHRrHWHVLQGDUDFRQRFHUHOQRPEUHGHODHPSUHVDRQDYHDJHQFLDGD\
5HVSRQGHUVROLGDULDPHQWHFRQHODUPDGRU\HOFDSLWjQSRUWRGDFODVHGHREOLJDFLRQHVUHODWLYDVDODQDYHDJHQFLDGDTXHFRQWUDLJDQHVWRVHQHO
SDlV
$57f&8/2(;,*(1&,$'(5((0%2/62'($17,&,326<&2%52'((02/80(1726325(/$*(17((ODJHQWHPDUlWLPRSRGUjH[LJLUHO
UHHPEROVRGHORVDQWLFLSRVTXHKD\DKHFKRSRUFXHQWDGHODUPDGRURGHOFDSLWjQ\FREUDUORVHPROXPHQWRVDTXHWHQJDGHUHFKR
$57f&8/2&$1&(/$&,h1'(/,&(1&,$'(/$*(17(/DDXWRULGDGPDUlWLPDFDQFHODUjODOLFHQFLDGHODJHQWHFXDQGRODKD\DREWHQLGRVLQ
UHXQLUORVUHTXLVLWRVHVWDEOHFLGRVHQHODUWlFXORRVLFRQSRVWHULRULGDGDVXLQVFULSFLnQIXHUHVDQFLRQDGRSRUGHOLWRVWLSLqFDGRVHQHOHVWDWXWR
SHQDODGXDQHURRDJHQFLDUHQDYHVVLQPDWUlFXODRHMHUFLHUHODDFWLYLGDGGHOHPSUHVDULRGHOWUDQVSRUWHRGHMDUHGHWHQHUHVWDEOHFLPLHQWRVHQ
SXHUWRFRORPELDQR
3$5d*5$)2(ODJHQWHPDUlWLPRDTXLHQVHOHKD\DFDQFHODGRODOLFHQFLDQRSRGUjVHULQVFULWRQXHYDPHQWHVLQRWUDQVFXUULGRVDmRVGHOD
IHFKDGHFDQFHODFLnQ
7f78/2,9
'(/&$3,7d1
$57f&8/2'(),1,&,h1<)$&8/7$'(6'(/&$3,7d1'(1$9(6(OFDSLWjQHVHOMHIHVXSHULRUHQFDUJDGRGHOJRELHUQR\GLUHFFLnQGHOD
QDYH
/DWULSXODFLnQ\ORVSDVDMHURVOHGHEHQUHVSHWR\REHGLHQFLDHQFXDQWRVHUHqHUHDOVHUYLFLRGHODQDYH\DODVHJXULGDGGHODVSHUVRQDV\GHOD
FDUJDTXHFRQGX]FD
&RPRUHSUHVHQWDQWHGHODUPDGRUHMHUFHUjIUHQWHDWRGRVORVLQWHUHVDGRVHQODQDYH\HQODFDUJDORVSRGHUHVTXHOHVHDQDWULEXLGRVSRUODOH\
/DVUHVWULFFLRQHVFRQYHQFLRQDOHVDOGHUHFKRGHUHSUHVHQWDFLnQGHOFDSLWjQQRVHUjQRSRQLEOHVDWHUFHURVGHEXHQDIH
$57f&8/2683/(17(6'(/&$3,7d132508(57($86(1&,$2,1+$%,/,'$'(6(QFDVRGHPXHUWHDXVHQFLDRLQKDELOLWDFLnQGHOFDSLWjQ
GHXQDQDYHGHOlQHDGHQDYHJDFLnQGHDOWXUDHOJRELHUQRGHOEXTXHFRUUHVSRQGHUjDORVRqFLDOHVGHFXELHUWDVHJoQHORUGHQGHVXVMHUDUTXlDV
KDVWDHOSXHUWRGHOSUn[LPRDUULERGRQGHODFRPSHWHQWHDXWRULGDGRODFRQVXODUQRPEUDUjDOFDSLWjQSRUHOWLHPSRQHFHVDULR
3DUDWRGDVODVGHPjVQDYHVLQFOX\HQGRODVGHVHUYLFLRVSoEOLFRVGHOlQHDVWDQWRHQODQDYHJDFLnQLQWHULRUFRPRHQODGHFDERWDMHVHDSOLFDUjQ
ODVQRUPDVHVWDEOHFLGDVSRUODVOH\HVHVSHFLDOHV\SRUORVUHJODPHQWRVQDFLRQDOHV
$57f&8/2$8725,=$&,h1&2168/$53$5$5(03/$=2'(&$3,7d1(138(5726(;75$1-(526(QORVSXHUWRVH[WUDQMHURVSUHYLD
DXWRUL]DFLnQFRQVXODUHOJRELHUQRGHODQDYHSRGUjFRQqDUVHDXQFDSLWjQH[WUDQMHURTXHSRVHDODKDELOLWDFLnQFRUUHVSRQGLHQWHDODGHOFDSLWjQ
TXHGHEDVXVWLWXLUKDVWDHOSXHUWRGRQGHVHDSRVLEOHVXUHHPSOD]RSRUXQFDSLWjQFRORPELDQR
$57f&8/2)81&,21(6&202'(/(*$'2'($8725,'$'3i%/,&$<*8$5'$'(/25'(1&RPRGHOHJDGRGHODDXWRULGDGSoEOLFD\HQ
JXDUGDGHORUGHQHQODQDYHGXUDQWHHOYLDMHHOFDSLWjQSRGUjDGRSWDUWRGDVODVSURYLGHQFLDVTXHMX]JXHDFRQVHMDEOHVSDUDHOORJURGHDTXHO
REMHWLYRVLQPHQRVFDERGHODVJDUDQWlDVFRQVWLWXFLRQDOHV\OHJDOHVGHODVSHUVRQDVDERUGR(QWDOYLUWXGHVWDUjIDFXOWDGRSDUD
5HSULPLU\VDQFLRQDUODVIDOWDVGLVFLSOLQDULDVFRPHWLGDVDERUGRSRUODWULSXODFLnQ\ODVLQIUDFFLRQHVSROLFLYDVHQTXHLQFXUUDQORVSDVDMHURV
$GHODQWDUHQFDVRGHGHOLWRODFRUUHVSRQGLHQWHLQYHVWLJDFLnQGHDFXHUGRFRQORGLVSXHVWRHQHO&nGLJRGH3URFHGLPLHQWR3HQDO\
(QWUHJDUORVSUHVXQWRVGHOLQFXHQWHVDODDXWRULGDGUHVSHFWLYD
$57f&8/2)$&8/7$''(/&$3,7d1&202'(/(*$'2'(/$$8725,'$'&21()(&726&,9,/(6(OFDSLWjQUHFLELUjHOWHVWDPHQWRGHODV
SHUVRQDVDERUGRREVHUYDQGRODVIRUPDOLGDGHVSUHYLVWDVSRUODVOH\HV
,JXDOPHQWHFRQVXMHFLnQDODVGLVSRVLFLRQHVUHODWLYDVDOUHJLVWURFLYLOOHYDQWDUjDFWDVGHORVQDFLPLHQWRVPDWULPRQLRV\GHIXQFLRQHVDFDHFLGRV
GXUDQWHHOYLDMH\HMHUFHUjODVIXQFLRQHVQRWDULDOHVTXHOHDVLJQHODOH\
(QFDVRGHXUJHQFLDMXVWLqFDGDHOFDSLWjQWHQGUjDGHPjVODVDWULEXFLRQHVGHMXH]PXQLFLSDOHQORUHODWLYRDODFHOHEUDFLnQGHOPDWULPRQLRFLYLO
3$5d*5$)2(OFDSLWjQGHXQDQDYHGHOlQHDGHQDYHJDFLnQGHDOWXUDSRGUjGDUIHGHTXHODqUPDSXHVWDHQXQGRFXPHQWRHVDXWkQWLFD
$57f&8/22%/,*$&,h1'(0$17(1(5'2&80(1726$%25'2(OFDSLWjQHVWjREOLJDGRDPDQWHQHUDERUGRORVVLJXLHQWHVGRFXPHQWRV
&HUWLqFDGRGHPDWUlFXOD
3DWHQWHGHQDYHJDFLnQ
&HUWLqFDGRGHQDYHJDELOLGDGRGHFODVLqFDFLnQ
3DVDYDQWHHQVXFDVR
/LEURGHOUROGHWULSXODFLnQDXWRUL]DGRSRUHOFDSLWjQGHOSXHUWR
3nOL]DGHORFDFLnQRGHrHWDPHQWR\ORVFRQRFLPLHQWRVGHHPEDUTXHRPDQLqHVWRHQVXFDVR
5HJODPHQWRGHDERUGRTXHVHqMDUjHQOXJDUYLVLEOHGHODQDYH
/LVWDGHSDVDMHURV\
/RVGHPjVGRFXPHQWRVTXHH[LMDQODVOH\HV\UHJODPHQWRVGHODDXWRULGDGPDUlWLPDFRORPELDQD
$57f&8/2)81&,21(6<2%/,*$&,21(6'(/&$3,7d16RQIXQFLRQHV\REOLJDFLRQHVGHOFDSLWjQ
&HUFLRUDUVHGHTXHODQDYHHVWjHQEXHQDVFRQGLFLRQHVGHQDYHJDELOLGDGSDUDODQDYHJDFLnQTXHYDDHPSUHQGHU
&XPSOLUODVOH\HV\UHJODPHQWRVGHPDULQDVDQLGDGDGXDQDSROLFlDKDFLHQGDLQPLJUDFLnQHWFGHORVSXHUWRVGH]DUSH\DUULER
(VWDUDOWDQWRGHOFDUJXHHVWLED\HVWDELOLGDGGHODQDYH
2WRUJDUUHFLERVSDUFLDOHVGHODVPHUFDQFlDVTXHVHHPEDUTXHQVXFHVLYDPHQWHSDUDVXVWLWXLUORVHQHOPRPHQWRRSRUWXQRSRUORV
FRQRFLPLHQWRVRGRFXPHQWRVUHVSHFWLYRV
8VDUORVVHUYLFLRVGHSUjFWLFRVFXDQGRODOH\ODFRVWXPEUHHOUHJODPHQWRRHOEXHQVHQWLGRORUHFODPH
=DUSDUWDQSURQWRFRPRKD\DWHUPLQDGRHOFDUJXHGHODQDYH
&RQVHJXLUIRQGRVSDUDHOVnORHIHFWRGHDWHQGHUUHSDUDFLRQHVRSURYLVLRQHVXUJHQWHVGHODQDYHFXDQGRQRORVWXYLHUHQLHVSHUDUHUHFLELUORV
GHODUPDGRURGHVXVDJHQWHVFRQWDOqQSRGUj
D *LUDUDFHSWDURWRUJDU\HQGRVDULQVWUXPHQWRVQHJRFLDEOHVXRWURVWlWXORVYDORUHVDQRPEUHGHODUPDGRU\
E +LSRWHFDUODQDYHSUHYLDDXWRUL]DFLnQHVFULWDGHODUPDGRU
(PSOHDUWRGRVORVPHGLRVDVXDOFDQFHSDUDVDOYDUODQDYHFXDQGRHQHOFXUVRGHOYLDMHRFXUUDQHYHQWRVTXHODSRQJDQHQSHOLJURDoQ
PHGLDQWHHOVDFULqFLRWRWDORSDUFLDOGHODFDUJDRHOGDmRSDUFLDOGHODQDYHVLSUHYLRFRQFHSWRGHODMXQWDGHRqFLDOHVIXHUHQHFHVDULRSHURQR
SRGUjFRQWUDWDUHOVDOYDPHQWRVLQDXWRUL]DFLnQH[SUHVDGHODUPDGRU
+DFHUPHQFLnQH[SUHVDGHORVUHFLERV\FRQRFLPLHQWRVGHORVHIHFWRVFX\DDYHUlDPHUPDRPDOHVWDGRGHDFRQGLFLRQDPLHQWRVHDYLVLEOH(Q
GHIHFWRGHHVDPHQFLnQVHSUHVXPHTXHODVPHUFDQFlDVIXHURQFDUJDGDVHQEXHQHVWDGR\GHELGDPHQWHDFRQGLFLRQDGDV
6HQWDUSRUORVKHFKRVTXHDGHODQWHVHHQXQFLDQFXDQGRRFXUUDQGXUDQWHODQDYHJDFLnQHODFWDGHSURWHVWDHQHOOLEURGHQDYHJDFLnQR
ELWjFRUD\SUHVHQWDUFRSLDGHHOODDODDXWRULGDGFRPSHWHQWHGHOSULPHUSXHUWRGHDUULERGHQWURGHODVGRFHKRUDVVLJXLHQWHVDODOOHJDGDGHOD
QDYH
D 0XHUWHROHVLRQHVFRUSRUDOHVGHODVSHUVRQDVDERUGR
E 3kUGLGDVRDYHUlDVFRQRFLGDVRSUHVXQWDVGHODQDYHRGHODFDUJD
F 1DXIUDJLR
G ,QFHQGLR
H $ERUGDMH
I 9DUDGXUD\HQFDOODPLHQWR
J $YHUlDFRPoQRJUXHVD
K $UULEDGDIRU]RVDH
L 'HVnUGHQHV\DFRQWHFLPLHQWRVH[WUDRUGLQDULRVTXHSXHGDQDIHFWDUORVLQWHUHVHVGHODVSHUVRQDVEXTXHRFDUJDPHQWR
(QFDVRGHIDOWDDEVROXWDRLPSHGLPHQWRGHOFDSLWjQKDUjODSURWHVWDODSHUVRQDTXHORVXVWLWX\DHQODGLUHFFLnQGHODQDYH\DIDOWDGHkVWDHO
DUPDGRURVXUHSUHVHQWDQWHOHJDO
5HVLVWLUDVXSUXGHQWHDUELWULRSRUWRGRVORVPHGLRVDVXDOFDQFHFXDOTXLHUYLROHQFLDTXHSXHGDLQWHQWDUVHFRQWUDODQDYHODVSHUVRQDVROD
FDUJDVLIXHUHREOLJDGRDKDFHUHQWUHJDGHWRGDRGHSDUWHGHkVWDDQRWDUjHOFRUUHVSRQGLHQWHDVLHQWRHQHOOLEURGHQDYHJDFLnQ\SURWHVWDUjHO
KHFKRHQHOSULPHUSXHUWRGHDUULER
(QFDVRGHDSUHVDPLHQWRHPEDUJRRGHWHQFLnQFRPSHWHDOFDSLWjQUHFODPDUODQDYH\HOFDUJDPHQWR\GDUDYLVRLQPHGLDWDPHQWHDODUPDGRU
SRUORVPHGLRVTXHHVWXYLHUHQDVXDOFDQFH
0LHQWUDVUHFLEHnUGHQHVGHqQLWLYDVGHEHUjWRPDUODVGLVSRVLFLRQHVSURYLVRULDVTXHVHDQXUJHQWHVSDUDODFRQVHUYDFLnQGHODQDYH\GHODFDUJD
\SDUDODGHELGDDWHQFLnQDODVSHUVRQDV
&HOHEUDUFRQWUDWRVGHrHWDPHQWR\ORVGHPjVUHODWLYRVDODJHVWLnQRUGLQDULDGHODQDYH\DOQRUPDOGHVDUUROORGHOYLDMHFXDQGRHVWXYLHUH
DXVHQWHHODUPDGRUVXDJHQWHRUHSUHVHQWDQWHOHJDO
(QFDVRGHHFKD]nQODQ]DUODVFRVDVHQHORUGHQTXHODWkFQLFDQjXWLFD\ODVFLUFXQVWDQFLDVORDFRQVHMHQSUHYLDFRQVXOWDFRQODMXQWDGH
RqFLDOHV
6ROLFLWDUSHUPLVRSDUDYHQGHUODQDYHHQSoEOLFDVXEDVWDFXDQGRVHKDOOHIXHUDGHVXSXHUWRGHPDWUlFXOD\HQHVWDGRGHLQQDYHJDELOLGDG
(VWHSHUPLVRVnORSRGUjVHURWRUJDGRSRUHODUPDGRURVXUHSUHVHQWDQWHOHJDOIDFXOWDGRSDUDHOOR
6HHQWLHQGHTXHODQDYHVHKDOODHQHVWDGRGHLQQDYHJDELOLGDG
D &XDQGRQRSXHGDVHUUHSDUDGDHQHOOXJDUHQTXHVHHQFXHQWUDQLFRQGXFLGDDXQOXJDUGRQGHODUHSDUDFLnQVHDSRVLEOH\
E &XDQGRORVJDVWRVTXHGHPDQGHVXUHSDUDFLnQH[FHGDQHOYDORUGHODQDYHXQDYH]UHSDUDGD
7RPDUGLQHURHQSUkVWDPRSRUFXHQWDGHOFRSURSLHWDULRGHODQDYHTXHVHQLHJXHDFRQWULEXLUHQORVJDVWRVQHFHVDULRVGHODH[SHGLFLnQ
KDVWDFXEULUODVXPDDVXFDUJR3DUDHIHFWXDUHOSUkVWDPRHOFDSLWjQGDUjFRPRJDUDQWlDODFXRWDSDUWHGHOFRSURSLHWDULRUHQXHQWHDTXLHQ
UHTXHULUjFRQDQWLFLSDFLnQQRLQIHULRUDYHLQWLFXDWURKRUDV
5HFRJHUDERUGRGHDFXHUGRFRQORVPHGLRVGHTXHGLVSRQJDDORVPDULQRVFRORPELDQRVTXHVHHQFXHQWUHQDEDQGRQDGRVHQSXHUWR
H[WUDQMHURGRQGHQRKD\DRqFLQDFRQVXODUGH&RORPELD7DPELkQHVWjREOLJDGRDUHFLELUDERUGRDORVFRORPELDQRVTXHORVFnQVXOHVGHOD
5HSoEOLFDVHYHDQHQODQHFHVLGDGGHUHSDWULDUHQFDQWLGDGTXHGHWHUPLQDUjVHJoQODFDSDFLGDGGHOEXTXHVLQH[FHGHUGHXQGLH]SRUFLHQWRGH
ODWULSXODFLnQVLHPSUHTXHQRVHORLPSLGDFDXVDGHIXHU]DPD\RUMXVWLqFDGDDQWHODPLVPDDXWRULGDGFRQVXODU
7HQHUDERUGRORVVLJXLHQWHVOLEURV
D &RQVWLWXFLnQ3ROlWLFDGHOD5HSoEOLFDGH&RORPELD\&nGLJRVGHOSDlV
E /H\HVGHFUHWRV\UHJODPHQWRVGHODPDULQDPHUFDQWH
F /LEURGHQDYHJDFLnQRELWjFRUD
G /LEURGHFDPSDmDXnUGHQHVDODVPjTXLQDV
H /LEURGHUHJLVWURGHVDQFLRQHV\
I /LEURGHLQYHQWDULR
(PSOHDUODPD\RUGLOLJHQFLDSRVLEOHSDUDVDOYDUODVSHUVRQDVORVHIHFWRVGHODQDYHHOGLQHURORVGRFXPHQWRVOLEURVGHQDYHJDFLnQGH
PjTXLQDVGHVDQFLRQHV\ODFDUJDFXDQGRHQHOFXUVRGHODQDYHJDFLnQVREUHYHQJDODQHFHVLGDGGHDEDQGRQDUODQDYH
6LDSHVDUGHVXGLOLJHQFLDVHSHUGLHUHQORVREMHWRVVDFDGRVGHODQDYHRORVTXHTXHGDUHQDERUGRHVWDUjH[RQHUDGRGHWRGDUHVSRQVDELOLGDG
5HSUHVHQWDUMXGLFLDOPHQWHDODUPDGRURDVXDJHQWHPDUlWLPRFXDQGRHVWXYLHUHDXVHQWHHQORFRQFHUQLHQWHDODQDYH\ODQDYHJDFLnQ
(PEDUFDU\GHVHPEDUFDUORVPLHPEURVGHODWULSXODFLnQHQDXVHQFLDRLPSRVLELOLGDGGHFRQVXOWDFRQHODUPDGRURVXUHSUHVHQWDQWHOHJDO
,QIRUPDUDODUPDGRURDVXUHSUHVHQWDQWHOHJDOGHORVKHFKRV\FRQWUDWRVLPSRUWDQWHVUHODFLRQDGRVFRQODQDYH\ODQDYHJDFLnQFXDQGRVH
SURGX]FDQGXUDQWHHOYLDMH\HQWRGDVODVFLUFXQVWDQFLDVTXHOHVHDSRVLEOH
$UULEDUDSXHUWRQHXWUDOFXDQGRGHVSXkVGHO]DUSHWHQJDFRQRFLPLHQWRGHTXHKDVREUHYHQLGRHVWDGRGHJXHUUD\SHUPDQHFHUHQkOKDVWD
TXHSXHGDVDOLUEDMRFRQYR\RGHRWURPRGRVHJXUR'HODPLVPDPDQHUDSURFHGHUjVLOOHJDDVDEHUTXHHOSXHUWRGHVXGHVWLQRVHHQFXHQWUD
EORTXHDGR
(OFDSLWjQTXHQDYHJXHEDMRHVFROWDGHQDYHVGHJXHUUD\VHVHSDUDLQMXVWLqFDGDPHQWHGHOFRQYR\UHVSRQGHUjGHORVSHUMXLFLRVTXH
VREUHYHQJDQDODVSHUVRQDVDODQDYHRDODFDUJD%DMRODPLVPDUHVSRQVDELOLGDGGHEHUjREHGHFHUODVnUGHQHV\VHmDOHVGHOFRPDQGDQWHGHO
FRQYR\
5HFLELUDERUGRODFDUJDTXHGHEDVHUWUDQVSRUWDGDSRUHOEXTXH\SRQHUODHQHOSXHUWRGHGHVWLQRDGLVSRVLFLnQGHODHPSUHVDHVWLEDGRUD
TXHGHEDGHVFDUJDUOD
'HVHPEDUFDUODVPHUFDQFlDVTXHQRKD\DQVLGRGHFODUDGDVRTXHORKD\DQVLGRIDOVDPHQWH3RGUjVLQHPEDUJRLQIRUPDUDODUPDGRUSDUDHO
FREURGHOrHWHGHELGRRGHOVREUHrHWHDTXHKXELHUHOXJDU(QWRGRFDVRSRGUjWRPDUODVPHGLGDVTXHODVFLUFXQVWDQFLDVDFRQVHMHQ
&RQWLQXDUHOYLDMHWDQSURQWRFRPRKD\DFHVDGRODFDXVDGHODDUULEDGDIRU]RVDVRSHQDGHLQGHPQL]DUORVGDmRVTXHVHFDXVHQ
3UHVWDUODDVLVWHQFLD\VDOYDPHQWRDTXHHVWjREOLJDGRFRQIRUPHDODOH\\
$WHQGHUDODGHIHQVDGHORVLQWHUHVHVGHORVDVHJXUDGRUHV\GHORVFDUJDGRUHVRGHVXVGHUHFKRKDELHQWHVFXDQGRDPjVGHQHFHVDULRHOOR
VHDFRPSDWLEOHFRQODH[LJHQFLDGHODH[SHGLFLnQ
6LSDUDHYLWDURGLVPLQXLUXQGDmRIXHUHQQHFHVDULDVPHGLGDVHVSHFLDOHVHOFDSLWjQREUDUjVHJoQVXSUXGHQWHDUELWULR
$57f&8/2352+,%,&,21(6$/&$3,7d13URKlEHVHDOFDSLWjQ
3HUPLWLUHQODQDYHREMHWRVGHLOlFLWRFRPHUFLR
&RORFDUVREUHFXELHUWDSDUWHDOJXQDGHODFDUJDDPHQRVTXHFRQVLQWLkQGRORHOFDUJDGRUODVFRQGLFLRQHVWkFQLFDVORSHUPLWDQRFXDQGRHVWk
DFHSWDGRSRUODFRVWXPEUH
$GPLWLUDERUGRSDVDMHURVRFDUJDVVXSHULRUHVDODVTXHSHUPLWDODVHJXULGDGGHODQDYH
$EDQGRQDUODQDYHPLHQWUDVKD\DDOJXQDHVSHUDQ]DGHVDOYDUOD
&DPELDUGHUXWDRGHUXPERVDOYRHQORVFDVRVHQTXHODQDYHJDFLnQORH[LMDFLUFXQVWDQFLDTXHGHEHUjDQRWDUVHHQHOGLDULRGHQDYHJDFLnQ
'HVFDUJDUODQDYHDQWHVGHIRUPXODUODSURWHVWDDTXHVHUHqHUHHORUGLQDOGHODUWlFXORVDOYRFDVRGHSHOLJURDSUHPLDQWH
(QWUDUHQSXHUWRGLVWLQWRDOGHVXGHVWLQRVDOYRTXHODVFRQGLFLRQHVGHODQDYHJDFLnQORH[LMDQ
3HUPLWLUHOHPEDUTXHGHPHUFDQFlDVRPDWHULDVGHFDUjFWHUSHOLJURVRFRPRVXVWDQFLDVLQrDPDEOHVRH[SORVLYDVVLQODVSUHFDXFLRQHVTXH
HVWkQUHFRPHQGDGDVSDUDVXHQYDVHPDQHMR\DLVODPLHQWRRVLQODDXWRUL]DFLnQGHODUHVSHFWLYDDXWRULGDGFRPSHWHQWHFXDQGRVHDQHFHVDULD
&DUJDUPHUFDQFlDVSRUVXFXHQWDVLQSHUPLVRSUHYLRGHODUPDGRURGHVXUHSUHVHQWDQWHOHJDORGHOrHWDGRUVHJoQHOFDVR\SHUPLWLUTXHOR
KDJDFXDOTXLHUPLHPEURGHODWULSXODFLnQ
5HFLELUFDUJDGLIHUHQWHFXDQGRH[LVWDFRQWUDWRGHrHWDPHQWRWRWDOVDOYRTXHHOrHWDGRUUHVSHFWLYRORFRQVLHQWDSRUHVFULWR\
&HOHEUDUFRQORVFDUJDGRUHVSDFWRDOJXQRTXHUHGXQGHHQVXEHQHqFLRSDUWLFXODUFDVRHQHOFXDOORVEHQHqFLRVFRUUHVSRQGHUjQDODUPDGRU
FRSURSLHWDULRRrHWDGRUVHJoQHOFDVR
$57f&8/25(63216$%,/,'$''(/&$3,7d1$17((/$50$'25(OFDSLWjQUHVSRQGHUjDQWHHODUPDGRUSRUHOLQFXPSOLPLHQWRGHVXV
IXQFLRQHV\ODYLRODFLnQGHODVSURKLELFLRQHVHVSHFLDOPHQWHHQFDVRGHGDmRVVREUHYHQLGRVDORVSDVDMHURVWULSXODFLnQQDYH\FDUJDDPHQRV
TXHGHPXHVWUHFDXVDMXVWLqFDGD/DUHVSRQVDELOLGDGGHOFDSLWjQSULQFLSLDGHVGHTXHVHKDFHUHFRQRFHUFRPRFRPDQGDQWHGHODQDYH\WHUPLQD
FRQODHQWUHJDGHHOOD
$57f&8/25(63216$%,/,'$'5(63(&72'(/5(0,7(17(<'(67,1$7$5,2'(/$1$9(5HVSHFWRGHOUHPLWHQWH\GHVWLQDWDULROD
UHVSRQVDELOLGDGFRPLHQ]DGHVGHTXHODFDUJDHQWUDDODQDYH\FRQFOX\HDOHQWUHJDUODDOFRVWDGRGHkVWDHQHOSXHUWRGHGHVWLQRVDOYRSDFWRHQ
FRQWUDULR
$57f&8/2,1+$%,/,'$''(/&$3,7d1325'(/,72'2/262&RQGHQDGRSRUGRORFRPHWLGRHQHOHMHUFLFLRGHVXVIXQFLRQHVRHQHO
FXPSOLPLHQWRGHVXVREOLJDFLRQHVHOFDSLWjQTXHGDUjLQKDELOLWDGRSRUGLH]DmRVSDUDGHVHPSHmDUFDUJRDOJXQRGHODVQDYHVPHUFDQWHV
7f78/29
'(/$75,38/$&,h1
$57f&8/275,38/$&,h1&21&(372&RQVWLWX\HODWULSXODFLnQHOFRQMXQWRGHSHUVRQDVHPEDUFDGDVGHVWLQDGDVDDWHQGHUWRGRVORV
VHUYLFLRVGHODQDYH\SURYLVWDVGHVXVUHVSHFWLYDVOLFHQFLDVGHQDYHJDFLnQ
$57f&8/2&26$648(6(/(3(50,7(&$5*$5$/$75,38/$&,h1/DWULSXODFLnQVnORSRGUjFDUJDUHQODQDYHODVFRVDVGHVXXVRSHUVRQDO
RUGLQDULRVDOYRDXWRUL]DFLnQGHODUPDGRU\SDJRGHOrHWHFRUUHVSRQGLHQWH
$57f&8/22%/,*$&,21(6/$%25$/(63$5$&21/$75,38/$&,h16LQSHUMXLFLRGHORHVWDEOHFLGRHQODVQRUPDVODERUDOHVHQODV
FRQYHQFLRQHVFROHFWLYDVRHQODVHVWLSXODFLRQHVHVSHFLDOHVGHOFRQWUDWRLQGLYLGXDOGHWUDEDMRORVRqFLDOHV\PDULQHUlDHVWjQREOLJDGRV
SDUWLFXODUPHQWHD
(QFRQWUDUVHDERUGRHQHOPRPHQWRHQTXHHOFRQWUDWRORVHmDOHRHOFDSLWjQORUHTXLHUD
2EHGHFHUDOFDSLWjQ\DORVRqFLDOHVHQVXRUGHQMHUjUTXLFRHQWRGRORFRQFHUQLHQWHDOVHUYLFLR\RUGHQGHODQDYH
3HUPDQHFHUHQODQDYH\HQVXSXHVWR/DVDXVHQFLDVUHTXLHUHQDXWRUL]DFLnQGHVXVXSHULRUMHUjUTXLFR
9HODUSRUODUHJXODULGDGGHOVHUYLFLR\SRUHOPDQWHQLPLHQWRGHOPDWHULDODVXFDUJR
&XPSOLUWHPSRUDOPHQWHIXQFLRQHVGLYHUVDVDODVSURSLDVGHVXWlWXORFDWHJRUlDSURIHVLnQRJUDGRHQFDVRVGHQHFHVLGDG\HQLQWHUkVGHOD
QDYHJDFLnQ\
3UHVWDUODVGHFODUDFLRQHVQHFHVDULDVUHTXHULGDVSRUODDXWRULGDGVREUHODMXVWLqFDFLnQRQRGHODVDFWDVGHSURWHVWD
$57f&8/2$/&$1&('(/&2175$72'((152/$0,(1726DOYRHVWLSXODFLnQH[SUHVDHQFRQWUDULRHOFRQWUDWRGHHQURODPLHQWRVH
HQWHQGHUjFHOHEUDGRSRUHOYLDMHGHLGD\UHJUHVR
$57f&8/235h552*$'(/&2175$72'(/$75,38/$&,h1325(;3,5$&,h1'85$17((/9,$-(6LHOSOD]RSUHYLVWRSDUDODGXUDFLnQGHO
FRQWUDWRH[SLUDGXUDQWHODWUDYHVlDHOHQURODPLHQWRTXHGDUjSURUURJDGRKDVWDODWHUPLQDFLnQGHOYLDMH
$57f&8/25(*5(622'(6(0%$5&2'(3(5621$/6(*i1(/&2175$72'((152/$0,(172(OSHUVRQDOTXHVHJoQHOFRQWUDWRGH
HQURODPLHQWRGHEDVHUUHJUHVDGRDXQOXJDUGHWHUPLQDGRRGHVHPEDUFDGRHQkOVHUjHQWRGRFDVRFRQGXFLGRDGLFKROXJDU
$57f&8/2$3/,&$&,h1'(/(<&2/20%,$1$$/&2175$72'((152/$0,(172&(/(%5$'2(1(/(;7(5,25/RVFRQWUDWRVGH
HQURODPLHQWRFHOHEUDGRVHQHOH[WHULRUSDUDSUHVWDUVHUYLFLRVHQQDYHVGHEDQGHUDFRORPELDQDVHUHJLUjQSRUODVOH\HVFRORPELDQDVDXQTXHHO
FRQWUDWRVHLQLFLHHQSXHUWRH[WUDQMHUR
7f78/29,
'(/265,(6*26<'$g26(1/$1$9(*$&,h10$5f7,0$
$57f&8/2&216,'(5$&,h1'($&&,'(17(26,1,(67520$5f7,023DUDORVHIHFWRVGHHVWH/LEURVHFRQVLGHUDDFFLGHQWHRVLQLHVWUR
PDUlWLPRHOGHqQLGRFRPRWDOSRUODOH\ORVWUDWDGRVFRQYHQLRVRODFRVWXPEUHLQWHUQDFLRQDORQDFLRQDO
&$3f78/2,
$9(5f$6
$57f&8/2&21&(372'($9(5f$66RQDYHUlDV
7RGRVORVGDmRVTXHVXIUDODQDYHGXUDQWHODQDYHJDFLnQRHQSXHUWRRODVPHUFDQFlDVGHVGHHOHPEDUTXHKDVWDVXGHVHPEDUTXH\
7RGRVORVJDVWRVH[WUDRUGLQDULRVHLPSUHYLVWRVTXHGHEDQHIHFWXDUVHHQEHQHqFLRGHODQDYHRGHODFDUJDFRQMXQWDRVHSDUDGDPHQWH
$57f&8/25(*8/$&,h1683/(7,9$'(/$6$9(5f$6(QGHIHFWRGHFRQYHQFLnQHVSHFLDOHQWUHODVSDUWHVODVDYHUlDVVHUHJXODUjQ
FRQIRUPHDODVGLVSRVLFLRQHVGHHVWH&nGLJR
$57f&8/2&/$6,),&$&,h1'(/$6$9(5f$6/DVDYHUlDVVRQGHGRVFODVHVDYHUlDJUXHVDRFRPoQ\DYHUlDSDUWLFXODU
6(&&,h1,
$9(5f$*58(6$
$57f&8/2'(),1,&,h1'($9(5f$*58(6$6RORH[LVWHDFWRGHDYHUlDJUXHVDRFRPoQFXDQGRLQWHQFLRQDO\UD]RQDEOHPHQWHVHKDFHXQ
VDFULqFLRH[WUDRUGLQDULRRVHLQFXUUHHQXQJDVWRGHODPLVPDlQGROHSDUDODVHJXULGDGFRPoQFRQHOqQGHSUHVHUYDUGHXQSHOLJURORVELHQHV
FRPSURPHWLGRVHQODQDYHJDFLnQ
$57f&8/2(1&$5*$'26'(/$$9(5f$*58(6$/RVVDFULqFLRV\JDVWRVGHODDYHUlDJUXHVDHVWDUjQDFDUJRGHORVGLYHUVRVLQWHUHVHV
OODPDGRVDFRQWULEXLU
$57f&8/2$'0,6,h1'('$g263e5','$62*$6726'(&216(&8(1&,$',5(&7$6nORVHDGPLWLUjQHQDYHUlDFRPoQORVGDmRV
SkUGLGDVRJDVWRVTXHVHDQVXFRQVHFXHQFLDGLUHFWD3DUDWDOHIHFWRVHLQFOXLUjQFRPRJDVWRVORVGHOLTXLGDFLnQGHODDYHUlD\ORVLQWHUHVHVGHODV
VXPDVUHFLELGDVHQSUkVWDPRSRUHOFDSLWjQSDUDFRQMXUDUHOSHOLJUR
3$5d*5$)2/DSkUGLGDRGDmRVVXIULGRVSRUODQDYHRODFDUJDDFDXVDGHOUHWUDVRGXUDQWHRGHVSXkVGHOYLDMH\FXDOTXLHURWUDSkUGLGD
LQGLUHFWDFRPRODGHOPHUFDGRQRVHDGPLWLUjQHQDYHUlDFRPoQ
$57f&8/2$9(5f$325&8/3$'(/26,17(5(6$'26/DREOLJDFLnQGHFRQWULEXLUDODDYHUlDFRPoQVXEVLVWHDXQTXHHOVXFHVRTXHKXELHUH
GDGRRULJHQDOVDFULqFLRRJDVWRVVHKD\DGHELGRDFXOSDGHXQDGHODVSDUWHVLQWHUHVDGDVHQODQDYHJDFLnQVLQSHUMXLFLRGHODVDFFLRQHVTXH
SXHGDQHMHUFLWDUVHFRQWUDHOOD
$57f&8/2&$5*$'(/$358(%$'(/48(5(&/$0$/DSUXHEDGHTXHXQDSkUGLGDRJDVWRGHEHVHUDGPLWLGRHQDYHUlDFRPoQVHUjGH
FDUJRGHODSDUWHTXHUHFODPD
$57f&8/2*$6726683/(0(17$5,26&216,'(5$'26$9(5f$7RGRJDVWRVXSOHPHQWDULRUHDOL]DGRHQVXVWLWXFLnQGHRWURJDVWRTXHVH
KDEUlDFRQVLGHUDGRDYHUlDJUXHVDVHUjUHSXWDGR\DGPLWLGRFRQHVWHFDUjFWHUVLQWHQHUHQFXHQWDODHFRQRPlDHYHQWXDOREWHQLGDSRUORVRWURV
LQWHUHVHVSHURVRODPHQWHKDVWDODFRQFXUUHQFLDGHOPRQWRGHOJDVWRGHODDYHUlDJUXHVDTXHVHHYLWn
$57f&8/2/,48,'$&,h1'($9(5f$(;&(3&,21(6/DDYHUlDFRPoQVHOLTXLGDWDQWRHQORSHUWLQHQWHDODVSkUGLGDVFRPRDODV
FRQWULEXFLRQHVVREUHODEDVHGHORVYDORUHVTXHUHJLVWUHQORVLQWHUHVHVHQMXHJRHQODIHFKD\HOSXHUWRGRQGHWHUPLQDHOYLDMHRDYHQWXUD
H[FHSWXDGRVORVHIHFWRVGHXVRSHUVRQDOGHODWULSXODFLnQ\ORVHTXLSDMHVQRUHJLVWUDGRV
(VWDUHJODVHREVHUYDUjDXQTXHVHDGLVWLQWRHOOXJDUHQTXHGHEDSUDFWLFDUVHODOLTXLGDFLnQGHODDYHUlD
$57f&8/2,1$'0,6,h1'(&$5*$0(172&202$9(5f$&20i11RVHUjDGPLWLGDFRPRDYHUlDFRPoQODHFKD]nQGHFDUJDPHQWRVTXHQR
VHDQWUDQVSRUWDGRVFRQVXMHFLnQDODVOH\HV\UHJODPHQWRVRDORVXVRVUHFRQRFLGRVHQHOFRPHUFLR
$57f&8/25(3$5$&,21(668-(7$6$'('8&&,h1(1/$/,48,'$&,h1'($9(5f$*58(6$(QODOLTXLGDFLnQGHODDYHUlDJUXHVDODV
UHSDUDFLRQHVTXHWHQJDQWDOFDUjFWHUHVWDUjQVXMHWDVDGHGXFFLRQHVSRUGLIHUHQFLDGHYLHMRDQXHYRFXDQGRHOPDWHULDORSLH]DVYLHMDVVH
UHHPSODFHQSRUQXHYDVGHFRQIRUPLGDGFRQODVQRUPDVVLJXLHQWHV
/DVGHGXFFLRQHVHVWDUjQUHJXODGDVSRUODHGDGGHOEXTXHDSDUWLUGHODIHFKDGHOUHJLVWURSULPLWLYRKDVWDODGHODFFLGHQWHVLQHPEDUJRODV
SURYLVLRQHV\DUWlFXORVGHFRQVXPRDLVODGRUHVERWHVGHVDOYDPHQWR\VLPLODUHVHTXLSRVGHFRPSjVJLURVFnSLFRDSDUDWRVGHUDGLRWHOHJUDIlD\
SDUDVLWXDUHOEXTXHVRQGDVHFRLFDVRVLPLODUHVPjTXLQDV\FDOGHUDVHVWDUjQUHJXODGDVSRUODHGDGGHODVUHVSHFWLYDVSDUWHVDODVFXDOHV
DTXkOODVVHDSOLTXHQ
1LQJXQDGHGXFFLnQVHKDUjSDUDODVSURYLVLRQHVDUWlFXORVGHFRQVXPR\DFFHVRULRVTXHQRVHKD\DQXWLOL]DGR
/DVGHGXFFLRQHVVHSUDFWLFDUjQVREUHHOFRVWRGHOPDWHULDORGHODVSDUWHVQXHYDVLQFOXVLYHODPDQRGHREUD\JDVWRVGHLQVWDODFLnQSHUR
H[FOXLGRHOFRVWRGHGHVPRQWDMHRGHVDUPHGHODVPjTXLQDV
/RVGHUHFKRVGHGLTXHVHFR\WUjQVLWR\JDVWRVGHWUDVODGRGHOEXTXHVHSDJDUjQlQWHJUDPHQWH
/DOLPSLH]D\SLQWXUDGHOFDVFRQRVHSDJDUjQVLHOFDVFRQRKDVLGRSLQWDGRHQORVVHLVPHVHVDQWHULRUHVDODIHFKDGHODFFLGHQWH
$ 'XUDQWHHOSULPHUDmR
7RGDVODVUHSDUDFLRQHVVHDGPLWLUjQlQWHJUDPHQWHH[FHSWRHOUDVSDMHOLPSLH]D\SLQWXUDRUHYHVWLPLHQWRGHODFDUHQDGHORVFXDOHVVHGHGXFLUj
XQWHUFLR
% 'HXQRDWUHVDmRV
'HGXFFLnQVREUHHOUDVSDMHOLPSLH]D\SLQWXUDGHODFDUHQDFRPRVHHVWDEOHFHHQHOOLWHUDO$
6HGHGXFLUjXQVH[WRGHODVSDUWHVGHPDGHUDGHOFDVFRLQFOXVLYHUHYHVWLPLHQWRGHODVERGHJDVPjVWLOHVYHUJDV\ERWHVGHPDGHUDPXHEOHV
WDSLFHUlDYDMLOODREMHWRVGHPHWDO\GHYLGULRDSDUHMRVFDEX\HUlD\FDERVGHKLORPHWjOLFRHTXLSRVGHFRPSjVJLURVFnSLFRDSDUDWRVGH
UDGLRWHOHJUDIlD\SDUDVLWXDUHOEXTXHVRQGDVHFRLFDV\VLPLODUHVFDEOHVFDGHQDV\FDGHQDVDLVODGRUHVPjTXLQDVDX[LOLDUHVVHUYRPRWRUHV\
FRQH[LRQHVZLQFKHU\SOXPDV\FRQH[LRQHVPjTXLQDVHOkFWULFDV\FRQH[LRQHVGLVWLQWDVGHODVPjTXLQDVGHSURSXOVLnQHOkFWULFDODVGHPjV
UHSDUDFLRQHVVHFRQVLGHUDUjQSRUVXYDORUlQWHJUR
(OUHYHVWLPLHQWRGHPHWDOGHORVEXTXHVGHPDGHUDRFRPSXHVWRVVHSDJDUjlQWHJUDPHQWHWRPDQGRFRPREDVHHOFRVWRGHXQSHVRLJXDODO
SHVREUXWRGHOUHYHVWLPLHQWRGHPHWDOH[WUDlGRGHOEXTXHGHGXFLGRHOSURGXFLGRGHODYHQWDGHOPHWDOYLHMR/RVFODYRVHOqHOWUR\ODPDQRGH
REUDSDUDFRORFDUHOQXHYRUHYHVWLPLHQWRHVWDUjQVXMHWRVDODGHGXFFLnQGHXQWHUFLR
& 'HWUHVDVHLVDmRV
/DVGHGXFFLRQHVVHSUDFWLFDUjQFRPRVHLQGLFDHQHOOLWHUDO% H[FHSWRXQWHUFLRTXHVHGHGXFLUjDODVSDUWHVGHPDGHUDGHOFDVFRLQFOXVLYHHO
UHYHVWLPLHQWRGHODVERGHJDVPjVWLOHVYHUJDV\ERWHVGHPDGHUDPXHEOHVWDSLFHUlD\XQVH[WRTXHVHGHGXFLUjGHODVSDUWHVGHKLHUURGHORV
PjVWLOHV\YHUJDVGHWRGDVODVPjTXLQDV LQFOXVLYHFDOGHUDV\VXVDFFHVRULRV
' 'HVHLVDGLH]DmRV
/DVGHGXFFLRQHVVHKDUjQFRPRVHLQGLFDHQHOOLWHUDO& H[FHSWRXQWHUFLRTXHVHGHGXFLUjGHWRGRVORVDSDUHMRVFDEX\HUlDHVFRWDVSDUWHVGH
KLHUURGHORVPjVWLOHV\YHUJDVHTXLSRVGHFRPSjVJLURVFnSLFRDSDUDWRVGHUDGLRWHOHJUDIlD\SDUDVLWXDUHOEXTXHVRQGDVHFRLFDV\VLPLODUHV
DLVODGRUHVPjTXLQDVDX[LOLDUHVVHUYRPRWRUHVZLQFKHU\SOXPDV\DFFHVRULRV\FXDOTXLHURWUDPjTXLQD FRPSUHQGLGDVFDOGHUDV\VXV
DFFHVRULRV
( 'HGLH]DTXLQFHDmRV
6HGHGXFLUjXQWHUFLRGHWRGDVODVUHQRYDFLRQHVH[FHSWRGHODVSDUWHVGHKLHUURGHOFDVFRGHFHPHQWR\GHODVFDGHQDVFDEOHVGHODVFXDOHVVH
GHGXFLUjXQVH[WR\ODVDQFODVFX\RYDORUVHDGPLWLUjlQWHJUDPHQWH\
) 0D\RUGHTXLQFHDmRV
6HGHGXFLUjXQWHUFLRGHWRGDVODVUHQRYDFLRQHVH[FHSWRODVFDGHQDVFDEOHVGHODVFXDOHVVHGHGXFLUjXQVH[WR\ODVDQFODVFX\RYDORUVH
DGPLWLUjlQWHJUDPHQWH
$57f&8/20(5&$1&f$612&216,'(5$'$6$9(5f$*58(6$1RVHFRQVLGHUDUjDYHUlDFRPoQODSkUGLGDRGDmRGHTXHVHDQREMHWRODV
PHUFDGHUlDVFDUJDGDVVLQHOFRQVHQWLPLHQWRGHODUPDGRURGHVXDJHQWHQLDTXHOODVTXHKD\DQVLGRREMHWRGHXQDGHVLJQDFLnQGHOLEHUDGDPHQWH
IDOVDHQHOPRPHQWRGHVXHPEDUTXH3HURWDOHVPHUFDGHUlDVGHEHUjQFRQWULEXLUGHDFXHUGRFRQVXYDORUUHDOHQFDVRGHVDOYDUVH
/DVDYHUlDVRSkUGLGDVFDXVDGDVDPHUFDGHUlDVTXHKD\DQVLGRIDOVDPHQWHGHFODUDGDVDOHPEDUTXHSRUXQYDORUPHQRUTXHHOFRPHUFLDOVHUjQ
DGPLWLGDVSRUHOYDORUGHFODUDGRSHURFRQWULEXLUjQSRUVXYDORUFRPHUFLDO
$57f&8/25(*8/$&,h1'(0(5&$1&f$6$552-$'$6$/0$5<5(&2%5$'$6/DVPHUFDGHUlDVDUURMDGDVDOPDU\UHFREUDGDVGHVSXkV
HQWUDUjQHQODUHJXODFLnQGHODDYHUlDVnORSRUHOYDORUGHOPHQRVFDERTXHKXELHUHQVXIULGRPjVORVJDVWRVKHFKRVSDUDVDOYDUODV
6LHOLPSRUWHGHHVDVPHUFDGHUlDVKXELHUHVLGRLQFOXLGRHQODDYHUlDFRPoQ\SDJDGRDORVSURSLHWDULRVDQWHVGHKDFHUVHHOUHVFDWHHVWRV
GHYROYHUjQODFXRWDSHUFLELGDUHWHQLHQGRoQLFDPHQWHORTXHOHVFRUUHVSRQGDHQUD]nQGHGHWHULRUR\JDVWRVGHVDOYDPHQWR
$57f&8/235(6&5,3&,h1'(/$6$&&,21(6'(/$$9(5f$*58(6$/DVDFFLRQHVGHULYDGDVGHODDYHUlDJUXHVDSUHVFULELUjQHQHOODSVRGH
XQDmRFRQWDGRDSDUWLUGHODIHFKDHQTXHWHUPLQHHOYLDMH
6(&&,h1,,
$9(5f$6,03/(23$57,&8/$5
$57f&8/2'(),1,&,h1'($9(5f$6,03/(23$57,&8/$56RQDYHUlDVVLPSOHVRSDUWLFXODUHVORVGDmRVRSkUGLGDVGHTXHVHDQREMHWROD
QDYHRODFDUJDSRUIXHU]DPD\RURFDVRIRUWXLWRSRUYLFLRSURSLRRSRUKHFKRVGHWHUFHURV\ORVJDVWRVH[WUDRUGLQDULRVHLPSUHYLVWRV
HIHFWXDGRVHQEHQHqFLRH[FOXVLYRGHXQDXRWUD
$57f&8/2623257$17('(/$$9(5f$6,03/(23$57,&8/$5(OSURSLHWDULRGHODFRVDTXHGLROXJDUDOJDVWRRUHFLELnHOGDmRVRSRUWDUj
ODDYHUlDVLPSOHRSDUWLFXODU
&$3f78/2,,
$%25'$-(
$57f&8/2623257('('$g26325$%25'$-(325)8(5=$0$<25(QFDVRGHDERUGDMHRFXUULGRSRUIXHU]DPD\RURSRUFDXVDTXHQR
VHDSRVLEOHGHWHUPLQDUHQIRUPDLQHTXlYRFDVRSRUWDUjQORVGDmRVTXLHQHVORVKD\DQVXIULGR
$57f&8/2$%25'$-(325&8/3$'(/&$3,7d1827520,(0%525(63216$%,/,'$'62/,'$5,$2FXUULGRHODERUGDMHSRUFXOSDGHO
FDSLWjQGHOSUjFWLFRRGHFXDOTXLHURWURPLHPEURGHODWULSXODFLnQGHXQDGHODVQDYHVkVWRVUHVSRQGHUjQVROLGDULDPHQWHFRQHODUPDGRUGHO
SDJRGHORVGDmRVFDXVDGRV
$57f&8/25(63216$%,/,'$'(1(/$%25'$-(325&8/3$0878$(QFDVRGHDERUGDMHSRUFXOSDPXWXDUHVSRQGHUjQSRUSDUWHVLJXDOHV
VLQRIXHUHSRVLEOHGHWHUPLQDUODPDJQLWXGSURSRUFLRQDOGHODVFXOSDV
$57f&8/25(63216$%,/,'$'62/,'$5,$'(1$9(6325'$g26(QHOFDVRSUHYLVWRHQHODUWlFXORDQWHULRUODUHVSRQVDELOLGDGGHODVQDYHV
VHUjVROLGDULDUHVSHFWRGHWHUFHURVSRUORVGDmRVFDXVDGRV
$57f&8/2&8/3$'(/35$&7,&21202',),&$5(63216$%,/,'$'/DFXOSDGHOSUjFWLFRQRPRGLqFDUjHOUkJLPHQGHUHVSRQVDELOLGDGSRU
DERUGDMHSUHYLVWRHQODVGLVSRVLFLRQHVTXHDQWHFHGHQSHURHOFDSLWjQRHODUPDGRUWHQGUjQGHUHFKRDVHULQGHPQL]DGRVSRUHOSUjFWLFRROD
HPSUHVDDTXHSHUWHQH]FD
$57f&8/22%/,*$&,h1'(/&$3,7d1(1&$62'($%25'$-((QFDVRGHDERUGDMHHOFDSLWjQGHFDGDQDYHHVWDUjREOLJDGRHQFXDQWR
SXHGDKDFHUORVLQJUDYHSHOLJURSDUDVXQDYHRSDUDODVSHUVRQDVDERUGRDSUHVWDUDX[LOLRDODRWUDQDYHDODWULSXODFLnQ\DVXVSDVDMHURV
(VWDUjLJXDOPHQWHREOLJDGRHQORSRVLEOHDGDUQRWLFLDDODRWUDQDYHGHODLGHQWLqFDFLnQGHODVX\DSXHUWRGHPDWUlFXODDVlFRPRGHVXV
OXJDUHVGHRULJHQ\GHVWLQR
$57f&8/2$%25'$-('(1$9(6'(810,602'8(g2,1'(01,=$&,h1+DEUjOXJDUDODVLQGHPQL]DFLRQHVSUHYLVWDVHQHVWH&DSlWXORDoQ
HQHOFDVRGHTXHHODERUGDMHVHSURGX]FDHQWUHQDYHVTXHSHUWHQH]FDQDXQPLVPRSURSLHWDULRRTXHVHDQH[SORWDGDVSRUXQPLVPRDUPDGRU
$57f&8/2,1'(01,=$&,h1'('$g2648(81$1$9(&$86($275$$3/,&$%/(6$&26$623(5621$6$%25'26HDSOLFDUjQODV
GLVSRVLFLRQHVTXHDQWHFHGHQDODLQGHPQL]DFLnQGHORVGDmRVTXHXQDQDYHFDXVHDRWUDDODVFRVDVRSHUVRQDVTXHVHHQFXHQWUHQDERUGRGH
HOODVSRUHMHFXFLnQXRPLVLnQGHXQDPDQLREUDSRULQREVHUYDQFLDGHORVUHJODPHQWRVRGHODFRVWXPEUHDXQFXDQGRQRKXELHUHDERUGDMH
$57f&8/235(6&5,3&,h1'($&&,21(6'(5,9$'$6'(/$%25'$-(/DVDFFLRQHVGHULYDGDVGHODERUGDMHSUHVFULELUjQSRUHOWUDQVFXUVRGH
ORVGRVDmRVDSDUWLUGHODIHFKDGHODFFLGHQWH
&$3f78/2,,,
$55,%$'$)25=26$
$57f&8/2$55,%$'$)25=26$/(*,7,0$2,/(*,7,0$/OjPDVHDUULEDGDIRU]RVDODHQWUDGDQHFHVDULDDSXHUWRGLVWLQWRGHODXWRUL]DGRHQHO
SHUPLVRGH]DUSH
$57f&8/2&$/,),&$&,h1'($55,%$'$)25=26$/DDUULEDGDIRU]RVDHVOHJlWLPDRLOHJlWLPD/DOHJlWLPDHVODTXHSURFHGHGHFDVR
IRUWXLWRLQHYLWDEOHHLOHJlWLPDODTXHWUDHVXRULJHQGHGRORURFXOSDGHOFDSLWjQ/DDUULEDGDIRU]RVDVHSUHVXPLUjLOHJlWLPD(QWRGRFDVROD
FDSLWDQlDGHSXHUWRLQYHVWLJDUj\FDOLqFDUjORVKHFKRV
$57f&8/25e*,0(1'(*$6726'(/$$55,%$'$)25=26$/RVJDVWRVGHDUULEDGDIRU]RVDSURYHQLHQWHVGHKHFKRVTXHFRQVWLWX\HQ
DYHUlDVFRPXQHVRSDUWLFXODUHVVHUHJLUjQSRUORGLVSXHVWRHQHO&DSlWXOR3ULPHURGHHVWH7lWXOR
6DOYRHOFDVRGHDYHUlDFRPoQORVJDVWRVGHODDUULEDGDLOHJlWLPDVHUjQGHODUHVSRQVDELOLGDGGHODUPDGRUVLQSHUMXLFLRGHVXGHUHFKRSDUD
UHSHWLUFRQWUDODSHUVRQDTXHKD\DRFDVLRQDGRODDYHUlD
$57f&8/25(63216$%,/,'$'3$5$(/&$3,7d1<(/$50$'251LHODUPDGRUQLHOFDSLWjQVHUjQUHVSRQVDEOHVSDUDFRQORVFDUJDGRUHVGH
ORVGDmRV\SHUMXLFLRVTXHOHVRFDVLRQHODDUULEDGDOHJlWLPD3HURVLODDUULEDGDIXHUHFDOLqFDGDGHLOHJlWLPDDPERVVHUjQVROLGDULDPHQWH
REOLJDGRVDLQGHPQL]DUDORVFDUJDGRUHV
$57f&8/25(63216$%,/,'$'62/,'$5,$'(/$50$'25<&$3,7d1(ODUPDGRU\HOFDSLWjQVRQVROLGDULDPHQWHUHVSRQVDEOHVGHORVGDmRV
\SHUMXLFLRVGHULYDGRVGHODGHPRUDLQMXVWLqFDGDHQODFRQWLQXDFLnQGHOYLDMHUHVSHFWLYRXQDYH]TXHKD\DFHVDGRODDUULEDGDIRU]RVD
/DDJHQFLDPDUlWLPDWDPELkQVHUjVROLGDULDPHQWHUHVSRQVDEOHVLWLHQHSDUWLFLSDFLnQHQWDOGHPRUD
7f78/29,,
'(/$$6,67(1&,$<6$/9$0(172
$57f&8/2'(),1,&,h1'(5(081(5$&,h1325$6,67(1&,$<6$/9$0(1727RGRDFWRGHDVLVWHQFLDRGHVDOYDPHQWRHQWUHQDYHVTXH
KD\DWHQLGRXQUHVXOWDGRoWLOGDUjOXJDUDXQDUHPXQHUDFLnQHTXLWDWLYD
6LGHODDVLVWHQFLDRGHOVDOYDPHQWRVHKDREWHQLGRoQLFDPHQWHHOVDOYDPHQWRGHYLGDVKXPDQDVHOSURSLHWDULRRDUPDGRUGHXQDQDYH
DFFLGHQWDGDUHHPEROVDUjORVJDVWRVRGDmRVVXIULGRVSRUHODVLVWHQWHRHOVDOYDGRU
(QFDVRGHVDOYDPHQWRGHYLGDVKXPDQDVMXQWRFRQELHQHVGHODQDYHJDFLnQVHKDUjHOUHSDUWRHTXLWDWLYRGHODUHPXQHUDFLnQHQWUHWRGRVORV
DVLVWHQWHVRVDOYDGRUHV
3DUDORVHIHFWRVGHHVWHDUWlFXORQRVHFRQVLGHUDUjQFRPRELHQHVGHODH[SHGLFLnQORVHIHFWRVSHUVRQDOHV\HTXLSDMHVGHODWULSXODFLnQ\GHORV
SDVDMHURVH[FHSWRORVHTXLSDMHVUHJLVWUDGRVGHHVWRVoOWLPRVSHURODFRQWULEXFLnQGHFDGDHTXLSDMHQRSRGUjH[FHGHUGHYHLQWHJUDPRVGHRUR
SXURSRUNLORJUDPRQLGHTXLQLHQWRVJUDPRVGHRURSXURHQWRWDO\HQQLQJoQFDVRGHOYDORUGHORVELHQHVVDOYDGRV
3$5d*5$)23DUDORVHIHFWRVGHHVWHDUWlFXORVHHQWHQGHUjSRUDVLVWHQFLDHOVRFRUURSUHVWDGRSRUXQDQDYHDRWUDTXHHVWkHQSHOLJURGH
SHUGLGD\SRUVDOYDPHQWRODD\XGDSUHVWDGDXQDYH]RFXUULGRHOVLQLHVWUR
$57f&8/2352+,%,&,h1(;35(6$<5$=21$%/('(/$6,67,'2125(081(5$&,h16LODDVLVWHQFLDRVDOYDPHQWRIXHVHSUHVWDGRDSHVDU
GHODSURKLELFLnQH[SUHVD\UD]RQDEOHGHODVLVWLGRRVDOYDGRQRKDEUjOXJDUDUHPXQHUDFLnQDOJXQD
$57f&8/2'(5(&+2'(/5(02/&$'25$5(081(5$&,h1325$6,67(1&,$26$/9$0(172'(/$1$9((OUHPROFDGRUQRWHQGUj
GHUHFKRDUHPXQHUDFLnQSRUDVLVWHQFLDRVDOYDPHQWRGHODQDYHREMHWRGHOUHPROTXHRGHVXFDUJDPHQWRDPHQRVTXHKD\DSUHVWDGRVHUYLFLRV
H[FHSFLRQDOHVTXHRSXHGDQFRQVLGHUDUVHFRPSUHQGLGRVGHQWURGHODHMHFXFLnQGHOFRQWUDWRGHUHPROTXH
$57f&8/25(081(5$&,h1(1&$62'(3(57(1(&(5/$61$9(6$/0,602'8(g2+DEUjOXJDUDUHPXQHUDFLnQDoQHQHOFDVRGHTXHOD
QDYHDVLVWHQWH\ODQDYHDVLVWLGDSHUWHQH]FDQDXQPLVPRSURSLHWDULR
$57f&8/2),-$&,h1'(/02172'(/$5(081(5$&,h1',675,%8&,h1(OPRQWRGHODUHPXQHUDFLnQVHqMDUjSRUDFXHUGRGHODVSDUWHV\
HQVXGHIHFWRSRUHOMXH]
7DOUHPXQHUDFLnQVHUjGLVWULEXLGDHQWUHORVSURSLHWDULRVDUPDGRUHVFDSLWjQ\WULSXODFLnQVHJoQHOFDVR
$57f&8/2&2175$72'($6,67(1&,$<6$/9$0(172(48,'$''(&21',&,21(67RGR&RQWUDWRGHDVLVWHQFLD\VDOYDPHQWRFHOHEUDGR
HQPRPHQWR\EDMRODLQrXHQFLDGHOSHOLJURDSHWLFLnQGHXQDGHODVSDUWHVSRGUjVHUPRGLqFDGRRDoQGHFODUDGRQXORFXDQGRODVFRQGLFLnQ
DFRUGDGDVQRVHDQHTXLWDWLYDV\VLQJXODUPHQWHFXDQGRODUHPXQHUDFLnQUHVXOWDUHHQXQVHQWLGRRHQRWURQRWDEOHPHQWHGHVSURSRUFLRQDGDFRQ
ORVVHUYLFLRVSUHVWDGRV
$57f&8/2%$6(63$5$/$),-$&,h1'(/$5(081(5$&,h1325(/-8(=&XDQGRODUHPXQHUDFLnQGHEDVHUVHmDODGDSRUHOMXH]HVWH
WRPDUjHQFXHQWDVHJoQODVFLUFXQVWDQFLDVODVVLJXLHQWHVEDVHV
(OYDORUGHORVELHQHVVDOYDGRV\
(Ok[LWRREWHQLGRHOHVIXHU]RGHTXLHQHVKDQSUHVWDGRODDVLVWHQFLDRHOVDOYDPHQWRHOSHOLJURFRUULGRSRUODQDYHDVLVWLGDSRUVXVSDVDMHURV\
WULSXODQWHVSRUVXFDUJDPHQWRSRUORVVDOYDGRUHV\SRUODQDYHDVLVWHQWHHOWLHPSRLQYHUWLGRORVGDmRVVXIULGRV\ORVJDVWRVHIHFWXDGRVORV
ULHVJRVFRUULGRVSRUORVVDOYDGRUHVLJXDOTXHHOYDORUGHOPDWHULDOSRUHOORVH[SXHVWRWHQLHQGRHQFXHQWDOOHJDGRHOFDVRODGLVSRVLFLnQPjVR
PHQRVDSURSLDGDGHODQDYHDVLVWHQWHSDUDODDVLVWHQFLDRVDOYDPHQWR
(OMXH]SRGUjUHGXFLUODUHPXQHUDFLnQ\DoQVXSULPLUODVLUHVXOWDUHTXHORVDVLVWHQWHVRVDOYDGRUHVSRUFXOSDVX\DKLFLHURQQHFHVDULDOD
DVLVWHQFLDRHOVDOYDPHQWRRVLLQFXUULHURQHQDSURSLDFLnQLQGHELGD
$57f&8/23(5621$66$/9$'$6122%/,*$'$6$5(081(5$5/DVSHUVRQDVVDOYDGDVQRHVWDUjQREOLJDGDVDUHPXQHUDFLnQDOJXQD
$57f&8/22%/,*$&,h1'(/&$3,7d1'(35(67$5$6,67(1&,$6$1&,21(65(63216$%,/,'$'(OFDSLWjQTXHKDOOjQGRVHHQ
FRQGLFLRQHVGHKDFHUORVLQJUDYHSHOLJURSDUDVXQDYHWULSXODFLnQRSDVDMHURVQRSUHVWHDVLVWHQFLDDFXDOTXLHUQDYHQRHQHPLJDRDFXDOTXLHU
SHUVRQDDoQHQHPLJDTXHVHHQFXHQWUHHQSHOLJURGHSHUHFHUVHUjVDQFLRQDGRFRPRVHSUHYkHQORVUHJODPHQWRVRHQHO&nGLJR3HQDO
/RVGDmRVTXHRFDVLRQHHQHVWHFDVRODFRQGXFWDGHOFDSLWjQVHUjQH[FOXVLYDPHQWHGHFDUJRGHkVWH
$57f&8/235(6&5,3&,h1'($&&,21(63$5$(-(5&,7$5'(5(&+26/DVDFFLRQHVSDUDHMHUFLWDUORVGHUHFKRVFRQVDJUDGRVHQHVWH7lWXOR
SUHVFULELUjQHQGRVDmRVFRQWDGRVGHVGHODWHUPLQDFLnQGHODVODERUHVGHDVLVWHQFLDRVDOYDPHQWR
7f78/29,,,
'(/&5e',721$9$/
&$3f78/2,
35,9,/(*,26(1*(1(5$/
$57f&8/2'(5(&+2648(&21),(5(1/2635,9,/(*,261$9$/(6/RVSULYLOHJLRVQDYDOHVGDUjQGHUHFKRDODFUHHGRUSDUDSHUVHJXLUOD
QDYHHQSRGHUGHTXLHQVHKDOOH\KDFHUVHSDJDUFRQVXSURGXFWRSUHIHUHQWHPHQWHDORVGHPjVDFUHHGRUHVVHJoQHORUGHQHVWDEOHFLGRHQHVWH
7lWXOR
$57f&8/2&5e',72635,9,/(*,$'267HQGUjQHOFDUjFWHUGHSULYLOHJLDGRVVREUHODQDYHHOrHWHGHOYLDMHGXUDQWHHOFXDOKDQDFLGRHO
FUkGLWRSULYLOHJLDGRORVDFFHVRULRVGHOrHWHDGTXLULGRVGHVSXkVGHFRPHQ]DGRHOYLDMHVREUHWRGRVORVDFFHVRULRVGHODQDYH
/RVLPSXHVWRV\FRVWDVMXGLFLDOHVGHELGRVDOqVFRTXHVHUHODFLRQHQFRQODQDYHODVWDVDV\GHUHFKRVGHD\XGDVDODQDYHJDFLnQRGHSXHUWR
\GHPjVGHUHFKRVHLPSXHVWRVGHODPLVPDFODVHFDXVDGRVGXUDQWHHOoOWLPRDmRRHQHOoOWLPRYLDMH
/RVJDVWRVRFDVLRQDGRVHQLQWHUkVFRPoQGHORVDFUHHGRUHVSDUDFRQVHJXLUODYHQWD\GLVWULEXFLnQGHOSUHFLRGHODQDYHRVXFXVWRGLD\
PDQWHQLPLHQWRGHVGHODHQWUDGDHQHOoOWLPRSXHUWR\ODUHPXQHUDFLnQGHORVSUjFWLFRVQHFHVDULRVSDUDGLFKRLQJUHVR
/RVFUkGLWRVGHULYDGRVGHOFRQWUDWRGHWUDEDMRFHOHEUDGRFRQHOFDSLWjQORVRqFLDOHVODWULSXODFLnQ\GHORVVHUYLFLRVSUHVWDGRVSRURWUDV
SHUVRQDVDERUGR
/DUHPXQHUDFLnQTXHVHGHEDSRUVDOYDPHQWR\DVLVWHQFLD\ODFRQWULEXFLnQDFDUJRGHODQDYHHQODVDYHUlDVFRPXQHV
/DVLQGHPQL]DFLRQHVSRUDERUGDMHXRWURVDFFLGHQWHVGHQDYHJDFLnQSRUGDmRVFDXVDGRVHQODVREUDVGHORVSXHUWRVPXHOOHV\YlDV
QDYHJDEOHVSRUOHVLRQHVFRUSRUDOHVDORVSDVDMHURV\SHUVRQDOGHWULSXODFLnQRSRUSkUGLGDV\DYHUlDVGHODFDUJDRORVHTXLSDMHV
/RVFUkGLWRVSURFHGHQWHVGHFRQWUDWRVFHOHEUDGRVRGHRSHUDFLRQHVHIHFWXDGDVSRUHOFDSLWjQIXHUDGHOSXHUWRGHDUPDPHQWRHQYLUWXGGHVXV
SRGHUHVOHJDOHVSDUDODVQHFHVLGDGHVUHDOHVGHODFRQVHUYDFLnQGHOEXTXHRGHODFRQWLQXDFLnQGHOYLDMH\
/DVFDQWLGDGHVTXHVHGHEDQDORVSURYHHGRUHVGHPDWHULDOHVDORVDUWHVDQRV\WUDEDMDGRUHVHPSOHDGRVHQODFRQVWUXFFLnQGHODQDYH
FXDQGRQRVHHIHFWoHHQDVWLOOHURVLHOEXTXHQRKXELHUHKHFKRYLDMHDOJXQRGHVSXkVGHODFRQVWUXFFLnQ\ODVVXPDVGHELGDVSRUHODUPDGRUSRU
WUDEDMRVPDQRGHREUD\VXPLQLVWURVXWLOL]DGRVHQODUHSDUDFLnQ\DSURYLVLRQDPLHQWRGHODQDYHHQHOSXHUWRGHDUPDPHQWRVLKXELHUH
QDYHJDGR
3$5d*5$)2(OSULYLOHJLRVREUHHOrHWHSRGUjHMHUFLWDUVHPLHQWUDVVHDGHELGRRPLHQWUDVHVWkHQSRGHUGHOFDSLWjQRGHODJHQWHGHOSURSLHWDULR
(VWDUHJODVHDSOLFDUjUHVSHFWRGHOSULYLOHJLRVREUHORVDFFHVRULRV
$57f&8/2/2635,9,/(*,26&21)250$'26325(/&$3,7$/</26,17(5(6(6/RVSULYLOHJLRVHQXQFLDGRVHQHODUWlFXORDQWHULRU
FRPSUHQGHUjQWDQWRHOFDSLWDOFRPRVXVLQWHUHVHVFDXVDGRVGXUDQWHORVGRVoOWLPRVDmRV
$57f&8/2*5$'8$&,h1<3$*2'(&5e',7266(*i1(/25'(1'((181&,$&,h1/RVFUkGLWRVLQGLFDGRVHQHODUWlFXORUHIHUHQWHVD
XQPLVPRYLDMHVHUjQJUDGXDGRVHQWUHVlVHJoQHORUGHQHQTXHDSDUHFHQHQXQFLDGRV([FHSFLnQKHFKDGHORVRUGLQDOHVR\RORV
GHVLJQDGRVHQXQPLVPRQoPHURVHUjQSDJDGRVDSURUUDWD\VLFRQFXUULHUHQFUkGLWRVUHIHUHQWHVDYLDMHVGLIHUHQWHVHQFDGDJUDGRVHUjQ
SDJDGRVHQHORUGHQLQYHUVRDVXVIHFKDV3HURORVFUkGLWRVSURYHQLHQWHVGHOoOWLPRYLDMHVHUjQSUHIHULGRVDORVGHYLDMHVDQWHULRUHV
/RVFUkGLWRVSRUGDmRVFRUSRUDOHVFDXVDGRVDORVSDVDMHURVRDODWULSXODFLnQVHSDJDUjQGHSUHIHUHQFLDDORVSURFHGHQWHVGHGDmRVFDXVDGRVD
ODVFRVDV
/RVFUkGLWRVLQFOXLGRVHQORVRUGLQDOHVR\RGHOFLWDGRDUWlFXORHQFDGDXQDGHHVWDVFDWHJRUlDVVHSDJDUjQHQHORUGHQLQYHUVRGHOD
IHFKDHQTXHVHKDQRULJLQDGR
3$5d*5$)2/RVFUkGLWRVUHIHUHQWHVDXQPLVPRVXFHVRVHUHSXWDUjQGHODPLVPDIHFKD/RVFUkGLWRVUHVXOWDQWHVGHXQFRQWUDWRoQLFRGH
HQURODPLHQWRSDUDGLYHUVRVYLDMHVFRQFXUULUjQHQVXWRWDOLGDG\HQHOPLVPRJUDGRFRQORVFUkGLWRVGHOoOWLPRYLDMH
$57f&8/2&$62648(6((17,(1'(13259,$-(3RUYLDMHVHHQWHQGHUj
6LODQDYHHVPHUFDQWHGHOlQHDUHJXODUFRQLWLQHUDULRqMRRSUHHVWDEOHFLGRHOFRUUHVSRQGLHQWHDODWUDYHVlDGHVGHHOSXHUWRGH]DUSHTXHVHD
FDEHFHUDGHOlQHDKDVWDHOSXHUWRWHUPLQDOGHODUHVSHFWLYDOlQHDHQHOYLDMHGHLGDRGHVGHGLFKRSXHUWRWHUPLQDOGHOlQHDKDVWDHOGHFDEHFHUD
GHODPLVPDHQHOYLDMHGHUHJUHVR
&XDQGRHOLWLQHUDULRUHJXODUGHODQDYHGHWHUPLQHHOSXHUWRGHFDEHFHUDGHOlQHDFRPRWHUPLQDOGHODPLVPDHOYLDMHFRPSUHQGHUjODWUDYHVlD
GHVGHTXHODQDYH]DUSHGHGLFKRSXHUWRKDVWDTXHDUULEHQXHYDPHQWHDOPLVPR
(QODVQDYHVTXHHIHFWoDQJLUDVGHWXULVPRODWUDYHVlDGHVGHHOSXHUWRLQLFLDOGHODJLUDKDVWDHOWHUPLQDOGHODPLVPDRKDVWDHOUHJUHVRGHOD
QDYHDGLFKRSXHUWRLQLFLDOVHJoQORGHWHUPLQHHOFRUUHVSRQGLHQWHSURJUDPD
(QODVQDYHVPHUFDQWHVQRFRPSUHQGLGDVHQORVFDVRVDQWHULRUHVHOFRUUHVSRQGLHQWHDODWUDYHVlDTXHGHWHUPLQHHOSURJUDPDGHQDYHJDFLnQ
HOFRQWUDWRGHrHWDPHQWRRHOGHHPEDUTXH6LODQDYHVDOHHQODVWUHSDUDLUDRWURSXHUWRDUHFLELUODFDUJDGHVLJQDGDHQHOFRQWUDWRGH
rHWDPHQWRHOYLDMHHPSLH]DGHVGHHO]DUSHGHOSXHUWRHQTXHVHKL]RDODPDUHQODVWUH
6LQRH[LVWHSURJUDPDSUHYLRGHQDYHJDFLnQFRQWUDWRGHrHWDPHQWRRHPEDUTXHODWUDYHVlDGHVGHHOSXHUWRGH]DUSHGHODQDYHKDVWDHO
GHVWLQRTXHqJXUHHQODUHVSHFWLYDGRFXPHQWDFLnQ\
6LODQDYHHVGHSHVFDRGHLQYHVWLJDFLnQFLHQWlqFDHOFRUUHVSRQGLHQWHDODGXUDFLnQGHODFDPSDmD
$57f&8/2(;,67(1&,$'(/,0,7$&,h1/(*$/62%5(&5e',726(QFDVRGHH[LVWLUXQDOLPLWDFLnQOHJDOHQUHODFLnQFRQDOJXQRGHORV
FUkGLWRVSUHYLVWRVHQHODUWlFXORORVDFUHHGRUHVSULYLOHJLDGRVWHQGUjQGHUHFKRGHUHFODPDUHOLPSRUWHlQWHJURGHVXVFUkGLWRVVLQGHGXFFLnQ
DOJXQDSRUUD]nQGHODVUHJODVVREUHOLPLWDFLnQSHURVLQTXHODVXPDTXHUHFLEDQH[FHGDGHODFDQWLGDGGHELGDHQYLUWXGGHGLFKDVUHJODV
$57f&8/20(',26'(-867,),&$&,h1'(/26&5e',72635,9,/(*,$'263DUDJR]DUGHORVSULYLOHJLRVTXHFRQFHGHHODUWlFXORORV
DFUHHGRUHVGHEHUjQMXVWLqFDUVXVFUkGLWRVSRUORVPHGLRVVLJXLHQWHV
(OqVFRPHGLDQWHHOWlWXORTXHVLUYDGHUHFDXGRHMHFXWLYRSDUDH[LJLUHOSDJRGHOUHVSHFWLYRLPSXHVWRWDVDRGHUHFKR
/RVGHUHFKRV\WDVDGHD\XGDVGHODQDYHJDFLnQRGHSXHUWR\GHPjVVLPLODUHVFRQFHUWLqFDFLnQGHODDXWRULGDGFRPSHWHQWHUHVSHFWLYDR
FXHQWDqUPDGDSRUHOFDSLWjQ\DFHSWDGDSRUHODUPDGRU(QFDVRGHIDOWDGHGLFKDFXHQWDRGHGLVFUHSDQFLDHQWUHHOOD\HOFHUWLqFDGR
SUHYDOHFHUjHVWH
/RVJDVWRVFRPSUHQGLGRVHQODSULPHUDSDUWHGHORUGLQDORGHODUWlFXORVFRQODUHVSHFWLYDOLTXLGDFLnQSUDFWLFDGDHQHOMXLFLR\
GHELGDPHQWHDSUREDGDSRUHOIXQFLRQDULRFRPSHWHQWH
/DUHPXQHUDFLnQGHORVSUjFWLFRVGHTXHWUDWDODSDUWHqQDOGHOPLVPRRUGLQDOFRQODFXHQWDGHFREURDXWRUL]DGDSRUODDVRFLDFLnQGH
SUjFWLFRVVLH[LVWLHUHRSRUODDXWRULGDGFRPSHWHQWH\ORVJDVWRVGHFXVWRGLD\PDQWHQLPLHQWRGHODQDYHGHVGHVXHQWUDGDHQHOoOWLPR
SXHUWRFRQFRQVWDQFLDHVFULWDGHOFDSLWjQGHODQDYH
/RVVDODULRVGHOFDSLWjQGHORVRqFLDOHVGHODWULSXODFLnQ\GHPjVSHUVRQDVTXHSUHVWHQVHUYLFLRVDERUGRFRQODOLTXLGDFLnQSUDFWLFDGDDOD
YLVWDGHOURO\GHORVOLEURVSHUWLQHQWHVGHODQDYH\DSUREDGDSRUHOFDSLWjQGHSXHUWR6LQRH[LVWLHUHUROQLOLEURVEDVWDUjODOLTXLGDFLnQ
DSUREDGDSRUHOFDSLWjQGHSXHUWR
/DUHPXQHUDFLnQGHDVLVWHQFLD\VDOYDPHQWRFRQODFRSLDGHOUHVSHFWLYRDFXHUGRRGHODUHJXODFLnQMXGLFLDOHQVXFDVR
/DFRQWULEXFLnQDODDYHUlDFRPoQFRQODFRSLDGHOUHVSHFWLYRDFXHUGRRODOLTXLGDFLnQGHELGDPHQWHDSUREDGDSRUODDXWRULGDGFRPSHWHQWH
/DVLQGHPQL]DFLRQHVDTXHDOXGHHORUGLQDORGHODUWlFXORFRQODFRSLDGHODSURYLGHQFLDGLFWDGDSRUODDXWRULGDGFRPSHWHQWH
/DVGHXGDVDTXHVHUHqHUHHORUGLQDORGHODUWlFXORFRQORVGRFXPHQWRVTXHHOFDSLWjQKD\DRWRUJDGR\
/DVGHXGDVSURFHGHQWHVGHODFRQVWUXFFLnQGHODQDYHFXDQGRQRVHHIHFWoHHQDVWLOOHUR\ODVFDXVDGDVSRUVXVUHSDUDFLRQHV\
DSURYLVLRQDPLHQWRFRQFXHQWDqUPDGDSRUHOFDSLWjQ\UHFRQRFLGDSRUHOSURSLHWDULRRDUPDGRU
$57f&8/2$&&(625,26'(/$1$9(<'(/)/(7(3DUDORVHIHFWRVGHORVDUWlFXORV\GHHVWH&nGLJRVHUjQ
DFFHVRULRVGHODQDYH\GHOrHWH
/DVLQGHPQL]DFLRQHVGHELGDVDOSURSLHWDULRSRUUD]nQGHGDmRVPDWHULDOHVQRUHSDUDGRVVXIULGRVSRUODQDYHRSRUSkUGLGDVGHOrHWH
/DVLQGHPQL]DFLRQHVGHELGDVDOSURSLHWDULRSRUDYHUlDVFRPXQHVFXDQGRHVWDVFRQVLVWDQHQGDmRVPDWHULDOHVQRUHSDUDGRVVXIULGRVSRUOD
QDYHRHQSkUGLGDGHOrHWH\
/DVUHPXQHUDFLRQHVGHELGDVDOSURSLHWDULRSRUDVLVWHQFLDSUHVWDGDRVDOYDPHQWRHIHFWXDGRKDVWDHOqQGHOYLDMHGHGXFFLnQKHFKDGHODV
FDQWLGDGHVDERQDGDVDOFDSLWjQ\DODVGHPjVSHUVRQDVDOVHUYLFLRGHODQDYH
3$5d*5$)26HDVLPLODUjQDOrHWHHOSUHFLRGHOSDVDMH\HYHQWXDOPHQWHODVFDQWLGDGHVTXHSRUFRQFHSWRGHLQGHPQL]DFLnQSRUOXFURFHVDQWHVH
GHEDQDORVSURSLHWDULRVGHODVQDYHVWHQLHQGRHQFXHQWDODOLPLWDFLnQqMDGDHQHODUWlFXOR
1RVHFRQVLGHUDUjQFRPRDFFHVRULRVGHODQDYHRGHOrHWHODVLQGHPQL]DFLRQHVGHELGDVDOSURSLHWDULRHQYLUWXGGHFRQWUDWRVGHVHJXURQLODV
SULPDVVXEYHQFLRQHVXRWURVDX[LOLRVQDFLRQDOHV
$57f&8/2(;7,1&,h1'(&5e',72635,9,/(*,$'26)XHUDGHORVPRGRVJHQHUDOHVGHH[WLQFLnQGHODVREOLJDFLRQHVORVSULYLOHJLRV
HQXPHUDGRVHQHODUWlFXORVHH[WLQJXLUjQ
3RUODYHQWDMXGLFLDOGHODQDYHHQODIRUPDSUHYLVWDHQHODUWlFXOR
3RUHQDMHQDFLnQYROXQWDULDGHODQDYHTXHVHKDOOHHQHOSXHUWRGHPDWUlFXODFXDQGRKD\DQWUDQVFXUULGRVHVHQWDGlDVGHVSXkVGHOD
LQVFULSFLnQGHODFWRGHHQDMHQDFLnQHQODIRUPDSUHYLVWDHQHODUWlFXORVLQRSRVLFLnQRSURWHVWDGHORVDFUHHGRUHV
6LODLQVFULSFLnQGHODYHQWDGHODQDYHIXHUHKHFKDKDOOjQGRVHkVWDIXHUDGHOSXHUWRGHPDWUlFXODHOSOD]RDQWHGLFKRVHFRQWDUjGHVGHHOGlDHQ
TXHDUULEHDOPLVPRSXHUWR\
3RUODH[SLUDFLnQGHOSOD]RGHVHLVPHVHVSDUDORVFUkGLWRVPHQFLRQDGRVHQHORUGLQDORGHODUWlFXOR\GHXQDmRSDUDORVGHPjV
'LFKRVSOD]RVVHFRQWDUjQDVl
3DUDORVSULYLOHJLRVTXHJDUDQWL]DQODVUHPXQHUDFLRQHVGHDVLVWHQFLDRVDOYDPHQWRGHVGHHOGlDHQTXHODVRSHUDFLRQHVKD\DQWHUPLQDGR
UHVSHFWRGHOSULYLOHJLRTXHJDUDQWL]DODVLQGHPQL]DFLRQHVGHDERUGDMHXRWURVDFFLGHQWHV\SRUOHVLRQHVFRUSRUDOHVGHVGHHOGlDHQTXHHOGDmR
VHKD\DFDXVDGRSDUDORVSULYLOHJLRVSRUODVSkUGLGDVRDYHUlDVGHOFDUJDPHQWRRORVHTXLSDMHVGHVGHHOGlDHQTXHVHHQWUHJDURQRGHELHURQVHU
HQWUHJDGRVUHVSHFWRGHODVUHSDUDFLRQHVVXPLQLVWURV\GHPjVFDVRVVHmDODGRVHQHORUGLQDORGHODUWlFXORDSDUWLUGHOQDFLPLHQWRGHO
FUkGLWRHQFXDQWRDORVSULYLOHJLRVGHTXHWUDWDHORUGLQDORGHOPLVPRDUWlFXORODSUHVFULSFLnQFRPHQ]DUjDFRUUHUGHVGHODWHUPLQDFLnQGHOD
FRUUHVSRQGLHQWHUHODFLnQODERUDO(QWRGRVORVGHPjVFDVRVHOSOD]RFRUUHUjGHVGHTXHHOFUkGLWRVHKXELHUHKHFKRH[LJLEOH
3$5d*5$)2R/DIDFXOWDGGHVROLFLWDUDQWLFLSRVRDERQRVDFXHQWDQRSURGXFLUjHOHIHFWRGHKDFHUH[LJLEOHVORVFUkGLWRVGHODVSHUVRQDV
HQURODGDVDERUGRFRQWHPSODGRVHQHORUGLQDORGHODUWlFXOR
3$5d*5$)2R6LODQDYHQRKDSRGLGRHPEDUJDUVHHQODVDJXDVWHUULWRULDOHVRGHQWURGHOWHUULWRULRQDFLRQDOHOODSVRGHSUHVFULSFLnQVHUjGH
WUHVDmRVFRQWDGRVDSDUWLUGHODIHFKDGHOUHVSHFWLYRFUkGLWR
$57f&8/235()(5(1&,$'($&5(('25(635,9,/(*,$'26(1/$/,48,'$&,h12%/,*$725,$(QFDVRGHTXLHEUDGHODUPDGRURGHO
SURSLHWDULRORVDFUHHGRUHVSULYLOHJLDGRVGHODQDYHVHUjQSUHIHULGRVDORVGHPjVDFUHHGRUHVGHODPDVDSHURHVWDSUHIHUHQFLDQRVHH[WHQGHUjD
ODVLQGHPQL]DFLRQHVGHELGDVDODUPDGRURSURSLHWDULRHQYLUWXGGHFRQWUDWRVGHVHJXURVGHODQDYHRGHOrHWHQLDODVSULPDVVXEYHQFLRQHV\
RWURVVXEVLGLRVQDFLRQDOHV
$57f&8/2$3/,&$&,h1'(',6326,&,21(6(1&$626(63(&,$/(6/DVGLVSRVLFLRQHVGHHVWH&DSlWXORVHUjQDSOLFDEOHVDODVQDYHV
H[SORWDGDVSRUXQDUPDGRUQRSURSLHWDULRRSRUXQrHWDGRUSULQFLSDOVDOYRFXDQGRHOSURSLHWDULRVHHQFXHQWUHGHVSRVHlGRSRUXQDFWRLOlFLWRRHO
DFUHHGRUQRVHDGHEXHQDIHH[HQWDGHFXOSD
&$3f78/2,,
35,9,/(*,2662%5(/$6&26$6&$5*$'$6
$57f&8/235,9,/(*,2662%5(&26$6&$5*$'$67HQGUjQSULYLOHJLRVVREUHODVFRVDVFDUJDGDV
/DVH[SHQVDVGHELGDVDOqVFRHQUD]nQGHODVFRVDVFDUJDGDVODVHIHFWXDGDVHQLQWHUkVFRPoQGHORVDFUHHGRUHVSRUDFWRVGHFRQVHUYDFLnQ
GHODVPLVPDV\ODVFRVWDVMXGLFLDOHVFDXVDGDV
/RVGHUHFKRVqVFDOHVVREUHODVFRVDVHQHOOXJDUGHGHVFDUJXH
/DUHPXQHUDFLnQGHDVLVWHQFLD\VDOYDPHQWR\ODVVXPDVGHELGDVSRUFRQWULEXFLnQDODVDYHUlDVFRPXQHV\
/RVFUkGLWRVGHULYDGRVGHOFRQWUDWRGHWUDQVSRUWHFRPSUHQGLGRVORVJDVWRVGHGHVFDUJXH\ORVGHUHFKRVGHERGHJDMHRDOPDFHQDPLHQWRGH
ODVFRVDVGHVFDUJDGDV
$57f&8/2(;7(16,h1'(35,9,/(*,26/RVSULYLOHJLRVLQGLFDGRVHQHODUWlFXORDQWHULRUSRGUjQKDFHUVHHIHFWLYRVVREUHODVLQGHPQL]DFLRQHV
GHELGDVSRUSkUGLGDRGHWHULRURGHODVFRVDVFDUJDGDVDQRVHUTXHDTXHOODVVHHPSOHHQHQVXUHSRVLFLnQRUHSDUDFLnQ
(QHVWHFDVRODVFRVDVTXHVXVWLWX\DQDODVSkUGLGDVTXHGDUjQDIHFWDVDOSULYLOHJLR
$57f&8/225'(1'(35(/$&,h1'(/26&5e',72635,9,/(*,$'26/RVFUkGLWRVSULYLOHJLDGRVVREUHODVFRVDVFDUJDGDVWHQGUjQHOPLVPR
RUGHQGHSUHODFLnQHQTXHDSDUHFHQHQXQFLDGRV/RVLQGLFDGRVHQORVRUGLQDOHVR\RGHODUWlFXORVHUjQJUDGXDGRVVHJoQHORUGHQ
LQYHUVRGHODVIHFKDVHQTXHVHKD\DQFDXVDGR<ORVLQGLFDGRVHQORVGHPjVRUGLQDOHVHQRUGHQLQYHUVRSHURVnORFXDQGRVHKD\DQRULJLQDGR
HQGLYHUVRVSXHUWRV&DXVjQGRVHHQXQPLVPRSXHUWRVHUjQSDJDGRVDSURUUDWD
$57f&8/2(;7,1&,h1'(35,9,/(*,2662%5(/$6&26$6&$5*$'$6&$626/RVSULYLOHJLRVVREUHODVFRVDVFDUJDGDVVHH[WLQJXLUjQ
R 6LORVDFUHHGRUHVHMHUFHQODDFFLnQGHQWURGHORVTXLQFHGlDVVLJXLHQWHVDODIHFKDGHOGHVFDUJXH\
R 6LODVFRVDVKDQVLGRWUDQVIHULGDV\HQWUHJDGDVDWHUFHURVGHEXHQDIHH[HQWDGHFXOSD
&$3f78/2,,,
+,327(&$
$57f&8/2+,327(&$'((0%$5&$&,21(60$<25(6<0(125(635(1'$3RGUjQKLSRWHFDUVHODVHPEDUFDFLRQHVPD\RUHV\ODVPHQRUHV
GHGLFDGDVDSHVTXHUlDDLQYHVWLJDFLnQFLHQWlqFDRDUHFUHR/DVGHPjVSRGUjQJUDYDUVHFRQSUHQGD
$57f&8/2&217(1,'2'(/$+,327(&$'(1$9(6/DHVFULWXUDGHODKLSRWHFDGHEHUjFRQWHQHU
(OQRPEUHODQDFLRQDOLGDG\HOGRPLFLOLRGHODFUHHGRU\GHOGHXGRU
(OLPSRUWHGHOFUkGLWRTXHJDUDQWL]DHOJUDYDPHQGHWHUPLQDGRHQFDQWLGDGOlTXLGD\ORVLQWHUHVHVGHOPLVPR6LODKLSRWHFDHVDELHUWDVH
LQGLFDUjODFXDQWlDPj[LPDTXHJDUDQWL]D
)HFKDGHOYHQFLPLHQWRGHOSOD]RSDUDHOSDJRGHOFDSLWDO\GHORVLQWHUHVHV
1RPEUHWLSRWRQHODMHVHmDV\GHVFULSFLnQFRPSOHWDGHODQDYHTXHVHJUDYD\HOQoPHUR\IHFKDGHODPDWUlFXOD6LHOJUDYDPHQUHFD\HUH
VREUHXQDQDYHHQFRQVWUXFFLnQGHEHUjLGHQWLqFDUVHSOHQDPHQWHPHGLDQWHODVHVSHFLqFDFLRQHVQHFHVDULDVSDUDHOUHJLVWURGHODQDYH
/DHVWLPDFLnQGHOYDORUGHODQDYHDOWLHPSRGHVHUJUDYDGD
/DVLQGLFDFLRQHVVREUHVHJXURV\JUDYjPHQHVDVlFRPRORVDFFHVRULRVTXHTXHGDQH[FOXLGRVGHODJDUDQWlD\
/DVGHPjVHVWLSXODFLRQHVTXHDFXHUGHQODVSDUWHV
3$5d*5$)2/DIDOWDGHDOJXQDGHODVHVSHFLqFDFLRQHVVHmDODGDVHQORVRUGLQDOHVRDRYLFLDUjGHQXOLGDGHOJUDYDPHQFXDQGRSRUWDO
RPLVLnQQRVHSXHGDVDEHUFRQFHUWH]DTXLkQHVHODFUHHGRURHOGHXGRUFXjOHOPRQWRGHODGHXGD\ODIHFKDRFRQGLFLnQGHTXHSHQGDVX
H[LJLELOLGDG\FXjOODQDYHJUDYDGD
$57f&8/25(*,6752'(+,327(&$(1/$&$3,7$1f$48((67e0$75,&8/$'$/$1$9(/DHVFULWXUDGHKLSRWHFDVHUHJLVWUDUjHQODPLVPD
FDSLWDQlDHQTXHODQDYHHVWkPDWULFXODGD\VLVHWUDWDGHXQDQDYHHQFRQVWUXFFLnQHOUHJLVWURVHKDUjHQODFDSLWDQlDGHOSXHUWRGHOOXJDUHQ
TXHVHHQFXHQWUHHODVWLOOHUR
(OUHJLVWURGHODKLSRWHFDFRQWHQGUjVRSHQDGHLQYDOLGH]DGHPjVGHODVLQGLFDFLRQHVHVHQFLDOHVGHTXHWUDWDHODUWlFXORDQWHULRUHOQoPHUR\
IHFKDGHODHVFULWXUD\ODQRWDUlDHQTXHVHRWRUJn
/DLQVFULSFLnQVnORSRGUjKDFHUVHVRSHQDGHLQYDOLGH]GHQWURGHORVWUHLQWDGlDVVLJXLHQWHVDODIHFKDGHODHVFULWXUDVLVHRWRUJnHQHOSDlV\
GHORVQRYHQWDVLVHRWRUJnHQHOH[WUDQMHUR
$57f&8/220,6,21(6(1/$,16&5,3&,h1'(/$+,327(&$'(1$9(6/DVRPLVLRQHVHQODLQVFULSFLnQGHODKLSRWHFDFXDQGRQRYLFLHQGH
QXOLGDGHOUHJLVWURKDUjQLQRSRQLEOHHOKHFKRRPLWLGRDWHUFHURVGHEXHQDIHH[HQWDGHFXOSD
$57f&8/2'(5(&+2'(35()(5(1&,$'(/$&5(('25+,327(&$5,2'(1$9(6/DKLSRWHFDGDUjGHUHFKRDODFUHHGRUSDUDKDFHUVHSDJDU
FRQHOSURGXFLGRGHODQDYHKLSRWHFDGDGHSUHIHUHQFLDDFXDOTXLHURWURDFUHHGRUTXHQRHVWkDPSDUDGRFRQXQRGHORVSULYLOHJLRVGHTXHWUDWDQ
ORVRUGLQDOHVRDRLQFOXVLYHGHODUWlFXOR
$57f&8/2(;7(16,h1'(/$+,327(&$'(1$9(66DOYRSDFWRHQFRQWUDULRODKLSRWHFDFRPSUHQGHUjDGHPjVGHODQDYH\DFFHVRULRV
HQXPHUDGRVHQHODUWlFXORODVXPDGHELGDSRUORVDVHJXUDGRUHV
$57f&8/25(48,6,726'(/26'2&80(1726$%25'2'(/$1$9(7RGDQDYHGHEHUjWHQHUHQWUHORVGRFXPHQWRVGHDERUGRXQFXDGUR
VXPDULRHQTXHFRQVWHQODVLQVFULSFLRQHVKLSRWHFDULDVYLJHQWHVHOGlDGHVXVDOLGD'LFKRFXDGURFRQWHQGUjODLQGLFDFLnQGHODIHFKDGHFDGD
LQVFULSFLnQHOQRPEUHGHORVDFUHHGRUHV\HOYDORUGHODREOLJDFLnQTXHJDUDQWL]DODKLSRWHFD\VHUjFRORFDGRHQOXJDUYLVLEOHGHOGHVSDFKRGHO
FDSLWjQ
$57f&8/235(6&5,3&,h1'($&&,h1'(5,9$'$'(+,327(&$'(1$9(6/RVGHUHFKRVGHULYDGRVGHODKLSRWHFDSUHVFULELUjQSRUHO
WUDQVFXUVRGHGRVDmRVGHVGHODIHFKDGHOYHQFLPLHQWRGHODREOLJDFLnQUHVSHFWLYD
7f78/2,;
'(/75$163257(0$5f7,02
&$3f78/2,
',6326,&,21(6*(1(5$/(6
$57f&8/2358(%$(6&5,7$'(/&2175$72'(75$163257(0$5f7,02(OFRQWUDWRGHWUDQVSRUWHPDUlWLPRVHSUREDUjSRUHVFULWRVDOYR
TXHVHWUDWHGHWUDQVSRUWHGHHPEDUFDFLRQHVPHQRUHVFDVRHQHOFXDOVHHVWDUjDORGLVSXHVWRHQHOUHJODPHQWR
$57f&8/23$&72'(75$163257((11$9('(/,1($5(*8/$5(OWUDQVSRUWHSRGUjSDFWDUVHSDUDVHUHMHFXWDGRDERUGRGHXQDQDYHGH
OlQHDVUHJXODUHVHQFX\RFDVRHOWUDQVSRUWDGRUFXPSOLUjVXREOLJDFLnQYHULqFDQGRHOWUDQVSRUWHHQODQDYHGHLWLQHUDULRSUHYLVWDHQHOFRQWUDWRR
HQODTXH]DUSHLQPHGLDWDPHQWHGHVSXkVGHFHOHEUDGRkVWHVLQDGDVHKDH[SUHVDGRHQkO
$57f&8/2'(6,*1$&,h1'(/$1$9(1235,9$&,h1'(6867,78,5/$6DOYRHVWLSXODFLnQH[SUHVDHQFRQWUDULRODGHVLJQDFLnQGHODQDYH
QRSULYDUjDOWUDQVSRUWDGRUGHODIDFXOWDGGHVXVWLWXLUODVLFRQHOORQRVHDOWHUDHOLWLQHUDULRFRQWHPSODGRHQHOFRQWUDWR
$57f&8/275$163257((11$9(<3/$=2,1'(7(50,1$'27,(032868$/&XDQGRHOWUDQVSRUWHQRGHEDHMHFXWDUVHHQXQDQDYHGH
OlQHDVUHJXODUHV\ODVSDUWHVQRKD\DQFRQYHQLGRH[SUHVDPHQWHHOSOD]RGHVXHMHFXFLnQHOWUDQVSRUWDGRUHVWDUjREOLJDGRDFRQGXFLUODSHUVRQD
RODFRVDDOSXHUWRGHGHVWLQR\GHVFDUJDUkVWDHQHOWLHPSRXVXDO
$57f&8/22%/,*$&,21(6'(/75$163257$'255(63(&72'(/$1$9((VWDUjREOLJDGRHOWUDQVSRUWDGRUDFXLGDUGHTXHODQDYHVHKDOOH
HQHVWDGRGHQDYHJDUHTXLSDGD\DSURYLVLRQDGDFRQYHQLHQWHPHQWH
(OWUDQVSRUWDGRUUHVSRQGHUjGHODVSkUGLGDVRGDmRVSURYHQLHQWHVGHODIDOWDGHFRQGLFLRQHVGHODQDYHSDUDQDYHJDUDPHQRVTXHDFUHGLWH
KDEHUHPSOHDGRODGHELGDGLOLJHQFLDSDUDSRQHUOD\PDQWHQHUODHQHOHVWDGRDGHFXDGRRTXHHOGDmRVHGHEDDYLFLRRFXOWRTXHHVFDSHDXQD
UD]RQDEOHGLOLJHQFLD
$57f&8/2&$5d&7(5'(5(35(6(17$17(0$5f7,02'(/&$3,7d1(OFDSLWjQGHODQDYHHQTXHVHHMHFXWHHOFRQWUDWRGHWUDQVSRUWH
WHQGUjHOFDUjFWHUGHUHSUHVHQWDQWHPDUlWLPRGHOWUDQVSRUWDGRUHQORUHODWLYRDODHMHFXFLnQGHOFRQWUDWR
$57f&8/2,0326,%,/,'$''($1&/$-(2$75$48()21'(225(*5(62)25=262&XDQGRSRUIXHU]DPD\RUHODWDTXHRDQFODMHGHOD
QDYHVHDLPSRVLEOHVLHOFDSLWjQQRKDUHFLELGRnUGHQHVRVLODVUHFLELGDVVRQLPSUDFWLFDEOHVGHEHUjIRQGHDUHQRWURSXHUWRYHFLQRRUHJUHVDUDO
SXHUWRGHSDUWLGDVHJoQSDUH]FDPjVLQGLFDGRSDUDORVLQWHUHVHVGHODVSHUVRQDVGHODQDYH\GHODFDUJD
&$3f78/2,,
75$163257('(3(5621$6
$57f&8/2%2/(72&2020(',2'(358(%$'(&(/(%5$&,h1'(/&2175$72(OEROHWRRELOOHWHVHUYLUjGHPHGLRGHSUXHEDGH
FHOHEUDFLnQGHOFRQWUDWRSRUHOYLDMHTXHHQkOVHLQGLTXH
$57f&8/2,1',&$&,21(6'(/%2/(722%,//(7((OEROHWRRELOOHWHGHEHUjLQGLFDUHOOXJDU\ODIHFKDGHVXHPLVLnQHOSXHUWRGHSDUWLGD\
HOGHGHVWLQRODFODVH\HOSUHFLRGHOSDVDMHHOQRPEUH\HOGRPLFLOLRGHOWUDQVSRUWDGRU
$57f&8/2&(6,h1'(/'(5(&+2'(75$163257(&216(17,0,(172'(/75$163257$'25(OGHUHFKRDOWUDQVSRUWHQRSRGUjFHGHUVH
VLQHOFRQVHQWLPLHQWRH[SUHVRGHOWUDQVSRUWDGRUFXDQGRHOEROHWRRELOOHWHLQGLTXHHOQRPEUHGHOSDVDMHURRFXDQGRDXQTXHIDOWHHVWD
LQGLFDFLnQVHKD\DLQLFLDGRHOYLDMH
$57f&8/2,03(',0(172'(/3$6$-(52&202&$86$/'(7(50,1$&,h1'(/&215$72&XDQGRHOSDVDMHURWHQJDDQWHVGHODSDUWLGDXQ
LPSHGLPHQWRSDUDHIHFWXDUHOYLDMHSRUFDXVDGHIXHU]DPD\RUHOFRQWUDWRTXHGDUjWHUPLQDGRSHURGHEHUjODFXDUWDSDUWHGHOSUHFLRGHGLFKR
YLDMHH[FOXLGRHOYDORUGHODDOLPHQWDFLnQFXDQGRHVWHKD\DVLGRFRPSUHQGLGRHQHOSDVDMH
&XDQGRGHEDQYLDMDUMXQWRVORVFnQ\XJHVRORVPLHPEURVGHXQDIDPLOLDFXDOTXLHUDGHORVSDVDMHURVSRGUjSHGLUODWHUPLQDFLnQGHOFRQWUDWRHQ
ODVPLVPDVFRQGLFLRQHV
(QORVFDVRVSUHYLVWRVHQORVLQFLVRVDQWHULRUHVVHGHEHUjGDUDYLVRGHOLPSHGLPHQWRDOWUDQVSRUWDGRUDQWHVGHODSDUWLGD
$57f&8/2$9,62$17,&,3$'2'(/3$6$-(5248(129,$-$&XDQGRHOSDVDMHURQRGkHODYLVRGHTXHWUDWDHODUWlFXORDQWHULRURQRVH
SUHVHQWHRSRUWXQDPHQWHDERUGRGHEHUjHOSUHFLRQHWRGHOSDVDMHFRQH[FOXVLnQGHOYDORUGHODDOLPHQWDFLnQ
$57f&8/2&$1&(/$&,h1'(=$53('(/$1$9(75$163257((1275$1$9(6LHOWUDQVSRUWDGRUFDQFHODHO]DUSHGHODQDYHHOSDVDMHUR
SRGUjH[LJLUTXHVHHIHFWoHHOWUDQVSRUWHHQRWUDQDYHSRUFXHQWDGHDTXHORGHVLVWLUGHOFRQWUDWRDPHQRVTXHHOWUDQVSRUWDGRURIUH]FD
HMHFXWDUORHQVLPLODUHVFRQGLFLRQHVHQXQDQDYHVX\DRGHRWURWUDQVSRUWDGRUFRQHOFXDOWHQJDFRQYHQLR\]DUSHHQHOWLHPSRSUHYLVWRHQHO
FRQWUDWR
$57f&8/2120%5('(/$1$9(&202&21',&,h1(6(1&,$/'(/&2175$72&XDQGRHOQRPEUHGHODQDYHVHDFRQGLFLnQHVHQFLDOGHO
FRQWUDWRSRGUjHOSDVDMHURFXPSOLUHOYLDMHHQRWUDTXHVXVWLWX\DDODGHVLJQDGDRGHVLVWLUGHOFRQWUDWR
1RREVWDQWHODPHUDGHVLJQDFLnQGHODQDYHHQHOELOOHWHREROHWRQRSULYDUjDOWUDQVSRUWDGRUGHODIDFXOWDGTXHOHFRQFHGHHODUWlFXORVLOD
QDYHVXVWLWXWDSHUPLWHTXHHOWUDQVSRUWHSXHGDHIHFWXDUVHHQODVFRQGLFLRQHVSDFWDGDV\QRVHFDXVDFRQHOORSHUMXLFLRDOSDVDMHUR
$57f&8/2,1'(01,=$&,h1'(3(5-8,&,26325&$1&(/$&,h1'(/9,$-((QORVFDVRVGHFDQFHODFLnQGHOYLDMHSUHYLVWRVHQORVDUWlFXORV
\WHQGUjGHUHFKRHOSDVDMHURDODLQGHPQL]DFLnQGHORVSHUMXLFLRVFDXVDGRVVDOYRTXHHOWUDQVSRUWDGRUSUXHEHODFDXVDH[WUDmDGHO
KHFKRHQFX\RFDVRVnORUHVWLWXLUjODVXPDUHFLELGD
1RREVWDQWHVLHOWUDQVSRUWDGRUDFUHGLWDXQPRWLYRMXVWLqFDGRTXHQRVHDGHIXHU]DPD\RUODLQGHPQL]DFLnQQRH[FHGHUjGHOGREOHGHOSUHFLR
QHWRGHOSDVDMH
$57f&8/2'(5(&+26'(/3$6$-(52(1&$62'(5(7$5'2(1(/=$53((QFDVRGHUHWDUGRHQHO]DUSHGHODQDYHWHQGUjGHUHFKRHO
SDVDMHURGXUDQWHHOSHUlRGRGHODGHPRUDDODORMDPLHQWRDERUGR\DODDOLPHQWDFLnQFXDQGRkVWDVHKDOOHFRPSUHQGLGDHQHOSUHFLRGHOEROHWRR
ELOOHWH3HURVLGHHOORVHVLJXHDOJoQULHVJRRLQFRPRGLGDGDOSDVDMHURWHQGUjkVWHGHUHFKRDODORMDPLHQWR\DODDOLPHQWDFLnQHQWLHUUDSRU
FXHQWDGHDTXHOHQVLPLODUHVFRQGLFLRQHVDODVSDFWDGDVHQHOFRQWUDWRGHWUDQVSRUWH
$57f&8/2,17(5583&,h1'(/9,$-(325)8(5=$0$<252&8/3$'(/3$6$-(52&XDQGRHOYLDMHGHODQDYHVHLQWHUUXPSDSRUIXHU]D
PD\RUODUHVWLWXFLnQGHOSUHFLRVHKDUjFRQXQDGHGXFFLnQSURSRUFLRQDODODSDUWHGHOFRQWUDWRTXHVHKD\DHMHFXWDGR3HURHOWUDQVSRUWDGRU
WHQGUjGHUHFKRDODWRWDOLGDGGHOSUHFLRGHOSDVDMHVLFRQVLJXHHQWLHPSRUD]RQDEOH\DVXVH[SHQVDVTXHHOSDVDMHURFRQWLQoHHOYLDMHHQXQD
QDYHGHFDUDFWHUlVWLFDVDQjORJDVDODFRQWHPSODGDHQHOFRQWUDWR\HQODVFRQGLFLRQHVSDFWDGDV
&XDQGRODLQWHUUXSFLnQVHGHEDDFXOSDGHOSDVDMHURkVWHGHEHUjHOSUHFLRQHWRGHOSDVDMHSRUHOUHVWRGHODGXUDFLnQGHOYLDMH3HURVLHO
SDVDMHURVHYLRFRQVWUHmLGRDLQWHUUXPSLUORSRUIXHU]DPD\RUoQLFDPHQWHGHEHUjODVXPDSURSRUFLRQDODODSDUWHHMHFXWDGDGHODWUDWR
$57f&8/23$*2'((;3(16$6'((0%$548(<'(6(0%$548(/DVH[SHQVDVGHHPEDUTXH\GHVHPEDUTXHVHUjQGHFDUJRGHO
WUDQVSRUWDGRUVDOYRTXHVHHVWLSXOHRWUDFRVD
$57f&8/25(63216$%,/,'$''(/75$163257$'25325(48,3$-(5(*/$6'(/(48,3$-((OWUDQVSRUWDGRUVHUjUHVSRQVDEOHSDUDFRQHO
SDVDMHURSRUHOYDORUTXHkVWHKD\DGHFODUDGRRDIDOWDGHGHFODUDFLnQKDVWDHOOlPLWHGHGLH]JUDPRVGHRURSXURSRUNLORHQFDVRGHSkUGLGDR
DYHUlDGHOHTXLSDMHTXHOHKD\DVLGRHQWUHJDGRVDOYRTXHSUXHEHIXHU]DPD\RU3HURQRUHVSRQGHUjGHOVDTXHRVLHOHTXLSDMHOHKDVLGR
HQWUHJDGRDELHUWRRVLQFHUUDGXUDV
/DSkUGLGDRODDYHUlDGHEHUjQKDFHUVHFRQVWDUDOPRPHQWRGHODHQWUHJDVLVRQDSDUHQWHVRGHQWURGHORVWUHVGlDVVLJXLHQWHVVLQRORVRQ
5HVSHFWRGHOHTXLSDMH\GHORVREMHWRVTXHKD\DQVLGRUHJLVWUDGRVRFRQVLJQDGRVDOWUDQVSRUWDGRUkVWHQRVHUjUHVSRQVDEOHGHVXSkUGLGDR
DYHUlDVLQRFXDQGRVHFRPSUXHEHTXHIXHURQGHWHUPLQDGDVSRUXQDFDXVDTXHOHHVLPSXWDEOH
&$3f78/2,,,
75$163257('(&26$63250$5
6(&&,h1,
75$163257('(&26$6(1*(1(5$/
$57f&8/2)250$6'(&2175$72'(75$163257('(&26$6(OFRQWUDWRGHWUDQVSRUWHGHFRVDVSRGUjWHQHUSRUREMHWRXQDFDUJDWRWDOR
SDUFLDORFRVDVVLQJXODUHV\HMHFXWDUVHHQQDYHGHWHUPLQDGDRLQGHWHUPLQDGD
$57f&8/2&21',&,21$0,(172'(75$163257($48(6(&203/(7(/$&$5*$(OWUDQVSRUWHSRGUjFRQGLFLRQDUVHH[SUHVDPHQWHDO
KHFKRGHTXHHOWUDQVSRUWDGRUORJUHFRPSOHWDUODFDUJDGHODQDYH
(QHVWHFDVRVHHQWHQGHUjFXPSOLGDODFRQGLFLnQVLHOWUDQVSRUWDGRUKDREWHQLGRODVWUHVFXDUWDVSDUWHVGHODFDUJDFRUUHVSRQGLHQWHDOD
FDSDFLGDGGHODQDYH
$57f&8/22%/,*$&,h1'(/5(0,7(17((QGHIHFWRGHHVWLSXODFLnQH[SUHVDGHODVSDUWHVHOUHPLWHQWHVHREOLJDDSRQHUODFRVDHQHO
PXHOOHRERGHJDUHVSHFWLYRVFRQODDQWLFLSDFLnQXVXDORFRQYHQLHQWHSDUDHOFDUJXH
$57f&8/22%/*$&,21(6(63(&,$/(6'(/75$163257$'25(OWUDQVSRUWDGRUHVWDUjHVSHFLDOPHQWHREOLJDGRD
/LPSLDU\SRQHUHQHVWDGRDGHFXDGRSDUDUHFLELUODFDUJDODVERGHJDVFjPDUDVGHHQIULDPLHQWR\IULJRUlqFRV\GHPjVOXJDUHVGHODQDYHHQ
TXHVHFDUJXHQODVFRVDV
3URFHGHUHQHOWLHPSRHVWLSXODGRRHQHOXVXDO\GHPDQHUDDSURSLDGD\FXLGDGRVDDOFDUJXHHVWLEDFRQVHUYDFLnQWUDQVSRUWHFXVWRGLD\
GHVFDUJXHGHODVFRVDVWUDQVSRUWDGDV\
(QWUHJDUDOUHPLWHQWHGHVSXkVGHUHFLELUDERUGRODVFRVDVXQGRFXPHQWRRUHFLERqUPDGRSRUHOWUDQVSRUWDGRURSRUVXDJHQWHHQHOSXHUWR
GHFDUJXHRSRUHOFDSLWjQGHODQDYHTXHOOHYDUjFRQVWDQFLDGHKDEHUVLGRFDUJDGDVGLFKDVFRVDVFRQODVHVSHFLqFDFLRQHVGHTXHWUDWDQORV
RUGLQDOHVRDRGHODUWlFXORVLJXLHQWH
$57f&8/2&217(1,'2'(/'2&80(172'(5(&,%,0,(1723$5$(0%$548((OWUDQVSRUWDGRUTXHKD\DUHFLELGRXQDFRVDSDUDVHU
FDUJDGDDERUGRH[SHGLUjDOUHPLWHQWHXQGRFXPHQWRTXHFRQWHQGUj
/DLQGLFDFLnQGHOOXJDU\IHFKDGHUHFLERFDQODHVSHFLqFDFLnQUHFLELGRSDUDHPEDUTXH
(OSXHUWR\IHFKDGHFDUJXHHOQRPEUHGHOEXTXH\HOOXJDUGHGHVWLQR
(OQRPEUHGHOGHVWLQDWDULR\VXGRPLFLOLR
(OYDORUGHOrHWH
/DVPDUFDVSULQFLSDOHVTXHLGHQWLqTXHQODFRVDRODVFDMDVRHPEDODMHVTXHODFRQWHQJDQ(QFDVRGHTXHQRHVWkHPEDODGDODPHQFLnQGHVL
WDOHVPDUFDVDSDUHFHQLPSUHVDVRSXHVWDVFODUDPHQWHHQFXDOTXLHURWUDIRUPDVREUHGLFKDFRVD
(OQoPHURGHEXOWRVRSLH]DVODFDQWLGDGRHOSHVRVHJoQHOFDVR\
(OHVWDGR\FRQGLFLnQDSDUHQWHGHODFRVDRGHODFDMDRHPEDODMHTXHODFRQWHQJDQ
$57f&8/2$127$&,h1(1(/'2&80(172'(5(&,%,0,(172'((0%$548((0%$5&$'28QDYH]HPEDUFDGDVODVFRVDVHO
WUDQVSRUWDGRUSRQGUjHQHOGRFXPHQWRUHFLELGRSDUDHPEDUTXHODDQRWDFLnQHPEDUFDGRVDOYRTXHKD\DHQWUHJDGRDOUHPLWHQWHHOGRFXPHQWR
VHmDODGRHQHODUWlFXOR
$57f&8/2358(%$'(/&2175$72'(75$163257(&21/$),50$'(/75$163257$'252$*(17((OGRFXPHQWRGHTXHWUDWDQORV
DUWlFXORV\VHUjqUPDGRSRUHOWUDQVSRUWDGRURVXDJHQWH\VHUYLUjGHSUXHEDGHOFRQWUDWRPLVPRGHWUDQVSRUWH\GHTXHHO
WUDQVSRUWDGRUUHFLELnODFRVDHQODIRUPDFDQWLGDGHVWDGR\FRQGLFLRQHVDOOlGHVFULWDV
$57f&8/235(681&,h1'(/$)(&+$'(5(&,%2'(/$(0,6,h1'('2&80(1726LHQHOGRFXPHQWRGHTXHWUDWDHODUWlFXORQR
DSDUHFHDFUHGLWDGDODIHFKDGHUHFLERGHODVFRVDVHQWUHJDGDVSDUDVXHPEDUTXHVHSUHVXPLUjIHFKDGHUHFLERODGHHPLVLnQGHOGRFXPHQWR
$57f&8/2(;7(16,h1'(/$5(63216$%,/,'$''(/75$163257$'25/DUHVSRQVDELOLGDGGHOWUDQVSRUWDGRUFRPSUHQGHUjDGHPjVGH
VXVKHFKRVSHUVRQDOHVORVGHVXVDJHQWHVRGHSHQGLHQWHVHQHMHUFLFLRGHVXVIXQFLRQHV
$57f&8/2,1,&,2'(/$5(63216$%,/,'$''(/75$163257$'25/DUHVSRQVDELOLGDGGHOWUDQVSRUWDGRUVHLQLFLDGHVGHFXDQGRUHFLEHODV
FRVDVRVHKDFHFDUJRGHHOODV\WHUPLQDFRQVXHQWUHJDDOGHVWLQDWDULRHQHOOXJDUFRQYHQLGRRVXHQWUHJDDODRUGHQGHDTXkODODHPSUHVD
HVWLEDGRUDRGHTXLHQGHEDGHVFDUJDUODVRDODDGXDQDGHOSXHUWR
$SDUWLUGHOPRPHQWRHQTXHFHVDODUHVSRQVDELOLGDGGHOWUDQVSRUWDGRUVHLQLFLDODGHODHPSUHVDHVWLEDGRUDRGHTXLHQKDJDHOGHVFDUJXHRGHOD
DGXDQDTXHUHFLELnGLFKDVFRVDV
&XDQGRODVFRVDVVHDQUHFLELGDVRHQWUHJDGDVEDMRDSDUHMRODUHVSRQVDELOLGDGGHOWUDQVSRUWDGRUVHLQLFLDGHVGHTXHODJUoDRSOXPDGHOEXTXH
WRPDODFRVDSDUDFDUJDUODKDVWDTXHVHDGHVFDUJDGDHQHOPXHOOHGHOOXJDUGHGHVWLQRDPHQRVTXHGHEDVHUGHVFDUJDGDDRWUDQDYHR
DUWHIDFWRrRWDQWHFDVRHQHOFXDOODUHVSRQVDELOLGDGGHOWUDQVSRUWDGRUFHVDUjGHVGHTXHODVFRVDVVREUHSDVHQODERUGDGHOEXTXHDSDUWLUGH
HVWHPRPHQWRFRPLHQ]DODUHVSRQVDELOLGDGGHODUPDGRUGHODRWUDQDYHRGHOSURSLHWDULRRH[SORWDGRUGHODUWHIDFWRHQVXFDVR
$57f&8/2,12321,%,/,'$''(/=$53(325)8(5=$0$<256LHO]DUSHGHODQDYHOOHJDUHDVHULPSRVLEOHSRUFDXVDGHIXHU]DPD\RUHO
FRQWUDWRVHFRQVLGHUDUjWHUPLQDGR<VLSRUODPLVPDFDXVDVXIULHUHUHWDUGRH[FHVLYRFXDOTXLHUDGHODVSDUWHVSRGUjGHVLVWLUGHOFRQWUDWR
6LODWHUPLQDFLnQGHOFRQWUDWRVREUHYLQLHUHGHVSXkVGHOHPEDUTXHHOUHPLWHQWHVRSRUWDUjORVJDVWRVGHGHVFDUJXH
$57f&8/26863(16,h17(0325$/325&$86$12,0387$%/($/75$163257$'256LHO]DUSHGHODQDYHRODFRQWLQXDFLnQGHOYLDMH
IXHUHQWHPSRUDOPHQWHVXVSHQGLGRVSRUFDXVDQRLPSXWDEOHDOWUDQVSRUWDGRUHOFRQWUDWRFRQVHUYDUjVXYLJHQFLD
(OUHPLWHQWHSRGUjVLSUHVWDFDXFLnQVXqFLHQWHGHVFDUJDUODVFRVDVDVXVSURSLDVH[SHQVDVPLHQWUDVGXUHHOLPSHGLPHQWRFRQODREOLJDFLnQGH
FDUJDUODVGHQXHYRRGHUHVDUFLUORVSHUMXLFLRV
$57f&8/2(;21(5$&,h1'(5(63216$%,/,'$'3253e5','$'2'$g26&$626(OWUDQVSRUWDGRUHVWDUjH[RQHUDGRGHUHVSRQVDELOLGDG
SRUSkUGLGDVRGDmRVTXHSURYHQJDQ
'HFXOSDVQjXWLFDVGHOFDSLWjQGHOSUjFWLFRRGHOSHUVRQDOGHVWLQDGRSRUHOWUDQVSRUWDGRUDODQDYHJDFLnQ(VWDH[FHSFLnQQRVHUjSURFHGHQWH
FXDQGRHOGDmRSURYHQJDGHXQDFXOSDOXFUDWLYDSHURHQHVWHFDVRVnORUHVSRQGHUjHOWUDQVSRUWDGRUKDVWDFRQFXUUHQFLDGHOEHQHqFLRUHFLELGR
'HLQFHQGLRDPHQRVTXHVHSUXHEHFXOSDGHOWUDQVSRUWDGRU
'HSHOLJURVGDmRVRDFFLGHQWHVGHPDURGHRWUDVDJXDVQDYHJDEOHV
'HIXHU]DPD\RUFRPRKHFKRVGHJXHUUDRGHHQHPLJRVSoEOLFRVGHWHQFLnQRHPEDUJRSRUJRELHUQRRDXWRULGDGHVPRWLQHVRSHUWXUEDFLRQHV
FLYLOHVVDOYDPHQWRRWHQWDWLYDGHVDOYDPHQWRGHYLGDVRELHQHVHQHOPDU
'HUHVWULFFLnQGHFXDUHQWHQDKXHOJDVORFNRXWVSDURVRWUDEDVLPSXHVWDVWRWDORSDUFLDOPHQWHDOWUDEDMRSRUFXDOTXLHUFDXVDTXHVHD
'HGLVPLQXFLnQGHYROXPHQRSHVR\GHFXDOTXLHURWUDSkUGLGDRGDmRUHVXOWDQWHVGHODQDWXUDOH]DHVSHFLDOGHODFRVDRGHYLFLRSURSLRGH
HVWDRGHFXDOTXLHUYLFLRRFXOWRGHODQDYHTXHHVFDSHDXQDUD]RQDEOHGLOLJHQFLD\
'HHPEDODMHLQVXqFLHQWHRGHqFLHQFLDRLPSHUIHFFLRQHVGHODVPDUFDV
3$5d*5$)2/DVH[FHSFLRQHVDQWHULRUHVQRVHUjQSURFHGHQWHVFXDQGRVHSUXHEHFXOSDDQWHULRUGHOWUDQVSRUWDGRURGHVXDJHQWHPDUlWLPRR
TXHHOKHFKRSHUMXGLFLDOHVLPSXWDEOHDOWUDQVSRUWDGRURDVXUHSUHVHQWDQWHPDUlWLPR
$57f&8/2&$0%,265$=21$%/(6'(587$12,1)$&&,21(6/RVFDPELRVUD]RQDEOHVGHUXWDFRPRHOTXHVHHIHFWoHSDUDVDOYDUYLGDV
RELHQHVHQHOPDURSDUDLQWHQWDUVXVDOYDPHQWRQRFRQVWLWXLUjQLQIUDFFLRQHVGHODVREOLJDFLRQHVGHOWUDQVSRUWDGRUTXLHQQRVHUjUHVSRQVDEOH
GHQLQJoQGDmRTXHGHHOORUHVXOWH
$57f&8/275$163257('(&26$6,1)/$0$%/(6(;3/26,9$623(/,*526$6/DVFRVDVGHQDWXUDOH]DLQrDPDEOHH[SORVLYDVR
SHOLJURVDVFX\RHPEDUTXHQRKD\DFRQVHQWLGRHOWUDQVSRUWDGRUVXUHSUHVHQWDQWHPDUlWLPRRHOFDSLWjQGHOEXTXHFRQFRQRFLPLHQWRGHVX
QDWXUDOH]D\FDUjFWHUSRGUjQVLQLQGHPQL]DFLnQVHUGHVFDUJDGDVHQFXDOTXLHUWLHPSR\OXJDUGHVWUXLGDVRWUDQVIRUPDGDVHQLQRIHQVLYDVSRUHO
WUDQVSRUWDGRURHOFDSLWjQ(OUHPLWHQWHVHUjUHVSRQVDEOHGHORVGDmRV\JDVWRVFDXVDGRVGLUHFWDRLQGLUHFWDPHQWHSRUVXHPEDUTXH
3HURVLDOJXQDGHGLFKDVFRVDVKDVLGRHPEDUFDGDFRQHOFRQVHQWLPLHQWRGHOWUDQVSRUWDGRURHOFDSLWjQVnORSRGUjVHUGHVFDUJDGDGHVWUXLGDR
WUDQVIRUPDGDHQLQRIHQVLYDVLQUHVSRQVDELOLGDGGHOWUDQVSRUWDGRUVLOOHJDDFRQVWLWXLUXQSHOLJURSDUDODLQWHJULGDGGHODQDYHRSDUDHO
FDUJDPHQWRVDOYRFDVRGHDYHUlDJUXHVDFXDQGRSURFHGDGHFUHWDUOD
$57f&8/25(181&,$'(/75$163257$'25'('(5(&+2<$80(172'(5(63216$%,/,'$'<2%/,*$&,21(6'2&80(172(O
WUDQVSRUWDGRUSRGUjOLEUHPHQWHUHQXQFLDUDWRGRVRSDUWHGHORVGHUHFKRVRH[RQHUDFLRQHVDXPHQWDUODVUHVSRQVDELOLGDGHV\REOLJDFLRQHVTXHOH
FRUUHVSRQGDQVLHPSUHTXHGLFKDUHQXQFLDRDXPHQWRVHLQVHUWHHQHOGRFXPHQWRRHQHOFRQRFLPLHQWRHQWUHJDGRDOUHPLWHQWH
$57f&8/26(*852&2175$7$'2325(/5(0,7(17(6HUjLQHqFD]ODFHVLnQDOWUDQVSRUWDGRUGHOEHQHqFLRGHVHJXURFRQWUDWDGRSRUHO
UHPLWHQWH
$57f&8/275$163257('($1,0$/(69,926<&26$675$163257$'$662%5(&8%,(57$/RGLVSXHVWRHQHODUWlFXORQRVHDSOLFDUjD
ORVDQLPDOHVYLYRV\FRVDVWUDQVSRUWDGDVVREUHFXELHUWDUHVSHFWRGHORVFXDOHVSRGUjSDFWDUVHGHPRGRH[SUHVRODH[RQHUDFLnQGHOD
UHVSRQVDELOLGDGGHOWUDQVSRUWDGRUSRUORVGDmRVRFXUULGRVDERUGRQRLPSXWDEOHVDGRORRFXOSDJUDYHGHDTXkORGHOFDSLWjQRODLQYHUVLnQGHOD
FDUJDGHODSUXHED
7DPELkQSRGUjSDFWDUVHHQUHODFLnQFRQGLFKDVFRVDVRDQLPDOHVODFHVLnQDOWUDQVSRUWDGRUGHOVHJXURFRQWUDWDGRSRUHOUHPLWHQWH
/DFOjXVXODHPEDUFDGRVREUHFXELHUWDDULHVJRGHOUHPLWHQWHHTXLYDOGUjDXQDHVWLSXODFLnQH[SUHVDGHQRUHVSRQVDELOLGDGHQORVWkUPLQRVGHO
LQFLVRDQWHULRU
$57f&8/2*$5$17f$'(/75$163257$'25'(/$(;$&7,78'(1/$'(&/$5$&,h1'(/5(0,7(17((OUHPLWHQWHJDUDQWL]DDO
WUDQVSRUWDGRUODH[DFWLWXGGHODVPDUFDVQoPHURFDQWLGDGFDOLGDGHVWDGR\SHVRGHODFRVDHQODIRUPDHQTXHGLFKRUHPLWHQWHORVGHFODUHDO
PRPHQWRGHODHQWUHJD
$57f&8/2(175(*$$/75$163257$'25'('2&80(1726(,1)250(6(QHODFWRGHOHPEDUTXHGHODVFRVDV\HQWRGRFDVRDQWHVGH
ODSDUWLGDGHODQDYHHOFDUJDGRUGHEHUjHQWUHJDUDOWUDQVSRUWDGRUORVGRFXPHQWRV\GDUOHORVLQIRUPHVDTXHVHUHqHUHHODUWlFXOR
/DRPLVLnQKDUjUHVSRQVDEOHDOUHPLWHQWHSRUORVSHUMXLFLRVTXHGHHOODVHGHULYHQSDUDHOWUDQVSRUWDGRUTXLHQQRHVWDUjREOLJDGRDYHULqFDUOD
VXqFLHQFLDGHORVGRFXPHQWRVQLODH[DFWLWXGGHODVLQGLFDFLRQHVHQHOORVFRQVLJQDGDV
$57f&8/2'8'$'(/$(;$&7,78'62%5('(&/$5$&,h1'(/5(0,7(17(1LHOWUDQVSRUWDGRUQLVXDJHQWHPDUlWLPRQLHOFDSLWjQWHQGUjQ
REOLJDFLnQGHLQVHUWDURPHQFLRQDUHQHOGRFXPHQWRUHVSHFWLYRODVGHFODUDFLRQHVGHOUHPLWHQWHUHODWLYDVDPDUFDVQoPHURFDQWLGDGSHVRR
HVWDGRGHODFRVDUHFLELGDDERUGRFXDQGRSRUIXQGDGRVPRWLYRVGXGHQGHVXH[DFWLWXG\QRKD\DQWHQLGRPHGLRVUD]RQDEOHVSDUDFRPSUREDUOD
3HURVHGHEHUjKDFHUPHQFLnQHQHOGRFXPHQWRGHWDOHVPRWLYRVRGHWDOLPSRVLELOLGDG
/DVFOjXVXODVRFRQVWDQFLDVTXHFRQWUDUlHQORGLVSXHVWRHQHVWHDUWlFXORVHWHQGUjQSRUQRHVFULWDV
$57f&8/2,16(5&,h1'(5(6(59$(1(/'2&80(17248($&5(',7(&2175$72'(75$163257((QORVFDVRVHQTXHHOWUDQVSRUWDGRU
SXHGDLQVHUWDUUHVHUYDVHQHOGRFXPHQWRTXHHQWUHJXHDOUHPLWHQWHSDUDDFUHGLWDUHOFRQWUDWRGHWUDQVSRUWHWDOHVFOjXVXODVRUHVHUYDVQR
H[RQHUDUjQDOWUDQVSRUWDGRUGHUHVSRQGHUSRUHOSHVRFDQWLGDGQoPHURLGHQWLGDGQDWXUDOH]DFDOLGDG\HVWDGRTXHWHQlDODFRVDDOPRPHQWR
GHUHFLELUODHOWUDQVSRUWDGRURKDFHUVHFDUJRGHHOODQLSRUODVGLIHUHQFLDVH[LVWHQWHVHQUHODFLnQFRQWDOHVFLUFXQVWDQFLDVDOPRPHQWRGHO
GHVFDUJXH7DPSRFRH[RQHUDUjQWDOHVFOjXVXODVDOWUDQVSRUWDGRUGHUHVSRQGHUSRUGLFKDVFLUFXQVWDQFLDVFXDQGRVHDQRVWHQVLEOHVDXQTXHHO
WUDQVSRUWDGRURVXVDJHQWHVGLJDQQRFRQVWDUOHVRQRKDEHUODVFRPSUREDGR
$57f&8/2/,%(5$&,h1'(5(63216$%,/,'$'$/75$163257$'25325'(&/$5$&,h1,1(;$&7$'(/5(0,7(17(&XDQGRHOUHPLWHQWH
KD\DKHFKRDVDELHQGDVXQDGHFODUDFLnQLQH[DFWDUHVSHFWRGHODQDWXUDOH]DRHOYDORUGHODFRVDHOWUDQVSRUWDGRUTXHGDUjOLEUHGHWRGD
UHVSRQVDELOLGDG
(OGHUHFKRTXHHVWHDUWlFXORFRQqHUHDOWUDQVSRUWDGRUQROLPLWDUjHQPRGRDOJXQRVXUHVSRQVDELOLGDG\VXVREOLJDFLRQHVGHULYDGDVGHOFRQWUDWR
GHWUDQVSRUWHUHVSHFWRGHFXDOTXLHURWUDSHUVRQDTXHQRVHDHOUHPLWHQWH
$57f&8/2'(6,67,0,(172'(/&2175$72$17(6'(/=$53($QWHVGHO]DUSHHOFDUJDGRUSRGUjGHVLVWLUGHOFRQWUDWRSDJDQGRDO
WUDQVSRUWDGRUODPLWDGGHOrHWHFRQYHQLGRORVJDVWRVGHFDUJXH\GHVFDUJXH\ODFRQWUDHVWDGlD
$57f&8/25(7,52'(/$&26$'85$17((/9,$-((OUHPLWHQWHSRGUjGXUDQWHHOYLDMHUHWLUDUODFRVDSDJDQGRODWRWDOLGDGGHOrHWH\
UHHPEROVDQGRDOWUDQVSRUWDGRUORVJDVWRVH[WUDRUGLQDULRVTXHRFDVLRQHHOGHVFDUJXH
(OFDSLWjQQRHVWDUjREOLJDGRDOGHVFDUJXHFXDQGRLPSOLTXHXQH[FHVLYRUHWDUGRRPRGLqFDFLnQGHOLWLQHUDULRRHOHIHFWXDUHVFDODHQXQSXHUWR
LQWHUPHGLRQRFRQWHPSODGRHQHOFRQWUDWRRSRUODFRVWXPEUH
6LHOUHWLURVHGHEHDKHFKRGHOWUDQVSRUWDGRUGHVXUHSUHVHQWDQWHRGHOFDSLWjQGLFKRWUDQVSRUWDGRUVHUjUHVSRQVDEOHGHORVJDVWRV\GHOGDmR
DPHQRVTXHSUXHEHIXHU]DPD\RU
$57f&8/2&216(&8(1&,$6'(/$(175(*$'(&$5*$0(125'(/$&219(1,'$VLHOUHPLWHQWHHQWUHJDXQDFDQWLGDGGHFDUJDPHQRU
TXHODFRQYHQLGDGHEHUjSDJDUODWRWDOLGDGGHOrHWHGHGXFLGRVORVJDVWRVTXHHOWUDQVSRUWDGRUKD\DDKRUUDGRSRUODSDUWHQRFDUJDGDVLHVWjQ
FRPSUHQGLGRVHQHOrHWH
(OFDSLWjQHVWDUjREOLJDGRVDOYRFDXVDMXVWLqFDWLYDDUHFLELUFRVDVGHRWURHQVXVWLWXFLnQGHODVQRHPEDUFDGDVVLHOFDUJDGRUVHORH[LJHSHUR
HOrHWHUHODWLYRDODVFRVDVTXHFRPSOHWHQODFDUJDSHUWHQHFHUjDOUHPLWHQWHKDVWDFRQFXUUHQFLDGHOTXHkVWHKD\DSDJDGRRGHEDSDJDUDO
WUDQVSRUWDGRU
/DVPLVPDVQRUPDVVHDSOLFDUjQDOFDVRHQTXHHOFRQWUDWRGHWUDQVSRUWHVHKD\DHVWLSXODGRSRUXQYLDMHGHLGD\UHJUHVR\HOFDUJDGRUQR
HPEDUTXHFRVDVHQHOYLDMHGHUHJUHVR
$57f&8/25(63216$%,/,'$'*(1(5$/'(/&$5*$'25(QJHQHUDOHOFDUJDGRUVnORVHUjUHVSRQVDEOHGHODVSkUGLGDVRGDmRVVXIULGRV
SRUHOWUDQVSRUWDGRURODQDYHTXHSURYHQJDQGHVXFXOSDRGHODGHVXVDJHQWHV
$57f&8/2)$&8/7$'(6'(/&$3,7d1325123$*2'(/)/(7(5(7(1&,h1'(/$&26$75$163257$'$(OFDSLWjQSRGUjHQFDVRGH
TXHQRVHSDJXHHOrHWHUHWHQHUODFRVDWUDQVSRUWDGDRKDFHUVHDXWRUL]DUSRUHOMXH]GHOOXJDUSDUDGHSRVLWDUODKDVWDWDQWRVHDFXELHUWRHOrHWH\
WRGRVORVGHPjVJDVWRV\SHUMXLFLRVTXHRFDVLRQHODGHPRUDGHOEXTXH(OGHVWLQDWDULRSRGUjREWHQHUODHQWUHJDGHODFRVDHQODIRUPDSUHYHQLGD
HQHODUWlFXOR
3HURVLXQDSDUWHGHODFRVDHVVXqFLHQWHSDUDJDUDQWL]DUHOSDJRGHODVXPDGHELGDGHEHUjHOFDSLWjQOLPLWDUDHVWDSDUWHVXDFFLnQ\HOMXH]D
SHWLFLnQGHOFDUJDGRURGHOGHVWLQDWDULRRUGHQDUjODHQWUHJDGHOUHVWR
$57f&8/2&$626(148((/&$3,7d138('('(6&$5*$5(138(5726'($55,%$'$)25=26$(OFDSLWjQQRSRGUjGHVFDUJDUODVFRVDV
HQHOSXHUWRGHDUULEDGDIRU]RVDVLQRHQORVFDVRVVLJXLHQWHV
6LORVFDUJDGRUHVORH[LJHQSDUDSUHYHQLUHOGDmRGHODVFRVDV
6LODGHVFDUJDHVLQGLVSHQVDEOHSDUDKDFHUODUHSDUDFLnQGHODQDYH\
6LVHUHFRQRFHTXHHOFDUJDPHQWRKDVXIULGRDYHUlD
(QORVGRVoOWLPRVFDVRVHOFDSLWjQVROLFLWDUjODFRPSHWHQWHDXWRUL]DFLnQGHOFDSLWjQGHSXHUWR\VLHOGHDUULEDGDIXHUHH[WUDQMHURGHOFnQVXO
FRORPELDQRRHQVXGHIHFWRGHODDXWRULGDGFRPSHWHQWHHQDVXQWRVFRPHUFLDOHV
$57f&8/23527(67$325(/&$3,7d1(1&$62'($9(5f$'(/$&$5*$1RWjQGRVHTXHODFDUJDKDVXIULGRDYHUlDHOFDSLWjQKDUjOD
SURWHVWDTXHSUHVFULEHHODUWlFXORRUGLQDOR\FXPSOLUjODVnUGHQHVTXHHOFDUJDGRURVXFRQVLJQDWDULROHFRPXQLTXHDFHUFDGHODVFRVDV
DYHULDGDV
$57f&8/20(','$6(1&$62'($9(5f$'(&26$675$163257$'$61RHQFRQWUjQGRVHHOSURSLHWDULRGHODVFRVDVDYHULDGDVRSHUVRQD
TXHORUHSUHVHQWHHOFDSLWjQSHGLUjDODDXWRULGDGGHVLJQDGDHQHOLQFLVRqQDOGHODUWlFXORHOQRPEUDPLHQWRGHSHULWRVSDUDTXHSUHYLR
UHFRQRFLPLHQWRGHWDOHVFRVDVLQIRUPHQDFHUFDGHODQDWXUDOH]D\H[WHQVLnQGHODDYHUlDGHORVPHGLRVGHUHSDUDUODRHYLWDUVXSURSDJDFLnQ\
GHODFRQYHQLHQFLDGHVXUHHPEDUTXH\FRQGXFFLnQDOSXHUWRGHGHVWLQR
(QYLVWDGHOLQIRUPHGHORVSHULWRVODDXWRULGDGTXHFRQR]FDGHOFDVRSURYHHUjDODUHSDUDFLnQ\UHHPEDUTXHGHODVFRVDVRDTXHVHPDQWHQJDQ
HQGHSnVLWRVHJoQFRQYHQJDDORVLQWHUHVHVGHOFDUJDGRU\HOFDSLWjQEDMRVXUHVSRQVDELOLGDGOOHYDUjDHIHFWRORGHFUHWDGR
$57f&8/2*$6726'(/$5(3$5$&,h1<(0%$548(2UGHQjQGRVHODUHSDUDFLnQ\HPEDUTXHHOFDSLWjQHPSOHDUjVXFHVLYDPHQWHSDUD
FXEULUORVJDVWRVTXHWDOHVRSHUDFLRQHVGHPDQGHQORVPHGLRVDTXHVHFRQWUDHODUHJODDGHODUWlFXOR
$57f&8/2'(3h6,7229(17$'(/$6&26$6$9(5,$'$6(1(/9,$-('HFUHWjQGRVHHOGHSnVLWRHOFDSLWjQRHODJHQWHPDUlWLPRGDUj
FXHQWDDOFDUJDGRURDOGHVWLQDWDULRSDUDTXHDFXHUGHQORTXHPHMRUOHVFRQYHQJD
3HURVLHOPDOHVWDGRGHODVFRVDVRIUHFLHUHXQLQPLQHQWHSHOLJURGHSkUGLGDRDXPHQWRGHOGHWHULRURHOFDSLWjQRHODJHQWHPDUlWLPRHQVX
FDVRSURFHGHUjDODYHQWDPHGLDQWHSUHYLDOLFHQFLDGHOFDSLWjQGHSXHUWRRGHODDXWRULGDGFRPSHWHQWHGHOOXJDUSDJDUjSRUVXFRQGXFWRORV
JDVWRVFDXVDGRV\ORVrHWHVTXHKXELHUHGHYHQJDGRODQDYHHQSURSRUFLnQGHOWUD\HFWRUHFRUULGR\GHSRVLWDUjHOUHVWRDODRUGHQGHOLQWHUHVDGR
GjQGROHHOFRUUHVSRQGLHQWHDYLVR
$57f&8/23(5621$(1&$5*$'$'(/$&8672',$'(/$6&26$6'(6&$5*$'$6&RUUHVSRQGHUjDOFDSLWjQRDODJHQWHPDUlWLPROD
FXVWRGLDGHODVFRVDVGHVFDUJDGDVKDVWDFXDQGRVHHQWUHJXHQUHHPEDUTXHQGHSRVLWHQRYHQGDQ
6LQSHUMXLFLRGHODUHVSRQVDELOLGDGGHOWUDQVSRUWDGRUODYLRODFLnQGHHVWDREOLJDFLnQKDUjUHVSRQVDEOHDOFDSLWjQRDODJHQWHPDUlWLPRGHORV
GDmRVTXHVHFDXVHQVDOYRTXHDFUHGLWHTXHVHGHELHURQDIXHU]DPD\RU
$57f&8/2(175(*$'(/$&26$&215(&,%22&2167$1&,$(OWUDQVSRUWDGRURFDSLWjQGHODQDYHQRHVWDUjQREOLJDGRVDHQWUHJDUOD
FRVDPLHQWUDVHOGHVWLQDWDULRQROHVH[SLGDXQUHFLERRVXVFULEDODFRQVWDQFLDGHHQWUHJDHQHOHMHPSODUGHOFRQRFLPLHQWRTXHHVWkHQSRGHUGHO
FDSLWjQRGHOWUDQVSRUWDGRU
$57f&8/25(63216$%,/,'$''(/75$163257$'25(1/$(175(*$'(/$&26$(OWUDQVSRUWDGRUTXHHQWUHJXHODFRVDDOGHVWLQDWDULR
VLQSHUFLELUVXVSURSLRVFUkGLWRVRHOYDORUGHORVJLURVKHFKRVSRUUD]nQGHGLFKDFRVDRVLQH[LJLUHOGHSnVLWRGHODVVXPDVFRQWURYHUWLGDVVHUj
UHVSRQVDEOHSDUDFRQHOFDUJDGRUGHORTXHDkVWHGHEDHOGHVWLQDWDULR\QRSRGUjFREUDUDGLFKRFDUJDGRUVXVSURSLRVFUkGLWRV
$57f&8/25(&,352&,'$''()$&8/7$'(63$5$/$,16&5,3&,h1'(/$&26$6325'$g2623e5','$(QFDVRGHSkUGLGDRGDmRV
FLHUWRVRSUHVXQWRVHOWUDQVSRUWDGRU\HOUHFHSWRUVHGDUjQUHFlSURFDPHQWHWRGDVODVIDFLOLGDGHVUD]RQDEOHVSDUDODLQVSHFFLnQGHODFRVD\OD
FRPSUREDFLnQGHOQoPHURGHEXOWRVRXQLGDGHV
6(&&,h1,,
75$163257('(0(5&$1&f$6%$-2&212&,0,(172
$57f&8/2&21&(372'(0(5&$'(5,$63RUPHUFDGHUlDVVHHQWHQGHUjSDUDORVHIHFWRVGHHVWD6HFFLnQORVELHQHVREMHWRV\DUWlFXORVGH
FXDOTXLHUFODVHFRQH[FHSFLnQGHORVDQLPDOHVYLYRV\GHOFDUJDPHQWRTXHVHJoQHOFRQWUDWRGHWUDQVSRUWHVHGHFODUHFRORFDGRVREUHFXELHUWD
\VHDHIHFWLYDPHQWHWUDQVSRUWDGRDVl
$57f&8/2&212&,0,(172'((0%$548((175(*$<),50$'(/75$163257$'255HFLELGDVODVPHUFDGHUlDVHOWUDQVSRUWDGRUGHEHUjD
VROLFLWXGGHOFDUJDGRUHQWUHJDUOHXQFRQRFLPLHQWRGHHPEDUTXHGHELGDPHQWHqUPDGRSRUGLFKRWUDQVSRUWDGRURSRUVXUHSUHVHQWDQWHRSRUHO
FDSLWjQGHODQDYH
$57f&8/2&/$6(6'(&212&,0,(172'((0%$548((OFRQRFLPLHQWRSRGUjVHUQRPLQDWLYRDODRUGHQRDOSRUWDGRU
$57f&8/2(;35(6,21(6&217(1,'$6(1(/&212&,0,(172'((0%$548((OFRQRFLPLHQWRGHHPEDUTXHGHEHUjH[SUHVDU
(OQRPEUHPDWUlFXOD\WRQHODMHGHODQDYH
(OQRPEUH\GRPLFLOLRGHODUPDGRU
(OSXHUWR\IHFKDGHFDUJXH\HOOXJDUGHGHVWLQR
(OQRPEUHGHOFDUJDGRU
(OQRPEUHGHOGHVWLQDWDULRRFRQVLJQDWDULRGHODVPHUFDQFlDV\VXGRPLFLOLR6LHOFRQRFLPLHQWRHVQRPLQDWLYRRODLQGLFDFLnQGHTXHkVWHVH
HPLWHDODRUGHQRDOSRUWDGRU
(OYDORUGHOrHWH
/DVPDUFDVSULQFLSDOHVQHFHVDULDVSDUDODLGHQWLqFDFLnQGHODFRVDWDO\FRPRODVKD\DLQGLFDGRSRUHVFULWRHOFDUJDGRUDQWHVGHGDUFRPLHQ]R
DOHPEDUTXHVLHPSUHTXHODVH[SUHVDGDVPDUFDVHVWkQLPSUHVDVRSXHVWDVFODUDPHQWHHQFXDOTXLHURWUDIRUPDVREUHODFRVDQRHPEDODGDRHQ
ODVFDMDVRHPEDODMHVTXHODFRQWHQJDQGHPDQHUDTXHSHUPDQH]FDQQRUPDOPHQWHOHJLEOHVKDVWDHOWkUPLQRGHOYLDMH
(OQoPHURODFDQWLGDGRHOSHVRHQVXFDVRGHEXOWRVRSLH]DVFRQIRUPHDODVLQGLFDFLRQHVGHOFDUJDGRU
(OHVWDGR\FRQGLFLnQDSDUHQWHGHODVPHUFDQFlDV\
/XJDU\IHFKDHQTXHVHH[SLGHHOFRQRFLPLHQWR
$57f&8/2(;3(',&,h1'((-(03/$5(6'(/&212&,0,(172'((0%$548((OFRQRFLPLHQWRVHH[SHGLUjSRUORPHQRVHQGRV
HMHPSODUHVXQRGHkVWRVqUPDGRSRUHOWUDQVSRUWDGRUVHUjQHJRFLDEOH\VHHQWUHJDUjDOFDUJDGRU(ORWURHMHPSODUqUPDGRSRUHOFDUJDGRUR
VXUHSUHVHQWDQWHTXHGDUjHQSRGHUGHOWUDQVSRUWDGRURGHVXUHSUHVHQWDQWH(VWHHMHPSODUQRVHUjQHJRFLDEOH\DVlVHLQGLFDUjHQkO
$57f&8/2&2167$1&,$'(/$60(5&$1&f$6(0%$5&$'$6(PEDUFDGDVODVPHUFDGHUlDVVHSRQGUjHQHOFRQRFLPLHQWRDVROLFLWXGGHO
FDUJDGRUXQVHOORHVWDPSLOODRFRQVWDQFLDTXHGLJDHPEDUFDGRFRQWUDGHYROXFLnQGHFXDOTXLHUGRFXPHQWRTXHHOFDUJDGRUKD\DUHFLELGRDQWHV
\TXHGkGHUHFKRDGLFKDVFRVDV
$57f&8/25(&,%2'(0(5&$'(5,$6$17(6'(/(0%$548(&XDQGRVHKD\DGDGRDOUHPLWHQWHDQWHVGHOHPEDUTXHXQUHFLERGHODV
PHUFDGHUlDVWDOUHFLERVHUjFDPELDGRGHVSXkVGHOHPEDUTXHDVROLFLWXGGHOFDUJDGRUSRUHOFRQRFLPLHQWRUHVSHFWLYR(OWUDQVSRUWDGRURHO
FDSLWjQSRGUjQQHJDUVHDHQWUHJDUHOFRQRFLPLHQWRPLHQWUDVQROHVHDGHYXHOWRHOPHQFLRQDGRUHFLER3HURVLHOFDUJDGRUORH[LJHHO
WUDQVSRUWDGRURHOFDSLWjQSRQGUjHQGLFKRUHFLERODDQRWDFLnQHPEDUFDGRHOQRPEUHRQRPEUHVGHODVQDYHVHQTXHODVFRVDVKD\DQVLGR
FDUJDGDV\ODIHFKDGHOHPEDUTXH6LHOUHIHULGRGRFXPHQWRUHoQHWRGRVORVUHTXLVLWRVGHOFRQRFLPLHQWRVHUjFRQVLGHUDGRFRPRHTXLYDOHQWHD
kVWHFRQODFRQVWDQFLDHPEDUFDGR
5HXQLHQGRHOGRFXPHQWRHQWUHJDGRHQSULPHUOXJDUDOFDUJDGRUORVUHTXLVLWRVH[LJLGRVHQHODUWlFXORVHUjIDFXOWDWLYRGHOWUDQVSRUWDGRUR
GHOFDSLWjQSRQHUVREUHkOHQHOSXHUWRGHOHPEDUTXHODVDQWHGLFKDVHVSHFLqFDFLRQHVTXHGDQGRDVlFXPSOLGDVXREOLJDFLnQGHH[SHGLUHO
FRQRFLPLHQWR
$57f&8/235(681&,h1'(/$)(&+$'(5(&,%26LHQHOFRQRFLPLHQWRQRDSDUHFHLQGLFDGDODIHFKDGHUHFLERGHODVPHUFDGHUlDVVH
SUHVXPLUjFRPRWDOODGHVXHPEDUTXH
6LHQHOFRQRFLPLHQWRQRDSDUHFHLQGLFDGDODIHFKDGHFDUJXHVHSUHVXPLUjTXHkVWDHVODGHHPLVLnQGHOGRFXPHQWR
$57f&8/2'(5(&+26'(/7(1('25'(/25,*,1$/'(/&212&,0,(172'((0%$548(
(OWHQHGRUHQOHJDOIRUPDGHORULJLQDOGHOFRQRFLPLHQWRWHQGUjGHUHFKRDODHQWUHJDGHODVPHUFDGHUlDVWUDQVSRUWDGDV1RREVWDQWHHO
WUDQVSRUWDGRURHOFDSLWjQSRGUjDFHSWDUnUGHQHVGHHQWUHJDSDUFLDOHVVXVFULWDVSRUGLFKRWHQHGRU
7DOHVnUGHQHVVHUjQREOLJDWRULDVHQODVUHODFLRQHVHQWUHHOWHQHGRUGHODRUGHQ\HOWUDQVSRUWDGRURHOFDSLWjQFXDQGRkVWRVKD\DQqUPDGRVX
DFHSWDFLnQDOGRUVR<HQODVUHODFLRQHVHQWUHHORUGHQDGRU\HOWUDQVSRUWDGRURHOFDSLWjQVHUjQLJXDOPHQWHREOLJDWRULDVFXDQGRkVWRVVHKD\DQ
REOLJDGRSDUDFRQDTXkODDFHSWDUODVRDFXPSOLUODV3HURHQDPERVFDVRVWDQWRHOWUDQVSRUWDGRUFRPRHOFDSLWjQWHQGUjQGHUHFKRDH[LJLUTXH
SUHYLDPHQWHVHOHVSUHVHQWHHORULJLQDOQHJRFLDEOHGHOFRQRFLPLHQWRSDUDDQRWDUODUHVSHFWLYDHQWUHJD
(OFRQRFLPLHQWRVnORSRGUjVHUQHJRFLDEOHSRUODSDUWHUHVWDQWHGHGXFLGDVODVnUGHQHVSDUFLDOHVGHHQWUHJDDQRWDGDVHQkO
(OWUDQVSRUWDGRU\HOFDSLWjQWHQGUjQGHUHFKRDTXHHOWHQHGRUGHOFRQRFLPLHQWROHVGHYXHOYDHOHMHPSODUQHJRFLDEOHGHELGDPHQWHFDQFHODGR
XQDYH]TXHODVPHUFDGHUlDVKD\DQVLGRWRWDOPHQWHUHWLUDGDV
$57f&8/25(63216$%,/,'$''(/75$163257$'253259$/25'('(&/$5$&,h1'(0(5&$'(5,$(OWUDQVSRUWDGRUVHUjUHVSRQVDEOHGH
ODVSkUGLGDVRGDmRVFDXVDGRVDODVPHUFDGHUlDVFRQDUUHJORDOYDORUTXHHOFDUJDGRUKD\DGHFODUDGRSRUEXOWRVRXQLGDGVLHPSUHTXHGLFKD
GHFODUDFLnQFRQVWHHQHOFRQRFLPLHQWRGHHPEDUTXH\QRVHKD\DIRUPXODGRHQHOPLVPRODRSRUWXQDUHVHUYDSRUHOWUDQVSRUWDGRUVXDJHQWH
PDUlWLPRRHOFDSLWjQGHODQDYH3HURVLHOWUDQVSRUWDGRUSUXHEDTXHODVPHUFDGHUlDVWHQlDQXQYDORULQIHULRUDOGHFODUDGRVHOLPLWDUjDGLFKR
YDORUVXUHVSRQVDELOLGDG
$57f&8/2,1'(7(50,1$&,h1'(/9$/25'(/$60(5&$1&f$6(1/$'(&/$5$&,h15(63216$%,/,'$'&XDQGRHQODGHFODUDFLnQ
LQVHUWDHQHOFRQRFLPLHQWRQRKD\DGHWHUPLQDGRHOFDUJDGRUHOYDORUGHODVPHUFDGHUlDVSHURVlVXQDWXUDOH]D\HOWUDQVSRUWDGRUVXDJHQWH
PDUlWLPRRHOFDSLWjQGHOEXTXHQRKXELHUHQIRUPXODGRODRSRUWXQDUHVHUYDVREUHGLFKDGHFODUDFLnQVHDWHQGUjHOWUDQVSRUWDGRUSDUDOD
LQGHPQL]DFLnQDOSUHFLRGHGLFKDVPHUFDGHUlDVHQHOSXHUWRGHHPEDUTXH3HURHQHVWHFDVRSRGUjSDFWDUXQOlPLWHPj[LPRDVX
UHVSRQVDELOLGDG
6LODSkUGLGDVHGHEHDGRORRFXOSDJUDYHGHOWUDQVSRUWDGRURGHOFDSLWjQODUHVSRQVDELOLGDGVHUjSRUHOYDORUUHDOGHODFRVDVLQOLPLWDFLnQ
$GHPjVSDUDORVHIHFWRVGHOSUHVHQWHDUWlFXOR\GHODQWHULRUHOWUDQVSRUWDGRUGHEHUjLQGHPQL]DUDOFDUJDGRUORVGHPjVJDVWRVHQTXHkVWHKD\D
LQFXUULGRSRUUD]nQGHOWUDQVSRUWH
$57f&8/2&2167$1&,$(1(/&212&,0,(172'((0%$548('(/$6(67,38/$&,21(6<02',),&$&,21(67RGDVODVHVWLSXODFLRQHVGH
ODVSDUWHV\ODVPRGLqFDFLRQHVOlFLWDVGHODVQRUPDVOHJDOHVGHEHUjQKDFHUVHFRQVWDUHQHOFRQRFLPLHQWRGHHPEDUTXH
$57f&8/25(63216$%,/,'$''(/75$163257$'25325(0,6,h1'(&212&,0,(172'((0%$548(i1,&22',5(&72/D
UHVSRQVDELOLGDGGHOWUDQVSRUWDGRUPDUlWLPRFXDQGRVHHPLWDXQFRQRFLPLHQWRoQLFRRGLUHFWRVHUHJLUjSRUORVDUWlFXORV\
1RHPLWLkQGRVHFRQRFLPLHQWRoQLFRRGLUHFWRSRGUjHOWUDQVSRUWDGRUH[RQHUDUVHPHGLDQWHHVWLSXODFLnQH[SUHVDGHUHVSRQVDELOLGDGHQFXDQWR
DOWLHPSRDQWHULRUDOHPEDUTXHRSRVWHULRUDOGHVHPEDUTXHGHODFRVD
3HURVHUjUHVSRQVDEOHVLVHOHSUXHEDDOJXQDFXOSDHQHODFDHFLPLHQWRGHOGDmR
$57f&8/2',6&5(3$1&,$(175(',9(5626(-(03/$5(6'(&212&,0,(172'((0%$548((QFDVRGHGLVFUHSDQFLDHQWUHORVGLYHUVRV
HMHPSODUHVGHOFRQRFLPLHQWRODSDUWHTXHSUHVHQWHXQHMHPSODUTXHODRWUDUHFRQR]FDKDEHUqUPDGRRHVFULWRTXHGDUjH[HQWDGHSUREDUVX
H[DFWLWXG\ODVREOLJDFLRQHVFRQWHQLGDVHQkODFDUJRGHODSDUWHVXVFULSWRUDVHUjQWHQLGDVSRUYHUGDGHUDVFRUUHVSRQGLHQGRDOTXHDOHJXHOD
DOWHUDFLnQGHOFRQRFLPLHQWRRODIDOVHGDGGHVXFRQWHQLGRGHPRVWUDUHOKHFKR
(QLJXDOGDGGHFLUFXQVWDQFLDVHOMXH]GHFLGLUjGHDFXHUGRFRQORVGHPjVHOHPHQWRVGHMXLFLRGHTXHGLVSRQJD
$57f&8/2',9(5*(1&,$(175(&212&,0,(172'((0%$548(<3h/,=$'()/(7$0(172(QFDVRGHGLYHUJHQFLDHQWUHXQFRQRFLPLHQWR
GHHPEDUTXH\XQDSnOL]DGHrHWDPHQWRSUHYDOHFHUjDTXkO
$57f&8/268-(&,h1'(&212&,0,(172'((0%$548($/(<(63267(5,25(6$68(;3(',&,h13RGUjDFODUDUVHTXHHOFRQRFLPLHQWRVH
VXMHWDUjWDPELkQDODVOH\HVSRVWHULRUHVDOPRPHQWRGHVXH[SHGLFLnQ
$57f&8/2$3/,&$&,h1'(1250$6*(1(5$/(6$/&212&,0,(172'((0%$548($OWUDQVSRUWHEDMRFRQRFLPLHQWRVHDSOLFDUjQODV
QRUPDVGHOD6HFFLnQ,GHHVWH&DSlWXORHQFXDQWRQRSXJQHQFRQODVHVSHFLDOHVFRQWHQLGDVHQHVWD6HFFLnQ
$57f&8/21250$6$3/,&$%/(6$/$3h/,=$'()/(7$0(172/DVQRUPDVGHHVWD6HFFLnQVHDSOLFDUjQDODSnOL]DGHrHWDPHQWR1R
REVWDQWHVLHQHOFDVRGHWUDQVSRUWHUHJLGRSRUSnOL]DGHrHWDPHQWRVHH[SLGHQFRQRFLPLHQWRVHVWRVTXHGDUjQVRPHWLGRVDODVDQWHULRUHV
GLVSRVLFLRQHV
6(&&,h1,,,
75$163257($&$5*$727$/23$5&,$/
$57f&8/25(*/$6*(1(5$/(662%5((/75$163257('(&26$66LQSHUMXLFLRGHORGLVSXHVWRHQHVWD6HFFLnQVHDSOLFDUjQODVUHJODV
JHQHUDOHVVREUHWUDQVSRUWHGHFRVDVFXDQGRHOWUDQVSRUWDGRUVHKD\DREOLJDGRDHQWUHJDUHQGHWHUPLQDGROXJDUXQFDUJDPHQWRFDOFXODGRVREUH
ODFDSDFLGDGWRWDORSDUFLDOGHXQDQDYHHVSHFLqFDGD
6DOYRSDFWRH[SUHVRHQFRQWUDULRHOWUDQVSRUWDGRUQRSRGUjVXVWLWXLUODQDYHGHVLJQDGD
$57f&8/2(63$&,26,17(5126'(/$1$9(1287,/,=$%/(63$5$/$&$5*$1RHVWDUjQGHVWLQDGRVDOWUDQVSRUWHORVHVSDFLRVLQWHUQRV
GHODQDYHTXHQRUPDOPHQWHQRVHDQXWLOL]DEOHVSDUDODFDUJDVDOYRH[SUHVRFRQVHQWLPLHQWRGHOWUDQVSRUWDGRU\TXHQRVHRSRQJDQDHOOR
UD]RQHVGHVHJXULGDGSDUDODQDYHJDFLnQ
$57f&8/2,1'(7(50,1$&,h1'(/8*$5'($1&/$-(2$0$55(6LHQHOFRQWUDWRQRVHGHWHUPLQDHOOXJDUGHDQFODMHRDPDUUHSRGUj
SHGLUHOFDUJDGRUTXHODQDYHVHDFRQGXFLGDDOOXJDUSRUkOGHVLJQDGRVLHPSUHTXHQRKD\DRUGHQFRQWUDULDGHOFDSLWjQGHOSXHUWR
6LHOFDUJDGRUQRGHVLJQDRSRUWXQDPHQWHGLFKROXJDUODQDYHVHUjFRQGXFLGDDOGHVWLQRKDELWXDO\QRVLHQGRHVWRSRVLEOHHOFDSLWjQODGLULJLUjDO
OXJDUTXHPHMRUFRQVXOWHORVLQWHUHVHVGHOFDUJDGRU
$57f&8/2(175(*$<5(&,%2'(&26$6%$-2$3$5(-26DOYRSDFWRUHJODPHQWRRFRVWXPEUHHQFRQWUDULRHOWUDQVSRUWDGRUUHFLELUj\
HQWUHJDUjODVFRVDVEDMRDSDUHMR
$57f&8/2'(&/$5$&,h1,1(;$&7$'(/75$163257$'2562%5(&$3$&,'$''(/$1$9((OWUDQVSRUWDGRUTXHKD\DGHFODUDGRXQD
FDSDFLGDGPD\RURPHQRUGHODTXHHIHFWLYDPHQWHWHQJDODQDYHHVWDUjREOLJDGRDUHVDUFLUORVGDmRVFDXVDGRVVLHPSUHTXHODGLIHUHQFLD
H[FHGDGHXQDYLJkVLPDSDUWH
$57f&8/2),-$&,h1'(7e50,12'((67$'f$3$5$&$5*8(2'(6&$5*8((OWkUPLQRGHHVWDGlDVDOYRSDFWRUHJODPHQWRRFRVWXPEUH
HQFRQWUDULRVHUjqMDGRSRUHOFDSLWjQGHOSXHUWRWHQLHQGRHQFXHQWDORVPHGLRVGLVSRQLEOHVHQHOOXJDUGHFDUJXHRGHVFDUJXHODHVWUXFWXUDGH
ODQDYHODQDWXUDOH]DGHOFDUJDPHQWR
7DOWkUPLQRVHUjFRPXQLFDGRRSRUWXQDPHQWHDTXLHQGHEDHQWUHJDURUHFLELUODVFRVDV
'HGLFKRWkUPLQRVHGHVFRQWDUjQORVGlDVHQTXHODVRSHUDFLRQHVVHDQLQWHUUXPSLGDVRLPSHGLGDVSRUFDXVDQRLPSXWDEOHDOFDUJDGRUR
GHVWLQDWDULR
$57f&8/2',$6'((67$'f$&217$'26'(6'((/$9,6248(/$1$9((67$/,67$/RVGlDVGHHVWDGlDSDUDHOFDUJXHRSDUDHOGHVFDUJXH
FRPHQ]DUjQDFRUUHUVDOYRSDFWRUHJODPHQWRRFRVWXPEUHORFDOHQFRQWUDULRGHVGHTXHDOFDUJDGRURDTXLHQGHEDUHFLELUODVPHUFDQFlDVVHGk
DYLVRGHTXHODQDYHHVWjOLVWDSDUDFDUJDURGHVFDUJDU
$57f&8/27e50,12'(62%5(67$'f$6DOYRSDFWRUHJODPHQWRRFRVWXPEUHORFDOHQFRQWUDULRHOWkUPLQRGHVREUHHVWDGlDVHUjGHWDQWRV
GlDVGHFDOHQGDULRFXDQWRVKD\DQVLGRORVODERUDEOHVGHHVWDGlD\FRUUHUjDSDUWLUGHODWHUPLQDFLnQGHkVWD
$57f&8/2(;3,5$&,h1'(7e50,12'((67$'f$3$5$&$5*8(&$8&,h16LDODH[SLUDFLnQGHOWkUPLQRGHHVWDGlDSDUDHOFDUJXHQRKD
VLGRHPEDUFDGDSRUFDXVDLPSXWDEOHDOFDUJDGRUXQDFDQWLGDGVXqFLHQWHSDUDJDUDQWL]DUORTXHkVWHGHEDDOWUDQVSRUWDGRUHOFDSLWjQGHOD
QDYHSXHGHQHJDUVHDHVSHUDUHOWkUPLQRGHVREUHHVWDGlDDPHQRVTXHVHOHRWRUJXHFDXFLnQVXqFLHQWHSDUDUHVSRQGHUGHOGkELWR
$57f&8/2&20387$&,h1'(/$&203(16$&,h132562%5(67$'f$/DFRPSHQVDFLnQSRUVREUHHVWDGlDVHFRPSXWDUjHQUD]nQGHKRUDV
\GlDVFRQVHFXWLYRV\VHUjSDJDGDGlDSRUGlD
(QGHIHFWRGHHVWLSXODFLnQVHqMDUjODWDVDGHVREUHHVWDGlDHQSURSRUFLnQDODFDSDFLGDGGHODQDYHVHJoQODFRVWXPEUH
$57f&8/26863(16,h12,03(',0(172'(23(5$&,21(6'(&$5*8(2'(6&$5*8(62%5(35(&,2&XDQGRODVRSHUDFLRQHVGHFDUJXH
RGHVFDUJXHKD\DQVLGRVXVSHQGLGDVRLPSHGLGDVSRUFDXVDQRLPSXWDEOHDOFDUJDGRURDOGHVWLQDWDULRHQYH]GHFRPSHQVDFLnQSRUVREUH
HVWDGlDVHGHEHUjXQVREUHSUHFLRGHWHUPLQDGRHQSURSRUFLnQDOrHWH
$57f&8/2(;3,5$&,h1'(/7e50,12'(62%5(67$'f$3$5$(/&$5*8(([SLUDGRHOWkUPLQRGHVREUHHVWDGlDSDUDHOFDUJXHHOFDSLWjQ
SUHYLRDYLVRGDGRFRQGRFHKRUDVGHDQWLFLSDFLnQWHQGUjODIDFXOWDGGH]DUSDUVLQHVSHUDUHOFDUJXHRVXWHUPLQDFLnQ\HOFDUJDGRUGHEHUj
VLHPSUHHOrHWH\ODFRPSHQVDFLnQSRUVREUHHVWDGlD
(QFDVRGHQRKDFHUXVRGHHVWDIDFXOWDGSRGUjDFRUGDUFRQHOFDUJDGRUXQDFRQWUDHVWDGlDSRUODFXDOWHQGUjGHUHFKRDOVREUHSUHFLRHVWLSXODGR
\HQVXGHIHFWRDOqMDGRSRUHOUHJODPHQWRRSRUODFRVWXPEUH
$IDOWDGHRWURPHGLRGHUHJXODFLnQODFRPSHQVDFLnQVHUjODGHVREUHHVWDGlDDXPHQWDGDHQXQDPLWDG
$57f&8/2&203(16$&,h1325(;3,5$&,h1'(7e50,12'(&2175$(67$'f$<62%5(67$'f$([SLUDGRHOWkUPLQRGHHVWDGlDSDUDHO
GHVFDUJXHVLQTXHkVWHVHKD\DFRPSOHWDGRVHGHEHUjODFRPSHQVDFLnQGHVREUHBHVWDGlDHQORVWkUPLQRVGHODUWlFXORDQWHULRU
9HQFLGRHOWkUPLQRGHVREUHHVWDGlDVHGHEHUjODFRPSHQVDFLnQGHFRQWUDHVWDGlDHQORVWkUPLQRVGHODUWlFXORSUHFHGHQWH
$57f&8/2&203(16$&,h1'(62%5(67$'f$2&2175$(67$'f$2%/,*$'26/DFRPSHQVDFLnQGHVREUHHVWDGlDRGHFRQWUDHVWDGlD
HVWDUjDFDUJRGHTXLHQODFDXVH
7f78/2;
'(/)/(7$0(172
$57f&8/2'(),1,&,h1'()/(7$0(172(OrHWDPHQWRHVXQFRQWUDWRSRUHOFXDOHODUPDGRUVHREOLJDDFDPELRGHXQDSUHVWDFLnQD
FXPSOLUFRQXQDQDYHGHWHUPLQDGDXQRRPjVYLDMHVSUHHVWDEOHFLGRVRORVYLDMHVTXHGHQWURGHOSOD]RFRQYHQLGRRUGHQHHOrHWDGRUHQODV
FRQGLFLRQHVTXHHOFRQWUDWRRODFRVWXPEUHHVWDEOH]FDQ
$57f&8/2358(%$(6&5,7$'(/&2175$72'()/(7$0(172&217(1,'2(VWHFRQWUDWRVHSUREDUjSRUHVFULWR\HQkOGHEHUjQFRQVWDU
/RVHOHPHQWRVGHLQGLYLGXDOL]DFLnQ\HOGHVSOD]DPLHQWRGHODQDYH
(OQRPEUHGHOrHWDQWH\GHOrHWDGRU
(OSUHFLRGHOrHWH\
/DGXUDFLnQGHOFRQWUDWRRODLQGLFDFLnQGHORVYLDMHVTXHGHEHQHIHFWXDUVH
3$5d*5$)2/DSUXHEDHVFULWDQRVHUjQHFHVDULDFXDQGRVHWUDWHGHHPEDUFDFLRQHVPHQRUHV
$57f&8/22%/,*$&,21(6<5(63216$%,/,'$''(/)/(7$17($17(6'(/=$53((OrHWDQWHHVWDUjREOLJDGRDQWHVGHO]DUSHDSRQHUOD
QDYHHQHVWDGRGHQDYHJDELOLGDGSDUDHOFXPSOLPLHQWRGHOYLDMHDDUPDUOD\HTXLSDUODFRQYHQLHQWHPHQWH\DSURYHHUODGHORVGRFXPHQWRVGH
ULJRU
(OrHWDQWHVHUjUHVSRQVDEOHGHORVGDmRVGHULYDGRVGHOPDOHVWDGRGHOEXTXHSDUDQDYHJDUDPHQRVTXHSUXHEHTXHVHWUDWDGHXQYLFLRRFXOWR
VXVFHSWLEOHGHHVFDSDUDXQDUD]RQDEOHGLOLJHQFLD
$57f&8/22%/,*$&,21(6'(/)/(7$'256LHOrHWDPHQWRHVSRUWLHPSRGHWHUPLQDGRVHUjGHFDUJRGHOrHWDGRUHODSURYLVLRQDPLHQWRGH
FRPEXVWLEOHDJXD\OXEULFDQWHVQHFHVDULRVSDUDHOIXQFLRQDPLHQWRGHORVPRWRUHV\GHODVSODQWDVDX[LOLDUHVGHDERUGR\ODVH[SHQVDV
LQKHUHQWHVDOHPSOHRFRPHUFLDOGHODQDYHLQFOXLGDVODVWDVDVGHDQFODMHFDQDOL]DFLnQ\RWUDVVHPHMDQWHV
$57f&8/22%/,*$&,21(6'(/)/(7$17(3257,(032'(7(50,1$'2'('85$&,h1(OrHWDQWHSRUWLHPSRGHWHUPLQDGRQRHVWDUj
REOLJDGRDHPSUHQGHUXQYLDMHHQTXHVHH[SRQJDDODQDYHRDODVSHUVRQDVDXQSHOLJURQRSUHYLVLEOHDOPRPHQWRGHODFHOHEUDFLnQGHO
FRQWUDWR'HOPLVPRPRGRQRHVWDUjREOLJDGRDHPSUHQGHUXQYLDMHFX\DGXUDFLnQSUHYLVLEOHH[FHGDFRQVLGHUDEOHPHQWHHQUHODFLnQFRQOD
GXUDFLnQGHOFRQWUDWRDOWkUPLQRGHkVWH
6DOYRHOFDVRGHIXHU]DPD\RUHOH[FHVRVREUHODGXUDFLnQGHOFRQWUDWRLPSRQGUjDOrHWDGRUODREOLJDFLnQGHSDJDUXQrHWHDGLFLRQDOFDOFXODGR
HQSURSRUFLnQDOSUHFLRGHOFRQWUDWR
$57f&8/2(;&(62(1/$'85$&,h1'(/i/7,029,$-(6LSRUKHFKRGHOrHWDGRUODGXUDFLnQGHOoOWLPRYLDMHH[FHGHDOWkUPLQRGHO
FRQWUDWRSRUHOSHUlRGRGHH[FHVRVHGHEHUjXQSUHFLRLJXDODOGREOHGHOrHWHRUGLQDULRFRUUHVSRQGLHQWHDGLFKRSHUlRGRHQSURSRUFLnQDOD
GXUDFLnQGHOFRQWUDWR
$57f&8/23$*2'()/(7$0(1723257,(032'(7(50,1$'2(QHOrHWDPHQWRSRUWLHPSRGHWHUPLQDGRHOSUHFLRVHSDJDUjSRU
PHQVXDOLGDGHVDQWLFLSDGDVVDOYRHVWLSXODFLnQRFRVWXPEUHHQFRQWUDULR
$57f&8/2,03(',0(1723$5$(/862'(/$1$9((QFDVRGHTXHHQHOrHWDPHQWRSRUWLHPSRGHWHUPLQDGRVHDLPSRVLEOHXWLOL]DUOD
QDYHSRUFDXVDQRLPSXWDEOHDOrHWDGRUkVWHQRGHEHUjHOSUHFLRGXUDQWHHOWLHPSRGHOLPSHGLPHQWR
1RREVWDQWHHQFDVRGHGHPRUDSRUULHVJRGHPDURSRUDFFLGHQWHLPSUHYLVWRGHODFDUJDRSRURUGHQGHDXWRULGDGQDFLRQDORH[WUDQMHUDVH
GHEHUjHOrHWHGXUDQWHHOWLHPSRTXHGXUHHOLPSHGLPHQWRFRQGHGXFFLnQGHORVJDVWRVDKRUUDGRVSRUHOrHWDQWHDFRQVHFXHQFLDGHODQR
XWLOL]DFLnQGHODQDYH
/RGLVSXHVWRHQHOLQFLVRDQWHULRUQRVHDSOLFDUjDOWLHPSRHQTXHODQDYHHVWkVRPHWLGDDUHSDUDFLRQHV
$57f&8/23e5','$'(/$1$9(35(&,2'(/)/(7(6DOYRTXHHQHOFRQWUDWRVHGLVSRQJDRWUDFRVDHQFDVRGHSkUGLGDGHODQDYHHO
SUHFLRGHOrHWHSRUWLHPSRGHWHUPLQDGRVHGHEHUjKDVWDHOGlDGHODSkUGLGD
$57f&8/22%(',(1&,$'(/&$3,7d1(1(/&803/,0,(172'(,16758&&,21(6'(/)/(7$'25(OFDSLWjQGHEHUjREHGHFHUGHQWURGHORV
OlPLWHVHVWLSXODGRVHQHOFRQWUDWRODVLQVWUXFFLRQHVGHOrHWDGRUVREUHHOHPSOHRFRPHUFLDOGHODQDYH\KDFHUHQWUHJDGHORVFRQRFLPLHQWRVGH
HPEDUTXHHQODVFRQGLFLRQHVTXHkVWHOHLQGLTXH
$57f&8/25(63216$%,/,'$''(/)/(7$'2548(&('$(/&2175$72268%)/(7((OrHWDGRUTXHFHGDHOFRQWUDWRRVXErHWHHQWRGRR
HQSDUWHFRQWLQXDUjVLHQGRUHVSRQVDEOHGHODVREOLJDFLRQHVFRQWUDlGDVSDUDFRQHOrHWDQWH
$57f&8/235(6&5,3&,h1'($&&,21(6'(5,9$'$6'(/&2175$72'()/(7$0(172
/DVDFFLRQHVGHULYDGDVGHOFRQWUDWRGHrHWDPHQWRSUHVFULELUjQHQHOODSVRGHXQDmR
(VWHWkUPLQRVHFRQWDUjHQHOrHWDPHQWRSRUWLHPSRGHWHUPLQDGRGHVGHHOYHQFLPLHQWRGHOFRQWUDWRRGHVGHHOoOWLPRYLDMHHQFDVRGHTXH
kVWHVHSURUURJXHPjVDOOjGHGLFKRYHQFLPLHQWR(QHOrHWDPHQWRSRUYLDMHHOWkUPLQRGHODSUHVFULSFLnQFRUUHUjGHVGHTXHHOYLDMHKD\D
WHUPLQDGR
(QFDVRGHLPSHGLPHQWRSDUDLQLFLDURFXPSOLUHOYLDMHODSUHVFULSFLnQFRPHQ]DUjDFRUUHUGHVGHHOGlDHQTXHKD\DRFXUULGRHOVXFHVRTXHKL]R
LPSRVLEOHODHMHFXFLnQGHOFRQWUDWRRODFRQWLQXDFLnQGHOYLDMH
(QFDVRGHSkUGLGDSUHVXQWDGHODQDYHHOWkUPLQRGHODSUHVFULSFLnQFRUUHUjGHVGHODIHFKDHQTXHVHDFDQFHODGDODPDWUlFXOD
7f78/2;,
'(/$55(1'$0,(172'(/$61$9(6
$57f&8/2358(%$'(/&2175$72'($55(1'$0,(172'(1$9(62%-(72+DEUjDUUHQGDPLHQWRFXDQGRXQDGHODVSDUWHVVHREOLJDD
HQWUHJDUDODRWUDDFDPELRGHXQSUHFLRHOXVR\JRFHGHXQDQDYHSRUWLHPSRGHWHUPLQDGR
(VWHFRQWUDWRVHSUREDUjSRUHVFULWRVDOYRTXHVHWUDWHGHHPEDUFDFLRQHVPHQRUHV
$57f&8/2352+,%,&,21(6'(68%$55,(1'2<&(6,h1'(1$9(6(ODUUHQGDWDULRQRSRGUjVXEDUUHQGDURFHGHUHQIRUPDDOJXQDHO
FRQWUDWRVLQDXWRUL]DFLnQGHODUUHQGDGRU
(OVXEDUUHQGDPLHQWRVHVXMHWDUjDORSUHVFULWRHQHODUWlFXORDQWHULRU
$57f&8/22%/,*$&,21(6'(/$55(1'$'25'(1$9((ODUUHQGDGRUHVWDUjREOLJDGRDHQWUHJDUODQDYHFRQWRGRVVXVDFFHVRULRVHQ
HVWDGRGHQDYHJDELOLGDG\SURYLVWDGHORVGRFXPHQWRVQHFHVDULRV\DSURYHHURSRUWXQDPHQWHDWRGDVODVUHSDUDFLRQHVGHELGDVDIXHU]DPD\RUR
DGHWHULRURSRUHOXVRQRUPDOGHODQDYHVHJoQHOHPSOHRFRQYHQLGR
$57f&8/25(63216$%,/,'$''(/$55(1'$'25325'$g26'(5,9$'26'('()(&726'(/$1$9((ODUUHQGDGRUVHUjUHVSRQVDEOHGH
ORVGDmRVGHULYDGRVGHGHIHFWRVGHQDYHJDELOLGDGDPHQRVTXHSUXHEHTXHVHGHEHQDYLFLRRFXOWRVXVFHSWLEOHGHHVFDSDUDXQDUD]RQDEOH
GLOLJHQFLD
$57f&8/2&$/,'$''($50$'25'(/$55(1'$7$5,2(ODUUHQGDWDULRWHQGUjODFDOLGDGGHDUPDGRU\FRPRWDOORVGHUHFKRV\
REOLJDFLRQHVGHkVWH
$57f&8/22%/,*$&,h1'(87,/,=$5/$1$9(6(*i1/$6&$5$&7(5f67,&$67e&1,&$6(ODUUHQGDWDULRHVWDUjREOLJDGRDXWLOL]DUODQDYH
VHJoQODVFDUDFWHUlVWLFDVWkFQLFDVGHODPLVPDGHDFXHUGRFRQORVGRFXPHQWRVH[SHGLGRVSRUODDXWRULGDGPDUlWLPDQDFLRQDO\GHFRQIRUPLGDG
FRQHOHPSOHRFRQYHQLGRHQHOFRQWUDWR
/DYLRODFLnQGHORGLVSXHVWRHQHVWHDUWlFXORGDUjGHUHFKRDODUUHQGDGRUSDUDGHFODUDUWHUPLQDGRHOFRQWUDWR\H[LJLUGHODUUHQGDWDULROD
LQGHPQL]DFLnQGHORVSHUMXLFLRVTXHOHKD\DFDXVDGR
$57f&8/2*$6726$&$5*2'(/$55(1'$7$5,2'(/$1$9(6HUjQGHFDUJRGHODUUHQGDWDULRHODSURYLVLRQDPLHQWRGHODQDYH\ORV
JDVWRV\UHSDUDFLRQHVGLVWLQWRVGHORVPHQFLRQDGRVHQHODUWlFXORTXHRFDVLRQHHOHPSOHRGHODPLVPDHQHOXVRSUHYLVWRHQHOFRQWUDWR
(VWDUjREOLJDGRDGHPjVDUHSDUDUORVGHWHULRURV\GDmRVFDXVDGRVSRUHOXVRDQRUPDORLQGHELGRGHODQDYH
$57f&8/235h552*$'(/&2175$726,(/$55(1'$7$5,2&217,18$&21/$1$9((16832'(56DOYRH[SUHVRFRQVHQWLPLHQWRGHO
DUPDGRUHOFRQWUDWRQRVHFRQVLGHUDUjSURUURJDGRVLDVXYHQFLPLHQWRHODUUHQGDWDULRFRQWLQoDFRQODQDYHHQVXSRGHU3HURVLHOFRQWUDWR
WHUPLQDPLHQWUDVODQDYHHVWjHQYLDMHVHWHQGUjSRUSURUURJDGRKDVWDODWHUPLQDFLnQGHkVWH
6LHODUUHQGDWDULRFRQWLQoDGHKHFKRFRQODWHQHQFLDGHODQDYHVHJXLUjFRQVLGHUjQGRVHFRPRH[SORWDGRUSDUDWRGRVORVHIHFWRVOHJDOHV'XUDQWH
ODWHQHQFLDGHKHFKRHODUUHQGDWDULRGHEHUjSDJDUDODUUHQGDGRUODVXPDHVWLSXODGDHQHOFRQWUDWRDXPHQWDGDHQXQHVWDUjDGHPjV
REOLJDGRDFRQVHUYDUGHELGDPHQWHODFRVDVLQTXHSRUHOORFHVHVXREOLJDFLnQGHUHVWLWXLU
6LWDOH[FHVRHVVXSHULRUDODWHUFHUDSDUWHGHOWLHPSRSUHYLVWRSDUDODGXUDFLnQGHOFRQWUDWRHODUUHQGDWDULRGHEHUjLQGHPQL]DUOHWRGRVORV
SHUMXLFLRV
$57f&8/27(50,1$&,h1'(/&2175$72'85$17((/9,$-(35h552*$6LHOFRQWUDWRWHUPLQDPLHQWUDVODQDYHHVWjHQYLDMHHO
DUUHQGDPLHQWRVHHQWLHQGHSURUURJDGRHQODVPLVPDVFRQGLFLRQHVSDFWDGDVKDVWDODWHUPLQDFLnQGHOYLDMHH[FHSWRFXDQGRHOORVHGHEDDFXOSD
GHODUUHQGDWDULRFDVRHQHOFXDOVHDSOLFDORGLVSXHVWRHQHODUWlFXORDQWHULRU
$57f&8/235(6&5,3&,h1'($&&,h1'(5,9$'$'(/&2175$72'(9,$-(/DVDFFLRQHVGHULYDGDVGHHVWHFRQWUDWRSUHVFULELUjQHQXQDmR
FRQWDGRGHVGHVXWHUPLQDFLnQRHQHOFDVRSUHYLVWRHQHODUWlFXORGHVGHODUHVWLWXFLnQGHODQDYH(QFDVRGHSkUGLGDSUHVXQWDGHODQDYH
ODSUHVFULSFLnQFRUUHUjGHVGHODIHFKDGHFDQFHODFLnQGHODPDWUlFXOD
7f78/2;,,
'(/$6&2035$9(17$60$5f7,0$6
$57f&8/22%/,*$&,h1'(/9(1'('25$/'(6(0%$548((QWRGRVORVFDVRVHQTXHVHJoQODFRQYHQFLnQRODFRVWXPEUHODFRVDGHEH
VHUHQWUHJDGDDOGHVHPEDUTXHGHXQEXTXHHOYHQGHGRUTXHGDUjREOLJDGRDHIHFWXDUHOHPEDUTXHGHGLFKDFRVDHQHOSOD]RHVWLSXODGRRHQVX
GHIHFWRHQHOXVXDOHQHOSXHUWRGHHPEDUTXHRHQXQSOD]RSUXGHQFLDO
$57f&8/29(17$'(/$727$/,'$''(/27('(0(5&$1&f$6&XDQGRVHYHQGDODWRWDOLGDGGHXQORWHRFRQMXQWRGHPHUFDQFlDVTXH
WUDQVSRUWHXQEXTXHGHVLJQDGRRSRUGHVLJQDUHOFRQWUDWRHVWDUjVXMHWRDODFRQGLFLnQVXVSHQVLYDGHTXHODVPHUFDGHUlDVVHDQHPEDUFDGDVHQ
HOEXTXHGHWHUPLQDGR\OOHJXHQVDQDVDVXSXHUWRGHGHVWLQR
$57f&8/275$16)(5(1&,$'(/'20,1,2<'(/265,(6*26(1/$(175(*$'(/$&26$(QORVFDVRVGHTXHWUDWDQORVDUWlFXORV
DQWHULRUHVODWUDQVIHUHQFLDGHOGRPLQLR\GHORVULHVJRVVnORWHQGUjOXJDUDOPRPHQWRGHODHQWUHJDGHODFRVDDOFRPSUDGRURDVX
UHSUHVHQWDQWHHQHOOXJDUGHGHVHPEDUTXHGHODPLVPD
$57f&8/2'(6,*1$&,h1'(/$1$9((1/$9(17$$/'(60%$548(6DOYRSDFWRRFRVWXPEUHHQFRQWUDULRHQODVYHQWDVDOGHVHPEDUTXH
ODGHVLJQDFLnQGHOEXTXHFRUUHVSRQGHUjDOYHQGHGRU
$57f&8/22%/,*$&,21(6(1/$9(17$$/'(60%$548((QODYHQWDDOHPEDUTXHHOYHQGHGRUDVXPLUjODREOLJDFLnQGHHPEDUFDUODFRVD
HQHOSOD]RFRQYHQLGRRHQHOXVXDOHQHOSXHUWRGHHPEDUTXHVREUHXQRRPjVEDUFRVGHVXHOHFFLnQGHPRGRTXHHOYLDMHVHUHDOLFHHQIRUPD
UjSLGD\VHJXUD&XDQGRODHVSHFLqFDFLnQGHODFRVDQRWHQJDOXJDUPHGLDQWHODGHVLJQDFLnQGHOEXTXHTXHGHEDWUDQVSRUWDUODORVULHVJRVVHUjQ
GHFDUJRGHOYHQGHGRUKDVWDODHQWUHJDGHGLFKDFRVDDODqQDOL]DFLnQGHOGHVHPEDUTXH
$57f&8/22%/,*$&,21(6'(/9(1'('25(1/$9(17$)$6/,%5($/&267$'2&XDQGRVHYHQGD)$6OLEUHDOFRVWDGRVHHQWHQGHUj
TXHHOYHQGHGRUHVWjREOLJDGRDHQWUHJDUODFRVDOLVWDSDUDHOHPEDUTXHDOFRVWDGRGHOPHGLRGHWUDQVSRUWH\HQHOOXJDUqMDGRSRUORV
FRQWUDWDQWHVRHQHOPXHOOHRERGHJDGHVLJQDGRV
/RVJDVWRVKDVWDODHQWUHJDGHODFRVDHQODIRUPDSUHYLVWDHQHOLQFLVRDQWHULRUFRUUHVSRQGHUjQDOYHQGHGRU
$57f&8/275$16)(5(1&,$'(/$3523,('$'<5,(6*26(1/$9(17$)2%/,%5($%25'2&XDQGRVHYHQGD)%OLEUHDERUGROD
WUDQVIHUHQFLDGHODSURSLHGDG\GHORVULHVJRVGHODFRVDDOFRPSUDGRUWHQGUjOXJDUDOPRPHQWRGHVXHQWUHJDDERUGRGHOEXTXHRPHGLRGH
WUDQVSRUWHGHVLJQDGRSRUGLFKRFRPSUDGRU
$57f&8/22%/,*$&,21(6'(/9(1'('25(1/$9(17$)2%/,%5($%25'2(QODYHQWD)%HOYHQGHGRUHVWDUjREOLJDGR
$SRQHUODFRVDDERUGRGHOEXTXHRPHGLRGHWUDQVSRUWHLQGLFDGRHIHFWXDQGRSRUVXFXHQWDORVJDVWRVTXHVHDQQHFHVDULRVSDUDHOOR\
$SURFXUDUVHHOUHFLERXVXDORHOFRQRFLPLHQWROLPSLRGHHPEDUTXH\DHQWUHJDUORDOFRPSUDGRURDVXUHSUHVHQWDQWH
$57f&8/22%/,*$&,21(6'(/&2035$'25(1/$9(17$)2%/,%5($%25'2(QODYHQWD)2%HOFRPSUDGRUHVWDUjREOLJDGRDSDJDUHO
rHWHGHODFRVD\GHORVGHPjVJDVWRVGHVGHHOPRPHQWRGHODHQWUHJD\SRGUjUHFODPDUSRUORVGHIHFWRVGHFDOLGDGRFDQWLGDGGHQWURGHORV
QRYHQWDGlDVVLJXLHQWHVDOHPEDUTXH
(OMXH]SRGUjFRQFRQRFLPLHQWRGHFDXVDDPSOLDUHOSOD]RFXDQGRFLUFXQVWDQFLDVMXVWLqFDWLYDVLPSLGDQDOFRPSUDGRUFRQRFHUHOHVWDGRGHOD
FRVDGHQWURGHGLFKRWkUPLQR
$57f&8/29(17$&,)&26726(*852<)/(7(&XDQGRVHYHQGD&,)FRVWRVHJXUR\rHWHREDMRFXDOTXLHUDRWUDH[SUHVLnQ
HTXLYDOHQWHTXHLQGLTXHTXHHOSUHFLRGHODFRVDODFRPSUHQGHHOYDORUGHOVHJXUR\HOrHWHVHVHJXLUjQODVVLJXLHQWHVUHJODV
6HUjQGHFDUJRGHOYHQGHGRUORVFRVWRVGHDFDUUHRDFRQGLFLRQDPLHQWRHPEDODMHOLFHQFLDHLPSXHVWRVGHH[SRUWDFLnQHPEDUTXH\HQ
JHQHUDOWRGRVORVJDVWRVQHFHVDULRVSDUDGHMDUODFRVDGHELGDPHQWHHVWLEDGDDERUGRGHOPHGLRGHWUDQVSRUWHHOHJLGR
6HUjQGHFDUJRGHOYHQGHGRUHOVHJXUR\HOrHWHGHODFRVDKDVWDHOSXHUWRGHGHVWLQR
6DOYRHVWLSXODFLnQHQFRQWUDULRORVULHVJRVSDVDUjQDOFRPSUDGRUDSDUWLUGHOPRPHQWRHQTXHODFRVDKD\DVLGRHPEDUFDGDGHFRQIRUPLGDG
FRQORVXVRVORFDOHV
/DSURSLHGDGGHODFRVDVHWUDQVIHULUjPHGLDQWHODHQWUHJDGHOUHFLERXVXDORGHOFRQRFLPLHQWROLPSLRGHHPEDUTXHDOFRPSUDGRURDVX
UHSUHVHQWDQWH\
(OFRPSUDGRUSRGUjUHFODPDUSRUGHIHFWRVGHFDQWLGDGRGHFDOLGDGGHQWURGHORVQRYHQWDGlDVVLJXLHQWHVDOGHVHPEDUTXHGHODFRVDHQHO
OXJDUGHGHVWLQR
(VWHSOD]RSRGUjDPSOLDUVHFRPRVHSUHYLHQHHQHOLQFLVRRGHODUWlFXOR
$57f&8/2$&(37$&,h1'(25'(1(6'((175(*$325(/'(326,7$5,24XLHQVHDGHSRVLWDULRGHODFRVDQRHVWDUjREOLJDGRDDFHSWDU
nUGHQHVGHHQWUHJDDPHQRVTXHDVlVHKD\DHVWLSXODGRSHURDFHSWjQGRODVWHQGUjGHUHFKRDTXHVHOHGHYXHOYDGHELGDPHQWHFDQFHODGRHO
GRFXPHQWRGHGHSnVLWRHOFXDOVHUjVXVWLWXLGRSRUWlWXORVXnUGHQHVIUDFFLRQDULRV
$57f&8/23$*2&2175$(175(*$'(/&212&,0,(172'((0%$548(<27526'2&80(1726&XDQGRVHHVWLSXOHTXHHOSDJRGHO
SUHFLRVHKDUjFRQWUDHQWUHJDGHOFRQRFLPLHQWRGHHPEDUTXHVRORRDFRPSDmDGRGHRWURVGRFXPHQWRVHOFRPSUDGRUQRHVWjREOLJDGRD
UHFLELUORV\HIHFWXDUGLFKRSDJRVLQRDOVHUOHHQWUHJDGRVGHQWURGHOSOD]RHVWLSXODGRRXVXDO\HQGHIHFWRGHXQR\RWURHQXQRSUXGHQFLDO(O
YHQGHGRUGHEHUjLQGHPQL]DUORVSHUMXLFLRVTXHDOFRPSUDGRUFDXVHHOUHWDUGRHQODHQWUHJDGHORVGRFXPHQWRV
$57f&8/29(17$62%5('2&80(17262%/,*$&,21(6<5(63216$%,/,'$''(/9(1'('25(QODYHQWDVREUHGRFXPHQWRVHOQHJRFLR
MXUlGLFRYHUVDUjVREUHXQWlWXORGHFUkGLWR\QRVREUHODFRVDGLUHFWDPHQWH
(QHVWHFDVRHOYHQGHGRUFXPSOLUjVXVREOLJDFLRQHVPHGLDQWHODWUDQVIHUHQFLDGHORVGRFXPHQWRVHVWLSXODGRVRHQVXGHIHFWRGHORVXVXDOHV
SHURVHUjUHVSRQVDEOHGHOPDOHVWDGRGHODFRVDFXDQGRkVWHVHDDSDUHQWHRVLODFRVDHVGHFDOLGDGGLIHUHQWHDODHVSHFLqFDGDHQGLFKRV
GRFXPHQWRVRWLHQHYLFLRVRFXOWRV(VWDUHVSRQVDELOLGDGVHUHJLUjSRUORVDUWlFXORV\VLJXLHQWHVGHHVWH&nGLJR
(OYHQGHGRUVHUjUHVSRQVDEOHSRUORVGHIHFWRVGHFDQWLGDGFXDQGRODFRVDKD\DVLGRHPEDUFDGDHQFDQWLGDGPHQRUTXHODHVSHFLqFDGDHQORV
UHVSHFWLYRVGRFXPHQWRVRHQFDVRGHSkUGLGDDQWHULRUDODWUDQVIHUHQFLDGHOWlWXOR
(OFRPSUDGRUTXHGDUjREOLJDGRDOSDJRGHOSUHFLRHQORVWkUPLQRVGHODUWlFXORDQWHULRU
$57f&8/23$*2'(/35(&,2325,17(50(',2'(81%$1&2&XDQGRHOSDJRGHOSUHFLRGHEDKDFHUVHSRULQWHUPHGLRGHXQEDQFRHO
YHQGHGRUQRSRGUjUHSHWLUFRQWUDHOFRPSUDGRUVLQRGHVSXkVGHOUHFKD]RGHDTXHO\VLHPSUHTXHGLFKRYHQGHGRUKD\DSUHVHQWDGR
RSRUWXQDPHQWHORVGRFXPHQWRVH[LJLGRVSRUHOFRQWUDWRRHQGHIHFWRGHHVWLSXODFLnQORVDFHSWDGRVSRUODFRVWXPEUH
6LHOEDQFRKDDELHUWRXQFUkGLWRLUUHYRFDEOHVHHVWDUjDORGLVSXHVWRHQHO&DSlWXOR9,GHO7lWXOR;9,,GHO/LEUR,9
7f78/2;,,,
'(/6(*8520$5f7,02
&$3f78/2,
2%-(72'(/6(*8520$5f7,02
$57f&8/22%-(72'(/5(*,67520$5f7,025,(6*26,1+(5(17(66RQREMHWRGHOVHJXURPDUlWLPRWRGRVORVULHVJRVLQKHUHQWHVDOD
QDYHJDFLnQPDUlWLPD
(OFRQWUDWRGHVHJXURPDUlWLPRSRGUjKDFHUVHH[WHQVLYRDODSURWHFFLnQGHORVULHVJRVWHUUHVWUHVrXYLDOHVRDkUHRVDFFHVRULRVDXQDH[SHGLFLnQ
PDUlWLPD
$57f&8/2&$626'((;3(',&,h10$5f7,0$+DEUjH[SHGLFLnQPDUlWLPD
&XDQGRODQDYHODVPHUFDQFlDVRELHQHVTXHHQHOODVHWUDQVSRUWDQVHKDOOHQH[SXHVWRVDORVULHVJRVPDUlWLPRV
&XDQGRHOrHWHSDVDMHFRPLVLnQJDQDQFLDXRWUREHQHqFLRSHFXQLDULRRODJDUDQWlDSRUFXDOTXLHUSUkVWDPRDQWLFLSRRGHVHPEROVRVH
SXHGDQPDORJUDUSRUWDOHVULHVJRV\
&XDQGRHOSURSLHWDULRXRWUDSHUVRQDLQWHUHVDGDHQODSURSLHGDGDVHJXUDEOHRUHVSRQVDEOHGHVXFRQVHUYDFLnQSXHGDLQFXUULUHQ
UHVSRQVDELOLGDGDQWHWHUFHURVPHUFHGDORVULHVJRVLQGLFDGRV
$57f&8/2'(),1,&,h1'(5,(6*260$5f7,0266HHQWHQGHUjSRUULHVJRVPDUlWLPRVORVTXHVHDQSURSLRVGHODQDYHJDFLnQPDUlWLPDR
LQFLGHQWDOHVDHOODWDOHVFRPRWHPSHVWDGQDXIUDJLRHQFDOODPLHQWRDERUGDMHH[SORVLnQLQFHQGLRVDTXHRSLUDWHUlDJXHUUDFDSWXUDHPEDUJR
GHWHQFLnQSRURUGHQGHJRELHUQRVRDXWRULGDGHVHFKD]nQEDUDWHUlDXRWURVGHLJXDOQDWXUDOH]DRTXHKD\DQVLGRREMHWRGHPHQFLnQHVSHFlqFD
HQHOFRQWUDWRGHVHJXUR
$57f&8/29$/,'(='(6(*8520$5f7,0262%5(5,(6*2387$7,926HUjYjOLGRHOVHJXURPDUlWLPRVREUHHOULHVJRSXWDWLYRHVWRHVHO
TXHVnORH[LVWHHQODFRQFLHQFLDGHOWRPDGRURGHODVHJXUDGR\GHODVHJXUDGRUELHQVHDSRUTXH\DKD\DRFXUULGRHOVLQLHVWURRELHQSRUTXH\DVH
KD\DUHJLVWUDGRHOIHOL]DUULERGHODQDYHHQHOPRPHQWRGHFHOHEUDUVHHOFRQWUDWR
3UREDGDODPDODIHGHOWRPDGRURGHODVHJXUDGRHODVHJXUDGRUWHQGUjGHUHFKRDODWRWDOLGDGGHODSULPD3UREDGDODPDODIHGHODVHJXUDGRU
GHEHUjGHYROYHUGREODGRHOLPSRUWHGHHOOD
$57f&8/2,17(5e6$6(*85$%/((1(/)/(7(7HQGUjLQWHUkVDVHJXUDEOHHQHOrHWHODSHUVRQDTXHORDQWLFLSD
$57f&8/2,17(5e6$6(*85$%/((1(/&2672'(/6(*852(ODVHJXUDGRWHQGUjLQWHUkVDVHJXUDEOHHQHOFRVWRGHOVHJXUR
&$3f78/2,,
9$/25$6(*85$%/(
$57f&8/235(681&,h1'(%8(1(67$'2'(/$1$9((OYDORUDVHJXUDEOHVHGHWHUPLQDUjDVl
(QHOVHJXURGHODQDYHVHWHQGUjSRUWDOHOYDORUGHHOODFRQVXVDFFHVRULRVDODIHFKDGHLQLFLDFLnQGHOVHJXUR/DVSDUWHVSRGUjQLQFRUSRUDU
HQHOYDORUDVHJXUDEOHORVJDVWRVGHDUPDPHQWR\DSURYLVLRQDPLHQWRGHODQDYH\HOFRVWRGHOVHJXUR
(QHOVHJXURGHrHWHHOYDORUDVHJXUDEOHVHUjHOLPSRUWHGHDTXkODULHVJRGHODVHJXUDGRPjVHOFRVWRGHOVHJXUR\
(QHOVHJXURGHPHUFDQFlDVHVWDUjFRQVWLWXLGRSRUHOFRVWRGHHOODVHQHOOXJDUGHGHVWLQRPjVXQSRUFHQWDMHUD]RQDEOHSRUFRQFHSWRGHOXFUR
FHVDQWH
&$3f78/2,,,
3h/,=$
$57f&8/2'(),1,&,h1'(3h/,=$'(9,$-(3h/,=$'(7,(0326HOODPDUjSnOL]DGHYLDMHODTXHVHHPLWHSDUDDVHJXUDUHOREMHWRGXUDQWH
HOWUD\HFWRGHWHUPLQDGR
6HOODPDUjSnOL]DGHWLHPSRODTXHVHH[WLHQGHSDUDDVHJXUDUHOREMHWRGXUDQWHXQODSVRGHWHUPLQDGR
$57f&8/2()(&726'(/$3h/,=$'(9,$-((QGHIHFWRGHHVWLSXODFLnQODSnOL]DGHYLDMHWHQGUjHIHFWR
(QHOVHJXURVREUHODQDYHGHVGHHOPRPHQWRHQTXHVHLQLFLDHOHPEDUTXHGHODVPHUFDQFlDVRHQGHIHFWRGHFDUJDGHVGHHOPRPHQWRHQ
TXHVDOHGHOSXHUWRGHSDUWLGDKDVWDHOPRPHQWRHQTXHTXHGHIRQGHDGDRDWUDFDGDHQHOSXHUWRGHGHVWLQRRDODWHUPLQDFLnQGHOGHVFDUJXH
HQFXDQWRHVWHRFXUUDDPjVWDUGDUGHQWURGHORVGLH]GlDVVLJXLHQWHVDODOOHJDGDGHODQDYHVLKD\OXJDUDGHVHPEDUTXHGHPHUFDQFlDV\
(QHOVHJXURVREUHPHUFDQFlDVGHVGHHOPRPHQWRHQTXHHVWDVTXHGDQDFDUJRGHOWUDQVSRUWDGRUPDUlWLPRHQHOOXJDUGHRULJHQKDVWDHO
PRPHQWRHQTXHVRQSXHVWDVDGLVSRVLFLnQGHVXGHVWLQDWDULRRFRQVLJQDWDULRHQHOOXJDUGHGHVWLQR
$57f&8/235h552*$'($3h/,=$'(7,(03262%5(/$1$9(/DSnOL]DGHWLHPSRVREUHODQDYHVHHQWHQGHUjSURUURJDGDKDVWDHO
PRPHQWRHQTXHKD\DTXHGDGRIRQGHDGDRDWUDFDGDHQHOSXHUWRGHGHVWLQRVLODH[SLUDFLnQGHOVHJXURVHSURGXMHUHHQHOFXUVRGHOYLDMH/D
SUnUURJDGDUjGHUHFKRDODVHJXUDGRUDXQDSULPDDGLFLRQDOTXHVHFRPSXWDUjGHDFXHUGRFRQODWDVDRULJLQDO\HQSURSRUFLnQDOWkUPLQRGH
GXUDFLnQGHODSUnUURJD
$57f&8/23h/,=$'(9$/25(67,0$'229$/25$'0,7,'2/DSnOL]DSRGUjVHUGHYDORUHVWLPDGRFXDQGRQRVnORLQGLTXHHOYDORUGHO
LQWHUkVDVHJXUDGRVLQRTXHH[SUHVHHOFRQYHQLRHQYLUWXGGHOFXDOVHUjHVHYDORU\QRRWURHOTXHVLUYDGHEDVHSDUDGHWHUPLQDUHOPRQWRGHOD
LQGHPQL]DFLnQHQFDVRGHVLQLHVWUR
/DVH[SUHVLRQHVSnOL]DYDOXDGDGHYDORUHVWLPDGRRGHYDORUDGPLWLGREDVWDUjQSDUDH[SUHVDUHVWHFRQYHQLR
([FHSWRHOFDVRGHGRORRSDUDHOHIHFWRGHGHWHUPLQDUVLVHHVWjHQSUHVHQFLDGHXQDSkUGLGDWRWDOFRQVWUXFWLYDHOYDORUHVWLPDGRQRSRGUjVHU
FRQWURYHUWLGRHQWUHDVHJXUDGR\DVHJXUDGRU
$57f&8/2'(),1,&,h1'(3h/,=$'(9$/2512(67,0$'26HUjSnOL]DGHYDORUQRHVWLPDGRODTXHQRREVWDQWHLQGLFDUHOYDORUGHOREMHWR
DVHJXUDGRQRVHDMXVWHDORSUHYLVWRHQHOLQFLVRSULPHURGHODUWlFXORDQWHULRU(VWDSnOL]DDGPLWHODGHWHUPLQDFLnQGHOYDORUDVHJXUDEOHKDVWD
FRQFXUUHQFLDGHODVXPDDVHJXUDGDFRQDUUHJORDODVEDVHVHVWDWXLGDVHQHVWH7lWXOR
&$3f78/2,9
*$5$17f$6
$57f&8/2*$5$17f$(1(/6(*8520$5f7,02&/$6(6(QHOVHJXURPDUlWLPRODJDUDQWlDSRGUjVHUH[SUHVDRH[SOlFLWD$PHQRVGHVHU
LQFRPSDWLEOHVODJDUDQWlDH[SUHVD\ODLPSOlFLWDVHH[FOXLUjQODXQDDODRWUD
$57f&8/23523,('$'$6(*85$'$*$5$17,=$'$&2021(875$/*DUDQWL]DUFRPRQHXWUDOODSURSLHGDGDVHJXUDGDGHEHUjWHQHUHVH
FDUjFWHUDODLQLFLDFLnQGHOULHVJR\FRQVHUYDUORHQFXDQWRGHSHQGDGHODVHJXUDGRGXUDQWHODYLJHQFLDGHOVHJXUR
*DUDQWL]DGDODQHXWUDOLGDGGHODQDYHHVWDGHEHUjOOHYDUFRQVLJRODGHELGDGRFXPHQWDFLnQTXHDFUHGLWHVXQHXWUDOLGDGHQFXDQWRHVWHKHFKR
GHSHQGDGHODVHJXUDGR
$57f&8/2(;,67(1&,$'(*$5$17f$,03/f&,7$(1/$35h552*$'(9,$-((QODSnOL]DGHYLDMHH[LVWLUjODJDUDQWlDLPSOlFLWDGHTXHDO
SULQFLSLRGHOYLDMHODQDYHVHKDOOHHQEXHQHVWDGRGHQDYHJDELOLGDGHQUHODFLnQFRQODH[SHGLFLnQHVSHFlqFDPHQWHDVHJXUDGD6LODSnOL]DKDGH
HQWUDUHQYLJHQFLDPLHQWUDVODQDYHVHKDOOHHQSXHUWRH[LVWLUjWDPELkQODJDUDQWlDLPSOlFLWDGHTXHDOLQLFLDUVHHOULHVJRODQDYHVHHQFXHQWUD
HQFRQGLFLRQHVGHDSWLWXGUD]RQDEOHSDUDDIURQWDUORVSHOLJURVRUGLQDULRVGHOSXHUWR
6LODSnOL]DVHUHqHUHDXQYLDMHTXHGHEDGHVDUUROODUVHHQGLIHUHQWHVHWDSDVGXUDQWHODVFXDOHVODQDYHUHTXLHUDGLYHUVDVFODVHVGHSUHSDUDWLYRV
RHTXLSRVH[LVWLUjWDPELkQODJDUDQWlDLPSOlFLWDGHTXHDOFRPLHQ]RGHFDGDHWDSDVHKDUjQORVSUHSDUDWLYRVRVHHPSOHDUjQORVHTXLSRV
QHFHVDULRVDqQGHTXHODQDYHVHDDSWDSDUDODQDYHJDFLnQPDUlWLPDHQUHODFLnQFRQODUHVSHFWLYDHWDSD
$57f&8/2(;,67(1&,$'(*$5$17f$,03/f&,7$(1/$3h/,=$'(7,(032(QODSnOL]DGHWLHPSRH[LVWLUjODJDUDQWlDLPSOlFLWDGHTXHOD
QDYHHVWjHQHOPRPHQWRGH]DUSDUHQEXHQHVWDGRGHQDYHJDELOLGDG
$57f&8/235(681&,h1'(/%8(1(67$'2'(/$1$9(6HSUHVXPLUjTXHXQDQDYHVHKDOODHQEXHQHVWDGRGHQDYHJDELOLGDGFXDQGR
HVWkYLJHQWHODUHVSHFWLYDSDWHQWHGHQDYHJDFLnQ
$57f&8/2*$5$17f$,03/f&,7$'(/$1$9(*$%,/,'$'/DJDUDQWlDLPSOlFLWDGHQDYHJDELOLGDGQRVHKDUjH[WHQVLYDDOVHJXURGH
WUDQVSRUWHGHPHUFDGHUlDV
$57f&8/2,1&25325$&,h1'(/$*$5$17f$(1/$3h/,=$'(6(*8520$5f7,02(QWRGDSnOL]DGHVHJXURPDUlWLPRVHHQWHQGHUj
LQFRUSRUDGDODJDUDQWlDGHTXHODH[SHGLFLnQVHDOHJDO\GHTXHHQFXDQWRGHSHQGDGHODVHJXUDGRVHUHDOLFHOHJDOPHQWH
&$3f78/29
'(69,$&,h1
$57f&8/2(63(&,),&$&,h1'(38(572'(3$57,'$(1/$3h/,=$&XDQGRHQODSnOL]DVHKD\DHVSHFLqFDGRHOSXHUWRGHSDUWLGD\ODQDYH
]DUSHGHXQRGLVWLQWRORVULHVJRVQRFRUUHUjQSRUFXHQWDGHODVHJXUDGRU
$57f&8/2(63(&,),&$&,h1'(38(572'('(67,12(1/$32/,=$&XDQGRHQODSnOL]DVHKD\DHVSHFLqFDGRHOSXHUWRGHGHVWLQR\ODQDYH
]DUSHFRQGHVWLQRDXQRGLVWLQWRORVULHVJRVQRFRUUHUjQSRUFXHQWDGHODVHJXUDGRU
$57f&8/29$5,$&,h192/817$5,$'(/'(67,12'(/$1$9(/DYDULDFLnQYROXQWDULDGHOGHVWLQRGHODQDYHXQDYH]LQLFLDGRHOYLDMHVH
VDQFLRQDUjFRQODWHUPLQDFLnQGHOFRQWUDWR
$57f&8/26$1&,h1325'(69,$&,h1'(/$587$(67,38/$'$/DGHVYLDFLnQGHODQDYHGHODUXWDTXHKXELHUHVLGRPDWHULDGHDFXHUGR
HQODSnOL]DRHQGHIHFWRGHHVWLSXODFLnQGHODXVXDORDFRVWXPEUDGDVHVDQFLRQDUjFRQODWHUPLQDFLnQGHOFRQWUDWRDPHQRVTXHVHD
H[FXVDEOH
$57f&8/25(63216$%,/,'$''(/$6(*85$'2325,17(5583&,h1'(/9,$-(1RWHUPLQDUjODUHVSRQVDELOLGDGGHODVHJXUDGRUFXDQGR
PHUFHGDXQSHOLJURFXELHUWRSRUHOVHJXURHOYLDMHVHDLQWHUUXPSLGRHQXQSXHUWRROXJDULQWHUPHGLRHQFLUFXQVWDQFLDVWDOHVTXHMXVWLqTXHQHO
GHVHPEDUTXHUHHPEDUTXHRWUDVERUGRGHODVPHUFDQFlDVSDUDH[SHGLUODVDVXOXJDUGHGHVWLQR
$57f&8/2'(6,*1$&,h1'(9$5,2638(57263$5$'(6&$5*8((1/$3h/,=$'(9,$-(&XDQGRHQODSnOL]DKD\DQVLGRGHVLJQDGRV
YDULRVSXHUWRVGHGHVFDUJXHODQDYHSRGUjGLULJLUVHDWRGRVRDDOJXQRVGHHOORVSHURVLVHGLULJHDYDULRVGHEHUjKDFHUORHQHORUGHQGHVLJQDGR
HQODSnOL]DDPHQRVTXHH[LVWDFRVWXPEUHRFDXVDVXqFLHQWHTXHMXVWLqTXHQXQDFRQGXFWDGLIHUHQWH
$57f&8/2&(/(5,'$'(1/$(;3(',&,h1$6(*85$'$325/$3h/,=$'(9,$-(/DH[SHGLFLnQDVHJXUDGDPHGLDQWHXQDSnOL]DGHYLDMH
GHEHUjSURVHJXLUVHHQWRGRVXFXUVRFRQUD]RQDEOHFHOHULGDG6LDVlQRVHKLFLHUHFHVDUjODUHVSRQVDELOLGDGGHODVHJXUDGRUSRUHOWLHPSRHQTXH
ODGHPRUDVHDOHJDOPHQWHLQH[FXVDEOH
$57f&8/2(;&86$6325'(69,$&,h12'(025$/DGHVYLDFLnQRODGHPRUDVHUjQH[FXVDEOHV
&XDQGRKD\DQVLGRDXWRUL]DGDVSRUHVWLSXODFLnQGHODSnOL]D
&XDQGRKD\DQVLGRFDXVDGDVSRUFLUFXQVWDQFLDVTXHHVFDSHQDOFRQWUROGHOFDSLWjQGHODQDYH\GHODUPDGRU
&XDQGRSXHGDQFRQVLGHUDUVHQHFHVDULDVSDUDGDUFXPSOLPLHQWRDXQDJDUDQWlDRSDUDODVHJXULGDGGHODQDYHRGHOREMHWRDVHJXUDGR\
&XDQGRVHKD\DLQFXUULGRHQHOODVFRQHOSURSnVLWRGHVDOYDUYLGDVKXPDQDVRGHDVLVWLUDXQDQDYHHQSHOLJURFXDQGRYLGDVKXPDQDVSXHGDQ
HVWDUHQSHOLJURRSDUDREWHQHUDVLVWHQFLDPkGLFDTXLUoUJLFDRIDUPDFkXWLFDSDUDXQDSHUVRQDDERUGRRVLVLHQGRFDXVDGDVSRUEDUDWHUlDGHO
FDSLWjQRGHODWULSXODFLnQkVWDVHDXQRGHORVULHVJRVDVHJXUDGRV
$OFHVDUODFDXVDTXHH[FXVHODGHPRUDRODGHVYLDFLnQODQDYHGHEHUjUHFREUDUVXUXWDRSURVHJXLUHOYLDMHFRQUD]RQDEOHFHOHULGDGVRSHQDGH
TXHHODVHJXUDGRUSXHGDGDUSRUWHUPLQDGRHOFRQWUDWRRQHJDUVHDSDJDUHOVHJXUR
&$3f78/29,
3e5','$
$57f&8/25(63216$%,/,'$''(/$6(*85$'25(ODVHJXUDGRUVHUjUHVSRQVDEOHGHODVSkUGLGDVTXHWHQJDQSRUFDXVDXQSHOLJURFXELHUWR
SRUHOVHJXURDXQTXHVHRULJLQHHQODFRQGXFWDGRORVDRFXOSRVDGHOFDSLWjQRGHODWULSXODFLnQ1RORVHUjHQQLQJoQFDVRSRUODVTXHSXHGDQ
DWULEXLUVHDGRORRFXOSDJUDYHGHOWRPDGRUHODVHJXUDGRRHOEHQHqFLDULR
$57f&8/25(63216$%,/,'$''(/$6(*85$'253253e5','$6&$86$'$6325/$'(025$(ODVHJXUDGRUQRVHUjUHVSRQVDEOHSRU
SkUGLGDDOJXQDTXHWHQJDFRPRFDXVDXQDGHPRUDDXQTXHkVWDDVXYH]KD\DVLGRRFDVLRQDGDSRUXQSHOLJURFXELHUWRSRUHOVHJXUR
$57f&8/2(;21(5$&,h1'(5(63216$%,/,'$''(/$6(*85$'2532527526'$g26(ODVHJXUDGRUQRVHUjUHVSRQVDEOHSRUqOWUDFLnQ
URWXUDXVRRGHVJDVWHRUGLQDULRVQLSRUYLFLRSURSLRRGHODQDWXUDOH]DGHODFRVDDVHJXUDGDQLSRUSkUGLGDTXHWHQJDVXFDXVDHQODDFFLnQGH
URHGRUHVLQVHFWRV\JXVDQRVQLSRUGDmRVGHODPDTXLQDULDTXHQRWHQJDQVXFDXVDHQSHOLJURVPDUlWLPRV
$57f&8/2&/$6,),&$&,h1'(3e5','$6727$/23$5&,$//DSkUGLGDSRGUjVHUWRWDORSDUFLDO/DSULPHUDSRGUjVHUSkUGLGDWRWDOUHDOR
HIHFWLYDRSkUGLGDWRWDOFRQVWUXFWLYDRDVLPLODGD8QD\RWUDVHFRQVLGHUDUjQLQFOXLGDVHQHOVHJXURFRQWUDSkUGLGDWRWDO
3URPRYLGDXQDDFFLnQGHSkUGLGDWRWDOSRGUjKDFHUVHHIHFWLYDODSkUGLGDSDUFLDOVLVnORkVWDORJUDHVWDEOHFHUVH
$57f&8/2'(),1,&,h1'(3e5','$727$/5($/2()(&7,9$([LVWLUjSkUGLGDWRWDOUHDORHIHFWLYD\HQWDOFDVRQRVHUjQHFHVDULRGDU
DYLVRGHDEDQGRQRFXDQGRHOREMHWRDVHJXUDGRTXHGHGHVWUXLGRRGHWDOPRGRDYHULDGRTXHSLHUGDODDSWLWXGSDUDHOqQDTXHHVWk
QDWXUDOPHQWHGHVWLQDGRRFXDQGRHODVHJXUDGRVHDLUUHSDUDEOHPHQWHSULYDGRGHkO
$57f&8/235(681&,h1'(3e5','$727$/2()(&7,9$6LWUDQVFXUULGRXQODSVRUD]RQDEOHGHWLHPSRQRVHKDQUHFLELGRQRWLFLDVGHOD
QDYHVHSUHVXPLUjVXSkUGLGDWRWDORHIHFWLYD
$57f&8/2&$626'((;,67(1&,$'(3e5','$727$/&216758&7,9$2$6,0,/$'$([LVWLUjSkUGLGDWRWDOFRQVWUXFWLYDRDVLPLODGDFXDQGR
HOREMHWRDVHJXUDGRVHDUD]RQDEOHPHQWHDEDQGRQDGRELHQSRUTXHDSDUH]FDLQHYLWDEOHVXSkUGLGDWRWDORHIHFWLYDRELHQSRUTXHQRVHDSRVLEOH
SUHVHUYDUORGHHOODVLQLQFXUULUHQJDVWRVTXHH[FHGHUlDQVXYDORUGHVSXkVGHHIHFWXDGRV3DUWLFXODUPHQWHKDEUjSkUGLGDWRWDOHQORVVLJXLHQWHV
FDVRV
&XDQGRHODVHJXUDGRVHDSULYDGRGHODQDYHRGHODVPHUFDQFlDVDFRQVHFXHQFLDGHXQSHOLJURFXELHUWRSRUHOVHJXUR\VHDLPSUREDEOHVX
UHVFDWHRHOFRVWRGHkVWHH[FHGDHOYDORUGHODQDYHRGHODVPHUFDQFlDVXQDYH]UHVFDWDGDV
&XDQGRHOGDmRFDXVDGRDODQDYHSRUSHOLJURDVHJXUDGRVHDGHWDOPDJQLWXGTXHH[FHGDHOFRVWRGHODQDYHXQDYH]UHSDUDGD
$OHIHFWXDUODHVWLPDFLnQGHOFRVWRGHODVUHSDUDFLRQHVQRSRGUjKDFHUVHGHGXFFLnQDOJXQDSRUFRQWULEXFLRQHVGHDYHUlDJHQHUDODFDUJRGHRWURV
LQWHUHVHV3HURVHWHQGUjQHQFXHQWDORVJDVWRVGHIXWXUDVRSHUDFLRQHVGHVDOYDPHQWRORPLVPRTXHFXDOHVTXLHUDFRQWULEXFLRQHVIXWXUDVGH
DYHUlDJHQHUDODTXHODQDYHWXYLHUHTXHDWHQGHUHQFDVRGHVHUUHSDUDGD\
&XDQGRODUHSDUDFLnQGHORVGDmRVGHTXHVHDQREMHWRODVPHUFDQFlDVDVHJXUDGDV\HOFRVWRGHVXUHPLVLnQDVXOXJDUGHGHVWLQRH[FHGDQVX
YDORUDODIHFKDGHDUULER
&$3f78/29,,
$%$1'212
$57f&8/2$%$1'212'(/2%-(72$6(*85$'2,17(55583&,h1'(35(6&5,3&,h1'($&&,h1(QFDVRGHSkUGLGDWRWDOFRQVWUXFWLYDR
DVLPLODGDHODVHJXUDGRSRGUjFRQVLGHUDUODFRPRSDUFLDORFRPRWRWDOUHDORHIHFWLYDDEDQGRQDQGRHQHVWHFDVRHOREMHWRDVHJXUDGRDIDYRUGHO
DVHJXUDGRU
3$5d*5$)2(OHMHUFLFLRGHOGHUHFKRGHDEDQGRQRLQWHUUXPSHODSUHVFULSFLnQGHODDFFLnQSDUDKDFHUHIHFWLYDODLQGHPQL]DFLnQSRUSkUGLGD
SDUFLDO
$57f&8/2$9,62'($%$1'212'(/2%-(72$6(*85$'26LHODVHJXUDGRRSWDSRUDEDQGRQDUHOREMHWRDVHJXUDGRGHEHUjGDUDYLVRGH
DEDQGRQR1RGjQGRORODSkUGLGDVnORSRGUjFRQVLGHUDUVHFRPRSkUGLGDSDUFLDO
(ODYLVRGHEHUjGDUVHSRUHODVHJXUDGRGHQWURGHORVWUHLQWDGlDVVLJXLHQWHVDODIHFKDHQTXHKD\DUHFLELGRLQIRUPDFLnQqGHGLJQDGHODSkUGLGD
3$5d*5$)26LODLQIRUPDFLnQIXHUHVRVSHFKRVDHODVHJXUDGRWHQGUjGHUHFKRDXQWkUPLQRGHWUHLQWDGlDVSDUDLQYHVWLJDUOD(QHVWHFDVRHO
WkUPLQRSDUDGDUHODYLVRFRPHQ]DUjDFRUUHUGHVGHHOPRPHQWRHQTXHODLQIRUPDFLnQKD\DOOHJDGRDVHUqGHGLJQD
$57f&8/2)250$/,'$'3$5$(/$%$1'212'(/2%-(72$6(*85$'2(ODYLVRGHDEDQGRQRGHEHUjGDUVHSRUHVFULWRHQWkUPLQRVTXH
LQGLTXHQGHPRGRLQHTXlYRFRODLQWHQFLnQGHODVHJXUDGRGHKDFHUDEDQGRQRLQFRQGLFLRQDOGHVXLQWHUkVHQHOREMHWRDVHJXUDGRHQIDYRUGHO
DVHJXUDGRU
$57f&8/2()(&726'(/$9,62'($%$1'2125($/,=$'2(1'(%,'$)250$'DGRHQGHELGDIRUPDHODYLVRGHDEDQGRQRQRVXIULUjQ
QLQJoQPHQRVFDERORVGHUHFKRVGHODVHJXUDGRSRUTXHHODVHJXUDGRUUHKoVHDFHSWDUHODEDQGRQR
$57f&8/2$9,62,11(&(6$5,2&8$1'2$/5(&,%26('(/$,1)250$&,h11RVHUjQHFHVDULRHODYLVRGHDEDQGRQRFXDQGRDOUHFLERSRU
HODVHJXUDGRGHODLQIRUPDFLnQUHVSHFWLYDQRH[LVWDSRVLELOLGDGGHEHQHqFLRSDUDHODVHJXUDGRU
$57f&8/2$&(37$&,h1'(/$%$1'212,55(92&$%,/,'$'5(63216$%,/,'$'3253e5','$727$//DDFHSWDFLnQGHODEDQGRQRSRGUj
VHUH[SUHVDRWjFLWD(VWDSRGUjLQIHULUVHGHODFRQGXFWDGHODVHJXUDGRU
7UDQVFXUULGRVVHVHQWDGlDVGHVGHODIHFKDGHUHFLERGHODYLVRGHDEDQGRQRHOVLOHQFLRGHODVHJXUDGRUVHWHQGUjFRPRDFHSWDFLnQ
$57f&8/2$&(37$&,h1'(/$%$1'212&216(&8(1&,$6/DDFHSWDFLnQGHODEDQGRQRDGHPjVGHGDUDkVWHHOFDUjFWHUGHLUUHYRFDEOH
VLJQLqFDUjTXHHODVHJXUDGRUUHFRQRFHVXUHVSRQVDELOLGDGSRUSkUGLGDWRWDO
$57f&8/25(181&,$'(/$6(*85$'25$5(&,%,5$9,62'($%$1'212(ODYLVRGHDEDQGRQRSRGUjVHUUHQXQFLDGRSRUHODVHJXUDGRU
TXLHQQRHVWDUjREOLJDGRDGDUORDVXUHDVHJXUDGRU
$57f&8/268%52*$&,h1'('(5(&+26<2%/,*$&,21(6'(/$6(*85$'2(QFDVRGHDEDQGRQRYjOLGRHODVHJXUDGRUVHVXEURJDUjHQ
ORVGHUHFKRV\REOLJDFLRQHVGHODVHJXUDGRVREUHORVUHVWRV\UHPDQHQWHVGHOREMHWRDVHJXUDGR\GHVXVDFFHVRULRV\SRGUjWRPDUSRVHVLnQGH
ORVPLVPRV
$57f&8/2()(&7265(752$&7,926'(/$%$1'212/RVHIHFWRVGHODEDQGRQRVHUHWURWUDHUjQDOGlDGHOVLQLHVWUR
$57f&8/2)/(7(12&2035(1','2(1(/$%$1'212'(/$1$9(6$/9('$'(QHODEDQGRQRGHOEXTXHQRHVWjFRPSUHQGLGRHOrHWH
VDOYRODSRUFLnQTXHFRUUHVSRQGDDOWUDQVSRUWHGHPHUFDGHUlDVGHVGHHOOXJDUGHODFFLGHQWHKDVWDHOGHVXGHVWLQR\VLHPSUHTXHQRVHKXELHUH
FRQYHQLGRVXSDJRDWRGRHYHQWR
&$3f78/29,,,
3e5','$3$5&,$/
$57f&8/2'(),1,&,h1'(/$3e5','$3$5&,$/'(/2%-(72$6(*85$'2/DSkUGLGDSDUFLDOGHOREMHWRDVHJXUDGRTXHVHDHIHFWRGHO
ULHVJRFXELHUWRSRUHOVHJXUR\QRFRQVWLWX\DDYHUlDFRPoQVHUjDYHUlDSDUWLFXODU1RVHFRQVLGHUDUjQDYHUlDVGHHVWDFODVHORVJDVWRV
SDUWLFXODUHVHVWRHVORVTXHVHHIHFWoHQSRUHODVHJXUDGRHQVXQRPEUHRSRUVXFXHQWDSDUDSUHVHUYDUHOREMHWRDVHJXUDGRRSDUDJDUDQWL]DU
ODVHJXULGDGGHkO\TXHQRFRQVWLWX\DQJDVWRVGHVDOYDPHQWR
$57f&8/2*$6726'(6$/9$0(1723$5$(9,7$5/$3e5','$/RVJDVWRVGHVDOYDPHQWRHQTXHVHLQFXUUDSDUDHYLWDUXQDSkUGLGDSRU
UD]nQGHSHOLJURVFXELHUWRVSRUHOVHJXURSRGUjQKDFHUVHHIHFWLYRVFRPRSkUGLGDVSRUWDOHVULHVJRV
$57f&8/2$9(5f$&20i1&$86$'$3253(/,*5212&8%,(572325(/6(*852(QGHIHFWRGHHVWLSXODFLnQHODVHJXUDGRUQRVHUj
UHVSRQVDEOHGHODDYHUlDFRPoQFDXVDGDSRUXQSHOLJURQRFXELHUWRSRUHOVHJXUR3HURHODVHJXUDGRWHQGUjGHUHFKRDKDFHUHIHFWLYRVFRQWUDHO
DVHJXUDGRUORVJDVWRV\VDFULqFLRVGHDYHUlDJHQHUDOTXHJUDYLWHQVREUHkOFRQRFDVLnQGHXQDFWRDVlFDOLqFDGR
$57f&8/25(63216$%,/,'$''(7(50,1$'$'(/$6(*85$'23523,(7$5,2'(9$5,26,17(5(6(66LHQGRGHSURSLHGDGGHOPLVPR
DVHJXUDGRODQDYHHOrHWH\ODFDUJDRDORPHQRVGRVGHHVWRVLQWHUHVHVODUHVSRQVDELOLGDGGHODVHJXUDGRUSRUFRQFHSWRGHDYHUlDFRPoQVHUj
GHWHUPLQDGDFRPRVLDTXHOODVIXHVHQGHGLVWLQWRGXHmR
&$3f78/2,;
,1'(01,=$&,h1
$57f&8/2,03257('(/$,1'(01,=$&,h1(OLPSRUWHGHODLQGHPQL]DFLnQDVFHQGHUjHQODSnOL]DGHYDORUQRHVWLPDGRKDVWDHOPRQWR
GHOYDORUDVHJXUDEOH\HQODVGHYDORUHVWLPDGRKDVWDHOYDORUHVWLSXODGRHQODSnOL]D
$57f&8/29$/25'(/$,1'(01,=$&,h1(1&$62'(3e5','$727$/(QFDVRGHSkUGLGDWRWDOHOLPSRUWHGHODLQGHPQL]DFLnQVHUj
HTXLYDOHQWHDODVXPDHVWLSXODGDHQODSnOL]DVLkVWDIXHUHGHYDORUHVWLPDGR\DOYDORUDVHJXUDEOHVLQRORIXHUH
$57f&8/2'(7(50,1$&,h1'(/$,1'(01,=$&,h1'(/$1$9(2%-(72'($9(5f$&XDQGRODQDYHKD\DVLGRREMHWRGHDYHUlDVTXHQR
LPSOLTXHQVXSkUGLGDWRWDOHOLPSRUWHGHODLQGHPQL]DFLnQVHGHWHUPLQDUjDVl
6LQRKDVLGRUHSDUDGDHODVHJXUDGRWHQGUjGHUHFKRDOFRVWRUD]RQDEOHGHODVUHSDUDFLRQHVFRQODGHGXFFLnQGHYLHMRDQXHYRSHURVLQ
H[FHGHUGHODVXPDDVHJXUDGDFRQUHVSHFWRDFXDOTXLHUVLQLHVWUR
6LVnORKDVLGRSDUFLDOPHQWHUHSDUDGDHODVHJXUDGRUWHQGUjGHUHFKRDOFRVWRUD]RQDEOHGHODVUHSDUDFLRQHVFRPSXWDGRGHDFXHUGRFRQOR
GLVSXHVWRHQHORUGLQDODQWHULRU\DVHULQGHPQL]DGRSRUODGHSUHFLDFLnQSURYHQLHQWHGHOGDmRQRUHSDUDGRVLHPSUHTXHODVXPDWRWDOQRH[FHGD
DOFRVWRGHUHSDUDFLnQGHOGDmRWRWDOHVWLPDGRFRQVXMHFLnQDODQRUPDFRQVDJUDGDHQHORUGLQDOR\
6LQRKDVLGRUHSDUDGDQLYHQGLGDHQVXHVWDGRGHDYHUlDHODVHJXUDGRWHQGUjGHUHFKRDVHULQGHPQL]DGRSRUODGHSUHFLDFLnQUD]RQDEOH
SURYHQLHQWHGHOGDmRQRUHSDUDGRSHURVLQH[FHGHUHOFRVWRUD]RQDEOHGHODUHSDUDFLnQFRPSXWDGRVHJoQHORUGLQDOR
$57f&8/25(*/$63$5$/26&$626'(3e5','$3$5&,$/'(/)/(7((QFDVRGHSkUGLGDSDUFLDOGHOrHWHVHREVHUYDUjQODVVLJXLHQWHV
UHJODV
6LODSnOL]DIXHUHGHYDORUHVWLPDGRHOLPSRUWHGHODLQGHPQL]DFLnQJXDUGDUjUHVSHFWRGHODVXPDHVWLSXODGDODSURSRUFLnQTXHKD\DHQWUHOD
SDUWHSkUGLGDGHOrHWHWRWDODULHVJRGHODVHJXUDGR\
6LODSnOL]DIXHUHGHYDORUQRHVWLPDGRHOLPSRUWHGHODLQGHPQL]DFLnQJXDUGDUjUHVSHFWRGHOYDORUDVHJXUDEOHODSURSRUFLnQTXHKD\DHQWUH
ODSDUWHSkUGLGDGHOrHWH\HOrHWHWRWDODULHVJRGHODVHJXUDGR
$57f&8/25(*/$63$5$/26&$626'(3e5','$3$5&,$/'(&26$',)(5(17('(/$1$9(<)/(7((QFDVRGHSkUGLGDSDUFLDOGHFRVDV
GLVWLQWDVGHODQDYH\HOrHWHVHREVHUYDUjQODVVLJXLHQWHVUHJODV
&XDQGRRFXUUDSkUGLGDWRWDOGHSDUWHGHODVFRVDVDVHJXUDGDV\ODSnOL]DVHDGHYDORUHVWLPDGRHOLPSRUWHGHODLQGHPQL]DFLnQUHSUHVHQWDUj
UHVSHFWRGHODVXPDHVWLSXODGDHQODSnOL]DODSURSRUFLnQHQWUHHOYDORUDVHJXUDEOHGHODSDUWHSHUGLGD\HOYDORUDVHJXUDEOHGHOWRGR
GHWHUPLQDGRFRPRHQHOFDVRGHXQDSnOL]DGHYDORUQRHVWLPDGR
6LODSnOL]DHVGHYDORUQRHVWLPDGRHOLPSRUWHGHODLQGHPQL]DFLnQVHUjHTXLYDOHQWHDOYDORUDVHJXUDEOHGHODSDUWHSHUGLGD\
&XDQGRRFXUUDDYHUlDGHOWRGRRSDUWHGHODVFRVDVDVHJXUDGDV\ODSnOL]DVHDGHYDORUHVWLPDGRHOLPSRUWHGHODLQGHPQL]DFLnQVHUj
UHVSHFWRGHODVXPDHVWLSXODGDHTXLYDOHQWHDODSURSRUFLnQHQWUHODGLIHUHQFLDGHOYDORUEUXWRGHODVPHUFDQFlDVHQHVWDGRVDQR\HOYDORUEUXWR
GHODVPLVPDVHQHVWDGRGHDYHUlDSRUXQDSDUWH\HOPLVPRYDORUEUXWRGHODVPHUFDQFlDVHQHVWDGRVDQRSRUODRWUD
6LODSnOL]DHVGHYDORUQRHVWLPDGRHOLPSRUWHGHODLQGHPQL]DFLnQVHUjUHVSHFWRGHOYDORUDVHJXUDEOHHTXLYDOHQWHDODSURSRUFLnQHQWUHOD
GLIHUHQFLDGHOYDORUEUXWRGHODVPHUFDQFlDVHQHVWDGRVDQR\HOYDORUEUXWRGHODVPLVPDVHQHVWDGRGHDYHUlDSRUXQDSDUWH\HOPLVPRYDORU
GHODVPHUFDQFlDVHQHVWDGRVDQRSRUODRWUD
6HHQWHQGHUjSRUYDORUEUXWRHOSUHFLRGHYHQWDDOSRUPD\RU\QRH[LVWLHQGRkVWHHOYDORUDSUHFLDGRFRQLQFOXVLnQGHOrHWHJDVWRVGH
GHVFDUJXHHLPSXHVWRVSDJDGRVDQWLFLSDGDPHQWH3HURWUDWjQGRVHGHFRVDVTXHXVXDOPHQWHVHYHQGDQHQFRQVLJQDFLnQVHHQWHQGHUjSRUYDORU
EUXWRHOSUHFLRGHODFRQVLJQDFLnQ
3$5d*5$)23DUDORVHIHFWRVGHHVWHDUWlFXORHOYDORUEUXWRVHFDOFXODUjHQHOSXHUWRGHGHVWLQRGHODVPHUFDGHUlDV
$57f&8/235255$7$*('(&26$6+(7(52*(1($6$6(*85$'$6&XDQGRVHDVHJXUHQFRVDVKHWHURJkQHDVEDMRXQDVRODVXPDHVWD
GHEHUjSURUUDWHDUVHHQWUHHOODVGHDFXHUGRFRQVXVUHVSHFWLYRVYDORUHVDVHJXUDEOHVFRPRHQHOFDVRGHXQDSnOL]DGHYDORUQRHVWLPDGR(OYDORU
DVHJXUDGRGHXQDSDUWHFXDOTXLHUDGHXQDFRVDJXDUGDUjFRQVXYDORUWRWDOODPLVPDSURSRUFLnQH[LVWHQWHHQWUHHOYDORUDVHJXUDEOHGHODSDUWH\
HOYDORUDVHJXUDEOHGHWRGDHOOD
1RSXGLHQGRGHWHUPLQDUVHHOFRVWRLQLFLDOGHFDGDFRVDQLVXFDOLGDGQLVXGHVFULSFLnQODGLVWULEXFLnQGHODVXPDWRWDODVHJXUDGDSRGUjKDFHUVH
WRPDQGRHQFRQVLGHUDFLnQORVYDORUHVQHWRVGHODVGLIHUHQWHVFRVDVHQHVWDGRVDQR
$57f&8/25(63216$%,/,'$'23$*2'(&2175,%8&,h1'($9(5f$&20i1325(/$6(*85$'2&XDQGRHODVHJXUDGRSDJXHRVHD
UHVSRQVDEOHSRUXQDFRQWULEXFLnQGHDYHUlDFRPoQHOLPSRUWHGHODLQGHPQL]DFLnQVHUjHTXLYDOHQWHDOYDORUWRWDOGHGLFKDFRQWULEXFLnQVLHO
LQWHUkVVXMHWRDHOODKXELHUHVLGRDVHJXUDGRSRUVXYDORUFRQWULEX\HQWHWRWDO6LQRRVLVnORXQDSDUWHGHkOKXELHUHVLGRDVHJXUDGDHOLPSRUWH
GHODLQGHPQL]DFLnQVHUjUHGXFLGRHQSURSRUFLnQDOEDMRVHJXUR
&XDQGRKD\DSkUGLGDSRUDYHUlDSDUWLFXODUTXHVLJQLqTXHXQDGHGXFFLnQGHOYDORUFRQWULEX\HQWH\SRUODFXDOVHDUHVSRQVDEOHHODVHJXUDGRUHO
LPSRUWHGHHOODGHEHUjGHGXFLUVHGHOYDORUDVHJXUDGRHQRUGHQDGHWHUPLQDUODFRQWULEXFLnQGHDYHUlDJHQHUDOFRUUHVSRQGLHQWHDODVHJXUDGRU
&XDQGRHODVHJXUDGRUVHDUHVSRQVDEOHSRUJDVWRVGHVDOYDPHQWRHOLPSRUWHGHODLQGHPQL]DFLnQVHUjGHWHUPLQDGRFRQIRUPHDOPLVPRSULQFLSLR
$57f&8/26(*852'(5(63216$%,/,'$'$17(7(5&(52(QHOVHJXURGHUHVSRQVDELOLGDGDQWHWHUFHURVHOLPSRUWHGHODLQGHPQL]DFLnQ
VHUjHTXLYDOHQWHDODVXPDTXHHODVHJXUDGRKD\DSDJDGRRGHEHDOGDPQLqFDGRFRPRFRQVHFXHQFLDGHODUHVSRQVDELOLGDGDVHJXUDGDVLQ
3HUMXLFLRGHODVOLPLWDFLRQHVRUHVWULFFLRQHVYjOLGDVSUHYLVWDVHQODSnOL]D
$57f&8/22%-(72$6(*85$'2*$5$17,=$'2/,%5('($9(5f$'(5(&+2$,1'(01,=$&,h1&XDQGRHOREMHWRDVHJXUDGRKD\DVLGR
JDUDQWL]DGROLEUHGHDYHUlDSDUWLFXODUHODVHJXUDGRQRWHQGUjGHUHFKRDLQGHPQL]DFLnQSRUSkUGLGDSDUFLDOVLHOODQRSURYLHQHGHXQVDFULqFLRGH
DYHUlDFRPoQDPHQRVTXHHVWkFRQVWLWXLGRSRUXQFRQMXQWRGHEXOWRVFDVRHQHOFXDOHODVHJXUDGRWHQGUjGHUHFKRDLQGHPQL]DFLnQSRUSkUGLGD
WRWDOGHXQRRYDULRVGHHOORV
$57f&8/22%-(72$6(*85$'2*$5$17,=$'2/,%5('($9(5f$727$/23$5&,$/&XDQGRHOREMHWRDVHJXUDGRKD\DVLGRJDUDQWL]DGR
OLEUHGHDYHUlDSDUWLFXODUWRWDOPHQWHREDMRXQSRUFHQWDMHGHWHUPLQDGRHODVHJXUDGRUVHUjUHVSRQVDEOHQRREVWDQWHGHORVJDVWRVGH
VDOYDPHQWRHQTXHVHKD\DLQFXUULGRSDUDFRQMXUDUXQDSkUGLGDFXELHUWDSRUHOVHJXUR
$57f&8/22%-(72$6(*85$'2/,%5('($9(5f$3$57,&8/$5%$-2325&(17$-('(7(50,1$'2&XDQGRHOREMHWRKD\DVLGRDVHJXUDGR
OLEUHGHDYHUlDSDUWLFXODUEDMRHQSRUFHQWDMHGHWHUPLQDGRQRSRGUjDJUHJDUVHDODSkUGLGDSRUDYHUlDSDUWLFXODUXQDSkUGLGDSRUDYHUlDFRPoQ
SDUDHOHIHFWRGHLQWHJUDUHOSRUFHQWDMHHVSHFLqFDGR3DUDHVWHHIHFWRVnORVHWRPDUjHQFRQVLGHUDFLnQHOGDmRHIHFWLYRVXIULGRSRUHOREMHWR
DVHJXUDGRVLQLQFOXLUORVJDVWRVSDUWLFXODUHV\ORVLQKHUHQWHVDODGHWHUPLQDFLnQ\SUXHEDGHODSkUGLGD
$57f&8/25(63216$%,/,'$''(/$6(*85$'253253e5','$668&(6,9$6(ODVHJXUDGRUVHUjUHVSRQVDEOHSRUODVSkUGLGDVVXFHVLYDV
DoQHQHOFDVRGHTXHHOPRQWRWRWDOGHHOODVH[FHGDODFDQWLGDGDVHJXUDGDVDOYRHVWLSXODFLnQHQFRQWUDULR
(QFXDQWRXQDSkUGLGDSDUFLDOQRUHSDUDGDRLQGHPQL]DGDDQWHFHGDDXQDSkUGLGDWRWDOHODVHJXUDGRVnORSRGUjUHFODPDUFRQUHVSHFWRDOD
SkUGLGDWRWDO
$57f&8/23h/,=$'(9$/2512(67,0$'2325,03257('(,1'(01,=$&,h1(QODSnOL]DGHYDORUQRHVWLPDGRHOLPSRUWHGHOD
LQGHPQL]DFLnQHVWDUjVXERUGLQDGRDGHPjVDORVDUWlFXORV\
$57f&8/2$3/,&$&,h1'(275$61250$6$/5e*,0(1'(6(*85260$5f7,026(QORSUHYLVWRHQHVWH7lWXORVHDSOLFDUjQODV
GLVSRVLFLRQHVGHO7lWXOR9/LEUR,9GHHVWH&nGLJRUHODWLYRDORVVHJXURVWHUUHVWUHVHQFXDQWRFRQVXOWHODQDWXUDOH]DGHOVHJXURPDUlWLPR
<UHVSHFWRGHODSnOL]DGHYLDMHVHDSOLFDUjQGHSUHIHUHQFLDODVQRUPDVGHOD6HFFLnQ,,,&DSlWXOR,,GHGLFKR7lWXORVREUHORVVHJXURVGH
WUDQVSRUWHV
&$3f78/2;
',6326,&,21(6),1$/(6
$57f&8/2'(),1,&,h1'((0%$5&$&,21(6)/89,$/(66HHQWLHQGHQSRUHPEDUFDFLRQHVrXYLDOHVODVGHVWLQDGDVDQDYHJDUSRUUlRVODJRV
RFDQDOHV\SRUQDYHJDFLnQrXYLDOODTXHVHHMHFXWDFRQHOODV
$57f&8/2352+,%,&,h1'(12(03/($5(0%$5&$&,21(6)/89,$/(6/DVHPEDUFDFLRQHVrXYLDOHVQRSRGUjQHPSOHDUVHHQODQDYHJDFLnQ
PDUlWLPD
$57f&8/25(*,6752'(&$5*$0(172//(9$'2325&$3,7$1f$2&$5*$'25(QODQDYHJDFLnQrXYLDOGHEHUjOOHYDUHOFDSLWjQRHO
FRQWDGRUGHOEXTXHXQUHJLVWURGHFDUJDPHQWRVGHVWLQDGRDDQRWDUORVTXHUHFLEDODQDYHSDUDVXWUDQVSRUWH
$57f&8/25(&,%2<(175(*$'(/$&$5*$(1/$1$9(*$&,h1)/89,$/(QODQDYHJDFLnQrXYLDOHOUHFLER\HQWUHJDGHODFDUJDQRVH
KDUjQHFHVDULDPHQWHEDMRDSDUHMR
$57f&8/2$03$52'(&$5*$325&212&,0,(172'((0%$548((QODQDYHJDFLnQrXYLDOORVDQLPDOHVYLYRV\ODFDUJDTXHVHJoQHO
FRQWUDWRGHWUDQVSRUWHVHGHFODUHQFRORFDGRVVREUHFXELHUWDRSODQFKRQHV\HIHFWLYDPHQWHVHWUDQVSRUWHQDVlSRGUjQVHUDPSDUDGRVSRUHO
FRQRFLPLHQWRGHHPEDUTXHRGRFXPHQWRHTXLYDOHQWHSDUDWRGRVORVHIHFWRVOHJDOHV
$57f&8/22%/,*$&,h1'(/&$3,7d1&8$1'26(,*125($48,(16('(%(+$&(5/$(175(*$(QODQDYHJDFLnQrXYLDOHVREOLJDFLnQ
GHOFDSLWjQSRQHUODFDUJDWUDQVSRUWDGDDGLVSRVLFLnQGHODDXWRULGDGMXGLFLDOGHOOXJDUSDUDTXHSURYHDORFRQYHQLHQWHDVXGHSnVLWR
FRQVHUYDFLnQ\VHJXULGDGFXDQGRHOFRQVLJQDWDULRQRVHSUHVHQWHHQWLHPSRUD]RQDEOHDUHFLELUODRQRKD\DWHQHGRUOHJlWLPRGHOFRQRFLPLHQWR
GHHPEDUTXHRLJQRUHHOFDSLWjQDTXLkQGHEDKDFHUODHQWUHJDGHOFDUJDPHQWR
$57f&8/2$3/,&$&,h1'(1250$6/(*$/(6<5(*/$0(17$5,$6'(&$5d&7(5$'0,1,675$7,92/DVQRUPDVOHJDOHV\UHJODPHQWDULDV
GHFDUjFWHUDGPLQLVWUDWLYRTXHKR\ULJHQODQDYHJDFLnQrXYLDOVHJXLUjQDSOLFjQGRVHHQFXDQWRQRFRQWUDUlHQORGLVSXHVWRHQHVWH/LEURFX\DV
QRUPDVVHDSOLFDUjQDODQDYHJDFLnQ\FRPHUFLRrXYLDOHVHQORSHUWLQHQWH
3HURORTXHHQHOODVVHGLFHGHOFDSLWjQGHSXHUWRVHHQWHQGHUjHQVXFDVRGLFKRGHOLQWHQGHQWHrXYLDORDXWRULGDGTXHORVXVWLWX\D
3$57(6(*81'$
'(/$$(521d87,&$
&$3f78/2,
',6326,&,21(6*(1(5$/(6
$57f&8/2$0%,72'($3/,&$&,h1'(/$6',6326,&,21(648(5,*(1/$$(521d87,&$&,9,/(VWDSDUWHULJHWRGDVODVDFWLYLGDGHVGH
DHURQjXWLFDFLYLOODVFXDOHVTXHGDQVRPHWLGDVDODLQVSHFFLnQYLJLODQFLD\UHJODPHQWDFLnQGHO*RELHUQR
4XHGDUjQVXMHWDVDHVWHUkJLPHQODVDHURQDYHVTXHXWLOLFHQHVSDFLRVVRPHWLGRVDODVREHUDQlDQDFLRQDODVlFRPRODVDHURQDYHVGHPDWUlFXOD
FRORPELDQDTXHVHHQFXHQWUHQHQHVSDFLRQRVRPHWLGRDODVREHUDQlDRMXULVGLFFLnQGHRWUR(VWDGR
/DVDHURQDYHVGH(VWDGRVnORTXHGDUjQVXMHWDVDODVGLVSRVLFLRQHVGHkVWH/LEURFXDQGRDVlVHGLVSRQJDH[SUHVDPHQWH
$57f&8/2&21&(372'($(521d87,&$&,9,/6HHQWLHQGHSRUDHURQjXWLFDFLYLOHOFRQMXQWRGHDFWLYLGDGHVYLQFXODGDVDOHPSOHRGH
DHURQDYHVFLYLOHV
$57f&8/2'(),1,&,h1'($(521$9(6'(/(67$'26RQDHURQDYHVGH(VWDGRODVTXHVHXWLOLFHQHQVHUYLFLRVPLOLWDUHVGHDGXDQDV\GH
SROLFlD/DVGHPjVVRQFLYLOHV
$57f&8/287,/,'$'3i%/,&$'(/$$(521d87,&$&,9,//DDHURQjXWLFDFLYLOVHGHFODUDGHXWLOLGDGSoEOLFD
$57f&8/262%(5$1,$&2/20%,$1$'(/(63$&,21$&,21$/$UHVHUYDGHORVWUDWDGRVLQWHUQDFLRQDOHVTXH&RORPELDVXVFULEDOD
5HSoEOLFDWLHQHVREHUDQlDFRPSOHWD\H[FOXVLYDVREUHVXHVSDFLRQDFLRQDO6HHQWLHQGHSRUHVSDFLRQDFLRQDODTXHOTXHTXHGDFRPSUHQGLGRHQWUH
XQDEDVHFRQVWLWXLGDSRUHOWHUULWRULRGHTXHWUDWDkODUWlFXORRGHOD&RQVWLWXFLnQ1DFLRQDO\ODSURORQJDFLnQYHUWLFDOGHORVOlPLWHVGHGLFKR
WHUULWRULR\VXVDJXDVMXULVGLFFLRQDOHV
$57f&8/2352+,%,&,21&21',&,21$0,(17225(675,&&,h1'(/862'((63$&,26(O*RELHUQRSRGUjSURKLELUFRQGLFLRQDURUHVWULQJLU
SRUUD]RQHVGHLQWHUkVSoEOLFRODXWLOL]DFLnQGHORVHVSDFLRVODQDYHJDFLnQjUHDVREUHGHWHUPLQDGDVUHJLRQHVHOXVRGHFLHUWDVDHURQDYHVRHO
WUDQVSRUWHGHGHWHUPLQDGDVFRVDV
$57f&8/2352+,%,&,h1'(/$1=$52%-(726<6867$1&,$6'(6'($(521$9(6$/(63$&,24XHGDSURKLELGRODQ]DUREMHWRV\
VXEVWDQFLDVGHVGHXQDDHURQDYHHQHOHVSDFLRDWPRVIkULFRVDOYRFDVRGHIXHU]DPD\RURSUHYLRSHUPLVRGHODDXWRULGDGFRPSHWHQWH
$57f&8/2623257('(75$16,72'($(521$9(63253523,(7$5,26'(%,(1(668%<$&(17(6/RVSURSLHWDULRVGHELHQHVVXE\DFHQWHV
VRSRUWDUjQHOWUjQVLWRGHDHURQDYHVVLQSHUMXLFLRGHODVDFFLRQHVGHUHVSRQVDELOLGDGGHTXHSXHGDQVHUWLWXODUHVSRUGDmRVVXIULGRVFRQRFDVLnQ
GHDTXkO
$57f&8/2$3/,&$&,h1'(275$61250$6&8$1'281$0$7(5,$12(67$35(9,67$&XDQGRXQDGHWHUPLQDGDPDWHULDQRHVWk
HVSHFlqFDPHQWHSUHYLVWDHQHVWH/LEURVHDFXGLUjDORVSULQFLSLRVJHQHUDOHVGHGHUHFKRDkUHRDODVQRUPDV\SULQFLSLRVGHOGHUHFKRPDUlWLPR\
DORVSULQFLSLRVJHQHUDOHVGHOGHUHFKRFRPoQVXFHVLYDPHQWH/DPLVPDUHJODVHDSOLFDUjSDUDODLQWHUSUHWDFLnQGHODVQRUPDVGHHVWH/LEUR
$57f&8/2'(),1,&,h1'($8725,'$'$(521d87,&$3RUDXWRULGDGDHURQjXWLFDVHHQWLHQGHHO'HSDUWDPHQWR$GPLQLVWUDWLYRGH
$HURQjXWLFD&LYLORODHQWLGDGTXHHQHOIXWXURDVXPDODVIXQFLRQHVTXHDFWXDOPHQWHGHVHPSHmDGLFKD-HIDWXUD
&RUUHVSRQGHDHVWDDXWRULGDGGLFWDUORVUHJODPHQWRVDHURQjXWLFRV
&$3f78/2,,
1$9(*$&,h1$e5($
$57f&8/2'(),1,&,h1'(1$9(*$&,h1$e5($3RUQDYHJDFLnQDkUHDVHHQWLHQGHHOWUjQVLWRGHDHURQDYHVSRUHOHVSDFLR
$57f&8/2/,%(57$''(/$1$9(*$&,h1$e5($(1(/7(55,725,21$&,21$//DQDYHJDFLnQDkUHDHVOLEUHHQWRGRHOWHUULWRULRQDFLRQDO
VLQSHUMXLFLRGHOLPLWDFLRQHVHVWDEOHFLGDVHQODOH\\GLVSRVLFLRQHVUHJODPHQWDULDV
$57f&8/2'(),1,&,h1'(1$9(*$&,h1'(&$%27$-(/DQDYHJDFLnQDkUHDFRQqQHVFRPHUFLDOHVHQWUHSXQWRVVLWXDGRVHQHOWHUULWRULRGH
OD5HSoEOLFDVHGHQRPLQDGHFDERWDMH\VHUHVHUYDDODVDHURQDYHVFRORPELDQDVVDOYRORSUHYLVWRSRUFRQYHQLRVLQWHUQDFLRQDOHV
$57f&8/25e*,0(13$5$$(521$9(6'(/(67$'23DUDODVDHURQDYHVGH(VWDGRHQYXHORRTXHRSHUHQHQXQDHURSXHUWRFLYLOULJHQODV
QRUPDVVREUHWUjQVLWRDkUHRTXHGHWHUPLQHODDXWRULGDGDHURQjXWLFDVLQSHUMXLFLRGHTXHSXHGDQDSDUWDUVHGHHOODVSRUFDXVDGHVXDFWLYLGDG
HVSHFlqFDHQFX\RFDVRGHEHUjQHVWDEOHFHUVHSUHYLDPHQWHODVPHGLGDVGHVHJXULGDGTXHVHDQFRQYHQLHQWHV
$57f&8/29(5,),&$&,21(63255$=21(6'(6(*85,'$'$e5($3RUUD]RQHVGHVHJXULGDGDkUHDODDXWRULGDGFRPSHWHQWHSRGUjUHDOL]DU
ODVYHULqFDFLRQHVTXHVHDQQHFHVDULDVHQORVYLDMHURVWULSXODFLRQHVDHURQDYHV\FRVDVWUDQVSRUWDGDV
$57f&8/2(175$'$<6$/,'$'(/7(55,725,21$&,21$/'($(521$9(6&,9,/(6325$(52'52026,17(51$&,21$/(6/DVDHURQDYHV
FLYLOHVVnORSRGUjQHQWUDURVDOLUGHOWHUULWRULRQDFLRQDOSRUORVDHUnGURPRVLQWHUQDFLRQDOHV(VWRVVHUjQGHWHUPLQDGRVSRUODDXWRULGDG
DHURQjXWLFD
&$3f78/2,,,
$(521$9(6
$57f&8/2'(),1,&,h1'($(521$9(66HFRQVLGHUDDHURQDYHSDUDORVHIHFWRVGHHVWH&nGLJRWRGRDSDUDWRTXHPDQLREUHHQYXHOR
FDSD]GHGHVSOD]DUVHHQHOHVSDFLR\TXHVHDDSWRSDUDWUDQVSRUWDUSHUVRQDVRFRVDV
/RVDSDUDWRVTXHVHVXVWHQWDQ\WUDVODGDQPHGLDQWHHOVLVWHPDGHQRPLQDGRFROFKnQGHDLUHTXHGDQH[FOXLGRVGHODVGLVSRVLFLRQHVGHHVWH
/LEUR
$57f&8/25(48,6,7267e&1,&26(67$%/(&,'26325$8725,'$'$(521d87,&$&(57,),&$'2'(1$9(*$%,/,'$'/DDXWRULGDG
DHURQjXWLFDHVWDEOHFHUjORVUHTXLVLWRVWkFQLFRVTXHGHEDQUHXQLUODVDHURQDYHV\GLFWDUjODVQRUPDVGHRSHUDFLnQ\PDQWHQLPLHQWRGHODV
PLVPDV
/DDXWRULGDGDHURQjXWLFDH[SHGLUjXQFHUWLqFDGRGHQDYHJDELOLGDGHQGRQGHFRQVWHQODVFRQGLFLRQHVGHRSHUDFLnQGHODDHURQDYH
$57f&8/2'2&80(172648('(%(//(9$572'$$(521$9(7RGDDHURQDYHGHEHUjOOHYDUDGHPjVGHOFHUWLqFDGRGHDHURQDYHJDELOLGDG
ORVGHPjVGRFXPHQWRVTXHGHWHUPLQHODDXWRULGDGDHURQjXWLFD
$57f&8/2'(3(1'(1&,$'(/$2),&,1$'(5(*,6752'(/$$(521d87,&$&,9,//DRqFLQDGHUHJLVWURDHURQjXWLFRQDFLRQDOGHSHQGHUj
GHODDXWRULGDGDHURQjXWLFD\OOHYDUjORVOLEURVTXHODOH\RORVUHJODPHQWRVDHURQjXWLFRVGHWHUPLQHQ
$57f&8/20$75f&8/$'($(521$9(66HHQWLHQGHSRUPDWUlFXODHODFWRPHGLDQWHHOFXDOVHFRQqHUHODQDFLRQDOLGDGFRORPELDQDDXQD
DHURQDYH\FRQVLVWHHQODLQVFULSFLnQGHODPLVPDHQHOUHJLVWURDHURQjXWLFRQDFLRQDO
$57f&8/2',67,17,926'(/$1$&,21$/,'$'&2/20%,$1$%$1'(5$7RGDDHURQDYHPDWULFXODGDHQ&RORPELDOOHYDUjFRPRGLVWLQWLYRV
GHODQDFLRQDOLGDGODEDQGHUDFRORPELDQD\HOJUXSRGHVLJQRVTXHGHWHUPLQHODDXWRULGDGDHURQjXWLFD
$57f&8/25(*,6752'(5(*/$0(1723$5$0$75f&8/$'($(521$9(3DUDPDWULFXODUXQDDHURQDYHVHFXPSOLUjQORVUHTXLVLWRV
HVWDEOHFLGRVHQORVUHJODPHQWRV
6LVHWUDWDGHDHURQDYHVGHVHUYLFLRVFRPHUFLDOHVVHUHTXLHUHTXHVXSURSLHGDG\FRQWUROUHDO\HIHFWLYRSHUWHQH]FDQDSHUVRQDVQDWXUDOHVR
MXUlGLFDVFRORPELDQDVTXHDGHPjVUHoQDQORVUHTXLVLWRVLQGLFDGRVHQHODUWlFXORGHHVWH/LEUR
$57f&8/2&$1&(/$&,h1'(/$0$75f&8/$'(81$$(521$9(&$626/DPDWUlFXODGHXQDDHURQDYHSRGUjFDQFHODUVHFRQIRUPHDORV
UHJODPHQWRVHQORVVLJXLHQWHVFDVRV
&XDQGRODDXWRULGDGDHURQjXWLFDFRQFHGHSHUPLVRSDUDVXPDWUlFXODHQRWURSDlV
&XDQGRVHDXWRULFHVXH[SRUWDFLnQSUHYLRFRQFHSWRIDYRUDEOHGHDXWRULGDGDHURQjXWLFD
&XDQGRVHUHTXLHUDSRQHUODGHqQLWLYDPHQWHIXHUDGHVHUYLFLR
3RUGHVWUXFFLnQRGHVDSDUHFLPLHQWRGHELGDPHQWHFRPSUREDGRV
3RUGHFLVLnQGHODDXWRULGDGDHURQjXWLFDRGHDXWRULGDGFRPSHWHQWHFXDQGRVHHVWDEOH]FDTXHODPDWUlFXODKDVLGRLUUHJXODUPHQWHRWRUJDGD
&XDQGRGHVDSDUH]FDXQRFXDOTXLHUDGHORVUHTXLVLWRVQHFHVDULRVSDUDVXLQVFULSFLnQLQLFLDOSHURHVWDFDQFHODFLnQSRGUjHVWDUFRQGLFLRQDGDD
ODSUHVHQFLDGHODDHURQDYHHQWHUULWRULRFRORPELDQR\
(QORVGHPjVFDVRVGHWHUPLQDGRVSRUODOH\
(QHOFDVRGHORVRUGLQDOHVR\RGHHVWHDUWlFXORVHUHTXLHUHODSUHYLDFDQFHODFLnQGHORVJUDYjPHQHV\GHORVUHJLVWURVGHHPEDUJRV\
GHPDQGDVFLYLOHVVDOYRDXWRUL]DFLnQH[SUHVDGHORVDFUHHGRUHV
&XDQGRSURFHGDODFDQFHODFLnQGHODPDWUlFXODkVWDVHHIHFWXDUjPHGLDQWHUHVROXFLnQPRWLYDGDGHODDXWRULGDGDHURQjXWLFD
$57f&8/23(50,623$5$862'(0$5&$6'(1$&,21$/,'$'&2/20%,$1$3$5$),1(6'(,03257$&,h1/DDXWRULGDGDHURQjXWLFD
SRGUjSDUDORVqQHVGHODLPSRUWDFLnQSHUPLWLUHOXVRGHODVPDUFDVGHQDFLRQDOLGDGFRORPELDQD\ORVGHPjVGLVWLQWLYRVDGHFXDGRVSDUDOD
LGHQWLqFDFLnQGHODVDHURQDYHV
'LFKDVDHURQDYHVSRGUjQVHURSHUDGDVSUHYLDOLFHQFLDSURYLVLRQDOGHODDXWRULGDGDHURQjXWLFDTXHGDQGRVXMHWDVDODVQRUPDVHVWDEOHFLGDVHQ
HVWH&nGLJR
/DSHUVRQDDFX\RIDYRUVHKD\DFRQFHGLGRWDOOLFHQFLDVHUHSXWDUjH[SORWDGRUGHODDHURQDYH
$57f&8/2$&726<&2175$7265(/$7,926$(1$-(1$&,h1<*5$9$0(1&(/(%5$'26(1(/(;7(5,25/RVDFWRV\FRQWUDWRVUHODWLYRVD
HQDMHQDFLnQ\JUDYjPHQHVGHDHURQDYHVQRPDWULFXODGDVHQ&RORPELDFHOHEUDGRVYjOLGDPHQWHHQXQSDlVH[WUDQMHURGHELGDPHQWH
DXWHQWLFDGRV\WUDGXFLGRVDOHVSDmROWHQGUjQSOHQRHIHFWRHQHOWHUULWRULRQDFLRQDOVLHPSUHTXHVHLQVFULEDQHQHOUHJLVWURDHURQjXWLFRQDFLRQDO
$57f&8/29,*(1&,$'(75$7$'26,17(51$&,21$/(6/DVGLVSRVLFLRQHVVREUHQDFLRQDOLGDG\PDWUlFXODVGHDHURQDYHVVHHQWHQGHUjQVLQ
SHUMXLFLRGHORTXHGLVSRQJDQRSXHGDQGLVSRQHUORVWUDWDGRVLQWHUQDFLRQDOHVVREUHHPSUHVDVPXOWLQDFLRQDOHVHQTXHSDUWLFLSHQSHUVRQDVR
HQWLGDGHVFRORPELDQDV
&$3f78/2,9
3(5621$/$(521$87,&2
$57f&8/2'(),1,&,h1'(3(5621$/$(521$87,&26HHQWLHQGHSRUSHUVRQDODHURQjXWLFRDTXHOODVSHUVRQDVTXHDERUGRGHODV
DHURQDYHVRHQWLHUUDFXPSOHQIXQFLRQHVYLQFXODGDVGLUHFWDPHQWHDODWkFQLFDGHODQDYHJDFLnQDkUHD
$57f&8/2'(7(50,1$&,h1'()81&,21(6325/$$(521d87,&$&RUUHVSRQGHDODDXWRULGDGDHURQjXWLFDODGHWHUPLQDFLnQGHODV
IXQFLRQHVTXHGHEHQVHUFXPSOLGDVSRUHOSHUVRQDODHURQjXWLFRODVFRQGLFLRQHV\UHTXLVLWRVQHFHVDULRVSDUDVXHMHUFLFLR\ODH[SHGLFLnQGHODV
OLFHQFLDVUHVSHFWLYDV
1LQJXQDSHUVRQDSRGUjHMHUFHUIXQFLRQHVDGVFULWDVDOSHUVRQDODHURQjXWLFRVLQRHVWLWXODUGHODOLFHQFLDTXHORKDELOLWHSDUDFXPSOLUWDOHV
IXQFLRQHV
$57f&8/25(&212&,0,(172'(/,&(1&,$62725*$0,(172(1(/(;7(5,25$IDOWDGHWUDWDGRVLQWHUQDFLRQDOHV\DFRQGLFLnQGH
UHFLSURFLGDGODDXWRULGDGDHURQjXWLFDSRGUjUHFRQRFHUODVOLFHQFLDVRWRUJDGDVHQHOH[WUDQMHURVLHPSUHTXHkVWDVKD\DQVLGRH[SHGLGDV
YjOLGDPHQWHSRUODDXWRULGDGFRPSHWHQWH\TXHORVUHTXLVLWRVGHH[SHGLFLnQVHDQHTXLYDOHQWHVDORVH[LJLGRVSRUODOH\FRORPELDQD
$57f&8/2352325&,h1'(75$%$-$'25(6&2/20%,$126(1/$6(035(6$6&2/20%,1$67RGDHPSUHVDFRORPELDQDGHDYLDFLnQ
GHEHUjRFXSDUWUDEDMDGRUHVFRORPELDQRVHQSURSRUFLnQQRLQIHULRUDOQRYHQWDSRUFLHQWR
(VWDPLVPDQRUPDVHDSOLFDUjDODVHPSUHVDVH[WUDQMHUDVTXHWHQJDQHVWDEOHFLGDDJHQFLDRVXFXUVDOHQ&RORPELDFRQUHVSHFWRDOSHUVRQDO
DGVFULWRDkVWDV
(VWHSRUFHQWDMHQRVHDSOLFDUjDWUDEDMDGRUHVH[WUDQMHURVSURFHGHQWHVGHSDlVTXHRIUH]FDUHFLSURFLGDGDWUDEDMDGRUHVFRORPELDQRV
/DDXWRULGDGDHURQjXWLFDSXHGHSHUPLWLUSRUFDXVDVGHELGDPHQWHMXVWLqFDGDV\SRUHOWLHPSRLQGLVSHQVDEOHTXHQRVHWHQJDHQFXHQWDHOOlPLWH
VHmDODGRHQHVWHDUWlFXOR
$57f&8/2&2167,78&,h1'(/$75,38/$&,h1/DWULSXODFLnQGHXQDDHURQDYHHVWjFRQVWLWXLGDSRUHOSHUVRQDODHURQjXWLFRGHVWLQDGRD
SUHVWDUVHUYLFLRDERUGR
7RGDDHURQDYHGHEHWHQHUDERUGRXQSLORWRKDELOLWDGRSDUDFRQGXFLUODLQYHVWLGRGHODVIXQFLRQHVGHFRPDQGDQWH
6XGHVLJQDFLnQFRUUHVSRQGHDOH[SORWDGRUGHTXLHQVHUjUHSUHVHQWDQWH&XDQGRWDOGHVLJQDFLnQQRFRQVWHGHPDQHUDH[SUHVDVHUjFRPDQGDQWH
HOSLORWRTXHHQFDEHFHODOLVWDGHORVWULSXODQWHVHQORVGRFXPHQWRVGHDERUGR
6DOYRORTXHGLVSRQJDQHOUHJODPHQWRSDUDFDVRVHVSHFLDOHVHQODVDHURQDYHVGHWUDQVSRUWHSoEOLFRPDWULFXODGDVHQ&RORPELDHOFRPDQGDQWH
VHUjGHQDFLRQDOLGDGFRORPELDQD
$57f&8/2$8725,'$'<5(63216$%,/,'$''(/&20$1'$17((OFRPDQGDQWHHVHOUHVSRQVDEOHGHODRSHUDFLnQ\VHJXULGDGGHOD
DHURQDYH7DQWRORVPLHPEURVGHODWULSXODFLnQFRPRORVSDVDMHURVHVWjQVXMHWRVDVXDXWRULGDG
/DDXWRULGDG\UHVSRQVDELOLGDGGHOFRPDQGDQWHVHLQLFLDQGHVGHHOPRPHQWRHQTXHUHFLEHODDHURQDYHSDUDHOYLDMHKDVWDHOPRPHQWRHQTXH
ODHQWUHJDDOH[SORWDGRURDODDXWRULGDGFRPSHWHQWH
$57f&8/2$'48,6,&,h1<*$672648((/&20$1'$17(38('(+$&(5(OFRPDQGDQWHSRGUjKDFHUODVDGTXLVLFLRQHV\ORVJDVWRV
QHFHVDULRVSDUDODFRQWLQXDFLnQGHOYLDMH\SDUDVDOYDJXDUGDUODVSHUVRQDVORVELHQHVWUDQVSRUWDGRV\ODDHURQDYH3HURGHEHUjFRQVXOWDUDO
H[SORWDGRUHQFXDQWRVHDSRVLEOH
(QODGRFXPHQWDFLnQGHDERUGRGHODVDHURQDYHVGHWUDQVSRUWHSoEOLFRDGHPjVGHODVIDFXOWDGHVOHJDOHVGHEHUjQFRQVWDUODVHVSHFLDOHVTXHHO
H[SORWDGRUFRQqHUHDOFRPDQGDQWH
$57f&8/2$75,%8&,h1'(/&20$1'$17('(/$$(521$9(6RQDWULEXFLRQHVGHOFRPDQGDQWHGHODDHURQDYH
$EULU\FHUUDUHOSODQGHYXHORDQWHVGHODLQLFLDFLnQGHOYLDMH\DOWkUPLQRGHOPLVPR
&RQVWDWDUTXHODDHURQDYH\ORVPLHPEURVGHODWULSXODFLnQSRVHDQORVOLEURVFHUWLqFDGRV\OLFHQFLDVH[LJLGRV
'HMDUFRQVWDQFLDHVFULWDHQHOOLEURGHELWjFRUDGHORVQDFLPLHQWRVGHIXQFLRQHV\GHPjVKHFKRVTXHSXHGDQWHQHUFRQVHFXHQFLDVOHJDOHV
RFXUULGRVDERUGRRGXUDQWHHOYXHOR
7RPDUODVPHGLGDVQHFHVDULDVSDUDSRQHUDGLVSRVLFLnQGHODDXWRULGDGFRPSHWHQWHDODSHUVRQDTXHFRPHWHXQGHOLWRDERUGR\
'HWHUPLQDUHQFDVRGHHPHUJHQFLDHODHURSXHUWRHQTXHGHEDDWHUUL]DU
&$3f78/29
,1)5$(6758&785$$(521d87,&$
$57f&8/2'(),1,&,h1'(/$,1)5$(6758&785$$(521d87,&$/DLQIUDHVWUXFWXUDDHURQjXWLFDHVHO&RQMXQWRGHLQVWDODFLRQHV\VHUYLFLRV
GHVWLQDGRVDIDFLOLWDU\KDFHUSRVLEOHODQDYHJDFLnQDkUHDWDOHVFRPRDHUnGURPRVVHmDODPLHQWRVLOXPLQDFLnQD\XGDVDODQDYHJDFLnQ
LQIRUPDFLRQHVDHURQjXWLFDVWHOHFRPXQLFDFLRQHVPHWHRURORJlDDSURYLVLRQDPLHQWR\UHSDUDFLnQGHDHURQDYHV
$57f&8/2'(),1,&,h1'($(52'5202$HUnGURPRHVWRGDVXSHUqFLHGHVWLQDGDDODOOHJDGD\VDOLGDGHDHURQDYHVLQFOXLGRVWRGRVVXV
HTXLSRVHLQVWDODFLRQHV
$57f&8/2$(52'52026&,9,/(6<0,/,7$5(6/RVDHUnGURPRVVHFODVLqFDQHQFLYLOHV\PLOLWDUHV/RVSULPHURVHQSoEOLFRV\SULYDGRV
$57f&8/2'(),1,&,h1'($(52'520263i%/,&26<35,9$'266RQDHUnGURPRVSoEOLFRVORVTXHDXQVLHQGRGHSURSLHGDGSULYDGD
HVWjQGHVWLQDGRVDOXVRSoEOLFRORVGHPjVVRQSULYDGRV
6HSUHVXPHQSoEOLFRVORVTXHVHDQXWLOL]DGRVSDUDODRSHUDFLnQGHDHURQDYHVGHVWLQDGDVDSUHVWDUVHUYLFLRVUHPXQHUDGRVDSHUVRQDVGLVWLQWDV
GHOSURSLHWDULR
$57f&8/287,/,=$&,h1'($(52'520263i%/,&266DOYRODVOLPLWDFLRQHVHVWDEOHFLGDVODDXWRULGDGDHURQjXWLFDORVDHUnGURPRVSoEOLFRV
SRGUjQVHU8WLOL]DGRVSRUFXDOTXLHUDHURQDYHODFXDODGHPjVWHQGUjGHUHFKRDORVVHUYLFLRVTXHDOOlVHSUHVWHQ
$57f&8/23(50,62'(23(5$&,h12725*$'2325/$$(521d87,&$5(48,6,7266LQSHUMXLFLRGHORGLVSXHVWRHQHODUWlFXORVLJXLHQWH
QLQJoQDHUnGURPRSRGUjVHUXWLOL]DGRVLQHOSHUPLVRGHRSHUDFLnQRWRUJDGRSRUODDXWRULGDGDHURQjXWLFDHQHOFXDOFRQVWHQHQWUHRWURVSXQWRV
VXLGHQWLqFDFLnQ\ORFDOL]DFLnQQRPEUHGHOSURSLHWDULRFODVLqFDFLnQFDWHJRUlD\FRQGLFLRQHVRSHUDFLRQDOHV
$57f&8/287,/,=$&,h1'($(52'520235,9$'275$16,725,$0(17(/RVDHUnGURPRVSULYDGRVSRGUjQVHUXWLOL]DGRVWUDQVLWRULDPHQWH
SRUDHURQDYHVGH(VWDGRHQGHVHPSHmRGHIXQFLRQHVRqFLDOHV\SRUDHURQDYHVHQSHOLJUR(QHVWHFDVRHOH[SORWDGRUGHODHUnGURPRGHEHUj
WRPDUODVPHGLGDVQHFHVDULDVSDUDHODWHUUL]DMH\ODVHJXULGDGGHODDHURQDYHREOLJDFLnQTXHVHH[WHQGHUjDOWLHPSRGHSHUPDQHQFLDGHOD
PLVPDHQHODHUnGURPR
$57f&8/2&/$6,),&$&,h1<'(7(50,1$&,h1'(5(48,6,726'(/$(52'5202/DDXWRULGDGDHURQjXWLFDFODVLqFDUjORVDHUnGURPRV\
GHWHUPLQDUjORVUHTXLVLWRVTXHGHEDUHXQLUFDGDFODVHWHQLHQGRHQFXHQWDVLHPSUHODVUHJODPHQWDFLRQHVLQWHUQDFLRQDOHV
$57f&8/2&21&(372'((;3/27$&,h1'($(52'520266HSUHVXPHH[SORWDGRUDOGXHmRGHODVLQVWDODFLRQHVHTXLSRV\VHUYLFLRVTXH
FRQVWLWX\HQHODHUnGURPRDPHQRVTXHKD\DFHGLGRODH[SORWDFLnQSRUGRFXPHQWRLQVFULWRHQHOUHJLVWURDHURQjXWLFR
(QORVFDVRVHQTXHXQDHUnGURPRVHDFRQVWUXLGRXRSHUDGRSRUDFFLnQFRPXQDORGHRWUDPDQHUDVHPHMDQWHDIDOWDGHH[SORWDGRULQVFULWRVH
WHQGUjSRUWDODOPXQLFLSLRHQFX\DMXULVGLFFLnQVHHQFXHQWUH
$57f&8/25(63216$%,/,'$'325'$g26&$86$'2632523(5$&,21(6'(/26$(52'52026/RVH[SORWDGRUHVGHDHUnGURPRVDVl
FRPRODVSHUVRQDVRHQWLGDGHVTXHSUHVWHQORVVHUYLFLRVGHLQIUDHVWUXFWXUDDHURQjXWLFDVRQUHVSRQVDEOHVGHORVGDmRVTXHFDXVHODRSHUDFLnQ
GHORVDHUnGURPRVRODSUHVWDFLnQGHORVVHUYLFLRVFLWDGRV
(VWDUHVSRQVDELOLGDGVHULJHSRUORGLVSXHVWRHQORVDUWlFXORV\
$57f&8/25(*,675248(//(9$/$$8725,'$'$(521d87,&$/DDXWRULGDGDHURQjXWLFDOOHYDUjXQUHJLVWURGHDHUnGURPRVHQHOFXDOVH
KDUjFRQVWDUVXFODVH\FDWHJRUlDHOQRPEUHGHOH[SORWDGRU\GHPjVGDWRVSHUWLQHQWHV
(OQRPEUHGHOH[SORWDGRUVnORSRGUjFDPELDUVHDSHWLFLnQVX\DSRUHVFULWR\FRQDFHSWDFLnQGHOQXHYRH[SORWDGRUHQODPLVPDIRUPD
$57f&8/2&2%52'(7$6$6$868$5,26325(/(;3/27$'25'($(52'52023i%/,&2(OH[SORWDGRUGHDHUnGURPRVSoEOLFRVSRGUj
FREUDUWDVDVDORVXVXDULRVSUHYLDUHJODPHQWDFLnQ\SHUPLVRGHODDXWRULGDGDHURQjXWLFD
$57f&8/23(50,6275$16,725,2'(23(5$&,21(6'($(521$9(6)8(5$'(/$(52'5202/DDXWRULGDGDHURQjXWLFDSRGUjSHUPLWLU
WUDQVLWRULDPHQWHODRSHUDFLnQGHDHURQDYHVHQVXSHUqFLHVTXHQRVHDQDHUnGURPRV
$57f&8/23(50,6235(9,23$5$&2167,78,5<5(3$5$5$(52'520263DUDODFRQVWUXFFLnQUHSDUDFLnQ\DPSOLDFLnQGHDHUnGURPRVVH
UHTXHULUjHOSHUPLVRSUHYLRGHODDXWRULGDGDHURQjXWLFDODFXDOSRGUjQHJDUORVLHOUHVSHFWLYRSUR\HFWRQRFXPSOHFRQORVUHTXLVLWRVH[LJLGRVSRU
ORVUHJODPHQWRV
$57f&8/2&$626'(&$1&(/$&,h126863(16,h1'(/3(50,62'(23(5$&,h1'($(52'5202(OSHUPLVRGHRSHUDFLRQHVGHXQ
DHUnGURPRSRGUjVXVSHQGHUVHRFDQFHODUVHHQORVVLJXLHQWHVFDVRV
&XDQGRGHVGHHODHUnGURPRVHDWHQWHFRQWUDODVHJXULGDGGHO(VWDGR
&XDQGRQRVHFXPSODORGLVSXHVWRHQHODUWlFXORRHQFXDOTXLHURWUDIRUPDVHDEXVHGHODHUnGURPR
&XDQGRVHDXWRULFHDVROLFLWXGGHOSURSLHWDULR6LHOH[SORWDGRUIXHUHSHUVRQDGLVWLQWDVHUHTXHULUjVXDVHQWLPLHQWR
&XDQGRVHGHWHULRUHHQIRUPDSHOLJURVDSDUDODVPDQLREUDV\
&XDQGRQRVHOOHYHHOUHJLVWURGHDHURQDYHVTXHWRTXHQHQHODHUnGURPRRQRVHFXPSODQODVnUGHQHV\ORVUHJODPHQWRVGHODDXWRULGDG
3$5d*5$)26LHOSHUPLVRGHRSHUDFLnQH[SLUDRHVVXVSHQGLGRRFDQFHODGRODDXWRULGDGDHURQjXWLFDLPSHGLUjODH[SORWDFLnQ
$57f&8/2'(),1,&,h1'(683(5),&,('('(63(-('HQRPlQHQVHVXSHUqFLHVGHGHVSHJXHODVjUHDVLPDJLQDULDVREOLFXDV\KRUL]RQWDOHV
TXHVHH[WLHQGHQVREUHFDGDDHUnGURPR\VXVLQPHGLDFLRQHVHQODVFXDOHVHVWjOLPLWDGDODDOWXUDGHORVREVWjFXORVDODFLUFXODFLnQDkUHD
/DDXWRULGDGDHURQjXWLFDGHWHUPLQDUjODVVXSHUqFLHVGHGHVSHMH\ODDOWXUDPj[LPDGHODVFRQVWUXFFLRQHV\SODQWDFLRQHVEDMRGLFKDVVXSHUqFLHV
$57f&8/23(50,62'($8725,'$'$(521d87,&$3$5$/(9$17$5&216758&&,21(623/$17$&,21(6'HQWURGHODVjUHDVDTXHVH
UHqHUHHOLQFLVRRGHODUWlFXORDQWHULRUQRVHSRGUjQOHYDQWDUFRQVWUXFFLRQHVRSODQWDFLRQHVVLQSHUPLVRGHODDXWRULGDGDHURQjXWLFD
$57f&8/22%/,*$&,h1'(/3523,(7$5,2$3(50,7,56(g$/$0,(172'(2%67$&8/267RGRSURSLHWDULRGHXQLQPXHEOHHVWjHQOD
REOLJDFLnQGHSHUPLWLUHOVHmDODPLHQWRGHORVREVWjFXORVTXHSRGUlDQFRQVWLWXLUXQSHOLJURSDUDODFLUFXODFLnQDkUHDDMXLFLRGHODDXWRULGDG
DHURQjXWLFD/DLQVWDODFLnQ\IXQFLRQDPLHQWRGHODVPDUFDVVHmDOHVROXFHVFRUUHUjQDFDUJRGHOH[SORWDGRUGHODHURSXHUWRVDOYRUHVSHFWRGH
ORVREVWjFXORVOHYDQWDGRVFRQSRVWHULRULGDGDOSHUPLVRGHRSHUDFLnQGHODHUnGURPRTXHFRUUHUjQDFDUJRGHSURSLHWDULRGHOREVWjFXOR
$57f&8/25(02&,h1'(2%67$&8/2648(3(5785%(1/,%5(75$16,72'(/$63,67$6(VREOLJDFLnQGHOH[SORWDGRUGHXQDDHURQDYH
PjTXLQDRHTXLSRTXHSHUWXUEHHOOLEUHWUjQVLWRGHODVSLVWDVUDPSDVR]RQDVGHURGDPLHQWRGHXQDHUnGURPRGHUHPRYHUORWDQSURQWROD
DXWRULGDGDHURQjXWLFDDVlORRUGHQH'HQRKDFHUORGHQWURGHXQSOD]RSUXGHQFLDOGLFKDDXWRULGDGSRGUjGLVSRQHUORSHUWLQHQWHSDUDVX
UHPRFLnQDH[SHQVDVGHOH[SORWDGRUGHQWURGHORTXHODVFLUFXQVWDQFLDVLQPHGLDWDVDFRQVHMHQ\VLQTXHDGLFKDDXWRULGDGOHTXHSD
UHVSRQVDELOLGDGSRUORVGDmRVTXHSXHGDQFDXVDUVHDODDHURQDYHPjTXLQDRHTXLSR
&$3f78/29,
'$g26$7(5&(526(1/$683(5),&,(
$57f&8/2,1'(01,=$&,h1325'$g2668)5,'26(1/$683(5),&,(/DSHUVRQDTXHVXIUDGDmRVHQODVXSHUqFLHWLHQHGHUHFKRDVHU
LQGHPQL]DGDSRUHOH[SORWDGRUGHODDHURQDYHFRQVRORSUREDUTXHWDOHVGDmRVSURYLHQHQGHXQDDHURQDYHHQYXHORRGHXQDSHUVRQDRFRVD
FDlGDGHODPLVPD
6LQHPEDUJRQRKDEUjOXJDUDLQGHPQL]DFLnQVLORVGDmRVQRVRQFRQVHFXHQFLDGLUHFWDGHODFRQWHFLPLHQWRTXHORVKDRULJLQDGRRFXDQGRVH
GHEDQDOPHURKHFKRGHOSDVRGHODDHURQDYHDWUDYkVGHOHVSDFLRDkUHRVLVHREVHUYDURQORVUHJODPHQWRVGHWUjQVLWRDkUHR
$57f&8/2'(),1,&,h1'(98(/23DUDORVHIHFWRVGHHVWH&DSlWXORODDHURQDYHVHHQWHQGHUjHQYXHORGHVGHHOPRPHQWRHQTXHVH
HQFLHQGDQORVPRWRUHVSDUDODSDUWLGDKDVWDFXDQGRVHDQDSDJDGRVDOWkUPLQRGHOUHFRUULGR
6LVHWUDWDGHXQDDHURQDYHPjVOLJHUDTXHHODLUHODH[SUHVLnQHQYXHORVHDSOLFDDOSHUlRGRFRPSUHQGLGRGHVGHHOPRPHQWRHQTXHVH
GHVSUHQGHGHODVXSHUqFLHKDVWDDTXHOHQTXHTXHGHQXHYDPHQWHDPDUUDGDDkVWD
$57f&8/2'(5(&+2'(/(;3/27$'25$5(3(7,5&2175$(/$8725/DUHVSRQVDELOLGDGFRQVDJUDGDHQHODUWlFXORQRDIHFWDUjHO
GHUHFKRGHOH[SORWDGRUDUHSHWLUFRQWUDHODXWRUGLUHFWRGHOGDmRVLORKXELHUH
$57f&8/2(;&(3&,21(6$/3$*2'(,1'(01,=$&,h1325'$g26(OH[SORWDGRUQRHVWjREOLJDGRDLQGHPQL]DUORVGDmRVTXHVHDQ
FRQVHFXHQFLDGLUHFWDGHFRQrLFWRVRGLVWXUELRVFLYLOHVRVLKDVLGRSULYDGRGHOXVRGHODDHURQDYHSRUDFWRGHODDXWRULGDGSoEOLFDRSRU
DSRGHUDPLHQWRLOlFLWRGHODDHURQDYHSRUSDUWHGHWHUFHURV
$57f&8/2(;&(3&,21(6'(5(63216$%,/,'$'325358(%$'(/$&8/3$'(/$9,&7,0$(OGHPDQGDGRHVWDUjH[HQWRGH
UHVSRQVDELOLGDGVLSUXHEDTXHORVGDmRVIXHURQFDXVDGRVoQLFDPHQWHSRUFXOSDGHODYlFWLPDRGHVXVGHSHQGLHQWHV
6LHOGHPDQGDGRSUXHEDTXHORVGDmRVKDQVLGRFDXVDGRVSRUFXOSDGHOGDPQLqFDGRRGHVXVGHSHQGLHQWHVTXHREUDURQHQHMHUFLFLRGHVXV
IXQFLRQHV\GHQWURGHOOlPLWHGHVXVDWULEXFLRQHVODLQGHPQL]DFLnQVHUHGXFLUjHQODPHGLGDHQTXHWDOFXOSDKD\DFRQWULEXLGRDORVGDmRV
6LORVGDmRVUHVXOWDQWHVGHODPXHUWHRXQDSHUVRQDVLUYHQGHIXQGDPHQWRDXQDDFFLnQGHLQGHPQL]DFLnQLQWHQWDGDSRURWUDODFXOSDGHOD
YlFWLPDRGHVXVGHSHQGLHQWHVSURGXFLUjWDPELkQORVHIHFWRVSUHYLVWRVHQHOLQFLVRDQWHULRU
$57f&8/25(63216$%,/,'$'62/,'$5,$'(/(;3/27$'25325862'(1$9(6,1&216(17,0,(172(OH[SORWDGRUGHXQDDHURQDYHVHUj
VROLGDULDPHQWHUHVSRQVDEOHFRQTXLHQODXVHVLQVXFRQVHQWLPLHQWRDPHQRVTXHSUXHEHKDEHUWRPDGRODVPHGLGDVDGHFXDGDVSDUDHYLWDUWDO
XVR3HURGLFKRH[SORWDGRUSRGUjDFRJHUVHDRVOlPLWHVGHUHVSRQVDELOLGDG
$57f&8/2358(%$'(/'2/2'(/(;3/27$'252686'(3(1',(17(6VLODYlFWLPDSUXHEDTXHORVGDmRVIXHURQFDXVDGRVSRUGRORGHO
H[SORWDGRURGHVXVGHSHQGLHQWHVGLFKRH[SORWDGRUQRSRGUjDFRJHUVHDODOLPLWDFLnQGHUHVSRQVDELOLGDGH[FHSWRVLGHPXHVWUDTXHVXV
GHSHQGLHQWHVQRREUDURQHQHMHUFLFLRGHVXVIXQFLRQHVRH[FHGLHURQHOOlPLWHGHVXVDWULEXFLRQHV
$57f&8/2'$g26&$86$'26325&2/,6,h123(5785%$&,h1'('2620$6$(521$9(66LGRVRPjVDHURQDYHVHQYXHORHQWUDQHQ
FROLVLnQRVHSHUWXUEDQHQWUHVl\UHVXOWDQGDmRVUHSDUDEOHVVHJoQHODUWlFXORRVLGRVRPjVDHURQDYHVRFDVLRQDQFRQMXQWDPHQWHWDOHV
GDmRVFDGDXQDGHODVDHURQDYHVVHFRQVLGHUDFRPRFDXVDQWHGHOGDmR\HOH[SORWDGRUUHVSHFWLYRVHUjUHVSRQVDEOHHQODVFRQGLFLRQHV\OlPLWHV
GHUHVSRQVDELOLGDGSUHYLVWRVHQHVWH&nGLJR
(QWDOHVFDVRVODSHUVRQDTXHVXIUDORVGDmRVWHQGUjGHUHFKRDVHULQGHPQL]DGDKDVWDODVXPDGHORVOlPLWHVGHUHVSRQVDELOLGDG
FRUUHVSRQGLHQWHVDFDGDXQDGHODVDHURQDYHVSHURQLQJoQH[SORWDGRUVHUjUHVSRQVDEOHSRUXQDVXPDTXHH[FHGDGHORVOlPLWHVDSOLFDEOHVDVX
DHURQDYHDPHQRVTXHVHHVWkHQHOFDVRSUHYLVWRHQODSULPHUDSDUWHGHODUWlFXORDQWHULRU
$57f&8/2/,0,7((1/$,1'(01,=$&,h1325'$g26$7(5&(526(1/$683(5),&,(/DLQGHPQL]DFLnQSRUGDmRVDWHUFHURVHQOD
VXSHUqFLHQRH[FHGHUjSRUDHURQDYH\DFFLGHQWHGH
7UHLQWD\WUHVPLOWUHVFLHQWRVWUHLQWD\WUHVJUDPRVGHRURSXURSDUDODVDHURQDYHVFX\RSHVRQRH[FHGDGHPLONLORJUDPRV
7UHLQWD\WUHVPLOWUHVFLHQWRVWUHLQWD\WUHVJUDPRVGHRURSXURPjVYHLQWLVkLVJUDPRVGHRURSXURFRQVHVHQWD\VHLVFHQWLJUDPRVSRU
NLORJUDPRTXHSDVHGHORVPLOSDUDDHURQDYHVTXHSHVHQPjVGHPLO\QRH[FHGDQGHVHLVPLONLORJUDPRV
&LHQWRVHVHQWD\VHLVPLOVHLVFLHQWRVWUHLQWD\WUHVJUDPRVGHRURPjVGLHFLVkLVJUDPRVFRQVHVHQWD\VHLVFHQWLJUDPRVGHRURSXURSRU
NLORJUDPRTXHSDVHGHORVVHLVPLONLORJUDPRVSDUDDHURQDYHVTXHQRH[FHGDQGHYHLQWHPLONLORJUDPRV
7UHVFLHQWRVQRYHQWD\QXHYHPLORFKRFLHQWRVVHWHQWD\WUHVJUDPRVGHRURSXURPjVGLH]JUDPRVGHRURSXURSRUNLORJUDPRTXHSDVHGHORV
YHLQWHPLONLORJUDPRVSDUDDHURQDYHVTXHSHVHQPjVGHYHLQWHPLO\QRH[FHGDQGHFLQFXHQWDPLONLORJUDPRV\
6HLVFLHQWRVQRYHQWD\QXHYHPLORFKRFLHQWRVVHWHQWD\WUHVJUDPRVGHRURSXURPjVVHLVJUDPRVFRQVHVHQWD\VHLVFHQWLJUDPRVSRU
NLORJUDPRTXHSDVHGHORVFLQFXHQWDPLONLORJUDPRVSDUDDHURQDYHVTXHSHVHQPjVGHFLQFXHQWDPLONLORJUDPRV
/DLQGHPQL]DFLnQHQFDVRGHPXHUWHROHVLRQHVQRH[FHGHUjGHWUHLQWD\WUHVPLOWUHVFLHQWRVWUHLQWD\WUHVJUDPRVGHRURSXURSRUSHUVRQD
IDOOHFLGDRSHUVRQDOHVLRQDGD
$57f&8/212%(1(),&,2$/868$5,2,/(*,7,02325/,0,7$&,h1'(5(63216$%,/,'$'/DOLPLWDFLnQGHUHVSRQVDELOLGDGQREHQHqFLDUjDO
XVXDULRLOHJlWLPRSHURVXUHVSRQVDELOLGDGVHUHJLUjSRUORVDUWlFXORV\
$57f&8/25(*/$6&8$1'2(/,03257('(,1'(01,=$&,h1),-$'$(;&('((//,0,7(VLHOLPSRUWHGHODVLQGHPQL]DFLRQHVqMDGDV
H[FHGHGHOOlPLWHGHUHVSRQVDELOLGDGDSOLFDEOHVHJoQODVGLVSRVLFLRQHVGHHVWH&DSlWXORVHREVHUYDUjQODVVLJXLHQWHVUHJODV 6LODV
LQGHPQL]DFLRQHVVHUHqHUHQVRODPHQWHDOFDVRGHPXHUWHROHVLRQHVRVRODPHQWHDGDmRVHQORVELHQHVVHUjQUHGXFLGDVHQSURSRUFLnQDVXV
LPSRUWHVUHVSHFWLYRV\
6LODVLQGHPQL]DFLRQHVVHUHqHUHQWDQWRDPXHUWHROHVLRQHVFRPRDGDmRVHQORVELHQHVODPLWDGGHODFDQWLGDGGLVWULEXLEOHVHGHVWLQDUj
SUHIHUHQWHPHQWHDFXEULUODVLQGHPQL]DFLRQHVSRUPXHUWHROHVLRQHV\GHVHUVXqFLHQWHGLFKDFDQWLGDGVHUHSDUWLUjSURSRUFLRQDOPHQWHHQWUHORV
FUkGLWRVGHOFDVR(OUHPDQHQWHGHODFDQWLGDGWRWDOGLVWULEXLEOHVHSURUUDWHDUjHQWUHODVLQGHPQL]DFLRQHVSRUGDmRVDORVELHQHV\DODSDUWHQR
FXELHUWDGHODVGHPjVLQGHPQL]DFLRQHV
$57f&8/235(6&5,3&,h1'(/$6$&&,21(6/DVDFFLRQHVIXQGDGDVHQHVWH&DSlWXORSUHVFULELUjQHQGRVDmRVFRQWDGRVDSDUWLUGHOD
IHFKDHQTXHRFXUULnHOKHFKRTXHFDXVnORVGDmRV
$57f&8/2$&&,h1'(5(3(7,&,h1'('$g26&$86$'263252752(;3/27$'25(OH[SORWDGRUTXHLQGHPQLFHORVGDmRVFDXVDGRVSRU
FXOSDGHRWURWHQGUjDFFLnQGHUHSHWLFLnQFRQWUDkVWH
$57f&8/2$3/,&$&,h1'(',6326,&,21(6$$(521$9(6'(/(67$'2/DVGLVSRVLFLRQHVGHOSUHVHQWH&DSlWXORVHDSOLFDQDDHURQDYHVGH
(VWDGRHQFX\RFDVRVHHQWHQGHUjTXHHOH[SORWDGRUHVOD1DFLnQ
&$3f78/29,,
$%25'$-(
$57f&8/2&21&(372'($%25'$-(6HHQWLHQGHSRUDERUGDMHWRGDFROLVLnQRLQWHUIHUHQFLDHQWUHGRVRPjVDHURQDYHVHQYXHORRVREUHOD
VXSHUqFLH
$57f&8/25(63216$%,/,'$''(/(;3/27$'2548(&$86($%25'$-((OH[SORWDGRUTXHFDXVHXQDERUGDMHVHUjUHVSRQVDEOHGHOD
PXHUWHOHVLRQHVRUHWUDVRVFDXVDGRVDSHUVRQDVDERUGRGHRWUDVDHURQDYHV\GHODGHVWUXFFLnQSkUGLGDGDmRVUHWUDVRVRSHUMXLFLRVDGLFKDV
DHURQDYHV\DORVELHQHVDERUGRGHODVPLVPDVGHFRQIRUPLGDGFRQORVDUWlFXORV\
$57f&8/2/,0,7(6$/$5(63216$%,/,'$''(/(;3/27$'25325$%25'$-(/DUHVSRQVDELOLGDGGHOH[SORWDGRUSRUDERUGDMHGHXQD
DHURQDYHQRH[FHGHUjSRUORTXHVHUHqHUHDGDmRVFDXVDGRVDODVSHUVRQDVDODVRWUDVDHURQDYHVRDORVELHQHVDERUGRGHORVVLJXLHQWHV
OlPLWHV
3RUPXHUWHOHVLRQHVRUHWUDVRVFDXVDGRVDXQDSHUVRQDDERUGRRDORVREMHWRVTXHVHHQFXHQWUDQEDMRODFXVWRGLDGHXQDSHUVRQDDERUGR\
SRUSkUGLGDGDmRVRUHWUDVRVGHFXDOHVTXLHUDRWURVELHQHVDERUGRTXHQRSHUWHQH]FDQDOH[SORWDGRUVHJoQORVDUWlFXORV\
3RUSkUGLGDRGDmRVGHODDHURQDYHVXHTXLSR\DFFHVRULRV\GHPjVELHQHVDERUGRSHUWHQHFLHQWHVDOH[SORWDGRUHOYDORUUHDODOWLHPSRGHO
DERUGDMHRHOFRVWRGHVXUHSDUDFLnQRVXVWLWXFLnQWRPDQGRFRPROlPLWHHOTXHVHDPHQRU\
3RUGDmRVGHULYDGRVGHODQRXWLOL]DFLnQGHODDHURQDYHHOGHOYDORUGHWDODHURQDYHGHWHUPLQDGRFRQIRUPHDOLQFLVRDQWHULRU
3$5d*5$)2(OH[SORWDGRUQRSRGUjDFRJHUVHDORVOlPLWHVGHUHVSRQVDELOLGDGHQORVFDVRVFRQWHPSODGRVHQHODUWlFXOR
&$3f78/29,,,
%8648('$5(6&$7($6,67(1&,$<6$/9$0(172
$57f&8/25(*/$63$5$%8648('$5(6&$7($6,67(1&,$<6$/9$0(172'($(521$9(6/DEoVTXHGDUHVFDWHDVLVWHQFLD\
VDOYDPHQWRGHDHURQDYHVVHVXMHWDUjQDORTXHGLVSRQJDQORVUHJODPHQWRVDHURQjXWLFRV
4XLHQHVGHFRQIRUPLGDGFRQkVWRVSDUWLFLSHQHQODVLQGLFDGDVRSHUDFLRQHVWHQGUjQGHUHFKRDOUHHPEROVRGHORVJDVWRVHQTXHLQFXUUDQ\DOD
LQGHPQL]DFLnQSRUORVGDmRVVXIULGRV
7UDWjQGRVHGHVDOYDPHQWRGHFRVDVHOUHHPEROVR\ODLQGHPQL]DFLnQHQQLQJoQFDVRSRGUjH[FHGHUHOYDORUGHODFRVDVDOYDGDDOWkUPLQRGH
GLFKDVRSHUDFLRQHV
(OSDJRGHOUHHPEROVR\GHODLQGHPQL]DFLnQLQFXPEHQDOH[SORWDGRUGHODDHURQDYH
$57f&8/25(75,%8&,h1325$6,67(1&,$5(6&$7(<6$/9$0(1727RGDDVLVWHQFLDUHVFDWH\VDOYDPHQWRGHSHUVRQDVGDUjOXJDUDXQD
UHWULEXFLnQHQUD]nQGHORVJDVWRVMXVWLqFDGRVSRUODVFLUFXQVWDQFLDVDVlFRPRGHORVGDmRVVXIULGRVGXUDQWHODRSHUDFLnQ
(OSDJRGHODUHWULEXFLnQFRUUHVSRQGHDOH[SORWDGRUGHODDHURQDYHDVLVWLGD
/DUHWULEXFLnQQRSXHGHH[FHGHUGHFLQFRPLOJUDPRVGHRURSXURSRUSHUVRQDVDOYDGDVLQH[FHGHUGHYHLQWLFLQFRPLOJUDPRVGHRURSXUR6L
QLQJXQDSHUVRQDKDVLGRVDOYDGDQRH[FHGHUjODVXPDWRWDOGHFLQFRPLOJUDPRVGHRURSXUR
(QHOFDVRGHTXHKD\DH[LVWLGRDVLVWHQFLDUHDOL]DGDSRUYDULDVSHUVRQDV\HOFRQMXQWRGHODVUHWULEXFLRQHVGHELGDVIXHUHVXSHULRUDORVOlPLWHV
qMDGRVHQHOLQFLVRSUHFHGHQWHVHSURFHGHUjDXQDUHGXFFLnQSURSRUFLRQDOGHGLFKDVLQGHPQL]DFLRQHV
$57f&8/235(6&5,3&,h1'($&&,21(6/DVDFFLRQHVGHTXkWUDWDHVWH&DSlWXORSUHVFULEHQSRUHOWUDQVFXUVRGHGRVDmRVFRQWDGRVGHVGH
HOqQGHODUHVSHFWLYDRSHUDFLnQ
&$3f78/2,;
,19(67,*$&,h1'($&&,'(17(6'($9,$&,h1
$57f&8/22%/,*$&,h1'(/$$8725,'$'$(521d87,&$'(,19(67,*$5$&&,'(17('($9,$&,h17RGRDFFLGHQWHGHDYLDFLnQGHEHUjVHU
LQYHVWLJDGRSRUODDXWRULGDGDHURQjXWLFDFRQHOREMHWRGHGHWHUPLQDUVXVFDXVDVSUREDEOHV\ODDGRSFLnQGHODVPHGLGDVWHQGLHQWHVDHYLWDUVX
UHSHWLFLnQ
$57f&8/2352&(',0,(1723$5$/$,19(67,*$&,h1'($&&,'(17('($9,$&,h1&RUUHVSRQGHDODDXWRULGDGDHURQjXWLFDHO
HVWDEOHFLPLHQWRSRUPHGLRGHORVUHJODPHQWRVGHOSURFHGLPLHQWRTXHGHEHVHJXLUVHHQODLQYHVWLJDFLnQGHORVDFFLGHQWHV
$57f&8/2,19(67,*$&,h1'(/$$(521d87,&$&,9,/'($&&,'(17(6'($9,$&,h1/DLQYHVWLJDFLnQTXHGHORVDFFLGHQWHVGHDYLDFLnQVH
KDJDSRUSDUWHGHODDXWRULGDGDHURQjXWLFDVHUjVLQSHUMXLFLRGHODVLQYHVWLJDFLRQHVRGLOLJHQFLDVTXHGHEDQSUDFWLFDUGHDFXHUGRFRQODVOH\HV\
UHJODPHQWRVODVDXWRULGDGHVMXGLFLDOHVRSROLFLYDV
$57f&8/22%/,*$&,h1'(72'$3(5621$'('$5$9,62'(/&212&,0,(172'(81$&&,'(17($(521$9(7RGDSHUVRQDTXHWHQJD
FRQRFLPLHQWRGHODRFXUUHQFLDGHXQDFFLGHQWHGHDYLDFLnQWHQGUjODREOLJDFLnQGHFRPXQLFDUORDODDXWRULGDGPjVSUn[LPD\kVWDDVXYH]
GHEHUjFRPXQLFDUORDODDXWRULGDGDHURQjXWLFD
&$3f78/2;
(;3/27$'25'($(521$9(6
$57f&8/2'(),1,&,h1'((;3/27$'25'($(521$9(6(VH[SORWDGRUGHXQDDHURQDYHODSHUVRQDLQVFULWDFRPRSURSLHWDULDGHODPLVPD
HQHOUHJLVWURDHURQjXWLFR(OSURSLHWDULRSRGUjWUDQVIHULUODFDOLGDGGHH[SORWDGRUPHGLDQWHDFWRDSUREDGRSRUODDXWRULGDGDHURQjXWLFDHLQVFULWR
HQHOUHJLVWURDHURQjXWLFRQDFLRQDO
$57f&8/225'(1'(5(*,6752'(3(5621$(1&$/,'$''((;3/27$'25/DDXWRULGDGDHURQjXWLFDQRRUGHQDUjHOUHJLVWURGHXQD
SHUVRQDHQFDOLGDGGHH[SORWDGRUVLQRUHoQHODVFRQGLFLRQHVWkFQLFDVHFRQnPLFDV\DGPLQLVWUDWLYDV\GHPjVUHTXLVLWRVH[LJLGRVHQODVOH\HV\
HQORVUHJODPHQWRVSDUDRSHUDUDHURQDYHV
$57f&8/26(59,&,26$e5(26&20(5&,$/(6(035(6$6'(75$163257(3i%/,&2(035(6$6'(75$%$-26$e5(26(63(&,$/(6
&21&(3726HHQWLHQGHSRUVHUYLFLRVDkUHRVFRPHUFLDOHVORVSUHVWDGRVSRUHPSUHVDVGHWUDQVSRUWHSoEOLFRRGHWUDEDMRVDkUHRVHVSHFLDOHV
6RQHPSUHVDVGHWUDQVSRUWHSoEOLFRODVTXHGHELGDPHQWHDXWRUL]DGDVHIHFWoDQWUDQVSRUWHGHSHUVRQDVFRUUHRRFDUJDVRQHPSUHVDVGH
WUDEDMRVDkUHRVHVSHFLDOHVODVTXHFRQLJXDODXWRUL]DFLnQGHVDUUROODQFXDOTXLHURWUDDFWLYLGDGFRPHUFLDODkUHD
$57f&8/26(59,&,26$e5(26&20(5&,$/(6'(7$163257(3i%/,&2&/$6,),&$&,h16(*i1/$5(*8/$5,'$'/RVVHUYLFLRVDkUHRV
FRPHUFLDOHVGHWUDQVSRUWHSoEOLFRSRGUjQVHUUHJXODUHVRQRUHJXODUHVDTXHOORVVRQORVTXHVHSUHVWDQFRQDUUHJORDWDULIDVLWLQHUDULRV
FRQGLFLRQHVGHVHUYLFLR\KRUDULRVqMRVTXHVHDQXQFLDQDOSoEOLFRORVoOWLPRVQRHVWjQVXMHWRVDODVPRGDOLGDGHVPHQFLRQDGDV
$57f&8/26(59,&,26$e5(26&20(5&,$/(6'(7$163257(3i%/,&2&/$6,),&$&,h16(*i1/266,7,26&8%,(5726/RVVHUYLFLRV
DkUHRVFRPHUFLDOHVSXHGHQVHULQWHUQRVRLQWHUQDFLRQDOHV6RQLQWHUQRVDTXHOORVTXHVHSUHVWDQH[FOXVLYDPHQWHHQWUHSXQWRVVLWXDGRVHQHO
WHUULWRULRGHOD5HSoEOLFDVRQLQWHUQDFLRQDOHVORVGHPjV
$57f&8/22725*$0,(172'(3(50,62'(23(5$&,h1$/$6(035(6$6$e5($6&20(5&,$/(6&RUUHVSRQGHDODDXWRULGDG
DHURQjXWLFDGHFRQIRUPLGDGFRQORGHWHUPLQDGRSRUORVUHJODPHQWRVHORWRUJDPLHQWRGHOSHUPLVRGHRSHUDFLnQDODVHPSUHVDVTXHHIHFWoHQ
VHUYLFLRVDkUHRVFRPHUFLDOHVDVlFRPRODYLJLODQFLDHLQVSHFFLnQSDUDODSUHVWDFLnQDGHFXDGDGHWDOHVVHUYLFLRV
$57f&8/2&21',&,21(63$5$2%7(1(53(50,62'(23(5$&,h1'(6(59,&,26'(75$163257($e5(23DUDODREWHQFLnQGHOSHUPLVR
GHRSHUDFLnQODHPSUHVDGHEHUjGHPRVWUDUVXFDSDFLGDGDGPLQLVWUDWLYDWkFQLFD\qQDQFLHUDHQUHODFLnQFRQODVDFWLYLGDGHVTXHVHSURSRQH
GHVDUUROODU\GHEHUjPDQWHQHUWDOHVFRQGLFLRQHVPLHQWUDVVHDWLWXODUGHXQSHUPLVRGHRSHUDFLnQ
$57f&8/2/263(50,626'(23(5$&,h112621&(6,%/(61,75$63$6$%/(6/RVSHUPLVRVGHRSHUDFLnQQRSRGUjQVHUFHGLGRVQL
WUDVSDVDGRVDQLQJoQWlWXOR
$57f&8/2&21',&,21(6'(/3(50,62'(23(5$&,h1'(6(59,&,26'(75$163257($e5(2/RVSHUPLVRVGHRSHUDFLnQGHVHUYLFLRVGH
WUDQVSRUWHDkUHRVHRWRUJDUjQVREUHUXWDVDkUHDVGHWHUPLQDGDVHQWHQGLkQGRVHTXHHOODVFRPSUHQGHQHOGHUHFKRGHWUDQVSRUWDUSDVDMHURV
FRUUHRRFDUJDGHXQDHUnGURPRDRWURRVREUHXQDVHULHVXFHVLYDGHDHUnGURPRV6LQHPEDUJRDOJXQDVHVFDODVSRGUjQVHUFRQFHGLGDVVLQ
GHUHFKRVGHWUjqFR/RVSHUPLVRVGHRSHUDFLnQGHWHUPLQDUjQDGHPjVORVWLSRVGHDHURQDYHVODFDSDFLGDGRIUHFLGDORVLWLQHUDULRVDXWRUL]DGRV
\ODVGHPjVFRQGLFLRQHVTXHVHmDOHQORVUHJODPHQWRV
$57f&8/25(*/$0(17$&,h1325$8725,'$'$(521d87,&$<&/$6,),&$&,h1'(6(59,&,2$e5(2/DDXWRULGDGDHURQjXWLFD
UHJODPHQWDUj\FODVLqFDUjORVVHUYLFLRVDkUHRVORVH[SORWDGRUHV\ODVUXWDV\VHmDODUjODVFRQGLFLRQHVTXHGHEHUjQOOHQDUVHSDUDREWHQHUORV
UHVSHFWLYRVSHUPLVRVGHRSHUDFLnQFRQODqQDOLGDGGHORJUDUODSUHVWDFLnQGHVHUYLFLRVDkUHRVVHJXURVHqFLHQWHV\HFRQnPLFRVTXHDOPLVPR
WLHPSRJDUDQWLFHQODHVWDELOLGDGGHORVH[SORWDGRUHV\GHODLQGXVWULDDkUHDHQJHQHUDO
$57f&8/2352&(',0,(1723$5$&21&(6,h1<02',),&$&,h1'(3(50,62'(23(5$&,h1(OSURFHGLPLHQWRSDUDODFRQFHVLnQGH
SHUPLVRVGHRSHUDFLnQDVlFRPRSDUDODVPRGLqFDFLRQHVTXHGHHOORVVHVROLFLWHQVHUjQGHWHUPLQDGRVSRUODDXWRULGDGDHURQjXWLFDODFXDO
FHOHEUDUjDXGLHQFLDVSoEOLFDVTXHJDUDQWLFHQHODGHFXDGRDQjOLVLVGHODQHFHVLGDG\FRQYHQLHQFLDGHOVHUYLFLRSURSXHVWR
$57f&8/2&$86$/(6'(5(129$&,h1<5(92&$&,h1'(3(50,62'(23(5$&,h1/RVSHUPLVRVGHRSHUDFLnQVHUjQWHPSRUDOHVGH
DFXHUGRFRQODVFDUDFWHUlVWLFDVGHFDGDVHUYLFLR\ODHFRQRPlDGHODRSHUDFLnQ\SRGUjQVHUUHQRYDGRVLQGHqQLGDPHQWH
3RGUjQVHUUHYRFDGRVSRUFDXVDGHXWLOLGDGSoEOLFD\SRUYLRODFLnQGHORGLVSXHVWRHQORVDUWlFXORV\SRUYLRODFLnQGHODV
QRUPDVUHJODPHQWDULDVVREUHVHJXULGDGGHYXHOR\FXDQGRODHPSUHVDSLHUGDODVFDOLGDGHVH[LJLGDVSRUHODUWlFXOR
7DPELkQSRGUjH[LJLUVHFDXFLnQDORVH[SORWDGRUHVSDUDUHVSRQGHUSRUHOFXPSOLPLHQWRGHODVREOLJDFLRQHVTXHOHVLPSRQJDHVWH&nGLJR\HO
UHVSHFWLYRSHUPLVRGHRSHUDFLnQ
$57f&8/268%9(1&,h1$/$,1'8675,$$e5($325(/*2%,(512(O*RELHUQRSRGUjVXEYHQFLRQDUODLQGXVWULDDkUHD\VHmDODUORV
WkUPLQRVFRQGLFLRQHV\PRGDOLGDGHVGHGLFKDVXEYHQFLnQ
$57f&8/25(48,6,726'(1$&,21$/,'$'<'20,&,/,23$5$35(67$56(59,&,26$e5(26(63(&,$/(6/RVVHUYLFLRVDkUHRVFRORPELDQRV
LQWHUQRVHLQWHUQDFLRQDOHVVnORSRGUjQVHUSUHVWDGRVSRUSHUVRQDVQDWXUDOHVRMXUlGLFDVQDFLRQDOHVTXHWHQJDQVXGRPLFLOLRUHDOHQ&RORPELD
/DDXWRULGDGDHURQjXWLFDSRGUjH[LJLUTXHFLHUWRVVHUYLFLRVVHSUHVWHQSRUSHUVRQDVRUJDQL]DGDVMXUlGLFDPHQWHHQIRUPDGHVRFLHGDG
$57f&8/287,/,=$&,h1'($(521$9(6(;75$1-(5$6325(035(6$6&2/20%,$1$6325$&8(5'26(175((035(6$6/DVHPSUHVDV
FRORPELDQDVSRGUjQSUHVWDUVHUYLFLRVDkUHRVLQWHUQDFLRQDOHVFRQDHURQDYHVH[WUDQMHUDVFXDQGRDVlUHVXOWHGHDFXHUGRVGHFRODERUDFLnQR
LQWHJUDFLnQUHDOL]DGRVFRQHPSUHVDVDkUHDVH[WUDQMHUDVRGHODIRUPDFLnQGHVRFLHGDGHVPXOWLQDFLRQDOHVGHWUDQVSRUWHDkUHR/DDXWRULGDG
DHURQjXWLFDDXWRUL]DUjGLFKDVIRUPDVHVSHFLDOHVGHRSHUDFLnQFXDQGRHOLQWHUkVSoEOLFR\ODSURWHFFLnQGHODLQGXVWULDDkUHDQDFLRQDODVlOR
DFRQVHMHQ
$57f&8/2&219(1,26(175((;3/27$'25(668-(726$/$$352%$&,h135(9,$'($8725,'$'$(521d87,&$4XHGDQVXMHWRVDOD
DSUREDFLnQSUHYLDGHODDXWRULGDGDHURQjXWLFDORVFRQYHQLRVHQWUHH[SORWDGRUHVTXHLPSOLTXHQDFXHUGRVGHFRODERUDFLnQLQWHJUDFLnQR
H[SORWDFLnQFRQMXQWDFRQH[LnQFRQVROLGDFLnQRIXVLnQGHVHUYLFLRVRTXHGHFXDOTXLHUPDQHUDWLHQGDQDUHJXODUL]DUROLPLWDUODFRPSHWHQFLDRHO
WUjqFRDkUHR
$57f&8/235(67$&,h1'(6(59,&,26125(*8/$5(6325(;3/27$'25(6/RVVHUYLFLRVQRUHJXODUHVSRGUjQVHUSUHVWDGRVSRU
H[SORWDGRUHVGHGLFDGRVH[FOXVLYDPHQWHDHOORVRSRUH[SORWDGRUHVGHVHUYLFLRVUHJXODUHV
/DDXWRULGDGDHURQjXWLFDUHJODPHQWDUjWRGRORUHODWLYRDORVVHUYLFLRVQRUHJXODUHVGHQWURGHOFULWHULRGHTXHHOORVQRGHEHUjQFRQVWLWXLUXQD
FRPSHWHQFLDLQGHELGDDORVVHUYLFLRVUHJXODUHV(QWRGRFDVRHOH[SORWDGRUGHVHUYLFLRVUHJXODUHVJR]DUjGHSULRULGDGSDUDTXHVHOHDXWRULFHQ
YXHORVQRUHJXODUHVGHQWURGHODVUXWDVFRPSUHQGLGDVHQVXSHUPLVRGHRSHUDFLnQ
$57f&8/2),1$/,'$''(/$,163(&&,h1'(/$$8725,'$'$(521d87,&$/DLQVSHFFLnQGHODDXWRULGDGDHURQjXWLFDFRQODqQDOLGDGGH
JDUDQWL]DUODHVWDELOLGDGGHODLQGXVWULDDkUHD\ORVLQWHUHVHVGHOSoEOLFRVHH[WLHQGHWDPELkQDORVDJHQWHVGHYLDMHVLQWHUPHGLDULRVX
RSHUDGRUHVGHYLDMHVFROHFWLYRVTXHXVXDOPHQWHH[SORWDQODLQGXVWULDGHOWXULVPRHQFRODERUDFLnQRHQFRQH[LnQFRQVHUYLFLRVDkUHRV
$57f&8/2$3/,&$&,h1'(1250$6$(;3/27$'25(6'(6(59,&,26$e5(26(63(&,$/(6/RVDUWlFXORVDQWHULRUHVVHDSOLFDUjQ
LJXDOPHQWHDORVH[SORWDGRUHVGHVHUYLFLRVDkUHRVHVSHFLDOHV
$57f&8/26(59,&,2'(75$163257($e5(2,17(51$&,21$/(1$(5238(5726&2/20%,$126325(035(6$6(;75$1-(5$668-(726$
&219(1,26/DVHPSUHVDVH[WUDQMHUDVSRGUjQUHDOL]DUVHUYLFLRVGHWUDQVSRUWHDkUHRLQWHUQDFLRQDOHQDHURSXHUWRVFRORPELDQRVGHFRQIRUPLGDG
FRQODVFRQYHQFLRQHVRDFXHUGRVLQWHUQDFLRQDOHVHQTXH&RORPELDVHDSDUWHRFXDQGRHOORVQRVHDQDSOLFDEOHVPHGLDQWHSHUPLVRSUHYLRGHOD
DXWRULGDGDHURQjXWLFDGHELHQGRVXMHWDUVHHQHVWHoOWLPRFDVRODVUHVSHFWLYDVOLFHQFLDVGHRSHUDFLnQDODH[LVWHQFLDGHXQDDGHFXDGD
UHFLSURFLGDGFRQH[SORWDGRUHVFRORPELDQRV
&$3f78/2;,
75$163257(35,9$'2(6&8(/$6'($9,$&,21$(521$9(6'(',&$'$6$/785,602<0$17(1,0,(172'($(521$9(6
$57f&8/25e*,0(13$5$$(521$9(6'(75$163257(35,9$'2785,67,&2<'(3257,92/DVDHURQDYHVGHWUDQVSRUWHSULYDGRODVGH
WXULVPR\ODVGHSRUWLYDVTXHGDUjQVXMHWDVHQFXDQWROHVVHDQDSOLFDEOHVDODVGLVSRVLFLRQHVGHHVWD3DUWH\DORVUHJODPHQWRVTXHSDUDFDGD
DFWLYLGDGGLVWLQWDGHODFRPHUFLDOGHWHUPLQHODDXWRULGDGDHURQjXWLFD
$57f&8/2352+,%,&,h1'(5($/,=$56(59,&,23i%/,&2'(75$163257($e5(2/DVDHURQDYHVDTXHVHUHqHUHHODUWlFXORDQWHULRUQR
SRGUjQUHDOL]DUQLQJoQVHUYLFLRSoEOLFRGHWUDQVSRUWHDkUHRGHSHUVRQDVRGHFRVDVFRQRVLQUHPXQHUDFLnQ
$57f&8/25(*/$0(17$&,213253$57('(/$$8725,'$'$(521d87,&$/DDXWRULGDGDHURQjXWLFDGHEHUjUHJODPHQWDUODVDFWLYLGDGHV
GHODVHVFXHODVGHDYLDFLnQDHURFOXEHV\HQWLGDGHVGHGLFDGDVDOPDQWHQLPLHQWRGHDHURQDYHV
&$3f78/2;,,
75$163257($e5(2
6(&&,h1,
*(1(5$/,'$'(6
$57f&8/2$3/,&$&,h1'(1250$6$/26&2175$726'(75$163257($e5(2,17(512(,17(51$&,21$/4XHGDQVXMHWRVDODV
GLVSRVLFLRQHVGHHVWH&nGLJRORVFRQWUDWRVGHWUDQVSRUWHLQWHUQRRLQWHUQDFLRQDOHVWRVoOWLPRVDIDOWDGHFRQYHQFLRQHVLQWHUQDFLRQDOHVTXHVHDQ
REOLJDWRULDVSDUD&RORPELD
(OFRQWUDWRGHWUDQVSRUWHVHFRQVLGHUDLQWHUQRFXDQGRORVOXJDUHVGHSDUWLGD\GHVWLQRqMDGRVSRUODVSDUWHVHVWjQGHQWURGHOWHUULWRULRQDFLRQDOH
LQWHUQDFLRQDOHQORVGHPjVFDVRV
$57f&8/2&/d868/$6'(/&2175$72'(75$163257($e5(2/DVFOjXVXODVGHOFRQWUDWRGHWUDQVSRUWHFHOHEUDGRFRQHPSUHVDULRV
SoEOLFRVGHEHUjQKDFHUVHFRQRFHUGHORVSDVDMHURVHQHOELOOHWHREROHWRGHSDVDMHHQORVGRFXPHQWRVGHWUDQVSRUWHTXHVHHQWUHJXHQDkVWRVR
HQXQOXJDUGHODVRqFLQDVGHDTXkOORVHQGRQGHVHDQOHlGDVIjFLOPHQWH
/RVDVSHFWRVQRFRQWHPSODGRVHQHOSUHVHQWH&nGLJRRHQRWUDVOH\HVGHFUHWRVRUHJODPHQWRVRqFLDOHVTXHVHUHqHUDQDODVFRQGLFLRQHVGHO
WUDQVSRUWHSRGUjQVHUUHJXODGRVSRUODVHPSUHVDVDkUHDVGHWUDQVSRUWHSoEOLFRPHGLDQWHUHJODPHQWDFLnQTXHUHTXLHUHDSUREDFLnQGHOD
DXWRULGDGDHURQjXWLFD
7DOHVUHJODPHQWRVGHEHUjQVHUH[KLELGRVSRUODVHPSUHVDVHQOXJDUHVHQGRQGHVHDQIjFLOPHQWHFRQRFLGRVGHOXVXDULR/DDXWRULGDGDHURQjXWLFD
GLFWDUjODVQRUPDVVREUHHOSDUWLFXODU
$57f&8/2'(),1,&,h1'(75$163257(i1,&2(OWUDQVSRUWHTXHHIHFWoHQVXFHVLYDPHQWHYDULRVWUDQVSRUWDGRUHVSRUYlDDkUHDVHMX]JDUj
FRPRWUDQVSRUWHoQLFRFXDQGRKD\DVLGRFRQVLGHUDGRSRUODVSDUWHVFRPRXQDVRODRSHUDFLnQ\DVHDTXHVHIRUPDOLFHSRUPHGLRGHXQVROR
FRQWUDWRRSRUXQDVHULHGHHOORV
6(&&,h1,,
75$163257('(3$6$-(526
$57f&8/2&217(1,'2'(/%,//(7(2%2/(72'(3$6$-($e5(2(OELOOHWHREROHWRGHSDVDMHVLVHH[SLGHGHEHUjFRQWHQHU
/XJDU\IHFKDGHHPLVLnQ
1RPEUHRLQGLFDFLnQGHOWUDQVSRUWDGRURWUDQVSRUWDGRUHV
/XJDUHVGHSDUWLGD\GHVWLQR\HVFDODVSUHYLVWDV\
3UHFLRGHOWUDQVSRUWH
(OSDVDMHURSRGUjH[LJLUTXHVHLQVHUWHVXQRPEUHHQHOELOOHWHREROHWR
$57f&8/25('8&&,h1325'(6,67,0,(172'(/9,$-(325(/3$6$-(52(QORVFDVRVGHGHVLVWLPLHQWRGHOYLDMHSRUSDUWHGHOSDVDMHURODV
HPSUHVDVGHWUDQVSRUWHSoEOLFRSRGUjQqMDUSRUFHQWDMHVGHUHGXFFLnQHQODGHYROXFLnQGHOYDORUGHOSDVDMHFRQIRUPHDORVUHJODPHQWRVGHOD
HPSUHVDDSUREDGRVSRUODDXWRULGDGDHURQjXWLFD
$57f&8/2(;,*(1&,$'('2&80(17$&,h1$/3$6$-(52$17(6'($%25'$5/$1$9((OWUDQVSRUWDGRUSRGUjH[LJLUDFDGDSDVDMHUR
DQWHVGHDERUGDUODQDYHODGRFXPHQWDFLnQQHFHVDULDSDUDGHVHPEDUFDUHQHOSXQWRGHGHVWLQR
$57f&8/25(63216$%,/,'$''(/75$163257$'25325'$g2(1&$62'(08(57(2/(6,h1'(/3$6$-(52(OWUDQVSRUWDGRUHV
UHVSRQVDEOHGHOGDmRFDXVDGRHQFDVRGHPXHUWHROHVLnQGHOSDVDMHURFRQODVRODSUXHEDGHTXHHOKHFKRTXHORFDXVnVHSURGXMRDERUGRGHOD
DHURQDYHRGXUDQWHFXDOTXLHUDGHODVRSHUDFLRQHVGHHPEDUTXHRGHVHPEDUTXHDPHQRVTXHSUXHEHKDOODUVHHQFXDOTXLHUDGHODVFDXVDOHVGH
H[RQHUDFLnQFRQVDJUDGDVHQORVRUGLQDOHVR\RGHODUWlFXOR\DFRQGLFLnQGHTXHDFUHGLWHLJXDOPHQWHTXHWRPnWRGDVODVPHGLGDV
QHFHVDULDVSDUDHYLWDUHOGDmRRTXHOHIXHLPSRVLEOHWRPDUODV
'LFKDVRSHUDFLRQHVFRPSUHQGHQGHVGHTXHORVSDVDMHURVVHGLULJHQDODDHURQDYHDEDQGRQDQGRHOWHUPLQDOPXHOOHRHGLqFLRGHODHURSXHUWR
KDVWDTXHHOORVDFFHGHQDVLWLRVVLPLODUHV
$57f&8/2/,0,7((1/$,1'(01,=$&,h1(1&$62'(5(63216$%,/,'$''(/75$63257$'25$e5(2/DLQGHPQL]DFLnQHQFDVRGH
UHVSRQVDELOLGDGGHOWUDQVSRUWDGRUQRH[FHGHUjGHYHLQWLFLQFRPLOJUDPRVGHRURSXURSRUSDVDMHUR
$57f&8/25(63216$%,/,'$''(/75$163257$'25325,1&803/,0,(1722,17(5583&,h1'(/9,$-(&XDQGRHOYLDMHQRSXHGDLQLFLDUVH
HQODVFRQGLFLRQHVHVWLSXODGDVRVHUHWUDVHVXLQLFLDFLnQSRUFDXVDGHIXHU]DPD\RURUD]RQHVPHWHRUROnJLFDVTXHDIHFWHQVXVHJXULGDGHO
WUDQVSRUWDGRUTXHGDUjOLEHUDGRGHUHVSRQVDELOLGDGGHYROYLHQGRHOSUHFLRGHOELOOHWH(OSDVDMHURSRGUjHQWDOHVFDVRVH[LJLUODGHYROXFLnQ
LQPHGLDWDGHOSUHFLR
6LXQDYH]FRPHQ]DGRHOYLDMHkVWHVHLQWHUUXPSLHUHSRUFXDOTXLHUDGHODVFDXVDVVHmDODGDVHQHOLQFLVRDQWHULRUHOWUDQVSRUWDGRUTXHGDUj
REOLJDGRDHIHFWXDUHOWUDQVSRUWHGHYLDMHURV\HTXLSDMHVSRUVXFXHQWDXWLOL]DQGRHOPHGLRPjVUjSLGRSRVLEOHKDVWDGHMDUORVHQVXGHVWLQRVDOYR
TXHORVSDVDMHURVRSWHQSRUHOUHHPEROVRGHODSDUWHGHOSUHFLRSURSRUFLRQDODOWUD\HFWRQRUHFRUULGR
7DPELkQVXIUDJDUjHOWUDQVSRUWDGRUORVJDVWRVUD]RQDEOHVGHPDQXWHQFLnQ\KRVSHGDMHTXHVHGHULYHQGHFXDOTXLHULQWHUUXSFLnQ
$57f&8/25(63216$%,/,'$''(/75$163257$'25325'$g2&$86$'2325(/5(7$5'2(OWUDQVSRUWDGRUHVUHVSRQVDEOHGHOGDmR
UHVXOWDQWHGHOUHWDUGRHQHOWUDQVSRUWHGHSDVDMHURVHTXLSDMHVRPHUFDQFlDV
6LQHPEDUJRHQHVWHFDVRHOWUDQVSRUWDGRUQRVHUjUHVSRQVDEOHVLSUXHEDTXHOHIXHLPSRVLEOHHYLWDUHOGDmR
6(&&,h1,,,
75$163257('(&26$6<(48,3$-(6
$57f&8/22%/,*$&,h1'(75$163257$5(/(48,3$-('(/9,$-(52(OWUDQVSRUWDGRUHVWDUjREOLJDGRDWUDQVSRUWDUFRQMXQWDPHQWHFRQORV
YLDMHURV\GHQWURGHOSUHFLRGHOELOOHWHHOHTXLSDMHGHHVWRVFRQORVOlPLWHVGHSHVRRYROXPHQTXHqMHQORVUHJODPHQWRV(OH[FHVRGHHTXLSDMH
VHUjUHJXODGRHQODVFRQGLFLRQHVGHOFRQWUDWRGHWUDQVSRUWHGHTXHWUDWDHODUWlFXOR
$57f&8/2$127$&,h1'(/5(*/$0(172'(/(48,3$-((1(/%2/(72$e5(2(175(*$'(/(48,3$-(&21%2/(72(OHTXLSDMHGHTXH
WUDWDHODUWlFXORDQWHULRUVHDQRWDUjHQXQWDOnQTXHGHEHUjFRQWHQHUODVLQGLFDFLRQHVTXHUHJODPHQWDULDPHQWHVHqMHQ
/DHQWUHJDGHORVHTXLSDMHVVHKDUjFRQWUDODSUHVHQWDFLnQGHOWDOnQFXDOTXLHUDTXHVHDODSHUVRQDTXHORH[KLED
/DIDOWDGHGLFKDSUHVHQWDFLnQGDUjGHUHFKRDOWUDQVSRUWDGRUGHFHUFLRUDUVHGHODLGHQWLGDGGHTXLHQUHFODPHHOHTXLSDMHSXGLHQGRGLIHULUOD
HQWUHJDKDVWDFXDQGRODLGHQWLqFDFLnQUHVXOWHVXqFLHQWH
/DDXWRULGDGDHURQjXWLFDKDELGDFRQVLGHUDFLnQGHORVVLVWHPDVTXHHVWDEOH]FDQORVHPSUHVDULRVSoEOLFRVSDUDJDUDQWL]DUODVHJXULGDGGHORV
HTXLSDMHVSRGUjDXWRUL]DUTXHVHSUHVFLQGDGHOWDOnQ
$57f&8/25(63216$%,/,'$''(/75$163257$'25$e5(23253e5','$2$9(5f$'(/262%-(726'(0$12(OWUDQVSRUWDGRUVHUj
UHVSRQVDEOHGHODSkUGLGDRDYHUlDGHORVREMHWRVGHPDQRFXDQGRHOKHFKRTXHFDXVnHOGDmRRFXUUDDERUGRGHODDHURQDYHRKDOOjQGRVH
DTXkOORVEDMRODFXVWRGLDGHOWUDQVSRUWDGRUVXVDJHQWHVRGHSHQGLHQWHV
/DUHVSRQVDELOLGDGGHOWUDQVSRUWDGRUQRH[FHGHUjGHGRVFLHQWRVJUDPRVGHRURSXURSRUWRGRVORVREMHWRVGHPDQRGHFDGDSHUVRQD
$57f&8/25(63216$%,/,'$''(/75$163257$'25$e5(23253e5','$2$9(5f$'(0(5&$1&f$6<(483$-(5(*,675$'26(O
WUDQVSRUWDGRUVHUjUHVSRQVDEOHGHODSkUGLGDRDYHUlDGHODPHUFDQFlD\HTXLSDMHUHJLVWUDGRFXDQGRHOKHFKRTXHFDXVnHOGDmRRFXUUDDERUGR
GHODDHURQDYHRKDOOjQGRVHDTXHOORVEDMRODFXVWRGLDGHOWUDQVSRUWDGRUVXVDJHQWHVGHSHQGLHQWHVRFRQVLJQDWDULRV
/DUHVSRQVDELOLGDGGHOWUDQVSRUWDGRUQRH[FHGHUjGHGLH]JUDPRVGHRURSXURSRUNLORJUDPRGHPHUFDQFlDRHTXLSDMHUHJLVWUDGRGHFDGD
SHUVRQD
6LODPHUFDQFlDRHOHTXLSDMHIDFWXUDGRVHWUDQVSRUWDQEDMRODPDQLIHVWDFLnQGHOYDORUGHFODUDGRDFHSWDGRSRUHOWUDQVSRUWDGRUkVWHUHVSRQGHUj
KDVWDHOOlPLWHGHHVHYDORU
$57f&8/2(;21(5$&,h1'(5(63216$%,/,'$'325'$g2&216(&8(17('(/$1$785$/(=$29,&,2'(/$&26$1RVHUjUHVSRQVDEOH
HOWUDQVSRUWDGRUFXDQGRHOGDmRVHDFRQVHFXHQFLDH[FOXVLYDGHODQDWXUDOH]DRYLFLRSURSLRGHODVFRVDVWUDQVSRUWDGDV
7DPSRFRVHUjUHVSRQVDEOHHOWUDQVSRUWDGRUFXDQGRkVWHSUXHEHTXHODSkUGLGDRDYHUlDRFXUULnFXDQGRODPHUFDQFlD\HTXLSDMHUHJLVWUDGRV
HVWDEDQEDMRODFXVWRGLDH[FOXVLYDGHODVDXWRULGDGHVDGXDQHUDV
$57f&8/25(63216$%,/,'$''(/75$163257$'25$e5(23253e5','$2(;32/,$&,h1(1/26(19f263267$/(6/DUHVSRQVDELOLGDG
GHOWUDQVSRUWDGRUDkUHRSRUSkUGLGDRH[SROLDFLnQGHHQYlRVSRVWDOHVTXHGDUjOLPLWDGDDODVVXPDVHVWDEOHFLGDVSRUORV&RQYHQLRV3RVWDOHV
,QWHUQDFLRQDOHVVXVFULWRV\UDWLqFDGRVSRU&RORPELDSDUDODVDGPLQLVWUDFLRQHVSRVWDOHV$IDOWDGHWDOHVFRQYHQLRVODUHVSRQVDELOLGDGGHO
WUDQVSRUWDGRUQRH[FHGHUjGHWUHVFLHQWRVWUHLQWD\WUHVJUDPRVGHRURSXURSRUHQYlR
6LHOYDORUIXHUHGHFODUDGRODUHVSRQVDELOLGDGVHH[WHQGHUjKDVWDHOOlPLWHGHHVHYDORU
&$3f78/2;,,,
&2175$72'(87,/,=$&,h1'($(521$9(6
6(&&,h1,
$55(1'$0,(1722/2&$&,h1
$57f&8/2&2175$72'($55(1'$0,(1722/2&$&,h1'($(521$9(6(ODUUHQGDPLHQWRRORFDFLnQGHDHURQDYHVSRGUjOOHYDUVHDFDER
FRQRVLQWULSXODFLnQSHURHQWRGRFDVRODGLUHFFLnQGHkVWDTXHGDDFDUJRGHODUUHQGDWDULR
(ODUUHQGDWDULRWHQGUjODFDOLGDGGHH[SORWDGRU\FRPRWDOORVGHUHFKRV\REOLJDFLRQHVGHkVWHFXDQGRWDOFDOLGDGOHVHDUHFRQRFLGDSRUOD
DXWRULGDGDHURQjXWLFD
$57f&8/235h552*$(1(/&2175$72'($55(1'$0,(172'(1$9($e5($6DOYRH[SUHVRFRQVHQWLPLHQWRGHODUUHQGDGRUHOFRQWUDWR
QRVHFRQVLGHUDSURUURJDGRVLDVXYHQFLPLHQWRHODUUHQGDWDULRFRQWLQoDFRQODDHURQDYHHQVXSRGHU
3HURVLHOFRQWUDWRWHUPLQDPLHQWUDVODDHURQDYHHVWjHQYLDMHVHWHQGUjSRUSURUURJDGRKDVWDODWHUPLQDFLnQGHkVWH
6LHODUUHQGDWDULRFRQWLQoDGHKHFKRFRQODWHQHQFLDGHODDHURQDYHVHJXLUjFRQVLGHUjQGRVHFRPRH[SORWDGRUSDUDWRGRVORVHIHFWRVOHJDOHV
'XUDQWHODWHQHQFLDGHKHFKRHODUUHQGDWDULRGHEHUjSDJDUDODUUHQGDGRUODVXPDHVWLSXODGDHQHOFRQWUDWRDXPHQWDGDHQXQ\D
LQGHPQL]DUGHSHUMXLFLRVDODUUHQGDGRUHVWDUjDGHPjVREOLJDGRDFRQVHUYDUGHELGDPHQWHODFRVDVLQTXHSRUHOORFHVHVXREOLJDFLnQGH
UHVWLWXLUOD
6LWDOH[FHVRHVVXSHULRUDODWHUFHUDSDUWHGHOWLHPSRSUHYLVWRSDUDODGXUDFLnQGHOFRQWUDWRHODUUHQGDWDULRGHEHUjLQGHPQL]DUOHDGHPjVWRGRV
ORVSHUMXLFLRV
$57f&8/2025$(1/$(175(*$'(/$$(521$9($55(1'$'$(ODUUHQGDGRUTXHLQFXUUDHQPRUDGHHQWUHJDUUHVWLWXLUjORVDOTXLOHUHV
TXHKD\DUHFLELGRDGHPjVSDJDUjDODUUHQGDWDULRXQDVXPDPHQVXDOHTXLYDOHQWHDOGHOSUHFLRGHODUUHQGDPLHQWRHVWLSXODGR\OH
LQGHPQL]DUjGHSHUMXLFLRV
6(&&,h1,,
)/(7$0(172
$57f&8/2'(),1,&,h1'()/(7$0(172(OrHWDPHQWRGHXQDDHURQDYHHVXQFRQWUDWRLQWXLWXSHUVRQDHSRUHOFXDOXQH[SORWDGRUOODPDGR
rHWDQWHFHGHDRWUDSHUVRQDOODPDGDrHWDGRUDFDPELRGHXQDFRQWUDSUHVWDFLnQHOXVRGHODFDSDFLGDGWRWDORSDUFLDOGHXQDRYDULDV
DHURQDYHVSDUDXQRRYDULRVYXHORVSRUNLORPHWUDMHRSRUWLHPSRUHVHUYjQGRVHHOrHWDQWHODGLUHFFLnQ\DXWRULGDGVREUHODWULSXODFLnQ\OD
FRQGXFFLnQWkFQLFDGHODDHURQDYH
/DFDOLGDGGHH[SORWDGRUQRHVVXVFHSWLEOHGHWUDQVIHULUVHDOrHWDGRUHQYLUWXGGHHVWHFRQWUDWR
$57f&8/22%/,*$&,21(6(63(&,$/(6'(/)/(7$17(6RQREOLJDFLRQHVHVSHFLDOHVGHOrHWDQWH
2EWHQHUORVSHUPLVRVQHFHVDULRVSDUDODRSHUDFLnQGHODDHURQDYH
$SURYLVLRQDUODGHFRPEXVWLEOH\GHPjVHOHPHQWRVQHFHVDULRVSDUDODQDYHJDFLnQ
&RQVHUYDUODHQFRQGLFLRQHVGHQDYHJDELOLGDG\
0DQWHQHUODWULSXODFLnQGHELGDPHQWHOLFHQFLDGD\DSWDSDUDHOFXPSOLPLHQWRGHOFRQWUDWRGHDFXHUGRFRQORVUHJODPHQWRVDHURQjXWLFRV
$57f&8/22%/,*$&,h1'(/)/(7$'25$3529((5'2&80(17$&,h1(OrHWDGRUHVWjREOLJDGRDSURYHHUODGRFXPHQWDFLnQQHFHVDULDSDUD
HOWUjQVLWRGHORVSDVDMHURVGHODFDUJDRSDUDHOXVRHVSHFLDODTXHVHGHVWLQHODDHURQDYH
$57f&8/2)/(7$0(1723257,(032'(7(50,1$'2(OrHWDQWHQRHVWDUjREOLJDGRDHPSUHQGHUXQYLDMHFX\DGXUDFLnQSUHYLVLEOHH[FHGD
FRQVLGHUDEOHPHQWHHOWkUPLQRGHGXUDFLnQGHOFRQWUDWR
$57f&8/2$(52'52026'(,1,&,$&,h1<7(50,1$&,h1'(/&2175$726DOYRHVWLSXODFLnQHQFRQWUDULRORVDHUnGURPRVGHLQLFLDFLnQ\
WHUPLQDFLnQGHOFRQWUDWRHVWDUjQVLWXDGRVHQ&RORPELD
$57f&8/2'(025$6(1/$(-(&8&,h1'(/&2175$72325&8/3$'(/)/(7$'25(OPD\RUWLHPSRHPSOHDGRSRUHOrHWDQWHHQOD
HMHFXFLnQGHOFRQWUDWRLPSXWDEOHDFXOSDGHOrHWDGRULPSRQGUjDkVWHODREOLJDFLnQGHSDJDUDDTXkOXQSUHFLRSURSRUFLRQDODOSUHFLRSDFWDGR\
ORVJDVWRVTXHODGHPRUDRFDVLRQH
$57f&8/25(63216$%,/,'$''(/)/(7$17(325'$g2648(&$86(1(/5(7$5'2(OrHWDQWHHVUHVSRQVDEOHGHORVGDmRV\SHUMXLFLRV
TXHVXIUDHOrHWDGRUSRUFXOSDGHDTXkORGHVXVGHSHQGLHQWHVFXDQGRODQDYHQRSXHGDHIHFWXDUHOWUDQVSRUWHHQHOWLHPSRqMDGRHQHOFRQWUDWR
RVLKDKDELGRUHWDUGRHQODVDOLGDRHQODQDYHJDFLnQRHQHOOXJDUGHVXGHVFDUJD
&$3f78/2;,9
6(*852
$57f&8/22%/,*$&,21(6'(/$(035(6$'(75$163257(3i%/,&2$&$8&,21$5/$5(63216$%,/,'$'&,9,//DVHPSUHVDVGH
WUDQVSRUWHSoEOLFRTXHGDQREOLJDGDVDFDXFLRQDUODUHVSRQVDELOLGDGFLYLOGHTXHWUDWDQORVFDSlWXORV9,9,,\;,,PHGLDQWH
&RQWUDWRGHVHJXUR
*DUDQWlDRWRUJDGDSRUHQWLGDGEDQFDULDR
'HSnVLWRHQHIHFWLYRRYDORUHVQHJRFLDEOHVHQODEROVD
'LFKDVFDXFLRQHVRHOVHJXURVHFRQVWLWXLUjQSRUXQDFDQWLGDGPlQLPDHTXLYDOHQWHDORVOlPLWHVGHUHVSRQVDELOLGDGHVWDEOHFLGRVHQHOSUHVHQWH
&nGLJR
/DFDXFLnQVHSXHGHWRPDUSRUHOFLQFXHQWDSRUFLHQWRGHODFDSDFLGDGWRWDOGHODDHURQDYHVLQTXHHVWRVLJQLqTXHTXHVHDOWHUDHOOlPLWHGHOD
UHVSRQVDELOLGDGSRUFDGDSDVDMHUR
/DVHPSUHVDVH[WUDQMHUDVTXHRSHUHQHQ&RORPELDGHEHUjQFRQVWLWXLUFDXFLnQSRUXQDVXPDQRLQIHULRUDORVOlPLWHVHVWDEOHFLGRVHQORV
FRQYHQLRVLQWHUQDFLRQDOHVRHQVXGHIHFWRDORHVWDWXLGRHQHOSUHVHQWH&nGLJR
$57f&8/2*$5$17f$$',&,21$//DVHPSUHVDVFRORPELDQDVGHWUDQVSRUWHSoEOLFRLQWHUQDFLRQDOGHEHUjQDGHPjVFRQVWLWXLUJDUDQWlDV
KDVWDSRUORVOlPLWHVGHUHVSRQVDELOLGDGTXHVHmDOHQORVFRQYHQLRVLQWHUQDFLRQDOHVGHORVTXH&RORPELDVHDSDUWH\FRQUHVSHFWRDODV
RSHUDFLRQHVLQWHUQDFLRQDOHV
/DVGHPjVDHURQDYHVFLYLOHVTXHYXHOHQVREUHWHUULWRULRFRORPELDQRVHDQQDFLRQDOHVRH[WUDQMHUDVGHEHUjQDVHJXUDUVXUHVSRQVDELOLGDG
SURYHQLHQWHGHGDmRVFDXVDGRVDWHUFHURVHQODVXSHUqFLH\SRUDERUGDMHKDVWDORVOlPLWHVVHmDODGRVHQHVWH&nGLJR
$57f&8/2/,0,7(6(1/$(0%$5*$%,/,'$'<6(&8(6752'(&$8&,21(6/DVFDQWLGDGHVDGHXGDGDVDOH[SORWDGRUSRUUD]nQGHODV
FDXFLRQHVGHTXHWUDWDHVWH&DSlWXORQRSRGUjQVHUHPEDUJDGDVQLVHFXHVWUDGDVSRUSHUVRQDVGLVWLQWDVGHODVTXHVXIUDQORVGDmRVDTXHVH
UHqHUDQGLFKDVJDUDQWlDVPLHQWUDVQRKD\DQVLGRLQGHPQL]DGRVWDOHVGDmRV
$57f&8/2$3/,&$&,h1'(1250$6'(5(*,67520$5f7,02$/&2175$72'(6(*852$e5(2$OFRQWUDWRGHVHJXURDkUHRVHDSOLFDUjQ
HQFXDQWRVHDQSHUWLQHQWHVODVQRUPDVUHODWLYDVDOVHJXURPDUlWLPRFRQVLJQDGDVHQHVWH&nGLJR
&$3f78/2;9
+,327(&$(0%$5*2<6(&8(6752
$57f&8/21$9(6$e5($6+,327(&$%/(6&217(1,'2'(/$(6&5,785$'(+,327(&$/DVDHURQDYHVPDWULFXODGDVHQ&RORPELDSXHGHQ
JUDYDUVHFRQKLSRWHFD/DVTXHHVWkQHQYlDGHFRQVWUXFFLnQWDPELkQSRGUjQKLSRWHFDUVHFRQWDOTXHHQODHVFULWXUDSoEOLFDHQTXHODKLSRWHFD
VHFRQVWLWX\DVHFRQVLJQHQODVHVSHFLqFDFLRQHVQHFHVDULDVSDUDVXLQVFULSFLnQHQHOUHJLVWURDHURQjXWLFR
/DHVFULWXUDGHKLSRWHFDGHXQDDHURQDYHGHEHFRQWHQHUODVFDUDFWHUlVWLFDVGHkVWD\ORVVLJQRVGLVWLQWLYRVGHVXVSDUWHV
$57f&8/2&217(1,'2'(/$+,327(&$*5$'2'(35()(5(1&,$'(&5e',726/DKLSRWHFDFRPSUHQGHUjODFkOXODODVXQLGDGHV
PRWRSURSXOVRUDVORVHTXLSRVHOHFWUnQLFRV\FXDOHVTXLHUDRWUDVSLH]DVGHVWLQDGDVDOVHUYLFLRGHODDHURQDYHLQFRUSRUDGDVHQHOODHQIRUPD
SHUPDQHQWHDXQTXHIXHUHQPRPHQWjQHDPHQWHVHSDUDGDVGHODDHURQDYHORVVHJXURVHLQGHPQL]DFLRQHVTXHSDUFLDORWRWDOPHQWHUHHPSODFHQ
ODFRVDJUDYDGD\SUHqHUHDFXDOTXLHURWURFUkGLWRPHQRVDORVVLJXLHQWHV
/RVLPSXHVWRVHQIDYRUGHOqVFRTXHJUDYHQODDHURQDYH
/RVVDODULRVGHODWULSXODFLnQGHODDHURQDYHSRUHOoOWLPRPHV
/DVUHPXQHUDFLRQHVHLQGHPQL]DFLRQHVGHELGDVSRUDVLVWHQFLDRVDOYDPHQWRFDXVDGDVGXUDQWHODH[LVWHQFLDGHOJUDYDPHQ
/RVJDVWRVGHVWLQDGRVDODFRQVHUYDFLnQGHODDHURQDYHGXUDQWHHOMXLFLRUHVSHFWLYR\ODVFRVWDVGHkVWHHQEHQHqFLRFRPoQGHORVDFUHHGRUHV
\
/DVLQGHPQL]DFLRQHVqMDGDVHQHVWH7lWXORSRUGDmRVTXHKD\DFDXVDGRODDHURQDYHGXUDQWHHOoOWLPRDmRDSHUVRQDVRFRVDVFRQRFDVLnQGH
XQYXHOR\TXHQRHVWkQDPSDUDGDVSRUXQVHJXURRJDUDQWlD
$57f&8/2352+,%,&,h1'(6(3$5$53$57(6'(/$$(521$9(+,327(&$'$(OGHXGRUQRSRGUjVHSDUDUGHXQDDHURQDYHKLSRWHFDGDVLQ
SHUPLVRGHODFUHHGRUODVSDUWHVGHODPLVPDDTXHVHH[WLHQGHHOJUDYDPHQVHJoQHODUWlFXORDQWHULRUVLQRGHPDQHUDPRPHQWjQHDSDUDVX
UHSDUDFLnQRPHMRUD
$57f&8/23(50,62(6&5,72'(/$&5(('253$5$02',),&$5/$6&$5$&7(5f67,&$6'(/$$(521$9(+,327(&$'$(OGHXGRUQRSRGUj
PRGLqFDUODVFDUDFWHUlVWLFDVGHFRQVWUXFFLnQRIXQFLRQDPLHQWRGHODDHURQDYHKLSRWHFDGDVLQSHUPLVRHVFULWRGHODFUHHGRUHOFXDOVHUjQHFHVDULR
SDUDOOHYDUDFDERODDQRWDFLnQGHODVPRGLqFDFLRQHVHQHOUHJLVWURDHURQjXWLFR
$57f&8/25(*,6752'((0%$5*2<6(&8(6752'($(521$9(6(OHPEDUJRGHXQDDHURQDYHDoQHQYlDGHFRQVWUXFFLnQGHEHUj
DQRWDUVHHQHOUHJLVWURDHURQjXWLFR
3HURHOVHFXHVWURGHXQDDHURQDYHGHWUDQVSRUWHSoEOLFRGHSDVDMHURVPDWULFXODGDHQ&RORPELDQRSRGUjUHDOL]DUVHVLQRGHVSXkVGH
HMHFXWRULDGDODVHQWHQFLDTXHRUGHQHOOHYDUDGHODQWHODHMHFXFLnQDPHQRVTXHODDHURQDYHVHKDOOHIXHUDGHVHUYLFLRSRUXQWkUPLQRPD\RUGH
XQPHV
$57f&8/275d0,7(3$5$(//(9$17$0,(172'(6(&8(6752<'(6(0%$5*2(PEDUJDGD\VHFXHVWUDGDXQDDHURQDYHVHSRGUjREWHQHU
VXGHVHPEDUJR\HOOHYDQWDPLHQWRGHOVHFXHVWURSUHVWDQGRFDXFLnQUHDOEDQFDULDRGHFRPSDmlDGHVHJXURVLJXDODOGREOHGHOFUkGLWR
GHPDQGDGRVLQLQWHUHVHVQLFRVWDVQLH[FHGHUHQQLQJoQFDVRORVOlPLWHVVHmDODGRVHQkVWD3DUWH
6LODFDXFLnQGHTXHWUDWDHOLQFLVRDQWHULRUVHFRQVWLWX\HGHQWURGHODGLOLJHQFLDGHVHFXHVWURHOMXH]GHFUHWDUjGHSODQRHOGHVHPEDUJR\HO
OHYDQWDPLHQWRGHOVHFXHVWUR
/DVSURYLGHQFLDVMXGLFLDOHVGHTXHWUDWDHVWHDUWlFXORVHGLFWDUjQGHSODQR&RQWUDODSURYLGHQFLDTXHDFHSWHODFDXFLnQ\RUGHQHHOGHVHPEDUJR
\OHYDQWDPLHQWRGHOVHFXHVWURVnORSURFHGHUjHOUHFXUVRGHDSHODFLnQTXHVHVXUWLUjHQHOHIHFWRGHYROXWLYR
/,%526(;72
352&(',0,(1726
7f78/2,
'(/&21&25'$7235(9(17,92
$57f&8/2&21',&,21(63$5$62/,&,7$5&21&25'$72'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH(OFRPHUFLDQWHTXH
KD\DVXVSHQGLGRRWHPDVXVSHQGHUHOSDJRFRUULHQWHGHVXVREOLJDFLRQHVPHUFDQWLOHVSRGUjVROLFLWDUVHOHDGPLWDDODFHOHEUDFLnQGHXQ
FRQYHQLRRFRQFRUGDWRFRQVXVDFUHHGRUHVVLFRQFXUUHQHQVXIDYRUODVVLJXLHQWHVFRQGLFLRQHV
c(VWDUFXPSOLHQGRGHELGDPHQWHVXVREOLJDFLRQHVOHJDOHVHQFXDQWRDOUHJLVWURPHUFDQWLO\DODFRQWDELOLGDGGHVXVQHJRFLRV
c1RKDEHUVLGRVDQFLRQDGRSRUGHOLWRFRQWUDODSURSLHGDGODIHSoEOLFDODHFRQRPlDQDFLRQDOODLQGXVWULD\HOFRPHUFLRRSRUDFWRVGH
FRPSHWHQFLDGHVOHDOFRQWUDEDQGR\XVXUSDFLnQGHGHUHFKRVVREUHODSURSLHGDGLQGXVWULDO
c1RKDEHUVLGRGHFODUDGRDQWHULRUPHQWHHQTXLHEUDRKDELkQGRORVLGRKDOODUVHOHJDOPHQWHUHKDELOLWDGR
c1RKDEHUVLGRDGPLWLGRDQWHVDODFHOHEUDFLnQGHFRQFRUGDWRVSUHYHQWLYRVRKDELkQGRORVFHOHEUDGRKDEHUORVFXPSOLGRVDWLVIDFWRULDPHQWH
c1RHVWDUOHJDOPHQWHVXMHWRDFRQFRUGDWRSUHYHQWLYRREOLJDWRULRRDOLTXLGDFLnQDGPLQLVWUDWLYDIRU]RVD\
c(VWDUDXWRUL]DGDODVROLFLWXGFRQIRUPHDORVHVWDWXWRVFXDQGRHOGHXGRUVHDXQDVRFLHGDG
$57f&8/20(','$648(38('(7(1(53252%-(72(/&21&25'$7235(9(17,92'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULR
GH(OFRQFRUGDWRSUHYHQWLYRSRGUjWHQHUSRUREMHWRFXDOTXLHUDGHODVPHGLGDVVLJXLHQWHVRWRGDVRDOJXQDVGHHOODVVLPXOWjQHDPHQWH
c/DVLPSOHHVSHUDGHORVDFUHHGRUHVRHOSDJRHVFDORQDGRGHVXVFUkGLWRV
c/DDFHSWDFLnQGHDERQRVSDUFLDOHVDORVFUkGLWRVDFWXDOPHQWHH[LJLEOHVRGHLQPHGLDWDH[LJLELOLGDG
c/DFRQFHVLnQGHTXLWDVGHODVGHXGDV
c/DDGPLQLVWUDFLnQGHORVELHQHVRQHJRFLRVGHOGHXGRUSRUXQDWHUFHUDSHUVRQDRODVLPSOHYLJLODQFLDGHODDGPLQLVWUDFLnQHMHUFLGDSRUHO
GHXGRUPLVPR
c/DHQDMHQDFLnQGHORVELHQHVQHFHVDULRVSDUDOOHYDUDHIHFWRHOFRQFRUGDWR\
c&XDOTXLHUDRWUDTXHIDFLOLWHHOSDJRGHODVREOLJDFLRQHVDFDUJRGHOGHXGRURTXHUHJXOHODVUHODFLRQHVGHkVWHFRQVXVDFUHHGRUHV
$57f&8/275d0,7(3$5$/$62/,&,78''(81&21&25'$7235(9(17,92$1(;26$/$62/,&,78''HURJDGRSRUHODUW'HFUHWR
H[WUDRUGLQDULRGH/DVROLFLWXGGHEHUjSUHVHQWDUVHGLUHFWDPHQWHSRUHOGHXGRURSRUPHGLRGHDSRGHUDGRDQWHHOMXH]FRPSHWHQWHSDUD
FRQRFHUGHOMXLFLRGHTXLHEUDGHOGHXGRUDQWHVGHODFHVDFLnQHQORVSDJRVRGHQWURGHORVTXLQFHGlDVVLJXLHQWHVDODIHFKDGHOVREUHVHLPLHQWR
HQORVPLVPRV
&RQODVROLFLWXGVHSUHVHQWDUj
8QFHUWLqFDGRGHODFjPDUDGHFRPHUFLRGHOOXJDUGHVXGRPLFLOLRHQHOFXDOGHEHUjFRQVWDUTXHHOVROLFLWDQWHVHKDOODOHJDOPHQWHLQVFULWRHQ
HOUHJLVWURPHUFDQWLO
8QEDODQFHJHQHUDOGHVXSDWULPRQLRFHUWLqFDGRSRUXQFRQWDGRUOHJDOPHQWHKDELOLWDGRSDUDHOOR\DFRPSDmDGRGHXQLQYHQWDULRGHWDOODGRGH
VXVELHQHV\REOLJDFLRQHVFRQLQGLFDFLnQGHOQRPEUH\GRPLFLOLRGHVXVDFUHHGRUHV\GHODFODVHGHVXVFUkGLWRVHODERUDGRFRQQRPHQRVGHXQ
PHVGHDQWHULRULGDGDODIHFKDGHODSUHVHQWDFLnQGHODVROLFLWXG\
8QDUHODFLnQGHWRGRVORVSURFHVRVHQFXUVRFRQWUDHOGHXGRURSURPRYLGRVSRUkO
$OSUHVHQWDUODVROLFLWXGHOGHXGRUSURWHVWDUjEDMRMXUDPHQWRTXHUHoQHODVFRQGLFLRQHVHJXQGDWHUFHUDFXDUWD\TXLQWDLQGLFDGDVHQHO$UWlFXOR
$57f&8/2$&(37$&,h1'(/$62/,&78''(&21&25'$72352&(',0,(172'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH
6LODVROLFLWXGUHoQHORVUHTXLVLWRVLQGLFDGRVHQHODUWlFXORDQWHULRUHOMXH]ODDFHSWDUjGHQWURGHORVWUHVGlDVVLJXLHQWHVDVXSUHVHQWDFLnQ\
RqFLDUjDORVGHPjVMXHFHVFRPSHWHQWHVSDUDFRQRFHUGHOMXLFLRGHTXLHEUDDqQGHTXHQRVHGkFXUVRDGLFKRMXLFLRRGHTXHVHVXVSHQGDVL\D
VHKDLQLFLDGR7DOHVMXHFHVDOUHFLERGHORqFLRLQGLFDGRHQYLDUjQDOMXH]GHSURFHGHQFLDGHOPLVPRFXDOTXLHUVROLFLWXGGHTXLHEUDRMXLFLRGH
TXLHEUD\DLQLFLDGRHQHOHVWDGRHQTXHVHHQFXHQWUH
$57f&8/20(','$60,(175$66(75$0,7$(/&21&25'$7235(9(17,92'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH
0LHQWUDVVHWUDPLWDHOFRQFRUGDWRSUHYHQWLYRQRSRGUjDFHSWDUVHVROLFLWXGHQHOPLVPRVHQWLGRQLGHGHFODUDWRULDGHTXLHEUDQLSURFHVR
DOJXQRGHHMHFXFLnQ\VHVXVSHQGHUjODSUHVFULSFLnQGHORVFUkGLWRV\ODDFWXDFLnQHQORVSURFHVRVGHHMHFXFLnQLQLFLDGRVFRQWUDHOGHXGRU
H[FHSWRORVGHULYDGRVGHUHODFLRQHVGHWUDEDMRRGHREOLJDFLRQHVDOLPHQWDULDV
6HUjQQXODVODVDFWXDFLRQHVVXUWLGDVHQFRQWUDYHQFLnQDORSUHVFULWRHQHVWHDUWlFXOR\HQHODQWHULRU
$57f&8/2'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH6LODVROLFLWXGQRHVDFHSWDGDSRUQRUHXQLUORVUHTXLVLWRV
SUHVFULWRVHQHO$UWlFXORHOMXH]GHFODUDUjHOHVWDGRGHTXLHEUDVLHOODVHKDIRUPXODGRGHVSXkVGHODFHVDFLnQHQORVSDJRV
/RPLVPRKDUjHOMXH]HQFXDOTXLHUHVWDGRGHOSURFHVRKDVWDODKRPRORJDFLnQGHOFRQFRUGDWRVLVHFRPSUXHEDIDOVHGDGHQODGHFODUDFLnQ
LQGLFDGDHQHOLQFLVRWHUFHURGHO$UWlFXORVDOYRTXHVHWUDWHGHFRPHUFLDQWHVXMHWRDFRQFRUGDWRSUHYHQWLYRREOLJDWRULRRDOLTXLGDFLnQ
IRU]RVDDGPLQLVWUDWLYDFDVRVHQORVFXDOHVVHUHPLWLUjQORVGRFXPHQWRVSUHVHQWDGRV\ODVGLOLJHQFLDVDGHODQWDGDVDOUHVSHFWLYRIXQFLRQDULR
FRPSHWHQWH
$57f&8/2$352%$&,h1'(/$62/,&,78''(&21&25'$72<(03/$=$0,(172'(/26$&5(('25(60(',$17((',&72'HURJDGRSRUHO
DUW'HFUHWRH[WUDRUGLQDULRGH$ODFHSWDUODVROLFLWXGHOMXH]RUGHQDUjHOHPSOD]DPLHQWRGHWRGRVORVDFUHHGRUHVGHOFRPHUFLDQWH
SRUPHGLRGHXQHGLFWRTXHVHqMDUjDOGlDVLJXLHQWHSRUGLH]GlDVKjELOHVHQODVHFUHWDUlDGHOMX]JDGR\TXHVHSXEOLFDUjSRUWUHVYHFHV
FRQVHFXWLYDVHQXQSHULnGLFRGHDPSOLDFLUFXODFLnQQDFLRQDO\HQXQRTXHFLUFXOHUHJXODUPHQWHHQHOOXJDUGHOGRPLFLOLRGHOFRPHUFLDQWH\HOGHO
DVLHQWRSULQFLSDOGHVXVQHJRFLRVVLORKXELHUH$VLPLVPRODSXEOLFDFLnQVHKDUjSRUPHGLRGHXQDUDGLRGLIXVRUD
(QHOPLVPRDXWRHOMXH]VHmDODUjIHFKDSDUDLQLFLDUODVGHOLEHUDFLRQHVHQWUHHOGHXGRU\ORVDFUHHGRUHV(VWDIHFKDQRVHUjQLSDUDDQWHVGHORV
WUHLQWD\FLQFRGlDVQLSDUDGHVSXkVGHORVVHVHQWDVLJXLHQWHV
$57f&8/235(6(17$&,h1'(/26$&5(('25(6(1(/352&(629(1&,0,(172'(/7e50,123e5','$'('(5(&+2632512
35(6(17$56('(1752'(/7e50,12'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH'XUDQWHHOWkUPLQRLQGLFDGRHQHODUWlFXOR
DQWHULRU\ORVGLH]GlDVKjELOHVVLJXLHQWHVDODH[SLUDFLnQGHOPLVPRRDOGHODoOWLPDSXEOLFDFLnQVLHVWDIXHUHSRVWHULRUORVDFUHHGRUHVGHEHUjQ
KDFHUVHSDUWHHQHOSURFHVRSUHVHQWDQGRSRUORPHQRVSUXHEDVXPDULDGHVXVFUkGLWRV
/RVDFUHHGRUHVTXHQRVHKDJDQSDUWHHQHOSURFHVRGHQWURGHOWkUPLQRLQGLFDGRQRWHQGUjQGHUHFKRDLQWHUYHQLUHQODVGHOLEHUDFLRQHVQLSRGUjQ
LQWHQWDUHOMXLFLRGHTXLHEUDXRWURMXLFLRSDUDSHUVHJXLUHOSDJRGHFUkGLWRDOJXQR7DOHVDFUHHGRUHVVnORSRGUjQSHUVHJXLUHOUHPDQHQWHGHORV
ELHQHVGHOGHXGRUXQDYH]FXPSOLGRHOFRQFRUGDWRRLQWHUYHQLUHQHOMXLFLRGHTXLHEUDFRUUHVSRQGLHQWHVLKD\OXJDUDkVWHSRUIDOWDGH
FRQFRUGDWRRSRULQFXPSOLPLHQWRGHOPLVPR
$57f&8/235(6(17$&,h1(1(/352&(62'(/26$&5(('25(6&21*$5$17f$65($/(6$/7(51$7,9$6'85$17((/352&(62
'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH/RVDFUHHGRUHVFRQJDUDQWlDVUHDOHVWDPELkQGHEHUjQKDFHUVHSDUWHHQHOSURFHVR
\SRGUjQDVXHOHFFLnQ
$EVWHQHUVHGHFRQFXUULUDODVGHOLEHUDFLRQHVRLQWHUYHQLUHQHOODVSHURVLQYRWDUODVGHFLVLRQHVSDUDHMHUFLWDUVXVDFFLRQHVUHDOHVHQIRUPD
OHJDO\DQWHHOPLVPRMXH]TXHHVWkWUDPLWDQGRHOFRQFRUGDWR\
,QWHUYHQLUFRQYR]\YRWRVLQPHQRVFDERGHODSUHODFLnQOHJDOTXHOHVFRUUHVSRQGDSDUDHOSDJRGHOWRWDOGHVXVFUkGLWRVKDVWDGRQGHOR
SHUPLWDHOYDORUTXHVHqMHHQHOFRQFRUGDWRSDUDORVELHQHVJUDYDGRVFRQFXUULHQGRDSURUUDWDSRUHOGkqFLWFRQORVDFUHHGRUHVTXLURJUDIDULRV
$IDOWDGHDFXHUGRVREUHHOYDORUGHORVELHQHVJUDYDGRVORVDFUHHGRUHVLQGLFDGRVSRGUjQGHVLVWLUGHOFRQFRUGDWR\HMHUFLWDUHOGHUHFKRSUHYLVWR
HQHORUGLQDOGHHVWHDUWlFXOR
$57f&8/27e50,123$5$2%-(7$5/26&5e',72635(6(17$'26'(&,6,h1'(/-8(=62%5(&5e',726$'0,6,%/(6'HURJDGRSRUHO
DUW'HFUHWRH[WUDRUGLQDULRGH9HQFLGRVORVWkUPLQRVGHTXHGLVSRQHQORVDFUHHGRUHVSDUDKDFHUVHSDUWHHOH[SHGLHQWHVH
PDQWHQGUjSRUFLQFRGlDVHQODVHFUHWDUlDGXUDQWHORVFXDOHVFXDOTXLHULQWHUHVDGRSRGUjREMHWDUORVFUkGLWRVSUHVHQWDGRV
6XUWLGRHVWHWUDVODGR\GHQWURGHORVGLH]GlDVTXHSUHFHGDQDODLQLFLDFLnQGHODVGHOLEHUDFLRQHVHOMXH]GHFLGLUjSRUDXWRVREUHORVFUkGLWRV
DGPLVLEOHVFRQHVSHFLqFDFLnQGHVXQDWXUDOH]DHVWDGRFXDQWlD\SUHODFLnQSDUDODDSOLFDFLnQGHODVUHJODVTXHVHLQGLFDQHQORVDUWlFXORV
VLJXLHQWHV
$57f&8/2&5e',726&2135()(5(1&,$(1(/3$*2,038*1$&,h1'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH/RV
FUkGLWRVFLHUWRV\\DFDXVDGRVSRUVDODULRV\SUHVWDFLRQHVVRFLDOHV
GHORVWUDEDMDGRUHV\ORVFUkGLWRVqVFDOHVH[LJLEOHVDODFHOHEUDFLnQGHOFRQFRUGDWRVHSDJDUjQFRQODSUHIHUHQFLDTXHOHVFRUUHVSRQGHDQWHVGH
HMHFXWDUFXDOTXLHUDRWUDGHFLVLnQFRQFRUGDWDULDDPHQRVTXHWDOHVDFUHHGRUHVFRQYHQJDQFRQHOGHXGRU\ORVGHPjVDFUHHGRUHVRWUDFRVDTXH
VHKDJDFRQVWDUHQHOFRQFRUGDWR
/RVFUkGLWRVTXHVHFDXVHQGXUDQWHODWUDPLWDFLnQ\ODYLJHQFLDGHOFRQFRUGDWRSRUFRQFHSWRGHVDODULRV\GHSUHVWDFLRQHVVRFLDOHVQRVH
WRPDUjQHQFXHQWDSDUDODDSOLFDFLnQGHODVUHJODVSUHYLVWDVHQORVDUWlFXORVDQWHULRUHV\VHSDJDUjQGHSUHIHUHQFLDFRPRJDVWRVGH
DGPLQLVWUDFLnQGHORVQHJRFLRVGHOGHXGRU
&XDQGRKD\DREOLJDFLRQHVFRQGLFLRQDOHVRVXMHWDVDOLWLJLRVHKDUjQHQHOFRQFRUGDWRODVUHVHUYDVFRUUHVSRQGLHQWHVSDUDDWHQGHUDVXSDJRVLVH
KDFHQH[LJLEOHV
3$5d*5$)2(OGHXGRU\FXDOTXLHUDGHORVDFUHHGRUHVSRGUjQLPSXJQDUORVFUkGLWRVODERUDOHVTXHQRKD\DQVLGRUHFRQRFLGRVMXGLFLDOPHQWHOD
LPSXJQDFLnQVHWUDPLWDUjFRPRLQFLGHQWH\VHGHFLGLUjDQWHVGHODFHOHEUDFLnQGHOFRQFRUGDWR
$57f&8/2)$&8/7$''(/'(8'25'($'0,1,675$5686%,(1(6<1(*2&,26'85$17(/$75$0,7$&,h1'(/&2175$7235(9(17,92
/,0,7$&,21(6$/'(8'25326,%,/,'$''(/26$&5(('25(6'(120%5$5819,*,/$17('(/$$'0,1,675$&,h1'HURJDGRSRUHODUW
'HFUHWRH[WUDRUGLQDULRGH'XUDQWHODWUDPLWDFLnQGHOFRQFRUGDWRSUHYHQWLYRHOGHXGRUFRQVHUYDUjODDGPLQLVWUDFLnQGHVXVELHQHV\
QHJRFLRVSHURVLQDXWRUL]DFLnQGHOMXH]GHOFRQRFLPLHQWRQRSRGUjKDFHUHQDMHQDFLRQHVTXHQRHVWkQFRPSUHQGLGDVHQHOJLURRUGLQDULRGHVXV
QHJRFLRVQLFRQVWLWXLUFDXFLRQHVQLKDFHUSDJRVRDUUHJORVUHODFLRQDGRVFRQVXVREOLJDFLRQHVQLKDFHUUHIRUPDVRIXVLRQHVFXDQGRVHWUDWHGH
VRFLHGDGHV
1RREVWDQWHORVDFUHHGRUHVTXHVHKD\DQKHFKRSDUWH\TXHUHSUHVHQWHQPjVGHODPLWDGGHOYDORUGHORVFUkGLWRVDGPLWLGRVDOSURFHVRSRGUjQ
QRPEUDUOLEUHPHQWHXQYLJLODQWHRFRQWUDORUGHODDGPLQLVWUDFLnQHMHUFLGDSRUHOGHXGRURVROLFLWDUGHOMXH]ODDGRSFLnQGHGHWHUPLQDGDVPHGLGDV
FDXWHODUHV
3DUDORVHIHFWRVGHOLQFLVRDQWHULRUHOGHXGRUPDQWHQGUjDGLVSRVLFLnQGHOMXH]VXVOLEURV\SDSHOHVGHFRPHUFLR
$57f&8/2'(/,%(5$&,21(65(*/$6'('(&,6,h1'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH/DVGHOLEHUDFLRQHVVH
FXPSOLUjQHQSUHVHQFLDGHOMXH]\EDMRVXGLUHFFLnQFRPRFRQFLOLDGRU/DVGHFLVLRQHVVHDGRSWDUjQFRQVXMHFLnQDODVVLJXLHQWHVUHJODV
c/RVDFUHHGRUHVSRGUjQFRQFXUULUGLUHFWDPHQWHRSRUPHGLRGHDSRGHUDGRVHVSHFLDOHVRJHQHUDOHVTXLHQHVSRUHOVRORKHFKRGHDFWXDU
WHQGUjQWRGDVODVIDFXOWDGHVQHFHVDULDVSDUDREOLJDUDVXSRGHUGDQWHRUHSUHVHQWDGRDODVUHVXOWDVGHOFRQFRUGDWRSUHYHQWLYR
c/DVGHFLVLRQHVGHEHUjQYHUVDUVREUHFXHVWLRQHVVXVFHSWLEOHVGHWUDQVDFFLnQ\WHQHUFDUjFWHUJHQHUDOGHVXHUWHTXHQRVHH[FOX\DDQLQJoQ
DFUHHGRUTXHKD\DVLGRDGPLWLGRHQHOSURFHVR\
c/DVGHFLVLRQHVTXHSXHGHQVHUREMHWRGHFRQFRUGDWRSUHYHQWLYRVHWRPDUjQFRQDFHSWDFLnQH[SUHVDGHOGHXGRU\FRQHOYRWRIDYRUDEOHGH
DFUHHGRUHVTXHKD\DQVLGRDGPLWLGRVHQHOSURFHVRVLHPSUHTXHUHSUHVHQWHQQRPHQRVGHOVHWHQWD\FLQFRSRUFLHQWRGHOYDORUGHORVFUkGLWRV
DFHSWDGRV
$57f&8/2)$&8/7$'(6'(/'(8'25&8$1'2&216(59$/$$'0,1,675$&,h1'(/1(*2&,20(','$6'(9,*,/$1&,$'HURJDGRSRUHO
DUW'HFUHWRH[WUDRUGLQDULRGH&XDQGRHQHOFRQFRUGDWRVHHVWLSXOHTXHHOGHXGRUFRQWLQoHFRQODDGPLQLVWUDFLnQGHVXVQHJRFLRV
GHEHUjQHVSHFLqFDUVHODVIDFXOWDGHVGLVSRVLWLYDVTXHFRQVHUYHODGHVWLQDFLnQGHOSURGXFWRGHODVHQDMHQDFLRQHVTXHSXHGDKDFHUDGHPjVVH
VHmDODUjQODVPHGLGDVGHYLJLODQFLDGHHVDDGPLQLVWUDFLnQVHQRPEUDUjHOFRQWUDORU\VHLQGLFDUjVXUHPXQHUDFLnQ\ODPDQHUDGHUHHPSOD]DUOR
&XDQGRODDGPLQLVWUDFLnQTXHGHDFDUJRGHSHUVRQDGLVWLQWDGHOGHXGRUVHKDUjHOQRPEUDPLHQWRGHODGPLQLVWUDGRU\VHGHWHUPLQDUjQVXV
IDFXOWDGHVUHPXQHUDFLnQ\IRUPDGHUHHPSOD]DUORORPLVPRTXHODGXUDFLnQGHWDOHVPHGLGDV
$57f&8/2$&(37$&,h1'(&5e',7265(&+$=$'2675$16$&&,21(662%5(/26&5e',726'HURJDGRSRUHODUW'HFUHWR
H[WUDRUGLQDULRGH$OLQLFLDUVHODVGHOLEHUDFLRQHVHOGHXGRU\ORVDFUHHGRUHVSRGUjQDFHSWDUORVFUkGLWRVUHFKD]DGRVRDFRUGDU
WUDQVDFFLRQHVSUHOLPLQDUHVVREUHORVPLVPRVFRQHOYRWRUHTXHULGRSDUDODDSUREDFLnQGHOFRQFRUGDWR\FRQODDFHSWDFLnQGHOUHVSHFWLYR
DFUHHGRU$IDOWDGHWDOHVWUDQVDFFLRQHVHOMXH]GHFLGLUjHQIRUPDGHLQFLGHQWHODVFRQWURYHUVLDVUHODWLYDVDODQDWXUDOH]DFXDQWlDJDUDQWlD
LQWHUHVHV\RUGHQGHSDJRGHORVFUkGLWRVPHGLDQWHSURYLGHQFLDTXHVHUjDSHODEOHHQHOHIHFWRGHYROXWLYR'HQWURGHOLQFLGHQWHLQGLFDGRHOMXH]
SRGUjH[DPLQDUORVOLEURV\SDSHOHVGHOGHXGRUVRORRFRQODD\XGDGHSHULWRV
$57f&8/2$&7$'()250$/,=$&,h1'(/&21&25'$72'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH(OFRQFRUGDWRVH
KDUjFRQVWDUHQXQDFWDqUPDGDSRUHOMXH]\HOVHFUHWDULRVLQQHFHVLGDGGHTXHVHDqUPDGDSRUHOGHXGRU\ORVDFUHHGRUHV\VHUjDSUREDGRSRU
HOMXH]HQODPLVPDDXGLHQFLDVLUHoQHORVUHTXLVLWRVLQGLFDGRVHQHVWH7lWXOR
8QDYH]DSUREDGRVHUjREOLJDWRULRSDUDORVDFUHHGRUHVLQFOXVLYHSDUDORVDXVHQWHVRGLVLGHQWHV
(ODFWDTXHFRQWHQJDHOFRQFRUGDWRDSUREDGRSRUHOMXH]VHUjLQVFULWDHQODFjPDUDGHFRPHUFLRGHOGRPLFLOLRGHOGHXGRUMXQWRFRQFRSLDGHOD
SDUWHUHVROXWLYDGHODSURYLGHQFLDMXGLFLDODSUREDWRULDGHOFRQFRUGDWR
&XDQGRHOFRQFRUGDWRWHQJDSRUREMHWRWUDVODGDUPRGLqFDUOLPLWDUJUDYDUGHOLEHUDURDOWHUDUHOGRPLQLRGHELHQHVLQPXHEOHVRYDULDUHO
GHUHFKRGHDGPLQLVWUDUORVHODFWDFRUUHVSRQGLHQWHVHHTXLSDUDUjDHVFULWXUDSoEOLFD\VHUHJLVWUDUjHQORSHUWLQHQWHHQODIRUPDSUHVFULWDHQHO
&nGLJR&LYLOSDUDWDOHVDFWRVMXQWRFRQODSDUWHUHVROXWLYDGHODSURYLGHQFLDDSUREDWRULD
$57f&8/2&2192&$725,$'($&5(('25(60$<25f$6'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH(QFXDOTXLHU
kSRFDDVROLFLWXGFRQMXQWDGHOGHXGRU\FXDOTXLHUQoPHURGHORVDFUHHGRUHVTXHKD\DLQWHUYHQLGRHQHOSURFHVRRGHVXVFHVLRQDULRVTXH
UHSUHVHQWHQQRPHQRVGHOVHWHQWD\FLQFRSRUFLHQWRGHORVFUkGLWRVDFHSWDGRVHQHOFRQFRUGDWRHOPLVPRMXH]GHEHUjFRQYRFDUDORV
DFUHHGRUHVDqQGHTXHVHDGRSWHQODVGHFLVLRQHVTXHVHDQQHFHVDULDVSDUDLQWHUSUHWDUPRGLqFDURIDFLOLWDUHOFXPSOLPLHQWRGHOFRQFRUGDWR
$57f&8/2&803/,0,(172'(/&21&25'$72'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH(OFRQFRUGDWRGHEHUjVHU
FXPSOLGRFRQGLOLJHQFLDSRUHOGHXGRUHQFXDQWRDOREMHWR\IRUPDGHORSDFWDGRLQLFLDOPHQWHRHQHOFXUVRGHODVGHOLEHUDFLRQHVSUHYLVWDVHQHO
DUWlFXORDQWHULRUPLHQWUDVQRVHDQFXPSOLGDVODVREOLJDFLRQHVUHFRQRFLGDVHQHVWDIRUPDVHVXVSHQGHUjQODVSUHVFULSFLRQHVGHODVDFFLRQHVGH
ORVDFUHHGRUHVTXHKD\DQVLGRUHFRQRFLGRVFRPRWDOHVHQHOFRQFRUGDWRPLVPR&XPSOLGRHOFRQFRUGDWRVHH[WLQJXLUjQGHqQLWLYDPHQWHWDOHV
REOLJDFLRQHVVLQSHUMXLFLRGHODVUHVHUYDVH[SUHVDPHQWHSDFWDGDV
6LHOGHXGRUQRFXPSOHODVREOLJDFLRQHVDVlFRQWUDlGDVHOPLVPRMXH]GHFODUDUjUHVXHOWRHOFRQFRUGDWRHQIRUPDGHLQFLGHQWH\GHFODUDUjDELHUWR
HOFRQFXUVRDMXLFLRGHTXLHEUDFRQVXMHFLnQDORSUHVFULWRHQHO7lWXOR,,GHHVWH/LEUR(ODXWRTXHGkWUjPLWHDLQFLGHQWHVHQRWLqFDUjDOGHXGRU
SHUVRQDOPHQWHRSUHYLRHPSOD]DPLHQWRHQODIRUPDSUHYLVWDHQHO&nGLJRGH3URFHGLPLHQWR&LYLO\DORVDFUHHGRUHVPHGLDQWHHGLFWRTXHVH
SXEOLFDUjSRUXQDYH]HQXQSHULnGLFRGHDPSOLDFLUFXODFLnQHQHOOXJDU\TXHVHqMDUjHQODVHFUHWDUlDSRUFLQFRGlDV
$57f&8/2'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH/DVVRFLHGDGHVFRPHUFLDOHVVRPHWLGDVDOFRQWUROGHOD
6XSHULQWHQGHQFLDGH6RFLHGDGHVTXHWHQJDQXQSDVLYRH[WHUQRVXSHULRUDFLQFRPLOORQHVGHSHVRVRPjVGHFLHQWUDEDMDGRUHVSHUPDQHQWHV\
TXHQRHVWkQFRPSUHQGLGDVHQODVH[FHSFLRQHVLQGLFDGDVHQHO$UWlFXORQRSRGUjQVHUGHFODUDGDVHQTXLHEUDVLQRFXDQGRVHKD\DQ
DJRWDGRORVWUjPLWHVGHOFRQFRUGDWRSUHYHQWLYRVLQKDEHUORFHOHEUDGRRFXDQGRkVWHQRKD\DVLGRFXPSOLGRFRQIRUPHDORSUHYLVWRHQHO
&DSlWXORDQWHULRU
$57f&8/275d0,7('(/&21&25'$7235(9(17,92'(62&,('$'(648(1238('(16(5'(&/$5$'$6(148,(%5$'HURJDGRSRUHO
DUW'HFUHWRH[WUDRUGLQDULRGH(OFRQFRUGDWRSUHYHQWLYRVHWUDPLWDUjHQHVWRVFDVRVDQWHODPLVPD6XSHULQWHQGHQFLDDSHWLFLnQGH
ODVRFLHGDGRGHFXDOTXLHUDFUHHGRU
6LGHKHFKRVHSUHVHQWDGHPDQGDGHTXLHEUDFRQWUDXQDVRFLHGDGGHODVLQGLFDGDVHQHODUWlFXORDQWHULRUHOMXH]VHDEVWHQGUjGHFRQRFHUGHO
MXLFLRRGHVHJXLUFRQRFLHQGRGHOPLVPRVL\DVHKDLQLFLDGR\SDVDUjORVGRFXPHQWRVSUHVHQWDGRV\FXDOTXLHUDFWXDFLnQ\DFXPSOLGDRHQFXUVR
DO6XSHULQWHQGHQWHGH6RFLHGDGHV
6LHO6XSHULQWHQGHQWHWLHQHFRQRFLPLHQWRGHTXHVHDGHODQWDDOJXQDDFWXDFLnQMXGLFLDOHQFRQWUDYHQFLnQDORGLVSXHVWRHQHVWHDUWlFXORVH
GLULJLUjDOMXH]UHVSHFWLYRLPSHWUDQGRODQXOLGDGGHOSURFHVRODTXHVHGHFODUDUjGHSODQR<HQWRGRFDVRSUHYDOHFHUjODDFWXDFLnQGHOD
VXSHULQWHQGHQFLDVREUHODGHOMXH]
$57f&8/275d0,7('(/&21&25'$7235(9(17,923253$57('(/$683(5,17(1'(1&,$'(62&,('$'(6'HURJDGRSRUHODUW
'HFUHWRH[WUDRUGLQDULRGH(O6XSHULQWHQGHQWHWUDPLWDUjHOFRQFRUGDWRSUHYHQWLYRHQODIRUPD\WkUPLQRVSUHYLVWRVHQHO&DSlWXOR
DQWHULRU5HVSHFWRGHOFRQFRUGDWRFHOHEUDGRVHDSOLFDUjQODVGLVSRVLFLRQHVGHOPLVPR&DSlWXOR
3HURODVFRQWURYHUVLDVTXHRFXUUDQUHVSHFWRGHODH[LVWHQFLDFXDQWlDQDWXUDOH]DJDUDQWlDVLQWHUHVHV\RUGHQGHSDJRGHORVFUkGLWRVVHUjQ
GHFLGLGDVSRUHOMXH]FRPSHWHQWHSDUDFRQRFHUODTXLHEUDSDUDORFXDOOD6XSHULQWHQGHQFLDHQYLDUjORVGRFXPHQWRVSHUWLQHQWHVDOMXH]FRQODV
DOHJDFLRQHVGHORVLQWHUHVDGRVGHMDQGRFRSLDGHWRGRVHOORVHQHOH[SHGLHQWH
0LHQWUDVHOMXH]GHFLGHODVFRQWURYHUVLDVLQGLFDGDVVHDSOD]DUjQRVHVXVSHQGHUjQODVGHOLEHUDFLRQHVVLQSHUMXLFLRGHTXHVLJDQFXPSOLkQGRVHR
VHWRPHQODVPHGLGDVLQGLFDGDVHQHO$UWlFXOR
$57f&8/2+202/2*$&,h1'(/&21&25'$72'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH(OFRQFRUGDWRXQDYH]
FHOHEUDGRFRQVXMHFLnQDORSUHYLVWRHQHO&DSlWXORDQWHULRUGHEHUjVHUKRPRORJDGRSRUHOMXH]FRPSHWHQWHSDUDFRQRFHUGHODTXLHEUDSDUDOR
FXDOOD6XSHULQWHQGHQFLDOHHQYLDUjHOH[SHGLHQWH
(OMXH]GHEHUjUHVROYHUGHQWURGHORVGLH]GlDVVLJXLHQWHVDOUHFLERGHOH[SHGLHQWH
$57f&8/21(*$&,h1'(/$+202/2*$&,h1'(/&21&25'$72'(&/$5$725,$'(48,(%5$'HURJDGRSRUHODUW'HFUHWR
H[WUDRUGLQDULRGH6LHOFRQFRUGDWRQRHVKRPRORJDGRHOMXH]GHFODUDUjODTXLHEUDGHODVRFLHGDGHQHOPLVPRDXWRTXHQLHJXHOD
KRPRORJDFLnQ
6LHOFRQFRUGDWRQRVHFHOHEUDRVLFHOHEUDGR\KRPRORJDGRQRHVFXPSOLGRSRUODVRFLHGDGGHXGRUDOD6XSHULQWHQGHQFLDORGHFODUDUjDVl\
HQYLDUjWRGRORDFWXDGRDOMXH]FRPSHWHQWHSDUDFRQRFHUGHODTXLHEUDSDUDTXHkVWDVHGHFODUH\VHWUDPLWHFRPRVHGLVSRQHHQHO7lWXOR
VLJXLHQWHGHHVWH/LEUR
$57f&8/2$3/,&$&,h1(;7(16,9$'(/$6',6326,&,21(662%5(&21&25'$72$/$6(035(6$6,1'8675,$/(6<&20(5&,$/(6'(/
(67$'2</$662&,('$'(6'((&2120f$0,;7$'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH/DVGLVSRVLFLRQHVGHORV
DUWlFXORVDQWHULRUHVVHDSOLFDUjQWDPELkQDODVHPSUHVDVLQGXVWULDOHVRFRPHUFLDOHVGHO(VWDGRORPLVPRTXHDODVVRFLHGDGHVGHHFRQRPlD
PL[WDHQTXHDTXHOWHQJDSDUWHSULQFLSDOGLUHFWDRLQGLUHFWDPHQWH
3HURHQHVWRVFDVRVVLHOFRQFRUGDWRQRHVFHOHEUDGRRQRHVKRPRORJDGRRQRHVFXPSOLGRWDOHVHQWLGDGHVRVRFLHGDGHVQRSRGUjQVHU
GHFODUDGDVHQTXLHEUDVLQRTXHVHUjQGLVXHOWDV\OLTXLGDGDVSRUOD6XSHULQWHQGHQFLDGH6RFLHGDGHV
/DOLTXLGDFLnQVHVXMHWDUjDODVUHJODVSUHYLVWDVHQHVWH&nGLJRSDUDODOLTXLGDFLnQGHODVVRFLHGDGHVSRUDFFLRQHV
$57f&8/2$&&,21(6'(5(92&$&,h1'85$17(/$/,48,'$&,h1'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH'XUDQWHOD
OLTXLGDFLnQOD6XSHULQWHQGHQFLDSRGUjLQWHQWDUODVDFFLRQHVGHUHYRFDFLnQSURFHGHQWHVGHQWURGHOMXLFLRGHTXLHEUD(VWDVDFFLRQHVVHLQWHQWDUjQ
DQWHHOMXH]FRPSHWHQWHSDUDFRQRFHUGHODTXLHEUD\VHWUDPLWDUjQSRUHOSURFHGLPLHQWRDEUHYLDGRUHJXODGRHQHO&nGLJRGH3URFHGLPLHQWR
&LYLO
$57f&8/262&,('$'(648(126(5,*(1325/2',638(672(1(67(7f78/2'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH
/RGLVSXHVWRHQHVWH7lWXORQRVHDSOLFDUjDORVHVWDEOHFLPLHQWRVGHFUkGLWRFXDOTXLHUDTXHVHDVXGHQRPLQDFLnQDODVFRPSDmlDVGH
VHJXURVDODVVRFLHGDGHVDGPLQLVWUDGRUDVGHLQYHUVLnQDODVVRFLHGDGHVGHFDSLWDOL]DFLnQ\DKRUUR\DODVGHPjVTXHHVWkQVRPHWLGDVDXQ
UkJLPHQHVSHFLDOGHOLTXLGDFLnQDGPLQLVWUDWLYDODVFXDOHVQRHVWDUjQVRPHWLGDVDFRQFRUGDWRSUHYHQWLYRQLDODGHFODUDFLnQGHTXLHEUD
$57f&8/2,1(),&$&,$'($&78$&,21(6(1'(75,0(172'(/$6)81&,21(6$75,%8,'$6$/$6683(5,17(1'(1&,$6'(62&,('$'(6<
%$1&$5,$'HURJDGRSRUHODUW'HFUHWRH[WUDRUGLQDULRGH6HUjQLQHqFDFHVODVDFWXDFLRQHVGHORVMXHFHVRGHFXDOTXLHUDRWUR
IXQFLRQDULRHQGHWULPHQWRGHODVIXQFLRQHVDWULEXLGDVDOD6XSHULQWHQGHQFLDGH6RFLHGDGHV\DOD6XSHULQWHQGHQFLD%DQFDULDHQHVWH&DSlWXOR
7f78/2,,
'HURJDGRSRUHODUWlFXOR/H\GH
'(/$48,(%5$
&$3f78/2,
(67$'2'(48,(%5$
$57f&8/2(67$'2'(48,(%5$&21&(372'HURJDGRSRUHODUWlFXOR/H\GH6HFRQVLGHUDUjHQHVWDGRGHTXLHEUDDO
FRPHUFLDQWHTXHVREUHVHDHQHOSDJRFRUULHQWHGHGRVRPjVGHVXVREOLJDFLRQHVFRPHUFLDOHV
/DPXHUWHGHOGHXGRURVXUHWLURGHOFRPHUFLRKDOOjQGRVHHQFHVDFLnQGHSDJRVQRLPSHGLUjQODGHFODUDFLnQGHTXLHEUDSHURkVWDQRSRGUj
SHGLUVHVLQRGHQWURGHODmRVLJXLHQWHDODPXHUWHRUHWLUR
/DVVRFLHGDGHVPHUFDQWLOHVSRGUjQVHUGHFODUDGDVHQTXLHEUDKDVWDHOYHQFLPLHQWRGHODmRVLJXLHQWHDODIHFKDGHODLQVFULSFLnQGHVX
OLTXLGDFLnQHQHOUHJLVWURPHUFDQWLO
$57f&8/2,1)250($/-8(=62%5(&(6$&,h1'(3$*26'HURJDGRSRUHODUWlFXOR/H\GH(OFRPHUFLDQWHTXHVH
HQFXHQWUHHQFHVDFLnQGHSDJRVGHEHUjSRQHUODHQFRQRFLPLHQWRGHOMXH]FRPSHWHQWHGHQWURGHORVTXLQFHGlDVVLJXLHQWHVDODIHFKDGHWDO
FHVDFLnQ
(OFRPHUFLDQWHGHEHUjDFRPSDmDUDVXH[SRVLFLnQXQEDODQFHJHQHUDOGHVXVQHJRFLRVFRQHOFRUUHVSRQGLHQWHHVWDGRGHSkUGLGDV\JDQDQFLDV
DXWRUL]DGRSRUXQFRQWDGRUSoEOLFR\HOLQYHQWDULRYDORUDGRGHWRGRVORVELHQHVTXHOHSHUWHQH]FDQ\GHWRGDVVXVGHXGDVLQFOXLGDVODVTXHVROR
DIHFWHQLQGLUHFWDRHYHQWXDOPHQWHVXSDWULPRQLR\XQDPHPRULDUD]RQDGDVREUHODVFDXVDVGHVXHVWDGR
(QODUHODFLnQHVSHFLqFDUjORVELHQHVFRQWRGDFODULGDGVHmDODQGRORVPXHEOHVSRUVXXELFDFLnQFDQWLGDG\FDOLGDG\ORVLQPXHEOHVSRUVXV
OLQGHURV\GHPjVFLUFXQVWDQFLDVTXHORVGLVWLQJDQ
(OGHXGRUGHEHUjLQGLFDUODGLUHFFLnQGHVXVHVWDEOHFLPLHQWRVGHFRPHUFLRRqFLQDV\UHVLGHQFLDVHOQRPEUH\GRPLFLOLRGHVXVqDGRUHVR
FRGHXGRUHV\GHODVVRFLHGDGHVHQTXHWHQJDLQWHUkV
&RQVXH[SRVLFLnQHOFRPHUFLDQWHHQWUHJDUjDOMX]JDGRORVOLEURVGHFRQWDELOLGDG\WRGRVORVGRFXPHQWRVUHODFLRQDGRVFRQVXVLWXDFLnQ
HFRQnPLFD
(OVHFUHWDULRDQRWDUjDOSLHGHODGHQXQFLDHOGlD\KRUDGHVXSUHVHQWDFLnQ\H[SHGLUjUHFLERGHORVOLEURV\GRFXPHQWRVTXHVHOHHQWUHJXHQ
&XDQGRVHWUDWHGHXQDVRFLHGDGHQTXHKD\DVRFLRVFROHFWLYRVRH[LVWDUHVSRQVDELOLGDGGHORVVRFLRVVXSHULRUDVXVDSRUWHVVHLQGLFDUjHO
QRPEUH\GRPLFLOLRGHFDGDXQRGHWDOHVVRFLRV
&RPSUREDGDODFDOLGDGGHFRPHUFLDQWHGHOGHXGRUHOMXH]GHFODUDUjODTXLHEUD
$57f&8/2$6,0,/$&,h1'(48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH6HFRQVLGHUDUjQTXLHEUDV\GHEHUjQWUDPLWDUVH
FRPRWDOHV
7RGDRIHUWDGHFHVLnQGHELHQHVSRUSDUWHGHFRPHUFLDQWHV\
/RVSURFHVRVHMHFXWLYRVTXHVHDGHODQWHQFRQWUDHVWHSRUREOLJDFLRQHVPHUFDQWLOHVFXDQGRVHKD\DDGPLWLGRWHUFHUlDRGHFUHWDGR
DFXPXODFLnQVLHPSUHTXHORVELHQHVHPEDUJDGRVSDUH]FDQLQVXqFLHQWHVSDUDHOSDJR\ORVROLFLWHDOGHXGRURFXDOTXLHUDFUHHGRU
6LHOMXH]DQWHTXLHQVHSUHVHQWDODRIHUWDRTXHFRQRFHGHODHMHFXFLnQQRIXHUHFRPSHWHQWHSDUDWUDPLWDUODTXLHEUDHQYLDUjHOH[SHGLHQWHD
TXLHQORVHD
$57f&8/2'(48,(1(638('(13(',5/$'(&/$5$&,h1'(48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH/DGHFODUDFLnQGH
TXLHEUDSXHGHSHGLUVH
3RUHODFUHHGRUGHXQDRPjVREOLJDFLRQHVPHUFDQWLOHVH[LJLEOHVRQRTXHFRPSUXHEHODFHVDFLnQGHSDJRVUHVSHFWRGHGRVRPjV
REOLJDFLRQHVPHUFDQWLOHV\
3RUHODFUHHGRUGHXQDRPjVREOLJDFLRQHVFLYLOHVH[LJLEOHVTXHDFUHGLWHODFHVDFLnQHQHOSDJRGHGRVRPjVREOLJDFLRQHVFRPHUFLDOHV
$57f&8/2&203(7(1&,$3$5$&212&(5'(352&(626'(48(,%5$'HURJDGRSRUHODUWlFXOR/H\GH(VFRPSHWHQWHGH
PRGRSULYDWLYRSDUDFRQRFHUGHOSURFHVRGHTXLHEUDHOMXH]FLYLOGHOFLUFXLWRTXHFRUUHVSRQGDDOGRPLFLOLRGHOGHXGRU
/DGHPDQGDGHTXLHEUDVHVRPHWHUjLQPHGLDWDPHQWHDUHSDUWR\VREUHHOODGHEHUjSURYHHUVHDPjVWDUGDUGHQWURGHOGlDVLJXLHQWHDVX
SUHVHQWDFLnQ
$57f&8/25(48,6,7263$5$'(&/$5$5/$48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH3DUD'HFODUDUODTXLHEUDGHEHUj
DFUHGLWDUVHSOHQDPHQWHODFDOLGDGGHFRPHUFLDQWHGHOGHXGRU\ODFHVDFLnQHQORVSDJRV
/DFDOLGDGGHFRPHUFLDQWHSXHGHFRPSUREDUVHFRQFHUWLqFDGRGHLQVFULSFLnQHQHOUHJLVWURPHUFDQWLORFRQFXDOTXLHURWURPHGLRSUREDWRULROD
FHVDFLnQHQORVSDJRVFRQWlWXORTXHSUHVWHPkULWRHMHFXWLYRRFRQFHUWLqFDGRGHMXH]HQTXHFRQVWHODH[LVWHQFLDGHXQRRPjVSURFHVRVGH
HMHFXFLnQFRQEDVHHQGRVRPjVREOLJDFLRQHVPHUFDQWLOHVH[LJLEOHV
6HSUHVXPLUjODFHVDFLnQGHSDJRVFXDQGRHOFRPHUFLDQWHVHRFXOWHRDXVHQWHRFLHUUHVXVRqFLQDVRHVWDEOHFLPLHQWRVGHFRPHUFLRVLQGHMDU
SHUVRQDTXHOHJDOPHQWHSXHGDDWHQGHUVXVQHJRFLRV\FXPSOLUVXVFRPSURPLVRV(VWRVKHFKRVSRGUjQDFUHGLWDUVHFRQSUXHEDVXPDULD
$57f&8/2'(48,(1(638('(16(5'(&/$5$'26(148,(%5$'HURJDGRSRUHODUWlFXOR/H\GH3RGUjQVHUGHFODUDGRVHQ
TXLHEUDORVVRFLRVGHODVVRFLHGDGHVPHUFDQWLOHVLUUHJXODUHVRGHKHFKRRFXDOTXLHUDGHHOORV\HOJHVWRUGHODVDFFLGHQWDOHVRGHFXHQWDVHQ
SDUWLFLSDFLnQSHURHQODVVRFLHGDGHVDQnQLPDVLUUHJXODUHVVnORSRGUjQVHUORORVDFFLRQLVWDVTXHGLUHFWDRLQGLUHFWDPHQWHKD\DQWRPDGRSDUWH
HQODDGPLQLVWUDFLnQ
$57f&8/2$&&,21(6'(/6,1',&2&2175$62&,26'(/$62&,('$'(148,(%5$'HURJDGRSRUHODUWlFXOR/H\GH/D
TXLHEUDGHXQDVRFLHGDGPHUFDQWLOHQTXHKD\DVRFLRVFROHFWLYRVRHQTXHVHKD\DSDFWDGRXQDUHVSRQVDELOLGDGVXSULRUDOPRQWRGHORVDSRUWHV
QRLPSOLFDODTXLHEUDGHORVVRFLRVSHURHOVlQGLFRGHEHUjSHGLUTXHVHGHFODUHODTXLHEUDGHkVWRVVLORVDFWLYRVVRFLDOHVVRQLQVXqFLHQWHVSDUD
DWHQGHUHOSDVLYRH[WHUQR\ORVVRFLRVQRSRQHQDnUGHQHVGHOMXH]HOIDOWDQWHXQDYH]UHTXHULGRVSDUDHOOR(OVlQGLFRSXHGHLQWHQWDUHVWDDFFLnQ
KDVWDHOYHQFLPLHQWRGHOWkUPLQRSUREDWRULR(QHVWHFDVRORVSURFHVRVGHTXLHEUDGHORVVRFLRVVHDFXPXODUjQDOGHODVRFLHGDG
$57f&8/2()(&726'(/$'(&/$5$&,h1-8',&,$/'(48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH/DGHFODUDFLnQMXGLFLDOGH
TXLHEUDFRQOOHYD
/DVHSDUDFLnQGHOTXHEUDGRGHODDGPLQLVWUDFLnQGHVXVELHQHVHPEDUJDEOHV\VXLQKDELOLWDFLnQSDUDHMHUFHUHOFRPHUFLRSRUFXHQWDSURSLDR
DMHQD
/DH[LJLELOLGDGGHWRGDVODVREOLJDFLRQHVDSOD]RVHDQFRPHUFLDOHVRFLYLOHVHVWkQRQRFDXFLRQDGDV
/DTXLHEUDGHOFRGHXGRUVROLGDULRQRKDUjSRUVlVRODH[LJLEOHVODVREOLJDFLRQHVVROLGDULDVUHVSHFWRGHORVRWURVFRGHXGRUHV
5HVSHFWRGHXQDVRFLHGDGVXGLVROXFLnQ\ODVXVSHQVLnQGHVXVDGPLQLVWUDGRUHVHQHOHMHUFLFLRGHVXVFDUJRVRIXQFLRQHV\ODLQKDELOLWDFLnQGH
HOORVSDUDHMHUFHUHOFRPHUFLRSRUFXHQWDSURSLDRDMHQD
/DIRUPDFLnQGHODPDVDGHELHQHVGHODTXLHEUD\
/DDFXPXODFLnQDOSURFHVRGHTXLHEUDGHWRGRVORVSURFHVRVGHHMHFXFLnQTXHVHVLJDQFRQWUDHOTXHEUDGR&RQWDOqQVHOLEUDUjQODV
FRPXQLFDFLRQHVGHOFDVR/RVMXHFHVTXHHVWkQFRQRFLHQGRGHHOORVORVUHPLWLUjQGHRqFLR\VLQGLODFLnQDOMXH]GHODTXLHEUDHQHOHVWDGRHQTXH
VHKDOOHQSHURODVDSHODFLRQHVTXHVHKD\DQFRQFHGLGRFRQWUDSURYLGHQFLDVGHDTXHOORVMXHFHVVHJXLUjQVXWUjPLWHOHJDOKDVWDVHUUHVXHOWDVSRU
VXVUHVSHFWLYRVVXSHULRUHV
$57f&8/2$&72'('(&/$5$&,h1'(48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH(ODXWRTXHGHFODUHODTXLHEUDGHEHUj
DGHPjVRUGHQDU
/DLQPHGLDWDJXDUGDGHORVELHQHV\ODDSRVLFLnQGHVHOORV\GHPjVVHJXULGDGHVLQGLVSHQVDEOHV
(OHPEDUJRVHFXHVWUR\HQJHQHUDOHODYDOoRGHWRGRVORVELHQHVHPEDUJDEOHVGHOTXHEUDGR(VWDVPHGLGDVSUHYDOHFHUjQVREUHORV
HPEDUJRV\VHFXHVWURVTXHVHKD\DQGHFUHWDGR\SUDFWLFDGRHQRWURVSURFHVRVHQTXHVHSHUVLJDQELHQHVGHOTXHEUDGR
/DRFXSDFLnQLQPHGLDWDGHVXVOLEURVGHFXHQWDV\GHPjVGRFXPHQWRVUHODFLRQDGRVFRQVXVQHJRFLRV\ORVDOODQDPLHQWRVTXHVHDQQHFHVDULRV
SDUDHIHFWXDUOD
(ODUUDLJRGHOIDOOLGRHQHOOXJDUGRQGHFXUVDHOSURFHVRGHTXLHEUD
(OQRPEUDPLHQWRGHOVlQGLFRGHODTXLHEUD
/DUHWHQFLnQGHODFRUUHVSRQGHQFLDGLULJLGDDOTXHEUDGR\VXHQWUHJDDOVlQGLFR
/DSUHYHQFLnQDORVGHXGRUHVGHOTXHEUDGRGHTXHVnORSXHGHQSDJDUDOVlQGLFRDGYLUWLHQGRODLQRSRQLELOLGDGGHOSDJRKHFKRDSHUVRQD
GLVWLQWD
/DSUHYHQFLnQDWRGRVORVTXHWHQJDQQHJRFLRVFRQHOTXHEUDGRLQFOXVLYHSURFHVRVSHQGLHQWHVGHTXHGHEHQHQWHQGHUVHH[FOXVLYDPHQWHFRQ
HOVlQGLFRSDUDWRGRVORVHIHFWRVOHJDOHV
1RSRGUjHQWDEODUVHROOHYDUVHDGHODQWHSURFHVRFRQWUDHOTXHEUDGRVLQODQRWLqFDFLnQSHUVRQDOGHOVlQGLFRVRSHQDGHQXOLGDG
/DFDQFHODFLnQGHODPDWUlFXODGHOTXHEUDGRHQHOUHJLVWURPHUFDQWLO\ODLQVFULSFLnQDOOlGHODSHUVRQDGHVLJQDGDFRPRVlQGLFR
/DqMDFLnQGHXQDVXPDPHQVXDOSDUDODVXEVLVWHQFLDGHOTXHEUDGR\GHODVSHUVRQDVOHJDOPHQWHDVXFDUJRDWlWXORGHDOLPHQWRVQHFHVDULRV
\PLHQWUDVGXUHHOMXLFLRTXHVHWRPDUjGHORVELHQHVGHODPDVD\TXHVLIXHUHREMHWDGDVHUHJXODUjSRUHOMXH]FRQFRQRFLPLHQWRGHFDXVD\
(OHPSOD]DPLHQWRGHWRGRVORVTXHVHFRQVLGHUHQFRQGHUHFKRDLQWHUYHQLUHQHOSURFHVRSDUDTXHVHKDJDQSUHVHQWHVHQRSRUWXQLGDG'LFKR
HPSOD]DPLHQWRVHFXPSOLUjSRUPHGLRGHHGLFWRHQHOFXDOVHLQIRUPDUjODDSHUWXUDGHOMXLFLR\OD
SUHYHQFLnQDORVGHXGRUHV\FRQWHQGLHQWHVGHOTXHEUDGRSDUDTXHVHHQWLHQGDQHQORVXFHVLYRFRQHOVlQGLFR(OHGLFWRGHEHUjqMDUVHHQOD
VHFUHWDUlDSRUHOWkUPLQRGHTXLQFHGlDVDGHPjVVHSXEOLFDUjGHQWURGHORVFLQFRGlDVVLJXLHQWHVDVXqMDFLnQSRULQVHUFLnQHQXQGLDULRGHOD
FDSLWDOGHOD5HSoEOLFD\HQXQRORFDOVLORKXELHUHDPERVGHDPSOLDFLUFXODFLnQHQHOOXJDU/DSXEOLFDFLnQRSRUWXQDGHOHGLFWRHVGHEHUGHO
VlQGLFR
$57f&8/2127,),&$&,h1'(/$3529,'(1&,$48('(&/$5$(/(67$'2'(48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH
3XEOLFDGRHQGHELGDIRUPDHOHGLFWRHPSOD]DWRULR\YHQFLGRHOWkUPLQRGHVXqMDFLnQVHHQWHQGHUjQRWLqFDGDODSURYLGHQFLDTXHGHFODUDQ
HOHVWDGRGHTXLHEUDWDQWRDOTXHEUDGRFRPRDORVDFUHHGRUHV\DOSoEOLFRHQJHQHUDO
$57f&8/2$3(5785$'(352&(62'HURJDGRSRUHODUWlFXOR/H\GH1RWLqFDGDODSURYLGHQFLDTXHGHFODUDODTXLHEUDHO
SURFHVRVHDEULUjDSUXHEDSRUWUHLQWDGlDVDVlGLH]SDUDSHGLUODV\YHLQWHSDUDSUDFWLFDUODV&XDQGRGHEDQVXUWLUVHSUXHEDVHQHOH[WHULRUVH
FRQFHGHUjXQWkUPLQRH[WUDRUGLQDULRGHDFXHUGRFRQORSUHYLVWRHQHO&nGLJRGH3URFHGLPLHQWR&LYLOSDUDHOSURFHVRRUGLQDULRGHPD\RUFXDQWlD
$57f&8/2),-$&,h1'()(&+$'(&(6$&,h1'(3$*26'HURJDGRSRUHODUWlFXOR/H\GH'HQWURGHORVFLQFRGlDV
VLJXLHQWHVDOYHQFLPLHQWRGHOWkUPLQRSUREDWRULRHOMXH]DWHQGLHQGRODVSUXHEDVTXHREUHQHQHOMXLFLRqMDUjODIHFKDGHODFHVDFLnQGHORV
SDJRVODFXDOQRSRGUjVHUDQWHULRUHQPjVGHXQDmRDOGlDGHODSUHVHQWDFLnQGHODGHPDQGDRGHODGHQXQFLDGHOHVWDGRGHTXLHEUDRGHOD
IHFKDGHODSUHVHQWDFLnQGHODVROLFLWXGGHFRQFRUGDWRSUHYHQWLYRVHJoQHOFDVR
&$3f78/2,,
5(67,78&,h1'(/48(%5$'2
$57f&8/25(67,78&,h1'(/(67$'2$17(5,25$48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH/DSHUVRQDGHFODUDGDHQ
TXLHEUDSRGUjSHGLUDQWHVGHODH[SLUDFLnQGHOWkUPLQRGHHPSOD]DPLHQWRTXHVHOHUHVWLWX\DDVXHVWDGRDQWHULRUDOHJDQGR\SUREDQGR
FXDOTXLHUDGHHVWRVKHFKRV
1RVHUFRPHUFLDQWH
+DEHUHVWDGRDOFRUULHQWHHQHOSDJRGHVXVREOLJDFLRQHVPHUFDQWLOHVDOWLHPSRGHGHFODUDUVHODTXLHEUD
+DEHUVHSXHVWRDOFRUULHQWHHQWRGDVVXVREOLJDFLRQHV\
4XHSRURIHUWDUHDOGHSDJRSRUFRQVLJQDFLnQDQWHHOPLVPRMXH]VHKDSURYLVWRDOSDJRWRWDOGHODVDFUHHQFLDV
$57f&8/262/,&,78''(5(67,78&,h1'HURJDGRSRUHODUWlFXOR/H\GH/DVROLFLWXGGHUHVWLWXFLnQVHWUDPLWDUjFRPR
LQFLGHQWH
/DUHYRFDWRULDGHODXWRTXHGHFODUnODTXLHEUD\HOGHFUHWRGHUHVWLWXFLnQGHOTXHEUDGRSRUQRVHUFRPHUFLDQWHRKDEHUHVWDGRDOFRUULHQWHHQVXV
REOLJDFLRQHVSDUDFXDQGRHGHFODUnODTXLHEUDGDQOXJDUDFRQGHQDDOSDJRGHODVFRVWDV\GHORVSHUMXLFLRVFDXVDGRVDFDUJRGHTXLHQ
SURPRYLnHOSURFHVRTXHVHGHFUHWDUjHQODPLVPDSURYLGHQFLD\FX\DOLTXLGDFLnQVHKDUjSRUORVWUjPLWHVSUHYLVWRVSDUDODOLTXLGDFLnQGHOD
FRQGHQDHQDEVWUDFWRHQHO&nGLJRGHSURFHGLPLHQWR&LYLO
$57f&8/25(75275$&&,h1$/(67$'2$17(5,25$48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH5HYRFDGDSRUHOVXSHULRUOD
SURYLGHQFLDTXHGHFODUnODTXLHEUDRUHVWLWXLGRHOTXHEUDGRODVLWXDFLnQVHUHWURWUDHUjDVXHVWDGRDQWHULRUFRPRVLODGHFODUDFLnQGHTXLHEUDQR
VHKXELHUHSURGXFLGR
&$3f78/2,,,
6,1',&2'(/$48,(%5$
$57f&8/2'(%(5(6<)81&,21(6'(/6,1',&2'HURJDGRSRUHODUWlFXOR/H\GH(OVlQGLFRWHQGUjODJXDUGD\
DGPLQLVWUDFLnQGHODPDVDGHELHQHVGHODTXLHEUD\FRPRWDOORVVLJXLHQWHVGHEHUHV\IXQFLRQHVHVSHFLDOHV
6XVWLWXLUDOTXHEUDGRHQODDGPLQLVWUDFLnQGHVXVELHQHV\HQWRGRVORVDVXQWRVTXHDIHFWHQRSXHGDQDIHFWDUVXSDWULPRQLR
(OVlQGLFRGHEHUjHMHFXWDUORVDFWRVTXHWLHQGDQDIDFLOLWDUODSUHSDUDFLnQ\UHDOL]DFLnQGHXQDOLTXLGDFLnQSURJUHVLYD
(OVlQGLFRSRGUjFRQDXWRUL]DFLnQGHODMXQWDDVHVRUDWUDQVLJLUFRPSURPHWHUGHVLVWLUUHVWLWXLUORVELHQHVGDGRVHQSUHQGDFDQFHODUKLSRWHFDUH
LQWHUYHQLUHQODVVRFLHGDGHVHQTXHHOTXHEUDGRVHDVRFLRRDFFLRQLVWD
)RUPDUHOLQYHQWDULR\HOEDODQFHVLHOTXHEUDGRQRORVKXELHUHSUHVHQWDGR\HQFDVRFRQWUDULRUHFWLqFDUORVVLSURFHGLHUHRGDUOHVVXYLVWR
EXHQR\UHGDFWDURUHYLVDUVHJoQHOFDVRODH[SRVLFLnQRLQIRUPHVREUHODVFDXVDVGHODFHVDFLnQGHSDJRV
6ROLFLWDUHOHPEDUJR\VHFXHVWURGHORVELHQHVTXHKD\DQGHIRUPDUSDUWHGHODPDVDGHODTXLHEUDORPLVPRTXHVXDYDOoR\ODV
HQDMHQDFLRQHVQHFHVDULDV
5HFDXGDUORVGLQHURVTXHSRUFXDOTXLHUFRQFHSWRGHEDQLQJUHVDUDODPDVDGHODTXLHEUD
7HQHU\DGPLQLVWUDUORVELHQHVGHODPDVDGHODTXLHEUDFRQODVIDFXOWDGHVREOLJDFLRQHV\UHVSRQVDELOLGDGHVGHXQVHFXHVWURMXGLFLDO
,QWHQWDUFRQODDXWRUL]DFLnQGHODMXQWDDVHVRUDWRGDVODVDFFLRQHVQHFHVDULDVSDUDODFRQVHUYDFLnQ\UHLQWHJUDFLnQGHODPDVDGHODTXLHEUD
ORPLVPRTXHDWHQGHU\UHVROYHUODVVROLFLWXGHVGHUHVWLWXFLnQGHORVELHQHVTXHGHEDQVHSDUDUVHGHODPLVPDPDVD
(ODERUDU\VRPHWHUDODDSUREDFLnQGHOMXH]ORVSUHVXSXHVWRVPHQVXDOHVGHJDVWRVDVlFRPRVXVPRGLqFDFLRQHV\QRPEUDU\UHPRYHUHO
SHUVRQDOSUHYLVWRHQWDOHVSUHVXSXHVWRV/DMXQWDDVHVRUDSRGUjVROLFLWDUDOMXH]ODPRGLqFDFLnQGHkVWRV
&RODERUDUFRQHOMXH]SDUDHOMXLFLRVHDGHODQWHQRUPDOPHQWH\VLQGHPRUDORPLVPRTXHSRQHURSRUWXQDPHQWHHQFRQRFLPLHQWRGHODV
DXWRULGDGHVHQFDUJDGDVGHODYLJLODQFLDMXGLFLDOODVLUUHJXODULGDGHVTXHDQRWHHQHOGHVDUUROORGHOSURFHVR
/OHYDUHQOLEURVUHJLVWUDGRVDQWHHOPLVPRMXH]FXHQWDVFODUDVFRPSOHWDV\DFRPSDmDGDVGHVXVFRUUHVSRQGLHQWHVFRPSUREDQWHVGHWRGRV
ORVDFWRV\RSHUDFLRQHVTXHHMHFXWHHQUHODFLnQFRQODPDVDGHODTXLHEUD/DWHQHGXUlDGHHVWRVOLEURVVHVXMHWDUjDODVSUHVFULSFLRQHVOHJDOHV
([LJLUFXHQWDVFRPSUREDGDVDORVVlQGLFRVDQWHULRUHV\DORVVHFXHVWUHVGHVLJQDGRVHQORVMXLFLRVTXHVHDFXPXOHQDODTXLHEUDUHFLELUGH
HOORVORVELHQHVRGLQHURVGHODPDVDTXHHVWkQEDMRVXFXVWRGLD\DGPLQLVWUDFLnQORPLVPRTXHSURSRQHUHQVXFRQWUDODVDFFLRQHVDTXH
KXELHUHOXJDU
5HQGLUDQWHHOMXH]FXHQWDVFRPSUREDGDVGHVXJHVWLnQDOqQDOL]DUHOSURFHVRRDOVHSDUDUVHGHVXFDUJR\FXDQGRTXLHUDTXHVHORRUGHQHHO
MXH]GHRqFLRRDSHWLFLnQGHOD-XQWDDVHVRUDRGHXQDPD\RUlDGHDFUHHGRUHVTXHUHSUHVHQWHQRPHQRVGHODPLWDGGHORVFUkGLWRVUHFRQRFLGRV
\
5HQGLUPHQVXDOPHQWHXQLQIRUPHVREUHORVLQWHUHVHVTXHOHKDQVLGRFRQqDGRDFRPSDmDGRGHOEDODQFHGHSUXHEDFRUUHVSRQGLHQWHDOPLVPR
SHUlRGR
$57f&8/2&2175$7$&,21(63253$57('(/6f1',&2'HURJDGRSRUHODUWlFXOR/H\GH(OVlQGLFRSRGUjEDMRVX
UHVSRQVDELOLGDG\FRQFDUJRDODPDVDGHODTXLHEUDFRQWUDWDUORVVHUYLFLRVGHDX[LOLDUHVRFRODERUDGRUHVRFDVLRQDOHVWDOHVFRPRFRQWDGRUHV\
DERJDGRVFX\DUHPXQHUDFLnQQRHVWkSUHYLVWDHQHOSUHVXSXHVWRGHJDVWRVHVWDUHPXQHUDFLnQGHEHUjVHUDXWRUL]DGDSRUHOMXH]TXLHQGHPjV
UHJXODUjVXFXDQWlDWRGRSUHYLRFRQFHSWRGHODMXQWD
$57f&8/2'(6,*1$&,h1'(/$-817$$6(625$48(5(35(6(17($/26$&5(('25(6'HURJDGRSRUHODUWlFXOR/H\GH
'HQWURGHORVFLQFRGlDVVLJXLHQWHVDOYHQFLPLHQWRGHOWkUPLQRSUREDWRULRORVDFUHHGRUHVGHVLJQDUjQSRUHOVLVWHPDGHFXRFLHQWHHOHFWRUDOXQD
MXQWDDVHVRUDGHFLQFRPLHPEURVDGKRQRUHPRUHPXQHUDGDSRUHOORVTXHORVUHSUHVHQWHSDUDORVqQHVSUHYLVWRVHQHVWH7lWXOR
&RQWDOREMHWRHOMXH]KDUjODFRQYRFDWRULDDOGlDVLJXLHQWHGHYHQFLGRGLFKRWkUPLQR7UHVPLHPEURVGHODMXQWDVHUjQHOHJLGRVHQDWHQFLnQDO
YDORUGHORVFUkGLWRV\GRVFRQUHODFLnQDOQoPHURDFUHHGRUHV VLF
/DMXQWDSRGUjVHUUHPRYLGDHQFXDOTXLHUWLHPSR
(QGHIHFWRGHODMXQWDRVXEVLGLDULDPHQWHODDXWRUL]DFLnQGHORVDFWRVTXHODUHTXLHUDQFRUUHVSRQGHDOMXH]
$57f&8/25(81,21'(/$-817$$6(625$'HURJDGRSRUHODUWlFXOR/H\GH/DMXQWDDVHVRUDVHUHXQLUjDORPHQRVXQD
YH]DOPHV\FXDQGRODFRQYRTXHQHOMXH]HOVlQGLFRRGRVGHVXVPLHPEURV/DVGHFLVLRQHVGHODMXQWDVHWRPDUjQSRUPD\RUlDDEVROXWD
$57f&8/2$&(37$&,h1'(/6f1',&23253$57('(/-8(='HURJDGRSRUHODUWlFXOR/H\GH(OVlQGLFRGHEHUjUHFXVDEOHSRU
HOTXHEUDGRRSRUFXDOTXLHUDFUHHGRUFXDQGRRFXUUDQUHVSHFWRGHOPLVPRDOJXQDGHODVLQKDELOLGDGHVRLQFRPSDWLELOLGDGHVSUHYLVWDVHQODOH\
SDUDHOFDVRRHQJHQHUDOSDUDORVDX[LOLDUHV\FRODERUDGRUHVGHODMXVWLFLD
/DUHFXVDFLnQVHWUDPLWDUjFRPRLQFLGHQWH
$57f&8/25(&86$&,h1'(/6f1',&2'HURJDGRSRUHODUWlFXOR/H\GH
$57f&8/25(63216$%,/,'$''(/6f1',&2&$8&,h1'HURJDGRSRUHODUWlFXOR/H\GH(OVlQGLFRGHEHUjSUHVWDUFDXFLnQ
SDUDUHVSRQGHUGHVXJHVWLnQ\GHORVSHUMXLFLRVTXHFRQHOODLUURJDUHHQHOWkUPLQRODFXDQWlD\ODIRUPDqMDGRVSRUHOMXH]DOKDFHUOD
GHVLJQDFLnQ(OMXH]SRGUjGHFUHWDUHQFXDOTXLHUWLHPSRHOUHDMXVWHGHODFDXFLnQ
$57f&8/25(02&,h1'(/6f1',&2'HURJDGRSRUHODUWlFXOR/H\GH(QFDVRGHTXHHOVlQGLFRLQFXPSODVXVGHEHUHVHO
MXH]GHRqFLRRDVROLFLWXGGHOTXHEUDGRGHODMXQWDGHFXDOTXLHUDFUHHGRURGHOPLQLVWHULRSoEOLFRSRGUjGHFUHWDUODUHPRFLnQGHGLFKRDX[LOLDU
GHSODQRRSUHYLRVORVWUjPLWHVGHXQLQFLGHQWHVHJoQODVFLUFXQVWDQFLDV
&$3f78/2,9
0$6$'(/$48,(%5$
$57f&8/2$/&$1&('(/$0$6$'(/$48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH,QWHJUDQODPDVDGHODTXLHEUDWRGRVORV
ELHQHVHPEDUJDEOHVGHOGHXGRUDFWXDOHV\IXWXURVLQFOXVLYHORVHIHFWRVHVSHFLDOPHQWHDOSDJRGHGHWHUPLQDGDVREOLJDFLRQHV
$57f&8/2%,(1(648(12)250$13$57('(/$0$6$'(/$48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH1RIRUPDUjQ
SDUWHGHODPDVDGHODTXLHEUDORVVLJXLHQWHVELHQHV
/DVPHUFDQFlDVTXHWHQJDHOTXHEUDGRHQVXSRGHUDWlWXORGHFRPLVLnQ
/RVWlWXORVRFUkGLWRVTXHVHKD\DQHQYLDGRRHQWUHJDGRDOTXHEUDGRSDUDVXFREUDQ]D\ORVTXHKD\DDGTXLULGRSRUFXHQWDGHRWURVLHPSUH
TXHHVWkQHPLWLGRVRHQGRVDGRVGLUHFWDPHQWHDIDYRUGHOFRPLWHQWH
(OGLQHURUHPLWLGRDOTXHEUDGRIXHUDGHFXHQWDFRUULHQWHHQGHVDUUROORGHXQDFRPLVLnQRPDQGDWRGHOFRPLWHQWHRPDQGDQWHVLHPSUHTXH
KD\DSRUORPHQRVXQSULQFLSLRGHSUXHEDSRUHVFULWRVREUHODH[LVWHQFLDGHODFRPLVLnQRPDQGDWRDODIHFKDGHODFHVDFLnQGHSDJRV
/DVFDQWLGDGHVTXHVHHVWkQGHELHQGRDOTXHEUDGRSRUFXHQWDDMHQDDODIHFKDGHODFHVDFLnQHQORVSDJRVVLGHHOORKXELHUHSRUORPHQRVXQ
SULQFLSLRGHSUXHEDSRUHVFULWR\ORVGRFXPHQWRVTXHREUHQHQSRGHUGHOTXHEUDGRDXQTXHQRHVWkQRWRUJDGRVDIDYRUGHOFRPLWHQWHVLHPSUH
TXHVHFRPSUXHEHTXHODREOLJDFLnQSURYLHQHGHXQDFRPLVLnQ\TXHHOTXHEUDGRORVWLHQHSRUFXHQWDGHOFRPLWHQWH
/DVPHUFDQFlDVTXHHOTXHEUDGRKD\DDGTXLULGRDOqDGRPLHQWUDVQRVHKD\DSURGXFLGRVXHQWUHJD
/RVELHQHVTXHWHQJDHOTXHEUDGRHQFDOLGDGGHGHSRVLWDULR
/RVELHQHVGHTXHVHDWLWXODUHOFnQ\XJHGHOTXHEUDGR\
(QJHQHUDOODVHVSHFLHVLGHQWLqFDEOHVTXHDXQHQFRQWUjQGRVHHQSRGHUGHOTXHEUDGRSHUWHQH]FDQDRWUDSHUVRQD
$57f&8/2(175(*$'(/26%,(1(648(12)250$13$57('(/$0$6$'(/$48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH
(OVlQGLFRKDUjHQWUHJDGHORVELHQHVTXHQRIRUPDQSDUWHGHODPDVDSUHYLRFRQFHSWRIDYRUDEOHGHODMXQWDDVHVRUDGDQGRFXHQWDUD]RQDGD\
GRFXPHQWDGDGHVXDFWXDFLnQDOMXH]GHODTXLHEUD
6LHOVlQGLFRQRDFFHGHDODHQWUHJDORVLQWHUHVDGRVSRGUjQUHFODPDUDQWHHOPLVPRMXH]TXLHQGHFLGLUjSUHYLRVORVWUjPLWHVGHXQLQFLGHQWH
1RSRGUjHOVlQGLFRHQWUHJDUDTXHOODVFRVDVHQUHODFLnQFRQODVFXDOHVHOGHXGRURFXDOTXLHUDGHORVDFUHHGRUHVUHFRQRFLGRVHQHOMXLFLRVH
RSRQJDQDOOHJDQGRSRVHVLnQRDOJoQGHUHFKRVREUHHOODV(OMXH]GHFLGLUjPHGLDQWHLQFLGHQWH\VLHQFRQWUDUHMXVWLqFDGDODRSRVLFLnQORVWHUFHURV
KDEUjQGHLQFRDUODVDFFLRQHVOHJDOHVTXHOHVFRUUHVSRQGDQDQWHORVUHVSHFWLYRVMXHFHV
(QWRGRFDVRHOVlQGLFRFRQVHUYDHOGHUHFKRGHOTXHEUDGRGHFXPSOLUORVFRQWUDWRVHQQRPEUHGHODPDVD\SDUDHOODRGHFRQVHQWLUHQVX
WHUPLQDFLnQ
$57f&8/21250$6(63(&,$/(65(/$7,9$6$$(521$9(6<(0%$5&$&,21(6'HURJDGRSRUHODUWlFXOR/H\GH
5HVSHFWRGHODVDHURQDYHV\HPEDUFDFLRQHVTXHVHKDOOHQHQWUHORVELHQHVGHOTXHEUDGRVHREVHUYDUjQODVQRUPDVHVSHFLDOHVUHODWLYDVDHVWD
FODVHGHELHQHV
$57f&8/2,168),&,(1&,$'(%,(1(6<(17253(&,0,(172'(3$*2623(5$&,21(6'(/48(%5$'262%5(/$6&8$/(66(38('(
,03(75$5/$5(92&$&,h1'HURJDGRSRUHODUWlFXOR/H\GH&XDQGRSDUH]FDTXHORVELHQHVGHODPDVDVRQLQVXqFLHQWHVSDUD
FXEULUHOWRWDOGHORVFUkGLWRVUHFRQRFLGRVRTXHHOSDJRVHKDHQWRUSHFLGRSRUFDXVDGHDFWRVGHOGHXGRUSRGUjLPSHWUDUVHODUHYRFDFLnQGHODV
VLJXLHQWHVRSHUDFLRQHVGHOTXHEUDGR
c7RGRDFWRGHGLVSRVLFLnQ\DGPLQLVWUDFLnQGHFXDOTXLHUHVSHFLH\SRUFLnQGHVXVELHQHVHPEDUJDEOHVHMHFXWDGDVGHVSXkVGHODGHFODUDFLnQ
GHTXLHEUD
c/RVSDJRVGHGHXGDVQRYHQFLGDVKHFKRVFRQSRVWHULRULGDGDODIHFKDGHFHVDFLnQHQORVSDJRV\GXUDQWHORVVHLVPHVHVDQWHULRUHVDOD
PLVPD
c/DVGDFLRQHVHQSDJRSRUGHXGDVYHQFLGDVHIHFWXDGDVGHVSXkVGHODIHFKDGHFHVDFLnQHQORVSDJRVFRQREMHWRVGLVWLQWRVGHGLQHURRWlWXORV
YDORUHVGHFRQWHQLGRFUHGLWLFLR
c/RVFRQWUDWRVFHOHEUDGRVFRQSRVWHULRULGDGDODIHFKDGHFHVDFLnQHQORVSDJRV\GXUDQWHORVVHLVPHVHVDQWHULRUHVDODPLVPDFRQVX
FnQ\XJHFRQVXVSDULHQWHVGHQWURGHOFXDUWRJUDGRGHFRQVDQJXLQLGDGVHJXQGRGHDqQLGDGRSULPHURFLYLORFRQDOJoQFRQVRFLRHQVRFLHGDG
GLVWLQWDGHODDQnQLPDRFRQVRFLHGDGFROHFWLYDOLPLWDGDHQFRPDQGLWDRGHKHFKRHQTXHKD\DVRFLRVGHOTXHEUDGR
c&XDQGRVHWUDWHGHODTXLHEUDGHVRFLHGDGHVODVIXVLRQHVWUDQVIRUPDFLRQHV\GHPjVUHIRUPDVIRUPDOL]DGDVGHVSXkVGHODIHFKDGHFHVDFLnQ
HQORVSDJRVFRQODVTXHGHDOJoQPRGRVHPHQRVFDEHRUHGX]FDODUHVSRQVDELOLGDGDQWHULRUGHORVDVRFLDGRV
c/DVUHIRUPDVHVWDWXWDULDV\ODVOLTXLGDFLRQHVVRFLDOHVIRUPDOL]DGDVGHVSXkVGHODIHFKDGHFHVDFLnQHQORVSDJRVFXDQGRFRQHOODVVHKD\D
GLVPLQXLGRHOSDWULPRQLRGHODFRPSDmlDRGHOVRFLRHQTXLHEUDRGLVWULEXLGRVXVELHQHVHQIRUPDTXHORVDFUHHGRUHVGHDTXHOODVRGHkVWH
VHJoQHOFDVRUHVXOWHQSHUMXGLFDGRV
c/DHQDMHQDFLnQWRWDORSDUFLDOGHHVWDEOHFLPLHQWRVGHFRPHUFLRTXHKXELHUHFHOHEUDGRHOTXHEUDGRGHVSXkVGHODIHFKDGHFHVDFLnQHQORV
SDJRV
c/DVFDXFLRQHVTXHKD\DFRQVWLWXLGRHOTXHEUDGRFRQSRVWHULRULGDGDODFHVDFLnQHQORVSDJRV
c7RGRDFWRGHDGPLQLVWUDFLnQ\GLVSRVLFLnQGHFXDOTXLHUHVSHFLH\SRUFLnQGHELHQHVHMHFXWDGRGHVSXkVGHODIHFKDGHFHVDFLnQHQORVSDJRV
FRQRFLHQGRODSHUVRQDTXHFRQWUDWnFRQHOGHXGRUHOPDOHVWDGRGHORVQHJRFLRVGHkVWHFRQRFLPLHQWRTXHVHSUHVXPHHQORVWUDEDMDGRUHVGHO
TXHEUDGR
c7RGRDFWRDWlWXORJUDWXLWRFHOHEUDGRGHVSXkVGHODIHFKDGHFHVDFLnQHQORVSDJRVRGHQWURGHODmRDQWHULRUDODPLVPDIHFKD\
c7RGRDFWRRQHURVRGHGLVSRVLFLnQOLPLWDFLnQJUDYDPHQRDGPLQLVWUDFLnQGHVXVELHQHVFHOHEUDGRGHQWURGHORVGRVDmRVDQWHULRUHVDOD
IHFKDGHFHVDFLnQGHSDJRVFXDQGRQRDSDUH]FDTXHHODGTXLUHQWHREUnFRQEXHQDIHH[HQWDGHFXOSD
$57f&8/2,168),&,(1&,$'(%,(1(6<(17253(&,0,(172'(3$*26275$6$&&,21(6'HURJDGRSRUHODUWlFXOR/H\GH
%DMRORVPLVPRVVXSXHVWRVGHLQVXqFLHQFLDGHELHQHVRGHHQWRUSHFLPLHQWRGHOSDJRSUHYLVWRHQHODUWlFXORDQWHULRUSRGUjGHPDQGDUVHDIDYRU
GHODPDVDODGHFODUDFLnQGHVLPXODFLnQGHORVDFWRV\FRQWUDWRVFHOHEUDGRVSRUHOGHXGRU
$57f&8/25(67,78&,h1'(%,(1(6$/$0$6$'(/$48,(%5$325&2175$7$&,h1'(0$/$)('HURJDGRSRUHODUWlFXOR/H\GH
4XLHQHVKD\DQFRQWUDWDGRFRQHOTXHEUDGR\ORVFDXVDKDELHQWHVGHPDODIHGHTXLHQFRQWUDWnFRQkVWHHVWDUjQREOLJDGRVDUHVWLWXLUDOD
PDVDGHODTXLHEUDODVFRVDVTXHOHVIXHURQHQDMHQDGDVHQUD]nQGHODUHYRFDFLnQRGHODGHFODUDFLnQGHVLPXODFLnQ6LODUHVWLWXFLnQQRIXHUH
SRVLEOHVHRUGHQDUjHQWUHJDUDODPDVDGHODTXLHEUDHOYDORUGHODVFRVDVHQODIHFKDGHODVHQWHQFLDGHGXFLGDVODVPHMRUDVoWLOHVSODQWDGDVSRU
HOSRVHHGRUGHEXHQDIH
4XLHQHVKDELHQGRFRQWUDWDGRGHEXHQDIHFRQHOTXHEUDGRIXHUHQYHQFLGRVWHQGUjQGHUHFKRDSDUWLFLSDUHQODTXLHEUDDSURUUDWDFRQORVGHPjV
DFUHHGRUHVSRUHOPRQWRGHORTXHGLHURQDOTXHEUDGRFRPRFRQWUDSUHVWDFLnQ
$57f&8/27e50,123$5$352321(5/$6$&&,21(6'(5(92&$&,h1<'(6,08/$&,h1'HURJDGRSRUHODUWlFXOR/H\GH
/DVDFFLRQHVGHUHYRFDFLnQ\GHVLPXODFLnQSRGUjQSURSRQHUVHKDVWDHOGHFLPRTXLQWRGlDVLJXLHQWHDODHMHFXWRULDGHODXWRTXHqMHODIHFKDGHOD
FHVDFLnQGHSDJRV
&RPSHWHDOVlQGLFRLQFRDUODVSRURUGHQGHODMXQWDDVHVRUD6LHOVlQGLFRVHQHJDUHDHQWDEODUODVSRGUjDTXHOODLQLFLDUODVSDUDORFXDOGHVLJQDUj
SRUPD\RUlDGHYRWRVXQDSRGHUDGRMXGLFLDO
$57f&8/20(','$6&$87(/$5(6'HURJDGRSRUHODUWlFXOR/H\GH3DUDDVHJXUDUODVUHVXOWDVGHODVDFFLRQHVDQWHULRUHVHO
MXH]GHEHUjWRPDUFXDQGRORFRQVLGHUHRSRUWXQR\VLQQHFHVLGDGGHFDXFLnQODVPHGLGDVFDXWHODUHV\TXHHVWLPHQHFHVDULDVLQFOXVLYHHO
UHJLVWURGHODGHPDQGD\HOHPEDUJR\VHFXHVWURGHORVELHQHVSHUVHJXLGRVVHJoQORVFDVRV\ORVHOHPHQWRVGHMXLFLRDOOHJDGRVDOH[SHGLHQWH
$57f&8/2)$&8/7$''(/6,1',&2'(,1&2$5325/$9,$25',1$5,$/$6$&&,21(6'(5(92&$725,$<'(6,08/$&,h1'HURJDGRSRU
HODUWlFXOR/H\GH6LQHPEDUJRGHHVWDUYHQFLGRHOWkUPLQRVHmDODGRSDUDLQWHQWDUODVDFFLRQHVUHYRFDWRULD\GHVLPXODFLnQ
SRGUjHOVlQGLFRLQFRDUODVSRUODYlDRUGLQDULDGHQWURGHODmRVLJXLHQWHHQYLUWXGGHKHFKRVRDFWRVGHTXHQRKD\DSRGLGRWHQHUFRQRFLPLHQWR
DQWHV
$57f&8/2)$&8/7$''(/6,1',&23$5$62/,&,7$5/$'(&/$5$725,$'(',62/8&,h1</,48,'$&,h1'(62&,('$'(6(148(6($
62&,2262&,2*(6725(/48(%5$'2'HURJDGRSRUHODUWlFXOR/H\GH(OVlQGLFRSUHYLRFRQFHSWRIDYRUDEOHGHODMXQWD
DVHVRUDSRGUjVROLFLWDUGHQWURGHOSURFHVRGHTXLHEUDTXHHOMXH]GHFODUHGLVXHOWDV\RUGHQHODOLTXLGDFLnQGHODVVRFLHGDGHVHQQRPEUH
FROHFWLYR\GHUHVSRQVDELOLGDGOLPLWDGDHQTXHVHDVRFLRHOTXHEUDGR\ODVHQFRPDQGLWDHQTXHHVWHVHDVRFLRJHVWRU
3DUDHMHUFLWDUODDFFLnQHOVlQGLFRGHEHUjGHPRVWUDUTXHUHTXLULnSRUHVFULWRDORVFRQVRFLRVGHOTXHEUDGRDqQGHTXHDGTXLULHUDQHOLQWHUkVR
FXRWDVVRFLDOHVGHOIDOOLGRRHQVXEVLGLRTXHDFHSWDUDQVXFHVLnQDSRVLEOHVDGTXLUHQWHVH[WUDmRV
(OSUHFLRGHFHVLnQGHOLQWHUkVRFXRWDVVRFLDOHVVHUjqMDGRHQDFXHUGRGHOVlQGLFRFRQORVLQWHUHVDGRVHQODDGTXLVLFLnQVRPHWLGRDODDSUREDFLnQ
GHODMXQWDDVHVRUD6LQRKXELHUHDFXHUGRHOSUHFLRVHGHWHUPLQDUjSRUSHULWRV
$57f&8/275d0,7('(/$6$&&,21(6'(5(92&$&,21'(6,08/$&,h1<'(',62/8&,h1'HURJDGRSRUHODUWlFXOR/H\GH
/DVDFFLRQHVGHUHYRFDFLnQGHVLPXODFLnQ\GHGLVROXFLnQVHWUDPLWDUjQ\GHFLGLUjQFRPRLQFLGHQWHGHQWURGHOSURFHVRGHTXLHEUD/D
GHPDQGDVHQRWLqFDUjSHUVRQDOPHQWHDOTXHEUDGR\DORVGHPjVGHPDQGDGRVDTXLHQHVVHFRUUHUjWUDVODGRFRPoQHQODVHFUHWDUlDSRUGLH]
GlDVYHQFLGRVORVFXDOHVVHGHFUHWDUjQ\SUDFWLFDUjQGHQWURGHXQWkUPLQRGHYHLQWHGlDVODVSUXHEDVSHGLGDVSRUODVSDUWHVRGHFUHWDGDVSRUHO
MXH]
(VWRVLQFLGHQWHVVHIDOODUjQHQODVHQWHQFLDGHUHFRQRFLPLHQWR\JUDGXDFLnQGHFUkGLWRVSDUDORFXDOHOMXH]HVWLPDUjWRGDVODVSUXHEDVTXH
REUHQWDQWRHQHOSURFHVRFLYLOFRPRHQHOSHQDO
&$3f78/29
5(&212&,0,(172*5$'8$&,h1<3$*2'(/26&5e',726
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/RVDFUHHGRUHVVLQJDUDQWlDUHDOSRGUjQKDFHUVHSDUWHHQHOSURFHVRKDVWDHO
YHQFLPLHQWRGHOWkUPLQRSUREDWRULR/RVTXHQRVHSUHVHQWHQRSRUWXQDPHQWHQRSHUGHUjQVXVDFFLRQHVSHUVRQDOHVFRQWUDHOTXHEUDGRSRGUjQ
HMHUFLWDUODVSRUODVYlDVFRPXQHVVREUHHOUHPDQHQWHGHODPDVDGHODTXLHEUDVLORKXELHUHRVREUHORVELHQHVTXHDGTXLHUDHOGHXGRUFRQ
SRVWHULRULGDGDODWHUPLQDFLnQHOSURFHVRGHTXLHEUD
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/RVDFUHHGRUHVFRQJDUDQWlDUHDOGHEHUjQHMHUFLWDUVXDFFLnQFRQDQWHULRULGDGD
ODVHQWHQFLDDQWHHOMXH]TXHFRQRFHGHODTXLHEUDTXLHQODWUDPLWDUjHQFXDGHUQRVHSDUDGR6LQRORKLFLHUHQHOMXH]GHFUHWDUjODVXEDVWDVLQ
QHFHVLGDGGHQXHYRHPSOD]DPLHQWR\RUGHQDUjTXHOHVVHDQFXELHUWRVVXVFUkGLWRVVREUHHOSUHFLRGHOUHPDWHHQHORUGHQTXHFRUUHVSRQGD
HQWUHWDQWRKDUjFRQVLJQDUHOGLQHUR
6LGLFKRVDFUHHGRUHVHMHUFLWDUHQWDPELkQODDFFLnQSHUVRQDOGHEHUjQLQWHQWDUODGHQWURGHORVWkUPLQRVTXHWLHQHQORVGHPjVDFUHHGRUHVSDUD
KDFHUVHSDUWH\VHUjQSDJDGRVFRQSUHIHUHQFLDVREUHHOSURGXFWRGHOUHPDWHGHORVELHQHVJUDYDGRVSRUHOGkqFLWFRQFXUULUjQHQHOVREUDQWHGH
ODPDVDDSURUUDWDFRQORVFUkGLWRVGHODTXLQWDFODVH
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/DVREOLJDFLRQHVDFDUJRGHOTXHEUDGRFRQJDUDQWlDVUHDOHVRSHUVRQDOHVGH
WHUFHURVGHEHUjQKDFHUVHHIHFWLYDVSRUORVFRUUHVSRQGLHQWHVDFUHHGRUHVGHQWURGHOSURFHVRGHTXLHEUDLQWHQWDQGRODDFFLnQUHVSHFWLYDDQWHVGH
ODVHQWHQFLDFRQFLWDFLnQSHUVRQDOGHGLFKRVJDUDQWHV
+HFKDHIHFWLYDODFDXFLnQHODFUHHGRUVnORSRGUjFRQFXUULUFRQORVGHPjVDFUHHGRUHVSRUHOGkqFLWTXHGDQGRDVDOYRORVGHUHFKRVGHTXLHQ
VDWLVq]RODJDUDQWlDSDUDVROLFLWDUHOUHFRQRFLPLHQWR\SDJRGHVXFUkGLWRGHQWURGHOSURFHVRGHTXLHEUD
&XDQGRHODFUHHGRUQRKDJDHIHFWLYDRSRUWXQDPHQWHODFDXFLnQHQWRGRRHQSDUWHVHH[FOXLUjVXFUkGLWRGHODJUDGXDFLnQUHVSHFWLYDKDVWDHO
PRQWRGHGLFKDFDXFLnQVLQTXHSRUHOORSLHUGDODVDFFLRQHVFRQWUDHOJDUDQWH
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH6LODREOLJDFLnQIXHUHGHKDFHURGHGDUXQDFRVDPXHEOHHODFUHHGRUGHEHUj
HVWLPDUODHQGLQHURSDUDTXHVHDUHJXODGDGHQWURGHOWkUPLQRGHSUXHED\JUDGXDGDHQODVHQWHQFLD
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH(MHFXWRULDGRHODXWRTXHqMDODIHFKDGHFHVDFLnQGHORVSDJRV\YHQFLGRHO
WkUPLQRSUREDWRULRGHWRGDVODVDFFLRQHVTXHVHDGHODQWHQGHQWURGHOSURFHVRHOMXH]FLWDUjSDUDVHQWHQFLD\GDUjWUDVODGRFRPoQDODVSDUWHV
SRUFLQFRGlDVHQODVHFUHWDUlDSDUDTXHSUHVHQWHQVXVDOHJDWRV
/DVHQWHQFLDGHEHUjGLFWDUVHGHQWURGHORVYHLQWHGlDVVLJXLHQWHVDOYHQFLPLHQWRGHOWkUPLQRGHWUDVODGR\XQDYH]SXEOLFDGDVHQRWLqFDUjDOGlD
VLJXLHQWHSRUHGLFWRTXHVHqMDUjGXUDQWHFLQFRGlDVHQODVHFUHWDUlD
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH(QODVHQWHQFLDGHEHUjHOMXH]
'HFLGLUGHqQLWLYDPHQWHVREUHORVFUkGLWRVTXHVHKD\DQSUHVHQWDGRRSRUWXQDPHQWHFRQHVSHFLqFDFLnQGHVXFXDQWlD\JUDGXDFLnQFRQIRUPHD
ODVOH\HV\
'HFLGLUVREUHODVDFFLRQHVGHUHYRFDFLnQVLPXODFLnQ\GLVROXFLnQSUHYLVWDVHQHO&DSlWXOR,9
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH6LKXELHUHREOLJDFLRQHVFRQGLFLRQDOHVRVXMHWDVDOOLWLJLRHQODVHQWHQFLDVH
RUGHQDUjDOVlQGLFRFRQVWLWXLUXQDUHVHUYDDGHFXDGDSDUDDWHQGHURSRUWXQDPHQWHVXSDJRVLVHKLFLHUHQH[LJLEOHVRHQFDVRFRQWUDULRSDUD
HQWUHJDUODDORVDFUHHGRUHVRDOTXHEUDGRVHJoQODVFLUFXQVWDQFLDV'LFKDUHVHUYDVHLQYHUWLUjHQIRUPDTXHDVHJXUHVXFRQVHUYDFLnQ\
UHQGLPLHQWRHQFRQVXOWDFRQODMXQWDDVHVRUD
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH5HVSHFWRGHODVSHQVLRQHVHQODVHQWHQFLDVHRUGHQDUjDOVlQGLFRDGRSWDU
FXDOTXLHUDGHHVWDVPHGLGDV
c/LTXLGDUODV\SDJDUODVSRUVXYDORUDFWXDOVHJoQODYLGDSUREDEOHGHFDGDEHQHqFLDULRGHWHUPLQDGDFRQIRUPHDODVWDEODVHPSOHDGDVDO
HIHFWRHQHOSDlV\
c&RQWUDWDUFRQHO,QVWLWXWR&RORPELDQRGH6HJXURV6RFLDOHVRFRQXQDFRPSDmlDGHVHJXURVHOSDJRSHULnGLFRGHODVSHQVLRQHV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/DVHQWHQFLDVHUjDSHODEOHHQHOHIHFWRVXVSHQVLYRSHURDQWHVGHHQYLDUHO
H[SHGLHQWHDOVXSHULRUVHGHMDUjDFRVWDGHOUHFXUUHQWHRUHFXUUHQWHVFRSLDGHORQHFHVDULRSDUDODDFWXDFLnQUHODFLRQDGDFRQODFXVWRGLD
DGPLQLVWUDFLnQ\GLVSRVLFLnQGHORVELHQHV
(OUHFXUVRSRGUjLQWHUSRQHUVHGHQWURGHORVWUHVGlDVVLJXLHQWHVDODQRWLqFDFLnQ\VHWUDPLWDUjFRPRODVDSHODFLRQHVGHODVVHQWHQFLDVHQORV
SURFHVRVRUGLQDULRVGHPD\RUFXDQWlD
0LHQWUDVVHGHFLGHODDSHODFLnQHOMXH]FRQVHUYDUjVXFRPSHWHQFLDSDUDWRGRORUHIHUHQWHDODFXVWRGLDDGPLQLVWUDFLnQ\HQDMHQDFLnQGHORV
ELHQHVKDVWDSRQHUHOSURFHVRHQHVWDGRGHSDJDUDORVDFUHHGRUHV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH&RQWUDODVHQWHQFLDGHVHJXQGDLQVWDQFLDQRKDEUjUHFXUVRGHFDVDFLnQ
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH6DOYRORSUHYLVWRHQFRQFRUGDWRORVELHQHVGHODPDVDVHUjQYHQGLGRVSDUD
SDJDUHQGLQHURORVFUkGLWRV/DYHQWDVHVXMHWDUjDODVVLJXLHQWHVUHJODV
c(OVlQGLFRYHQGHUjORVELHQHVPXHEOHVFRWL]DGRVHQEROVDVLQQHFHVLGDGGHDYDOoRSRUXQSUHFLRQRLQIHULRUDOGHODUHVSHFWLYDFRWL]DFLnQDO
WLHPSRGHFHOHEUDUVHHOQHJRFLR
c/RVELHQHVPXHEOHVTXHQRWHQJDQFRWL]DFLnQHQEROVDORVYHQGHUjHOVlQGLFRFRQDXWRUL]DFLnQGHODMXQWDDVHVRUD\EDMRVXYLJLODQFLDHQXQ
PDUWLOORTXHIXQFLRQHOHJDOPHQWHREVHUYDQGRORVUHJODPHQWRVGHkVWH
c(QORVOXJDUHVGRQGHQRIXQFLRQHQPDUWLOORVORVELHQHVPXHEOHVGLVWLQWRVGHORVYDORUHVFRWL]DGRVHQEROVDVHUjQYHQGLGRVSRUHOVlQGLFR
SUHYLRDYDOoRSHULFLDODSUREDGRSRUHOMXH]FRQODYLJLODQFLDGHODMXQWD\SRUXQSUHFLRQRLQIHULRUDODYDOoR\
c/RVELHQHVUDlFHVVHUjQYHQGLGRVHQSoEOLFDVXEDVWDHQODIRUPDSUHVFULWDSDUDORVSURFHVRVHMHFXWLYRVGHPD\RUFXDQWlDSHURUHGXFLGRVDOD
PLWDGORVWkUPLQRVSUHYLVWRVSDUDODIHFKDGHOUHPDWH
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH1RVHKDUjQLQJoQSDJRDORVDFUHHGRUHVPLHQWUDVQRHVWkHMHFXWRULDGDOD
VHQWHQFLDGHUHFRQRFLPLHQWR\JUDGXDFLnQGHFUkGLWRV
8QDYH]HMHFXWRULDGDODVHQWHQFLD\DoQDQWHVGHODUHDOL]DFLnQWRWDOGHORVDFWLYRVHOVlQGLFRSURFHGHUjDSDJDUDORVDFUHHGRUHVFRQHOGLQHUR
GLVSRQLEOHFRQIRUPHDODJUDGXDFLnQ
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH$JRWDGRVORVELHQHVGHODPDVDHQHOSDJRGHORVFUkGLWRVUHFRQRFLGRVHOMXH]
GHFODUDUjWHUPLQDGRHOSURFHVR\RUGHQDUjDUFKLYDUHOH[SHGLHQWH
/RVDFUHHGRUHVTXHQRVHDQVDWLVIHFKRVlQWHJUDPHQWHFRQORUHFLELGRGHODPDVDFRQVHUYDUjQSRUHOGkqFLWVXVDFFLRQHVSHUVRQDOHVFRQWUDHO
TXHEUDGRSDUDHMHUFLWDUODVSRUODVYlDVFRPXQHVVREUHORVELHQHVTXHSRVWHULRUPHQWHDGTXLHUDkVWHRDSDUH]FDQDVXQRPEUHVDOYROR
HVWDEOHFLGRHQHOFRQFRUGDWR
&$3f78/29,
&21&25'$72'(1752'(/352&(62
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH9HQFLGRHOWkUPLQRTXHWLHQHQORVDFUHHGRUHVSDUDKDFHUVHSDUWHHQHOSURFHVR
HOVlQGLFRHOTXHEUDGRRFXDOTXLHUQoPHURGHDFUHHGRUHVTXHUHSUHVHQWHHOFLQFXHQWDSRUFLHQWRRPjVGHORVFUkGLWRVUHFRQRFLGRVSRGUjQSHGLU
DOMXH]TXHFRQYRTXHDUHXQLRQHVJHQHUDOHVGHORVDFUHHGRUHV\GHOTXHEUDGRFRQPLUDVDFHOHEUDUFRQFRUGDWR
(OMXH]GHEHUjFRQYRFDUDGLFKDVUHXQLRQHVFXDQWDVYHFHVVHOHVROLFLWHORVPLHPEURVGHODMXQWDDVHVRUDSRGUjQFRQFXUULUDHOODV
/DFRQYRFDWRULDVHKDUjFRQQRPHQRVGHFLQFRGlDVGHDQWLFLSDFLnQ\ODUHVSHFWLYDSURYLGHQFLDVHQRWLqFDUjSRUHVWDGR
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/DVUHXQLRQHVVHOOHYDUjQDFDEREDMRODGLUHFFLnQGHOMXH]\FRQODDVLVWHQFLD
GHOGHXGRUHOVlQGLFR\DFUHHGRUHVTXHUHSUHVHQWHQQRPHQRVGHORFKHQWDSRUFLHQWRGHOYDORUGHORVFUkGLWRVDFHSWDGRV
(OGHXGRU\ORVDFUHHGRUHVSRGUjQFRQFXUULUSRUVlRSRUPHGLRGHDSRGHUDGRTXLHQHQODFHOHEUDFLnQGHOFRQFRUGDWRGHVX\R\QHFHVDULDPHQWH
WHQGUjIDFXOWDGHVSDUDWUDQVLJLUGHVLVWLUUHQXQFLDU\FRPSURPHWHU
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH(OFRQFRUGDWRWHQGUjSRUREMHWRDGRSWDUFXDOTXLHUDGHODVPHGLGDVVLJXLHQWHV
c/DVXVSHQVLnQWHPSRUDOGHOSURFHVRODFXDOQRLPSHGLUjORVDFWRVGHFRQVHUYDFLnQ\DGPLQLVWUDFLnQHOVlQGLFRQLDIHFWDUjHOFXUVRGHOSURFHVR
SHQDO
c(ODVHJXUDPLHQWRSRUWHUFHUDVSHUVRQDVGHWRGRVRDOJXQRVGHORVFUkGLWRVDFHSWDGRV
c(OSDJRFRQORVGLQHURVTXHKD\DQLQJUHVDGRDODPDVDRFRQORVELHQHVGHODPLVPDGHSDUWHGHWRGDVODVGHXGDVRGHODWRWDOLGDGGHORV
FUkGLWRVTXHJRFHQGHSUHIHUHQFLD
c/DFHOHEUDFLnQGHDQWLFUHVLVGDFLRQHVHQSDJR\SUHQGDVODUHJXODFLnQGHORVFUkGLWRV\RWUDVPHGLGDVHQGHUH]DGDVRODSURWHFFLnQFRPoQ
GHORVDFUHHGRUHV\DIDFLOLWDUODFRQFOXVLnQGHOMXLFLRRODFHOHEUDFLnQGHFRQFRUGDWRVDGLFLRQDOHV\
c&XDOTXLHUDFXHUGRWHQGLHQWHDUHJXODUODVUHODFLRQHVHQWUHHOGHXGRU\ORVDFUHHGRUHV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH/DVGHFLVLRQHVTXHIXHUHQREMHWRGHFRQFRUGDWRVRORSRGUjQDGRSWDUVHFRQHO
FRQVHQWLPLHQWRGHOGHXGRU\HOYRWRIDYRUDEOHGHDFUHHGRUHVDFHSWDGRVTXHUHSUHVHQWHQQRPHQRVGHORFKHQWDSRUFLHQWRGHOYDORUGHORV
FUkGLWRVUHFRQRFLGRV
/RVFUkGLWRVSRUVDODULRV\SUHVWDFLRQHVVRFLDOHVQRVHWRPDUjQHQFXHQWDSDUDGHWHUPLQDUODPD\RUlDLQGLFDGDSHURVLIXHUHQH[LJLEOHVGHEHUjQ
VHUSDJDGRVDQWHVGHHMHFXWDUFXDOTXLHUGHFLVLnQFRQFRUGDWRULD
6LKXELHUHREOLJDFLRQHVFRQGLFLRQDOHVRVRPHWLGDVDOLWLJLRHQHOFRQFRUGDWRVHKDUjQODVUHVHUYDVFRUUHVSRQGLHQWHVSDUDDWHQGHUDVXSDJRHQ
FDVRGHH[LJLELOLGDG
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH'HODVGHOLEHUDFLRQHVVHOHYDQWDUjQHQHOH[SHGLHQWHDFWDVqUPDGDVSRUHOMXH]
\VXVHFUHWDULR
(OFRQFRUGDWRVHKDUjFRQVWDUHQDFWDqUPDGDSRUHOMXH]ORVDFUHHGRUHV\HOGHXGRU\HQkOVHH[SUHVDUjHOWkUPLQRGHVXYLJHQFLD6HUj
DGHPjVKRPRORJDGRSRUHOMXH]GHQWURGHORVFLQFRGlDVVLJXLHQWHVDOGHODqUPDVLHPSUHTXHVHKD\DQFXPSOLGRORVUHTXLVLWRVGHIRQGR\GH
IRUPDSUHYLVWRVHQHVWH&DSlWXORWHQJDFDUjFWHUJHQHUDO\QRLPSOLTXHH[FOXVLnQGHDOJoQDFUHHGRUUHFRQRFLGRRVXGLVFULPLQDFLnQLQMXVWLqFDGD
(OFRQFRUGDWR\HODXWRTXHORDSUXHEDVHLQVFULELUjQHQHOUHJLVWURPHUFDQWLO\HQORVGHPjVTXHFRUUHVSRQGDQVHJoQODQDWXUDOH]DGHORVELHQHV
\ODVGLVSRVLFLRQHVOHJDOHV
(ODXWRTXHQLHJXHODDSUREDFLnQVHUjDSHODEOHHQHOHIHFWRVXVSHQVLYR
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH(OFRQFRUGDWRDSUREDGRREOLJDDOGHXGRU\DWRGRVORVDFUHHGRUHV
6DOYRORSUHYLVWRHQHOFRQFRUGDWRPLHQWUDVkVWHQRVHDFXPSOLGRHQVXLQWHJULGDGHOVlQGLFRFRQWLQXDUjHMHUFLHQGRODVIXQFLRQHVGHLQVSHFFLnQR
GHFXVWRGLD\GHDGPLQLVWUDFLnQGHORVELHQHVTXHQRVHDQWUDQVIHULGRVHQSURSLHGDGRFRQHQFDUJRqGXFLDULRDORVDFUHHGRUHVRDWHUFHURV
$57f&8/2'HURJDGRSRUHODUWlFXOR/H\GH6LHQYLUWXGGHOFRQFRUGDWRTXHGDQSDJDGRVRDVHJXUDGRVWRGRVORVFUkGLWRV
UHFRQRFLGRVRVLDVlORVROLFLWDODWRWDOLGDGGHORVDFUHHGRUHVDGPLWLGRVHQODPLVPDSURYLGHQFLDGHDSUREDFLnQVHGHFODUDUjWHUPLQDGRHO
SURFHVRPHUFDQWLOSHURHOSURFHVRSHQDOFRQWLQXDUjKDVWDVXWHUPLQDFLnQ
&$3f78/29,,
5e*,0(13(1$/'(/$48,(%5$
$57f&8/23(1$6325+(&+26()(&78$'26325(/&20(5&,$17('(&/$5$'2(148,(%5$'HURJDGRSRUHODUWlFXOR/H\GH
(VWDUjVXMHWRDODSHQDGHWUHVDVHLVDmRVGHSULVLnQHOFRPHUFLDQWHGHFODUDGRHQTXLHEUDTXHGHQWURGHORVGRVDmRVDQWHULRUHVDWDO
GHFODUDFLnQRGHVSXkVGHHOODKD\DUHDOL]DGRXQRFXDOTXLHUDGHORVVLJXLHQWHVKHFKRV
'LVWUDHUGLVLPXODUXRFXOWDUWRWDORSDUFLDOPHQWHVXVSURSLRVELHQHV
6LPXODURVXSRQHUHQDMHQDFLRQHVJDVWRVGHXGDVRSkUGLGDV\
'HVLVWLUGHXQDSUHWHQVLnQSDWULPRQLDOFLHUWDUHQXQFLDUODRWUDQVLJLUVREUHHOODVLQMXVWDFDXVD\HQSHUMXLFLRGHVXVDFUHHGRUHV
$57f&8/23(1$325'(6758&&,h1'(%,(1(6'HURJDGRSRUHODUWlFXOR/H\GH(QODPLVPDSHQDHVWDEOHFLGDHQHO
DUWlFXORSUHFHGHQWHLQFXUULUjHOFRPHUFLDQWHGHFODUDGRHQTXLHEUDTXHGHQWURGHORVGRVDmRVDQWHULRUHVDWDOGHFODUDFLnQRGHVSXkVGHHOOD
KD\DGHVWUXLGRRGHVWUX\DWRWDORSDUFLDOPHQWHVXVELHQHV
$57f&8/23(1$32548,(%5$3250$/9(56$&,h12',/$3,'$&,h1727$/23$5&,$/'(/3$75,021,2'HURJDGRSRUHODUWlFXOR
/H\GH(OFRPHUFLDQWHTXHKXELHUHFDXVDGRVXSURSLDTXLHEUDSRUPDOYHUVDFLnQRGLODSLGDFLnQWRWDORSDUFLDOGHVXSDWULPRQLRHVWDUj
VXMHWRDSHQDGHGRVDVHLVDmRVGHSULVLnQ
$57f&8/23(1$325)$/6('$'(1'2&80(1726'HURJDGRSRUHODUWlFXOR/H\GH(OIDOOLGRTXHDQWHVRGHVSXkVGHOD
GHFODUDFLnQGHTXLHEUDFRPHWDFXDOTXLHUIDOVHGDGHQVXVOLEURVRGRFXPHQWRVGHFRQWDELOLGDGRORVGHVWUX\DXRFXOWHWRWDORSDUFLDOPHQWH
LQFXUULUjHQODSHQDGHGRVDRFKRDmRVGHSULVLnQ
$57f&8/23(1$32512//(9$5/26/,%526'(&217$%,/,'$'(;,*,'26325/$/(<'HURJDGRSRUHODUWlFXOR/H\GH(O
FRPHUFLDQWHGHFODUDGRHQTXLHEUDTXHQROOHYHORVOLEURVRGRFXPHQWRVGHFRQWDELOLGDGH[LJLGRVSRUODOH\LQFXUULUjHQODSHQDGHXQRDGRV
DmRVGHSULVLnQ
(VWDSHQDSRGUjUHGXFLUVHKDVWDHQODPLWDGFXDQGRHOTXHEUDGRQRORVKD\DOOHYDGRHQOHJDOIRUPDGHQWURGHORVWUHVDmRVDQWHULRUHVDOD
GHFODUDFLnQGHTXLHEUD
$57f&8/23(1$325$%$1'212'(/261(*2&,2166,1-867$&$86$'HURJDGRSRUHODUWlFXOR/H\GH(OFRPHUFLDQWH
TXHKD\DDEDQGRQDGRVLQMXVWDFDXVDVXVQHJRFLRVRLQFXPSOLGRWRWDORSDUFLDOPHQWHHOFRQFRUGDWRSUHYHQWLYRVLHVWRVKHFKRVKDQLQrXLGRHQOD
GHFODUDFLnQGHTXLHEUDHVWDUjVXMHWRDODSHQDGHGRVDVHLVDmRVGHSULVLnQ(QODPLVPDSHQDLQFXUULUjHOFRPHUFLDQWHGHFODUDGRHQTXLHEUD
TXHGHVSXkVGHODFHVDFLnQGHSDJRVKD\DFRQFHGLGRYHQWDMDVLQGHELGDVDVXVDFUHHGRUHV
$57f&8/2'($48,(1(66($3/,&$1/$66$1&,21(6(1/$648,(%5$6'(62&,('$'(6'HURJDGRSRUHODUWlFXOR/H\GH
&XDQGRVHWUDWHGHODTXLHEUDGHVRFLHGDGHVODVVDQFLRQHVHVWDEOHFLGDVHQORVDUWlFXORVDQWHULRUHVVHDSOLFDUjQDORVHQFDUJDGRVDFWXDOHVGHOD
GLUHFFLnQRDGPLQLVWUDFLnQGHORVQHJRFLRVVRFLDOHVRDORVTXHODKXELHUHQHMHUFLGRGXUDQWHHODmRDQWHULRUDODGHFODUDFLnQGHTXLHEUDOOjPHQVH
JHUHQWHVOLTXLGDGRUHVDGPLQLVWUDGRUHVGLUHFWRUHVJHVWRUHVPLHPEURVGHMXQWDVGLUHFWLYDVFRQVHMRVGHDGPLQLVWUDFLnQRGHFXDOTXLHUDRWUD
PDQHUD
$57f&8/2',60,18&,h1'(3(1$6325&8/3$'HURJDGRSRUHODUWlFXOR/H\GH$TXLHQUHDOLFHSRUFXOSDDOJXQRVGHORV
KHFKRVSUHYLVWRVHQORVDUWlFXORV\VHOHDSOLFDUjODSHQDFRUUHVSRQGLHQWHDOGHOLWRFRPHWLGRGLVPLQXLGD
KDVWDHQODPLWDG
$57f&8/23(1$325(63(&8/$&,h1&21/$63523,$62%/,*$&,21(6'HURJDGRSRUHODUWlFXOR/H\GH(OFRPHUFLDQWH
GHFODUDGRHQTXLHEUDTXHKD\DDSURYHFKDGRDQWHVGHWDOGHFODUDFLnQRDSURYHFKHGHVSXkVGHHOODODPDODVLWXDFLnQGHVXVQHJRFLRVODFHVDFLnQ
HQORVSDJRVRHOHVWDGRGHTXLHEUDSDUDHVSHFXODUFRQVXVSURSLDVREOLJDFLRQHVDGTXLULkQGRODVDPHQRVSUHFLRHVWDUjVXMHWRDODSHQDGHWUHV
DVHLVDmRVGHSULVLnQ
$57f&8/26$1&,21(6$&&(625,$6'HURJDGRSRUHODUWlFXOR/H\GH$GHPjVGHODVDQFLnQSULYDWLYDGHODOLEHUWDG
VHmDODGDHQORVDUWlFXORVDQWHULRUHVVHDSOLFDUjHQWRGRFDVRODGHSURKLELFLnQSDUDHMHUFHUHOFRPHUFLR\SDUDDGPLQLVWUDURUHSUHVHQWDU
OHJDOPHQWHDXQDVRFLHGDGFRPHUFLDOSRUHOWkUPLQRGHXQRDGLH]DmRV
$57f&8/2&203(7(1&,$6'(/-8(=48('(&/$5(/$48,(%5$'HURJDGRSRUHODUWlFXOR/H\GH(OMXH]TXHGHFODUHOD
TXLHEUDDSUHKHQGHUjSULYDWLYDPHQWH\HQFXDGHUQRVHSDUDGRODWUDPLWDFLnQ\GHFLVLnQGHOSURFHVRSHQDO
(OPLVPRMXH]WHQGUjFRPSHWHQFLDSDUDLQYHVWLJDU\VDQFLRQDUHQIRUPDH[FOXVLYDORVGHOLWRVLQGLFDGRVHQORVDUWlFXORVDQWHULRUHV\ORVFRQH[RV
FRQHOORV
$57f&8/2'(7(1&,h135(9(17,9$'(/48(%5$'2'HURJDGRSRUHODUWlFXOR/H\GH(OMXH]GHEHUjGHFUHWDUODGHWHQFLnQ
SUHYHQWLYDGHOTXHEUDGR\GHPjVVLQGLFDGRVGHFXDOTXLHUDGHORVGHOLWRVDQWHULRUPHQWHGHVFULWRVFXDQGRVHFXPSODQODVFRQGLFLRQHVH[LJLGDV
SDUDHOORSRUHO&nGLJRGH3URFHGLPLHQWR3HQDO
$57f&8/2$3/,&$&,h1(;7(16,9$'(/26&h',*263(1$/<'(352&(',0,(1723(1$/'HURJDGRSRUHODUWlFXOR/H\GH
(QFXDQWRQRVHRSRQJDQDORGLVSXHVWRHQHVWH&DSlWXORVHDSOLFDUjQODVQRUPDVSHUWLQHQWHVGHORV&nGLJRV3HQDO\GH3URFHGLPLHQWR3HQDO
3HURODSURYLGHQFLDTXHFDOLqTXHHOPkULWRGHOVXPDULR\ODTXHUHVXHOYDODVROLFLWXGGHDSOLFDFLnQGHODUWlFXORGHO&nGLJRGH3URFHGLPLHQWR
3HQDOVRORSRGUjQGLFWDUVHGHVSXkVGHODVHQWHQFLDGHUHFRQRFLPLHQWR\JUDGXDFLnQGHFUkGLWRV
/DVHQWHQFLDGHVHJXQGRJUDGRHQHOSURFHVRSHQDOWHQGUjUHFXUVRGHFDVDFLnQFRQIRUPHDODVUHJODVGHOPLVPR&nGLJR
&$3f78/29,,,
5(+$%,/,7$&,h1'(/48(%5$'2
$57f&8/25(+$%,/,7$&,h1'(/48(%5$'2'HURJDGRSRUHODUWlFXOR/H\GH(OTXHEUDGRTXHHQHOSURFHVRSHQDOKD\D
VLGRVREUHVHlGRGHqQLWLYDPHQWHRDEVXHOWRSRGUjRFXSDUVHHQRSHUDFLRQHVGHFRPHUFLRSRUFXHQWDDMHQDEDMRODUHVSRQVDELOLGDGGHVX
PDQGDQWH$GHPjVVHUjUHKDELOLWDGRFXDQGRFRPSUXHEHHOFXPSOLPLHQWRGHOFRQFRUGDWRRTXHFRQHOKDEHUGHODTXLHEUDVHFXEUHQ
lQWHJUDPHQWHODVGHXGDVUHFRQRFLGDVHQODVHQWHQFLD
$57f&8/25(+$%,/,7$&,h1'(/48(%5$'26$1&,21$'232581'(/,72'2/262'HURJDGRSRUHODUWlFXOR/H\GH(O
TXHEUDGRVDQFLRQDGRSRUXQRFXDOTXLHUDGHORVGHOLWRVGRORVRVGHVFULWRVHQHO&DSlWXOR9,,VnORSRGUjVHUUHKDELOLWDGRGHVSXkVGHWUDQVFXUULGRV
GLH]DmRVGHVGHODIHFKDGHODVHQWHQFLD\GHKDEHUSDJDGRRH[WLQJXLGRSRUFXDOTXLHUFDXVDWRGDVVXVREOLJDFLRQHV\FXPSOLGRODVFRQGHQDV
SHQDOHV
(QFDVRGHGHOLWRFXOSRVRHOWkUPLQRDQWHULRUVHUjGHFLQFRDmRV
/RVGLUHFWRUHVDGPLQLVWUDGRUHVJHVWRUHVOLTXLGDGRUHVUHSUHVHQWDQWHVRqVFDOHVGHVRFLHGDGDTXLHQHVVHKD\DDSOLFDGRODSURKLELFLnQGH
HMHUFHUHOFRPHUFLRRGHDGPLQLVWUDURUHSUHVHQWDUVRFLHGDGHVSRGUjQVROLFLWDUODUHKDELOLWDFLnQDQWHVGHTXHH[SLUHHOWkUPLQRGHGLFKD
SURKLELFLnQ\HOMXH]ODGHFUHWDUjVLHOSHWLFLRQDULRDGHPjVGHKDEHUREVHUYDGREXHQDFRQGXFWDFXPSOLnODSHQDSULQFLSDORIXHREMHWRGH
SHUGnQMXGLFLDORGHFRQGHQDROLEHUWDGFRQGLFLRQDOHV
$57f&8/2$872'(5(+$%,/,7$&,h1'(/48(%5$'25(*,6752'HURJDGRSRUHODUWlFXOR/H\GH(ODXWRSRUPHGLRHO
FXDOVHGHFUHWHODUHKDELOLWDFLnQVHUjLQVFULWRHQHOUHJLVWURPHUFDQWLO
/DUHKDELOLWDFLnQGHOTXHEUDGRSRQGUjqQDWRGDVODVLQKDELOLGDGHVHLQWHUGLFFLRQHVDMHQDVDODTXLHEUD\VHUjGHFUHWDGDSRUHOMXH]TXHKD\D
FRQRFLGRGHOSURFHVRDVROLFLWXGGHOPLVPRTXHEUDGRSRUORVWUjPLWHVGHLQFLGHQWH
$57f&8/2&216(59$&,h1'(/$3(5621(5f$'HURJDGRSRUHODUWlFXOR/H\GH(OTXHEUDGRFRQVHUYDUjVXSHUVRQHUlDSDUD
FRDG\XYDUODVDFFLRQHVRODVRSRVLFLRQHVTXHSURSRQJDHOVlQGLFRRTXHVHSURPXHYDQFRQWUDkVWH7DPELkQODFRQVHUYDUjSDUDVXGHIHQVDHQHO
SURFHVRSHQDO\SDUDLPSXJQDUHQWRGRRHQSDUWHORVFUkGLWRV
/DLOHJLWLPLGDGGHODSHUVRQHUlDGHFXDOTXLHUDGHORVDFUHHGRUHVRGHVXUHSUHVHQWDQWHVnORGDUjOXJDUDTXHVHDQXOHORDFWXDGRHQODSDUWH
UHIHUHQWHDGLFKRDFUHHGRUVLDVlORSLGHkO
$57f&8/25(0,6,h1(;7(16,9$$/26&h',*26&,9,/<'(352&(',0,(172&,9,/'HURJDGRSRUHODUWlFXOR/H\GH(QOR
QRSUHYLVWRHQHVWH7lWXOR\HQFXDQWRVHDQFRPSDWLEOHVFRQkOVHDSOLFDUjQODVQRUPDVGHORV&nGLJRV&LYLO\GH3URFHGLPLHQWR&LYLO
7f78/2,,,
'(/$5%,75$0(172
$57f&8/2&217529(56,$648(38('(1620(7(56($'(&,6,h1'($5%,7526'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH
3XHGHQVRPHWHUVHDODGHFLVLnQGHjUELWURVODVFRQWURYHUVLDVVXVFHSWLEOHVGHWUDQVDFFLnQTXHVXUMDQHQWUHSHUVRQDVFDSDFHVGHWUDQVLJLU
(OFRPSURPLVRSXHGHFHOHEUDUVHDQWHVGHLQLFLDGRHOSURFHVRMXGLFLDORGHVSXkVPLHQWUDVQRVHKD\DGLFWDGRVHQWHQFLDGHSULPHUDLQVWDQFLD
&RQODVOLPLWDFLRQHVSUHYLVWDVHQHOLQFLVRSULPHURWDPELkQSXHGHHVWLSXODUVHFOjXVXODFRPSURPLVRULDFRQHOqQGHVRPHWHUDODGHFLVLnQGH
jUELWURVWRGDVRDOJXQDVGHODVGLIHUHQFLDVTXHVHVXVFLWHQHQUHODFLnQFRQXQFRQWUDWRSDUDORFXDOEDVWDUjTXHORVFRQWUDWDQWHVODFRQVLJQHQHQ
DTXHORHQHVFULWRVHSDUDGRDQWHVGHTXHVXUMDODFRQWURYHUVLD
(OFRPSURPLVR\ODFOjXVXODFRPSURPLVRULDGHEHUjQFRQVWDUHQHVFULWXUDSoEOLFDRGRFXPHQWRSULYDGRDXWkQWLFR\VHUjQQXORVRORVH[LJLGRVHQ
HOLQFLVRFXDQGRQRFXPSODQHVWHUHTXLVLWR
(OFRPSURPLVR\ODFOjXVXODFRPSURPLVRULDLPSOLFDQODUHQXQFLDDKDFHUYDOHUODVUHVSHFWLYDVSUHWHQVLRQHVDQWHORVMXHFHVSHURQRLPSLGHQ
DGHODQWDUDQWHkVWRVSURFHVRVGHHMHFXFLnQ
$57f&8/25(48,6,7263$5$6(5d5%,752'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH/RVjUELWURVGHEHQVHUFLXGDGDQRV
FRORPELDQRVHQHMHUFLFLRGHVXVGHUHFKRVFLYLOHV\DERJDGRVLQVFULWRVVLODVHQWHQFLDKDGHGLFWDUVHHQGHUHFKR
(OGRFXPHQWRGHFRPSURPLVRGHEHUjFRQWHQHU
(OQRPEUH\GRPLFLOLRGHODVSDUWHV
/DLQGLFDFLnQSUHFLVDGHOOLWLJLRFXHVWLnQRGLIHUHQFLDREMHWRGHODUELWUDMH
(OQRPEUHGHORVjUELWURVTXHGHEHUjQVHUWUHVVDOYRTXHODVSDUWHVDFXHUGHQXQRVRORRGHOHJXHQDXQWHUFHURVXGHVLJQDFLnQWRWDORSDUFLDO
(OOXJDUHQTXHGHEDIXQFLRQDUHOWULEXQDOVLQDGDVHGLFHkVWHIXQFLRQDUjGRQGHVHKD\DFHOHEUDGRHOFRPSURPLVR\
/DGHWHUPLQDFLnQGHVLORVjUELWURVGHEHQGHFLGLUHQGHUHFKRRHQFRQFLHQFLD\HQHOoOWLPRFDVRVLTXHGDQIDFXOWDGRVSDUDFRQFLOLDUODV
SUHWHQVLRQHVRSXHVWDV6LQDGDVHHVWLSXODDOUHVSHFWRHOODXGRVHUjHQGHUHFKR/DIDFXOWDGSDUDFRQFLOLDUGHEHUjFRQFHGHUH[SUHVDPHQWH
(OFRPSURPLVRTXHQRFXPSODORVUHTXLVLWRVGHORVRUGLQDOHVD\ODGHVLJQDFLnQGHjUELWURVTXHUHoQDQODVPHQFLRQDGDVFDOLGDGHVVRQQXORV
$57f&8/2'(6,*1$&,h1'($5%,7526'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH(QYLUWXGGHODFOjXVXODFRPSURPLVRULDODV
SDUWHVTXHGDQREOLJDGDVDGHVLJQDUORVjUELWURVHQODIRUPDLQGLFDGDHQHORUGLQDOGHODUWlFXORSUHFHGHQWHTXLHQHVGHEHUjQUHXQLUORV
UHTXLVLWRVH[LJLGRVHQHOSULPHULQFLVRGHOPLVPRDUWlFXOR(QGLFKDFOjXVXODVHH[SUHVDUjODPDQHUDFRPRORVjUELWURVGHEHQGHFLGLUWHQLHQGRHQ
FXHQWDORHVWDEOHFLGRHQHORUGLQDOGHGLFKRDUWlFXOR
$OKDFHUODGHVLJQDFLnQGHjUELWURVFDGDSDUWHH[SUHVDUjSRUHVFULWRODVGLIHUHQFLDVPDWHULDGHODUELWUDMH
&DVRGHTXHODFOjXVXODFRPSURPLVRULDQDGDGLJDVREUHHOQRPEUDPLHQWRGHjUELWURVODVSDUWHVGHEHUjQKDFHUORGHDFXHUGR\VLQRIXHUH
SRVLEOHFXDOTXLHUDGHHOODVSRGUjDFXGLUDOMXH]DqQGHTXHUHTXLHUDDODVRWUDVSDUDKDFHUODGHVLJQDFLnQ
(QODVROLFLWXGGHEHUjQGHWHUPLQDUVHODVFXHVWLRQHVRGLIHUHQFLDVREMHWRGHODUELWUDMH\VLUHoQHORVUHTXLVLWRVH[SUHVDGRV\VHDFRPSDmDOD
SUXHEDGHOFRQWUDWRHOMXH]VHmDODUjGlD\KRUDSDUDDXGLHQFLDHQODFXDOVHKDUjHOQRPEUDPLHQWR6LDOJXQDGHODVSDUWHVQRFRQFXUULHUHRQR
KXELHUHDFXHUGRSDUDODGHVLJQDFLnQHQHOPLVPRDFWRHOMXH]GHVLJQDUjORVjUELWURV
(OWULEXQDOIXQFLRQDUjHQHOOXJDUGRQGHVHFHOHEUnHOUHVSHFWLYRFRQWUDWRVDOYRTXHODVSDUWHVKD\DQFRQYHQLGRRFRQYHQJDQRWUDFRVD
$57f&8/2'(6,*1$&,h1'($5%,7526&8$1'2817(5&(52)$&8/7$'212/2+,&,(5('HURJDGRSRUHODUWlFXORGHO'HFUHWR
GH6LHQHOFRPSURPLVRRHQODFOjXVXODFRPSURPLVRULDVHKXELHUHFRQYHQLGRTXHORVjUELWURVVHDQQRPEUDGRVSRUXQWHUFHUR\kVWHQR
KLFLHUHODGHVLJQDFLnQFXDOTXLHUDGHODVSDUWHVSRGUjSHGLUDOMXH]TXHORUHTXLHUDFRQWDOqQ
$ODVROLFLWXGVHDFRPSDmDUjSUXHEDGHOFRQWUDWR\HQHOODVHH[SUHVDUjQODVGLIHUHQFLDVPDWHULDGHODUELWUDMHVLVHWUDWDGHFOjXVXOD
FRPSURPLVRULD
(ODXWRTXHRUGHQHHOUHTXHULPLHQWRVHQRWLqFDUjSHUVRQDOPHQWHDODRWUDSDUWH\HQkOVHVHmDODUjDOWHUFHURXQWkUPLQRGHFLQFRGlDVSDUDTXH
KDJDODGHVLJQDFLnQVLQRODKLFLHUHHOMXH]GHFODUDUjTXHODFOjXVXODFRPSURPLVRULDQRSURGXFHHIHFWRVHQHVHFDVR\ODVSDUWHVGHEHUjQDFXGLU
DODMXVWLFLDRUGLQDULD
$57f&8/2$&(37$&,h1'(/120%5$0,(172'(/d5%,752'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH/RVjUELWURVGHEHUjQ
LQIRUPDUDODVSDUWHVRDOMXH]VHJoQIXHUHHOFDVRVLDFHSWDQHOFDUJRGHQWURGHORVFLQFRGlDVVLJXLHQWHVDODIHFKDHQTXHVHOHVFRPXQLTXHHO
QRPEUDPLHQWRPHGLDQWHRqFLRHQWUHJDGRHQVXKDELWDFLnQRHOOXJDUGRQGHWUDEDMD\VLJXDUGDQVLOHQFLRVHHQWHQGHUjTXHQRDFHSWDQ
(OjUELWURTXHQRDFHSWHVHUjUHHPSOD]DGRHQODIRUPDVHmDODGDSDUDVXQRPEUDPLHQWR'HLJXDOPDQHUDVHSURFHGHUjHQFDVRGHUHQXQFLD
IDOOHFLPLHQWRRLQKDELOLGDGSDUDHOHMHUFLFLRGHOFDUJR6LHOSURFHVRHVWXYLHVHHQFXUVRVHVXVSHQGHUj\VnORVHUHDQXGDUjXQDYH]UHFRQVWUXLGR
HOWULEXQDO
$57f&8/25(*/$662%5(,03(',0(1726<5(&86$&,21(6'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH(QPDWHULDGH
LPSHGLPHQWRV\UHFXVDFLRQHVVHREVHUYDUjQODVVLJXLHQWHVUHJODV
c/RVjUELWURVHVWjQLPSHGLGRV\VRQUHFXVDEOHVSRUODVPLVPDVFDXVDOHVTXHORVMXHFHVFXDQGRFRQFXUUDDOJXQDVHDEVWHQGUjQGHDFHSWDUHO
FDUJR\VLVREUHYLHQHDODDFHSWDFLnQGHEHUjQPDQLIHVWDUODFDVRHQHOFXDOORVjUELWURVUHVWDQWHVGHFODUDUjQVHSDUDGRGHOFRQRFLPLHQWRDO
LPSHGLGR
c/RVjUELWURVQRPEUDGRVSRUDFXHUGRGHODVSDUWHVQRSRGUjQVHUUHFXVDGRVVLQRSRUFDXVDOHVVREUHYHQLGDVFRQSRVWHULRULGDGDVX
GHVLJQDFLnQ&XDQGRVHDQQRPEUDGRVSRUHOMXH]RSRUXQWHUFHURVHUjQUHFXVDEOHVGHQWURGHORVFLQFRGlDVVLJXLHQWHVDODIHFKDHQTXHVH
QRWLqTXHODLQVWDODFLnQGHOWULEXQDO
c3URSXHVWDODUHFXVDFLnQGHXQjUELWURVLODFDXVDOHVSURFHGHQWH\kVWHDGPLWHHOKHFKRDOHJDGRORVGHPjVORGHFODUDUjQVHSDUDGRGHO
FDUJRFXDQGRQRORDGPLWDDTXHOODVHGHFLGLUjSRUORVRWURVjUELWURVPHGLDQWHHOWUjPLWHGHLQFLGHQWH\HQFDVRGHHPSDWHVHUHPLWLUjOR
DFWXDGRDOMXH]TXLHQUHVROYHUjGHSODQRSRUDXWRTXHVHQRWLqFDUjSRUHVWDGR\HVLQDSHODEOH
c(OSURFHVRVHVXVSHQGHUjGHVGHTXHVHSURPXHYDODUHFXVDFLnQ6LkVWDSURVSHUDODVXVSHQVLnQGXUDUjKDVWDTXHVHUHFRQVWLWX\DHOWULEXQDO
\VLVHGHQLHJDKDVWDTXHVHHMHFXWRUlHHODXWRTXHUHVXHOYDHOLQFLGHQWH\
c6LHOjUELWURHVoQLFR\QRVHGHFODUDLPSHGLGRRQRDGPLWHODFDXVDOGHUHFXVDFLnQDOHJDGDSDVDUjODDFWXDFLnQDOMXH]TXLHQGHFLGLUj
PHGLDQWHLQFLGHQWH\ODVSURYLGHQFLDVTXHHQkOVHGLFWHQVHQRWLqFDUjQSRUHVWDGR\VRQLQDSHODEOHV'HODPLVPDPDQHUDVHSURFHGHUjFXDQGR
WRGRVORVjUELWURVRGRVGHHOORVVHGHFODUHQLPSHGLGRVRIXHUHQUHFXVDGRV(MHFXWRULDGRHODXWRGHOMXH]VHHQWUHJDUjHOH[SHGLHQWHDOVHFUHWDULR
GHOWULEXQDO
$57f&8/27e50,12'(/352&(62'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH6LHQHOFRPSURPLVRRHQODFOjXVXOD
FRPSURPLVRULDQRVHVHmDODHOWkUPLQRSDUDHOSURFHVRkVWHVHUjGHVHLVPHVHVFRQWDGRVGHVGHODLQVWDODFLnQGHOWULEXQDOVLQSHUMXLFLRGHTXH
ODVSDUWHVSXHGDQSURUURJDUORGHFRPoQDFXHUGRSRUWkUPLQRqMRDQWHVGHVXYHQFLPLHQWR
3DUDHOFnPSXWRGHOWkUPLQRVHGHVFRQWDUjQORVGlDVHQTXHVHLQWHUUXPSDRVXVSHQGDHOSURFHVRSRUFDXVDOHJDO
/DVIXQFLRQHVGHOWULEXQDOFHVDUjQ
(QHOFDVRFRQWHPSODGRSRUHOLQFLVRVHJXQGRGHORUGLQDOGHODUWlFXORVLJXLHQWH
3RUYROXQWDGXQjQLPHGHODVSDUWHV
3RUODHMHFXWRULDGHOODXGRRGHODSURYLGHQFLDFRPSOHPHQWDULDTXHDFODUHFRUULMDRFRPSOHPHQWHGHFRQIRUPLGDGFRQORVDUWlFXORVD
GHO&nGLJRGH3URFHGLPLHQWR&LYLOSHURHOHUURUDULWPkWLFRGHEHUjFRUUHJLUVHGHQWURGHORVFLQFRGlDVVLJXLHQWHVDOYHQFLPLHQWRGHOWkUPLQRGH
HMHFXWRULDGHDTXHOOD\
3RUODH[SLUDFLnQGHOWkUPLQRSDUDqQDOL]DUHOSURFHVR
$57f&8/2,167$/$&,h1'(/75,%81$/'($5%,75$0(172'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH$FHSWDGRVORVFDUJRV
SRUWRGRVORVjUELWURVVHLQVWDODUjHOWULEXQDOHQHOORFDOTXHVHDFXHUGHGHVLJQDUjSUHVLGHQWH\HOHJLUjVHFUHWDULRGLVWLQWRGHHOORVTXLHQWRPDUj
SRVHVLnQDQWHDTXHO
(QVHJXLGDVHSURFHGHUjDVl
(QHODFWRGHLQVWDODFLnQHOWULEXQDOqMDUjODVXPDTXHHVWLPHQHFHVDULDSDUDJDVWRVGHIXQFLRQDPLHQWR\KRQRUDULRVGHVXVPLHPEURV\GHO
VHFUHWDULR6LGHQWURGHORVFLQFRGlDVVLJXLHQWHVDODQRWLqFDFLnQSHUVRQDOGHODDQWHULRUSURYLGHQFLDFXDOTXLHUDGHODVSDUWHVREMHWDOD
UHJXODFLnQ\H[SUHVDODVVXPDVTXHFRQVLGHUHMXVWDVHOWULEXQDOUHVROYHUjHQHOWkUPLQRGHFLQFRGlDV\VLUHFKD]DODREMHFLnQHQYLDUjORDFWXDGR
DOMXH]SDUDTXHGHSODQRKDJDODUHJXODFLnQ(MHFXWRULDGRHODXWRGHOMXH]TXHVHQRWLqFDUjSRUHVWDGR\HVLQDSHODEOHVHHQWUHJDUjHO
H[SHGLHQWHDOVHFUHWDULRGHOWULEXQDO
(QqUPHODUHJXODFLnQGHJDVWRV\KRQRUDULRVFDGDSDUWHFRQVLJQDUjGHQWURGHORVGLH]GlDVVLJXLHQWHVHQPDQRVGHOSUHVLGHQWHGHOWULEXQDO
ODPLWDGGHODVXPDUHVSHFWLYD
6LXQDGHODVSDUWHVKDFHODFRQVLJQDFLnQGHORTXHOHFRUUHVSRQGD\ODRWUDQRDTXHOODSRGUjKDFHUODGHQWURGHORVFLQFRGlDVVLJXLHQWHV\
SUHYLRUHTXHULPLHQWRVHDSOLFDUjORGLVSXHVWRHQHORUGLQDOGHODUWlFXORGHOFnGLJRGH3URFHGLPLHQWR&LYLO
9HQFLGRHOWkUPLQRGHTXHWUDWDHOLQFLVRDQWHULRUVLQTXHVHHIHFWoHODFRQVLJQDFLnQWRWDOHOWULEXQDOGHFODUDUjPHGLDQWHDXWRFRQFOXLGDVVXV
IXQFLRQHV\VHH[WLQJXLUjQORVHIHFWRVGHOFRPSURPLVRRORVGHODFOjXVXODFRPSURPLVRULDSDUDGLFKRFDVR
(IHFWXDGDODFRQVLJQDFLnQVHHQWUHJDUjDFDGDXQRGHORVjUELWURV\DOVHFUHWDULRODPLWDGGHORVKRQRUDULRV\HOUHVWRTXHGDUjHQSRGHUGHO
SUHVLGHQWHSDUDVXGLVWULEXFLnQXQDYH]FXPSOLGRORSUHYLVWRHQORVRUGLQDOHV\GHODUWlFXORSUHFHGHQWH
6LGHODVXQWRREMHWRGHODUELWUDMHFRQRFHXQMXH]VHRUGHQDUjODHQWUHJDGHOH[SHGLHQWHDOSUHVLGHQWHGHOWULEXQDOSUHYLDVROLFLWXGGHkVWH
DFRPSDmDGDGHFRSLDGHODFRUUHVSRQGLHQWHDFWXDFLnQ(QWDOFDVRHOWULEXQDOWHQGUjHQFXHQWDODVSUXHEDVDGXFLGDVHQHOMX]JDGR\
&XPSOLGRORGLVSXHVWRHQORVRUGLQDOHVDQWHULRUHVHOWULEXQDOFLWDUjDODVSDUWHVSDUDDXGLHQFLDFRQH[SUHVLnQGHODIHFKD\KRUDHQTXHGHED
FHOHEUDUVH(ODXWRVHOHVQRWLqFDUjSHUVRQDOPHQWHSRUHOVHFUHWDULRFXDOTXLHUDTXHIXHUHHOOXJDUGRQGHVHHQFXHQWUHQ
/DVSDUWHVGHEHUjQFRPSDUHFHUDOSURFHVRSRUPHGLRGHDERJDGRLQVFULWRVDOYRTXHVHWUDWHGHDVXQWRVH[FHSWXDGRVSRUODOH\\GHFODUDUjQHO
OXJDUGRQGHHOODV\VXVDSRGHUDGRVUHFLELUjQQRWLqFDFLRQHVSHUVRQDOHV
$57f&8/25(*/$63$5$/$$8',(1&,$'(/75,%81$/'($5%,75$0(172'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH3DUDOD
DXGLHQFLDVHREVHUYDUjQODVVLJXLHQWHVUHJODV
c6HLQLFLDUjFRQODOHFWXUDGHOGRFXPHQWRHQTXHFRQVWHQODVFXHVWLRQHVVRPHWLGDVDODGHFLVLnQDUELWUDO\HOH[DPHQSRUHOWULEXQDOGHVX
SURSLDFRPSHWHQFLDWHQLHQGRHQFXHQWDORSUHFHSWXDGRHQHO$UWlFXOR
c$FRQWLQXDFLnQVLVHWUDWDGHFOjXVXODFRPSURPLVRULDODSDUWHTXHQRSLGLnHODUELWUDPHQWRSRGUjVROLFLWDUTXHkVWHVHH[WLHQGDDODV
FXHVWLRQHVTXHSURSRQJDVLHPSUHTXHVHDQGHFRPSHWHQFLDGHOWULEXQDO$TXHOUHVROYHUjODVROLFLWXG\ODDFHSWDUjVLIXHUHSURFHGHQWH
(QWDOFDVRVLHOYDORUGHOOLWLJLRRHOWUDEDMRGHOWULEXQDOVHDXPHQWDQHQIRUPDDSUHFLDEOHkVWHSRGUjVHmDODUXQDVXPDDGLFLRQDOSDUDJDVWRV\
KRQRUDULRV\VHDSOLFDUjORGLVSXHVWRHQORVRUGLQDOHVDGHODUWlFXORSUHFHGHQWHSHURODREMHFLnQTXHSURSRQJDQODVSDUWHV\VXUHVROXFLnQ
WHQGUjQOXJDUHQODPLVPDDXGLHQFLDFXPSOLGRORFXDOVHVXVSHQGHUjHVWD
(IHFWXDGDODQXHYDFRQVLJQDFLnQHOWULEXQDOVHmDODUjIHFKD\KRUDSDUDFRQWLQXDUODDXGLHQFLDHODXWRVHQRWLqFDUjDORVDSRGHUDGRVHQODIRUPD
SUHYLVWDHQHODUWlFXORGHO&nGLJRGH3URFHGLPLHQWR&LYLO
c$FHSWDGDSRUHOWULEXQDOVXFRPSHWHQFLDRFXPSOLGRORGLVSXHVWRHQHORUGLQDODQWHULRURLUjDODVSDUWHVSDUDTXHVROLFLWHQRSUHVHQWHQVXV
SUXHEDV\UHVROYHUjVREUHHOODV
(OWULEXQDOWHQGUjODVIDFXOWDGHVTXHUHVSHFWRGHSUXHEDVVHRWRUJDQDOMXH]HQHO&nGLJRGH3URFHGLPLHQWR&LYLO
c'HFUHWDGDVODVSUXHEDVVHSUDFWLFDUjQSRUHOPLVPRWULEXQDOFXDOTXLHUDTXHIXHUHHOOXJDUGRQGHHOORGHEDRFXUULU(OGLFWDPHQGHORVSHULWRV
VHUHQGLUjSRUHVFULWR\VHDSOLFDUjORGLVSXHVWRHQHODUWlFXORGHO&nGLJRGH3URFHGLPLHQWR&LYLOSHURODVDFODUDFLRQHVVHKDUjQHQDXGLHQFLD
TXHVHVHmDODUjFRQHVHREMHWRHQHOODVHSUDFWLFDUjQODVSUXHEDVTXHVHKXELHUHQSHGLGRDOIRUPXODUREMHFLRQHV\VHGHFLGLUjVREUHkVWDV6LOD
LQVWUXFFLnQQRSXGLHUHWHUPLQDUHQODPLVPDDXGLHQFLDVHFRQWLQXDUjHQODIHFKD\KRUDTXHHOFRQFOXLUFDGDXQDVHVHmDOHQSDUDGHQWURGHORV
FLQFRGlDVVLJXLHQWHV
c6DOYRHOFDVRGHLPSHGLPHQWR\UHFXVDFLRQHVQRVHDGPLWLUjQLQFLGHQWHV/DVFXHVWLRQHVTXHVHSUHVHQWHQHQUHODFLnQFRQODVSUXHEDVVH
SURSRQGUjQHQDXGLHQFLD\VHUHVROYHUjQHQHOODXGRH[FHSWRODWDFKDGHWHVWLJRV\SHULWRVTXHVHGHFLGLUjSUHYLDPHQWHHQDTXHOOD
c&RQFOXLGDODLQVWUXFFLnQHOWULEXQDORLUjODVDOHJDFLRQHVGHODVSDUWHVTXHQRSRGUjQH[FHGHUGHXQDKRUDSDUDFDGDFXDO\VHmDODUjODIHFKD
\KRUDSDUDDXGLHQFLDGHIDOORHQODFXDOHOVHFUHWDULROHHUjHQDOWDYR]HOODXGRTXHSRGUjDFRUGDUVH\H[SHGLUVHSRUPD\RUlDGHYRWRVVLHO
jUELWURGLVLGHQWHUHKoVDqUPDUORVHSUHVFLQGLUjGHVXqUPD\ORVGHPjVGHMDUjQHOFRUUHVSRQGLHQWHWHVWLPRQLR
(OjUELWURTXHQRqUPHHOODXGRSHUGHUjHOVDOGRGHKRQRUDULRVTXHVHUjUHLQWHJUDGRDODVSDUWHV
c/DOLTXLGDFLnQGHFRVWDV\GHFXDOTXLHUDRWUDFRQGHQDVHKDUjQHQODPLVPDVHQWHQFLD
c/DVDFWDVGHODVDXGLHQFLDV\GLOLJHQFLDVVHVXVFULELUjQSRUTXLHQHVHQHOODLQWHUYLQLHURQ\VHDSOLFDUjORGLVSXHVWRHQHODUWlFXORGHO
&nGLJRGH3URFHGLPLHQWR&LYLO
c$ODVDXGLHQFLDV\GLOLJHQFLDVGHEHUjQDVLVWLUWRGRVORVjUELWURV6LDOJXQRGHMDUHGHKDFHUORORVRWURVORLQIRUPDUjQDOMXH]EDMRMXUDPHQWR
TXHVHFRQVLGHUDUjSUHVWDGRSRUODSUHVHQWDFLnQGHOHVFULWRGHOFXDOVHGDUjWUDVODGRDDTXHOHQODIRUPDSUHYLVWDHQHODUWlFXORGHO&nGLJR
GH3URFHGLPLHQWR&LYLOSDUDTXHGHQWURGHORVFLQFRGlDVVLJXLHQWHVSUHVHQWHSUXHEDVLTXLHUDVXPDULDTXHMXVWLqTXHVXDXVHQFLD&DVRGHQR
KDFHUORHOMXH]ORUHHPSOD]DUjSRUDXWRLQDSHODEOH
c/DQRWLqFDFLnQGHODVSURYLGHQFLDVTXHVHGLFWHQHQODVDXGLHQFLDV\GLOLJHQFLDVVHVXMHWDUjQDORGLVSXHVWRHQHODUWlFXORGHO&nGLJRGH
3URFHGLPLHQWR&LYLO/DVGHPjVVHQRWLqFDUjQHQODIRUPDLQGLFDGDHQHODUWlFXORGHOPLVPR&nGLJRFRQH[FHSFLnQGHODVSUHYLVWDVHQORV
RUGLQDOHVDGHODUWlFXORSUHFHGHQWH
c(O7ULEXQDOQRSRGUjGHFUHWDUPHGLGDVFDXWHODUHV\
c(QHOODXGRVHRUGHQDUjTXHSUHYLDVXLQVFULSFLnQHQORTXHUHVSHFWDDELHQHVVXMHWRVDUHJLVWURVHSURWRFROLFHHOH[SHGLHQWHSRUHO
SUHVLGHQWH\HOVHFUHWDULRGHOWULEXQDOHQXQDQRWDUlDGHOOXJDUGRQGHIXQFLRQnDTXHO
$57f&8/27e50,123$5$,17(5326,&,h1'(/5(&8562'($18/$&,h1'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH'HQWURGH
ORVFLQFRGlDVVLJXLHQWHVDOHQTXHTXHGHHQqUPHHOODXGRRHODXWRTXHORDFODUHFRUULMDRFRPSOHPHQWHODVSDUWHVSRGUjQLQWHUSRQHUUHFXUVR
GHDQXODFLnQHQHVFULWRSUHVHQWDGRDQWHHOVHFUHWDULRGHOWULEXQDOGHDUELWUDPHQWRTXLHQSDUDHOWUjPLWHUHVSHFWLYRHQWUHJDUjHOH[SHGLHQWHDO
WULEXQDOVXSHULRUGHOGLVWULWRMXGLFLDOTXHFRUUHVSRQGDDODVHGHGHDTXHO
6RQFDXVDOHVGHOUHFXUVRODVVLJXLHQWHV
c1XOLGDGGHOFRPSURPLVRRGHODFOjXVXODFRPSURPLVRULDHQORVFDVRVSUHYLVWRVHQHVWH7lWXOR
c1RKDEHUVHFRQVWLWXLGRHOWULEXQDOGHDUELWUDPHQWRHQODIRUPDOHJDO
c1RKDEHUVHKHFKRODQRWLqFDFLnQSHUVRQDOGHTXHWUDWDHORUGLQDOGHODUWlFXORRODTXHRUGHQDHOLQFLVRWHUFHURGHORUGLQDOGHODUWlFXOR
VDOYRTXHVHKD\DSURGXFLGRVXVDQHDPLHQWRFRQIRUPHDODUWlFXORGHO&nGLJRGH3URFHGLPLHQWR&LYLO
c+DEHUVHRPLWLGRODRSRUWXQLGDGSDUDSHGLURSUDFWLFDUSUXHEDVRSDUDDOHJDUGHFRQFOXVLnQ
c+DEHUVHH[SHGLGRHOODXGRGHVSXkVGHOYHQFLPLHQWRHOWkUPLQRqMDGRSDUDHOSURFHVRDUELWUDO
c+DEHUVHIDOODGRHQFRQFLHQFLDGHELHQGRVHUHQGHUHFKRVLHPSUHTXHDVlDSDUH]FDH[SUHVDPHQWHHQHOODXGR
c&RQWHQHUODSDUWHUHVROXWLYDGHOODXGRHUURUHVDULWPkWLFRVRGLVSRVLFLRQHVFRQWUDGLFWRULDV
c+DEHUUHFDlGRHOODXGRVREUHSXQWRVQRVXMHWRVDODGHFLVLnQGHORVjUELWURVRKDEHUVHFRQFHGLGRHQkOPjVGHORSHGLGR\
c+DEHUVHRPLWLGRODUHVROXFLnQGHFXHVWLRQHVVXMHWDVDODUELWUDPHQWR(QHOWULEXQDOVXSHULRUVHGDUjWUDVODGRDOUHFXUUHQWHSRUFLQFRGlDV
PHGLDQWHDXWRTXHVHQRWLqFDUjSRUHVWDGRSDUDTXHVXVWHQWHHOUHFXUVRFRQLQYRFDFLnQGHODVFDXVDOHVTXHDOHJXH(OHVFULWRTXHGDUjD
GLVSRVLFLnQGHODRWUDSDUWHSRUHOPLVPRWkUPLQRSDUDORFXDOVHFXPSOLUjORGLVSXHVWRHQHODUWlFXORGHO&nGLJRGH3URFHGLPLHQWR&LYLO
9HQFLGRHOWUDVODGRVHGLFWDUjVHQWHQFLD
6LHOUHFXUUHQWHQRSUHVHQWDHOFRUUHVSRQGLHQWHHVFULWRRQRDOHJDFDXVDOGHODVSUHYLVWDVHQHVWHDUWlFXORODVDODGHFODUDUjSRUDXWRGHVLHUWRHO
UHFXUVR\ORFRQGHQDUjHQFRVWDV
(QORVFDVRVGHORVRUGLQDOHVDHQODVHQWHQFLDVHGHFUHWDUjODQXOLGDGGHORDFWXDGRHQORVGHPjVVHFRUUHJLUjRDGLFLRQDUjHOODXGR&DVR
GHTXHQRSURVSHUHDOJXQDGHODVFDXVDOHVLQYRFDGDVVHGHFODUDUjLQIXQGDGRHOUHFXUVR\VHFRQGHQDUjHQFRVWDVDOUHFXUUHQWH
4XHGDVXSULPLGDODDSUREDFLnQMXGLFLDOGHOIDOORDUELWUDOGHTXHWUDWDHODUWlFXORGHO&nGLJR&LYLO
$57f&8/2,1(;,67(1&,$'($&78$&,21(63267(5,25(6$//$8'2'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH&XDOTXLHUD
DFWXDFLnQSRVWHULRUDOODXGRGLVWLQWDGHODXWRTXHORFRPSOHPHQWHDFODUHRFRUULMDVHWHQGUjSRULQH[LVWHQWH
$57f&8/25(9,6,h1'(//$8'2$5%,75$/'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH(OODXGRDUELWUDO\ODVHQWHQFLDGHO
WULEXQDOVXSHULRUHQVXFDVRSRGUjQUHYLVDUVHSRUORVPRWLYRV\PHGLDQWHSURFHGLPLHQWRGHWHUPLQDGRVHQORVDUWlFXORVDGHO&nGLJRGH
3URFHGLPLHQWR&LYLO6LQHPEDUJRQRSRGUjDOHJDUVHODFDXVDOVkSWLPDGHODUWlFXORGHOPLVPR&nGLJRSRUODSDUWHTXHLQWHUSXVRHOUHFXUVRGH
DQXODFLnQ
$57f&8/2'(%(5(632'(5(6)$&8/7$'(6<5(63216$%,/,'$'(6'(/26$5%,7526'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH
/RVjUELWURVWHQGUjQORVGHEHUHVSRGHUHVIDFXOWDGHV\UHVSRQVDELOLGDGHVTXHSDUDORVMXHFHVVHFRQVDJUDQHQORVDUWlFXORVDGHO
&nGLJRGH3URFHGLPLHQWR&LYLO\UHVSRQGHUjGHORVSHUMXLFLRVTXHFDXVHQDODVSDUWHVSRUHOLQFXPSOLPLHQWRGHVXVIXQFLRQHV7DPELkQHVWDUjQ
VXMHWRVDODVVDQFLRQHVSHQDOHVHVWDEOHFLGDVSDUDORVMXHFHV
$57f&8/2'(/$(-(&8&,h1'(//$8'2'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH'HODHMHFXFLnQGHOODXGRFRQRFHUjOD
MXVWLFLDRUGLQDULDFRQIRUPHDODVUHJODUJHQHUDOHV7DPELkQFRQRFHUjkVWDGHODGLOLJHQFLDFRQWHPSODGDHQORVDUWlFXORDGHO&nGLJRGH
3URFHGLPLHQWR&LYLO
'HMDQGRDVDOYRODVFXHVWLRQHVDWULEXLGDVDORVWULEXQDOHVVXSHULRUHVGHODVGHPjVTXHFRQIRUPHDHVWHWlWXORVHUHVHUYDQODORVMXHFHVFRQRFHUj
HOMXH]GHOFLUFXLWRDTXHFRUUHVSRQGDHOOXJDUGRQGHGHEDDGHODQWDUVHRVHDGHODQWHHOSURFHVRDUELWUDO
$57f&8/2620(7,0,(172'(',)(5(1&,$6$$0,*$%/(6&20321('25(6'HURJDGRSRUHODUWlFXORGHO'HFUHWRGH(QORV
FDVRVSUHYLVWRVHQHOLQFLVRSULPHURGHODUWlFXORSRGUjQORVLQWHUHVDGRVVRPHWHUVXVGLIHUHQFLDVDDPLJDEOHVFRPSRQHGRUHVODGHFODUDFLnQ
GHkVWRVWLHQHYDORUFRQWUDFWXDOHQWUHDTXHOORVSHURQRSURGXFLUjHIHFWRVGHODXGRDUELWUDO
7f78/2,9
'(/$5(*8/$&,h1325(;3(572623(5,726
$57f&8/2352&('(1&,$'(/$3(5,7$&,h1/DSHULWDFLnQSURFHGHUjFXDQGRODOH\RHOFRQWUDWRVRPHWDQDODGHFLVLnQGHH[SHUWRVRD
MXVWDWDVDFLnQDVXQWRVTXHUHTXLHUDQHVSHFLDOHVFRQRFLPLHQWRVFLHQWlqFRVWkFQLFRVRDUWlVWLFRV
$57f&8/2'(6,*1$&,h1'(/263(5,726'HURJDGRSRUHOOLWHUDOF DUW/H\GH(OH[SHUWLFLRVHKDUjSRUGRVSHULWRV
GHVLJQDGRVSRUODVSDUWHVSDUDHOFDVRGHGHVDFXHUGRkVWRVGHVLJQDUjQXQWHUFHUR1RREVWDQWHODVSDUWHVSRGUjQFRQYHQLUHQGHVLJQDUXQVROR
H[SHUWR
6LODVSDUWHVQRVHSRQHQGHDFXHUGRHQODGHVLJQDFLnQGHORVSHULWRVFXDOTXLHUDGHHOODVSRGUjVROLFLWDUDOMXH]FRPSHWHQWHTXHVHUHTXLHUDDOD
RWUDSDUWHSDUDTXHGHQWURGHORVGRVGlDVVLJXLHQWHVDODQRWLqFDFLnQGHOUHTXHULPLHQWRLQGLTXHHOQRPEUHGHORWURSHULWR
6LGHQWURGHOSOD]RVHmDODGRQRVHKDFHODGHVLJQDFLnQHOSHULWRVHUjQRPEUDGRSRUHOMXH]GHXQDOLVWDGHH[SHUWRVTXHDOHIHFWRVROLFLWDUjDOD
FjPDUDGHFRPHUFLRGHOUHVSHFWLYROXJDU
3$5d*5$)2/DVROLFLWXGGHEHUjFRQWHQHUXQDH[SRVLFLnQFODUD\VXFLQWDGHORVKHFKRVSHUWLQHQWHV\HOQRPEUHGHOSHULWRGHVLJQDGRSRUTXLHQ
IRUPXODODVROLFLWXG
$57f&8/2326(6,h1'(/263(5,726'HURJDGRSRUHOOLWHUDOF DUW/H\GH/RVSHULWRVSULQFLSDOHVXQDYH]GHVLJQDGRV
WRPDUjQSRVHVLnQGHVXVFDUJRVDQWHHOMXH]FRPSHWHQWHH[SUHVDQGREDMRMXUDPHQWRTXHQRVHHQFXHQWUDQLPSHGLGRV\TXHVHFRPSURPHWHQD
FXPSOLUELHQLPSDUFLDO\qHOPHQWHORVGHEHUHVGHVXFDUJR
,JXDOPHQWHDOWRPDUSRVHVLnQORVH[SHUWRVLQGLFDUjQHOQRPEUHGHOWHUFHUR\VLQRORKDFHQORGHVLJQDUjHOMXH]HVFRJLHQGRXQH[SHUWRGHOD
OLVWDTXHOHKD\DHQYLDGROD&jPDUDGH&RPHUFLR
$57f&8/27$&+$<5(&86$&,h1'(3(5,726'HURJDGRSRUHOOLWHUDOF DUW/H\GH/RVSHULWRVVRORSRGUjQVHUWDFKDGRV
RUHFXVDGRVSRUODVSDUWHVPHGLDQWHHVFULWRSUHVHQWDGRGHQWURGHORVGRVGlDVVLJXLHQWHVDVXQRPEUDPLHQWR(OMXH]UHVROYHUjGHSODQROD
VROLFLWXGVLDHOODVHDFRPSDmDQHOHPHQWRVGHMXLFLRVXqFLHQWHVSDUDUHHPSOD]DUORVHQFDVRFRQWUDULRUHFLELUjODVSUXHEDVSHUWLQHQWHVGHQWUR
GHORVWUHVGlDVVLJXLHQWHV\UHVROYHUjODSHWLFLnQGHQWURGHORVGRVGlDVVLJXLHQWHV6LSURVSHUDODUHFXVDFLnQRODWDFKDHOMXH]UHHPSOD]DUjDO
SHULWRGHVLJQDQGRRWURGHODOLVWDVXPLQLVWUDGDSRUODFjPDUDGHFRPHUFLR(OSHULWRDVlVRUWHDGRQRVHUjUHFXVDEOH
3$5d*5$)2(OH[SHUWRTXHVLQMXVWDFDXVDQRKD\DPDQLIHVWDGRHOLPSHGLPHQWRQRSRGUjVHULQFOXLGRHQQXHYDVOLVWDVGHSHULWRVSDUDORFXDO
HOMXH]HQYLDUjODFRUUHVSRQGLHQWHQRWDDODFjPDUDGHFRPHUFLR
$57f&8/2',&7$0(1'(/263(5,726'HURJDGRSRUHOOLWHUDOF DUW/H\GH/RVSHULWRVUHQGLUjQVXGLFWDPHQDQWHHOMXH]
GHQWURGHORVRFKRGlDVVLJXLHQWHVDODSRVHVLnQVDOYRTXHHOMXH]OHVSURUURJXHHVWHWkUPLQRSUXGHQFLDOPHQWHDVROLFLWXGGHHOORVPLVPRVRGH
ODVSDUWHV
$57f&8/2'(&,6,h1'(/-8(='HURJDGRSRUHOOLWHUDOF DUW/H\GH5HQGLGRHOGLFWDPHQVLQRHVXQLIRUPHHOMXH]
RUGHQDUjDOSHULWRWHUFHURTXHULQGDHOVX\RUHQGLGRkVWHRVLHOGHORVSHULWRVSULQFLSDOHVHVXQLIRUPHRUGHQDUjSRQHUORVHQFRQRFLPLHQWRGH
ODVSDUWHVSRUGRVGlDV\YHQFLGRHVWHWkUPLQRHOMXH]VLKD\GLFWDPHQIXQGDGR\XQLIRUPHORDSUREDUj\HQFDVRFRQWUDULRKDUjODUHJXODFLnQ
GHOFDVRFRQEDVHHQHOFRQFHSWRGHORVSHULWRVODLQWHQFLnQGHODVSDUWHVODVOH\HVODFRVWXPEUH\ODHTXLGDGQDWXUDO
$57f&8/25(&8562'($3(/$&,h1'HURJDGRSRUHOOLWHUDOF DUW/H\GH/DGHFLVLnQGHOMXH]HQXQR\RWURFDVRVHUj
VXVFHSWLEOHGHOUHFXUVRGHDSHODFLnQHQHOHIHFWRVXVSHQVLYRODFXDOVHWUDPLWDUjSRUHOVXSHULRUFRPRODGHORVDXWRVLQWHUORFXWRULRV8QDYH]HQ
qUPHODGHFLVLnQGHOMXH]RODGHOVXSHULRUHQVXFDVRkVWDSURGXFLUjWRGRVORVHIHFWRVGHORVIDOORVMXGLFLDOHV
',6326,&,21(6),1$/(6
$57f&8/2'(52*$&,h1'(/$/(*,6/$&,h1&20(5&,$/$17(5,25(VWH&nGLJRUHJXODlQWHJUDPHQWHODVPDWHULDVFRQWHPSODGDVHQkO
&RQVLJXLHQWHPHQWHTXHGDQGHURJDGRVHO&nGLJRGH&RPHUFLR7HUUHVWUH\HO&nGLJRGH&RPHUFLR0DUlWLPRDGRSWDGRVSRUOD/H\GHFRQ
WRGDVODVOH\HV\GHFUHWRVFRPSOHPHQWDULRVRUHIRUPDWRULRVTXHYHUVHQVREUHODVPLVPDVPDWHULDVH[FHSWXDGRVVRODPHQWHORVTXHGHWHUPLQHQ
HOUkJLPHQGHOD6XSHULQWHQGHQFLD%DQFDULD\GHODVVRFLHGDGHVVRPHWLGDVDVXFRQWUROSHUPDQHQWH\HO&DSlWXOR;,GHO'HFUHWRGH
$57f&8/2$3/,&$&,h1'(1250$6$62&,('$'(69,*,/$'$6325/$683(5,17(1'(1&,$%$1&$5,$&RUUHVSRQGHUjDOD
6XSHULQWHQGHQFLD%DQFDULDHQUHODFLnQFRQODVVRFLHGDGHVFX\DLQVSHFFLnQ\YLJLODQFLDHMHUFHKDFHUFXPSOLUODVGLVSRVLFLRQHVGHHVWH/LEURHQ
WRGRFXDQWRQRSXJQHQFRQODVQRUPDVLPSHUDWLYDVGHFDUjFWHUHVSHFLDO
$57f&8/25(*/$0(17$&,h1325(/*2%,(512'(',6326,&,21(6'(/&h',*2'(&20(5&,2(O*RELHUQR1DFLRQDOHQHMHUFLFLRGHOD
SRWHVWDGTXHOHFRQqHUHHORUGLQDORGHODUWlFXORGHOD&RQVWLWXFLnQ1DFLRQDOSRGUjUHJODPHQWDUODVGLVSRVLFLRQHVGHHVWH&nGLJR
JOREDOPHQWHRSRU7lWXORV&DSlWXORV6HFFLRQHVRPDWHULDV
$57f&8/275$16,72'(/(*,6/$&,h1/RVFRQWUDWRVPHUFDQWLOHVFHOHEUDGRVEDMRHOLPSHULRGHODOHJLVODFLnQTXHVHGHURJDFRQVHUYDUjQOD
YDOLGH]\ORVHIHFWRVUHFRQRFLGRVHQGLFKDOHJLVODFLnQFRQDUUHJORDORHVWDEOHFLGRHQORVDUWlFXORVDGHOD/H\GH
1RREVWDQWHVHHQWHQGHUjQVDQHDGDVODVQXOLGDGHVSURYHQLHQWHVGHIDOWDGHVROHPQLGDGRGHYLRODFLnQGHOLPLWDFLRQHVHVWDEOHFLGDVHQOD
OHJLVODFLnQDQWHULRU\HOLPLQDGDVHQHVWH&nGLJR/DVVRFLHGDGHVPHUFDQWLOHVJR]DUjQGHXQSOD]RGHGRVDmRVFRQWDGRVGHVGHHORGHHQHUR
GHSDUDDPROGDUVXVHVWDWXWRVDODVQRUPDVGHHVWH&nGLJR
$57f&8/2(',&,h1(63(&,$/'(/&h',*2'(&20(5&,2+(&+$325(/*2%,(512(OJRELHUQRKDUjODHGLFLnQRqFLDOGHOSUHVHQWH
&nGLJRDWUDYkVGHO0LQLVWHULRGH-XVWLFLDODFXDOVHVRPHWHUjDO&RQVHMRGH(VWDGRSDUDODRUGHQDFLnQGHVXDUWLFXODGR\FRUUHFFLnQGHODVFLWDV
TXHHQkOVHKDFHQGHGLVSRVLFLRQHVOHJDOHVVLIXHUHHOFDVRFRQHOqQGHHVWDEOHFHUVXFRUUHFWDFRQFRUGDQFLDFRQEDVHHQORGLVSXHVWRHQHO
DUWlFXORGHODOH\GH
$57f&8/29,*(1&,$'(/&h',*2'(&20(5&,2(VWH&nGLJRHPSH]DUjDUHJLUHORGHHQHURGHFRQH[FHSFLnQGHODUWlFXOR
GHO&DSlWXOR97lWXOR;,,,/LEUR,9\GHO/LEUR9,TXHUHJLUjQGHVGHODIHFKDGHVXH[SHGLFLnQ
&2081f48(6(<38%/f48(6(
'DGRHQ%RJRWj'(DORVGlDVGHOPHVGHPDU]RGH
0,6$(/3$675$1$%255(52
(/0,1,6752'(-867,&,$
0,*8(/(6&2%$50(1'(=
127$3XEOLFDGRHQHO'LDULR2qFLDOGHMXQLRGH
)HFKD\KRUDGHFUHDFLiQ