/DV3DVWLOODV$QWLiFLGR(VWiQ9LQFXODGDVD(QIHUPHGDGHV5HQDOHV

/ODPD*UDWLVHQ(VWDGRV8QLGRV_1XPHUR,QWHUQDFLRQDO

/DV3DVWLOODV3DUDOD$FLGH](VWiQ9LQFXODGDVD
(QIHUPHGDGHV5HQDOHV

)HEUHUR _ YLVWDV
_  $YDLODEOHLQ(QJOLVK

+LVWRULDHQ%UHYH
6HKDYLQFXODGRDORVPHGLFDPHQWRV
LQKLELGRUHVGHODERPEDGHSURWRQHV33,VSRU
VXVVLJODVHQLQJOpVFRQXQLQFUHPHQWRHQHO
ULHVJRGHWHQHUXQDHQIHUPHGDGFUyQLFDUHQDO

3RUHO'U0HUFROD
/RVPHGLFDPHQWRVDQWLiFLGRVFRQRFLGRVFRPRLQKLELGRUHVGHODERPEDGHSURWRQHV33,VVH
HQFXHQWUDQHQWUHORVPHGLFDPHQWRVXVXDOPHQWHPiVXWLOL]DGRVHQHOPXQGR$OUHGHGRUGHPLOORQHV
GHSHUVRQDVHQORV(VWDGRV8QLGRVXWLOL]DQPHGLFDPHQWRV33,\DVHDHQIRUPDGHSUHVFULSFLyQR
YHQWDOLEUH/DVPDUFDVLQFOX\HQD3ULVROHF3UHYDFLG\1H[LXP

3UHYLDPHQWHORVPHGLFDPHQWRV33,KDQHVWDGR
YLQFXODGRVDXQWUDVWRUQRUHQDOOODPDGRQHIULWLV
LQWHUVWLFLDODJXGD
(VWRVPHGLFDPHQWRVDQWLiFLGRVWDPELpQ
SXHGHQLQFUHPHQWDUHOULHVJRGHWHQHU
IUDFWXUDVLQIHFFLRQHVVHULDVDWDTXHVFDUGLDFRV
\GHILFLHQFLDHQORVQXWULHQWHV

/RVPHGLFDPHQWRVKDQVLGRRIUHFLGRVH[WHQVDPHQWHFRPRXQDIRUPDVHJXUDGHDOLYLRSDUDODDFLGH]
LQGLJHVWLyQ\HOUHIOXMRiFLGR$FW~DQLQKLELHQGRODSURGXFFLyQGHiFLGRHQVXHVWyPDJRHOFXDOD\XGD
DDOLYLDUORVVtQWRPDVSHURWDPELpQSDUHFHQWHQHUXQVLQQ~PHURGHFRQVHFXHQFLDVLPSUHYLVWDV
LQFOX\HQGRHQVXVULxRQHV
3UHYLDPHQWHORVPHGLFDPHQWRV33,KDQHVWDGRYLQFXODGRVDXQWUDVWRUQRUHQDOOODPDGRQHIULWLV
LQWHUVWLFLDODJXGD$KRUDORVLQYHVWLJDGRUHVORVKDQYLQFXODGRFRQHOULHVJRGHWHQHUXQDHQIHUPHGDG
FUyQLFDUHQDOLQPHGLDWDPHQWHORVH[SHUWRVSLGLHURQWHQHUPiVSUHFDXFLRQHVDOXWLOL]DUORV

/RV0HGLFDPHQWRV$QWLiFLGRV3XHGHQ,QFUHPHQWDUHO5LHVJRGH
7HQHUXQD(QIHUPHGDG5HQDO
,QYHVWLJDGRUHVGH-RKQV+RSNLQV%ORRPEHUJ6FKRRORI+HDOWKDQDOL]DURQGRVEDVHVGHGDWRVTXH
UHSUHVHQWDQDPiVGHSHUVRQDV
(QODSULPHUDEDVHHOULHVJRDEVROXWRGHGHVDUUROODUXQDHQIHUPHGDGFUyQLFDUHQDOHQDxRVIXHGH

0DV3RSXODU

,QYHVWLJDFLyQ5HYHOD4XHHO3ULPHU0Dt]
7UDQVJpQLFR&RPHUFLDOL]DGR(UD7y[LFR
SDUDORV$QLPDOHVGH*UDQMD

/RV,QFUHtEOHV%HQHILFLRVGHO&KRFRODWH
1HJURHQOD6DOXG

/D7HRUtD0HWDEyOLFDGHO&iQFHU\OD
&ODYHSDUDOD3UHYHQFLyQ\
5HFXSHUDFLyQ

KWWSDUWLFXORVPHUFRODFRPVLWLRVDUWLFXORVDUFKLYRSDVWLOODVDQWLDFLGDVULHVJRGHHQIHPHGDGHVUHQDOHVDVS["HBFLG B(63$1/BDUWB XWPBVRXUFH HVSDQO XWPBPHGLXP HPDLO XWPBFRQWHQW DUW XWPBFD





/DV3DVWLOODV$QWLiFLGR(VWiQ9LQFXODGDVD(QIHUPHGDGHV5HQDOHV

HQWUHDTXHOORVTXHWRPDQPHGLFDPHQWRV33,FRPSDUDGRFRQHOHQDTXHOORVTXHQR
WRPDQHVWRVPHGLFDPHQWRV

3DUDOD6DOXG\HO3HVRSWLPRV
&RQVXPD$OLPHQWRV5HDOHV

(OVHJXQGRDQiOLVLVHQFRQWUyTXHHOULHVJRDEVROXWRGHWHQHUXQDHQIHUPHGDGFUyQLFDUHQDOHQ
DTXHOORVTXHWRPDQPHGLFDPHQWRV33,IXHGHFRPSDUDGRFRQHQDTXHOORVTXHQRVRQ
XVXDULRV

3RU4XpHO(MHUFLFLR\ODV(QGRUILQDVOR
+DFHQ)HOL]

(OHVWXGLRGHMyDOJXQDVSUHJXQWDVVLQVROXFLyQFRPRTXpWDQWRWLHPSRKDQHVWDGRWRPDQGRORV
PHGLFDPHQWRV33,DTXHOORVTXHGHVDUUROODURQXQDHQIHUPHGDGUHQDO"$VLPLVPRVHGHVFRQRFHFyPR
SXHGHQHVWRVPHGLFDPHQWRVHVWDUGDxDQGRDORVULxRQHV
7DPELpQPXFKDVGHODVSHUVRQDVTXHWRPDQPHGLFDPHQWRV33,WLHQHQRWURVIDFWRUHVGHULHVJRSDUD
WHQHUHQIHUPHGDGHVUHQDOHVLQFOX\HQGRTXHHVPiVSUREDEOHTXHXWLOLFHQPHGLFDPHQWRVSDUD
SUHVLyQDUWHULDOODSUHVLyQDUWHULDODOWDHVWiYLQFXODGDDXQLQFUHPHQWRHQHOULHVJRGHWHQHUXQD
HQIHUPHGDGUHQDO
6LQHPEDUJRLQFOXVRDXQTXHHODQiOLVLVQRSXGRSUREDUTXHORVPHGLFDPHQWRV33,HUDQGLUHFWDPHQWH
UHVSRQVDEOHVSRUHOLQFUHPHQWRHQHOULHVJRGHWHQHUXQDHQIHUPHGDGUHQDOHOUHVXOWDGRMXVWLILFDHO
WHQHUSUHFDXFLRQHVHQHOXVRGHHVWRVPHGLFDPHQWRVHVSHFLDOPHQWHGDGDVXIUHFXHQFLD

/H3XHGH,QWHUHVDU
5HPHGLRV1DWXUDOHVSDUD7UDWDUHO5HIOXMR
FLGR\ODV8OFHUDV
&LHUWRV0HGLFDPHQWRV3DUDOD$FLGH]
(VWRPDFDO3RGUtDQ$XPHQWDU6X5LHVJRGH
$WDTXH&DUGLDFR
3UREOHPDV'LJHVWLYRV"(VWH7LSRGH
$OLPHQWR3RGUtDVHUHO&XOSDEOH

$GDP6FKRHQIHOGXQUHVLGHQWHGHPHGLFLQDLQWHUQDHQ8QLYHUVLW\RI&DOLIRUQLD6DQ)UDQFLVFRGLMRHQXQDHGLWRULDODGMXQWDTXHFDGDYH]PiVHYLGHQFLD
GHPXHVWUDTXHORVPHGLFDPHQWRV33,HVWiQDVRFLDGRVFRQXQQ~PHURGHHIHFWRVDGYHUVRV\TXHVRQH[FHVLYDPHQWHSUHVFULWRV &RQWLQXyHQ135FRQ
3LHQVRTXHHVXQSUREOHPDEDVWDQWHJUDQGH$OSULQFLSLRFXDQGRDSDUHFLHURQQRHVWDEDQYLQFXODGRVFRQHIHFWRVVHFXQGDULRVRQRSHQVDPRVTXHOR
HVWDEDQ3RUORTXHGHMDPRVTXH>ODVSHUVRQDV@SHQVDUDQDFHUFDGHHVWRVPHGLFDPHQWRVTXH6RQXQDVROXFLyQUiSLGD\PX\VHJXURV3HURHQ
UHDOLGDGHVWiQDVRFLDGRVDXQDVHULHGHHIHFWRVVHFXQGDULRV

/RV0HGLFDPHQWRV,QKLELGRUHVGHOD%RPEDGH3URWRQHV(VWiQ9LQFXODGRVD5LHVJRV&DUGtDFRV
6LWRPDPHGLFDPHQWRV33,GHEHVDEHUTXHQRVRODPHQWHSXHGHQHVWDUHQULHVJRVXVULxRQHVVLQRWDPELpQVXFRUD]yQSRGUtDUHVHQWLUOR
'HVSXpVGHUHYLVDUORVH[SHGLHQWHPpGLFRVGHFHUFDGHPLOORQHVGHSHUVRQDVLQYHVWLJDGRUHVGHOD8QLYHUVLGDG6WDQIRUGHQ&DOLIRUQLDHQFRQWUDURQTXHODV
SHUVRQDVFRQHQIHUPHGDGGHUHIOXMRJDVWURHVRIiJLFR*(5'TXLHQHVWRPDEDQPHGLFDPHQWRV33,WHQtDQXQULHVJRGHGHWHQHUXQDWDTXHFDUGLDFR
$GHPiVVHREVHUYyXQLQFUHPHQWRGHOGREOHHQHOULHVJRGHPRUWDOLGDGFDUGLRYDVFXODUHQORVXVXDULRVGHPHGLFDPHQWRV33, 7DOHVULHVJRVSDUHFHQOyJLFRV
FXDQGRFRQVLGHUDTXHORVPHGLFDPHQWRV33,VRQFRQRFLGRVSRUUHGXFLUHOy[LGRQtWULFR12SRUVXVVLJODVHQLQJOpVHQODVSDUHGHVGHVXVYDVRVVDQJXtQHRV
(Oy[LGRQtWULFRWLHQHHOHIHFWRGHUHODMDUORVYDVRVVDQJXtQHRVSRUORTXHDOUHGXFLUODFDQWLGDGGH12HQODVSDUHGHVGHVXVYDVRVVDQJXtQHRVORV
PHGLFDPHQWRV33,SXHGHQLQFUHPHQWDUHOULHVJRGHWHQHUXQDWDTXHFDUGtDFR

/RV0HGLFDPHQWRV,QKLELGRUHVGHOD%RPEDGH3URWRQHV3XHGHQ,QFUHPHQWDUHO5LHVJRGH)UDFWXUDV
KWWSDUWLFXORVPHUFRODFRPVLWLRVDUWLFXORVDUFKLYRSDVWLOODVDQWLDFLGDVULHVJRGHHQIHPHGDGHVUHQDOHVDVS["HBFLG B(63$1/BDUWB XWPBVRXUFH HVSDQO XWPBPHGLXP HPDLO XWPBFRQWHQW DUW XWPBFD





/DV3DVWLOODV$QWLiFLGR(VWiQ9LQFXODGDVD(QIHUPHGDGHV5HQDOHV

(QHOOD$GPLQLVWUDFLyQGH$OLPHQWRV\0HGLFDPHQWRVGHORV(VWDGRV8QLGRV)'$SRUVXVVLJODVHQLQJOpVGLVSXVLHURQTXHVHDJUHJDUDDODVHWLTXHWDV

XQDQXHYDDOHUWDDFHUFDGHOULHVJRGHIUDFWXUDHQODVSUHVFULSFLRQHVGHPHGLFDPHQWRV33,\HQORV33,GHYHQWDOLEUH
/RVDYLVRVGHVHJXULGDGVHEDVDURQHQODUHYLVLyQGHYDULRVHVWXGLRVHSLGHPLROyJLFRVORVFXDOHVHQFRQWUDURQTXHORVPHGLFDPHQWRVHVWDEDQYLQFXODGRVDXQ
LQFUHPHQWRHQHOULHVJRGHIUDFWXUDVHQODFDGHUDPXxHFDV\FROXPQDYHUWHEUDO
(OPD\RUULHVJRHQHOLQFUHPHQWRGHXQULHVJRGHIUDFWXUDVHHQFRQWUyHQODVSHUVRQDVTXHKDEtDQWRPDGRDOWDVGRVLVGHHVWRVPHGLFDPHQWRVGLVSRQLEOHVVROR
HQIRUPDGHSUHVFULSFLyQRKDEtDQWHQLGRSUHVFULSFLyQGHPHGLFDPHQWRVDOPHQRVSRUXQDxR
'HELGRDHVWRHQHOOD)'$YROYLyDKDFHUXQOODPDGRGHDOHUWDGHVHJXULGDGHQORVPHGLFDPHQWRV33,GHYHQWDOLEUHHVWDEOHFLHQGRTXHDOPRPHQWRQRVH
LQGLFDEDXQDYLVRGHIUDFWXUDXRVWHRSRURVLVHQODLQIRUPDFLyQQXWULPHQWDOGHODVHWLTXHWDVGHORVPHGLFDPHQWRVLQKLELGRUHVGHERPEDGHSURWRQHV33,VGH
YHQWDOLEUH27&
6XUD]RQDPLHQWRIXHTXHORVPHGLFDPHQWRV33,GHYHQWDOLEUHVRQFRPHUFLDOL]DGRVHQGRVLVEDMDV\VRORHVWiQGHVWLQDGRVSDUDXQSHUtRGRGHWUDWDPLHQWRGH
GtDVKDVWDYHFHVSRUDxR<DTXHORVPHGLFDPHQWRVDQWLiFLGRGHYHQWDOLEUHVHVXSRQHTXHVRORGHEHQXWLOL]DUVHSRUSHUtRGRVGHWUDWDPLHQWRFRUWRVHOORV
FUHtDQTXHHOULHVJRGHIUDFWXUDVHUDEDMR
6LQHPEDUJRHQUHDOLGDGPXFKDVSHUVRQDVXWLOL]DURQPHGLFDPHQWRDQWLiFLGRGHYHQWDOLEUHSRUPXFKRWLHPSRPiVDOOiGHGRVVHPDQDVDODYH]\SRUORWDQWR
SRGUtDQKDEHUHVWDGRH[SXHVWRVDHOORVSRUXQODUJRSHUtRGR7DPELpQHVSRVLEOHTXHDOJXQDVSHUVRQDVWRPHQPiVDOWDVGRVLVGHODVTXHHVWiQUHFRPHQGDGDV
,QFOXVROD)'$UHFRQRFHHVWRHVWDEOHFLHQGRTXH
>&@RQVXPLGRUHV\DVHDSRUVtPLVPRVREDVDGRVHQXQDUHFRPHQGDFLyQGHXQSURIHVLRQDOGHOFXLGDGRHQODVDOXGSXHGHQWRPDUHVWRVSURGXFWRVSRU
SHUtRGRVGHWLHPSRTXHH[FHGHQODVLQGLFDFLRQHVGHODVHWLTXHWDVGHORVGHYHQWDOLEUH
'HVDIRUWXQDGDPHQWHHQYH]GHGHMDUTXHORVFRQVXPLGRUHVVHSDQDFHUFDGHORVULHVJRVGHIUDFWXUDVDVtHOORVSRGUtDQKDFHUXQDGHFLVLyQLQIRUPDGDDFHUFDGHO
XVRGHHVWRVPHGLFDPHQWRVOD)'$OHVLQIRUPyDORVSURIHVLRQDOHVGHOFXLGDGRHQODVDOXGVREUHORVULHVJRVHQIUDFWXUDVSDUDORVSDFLHQWHVTXHWRPDQ
PHGLFDPHQWRV33,GHYHQWDOLEUHHQDOWDVGRVLVRSRUSHUtRGRVGHWLHPSRSURORQJDGR
6LQRKD\FRPXQLFDFLyQHQWUHODVGRVSDUWHVHOFRQVXPLGRUHVWDUiHQULHVJR

/RV0HGLFDPHQWRV,QKLELGRUHVGHOD%RPEDGH3URWRQHV3XHGHQ4XLWDUOHD6X&XHUSR1XWULHQWHV
,PSRUWDQWHVH,QFUHPHQWDUHO5LHVJRGH,QIHFFLRQHV6HULDV
6LVXIUHGHUHIOXMRJiVWULFRVXSULPLUHOiFLGRHVWRPDFDOSXHGHSDUHFHUXQDPX\EXHQDLGHD6LQHPEDUJRWHQJDHQFXHQWDGHTXHKDFHUORWUDHULHVJRV
VLJQLILFDWLYRV3RUHMHPSORHOiFLGRHVWRPDFDOHVLPSRUWDQWHSDUDTXHHOFXHUSRDEVRUEDYLWDPLQD%
(OiFLGRVHSDUDODYLWDPLQD%GHODSURWHtQDDODTXHHVWiXQLGDTXHHVYLWDOSDUDVHUDEVRUELGDSRUVXFXHUSR/DVSHUVRQDVTXHWRPDQPHGLFDPHQWRV33,SRU
PiVGHGRVDxRVWLHQHQXQLQFUHPHQWRGHOHQHOULHVJRGHXQDGHILFLHQFLDGHYLWDPLQD% (VWRDVXYH]SXHGHFRQGXFLUDXQQ~PHURGHHQIHUPHGDGHV
SUREOHPiWLFDVLQFOX\HQGR
$QHPLD
'DxRQHXUROyJLFR
KWWSDUWLFXORVPHUFRODFRPVLWLRVDUWLFXORVDUFKLYRSDVWLOODVDQWLDFLGDVULHVJRGHHQIHPHGDGHVUHQDOHVDVS["HBFLG B(63$1/BDUWB XWPBVRXUFH HVSDQO XWPBPHGLXP HPDLO XWPBFRQWHQW DUW XWPBFD





/DV3DVWLOODV$QWLiFLGR(VWiQ9LQFXODGDVD(QIHUPHGDGHV5HQDOHV

3UREOHPDV3VLTXLiWULFRV
'HPHQFLD
6XVQLYHOHVGHPDJQHVLRWDPELpQHVWiQHQULHVJR(QHOOD)'$DGYLUWLyTXHORVPHGLFDPHQWRV33,SRGUtDQFDXVDUEDMRVQLYHOHVGHPDJQHVLRVLVH
WRPDEDQSRUPiVGHXQDxR,QFOXVRHOWRPDUVXSOHPHQWRVGHPDJQHVLRQRHUDVXILFLHQWHSDUDLQFUHPHQWDUDGHFXDGDPHQWHORVQLYHOHVHQDOUHGHGRUGHXQ
FXDUWRGHODVSHUVRQDVTXHWRPDQPHGLFDPHQWRV33,
/DVVHxDOHVWHPSUDQDVGHGHILFLHQFLDHQPDJQHVLRLQFOX\HQSpUGLGDGHODSHWLWRGRORUGHFDEH]DQiXVHDVIDWLJD\GHELOLGDG8QDFRQWLQXDGHILFLHQFLDGH
PDJQHVLRSXHGHFRQGXFLUDFDODPEUHVHQORVP~VFXORVFRQYXOVLRQHVULWPRFDUGtDFRDQRUPDOFDPELRVHQODSHUVRQDOLGDG\PiV
$GHPiVORVPHGLFDPHQWRV33,SXHGHQLQFUHPHQWDUHQXQHOULHVJRGHGLDUUHDDVRFLDGDD&ORVWULGLXPGLIILFLOHXQDLQIHFFLyQSRWHQFLDOPHQWHPRUWDO (O
ULHVJRGHQHXPRQtDDGTXLULGDHQXQKRVSLWDOWDPELpQSXHGHLQFUHPHQWDUVHFRQHOXVRGH33,XQDFRQVLGHUDFLyQLPSRUWDQWHSXHVWRTXHXVXDOPHQWHORV
PHGLFDPHQWRV33,VHOHVSURSRUFLRQDQDORVSDFLHQWHVGHKRVSLWDO
8QHVWXGLRTXHXWLOL]DXQPRGHORGHPLFURVLPXODFLyQHQFRQWUyTXHHVWDSUiFWLFDQHFHVLWDDQDOL]DUVHVHULDPHQWHSRUTXHLQLFLDUVHGHQXHYRODWHUDSLDGH33,
FRQGXFHDXQLQFUHPHQWRGHODPRUWDOLGDGHQORVKRVSLWDOHVHQDOUHGHGRUGHOGHORVSDFLHQWHV
(OUHGXFLUHOiFLGRHVWRPDFDOWDPELpQGLVPLQX\HVXSULQFLSDOPHFDQLVPRGHGHIHQVDVHQFRQWUDGHORVSDWyJHQRVTXHSURYLHQHQGHORVDOLPHQWRVGHHVHPRGR
LQFUHPHQWDSRVLEOHPHQWHHOULHVJRGHLQWR[LFDFLyQDOLPHQWLFLD

/RV0HGLFDPHQWRV$QWLiFLGRV7UDWDQORV6tQWRPDV1ROD&DXVD
(QODPD\RUtDGHORVFDVRVHOUHIOXMRiFLGRQRHVFRQVHFXHQFLDGHWHQHUGHPDVLDGRiFLGRHQVXHVWyPDJRPiVELHQHVXQDHQIHUPHGDGXVXDOPHQWHPiV
UHODFLRQDGDFRQODKHUQLDKLDWDOXQDHQIHUPHGDGHQODFXDOHOiFLGRSURYLHQHGHVXHVWyPDJRTXHHVDGyQGHSHUWHQHFH'HVSXpVGHTXHHODOLPHQWRSDVDD
WUDYpVGHVXHVyIDJRKDFLDVXHVWyPDJRVHFLHUUDXQDYiOYXODPXVFXODUOODPDGDHVItQWHUHVRIiJLFRLQIHULRU/(6SRUVXVVLJODVHQLQJOpVSUHYLQLHQGRTXHOD
FRPLGDRHOiFLGRVXEDQ
(OUHIOXMRJDVWURHVRIiJLFRRFXUUHFXDQGR/(6VHUHODMDLQDSURSLDGDPHQWHSHUPLWLHQGRTXHHOiFLGRHVWRPDFDOIOX\DUHIOXMRGHUHJUHVRKDFLDVXHVyIDJR
$SULQFLSLRVGHORVDxRVHO'U%DUU\0DUVKDOOXQItVLFR$XVWUDOLDQRGHVFXEULyTXHXQRUJDQLVPROODPDGR+HOLFREDFWHUS\ORULLQLFLDOPHQWHOODPDGR
FDPS\OREDFWHUFDXVDEDXQDLQIODPDFLyQFUyQLFDGHEDMRQLYHOHQHOUHFXEULPLHQWRGHVXHVWyPDJRODFXDOHVHQJUDQPHGLGDUHVSRQVDEOHGHSURGXFLUPXFKRV
GHORVVtQWRPDVGHUHIOXMRiFLGR
8QDGHODVH[SOLFDFLRQHVGHOSRUTXpHOVXSULPLUHOiFLGRHVWRPDFDOHVWDQLQHILFD]\H[LVWHQPiVGHDUWtFXORVHQODOLWHUDWXUDPpGLFDTXHDYDODQHVWRHV
TXHFXDQGRGLVPLQX\HODFDQWLGDGGHiFLGRHQVXHVWyPDJRVXSULPHODKDELOLGDGGHVXFXHUSRGHGHVWUXLUODEDFWHULDKHOLREDFWHU
3RUORTXHDOVXSULPLUODSURGXFFLyQGHiFLGRHVWRPDFDOWLHQGHVRORDHPSHRUDU\SHUSHWXDUHVWDHQIHUPHGDG6LHVWiWRPDQGRXQRVPHGLFDPHQWRV33,SDUD
WUDWDUVXDFLGH]HQWLHQGHTXHVRORHVWiWUDWDQGRXQVtQWRPDGHQLQJXQDPDQHUDHVWiDWHQGLHQGRODFDXVDVXE\DFHQWH<DOKDFHUORVHHVWiH[SRQLHQGRDVt
PLVPRDRWURVSUREOHPDVGHVDOXGSRVLEOHPHQWHPiVSHOLJURVRVSRUFRUWHVtDGHVXSURSLRPHGLFDPHQWR
'LFKRORDQWHULRUQRLQWHQWHGHMDUGHWRPDUVXVPHGLFDPHQWRV33,GHMDOyQSRUTXHHVWROHSXHGHFDXVDUXQDUHFDtGD\DXQVHYHURGRORU3DUDPLQLPL]DUHO
ULHVJRSXHGHGLVPLQXLUJUDGXDOPHQWHODGRVLVTXHHVWiWRPDQGR\XQDYH]TXHEDMHKDVWDODGRVLVPtQLPDGH33,SXHGHHPSH]DUDVXVWLWXLUORFRQ
EORTXHDGRUHV+GHYHQWDOLEUHFRPR7DJDPHW&LPHWLGLQD=DQWDFR5DQLWLGLQD
KWWSDUWLFXORVPHUFRODFRPVLWLRVDUWLFXORVDUFKLYRSDVWLOODVDQWLDFLGDVULHVJRGHHQIHPHGDGHVUHQDOHVDVS["HBFLG B(63$1/BDUWB XWPBVRXUFH HVSDQO XWPBPHGLXP HPDLO XWPBFRQWHQW DUW XWPBFD





/DV3DVWLOODV$QWLiFLGR(VWiQ9LQFXODGDVD(QIHUPHGDGHV5HQDOHV

(QWRQFHVJUDGXDOPHQWHLQWHQWHGHVKDFHUVHGHOEORTXHDGRU+HQHOWUDQVFXUVRGHODVVLJXLHQWHVVHPDQDV0LHQWUDVGHMDGHWRPDUHVWRVPHGLFDPHQWRV
HPSLHFHLPSOHPHQWDQGRFDPELRVHQVXHVWLORGHYLGDFRPHQWDGRVPiVDGHODQWHSDUDD\XGDUDHOLPLQDUODDFLGH]GHXQDYH]SRUWRGDV

/D$FLGH]3XHGH6HU'HELGRD'HPDVLDGRFLGR(VWRPDFDO
6LWLHQHSUREOHPDVGHDFLGH]HVWDSXHGHVHUFDXVDGDSRUTXHWLHQHGHPDVLDGRiFLGRHVWRPDFDO8QDHVWUDWHJLDVHQFLOODSDUDWUDWDUHVWDGHILFLHQFLDHV
UHHPSOD]DUODVDOGHPHVDSURFHVDGDSRUXQDYHUVLyQQRSURFHVDGDFRPRODVDOGHO+LPDOD\D$OFRQVXPLUVXILFLHQWHPDWHULDSULPDHVWLPXODUiDVXFXHUSRD
HODERUDUQDWXUDOPHQWHVXILFLHQWHFDQWLGDGGHiFLGRFORUKtGULFRiFLGRHVWRPDFDO
/DFKXFUXWRMXJRGHFROWDPELpQVHHQFXHQWUDQHQWUHORVHVWLPXODQWHVPiVIXHUWHVSDUDTXHVXFXHUSRSURGX]FDiFLGRHVWRPDFDO2WUREHQHILFLRHVTXHSXHGH
SURYHHUOHFRQEDFWHULDVYDOLRVDVSDUDD\XGDUOHDHTXLOLEUDU\QXWULUVXLQWHVWLQR
(OFRQVXPLUDOJXQDVFXFKDUDGLWDVGHMXJRGHFRODQWHVGHFRPHURPHMRUD~QHOMXJRGHFROIHUPHQWDGRGHOFKXFUXWKDUiPDUDYLOODVSDUDPHMRUDUVXGLJHVWLyQ
(OMXJRGHFROIUHVFR\QDWXUDOWDPELpQSXHGHVHUGHPXFKDXWLOLGDGSDUDFXUDUXOFHUDVUHVLVWHQWHV
2WUDRSFLyQHVHOWRPDUXQVXSOHPHQWRGHKLGURFORUXURGHEHWDtQDHOFXDOVHHQFXHQWUDGLVSRQLEOHVLQSUHVFULSFLyQHQODVWLHQGDVGHDOLPHQWRVVDOXGDEOHV7RPH
WRGDODFDQWLGDGTXHQHFHVLWHSDUDWHQHUODPHQRUVHQVDFLyQGHGRORU\GHVSXpVGLVPLQXLUiDXQDSDVWLOOD(VWROHD\XGDUiDVXFXHUSRDGLJHULUGHPHMRUPDQHUD
VXVDOLPHQWRV\DGHPiVOHD\XGDUiDGHVWUXLUDODKHOLFREDFWHU\QRUPDOL]DUVXFXDGURFOtQLFR
$KRUDDXQTXHODKHUQLDKLDWDO\ODLQIHFFLyQSRU+HOLFREDFWHUS\ORULQRHVWiQUHODFLRQDGDVPXFKDVSHUVRQDVTXHWLHQHQKHUQLDVKLDWDOHVDGHPiVWLHQHQ
+HOLREDFWHUS\ORUL\VtQWRPDVDVRFLDGRV 6LWLHQHXQDKHUQLDKLDWDOWDPELpQODWHUDSLDItVLFDSXHGHIXQFLRQDUHQHOiUHD\PXFKRVGHORVTXLURSUiFWLFRVVRQ
KiELOHVHQKDFHUHVWHFDPELR

7UDWDPLHQWR1DWXUDOSDUDOD$FLGH]
)LQDOPHQWHODUHVSXHVWDDODDFLGH]\ODLQGLJHVWLyQiFLGDHVHOUHVWDXUDUODIXQFLyQ\HOHTXLOLEULRQDWXUDOJiVWULFR\SDUDKDFHUHVWRQHFHVLWDWUDWDUVXVDOXG
LQWHVWLQDO(OSDVRPiVLPSRUWDQWHHVHOHOLPLQDUORVDOLPHQWRVSURFHVDGRV\D]~FDUHV\DTXHHOORVVRQXQDIRUPDVHJXUDGHDJUDYDUHOUHIOXMRiFLGR
$VLPLVPRDOWHUDQVXPLFURELRPDLQWHVWLQDO\HVWLPXODQHOFUHFLPLHQWRGHPLFURELRVSDWyJHQRV3RUORTXHDVHJ~UHVHGHFRPHUPXFKRVYHJHWDOHVIUHVFRV\RWURV
DOLPHQWRVRUJiQLFRVQRSURFHVDGRV/DVDOHUJLDVDOLPHQWLFLDVWDPELpQSXHGHQVHUXQIDFWRUTXHFRQWULEX\DDOUHIOXMRiFLGRSRUORTXHGHEHHOLPLQDUSURGXFWRV
FRPRODFDIHtQDDOFRKRO\QLFRWLQD
$VLPLVPRHVLPSRUWDQWHHOYROYHUDVHPEUDUVXLQWHVWLQRFRQEDFWHULDVEHQpILFDV\DVHDSRUPHGLRGHDOLPHQWRVWUDGLFLRQDOPHQWHIHUPHQWDGRVRVXSOHPHQWRV
SURELyWLFRVGHDOWDFDOLGDGSRUTXHHVWRQRVRORD\XGDUiDHTXLOLEUDUVXIORUDLQWHVWLQDOWDPELpQD\XGDUiDHOLPLQDUQDWXUDOPHQWHODEDFWHULDKHOLFREDFWHU/RV
SURELyWLFRV\DOLPHQWRVIHUPHQWDGRVHVSHFLDOPHQWHORVYHJHWDOHVIHUPHQWDGRVDGHPiVSURPXHYHQODVGLJHVWLyQDGHFXDGD\ODDVLPLODFLyQGHVXVDOLPHQWRV
2WUDVHVWUDWHJLDV~WLOHVSDUDPDQWHQHUEDMRFRQWURODODDFLGH]LQFOX\HQODVVLJXLHQWHVUHFRPHQGDFLRQHV

9LQDJUHGHPDQ]DQDQDWXUDOVLQILOWUDU

3XHGHD\XGDUDPHMRUDUHOFRQWHQLGRGHiFLGRHQVXHVWyPDJRDOWRPDUXQ
YDVRJUDQGHFRQDJXDFRQXQDFXFKDUDGLWDGHYLQDJUHGHPDQ]DQDVLQILOWUDU
\QDWXUDO

KWWSDUWLFXORVPHUFRODFRPVLWLRVDUWLFXORVDUFKLYRSDVWLOODVDQWLDFLGDVULHVJRGHHQIHPHGDGHVUHQDOHVDVS["HBFLG B(63$1/BDUWB XWPBVRXUFH HVSDQO XWPBPHGLXP HPDLO XWPBFRQWHQW DUW XWPBFD





/DV3DVWLOODV$QWLiFLGR(VWiQ9LQFXODGDVD(QIHUPHGDGHV5HQDOHV

%LFDUERQDWR

0HGLDDXQDFXFKDUDGLWDGHELFDUERQDWRELFDUERQDWRGHVRGLRHQXQYDVR

FRQRFKRRQ]DVGHDJXDSXHGHDOLYLDUHODUGRUSRUUHIOXMRiFLGRSRUTXH
D\XGDDQHXWUDOL]DUHOiFLGRHVWRPDFDO1RUHFRPHQGDUtDHVWRFRPRXQD
VROXFLyQUHJXODUSHURGHVHJXURSXHGHD\XGDUHQXQDHPHUJHQFLDFXDQGR
WHQJDXQGRORULQVRSRUWDEOH

-XJRGHDORHViELOD

(OMXJRGHODSODQWDGHDORHD\XGDDUHGXFLUQDWXUDOPHQWHODLQIODPDFLyQTXH
SXHGHDOLYLDUORVVtQWRPDVGHUHIOXMRiFLGR%HEDDOUHGHGRUGHPHGLDWD]DGH
MXJRGHDORHYHUDDQWHVGHORVDOLPHQWRV6LGHVHDHYLWDUVXHIHFWROD[DQWH
EXVTXHXQDPDUFDTXHKD\DHOLPLQDGRHOFRPSRQHQWHOD[DQWH

5Dt]GHMHQJLEUH

6HKDHQFRQWUDGRTXHHOMHQJLEUHWLHQHXQHIHFWRJDVWURSURWHFWRUDOEORTXHDU
HOiFLGR\VXSULPLUDODKHOLFREDFWHUS\ORUL$GHPiVGHDFXHUGRDXQHVWXGLR
GHOHVPX\VXSHULRUDOODQVRSUD]ROHQSUHYHQLUODIRUPDFLyQGH~OFHUDV
H[KLELHQGRXQDHILFDFLDGHVHLVDRFKRYHFHVPiVTXHHOPHGLFDPHQWR 

7DOYH]WRGRHVWRQRHVWDQVRUSUHQGHQWHFRQVLGHUDQGRHOKHFKRGHTXHOD
UDt]GHMHQJLEUHKDVLGRWUDGLFLRQDOPHQWHXWLOL]DGDGHVGHWLHPSRVDQWLJXRV
FRQWUDORVWUDVWRUQRVJiVWULFRV$JUHJXHGRVRWUHVUHEDQDGDVGHUDt]GH
MHQJLEUHIUHVFDDGRVWD]DVGHDJXDFDOLHQWH'HMHHQLQIXVLyQDOUHGHGRUGH
PHGLDKRUDDXQDKRUD%HEDDOUHGHGRUGHPLQXWRVRPiVRPHQRVHVH
WLHPSRDQWHVGHVXDOLPHQWR

9LWDPLQD'

/DYLWDPLQD'HVLPSRUWDQWHSDUDWUDWDUFXDOTXLHUFRPSRQHQWHLQIHFFLRVR
8QDYH]TXHVXVQLYHOHVGHYLWDPLQD'HVWpQRSWLPL]DGRVWDPELpQ
RSWLPL]DUiODSURGXFFLyQGHDOUHGHGRUGHSpSWLGRVDQWLPLFURELDQRVTXH
D\XGDQDVXFXHUSRDHUUDGLFDUFXDOTXLHULQIHFFLyQTXHQRGHEDHVWDUDOOt

&RPR\DORKHFRPHQWDGRDQWHVHQPXFKRVDUWtFXORVSUHYLRVSXHGH
LQFUHPHQWDUVXVQLYHOHVGHYLWDPLQD'DWUDYpVGHODH[SRVLFLyQVHQVLEOHD
ORVUD\RVGHOVRORDWUDYpVGHOXVRGHXQDFDPDGHEURQFHDGR6LQLQJXQD
GHODVGRVHVWiGLVSRQLEOHSXHGHWRPDUXQVXSOHPHQWRRUDOGHYLWDPLQD'
VRORUHFXHUGHLQFUHPHQWDUWDPELpQVXFRQVXPRGHYLWDPLQD.

$VWD[DQWLQD

6HHQFRQWUyTXHHVWHDQWLR[LGDQWHH[FHSFLRQDOPHQWHSRWHQWHUHGXFHORV
VtQWRPDVGHUHIOXMRiFLGRHQORVSDFLHQWHVFRPSDUDGRFRQXQSODFHER
SDUWLFXODUPHQWHHQDTXHOORVFRQXQDSURQXQFLDGDLQIHFFLyQSRU+HOLFREDFWHU
S\ORUL 6HREWXYLHURQPHMRUHVUHVXOWDGRVFRQXQDGRVLVGLDULDGHPJ

2OPRGHVOL]DGL]R

(OROPRGHVOL]DGL]RFXEUH\DOLYLDVXERFDJDUJDQWDHVWyPDJR\ORV
LQWHVWLQRV\FRQWLHQHDQWLR[LGDQWHVTXHSXHGHQD\XGDUDWUDWDUODV
HQIHUPHGDGHVLQIODPDWRULDVLQWHVWLQDOHV$GHPiVHVWLPXODODVWHUPLQDFLRQHV

KWWSDUWLFXORVPHUFRODFRPVLWLRVDUWLFXORVDUFKLYRSDVWLOODVDQWLDFLGDVULHVJRGHHQIHPHGDGHVUHQDOHVDVS["HBFLG B(63$1/BDUWB XWPBVRXUFH HVSDQO XWPBPHGLXP HPDLO XWPBFRQWHQW DUW XWPBFD





/DV3DVWLOODV$QWLiFLGR(VWiQ9LQFXODGDVD(QIHUPHGDGHV5HQDOHV

QHUYLRVDVGHVXWUDFWRJDVWURLQWHVWLQDO$\XGDDLQFUHPHQWDUODVHFUHFLyQ
PXFRVDTXHSURWHJHDVXWUDFWRJDVWURLQWHVWLQDOGHODV~OFHUDV\HOH[FHVRGH
DFLGH]

(O&HQWUR0HGLFRGHOD8QLYHUVLGDGGH0DU\ODQGKDFHODVVLJXLHQWHV
UHFRPHQGDFLRQHVSDUDGRVLVHQDGXOWRV
7p9LHUWDGRVWD]DVGHDJXDHQHEXOOLFLyQHQJUDPRV
DSUR[LPDGDPHQWHFXFKDUDGLWDVGHFRUWH]DHQSROYROXHJRGHMHHQ
LQIXVLyQGHDPLQXWRV%HEDYHFHVDOGtD
7LQWXUDP/YHFHVDOGtD
3DVWLOODV'HDPJDYHFHVDOGtDSRUDVHPDQDV
7RPHXQYDVROOHQRGHDJXD
3DVWLOODVVLJDODGRVLVLQGLFDGDHQODHWLTXHWD

*OXWDPLQD

/DLQYHVWLJDFLyQSXEOLFDGDHQHOHQFRQWUyTXHHOGDxRJDVWURLQWHVWLQDO
FDXVDGRSRU+HOLFREDFWHUS\ORULSXHGHVHUWUDWDGRFRQHODPLQRiFLGR
JOXWDPLQDHQFRQWUDGRHQPXFKRVDOLPHQWRVLQFOX\HQGRODFDUQHGHUHV
SROORSHVFDGRKXHYRVSURGXFWRVOiFWHRV\DOJXQDVIUXWDV\YHJHWDOHV /D
OJOXWDPLQDXQLVyPHURGHJOXWDPLQDELROyJLFDPHQWHDFWLYRWDPELpQVH
HQFXHQWUDDPSOLDPHQWHGLVSRQLEOHFRPRXQVXSOHPHQWR

)RODWRRiFLGRIyOLFRYLWDPLQD%\RWUDVYLWDPLQDV%

&RPRVHUHSRUWyHQODLQYHVWLJDFLyQGHOQXWULFLRQLVWDFOtQLFR%\URQ5LFKDUGV
VHVXJLHUHTXHODVYLWDPLQDV%SXHGHQUHGXFLUHOULHVJRGHXQUHIOXMRiFLGR
6HHQFRQWUyTXHXQPD\RUFRQVXPRGHiFLGRIyOLFRUHGXFH
DSUR[LPDGDPHQWHXQGHUHIOXMRiFLGR

$GHPiVORVEDMRVQLYHOHVGHYLWDPLQD%\%HVWiQYLQFXODGRVDXQ
LQFUHPHQWRHQHOULHVJRGHWHQHUUHIOXMRiFLGR/DPHMRUIRUPDGHHOHYDUORV
QLYHOHVGHIRODWRHVDOFRPHUDOLPHQWRVLQWHJUDOHVULFRVHQIRODWRFRPR
HVSiUUDJRVHVSLQDFDVTXLPERPEyXRNUD\IULMROHV

0HODWRQLQDOWULSWyIDQRYLWDPLQD%iFLGRIyOLFRYLWDPLQD%
PHWLRQLQD\EHWDtQD

6HHQFRQWUyTXHXQVXSOHPHQWRDOLPHQWLFLRTXHFRQWHQJDPHODWRQLQDO
WULSWyIDQRYLWDPLQD%iFLGRIyOLFRYLWDPLQD%PHWLRQLQD\EHWDtQDHV
VXSHULRUDORVPHGLFDPHQWRVGHRPHSUD]ROHQHOWUDWDPLHQWRGHHQIHUPHGDG
SRUUHIOXMRJDVWURHVRIiJLFR*(5' 

6HFUHHTXHSDUWHGHOp[LWRVHGHEHDODDFFLyQLQKLELGRUDGHODPHODWRQLQD
HQODELRVtQWHVLVGHOy[LGRQtWULFRHOFXiOMXHJDXQSDSHOLPSRUWDQWHHQOD
UHODMDFLyQWUDQVLWRULDGHOHVItQWHUHVRIiJLFRLQIHULRU/(6


KWWSDUWLFXORVPHUFRODFRPVLWLRVDUWLFXORVDUFKLYRSDVWLOODVDQWLDFLGDVULHVJRGHHQIHPHGDGHVUHQDOHVDVS["HBFLG B(63$1/BDUWB XWPBVRXUFH HVSDQO XWPBPHGLXP HPDLO XWPBFRQWHQW DUW XWPBFD





/DV3DVWLOODV$QWLiFLGR(VWiQ9LQFXODGDVD(QIHUPHGDGHV5HQDOHV

1RWDEOHPHQWHHOGHORVSDFLHQWHVTXHUHFLELHURQHOVXSOHPHQWR
UHSRUWDURQXQUHWURFHVRFRPSOHWRGHORVVtQWRPDVGHVSXpVGHGtDVGH
WUDWDPLHQWRFRPSDUDGRFRQDOJRPHQRVGHOHQDTXHOORVGHWRPDURQ
RPHSUD]RO/RVDXWRUHVFRQFOX\HURQTXHHVWDIyUPXODHVWLPXODHOUHWURFHVR
GHORVVtQWRPDVGH*(5'VLQHIHFWRVVHFXQGDULRVVLJQLILFDWLYRV

>@)XHQWHV\5HIHUHQFLDV
>@&RPHQWDULRV

KWWSDUWLFXORVPHUFRODFRPVLWLRVDUWLFXORVDUFKLYRSDVWLOODVDQWLDFLGDVULHVJRGHHQIHPHGDGHVUHQDOHVDVS["HBFLG B(63$1/BDUWB XWPBVRXUFH HVSDQO XWPBPHGLXP HPDLO XWPBFRQWHQW DUW XWPBFD