Wirth Oswald - Libro Del Companero

2VZDOG:LUWK (//,%52'(/&203$f(52

%,%/,27(&$83$6,.$ ZZZXSDVLNDFRP

2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

(//,%52'(/&203$f(52 0$18$/'(,16758&&,21,1,&,$7,&$ (',7$'23$5$(/862'(/26)5$&0$621(6'(/ 6(*81'2*5$'2 325

26:$/':,57+ '(/$*5$1/2*,$'()5$1&,$

(O&RPSDxHURUHYHVWLGRFRQHOPDQGLO\OOHYDQGRODUHJODUHFRUUH HOPXQGRVHJXURGHHQFRQWUDUWUDEDMRHQWRGDVSDUWHV 

2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

Ë1',&( $ORV,QLFLDGRVGHO6HJXQGR*UDGR SiJLQD 1RFLRQHV+LVWyULFDVUHODWLYDVDO*UDGRGH&RPSDxHUR SiJLQD /D ,QLFLDFLyQ 3URIHVLRQDO /D -HUDUTXtD 7HUQDULD (O &HUHPRQLDO &RUSRUDWLYR /RV *UDGRV6LPEyOLFRV/D&RRUGLQDFLyQ5LWXiOLFD

(O5LWXDOLVPRGHO*UDGRGH&RPSDxHUR SiJLQD /DV,PSUHVLRQHV0DVyQLFDV(O$SUHQGL]DMH(O([DPHQGHO&DQGLGDWRDO*UDGRGH &RPSDxHUR 3UHSDUDFLyQ GHO 5HFLSLHQGDULR /D ,QWURGXFFLyQ HQ OD /RJLD GH &RPSDxHUR/D3DUWLFLSDFLyQHQOD2UDQ2EUD3ULPHUYLDMH(O&LQFHO\HO0DOOHWH  6HJXQGRYLDMH/D5HJOD\HO&RPSiV 7HUFHUYLDMH/D5HJOD\OD3DODQFD &XDUWR YLDMH/D5HJOD\OD(VFXDGUD 4XLQWRYLDMH/D(VWUHOOD)ODPtJHUD(O3HQWDJUDPD /D/HWUD **HRPHWUtD*HQHUDFLyQ *UDYLWDFLyQ*HQLR*QRVLV(O-XUDPHQWyGHO &RPSDxHUR/D0DQHUDGH/OHYDUHO0DQGLO(O7UDEDMR(O,GHDO&RQVWUXFWLYR/D 5HOLJLyQGHO7UDEDMR

&RQFHSFLRQHV)LORVyILFDVUHIHUHQWHVDO*UDGRGH&RPSDxHUR SiJLQD (O 7ULSOH (QLJPD ¢4Xp 6RPRV 1RVRWURV" /D 9LGD (O $OWUXLVPR /D 6HUSLHQWH ,QLFLiWLFD/D5D]yQ(O+RPEUH(O,QLFLDGR/D*UDQ2EUD/D3HUVRQDOLGDG

'HEHUHVGHO&RPSDxHURSiJLQD $VLGXLGDG$VLVWHQFLD3XQWXDOLGDG$FWLYLGDG,OXPLQDFLyQ'RPLQLRGH6t0LVPR (O3RGHU,QLFLiWLFR

&DWHFLVPR,QWHUSUHWDWLYRGHO*UDGRGH&RPSDxHUR SiJLQD 1RFLRQHV GH )LORVRItD ,QLFLiWLFD UHODWLYDV DO *UDGR GH &RPSDxHUR SiJLQD (O(QLJPD/D0HGLWDFLyQ/D*QRVLV1XPHUDO/D7pWUDGD6DJUDGD(O7HWUiJUDPD +HEUDLFR/D4XLQWDHVHQFLD/D5RVD0tVWLFD(O+H[DJUDPD(O6HSWHQDULR

/D/RJLDGH&RPSDxHURSiJLQD (O&RORUGHOD7DSLFHUtD/DVGRV&ROXPQDV/RV9LJLODQWHV(O&XDGUR0tVWLFR/DV VLHWH *UDGDV /DV WUHV 9HQWDQDV (VSDGD \ 3ODQD /D 7DEOD GH 'LEXMR (VFXDGUD \ &RPSiV/D3LHGUD&~ELFDHQ3XQWD/D&XHUGDFRQ1XGRV

/DV'LYHUJHQFLDV5LWXDOtVWLFDVSiJLQD /D FRQIXVLyQ GH ODV /HQJXDV /DV 3DODEUDV 6DJUDGDV $FWLYLGDG \ 3DVLYLGDG /RV &LQFRÏUGHQHVGH$UTXLWHFWXUD/DV$UWHV&RVWXPEUHV,QJOHVDV



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R

127$ (OSUHVHQWHPDQXDOIXHHGLWDGRHQIUDQFpVSRUVXDXWRUHQ\UHHGLWDGRHQ \HQ /D*UDQ/RJLDGH&KLOHREWXYRGHODXWRU,OXVWUHKHUPDQR:LUWKDXWRUL]DFLyQSDUD YHUWLUOR DO FDVWHOODQR H LQWURGXFLUOH SHTXHxDV PRGLILFDFLRQHV QHFHVDULDV SDUD DGDSWDUOR DO 5LWR(VFRFpV$QWLJXR\$FHSWDGR\SDUDKDFHUPiVH[WHQVDVODVQRWLFLDVKLVWyULFDVVREUHOD 2UGHQHQ&KLOH ,JXDODXWRUL]DFLyQIXHFRQFHGLGDSDUDORV0DQXDOHVGHO$SUHQGL]\GHO0DHVWUR (O FRQYHQLR VXVFULWR FRQ HO KHUPDQR :LUWK UHVHUYD D OD *UDQ /RJLD GH &KLOH OD H[FOXVLYLGDGGHODHGLFLyQFDVWHOODQDSDUDWRGDOD$PpULFD/DWLQD /D JHQHURVD \ IUDWHUQDO DFWLWXG GHO KHUPDQR :LUWK FRPSURPHWH KRQGDPHQWH OD JUDWLWXG GH WRGRV ORV PDVRQHV FKLOHQRV TXH HQFRQWUDUiQ HQ HVWH 0DQXDO VDELDV \ SURYHFKRVDVHQVHxDQ]DVPDVyQLFDVGHELGDVDODVLQJXODUSUHSDUDFLyQGHODXWRU )LQDOPHQWHGHEHDJUDGHFHUVHODFRRSHUDFLyQTXHKDSUHVWDGRHQHVWDWUDGXFFLyQHO KHUPDQR 3 / ( GH OD /RJ  TXH KD KHFKR JUDQ SDUWH GHO WUDEDMR UHYLVDGR SRU HO 'HSDUWDPHQWRGHO 5LWR \ 6LPEROLVPR GH OD *UDQ 6HFUHWDUtD *HQHUDOGH OD *UDQ /RJLD GH &KLOH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

$/26,1,&,$'26'(/6(*81'2*5$'2 0X\TXHULGRVKHUPDQRV&RPSDxHURV +DELHQGR FXPSOLGR YXHVWUR SHUtRGR Gp $SUHQGL]DMH VH RV KD MX]JDGR FDSDFHV GH FRODERUDU~WLOPHQWH HQ OD *UDQGH2EUDGHOD&RQVWUXFFLyQ8QLYHUVDO+HRVDTXtHQWUH ORV REUHURV TXH VDEHQ WUDEDMDU VH RV SXHGH HQWUHJDU GHVGH OXHJR XQD REUD VHJXURV GH TXH KDEUpLVGHHMHFXWDUODILHOPHQWHFRQIRUPHDWRGDVORVUHJODVGHQXHVWUR$UWH 3HURSDUDVHUGLJQRVGHODFRQILDQ]DTXHVHRVGHPXHVWUDHV LQGLVSHQVDEOHTXHRV FRQYLUWiLVHQ YHUGDGHURV&RPSDxHURV 1R EDVWD HQ UHDOLGDG SDUD SRVHHU HIHFWLYDPHQWH XQ JUDGR PDVyQLFR KDEHUOR UHFLELGRULWXDOPHQWH1XHVWUDVFHUHPRQLDVQRWLHQHQQLQJXQDYLUWXGVDFUDPHQWDO\QLQJXQD FRQVDJUDFLyQ WLHQH HO SRGHU GH KDFHU XQ PDVyQ SRUTXH HQ WRGD LQLFLDFLyQ HIHFWLYD HO LQLFLDGR VH KDFH SRU Vt PLVPR /RV ULWRV LQLFLiWLFRV QR WLHQHQ RWURSDSHO TXH WUD]DUOH XQ SURJUDPD 3RU HVR ODV SUXHEDV GHO JUDGR GH $SUHQGL] KDQ GHELGR LQFLWDURV D WUDQVIRUPDURV LQWHULRUPHQWH GH PDQHUD GH UHDOL]DU HO LGHDO GHO LQLFLDGR GHO SULPHU JUDGR 6L KDEpLV FRPSUHQGLGR WRGR HO DOFDQFH GH ODV IRUPDOLGDGHV TXH KDEpLV GHELGR H[SHULPHQWDU SDUD UHFLELUODOX]SRVHpLVpVWDHIHFWLYDPHQWH\SRUHOORVRLVLQLFLDGRVLPSOtFLWDPHQWHHVFLHUWR HQWRGRVORVVHFUHWRVGHOR)UDQF0DVRQHUtD 3URFHGLHQGR VLHPSUH SRU VtQWHVLV QXHVWUD LQVWLWXFLyQ HVHQFLDOPHQWH ILORVyILFD SURFXUDHQHIHFWRHQFHUUDUHOWRGRHQOD SDUWH(OSULPHURGHVXVJUDGRVHVWiGHVGH HVWH SXQWR GH YLVWD WDQ ELHQ FRPELQDGR TXH SRGUtD VHU HO ~QLFR VL QXHVWUR HVStULWX WXYLHUD OD SRWHQFLDQHFHVDULDSDUDGHVFXEULUWRGRORTXHFRQWLHQH 3HURQXHVWUDSHQHWUDFLyQLQWHOHFWXDOHVWpOHMRVGHVHUVLHPSUHJHQLDO/DVH[LJHQFLDV GHODYLGDPRGHUQDGHMDQSRFRWLHPSRDODPHGLWDFLyQDWDOSXQWRTXHKHPRVFRQWUDtGRHO KiELWRGHMX]JDUSRUODDSDULHQFLDGHORVFRVDV\SDUDGHVFXEULUODVYHUGDGHVLQLFLiWLFDVHV QHFHVDULRSURIXQGL]DU\UHDOL]DUHVIXHU]RVSHUVHYHUDQWHVTXHHVSUHFLVRJUDGXDUSDUDD\XGDU D OD GHELOLGDG KXPDQD/D 0DVRQHUtD FRQILHUH SRU FRQVLJXLHQWH OD LQLFLDFLyQ LQWHJUDO HQ WUHV JUDGRV TXH VHxDODQ RWUDV WDQWDV HWDSDV GHVWLQDGDV D FRQGXFLU SURJUHVLYDPHQWH D OD DGTXLVLFLyQGHOFRQRFLPLHQWRLQLFLiWLFR*QRVLV  (VWH FRQRFLPLHQWR HV GH XQD FRQTXLVWD GHPDVLDGR GLItFLO SDUD TXH VX DVLPLODFLyQ SXHGD HIHFWXDUVH HQ XQD \ D~Q HQ WUHV YHFHV (V OR TXH MXVWLILFD OD PXOWLSOLFDFLyQ GH ORV JUDGRV PDVyQLFRV 7RGDV ODV MHUDUTXtDV WLHQHQ HQ HVWH SDUWLFXODU HO PLVPR REMHWLYR &XDOTXLHUDTXHVHDHOQ~PHURGHHVFDORQHVVLHPSUHHVODPLVPDGLVWDQFLDSRUIUDQTXHDU6H WUDWDVLHPSUHGHSDUWLUGHO$SUHQGL]DMHSDUDWHUPLQDUHQODYHUGDGHUD0DHVWUtD3HURHQWUH HO FRPLHQ]R QDFLPLHQWR R UHQDFLPLHQWR LQLFLiWLFR  \ HVWH ILQ PXHUWH WUDQVIRUPDFLyQ UHQRYDFLyQ VHH[WLHQGHWRGDOD YLGDPDVyQLFD UHSUHVHQWDGDSRUHO&RPSDxHULVPR (VWiLV OODPDGRV GHVGH OXHJR D YLYLU PDVyQLFDPHQWH HV GHFLU DMXVWDQGR WRGRV YXHVWURVDFWRVDOLGHDO(VWUHOOD)ODPtJHUD TXHGHEpLVOOHYDUYRVRWURVPLVPRV(VWHPDQXDO QRWLHQHRWURILQTXHHOGHLOXVWUDURVDPSOLDPHQWHDHVWHUHVSHFWR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR 6HUYtRV OHHUOR FRQ FXLGDGR VLQ WHPRU GH UHSHWLU OD OHFWXUD SiJLQD SRU SiJLQD PHGLWDQGR VREUH OR TXH RV KD\D OODPDGR OD DWHQFLyQ +D VLGR HGLWDGR HQ IRUPD GH KDFHU UHIOH[LRQDUPXFKR\HVSRUHVRXQJXtDTXHQRGHMDUiGHUHYHODURVPLVWHULRVGHODPiVDOWD LPSRUWDQFLDVLVDEpLVKDFHURVDFFHVLEOHVDODVYHUGDGHVLQLFLiWLFDV 1R ROYLGpLV VREUH WRGR TXH HO JUDGR GH $SUHQGL] HV OD EDVH GH WRGD 0DVRQHUtD 6REUHVXSURIXQGRHVWXGLRVHEDVDQWRGRVORVSURJUHVRVXOWHULRUHV(VQHFHVDULRYROYHUVLQ FHVDUDHVWHSXQWRGHSDUWLGDVLVHTXLHUHDYDQ]DU(OSULPHUJUDGRHVODOODYHGHWRGRVORV RWURV3RUDOWRVTXHVHDQORVJUDGRVGHXQPDVyQQRWLHQHQLQJ~QFRQRFLPLHQWRHIHFWLYRGH 0DVRQHUtD VL LJQRUD HO HVRWHULVPR GHO JUDGR GH $SUHQGL] \ WRGDV ODV FLQWDV FRQ TXH VH GHFRUHQRVHUiQVLQRYDQRVMXJXHWHV (O 6HJXQGR *UDGR HV OD FRQVDJUDFLyQ GHO SULPHUR \ HV HQ HVWH VHQWLGR TXH HO $SUHQGL]SRUHOVyORKHFKRGHTXHFRPRWDOKDUHDOL]DGRSURJUHVRVVXILFLHQWHVHVDGPLWLGR HQODFODVHGHORVREUHURVR&RPSDxHURV(VODWHUPLQDFLyQGHVXDSUHQGL]DMHORTXHOHYDOH VXDXPHQWRGHVDODULR 3RU PX\ OHMRV TXH SRGDPRV LU VHSDPRV SHUPDQHFHU VLHPSUH DSUHQGLFHV SRUTXH QXQFD KDEUHPRV WHUPLQDGR GH DSUHQGHU &RQYHQFLGR GH TXH HO YHUGDGHUR VDELR QR WHUPLQDUtDQXQFDGHHVWXGLDUHOLOXVWUH&KHYUHXOVHOODPDEDHVWXGLDQWHDXQTXHHUDPiVTXH FHQWHQDULR5HFRUGHPRVHVWDHQVHxDQ]D\QRGHMHPRVMDPiVGHWUDEDMDUHQQXHVWURSURSLR SHUIHFFLRQDPLHQWRWDQWRLQWHOHFWXDOFRPRPRUDO(VHVWHDSUHQGL]DMHLQFHVDQWHHOTXHGHEH SURVHJXLUVH FRQSHUVHYHUDQFLD SRUTXHVyORpOFRQILHUH HO YHUGDGHUR&RPSDxHULVPRGLFKR FRQRWUDVSDODEUDVHOSRGHUGHDFFLyQIHFXQGD\GHUHDOL]DFLyQYHUGDGHUDPHQWHSUiFWLFR 5HSDVDG SXHV TXHULGRV KHUPDQRV &RPSDxHURV FRQ FXLGDGR WRGR OR TXH VH RVKD HQVHxDGRFRQ DQWHULRULGDG\GHGLFDRVHQVHJXLGD DGHVFLIUDU ORVHQLJPDV TXH RVSURSRQH YXHVWUR JUDGR DFWXDO &RQ OD D\XGD GH YXHVWUD OX] LQWHULRU FRQVHJXLUpLV YHQFHU WRGDV ODV GLILFXOWDGHV SRU IRUPLGDEOHV TXH VHDQ 6L HO YHUGDGHUR $SUHQGL]0DVyQ HV \D XQ VDELR FRPR VH HQFXHQWUDQ SRFRV HQWUH ORV KRPEUHV ¢TXp VHUi HO &RPSDxHUR SHQVDGRU HVFODUHFLGRDUPDGRGHODVREHUDQDSRWHQFLDGHDFFLyQ" £6REUHWRGRQRRVGHVFRUD]RQpLV7HQHGHOKHURtVPRGHORVFRPSDxHURVGH-DVyQ TXHRVDURQHPEDUFDUVHFRQpOSDUDPDUFKDUDODFRQTXLVWDGHO9HOORFLQRGH2UR£&RQILDG HQYXHVWUD VDJDFLGDGDSHODQGRD ODV PiV SURIXQGDV HQHUJtDV GH YXHVWURYROXQWDG £1DGD REWHQGUpLVVLHVFDWLPiLVYXHVWURHVIXHU]RSHURSRGpLVDVSLUDUDWRGRDFRQGLFLyQGHVHJXLU YXHVWUDREUDVLQGHVIDOOHFLPLHQWR\SRQLHQGRHQHOODWRGDYXHVWUDDOPD

1DGDSUHWHQGHLQFXOFDUHOSUHVHQWHPDQXDOSRUTXHQRHVXQOLEURGHFODVHHQTXHHO DOXPQRDSUHQGHVXOHFFLyQSDUDUHFLWDUOD FRUUHFWDPHQWH/DLQLFLDFLyQHQVHxD DSHQVDUHV GHFLU DKDFHUHOHVIXHU]RSHUVRQDOTXH FRQGXFHD OD HODERUDFLyQGHOD YHUGDG (VWD QRHV UHYHODGDMDPiVDOLQLFLDGRFX\DPLVLyQFRQVLVWHHQGHVFXEULUSRUVtPLVPRORVVHFUHWRVTXH OHLQWHUHVDQ(O$UWHDOTXHVHKDGHGLFDGRTXLHUHTXHVHSDFRQVWUXLUGHDFXHUGRFRQVXV PRGDOLGDGHV SHUVRQDOHV HO HGLILFLR GH VXV SURSLDV FRQYLFFLRQHV &RQ HVWH REMHWR OH GHMD SOHQDOLEHUWDGFRQ WDOTXH FRQVWUX\DVyOLGDPHQWHFRQPDWHULDOHV MXLFLRVDPHQWHHVFRJLGRV SRUTXH QR WRGD SLHGUD HV DFHSWDEOH SDUD HO FRQVWUXFWRU TXH GHEH YHULILFDU OD FRKHVLyQ \



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR UHVLVWHQFLD GH WRGR EORFN TXH HPSOHH HQ OD REUD /R PLVPR RFXUUH HQ HO GRPLQLR GH ODV LGHDVGRQGHQLQJXQDFRQFHSFLyQSXHGHVHUDGPLWLGDVLQH[DPHQ (VWRVHUHILHUHDODVSiJLQDVTXHYDQDVHJXLU(ODXWRUKDFRQVLJQDGRHQHOODVFRQOD PHMRUYROXQWDGHOIUXWRGHVXVHVWXGLRVHQEHQHILFLRGHVXVKHUPDQRVSHURpOQRSUHWHQGH VHUFUHtGRFLHJDPHQWH3DUDFRPSUHQGHUELHQVXSHQVDPLHQWRHVLQGLVSHQVDEOHH[DPLQDUSRU Vt PLVPR HO DVXQWR WUDWDGR &RQFOXVLRQHV GLYHUVDV SRGUiQ SUHVHQWDUVH DVt DO HVStULWX GHO OHFWRUTXHKD\DVDELGROHHUPHGLWDQGRFRPRFXDGUDDWRGRLQLFLDGR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

(O1LYHOLGHQWLILFDGRFRQHO$]XIUHGHORV$OTXLPLVWDV

(VWDILJXUDHVWRPDGDGH³/D(VWUHOOD)ODPtJHUDROD6RFLHGDGGH ORV)UDQF0DVRQHVFRQVLGHUDGDEDMRWRGRVVXVDVSHFWRV´REUDDSDUHFLGD HQ\HVFULWDSRUHO%DUyQGH7VFKRXG\ FRUUHVSRQGH HO )XHJR LQQDWR TXH SURGXFH HO GHVDUUROOR (O $]XIUH GHO LQGLYLGXR HO FUHFLPLHQWR GHO JHUPHQ GH DKt HO KLOR D SORPR WUDQVIRUPDGRHQXQYHJHWDOGHVWLQDGRDSHQHWUDUHQODWLHUUDSDUDVDFDU GH HOOD VX IXHU]D 'H DKt WDPELpQ HO VLJQR VRODU TXHFRURQDHOWULDQJXORtJQHR

H[SDQVLyQ UD\R 

GHO1LYHO



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

12&,21(6+,6725,&$6 5(/$7,9$6$/*5$'2'(&203$f(52

/D,QLFLDFLyQ3URIHVLRQDO /RTXHFDUDFWHUL]DDXQ$UWHHQHOVHQWLGRH[WHQVRGHODSDODEUDHVTXHQRSXHGH HMHUFHUORFXDOTXLHUD 3DUDOOHJDUDVHU$UWLVWDHVQHFHVDULRDGTXLULUXQDKDELOLGDGHVSHFLDOGHVDUUROODQGR DSWLWXGHVTXHQRWRGRVSRVHHQ/RVTXHSRUVXWDOHQWRORJUDQHOHYDUVHSRUVREUHHOFRP~Q GHORVPRUWDOHVH[SHULPHQWDQXQOHJtWLPRRUJXOORVHFRQVLGHUDQFRPRVHOHFWRVHQUHODFLyQ DODPDVDLJQRUDQWHHLQKiELO(VWRHVDVXVRMRVHOPXQGRSURIDQRGHOFXDOVHGLVWLQJXHQ HQUD]yQGHVXVXSHULRULGDG 8Q$UWLVWDSRUPRGHVWRTXHVHDVX$UWHQRHVXQKRPEUHFRPRFXDOTXLHURWUR1R KDOOHJDGRDVHUXQDUWLVWDVLQRWUDQVIRUPiQGRVHDODGDSWDUVHDODVH[LJHQFLDVGHO$UWH 3RUHOKHFKRGHVHUGLIHUHQWHDODJHQHUDOLGDGHODUWLVWDVHKDGHVWDFDGRSDUDOLJDUVH HQ OR VXFHVLYR D XQD FROHFWLYLGDG SDUWLFXODU FX\RV PLHPEURV HVWiQ XQLGRV SRU OD]RV HVSHFLDOHVGHVROLGDULGDG (VWRV OD]RV TXH H[LVWHQ IXHUD GH WRGD RUJDQL]DFLyQ SUiFWLFD VH HVWDEOHFHQ SRU Vt VRORV\HQUD]yQGHODQHFHVLGDGGHDPDUVX$UWHTXHVHLPSRQHDWRGRVORV$UWLVWDV3DUD WULXQIDUHQXQ$UWHHVLQGLVSHQVDEOHHQHIHFWRHQWUHJDUVHDpOFRQDPRU1DGLHSDUWLFLSDUi GH ORV SULYLOHJLRV GHO YHUGDGHUR DUWLVWD VL UHWURFHGLHQGR DQWH ORV VDFULILFLRV QHFHVDULRV SUHWHQGHFRQWHQHUVHFRQSUDFWLFDUHODUWHIUtDPHQWHFRPRDILFLRQDGRVLQSRQHUWRGDVXDOPD \VLQGHGLFDUVHDXQFXOWRTXHUHFODPDTXHpOPLVPRVHGHtQWHJUDPHQWH 1RUHFLELPRVVLQR HQ SURSRUFLyQGH ORTXH VDEHPRV GDU £1DGD HVHVRWpULFDPHQWH PiV YHUGDGHURTXH HVDV OH\HQGDV HQ DSDULHQFLD LQJHQXDV TXH QRV PXHVWUDQ D ORV DUWLVWDV ILUPDQGRXQSDFWRHQELHQGHODREUDHPSUHQGLGD$ODOLVWDUQRVHQODFDUUHUDGHO$UWHQRV OLJDPRVFRQWUDHPRVPX\JUDYHVREOLJDFLRQHV\VHQRVDGYLHUWHTXHVHQRVSHGLUiPXFKR (QFDPELRVLQXHVWUDDEQHJDFLyQYDKDVWDHQWUHJDUQRVVLQUHVHUYDWHQHPRVODH[SHFWDWLYD GHOOHJDUDVHUYHUGDGHURV +LMRVGHO$UWH \HVWRQRVVDWLVIDUiDPSOLDPHQWH $O REWHQHU QXHVWUD DGPLVLyQ HQ OD *UDQ )DPLOLD HQ OD FXDO WRGRV ORV PLHPEURV HVWiQXQLGRVSRUXQVHQWLPLHQWRFRP~QGHDPRUIHUYLHQWH\GHGHYRFLyQDEVROXWDDO$UWH UHFRJHPRV LQPHGLDWDPHQWH OR EHQHILFLRV GH XQD ) UDWHUQLGDG HIHFWLYD 1R HVWDPRV PiV DLVODGRV XQD D\XGD PLVWHULRVD DQLPD QXHVWURV HVIXHU]RV JXtD QXHVWUD DFWLYLGDG LQVSLUD QXHVWURVHQVD\RVHVORFROHFWLYLGDGTXHHMHUFHVXDFFLyQSVtTXLFDVREUHWRGRLQGLYLGXRTXH OHHVWiLQFRUSRUDGR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR /D-HUDUTXtD7HUQDULD 1R VH OOHJD D VHU $UWLVWD SRU HO VROR KHFKR GH GHVHDUOR (V QHFHVDULR XQD SUHSDUDFLyQJHQHUDOPHQWHPX\ODUJD\VLHPSUHLQJUDWDTXHFRUUHVSRQGHDO³$SUHQGL]DMH´ FX\RILQHVHOGHIDPLOLDUL]DUSURJUHVLYDPHQWHDODOXPQRFRQORVSURFHGLPLHQWRVGHO$UWH $QWHVHQWUHORVWDOODGRUHVGHSLHGUDGHOD(GDG0HGLDHO$SUHQGL]VHVRPHWtDDOD DXWRULGDGSDWHUQDOGHXQPDHVWURDTXLHQVHFRPSURPHWtDDVHUYLUGXUDQWHVLHWHDxRVKDVWD OD H[SLUDFLyQ GH HVWH SHUtRGR HO WUDEDMR GHO $SUHQGL] QR HUD UHWULEXLGR SHUR VX 0DHVWUR SURYHtDDVXPDQWHQLPLHQWR\WHQtDLQWHUpVHQSHUIHFFLRQDUORPiVUiSLGDPHQWHSRVLEOHVX LQVWUXFFLyQDILQGHREWHQHUXQPD\RUSURYHFKRGHORVVHUYLFLRVGHOSULQFLSLDQWH(VWHHUD DGPLWLGRDODVUHXQLRQHVFRUSRUDWLYDVSHUR~QLFDPHQWHDWtWXORGHHVSHFWDGRUPXGRHVWDED DKtSDUDLQVWUXLUVHHQVLOHQFLR\QRWRPDEDSDUWHHQQLQJ~QGHEDWHQLHQODVYRWDFLRQHV $ PHGLGD TXH HO $SUHQGL] VH LQVWUXtD VH LED SUHSDUDQGR SDUD IRUPDUVH XQ MXLFLR VREUHODVPDWHULDVHQGLVFXVLyQSHURIDOWRGHFRPSHWHQFLDVXILFLHQWHQRHUDOODPDGRDGDU VXSDUHFHU6LHPSUHDWHQWRSHURUHFRQFHQWUDGRHQVtPLVPRGHEtDSDFLHQWHPHQWHPDGXUDU VXVRSLQLRQHVKDVWDHOGtDHQTXHVHOHSHUPLWLHUDSRGHUPDQLIHVWDUODV (OSHUPLVRQHFHVDULRQRHUDDFRUGDGRVLQRFXDQGRHUDDGPLWLGRHQIRUPDGHILQLWLYD HQ OD FRUSRUDFLyQ (Q HVWH PRPHQWR OD HWDSD GH VLHWH DxRV UHJODPHQWDULRV GHEtD HVWDU WHUPLQDGD HO 0DHVWUR SUHVHQWDED D VX $SUHQGL] D OD $VDPEOHD GH ORV 0DHVWURV \ &RPSDxHURV ULQGLHQGR WHVWLPRQLR GH VX EXHQD FRQGXFWD \GHFODUiQGRVH VDWLVIHFKR GH VX WUDEDMR 1R HUD QHFHVDULR PiV SDUD TXH HO REUHUR KDELHQGR KHFKR VXV SUXHEDV IXHUD SURFODPDGR &RPSDxHUR 'HVGH HVH PRPHQWR WHQGUi GHUHFKR DO VDODULR TXH PHUHFH VX WUDEDMR'HVOLJDGRGHORVFRPSURPLVRVFRQWUDtGRVFRQVX0DHVWURHVWDUiOLEUHSDUDEXVFDU VXWUDEDMRGRQGHPiVOHFRQYHQJD\SDUDYLDMDUFRQHVHREMHWR9LDMDUiHQDGHODQWHVREUH WRGRFRQHOILQGHSHUIHFFLRQDUVHHQODSUiFWLFDGHVX$UWHFRPSDUDUiORVSURFHGLPLHQWRV\ VH HVIRU]DUi HQ WUDEDMDU EDMR OD GLUHFFLyQ GH ORV 0DHVWURV PiV H[SHULPHQWDGRV GH ORV GLIHUHQWHVSDtVHV (Q WRGDV SDUWHV ORV PLHPEURV GH OD &RUSRUDFLyQ OR DFRJHUiQ IUDWHUQDOPHQWH QR WHQGUiQ SDUD pO QLQJ~Q VHFUHWR WpFQLFR \ HVWDUiQ IHOLFHV GH HQVHxDUOH OR TXH SXGLHUD D~Q LJQRUDU/RWUDWDUiQFRPRDXQLJXDOFXDOTXLHUDTXHVHDVXWDOHQWR\VXYDORUSURIHVLRQDO SRUTXH VL ORV PHGLRV \ ODV DSWLWXGHV GLILHUHQ VH DGPLWH TXH WRGRV DSRUWDQ DO WUDEDMR XQ PLVPRFHOR\XQDPLVPDOHDOWDGWDPELpQORVGHUHFKRVVRQORVPLVPRVSDUDWRGRVORVTXH VHVLHQWHQVROLGDULDPHQWHXQLGRVSRUORVOD]RVVDJUDGRVGHO$UWH $ IXHU]D GH UHFRUUHU HO 0XQGR HQ WRGRV VHQWLGRV D ILQ GH LQVWUXLUVH HQ WRGRV ORV VHFUHWRVGHVX$UWHHO&RPSDxHURQRSRGUiPHQRVTXHDGTXLULUXQDYDVWDH[SHULHQFLDTXH TXLHUHTXHDSURYHFKHQVXV+HUPDQRV(VWRVDFHSWDQJXVWRVRVVXVFRQVHMRVSXHVYHQHQpO XQKHUPDQRPD\RUXQPRQLWRULOXVWUDGRFDSD]GHJXLDUORV~WLOPHQWHHQODHMHFXFLyQGHVX WDUHD'HVWDFiQGRVHSRUVXKDELOLGDGSURIHVLRQDOHOREUHURH[SHUWRVHHOHYDDVtSRFRRSRFR DOD0DHVWUtD/OHJDQGRDVHUDSWRSDUDHQVHxDUVHUHYHOD0DHVWURGHVGHOXHJRHQUHODFLyQD ORV$SUHQGLFHV'HVSXpVVXDXWRULGDGVHDILUPDPiV\PiVDXQHQWUH ORV&RPSDxHURV\ pVWRVWHUPLQDQSRUWRPDUORFRPRiUELWURHQORVFDVRVOLWLJLRVRV\OHFRQItDQODGLUHFFLyQGHO WUDEDMR FRP~Q 3DUD SRVHHU OD 0DHVWUtD LQWHJUDO QR OH TXHGD HQ DGHODQWH VLQR TXH SHUIHFFLRQDU VX HGXFDFLyQ DUWtVWLFD 1R FRQWHQWR FRQ SUDFWLFDU HO $UWH FRQ XQD GHVWUH]D



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R FRQVXPDGD\GHVDEHUUHVROYHUWRGDVODVGLILFXOWDGHVWpFQLFDV GHEHD~QPRVWUDUVHFDSD]GH UD]RQDUWHyULFDPHQWH (OYHUGDGHUR0DHVWUR QR HV HVFODYR GH ODV UHJODV WUDGLFLRQDOHV GHO $UWH ODV DSOLFDSRUTXH GLVFLHUQH FODUDPHQWHOD UD]yQGH VHUGH HOODV +D VDELGR UHPRQWDU KDVWD ORV SULQFLSLRV IXQGDPHQWDOHV GH OD %HOOH]D SDUD FRQFHELU OD VXSUHPD ILORVRItD GH OR %HOORGHGRQGHGHULYDQWRGDVODVOH\HVGHODFRQVWUXFFLyQXQLYHUVDO (V HQWRQFHV XQ VDELR OOHJDGR D OD HGDG HQ OD TXH ODV IXHU]DV ItVLFDV GHFOLQDQ SHUPLWLHQGRDODLQWHOLJHQFLDDGTXLULU HO V~PPXPGHOXFLGH]6HUi³9HQHUDEOH´\ORV~WLOHV SRGUiQ WHPEODU HQWUH VXV PDQRV \D GpELOHV £4Xp LPSRUWD 1R WLHQH TXH GHVEDUDWDU OD SLHGUDWUD]DORVSODQRV\HVVXFHUHEURVXLPDJLQDFLyQVREUHWRGRODTXHWUDEDMD(QWUD HQ FRPXQLyQFRQ WRGRVDTXHOORVTXHKDFH\D PXFKRWLHPSRYLEUDURQFRPRpODEVRUELpQGRVH HQ OD FRQWHPSODFLyQ GH XQ PLVPR LGHDO (O 0DHVWUR OOHJD DVt D HQFDUQDU HVD WUDGLFLyQ LPSHUHFHGHUDTXHUHYLYHQHFHVDULDPHQWHHQHO$GHSWRFRPSOHWR (O&HUHPRQLDO&RUSRUDWLYR /R TXH DFDED GH GHFLUVH KDFH UHVDOWDU VXILFLHQWHPHQWH TXH OD JUDGXDFLyQ WHUQDULD HVWiHQODQDWXUDOH]D GHODVFRVDV /RVPLHPEURVGHFXDOTXLHUFRUSRUDFLyQGHDUWHV\RILFLRVVHGLYLGHQQHFHVDULDPHQWH HQ$SUHQGLFHV&RPSDxHURV\0DHVWURV ¢4XLHUH HVWR GHFLU TXH ORV WUHV JUDGRV KD\DQ GDGR VLHPSUH OXJDU D LQLFLDFLRQHV FHUHPRQLDOHV" +DVWD XQ SHUtRGR UHFLHQWH QDGLH YDFLODED HQ UHVSRQGHU DILUPDWLYDPHQWH EDViQGRVH HQORTXH SDUHFH TXH KD VLGRSUiFWLFD GHVGH ORV RUtJHQHV GH OD ) 0  3HUR HVWXGLRVKLVWyULFRVDFWLYDPHQWHVHJXLGRVKDFHWUHLQWDDxRVKDQYHQLGRD FDPELDUWRGDVODV LGHDVDOUHVSHFWR 6DEHPRVDVtTXHDQWHVGHOD0 PRGHUQDQRSUDFWLFDEDVLQRGRVJUDGRV\ TXHORV/RJLDV LQJOHVDVGHOVLJOR;9,,SDUHFHTXHQRFRQRFLHURQPiVTXHXQDFHUHPRQLD ~QLFDTXHWHQtDSRUREMHWR³KDFHUPDVRQHV´ /RV GHWDOOHV GH HVWD FHUHPRQLD HVWiQ OHMRV GH VHUQRV H[DFWDPHQWH FRQRFLGRV 1LQJXQDGXGDKD\VLQHPEDUJRVREUHORVSXQWRVVLJXLHQWHV $QWHVGHWRGDRWUDIRUPDOLGDGHOUHFLSLHQGDULRHUDGHVSRMDGRPLQXFLRVDPHQWHGH WRGRVORVPHWDOHVTXHOOHYDED8QDJUDQLPSRUWDQFLDVHOHGDEDDHVWHULWRTXHVHFXPSOtD HVFUXSXORVDPHQWHHQXQDSLH]DGHVSRMDGDGHWRGRPXHEOH\FRQODVSDUHGHVGHVQXGDV (OUHFLSLHQGDULRHUDHQSDUWHGHVQXGDGRGHPDQHUDGHGHMDUOHDOGHVFXELHUWROD WHWLOOD L]TXLHUGD \ OD URGLOOD GHUHFKD DGHPiV VyOR TXHGDED FDO]DGR GHO SLH GHUHFKR \ HO L]TXLHUGRFRQSDQWXIOD  (O UHFLSLHQGDULR HUD LQWURGXFLGR HQ /RJLD FRQ ORV RMRV YHQGDGRV 'HVSXpV GH KDEHUORKHFKRSDVHDUHQGLYHUVDVGLUHFFLRQHVVHOHHQVHxDEDDDYDQ]DUKDFLDHO2ULHQWHFRQ WUHVSDVRVPLVWHULRVRV'HEtDHQWRQFHVGREODUODURGLOODGHUHFKD\FRORFDUODGHVQXGDVREUH HOVXHORIRUPDQGRXQDHVFXDGUD6HOHFRORFDEDDOPLVPRWLHPSRHQODPDQRL]TXLHUGDXQ FRPSiV XQD GH FX\DV SXQWDV GHEtD DSR\DUVH HQ OD WHWLOOD L]TXLHUGD PLHQWUDV VX PDQR GHUHFKDHVWDEDH[WHQGLGDVREUHOD%LEOLD(QHVWDSRVWXUDSUHVWDEDHOMXUDPHQWRGHVLOHQFLR DFRQWLQXDFLyQVHOHDFRUGDEDOD/X] $ HVWH FHUHPRQLDO WDQ VHQFLOOR VH DJUHJDED OD FRPXQLFDFLyQ GH VHFU HWRV TXH VH UHGXFtDQDORVPHGLRVGHUHFRQRFLPLHQWRHQWUH0DVRQHV



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R (Q UHDOLGDG HVR QR HUD PiV TXH ORV UXGLPHQWRV GHO ULWXDOLVPR SURIXQGDPHQWH LQLFLiWLFR GH OD ) 0 DFWXDO ¢3HUR TXp PiV HUD QHFHVDULR D XQD FRUSRUDFLyQ GH FRQVWUXFWRUHV SUiFWLFRV FX\DV PLUDV QR HUDQ PX\ DPELFLRVDV" 3RGtDQ SHUIHFWDPHQWH FRQWHQWDUVHFRQ HVRWDQWRPiVTXHQRVHWUDWDEDVLQRGHSHUSHWXDUODVFRVWXPEUHVDQWLJXDV FRQVLGHUDGDVFRPRUHVSHWDEOHVDWLWXORGHUHVWRVGHXQSDVDGRJORULRVR %DMRHOUpJLPHQFRUSRUDWLYRQRVHHUD$SUHQGL]0 VLQRHQYLUWXGGHXQFRQWUDWR HVSHFLDOKHFKRHQWUHHOLQWHUHVDGRVXVSDGUHVRWXWRUHV\HOSDWUyQRPDHVWURGHDSUHQGL]DMH (VWHQRDFHSWDEDHQVHxDUHORILFLRDFXDOTXLHUD3RQtDGHVGHOXHJRDSUXHEDDOSRVWXODQWH\ VyOR GHVSXpV GH KDEHUVH DVHJXUDGR GH VXV GLVSRVLFLRQHV \ DSWLWXGHV OR DGPLWtD GHILQLWLYDPHQWH D KDFHU VX DSUHQGL]DMH GH  DxRV (QWRQFHV HO 0DHVWUR KDFtD LQVFULELU DO $SUHQGL] HQ ORV UHJLVWURV GH OD FRUSRUDFLyQ OR TXH HQ (VFRFLD OH YDOtD HO WtWXOR GH ³$SUHQGL] (QWUDGR´ LQVFULWR R PDWULFXODGR  SHUR QDGD VDEHPRV VL D HVWD LQVFULSFLyQ VH DJUHJDEDDOJXQDFHUHPRQLDGHLQLFLDFLyQ 6HPHMDQWH VROHPQLGDG VH DMXVWDED PiV DO DFWR UHDOPHQWH LPSRUWDQWH GH OD YLGD FRUSRUDWLYDHVGHFLUDODUHFHSFLyQGHOREUHUR LQVWUXLGRHQWUHORV&RPSDxHURV/RTXHSDVD WRGDYtD HQ QXHVWURV GtDV HQ HO FHUHPRQLDO GH &RPSDxHUR KDFH VXSRQHU TXH HO DQWLJXR FHUHPRQLDO GHVWLQDGR D  K D FHU  0 GHEtD FRUUHVSRQGHU PiV ELHQ D QXHVWUR VHJXQGR JUDGRDFWXDOTXHDOSULPHUR /RV*UDGRV6LPEyOLFRV (VPDQLILHVWDPHQWHHYLGHQWHTXHODLQLFLDFLyQ0 WDOFXDOQRVKDVLGRWUDQVPLWLGD SRUOD0 OODPDGD³RSHUDWLYD´QRHUDPiVTXHODVRPEUDGHHOOR8QDEXHQDFDQWLGDGGH WUDGLFLRQHV KDQ GHELGR IDWDOPHQWH SHUGHUVH HQ HO WUDQVFXUVR GH ODUJRV VLJORV GH XQD WUDQVPLVLyQSXUDPHQWHRUDO/RVGHWDOOHVHVWDEDQROYLGDGRV\ODIDQWDVtDLQWHUYHQtDDOJXQDV YHFHVSDUDDJUHJDUDGRUQRVFRQWUDULRVDOHVStULWXSULPLWLYRGHOULWR&XDQGROD0 OOHJyD VHU IUDQFDPHQWH ³HVSHFXODWLYD´ H[SHULPHQWy OD QHFHVLGDG GH VRPHWHU VX FHUHPRQLDO WUDGLFLRQDODXQDUHYLVLyQ8QWUDEDMRIXHHPSUHQGLGRHQHVWHVHQWLGRHQHOVHQRGHODPD\RU SDUWHGHODV/RJLDVLQJOHVDVTXHULYDOL]DEDQHQWUHHOODVLPSXOVDGDVSRUHOGHVHRGHKDFHU VXVLQLFLDFLRQHV ORPiV LQWHUHVDQWHV SRVLEOHSDUD QRGHVLOXVLRQDUDOQHyILWR DWUDtGRSRU OD DOWDLGHDTXHVHKDEtDIRUPDGRGHOVHFUHWRPDVyQLFR (VWH PRYLPLHQWR WXYR FRPR SULPHUD FRQVHFXHQFLD YROYHU D SRQHU HQ YLJRU XQD FHUHPRQLDTXHKDEtDFDtGRHQGHVXVR\GHODFXDODOJXQRVYLHMRVPDVRQHVFRQVHUYDEDQVyOR HO UHFXHUGR $ILUPiEDVH TXH HOOD KDFtD UHIHUHQFLD D ORV PLVWHULRV PiV SURIXQGRV GH OD )UDQF0DVRQHUtDDDTXHOORVTXHVyORFRQYHQtDUHYHODUDORV0DHVWURV 6H SUDFWLFDURQ HQWRQFHV GRV JUDGRV SHUR HV GLItFLO GHWHUPLQDU H[DFWDPHQWH VX HTXLYDOHQFLD HQ UHODFLyQ FRQ ORV JUDGRV VLPEyOLFRV DFWXDOHV 'HVGH HO SXQWR GH YLVWD GHO ULWXDOLVPRVHSXHGHFRQVLGHUDUHOSULPHURGHHVWRVJUDGRVFRPRHOFRUUHVSRQGLHQWHDOJUDGR GH $SUHQGL] FRPSOHWDGR FRQ ODV LQVWUXFFLRQHV TXH PiV WDUGH IXHURQ UHVHUYDGDV D ORV &RPSDxHURV /DV PiV DQWLJXDV GLYXOJDFLRQHV WDOHV FRPR HO ³&DWHFLVPR GH ORV )UDQF 0DVRQHV GHGLFDGR DOEHOOR VH[R´ SXEOLFDGR HQ  GDQ HO ³SODQR GH OD /RJLD´ SDUD OD LQLFLDFLyQGHXQ$SUHQGL]&RPSDxHUR´ (QFXDQWRDOJUDGRVXSHULRUSDUHFHLPSRQHUVHVX LGHQWLILFDFLyQ FRQ OD 0DHVWUtD /R TXH SHUWXUED PiV HV TXH QR VH SXVLHURQ GH DFXHUGR LQPHGLDWDPHQWH HQ HO QRPEUH DWULEXLEOH D ORV GRV JUDGRV GH TXH VH WUDWD 6HJ~Q FLHUWRV



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR WH[WRVORV0DVRQHVGHOSULPHUJUDGRQRVRQPiVTXHVLPSOHV$SUHQGLFHV\ORVGHOVHJXQGR 0DHVWURV \ &RPSDxHURV 3HUR HQFRQWUDPRV WDPELpQ SDUD HO SULPHU JUDGR HO $SUHQGL] &RPSDxHUR\SDUDHOVHJXQGRHO0DHVWUR /D EXHQD OyJLFD UHFODPD WUHV JUDGRV 7DPELpQ GHWHUPLQDURQ DOUHGHGRU GH  GHVGREODU HO SULPHU JUDGR D ILQ GH FRQIHULU VHSDUDGDPHQWH ORV JUDGRV GH $SUHQGL] \ GH &RPSDxHUR(QHVWDSDUWLFLyQWRGRHOFHUHPRQLDOWUDGLFLRQDOIXHDSOLFDGRDODUHFHSFLyQGH ORV$SUHQGLFHVTXHSDVDEDQGHVSXpVD&RPSDxHURVFDVLVLQQLQJXQDIRUPDOLGDGVLPEyOLFD 7RGRVHOLPLWDEDDFRQGXFLUORVGHXQDFROXPQDDODRWUDGHVSXpVGHKDEHUORVKHFKRKDFHU ODPDUFKDGHOJUDGR 6HKDQLQJHQLDGRPiVWDUGHSDUDGDUOHXQDPD\RULPSRUWDQFLDULWXiOLFDDOJUDGRGH &RPSDxHUR \ HO SUHVHQWH PDQXDO WLHQH SRU REMHWR HO GHPRVWUDU FyPR VH ORJUy HVWR HQ )UDQFLDHQHOFXUVRGHOVLJOR;9,,, /D&RRUGLQDFLyQ5LWXiOLFD (OULWXDOLQJOpVWDOFRPRIXHLQWURGXFLGRHQHOFRQWLQHQWHHVWDEDOHMRVGHVDWLVIDFHU HOLQJHQLRGHQXHVWUDUD]DTXHGHVHDTXHWRGRHVWpOyJLFDPHQWHFRRUGLQDGR/RV0DVRQHV IUDQFHVHVH[SHULPHQWDURQGHVGHHOSULQFLSLRODQHFHVLGDGGHUHWRFDUORTXHOHVSDUHFLyPDO &RPSHQHWUDGRV GH OD LPSRUWDQFLD DFRUGDGD WUDGLFLRQDOPHQWH DO Q~PHUR WUHV   FRQFLELHURQ LQPHGLDWDPHQWH OD QHFHVLGDG GH XQD MHUDUTXtD WHUQDULD &DGD XQR GH ORV WUHV JUDGRV GHEtD GHVGH OXHJR HVWDU FRQVWUXLGR VREUH XQ Q~PHUR FDUDFWHUtVWLFR +DEtDQ UHSDUDGRHQODVWUHVOXFHVTXHLOXPLQDEDQOD/RJLDGHOSULPHUJUDGR\TXHHUDQQHFHVDULDV SDUD OD &iPDUD GHO 0HGLR DVt FXDQGR IXH QHFHVDULR FRPSRQHU XQ JUDGR LQWHUPHGLDULR WXYLHURQTXHHVFRJHUDQWHWRGRHOQ~PHURWtSLFR/DHOHFFLyQUHFD\yMXLFLRVDPHQWHVREUHHO Q~PHURGHDTXtORVFLQFRYLDMHV GHOJUDGRGH &RPSDxHUR\ODHVWUHOODGHFLQFRSXQWDV TXHFRUUHVSRQGHQDORVWUHVYLDMHVGHODSULPHUDLQLFLDFLyQ\HOWULiQJXOROXPLQRVR'DWRV OyJLFRV KDQ GHWHUPLQDGR HQ VHJXLGD WRGRV ORV GHWDOOHV GHO ULWXDO \ HQ SDUWLFXODU OD GLVWULEXFLyQGHODVKHUUDPLHQWDVHQORVGLIHUHQWHVYLDMHV 6LORVULWXDOLVWDVGHOVLJOR;9,,,GLHURQSUXHEDGHXQDFLHQFLDLQLFLiWLFDSURIXQGDQR IXHURQGHVJUDFLDGDPHQWHORPLVPRORVVXFHVRUHVGHOVLJOR~OWLPR(VWRVVHH[WUDYLDURQHQ GLVHUWDFLRQHVGHVSURYLVWDVGHWRGRDOFDQFHLQLFLiWLFRVREUHODVFLQFRyUGHQHVGHDUTXLWHFWXUD \ VREUH ORV FLQFR VHQWLGRV GH ORV FXDOHV QR KDQ VDELGR GHFLU PiV TXH EDQDOLGDGHV ILVLROyJLFDV /DV FRVDV HVHQFLDOHV KDQ VLGR PiV \ PiV GHVFXLGDGDV HQ EHQHILFLR GH FXHVWLRQHVGHRUGHQSURIDQR(VDVtFyPRWRFDQOLJHUDPHQWHHOVLPEROLVPRWDQLPSRUWDQWH GH ODV KHUUDPLHQWDV SURQXQFLiQGRVH HQ FDPELR GLVFXUVRV D YROXQWDG DO WpUPLQR GH FDGD YLDMHVREUHFXHVWLRQHVUHODFLRQDGDVPX\UHPRWDPHQWHFRQHOORV /RV6HQWLGRVODV$UWHV\VXXWLOLGDGVRFLDOODV&LHQFLDV0DWHPiWLFDVItVLFDQDWXUDO PRUDO \ VRFLROyJLFD ORV EHQHIDFWRUHV GH OD KXPDQLGDG  LQYHQWRUHV DUWLVWDV VDELRV PRUDOLVWDV \ KRPEUHV SROtWLFRV VLUYHQDVt VXFHVLYDPHQWHGH WHPDV D ODV LQVWUXFFLRQHV TXH WHQGUtDQVXOXJDUHQXQDHVFXHODSULPDULDSHURQRHQXQDUHXQLyQPLVWHULRVDDODFXDOQR SXHGHQDVLVWLUORVSURIDQRVQLD~QORV$SUHQGLFHV0DVRQHV 6HLPSRQHXQUHJUHVRDODWUDGLFLyQGHOVLJOR;9,,,VHSDPRVFRQVWUXLUHOSRUYHQLU LQVSLUiQGRQRVHQHOSDVDGR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

0DUWH \ 0HUFXULRHO )XHJRRSHUDQWH \HO$LUH TXH DOLPHQWD% \- UHXQLGDV HQ XQD GREOH FDUD GH -DQR )LJXUD VDFDGD GH OD REUD GHO KHUPDQR*XHUULHUGH'XPDV,QWLWXODGD³/D0DVRQHUtD´3RHPDHQWUHV FDQWRVFRQQRWDVHWLPROyJLFDV\FUtWLFDV



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R

(/5,78$/,602'(/*5$'2'( &203$f(52

/DV,PSUHVLRQHV0DVyQLFDV 'HVSXpVGHGHMDUDO QHyILWRHOWLHPSRQHFHVDULRSDUDTXHVHGHFXHQWDVRPHUDPHQWH GHOD0DVRQHUtDHVFRVWXPEUHHOSUHJXQWDUOHVXVLPSUHVLRQHV6HOHRIUHFHDVtODRFDVLyQGH H[SRQHUFRQWRGDIUDQTXH]D\FRQDEVROXWDVLQFHULGDGORTXHSLHQVDGHVXLQLFLDFLyQGHODV VLQJXODUHVIRUPDOLGDGHVTXHIXHURQREVHUYDGDVHQHVDVFLUFXQVWDQFLDV\HQJHQHUDOGHWRGR ORTXHPiVOHKDOODPDGRODDWHQFLyQGHVGHTXHHV)UDQF0DVyQ /OHJD HO FDVR HQ TXH HO MRYHQ $SUHQGL] LQVSLUiQGRVH HQ VX EXHQ VHQWLGR QDWXUDO IRUPXOD FUtWLFDV GLJQDV GH VHU WRPDGDV HQ FXHQWD SRU DTXHOORV TXH HVWiQ HQFDUJDGRV GH GLULJLUHOWDOOHU\GH PDQWHQHUVXVVDQDVWUDGLFLRQHV3HURVXFHGH PiV FRP~QPHQWHTXHHO QRYLFLRVHGHFODUD GHVRULHQWDGRSRUXQDFDQWLGDGGH FRVDV TXHOH SDUHFHQGHVSURYLVWDV GH WRGDUD]yQGHVHU~QLFDPHQWHSRUTXHOHHVLPSRVLEOHFRQRFHUDOPRPHQWRVXVLJQLILFDGR (V GH GHVHDU TXH WRGR QHyILWR VH H[SOLTXH HQ HVWR VLQ OD PHQRU UHWLFHQFLD FRQ OD EHOOD RVDGtD GH XQ SHQVDPLHQWR TXH VH H[SUHVD VLQ WHPRU HQ VX IUHVFXUD RULJLQDO /D , PSU HVLRQ HVQRVRQLQWHUHVDQWHVVLQRFXDQGRWUDGXFHQVLQILQJLPLHQWRHOHVWDGRGHDOPDGHO QHyILWRWRGDYtDGHVOXPEUDGRSRUORTXHKLULyVXYLVWDFXDQGRFD\yODYHQGDVLPEyOLFD(V EXHQRTXHDOLPSXJQDUFRQWHPHULGDGWRGRORTXHQRKDFRPSUHQGLGRLQGLTXHpOPLVPRORV SXQWRVVREUHORVFXDOHVGHEHUiYHUVDUHVSHFLDOPHQWHVXLQVWUXFFLyQ (VWD SXHGH VHUOH GDGD HQ /RJLD VHD HO 9 0  HO 2UG X RWURV + 0 FRPSHWHQWHV VH HQFDUJXHQ GH UHVSRQGHU LQPHGLDWDPHQWH D ODV REMHFLRQHV KHFKDV HQ VXV , PSU HVLRQ HVVHDTXHSRUPHGLRGHFRQIHUHQFLDVVHOHKDJDQODVDFODUDFLRQHVQHFHVDULDV 3HUR OD LQVWUXFFLyQ FROHFWLYD QR VHUi VXILFLHQWH 1LQJ~Q $SUHQGL] GHEHUi VHU DEDQGRQDGR D Vt PLVPR HQ HO VHQR GH VX /RJLD GRQGH WRGRV ORV PLHPEURV WLHQHQ OD REOLJDFLyQGHFRQWULEXLUDVXLQVWUXFFLyQ/R TXHLQFXPEHDFDGDXQRFRUUHHOSHOLJURTXH WRGRVORGHVFXLGHQVLORVXQRVFXHQWDQFRQTXHORKDJDQORVRWURV$VtODWUDGLFLyQSUHYp VDELDPHQWHTXHWRGRQHyILWRVHDFRORFDGRHQHODSUHQGL]DMHFHUFDGHXQ0DHVWUR GHVLJQDGR FRQHVWHREMHWR\TXHHVSHUVRQDOPHQWHUHVSRQVDEOHGHODLQVWUXFFLyQGHVX$SUHQGL] /D HOHFFLyQGHO0DHVWURGHEH KDFHUVH VREUH ODEDVH GH ODV ,PSUHVLRQHV0DVyQLFDV GHO QRYHO LQLFLDGR FX\R SULPHU WUR]R GH DUTXLWHFWXUD SRGUi VHU UHPLWLGR DO LQVWUXFWRU GHVLJQDGR TXH WHQGUi HQVHJXLGD SRU PLVLyQ HQ HO FXUVR GH XQD VHULH GH HQWUHYLVWDV SDUWLFXODUHVHQVHxDUDVXDOXPQRVREUHWRGRORTXHWHQJDQHFHVLGDGGHDSUHQGHUDILQGH SRGHUVHUSURSXHVWRSDUDHOJUDGRGH&RPSDxHUR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR (O$SUHQGL]DMH (OPHMRUGRWDGRGHORVQHyILWRVWLHQHSRUGHODQWHXQDUXGDWDUHDVLGHVHDSUHSDUDUVH VHULDPHQWHSDUDVHU&RPSDxHUR 3DUDVHUDFHSWDGRFRPR$SUHQGL]VyORHV QHFHVDULRWHQHUDSWLWXGHVEXHQDYROXQWDG FRQ OD HQHUJtD QHFHVDULD SDUD SRQHUVH D OD REUD $KRUD VH H[LJH PiV TXH SURPHVDV (V QHFHVDULRVDEHUWUDEDMDU\KDEHUVH FRQYHUWLGRSUiFWLFDPHQWH XWLOL]DEOHFRPR FRODERUDGRU GH OD *UDQ2EUD GH OD &RQVWUXFFLyQ8QLYHUVDO1RHV XQD FRVD IiFLO(O EXHQ 2EUHURGHO 3URJUHVR QR VH LPSURYLVD HV QHFHVDULR KDEHUOR IRUPDGR FRQ PpWRGR VLQ TXH QDGD VH GHVFXLGH HQ VX LQVWUXFFLyQ 0DO LQVWUXLGR VH FRQYLHUWH HQ SHUMXGLFLDO HQ UD]yQ GHO GHVFUpGLWRTXHVXPDODREUDHFKDVREUHODFRUSRUDFLyQ (V DOWDPHQWH LPSRUWDQWH FXLGDU GHO DSUHQGL]DMH YHODQGR SRUTXH WRGDV ODV SUHVFULSFLRQHV GHO ULWXDO VHDQ HIHFWLYDPHQWH SXHVWDV HQ SUiFWLFD (V DVt FRPR HO 0DHVWUR TXH HV UHVSRQVDEOH GH OD LQVWUXFFLyQ GHO $SUHQGL] GHEHUi DQWH WRGR DVHJXUDUVH TXH VX DOXPQR HVWi UHDOPHQWH GHVSRMDGR GH VXV PHWDOHV ¢&yPR SRGUi HO IXWXUR SHQVDGRU UHFRQFHQWUDUVH HQ Vt PLVPR \ KXQGLUVH HQ OD QRFKH GHO PLVWHULR D ILQ GH SURIXQGL]DU ORV SULQFLSLRV QHFHVDULRV GHO VHU VL SHUPDQHFH DGKHULGR D XQ YDVWR VDEHU VXSHUILFLDO" (V QHFHVDULRHQFHUUDUVHGHYHUDVHQHOJDELQHWHGHUHIOH[LyQ\DEVWUDHUVHGHOPXQGRH[WHULRUVL VH GHVHD GHVFHQGHUDO SR]R GRQGH VH RFXOWD OD YHUGDG (VWRV VRQ VtPERORV TXH GHEHQ VHU WRPDGRVHQVHULRGHRWUDPDQHUDHOQHyILWRSHUPDQHFHUiWDOFRPRHUDQRPXHUHSDUD VX H[LVWHQFLDSURIDQD\QR UHQDFHMDPiV DODYLGDLQLFLiWLFDDELHUWDVLQHPEDUJRDQWHpO 3DVD OR PLVPR FRQ WRGDV ODV SUXHEDV LQLFLiWLFDV 1R VRQ YDQDV IRUPDOLGDGHV PDQWHQLGDV HQ YLJRU VyOR SRU XQ DPRU XQ SRFR SXHULO GH OD $UTXHRORJtD (OODV VRQ LQGLVSHQVDEOHV HQ ODV LQLFLDFLRQHV (V PHQHVWHU VXIULUODV LQWHJUDOPHQWH HQ VX UHDOLGDG HIHFWLYDSDUDTXHODOX]WHUPLQHSRUEULOODUDQWHQXHVWURVRMRVHQIRUPDGLVWLQWDDODVSHFWR VLPEyOLFRGHXQDOODPDGHOLFRSRGLR (O([DPHQGHO&DQGLGDWRDO*UDGRGH&RPSDxHUR &XDQGRXQ$SUHQGL]HVWiVXILFLHQWHPHQWHLQVWUXLGRGHODWHRUtDSDUDFRQFHELUPiVR PHQRV HO SURJUDPD TXH OH WUD]D HO ULWXDOLVPR GH OD SULPHUD LQLFLDFLyQ SXHGH DVSLUDU D OD VHJXQGR&RUUHVSRQGH D VX0DHVWURSURSRQHUOR D OD/RJLDSDUD XQDVFHQVRTXHOH SDUHFH PHULWRULR(OWDOOHUQRVHSURQXQFLDGHVGHOXHJRVLQRGHVSXpVGHKDEHURtGRDOFDQGLGDWRHQ SUHVHQFLD GH RWURV $SUHQGLFHV GHEH UHVSRQGHU D WRGDV ODV SUHJXQWDV UHODWLYDV DO SULPHU JUDGRTXHVHHVWLPHIRUPXODUOH(VWHH[DPHQYHUVDUiIRU]RVDPHQWHDFHUFDGHOUHWHMDPLHQWR \ GHO FDWHFLVPR SHUR HVWRV VHFUHWRV TXH HVWiQ DO DOFDQFH GH WRGDV ODV LQWHOLJHQFLDV QR GHEHUiQKDFHUSHUGHUGHYLVWDDRWURVPLVWHULRVPiVSURIXQGRVFX\DGLYXOJDFLyQQRHVWiD PHUFHG GH FXDOTXLHU LQGLVFUHFLyQ 6LQ GXGD ORV DQWLJXRV 0DVRQHV IDPLOLDUL]DGRV GHVGH PXFKR WLHPSR FRQ ORV DUFDQRV GH OD ILORVRItD LQLFLiWLFD QR H[LJtDQ TXH XQ SULQFLSLDQWH FRPSUHQGLHUD HQ XQRV PHVHV OR TXH HOORV QR ORJUDURQ DOFDQ]DU VLQR GHVSXpV GH SHUVHYHUDQWHVPHGLWDFLRQHVFRQWLQXDGDVGXUDQWHDxRVGHDxRV3HURHOORVSRGtDQDSUHQGHU GHVSXpVGHVXLQLFLDFLyQ6HLQWHUHVDEDQHQGLVFHUQLUHQTXpVHQWLGRVHKDEtDPRGLILFDGRVX PHQWDOLGDGGHVSXpVKDFtDQTXHHO$SUHQGL]EXVFDUDHQTXpFRQVLVWHVXPiVtQWLPRVXPiV DEVROXWR


2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR SHUVRQDOLGDG SRUTXH VL HO $SUHQGL] KD GH SUHJXQWDUVH ³¢'H GyQGH YHQLPRV"´ HO &RPSDxHURGHEHHVIRU]DUVHHQUHVSRQGHUDODSUHJXQWD³¢4XpVRPRV"´ 3UHSDUDFLyQGHO5HFLSLHQGDULR ÒQLFDPHQWH JXLDGD SRU ORV LQVWLQWRV GH VLPHWUtD OD 0DVRQHUtD DQJORVDMRQD KD FUHtGR KDFHU XQD PDUDYLOOD DO LPSRQHU DO 5HFLSLHQGDULR GHO VHJXQGR JUDGR SUHSDUDFLyQ DQiORJDDODTXHGHEHVXIULUHO3URIDQRSDUDVHUSUHVHQWDGRHQ/RJLD(OULWXDODGRSWDGRSRU OD *UDQ /RJLD GH ,QJODWHUUD HQ  GLVSRQtD HQ HIHFWR TXH HQ HO SULPHU JUDGR HO 5HFLSLHQGDULRGHVSRMDGRGHORVPHWDOHVWHQJDORVRMRVYHQGDGRVHOEUD]RGHUHFKRODWHWLOOD \ODURGLOODL]TXLHUGDVGHVQXGDVHOSLHGHUHFKRFRQSDQWXIODV\XQDFXHUGDHQGHUUHGRUGHO FXHOOR(QHOVHJXQGRJUDGRSUHVFULEHDODLQYHUVDSRQHUDOGHVQXGRHOEUD]RL]TXLHUGRDVt FRPRODWHWLOOD\ODURGLOODGHUHFKDVODSDQWXIODFDO]DQGRHOSLHL]TXLHUGR\QRHOGHUHFKR (Q&XDQWRD ORVRMRVQR VRQ YHQGDGRV HQODV /RJLDV ,QJOHVDV D ORV 0DVRQHV TXH \DKDQ UHFLELGROX]1RHVORPLVPRHQ$PpULFDGRQGHODYHQGDHVGHULJRUSDUDODUHFHSFLyQGH ORVWUHVSULPHURVJUDGRVHQHOJUDGRGH&RPSDxHURVHDFHSWDDYHFHVSRQHUODYHQGDVyOR VREUHHORMRGHUHFKR

5HFLSLHQGDULRSUHSDUDGRVHJ~QHO5LWXDODQJORVDMyQSDUDUHFLELUORVWUHV JUDGRVVLPEyOLFRV /RV0DVRQHVDPHULFDQRVWLHQHQLJXDOPHQWHXQDSUHGLOHFFLyQPDUFDGDSRUODFXHUGD TXHHQUROODQGRVYHFHVDODDOWXUD GHORVEtFHSVHQHOEUD]RGHUHFKRGHO$SUHQGL]TXHVH DVFLHQGH D &RPSDxHUR 3DUD OD 0DHVWUtD OD PLVPD FXHUGD VHUYLUi GH WULSOH FLQWXUD DO 5HFLSLHQGDULR TXH WHQGUi HO WURQFR \ ORV GRV EUD]RV GHVQXGRV FRPR DVt PLVPR ODV GRV SLHUQDVDSDUWLUGHODVURGLOODV 7RGDV HVWDV VXWLOH]DV QR WLHQHQ QDGD LQLFLiWLFR \ VRQ KLMDV GH OD PiV DUELWUDULD IDQWDVtD 6RQ GHVGH OXHJR LQYHQFLRQHV SRVWHULRUHV D OD SURSDJDFLyQ HQ HO &RQWLQHQWH (XURSHRGHOD³SXUD\DQWLJXD0DVRQHUtDGH6DQ-XDQ´(VWDQRFRQRFHPiVTXHXQDVROD SUHSDUDFLyQ ItVLFD  OD GHO FDQGLGDWR D OD SULPHUD LQLFLDFLyQ TXH GHEH VHU SUHVHQWDGR ³QL GHVQXGRQLYHVWLGRSHURHQXQHVWDGRGHFHQWH\GHVSURYLVWRGHWRGRVORVPHWDOHV´



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR 3DUDHOJUDGRGH&RPSDxHURODSUHSDUDFLyQGHEHVHUHVHQFLDOPHQWH PRUDO ORPLVPR TXH HOOD GHEHUi VHU VREUH WRGR LQWHOHFWXDOSDUD OD 0DHVWUtD (V HO &RPSDxHUR TXLHQ GHEH UHVSRQGHUTXHKDVLGRSUHSDUDGR HQVXFRUD]yQ SDUDUHFLELUHOVHJXQGRJUDGR /OHJDGR DO WpUPLQR GH VX DSUHQGL]DMH FRQRFH VXILFLHQWHPHQWH OD 0DVRQHUtD SDUD HQWUHJDUVH D HOOD FRQ SOHQR FRQRFLPLHQWR GH FDXVD 6X GHGLFDFLyQ GHYRFLyQ  SXHGH VyOR OLJDUORDDTXHOORVFRQTXLHQHVGHEHOOHJDUDVHUHO&RPSDxHURHIHFWLYRHVGHFLUHODVRFLDGR VROLGDULRHOFRODERUDGRUFHORVRGLVSXHVWRDQRUHWURFHGHUHQIDYRUGHODREUDFRP~QDQWH QLQJ~QVDFULILFLR (Q UHVXPHQSDUD VHU DGPLWLGR DODSUHQGL]DMH HV VXILFLHQWH PRVWUDU DSWLWXGHVSDUD SDVDUD&RPSDxHURHVQHFHVDULRHQVHJXLGDKDEHUKHFKRSUXHEDVGHDSOLFDFLyQGHFHOR\GH DPRUDOWUDEDMR(O0DHVWURSRUILQQRVHUHFRQRFHVLQRSRUODVFDSDFLGDGHVTXHUHDOPHQWH SRVHH\SRUHOWDOHQWR\FRPSUHQVLyQLQWHJUDOGHO$UWH /D,QWURGXFFLyQHQ/RJLDGH&RPSDxHUR 3DUD TXH OH VHD SHUPLWLGR IUDQTXHDU OD SXHUWD GHO 7HPSORHV SUHFLVR HQ HO SULPHU JUDGRTXHHO5HFLSLHQGDULRKDJDFRQVWDWDUTXH³KDQDFLGROLEUH\GHEXHQDVFRVWXPEUHV´ (QODVPLVPDVFLUFXQVWDQFLDVHVLQGLVSHQVDEOHHQHOVHJXQGRJUDGRSRGHUFHUWLILFDUTXH³HO $SUHQGL]KDFXPSOLGRVXWLHPSR\TXHVX0DHVWURHVWiFRQWHQWRFRQHO


2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR H[LVWHQFLD (Q HO 7DURW QDLSH DQWLJXR  HO ,QLFLDGR OODPDGR D VXIULU OD VXSUHPD SUXHED PRUDO DTXHOOD TXH GHFLGLUi GH WRGR VX SRUYHQLU LQLFLiWLFR HVWi UHSUHVHQWDGR SRU HO (QDPRUDGRDOTXHGRVPXMHUHVSDUHFHQGLVSXWDUOHHOFRUD]yQ 

(O $PRURVR $UFDQR 9, GHO 7DURW (V HO $SUHQGL] OODPDGR D VHU &RPSDxHUR \ D TXLHQ OD ,QWHOLJHQFLD \ OD KDELOLGDG QR KDEUtDQ EDVWDGR SDUDHOORVLQR WXYLHUDHOHYDFLyQGHVHQWLPLHQWRVUHTXLVLWRLQGLVSHQVDEOH SDUDSDUWLFLSDUUHDOPHQWHHQOD*UDQ2EUD /D3DUWLFLSDFLyQHQOD*UDQ2EUD 3HUR¢4XpLGHDSXHGHIRUPDUVHHOSRVWXODQWHGHOJUDGRTXHVROLFLWD" /DV SUXHEDV GH YXHVWUR SULPHU JUDGR VH OH GLFH KDQ FRQVLVWLGR HQ XQD VHULH GH SXULILFDFLRQHV TXH WHQtDQ SRU ILQ HO KDFHURV DSWR SDUD YHU OD /X] +DEpLV VLGR GHVHPEDUD]DGR GH WRGR OR TXH REVWUXtD YXHVWUD YLVWD HVSLULWXDO SHUR HVH WUDEDMR HV HVHQFLDOPHQWH 1HJDWLYR $O GHVSRMDURV GH ORV SUHMXLFLRV SURIDQRV RV KDEpLV HVIRU]DGR HQ



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R ROYLGDUORTXHRVKDEtDQLQFXOFDGRHUUDGDPHQWHKDEpLVKHFKRWDEODUDVDHQYXHVWURHVStULWX VHJ~QORVSUHFHSWRVGH'HVFDUWHV\SRUHVRKDEpLVGHVSHMDGRHOWHUUHQRVREUHHOFXDOYDLVD FRQVWUXLU (O PRPHQWR KD OOHJDGR SDUD YRV GH SDVDU GH OR 1HJDWLYR D OR 3RVLWLYR 'H GHVWUXFWRU TXH HUDLV KDVWD DTXt RV KDEpLV FRQYHUWLGR HQ FRQVWUXFWRU 2V XQtV D QRVRWURV SDUDODHGLILFDFLyQGHO 7HPSORTXHUHSUHVHQWD OD*UDQGH2EUDGHOD)UDQF0DVRQHUtD ¢&XiOHVHVWDREUD"(O5HFLSLHQGDULRHVWiREOLJDGRRVDEHUORSXHVGHEHGHFODUDUVH IUDQFDPHQWHUHVXHOWRFRQHOILQGHFRQVDJUDUVHDHOOD\GHWUDEDMDUFRQFHORFRQWRGDVVXV IXHU]DV\VLQGHVIDOOHFLPLHQWRVHQODUHDOL]DFLyQGHOSURJUHVRKXPDQR (O QR SXHGH LJQRUDU HO REMHWLYR TXH VH SURSRQHQ ORV 0DVRQHV FXDQGR SUHWHQGHQ FRQVWUXLU XQ PXQGR PHMRU SRU OD SUHSDUDFLyQ LQWHOHFWXDO \ PRUDO GH ORV KRPEUHV HQ VX PLVLyQFRQVWUXFWLYD 6HJ~Q HO HPSHxR TXH SRQJD SRU DVRFLDUVH D VX WUDEDMR HO 5HFLSLHQGDULR OOHJD D KDFHUVHYLUWXDOPHQWH&RPSDxHUR\SXHGHGHVGHHVHPRPHQWRHPSUHQGHUORVFLQFRYLDMHV GHVWLQDGRVDLQVWUXLUORHQORVPLVWHULRVGHOJUDGR 3ULPHU9LDMH (O$SUHQGL]DFRPHWH GHVGHOXHJRDOD3 LHGU D EU X WD  FRQODD\XGDGHXQDHVSHFLHGH SLFR R PDUWLOOR FRQ SXQWD OODPDGR ³FRPPRQ JDYHO´ HQ ORV ULWXDOHV LQJOHVHV (VWH LQVWUXPHQWRQRVLUYHPiVTXHSDUDXQGHVYDVWDPLHQWRVRPHURDVtHVTXHKD\TXHUHFXUULUDO 0D U WLOORR 0D ]R\DO &LQ FHOSDUDKDFHUGHVDSDUHFHUXQDWUDVRWUDVWRGDVODVDVSHUH]DVGHO EORFNTXHHVQHFHVDULRFRQYHUWLUHQXQDLPSHFDEOH 3 LHGU D &~ ELFD 

(O0DUWLOORPDUWLOORSXQWXGRTXHVLUYHSDUDHOSULPHUGHEDVWDPLHQWRGH OD3LHGUDEUXWD 7DOODGD GH PDQHUD GH WHQHU H[DFWDPHQWH VX OXJDU HQ HO HGLILFLR FRQVWUXLGR SRU OD )UDQF0DVRQHUtDHVWD 3LHGUDWHUPLQDGDHVODLPDJHQPLVPDGHO&RPSDxHURGHVWLQDGRD VHU LQFRUSRUDGR HQ HO 7HPSOR 9LYLHQWH HQ HO FXDO ORV LQLFLDGRV VRQ D OD YH] ORV FRQVWUXFWRUHV \ ORV PDWHULDOHV 3HUR SDUD TXH VHD SRVLEOH VX LQFRUSRUDFLyQ HO 2EUHUR 0DWHULD GHEH VDEHU WUDQVIRUPDUVH KDFLHQGR HQ Vt PLVPR XQ FRQVWDQWH WUDEDMR GH SHUIHFFLRQDPLHQWR 'RV ~WLOHV OH VRQ LQGLVSHQVDEOHV SDUD HVWR (O SULPHUR UHSUHVHQWD ODV UHVROXFLRQHV DGRSWDGDVSRUQXHVWURHVStULWXHVHO &LQ FHO GH D FHU RTXHVHDSOLFDVREUHODSLHGUDVXMHWD FRQ OD PDQR L]TXLHUGD ODGR SDVLYR FRUUHVSRQGLHQWH D OD UHFHSWLYLGDG LQWHOHFWXDO DO GLVFHUQLPLHQWRHVSHFXODWLYR&ROXPQD% 1RUWH (ORWURILJXUDODYROXQWDGTXHHMHFXWD HVHO0D ]R LQVLJQLDGHOPDQGRTXHHVEODQGLGRSRUODPDQRGHUHFKDODGRDFWLYRUHIHUHQWH



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R D OD HQHUJtD DFWLYD \ D OD GHWHUPLQDFLyQ PRUDO GH GRQGH IOX\H OD UHDOL]DFLyQ SUiFWLFD &ROXPQD- 6XU  6LQHOFRQFXUVRGHHVWRVGRVLQVWUXPHQWRVQDGDVHUHDOL]DUiHOLQWHOHFWXDODUPDGR ~QLFDPHQWH GHO &LQFHO VDEH PX\ ELHQ OR TXH KD\ TXH KDFHU \ QR LJQRUD ORV PHGLRV GH KDFHUORSHURVLQODHQHUJtDUHDOL]DGRUD\YDORUDFWLYRQDGDSXHGHKDFHUVHWRGRTXHGDHQ HVWDGR GH SUR\HFWR R GH UHVROXFLyQ HVWpULO $O FRQWUDULR HO 0D]R VROR QR SURGXFH VLQR UXLGRLPDJHQGH OD IXHU]D PRUDOTXHIDOWDHQFRQWUDUHQTXpHPSOHDUVH MXLFLRVDPHQWHVH FRQVXPH HQ PDQLIHVWDFLRQHV LQIHFXQGDV (O REUHUR KiELO WUDEDMD FRQ ODV PDQRV D OD YH] VDFDQGRSDUWLGRGHODVDSWLWXGHVGHFDGDXQD3LGHDODL]TXLHUGDPDQWHQHUHO&LQFHOLQPyYLO HQHOOXJDUHVFRJLGR\HQODGLUHFFLyQGHVHDGDPLHQWUDVTXHODGHUHFKDGHVFDUJDFRQYLJRU JROSHVGH0D]RELHQFHUWHURV(VWRTXLHUHGHFLUTXHOD%HOOH]D QRVHUHDOL]DVLQRXQLHQGROD 6DELGXUtDTXHFRQFLEHFRQOD)XHU]DTXHHMHFXWD (O WHyULFR EULOODQWH SHUR HVFpSWLFR FRQYLHQH PHQRV D OD REUD GH OD )UDQF 0DVRQHUtD TXH HO KRPEUH VLQFHUDPHQWH FRQYHQFLGR \ DSDVLRQDGR SRU OD DFFLyQ SHUR FRQGHQDGRDREUDULQ~WLOPHQWHIDOWRGHFDOPDUHIOH[LYD\GHVDELRGLVFHUQLPLHQWR /D,QLFLDFLyQQRVHFRQWHQWDVyOR FRQHQVHxDUDUD]RQDUFRUUHFWDPHQWH\DYHUFRQ FODULGDG HVWR QR HV PiV TXH OD SULPHUD SDUWH GH VX SURJUDPD HO TXH VH UHILHUH PiV H[DFWDPHQWHDOJUDGRGH$SUHQGL]HQFXDQWR VHDSOLFDDFRORFDUHOQHyILWRHQHVWDGRGH 9HU  OD  /X ]3HURODWHRUtDHVYDQDVLQRFRQGXFHDODSUiFWLFDWDPELpQODDFFLyQVHLPSRQHDO ,QLFLDGRSRUHOKHFKRPLVPRGHTXHYHFODUR\QRHVXQFLHJRGLVSHQVDGRGHWUDEDMDU3RU HVWRHVTXHHO&RPSDxHURHVWiPiVHVSHFLDOPHQWHOODPDGRDSUHSDUDUVHSDUDODDFFLyQSRUOD FXOWXUDUD]RQDGDGHVXIXHU]DGHYROXQWDG'HEHWHUPLQDUGHLQVWUXLUVH\DSUHQGHUDTXHUHU (O&LQFHO\HO0D]RVRQGRV~WLOHVDOWDPHQWHVLJQLILFDWLYRVDHVWHUHVSHFWR 6HJXQGR9LDMH /D FDSDFLGDGGHWUDEDMDUQRVH DGTXLHUHVLQRFRQOD FRQGLFLyQGHHMHUFLWDUOD GHVGH OXHJR FRQ QRVRWURV PLVPRV 1XHVWUD LQWHOLJHQFLD \ QXHVWUD 9ROXQWDG GHEHQ DSOLFDUVH D QXHVWURSURSLRSHUIHFFLRQDPLHQWRDQWHVTXHQRVVHDSHUPLWLGRDPELFLRQDUXQDDFFLyQPiV H[WHQVD (O &RPSDxHUR HVWi OHMRV VLQ HPEDUJR GH HVWDU FRQGHQDGR D XVDU VRODPHQWH HO &LQFHO \ HO 0D]R (VWRV LQVWUXPHQWRV VRQ VLQ GXGD SDUD pO GH XQD FDSLWDO LPSRUWDQFLD SXHVFRQHOORVWUDEDMDORVPDWHULDOHVSDUDSXOLUORV3HURVRQLQGLVSHQVDEOHVRWURV~WLOHVSDUD OD FRPSUREDFLyQ \FRQWUROGHOWUDEDMRHIHFWXDGRJUDFLDVD ORVGRVSULPHURV(QWUHHOORVOD 5HJOD \HO &RPSi VVRQORVPiVQHFHVDULRVSXHVEDVWDQHOORVVRORVSDUDFRQVWUXLUWRGDVODV ILJXUDV JHRPpWULFDV VLQ H[FHSFLyQ 3HUR GHVGH HO SXQWR GH YLVWD VLPEyOLFR FRQYLHQH FRQVLGHUDUORVFRPR ORVJHQHUDGRUHVGHODOtQHDUHFWD\GHOFtUFXOR/DXQDVXVFHSWLEOHGHVHU SURORQJDGD HQ ORV GRV VHQWLGRV KDVWD HO LQILQLWR HO RWUR FLUFXQVFULELHQGR XQ HVSDFLR OLPLWDGR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

5HJOD\&RPSiVLQVWUXPHQWRVGHWRGDFRQVWUXFFLyQJHRPpWULFD $GHPiVHQHOGRPLQLRPRUDOODULJLGH]GHODUHFWDQRVWUD]DXQDOtQHDGHFRQGXFWD GH OD FXDO QR GHEHPRV MDPiV GHVYLDUQRV $SDVLRQDGRV SRU XQ LGHDO VXSHULRU GHEHPRV WHQGHUVLQFHVDUDUHDOL]DUORSHURD~QVLQSHUGHUMDPiVGHYLVWDODSHUIHFFLyQSHUVHJXLGDQR SRGHPRVGHVHQWHQGHUQRVGHODV FRQGLFLRQHVUHDOHV HQODVFXDOHVYLYLPRVSRUTXHXQLGHDO DEVWUDFWRQRVHUHDOL]DVLQRHQODPHGLGDHQTXHVHDGDSWDDODVQHFHVLGDGHVFRQFUHWDV(VWDV QR QRV SXHGHQ VHU PHMRU UHYHODGDV TXH SRU HO FRPSiV FX\RV EUD]RV TXH VH VHSDUDQ D YROXQWDGSHUPLWHQPHGLUODUHODFLyQTXHH[LVWHHQWUHHO<2\HO 12<2HQWUHHOFHQWURGH QXHVWUDSHUVRQDOLGDG\ODFLUFXQIHUHQFLDGHWRGRDTXHOORTXHQRVHVGDGRDOFDQ]DU 5HJOD\&RPSiVHQVHxDQDVtDFRQFLOLDUOR$EVROXWR\OR5HODWLYR -DPiVFRORFDUHPRVGHPDVLDGRDOWRQXHVWURLGHDOSHURQRH[LMDPRVXQDUHDOL]DFLyQ TXLPpULFD (YLWHPRV FDHU HQ XQD LQWUDQVLJHQFLD GRFWULQDULD TXH VHUi LQ~WLO HQ OD YLGD SUiFWLFD (Q VXV FRQFHSFLRQHV HOHVStULWX QR HVWi GHWHQLGRSRU QLQJ~Q REVWiFXOR SHUR ORV TXHODPDWHULDQRVRSRQHGHEHQVHUPHGLGRV\YHQFLGRVFRQXQDSDFLHQFLDLQJHQLRVD 7HUFHU9LDMH 3DUD LQGLFDU VXSDSHO LQWHOHFWXDO \ HQFLHUWD PDQHUD SDVLYR OD 5HJOD \ HO&RPSiV VRQWRPDGRVFRQODPDQRL]TXLHUGDQRSDVDORPLVPRFRQOD3DODQFDLQVWUXPHQWRDFWLYR SRU H[FHOHQFLD TXH QR SXHGH XVDUVH VLQR FRQ OD PDQR GHUHFKD ELHQ TXH HV QHFHVDULR WRPDUODFRQODVGRVPDQRV\FDUJDUWRGRHOSHVRGHOFXHUSRFXDQGRPDVDVSHVDGDVGHEHQ VHUUHPRYLGDV1DGDUHVLVWHGHVGHOXHJRDO SRGHUTXHOD3DODQFDVLPEROL]DHQOD,QLFLDFLyQ SRU OR TXH $UTXtPHGHV SDUHFH KDEHU KDEODGR FRPR LQLFLDGR FXDQGR SUHWHQGtD SRGHU OHYDQWDU HO 0XQGR JUDFLDV DO LQVWUXPHQWR GHO FXDO DFDEDED GH GHVFXEULU OD OH\ GH VX DSOLFDFLyQ 3HUR ¢&XiO HV HO SRGHU PLVWHULRVR \ HQ FLHUWD PDQHUD LOLPLWDGR FRQ HO FXDO HO &RPSDxHUR HVWi OODPDGR D VHU LQYHVWLGR" ¢4Xp VRUWLOHJLRV HPSOHDUi SDUD SRQHU HQ PRYLPLHQWR KDVWD ODV URFDV PiV LQHUWHV" ¢&yPR HMHUFLWDUi XQD DFFLyQ VREHUDQD WDQ HVWXSHQGDFRPRSURIXQGD\IDWDOPHQWHLUUHVLVWLEOH" (VWDV SUHJXQWDV VH UHILHUHQ DO VHFUHWR PiV IRUPLGDEOH GH OD )UDQF0DVRQHUtD 6LQ WUDLFLRQDUOR QRV HV SHUPLWLGR DILUPDU TXH XQD YROXQWDG LQTXHEUDQWDEOH LQWHOLJHQWH \



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R GHVLQ WHU HVD GD WULXQIDGHWRGDVODVFRVDV(VFLHUWRHQHIHFWRTXHXQDYROXQWDGYROXEOHHV LPSRWHQWHSXHVQRVHUiFDSD]GHJHQHUDUQLQJXQDHQHUJtD)LUPHSHURDSDVLRQiQGRVHSRU OR DEVXUGR OD IXHU]D FRQVLGHUDEOH TXH HOOD GHVSOLHJD VH HQFXHQWUD GHVYLDGD SXHVWD HQ WUDEDMRDSXUDSpUGLGD6LHOHJRtVPRODLQVSLUDSURGXFHLQIDOLEOHPHQWHXQD FDWiVWURIH8QD YROXQWDG FRQVWDQWH FDOPDGD SHUR YLJRURVD \ VREUH WRGR LOXVWUDGD VH LPSRQGUi SRU HO FRQWUDULRLQYHQFLEOHPHQWHVLWRPDFRPRVXSXQWRGHDSR\RODDEQHJDFLyQDEVROXWDSRUXQD FDXVDHOHYDGDQREOH\JHQHURVD 8Q LQVWUXPHQWR GH OD LPSRUWDQFLD GH OD 3DODQFD QR SRGUi VHU FRQILDGR VLQR D ORV &RPSDxHURVFRQVFLHQWHV3RUHVWRQRODREWLHQHQVLQRGHVSXpVGHKDEHUKHFKRVXVSUXHEDV FRQ HO &RPSiV \ OD 5HJOD &XDQWRPiVIRUPLGDEOH HV VX SRGHU WDQWR PiV KD\TXH YHODU SDUD TXH QR VH DEXVH GH pO OD GHO ,QLFLDGR VH YROYHUtD FRQWUD pO VL DO DSOLFDUOD VXV LQWHQFLRQHVQRIXHUDQGHXQDSXUH]DDEVROXWD~QLFDPHQWHLQVSLUDGDVHQOD5HJODLQIOH[LEOH TXHGHEHDSR\DUFRQWUDVXFRUD]yQSDUDTXHVHOHDXWRULFHDXVDUOD3DODQFD &XDUWR9LDMH 1R GHEH KDEHUQDGD GH WRUWXRVR HQ OD FRQGXFWDGHXQ )UDQF0DVyQ7ULXQIDUi SRU OD UHFWLWXGPDUFKDQGRVLHPSUHHQOtQHDUHFWDFRQUHVROXFLyQIUDQTXH]D\OHDOWDGGHVGHxDQGR WRGDVODVDVWXFLDVREOLFXDV/D 5HJOD OHUHFXHUGDHVWD WiFWLFDFRQVWDQWHTXHGHEHREVHUYDUHQ WRGR OR TXH pO HPSUHQGD 3RU HVWR HO &RPSDxHUR FRQVHUYD HVWH LQVWUXPHQWR GLUHFWRU D~Q FXDQGRGHMROD3DODQFDSDUD UHHPSOD]DUODSRUOD(VFXDGUD (VWDSHUPLWHFRPSUREDUPLQXFLRVDPHQWHHOFRUWHGHILQLWLYRGHODVSLHGUDVTXHVyOR SXHGHQ DMXVWDUVH HQWUH Vt FRQ H[DFWLWXG D FRQGLFLyQ GH VHU HVWULFWDPHQWH UHFWDQJXODUHV (VWDQGRORVPDWHULDOHVUHJXODUPHQWHDHVFXDGUDHQWRGDVVXVFDUDVODPXUDOODVHFRQVWUX\H FRPRSRUVtVROD FRQODD\XGDGHO1LYHO\GHOD3HUSHQGLFXODUSHURHVQHFHVDULRTXHWRGR HVWpHVFUXSXORVDPHQWHDHVFXDGUDVLQHVWROD DOEDxLOHUtDQRHVGLJQDGHHVWHQRPEUH (V HVHQFLDO TXH WRGD SLHGUD VHD SURSRUFLRQDGD HQ VXV WUHV GLPHQVLRQHV FX\DV PHGLGDVVH GHWHUPLQDQSRUPHGLRGH ODVGLYLVLRQHVGH OD 5HJODHVSHFLDOPHQWH JUDGXDGDV SDUDHVWR1RVHUtDSRVLEOHLPDJLQDUVHOD3 LHGU D &~ ELFD FRPRXQFXERJHRPpWULFRSXHVXQ EORFN ULJXURVDPHQWH LJXDO SRU WRGDV SDUWHV QR VH SUHVWDUtD SDUD OD FRQVWUXFFLyQ VHUtD OD LPDJHQGHO+RPEUHWLSRUHDOL]DQGRODSHUIHFFLyQ\WDQELHQHTXLOLEUDGRHQWRGDVODVFRVDV TXH QR WHQLHQGR QHFHVLGDG GH QDGLH SHUPDQHFHUtD DLVODGR VLQ VHQWLU OD QHFHVLGDG GH DVRFLDUVHFRQRWURQLD~QFRQVXVHPHMDQWH$GHPiVHO0 QRVHSHUIHFFLRQDVLQRHQYLVWD GHSRGHUVHU~WLO\FRQHVWHILQQRGHEHWHPHUHVSHFLDOL]DUVHHQWHQGHUVHSRUFRQVLJXLHQWH HQXQVHQWLGRPiV TXH HQRWURYHODQGRSRUHQFRQWUDUVH VLHPSUH UHFWDQJXODUPHQWHFRQ VX SUyMLPR 4XLQWR9LDMH +DELHQGRSHUPLWLGROD5HJOD\OD(VFXDGUD FRPSUREDUTXHOD3LHGUDHVWiWHUPLQDGD TXH HV LPSHFDEOH HQVXIRUPD \GLPHQVLRQHVHO&RPSDxHUR HV LQLFLDGR HQXQ JpQHUR GH WUDEDMRVTXHVHFXPSOHQVLQODD\XGDGHQLQJ~Q~WLOKDVWDOD5HJODHVDKRUDVXSHUIOXD (IHFWLYDPHQWHOLEUHGHWRGRVORVYLFLRVSURIDQRVQRWHQLHQGRGHQWURGHVtHOPHQRU JHUPHQHO,QLFLDGRPRGHODGRSDUDODVH[LJHQFLDVGHXQDYLGDVXSHULRUQRHVWiVRPHWLGR HQHIHFWRDQLQJXQDPROHVWLD+DOOHJDGRDVHUVREHUDQDPHQWHOLEUH\VXYROXQWDGTXHHV



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR EXHQD QR SXHGH VLQR OOHYDUOR D DFWRV FRQIRUPH FRQ VX WDUHD GH 2EUHUR GHO 3URJUHVR 'HVSXpVGHKDEHUHPSOHDGRWRGDVXDFWLYLGDGHO&RPSDxHURGHEHILQDOPHQWHFRQVDJUDUVH DODFRQWHPSODFLyQHVGHFLUDODHODERUDFLyQLQWHULRUGHODVREVHUYDFLRQHVUHFRJLGDVHQHO FXUVR GH VXVYLDMHV (VWDV VRQ H[SORUDFLRQHV TXH WLHQGHQD REWHQHU DEXQGDQWHV PDWHULDOHV FX\D DVLPLODFLyQ QR SRGUtD HIHFWXDUVH DO PRPHQWR (V XQD GLJHVWLyQ LQWHOHFWXDO TXH VyOR SHUPLWH DSURSLDUVH ODV QRFLRQHV GHELGDV D HVIXHU]RV GH DWHQFLyQ GH DKt HO FDUiFWHU PHGLWDWLYRGHO~OWLPRYLDMHGHOREUHUROODPDGRDFRQVWUXLUVXSURSLRHGLILFLRPHQWDO 7RGRYLDMHVHHIHFW~DHQ/RJLDDLPLWDFLyQGHOWUD\HFWRGLDULRGHO6RO3DUWLHQGRGHO 2FFLGHQWH HO YLDMHUR VH KXQGH HQ OD QRFKH GHO 6HSWHQWULyQ SDUD DOFDQ]DU HO 2ULHQWH \ UHJUHVDU SRU HO 0HGLRGtD (O 2FFLGHQWH HV HO GRPLQLR GH OD VHQVDFLyQ GH OD REVHUYDFLyQ GLUHFWD GH ORV IHQyPHQRV FX\R FRQMXQWR VH DO]D DQWH HO HVStULWX FRPR OD IDFKDGD GH ODV DSDULHQFLDV WUDV OD FXDO VH RFXOWD OD HQLJPiWLFD UHDOLGDG 3DUD FRQFHELU HVWR DUULHVJDPRV KLSyWHVLVDYHQWXUiQGRQRVHQEUXPDVWHyULFDV\HVSHFXODWLYDV1RUWH/XQD,PDJLQDFLyQ  (O 2ULHQWH SUR\HFWD HQ VHJXLGD XQD FODULGDG FUtWLFD TXH GHVLOXVLRQD TXH LQFLWD D UHJUHVDU SRU HO VHQGHUR DUGLHQWH TXH LOXPLQD LPSODFDEOHPHQWH HO 6RO GH 0HGLRGtD UD]RQDPLHQWR ULJXURVRHVStULWXFLHQWtILFR (OFLUFXLWRVHFRQWLQ~DVLQGHWHQHUVHSRUTXHSDUDFRQTXLVWDUOD OX]VHQHFHVLWDSDVDUVXFHVLYDPHQWHGHORVKHFKRV2FFLGHQWH DVXLQWHUSUHWDFLyQKLSRWpWLFD 1RUWH  GHVSXpV GH SURFXUDU XQD VLQWHWL]DFLyQ LQIUXFWXRVD 2ULHQWH  TXH REOLJD D XQ PLQXFLRVRH[DPHQUDFLRQDO0HGLRGtD  (OVDEHULQLFLiWLFRVHOLEDSXHVFRPRODPLHOTXHWHQtDVXSDSHOHQORVPLVWHULRVGH 0LWKUD3HURSDUDSRVHHUWDQWRODWHRUtDFRPR ODSUiFWLFDHOREUHURVHLQVWUX\HHQVX$UWH (QHOFXUVRGHVXVYLDMHVVHHQULTXHFHFRQWRGRVORVSHUIHFFLRQDPLHQWRVDSRUWDGRV DO WUDEDMR ORV REUHURV PiV KiELOHV OR KDFHQ DSURYHFKDU GH VX H[SHULHQFLD 6yOR OH UHVWD FRRUGLQDU HQ VX HVStULWX ODV QRFLRQHV UHFRJLGDV GH HVWD PDQHUD SDUD HQFDPLQDUVH QDWXUDOPHQWHDOD0DHVWUtD 6DELHQGRUD]RQDUORTXHKDFHGLVFHUQLHQGRHOSRUTXpGHODVFRVDVDODOX]GHXQD HVWpWLFDUHILQDGDHVHQDGHODQWHHO$UWLVWDSHUIHFWRDXWRUL]DGRSDUDVHJXLUVXSURSLRJHQLR HPDQFLSiQGRVHGHODVPX\HVWUHFKDVUHJODVGHOVLPSOHRILFLR /D(VWUHOOD)ODPtJHUD $OWHUPLQDUVXTXLQWRYLDMH FRQODVPDQRVHQWHUDPHQWHOLEUHVHO&RPSDxHURVHKD GHELGR HVIRU]DU HQ SRQHUVH HQ HVWDGR GH UHFHSWLYLGDG HQ UHODFLyQ D FLHUWD OX] DPELHQWH LQYLVLEOHPHQWHGLIXQGLGDHQHOHVSDFLR6DEHUDWUDHUKDFLDVtHVDREVFXUD FODULGDGDILQGH VDWXUDUVH GH HOOD SURJUHVLYDPHQWH WDO HV HO VHFUHWR FDSLWDO GHO VHJXQGR JUDGR GH OD ,QLFLDFLyQTXHFRUUHVSRQGHDOYHUGDGHUR,OXPLQLVPR 3DUDGHVFXEULUHVWDOX]PLVWHULRVDHVQHFHVDULRVXELUVXDYHPHQWHSRUFLQFRJUDGDVGH FRORUHVGLIHUHQWHV\PDUFDGDVFDGDXQDSRUXQVLJQRSODQHWDULRSDUDOOHJDUDOD&iPDUDGHO 0HGLR HV QHFHVDULR VXELU SRU VLHWH JUDGDV PLVWHULRVRV SHUR GHVGH OD TXLQWD FRPLHQ]D OD LOXPLQDFLyQFDUDFWHUtVWLFDGHOJUDGRGH&RPSDxHUR  /DSULPHUDHVQHJUD\OOHYDHOVLJQRGH6DWXUQR+DFHDOXVLyQDODSXULILFDFLyQSRUOD 7LHUUD  \ D OD QHFHVLGDG GH SURIXQGL]DU ODV FRVDV VLQ GHMDUVH GHWHQHU SRU VXV DSDULHQFLDV H[WHUQDV



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR /DVLJXLHQWHHVD]XO\FRQVDJUDGDD-~SLWHU5HFXHUGDODSXULILFDFLyQSRUHO $LUH \OD REOLJDFLyQGHO,QLFLDGRGHVHSDUDUORVXWLOGHORGHQVRORVLJQLILFDGRGHOVLJQLILFDQWH\HO HVStULWXYLYLILFDQWHGHODOHWUDPXHUWD /D WHUFHUD HV YHUGHFRORUGH 9HQXV 6H UHILHUH D OD SXULILFDFLyQSRU HO$JXDTXH WLHQHSRUHIHFWRODYDUHOHVSHMRPHQWDOGRQGHVHUHIOHMDQODVFRQFHSFLRQHVGHORLQWXLWLYR WDQELHQTXHVHOOHJXHDFRQVLGHUDUORSXUR /DFXDUWDHVURMDHQKRQRUGH0DUWH&RUUHVSRQGHDODSXULILFDFLyQSRUHO )XHJRHQ RWURV WpUPLQRV D OD H[DOWDFLyQ GHO DUGRU LQWHUQR KDVWD OD LQYDVLyQ tJQHD GH WRGD OD SHUVRQDOLGDG (QFXDQWRDODTXLQWDJUDGRHOODHVWUDQVSDUHQWH\SRUFRQVLJXLHQWHLQFRORUDSRUTXH HVWiHQUHODFLyQFRQ0HUFXULR(OODQRHVDFFHVLEOHVLQRGHVSXpVGHODSXULILFDFLyQLQWHJUDO SRUORVFXDWUR(OHPHQWRVFRQGXFLGRVDODXQLGDGGHVXTXLQWDHVHQFLDFRP~Q /OHJDGRDHVWDDOWXUDHOLQLFLDGRQRFRUUHSHOLJURGHVHUGHVOXPEUDGRSRUODFODULGDG FHJDGRUDGHO6ROQLWDPSRFRHQFDQWDGRSRUORVGXOFHV UD\RVGH OD /XQDSXHVWRTXHVyOR WLHQHGHODQWHGHVtXQDSURIXQGLGDGGHOQHJURPiVDEVROXWR6LQHPEDUJRPLHQWUDVTXHVH HVIXHU]D HQ VRQGHDU ODV WLQLHEODV XQ SXQWR OXPLQRVR DSHQDV SHUFHSWLEOH DSDUHFH V~ELWDPHQWH5HVSODQGRUGHVGHOXHJRtQILPRHVSURQWRXQDHVWUHOODTXHFUHFHUiSLGDPHQWH SDUDUHVSODQGHFHUHQILQFRQXQDFODULGDGWDOTXHODRVFXULGDGVHGLVLSD(QHVWHPRPHQWR HO $VWUR PLVWHULRVR WRPD HO DVSHFWR GH XQ 3HQWDJUDPD )ODPtJHUR HQ FX\R FHQWUR VH GLVWLQJXHXQLGHRJUDPDTXHVHKDLQWURGXFLGRSRUODOHWUD*

OD(VWUHOOD)ODPtJHUDFRQODOHWUD*JUDEDGDHQHOSHQWDJUDPDRSHQWDOSKD (O3HQWDJUDPD /D (VWUHOOD TXH VH GHVFXEUH DO &RPSDxHUR GHILQLWLYDPHQWH YHQFHGRU GH ODV DWUDFFLRQHVHOHPHQWDOHVHVODGHOJHQLRKXPDQR 7LHQH FLQFR SXQWDV TXH FRUUHVSRQGHQ D OD FDEH]D \ D ORV FXDWUR PLHPEURV GHO KRPEUH3HURFRPRpVWRVGHEHQHMHFXWDUORTXHHOFHUHEURPDQGHHO3HQWDJUDPDOODPDGR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR WDPELpQ (VWUHOOD GHO 0LFURFRVPR HV HQ 0DJLD HO VLJQR GH OD 9ROXQWDG VREHUDQD TXH HV LUUHVLVWLEOHPHGLRGHDFFLyQGHO,QLFLDGR 3HUR SDUD TXH OD ILJXUD WHQJD HVWH YDORU GHEHVHU WUD]DGDHQ IRUPD TXH VH SXHGD GLEXMDUXQFXHUSRKXPDQRHQSRVLFLyQQRUPDOODFDEH]DHQDOWR

/D(VWUHOODGHO0LFURFRVPR (OFXHUSRKXPDQRIRUPDQGRXQDHVWUHOODGHFLQFRSLFRV ,QYHUWLGDOD HVWUHOOD GH FLQFR SXQWDVWRPD XQ VLJQLILFDGRGLDPHWUDOPHQWH RSXHVWR 1R HV PiV HO 3HQWDOID OXPLQRVR R OD (VWUHOOD GH ORV 0DJRV HPEOHPD GH OD OLEHUWDG DGTXLULGDRHOHVStULWXFRPDQGDQGRDODPDWHULDSXHVELHQHODVWURHVREVFXUHFLGRSRUORV LQVWLQWRV JURVHURV \ ORV DUGRUHV ODVFLYRV TXH VXE\XJDQ D ORV DQLPDOHV 6H YH SRU FRQVLJXLHQWHHOHVTXHPDGHODFDEH]DGHXQFKLYR

(O3HQWDJUDPDLQYHUWLGRRGLDEyOLFRIRUPDQGRXQDFDEH]DGHFDEUR 8QDPLVPDILJXUDVHDTXHHVWpGHUHFKDRLQYHUWLGDOOHJDDVHUDVtHOVtPERORGHOR TXH HV PiV QREOH HQ OD +XPDQLGDG R EUXWDOPHQWH LQVWLQWLYR HQ ORV DQLPDOHV 8QD IXHU]D



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR XQLYHUVDOLGpQWLFDHVWiGHVGHOXHJRHQMXHJRHQORVGRVFDVRVHOODVHDGDSWD\VHSRODUL]D LQYHUWLGDPHQWHHVRHVWRGR /D/HWUD* 3XHGH XQR SUHJXQWDUVH SRU TXp DQRPDOtD OD VpSWLPD OHWUD GHO DOIDEHWR ODWLQR LQWHUYLHQHHQXQVLPEROLVPRTXHGHELHUDVHUHVWULFWDPHQWH XQLYHUVDO(VYHURVtPLOTXH XQ VLJQRGHXQYDORUVLPEyOLFRPiVJHQHUDOPDUFDUDSULPLWLYDPHQWHHOFHQWURGHODJUDQOX]GH ORV,QLFLDGRV(OLGHRJUDPDDOTXLPLVWDGHOD6DOFtUFXORFRQXQDOtQHDKRUL]RQWDO GHVSXpV GHKDEHUVLGRDELHUWRDODPDQHUDGHOQ~PHURSXHGHKDEHUFRQGXFLGRDQXHVWUD*SHUR ¢1RFRQYHQGUtD PiV UHODFLRQDUHVWHFDUiFWHUDOIDEpWLFRDOVtPERORGH OD IHFXQGDFLyQYLWDO FtUFXOR FRQ XQD FUX] GHQWUR  GH OD FXDO GHULYD OD DQWLJXD FUX] OODPDGR 6ZDVWLND" (VWD UXHGDGHOPRYLPLHQWRXQLYHUVDOHQODFXDOHO)XHJRDQLPDGRURFXSDUtDFRQMXVWRWtWXORHO FRUD]yQGHOD(VWUHOOD)ODPtJHUD1RKD\SRUORGHPiVUHIHUHQFLDGHpVWDHQQLQJ~QULWXDO DQWHULRUDpSRFDHQODFXDOHVWHHPEOHPDIXHDGRSWDGRSRUODV/RJLDVIUDQFHVDVPX\ LQIOXHQFLDGDV HQ HVH HQWRQFHV SRU OD ILORVRItD KHUPpWLFD /RV 0DVRQHV GHO VLJOR ;9,,, SURIHVDURQLQPHGLDWDPHQWHDGHPiVXQDHVSHFLHGHFXOWRSRUODOHWUD*HQUHFXHUGRGHOD FXDOHQORVWpUPLQRVGHORVPiVDQWLJXRVFDWHFLVPRVIUDQFHVHVGHFODUDEDQKDEHUVHKHFKR UHFLELU&RPSDxHURV(QFXDQWRDODVLJQLILFDFLyQGHHVWDOHWUDHVQHFHVDULREXVFDUODHQODV SDODEUDV*ORULD*UDQGH]D\*HRPHWUtD*ORULDSDUD'LRV*UDQGH]DSDUDHO0DHVWURGHOD /RJLD\*HRPHWUtDSDUDORVKHUPDQRV ³¢1RWLHQHDGHPiVRWURVLJQLILFDGR"´LQWHUURJDEDHQVHJXLGDHO9HQHUDEOH\VHOH UHVSRQGtD ³0iVJUDQGHTXH9RVPX\9HQHUDEOH0DHVWUR´  ³< ¢4Xp SXHGH VHU PiV JUDQGH TXH \R TXH VR\ 0DHVWUR GH XQD /RJLD MXVWD \ SHUIHFWD"´  ³'LRV PLVPR GH TXLHQ HVWD OHWUD LQGLFD HO QRPEUH GH OD SDODEUD *RG TXH HV LQJOHVD´ 1RKDQIDOWDGRP~OWLSOHVH[SOLFDFLRQHVGHVGHHOPLVWHULRVRPRQRJUDPDHTXLYDOHQWH DO*DPPDJULHJR\DO*LPPHO)HQLFLRHVSHFLHGHYLQYHUWLGD TXHGLVHxDQXQDHVFXDGUD\ WLHQHQHOWHUFHUOXJDUHQHODOIDEHWRSULPLWLYR *HRPHWUtD 3RU SRFR TXH VH OH FRPSOLTXH DO 2EUHUR HO WDOODGR GH ODV SLHGUDV OH HV LPSRVLEOH WUDEDMDUODVVLQRHVFDSD]GHUHVROYHUFLHUWRVSUREOHPDVGHJHRPHWUtD(VWDFLHQFLDODTXLQWD VHJ~Q OD FODVLILFDFLyQ DQWLJXD KD VLGD HQ RWURV WLHPSRV PX\ KRQUDGD HQWUH ORV 0DVRQHV TXHYHtDQHQHOODODWHRUtDUDFLRQDO\HQFLHUWDPDQHUDODILORVRItDGHVX$UWH6XHVWXGLRQR VHOLPLWDEDVRODPHQWHDODPHGLGDGHODVGLIHUHQWHVFODVHVGHVXSHUILFLHV\GHVyOLGRVSXHV GHVSXpV GH KDEHUORV JXLDGR HQ VX SUiFWLFD FRQVWUXFWLYD OD JHRPHWUtD GHEtD WRGDYtD LOXVWUDUORV VREUH ORV PLVWHULRV GH OD FRQVWUXFFLyQ GHO PXQGR /DV ILJXUDV JHRPpWULFDV OOHJDEDQDVHUHQHVWRORVVtPERORVUHYHODGRUHVJUDFLDVDODVHVSHFXODFLRQHVEDVDGDVVREUH ORVQ~PHURV\VREUHODVIRUPDV(VHQHIHFWRXQD*HRPHWUtDSXUDPHQWHLQLFLiWLFDFX\RV WHRUHPDVVHDSOLFDQDODVFXHVWLRQHVPiVDUGXDVGHODPHWDItVLFD\GHODRQWRORJtD3LWiJRUDV ODVSRQGHUDED\3ODWyQHVWDEDSHUVXDGLGRTXHVRODPHQWHORV,QLFLDGRVHQHOVHJXQGRJUDGR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR SRGtDQFRPSUHQGHUHODOFDQFHGHVXVHQVHxDQ]DVUD]yQGHODIDPRVDLQVFULSFLyQWUD]DGDHQ ODSXHUWDGHVXHVFXHOD³1DGLHHQWUDDTXtVLQRHVJHyPHWUD´ (VWD PLVPD JHRPHWUtD WUDVFHQGHQWDO TXH KDFH KDEODU D ORV DQWLJXRV LGHRJUDPDV SURSRUFLRQDEDHQ0DVRQHUtDODOODYHGHOVXSUHPRHVRWHULVPRSRUORTXHGHEHVHUSRVHtGDD IRQGRSRUHO&RPSDxHURTXHDVSLUDDOD0DHVWUtD(QFXDQWRDFLHQFLDGHOD&RQVWUXFFLyQ 8QLYHUVDOOD*HRPHWUtDPDVyQLFDHVDGHPiVSDUWLFXODUPHQWHLPSRUWDQWHEDMRHOSXQWRGH YLVWD PRUDO (QVHxD D IRUPDU D ORV KRPEUHV HQ YLVWD GH VX YRFDFLyQ GHVSXpV D XQLUORV DUPyQLFDPHQWHSDUDVXUHFtSURFDIHOLFLGDG(VODFLHQFLDVRFLDOHQODPiVDOWDDFHSFLyQGHOD SDODEUD OD TXH PHUHFH WHQHU HO SULPHU OXJDU HQ ODV SUHRFXSDFLRQHV GH WRGR YHUGDGHUR 0DVyQ (Q OD VHULH GH ODV &LQFXHQWD HVWDPSDV IORUHQWLQDV OODPDGDV ³FDUWDV GH %DOGLQL´ JUDEDGDVVLQRSRUHOSURSLR0DQWHJQDDORPHQRVSRUXQRGHVXVDOXPQRVOD*HRPHWUtD ILORVyILFD HVWi UHSUHVHQWDGD EDMR HO DVSHFWR GH XQD MRYHQ TXH DUUHEDWDGD SRU VREUH ODV QXEHVVHDEVRUEHHQHVSHFXODFLRQHVLQVSLUDGDVSRUHO&tUFXORHO7ULiQJXOR\HO&XDGUDGR ILJXUDVIXQGDPHQWDOHVHQLGHRJUDItDDOTXtPLFD

/D*HRPHWUtDVHJ~Q0DQWHQJD *HQHUDFLyQ 6tFRPRDQWLJXDPHQWHOD0DVRQHUtDQRFRQVWUX\HUDVLQRFRQPDWHULDOHVLQHUWHVORV FRQRFLPLHQWRV WHyULFRV GHO 0DVyQ SRGUtDQ OLPLWDUVH D OD *HRPHWUtD 3HUR HO 7HPSOR VH FRQVWUX\HFRQODD\XGDGHSLHGUDVYLYDV\VXHGLILFDFLyQVHSURVLJXHVHJ~QODVOH\HVGHOD ILVLRORJtD (VWD QRV HQVHxD FyPR VH GHVDUUROODQ ORV VHUHV DQLPDGRV TXH SURFHGHQ GH XQ JHUPHQ (O ,QLFLDGR GHEH SXHV SURIXQGL]DU ORV PLVWHULRV GH OD *HQHUDFLyQ  VL GHVHD SDUWLFLSDU~WLOPHQWHHQHOWUDEDMRGHOD&RQVWUXFFLyQ8QLYHUVDO



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R /H FRUUHVSRQGH HQ SDUWLFXODU GLVFHUQLU DFHUFD GH ORV GRV IDFWRUHV TXH VH DVRFLDQ SDUD OD JHQHUDFLyQ GH WRGR VHU HVWiQ GH XQD SDUWH XQD HQHUJtD DFWLYD FRQFHQWUDGD TXH WLHQGHDGHVHQYROYHUVHDILQGHFRQVWUXLUVHXQRUJDQLVPRVXVFHSWLEOHGHFXPSOLUODIXQFLyQ TXHHVVXUD]yQGHVHU(VWHHVStULWXGHLQLFLDWLYDGHDPELFLyQGHFRQTXLVWD\GH H[SDQVLyQ LQPRGHUDGDWLHQHSRUVtPEROROD&ROXPQD% DODFXDOKDFHSHQGDQW\HQFLHUWDPDQHUD FRQWUDSHVDOD&ROXPQD- (VWDUHSUHVHQWDHQHIHFWRODFRQWHQFLyQOLPLWDWLYDVLQODFXDO OD HQHUJtD PiV JHQHURVD VH PDOJDVWDUtD D SXUD SpUGLGD DGHPiV TXH QR SRGUtD VHU FRQVHUYDGD JREHUQDGD \ DSOLFDGD MXLFLRVDPHQWH VLQ TXH ORV LPSHWXRVRV HVIXHU]RV HVWpQ GHELGDPHQWHGLVFLSOLQDGRV\VHFRRUGLQHQVDELDPHQWH 7RGDDFFLyQSHUVLVWHQWHGHVFDQVDDVtVREUHODVGRVFROXPQDVVLPEyOLFDVOHYDQWDGDV DWDQMXVWRWtWXORGHODQWHGHO7HPSORGHO* $ ' 8  (OODVUHSUHVHQWDQHO%LQDULRSHUSHWXDPHQWHFUHDGRUJUDFLDVDOFXDOVHHQJHQGUDVH GHVHQYXHOYH \ VH PDQWLHQH WRGR OR TXH GHEH QDFHU YLYLU GXUDU \ FXPSOLU VX GHVWLQR $GHPiVFRPRHO&RPSDxHURHVWiOODPDGRDFRODERUDUHQOD*UDQ2EUDGHEHSDUDD\XGDU ~WLOPHQWH D OD HGLILFDFLyQ GHO 3URJUHVR +XPDQR VDEHU LQWHUYHQLU FRQ LQWHOLJHQFLD HQ OD JpQHVLVGHODVFRVDV (OSRUYHQLUHVSUHSDUDGRSRU2EUHURVSHUVSLFDFHVTXHGHVGHxDQGRHO SUHVHQWH \ VXV VDWLVIDFFLRQHV HItPHUDV VDEHQ LQIOXHQFLDU HQ VXV JpUPHQHV ODV IXWXUDV IRUPDFLRQHVUHQRYDGRUDV(VQHFHVDULRUHPRQWDUVHDODVIXHQWHVPLVPDVGHOD*HQHUDFLyQ SDUDRSHUDUODVWUDQVPXWDFLRQHVDPELFLRQDGDVSRUHO$GHSWRGHDTXtODLPSRUWDQFLDGHOD VHJXQGDVLJQLILFDFLyQDWULEXLGDDODOHWUD* 1XHVWUDV GRV FROXPQDV WLHQHQ DGHPiV UHODFLyQ FRQ HO DQWLJXR &X OWR GH OD  *HQ HU D FLyQ  TXH IXH ODPDQLIHVWDFLyQUHOLJLRVD PiV XQLYHUVDOGHOD KXPDQLGDGSULPLWLYD SRUTXH HOPLVWHULRGH ODYLGD\GH VXWUDQVPLVLyQLQWULJyDORVKRPEUHVGHVGHTXH IXHURQ FDSDFHVGHUHIOH[LRQDU(OSRGHUSURFUHDGRUOHVSDUHFtDHQWRQFHVFRPRDOJRGLYLQR\HQVXV SULPHUDV DGRUDFLRQHV UHFXUUtDQ D SLHGUDV GH IRUPD IiOLFD HULJLGDV HQ DOWXUDV /RV ³PHQKLUHV´TXHFRPRVHVDEHFRQVLVWtDQHQPRQXPHQWRVIRUPDGRVSRUXQDSLHGUDODUJD FRORFDGDYHUWLFDOPHQWHWXYLHURQXQVLJQLILFDGRDQiORJRFRPRWDPELpQORV³REHOLVFRV´TXH VXJLHUHQODVFROXPQDVIXQGLGDVSRU +LUDPFX\DIRUPDUHFRQVWLWXLGDVHJ~QODVLQGLFDFLRQHV GHOD%LEOLDHVFDUDFWHUtVWLFD 7RGR OR TXH VH UHODFLRQD FRQ OD JHQHUDFLyQ FRQVHUYy VX FDUiFWHU VDJUDGR HQ WDQWR SUHYDOHFLHURQ ODV U HOLJLRQ HV GH YLGD  FX\R LGHDO HV WHUUHVWUH SHUR TXH YLQLHURQ D VHU VXSODQWDGDVSRUODVU HJLRQ HVGHPX HU WH SURPHWHGRUDVGHODVIHOLFLGDGHVGHXOWUDWXPED<OD 0DVRQHUtD SURFHGH GH ORV FXOWRV GH OD YLGD GH ORV TXH KD FRQVHUYDGR ORV VtPERORV (OOD HQVHxD D ORV KRPEUHV D FRQVWUXLUVH HQ OD WLHUUD VX IHOLFLGDG FROHFWLYD VLQ LPSHGLUOHV TXH FUHDQHQXQDYLGDIXWXUDVLWDOHVVXVHQWLU3HURODVSUHRFXSDFLRQHVGHOSRUYHQLUQRGHEHQ GLVWUDHU DO 0DVyQ GH VX DFWXDO WDUHD FRQVWUXFWLYD 9LYLU ELHQ OD YLGD WUDQVLWRULD GH DTXt DEDMRWDOHVHOGHEHULQPHGLDWR\PiVSDUWLFXODUPHQWHGHO&RPSDxHURFX\DUHOLJLyQHVOD GHO7UDEDMR\GHODDFFLyQ



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R

(O7DL.LK6tPERORIXQGDPHQWDOGHOD FRVPRJRQtD\GHODILORVRItDFKLQD (VWDGXDOLGDGHQFHUUDGDHQODXQLGDGGHO FtUFXORUHSUHVHQWDHO3ULQFLSLRJHQHUDGRU GHO8QLYHUVR\GHWRGRORTXHH[LVWH *UDYLWDFLyQ 3DUD TXH XQD FRQVWUXFFLyQ VHD VyOLGD GHEH WRPDUVH HQ FXHQWD ODV OH\HV GH OD SHQVDQWH] (O 8QLYHUVR PLVPR GHEH VX FRRUGLQDFLyQ DUPyQLFD \ VX HVWDELOLGDG D OD DWUDFFLyQTXHWRGRVORVFXHUSRVHMHUFHQORVXQRVVREUHORVRWURV /D *U D YLWD FLyQ TXHULJH DVtHOPXQGRItVLFROOHJDDVHUHQHOGRPLQLRPRUDOODLPDJHQGHHVWDIXHU]DGHFRKHVLyQ VLQ ODFXDOORVPDWHULDOHVYLYLHQWHVGHO HGLILFLR PDVyQLFR VH VHSDUDUtDQ 6LOD ,QLFLDFLyQ VH OLPLWDUD D FXOWLYDU OD LQWHOLJHQFLD HOOD OOHJDUtD D LOXVWUDU D LQGLYLGXRV DLVODGRV SHUR VHUi LQFDSD]GHKDFHUORVWUDEDMDUFROHFWLYDPHQWH6XREUDTXHGDUiDVtVLQDOFDQFHSUiFWLFRSXHV DLVODGDPHQWHHOKRPEUHQRUHDOL]DQDGDJUDQGHSRUTXHQRVHKDFHIXHUWH VLQRSRUODXQLyQ 3HURODXQLyQSHUPDQHQWHLQGLVSHQVDEOHDWRGDDFFLyQIHFXQGDVHEDVDVREUHHOSRGHUtRGH ORVVHQWLPLHQWRVTXHDQLPDQDORVPLHPEURVGHXQDPLVPDDVRFLDFLyQ+DKDELGRHQWRGRV ORVWLHPSRVHVFXHODVILORVyILFDVPX\LQWHUHVDQWHV\DJUXSDFLRQHVLQWHOHFWXDOHVPDVRPHQRV EULOODQWHVSHURORV3HQVDGRUHVQRKDQORJUDGRHMHUFHUXQDLQIOXHQFLDGHFLVLYDVLQRFXDQGR KDQ SRGLGR GLVSRQHU GH XQD RUJDQL]DFLyQ FRPR OD ) 0  (VWD HQ HIHFWR DJUXSD RSLQLRQHV SDUHFLGDV VLQR VHQWLPLHQWRV LGpQWLFRV (OOD H[LJH GH VXV DGHSWRV TXH VH DPHQ HQWUHVtKDVWDHOVDFULILFLRGHVXLQWHUpVSHUVRQDO\TXHHVWpQXQLGRVHQXQDPRUSURIXQGR SRUOD+XPDQLGDG(O$SUHQGL]QRSDVDDVHU&RPSDxHUR6LQRFXDQGROOHJDDKDFHUVHDSWR SDUDWRPDUSDUWHHQHOWUDEDMRFRP~QDVRFLiQGRVHQRWDQVyORSRUHOFRUD]yQVLQRWDPELpQ SRUHOHVStULWX(OSRGHUGHSHQVDUSHUPDQHFHHVWpULOPLHQWUDVQRVHDSR\DHQHOSRGHUGH DPDU(O0 GHEHSXHVGHVDUUROODUVXVIDFXOWDGHVDIHFWLYDVFRQHOILQGHREHGHFHUPHMRUD OD OH\ VREHUDQD TXH DSUR[LPD ODV DOPDV \ ODV JRELHUQD D OD PDQHUD GH XQD PLVWHULRVD *U D YLWD FLyQ FX\RVHIHFWRVUHSHUFXWHQLQHYLWDEOHPHQWHHQWRGDVODVPDQLIHVWDFLRQHVGHOD SHUVRQDOLGDGKXPDQD/DOHWUD*PHUHFHDVtVHUPHGLWDGDHQVXWHUFHUDVLJQLILFDFLyQWDQWR FRPRHQODVGRVSULPHUDV *HQLR (O&RPSDxHURTXHEDMRHOSXQWRGHYLVWDSVtTXLFR OOHJDDUHDOL]DUHOSURJUDPDGHVX JUDGRQR WUDEDMD PiV DLVODGDPHQWH6HVREUHSDVD HQORTXH HPSUHQGHFRPR VL HVWXYLHUH SRVHtGRGHXQDLQVSLUDFLyQTXHHQRWURWLHPSRKDEUtDQDWULEXLGRDORVGLRVHVDODVPXVDVD ORViQJHOHVDORVGHPRQLRVRDORVHVStULWXV(Q UHDOLGDGPLVWHULRVDVLQIOXHQFLDVOHIDFLOLWDQ VXFRQFXUVRSHURHOODVVH H[SOLFDQPX\QDWXUDOPHQWHSRUODDFFLyQSVLFROyJLFDTXHHMHUFH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR OD FROHFWLYLGDG VREUH WRGR LQGLYLGXR TXH KD VDELGR HQWUDU FRQ HOOD HQ XQD FRPXQLyQ HIHFWLYD1REDVWDSHUWHQHFHUDOD)UDQF0DVRQHUtDVLPSOHPHQWHGH FXHUSR SHUWHQHFLHQGRD XQD/RJLD\FXPSOLHQGRODVREOLJDFLRQHVPDWHULDOHVFRQWUDtGDVHQODLQLFLDFLyQ1RVHOOHJD D VHU YHUGDGHUR 0DVyQ VLQR SRU HO DOPD DO GHMDUVH SHQHWUDU SRU ODV YLEUDFLRQHV WUDQVIRUPDGRUDV GHODLQGLYLGXDOLGDGSURIDQD1RVHUHPRVYHUGDGHURV2EUHURVGH OD *UDQ 2EUDVLQRFXDQGRQXHVWUDHQWLGDGLQWHOHFWXDO\PRUDOYLEUHDOXQtVRQRFRQODJUDQDOPDGH OD )UDQF0DVRQHUtD &DGD XQR GH QRVRWURV HQ HVWR GHEH DVSLUDU DO *HQLR TXH EDMR XQD IRUPDXRWUDQRSXHGHGHMDUGHVHUODKHUHQFLDGHWRGR&RPSDxHURDXWpQWLFR *QRVWLFLVPR*QRVLV  &RPSDxHUR HV VLQyQLPR GH DVRFLDGR 1R VH SRGUtD VHU &RPSDxHUR VLQ WHQHU FRPSDxHURVGHWUDEDMR\VLQFRQVWLWXLUFRQHOORVXQDFROHFWLYLGDGXQLWDULDEDMRHOSXQWRGH YLVWD SVtTXLFR (VWD FROHFWLYLGDG REUD VREUH HO LQGLYLGXR GH PDQHUD TXH OD OX] JHQHUDO UHSHUFXWD HQ FDGD LQWHOHFWXDOLGDG SDUWLFXODU HQ OD PHGLGD HQ TXH pVWD KD VDELGR KDFHUVH UHFHSWLYD 7RGR YHUGDGHUR ,QLFLDGR VH EHQHILFLD DVt GH XQD LOXPLQDFLyQ TXH OH SHUPLWH FRQTXLVWDU HO *QRVWLFLVPR HV GHFLU HO &RQRFLPLHQWR FDUDFWHUtVWLFR GH WRGR HVStULWX TXH KD\DVDELGRSHQHWUDUORVPLVWHULRVGHOD,QLFLDFLyQ(VWRVSUHVHQWDQODSDUWLFXODULGDGGHVHU HVWULFWDPHQWH LQFRPXQLFDEOHVHVQHFHVDULRGHVFXEULUORVSRUVtPLVPRSDUDSRVHHUORV6RQ VHFUHWRVTXHHVFDSDQDWRGDGLYXOJDFLyQSXHVOOHYDQHQVtYHUGDGHVGHXQRUGHQILORVyILFR WDQHOHYDGRTXHODSDODEUDHVLPSRWHQWHSDUDWUDGXFLUORV 7DPELpQ D ILORVRItD LQLFLiWLFD QR KD VLGR MDPiV IRUPXODGD HQ QLQJ~Q OHQJXDMH FRQRFLGR QR KD\ TXH EXVFDUOD HQ QLQJ~Q WH[WR HVFULWR QL D~Q HQ ODV SiJLQDV WDQ VLQFHUDPHQWH UHGDFWDGDV FRPR ODV SUHVHQWHV TXH VH RIUHFHQ DO XVR GH DTXHOORV TXH KDQ GHELGR YHU OD (VWUHOOD )ODPtJHUD (O *QRVWLFLVPR QR VH DGTXLHUH VLQR D IXHU]D GH PHGLWDFLRQHV SHUVRQDOHV VREUH ORV P~OWLSOHV VtPERORV FX\R VHQWLGR RFXOWR VROLFLWDQ DO HVStULWXTXHDGLYLQH1XQFDVHLQVLVWLUiGHPDVLDGRDFHUFDGHTXHXQDVXSUHPDHQVHxDQ]DVH GHVSUHQGH SDUD HO 3HQVDGRU DGYHUWLGR GHO FRQMXQWR GH QXHVWUR VLPEROLVPR 6HSDPRV HQFRQWUDU OD VLJQLILFDFLyQ PiV SURIXQGD \ QXHVWUR HQWHQGLPLHQWR VH LOXPLQDUi GH XQD UDGLDQWHFODULGDGGHFRPSUHQVLyQ(QWRQFHVSRVH\HQGRHO*QRVWLFLVPRQRVVHUiSHUPLWLGR DILUPDUTXHFRQRFHPRVODOHWUD* (O-XUDPHQWRGHO&RPSDxHUR (O$SUHQGL]KDFRQWUDtGRHOFRPSURPLVRGHJXDUGDUVLOHQFLRDQWHORVSURIDQRVGH VRPHWHUVHDODVOH\HVGHOD)UDQF0DVRQHUtD\ GHDPDUDVXVKHUPDQRV(O&RPSDxHURQRVH FRQWHQWD FRQ UDWLILFDU DFHUFD GH HVWRV GLYHUVRV SXQWRV VX SULPHUD REOLJDFLyQ SXHV KD\ HO GHUHFKRGHSHGLUDO0DVyQLQVWUXLGRORTXHQRHVSRVLEOHH[LJLUDOSULQFLSLDQWH (VDVtTXHHO&RPSDxHURGHEHUiUHGREODUODGLVFUHFLyQ\JXDUGDUVHHQSDUWLFXODUGH TXHUHUH[SOLFDUDORV$SUHQGLFHVORTXHpVWRVQRSXHGDQFRPSUHQGHU(VQHFHVDULRGHMDUTXH HYROXFLRQH FDGD HVStULWX VLQ SUHWHQGHU TXH ODV LQWHOLJHQFLDV SDVHQ SRU DOWR ODV HWDSDV GH FRPSUHQVLyQTXHOHVVRQQHFHVDULDV 1RLPSRQJDPRVMDPiVQXHVWUDPDQHUDGHYHU\VHSDPRVFRORFDUQRVDODDOWXUDGH ORVTXHKDQDYDQ]DGRPHQRVTXHQRVRWURV



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR /DGLVFLSOLQDGHOVLOHQFLRGHEHVREUHWRGRREOLJDUDO$SUHQGL]RQRGHVSHUGLFLDUVXV IXHU]DV PHQWDOHV HQ SUHPDWXUDV FKDUODWDQHUtDV 1R VH OOHJD D VHU XQ EXHQ 3HQVDGRU VLQR SHQHWUDQGRHQVtPLVPR\HMHUFLWiQGRVHHQFRQFHQWUDUVXHQHUJtDLQWHOHFWXDO3RUHOKHFKR GH JXDUGDU HVFUXSXORVDPHQWH XQ VHFUHWR VH DVHJXUDQ DGHPiV ODV YHQWDMDV GH OD ILGHOLGDG KDFLD DTXHOORV TXH RV OR KDQ FRQILDGR (O 0DVyQ TXH IDOWD D OD GLVFUHFLyQ SURPHWLGD VH GHVOLJD GH OD 2UGHQ SRU HVWH VyORKHFKR \ UHQXQFLD D WRGRV ORV EHQHILFLRV LQWHOHFWXDOHV \ PRUDOHV GH OD IUDWHUQLGDG LQLFLiWLFD $GHPiV WRGD OD IXHU]D GHO &RPSDxHUR UHVLGH HQ VX SDUWLFLSDFLyQ HQ HO DOPD GH OD )UDQF0DVRQHUtD (O VLOHQFLR WLHQH SXHV SDUD pO XQD LPSRUWDQFLD FDSLWDO WDQWR PiV FXDQWR TXH HVWi OODPDGR D REUDU LQLFLiWLFDPHQWH HV GHFLU FRPRYHUGDGHURFRQVSLUDGRUGHOSHQVDPLHQWR\GHODYROXQWDG (Q OR FRQFHUQLHQWH D OD ILHO REVHUYDFLyQ GH ODV OH\HV HO &RPSDxHUR SURPHWH FRQGXFLUVHHQWRGDVODVFRVDVGHPDQHUDGHPHUHFHUVLHPSUHHOVHUSURSXHVWRFRPRHMHPSOR DORV$SUHQGLFHV (Q FXDQWR D OD DEQHJDFLyQ KDFLD VXV KHUPDQRV HVWi HQ DGHODQWH GLUHFWDPHQWH LQWHUHVDGRSXHVQRUHFLELUiQXQFDVLQRHQSURSRUFLyQDORTXHpOGp6LpOVHHQFLHUUDHQXQ HJRtVPRHVW~SLGRQRREWHQGUiMDPiVQLQJ~QEHQHILFLRUHDOGHOD)UDQF0DVRQHUtDHVWRHV GH XQD FHUWH]D PDWHPiWLFD 3DUD DTXHO TXH VHSD FRPSUHQGHU HJRtVPR ELHQ HQWHQGLGR \ DOWUXLVPRHVWiQSHUIHFWDPHQWHGHDFXHUGR7RGRVHUHVXPHDGHPiVSDUDHO&RPSDxHURHQ XQDVRODUHVROXFLyQODGHOOHJDUDVHUYHUGDGHUR,QLFLDGR\GHLQVWUXLUVHHQFRQVHFXHQFLDD ILQGHSRGHUFRQVDJUDUVHFRQWRGDVXDOPDDODREUDGHOD)UDQF0DVRQHUtD /D0DQHUDGH/OHYDUHO0DQGLO /XHJRGHKDEHUSUHVWDGRHOMXUDPHQWRGHOJUDGRHOQXHYR&RPSDxHURHVFRQVDJUDGR SRU FLQFR JROSHV GH PDOOHWH GHVSXpV VX YHVWLPHQWD PDVyQLFD HV OLJHUDPHQWH PRGLILFDGD SRUTXHHQVXH[WHULRUQRVHGLIHUHQFLDPD\RUPHQWHGHODGHXQ$SUHQGL] 6LHVWiPHQRVFXELHUWRSUHFLVDPHQWHHQODUHJLyQHSLJiVWULFDHVSRUTXHQRWLHQH\D TXH GHIHQGHUVH FRQWUD XQD H[FHVLYD LPSUHVLRQDELOLGDG 'HEtD FRPR $SUHQGL] WUDWDU GH WRPDUSRVHVLyQGHVtPLVPR&RPR&RPSDxHURHVWiHQDGHODQWHVXILFLHQWHPHQWHVHJXURGH VtPLVPRFRPRSDUDUHQXQFLDUDXQDLVODPLHQWRFRQFHQWUDWLYRGHPDVLDGRHVWULFWR $ILQGHKDFHUQXHYRVSURJUHVRVHO,QLFLDGRGHEHHQWUDUHQUHODFLyQFRQHOH[WHULRU WUD\HQGR KDFLD pO OD OX] GLIXVD GH OD FXDO OH FRUUHVSRQGH LPSUHJQDUVH D ILQ GH OOHJDU D WUDQVIRUPDUVH D Vt PLVPR HQ (VWUHOOD )ODPtJHUD (VWH HPEOHPD R PiV ELHQ HO VLPSOH SHQWDJUDPD OLQHDO SRGUi VHU WUD]DGR VREUH OD IDOGHWD GHO 0DQGLO GREODGR KDFLD DEDMR (O WULiQJXOR LQYHUWLGR

ILJXUD DGHPiV HO DJXD HO DOPD R OD VHQVLELOLGDG D OD LQYHUVD GHO

VtPERORGHOIXHJRGHOHVStULWXRGHODDFWLYLGDG (O $SUHQGL] GHELy OXFKDU FRQWUD ORV HOHPHQWRV FRQMXUDGRV PRVWUiQGRVH FRQVWDQWHPHQWHDFWLYR'HVSXpVGHKDEHUGRPDGRODVIXHU]DVLQYDVRUDVSXHGHGLULJLUODV\ VXE\XJDUODV WDO HV OD PLVLyQ GHO &RPSDxHUR TXLHQ SDUD REUDU FRQ HILFDFLD GHEH VDEHU YROYHUVH SDVLYR \ UHFHSWLYR FRQ GLVFHUQLPLHQWR SXHVWR TXH DTXHO TXH GHVHDUH GDU JHQHURVDPHQWHVLQUHFLELUHQSURSRUFLyQDORTXHGDVHDJRWDUiSURQWR3RUHVWRHOJUDGRGH &RPSDxHURHVHOGHODDFFLyQIHFXQGDTXHSURYHHODUHSDUDFLyQGHODVIXHU]DV\ODFDSWDFLyQ SRUHOLQGLYLGXRGHXQDHQHUJtDH[WHULRUDpO 'HOWD



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R

0DQGLOGH&RPSDxHURGHIRUPDSHQWDJRQDO\ DGRUQDGRFRQHOSHQWDJUDPD (O7DEDMR &XDQGR OH KDQ VLGR FRPXQLFDGRV DO &RPSDxHUR ORV PLVWHULRV WUDGLFLRQDOHV TXH OH SHUPLWHQKDFHUVHUHFRQRFHUHVFRQGXFLGRKDFLDORV+ + 9LJ TXHORH[DPLQDQ6yOR GHVSXpVGHHVWDSUXHEDVHOHSURFODPD&RPSDxHUR3HURORV³PLVWHULRV´GHTXHVHWUDWDQR VRQ VLQR VLPSOHPHQWH VLPEyOLFRV 3DUD VHU UHDOPHQWH UHFRQRFLGR FRPR ,QLFLDGR GHO VHJXQGR*UDGR VHUi QHFHVDULR TXH KDJD VXVSUXHEDV HQ IRUPD PiV VHULD (V DO SLH GH OD REUD GRQGH VH FRQRFH DO 0DVyQ \ HV SRU VX PRGR GH WUDEDMDU FRPR VH FRQILUPD HO &RPSDxHUR 3HUR ¢4Xp HV SUHFLVR HQWHQGHU SRU WU D ED MR HQ 0DVRQHUtD" 0X\ D PHQXGR ORV 0DVRQHV FRQIXQGHQ HO VtPEROR FRQ OD UHDOLGDG VH LPDJLQDQ KDEHU WUDEDMDGR PDVyQLFDPHQWH SRU HO KHFKR GH KDEHU VHJXLGR FRQ DVLGXLGDG ORV WUDEDMRV GH VX /RJLD KDFLHQGRKRQRUHQVXRSRUWXQLGDGD ORV³WUDEDMRVGH PDVWLFDFLyQ´£$\ORVTXH SLHQVDQ DVtQRFRQRFHQGHOD0DVRQHUtDVLQRODOHWUDPXHUWDWRGRORLJQRUDQGHOYHUGDGHURWUDEDMR LQLFLiWLFR (VWH ³WUDEDMR SRU H[FHOHQFLD´ DO FXDO VH FRQVDJUDURQ ORV 6DELRV GH WRGRV ORV WLHPSRV HVWi PX\ OHMRVGH OLPLWDUVH DO FXPSOLPLHQWRGH FHUHPRQLDV VLPEyOLFDVSRU PX\ SURIXQGDPHQWH VLJQLILFDWLYDV TXH VHDQ /D ³*UDQ 2EUD´ D OD FXDO QRV FRQYLGD OD )UDQF 0DVRQHUtD LPSOLFD HQ HIHFWR SDUWLFLSDFLyQ HIHFWLYD GH QXHVWUD SDUWH HQ OD HPSUHVD PiV VXEOLPH TXH VH SXHGD FRQFHELU SXHVWR TXH VH WUDWD QDGD PHQRV TXH GH OD FUHDFLyQ GHO 0XQGRRGHVXSHUIHFFLyQORTXHYLHQHDVHUH[DFWDPHQWHORPLVPR(VWDPRVOODPDGRVD FRQRFHU OD PDUFKD GHO 3URJUHVR D DGLYLQDU ODV LQWHQFLRQHV GH OR TXH VH TXLHUH KDFHU D GHVFLIUDU HQ RWURV WpUPLQRV HOSODQ GHOD ,QWHOLJHQFLD FRQVWUXFWLYD GHO 8QLYHUVRD ILQGH SRGHULQWHUYHQLU~WLOPHQWHFRQHOILQGHIDYRUHFHUHQWRGDVSDUWHVODDSDULFLyQGHORPHMRU 2EUHURV GHO SHUIHFFLRQDPLHQWR JHQHUDO GHEHPRV VDEHU FRQVWUXLU FRQ QXHVWUD LQWHOLJHQFLDQXHVWUDDOPD\QXHVWUDYROXQWDGXQ HGLILFLRPRUDOTXHVHUiHO7HPSOR~QLFRGH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR XQD +XPDQLGDG PiV \ PiV HVFODUHFLGD GHVSOHJDQGR HQ WRGDV SDUWHV XQD DFWLYLGDG DUPyQLFDSRUHOVyORKHFKRGHHVWDUOLEUHGHWRGRVORVPDOHVPDQWHQLGRVSRUODLJQRUDQFLD SRUODIDOWDGHLQWHOLJHQFLD\GHFRPSUHQVLyQRHQRWURVWpUPLQRVWRQWHUtDKXPDQD (VWDWRQWHUtDHVWDLQFDSDFLGDGFXOSDEOHGH WRGRVORVVXIULPLHQWRVTXH ORVKRPEUHV VH RFDVLRQDQ HQWUH Vt UHSUHVHQWD SDUD HO ,QLFLDGR HO JUDQ HQHPLJR HO DGYHUVDULR SRU H[FHOHQFLD$GYHUVDULRVHGLFHHQKHEUHR6DWiQ<HOYHUGDGHUR6DWiQTXHVHRSRQHDOD OX]FUHDGRUDHVHORVFXUDQWLVPRTXHJXVWDDORVTXHDQDWHPDWL]DQODHPDQFLSDFLyQGHODV LQWHOLJHQFLDV 'HEHVHUFRPEDWLGRVLQGHVFDQVRGHVGHOXHJRHQQRVRWURVPLVPRVGHVSXpV D QXHVWUR DOUHGHGRU ,OXPLQDUVH D Vt PLVPR D ILQGH SRGHU DOXPEUDU D ORV RWURV WDO HV HO YHUGDGHURREMHWRGHOWUDEDMRPDVyQLFR1RVRWURVWUDEDMDPRVOXFKDPRVDILQGHFRQTXLVWDU ODOX]SDUDGHVSXpVHVSDUFLUODRGLIXQGLUOD6RPRV2EUHURVGHODOX]\FRODERUDPRVFRPR WDOHVHQOD*UDQ2EUDGHO*UDQGH$UTXLWHFWRGHO8QLYHUVR (O,GHDO&RQVWUXFWLYR &XDQGRVHKDWUDWDGRGHLQLFLDUFRQVWUXFWRUHVHQFLHUWDVFRQFHSFLRQHVVXSHULRUHVKD VLGR QHFHVDULR UHFXUULU D LPiJHQHV TXH OHV IXHUDQ IDPLOLDUHV 1R KDQ WHQLGR QLQJ~Q LQFRQYHQLHQWHHQILJXUDUVHHO8QLYHUVRFRPRXQLQPHQVRWDOOHUGHFRQVWUXFFLyQ\H[SOLFDUVH OD YLGD XQLYHUVDO FRPR XQ WUDEDMR LQFHVDQWH GHVHDGR \ GLULJLGR SRU XQD VXSUHPD ,QWHOLJHQFLD (YLWDQGR FRQ HO PD\RU FXLGDGR HO HVFROOR GHO DQWURSRPRUILVPR QRV FRUUHVSRQGH SRUORWDQWRFRPR0DVRQHVUHIOH[LYRVQRUHFKD]DUDODOLJHUDWUDGLFLRQHVILORVyILFDVPX\ UHVSHWDEOHV/DYLGDHQORVVHUHVHVWiFLHUWDPHQWHOLJDGDDXQWUDEDMRFRQVWUXFWLYRDOFXDO DWULEXLPRV WUHV IDVHV TXH FRUUHVSRQGHQ D ORV WUHV JUDGRV GH OD ,QLFLDFLyQ (O $SUHQGL]DMH FRQHOGHVEDVWDPLHQWRGHOD3LHGUDEUXWDVHFRPSDUDFRQODMXYHQWXGGXUDQWHODFXDOODYLGD H[XEHUDQWH EURWDQGR GHO JHUPHQ FRQVWUX\H DO LQGLYLGXR DUPiQGROR SURJUHVLYDPHQWH GH WRGRV ORV yUJDQRV QHFHVDULRV D ODV IXQFLRQHV TXH KD GH OOHQDU /D HGDG DGXOWD R GH OD PDGXUH] VH SURORQJD WDQWR FRPR ORV yUJDQRV VH PDQWHQJDQ HQ HVWDGR GH EXHQ IXQFLRQDPLHQWR(VWDPRVHQWRQFHVHQSOHQRHVWDGRGH &RPSDxHURXQDYH]WHUPLQDGDOD FRQVWUXFFLyQ GHO LQGLYLGXR SXHGH FRQVDJUDUVH D XQ WUDEDMR FRQVWUXFWLYR TXH SURFXUD HO EHQHILFLR GHO VHU FROHFWLYR GHO FXDO QR HV VLQR XQD FpOXOD 7DO HV HO WUDEDMR SURSLR GHO &RPSDxHURGHEHROYLGDUVHGHVtPLVPRHQELHQGHODHVSHFLHGHOJpQHURKXPDQRWDOFRPR HOEXHQFLXGDGDQRTXHOOHJDGRHOFDVRVHVDFULILFDSRUOD3DWULD<FXDQGRYHQJDODYHMH] FRQHOGHVJDVWHIDWDOGHORVyUJDQRVHQWRQFHVHO,QLFLDGRQRWUDEDMDUiPHQRVDXQTXHQRHQ HO PLVPR SODQR QL SRU ORV PLVPRV PHGLRV OOHJDGR D 0DHVWUR SRVHHUi OD H[SHULHQFLD \ VDEUi GLULJLU 3HUR HQ FXDOTXLHU JUDGR HQ TXH WUDEDMH HO 0DVyQ HVWi DO VHUYLFLR GH OD LQWHOLJHQFLDXQLYHUVDOTXHSUHVLGHODHYROXFLyQGHORVVHUHV6HKDFHHODJHQWHHOPLQLVWUR GHOD,QWHOLJHQFLDHOHMHFXWRUGHVXVLQWHQFLRQHV(OHVHOyUJDQRDFWLYRHOFRQVWUXFWRUTXH QRVLJXHVXFDSULFKRVLQRTXHVHFRQIRUPDDOSODQJHQHUDOVHJ~QHOFXDOWRGRVHFRQVWUX\H $VtDORPHQRVORHQWHQGLHURQORVDQWLJXRV,QLFLDGRVTXHVHGHFtDQDGHSWRVGHO*UDQ $UWHDODYH]6DFHUGRWDO\5HDO&RPRHOORVSUHWHQGtDQFRQRFHUODYROXQWDGGLYLQDHOSODQ GHO *UDQGH $UTXLWHFWR  \ FRQVDJUDUVH D VX FXPSOLPLHQWR VH FRQILUPDURQ 6DFHUGRWHV FRQVLGHUDQGR FRPR LQGLJQRV GH HVH WtWXOR D ORV H[SORWDGRUHV GH OD FUHGXOLGDG SRSXODU $GHPiV VL VH SURFODPDURQ 5H\HV HUD SRUTXH OD DOWD VXSHULRULGDG GH VX LQVWUXFFLyQ OHV SHUPLWtDUHLQDUYHUGDGHUDPHQWHVREUHODVLQWHOLJHQFLDV



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR 6HSDPRV QRVRWURV WDPELpQ HOHYDUQRV KDVWD HO *UDQ $UWH D ILQ GH OOHJDU D VHU 0DVRQHVHQWRGDODIXHU]DGHODSDODEUD /D5HOLJLyQGHO7UDEDMR 3DUDHO0DVyQWRGRWUDEDMRWRPDXQFDUiFWHUVDJUDGRSRUTXHEDMRFXDOTXLHUIRUPD HQ TXH VH SURGX]FD HQWUD HQ OD JUDQGH DFFLyQ SHUSHWXDPHQWH WUDQVIRUPDGRUD GH OR TXH H[LVWH7UDEDMDUHVKDFHUREUD~WLOREUDGHELHQ\GHYHUGDGHUDSLHGDG/HMRVGHKXPLOODUVH HOKRPEUHTXHWUDEDMDVHHOHYDHQGLJQLGDGSXHVWRTXHVHFRQYLHUWHHQVHPHMDQWHDO*UDQGH 2EUHUR&RQVWUXFWRUGHO0XQGR¢&yPRHVTXHDTXHOORVTXHFUHHQHQXQ'LRVFUHDGRUQROR KDQ DSHUFLELGR" ¢&yPR KDQ SRGLGR FRQVLGHUDU HO WUDEDMR FRPR XQD FDODPLGDG FRPR HO FDVWLJRGHXQDIDOWDFRPHWLGDSRUQXHVWURVSULPHURVSDGUHVDODYH]TXHDGRSWDQFRPRHO ,GHDOGHODIHOLFLGDGXQDKROJD]DQHUtDWDQHWHUQDFRPRDEVROXWD" $ HVWDGRFWULQD GHSHUH]D GH PXHUWH \DQRQDGDPLHQWROD )UDQF0DVRQHUtD RSRQH XQD ILORVRItD JORULILFDQGR OD DFFLyQ OD YLGD \ OD SHUSHWXLGDG GH XQ HVIXHU]R TXH QR VH LQWHUUXPSH VLQR SDUD YROYHU D WRPDU PD\RUHV HQHUJtDV GHVSXpV GH XQ SDVDMHUR GHVFDQVR UHSDUDGRU1RSRGUtDPRVIRUPDUQRVXQSDUDtVRGHp[WDVLV\GHSDVLYLGDGSULYiQGRQRVGHOD PiVQREOHGHWRGDVODVDOHJUtDVTXHHVOD DFFLyQIHFXQGDODSURGXFFLyQGHREUDV~WLOHV\ EHOODV8Q:DOKDOODGRQGHORVJXHUUHURVFRQWLQ~DQEDWLpQGRVHWHQGUtDDORPHQRVHOPpULWR GHQRLQVSLUDUHOKRUURUGHXQDSUHWHQGLGDYLGDHWHUQDGHVSURYLVWDGHWRGRVORVFDUDFWHUHV HVHQFLDOHV GH OD YLGD 9LYLU HQ HIHFWR HV OXFKDU REUDU WUDEDMDU FRQ HO ILQ GH WHQHU XQ UHVXOWDGRODLQDFFLyQSRUHO FRQWUDULRHTXLYDOHDODPXHUWH ¢&yPR HQ HVWDV FRQGLFLRQHV QR DFHSWDPRV FRQ HQWXVLDVPR QXHVWUD PLVLyQ GH WUDEDMDGRUHV"0LHQWUDVPHMRUWUDEDMDPRVPiVQRVHOHYDUHPRVHQORHVFDODGHORVVHUHV3RU HO WUDEDMR LQLFLiWLFR HQ ILQ SDUWLFLSDPRV GHO SRGHU FUHDGRU \ QRV GLYLQL]DPRV /RV ,QLFLDGRVFRPSUHQGHUiQ1RROYLGHPRVSRUHVWRTXHODYLGDSDUWLFXODUGHOLQGLYLGXRVHOLJD DODJUDQYLGDXQD\XQLYHUVDOFX\RREMHWLYRHVODFRQVWUXFFLyQGHO0XQGRVXFRRUGLQDFLyQ DUPyQLFD \ VX SHUIHFFLRQDPLHQWR 0LHQWUDV PiV SDUWLFLSDPRV GH HVWD YLGD VXSHULRU PiV YHUGDGHUDPHQWHYLYLPRV6yORHOODQRVGDODSRVHVLyQGHODYLGDHWHUQD\GHODLQPRUWDOLGDG UHDOTXHGHEHPRVDPELFLRQDU 7RGR yUJDQR H[LVWH VyOR HQ YLVWD OH OD IXQFLyQ TXH KD GH FXPSOLU 6L GHVHDPRV SHUVLVWLU VHSDPRV HVWDU D OD DOWXUD GH XQD IXQFLyQ GH HWHUQLGDG 3DUD LQPRUWDOL]DUQRV SRQJiPRQRVVLQUHVHUYDVDOVHUYLFLRGHOD*UDQ2EUD(OEXHQREUHURHQFRQWUDUiVLHPSUHVX GHVWLQR FRQVWLWX\H XQD IXHU]D TXH QRSXHGH SHUGHUVH+DFLpQGRQRVDSWRVSDUD HOWUDEDMR DVHJXUDUHPRVSDUDVLHPSUHQXHVWURSRUYHQLU



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

(VFXDGUD\&RPSiVFRORFDGRVVREUHOD%LEOLDDELHUWDHQHO&DStWXORGHO (YDQJHOLR GH 6DQ -XDQ )LJXUD WRPDGD GH OD REUD GHO KHUPDQR 'HQLHU YDQGDU*RQVREUHHOULWXDOLVPRGHOJUDGRGH&RPSDxHUR



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R

&21&(3&,21(6),/262),&$65()(5(17(6 $/*5$'2'(&203$f(52

(O7ULSOH(QLJPD &RPRHO+ 5DJRQORKDKHFKRUHVDOWDUHQVXREUD³2UWRGR[LD0DVyQLFD´ORVWUHV JUDGRVGHLQLFLDFLyQUHVSRQGHQFDGDXQRDXQDGHODVSUHJXQWDVTXHODLQWHOLJHQFLDKXPDQD VHKDFHGHVGHTXHSXHGHSHQVDU ¢'HGyQGHYHQLPRV" ¢4XpVRPRV" ¢$GyQGHYDPRV" 7RGD ILORVRItD FRPR WRGD UHOLJLyQ DVSLUD D UHVROYHU HVWH SUREOHPD (V VREUH VX VROXFLyQTXHVHEDVDQPHWDItVLFDPHQWHODVVRFLHGDGHVKXPDQDV\DTXHQXHVWUDPDQHUDGH REUDUHVWiGHWHUPLQDGDHQ~OWLPRDQiOLVLV SRUQXHVWUDVFRQFHSFLRQHVVREUHHORULJHQGHODV FRVDV VREUH QXHVWURV GHVWLQRV GHILQLWLYRV 1XHVWUD FRQGXFWD EXVFD VLHPSUH FyPR MXVWLILFDUVH OyJLFDPHQWH /DV LGHDV TXH SRGHPRV IRUPDUQRV VREUH OD UD]yQ GH QXHVWUD H[LVWHQFLD\VREUHODUHODFLyQTXHQRVOLJDDO FRQMXQWRGHODVFRVDVVRQGHXQDLPSRUWDQFLD H[WUHPD7RGDVODVFLYLOL]DFLRQHVKDQVLGRHGLILFDGDVVREUHLGHDVSDUHFLGDV3DUDUHQRYDUHO PXQGR HV QHFHVDULR FRPHQ]DU SRU UHQRYDU D ORV FUH\HQWHV GH RWUD PDQHUD VH OH GHVFRPSDJLQDUtD VLQ UHKDFHUOR $Vt FRPR 0DVRQHV GHEHPRV FRQ VWU X LU  \ VL VRPRV OODPDGRVDGHUULEDUQRHVVLQRSDUDHGLILFDULQPHGLDWDPHQWH ¢4Xp6RPRV1RVRWURV" 6HKD SUHJXQWDGR DO $SUHQGL] GH GyQ GH YLHQ H \ KD GHELGR HQFRQWUDU SRU Vt PLVPR XQDUHVSXHVWDPHGLWDQGRVREUHODVSURSLHGDGHVLQWUtQVHFDVGHORVFXDWURSULPHURVQ~PHURV 9HU/LEURGHO $SUHQGL]  (O &RPSDxHUR GHEH EXVFDU D VX WXUQR SHUR HVWD YH] HVIRU]iQGRVH HQ GLVFHUQLU OR TX HpOHV /HFRUUHVSRQGHDMXVWDUVHHOSUHFHSWRVRFUiWLFR FRQ yFHWHD WLPLVPR ( O K RPEU HHV HOREMHWR HVHQFLDO GHO HVWXGLRGHO LQLFLDGRGHOVHJXQGR JUDGR\VXV PHGLWDFLRQHV SRGUiQ GLULJLUVH YHQWDMRVDPHQWH GHVGH OXHJR VREUH ODV GRV GHILQLFLRQHV FOiVLFDVGH ODV FXDOHV XQDQRVUHSUHVHQWDDOKRPEUH FRPRXQDQLPDOUD]RQDEOH\OD RWUD FRPRXQDLQWHOLJHQFLDVHUYLGDSRUyUJDQRV (VWDVIyUPXODVQRVLQFLWDQDEXVFDUHQ SULPHUOXJDUORTXHFDUDFWHUL]DDODQLPDOHV GHFLU DO VHU YLYLHQWH 4XHGD DVt IRUPXODGD OD FXHVWLyQ FDSLWDO GHO JUDGR GH FRPSDxHUR ¢ 4X pHVOD YLGD "  'HVSXpV VHUi QHFHVDULR SUHJXQWDUVH TXH HV OD 5D ]yQ  HVWD OX] TXH LOXPLQiQGROR GLVWLQJXHDOKRPEUHGHODEHVWLDSXUDPHQWHLQVWLQWLYD



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R ¢(QTXpFRQVLVWHSRURWUDSDUWHOD , Q WHOLJHQ FLD "¢&yPRVHKDFHHOODREHGHFHUSRU ORV yUJDQRV \ FyPR SXHGH OOHJDU D VXE\XJDU OD PDWHULD SDUD GRPLQDUOD \ UHLQDU VREHUDQDPHQWH" 1RVRWURV QR YDPRV DTXt D VDWLVIDFHU OD FXULRVLGDG GHO OHFWRU FRQ GLVHUWDFLRQHV 1XHVWUR GHEHU HV REOLJDUOR D SHQVDU SRU Vt PLVPR HYLWDQGR GDUOH XQD GRFWULQD TXH QR WHQGUtDVLQRTXHDVLPLODUOD1RQRVHVSHUPLWLGRUHVSRQGHUVLQRSRUPHGLRGHVtPERORVVL GHVHDPRVSHUPDQHFHUILHOHVDODVWUDGLFLRQHVLQLFLiWLFDV /D9LGD

9LYLU  HV VLQyQLPR GH D FWX D U  WRGRV ORV VHUHV YLYHQ VRODPHQWH SDUD FXPSOLU XQD IXQFLyQXQDWDUHDOHVKDVLGRLPSXHVWDSRUHOKHFKRPLVPRGHH[LVWLU 1RYLYLPRVVLQRSDUDWUDEDMDU(OWUDEDMRFRPLHQ]DSDUDQRVRWURVHQHIHFWRGHVGH QXHVWUDFRQFHSFLyQ1RVHVQHFHVDULRGHVGH OXHJRFRQVWUXLUQXHVWURRUJDQLVPRHVGHFLUHO LQVWUXPHQWRTXHQRVSHUPLWLUiREUDUIXHUDGHQRVRWURVPLVPRV (OSHUIHFFLRQDPLHQWRGHOFXHUSR\VXGRPLQLRWRFDQDO$SUHQGL](OLQGLYLGXROOHJD D VHU&RPSDxHURGHVGH HO PRPHQWR HQTXH GRPLQiQGRVH SOHQDPHQWH VH VLHQWHGLVSXHVWR SDUDXQDQXHYDWDUHDHVGHFLUSDUDHOWUDEDMRHIHFWLYRDTXHHVWiOODPDGR 7UDEDMDUFRPR&RPSDxHURHVKDFHUREUDGHXWLOLGDGJHQHUDOHVSRQHUVHDOVHUYLFLR GHODFROHFWLYLGDGDODTXHHOLQGLYLGXRVHGHEH (ODSUHQGL]SHUPDQHFHHJRtVWDHQHOVHQWLGRTXHWUDEDMDHQVtPLVPR\TXHSHUVLJXH VXSURSLRSHUIHFFLRQDPLHQWR$SOLFD HOSUHFHSWR³/DFDULGDGELHQHQWHQGLGDSULQFLSLD SRU FDVD´$ILQGHSRGHUGDUHVQHFHVDULRDGTXLULUHVQHFHVDULRVDEHUDWUDHUKDFLDVtWRPDU\ DSURSLDUVH (VWH HJRtVPR HV REOLJDWRULR HV OD UDt] GH WRGR SURJUHVR 7RGR VHU LQGLYLGXDO VH FRQVWLWX\HDH[SHQVDVGHVXDPELHQWH(VWiVXMHWRDKDFHUVHFHQWURGHDFDSDUDPLHQWR\GH UHYHODUVHKDVWDFLHUWRSXQWRHQFRQWUDGHOFRQMXQWRGHODVFRVDVFRQWUD ODYLGDXQLYHUVDOD FX\DFRUULHQWHJHQHUDOpORSRQHVXWXUEXOHQFLDSDUWLFXODU (VWDRSRVLFLyQVLQHPEDUJRQRHVWiGHVWLQDGDDSHUSHWXDUVH/OHJRXQWLHPSRHQHO FXDO HO LQGLYLGXR OOHJD DO Pi[LPR GH VX FUHFLPLHQWR HO PHGLR GtD GH VX H[LVWHQFLD /D FROHFWLYLGDG GH OD FXDO IRUPD SDUWH LQWHJUDQWH UHFODPD VXV GHUHFKRV (OOD H[LJH TXH pO LQGLYLGXRVLQROYLGDUVHGHVt\VLQGHVHQWHQGHUVHGHVXSURSLDFRQVHUYDFLyQWHQJDPiV\ PiVFRQFLHQFLDGHORVLQWHUHVHVJHQHUDOHV\VHSDVXERUGLQDUORVVX\RVDpVWRV 3DUDSRGHUUHFLELUVXVDODULRHQOD&ROXPQD% HVQHFHVDULRKDEHUGHPRVWUDGRXQD IXHUWHHQHUJtDLQWHULRUH[WUDtGDGHVtPLVPR3HURGHVSXpVGHKDEHUDFXPXODGRHVWDIXHU]D HV QHFHVDULRKDEHUOD HPSOHDGRJHQHURVDPHQWHSDUD DSUR[LPDUVHD OD &ROXPQD - GRQGH QRVRQUHFRPSHQVDGRVDTXHOORVTXHVHKDQ GHELOLWDGRYROXQWDULDPHQWHVDFULILFiQGRVH ¢4Xp RFXUUH HQ HO RUJDQLVPR D OD FpOXOD TXH VH KD IDWLJDGR HQ EHQHILFLR GHO FRQMXQWR"/DQJXLGHFHPRPHQWiQHDPHQWHSHURLQPHGLDWDPHQWHODHFRQRPtDJHQHUDOYLHQH HQVXVRFRUURHVUHFRQIRUWDGDSDUDXQQXHYRHVIXHU]R\OHMRVGHSHUPDQHFHUGHELOLWDGDVH WHPSODSRUODDFFLyQDPHGLGDTXHODHMHUFLWD $OJR DQiORJR RFXUUH D ORV LQGLYLGXRV TXH VDEHQ YLYLU QR VyOR SDUD HOORV PLVPRV 7LHQHQLQWHUpVGHYLYLUXQDYLGDPiVDPSOLDTXHVHUiODGHVXVDVFHQGLHQWHVGHVXUD]DGH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR VX QDFLyQ\ ILQDOPHQWH GH VX HVSHFLH FRQVLGHUDGD FRPR HO VHU FROHFWLYR GHO FXDO VRQ ODV XQLGDGHVFRPSRQHQWHV $Vt FRPR HO $SUHQGL] DVSLUD D YHU OD /X] HO &RPSDxHUR GHEH GHGLFDUVH D YLYLU  UHDOPHQWHXQD 9LGDVXSHULRU (O$OWUXLVPR (QHOFDStWXOR9GHXQSHTXHxRWUDWDGRGHLQWLWXODGR³/DJUDQ2EUDGHYHODGD HQIDYRUGHORV+LMRVGHOD/X]´OHHPRVORVLJXLHQWH ³/DYLGDHVPX\FRUWDSDUDORVKRPEUHVTXHSLHQVDQHVPX\ODUJDSDUDDTXHOORVTXH HQQDGDSLHQVDQ(OWLHPSRSDVDUiSLGDPHQWH FXDQGRVHHVWiRFXSDGROHQWDPHQWHFXDQGR QR VH KDFH QDGD /D YLGD FRQVLVWH ~QLFDPHQWH HQ OD DFFLyQ 6LQ OD DFFLyQ OD YLGD QR VH GLIHUHQFLD HQQDGDGH ODPXHUWH9LYLURFLRVRQRHVYLYLUHVYHJHWDU2FXSDUVHVyORGHVt PLVPRHV YLYLUD PHGLDV,QWHUHVDUVH SRUOD IHOLFLGDGXQLYHUVDOGH ORVKRPEUHV\WUDEDMDU SRU HOOD HV YLYLU YHUGDGHUDPHQWH \ VHQWLU TXH VH YLYH £4Xp SRFRV KRPEUHV YLYHQ HQ HO PXQGR \ FXiQWRV HQ YH] GH YLYLU YHJHWDQ /RV ULFRV HQRUJXOOHFLGRV GH VX RSXOHQFLD PDUHDGRVFRQ HOLQFLHQVRTXH ORVDGXODGRUHVQRFHVDQGH SURGLJDUOHVQRVDEHQORTXHHV YLYLU/RVSREUHVDEUXPDGRVSRUVXVPLVHULDV\KXPLOODGRVSRUHOGHVSUHFLRTXHOHVWLHQHQ QRODVLHQWHQWDPSRFR\DTXHOORVTXHVHHQFXHQWUDQHQWUHORVJUDQGHV\ORVSHTXHxRVHQWUH ORVULFRV\ORVSREUHV\TXHQRVHRFXSDQFRP~QPHQWHVLQRGHDTXHOORTXHOHVFRQFLHUQH QRODVLHQWHQWDPSRFR´ ³¢4XLpQHVYLYHQVLQYHJHWDU"´/RVILOyVRIRV6tQRKDQVLGRVLQRORVILOyVRIRVORV TXH VLHQWHQ OR TXH HV YLYLU TXH FRQRFHQ WRGDV ODV YHQWDMDV GH OD YLGD \ TXH VDEHQ DSURYHFKDUODV1RFRQWHQWRVFRQYLYLUSDUDVtYLYHQDGHPiVSDUDORVRWURV\DHMHPSORGHO JUDQ+HUPHVGHOFXDOWLHQHQODJORULDGHVHU\GHGHFLUVXVGLVFtSXORVQRYLYHQVLQRSDUD KDFHUHOELHQDODVRFLHGDGKXPDQD´ (O DXWRU GH HVWD SiJLQD SURIXQGDPHQWH LQLFLiWLFD KDFH UHVDOWDU DGHPiV TXH HO YXOJR WUDEDMD SDUD YLYLU PLHQWUDV TXH HO YHUGDGHUR VDELR OH FRUUHVSRQGH YLYLU SDUD WUDEDMDU /D6HUSLHQWH,QLFLiWLFD /RV VHUHV LQIHULRUHV VRQ LPSXOVDGRV HQ VXV DFWRV SRU ODV OH\HV GH VX HVSHFLH 6RQ DXWyPDWDVTXHUHDFFLRQDQLQYDULDEOHPHQWHEDMRODLQIOXHQFLDGHORVLPSXOVRVUHFLELGRV6X YLGDSDUWLFXODUVHHQFXHQWUDDVtVXERUGLQDGDDXQDYLGDPiVJHQHUDOHQHOVHQRGHODFXDO VHHVFXUUHODH[LVWHQFLDGHORVLQGLYLGXRV (VWHDXWRPDWLVPRLUUHVSRQVDEOHFRUUHVSRQGHDHVHHVWDGRGHLQRFHQFLD\GHFDQGRU TXH ORV SRHWDV KDQ FRQWDGR FXDQGR VRxDEDQ HQ XQD HGDG GH RUR DQWHULRU DO UHLQDGR GH -~SLWHU $GHPiV HO 0DHVWUR GH ORV 'LRVHV \ GH ORV KRPEUHV UHSUHVHQWDED HO SULQFLSLR FRQVFLHQWH&RQHVWRFUHDD 0LQHUYD/D 6DELGXUtDTXH VXUJLyHQWHUDPHQWH DUPDGD GH VX FHUHEUR6XUHLQRFRPLHQ]DHQHOPRPHQWRHQTXHORVLQGLYLGXRVDGTXLHUHQFRQFLHQFLDGHVt PLVPRV6DOHQHQWRQFHVGHOHVWDGRGHLQFRQFLHQFLDRGHSXUDLQVWLQWLYLGDGDTXHORVVRPHWH 6DWXUQRGLRVGHOGHVWLQRRGHODIDWDOLGDG



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR (QHO*pQHVLVHVWDVQRFLRQHVVHWUDGXFHQSRUHOPLWRGHOSDUDtVRWHUUHQDOOXJDUGH IHOLFLGDGHVHQHOFXDOODKXPDQLGDGSULPLWLYDQRWXYRPiVTXHGHMDUVHYLYLUDODPDQHUDGH ORVDQLPDOHVRGHORVQLxRVTXHQRKDQOOHJDGRWRGDYtDDODHGDGGHOGLVFHUQLPLHQWR /D6HUSLHQWHVHGXFWRUDTXHLQFLWRDPRUGHUODIUXWDGHOiUEROGHOFRQRFLPLHQWRGHO ELHQ\GHOPDOVLPEROL]RXQLQVWLQWRSDUWLFXODUQRPD\RUTXHHOGHODFRQVHUYDFLyQSHUR PiVQREOH\PiVVXWLOFX\RREMHWRHVKDFHUVHQWLUDOLQGLYLGXRODQHFHVLGDGGHHOHYDUVHHQ ODHVFDODGHORVVHUHV (VWHVHFUHWRDJXLMyQHVHOSURPRWRUGHWRGRVORVSURJUHVRVGHWRGDVODVFRQTXLVWDV TXHH[WLHQGHQODHVIHUDGHDFFLyQGHORVLQGLYLGXRVDVtWDPELpQGHODVFROHFWLYLGDGHV (VWR H[SOLFD SRU TXp OD 6HUSLHQWH LQVSLUDGRUD GH OD GHVREHGLHQFLD GH OD LQVXERUGLQDFLyQ\GHODUHYXHOWDIXH PDOGLWDSRUORVDQWLJXRVWHyFUDWDVPLHQWUDVTXHHOOD HUDKRQUDGDHQWUHORV,QLFLDGRV(VWRVHVWLPDURQHQHIHFWRTXHQRSXHGHKDEHUQDGDPiV VDJUDGR TXH ODV LQVSLUDFLRQHV TXH QRV OOHYDQ D DFHUFDUQRV SURJUHVLYDPHQWH D ORV GLRVHV FRQVLGHUDGRVFRPRODVSRWHQFLDVFRQVFLHQWHVHQFDUJDGRVGHGHVWUXLUHOFDRV\GHJREHUQDU HOPXQGR 6HPHMDUVH D OD GLYLQLGDG HUD HO REMHWR GH ORV DQWLJXRV PLVWHULRV (O PtVWLFR VH GLYLQL]DED SXULILFiQGRVH \ HOHYiQGRVH PRUDO H LQWHOHFWXDOPHQWH VREUH HO FRP~Q GH ORV KRPEUHV (Q QXHVWUD pSRFD HO SURJUDPD GH OD LQLFLDFLyQ QR KD FDPELDGR HO PDVyQ PRGHUQR VH GLYLQL]D WDPELpQ SHUR WLHQH OD FRQFLHQFLD GH TXH QR SRGUi KDFHUOR VLQR WUDEDMDQGRGLYLQDPHQWHHVGHFLUGHGLFiQGRVHDSHUIHFFLRQDUODFUHDFLyQGHMDGDLPSHUIHFWD (OHYDGR SRUVREUH OD DQLPDOLGDGKXPDQDHO&RQVWUXFWRU DJHQWH GH OD HMHFXFLyQ GHO SODQ GLYLQRVHKDFH'LRVHQHODQWLJXRVHQWLGRGHODSDODEUD /D5D]yQ $O WHQHU FRQFLHQFLD GH Vt PLVPR HO VHU KDVWD DTXt SXUDPHQWH LQVWLQWLYR VH KD HPDQFLSDGR GH XQD WXWHOD SURWHFWRUD $EDQGRQDGR HQ DGHODQWH D Vt PLVPR D VXV SURSLDV OXFHVD~QLQFLHUWDV\DVXSURSLRMXLFLRSRFRVHJXURQRJR]D\DGHODOXFLGH]LQIDOLEOHTXH VHGDDOLQVWLQWR+HORDTXtIXHUDGHXQSDUDtVRGHOTXHpOPLVPRVHKDH[SXOVDGR\DOTXH QRSRGUiYROYHUDHQWUDU


2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR VRPHWLGRV DO LQVWLQWR QXHVWURV DFWRV REHGHFHQ D QXHVWUDV QHFHVLGDGHV D ODV TXH FRUUHVSRQGHQ HVWULFWDPHQWH &XDQGR XQD VHPLUD]yQ QRV JXtD IiFLOPHQWH QRV IRUPDPRV LGHDV H[WUDYDJDQWHV TXH LQIOX\HQ HQ QXHVWUD PDQHUD GH REUDU (O KRPEUH OOHJD DVt D PRVWUDUVH PHQRV VDELR TXH HO DQLPDO KDFH ORFXUDV TXH OH DFDUUHDUtDQ VX GHJUDGDFLyQ VL WDUGHRWHPSUDQRQRDGTXLHUHFRQFLHQFLDGHVXVDFWRV(OVHQWLPLHQWRGHVXGLJQLGDGORKDFH DYHUJRQ]DUVH\HVIRU]DUVHSRUVHUPiVUD]RQDEOH (QHIHFWRWRGDODQREOH]DGHOKRPEUHHVWiHQODUD]yQ6LGHHOODUHQLHJDFDHDXQ QLYHOPiVEDMRTXHHOGHORVDQLPDOHV¢8QHEULRQRHVLQIHULRUDVXFDEDOORRDVXSHUUR" &XOWLYHPRV SXHV QXHVWUD UD]yQ OOHJXHPRV D VHU SOHQDPHQWH UD]RQDEOHV VL GHVHDPRVHOHYDUQRVKDVWD OD KRPEUtDYHUGDGHUD6HQWLUVH+RPEUHHQHOVHQWLGRLQLFLiWLFR GHODSDODEUDGHEHVHUODVXSUHPDDPELFLyQGHOYHUGDGHURVDELR6RPRVGLYLQRVVLKHPRV GH FUHHU DO IXQGDGRU GHO FULVWLDQLVPR TXH DPHQD]DGR GH VHU ODSLGDGR SRU KDEHUVH SURFODPDGR'LRVFDOPyDORVMXGtRVFLWiQGROHVHOVDOPRYHUVtFXORTXHGLFH³


2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R XQRVPRWRUHVRWURV6LOD7LHUUDSLHQVDJR]DGH ODLQDSUHFLDEOHYHQWDMDGHSRGHUROYLGDUVH GHVtPLVPD 3HUR ¢(V SRVLEOH VXSRQHU TXH XQ FXHUSR FHOHVWH SXHGD SHQVDU"6H SXHGH DGPLWLU TXHYLYHPLQHUDOPHQWHSHUR¢&RQTXpSHQVDUtDOD7LHUUD"6LPSOHPHQWHFRQHOFHUHEUR GH ORVKRPEUHVUHVSRQGHODWUDGLFLyQRVLVHSUHILHUHOD3DOHRVRItD7RGRLQGLYLGXRSHQVDQWH QRVHUtDDVtPiVTXHXQDFpOXODFHUHEUDOGHOD7LHUUD (VWDFRQFHSFLyQQRKDVLGRKDVWDDTXtIRUPXODGDHQHVRVWpUPLQRVSHURHOODIOX\H OyJLFDPHQWH GH PX\ DQWLJXDV WUDGLFLRQHV LQLFLiWLFDV VHJ~Q ODV TXH OD +XPDQLGDG HQ VX FRQMXQWRDSDUHFHFRPRHOyUJDQRSHQVDQWHGHOSODQHWD ,VLV &pUHV \ 'LDQD GH (IHVR VLPEROL]DQ OD 7LHUUD HQ FX\RV PLVWHULRV UHYHODQ DO SHQVDGRULQVWUXLGRORTXHHVFRQVFLHQWHGHOSDSHOTXHOHLQFXPEH\EDVWDQWHROYLGDGRGHVt PLVPRSDUDREHGHFHUILHOPHQWHDODOH\GHVXGHVWLQR (O,QLFLDGR (Q&XDQWRDOKRPEUHFRPRVHUSHQVDQWHSDUWLFLSDGHODGLYLQLGDGHVGLYLQRSXHVWR TXH HVHOyUJDQRJUDFLDVDOFXDOVHPDQLILHVWDHO SHQVDPLHQWR GHQXHVWUR'LRV3ODQHWDULR (VWH'LRV+XPDQLGDGHVDFDGDXQRGHQRVRWURVORTXHQXHVWUDSHUVRQDOLGDGHVDODV FpOXODV GH OD VXVWDQFLD JULV GH QXHVWUR FHUHEUR (V XQD UHVXOWDQWH XQ WRGR VLQWHWL]DGR UHDFFLRQDQGR VREUH ORV HOHPHQWRV FRPSRQHQWHV $Vt FRPR QRVRWURV WHQHPRV LQGLYLGXDOPHQWH XQD LQWHOLJHQFLD XQD PHPRULD XQD YROXQWDG XQD LPDJLQDFLyQ HWF OD +XPDQLGDGHQVXFRQMXQWRSRVHHORTXHVHKDFRQYHQLGRHQOODPDUXQDOPD(VWDHQWLGDG SVtTXLFD FROHFWLYD KD VLGR VLHPSUH EDMR P~OWLSOHV QRPEUHV OD JUDQ 'LYLQLGDG GH ORV DQWLJXRV ,QLFLDGRV OD HVSRVD GHO 'LRV/X] FX\RV UD\RV VRQ XQLYHUVDOHV (O ,QLFLDGR VH GLVWLQJXtDGHOYXOJRSRUHOFRQRFLPLHQWRGHORVPLVWHULRVTXHOHGDEDQHOVHQWLPLHQWRGHVX GLJQLGDG6HFRQVLGHUDEDFRPRXQVHUSULYLOHJLDGRDGPLWLyDWRPDUSDUWHHQHOJRELHUQRGHO 0XQGRSRUTXHODVXSUHPDGLYLQLGDGTXHSUHVLGHODIRUPDFLyQGHWRGDVODVFRVDVSDUHFtD KDEHUORLQYHVWLGRFRQVXFRQILDQ]DUHYHOiQGROHVHFUHWRVYHGDGRVDOFRP~QGHORVKRPEUHV (VWRVVHFUHWRVWHQtDQXQFDUiFWHUWHUULEOH\VDJUDGR6XGLYXOJDFLyQDGPLWLHQGRTXH KXELHUH VLGR SRVLEOH KDEUtD HTXLYDOLGR DO SHRU GH ORV VDFULOHJLRV 3HUR SRU VX PLVPD QDWXUDOH]D HO VHFUHWR LQLFLiWLFR SHUPDQHFH LQYLRODEOH /DV SDODEUDV QR VDEUtDQ WUDGXFLUOR QLQJXQD LQWHOLJHQFLD OOHJDUi D FRQRFHUOR VLQ VXIULU DQWHV XQD SURIXQGD PRGLILFDFLyQ (O ,QLFLDGR\DQRSLHQVDFRPRSHQVDEDDQWHVGHKDEHUORFRPSUHQGLGRVXYROXQWDGWDPSRFRVH HMHUFLWDUi DUELWUDULDPHQWH FRPR DQWHV +D OOHJDGR D FRQYHUWLUVH HQ XQ VHU TXH QR VH SHUWHQHFHDVtPLVPRHQFXDQWRDLQGLYLGXR 6LQ GHVSUHFLDU VXV LQWHUHVHV SDUWLFXODUHV \ VLQ GHVFXLGDUORV HQ OR TXH WLHQHQ GH OHJtWLPRHO,QLFLDGRORVVXERUGLQDUiVLHPSUHDRWURVPiVJHQHUDOHV\PiVQREOHV (VWDUiDOVHUYLFLRGHORTXHTXLHUH\GHEH KDFHUVHREUDQGRVLHPSUHFRPRXQ2EUHUR LQWHOLJHQWH GH OD WUDQVIRUPDFLyQ XQLYHUVDO GHO PDO HQ ELHQ HQ RWURV WpUPLQRV FRPR XQ DUWLVWDHVFODUHFLGRGHO3URJUHVRRPDVyQLFDPHQWHKDEODQGRFRPRXQFRQVWUXFWRU FDSD]GH UHDOL]DUHOSODQGHO* $ ' 8 



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR /D*UDQGH2EUD 3RUKDEHUFRPLGRODIUXWDSURKLELGDQXHVWURV SULPHURVSDGUHVIXHURQFRQGHQDGRVDO WUDEDMR (VFODYRV GH VXV QHFHVLGDGHV ItVLFDV OHV IXH SUHFLVR VXIULU SDUD YLYLU \ OXFKDU WHQD]PHQWH SRU VX SURSLD FRQVHUYDFLyQ 6L HOORV TXH SRU XQD VLPSOH \ GHVREHGLHQWH FXULRVLGDG KDEtDQ SUREDGR DSHQDV OD IUXWD WHQWDGRUD IXHURQ FDVWLJDGRV FRQ WDQ H[WUHPR ULJRU ¢&XiO VHUi HQWRQFHV HO FDVWLJR UHVHUYDGR D ORV LQLFLDGRV TXH WDQ OLPSLD \ VLVWHPiWLFDPHQWH VH QXWUHQ GHO IUXWR SURKLELGR" 1R SRGUiQ H[SLDU VX FULPHQ VLQR WUDEDMDQGRSHURQRVHWUDWD\DGHJDQDUVLPSOHPHQWHHOSDQFRQHOVXGRUGHVXIUHQWHFRQOD SHUVSHFWLYDGHQRHQFRQWUDUHOGHVFDQVRVLQRHQODWXPED$HVWDODERUSXUDPHQWHKXPDQD VH DJUHJD SDUD HO ,QLFLDGR XQ WUDEDMR GH RWUR JpQHUR WRPDQGR XQ FDUiFWHU UHDOPHQWH VREUHKXPDQR (VWHWUDEDMRHVHOGHORV(ORKLPGH(OORV'LRVHVTXHHO*pQHVLVGHVLJQDFRPROD DQWHVDOD JHQHUDGRUD GH OD /X] FRRUGLQDGRUD GHO FDRV (V XQD DFWLYLGDG TXH QR WLHQH QL FRPLHQ]RQLILQHVHWHUQD\QRVHLQWHUUXPSHSRUQLQJXQDID]GHUHSRVR(OVHUTXHVHOH DVRFLHVHFRQGHQDDXQDDFFLyQLQFHVDQWHTXHQRFHVDUiMDPiVQLD~QFRQHOGHVJDVWHGHVX FXHUSR /D QHFHVLGDG GHVGH OXHJR QR QRV LPSRQH XQ WUDEDMR SDUHFLGR SHUPDQHFHPRV OLEUHVGHHYLWDUORSHURQRVH[SRQHPRVDUHSRVDUXQGtDELHQGHYHUDVFHVDQGRGHH[LVWLU 6LHVWDQRHVQXHVWUDDPELFLyQDSUHQGDPRVDWUDEDMDUSXHVHOWUDEDMRHVODYLGD\VyOROD *UDQ2EUDSXHGHLQPRUWDOL]DUQRV(OUHSRVRHWHUQRHTXLYDOGUtDDODQRQDGDPLHQWRVLIXHUD FRQFHELEOH 1DGD H[LVWH HQ HO HVWDGR GH LQHUFLD DEVROXWD ORV PLQHUDOHV PLVPRV GHEHQ VX DSDUHQWHHVWDELOLGDGDOWRUEHOOLQRYHUWLJLQRVRGHVXViWRPRV /D3HUVRQDOLGDG /D FRQFLHQFLD GH Vt SURGXFH OD VHQVDFLyQ GHO


2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR 1DGDQRVREOLJDDFUHHUTXHHVWiHQQRVRWURVFRPRXQDFKLVSDGLYLQDSDUWLFXODUTXH DVHJXUHODSHUVLVWHQFLDGHQXHVWUR
(O SXQWR HQ HO &HQWUR GH XQ &tUFXORVtPEROR GH OD SHUVRQDOLGDG FX\R GRPLQLRHVWiOLPLWDGRSRUODVGRV&ROXPQDV% \- /DVGRVWDQJHQWHV ODWHUDOHV GHO &tUFXOR  /RV VLJQRV DOTXLPLVWDV FRUUHVSRQGHQ D ODV GRV FROXPQDV HO GH OD GHUHFKD D % 0HUFXULR FRURQDGR SRU HO VLJQR GHO DJXD *HPD 

 \ HO GH OD ,]TXLHUGD D - $]XIUH

FRPELQDGR FRQ 6DO



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

'(%(5(6'(/&203$f(52

$VLGXLGDG±$VLVWHQFLD (O &RPSDxHUR GHEH VDEHU WUDEDMDU \ GDU FRQ HVWR EXHQ HMHPSOR D ORV $SUHQGLFHV 6DEUi GHVGH OXHJR PRVWUDUVH GLVFUHWR HQWUH HOORV FRPR HVWiQ HOORV PLVPRV REOLJDGRV D SRUWDUVHGHODQWHGHORVSURIDQRV&XDQGRXQ,QLFLDGRTXLHUHHQVHxDUVHFRQWHQWDFRQKDFHU UHIOH[LRQDU VLQ GRJPDWL]DU MDPiV 6X PpWRGR FRQVLVWH DQWH WRGR HQ SUHGLFDU FRQ HO HMHPSOR &RQ HVWH REMHWR HO &RPSDxHUR GHEH DVLVWLU FRQ HVFUXSXORVD DVLGXLGDG D ORV WUDEDMRV GH VX 7DOOHU 7RGD LQGLIHUHQFLD SDUD FRQ OD FROHFWLYLGDG D OD TXH VH KD DGKHULGR OLEUHPHQWH UHODMD ORV OD]RV TXH OR XQHQ D HOOD $GHPiV QR SXHGH UHFLELU HO VDODULR GHO VHJXQGRJUDGR\EHQHILFLDUVHDVtFRQODIXHU]DYLWDOGHOD0DVRQHUtDTXHIRUPDSDUWHFRQ ODXQLGDGRUJiQLFDUHSUHVHQWDGDSRUVX/RJLD 7RGR 0DVyQ QRSXHGH WHQHU OD SUHWHQVLyQ GH VHU XQ SHQVDGRU JHQLDO SHUR QR VRQ VLHPSUH ODV LQWHOLJHQFLDV PiV EULOODQWHV ODV TXH PHMRU VLUYHQ OD FDXVD GHO SURJUHVR 3RU REVFXUD TXH VHD XQD GHGLFDFLyQ VLQFHUD HV XQD IXHU]D LQPHQVD \ D WRGRVSRU KXPLOGHV TXHVHDPRVQRVHVSHUPLWLGRWUDEDMDUFRPRYHUGDGHURV&RPSDxHURV(VSUHFLVRDQWHWRGR TXHVHDQXHVWURFRUD]yQTXLHQGHEDDFWXDUSULPHURHQHVWHJUDGRFRPRORUHFXHUGDHOVLJQR GHRUGHQ 3HUR QXHVWUR IHUYRU GH 0DVRQHV QXHVWUD DGKHVLyQ D OD 2UGHQ QR SXHGHQ PDQLIHVWDUVHVLQRSRUHOFHORFRQHOFXDOSDUWLFLSHPRVHQORVWUDEDMRVGHQXHVWUD/RJLD\QR GHEHPRVWHPHUVDFULILFDUOHODVHQWUHWHQFLRQHVSURIDQDVSRULQWHUHVDQWHVTXHHOODVIXHUHQ(O YHUGDGHUR 0DVyQ TXH HVWp LQIOH[LEOHPHQWH GLVSXHVWR VDOYR FDVRV GH IXHU]D PD\RU D QR IDOWDU D QLQJXQD UHXQLyQ GH VX 7DOOHU DSRUWD VLHPSUH D VXV +HUPDQRV XQ FRQFXUVR LQDSUHFLDEOHGHHQHUJtDSVtTXLFD&RQWULEX\HHQHVWDIRUPDDFDUJDUHVWDSLODGHGLQDPLVPR KXPDQR TXH HVWi FRQVWLWXLGR SRU ORV PLHPEURV UHDOPHQWH DFWLYRV GH XQD /RJLD 3HUR HO &RPSDxHUR QR SXHGH DSURYHFKDU GH ORV EHQHILFLRV TXH OD FROHFWLYLGDG GLVSHQVD D VXV PLHPEURVVLQRHQSURSRUFLyQDORTXHpOPLVPRGp6LHQGRIUtRLQGLIHUHQWHHVFpSWLFRQR SXHGH VDFDU GH OD 0DVRQHUtD QLQJ~Q EHQHILFLR LQWHOHFWXDO R PRUDO $GTXLULUi SRU HO FRQWUDULRXQDIXHU]DLQPHQVDVLDPDGHFRUD]yQDOD0DVRQHUtDVLVHLQVSLUDHQVXLGHDO\ VHHQWXVLDVPDSRUVXREUD3HURQRVRWURVQRQRVDVHJXUDPRVGHQXHVWURVVHQWLPLHQWRV\GH QXHVWUDYROXQWDGVLQRSRUDFWRV\GHDTXtODQHFHVLGDGGHXQDSUiFWLFDGHXQDHVSHFLHGH FXOWR PDVyQLFR 7RGD UHOLJLyQ PXHUH FXDQGR VXV WHPSORV TXHGDQ GHVLHUWRV /R PLVPR RFXUUHHQOD0DVRQHUtDQXHVWUDLQVWLWXFLyQVHUiWDQWRPiVYLYD\WDQWRPiVIXHUWH\DFWLYD VHJ~QVHDTXHORV0DVRQHVIUHFXHQWHQVXV/RJLDVFRQIHUYRU\DVLGXLGDG (VSXHVFRQSOHQRFRQRFLPLHQWRGHFDXVDFyPRORV&RPSDxHURVGHEHQLPSRQHUVH OD QRUPD GH QR UHKXLU MDPiV HO WUDEDMR FRP~Q \ IDOWDUtDQ JUDYHPHQWH D VXVGHEHUHV VL VH PXHVWUDQQHJOLJHQWHV(QODVSUiFWLFDVLQLFLiWLFDVQDGLHREWLHQHXQVDODULRVLQRSRUPHGLR GHOPpULWR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR 3XQWXDOLGDG 1R HV VXILFLHQWH FRRSHUDU VRODPHQWH HQ XQD SDUWH GH ORV WUDEDMRV \ GH KDFHU WDUGtDPHQWH DFWR GH SUHVHQFLD VLQR TXH HV QHFHVDULR FRPHQ]DU HVWULFWDPHQWH D OD KRUD VHxDODGD /RV &RPSDxHURV FRPR OD SDODEUD OR LQGLFD QR WUDEDMDQ DLVODGDPHQWH HOORV FRODERUDQ HQ XQD REUD FRP~Q HQ FDOLGDG GH PLHPEURV GH XQD FROHFWLYLGDG TXH WUDEDMD 3HURWRGDDJUXSDFLyQTXHTXLHUDWUDEDMDUQRDOFDQ]Dp[LWRVLQRFXDQGRORVHOHPHQWRVTXHOR IRUPDQDFHSWDQXQD GLVFLSOLQD 6L QRKDQFRQVHQWLGR HQLPSRQHUVH XQ FLHUWRFRQWURO SDUD FRRUGLQDU\XQLILFDUVXVHVIXHU]RVWRGDVXDFFLyQVHUiHVWpULO (O WUDEDMR PDVyQLFR LPSOLFD XQD FRRSHUDFLyQ PHWyGLFDPHQWH UHJODPHQWDGD WRGR EXHQ&RPSDxHURFRQVLGHUDUiVLHPSUHXQKRQRUHOHVWDUHQVXSXHVWRHVFUXSXORVDPHQWHHQ HO PRPHQWR HQ TXH VH OH OODPH 1R WHPHUi LPSRQHUVH ORV VDFULILFLRV QHFHVDULRV SDUD QR IDOWDU MDPiV D OD DSHUWXUD GH ORV WUDEDMRV GH VX WDOOHU 6L VH FRPSRUWDUD FRPR REUHUR QHJOLJHQWHVXVDODULRVHUHVHQWLUiIDWDOPHQWH 1XQFDVHLQVLVWLUiORVXILFLHQWHVREUHHOHIHFWRTXHOD/RJLDFRPRHQWLGDGSVtTXLFD FROHFWLYDHMHUFH UHDOPHQWHVREUH DTXHOORVGH VXVPLHPEURVTXH VH VDFULILFDQHQVXIDYRU 8QDUHFRPSHQVDUHFDHQHFHVDULDPHQWHDVtHQWRGR0DVyQTXHDPHVLQFHUDPHQWHVX/RJLD \OHGHPXHVWUHVXDIHFWRPRVWUiQGRVHDVLGXR\SXQWXDOHQWRGRVORVWUDEDMRVGHOWDOOHU (VWDGLVFLSOLQDHVGHXQDH[WUHPDLPSRUWDQFLDSXHVHOODVyORGDDOD/RJLDVXIXHU]D \ OH SHUPLWH HMHUFHU XQD DFFLyQ HIHFWLYD WDQWR VREUH VXV SURSLRV PLHPEURV FRPR HQ HO PXQGRH[WHULRU8QD DJUXSDFLyQSRFR QXPHURVDSHURXQLGD \HVWULFWDPHQWHGLVFLSOLQDGD OOHJDDVHUXQDFXPXODGRUGHGLQDPLVPRGHDOWDWHQVLyQ1DGDVHOHUHVLVWHVLFDGDXQRGH VXVHOHPHQWRVGDWRGRORTXHSXHGHGDU &RPSXHVWDGHYHUGDGHURV&RPSDxHURVXQD/RJLDHVXQDSRWHQFLDFDSD]GHREWHQHU WRGRORTXHHVMXVWRFRQWDOGHTXHVHSDGHVHDUORFRQHQHUJtD\FRQSHUVLVWHQFLD $FWLYLGDG 1RGHEHMDPiVDVLVWLUDORVWUDEDMRVXQ0DVyQTXHDSDUHQWDVHU³DFWLYR´SRUHOVyOR KHFKRGHQRVHUQHJOLJHQWHSDUDHVWDUDOGtDFRQHOWHVRURGHVX/RJLD0DWHULDOPHQWHXQD ³DFWLYLGDG´ WDQ LUULVRULD SXHGH VLQ GXGD WHQHU VX YDORU SHUR GHVGH HO SXQWRGH YLVWD GH SDUWLFLSDFLyQHIHFWLYDHQODREUDGHOD)UDQF0DVRQHUtDGLILHUHDSHQDVGHODLQDFFLyQ 3DUD HO &RPSDxHUR UHVXHOWR D WUDEDMDU VHULDPHQWH HQ OD *UDQ 2EUD VHU DFWLYR VLJQLILFDDOJRPX\GLVWLQWRGHXQVLPSOHFRQFXUVRSHFXQLDULR8Q0DVyQTXHVHGHPXHVWUH HMHPSODUPHQWH DVLGXR \ SXQWXDO GLVWD PXFKR GH KDEHU FXPSOLGR VX GHEHU GH WUDEDMDU 3DUWLFLSDUUHJXODUPHQWHHQHOWUDEDMRFRP~QTXHVHGHVDUUROODHQOD/RJLDHVPX\EXHQR SHURQRHVWRGR(OWUDEDMR VLPEyOLFR WLHQHXQDJUDQLPSRUWDQFLDVLQGXGDSHURQRVHUiPiV TXHODOHWUDPXHUWDVLQRWLHQHSRUUHVXOWDGRKDFHUTXHHOHVStULWXGHO0DVyQWUDEDMHWDPELpQ IXHUDGHODVUHXQLRQHVGHFRVWXPEUH (OYHUGDGHUR&RPSDxHURVDFDGHVX/RJLDXQPRWLYRXREMHWRSDUDSHQVDU6HKDFH FDGD YH]PiVPHGLWDWLYR\QRGHMDQXQFDHQORVLQWHUYDORVGHODVWHQLGDVGH SUHRFXSDUVH GHO PRWLYR X REMHWR HQ HVWXGLR GH SUHSDUDU ORV WUDEDMRV \ GH FRQVDJUDU D OD /RJLD HQ SDUWLFXODUDOD)UDQF0DVRQHUtDHQJHQHUDOWRGRHOWLHPSRGHTXHSXHGDGLVSRQHU6yORHO



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R 0DVyQTXHWUDEDMDDVtVLQSHUGHUQXQFDGHYLVWDOD*UDQ2EUDWLHQHHOGHUHFKRGHVHQWLUVH DFWLYR6RODPHQWHpOSXHGHDFHUFDUVH~WLOPHQWHDOD&ROXPQD-  ,OXPLQDFLyQ &RQ HO ILQ GH TXH QR GHJHQHUH HQ XQ HVIXHU]R HVWpULO OD DFWLYLGDG TXH QRVRWURV GHVDUUROODPRVGHEHVHUSUXGHQWH (VSRU HVWRTXHQRVLPSRUWDWDQWR YHU FOD U R (OJUDGRGH$SUHQGL] WLHQHSRUILQHQVHxDUQRVD FRQRFHUHOHUURU\DHYLWDUORD VX YH]HOJUDGRGH&RPSDxHURGHEHDWUDHUQRVSRU ORYHUGDGHUR\DFHUFDUQRVDpO/DYHQGDDO FDHUGHQXHVWURVRMRVQRVKDFHYHUODOX]\PDUFKDUKDFLDHOOD 1XHVWUDPDUFKDKDFLDODFODULGDGQRRIUHFHSHOLJURVQLQRVDFDUUHDSHUMXLFLRVSRUTXH HO FDPLQR HV VHJXUR 3HUR HO YLDMH HV WDQ ODUJR TXH VH QHFHVLWD XQD JUDQ UHVLVWHQFLD SDUD UHFRUUHUORKDVWDHOILQ/DVGHFHSFLRQHVGHVDOLHQWDQGHRUGLQDULRGHVGHHOFRPLHQ]RDODV DOPDV PDO WHPSODGDV (O SHQVDGRU KD SRGLGR WDPELpQ VHU HQJDxDGR SHUR DFHUFiQGRVH FRQRFHODFDXVDGHVXHUURU\VLJXHDGHODQWH &DPLQDQGR DVt VLQ GHELOLGDGHV REVHUYDQGR VLHPSUH UD]RQDQGR \ FRPSDUDQGR HVIRU]iQGRVHHQDGLYLQDUHOHVStULWXKXPDQRVHLOXPLQDSRFRDSRFRDPHGLGDTXHODOX]VH GHVDUUROODHQHOHQWHQGLPLHQWR 7DO HV OD LOXPLQDFLyQ TXH GHEH EXVFDU DTXHO TXH KD YLVWR EULOODU OD (VWUHOOD )ODPtJHUD(QHOFXUVRGHVXSHUHJULQDFLyQSRUODYLGDWRGRHVWiOODPDGRDLQVWUXLUORVLVDEH DSURYHFKDUODOX]TXHLUUDGLDGHWRGDVODVFRVDV/RLPSRUWDQWHSDUDpOQRHVGHVGHOXHJR VDEHU PXFKR VLQR VDEHU ELHQ OR TXH VH VDEH /D *QRVLV HV FXHVWLyQ GH FRPSUHQVLyQ SHUVRQDO\GHSHQHWUDFLyQtQWLPDQRGHPHPRULDRGHDVLPLODFLyQVXSHUILFLDO 'RPLQLRGH6t0LVPR (O KRPEUH LOXVWUDGR R LOXPLQDGR HV FDSD] GH GRPLQDU HO IXHJR GHO FLHOR \ GH HMHUFLWDUHQHVWDIRUPDHOSRGHUVREHUDQRTXHUHVLGHHQODYROXQWDG3HURDQWHVGHPDQGDU DIXHUD HV QHFHVDULR UHLQDU DGHQWUR \ UHLQDU HIHFWLYDPHQWH VREUH 6t PLVPR (V OR TXH H[SUHVD HO &RPSDxHUR FXDQGR VH SRQH DO RUGHQ 6X JHVWR OR LQYLWD D GRPLQDU VX SURSLR FRUD]yQ R FRQWHQHU WRGD HIHUYHVFHQFLD HQFDPLQDGD D XQD DPELFLyQ SHUVRQDO \ D DKRJDU WRGRVHQWLPLHQWRTXHQRVHDDEVROXWDPHQWHQREOH\JHQHURVR(VQHFHVDULRTXHOOHJXHDQR GHVHDUQDGDTXHQRVHDMXVWR1RHVVLQREDMRHVWDFRQGLFLyQFyPRSRGUiPDQLIHVWDUGHVHRV TXHSXHGDQUHDOL]DUVH 1XHVWUDYROXQWDGHQHIHFWRWLHQHXQDDFFLyQPX\UHVWULQJLGDFRPRTXHHOODHPDQD GHQXHVWURFDSULFKRLQGLYLGXDO3HURFXDQGRHOLQGLYLGXRVHFRPSURPHWHDSRQHUVXHQHUJtD YROLWLYDDOVHUYLFLRGHXQDJUDQFDXVDDGTXLHUHXQSRGHULQPHQVRTXHQRGHEHUiMDPiVXVDU DUELWUDULDPHQWH /D YROXQWDG QRV SRQH HQ OD PDQR OD 3DODQFD SRGHURVD TXH SHUPLWLUi OHYDQWDUHOPXQGRSHURFRPRHOULWXDOQRVORHQVHxDHVWHLQVWUXPHQWRQRGHEHHPSOHDUVH MDPiVVLQOD5HJOD (Q HO7DURW HO&RPSDxHURVDELHQGRGHVHDUHV FRPSDUDGRFRQ XQ(PSHUDGRUTXH UHLQDVREUHXQFXERGHRURRHQRWURVWpUPLQRVVREUHOD3LHGUDF~ELFDSRUTXHSDUDOOHJDU D VHU PDHVWUR GH WRGDV ODV FRVDV OH HV QHFHVDULR FRPHQ]DU SRU GRPLQDUVH D Vt PLVPR HQ



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR IRUPDDEVROXWD1RGHVHDQGRQDGDSDUDVtDXWRUt]DORDGHVHDULPSHULRVDPHQWHORTXHHQWUD HQHORUGHQXQLYHUVDOGHODVFRVDV\QRGHEHDSURYHFKDUORVLQRSDUDHOELHQJHQHUDO (O3RGHU,QLFLiWLFR /DYROXQWDGKDVLGRFRPSDUDGDFRQHOUD\RQRVLQUD]yQSRUTXHHQHOGRPLQLRGH ODVIXHU]DVSVtTXLFDVSUHVHQWDPiVGHXQDDQDORJtDFRQODHOHFWULFLGDG(VSRUHVWRTXHHVWi SHUPLWLGRKDEODUGHWHQVLyQYROLWLYDGHFRUULHQWHVDQtPLFDVVHQVLWLYDVRYROXQWDULDV\GHXQ WUDEDMRUHDOL]DGRSRUODVRQGDVSURFHGHQWHVGHQXHVWUDVYLEUDFLRQHVFHUHEUDOHV $IXHU]DGHFRQFHQWUDUVHHQVtPLVPRORVDQWLJXRV,QLFLDGRVKDEtDQWHUPLQDGRSRU SHQHWUDUDIRQGRORVPLVWHULRVGHODSVLFRILVLRORJtDKXPDQD(OORVFUHtDQHQSDUWLFXODUTXH ODYROXQWDGLQGLYLGXDOGpELO\YDFLODQWHQRHVVLQRXQDSDUWLFXODUL]DFLyQGHXQDYROXQWDG PiVJHQHUDOSRGHURVD\ILMD (VWDFRQFHSFLyQGHEtDFRQGXFLUDODSUiFWLFDGHOD³7HXUJLD´FRPXQLFDFLRQHVFRQ ORVGLRVHVEHQpILFRV HVGHFLUDOHPSOHR\DODXWLOL]DFLyQHIHFWLYDGHOSRGHUGHORVGLRVHV TXH HUD QHFHVDULR UHSUHVHQWiUVHORV FRPR FROHFWLYLGDGHV SVtTXLFDV 3DUD EHQHILFLDUVH FRQ HVWH SRGHU SDUD GRPHVWLFDUOR VL HV SHUPLWLGR XVDU HVWH WpUPLQR EDVWD HQ VXPD KDEHU UHDOL]DGR HO LGHDO GH OD 3LHGUD F~ELFD 6HG SHUIHFWRV FRPR PLHPEURV GH OD VRFLHGDG KXPDQD \ pVWD FRQFHQWUDUi VREUH YRVRWURV VXV IXHU]DV GLVSRQLEOHV (V HQWRQFHV FXDQGR SRGUpLVGHVSOHJDUWRGDODDFWLYLGDGIHFXQGDGHORVKpURHVDQWLJXRVTXHIXHURQ,QLFLDGRVR YHUGDGHURV&RPSDxHURV

(O(PSHUDGRU$UFDQR,9GHO7DURW(VHOSRGHUHMHFXWLYRGHODYROXQWDG TXHRUGHQDVHJXUDGHVXGHUHFKR(VDOPLVPRWLHPSRODILMH]DTXHGDOD YROXQWDG HQ HMHFXFLyQ (O (PSHUDGRU FRUUHVSRQGH DO HU 9LJLODQWH 1R HVWi GHFRUDGR FRQ HO 1LYHO SHUR OD DOWXUD GH VX FXHUSR UHSUHVHQWD XQ WULiQJXOR\VXVSLHUQDVHVWiQHQWUHFUX]DGDVDXQTXHHOFRQMXQWRUHFXHUGD HOVLJQRGHO$]XIUH

(OWURQRGHHVWHVREHUDQRHVOD3LHGUD&~ELFD



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

&$7(&,602,17(535(7$7,92 '(/*5$'2'(&203$f(52

/DVLQVWUXFFLRQHVLQLFLiWLFDVSRUPHGLRGHSUHJXQWDV\UHVSXHVWDVHVWiQGHVWLQDGDVD VHU OHtGDV FRQWLQXDPHQWH 7LHQHQ SRU ILQ HVWLPXODU ODV LQYHVWLJDFLRQHV SHUVRQDOHV GH ORV HVStULWXV TXH PHGLWHQ 1R EDVWD FRQWHQWDUVH FRQ UHFRUUHU UiSLGDPHQWH ODV SiJLQDV TXH VLJXHQ5HILULpQGRVH D ODV LQGLFDFLRQHV DQRWDGDVHQWUHSDUpQWHVLVHO &RPSDxHURUHIOH[LYR QRGHMDUiGHREWHQHUXQVHULRSURYHFKRGHOSURIXQGRHVWXGLRGHOSUHVHQWHFDWHFLVPR 3 5 3 5

3 5 3 5

3 5 3 5 3 5 3

¢(V8G&RPSDxHUR" 6tORVR\ ¢&yPRMXVWLILFD8GHVWDDILUPDFLyQ" (O$SUHQGL]QRKDOOHJDGRDFRQRFHUVHDVtPLVPRYHU¢4XpVRPRV" \HVWi SRU OR WDQWR REOLJDGR D DWHQHUVH D OD FRPSHWHQFLD GH RWURV HQ OR TXH FRQFLHUQHDODDSUHFLDFLyQH[DFWDGHVXSURJUHVRHQODLQLFLDFLyQ/OHJDGRD &RPSDxHUR KH DGTXLULGR FRQFLHQFLD GH PL PLVPR \ SXHGR SURQXQFLDUPH FRQVHJXULGDGVREUHHOJUDGRGHLQLFLDFLyQDOFXDOKHOOHJDGR ¢4XpHVXQ&RPSDxHUR" (VHO2EUHURUHFRQRFLGRDSWRSDUDHMHFXWDUVXDUWH\SRVHHGRUGHWRGDVVXV HQHUJtDVGHWUDEDMR7LHQHSRUPLVLyQUHDOL]DUSUiFWLFDPHQWH HOSODQWHyULFR FRQFHELGRSRUORV0DHVWURV ¢(OJUDGRGH&RPSDxHURFRQILHUHSUHUURJDWLYDVHVSHFLDOHV" (Q UD]yQ GH VX LQH[SHULHQFLD HO $SUHQGL] QR VDEUtD WRPDU SDUWH HQ ODV GHFLVLRQHV GH XQ 7DOOHU /yJLFDPHQWH QR WLHQH PiV GHUHFKR TXH D OD LQVWUXFFLyQ\VXGHEHUHVVREUHWRGRHVFXFKDUKDVWDTXHQRDOFDQFHODPD\RU HGDG LQLFLiWLFD UHSUHVHQWDGD SRU HO JUDGR GH &RPSDxHUR TXH SRU VX LPSRUWDQFLDGHEHUtDFRQIHULUHOGHUHFKRGHYRWR\GHOLEHUDFLyQHQHOVHQRGH OD/RJLD ¢3RUTXpRVKDEpLVKHFKRUHFLELU&RPSDxHUR" 3DUDFRQRFHUODOHWUD*9HU/D/HWUD*  ¢4XpVLJQLILFDGRWLHQHHVWDOHWUD" *HRPHWUtD*HQHUDFLyQ*UDYLWDFLyQ*HQLR\*QRVLV ¢'HTXp*HRPHWUtDVHWUDWDDTXt" 'H OD TXH VH DSOLFD D OD FRQVWUXFFLyQ XQLYHUVDO \ HQVHxD D IRUPDU ORV LQGLYLGXRV D ILQ GH SHUPLWLUOHV WRPDU VX OXJDU HQ HO HGLILFLR VRFLDO 9HU *HRPHWUtD  ¢4XpUHODFLyQWLHQH*HQHUDFLyQFRQHOJUDGRGH&RPSDxHUR"



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R 5

3 5

3 5

3 5 3 5 3 5

3 5 3

(O&RPSDxHURHVOODPDGRDKDFHUREUDVGHYLGD'HEHVDEHUSRQHUHQDFFLyQ HQHUJtDYLWDO \ OH LQWHUHVDHQFRQVHFXHQFLDSURIXQGL]DUORVPLVWHULRVGHOD YLGD\pVWDWLHQHVXIXHQWHHQOD*HQHUDFLyQFX\DVOH\HVKDQLQVSLUDGRODV PiVQRWDEOHVGRFWULQDVGHODDQWLJHGDG9HU*HQHUDFLyQ  ¢(QTXpIRUPDOD*UDYLWDFLyQLQWHUHVDDOD)UDQF0DVRQHUtD" $ OD DWUDFFLyQXQLYHUVDO TXH WLHQGH D MXQWDU ORVFXHUSRVHQ HO RUGHQItVLFR FRUUHVSRQGH HQ HO GRPLQLR PRUDOXQD IXHU]D PLVWHULRVD DQiORJDTXH PLUD WDQWRDODFHUFDPLHQWRFRPRDODIXVLyQGHODVDOPDV(VWDIXHU]DTXHXQHORV FRUD]RQHV DVHJXUD OD VROLGH] GHO HGLILFLR 0DVyQLFR FX\RV PDWHULDOHV VRQ VHUHVYLYRVXQLGRV~QLFDPHQWHSRUODSURIXQGDDIHFFLyQTXHGHPXHVWUDQORV XQRVSRUORVRWURV(O DPRUIUDWHUQDOLQWHUYLHQHDVtHQOD0DVRQHUtDHQIRUPD GH XQ SULQFLSLR YLWDO JHQHUDGRUGH RUGHQ GH DUPRQtD \ GH HVWDELOLGDG DVt FRPROD*UDYLWDFLyQTXHULJHORVPRYLPLHQWRVGHORVFXHUSRVFHOHVWHV9HU *UDYLWDFLyQ  ¢(QTXpFRQVLVWHHO*HQLR" (Q XQD H[DOWDFLyQ IHFXQGD GH QXHVWUDV IDFXOWDGHV LQWHOHFWXDOHV H LPDJLQDWLYDV 0LHQWUDV HO HVStULWX LQGLYLGXDO SHUPDQH]FD IUtDPHQWH HQ SRVHVLyQ GH Vt PLVPR QR VDOGUi GH ORV OtPLWHV GHO WDOHQWR TXH pO SXHGH SRVHHU3DUDVREUHVDOLU\OOHJDUDVHUXQJHQLRHVQHFHVDULRTXHVHDEDQGRQH DODVLQIOXHQFLDVH[WHULRUHVTXHVH HQWXVLDVPH\TXHYLEUHDORVDFRUGHVGH XQDDUPRQtD VXSHULRU9HU*HQLR  ¢4XpVLJQLILFDODSDODEUD*QRVLV" &RQRFLPLHQWR 6H UHILHUH D XQ FRQMXQWR GH QRFLRQHV FRPXQHV D WRGRV ORV LQLFLDGRV TXH D IXHU]D GH SURIXQGL]DU KDQ WHUPLQDGR SRU FRQFHQWUDUVH HQ XQDPLVPDFRPSUHQVLyQGHORVPLVWHULRVGHODVFRVDV9HU*QRVLV  ¢&yPRKDEpLVVLGRUHFLELGR&RPSDxHUR" 3DVDQGRGHOD&ROXPQD% DOD&ROXPQD- GHVSXpVGHKDFHUFLQFRYLDMHV ¢4XpUHSUHVHQWDHVWHSDVRGHXQD&ROXPQDDODRWUD" (TXLYDOH D XQD PRGLILFDFLyQ GHO SURJUDPD GH LQLFLDFLyQ 3DUD UHFLELU VX VDODULR FHUFD GH OD &ROXPQD %  TXH HV EODQFD IHPHQLQDSDVLYD \ TXH FRUUHVSRQGH D OD /XQD HO $SUHQGL] KD GHELGR D\XGDUVH ~QLFDPHQWH GH OD 5D]yQ FX\D FODULGDG GLVLSD ODV WLQLHEODV \ KDFH GLVWLQJXLU HO HUURU 3HUR GHVSXpV GH WRGDV ODV SXULILFDFLRQHV TXH YLFWRULRVDPHQWH KD VXIULGR HO ,QLFLDGRGHOSULPHUJUDGRHVFRQGXFLGRILQDOPHQWHFHUFDGHOD&ROXPQD-  TXH HV URMD PDVFXOLQDDFWLYD \ FRUUHVSRQGH DO 6RO 6LQ GHVSRMDUVH GH VXV KiELWRVGHGLVFLSOLQDUDFLRQDOGHEHUiHQDGHODQWHFRQHOILQGHOOHJDUDVHU XQ SHQVDGRU FRPSOHWR HMHUFLWDU VX LPDJLQDFLyQ \ GHVHQYROYHU VX VHQVLELOLGDG 'HVSXpVGHKDEHUDSUHQGLGRD UDFLRFLQDUFRUUHFWDPHQWHSXHGH SUHSDUDUVHSDUDVHQWLUVHMXVWRSRUOD HGXFDFLyQMXLFLRVDGHVXLQVWLWXFLyQ ¢4XpRVKDQHQVHxDGRHQHOFXUVRGHYXHVWURVYLDMHV" $ VHUYLUPH GH KHUUDPLHQWDV GHVWLQDGDV D WUDQVIRUPDU OD 3LHGUD EUXWD HQ 3LHGUDF~ELFDWDOODGDVHJ~QODVH[LJHQFLDVGHO$UWH ¢&XiOHVVRQHVRV~WLOHV"



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R 5 3 5

3 5

3 5 3 5 3 5

3 5

3 5 3 5

3

'HVGH OXHJR HO &LQFHO \ HO 0DOOHWH HQ VHJXLGD OD 5HJOD \ HO &RPSiV GHVSXpVOD3DODQFD\SRU~OWLPROD(VFXDGUD ¢4XpVLJQLILFDQHO&LQFHO\HO0DOOHWH" (VWRV LQVWUXPHQWRV TXH VLUYHQ SDUD GHVEDVWDU OD 3LHGUD EUXWD QRV LQGLFDQ FyPR GHEHPRV FRUUHJLUQRV GH QXHVWURV GHIHFWRV IRUPiQGRQRV VDELDV UHVROXFLRQHV &LQFHO TXH XQD GHWHUPLQDFLyQ HQpUJLFD 0DOOHWH  SRQGUi HQ SUiFWLFDYHU3ULPHU9LDMH  ¢4XpUHODFLyQKD\HQWUHOD5HJOD\HO&RPSiV" /D 5HJOD TXH SHUPLWH WUD]DU OtQHDV UHFWDV VXVFHSWLEOHV GH VHU SURORQJDGDV KDVWDHOLQILQLWRHVHOHPEOHPDGHOGHUHFKRLQIOH[LEOHGHODOH\PRUDOHQOR TXHWLHQHGHULJXURVD\GHLQPXWDEOH$HVWHDEVROXWRVHRSRQHHOFtUFXORGH ORUHODWLYRHQHOFXDOHOUDGLRHVWiOLPLWDGRSRUODVHSDUDFLyQGHORVEUD]RV GHO &RPSiV $GHPiV FRPR QXHVWURV PHGLRV VRQ OLPLWDGRV GHEHPRV GHWHUPLQDUQXHVWUR SURJUDPDGHWUDEDMRWRPDQGRHQFXHQWDDODYH]HOLGHDO DEVWUDFWR TXH GHEHPRV SHUVHJXLU 5HJOD  \ OD UHDOLGDG FRQFUHWD &RPSiV  FRQHOFXDOVRPRVDYDOXDGRV9HU6HJXQGR9LDMH  ¢$TXpKDFHDOXVLyQOD3DODQFD" $O SRGHU LUUHVLVWLEOH TXH WLHQH XQD YROXQWDG LQIOH[LEOH H LQWHOLJHQWHPHQWH DSOLFDGD9HU7HUFHU9LDMH  ¢3RUTXpOD5HJODGHEHHVWDUXQLGDDOD3DODQFD" 3RUTXHODYROXQWDGQRHVLQYHQFLEOHVLQRFXDQGRHVWiDOVHUYLFLRGHOGHUHFKR DEVROXWR ¢&XiOHVODLPSRUWDQFLDGHOD(VFXDGUD" 3HUPLWH FRPSUREDU HO FRUWH GH ODV SLHGUDV TXH GHEHQ VHU HVWULFWDPHQWH UHFWDQJXODUHV SDUD DMXVWDUVH HQWUH Vt FRQ H[DFWLWXG 6LPEyOLFDPHQWH OD (VFXDGUD GHWHUPLQD DVt ODV FRQGLFLRQHV GH VRFLDELOLGDG (PEOHPD GH VDELGXUtDHQVHxDTXHODSHUIHFFLyQFRQVLVWHSDUDHOLQGLYLGXRHQODH[DFWLWXG FRQODFXDOWLHQHVXOXJDUHQODVRFLHGDG ¢3RU TXp HO ~OWLPR YLDMH GHO &RPSDxHUR GHEH KDFHUVH FRQ ODV PDQRV GHVRFXSDGDV" 3RUTXHKDELHQGRWHUPLQDGRVXWUDQVIRUPDFLyQHQ3LHGUDF~ELFD\DQRWLHQH TXH SUHRFXSDUVH GH VX SURSLR SHUIHFFLRQDPLHQWR /H FRUUHVSRQGH HQ DGHODQWHFRQFHQWUDUVH\REVHUYDUGHMDQGRSHQHWUDUHQ VXFHUHEURODFODULGDG LQWHOHFWXDO TXH GHEH LOXPLQDU SURJUHVLYDPHQWH VX HQWHQGLPLHQWR 9HU 4XLQWR9LDMH  ¢&yPRVHUHFRQRFHXQ&RPSDxHUR" 3RUHOVLJQRODVSDODEUDV\HOWRFDPLHQWR ¢&yPRH[SOLFiLVHOVLJQRGH&RPSDxHUR" $OOOHYDUODPDQRGHUHFKDVREUH HOFRU KDJRHOMXUDPHQWRGHDPDUDPLV KHUPDQRV FRQ IHUYRU \ GHYRFLyQ HOHYDQGR OD PDQR L]TXLHUGD DILUPR OD VLQFHULGDG GH PLV SURPHVDV \ DO KDFHU XQD HVFXDGUD FRQ OD PDQR GHUHFKD GHPXHVWURTXHWRGRVPLVDFWRVVHLQVSLUDQ HQODMXVWLFLD \HQODHTXLGDG ¢/D DFWLWXG TXH ORV FRPSDxHURV DGRSWDQ SDUD SRQHUVH DO RUGHQ QR KDFH DOXVLyQWDPELpQDVHFUHWRVHVSHFLDOHVGHOJUDGR"



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R 5

3 5 3 5

3 5

3 5 3 5 3 5

3 5

3 5

/D PDQR L]TXLHUGD OHYDQWDGD VHPHMD XQ OODPDGR D ODV IXHU]DV H[WHULRUHV HQHUJtDVFDSWDEOHVTXHODPDQRGHUHFKRFULVSDGDVHHVIXHU]DSRUVXSDUWHHQ FRQWHQHUHQHOFRUD]yQGRQGHHOODVVHDFXPXODQ (O ,QLFLDGR OLVWR D DUUDQFDUVH HO FRUD]yQ SURFODPD DGHPiV TXH WLHQH TXH GRPLQDUVXVVHQWLPLHQWRV\TXHQRFHGHUi-DPiVDXQDUUDQTXHLUUHIOH[LYR ¢&XiOHVVRQODVSDODEUDVGHO&RPSDxHUR" 6RQGRVODSDODEUDGHSDVH\ODSDODEUDVDJUDGD ¢4XpVLJQLILFDODSDODEUDGHSDVH" ³(VSLJD´RSRUH[WHQVLyQ³QXPHURVRVFRPRODVHVSLJDVGHWULJR´(VVDFDGD GHOD%LEOLDTXHHQHO GHFLPRVHJXQGRFDStWXORGHO/LEURGHORV-XHFHVQRV GLFH TXH HOOD IXH HVFRJLGD SRU ORV *DODDGLWDV SDUD FRQRFHU D OD JHQWH GH (IUDtP (VWRV HQ VX GLDOHFWR SDUWLFXODU QR OD SURQXQFLDEDQ FRUUHFWDPHQWH GLFLHQGR³6LE ´ HQOXJDUGH ³6FKLE ´(VWDSURQXQFLDFLyQGHIHFWXRVDIXH IDWDO D ORV  (IUDLPLVWDV TXH -HSWp KL]R PDWDU D PHGLGD TXH VH SUHVHQWDEDQSDUDDWUDYHVDUHO-RUGiQ ¢(VWDSDODEUDQRWLHQHSDUDQRVRWURVRWURVLJQLILFDGRPiVLQLFLiWLFR" 7UDGXFLGDSXHGHUHODFLRQDUVHFRQORVPLVWHULRVGH&pUHVFX\RVLPEROLVPR HUD DJUtFROD VL ELHQ HO ,QLFLDGR GHEtD HQ (OHXVLV VXIULU DOHJyULFDPHQWH OD VXHUWH GHOJUDQRGHWULJRTXHVHSXOWDGRHQODWLHUUDHQ,QYLHUQRUHQDFHHQOD 3ULPDYHUDEDMRODIRUPDGHXQDQXHYDSODQWD ¢'pPHODSDODEUDVDJUDGDGHORV&RPSDxHURV 1RSXHGRSURQXQFLDUODSXHGRVRODPHQWHGHOHWUHDUOD ¢'tJDPHODSULPHUDOHWUD\RRVD\XGDUpHQVHJXLGD - ¢(Q TXpVH GLIHUHQFLD OD PDQHUD GHGHOHWUHDUODSDODEUDVDJUDGD GHO VHJXQGR JUDGRGHODGHOSULPHUR" &RPR HO SULQFLSLDQWH HV LQFDSD] GH GHVFXEULU SRU Vt PLVPR ORV SULPHURV HOHPHQWRVGHODFLHQFLDLQLFLiWLFDHVPHQHVWHUHQFDPLQDUOR\HVSRUHVWRTXH DO$SUHQGL]VHOHGDODSULPHUDOHWUD GHODSDODEUDVDJUDGDFRQHOILQGH TXH SXHGD HQFRQWUDUODVHJXQGDSRUVXSURSLRHVIXHU]R7DQSURQWRSXHGDGDUOD UHFLELUiODWHUFHUD\DVtVXFHVLYDPHQWH (O &RPSDxHUR QR HV \D XQ LJQRUDQWH KD GHELGR GDU SUXHEDV GH LQLFLDWLYD LQWHOHFWXDODVtVHOHSXHGH SHGLU TX HGp DQWHVGHUHFLELU ¢4XpVLJQLILFDODSDODEUDVDJUDGDGHORV&RPSDxHURV" /LWHUDOPHQWHVH WUDGXFH SRU ³(VWDELOLGDG´ R FRPRWDPELpQVH KDGLFKR ³OD FRQILDQ]D HQVtPLVPR´TXH GHEHWHQHUHO&RPSDxHUR(VHOQRPEUHGHOD FROXPQD GHO WHPSOR GH 6DORPyQ HQ OD TXH ORV FRPSDxHURV UHFLEtDQ VXV VDODULRV ¢4Xp UHODFLyQ WLHQHQ ODV &ROXPQDV % \ - FRQ ORV VDODULRV GH ORV $SUHQGLFHV\GHORV&RPSDxHURV" &RORFDGDV D FDGD ODGR GH OD SXHUWD SULQFLSDO GHO 7HPSOR HVWDV FROXPQDV FRUUHVSRQGHQDORVREHOLVFRVGHORVVDQWXDULRVHJLSFLRV&RPRpVWRVHVWDEDQ FXELHUWDV GH MHURJOtILFRV R GH LGHRJUDPDV FX\R VHQWLGR GHEtD GHVFXEULU HO



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

3 5 3 5

3 5

,QLFLDGR(V SXHV VX LQVWUXFFLyQLQLFLiWLFD \ QR XQVDODULR PDWHULDO ORTXH ORV$SUHQGLFHV\&RPSDxHURVUHFLEHQHQODVGRVFROXPQDV ¢&RQTXpPDWHULDOHVWiQFRQVWUXLGDVHVWDVFROXPQDV" 'H EURQFHSDUDLQGLFDUTXHORVSULQFLSLRVLQLFLiWLFRVVRQLQPXWDEOHV\TXH VHWUDQVPLWHQGHXQDFLYLOL]DFLyQDRWUD ¢4XpGLPHQVLRQHVDVLJQROD%LEOLDDODVGRVFROXPQDVVLPEyOLFDVREUDVGHO IXQGLGRU+LUDPGH7LUR" (O SULPHUOLEURGH ORV5H\HVFDStWXOR9,,YHUV\VLJXLHQWHV OHVGD FRGRVGHDOWXUDVLQFRQWDUHOFDSLWHOTXHPLGHFRGRV+DWDPELpQHQRWUDV XQD UHMD GH  FRGRV HQYROYLHQGR FDGD FROXPQD (O FDSLWHO WHUPLQD HQ XQ FDVTXHWH KHPLVIpULFR URGHDGR GH XQD GREOH ILOD GH JUDQDGDV (VWDV SURSRUFLRQHVGDQDODVFROXPQDVGHOWHPSORGH6DORPyQXQDVSHFWRIiOLFR\ ODV DVHPHMDQ D QXPHURVDV PRQXPHQWRV IHQLFLRV FRQVDJUDGRV DO SRGHU JHQHUDGRUPDVFXOLQR ¢4XpHVSHVRUWHQtDHOEURQFHGHHVDVFROXPQDVVHJ~QODWUDGLFLyQPDVyQLFD" &XDWURSXOJDGDV\DTXHVHOHVVXSRQtDKXHFDVSDUDFRQWHQHUHOWHVRURGHORV $SUHQGLFHV\&RPSDxHURV

&ROXPQD GHO WHPSOR GH 6DORPyQ UHFRQVWLWXLGD VHJ~Q ODV SURSRUFLRQHV LQGLFDGDV SRU OD %LEOLD \ VHJ~Q ORV GDWRV GHOHVWLOR HJLSFLR GH OD pSRFD SRU HO + 5+DZFULGJH DUTXLWHFWRFX\RWUDEDMR IXHSXEOLFDGR SRU HO ³1HZ =HDODQG &UDIWVPDQQ´ GHVSXpV SRU HO ³)UHHPDVRQ´ GH /RQGUHV 1RGHOGH$JRVWRGH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR 3 5 3 5

3 5 3 5 3 5

3 5

3 5

3 5

3

¢4XpUHSUHVHQWDHVWHWHVRURLQWHULRU\SRUFRQVLJXLHQWHRFXOWR" /DGRFWULQDLQLFLiWLFDFX\RFRQRFLPLHQWRHVWiUHVHUYDGRDDTXHOORVTXHQR VHDWLHQGHQDORVXSHUIOXR\VDEHQSURIXQGL]DU ¢3RUTXpODPDUFKDGHORV&RPSDxHURVWLHQHSDVRVKDFLDORVODGRV" 3DUDLQGLFDUTXHXQ&RPSDxHURQRHVWiREOLJDGRDVHJXLUVLHPSUHODPLVPD GLUHFFLyQ&RQHOILQGHEXVFDUODYHUGDGSRUWRGDVSDUWHVGRQGHVHRFXOWDOH HVSHUPLWLGRVHSDUDUVHGHODUXWDQRUPDOPHQWHWUD]DGD3HURODE~VTXHGDGHO PLVWHULR QR GHEH GHVRULHQWDUOR WRGD GHVYLDFLyQ PRPHQWiQHD GHEH VHU LQPHGLDWDPHQWHVHJXLGDGHXQDSURQWDYXHOWDDOFDPLQRUHFWR ¢7HQpLVRUQDPHQWRVHQYXHVWUD/RJLD" 6tKD\WUHV³(O3LVRPRVDLFR´OD³(VWUHOOD)ODPtJHUD´\OD³2UODGHQWDGD´ ¢&XiOHVVRQVXVXVRV" (O 3LVRPRVDLFRDGRUQD HOXPEUDOGHOJUDQSyUWLFR /D (VWUHOOD )ODPtJHUD EULOODDOFHQWURSDUDLOXPLQDUOD/RJLDHQFXDQWRDOD2UODGHQWDGDURGHD\ GHFRUDODVH[WUHPLGDGHV ¢4XpUHSUHVHQWDHO3LVRPRVDLFR" 6XV EDOGRVDV GH LJXDOHV GLPHQVLRQHV SHUR DOWHUQDWLYDPHQWH EODQFDV \ QHJUDVVLPEROL]DQODULJXURVD H[DFWLWXGFRQODTXHWRGRVHFRPSHQVDHQHO GRPLQLR GH QXHVWUDV VHQVDFLRQHV IDWDOPHQWH VRPHWLGDV D OD OH\ GH ORV FRQWUDVWHV ¢4XpUHODFLyQKD\HQWUHHO&RPSDxHUR\HO3LVRPRVDLFR" &RPR REUHUR GHGLFDGR D OD UHDOL]DFLyQ GH OD *UDQ 2EUD HO ,QLFLDGR GHO VHJXQGRJUDGRGHEHHVWDUSHUVXDGLGRGHODYDQLGDGTXHVLJQLILFDXQDOXFKD HQFDPLQDGDDFRQTXLVWDUXQDIHOLFLGDGFRQWLQXD8QDDOHJUtDTXHVHSHUSHW~H \ D OD TXH QDGD WXUEH QR HV SRVLEOH YXHOYH DO VXSOLFLR SXHV GLVPLQX\H \ FRQGXFH DO DQLTXLODPLHQWR D OD PXHUWH 8QD SUHWHQGLGD YLGD HWHUQD HQ HO VHQRGHOUHSRVR\GHODDOHJUtDLQILQLWDHVXQDSXUDTXLPHUD3RUHWHUQDTXH IXHUH OD 9LGD QR FRQVLVWLUi VLQR HQ OD DFFLyQ HQ OD OXFKD FRQWUD ORV REVWiFXORVHQHOWUDEDMRSHQRVRSHURSHUVHYHUDQWHTXHWLHQHSRUILQXQLGHDO TXHUHDOL]DU(OHVIXHU]RHOVXIULPLHQWRSUREDGRFRQVWLWX\HQHOSUHFLRGHOD 9LGD FX\DV DOHJUtDV VHUiQ H[DFWDPHQWH SURSRUFLRQDOHV D OR TXH KD\DPRV WUDEDMDGR\VXIULGR ¢3RU TXp OD (VWUHOOD )ODPtJHUD HV HO VtPEROR HVHQFLDO GHO JUDGR GH &RPSDxHUR" 3RUTXHHO,QLFLDGRGHOVHJXQGRJUDGRHVWiOODPDGRDFRQYHUWLUVHpOPLVPR HQXQKRJDUDUGLHQWHIXHQWHDODYH]GHFDORU\GHOX]/DJHQHURVLGDGGH VXV VHQWLPLHQWRV GHEHQ LQFLWDUOR D GHGLFDUVH VLQ UHVHUYDV SHUR FRQ HO GLVFHUQLPLHQWR GH XQD LQWHOLJHQFLD YHUGDGHUDPHQWH HVFODUHFLGD SRUTXH HOOD HVWiDELHUWDDWRGDVODVFRPSUHQVLRQHV ¢3RUTXpHVWD(VWUHOODWLHQHFLQFRSXQWDV" 3DUDLQGLFDUODVFXDWURH[WUHPLGDGHVGHOKRPEUH\ODFDEH]DTXHODVGLULJH (VWDTXHHVHODVLHQWRGHODVIDFXOWDGHVLQWHOHFWXDOHVGRPLQDHOFXDWHUQDULR GHORVHOHPHQWRVRGHODPDWHULD/D(VWUHOODGHFLQFRSXQWRVOOHJDDVHUDVt HOHPEOHPDGHOSRGHUGHODYROXQWDG9HU/D(VWUHOOD)ODPtJHUD  ¢4XpOXJDURFXSDOD(VWUHOOD)ODPtJHUDHQUHODFLyQFRQHO6RO\OD/XQD"



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R 5 3 5 3 5

3 5 3 5 3 5 3 5 3 5

3 5 3 5 3 5

(VWiFRORFDGDHQWUHHVWRVGRVDVWURVSDUDIRUPDUFRQHOORVXQWULiQJXOR ¢3RUTXp" 3RUTXH OD (VWUHOOD )ODPtJHUD EULOOD SRU OD OX] FRPELQDGD GHO 6RO \ GH OD /XQD OR TXH TXLHUH GHFLU TXH OD ,QWHOLJHQFLD R OD &RPSUHQVLyQ SURFHGHQ WDQWRGHOD5D]yQFRPRGHOD,PDJLQDFLyQ ¢4XpHQWHQGpLVSRUOD2UODGHQWDGD" (VWHWpUPLQRFRQYHQFLRQDOVHDSOLFDDO FRUWLQDMHUHFRUWDGRTXHURGHDHOWHFKR GHOD/RJLD3RUHQFLPDGHORVGHQWHOORQHVGHWHODFRUUHXQDFXHUGDIRUPDQGR XQDVHULHGHQXGRVOODPDGRV³OD]RVGHDPRU´HVOD FD GHQ D  GH X Q LyQ FX\DV H[WUHPLGDGHV GHVKLODGDV HQ IOHFRV VH MXQWDQ FHUFD GH ODV &ROXPQDV % \ - (OFRQMXQWRHVHOHPEOHPD GHO OD]RTXHXQHDWRGRVORV0DVRQHV\ TXH IRUPDQXQDVRODIDPLOLDVREUHOD7LHUUD ¢+D\MR\DVHQYXHVWUD/RJLD" 6t\VRQVHLVWUHVPRYLEOHV\WUHVLQPRYLEOHV ¢&XiOHVVRQODVMR\DVPRYLEOHV" /D³(VFXDGUD´LQVLJQLDGHO9 0 HO³1LYHO´TXHGHFRUDDOƒ9LJ \ OD³3HUSHQGLFXODU´ROtQHDDSORPRTXHOOHYDHOƒ9LJ  ¢3RUTXpHVWDVMR\DVVHOODPDQPRYLEOHV" 3RUTXH ORV RILFLDOHV TXH GHVHPSHxDQ ORV FDUJRV TXH HOODV UHSUHVHQWDQ HQWUHJDQORVMR\DVDVXVVXFHVRUHVFRPRVLJQRGHWUDQVPLVLyQ GHOSRGHU ¢&XiOHVHOXVRGHODVMR\DVPRYLEOHV" /D ³(VFXDGUD´ FRQWUROD HO WDOODGR GH ODV SLHGUDV GH ODV FXDOHV HO ³1LYHO´ DVHJXUD OD SRVLFLyQ KRUL]RQWDO PLHQWUDV OD ³3HUSHQGLFXODU´ SHUPLWH VREUHSRQHUODVYHUWLFDOPHQWH ¢4XpVLJQLILFDGRPRUDOWLHQHQ" /D ³(VFXDGUD´ QRV DSUHPLD D FRUUHJLUQRV GH ORV GHIHFWRV TXH QRV LPSRVLELOLWDQSDUDWHQHUHOOXJDUTXHQRVFRUUHVSRQGHHQODFRQVWUXFFLyQGHO WHPSOR GH OD KXPDQLGDG HO ³1LYHO´ H[LJH TXH XQ 0DVyQ FRQVLGHUH D WRGR KRPEUHFRPRVXLJXDOHQ FXDQWRDOD³3HUSHQGLFXODU´LQYLWDDHOHYDUVHSRU VREUH WRGDV ODV PH]TXLQGDGHV \ HV ,QLFLDGR TXH KD VDELGR SURIXQGL]DU FRQRFHDVtHOYDORUUHDOGHODVFRVDV ¢&XiOHVVRQODVMR\DVLQDPRYLEOHV" /D³3LHGUDEUXWD´OD³3LHGUDF~ELFD´\HO³7DEOHURGHGLEXMR´ ¢&XiOHVVRQVXVXVRV" /D³3LHGUDEUXWD´HVODPDWHULDHQODTXHWUDEDMDQORV$SUHQGLFHV/D³3LHGUD F~ELFD´VLUYH D ORV&RPSDxHURVSDUD DILODUVXVKHUUDPLHQWDV\HO ³7DEOHUR GHGLEXMR´SHUPLWHDORV0DHVWURVWUD]DUVXVSODQRV ¢$TXpKDFHQDOXVLyQODVMR\DVLQDPRYLEOHV" /D ³3LHGUD EUXWD´ HV OD LPDJHQ GHO KRPEUH WRVFR H LJQRUDQWH SHUR VXVFHSWLEOH GH VHU HGXFDGR H LQVWUXLGR OD ³3LHGUD F~ELFD´ UHSUHVHQWD DO ,QLFLDGR TXH GHVSXpV GH KDEHUVH GHVSRMDGR GH ORV HUURUHV \ SUHMXLFLRV SURIDQRVKDVDELGRDGTXLULUORVFRQRFLPLHQWRV\ODKDELOLGDGQHFHVDULDSDUD SDUWLFLSDU HILFD]PHQWH HQ OD *UDQ 2EUD GH OD &RQVWUXFFLyQ 8QLYHUVDO HO



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R

3 5 3 5

3 5 3 5 3 5 3 5 3 5 3 5

3 5 3 5 3 5

³7DEOHURGH GLEXMR´ VH UHILHUH D ORV 0DHVWURV FX\D DXWRULGDGVH EDVD HQ HO WDOHQWRGHTXHKDQGDGRSUXHEDV\HQHOEXHQHMHPSORTXHVDEUtDQGDU ¢3RUFXiQWDVYHQWDQDVHVWiLOXPLQDGDOD&iPDUDGHORV&RPSDxHURV" 3RUWUHVYHQWDQDVTXHVHDEUHQDO2ULHQWHDO0HGLR'tD\DO2FFLGHQWH ¢3RUTXpQRKD\DO6HSWHQWULyQQRUWH " 3RUTXH OD OX] MDPiV YLHQH GH HVD GLUHFFLyQ 1yWHVH TXH HO 7HPSOR HVWi WUD]DGRVREUHODEDVHGHOKHPLVIHULRQRUWH\TXHSRUWDQWRHVDODLQYHUVDGH ORTXHVXFHGHHQ&KLOHGRQGH OD OX]YLHQHGHO6HSWHQWULyQ\ QRGHO0HGLR 'tD6XU  ¢3DUDTXpVLUYHQHVWDVWUHVYHQWDQDV" 3DUD LOXPLQDU D ORV 2EUHURV FXDQGR YLHQHQ DO WUDEDMR FXDQGR HVWiQ HQWUHJDGRVDpO\FXDQGRORGHMDQ ¢'yQGHVHFRORFDQORV&RPSDxHURV" $O0HGLR'tD ¢3RUTXp" 3RUTXHHVWiQORVXILFLHQWHPHQWHDYDQ]DGRVHQLQLFLDFLyQSDUDSRGHUVRSRUWDU ODSOHQDFODULGDGGHOGtD ¢&yPRWUDEDMDXQ&RPSDxHURFRQVX0DHVWUR" &RQDOHJUtDIHUYRU\OLEHUWDG ¢&XiOHVODHGDGPDVyQLFDGHXQ&RPSDxHUR" &LQFRDxRV ¢$TXpVHUHILHUHHVWHQ~PHUR" $OD4XLQWDHVHQFLDFRQFHELGDFRPRHOHVStULWXLQYLVLEOHGHODVFRVDVRFRPR XQ TXLQWR SULQFLSLR UHODFLRQDQGR OD XQLGDG FRQ HO FXDWHUQDULR GH ORV (OHPHQWRV +DFHLJXDOPHQWHDOXVLyQDORVFLQFRVHQWLGRVTXHUHYHODQHOPXQGRH[WHULRU REMHWR GHOHVWXGLRGHO&RPSDxHUR PLHQWUDVTXH HO Q~PHUR WUHV FRQGXFH DO $SUHQGL]DFRQFHQWUDUVHHQVXPXQGRLQWHULRU ¢+DEpLVUHFLELGRYXHVWURVDODULR"


2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

'HOWD OXPLQRVR ,QVFULWR HQ OD (VWUHOOD )ODPtJHUD FX\DV OODPDV VH SURORQJDQ HQ ODV SXQWDV (V HO HPEOHPD HVHQFLDO GHO JUDGR (VFRFpV GH 6DQ$QGUpVFX\RULWXDOVHDWULEX\HHO %DUyQGH7VFKRXG\(OVtPERORHQ FRQMXQWR UHSUHVHQWD OD ,QWHOLJHQFLD XQLYHUVDO 'HOWD OXPLQRVR  PDQLIHVWiQGRVH D WUDYpV GHO HVStULWX KXPDQR SDUD GDU QDFLPLHQWR DO +RPEUH'LRV TXH HV HO ,QLFLDGR SHUIHFWR HO *UDQ (OHJLGR SHUIHFWR \ VXEOLPH0DVyQJUDGRƒGH ODMHUDUTXtDHVFRFHVD (VWD ILJXUD IXH VDFDGD GH ³/D (VWUHOOD )ODPtJHUD´ GHO %DUyQ GH 7VFKRXG\



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

12&,21(6'(),/262)Ë$,1,&,È7,&$ 5(/$7,9$6$/*5$'2'(&203$f(52

(O(QLJPD $ HMHPSOR GH ORV DQLPDOHV HO KRPEUH SRGUtD FRQWHQWDUVH FRQ DFHSWDU OD YLGD WDO FRPR VH OH SUHVHQWD 'HGLFDUVH D GLVIUXWDUOD D VXPDQHUDFRQ XQD IHOL] LQGLIHUHQFLD ¢1R VHUtDHVWRPiVVDELRTXHWRUWXUDUVHHOHVStULWXSRUSHQHWUDULQVRQGDEOHVPLVWHULRV" (VWD FXHVWLyQQR VH UHODFLRQD VHJXUDPHQWH FRQ OD PDVD GH ORV KRPEUHV TXH YLYHQ EXVFDQGRVDWLVIDFFLRQHVSUiFWLFDVVLQGHMDUVHWXUEDUSRURFXSDFLRQHVVXSHUIOXDV3HURKD\ +RPEUHV D ORV TXH REVHVLRQD HO PLVWHULR HO HQLJPD GH ODV FRVDV ORV LUULWD TXLHUHQ FRPSUHQGHUVXFHUHEURWUDEDMDLPSDFLHQWHSRUH[SOLFDUVHODH[LVWHQFLDGHOPXQGR\GHORV VHUHVTXHORSXHEODQ 6HPHMDQWHVD ORV QLxRVTXH LPSDFLHQWDQD VXV SDGUHV FRQSUHJXQWDV HPEDUD]RVDV pVWRVFXULRVRVLQWHUURJDQDOD1DWXUDOH]DDQVLRVRVGHDUUDQFDUOHVXVVHFUHWRV6HREVHVLRQDQ HQPHGLWDU\VHIRUPDQLGHDVGHVWLQDGDVDH[SOLFDUUDFLRQDOPHQWHWRGRORTXHKDQSRGLGR REVHUYDU $VtQDFHQORVVLVWHPDV ILORVyILFRVRUHOLJLRVRVTXHIRUPXODGRV HQGRFWULQDVGDGDV FRPR FLHUWDV VH HVIXHU]DQ SRU VDWLVIDFHU OD QHFHVLGDG GH VDEHU LQKHUHQWH D OD QDWXUDOH]D KXPDQD $XQTXH SURSDJDGRV FRQ VLQFHULGDG WRGRV HVWRV VLVWHPDV VRQ DOJR HQJDxRVRV SRUTXH SURFHGHQ GH FRQYLFFLRQHV SUHFLSLWDGDV 3DUD IRUPXODUORV HV QHFHVDULR FUHHUVH HQ SRVHVLyQGHXQDYHUGDGTXHHQUHDOLGDGQRVHGHMDMDPiVFRJHU(OPLVWHULRSHUVLVWHQWHD SHVDUGHWRGRVORVHVIXHU]RVUHDOL]DGRVSDUDSHQHWUDUORV6XGRPLQLRVHHQVDQFKD\VHDOHMD DPHGLGDTXHQRVRWURVDYDQ]DPRVSDUDOOHJDUDVXGLVFHUQLPLHQWR +DFHUVH LOXVLRQHV D HVWH UHVSHFWR SDUD GRJPDWL]DU FRQYHQFLGR GH TXH VH VDEH VHJXUR GH TXH VH DYDQ]D HV XQD PDQLIHVWDFLyQ SHFXOLDU GH ORV HVStULWXV OLPLWDGRV (O YHUGDGHUR6DELRHO3HQVDGRURHO,QLFLDGRSHUPDQHFHVLHPSUH PX\KXPLOGH HQSUHVHQFLD GH XQD YHUGDG TXH pO FRQFLEH VXSHULRU D VXV IDFXOWDGHVGH FRPSUHQVLyQ 7DPELpQ UHK~VD KDFHUVH HO LQVWUXFWRU GH ODV PXFKHGXPEUHV FX\D OHJtWLPD FXULRVLGDG QR VDEUtD VDWLVIDFHU KRQHVWDPHQWH /DV DEDQGRQD D IDQWDVPDJRUtDV GH ODV TXH JR]DQ FRQ SUHGLOHFFLyQ SXHVWR TXHDpOOHHVGHOWRGRLPSDVLEOHSRQHUVHDVXDOFDQFHSDUDLQVWUXLUODVLQLFLiQGRODV3RUHO FRQWUDULRHO,QLFLDGRWLHQHHOGHEHUGHLUHQD\XGDGHWRGRVORVTXHVHDQLQLFLDEOHVHVGHFLU GHORVHVStULWXVLQGHSHQGLHQWHVDKtWRVGHODVWLUDQtDVRDUELWUDULHGDGHVGHORVVLVWHPDV(VWRV HVFRJLGRVPHUHFHQDSUHQGHUDEXVFDUOR9HUGDGHURE~VTXHGDLQFHVDQWHTXHH[FOX\HWRGD HVSHUDQ]DGHWULXQIRILQDOHQHOUHSRVRGHXQDLQWHOLJHQFLDVDWLVIHFKD£1RVDEUHPRVMDPiV < VLQ HPEDUJR GHVHDPRV VDEHU QRV HPSHFLQDPRV HQ DGLYLQDU HO HWHUQR HQLJPD SHUVXDGLGRVGHTXHWDOHVQXHVWURPiVQREOH\HOHYDGRGHVWLQR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR /D0HGLWDFLyQ /D YHUGDG TXH QRV DWUDH FRQ XQ SRGHU LUUHVLVWLEOH HV GHPDVLDGD YDVWD GHPDVLDGR YLYD \ VXWLO SDUD GHMDUVH DSULVLRQDU LQPRYLOL]DU \ SHWULILFDU HQ OD ULJLGH] GH XQ VLVWHPD 7RGDVODVIyUPXODVFRQTXHVHSUHWHQGHKDFpUQRVODFRQRFHUQRFRQVLJXHQVLQRGLVIUD]DUOD DUULHVJDQGRDPHQXGRKDFHUODGHVSUHFLDEOH7DOHVHOFDVRGHODVLPiJHQHVGHODVIyUPXODV \GHORVGRJPDVGHVWLQDGRVDWUDGXFLUOD9HUGDGDUHSUHVHQWDUODDILMDUOD\KDFHUODHQFLHUWR PRGR WDQJLEOH /R TXH VH REMHWLYD FRQ OD D\XGD GH HVWRV VXEWHUIXJLRV QR HV PiV TXH XQ SiOLGRUHIOHMRXQIDQWDVPDGHVILJXUDGRGHODJUDQ9HUGDG~QLFDTXHHO,QLFLDGRDVSLUDHQ YDQRDFRQWHPSODUVLQYHORV /D ,QLFLDFLyQ VLQ HPEDUJR OH HQVHxD D ROYLGDU WRGR OR TXH YLHQH GH RWURV SDUD UHSOHJDUVHHQVtPLVPRSHQHWUDQGRHQODVSURIXQGLGDGHVGHVXSURSLRSHQVDPLHQWRDILQGH DFHUFDUVH DVt D OD IXHQWH SXUD GH OD 9HUGDG 6H LQVWUXLUi SXHV QR HVFXFKDQGR VDELDV GLVHUWDFLRQHVVLQRHMHUFLWiQGRVHHQPHGLWDU 6LQGXGDQROOHJDUiDVtDLQVWUXLUVHHQWRGRORTXHVHHQVHxDHQODVHVFXHODVRHQORV OLEURV 3HUR ¢$ TXp HQULTXHFHU QXHVWUD PHPRULD VL QRV HQJDxDPRV VREUH ORV FDUDFWHUHV LOXVRULRVGHORTXHQRVSDUHFHYHUGDGHUR"(OVLPSOHLJQRUDQWHHVWiPiVFHUFDGHODYHUGDG TXHHOSHGDQWHTXHVHMDFWDGHXQDFLHQFLDHQFLFORSpGLFDTXHHQUHDOLGDGQRVHEDVDVLQR VREUHQRFLRQHVIDOVDV (QPDWHULDGHVDEHUODFDOLGDGSULPDVREUHODFDQWLGDG6DEHUSRFRSHURVDEHUELHQ $SUHQGHU VREUH WRGR D GLVWLQJXLU OR UHDO GH OR DSDUHQWH 1R RV GHMpLV GHVOXPEUDU SRU ODV SDODEUDV SRU ODV H[SUHVLRQHV +DFHG HO HVIXHU]R PHQWDO TXH SHUPLWH GLVFHUQLU OR LQH[SUHVDEOHODLGHDSULQFLSLRORHVHQFLDOVLHPSUHWUDGXFLGRLPSHUIHFWDPHQWH$Vt\QRGH RWUD PDQHUD RV GHVHPEDUD]DUpLV GH ODV WLQLHEODV GHO PXQGR SURIDQR SDUD SDUWLFLSDU GH OD FODULYLGHQFLDGHORV,QLFLDGRV (VWRV VH GLVWLQJXHQ HQ HIHFWR SRU VX HVStULWX GH SHQHWUDFLyQ \ VX FDSDFLGDG GH FRPSUHQVLyQ )LOyVRIRV FpOHEUHV \ JUDQGHV VDELRV KDQ SHUPDQHFLGR SURIDQRV \ QR KDQ FRPSUHQGLGR OR TXH KXPLOGHV SHQVDGRUHV KDQ GLVFHUQLGR SRU Vt PLVPRV D IXHU]D GH UHIOH[LRQDU HQ HO VLOHQFLR \ HQ HO UHFRJLPLHQWR 3DUD LQLFLDUVH OHHG SRFR SHQVDG PXFKR PHGLWDGDPHQXGR\QRWHPiLVVRxDU /D*QRVLV1XPHUDO 3HUR ¢&XiO VHUi HO REMHWR GH YXHVWUDV PHGLWDFLRQHV" ¢6REUH TXp PHGLWDU SDUD IRUPDUVHHOHVStULWX" 'HVGH TXH VRLV 0DVyQ FRPHQ]DG SRU FRQFHQWUDU WRGD YXHVWUD DWHQFLyQ HQ OD 0DVRQHUtD7RGRORTXHOHHVSHFXOLDUGHEHQDWXUDOPHQWHLQWULJDURVFLHUWDVVLQJXODULGDGHV QR VRQ VLQR GHVWLQDGDV D SURYRFDU YXHVWUD VDJDFLGDG 7RGR QXHVWUR VLPEROLVPR GHEH VHU H[DPLQDGREDMRHVWHSXQWRGHYLVWD3HURHOPLVPRHVWiFRQVWUXLGRVREUHGDWRVDEVWUDFWRVX RQWROyJLFRVTXHVHUHILHUHQDODVSURSLHGDGHVLQWUtQVHFDVGHORV1~PHURV


2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR &RPR 0DHVWUR VH DSR\DUi PiV WDUGH VREUH OR TXH pO KD\D GHVFXELHUWR UHODWLYR D

6LHWH SDUDDOFDQ]DUD 2FKR 1XHYH \ 'LH] $SUHQGL]«« &RPSDxHUR«««« 0DHVWUR«««««« /DGpFDGDHVDTXtFRQVLGHUDGDFRPRUHIHUHQWHDODXQLGDGGHXQWRGRUHODWLYR'LH] HQFLHUUDSXHVXQFRQMXQWRFRPSOHWRXQFLFORFHUUDGRHQHOFXDOQDGDKD\TXHDJUHJDU 3LWiJRUDVHQVHxDEDDQWLJXDPHQWHTXH'LH]HQJHQGUD&XDWURSXHVWRTXH    OR TXH JUiILFDPHQWH HVWi ILJXUDGR SRU XQ WULiQJXOR TXH HQFLHUUD GLH] SXQWRV GLVSXHVWRVGHD\ 8QWUD]DGRWDQVLPSOHHYRFDEDHQRWURVWLHPSRVXQDVXFHVLyQLQILQLWDGHLGHDVWRGDV OyJLFDPHQWHOLJDGDVHQWUH6L (OLQLFLDGRPRGHUQRGHEHUHFRJHUHVWDFDGHQDTXHOHVHUYLUiGHKLORGH$ULDGQDSDUD JXLDUORHQHOODEHULQWRGHORVFRQRFLPLHQWRVLQLFLiWLFRV

7ULiQJXORTXHHQFLHUUDSXQWRVDJUXSDGRVHQIRUPDGHFRUUHVSRQGHU DORVFXDWURSULPHURVQ~PHURV/RGLVFtSXORVGH3LWiJRUDVUHODFLRQDEDQ HVWDILJXUDFRQODVHQVHxDQ]DVGDGDVSRUVX0DHVWURVREUHOD7HWUiFWLODR HO&XDWHUQDULR,QLFLiWLFR /D7pWUDGD6DJUDGD *HRPpWULFDPHQWH 8QR HQFXHQWUD VX UHSUHVHQWDFLyQ HQ HO SXQWR 'RV HQ OD OtQHD 7UHVHQODVXSHUILFLHWULiQJXOR \ &XDWUR HQHOVyOLGRFX\DPHGLGDHVHOFXER 3HUR8QRHOSXQWRVLQGLPHQVLRQHVHV HOJHQHUDGRUDEVWUDFWRGHWRGDV ODV IRUPDV LPDJLQDEOHV(VODQDGDTXHFRQWLHQHHOWRGRHQSRWHQFLDGLJDPRVHO&UHDGRUHO3ULQFLSLR DQWHULRUDWRGDPDQLIHVWDFLyQHO$UFDQRHO 2EUHUR SRUH[FHOHQFLD 'RV ODOtQHDQRHVRWUDFRVDTXH8QRHQPRYLPLHQWRRVHDODDFFLyQODLUUDGLDFLyQ ODH[SDQVLyQRHPDQDFLyQFUHDGRUDHO9HUERRHO 7UDEDMR 7UHV ODVXSHUILFLHVLUYHFRPR EDVHGRQGHVHSUHFLVDQODV LQWHQFLRQHVGRQGHHOLGHDO VH GHWHUPLQD \VH ILMD(VHOGRPLQLRGH ODOH\QHFHVDULDTXHJRELHUQD WRGDDFFLyQ\TXH LPSRQHDWRGR$UWHVXVUHJODVLQHYLWDEOHV



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R &X D WU R HO VyOLGR \ PiV HVSHFLDOPHQWH HO &XER UHSUHVHQWD OD REU D  UHDOL]DGD D WUDYpVGHODFXDOVHQRVUHYHODHO $U WHHO 7U D ED MR \HO 2EU HU R RHO $U WLVWD  (Q WRGR FDVR HV SUHFLVR SXHV VDEHU GLVWLQJXLU XQ FXDWHUQDULR FDGD YH] TXH VH OH H[DPLQDGHVGHXQSXQWR GHYLVWDREMHWLYRSXHVHOWHUQDULR VyORVHUHILHUHDOGRPLQLRGHOR DEVWUDFWRRGHORVXEMHWLYR 3HURHO&RPSDxHURQRGHEHFRQWHQWDUVH\DFRQFRQFHSFLRQHVWHyULFDVHVWiOODPDGR D WUDEDMDU \ D OXFKDU LQFHVDQWHPHQWH FRQ ODV GLILFXOWDGHV SUiFWLFDV (Q VX FDUiFWHU GH LQFDQVDEOHWUDEDMDGRUHO&XDWURHVVXSXQWRGHSDUWLGDDVtFRPRHO$SUHQGL]YHtDHQHO7UHV HOQ~PHURFDUDFWHUtVWLFRGHVXJUDGR &XDWUR VLJQRV IXQGDPHQWDOHV VH HQFXHQWUDQ DGHPiV HQ OD EDVH GHO LGHRJUDILVPR DOTXLPLVWDVRQHO&tUFXOROD&UX]HO7ULiQJXOR\HO&XDGUDGR

(VWRVVLJQRVVHUHODFLRQDQFRQOD 8QLGDGHO%LQDULRHO 7HUQDULR\ HO&XDWHUQDULR 6HFRPELQDQ HQWUHVtSDUDFRQVWLWXLUXQDVHULHGHLGHRJUDPDVFX\RVHQWLGRVHGHVFXEUHSRU HO DQiOLVLV GH VXV HOHPHQWRV FRPSRQHQWHV 9HU D HVWH UHVSHFWR QXHVWUD REUD VREUH ³(O 6LPEROLVPR+HUPpWLFRHQVXVUHODFLRQHVFRQOD$OTXLPLD\OD)UDQF0DVRQHUtD´  (O7HWUDJUDPD+HEUDLFR (O6HUGHORV6HUHVHO6HUHQVtHO6HUSRUH[FHOHQFLDORTXHHVREOLJDWRULDPHQWHGH WRGDQHFHVLGDGSRUTXHHVLQFRQFHELEOHTXHHVWRQRVHD HVWiUHSUHVHQWDGRHQOD%LEOLDSRU FXDWUROHWUDVTXHIRUPDQODSDODEUDVDJUDGDFX\DSURQXQFLDFLyQHVSURKLELGD

<2'ODSULPHUD GHHVWDVOHWUDVHVODPiVSHTXHxDGHODOIDEHWRVDJUDGRQRHVVLQR XQD FRPD HQ OD FXDO VH KD TXHULGR YHU OD HQHUJtD R HO SULQFLSLR DFWLYR 9ROYHPRVDVtDOSXQWRPDWHPiWLFRGHRULJHQHQVXQDGDWRGDODYLUWXGH[SDQVLYDGHORTXH GHEHUiQDFHU\GHVDUUROODUVH<2'VHUHILHUHSXHVDOSULQFLSLR DFWLYRDODFDXVDGLOLJHQWH \SRUFRQVLJXLHQWHDOVXMHWR TXHSLHQVDTXHGHVHDTXHPDQGD/RPLVPRTXHOD&ROXPQD - KDFHDOXVLyQDO)XHJRUHDOL]DGRU$UTXHR$]XIUHGHORVDOTXLPLVWDV TXHVHPDQLILHVWD SRUHO$UWLVWDHO2EUHURHO2SHUDGRUHO&UHDGRUHO(QJHQGUDGRU +(FRUUHVSRQGHDXQVRSORTXHVDOHGHOLQWHULRUSDUDH[SDQGLUVHKDFLDDIXHUD(VWD OHWUD UHSUHVHQWD DVt HO VRSOR DQLPDGRU TXH HPDQD GH <2' SDUD SURSDJDUVH D WUDYpV GHO HVSDFLR&LHUWRVFDEDOLVWDVFRQVLGHUDQD~QTXHFRPRXQDHPDQDFLyQGH<2'+(FUHDHO HVSDFLR  EDMR IRUPDV GH UD\RV YLWDOHV +( HQ VXPD UHSUHVHQWD OD YLGD R OD DFWLYLGDG HMHUFLWDGDSRUHOSULQFLSLRDFWLYRGH <2'6LQ+(<2'QRVHULDDFWLYR$VtHOLQGLYLGXR QR SRGUtD SHQVDU TXHUHU \ PDQGDU VLQR HMHFXWDQGR OD DFFLyQ GH SHQVDU GH GHVHDU \ GH PDQGDU DFFLyQ TXH VH WUDGXFH SRU OD +( TXH VLPEROL]D HO 7UDEDMR OD 2SHUDFLyQ R HO 9HUERWRPDGRHQHOVHQWLGRJUDPDWLFDO



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR :$8 KDFH HQ KHEUHR HO RILFLR GH QXHVWUD FRQMXQFLyQ ³\´ 6H KD YLVWR HQ pO HO VtPEROR TXH XQH OR DEVWUDFWR D OR FRQFUHWR R OR LQGLYLGXDO D OR FROHFWLYR JHQHUDO R XQLYHUVDO 3XHV OR TXH XQH HV HO PHGLR HO DPELHQWH OD DWPyVIHUD DQtPLFD HV WDPELpQ OD UHODFLyQHVWDEOHFLGDHQWUHODFDXVD\HOHIHFWRVLELHQTXH:$8OOHJDDUHODFLRQDUVHFRQOD OH\VHJ~QODFXDOODDFWLYLGDGVHHMHFXWDVHJ~QHO$UWH\ODVUHJODVRFRQGLFLRQHVQHFHVDULDV GHO7UDEDMR +( YXHOYH SRU VHJXQGD YH] D H[SOLFDU HO UHVXOWDGR GH OD DFWLYLGDG 7UDEDMR HIHFWXDGR 2EUD HQ YtDV GH HMHFXFLyQ &UHDFLyQ HQ YtDV GH WHUPLQDUVH (Q HVWD IRUPD HV FyPRVHHVWDEOHFHXQDUHODFLyQHQWUHHOSHQVDPLHQWRODLGHDFRQFHELGDODYROXQWDGUHVXHOWD \ODRUGHQGDGDFRQHOSULQFLSLRTXHSLHQVDTXHTXLHUH\TXHJRELHUQD (V XQ KHFKR TXH VyOR OD REUD WHUPLQDGD OODPD OD DWHQFLyQ GH ORV HVStULWXV VXSHUILFLDOHVLQFDSDFHVGHOOHJDUSRUHOHIHFWRDODFDXVDWRPDQGRHQFXHQWDHOFXDWHUQDULR TXHLPSOLFDQHFHVDULDPHQWHWRGDDFFLyQ ƒ3ULQFLSLRDFWLYRVXMHWR  ƒ$FWLYLGDGGHVSOHJDGDSRUHVWHSULQFLSLRYHUER  ƒ$SOLFDFLyQGHODDFWLYLGDGTXHVHUHJXOD\VHFRQIRUPDDVXGHVWLQR ƒ5HVXOWDGRSURGXFLGRREMHWR  /D4XLQWDHVHQFLD (O6HU QRVHPDQLILHVWDVLQRSRUODDFFLyQQRWUDEDMDUHTXLYDOHDQRVHUWDPELpQOR TXHHVVHHQFXHQWUDHQSHUSHWXRWUDEDMR1DGDHVWiLQHUWHRPXHUWRWRGRYLYHORVPLQHUDOHV \ORVFXHUSRVFHOHVWHVDVtFRPRORVYHJHWDOHV\ORVDQLPDOHV /D YLGD VLQ HPEDUJR HV GLVWLQWD HQ ORV GLYHUVRV UHLQRV GH OD 1DWXUDOH]D KD\ MHUDUTXtDVSRUWRGDVSDUWHVVHJ~QODVHVSHFLHV\D~QVHJ~QORVLQGLYLGXRV (VDVtFyPRHQWUHORVKRPEUHVXQRVYLYHQXQDYLGDPiVQREOH\PiVFRPSOHWDTXH RWURV (VWD YLGD GH RUGHQ VXSHULRU HVWi HQ SURSRUFLyQ DO GHVDUUROOR GHO SULQFLSLR GH OD SHUVRQDOLGDGSXHVHOVHULQIHULRUQRHVPiVTXHXQDXWyPDWDTXHVHPXHYHPHFiQLFDPHQWH EDMRODDFFLyQGHIXHU]DVGHODVTXHHVMXJXHWH6XYLGDSHUPDQHFHPDWHULDORHOHPHQWDULD SRUTXHHV~QLFDPHQWHHOUHVXOWDGRGHOFKRTXHGHORVHOHPHQWRVTXHOXFKDQHQWUHVtFRPROR LQGLFDHOHVTXHPDVLJXLHQWH9HUSiJLQDVLJXLHQWH  (VQHFHVDULRHQWHQGHUDTXtTXHHO$LUHOLJHUR\VXWLODOLJHUDFRQWUDEDODQFHDQGROD DWUDFFLyQGHOD7LHUUDGHQVD\SHVDGDTXHSUHVLRQDRPDWHULDOL]D(O $JXDIUtD\K~PHGD FRQWUDHSRURWUDSDUWHORTXHHO ) XHJR VHFR\FDOLHQWHWLHQGHDGLODWDU (VWRVHOHPHQWRVTXHQRWLHQHQQDGDGHFRP~QFRQORVSUHWHQGLGRVFXHUSRVVLPSOHV GHODTXtPLFDPRGHUQDGHEHQVHUFRQVLGHUDGRVFRPRORVDJHQWHVTXHFRRUGLQDQHOPXQGR PDWHULDO6XDFFLyQDFODUDHOFDRV\UHLQDQVREUHWRGRORTXHHVPDWHULDO 3HUR ODV IXHU]DV H[WHULRUHV SRU SRGHURVDV TXH VHDQ GHEHQ VHU GRPLQDGDV SRU OD HQHUJtD TXHHQFXHQWUDVXIXHQWH HQODSHUVRQDOLGDG(OKRPEUH HQHOFXUVRGHODVSUXHEDV LQLFLiWLFDV HQWUD HQ OXFKD FRQ ORV HOHPHQWRV FRPR XQ PHGLR GH GHVDUUROODU ODV IXHU]DV VXSHULRUHVDHOORVTXHSRVHH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

$LUH

$JXD

&RUSV PDOHULHO

)XHJR

7LHUUD (VTXHPDGHODVDWUDFFLRQHVHOHPHQWDOHVTXHVHHMHUFHQVREUHHO,QGLYLGXR (Q HO FXUVR GH OD OXFKD VH FRQYLHUWH HQ $SUHQGL] \ XQD YH] YHQFHGRU OOHJD D VHU &RPSDxHURR,QLFLDGRGHILQLWLYR (OTXHWULXQIDHQHVHPRPHQWRHVHOSULQFLSLRKXPDQRHOKRPEUHSURSLDPHQWHGLFKR TXH VH VREUHSRQH DO DQLPDO (O &LQFR VH LPSRQH DO &XDWUR OD 4XLQWDHVHQFLD  KD SUHYDOHFLGRVREUHHOFXDWHUQDULRGHORV(OHPHQWRV (Q DGHODQWH HO 7LSR+RPEUH VHUi H[DOWDGR DO PDUWLULR GH OD FUX] SDUD FXPSOLU HO PLVWHULR GH OD UHGHQFLyQ /D 5D]yQ /RJRV R 9HUER  UHVSODQGHFH HQ pO GLVLSDQGR HO REVFXUHFLPLHQWR GHO ,QVWLQWR SURYRFDGR SRU OD FDtGD (O HVWDGR GH LOXPLQDFLyQ HVWi DOFDQ]DQGR ODV WLQLHEODV LQWHULRUHV VH KDQ GLVLSDGR GH PDQHUD TXH HO DVWUR KXPDQR R OD (VWUHOOD)ODPtJHUDSXHGHEULOODUHQWRGRVXHVSOHQGRU /D5RVD0tVWLFD (VWH DVWUR FHQWUDO QR WLHQH HO SRGHU OXPLQRVR GHO 6RO VX OX] HV GXOFH QXQFD GHVOXPEUDQWH\VLHPSUHVRSRUWDEOH6HFRQGHQVDGHVGHOXHJRHQXQDHVSHFLHGHDXUHRODTXH KD VLGR SRpWLFDPHQWH FRPSDUDGD D XQD IORU DELHUWD \ UHSUHVHQWDGD SRU XQD URVD GH FLQFR SpWDORV 6tPEROR GH OD 4XLQWDHVHQFLD \ HQ FRQVHFXHQFLD GH OR PiV QREOH \ HOHYDGR TXH WLHQHHOKRPEUHODURVDHVWiDVRFLDGDDODFUX]HQXQHPEOHPDTXHXQHHO&XDWUR\HO&LQFR SHURHVWDFXHVWLyQQRVHSXHGHGHVDUUROODUDTXt (ItPHUD FRPR OD SHUVRQDOLGDG KXPDQDOD URVD DJUDGD WDQWR SRUVXSHUIXPH FRPR SRUVXJUDFLD\VXFRORU6LVHDFHUFDDOURMRYLYRHVSDUDKDFHUDOXVLyQDORVVHQWLPLHQWRV



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR DUGLHQWHV TXH DQLPDQ DO KRPEUH TXH UHDOPHQWH VH KD GHVSUHQGLGR GH WRGRV ORV EDMRV LQVWLQWRV\SDVLRQHVHJRtVWDV (O VDFULILFLR VH LPSRQH HQ HIHFWR D ODV DOPDV HVFRJLGDV (OODV QR OOHJDQ D VHU JUDQGHV VLQR SURGLJiQGRVH \ HVSDUFLpQGRVH HQ WRGDV GLUHFFLRQHV &RQFHQWUiQGRVH HQ Vt PLVPR HO HJRtVWD VH DSRFD SVtTXLFDPHQWH WLHQGH KDFLD OD QDGD /D JHQHURVLGDG DO FRQWUDULRHQJUDQGHFHQXHVWUDSHUVRQDOLGDGSURFXUiQGROHSRUHVWRXQIRUPLGDEOHSRGHUGH DFFLyQSXHVODVIXHU]DVTXHQRVRWURVVDFDPRVHQHOPHGLRDPELHQWHVRQSURSRUFLRQDOHVD OD H[WHQVLyQ GH QXHVWUD HVIHUD GH H[WHULRUL]DFLRQHV DIHFWLYDV 4XLHQ QR VHSD DPDU DJRWD UiSLGDPHQWH ODV UHVHUYDV GH VX HQHUJtD LQGLYLGXDO \ GHVSXpV VH TXHEUDQWD \ GHVDSDUHFH 2FXUUHXQDFRVDPX\GLVWLQWDHQHOLQGLYLGXRTXHSURGLJDDIHFWRV\QRWHPHVDFULILFDUVHVLQ UHVHUYDV 6HPHMDQWH DO 3HOtFDQR pO VH VDFULILFR SRU RWURV OR TXH WLHQH SRU FRQVHFXHQFLD KDFHUORYLYLUXQDYLGDPiVIUXFWtIHUDPiVDOWD\JHQHUDO

(O3HOLFDQRVHxDODHO6DFULILFLRHOROYLGRGHVtPLVPRLQGLVSHQVDEOHDOD UHDOL]DFLyQGHOD*UDQ2EUD



(O+H[DJUDPD (O&LQFRKDQDFLGRDOFHQWURGHO&XDWUR6HLVVHFRQVWLWXLUiFRPRDPELHQWHVLQWpWLFR HPDQDGRGHO&LQFR 3HURODDWPyVIHUDSVtTXLFDHQODTXHODSHUVRQDOLGDGVHHQFLHUUDVHFRPSRQHEDMRHO SXQWRGHYLVWDKHUPpWLFRGH$JXDYDSRUL]DGDSRUODDFFLyQGHO)XHJRHQRWURVWpUPLQRV $JXDtJQHDHVGHFLUGHIOXLGRYLWDOFDUJDGRGHHQHUJtDVDFWLYDV \GHODJXD VHHQFXHQWUDJUiILFDPHQWH $GHPiVODXQLyQIHFXQGDGHO)XHJR UHSUHVHQWDGRSRUODILJXUD FRQRFLGDEDMRHOQRPEUHGH ³6HOORGH6DORPyQ´



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R

(VTXHPDGHODSHUVRQDOLGDG\GHVX DPELHQWHSVtTXLFRKLSHUFRQVFLHQWH 'H ORV GRV WULiQJXORV HQWUHOD]DGRV XQR HV PDVFXOLQRDFWLYR \ HO RWUR IHPHQLQR SDVLYR(OSULPHURVH UHILHUHD OD HQHUJtD LQGLYLGXDODODUGRUVXOIXURVR

TXH VH HOHYD

SDUWLHQGRGHOFHQWURGHODSHUVRQDOLGDG(OVHJXQGRTXHHVLQYHUWLGRVHPHMDXQDFRSD GHVWLQDGDDUHFRJHUHOURFtRGHSRVLWDGRSRUODKXPHGDGPHUFXULDOGLIXQGLGDHQHOHVSDFLR

(O +H[DJUDPD R 6HOOR GH 6DORPyQ FRPSXHVWR GH GRV WULiQJXORV HQWUHOD]DGRVUHSUHVHQWDQGRHO)XHJR

\HO$JXD



(OWRGRFRQVWLWX\HDORVRMRVGHORVRFXOWLVWDVHOSHQWiFXORSRUH[FHOHQFLDHOVLJQR GH XQD SRWHQFLD D OD FXDO QDGD UHVLVWH SXHV DQLPDGR GH VX $]XIUH HO 0HUFXULR XQLYHUVDOR$]RHVHSDUWLFXODUL]DHQHO0HUFXULRGHORV6DELRVVXEVWDQFLDTXHHVHOYHKtFXOR GHO*UDQ$JHQWHPiJLFR (Q FXDQWR D HVH PLVWHULRVR $JHQWH VX LPDJHQ GHVGH %DVLOLR 9DOHQWtQ HV XQD 6HUSLHQWH FRUULHQWH YLWDO TXH VH HQUROOD HQ WRUQR GHO 6RO 5D]yQ ,QLFLDWLYD LQGLYLGXDO (QHUJtD &ROXPQD -  \ GH OD /XQD ,PDJLQDFLyQ 5HFHSWLYLGDG 6HQVLELOLGDG &ROXPQD % FRPRDOUHGHGRUGHGRVERELQDVGHLQGXFFLyQ



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR (VWH PRQVWUXRIOXtGLFRWHUPLQDHQGRVFDEH]DVTXH VH HQFXHQWUDQ\VHDPHQD]DQ XQDGH/HyQ3RORSRVLWLYR$UGRU)LMH]D&RQVWDQFLD ODRWUDGHÈJXLOD 3RORQHJDWLYR &UXHOGDG0RYLOLGDG9RODWLOLGDG 

(O*UDQ$JHQWH0iJLFRRHO)OXLGRYLWDOXQLYHUVDOUHSUHVHQWDGRSRUXQD VHUSLHQWH TXH WLHQH XQDFDEH]D HQFDGD XQDGHVXVH[WUHPLGDGHV TXH VH UH~QHQGHVSXpVGHURGHDUHO6RO\OD/XQD (VWDILJXUDIXHVDFDGDGHODV³'RFH/ODYHVGH)LORVRItD´GHO3DGUH%DVLOLR 9DOHQWtQUHOLJLRVRGHOD2UGHQGH 6DQ%HQLWRREUDDSDUHFLGDHQ (V GH QRWDU GHVGH OXHJR TXH OD (VWUHOOD )ODPtJHUD FRUUHVSRQGH DO 0LFURFRVPR KXPDQR HV GHFLU DO +RPEUH FRQVLGHUDGR FRPR XQ PXQGR HQ SHTXHxR FRPR ORV GRV WULiQJXORVHQWUHOD]DGRVGHVLJQDQDOD (VWUHOODGHO0DFURFRVPR RGHO0XQGRHQJUDQGH $GHPiV PiJLFDPHQWHHO3HQWDJUDPDSHUPLWHDO&RPSDxHURPDQGDUHQHOUDGLRGH VXHVIHUDGHDFFLyQSRUTXHVDEHTXHUHUFRQHQHUJtD\UHFWLWXGHQIRUPDGHVHUREHGHFLGR SRUVXVVXERUGLQDGRV(VWHSRGHUHVLQGHILQLGDPHQWHH[WHQGLGRSRUHO+H[DJUDPDHOROYLGR GH Vt PLVPR TXH WLHQH SRU HIHFWR LGHQWLILFDU DO LQGLYLGXR FRQ HO *UDQ 7RGR \ KDFHUOR SDUWtFLSHGHXQSRGHULOLPLWDGRDORPHQRVWHyULFDPHQWH (O6HSWHQDULR 6LHWHHVHOQ~PHURGHODDUPRQLDTXHUHVXOWDGHXQMXVWRHTXLOLEULRHVWDEOHFLGRHQWUH HOHPHQWRVGLIHUHQWHVFRPRORLQGLFDODILJXUDTXHVLJXH /D VXPDGHGDVFLIUDVRSXHVWDVGDVLHPSUHFRPRUHVXOWDGRHO FHQWUDO 'HVGHHOSXQWRGHYLVWDVLPEyOLFRWLHQHXQLQWHUpVHVSHFLDOSXHVHVWDVFLIUDVVH \  UHILHUHQDODVFRPELQDFLRQHV GHO7ULiQJXOR\GHOD&UX] /D SULPHUD GH HVDV FRPELQDFLRQHV VH QRV SUHVHQWD HQ HO VLJQR GHO $]XIUH TXH VLPEROL]D HO )XHJR FHQWUDO UHDOL]DGRU DSULVLRQDGR HQ HO Q~FOHR FHQWUDO GH FDGD VHU (VWH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR DUGRU YLWDO HMHUFH VX DFFLyQ GH DGHQWUR KDFLD DIXHUD SURYRFDQGR ORV IHQyPHQRV GH GHVDUUROOR\FUHFLPLHQWR(VHO3ULQFLSLRFRQVWUXFWRU GHWRGRRUJDQLVPROODPDGRWDPELpQ HO 2EUHUR8QLYHUVDO FX\RHPEOHPDWUDGLFLRQDOHVHO'HOWDOXPLQRVR

(VTXHPDGHO6HSWHQDULRDUPRQL]DGRU

(O'HOWD/XPLQRVRDOFHQWURGHXQFLUFXLWRGHQXEHV (O RMR HV D YHFHV UHHPSOD]DGR HQ HO PHGLR GHO WULiQJXOR SRU ODV FXDWUR OHWUDV GHO QRPEUHVDJUDGR

(O7HWUDJUDPDKHEUHRLQVFULWRHQXQWULiQJXOR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR (VWDVSXHGHQLQVFULELUVHGRVDGRVHQWUHVFtUFXORVTXHFRUUHVSRQGHQDOWHUQDULRGH ORVSULQFLSLRVDOTXLPLVWDV$GHPiVFRPRFDGDXQDGHODVOHWUDVGHO7HWUDJUDPDVHUHIOHMD HQXQRGHORVHOHPHQWRVSXHGHFRQVLGHUDUVHHO$]XIUHFRPRFRPSXHVWRGH)XHJR\GH$LUH HO0HUFXULRGH$LUH\GH$JXD\OD6DOGH$JXD\7LHUUD (VWDVFRPELQDFLRQHVWDQSXHULOHVHQDSDULHQFLDVWLHQHQUHDOLPSRUWDQFLDSDUDTXLHQ TXLHUD GDUVH HO WUDEDMR GH SURIXQGL]DU ODV FRQFHSFLRQHV TXH HQFLHUUDQ OD OODYH GH WRGR HO VLPEROLVPRLQLFLiWLFR &RPR HV IiFLO GH FRPSUREDUOR ORV VLJQRV GH ORV (OHPHQWRV KDQ VLGR VDFDGRV GHO +H[DJUDPD(ODLUHQRHVGHVGHHVWHSXQWRGHYLVWDVLQR)XHJR \OD7LHUUD

$JXDVHFDGDSRUHO)XHJR

WHPSHUDGRSRUHO$JXD

ODVOtQHDVKRUL]RQWDOHVTXHDWUDYLHVDQORV

WULiQJXORVVRQHQHIHFWRSDUDHO$LUHODEDVHGHOWULiQJXORGHO$JXD\SDUDOD7LHUUD EDVHGHO7ULiQJXORGHO)XHJR

)XHJR $LUH $JXD 7LHUUD

OD

$]XIUH 0HUFXULR 6DO

(VTXHPDTXHLQGLFDFyPRHO7HUQDULRHQJHQGUDHO&XDWHUQDULR (O 6HSWHQDULR FRQGXFH D OD 0DHVWUtD GH PDQHUD TXH QRSRGHPRVVXPLQLVWUDU VLQR LQGLFDFLRQHV VXPDULDV VREUH HO VLJQR TXH VH REWLHQH LQYLUWLHQGR HO GHO $]XIUH (V XQ WULiQJXORLQYHUWLGR

DJXD FRURQDGRSRUODFUX]TXHLQGLFDHQHVWHFDVRXQDHODERUDFLyQ

 DFDEDGDXQWUDEDMRGHGHSXUDFLyQ\GHSHUIHFFLRQDPLHQWRJORULRVDPHQWHWHUPLQDGR 6HWUDWDDTXtGHXQD$JXDTXHKDVXIULGRODVHULHFRPSOHWDGHGHVWLODFLRQHVSXULILFDGRUDV JUDFLDV D ODVTXH VH KDQ H[DOWDGR VXVSURSLDV FXDOLGDGHV(VWD VXEVWDQFLD DVtVXEOLPDGD\ TXLQWDHVHQFLDGD QR HV RWUD FRVD TXH OD SHUVRQDOLGDG R HO DOPR KXPDQD LQWHJUDOPHQWH SXULILFDGDIRUWLILFDGDSRUODVSUXHEDVGHODH[LVWHQFLD\OOHJDGDDXQHVWDGRTXHOHSHUPLWH UHDOL]DUORTXHHOYXOJROODPDPLODJURV (O&RPSDxHURQRGHEHLJQRUDUTXHWDOHVHOLGHDOTXHOHKDVLGRSURSXHVWR6LQGXGD TXH QRV HO FXPSOLPLHQWR LQWHJUDO GH OD *UDQ 2EUD UHSUHVHQWDGD SRU HO LGHRJUDPD RFXSD HVWi UHVHUYDGR DO,QLFLDGR SHUIHFWR DO0DHVWUR3HUR SDUD PHUHFHU OD 0DHVWUtDHV QHFHVDULRKDEHUDGTXLULGRODVYLUWXGHVTXHORKDFHQGLJQR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

(O $KRUFDGR $UFDQR ;,, GHO 7DURW /D VLOXHWD GH HVWH SHUVRQDMH UHSUHVHQWD HO VtPEROR GH OD 5HDOL]DFLyQ GH OD *UDQ 2EUD  (O $KRUFDGR HV SRU HVWR HO LQYHUVR GHO (PSHUDGRU $UFDQR ,9  TXH 6XVSHQGLGRGHXQSLpODFDEH]DKDFLDDEDMR FRUUHVSRQGHDO$]XIUH \ODVPDQRVDWDGDVHVWHH[WUDxRVXSOLFLRSDUHFHVHUODLPDJHQH[DFWDGD ODLPSRWHQFLD6LQHPEDUJRHVDOVRxDGRUDTXLHQSHUWHQHFHHOIXWXUR6L QR WLHQH PRYLPLHQWR HQ HO SUHVHQWH VXV LGHDV JHQLDOHV QR GHMDQ GH VHU PHQRV IHFXQGDV (OODV VH OH HVFDSDQ FRPR HVDV PRQHGDV GH RUR \ SODWD TXHVLHPEUDHO$KRUFDGR



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R

/$/2*,$'(/&203$f(52

(O&RORUGHOD7DSLFHUtD /RV$SUHQGLFHV WUDEDMDQHQXQ7DOOHUTXHUHSUHVHQWDHO8QLYHUVRYLVLEOHWDQWRSRU VXRULHQWDFLyQ\VXVGLPHQVLRQHVVLPEyOLFDVFRPRSRUVXVWDSLFHUtDVGHFRORUD]XO (VWH FRORU VH LPSRQH OyJLFDPHQWH SXHVWR TXH HO FLHOR R WHFKR \ ORV PXURV GHO 7HPSOR FRUUHVSRQGHQ D OD EyYHGD D]XODGD TXH HQYXHOYH OD 7LHUUD 1R KD\ OXJDU SXHV D FROJDGXUDVURMDVHQXQD/RJLDGH$SUHQGL] $XQTXH QR KD\ QDGD GH REOLJDWRULR HQ HVWD PDWHULD HVWD SUiFWLFD VH UHFRPLHQGD PiVSDUDOD/RJLDGH&RPSDxHUR(VWDHQHIHFWRQRUHSUHVHQWD\DODLQPHQVLGDGVLQOtPLWHV VLQR TXH HO FDPSR GH DFFLyQ GHO HVStULWX +XPDQR GRPLQLR UHVWULQJLGR PHGLGR SRU OD DPSOLWXGGHQXHVWUDVLUUDGLDFLRQHVPHQWDOHV\SVtTXLFDV,QGLYLGXDORFROHFWLYDHVWDHVIHUD GHH[SDQVLyQUHVXOWDGHXQDH[DOWDFLyQGHQXHVWUR)XHJRLQWHUQRFRQVWUXFWLYRRUHDOL]DGRU TXHDODUGHUVHH[WHULRUL]DSDUDFRQVWLWXLUXQDPELHQWHtJQHR (VQXHVWUR$]XIUHYLWDO FRQHOFXDOFRQFXHUGDHOFRORUURMR VH VHPHMD DO1LYHOLQVLJQLD GHOHU9LJ TXH GLULJH OD (O VLJQRGHO$]XIUH &ROXPQD- VXSXHVWDURMD\FRORFDGDDORFFLGHQWH\DOVXUGHODSXHUWDGHHQWUDGD /DV'RV&ROXPQDV (OVLPEROLVPR0DVyQLFRH[LJHGHVGHOXHJRVHUGHWHUPLQDGRHQORTXHFRQFLHUQHD ODGLVSRVLFLyQLQWHULRUGHO7HPSOR (QHOSULPHUOLEURGHORV5H\HVFDSLWXOR9,,YHUVtFXOROD%LEOLD QRVHQVHxDTXH ODVGRVFROXPQDVGHEURQFHREUDGHOIXQGLGRU+LUDPGH7LURIXHURQHULJLGDVDODHQWUDGD GHO7HPSORGH6DORPyQXQDDODGHUHFKDEDMRHOQRPEUHGH

\ODRWUDDODL]TXLHUGDEDMR

HOGH  1XQFD KD KDELGR GXGD VREUH HOVH[R VLPEyOLFR GH HVWDV GRV FROXPQDV OD SULPHUD HVWi VXILFLHQWHPHQWH FDUDFWHUL]DGD FRPR PDVFXOLQD SRU HO <2' LQLFLDO TXH OD GHVLJQD FRP~QPHQWH (VWH FDUiFWHU KHEUDLFR FRUUHVSRQGH HQ HIHFWR D OD PDVFXOLQLGDG SRU H[FHOHQFLD %+(7+ OD VHJXQGD OHWUD GHO DOIDEHWR HV FRQVLGHUDGD SRU RWUD SDUWH FRPR HVHQFLDOPHQWH IHPHQLQD SXHV VX QRPEUH VLJQLILFD FDVD KDELWDFLyQ GH DKt OD LGHD GH UHFHSWiFXOR GH FDYHUQD GH ~WHUR HWF /D FROXPQD - HV SXHV PDVFXOLQDDFWLYD \ OD



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R &ROXPQD% IHPHQLQDSDVLYD(OVLPEROLVPRGHORVFRORUHVH[LJHHQFRQVHFXHQFLDTXH ODSULPHUDVHDURMD\EODQFDRQHJUDODVHJXQGD 6L HVWDV GRV FROXPQDV QR KXELHUDQ VLGR WUDQVSRUWDGDV DO LQWHULRU GHO 7HPSOR VXV FRORFDFLRQHVQRVHUtDQGXGRVDV\DTXDOD%LEOLDFRORFD- DODGHUHFKD\DO6XU\% DOD L]TXLHUGD DO 1RUWH (VWD GLVSRVLFLyQ KD GHELGR VHU UHVSHWDGD HQ HO PRPHQWR GH OD FRORFDFLyQGHODVFROXPQDVSXHV- FRUUHVSRQGHDO6RO\% DOD/XQDSXHVHQHO2ULHQWH HOSULPHURGHHVWRVDVWURVUHVSODQGHFHDO6XUPLHQWUDVTXHHOVHJXQGREULOODDO1RUWH 6HSXHGHVXSRQHU\HVFLHUWRTXHHVWDVFRUUHVSRQGHQFLDVVHFUXFHQGLDJRQDOPHQWH /RVGRVVLVWHPDVVRQSXHVDGPLVLEOHVSHURDFRQGLFLyQ TXHORVGRV9LJ HOSULPHURVH VLHQWHVLHPSUH FHUFDGH OD&ROXPQD- \HOVHJXQGRGHOD&ROXPQD% SXHVHO1LYHO\OD 3HUSHQGLFXODUTXHGHFRUDQDHVRVRILFLDOHVVHUHILHUHQDO$]XIUH - DFWLYRPDFKR \ DO0HUFXULR% SDVLYRIHPHQLQR  &RUUHVSRQGHHQFRQVHFXHQFLDDOOHU9LJ H[DPLQDUDORV$SUHQGLFHV\DFRUGDUOHV VXVVDODULRVDXWRUL]iQGRORVDSDVDUGHOD3HUSHQGLFXODUDO1LYHO /RV9LJLODQWHV 3XHVWRTXHOOHJDQGRD&RPSDxHURHO$SUHQGL] SDVDGHOD3HUSHQGLFXODUDO1LYHODO WpUPLQR GH XQD H[SUHVLyQ FRQVDJUDGD HO 6HJXQGR 9LJ WLHQH SRU PLVLyQ GLULJLU HVSHFLDOPHQWHHOWUDEDMR GH ORV$SUHQGLFHV \HOFXLGDGRGHSHUIHFFLRQDUODLQVWUXFFLyQGH ORV&RPSDxHURVFRUUHVSRQGHDO3ULPHU9LJ  (VWH VLQ HPEDUJR HVWi PHQRV HQFDUJDGR GH LQVWUXLUORV WHyULFDPHQWH TXH GH HVWLPXODUVXVLQLFLDWLYDVLQGLYLGXDOHV8Q$UWHQRVHLQFXOFD (OQXHYR&RPSDxHURVDEHWUDEDMDU\FRQODSUiFWLFDVHSHUIHFFLRQDUi3HURQRSRGUi SDVDU D 0DHVWUR VLQR SUREDQGR TXH FRQRFH D IRQGR VX DUWH WDQWR WHyULFD FRPR SUiFWLFDPHQWH 3DUD UHFLELU VX VDODULR HQ OD &ROXPQD - OH VHUi QHFHVDULR VDEHU UD]RQDU ULJXURVDPHQWHWRGDVODVUHJODVGHDSOLFDFLyQSUiFWLFDSXHVHQ0DVRQHUtDQDGDGHEHKDFHUVH VLQ XQ PRWLYR DSUHFLDEOH \ FODUR (O SHGDJRJR HO WHyULFR TXH SURIXQGL]D OD UD]yQ GH ODV FRVDVHVHQXQD/RJLDHOVHJXQGR9LJ TXHHVQHFHVDULRLPDJLQiUVHORWHQLHQGRHOKLORD SORPR (VWH LQVWUXPHQWR HQVHxD D FRQFHQWUDUVH D SHQHWUDU DO SULQFLSLR HQ HO JDELQHWH GH 5HIOH[LyQGHVSXpVDHQFRQWUDUHOFDPLQRGHOD&iPDUDGHO0HGLR&RUUHVSRQGHSXHVDOƒ 9LJ JXLDUORVSULPHURVSDVRVGHO$SUHQGL]\SRQHUORHQHOEXHQFDPLQR\PDQWHQHUORHQ pO&RPRORV$SUHQGLFHVVHVLHQWDQDO1RUWHVX9LJLODQWHVHHQFXHQWUDPX\ELHQFRORFDGR GHODQWHGHOD&ROXPQD% FXDOTXLHUDTXHVHDODSRVLFLyQGHpVWD3HURVLHOSXSLWUHGHHVWH RILFLDOHVWiDO6XUQRSRUHVRYLJLODUiPHQRVDORV+ + VHQWDGRVDO1RUWH 127$(VVDELGRTXHHO5LWR(VFRFpV$QWLJXR\$FHSWDGR\HO5LWRGH


2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R

(VTXHPDGREOHTXHLQGLFDODVUHODFLRQHVHQWUHODVFROXPQDV% \- FRQHO6RO\OD/XQD $XQTXH OD UHVSRQVDELOLGDG GH OD LQVWUXFFLyQ GH ORV $SUHQGLFHV LQFXPEH PiV HVSHFLDOPHQWH DO ƒ 9LJ QR OH FRUUHVSRQGHUi WRPDUOHV HO H[DPHQ TXH OHV SHUPLWLUi VHU DGPLWLGRVHQODFODVHVXSHULRU(Oƒ9LJ VHOLPLWDDGHFODUDUVHVDWLVIHFKRGHOFHORGHOD EXHQD FRQGXFWD \ GH OD DSOLFDFLyQ GHO $SUHQGL] (VWH VL VX 0DHVWUR HVWi FRQWHQWR GH pO SXHGHDFHUFDUVHDOD&ROXPQD- \UHFLELUDKtVXVDODULRGHPDQRVGHOƒ9LJ EDMRFX\D GLUHFFLyQKDUiVXWLHPSRGH&RPSDxHUR (OTXLQWRYLDMHWHQGUiSRUHIHFWROOHYDUDO&RPSDxHURFHUFD GHOƒ9LJ TXLHQOH D\XGDUiHQVXVHVIXHU]RVDGLYLQDWRULRVDILQGHFRQGXFLUORKDVWDOD*QRVLV (O&XDGUR0tVWLFR 3ULPLWLYDPHQWH FXDOTXLHU OXJDU FHUUDGR \ UHFWDQJXODU SRGtD WUDQVIRUPDUVH HQ VDQWXDULR 0DVyQLFR &RQHVWH REMHWR VH FRORFDED XQ VLOOyQ GHODQWH GHO PXUR RSXHVWR D OD SXHUWDGHHQWUDGD\GRVDVLHQWRVDFDGDODGRGHpVWDGHVSXpVVHWUD]DEDHQHOVXHORFRQWL]D XQFXDGUDGRODUJRHQHOLQWHULRUGHOFXDO VHGLEXMDEDQDODOLJHUDORVHPEOHPDVHVHQFLDOHVGH OD)UDQF0DVRQHUtD &RUUHVSRQGtD DO 0DHVWUR GH FHUHPRQLDV WUD]DU HVWH FXDGUR FXDQGR VH DEUtDQ ORV WUDEDMRV \ ERUUDUOR FXLGDGRVDPHQWH FRQ XQD HVSRQMD PRMDGD DO FHUUDUVH 6H HQFRQWUy HQ VHJXLGD PiV IiFLO H[WHQGHU VREUH HO SLVR GH OD /RJLD XQD WHOD SLQWDGD GH DQWHPDQR 7UDGLFLRQDOPHQWH ORV $SUHQGLFHV GHEHUtDQ KDFHU VX YLDMH DOUHGHGRU GH HVWH UHFWiQJXOR PtVWLFR TXH HQFHUUDED ORV VtPERORV SURSXHVWRV D VX PHGLWDFLyQ (VWH XVR VyOR VH KD FRQVHUYDGRHQ)UDQFLDSDUDODUHFHSFLyQHQHOJUDGRGH&RPSDxHUR (O&XDGURR WDSL]H[WHQGLGRHQHOFHQWURGHOD/RJLDGHEHVHJ~QORVWpUPLQRVGHORV DQWLJXRVULWXDOHVOODPDUODDWHQFLyQVREUHORVVLJXLHQWHVHPEOHPDV 

/DVVLHWHJUDGDVGHO7HPSOR\HOSDYLPHQWRPRVDLFRGHVXSyUWLFR



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R 

/DV GRV &ROXPQDV % \ -  \ HQWUH HOODV D OD DOWXUD GH ORV FDSLWHOHV XQ &RPSiVDELHUWRFRQODVSXQWRVKDFLDDUULED  $ OD L]TXLHUGD GH OD &ROXPQD % OD 3LHGUD EUXWDHO 0DOOHWH HO &LQFHOOD 3DODQFD\ OD 5HJODDODGHUHFKDGHOD&ROXPQD- OD3LHGUDF~ELFD\HQWUH ODVGRVFROXPQDVODSXHUWDGHO7HPSOR  (QFLPDGHO FDSLWHO GH OD &ROXPQD - HO 1LYHO HQFLPDGH OD&ROXPQD%  OD3HUSHQGLFXODU  (QPHGLR\HQODDEHUWXUDGHO&RPSiVOD(VWUHOOD)ODPtJHUDTXHOOHYDHQVX FHQWURODOHWUD*  6REUH OD (VWUHOOD )ODPtJHUD XQD (VFXDGUD FRQ HO 6RO D OD GHUHFKD \ D OD L]TXLHUGDOD/XQD\VREUHpVWDOD7DEODGHGLEXMR  /D SDUWH VXSHULRU UHSUHVHQWD XQ &LHOR WDFKRQDGR GH HVWUHOODV SRU HQWUH ORV FXDOHVVHUSHQWHDODFXHUGDFRQ QXGRVOODPDGD&DGHQDGH8QLyQ  7UHV9HQWDQDVDELHUWDVODSULPHUDDO2ULHQWHODVHJXQGDDO0HGLRGtD\OD WHUFHUDDO2FFLGHQWH 6HDJUHJDFRP~QPHQWHXQD(VSDGD\XQD3ODQD /DV6LHWH*UDGDV (ODSUHQGL]DMHGXUDEDVLHWHDxRVGHDTXtODVVLHWHJUDGDVTXHKDEtDTXHVXELUSDUD OOHJDUKDVWDHOJUDGRGH&RPSDxHUR 6HKDYLVWRWDPELpQHQHVWHVHSWHQDULRXQDDOXVLyQDODVVLHWHDUWHVOLEHUDOHVTXHHO ,QLFLDGRGHEHFXOWLYDUFRPHQ]DQGRSRU /D *U D Pi WLFD  TXH OH HQVHxD D KDFHUVH FRPSUHQGHU \ D H[SUHVDU FRUUHFWDPHQWH HO SHQVDPLHQWR DMHQR (V SUHFLVR QR WRPDU DTXt OD SDODEUD HQ HO VHQWLGR YXOJDU SXHV HV GH SUHVXPLUTXHXQ0DHVWURQRWLHQHTXHDSUHQGHUOR TXHVHHQVHxDDORVQLxRVGHODVHVFXHODV SULPDULDV /D 5HWyU LFD VHUHILHUHHQVHJXLGDDODUWHGHOODPDUODDWHQFLyQGHXQDXGLWRULR\ GH LPSUHVLRQDUORSRUODIRUPDIHOL]GDGDDODVLGHDVH[SXHVWDV /D /yJLFD  SRQH HQ JXDUGLD FRQWUD WRGD IDOVD DUJXPHQWDFLyQ \ DUPD DO SHQVDGRU FRQWUDHOHUURU\ODLOXVLyQ /D $U LWPpWLFD  VH UHILHUH DTXt D OD ILORVRItD GH ORV 1~PHURV IXQGDPHQWR GH WRGD FLHQFLDLQLFLiWLFD /D *HRPHWU tD  HQVHxD ODV OH\HV GH OD FRQVWUXFFLyQ XQLYHUVDO $SOLFDGD DO VLPEROLVPRVXPpWRGRSHUPLWHDOHVStULWXKXPDQRH[SORUDUFRQVHJXULGDGHOGRPLQLRGHO PLVWHULR /D $VWU RQ RPtD  KDFH FRPSUHQGHU DO KRPEUH OR TXH pO HV HQ UHODFLyQ FRQ OD LQPHQVLGDG /D 0~ VLFD HQ ILQUHYHOD ODV OH\HVGH OD DUPRQtDTXH JRELHUQDQ WRGDV ODV FRVDV\ VHJ~QODVFXDOHVGHEHDMXVWDUVHODREUDGHOD)UDQF0DVRQHUtD



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

&XDGUR0tVWLFRGHO*UDGRGH&RPSDxHUR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR /DV7UHV9HQWDQDV /D/RJLDGH$SUHQGL]QRUHFLEHQLQJXQDOX]GHDIXHUDUHFXHUGDHQHVWRODVFULSWDV VXEWHUUiQHDVRFDYDGDVHQHOIODQFRGHODVPRQWDxDVORVKLSRJHRVVHSXOFURVVXEWHUUiQHRV  GHO (JLSWRRGH OD ,QGLDOD FDYHUQD GHODVLQLFLDFLRQHV PLWULDFDVHODQWURGH 7URSKRQLXV HWF /D /RJLD GH &RPSDxHURV SRU HO FRQWUDULR HVWi HQ FRPXQLFDFLyQ FRQ HO PXQGR H[WHULRUJUDFLDVDODVWUHVYHQWDQDVVLPEyOLFDVTXHVHVXSRQHQDELHUWDVXQDDO2ULHQWHRWUD DO0HGLR'tD\ODWHUFHUDDO2FFLGHQWH /D SULPHUD VHLOXPLQD FRQORVUD\RVGHO6ROQDFLHQWHTXHGLVLSDODVWLQLHEODV(VWD OX]FRPEDWLYDFRUUHVSRQGHDODUD]yQMXYHQLODWDFDQGRORVYLHMRVHUURUHV\ORVSUHMXLFLRV WHQDFHV (V XQD OyJLFD GLVROYHQWH GHVWUXFWLYD GH WRGR OR TXH QR HVWi GHELGDPHQWH FLPHQWDGR 3RU OD YHQWDQD GHO 0HGLR 'tD HQWUD OD SOHQD OX] GHO GtD TXH UHGXFLHQGR OD REVFXULGDG DO PtQLPXP PXHVWUD ODV FRVDV WDOHV FRPR VRQ HQ VX UHDOLGDG EUXWDO (V OD REVHUYDFLyQULJXURVD\SRVLWLYDGHORVKHFKRVFLHQWtILFDPHQWHGHWHUPLQDGRV /RVIXHJRVGHOVROSRQLHQWHVHUHIOHMDQHQILQHQODYHQWDQDGHO 2FFLGHQWH5LFRV FRORUHVPDQLILHVWDQHQWRQFHVORTXHPHUHFHVREUHYLYLUGHOSDVDGR/D5D]yQHQHIHFWRQR VHFRQWHQWDFRQUHFKD]DUHOHUURU2ULHQWH \FRQFRPSUREDUODYHUGDGREMHWLYD0HGLR'tD  VDEH WDPELpQ KDFHU MXVWLFLD D ORV SHQVDGRUHV GHVDSDUHFLGRV VDFDQGR GH ODV DQWLJXDV WUDGLFLRQHVORTXHHQFLHUUDQGHYHUGDGHUR (VSDGD\3ODQD 3DUHFH H[WUDxRYHUILJXUDUHQWUHORVVtPERORVHVHQFLDOPHQWH SDFtILFRVGH OD )UDQF 0DVRQHUtD XQDUPD GH OXFKD R GH GHIHQVD LQGLYLGXDO$Vt VH KD SUHJXQWDGR VLOD (VSDGD HVWDED YHUGDGHUDPHQWH HQ VX OXJDU HQ XQD /RJLD 0DVyQLFD 8QD FRVWXPEUH PX\ DQWLJXD SUHVFULEHVLQHPEDUJRFRORFDUGHODQWHGHODSXHUWDGHO7HPSORXQ+HUPDQRHQFDUJDGRGH DOHMDUDORVSURIDQRVDUPDGRFRQHVWHREMHWRGHXQDHVSDGDGHVQXGD¢1RKDFHWDPELpQOD %LEOLD JXDUGDU OD HQWUDGD GHO 3DUDtVR SRU GRV TXHUXELQHV DUPDGRV FRQ XQD HVSDGD TXH OD KDFtDQ EODQGLU HQ XQ FtUFXOR GH IXHJR" *pQHVLV FDS ,,, YHUV   /RV WUDGXFWRUHV DOHMDQGULQRV GHO WH[WR KHEUHR KDQ FUHtGR TXH VH WUDWDED GH XQD HVSDGD RQGXODQWH R IODPtJHUDVLQGXGDSRUTXHXQDUPDVHPHMDQWHGHEtDVHUOHVFRQRFLGD3XHVQLQJ~QJXHUUHUR DQWLJXR VH SUHRFXSy GH KDFHUVH IRUMDU XQD HVSDGD IODPtJHUD PX\ SRFR SUiFWLFD EDMR HO SXQWR GH YLVWD PLOLWDU 6L HVWH LQVWUXPHQWR KD H[LVWLGR QR KD SRGLGR WHQHU VLQR XQ YDORU SXUDPHQWHVLPEyOLFR/DRQGXODFLyQVHUHILHUHHQHIHFWRDXQPRYLPLHQWRTXHWUDQVIRUPD OD HVSDGD UtJLGD HQ XQ DUPD YLYLHQWH VtPEROR GH OD LUUDGLDFLyQ GHO SHQVDPLHQWR \ GHO 9HUER (V HQ HVWH VHQWLGR TXH HO $SRFDOLSVLV FDS ;,;  \   KDFH VDOLU XQD HVSDGD FRUWDQWH GH OD ERFD GH XQ FDEDOOHUR PRQWDGR HQ XQ FDEDOOR EODQFR (O SHQVDPLHQWR LQLFLiWLFRIRUPXODGRRQRSHURYLYRHVGHVGHOXHJRHOTXHDOHMDDORVSURIDQRV /RTXHQRHVWiGHDFXHUGRFRQVXPHQWDOLGDGORUHSXGLDUHFKD]DQLQVWLQWLYDPHQWHOR TXH HOORV QR VDEUtDQ FRPSUHQGHU (Q 0DVRQHUtD WRGR HVWi FRPELQDGR SDUD LPSHGLU HO DYDQFH GH ORV LQGLYLGXRV LQGLJQRV GH OD LQVWLWXFLyQ /RV HVStULWXV VXSHUILFLDOHV VH VLHQWHQ PROHVWRV SRU FRVWXPEUHV TXH OHV SDUHFHQ ULGtFXODV SRUTXH HOORV VRQ LQFDSDFHV GH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR FRPSUHQGHU VX DOFDQFH 6L HOORV VH HQFXHQWUDQ SRU HUURU HQ HO VHQR GH OD LQVWLWXFLyQ QR WDUGDUiQHQHOLPLQDUVHSRUVXSURSLDLQLFLDWLYDSRUTXHQRVHHQFRQWUDUtDQHQVXOXJDU 6LQ TXH VH GHQ FXHQWD HVWRV HOHPHQWRV LQDVLPLODEOHV VRQ DOHMDGRV SRU OD DFFLyQ PLVWHULRVDGHODHVSDGDVLPEyOLFDHPEOHPDGHO9HUER0DVyQLFRFRQVLGHUDGRHQVXSDSHO SURWHFWRU\FRQVHUYDGRUGHOFDUiFWHUSURSLRGHOD)UDQF0DVRQHUtD (Q 0DJLD OD SXQWD GH XQD HVSDGD LPSRQH UHVSHWR D ODV ODUYDV \ GLVXHOYH ODV FRDJXODFLRQHVIOXtGLFDVIDQWDVPDOHV 3DUDHOTXHQRHVHVFODYRGHODOHWUDPXHUWDHVWRVLJQLILFDTXHXQDUD]yQYLJLODQWH QRVHUiEXUODGDSRUORVHVSHMLVPRVGHODLPDJLQDFLyQ
/D3ODQDHPEOHPDGHODWROHUDQFLDTXHHVODYLUWXG FDUDFWHUtVWLFDGHO0DVyQ (VWH LQVWUXPHQWR VLUYH SDUD KDFHU OD PH]FOD GHVWLQDGD D FLPHQWDU ODV SLHGUDV GHO HGLILFLR SDUD UHDOL]DU OD XQLGDG 0LHQWUDV TXH OD (VSDGD FRUWD VHSDUD \ GLYLGH OD 3ODQD UH~QHIXVLRQD\XQLILFD(VSXHVHVHQFLDOPHQWHHOHPEOHPDGHORVVHQWLPLHQWRVGHERQGDG HVFODUHFLGD GH IUDWHUQLGDG XQLYHUVDO \ GH OD JUDQ WROHUDQFLD TXH GLVWLQJXH DO YHUGDGHUR 0DVyQ/D3ODQDHVSRUHVWRODLQVLJQLDPiVDSURSLDGDGHO)UDQFPDVyQPRGHUQRDOPLVPR WLHPSR TXH HO VtPEROR PiV FDUDFWHUtVWLFR GH QXHVWUD LQVWLWXFLyQ XQLYHUVDO ILORVyILFD \ PRUDOPHQWHFRQVWUXFWLYD7DOFRPRHVWiUHSUHVHQWDGDHQHOFXDGURPtVWLFRFRUUHVSRQGHDO LGHRJUDPDDOTXLPLVWDUHSUHVHQWDQGRHOWpUPLQRGHOD*UDQ2EUD(O&RPSDxHURH[SHUWRHQ HODUWHGHPDQHMDUOD3ODQDSXHGHGHMDUHQHIHFWRDVSLUDUDOD0DHVWUtDSXHVQRSXHGHGHMDU GHHVWDULPEXLGRGHXQHVStULWXSURIXQGDPHQWH0DVyQLFR /D7DEODGH'LEXMR (VWi UHVHUYDGR D ORV 0DHVWURV OHYDQWDU ORV SODQRV SHUR SDUD TXH HO &RPSDxHUR SXHGDUHDOL]DUODHMHFXFLyQGHVXWUDEDMRHVSUHFLVRTXHFRQR]FDHOGLEXMR\TXHOD7DEODGH GLEXMRQROHVHDGHVFRQRFLGD(VWDSODQFKDOOHYDFRP~QPHQWHORVVLJQRVFRQORVFXDOHVVH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR FRQVWUX\HQ ORV DOIDEHWRV PDVyQLFRV FDUDFWHUL]DGRV SRU HO KHFKR GH TXH HVWiQ IRUPDGRV LQYDULDEOHPHQWHGHHOHPHQWRVUHFWDQJXODUHV /DVYDULDQWHVVRQQXPHURVDVSHURODEDVHHV VLHPSUHODPLVPD(QHOVLJOR;9,,,OD FRPELQDFLyQPiVFRP~QPHQWHXVDGDIXHODVLJXLHQWH

(O$OIDEHWR0DVyQLFR (OFXDGUDGRGHORVODGRVSURORQJDGRVVHSUHVWDSRURWUDSDUWHHOHVWXGLRGHOWULSOH WHUQDULRGHOFXDOODTXLQWDHVHQFLDHVHOHMHFRUUHVSRQGHDOPHGLRGHFRPRORLQGLFDQ ODVILJXUDVVLJXLHQWHVGHODVTXHODVHJXQGDHVXQFXDGUDGRPiJLFR





































(O&XDGUR0iJLFRGH6DWXUQR (VWRV FXDGURV GLVSRQHQ ORV Q~PHURV HQ IRUPD TXH VX VXPD HQ FXDOTXLHU VHQWLGR DXQ GLDJRQDO GDQ VLHPSUH XQD PLVPD FDQWLGDG 6X HVWXGLR SUHRFXSy PXFKR HQ RWURV WLHPSRV D ORV LQYHVWLJDGRUHV GHO PLVWHULR 1RVRWURV YROYHUHPRV D HVWR HQ HO /LEUR GHO 0DHVWUR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR +DFHPRV QRWDU VLPSOHPHQWH TXH GLVSXHVWRV HQ WUHV PDQHUDV VHJ~Q VX RUGHQ QRUPDOORVSULPHURVQ~PHURVWRPDQVLJQLILFDGRVSDUWLFXODUHVHQORVTXHVHKDQLQVSLUDGR ORV.DEDOLVWDVSDUDODFRQVWUXFFLyQGHOÈUEROGH ODV 6HSKLURWKGHVWLQDGRD MXQWDUHOFLHOR FRQODWLHUUDORDEVWUDFWRFRQORFRQFUHWRORLQILQLWRFRQORILQLWR $HVWHUHVSHFWRVHSXHGHQYHUODVVLJXLHQWHVUHODFLRQHV (VStULWXLQWHOHFWXDOLGDGSHQVDPLHQWR  $OPDVHQWLPHQWDOLGDGYROXQWDG  &XHUSRIXHU]DPRWUL]DFFLyQ  3RURWUDSDUWHVRQPDVFXOLQRVIHPHQLQRVQHXWURV (VFXDGUD\&RPSiV &XDQGR OD (VWUHOOD )ODPtJHUD HVWi DVRFLDGD D OD (VFXDGUD \ DO &RPSiV HVWRV LQVWUXPHQWRV OD HQFXDGUDQ JHQHUDOPHQWH GH WDO PDQHUD TXH OD (VFXDGUD VH DEUH KDFLD DEDMRPLHQWUDVTXHHO&RPSiVHVWiKDFLDDUULED /D(VFXDGUDHQHVWHFDVRHVSDVLYDRUHFHSWLYD\HO&RPSiVDFWLYR5HSUHVHQWDOD UDGLDFLyQTXHHPDQDGHODUD]yQSDUDDSUHFLDUORVKHFKRVSDUDPHGLUODUHODFLyQHVWDEOHFLGD HQWUHHO
/D(VFXDGUDHO&RPSiV\OD(VWUHOOD)ODPtJHUD /D(VFXDGUDSRUHOFRQWUDULRHVGREOHHQVXVGRVEUD]RVTXHUHSUHVHQWDQWRGRVORV DQWDJRQLVPRV\PX\HVSHFLDOPHQWHHOGHUHFKR\HOGHEHU *UiILFDPHQWH SXHGH VHUQRV UHSUHVHQWDGD EDMR RFKR DVSHFWRV GLIHUHQWHV ,QGLFDGRV SRUODVILJXUDVTXHVLJXHQ



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR /DVHJXQGDHVXQDGREOH6ZiVWLFDILJXUDQGRODUXHGDGHODFUHDFLyQGHOSRUYHQLUR GHOPRYLPLHQWRXQLYHUVDO/DV(VFXDGUDVFX\RVEUD]RVVRQYHUWLFDOHV\KRUL]RQWDOHV  FRUUHVSRQGHQDORV(OHPHQWRV$LUH$JXD7LHUUD)XHJR \ODV(VFXDGUDVREOLFXDV  DODVFXDOLGDGHVHOHPHQWDOHV+~PHGR)UtR6HFR&DOLHQWH  6LQ GHWHQHUQRV DTXt HQ HVWDV FRQFRUGDQFLDV TXH QR HQFXHQWUDQ DSOLFDFLyQ HQ 0DVRQHUtD QRVOLPLWDUHPRV D KDFHUUHVDOWDU OD SRVLFLyQ LQDFRVWXPEUDGDGH OD (VFXDGUD \ GHO&RPSiVHQHO&XDGURGH&RPSDxHUR

/DV2FKR3RVLFLRQHVGHOD(VFXDGUD (O&RPSiVDELHUWRODVGRVSXQWDVKDFLDDUULEDLPSOLFDXQHVWXGLRUDFLRQDOQRGHOD WLHUUD R GH ORV KHFKRV REMHWLYDPHQWH FRPSUREDEOHV VLQR GHO FLHOR H[LJLHQGR XQD LQYHVWLJDFLyQULJXURVD\SUHFLVDGHORVSULQFLSLRVDEVWUDFWRV/DLOXPLQDFLyQQRHVHQRWURV WpUPLQRVSURPHWLGDDO&RPSDxHURVLQRFXDQGRVHSDEXVFDUODHQHOHQFDGHQDPLHQWRGHORV WHRUHPDVSDUWLFXODUHVGHOD*HRPHWUtD3ODWyQLFD (QFXDQWRDOD(VFXDGUDTXHUHIOHMDHQORDOWRODUDGLDFLyQGHOD(VWUHOOD)ODPtJHUD SDUDGHYROYHUODKDFLDDEDMR\FRQFHQWUDUODHQVtPLVPDKDFHDOXVLyQDODDEVROXWDUHFWLWXG GHMXLFLRLQGLVSHQVDEOHDORVLGHDOLVWDVPX\IiFLOPHQWHH[SXHVWRVDH[WUDYLDUVHHQORLUUHDO SRUORTXHHVSUHFLVRVLHPSUHFRQWLQXDUODUHDOL]DFLyQSUiFWLFD /D3LHGUD&~ELFDHQ3XQWD (O &XER SHUIHFWR HV SRFR DSURSLDGR D ODV H[LJHQFLDV GHO DUWH GH FRQVWUXLU TXH QHFHVLWDSLHGUDVDODUJDGDV/D3LHGUD&~ELFDVHUHODFLRQDPiVFRQXQWUDEDMRTXHSURFHGD



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR SRUYtDGHFULVWDOL]DFLyQ(O,QLFLDGRTXHUHDOL]DHQVtHOLGHDOGHHVWD3LHGUDVHFRQYLHUWH SDUDODKXPDQLGDGHQXQDJHQWHWUDQVPXWDGRUSRUVXVRODFRQIRUPLGDGUHFWDQJXODU

/D3LHGUD&~ELFDSXQWXGDVHJ~QHO³&DWHFLVPRGHORV)UDQF0DVRQHV GHGLFDGR DO EHOOR VH[R´ SRU /HRQDUGR *DEDRQ SVHXGyQLPR GH /XLV 7UDYHQRO   \ GH RWUDV SXEOLFDFLRQHV GH OD pSRFD WDODV FRPR ³(O 0DVyQDOGHVFXELHUWRRHOYHUGDGHURVHFUHWRGHORV)UDQF0DVRQHV´GH HWF /RV $OTXLPLVWDV H[SOLFDEDQ DVt OD YLUWXG GH VX FpOHEUH 3LHGUD ILORVRIDO TXH UHSUHVHQWDEDQ SRU XQ FXER 8Q VtPEROR LQHVSHUDGR VH HQFXHQWUD HQ ORV GRFXPHQWRV PDVyQLFRVGHOVLJOR;9,,,(VOD3LHGUD&~ELFDFX\DSXQWDHVWiKHQGLGDSRUXQKDFKD(VWH LQVWUXPHQWRLQGLFDVLQGXGDTXH HVQHFHVDULRDEULUOD 3LHGUDUDMDUODD ILQGH OOHJDUD VX FRQWHQLGR D VX HVRWHULVPR /D FRURQDFLyQ SLUDPLGDO GHO &XER SRGUtD SRU RWUD SDUWH HTXLYDOHUDOD&UX]FRORFDGDVREUHHO&XDGURHQHOLGHRJUDPDGHOD3LHGUDILORVRIDO(QHVWH FDVR OD 3LHGUD F~ELFD HQ SXQWD VH UHIHULUi HVSHFLDOPHQWH DO JUDGR GH 0DHVWUR \ D HVWH SHUIHFFLRQDPLHQWRGHODSHUVRQDOLGDGTXH VHWUDGXFHSRUODVDQWLGDGRKHURtVPRGHVGH HO SXQWRGHYLVWDPRUDO\SRUXQDJHQLDODJXGH]DGHOMXLFLRGHVGHHOSXQWRGHYLVWRLQWHOHFWXDO 3HUR SUiFWLFR\HTXLOLEUDGRHQ WRGDV ODV FRVDV HO&RPSDxHURQRGHEH PLUDU D OR VREUHKXPDQR/HFRUUHVSRQGHUHDOL]DUHO&XERSXUR\VLPSOHROD3LHGUDUHFWDQJXODUPHQWH WDOODGD DSWD SDUD RFXSDU VX OXJDU HQ HO HGLILFLR VRFLDO $GDSWiQGRQRV H[DFWDPHQWH D OD IXQFLyQTXH HVWDPRV OODPDGRVD OOHQDUHQ HO LQWHUpVJHQHUDOWDO HV OD SHUIHFFLyQ D OD TXH GHEHPRVDVSLUDU /D&XHUGDFRQ1XGRV 6L KHPRV GH FUHHU D XQ 0DVyQ TXH KD HVWXGLDGR SDUWLFXODUPHQWH ODV DQWLJHGDGHV JHUPiQLFDVPXFKDVGHQXHVWUDVWUDGLFLRQHVWHQGUtDQVXVUDtFHVHQXQSDVDGRPX\DQWLJXR $VtOD&XHUGDTXHURGHDOD/RJLDSDUWLHQGRGHXQDGHODVFROXPQDVGHODHQWUDGD SDUDWHUPLQDUHQODRWUDFRUUHVSRQGHUtDH[DFWDPHQWHDOFRUGyQTXHFLUFXQVFULEtDHOUHFLQWR UHVHUYDGRDODV$VDPEOHDVDODYH]SROtWLFDV\MXGLFLDOHVGHORV*HUPDQRV



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR (VWDVDVDPEOHDVVHFHOHEUDEDQDODLUHOLEUHHQXQOXJDUFRQVDJUDGRPX\DPHQXGR HQ XQD HPLQHQFLD QDWXUDO R DUWLILFLDO (O OXJDU HVFRJLGR HVWDED FLUFXQVFULWR SRU ODQ]DV R HVWDFDV HQWHUUDGDV HQ OD WLHUUD \ DPDUUDGDV SRU XQD FXHUGD VyOLGDPHQWH DQXGDGD D HVWRV VRSRUWHV (O UHFLQWR DVt FRQVWLWXLGR VH FRQVLGHUDED VDJUDGR $TXHO TXH KXELHUH TXHULGR SDVDUEDMRODFXHUGDSDUD HQWUDURVDOLUVHKDEUtDKHFKRFXOSDEOHGHXQVDFULOHJLR\KDEUtD VLGRVHJXUDPHQWHVDFULILFDGRDODVGLYLQLGDGHVGHODKRUGDRGHOFODQ3DUDSDUWLFLSDUHQOD DVDPEOHD HUD QHFHVDULR SDVDU SRU HQWUH ODV GRV HVWDFDV GRQGH HVWDEDQ DWDGDV ODV H[WUHPLGDGHVGHODFXHUGD$TXtVHFRORFDEDXQKHUDOGRTXHWHQtDSRUPLVLyQRSRQHUVHDOD HQWUDGDGHODVSHUVRQDVQRFDOLILFDGDV 6yOR ORV KRPEUHV QDFLGRV OLEUHV HUDQ DGPLWLGRV 'HEtDQ REOLJDWRULDPHQWH HVWDU UHYHVWLGRV GH VXV DUPDV FROJDGDV HQ OD FLQWXUD HQ IRUPD GH GHODQWDO SXHV HQWUH ORV SXHEORV DILFLRQDGRV D FRPEDWLU GHVQXGRV HO HTXLSR GH JXHUUD SRGtD HQ ULJRU VHUYLU GH YHVWLPHQWD /D$VDPEOHDVHDEUtDDFRQWLQXDFLyQGHXQFDPELRGHSUHJXQWDV\UHVSXHVWDVDFHUFD GH ODKRUDSXHVGHEtDFRPSUREDUVHTXHHOVROKDEtDOOHJDGRDOPHULGLDQRTXHHUDSXHV PHGLRGtD DQWHVTXHHOMHIHHVSDGDHQPDQRLQYLWDUDDORVDVLVWHQWHVDFRORFDUVHHQRUGHQR SRQHUVH DO RUGHQ (V SRVLEOH TXH HOOR VH HQWHQGLHUD WRPDU XQD DFWLWXG FRQYHQLGD DOLQHiQGRVH WRGRV UHJXODUPHQWH (Q HO FXUVR GH ORV GHEDWHV OD DVDPEOHD VH SURQXQFLDED VREUHWRGRVORVDVXQWRVGHLQWHUpVJHQHUDORGHGHUHFKRSDUWLFXODUTXHKXELHUDQVXUJLGRHOOD GHFLGtDGHODSD]\SDUWLFXODUPHQWHGHODJXHUUDUDWLILFDEDORVWUDWDGRVFRQYHQLGRVFRQORV SXHEORVYHFLQRVHWF 3URFHGtDQWDPELpQDODDGPLVLyQHQVXVHQRGHMyYHQHVOOHJDGRVDODPD\RUHGDG\ UHFRQRFLGDPHQWH GLJQRV GH JR]DU GH ORV GHUHFKRV \ SUHUURJDWLYDV GH ORV KRPEUHV OLEUHV (VWRVUHFLSLHQGDULRVHUDQDQWHWRGRGHVSRMDGRVGHVXVDUPDVGHWRGRVORVPHWDOHVGHVXV DGRUQRV GH VXV JXDQWHV SDUD VHU HQ VHJXLGD VROHPQHPHQWH DUPDGRV \ FRPSOHWDPHQWH HTXLSDGRV &RPR OD HVFULWXUD HUD HQWRQFHV GHVFRQRFLGD OD PHPRULD GHEtD GHWHQHU WRGDV ODV GHFLVLRQHV TXH WHQtDQ IXHU]D GH OH\ 8QD LQVWUXFFLyQ MXUtGLFD SRU SUHJXQWDV \ UHVSXHVWDV WHUPLQDEDHQFRQVHFXHQFLDORVGHEDWHVGHFDGDDVDPEOHD 1RVHVHSDUDEDQVLQRDPHGLDQRFKHGHVSXpVGHXQDFRPLGDHQTXHODFDUQHGHODV YtFWLPDV VDFULILFDGDVHUD OD TXH KDFtD HO JDVWR8Q FHUHPRQLDOUHJODPHQWDED HVWRV iJDSHV VDJUDGRV TXH VH PH]FODEDQ FRQ OLEDFLRQHV OD ~OWLPD HQ IDYRU GH ORV &RPSDxHURV GHVJUDFLDGRV FDtGRV HQ SRGHU GHO HQHPLJR (VWH SDUDOHOLVPR FRQ OD 0DVRQHUtD KDFH VXSRQHU TXH ODV FRQIUDWHUQLGDGHV FRQVWUXFWRUDV GH OD (GDG 0HGLD SHUSHWXDEDQ LQFRQVFLHQWHPHQWHFRVWXPEUHVSDJDQDVPX\DQWLJXDV /D LPSRUWDQFLD TXH GDPRV DO 0DOOHWH SRGUtD HQ HIHFWR UHODFLRQDUVH FRQ GLRV 'RQDUHVSHFLHGH-~SLWHUWRQDQWHHQTXHWRGRMHIHGHIDPLOLDVHWUDQVIRUPDEDHQVDFHUGRWH HQHOLQWHULRUGHODFDVDGRQGHORVULWRVIDPLOLDUHVVHFXPSOtDQFRQODD\XGDGHO0DUWLOOR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

(O0DUWLOORGHO'LRV7RUWXQGLGRHQSODWDSDUDVHUVXVSHQGLGRHQXQD FDGHQDTXHURGHDHOFXHOOR)LJXUDVDFDGDGHOD³(XURSDSUHKLVWyULFD´ SRU6RXSKXV0OOHUGLUHFWRUGHO 0XVHR1DFLRQDOGH&RSHQKDJXH



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

/$6',9(5*(1&,$65,78$/Ë67,&$6

/D&RQIXVLyQGH ODV/HQJXDV /D)UDQF0DVRQHUtDQRVHKDHQFXDGUDGRHQWRGDVSDUWHVHQXQIRUPXOLVPRLJXDO\ ULJXURVDPHQWHLQPXWDEOH/RVVLJORVSDVDGRV HVWiQOHMRVGHKDEHUOH OHJDGRHQ PDWHULDGH ULWRV\GHVtPERORVXQDKHUHQFLDLQWDFWD/D0DVRQHUtDPRGHUQDQRKDUHFRJLGRVLQRXQD SREUHKHUHQFLDFRPSXHVWDGHXQFRQMXQWRGHWUDGLFLRQHVLQFLHUWDVLQFRPSUHQGLGDV\SRUOR WDQWRVXPDPHQWHGHVILJXUDGDV 6REUH GDWRV LQVHJXURV \ D YHFHV HQJDxRVRV KD VLGR QHFHVDULR FRQVWUXLU UHFRQVWLWX\HQGR JXLDGR SRU XQ YDJR LQVWLQWR GH DUTXLWHFWXUD PiV TXH SRU XQD FLHQFLD YHUGDGHUDPHQWHOXPLQRVD (Q HVWDV FRQGLFLRQHV ODV IyUPXODV 0DVyQLFDV VH KDQ GHVDUUROODGR GH GLYHUVDV PDQHUDV VHJ~Q ODV UD]DV \ ORV SDtVHV 3RU HVWD FDXVD QRV HQFRQWUDPRV DFWXDOPHQWH HQ SUHVHQFLDGHXQDVHULHGH0DVRQHUtDVTXHFRQFOX\HQSRUQRWHQHUVHPHMDQ]DHQWUHHOODV 3RUORWDQWRGHVSXpVGHKDEHUVHGLYHUVLILFDGRDKRUDHVQHFHVDULRTXHOD0DVRQHUtD XQLYHUVDOHVWULFWDPHQWHXQDHQVXSULQFLSLRVHDSURJUHVLYDPHQWHOOHYDGDDODXQLGDGGHXQ VLVWHPD UDFLRQDO GH WUDEDMR (V DOWDPHQWH GHVHDEOH TXH OD 0DVRQHUtD GHO PXQGR HQWHUR OOHJXH D SRQHUVH GH DFXHUGR SDUD SUDFWLFDU HQ WRGDV SDUWHV XVRV VLQR DEVROXWDPHQWH LGpQWLFRVDOPHQRVVHPHMDQWHV\FRQFRUGDQWHV 6HPHMDQWH XQLILFDFLyQ QR SXHGH LQVSLUDUVH VLQR HQ XQ SURIXQGR HVWXGLR GHO VLPEROLVPR7RGRORTXH VH KDFH HQ0DVRQHUtDGHEH SRGHUVH MXVWLILFDU OyJLFDPHQWH /RV ULWRV TXH VH DSR\DQ HQ EXHQDV UD]RQHV GHEHQ VHU PDQWHQLGRV SHUR FRQYLHQH UHIRUPDU FDWHJyULFDPHQWHWRGRORTXHWLHQHSRUIXQGDPHQWRODIDQWDVtDSRUQRGHFLUHOHUURU /DV3DODEUDV6DJUDGDV 1LQJXQDUHIRUPDVHUtDPiVXUJHQWHTXHDTXHOODTXHVHUHILHUHDODSDODEUDVVDJUDGDV GHORVGRVSULPHURVJUDGRV(VDEVXUGRTXHGHXQD2EHGLHQFLDDODRWUDXQDPLVPDSDODEUD VLUYDDOJXQDVYHFHVSDUDORV$SUHQGLFHV\RWUDVYHFHVSDUDORV&RPSDxHURV3RUHOLQWHUpV GHO SUHVWLJLR GH OD 0DVRQHUtD D ORV RMRV GH VXV SURSLRV DGHSWRV VHUi QHFHVDULR H[DPLQDU TXLpQHVWiHUUDGRRHQODUD]yQSDUDKDFHUGHVDSDUHFHUXQLQGLFLRPROHVWRGHLQFRQJUXHQFLD \GHGHVLQWHOLJHQFLD +LVWyULFDPHQWH OD GLYHUJHQFLD VH UHPRQWD D PHGLDGRV GHO VLJOR ;9,,, \ D OD ULYDOLGDGGHGRV*UDQGHV/RJLDVTXHVHH[FRPXOJDEDQUHFtSURFDPHQWHHQ,QJODWHUUD/LEUR GHO$SUHQGL] &DGDXQDGHHOODVWHQtDVXVLVWHPD\VHJ~QTXHORVIXQGDGRUHVGHODV/RJLDV SURYHQtDQGHXQD*UDQ/RJLDRGHRWUDDFUHGLWDEDQHQORVGLYHUVRVSDtVHVULWRVPDVyQLFRV FRQWUDGLFWRULRV(Q)UDQFLDQLQJ~QULWXDOGHOVLJOR;9,,,FRQRFHORTXHVHOODPyGHVSXpVOD LQWHUYHQFLyQHVFRFHVD/DVLQQRYDFLRQHVOODPDGDV³HVFRFHVDV´QRWRFDEDQSULPLWLYDPHQWH



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R D ORV JUDGRV VLPEyOLFRV ORV ³HVFRFHVHV´ VH FRQWHQWDURQ DO SULQFLSLR HQ VXSHUSRQHU D OD 0DHVWUtD JUDGRV VXSHULRUHV SUHWHQGLGRV ³HVFRFHVHV´ FXDQGR HOORV HUDQ GH LQYHQFLyQ SXUDPHQWH IUDQFHVD - HUDHQWRQFHVLQFXHVWLRQDEOHPHQWHODSDODEUDGHORV$SUHQGLFHV\ % ODGHORV&RPSDxHURVODPDUFKDVHHMHFXWDEDSRURWUDSDUWHFRQHOSLHGHUHFKR\QR FRQHOL]TXLHUGR 1LQJXQDUD]yQEXHQDRPDODKDVLGRGDGDKDVWDDTXtHQIDYRUGHOSLHL]TXLHUGR(Q FXDQWRDODPDUFKDFRQ HOSLHGHUHFKRVHMXVWLILFDSRUHOKHFKRTXHHOGHUHFKRVLPEROL]DOD DFWLYLGDG OD LQLFLDWLYD \ HO UD]RQDPLHQWR PLHQWUDV TXH OD SDVLYLGDG OD REHGLHQFLD \ HO VHQWLPLHQWR VH UHODFLRQDQ DO L]TXLHUGR (V SXHV HO SLH GHUHFKR HO TXH OyJLFDPHQWH GHEH OOHYDUVHDGHODQWHDSR\DGRSRUHOL]TXLHUGRFX\RSDSHOHVHOGHVHJXLU /D FXHVWLyQ HVPiVFRPSOHMD HQOR TXHFRQFLHUQH D - \ % 1DGLHQLHJDHVFLHUWR HO YHUGDGHUR YDORU VLPEyOLFR GH ODV GRV SDODEUDV 0DVFXOLQRDFWLYR - FRUUHVSRQGH DO )XHJRDO$]XIUHGHORV $OTXLPLVWDVDOSULQFLSLRGHODLQLFLDWLYDLQWHULRURLQGLYLGXDOSRUOR WDQWR HV SUHFLVDPHQWH VX HQHUJtD LQWHUQD VX )XHJR R VX $]XIUH TXH HO $SUHQGL] GHEH XWLOL]DUHQVXWUDEDMRSDUDYHQFHUORV(OHPHQWRV\OOHJDUDYHUOD/X]LQLFLiWLFD- SDUHFH SXHVVHUODSDODEUDVDJUDGDTXHOHFRQYLHQH 5HFDOTXHPRV GHVGH OXHJR TXH VH OH SLGH DO $SUHQGL] VHU ³DFWLYR´ QR H[WHULRUPHQWH SHUR VL ³LQWHULRUPHQWH´ 1R GHEH FRPSRUWDUVH FRPR XQ DOXPQR GyFLO TXH HVFXFKD \ DVLPLOD XQD HQVHxDQ]D TXH VXV PDHVWURV VH HVIXHU]DQ R VH DSUHVXUDQ HQ LQFXOFDUOH/D)UDQF0DVRQHUtDDEDQGRQDHVWHSURFHGLPLHQWRDODVLJOHVLDV\DODVHVFXHODV SURIDQDV 6X SDSHO QR HV HO GH IRUPDU FUH\HQWHV R DGRFHQDGRV VL QR SHQVDGRUHV HVWULFWDPHQWHLQGHSHQGLHQWHV\QRSXHGHKDFHUORVLQRHVWLPXODQGRODLQLFLDWLYDLQGLYLGXDO  $]XIUH 7DPELpQ SHUPDQHFH VLVWHPiWLFDPHQWH VLOHQFLRVD GHODQWH GHO 5HFLSLHQGDULR OR LQWHUURJD REOLJiQGROR D UHIOH[LRQDU \ SDUD LQVWUXLUOR OH PXHVWUD ORV VtPERORV FX\DV VLJQLILFDFLRQHVQROHVRQPiVTXHOLJHUDPHQWHLQGLFDGDVSXHVHOLQGLYLGXRQRVHLQLFLDVLQR HVIRU]iQGRVH SRU Vt PLVPR HQ DWUDYHVDU OD QRFKH GHO PLVWHULR (Q VXPD HO SURJUDPD GHO JUDGRGHDSUHQGL]FRLQFLGHFRQHOGHVHQYROYLPLHQWRGHODHQHUJtDYLULOHQHOGREOHGRPLQLR GHODUD]yQ\GHODYROXQWDG(O$SUHQGL]WRPDSRVHVLyQGHVtPLVPR SRUHOKHFKRGHTXH WULXQIDGHWRGRVORVWUDQVSRUWHVLUUHIOH[LYRV(VXQVDELRELHQ HTXLOLEUDGRTXHQRKDFHVLQR ORTXHGHVHDLQVSLUiQGRVHHQXQDUD]yQO~FLGD\FDOPDGD 3DUHFHDSULPHUDYLVWDTXHQRSXGLHUDSHGLUQDGDPiVDOOiGHVHPHMDQWHVDELGXUtD \ VLQ HPEDUJR ¢4Xp VHUtD GHO PXQGR VL IXHUD FRPSXHVWR VyOR GH VHPHMDQWH ILOyVRIR" (UDVPR QRV KD GHMDGR XQ ³(ORJLR GH OD /RFXUD´ TXH GHPXHVWUD DGPLUDEOHPHQWH OD LQVXILFLHQFLDGHODVRODLQLFLDFLyQPDVFXOLQDRUDFLRQDO/RTXHKD\HQQRVRWURVGHPHMRU\ GH PiV QREOH HV SUHFLVDPHQWH OR TXH QR HV UD]RQDGR 6yOR ORV tPSHWXV GHO FRUD]yQ QRV OOHYDQDODDEQHJDFLyQDOKHURtVPR7RGRORTXHHVYHUGDGHUDPHQWHJUDQGHHVHOIUXWRGHO HQVXHxRGHODLPDJLQDFLyQGHXQDORFXUDVXEOLPH\GHXQROYLGRGH Vt $GHPiVWRGDVHVWDVFRVDVVHUHILHUHQDOD,QLFLDFLyQIHPHQLQDRMyQLFDTXHFXOWLYD ODV IDFXOWDGHV LPDJLQDWLYDV \ HO VHQWLPLHQWR GH DTXt %  SDODEUD VDJUDGD GH ORV &RPSDxHURV (VWRVHQHIHFWRQRGHEHQFRQWHQWDUVHFRQSHUPDQHFHUHQSRVHVLyQGHHOORVPLVPRV \ GH SUDFWLFDU DVt XQD VDELGXUtD HJRtVWD LQVXILFLHQWHPHQWH HILFD] (VWiQ OODPDGRV D



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R GHVDUUROODUXQDDFWLYLGDGPiVJUDQGHTXHDTXHOODGHORV$SUHQGLFHVTXHQRVRQDFWLYRVVLQR LQWHULRUPHQWH HQ RWURV WpUPLQRV VREUH HOORV PLVPRV SXHVWR TXH GHEHQ WUDEDMDU HQ VX SURSLDWUDQVIRUPDFLyQGH3LHGUDEUXWDHQ3LHGUDF~ELFD 3HURODLQDFWLYLGDG H[WHU LRU GHO&RPSDxHURVHDJRWDUtDUiSLGDPHQWHVLQRVHVDEH UHQRYDU VXV IXHU]DV FRQYLUWLpQGROD HQ UHFHSWLYD R SDVLYD D ILQ GH EHQHILFLDUVH GHO UHFRQIRUWDPLHQWR SURPHWLGR D DTXHOORV TXH VH DFHUFDQ D OD &ROXPQD %  FX\R QRPEUH VLJQLILFD³&RQWLJRDOD)XHU]D´ $FWLYLGDG\3DVLYLGDG &RPRHO&RPSDxHURVHGHPXHVWUDPiVDFWLYRTXHHO$SUHQGL]VHKDSRGLGRFUHHU TXH - GHELHUD VHU UHVHUYDGD DO VHJXQGR JUDGR WDQWR PiV FXDQWR TXH HVD SDODEUD WLHQH FLQFROHWUDVPLHQWUDVTXH% VHFRPSRQHGHRUGLQDULRGHFXDWUR(VWHDUJXPHQWRQXPpULFR HVWDQWRPiVGpELOTXHHOQRPEUHGHOD&ROXPQDL]TXLHUGDGHO7HPSOR <2' VHOHH%K ]PiVFRUUHFWDPHQWHTXH% = 

(O)pQL[TXHUHQDFHFRQWLQXDPHQWHGHVXVFHQL]DVOODPDGRWDPELpQHO SULQFLSLRYLWDOLQVFULWRHQHOVLJQRGHO$]XIUH  )LJXUD VDFDGD GH OD SRUWDGD GH ODV ³'RFH OODYHV´ GH %DVLOLR 9DOHQWtQ GRQGH DSDUHFH RWUD VHULH GH VtPERORV GH ODV TXH XQ &XER HO 6RO\OD /XQDVLHWHIORUHVTXHUHSUHVHQWDQORVSODQHWDVRPHWDOHVXQDKRJXHUD VLHWH OiJULPDV \ VREUH HO )pQL[ XQ DQFLDQR FRURQDGR TXH WLHQH HQ OD PDQR L]TXLHUGD OD JXDGDxD GH 6DWXUQR \ HQOD GHUHFKD HO FRPSiVGHO 0DHVWUR+LUDP



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R $TXHOORVTXHKDQLQYRFDGR XQPRWLYRWDQSREUHSDUDDWULEXLU% DORV$SUHQGLFHV KDQ GHVJUDFLDGDPHQWH GDGR SUXHEDV GH XQD GHSORUDEOH LJQRUDQFLD HQ PDWHULDV LQLFLiWLFDV 1R KDQ FRPSUHQGLGR TXH HVSUHFLVR QHFHVDULDPHQWHFRPHQ]DUSRU - SRUTXHODDFWLYLGDG ~QLFDPHQWH VXOIXURVD RLQWHULRULQGLYLGXDO\ UHVWULQJLGD GHO$SUHQGL]VH WUDQVIRUPDUi HQ - VH FRPELQHFRQHO0HUFXULR XQDDFWLYLGDGGHRUGHQVXSHULRUFXDQGRHO$]XIUH % $OLPHQWDGR SRUHOHPHQWR SDVLYRPHUFXULDO $LUH K~PHGR R $JXD DpUHD  HO )XHJR LQGLYLGXDO$]XIUH VH H[DOWDLUUDGLDDOH[WHULRU\QRVHH[WLQJXH(VODUHDOL]DFLyQGHORTXH UHSUHVHQWD HO )pQL[ HQ RWURV WpUPLQRV SRQHU HQ DFFLyQ XQD DFWLYLGDG VXOIRPHUFXULDO SHUPLWLHQGRDOLQGLYLGXREHQHILFLDUVHGHWRGDVODVIXHQWHVGLQiPLFDVGHODFROHFWLYLGDG3RU ORWDQWRSDUDDSURYHFKDUVHGHHVWDVIXHU]DVH[WHULRUHVGLIXVDVHVQHFHVDULRVDEHUFDSWDUODV DUPRQL]iQGRVH FRQ HOODV 6H WUDWD HQ HVWR GH KDFHUVH DFFHVLEOH QR VLQ GLVFHUQLPLHQWR D WRGDVODVLQIOXHQFLDVH[WHULRUHVSHUR~QLFDPHQWH DODVEXHQDVTXHWLHQHQDILQLGDGFRQOD SXUH]D DQtPLFD REWHQLGD JUDFLDV D ODV SUXHEDV GHO SULPHU JUDGR (Q HO FXUVR GH HVWDV SUXHEDV HO 5HFLSLHQGDULR HV DFWLYR FRQ H[FOXVLyQ GH WRGD SDVLYLGDG HOODV OH YDOHQ FRPR UHFRPSHQVD HO GRPLQLR GH Vt PLVPR \ OD SRVHVLyQ GH OD HQHUJtD LQGLYLGXDO SOHQDPHQWH FRQVFLHQWHHQRWURVWpUPLQRVHOVDODULRTXHVHREWLHQHGHOD&ROXPQD-  (Q DGHODQWH SXHV \ SRU HVWH KHFKR DO DEULJR GH WHQGHQFLDV LQFRQYHQLHQWHV HO ,QLFLDGR TXH \D QR SRGUi REHGHFHU D QLQJXQD LQFOLQDFLyQ LQIHULRU SXHGH HQWUHJDUVH SURJUHVLYDPHQWH D HVWD SDVLYLGDG UHFHSWLYD SURSLD GHO &RPSDxHUR GLJQR GH UHFLELU VX VDODULRHQOD&ROXPQD% 127$ /DLQWHUSUHWDFLyQGHQXHVWUR5LWRHO(VFRFpV$QWLJXR \$FHSWDGRHVODLQYHUVDGHODGHODXWRUTXHVLJXHHO5LWR)UDQFpV  /RV&LQFR6HQWLGRV (OULWXDO GHOJUDGRGH&RPSDxHURKDVLGRGHFRQWLQXRDXPHQWDGRFRQGLVHUWDFLRQHV SURIDQDVVDFDGDVGHFXDOTXLHUPDQXDOGHILVLRORJtD'HEtDGDUVHFXHQWDVLQHPEDUJRKDVWD TXp SXQWR HV ULGtFXOR DVRPEUDU D ORV $SUHQGLFHV GiQGROHV DVSHFWRV GH PLVWHULRV SDUD UHYHODUILQDOPHQWH FLHUWDVQRFLRQHV DEVROXWDPHQWHHOHPHQWDOHV VREUH HOPHFDQLVPRGH ORV VHQWLGRV (QWUDU HQ FRPSHWHQFLD FRQ OD (VFXHOD SULPDULD HV KXPLOODQWH SDUD HO VHJXQGR JUDGRGHOD)UDQF0DVRQHUtD 6LVHTXLHUHKDEODUGHORVFLQFRVHQWLGRVFRVDTXHQRHVLQGLVSHQVDEOHHQHOJUDGRGH &RPSDxHUR D SHVDU GHO Q~PHUR FLQFR HV QHFHVDULR D OR PHQRV FRQVLGHUDUORV GHVGH HO SXQWRGHYLVWDLQLFLiWLFR /DVSUHJXQWDVTXHVHSXHGHQKDFHUVRQODVVLJXLHQWHV ¢+DVWDTXpSXQWRORVVHQWLGRVQRVUHYHODQODUHDOLGDG" ¢'yQGHFRPLHQ]D\GyQGHWHUPLQDODLOXVLyQGHORVVHQWLGRV" ¢&XiOHVVXSDSHOHQODIRUPDFLyQGHQXHVWUDVLGHDV" ¢/DVLGHDVQRVVRQVXJHULGDV~QLFDPHQWHSRUORVVHQWLGRV" ¢&XiQWRVVHQWLGRVWHQHPRVH[DFWDPHQWH" ¢&LHUWRVDQLPDOHVQRSDUHFHQ WHQHUVHQWLGRVTXHQRVIDOWDQ" ¢/DVSHUVRQDVLQWXLWLYDVQRJR]DQ GHVHQWLGRVVXSOHPHQWDULRV" ¢&RQYLHQH EDVDU OD E~VTXHGD GH FLHUWR RUGHQ GH YHUGDGHV HQ HO GHVDUUROOR GH XQD KLSHUVHQVLELOLGDGDQRUPDO"



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR ¢/D VDQD FODULYLGHQFLD QR VHUi HO UHVXOWDGR GHO HTXLOLEUDGR HMHUFLFLR GH XQD UD]yQ ILUPH\GHXQDLPDJLQDFLyQIHFXQGDHQTXHODXQDFRQWURODODVRVDGtDVGHODRWUD" ¢8Q VHU WRWDOPHQWH DLVODGR VLQ FRPXQLFDFLyQ DOJXQD FRQ QDGLH SRGUtD WHQHU QRFLRQHV GH VX H[LVWHQFLD" 7DO IXH OD VLWXDFLyQ GHO &UHDGRU DQWHULRUPHQWH D OD FUHDFLyQ  /RV&LQFRÏUGHQHVGH$UTXLWHFWXUD /DV LQLFLDFLRQHV TXH GHVDUUROODQ OD LQGLYLGXDOLGDG IRUWLILFDQGR OD UD]yQ \ OD YROXQWDGVRQOODPDGDVPDVFXOLQDVRGyULFDV$TXHOODVTXHDOFRQWUDULRKDFHQUHIHUHQFLDD ODLPDJLQDFLyQDOVHQWLPLHQWR\ODLQWXLFLyQVRQFRQVLGHUDGDVFRPRIHPHQLQDVR MyQLFDV$ ODVSULPHUDVRVHDHOJUDGRGH$SUHQGL]OHVFRUUHVSRQGHHORUGHQGyULFRORPLVPRTXHHO RUGHQMyQLFR FRUUHVSRQGHDODVVHJXQGDVHVWRHVDOJUDGRGH&RPSDxHUR8QDFHUFDPLHQWR VH LPSRQH HQ VHJXLGD HQWUH HO JUDGR GH 0DHVWUR \ HO RUGHQ FRULQWLR 3HUR HO RUGHQ FRPSXHVWR QRFRUUHVSRQGHQDQDGDLQLFLiWLFDPHQWH/D0DVRQHUtDILORVyILFDQRWLHQHSXHV TXHSUHRFXSDUVHGHHOORV /DV$UWHV 3XHVWR TXH HO &RPSDxHUR GHEH DILQDU VX VHQVLELOLGDG HV EXHQR GLULJLUOR KDFLD HO SHUIHFFLRQDPLHQWR GH VX HGXFDFLyQ DUWtVWLFD OD DSUHFLDFLyQ GH OR EHOOR D\XGD D OD FRPSUHQVLyQGHO%LHQ(O$UWHVHGLULJHKDFLDHODOPDTXHHPRFLRQDKDFLHQGRHQWUDUHO\R HQ FRPXQLFDFLyQ GH DUPRQtD FRQ HO H[WHULRU /D HPRFLyQ DUWtVWLFD HVWDEOHFH XQ OD]R SRGHURVR HQWUH WRGRV DTXHOORV TXH OD H[SHULPHQWDQ 8QD FRP~Q DGPLUDFLyQ DFHUFD D ORV KRPEUHV PHMRU D~Q TXH ORV LQWHUHVHV PDWHULDOHV PiV GLUHFWRV (O $UWH WLHQH SXHV XQD PLVLyQ UHOLJLRVD HQ HO VHQWLGR PiV HOHYDGR GH OD SDODEUD (O $UWLVWD HV HO LQWpUSUHWH R HO VDFHUGRWH GH OR %HOOR \ QRV UHYHOD HO ,GHDO HV GHFLU OD UHDOLGDG VXEMHWLYD TXH HVWi HQ QRVRWURV\TXHQRVRWURVGHVHDUtDPRVREMHWLYDU 6LQHPEDUJRQRFRQYLHQHUHFDUJDUHOULWXDOGHOJUDGRGH&RPSDxHURFRQDVXQWRVR WHPDVTXHQRWLHQHQVLQRUHODFLyQLQGLUHFWRFRQpO0iVYDOGUtDDWHQHUVHDODLQWHUSUHWDFLyQ GH ORV VtPERORV WUDGLFLRQDOHV ODV KHUUDPLHQWDV OD (VWUHOOD )ODPtJHUD OD OHWUD * \ OD JORULILFDFLyQGHOWUDEDMRVRQWHPDVGLJQRVGHLQVSLUDUDORVRUDGRUHVHQFDUJDGRVGHLQVWUXLU D ORV UHFLSLHQGDULRV 1R HV SRVLEOH GHVFXLGDU OR HVHQFLDO SRU OR DFFHVRULR \ D~Q SRU OR VXSHUIOXR %DMR HO SUHWH[WR GH SHUIHFFLRQDU HO ULWXDO \ GH FRPSOHWDUOR VH KD OOHJDGR D PHQXGRDHPEUROODUORFRQXQDSDODEUHUtDLQ~WLORDOPHQRVIXHUDGHOXJDU ¢&XiQWRVGLVFXUVRVVHSURQXQFLDQHQ/RJLDGH&RPSDxHURTXHSRGUtDQSURQXQFLDUVH VLQHOPHQRULQFRQYHQLHQWH DSURIDQRV\D~QDQLxRV"/RV,QLFLDGRVWLHQHQGHUHFKRD RtU RWUDFRVD &RVWXPEUHV,QJOHVDV /RV WUDEDMRV HQ XQD /RJLD $QJOR6DMRQD QR VH GHFODUDQ DELHUWRV VLQR FXDQGR ORV VLHWHRILFLDOHVHVWiQHQVXVSXHVWRV(VWHVHSWHQDULRHVHOVLJXLHQWH



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R  (O 9HQHUDEOH0DHVWUR TXHVHVLHQWDDO2ULHQWHGRQGHHO6ROVHOHYDQWDSDUD DEULUODFDUUHUDGHOGtDSUHVLGHODDSHUWXUDGHORVWUDEDMRV\ORVGLULJHFRQHOSURSyVLWRGH KDFHUWUDEDMDUDWRGRVORVKHUPDQRV\DVHJXUDUVXLQVWUXFFLyQ  (OHU9LJLODQWHFX\ROXJDUHVWiHQHO2FFLGHQWHWLHQHODPLVLyQGHLQGLFDU FXDQGR HO 6RO HVWi SRQLpQGRVH FHUUDQGR ORV WUDEDMRV SRU RUGHQ GHO 9HQHUDEOH 0DHVWUR GHVSXpVGHKDEHUVHFHUFLRUDGRTXHWRGRVORVKHUPDQRVKDQUHFLELGRVXVDODULR  (O GR9LJLODQWHVHQWDGRHQHO0HGLR'tDSDUDREVHUYDUHOSDVRGHO6ROSRU HO0HULGLDQRHVWiHQFDUJDGRGHOODPDUDORVKHUPDQRVGHOWUDEDMRDOUHSRVR\GHOUHSRVRDO WUDEDMRSDUDVXPD\RUSURYHFKR\SODFHU  (O HU 'LiFRQR 0DHVWUR GH &HUHPRQLDV  TXH VH FRORFD D OD GHUHFKD \ FHUFD GHO 9HQHUDEOH 0DHVWUR D ILQ GH OOHYDU VXV yUGHQHV R PHQVDMHV DO HU 9LJLODQWH \ HVSHUDUGHVSXpVFHUFDGHpOODYXHOWDGHOGR'LiFRQR  (O GR 'LiFRQR XELFDGR D OD GHUHFKD GHO HU 9LJ SDUD OOHYDU DO GR 9LJ WRGRVORV PHQVDMHV \ yUGHQHV TXH PDQGH HO 9HQHUDEOH 0DHVWUR\ SDUD YHODUSRU OD HMHFXFLyQGHODVyUGHQHVGDGDV  (O *XDUGD 7HPSORFRORFDGRHQHOLQWHULRUDODHQWUDGDGHO7HPSORWLHQHOD PLVLyQ GH DGPLWLU D ORV 0DVRQHV TXH KDQ VLGR UHWHMDGRV GH UHFLELU D ORV FDQGLGDWRV HQ EXHQDIRUPD\GHREHGHFHUODVyUGHQHVGHOGR9LJ   (O *XDUGLD([WHULRU([SHUWR GHIDFFLyQHQHOH[WHULRUGHODSXHUWDGRQGH DUPDGR GH XQD HVSDGD GHVQXGD GHEH DOHMDU WRGR LQWUXVR R SURIDQR \ YHODU SRUTXH ORV FDQGLGDWRVVHDQFRQYHQLHQWHPHQWHSUHSDUDGRV (O ULWXDO LQJOpV QR SURYHH ORV RILFLRV GH 2UDGRU GH 6HFUHWDULR GH 7HVRUHUR \ GH +RVSLWDODULR SRUTXH VH UHPRQWD D XQD pSRFD HQ TXH VLHWH 0DHVWURV SRGtDQ FRQVWLWXLU GH SURSLDDXWRULGDGXQD/RJLDMXVWD\SHUIHFWDFRQIRUPiQGRVHDODVWUDGLFLRQHV PDVyQLFDV\ VLQVROLFLWDUSRGHUHVHVSHFLDOHVGHXQDDGPLQLVWUDFLyQFHQWUDOQRHVWDEOHFLGDWRGDYtD 8QD /RJLD SHUIHFWDPHQWH UHJXODU SRGtD QDFHU DVt SDUD HIHFWXDU XQD LQLFLDFLyQ \ GLVROYHUVHHQVHJXLGDSDUDVLHPSUH(QHVWDVFRQGLFLRQHVQRWHQtDUD]yQGHVHUHO2UDGRU 6HFUHWDULR7HVRUHUR\+RVSLWDODULR $O RUJDQL]DUVH GHILQLWLYDPHQWH OD 0DVRQHUtD PRGHUQD VH DJUHJDURQ GRV QXHYRV RILFLDOHV DO DQWLJXR 6HSWHQDULR RSHUDWLYR HO 6HFUHWDULR \ HO 7HVRUHUR TXH HQ ODV /RJLDV $QJOR6DMRQDVVHVLHQWDQHQHO2ULHQWHHOSULPHURDODL]TXLHUGD6XU \HOVHJXQGRDOD GHUHFKD1RUWH GHO9HQHUDEOH (O 6HFUHWDULR VH HQFDUJD GH ODV DFWDV GH OD FRUUHVSRQGHQFLD GH UHJLVWUDU ODV FRWL]DFLRQHV\GHOOHYDUXQDPLQXFLRVDFRQWDELOLGDG (O7HVRUHURVHOLPLWDDUHFLELUHOGLQHURUHFRJLGRSRUHOKHUPDQR6HFUHWDULR\KDFHU ORVSDJRVRUGHQDGRVSRUHO9HQHUDEOH\DXWRUL]DGRVSRUOD/RJLD /RVKHUPDQRVTXHQRGHVHPSHxDQQLQJ~QRILFLRWRPDQFRORFDFLyQHQHO1RUWHHQHO 2FFLGHQWH\ HQHO6XU\OR PLVPRTXH ORV2ILFLDOHVGHEHQFRQFXUULUD /RJLD HQ WUDMHGH HWLTXHWDWUDMHQHJUR\JXDQWHVEODQFRVREVHUYDQGRGXUDQWHORVWUDEDMRVODPiVVLOHQFLRVD\ FRUUHFWDDFWLWXG\VLQFRQYHUVDUHQWUHHOORVQLD~QHQYR]EDMD(VWDULJXURVDGLVFLSOLQDGDD ORV 7UDEDMRV GH ULWXDO HQ ORV /RJLDV LQJOHVDV XQD VROHPQLGDG LPSRQHQWH TXH LPSUHVLRQD PX\IDYRUDEOHPHQWH (QWRGD/RJLD$QJOR6DMRQDVHFRORFDVREUHHODOWDUVLWXDGRGHODQWHGHO9HQHUDEOH 0DHVWUR OD %LEOLD  OD ( VFX D GU D  \ HO &RPSi V $GHPiV WUHV JUDQGHV FDQGHODEURV HVWiQ



2VZD OG:LU WK ±( O/LEU RGHO&RPSD x HU R GLVSXHVWRV HQ GHUUHGRU GHO WDSL] REORQJR H[WHQGLGR VREUH HO SLVR TXH UHSUHVHQWD HO SDYLPHQWR PRVDLFR \ FRUUHVSRQGHQ D ORVWUHV SLODUHVTXH VRVWLHQHQ OD /RJLD OD 6D ELGX U tD  2ULHQWH ) X HU ]D 2FFLGHQWH \OD %HOOH]D 0HGLR'tD  (QODV/RJLDVLQJOHVDVODVGRV&ROXPQDV% \- HVWiQUHSUHVHQWDGDVVRODPHQWH HQPLQLDWXUDVREUHHODOWDUGHFDGDXQR GHORVGRV9LJLODQWHV\HQHO PRPHQWRGHDEULUVH ORVWUDEDMRVHOHU9LJLODQWHOHYDQWDVXFROXPQDGHMDQGRHO GR9LJLODQWHODVX\DWHQGLGD SDUDQROHYDQWDUODVLQRFXDQGRVHRUGHQHODVXVSHQVLyQGHORVWUDEDMRV (O HU 9LJLODQWH DEDWH VX FROXPQD FXDQGR HO GR 9LJLODQWH OHYDQWD OD VX\D \ YLFHYHUVD (OWUDEDMRVHHIHFW~DDVtHQ/RJLDEDMRVORVDXVSLFLRVGHOD&ROXPQD- TXHHVGH RUGHQGyULFRDUGRURSHUDQWH \ODUHSDUDFLyQGHODVIXHU]DVVHHIHFW~DEDMRODLQIOXHQFLD GH OD&ROXPQD% TXHHVGHORUGHQMyQLFRSDVLYLGDGUHVSHFWLYD 

(O3UHVWLGLJLWDGRU$UFDQR GHO7DURW(VXQ,QLFLDGRYHQFHGRUGHODV DWUDFFLRQHVHOHPHQWDOHVKD OOHJDGRD VHU PDHVWURGHVLPLVPRQDFLGR OLEUH  \ HQ OR VXFHVLYR SRGUi DGTXLULU ORV FRQRFLPLHQWRV LQLFLiWLFRV *QRVLV TXHORJXLDUiQHQHOHMHUFLFLRGHOSRGHUPiJLFR



2VZDOG:LUWK±(O/LEURGHO&RPSDxHUR

/D 3DSLVD $UFDQR  GHO 7DURW /D *UDQ 6DFHUGRWLVD GH ,VLV HV OD UHYHODGRUD GH ORV PLVWHULRV 3HUVRQLILFD OD *QRVLV R VHD OD FLHQFLD VHFUHWDGHORVLQLFLDGRV