ASEPOL7 COMPLETA

(QODVHQGDGHOOLGHUD]JRSROLFLDO

,6611GLFLHPEUH

(VWXGLRV3ROLFLDOHV

/DVRSLQLRQHV\FRQFOXVLRQHVH[SUHVDGDVHQORVDUWtFXORVVRQGHH[FOXVLYDUHVSRQVDELOLGDGGHORVDXWRUHV\QRQHFHVDULDPHQWHUHSUHVHQWDQODSROtWLFDLQVWLWXFLRQDO

6HDXWRUL]DODUHSURGXFFLyQSDUFLDORWRWDOGHORVWUDEDMRVSXEOLFDGRVHQODUHYLVWDVLHPSUHTXHVHPHQFLRQHODIXHQWH

$FDGHPLD6XSHULRUGH(VWXGLRV3ROLFLDOHV

$YGD*ODG\V0DUtQ1SLVRFRPXQD(VWDFLyQ&HQWUDO

7HOpIRQRV

(PDLOUURGULJXH]#HVFLSROFO

,PSUHVLyQ:RUOGFRORU&KLOH

5(9,67$(678',2632/,&,$/(6

5HYLVWDGHOD$FDGHPLD6XSHULRUGH(VWXGLRV3ROLFLDOHV32/,&$'(,19(67,*$&,21(6'(&+,/(

1GLFLHPEUH,661

'LUHFWRUGHOD5HYLVWD 3UHIHFWR9tFWRU'RQRVR'LH]

(GLWRU 5RJHOLR5RGUtJXH]0XxR]

&RQVHMR(GLWRULDO 3UHIHFWR9tFWRU'RQRVR'LH]

&RPLVDULR(GXDUGR6LOYD)XHQWHV

$QD0DUtD*XWLpUUH],EDFDFKH

)HGHULFR%ODQF%RULF

5RJHOLR5RGUtJXH]0XxR]

32/,&$'(,19(67,*$&,21(6'(&+,/(

'LUHFWRU*HQHUDO0DUFRV9iVTXH]0H]D

-HIHGH(GXFDFLyQ3ROLFLDO3UHIHFWR,QVSHFWRU&ODXGLR3UHOOHU3LQRFKHW

'LUHFWRU$FDGHPLD6XSHULRU3UHIHFWR9tFWRU'RQRVR'LH]

6HFUHWDULRGH(VWXGLRV$FDGHPLD6XSHULRU&RPLVDULR(GXDUGR6LOYD)XHQWHV

(',725,$/

,1)2507,&$)25(16(+(55$0,(17$'($

5HYLVWD(VWXGLRV3ROLFLDOHV1GLFLHPEUHGH

)LQDOL]DRWURDxROHFWLYRHQQXHVWURSODQWHO\VHFLHUUDHOFLFORGHOSURFHVRDFDGpPLFR(QODKRUDGHORVEDODQFHVSRGHPRVDILUPDUFRQVHJXULGDGTXHHVWHSURFHVRKDVLGRH[LWRVR6HWHQWDRILFLDOHVSROLFLDOHVVHJUDG~DQHQGLFLHPEUH\VHDSURQWDQDFXPSOLUHQVXVGLYHUVDVGHVWLQDFLRQHVODVQXHYDVUHVSRQVDELOLGDGHVHQFRPHQGDGDVSRUODLQVWLWXFLyQHQPDUFDQGRVXDFFLRQDUHQORVFRQRFLPLHQWRV\YDORUHVDVLPLODGRVHQVXSDVRSRUOD$FDGHPLD6XSHULRUORTXHGDJDUDQWtDGHFRPSURPLVR\SURIHVLRQDOLVPR

1XHVWUR SODQWHO DYDQ]D FRKHUHQWHPHQWH FRQ HO SURJUHVR GH OD3',/DVDFWLYLGDGHVGHHVWHDxRHQGRFHQFLDLQYHVWLJDFLyQ\H[WHQVLyQKDQHVWDGRHQVLQWRQtDFRQODUHQRYDGDYLVLyQGHIXWXURGHQXHVWUDLQVWLWXFLyQFRQRFLGDFRPRHO3ODQ0LQHUYD,,PRGHUQRSODQ GH GHVDUUROOR EDVDGR HQ FRQFHSWRV FODYHV FRPR DOWR UHQGLPLHQWRHVSHFLDOL]DFLyQFLHQWtILFRWpFQLFDFDOLGDGGHORVVHUYLFLRVHILFDFLD GH ODV HVWUDWHJLDV SROLFLDOHV \ IRUWDOHFLPLHQWR GHO FDSLWDOKXPDQR

7DPELpQHVWRVFRQFHSWRVVHUHIOHMDQHQORVDUWtFXORVVHOHFFLRQDGRVSDUDHVWHQ~PHURGHQXHVWUDUHYLVWD(QSULPHUOXJDUYLHQHXQWUDEDMRGHOLQVSHFWRU)UDQFR&ROODR5DPtUH]WLWXODGR,QIRUPiWLFDIRUHQVHKHUUDPLHQWDGHD\XGDDODLQYHVWLJDFLyQSROLFLDOTXHWLHQHSRUILQDOLGDGGDUXQDPLUDGDKROtVWLFDVREUHODGLVFLSOLQDDQH[DDODFLHQFLDGHFRPSXWDFLyQHLQIRUPiWLFDHVGHFLUOD,QIRUPiWLFD)RUHQVH,)KDFLHQGRKLQFDSLpVREUHQRFLRQHVEiVLFDVSURFHVRVGH OD ,) XVRV EHQHILFLRV \ GHVYHQWDMDV TXH VH SUHVHQWDQ DOPRPHQWRGHRSWDUSRUHVWDGLVFLSOLQD

$ FRQWLQXDFLyQ HO SUHIHFWR LQVSHFWRU 5 5RODQGR 9LGDO *DOODUGR YXHOYH FRQ XQ QXHYR DUWtFXOR VREUH XQ WHPD TXH \D OR KDRFXSDGRHQXQDHGLFLyQDQWHULRU1XHYDVQRWDVVREUHOD LQYHVWLJDFLyQ FLHQWtILFD \ OD LQYHVWLJDFLyQ FULPLQDO GRQGH H[SRQH TXHSRU OD tQGROH GH ODPDWHULD TXH WLHQH SRU REMHWR OD LQYHVWLJDFLyQFULPLQDOTXHWLHQHTXHYHUWDQWRFRQODDFWXDFLyQKXPDQDFRPRFRQVXUHVXOWDGRHQHOPXQGRPDWHULDOORVKHFKRVGHOLFWLYRVpVWDVHLQVFULEHWDQWRHQHOiPELWRGHODLQYHVWLJDFLyQFXDQWLWDWLYDFRPR

(',725,$/


HQODGHODLQYHVWLJDFLyQFXDOLWDWLYDHQORTXHSRGUtDGHQRPLQDUVHXQDDSOLFDFLyQPL[WD6HH[DPLQDQEUHYHPHQWHDOJXQDVFDUDFWHUtVWLFDVGHHVWHWLSRGHLQYHVWLJDFLyQHQUHODFLyQDHOOD

/DPpGLFROHJLVWD\SURIHVRUD9LYLDQ%XVWRV%DTXHUL]RQRVHQWUHJDODWHUFHUDFRODERUDFLyQ3HUILODFLyQSVLFROyJLFDGHOVLWLRGHVXFHVR([DPLQDXQ iUHD HQ OD TXH OD DFWXDFLyQSURIHVLRQDO GHOSVLFyORJR HVPiV UHFLHQWH SHURQRSRU HOORPHQRV WUDVFHQGHQWHHOiPELWRGHODLQYHVWLJDFLyQFULPLQDOtVWLFD3RUTXHGHVGHKDFHDOJXQDVSRFDVGpFDGDV HO SVLFyORJRKD LQFRUSRUDGRD VXTXHKDFHUWUDGLFLRQDOGHOHVWXGLRGHOFRPSRUWDPLHQWR\YDORUDFLyQGHLQGLYLGXRVWUiWHQVHGHYLFWLPDVLPSXWDGRVRWHVWLJRV ODLQYHVWLJDFLyQFULPLQDOtVWLFDFHQWUDGDHQORVKHFKRV\HQHOOXJDUGHORVKHFKRV

6HJXLGDPHQWHHOWUDEDMRGHODSVLFyORJD\SURIHVLRQDOGH(VFLSRO,ULD2OLYHURV6RWR&OLPDODERUDO\HVWDGRDFWXDOGHVXDERUGDMHHQ OD 3ROLFtD GH ,QYHVWLJDFLRQHV GH &KLOH LQGDJD HQ OD WHPiWLFD GHO FOLPD ODERUDO GDQGR FXHQWD GH OD SHUFHSFLyQ TXH SRVHHQORV IXQFLRQDULRV TXH SHUWHQHFHQ D UHJLRQHV SROLFLDOHV GH OD 3',SULQFLSDOPHQWHDWUDYpVGHORDUURMDGRSRUHQFXHVWDVDSOLFDGDVHODxR\6HGHVWDFDQODVYDULDEOHVPHQRVIDYRUDEOHV\VHVHxDODXQDDSUR[LPDFLyQDOFOLPDODERUDOFRPRXQDGLPHQVLyQGHODRUJDQL]DFLyQGHVGHODPLUDGDGHDOJXQRVUHSUHVHQWDQWHVGHMHIDWXUDV\VXVFRQFOXVLRQHV

1XHVWUR H['LUHFWRU *HQHUDO $UWXUR +HUUHUD 9HUGXJR QRVSUHVHQWD D FRQWLQXDFLyQ HO DUWtFXOR /D SHUFHSFLyQ GHO ULHVJR \HO VHQWLPLHQWR GH LQVHJXULGDG DQDOL]DQGR HVWRV GRV IHQyPHQRVLQWHUHVDQWHVGHHVWXGLDUTXHVHPDQLILHVWDQFRPSOHPHQWDULRV$PERVWLHQHQHIHFWRVFRQFUHWRVHQODPDQHUDHQTXHFRPSUHQGHPRVHOHQWRUQR\HQODIRUPDHQTXHUHDFFLRQDPRVIUHQWHDODVLQVHJXULGDGHV\ ODV LQFHUWLGXPEUHV/RTXHHVWiHQ MXHJRVRQGRViUHDVGHOFRQRFLPLHQWR\GHDFFLyQGLVWLQWDVSHURTXHHQODSUiFWLFDVHUHODFLRQDQPX\HVWUHFKDPHQWH\FRQGLYHUVDVFRQVHFXHQFLDV3RUXQD SDUWH HVWi OR UHODWLYR DO iPELWR GH OD SVLFRORJtD DVRFLDGR DIHQyPHQRVFRPRODSHUFHSFLyQ ODHPRFLyQ ORVVHQWLPLHQWRV ODVVHQVDFLRQHV\HOWHPRU\SRURWUD ORUHODFLRQDGRFRQIHQyPHQRVVRFLDOHVFRPRODLQVHJXULGDGODYLROHQFLD\ODFULPLQDOLGDG

(QVH[WROXJDUHOSURIHVRU3DWULFLR7XGHOD3REOHWHHVFULEHVREUH&XOWXUDSROLFLDO\FRQWUROLQWHUQR/DHILFDFLDGHORVPHFDQLVPRVGHFRQWUROLQWHUQRQRGHSHQGHWDQVyORGHODH[LVWHQFLD\ODERUGHXQDXQLGDGDERFDGDDODILVFDOL]DFLyQGHWHFFLyQHLQYHVWLJDFLyQGH


FRQGXFWDVDVRFLDGDVDODLQWHJULGDGSROLFLDO0iVDOOiGHIRUWDOHFHUHVWRVWDPELpQHVQHFHVDULRPHMRUDUHOFXHUSRGHQRUPDVTXHUHJXODQODGLVFLSOLQD\HOGHVHPSHxRSURIXQGL]DUHOGHVDUUROORpWLFRGHOSHUVRQDO WDQWR HQ OD IRUPDFLyQ FRPRGXUDQWH OD FDUUHUDSROLFLDOGHVDUUROODU ODYROXQWDG\ OD FDSDFLGDG LQVWLWXFLRQDOSDUD WUDEDMDUODVFRQGXFWDVLPSURSLDVSUHYHQWLYDPHQWHIRFDOL]DQGRHOHVIXHU]RHQ IDFWRUHV GH ULHVJR \ IXQFLRQDULRV YXOQHUDEOHV $VLPLVPR KD\TXHSURFXUDUTXHVHDFW~HFRQVHFXHQWHPHQWHWDQWRH[WHUQDFRPRLQWHUQDPHQWH

)LQDOPHQWH HO SHULRGLVWD \ SURIHVLRQDO GH OD 3', ,DQ %DGLROD+HUHVPDQQFLHUUDODVHFFLyQFRQVXWUDEDMR(OFRQFHSWRGHEXHQDVSUiFWLFDV\VXDSOLFDFLyQHQODRUJDQL]DFLyQSROLFLDOGRQGHVHH[DPLQDODQRFLyQGHEXHQDVSUiFWLFDV\VHSUR\HFWDVXDSOLFDFLyQHQODVRUJDQL]DFLRQHVSROLFLDOHVFRQHOSURSyVLWRGHYLVXDOL]DUFXUVRVGHDFFLyQTXHSXHGDQIDYRUHFHUHOPHMRUDPLHQWRGHVXVDFWXDFLRQHV\VHUYLFLRV6HYLVOXPEUDQGHVDItRVTXHHQIUHQWDQDODVLQVWLWXFLRQHVFRQODQHFHVLGDGGHUHQRYDUVXVSDUDGLJPDVWUDGLFLRQDOHV\VHSURSRQHHOFRQFHSWRGHEXHQDVSUiFWLFDVSROLFLDOHVFRPRXQUHIHUHQWHGHDFWXDFLyQSDUDPHMRUDUHOGHVHPSHxR&RQFUHWDPHQWHVHSURSRQHODGLVWLQFLyQHQWUHFXDWURHQIRTXHVSDUDODSURPRFLyQGHEXHQDVSUiFWLFDVHQRUJDQL]DFLRQHVSROLFLDOHV

9&725'21262',(=

3UHIHFWR'LUHFWRU$FDGHPLD6XSHULRU


V

)5$1&2&2//$25$05(=

,,1752'8&&,1

'HVGH WLHPSRV LQPHPRUDEOHV HO VHU KXPDQR KD FRQVWUXLGRLQYHQWRVFRQODQDOLGDGGHTXHODVGLVWLQWDVVRFLHGDGHVTXHLQWHJUDQHOPXQGRORJUHQWHQHUXQPHMRU\PiVFRQIRUWDEOHGHVDUUROOR3UXHEDGHHOORHOJUDQ LQYHQWRGH OD UXHGD ODTXHSHUPLWLyTXHORVWUDEDMRVHVIRU]DGRVTXHUHDOL]DEDQODVSHUVRQDVIXHUDQHMHUFLGRVGHPDQHUDPiVDGHFXDGD2WURLQYHQWRYDQJXDUGLVWDHVWDYH]KDVLGRHO,QWHUQHWHOFXDOKDORJUDGRTXHODVFRPXQLFDFLRQHVGHODUJDGLVWDQFLDVHUHDOLFHQXWLOL]DQGRODVFRPSXWDGRUDV\SRUHQGHVHDQFRQVLGHUDGDVFRPRHOHPHQWRVRLQVXPRVEDVHSDUDHVWDEOHFHUXQDFRPXQLFDFLyQHFD]\HFLHQWH

/RDQWHULRUPHQWHVHxDODGRGHDOJXQDPDQHUDVHREWXYRGHQLHQGRODSUREOHPiWLFDTXHDIHFWDEDHQHVHPRPHQWR8QDYH]WHQLHQGRELHQGHQLGRORSUHFLWDGRVHSURFHGLyDODE~VTXHGDGHODVROXFLyQPiVFRQYHQLHQWHTXHVDWLVFLHUDGHPDQHUDWRWDORSDUFLDOHOSUREOHPD\SRU~OWLPRDODLPSOHPHQWDFLyQGHpVWD6LQOXJDUDGXGDODKLVWRULDGHPRVWUyTXHHVWRV LQYHQWRV IXHURQXQDSRUWHVLJQLFDWLYRSDUD ODHYROXFLyQKXPDQD

/D FLHQFLD GH OD FRPSXWDFLyQ H LQIRUPiWLFD GHVGH VX LQLFLRIXH FRQFHELGD SDUD PHMRUDU OD FDOLGDG GH YLGD GH OD VRFLHGDG \HQ SDUWLFXODU FRDG\XYDU \ PHMRUDU ORV GLIHUHQWHV SURFHVRV GH ODVHPSUHVDVHLQVWLWXFLRQHVS~EOLFDV\SULYDGDV0iVD~QORVVLVWHPDVGHJHVWLyQGHLQIRUPDFLyQYDQJXDUGLVWDTXHVHKDQFUHDGRFRPRSRU

,QVSHFWRUGHOD3ROLFtDGH,QYHVWLJDFLRQHVGH&KLOH,QJHQLHURHQ,QIRUPiWLFD0DJtVWHUHQ*HVWLyQ(VWUDWpJLFDGH2UJDQL]DFLRQHV'LSORPDGRHQ*HVWLyQGH7HFQRORJtDVGH,QIRUPDFLyQFRQ,7,/

$57&8/2


HMHPSOR(53&50HQWUHRWURVVRQXQDKHUUDPLHQWDLPSRUWDQWHHQODWRPDGHGHFLVLRQHVHQORVWUHVQLYHOHVSLUDPLGDOGHXQDRUJDQL]DFLyQHOQLYHOIXQFLRQDOXRSHUDFLRQDOHOQLYHOGLUHFWLYR\HOQLYHOVXSHULRURSROtWLFR

3XHVELHQFRPRHVWDPRVHQODHUDGHODLQIRUPDFLyQQRVRODPHQWHVH KDQ FUHDGR VLVWHPDV SDUD OD JHVWLyQ GH ODV HPSUHVDV VLQR TXHWDPELpQ VH KDQ JHQHUDGR RWURV VLVWHPDV SDUD FRODERUDU HQ ORViPELWRVPLOLWDUHVSROLFLDOHVGHVDOXGDHURQiXWLFRDXWRPRWUL]HWFTXHSHUPLWHQFXPSOLUGHPHMRUIRUPDHFLHQWH\HFD]FRQODPLVLyQSDUDODFXDOIXHURQFUHDGDV

(QHOiPELWRSROLFLDOODFRPSXWDFLyQHLQIRUPiWLFDKDFUHDGRXQDGLVFLSOLQDGLVWLQWDHVGHFLUVHKDQGHVDUUROODGRVLVWHPDVLQIRUPiWLFRV\FRPSXWDFLRQDOHVTXHKDQSHUPLWLGRDODMXVWLFLDHVFODUHFHUXQGHOLWRGHOWLSRWUDGLFLRQDORHPHUJHQWHPHUHHURDODLQIRUPiWLFDIRUHQVHTXH GH DFXHUGR DO 3K' -HLP\ - &DQR HV XQD GLVFLSOLQD WpFQLFROHJDO

,,(148e&216,67(/$,1)2507,&$)25(16(,)"3DUD FRPHQ]DU GHQDPRV GRV FRQFHSWRV EiVLFRV LQIRUPiWLFD \

IRUHQVH

,QIRUPiWLFD SURYLHQH GHO IUDQFpV LQIRUPDWLTXH TXH VLJQLFDLQIRUPDFLyQDXWRPiWLFDHVGHFLULQIRUPDFLyQSURFHVDGDGHPDQHUDDXWRPiWLFDSRULQWHUPHGLRGHPHGLRVHOHFWUyQLFRVFRPSXWDFLRQDOHV

)RUHQVH HO FRQFHSWR IRUHQVH WLHQH UHODFLyQ FRQ SURWRFRORVDFRUGDGRV SRU HVSHFLDOLVWDV SDUD HO HQWHQGLPLHQWR LQWHUQDFLRQDODFHUFDGHXQDPDWHULDHVSHFtFD

([LVWHQ GLYHUVDV GHQLFLRQHV FRQ UHVSHFWR DO WHPD TXH HVWDPRVWUDWDQGRSHURXQSULPHUDFHUFDPLHQWRVXJLHUHTXHOD,)HVXQSURFHVRTXHWLHQHFRPRQDOLGDGUHVFDWDUODLQIRUPDFLyQGLJLWDOFRQWHQLGDHQ

(53(QWHUSULVH5HVRXUVH3ODQQLQJ6LVWHPDGHSODQLFDFLyQGHUHFXUVRVHPSUHVDULDOHV&50&XVWRPHU5HODWLRQVKLS0DQDQJHPHQW6LVWHPDGH*HVWLyQGH5HODFLyQFRQHO&OLHQWH'HOLWRHPHUJHQWHLQIRUPiWLFRRFRPSXWDFLRQDO([WUDtGDGHOD5HYLVWD6LVWHPDV1HGLFLyQDEULOMXQLRGHOD$VRFLDFLyQ&RORPELDQDGH,QJHQLHUtDGH6LVWHPDV$&,6,QIRUPDWLTXHH[WUDtGRVGHOD5$(KWWSZZZUDHHV


XQ VLVWHPDGH WUDWDPLHQWR GH OD LQIRUPDFLyQ YDOH GHFLU HQ XQVLVWHPDFRPSXWDFLRQDOHLQIRUPiWLFR

(QXQVHJXQGRDFHUFDPLHQWROD$JHQFLDGH,QYHVWLJDFLyQ)HGHUDO)%,GH86$GHQHOD,)FRPRHOSURFHVRGHDGTXLVLFLyQSUHVHUYDFLyQ\ REWHQFLyQGHGDWRV TXHKDQ VLGRSURFHVDGRV HOHFWUyQLFDPHQWH\DOPDFHQDGRVHQXQPHGLRFRPSXWDFLRQDO

2WUR HQXQFLDGR VXJLHUH TXH HV XQ SURFHVR TXH VH LQLFLD FRQ ODLGHQWLFDFLyQ GHO LQFLGHQWH LQIRUPiWLFR SRVWHULRUPHQWH VLJXH ODDGTXLVLFLyQSUHVHUYDFLyQDQiOLVLV\QDOL]DFRQODSUHVHQWDFLyQGHXQLQIRUPHVREUHODVDFWXDFLRQHVUHDOL]DGDVHQUHODFLyQFRQODHYLGHQFLDFRPSXWDFLRQDORLQIRUPiWLFD

$KRUDELHQFRPSOHPHQWDQGR ODVSURSRVLFLRQHVSUHVHQWDGDV\ ODH[SHULHQFLDGHODXWRUGHOSUHVHQWHGRFXPHQWROD,)HVHOSURFHVRGHLQYHVWLJDFLyQTXHWLHQHXQFRQMXQWRGHSURFHGLPLHQWRVHVWDEOHFLGRV\ VDQFLRQDGRV LQWHUQDFLRQDOPHQWH SDUD LGHQWLFDU UHFROHFWDUSUHVHUYDUDQDOL]DULQWHUSUHWDU\SUHVHQWDUHYLGHQFLDGLJLWDOGHWDOPDQHUDTXHORREUDGRVHDOHJDOPHQWHDFHSWDEOHSRUXQWULEXQDO

'HVGH VX FUHDFLyQ HVWD GLVFLSOLQD VH KD SRVLFLRQDGR FRPR XQDKHUUDPLHQWDTXHD\XGDGHPDQHUDLQWHJUDODODLQYHVWLJDFLyQSROLFLDOGDGRTXHSXHGHRULHQWDUHQHOHVFODUHFLPLHQWR\DFUHGLWDFLyQGHORVKHFKRVTXHFRQVWLWX\HQGHOLWRV\HQDOJXQRVFDVRVGHODLGHQWLFDFLyQGHO R ORV DXWRUHV GH ORV PLVPRV 6H KD XWLOL]DGR WDQWR HQ ODVLQYHVWLJDFLRQHVGHGHOLWRVFRQYHQFLRQDOHVSRUHMHPSORKRPLFLGLRVGHOLWRVHFRQyPLFRVQDUFRWUiFRHQWUHRWURV\HQGHOLWRVTXHXWLOL]DQODVWHFQRORJtDVGH OD LQIRUPDFLyQ\FRPXQLFDFLRQHV7,&HQWUH ORVFXDOHV VH GHVWDFDQ SRUQRJUDItD LQIDQWLO SRU LQWHUQHW DPHQD]DV HLQMXULDV IUDXGHV HOHFWUyQLFRV KDFNLQJ SKLVKLQJ SLUDWHUtD HQWUHRWURV

6LVWHPDGH7UDWDPLHQWRGH,QIRUPDFLyQ7RGRGLVSRVLWLYRRJUXSRGHGLVSRVLWLYRVLQWHUFRQHFWDGRVRUHODFLRQDGRVTXHFRQIRUPHDXQSURJUDPDUHDOL]DQHOSURFHVDPLHQWR\WUDQVPLVLyQDXWRPDWL]DGDGHGDWRV+DFNLQJ6DERWDMHRHVSLRQDMHDXQVLVWHPDGHWUDWDPLHQWRGHLQIRUPDFLyQFRQODXWLOL]DFLyQGHKHUUDPLHQWDVUHODFLRQDGDFRQODV7,&V3KLVKLQJ7HUPLQRORJtDXWLOL]DGDSDUDH[SOLFDUXQ LQFLGHQWH LQIRUPiWLFRUHODFLRQDGRFRQODFDSWXUDGHGDWRVVHQVLEOHVSRULQWHUPHGLRGH,QWHUQHWFRQODXWLOL]DFLyQGHKHUUDPLHQWDVZHE


,,,(9,'(1&,$',*,7$/&RQIRUPH D ODV GHQLFLRQHV SODVPDGDV H[LVWH RWUR FRQFHSWR

TXH SUHFLVDU TXp HV OD HYLGHQFLD GLJLWDO ('" 7DPELpQ H[LVWHQP~OWLSOHV GHQLFLRQHV .HYLQ 0DQGLD OR SURSRQH FRPRFXDOTXLHUHOHPHQWRItVLFRROyJLFRGHYDORUSUREDWRULRVREUHDOJ~QDVSHFWR UHOHYDQWH GH XQ FDVR FRPSOHPHQWDQGR HVWD GHQLFLyQ OD(' FRUUHVSRQGH DO FRQMXQWR GH LQIRUPDFLyQ HQ IRUPDWR ELQDULRFRQWHQLGDHQGLVSRVLWLYRVGHDOPDFHQDPLHQWRVHFXQGDULR\SULPDULRGHPDQHUDOyJLFDRItVLFD(QRWUDVSDODEUDVHVLQIRUPDFLyQTXHVHDOPDFHQDSHUPDQHQWHPHQWHRYROiWLOHQXQPHGLRItVLFRDOPRPHQWRGH PDQLSXODU XQ VLVWHPD FRPSXWDFLRQDO R LQIRUPiWLFR \D VHDQVLVWHPDVGHDSOLFDFLRQHVRVLVWHPDVRSHUDWLYRV

/DHYLGHQFLDGLJLWDOSDUDTXHVHWUDQVIRUPHHQSUXHEDSOHQDDQWHXQWULEXQDOWLHQHTXHFXPSOLUFRQXQDVHULHGHUHTXHULPLHQWRVORTXHVHSXHGHDSUHFLDUHQODJXUD1

)LJXUD19DORUSUREDWLYRGHODHYLGHQFLD )XHQWHFUHDFLyQSURSLD

6LVWHPDV GH $SOLFDFLRQHV VRQ DTXHOORV VLVWHPDV XWLOL]DGRV FRWLGLDQDPHQWH SRU ORVXVXDULRV(MHPSOR0LFURVRIW2IFH:RUG([FHO3RZHU3RLQW2XWORRN6LVWHPDV2SHUDWLYRVVRQDTXHOORVTXHSHUPLWHQODDGPLQLVWUDFLyQGHORVFRPSRQHQWHVGHXQFRPSXWDGRUItVLFRV\OyJLFRVLQGLYLVLEOHSDUDHOXVXDULR(QWUHORVPiVFRQRFLGRVSRGHPRVPHQFLRQDUD0LFURVRIW:LQGRZV81,;62/$5,/,18;HQWUHRWURV


$GPLVLELOLGDG (V OD FDSDFLGDG GH HVWDU FRQWHVWH FRQ ORVSUHFHSWRVOHJDOHVYLJHQWHV

$XWHQWLFLGDG /D HYLGHQFLD UHFROHFWDGD HQ XQ VLWLR GHVXFHVRGHEHUHODFLRQDUVHSRVLWLYDPHQWHFRQORVKHFKRVTXHVHLQYHVWLJDQ

&RPSOHWLWXG7LHQHTXHWHQHUODFDSDFLGDGSDUDGHWHUPLQDUODFXOSDELOLGDGRODLQRFHQFLDGHXQLPSXWDGR

)LGHGLJQLGDG /RV SURFHGLPLHQWRV \ WpFQLFDV XWLOL]DGRVGXUDQWHHODQiOLVLVGHODHYLGHQFLDQRGHEHQGDUDOXJDUDGXGDVVREUHODDXWHQWLFLGDG\YHUDFLGDG

&UHGLELOLGDG'HEHVHUORVXFLHQWHPHQWHFODUD\HQWHQGLEOHJHQHUDQGRGHHVDPDQHUDODFRQYLFFLyQGHVXDFHSWDFLyQ

,92%-(7,92'(/$,1)2507,&$)25(16((O REMHWLYR SULQFLSDO GH OD LQIRUPiWLFD IRUHQVH HV ORJUDU OD

FUHGLELOLGDG DEVROXWD SRU LQWHUPHGLR GH ORV LQIRUPHV SHULFLDOHV \OD GHIHQVD GH ORVPLVPRV GH ODV DFWXDFLRQHV UHDOL]DGDV GXUDQWH HOSURFHVR IRUHQVH GH ORV KHFKRV TXH FRQVWLWX\HQGHOLWR \ TXH WLHQHQUHODFLyQFRQVLVWHPDVFRPSXWDFLRQDOHVRLQIRUPiWLFRV

3RURWUDSDUWHORVLQIRUPHVSHULFLDOHVRWpFQLFRVTXHVHHYDFXDQGHOD,)VRQYiOLGRVHQ&KLOHSRUGRVUD]RQHVIXQGDPHQWDOHVODSULPHUDHVSRUORPDQLIHVWDGRHQHO&yGLJR3URFHVDO3HQDOHQORVDUWtFXORV\UHVSHFWLYDPHQWH(ODUWtFXORJXDUGDUHODFLyQFRQTXHORVLQIRUPHVSHULFLDOHVGHEHUiQHPLWLUVHFRQSDUFLDOLGDGDWHQLpQGRVHDORVSULQFLSLRVGHODFLHQFLDRUHJODVGHODUWHXRFLRTXHVHSURFHVDUH&33FKLOHQR&RQUHVSHFWRDODUWHVSHFtFDHOFRQWHQLGRGHOLQIRUPHPHQFLRQDTXHpVWHGHEHVHUREMHWLYRHQWRGRPRPHQWR\VHGLYLGHHQWUHVFXHUSRVGHVFULSFLyQGHODHYLGHQFLDHVWDGR\PRGRGHFRQVHUYDFLyQHODQiOLVLV\ WpFQLFDVXWLOL]DGDVSRUHOSHULWR\ ODVFRQFOXVLRQHVTXHVH IRUPXOHQDO UHVSHFWR/DVHJXQGDUD]yQHV VLPSOHPHQWH \ FRPR H[SOLFLWD HO &33 TXH OD FRPSXWDFLyQ HLQIRUPiWLFDHVXQDFLHQFLDGDGRTXHJHQHUDFRQRFLPLHQWRFLHQWtFR\D\XGDDODFLHQFLDMXUtGLFDDODDGPLQLVWUDFLyQGHODMXVWLFLD


98626'(/$,1)2507,&$)25(16(/D ,) WLHQH SRU OR JHQHUDO GRV XVRV IUHFXHQWHV D HO SULPHUR

\HOPiVXWLOL]DGRHVHQ ODV IXHU]DVSROLFLDOHV FRQHOHOSURSyVLWRGH ORJUDUHQFDXVDU ODV LQYHVWLJDFLRQHV FULPLQDOtVWLFDVR HQDOJXQRVFDVRVSRGHUHVWDEOHFHUUHVSRQVDELOLGDGHV\DFUHGLWDFLyQGHKHFKRVE HQ HOPXQGR FLYLO HVWi GLVFLSOLQD VH XWLOL]D HQ HO iPELWR GH ODVHJXULGDG LQIRUPiWLFD GDGR TXH HQ DOJXQDV HPSUHVDVPRQLWRUHDQODVDFWLYLGDGHVTXHVHUHDOL]DQHQORVFRPSXWDGRUHVFRUSRUDWLYRVGHVXV HPSOHDGRV \ SRU HVWD UD]yQ WLHQH GRV DULVWDV /D SULPHUD HV DIDYRUGHOHPSOHDGRUSRUORVPRWLYRVLQGLFDGRVPRQLWRUHRGHOFRUUHRHOHFWUyQLFR SRU HMHPSOR \ OD VHJXQGD D IDYRU GHO HPSOHDGR SDUDLQYHVWLJDFLRQHVLQWHUQDVRSRUGHVSLGRVLQMXVWLFDGRV

6(59,&,2648(2)5(&(/$,)

/RV VHUYLFLRV TXH RIUHFH OD ,QIRUPiWLFD )RUHQVH VRQ ORV TXH VHHQXQFLDQDFRQWLQXDFLyQ

,QFDXWDFLyQ

'XSOLFDFLyQ\SUHVHUYDFLyQGHODHYLGHQFLD

5HFXSHUDFLyQGHLQIRUPDFLyQHQGLVSRVLWLYRVGHDOPDFHQDPLHQWRVHFXQGDULRGLVFRVGXURVPHPRULDVDVKGLVNHWWH

%~VTXHGDGH\VREUHGRFXPHQWRV

$QiOLVLVFRPSXWDFLRQDOHLQIRUPiWLFR

352&(62,1)2507,&2)25(16(

(OSURFHVRGHOD,)VHGLYLGHHQGRVXQRJHQHUDO\RWURHVSHFtFR(OSURFHVRJHQHUDOHVWiUHODFLRQDGRGLUHFWDPHQWHFRQODHYLGHQFLDHQVt\FRQODLQWHUYHQFLyQGHOHVSHFLDOLVWDHVGHFLUFXDQGRHOSURIHVLRQDOGHODFRPSXWDFLyQHLQIRUPiWLFDFRQHVSHFLDOL]DFLyQHQLQIRUPiWLFDIRUHQVH UHFLEH OD HYLGHQFLD SRU SDUWH GH ORV DJHQWHV SROLFLDOHV RSRUORVHQFDUJDGRVGHFXVWRGLDUODHYLGHQFLD(OSURFHVRVHLQLFLDDOPRPHQWR GH UHFLELU OD HYLGHQFLD FRQ HO UHTXHULPLHQWR VROLFLWDGROXHJRHOWUDWDPLHQWRGHFORQDGRGHODHYLGHQFLDSRVWHULRUPHQWHOD

&ORQDFLyQHVHOSURFHVRGHFRSLDGRH[DFWRGHELWDELWGHOGLVSRVLWLYRGHDOPDFHQDPLHQWRVHFXQGDULRSULQFLSDOPHQWHKDUGGLVNXWLOL]DQGRKHUUDPLHQWDVLQIRUPiWLFDV\FRPSXWDFLRQDOHVHVSHFtFDSDUDHOHIHFWR


DXWHQWLFDFLyQ GHOPHGLR VHJXLGDPHQWH HO DQiOLVLV GH OD HYLGHQFLD\SRU~OWLPRODLQWHUSUHWDFLyQGHORVUHVXOWDGRV\ODHYDFXDFLyQGHOLQIRUPHUHVSHFWLYR(QODJXUD1VHUHHMDHQSURFHVRJHQHUDOGHODLQIRUPiWLFDIRUHQVH

)LJXUD13URFHVRJHQHUDOGHOD,QIRUPiWLFD)RUHQVH

)XHQWHFUHDFLyQSURSLD

(O SURFHVR HVSHFtFR GH OD LQIRUPiWLFD IRUHQVH WDPELpQ WLHQHGLUHFWD UHODFLyQ FRQ OD HYLGHQFLD GLJLWDO \ FRQ OD LQWHUYHQFLyQ GHOHVSHFLDOLVWDDQDOLVWDIRUHQVHLQIRUPiWLFRVLQHPEDUJRHVWHSURFHVRWLHQHXQDSDUWLFXODULGDGGDGRTXHFRPLHQ]DFRQODLGHQWLFDFLyQGHOLQFLGHQWHLQIRUPiWLFRYDOHGHFLU\SDUDQXHVWURFDVRFXDQGRVHGDDFRQRFHUXQGHOLWRLQIRUPiWLFR\HOHVSHFLDOLVWDHQLQIRUPiWLFDIRUHQVHLQWHUYLHQHHQHOSULPHULQVWDQWHHOVLWLRGHVXFHVRQDOL]DGHOPLVPRPRGRTXHHOSURFHVRJHQHUDOFRQODHYDFXDFLyQGHOLQIRUPHSHULFLDORWpFQLFRDODSHUVRQDRHQWLGDGTXHVROLFLWyHOUHTXHULPLHQWR(QODJXUD1VHDSUHFLDQHQGHWDOOHORVSURFHVRVLQWHUPHGLRV

$XWHQWLFDFLyQFRUUHVSRQGHDOSURFHVRGHUHVJXDUGRLQWHJUDOGHODHYLGHQFLDHVGHFLUODLQYLRODELOLGDGWDQWRItVLFD\OyJLFDGHpVWD


)LJXUD13URFHVR(VSHFtFRGHOD,QIRUPiWLFD)RUHQVH )XHQWHFUHDFLyQSURSLD

/RVSURFHVRVTXHVHGHVFULELHURQWLHQHQYDULDGRVEHQHFLRVGHORVFXDOHVORVPiVGHVWDFDGRVVRQ

6HHYLWDODFRQWDPLQDFLyQRGHVWUXFFLyQGHODHYLGHQFLDSRUPDOPDQHMRRLQIHFFLyQ

/DVDFWXDFLRQHVUHDOL]DGDVWLHQHQYDOLGH]JHQHUDO

/D HYLGHQFLD H[WUDtGD HV PDQLSXODGD \ SURWHJLGD SRUSURFHGLPLHQWRVDGHFXDGRV

/DHYLGHQFLDSXHGHWUDQVIRUPDUVHHQSUXHED

/DVGHVYHQWDMDVDVRFLDGDVDODLQIRUPiWLFDIRUHQVHWLHQHQGLUHFWDUHODFLyQFRQORVVLJXLHQWHVDVSHFWRV

5HTXLHUHGHHQWUHQDPLHQWRHVSHFtFRGHDOWRFRVWRPRQHWDULRHVGHFLUVHUXQSURIHVLRQDOGHODFRPSXWDFLyQHLQIRUPiWLFDQRLPSOLFDTXHWHQJDFRQRFLPLHQWR\HQWUHQDPLHQWRVREUH,)

+DUGZDUH HVSHFLDOL]DGR GH DOWR FRVWR 3RU HMHPSOR ORVFRPSXWDGRUHV H[LVWHQWHV HQ HO PHUFDGR QR VLHPSUH FXEUHQORVUHTXHULPLHQWRVVROLFLWDGRVSRUORVIDEULFDQWHVGHVRIWZDUHLQIRUPiWLFRIRUHQVH

6RIWZDUHHVSHFLDOL]DGRGHDOWRFRVWR


9,&21&/86,21(6

/DLQIRUPiWLFDIRUHQVHHVXQDGLVFLSOLQDWpFQLFROHJDOTXHWLHQHSRUREMHWLYRFRDG\XYDUDODDGPLQLVWUDFLyQGHMXVWLFLDSRULQWHUPHGLRGHKHUUDPLHQWDVGHDSUR[LPDFLyQDGHFXDGRVTXHWLHQHQYDOLGH]JHQHUDOGDGRTXHHOiUHDGHODFRPSXWDFLyQHLQIRUPiWLFDHVXQDFLHQFLD

/D,)SXHGHVHUXWLOL]DGDWDQWRSRUODVSROLFtDVFRPRHQHOiPELWRGHO PXQGR SULYDGR /R SULPHUR FRPR VH KD PHQFLRQDGR SDUDHVWDEOHFHU UHVSRQVDELOLGDGHV \ DFUHGLWDU KHFKRV OR VHJXQGR SDUDLQYHVWLJDFLRQHVLQWHUQDV\GHVSLGRVLQMXVWLFDGRV

(O SURFHVR JHQHUDO GH OD ,) HVWi YLQFXODGR GLUHFWDPHQWH FRQ ODLQWHUYHQFLyQGHOHVSHFLDOLVWDDOPRPHQWRGHUHFLELU ODHYLGHQFLDHVGHFLUQRSDUWLFLSDQLHQ ODSUHFLVLyQGHOKHFKRQLHQ OD UHFROHFFLyQGH OD PLVPD 6LQ HPEDUJR HQ HO SURFHVR HVSHFtFR HO DQDOLVWDIRUHQVH LQIRUPiWLFR SURIHVLRQDO LQIRUPiWLFR R FRPSXWDFLRQDO TXHVH HVSHFLDOL]D HQ ,) SDUWLFLSD GHVGH HO SULPHU PRPHQWR FRQ HOGHVDUUROORGH ORVVXESURFHVRVSRUVXSXHVWR\QDOL]DDO LJXDOTXHHQHOSURFHVRJHQHUDOFRQODHYDFXDFLyQGHOLQIRUPHUHVSHFWLYRDODSHUVRQDRHQWLGDGTXHVROLFLWyHOUHTXHULPLHQWR

&RPRWRGDGLVFLSOLQDWLHQHGHVYHQWDMDVTXHJXDUGDQUHODFLyQFRQHODOWRFRVWRGHSUHSDUDUDXQSURIHVLRQDOGHOiUHD\WDPELpQFRQORVFRVWRVHOHYDGRVGHODDGTXLVLFLyQWDQWRGHORVKDUGZDUHVFRPRGHORVVRIWZDUHVHVSHFtFRV6LQHPEDUJRORVEHQHFLRVHVWiQUHODFLRQDGRVFRQ TXH OD HYLGHQFLD SXHGH WUDQVIRUPDUVH HQ SUXHED \ GHSHQGHGLUHFWDPHQWHGHO WUDWDPLHQWR\GH ODVDFWXDFLRQHV UHDOL]DGDVSRUHOHVSHFLDOLVWD


9,,%,%/,2*5$)$

$FXDULR GHO 3LQR 6DQWLDJR ,QWURGXFFLyQ D OD ,QIRUPiWLFD)RUHQVH(FXDGRU(GLWRULDO8QLYHUVLGDG&DWyOLFDGHO(FXDGRU

&DQR-HLP\-(VWDGRGHO$UWHGHO3HULWDMH,QIRUPiWLFRGH/DWLQRDPHULFDSGIHQZZZDOIDUHGLRUJ

&DVH\ (RJKDQ 'LJLWDO (YLGHQFH DQG &RPSXWHU &ULPH)RUHQVLF6FLHQFH&RPSXWHUVDQG,QWHUQHW5HLQR8QLGR$FDGHPLF3UHVV

&yGLJR3URFHVDO3HQDOGH&KLOH(GLWRULDO-XUtGLFDGH&KLOH

/ySH] 2VFDU HW DO ,QIRUPiWLFD )RUHQVH *HQHUDOLGDGHV$VSHFWR7pFQLFRV\+HUUDPLHQWDV&RORPELD(GLWRULDO8QLYHUVLGDGGHORV$QGHV

0DQGLD .HYLQ HW DO ,QFLGHQW 5HVSRQVH &RPSXWHU)RUHQVLFV0p[LFR0F*UDZ+LOO

5HYLVWD ,QWHUVHGHV9RO9,,1 (GLWRULDO8QLYHUVLGDGGH&RVWD5LFD

5HYLVWD6LVWHPDV1DEULOMXQLR$VRFLDFLyQ&RORPELDQDGH,QJHQLHUtDGH6LVWHPDV$&,6


VAV

52/$1'29,'$/*$//$5'2

(QXQDUWtFXORFRQWtWXORVLPLODUSXEOLFDGRHQXQQ~PHURDQWHULRU GH HVWD UHYLVWD H[DPLQiEDPRV OD UHFRQRFLGD \ QXQFDDJRWDGDQHFHVLGDGGHXWLOL]DUORVPpWRGRVGHODFLHQFLDHQODLQYHVWLJDFLyQFULPLQDOSHURDOPLVPRWLHPSRKDFtDPRVKLQFDSLpHQGLIHUHQFLDVIXQGDPHQWDOHVHQWpUPLQRVGHREMHWLYRV\RWURVDVSHFWRVSURSLRVGHHVWDPDWHULDLQYHVWLJDWLYD+DFtDPRVUHIHUHQFLDDOKHFKRGHTXHQRVyOR ORVSURFHGLPLHQWRVGH ODERUDWRULRGHEtDQSDUWLFLSDUGHOFRQRFLPLHQWRFLHQWtFR\VXPpWRGRVLQRTXHIXQGDPHQWDOPHQWHHODFFLRQDULQYHVWLJDWLYRPLVPRGHOGHWHFWLYHGHEtDXWLOL]DUOR(VWRHVDSOLFDUORULJXURVDFRPSOHWD\H[KDXVWLYDPHQWHSHURDODYH]FRQODH[LELOLGDGUHTXHULGDSRUVXHVSHFLDORFXSDFLyQ

(QSDUWLFXODUGLFKRDUWtFXORVHEDVyHQHOPpWRGRFXDQWLWDWLYRFRPRSURSLRGHODLQYHVWLJDFLyQHVSHFLDOPHQWHHQHOPXQGRPDWHULDOGHORVLQGLFLRV 3HUR FRPR WDPELpQ KDFtDPRV UHIHUHQFLD HQ RWUR DUWtFXORSUHYLRQRVyORORVLQGLFLRVPDWHULDOHVVRQREMHWRGHLQYHVWLJDFLyQSDUDGLOXFLGDUXQKHFKRFULPLQDOVLQRSRUHMHPSORGHPDQHUDLPSRUWDQWHHO DVSHFWR WHVWLPRQLDO HQ VHQWLGR DPSOLR UHHMDGR HQ OD HQWUHYLVWD\ HO LQWHUURJDWRULR LPSUHVFLQGLEOHV HQ OD LQYHVWLJDFLyQ FULPLQDOQRVyOR HQ WpUPLQRV GH WHVWLJRV R VRVSHFKRVRV VLQR LQIRUPDQWHV \ GHFXDOTXLHU SHUVRQD TXH SXGLHUD SRVHHU DQWHFHGHQWHV VLJQLFDWLYRV

$57&8/2

(VWHWUDEDMRWLHQHVXEDVHHQRWURSUHVHQWDGRHQHO0DJLVWHUHQ'LGiFWLFDSDUDOD(GXFDFLyQ6XSHULRUHQ OD8QLYHUVLGDGGH7DUDSDFiHQGLFLHPEUHGHODxR\HQTXHSDUWLFLSDURQHOTXHHVFULEHFRQMXQWDPHQWHFRQ ORVRFLDOHVVHxRUHV)HUQDQGR,ODEDFD-XDQ9LOODUUHDO+HUR0XxR]\5LFDUGR&RQFKD

3UHIHFWR,QVSHFWRU5/LFHQFLDGRHQ&ULPLQDOtVWLFD0DJLVWHUHQ)LORVRItDGHOD&LHQFLD\HQ'LGiFWLFDSDUDOD(GXFDFLyQ6XSHULRUSURIHVRUGH&ULPLQDOtVWLFD&ULPLQRORJtD\0HWRGRORJtDGHOD,QYHVWLJDFLyQ&LHQWtFD+DFLDXQPRGHORGHLQYHVWLJDFLyQFULPLQDO


6DEHPRVFyPRSODQWHDHVWRVXVSURSLRVGHVDItRVGHQWURGHORVTXHQRHVHOPHQRUGHHOORVHOHQFRQWUDUORVVXKDOOD]JR

4XpHVWDPRVEXVFDQGR"'XUDQWHPXFKRWLHPSRKDVLGRVXSXHVWRSRU PXFKRV TXH FRQ H[FHSFLyQ GH LPSRUWDQWHV DVSHFWRV TXH KDQUHQDGR PpWRGRV \ WpFQLFDV SURSLDV FDGD YH] PiV VRVWLFDGDV ODLQYHVWLJDFLyQ FULPLQDO HV FRVD VyOR GH VHQWLGR FRP~Q OR TXH VXHOHVHUPDQLHVWRHQ ODVPDOODVFXUULFXODUHVGH ORVFHQWURVGHHVWXGLRVLQVWLWXFLRQDOHV (V FLHUWR TXH HO VHQWLGR FRP~Q MXHJD XQ SDSHOLPSRUWDQWHHQHOODFRPRHQFXDOTXLHULQYHVWLJDFLyQSHURFODUDPHQWHQR HV VXFLHQWH )UHQWH D SUREOHPDV TXH H[FHGHQ ODV DSDULHQFLDVPiV LQPHGLDWDV VH KDFHQ QHFHVDULRV PpWRGRV PiV GHSXUDGRVH[KDXVWLYRV \ JHQHUDOL]DEOHV (VWH ~OWLPR DVSHFWR HV LPSRUWDQWHSXHVGDGDODDPSOLWXGGHOIHQyPHQRGHOLFWLYRHQQXHVWUDVRFLHGDGODPHWRGRORJtD\ ODWpFQLFDGHEHQHVWDUGLVSRQLEOHVSDUDVXDSOLFDFLyQ\ HMHUFLFLR SRU WRGRV ORV LQYHVWLJDGRUHV \ QR H[FHSFLRQDOPHQWH SRUXQR R DOJXQRV GH HOORV8Q DVSHFWR LPSRUWDQWH SDUD ORJUDU HVWR HVHVFODUHFLHQGR OR TXH GHEHQ VHU ORV IXQGDPHQWRVPHWRGROyJLFRV GHHVWD SURIHVLyQ ([SORUDQGR HQ QXHVWURPHGLR ODV EDVHV WHyULFDV \IXQGDPHQWDOPHQWH PHWRGROyJLFDV TXH QR HVWiQ GDGDV VyOR SRU OD&ULPLQRORJtD\HO'HUHFKRVLQRSRUHOVDEHUFULPLQDOtVWLFRHQVHQWLGRSURSLR\ODPHWRGRORJtDGHODLQYHVWLJDFLyQGHODVFLHQFLDV

$KRUDELHQVLHQGRHOFULPHQPLVPRHOUHVXOWDGRGHXQDFRQGXFWDKXPDQDPDQLIHVWDGDHQVXVHIHFWRVPDWHULDOPHQWHTXHPHQRVFDEDHQPD\RURPHQRUPHGLGDDODSHUVRQD\DODVRFLHGDGFRPRIHQyPHQRKXPDQRSRVHHXQDGLPHQVLyQFRPSOHMDTXHHVSUHFLVDPHQWHODTXHOHGDXQD HVSHFLDO FDUDFWHUtVWLFD \ RIUHFHSDUWLFXODUHVGLFXOWDGHV DHVWHWLSRGHLQYHVWLJDFLyQSRUXQODGRHQPDUFDGDHQODVFLHQFLDVGHODQDWXUDOH]DSRUVXVUHVXOWDGRVHQHOPXQGR\SRURWURHQODVFLHQFLDVVRFLDOHV\TXHGHEHQIXQGDPHQWDUOD

(Q HO DUWtFXOR FLWDGR TXHGDURQ SHQGLHQWHV YDULRV DVSHFWRV XQRGHHOORV IXHHO UHODWLYRDOSDUDGLJPDGH OD LQYHVWLJDFLyQFXDOLWDWLYDTXHWUDWDUHPRVGHH[SORUDUEUHYHPHQWHDTXt\TXHQRVSDUHFHSXHGHD\XGDUDOOHQDUHVHYDFtR

(VWRUHIXHU]DHOVHQWLGRGHSURIHVLyQFRPRDOJRTXHYDPiVDOOiGHGLIHUHQFLDVPHUDPHQWHHQWUHEXHQRVRPDORVLQYHVWLJDGRUHV(VDVGLIHUHQFLDVVLHPSUHH[LVWLUiQFRPRSHUVRQDVFRQHVSHFLDOHVGRWHV LQGDJDWRULDV3HURREYLDPHQWHQRVRQVXFLHQWHVSDUDFDUDFWHUL]DUXQDLQVWLWXFLyQGHVHUYLFLRS~EOLFR4XHRFXUUHHQHOPXQGR


(VFULEtDPRVHQORVSULPHURVSiUUDIRVGHODUWtFXORFLWDGR

(O FULPHQTXH HV HO REMHWRGHGLOXFLGDFLyQ FULPLQDOtVWLFD HVXQD GLPHQVLyQ KXPDQD VH LQVHUWD tQWLPDPHQWH HQ OD YLGDPLVPD \ VL ELHQ VHPDQLHVWDPDWHULDOPHQWH HQ ORV REMHWRVHQ ODV FRVDV HQ ORV LQGLFLRV HQ HO HVFHQDULR ItVLFRGHOPLVPRTXHGDQRULJHQD ODHYLGHQFLD\D ODSUXHEDVXVUDtFHVVXVPRWLYDFLRQHVFRQFUHWDVHQHOFDVRSDUWLFXODUVHHQFXHQWUDQGHXQDXRWUDPDQHUDWDPELpQHQORSURIXQGRORRFXOWRGHODOPDHQODVKLVWRULDVSUHYLDVHQORVGHVHRVHQODSDVLyQORVYLFLRVORVGHIHFWRVD~QHQODVYLUWXGHVSRUSDUDGRMDOTXHQRVSDUH]FDHQYLVLRQHVGLVWLQWDV\HQRFDVLRQHVH[WUHPDVTXHFRQVWUX\HQRWURVPXQGRV\TXHVHSDUDQUHODWLYDPHQWHHQORDQWLVRFLDODOLQIUDFWRURFDVLRQDOGHDTXHOTXHKDFHGHOGHOLWRXQPRGRGHYLYLU(VWRHVORTXHOHGDXQDYLVLyQGLVWLQWD\HVSHFLDODODLQYHVWLJDFLyQFULPLQDOORTXHODKDFHYLYD\FRPSOHMDWDQFRPSOHMDFRPRODYLGDPLVPDHQODFXDOVHLQVHUWD\TXHODKDFHWDPELpQXQDUWHHQTXH WLHQH OXJDU OD FRPSUHQVLyQ OD LQWXLFLyQSURIXQGD\ ODH[SHULHQFLDGHYLGDGHOLQYHVWLJDGRU>@

(VWD HV XQD GLPHQVLyQ D OD TXH QR VH DGDSWD IiFLOPHQWH ODPHWRGRORJtDGHLQYHVWLJDFLyQFXDQWLWDWLYD\TXHHVPiVSURSLDGHODLQYHVWLJDFLyQ VRFLDO HVWR HV HQ WpUPLQRV GH FLHQFLDV VRFLDOHV TXHHVGRQGHVXUJHHOSDUDGLJPDFXDOLWDWLYR$VtHVSUHFLVRFDUDFWHUL]DUOD LQYHVWLJDFLyQ FULPLQDO DSOLFDQGR R QHFHVLWDQGR GH XQ PRGHORLQYHVWLJDWLYRPL[WRGHLQYHVWLJDFLyQWDQWRFXDQWLWDWLYDHQORUHODWLYRD ORV LQGLFLRV \ OD HYLGHQFLD SRU HMHPSOR FRPR FXDOLWDWLYD HQ ORFRQFHUQLHQWHDODHQFXHVWDDOWUDEDMRGHFDPSRDODVSHFWRWHVWLPRQLDOUHODWLYRDODVSHUVRQDVSURWDJRQLVWDVGHORVKHFKRV\HOQLFKRVRFLDOHQTXHVHLQVHUWDFRQWRGRVVXVHOHPHQWRV

3RU TXp OD LQYHVWLJDFLyQ FXDOLWDWLYD"8QD EUHYH FDUDFWHUL]DFLyQGH OD LQYHVWLJDFLyQ FXDOLWDWLYD \ VX GLIHUHQFLD FRQ OD LQYHVWLJDFLyQFXDQWLWDWLYDQRVLOXVWUDUiVREUHHOOR+D\TXHVHxDODUTXHVHPDQWLHQHQDVXUHVSHFWRODVGLIHUHQFLDVFRQODLQYHVWLJDFLyQFULPLQDOHQORUHODWLYRDREMHWLYRVWLHPSRV\VREUHWRGRODUtJLGDQRUPDWLYDTXHDFRPSDxDODYDOLGH]GHHVWD~OWLPDHWFGHPDQHUDTXHVHSUHFLVDHQWHQGHUODHQSULQFLSLRDOLJXDOTXHHQHOFDVRGHODLQYHVWLJDFLyQFXDQWLWDWLYDFRPRXQFDVRHVSHFLDOGHODLQYHVWLJDFLyQFXDOLWDWLYD

(QVHQWLGRDPSOLRORTXHGHQWURGHODFODVLFDFLyQGHODVFLHQFLDVFRPSUHQGHPXFKRPiVTXHODVROD6RFLRORJtDFRPRGLVFLSOLQD


(Q OD LQYHVWLJDFLyQ FXDQWLWDWLYD OD PHGLFLyQ HV IXQGDPHQWDO DOSXQWRTXHFRPRVHFLWDHQXQFRQRFLGROLEURGHItVLFDVyORVHVDEHTXHVHVDEHFXiQGRVHSXHGHPHGLU(QODLQYHVWLJDFLyQFXDOLWDWLYDODPHGLFLyQHVUHOHJDGDDXQVHJXQGRSODQRRQRH[LVWH\IUHFXHQWHPHQWHQRVHSXHGHRHVPX\GLItFLOGHUHDOL]DUSHURIXQGDPHQWDOPHQWHHOODQRHVQHFHVDULDPHQWHSDUWHGHODPHWRGRORJtDHPSOHDGD

6H OD VHxDOD FRPR XQ PpWRGR GH LQYHVWLJDFLyQ XWLOL]DGRSULQFLSDOPHQWH HQ ODV FLHQFLDV VRFLDOHV TXH VH VRSRUWD VREUHFRUWHV PHWRGROyJLFRV EDVDGRV HQ SULQFLSLRV WHyULFRV WDOHV FRPROD IHQRPHQRORJtD KHUPHQpXWLFD OD LQWHUDFFLyQ VRFLDO HPSOHDQGRPpWRGRVGHUHFROHFFLyQVRFLDOGHGDWRVTXHQRVRQFXDQWLWDWLYRVFRQHOSURSyVLWRGHH[SORUDUODVUHODFLRQHVVRFLDOHV\GHVFULELUODUHDOLGDGWDOFRPRHVH[SHULPHQWDGD

/DPLVPDIXHQWHVLJXH/D LQYHVWLJDFLyQFXDOLWDWLYDUHTXLHUHXQSURIXQGRHQWHQGLPLHQWRGHOFRPSRUWDPLHQWRKXPDQR\ODVUD]RQHVTXH OR JRELHUQDQ $ GLIHUHQFLD GH OD LQYHVWLJDFLyQ FXDQWLWDWLYD ODLQYHVWLJDFLyQFXDOLWDWLYDEXVFDH[SOLFDUODVUD]RQHVGHORVGLIHUHQWHVDVSHFWRVGHWDOFRPSRUWDPLHQWR(QRWUDVSDODEUDVLQYHVWLJDHOSRUTXp\HOFyPRVHWRPyXQDGHFLVLyQHQFRQWUDVWHFRQODLQYHVWLJDFLyQFXDQWLWDWLYD OD FXDO EXVFD UHVSRQGHU SUHJXQWDV WDOHV FRPR FXiOGyQGH FXiQGR /D LQYHVWLJDFLyQ FXDOLWDWLYD VH EDVD HQ OD WRPD GHPXHVWUDVSHTXHxDVHVWRHVHQODREVHUYDFLyQGHJUXSRVGHSREODFLyQUHGXFLGRVFRPRVDODVGHFODVHHWF

(QFXDQWRDVXPpWRGRODLQYHVWLJDFLyQFXDOLWDWLYDVH\HUJXHVREUHXQDEDVHGLVWLQWD/DLQYHVWLJDFLyQFXDQWLWDWLYDVXUJHHQHOHQWRUQRDXQFRQRFLPLHQWRH[SOLFDWLYRFDXVDOFRQXQFRQWH[WRGHMXVWLFDFLyQYHULFDFLyQ IDOVDFLyQ HQ WDQWR TXH OD LQYHVWLJDFLyQ FXDOLWDWLYD ORKDFHHQWpUPLQRVGHXQFRQRFLPLHQWRFRPSUHQVLYRHQXQFRQWH[WRGHGHVFXEULPLHQWRFRQRFLPLHQWRGHODUHDOLGDG\JHQHUDFLyQGHWHRUtDV

:LOOLDP7KRPVRQ /RUG.HOYLQ )UHFXHQWHPHQWH GLJR TXH FXDQGR8GSXHGHPHGLUDTXHOORGHORTXHHVWiKDEODQGR\H[SUHVDUORHQQ~PHURV8GVDEHDOJRGHHOORSHURFXDQGR8GQRSXHGHH[SUHVDUORHQQ~PHURVVXFRQRFLPLHQWRHVSREUH\GHXQDFDOLGDGSRFRVDWLVIDFWRULDSXHGHVHUHOSULQFLSLRGHOFRQRFLPLHQWRSHURHQVXVSHQVDPLHQWRV8GDSHQDVKDDYDQ]DGRDOHVWDGRGH&LHQFLDFXDOTXLHUDVHDHODVXQWRGHTXHVHWUDWH5HVQLFN\+DOOLGD\)tVLFD(G&RQWLQHQWDOSS\:LNLSHGLD,QYHVWLJDFLyQFXDOLWDWLYD:LNLSHGLDFLW VXSUD$TXtHVFRQYHQLHQWH UHVDOWDUTXHHQ OD OLWHUDWXUDUHVSHFWLYDHQDPERV WLSRVGH LQYHVWLJDFLyQVXHOHQXWLOL]DUVHFRPRHMHPSORFDVRVGH OD LQYHVWLJDFLyQFULPLQDO3XHGHSDUHFHUQRV HQSULQFLSLR DMHQR\QRDWLQJHQWHV HVWRV FRQFHSWRV \ H[SUHVLRQHV


3DUD FDUDFWHUL]DUOD VH OH KDQ DSOLFDGR GHQLFLRQHV FRPR ODVVLJXLHQWHV

/D LQYHVWLJDFLyQ FXDOLWDWLYD HV XQ FDPSR LQWHUGLVFLSOLQDULRWUDQVGLVFLSOLQDULR \ HQ PXFKDV RFDVLRQHV FRQWUDGLVFLSOLQDU$WUDYLHVD ODVKXPDQLGDGHV ODV FLHQFLDV VRFLDOHV\ ODV ItVLFDV/DLQYHVWLJDFLyQFXDOLWDWLYDHVPXFKDVFRVDVDOPLVPRWLHPSR(VPXOWLSDUDGLJPiWLFDHQVXHQIRTXH/RVTXHODSUDFWLFDQVRQVHQVLEOHVDOYDORUGHOHQIRTXHPXOWLPHWyGLFR(VWiQVRPHWLGRVDODSHUVSHFWLYDQDWXUDOLVWD\DODFRPSUHQVLyQLQWHUSUHWDWLYDGH OD H[SHULHQFLD KXPDQD $O PLVPR WLHPSR HO FDPSR HVLQKHUHQWHPHQWHS~EOLFR\FRQVWUXLGRSRUP~OWLSOHVSRVLFLRQHVpWLFDV\SROtWLFDV

8QD FDWHJRUtD GH GLVHxRV GH LQYHVWLJDFLyQ TXH H[WUDHQGHVFULSFLRQHVDSDUWLUGHREVHUYDFLRQHVTXHDGRSWDQODIRUPDGH HQWUHYLVWDV QDUUDFLRQHV QRWDV GH FDPSR JUDEDFLRQHVWUDQVFULSFLRQHVGHDXGLR\YLGHRFDVHWHVUHJLVWURVHVFULWRVGHWRGRWLSRIRWRJUDItDVRSHOtFXODV\DUWHIDFWRV

(OPpWRGRFXDOLWDWLYRRPpWRGRQRWUDGLFLRQDO>@VHRULHQWDD SURIXQGL]DU FDVRV HVSHFtFRV \ QR D JHQHUDOL]DU 6XSUHRFXSDFLyQQR HV SULRULWDULDPHQWHPHGLU VLQR FXDOLFDU \GHVFULELUHOIHQyPHQRVRFLDODSDUWLUGHUDVJRVGHWHUPLQDQWHVVHJ~Q VHDQ SHUFLELGRV SRU ORV HOHPHQWRV PLVPRV TXH HVWiQGHQWUR GH OD VLWXDFLyQ HVWXGLDGD /RV LQYHVWLJDGRUHV TXHXWLOL]DQHOPpWRGRFXDOLWDWLYREXVFDQHQWHQGHUXQDVLWXDFLyQVRFLDOFRPRXQWRGRWHQLHQGRHQFXHQWDVXVSURSLHGDGHV\VXGLQiPLFD

SHURWUDGXFHQWpFQLFDPHQWHHQWpUPLQRVGHODLQYHVWLJDFLyQFXDOLWDWLYDSDUiPHWURVELHQFRQRFLGRVGHODLQYHVWLJDFLyQFULPLQDO'HOPLVPRPRGRHQORTXHVLJXH


$OJXQDVRWUDVGHVXVFDUDFWHUtVWLFDVVRQODVVLJXLHQWHV

D (VLQGXFWLYD

E (O LQYHVWLJDGRU YH HO HVFHQDULR \ ODV SHUVRQDV GHVGH XQDSHUVSHFWLYDKROtVWLFDODVSHUVRQDVORVHVFHQDULRVRORVJUXSRVQRVRQUHGXFLGRVDYDULDEOHVVLQRFRQVLGHUDGRVFRPRXQWRGR

F 3DUD HO LQYHVWLJDGRU FXDOLWDWLYR WRGDV ODV SHUVSHFWLYDV VRQYDOLRVDV\WRGRVORVHVFHQDULRVVRQGLJQRVGHHVWXGLR

G /DLQWHUYHQFLyQVHUHDOL]DDWUDYpVGHXQSURORQJDGRHLQWHQVRFRQWDFWRFRQHOFDPSRRVLWXDFLyQGHYLGD

H 6HXWLOL]DQUHODWLYDPHQWHSRFRVLQVWUXPHQWRVHVWDQGDUL]DGRV(OLQYHVWLJDGRUHVHOSULQFLSDOLQVWUXPHQWRGHPHGLGD

.HUOLQJHU\/HHDQRWDQFXDWURGLIHUHQFLDVHQWUHODLQYHVWLJDFLyQFXDQWLWDWLYD\ODLQYHVWLJDFLyQFXDOLWDWLYD

,19(67,*$&,1&8$17,7$7,9$

,19(67,*$&,1&8$/,7$7,9$

(PDQDGHODWUDGLFLyQSRVWSRVLWLYLVWDORVSULQFLSDOHVFRQVWLWX\HQWHVVRQORVREMHWRVItVLFRV\ORVSURFHVRV

(PDQDGHODSHUVSHFWLYDIHQRPHQROyJLFD\HQIDWL]DHYHQWRVPHQWDOHVLQWHUQRVFRPRODXQLGDGEiVLFDGHODH[LVWHQFLD

$VXPHTXHHOFRQRFLPLHQWRSURYLHQHGHODREVHUYDFLyQGHOPXQGRH[WHUQR

(OFRQRFLPLHQWRVHFRQVWUX\HDFWLYDPHQWH\SURYLHQHGHOH[DPHQGHORVFRQVWUXFWRVLQWHUQRVGHODVSHUVRQDV

(OLQYHVWLJDGRULQHUHFRQEDVHHQREVHUYDFLRQHVGLUHFWDVRGHULYDGDVGHREVHUYDFLRQHVGLUHFWDV

(OLQYHVWLJDGRUVHEDVDHQHVTXHPDVREVHUYDFLRQDOHVH[WHUQRVHLQWHQWDPDQWHQHULQWDFWDODSHUVSHFWLYDGHORVSDUWLFLSDQWHV

/DPHWDFRQVLVWHHQGHVFULELUFDXVD\HIHFWR

,QWHQWDGHVFULELUODVIRUPDVHQTXHODJHQWHGDVLJQLFDGRDOFRPSRUWDPLHQWR

7D\ORU\%RGJDQ(VWDVFDUDFWHUtVWLFDVODVHQFRQWUDPRVWDPELpQHQODLQYHVWLJDFLyQFULPLQDO)UHG1.HUOLQJHU\+RZDUG%/HH,QYHVWLJDFLyQGHOFRPSRUWDPLHQWR0pWRGRVGHLQYHVWLJDFLyQHQFLHQFLDVVRFLDOHV0F*UDZ+LOOS


(QFXDQWRDVXVPpWRGRVPiVHVSHFtFRVVHPHQFLRQDQ

D /D LQYHVWLJDFLyQ DFFLyQ 8QD LQYHVWLJDFLyQ TXH LQWHQWDSURPRYHU TXH XQ FROHFWLYR VRFLDO LGHQWLTXH SUREOHPDV \EXVTXH VROXFLRQDUORV PHGLDQWH SURFHGLPLHQWRV GH DFFLyQVLVWHPiWLFD\E~VTXHGDGHYtDVGHVROXFLyQ

E (OPpWRGRELRJUiFRRKLVWRULDVGHYLGD

F (O PpWRGR KHUPHQpXWLFR (Q VHQWLGR DPSOLR PpWRGR TXHXVDFRQVFLHQWHRLQFRQVFLHQWHPHQWHWRGRLQYHVWLJDGRU\DTXHODPHQWHKXPDQDHVSRUQDWXUDOH]DLQWHUSUHWDWLYD

G (OPpWRGR FRPSDUDWLYR FRQVWDQWH (VWXGLD JUXSRV KXPDQRVFRQFUHWRV EXVFDQGR XQD H[SOLFDFLyQ UD]RQDEOH GH VXFRPSRUWDPLHQWR

H (O PpWRGR HWQRJUiFR 'HVFULSFLyQ HQ SURIXQGLGDG GH XQJUXSRKXPDQRFRQHOQGHGHWHFWDUHVWUXFWXUDV

I /DIHQRPHQRORJtD,QYHVWLJDFLyQVLVWHPiWLFDGHODVXEMHWLYLGDGHO HVWXGLR GH OD H[SHULHQFLD YLWDO GHOPXQGR GH OD YLGD \ ODVXEMHWLYLGDG

J /D WHRUtD IXQGDPHQWDGD %DVDGD HQ HO LQWHUDFFLRQLVPRVLPEyOLFR LQWHQWDQGRGHWHUPLQDUHO VLJQLFDGRVLPEyOLFRGHORVFRQWHQLGRVLQWHQWDQGRFRQVWUXLUORTXHORVSDUWtFLSHVGHXQJUXSRVRFLDOYHQFRPRVXUHDOLGDG

1R KD\ HVSDFLR SDUD GHVDUUROODU DSURSLDGDPHQWH FDGD XQR GHHVWRVPpWRGRV \ VX DSOLFDFLyQ FRQFUHWD HQ OD LQYHVWLJDFLyQ FULPLQDOSHURH[LVWHDEXQGDQWHELEOLRJUDItD VREUHDTXHOORV6LQHPEDUJRXQDEUHYHUHVHxDSRGUtDVHUYLUQRVSDUDUHFRQRFHUJUDQSDUWHGHQXHVWUDVDFWLYLGDGHVLQYHVWLJDWLYDVHQORVPLVPRVGHVGHOXHJRTXHFRQHOFDUiFWHUVLQJXODUTXHODKDFHXQDSURIHVLyQGLVWLQWDSURSLDPHQWHWDO3DUDHOORLQWHQWDUHPRV XWLOL]DU XQ FXDGUR TXH UHVXOWH LOXVWUDWLYR FRPSDUDQGRFDUDFWHUtVWLFDV GH OD LQYHVWLJDFLyQ FXDQWLWDWLYD OD FXDOLWDWLYD \H[WUDSRODQGRHQPLRSLQLyQORUHODWLYRDQXHVWUDLQTXLVLWRULD

(VQHFHVDULRUHFDOFDUTXHGHEHPRVVHUFDSDFHVUHFRQRFHUHVWDVFDUDFWHUL]DFLRQHVHQORVIXQGDPHQWRVGHQXHVWURVSURSLRVPpWRGRVHQVXGLPHQVLyQTXHDOLJXDOTXHHQHOFDVRGHODLQYHVWLJDFLyQFXDQWLWDWLYDFRPRVHUHHUHHQHOWUDEDMRDQWHULRUFLWDGRQRFRLQFLGHFRQORVREMHWLYRVJHQHUDOHVGHODFLHQFLDORTXHQRREVWDDVXDSOLFDFLyQ(VWHFROHFWLYRHVLGHQWLFDEOHFRQHOHTXLSRRFRQMXQWRGHLQYHVWLJDGRUHVDFDUJRGHXQFDVR/RDJUHJD0DUWLQH]0HQ/DLQYHVWLJDFLyQFXDOLWDWLYDVtQWHVLVFRQFHSWXDO,QWHUQHW(OFXDGURHVXQDDGDSWDFLyQ\H[WHQVLyQGHOSXEOLFDGRSRU5REHUWR+HUQiQGH]HWDO0HWRGRORJtDGHODLQYHVWLJDFLyQ0F*UDZ+LOOSS


81$&203$5$&,1(175(,19(67,*$&,1&8$17,7$7,9$&8$/,7$7,9$


2EMHWLYLGDG%XVFDVHUREMHWLYR $GPLWHVXEMHWLYLGDG

$FRJHDPEDVSHUVSHFWLYDV

0HWDVGHLQYHVWLJDFLyQ

'HVFULELUH[SOLFDU\SUHGHFLUORVIHQyPHQRVFDXVDOLGDG*HQHUDU\SUREDUWHRUtDV

'HVFULELUFRPSUHQGHUHLQWHUSUHWDUORVIHQyPHQRVDWUDYpVGHODVSHUFHSFLRQHV\VLJQLFDGRVSURGXFLGRVSRUODVH[SHULHQFLDVGHORVSDUWLFLSDQWHV

'HVFULELUFRPSUHQGHULQWHUSUHWDU\H[SOLFDUFDXVDOPHQWHORVIHQyPHQRVDSDUWLUGHODVSHUFHSFLRQHV\VLJQLFDGRVSURGXFLGRVSRUODVH[SHULHQFLDVGHVXVLQGLFLRVHYLGHQFLDV\GHPiVPHGLRVGHSUXHED

/yJLFD 6HDSOLFDODOyJLFDGHGXFWLYD'HORJHQHUDODORSDUWLFXODUGHODVOH\HVRWHRUtDVDORVGDWRV3RVLWLYLVPRQHRSRVLWLYLVPR\SRVWSRVLWLYLVPR

6HDSOLFDODOyJLFDLQGXFWLYD'HORSDUWLFXODUDORJHQHUDOGHORVGDWRVDODVJHQHUDOL]DFLRQHVQRHVWDGtVWLFDV\ODWHRUtD3RVLWLYLVPRQHRSRVLWLYLVPR\SRVWSRVLWLYLVPR

$PEDVOyJLFDVVRQXWLOL]DGDV

5HODFLyQHQWUHFLHQFLDVItVLFDVQDWXUDOHV\VRFLDOHV

6RQGLIHUHQWHVQRVHDSOLFDQORVPLVPRVSULQFLSLRV

6RQXQDXQLGDG$ODVFLHQFLDVVRFLDOHVSXHGHQDSOLFiUVHOHVORVSULQFLSLRVGHODVFLHQFLDVQDWXUDOHV

/DLQYHVWLJDFLyQFULPLQDOFRPRGLVFLSOLQDHPStULFDSDUWLFLSDGHWRGDVHOODVHQODPHGLGDHQTXHOHVRQ~WLOHVDVXVQHV


3RVLFLyQSHUVRQDOGHOLQYHVWLJDGRU

1HXWUDO(OLQYHVWLJDGRUKDFHDXQODGRVXVSURSLRVYDORUHV\FUHHQFLDV/DSRVLFLyQGHOLQYHVWLJDGRUHVLPSDUFLDOLQWHQWDDVHJXUDUSURFHGLPLHQWRVULJXURVRV\REMHWLYRVGHUHFROHFFLyQ\DQiOLVLVGHORVGDWRVDVtFRPRHYLWDUTXHVXVVHVJRV\WHQGHQFLDVLQX\DQHQORVUHVXOWDGRV

([SOtFLWD(OLQYHVWLJDGRUUHFRQRFHVXVSURSLRVYDORUHV\FUHHQFLDVLQFOXVRVRQSDUWHGHOHVWXGLR

(OLQYHVWLJDGRUVHPXHYHGHQWURGHDPEDVSRVLFLRQHVQHXWUDO\SRURWURODGRFRPSURPHWLGR

,QWHUDFFLyQItVLFDHQWUHHOLQYHVWLJDGRU\HOIHQyPHQR

'LVWDQFLDGDVHSDUDGD

3Uy[LPDVXHOHKDEHUFRQWDFWR

6HSDUDGDHQSULQFLSLRVHYXHOYHSUy[LPDFRPSURPHWLGDHLQPHGLDWDDPHGLGDTXHODLQYHVWLJDFLyQDYDQ]D

,QWHUDFFLyQSVLFROyJLFDHQWUHHOLQYHVWLJDGRU\HOIHQyPHQR

'LVWDQFLDGDOHMDQDQHXWUDOVLQLQYROXFUDPLHQWR

&HUFDQDSUy[LPDHPSiWLFDFRQLQYROXFUDPLHQWR

(OLQYHVWLJDGRUVHLQYROXFUDHQODLQYHVWLJDFLyQ\HOVRVWHQLPLHQWRGHODDFFLyQLQYHVWLJDWLYD

5HODFLyQHQWUHHOLQYHVWLJDGRU\HOIHQyPHQRLQYHVWLJDGR

'HLQGHSHQGHQFLD\QHXWUDOLGDGQRVHDIHFWDQ6HVHSDUDQ

'HLQWHUGHSHQGHQFLDVHLQX\HQ1RVHVHSDUDQ

6HGDQDPEDVFLUFXQVWDQFLDVHQGLVWLQWRVDVSHFWRV


3ODQWHDPLHQWRGHOSUREOHPD

'HOLPLWDGRDFRWDGRHVSHFtFR3RFRH[LEOH

$ELHUWROLEUHQRHVGHOLPLWDGRRDFRWDGR0X\H[LEOH

(VGHOLPLWDGR\HVSHFtFRSHURDOFRPLHQ]RHVFRQRFLGRVyORHQVXVUDVJRVPiVJHQHUDOHV(OSUREOHPDHVGLPHQVLRQDGRHQHOWUDQVFXUVRGHODLQYHVWLJDFLyQRGHVGHHOSULQFLSLRGHDFXHUGRDVXVFDUDFWHUtVWLFDV

8VRGHODWHRUtD /DWHRUtDVHXWLOL]DSDUDDMXVWDUVXVSRVWXODGRVDOPXQGRHPStULFR

/DWHRUtDHVXQPDUFRGHUHIHUHQFLD

6HGDQDPERVXVRV+D\XQDLQWHUSUHWDFLyQWHyULFDGHORVKHFKRVTXHGHEHVHUFRQJUXHQWHFRQORVWHVWLPRQLRVORLQGLFLRV\ODVHYLGHQFLDVDVtFRPRWHRUtDVPiVDPSOLDV

*HQHUDFLyQGHODWHRUtD

/DWHRUtDHVJHQHUDGDDSDUWLUGHFRPSDUDUODLQYHVWLJDFLyQSUHYLDFRQORVUHVXOWDGRVGHOHVWXGLR'HKHFKRHVWRVVRQXQDH[WHQVLyQGHORVHVWXGLRVSUHYLRV

/DWHRUtDQRVHIXQGDPHQWDHQHVWXGLRVDQWHULRUHVVLQRTXHVHJHQHUDRFRQVWUX\HDSDUWLUGHORVGDWRVHPStULFRVREWHQLGRV\DQDOL]DGRV

(QFXDQWRDORVKHFKRVODWHRUtDVHFRQVWUX\HDSDUWLUGHORVKDOOD]JRVLQYHVWLJDWLYRV$SDUWLUGHORVGDWRVHPStULFRVREWHQLGRVHQVXDSOLFDFLyQDORVWHVWLPRQLRVORVLQGLFLRV\ODHYLGHQFLD\RWURVDVSHFWRVTXHLPSOLFDQODLQWHUYHQFLyQGHRWUDVGLVFLSOLQDVDSDUWLUGHFRQRFLPLHQWRVSUHYLRV


3DSHOGHODUHYLVLyQGHODOLWHUDWXUD

/DOLWHUDWXUDMXHJDXQSDSHOFUXFLDOJXtDDODLQYHVWLJDFLyQ(VIXQGDPHQWDOSDUDODGHQLFLyQGHODWHRUtDODVKLSyWHVLVHOGLVHxR\GHPiVHWDSDVGHOSURFHVR

/DOLWHUDWXUDGHVHPSHxDXQSDSHOPHQRVLPSRUWDQWHDOLQLFLRDXQTXHVLHVUHOHYDQWHHQHOGHVDUUROORGHOSURFHVR(QRFDVLRQHVSURYHHGHGLUHFFLyQSHURORTXHSULQFLSDOPHQWHVHxDODHOUXPERHVODHYROXFLyQGHHYHQWRVGXUDQWHHOHVWXGLR\HODSUHQGL]DMHTXHVHREWLHQHGHORVSDUWLFLSDQWHV(OPDUFRWHyULFRHVXQHOHPHQWRTXHD\XGDDMXVWLFDUODQHFHVLGDGGHLQYHVWLJDUXQSUREOHPDSODQWHDGR$OJXQRVDXWRUHVGHOHQIRTXHFXDOLWDWLYRFRQVLGHUDQTXHVXUROHV~QLFDPHQWHDX[LOLDU

/DOLWHUDWXUDHQWpUPLQRVFRQRFLPLHQWRVSUHYLRV\FDVXtVWLFDFRQVWLWX\HXQDH[SHULHQFLDVLJQLFDWLYD

5HYLVLyQGHODOLWHUDWXUD\ODVYDULDEOHVRFRQFHSWRVGHHVWXGLR

(OLQYHVWLJDGRUKDFHXQDUHYLVLyQGHODOLWHUDWXUDHQJUDQPHGLGDSDUDEXVFDUYDULDEOHVVLJQLFDWLYDVTXHSXHGDQVHUPHGLGDV

(OLQYHVWLJDGRUPiVTXHIXQGDPHQWDUVHHQODUHYLVLyQGHODOLWHUDWXUDSDUDVHOHFFLRQDU\GHQLUODVYDULDEOHVRFRQFHSWRVFODYHGHHVWXGLRFRQItDHQHOSURFHVRPLVPRGHLQYHVWLJDFLyQSDUDLGHQWLFDUORV\GHVFXEULUFyPRVHUHODFLRQDQ

(OLQYHVWLJDGRUVHEDVDHQHOSURFHVRPLVPRGHODLQYHVWLJDFLyQ\VXVUHVXOWDGRVSDUDLGHQWLFDUORV\GHVFXEULUFyPRVHUHODFLRQDQSHURFRQVLGHUDFDVRVSUHYLRVTXHSXHGHQUHVXOWDULOXVWUDWLYRV


+LSyWHVLV 6HSUXHEDQKLSyWHVLVeVWDVVHHVWDEOHFHQSDUDDFHSWDUODVRUHFKD]DUODVGHSHQGLHQGRGHOJUDGRGHFHUWH]DSUREDELOLGDG

6HJHQHUDQKLSyWHVLVGXUDQWHHOHVWXGLRRDOQDOGHpVWH

6HJHQHUDQ\SUXHEDQKLSyWHVLVHQDPEDVPRGDOLGDGHV

'LVHxRGHLQYHVWLJDFLyQ

(VWUXFWXUDGRSUHGHWHUPLQDGRSUHFHGHDODUHFROHFFLyQGHORVGDWRV

$ELHUWRH[LEOHFRQVWUXLGRGXUDQWHHOWUDEDMRGHFDPSRRUHDOL]DFLyQGHOHVWXGLR

6HPLHVWUXFWXUDGRH[LEOHDSDUWLUGHORVSULPHURVDQWHFHGHQWHV\OXHJRFRQVWUXLGRGXUDQWHHOWUDEDMRGHFDPSR\ODLQYHVWLJDFLyQVLJXLHQWH

3REODFLyQPXHVWUD

(OREMHWLYRHVJHQHUDOL]DUORVGDWRVGHXQDPXHVWUDDXQDSREODFLyQGHXQJUXSRSHTXHxRDXQRPD\RUHVWRHQHOiPELWRVRFLDO

5HJXODUPHQWHQRVHSUHWHQGHJHQHUDOL]DUORVUHVXOWDGRVREWHQLGRVHQODPXHVWUDDXQDSREODFLyQ

1RSUHWHQGHJHQHUDOL]DUORVUHVXOWDGRVVLQRVyORVROXFLRQDUXQFDVR

0XHVWUD 6HLQYROXFUDDPXFKRVVXMHWRVHQODLQYHVWLJDFLyQSRUTXHVHSUHWHQGHJHQHUDOL]DUORVUHVXOWDGRVGHOHVWXGLR

6HLQYROXFUDXQRVFXDQWRVVXMHWRVSRUTXHQRVHSUHWHQGHQHFHVDULDPHQWHJHQHUDOL]DUORVUHVXOWDGRVGHOHVWXGLR

,QYROXFUDVyORORVVXMHWRVQHFHVDULRV

&RPSRVLFLyQGHODPXHVWUD

&DVRVTXHHQFRQMXQWRVRQHVWDGtVWLFDPHQWHUHSUHVHQWDWLYRV

&DVRVLQGLYLGXDOHVQRUHSUHVHQWDWLYRVGHVGHHOSXQWRGHYLVWDHVWDGtVWLFR

&DVRVLQGLYLGXDOHV1RSUHWHQGHUHSUHVHQWDFLyQHVWDGtVWLFDQLJHQHUDOL]DFLyQ

1DWXUDOH]DGHORVGDWRV

/DQDWXUDOH]DGHORVGDWRVHVFXDQWLWDWLYDGDWRVQXPpULFRV

/DQDWXUDOH]DGHORVGDWRVHVFXDOLWDWLYDGDWRVQDUUDFLRQHVHWF

/DQDWXUDOH]DGHORVGDWRVHVWDQWRFXDOLWDWLYDFRPRFXDQWLWDWLYDVHJ~QHOFDVR


)LQDOLGDGGHODQiOLVLVGHORVGDWRV

'HVFULELUODVYDULDEOHV\H[SOLFDUVXVFDPELRV\PRYLPLHQWRV

&RPSUHQGHUDODVSHUVRQDV\VXVFRQWH[WRV

$PERVHQHOFRQWH[WRGHORVUHTXHULPLHQWRVSHQDOHV\FULPLQDOtVWLFRV

3ULQFLSDOHVFULWHULRVGHHYDOXDFLyQHQODUHFROHFFLyQ\DQiOLVLVGHORVGDWRV

2EMHWLYLGDGULJRUFRQDELOLGDG\YDOLGH]

&UHGLELOLGDGFRQUPDFLyQYDORUDFLyQ\WUDQVIHUHQFLD

$PERV

(O FXDGUR \ ODV QRWDV DQWHULRUHV QR DJRWDQ HO WHPD GH ODLQYHVWLJDFLyQ FXDOLWDWLYD \ HQ SDUWLFXODU HQ VX UHODFLyQ FRQ ODLQYHVWLJDFLyQFULPLQDO+D\GLYHUVRVRWURVHOHPHQWRVLQWHUHVDQWHVTXHWRPDUHQFXHQWD\TXHUHTXHULUtDQVHUREMHWRGHFRQVLGHUDFLyQ/RTXHQRVSDUHFHLPSRUWDQWHHVUHFRQRFHUTXHJUDQSDUWHGHODVDFWLYLGDGHVLQYHVWLJDWLYDV TXH VH GHVDUUROODQ HQ HO iPELWR GH OD VHJXQGD HQWpUPLQRV JHQHUDOHV \ VDOYDQGR ODV GLIHUHQFLDV SURSLDV \D DQRWDGDVVRQ VHPHMDQWHV VLQR ODV PLVPDV GH ORV PpWRGRV GH LQYHVWLJDFLyQFXDOLWDWLYRV(OKDFHU HVWRSURSRUFLRQDXQDEDVHPHWRGROyJLFDPiVDPSOLD \ SURIXQGD D ORV SURFHGLPLHQWRV LQYHVWLJDWLYRV GHPDQHUDGH FRQJXUDU XQD LQYHVWLJDFLyQ FLHQWtFD PHWRGROyJLFDPHQWHDSURSLDGDHQ WRGRVXHVSHFWUR WDQWRFXDQWLWDWLYRFRPRFXDOLWDWLYR


VV9,9,$1%86726%$48(5,=2

/DSDUWLFLSDFLyQGHSVLFyORJRVHQHOiPELWRIRUHQVHQRHVQXHYD6LQHPEDUJRH[LVWHXQiUHDHQODTXHODDFWXDFLyQSURIHVLRQDOGHOSVLFyORJRHVPiVUHFLHQWHSHURQRSRUHOORPHQRVWUDVFHQGHQWH&RUUHVSRQGHDOiPELWRGHODLQYHVWLJDFLyQFULPLQDOtVWLFD

'HVGH KDFH DOJXQDV GpFDGDV HO SVLFyORJR KD LQFRUSRUDGR D VXTXHKDFHUWUDGLFLRQDOGHOHVWXGLRGHOFRPSRUWDPLHQWR\YDORUDFLyQGHLQGLYLGXRVWUiWHQVHGHYLFWLPDVLPSXWDGRVRWHVWLJRVODLQYHVWLJDFLyQFULPLQDOtVWLFD FHQWUDGD HQ ORV KHFKRV \ HQ HO OXJDU GH ORV KHFKRV$Vt ORV DSRUWHV UHDOL]DGRV HQ SUR GH HVWDEOHFHU ODV FDUDFWHUtVWLFDVVRFLRGHPRJUiFDV GH GHWHUPLQDGR JUXSR GH FULPLQDOHV FRPR ORVDVHVLQRV VHULDOHV KDQ VLGR YDOLRVtVLPRV 0iV UHFLHQWHPHQWH ODDXWRSVLDSVLFROyJLFDKDHQWUHJDGRODFODULGDGQHFHVDULDSDUDH[SOLFDU\FRPSUHQGHUVXLFLGLRVEL]DUURVR LQHVSHUDGRV/DPLUDGDGHVGH ODSHUVSHFWLYDSVLFROyJLFD\DVHDGHLQYROXFUDGRVRGHOVLWLRGHOVXFHVRHVLQGLVFXWLEOHHQODDFWXDOLGDG

/DFRQWULEXFLyQGHOSVLFyORJRVHKDFHQHFHVDULDHQWRGRKHFKRHQHOFXDOODFRQGXFWDFULPLQDOHVHYLGHQWH

(O SUHVHQWH DQiOLVLV SUHWHQGH VXJHULU XQ QXHYR iPELWR SDUDHO GHVHPSHxR GHO SVLFyORJR LQWHUHVDGR HQ OD FULPLQDOtVWLFDSDUWLFXODUPHQWH GLULJLGR DO WUDEDMR GH LQYHVWLJDFLyQ HQ WHUUHQRGLUHFWDPHQWHHQHOOXJDUGHORVKHFKRV(VWDLQWHUYHQFLyQHVWiOLJDGDDODLQYHVWLJDFLyQGHFDVRVFX\DVFDXVDVGHPXHUWHFDOLFDQHQODFDWHJRUtDGH 08(57( '( )250$ 0e',&2/(*$/ ,1'(7(50,1$'$(VWHWLSRGHPXHUWHHVDTXHOODHQODTXHQRHVSRVLEOHHVWDEOHFHUTXHHO IDOOHFLPLHQWR HV FRQVHFXHQFLD GH XQ DFFLGHQWH XQ VXLFLGLR R XQKRPLFLGLRH[LVWLHQGRODGHWHUPLQDFLyQGHODFDXVDSUHFLVD\QHFHVDULDGHODPXHUWH(OFDVRPiVIUHFXHQWHHVHOGHODSUHFLSLWDFLyQGHDOWXUDGHXQLQGLYLGXRTXHDSDUHQWHPHQWHVHHQFRQWUDEDVROR\GHOFXDOQR

0pGLFROHJLVWD\FULPLQDOLVWD8QLYHUVLGDGGH&KLOH3URIHVRUDGHODDVLJQDWXUD0HGLFLQD&ULPLQDOtVWLFD(VFXHODGH,QYHVWLJDFLRQHV3ROLFLDOHV

$57&8/2


H[LVWHQ DQWHFHGHQWHV TXH SHUPLWDQ VRVSHFKDU LGHDFLyQ VXLFLGD /DFDXVDGHPXHUWHDSUR[LPDGDHQHOOXJDU\FRQUPDGDSRUODDXWRSVLDVHUi GHQLGD FRPR SROLWUDXPDWLVPR SHUR FLHUWD LQWHUYHQFLyQ HQHO VLWLR GH VXFHVRSXHGHKDFHU VRVSHFKDU DO HTXLSR LQYHVWLJDGRU GHODSDUWLFLSDFLyQGH WHUFHURV FRPR ODFDPDHQGHVRUGHQ VHxDOHVGHUHJLVWURXRWURVVHPHMDQWHV

(VWD VLWXDFLyQ FRUUHVSRQGH D XQ SUREOHPD GH OD LQYHVWLJDFLyQSHULFLDO \SROLFLDO/DVFDXVDV VRQP~OWLSOHV HO UHWUDVRHQ LQLFLDU ODLQYHVWLJDFLyQSHUPLWLHQGRTXHHYLGHQFLDVVHSLHUGDQRGLVWRUVLRQHQOD LQWHUYHQFLyQ PDOLFLRVD \ QR PDOLFLRVD GHO VLWLR GH VXFHVRPRGLFDQGRSHTXHxRVGHWDOOHVTXHFRQJXUDQJUDQGHVGLIHUHQFLDVODFUHFLHQWHFRPSOHMLGDGGHODDFWLYLGDGFULPLQDOSDUWLFXODUPHQWHHQORUHODFLRQDGRFRQFULPHQRUJDQL]DGRRFRQQDUFRWUiFRODGLIXVLyQHQHOPXQGRFULPLQDOGHWpFQLFDVVRVWLFDGDV\XQPD\RUGRPLQLRGHODVFLHQFLDVFULPLQDOtVWLFDVSRUSDUWHGHORVGHOLQFXHQWHVIRUPDQSDUWHGHODVH[SOLFDFLRQHVSDUDHVWDVLWXDFLyQ

(QHVWDVRFDVLRQHVPXFKDVGHODVPXHUWHVGHIRUPDPpGLFROHJDOLQGHWHUPLQDGDVLQWHJUDUiQODFDWHJRUtDGH08(57(6263(&+26$DO HQFRQWUDUVH GHWHUPLQDGRV LQGLFLRV TXH VHxDOHQ OD SDUWLFLSDFLyQGHWHUFHURVSHURODLQH[LVWHQFLDGHHYLGHQFLDVRODGLVWRUVLyQGHODVPLVPDV KDUiQ LPSRVLEOH DYDQ]DU HQ OD LQYHVWLJDFLyQ FHQWUDGD HQSUXHEDV

(Q RFDVLRQHV FRPR OD SUHFHGHQWH VH KDFH LPSHULRVR LQFRUSRUDUDO SVLFyORJR DO HTXLSRGH WUDEDMRGHO VLWLR GH VXFHVR SDUDSHUPLWLUVX YDORUDFLyQ H[KDXVWLYD 5HFRUGHPRV TXH OD FRQGXFWD KXPDQD HVVLPEyOLFD\TXHORVIHQyPHQRVTXHVHDQDOL]DQGHEHQLPSHULRVDPHQWHVHULQWHUSUHWDGRVFRQWH[WXDGDPHQWHGLUHFWDPHQWHHQHOOXJDUGHORVKHFKRV(QHOORODE~VTXHGDGHVLJQLFDGRVGHODFRQGXFWDKXPDQDRGH ODVFRQVHFXHQFLDVGH ODVPLVPDVUHTXLHUHGHOFRQRFLPLHQWRGHXQ OHQJXDMH \ FyGLJRV H[WUDxRV \ DMHQRV DO HTXLSR LQYHVWLJDGRU GHVLWLRGH VXFHVRTXH HQQXHVWURPHGLR HVWi FRQVWLWXLGRSRUSROLFtDV\ SURIHVLRQDOHV FRPR ELyORJRV TXtPLFRV R PpGLFRV 3DUD WRGRVHOORV OD OHFWXUDGHO FRPSRUWDPLHQWR\ HO UHFRQRFLPLHQWRGH FLHUWDVVHxDVGHMDGDVSRUHOKHFKRUVHUiWDUHDLPSRVLEOHSRUORTXHGHEHUtDUHTXHULUVHHODSR\RGHOSVLFyORJRSDUDHQULTXHFHU\FRPSOHPHQWDUHOWUDEDMRGHOOXJDUGHORVKHFKRV

'H HVWD PDQHUD OD GHQLFLyQ GH OD IRUPD PHGLFROHJDO EDMR ODFDWHJRUtDGH08(57(6263(&+26$GHEHRULHQWDUODLQYHVWLJDFLyQGH FDPSR JHQHUDQGR XQDPHWRGRORJtD SDUWLFXODU \ HVSHFtFD SDUD


HVWRV FDVRV HQ OD TXH HO SVLFyORJR SDUWLFLSD MXQWR FRQ HO HTXLSRWUDGLFLRQDO HQ OD LQVSHFFLyQ RFXODU DSRUWDQGR ORV FRQRFLPLHQWRVH LQWHUSUHWDFLRQHVPiV DSURSLDGRV D ORV KDOOD]JRV GHWHFWDGRV HQ HOOXJDUWDQWRVREUHHOFDGiYHUFRPRHQORVHQVHUHV\PXHEOHVSUHVHQWHV

/DHYDOXDFLyQGHOVLWLRGHVXFHVRGHXQDPXHUWHVRVSHFKRVDUHTXLHUHHQWRQFHVGHODSR\RGHSVLFyORJRFRQRULHQWDFLyQFULPLQDOtVWLFDTXHYDORUHHLQWHUSUHWHORVVLJQLFDGRVGHOFRWLGLDQRGHHVHVLWLRGHVXFHVR\WDPELpQORVSURFHVRVDWLQJHQWHVDOHYHQWRTXHVHLQYHVWLJD

'HHVWDPDQHUDVHUiSRVLEOHGDUOHVHQWLGRDGHWHUPLQDGDVVLWXDFLRQHVTXH QR VRQ IiFLOPHQWH HYLGHQWHV SHUPLWLHQGR HO SODQWHDPLHQWR GHKLSyWHVLVODVTXHGDUiQGLUHFFLyQDODLQYHVWLJDFLyQ(OUDVWUHRGLULJLGRTXH VH HIHFW~D SRVWHULRUPHQWH GHEH UHVSRQGHU D ODV RULHQWDFLRQHVHVSHFtFDVTXHHO FDVRGHPDQGD FRQDFHQWRHQ ODE~VTXHGDGH ORVHOHPHQWRVTXHSHUPLWDQHVWUXFWXUDUODVFRPSUREDFLRQHVRGHVFDUWHVGHODVKLSyWHVLVSODQWHDGDV

/D LQIRUPDFLyQ H[WUDtGD GLUHFWDPHQWH GHO VLWLR GHO VXFHVR GHOIDOOHFLGR\FRPSOHPHQWDGDFRQORVDSRUWHVDQDOtWLFRGHGXFWLYRVGHOHTXLSRLQYHVWLJDGRUWRGRHOORHQWLHPSRUHDO\FRQWH[WXDGDPHQWHOHRWRUJDUiQSOHQDYDOLGH]DODVLQWHUSUHWDFLRQHV/DVHVWLPDFLRQHVTXHVHHVWDEOHFHUiQSXHGHQGHQLUQRVRORHOSHUOGHODJUHVRUVLQRTXHLJXDOPHQWHFLHUWDVFDUDFWHUtVWLFDVGHODYtFWLPDRGHODVFLUFXQVWDQFLDVHQODVTXHORVKHFKRVRFXUULHURQ

(Q OD DFWXDOLGDGH[LVWHQYDORUDFLRQHV FRQ WUDGXFFLyQSVLFROyJLFDGHDOJXQDVVLWXDFLRQHVSRVLEOHVGHHIHFWXDUHQHOVLWLRGHVXFHVRFRPRSRUHMHPSORODVUHODFLRQDGDVFRQHOWLSRGHDUPDTXHVHHPSOHyRODORFDOL]DFLyQ \ HO Q~PHUR GH ODV OHVLRQHV SURYRFDGDV HO HPSOHR GHXQD VLHUUD R GH XQ FXFKLOOR FXDOTXLHUD ORV GHVFXDUWL]DPLHQWRV TXHVXJLHUHQFRQRFLPLHQWRGHDQDWRPtDHOHPSOHRGHSUHVHUYDWLYRHQODVDJUHVLRQHVVH[XDOHVVRQFLUFXQVWDQFLDVTXHRULHQWDQKDFLDHOFULPLQDO\KDFLDSDUWLFXODULGDGHVGHODYtFWLPDVLQHPEDUJRHVWDVDSUHFLDFLRQHVWLHQGHQDODJHQHUDOL]DFLyQHQFLUFXQVWDQFLDVTXHODLQYHVWLJDFLyQGHFDVRVFULPLQDOHVVLHPSUHFRUUHVSRQGHDFDVRV~QLFRV

(VWHGLYRUFLRHQWUHODWHRUtDJHQHUDO\ODXQLFLGDGGHFDGDXQRGHORVHYHQWRVFULPLQDOHVTXHVHLQYHVWLJDQSXHGHVXSOLUVH\FRUUHJLUVHHQFDVRVHVSHFtFRVFRPRODVPXHUWHVVRVSHFKRVDV\ODVPXHUWHVGHIRUPDPpGLFROHJDO LQGHWHUPLQDGD LQFRUSRUDQGRDOSVLFyORJRHQODREVHUYDFLyQ\HYDOXDFLyQGHORVKHFKRVGLUHFWDPHQWH


/D FRPSUHQVLyQ GH HVWRV IHQyPHQRV LPSRVLEOHV GH GHWHUPLQDUSRUHOLQYHVWLJDGRUFULPLQDOSROLFLDORPpGLFRVHUiQXQJUDQDSR\R\JXtDHQODHVWUXFWXUDFLyQGHTXpEXVFDU\SRUTXpEXVFDUSHUPLWLHQGRGLUHFFLRQDUIXQGDPHQWDGDPHQWHODVDFFLRQHV

(Q HVWRV WLHPSRV HV DOWDPHQWH LPSUREDEOH TXH HO HTXLSRLQYHVWLJDGRU GH FDPSR GRPLQH ORV FRQRFLPLHQWRV QHFHVDULRV SDUDYDORUDUIXQGDGDPHQWHGHWHUPLQDGRVUDVJRVGHODFRQGXFWDKXPDQD3RU RWUD SDUWH OD LQYHVWLJDFLyQ FULPLQDO HQIUHQWD XQD VRVWHQLGD \IXHUWHGHPDQGDGHp[LWRHQORVPHQRUHVSOD]RVSRVLEOHVSRUSDUWHGHODFRPXQLGDG6HGHEHWHQGHUSRU ORPLVPRDHVWDEOHFHU WRGDV ODVPHGLGDVTXHSHUPLWDQVDWLVIDFHUHVWDVOHJtWLPDVGHPDQGDVVRFLDOHV\FLHQWtFDV

/DLQFRUSRUDFLyQGHOSVLFyORJRFRQRULHQWDFLyQFULPLQDOtVWLFDDODLQYHVWLJDFLyQGHFDPSRSDUDYDORUDUGHVGHVXSHUVSHFWLYDSURIHVLRQDOORV KHFKRV TXH VH LQYHVWLJDQ GHEH VHU LQGXGDEOHPHQWH XQ DSR\RTXHJXtH DO LQYHVWLJDGRUGH VLWLRGH VXFHVR D OD WRPDGHGHFLVLRQHVIXQGDGDV\UDFLRQDOHVHQSRVGH ODSHUVHFXFLyQGHOFULPLQDO\GH ODFRPSUREDFLyQGHOGHOLWR


A

,5,$2/,9(5266272

,,1752'8&&,1

8QDGH ODV FRQVHFXHQFLDVGHOSURFHVRGHPRGHUQL]DFLyQHPSUHQGLGRSRUOD3',HVFRQWDUFRQPD\RUFDQWLGDG\FDOLGDGGH UHFXUVRVHFRQyPLFRV\PDWHULDOHVRULHQWDGRVD ORJUDUXQDJHVWLyQGHH[FHOHQFLD(QHVWHVHQWLGRUHSUHVHQWDUtDXQJUDQGHVDItRFRQWDUFRQODVFRQGLFLRQHVSHUVRQDOHVHPRWLYDVPRWLYDFLRQDOHVHLQWHOHFWXDOHV\VRFLRFXOWXUDOHVSDUDGHVHPSHxDUVHGHODPHMRUPDQHUD\DVtFRQWULEXLUDODHFLHQFLDGHOFXPSOLPLHQWRGHODPLVLyQGHOD,QVWLWXFLyQ

(QHVWHPLVPRRUGHQGHLGHDVXQRGHORVSULQFLSLRVRULHQWDGRUHVGHODPRGHUQL]DFLyQUHHUHTXHODJHVWLyQPRGHUQDGHOD3ROLFtDGH,QYHVWLJDFLRQHVGH&KLOH VH IXQGDHQWUHRWURVDVSHFWRV HQ FOLPDVODERUDOHVTXHSURPXHYDQHOGHVDUUROORGHORVIXQFLRQDULRVDVtFRPRHOORJURGHORVREMHWLYRVLQVWLWXFLRQDOHV

$VXPLHQGR FRPR SUHPLVD RULHQWDGRUD TXH HO FOLPD ODERUDOLQX\H IXHUWHPHQWH VREUH OD PRWLYDFLyQ FRPSURPLVR FUHDWLYLGDG\GHVHPSHxRGH ODVSHUVRQDV\GHHVWHPRGRVH FRQYLHUWHHQXQDKHUUDPLHQWD HVWUDWpJLFD SDUD OD JHVWLyQ GHO UHFXUVR KXPDQRHO SUHVHQWH GRFXPHQWR SUHWHQGH GDU FXHQWD GHO FRQFHSWR \ ODRSHUDFLRQDOL]DFLyQ TXH OD 3ROLFtD GH ,QYHVWLJDFLRQHV PDQHMD GDUD FRQRFHU OD PLUDGD GH DOJXQDV MHIDWXUDV \ XQLGDGHV FRPSHWHQWHVFRQ ODV FRQVLJXLHQWHV FRQFOXVLRQHV \ VXJHUHQFLDV $VLPLVPR VHGHVFULEH OD SHUFHSFLyQ GH FOLPD ODERUDO TXH SRVHHQ IXQFLRQDULRVWDQWRDQLYHOQDFLRQDOFRPRUHJLRQDOGHVWDFDQGRDTXHOODVYDULDEOHVPHQRVIDYRUDEOHV'HOPLVPRPRGRVHHQWUHJDXQDFRPSDUDFLyQGHUHVXOWDGRVHQYDULDEOHVGHFOLPDODERUDOGHODxR\

3ODQ0LQHUYDXQDPLVLyQUHQRYDGD3ROLFtDGH,QYHVWLJDFLRQHVGH&KLOH

3VLFyORJD8QLYHUVLGDGGHOD)URQWHUD3URIHVLRQDO(VFXHODGH,QYHVWLJDFLRQHV3ROLFLDOHV

$57&8/2


6HHVWLPDTXHHQODPHGLGDTXHVHOHRWRUJXHODUHOHYDQFLDGHELGDVHDERUGHPHWyGLFDPHQWH\VHSURSRQJDQ\HMHFXWHQFDPELRVRULHQWDGRVDXQFOLPDODERUDOSRVLWLYRVHFRQWDUiFRQKHUUDPLHQWDVTXHSHUPLWDQVREUHOOHYDUGHXQDPDQHUDPiVDGDSWDWLYD\VDOXGDEOHVORVFDPELRVYHQLGHURV

,,0$5&2'(5()(5(1&,$&DGD YH] FRQ PD\RU IXHU]D HO FRQFHSWR GH FOLPD ODERUDO VH

KD LQVWDODGR HQ ORV DPELHQWHV GH WUDEDMR DOJXQRV OR DVRFLDQ DLQIUDHVWUXFWXUDRWURVDODPELHQWHVRFLDOTXHVHGHVDUUROODGHQWURGHXQHTXLSRGHWUDEDMR\ORVPiVDOHVWLORGHOLGHUD]JR(QORV~OWLPRVDxRV ODV LQYHVWLJDFLRQHV VH KDQ IRFDOL]DGR HQ OD UHODFLyQ HQWUH ORVVXSHUYLVRUHV GH JUXSRV GH WUDEDMR HO FOLPD ODERUDO SHUFLELGRV SRUVXV VXERUGLQDGRV \ HO GHVHPSHxR GH pVWRV ~OWLPRV /HZLQ /LSSLWW\:KLWH/LNHUW\/LNHUW+HQGULFNV'XIIHH*ROHPDQ 6WULQJHU %ORFK \:KLWHOH\ 6LZDWFKHQ5DLQLHUL

&RPR FRQFHSWR HO FOLPD ODERUDO X RUJDQL]DFLRQDO VXUJH HQ ODGpFDGDGHORVVHWHQWDDSDUWLUGHODDSOLFDFLyQGHWHRUtDVVLVWpPLFDVHQUHVSXHVWDDODQHFHVLGDGGHGDUFXHQWDGHIHQyPHQRVTXHWUDVFLHQGHQOR LQGLYLGXDO ODSHUVRQD VXSHUFHSFLyQ\FRPSRUWDPLHQWRV FRPRSRUHMHPSORUHODFLRQHVLQWHUSHUVRQDOHVHQWUHFRPSDxHURVGHWUDEDMRHQ ODV XQLGDGHV R UHJLRQHV SROLFLDOHV HMHUFLFLR GH OLGHUD]JR HQ ORVJUXSRVGHWUDEDMRFRPXQLFDFLRQHVLQWHUQDV\H[WHUQDVTXHVHGDQHQXQDRUJDQL]DFLyQFRPROD3ROLFtDGH,QYHVWLJDFLRQHV

$OJXQD GH ODV DFHSFLRQHV GHO WpUPLQR FOLPD ODERUDO GHVGH ODSHUVSHFWLYDGHODSVLFRORJtDVRFLDOVRQODVVLJXLHQWHV

&RQMXQWR GH FDUDFWHUtVWLFDV REMHWLYDV GH OD RUJDQL]DFLyQSHUGXUDEOHV\IiFLOPHQWHPHGLEOHVTXHGLVWLQJXHQXQDHQWLGDGODERUDOGHRWUD6RQXQRVHVWLORVGHGLUHFFLyQXQDVQRUPDV\PHGLRDPELHQWHVLROyJLFRXQDVQDOLGDGHV\XQRVSURFHVRVGHFRQWUDSUHVWDFLyQ$XQTXHHQVXPHGLGDVHKDFHLQWHUYHQLUODSHUFHSFLyQ LQGLYLGXDO OR IXQGDPHQWDOVRQXQRV tQGLFHVGHGLFKDVFDUDFWHUtVWLFDV)RUHKDQG\*LOPHU

3HUFHSFLyQ TXH ORV PLHPEURV GH OD RUJDQL]DFLyQ WLHQHQ GHODV FDUDFWHUtVWLFDVPiV LQPHGLDWDV TXH OHV VRQ VLJQLFDWLYDVTXH ODGHVFULEHQ\GLIHUHQFLDQGHRWUDVRUJDQL]DFLRQHV(VWDV


SHUFHSFLRQHV LQX\HQ HQ HO FRPSRUWDPLHQWR RUJDQL]DFLRQDO5RGUtJXH]$5RGUtJXH]'6FKQHLGHU

'HVFULSFLRQHV LQGLYLGXDOHVGHOPDUFRVRFLDORFRQWH[WXDOGHOFXDO IRUPD SDUWH OD SHUVRQD VRQ SHUFHSFLRQHV FRPSDUWLGDVGH SROtWLFDV SUiFWLFDV \ SURFHGLPLHQWRV RUJDQL]DFLRQDOHVWDQWRIRUPDOHVFRPRLQIRUPDOHV5RVVHDX6FKQHLGHU\5HLFKHUV

(O FOLPD ODERUDO FRQVWLWX\H GH KHFKR OD SHUVRQDOLGDG GH XQDRUJDQL]DFLyQHQHOVHQWLGRTXHpVWHHVWiIRUPDGRSRUXQDPXOWLWXGGHGLPHQVLRQHVTXHFRPSRQHQVXFRQJXUDFLyQJOREDO\TXHOHSHUPLWHQGLVWLQJXLUVHGHRWURV(QHIHFWRIUHFXHQWHPHQWHVHUHFRQRFHTXHHOFOLPDODERUDOFRQGLFLRQDHOFRPSRUWDPLHQWRGHXQLQGLYLGXRDXQTXHVXV GHWHUPLQDQWHV VRQ GLItFLOHV GH LGHQWLFDU 6RQ ODV SROtWLFDV GHODGLUHFFLyQHOHVWLORGH OLGHUD]JRR ORVPRGRVGHFRPXQLFDFLyQHQHO LQWHULRUGH ODRUJDQL]DFLyQ ORVTXH ORVFRQVWLWX\HQHQSDUWLFXODUORVFRPSRQHQWHVGHOFOLPDODERUDO6HDVXPHHQWRQFHVTXHHOFOLPDODERUDODERUGDXQDSHUVSHFWLYDPXOWLGLPHQVLRQDOORTXHH[SOLFDUtDODYDULHGDGGHSHUFHSFLRQHVSRUODYDULDELOLGDGHQHOGHVDUUROORGHFDGDGLPHQVLyQHQODVGLVWLQWDViUHDVGHODRUJDQL]DFLyQVHJ~QVXVGLYHUVDVFLUFXQVWDQFLDV

(QXQVHQWLGRDPSOLRHOFOLPDRUJDQL]DFLRQDORODERUDOHVXQDGHODVFDUDFWHUtVWLFDVGHOGHVDUUROORRUJDQL]DFLRQDOHQDGHODQWH'2(O'2WLHQHGLIHUHQWHVVLJQLFDGRVSDUDGLYHUVRVDXWRUHV%HFNDUGORGHQHFRPRHOGHVDUUROORGHODHFDFLDGHWRGDODRUJDQL]DFLyQGHVGH DUULED KDFLD DEDMR XWLOL]DQGR SDUD HOOR LQWHUYHQFLRQHVSODQLFDGDV\EDVDGDVHQFRQRFLPLHQWRFLHQWtFRWpFQLFR

8QPRGRGHHQWHQGHUHOFOLPDODERUDOHVDSDUWLUGHXQDPLUDGDVLVWpPLFD SRU FXDQWR SODQWHD TXH HV XQ FRQMXQWR GH YDULDEOHV TXHDIHFWDQ HO FRPSRUWDPLHQWR GH ORV LQGLYLGXRV HQ XQD RUJDQL]DFLyQ\ TXH VRQ SHUFLELGDV SRU VXV PLHPEURV (VWDV YDULDEOHV VHJ~Q5RGUtJXH]VRQ

$PELHQWH ItVLFR HVSDFLR ItVLFR FRQGLFLRQHV GH UXLGR FDORUIUtRFRQWDPLQDFLRQHVLQVWDODFLRQHVHQWUHRWURV

9DULDEOHVHVWUXFWXUDOHVWDPDxRGHODRUJDQL]DFLyQHVWUXFWXUDIRUPDOHVWLORGHGLUHFFLyQ


9DULDEOHV GHO DPELHQWH VRFLDO FRPSDxHULVPR FRQLFWRVHQWUHSHUVRQDVRHQWUHRWUDVUHSDUWLFLRQHVGHODRUJDQL]DFLyQFRPXQLFDFLRQHV

9DULDEOHVSHUVRQDOHVDSWLWXGHVDFWLWXGHV\PRWLYDFLyQ

9DULDEOHV SURSLDV GHO FRPSRUWDPLHQWR RUJDQL]DFLRQDOSURGXFWLYLGDG DXVHQWLVPR URWDFLyQ VDWLVIDFFLyQ ODERUDOHVWUpVHQWUHRWURV

3DUD HO SUHVHQWH GRFXPHQWR \ VHJ~Q ODV UHYLVLRQHV FRQFHSWXDOHVUHDOL]DGDVXQDGHODVGHQLFLRQHVGHFOLPDODERUDOPiVFRPSOHWDSRUVHU DTXHOOD TXH FRQWLHQH ODV YDULDEOHV SUHFHGHQWHPHQWH GHVFULWDV \VLJXHODOyJLFDPXOWLGLPHQVLRQDOHVOD0RUDODFXDOVHUHHUHDODPDWUL]GHVLJQLFDGRVSULQFLSLRVYDOyULFRVFUHHQFLDVTXHFRPSDUWHQORVLQWHJUDQWHVGHXQJUXSRGHWUDEDMR(VWDPDWUL]HVHOUHVXOWDGRGHSHUFHSFLRQHVFRPSRUWDPLHQWRV\H[SHULHQFLDVTXHHVWHJUXSRGHWUDEDMR\VXVLQWHJUDQWHVH[SHULPHQWDQHQWUHVt(VWHFRQFHSWRUHPLWLUtDDODLGHDGHFXOWXUDRUJDQL]DFLRQDOHQFXDQWRORVPLHPEURVGHODRUJDQL]DFLyQFRPSDUWHQXQDVHULHGHSHUFHSFLRQHV\FUHHQFLDVVREUHORTXHHVFOLPDODERUDO\VXVFRPSRQHQWHVHQHOFDVRGHHVWDRUJDQL]DFLyQODYDULDEOHOLGHUD]JRRFXSDXQHVSDFLRLPSRUWDQWHHQHOGLVFXUVR2WURFRQFHSWRTXHVXUJHDVRFLDGRHVUHSUHVHQWDFLRQHVVRFLDOHVSXHVD\XGDDHQWHQGHUODVSDUWLFXODULGDGHVHOVLJQLFDGR~OWLPRSUHVHQWHHQODRUJDQL]DFLyQ\HQWRGRVVXVLQWHJUDQWHVUHODWLYRDFOLPDODERUDO

/LWZLQ \ 6WLQJHU IXHURQ ORV SULPHURV HQ GHWHUPLQDUTXH HO FOLPD RUJDQL]DFLRQDO FRPSUHQGtD QXHYH FRPSRQHQWHV ODHVWUXFWXUDODUHVSRQVDELOLGDGRDXWRQRPtDHQODWRPDGHGHFLVLRQHVOD UHFRPSHQVD UHFLELGD HO GHVDItR GH ODVPHWDV ODV UHODFLRQHV \ ODFRRSHUDFLyQHQWUHVXVPLHPEURVORVHVWiQGDUHVGHSURGXFWLYLGDGHOPDQHMRGHOFRQLFWR\ODLGHQWLFDFLyQFRQODRUJDQL]DFLyQ&XDQGRORVHPSOHDGRVREWLHQHQXQDOWRSXQWDMHHQHVWDVGLPHQVLRQHVHVWiQGLFLHQGR TXH VH VLHQWHQPRWLYDGRV SRU VX OXJDU GH WUDEDMR \ FRPRFRQVHFXHQFLDDXPHQWDODSURGXFWLYLGDG

6LQ GXGD HO FRQRFLPLHQWR GHO FOLPD ODERUDO SURSRUFLRQDUHWURLQIRUPDFLyQ DFHUFD GH ORV SURFHVRV TXH GHWHUPLQDQ ORVFRPSRUWDPLHQWRVRUJDQL]DFLRQDOHVSHUPLWLHQGRDGHPiVLQWURGXFLUFDPELRV SODQLFDGRV WDQWR HQ ODV DFWLWXGHV \ FRQGXFWDV GH ORVPLHPEURVFRPRHQODHVWUXFWXUDRUJDQL]DFLRQDORHQXQRRPiVGHORVVXEVLVWHPDVTXHODFRPSRQHQ*RQoDOYHV/DLPSRUWDQFLDGHHVWHFRQRFLPLHQWRVHEDVDHQODFRPSUREDFLyQGHTXHHOFOLPDODERUDOLQX\HHQHO FRPSRUWDPLHQWRPDQLHVWRGH ORVPLHPEURVD WUDYpV


GH SHUFHSFLRQHV HVWDELOL]DGDV TXH OWUDQ OD UHDOLGDG \ FRQGLFLRQDQORV QLYHOHV GH PRWLYDFLyQ ODERUDO \ UHQGLPLHQWR SURIHVLRQDO (QFRQVHFXHQFLDVXFHGHUtDTXHLQWHJUDQWHVGHXQDXQLGDGGHOD3',TXHUHDOLFHQXQDHYDOXDFLyQQHJDWLYDGHVXFOLPDODERUDOSRVHDQDFWLWXGHVQHJDWLYDVGHLQVDWLVIDFFLyQ\GHVFRQWHQWR

3RU ~OWLPR FDEH PHQFLRQDU TXH /LNHUW FLWDGR HQ5RGUtJXH]DSDUWLUGHVXVHVWXGLRVHQFOLPDODERUDOKDOOHJDGRDHVWLPDUFXDWURWLSRVGHVLVWHPDVGHRUJDQL]DFLRQHVFDGDXQRFRQXQFOLPDODERUDOEDVWDQWHGLIHUHQFLDGR

D 6LVWHPD,$XWRULWDULR(OFOLPDSUHGRPLQDQWHHVGHLQVHJXULGDGWHPRU\GHVFRQDQ]DHOFRQWUROHVWiFHQWUDOL]DGR$OWDPHQWHEXURFUDWL]DGR\GHFRQGXFWRUHJXODU1RKD\GHOHJDFLyQ

E 6LVWHPD ,, 3DWHUQDOLVWD 6H FHQWUDOL]D HO FRQWURO SHUR KD\GHOHJDFLyQ /tPLWHV FRQ UHODWLYD H[LELOLGDG (O VLVWHPD GHWUDEDMRHVHVWUXFWXUDGRSHURKD\FRQDQ]DHQVXVPLHPEURV

F 6LVWHPD ,,, &RQVXOWLYR +D\ PD\RU GHVFHQWUDOL]DFLyQ \GHOHJDFLyQ GH IXQFLRQHV /DV GHFLVLRQHV HVSHFtFDV SXHGHQVHUWRPDGDVSRUORVPDQGRVPHGLRVHLQIHULRUHV([LVWHQDOWRVQLYHOHVGHUHVSRQVDELOLGDG

G 6LVWHPD ,9 3DUWLFLSDWLYR /D WRPD GH GHFLVLRQHV QR HVWiFHQWUDOL]DGD&RPXQLFDFLRQHVYHUWLFDOHV\KRUL]RQWDOHV&OLPDGHDOWRVQLYHOHVGHFRQDQ]D\FRPSURPLVR

1XHVWUD LQVWLWXFLyQGHELGRD ODPXOWLSOLFLGDGGH IXQFLRQHVTXHUHDOL]DHQVXVGLYHUVDViUHDVHVWUDWpJLFDVVHYHDIHFWDGDSRUGLYHUVRVVLVWHPDV TXH VH YLVXDOL]DQ VHJ~Q VHDQ ODV XQLGDGHV RSHUDWLYDV RDGPLQLVWUDWLYDV\DVXYH]VHJ~QODVGLIHUHQWHVXQLGDGHVRSHUDWLYDVH[LVWHQWHVDORODUJRGHOSDtV(VSRUHVWHPRWLYRTXHGHWHUPLQDUGHPDQHUDJHQHUDOFXiOGHHVWRVVLVWHPDVHVWUDQVYHUVDODOD3',UHVXOWDFRPSOHMR \ DYHQWXUDGR &DGD XQLGDG PXHVWUD XQ FOLPD GLVWLQWLYRFRQYDULDEOHVTXHGHVWDFDQXQVLVWHPDSHUFHSWLYRHQVXVPLHPEURVTXHHVGLIHUHQWHDRWUDVXQLGDGHV6LQHPEDUJRVLD~QDVtVHWXYLHUDTXHHVWLPDUXQVLVWHPDGHRUJDQL]DFLyQTXHSHUPLWLHUDYDORUDUFOLPDODERUDOHQOD3',HVWHVHUtDHOVLVWHPDSDWHUQDOLVWD\DGHVFULWR&DEHUHFRUGDUTXHHVWRVVLVWHPDVVLUYHQFRPRHOHPHQWRVUHIHUHQFLDOHVSRUWDQWRFDGDRUJDQL]DFLyQSXHGHHVFRJHUODVYDULDEOHVGHLQYHVWLJDFLyQ\ODVGLPHQVLRQHVTXHFRQVLGHUHSHUWLQHQWHVDOPRPHQWRGHHVWLPDUVXSURSLRFOLPDODERUDO


,,,(67$'2$&78$/0,5$'$'($/*81$6-()$785$6


&RQVLGHUDQGR OD UHDOLGDG LQVWLWXFLRQDO WDPELpQ VH VHxDODQ RWUDVYDULDEOHV TXH RSHUDQ HQ HO FOLPD ODERUDO ODV VLJXLHQWHV HO WLSR GHXQLGDGVLHVRSHUDWLYDRDGPLQLVWUDWLYDHO OXJDUJHRJUiFRGRQGHVHHQFXHQWUDXQDGHWHUPLQDGDXQLGDGSROLFLDOODVLQWRQtDHQWUHMHIH\VXEMHIH\HOHVWLORGHMHIDWXUD

(QUHODFLyQDOWUDWDPLHQWRTXHODVMHIDWXUDVOHGDQDOFOLPDODERUDOVHVHxDODTXHODUHDOL]DFLyQGHGLDJQyVWLFRVDVtFRPRHMHFXWDUHOWUDEDMRGHPDQHUD UHVSRQVDEOH HVWDEOHFHU XQD UHODFLyQ WUDQVSDUHQWH HQWUHMHIHTXLHQHMHUFHXQOLGHUD]JRSRVLWLYR\IXQFLRQDULREDVDGDHQXQFRQWDFWR SHUPDQHQWH \ XLGR HQ OD FXDO DPERV VH UHWURDOLPHQWDQUHVSHFWRDOGHVHPSHxRODJHQHUDFLyQGHLQVWDQFLDVGHHVSDUFLPLHQWR\ FRQRFLPLHQWR HQWUH ORV IXQFLRQDULRV VRQSUiFWLFDVTXH IDYRUHFHQXQ FOLPD ODERUDO VDOXGDEOH $VLPLVPR VH PHQFLRQD OD PHMRUD HQLQIUDHVWUXFWXUD

(QORTXHUHVSHFWDDOGLDJQyVWLFRGHFOLPDODERUDOHQOD,QVWLWXFLyQFDEH GHVWDFDU TXH QR H[LVWH XQ LQVWUXPHQWR HVWiQGDU \ ~QLFR GHHYDOXDFLyQ GDGR TXH VH DSOLFDQ GLYHUVRV LQVWUXPHQWRV VHJ~Q HOFRQRFLPLHQWRTXHWHQJDHOSURIHVLRQDOTXHORUHDOL]D6LWXDFLyQVLPLODURFXUUHHQORUHODWLYRDODVLQWHUYHQFLRQHVSXHVQRH[LVWHXQPRGHORGHLQWHUYHQFLyQ~QLFRGHDSOLFDFLyQWUDQVYHUVDOHQODRUJDQL]DFLyQ0HQRVD~QXQDHYDOXDFLyQGHLPSDFWRGHODVLQWHUYHQFLRQHVTXHVHUHDOLFHQ

(O FOLPD ODERUDO HQ QXHVWUD ,QVWLWXFLyQ KD VLGR DERUGDGR FRPRUHVSXHVWDDVLWXDFLRQHVFUtWLFDVTXHVHSUHVHQWDQHQDOJXQDXQLGDGVHDHVWDRSHUDWLYDRDGPLQLVWUDWLYD(OIRFRGHHVWHDERUGDMHKDHVWDGRVXSHGLWDGRDXQGLDJQyVWLFRTXHSHUPLWLUtDHQHVHQFLDGHYHODU ODVFDXVDVTXHKDQGDGRRULJHQDODFULVLVSUHVHQWHHQGLFKDVXQLGDGHV

(VHYLGHQWHTXHODPLUDGDSDUFLDOL]DGDTXHH[LVWHKR\UHVSHFWRGHOWHPDVLQFRQVLGHUDUHOFOLPDFRPRSDUWHGHOGHVDUUROORRUJDQL]DFLRQDOSRUXQODGR\VLQUHVFDWDUODLPSRUWDQFLDGHODLQWHUYHQFLyQSRURWURSHUPLWH FRQFOXLU TXH ORV GLDJQyVWLFRV UHDOL]DGRV QR KDQ WHQLGR XQLPSDFWRGLUHFWRHQORVUHVXOWDGRVGHODXQLGDGHYDOXDGDVLQRTXHSRUHOFRQWUDULRGHDFXHUGRDODLQIRUPDFLyQUHFRSLODGDKDQUHSUHVHQWDGRXQD DPHQD]D SDUD HO OtGHU GHO JUXSR TXH VROLFLWD D\XGD R SDUD ORVLQWHJUDQWHVGHHVHHTXLSRHQSDUWLFXODU

'LYHUVRVHVWXGLRVUHDOL]DGRVHQQXHVWUD,QVWLWXFLyQTXHKDQWHQLGRFRPRVXVWHQWRXQGLDJQyVWLFRHYDOXDFLyQKDQGHMDGRGHPDQLHVWRLQWHQWRV DLVODGRV GH DERUGDMH GHO WHPD+R\ VH SXHGH DUPDU TXHQR H[LVWH XQD SROtWLFD LQVWLWXFLRQDO TXH DERUGH HO WHPD GH FOLPDODERUDOFRPRXQHOHPHQWRPiVGHQWURGHORTXHOODPDPRV'HVDUUROOR2UJDQL]DFLRQDOVLQRTXHVHPDQWLHQHXQWUDEDMRUHDFWLYR


,935(6(17$&,1'('$7265(68/7$'26'(,167580(1726'(0(',&,1

&RPRXQDPDQHUDGHDERUGDUHOFOLPDODERUDOOD3',KDUHDOL]DGRXQDVHULHGHLQLFLDWLYDVFRQVLVWHQWHVODPD\RUtDGHHOODVHQPHGLFLRQHVGH FOLPD ODERUDO GH GHWHUPLQDGDV XQLGDGHV R UHSDUWLFLRQHV FRQ HOREMHWLYRGHGHVFULELUXQDVLWXDFLyQODERUDORGHWHFWDUODVYDULDEOHVTXHSRGUtDQHVWDUDODEDVHGHXQPDOFOLPDODERUDO/DPD\RUtDGHHVWDVPHGLFLRQHVVRQVROLFLWDGDVSRUORVMHIHVDODVMHIDWXUDVRSURIHVLRQDOHVFRPSHWHQWHV TXLHQHV YHQ HQ OD UHDOL]DFLyQ GH XQD PHGLFLyQ \RGLDJQyVWLFR HO SULPHU SDVR SDUD UHYHUWLU HO FOLPD LPSHUDQWH HQ VXXQLGDG

/RVSiUUDIRVVLJXLHQWHVGHVFULEHQORVHVWXGLRVUHDOL]DGRVDODIHFKDSRUGLVWLQWDVUHSDUWLFLRQHVGHOD,QVWLWXFLyQVREUHHVWDWHPiWLFD(VWRVVHREWXYLHURQWUDVKDFHUXQDVROLFLWXGJHQHUDOL]DGDDQLYHOQDFLRQDOHQHQHURGHODxRVROLFLWDQGRUHPLWLUD&,'(32/GRFXPHQWRVTXH FRQWXYLHUDQ HVWXGLRV R LQWHUYHQFLRQHV HQ FOLPD ODERUDO GH VXUHSDUWLFLyQ

$VtXQHVWXGLRUHDOL]DGRHODxRSRUOD-HIDWXUDGH6DQLGDGSODQWHD TXH DOWRV tQGLFHV GH HVWUpV HQ XQ IXQFLRQDULR LPSDFWDQHJDWLYDPHQWH HQ VX VDOXGPHQWDO OR TXH FRQOOHYD D XQD IDOWD GHFDOLGDG HQ VX GHVHPSHxR ODERUDO (Q GLFKR HVWXGLR WDPELpQ VHUHDOL]DURQGLDJQyVWLFRVGHFOLPDODERUDOGH ODVUHJLRQHV99,9,,,; \ 50 FRQFOX\HQGR TXH HQ WRGDV HOODV ODV YDULDEOHV HQ ULHVJRVRQPRWLYDFLyQ FRPSURPLVR FRQ OD WDUHD VHQWLGRGHSHUWHQHQFLDFRPXQLFDFLyQWUDEDMRGHHTXLSR\HUJRQRPtD(VWHHVWXGLRHVWDEOHFHXQD UHODFLyQ FRUUHODFLRQDO HQWUH XQ FOLPD ODERUDO HQ ULHVJR \ HOVtQGURPH GH EXUQRXW HVWH ~OWLPR HQWHQGLGR FRPR XQ WUDVWRUQRFDUDFWHUL]DGR SRU XQ FDQVDQFLR HPRFLRQDO TXH HV XQD IDOWD GHHQWXVLDVPRFRQODWDUHDGHD\XGDUDVXVFOLHQWHVGHVSHUVRQDOL]DFLyQUHIHULGR D XQD LQFDSDFLGDG SDUD HPSDWL]DU FRQ VXV FOLHQWHV \UHDOL]DFLyQSHUVRQDOTXHDOXGHDVHQWLPLHQWRVGHFRPSHWHQFLD\p[LWRHQHOWUDEDMR'RFXPHQWRLQWHUQR(VWXGLRGH-HIDWXUDGH6DQLGDG

6HUtDQtQGLFHVGHHVWUpVHQORTXHUHVSHFWDDODLQYHVWLJDFLyQFULPLQDOHOWLSRGHGHOLWRKRPLFLGLRVYLRODFLRQHVURERFRQYLROHQFLDRLQWLPLGDFLyQURERFRQIXHU]D\WUiFRGHGURJDV\ODFDUJDODERUDOGHODVSURSLDVWDUHDV7DPELpQVRQtQGLFHVODVREUHXWLOL]DFLyQGHOSHUVRQDO\VREUHFDUJDODERUDO/DVYDULDEOHVUHVWDQWHVTXHVHSUHVHQWDQHQHOUDQJRQRUPDOFRUUHVSRQGHQDMHIDWXUDGHVDUUROORYDORUHVHVWDELOLGDG


(Q OtQHD FRQ OR DQWHULRU OD UHDOL]DFLyQGHGLDJQyVWLFRV GH FOLPDODERUDO\GHVtQGURPHGHEXUQRXWKDVLGRSDUWHGHOSODQGHGHVDUUROORHVWUDWpJLFR GH OD MHIDWXUD GH VDQLGDG GXUDQWH ORV DxRV $ VDEHU GHVDUUROODURQ XQ PRGHOR GH WUDEDMR SVLFROyJLFRRUJDQL]DFLRQDOFRQVLVWHQWHHQODUHDOL]DFLyQGHGLDJQyVWLFRVGHFOLPDODERUDOEXUQRXW\ODLQWHUYHQFLyQ\DVHDSRUSDUWHGHHOORVPLVPRVRSRUODYtDGHUHFRPHQGDFLRQHVHQODOtQHDGHDXQDHVWUDWHJLDGHD\XGD SVLFROyJLFD FRPSXHVWD SRU YDULDV HWDSDV TXH FRQWHPSODQ ODUHDOL]DFLyQ GH IRFXV JURXS HQWUHYLVWDV HQ SURIXQGLGDG WDOOHUHV GHWUDEDMR\XQSODQGHVHJXLPLHQWR\GHLPSDFWRHQODJHVWLyQSROLFLDODODVGLVWLQWDVXQLGDGHVSROLFLDOHVGHDFXHUGRDORVJUDGRVMHUiUTXLFRVSUHVHQWHVHQFDGDXQLGDGSROLFLDOHYDOXDGDEUHDOL]DUHYDOXDFLRQHVVHPHVWUDOHVGHFOLPDRUJDQL]DFLRQDO\GHOVtQGURPHGH%XUQRXW\FUHDOL]DUXQWUDEDMRGHFRDFKLQJFRQORVMHIHV

6HJ~QODLQIRUPDFLyQSURSRUFLRQDGDSRUODMHIDWXUDPHQFLRQDGDHQHODSDUWDGRDQWHULRUGHVGHHODxRDOODVUHJLRQHVSROLFLDOHVHYDOXDGDVEDMRHVWHPRGHORIXHURQ,,,,,,9,,9,,,,;;,;,,\,;5(32/DGHPiVGHOD%ULJDGDGH'HOLWRV(FRQyPLFRVGHOD,;UHJLyQ%ULJDGD$QWLQDUFyWLFRVGH9DOSDUDtVR\OD%5,6(;0(/DWHPiWLFDTXHKDVLGRREMHWRGHHVWXGLRGHHVDMHIDWXUDKDVLGRGDGDDFRQRFHUHQ FRQJUHVRV LQWHUQDFLRQDOHV FRQ HO QRPEUH GH 'LDJQyVWLFR HLQWHUYHQFLyQGHOVtQGURPHGHEXUQRXWHQOD3ROLFtDGH,QYHVWLJDFLRQHVGH&KLOH\SXEOLFDGDHQOLEURVDQHV'RFXPHQWRLQWHUQR2FLRU$%5

5HVSHFWRDLQYHVWLJDFLRQHVVREUHVtQGURPHGHEXUQRXWHQSROLFtDVVH HQFXHQWUDQ DTXHOODV TXH KDQ UHODFLRQDGR OD SUHYDOHQFLD GH HVWHWUDVWRUQRFRQODVHVWUDWHJLDVGHDIURQWDPLHQWRDQWHHOHVWUpV%ULRQHV0HOODHOVXIULPLHQWRSVtTXLFRHQSROLFtDVVHJ~QODVGLIHUHQFLDVGH JpQHUR 5DPRV GH 6RX]D *DVWmR )UDQFR &DUYDOKR 0HLUHOHV7RNXQDJD)HUUHLUD\&pVDUGRV6DQWRV\FRPSDUDFLyQGH ORVQLYHOHVGHEXUQRXWHQWUHSREODFLyQJHQHUDO\WUHVJUXSRVGHSURIHVLRQHVGRFHQWHVGHVDOXG\IXHU]DVDUPDGDV/R]DQRHWDO

'H OR DQWHULRU VH GHVSUHQGH TXH VL ELHQ VH FRQVLGHUD HO FOLPDODERUDO TXH UHTXLHUH GH XQD PLUDGD VLVWpPLFD SDUD VX FRPSOHWRHQWHQGLPLHQWR FRPR XQ IHQyPHQR D HVWXGLDU R GLDJQRVWLFDUODV FRQFOXVLRQHV QDOHV VRQ SRFRV FODUDV HQ FXDQWR VH WHUPLQDUHODFLRQDQGR FRQ XQ WUDVWRUQR PHQWDO FRQ FDUDFWHUtVWLFDV PX\

(ODxRSDUWLFLSDURQHQHO;;;9,&RQJUHVR0XQGLDOGH0HGLFLQD0LOLWDU5XVLD


WHyULFDV HQ ODV FXDOHV HV GLItFLO KDFHU HO HQODFH FRQ OD UHDOLGDG GHQXHVWUD,QVWLWXFLyQRHOFRQWH[WRLQVWLWXFLRQDOHQTXHVHH[SUHVDUtDQ6LELHQVHREVHUYDXQDHVWUDWHJLDGH LQWHUYHQFLyQHVWDFDUHFHGH ODGHVFULSFLyQ QHFHVDULD SDUD ORJUDU XQ HQWHQGLPLHQWR GH VX VHQWLGRPiVD~QVHGHVFRQRFHQORVUHVXOWDGRVORJUDGRVHLPSDFWRV

2WUD MHIDWXUDTXHKDDERUGDGRHO FOLPD ODERUDO FRUUHVSRQGHD OD-HIDWXUDGHO3HUVRQDO'XUDQWHHODxRHO'HSDUWDPHQWRGH3ODQLFDFLyQGHHVDMHIDWXUDUHDOL]yXQGLDJQyVWLFRGHOFOLPDODERUDOSUHVHQWH HQ HVD UHSDUWLFLyQ 3DUD HOOR DSOLFDURQ XQ FXHVWLRQDULRGHQRPLQDGR 5HQVLV /LNHUW D IXQFLRQDULRV /RV UHVXOWDGRV GHODHQFXHVWDPXHVWUDQTXHHO tQGLFHGHFOLPD ODERUDO VHXELFDHQHOUDQJR EXHQR'H WRGDV ODV YDULDEOHV TXH LQGDJD HVWD HQFXHVWD OD~QLFDTXHVHXELFDHQHOUDQJRGHPX\EXHQRHVLGHQWLFDFLyQFRQODLQVWLWXFLyQ/DYDULDEOHPiVEDMDXELFDGDHQHOUDQJREXHQRHVSUHVLyQGHWUDEDMR

2WURHVWXGLRUHDOL]DGRSRUHO&RPLWpGH*HVWLyQGHO3ODQ0LQHUYDGHQRPLQDGR ,QIRUPH JUXSRV IRFDOHV GLDJQyVWLFR \ HYDOXDFLyQFRPXQLFDFLRQDOGHO3ODQ0LQHUYD3ROLFtDGH,QYHVWLJDFLRQHVGH&KLOH&RPLWp GH *HVWLyQ GLFLHPEUH PXHVWUD TXH HQ HO FRQWH[WRGH OD PRGHUQL]DFLyQ GH OD SROLFtD ORV IXQFLRQDULRV KDQ SHUFLELGRXQD VHULH GH FDPELRV RUJDQL]DFLRQDOHV WDOHV FRPR HO HMHUFLFLR GHXQOLGHUD]JRHLPSXOVDUODSURIHVLRQDOL]DFLyQDWUDYpVGHODFUHDFLyQGH FRQYHQLRV FRQ FHQWURV DFDGpPLFRV \ HO (VFDODIyQ GH 2FLDOHV3ROLFLDOHV3URIHVLRQDOHV5HVSHFWR D ODPRGHUQL]DFLyQ LQVWLWXFLRQDOORV UHVXOWDGRVPXHVWUDQTXH ORV IXQFLRQDULRV HQWLHQGHQTXH FRQWDUFRQ XQD ,QVWLWXFLyQ PiV PRGHUQD VLJQLFD KDFHU XQ XVR HFLHQWH\HFD]GHORVUHFXUVRVFRQTXHVHGLVSRQJD6LQHPEDUJRSRURWURODGRVHLQGLFDODSUHRFXSDFLyQSRUODYLGDIDPLOLDUHOELHQHVWDUSRUORVIXQFLRQDULRV\HOFOLPDODERUDOGHODVXQLGDGHV2WURVHOHPHQWRVSURSLRV GH OD PRGHUQL]DFLyQ TXH VRQ SHUFHSFLyQ GH VHQWLGR GHSHUWHQHQFLD DO SURFHVR FRPREDMR R SDXODWLQR GHELGR D OD IDOWD GHUHFRQRFLPLHQWR ODERUDO R OD IDOWD GH YLVXDOL]DFLyQ GH ORV EHQHFLRV

/RVUHVXOWDGRVVHFODVLFDQHQXQtQGLFHTXHDVXYH]VHXELFDQHQHOVLJXLHQWHUDQJRDHVPDORDHVGHFLHQWHDHVUHJXODUDHVEXHQRDHVPX\EXHQR/DVGLPHQVLRQHV FRPSXHVWDVSRU YDULDEOHV VRQ UHODFLRQHV FRPXQLFDFLyQ UHODFLyQFRQ ORVFRPSDxHURVUHODFLyQFRQ ORVVXSHULRUHVPDQWHQFLyQFRQGLFLRQHVGHWUDEDMRVHJXULGDGHKLJLHQHHVWDELOLGDGHQHO WUDEDMRELHQHVWDU\ VHUYLFLRVDOSHUVRQDO UHPXQHUDFLRQHV\EHQHFLRVDOSHUVRQDOSUHVLyQGHWUDEDMR\PRWLYDFLyQUHFRQRFLPLHQWRLGHQWLFDFLyQFRQODLQVWLWXFLyQUHDOL]DFLyQ\ORJURVFUHFLPLHQWR\GHVDUUROOR


SUiFWLFRVTXHFRQOOHYDHOSURFHVR$VLPLVPRVHDSUHFLDQFDPELRVHQODVMHIDWXUDVVHSXHGHHVWDEOHFHUXQDUHODFLyQPiVGLUHFWDKD\PiVWUDEDMRHQHTXLSRXQDDSHUWXUDGHOD'LUHFFLyQKDFLDORVSROLFtDV(OHVWXGLRWDPELpQVHxDODTXHH[LVWHHQORVIXQFLRQDULRVGHODLQVWLWXFLyQXQDQHFHVLGDGGHLQFHQWLYRVQRWDQWRUHVSHFWRDORHFRQyPLFRVLQRPiVELHQHQODOtQHDGHOELHQHVWDU

/DV SULQFLSDOHV FRQFOXVLRQHV D ODV TXH DUULED HVWH HVWXGLR VRQ([LVWHODSHUFHSFLyQTXHODLQVWLWXFLyQQRYDORUDHOUHFXUVRKXPDQRQL SURPXHYH HO EXHQ GHVHPSHxR PiV ELHQ VH SXHGH GDU TXH VHDLQLFLDWLYDGH XQ MHIH VH REVHUYD TXH ODPD\RUtD VH VLHQWH RUJXOORVDGHSHUWHQHFHUDOD3',TXHOHVHQWXVLDVPDVXWUDEDMRSHURTXHHQODSUiFWLFDQRVLHQWHQXQDUHWULEXFLyQGHSDUWHGHODV-HIDWXUDV

(Q OD -RUQDGD GH $OWR0DQGR GH GLFLHPEUH GH VH WUDWy ODWHPiWLFD GH FOLPD ODERUDO HQ ODV UHJLRQHV H[SRQLHQGR DQWHFHGHQWHVVREUH HO DERUGDMH \ OD SHUVSHFWLYD TXH DGTXLHUH HQ OD RUJDQL]DFLyQMXQWRFRQGDUFXHQWDGHODSHUFHSFLyQGHFOLPDODERUDOTXHSRVHHQORVIXQFLRQDULRVGHVWDFDQGRDTXHOODVYDULDEOHVPHQRVIDYRUDEOHV\SRUORWDQWRGHPD\RUPRWLYRGHDWHQFLyQ

&RQXQHQIRTXHPiVLQWHJUDO\QDFLRQDOHO&,'(32/KDSURPRYLGRXQHVWXGLRPiVVLVWHPiWLFRVREUHODPDWHULD$FRQWLQXDFLyQVHVHxDODQORV UHVXOWDGRV PiV UHSUHVHQWDWLYRV UHODWLYRV D FOLPD ODERUDO GH OD(QFXHVWDGH3HUFHSFLyQGH3URELGDGUHDOL]DGDFRQOD)XQGDFLyQ3D] &LXGDGDQD HQ DJRVWR GHO DxR DSOLFDGD D QLYHO QDFLRQDO D IXQFLRQDULRV \ GH OD (QFXHVWD 1DFLRQDO GH 3HUFHSFLyQVREUH 'HVDUUROOR ,QVWLWXFLRQDO GH OD 3', DSOLFDGD HQWUH ORVPHVHVGHPDU]RDEULOGHODIXQFLRQDULRVSHUWHQHFLHQWHVD WRGRHOSDtV$PEDVHQFXHVWDVGHVWLQDURQXQDGH VXV VHFFLRQHVDHYDOXDUODSHUFHSFLyQGHFOLPDODERUDOORTXHQRVSHUPLWHUHDOL]DUXQHMHUFLFLRFRPSDUDWLYRHLGHQWLFDUDTXHOODVHVWLPDFLRQHVTXHVHKDQPRGLFDGR

$FRQWLQXDFLyQVHPXHVWUDXQFXDGURTXHUH~QHORVSRUFHQWDMHVGHDFXHUGRPX\GHDFXHUGRUHVSHFWRDODVIUDVHVHQHODxR\


'LI

0LMHIHGLUHFWRHVDXWRULWDULRORFRQWURODWRGR\QRGHOHJD

0LMHIHGLUHFWRGHPXHVWUDSRVHHUXQFRQRFLPLHQWRDFDEDGRDFHUFDGHOWUDEDMRDUHDOL]DU

0LMHIHGLUHFWRVHGDWLHPSRSDUDGHFLUPHFyPRHVWR\KDFLHQGRPLWUDEDMR

0LMHIHGLUHFWRPHDSR\DFXDQGRORUHTXLHURD\XGiQGRPHDKDFHUPHMRUPLWUDEDMR

0LMHIHGLUHFWRVHSUHRFXSDGHIRPHQWDU\PDQWHQHUEXHQDVUHODFLRQHVGHQWURGHODXQLGDG

0LMHIHGLUHFWRVHSUHRFXSDDFWLYDPHQWHGHORVSUREOHPDVTXHQRVDIHFWDQKDVWDTXHVHVROXFLRQDQ

0LMHIHGLUHFWRPHLQFHQWLYDDDSUHQGHU\FDSDFLWDUPH

7HQJRFODUDODIRUPDHQTXHPLMHIHGLUHFWRHYDO~DPLWUDEDMR

0HVLHQWRDSR\DGRSRUPLMHIHGLUHFWRDQWHSUREOHPDVSHUVRQDOHV

0LMHIHGLUHFWRHVWiVLHPSUHDWHQWRDORVSUREOHPDVGHPLXQLGDG

(QPLXQLGDGWRGRVHVWDPRVPRWLYDGRV\FRPSURPHWLGRVFRQORVREMHWLYRVGHOiUHD

(QPLXQLGDGVHUHFLEHUHFRQRFLPLHQWRYHUEDOFXDQGRVHUHDOL]DXQEXHQWUDEDMR

0HVLHQWRFRPSURPHWLGRFRQKDFHUELHQPLWUDEDMR

(QPLXQLGDGH[LVWHXQDEXHQDFRPXQLFDFLyQHQWUHHOMHIHGLUHFWR\VXVFRODERUDGRUHV

0LMHIHGLUHFWRUHSUHVHQWDHOPHQWHODRSLQLyQGHQRVRWURVIUHQWHDODLQVWLWXFLyQ

/DLQIRUPDFLyQTXHUHFLERGHPLMHIHGLUHFWRHVGLUHFWDFODUD\RSRUWXQD

/DPD\RUtDGHODVYHFHVPHLQIRUPRSRUFRPHQWDULRVVREUHHODFRQWHFHURTXHKDFHUGHODLQVWLWXFLyQ

6HSXHGHDFFHGHUIiFLOPHQWHDODLQIRUPDFLyQTXHQHFHVLWR

(QPLXQLGDGVHLQFHQWLYDODFRPXQLFDFLyQIUDQFD\DELHUWD

(QPLXQLGDGWUDEDMDPRVXQLGRV\FRPSURPHWLGRVFRPRHTXLSRSDUDKDFHUHOWUDEDMR

&XDQGRWHQJRXQWUDEDMRGLItFLOTXHUHDOL]DUSXHGRFRQWDUFRQODD\XGDGHPLVFRPSDxHURV

&XDQGRWHQJRSUREOHPDVPLVFRPSDxHURVHVWiQDKtSDUDDSR\DUPH


(QPLXQLGDGKD\XQDFODUDGLVSRVLFLyQDFRPSDUWLULQIRUPDFLyQSDUDUHDOL]DUPHMRUHOWUDEDMR

(VWDPRVFRRUGLQDGRVFRQODVRWUDVXQLGDGHVFRQTXHLQWHUDFWXDPRV

(QODSUiFWLFDPLVFRPSDxHURVVRQFRPRPLIDPLOLD


'H ODV IUDVHV FRQWHQLGDV HQ HO FXDGUR ODV TXH GHVWDFDQ SRUUHSUHVHQWDUORVPD\RUHVFDPELRVGHSRUFHQWDMHVVRQ

5HVSHFWR DO OLGHUD]JR OODPD OD DWHQFLyQ XQD EDMD GH SXQWRVSRUFHQWXDOHVHOtWHPPLMHIHGLUHFWRGHPXHVWUDSRVHHUXQFRQRFLPLHQWRDFDEDGRDFHUFDGHOWUDEDMRDUHDOL]DU\DTXHHQHODxRHOGHOWRWDOGHORVHQFXHVWDGRVVHxDOyHVWDUGHDFXHUGRPX\GHDFXHUGRPLHQWUDVTXHSDUDHVWHDxRHOSRUFHQWDMHHVGH

(Q UHODFLyQ DO QLYHO GH PRWLYDFLyQ HQ HO WUDEDMR VH DSUHFLD XQDXPHQWRGHOSRUFHQWDMHGHSHUVRQDVTXHHVWLPDQHVWDUGHDFXHUGRPX\GHDFXHUGRFRQODIUDVHHQPLXQLGDGWRGRVHVWDPRVPRWLYDGRV\ FRPSURPHWLGRV FRQ ORV REMHWLYRV GHO iUHD UHSUHVHQWDGR HQ SXQWRVSRUFHQWXDOHV(QHODxRXQ\HQHODxRXQGHOWRWDOGHORVHQFXHVWDGRVDGKLHUHQDHVWDDUPDFLyQ

(Q HO iPELWR GH ODV FRPXQLFDFLRQHV LQWHUQDV UHVDOWDQ SRU XQDXPHQWRGHSXQWRVSRUFHQWXDOHVGRVtWHPV(OSULPHUR/DPD\RUtDGH ODV YHFHV PH LQIRUPR SRU FRPHQWDULRV VREUH HO DFRQWHFHU RTXHKDFHUGHODLQVWLWXFLyQVHHOHYyGHXQHQHODxRDXQHQHODxR(VWRVHWUDGXFHHQXQDXPHQWRGHSXQWRVSRUFHQWXDOHV(QFXDQWRDODIUDVH6HSXHGHDFFHGHUIiFLOPHQWHDODLQIRUPDFLyQTXHQHFHVLWR VH LGHQWLFDXQ DXPHQWRGH SXQWRVSRUFHQWXDOHVHQUHODFLyQDODPHGLFLyQGHODxRHQTXHXQGHO WRWDO GH ORV HQFXHVWDGRV PDQLHVWD HVWDU GH DFXHUGRPX\ GHDFXHUGR\ODGHODxRHQODFXDOXQ

/DV IUDVHVTXHPiVGHVWDFDQSRUVXDXPHQWRVH UHHUHQDOQLYHOGH YLGD TXH RWRUJD HO WUDEDMDU HQ OD ,QVWLWXFLyQ (VWR\ FRQIRUPHFRQHOQLYHOGHYLGDTXHPHSHUPLWHPLVXHOGRWXYRXQDXPHQWRGHSXQWRVSRUFHQWXDOHV0LHQWUDVTXH0LV LQJUHVRVPHSHUPLWHQPDQWHQHUHOQLYHOGHYLGDTXHVHH[LJHHQ OD LQVWLWXFLyQREWXYRXQDXPHQWRGH

$1/,6,6&203$5$7,92'(9$5,$%/(6'((1&8(67$'(3(5&(3&,1'('(6$552//2,167,78&,21$/$ FRQWLQXDFLyQ VH SUHVHQWDQ ORV UHVXOWDGRV TXH UHVDOWDQ GH OD

PHGLFLyQ GH SHUFHSFLyQ GH YDULDEOHV GH FOLPD ODERUDO HQ OR TXHUHVSHFWDDVXFRPSDUDFLyQFRQODVYDULDEOHVJpQHURKRPEUHPXMHUHGDGGHORVHQFXHVWDGRVPHQRVGHHQWUH\HQWUH\DxRVRPiVUHJLyQ50RWUDVUHJLRQHVSODQWD$SR\R&LHQWtFR2FLDOHV3ROLFLDOHV$VLVWHQWHV3ROLFLDOHV\$SR\R*HQHUDO\HOWLSRGHODERUTXHUHDOL]DHQODXQLGDGGHWUDEDMR1RRSHUDWLYD2SHUDWLYDQRHVSHFLDOL]DGD2SHUDWLYDHVSHFLDOL]DGD\2WUD


(QUHODFLyQD OD IUDVH0L MHIHGLUHFWRPHLQFHQWLYDDDSUHQGHU\FDSDFLWDUPHHQORUHVSHFWDDODYDULDEOHJpQHURGHVWDFDTXHGHOWRWDOGHORVKRPEUHVXQHVWpGHDFXHUGRPX\GHDFXHUGRORTXHSRUSDUWHGHODVPXMHUHVHQFXHVWDGDVHVWiUHSUHVHQWDGRHQXQ'HHVWRVHSRGUtDLQIHULUTXHODVPXMHUHVPiVTXHORVKRPEUHVSHUFLEHQSRUSDUWHGHVXMHIHGLUHFWRXQDDFWLWXGGHDSR\R\DOLHQWRHQORTXHUHVSHFWDDODSUHQGL]DMH\FDSDFLWDFLyQSDUDHOWUDEDMR

(QFXDQWRDODHGDGGHORVHQFXHVWDGRVVRQORVGHOJUXSRGHPHQRVGHDxRVGHHGDGTXLHQHVHVWiQPiVGHDFXHUGRPX\GHDFXHUGR\ORVTXHPHQRVVRQDTXHOORVSHUWHQHFLHQWHVDOJUXSRHWDULRGHHQWUH\DxRVGHHGDG

5HVSHFWR D OD IUDVH 3DUD KDFHU PL WUDEDMR GHER H[SRQHUPH DVLWXDFLRQHVULHVJRVDVHOGHORVKRPEUHVHVWiGHDFXHUGRPX\GHDFXHUGRFRQHVWDDVHYHUDFLyQPLHQWUDVTXHXQGHODVPXMHUHVORFRPSDUWH/ODPDODDWHQFLyQODGLIHUHQFLDHQWUHKRPEUHV\PXMHUHVHQFXDQWRDODSHUFHSFLyQGHULHVJRLPSOLFDGRHQHOWUDEDMR\ODEDMDSHUFHSFLyQGHODVPXMHUHVHQFRPSDUDFLyQFRQODGHORVKRPEUHV

/RVSRUFHQWDMHVUHODWLYRVDODDUPDFLyQ&RQR]FRFODUDPHQWHORVEHQHFLRVTXHODLQVWLWXFLyQKDHVWDEOHFLGRSDUDQRVRWURVPXHVWUDQTXHUHVSHFWRD ORVKRPEUHVXQDSR\DHVWDDUPDFLyQ\D ODVPXMHUHVXQFRQFXHUGDFRQHVWDDUPDFLyQ

5HVSHFWRDODDUPDFLyQ&XDQGRWHQJRSUREOHPDVPLVFRPSDxHURVHVWiQDKtSDUDDSR\DUPH(QUHODFLyQDODYDULDEOHHGDGGHOHQFXHVWDGRGHVWDFDTXHXQGHDTXHOORVPHQRUHVGHDxRVFRQFXHUGDFRQHVWDIUDVHHQFRQWUDVWHFRQHOGHDTXHOORVHQFXHVWDGRVGHDxRVRPiVTXHHVWiQGHDFXHUGRPX\GHDFXHUGR

(QUHODFLyQD OD IUDVH(QPLXQLGDGWRGRVHVWDPRVPRWLYDGRV\FRPSURPHWLGRVFRQORVREMHWLYRVGHOiUHDHQFXDQWRDODYDULDEOHGHXELFDFLyQJHRJUiFDGHORVHQFXHVWDGRVGHODUHJLyQPHWURSROLWDQDXQFRQFXHUGDFRQHVWDDUPDFLyQPLHQWUDVTXHGHORVHQFXHVWDGRVSHUWHQHFLHQWHV D RWUDV UHJLRQHV XQ HVWi GH DFXHUGRPX\ GHDFXHUGR

(Q FXDQWR D OD YDULDEOH LQGHSHQGLHQWH SODQWD DQWH OD IUDVH /DLQVWLWXFLyQ VH SUHRFXSD GH TXH \R GHVDUUROOH ODV FRPSHWHQFLDVQHFHVDULDVSDUDHQIUHQWDUORVGHVDItRVTXHGHPDQGDPLWUDEDMRHVOD3ODQWDGH$SR\R*HQHUDOTXLHQHVWiPiVGHDFXHUGRPX\GHDFXHUGRFRQODDUPDFLyQ

(QORTXHUHVSHFWDDODYDULDEOHLQGHSHQGLHQWHWLSRGHODERUHQVXXQLGDGDFWXDOHQORTXHUHVSHFWDDODIUDVH(VWR\FRQIRUPHFRQHOQLYHOGHYLGDTXHPHSHUPLWHPLVXHOGRTXLHQHVHVWiQPiVGHDFXHUGR


PX\GHDFXHUGRVRQDTXHOORVHQFXHVWDGRVTXHVHGHVHPSHxDQHQDOiUHDRSHUDWLYDHVSHFLDOL]DGD$VXYH]TXLHQHVHVWiPHQRVGHDFXHUGRPX\GHDFXHUGRVRQORVIXQFLRQDULRVSHUWHQHFLHQWHVDOiUHDQRRSHUDWLYD

(QHOiPELWRGHODVLQWHUYHQFLRQHVHO/DERUDWRULRGH&ULPLQDOtVWLFD&HQWUDO /$&5,0 UHDOL]yXQHVWXGLRDQHVGHOFRQVLVWHQWHHQ OD DSOLFDFLyQ GH XQ FXHVWLRQDULR GHQRPLQDGR GLDJQyVWLFRRUJDQL]DFLRQDOGHO/$&5,0&HQWUDODSURIHVLRQDOHV\SHULWRVGHHVDXQLGDG6XREMHWLYRSULQFLSDO IXHGHVFULELU HO HQWRUQR ODERUDO \ODVGLVWLQWDVGLPHQVLRQHVTXHLQX\HQHQVXIXQFLRQDPLHQWRDSDUWLUGH OD SHUFHSFLyQ GH ORV SURSLRV IXQFLRQDULRV GH HVD UHSDUWLFLyQ $UDt]GHORVUHVXOWDGRVTXHVHxDODQTXHHOFOLPDODERUDOHVSHUFLELGRFRPRDOWDPHQWH LQVDWLVIDFWRULRGHVWDFiQGRVH ODYDULDEOHDPELHQWHItVLFRFRPXQLFDFLyQEHQHFLRVRSRUWXQLGDGHVTXHRWRUJDXQDRUJDQL]DFLyQHQFXDQWRDODHGXFDFLyQGHORVKLMRVFDEDxDGHYHUDQHRFRQYHQLRV FRQ RWUDV LQVWLWXFLRQHV VDOXG HQWUH RWURV VH SURSRQHKDELOLWDU XQD RFLQD GH DSR\R SVLFROyJLFR HQ VDOXG RFXSDFLRQDOSDUDHOSHUVRQDOGHO/$&5,0FX\RSURSyVLWRSULQFLSDOHVEULQGDU\RSWLPL]DU GLVWLQWRV DVSHFWRV GH OD VDOXG IXQFLRQDULD GHVDUUROODQGRSDUD HOOR DFFLRQHV HQ PDWHULD GH SVLFRORJtD ODERUDO LQWHUYHQFLyQJUXSDO H LQGLYLGXDO \ HVWDEOHFLHQGR FRRUGLQDFLRQHV WpFQLFDV FRQ OD-HIDWXUDGH6DQLGDG

$ VX YH] OD%ULJDGD ,QYHVWLJDGRUDGH'HOLWRVGH(FRQyPLFRVGH&RQFHSFLyQHQHODxRDUDt]GHXQGLDJQyVWLFRGHVXVLWXDFLyQVH SODQWHDURQPHMRUDU VX FOLPD ODERUDO /XHJR GH GHWHFWDU TXH ORVPLHPEURV GH OD XQLGDG SUHVHQWDEDQ SUREOHPDV PRWLYDFLRQDOHVHQ UHODFLyQ D VX WUDEDMR TXH VH FDUHFtD GH UHFXUVRV PDWHULDOHV HLQIUDHVWUXFWXUD\GHOLGHUD]JRVHIHFWLYRVHODERUDURQXQSUR\HFWRFX\RVSULQFLSDOHVSURSyVLWRVVHUHHUHQDODFDSDFLWDFLyQGHORVLQWHJUDQWHVJHQHUDFLyQ GH HVSDFLRV UHFUHDWLYRV FRQ ODV IDPLOLDV SRVWXODFLyQ \DGTXLVLFLyQGHFRPSXWDGRUHVHMHUFLFLRGHODMHIDWXUDHQPDUFDGDHQHOUHVSHWR\DSHUWXUDDOGLDORJR/RVUHVXOWDGRVREWHQLGRVHVHOORJURGHXQJUDWRDPELHQWHODERUDOJUXSRFRKHVLRQDGRFDSDFLWDGR\PRWLYDGRSDUDHQIUHQWDUORVGHVDItRVLQYHVWLJDWLYRVPHMRUDPLHQWRGHODFDOLGDGGHORVLQIRUPHVFRQDQ]DDOLQWHULRUGHOJUXSR\FRQHOMHIH

(V GHVWDFDEOH TXH OD H[SHULHQFLD GH HVWD EULJDGD IXH UHFRQRFLGDFRPRWDOHQHOSULPHUFRQFXUVRLQVWLWXFLRQDOGHEXHQDVSUiFWLFDVGHJHVWLyQSROLFLDOUHDOL]DGDHQHOPDUFRGHOSUR\HFWR%XHQDV3UiFWLFDVGH*HVWLyQ3ROLFLDO3ODQ0LQHUYDHQHO


9&21&/86,21(6(QSULPHU OXJDU HQ ORTXH UHVSHFWDDO DQiOLVLVGH ORV UHVXOWDGRV

GH ODVHQFXHVWDVDSOLFDGDVDQLYHOQDFLRQDOHQHODxR\HV GHVWDFDEOH TXH OD ,QVWLWXFLyQ FXHQWH FRQ LQIRUPDFLyQ REMHWLYDDFHUFDGHVXUHDOLGDG\DTXHHVWRSHUPLWHTXHVHWRPHQGHFLVLRQHVIXQGDPHQWDGDVVREUHHVWDGRVGHVHDGRVDQLYHORUJDQL]DFLRQDO

(QFRQVLGHUDFLyQDORVHVWXGLRVUHYLVDGRVSDUDODHODERUDFLyQGHHVWH GRFXPHQWR OR VHxDODGR SRU ORV UHSUHVHQWDQWHV GH ODV DOJXQDVMHIDWXUDV \ ORV SXQWRV DERUGDGRV HQ OD UHXQLyQ UHDOL]DGD HQWUH ODVGLVWLQWDVLQVWDQFLDVUHODFLRQDGDVFRQHOWHPDHVSRVLEOHLQIHULUTXHHOFRQFHSWRGHFOLPDODERUDOQRHVWiLQVWLWXFLRQDOL]DGRSUREDEOHPHQWHSRUTXHHQ ORTXH UHVSHFWDD OD UHSUHVHQWDFLyQVRFLDO H[LVWHQWH pVWHVH HQFXHQWUD DVRFLDGR DO TXHKDFHU GHO MHIH HV GHFLU FRPR pVWH VHGHVHPSHxDHQVXURODOLQWHULRUGHODXQLGDG

(Q HVWH VHQWLGR XQ PDO FOLPD ODERUDO HV HQWHQGLGR FRPR XQDVHxDOGHXQOLGHUD]JRQHJDWLYRSRUSDUWHGHOMHIHHVWDEOHFLHQGRXQDUHODFLyQGLUHFWDHQWUH

PDOFOLPDODERUDOOLGHUD]JRQHJDWLYRGHFLHQWHHYDOXDFLyQ

3RU ORWDQWRFXDOTXLHU LQWHUYHQFLyQHQHVWDPDWHULDHVSHUFLELGDFRPRXQDDPHQD]DD ODJHVWLyQGHXQGHWHUPLQDGR MHIHGHXQLGDGHYLWDQGR VX WUDWDPLHQWR LQFOXVR GHVGH XQ HQIRTXH SUHYHQWLYR GHFOLPDV ODERUDOHV DGYHUVRV %ULQGDUOH HVWH VHQWLGR DO FOLPD ODERUDOFRQOOHYDUHGXFLUORSXHVQRVHFRQVLGHUDQWRGDV ODVYDULDEOHVTXHORFRQIRUPDQ\TXHWUDVFLHQGHQXQHVWLORGHOLGHUD]JR

6LELHQHVWiLQVWDODGRHQHOGLVFXUVRQRVHOHRWRUJDODGLPHQVLyQ\HIHFWRVTXHLPSOLFDUtDWUDEDMDUHOWHPDHQSURIXQGLGDG6HGHVFRQRFHQORV DOFDQFHV WHyULFRSUiFWLFR TXH SXGLHUDQ JHQHUDU HO DERUGDMH GHHVWDPDWHULD\ODVFRQVHFXHQFLDVTXHDFDUUHDUtDQHQYDULDEOHVFRPRPRWLYDFLyQ GHVHPSHxR UHODFLRQHV LQWHUSHUVRQDOHV VLVWHPDV GHWUDEDMRHLQFHQWLYRVHQWUHRWUDVYDULDEOHVTXHHQGHQLWLYDWHQGUtDQXQLPSDFWRGLUHFWRHQODJHVWLyQ\UHQGLPLHQWR(VWROOHYDUtDDSHQVDUTXH D~Q FXDQGR SXGLHUDQ H[LVWLU LQLFLDWLYDV R LQWHUYHQFLRQHV QRH[LVWLUtDXQGHVDUUROORHQORTXHUHVSHFWDDODJHVWLyQGHOFRQRFLPLHQWRHQHVWDPDWHULDDOLQWHULRUGHODRUJDQL]DFLyQ

(Q OD DFWXDOLGDG OD LQVWLWXFLyQ PXHVWUD HVIXHU]RV DLVODGRV SRUGLDJQRVWLFDUXQLGDGHVFRQVLGHUDGDVHQFULVLVEXVFDQGRHVWDEOHFHU


ODVFDXVDVTXHHVWiQDODEDVHGHORVSUREOHPDV1RH[LVWLUtDQPRGHORVFRPSUREDGDVQL SROtWLFDV WUDQVYHUVDOHV TXH RULHQWHQ HO DFWXDU SDUDGLDJQRVWLFDUHLQWHUYHQLUHQHOFOLPDODERUDOFRPRSDUWHGHOGHVDUUROORRUJDQL]DFLRQDOSURSLRGHQXHVWUDLQVWLWXFLyQSROLFLDO(QVtQWHVLVWRGRHVIUXWRGHVXMHWRVSDUWLFXODUHVTXHHQDOJ~QPRPHQWRKDQHVWLPDGRUHOHYDQWHDSR\DUDXQDXQLGDGTXHVROLFLWDD\XGD

/D 3ROLFtD GH ,QYHVWLJDFLRQHV GH &KLOH SHVH DO HVIXHU]R HQDOFDQ]DU XQDPRGHUQL]DFLyQ LQVWLWXFLRQDO SURSLD GH ODV SROLFtDV GHDOWR UHQGLPLHQWR QR KD ORJUDGR KDVWD DKRUD GLVHxDU GHVDUUROODUVLVWHPDWL]DU\HYDOXDU OtQHDVGH WUDEDMRTXHDERUGHQiPELWRVFRPRFOLPD ODERUDO FDOLGDGGH YLGD GHVDUUROORGH FRPSHWHQFLDV DQiOLVLVGHUROFDSDFLWDFLyQ\IRUPDFLyQSODQLFDFLyQGHUHFXUVRVKXPDQRVHQWUH RWURV HQPDUFDGDV HQ SROtWLFDV DWLQJHQWHV \ WUDQVYHUVDOHV DWRGDV ODVXQLGDGHV LQVWLWXFLRQDOHVGHVGHXQDPLUDGDVLVWpPLFDTXHFRQMXJXHGHXQPRGRFRKHUHQWHORViPELWRVH[SXHVWRV

(V LPSRUWDQWH KDFHU SUHVHQWH TXH ODV SROtWLFDV D LPSOHPHQWDUGHEHUtDQ OOHYDUVH D OD SUD[LV GH PRGR WDO TXH HO IXQFLRQDULR TXHIRUPDSDUWHGHXQDXQLGDGGHWHUPLQDGDSHUFLEDXQDOtQHDGHWUDEDMRVXVWHQWDEOHHQHOWLHPSRTXHUHFRMDVXVH[SHFWDWLYDV\DFFLRQHVREUHHOODV'HORFRQWUDULRVHFRUUHHOULHVJRGHJHQHUDULPSRUWDQWHVQLYHOHVGHIUXVWUDFLyQTXHLQWHUHUHQHQHOGHVHPSHxR

2WUR SXQWR D FRQVLGHUDU HQ OR TXH UHVSHFWD DO WUDWDPLHQWR GHFOLPDODERUDOVRQODVGLIHUHQWHVSHUFHSFLRQHVTXHVHSXGLHUDQWHQHUVREUH XQ PLVPR HQWRUQR ODERUDO SXHV ORV GDWRV TXH QRV HQWUHJDHO DQiOLVLV FRPSDUDWLYR UHDOL]DGR PXHVWUD TXH OD SHUFHSFLyQ GHKRPEUHV\PXMHUHVGHXQIXQFLRQDULRGHODUHJLyQPHWURSROLWDQD\GHUHJLRQHVTXHXQIXQFLRQDULRGHPHQRVGHDxRVGHVHUYLFLRHQWUHRWURVHVGLVWLQWD(VWRHVUHOHYDQWHSXHVVHUHTXLHUHXQWUDWDPLHQWRHVSHFLFRHVGHFLUXQGLDJQRVWLFRVLWXDFLRQDOIHQRPHQROyJLFRSXHVGHORFRQWUDULRXQWUDWDPLHQWRHVWDQGDUL]DGRGHFOLPDODERUDOHQODRUJDQL]DFLyQTXHQRFRQVLGHUHHVWDVSDUWLFXODULGDGHVQRORJUDUtDORVUHVXOWDGRVSODQWHDGRVRHVWRVSHUGXUDUtDQSRUSRFRHQHOWLHPSR

3RU ~OWLPR \ FRPR PHQFLyQ DSDUWH FDEH SUHJXQWDUVH TXp WDQRSRUWXQRSXGLHUDUHVXOWDUTXHHQLQWHUYHQFLRQHVGHWLSRRUJDQL]DFLRQDO\DVHDHQJHVWLyQRGHVDUUROORLQVWLWXFLRQDOVHUHDOLFHQHVWUDWHJLDVGHFRUWHFOtQLFRLQGLYLGXDODFDGDLQWHJUDQWHGHODXQLGDGHQFULVLV(VGDEOH VXSRQHUTXH ODV H[SHFWDWLYDVTXH VHJHQHUDQHQXQJUXSRGHIXQFLRQDULRVDSDUWLUGH ODVYLVLWDVGHSURIHVLRQDOHVVHDQUHODWLYDVDWUDEDMRHQJUXSRVHQTXHIRFDOLFHDVSHFWRVGHODLQWHUDFFLyQ


9,%,%/,2*5$)$

$ULDV)HUQDQGR$GPLQLVWUDFLyQGH5HFXUVRV+XPDQRVSDUDHODOWRGHVHPSHxR(G7ULOODV0p[LFR

%ULRQHV'DUtR3UHVHQFLDGH6tQGURPHGH%XUQRXW HQ3REODFLRQHV3ROLFLDOHV9XOQHUDEOHVGH&DUDELQHURVGH&KLOH1RYLHPEUHGHO>HQOtQHD@'LVSRQLEOHHQKWWSZZZFLHQFLD\WUDEDMRFO

&KLDYHQDWR ,GDOEHUWR $GPLQLVWUDFLyQ GH 5HFXUVRV +XPDQRV(GLWRULDO0F*UDZ+LOO0p[LFR

'RFXPHQWRLQWHUQR(VWXGLRGH-HIDWXUDGH6DQLGDG3ROLFtDGH,QYHVWLJDFLRQHVGH&KLOH

'RFXPHQWR LQWHUQR2FLR 5$%5-HIDWXUDGH6DQLGDG3ROLFtDGH,QYHVWLJDFLRQHVGH&KLOH

(VFDW 0DUtD 'HQLFLyQ GHO FOLPD ODERUDO >HQ OtQHD@ 6DQWLDJRiUHD 5+ &RP 'LVSRQLEOH HQ KWWSZZZDUHDUKFRPUUKKGHQLFLRQBFOLPDKWP

*RQFDOYHV $OH[LV 'LPHQVLRQHV GHO FOLPD RUJDQL]DFLRQDO 'LFLHPEUHGHO>HQ OtQHD@'LVSRQLEOH HQKWWSZZZFDOLGDGRUJDOH[LVKWP

*RQFDOYHV $OH[LV)XQGDPHQWRV GHO FOLPD RUJDQL]DFLRQDO 'LFLHPEUHGHO>HQ OtQHD@'LVSRQLEOHHQ KWWSZZZFDOLGDGRUJDUWLFOHVGHFGHFKWP

+DOO5LFKDUG2UJDQL]DFLRQHV(VWUXFWXUD3URFHVRV\5HVXOWDGRV(G3UHQWLFH+DOO0p[LFR

/R]DQR HWDO 'HVFULSFLyQ HQ ORV QLYHOHV GH EXUQRXW HQ ORVGLIHUHQWHV FROHFWLYRVSURIHVLRQDOHV 1RYLHPEUHGHO >HQOtQHD@ 'LVSRQLEOH HQ KWWSGLDOQHWXQLULRMDHVVHUYOHWDUWLFXOR"FyGLJR


5DLQLHUL $QGUpV (VWLORV GH GLUHFFLyQ FRPR GHWHUPLQDQWHV GHOFOLPDODERUDOHQ&KLOH5HYLVWD$%$17( 9RO1DEULOSS

5DPRV GH 6RX]D *DVWmR )UDQFR &DUYDOKR 0HLUHOHV 7RNXQDJD)HUUHLUD\&pVDUGRV6DQWRV6RIULPHQWRSVtTXLFRHQWUHSROLFLDLVFLYLVXPDDQiOLVHVREDyWLFDGHJrQHUR1RYLHPEUHGHO>HQOtQHD@'LVSRQLEOHHQKWWSZZZVFLHOREUSGIFVSYQSGI

5RGUtJXH] 'DUtR 'LDJQyVWLFR 2UJDQL]DFLRQDO (GLFLRQHV8QLYHUVLGDG&DWyOLFDGH&KLOH6DQWLDJRGH&KLOH


V

$57852+(55(5$9(5'8*2

,,1752'8&&,1

/DSHUFHSFLyQGHOULHVJR\HOVHQWLPLHQWRGHLQVHJXULGDGVRQGRVIHQyPHQRVLQWHUHVDQWHVGHHVWXGLDU(OORSRUTXHWLHQHQHIHFWRVFRQFUHWRVHQODPDQHUDHQTXHFRPSUHQGHPRVHOHQWRUQR\HQODIRUPDHQTXHUHDFFLRQDPRVIUHQWHDORVULHVJRVODVLQVHJXULGDGHV\ODVLQFHUWLGXPEUHV

/RTXHDTXtHVWiHQMXHJRVRQGRViUHDVGHOFRQRFLPLHQWR\GHDFFLyQGLVWLQWDVSHURTXHHQ ODSUiFWLFD VH UHODFLRQDQPX\HVWUHFKDPHQWHFRQGLYHUVDVFRQVHFXHQFLDV3RUXQDSDUWHHVWiORUHODWLYRDOiPELWRGH OD SVLFRORJtD DVRFLDGR D IHQyPHQRV FRPR OD SHUFHSFLyQ ODHPRFLyQORVVHQWLPLHQWRVODVVHQVDFLRQHV\HOWHPRU\SRURWUDORUHODFLRQDGRFRQIHQyPHQRVVRFLDOHVFRPRODLQVHJXULGDGODYLROHQFLD\ODFULPLQDOLGDG

$PEDViUHDVVH LQYROXFUDQHQ ODUHDOLGDGJHQHUDQGRIHQyPHQRVQXHYRV TXH HQ HO ~OWLPR WLHPSR VH KDQ WUDQVIRUPDGR QR VyOR HQPDWHULDGHHVWXGLRVLQRTXHWDPELpQHQGHQLFLRQHVSRUSDUWHGHODVSROtWLFDVS~EOLFDV7UDGLFLRQDOPHQWHVHGLRPD\RULPSRUWDQFLDDOWHPDGHODLQVHJXULGDGDVRFLDGDDKHFKRVFRQFUHWRVFRPRODYLFWLPL]DFLyQ\ODYLROHQFLDHQGHVPHGURGHRWUDVYDULDEOHVFRPRODSHUFHSFLyQHOWHPRURODVHQVDFLyQGHLQVHJXULGDG

6LQ HPEDUJR FRQ HO DYDQFH GH ODV GLVFLSOLQDV SVLFROyJLFDV \VRFLDOHV \ FRQ HO VXUJLPLHQWR GH QXHYRV IHQyPHQRV FULPLQDOHV VHKD HTXLOLEUDGR OD SUHRFXSDFLyQ UHVSHFWR GH OD VHJXULGDG REMHWLYD\ VXEMHWLYD 7DQWR HV DVt TXH KR\ ORV HVWXGLRV HVSHFLDOL]DGRV ORV

$57&8/2

(['LUHFWRU*HQHUDOGHOD3ROLFtDGH,QYHVWLJDFLRQHVGH&KLOH'RFHQWHGHOD$FDGHPLD6XSHULRUGH(VWXGLRV3ROLFLDOHV


SURJUDPDVS~EOLFRV\ODVUHVSXHVWDVGHO(VWDGRKDQDVXPLGRDPEDVYDULDEOHVHQXQDFRQGLFLyQGHLJXDOGDG

3RU TXp ORV IDFWRUHV VXEMHWLYRV KDQ DGTXLULGR WDO UHOHYDQFLD"3RUTXHGLFKDVYDULDEOHVGHWHUPLQDQGHPDQHUDGLUHFWDHOPRGRHQTXHSHUFLELPRVODUHDOLGDG\SRUORWDQWRHOQLYHOGHQXHVWUDVH[LJHQFLDVWUDQVIRUPiQGRVH DVt HQ XQ KHFKR SROtWLFR +R\ ORV HVWiQGDUHVGHPRFUiWLFRV \ GH SURJUHVR KDQ DXPHQWDGR VXVWDQWLYDPHQWHVLWXDFLRQHV TXH FRQOOHYDQ HO VXUJLPLHQWR GH XQD FLXGDGDQtD PiVSUHSDUDGD\FRQVFLHQWHGHVXVGHUHFKRV(QHVWHFRQWH[WRQRVyORVHH[LJHVHJXULGDG\FHUWLGXPEUHVLQRTXHWDPELpQFRQGLFLRQHVVRFLDOHVTXHDVHJXUHQHOGLVIUXWHGHORVGHUHFKRV\OLEHUWDGHV

(VWR LPSOLFD TXH ODV DXWRULGDGHV GH XQD QDFLyQ GHEHQ KR\QHFHVDULDPHQWH RFXSDUVH GH YDULDEOHV VXEMHWLYDV FRPR HO WHPRU ODSHUFHSFLyQGHO ULHVJR\ HO VHQWLPLHQWRGH LQVHJXULGDGSXHVGHHOORGHSHQGHQUHTXHULPLHQWRVSURSLRVGHXQDVRFLHGDGPRGHUQDFRPRODFDOLGDGGHYLGD\HOGHVDUUROORKXPDQR

,,'(),1,&,21(635(9,$6)81'$0(17$/(6/D SHUFHSFLyQ GHO ULHVJR \ HO VHQWLPLHQWR GH LQVHJXULGDG VRQ

GRV H[SUHVLRQHV GH OD SVLFRORJtD KXPDQDTXHGHWHUPLQDQQXHVWURVFRPSRUWDPLHQWRV DVt FRPR HO PRGR HQ TXH QRV DSURSLDPRV\ H[SUHVDPRV OD UHDOLGDG TXH QRV URGHD 6RQ PDQLIHVWDFLRQHVHVHQFLDOPHQWH FRPSOHMDV GRQGH LQWHUYLHQHQ YDULDEOHV ItVLFDVSVLFROyJLFDV VRFLROyJLFDV \ FXOWXUDOHV HQWUH RWUDV (V SRU HOOR TXHSDUD FRQRFHU DPERV IHQyPHQRV \ VXV FRQVHFXHQFLDV SUiFWLFDV HVQHFHVDULRSULPHURHQWHQGHUODVGHQLFLRQHV\FRQFHSWRVTXHHVWiQHQODUDt]GHFDGDXQRGHHOORV

/DSHUFHSFLyQDIHFWDGLUHFWDPHQWHQXHVWUDUHODFLyQFRQHOHQWRUQRQXHVWURVPRGRV GH FRQYLYHQFLD \ OD PDQHUD GH UHDFFLRQDU DQWH ODUHDOLGDG&yPRUHVSRQGHPRVIUHQWHDGHWHUPLQDGRVULHVJRVQRVyORGHSHQGH GH FRQGLFLRQHV REMHWLYDV FRPR HO WLSR \ JUDYHGDG GH ODVDPHQD]DVSUHVHQWHVVLQRWDPELpQGHODLQWHUSUHWDFLyQTXHRWRUJDPRVDGHWHUPLQDGRVHVWtPXORV(QHIHFWRODLQWHUSUHWDFLyQHVSRUHVHQFLDXQDFWRVXEMHWLYRTXHHVWiPHGLDGRSRUGLYHUVRVIDFWRUHVTXHYDQGHVGHODFXOWXUDKDVWDODHVWUXFWXUDGHSHUVRQDOLGDG

/D REMHWLYDFLyQ GH OD UHDOLGDG HV GHFLU OD WUDQVIRUPDFLyQ GHFDWHJRUtDVDEVWUDFWDVHQDOJRFRQFUHWRHVVLHPSUHSURWDJRQL]DGDSRUXQVXMHWRGRWDGRDODYH]GHUD]yQ\GHHPRFLRQHVFDGDXQDGHODV


FXDOHV LQX\HHQHOPRGRHQTXHHVWH VXMHWR VH LQWHUFRQHFWDFRQ ODUHDOLGDG3DUDIUDVHDQGRHOWtWXORGHOFpOHEUHOLEURGH3DXO:DW]ODZLFN(V UHDO OD UHDOLGDG" HV SRVLEOH VHxDODU TXH OD IRUPDFLyQGH OD LPDJHQ \ GHO FRQFHSWR GHO PXQGR VRQ IXQGDPHQWDOPHQWHFRQVWUXFFLRQHVGRQGHLQWHUYLHQHQIDFWRUHVUDFLRQDOHV\VXEMHWLYRV

$OUHVSHFWRFDEHKDFHUODVLJXLHQWHGLIHUHQFLDFLyQ3RUXQDSDUWHH[LVWHORTXHVHFRQRFHFRPRODVHQVDFLyQTXHVHUHHUHEiVLFDPHQWHDODUHVSXHVWDGHORVyUJDQRVGHORVVHQWLGRVIUHQWHDXQHVWtPXORRVHD HVPiV ELHQXQD UHDFFLyQGH RUGHQ ItVLFR /D SHUFHSFLyQ HQWDQWRHVODLQWHUSUHWDFLyQGHHVDVVHQVDFLRQHVGiQGROHVVLJQLFDGRVHQWLGR \ RUJDQL]DFLyQ OR FXDO LPSOLFD OD DFWLYLGDG QR VyOR GH ORVyUJDQRVVHQVRULDOHVVLQRWDPELpQGHOFHUHEUR(QULJRUODSHUFHSFLyQFRQVWUX\H UHDOLGDG \ FRQIRUPH D HOOD GHWHUPLQDPRV QXHVWURVFRPSRUWDPLHQWRV

*HQHUDOPHQWHVHDFHSWDTXHODVHQVDFLyQSUHFHGHDODSHUFHSFLyQORTXHFRQOOHYDUHDOL]DUFLHUWDVSUHFLVLRQHV(QHOSURFHVRVHQVLEOHVHSHUFLEHXQHVWtPXORFRPRSXHGHVHUODDODUPDGHXQDSXHUWDOXHJRODSHUFHSFLyQDQDOL]D\FRPSDUDODLQIRUPDFLyQVXPLQLVWUDGDSRUHVHHVWtPXOR\VHUHVXHOYHVLHVQHFHVDULRDVXPLUXQDDFWLWXGDOHUWDIUHQWHDOJ~QSHOLJURRVL VLPSOHPHQWHHVFXHVWLyQGHDSDJDUHOGLVSRVLWLYRTXHDFFLGHQWDOPHQWHDFFLRQyODDODUP

Documents

ASEPOL7 COMPLETA