Metapolitica 75

Page 1



METAPOLÍTICA

T+)X#_f7#3a:X#ef7#+94-.&(<8/9/(:.&(#8(#]^__

!"#$%&'

kkkX:(4';+)/4/9'X9+:X:h# !!"#$%&"'#(!%&"!)*"#$%&'()#*+,'&&-./'%# #

*&+,#-&'#(!%&"!)* 0+%1#234+3/+#25-/)'&#6/,(&'7#6+8(&/9#2/#*':;7#2)(< ='38&+#23'>'7#234+3/+#233/3+7#?),'&+#2&'5@3#6/,(< &'7#$%&'()#2&&+>+7#A'&B'#C-/%'#D'&9')(44#E1&(F7#A/5-()# *'&.+3())7#0+%1#234+3/+#*&(%;+7#0'/:(#8()#2&(3')# G(3+9H/+7# 6'I'()# J%4&'8'# A/9H()7# K1%4+&# L'&9B'# *'39)/3/7# 2&:'38+# L+3FM)(F# N+&&(%7# E'+)'# A'&4B3(F# O(&3M38(F7# A'&B'# 8(# )+%# ?35()(%# A'%9+44# PM39H(F7# $OÀR 0DVWURSDROR -HDQ 0H\HU (GJDU 0RUDOHV )OR< &(%7#C(+3'&8+#A+&)/3+7#0+%1#C-/%#Q&+F9+7#0-'3#E'.)+# E':;/))+#D')/R+7#A'&/+#E(&3/+)'7#S5+#E/;/4+3(7#0-'3# A'3-()# 6':B&(F# P'BF7# TB94+&# 6(>3+%+7# U',/(&# 6+< 8&B5-(F# C(8(%:'7# 6+.(&4+# PM39H(F7#234+)B3# PM39H(F# *-(&,+7#?35()#P(&:(R+7#G(8(&/9+#TMFV-(F#*')(&+7# P/),(%4&(#T/))(5'%#6(,-()4'%7#!'3/)+#W+)+X

('%)$*'+&' D

!',&-.$./$0&-%)$ EF

"6)+7(%' &(' &+89!*:$' 8!;+$#<' $;!%9(;+7+(%9!' =' ;$7*!'>$;:!'&(#'?!""!"'7(@+;$%!'!"#$%&'("$)&*+,-$ .&-+/&0"$$

GH

#+9("$9A"$B'C*$"$'DA6E'!"#$12&-$3#/4+5'&($3#26$78928(+&4$

GI

7A("9(' =' "(8A""(;;+-%' &(' A%$' "(*FG#+;$<' $")(%H 9+%$'&(8*A68'&('#$';"+8+8'&('IJJK'!"#$:8;8#/<"$.&8++"-8$ $ *$9"+;+$')?("!>+;+.'L#0'M0N0O40'P3QP4/0B'MP45'R0/H O2S3'TU40'V'W0NX0Y'=-+#89/4+&$#8&(/6&;&$!"#$>4#&8($3"9&##2'/&4

HF *&&"(!+)(&"'(#'!"#$%"&'(#*'."#,#+%#'+/0#"&1' C(/I#Y+&%.'(Z# (!,#2&3'$&0.&,!$!4+'5'(!)6")0)$!4+# A'3-()#2H-'94F/3 A'&/%+)#O(&3M38(F#P'34':'&B' AJN2EQC[N$*2#(%#-3'#;-.)/9'9/@3#4&/:(%4&')#\+94-< .&(<8/9/(:.&(#8(#]^__`#(8/4'8'#;+&#*'35'4+7#PX#2X# 8(# *X# TX# J8/4+&# &(%;+3%'.)("# 0+%1# 6/9'&8+# A+&(3+# D+4())+X# Ka:(&+# 8(# &(%(&,'# ')# 4/4-)+# (3# 8(&(9H+# 8(# '-4+&"# ^b<]^^c<_]^d_dde^e^^<_^]X# Ka:(&+# 8(# FHUWLÀFDGR GH OLFLWXG GH WtWXOR 1~PHUR GH FHUWLÀFDGR GH OLFLWXG GH FRQWHQLGR 'RPLFL< )/+"# *':;(9H(# df_<_^_7# *+)X# O/;@8&+:+# *+38(%'7# 'HOHJ &XDXKWpPRF 0p[LFR ' ) 0e;,&2 WHOV \ ID[ f^#_^#dcX#*+&&(+<("#:(4';+)/4/9'g5:'/)X9+:#28:/< 3/%4&'9/@3#>#%-%9&/;9/+3(%"#!/3+&'H#E+)/37#4()X#\ff`# &RUUHR H VXVFULSFLRQHV#PHWDSROLWLFD 9+:X:hX#N+8+%#)+%#8(&(9H+%#8(#&(;&+8-99/@3#8(#)+%# 4(h4+%#'V-B#;-.)/9'8+%#(%4M3#&(%(&,'8+%#;+&#AJN2< EQC[N$*2X# $PPK# _b^f<bffcX# $PPK# \,(&%/@3# ()(94&@< QLFD 3XEOLFDFLyQ SHULyGLFD DXWRUL]DGD SRU 6(320(; 5HJLVWUR SRVWDO ,0 \ 33 ,PSUHVLyQ &$06$ ,PSUHVRUHV 6 $ GH & 9 *'))(#P'3#0-'37#C+4(#_f7#A'3F'3'#_^7#*+)X#D())',/%< 4'7#*-'-4/4)M3#$F9'))/7#*XEX#fbe]^7#J%4'8+#8(#A1h/< 9+X#!/%4&/.-9/@3"#*$NJA7#PX2X#8(#*XTX7#2,X#!()#*&/%4+# _^_7# *+)X# U+9+>'H-')9+7# *XEX# fb^c^7#N)')3(;'34)'7# J%4'8+# 8(# A1h/9+7# N()1I+3+# f]# dc# ^]# ^^# ># 26$JC$# A-3/9/;/+#C/.&(#_b_7#/34(&/+&#_7#*+)X#E+&4')(%7#*XEX# 0p[LFR ' ) AJN2EQC[N$*2#';'&(9(#(3#)+%#%/5-/(34(%#B38/9(%"#*C2< PJ7# *$N2P# C2N$KQ2AJ6$*2K2P# JK# *$JK*$2P# PQ*$2CJP# &HQWUR GH ,QIRUPDFLyQ &LHQWtÀFD \ +XPDQtVWLFD 81$0 ,1,67 ,QVWLWXWH GH /·,QIRUPDWLRQ 6FLHQWLÀTXH (4#N(93/V-(`i#P+9/+)+5/9')#2.%4&'947#$39Xi#E2$P#\E-.)/9# 2II'/&%#$3I+&:'4/+3#P(&,/9(`i#$DPP#\$34(&3'9/+3')#E+)/4/< 9')#P9/(39(#2.%4&'94`i#S6C$*OjP#\$34(&3'9/+3')#E(&/+< 8/9')%#!/&(94+&>`#>#JDP*Q#$3I+&:'4/+3#P(&,/9(%X

AJN2EQC[N$*2#3+#%(#H'9(#&(%;+3%'.)(#;+&#:'4(&/')(%# 3+#%+)/9/4'8+%X#NB4-)+%#>#%-.4B4-)+%#8(#)'#&(8'99/@3X

!"#$%&!'&(#)$&!'*+,-%.'+/01230425

.-0$)-! (12345/674819/:/;4<6=>679?/ .3@7=39/23923/A7/7B=41;1A18C7/;1AC=>67? DD

#$'$%9"!*!#!):$'*!#:9+;$'='#$8'*!#:9+;$8'!"#$?8/@$A"#4'&8B$$

JD

*"(Z$;+!'$'!"!#$%&!''()*#"+(!,&-."+&/(!''!"#$C(@#8;$ Ǥ ơ Ǧ

KE

*!#:9+;$' =' *!&("<' A%$' 7+"$&$' &(8&(' #$' $%9"!*!H #!):$' À $ (#'*!&("B'#!8'8+89(7$8'&(';$")!8'='#$'$%9"!*!#!H ):$'*!#:9+;$'!"#$D/(&#/"$E"!8+8$?&#&$ $ "(>(89+"'(#'*!&("<'>+([$8'+&($8B'%A(>$8';A(89+!%(8' !"#$=#/<$7F$G"(@$$$$$

KK FF


&#(%-L)$/(M0+&,$ NN

7$Z+$'='*!#:9+;$'(%'(#'*(%8$7+(%9!'&(')$(9$%!'7!8;$'!"#$H/++"#/"$:#"4/-/

IG

85O4P'A%$'?+89!"+$'&('#$'>+!#(%;+$'(%'!;;+&(%9('\P'"5OP4R'7UH T]P/ONP\B'!"#$1&9/8#$E&!/&$$

IF

85O4P'(#'&(8+%9("68<'9"$9$&!';":9+;!'&(#'?!7G"('(;!%-7+;!'\P' [53'(NWRP4B'!"#$7"08(/"$I"-;#&05-$78*84

EOO

85O4P' ;":9+;$' &(#' 7A#9+;A#9A"$#+87!B' "(8(7$%9+^$;+-%' &(' #$' 7A#9+;A#9A"$#+&$&'\P'*0ON5'#0_5'G4253PWB'!"#$%8;#"$I86&$D8#-,-;86

EOD

85O4P'"(#+)+-%'8+%'"(&(%;+-%<';!%9"$&+;;+!%(8'8!;+$#(8'='8A(H ,!8' &(8*+("9!8' (%' $76"+;$' #$9+%$' \P' #U2W' 704R`3P_' $3\40\PB' !"#$ :8#-&-;"$I&+&J"#"4$%"-<8$

EOF

85O4P'(#'>A(#!'\P'8P4125')53_aNP_'"5\4`1UP_B'!"#$I/028($K&!"(85-$=4+#&;&$$

EOI

85O4P'>A(#9$'(%'A<')A:$'*$"$'(%9(%&("'='"($;9+>$"'#$'&(7!;"$H ;+$'(89$%;$&$'\P'8P4125'$1U0V5'DUP_0\0B'!"#$DL<+"#$K"L$D8#-,-;86


!"#$%&!'&(#)$&!'*+,-%.'

Imaginario Po r t a f o l i o

!"##$%&'()"**+%,$-'".$% !"#$%"&'()&*+'*,&-.)/#(#)/&*,#()'0)1"'*.2)3.)4#5)6.,&-.0) /.1('02)7#)/&*,"(#)'0)0&'6/(')8"'(,')+"#*9.)#)/'0#()9')$#) +.6/.0&+&:*;)'$)+.$.(;)',+2;)#/#('+')+.6.)"*)4'+4.;).)#$<.) &*'-&,#1$';)./"'0,#)#)"*)0."-'*&().)#)"*)#(('<$.2)7#)/&*,"(#) '0,=)('$#+&.*#9#),#*,.)+.*)'$)#(,';)+.6.)+.*)$#)-&9#2 "#$%&'!"()*+,%-$%&.

/

(&(! 0(! 1(2#&! 3(&'%! 4%! 0#*! %*3%+'(4#&%*! &%*)0'(! 4567+50!-#!%*'(&!6&%-'%!(!)-(!#$&(!4%!(&'%!+(-89 QLFDPHQWH ¿JXUDWLYD 3DUHFLHUD VHU TXH HV QHFH9 VDULR WHQHU XQ REMHWR DQWH HO FXDO FRPSDUDU OR TXH VH +#-'%130(:!3%&#!(;-!%-!0(!+#130%<54(4!'=+-5+(!4%!0(! &%3&%*%-'(+58-!%*!3&#$0%1>'5+#!,($0(&!4%!)-!&%6%&%-'%! SUHFLVR 'HVGH HO VLJOR SDVDGR QRV KHPRV HQIUHQWDGR +#-*'(-'%1%-'%!(-'%!0(!5-+(3(+54(4!4%!+#13&%-4%&!0#! TXH QR ¿JXUD SHUR SRU IRUWXQD HVWD PLVPD LQFDSDFL9 GDG QR QRV SXHGH OOHYDU D ORV OLQGHURV GHO SHVLPLVPR 2! %0! 6('(05*1#:! 3)%*! ,(2! 1)+,(*! #$&(*! +)2(! 6)%&?(! H[SUHVLYD QRV DWUDSD WDQWR TXH ODV SDODEUDV SDUD GHV9 FULELUODV VH HVFDSDQ 'HQWUR GH HVWH WLSR GH REUDV HQ9 FRQWUDPRV OD SLQWXUD GH 2UODQGR 'HOJDGR @*'(! #$&(! ,(! 3(*(4#! 3#&! 456%&%-'%*! %'(3(*:! 4%*9 GH OD ¿JXUDFLyQ D OD DEVWUDFFLyQ >6#<&*#(&.) -#*! &%1#-'(! (! 0#*! .&(-4%*! 1(%*'&#*! 4%0! %A3&%*5#-5*1#! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

D

DEVWUDFWR $ 5RWKNR \ VX WUDEDMR HQ WRUQR DO FRORU D WUDYpV GH OD WH[WXUD GH SLQWDU FDSD VREUH FDSD $Vt WDPELpQ D %DUQHWW 1HZPDQ FRQ OD LQWHQVLGDG \ SURIXQGLGDG WHPiWLFD GHO OLHQ]R FRQWHPSODWLYR R OD JHVWXDOLGDG GH XQ 3ROORFN 6LQ HPEDUJR OD REUD 4%!B&0(-4#!%*'>!+(&.(4(!4%!)-(!+#130%<54(4!'=+-5+(! TXH VXSHUD OD DVSLUDFLyQ ELGLPHQVLRQDO IRUPDOLVWD GH RWURV WLHPSRV 'H DKt TXH WDPELpQ QRV UHPRQWH D OD DEVWUDFFLyQ D SDUWLU GH OD FXDO 5DXVFKHQEHUJ TXHUtD DFHUFDU HO DUWH D OD YLGD @-!>6#<&*#(&. HQFRQWUDPRV GLYHUVDV REUDV GLIH9 UHQWHV PRWLYRV \ XQD YDULHGDG GH WpFQLFDV TXH QRV OOHYDQ PiV DOOi GH OR TXH HO WtWXOR GH FDGD REUD QRV VXJLHUH 'HMDUQRV OOHYDU SRU HO FRQWHQLGR SRU OD H[9 SHULHQFLD LPDJLQiQGRQRV OR TXH SXHGH VHU HV OR TXH QRV RIUHFH HVWD VHULH


!"#$%&!'&(#)$&!'*+,-% +'('%)$*'+&'

,QVWDQWH VXVSHQGLGR 7HPSOH \ ROHR VREUH WHOD [ FP

$FFLGHQWH QRFWXUQR 2OHR VREUH WHOD [ FP [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

J


('%)$*'+&'//+ !"#$%&!'&(#)$&!'*+,-%

&RQWUDGLFWLR 2OHR VREUH WDEOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

K


!"#$%&!'&(#)$&!'*+,-% +'('%)$*'+&'

$FFLRQ \ 5HDFFLRQ 2OHR \ FHUD VREUH WHOD [ FP

%XHQDV 1XHYDV 7HPSOH \ ROHR VREUH WHOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

F


('%)$*'+&'//+ !"#$%&!'&(#)$&!'*+,-%

(Q OD 'XOFHUtD 2OHR VREUH WHOD [ FP

(QFXHQWUR 2OHR \ FHUD VREUH WDEOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

N


!"#$%&!'&(#)$&!'*+,-% +'('%)$*'+&'

)LHVWD 3DWURQDO 2OHR VREUH WHOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

I


('%)$*'+&'//+ !"#$%&!'&(#)$&!'*+,-%

)UDFWXUD 2OHR VREUH WHOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EO


!"#$%&!'&(#)$&!'*+,-% +'('%)$*'+&'

*UXWD 2OHR \ FHUD VREUH WHOD [ FP

'H QRFKH HQ OD 5RPD 7HPSOH \ ROHR VREUH WDEOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EE


('%)$*'+&'//+ !"#$%&!'&(#)$&!'*+,-%

*UDIRORJtD 2OHR VREUH WHOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EG


!"#$%&!'&(#)$&!'*+,-% +'('%)$*'+&'

/XGHQV 2OHR VREUH WDEOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EH


('%)$*'+&'//+ !"#$%&!'&(#)$&!'*+,-%

-XHYHV 5RVD 2OHR VREUH WHOD [ FP

2ULJHQ 2OHR VREUH WDEOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

ED


!"#$%&!'&(#)$&!'*+,-% +'('%)$*'+&'

9HVXELR 2OHR VREUH WHOD [ FP

6XHxR GH SULPDYHUD 2OHR \ FHUD VREUH WDEOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EJ


('%)$*'+&'//+ !"#$%&!'&(#)$&!'*+,-%

6XPPHUWLPH 2OHR \ FHUD VREUH WDEOD [ FP

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EK


distopía social.

"/)+0(%'&('

$1!%2(1+0+(%2!'3'1$0*!'4$15!'&(#'6!""!"' 0(7+1$%! /$0*+%!$123-%4$-25$(+6

$

',6723Ë$ 62&,$/

SHVDU GH H[LVWLU OD YLGD FRWLGLDQD WUDPDGD GH VLJQL¿FDGRV SDVLRQHV VXHxRV HQFXHQWURV FD9 UHQFLDV \ FRQÀLFWRV ORV VXMHWRV VH FRQHFWDQ D OD UHDOLGDG JOREDO D WUDYpV GH ORV PHGLRV GH FRPXQL9 FDFLyQ GH PDVDV R OD UHG 'HVHUWDQ GHO WLHPSR HVSDFLR SDUD QDYHJDU HQ WLHPSR YHORFLGDG FRQYLUWLpQGRVH HQ HVSHFWDGRUHV LQWHUDFWLYRV TXH DFFHGHQ D LQIRUPDFLyQ LQVWDQWiQHDPHQWH SUHVFLQGLEOH /D FRQVHFXHQFLD GH HVWD HVSHFLH GH VRQDPEXOLVPR FROHFWLYR HV OD LQGL9 6%&%-+5(!6&%-'%!(0!+5-5*1#!4%!0(!+0(*%!3#07'5+(:!0(!+#9 &&)3+58-! .%-%&(05?(4(! 2! %0! 4#0#&! ,)1(-#:! &%*)0'(4#! D VX YH] GH OD JXHUUD PROHFXODU SRU HO FRQWURO GH ORV -%.#+5#*!%-'&%!0(*!&%4%*!4%!3#4%&%*!0%.(0%*!%!50%.(0%*:! WDQWR S~EOLFRV FRPR SULYDGRV 3DUD HO VXMHWR YLFDULR REVHUYDGRU OD UXWLQD LP9 SXHVWD HV LQWHUUXPSLGD SRU LPSUHYLVWRV DFRQWHFLPLHQ9 '#*!4%!,#&&#&C!0(!-#'5+5(!4%0!('%-'(4#!4%!)-(!3(-4500(! DO VHUYLFLR GH XQD HPSUHVD GHO FULPHQ RUJDQL]DGR +#-'&(!)-(!1(*(!5-%&1%!4%!(-+5(-#*!0)483('(*!%-!)-! FDVLQR VH YXHOYH EODQFR GH GDUGRV LUyQLFRV \ RSL9 QLRQHV FtQLFDV SDUD TXLHQHV LQWHUDFW~DQ HQ ODV UHGHV VRFLDOHV ³SDUD SDVDU HO WLHPSR´ /DV LPiJHQHV GHV9 FRQWH[WXDOL]DGDV GHO KRUURU VH FRQYLHUWHQ HQ $../0)4%! DPELHQWDFLyQ HQ DOJ~Q FHQWUR GH GLYHUVLyQ R UHXQLyQ 0).(&%*! %-! 4#-4%! 0#*! '%0%*3%+'(4#&%*! 513(*5$0%*! %-! 3URIHVRU LQYHVWLJDGRU HQ HO 'HSDUWDPHQWR GH 5HODFLRQHV 6RFLDOHV GH OD 8$0 ;RFKLPLOFR

D

SRFR WLHPSR YHQ GHVDSDUHFHU HQ PHGLR GH OD EDQDOL9 GDG \ DOJXQRV GDxRV FRODWHUDOHV GLFKR DFRQWHFLPLHQ9 WR 6H KDQ HQWHUDGR SRU ERFD GH OtGHUHV GH RSLQLyQ 15%1$&#*!4%!0(!+0(*%!3#07'5+(!2!3#05+7(*!+#&&)3'#*:!4%! 0(!+(74(!4%!(0.;-!6)-+5#-(&5#:!0(!6($&5+(+58-!4%!(0.;-! FKLYR H[SLDWRULR OD FDSWXUD GH XQ PLHPEUR R JUXSR 4%0!+&51%-!#&.(-5?(4#!4%!3#+(!1#-'(!#!4%!)-!(*%*5-#! VHULDO £+RUURU H LPSXQLGDG PHGLDWL]DGRV E(*! %*+%-(*! 45*'835+(*! 4%! +)%&3#*! 4%*1%1$&(9 4#*:! 4%! -%.#+5#*! %-! 00(1(*:! +%1%-'%&5#*! +0(-4%*'59 -#*:! %<%+)+5#-%*! #! 4%*(3(&5+5#-%*! 6#&?(4(*! 1#*'&(9 4(*! 5-+(-*($0%1%-'%! %-! '5%13#! &%(0! 3#&! 0#*! 1%45#*! 4%! +#1)-5+(+58-! 4%! 1(*(*! 2! 0#*! 1%45#*! F3%(&! '#! 3%(&G!('%*'5.)(-!%*'%!&=.51%-!4%!,#&&#&!%!513)-54(4:! DGHPiV GH FRQ¿JXUDU WDQWR OD HPHUJHQFLD GH FLHUWDV 6#&1(*!4%!+#-*'&)++58-!4#+)4&(1>'5+(!4%!0(!45*'#37(! VRFLDO DVt FRPR HO GHVSOD]DPLHQWR GH OD LQYHVWLJD9 +58-!3#05+5(+(!4%!0(*!5-*'5')+5#-%*!4%!3&#+)&(+58-!4%! <)*'5+5(!(!0#*!+%-'&#*!4%!3&#4)++58-!,(#*06'9&=,&+#H!0(! +#-*%+)%-+5(!4%!'(0!08.5+(!%*!%0!(*+%-*#!4%0!&=.51%-! GH KRUURU WHOH SROLFtDFR '(/ $&217(&,0,(172

+DVWD KDFH DOJXQRV DxRV ¿OyVRIRV DUWLVWDV \ FLHQWt9 ¿FRV VRFLDOHV UHFRQRFtDQ TXH HO WHUULWRULR SULYLOHJLDGR GH OD LPDJLQDFLyQ QR HUD RWUR TXH OD UHDOLGDG YLYLGD HV GHFLU OD H[SHULHQFLD GHO VXMHWR PLVPR 6REUH HVH WHUUHQR GH OR LPSUHYLVLEOH VH WUDPDEDQ ORV SHTXHxRV #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EF


!',&-.$./$0&-%)$//+ *$G#!')$=9e%'8$%9+$)!

2!.&(-4%*!(+#-'%+515%-'#*:!0#*!+)(0%*!5-+547(-!*50%-9 FLRVDPHQWH QR WDQWR HQ OD HVWUXFWXUD GH OD QDYH VRFLDO VLQR HQ HO RFpDQR VREUH OD TXH QDYHJD /D HVWUXFWXUD 5-'%&(+')($(!+#-!%0!(+#-'%+515%-'#!3&#4)+5%-4#!0%-9 WRV SHUR ¿UPHV FDPELRV KLVWyULFRV GRQGH ¿JXUD HO PRYLPLHQWR IHPLQLVWD \ ORV PRYLPLHQWRV FXOWXUDOHV I)%!'(0!%0!%-')*5(*1#!*#$&%!0(!513#&'(-+5(!4%!F0#!3%9 TXHxR´ \ OD H[SHULHQFLD YLYLGD TXH KDFLD HO DPDQHFHU GH OD GpFDGD GH ORV VHWHQWD ORV ¿OyVRIRV H KLVWRULDGR9 &%*! 3#*'%*'&)+')&(05*'(*! (&.)1%-'(&#-! 3#='5+(1%-'%! VREUH ³HO UHWRUQR GHO DFRQWHFLPLHQWR´ UH¿ULpQGRVH QDWXUDOPHQWH D OD LPSUHYLVLELOLGDG GH ORV IHQyPHQRV TXH FDPELDQ HO FXUVR GH OD KLVWRULD @0! F,(+%&! ,(+%&G! 4%*%-+(4%-(4#! 3#&! %0! (+#-'%9 +515%-'#:!0(!3#'%-+5(!4%!05$%&(+58-!4%0!4%*%#!+#1#! DYHQWXUDED /\RWDUG SURYRFD PXWDFLRQHV DTXt \ DOOi HQ ORV GLVWLQWRV iPELWRV GH OD YLGD VRFLDO 3UHFLVDPHQWH XQD GH HVDV PXWDFLRQHV QR SURYHQGUtD GH ORV PRYLPLHQWRV FROHFWLYRV VLQR GH OD LQYHQFLyQ '%+-#08.5+(! %-! %0! >&%(! 4%! 0#*! 1%45#*! 4%! 5-6#&1(9 FLyQ \ FRPXQLFDFLyQ TXH VH IXJy GH ORV VyWDQRV GH ORV PRYLPLHQWRV XWySLFRV SDUD LUUXPSLU HQ OD YLGD FRWLGLDQD GH ODV VRFLHGDGHV PRGHUQDV (O DFRQWHFL9 PLHQWR WHFQROyJLFR OD PDVL¿FDFLyQ GH OD 3& \ HO OHQJXDMH GLJLWDO SURGXMR FDPELRV HQ OD SHUFHSFLyQ \ ORV PRGRV GH RUJDQL]DFLyQ GH OR VRFLDO TXH ³KL]R KD9 +%&G!4%!#'&(!1(-%&(!(!1500#-%*!4%!,($5'(-'%*!4%!F0(! (04%(!.0#$(0GH!+)1305%-4#!(*7!0(!3&#6%+7(!4%!@4.(&! 0RULQ TXLHQ REVHUYy HQ VX ,'.(?#)9'$)'-'*,. TXH '$) #+.*,'+&6&'*,.),(#*08.(6#)'$)("&9.)9')&*8.(6#+&:*) ') &*&+&#) "*) 0&0,'6# 0RULQ (Q HVWH FDVR HO DFRQWHFLPLHQWR WHFQROyJLFR SURGXFLUtD XQ QXHYR VLV9 WHPD LQIRUPDFLRQDO GH FRPXQLFDFLyQ H LQIRUPDFLyQ (O DFRQWHFLPLHQWR LPDJLQDFLyQ TXH LPSXOVy HO 4%*3%.)%! 4%! 0(*! '%+-#0#.7(*! 4%! 0(! 5-6#&1(+58-! 2! 0(! +#1)-5+(+58-:!0%<#*!4%!*%&!)-!%356%-81%-#:!,(!3&#9 YRFDGR HQ ODV ~OWLPDV GpFDGDV FDtGDV \ FDPELRV GH UXPER GHO WRUUHQWH KLVWyULFR FRQWUDULR D OR TXH SUH9 WHQGtD HO KXPDQLVPR RFFLGHQWDO +R\ HO DFRQWHFL9 PLHQWR FRPR FRQVHFXHQFLD GH OD H[SHULHQFLD YLYLGD VH KD YXHOWR LQVLJQL¿FDQWH HQ HO LQWHULRU GHO RUGHQ GH OD LQVWDQWDQHLGDG JOREDO 3DUD HO VLPSOH PRUWDO GH ³WHFODGR HQ PDQR´ VX YLFDULD H[SHULHQFLD QR VLJQL9 ¿FD QDGD IUHQWH D OR TXH PLUD HQ VXV SDQWDOODV SRU HVH PRWLYR DQVLRVDPHQWH EXVFD LQÀDPDU DO Pi[LPR VX GHVSUHFLDEOH YLGD FROJDQGR HQ VX PXUR GH 8#+'@ 1..A) *)*! 45.5'(05?(4(*! 6#'#.&(67(*! #! %-! 5.","1') *)*! YLGHRV SHUVRQDOHV /D FRQVHFXHQFLD VDOWD D OD YLVWD HO HVSHFWDGRU GLJLWDO GHVSUHFLD OD UHDOLGDG YLYLGD \ HOHYD D UDQJR YLYHQFLDO OD WHOH H[SHULHQFLD FUHDQGR DVt ODV FRQGLFLRQHV GH XQ QXHYR WLSR GH DFRQWHFLPLHQWR HO #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EN

DFRQWHFLPLHQWR DUWHIDFWXDOPHQWH IDEULFDGR (O VXMHWR GLJLWDOL]DGR TXH \DFH IUHQWH D ODV SDQWD9 OODV WHOHWySLFDV QR HV RWUR TXH XQ +.*0"*&$4&0,#) FRQ9 VXPLGRU QLKLOLVWD TXLHQ SUHVD GH VXV SXOVLRQHV VyOR EXVFD JR]DU DGTXLULU \ GHVSHUGLFLDU (VWH SXHGH VHU )-! 4%*%130%(4#:! )-! '&($(<(4#&! 3&%+(&5#:! )-(! 4%*%*9 3%&(4(!(4#0%*+%-'%!%-!$)*+(!4%!=A5'#:!)-!6(->'5+#!4%! VDQ -XGDV 7DGHR R OD 6DQWD 0XHUWH XQ FKDFD FORQ PH[LFDQR GH PDUD FRQ SOD\HUDV B#(#):!)-!?%'5'(!+#-! +(15*(! C'(0#+':! )-(! /"+4.*#! %*'50#! /(0(+5#:! )-! ('@ <"',.*'(.)FRQ HVFODYD GH RUR \ SHUIXPH SLUDWD HV GH9 +5&:!'#4(!%*(!1(-(4(!4%!+#-*)154#&%*!6#&?(4#*:!45*9 SXHVWR D HQURODUVH HQ ODV ¿ODV GHO PHUFDGR ODERUDO GH OD LOHJDOLGDG 6REUH HVH HVFHQDULR GH GLVWRStD VRFLDO 0#*!(+#-'%+515%-'#*!!*%!%*'&)+')&(-!*#$&%!0(*!3&%15*(*! GHO VXMHWR SHUYHUVR TXLHQ EXVFD DQVLRVDPHQWH OLEHUDU VXV PiV UHFyQGLWDV SXOVLRQHV 'XIRXU (/ $&217(&,0,(172 0(',È7,&2

6REUH OD YLFDULD ³UHDOLGDG YLYLGD´ FRQMXQWDGD FRQ OD WHOHWRStD TXH HVWLPXOD HO JRFH +.*0"*&$4&0,#:!%0!*)9 MHWR GH FXDOTXLHU RULJHQ VRFLDO GH DFXHUGR D ODV QDUUD9 WLYDV WUDQVPHGLiWLFDV ³KDFH R OR KDFHQ KDFHU´ DFFLR9 QHV VREUH HO HVFHQDULR LPDJLQDULDPHQWH WUDQVYHUVDO HQ GRQGH UHDOLGDG YLYLGD WHOH UHDOLGDG H LQFRQVFLHQWH ySWLFR QR GHOLPLWDQ VXV IURQWHUDV (Q HVDV FRQGLFLR9 -%*! *)+%4%-! 0#*! (+#-'%+515%-'#*:! 1('%&5(! 3&51(! 4%! OD LQIRUPDFLyQ YXHOWD GDWR LPDJHQ HQWUHWHQLPLHQWR $Vt HQ FXDOTXLHU PRPHQWR VREUH HO HVFHQDULR XUED9 QR FRQYHUWLGR HQ HO JUDQ VHW GHO GUDPD GLVWySLFR ODV DFFLRQHV UHJLVWUDGDV SRU HO VLVWHPD GH YLGHRYLJLODQ9 FLD PHWURSROLWDQR GH FXDOTXLHU WUDQVH~QWH XUEDQLWD R JUXSR HQ DFFLyQ SXHGHQ FRQYHUWLUORV HQ SURWDJRQLVWDV GH XQ DFRQWHFLPLHQWR PHGLiWLFR 8Q SURWDJRQLVWD LQ9 FLGHQWDO SXHGH WUDQV¿JXUDUVH SURWDJyQLFR R DQWDJyQLFR HQ FXHVWLyQ GH VHJXQGRV Vt HV TXH OH WRFy DFWXDU ³HQ HO OXJDU \ OD KRUD HTXLYRFDGD´ /D YLVLELOL]DFLyQ GHO (+#-'%+515%-'#! 3)%4%! *%&! '(1$5=-! %-! &(?8-! 4%0! (?(&:! HO LPSUHYLVWR HO DFFLGHQWH OD LQH¿FLHQFLD GHO DFWRU R OD HTXLYRFDFLyQ &RQ HOOR HO HYHQWR SXHGH WHQHU FRQ9 VHFXHQFLDV LPSUHYLVLEOHV SHUR OHQWDPHQWH FRQWURODEOHV SDUD ORV FRQVWUXFWRUHV GHO GRFXGUDPD GLVWySLFR E#*! 5-'%&15'%-'%*! (+#-'%+515%-'#*! 4(-! 1)+,#*! HMHPSORV DO UHVSHFWR 8QR GH HOORV GDGD VX HMHPSODUL9 4(4:!%*!%0!5-+%-45#!4%0!J(*5-#!"#2(0%!%-!0(!J5)4(4!4%! 0RQWHUUH\ SURYRFDGR LQWHQFLRQDOPHQWH SRU XQD SDQ9 GLOOD DO VHUYLFLR GHO FULPHQ RUJDQL]DGR FX\R ¿Q HUD 6#&?(&!%0!3(.#!3#&!F4%&%+,#!4%!35*#G:!'%&15-8!+#-!)-(! DFFLyQ TXH VH VDOLy GH FRQWURO FRQ VXV IXQHVWDV FRQ9 VHFXHQFLDV DO SURGXFLUVH XQD ³DFFLyQ KRUURULVWD´ /D PDVDFUH ³FDVXDO´ HOLPLQy SRU DV¿[LD H LQFLQHUDFLyQ D


"6)+7(%'&('&+89!*:$'8!;+$#

YtFWLPDV LQHUPHV \ YXOQHUDEOHV (O KRUURU VXIULGR HQ FDUQH YLYD SRU VXMHWRV GHVDUPDGRV H LQGHIHQVRV HQ VX 1(2#&7(!3%&*#-(*!(-+5(-(*:!6)%!3(&'%!4%0!(+#-'%+515%-9 WR YLYLGR FRPR KRORFDXVWR SURGXFWR GH OD LPSXQLGDG @0!,#&&#&:!&%*)0'(4#!4%!0(!+#&&)3+58-!2!0(*!'%-4%-+5(*! GH YLROHQFLD RQWROyJLFD HQ DVFHQVR /D PHPRULD GH HVD H[SHULHQFLD VROR SRGUi VHU HODERUDGD SRU ORV VREUHYL9 YLHQWHV \ ODV IDPLOLDV GH ODV YtFWLPDV LQHUPHV @*'%!2!1)+,#*!#'&#*!(+#-'%+515%-'#*!4%!,#&&#&!#+)9 UUHQ IXHUD GHO ³WLHPSR UHDO´ LPSXHVWR SRU OD FRQYHU9 JHQFLD GH ORV PHGLRV GH FRPXQLFDFLyQ H LQIRUPDFLyQ $ GLIHUHQFLD GH PXFKRV GH HVWRV ORV FXDOHV VH HVFHQL9 ¿FDQ HQ OXJDUHV IXHUD GHO IRFR GH ORV PHGLRV ORV DFRQ9 WHFLPLHQWRV PRVWUDGRV RVWHQVLEOHPHQWH HQ ODV YHQWDQDV PHGLiWLFDV VXFHGHQ D OD YXHOWD GH OD HVTXLQD HQ ODV FLX9 GDGHV GRQGH H[LVWHQ QRGRV FRPXQLFDQWHV &XDQGR HV (*7:!3#&!#$&(!2!.&(+5(!4%0!%*37&5')!'&(-*1%45>'5+#:!%0!,#9 UURU GRQGH HV SULYLOHJLDGD OD VREUH H[SRVLFLyQ GH ODV YtFWLPDV LQHUPHV LQPHGLDWDPHQWH HV WUDWDGR SRU ORV (&'%*(-#*!4%0!(+#-'%+515%-'#!$(<#!0(*!%*'&)+')&(*!2!0(*! OH\HV GHO HVSHFWiFXOR \ OD LQWHUDFWLYLGDG GHO ³SHDU WR SHDU´ GH ODV UHGHV VRFLDOHV (O WUDWDPLHQWR WHOH GUDPi9 WLFR GHVKXPDQL]D HPRFLRQDOPHQWH $ ORV SRFRV PLQXWRV GH FXDOTXLHU DFFLyQ KRUUR9 ULVWD GRQGH HO FHQWUR HV HO VXMHWR YXOQHUDEOH H LQHU9 PH QLxRV PXMHUHV MyYHQHV DQFLDQRV WUDEDMDGRUHV IRU]DGRV LQGtJHQDV DOJ~Q PRQLWRU GH ORV PHGLRV GH +#1)-5+(+58-!5-+&)*'(4#!%-!0(!+%-'&(0!4%!+#-'&#0!4%0! VLVWHPD GH YLGHRYLJLODQFLD LQIRUPD GHO VXFHVR D ODV UHGDFFLRQHV GH ORV SHULyGLFRV GH FLUFXODFLyQ QDFLRQDO @-!%*'(*:!0#*!&%*3#-*($0%*!#&4%-(-!3#*'%(&!0(!-#'(!%! LPDJHQ ¿MD HQ OD SiJLQD ZHE GHO SHULyGLFR HO PHGLR TXH VH WUDWH < FRPR ORV PHGLRV VH PRQLWRUHDQ PX9 WXDPHQWH HQWRQFHV XQRV \ RWURV SULYLOHJLDQ HO DFRQ9 WHFLPLHQWR HQ XQD HVSHFLH GH FRQYHQLHQWH DFXHUGR GH DJHQGD PHGLiWLFD $O PLVPR WLHPSR ORV LQWHOHFWXDOHV PHGLiWLFRV HVSHFLDOLVWDV DFDGpPLFRV OtGHUHV GH RSL9 QLyQ DUWLFXOLVWDV HGLWRULDOLVWDV FRQHFWDGRV D UHGHV VRFLDOHV TXLHQHV VH GDQ D OD WDUHD GH VLQFURQL]DUVH FRQ HO HYHQWR WHOHWySLFDPHQWH DQDOL]DQGR HO VXFHVR (VD FRQYHUVDFLyQ HQ WLHPSR UHDO SURGXFH UiSLGDPHQ9 WH OD FRQVWUXFFLyQ GHO HYHQWR GH DFWXDOLGDG @-'&%!%0!(+#-'%+515%-'#!4%0!,#&&#&!2!0(!3&51%&(!5-9 IRUPDFLyQ HQ WLHPSR UHDO QR SDVDQ PXFKRV PLQXWRV 'H KHFKR OD QRWLFLD OOHJD D ORV DQVLRVRV HVSHFWDGRUHV LQWHUDFWLYRV DQWHV TXH SURWHFFLyQ FLYLO \ ORV SULPHURV ()A505#*!00%.)%-!(!0(!%*+%-(!4%0!+&51%-:!'(0!*5')(+58-! +#-'&5$)2%!(!0(!4&(1('5?(+58-!4%0!,#&&#&:!3)%*!%-'&%! 1>*! '(&4%! 00%.)%-! 0#*! 3(&(1=45+#*! 2! 0(! 3#05+7(:! 0(! +#-*'&)++58-!4%0!&%0('#!1%45>'5+#!('&(%&>!(!1>*!'%0%9 YLGHQWHV H LQWHUQDXWDV \ SURYRFDUi HQ HVWRV HIHFWRV

+'!',&-.$./$0&-%)$

%1#+5#-(0%*!%-!%0!1#1%-'#!1>*!>0.54#!4%0!-)4#!4&(9 PiWLFR 7DO VLWXDFLyQ HYLGHQFLD ODV SULRULGDGHV GH OD SURGXFFLyQ YLGHRHVFySLFD OD FXDO WLHQH HO SURSyVLWR GH VLQFURQL]DU HO HYHQWR FRQ WUDQVPLVLyQ HQ WLHPSR UHDO /D LPSRVLELOLGDG GH WDO SURSyVLWR WLHQH FRPR %6%+'#! 0(! %*3%+'(+)0(&5?(+58-! 4%! 0(*! +#-*%+)%-+5(*! GHO KRUURU E(! 5-6(-'%&7(! 4%! 0#*! 1%45#*! 4%! +#1)-5+(+58-! 4%! 1(*(*:!+(1(&8.&(6#*!2!&%3#&'%&#*:!(0!00%.(&!(0!0).(&!4%! 0#*!,%+,#*!%130(?(-!+>1(&(*:!15+&86#-#*!2!(-'%-(*! *('%05'(0%*!3(&(!'&(-*15'5&!%-+)(4&%*!4%!0(!%*+%-(!4%0! FULPHQ GRQGH HO HVSHFWDGRU VyOR PLUD HVTXLUODV FULV9 '(0%*!&#'#*:!6)%.#!%-!%A'5-+58-:!-)$%*!4%!,)1#:!$#19 EHURV TXH OOHJDQ WDUGtDPHQWH IDPLOLDUHV GH ODV YtFWL9 PDV FRQ URVWURV DÀLJLGRV \ SROLFtDV GHVRULHQWDGRV (Q *)1(:!'&(-*15'%-!$../0)4%!0#*!%6%+'#*!4%0!,#&&#&:!3(&(! +#1%-'(&0#*!+#-!%*3%+)0(+5#-%*:!,538'%*5*:!&%+)%-'#*! GH RWURV KHFKRV VLPLODUHV /D PRVWUDFLyQ RVWHQVLEOH 4%!0(*!+#-*%+)%-+5(*!3&#4)+%!)-(!%*'='5+(!4%!0(!4%*9 DSDULFLyQ GRQGH QR KD\ UHVSRQVDEOHV \ GHVYtDQ ORV DV9 SHFWRV FHQWUDOHV GHO DFWR HQ HQFXDGUHV TXH FXPSOHQ OD IXQFLyQ GH LOXVWUDU HO FDPSR YDFtR GHO KRUURU DFRP9 SDxDGRV GH FRPHQWDULRV UHSHWLWLYRV TXH PXHVWUDQ ORV tQGLFHV GH XQD MXVWLFLD PHGLiWLFD HQ FLHUQHV (O ¿OyVRIR IUDQFpV -DFTXHV 'HUULGD DQWHV GH VX PXHUWH SODQWHy TXH HQ QXHVWURV WLHPSRV .0#$(0%*:! %0! (+#-'%+515%-'#! %*! +&%(4#! 3#&! )-! %6%+'#! 4%!(+')(054(4!4%*4%!0#*!+%-'&#*!4%!3&#4)++58-!1%45>9 WLFD /R KDFHQ D¿UPDED D SDUWLU GH ORV QXPHURVRV GLVSRVLWLYRV ¿FWLFLRV \ DUWL¿FLDOHV MHUDUTXL]DGRUHV \ VHOHFWLYRV VLHPSUH DO VHUYLFLR GH IXHU]DV GH LQWHUHVHV TXH ORV ³VXMHWRV´ \ ORV DJHQWHV QXQFD SHUFLEHQ GH PD9 QHUD VX¿FLHQWH 'HUULGD 3DUD HO KHUPHQHXWD 6&(-+=*:! 0#*! %6%+'#*! 4%! &%(054(4! 3&#4)+54#*! 3#&! 0#*! 3#4%&%*!(&'%6(+')(0%*!,(+%-!+&%+%&!0(!(+')(054(4:!(!'(0! JUDGR TXH HO HVSHFWDGRU SHUFLEH FXDOTXLHU DFRQWHFL9 PLHQWR FRPR HO JUDQ DFRQWHFLPLHQWR 5HVXOWD DKRUD (!456%&%-+5(!4%!0(!4=+(4(!4%0!*%*%-'(!4%0!*5.0#!3(*(4#:! TXH ORV PHGLRV GH FRPXQLFDFLyQ VH KDQ HQFDUJDGR GH PDJQL¿FDU HO DFRQWHFLPLHQWR SDUD VREUHGLPHQ9 VLRQDUOR \ WULYLDOL]DUOR D WDO JUDGR TXH OD UHDOLGDG HV QHWDPHQWH ³DFRQWHFLPLHQWDO´ DO PLVPR WLHPSR TXH LQVLJQL¿FDQWH 'H DKt OD QHFHVLGDG GH GLVWLQJXLU HQWUH #+.*,'+&6&'*,.)0.+&#$:!+)0')&(0!2!3#07'5+#!+#1#!*7-'#9 1(*!4%!+(1$5#:!2!(+#-'%+515%-'#:!+#1#!&%*)0'(4#!4%0! WUDEDMR DUWHIDFWXDO GH ORV PHGLRV GH FRPXQLFDFLyQ (Q HOOR UDGLFD OD VLQJXODULGDG GHO WUDWDPLHQWR WULYLDO GH OD YLROHQFLD GLVWySLFD FRQWHPSRUiQHD (O HIHFWR GHO WUDWDPLHQWR DUWHIDFWXDO GHO KRUURU TXH FRQYLHUWH HO KRUURU HQ HVSHFWiFXOR \ YDFtR GH VLJQL¿9 +(4#:!%*!3&%+5*(1%-'%!0(!#3(+54(4!4%!0(!54%-'54(4!4%! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EI


!',&-.$./$0&-%)$//+ *$G#!')$=9e%'8$%9+$)!

ORV UHVSRQVDEOHV (Q FDGD XQR GH ORV HYHQWRV GH KR9 UURU TXHGDQ IXHUD GH FDPSR ODV UHVSRQVDELOLGDGHV GH 6)-+5#-(&5#*! 3;$05+#*:! <%6%*! 4%! *%.)&54(4:! +##&45-(9 GRUHV GH SURWHFFLyQ FLYLO VXSHUYLVRUHV GH UHJODPHQ9 WRV YLJLODQWHV GHO FXPSOLPLHQWR GH ODV OH\HV SURSLH9 WDULRV GH HVSDFLRV SULYDGRV \ DGPLQLVWUDGRUHV GH ORV %*3(+5#*!3;$05+#*!4#-4%!#+)&&%-!0#*!(+#-'%+515%-'#*! GHO KRUURU 3DUD TXH HVD RSDFLGDG IXQFLRQH HO DUWHVD9 -#!(&'%6(+')(0!%-6#+(!0(!+#-*'&)++58-!4%0!&%0('#!%-!0(! FRQ¿JXUDFLyQ GHO SHU¿O GH TXLHQHV HMHFXWDQ HO KRUURU (*7:!0#+)'#&%*:!%45'#&5(05*'(*:!5-'%0%+')(0%*!1%45>'5+#*! 2!&%3#&'%&#*!4%05-%(-!(0!F*)<%'#!3%05.&#*#G:!(0!F'%&&#9 &5*'(G:!(0!F(*%*5-#!*5-!%*+&;3)0#*G:!(0!1(0!%-+(&-(4#! D WUDYpV GH UHWUDWRV KDEODGRV \ 0,&$$0) *(+(4#*! 4%! 0(*! FiPDUDV GH YLGHRYLJLODQFLD (Q HVD FRQ¿JXUDFLyQ HO *)<%'#!+&515-(0!#$&(!4%!1(-%&(!()'8-#1(!%-!+#13059 +54(4!4%!(0.)-#*!15%1$&#*!4%!$(<(!+('%.#&7(!4%!0#*! VLVWHPDV GH VHJXULGDG D HVD FRQ¿JXUDFLyQ VXPDQ ORV &(*.#*! F(-#&1(0%*G! 4%0! *)<%'#! +&515-(0! 3#&! *)! 3&#9 +%4%-+5(!F45*6)-+5#-(0G!%-!%0!>1$5'#!6(1505(&:!+#1#! D¿UPDQ ORV HVSHFLDOLVWDV H LQWHOHFWXDOHV PHGLiWLFRV 3RU RWUR ODGR ODV YtFWLPDV LQHUPHV VRQ OD FDUQH GH FDxyQ GH ORV PHGLRV GDGR TXH DSURYHFKDQ ODV HPR9 +5#-%*:! 0#*! *%-'515%-'#*:! %0! 4#0#&:! %0! 00(-'#:! %0! 4)%9 OR GH ODV YtFWLPDV \ VXV IDPLOLDUHV SDUD DFHQWXDU ORV %6%+'#*!4%0!,#&&#&:!(0!15*1#!'5%13#!%*'%!%<%&+5+5#!0%*! %*!;'50!3(&(!+#13%'5&!3#&!#$'%-%&!0#*!1%<#&%!7-45+%*! HQ HO UDWLQJ GH OD H[SORWDFLyQ GH ODV HPRFLRQHV 3UH9 VHQWDQ HO KRUURU FRPR XQ YHUGDGHUR ('#$&,5)04.D (VWD OyJLFD TXH FREUD HO UHODWR GHO KRUURU PHGLiWLFR PXHV9 WUD HQ WRGR FDVR OD DE\HFFLyQ SRUQRJUi¿FD GH ORV PH9 GLRV TXLHQHV ¿QDOPHQWH VH VHxDODQ D Vt PLVPRV FRPR &%*3#-*($0%*! 1#&(0%*! 4%0! ,#&&#&:! (0! 3&%*%-'(&! )-(! 2! RWUD YH] ORV KHFKRV HQ HO +#6/.)-#+?.H!-#!3&%*%-'(-! HO DFWR FRPR WDO SRUTXH HV LPSRVLEOH SHUR LQFLGHQ HQ HO LQFRQVFLHQWH FROHFWLYR GHO S~EOLFR SURYRFDQGR IDQWDVtDV TXH ORV UHPLWHQ DO FDPSR GHO LPDJLQDULR yS9 '5+#:!,(+5=-4#0%*!&%+#4(&!0(*!%*+%-(*!4%!5-+%-45#*!2! DWHQWDGRV UHODWDGRV FLQHPDWRJUi¿FDPHQWH HQ ORV YL9 GHRMXHJRV \ ODV VHULHV GH WHOHYLVLyQ GRQGH VH SUHVHQ9 WDQ GH PDQHUD SRUQRJUi¿FD ORV DFWRV GH KRUURU (VD HV OD DE\HFFLyQ PRVWUDFLyQ RVWHQVLEOH GHO KRUURU +25525 (1 (/ &$032 9$&Ë2

'LFKR HMHUFLFLR GH DE\HFFLyQ WUDQVPHGLiWLFD HO 3&#4)+'#! -#'5+5(! 4%0! ,#&&#&! %*! 456)-454(! %-! 1%45#*! DELHUWRV HQ OD UHG YLGHRV HQ \RXWXEH R HQ HO EORJ GHO QDUFR HV UHIRU]DGD SRU OD FRQVWUXFFLyQ GHO UHODWR HQ HO FDPSR YDFtR HODERUDGR HQ ORV HVWXGLRV GH SRVW SURGXFFLyQ GH ORV JUDQGHV PHGLRV 3DUD WDO ¿Q ORV %45'#&%*!)'505?(-!'%*'51#-5#*!+(3')&(4#*!%-!%0!*5*'%1(! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GO

GH YLGHRYLJLODQFLD FRQ ORV FXDOHV PRQWDQ XQ UHODWR VLOHQFLRVR SURGXFWR GH GLVSRVLWLYRV DXGLRYLVXDOHV FXDVL DXWyQRPRV 9LGHRJUDEDQ UXWLQDULDPHQWH OD YLGD FRWLGLDQD IXHUD GH FDPSR VLQ WHQHU XQ RSHUDGRU ¿MR GHWUiV \ FRQ FLHUWD DOHDWRULHGDG OD PD\RU SDUWH GHO PDWHULDO YLGHRJUDEDGR HV LQ~WLO SHUR UHVXOWD ~WLO SDUD ¿QHV GH H[WRUVLyQ R DFWRV LOHJDOHV SRU SDUWH GH ORV UHVSRQVDEOHV GHO VLVWHPD GH YLGHRYLJLODQFLD (Q VXPD ODV FiPDUDV GH YLGHRYLJLODQFLD JUDEDQ OD PD\R9 UtD GH ODV YHFHV WHVWLPRQLRV HQ HO FDPSR YDFtR FRPR #+)&&58!%-!%0!+(*#!4%0!5-+%-45#!4%0!J(*5-#!"#2(0%!%-! OD FLXGDG GH 0RQWHUUH\ ([WUDxR SHUR FLHUWR DIXHUD 4%!)-!-%.#+5#!(!'#4(*!0)+%*!50%.(0:!*%!)$5+(!)-(!+>9 PDUD GH YLGHRYLJLODQFLD DGPLQLVWUDGD SRU OD VHFUH9 WDUtD GH VHJXULGDG GH OD FLXGDG (O HQFXDGUH GH HVD +>1(&(:! +#1#! '#4(*! 4%! *)! '53#:! +&%(! )-! %*3(+5#! 4%9 OLPLWDGR HQ HO TXH XQ VXMHWR SXHGH DSDUHFHU R DOJ~Q DFRQWHFLPLHQWR SXHGH VXFHGHU $QWH HO FDPSR YDFtR SURGXFLGR HO RSHUDGRU DGRSWD XQD HVSHUD TXH SXHGH *%&!5-'%&15-($0%:!0#*!1#-5'#&%*!,)1(-#*!15&(-!+#1#! VL HVWXYLHUDQ HVSHUDQGR D *RGRW XQD HVSHUD DEVXUGD +DVWD TXH OD FRQWLQJHQFLD GH OD UHDOLGDG RIUHFH XQ DFRQWHFLPLHQWR HQ HO FDPSR YDFtR HV FXDQGR HO PR9 -5'#&!2!4%*3)=*!0#*!%*3%+'(4#&%*:!+#1#!&%*)0'(4#!4%! 0(!+(3')&(!4%!51>.%-%*!2!%0!1#-'(<%:!*%!4(&>-!+)%-9 WD TXH DOJR KD RFXUULGR IXHUD GH FXDGUR OD SDQGLOOD +#13)%*'(!4%!+(*5!1%45(!4#+%-(!4%!%0%1%-'#*!5-+%-9 45(! %0! J(*5-#! "#2(0%:! *(0%! 4%0! 0).(&! 4%0! ,#&&#&! 3(&(! DERUGDU QXHYDPHQWH VXV YHKtFXORV OD DFFLyQ GH VX KXtGD SXHGH VHU YLVWD KDVWD TXH HO KXPR SURYHQLHQWH GHO OXJDU GH ORV KHFKRV HPSDxD HO FXDGUR FRPR VL IXH9 UD XQ LQYROXQWDULR 8#9').",)HQ WLHPSR UHDO (O UHODWR *%&>!+#130%1%-'(4#!'5%13#!4%*3)=*!+#-!0(!&%+#350(9 +58-!4%!*%+)%-+5(*!+(3')&(4(*!3#&!+>1(&(*!)$5+(4(*! HQ XQD JDVROLQHUD \ HQ ODV SULQFLSDOHV YLDOLGDGHV /D 9.+"9(#6#,&E#+&:*) 4%0! ,#&&#&! *%&>! +#130%1%-'(9 GD GH OD PLVPD PDQHUD TXH HO YLGHR DUWLVWD DOHPiQ 0LFKHO .OHU OR KLFLHUD HQ SDUD UHDOL]DU VX REUD F.,'$),#/'0) 0XVLFFR 8Q PRQWDMH EDVDGR HQ LPiJHQHV YLGHRJUDEDGDV SRU FiPDUDV GLVWULEXLGDV HQ %0!0#$$2:!0#*!+)(&'#*!2!0#*!+#&&%4#&%*!4%!)-!,#'%0!%-! DOJXQD FLXGDG DOHPDQD (VD UHVRQDQFLD GH OD GRFX9 GUDPDWL]DFLyQ GHO KRUURU SHUPLWH UHÀH[LRQDU VREUH FyPR HO DUWH YLVXDO SXHGH FRQVWUXLU UHODWRV GH OD PLV9 PD PDQHUD TXH ORV UHSRUWHURV SROLFtDV OR KDFHQ 0.*) $.0).G.0)%"')6&(#*)#)$.0).G.02)E#*!&%3#&'%&#*!*%!+#-9 YLHUWHQ HQ WRGRV XQRV DUWLVWDV SROLFtDFRV ORV HGLWRUHV 0#.&(&#-!+&%(&!)-!4#+)4&(1(!3(&(!1#*'&(&!(!0#*!()'#9 UHV GHO DFWR KRUURULVWD 3HUR FRQ XQD SDUWLFXODULGDG HO HVSHFWDGRU YH ORV SRUPHQRUHV SUHYLRV VX GHVSOD9 ]DPLHQWR SRU OD FLXGDG KDVWD TXH OOHJDQ D OD EDKtD GH


"6)+7(%'&('&+89!*:$'8!;+$#

HQWUDGD GHO QHJRFLR L OHJDO GRQGH VDOHQ GH FXDGUR 7DUGDQ GRV PLQXWRV \ PHGLR HQ DFFLRQDU KDVWD TXH KX\HQ HQ HO SUHFLVR PRPHQWR HQ TXH XQD FRUWLQD GH KXPR SURGXFH XQ LQYROXQWDULR 8#9').",:!3(&(!4%*(3(9 UHFHU HO FDPSR YDFtR (VWpWLFD SRVW H[SUHVLRQLVWD GHO KRUURULVPR PHGLiWLFR \ PHGLDWL]DFLyQ GH OD MXVWLFLD '(&216758,5 (/ +25525 $57()$&78$/

0iV DOOi GH OD FR\XQWXUD LQWHUPLWHQWH OD UHVSRQ9 *($5054(4!1#&(0!2!='5+(!4%0!5-'%0%+')(0!4%$%&7(!*%&!%0! GHVSOLHJXH GH XQ DQiOLVLV TXH GHFRQVWUX\D HO KRUURU DUWHIDFWXDO /R FXDO H[LJH UHFRQRFHU ³OR TXH YLHQH´ HVSHFt¿FDPHQWH VLJQL¿FD UHVWLWXLU DO DFRQWHFLPLHQWR OHMRV GHO GDWR FXDQWLWDWLYR \ OD DQpFGRWD (VWD H[L9 .%-+5(!51305+(!&%'#1(&!2!(+')(05?(&!*)!(->05*5*:!+#1#! GHVGH KDFH SRFR PiV GH WUHLQWD DxRV HO KLVWRULDGRU 3LHUUH 1RUD OR KDEtD LQGLFDGR H('*0#;)(#9&.;)&6=<'@ *'0;)*.)#+,I#*)0&6/$'6'*,')+.6.)6'9&.0)+"5.0)#+.*@ ,'+&6&'*,.0)0'(?#*)#$<.)('$#,&-#6'*,')&*9'/'*9&'*,';) 0&*.)+.6.)$#)6&06?0&6#)+.*9&+&:*)9')0")'J&0,'*+&#2 6LJXLHQGR HVWD YtD GH UHÀH[LyQ GHEHPRV UHFRQR9 FHU TXH ODV FLHQFLDV VRFLDOHV \ KXPDQDV WLHQHQ HQ ORV 1%45#*! 4%! +#1)-5+(+58-! 4%! 1(*(*! 2! 45.5'(0%*! (! )-! ULYDO FDVL LPSRVLEOH GH UHEDVDU (VWRV VRQ KR\ ORV TXH 45+'(-!0(*!1(-%&(*!4%!3%&+5$5&:!+#-*'&)5&!0(!&%(054(4!2! VXV PRGRV GH SHQVDUOD (Q HVH VHQWLGR SDUD -DFTXHV 'HUULGD FRPR SDUD 3LHUUH 1RUD QR KD\ DFRQWHFLPLHQ9 '#*! 5-4%3%-45%-'%*! 4%! 0#*! 1%45#*! 4%! +#1)-5+(+58-:! 0#*!+)(0%*!0#*!+#-*'&)2%-!,(*'(!00%.(&!(!30(-'%(&!0(!%*9 SHFWUDOLGDG GHO DFRQWHFLPLHQWR HQ WLHPSR UHDO (V OD SUHVHQFLD GH XQD DXVHQFLD DUWL¿FLDO $Vt OD SURGXFFLyQ GRFXGUDPiWLFD GHO DFRQWHFL9 15%-'#!3#&!3(&'%!4%!0#*!1%45#*!4%!+#1)-5+(+58-!*%! 0%! 3&%*%-'(! (0! 5-'%0%+')(0! 2! (0! (+(4=15+#! 1%A5+(-#*! FRPR XQ GDWR HQ Vt < HVH HV \D XQ SUREOHPD GHELGR D TXH XQD JUDQ SDUWH GH HOORV HODERUDQ VXV HVSHFXOD9 +5#-%*!(!3(&'5&!4%0!15*1#!4('#!1%45>'5+#:!4%!1(-%&(! (+&7'5+(:!3)%*!,(+%-!)-(!0%+')&(!*5-!3#-%&!%-!4)4(!*)! RULJHQ HOHYDQGR D ORV PHGLRV FRPR IXHQWH SULPDULD \ VHFXQGDULD GH ORV DFRQWHFLPLHQWRV 3RU HMHPSOR HQ HO PXQGR DFDGpPLFR HVFXFKDPRV ³DQiOLVLV´ VXSHU¿FLDOHV *#$&%!0#*!(+')(0%*!(+#-'%+515%-'#*:!4#-4%!0#*!%*3%+5(9 05*'(*!)'505?(-!*80#!0(*!6)%-'%*!3%&5#47*'5+(*:!*5-!3#-%&! HQ HQWUHGLFKR ORV GDWRV TXH UHSURGXFHQ DVt FRPR ODV RSLQLRQHV TXH FDOFDQ GH ODV FROXPQDV GH RSLQLyQ GH VXV PHGLRV SUHIHULGRV )LQDOPHQWH ORV PHGLRV DSURYH9 FKDQ OD SHUH]D PHQWDO GH LQWHOHFWXDOHV \ DFDGpPLFRV /DV FRQVHFXHQFLDV VDOWDQ D OD YLVWD (O HVSHFLDOLVWD -#!%0($#&(!-5-.)-(!4%+#-*'&)++58-!+&7'5+(!4%!0(!&%(059 4(4!(!0(!+)(0!*%!(3&#A51(:!0#!+)(0!0%!51354%!*%3(&(&*%! GH OD FRQVWUXFFLyQ DUWL¿FLDO GH OD KLVWRULD \ OD PHPR9

+'!',&-.$./$0&-%)$

ULD FROHFWLYD GDGR TXH QR OHV LQWHUHVD QL GLODSLGDU VXV LGHDV HQ HVSDFLRV TXH QR OHV JDUDQWL]DQ XQ DXPHQWR D VXV LQJUHVRV QL PXFKR PHQRV OHV LQWHUHVD FXOWLYDU XQ WHPSHUDPHQWR EHOLFRVR 3RU HVRV PRWLYRV SUH¿HUHQ ,)-45&*%!%-!0(!$)&#+&(+5(!+#1#!3%+%*!%-!%0!(.)(!2!%-! ODV ³UHGHV VRFLDOHV´ TXH ORV FRQHFWD FRQ OD DOGHD JOR9 EDO \ ORV DOHMD GH OD H[SHULHQFLD YLYLGD 3DUDIUDVHDQGR DO DQWURSyORJR 5RJHU %DUWUD HVWD DFWLWXG VLJQL¿FD OD 1)%&'%!'%+-#+&('5?(4(!4%0!5-'%0%+')(0H!%0!0%+'#&!3)%4%! +#13&#$(&!*)!+#'545(-#!6)-%&(0!%-!0(*!+#0)1-(*!4%!0#*! 3%&5845+#*!4%!'#4#!*5.-#!2!%-!0#*!1%45#*!%0%+'&8-5+#*:! (*7!+#1#!%-!1)+,#*!4%!0#*!6&7#*!+)$7+)0#*!4%!0(*!)-59 YHUVLGDGHV %DUWUD $O SDUHFHU LQWHOHFWXDOHV \ (+(4=15+#*!1%45>'5+#*!,(-!*54#!4%*$#&4(4#*!%-!*)*! ,>$5'#*:!4%*30(?(4#*!4%!*)*!3#4%&%*!2!%-6&%-'(4#*!(! )-(!&%(054(4!%A5*'%-'%!*80#!%-!0#*!()'#9&%6%&%-+5(0%*! PHGLRV GH FRPXQLFDFLyQ GH PDVDV \ ODV PDJQL¿FDGDV UHGHV VRFLDOHV 'H HVD UHDOLGDG VREUH SURGXFLGD GH PDQHUD HVSHFWDFXODU FRQ¿JXUDGD SRU OD VXFHVLyQ FR9 WLGLDQD GH DFRQWHFLPLHQWRV HVSHFWiFXOR (V HO PXQGR GH ORV PHGLRV GH FRPXQLFDFLyQ FRPR D¿UPy 3LHUUH 1RUD ³>«@ QRV ERPEDUGHD FRQ XQ VDEHU LQWHUURJDWL9 YR GHVQXFOHDGR KXHFR GH VHQWLGR TXH HVSHUD GH QR9 VRWURV VX VHQWLGR QRV IUXVWUD \ QRV FROPD D OD YH] FRQ VX HYLGHQFLD SHUWXUEDGRUD VL XQ UHÀHMR GH KLVWRULDGRU QR LQWHU¿ULHVH QR VHUtD DO ¿QDO PiV TXH XQ UXLGR TXH HPEUROODUtD OD LQWHOLJLELOLGDG GH VX SURSLR GLVFXUVR´ @*'#!3&#4)+%!+%.)%&(!3#&!*#$&%9%A3#*5+58-!%-!0#*! ³HVSHFLDOLVWDV´ (Q HVWH VHQWLGR KD\ XQD UHDOLGDG TXH *%! %*'>! +#-*'&)2%-4#! 4%*4%! %0! 1#-#3#05#! 4%0! (+#-9 WHFLPLHQWR TXH VXVWHQWDQ ORV PHGLRV GH FRPXQLFD9 FLyQ SHUR IUHQWH D HOOR KD\ TXH GHFRQVWUXLU GHVGH OD SHUVSHFWLYD GHO SHQVDPLHQWR GH OD VLQJXODULGDG \ SRU HQGH GHO DFRQWHFLPLHQWR SHUR GHVGH XQD SHUVSHFWLYD FUtWLFD SRQLHQGR DWHQFLyQ DO GHYHQLU OD DPRUDO GHO ,#&&#&5*1#! 1%45>'5+#! 2! 0(! ()*%-+5(! ='5+(! %-! 0(! 3&#9 \HFFLyQ GHO DFRQWHFLPLHQWR PHUFDQWLOL]DGR $GHPiV VLJQL¿FD HQFRQWUDU HO WLHPSR GLVORFDGR \ WRGR DTXHO PRYLPLHQWR FRQWUDULR DO DFRQWHFLPLHQWR FRPR HIHFWR 4%!&%(054(4!#6&%+54#!3#&!0#*!%*3%+5(05*'(*!%-!0(!(&'%9 IDFWXDOLGDG (V GHFLU XQD IRUPD FUtWLFD GH DERUGDU HO DFRQWHFLPLHQWR WLHQH TXH YHU FRQ VX GHVQXGDPLHQWR 2! +#-! 0(! 3(&'5+53(+58-! 4%0! 5-'%0%+')(0! 2! %0! (+(4=159 +#! %-! *)! &%#&5%-'(+58-H! &%9+#-#+%&! %0! 4#0#&! ,)1(-#! \ HQFRQWUDU IRUPDV GH DOLYLDUOR HV HQ Vt XQ SURSyVLWR QHFHVDULR GH TXLHQHV WLHQHQ HO SULYLOHJLR GH HVFULELU \ GHEDWLU LGHDV 3HQVDU VLJQL¿FD SDUWLFLSDU GH OD H[SH9 ULHQFLD FROHFWLYD HQ HO FRQWDFWR FRQ HO RWUR \ HQ OD H[9 SHFWDWLYD GH VX OOHJDGD 3DUD TXH KD\D DFRQWHFLPLHQWR H KLVWRULD HV SUHFLVR SRU OR WDQWR TXH XQ ³YHQ´ VH DEUD \ VH GLULMD D DOJXLHQ D DOJ~Q RWUR TXH QR SXHGH #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GE


!',&-.$./$0&-%)$//+ *$G#!')$=9e%'8$%9+$)!

-5!4%$%!4%'%&15-(&!4%!(-'%1(-#:!-#!+#1#!*)<%'#:!-#! FRPR FRQFLHQFLD« 'HUULGD

< Vt HO HQFXHQWUR FRQ HO RWUR HV XQ DFRQWHFLPLHQWR GHELGR D TXH HV HQWUH GRV RWURV TXH VH HQFXHQWUDQ HQ9 WRQFHV HO HQFXHQWUR FRQ HQ HO ³YHQ´ HVWi OD SRVLELOLGDG GH TXH HO DFRQWHFLPLHQWR VH FRQYLHUWD HQ H[SHULHQFLD FROHFWLYD (Q H[SHULHQFLD GH FRQRFLPLHQWR PXWXR HQ HVWH FDVR FRQ TXLHQHV VXIUHQ ODV FRQVHFXHQFLDV GH OD YLROHQFLD EUXWDO GH ORV EiUEDURV GHVPRGHUQRV GH ORV HMpUFLWRV R¿FLDOHV H LOHJDOHV \ SDUWLFXODUPHQWH GH TXLHQHV DGHPiV VRQ VREUH H[SXHVWRV DUWHIDFWXDOPHQ9 WH D OD GHULYD GHO ROYLGR \ HO VRQDPEXOLVPR VRFLDO $ERJXHPRV SRU HO UHWRUQR UHFDUJDGR GHO DFRQWHFL9 PLHQWR FROHFWLYR ³IDFH WR IDFH´ 5()(5(1&,$6

%DUWUD 5 7#)0#*<(')5)$#),&*,#2)K*0#5.0)0.1(') $#)+.*9&+&:*)/.0,6'J&+#*# 0p[LFR 2FpDQR

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GG

'HUULGD - V I ³$UWHIDFWXDOLGDGHV´ HQ ZZZ MDF9 TXHVGHUULGD FRP DU 'HUULGD - \ % 6WLHJOHU K+.<(#8?#0)9')$#),'$'-&@ VLyQ (QWUHYLVWDV ¿OPDGDV %XHQRV $LUHV (8'(%$ /\RWDUG - ) L)/#(,&()9')M#(J)5)N('"9 0D9 GULG )XQGDPHQWRV 0RULQ ( ³/H UHWRXU GH O¶pYpQHPHQW´ !.66"*&+#,&.*0 0RULQ ( 7#)&9'*,&9#9)4"6#*#2)K$)6O,.9.)C2) 7#)4"6#*&9#9)9')$#)4"6#*&9#9 0DGULG &iWHGUD 0XVLFFR 1 ' K$)+#6/.)-#+?.2)K$)$'<"#G') &*9&('+,.) '*) $#) +.6"*&+#+&:*) #"9&.-&0"#$ 0D9 GULG &iWHGUD 1RUD 3 ³/D YXHOWD GHO DFRQWHFLPLHQWR´ HQ - /H *RII \ 3 1RUD HGV F#+'() $#) F&0,.(&#:! %DUFHORQD /DLD


#+2("$28"$9'

¿para qué?

78$-%9'5.2:0$*%9'8;%<"=8"*2$.6 L)L*9('#)P'-"'$,#0

J

RQ HO LPSUHVLRQDQWH DYDQFH HQ HO FRQRFLPLHQ9 WR TXH KD FRQVHJXLGR QXHVWUD HVSHFLH KR\ $5%-! 3#4&7(1#*! +#-'%-'(&-#*! +#-! 0(! 1%<#&! WHRUtD FLHQWt¿FD SDUD GDU FXHQWD GHO PXQGR H LQFOXVR GH QXHVWUDV YLGDV 6REUH WRGR TXH OD FLHQFLD OXHJR GH FLQFR VLJORV GH ORV PiV VRUSUHQGHQWHV DYDQFHV SD9 &%+%!%*'(&!+(4(!47(!1>*!+%&+(!4%!#6&%+%&-#*!%0!K&(-! &%0('#!+(3(?!4%!-(&&(&!4%0!Q&*<)Q#*<!(0!Q&<)!("*+4:! SDVDQGR SRU HO VXUJLPLHQWR GH OD YLGD OD DSDULFLyQ GH 0#*!,#17-54#*!2!4%!$&5-4(&-#*!0(*!3&5-+53(0%*!+()*(*! ItVLFDV ELROyJLFDV KDVWD TXL]i SURQWR DUULEDU D OD OODPDGD ³7HRUtD GHO WRGR´ ³7KHRU\ RI (YHU\WKLQJ´ ¢4Xp HV HQWRQFHV OR TXH QRV KDFH QHFHVDULR D~Q HQ QXHVWUD pSRFD DFXGLU D ODV ³¿FFLRQHV´ GH OD OLWHUDWXUD" L-(!3&51%&(!6#&1(!4%!&%*3#-4%&!%*!0(!4%!51(.5-(&! XQD SUHJXQWD DQiORJD ҟGHO WLSR TXH VH SRGUtD SHQVDU VLJXLHQGR D ¿OyVRIRV FRPR 5XGROI &DUQDS \ DO SULPHU :LWWJHQVWHLQҟ D VDEHU VL VyOR ODV SURSRVLFLRQHV GH OD FLHQFLD WLHQHQ VLJQL¿FDGR ¢GHEHUtDPRV GHVKDFHUQRV GH WRGRV ORV YLHMRV OLEURV GH ¿ORVRItD" 'H KDFHUOR HV9 '(&7(1#*!3%&45%-4#!%0!(++%*#!(0!3%-*(15%-'#!4%!=3#9 FDV SDVDGDV \ D YDOLRVRV WHVRURV GH FRQRFLPLHQWR GH QXHVWUD SURSLD KLVWRULD ³+DFHU KLVWRULD GH OD ¿ORVRItD VLJQL¿FD \D ¿ORVRIDU´ DOHJDED QR VLQ UD]yQ (UQVW &DVVLUHU %OXPHQEHUJ $ WRGDV OXFHV OD SUHJXQWD HV LQVHQVDWD SHUR WLHQH OD YLUWXG GH DFODUDU9 QRV TXH DO LJXDO TXH HO OHJDGR ¿ORVy¿FR KHUHGDGR OD 05'%&(')&(! -#*! #6&%+%! )-! +5%&'#! '53#! 4%! +#-#+515%-'#! TXH QR HV UHHPSOD]DEOH SRU HO DYDQFH GH OD FLHQFLD \ QL VLTXLHUD SRU XQD KLSRWpWLFD ~OWLPD \ GH¿QLWLYD H[9 SOLFDFLyQ FLHQWt¿FD GHO PXQGR M)%! (4%1>*! 4%! 30(+%&! %*'='5+#! 0(! 05'%&(')&(! -#*! #6&%+%! +5%&'#! '53#! 4%! +#-#+515%-'#! %*:! 4%*3)=*! 4%! WRGR XQD HYLGHQFLD <D D 6LJPXQG )UHXG OH HUD GLItFLO QHJDU TXH KD\ YHUGDGHV TXH DÀRUDQ FRQ SDUWLFXODU QL9 3URIHVRU LQYHVWLJDGRU GH WLHPSR FRPSOHWR HQ OD 8QLYHUVLGDG $XWyQRPD GHO HVWDGR GH 0RUHORV

D

WLGH] HQ ODV REUDV GH 6yIRFOHV 6KDNHVSHDUH 'RVWRLH9 YVNL R 6FKQLW]OHU %RXYHUHVVH ,QFOXVR D YHFHV GH PDQHUD H[SOtFLWD VH YH HQ OD OLWHUDWXUD OD YtD SDUD XQ WLSR GH FRQRFLPLHQWR DO TXH OD FLHQFLD R OD ¿ORVRItD QR SXHGH DFFHGHU $Vt HQ 7#)6"'(,')9')>-#*) >$&+4;)HV FODUR TXH /HyQ 7ROVWRL EXVFD FRQWUDVWDU ³OD IULDOGDG´ GHO VLORJLVPR OyJLFR ³WRGRV ORV KRPEUHV VRQ PRUWDOHV«´ \ ³OD JHQHUDOLGDG´ GH OD FLHQFLD Pp9 GLFD ³XVWHGHV ORV HQIHUPRV VLHPSUH VRQ OR PLVPR´ +#-!0(!+(3(+54(4!4%0!'%A'#!05'%&(&5#!4%!4(&!+)%-'(!4%!0(! VLQJXODULGDG GH ,YDQ ,OLFK \ UHYHODU HO VLQ VHQWLGR GH 0" YLGD \ GH 0" PXHUWH (/ &212&,0,(172 (1 /,7(5$785$ H'(.)'$)#0/'+,.)6=0)'0'*+&#$)5)8"*9#6'*,#$)9')$#)+"$,"(#)'0)'$) '0,"9&.)9')$#)$&,'(#,"(#;)5#)%"')'0)"*#)'*0'R#*E#)0.1(')+:6.) (',(#,#()5)'*,'*9'()$#0)0&,"#+&.*'0)4"6#*#02)S.6.0)4.61('0) \ VRPRV DJHQWHV PRUDOHV DQWHV TXH FLHQWt¿FRV \ HO OXJDU GH $#)+&'*+&#)'*)$#)-&9#)4"6#*#)9'1')0'()9&0+",&9.)+.*)/#$#1(#02) K0,#)'0)$#)(#E:*)/.()$#)%"')'0)5)0&'6/(')0'(=)6=0)&6/.(,#*,') VDEHU GH 6KDNHVSHDUH TXH VDEHU GH FXDOTXLHU FLHQWt¿FR« TM"(9.+4;)UVVWX)YWZ2

,ULV 0XUGRFK TXLHQ WLHQH OD SDUWLFXODULGDG GH VHU DO PLVPR WLHPSR XQD SUROt¿FD HVFULWRUD \ XQD QRWDEOH ¿OyVRID VRVWLHQH TXH HO FRQRFLPLHQWR GH OD OLWHUDWXUD ELHQ SXHGH VHU VXSHULRU D ORV TXH QRV EULQGDQ OD ¿9 ORVRItD \ OD FLHQFLD 3DUD HQWHQGHU HVWD SUHHPLQHQFLD TXH 0XUGRFK FRQ¿HUH D OD OLWHUDWXUD HV QHFHVDULR WR9 PDU HQ FXHQWD OR TXH SRGHPRV GHQRPLQDU VX UHDOLVPR DQWURSROyJLFR UHDOLVPR TXH QR VyOR HVWULED HQ HQWHQ9 4%&!(0!,#1$&%!+#1#!)-!*%&!3#&!-(')&(0%?(!5-+05-(4#! DO HJRtVPR VLQR WDPELpQ HQ HO KHFKR VHJ~Q 0XUGRFK PX\ SDWHQWH HQ QXHVWUD pSRFD TXH OD YLGD KXPDQD FD9 UHFH GH XQ DVLGHUR H[WHUQR $ PDQHUD GH FRQWUDSHVR HV SUHFLVR QRWDU TXH HV D WUDYpV GH OD FLHQFLD \ GH OD #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GH


!',&-.$./$0&-%)$//+ [A$%';"+89-G$#';"A^'"(>A(#9$8'

OLWHUDWXUD TXH HO KRPEUH SXHGH GLULJLU VX PLUDGD IXHUD GH Vt SXHV DPEDV VRQ YtDV GH E~VTXHGD GH OD YHUGDG \ GH DFFHVR DO FRQRFLPLHQWR GHO PXQGR 3HUR OD FLHQ9 FLD GL¿HUH UDGLFDOPHQWH GH OD OLWHUDWXUD HQ GRV DVSHFWRV 6)-4(1%-'(0%*C!%-!3&51%&!0).(&:!3#&!*)!3&%'%-*58-!(!0(! REMHWLYLGDG HO OHQJXDMH GH OD FLHQFLD EXVFD HO PD\RU .&(4#!4%!5-4%3%-4%-+5(!%-!&%0(+58-!(!0(!6#&1(!4%!%A9 SUHVLyQ HQ VHJXQGR OXJDU SRU HO KHFKR SDUDGyMLFR TXH FRQ HO PLVPR DFWR TXH OD FLHQFLD OLEHUD DO KRPEUH GH OD FUHHQFLD HQ 'LRV \ OR GHMD OLEUH LQGHSHQGLHQWH \ VROR OR OOHYD WDPELpQ D HULJLU D OD FLHQFLD ҟMXQWR FRQ OD 5D]yQ \ OD +LVWRULDҟ HQ XQ IDOVR VXVWLWXWR PHWDItVLFR GH 'LRV (Q FRQVHFXHQFLD 0XUGRFK GH¿HQGH FRQ DUJXPHQ9 WRV TXH UHFXHUGDQ D ORV GH 6DQ $JXVWtQ TXH VL ELHQ 0(!+5%-+5(!%*!)-(!6#&1(!4%!+#-#+%&:!=*'(!-#!'5%-%!%0! HIHFWR GH KDFHU TXH HO KRPEUH VH DEUD PiV DO RWUR \ DO PXQGR $O FRQWUDULR OR HQFLHUUD PiV HQ VX SURSLR HJR (O YHUHGLFWR HV FODUR HO KRPEUH GH OD HGDG GH OD FLHQFLD VXIUH GH PLRStD VyOR YH VX SURSLR UHÀHMR VyOR VH LQWHUHVD SRU Vt PLVPR SRU OR TXH OD FLHQFLD QR 3)%4%! *5-#! %*'(&! &%0(+5#-(4(! +#-! *)! 4%*%#! 4%! 3#4%&! 0XUGRFK /HMRV GHO HJR KLSHUWUR¿DGR \ FRQ¿DGR HQ HO TXH VH HQYXHOYH HO FLHQWt¿FR HO UHPHGLR *%!%-+)%-'&(!%-!0(!05'%&(')&(!2!%-!*)!+(3(+54(4!1%'(689 ULFD HQ OD TXH LQVLVWLUHPRV PiV DGHODQWH TXH SHUPLWH GDU FXHQWD GH XQD ³UHDOLGDG LQ¿QLWDPHQWH PiV FRPSOH9 MD \ YDULDGD TXH OD GH OD FLHQFLD´ 0XUGRFK $ HVWR VH VXPD HO UHDOLVPR DO PHQRV GH FLHUWD OLWHUD9 ')&(:!+)2(!6(*+5-(+58-!3#&!0#!&%(0!-#!%*!#'&(!+#*(!*5-#! HO DPRU GHO PXQGR PLVPR TXH QR SXHGH VLQR LU GH SDU FRQ HO DEDQGRQR GHO \R GHO HVFULWRU 0XUGRFK (V HQWRQFHV VyOR JUDFLDV DO DUWH TXH HO KRPEUH OR9 JUD DEULUVH D DTXHOOR TXH OR H[FHGH \ VREUH WRGR SXHGH (1305(&! *)! %A3%&5%-+5(! 6.(#$ ³>«@ HO JUDQ DUWH QRV HQVHxD FyPR SXHGHQ PLUDUVH \ DPDUVH ODV FRVDV UHD9 OHV VLQ DSRGHUDUVH QL VHUYLUVH GH HOODV >«@´ 0XUGRFK 9LVWR DVt QR VRUSUHQGH TXH HQ QXHVWURV GtDV DOJXQRV FRPR +DUROG %ORRP VXJLHUDQ TXH PLHQWUDV OD ¿ORVRItD R OD FLHQFLD VRQ TXL]i OD SXHUWD DO FRQRFLPLHQ9 WR OD OLWHUDWXUD HV OD YtD HQ GRQGH VH SXHGH HQFRQWUDU OD VDELGXUtD %ORRP /$ )250$ < (/ &217(1,'2

<D KHPRV DQWLFLSDGR TXH SDUD 0XUGRFK OD OLWHUD9 WXUD \ OD ¿ORVRItD VH GLVWLQJXHQ HQWUH Vt SRU HO WLSR GH UHODFLyQ TXH WLHQHQ FRQ OD HVFULWXUD 6LQ HPEDUJR YDOH OD SHQD LQVLVWLU UHVSHFWR DO VHQWLGR GH HVWD GLIH9 UHQFLDFLyQ SXHVWR TXH GH HOOD VH GHVSUHQGH FRQ PD\RU FODULGDG OD SDUWLFXODU LPSRUWDQFLD GH OD OLWHUDWXUD (Q OR TXH VH UH¿HUH D OD ¿ORVRItD 0XUGRFK FRQVLGHUD TXH ,(2!)-(!6#&1(!54%(0!4%!%*+&5$5&:!(!*($%&:!0(!4%!)-!%*'50#! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GD

DXVWHUR H LPSHUVRQDO TXH ³HYLWH OD GHFRUDFLyQ UHWyULFD \ I~WLO´ %RXYHUHVVH (Q FXDQWR D OD OLWHUD9 WXUD VL ELHQ HOOD VH FRPSDUD FRQ OD ¿ORVRItD DO VHU XQD YtD SDUD DQDOL]DU FODVL¿FDU \ RUJDQL]DU QXHVWUD YLVLyQ 4%0!1)-4#H!%00(!'5%-%!+#1#!3(&'5+)0(&54(4!%0!3#4%&!4%! ($&5&!0(!3)%&'(!4%!0#!15*'%&5#*#:!0#!(1$5.)#!2!0#!3(&'59 FXODU (Q HO IRQGR OD GLVWLQFLyQ UDGLFD HQ HO XVR GH OD LPDJLQDFLyQ HQ WDQWR TXH HO ¿OyVRIR GHEH FRQWURODU \ OLPLWDU VX LPDJLQDFLyQ HO HVFULWRU GHEH OLEHUDUOD 9LV9 WR DVt HO ¿OyVRIR HV XQD VXHUWH GH HVFULWRU FRQGHQDGR D FRQWURODU VXV SURSLDV LQFOLQDFLRQHV GH DUWLVWD $O UHDO]DU HVWD GLVWLQFLyQ HQWUH HVFULWXUD ¿ORVy¿FD \ OLWH9 UDULD 0XUGRFK GD SRU VHQWDGR TXH HO WLSR GH YHUGDG TXH QRV RIUHFH OD OLWHUDWXUD HV LQKHUHQWH SUHFLVDPHQWH DO OHQJXDMH PHWDIyULFR \ D ¿Q GH FXHQWDV D OD PLVPD IRUPD OLWHUDULD (Q HIHFWR HQ OLWHUDWXUD HO FRQWHQLGR HV 5-,%&%-'%!(!0(!6#&1(C!F@0!4%*(&&#00#!4%!0(!+#-+5%-+5(! %-!0#*!*%&%*!,)1(-#*!%*'>!5-*%3(&($0%1%-'%!&%0(+5#9 QDGR FRQ HO XVR GH OD PHWiIRUD /DV PHWiIRUDV QR VRQ 1%&(1%-'%!4%+#&(+5#-%*!3%&56=&5+(*!#!5-+0)*#!1#4%9 0#*!;'50%*H!*#-!6#&1(*!6)-4(1%-'(0%*!4%!(3&%,%-*58-! GH QXHVWUD YLVLyQ´ 0XUGRFK ¢'26 &8/785$6"

$ SHVDU GH OD SUHHPLQHQFLD TXH GD DO OHQJXDMH PHWDIyULFR 0XUGRFK DOHJD QR DGRSWDU OD LGHD GH XQD UXSWXUD WRWDO HQWUH OD FXOWXUD OLWHUDULD \ OD FLHQWt¿FD 6LQ HPEDUJR FDEH SUHJXQWDUVH KDVWD TXp SXQWR VX SR9 VLFLyQ QRV LQFLWD D XQ QXHYR FDStWXOR GHO FRQÀLFWR HQ9 '&%!%35*'%1%!2!&%'8&5+(:!2!(!)-(!+#13&%-*5$0%!&%(++58-! DQWH HO SHQVDPLHQWR ¿ORVy¿FR PRGHUQR TXH HULJLy VX SHGHVWDO VREUH OD RSRVLFLyQ SODWyQLFD D OD UHWyULFD (IHFWLYDPHQWH ORV PiV LOXVWUHV UHSUHVHQWDQWHV GH OD ¿ORVRItD PRGHUQD FRPR 'HVFDUWHV +REEHV /RFNH R /HLEQL] FRPSDUWHQ OD FRQYLFFLyQ TXH HO OHQJXDMH 3)%4%!($(&+(&!+#-!3&%+5*58-!2!%A3&%*(&!+#-!+0(&54(4! OR UHDO VLQ QHFHVLGDG GH RUQDPHQWRV OLWHUDULRV 1R H[WUDxD TXH HQ HO PHMRU GH ORV PXQGRV HYRFDGR SRU /HLEQL] \ VXMHWR DO SULQFLSLR GH UD]yQ VX¿FLHQWH OD UH9 WyULFD QR VHD QHFHVDULD %OXPHQEHUJ (Q HO FDVR GHO UHFKD]R D OD UHWyULFD SRU +REEHV pVWH FRQ9 VLVWH HQ XQD DUJXPHQWDFLyQ SHUIHFWDPHQWH LQYHUVD D OD HODERUDGD SRU 0XUGRFK HO XVR PHWDIyULFR GH ODV SD9 ODEUDV DO TXH FRQGXFH OD UHWyULFD WLHQH FRPR G HIHFWR %0!%A+5'(&!-)%*'&(*!3(*5#-%*!2!%0!(0%<(&-#*!3#&!%-4%:! GHO DXWHQWLFR FRQRFLPLHQWR GH ODV FRVDV !@*'#!%A305+(! TXH HO SDVR KREEHVLDQR GHO HVWDGR GH QDWXUDOH]D D OD *#+5%4(4!3#07'5+(:!*%!3)%4(!0%%&!+#1#!%0!3&#+%*#!%-!%0! TXH VH GHMD DWUiV XQD JXHUUD RULJLQDGD HQ HO GHVHR GH +(4(! )-#! 4%! 513#-%&! (! *)*! *%1%<(-'%*! *)! 3(&'5+)0(&! 6LQ HPEDUJR +REEHV QR SXHGH HYLWDU HO XVR GH XQD UHWyULFD YLVXDO HQ HO /HYLDWiQ &UX] 5HYXHOWDV


#+9("$9A"$B'C*$"$'DA6E' +'!',&-.$./$0&-%)$

YLVLyQ GHO PXQGR SDUD SDVDU DO UHLQR SDFt¿FR XQi9 QLPH H LQFXHVWLRQDEOH GH OD HYLGHQFLD \ GH OD FHUWH]D 4%!0(!+5%-+5(!(-'%!0(!+)(0!'#4#*!*%!4%$%-!5-+05-(&!3#&! LJXDO 'H HVWD UHDFWLYDFLyQ GHO UHFKD]R SODWyQLFR GH OD UHWyULFD HQ HO PXQGR PRGHUQR VH YXHOYH XQ OXJDU FRP~Q HO RSRQHU HO FDUiFWHU SUHFLVR \ XQLYRFR GHO OHQJXDMH FLHQWt¿FR \ ¿ORVy¿FR GHO VXMHWR FDUWHVLDQR ³HSLVWHPROyJLFR´ D OD SROLVHPLD GH VLJQL¿FDGRV GH OD UHWyULFD \ GH OD HVFULWXUD OLWHUDULD -D\ &RQ 0XUGRFK HO SpQGXOR GH HVWD SROpPLFD ¿ORVy¿FD VyOR VH KD EDODQFHDGR D IDYRU GHO RWUR H[WUHPR 3$5$ 6$/,5 '( /$ 9,(-$ 2326,&,Ï1 (175( /$6 '26 &8/785$6

Q."-#(9)5)HO+"+4', 0DUFHO 3URXVW HVWXGLD FRQ HO ¿9 OyVRIR $OSKRQVH 'DUOX \ WLHQH YtQFXORV GH IDPLOLD FRQ +HQUL %HUJVRQ GH TXLHQ TXL]i VH LQVSLUD 7KRPDV 0DQQ GLVFXWH \ VH DSR\D HQ 7KHRGRU $GRUQR \ 5REHUW 0XVLO HVFULEH XQD JUDQ QRYHOD ¿ORVy¿FD /D ¿ORVRItD QR TXHGD DWUiV HQ VX UHODFLyQ FRQ OD HVFULWXUD OLWHUDULD 1LHW]VFKH HV XQR GH ORV JUDQGHV HVFULWRUHV GH OD OHQJXD (0%1(-(!2!P(&(')*'&(!)-#!4%!0#*!3%&*#-(<%*!4%!0(!05'%&(9 WXUD XQLYHUVDO HQ HO VLJOR ;; %HUWUDQG 5XVVHOO +HQU\ %HUJVRQ \ -HDQ 3DXO 6DVWUH VRQ ¿OyVRIRV TXH REWLHQH HO SUHPLR 1REHO GH OLWHUDWXUD (O PLVPR FDVR GH ,ULV 0XUGRFK D OD YH] HVFULWRUD \ ¿OyVRID HV XQ HMHPSOR GH HVWH WLSR GH KLEULGDFLyQ DO PHQRV HQ VX SHUVRQD /$ /,7(5$785$ < &,(1&,$

/D HQHPLVWDG TXH 3ODWyQ KDEtD SXHVWR HQWUH OD ¿ORVRItD \ OD UHWyULFD VH KD GHFLGLGR HQ HO VHQR GH OD SURSLD ¿ORVRItD DO 6'*.0)'*)0")$'*<"#G';)+.6.)$#)'*'6&0,#9)9')$#)'0,O,&+#)+.*,(#) OD ¿ORVRItD %OXPHQEHUJ

(O UHFKD]R LQDXJXUDO DO DUWH \ D OD UHWyULFD SRU 3(&'%!4%!/0('8-!*%!*5';(!%-!%0!%<%!4%!0(*!#3#*5+5#-%*! TXH HVWUXFWXUDQ VX SHQVDPLHQWR VHU DSDULHQFLD FLHQ9 FLD RSLQLyQ ¿ORVRItD VR¿VWLFD SHUR QL VLTXLHUD HO 15*1#!/0('8-!3)%4%!5&!4%1(*5(4#!0%<#*!+#-!%*(*!#3#9 VLFLRQHV TXH OOHYDQ D LQVWDXUDU XQD UXSWXUD DELVPDO HQWUH OLWHUDWXUD \ ¿ORVRItD /RV HMHPSORV TXH PLQDQ %*(!3#0(&54(4!*#-!0%.58-!%-!*)!3&#35(!#$&(C!0(!6>$)0(!4%! *LJHV OD DOHJRUtD GH OD FDYHUQD HO PLWR GH OD $WOiQWLGD OD PLVPD 5HS~EOLFD WRGRV VRQ WDQWR UHODWRV ¿ORVy¿9 FRV FRPR OLWHUDULRV FRQFHELGRV SRU XQ JUDQ ¿OyVRIR« \ HVFULWRU 'H KHFKR OD PLVPD ¿JXUD GH 6yFUDWHV HV %-!$)%-(!1%454(!)-(!+&%(+58-!05'%&(&5(!2!)-!3%&*#-(<%! FRQFHSWXDO HQ OD REUD 3ODWyQ VX ³¿FFLyQ VXSUHPD´ VH9 J~Q H[FODPD %ORRP %ORRP S < QR VyOR HQ 3ODWyQ OD ¿ORVRItD VXHOH DGRSWDU XQD IRUPD OLWHUDULD \ OD OLWHUDWXUD HV IUHFXHQWHPHQWH ¿ORVy¿FD 'HVGH VXV UHVSHFWLYRV RUtJHQHV VH SXHGH FRQVWDWDU OD LPEULFDFLyQ HQWUH ¿ORVRItD \ OLWHUDWXUD ORV KpURHV \ ORV GLRVHV GH +RPHUR VRQ ¿JXUDV FRQFHSWXDOHV $TXLOHV R HO YDORU 8OLVHV R OD DVWXFLD $UHV R OD JXHUUD« 3DUPpQLGHV HQ VX IDPRVR SRHPD HVWi QR VyOR SDUDIUDVHDQGR D +RPHUR VLQR WDPELpQ SURORQJDQGR VX WHPiWLFD GH IRUPD TXH 4%!1(-%&(!+5&+)0(&:!0(!B45*%(!-#*!(2)4(!(!5-'%&3&%'(&!%0! 3RHPD GH 3DUPpQLGHV« &DVVLQ /#&! 0#! 4%1>*:! 0(! %*'&%+,(! &%0(+58-! %-'&%! 05'%&(')9 UD \ ¿ORVRItD WDPELpQ VH SXHGH FRQVWDWDU IiFLOPHQWH HQ ORV GRV ~OWLPRV VLJORV HQ OR TXH %DO]DF VLJXH ORV +)&*#*!4%!3%-*(4#&%*!'(-!-#'($0%*!+#1#!I&(-N#5*!O59 00%1(5-:! O5+'#&! J#)*5-! 2! I&(-N#5*! K)5?#'H! I0()$%&'! &%+#&&%! %0! +#-<)-'#! 4%0! +#-#+515%-'#! 4%! *)! =3#+(! %-!

I&%-'%!(!0(!+5%-+5(:!0(!+#-*%+)%-+5(!5-1%45('(!4%! UHFRQRFHU XQD GLPHQVLyQ FRJQLWLYD D OD OLWHUDWXUD HV OD GH FRORFDUQRV DQWH OD WHQWDFLyQ GH GHVGHxDU OD YHUGDG FLHQWt¿FD &RQIRUPDUVH FRQ XQD SXUD YHUGDG OLWHUD9 ULD HV HO SDVR TXH GDQ TXLHQHV VDWLVIDFHQ VX YLVLyQ 4%0!1)-4#!*80#!+#-!0#*!()'#&%*!4%0!+(-#-!05'%&(&5#!#! TXLHQHV D OD PDQHUD GH 6WHQGKDO TXH EXVFDED LQVSL9 UDFLyQ HQ HO &yGLJR &LYLO DFXGHQ D FXDOTXLHU WLSR GH QDUUDFLyQ HQ EXVFD GHO FRQRFLPLHQWR /OHYDGD D VXV XOWLPDV FRQVHFXHQFLDV HVWD DFWLWXG HTXLYDOH D DGRSWDU )-(!+#-+%3+58-!3)&(1%-'%!%*'='5+(!2!*(+&(05?(4(!4%0! ³FRQRFLPLHQWR´ FRPR VXFHGH HQ OD YLVLyQ URPiQWLFD GHO DUWH 6FKDHIIHU (Q HIHFWR VL ELHQ QR HQ .DQW SHUR Vt OXHJR GH .DQW !+#-!%0!&#1(-'5+5*1#!%0! (&'%!*%!4%*05.(!4%!'#4(!&%0(+58-!-#!*80#!+#-!0(!+5%-+5(! VLQR FRQ WRGD IRUPD GH UDFLRQDOLGDG 7RGR HOOR EDMR HO SRVWXODGR GH OD VXSHULRULGDG UDGLFDO GHO DUWH ³/D EHOOH]D HV YHUGDG OD YHUGDG EHOOH]D \ HVR HV WRGR´ ³%HDXW\ LV WUXWK WUXWK EHDXW\´ ± WKDW LV DOO <H NQRZ RQ HDUWK DQG DOO \H QHHG WR NQRZ ³2GH RQ D *UHFLDQ 8UQ´ QRV GLFH HQ XQD FpOHEUH IUDVH -RKQ .HDWV 0LV9 PD TXH LOXVWUD ELHQ XQD SRVLFLyQ TXH VHUi IUHFXHQ9 WH GXUDQWH ORV VLJORV ;,; \ ;; \ QR VyOR SDUD ORV FRQYHQFLGRV TXH ³OD FLHQFLD QR SLHQVD´ +HLGHJJHU R SDUD TXLHQHV MXQWR FRQ 7ROVWRL DOHJDQ TXH OD FLHQFLD QR HV XQD YtD TXH D\XGH D DFODUDU ORV SUREOHPDV GH ³VHQWLGR´ :HEHU $QWH HVWDV SUHWHQVLRQHV GHO DUWH \ GH OD OLWHUDWXUD (! %&5.5&*%! %-! )-(! *)%&'%! 4%! +;*354%! 4%! 0(! +)0')&(:! *%! (-'#<(!*(0)4($0%!(4#3'(&!)-(!3#*5+58-!1>*!3&)4%-'%!2! PiV PDWL]DGD TXH ODV PHQFLRQDGDV KDVWD DKRUD $QWH TXLHQHV VH DEULJDQ HQ XQD FRQFHSFLyQ GXDOLVWD SDUD GHIHQGHU TXH OD FLHQFLD \ OD OLWHUDWXUD VRQ GRV GLIHUHQ9 WHV YtDV SDUD DFFHGHU D XQ PLVPR FRQRFLPLHQWR FRQ 3DUD GHFLUOR EUHYHPHQWH SRU OD PLVPD LPSRUWDQFLD TXH .DQW OH RWRUJD D OD LPDJLQDFLyQ HO ¿OyVRIR VH HVPHUD HQ GHOLQHDU \ OLPLWDU VX DOFDQFH FRVD TXH QR KDUiQ VXV VHJXLGRUHV URPiQWLFRV

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GJ


!',&-.$./$0&-%)$//+ [A$%';"+89-G$#';"A^'"(>A(#9$8'

OD ~QLFD GLYHUJHQFLD TXH HO DUWLVWD XWLOL]D PRGRV GH +#-#+515%-'#! 45*'5-'#*! (0! 4%0! ,#1$&%! &(+5#-(0:! $(*9 WD FRQ UHVSRQGHU TXH VX SRVLFLyQ RPLWH HO KHFKR TXH OD OLWHUDWXUD QR QRV OOHYD D XQ FRQRFLPLHQWR FRPSUR9 EDEOH R UHIXWDEOH SRU OR TXH QR VH OH SXHGH DVLPLODU DO TXH QRV RIUHFH OD FLHQFLD (Q FXDQWR D OD SRVLFLyQ TXH SURFODPD VDFUDOL]iQGROD OD DOWHULGDG UDGLFDO \ 0(! *)3%&5#&54(4! 4%0! +#-#+515%-'#! 4%0! (&'%! *#$&%! %0! FRQRFLPLHQWR TXH QRV EULQGD OD FLHQFLD +LODU\ 3XW9 QDP QR VH HTXLYRFD DO FRQVLGHUDU TXH VH WUDWD GH XQD DFWLWXG ³YHUGDGHUDPHQWH RVFXUDQWLVWD´ TXH HULJH HO DUWH HQ XQD VXHUWH GH QXHYD UHOLJLyQ 'H KHFKR HV SUREDEOH TXH PXFKDV GH ODV SUHWHQVLRQHV FRJQLWLYDV GH OD OLWHUDWXUD ±GH VXV IiEXODV \ VXV PL9 WRV± VLHPSUH KD\DQ SURGXFLGR GHVFRQ¿DQ]D DQWH HO S~EOLFR LQFOXVR HQWUH VXV PiV GHYRWRV OHFWRUHV (Q &%(054(4:! $)%-(! 3(&'%! 4%! *)! =A5'#! *%! 3)%4%! %A305+(&! GH OD PLVPD IRUPD TXH ODV FUHHQFLDV FRPSDUWLGDV \ DFHSWDGDV SRU XQD DPSOLD FRPXQLGDG HQ YLUWXG GH VX ³XWLOLGDG´ \ QR SRU VX YDORU FRJQLWLYR OD PXHUWH GH 6yFUDWHV \ OD GH PXFKRV ³KHUHMHV´ LOXVWUDQ ELHQ HO KHFKR TXH D YHFHV HV SRFR UHGLWXDEOH SRQHU HQ GXGD OD RSLQLyQ >OLWHUDULD@ GH OD PD\RUtD @-'#-+%*:!*5!(+(*#!0(!05'%&(')&(!-#*!#6&%+%!)-!'53#! GH FRQRFLPLHQWR ¢H[DFWDPHQWH GH TXp WLSR GH FRQR9 FLPLHQWR VH WUDWD" 3XWQDP DGPLWH MXQWR FRQ 0XUGRFK \ PiV UHFLHQWHPHQWH FRQ 0DUWKD 1XVVEDXP TXH OD 05'%&(')&(! -#*! 3%&15'%! )-! +#-#+515%-'#! 4%! '53#! 1#9 UDO (IHFWLYDPHQWH HVWDPRV DQWH OD GLVWLQFLyQ HQWUH 3#&!)-!0(4#:!)-!+#-#+515%-'#!'%8&5+#!3&#3#*5+5#-(0!2! 05-%(0:!%0!4%!0(!+5%-+5(:!2!3#&!%0!#'&#:!)-!+#-#+515%-9 '#! 3&>+'5+#! #&5%-'(4#! %-! '#&-#! (! 0(! 3&%.)-'(! F+81#! YLYLU´ R UD]RQDPLHQWR SUiFWLFR HQ OR TXH OD LPDJLQD9 +58-!2!0(!*%-*5$5054(4!<)%.(-!'(1$5=-!)-!3(3%0!%*%-9 FLDO 3XWQDP 3HUR SDUD 3XWQDP VH WUDWD 4%!)-!+#-#+515%-'#!1#&(0!4%!-(')&(0%?(!+#-+%3')(0!#:! SRGUtDPRV GHFLU YLUWXDO (Q HIHFWR HQ XQD IUDVH TXH YDOH OD SHQD FLWDU 3XWQDP DQRWD 6L OHR 9LDMH DO ¿Q GH OD QRFKH GH &pOLQH QR DSUHQGR TXH HO DPRU QR H[LVWH« /R TXH DSUHQGR HV D YHU HO PXQGR WDO \ FRPR OR YH DOJXLHQ TXH HVWi VHJXUR TXH HVWD KLSyWHVLV TXH ORV KRPEUHV VRQ RGLRVRV HV FRUUHFWD <R YHR TXp SODXVLELOLGDG '5%-%!%*'(!,538'%*5*H!+81#!*%&7(-!0(*!+#*(*!*5!%00(!8"'(#)FLHUWD 1R REVWDQWH QR HV FRUUHFWR GHFLU TXH QR HV WRWDOPHQWH FRQRFL9 PLHQWR SXHVWR TXH VHU FRQVFLHQWH GH XQD QXHYD LQWHUSUHWDFLyQ GH ORV KHFKRV LQFOXVR VL HV GH PDQHUD SHUYHUVD HV XQD HVSHFLH GH FRQRFLPLHQWR (V HO FRQRFLPLHQWR GH XQD SRVLELOLGDG (V XQ FRQRFLPLHQWR FRQFHSWXDO 3XWQDP

(VWH WH[WR GH 3XWQDP WLHQH GRV LPSOLFDFLRQHV TXH QRV LQWHUHVDQ DTXt 3RU XQD SDUWH OD OLWHUDWXUD DO PH9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GK

QRV OD JUDQ OLWHUDWXUD \D QR HV QHFHVDULDPHQWH HO OX9 JDU GH OD RSRVLFLyQ HQWUH UHDOLGDG \ ¿FFLyQ VLQR HO GH 0(!+#-'&(3#*5+58-!%-'&%!)-!1)-4#!(+')(0!2!)-!1)-4#! SRVLEOH 'DYLG /HZLV &RPHWWL 3HUR OR TXH PiV LQWHUHVD DTXt HV HO KHFKR TXH OD SRVLFLyQ GH 3XWQDP HYLWD HO HUURU GH FUHHU TXH HO ~QLFR iPELWR GH FRQRFLPLHQWR HV OD FLHQFLD \ TXH WRGR OR GHPiV D VDEHU HO UHVWR GH OD FXOWXUD GHEH VHU UHOHJDGR DO iP9 ELWR GH OD VLPSOH LUUDFLRQDOLGDG GHVOL] HQ HO TXH LQ9 FXUUHQ TXLHQHV VLJXHQ GH XQD IRUPD GHPDVLDGR UtJLGD OD IDPRVD GLVWLQFLyQ GH 0D[ :HEHU HQWUH ODV HVIHUDV GH YDORU FRJQLWLYR PRUDO \ HVWpWLFR %DMR HO HQIRTXH GH 3XWQDP TXH OD FLHQFLD QR VHD HO iPELWR H[FOXVLYR GHO FRQRFLPLHQWR WDPSRFR QRV OOHYD D FDHU HQ ODV \D PHQFLRQDGDV SRVLFLRQHV LUUDFLRQDOLVWDV TXH FUHHQ TXH 0(!+5%-+5(!%*!)-(!6#&1(!4%!+#-#+515%-'#!5.)(0!#!5-6%9 ULRU D RWUDV FRPR OD OLWHUDWXUD OD UHOLJLyQ R OD PDJLD (/ &212&,0,(172 025$/ '( /$ /,7(5$785$ < /$ 025$/

$FHSWDU TXH OD OLWHUDWXUD HV LPSRUWDQWH SDUD QXHV9 WUD H[SHULHQFLD PRUDO SXHGH OOHYDU D OD FRQFOXVLyQ HUUDGD TXH VX PLVLyQ HV GH WLSR PRUDOL]DQWH 6H WUDWD GH XQ HUURU SRU SULQFLSLR SRUTXH HOOR QRV OOHYDUtD D %A+0)5&!$)%-(!3(&'%!4%!0(!.&(-!05'%&(')&(:!+)(-4#!1%9 QRV GHVGH 5DYHODLV \ 6ZLIW D &HOLQH \ HQ QXHVWURV GtDV D 0LFKHO +RXHOOHEHFT VLQ ROYLGDU DO 0DUTXpV GH 6DGH 3HUR WDPELpQ HV XQ GHVDFLHUWR SRUTXH ELHQ VDEHPRV TXH HO SHRU HQHPLJR GH OD JUDQ OLWHUDWXUD QR HV HO LQPRUDOLVPR VLQR HO LGHDOLVPR PRUDOL]DQWH 'H ,%+,#!'(1$5=-!%*!)-!3&#$0%1(!3(&(!%0!+#-#+515%-'#! PRUDO HQ FXDQWR WDO (Q HIHFWR VH SXHGH FRQFHGHU TXH OD FUHHQFLD HQ OD H[LVWHQFLD GHO %LHQ \ HO 0DO RIUHFH 0(!50)*58-!4%!)-(!#&5%-'(+58-!.%-%&(0!2!%0!*%-'515%-'#! GH XQD SURIXQGLGDG H[LVWHQFLDO SDUD DTXHOORV TXH OD DGRSWDQ 6LQ HPEDUJR \D XQ HVFULWRU FRPR 0XVLO GH9 SORUD DFHUWDGDPHQWH TXH DO ¿Q GH FXHQWDV HO LGHDOLVPR 1#&(0!3&%-4%!<)?.(&0#!'#4#!(!.#03%!4%!.&(-4%*!3(0(9 EUDV KRQRU SDWULD YLUWXG VLQ HQVHxDUQRV QDGD QXH9 YR \ WRGR HOOR FRQ QRFLRQHV WDQ JHQHUDOHV TXH DQWHV GH (2)4(&-#*!(!%0)+54(&!0#*!3&#$0%1(*!1#&(0%*!*80#!0#*! RVFXUHFHQ PiV &UX] 5HYXHOWDV (Q OR TXH VH UH¿HUH D VX LQÀXHQFLD UHVSHFWR DO DUWH %-! .%-%&(0:! 4%! /0('8-! (0! &%(05*1#! *#+5(05*'(! 3(*(-4#! SRU HO &RQFLOLR GH 1LFHD VH KD FUHtGR TXH HO DUWH GHEH 0515'(&*%!(!0(!'(&%(!4%!50)*'&(&!#!3)$05+5'(&!0#*!+#-'%-59 4#*!F*('5*6(+'#&5#*G!2(!%*'($0%+54#*!4%!(-'%1(-#!3#&! F@0!B&4%-!1#&(0G!#:!4%!1(-%&(!1>*!,)1504%!3%&#!-#! PHQRV HTXLYRFDGD SRU DOJXQD WHRUtD PRUDO 9LVWR DVt OD ~QLFD WDUHD GHO SHQVDPLHQWR PRUDO ±HQ UHDOLGDG GHO LGHDOLVPR PRUDO R PRUDOLVPR± VHUtD OD GH MX]JDU


#+9("$9A"$B'C*$"$'DA6E' +'!',&-.$./$0&-%)$

GHVGH TXLpQ VDEH TXp DOWXUDV HO YDORU HGL¿FDQWH GH FDGD SDVDMH GH OD OLWHUDWXUD )UHQWH D HOOR XQD GH ODV 1%<#&%*!+)(054(4%*!1#&(0%*!4%!0(!05'%&(')&(!%*:!3&%+59 VDPHQWH OD GH HQIUHQWDUQRV D VLWXDFLRQHV TXH HVFDSDQ D FXDOTXLHU HQFDVLOODPLHQWR \ TXH VREUH WRGR QR VH 3)%4%-! <)?.(&! $(<#! 0(*! .&(-4%*! 2! &7.54(*! +('%.#&7(*! GHO %LHQ \ HO 0DO 'HVGH HVWD ySWLFD OD OLWHUDWXUD QRV %*! 513&%*+5-45$0%! (! 1(-%&(! 4%! (++%*#! (! )-! 3%-*(9 PLHQWR DOWHUQDWLYR \ FRPR PHGLFLQD FRQWUD HO GRJPD9 WLVPR \D TXH QRV HQVHxD D QR GDU QLQJXQD YHUGDG SRU HYLGHQWH \ PHQRV D~Q ODV YHUGDGHV PRUDOHV 9DOJD DQRWDU GH SDVR TXH ODV UHYROXFLRQHV SROtWL9 +(*!'(1$5=-!*)%0%-!(4#3'(&!(0.)-(!6#&1(!4%!54%(05*9 PR PRUDO $O PHQRV ORV ~OWLPRV FLHQ DxRV KDQ PRV9 WUDGR TXH LQFOXVR R PHMRU GLFKR VREUH WRGR FXDQGR VRQ SRUWDGRUDV GH ODV PHMRUHV LQWHQFLRQHV ODV UHYROX9 +5#-%*!%135%?(-!*5%13&%!3#&!#'#&.(&*%!%0!+#-'&#0!-#! *80#!3#07'5+#!*5-#!'(1$5=-!1#&(0!2!0)%.#!%*'='5+#!4%! OD VRFLHGDG 7RGR HOOR FRQ HO ~QLFR UHVXOWDGR HQ ORV KHFKRV GH UHVWDEOHFHU ±VL ELHQ FRQ QXHYRV LQGLYLGXRV XQLIRUPHV \ GLVFXUVRV± ODV YLHMDV MHUDUTXtDV \ GLYL9 VLRQHV HQWUH ORV KRPEUHV &RPR \D OR VXJHUtD .DQW ³¢4Xp HV OD ,OXVWUDFLyQ"´ ODV UHYROXFLRQHV FDPELDQ WRGR VDOYR ODV PHQWDOLGDGHV \D TXH QR HV OD IXHU]D R OD YLROHQFLD VLQR HO FRQYHQFLPLHQWR D WUDYpV GHO XVR S~EOLFR GH OD UD]yQ OR ~QLFR TXH ORJUD WUDQVIRUPDU9 ODV GH PDQHUD HIHFWLYD $Vt VDOYR HQ ORV UDURV FDVRV GH UHYROXFLRQHV TXH VREUHYLHQHQ OXHJR GH XQ FDPELR 1(2#&!4%!1%-'(054(4%*!2!0#.&(-!513#-%&!0(!1>*!(19 SOLD OLEHUDG GH GLVFXVLyQ ODV UHYROXFLRQHV VXHOHQ LU GH SDU FRQ OD LQVWDXUDFLyQ GHO GRJPDWLVPR PRUDO 7RGR OR FRQWUDULR VXFHGH FRQ OD OLWHUDWXUD K&(+5(*! (0! )*#! 4%! 0(! 51(.5-(+58-:! 0(! 05'%&(')&(! PDQWLHQH VX OLEHUWDG FUHDWLYD \ FUtWLFD QRV SHUPLWH +#-6&#-'(&!0#*!450%1(*!1#&(0%*!4%!1(-%&(!*%-*5$0%!#! HQFDUQDGD \ UHYHOD HO FDUiFWHU SUREOHPiWLFR GLVFX9 WLEOH \ IUHFXHQWHPHQWH DUELWUDULR GH ORV YDORUHV 6L OD 05'%&(')&(!%*!%-'#-+%*!)-!(-'74#'#!(0!4#.1('5*1#!1#9 UDO HQ OD SUiFWLFD \ HQ OD WHRUtD ¢TXLHUH GHFLU TXH GHMD9 1#*!('&>*!0(!54%(!*%.;-!0(!+)(0!0(!='5+(!*80#!3)%4%!*%&! GLVFXWLGD SRU OD ¿ORVRItD \ VLPSOHPHQWH LOXVWUDGD R HQ HO PHMRU GH ORV FDVRV H[SORUDGD SRU OD OLWHUDWXUD" 1XVVEDXP SDUHFH LQFOLQDUVH SRU OD LGHD TXH VL ELHQ +5%&'#*!'%A'#*!05'%&(&5#*!*#-!5-45*3%-*($0%*!3(&(!0(!5-9 YHVWLJDFLyQ HQ OD HVIHUD pWLFD HQ QLQJXQD IRUPD VRQ VX¿FLHQWHV QL SXHGHQ SUHWHQGHU VXVWLWXLU OD ¿ORVRItD PRUDO 6LQ HPEDUJR 1XVVEDXP WDPELpQ VDEH TXH OD OLWHUDWXUD HV XQD H[FHOHQWH JXtD SDUD HQWHQGHU TXH QL HO LQWHUpV XWLOLWDULR QL HO GHEHU NDQWLDQR HQJOREDQ WRGR HO FRQMXQWR GH QXHVWURV SUREOHPDV PRUDOHV 3RU RWUD SDUWH SHUPtWDQRV LQVLVWLU ELHQ SXHGH VXFHGHU TXH

OD PRUDO PLVPD OHJDGD SRU OD WUDGLFLyQ R VLVWHPDWL]D9 GD HQ XQD WHRUtD VHD XQ SUREOHPD R IUDQFDPHQWH VHD %0! #$*'>+)0#! 1(2#&! +)(-4#! *%! '&('(! 4%! %-'%-4%&! 0#*! SUREOHPDV PRUDOHV $ HVWH UHVSHFWR -RKQ 'HZH\ REVHUYD TXH HQ OD &%0(+58-! %-'&%! 1#&(0! 2! 05'%&(')&(! *%! '5%-4%! (! 3%-*(&! HUUyQHDPHQWH TXH OR SUREOHPiWLFR VyOR VH HQFXHQWUD GHO ODGR GH OD OLWHUDWXUD 'HZH\ (VWR H[SOLFD TXH 'HZH\ OOHJXH D GHIHQGHU OD SDUDGyMLFD D¿UPD9 FLyQ TXH HO DUWH HV PiV PRUDO TXH OD PRUDO (O ¿Oy9 VRIR TXLHUH GHFLU FRQ HOOR TXH ORV VLVWHPDV PRUDOHV WLHQGHQ HO GHVDIRUWXQDGR GHIHFWR FRPR OR LQGLFDED \D 0XVLO GH WHQGHU D FRQYHUWLUVH HQ YLVLRQHV UtJLGDV 2!4#.1>'5+(*!4%*'5-(4(!(!(3)-'(0(&!%0!#&4%-!2(!%*'(9 EOHFLGR (O DUWH HV PiV PRUDO TXH OD PRUDO SXHV PDQ9 WLHQH YLYR SDUD GHFLUOR FRQ 0XVLO R FRPR KHPRV YLVWR FRQ 3XWQDP HO VHQWLGR GH OR SRVLEOH \ GH OR TXH YD PiV DOOi GH ODV YLVLRQHV SHWUL¿FDGDV GH OD YLGD RUGLQDULD 3HUR D QXHVWUR SDUHFHU 1XVVEDXP QR VH HTXLYRFD WRWDOPHQWH SXHV OD H[SHULHQFLD PRUDO RULJL9 QDGD HQ OD OLWHUDWXUD GHEH SRGHU VHU REMHWR GH HYDOXD9 FLyQ SRU SDUWH GH OD ¿ORVRItD PRUDO VL SUHWHQGHQ WHQHU XQ YDORU PiV DOOi GHO PHUDPHQWH LGLRVLQFUiVLFR (V (+#-*%<($0%!%-'#-+%*!-#!4%*,(+%&-#*!4%!-5-.)-(! 4%! 0(*!4#*!2!1(-'%-%&!0(!'%-*58-!#!%0!45>0#.#!%-'&%!05'%9 UDWXUD \ ¿ORVRItD PRUDO 3RU RWUD SDUWH UHFRQRFHU TXH 0(!05'%&(')&(!3#*%%!+(3(+54(4!4%!+#-#+515%-'#!1#&(0! SXHGH OOHYDU D VXSRQHU D OD PDQHUD GH :LWWJHQVWHLQ R &KDUOHV 6 3LHUFH 6KXVWHUPDQ TXH OD HVWpWLFD \ OD PRUDO VRQ OR PLVPR 3RU QXHVWUD SDUWH QRV SDUH9 FH GLItFLO LJQRUDU TXH PLHQWUDV OD H[SHULHQFLD HVWpWLFD WLHQGH HIHFWLYDPHQWH D OR LGLRVLQFUiWLFR QXHVWUD GLV9 SRVLFLyQ PRUDO QRV OOHYD HVSRQWiQHDPHQWH D MXVWL¿FDU UDFLRQDOPHQWH QXHVWUD SRVLFLRQHV VDOYR FDVRV SDWROy9 .5+#*:!%0!,#1$&%!6%05?!2!%0!,#1$&%!5-6%05?!'5%-%!&(?#9 QHV SDUD VHQWLUVH DVt \ SXHGHQ GDU FXHQWD GH HOODV 3RU OR GHPiV LJXDODU VLQ PiV D OD OLWHUDWXUD \ OD HVWpWLFD FRQ OD PRUDO WLHQH HO LQFRQYHQLHQWH GH ROYLGDU SDUD9 6&(*%(-4#!(!K#1$&5+,!2!&%'#1(-4#!*)!-#15-(05*1#:! TXH QR H[LVWH OD ³/LWHUDWXUD´ QL OD 0RUDO HQ WDQWR WDO VLQR VRODPHQWH XQD SOXUDOLGDG PX\ DPSOLD \ YDULDGD GH SUiFWLFDV \ REUDV OLWHUDULDV OR TXH KDFH LPSRVLEOH 4(&!)-(!&%*3)%*'(!4%1(*5(4#!.%-%&(0!2!+($%!'(1$5=-! SUHJXQWDUVH VL HOOR WLHQH DOJ~Q VHQWLGR %DMR HVWD ySWLFD \ VLJXLHQGR FRQ OD OLWHUDWXUD HV QHFHVDULR FRQFHGHU TXH DOJXQDV REUDV VRQ PiV DSWDV TXH RWUDV SDUD EULQGDUQRV XQ FRQRFLPLHQWR PRUDO HQ WDQWR TXH TXL]i PXFKDV GH HOODV QR WHQJDQ VLPSOH9 PHQWH QDGD TXH RIUHFHU D HVWH UHVSHFWR 3HRU D~Q OD PLVPD 0XUGRFK FRQFHGH TXH SRU ³QDWXUDOH]D´ 0XU9 GRFK FDVL WRGR HO DUWH WLHQGH D FDHU HQ OD #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GF


!',&-.$./$0&-%)$//+ [A$%';"+89-G$#';"A^'"(>A(#9$8'

6(-'(*7(!2!%-!%0!+#-*)%0#:!2!*)%0%!<).(&!)-(!'&5*'%!6)-9 FLyQ FRPSHQVDWRULD DQWH ODV PLVHULDV GH OD YLGD 1R H[WUDxD TXH 0XUGRFK LQVLVWD HQ DQWHSRQHU HO DGMHWL9 YR *UDQGH DO VXVWDQWLYR DUWH \ HQ LQVLVWLU TXH HO *UDQ DUWH HV GH WLSR UHDOLVWD 'LFKR GH RWUD IRUPD SUHWHQGHU LGHQWL¿FDU DO DUWH FRQ XQ FLHUWR FRQWHQLGR PRUDO LP9 SOLFD DFHSWDU FLHUWRV FULWHULRV FRJQLWLYRV HVWpWLFRV \ PRUDOHV TXH HQ HO WHUULWRULR GHO DUWH GLYLGDQ ODV JUDQ9 GHV REUDV GH DTXHOODV TXH QR OR VRQ ',Ï*(1(6 < /26 /,%526

$~Q QRV TXHGD SRU UHVSRQGHU XQ ~OWLPR UHSURFKH UHVSHFWR D OD LPSRUWDQFLD GH OD OLWHUDWXUD 0RQWDLJQH FXHQWD TXH DQWH OD LPSORUDFLyQ TXH OH KL]R XQ ¿OyVRIR D 'LyJHQHV SDUD TXH OH\HUD PiV OLEURV pVWH OH FRQWHV9 Wy ³¢(VWiV EURPHDQGR" 'HO PLVPR PRGR TXH SUH9 IHUtV ODV EUHYDV DXWpQWLFDV \ QDWXUDOHV D ODV SLQWDGDV DVt GHEpLV SUHIHULU WDPELpQ ODV HQVHxDQ]DV QDWXUDOHV DXWpQWLFDV D ODV HVFULWDV´ -D\ $ OD PDQHUD GH 'LyJHQHV FDEH SUHJXQWDUVH SRU TXp QR QRV OLPLWDPRV DO FRQRFLPLHQWR TXH QRV GD OD YLGD 15*1(!+#-!*)*!5--)1%&($0%*!%A3%&5%-+5(*!+#-'5-.%-9 '%*:! *5-.)0(&%*:! +#-! '#4(! *)! 4#*5*! 4%! 5-+%&'54)1$&%*! PRUDOHV \ VREUH WRGR UHDOHV $QWH HVWD SUHJXQWD HV LQHYLWDEOH UHFXUULU D ODV DIRUWXQDGDV UHVSXHVWDV TXH QRV RIUHFH 1XVVEDXP HQ SULPHU OXJDU OD OLWHUDWXUD QRV SHUPLWH DFFHGHU D XQD H[SHULHQFLD PiV ¿QD PDWL]DGD SURIXQGD \ SUHFLVD TXH DTXHOOD TXH QRV VXHOH EULQGDU QXHVWUD YLGD RUGLQDULD (Q VHJXQGR OXJDU OD OLWHUDWX9 UD WLHQH XQD GREOH YLUWXG SRU XQD SDUWH QRV LQYROXFUD PRUDOPHQWH DO VHQWLUQRV LGHQWL¿FDGRV FRQ ORV SHUVRQD9 <%*H!3%&#:!3#&!#'&(!2!(0!15*1#!'5%13#:!(0!-#!%*'(&!&%(09 PHQWH LPSOLFDGRV QRV SHUPLWH XQD GLVWDQFLD TXH HYLWD GLVWRUVLRQHV PRUDOHV DO QR WHQHU XQ LQWHUpV GLUHFWR \ -#*!3%&15'%!'%-%&!)-(!*)%&'%!4%!5-'%&=*!4%*5-'%&%*(4#!%! LQFOXVR XQD DFWLWXG GH DOWUXLVPR JHQXLQR 3URXVW DQWH 0(! *)%&'%! 4%! 0#*! 3%&*#-(<%*C! %-! %6%+'#:! -#*! F4)%0%G! 0(! WUDJHGLD GH (GLSR DXQTXH VHSDPRV TXH VyOR HV XQ SHU9 VRQDMH GH OD DQWLJXD OLWHUDWXUD JULHJD (Q WHUFHU OXJDU ³QXQFD YLYLPRV OR VX¿FLHQWH´ 1XHVWUR H[SHULHQFLD VLQ QRYHODV ³HV GHPDVLDGR HVWUHFKD \ GHPDVLDGR SD9 UURTXLDO´ 1XVVEDXP 4XH QRV FRQIURQWH D H[SHULHQFLDV PRUDOHV TXH QR FRQRFHUtDPRV VLQ HOOD VLJQL¿FD TXH OD OLWHUDWXUD QRV RIUHFH XQD VXHUWH GH ³H[9 SHULHQFLD DPSOLDGD´ TXH HQULTXHFH \ GD PD\RU SURIXQ9 GLGDG D QXHVWUD H[LVWHQFLD 'LFKR HQ RWUDV SDODEUDV OD OLWHUDWXUD MXHJD HO SDSHO GH XQ LQVWUXPHQWR ySWLFR TXH QRV OLEHUD GH QXHVWUD PLRStD RUGLQDULD (Q FXDUWR OX9 JDU OD OLWHUDWXUD SUHVXSRQH XQD FRPXQLGDG YLUWXRVD GH DXWRUHV \ OHFWRUHV TXH FRPSDUWHQ XQD VXHUWH GH FRQ9 YHUVDFLyQ PLVPD TXH QR WHQGUtD VHQWLGR VL QR FRQVL9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GN

GHUDUDQ YDOLRVR ORV SHQVDPLHQWRV \ ORV VHQWLPLHQWRV GH ORV LQGLYLGXRV TXH HVFULEHQ \ TXH GH HVD IRUPD FRP9 SDUWHQ VXV MXLFLRV \ HPRFLRQHV PiV SHUVRQDOHV (Q ¿Q FRPR DOJXQD YH] GLMHUD %DXGHODLUH OD OLWHUDWXUD OOHYD D WRGR« FRQ WDO TXH OD GHMHPRV D WLHPSR 5()(5(1&,$6

&DVVLQ % K$)'8'+,.)0.8?0,&+. %XHQRV $LUHV )&( &RPHWWL - 3 0 ["'0,&.*)9\'0,4O,&%"' 3DUtV 38) &UX] 5HYXHOWDV - & 7#)&*+'(,&9"61(')9')$#) 6.9'(*&9#9;) 7#) &*,'(/'*',(#+&:*) 9') $#) (#E:*) 5) '$) 0'*,&6&'*,. 0p[LFR 3XEOLFDFLRQHV &UX] 2 6 $ &UX] 5HYXHOWDV - & >6#<'*;)]0&<*.;)>+.*.).) &9.$.^;) 9') $#) &6#<'*) #) $#) ('/('0'*,#+&:*) /.$?,&+#2! 0p[LFR 6LJOR ;;, (GLWRUHV %ORRP + _]`:*9') 0') '*+"'*,(#) $#) 0#1&9"@ (?#^a HQ + %ORRP ¢'yQGH VH HQFXHQWUD OD VDELGX9 UtD" 0p[LFR 7DXUXV %OXPHQEHUJ + 7#0) ('#$&9#9'0) '*) %"') -&-&@ 6.0 %DUFHORQD 3DLGyV %RXYHUHVVH - 7#)+.**#&00#*+')9')$\O+(&-#*;! 0DUVHOOD $JRQH 'HZH\ - 7\#(,) +.66') 'J/'(O(&O*+':! /(&7*:! (GLWLRQV )iUUDJR *RPEULFK ( + F&0,.(&#) 9'$) #(,';! J,5-(:! 3KDLGRQ -D\ 0 !#*,.0)9')'J/'(&'*+&#2)C#(&#+&.*'0)6.@ 9'(*#0)0.1(')"*),'6#)"*&-'(0#$ %XHQRV $LUHV 3DLGyV .XQGHUD 0 K$),'$:*2!K*0#5.)'*)0&',')/#(,'0:! %DUFHORQD 7XVTXHWV 0XUGRFK , 7#) 0.1'(#*?#) 9'$) 1&'* 0DGULG &DSDUUyV 1XVVEDXP 0 & ³)RUP DQG &RQWHQW 3KLORVR9 SK\ DQG /LWHUDWXUH´ HQ / 0 $OFRII HG L'0,4'@ ,&+0;) b4') Q&<) ["'0,&.*0; 2[IRUG *UDQ %UHWDxD %ODFNZHOO 3XWQDP + (O VLJQL¿FDGR \ ODV FLHQFLDV PRUD@ $'0 0p[LFR 81$0 3XWQDP + 7#0)6&$)+#(#0)9'$)('#$&06. %DUFH9 ORQD 3DLGyV 3XWQDP + V I K,4&+0) D&,4.",) c*,.$.<5:! @45+58-! HOHFWUyQLFD .LQGOH 6FKDHIIHU - 0 K$) #(,') 9') $#) '9#9) 6.9'(*#:! &DUDFDV 0RQWH ÈYLOD HGLWRUHV 6KXVWHUPDQ 5 ³$HVWKHWLFV´ HQ - 5 6KRRN HG L)!.6/#*&.*),. 3UDJPDWLVP /RQGUHV %ODFNZHOO :HEHU 0 ³/D FLHQFLD FRPR YRFDFLyQ´ HQ 0 Q%$%&:!(O SROtWLFR \ HO FLHQWt¿FR 0p[LFR 3UHPLD :LOOLDPV % ³'H OD QpFHVVLWp G¶rWUH VFHSWL9 TXH´ M#<#E&*')$&,,O(#&(' Q~P HQHUR


08("2('3'"(:8""(11+-%'&('8%$'

REPÚBLICA.

$")(%2+%$'&(:*8/:'&('#$'1"+:+:'&(';<<= >"?"'5@+%4$"22+-"6

$

&.%-'5-(!%*'>!+#-4%-(4(!(!*)6&5&!)-(!*%&5%!4%! FLFORV GH FULVLV HFRQyPLFDV TXH GHVGH OD VH9 JXQGD PLWDG GHO VLJOR ;; KDVWD HO VH YLHQHQ GDQGR FRQ HVSDQWRVD SUHFLVLyQ FDGD FLQFR R VHLV DxRV \ FX\R GHQRPLQDGRU FRP~Q HV OD GHXGD H[9 WHUQD \ ORV SURFHVRV LQÀDFLRQDULRV TXH QXQFD VH VDEH FyPR QL FXiQGR WHUPLQDQ $ HVWRV FLFORV GH FULVLV HFR9 QyPLFD OH FRUUHVSRQGHQ ODV FULVLV SROtWLFDV TXH VXHOHQ SRQHU ¿Q DEUXSWDPHQWH DO PDQGDWR GH ORV SUHVLGHQWHV 1R HV GH VRUSUHQGHUVH HQWRQFHV TXH GHVGH HO UHWRUQR GH OD GHPRFUDFLD HQ WUHV SUHVLGHQWHV KD\DQ WHQL9 GR TXH GHMDU HO SRGHU HQ PHGLR GHO FDRV HFRQyPLFRV \ VRFLDO 7DO IXH HO FDVR GH ORV SUHVLGHQWHV UDGLFDOHV 5D~O $OIRQVtQ TXH GHELy UHQXQFLDU HQ XQRV PHVHV DQ9 WHV FRQFOXLU VX PDQGDWR \ )HUQDQGR GH OD 5~D TXLHQ KX\y HQ HVH WUiJLFR GLFLHPEUH GH SRU ODV D]RWHDV GH OD FDVD GH JRELHUQR HQ KHOLFySWHUR 7DPSRFR ORV SHURQLVWDV TXHGDURQ H[HQWRV GH OD FULVLV SROtWLFD \ HQ HVWH VHQWLGR QR HV SRFR GHFLU TXH GXUDQWH HVH WUiJLFR 45+5%1$&%! 3(*(&#-! 6).(?1%-'%! '&%*! 3&%*54%-'%*! 5-'%9 ULQRV GH HVH VLJQR DO ORV TXH GHEH VXPDUVH XQ FXDUWR TXH GHELy DGHODQWDU ODV HOHFFLRQHV SUHVLGHQFLDOHV @*'%!(&'7+)0#!*%!3&#3#-%!50)15-(&!)-#!4%!0#*!3(*(<%*! PiV GLItFLOHV GH OD KLVWRULD UHFLHQWH GH $UJHQWLQD TXH DEDUFD OD FULVLV HFRQyPLFD GH GLFLHPEUH GH \ HO EUHYH LQWHUOXGLR GH OD SUHVLGHQFLD LQWHULQD GHO SHURQLVWD GH (GXDUGR 'XKDOGH HQHUR GH D PD\R GH HOHJLGR SRU XQD $VDPEOHD /HJLVODWLYD SDUD FRQFOXLU HO PDQGDWR GHO UHQXQFLDQWH )HUQDQGR GH OD 5~D 'LFKR HVWR FDEH SUHJXQWDUVH ¢FyPR HUD $UJHQWLQD DQWHV \ GHVSXpV GHO GHUUXPEH HFRQyPLFR GHO " ¢TXLpQHV HUDQ ORV DFWRUHV SROtWLFRV LQYROXFUDGRV HQ OD GHEDFOH" ¢TXp SDSHO GHVHPSHxDURQ OXHJR GH OD FULVLV" 3URIHVRU GH &LHQFLD 3ROtWLFD H LQYHVWLJDGRU GHO &HQWUR $UJHQWLQR GHO (WQRORJtD $PHULFDQD &$($ %XHQRV $LUHV $UJHQWLQD

D

(/ ),1 '( /$ (5$ 5$',&$/ 3(521,67$

(O FRODSVR HFRQyPLFR \ SROtWLFR GH $UJHQWLQD HQ GLFLHPEUH GH PRGL¿Fy SURIXQGDPHQWH OD DUTXL9 WHFWXUD GH ORV SDUWLGRV SROtWLFRV +DVWD HO HO SDtV *%!+(&(+'%&5?8!3#&!)-(!$53#0(&5?(+58-!%-'&%!4#*!3(&'54#*! QDFLRQDOHV OD 8QLyQ &tYLFD 5DGLFDO 8&5 HO SULPHU SDUWLGR GH FODVH PHGLD DUJHQWLQD QDFLGR D ¿QHV GHO VLJOR ;,; \ HO 3DUWLGR 3HURQLVWD GHQRPLQDGR OXHJR 3DUWLGR -XVWLFLDOLVWD >3-@ HO SULPHU SDUWLGR SRSXODU \ REUHUR GH DUJHQWLQD QDFLGR D PHGLDGRV GHO VLJOR ;; DO FDORU GH 0#*!3&#+%*#*!4%!*)*'5')+58-!4%!513#&'(+5#-%*!%!5-4)*9 WULDOL]DFLyQ QDFLRQDO 7UDV HO RFDVR GH ODV GLFWDGXUDV \ HO 4%*3%&'(&!4%!0(!4%1#+&(+5(!(!3&5-+535#*!4%!0(!4=+(4(!4%! DPERV SDUWLGRV SDVDURQ D GRPLQDU OD HVFHQD SROt9 WLFD FRQ¿JXUDQGR XQ VLVWHPD WpFQLFDPHQWH ELSDUGLVWD ! 6LQ HPEDUJR D PHGLDGRV GH OD GpFDGD GH VXU9 JLy XQD QXHYD IXHU]D SROtWLFD HO )UHQWH 3DtV 6ROLGDULR )UHSDVR TXH GHVSOD]y DO UDGLFDOLVPR HQ ODV HOHFFLRQHV SUHVLGHQFLDOHV GH SRQLHQGR ¿Q DO SUHGRPLQLR UD9 GLFDO SHURQLVWD !J#1#!+#&#0(&5#:!*%!6#&18!)-(!5-=45'(! (05(-?(!%0%+'#&(0!2!3#07'5+(!%-'&%!0(!LJ"!2!%0!I&%3(*#! OODPDGD OD $OLDQ]D TXH KL]R SRVLEOH OD YLFWRULD HQ RFWXEUH GH GH OD IyUPXOD SUHVLGHQFLDO LQWHJUDGD 3#&!%0!&(45+(0!I%&-(-4#!4%!0(!";(!2!%0!6&%3(*5*'(!J(&0#*! ³&KDFKR´ ÈOYDUH] GHUURWDQGR DO FDQGLGDWR GHO 3DUWLGR 6REUH OD GH¿QLFLyQ WpFQLFD GH ELSDUWLVPR UHPLWR D 6DUWRUL 3DUD XQ DQiOLVLV GH OD HYROXFLyQ GHO VLVWHPD SDUWLGDULR DUJHQWLQR GHVGH SULQFLSLRV GHO VLJOR ;; KDVWD YpDVH $EDO 0HGLQD \ 6XiUH] &DR (Q ODV HOHFFLRQHV GH RFWXEUH GH ±ODV SULPHUDV GH OD WUDQVLFLyQ GH9 PRFUiWLFD HQ $UJHQWLQD OD 8&5 \ HO 3- VXPDEDQ HQ FRQMXQWR HO SRU FLHQWR GHO YRWR QDFLRQDO HQ OD FDWHJRUtD GH 3UHVLGHQWH \ 9LFHSUHVLGHQWH \ HO SRU FLHQWR SDUD OD FDWHJRUtD 'LSXWDGRV QDFLRQDOHV 'RFH DxRV GHVSXpV HQ DPERV SDUWLGRV VXPDEDQ HQ FRQMXQWR HO SRU FLHQWR GHO YRWR SDUD OD FDWHJRUtD GH 3UHVLGHQWH \ 9LFHSUHVLGHQWH \ SRU FLHQWR SDUD OD FDWHJRUtD GH 'LSXWDGRV QDFLRQDOHV 0XVWDSLF !@0!-#1$&%!+#130%'#!%&(!L$&#*E#)/.()'$)b(#1#G.;)$#)d"0,&+&#)5)$#)K9"+#+&:*2

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

GI


!',&-.$./$0&-%)$//+ Z(&("+;!'8$(99!%(

-XVWLFLDOLVWD (GXDUGR 'XKDOGH ! $ SDUWLU GH GLFLHPEUH GH VREUH ODV UXLQDV GHO GHUUXPEH GH OD $OLDQ]D VXUJLy XQ FXDGUR GH IUDJPHQ9 WDFLyQ SDUWLGDULD VLQ SUHFHGHQWHV HQ $UJHQWLQD TXH OOHYy SUiFWLFDPHQWH D OD GHVLQWHJUDFLyQ GHO )UHSDVR ! DO WLHPSR TXH OD 8&5 VH UHGXMR D VX PtQLPD H[SUH9 VLyQ ¢&yPR IXH SRVLEOH VHPHMDQWH FDPELR GHO SDLVDMH SROtWLFR SDUWLGDULR HQ $UJHQWLQD" /D UHVSXHVWD D HVWD SUHJXQWD WLHQH TXH YHU FRQ XQD IDWDO FRLQFLGHQFLD GHO DJRWDPLHQWR GHO FLFOR HFRQyPLFR GH ORV DxRV QRYHQWD FRQ XQ FRQÀLFWR HQ HO LQWHULRU GHO SHURQLVPR SRU OD VX9 FHVLyQ GHO SRGHU TXH WHUPLQy VREUHSDVDQGR ODV LQVWLWX9 FLRQHV GH JRELHUQR /$ &219(57,%,/,'$'

6H SXHGH GHFLUVH TXH HQ HO PHV GH GLFLHPEUH GH HQ PHQRV GH YHLQWH GtDV OD SROtWLFD VH WUDJy GLH] DxRV GH SROtWLFDV HFRQyPLFDV TXH KDEtDQ FRQYHUWLGR D OD $UJHQWLQD GH &DUORV 0HQHP HQ OD HVWUHOOD GH EH9 0=-!4%!0(*!&%6#&1(*!-%#05$%&(0%*!(-'%!0#*!#&.(-5*1#*! LQWHUQDFLRQDOHV SULQFLSDOPHQWH HO )RQGR 0RQHWDULR ,QWHUQDFLRQDO (O VHFUHWR GHO p[LWR GHO FDVR DUJHQWL9 -#!,($7(!+#-*5*'54#!%-!0(!(305+(+58-:!(!5-*'(-+5(*!4%0! HQWRQFHV WRGRSRGHURVR PLQLVWUR GH HFRQRPtD GH 0H9 QHP 'RPLQJR &DYDOOR GH XQD PHGLGD HFRQyPLFD H[WUDRUGLQDULD DXQTXH QR H[HQWD GH SROpPLFDV GHV9 WLQDGD D GDUOH XQD VROXFLyQ ¿QDO D XQR GH ODV SHRUHV 3('#0#.7(*!,5*'8&5+(*!4%!0(!%+#-#17(!(&.%-'5-(:!+#1#! HV OD LQÀDFLyQ 'LFKD PHGLGD IXH FRQRFLGD FRPR HO VLVWHPD GH FRQYHUWLELOLGDG SRU OD FXDO VH HVWDEOHFLy XQ WLSR GH FDPELR ¿MR DQFODGR HQ HO YDORU GHO GyODU SHVR DUJHQWLQR GyODU TXH HQ ORV KHFKRV WHUPLQy VXERUGLQDQGR HO VLVWHPD ¿QDQFLHUR DO LQJUHVR GH GLYL9 VDV H[WHUQDV /D FRQYHUWLELOLGDG QR IXH XQD PHGLGD DLVODGD VLQR TXH IRUPy SDUWH GH XQ SURJUDPD PiV DPSOLR GH UHIRUPDV HFRQyPLFDV TXH LQFOX\y ODV SUL9 YDWL]DFLRQHV GH ODV HPSUHVDV S~EOLFDV \ OD GHVUHJXOD9 FLyQ GHO PHUFDGR LQWHUQR *HUFKXQRII \ 7RUUH (O WULXQIR GH OD $OLDQ]D HQ HVWD HOHFFLyQ WXYR XQ LPSRUWDQWH YDORU VLP9 EyOLFR HQ OD PHGLGD TXH SRU SULPHUD YH] HQ OD KLVWRULD SROtWLFD DUJHQWLQD GHO VLJOR ;; VH GLR XQ WUDVSDVR GHO SRGHU SDFt¿FR GH XQ SUHVLGHQWH SHURQLVWD D XQR UDGLFDO PLHQWUDV TXH HQ SRU SULPHUD YH] HQ OD KLVWRULD XQ SUHVLGHQWH UDGLFDO >5D~O $OIRQVtQ@ OH WUDVSDVy HO SRGHU D XQ SUHVLGHQWH SHURQLVWD >&DUORV 0HQHP@ 3DUD XQD PD\RU SURIXQGL]DFLyQ VREUH OD $OLDQ]D YpDVH 6DHWWRQH $OJXQRV GH VXV FXDGURV GLULJHQWHV VHUtDQ UHVFDWDGRV SRU HO SUHVLGHQWH 1pVWRU .LUFKQHU OXHJR GH VX YLFWRULD HQ PD\R GH /D FRQYHUWLELOLGDG IXH LPSOHPHQWDGD SRU OD /H\ Q VDQFLRQDGD HQ 'H DFXHUGR D HVWD OH\ VH SUHYHtD OD FRQYHUVLyQ GH OD PRQHGD QDFLRQDO HQ FLUFXODFLyQ SRU HQWRQFHV HUD HO $XVWUDO DUJHQWLQR TXH SRFR WLHPSR GHVSXpV SDVy D GHQRPLQDUVH SHVRV SRU GyODUHV DPHULFDQRV HQ SRGHU GHO %DQFR &HQWUDO 'LFKDV UHVHUYDV HQ GyODUHV GHEtDQ UHSUHVHQWDU HO SRU FLHQWR GH OD FLUFXODFLyQ PRQHWDULD \ SRU OR WDQWR OD DXWRUL9 GDG PRQHWDULD WHQtD SURKLELGR HPLWLU GLQHUR VLQ HO UHVSDOGR HQ GyODUHV 3DUD XQD KLVWRULD FUtWLFD GH OD FRQYHUWLELOLGDG HQ $UJHQWLQD YpDVH 7UHVFD

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

HO

+D\ TXH UHFRQRFHU TXH OD DSOLFDFLyQ GH ODV PHGLGDV GH &DYDOOR IXHURQ H¿FDFHV SDUD WHUPLQDU FRQ OD KLSH9 ULQÀDFLyQ GDQGR OXJDU D XQ LPSHQVDEOH FLFOR GH FUHFL9 15%-'#!2!1#4%&-5?(+58-!%+#-815+(!4)&(-'%!0(!3&51%&(! PLWDG GH OD GpFDGD GH TXH SHUPLWLy WHUPLQDU FRQ XQ FLFOR YLFLRVR GH GHXGD H[WHUQD Gp¿FLW S~EOLFR LQ9 ÀDFLyQ UHFHVLyQ *HUFKXQRII \ /ODFK 6LQ HP9 $(&.#:!%0!1%-+5#-(4#!+5+0#!4%!+&%+515%-'#!6)%!,%&54#! GH PXHUWH WUDV OD FULVLV GHO WHTXLOD GHVDWDGD HQ 0p[LFR KDFLD ¿QDOHV GH \ PiV WDUGH SRU OD FULVLV UXVD \ DVLiWLFD OR TXH GLVPLQX\y FRQVLGHUDEOHPHQWH OD LQ9 YHUVLyQ H[WHUQD \ DJXGL]y OD IXJD GH FDSLWDOHV GH OD UH9 JLyQ $QWH OD DXVHQFLD GH LQYHUVLyQ H[WHUQD $UJHQWLQD QR WXYR PiV UHPHGLR TXH DFXGLU D XQ PD\RU HQGHXGD9 PLHQWR H[WHULRU SDUD KDFHUOH IUHQWH DO Gp¿FLW ¿VFDO &5Ï1,&$ '( 81$ 08(57( $181&,$'$

'DGR TXH HO JRELHUQR GH OD $OLDQ]D VXUJLGR GH OD HOHFFLRQHV GH KL]R GHO VLVWHPD GH FRQYHUWLELOL9 GDG XQD SURIHVLyQ GH IH \ QR VH PRYLy XQ PLOtPHWUR GH HOOD GHVGH HQ DGHODQWH OD FRQYHUWLELOLGDG \D HUD OD FUyQLFD GH XQD PXHUWH DQXQFLDGD ! @-! %6%+'#:! HO JRELHUQR DOLDQFLVWD QR WXYR PHMRU LGHD TXH HQIUHQ9 WDU OD FULVLV FRQ DQWHRMHUDV ³¿VFDOLVWDV´ *HUFKXQRII \ /ODFK \ VV UHFRUWDQGR HO JDVWR S~EOLFR \ ORV VDODULRV DO WLHPSR TXH UHFXUUtD DO HQGHXGDPLHQWR D WDVDV XVXUHUDV SDUD KDFHUOH IUHQWH DO Gp¿FLW ¿VFDO (Q HVWH FRQWH[WR HO GHVHQYROYLPLHQWR GH OD FULVLV DU9 JHQWLQD DGTXLULy OD GLQiPLFD GH XQD WUDJHGLD DO PHMRU HVWLOR GHO +DPOHW GH 6KDNHVSHDUH GRQGH ORV SHUVR9 QDMHV YDQ SHUGLHQGR HO FRQWURO GH VXV SURSLRV GHVWL9 QRV VLJQDQGR OD VXHUWH GHO UHLQR (Q VX HTXLYDOHQWH (&.%-'5-#:!0(!'&(.%45(!*%!%A3&%*8!%-!)-(!+(+#6#-7(!4%! UHQXQFLDV PLQLVWHULDOHV 3RU HMHPSOR HQ HO WUDQVFXUVR GH ORV GRV DxRV GHO JRELHUQR GH 'H OD 5~D VH SURGX9 MHURQ QDGD PHQRV TXH GLHFLVpLV FDPELRV GH PLQLVWURV /D PiV FODPRURVD IXH OD UHQXQFLD GHO YLFHSUHVLGHQWH GH OD 1DFLyQ &DUORV ³&KDFR´ ÈOYDUH] HQ RFWXEUH GH HO FXDO UHQXQFLy HQ PHGLR GH XQ HVFiQGDOR GH FRLPDV VRERUQRV HQ HO 6HQDGR GHMDQGR YDFDQWH XQ FDUJR FODYH SDUD OD VXFHVLyQ SUHVLGHQFLDO /XHJR GH OD UHQXQFLD GH YLFHSUHVLGHQWH HO HPSH]y FRQ OD UHQXQFLD GHO PLQLVWUR GH HFRQRPtD -RVp /XLV 0DFKL9 &RPR FRQVHFXHQFLD GH OD FULVLV GHO WHTXLOD \ OD IXJD GH FDSLWDOHV HQ PDU]R GH OD EROVD GH FRPHUFLR GH %XHQRV $LUHV FD\y XQ FLQFXHQWD SRU FLHQWR HQ PDU]R (VH DxR DGHPiV FD\y HO FUHFLPLHQWR GHO 3URGXFWR ,QWHUQR %UXWR 3,% HQ HO RUGHQ GHO SRU FLHQWR \ HO GHVHPSOHR VH HOHYy DO SRU FLHQWR *HUFKXQRII \ /ODFK &XDQGR ORV DUJHQWLQRV IHVWHMDEDQ OD YLFWRULD GH OD $OLDQ]D HO VLVWHPD GH FRQYHUWLELOLGDG VXIUtD RWUR JROSH GHPROHGRU FRQ OD GHYDOXDFLyQ GHO 5HDO HQ %UDVLO HO SULQFLSDO VRFLR FRPHUFLDO GH $UJHQWLQD OR TXH VXPDGR D OD DSUHFLDFLyQ PXQGLDO GHO GyODU SURYRFy XQ DXPHQWR GH OD WDVD GH ULHVJR SDtV FRQYLUWLpQGRVH HVWR ~OWLPR HQ HO SULQFLSDO REVWiFXOR GHO UHJUHVR GH OD LQYHUVLyQ H[WHULRU


7A("9('='"(8A""(;;+-%'&('A%$'"(*FG#+;$

+'!',&-.$./$0&-%)$

QHD DQWH HO IUDFDVR GH VXV PHGLGDV GH DXVWHULGDG TXH SURIXQGL]DURQ HO GHVFRQWHQWR SRSXODU 0DFKLQHD IXH &%%130(?#!%-!0(!+(&'%&(!4%!%+#-#17(!3#&!%0!%-'#-+%*! 0LQLVWUR GH 'HIHQVD 5LFDUGR /ySH] 0XUSK\ HO FXDO DSHQDV GXUy HQ VX FDUJR TXLQFH GtDV GHELHQGR UHQXQ9 +5(&!0)%.#!4%!(-)-+5(&!)-!4)&7*51#!30(-!4%!()*'%&54(4! TXH HPSXMy D SUiFWLFDPHQWH WRGRV ORV VHFWRUHV VRFLD9 OHV D SURWHVWDU HQ ODV FDOOHV DQWLFLSDQGR OR TXH OXHJR VH YHQGUtD HQ GLFLHPEUH GH HVH PLVPR DxR $QWH HVWD VLWXDFLyQ 'H OD 5~D VH MXJy OD ~OWLPD FDUWD UHFXUULHQ9 GR D 'RPLQJR &DYDOOR HO SDGUH GH OD FRQYHUWLELOLGDG HO ~QLFR TXH HQ WHRUtD SRGtD VDOYDU HO PRGHOR HFRQy9 PLFR KHUHGDGR GH ORV DxRV QRYHQWD \ D VX JRELHUQR 6L ELHQ OD GHVLJQDFLyQ GH &DYDOOR D OD FDUWHUD GH %+#-#17(!0%!45#!)-!513#&'(-'%!&%*35&#!(0!.#$5%&-#!4%! 'H OD 5~D VX VXHUWH TXHGy VHOODGD WUDV OD GXUD GHUURWD SURSLFLDGD HQ ODV XUQDV HQ ODV HOHFFLRQHV OHJLVODWLYDV GH RFWXEUH GH HQ OD TXH OD $OLDQ]D SHUGLy OD PD9 \RUtD OHJLVODWLYD \ VH DFHOHUy HO SURFHVR GH GHWHULRUR HFRQyPLFR \ VRFLDO 3DUD HO GH GLFLHPEUH GH HO )0, GLR SRU LQFXPSOLGR HO DFXHUGR HFRQyPLFR FDQ9 FHODQGR HO WHUFHU WUDPR GH XQ PHJDSUpVWDPR GH PLOORQHV GH GyODUHV GHULYDQGR HQ XQD IXHUWH SUHVLyQ SRU SDUWH GH YDULRV VHFWRUHV HFRQyPLFRV \ HPSUHVD9 ULDOHV SDUD TXH UHQXQFLDUD &DYDOOR 3RFR GHVSXpV DQWH XQD LQPLQHQWH FRUULGD EDQFDULD &DYDOOR OH VXJLULy D 'H OD 5~D GHFUHWDU XQ ³FRUUDOLWR´ SRU HO TXH VH LQPR9 YLOL]DURQ ORV DKRUURV \ ORV VDODULRV GHSRVLWDGRV HQ ORV EDQFRV RFDVLRQDQGR XQD JUDQ FRQPRFLyQ VRFLDO 'H OD 5~D QR WXYR RWUD RSFLyQ TXH UHQXQFLDU HO GH GLFLHPEUH GH HQ PHGLR GH XQ FXDGUR FDUDF9 WHUL]DGR SRU ODV SURWHVWDV EDMR HO OHPD ³TXH VH YD\DQ WRGRV´ VDTXHRV D VXSHUPHUFDGRV \ XQD UHSUHVLyQ SR9 OLFLDO TXH GHMy XQ VDOGR GH PXHUWRV \ FHUFD GH GRV PLO KHULGRV /R UHHPSOD]y HO SUHVLGHQWH GHO 6HQDGR HO VHQDGRU SRU OD 3URYLQFLD GH 0LVLRQHV 5DPyQ 3XHU9 '(:!%0!+)(0!,($7(!*54#!%0%.54#!(!%*%!+(&.#!3#&!1(2#&7(! SHURQLVWD DSHQDV GtDV DQWHV URPSLHQGR FRQ OD WUDGL9 +58-!4%!4%*5.-(&!%-!%*%!+(&.#!(!)-!*%-(4#&!4%0!3(&'54#! GHO SUHVLGHQWH 'HVGH OD SUHVLGHQFLD LQWHULQD 3XHUWD VH OLPLWy VLPSOHPHQWH D FRQYRFDU D XQD $VDPEOHD /H9 JLVODWLYD TXH HOLJLy HO GH GLFLHPEUH DO FDULVPiWLFR SHURQLVWD $GROIR 5RGUtJXH] 6Di H[ JREHUQDGRU GH OD 3URYLQFLD GH 6DQ /XLV (O SHURQLVPR TXH WHQtD

(GXDUGR 'XKDOGH TXH JREHUQy SRU PHVHV GH HQHUR GH D PD\R VH HQFRQWUy FRQ XQ SDtV GLIHUHQWH DO TXH FRQRFLy GHVGH OD JXEHUQDWXUD GH OD 3URYLQFLD GH %XHQRV $LUHV !@0!+#0(3*#!%+#-815+#!4%! GLFLHPEUH GH KDEtD VLJQL¿FDGR XQD FDtGD GHO 3UR9 GXFWR ,QWHUQR %UXWR GHO RUGHQ GH SRU FLHQWR UHVSHFWR D OD FDtGD GHO 3,% GH (VWDGRV 8QLGRV HQ OD FULVLV HQ HO SHULRGR KDEtD VLGR GHO RUGHQ GHO SRU FLHQWR \ XQ DXPHQWR GH OD WDVD GH GHVHPSOHR GH SRU FLHQWR TXH HQ (VWDGRV 8QLGRV KDEtD VLGR GHO SRU FLHQWR HQ *HUFKXQRII \ /ODFK 3RU #'&(!3(&'%:!%0!3(7*!*%!%-+#-'&($(!%-!)-!%*'(4#!3%&1(-%-9

7UDV HO DQXQFLR GH /ySH] 0XUSK\ GHO SODQ GH DXVWHULGDG UHQXQFLDURQ LQPHGLDWDPHQWH HO PLQLVWUR GHO LQWHULRU HO UDGLFDO )HGHULFR 6WRUDQL HO GH HGXFDFLyQ HO UDGLFDO +XJR -XUL \ HO GH DFFLyQ VRFLDO OD IUHSDVLVWD *UDFLHOD )HUQiQGH] 0HLMLGH H LQQXPHUDEOHV IXQFLRQDULRV GHO )UHSDVR /(&(!1(2#&%*!4%'(00%*!4%!%*'%!3&#+%*#:!+8( 6DHWWRQH &DEH UHFRUGDU TXH D SDUWLU GHO GH GLFLHPEUH GH HVH DxR 'H OD 5~D GHFUH9 Wy HO HVWDGR GH VLWLR DQWH ORV KHFKRV GH VDTXHRV \ YLROHQFLD FDOOHMHUD &RQIRUPH DO VLVWHPD SUHVLGHQFLDO DUJHQWLQR HO YLFHSUHVLGHQWH GH OD QDFLyQ RFXSD HO FDUJR GHO SUHVLGHQWH GH OD FiPDUD GH VHQDGRUHV 5RGUtJXH] 6Di KDEtD JREHUQDGR HVD SURYLQFLD GHVGH OD UHVWDXUDFLyQ

GHPRFUiWLFD GH GXUDQWH DxRV LQLQWHUUXPSLGRV JUDFLDV D TXH VH SHUPLWtD OD UHHOHFFLyQ LOLPLWDGD (O UDGLFDOLVPR KDEtD TXHGDGR FRPR OD VHJXQGD PLQRUtD HQ DPEDV Fi9 PDUDV OXHJR GH OD GLVROXFLyQ GH OD $OLDQ]D 'XKDOGH H[ LQWHQGHQWH GHO 0XQLFLSLR GH /RPDV GH =DPRUD 3URYLQFLD GH %XHQRV $LUHV KDEtD VLGR HOHJLGR HQ FRPR YLFHSUHVLGHQWH GH &DUORV 0HQHP $O SRFR GH WLHPSR GH DVXPLU pVWH ~OWLPR OD SUHVLGHQFLD 'XKDOGH UHQXQFLy SDUD SUHVHQWDUVH FRPR FDQGLGDWR JREHUQDGRU GH OD 3URYLQFLD GH %XHQRV $LUHV UHVXOWDGR HOHFWR HQ GRQGH IXH JREHU9 QDGRU GH HVD SURYLQFLD KDVWD

PD\RUtD HQ DPEDV FiPDUDV OH HQFRPHQGy OD WDUHD GH VDFDU DO SDtV GHO FDRV \ FRQYRFDU D HOHFFLRQHV SDUD HO GH PDU]R GH 6LQ HPEDUJR D ORV SRFRV GtDV GH DVXPLU HO FDUJR QR WXYR PHMRU LGHD TXH WHUPLQDU GH 4%*3&%*'5.5(&!(0!3(7*!4%+0(&(-4#:!(-'%!0#*!#<#*!4%0!1)-9 GR TXH $UJHQWLQD QR SDJDUtD OD GHXGD H[WHUQD (O GH GLFLHPEUH 5RGUtJXH] 6Di UHQXQFLy DO FDUJR (0!3%&4%&!%0!(3#2#!4%!0#*!.#$%&-(4#&%*!3%&#-5*'(*!(-'%! OD VRVSHFKD TXH DTXHO WHQtD OD LQWHQFLyQ GH TXHGDUVH PiV WLHPSR GH OR SDFWDGR 'DGR TXH HO VHQDGRU 3XHUWD VH QHJy D UHDVXPLU OD SUHVLGHQFLD \ QDGLH TXHUtD GHMDU OD SUHVLGHQFLD HQ PDQRV GH OD &RUWH 6XSUHPD FRPR HUD GH HVSHUDUVH HQ VLWXDFLRQHV GH FULVLV \ FRQYXOVLyQ LQWHUQD DVXPLy LQWHULQDPHQWH KDVWD HO GH HQHUR GH HO 3UHVLGHQWH GH OD &iPDUD GH 'LSXWDGRV (GXDU9 GR &DPDxR XQ SHURQLVWD SDUFR SURYHQLHQWH GH OD 3UR9 YLQFLD GH %XHQRV $LUHV EDVWLyQ GH (GXDUGR 'XKDOGH (VH SULPHUR GH HQHUR XQD VHJXQGD $VDPEOHD /HJLVOD9 WLYD HOLJLy FRPR SUHVLGHQWH LQWHULQR DO H[ JREHUQDGRU GH OD 3URYLQFLD GH %XHQRV $LUHV (GXDUGR 'XKDOGH @-! %*'%! +(*#:! (! 456%&%-+5(! 4%0! (-'%&5#&:! 0(! 4%*5.9 QDFLyQ GH 'XKDOGH IXH SRVLEOH JUDFLDV DO DSR\R GH 0(!LJ" !2!*%!0%!%-+#1%-48!'%&15-(&!+#-!%0!1#4%9 OR HFRQyPLFR DJRWDGR LQVWDXUDGR SRU 0HQHP VX DUFKLHQHPLJR HQ OD LQWHUQD SHURQLVWD UHFXSHUDU OD SURGXFFLyQ HO HPSOHR \ HQ SODQR SROtWLFR FRQYRFDU D SULPDULDV LQWHUQDV SDUD GH¿QLU ORV FDQGLGDWRV SDUD OD HOHFFLyQ SUHVLGHQFLDO SDXWDGD SDUD RFWXEUH GH IHFKD HQ OD TXH ¿QDOL]DED HO SHULRGR SUHVLGHQFLDO SDUD HO FXDO KDEtD VLGR HOHJLGR 'H OD 5~D (/ ,17(5/8',2 '8+$/',67$

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

HE


!',&-.$./$0&-%)$//+ Z(&("+;!'8$(99!%(

WH GH FRQYXOVLyQ \ GHOLEHUDFLyQ GRQGH SUROLIHUDEDQ ODV (*(1$0%(*! $(&&5(0%*! #&.(-5?(4(*! %*3#-'>-%(1%-'%! 3#&! ORV YHFLQRV HQ OD &LXGDG GH %XHQRV $LUHV \ HO *UDQ %XHQRV $LUHV 3RU ~OWLPR HO FXDGUR GHO DxR VH FRPSOHWy FRQ XQ DXPHQWR GH OD SREUH]D TXH DOFDQ]y HO SRU FLHQWR FRQWUD HO SRU FLHQWR HQ RFWXEUH GH \ OD LQGLJHQFLD TXH VH IXH DO SRU FLHQWR FRQWUD HO SRU FLHQWR GH RFWXEUH GH D OR TXH FDEH DxDGLU OD FLUFXODFLyQ GH FXDVLPRQHGDV HVSDUFLGDV HQ GLIHUHQWHV SURYLQFLDV .DQHQJXLVHU ! @-!1%45#!4%!0(!+#-6)*58-!2!%0!4%*#&4%-:!0(!(4159 QLVWUDFLyQ GH 'XKDOGH SULRUL]y WUHV JUDQGHV FXHVWLRQHV 3(&(!*(05&!4%0!%*'(4#!4%!+&5*5*C!%0!($(-4#-#!4%!0(!+#-9 YHUWLELOLGDG \ OD GHYROXFLyQ GH ORV DKRUURV GH OD JHQWH OD UH¿QDQFLDFLyQ OD GHXGD H[WHUQD TXH HUD OD SULQFLSDO +(&.(! 3(&(! 0(! %+#-#17(! 2! 0(! 5130%1%-'(+58-! 4%! )-(! *%&5%!4%!1%454(*!4%!+#-'%-+58-!,(+5(!0#*!*%+'#&%*!1>*! (6%+'(4#*!3#&!0(!+&5*5*!3(&(!3%&15'5&!)-!&%*'($0%+515%-9 WR GH FLHUWD SD] VRFLDO @-!+)(-'#!(!0(!3&51%&(!+)%*'58-:!0(!1%454(!1>*!519 SRUWDQWH IXH OD VDQFLyQ HO GH HQHUR GH GH OD /H\ GH ³(PHUJHQFLD S~EOLFD \ UHIRUPD GHO UpJLPHQ +(1$5(&5#G:! 3#&! 0(! +)(0! *%! 4%&#.8! %0! *5*'%1(! 4%! +#-9 YHUWLELOLGDG \ VH SURFHGLy D OD SHVL¿FDFLyQ GHO VLVWHPD ¿QDQFLHUR TXH SHUPLWLy DO JRELHUQR UHSURJUDPDU OD GH9 YROXFLyQ GH ORV GHSyVLWRV HQ FDMDV GH DKRUUR FXHQWDV FRUULHQWHV \ HQ SOD]RV ¿MRV GH DFXHUGR D XQ FURQRJUDPD HQ IXQFLyQ GH ORV PRQWRV GHSRVLWDGRV 'H HVWH PRGR TXHGy HVWDEOHFLGD OD OODPDGD ³SHVL¿FDFLyQ DVLPpWULFD´ SRU OD FXDO ODV GHXGDV FRQ HO VLVWHPD ¿QDQFLHUR IXHURQ SHVL¿FDGDV D UD]yQ GH XQRV SHVRV DUJHQWLQRV SRU FDGD GyODU HVWDGRXQLGHQVH /HLUDV 3RVWHULRUHV PRGL¿FDFLRQHV SHUPLWLHURQ XQD FRQYHUVLyQ GH GHXGDV %-!1#-%4(!%A'&(-<%&(!1>*!(1305(:!.%-%&(-4#!)-(!519 SRUWDQWH OLFXDFLyQ GH SDVLYRV GH HPSUHVDV ¿QDQFLDGDV SRU HO JRELHUQR QDFLRQDO /D SHVL¿FDFLyQ GH ODV GHX9 GDV \ ORV DKRUURV VH FRPSOHWy HQ PD\R GH FRQ OD ¿QDOL]DFLyQ GHO FRUUDOLWR 'HFUHWR ³/LEHUDFLyQ GHO &RUUDOLWR´ SRU HO FXDO FRPR VH H[SOLFy VH KDEtDQ LQPRYLOL]DGR ODV FXHQWDV \ ORV DKRUURV GH ODV SHUVRQDV &RQ HO )0, VH WXYLHURQ ODV QHJRFLDFLRQHV PiV ODU9 .(*!4%!0(!,5*'#&5(!4%!%*%!#&.(-5*1#:!(0!3&#0#.(&*%!3#&! FHUFD GH PHVHV (O )0, HVWDED HQ PDQRV GH GRV IXQFLRQDULRV FRQ SRVWXUDV PX\ FUtWLFDV KDFLD $UJHQWL9 QD FRPR HUDQ +RUVW .|KOHU \ $QQH .UXHJHU TXH VH LQFOLQDEDQ SRU FDVWLJDU VHYHUDPHQWH DO SDtV SDUD TXH VLUYLHUD GH HMHPSOR DQWH ORV GHPiV SDtVHV GH OD FRPX9 (Q PDU]R GH H[LVWtDQ HQ HO SDtV DVDPEOHDV EDUULDOHV GH ODV FXDOHV FRUUHVSRQGtDQ D OD &LXGDG GH %XHQRV $LUHV .DQHQJXLVHU !E(*!+)(*51#-%4(*!6)%!)-!1%45#!4%!+(1$5#!5130%1%-'(4#!4%!)&.%-+5(! HQ PXFKDV SURYLQFLDV TXH VH TXHGDURQ VLQ IRQGRV QDFLRQDOHV SDUD DWHQ9 GHU ORV JDVWRV S~EOLFRV

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

HG

QLGDG LQWHUQDFLRQDO /DV SULPHUDV WUDWDWLYDV FRQ HO RUJD9 QLVPR IXHURQ OOHYDGDV D FDER VLQ p[LWR SRU HO 0LQLVWUR GH (FRQRPtD 5HPHV /HQLFRY TXH UHQXQFLy KDFLD ¿QHV GH PDU]R GH )XH UHHPSOD]DGR SRU HO QXHYR 0LQLVWUR GH (FRQRPtD 5REHUWR /DYDJQD HO FXDO Vt ORJUy HQFDPL9 -(&!)-!(+)%&4#!+#-!45+,#!#&.(-5*1#!3#&!%0!+)(0!*%!(30(9 ]DURQ ORV YHQFLPLHQWRV GH OD GHXGD FRQ HO PLVPR )0, \ RWURV RUJDQLVPRV ¿QDQFLHURV LQWHUQDFLRQDOHV TXH SRU HQWRQFHV VXPDEDQ XQ WRWDO GH PLOORQHV GH GyOD9 UHV KDVWD GHVSXpV GH ODV HOHFFLRQHV SUHYLVWDV SDUD HO GH DEULO GH (O SDJR GH GLFKRV PRQWRV KDEUtD VLJQL9 ¿FDGR GHMDU DO SDtV VLQ UHVHUYDV LQWHUQDFLRQDOHV 3RU ~OWLPR HQ HO SODQR VRFLDO 'XKDOGH ODQ]y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xRV R GLV9 FDSDFLWDGRV GH FXDOTXLHU HGDG 3RU PHGLR GH ~OWLPR VH SXGR RWRUJDU XQ EHQH¿FLR GH SHVRV PHQVXDOHV D 4#*! 1500#-%*! 4%! ,#.(&%*! (&.%-'5-#*! %-+($%?(4#*! 3#&! GHVRFXSDGRV TXH FRPHQ]DURQ D FREUDU D FDPELR GH UHDOL]DU WUDEDMRV FRPXQLWDULRV VRFLDOHV R SURGXFWLYRV 4)&(-'%!)-!1>A51#!4%!+)('&#!,#&(*!45(&5(*!2!3(&'5+53(&! HQ FXUVRV GH FDSDFLWDFLyQ TXH SUHRFXSDVHQ VX IXWXUR UHLQVHUFLyQ ODERUDO ! (O PDQGDWR GH 'XKDOGH ¿QDOL]y HQ PD\R GH FXDWUR PHVHV DQWHV GH OD IHFKD R¿FLDO GHELpQGROH HQWUHJDU OD EDQGD SUHVLGHQFLDO D 1pVWRU .LUFKQHU HO FDQGLGDWR WULXQIDGRU GH OD HOHFFLyQ GH DEULO GH HVH DxR DSDGULQDGR SRU 'XKDOGH 'RV DxRV GHVSXpV .LUFKQHU URPSHUtD VX YtQFXOR FRQ 'XKDOGH DUUHEDWiQGROH HO FRQ9 WURO SROtWLFR GH OD SRGHURVD 3URYLQFLD GH %XHQRV $LUHV 5(3(16$5 (/ 3(521,602

(Q OD DFWXDOLGDG VH SXHGH VXJHULU TXH HQ $UJHQWLQD H[LVWH ³SHURQLVPR´ \ ³SHURQLVPRV´ (O SULPHUR UHPLWH 'HFUHWR 1R (O GHFUHWR SURUURJy HO PHQFLRQDGR SURJUDPD KDVWD HO GH GLFLHPEUH GH &DEH DGYHUWLU TXH HO SURJUDPD GH 3URJUDPD -HIDV \ -HIHV GH +RJDU 'HVRFXSDGRV DSHQDV WXYR XQ HIHFWR SRVLWLYR SDUD ODV IUDQMDV VRFLDOHV PiV DIHFWDGDV &RPR UHYHOD XQ HVWXGLR GHO &HQWUR GH (VWXGLRV /HJDOHV \ 6RFLDOHV &(/6 EDViQGRVH HQ XQ UHOHYDPLHQWR GH OD (QFXHVWD 3HUPD9 QHQWH GH +RJDUHV (3+ OOHYDGR D FDER HQ RFWXEUH GH D SHVDU GH OD LPSOHPHQWDFLyQ GHO 3URJUDPD GH -HIHV \ -HIDV HO SRU FLHQWR GH OD SREODFLyQ VH HQFRQWUDED SRU GHEDMR GH OD OtQHD GH SREUH]D \ HO SRU FLHQWR HUD FRQVLGHUDGR LQGLJHQWH &(/6


7A("9('='"(8A""(;;+-%'&('A%$'"(*FG#+;$

D OD ¿JXUD GH VX IXQGDGRU \ Pi[LPR OtGHU -XDQ 'RPLQ9 .#!/%&8-!2!(!*)!+#13&#15*#!%-!0(!+()*(!3#3)0(&!+#-'&(! OD ³ROLJDUTXtD´ ORV ULFRV \ ORV ³YHQGH SDWULD´ HO FDSL9 WDOLVPR LQWHUQDFLRQDO (Q FRQVHFXHQFLD HQ $UJHQWLQD VHU SHURQLVWD HV OD PHMRU IRUPD GH VHU DQWLOLEHUDO (Q FDPELR ORV SHURQLVPRV HQ SOXUDO WLHQHQ TXH YHU FRQ OD H[LVWHQFLD GH OLGHUD]JRV WHUULWRULDOHV SURYLQFLDV \ PXQLFLSDOLGDGHV HQFDUQDGRV XVXDOPHQWH HQ SHUVRQD9 MHV IROFOyULFRV FXDQGR QR IDUDQGXOHVFRV TXH H[SUHVDQ PX\ GLYHUVDV UHDOLGDGHV GH OD $UJHQWLQD SURIXQGD 1R HV OR PLVPR HO SHURQLVPR HQ OD ULFD 3URYLQFLD GH 6DQ9 WD )H HQ OD TXH ORV JREHUQDGRUHV VRQ H[SUHVLyQ GH OD OODPDGD ³SDPSD JULQJD´ GH ODV SURYLQFLDV PiV SREUHV GHO QRUHVWH JREHUQDGDV SRU FDXGLOORV SOHELVFLWDULRV TXH HQ ORV KHFKRV JRELHUQDQ FRPR EDURQHV IHXGDOHV 3RU ~OWLPR H[LVWH HO 3DUWLGR -XVWLFLDOLVWD HO MXVWL9 FLDOLVPR TXH VL ELHQ HV OD H[SUHVLyQ ³OHJDO´ GHO SDUWL9 GR HO ³VHOOR´ HQ UHDOLGDG QR HV PiV TXH XQD FiVFDUD YDFtD XQ IDQWDVPD GHO SDUWLGR (Q HVWH VHQWLGR DOJR 4%!&(?8-!'5%-%-!0#*!45&5.%-'%*!4%0!3%&#-5*1#!(0!()'#9 UHIHUHQFLDUVH HQ XQ PRYLPLHQWR DQWHV TXH XQ SDUWLGR SROtWLFR (UJR HO OXJDU GHO SDUWLGR IXH RFXSDGR SRU HO (VWDGR R PiV HVSHFt¿FDPHQWH SRU ODV PDTXLQDULDV S~EOLFDV ORFDOHV 6H HQWLHQGH HQWRQFHV TXH ODV FULVLV HQ $UJHQWLQD VRQ PXFKR PiV TXH FULVLV HFRQyPLFDV HQ OD PHGLGD TXH FXDQGR VREUHYLHQHQ SRQHQ HQ GXGD OD H[LVWHQFLD PDWHULDO GH ORV SHURQLVPRV $KRUD ELHQ HV LPSRUWDQWH REVHUYDU TXH HQWUH HO SH9 URQLVPR \ ORV SHURQLVPRV H[LVWH XQ KLDWR TXH GHVGH HO IDOOHFLPLHQWR GH 3HUyQ HQ QXQFD QR SXHGR VHU OOH9 QDGR \ QXQFD OR VHUi 6H WUDWD HQ RWUDV SDODEUDV GH XQ HVSDFLR YDFtR TXH GHEH VHU RFXSDGR SRU DOJXLHQ OODPD9 GR D GHVHPSHxDU XQ URO GH RUJDQL]DGRU HQ HO VHQWLGR TXH GHEH DVHJXUDU OD GLVWULEXFLyQ GH ORV UHFXUVRV DG9 PLQLVWUDWLYRV ±OD ³FDMD´± SDUD HO IXQFLRQDPLHQWR GH ODV PDTXLQDULDV ORFDOHV (VH DOJXLHQ HV XQ OtGHU TXH GHEH %*'(&!%-!%0!%<%&+5+5#!4%!0(!3&%*54%-+5(!4%!0(!-(+58-:!;-5+#! iPELWR GRQGH VH FRQWURODQ HIHFWLYDPHQWH ORV UHFXUVRV DGPLQLVWUDWLYRV YLWDOHV SDUD HO IXQFLRQDPLHQWR GH ODV PiTXLQDV ORFDOHV 'DGR TXH ORV OLGHUD]JRV SUHVLGHQFLD9 OHV VRQ FLUFXQVWDQFLDOHV SXHV VH SLHUGH HO DSR\R GH ORV 3%&#-5*1#*!+)(-4#!-#!*%!%*'>!%-!+#-45+5#-%*!4%!(*%9 JXUDU XQD YLFWRULD HOHFWRUDO QDFLRQDO HO MXVWLFLDOLVPR DGTXLHUH HO URVWUR GHO OtGHU TXH HVWi HQ HO SRGHU GDQGR OXJDU DO IHQyPHQR GH ORV ³LVPRV´ 3ULPHUR IXH HO 6'*'@ 6&06.:!0)%.#!%0!9"4#$9&06.!2!,#2!%*!%0!A&(+4*'(&06. 8QD GH ODV FRQVHFXHQFLDV GH HVWD VLWXDFLyQ HV TXH 0#*!30(?#*!4%0!%<%&+5+5#!4%0!3#4%&!3#07'5+#!%-!%0!<)*'5+5(9 05*1#!-#!-%+%*(&5(1%-'%!+#5-+54%-!+#-!0#*!30(?#*!0%.(9 0%*!%*'($0%+54#*!3#&!0(!J#-*'5')+58-!-(+5#-(0!%-!+)(-'#! (!0(!4)&(+58-!4%!0#*!1(-4('#*!3&%*54%-+5(0%*!2!0#*!'=&9

+'!',&-.$./$0&-%)$

15-#*!4%!0(!&%%0%++58-!2:!4%!%*'%!1#4#:!%0!<)*'5+5(05*9 PR WHUPLQD GHYDOXDQGR OD GHPRFUDFLD UHSXEOLFDQD (V RSRUWXQR VXEUD\DU TXH FRQ OD UHIRUPD FRQVWLWXFLRQDO GH HO PDQGDWR GHO SUHVLGHQWH \ HO YLFHSUHVLGHQWH VH DFRUWy GH VHLV D FXDWUR DxRV \ VH LQWURGXMR OD UHHOHF9 FLyQ LQPHGLDWD SRU XQ PDQGDWR FRQVHFXWLYR 8QD YH] &%%0%.54#!%0!3&%*54%-'%:!=*'%!4%$%!%*3%&(&!%0!'=&15-#!4%! XQ PDQGDWR SUHVLGHQFLDO SDUD YROYHU D SUHVHQWDUVH (O %<%130#!3#&!%A+%0%-+5(!4%0!3#+#!&%*3%'#!(!0#*!30(?#*! FRQVWLWXFLRQDOHV OR RIUHFH HO FDVR GH &DUORV 0HQHP HO FXDO OXHJR GH VHU UHHOHJLGR HQ DSRVWy D XQD WHUFHUD UHHOHFFLyQ HQ H[SUHVDPHQWH SURKLELGD SRU OD &RQVWLWXFLyQ JHQHUDQGR XQD FULVLV LQWHUQD HQ HO 3- DO SHUMXGLFDU D (GXDUGR 'XKDOGH HO FXDO DVSLUD9 $(!(!#$'%-%&!%0!(3#2#!4%0!3(&'54#!3(&(!*)!+(-454(')&(! SUHVLGHQFLDO (Q HO PDUFR GH HVWD FULVLV HO 3- SHUGLy ODV HOHFFLRQHV SUHVLGHQFLDOHV GH 2WUR HMHPSOR 1>*!&%+5%-'%!4%!%*'%!6%-81%-#!%*!%0!4%0!%A!3&%*54%-9 WH 1pVWRU .LUFKQHU TXH SRVWXOy D VX HVSRVD &ULVWLQD )HUQiQGH] GH .LUFKQHU SDUD ODV SUHVLGHQFLDOHV GH FRQ HO LQRFXOWDEOH REMHWLYR GH YROYHU D SUHVHQWDUVH pO HQ LQVWDXUDQGR DVt XQD VXHUWH GH URWDFLyQ PDWULPR9 QLDO HOHFWLYD /D PXHUWH UHSHQWLQD GH 1pVWRU .LUFKQHU HQ RFWXEUH GH DERUWy HVWH SODQ GH VXFHVLyQ PD9 WULPRQLDO 1R HV XQ GDWR PHQRU TXH GXUDQWH OD GpFDGD GH H LQFOXVR DQWHV XQD LPSRUWDQWH FDQWLGDG GH SURYLQFLDV DUJHQWLQDV UHIRUPDURQ VXV FDUWDV PDJQDV KDELOLWDQGR OD UHHOHFFLyQ LQGH¿QLGD GHO JREHUQDGRU '(/ 0(1(0,602 $/ '8+$/',602

@0!1%-%15*1#!+#&&%*3#-4%!(0!3%&5#4#!4%!0(*!4#*! SUHVLGHQFLDV GH &DUORV 0HQHP \ SRU OR '(-'#! 6)%! %0! 3&51%&! &06. GHVGH OD PXHUWH GH 3HUyQ $QWHV GHO PHQHPLVPR FRQ HO UHWRUQR GH OD GHPRFUD9 FLD HQ $UJHQWLQD HQ WUDV VXIULU HO MXVWLFLDOLVPR )-(!4)&(!4%&&#'(!%-!0(!%0%++58-!3&%*54%-+5(0!6&%-'%!(!0(! 8&5 HO SHURQLVPR VH GLYLGLy HQ GRV JUDQGHV IDFFLR9 QHV TXH QXQFD IXHURQ WDOHV TXH SXJQDEDQ SRU DSUR9 SLDUVH GH OD KHUHQFLD GHO SDUWLGR 8QD VH OD FRQRFtD FRPR ORV ³RUWRGR[RV´ SRU HVWDU YLQFXODGD D ,VDEHO OD YLXGD GH 3HUyQ \ D OD &RQIHGHUDFLyQ *HQHUDO GHO 7UDEDMR &*7 /D RWUD HUD OD ³5HQRYDFLyQ´ OD FDUD MRYHQ GHO SHURQLVPR LQYHUWHEUDGR GH ORV DxRV RFKHQWD TXH VH DOLQHy WUDV HO OLGHUD]JR GHO YHWHUDQR $QWRQLR &D¿HUR 'H HVWD ~OWLPD IDFFLyQ VH SURGXMR OD SULPH9 UD VHOHFFLyQ GH GLULJHQWHV TXH SDVDUtDQ D IRUPDU SDU9 '%!4%0!1%-%15*1#!2!%0!I&%3(*#:!+#1#!6)%&#-:!%-'&%! RWURV HO PLVPR 0HQHP \ ³&KDFKR´ ÈOYDUH] $QWHV GH VX OOHJDGD D OD SUHVLGHQFLD HQ &DU9 ORV 0HQHP DSDUHFH FRPR XQR GH HVRV PLVWHULRVRV FDXGLOORV GHO LQWHULRU TXH FRQ VXV ODUJDV SDWLOODV \ #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

HH


!',&-.$./$0&-%)$//+ Z(&("+;!'8$(99!%(

VX GLVFXUVR UHLYLQGLFDWLYR GHO YLHMR SHURQLVPR HV9 3(-'($(!(!0(*!+0(*%*!1%454(*!)&$(-(*!4%!0(*!.&(-4%*! FLXGDGHV 6LQ HPEDUJR VX FDPSDxD SDUD OD HOHFFLyQ SUHVLGHQFLDO GH HVH DxR FRLQFLGLy FRQ HO IUDFDVR HFR9 QyPLFR \ VRFLDO GH OD JHVWLyQ GH 5D~O $OIRQVtQ SHU9 15'5=-4#0%!(0!+()4500#!&5#<(-#!%A30#'(&!%0!4%*+#-'%-'#! SRSXODU SRU OD LQÀDFLyQ SDUD LPSRQHUVH FyPRGDPHQWH HQ OD HOHFFLyQ GH HVH DxR FRQWUD XQ FDQGLGDWR UDGLFDO TXH DSHQDV HUD OD VRPEUD GH 5D~O $OIRQVtQ 8QD YH] HQ OD SUHVLGHQFLD 0HQHP GLR XQ JLUR GH JUDGRV KDFLD %0! -%#05$%&(05*1#! 1>*! #&'#4#A#! 513)0*(-4#! )-! 4&>*9 WLFR SURJUDPD GH SULYDWL]DFLRQHV DSHUWXUD GHO PHUFD9 4#!%!5-'%&-(+5#-(05?(+58-!4%0!+(35'(0H!%-!*7-'%*5*:!,5?#! WRGR OR TXH KLVWyULFDPHQWH HO SHURQLVPR FRPEDWLy (V 513#&'(-'%!4%*'(+(&!%*'(!&)3')&(!+#-!%0!3%&#-5*1#!,5*9 '8&5+#!6)%!3#*5$0%!.&(+5(*!(!)-!3&#+%*#!4%!4%*5-45+(059 ]DFLyQ GHO SDUWLGR $ ORV GLItFLOHV DxRV GHO PHQHPLVPR VH LQWHQWy GDU XQD DOWHUQDWLYD FRQ OD FUHDFLyQ SULPHUR GHO )UHQWH *UDQGH EDMR HO OLGHUD]JR GH ³&KDFKR´ ÈOYDUH] \ PiV WDUGH FRQ HO )UHSDVR HQ HO TXH WDPELpQ WXYR VX DFWXD9 FLyQ SDUWLFXODU 2FWDYLR %RUGyQ RWUR SHURQLVWD V~ELWD9 PHQWH FDtGR HQ GHVJUDFLD TXH OHV SHUPLWLy UHOHJDU D 0#*!&(45+(0%*!%-!'%&+%&!0).(&!%-!0(*!%0%++5#-%*!3&%*54%-9 FLDOHV GH HQ OD TXH REWXYR OD UHHOHFFLyQ 0HQHP FRQ FDVL HO SRU FLHQWR GH ORV YRWRV (O LPSHQVDEOH *%.)-4#!0).(&!#$'%-54#!3#&!%0!I&%3(*#!%-!%*(!%0%++58-:! *)1(4#!(!0(!4%&&#'(!4%!0#*!&(45+(0%*:!(00(-8!%0!+(15-#! SDUD OD IRUPDFLyQ GH OD $OLDQ]D TXH ¿QDOPHQWH SHUPL9 WLy GHVDORMDU D 0HQHP GHO SRGHU HQ (QWUH \ HO SHURQLVPR HQWUy XQD YH] PiV %-! )-(! +&5*5*! %A5*'%-+5(0! 3#&! %0! %-6&%-'(15%-'#! %-'&%! 0HQHP FRQYHQFLGR TXH REWHQGUtD VX WHUFHUD FDQGLGD9 WXUD SDUD ODV SUHVLGHQFLDOHV GH \ 'XKDOGH HO FXDO <(1>*!0%!3)4#!3%&4#-(&!(0!+()4500#!&5#<(-#!0(!4%&&#'(!%-! \ QDWXUDOPHQWH DVSLUDED D REWHQHU OD FDQGLGDWXUD SUHVLGHQFLDO 6DHWWRQH (Q HVWDV FLUFXQVWDQFLDV HUD SRFR SUREDEOH TXH OD GLVSXWD HQ HO LQWHULRU GHO MXV9 WLFLDOLVPR IDFLOLWDUD VX YLFWRULD HOHFWRUDO GHO SDUWLGR HQ 6LQ HPEDUJR OD FULVLV GHO JRELHUQR GH OD $OLDQ]D KDFLD ¿QHV GH OH GLR OD RSRUWXQLGDG LQHVSHUDGD D 'XKDOGH GH DOFDQ]DU OD SUHVLGHQFLD GH OD QDFLyQ SRU XQD YtD H[WUDRUGLQDULD FRPR IXH OD $VDPEOHD /HJLVODWLYD 8QD YH] TXH 'XKDOGH OOHJy D OD SUHVLGHQFLD OD OXFKD 6(++5#*(! 4%-'&#! 4%0! <)*'5+5(05*1#! 0%<#*! 4%! ('%-)(&*%:! *%! SURIXQGL]y (Q HVWH FDVR HO IDFWRU IXQGDPHQWDO UDGLFDED QR WDQWR HQ OD GLV\XQWLYD 'XKDOGH R 0HQHP VLQR PiV ELHQ HQ HO PLVPR 'XKDOGH HO FXDO SRGUtD DSURYHFKDU VX *5')(+58-!4%!3&%*54%-'%!5-'%&5-#!3(&(!&%0(-?(&!*)!+(-459 8QD VLWXDFLyQ TXH GH WRGDV PDQHUDV QR TXLWy TXH JUDQ SDUWH GH ORV OtGHUHV DO IUHQWH GH OD &*7 IXHUDQ FyPSOLFHV GH ODV SROtWLFDV GHO PHQH9 PLVPR 6REUH HO SDUWLFXODU YpDVH /HYLWVN\

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

HD

GDWXUD SUHVLGHQFLDO 9LVWR TXH WHQtD GRV GLItFLOHV DxRV GH .#$5%&-#!3#&!4%0(-'%:!4%!0#*!+)(0%*!4%3%-4%&7(!*)!6)')&#! SROtWLFR QR OH TXHGy PiV UHPHGLR TXH GHVDUUROODU XQD HV9 '&('%.5(!4%!+#-'%-+58-!4%!0#*!4%1>*!+()4500#*!3%&#-5*'(*:! .(&(-'5?(-4#:!%-'&%!#'&(*!+#*(*:!0(!&%(05?(+58-!4%!3&51(9 ULDV SDUD GLULPLU OD FDQGLGDWXUD SUHVLGHQFLDO &RQ WRGR HO SUREOHPD GH 'XKDOGH VHJXtD VLHQGR &DUORV 0HQHP /R TXH SUHFLSLWy XQ FDPELR GUiVWLFR HQ OD HVWUDWHJLD 4),(045*'(!6)%!%0!(*%*5-('#!(!*(-.&%!6&7(!4%!4#*!1505'(-9 WHV GH DJUXSDFLRQHV VRFLDOHV HO GH MXQLR GH SRU SDUWH GH OD SROLFtD GH OD 3URYLQFLD GH %XHQRV $LUHV XQ KHFKR TXH YROYLy D UHFRUGDUOH ORV SHRUHV SHVDGLOODV GH ODV PRYLOL]DFLRQHV SRSXODUHV HQ GLFLHPEUH GH ! $ SDUWLU GH HQWRQFHV 'XKDOGH DGHODQWy OD IHFKD GH ODV %0%++5#-%*! 3&%*54%-+5(0%*! 4%+0(&(-4#! *)! 5-'%-*58-! 4%! QR SUHVHQWDUVH D RWUR PDQGDWR ! E)%.#! 4%! ,($%&! '#9 PDGR HVD GHFLVLyQ WXYR TXH RSWDU SRU DSR\DU XQ FDQ9 GLGDWR SHURQLVWD VXUJLGR GH XQD OLVWD FRUWD HQ OD TXH ¿JXUDEDQ &DUORV 5HXWHPDQQ XQ SRSXODU H[ FRUUHGRU GH IyUPXOD TXH KDEtD DVXPLGR SRFRV DxRV DQWHV FRPR JREHUQDGRU OD 3URYLQFLD GH 6DQWD )H -XDQ 0DQXHO GH OD 6RWD XQ FDULVPiWLFR JREHUQDGRU GH OD 3URYLQFLD GH &yUGRED HO H[ SUHVLGHQWH LQWHULQR 5RGUtJXH] 6Di \ 1pVWRU .LUFKQHU XQ GHVFRQRFLGR JREHUQDGRU GH OD SD9 WDJyQLFD 3URYLQFLD GH 6DQWD &UX] $QWH OD QHJDWLYD GH ORV GRV SULPHURV \ OD LQFRQYHQLHQFLD GHO WHUFHUR 'X9 KDOGH WHUPLQy DSRVWDQGR SRU HO ~OWLPR 8QD YH] KDOODGR HO FDQGLGDWR 'XKDOGH MXJy VX ~OWLPD FDUWD SDUD GHELOLWDU D 0HQHP VXVSHQGLHQGR XQD UHFLHQWH OH\ QDFLRQDO TXH REOLJDED D WRGRV ORV SDUWLGRV SROtWLFRV D UHDOL]DU SULPDULDV REOLJDWRULDV \ VLPXOWiQHDV FRQ OD ¿QD9 054(4!4%!05$%&(&!(!'#4#*!0#*!+(-454('#*!4%0!<)*'5+5(05*1#!(! FRPSHWLU HQ ODV SUHVLGHQFLDOHV GH DEULO GH ! '(/ '8+$/',602 $/ .,5&+1(5,602

E(!*)*3%-*58-!4%!0(*!%0%++5#-%*!3&51(&5(*!($&58!%0! +(15-#! 3(&(! )-! %A3%&51%-'#! 3%+)05(&! (0! 5-'%&5#&! 4%0! 3- (Q HIHFWR HQ XQ SROpPLFR &RQJUHVR QDFLRQDO GHO SDUWLGR FHOHEUDGR HO GH HQHUR GH WUHV PHVHV DQWHV GH ODV HOHFFLRQHV SUHVLGHQFLDOHV HQ OD ORFDOL9 6H WUDWy GH OD PXHUWH GH 0D[LPLOLDQR .RVWHNL \ 'DUtR 6DQWLOOiQ HQ HO 3XHQWH 3XH\UUHGyQ HQ HO OtPLWH HQWUH OD &LXGDG GH %XHQRV $LUHV \ OD 3URYLQFLD GH %XHQRV $LUHV /DV HOHFFLRQHV SUHVLGHQFLDOHV VH DGHODQWDURQ SDUD DEULO GH PLHQ9 WUDV TXH RULJLQDOPHQWH GHEtDQ KDEHUVH UHDOL]DGR HQ VHSWLHPEUH GH HVH PLVPR DxR (Q HIHFWR HO &RQJUHVR 1DFLRQDO KDEtD VDQFLRQDGR HQ MXQLR GH OD /H\ QR TXH LQWURGXMR ODV LQWHUQDV SULPDULDV REOLJDWRULDV \ VLPXOWiQHDV SDUD WRGRV ORV SDUWLGRV \ DOLDQ]DV SDUD GH¿QLU ODV FDQGLGD9 WXUDV D SUHVLGHQWH \ YLFHSUHVLGHQWH GH OD QDFLyQ \ OHJLVODGRUHV QDFLRQD9 OHV 6LQ HPEDUJR D ¿QHV GH QRYLHPEUH GHO HO SDUODPHQWR QDFLRQDO VDQFLRQy OD /H\ QR TXH VXVSHQGLy ODV HOHFFLRQHV LQWHUQDV \ VL9 PXOWiQHDV KDELOLWDQGR D TXH FDGD SDUWLGR SROtWLFR SURFHGD D GHVLJQDU VXV FDQGLGDWRV GH DFXHUGR FRQ OR TXH GLVSXVLHUDQ VXV UHVSHFWLYDV FDUWDV RUJiQLFDV


7A("9('='"(8A""(;;+-%'&('A%$'"(*FG#+;$

GDG GH /DQ~V 3URYLQFLD GH %XHQRV $LUHV 'XKDOGH 3)4#!513#-%&!*)!1(2#&7(!4%!4%0%.(4#*!3(&(!,($505'(&! (!'#4#*!0#*!3&%+(-454('#*!(!3&%*%-'(&*%!%-!0(!%0%++58-! SUHVLGHQFLDO H[LPLpQGRORV GH GHV¿ODUORV GHO SDUWLGR &RQ HVWD PHGLGD 'XKDOGH ORJUy HYLWDU TXH VX SDUWLGR UHDOLFH XQDV SULPDULDV TXH SRGUtDQ EHQH¿FLDU D 0H9 QHP REOLJDQGR D ORV FDQGLGDWRV D SUHVHQWDUVH LQGLYL9 GXDOPHQWH SDUD GLVSXWDU HO YRWR GH OD FLXGDGDQtD HQ XQD HOHFFLyQ SUHVLGHQFLDO HQ OD TXH VL ELHQ QLQJXQR GH DTXHOORV DOFDQ]DUtD OD PD\RUtD H[LJLGD SRU OD &RQVWL9 WXFLyQ QDFLRQDO VXPDUtDQ GH WRGDV PDQHUDV ORV YRWRV SDUD HO MXVWLFLDOLVPR (Q ODV HOHFFLRQHV GH DEULO GH ¿QDOPHQWH VH SUHVHQWDURQ IyUPXODV SUHVLGHQFLDOHV GH ODV FXDOHV FRPR HUD GH HVSHUDUVH ODV PiV YRWDGDV IXHURQ ODV GHO -XVWLFLDOLVPR HPSH]DQGR SRU OD GH &DUORV 0HQHP SRU FLHQWR \ 1pVWRU .LUFKQHU SRU FLHQWR (Q HO WHUFHU OXJDU TXHGy HO SROpPLFR H[ PLQLVWUR GH HFRQRPtD GH OD $OLDQ]D 5LFDUGR /ySH] 0XUSK\ SRU FLHQWR \ HQ HO FXDUWR OD IyUPXOD GHO H[ SUHVLGHQWH LQWHULQR $GROIR 5RGUtJXH] 6Di SRU FLHQWR 3RU XQD GpFLPD GH GLIHUHQFLD UHVSHFWR GH pVWH ~OWLPR TXHGy OD H[ UDGLFDO GLVLGHQWH (OLVD &DUULy SRU FLHQWR \ HQ HO TXLQWR HO UDGLFDO /HRSROGR 0RUHDX SRU FLHQ9 WR TXH KL]R OD SHRU HOHFFLyQ KLVWyULFD GHO SDUWLGR /RV FDQGLGDWRV UHVWDQWHV QR VXSHUDURQ HO SRU FLHQWR GHO SDGUyQ QDFLRQDO 6H SXHGH REVHUYDU TXH ODV WUHV IyUPX9 ODV SHURQLVWDV 0HQHP .LUFKQHU \ 5RGUtJXH] 6Di DO9 FDQ]DQ HQ FRQMXQWR HO SRU FLHQWR GHO YRWR QDFLRQDO 'DGR TXH QLQJXQD IyUPXOD DOFDQ]y OD PD\RUtD UH9 TXHULGD SRU OD &RQVWLWXFLyQ QDFLRQDO VH GHEtD UHDOL]DU XQD VHJXQGD YXHOWD HOHFWRUDO HQ OD TXH SDUWLFLSDUtDQ VRODPHQWH HQWUH ORV GRV FDQGLGDWRV PiV YRWDGRV HV GHFLU 0HQHP \ .LUFKQHU OD VHJXQGD YXHOWD HOHFWRUDO HVWDED SUHYLVWD SDUD HO GH PD\R GH 'LFKD %0%++58-:!*5-!%1$(&.#:!-#!*%!&%(05?8!(-'%!0(!4%+5*58-! GH &DUORV 0HQHP GH UHWLUDUVH YROXQWDULDPHQWH GH OD VHJXQGD YXHOWD TXHGDQGR FRQVDJUDGR SUHVLGHQWH 1pVWRU .LUFKQHU FRQ HO SRU FLHQWR GH ORV YRWRV /D YLFWRULD GH .LUFKQHU HQ HVWD HOHFFLyQ GLR OXJDU D XQ QXHYR &06.)TXH DQDOL]DUHPRV HQ RWUD RSRUWXQLGDG 1R REVWDQWH HV LPSRUWDQWH UHVDOWDU GRV FXHVWLRQHV UHOHYDQWHV GHO VLVWHPD SROtWLFR DUJHQWLQR 8QD WLHQH TXH YHU FRQ OD FLUFXQVWDQFLD TXH WUDV OD FULVLV GH GL9 FLHPEUH GH OD UHVXUUHFFLyQ GH OD UHS~EOLFD QR HVWXYR DFRPSDxDGD SRU XQD UHFRQVWUXFFLyQ GHO VLVWH9 PD GH SDUWLGRV 3RU HO FRQWUDULR HO ~QLFR DFWRU SROtWL9 FR TXH TXHGy HQ SLH IXH HO MXVWLFLDOLVPR HO FXDO KR\ HQ VX YHUVLyQ NLUFKQHULVWD HVWi HQ YtDV GH WUDQVIRUPDU DO MXVWLFLDOLVPR ±HVH JUDQ FRQWHQHGRU GH SHURQLVPRV± %-! 3(&'54#! ,%.%18-5+#! 3(&%+5=-4#*%! %-! (0.)-#*! (*9

+'!',&-.$./$0&-%)$

3%+'#*!(0!/"R!1%A5+(-#!(-'%*!4%!0(!&%6#&1(!%0%+'#&(0! GH SULQFLSLRV GH 6L ELHQ HV FLHUWR TXH FRPR VHxDODQ DOJXQRV ³SHURQyORJRV´ WRGDYtD HV SUHPDWXUR 4%+0(&(&! (0! <)*'5+5(05*1#! )-! 3(&'54#! ,%.%18-5+#:! -#! KD\ TXH ROYLGDUVH TXH D HOOR FRQWULEX\y OD SURIXQGD H LUUHYHUVLEOH GHFDGHQFLD SROtWLFD \ HOHFWRUDO GH OD 8&5 TXH GHMy YDFtR HQ HO FDPSR GH OD RSRVLFLyQ TXH WRGDYtD QDGLH KD SRGLGR RFXSDU 5()(5(1&,$6

$EDO 0HGLQD - 0 \ - 6XiUH] &DR ³/D &RP9 SHWHQFLD 3DUWLGDULD HQ OD $UJHQWLQD VXV LPSOLFDQ9 FLDV VREUH HO 5pJLPHQ 3ROtWLFR´ HQ - 0 $EDO 0HGLQD \ 0 &DYDUR]]L FRPSV K$)#0'9&.)#)$#) /.$?,&+#2)7.0)/#(,&9.0)$#,&*.#6'(&+#*.0)'*)$#)'(#) *'.$&1'(#$ %XHQRV $LUHV +RPR 6DSLHQV &HQWUR GH (VWXGLRV /HJDOHV \ 6RFLDOHV H$#*) -HIHV \ -HIDV ¢'HUHFKR VRFLDO R EHQH¿FLR VLQ GH@ ('+4.0^ %XHQRV $LUHV PD\R HQ ZZZ FHOV RUJ DU FRPPRQ GRFXPHQWRV DQDOLVLVBMHIHVBMHIDVB RFW SGI *HUFKXQRII 3 \ - & 7RUUH ³/D SROtWLFD GH OLEHUDFLyQ HFRQyPLFD HQ OD DGPLQLVWUDFLyQ GH 0H9 -%1G:!`'0#((.$$.)'+.*:6&+. YRO Q~P *HUFKXQRII 3 \ / /ODFK K$)+&+$.)9')$#)&$"@ 0&:*)5)'$)9'0'*+#*,.2)e*)0&<$.)9')/.$?,&+#0)'+.*:@ 6&+#0)#(<'*,&*#0 %XHQRV $LUHV (PHFp .DQHQJXLVHU 0 (O ¿Q GH OD LOXVLyQ $UJHQ@ ,&*#) UVVW@UVWW2) !(&0&0;) ('+.*0,("++&:*) 5) 9'+$&-':! %XHQRV $LUHV (GKDVD /HLUDV 6 & ³'H &DUORV 0HQHP D 1pVWRU .LU9 +,-%&C!+(1$5#*!2!+#-'5-)54(4%*!%-!0(!4%1#+&(+5(! DUJHQWLQD´ %XHQRV $LUHV 7UDEDMR SUHVHQWDGR HQ HO 9,,, &RQJUHVR 1DFLRQDO GH &LHQFLD 3ROtWLFD GH OD 6RFLHGDG $UJHQWLQD GH $QiOLVLV 3ROtWLFR 6$$3 GH QRYLHPEUH /HYLWVN\ 6 b(#*08.(6&*<)7#1.(@Q#0'9)H#(@ ,&'0)&*)7#,&*)L6'(&+#2)L(<'*,&*')H'(.*&06)&*)!.6@ /#(#,&-')H'(0/'+,&-':!J(1$&54.%:!J(1$&54.%!L-59 YHUVLW\ 3UHVV 0XVWDSLF $ 0 ³$UJHQWLQD OD FULVLV GH UH9 3&%*%-'(+58-!2!0#*!3(&'54#*!3#07'5+#*G:!L6O(&+#)7#@ ,&*#)F.5 Q~P GLFLHPEUH 6DHWWRQH ) ³+LVWRULD GH OD $OLDQ]D HQ $UJHQ9 WLQD ´ M',#/.$?,&+# YRO Q~P DEULO PD\R 6DUWRUL * H#(,&9.0) 5) 0&0,'6#0) 9') /#(,&9.0:! 0DGULG $OLDQ]D 7UHVFD * K$)'0/'G&06.)9')$#)+.*-'(,&1&$&9#92) 7#)'+.*.6?#)#(<'*,&*#)'*)$#)9O+#9#)9'$)*.-'*,#:! %XHQRV $LUHV (GLFLRQHV 5HDOLGDG $UJHQWLQD #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

HJ


)RWRJUDItD $UWXUR 7DODYHUD


Patricia Gherovici:

>#$'*$#$?"$'(%@("0$9'*("!'2$0?+/%'18"$'3':$#4$A A-2'"=5.2$%'"$*5;$?$%B+'%C.'$"*%9+=$''805$.6

@

O VtQGURPH SXHUWRUULTXHxR '0)"*#)',&%"',#)%"') &*-'*,#(.*)$.0)6O9&+.0)9'$)'GO(+&,.)*.(,'#6'@ (&+#*.)'*)$.0)#R.0)+&*+"'*,#)9'$)0&<$.)ff)/#(#) &*9&+#()"*)+.*G"*,.)9')0?*,.6#0)%"')'J/('0#1#*)$.0) -','(#*.0)9')$#)<"'((#)9')!.('#;)/#(,&+"$#(6'*,')0.$@ 9#9.0)/"'(,.((&%"'R.0;),#$'0)+.6.)_('/'*,&*.0)'0,#@ $$&9.0)9')4.0,&$&9#9)-'(1#$)4#0,#)-&.$'*,#0)#<('0&.*'0) 8?0&+#0;) 9'09') +.*9"+,#0) ,.,#$6'*,') /"'(&$'0) 4#0,#) '0,#9.0) +#,#,:*&+.0;) 9'09') #6*'0&#0) <'*'(#$&E#9#0) 4#0,#) &*,'*,.0) 9') 0"&+&9&.;) 9'09') '0,#9.0) 8('*O,&+.0) 4#0,#)'$)#10.$",.)9'0&*,'(O0)/.()$#)#/#(&'*+&#)8?0&+#;) 9'09')/O(9&9#)/#(+&#$)9')$#)+.*+&'*+&#)4#0,#),(#0,.(@ *.0) +.*-"$0&-.0) 0'<"&9.0) 9') #6*'0&#a2) 7#) /'+"$&#@ (&9#9)9')'0,')9&#<*:0,&+.;)('$#,#)H#,(&+&#)g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tD SROtWLFD HQ OD 8QLYHUVLGDG $XWyQRPD GH OD &LXGDG GH 0p[LFR \ 'LUHFWRU HGLWRULDO GH M',#/.$?,&+#2

D

/#9'+&6&'*,.)*.,#1$'6'*,')0&6&$#()#)$#)'J,(#-#<#*,') +.*9"+,#)9')$#0)4&0,O(&+#0)+$=0&+#0)%"')4&+&'(.*)/.0&@ 1$')$#)&*-'*+&:*)9'$)/0&+.#*=$&0&0a2)7.)/#(#9:G&+.)9'$) +#0.)'0)%"')+"#*9.)0')#+"R#)$#)+#,'<.(?#)6O9&+#)9') 0?*9(.6')/"'(,.((&%"'R.)'*)K0,#9.0)e*&9.0;)+.&*+&@ 9')+.*)$#)9'0#/#(&+&:*)9')$#)4&0,'(&#)'*)$#)0'6=*,&+#) 9'$)$'*<"#G')/0&%"&=,(&+.2 H#(#) g4'(.+&-&;) '$) 0?*9(.6') /"'(,.((&%"'R.) ) '0) "*#)8.(6#)9')4&0,'(&#)'*)0")0'*,&9.)$#+#*&#*.;)'0)9'@ +&(;)*.)0:$.)"*#)*'"(.0&0)0&*.),#61&O*)"*#)6#*'(#)9') /(.9"+&()$#E.)0.+&#$2)H.()'$$.;)'0)*'+'0#(&.)#1.(9#($.) *.)0:$.)9'09')'$)/"*,.)9')-&0,#)+$?*&+.;)0&*.),#61&O*) /.$?,&+.;) /"'0) $#0) 4&0,.(&#0) %"') '0,=*) +.*,'*&9#0) '*) 0") $&1(.) 0.*) +#0.0) %"') /(.-&'*'*) 9'$) 1#((&.) $#,&*.) HQ )LODGHO¿D SULQFLSDO iUHD GH DVHQWDPLHQWR GH OD +.6"*&9#9)/"'(,.((&%"'R#)'*)K0,#9.0)e*&9.02)!#1') #<('<#()%"')*.)0'),(#,#)9')"*#)0'(&')9')0?*,.6#0)'J@ +$"0&-.0)9')$#)+.6"*&9#9)/"'(,.((&%"'R#;)'*)('#$&9#9) 0.*)"*#)+.*0,'$#+&:*)9')'J/('0&.*'0)9')6#$'0,#()%"') SDGHFHQ \ PDQL¿HVWDQ ORV ODWLQRV HQ (VWDGRV 8QLGRV '*) "*) +.*,'J,.) 9') +('+&'*,') 0'<('<#+&:*) '0/#+&#$;) +"$,"(#$)5)0.+&#$2) 6L ELHQ OD DXWRUD D¿UPD TXH HO VtQGURPH SXHUWR@ ((&%"'R.)'0)_"*)$$#6#9.)#$).,(.a;)5)'*)'0')$$#6#9.) '0) 9.*9') 0') '*+"'*,(#*) &6/$&+#9.0) #$<"*.0) 9') 0"0) /(&*+&/#$'0) '8'+,.0) '*) ,O(6&*.0) 9') +.*,(#9&++&.*'0) #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

HF


!',&-.$./$0&-%)$//+ +8"$(#';!>$""AG+$8

KD FUHtGR QHXWUDO DO HVWDU GHVSROLWL]DGR 3DUD PL IRUPD9 FLyQ OD SUiFWLFD SVLFRDQDOtWLFD HV SROtWLFD 5HFRUGHPRV TXH GXUDQWH OD GLFWDGXUD DUJHQWLQD HO SVLFRDQiOLVLV HUD +#-*54%&(4#!)-(!3&>+'5+(!3%05.&#*(!%-!*)!(*3%+'#!3#9 OtWLFR 1R ROYLGHPRV TXH HQ $UJHQWLQD OD PD\RUtD GH ORV GHVDSDUHFLGRV IXHURQ GH OD )DFXOWDG GH 3VLFRORJtD (QWRQFHV OOHJDQGR D (VWDGRV 8QLGRV GHVGH $U9 JHQWLQD WHQtD OD H[SHULHQFLD GH TXH HO SVLFRDQiOL9 VLV HUD REYLDPHQWH SROtWLFR (Q HVWH VHQWLGR KDEODU 4%! 15! 6#&1(+58-! 1%'#4#08.5+(! +#1#! 3*5+#(-(05*'(:! GHER GHFLU TXH VLJXLHQGR HO OHJDGR GH )UHXG \ /DFDQ VLHPSUH KD HVWDGR SROtWLFDPHQWH RULHQWDGD KD\ TXH UHFRUGDU TXH HO SVLFRDQiOLVLV QDFH FRPR XQ PpWRGR GH LQYHVWLJDFLyQ (QWRQFHV VL HO SVLFRDQiOLVLV HV XQ PpWRGR GH LQYHVWLJDFLyQ PL OLEUR HV HO UHVXOWDGR GH XQD LQYHVWLJDFLyQ TXH PH REOLJy KDFHU HVWXGLRV HQ ,5*'#&5(:!(4%-'&(&1%!%-!0(!,5*'#&5(!-#!*80#!4%!/)%&'#! "5+#!*5-#!4%!0(!5-15.&(+58-!0('5-#(1%&5+(-(!%-!@*'(9 GRV 8QLGRV OLGLDU FRQ OD KLVWRULD GH OD VLTXLDWUtD SRU HMHPSOR REVHUYDU FyPR VH LQYHQWDURQ ORV GLDJQyVWL9 FRV YHU FXHVWLRQHV DQWURSROyJLFDV \ VRFLROyJLFDV OD LQYHQFLyQ GH OD UD]D KLVSDQD TXH HQ (VWDGRV 8QLGRV WLHQH XQD SHFXOLDULGDG \ TXH KD VLGR PX\ FRQÀLFWLYD \ SROpPLFD (QWRQFHV GH DOJXQD PDQHUD OD LQYHVWL9 JDFLyQ SVLFRDQDOtWLFD DEUH XQD VHULH GH FDPSRV TXH e*) /"*,.) 9') 9&0+"0&:*) %"') ('+.((') 0") $&1(.) '0) $#) ('@ VLJXHQ HO OHJDGR GH )UHXG TXLHQ UHFRPHQGDED TXH XQ ÀH[LyQ DFHUFD GHO PpWRGR HQ SVLFRDQiOLVLV &RQ HOOR 3*5+#(-(05*'(! *)35%&(! 4%! 05'%&(')&(:! ,5*'#&5(:! 1;*5+(:! /#('+&'(#)%"')%"&'(')9'G#()+.*0,#*+&#)9'$)$"<#()9'09') DUWHV SDUD SRGHU GDU FXHQWD GH XQ VtQWRPD '$)+"#$)4#1$#2)L0?)/"'0;)/.()'G'6/$.;)*.)'0+.*9')0"0) ¿OLDFLRQHV GHO SVLFRDQiOLVLV ODFDQLDQR SHUR DO PLVPR ]!:6.)/.9(?#6.0)'*,'*9'()'$)0?*9(.6')/"'(,.((&%"'R.^ WLHPSR LQVLVWH HQ ³GHVJXHWL]DU´ OD WHRUtD ODFDQLDQD« +D\ XQ SXQWR TXH HV QHFHVDULR DFODUDU (O VtQGURPH @A(+'#:! *(+(&! ! (0! *)<%'#! '%8&5+#! 4%0! 3*5+#(->05*5*! 0(9 SXHUWRUULTXHxR LOXVWUD \ PDJQL¿FD HO VXIULPLHQWR FDQLDQR *HQHURVDPHQWH DOJXQRV FROHJDV GHVFULEtDQ 4%!0#*!0('5-#*!2!0#*!15.&(-'%*!%-!@*'(4#*!L-54#*C!0(! PL WUDEDMR FRPR YDOLHQWH (Q UHDOLGDG OR TXH VH YHtD %A3%&5%-+5(!4%0!4%*(&&(5.#!2!0(!3=&454(!4%!0(!0%-.)(! +#1#!)-!.%*'#!4%!()4(+5(:!%&(!1>*!$5%-!%0!&%*)0'(4#! PDWHUQD OD PDUJLQDOL]DFLyQ OD SREUH]D D YHFHV OD GH XQD IRUPDFLyQ HQ OD FXDO \R VXSRQtD TXH FXDQGR E~VTXHGD GH XQ IXWXUR PHMRU \ TXH HQ RFDVLRQHV HQ9 DOJXLHQ PH YLHQH D YHU D OD FOtQLFD FRQ DOJ~Q VXIUL9 FXHQWUDQ XQD UHDOLGDG TXH HV SHRU GH OD TXH KDQ GH9 PLHQWR YDPRV D HVFXFKDU DTXHOOR TXH SXHGH UHYHODU9 MDGR DWUiV HQ VX SDtV GH RULJHQ (Q HVWH VHQWLGR HV *%:!2!-#!*)3#-7(!%*'($0%+%&!)-(!456%&%-+5(!%-!6)-+58-! XQ HMHPSOR TXH LOXVWUD OD SRVLFLyQ GH ORV ODWLQRV HQ 4%! 0(! +0(*%! *#+5(0! (! 0(! +)(0! %*(! 3%&*#-(! 3%&'%-%+%:! (VWDGRV 8QLGRV $GHPiV HV LQWHUHVDQWH SRUTXH VH %*'>!3&#4)+5%-4#!%-!@*'(4#*!L-54#*!)-(!0('5-5?(+58-:! FRPR WDPSRFR HQ IXQFLyQ GH UD]DV (VWR PH SDUHFH PX\ LQWHUHVDQWH \D TXH FDGD YH] XQ SURFHVR GH KLVSDQL]DFLyQ PX\ GLIHUHQWH D OR TXH TXH OR FRPHQWR FRQ FROHJDV H LQWHOHFWXDOHV HQ (VWD9 SRGUtDPRV OODPDU JOREDOL]DFLyQ < QR HV VyOR GHV9 GRV 8QLGRV GH TXH WUDEDMp HQ HO JXHWR KLVSDQR FRQ XQ GH HO SXQWR GH YLVWD PHUFDQWLOLVWD VLQR TXH KD\ XQD ($#&4(<%! 3*5+#(-(07'5+#:! 1%! 15&(-! +#-! *#&3&%*(:! +#-! LPSURQWD SDOSDEOH GHMDGD SRU OD FXOWXUD KLVSDQD 'H FLHUWR JUDGR GH VXVSLFDFLD \D TXH VXSRQHQ TXH HO LQ9 ,%+,#:! @*'(4#*! L-54#*! %*! %0! *%.)-4#! 3(7*! +#-! 1>*! FRQVFLHQWH HV XQ OXMR TXH XQ SREUH QR SXHGH GDUVH < KDEODQWHV GH HVSDxRO GHVSXpV GH 0p[LFR FRQ OR FXDO HVWR \D LPSOLFD XQD SRVLFLyQ LGHROyJLFD TXH HV UHVXO9 KD FRPHQ]DGR D FDPELDU HO SHU¿O JHRJUi¿FR \ VRFLDO WDGR GH TXH HQ (VWDGRV 8QLGRV HO SVLFRDQiOLVLV VH KD GH /DWLQRDPpULFD /#&!%00#:!@*'(4#*!L-54#*!4%*3)=*!4%!*)!0('5-5?(+58-! GHVDUUROODGR FRPR XQD VXEHVSHFLDOLGDG PpGLFD TXH VH *.)('0"'$,#0)9'09')'$)/"*,.)9')-&0,#)0.+&#$)T_$.)%"') *.) #*9#aZ;) *.) /.9'6.0) 9'G#() 9') $#9.) $#) 8.(6#) '*) FyPR OD DXWRUD GHVDUUROOD VX UHÀH[LyQ (V GHFLU HV "*#)&*-'0,&<#+&:*)%"'),&'*')0")&*&+&.)'*)$#),'.(?#)5)$#) /(=+,&+#)/0&+.#*#$?,&+#;)/'(.)-#)6=0)#$$=)9')'0,#;)5#) %"')%"&'1(#)$#0)/.()6.6'*,.0)8(=<&$'0)8(.*,'(#0)9') $#)&6/"('E#)9'$)/(./&.)/0&+.#*=$&0&0)+.6.)6O,.9.)9') &*-'0,&<#+&:*2)K*)'0,')0'*,&9.;)'0)('$'-#*,')+.((.1.@ (#()%"')'*)(O VtQGURPH SXHUWRUULTXHxR 4#5)"*#)&*0&0@ ,'*+&#)/.()-&*+"$#()$#)'J/'(&'*+&#)+$?*&+#)+.*)'$)$$#@ 6#9.)+#61&.)#61&'*,#$) HQYLURQPHQWDO FKDQJH %"') *.) '0) 0&6/$'6'*,') "*#) 6',=8.(#) '0/#+&#$;) 0&*.) %"') &*+.(/.(#) $#0) +.*0'+"'*+&#0) ,'6/.(#$'0) '*) $#) /(.@ 9"++&:*)9')$#)0"1G',&-&9#9)9')$#0)("/,"(#0)0.+&#$'0)5) OD LQWHQVLGDG GH ORV FRQÀLFWRV HQWUH VXMHWRV ³RWURV´ '*)K0,#9.0)e*&9.02 H#,(&+&#)g4'(.-&+&)'0)/0&+.#*#$&0,#)#(<'*,&*#)(#@ 9&+#9#) '*) K0,#9.0) e*&9.02) K0) 9&('+,.(#) 9'$) H4&$#@ 9'$/4&#) 7#+#*) S,"95) g(."/2) 7#) '9&+&:*) .(&<&*#$) '*) &*<$O0)9')(O VLQGURPH SXHUWRUULTXHxR)TMOJ&+.;)S&<$.) ff>) K9&,.('0;) UVWWZ) .1,"-.) '$) H('6&.) g(#9&-#) %"') .,.(<#)$#)3#,&.*#$)L00.+&#,&.*)8.(),4')L9-#*+'6'*,) .8)H05+4.#*#$50&0;)5),#61&O*)'$)H('6&.)Q.5'()9')$#) L6'(&+#*)L*,4(./.$.<&+#$)L00.+&#,&.*2)

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

HN


L#$'*$#$G"$'(%Z("7$B'*("!'9$7G+6%';A"$'='8$#>$Y' +'!',&-.$./$0&-%)$

QR VH SXHGH FRQFHELU GH XQD PDQHUD DQJOR R EODQFR QHJUR VLQR TXH KD\ XQ SURFHVR GH ODWLQL]DFLyQ TXH XQLYHUVDOL]D OD H[SHULHQFLD GHO VtQGURPH SXHUWRUUL9 TXHxR &RQMXQWDPHQWH RWUR SURFHVR LQWHUHVDQWH HV HO F'%&+%&1)-45*1#G:! %0! .)%'#! ,5*3(-#! %-! @*'(4#*! L-59 GRV ,QJHQXDPHQWH YLQLHQGR GH SDtVHV TXH VH GLFHQ HQ ³YtDV GH GHVDUUROOR´ HVSHUDED HQFRQWUDU OD RSXOHQFLD GHO LPSHULR \ OR TXH HQFXHQWUR HV XQ JXHWR FRQ VLWXD9 FLRQHV GH SREUH]D \ PDUJLQDOL]DFLyQ TXH H[FHGHQ D ODV TXH \R KDEtD SUHVHQFLDGR HQ /DWLQRDPpULFD 'H DOJXQD 1(-%&(:! %*! )-! 6%-81%-#! 4%! '%&+%&1)-45*1#! 3%&#! %-! XQD OyJLFD GH IURQWHUDV LQWHUQDV /D FXHVWLyQ HV TXH DO 3&#4)+5&*%! %-! @*'(4#*! L-54#*:! "*&-'(0#$&E# DOJR TXH SRGUtDPRV VXSRQHU FRPR XQD VLWXDFLyQ GH H[FHSFLyQ ]S") &*-'0,&<#+&:*) /"'9') 0'() &*,'(/(',#9#) +.6.) "*#) 6#*'(#)9')4#+'()('#/#('+'()'*)'$),&'6/.)/('0'*,')#$) 0"G',.)T#),(#-O0)9')$#)('"1&+#+&:*)9')0")-.EZ)%"')4#) 9'0#/#('+&9.)#)+#"0#)9')$#)'J+$"0&:*)%"')0')/(.9"+') /.()'$)/(.+'0.)9')$#)<"',&E#+&:*)9')$.0)$#,&*.0)'*)K0@ ,#9.0)e*&9.0^ $O VXMHWR KD\ TXH HVFXFKDUOH OD SDODEUD GHMDUOH TXH WRPH OD SDODEUD 'H DOJXQD PDQHUD GDU XQ HVSDFLR GRQGH XQ JUXSR GH SHUVRQDV TXH KDQ VLGR PX\ PDO9 '&('(4(*!2!1(&.5-(05?(4(*! 3)%4(-! '#1(&! *)!3(0($&(:! \ TXH pVWD SXHGD GDU UHVXOWDGRV OD SDODEUD HQIHUPD SHUR WDPELpQ FXUD \ VDOYD < GRQGH VX SDODEUD VHD YDORUDGD QR VyOR SRU OD HVFXFKD GHO DQDOLVWD VLQR TXH HO SDFLHQWH VH HVFXFKH D Vt PLVPR GH XQD PDQHUD QXHYD (VWR SXHGH VHU SUDFWLFDGR HQ WRGD FODVH VRFLDO \ HQ WRGR FRQWH[WR $ YHFHV H[LVWHQ FRQVLGHUDFLRQHV 3&>+'5+(*! 2! +07-5+(*:! 3%&#! %0! 5-+#-*+5%-'%! 3)%4%! ,(9 FHUVH RtU HQ VLWXDFLRQHV TXH QR VRQ IRUPDOPHQWH FRQ9 VLGHUDGDV SVLFRDQDOtWLFDV &RQ R VLQ GLYiQ XQR SXHGH HVFXFKDU HO LQFRQVFLHQWH @-!%*'%!*%-'54#:!(4%1>*!4%!'%-%&!)-(!3#*5+58-!54%#9 OyJLFD HO SVLFRDQiOLVLV UHVSRQGH D XQD SRVLFLyQ pWLFD +D\ XQD pWLFD GHO SVLFRDQiOLVLV DO VXSRQHU TXH HO LQ9 FRQVFLHQWH HV XQ VDEHU QR VDELGR TXH UHYHOD XQD YHUGDG DVt SXHV KD\ XQD YHUGDG TXH HO VtQGURPH SXHUWRUULTXH9 xR DO TXH OHR FRPR XQD IRUPD GH KLVWHULD H[SUHVD GH PDQHUD YHODGD GH XQD PDQHUD TXH HO PLVPR VXMHWR TXH SDGHFH HO VtQGURPH SXHUWRUULTXHxR GHVFRQRFH SRU HMHPSOR XQ DWDTXH GH QHUYLRV GLFH DOJR VLQ VDEHU TXH OR GLFH 4XL]i WRGDYtD QR OR SRQH HQ SDODEUDV OR H[SUH9 VD D WUDYpV GHO FXHUSR GHVPD\iQGRVH OR TXH DSDUHFH FRPR XQ DWDTXH GH HSLOHSVLD XQD H[SORVLyQ GH LUD XQ DWDTXH GH PXGH] R DPQHVLD (QWRQFHV HV XQD PDQHUD GH JHQHUDU XQ HVSDFLR pWLFR GRQGH XQD YHUGDG SXHGD VHU RtGD GHVSOHJDGD \ HVFXFKDGD

F#+') "*) 6.6'*,.) 4#1$#1#) 9') $#0) +.*8(.*,#+&.*'0) +.*)$#0)&*0,&,"+&.*'0)9')0#$"9)6'*,#$;)]+:6.)'0)/.0&@ 1$')+.*0,("&()"*#)0'(&')9')_$"<#('0).,(.0a)/#(#)9'0#@ ((.$$#()"*#)/(=+,&+#)+.6.)$#)%"')4#)4'+4.;)&*+$"0.;) '*)'$)&*,'(&.()9')$#0)&*0,&,"+&.*'0)%"')'$)/(./&.)/0&@ +.#*=$&0&0)+.*8(.*,#^ (Q (VWDGRV 8QLGRV HV PX\ FRPSOLFDGR \D TXH OD 3&>+'5+(!4%!0(!00(1(4(!*(0)4!1%-'(0!,(!*54#!)-!(!1(9 QHUD GH VLOHQFLDU DO RWUR (Q JHQHUDO WHQHPRV XQD 3&>+'5+(! 1%45+(05?(4(:! +#-! %A+%*#! 4%! 1%45+(1%-9 WRV TXH OOHYDQ D VLOHQFLDU OD SDODEUD \ QR GDQ HVSD9 FLR SDUD TXH pVWD VH HVFXFKH 3HUR FUHR TXH HV SRVL9 EOH QR UHTXLHUH QLQJ~Q HVIXHU]R PDWHULDO PiV DOOi GHO GHVHR GH DTXHO TXH SUDFWLTXH HO SVLFRDQiOLVLV GH HVFXFKDU DO RWUR (Q HVWH VHQWLGR ORJUDU XQ FDPELR HQRUPH QR QHFHVDULDPHQWH UHTXLHUH XQ FDPELR WDQ UDGLFDO VLQR TXH FDGD SVLFRDQDOLVWD HVFXFKH FRQ UHV9 SHWR \ GH XQD PDQHUD pWLFD D TXLHQ YLHQH D TXHMDUVH \ D KDEODU GH VXV SUREOHPDV \ TXHUHU KDFHU DOJR $Kt KD\ XQ JHVWR TXH SXHGH SRWHQFLDOPHQWH GHVSOHJDU XQ SRFR GH OLEHUWDG SDUD JHQWH TXH HVWi HQ XQD VLWXD9 FLyQ PX\ GLItFLO DO OtPLWH /#&!*)!3(&'%:!%A5*'%!)-(!,5*'#&5(!%-!@*'(4#*!L-54#*! &%*3%+'#!(!0(!5-*'5')+5#-(05?(+58-!4%0!3*5+#(->05*5*!%-! HO LQWHULRU GH ODV SUiFWLFDV GH VDOXG PHQWDO \ D ODV TXH 3#4%1#*!+#-'&(3#-%&!%A3%&5%-+5(*!%-!E('5-#(1=&5+(! #! @)&#3(:! 4#-4%! %0! 3*5+#(->05*5*! ,(! *54#! 3&(+'5+(4#! HQ WRGDV ODV FODVHV VRFLDOHV (VWR QR HV QXHYR <R QR LQYHQWp QDGD )UHXG HQ SURSRQtD TXH HO SVL9 FRDQiOLVLV WHQtD TXH VHU DFFHVLEOH D WRGR HO PXQGR WDQ DFFHVLEOH FRPR XQD FXUD SDUD OD WXEHUFXORVLV < QRV HQFRQWUDPRV HQ XQD VRFLHGDG GRQGH WRGDYtD OD ')$%&+)0#*5*!*5.)%!.%-%&(-4#!3&#$0%1(*!2!%0!1(0%*'(&! SHUVLVWH SRU HVR D~Q KD\ HVSDFLR SDUD TXH VH LPSOH9 PHQWHQ HVWH WLSR GH SUiFWLFDV 8QD SUiFWLFD pWLFD TXH GHSHQGH GH OD LQVWLWXFLyQ 0L H[SHULHQFLD FOtQLFD PH PXHVWUD TXH OD JHQWH SXHGH WUDEDMDU FRQ VXV VXHxRV DVRFLDU OLEUHPHQWH \ TXH HVWH WLSR GH LQWHUYHQFLRQHV 3&#4)+%-!+)&(*!2!0(!.%-'%!3)%4%!1%<#&(&:!+#-!0(*!519 SOLFDFLRQHV SROtWLFDV TXH FRQOOHYD 7#) +#,'<.(?#) 9') 0?*9(.6') /"'(,.((&%"'R.) 8"*+&.*#) *.)0:$.)+.6.)"*#)6',=8.(#)9'$)9'0/.G.;)0&*.),#61&O*) '0)&*9&+#,&-.)9')"*#)4'('*+&#)/.$?,&+#;)'0)9'+&(;)"*)$'@ <#9.)9')$#)'J+$"0&:*)'*)"*#)$:<&+#)9')8(.*,'(#0)&*,'(@ *#0)'*)K0,#9.0)e*&9.02)`')'0,')6.9.;)]+:6.)/.9'() *.)0:$.)'0+"+4#()#$).,(.;)0&*.)'*+.*,(#()"*#)0'(&')9') +#1.,#G'0) #*#$?,&+.0) #$('9'9.() 9') $#) 9&0+.*,&*"&9#9) 9')$#)4'('*+&#)5)0"0)6#*'(#0)9'),(#*06&0&:*;)%"')'*) '$) +#0.) 9'$) 0?*9(.6') /"'(,.((&%"'R.) 0') 'J/('0#*) #) #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

HI


!',&-.$./$0&-%)$//+ +8"$(#';!>$""AG+$8

/#(,&() 9') /#$#1(#0) +$#-') +.6.;) /.() 'G'6/$.;) 3%&&#) '&5+(! -5! 1%0(-+#07(! 6&(-+%*(! -5! (-*5%4(4! %*'(4#)-59 T6#,'(*&9#9;) '61#(#E.) 8"'(#) 9'$) 6#,(&6.*&.Z;) 3('#) GHQVH 7HQHPRV XQ VtQGURPH SXHUWRUULTXHxR SDUD XQ SDtV TXH QR HV XQD QDFLyQ LQGHSHQGLHQWH (V XQD JUDQ T4.6.0'J"#$&9#9Z^ LURQtD TXH XQ SDtV HQ XQD UHDOLGDG JOREDO SRVFRORQLDO 3RU XQD SDUWH HO VtQGURPH SXHUWRUULTXHxR GHODWD VHD XQD GH ODV ~OWLPDV FRORQLDV VREUHYLYLHQWHV FRQ FRPR UyWXOR HO UDFLVPR LQ¿OWUDGR TXH WDQWR ORV SVL9 XQ VtQGURPH QDFLRQDO TXH GH DOJXQD PDQHUD IXQFLR9 TXLDWUDV FRPR HO HMpUFLWR YHQ DO SDWRORJL]DU ODV PD9 QD FRPR XQ URO LGHQWL¿FDWRULR GRQGH ORV VXMHWRV TXH QLIHVWDFLRQHV GHO RWUR XQ RWUR TXH FRQVLGHUDQ GLIH9 SDGHFHQ VtQGURPH SXHUWRUULTXHxR OR LGHQWL¿FDQ FRPR UHQWH \ HOOR ORV REOLJD D LQYHQWDU XQ GLDJQyVWLFR (V VtPEROR QDFLRQDO (VWR SURYRFD HIHFWRV LGHQWLWDULRV \ HYLGHQWH TXH HQ ORV DxRV FLQFXHQWD GHO VLJOR ;; FRQ DOLHQDFLyQ SRUTXH WRGD LGHQWLGDG HV DOLHQDQWH 6LQ HPEDUJR OR TXH UHYHOD HO SVLFRDQiOLVLV HV TXH OD SRSXODUL]DFLyQ TXH VH GLR D SDUWLU GH FLHUWD WHUJLYHU9 VDFLyQ GHO IUHXGLVPR HUD LPSRVLEOH TXH QR KXELHUDQ HO LQFRQVFLHQWH UHVLVWH D OD LGHQWL¿FDFLyQ ±HQ HO VHQWL9 HVFXFKDGR OD IRUPD GH KLVWHULD PiV FOiVLFD TXH H[LVWH GR GH LGHQWLGDG 3RU HOOR HO VtQGURPH SXHUWRUULTXHxR /D KLVWHULD WLHQH OD FDUDFWHUtVWLFD GH HYROXFLRQDU \ GH HV PX\ ULFR \D TXH H[SUHVD XQ GREOH PRYLPLHQWR DOJXQD PDQHUD LPLWD OD FXOWXUD HQ OD TXH VH SURGXFH 3RU XQ ODGR VH LGHQWL¿FD DO GLVFXUVR GHO RWUR HO GLV9 FXUVR UDFLVWD \ OR UHSLWH GH XQD PDQHUD FDULFDWXUL]DGD (V XQ EDUyPHWUR VRFLDO \ HVR OD KDFH PX\ ULFD @*'(!,5*'%&5(!4%'%-54(!%-!%0!'5%13#:!4%!(0.)-(!1(9 H[DJHUDGD \ SRU HO RWUR OR GHVDItD OR PXHVWUD HQ -%&(!4%-)-+5(!%0!&(+5*1#!4%0!#'&#H!%-!0(!(+')(054(4:!*%! VXV IDOHQFLDV H LQH[DFWLWXGHV VLJXH KDEODQGR GH DWDTXH GH QHUYLRV QR GH VtQGURPH SXHUWRUULTXHxR (V SRU HVR TXH ORV VLTXLDWUDV HQ VX H.*'() '*) '-&9'*+&#) '$) 9&0+"(0.) (#+&0,#;) ]/"'9') 0'() JHVWR UDFLVWD UHYHODQ XQD YHUGDG VLQ VDEHUOR HO OODPD9 &*,'(/(',#9.)+.6.)"*#)6#*'(#)9')('0&0,&()5)"*)6.9.) GR DWDTXH GH QHUYLRV HV XQD DOHJRUtD TXH SXHGH VHU OD 9')9','*'()#$<"*#0)'0,("+,"(#0)9')9.6&*#+&:*^ H[SUHVLyQ GH XQ VXIULPLHQWR VRFLDO /#&!*)!3(&'%:!%A5*'%!)-(!+)%*'58-!'%13#&(0!1)2!&5+(! @*!)-(!1(-%&(!4%!3%0%(&!4%*4%!%0!5-+#-*+5%-'%!+#-9 UHVSHFWR DO VtQGURPH SXHUWRUULTXHxR FHOHEUD \ FRQ9 '&(!)-!45*+)&*#!4#15-(-'%:!3%&#!%0!+#*'#:!%-!'=&15-#*! 1%1#&(! 0(! 6#&1(! 4%! ,5*'%&5(! .&(+5(*! (! 0(! +)(0! I&%)4! GH VXIULPLHQWR HV HQRUPH (V XQD HVWUDWHJLD XQ SRFR GHVFXEUH OD H[LVWHQFLD GHO LQFRQVFLHQWH H LQYHQWD HO VXLFLGD \D TXH XQD GH ODV FXHVWLRQHV GH OD KLVWHULD HV SVLFRDQiOLVLV /R TXH YDOH OD SHQD VXEUD\DU HV OD LQPH9 TXH GHQXQFLD DO DPR /DFDQ WRPD OD KLVWHULD FRPR GLDWH] GHO WLHPSR XQ WLHPSR DKRUD TXH QR ORJUD FRQV9 XQ HMHPSOR GH OD UHODFLyQ GHO DPR DO HVFODYR GHO DPR WLWXLU XQ SDVDGR SRUTXH OD LGHD GH XQ SDVDGR LPSOLFD9 DO VXERUGLQDGR 'HQXQFLD DO DPR HQ VXV FDUHQFLDV UtD XQD KLVWRULD 5HFRUGHPRV TXH XQR GH ORV HIHFWRV SHUR XQD YH] TXH GHUURFD DO DPR YD D EXVFDU XQ QXH9 4%0!'&($(<#!(-(07'5+#!*#-!0#*!%6%+'#*!4%!,5*'#&5?(+58-C! YR DPR 3RU HOOR FRPR IyUPXOD SROtWLFD QR HV OD PiV )-#!+)%-'(!)-(!,5*'#&5(!4%!0(!+)(0!3)%4%!*%3(&(&*%H!(,7! UHFRPHQGDEOH 1R REVWDQWH HV XQD GH ODV HVWUXFWXUDV SVtTXLFDV PiV SROtWLFDV \D TXH SRQH HQ PDUFKD XQ HV GRQGH HO SVLFRDQiOLVLV WLHQH XQ HIHFWR OLEHUDGRU (Q QXHVWUR FDVR 3XHUWR 5LFR HV OD KLVWRULD GH XQ +)%*'5#-(15%-'#!4%0!0,#,"0)%".)GH ORV SXHUWRUULTXHxRV SXHEOR TXH WRGDYtD HVWi IXQGDQGR XQD KLVWRULD TXH QR \ ORV ODWLQRV HQ (VWDGRV 8QLGRV TXH HVWi HQ FDPELR '%&15-(! 4%! 1(&+(&*%H! %-! %6%+'#:! %0! *7-4&#1%! 3)%&'#9 \ YD D FDPELDU (V XQD VLWXDFLyQ TXH UHTXLHUH QXHYRV UULTXHxR HV XQ WHVWLPRQLR GH HVWD KLVWRULD TXH QR OR9 HOHPHQWRV SDUD LPDJLQDUOD ,QFOXVR WRGDV ODV SUHGLF9 JUD IXQGDUVH FRPR XQ WLHPSR SUHWpULWR \ TXH DGHPiV FLRQHV GHPRJUi¿FDV GHO FUHFLPLHQWR KLVSDQR QXQFD 3&%*%-'(!+5%&'(!)&.%-+5(!+#1#!0#!%*!0(!%A30#*58-!4%!)-! ORJUDQ GDU FXHQWD GH OR TXH VXFHGH HQ OD UHDOLGDG XQ DWDTXH GH QHUYLRV FRPR VtQWRPD GH TXHUHU KDFHU DOJR PRYLPLHQWR HQ FUHFLPLHQWR TXH SURPHWH 2WUD FXHVWLyQ GHO VtQGURPH SXHUWRUULTXHxR HV KD9 ¢&XiO VHUtD HQWRQFHV OD HVSHFL¿FLGDG \ ODV GLIHUHQ@ FHU YLVLEOH OR LQYLVLEOH +D\ DOJR HQ HO FDVR GH 3XHUWR +&#0)#$)('8'(&()#$)/#?0).)#)$#)*#+&:*)#)$#)+"#$)'$)0"G',.) 5LFR TXH GHVDSDUHFH GH OD PHPRULD FROHFWLYD /D KLV9 /'(,'*'+';)0&),.6#6.0)'*)+"'*,#)'$)+#0.)9')$.0)/"'(@ WRULD GH 3XHUWR 5LFR SDUHFLHUD TXH QR GHMD PDUFDV HQ ,.((&%"'R.0;) /'(.) ,#61&O*) '$) 9') .,(#0) +.6"*&9#9'0) HO LPDJLQDULR FROHFWLYR 6LQ HPEDUJR HO ODWLQR WDP9 $#,&*#0)'*)K0,#9.0)e*&9.0)+.*)('$#+&:*)#)$#0)8.(6#0) SRFR HV YLVLEOH 8QR YLDMD D &DOLIRUQLD \ HO WUDEDMDGRU 9') '$#1.(#() "*#) $'*<"#) %"') 9&<#) '0#) "(<'*+&#) /.() ODWLQR HV XQD PDQR LQYLVLEOH TXH OOHQD HO YDVR GH DJXD \ HO YDVR VLHPSUH HVWi OOHQR SHUR KD\ XQD LQYLVLELOL9 4#+'()#$<.^ GDG GHO RWUR TXH OD LOXVWUR FRQ XQD DQpFGRWD HQ HO OLEUR (V FXULRVR 1R WHQHPRV HQ OD QRPHQFODWXUD SVLTXLi9 TXH KDFH SDWHQWH HVWD SUREOHPiWLFD 8Q GtD OOHJXp DO #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

DO


L#$'*$#$G"$'(%Z("7$B'*("!'9$7G+6%';A"$'='8$#>$Y' +'!',&-.$./$0&-%)$

EDUULR GRQGH WHQtD OD FOtQLFD \ HQFXHQWUR TXH HVWiQ SLQWDQGR ODV SDUHGHV \ HVWiQ DUUHJODQGR 0L SULPH9 UD LPSUHVLyQ IXH FUHHU TXH KDEtD XQD UHQRYDFLyQ GHO EDUULR TXL]i VH YDQ D PXGDU YHFLQRV PiV H[LJHQWHV TXH KD\ XQ PRYLPLHQWR LQPRELOLDULR TXH KDUi TXH ORV YDORUHV LQPRELOLDULRV HVWpQ D OD DO]D TXH HVWiQ ³DGH9 FHQWDQGR´ GHO EDUULR SHUR OR TXH HQFRQWUp IXHURQ GRV UHYHODFLRQHV VRUSUHQGHQWHV 8QD TXH KDEtD TXH DGH9 FHQWDU HO EDUULR SRUTXH HVWDEDQ ¿OPDQGR XQD SHOtFXOD SRVW DSRFDOtSWLFD OR TXH VXJLHUH HQWRQFHV TXH HO ED9 UULR HUD SHRU TXH HO SRVW DSRFDOLSVLV 'RV TXH HV PiV UHYHODGRU SDUD VHU YLVLEOH HO EDUULR KD\ TXH SLQWDUOR 3#&!%-+51(:!3#-%&0%!35-')&(:!%*+#-4%&0#!3(&(!,(+%&0#! YLVLEOH (VWD HV OD FXHVWLyQ TXH HO VtQGURPH SXHUWRUUL9 TXHxR HQ VX WHDWUDOLGDG ORJUD KDFHU ]7#),'#,(#$&9#9)9')$#)%"')4#1$#)'0,=)-&*+"$#9#)+.*)$#)/.@ 0&1&$&9#9)9')%"')'$)'J+$"&9.)/"'9#)./.*'(0')#$)/.9'(;)#$) <(#9.)9'),.(+'($.)5)9'0/$#E#(0')4#+&#).,(#0)/.0&+&.*'0^ 5HFXSHUDU VX GLJQLGDG GH VXMHWR (Q JHQHUDO HO KDEL9 WDQWH SREUH GHO JXHWR QR HV FRQVLGHUDGR VXMHWR +D\ 1)+,(!3#0=15+(:!-#!*80#!4%-'&#!4%0!(1$5%-'%!3*5+#(9 QDOtWLFR \D TXH VRQ PX\ SRFRV ORV TXH KDQ DWUDYH9 VDGR ODV IURQWHUDV GHO JXHWR 3RU HMHPSOR HQ (VWD9 4#*!L-54#*!%0!3*5+#(->05*5*!*%!,(!513)%*'#!)-!.)%'#:! HOHJDQWH HQ HIHFWR SHUR JXHWR DO ¿Q XQD LVOD FODVH PHGLD DOWD &UHR TXH OD SURSXHVWD GH /DFDQ GRQGH HO VDEHU QR UDGLFD HQ HO VDEHU GHO DQDOLVWD VLQR TXH HVWi HQ HO LQFRQVFLHQWH GHO DQDOL]DQWH \ TXH DO VHU XQ VDEHU QR VDELGR TXH SURGXFH HIHFWRV SXHGH SHUPLWLU HQWHQGHU HVD SDUWH GH OD KLVWRULD FRORQLDO TXH DÀRUD OD *5')(+58-!513%&5(05*'(:!0(!4%0!3#*5+5#-(15%-'#!*#+5(0:! HWFpWHUD (VH VDEHU HVWi HQ HO LQFRQVFLHQWH GHO DQDOL9 ?(-'%:!(0!&%+)3%&(&*%:!*%!3&#4)+%!)-!*($%&!4%0!+)(0!%0! DQDOLVWD QR HV GXHxR (QWRQFHV HVWDPRV KDEODQGR TXH VH UHSURGXFH HO PRPHQWR GH LQYHQFLyQ HQ FDGD HQFXHQWUR VHD HQ HO JXHWR R HQ OD 4XLQWD $YHQLGD $TXt VH SXHGH SURGX9 FLU XQD UHLQYHQFLyQ GHO SVLFRDQiOLVLV \ TXH HV OD UH9 FXSHUDFLyQ GH HVH VDEHU QR VDELGR TXH HO DQDOL]DQWH UHFXSHUD (Q HVWH VHQWLGR HVH FDSLWDO VH OH GHYXHOYH DO DQDOL]DQWH TXH GHVSXpV SXHGH HVWDU HQ SRVLFLyQ GH SURSRQHU XQ SRFR GH OLEHUWDG DXQTXH SDUD PXFKRV HVWR QR VHD PX\ DPELFLRVR (VD HUD OD SURPHVD GHO SVLFRDQiOLVLV GH /DFDQ 6L OR PLUDPRV HQ XQ VXMHWR PDUJLQDOL]DGR HQ HO JXHWR HVD OLEHUWDG HV PXFKD $GHPiV VH OH UHVWLWX\H XQD SRVLFLyQ GH VXMHWR FRQ 3#*5$5054(4%*!4%!%0%.5&:!%-!)-(!*5')(+58-!4#-4%!3(&%9 FLHUD TXH HVWD FDSDFLGDG KD VLGR SHUGLGD ]!"=$'0)0'(?#*)$#0)*"'-#0)(",#0)5)9'0#8?.0)9'$)/0&@

+.#*=$&0&0)+.6.)6O,.9.)9')&*-'0,&<#+&:*)%"')0')9'@ VDUUROOD HQ HVSDxRO LQFOXLGRV ORV FRQÀLFWRV TXH HVWR &6/.(,#)'*)'$)&*,'(&.()9')$#0)+.6"*&9#9'0)5)#0.+&#@ +&.*'0)9')/0&+.#*#$&0,#0^ /DFDQ GLFH TXH HO SVLFRDQiOLVLV HV XQ VtQWRPD GHO FDSLWDOLVPR WDUGtR (Q OD PHGLGD HQ TXH WHQJDPRV FDSLWDOLVPR KDEUi PDOHVWDU \ VtQWRPDV (O SVLFRDQi9 OLVLV WUDWD GH KDFHU DOJR SURGXFWLYR FRQ HVR 8QD GH ODV SDUDGRMDV TXH XQR YH HQ HO JXHWR HV SRU HMHP9 SOR TXH HQ RFDVLRQHV WUDEDMR FRQ SDFLHQWHV TXH KDQ HVWDGR GHVHPSOHDGRV SRU WUHV JHQHUDFLRQHV )UHQWH D %*'(!*5')(+58-:!0#*!1='#4#*!4%!*(0)4!1%-'(0!'5%-4%-!(! SHUSHWXDU HVWD VLWXDFLyQ GH LPSURGXFWLYLGDG GRQGH VH OHV OOHYD GH FOtQLFD HQ FOtQLFD D ORV SDFLHQWHV \ D YHFHV SDVDQ YHLQWH R WUHLQWD DxRV HQ WUDWDPLHQWR TXH HV XQD DEHUUDFLyQ GHVGH FXDOTXLHU SXQWR GH YLVWD /D LGHD HV TXH VH SRQJDQ D SURGXFLU HV GHFLU TXH HQ YH] GH SURGXFLU VtQWRPDV XVHQ SURGXFWLYDPHQWH OD YHUGDG TXH VXV VtQWRPDV FRQWLHQHQ < GH DKt XVHQ GH OD PHMRU PDQHUD HVH SRFR GH OLEHUWDG TXH HO SVLFRDQiOLVLV SXHGH RIUHFHUOH (V XQD SURPHVD UHSLWR TXL]i QR PX\ DPELFLRVD SHUR OHV GD OD SRVLELOLGDG GH KDFHU DOJR (QWRQFHV HQ OD PHGLGD HQ TXH H[LVWD PDOHVWDU KDEUi SVLFRDQiOLVLV /DPHQWDEOHPHQWH WHQHPRV PX9 FKtVLPR PDOHVWDU /#&!*)!3(&'%:!4#-4%!*7!*#2!#3'515*'(!%*!%-!%0!3&#9 FHVR GH ODWLQL]DFLyQ GH (VWDGRV 8QLGRV TXH SURSRQH )-!,#&5?#-'%!+)0')&(0!456%&%-'%:!4#-4%!2(!-#!,(2!)-(! FXOWXUD KRPRJpQHD DQJOR SXHV HVWD \D QR H[LVWH 3RU %<%130#:!+#-*'('(1#*!)-!(1#&!3#&!%0!0%-.)(<%C!,%!'%9 QLGR SDFLHQWHV TXH KDQ YLYLGR HQ HO JXHWR WUHLQWD R FXDUHQWD DxRV VLQ KDEODU XQD VROD SDODEUD GH LQJOpV 1R VH H[SOLFD HOOR SRU OD LJQRUDQFLD GHO VXMHWR VLQR SRU XQD UHODFLyQ GH DPRU FRQ OD OHQJXD PDWHUQD $TXt ,(2!(0.#!1)2!5-'%&%*(-'%!%-!+)(-'#!(!0(!3%&1%($5059 GDG GH FXOWXUDV HVSHUHPRV TXH VHD XQ HQULTXHFLPLHQ9 WR GH FXOWXUDV TXH SURGXFH LPSDFWR HQ OD YLGD GLDULD FRPR PH KD VXFHGLGR DO VHU LQPLJUDQWH DUJHQWLQD 2MDOi TXH SXHGD YROYHUVH XQ HQFXHQWUR FRQ OD PHQRU FDQWLGDG SRVLEOH GH FRQWHQLGRV UDFLVWDV )LQDOPHQWH HO VtQGURPH SXHUWRUULTXHxR HV XQ HMHPSOR GH OR TXH QR KD\ TXH KDFHU DVt FRPR OD QH9 +%*54(4!4%!*(+(&!(0!3*5+#(->05*5*!4%0!.)%'#!4%!+0(*%:! VREUH WRGR \ QR VyOR UHVSHFWR D OD FXHVWLyQ GHO GL9 QHUR +DEUi DOJXQRV TXH SDJXHQ PiV RWURV PHQRV SHUR XQR SDJD SDUD WUDEDMDU

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

DE


DEBATES *!&("9'1$")!:'3'*"B12+1$:' &(?$2(:'&(:&('#$'$%2"!*!#!)5$'*!#52+1$''

E

(!(-'&#3#0#.7(!3#07'5+(!%*!+#-!'#4(!*%.)&54(4! )-!(-51(0!+(*5!3#&!+#130%'#!4%*+#-#+54#!%-! HO ]RROyJLFR LQWHOHFWXDO GHO 2FFLGHQWH OR TXH WLHQH VXV UD]RQHV \ VXV LPSOLFDFLRQHV 6H SXHGH GH9 FLU TXH HO Q~PHUR TXH HQ HVWD RFDVLyQ SUHVHQWDPRV FXEUH XQD SDUWH VLJQL¿FDWLYD GH pVWD GLVFLSOLQD DO *#*'%-%&!)-!3&5-+535#!6)-4(1%-'(0C!0(!3#07'5+(!%*!)-! (*)-'#! 3&>+'5+#:! %*! *#0(1%-'%! %-! 0(! *%.)-4(! 07-%(! \ GH PDQHUD GHULYDGD TXH WDPELpQ VH VRPHWH D XQ WUDWDPLHQWR WHyULFR $OJXQDV GH VXV FRQVHFXHQFLDV SUiFWLFDV VRQ HYL9 GHQWHV HQ ORV ~OWLPRV GHFHQLRV HQ 0p[LFR (Q HO JRELHUQR PH[LFDQR ¿UPy \ UDWL¿Fy FRPR SDUWH GHO SUR\HFWR GH JOREDOL]DFLyQ GH &DUORV 6DOLQDV GH *RUWDUL HO &RQYHQLR GH OD 2UJDQL]DFLyQ ,QWHU9 QDFLRQDO GHO 7UDEDMR HQ HO FXDO VH FRPSURPHWtD D WRPDU HQ FXHQWD ORV YDORUHV \ VLVWHPDV GH GHUHFKR GH ORV SXHEORV LQGtJHQDV TXH H[LVWHQ GHQWUR GH VXV IURQWHUDV $ FRQVHFXHQFLD GH OD ¿UPD GHO &RQYHQLR GH OD 2,7 VH PRGL¿Fy OD &RQVWLWXFLyQ 0H[L9 FDQD SULPHUR VH PRGL¿Fy HO DUWtFXOR &XDUWR FRQV9

WLWXFLRQDO HQ \ SRVWHULRUPHQWH VH UHYRFy OD PRGL¿FDFLyQ GHO DUWtFXOR &XDUWR \ VH PRGL¿Fy HO DUWtFXOR 6HJXQGR FRQVWLWXFLRQDO HQ (Q DPEDV PRGL¿FDFLRQHV VH LQFOX\H FRQ PDWLFHV GLIHUHQWHV OD REOLJDFLyQ GHO JRELHUQR GH 0p[LFR SDUD WRPDU HQ FXHQWD ORV YDORUHV FXOWXUDOHV \ OHJDOHV GH ORV SXHEORV LQGtJHQDV \ SURPRYHU OD DXWRQRPtD UHDO GH GLFKRV SXHEORV LQGtJHQDV 6LQ HPEDUJR VDOWDQ LQPHGLDWD9 1%-'%!4#*!#$*'>+)0#*!3(&(!+)1305&!+#-!0#*!+#13&#9 PLVRV QXHYRV FRQWHQLGRV HQ OD PRGL¿FDFLyQ GH OD &RQVWLWXFLyQ PH[LFDQD (O SULPHUR HV OD DXVHQFLD 4%!)-(!0%2!&%.0(1%-'(&5(!%-!(1$#*!+(*#*C!-5!%-!0(! PRGL¿FDFLyQ GHO DUWtFXOR &XDUWR QL HQ OD GHO DUWtFX9 OR 6HJXQGR VH IRUPXOy XQD OH\ UHJODPHQWDULD OR TXH VLJQL¿FD TXH FXDOTXLHU MXH] IXQFLRQDULR R SROtWLFR SXHGH GHFLU FRQ UD]yQ TXH Vt UHVSHWD OD &RQVWLWXFLyQ SHUR QR WLHQH LGHD GH FyPR KDFHUOR SDUD UHVSHWDUOD @0!*%.)-4#!%*'&5$(!%-!%0!1)2!0515'(4#!+#-#+515%-'#! 4%!0(*!3%&*#-(*!*#$&%!0(*!5-*'5')+5#-%*!3#07'5+(*!4%! ORV SXHEORV LQGtJHQDV XQ GHVFRQRFLPLHQWR TXH VH H[WLHQGH KDVWD HQ HO LQWHULRU GH ODV ¿ODV GH HVSHFLD9


OLVWDV FRPR ORV VRFLyORJRV \ SROLWyORJRV (V SRU HOOR TXH VH SXHGH GHFLU TXH SUHFLVDPHQWH OD DQWURSRORJtD SROtWLFD HV TXL]i OD ~QLFD GLVFLSOL9 QD TXH HVWXGLD OD DOWHULGDG HQWHQGLGD FRPR DTXHO +#-<)-'#! 4%! 5-*'5')+5#-%*! 3#07'5+(*! 4%! 0#*! 3)%$0#*! LQGtJHQDV 'H HVWH PRGR WHQHPRV TXH HO SULPHU '%A'#:! FE(! (-'&#3#0#.7(! 2! 0(*! 3#07'5+(*G:! *%! 45*+)9 WH OD UHODFLyQ TXH H[LVWH HQWUH OD DQWURSRORJtD \ ODV 4%1>*!+5%-+5(*!*#+5(0%*!%-!%0!%*')45#!4%!0#!3#07'5+#:! FRQ pQIDVLV HQ VX UHODFLyQ FRQ OD ¿ORVRItD SROtWLFD \ OD KLVWRULD SROtWLFD (O VHJXQGR DUWtFXOR HVFULWR SRU $OIUHG 5 5DGFOLIIH %URZQ HV HO WH[WR LQWURGXFWR9 ULR GHO OLEUR SXEOLFDGR HQ L8(&+#*) H.$&,&+#$) S50,'60;) HGLWDGR SRU 0H\HU )RUWHV \ ( ( (YDQV /&5'+,(&4! 4#-4%! -(+%&>! 0(! (-'&#3#0#.7(! 3#07'5+(! FRPR GLVFLSOLQD FRQ WRGR GHUHFKR /D WUDGXFFLyQ GH 0(! #$&(! +#130%'(! *%&>! 3)$05+(4(! %-! )-(! +#%45+58-! 4%!'&%*!513#&'(-'%*!5-*'5')+5#-%*!%-!0(!(-'&#3#0#.7(! PH[LFDQD HO &,(6$6 OD 8QLYHUVLGDG ,EHURDPHUL9 FDQD \ OD 8QLYHUVLGDG $XWyQRPD 0HWURSROLWDQD ,]WDSDODSD ³3ROtWLFD \ SRGHU 8QD PLUDGD GHVGH OD DQWURSRORJtD´ GH $OIRQVR %DUTXtQ &HQGHMDV RIUH9 FH XQD YLVLyQ GH OD GLVFLSOLQD GH OD DQWURSRORJtD SROtWLFD TXH HV FLHUWDPHQWH GHVGH GHQWUR GHVGH HO

FRUD]yQ GH OD PLVPD DQWURSRORJtD SHUR WHxLGD SRU 0(*!%A3%&5%-+5(*!4%0!()'#&!%-!0(*!+5%-+5(*!3#07'5+(*:! TXH SUHWHQGH VXEUD\DU OD UHOHYDQFLD GH OD PLUDGD DQWURSROyJLFD UHVSHFWR D ORV IHQyPHQRV GHO SRGHU F@0!3#4%&:!0#*!*5*'%1(*!4%!+(&.#*!2!0(!(-'&#3#0#.7(! SROtWLFD´ GH +LODULR 7RSHWH /DUD GLVFXWH XQD VHULH 4%!'835+#*!+%-'&(0%*!4%!0(!(-'&#3#0#.7(!3#07'5+(!3(&9 '5%-4#!4%!0(!3&%#+)3(+58-!3#&!0(!5-*'5')+58-!+#-#+59 GD FRPR HO VLVWHPD GH FDUJRV (O VLVWHPD GH FDUJRV HV XQD LQVWLWXFLyQ GH FLHUWD LPSRUWDQFLD HQ OD YLGD SROtWLFD HQ 0p[LFR SXHV VREUH HVWD LQVWLWXFLyQ TXH 6)%! 5-'&#4)+54(! 3#&! %0! (-'&#380#.#! -#&'%(1%&5+(-#! 6RO 7D[ HQ HO UHSHUWRULR DQWURSROyJLFR HQ IXH GLVHxDGD WRGD OD SROtWLFD LQGLJHQLVWD PRGHUQD D SDU9 WLU GH DxR GH FUHDFLyQ GHO ,QVWLWXWR 1DFLRQDO ,QGLJHQLVWD FX\R DQWHFHGHQWH HVWi HQ FRQ OD FUHDFLyQ GHO ,QVWLWXWR ,QGLJHQLVWD ,QWHUDPHULFDQR 3RU ~OWLPR SUHVHQWDPRV HO DUWtFXOR ³5HYHVWLU HO SR9 GHU YLHMDV LGHDV QXHYDV FXHVWLRQHV´ GHO DQWURSyORJR QRUWHDPHULFDQR GH RULJHQ DXVWULDFR (ULF 5 :ROI TXLHQ IXHUD XQR GH ORV DQWURSyORJRV QRUWHDPHULFD9 QRV TXH FRQ PiV GHWHUPLQDFLyQ VH RSXVR D OD SDUWL9 FLSDFLyQ GH DQWURSyORJRV HQ OD JXHUUD GH 9LHWQDP

D"5E%F+'.0$"G


antropología

#$'

3'#$:'*!#52+1$:

D"5E%F+'.0$"G6

@

Q QDFH OD DQWURSRORJtD SROtWLFD HQ HO PR9 1%-'#! 4%! 0(! 3)$05+(+58-! 4%! L8(&+#*) H.$&,&+#$) S50,'60 XQD DQWRORJtD TXH PDUFD HO SXQWR PiV (0'#!%-!0(!+(&&%&(!4%0!%*'&)+')&(096)-+5#-(05*1#!$&5'>9 QLFR \ TXH DO PLVPR WLHPSR SUHVHQWy ORV FRQWHQLGRV HVHQFLDOHV GH HVWD QXHYD FLHQFLD )XH HO SUyORJR GH 5DGFOLIIH %URZQ HO FUHDGRU GHO HVWUXFWXUDO IXQFLR9 -(05*1#! %-! 0(! (-'&#3#0#.7(! *#+5(0! $&5'>-5+(! 2! %0! ()9 WRU LQWHOHFWXDO GH OD DQWRORJtD HQ HO FXDO VH GH¿QLy 0(!(-'&#3#0#.7(!3#07'5+(H!(*515*1#:!%-!0(!5-'&#4)++58-! PHWRGROyJLFD GH ORV GRV HGLWRUHV GH OD DQWRORJtD 0H9 \HU )RUWHV \ ( ( (YDQV 3ULWFKDUG VH IRUPXOy XQD WLSRORJtD QRYHGRVD GH VLVWHPDV SROtWLFRV SRU ~OWLPR OD DQWRORJtD FRQWHQtD RFKR WH[WRV HWQRJUi¿FRV HQ ORV +)(0%*!*%!3&%*%-'(&#-!5.)(0!-;1%&#!4%!+#1)-54(4%*!2! UHJLRQHV FRQ VXV VLVWHPDV SROtWLFRV GH GLYHUVDV SDUWHV GH ÈIULFD \ SHUWHQHFLHQWHV D ORV WLSRV GH¿QLGRV HQ OD LQWURGXFFLyQ PHWRGROyJLFD J#1#! 3)-'#! 4%! 3(&'54(! &%'#1#! )-(*! 3(0($&(*! 5-9 WURGXFWRULDV GHO OLEUR GH 'XKDUWH ³6RQ 1;0'530%*!0#*!+(13#*!(+(4=15+#*!4%!%*')45#!4%!0(!3#9 OtWLFD (Q pVWRV LQWHUYLHQHQ GLVFLSOLQDV GLIHUHQWHV OD FLHQFLD SROtWLFD OD ¿ORVRItD SROtWLFD OD WHRUtD SROtWLFD 0(!*#+5#0#.7(!3#07'5+(:!0(!%+#-#17(!3#07'5+(:!%0!4%&%+,#! 3#07'5+#:!0(!,5*'#&5(!3#07'5+(:!0(!(-'&#3#0#.7(!3#07'5+(:! OD SVLFRORJtD SROtWLFD GH GHVDUUROOR UHFLHQWH \ D~Q HQ FLHUQHV R VHD PHQRV HVWDEOHFLGD FRPR FLHQFLD TXH HO UHVWR GH ODV GLVFLSOLQDV PHQFLRQDGDV OD JHRJUDItD 3URIHVRU LQYHVWLJDGRU HQ OD (VFXHOD 1DFLRQDO GH $QWURSRORJtD H +LVWRULD

D

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

DD

SROtWLFD \ KDVWD OD JHRSROtWLFD OD TXH DOJXQRV DXWRUHV GH¿HQGHQ FRPR XQD GLVFLSOLQD FLHQWt¿FD DXWyQRPD´ (Q HO SUHVHQWH DUWtFXOR LQWHQWR KDFHU GRV FRVDV (Q SULPHU OXJDU GH¿QLU \ GHOLPLWDU OD DQWURSRORJtD SROt9 WLFD FRPR GLVFLSOLQD WUD]DQGR ODV OtQHDV TXH OD GLVWLQ9 JXHQ \ VHSDUDQ GH ODV GHPiV GLVFLSOLQDV TXH GLULJHQ *)!('%-+58-!,(+5(!%0!6%-81%-#!3#07'5+#!2:!%-!*%.)-4#! 0).(&:!,(+%&!)-(!4%6%-*(!4%!0(!(-'&#3#0#.7(!3#07'5+(:! FRQWHVWDQGR OD SUHJXQWD ¢HQ TXp QRV SXHGH VHUYLU OD DQWURSRORJtD SROtWLFD TXp OXFHV QRV SXHGH GDU TXH ODV GHPiV GLVFLSOLQDV TXH VH GHGLFDQ D DQDOL]DU OD SROtWLFD QR SXHGHQ RIUHFHU" 'H HVWD PDQHUD HO WH[WR VH YXHOYH XQD GREOH E~V9 TXHGD 3RU XQ ODGR XQD E~VTXHGD GH SDUWH GH OD DQ9 '&#3#0#.7(!4%!54%(*!2!,%&&(15%-'(*!%-!#'&(*!45*+5305-(*! 3(&(!+#13&%-4%&!2!%A305+(&!%0!6%-81%-#!3#07'5+#!2:!3#&! HO RWUR HQ TXp SXHGH FRQWULEXLU OD DQWURSRORJtD D ODV GHPiV GLVFLSOLQDV SDUD PDQHMDU PDWHULDOHV SROtWLFRV /$ $175232/2*Ë$

6H GLFH TXH OD DQWURSRORJtD HV XQD FLHQFLD MRYHQ \ TXH HVWi PDO GH¿QLGD &RPR VHxDOy $OIUHG / .URHEHU ³(Q HO PHUR KHFKR GH TXH ODV %*+)%0(*!(-'&#3#08.5+(*!($#.(-!+(4(!)-(!3#&!*)!3&#9 JUDPD KD\ DOJR GH LQPDGXUR SDUWLVDQR R LQDFDEDGR´ $O SDUHFHU KD\ WDQWDV GH¿QLFLRQHV GH OD DQWURSRORJtD +#1#!(-'&#380#.#*!,(2!#:!3#&!0#!1%-#*:!+#1#!%*+)%9 ODV DQWURSROyJLFDV 'H ODV P~OWLSOHV GH¿QLFLRQHV GH DQWURSRORJtD FLWDPRV OD GH *OXFNPDQ ³OD


#$'$%9"!*!#!):$'='#$8'*!#:9+;$8

(-'&#3#0#.7(!%*!%0!%*')45#!4%!+#*(*!&(&(*!3#&!%A+=-9 WULFRV´ \ TXH VXHQD FRPR FKLVWH 6LQ HPEDUJR ORV FKLVWHV TXH QR WLHQHQ XQ IRQGR VHULR QR SRGUtDQ VHU FKLVWHV \ HVWD GH¿QLFLyQ WLHQH WDPELpQ VX VHULHGDG (O FD]DGRU GH GH¿QLFLRQHV GH OD DQWURSRORJtD SXH9 GH HPSH]DU FRQ HO DUWtFXOR GH -RKQ %HDWWLH HQ - 5 /OREHUD ³&RPSUHQVLyQ \ H[SOLFDFLyQ %-!(-'&#3#0#.7(!*#+5(0G:!4#-4%!*%!3&%*%-'(-!+)('&#!4%9 ¿QLFLRQHV EULWiQLFDV GH OD DQWURSRORJtD VRFLDO GH 5DG9 FOLIIH %URZQ 6 ) 1DGHO (YDQV 3ULWFKDUG \ 5DOSK 3LGGLQJWRQ FRPSOHPHQWDU FRQ 0DOLQRZVNL ³$ 6FLHQWL¿F 7KHRU\ RI &XOWXUH´ VHJXLU FRQ 0HFKWKLOG 5XWVFK K$) ('$#,&-&06.) +"$,"(#$ TXH FRQWLHQH GLVFXVLRQHV GH ODV GH¿QLFLRQHV QRUWHDPHULFDQDV GH OD DQWURSRORJtD FXOWXUDO GH )UDQ] %RDV \ VXV VHJXLGRUHV $OIUHG / .URHEHU 5XWK %HQHGLFW 0DUJDUHW 0HDG 5DOSK /LQWRQ \ $EUDKDP .DUGLQHU \ 0 6DKOLQV \ ( 6HUYLFH K-.$",&.*) #*9) !"$,"(' TXH FRQWLHQH XQD GH¿QLFLyQ DQWL ERDVLDQD GH OD DQWURSRORJtD FXOWX9 UDO /D PHMRU SUHVHQWDFLyQ GH OD GH¿QLFLyQ GH OD PR9 GHUQD HWQRORJtD IUDQFHVD VH HQFXHQWUDQ HQ /pYL 6WUDXVV L*,(./.$.<?#) '0,("+,"(#$ 0HUHFH VXEUD\DUVH TXH ORV WtWXORV VHxDODGRV VRQ VRODPHQWH XQD PXHVWUD H[LVWHQ OLWHUDOPHQWH FLHQWRV GH GH¿QLFLRQHV VL HPSH]D9 PRV D GLVWLQJXLU PDWLFHV PiV ¿QRV 3DUD ³HQWHQGHU´ TXp HV OD DQWURSRORJtD WHQHPRV TXH YHU VX GHVDUUROOR HQ HO FRQWH[WR GH XQ SURFHVR KLVWyULFR TXH LQLFLDOPHQWH SXHGH SHUPLWLUQRV SODQWHDU OD LGHD GH TXH OD DQWURSRORJtD QDFLy FRPR SDUWH GHO PXQGR PRGHUQR VXUJLy DO FDORU GH WUHV SURFHVRV TXH VH OOHYDURQ D FDER HQWUH HO DxR HQ TXH PXULy XQR GH ORV DUTXLWHFWRV GHO PXQGR PRGHUQR HO ¿OyVRIR *XLOOHUPR GH 2FNKDP \ HO DxR GH OD PXHUWH GH RWUR DUTXLWHFWR GH OD PRGHUQLGDG 5HQp 'HVFDUWHV /RV WUHV SURFHVRV VHxDODGRV VRQ HO 5HQDFLPLHQWR HO *)&.515%-'#!4%0!+(35'(05*1#!2!%0!4%*+)$&515%-'#!4%0! 1XHYR 0XQGR SRU SDUWH GHO 9LHMR 0XQGR /D DQWURSRORJtD QDFH FRQ HVWH PXQGR PRGHUQR (O PXQGR PHGLHYDO KDEtD VLGR XQ PXQGR FHUUDGR HQ GRV GLVWLQWRV VHQWLGRV WRGDYtD QR VH OH KDEtD DJUHJD9 GR HO 1XHYR 0XQGR HUD HO 9LHMR 0XQGR (XURSD DOJXQDV SDUWHV GH ÈIULFD $VLD \ HO 0HGLR 2ULHQWH \ KDEtD VLGR XQ PXQGR FHUUDGR SRUTXH VX E~VTXHGD GH FRQRFLPLHQWRV LED KDFLD VX LQWHULRU HQ XQD E~VTXHGD %*+#0>*'5+(!4%!+#-#+515%-'#*!2(!+#-#+54#*:!3(&(!(*7! GHFLUOR TXH OXHJR VH SRGUtDQ FRQ¿UPDU SRU PHGLR GH XQD FRQIURQWDFLyQ FRQ ODV 6DJUDGDV (VFULWXUDV @0! 1)-4#! 1#4%&-#! %135%?(! 4#-4%! '%&15-(! 0(! HGDG PHGLD FRQ XQD WULSOH UHYROXFLyQ 3RU XQ ODGR QRV GD HO 5HQDFLPLHQWR XQD QXHYD VHQVLELOLGDG OD JHQWH VLHQWH \ H[SHULPHQWD OD YLGD \ HO PXQGR GH XQD

+'!',&-.$./$0&-%)$

PDQHUD QXQFD DQWHV YLVWD 3RU RWUR ODGR HO QDFLPLHQWR GHO FDSLWDOLVPR QRV GRWD GH XQD QXHYD UDFLRQDOLGDG *#$&%!'#4#!%-!0#!%+#-815+#:!3%&#!'(1$5=-!%-!0(*!4%9 PiV HVIHUDV GH OD YLGD 8QD WHUFHUD UHYROXFLyQ WDO YH] 4%!1(2#&!3%*#!2!+#-*%+)%-+5(*!1>*!+#-+&%'(*!2!4)&(9 GHUDV HV HO GHVFXEULPLHQWR GHO 1XHYR 0XQGR HPSH9 ]DQGR FRQ HO GHVFXEULPLHQWR JHRJUi¿FR GH &ULVWyEDO &ROyQ \ FRQWLQXDQGR FRQ VX GHVFXEULPLHQWR FLHQWt¿9 FR OD DYDODQFKD GH FUyQLFDV GH YDULDGR LQWHUpV FDUiF9 WHU \ FRQWHQLGR DVt FRPR FDOLGDG $OFLQD 3RU VX SDUWH HV LPSRUWDQWH SDUD OD DQWURSROR9 JtD \D TXH SRU H[WUDxDV UD]RQHV ORV DQWURSyORJRV HP9 3%?(&#-!(!%*')45(&!%0!3(*(4#!4%!*)!45*+5305-(!2!45*+)'5&! OD LGHQWLGDG GH OD DQWURSRORJtD $QWHV GH DTXHO DxR HO 5-'%&=*!3#&!0(!'&(2%+'#&5(!4%!0(!45*+5305-(!2!%0!.&%15#!(! WUDYpV GHO WLHPSR VH KDEtD PDQLIHVWDGR VRODPHQWH GH PDQHUD HVSRUiGLFD 3HUR DOUHGHGRU GH QDFLy XQD DXWpQWLFD E~VTXHGD GH ODV UDtFHV GH OD SURIHVLyQ \ XQ HVWXGLR LQWHQVLYR GHO SURFHVR KLVWyULFR TXH KDEtD VLGR HO QDFLPLHQWR \ HO GHVDUUROOR GH OD GLVFLSOLQD E~VTXH9 GD \ HVWXGLR TXH SURGXMHURQ DOJR TXH SRGHPRV OODPDU OD QXHYD KLVWRULRJUDItD GH OD DQWURSRORJtD (O HMHPSODU PiV UHSUHVHQWDWLYR GH HVWD KLVWRULRJUDItD GH OD DQWUR9 SRORJtD IXH HO OLEUR GH 0DUYLQ +DUULV K$)9'0#((.$$.) 9')$#),'.(?#)#*,(./.$:<&+#;)SXEOLFDGR HQ \ TXH KD FRQWULEXLGR GH PDQHUD GHFLVLYD D IRUPDU OD RSLQLyQ DFHUFD GH OD GLVFLSOLQD \ HQ SDUWLFXODU OD YLVLyQ GHO UHODWLYLVPR FXOWXUDO GHO PDU[LVPR \ GH OD DQWURSROR9 JtD VRFLDO EULWiQLFD (Q )UDQFLD VDOLHURQ GRV YDOLRVRV '#1#*C! F&0,.(&#) 9') $#) #*,(./.$.<?#) 4%! S%(-! /#5&5%&:! HQ (Q ,QJODWHUUD $GDP .XSHU SXEOLFy HQ L*,(./.$.<?#)5)#*,(./:$.<.02!7#)K0+"'$#)Q(&,=*&+#:! PLHQWUDV TXH ÈQJHO 3DOHUP HPSH]y D SX9 EOLFDU VXV HYDOXDFLRQHV GHO GHVDUUROOR GH ODV WHRUtDV HWQROyJLFDV HQ /XHJR HQWRQFHV SRGHPRV VXJHULU TXH OD DQWURSR9 ORJtD HV OD ~QLFD GLVFLSOLQD TXH H[SOtFLWDPHQWH VH GH9 45+(!(0!%*')45#!4%!0(!(0'%&54(4:!*%!6)-4(1%-'(!%-!%0!)*#! GHO FRQFHSWR GH FXOWXUD R HQ VX FDVR GH HVWUXFWXUD VRFLDO SURGXFH VXV GDWRV SRU PHGLR GHO WUDEDMR GH FDPSR H LQVLVWH HQ PDQWHQHU XQD DPELFLyQ KROtVWLFD /#&!*)!3(&'%:!%-!7#)H.$?,&+#2)7:<&+#)5)6O,.9.)'*) $#0) +&'*+&#0) 0.+&#$'0 *LRYDQQL 6DUWRUL VHxDOD TXH F0(!3#07'5+(!%*!%0!4#+'()GHO KRPEUH TXH PiV TXH QLQ9 J~Q RWUR DIHFWD H LQYROXFUD D WRGRV (VWD QR HV XQD GH¿QLFLyQ GH OD SROtWLFD (V SDUD SURFODPDU GHVGH HO SULQFLSLR TXH OR TXH PH LQWHUHVD HV OOHJDU DO KDFHU D OD SUD[LV 3HUR HO KDFHU GHO KRPEUH HVWi SUHFHGLGR GH XQ GLVFXUVR VREUH HO KDFHU (O GLVFXUULU GHO 4.6.)$.@ +"#J)SUHFHGH D OD DFFLyQ GHO KRPEUH RSHUDQWH 3RU OR '(-'#!0(!(++58-!2!0#*!+#13#&'(15%-'#*!3#07'5+#*!%*'>-! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

DJ


.-0$)-!//+ #(+Z'f!"8G$(f

3&%+%454#*!2!&#4%(4#*!3#&!%0!45*+)&&5&!*#$&%!0(!/.$&0:! VREUH OD FLXGDG 6L TXHUHPRV FRPHQ]DU SRU HO SULQFL9 35#:!%0!3&5-+535#!%*!=*'%C!%0!9&0+"(0.)VREUH OD SROtWLFD < HO SULPHU SUREOHPD FRQVLVWH HQ TXH HO GLVFXUVR VR9 EUH OD SROtWLFD VH YXHOYH KDFLD WUHV DQWHFHGHQWHV \ WUHV IXHQWHV GLYHUVDV FXDQGR PHQRV OD ¿ORVRItD SROtWL9 FD OD FLHQFLD R FRQRFLPLHQWR HPStULFR GH OD SROtWL9 FD HO GLVFXUVR FRP~Q X RUGLQDULR VREUH OD SROtWLFD´ 6DUWRUL 'H HVWH PRGR OD SROtWLFD HV RPQL9 SUHVHQWH GLItFLO GH DWUDSDU SXHV ³OD DFWLYLGDG SROtWLFD HV JHQHUDOPHQWH XQ DVSHFWR GH RWUD DFWLYLGDG TXH VH &%(05?(!+#-!)-!3&#38*5'#!456%&%-'%G:!3%&#!*%!3)%4%!4%9 ¿QLU UiSLGDPHQWH FRPR OD FXHVWLyQ GH ³TXp FRVD ORJUD DSURSLDUVH FDGD TXLpQ GyQGH \ FyPR´ /DVZHOO HQ )ULHG &RPR \D VH PHQFLRQy H[LVWH XQD GLYHUVLGDG GH %*+)%0(*:! #&5%-'(+5#-%*! 2! '%-4%-+5(*! (-'&#3#08.5+(*:! SHUR WRGDV FRLQFLGHQ HQ TXH HVWXGLDQ &*0,&,"+&.*'0:!0#! TXH UHYHOD D PL MXLFLR HO RULJHQ HQ WRUQR D OD DQWUR9 3#0#.7(!2!(!0(!3#07'5+(!+#1#!+(13#*!+#-'5.)#*!4%!5-9 WHOLJLELOLGDG 6LQ HPEDUJR OR TXH DTXt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pQ VH SXHGH VXJHULU TXH SRGHPRV FRQVWDWDU XQD GLYLVLyQ VRFLDO \ DQWURSROyJL9 +(!(!3(&'5&!4%!>&%(*!+)0')&(0%*!4#15-(4(*!3#&!)-(!*#0(! LQVWLWXFLyQ HQ OD ,QGLD ULJHQ ODV FDVWDV HQ $XVWUDOLD ORV GLYHUVRV WLSRV GH WRWHPLVPR HQ ÈIULFD ORV VLVWH9 PDV GH SDUHQWHVFR XQLOLQHDOHV HQ ORV $QGHV HO D\OOX \ HQ OD FRVWD 3DFt¿FD GH &DQDGi HO SRWODWFK HQ 0HVR9 (1=&5+(!4#15-(!%0!*5*'%1(!4%!+(&.#*:!)-(!5-*'5')+58-! TXH FXPSOH DO PLVPR WLHPSR IXQFLRQHV HFRQyPLFDV SROtWLFDV \ UHOLJLRVDV (VWD LQVWLWXFLyQ RPQLSUHVHQWH HQ 0HVRDPpULFD \ HQ RWUDV SDUWHV GH $PpULFD /DWLQD ! @*'(! 45*'5-+58-! %*! %0! 6)-4(1%-'#! 4%! 15! '%*5*! 4#+'#&(0:! 7#) ',*.<(#8?#) 9') "*#) +.6"*&9#9) 6#,$#,E&*+#) '*) '$) K0,#9.) 9') MOJ&+.X) '$) 0&0,'6#) 9') +#(<.0)5)$#)*'.',*&+&9#9)'*)S#*)N(#*+&0+.)cJ,.,&$/#*;)M"*&+&/&.)9')b'@ 6#0+#$,'/'+ .RUVEDHN \ GH PL WUDEDMR DQWURSROyJLFR HQ JHQHUDO KDFLHQGR UHIHUHQFLD D OD REUD GHO DQWURSyORJR / 'XPRQW TXH WRGD VX YLGD WUDEDMDED HQ OD ,QGLD SRU OR TXH WRGR HO WLHPSR SHQVDED HQ +#0,#0:! GH PDQHUD TXH HO PXQGR WUDGLFLRQDO SDUD pO HUD HO PXQGR G'(=(%"&+.:!2!%0! 1)-4#!1#4%&-#!%&(!%0!1)-4#!&*9&-&9"#$&0,# 'XPRQW

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

DK

WLHQH VXV FDUDFWHUtVWLFDV HVSHFt¿FDV HQ YDULDV UHJLRQHV GH 0p[LFR .RUVEDHN /$ ),/262)Ë$ 32/Ë7,&$

6KHOGRQ :ROLQ SODQWHD TXH FRPR ³XQD WUDGLFLyQ HVSHFLDO GH GLVFXUVR >VH SXHGH@ HVSHUDU TXH HO H[D9 PHQ FRPLHQFH FRQ XQD GH¿QLFLyQ GH OD ¿ORVRItD SROt9 WLFD 6LQ HPEDUJR WUDWDU GH VDWLVIDFHU HVWD H[SHFWDWLYD UHVXOWDUtD LQIUXFWXRVR QR VROR SRUTXH HV LPSRVLEOH ORJUDU HQ XQDV FXDQWDV IUDVHV OR TXH VH SURSRQH XQ OLEUR HQWHUR VLQR WDPELpQ SRUTXH OD ¿ORVRItD SROtWL9 +(!-#!%*!)-(!%*%-+5(!+)2(!-(')&(0%?(!*%(!%'%&-(:!*5-#! XQD DFWLYLGDG FRPSOHMD PiV IiFLO GH FRPSUHQGHU VL VH DQDOL]DQ ODV GLYHUVDV IRUPDV HQ TXH ORV PDHVWURV UHFRQRFLGRV OD KDQ SUDFWLFDGR´ :ROLQ 6LQ HPEDUJR VHxDOD PiV DGHODQWH TXH ³OD ¿ORVRItD 3#07'5+(!2!0(!-(')&(0%?(!3#07'5+(!'5%-%-!)-(!,5*'#&5(C!*%! SXHGH GHFLU HQ FRQVHFXHQFLD TXH XQD \ RWUD WLHQH XQ FRPLHQ]R´ :ROLQ $Vt SXHV VH VHxDODQ FRPR ORV SULPHURV HMHPSORV GH ¿ORVRItD SROtWLFD OD GH 3ODWyQ \ $ULVWyWHOHV D TXLHQHV VH OHV UHFRQRFH HO 1=&5'#! 4%! ,($%&! *%3(&(4#! (-(07'5+(1%-'%! 0(! 3#07'5+(! GH RWUDV HVIHUDV GH OD YLGD \ TXL]i KDEHU FRQWULEXLGR D 0(!+#13&%-*58-!4%!0(!454>+'5+(!%-!)-(!*5')(+58-!,5*'89 ULFD SHFXOLDU ³HQ $WHQDV HVWH GHVSHUWDU FRPSDUDEOH DO GH OD ,QJODWHUUD GH ,VDEHO IXH WRGDYtD PiV YLJRURVR TXH HQ RWUDV SDUWHV 0X\ FHUFD GHO ¿Q GH OD JXHUUD FRQWUD ORV SHUVDV VLJXLy XQ FDPELR SROtWLFR >«@ IXH OD WDUHD GH ORV VR¿VWDV DO PLVPR WLHPSR H[SUHVDU HVWD QXHYD DXWRFRQFLHQFLD \ VDWLVIDFHU OD GHPDQGD SUiFWL9 FD GH QXHYDV LGHDV \ SDODEUDV SDUD H[SUHVDUODV´ %DU9 NHU /D ¿ORVRItD SROtWLFD GH 3ODWyQ FROPD XQD EXHQD SDUWH GH VXV GLiORJRV (Q HO DQiOLVLV TXH KDFH %DUNHU 4%!7#)P'/I1$&+#)VHxDOD TXH ³QRV KD OOHJDGR EDMR XQ 4#$0%!'7')0#:!7#)('/I1$&+#!2!`')$#)d"0,&+&#)3%&#:!(!3%9 *(&!4%!%*'#*!4#*!'7')0#*!-#!*%!3)%4%!%-'%-4%&!-5!+#1#! XQ WUDWDGR GH OD FLHQFLD SROtWLFD QL GH OD MXULVSUXGHQFLD @*!(1$(*!+#*(*:!2!(0!15*1#!'5%13#!%*!(0.#!1>*C!%*!)-! LQWHQWR SRU IRUPXODU XQD ¿ORVRItD FRPSOHWD GHO KRP9 EUH (Q SULPHU OXJDU WUDWD DO KRPEUH HQ DFFLyQ SRU OR TXH WUDWD OD YLGD PRUDO \ SROtWLFD 3HUR HO KRPEUH %*!)-!'#4#C!*)!(++58-!-#!*%!3)%4%!%-'%-4%&!%-!*%3(9 UDFLyQ GH VX SHQVDPLHQWR SRU OR TXH 7#)P'/I1$&+#)%*! '(1$5=-!)-!'&('(4#!4%0!,#1$&%!%-!*)!3%-*(&!2!4%!0(*! OH\HV GH VX SHQVDU 9LVWD GH HVWD PDQHUD 7#)P'/I1$&+#) FRQVWLWX\H XQ WRGR RUJiQLFR´ %DUNHU $Vt SXHV OD ¿ORVRItD GH 3ODWyQ FRPSDUWH XQR GH ORV SUR9 $0%1(*!6)-4(1%-'(0%*!4%!0(!(-'&#3#0#.7(!3#07'5+(!2!0(! MXUtGLFD TXH ORV IHQyPHQRV SROtWLFRV \ MXUtGLFRV TXH *%! %*')45(-! %-! %0! 1)-4#! 1#4%&-#! %*'>-! +0(&(1%-'%!


#$'$%9"!*!#!):$'='#$8'*!#:9+;$8

*%3(&(4#*!4%!#'&#*!6%-81%-#*:!+#1#!0#!%*!%0!+(*#!4%! OD HFRQRPtD QR DVt HO HMHPSOR GHO PXQGR WUDGLFLRQDO 3RU VX SDUWH $ULVWyWHOHV DO GHVDUUROODU VX VLVWHPDWL9 ?(+58-!*#$&%!0(*!6#&1(*!4%!+#-*'5')+5#-%*!4%0!1)-4#! (-'5.)#:! ,(! +#-'&5$)54#! (! &%3&#4)+5&! (0.)-#*! 4%! 0#*! SUHMXLFLRV PiV FRPXQHV HQ 2FFLGHQWH (Q HO /LEUR RO! 4%! *)! H.$?,&+#) 4%*(&&#00(! +#-! 4%'(00%! 0(! '53#0#.7(! GH ORV JRELHUQRV TXH VLJXH VLHQGR YLJHQWH KDVWD HO GtD GH KR\ OD GHPRFUDFLD OD DULVWRFUDFLD \ OD ROLJDUTXtD $ULVWyWHOHV \ HV VLJQL¿FDWLYR TXH GH9 GLFD HO /LEUR 9, D GLVFXWLU ³¢FyPR VH SXHGHQ SUHVHUYDU ODV GHPRFUDFLDV"´ $ULVWyWHOHV $ OD WLSRORJtD GH $ULVWyWHOHV SRGHPRV DJUHJDU HO SHQVDPLHQWR GH 3ROLELR TXLHQ WUDWD PiV ELHQ HO SUR9 +%*#!4%!4%+(4%-+5(!4%!0#*!*5*'%1(*!3#07'5+#*!4%*(&&#9 OODGRV SRU $ULVWyWHOHV ³'H ODV GRV PDQHUDV HQ ODV TXH ODV GLYHUVDV IRUPDV GH UpJLPHQ VH FRUURPSHQ \ FDP9 ELDQ XQD SRU FDXVDV H[WHUQDV RWUD SRU PRWLYRV LQWHU9 -#*:! *80#! 0(! *%.)-4(! 3)%4%! *%&! #$<%'#! 4%! )-(! '%#&7(! *5*'%1>'5+(G:!3&#3#&+5#->-4#-#*!)-(!%*3%+5%!4%!+#19 3%-45#C!F%0!#&7-:!3(&(!%0!,5%&&#:!2!0(!+(&+#1(!2!+5%&9 '#*!.)*(-#*:!3(&(!0(!1(4%&(:!*#-!%-6%&1%4(4%*!+#-9 JpQLWDV TXH OOHJDQ D GHVWUXLU HVWRV PDWHULDOHV LQFOXVR FXDQGR QR VXIUHQ QLQJ~Q GDxR H[WHUQR 'H PRGR QR 45*'5-'#:!+#-!+(4(!)-(!4%!0(*!+#-*'5')+5#-%*!-(+%!)-(! FLHUWD HQIHUPHGDG TXH VH VLJXH GH HOOD QDWXUDOPHQWH &RQ HO UHLQR 1#0&$'?# QDFH HO GHVPHMRUDPLHQWR OOD9 1(4#!4%*3#'5*1#H!+#-!0(!(&5*'#+&(+5(:!%0!1(0!00(1(4#! ROLJDUTXtD \ FRQ OD GHPRFUDFLD JHUPLQD HO VDOYDMLV9 PR GH OD IXHU]D EUXWD´ 3ROLELR HQ %RYHUR \ FRQYLHQH UHFRUGDU HO SURGXFWR GH VX SHQVDPLHQWR 0(!+('%.#&7(!4%!0(!+#%"&0,.+(#+&#:!%0!.#$5%&-#!3#&!0#*! SHRUHV XQD FDWHJRUtD TXH SDUHFH WHQHU FLHUWD UHOHYDQ9 FLD KR\ QR VRODPHQWH HQ 0p[LFR LJXDO TXH HO WLSR GH (VWDGR WHDWUR LQYHQWDGR SRU &OLIIRUG *HHUW] HQ VX DQiOLVLV GHO (VWDGR HQ %DOL HQ ,QGRQHVLD HQ HO VLJOR ;,; :ROLQ /RV GRV GDWRV PiV VLJQL¿FDWLYRV DFHUFD GH OD WUDGL9 FLyQ GH OD ¿ORVRItD SROtWLFD VRQ HQ SULPHU OXJDU TXH VH SHUFLEH FRPR XQ DVXQWR H[FOXVLYDPHQWH RFFLGHQWDO TXH QR KDFH UHIHUHQFLD D QLQJ~Q WLSR GH SHQVDPLHQ9 WR QR RFFLGHQWDO &XDQGR VH SODQWHD TXH ³OD SUHRFX9 SDFLyQ IXQGDPHQWDO GH OD ¿ORVRItD HV VHU XQD WHRUtD JHQHUDO GH OD UHSUHVHQWDFLyQ XQD WHRUtD TXH GLYLGH OD FXOWXUD HQ iUHDV TXH UHSUHVHQWHQ ELHQ OD UHDOLGDG RWUDV TXH OD UHSUHVHQWHQ PHQRV ELHQ \ RWUDV TXH QR OD UHSUHVHQWHQ HQ DEVROXWR D SHVDU GH VX SUHWHQVLyQ GH KDFHUOR ´ 5RUW\ VH SXHGH YHU FRPR XQD LQYLWDFLyQ D DERUGDU QR VRODPHQWH OD FXOWXUD RFFLGHQ9 WDO \ VX UHDOLGDG SHUR TXHGD HQ OD LQYLWDFLyQ M)5?>! *%! 3)%4%! +#13&%-4%&! +#1#! )-(! %A'%-*58-!

+'!',&-.$./$0&-%)$

GHO SHQVDPLHQWR pWLFR PLHQWUDV TXH OD pWLFD HV XQD GLVFLSOLQD HVSHFXODWLYD GLULJLGD KDFLD HO DQiOLVLV GH OD PRUDO \ ORV YDORUHV OD ¿ORVRItD SROtWLFD HV OD FRUUHV9 3#-45%-'%!45*+5305-(!(305+(4(!2!3&>+'5+(!4%!(->05*5*!4%! OD PRUDO \ ORV YDORUHV 6HJXUDPHQWH SRGHPRV YHU HQ HO SHQVDPLHQWR GH $ULVWyWHOHV XQ DXPHQWR GH OD LPSRUWDQFLD GH OD SROt9 WLFD 3HUR VL FRPSDUDPRV HO SHQVDPLHQWR SROtWLFR GH 3ODWyQ \ HO GH $ULVWyWHOHV QRWDPRV WDPELpQ XQ GUD9 PiWLFR FDPELR GH HQIRTXH GHVGH XQ LGHDOLVPR KDFLD DOJ~Q WLSR GH UHDOLVPR @*! )-! 0).(&! +#1;-! 0(-?(&! +5%&'(*! 4)4(*! *#$&%! 0(! H[LVWHQFLD GH XQD WHRUtD SROtWLFD HQ OD (GDG 0HGLD D 3%*(&!4%!0(!%A5*'%-+5(!4%!)-!+)%&3#!4%!'%#&7(*!3#07'5+(*! HQ HVD pSRFD (Q OD SUHKLVWRULD GHO VREHUDQR \ OD VREH9 UDQtD SRGHPRV GHWHFWDU XQ SULQFLSLR \ XQ SUtQFLSH TXH HQWUDURQ HQ HO GLVFXUVR SROtWLFR HQ HO VLJOR ;,,, ³OD FRQFHSFLyQ HQWHUDPHQWH QXHYD SDUD OD (GDG 0HGLD GH TXH OD YDOLGH] GH OD OH\ GHSHQGH GH OD SURPXOJD9 +58-!3#&!%0!3&7-+53%:!+#*(!4%$54(:!+(*5!+#-!*%.)&54(4:! DO HVWXGLR GHO GHUHFKR URPDQR´ 6DELQH 2!%*!<)*'#!'(1$5=-!&%+#&4(&!0#*!30(-'%(15%-'#*!+#-+59 OLDUHV \ GH -XDQ GH 6DOLVEXU\ 6LQ HPEDUJR VH SXHGH GHFLU TXH HO SHQVDPLHQWR WHyULFR DFHUFD GH OD SROtWLFD %-!%0!*%-'54#!1#4%&-#:!%135%?(!%-!%0!"%-(+515%-'#:! SULQFLSDOPHQWH FRQ OD REUD GH 0DTXLDYHOR \ GH -XDQ %RGLQR VHJXLGD SRU ODV GLVFXVLRQHV DOUHGHGRU GHO GH9 UHFKR QDWXUDO \ ORV SODQWHDPLHQWRV GH 7KRPDV +RE9 EHV 0DTXLDYHOR HQ %RYHUR /#4&7(1#*! 30(-'%(&! 0(! 3&%.)-'(C! T+)>0! %*! 0(! 456%9 UHQFLD \ OD UHODFLyQ HQWUH XQD ¿ORVRItD SROtWLFD \ XQD WHRUtD SROtWLFD" \ SRGUtDPRV SODQWHDU FRPR SURSXHV9 WD TXH HO ¿OyVRIR SROtWLFR VH SXHGH FRQVLGHUDU FRPR WDO HQ SULPHU OXJDU SRUTXH QR FXHQWD FRQ XQ DSDUDWR PHWRGROyJLFR TXH OH SHUPLWD FRPSDUDU VXV SRVWXODGRV FRQ OR TXH FUXGDPHQWH SRGHPRV OODPDU ³OD UHDOLGDG´ *)*!3&#+%4515%-'#*!*#-!F5-'%&-#*G!2!%0!;-5+#!+&5'%&5#! GH OD YHUGDG GH VXV SRVWXODGRV HV OD FRKHUHQFLD Oy9 .5+(!5-'%&-(!4%!*)!+#-*'&)++58-!2:!%-!*%.)-4#!0).(&:! SRUTXH QR FRQVLGHUD OD FRQFUHWD VLWXDFLyQ KLVWyULFD VXV SODQWHDPLHQWRV VRQ DEVWUDFWRV /HR 6WUDXVV \ -R9 VHSK &URSVH\ GHFODUDQ TXH ³HQ OD DFWXDOLGDG µ¿ORVRItD SROtWLFD¶ VH KD YXHOWR FDVL VLQyQLPR GH µLGHRORJtD¶ SRU QR GHFLU µPLWR¶ 6LQ GXGD VH OH LQWHUSUHWD HQ FRQ9 WUDGLVWLQFLyQ D µFLHQFLD SROtWLFD¶ /D GLVWLQFLyQ HQWUH ¿ORVRItD SROtWLFD \ FLHQFLD SROtWLFD HV FRQVHFXHQFLD GH OD GLVWLQFLyQ IXQGDPHQWDO HQWUH ¿ORVRItD \ FLHQFLD´ 6WUDXVV \ &URSVH\ 'HQWUR GH OD ¿ORVRItD SRGHPRV HQFRQWUDU ¿OyVRIRV TXH DERUGDQ HO WHPD GHO SRGHU GH WDO PDQHUD TXH VH 00%.(-!(!&%0(+5#-(&!+%&+(-(1%-'%!+#-!0(!(-'&#3#0#.7(! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

DF


.-0$)-!//+ #(+Z'f!"8G$(f

SROtWLFD 7DO HV HO FDVR GH 0LFKHO )RXFDXOW JUDQ SDUWH GH VX ¿ORVRItD JLUD HQ WRUQR DO SRGHU SRU OR TXH HV LQ9 HYLWDEOH FDWDORJDUOR FRPR ¿OyVRIR SROtWLFR SHUR KD\ XQD GLVWDQFLD HQWUH VX ¿ORVRItD SROtWLFD \ OD GH XQ ¿9 OyVRIR SROtWLFR FRPR /HR 6WUDXVV 'HVGH HO SULQFLSLR I#)+()0'!*%!+#0#+(!%-!)-!'%&&%-#!5-'%&45*+5305-(&5#C!

"%*)0'(!5-'%&%*(-'%!30(-'%(&!0(!3&%.)-'(!*5!*80#!0#*! JULHJRV KDQ WHQLGR XQD ¿ORVRItD SROtWLFD ¢1R SRGH9 1#*!%-+#-'&(&!%-!#'&(*!+)0')&(*!2!%-!#'&(*!'&(45+5#-%*! KLVWyULFDV WDPELpQ XQ SHQVDPLHQWR TXH PHUH]FD HO QRPEUH GH ¿ORVRItD SROtWLFD"

WUDWDUp GH SUHVHQWDUOHV XQD FXHVWLyQ TXH HV HQ UHDOLGDG HO SXQWR GH FRQYHUJHQFLD GH WUHV R FXDWUR VHULHV GH LQYHVWLJDFLRQHV H[LV9 WHQWHV \D H[SORUDGDV \D LQYHQWDULDGDV SDUD FRQIURQWDUODV \ UHX9 QLUODV HQ XQD HVSHFLH GH LQYHVWLJDFLyQ VL QR RULJLQDO DO PHQRV UHQRYDGRUD >«@ HQ SULPHU OXJDU VH WUDWD GH XQD LQYHVWLJDFLyQ HV9 '&5+'(1%-'%!,5*'8&5+(:!#!*%(C!T+81#!*%!6#&1(&#-!4#15-5#*!4%!*(9 EHU D SDUWLU GH ODV SUiFWLFDV VRFLDOHV" /D FXHVWLyQ HV OD VLJXLHQWH H[LVWH XQD WHQGHQFLD TXH SRGUtDPRV GHQRPLQDU GH XQD PDQHUD )-!'(-'#!5&8-5+(:!1(&A5*'(!(+(4=15+(:!#!4%0!1(&A5*1#!(+(4=159 FR TXH FRQVLVWH HQ EXVFDU FyPR ODV FRQGLFLRQHV HFRQyPLFDV 4%!0(!%A5*'%-+5(!%-+)%-'&(-!%-!0(!+#-+5%-+5(!4%!0#*!,#1$&%*!*)! UHÀHMR R H[SUHVLyQ &UHR TXH HVWD IRUPD GH DQiOLVLV WUDGLFLRQDO HQ HO PDU[LVPR XQLYHUVLWDULR HQ )UDQFLD \ GH (XURSD HQ JHQHUDO WLHQH XQ GHIHFWR PX\ JUDYH HO GH VXSRQHU TXH HO VXMHWR KXPDQR %0!*)<%'#!4%!+#-#+515%-'#:!0(*!15*1(*!6#&1(*!4%0!+#-#+515%-'#! VH GDQ HQ FLHUWR PRGR SUHYLR \ GH¿QLWLYDPHQWH \ TXH ODV FRQGL9 +5#-%*!%+#-815+(*:!*#+5(0%*!2!3#07'5+(*!4%!0(!%A5*'%-+5(!-#!,(+%-! VLQR GHSRVLWDUVH R LPSULPLUVH HQ HVWH VXMHWR TXH VH GD GH PDQHUD GH¿QLWLYD )RXFDXOW

/D UHODFLyQ GH OD DQWURSRORJtD FRQ OD KLVWRULD HV HYL9 4%-'%:!3)%*!F0(!(-'&#3#0#.7(!%13%?8!+#1#!0(!+5%-+5(! GH OD KLVWRULD´ +DUULV eVWDV VRQ ODV SULPH9 UDV SDODEUDV GH 0DUYLQ +DUULV VREUH OD KLVWRULD GH HVWD GLVFLSOLQD ,QLFLDOPHQWH SRGHPRV GHFLU TXH OD KLVWRULD 3#07'5+(!-#!'5%-%!%A5*'%-+5(!(-'%*!4%0!-(+515%-'#!4%!0(! KLVWRULD DVt TXH SRGHPRV EXVFDU XQD OtQHD TXH VHSDUH OD KLVWRULD GH VX SUHFXUVRU HO PLWR 6L EXVFDPRV ODV UDtFHV GH OD KLVWRULD HQ OD WUDGL9 FLyQ JULHJD WDO YH] GHVFXEULPRV ODV SULPHUDV KLVWR9 ULDV SROtWLFDV HQ HO VHQWLGR GH TXH VRQ KLVWRULDV GH (++58-! 3#07'5+(:! +(*5! )-(! %*3%+5%! 4%! ,5*'#&5(! 3#07'5+(! 4%45+(4(! (! 0(! .)%&&(:! %*3(+5#! 3#&! %A+%0%-+5(! 4%! 0(! WRPD GH GHFLVLRQHV SROtWLFDV ³¢$ TXp SURIXQGDV PR9 GL¿FDFLRQHV GH VX HQWRUQR H[LVWHQFLDO FRUUHVSRQGH WDO DSUHKHQVLyQ" /R TXH FDUDFWHUL]D DO M"*9.)*"'-. TXH +#15%-?(! +#-! 0(*! .)%&&(*! 1=45+(*! %*! %0! -(+515%-'#! GHO KRPEUH JULHJR D OD YLGD SURSLDPHQWH SROtWLFD \ OD FRQFLHQFLD O~FLGD TXH DGTXLHUH GH VX HVWDWXWR GH FLXGDGDQR´ &KDWHOHW , 6HJ~Q QXHVWUR ¿OyVRIR OD WUDQVLFLyQ GHO PLWR D OD KLVWRULD FRUUHVSRQ9 GH D OD HQWUDGD HQ XQ PXQGR SROtWLFR /#4%1#*!*%.)5&!4#*!07-%(*!4%!4%*(&&#00#C!0(!*#+5(0! \ OD PHWRGROyJLFD /D OtQHD VRFLDO OD LQLFLDPRV FRQ HO +#1%-'(&5#!4%!O#0'(5&%C!F2(!$(*'(!+#-!0(!,5*'#&5(!4%! ORV UH\HV TXHUHPRV WHQHU XQD KLVWRULD GH ODV FKR]DV´ HQ OR TXH SRGHPRV HPSH]DU D HVWXGLDU OD DFWXDFLyQ SROtWLFD GH ODV FODVHV VXEDOWHUQDV &RQ HVWR HQWUDPRV HQ XQD KLVWRULD SROtWLFD TXH HV FXDOLWDWLYDPHQWH GL9 6%&%-'%C!2(!-#!%*!%0!%*')45#!4%!0(!*%+)%-+5(!4%!(+'#*! 3#07'5+#*:!*5-#!%0!%*')45#!4%!0(!'#1(!4%!4%+5*5#-%*!3#9 OtWLFDV HQ VX FRQWH[WR R HQ VX OyJLFD FXOWXUDO \ VRFLDO 'H FXDOTXLHU PRGR QR HV PX\ IiFLO GLVWLQJXLU D OD ¿ORVRItD SROtWLFD GH OD KLVWRULD SROtWLFD (VFULEH 6KHO9 GRQ :ROLQ TXH

/$ +,6725,$ 32/Ë7,&$

@0!05$&#!7#)-'(9#9)5)$#0)8.(6#0)G"(?9&+#0),($0(!4%!0(! YHUGDG GH GLYHUVRV WLSRV GH YHUGDG \ GHO SRGHU GH OD YHUGDG DVt TXH SHUWHQHFH LQGLVFXWLEOHPHQWH D OD DQWUR9 SRORJtD SROtWLFD SHUR WLHQH XQD YLUWXG PiV GH KHFKR WLHQH YDULDV VLHQGR XQ OLEUR GHGLFDGR D XQD FXHVWLyQ MXUtGLFD QRV UHFXHUGD TXH OD YHUVLyQ EULWiQLFD GH OD DQWURSRORJtD MXUtGLFD IXQGDGD \ GHVDUUROODGD SRU %UR9 QLVODZ 0DOLQRZVNL \ 0D[ *OXFNPDQ SHUWHQHFH D OD DQWURSRORJtD SROtWLFD SRU OD VHQFLOOD UD]yQ GH TXH QR KD\ FRVD PiV WULVWH TXH WHQHU OD UD]yQ VLQ WHQHU HO SR9 GHU FRPR OR DSUHQGH HO KHUUHUR -RQDWiQ HQ VX YLDMH GH GLH] DxRV HQ E~VTXHGD GH MXVWLFLD HQ XQ FRQÀLFWR FRQ VX VHxRU IHXGDO HQ 'LQDPDUFD \D TXH VX YLDMH WHUPLQD FRQ VX FODXGLFDFLyQ \ OD UHÀH[LyQ GH TXH ³XQD FRVD HV HO GHUHFKR RWUD FRVD HV OD MXVWLFLD´ 0DOLQRZVNL UHYROXFLRQy OD DQWURSRORJtD VRFLDO HQ FRQ VX HWQRJUD9 ItD ³/RV DUJRQDXWDV GHO 3DFt¿FR RFFLGHQWDO´ \ HQ IXQGy HQ OD WUD9 45+58-!$&5'>-5+(:!)-(!(-'&#3#0#.7(!<)&745+(!$(*(4(!%-!%0!'&($(<#!4%!+(13#:! FRQ OD SXEOLFDFLyQ GHO ³&ULPHQ \ FRVWXPEUH HQ OD VRFLHGDG VDOYDMH´ HQ HO FXDO DMXVWD FXHQWDV FRQ XQ JUDQ Q~PHUR GH LGHDV ¿MDV DFHUFD GHO GHUHFKR HQ OD VRFLHGDG QR 2FFLGHQWDO TXH WHQtD VX RULJHQ HQ OD LJQRUDQFLD GH ORV DQWURSyORJRV GHELGR D TXH QXQFD KDEtDQ KHFKR WUDEDMR GH FDPSR ! -RQDWiQ HO KHUUHUR HV HO SHUVRQDMH FHQWUDO GH OD QRYHOD d.*#,#*)S6'9 GH 0DU9 WLQ $ +DQVHQ -RQDWiQ VXIUH XQ WUDWR LQMXVWR GH VX VHxRU IHXGDO SRU OR TXH VH ODQ]D D XQ ODUJR YLDMH HQ EXVFD GH MXVWLFLD SHUR VXIUH XQD GHFHSFLyQ WUDV RWUD \ ¿QDOPHQWH GHVSXpV GH GLH] DxRV YXHOYH UHVLJQDGR D VX FRQGDGR FRQ OD UH9 ÀH[LyQ FLWDGD QDGD RSWLPLVWD DFHSWDQGR ODV FRVDV WDO FRPR HVWiQ

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

DN

%A5*'%! ,#2:! %-! 1)+,#*! +7&+)0#*! 5-'%0%+')(0%*:! )-(! 1(&+(4(! KRVWLOLGDG KDFLD OD ¿ORVRItD SROtWLFD HQ VX IRUPD WUDGLFLRQDO H LQFOXVR GHVSUHFLR SRU HOOD 7HQJR OD HVSHUDQ]D GH TXH HVWH YROXPHQ VL QR ORJUD KDFHU UHÀH[LRQDU D TXLHQHV HVWiQ GH9 VHRVRV GH HFKDU SRU OD ERUGD OR TXH UHVWD GH OD WUDGLFLyQ GH OD ¿ORVRItD SROtWLFD FRQVLJD DO PHQRV SRQHU HQ FODUR D TXp KD9 EUHPRV UHQXQFLDGR $XQTXH DGRSWR DTXt XQ HQIRTXH KLVWyUL9 +#:!-#!,%!'%-54#!0(!5-'%-+58-!4%!#6&%+%&!)-(!,5*'#&5(!.0#$(0!2! GHWDOODGD GHO SHQVDPLHQWR SROtWLFR $O HOHJLU GLFKR HQIRTXH


#$'$%9"!*!#!):$'='#$8'*!#:9+;$8 PH KD JXLDGR HQ JHQHUDO OD FRQYLFFLyQ GH TXH pVWH UHSUH9 *%-'%!%0!1%<#&!1='#4#!3(&(!+#13&%-4%&!0(*!3&%#+)3(+5#-%*! GH OD ¿ORVRItD SROtWLFD \ VX FDUiFWHU GH HPSUHVD LQWHOHFWXDO

3URSRQJR WUHV REUDV UHODWLYDPHQWH UHFLHQWHV FRPR DFHUFDPLHQWRV GH UHOHYDQFLD SDUD OD DQWURSRORJtD HQ JHQHUDO \ SDUD OD DQWURSRORJtD SROtWLFD HQ SDUWLFXODU E(!3&51%&(:!%*!)-!5-'%-'#!3#&!450)+54(&!%0!3&#+%*#!,5*9 '8&5+#!%-!'=&15-#*!+)0')&(0%*!2!3#07'5+#*:!2!%*'>!&%3&%9 VHQWDGR SRU HO OLEUR GH 6WHSKHQ / &ROOLQV HQ HO FXDO F,%!'&('(4#!0(!54%(!4%!#&4%-!(0!15*1#!'5%13#!+#1#!0(! LGHRORJtD REMHWLYDPHQWH FRQYHQFLRQDO GHO SHULRGR GH R*($%0! 2! +#1#! %0! +#-'%A'#! &%6%&%-+5(0! +#-'&(! %0! +)(0! XQ WDO VHQWLGR VH HQFXHQWUD VXEMHWLYDPHQWH SUREOHPD9 WL]DGR´ &ROOLQV ,; (VWH HQVD\R GH &ROOLQV HV (+%&+(!4%!+#-+5%-+5(C!F0(!+#-+5%-+5(!*%!&%0(+5#-(!+#-! OD UHDOLGDG VRFLDO OLPLWDQGR SRVLELOLGDGHV ± HV GHFLU RUGHQ 2SHUD VREUH OD UHDOLGDG VRFLDO FRPR XQD 6'@ ,=8.(#)9')*"'0,(.)+.6/.(,#6&'*,.)('#$H!)-!+#13#&'(9 PLHQWR TXH HV FXOWXUDO H KLVWyULFDPHQWH GHWHUPLQDGR FRQVWUXLGR ´ )LQDOPHQWH SODQWHD &ROOLQV TXH ³OD KLV9 '#&5(!4%!0(!+#-+5%-+5(!%*!+#-+#15'(-'%1%-'%!,5*'#&5(! FXOWXUDO ±XQD KLVWRULD GH PRGRV GH SHUFHSFLyQ \ GH PRGRV GH FRPXQLFDFLyQ R VHD TXH HV XQD KLVWRULD GH GLIHUHQWHV yUGHQHV´ &ROOLQV (O OLEUR '&('(!0(!'&(-*5+58-!4%!)-(!+)0')&(!(!#'&(:!(1$(*!4%-9 WUR GHO XQLYHUVR EULWiQLFR SHUR VH SRGUtD SODQWHDU XQD LQYHVWLJDFLyQ HQ RWUR HVSDFLR FXOWXUDO HQ HO WLHPSR 2!%*3(+5#C!3#&!%<%130#!%0!4%*(&&#00#!,5*'8&5+#!(+')(0:! FRQ WRGDV VXV WHQVLRQHV HQ 0HVRDPpULFD OD UHJLyQ DQGLQD \ HO &DULEH E(! *%.)-4(! #$&(! +#-*'&)2%! )-! 3)%-'%! %-'&%! 0(! (-'&#3#0#.7(! 2! 0(! ,5*'#&5(:! 5-+0)2%-4#! 0(! 3#07'5+(:! %*! L/.$.<&'0) ,.) b4"+59&9'0 e*9'(0,#*9&*<) F&0,.(5) #0) !"$,"(') #*9) C&+') C'(0#) GH 0DUVKDOO ' 6DKOLQV (O #&5.%-!4%0!'%A'#!45+%!1)+,#!(+%&+(!4%!*)!-(')&(0%?(C! ³(O OLEUR WXYR HIHFWLYDPHQWH VX RULJHQ HQ XQD GLVFX9 VLyQ TXH WXYH KDFH DOJXQRV DxRV ±WDO YH] HQ ± FRQ XQ FROHJD \ DPLJR -DPHV 5HG¿HOG GHO 'HSDU9 WDPHQWR GH (VWXGLRV &OiVLFRV HQ OD 8QLYHUVLGDG GH &KLFDJR eO VH PRVWUy H[FHSFLRQDOPHQWH LQWHUHVDGR FXDQGR OH FRQWp TXH HVWDED HVWXGLDQGR XQD JXHUUD HQ ODV ,VODV )LML D PHGLDGRV GHO VLJOR ;,; TXH VH SDUH9 FtD PXFKR D OD *XHUUD 3HORSRQHVLD GH ORV JULHJRV 'H D ORV UHLQRV GH %DX \ 5HZD HO SULPHUR XQ 1)2!6)%&'%!3#4%&!1(&7'51#!2!%0!*%.)-4#!)-!3#4%&!'%9 &&%*'&%!4%!3&51%&(!513#&'(-+5(:!2!+(4(!)-#!%0!074%&!4%! DOJXQDV LVODV ¿MLDQDV GH PHQRU LPSRUWDQFLD HQWUDURQ HQ XQ FRQÀLFWR GH XQD VHYHULGDG QXQFD DQWHV YLVWD TXH %-!%6%+'#!3)*#!%-!3%05.&#!0(!4#15-(+58-!4%0!(&+,535=9 ODJR HQWHUR´ 6DKOLQV (O UHVXOWDGR GH OD

+'!',&-.$./$0&-%)$

SOiWLFD IXH TXH ORV GRV 6DKOLQV \ 5HG¿HOG GHFLGLHURQ 513(&'5&! )-! +)&*#! +#-<)-'#! 4%45+(4#! (! 0(! .)%&&(! %-! *UHFLD \ OD JXHUUD HQ ODV ,VODV )LML \ 6DKOLQV HVFULELy )-!'%A'#!%-!%0!+)(0!+#13(&($(!0(*!+#-45+5#-%*!3#07'59 FDV \ OD JXHUUD HQ OD *UHFLD FOiVLFD \ HQ ODV ,VODV )LML E(!+#13(&(+58-!+()*8!%-')*5(*1#!2!3&%#+)3(+58-!%-! (0.)-(*! 3(&'%*C! F0(! 54%(! 4%! )-(! %*3%+5%! 4%! 5.)(04(4! SROtWLFR VRFLDO HQ OD KLVWRULD TXH SRVLELOLWDUtD ±DO ¿9 QDO± RWRUJDUOHV D ORV SXHEORV EDQW~ H LQGtJHQDV KDVWD (,#&(! '(-! '&%1%-4(1%-'%! 4%*3&%*'5.5(4#*:! )-! 0).(&! SRU OR PHQRV GH OD PLVPD LPSRUWDQFLD TXH HO GH ORV DWHQLHQVHV HV VHQFLOODPHQWH LQRFHQWH´ 9H\QH HQ 6DKOLQV 5HG¿HOG OH UHFRPHQGy D 6DKOLQV 3)$05+(&! *)! '%A'#:! 3%&#! $(<#! 3*%)48-51#:! 3)%*! )-(! FRPSDUDFLyQ GH ORV VDOYDMHV GH ODV ,VODV )LML FRQ ORV -#$0%*!.&5%.#*!3#4&7(!00%.(&!(!#6%-4%&!(!(0.;-!+0(*59 FLVWD 6DKOLQV ¿QDOL]D SODQWHDQGR TXH ³TXLpQ R TXp HV XQ DFWRU KLVWyULFR TXp HV XQ DFWR KLVWyULFR \ FXiOHV *%&>-! *)*! +#-*%+)%-+5(*! ,5*'8&5+(*:! %*(*! *#-! 4%'%&9 15-(+5#-%*!4%!)-!#&4%-!,5*'8&5+#:!2!4%'%&15-(4#*!4%! PDQHUDV GLIHUHQWHV HQ FXOWXUDV GLIHUHQWHV $Vt TXH QR KD\ KLVWRULD VLQ FXOWXUD \ YLFHYHUVD HQ FXDQWR TXH HQ HO HYHQWR OD FXOWXUD QR HV OR TXH HUD DQWHV QL OR TXH SRGUtD KDEHU VLGR´ 6DKOLQV $SDUWH GH VHU )-(!%*')3%-4(!,5*'#&5(!4%!0(*!.)%&&(*!%-!4#*!3(&'%*!4%0! PXQGR HO PpULWR GHO WH[WR HV KDEHU OOHYDGR D FDER )-(!&7.54(!4%*+&53+58-!2!+#13(&(+58-!4%!4#*!+)0')&(*! HQ VXV UHVSHFWLYRV FRQWH[WRV KLVWyULFRV \ QR FRPR %*! 0(! +#*')1$&%! (-'&#3#08.5+(:! %-! *)! 3&%*%-'%! %'-#9 JUi¿FR OR TXH TXLHUH GHFLU OD HWHUQLGDG HQ ODV FXDOHV VH FRQMXJD OD GHVFULSFLyQ GHO HJRtVPR LQGLYLGXDO FRQ HO DPELHQWH FXOWXUDO VXSUDLQGLYLGXDO /D WHUFHUD REUD HV XQ WH[WR GH 9LFWRU 7XUQHU TXH JLUD HQ WRUQR D OD SDUWLFLSDFLyQ \ HO OLGHUD]JR GH 0L9 JXHO +LGDOJR HQ OD UHYROXFLyQ GH ,QGHSHQGHQFLD HQ 0p[LFR HQ HO LQLFLR GHO VLJOR ;,; GRQGH HO DXWRU GH9 FODUD ³/D 5HYROXFLyQ 0H[LFDQD GH ,QGHSHQGHQFLD HQ QRV SURSRUFLRQD XQ YtYLGR HMHPSOR GH XQ SDUD9 45.1(!4%!&(7?!#$&(-4#!%-!)-(!*%&5%!4%!4&(1(*!*#+5(0%*:! 2! (0! 15*1#! '5%13#! -#*! #6&%+%! )-(! #3#&')-54(4! 3(&(! LQYHVWLJDU FLHUWDV SURSLHGDGHV GHO DPELHQWH VRFLDO GH 0(! (++58-! 3#07'5+(:! '(0%*! +#1#! %0! +#6/.! 2! 0(! #('*#G! 7XUQHU (Q HO WH[WR HO DXWRU VLJXH OD DF9 WXDFLyQ GH 0LJXHO +LGDOJR HQ HO EUHYH \ WXPXOWXDULR SURFHVR KLVWyULFR TXH LQLFLy HQ \ WHUPLQy FRQ OD LQGHSHQGHQFLD GH OD 1XHYD (VSDxD \ OD FUHDFLyQ GH OD UHS~EOLFD GH 0p[LFR XWLOL]DQGR ODV FDWHJRUtDV WHyULFDV TXH pO PLVPR KDEtD FUHDGR HQ XQ OLEUR FRQ HO WtWXOR GH HVFDVD RULJLQDOLGDG GH ³3ROLWLFDO $QWKURSRORJ\´ 6ZDUW] 7XUQHU \ 7XGHQ GHQWUR GHO PDUFR GHO 1='#4#!4%0!9(#6#)0.+&#$ 7XUQHU #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

DI


.-0$)-!//+ #(+Z'f!"8G$(f

&RPR DQWURSyORJR 7XUQHU SRQH HO pQIDVLV HQ RWUR OXJDU DO GH ORV KLVWRULDGRUHV \D TXH QR REVWDQWH TXH HO 1('%&5(0!4%0!(&'7+)0#!%*!+0(&(1%-'%!)-!1('%&5(0!,5*'89 ULFR DSXQWDODUi VX UHÀH[LyQ HQ HO XVR GH ORV VtPERORV ORV DQWURSyORJRV WHQHPRV TXH WRPDU ORV KHFKRV GHVGH HO ÀX9 MR GH RSLQLRQHV \ FRQMHWXUDV /RV PLWRV \ ORV VtPERORV WDQWR ORV GH OD FXOWXUD SRSXODU FRPR ORV GH OD FXOWXUD ¿QD FRQVWL9 WX\HQ SDUD QRVRWURV XQD SDUWH LPSRUWDQWH GH ORV KHFKRV 'H WRGRV PRGRV OD UHEHOLyQ GH +LGDOJR OD SULPHUD IDVH GH OD LQGHSHQGHQFLD HV UHOHYDQWH SDUD QRVRWURV SRUTXH FRQVWLWX\H %A(+'(1%-'%!%0!$&6'*!%-'&%!%0!3%&5#4#!+#0#-5(0!4%!0(!,5*'#&5(! GH 0p[LFR HO FXUVR OHQWR \ DSDUHQWHPHQWH PRQyWRQR GH WUHV VLJORV QR REVWDQWH TXH OD KLVWRULRJUDItD UHFLHQWH HVWi FRUUL9 JLHQGR OD LPSUHVLyQ GH PRQRWRQtD TXH OH VLJXLy DO SULPHU SHULRGR EUHYH \ GUDPiWLFR GH OD FRQTXLVWD \ HO WHUFHU SHULRGR FXDQGR 0p[LFR VH FRQYLUWLy HQ XQD QDFLyQ HQ PHGLR GH XQD WRUPHQWD GH JXHUUDV FRORQLDOHV \ FLYLOHV \ XQD UHYROXFLyQ 7XUQHU

7XUQHU GHPXHVWUD XQD VHQVLELOLGDG DQWH HO IDFWRU WLHP9 SR \ HO ULWPR GH ORV HYHQWRV TXH HV LQXVXDO HQWUH ORV (-'&#380#.#*C +LGDOJR WRPy DUPDV FRQWUD HO UpJLPHQ YLUUHLQDO HQ H ,WXUELGH VH YROYLy GXUDQWH XQ EUHYH WLHPSR HO HPSHUDGRU GH XQ 0p[LFR SROtWLFDPHQWH LQGHSHQGLHQWH HQ /RV DxRV HQWUH \ \ D~Q HQWUH \ FRQVWLWX\HURQ )-!3%&5#4#!$&6&*#$!+#130%<#!2!4&(1>'5+#!%-!%0!+)(0!(!3&#9 FHVRV OHQWRV TXH VH KDEtDQ HVWDGR JHVWDQGR GXUDQWH VLJORV VLJXLHURQ XQD VHULH GH GUDPDV VRFLDOHV UiSLGRV TXH SXVLH9 URQ DO GHVQXGR PXFKDV GH ODV FRQWUDGLFFLRQHV TXH HVWDEDQ HVFRQGLGDV HQ DTXHOORV SURFHVRV \ JHQHUDURQ QXHYRV PLWRV SDUDGLJPDV \ HVWUXFWXUDV SROtWLFDV +LGDOJR WHQtD DxRV QR HUD XQ MRYHQFLWR FXDQGR DQXQFLy OD LQVXUUHFFLyQ HO GH VHSWLHPEUH GH HQ OD LJOHVLD SDUURTXLDO GH 'RORUHV )DOWDUtD PHQRV GH XQ DxR DQWHV GH TXH IXHUD HMHFXWDGR HQ &KLKXDKXD D PHGLDGRV GHO DxR 6LQ HPEDUJR pO LQL9 FLy HO ULWR GH SDVR GH 0p[LFR TXH HPSXMDUtD DO SDtV KDFLD OD H[LVWHQFLD FRPR XQD QDFLyQ HQ HO EUHYH GUDPD VRFLDO TXH pO &%+#-#+58!+#1#!0(!5-*)&&%++58-!4%0!3)%$0#:!2!-#!*#0(1%-'%! *%&7(!=0!%0!3&%*'(4#&!2!%0!,(+%4#&!4%!15'#*:!*5-#!=0!15*1#!*%! FRQYLUWLy HQ XQ VtPEROR 7XUQHU

/$ 62&,2/2*Ë$ 32/Ë7,&$

/(&(!%-'&(&!%-!%0!+(13#!4%!0(!*#+5#0#.7(!3#07'5+(!3#4%9 PRV SDUWLU GH OD REVHUYDFLyQ GH XQ HVSHFLDOLVWD TXH KD HVWDGR REOLJDGR D DXWRGH¿QLUVH FRPR VRFLyORJR SROtWLFR "%*)0'(! 513#*5$0%:! %-! 15! #35-58-:! %*'($0%+%&! )-(! +0(&(! 45*'5-+58-!'%8&5+(!%-'&%!*#+5#0#.7(!3#07'5+(!2!+5%-+5(!3#07'59 FD &RPR Pi[LPR SDUHFH KDEHU GLIHUHQFLDV TXH QDFHQ GH SUHRFXSDFLRQHV WUDGLFLRQDOHV R GH XQD FRQYHQLHQWH GLYLVLyQ GHO WUDEDMR SRU HMHPSOR HO SDUWLFXODU LQWHUpV TXH KDQ GHPRV9

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JO

WUDGR ORV FLHQWt¿FRV SROtWLFRV SRU OR TXH SRGUtD OODPDUVH HO ³PHFDQLVPR GHO JRELHUQR´ ±HO DSDUDWR \ ORV SURFHGLPLHQWRV GH OD OHJLVODFLyQ OD DGPLQLVWUDFLyQ OD QRUPDWLYD MXUtGLFD± +#-*54%&(4#!,(*'(!+5%&'#!3)-'#!(5*0(4#!4%0!+#-'%A'#!*#+5(0!2! DERUGDGR GH XQD PDQHUD SULQFLSDOPHQWH GHVFULSWLYD %RWWR9 PRUH

/D HWLTXHWD GH 7RP %RWWRPRUH SURYLHQH GHO KHFKR GH TXH VH KDEtD FRPSURPHWLGR D HVFULELU XQ OLEUR DFHUFD GH OD VRFLRORJtD SROtWLFD $KRUD ELHQ VL TXHUHPRV DPSOLDU HO HVSHFWUR H LQ9 FOXLU ODV GHPiV GLVFLSOLQDV SROtWLFDV ±OD VRFLRORJtD SROtWLFD OD FLHQFLD SROtWLFD \ OD SVLFRORJtD SROtWLFD± \ DFHSWDU HO KHFKR GH TXH ODV IURQWHUDV HQWUH ODV GLVFL9 SOLQDV SROtWLFDV QR VRQ QL WDQ HYLGHQWHV QL WDQ VyOLGDV FRPR VH VXSRQH WHQHPRV YDULDV RSFLRQHV 6H SXHGHQ $)*+(&!0(*!456%&%-+5(*!%-!0#*!%*+%-(&5#*!-(+5#-(0%*:!%-! HO PpWRGR R HQ HO DFHUYR GH FRQFHSWRV WHyULFRV (V SR9 *5$0%!*%.)5&!0(!.%-%(0#.7(!4%!0(!*#+5#0#.7(!(!*)*!(-'%9 SDVDGRV IUDQFHVHV GH ORV FXDOHV $XJXVWR &RPWH EDX9 WL]y OD GLVFLSOLQD EDVDGR HQ ODV LGHDV GH 6DLQW 6LPRQ PLHQWUDV TXH HO GHVDUUROOR XOWHULRU GH OD GLVFLSOLQD FR9 UUtD D FDUJR GH (PLOH 'XUNKHLP HO IRUPXODGRU GH XQD *#+5#0#.7(!6)-+5#-(05*'(:!2!4#-4%!3#4%1#*!45*+%&-5&! XQD VRFLRORJtD PDU[LVWD \ WDPELpQ KDEUtD TXH WRPDU HQ FXHQWD ODV FRQWULEXFLRQHV GH 0D[ :HEHU D OD FUHD9 FLyQ GH OD FLHQFLD VRFLROyJLFD FE(! *#+5#0#.7(! 3#07'5+(! *%! #+)3(! 4%0! 3#4%&! %-! *)! FRQWH[WR VRFLDO´ GHFODUD 7RP %RWWRPRUH 450)2%-4#!(*7!0(!45*'(-+5(!6&%-'%!0(!(-'&#3#0#.7(!3#079 '5+(:!3)%*!0(!15*1(!4%+0(&(+58-!3#4&7(1#*!%*3%&(&!4%! )-! (-'&#380#.#:! 2! )-(! 4%+0(&(+58-! *5150(&! %-+#-'&(9 PRV WDPELpQ HQ OD REUD GH 0DXULFH 'XYHUJHU 6HJ~Q %RWWRPRUH XQD GLIHUHQFLD HQWUH OD FLHQFLD SROtWLFD \ OD VRFLRORJtD SROtWLFD VH WLHQH TXH EXVFDU HQ OD GLPHQVLyQ ,5*'8&5+(:!%-!0(!*%3(&(+58-!%-'&%!0#!3#07'5+#!2!0#!*#+5(0:! XQD VHSDUDFLyQ TXH VH OOHYD D FDER HQ HO LQLFLR GH OD VRFLHGDG LQGXVWULDO HQ HO VLJOR ;,; R XQ SRFR GHVSXpV GH OD UHYROXFLyQ IUDQFHVD (Q HVWH FRQWH[WR SXHGH VHU XQD VRUSUHVD OHHU D 6H\PRU 0DUWLQ /LSVHW TXLHQ HV9 FULEH TXH ³XQD GH ODV SULQFLSDOHV SUHRFXSDFLRQHV GH OD *#+5#0#.7(!3#07'5+(!+#-*5*'%!%-!)-!(->05*5*!4%!0(*!+#-459 FLRQHV VRFLDOHV TXH FRQ¿JXUDQ OD GHPRFUDFLD´ /LSVHW FRQ OR TXH OD LGHQWLGDG GH OD GLVFLSOLQD GH OD *#+5#0#.7(!3#07'5+(!,(!*54#!&%4)+54(!(!*%&!)-(!%*3%+5%! 4%!'=+-5+(!4%!(->05*5*!4%0!;-5+#!*5*'%1(!3#07'5+#!%1379 &5+#!2!08.5+(1%-'%!%A5*'%-'%:!4%<(-4#!3#&!+#130%'#!4%! )-!0(4#!0(!451%-*58-!,5*'8&5+(!4%!0(!3&#4)++58-!4%!459 YHUVRV VLVWHPDV SROtWLFRV FRPR ORV TXH HQFRQWUDPRV HQ $ULVWyWHOHV \ %DUULQJWRQ 0RRUH J#-! %*'(*! 4%+0(&(+5#-%*! %*'(1#*! 6&%-'%! (! )-! 459 0%1(C! T%A5*'%! *#0(1%-'%! 0(! *#+5#0#.7(! 3#07'5+(! 3(&(!


#$'$%9"!*!#!):$'='#$8'*!#:9+;$8

%*')45(&! )-(! 3(&'%! 4%0! 1)-4#! 3#07'5+#:! 0(! 4%1#+&(9 FLD FRPR SDUHFH SHQVDU 6H\PRU 0DUWLQ /LSVHW" ¢HV +#130%'(1%-'%!(&$5'&(&5(!0(!45*'5-+58-!4%!0(!*#+5#0#9 .7(! 3#07'5+(! 4%! 0(*! 4%1>*! 45*+5305-(*! 3#07'5+(*! +#1#! VHxDOD 7RP %RWWRPRUH" \ ¿QDOPHQWH ¢H[LVWH DOJXQD VRFLRORJtD TXH QR VHD SROtWLFD" /$ &,(1&,$ 32/Ë7,&$

B'&(! 45*+5305-(! %*! 0(! +5%-+5(! 3#07'5+(:! %-! 0(! +)(0! ,(2! XQD GHFLGLGD SUHGRPLQDFLyQ QRUWHDPHULFDQD /D HWL9 TXHWD ³FLHQFLD SROtWLFD´ IXH IRUMDGD DOUHGHGRU GH HQ OD 8QLYHUVLGDG -RKQV +RSNLQV SRU HO KLVWRULDGRU +HUEHUW %D[WHU $GDPV PLHQWUDV TXH HO JUHPLR WLHQH VX RULJHQ HQ \ OD UHYLVWD GHO JUHPLR HV GH 6H GHVSUHQGH OD GLIHUHQFLD HQWUH HO SDSHO GH HVWD FLHQ9 +5(! %-! @*'(4#*! L-54#*! %! R-.0('%&&(! +)(-4#! &%+#&4(9 PRV TXH HO JUHPLR EULWiQLFR GH ORV FLHQWt¿FRV VRFLDOHV HV GH FDVL KD\ PHGLR VLJOR GH GLIHUHQFLD 3HUR DO LJXDO TXH HQ HO FDPSR DQWURSROyJLFR WDPELpQ HQ %0! %*')45#! 4%! 0(! 3#07'5+(! &5.%! +5%&'(! -%$)0#*54(4! (! 0#! ODUJR GH ODV IURQWHUDV GH ODV GLVFLSOLQDV 1R VRODPHQWH HV FLHUWR TXH ³XQR GH ORV SUREOHPDV DFWXDOHV TXH JH9 QHUD FLHUWD FRQIXVLyQ HV HO TXH WLHQH TXH YHU FRQ OD XELFDFLyQ GH ORV iPELWRV HQWUH OD ¿ORVRItD OD WHRUtD \ OD FLHQFLD SROtWLFD DVt FRPR VXV UHODFLRQHV \ HVSHFL¿9 FLGDGHV´ =DPLWLV VLQR TXH QRV YHPRV 6#&?(4#*! (! ()1%-'(&! 0(! +#-6)*58-! 3(&(! 3#4%&! 00%.(&! (! (0.)-(! +0(&54(4:! (.&%.(-4#! 0(! ,5*'#&5(! 3#07'5+(:! 0(! *#+5#0#.7(!3#07'5+(!2!0(!(-'&#3#0#.7(!3#07'5+(:!1>*!0(! SROtWLFD D VHFDV \ OD SVLFRORJtD SROtWLFD *LRYDQQL 6DUWRUL QRV RIUHFH XQ SXQWR GH SDUWLGD GH 0(!+5%-+5(!3#07'5+(C! E(!%A3&%*58-!2!0(!-#+58-!4%!+&'*+&#)/.$?,&+#!*%!4%'%&15-(-! HQ IXQFLyQ GH GRV YDULDEOHV HO HVWDGR GH OD RUJDQL]DFLyQ GHO VDEHU \ HO JUDGR GH GLIHUHQFLDFLyQ HVWUXFWXUDO GH ORV FRPSRQHQWHV KXPDQRV >«@ QR WLHQH PXFKR VHQWLGR KDEODU 4%!+&'*+&#!3#07'5+(!+)(-4#!+&'*+&# FRQVWLWXtD XQ WRGR FRQ ¿9 0#*#67(H!+)(-4#!%0!*($%&!*%!&%4)+7(!2!%A3&%*($(!)-5'(&5(1%-9 WH HQ HO DPRU DO VDEHU /D QRFLyQ GH FLHQFLD TXHGD SUHFLVDGD SXHV FXDQGR VH GLIHUHQFLD GH OD ¿ORVRItD \ SUHVXSRQH TXH XQ VDEHU FLHQWt¿FR VH KD VHSDUDGR GHO #$6#)6#,'(!4%0!*($%&! ¿ORVy¿FR >«@ HQ WRGRV HVWRV VHQWLGRV \ WDPELpQ HQ RWURV OD SROtWLFD QR VH FRQ¿JXUD HQ VX HVSHFL¿FLGDG \ DXWRQRPtD KDVWD 0DTXLDYHOR 6DUWRUL

/$ 36,&2/2*Ë$ 32/Ë7,&$

'HVGH ORV LQLFLRV GH OD SVLFRORJtD HQ VX GLDOpFWLFD PHQWH FXHUSR R HO HTXLYDOHQWH FHUHEUR FRQGXFWD VXV SUHFHGHQWHV PpGLFR ¿VLROyJLFRV \ ¿ORVy¿FRV \ VX SUHRFXSDFLyQ HSLVWHPROyJLFD SRU VX GH¿QLFLyQ \ UHD¿UPDFLyQ FRPR FLHQFLD OD QRFLyQ VRFLDO KD VLGR

+'!',&-.$./$0&-%)$

XQ HOHPHQWR ODWHQWH 7ySLFRV FRPR ORV UROHV QRU9 PDV YDORUHV VRFLDOL]DFLyQ FXOWXUD HQWUH RWURV VRQ ($#&4(4#*!3#&!0(!3*5+#0#.7(!*#+5(0!%-!%0!1(&+#!4%!*)*! 1%+(-5*1#*!3*5+#08.5+#*!2!*)!3(&'5+53(+58-!%-!6%-89 1%-#*!'&(45+5#-(01%-'%!3*5+#08.5+#*!+#1#!0(!3%&*#9 QDOLGDG OD LGHQWLGDG OD PRWLYDFLyQ \ HO DSUHQGL]DMH $Vt OD SVLFRORJtD VRFLDO KD LQFXUVLRQDGR HQ XQ DPSOLR >1$5'#!4%!0(!&%(054(4!*#+5(0:!2!0(!451%-*58-!3#07'5+(! QR HV OD H[FHSFLyQ 'H HVWH DFHUFDPLHQWR DXQDGR D ORV 30(-'%(15%-'#*!2!3&#4)+'#*!%-!#'&(*!45*+5305-(*!+#1#! OD DQWURSRORJtD OD VRFLRORJtD OD VRFLRELRORJtD \ HYL9 4%-'%1%-'%! 0(! +5%-+5(! 3#07'5+(:! *%! ,(! 4%*3&%-454#! %0! WUDEDMR HVSHFt¿FR HQ OD SVLFRORJtD SROtWLFD 'H PDQHUD JHQHUDO SRGHPRV HQWHQGHU D OD SVLFR9 0#.7(!3#07'5+(!+#1#!0(!(305+(+58-!4%!0(!3*5+#0#.7(!,)9 PDQD DO HVWXGLR GH OD SROtWLFD 'HVGH ORV LQLFLRV GH OD 3*5+#0#.7(!*%!+#-+5$58!0(!513#&'(-+5(!4%!0(!451%-*58-! VRFLDO \ SROtWLFD HQ HO FRPSRUWDPLHQWR LQGLYLGXDO ORV %*')45#*! 4%! +#13#&'(15%-'#! 3#07'5+#! *%! %-6#+($(-! 3&5-+53(01%-'%!(!0(!3%&*#-(054(4!4%!074%&%*!3#07'5+#*:! SHUR QR IXH KDVWD OD GpFDGD GH ORV VHVHQWD TXH VH DEULy )-!%*3(+5#!3(&(!,($0(&!4%!0(!3*5+#0#.7(!3#07'5+(!+#1#! HVSHFLDOLGDG /D SVLFRORJtD HQ HO HVWXGLR GHO FRPSRU9 '(15%-'#! 3#07'5+#! 4%$%! (3)-'(&:! %-'#-+%*! ,(+5(! 0#*! DVSHFWRV GH OD YLGD VRFLDO FRQ ORV TXH VH GH¿QHQ ODV &%0(+5#-%*!3#07'5+(*!2!0#*!3&#+%*#*!4%!54%-'54(4H!3#&! HMHPSOR OD GH¿QLFLyQ GHO HVSDFLR FRWLGLDQR ODV SDX9 WDV GH GHVDUUROOR \ GH GLVWULEXFLyQ GH OD ULTXH]D OD +&%(+58-!4%!0(*!-#&1(*:!*)!456)*58-!2!&%6)%&?#!2!0#*! SURFHVRV GHO FRQWURO VRFLDO @-!0(!+5%-+5(!3#07'5+(:!%0!3#4%&!*%!($#&4(!%-!'=&159 QRV GH ODV IRUPDV TXH DGRSWD SRGHU HFRQyPLFR SRGHU LGHROyJLFR \ SRGHU SROtWLFR HQ HO iPELWR PDFURVRFLDO /#&!*)!3(&'%:!0(!3*5+#0#.7(!3#07'5+(!'&($(<(!%0!(&.)1%-9 WR GHVGH ORV SURFHVRV GH LQÀXHQFLD \ HQ ORV PHFD9 QLVPRV SVLFROyJLFRV TXH OH VLUYHQ GH EDVH HVWR HV 0#*! 1%+(-5*1#*! +#-+&%'#*! 4%! &%+#13%-*(:! +#%&+58-:! OHJLWLPLGDG UHIHUHQFLD SRU LGHQWL¿FDFLyQ \ H[SHULHQ9 FLD TXH XWLOL]D XQD SHUVRQD R JUXSR GH LQGLYLGXRV SDUD WHQHU FRQWURO H LQMHUHQFLD VREUH RWUR X RWURV VXMHWRV '( 98(/7$ $ /$ $175232/2*Ë$ 32/Ë7,&$

(Q OD DQWURSRORJtD GH 0DOLQRZVNL HQFRQWUDPRV TXH WRPD GLVWDQFLD WDQWR GH ORV HYROXFLRQLVWDV FRPR GH 0#*!456)*5#-5*'(*C! 0H SDUHFH TXH KD\ OXJDU SDUD XQ QXHYR WLSR GH WHRUtD /D VX9 FHVLyQ HQ HO WLHPSR \ OD LQÀXHQFLD GH OD HWDSD DQWHULRU VREUH OD SRVWHULRU HV HO SULQFLSDO REMHWLYR GH ORV HVWXGLRV HYROXFLR9 -5*'(*:!'(0!+#1#!0#*!3&(+'5+(!0(!%*+)%0(!+0>*5+(!4%!(-'&#3#0#9 JtD LQJOHVD 7D\ORU )UD]HU :HVWHUPDUFN 6\GQH\ +DUWODQG &UDZOH\ /D HVFXHOD HWQROyJLFD 5DW]HO )R\ *UlEQHU :

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JE


.-0$)-!//+ #(+Z'f!"8G$(f 6FKPLGW 5LYHUV \ (OLRW 6PLWK HVWXGLD OD LQÀXHQFLD GH ODV FXOWXUDV SRU FRQWDFWR LQ¿OWUDFLyQ \ WUDQVPLVLyQ /D LQÀXHQ9 +5(!4%0!1%45#!(1$5%-'%!*#$&%!0(*!5-*'5')+5#-%*!+)0')&(0%*!2! OD UD]D OR HVWXGLD OD DQWURSRJHRJUDItD 5DW]HO \ RWURV /D LQÀXHQFLD PXWXD GH ORV GLVWLQWRV DVSHFWRV GH XQD LQVWLWXFLyQ HO HVWXGLR GHO PHFDQLVPR VRFLDO \ SVLFROyJLFR HQ HO TXH VH $(*(!)-(!5-*'5')+58-:!+#-*'5')2%-!)-!'53#!4%!%*')45#*!'%8&5+#*! TXH KDVWD DKRUD VyOR VH KDQ SUDFWLFDGR GH IRUPD HQVD\tVWLFD SHUR PH DUULHVJR D SUHGHFLU TXH WDUGH R WHPSUDQR WHQGUiQ HO UHFRQRFLPLHQWR TXH PHUHFHQ (VWH WLSR GH LQYHVWLJDFLyQ ($&5&>! %0! +(15-#! 2! 3&#3#&+5#-(&>! 0#*! 1('%&5(0%*! 3(&(! 0(*! RWUDV 0DOLQRZVNL

'H HVWH SDVDMH VH GHVSUHQGH OD LGHD GH TXH OD DQWURSR9 ORJtD GH 0DOLQRZVNL VH IXQGDPHQWD HQ HO HVWXGLR GH 0(!5-'%&(++58-!4%!0(*!5-*'5')+5#-%*!2!*)*!(*3%+'#*!%-!*)! (6>-!4%!*('5*6(+%&!0(*!-%+%*54(4%*!4%0!,#1$&%:!(0!5.)(0! TXH 5DGFOLIIH %URZQ ³\R FUHR TXH HQ HVWH PRPHQWR HO FRQÀLFWR YHUGDGHUDPHQWH LPSRUWDQWH HQ ORV HVWX9 45#*!(-'&#3#08.5+#*!-#!%*'>!%-'&%!0#*!'-.$"+&.*&0,#0!2! 0#*!9&8"0&.*&0,#0 QL HQWUH ODV GLYHUVDV HVFXHODV GH ORV 9&8"0&.*&0,#0!*5-#!%-'&%!0(!4&0,.(&#)+.*G',"(#$:!3#&!)-(! 3(&'%:!2!%0!%*')45#!6)-+5#-(0!4%!0(!*#+5%4(4!3#&!#'&(G! 5DGFOLIIH %URZQ E(! 3#07'5+(! %*! (0! 15*1#! '5%13#! (*)-'#! '%8&5+#! 2! 3&>+'5+#:!2!%-!0(!6#&1)0(+58-!4%!)-(!+#-+0)*58-!4%0! PDWHULDO SUHVHQWDGR SDUWR GH WUHV SXQWRV (Q SULPHU OXJDU GH OD SUHJXQWD SODQWHDGD HQ XQ LQLFLR ¢HQ TXp QRV SXHGH VHUYLU XQD DQWURSRORJtD SROtWLFD" HQ VHJXQ9 4#! 0).(&:! 4%! 0(*! +(&(+'%&7*'5+(*! 4%! 0(! F*#+5%4(4! 30)9 &(0G:! '(0! +#1#! 6)%! +#-*'&)54#! %*'%! +#-+%3'#! (0! +(0#&! 4%0!3&#+%*#!4%!4%*+#0#-5?(+58-:!2!%-!'%&+%&!0).(&:!4%! ODV REOLJDFLRQHV LQFXUULGDV SRU HO JRELHUQR GH 0p[LFR \ YDULRV RWURV JRELHUQRV DO ¿UPDU \ UDWL¿FDU OD DGKH9 VLyQ DO &RQYHQLR GH OD 2,7 REOLJDFLRQHV H[SUH9 VDGDV FRQ SUHFLVLyQ HQ ODV PRGL¿FDFLRQHV DO $UWtFXOR &XDUWR &RQVWLWXFLRQDO HQ \ DO $UWtFXOR 6HJXQGR &RQVWLWXFLRQDO HQ 3DUD WHUPLQDU KDEUtD TXH VHxDODU TXH OD DQWURSR9 ORJtD HV HQ Vt PLVPD SROtWLFD /RV DXWRUHV \ ORV HGL9 '#&%*! 4%! S&0,'6#0) /.$?,&+.0) #8(&+#*.0) 4%*+#-#+5%&#-! ODV SDODEUDV GH $OIRQVR 6iQFKH] 9i]TXH] DO VXJH9 ULU TXH ³OD GHFODUDFLyQ PiV SROtWLFD TXH H[LVWH HV OD GHFODUDFLyQ GH TXH \R VR\ SROtWLFR´ $TXt VH ERUUD IRU]RVDPHQWH OD IURQWHUD TXH VHSDUD OD DFFLyQ GHO SHQ9 *(15%-'#:!0(!(+')(+58-!4%0!(->05*5*:!2!3#4%1#*!4%+5&! FRQ $PEURFH %LHUFH TXH ³PRULU IUHQWH D XQ SDUHGyQ PH[LFDQR HVR HV OD YLGD´ \ SHUGHU OD YLGD HQ OD 5H9 YROXFLyQ PH[LFDQD R GHMDU GH HVFULELU SRHPDV FRPR $UWXU 5LPEDXG \ GHGLFDUQRV D FRQWUDEDQGHDU DUPDV HQ HO PHGLWHUUiQHR

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JG

5()(5(1&,$6

$JXLUUH * 5HJLRQHV GH UHIXJLR K$)9'0#((.$$.) 9')$#)+.6"*&9#9)5)'$)/(.+'0.)9.6&*&+#$)'*)6'0,&E.) L6O(&+# 0p[LFR ,QVWLWXWR 1DFLRQDO ,QGLJHQLVWD 0RQRJUDItDV GH $QWURSRORJtD 6RFLDO Q~P $OFLQD - (O GHVFXEULPLHQWR FLHQWt¿FR GH L6O(&+# %DUFHORQD $QWKURSRV %DUNHU ( g(''A)H.$&,&+#$)b4'.(5:!E#-4&%*:! 0HWKXHQ &R %RWWRPRUH 7 S.+&.$.<?#)/.$?,&+# 0DGULG $JXLODU %RYHUR 0 ³.DNLVWRFUDFLD /D UHFHWD GH 3R9 OLELR \ VX µFRQWUDULR¶ OD SpVLPD UHS~EOLFD´ K0,') H#?0 Q~P DEULO &KDWHOHW ) K$)*#+&6&'*,.)9')$#)4&0,.(&#;)>@>>:! 0p[LFR 6LJOR ;;, (GLWRUHV &ROOLQV 6 N(.6)`&-&*')!.06.0),.)S.-'('&<*) S,#,'2) L*) >*,'$$'+,"#$) F&0,.(5) .8) !.*0+&."0*'00) #*9) ,4') >9'#) .8) c(9'() &*) P'*#&00#*+') K*<$#*9:! 1XHYD <RUN 2[IRUG 2[IRUG 8QLYHUVLW\ 3UHVV 'XKDUWH ( 7#) /.$?,&+#X) 6&(#9#0) +("E#9#0;) +DEDQD (GLWRULDO GH &LHQFLDV 6RFLDOHV 'XPRQW / F.6.)F&'(#(+4&+"02)b4')!#0,')S50@ ,'6)#*9)&,0)>6/$&+#,&.*0 /RQGUHV 3DODGLQ %RRNV 'XPRQW / K00#50).*)>*9&-&9"#$&062)M.9'(*) >9'.$.<5)&*)L*,4(./.$.<&+#$)/'(0/'+,&-':!J,5+(.#:! 8QLYHUVLW\ RI &KLFDJR 3UHVV )RUWHV 0 \ (YDQV 3ULWFKDUG ( HGV S&0,'6#0)/.$?@ ,&+.0)#8(&+#*.0 0p[LFR &,(6$6 8$0 ,]WDSDOD9 SD 8QLYHUVLGDG ,EHURDPHULFDQD )RXFDXOW 0 7#)-'(9#9)5)$#0)8.(6#0)G"(?9&@ +#0 %DUFHORQD *HGLVD )ULHG 0 ³/D DQWURSRORJtD \ ODV FLHQFLDV VR9 FLDOHV´ HQ 6 7D[ HG L*,(./.$.<?#2)e*#)*"'-#) -&0&:* &DOL 1RUPD *HHUW] & 3'<#(#2) K$) K0,#9.@,'#,(.) '*) '$) Q#$&)9'$)0&<$.)f>f %DUFHORQD 3DLGyV *OXFNPDQ 0 H.$?,&+#;)9'('+4.)5)(&,"#$)'*)$#) 0.+&'9#9),(&1#$ %DUFHORQD $NDO +DUULV 0 K$)9'0#((.$$.)9')$#),'.(?#)#*,(./.@ $:<&+#2)e*#)4&0,.(&#)9')$#0),'.(?#0)9')$#)+"$,"(#:! 0p[LFR 6LJOR ;;, (GLWRUHV .RUVEDHN / >*,(.9"++&:*)#$)0&0,'6#)9')+#(@ <.0 7ROXFD )DFXOWDG GH $QWURSRORJtD 8$(0 .RUVEDHN / ³(O VLVWHPD GH FDUJRV HQ ODV FRPXQLGDGHV LQGtJHQDV HQ HO (VWDGR GH 0p[LFR´ KJ/('0&:*)L*,(./.$:<&+# Q~P .RUVEDHN / ³&RPXQLGDGHV LQGtJHQDV \ VLV9 WHPDV GH FDUJRV HQ HO (VWDGR GH 0p[LFR´ MOJ&+.) >*9?<'*# 1XHYD eSRFD YRO Q~P GLFLHPEUH .RUVEDHN / \ 6iPDQR 0 $ ³(O LQGLJHQLV9 PR HQ 0p[LFR DQWHFHGHQWHV \ DFWXDOLGDG´ P#)f&@


#$'$%9"!*!#!):$'='#$8'*!#:9+;$8

64#& YRO Q~P /LSVHW 6 K$)4.61(')/.$?,&+.2)7#0)1#0'0)0.@ +&#$'0)9')$#)/.$?,&+# 0DGULG 7HFQRV 0DF3KHUVRQ & 7#),'.(?#)/.$?,&+#)9'$)&*9&-&@ 9"#$&06.)/.0'0&-. 0DGULG 7URWWD 5RUW\ 5 /D ¿ORVRItD \ HO HVSHMR GH OD QDWXUD@ $'E# 0DGULG &iWHGUD 6DELQH * F&0,.(&#) 9') $#) ,'.(?#) /.$?,&+#:! 0p[LFR )&( 6DKOLQV 0 L/.$.<&'0) ,.) b4"+59&9'02) e*@ 9'(0,#*9&*<) F&0,.(5) #0) !"$,"(') #*9) C&+'-'(0#:! &KLFDJR 8QLYHUVLW\ RI &KLFDJR 3UHVV 6DUWRUL * 7#) /.$?,&+#2) 7:<&+#) 5) 6O,.9.) '*) $#0)+&'*+&#0)0.+&#$'0 0p[LFR )&( 6WUDXVV / \ &URSVH\ - FRPS F&0,.(&#)9')

+'!',&-.$./$0&-%)$

OD ¿ORVRItD SROtWLFD 0p[LFR )&( 6ZDUW] 0DUN - 9 7XUQHU \ $ 7XGHQ HGV H.$&,&+#$)L*,4(./.$.<5 &KLFDJR $OGLQH 7XUQHU 9 S+4&06)#*9)!.*,&*"&,5)&*)#*)L8(&+#*) S.+&',5 0DQFKHVWHU 0DQFKHVWHU 8QLYHUVLW\ 3UHVV 7XUQHU 9 ³+LGDOJR +LVWRU\ DV 6RFLDO 'UD9 PD´ HQ 9 7XUQHU `(#6#0;) N&'$90;) #*9) M',#@ /4.(02)S561.$&+)L+,&.*)&*)F"6#*)S.+&',5:!R',(+(! \ /RQGUHV &RUQHOO 8QLYHUVLW\ 3UHVV 9H\QH 3 h(&,&*<)F&0,.(5X)K00#5).*)K/&0,'6.$.@ <5 0LGGOHWRZQ &RQQ :HVOH\DQ 8QLYHUVLW\ 3UHVV :ROLQ 6 H.$?,&+#)5)/'(0/'+,&-#2)!.*,&*"&9#9) 5) +#61&.) '*) '$) /'*0#6&'*,.) /.$?,&+.) .++&9'*,#$:! %XHQRV $LUHV $PRUURUWX

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JH


*"(@$1+!'$':+:2(0$:'*!#52+1!:'

africanos

*

Ǥ ơ Ǧ 66 b"*+)',)'6&+&,&#6)+.'/'("*,)G"*<'(')4#1'*,'0 ¿QLWLPD LQWHU VH QHF ODHGHUH QHF YLRODUH 3.*),#6').6*&6.9&0)/.,'(#,)+.*+.(9&#)<&<*&i S'9)1.*#;)M#<*#%"')/#(0)0'(-#1#*,)8.'9'(#)+#0,&X L",)<'*"0)4"6#*"6)G#6),"6)8.(',).6&')/'('6/,"6; 1HF SRWXLVVHW DGKXF SHUGXFHUH VDHFOD SURSDJR E)+&%'5)*

@

0! %*')45#! +#13(&(4#! 4%! 0(*! 5-*'5')+5#-%*! 3#079 '5+(*:! %-! 3(&'5+)0(&! 4%! 0(*! *#+5%4(4%*! *5130%*:! %*!)-(!&(1(!513#&'(-'%!4%!0(!(-'&#3#0#.7(!*#9 FLDO TXH D~Q QR KD UHFLELGR OD PHUHFLGD DWHQFLyQ /D '(&%(!4%!0(!(-'&#3#0#.7(!*#+5(0:!+#1#!+5%-+5(!-(')&(0! TXH HVWXGLD OD VRFLHGDG KXPDQD HV OD LQYHVWLJDFLyQ *5*'%1>'5+(!4%!0(!-(')&(0%?(!4%!0(*!5-*'5')+5#-%*!*#+5(9 OHV (O PpWRGR GH OD FLHQFLD QDWXUDO VH EDVD HQ OD FRP9 SDUDFLyQ GH ORV IHQyPHQRV REVHUYDGRV \ HO REMHWLYR GH HVWD FRPSDUDFLyQ HV OD E~VTXHGD SRU PHGLR GH XQ HVWXGLR FXLGDGRVR GH ODV GLYHUVLGDGHV GH XQLIRUPLGD9 GHV VXE\DFHQWHV $SOLFDGR DO HVWXGLR GH ODV VRFLHGD9 GHV KXPDQDV HO PpWRGR FRPSDUDWLYR XVDGR FRPR XQ LQVWUXPHQWR SDUD OD LQIHUHQFLD LQGXFWLYD QRV SHUPLWH GHVFXEULU ODV FDUDFWHUtVWLFDV XQLYHUVDOHV \ HVHQFLDOHV TXH VRQ UDVJR GH ODV VRFLHGDGHV KXPDQDV ODV SDVDGDV SUHVHQWHV \ IXWXUDV /D DGTXLVLFLyQ SURJUHVLYD GHO FR9 QRFLPLHQWR GH HVWD FODVH GHEH VHU HO REMHWLYR \ HO GH9 VHR GH WRGRV ORV TXH FUHDQ TXH XQD YHUGDGHUD FLHQFLD GH ODV VRFLHGDGHV KXPDQDV HV SRVLEOH \ GHVHDEOH 6LQ HPEDUJR QR SRGHPRV HVSHUDU SDVDU GLUHFWD9 PHQWH GH ODV REVHUYDFLRQHV HPStULFDV DO FRQRFLPLHQ9

(O SUHVHQWH WH[WR HV HO 3UHIDFLR TXH 5DGFOLIIH %URZQ HVFULELHUD D OD #$&(!L8(&+#*)H.$&,&+#$)S50,'60 HGLWDGR SRU 0H\HU )RUWHV \ ( ( (YDQV 3ULWFKDUG HQ SDUD HO ,QWHUQDWLRQDO $IULFD ,QVWLWXWH EDMR HO VHOOR GH 2[IRUG 8QLYHUVLW\ 3UHVV 7UDGXFFLyQ GH /HLI .RUVEDHN DD )XH $QWURSyORJR VRFLDO %ULWiQLFR D

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JD

WR GH OH\HV R SULQFLSLRV VRFLROyJLFRV JHQHUDOHV (O 5-'%-'#!4%!'&(-*5'(&!3#&!%*'%!+(15-#!*80#!-#*!3&#3#&9 FLRQD FRPR OR GHQXQFLy %DFRQ OR TXH QR HV \ VyOR VH QRV SUHVHQWD FRPR FRQRFLPLHQWR 3ULPHUR WHQH9 PRV TXH UHGXFLU OD LQPHQVD GLYHUVLGDG GH IRUPDV GH 0(!*#+5%4(4!,)1(-(!(!(0.;-!#&4%-!3#&!1%45#!4%!)-(! HVSHFLH GH FODVL¿FDFLyQ &RPSDUDQGR ODV VRFLHGDGHV ORJUDPRV GLVWLQJXLU \ GH¿QLU GLIHUHQWHV WLSRV $Vt ORV LQGtJHQDV GH $XVWUDOLD VH DJUXSDQ HQ FHQWHQDUHV 4%! '&5$)*:! +(4(! )-(! +#-! *)! 3&#35(! 0%-.)(:! (*7! +#1#! #&.(-5?(+58-:! +#*')1$&%*! 2! +&%%-+5(*H! 3%&#! )-(! 5-9 YHVWLJDFLyQ DWHQWD GH XQ Q~PHUR VX¿FLHQWH GH FDVRV QRV PXHVWUD TXH H[LVWHQ GHWUiV GH ODV GLYHUVLGDGHV HVSHFt¿FDV VLPLOLWXGHV TXH SHUPLWHQ HVWDEOHFHU \ GHVFULELU HQ WpUPLQRV JHQHUDOHV XQ WLSR DXVWUDOLDQR @0!'53#!%*:!3#&!*)3)%*'#:!)-(!($*'&(++58-!+#1#!0#!%*! OD SDODEUD ³FDUQtYRUR´ XQD DEVWUDFFLyQ VyOR XQ SRFR DOHMDGD GH OD UHDOLGDG FRQFUHWD &XDQGR KHPRV GH¿9 -54#! (4%+)(4(1%-'%! )-! -;1%&#! 4%! '53#*! +#1#! =*'%! 3#4%1#*! 3&#+%4%&! (! ,(+%&! )-(! +#13(&(+58-! %-'&%! HOORV \ FRQ HVR DYDQ]DPRV XQ SDVR PiV HQ HO QLYHO GH DEVWUDFFLyQ $ WUDYpV GH HVWH SURFHGLPLHQWR ±TXH HYLGHQWHPHQWH UHTXLHUH HO WUDEDMR GH PXFKRV HVWXGLR9 VRV GXUDQWH XQ JUDQ Q~PHUR GH DxRV± SRGHPRV ORJUDU FODVL¿FDFLRQHV \ FRQFHSWRV DEVWUDFWRV PiV HODERUD9 GRV TXH FRQ PD\RU H[DFWLWXG UHSUHVHQWDQ OD UHDOLGDG


*"(Z$;+!'$'8+89(7$8'*!#:9+;!8'$Z"+;$%!8

%137&5+(:!+#1#!%*!%0!+(*#!4%!%A3&%*5#-%*!'(0%*!+#1#! ³VRFLHGDG SULPLWLYD´ ³VRFLHGDG IHXGDO´ \ ³VRFLHGDG FDSLWDOLVWD´ TXH HQFRQWUDPRV HQ ODV REUDV GH KR\ &XDQGR SUHWHQGHPRV FODVL¿FDU ODV VRFLHGDGHV KX9 PDQDV WURSH]DPRV FRQ FRPSOLFDFLRQHV GH XQ WLSR TXH -#!%-+#-'&(1#*!%-!#'&(*!+5%-+5(*:!+#1#!3#&!%<%130#! HQ OD ]RRORJtD R TXtPLFD 'RV VRFLHGDGHV R GRV WLSRV 3)%4%-!*%&!*5150(&%*!%-!+)(-'#!(!)-!(*3%+'#!4%0!*5*9 WHPD VRFLDO \ GLIHUHQWHV HQ FXDQWR D RWUR 3RU HVR HV -%+%*(&5#! +#13(&(&! 0(*! *#+5%4(4%*! +#-! &%6%&%-+5(! (! DOJ~Q DVSHFWR SDUWLFXODU R D DOJXQD SDUWH HVSHFt¿FD 4%0! *5*'%1(! *#+5(0! +#130%'#H! 3#&! %<%130#:! +#-! &%0(9 +58-! (0! *5*'%1(! %+#-815+#:! (0! *5*'%1(! 3#07'5+#! #! (0! VLVWHPD GH SDUHQWHVFR (Q FXDOTXLHU VLVWHPD VRFLDO ODV LQVWLWXFLRQHV SROt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¿QLFLyQ GH ³OR SROtWL9 FR´ LQGLTXH XQD FODVH GH IHQyPHQRV TXH IDYRUHFHQ XQ HVWXGLR WHyULFR VHSDUDGR @0!)*#!%A5'#*#!4%0!1='#4#!4%3%-4%!-#!*80#!4%!0(! +(-'54(4! 2! +(054(4! 4%0! 1('%&5(0! %137&5+#! (! 45*3#*59 +58-:!*5-#!'(1$5=-!4%0!(3(&('#!4%!+#-+%3'#*!%!,538'%9 VLV TXH JXtDQ OD LQYHVWLJDFLyQ (Q XQD FLHQFLD QDWXUDO GH OD VRFLHGDG HO PpWRGR FRPSDUDWLYR WRPD HO OXJDU 4%0!1='#4#!%A3%&51%-'(0!4%!0(*!#'&(*!+5%-+5(*:!2!0(*! SDODEUDV GH &ODXGH %HUQDUG DFHUFD GH pVWDV WLHQH OD PLVPD YDOLGH] KDEODQGR GH OD FLHQFLD QDWXUDO GH OD *#+5%4(4C!F%0!1='#4#!%A3%&51%-'(0!-#!0%*!3)%4%!3&#9 SRUFLRQDU LGHDV QXHYDV R IHFXQGDV D JHQWHV TXH FDUH9 FHQ GH WDOHV VyOR VLUYHQ GH JXtD SDUD ODV LGHDV TXH \D *%!'5%-%-:!=*'(*!54%(*!.)7(-!2!4%*(&&#00(-!)-(!1(-%&(! TXH DVHJXUH HO PHMRU UHVXOWDGR SRVLEOH 'H OD PLVPD PDQHUD TXH VyOR OR TXH KD\D VLGR VHPEUDGR EURWDUi 4%!0(!'5%&&(:!5.)(01%-'%!-(4(!*)&.5&>!4%0!1='#4#!%A3%9 ULPHQWDO PiV TXH ODV LGHDV TXH KD\DQ VLGR VRPHWLGDV (O PpWRGR FRPR WDO \ SRU Vt VyOR QR SURGXFH QDGD &LHUWRV ¿OyVRIRV KDQ FRPHWLGR HO HUURU GH DFUHGLWDUOH DO PpWRGR GHPDVLDGR SRGHU HQ HVWH VHQWLGR´ @-! %0! %*')45#! 4%! 0(*! *#+5%4(4%*! *%-+500(*! 0#*! (-9 WURSyORJRV HQFXHQWUDQ TXH ORV FRQFHSWRV \ ODV WHRUtDV GH ORV ¿OyVRIRV SROtWLFRV \ ORV HFRQRPLVWDV UHVXOWDQ

+'!',&-.$./$0&-%)$

LQVX¿FLHQWHV SXHV KDQ VLGR HODERUDGDV FRQ PLUDV D XQ OLPLWDGR Q~PHUR GH WLSRV GH VRFLHGDGHV (Q VX OXJDU HO DQWURSyORJR WLHQH TXH HODERUDU SDUD VX SURSLR XVR WHRUtDV \ FRQFHSWRV TXH VHUiQ XQLYHUVDOPHQWH DSOLFD9 EOHV D WRGDV ODV VRFLHGDGHV KXPDQDV \ OOHYDU D FDER OD REVHUYDFLyQ \ FRPSDUDFLyQ JXLDGR SRU pVWRV 7RGD VRFLHGDG KXPDQD SRVHH DOJXQD HVSHFLH GH HVWUXFWXUD WHUULWRULDO (QFRQWUDPRV FRPXQLGDGHV FOD9 UDPHQWH GH¿QLGDV GRQGH GHVGH ODV PiV SHTXHxDV VH %-+)%-'&(-! (&'5+)0(4(*! 3(&(! 6#&1(&! 3(&'%! 4%! )-(! *#9 FLHGDG PiV JUDQGH (VWD HVWUXFWXUD WHUULWRULDO FUHD HO (&1(?8-! 4%! 0(! #&.(-5?(+58-! 3#07'5+(! +)(0! *%(! =*'(! 2! GH RWUDV IRUPDV GH RUJDQL]DFLyQ FRPR OD HFRQyPLFD J)(-4#! %*')45(1#*! 0(! #&.(-5?(+58-! 3#07'5+(:! -#*! WHQHPRV TXH RFXSDU GHO PDQWHQLPLHQWR R HO HVWDEOH9 +515%-'#! 4%0! #&4%-! *#+5(0:! 4%-'&#! 4%! )-! 1(&+#! '%9 &&5'#&5(0:! 3#&! %0! %<%&+5+5#! #&.(-5?(4#! 4%! 0(! ()'#&54(4! FRHUFLWLYD PHGLDQWH HO XVR R OD SRVLELOLGDG GH XVR GH OD IXHU]D ItVLFD (Q ORV (VWDGRV ELHQ RUJDQL]DGRV OD SROLFtD \ HO HMpUFLWR VRQ ORV LQVWUXPHQWRV TXH LPSOH9 PHQWDQ OD FRHUFLyQ 'HQWUR GHO (VWDGR HO RUGHQ VRFLDO VH PDQWLHQH PHGLDQWH HO FDVWLJR GH ORV TXH YLRODQ ODV OH\HV \ OD VXSUHVLyQ DUPDGD GH OD UHEHOLyQ +DFLD HO %A'%&5#&!%0!@*'(4#!%*'>!45*3)%*'#!(!&%+)&&5&!(0!)*#!4%! 0(*!6)%&?(*!(&1(4(*!+#-'&(!#'&#*!@*'(4#*:!#!$5%-!)'59 OL]DU pVWDV FRQ HO REMHWLYR GH PDQWHQHU HO RUGHQ H[LV9 WHQWH R GH FUHDU XQR QXHYR $O DQDOL]DU ORV VLVWHPDV SROtWLFRV VH UHYLVD OD OH\ SRU XQ ODGR \ OD JXHUUD SRU HO RWUR $XQTXH H[LVWHQ FLHUWDV LQVWLWXFLRQHV FRPR HV HO FDVR GH OD YHQJDQ9 ]D UHJXODGD TXH VH VLW~D HQWUH ODV GRV &RQVLGHUDPRV 3&51%&#!0(!0%2!2:!4%-'&#!4%0!+(13#!4%!0(!0%2:!%0!(3(9 UDWR GH MXVWLFLD UHSUHVLYD 'HQWUR GH XQD FRPXQLGDG GH¿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~ NDYLURQGR :DJQHU UHODWD FyPR ORV WUDQVJUHVRUHV SRGtDQ VHU H[9 SXOVDGRV GH VX JUXSR R VHU HMHFXWDGRV PHGLDQWH OR TXH =0!00(1(!F05-+,(15%-'#GC!F%*'(!+0(*%!4%!(++58-!+#0%+9 WLYD DQWH XQ SHOLJUR LQPLQHQWH OOHYDGD D FDER HVSRQ9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JJ


.-0$)-!//+ $#Z"(&'"<'"$&;#+ZZ(HG"!g%

WiQHDPHQWH HV GHFLU VLQ TXH VH HIHFW~H XQ MXLFLR \ FRQ IUHFXHQFLD VLQ UHÀH[LyQ DOJXQD HV FODUDPHQWH 456%&%-'%! 4%! 0(! <)&5*45++58-! 5-*'5')+5#-(05?(4(! 4%! 0(! VRFLHGDG WULEDO D WUDYpV GH DXWRULGDGHV MXUtGLFDV UH9 FRQRFLGDV´ 3HUR SDUHFH DOWDPHQWH SUREDEOH TXH WDOHV DFFLRQHV VL KXELHUD VLGR SRVLEOH REVHUYDUODV FXLGD9 GRVDPHQWH VH UHYHODUtDQ FRPR DFFLRQHV GLULJLGDV SRU 45&5.%-'%*!%-!3#*%*58-!4%!(0.)-(!1%454(!4%!()'#&54(4! UHFRQRFLGD (Q HO NLQJROH GH ORV NDPED \ ORV NLNX\R \ HQ HO LQMRJHW GH ORV NLSVLJLV \ QDQGL GRQGH IXHURQ DVHVLQDGRV ORV TXH KDEtDQ RIHQGLGR FRQWUD OD FRPXQL9 4(4:!6)%&#-!%<%+)'(4#*!%-!)-!3&#+%4515%-'#!#&4%-(4#! GLULJLGR SRU ORV KRPEUHV GH DXWRULGDG (Q HVWDV DFFLRQHV FROHFWLYDV GRQGH VH SRGUtD GHFLU TXH OD FRPXQLGDG MX]JD \ FDVWLJD VH DGYLHUWH XQD IRUPD HPEULRQDULD GH OD OHJLVODFLyQ FULPLQDO (O KHFKR GH TXH IUHFXHQWHPHQWH QR VH HIHFW~D QLQJ~Q MXLFLR UHVXOWD GH TXH OD RIHQVD HV D PHQXGR HYLGHQWH FRQRFLGD SRU WRGD OD FRPXQLGDG (Q HO FDVR FRQWUDULR 0#*!6(1505(&%*!2!0#*!(15.#*!4%0!(+)*(4#!(+)45&7(-!(! VX GHIHQVD \ HO SURFHGLPLHQWR HVWDUtD FRQWUDUUHVWDGR 6L H[LVWH OD SRVLELOLGDG GH OD GXGD HQ ÈIULFD HV SRVL9 EOH UHFXUULU D DOJXQD HVSHFLH GH SUXHED R MXUDPHQWR 'LVFUHSR GH OD SRVLFLyQ GH :DJQHU TXH FRQVLGHUD ODV DFFLRQHV GH HVWD FODVH FRPR HTXLYDOHQWHV R LGpQWLFDV D ODV DFFLRQHV GH GHVDJUDYLR SRU SDUWH GH XQD SHUVRQD TXH KD\D VXIULGR XQD LQMXULD HQ VXV GHUHFKRV FRQWUD OD SHUVRQD UHVSRQVDEOH GH OD LQMXULD /D DFFLyQ SXQL9 WLYD GHEH FRQVLGHUDUVH FRPR OD H[SUHVLyQ GLUHFWD GHO VHQWLPLHQWR S~EOLFR (Q FRPXQLGDGHV SHTXHxDV HV SRVLEOH TXH H[LVWD SRFD R QLQJXQD QHFHVLGDG GH VDQFLRQHV SHQDOHV (O $)%-! +#13#&'(15%-'#! 3)%4%! *%&:! %-! .&(-! 1%454(:! %0! &%*)0'(4#! 4%! 0(! +#*')1$&%:! 4%0! +#-45+5#-(15%-'#! 4%0! LQGLYLGXR D WUDYpV GH VX IRUPDFLyQ HQ ORV SULPHURV DxRV GH VX YLGD $GHPiV GH HVWD VDQFLyQ GH WLSR SH9 QDO H[LVWHQ DGHPiV GRV WLSRV PiV GH VDQFLRQHV 3RU XQ ODGR HVWi OD VDQFLyQ GH OD FRHUFLyQ PRUDO TXH HV GLVWLQWD GH OD FRHUFLyQ ItVLFD GRQGH HO LQGLYLGXR TXH *%!,(2(!+#13#&'(4#!5-+#&&%+'(1%-'%:!%*'>!*)<%'#!(!0(*! %A3&%*5#-%*!($5%&'(*!4%!&%3&#$(+58-!#!$)&0(!3#&!3(&'%! 4%!*)*!+#-+5)4(4(-#*!2!4%!%*'(!1(-%&(!+(*'5.(4#!+#-! OD YHUJ HQ]D (Q HVWH FDVR HO HOHPHQWR HIHFWLYR HV OD H[SUHVLyQ GLUHFWD GHO VHQWLPLHQWR S~EOLFR &XDQGR XQD 3%&*#-(! +)2#! +#13#&'(15%-'#! %*! 5-*('5*6(+'#&5#! %*'>! *#1%'54(! (! (0.;-! '53#! 4%! $#5+#'%#:! -#*! %-+#-'&(1#*! (-'%!)-(!+#-45+58-!5-'%&1%45(!%-'&%!0(*!*(-+5#-%*!1#9 UDOHV \ VDWtULFDV \ ODV VDQFLRQHV SURSLDPHQWH SHQDOHV @-! *%.)-4#! 0).(&! %*'>-! 0(*! 456%&%-'%*! +0(*%*! 4%! VDQFLyQ ULWXDO R VREUHQDWXUDO /D PiV GLUHFWD GH pVWDV FRQVWLWX\H OD FUHHQFLD LQGLVSXWDEOH GH TXH FLHUWRV DF9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JK

WRV FDXVDQ GHVJUDFLD D OD SHUVRQD TXH ORV FRPHWD 3DUD %0!1)-4#!+&5*'5(-#:!0(!4%*.&(+5(!%*3%&(4(!%*!%0!%'%&-#! WRUPHQWR HQ HO IXHJR GHO LQ¿HUQR SDUD XQ DIULFDQR HV FRQ PD\RU IUHFXHQFLD OD HQIHUPHGDG R OD PXHUWH (Q FXDOTXLHU LQVWDQFLD SDUWLFXODU HO PRGR GH FRPSRU9 WDPLHQWR TXH FRQVWLWX\H XQD IDOWD GH REVHUYDFLyQ GH #$05.(+5#-%*! &5')(0%*! 3)%4%! #! -#! *%&! '(1$5=-! *)<%'#! (! )-(! *(-+58-! 1#&(0C! 3)%4%! *%&! &%3&#+,($0%! #! *80#! '#-'#H!%-!%0!3&51%&!+(*#!%*!)-!3%+(4#:!%-!%0!*%.)-4#! HV XQ DFWR GHVGLFKDGR R XQD GHVGLFKDGD RPLVLyQ (Q #'&(*! 3(0($&(*:! %-! %0! +(*#! 4%! )-! 3%+(4#! *%! *)1(! 0(! VDQFLyQ PRUDO GH UHSUREDFLyQ D OD FUHHQFLD GH TXH HO SHFDGR OH FDXVDUi GHVJUDFLD D VX DXWRU J)(-4#! )-(! 3%&*#-(! ,(! +#1%'54#! )-(! #6%-*(! &59 ')(0:!%0!+)54(4#!3#&!*)!3&#35#!$5%-%*'(&:!*5!%*!+)%*'58-! 4%!*)%&'%:!2!%*'%!<)-'#!+#-!%0!*%-'515%-'#!3;$05+#:!*5! %*! +)%*'58-! 4%! 3%+(4#:! 0#! 5-4)+5&>! (! %<%+)'(&! (0.;-! DFWR GH H[SLDFLyQ R SXUL¿FDFLyQ PHGLDQWH HO FXDO VH FUHH TXH ORV HIHFWRV GH VX WUDQVJUHVLyQ VHUiQ REYLD9 GRV (Q DOJXQDV VRFLHGDGHV HO SHFDGRU GHEH HMHFXWDU XQD SHQLWHQFLD TXH SXHGH VHU FRQVLGHUDGD FRPR XQ FDVWLJR DXWRLPSXHVWR 6LQ HPEDUJR HQ DOJXQDV LQVWDQFLDV VH SXHGH FUHHU TXH ORV HIHFWRV GHO SHFDGR FDHUiQ QR VRODPHQWH VREUH HO SHFDGRU VLQR VREUH WRGD OD FRPXQLGDG R TXH WRGD 0(! +#1)-54(4! *%&>! +#-'(15-(4(! 3#&! %0! 3%+(4#H! 2! 0(! 3%&*#-(!'&(-*.&%*#&(!*%&>!%<%+)'(4(!#!%A3)0*(4(!4%!0(! FRPXQLGDG FRPR XQ DFWR FROHFWLYR GH H[SLDFLyQ &RQ HVR UHJUHVDPRV D OD VDQFLyQ SHQDO (QWUH ORV DVKDQWL 0#*!+&71%-%*!+#1#!%0!5-+%*'#:!(*%*5-('#!#!*(+&50%.5#:! *%!3%&+5$%-!+#1#!#6%-*(*!+#-'&(!0#*!45#*%*:!0(*!+)(0%*! FRQOOHYDQ LQIRUWXQLR D WRGD OD UHJLyQ GH PDQHUD TXH KD\ TXH HMHFXWDU DO FULPLQDO SDUD HYLWDU HO GHVDVWUH /D FODVH GH FUHHQFLD TXH VXE\DFH DO ULWXDO R D ODV *(-+5#-%*! *#$&%-(')&(0%*! 3)%4%! 3&#3#&+5#-(&! )-(! EDVH GH OR TXH SRGHPRV OODPDU VDQFLRQHV SHQDOHV LQ9 GLUHFWDV $Vt HQFRQWUDPRV HQ FLHUWDV WULEXV DIULFDQDV )-(!3&>+'5+(!&%.)0(&!4%!513&%+(+58-!+#-'&(!'&(-*.&%9 VRUHV 8QD SHUVRQD TXH KD\D FRPHWLGR XQD RIHQVD VH FRQR]FD R QR VX LGHQWLGDG SXHGH VHU R¿FLDOPHQWH PDOGHFLGD SRU ORV DQFLDQRV R SRU SHUVRQDV TXH SR9 VHHQ OD DXWRULGDG \ HO SRGHU SDUD DFWXDU 1RUPDOPHQ9 WH OD PDOGLFLyQ HVWi DFRPSDxDGD SRU DOJ~Q ULWXDO R DFWR PiJLFR TXH DVHJXUD TXH VHD HIHFWLYD 6H FUHH TXH HO FXOSDEOH FDHUi HQIHUPR R PRULUi D PHQRV TXH OD PDOGLFLyQ VHD FDQFHODGD (Q PXFKDV VRFLHGDGHV DIUL9 FDQDV XQD SHUVRQD TXH HV DFXVDGD EDMR VRVSHFKD GH $&)<%&7(!3)%4%!*%&!6#&?(4(!(!,(+%&!)-!<)&(1%-'#!#!(! VRPHWHUVH D XQD SUXHED EDMR OD VXSRVLFLyQ GH TXH VL HV FXOSDEOH FDHUi HQIHUPR R PRULUi $Vt SXHV HQFRQWUDPRV ORV UXGLPHQWRV GH OR TXH


*"(Z$;+!'$'8+89(7$8'*!#:9+;!8'$Z"+;$%!8

%-!*#+5%4(4%*!1>*!+#130%<(*!%*!0(!5-*'5')+58-!#&.(9 -5?(4(!4%!0(!<)*'5+5(!+&515-(0!%-!%*'#*!3&#+%4515%-'#*! &%+#-#+54#*:!1%45(-'%!0#*!+)(0%*!(+';(!%0!+)%&3#!4%! 15%1$&#*!4%!0(!+#1)-54(4:!3%&*#-(01%-'%!#!3#&!&%9 3&%*%-'(+58-:!45&%+'(1%-'%!#!(3%0(-4#!(!0#*!(.%-'%*! ULWXDOHV R VREUHQDWXUDOHV FRQ HO ¿Q GH FDVWLJDU D XQ GHOLQFXHQWH R H[FOXLUOR GH OD FRPXQLGDG (Q ODV VR9 +5%4(4%*!(6&5+(-(*!0(!4%+5*58-!4%!(305+(&!)-(!*(-+58-! 3%-(0! 3)%4%! &%*545&! %-! %0! 3)%$0#! %-! .%-%&(0:! %-! 0#*! (-+5(-#*:!+#1#!%-!)-(!.%&#-'#+&(+5(:!%-!)-!-;1%&#! OLPLWDGR GH MXHFHV R OtGHUHV R HQ XQ VROR MHIH R UH\ ([LVWH RWUR iPELWR GH OD OH\ TXH FRQFLHUQH D ORV FRQÀLFWRV HQWUH SHUVRQDV R HQWUH JUXSRV GHELGRV D LQ9 MXULDV LQÀLJLGDV SRU XQD SHUVRQD R SRU XQ JUXSR D RWUR +#-!(++5#-%*!3#&!3(&'%!4%!0(!+#1)-54(4!#!%-!-#1$&%! GH HOOD HQFDPLQDGDV D UHVROYHU ORV FRQÀLFWRV R DVHJX9 UDU TXH VH UHSDUH HO GDxR FDXVDGR SRU OD LQMXULD (VWH +(13#!4%!0(!0%2!0#!%-+#-'&(1#*!%-!*#+5%4(4%*!+#-!)-! QLYHO PtQLPR GH RUJDQL]DFLyQ OODPDGDV VRFLHGDGHV VLPSOHV FRPR OD IXHU]D HIHFWLYD TXH FRQWUROD \ OLPLWD HO FRQÀLFWR R TXH REOLJD DO PDOKHFKRU D UHVDUFLU HO GDxR D OD SHUVRQD TXH KD LQMXULDGR (VWD IXHU]D HIHF9 WLYD HV OR TXH OODPDPRV OD RSLQLyQ S~EOLFD \ TXL]i HV OD PHMRU PDQHUD GH QRPEUDU HVWH VHQWLPLHQWR S~EOLFR 8QD SHUVRQD TXH KD VXIULGR XQ DJUDYLR R XQD LQMXULD SRU SDUWH GH RWUD \ TXH QR HQFXHQWUD PDQHUD DOJXQD GH REWHQHU UHVWLWXFLyQ GHO GDxR LQÀLJLGR SXHGH LQLFLDU XQD DFFLyQ YLROHQWD 6L HO VHQWLPLHQWR S~EOLFR HV UHFt9 SURFR DO GHO LQMXULDGR HO FRQÀLFWR WLHQH SRVLELOLGDGHV GH VHU UHVXHOWR GH XQD PDQHUD TXH VH FRQVLGHUH MXVWD \ VDWLVIDFWRULD SDUD OD FRPXQLGDG (Q PXFKRV FDVRV H[LVWH XQ SURFHGLPLHQWR FRQYHQFLRQDOPHQWH UHFRQR9 +54#! 1%45(-'%! %0! +)(0! )-(! 3%&*#-(! 5-<)&5(4(! 5-'%-'(! (2)4(&*%! 4%0! *%-'515%-'#! 3;$05+#! 3(&(! 4%6%-4%&! *)! FDXVD (O FRQRFLPLHQWR GH TXH WDO DFFLyQ GH GHVDJUD9 YLR MXVWL¿FD XQ FDVWLJR SRU PDQR SURSLD D PHQXGR EDVWD SDUD GLVXDGLU D ORV TXH HQ RWUDV FLUFXQVWDQFLDV 3)45%&(-!+#1%'%&!(+'#*!5-<)&5#*#*!#!3(&(!5-4)+5&0#*!(! RIUHFHU OD UHVWLWXFLyQ GHO GDxR FXDQGR FRPHWHQ XQD IDOWD (O VHQWLPLHQWR S~EOLFR SXHGH VHU OR EDVWDQWH IXHUWH FRPR SDUD REOLJDU D ODV SDUWHV GH XQ FRQÀLFWR D UHVROYHU HO FDVR PHGLDQWH XQ DUELWUDMH R GLUHFWDPHQWH D WUDYpV GH XQ LQWHUPHGLDULR @-! (0.)-(*! *#+5%4(4%*! *%! ,(! 4(4#! )-! 3(*#! ,(+5(! %0! %*'($0%+515%-'#! 4%! )-! *5*'%1(! <)45+5(0! 1%45(-'%! HO UHFRQRFLPLHQWR GH FLHUWDV SHUVRQDV TXH HVWiQ DX9 '#&5?(4(*!3(&(!(+')(&!+#1#!>&$5'&#*!#!3(&(!%15'5&!)-! MXLFLR VREUH HO GHUHFKR \ OD FXOSD HQ GLVSXWDV OOHYD9 GDV DQWH HOODV \ VXJHULU XQ DUUHJOR DXQTXH QR SRVHHQ -5-.;-! 3#4%&! 4%! +#%&+58-! 67*5+(! 3(&(! ,(+%&! +)1305&! VX GHFLVLyQ /D DXWRULGDG GHO MXH] R GH ORV MXHFHV VH

+'!',&-.$./$0&-%)$

SXHGH HQWHQGHU GH GLIHUHQWHV PDQHUDV 6H SXHGHQ 3%&+5$5&! +#1#! 0#*! &%3&%*%-'(-'%*! 4%! 0(! +#1)-54(4:! GDQGR YR] DO VHQWLPLHQWR S~EOLFR R FRPR SHUVRQDV FX\D VDELGXUtD ORV FDSDFLWD SDUD UHVROYHU ODV GLVSXWDV #! +#1#! 3#*%%4#&%*! 4%! )-! +#-#+515%-'#! %*3%+5(0! 4%! OD FRVWXPEUH FRUUHFWD R DOWHUQDWLYDPHQWH FRPR GR9 WDGRV GH FXDOLGDGHV TXH VH SXHGHQ OODPDU UHOLJLRVDV *%1%<(-'%*!(!0(*!4%0!*(+%&4#'%!#!+)&(-4%&#H!#!5-+0)*#! VH SXHGH SHQVDU TXH WLHQHQ LQVSLUDFLyQ GLYLQD 'H HVWD 1(-%&(!%0!'&5$)-(0:!*5!(*7!0#!3#4%1#*!00(1(&:!(;-!*5!-#! WLHQH SRGHU VLHPSUH WLHQH DXWRULGDG (Q FXDQWR D ODV DFFLRQHV FRUUHFWLYDV VH SXHGH UH9 +)&&5&!(!*(-+5#-%*!&5')(0%*!#!*#$&%-(')&(0%*!%-!%0!+(*#! GH GHUHFKRV GLVSXWDGRV 6L OD HYLGHQFLD HV WDQ FRQWUD9 GLFWRULD TXH HO MXH] R ORV MXHFHV QR HQFXHQWUDQ PDQHUD 4%!00%.(&!(!)-(!+#-+0)*58-!3)%4%-!&%+)&&5&!(!0(!(305+(9 FLyQ GH XQD SUXHED R XQ MXUDPHQWR 6L XQD SHUVRQD VH -5%.(!(!('%-%&*%!(!)-(!4%+5*58-!4%0!'&5$)-(0!0(!3)%4%-! 6#&?(&:!3#&!1%45#!4%!0(!513&%+(+58-!#!4%!0(!(1%-(?(! GH LPSUHFDFLyQ D KDFHUOR (Q XQ WULEXQDO GH MXVWLFLD FLYLO SOHQDPHQWH GHVDUUROODGR HO MXH] WLHQH HO SRGHU 3(&(!,(+%&!+)1305&!%0!<)5+5#!45+'(4#:!3#&!1%45#!4%!(09 JXQD IRUPD GH VDQFLyQ SHQDO &XDQGR LQWHQWDPRV GH¿QLU OD HVWUXFWXUD SROtWLFD HQ )-(!*#+5%4(4!*5130%:!4%$%1#*!$)*+(&!)-(!+#1)-54(4! WHUULWRULDO TXH VH HQFXHQWUH XQLGD SRU OD MXULVGLFFLyQ GH OH\ (V GHFLU XQD FRPXQLGDG HQ OD FXDO HO VHQWL9 15%-'#!3;$05+#!45&5.%!*)!5-'%&=*!,(+5(!0(!(305+(+58-!4%! VDQFLRQHV SHQDOHV GLUHFWDV R LQGLUHFWDV D FXDOTXLHUD GH VXV PLHPEURV TXH YLROH ODV OH\HV R KDFLD HO DUUHJOR 4%!45*3)'(*!2!%0!(*%.)&(15%-'#!4%!)-(!&%3(&(+58-!<)*9 WD SRU LQMXULDV GHQWUR GH OD FRPXQLGDG PLVPD (Q HO FDVR GH ORV QXHU SRU HMHPSOR VHxDOD (YDQV 3ULWFKDUG TXH XQD GH ODV FDUDFWHUtVWLFDV TXH FRQWULEX\H D GH¿QLU OD XQLGDG SROtWLFD ±OD WULEX± HV HO KHFKR GH VHU OD FRPXQLGDG PiV JUDQGH TXH FRQVLGHUD TXH ORV 4%*(+)%&4#*!%-'&%!*)*!15%1$&#*!4%$%-!*%&!&%*)%0'#*! SRU PHGLR GH DUELWUDMH 7HQHPRV TXH UHFRQRFHU TXH HQ DOJXQDV VRFLHGD9 GHV WDO FODVH GH FRPXQLGDG SROtWLFD TXHGD LQGHWHUPL9 QDGD $Vt SXHV SRU HMHPSOR HQWUH ORV LQGtJHQDV GH $XVWUDOLD HO JUXSR LQGHSHQGLHQWH DXWyQRPR ±R VL VH SUH¿HUH VREHUDQR± HV XQD KRUGD ORFDO R XQ FODQ TXH UDUDV YHFHV WLHQH PiV GH FLHQ PLHPEURV \ TXH FRQ IUHFXHQFLD VyOR FXHQWD FRQ XQRV WUHLQWD 'HQWUR GH HVWH JUXSR HO RUGHQ VH PDQWLHQH SRU PHGLR GH OD DXWRULGDG GH ORV DQFLDQRV 3HUR SDUD OD +%0%$&(+58-! 4%! &5'#*! &%05.5#*#*! )-! -;1%&#! 4%! =*'#*! JUXSRV VH UH~QHQ HQ XQ FDPSDPHQWR (Q OD FRPXQL9 4(4!+#-.&%.(4(!%A5*'%!)-(!%*3%+5%!4%!(3(&('#!&%+#-#9 FLGR SDUD WUDWDU ODV LQMXULDV LQÀLJLGDV SRU XQD SHUVRQD #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JF


.-0$)-!//+ $#Z"(&'"<'"$&;#+ZZ(HG"!g%

R SRU XQ JUXSR D RWUR 8Q HMHPSOR VL VH OH URED D )-!,#1$&%!*)!1)<%&!2!%0!0(4&8-:!3%&'%-%+5%-'%!(!#'&(! ,#&4(:!%*'>!3&%*%-'%!%-!%0!+(13(1%-'#!+#-.&%.(4#:!%0! 3%&<)45+(4#!(-)-+5(&>!%0!3%&<)5+5#!1%45(-'%!)-!&%+0(9 PR SUHVHQWDGR GH PDQHUD DSURSLDGD \ UHFRQRFLGD (O VHQWLPLHQWR S~EOLFR DO TXH VH OH DSHOD SXHGH IRU]DU DO PDOKHFKRU D GHMDU TXH HO HVSRVR SHUMXGLFDGR OH FODYH XQD ODQ]D HQ HO PXVOR (O SXQWR LPSRUWDQWH HV TXH HVWDV FRQJUHJDFLRQHV SDUD ¿QHV UHOLJLRVRV R FHUHPRQLDOHV FRQVLVWHQ HQ GL9 YHUVRV PRPHQWRV HQ GLIHUHQWHV FROHFFLRQHV GH KRU9 GDV &DGD FRQJUHJDFLyQ FRQVWLWX\H GXUDQWH HO WLHPSR GH VX H[LVWHQFLD XQD VRFLHGDG SROtWLFD 6L HVWDOOD XQD ULxD HQWUH GRV GH ODV KRUGDV FRQVWLWX\HQWHV HV SUHFLVR TXH VH ORJUH XQ DUUHJOR \ TXH VH KDJDQ ODV SDFHV R TXH VH PDQWHQJD SURYLVLRQDOPHQWH OD SD] KDVWD TXH HO FRQÀLFWR YXHOYD D HVWDOODU PiV WDUGH 'H HVWD PDQHUD XQD KRUGD SHUWHQHFH HQ GLYHUVRV PRPHQWRV D GLIH9 UHQWHV JUXSRV SROtWLFRV 1R KD\ QLQJ~Q JUXSR GH¿QLWL9 YR \ SHUPDQHQWH DO FXDO VH SXHGD GHFLU TXH XQD KRUGD GHWHUPLQDGD SHUWHQH]FD 6HPHMDQWHV FRQGLFLRQHV HQ9 FRQWUDPRV WDPELpQ HQ DOJXQDV SDUWHV GH ÈIULFD SRU HMHPSOR HQWUH ORV WDOOHQVL 7HQHPRV FRQRFLPLHQWR GH SRFDV VRFLHGDGHV GRQGH -#!%-+#-'&(1#*!(0.)-(!6#&1(!4%!.)%&&(:!2!3#&!0#!1%9 -#*!0(!15'(4!4%!0(!,5*'#&5(!4%0!4%*(&&#00#!3#07'5+#!%*'>! &%0(+5#-(4(:!4%!)-(!1(-%&(!)!#'&(:!(!0(!,5*'#&5(!4%!0(! JXHUUD (O HVWXGLR FRPSDUDWLYR GH OD JXHUUD FRPR XQD LQVWLWXFLyQ VRFLDO HVSHUD WRGDYtD D VX DXWRU (QWUH ODV GLIHUHQWHV FODVHV GH JXHUUD TXH VH SXHGHQ GLVWLQJXLU SRGHPRV FLWDU OD JXHUUD GH FRQTXLVWD TXH KD WHQLGR JUDQ LPSRUWDQFLD WDQWR HQ ÈIULFD FRPR HQ (XURSD J)(-4#! )-(! .)%&&(! 4%! %*'(! +0(*%! %*! %A5'#*(! *%! %*'(9 EOHFH XQ SXHEOR FRPR FRQTXLVWDGRU GH RWUR TXH VHUi 5-+#&3#&(4#! %-! )-(! *#+5%4(4! 3#07'5+(! 1>*! (1305(:! (! YHFHV HQ XQD SRVLFLyQ LQIHULRU FRPR XQ SXHEOR VXMHWR 6LQ HPEDUJR OD LQVWLWXFLyQ GH OD JXHUUD SXHGH (*)15&! )-(! 6#&1(! 45*'5-'(:! 4#-4%! 4#*! +#1)-54(4%*! VH TXHGDQ HQ XQD SHUPDQHQWH UHODFLyQ WDO TXH XQD .)%&&(!%-'&%!%00#*!+#-*'5')2%!*5%13&%!)-(!3#*5$5054(4! \ HQ UHDOLGDG RFXUUH RFDVLRQDOPHQWH DXQTXH QLQJX9 QR GH ORV GRV LQWHQWD FRQTXLVWDU DO RWUR \ DEVRUEHUOR FRPR XQ SXHEOR FRQTXLVWDGR GHQWUR GH XQD XQLGDG SROtWLFD PiV DPSOLD (Q XQ VLVWHPD SROtWLFR GRQGH HVH HV HO FDVR HO PHGLR SDUD GH¿QLU OD HVWUXFWXUD SROtWLFD QRV RIUHFH OD SRVLELOLGDG GH XQD JXHUUD 5HVXOWD GLItFLO WUD]DU XQD OtQHD GLYLVRULD TXH WHQJD YDOLGH] SDUD WRGDV ODV VRFLHGDGHV HQWUH JXHUUD \ FRQWLHQ9 GD (Q XQD PLVPD VRFLHGDG FRPR HQ HO FDVR GH DOJXQDV SDUWHV GH $XVWUDOLD VH UHFRQRFHQ GLIHUHQWHV FODVHV GH FRQÀLFWRV DUPDGRV TXH YDQ GHVGH GXHORV HQWUH GRV JUX9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JN

SRV FRQ KRUD \ OXJDU HVWDEOHFLGRV SRU FRQYHQLR PXWXR (Q HVWRV GXHORV ODV SDUWHV LQWHQWDQ HYLWDU WDQWR FRPR *%(!3#*5$0%:!1('(&!(!(0.)-#!4%!0#*!%-%15.#*:!$)*+(-9 GR LQÀLJLU GDxRV QR PRUWDOHV +DVWD ODV ³JXHUUDV SDUD DFDEDU WRGDV ODV JXHUUDV´ TXH VyOR RFXUUHQ UDUD YH] HQ LQWHUYDORV LQIUHFXHQWHV \ TXH FDXVDQ PXFKRV PXHUWRV ([LVWH XQD FODVH GH FRQWLHQGD TXH PHUHFH DWHQFLyQ SDUWLFXODU GHELGR D TXH GHYLHQH GH JUDQ LPSRUWDQFLD DO PRPHQWR GH GH¿QLU OD HVWUXFWXUD SROtWLFD GH DOJXQDV GH VRFLHGDGHV VLPSOHV HV OD LQVWLWXFLyQ GH OD YHQJDQ]D UH9 JXODGD GHO KRPLFLGLR /D FXDO FRQVLVWH HQ TXH FXDQGR 1('(-!(!)-!,#1$&%:!*)*!6(1505(&%*:!#!0#*!4%!*)!+0(-!#! JUXSR WLHQHQ HO GHUHFKR R ±HQ DOJXQDV VRFLHGDGHV± OD #$05.(+58-:!4%!4(&!1)%&'%!(0!(*%*5-#!#!(!)-!15%1$&#!4%! VX FODQ R JUXSR (O VHQWLPLHQWR S~EOLFR FRQVLGHUD HVWD YHQJDQ]D MXVWD \ SURSLD D FRQGLFLyQ VyOR GH TXH VH UHV9 SHWH OD OH\ GHO WDOLyQ HV GHFLU TXH HO DJUDYLR LQÀLJLGR VHD HTXLYDOHQWH DO DJUDYLR VXIULGR QR PD\RU /DV FRQWLHQGDV R DFFLRQHV FROHFWLYDV FRPR OD HMHPSOL¿FDGD GRQGH HO XVR GH OD IXHU]D R OD DPHQD]D GH HOOD QR SXHGHQ VHU SHQVDGDV GH LJXDO IRUPD TXH OD JXHUUD /D DFFLyQ HVWD OLPLWDGD D OD E~VTXHGD GH VDWLV9 IDFFLyQ SRU XQ DJUDYLR GHWHUPLQDGR \ HVWi FRQWURODGD 3#&!%0!*%-'515%-'#!3;$05+#!4%!0(!+#1)-54(4!4%-'&#!4%! OD TXH VH GHVDUUROOD 3RU RWUR ODGR DXQTXH Vt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tWLFD FRPSDUDGD H[LVWH XQD WHQGHQFLD HQ ¿MDU VX DWHQFLyQ KDFLD OR TXH VH OODPD HO ³(VWDGR VREHUDQR´ 6LQ HP9 EDUJR ORV (VWDGRV VRQ ~QLFDPHQWH FROHFWLYLGDGHV WH9 &&5'#&5(0%*!4%-'&#!4%!)-!*5*'%1(!3#07'5+#!1>*!(1305#:! HQ HO FXDO VXV UHODFLRQHV VH GH¿QHQ SRU PHGLR GH OD .)%&&(!#!*)!3#*5$5054(4:!3#&!0#*!'&('(4#*!2!%0!4%&%+,#! LQWHUQDFLRQDO 8Q VLVWHPD SROtWLFR GH HVWH WLSR WDO +#1#! %A5*'%! ,#2! %-! @)&#3(:! 4%! -(+5#-%*! *#$%&(-(*! (&'5+)0(4(*!3#&!&%0(+5#-%*!5-'%&-(+5#-(0%*:!%*!*80#!)-#! HQWUH YDULRV WLSRV GH VLVWHPDV SROtWLFRV /D WHRUtD SROt9 WLFD \ OD SUD[LV SROtWLFD LQFOXLGD HQ HVWD OD DGPLQLVWUD9 FLyQ FRORQLDO IUHFXHQWHPHQWH KDQ VLGR GLVWRUVLRQD9 4(*!3#&!0(!3&%*%-'(+58-!+#-*+5%-'%!#!5-+#-*+5%-'%!4%!


*"(Z$;+!'$'8+89(7$8'*!#:9+;!8'$Z"+;$%!8

HVWD FODVH GH VLVWHPDV SROtWLFRV FRPR QRUPD 8Q VHJXQGR DVSHFWR GH OD HVWUXFWXUD SROtWLFD HV TXH OD HVWUXFWXUD VRFLDO HQ FXDOTXLHU VRFLHGDG LQFOX\H OD 456%&%-+5(+58-!4%!&#0%*!*#+5(0%*!%-'&%!3%&*#-(*!2!+0(9 VHV GH SHUVRQDV (O URO GH XQ LQGLYLGXR HV HO SDSHO TXH MXHJD HQ OD YLGD VRFLDO WRWDO ±HFRQyPLFD SROtWLFD UHOL9 JLRVD HWFpWHUD (Q ODV VRFLHGDGHV VLPSOHV H[LVWH VyOR XQ SRFR PiV TXH OD GLIHUHQFLDFLyQ VREUH OD EDVH GHO *%A#!2!%4(4!2!%0!&%+#-#+515%-'#!-#!5-*'5')+5#-(05?(4#! 4%0!1(-4#!%-!%0!&5')(0:!%-!0(!+(?(:!0(!3%*+(:!0(!.)%&&(:! HWFpWHUD $ HVR KD\ TXH DJUHJDU OD HVSHFLDOL]DFLyQ GHO R¿FLR PiV DQWLJXR GHO PXQGR HO GH FXUDQGHUR &XDQ9 4#!3(*(1#*!4%!0(*!*#+5%4(4%*!*5130%*!(!0(*!+#130%9 <(*:!%-+#-'&(1#*!)-!()1%-'#!%-!0(!456%&%-+5(+58-!4%! LQGLYLGXR D LQGLYLGXR \ TXH HV PiV R PHQRV GH¿QLWL9 YD OD GLYLVLyQ GH OD FRPXQLGDG HQ FODVHV @-!%0!4%*(&&#00#!4%!0(!#&.(-5?(+58-!3#07'5+(!*)&.%! OD GLIHUHQFLDFLyQ FDGD YH] PiV FODUD D WUDYpV GH OD FXDO VH OH DVLJQDQ D FLHUWDV SHUVRQDV ±ORV UH\HV ORV MH9 IHV ORV MXHFHV ORV FDXGLOORV GH JXHUUD HWFpWHUD± UROHV HVSHFLDOHV HQ OD YLGD VRFLDO (O GHWHQWRU GH XQ R¿FLR %-!%*'%!*%-'54#!%*'>!4#'(4#!4%!+5%&'(!()'#&54(4:!3%&#! DO R¿FLR VH OH RWRUJDQ FLHUWDV REOLJDFLRQHV \ WDPELpQ FLHUWRV GHUHFKRV \ SULYLOHJLRV &RQ IUHFXHQFLD HQ ÈIULFD UHVXOWD GLItFLO VHSDUDU ± LQFOXVR FRPR XQ H[SHULPHQWR PHQWDO± HO R¿FLR SROtWL9 FR GHO R¿FLR UHOLJLRVR R ULWXDO (Q DOJXQDV VRFLHGDGHV DIULFDQDV HO UH\ HV HO SULQFLSDO HMHFXWLYR OHJLVODGRU <)%?! *)3&%1#:! +#1(-4(-'%! %-! <%6%! 4%0! %<=&+5'#:! *)9 SUHPR VDFHUGRWH \ HO SULQFLSDO R¿FLDO ULWXDO GH WRGD OD FRPXQLGDG 6LQ HPEDUJR HV XQ HUURU SHQVDU WRGD %*'(!+#1$5-(+58-!%-!*)!3%&*#-(:!+#1#!)-!-;1%&#!4%! R¿FLRV VHSDUDGRV \ GLVWLQWRV (O R¿FLR TXH H[LVWH HV *80#!)-#:!%0!4%!&%2:!+#-!*)*!1;0'530%*!#$05.(+5#-%*!2! DFWLYLGDGHV DVt FRPR FRQ VXV GHUHFKRV SUHUURJDWLYDV \ SULYLOHJLRV TXH VH FRQVWLWX\HQ HQ XQ WRGR ~QLFR \ XQL¿FDGR H LQGLYLVLEOH $GHPiV GHO GHVDUUROOR GHO R¿FLR SROtWLFR DXQTXH QR LQGHSHQGLHQWH GH pVWH WHQHPRV TXH FRQVLGHUDU ODV 456%&%-'%*!6#&1(*!4%!4%*5.)(04(4!3#07'5+(:!%0!%<%130#! PiV VHQFLOOR TXH VH QRV SUHVHQWD HV OD GLIHUHQFLDFLyQ *#$&%! 0(! $(*%! 4%0! *%A#! 2! 0(! %4(4:! -#&1(01%-'%! 0#*! KRPEUHV SDUWLFLSDQ PXFKR PiV TXH ODV PXMHUHV QR *80#! %-! 0(! .)%&&(! *5-#! '(1$5=-! %-! %0! 1(-'%-515%-'#! GHO RUGHQ LQWHUQR \ ORV DQFLDQRV WLHQHQ ±FRPR UHJOD JHQHUDO± PiV DXWRULGDG TXH ORV KRPEUHV MyYHQHV /D JHURQWRFUDFLD ±HO JRELHUQR SRU ORV DQFLDQRV± HV XQD IRUPD GH RUJDQL]DFLyQ SROtWLFD TXH VH HQFXHQWUD HQ DOJXQDV SDUWHV GH ÈIULFD (Q DOJXQDV WULEXV GH ÈIULFD #&5%-'(0! 0(! %-+#-'&(1#*! *5*'%1('5?(4(! 3#&! 1%45#! 4%! XQD HVWUXFWXUD GH¿QLWLYD GH JUXSRV GH HGDG R JUDGRV

+'!',&-.$./$0&-%)$

4%!%4(4:!4#-4%!)-(!*#+5%4(4!%*'(!.#$%&-(4(!3#&!)-! <%6%!#!)-!&%2:!3#4%1#*!%-+#-'&(&!)-!%0%1%-'#!4%!.%9 URQWRFUDFLD HQ FRPELQDFLyQ FRQ HO SULQFLSDO PRQDUFD /RV EDQLDQNROH FRQVWLWX\HQ XQ HMHPSOR GH XQD GLYLVLyQ GH FODVHV SROtWLFDPHQWH GHVLJXDOHV HO SRGHU SROtWLFR HVWi HQ PDQRV GH ORV SDVWRUHV EDKLPD TXH GH %*'(!1(-%&(!+#-*'5')2%-!)-(!+0(*%!.#$%&-(-'%:!15%-9 WUDV TXH ORV DJULFXOWRUHV EDLUD VH HQFXHQWUDQ HQ XQD SRVLFLyQ LQIHULRU (Q HVWH FDVR WHQHPRV EDVHV VyOLGDV SDUD VXSRQHU TXH HVWD GLYLVLyQ HQ FODVHV SROtWLFDPHQWH VXSHULRUHV H LQIHULRUHV HV UHVXOWDGR GH XQD FRQTXLVWD 3%&#!%0!1('%&5(0!%137&5+#!-#!(3#2(:!4%!-5-.)-(!6#&1(:! HO HIHFWR GH TXH OD GHVLJXDOGDG SROtWLFD VH HQFXHQWUH DVRFLDGD FRQ RWUDV GLIHUHQFLDV \ TXH OD HVWUXFWXUD GH +0(*%*!*%!1(-'5%-%!3#&!0(!456%&%-+5(!%-'&%!%0!1#4#!4%! YLGD GH ORV JREHUQDQWHV \ HO GH ORV JREHUQDGRV \ SRU OD DXVHQFLD GH PDWULPRQLRV HQWUH ODV GRV FODVHV 'H HVWH PRGR HQ HO HVWXGLR FRPSDUDGR GH ORV *5*'%1(*!3#07'5+#*!-#*!5-'%&%*(-!+5%&'#*!(*3%+'#*!3(&9 '5+)0(&%*! 4%! 0(! %*'&)+')&(! *#+5(0! '#'(0:! 5-45+(-4#! +#-! HVWH WpUPLQR WDQWR HO HVWDEOHFLPLHQWR GH LQGLYLGXRV +#1#! .&)3#*! 4%! 05-(<%! #! '%&&5'#&5(0%*:! 3%&#! '(1$5=-! 0(!456%&%-+5(!4%!%00#*!+#-!$(*%!%-!*)!&#0!*#+5(0:!+#1#! LQGLYLGXRV VREUH OD EDVH GHO VH[R \ OD HGDG R SRU ODV GLVWLQFLRQHV GH FODVHV VRFLDOHV 1R VH GHEH LPDJLQDU OD HVWUXFWXUD GH OD EDVH VRFLDO FRPR DOJR HVWiWLFR VLQR FRPR XQD FRQGLFLyQ GH HTXL9 OLEULR TXH VyOR SHUVLVWH GHELGR D XQD FRQWLQXD UHVWDX9 UDFLyQ FRPR OD KRPHRVWDVLV GH XQ RUJDQLVPR (Q HOOD RFXUUHQ HYHQWRV TXH SHUWXUEDQ HO HTXLOLEULR GH DOJ~Q PRGR D OR TXH VLJXH XQD UHDFFLyQ VRFLDO TXH WLHQGH D UHVWDXUDUOR (Q DOJXQRV FDVRV XQ VLVWHPD SHUPDQHFH UHODWLYDPHQWH LQWHUFDPELDGR GXUDQWH XQ EXHQ WLHPSR 4%*3)=*! 4%! +(4(! 3%&')&$(+58-! 0(! &%(++58-! 0#! &%*'()9 UD DSUR[LPDGDPHQWH D VX VLWXDFLyQ DQWHULRU 3HUR HQ RWURV FDVRV XQD SHUWXUEDFLyQ GHO HTXLOLEULR SXHGH VHU WDO TXH pVWD \ VX UHDFFLyQ FDXVH XQD PRGL¿FDFLyQ GHO VLVWHPD SRU OR TXH VH ORJUD XQ QXHYR HTXLOLEULR TXH GL¿HUH GHO DQWHULRU (Q HO FDVR GH XQD SHUWXUEDFLyQ VH9 ULD HO SURFHVR GH DMXVWH SXHGH WDUGDU PXFKR WLHPSR &RPR KHPRV YLVWR XQ VLVWHPD SROtWLFR LPSOLFD XQ MXHJR GH UHODFLRQHV HQWUH JUXSRV WHUULWRULDOHV (O HVWX9 45#!4%0!*5*'%1(!3#07'5+#!2!4%!0(*!&%0(+5#-%*!%-'&%!0#*! .&)3#*!'%&&5'#&5(0%*!*%!3)%4%!%6%+')(&!+#1#!)-!%*')9 GLR GH XQ VLVWHPD GH HTXLOLEULR HQWUH HO SRGHU GH XQ <%6%!3#&!)-!0(4#:!2!%0!*%-'515%-'#!3;$05+#!3#&!%0!#'&#:! ,(!*54#!*)*'5')54#!3#&!#'&#:!4#-4%!%0!<%6%!4%$%!4%!1(-9 WHQHU XQ EDODQFH D FRPR Gp OXJDU (Q ODV REUDV TXH YHUVDQ VREUH ODV LQVWLWXFLRQHV 3#07'5+(*! *%! %-+)%-'&(-! 45*'5-'(*! 45*+)*5#-%*! *#$&%! 0(!-(')&(0%?(!2!%0!#&5.%-!4%0!@*'(4#H!=*'%!*%!3&%*%-'(! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

JI


.-0$)-!//+ $#Z"(&'"<'"$&;#+ZZ(HG"!g%

VLHPSUH FRPR XQD XQLGDG VXSHULRU D ORV LQGLYLGXRV TXH IRUPDQ OD VRFLHGDG VLHQGR XQR GH VXV DWULEXWRV DOJR TXH VH OODPD VREHUDQtD \ RFDVLRQDOPHQWH VH OH LPSXWD DO (VWDGR XQD YROXQWDG FRQ IUHFXHQFLD OD OH\ VH GH¿QH FRPR OD YROXQWDG GHO (VWDGR \ OD FDSDFLGDG GH GDU yUGHQHV (Q HVWH VHQWLGR HO (VWDGR QR H[LVWH HQ HO PXQGR IHQRPpQLFR HV XQD ¿FFLyQ FRQVWUXLGD SRU ORV ¿OyVRIRV /R TXH Vt H[LVWH HV XQD RUJDQL]DFLyQ HV GHFLU XQD FROHFWLYLGDG GH LQGLYLGXRV XQLGRV SRU XQ FRPSOHMR VLVWHPD GH UHODFLRQHV 'HQWUR GH HVWD RUJD9 QL]DFLyQ ORV GLIHUHQWHV LQGLYLGXRV GHVHPSHxDQ GLVWLQ9 '#*!&#0%*!2!(0.)-#*!3#*%%-!)-!3#4%&!#!)-(!()'#&54(4!

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KO

%*3%+5(0:!+#1#!<%6%*!#!(-+5(-#*!+(3(+%*!4%!4(&!8&4%9 QHV TXH VHUiQ DFDWDGDV FRPR OHJLVODGRUHV R MXHFHV HWFpWHUD 1R H[LVWH HO SRGHU GHO (VWDGR VyOR H[LVWHQ ORV SRGHUHV GH ORV LQGLYLGXRV ±UH\HV SULPHU PLQLVWUR PDJLVWUDGRV SROLFtDV OtGHUHV GH SDUWLGRV \ HOHFWRUHV E(!#&.(-5?(+58-!3#07'5+(!4%!)-(!*#+5%4(4!%*!%0!(*3%+'#! GH OD RUJDQL]DFLyQ WRWDO TXH UHJXOD HO XVR GH OD IXHU9 ]D ItVLFD (V PL RSLQLyQ TXH HVD SURSRUFLRQD SDUD XQ HVWXGLR REMHWLYR XWLOL]DQGR ORV PpWRGRV GH OD FLHQFLD QDWXUDO OD GH¿QLFLyQ PiV VDWLVIDFWRULD GH OD FODVH SDU9 WLFXODU GH ORV IHQyPHQRV VRFLDOHV


*!#52+1$'3'*!&("C'

mirada

8%$'

&(:&('#$'$%2"!*!#!)5$D

À 66 !

@

-!%0!1)-4#!(+')(0:!4#-4%!0#*!1%45#*!4%!+#1)9 -5+(+58-!00%.(-!+(*5!(!'#4#*!*)*!&5-+#-%*:!4#-9 4%! 0#*! 3('&#-%*! 4%! 3&#4)++58-! 2! +#-*)1#! *%! KDFHQ GH PDQHUD FDGD YH] PiV KRPRJpQHD GRQGH ODV 6&#-'%&(*!-(+5#-(0%*!3(&%+%-!450)5&*%!2!%0!1#4%0#!4%0! @*'(4#!4%1#+&>'5+#! 4%! 4%&%+,#! %*! 3&%*%-'(4#!+#1#! OD ~QLFD DOWHUQDWLYD YLDEOH ¢SXHGH OD DQWURSRORJtD ± 45*+5305-(!+#-*'&)54(!%-!%0!%*')45#!4%!*#+5%4(4%*!F459 IHUHQWHV´ QR FRPSOHMDV QR RFFLGHQWDOHV VLQ KLVWRULD± *%.)5&!(3#&'(-4#!%0%1%-'#*!3(&(!0(!+#13&%-*58-!4%!0(! UHDOLGDG DFWXDO" $ OR ODUJR GH HVWH DUWtFXOR VH SUHVHQ9 WDUiQ DOJXQDV LGHDV TXH DSXQWHQ XQD UHVSXHVWD D¿UPD9 WLYD D HVWD LQWHUURJDQWH PRVWUDQGR TXH HQ HO iPELWR GH OR SROtWLFR OD DQWURSRORJtD WLHQH PXFKR TXH GHFLU WDQWR SRU ODV KHUUDPLHQWDV TXH XWLOL]D FRPR SRU HO '&('(15%-'#!4%!0#*!'%1(*:!*)&.54#*!(1$#*!%0%1%-'#*! GHO FUXFH LQWHUFXOWXUDO HQ QXPHURVDV VRFLHGDGHV @0! -(+515%-'#! 4%! 0(! (-'&#3#0#.7(! 3#07'5+(:! +#1#! *)$45*+5305-(! 6#&1(01%-'%! &%+#-#+54(:! 4('(! 4%! )-! OHMDQR DxR HQ HO TXH /HZLV + 0RUJDQ SXEOL9 +(&(! L*+&'*,) S.+&',5 HVWXGLR HWQRJUi¿FR GH ORV LUR9 TXHVHV QRUWHDPHULFDQRV &RQ HVWD SXEOLFDFLyQ DUUDQFD 0(! (3&#A51(+58-! *5*'%1>'5+(! 2! 45&%+'(! (! 6%-81%-#*! 3#07'5+#*! %-! *#+5%4(4%*! -#! #++54%-'(0%*! 1%45(-'%! %0! 1#4%&-#!F'&($(<#!4%!+(13#G:!*5-!%1$(&.#:!%*!+#-!0(! SUHVHQFLD FRORQLDO LQJOHVD HQ ÈIULFD GXUDQWH HO VLJOR ;; TXH VH FUHD XQ FXHUSR WHyULFR \ HWQRJUi¿FR VR9 EUH OD YLGD SROtWLFD HQ HVH FRQWLQHQWH 7UDV OD OHFWXUD GH YDULRV GH HVWRV WUDEDMRV 'DYLG (DVWRQ SXEOLFD HQ %0!Q&'**#$)P'-&'D).8)L*,4(./.$.<5) GH OD VHQ9 WHQFLD ³/D DQWURSRORJtD SROtWLFD QR H[LVWH D~Q´ 7DO GHFODUDFLyQ PRWLYy XQD VHULH GH UHVSXHVWDV FX\R REMH9 WLYR HUD SUHFLVDU TXH FXDQGR (DVWRQ KDEODED GH #*,(.@ /.$.<?#)/.$?,&+# UHVDOWDED DVSHFWRV TXH QR HUDQ IXQ9 $JUDGH]FR DO 'U /HLI .RUVEDHN VX LQWHUpV HQ PL WUDEDMR \ OD LQYLWDFLyQ (!%*'%!`.00&'( DO &21$&<7 VX DSR\R HFRQyPLFR HQ HO SURJUDPD GH 0DHVWUtD HQ &LHQFLDV 3ROtWLFDV 81$0 DD (VFXHOD 1DFLRQDO GH $QWURSRORJtD H +LVWRULD 81$0 &RQWDFWR DOEDUFHQ#KRWPDLO FRP D

4(1%-'(0%*:!%-!4%1=&5'#!4%!0(*!45*+)*5#-%*!%*%-+5(0%*! SDUD ORV DQWURSyORJRV $Vt HO SURGXFWR VXUJLGR GH HVWDV DFODUDFLRQHV GHOLPLWy D OD DQWURSRORJtD SROtWLFD ¢4Xp HVSHFL¿FLGDG FRQWHQtDQ ODV UHVSXHVWDV SXEOL9 FDGDV" ,QLFLDOPHQWH LQFOXtDQ HO UHFRQRFLPLHQWR GH XQD GH ODV FUtWLFDV TXH (DVWRQ IRUPXODED HQ HO VHQ9 WLGR GH TXH ODV GHVFULSFLRQHV UHDOL]DGDV QR GLIHUHQ9 +5($(-!4%!1(-%&(!+)54(4#*(!%-'&%!%0!+#13#&'(15%-9 WR SROtWLFR \ RWUDV IRUPDV GH DFFLyQ VRFLDO &ROVRQ (VWR GHULYDED HQ XQD GL¿FXOWDG PHWRGROyJL9 +(:! (0! &%(05?(&! +#13(&(+5#-%*! 5-'%&+)0')&(0%*:! 4#-4%! +#-+%3'#*!+#1#!@*'(4#:!.#$5%&-#:!3#4%&:!()'#&54(4:! 0%.5'5154(4:! %'+='%&(:! #! -#! *%! &%6%&7(-! (! 6%-81%-#*! *%1%<(-'%*! #! 6)%&#-! '#1(4#*! 4%! #'&(*! 45*+5305-(*! ¿ORVRItD WHRUtD SROtWLFD VRFLRORJtD \ WUDVSODQWDGRV +#-!4%*+)54#!%-!(0.)-#*!+(*#*:!-#!#$*'(-'%!*)!#&5.%-! QHWDPHQWH RFFLGHQWDO (VWH DVSHFWR UHVXOWDED HVSH9 FLDOPHQWH PROHVWR SDUD (DVWRQ TXH HQWUH VXV SUHRFX9 3(+5#-%*! %*'($(! %-+#-'&(&! 0#! +(&(+'%&7*'5+#! 4%! 0#*! ³VLVWHPDV SROtWLFRV´ /DV IDOODV UHVHxDGDV HQ OD FUtWLFD ±DFWXDOPHQWH VXSHUDGDV± QR FRQVWLWXtDQ HO Q~FOHR GH OR TXH OD DQWURSRORJtD SXHGH DSRUWDU D OD FRPSUHQVLyQ GH ORV IHQyPHQRV SROtWLFRV (Q XQ DUWtFXOR $EQHU &R9 KHQ VHxDOD TXH ³> @ OD FRQWULEXFLyQ PiV LPSRUWDQWH \ YDOLRVD GH OD DQWURSRORJtD VRFLDO DO HVWX9 45#!4%!0(!3#07'5+(!-#!*#-!'(-'#!0(*!'53#0#.7(*!*5130%*! GH ORV VLVWHPDV SROtWLFRV TXH KDQ VLGR GHVDUUROODGDV +#1#!%0!(->05*5*!4%0!*51$#05*1#!4%!0(*!&%0(+5#-%*!4%! SRGHU HQ JHQHUDO´ (VWR VXSRQH XQD UHYLVLyQ GH WD9 OHV VLJQL¿FDGRV QR VyOR HQ ODV LQVWLWXFLRQHV SROtWLFDV *5-#!+#130%1%-'(&5(1%-'%!%-!0(*!*.)3#07'5+(*:!+#-!0(! 3&%'%-*58-! -%'(1%-'%! (-'&#3#08.5+(:! 4%! %A305+(&! %0! FRQWLQXR TXH UHSUHVHQWD SDUD ORV LQGLYLGXRV HO PXQGR GH OR VLPEyOLFR ³/RV VtPERORV QR VRQ UHÀHMRV PHFi9 QLFRV R UHSUHVHQWDFLRQHV GH ODV UHDOLGDGHV SROtWLFDV 7LHQHQ XQD H[LVWHQFLD HQ VL PLVPD SRU GHUHFKR SUR9 35#:!2!3)%4%-!(6%+'(&!(!0(*!&%0(+5#-%*!4%!3#4%&!%-!)-(! YDULHGDG GH IRUPDV´ &RKHQ /D ULTXH]D #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KE


.-0$)-!//+ $#Z!%8!'G$"DA:%';(%&([$8

GHO DFHUFDPLHQWR GHVGH HVWD ySWLFD HVWULED HQ TXH ³HO 1)-4#!4%!0#!3#07'5+#G!3)%4%!*%&!4%*+)$5%&'#!%-!'#4#*! 0#*!*%+'#&%*!4%!0(*!&%0(+5#-%*!*#+5(0%*C!%+#-815+#:!&%9 05.5#*#:! 3(&%-'(0:! 0;45+#:! (+(4=15+#:! #&.(-5?(+5#-(0! \ YDOJD OD UHGXQGDQFLD SROtWLFR (VWD DSUR[LPDFLyQ KROLVWD GHULYD GH OD FRQWLQXLGDG TXH VXSRQH SDUD ORV LQGLYLGXRV GH XQ JUXSR OD HQWLGDG FRPSOHMD OODPDGD FXOWXUD HVH PXQGR GH VLJQL¿FDGRV HPDQDGRV GH OD DFWLYLGDG KXPDQD R DVRFLDGRV D pVWD \ VXV SURGXFWRV /%&#:!T+)>0!%*!0(!)'5054(4!4%!0(!+)0')&(!3(&(!0(!+#19 SUHQVLyQ GHO XQLYHUVR SROtWLFR" %iVLFDPHQWH HO SHU9 PLWLU KDFHU XQ VDOWR VLQ JUDQGHV GL¿FXOWDGHV GH OR HVWDWDO OR JXEHUQDPHQWDO R ORV iPELWRV TXH VH UHOD9 FLRQDQ GLUHFWDPHQWH D FRQWLQHQWHV HQWHURV GH VLJQL¿9 FDGRV GRQGH ORV DVSHFWRV SROtWLFRV HVWiQ HQWUHYHUDGRV FRQ DFWLYLGDGHV DSDUHQWHPHQWH GHVYLQFXODGDV GH HVWD HVIHUD /R SURYHFKRVR GH HVWH VDOWR SHUPLWH HQWHQGHU ORV HOHPHQWRV FRQ ORV TXH XQ LQGLYLGXR HV VRFLDOL]DGR \ ODV KHUUDPLHQWDV VLPEyOLFDV FRQ ODV TXH FXHQWD SDUD DSUR[LPDUVH HQ OD DUHQD S~EOLFD D OD SROtWLFD @-!%0!+%-'&#!15*1#!4%!%*'%!3&#+%*#:!%*'>!0(!6#&1(! HQ OD TXH ORV QLxRV FRPSUHQGHQ ODV VLWXDFLRQHV DVR9 FLDGDV D OD WRPD GH XQD GHFLVLyQ TXH OHV DIHFWD FyPR *#-!5-+0)54#*!#!%A+0)54#*!4%!0(!15*1(!2!*5!'(0!4%+5*58-! ORV REOLJD D HMHFXWDU DOJ~Q FRPSRUWDPLHQWR HVSHFL¿FR 7DPELpQ VXSRQH VX FRPSUHQVLyQ GH OD SRVLFLyQ ³HV9 WUXFWXUDO´ TXH RFXSDQ ORV LQGLYLGXRV HQ VX HQWRUQR \ FyPR HVWiQ FODVL¿FDGRV FRQ UHVSHFWR DO SDUHQWHVFR TXH JXDUGDQ FRQ HOORV ([LVWH SXHV XQD UHG GH VLJQL¿FDGRV TXH PXHVWUDQ HO ³FRQWHQLGR´ GH OR TXH HV FRQRFLGR FRPR ³DXWRULGDG´ ³MHUDUTXtD´ ³DPHQD]D´ FRQFHSWRV HQ ORV TXH OD PRYLOL]DFLyQ VLPEyOLFD HV IXQGDPHQWDO 3)%*! *%! '&('(! 4%! 6%-81%-#*! 4%! &%3&%*%-'(+58-! 4#-4%! ORV LQGLYLGXRV ORV REMHWRV R ODV VLWXDFLRQHV WLHQHQ ³DOJR PiV´ TXH ORV KDFH GLIHUHQWHV XQD DWULEXFLyQ TXH QR PDQD GH HOORV VLQR TXH SUHFLVDPHQWH ORV RWURV TXH ORV PLUDQ VDEHQ TXH SRVHHQ HVWR PRYLOL]D XQD VH9 &5%!4%!+#13#&'(15%-'#*:!-#!*80#!3#&!0(*!-#&1(*!%A3&%9 VDGDV R ODV VDQFLRQHV TXH SXGLHUDQ SUHVHQWDUVH SRU VX YLRODFLyQ VLQR SULQFLSDOPHQWH SRUTXH WDOHV UHSUHVHQ9 WDFLRQHV VRQ HMHV GHO RUGHQ IXQGDPHQWDO GHO PXQGR E(!+#-*54%&(+58-!4%!0(*!&%0(+5#-%*!4%!3#4%&!%-!0(! IDPLOLD \ HO SDSHO TXH GHVHPSHxDQ HQ HO GHVDUUROOR GH 0#*!,5<#*:!-#!%*!3&#35#! 4%! 0(! (-'&#3#0#.7(:! 4%*4%! 7#) /.$?,&+# GH $ULVWyWHOHV R HQ HO K*0#5.)0.1(')'$)<.1&'(@ *.)+&-&$)GH /RFNH VH KDFH UHIHUHQFLD D HVWH DVSHFWR DXQTXH GLIHUHQFLiQGROR GH OR SURSLDPHQWH SROtWLFR (V FODUR TXH D SHVDU GH OD GLVWDQFLD WHPSRUDO DPERV DXWRUHV VH UH¿HUHQ VLQ PDWLFHV D IDPLOLDV SDWULDUFDOHV GH VRFLHGDGHV XUEDQDV /R TXH SDUD OD DQWURSRORJtD FRQYLHUWH HVWDV UHODFLRQHV HQ SROtWLFDV GHULYD GH XQD #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KG

+#-+%3+58-!456%&%-'%!4%!6(1505(:!#&5.5-(4(!%-!%0!%*')9 GLR GH IRUPDV YDULDGDV GH DVRFLDFLyQ SDUHQWDO TXH QR *#-!-%+%*(&5(1%-'%!-)+0%(&%*:!-5!3('&5(&+(0%*:!-5!%*'>-! FRQVWLWXLGDV ~QLFDPHQWH SRU SDULHQWHV (VWRV QXHYRV >-.)0#*:! *)&.54#*! 4%! 0(! +#13(&(+58-! 5-'%&+)0')&(0:! -#*! 3%&15'%-! ('5*$(&! +81#! %*! 0(! 3(&'5+53(+58-! 4%! 0(! *#+5%4(4!%-!0#*!>1$5'#*!6(1505(&%*!2!+81#!0(*!4%+59 VLRQHV TXH DIHFWDQ D HVH Q~FOHR HVWiQ LQÀXLGDV SRU RWURV DFWRUHV TXH FRQVLGHUDQ GH LQWHUpV FROHFWLYR OR TXH VXFHGH ³DKt DGHQWUR´ L-!%<%130#!4%!0#!(-'%&5#&!%*!0(!*)<%+58-!4%!0#*!<89 YHQHV D OD DXWRULGDG IDPLOLDU GRQGH KD\ XQD VHULH GH GHEDWHV MXUtGLFRV UHVSHFWR DO OtPLWH GHO WXWHODMH (Q QXHVWUR SDtV ORV GLHFLRFKR DxRV UHSUHVHQWDQ HO SDVR (!0(!%4(4!(4)0'(!2!%0!.#+%!30%-#!4%!4%&%+,#*!3#07'59 +#*:!*5-!%1$(&.#!%-!(*3%+'#*!+#1#!%0!3%-(0:!,(2!)-(! GLVFXVLyQ UHVSHFWR GH D TXLpQ FRUUHVSRQGH HO FRQWURO GH HVRV MyYHQHV D VXV SDGUHV R DO HVWDGR /R DQWH9 ULRU QR DWDxH ~QLFDPHQWH D DVSHFWRV OHJDOHV VLQR D XQ 3&#$0%1(!3&#6)-4(1%-'%!%*')45(4#!%-!*#+5%4(4%*!-#! #++54%-'(0%*:!&%*3%+'#!4%!0#*!F&5'#*!4%!3(*#G!(!0(!%4(4! DGXOWD ¢HQ TXp PRPHQWR HVWi OLVWR XQ MRYHQ \ SDUD TXp" ¢TXLpQ HV HO UHVSRQVDEOH GH WDO GHFLVLyQ" ¢FXiO HV HO URO TXH MXHJDQ ORV DIHFWDGRV HQ HVWD WUDQVIRUPD9 +58-!0&61:$&+#)GH VX HVWDWXV" ¢TXp WDQ VLJQL¿FDWLYR HV SDUD HOORV" 8Q HMHPSOR GH HVWRV FRQÀLFWRV VH GD HQ WRUQR DO WHPD GH ORV WDWXDMHV (Q HO 'LVWULWR )HGH9 &(0!-#!,(+%!1)+,#!*%!(3&#$8!)-(!0%2!3(&(!&%.)0(&!0(! 3&>+'5+(!4%0!'(')(<%!%-!'=&15-#*!4%!*(0)4!3;$05+(:!4%9 WHUPLQiQGRVH XQD VHULH GH SURFHGLPLHQWRV SDUD HYLWDU 0(! 3&#3(.(+58-! 4%! %-6%&1%4(4%*! +#-'(.5#*(*! 3#&! 0(! LQIRUPDOLGDG GH HVWH VHFWRU /R LQVyOLWR GHO DVXQWR HV TXH VH DSUREy TXH QLQJ~Q VXMHWR PHQRU GH DxRV SRGtD FRQFXUULU LQGLYLGXDOPHQWH D WDWXDUVH \ ORV XEL9 FDGRV HQWUH ORV \ ORV DxRV GHEHUtDQ SUHVHQWDU XQD FDUWD GH VXV SDGUHV GRQGH VH H[SUHVDUD TXH SHU9 PLWtDQ D VX KLMR WDWXDUVH (QWUH ODV UD]RQHV GHO WDWXDMH HVWi HO KHFKR GH TXH HVWD ³PDUFD´ KDFH GLIHUHQWH DO TXH OD SRUWD OR WUDQVIRUPD \ GH¿QH FRPR PLHPEUR GH XQ QXHYR WLSR GH LQGLYLGXRV TXH KD GHMDGR DWUiV XQ HVWDWXV \ VH LQFRUSRUDQ D RWUR ([LVWH DVt XQ HVSDFLR IXHUD GH OD IDPLOLD \ GHO (VWDGR GRQGH ORV LQGLYLGXRV 3)%4%-!1%45(-'%!%0!'(')(<%:!(++%4%&!(!%*'%!%*'(')*!4%9 MDQGR GH VHU ³QLxRV´ \ GRQGH HVWD SUiFWLFD LGHQWLWDULD ! 5-4%3%-45%-'%!4%!0(!%4(4!4%0!*)<%'#:!%*'>!(*#+5(4(!(!*)! YROXQWDG GH WUDQVIRUPDUVH \ WUDQVIRUPDU VX SRVLFLyQ &%*3%+'#!4%!0#*!4%1>*H!0(!3&#1)0.(+58-!4%!0(!0%2!3&%9 WHQGH PRGL¿FDU HVWD VLWXDFLyQ 3HUR ¢GH GyQGH VH H[9 1R VH SXHGH KDEODU VLQ XQ FRQRFLPLHQWR SURIXQGR GH XQ ULWR GH SDVR SXHV HV XQD IRUPD TXH FRQVWD GH XQD VHULH GH SURFHGLPLHQWRV IXH GHV9 FULWD SRU SULPHUD YH] SRU $UQROG YDQ *HQQHS HQ


*!#:9+;$'='*!&("<'A%$'7+"$&$'&(8&('#$'$%9"!*!#!):$

'&(%-!0#*!(&.)1%-'#*!3(&(!+#-*54%&(&!0(!35%0!4%!0#*!<89 YHQHV FRPR XQ ³WHUULWRULR´ VREUH HO FXDO XQ JRELHUQR SXHGH OHJLVODU" ¢TXp FRQVLGHUDFLRQHV VH GLHURQ SDUD H[FOXLU GH HVWD SUiFWLFD D ORV PHQRUHV GH DxRV" ¢SRU TXp VH LQWURGXFH HQ HO iPELWR IDPLOLDU HO GHEDWH GH XQD GHFLVLyQ WDQ SHUVRQDO" (Q HO IXWXUR SRGUHPRV DWHVWLJXDU HO FRQÀLFWR JHQHUDGR DO PRPHQWR GH TXH XQ PXFKDFKR R XQD PXFKDFKD EXVTXHQ OD DSUREDFLyQ %*+&5'(!4%!*)*!3(4&%*:!%-!%*%!1#1%-'#!%*'(&%1#*!(-'%! XQ HVFHQDULR QHWDPHQWH SROtWLFR GRQGH OD FROHFWLYL9 GDG VDQFLRQD OR TXH GHEH RFXUULU HQ HO VHQR IDPLOLDU 4%+54%! 0(! 6#&1(! %-! +81#! *%! 4%$%! '#1(&! 0(! 4%+5*58-! TXH DIHFWD HO HVWDWXV GH XQ LQGLYLGXR \ FyPR pVWH SHU9 +5$%! 0(*! %*'&)+')&(*! 6#&1(01%-'%! 3#07'5+(*! 4%-'&#! 4%! *)! 3&#35#! ,#.(&:! (0! %-+#-'&(&*%! *)$#&45-(4#! %-! )-(! ³QXHYD´ UHODFLyQ GH SRGHU TXH DSDUHFLy DO VHU SURPXO9 JDGD GLFKD OH\ \ TXH YLQFXOD (VWDGR \ IDPLOLD GHMDQ9 4#!(0!4%*-)4#!0#*!(*3%+'#*!3#07'5+#*!4%!)-(!3&%.)-'(! -#!3#07'5+(C!F/(3>:!T6')9'G#0 WDWXDU"´ ! B$<%'#! 4%! 0#*! (->05*5*! 4%! 1(2#&! 5-'%&=*:! +)(-4#! )-#!*%!(3&#A51(!(0!+(13#!4%!0#!3#07'5+#:!%*!%0!+#-9 FHSWR GH SRGHU $FWXDOPHQWH HV DFHSWDGR TXH FXDQGR *%!%*')45(!%*'%!+(13#:!%0!3#4%&!-#!+#-*'5')2%!0(!;-59 FD YDULDEOH SXHV KD\ PXFKRV RWURV HOHPHQWRV TXH VH GHEHQ FRQVLGHUDU FRQ ORV TXH VH LQWHUFRQHFWD \ TXH 3%&15'%-! )-(! 1%<#&! +#13&%-*58-! 4%! 0(! 3#07'5+(! 2! 0#! SROtWLFR 6LQ HPEDUJR DTXt UHVDOWDUp OR TXH OD DQWUR9 SRORJtD SXHGH GHFLU DO UHVSHFWR J(-'54(4! 4%! '5-'(! ,(! +#&&54#! 3(&(! &%*3#-4%&! (! 0(! SUHJXQWD VREUH HO SRU TXp XQ LQGLYLGXR TXHGD HQ XQD VLWXDFLyQ WDO TXH OR LPSHOH D DFWXDU GH DFXHUGR QR D *)*!-%+%*54(4%*!#!4%*%#*!5-'%&-#*:!*5-#!(!0#*!4%!#'&#! DFWRU ORV FXDOHV SULYLOHJLD SRU HQFLPD GH ORV SURSLRV (VWR GH¿QH XQD UHODFLyQ GH SRGHU \ PXFKRV DXWRUHV HVWiQ GH DFXHUGR HQ TXH OR FDUDFWHUtVWLFR GH HVWD VL9 ')(+58-! %*! *)! +(&>+'%&! %15-%-'%1%-'%! &%0(+5#-(0:! %*! 4%+5&:!%0!3#4%&!-#!%*!)-(!*)$*'(-+5(:!)-!#$<%'#!#!)-(! SURSLHGDG GH ORV REMHWRV R ODV SHUVRQDV 3RU OR WDQWR %-!0#*!%*')45#*!4#-4%!0#*!,%+,#*!4%!3#4%&!*#-!&%0%9 YDQWHV OD DSUR[LPDFLyQ UHODFLRQDO SDUWLUi GH FRQ9 '%*'(&! )-(! 3&%.)-'(! $>*5+(C! T+)>0%*! *#-! 0(*! +(&(+'%9 UtVWLFDV R SURSLHGDGHV GH ORV DFWRUHV LQYROXFUDGRV HQ )-!,%+,#!4%!3#4%&!2!+)>0!%*!%0!-%A#!(&'5+)0(4#&!%-'&%! HOORV TXp IRUPD XQD UHODFLyQ GH SRGHU TXH DOFDQ]D UHOHYDQFLD VRFLROyJLFD HV GHFLU VX SHUPDQHQFLD HQ HO WLHPSR" 1R HV SRVLEOH VXSRQHU TXH ODV UHODFLRQHV GH SRGHU SXHGDQ PDQWHQHUVH SRU ODUJRV SHULRGRV ±HV HO +(*#!4%!#&.(-5?(+5#-%*!+#1#!0#*!.#$5%&-#*:!0#*!+)0'#*! &%05.5#*#*:!0#*!*5-45+('#*:!(*#+5(+5#-%*!1%&+(-'50%*!#! FLYLOHV± VL QR KD\ QH[RV VLJQL¿FDWLYRV TXH HQFDGHQHQ 9tFWRU 7XUQHU GHVWDFR DVSHFWRV GH HVWH WLSR HQ ³M"A#*9#:!+5&9 FXQFLVLyQ GH ORV PXFKDFKRV /DV SROtWLFDV GH XQ ULWXDO QR SROtWLFR´

+'!',&-.$./$0&-%)$

WDOHV UHODFLRQHV \ TXH SUHVHQWHQ ÀDQFRV GH FRQYH9 QLHQFLD SDUD DPERV ODGRV QR REVWDQWH TXH ORV FRP9 SRUWDPLHQWRV GH XQ DFWRU HVWpQ GHWHUPLQDGRV SRU RWUR $KRUD ELHQ VL VH DFHSWD HO HQIRTXH UHODFLRQDO FRPR IRUPD GH DQiOLVLV TXp KDFHU FRQ HQXQFLDGRV +#1#C! 0)+,(&! 3#&! %0! 3#4%&H! '5%-%! %0! 3#4%&:! 00%.(&! (0! SRGHU SHUGLHURQ HO SRGHU VDEHU HV SRGHU HWFpWHUD 6RQ IUDVHV TXH VH HVFXFKDQ IUHFXHQWHPHQWH \ TXH GDQ FXHQWD GH OD SHUFHSFLyQ GH ORV LQGLYLGXRV UHVSHFWR DO SRGHU FRPR XQD HQWLGDG TXH WLHQH VLJQL¿FDGR TXH HV DWULEXLEOH FRPR SURSLHGDG DO PLHPEUR TXH LPSRQH ORV FRPSRUWDPLHQWRV HQ XQD UHODFLyQ GH SRGHU (V HQ HVWH WHUUHQR TXH OD DQWURSRORJtD DSRUWD YtDV IpUWLOHV GH (3&#A51(+58-:!3)%*!)-#!4%!*)*!'%1(*!6)-4(1%-'(0%*! %*!%0!%*')45#!4%!0#*!+#-'%-54#*!*51$805+#*!4%!0(*!&%9 ODFLRQHV VRFLDOHV ODV FRVWXPEUHV \ ODV FRQGXFWDV $ WUDYpV GH HVWH DFHUFDPLHQWR HO HVWXGLR GHO SRGHU QR *%!3&%*%-'(!;-5+(1%-'%!+#1#!%0!(->05*5*!4%!6%-81%9 -#*!4%!+5%&'#!'53#:!*5-#!+#1#!%0!+#-<)-'#!4%!&%3&%*%-9 WDFLRQHV VLPEyOLFDV TXH ORV DFWRUHV SHUFLEHQ GH ODV HQWLGDGHV GHO PXQGR 7DOHV DVLJQDFLRQHV FXDQGR VH %*')45(!%0!3#4%&:!*#-!+#-#+54(*!+#1#!%0!1='#4#!('/"@ ,#+&.*#$ TXH WLHQH SRU REMHWR SUHFLVDPHQWH LQGDJDU TXp PLHPEURV GH XQD FROHFWLYLGDG VRQ FRQVLGHUDGRV FRPR SRVHHGRUHV GH SRGHU R FDUHQWHV GH pVWH (VWD DSUR[LPDFLyQ KD VLGR FULWLFDGD SRUTXH VXV GDWRV SUR9 YLHQHQ GH HQWUHYLVWDV FRQ ORV LQYROXFUDGRV TXLHQHV QR QHFHVDULDPHQWH SXHGHQ VDEHU VL HO TXH WRPD ODV GHFLVLRQHV HV DTXHO DO TXH VH ODV DWULEX\HQ 6LQ HP9 $(&.#!)-(!+&5'5+(!(45+5#-(0:!*)&.%!3&%+5*(1%-'%!%-!0(! GH¿FLHQFLD GH QR PDWL]DU WDOHV DWULEXFLRQHV TXH SDU9 WHQ GHO VXSXHVWR GH TXH FLHUWRV DFWRUHV SXHGHQ WHQHU %0!3#4%&:!3&%*%-'(-4#!%*'(!%1(-(+58-!+#1#!)-(!+(9 UDFWHUtVWLFD PiJLFD FX\D SRVHVLyQ HV VX¿FLHQWH SDUD FDXVDU HQ ORV GHPiV VXMHWRV XQD DFWXDFLyQ HVSHFt¿FD 1R VH SURSRQH TXH OD SHUFHSFLyQ GH ORV LQGLYLGXRV VREUH ORV VtPERORV GH SRGHU VHD LUUHOHYDQWH SDUD OD GHWRQDFLyQ GH FRPSRUWDPLHQWRV /R TXH VH EXVFD HV 1('5?(&!%0!6%-81%-#!4%!0(!('&5$)+58-!*51$805+(!%-!%0! FRQWH[WR GH OR TXH HVWi ³GHWUiV´ HV GHFLU OD UHODFLyQ TXH XQH D ORV VXMHWRV \ ORV HOHPHQWRV TXH VRQ HO QH[R 6)-4(1%-'(0! 2! (0! 15*1#! '5%13#:! 0(*! 4%*5.)(04(4%*! TXH VH REVHUYDQ VLHQGR DVt PiV IiFLO UHFRQRFHU FXiO HV HO PRWLYR TXH OOHYD D DVLJQDU HO VLJQL¿FDGR SRGHU D XQR GH ORV DFWRUHV VLQ PHQRVFDEDU HO HQIRTXH UHOD9 FLRQDO GHO FXDO VH SDUWLy 6H DJUHJDQ FRQ OR DQWHULRU HOHPHQWRV SDUD YDORUDU )-(!*%&5%!4%!+#-+%3'#*!&%0(+5#-(4#*!+#-!%0!3#4%&!2!0#! SROtWLFR TXH HQ RFDVLRQHV VH GDQ SRU VREUHHQWHQGLGRV $XWRULGDG OHJLWLPLGDG GRPLQDFLyQ UHSUHVHQWDFLyQ -#!+#13#&'(-!;-5+(1%-'%!3&#35%4(4%*!(*5.-(4(*!(!0#*! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KH


.-0$)-!//+ $#Z!%8!'G$"DA:%';(%&([$8

DFWRUHV R D ORV REMHWRV TXH GH¿QHQ ODV SUiFWLFDV EDQGDV SUHVLGHQFLDOHV WURQRV EDQGHUDV ¿UPDV FRQVWDQFLDV GH PD\RUtD FDUJRV HWFpWHUD \ TXH ³SUHVLRQDQ´ D ORV VX9 $#&45-(4#*!(!(+')(&:!*5-#!+%-'&(01%-'%:!+#-*'&)++5#-%*! *#+5(0%*!2!+#-<)-'#*!4%!&%0(+5#-%*!4#-4%!0(*!('&5$)+5#9 -%*!*51$805+(*!4%!45+,#*!%0%1%-'#*!%-!0#*!*5*'%1(*!4%! 3#4%&:! &%3&%*%-'(-! %*'(*! &%(054(4%*! +#-! 0(! +#-45+58-! IXQGDPHQWDO GH WRGD VLWXDFLyQ GH SRGHU OD DVLPHWUtD @0! %<%&+5+5#! 4%! 3#4%&! 5-+0)2%! +#-<)-'#*! 4%! -#&1(*! 2! PHFDQLVPRV GH SUHPLR \ VDQFLyQ 7DOHV FDUDFWHUtVWLFDV QHFHVDULDPHQWH FRQOOHYDQ FRPSRUWDPLHQWRV HQ DFWRUHV GHO HQWRUQR TXH SRQHQ HQ HYLGHQFLD HO FRPSOHMR WHMLGR 4%!&%0(+5#-%*!*#+5(0%*!%-!0(*!+)(0%*!(+';(!%0!3#4%&:!2! TXH HVWiQ ³FRQWHQLGDV´ HQ HVH GHQVR REMHWR TXH HV HO VtPEROR \ GRQGH HVWH UHWURDOLPHQWD OD UHODFLyQ PLVPD 6H SXHGHQ UHVHxDU DOJXQRV DVSHFWRV LQWHUHVDQWHV GHVGH OD DQWURSRORJtD SROtWLFD GRQGH VH HQOD]D OD YL9 VLyQ UHODFLRQDO \ HO FRQWHQLGR VLPEyOLFR 8QD GH ODV IXHQWHV GH HVWD YLVLyQ HV HO WUDEDMR GH 0DUFHO 0DXVV ³(QVD\R VREUH ORV GRQHV´ (Q pVWH GHVWDFD OD DSUR[LPDFLyQ DO XQLYHUVDO KHFKR KXPDQR GH ³GDU UHFLELU \ GHYROYHU´ FRPR XQ ³KHFKR VRFLDO WRWDO´ HV GHFLU TXH HO IHQyPHQR GHO GRQ LPSDFWD WRGDV ODV >&%(*! 4%! )-(! *#+5%4(4:! 3)%*! %A3&%*(! 4%! 1(-%&(! &#9 WXQGD OD VROLGDULGDG TXH HV QHFHVDULD SDUD PDQWHQHU XQLGR DO JUXSR VROLGDULGDG TXH VXSRQH OD HVHQFLD PLVPD GH OD VRFLHGDG $O PDUJHQ GH ODV FUtWLFDV DO GRQ FRPR HMH H[SOLFDWLYR ~QLFR \ D OD SRVWXODFLyQ GHO 4#" ±IXHU]D PtVWLFD TXH REOLJD D OD FLUFXODFLyQ GH ORV REMHWRV± FRPR FRQFHSWR VRFLROyJLFR OR FLHUWR HV TXH HO LQWHUFDPELR FRPR WDO REVHUYD XQD JUDQ UHJXODUL9 4(4!%-!5--)1%&($0%*!.&)3#*!,)1(-#*!4#+)1%-'(4#*! HWQRJUi¿FDPHQWH H KLVWyULFDPHQWH \ SRU OR WDQWR UH9 3&%*%-'(!)-(!+('%.#&7(!4%!(->05*5*!+#-!.&(-!3#'%-+5(0! KHXUtVWLFR 'LFKD YHWD IXH H[SORUDGD GH PDQHUD PD9 JLVWUDO SRU &ODXGH /pYL 6WUDXVV TXLHQ WUDVFHQGLy OD GLPHQVLyQ GHO GRQ \ VH DSUR[LPy GHVGH XQD YLVLyQ 1>*!.%-%&(0:!4#-4%!0#*!5-'%&+(1$5#*!5-+0)2%-!$5%-%*:! VHUYLFLRV VLJQRV VtPERORV \ SHUVRQDV &RPXOJDQ9 GR FRQ HVWD ySWLFD 0DXULFH *RGHOLHU GHVDUUROOy XQ %A+%0%-'%!'&($(<#!%-!K$)'*&<6#)9'$)9.*:!&%*+('(!%*'(! IRUPD GH DSUR[LPDFLyQ \ UH¿HUH TXH ³/pYL 6WUDXVV UHFRQRFH HQ 0DXVV DO DXWRU TXH \D KDEUtD DGTXLULGR µOD FHUWLGXPEUH GH RUGHQ OyJLFR GH TXH HO LQWHUFDPELR %*!%0!4%-#15-(4#&!+#1;-!4%!)-!.&(-!-;1%&#!4%!(+'59 YLGDGHV VRFLDOHV HQ DSDULHQFLD KHWHURJpQHDV HQWUH Vt¶ SHUR VLQ DSHUFLELUVH GH TXH µHV HO LQWHUFDPELR HO TXH +#-*'5')2%!%0!8'*:6'*.)/(&6&,&-.)GH OD YLGD VRFLDO¶´ *RGHOLHU 6L HO LQWHUFDPELR FRPR IHQyPHQR \ SDUDOHOD9 1%-'%:! +#1#! 3%4%*'(0! (-(07'5+#:! '5%-%! '(0%*! 3#'%-9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KD

+5(054(4%*:!T+)>0!%*!%0!-%A#!+#-!%0!%*')45#!4%0!3#4%&! SROtWLFR" $O FRQVLGHUDU TXH ORV LQWHUFDPELRV RFXUUHQ FRQ JUDQ UHJXODULGDG \ TXH ORV FDPELRV QR VRQ VyOR 6%-81%-#*!5-*'&)1%-'(0%*!+)2#!;-5+#!3&#38*5'#!%*!0(! REWHQFLyQ GH FLHUWRV HOHPHQWRV SRU RWURV VLQR TXH %A5*'%! )-! 4%-*#! -;+0%#! *51$805+#! %-! 45+,#! 3&#+%*#! TXH LPSDFWD VX HVHQFLD PLVPD HQWRQFHV VH SRQH HQ HYLGHQFLD TXH ORV FRQWHQLGRV GH VLJQL¿FDGR DWDGRV DO PRPHQWR PLVPR VRQ WDQ LPSRUWDQWHV R PiV TXH HO DFWR PLVPR GH LQWHUFDPELDU R TXH OR LQWHUFDPELDGR (O HVWDWXV GH ORV LQGLYLGXRV VX DVLJQDFLyQ VLPEyOL9 FD HQ HO PXQGR ORV ULWRV \ PLWRV TXH HVWUXFWXUDQ HO 3&#+%*#H!0(!+(&(+'%&7*'5+(!*(.&(4(:!3&%+5#*(!#!3&#6(-(! 4%!0#!+(1$5(4#H!0(*!3&#35%4(4%*!4%0!0).(&H!0(!%-'54(4! TXH YLJLOD \ VDQFLRQD HO FDPELR \ VX QDWXUDOH]D VRQ VyOR DOJXQDV GH ODV GLPHQVLRQHV FX\R VLJQL¿FDGR LP9 SDFWD GH PDQHUD GH¿QLWRULD ORV LQWHUFDPELRV \D VHDQ 4%! '53#! 1%&+(-'50:! 0($#&(0:! +#-#+515%-'#:! &%05.5#*#:! IDPLOLDU HWFpWHUD /D FRQVLGHUDFLyQ GH HVWH FRP9 SOHMR WHMLGR DOUHGHGRU GH ODV VLWXDFLRQHV HV OR TXH &%*)0'(!4%!.&(-!)'5054(4!3(&(!(3&#A51(&*%!(0!%*')45#! GHO SRGHU SROtWLFR 8Q HMHPSOR GH OR UHVHxDGR HV OD REUD GHO DQWURSyORJR 5LFKDUG $GDPV GRQGH OD SRVHVLyQ GH XQ UHFXUVR VLJQL¿FDWLYR TXH LQFOX\H QR VyOR YDORUDFLRQHV PDWHULDOHV R VLPEyOLFDV GHO UH9 FXUVR VLQR HQHUJpWLFDV SHUPLWH LQWHUFDPELDUOR SRU FRPSRUWDPLHQWRV FRQ HO DFWRU TXH FDUHFH GH pVWH 6L WRPDPRV SXHV HO LQWHUFDPELR FRPR SDUDGLJPD GH DSUR[LPDFLyQ \ FRQVLGHUDPRV TXH ODV DVLJQDFLR9 QHV GH YDORU HQ ORV HOHPHQWRV FDPELDGRV \ ORV DF9 WRUHV LQYROXFUDGRV LPSRUWDQ GH PDQHUD IXQGDPHQWDO %-'#-+%*! *%! %*'>! %-! 3#*5$5054(4! 4%! (+%&+(&*%! (0! )*#! GH ODV GLIHUHQFLDV HQWUH HVWRV IDFWRUHV FRPR VLJQL¿9 FDWLYDV SDUD OD DSDULFLyQ GH ODV UHODFLRQHV GH SRGHU 0XFKR VH KD GLVFXWLGR VREUH FXiO HV OD IXHQWH UHDO GHO SRGHU \ VH WLHQGH D SULYLOHJLDU D OD YLROHQFLD FRPR HO PHGLR SULPLJHQLR FXDQGR WRGR IDOOD 6LQ HPEDUJR VL +#-'5-)(1#*!+#-!0(!08.5+(!&%0(+5#-(0:!3#4%1#*!%*'(&! GH DFXHUGR FRQ 3DUVRQV TXH UHFKD]y OD LGHD ³> @ GH TXH FXDOTXLHU VLVWHPD SROtWLFR EDVDGR /.() +.6/$',.) %-!%0!%.#7*1#:!0(!6)%&?(!#!)-(!+#1$5-(+58-!4%!(1$#*:! 3)%4%! *%&! %*'($0%! 4)&(-'%! )-! '5%13#! +#-*54%&($0%G! +&, HQ %DUQHV 'HVHFKDQGR D OD YLROHQFLD /'() 0';) VH HYLWD FDHU HQ XQD OyJLFD GH IXQGDPHQWRV 5-1)'($0%*!2!*%!0%!$&5-4(!#3#&')-54(4!(!)-(!15&(4(! GLIHUHQWH TXH EDVD VX DFHUFDPLHQWR HQ ORV VLJQL¿FD9 GRV TXH DWULEX\HQ ORV DFWRUHV D ORV HOHPHQWRV LQWHU9 FDPELDEOHV \ DO HVWDWXV TXH DVLJQDQ DO RWUR \ DO TXH VH DVLJQDQ D HOORV PLVPRV /D XWLOL]DFLyQ GH ODV GLIHUHQ9 FLDV GH VLJQL¿FDGR HQWUH DFWRUHV \ HOHPHQWRV HV XQR GH ORV KHFKRV VRFLDOHV PiV UHYHODGRUHV TXH SHUPLWH D


*!#:9+;$'='*!&("<'A%$'7+"$&$'&(8&('#$'$%9"!*!#!):$

XQ DFWRU XWLOL]DU HVRV VLJQL¿FDGRV +.6/#(,&9.0:!3(&(! OOHYDU DO ³RWUR´ D FRPSRUWDUVH HQ XQD GLUHFFLyQ GH¿QL9 4(:!*5-!&#13%&!0(!&%0(+58-:!3)%*!%0!*)+%*#!*%!4(!+#1#! SDUDOHOR DO LQWHUFDPELR &LWR QXHYDPHQWH D 0DXULFH *RGHOLHU TXLHQ FRPR SURGXFWR GH VXV WUDEDMRV HQ9 '&%!0#*!1#("5#)GH 1XHYD *XLQHD OOHJy D OD VLJXLHQWH FRQFOXVLyQ ³$Vt SXHV OD IyUPXOD GH OR VRFLDO HV > @ j''/&*<k8.(@<&-&*<@#*9@<&-&*<@8.(@A''/&*<2) K)(&9 GDU SDUD SRGHU GRQDU \ GRQDU SDUD SRGHU JXDUGDU $GRSWDU HVWH GREOH SXQWR GH YLVWD SHUPLWH D QXHVWUR HQWHQGHU FDSWDU OD YHUGDGHUD PHGLGD GHO VHU VRFLDO 4%0!,#1$&%!2!4%!0(*!3&%+#-45+5#-%*!4%!0(!*#+5%4(4G! *RGHOLHU /R DQWHULRU HV SURGXFWR GH OD LPSRUWDQFLD TXH HQ HVD REUD WLHQH OD FDSDFLGDG GH DSURYHFKDU HO FRQWHQLGR *51$805+#! 4%! )-! %0%1%-'#:! 3(&(! )'505?(&0#! 4%! 1(-%&(! FRQYHQLHQWH \D VHD VL VH ³GD´ R VL VH ³UHFLEH´ (VWR ($&%!0(!3)%&'(!(!0(!451%-*58-!4%0!3#4%&:!3)%*!0(!*5')(9 FLyQ GH GDU R JXDUGDU \ FRPR VH GD R VH UHFLEH KD9 $0(!4%!0(*!4%*5.)(04(4%*!%A5*'%-'%*!%-!+(4(!1#1%-'#! GHO SURFHVR GHO LQWHUFDPELR TXH QR HVWiQ GH¿QLGDV #) /(&.(&)2!3#&!0#!'(-'#!3)%4%-!*%&:!2!*#-!)'505?(4(*:!3#&! DTXpO HQ PHMRU VLWXDFLyQ $VLPLVPR VHxDOD OD SRVLEL9 OLGDG GH ³GDU JXDUGDQGR´ D WUDYpV GH ORV IHQyPHQRV GH WUDQVPLVLyQ GRQGH OR TXH VH 9#)*#-!*#0#!0#*!%6%+'#*! GH OD FRVD JXDUGDGD 3RU HMHPSOR OR ³EHQGLWR´ GH XQD LPDJHQ UHOLJLRVD TXH QR HV VLQR OD UHSUHVHQWDFLyQ GH OD YHUGDGHUD LPDJHQ VDJUDGD R HO KHFKR GH EDVDU HO YDORU 4%!0(!1#-%4(!+#&&5%-'%:!%-!0(!('&5$)+58-!4%!)-!&%*3(09 GR HQ RUR ³TXH QR FLUFXOD´ 'H HVWD PDQHUD VH SXH9 GH XWLOL]DU HO SDUDGLJPD GHO LQWHUFDPELR FRPR YtD GH (3&#A51(+58-!(0!%<%&+5+5#!4%0!3#4%&!3#07'5+#:!$)*+(-4#! FXiOHV VRQ ORV HOHPHQWRV TXH FLUFXODQ HQWUH TXp DFWR9 UHV \ TXLpQ XWLOL]D HVWRV LQWHUFDPELRV SDUD SURGXFLU XQ HIHFWR HQ HO RWUR FRPR ELHQ UH¿HUH HO SROLWyORJR -RVHS &RORPHU ³(O REMHWR GH OD SROtWLFD HV OD SUR9 YLVLyQ GH ELHQHV S~EOLFRV SRU OtGHUHV > @ /D SROtWLFD VLHPSUH FRPSRUWD LQWHUFDPELRV HQ PXWXR EHQH¿FLR HQWUH OtGHUHV \ FLXGDGDQRV (O LQWHUFDPELR HVHQFLDO HV HQWUH ORV OtGHUHV TXH SURYHHQ ELHQHV S~EOLFRV \ ORV FLX9 GDGDQRV TXH GDQ D ORV OtGHUHV VX DSR\R´ /D FXHVWLyQ DTXt VXUJH GHO KHFKR GH TXH HQ HO MXHJR &%(0!4%!0(!3#07'5+(:!+#-*%-*#!2!45*%-*#!#+)&&%-!(!+(4(! 1#1%-'#!2:!3#&!0#!'(-'#:!%0!3#4%&!%*!%<%!6)-4(1%-'(0:! GRQGH OD SURYLVLyQ GH ELHQHV S~EOLFRV EXVFD VLHPSUH XQ HIHFWR HQ ORV FLXGDGDQRV ORV OOHYD DFWXDU GH XQD PDQHUD GH¿QLGD 'H DKt TXH HVWH LQWHUFDPELR UHVXOWH )-(!,%&&(15%-'(!5-45*3%-*($0%!%-!0#*!(+'#*!4%!.#$%&9 QDU ¢TXp ELHQHV H[LVWHQ D UHSDUWLU" ¢D TXLpQ VH OH GDQ WDOHV ELHQHV" ¢TXp FRPSRUWDPLHQWRV VH HVSHUD GH WDO LQWHUFDPELR" ¢D TXLpQ VH H[FOX\H \ FRQ TXp REMHWLYR"

+'!',&-.$./$0&-%)$

¢TXp WDQWR HVWi XQ JRELHUQR HQ SRVLFLyQ GH ³GDU´ \ ³JXDUGDU´" 6RQ VyOR DOJXQDV GH ODV SUHJXQWDV TXH HQ HO (->05*5*!4%0!%<%&+5+5#!4%!3#4%&!3#07'5+#!3#&!)-!.#$5%&9 -#!+%-'&(05?(4#:!3)%4%-!*%&!($#&4(4(*!4%*4%!0(!83'5+(! TXH DTXt VH KD GHVDUUROODGR \ TXH VXUJH GH ORV UHVXO9 WDGRV REWHQLGRV HQ VRFLHGDGHV TXH QDGD WLHQHQ TXH YHU FRQ IRUPDV GHPRFUiWLFDV R HVWDWDOHV GH JREHUQDU E(!15&(4(!(-'&#3#08.5+(!*#$&%!0#*!6%-81%-#*!3#079 WLFRV \ GH SRGHU EULQGD YDULDV DULVWDV GH DSUR[LPDFLyQ FRQ FDSDFLGDG H[SOLFDWLYD /D FRQVLGHUDFLyQ GHO XQL9 YHUVR VLPEyOLFR GHO SRGHU DPSOtD ORV QLYHOHV GH DQiOL9 VLV D YDULDGRV iPELWRV GH OD YLGD GH ODV SHUVRQDV GHEL9 GR D OD YLVLyQ KROLVWD TXH SHUPLWH HO WUDWDPLHQWR GHVGH HO SXQWR GH YLVWD GH OD FXOWXUD 1R VH SUHWHQGH FRQ HVWR %A'%-4%&! 0#! 3#07'5+#! (! ,.9.) ,%+,#! 4#-4%! (3(&%?+(! %0! SRGHU VLQR UHVDOWDU ORV JLURV TXH OR FRQWLHQHQ HQ UHOD9 FLRQHV HQ DSDULHQFLD SULYDGDV $VLPLVPR HO SURGXFWR 4%0!-%A#!%-'&%!0#!+)0')&(0!2!%0!5-'%&+(1$5#!3%&15'%!4%*9 WDFDU HO DVSHFWR VRFLDOPHQWH SURGXFWLYR \ FRRSHUDWLYR 4%0!3#4%&!3#07'5+#:!*5-!1%-#*+($#!4%!6%-81%-#*!+#1#! OD PDQLSXODFLyQ \ OD YLROHQFLD TXH HVWiQ DKt \ FX\D SUHVHQFLD HQ ORV KHFKRV SROtWLFRV HV WDPELpQ UHOHYDQ9 WH DQDOL]DU )LQDOPHQWH SHUPLWH DEDQGRQDU OD LOXVLyQ GH KRPRJHQHLGDG SROtWLFD TXH IUHFXHQWHPHQWH LPSHUD DO UHFRQRFHU PHGLDQWH HO RMR LQWHUFXOWXUDO TXH H[LVWHQ OyJLFDV TXH WRGDYtD WLHQHQ PXFKR TXH DSRUWDU \ TXH OD LOXVLyQ GHO ¿Q GH OD KLVWRULD QR HV PiV TXH HVR 5()(5(1&,$6

$GDPV 5 K$).+,#-.)9?#2)7#)'-.$"+&:*)0.+&#$) +.6.)#",..(<#*&E#+&:*)9')$#)'*'(<?# 0p[LFR 8QL9 YHUVLGDG $XWyQRPD 0HWURSROLWDQD %DUQHV % 7#)*#,"(#$'E#)9'$)/.9'( %DUFHORQD 3RPDUHV &RUUHGRU &RKHQ $ ³$QWURSRORJtD SROtWLFD HO DQiOLVLV GHO VLPEROLVPR HQ ODV UHODFLRQHV GH SRGHU´ HQ - /OREHUD FRPS L*,(./.$.<?#) /.$?,&+# %DUFHOR9 QD $QDJUDPD &RORPHU - >*0,&,"+&.*'0)/.$?,&+#0 %DUFHOR9 QD $ULHO &ROVRQ ( ³$QWURSRORJtD 3ROtWLFD´ K*+&+$./'@ 9&#)>*,'(*#+&.*#$)9')$#0)!&'*+&#0)S.+&#$'0 $JXLODU *RGHOLHU 0 K$)'*&<6#)9'$)9.* %DUFHORQD 3DLGyV 0DXVV 0 ³(QVD\R VREUH ORV GRQHV 0RWLYR \ IRUPD GHO FDPELR HQ ODV VRFLHGDGHV SULPLWLYDV´ S.+&.$.<?#)5)L*,(./.$.<?# 0DGULG 7HFQRV 7XUQHU 9 ³M"A#*9#:! 0(! +5&+)-+5*58-! 4%! 0#*! PXFKDFKRV /DV SROtWLFDV GH XQ ULWXDO QR SROtWLFR´ HQ * ,QJULG FRPS L*,(./.$.<?#)9'$)(&,"#$2)C?+@ ,.()b"(*'( 0p[LFR ,1$+ (1$+ #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KJ


cargos

(#'*!&("9'#!:':+:2(0$:'&('

3'#$'$%2"!*!#!)5$'*!#52+1$ H5*$'5+%I+B"2"%D$'$6

J

XDOTXLHU LQYHVWLJDFLyQ TXH LQFXUVLRQH HQ ORV YHULFXHWRV GHO SRGHU ±\ VXV DOUHGHGRUHV± HV QHFHVDULDPHQWH SROtWLFD WRGD YH] TXH OD FDWH9 .#&7(! F3#4%&G! #+)3(! %0! ,./.0) GH ODV LQYHVWLJDFLRQHV VRFLRSROtWLFDV XQ OXJDU TXH GD VHQWLGR D HMHUFLFLRV '&(-*45*+5305-(&%*! +#1#! 0(! (-'&#3#0#.7(! 3#07'5+(:! *#9 $&%! +)2(! 3%&*#-(054(4! %35*'%1#08.5+(! *%! 4%$('58! VHULDPHQWH GHVGH OD VHJXQGD PLWDG GHO VLJOR ;; @(*'#-:! ,(+5(! 1%45(4#*! 4%0! *5.0#! 3(*(4#! *#*'%-7(! 0(! 5-%A5*'%-+5(!4%!%*'%!+(13#!45*+5305-(&H!6)%!+=0%$&%!0(! UHVSXHVWD GH &RKHQ GRV GpFDGDV PiV WDU9 GH HQ OD TXH OH UHFRQYHQtD D (DVWRQ HO HVFDVR VRSRUWH HWQRJUi¿FR XWLOL]DGR SDUD VXVWHQWDU VXV D¿UPDFLRQHV 2:!0)%.#!4%!)-!&%+#&&54#!3#&!0(*!5-4(.(+5#-%*!(-'&#9 SROyJLFDV HQ WRUQR GHO WHPD FRQ¿UPy DO SRGHU HQ HO -;+0%#! 4%! 0(! 3#07'5+(H! 2! 6)%! 1>*! (00>:! (0! 3&#3#-%&! %0! DQiOLVLV GH ODV YDULDEOHV GH SRGHU \ GH DFWRV VLPEyOL9 +#*!+#1#!)-(!1(-%&(!4%!45*'(-+5(&!(!0(!(-'&#3#0#.7(! SROtWLFD GH OD FLHQFLD SROtWLFD &RKHQ /D SURSXHVWD GHYLQR GH JUDQ XWLOLGDG SRUTXH HO HVWXGLR GHO SRGHU SRU HO SRGHU PLVPR SDUD HIHFWRV GH GH¿QLFLyQ SRU HMHPSOR R GHO SRGHU FRPR FDXVD \ R FRPR HIHFWR QR HV PX\ ~WLO HQ QXHVWUD GLVFLSOLQD WDPSRFR OR HV OLPLWDUOR DO QLYHO PDFUR R PLFURVRFLDO SDUD VX HVWXGLR 9LQFXODGR FRQ HVWR QR SRGHPRV RO9 YLGDU TXH GpFDGDV DWUiV VH SHQVDED TXH OD DQWURSR9 0#.7(!3#07'5+(!*80#!'%-7(!=A5'#!(0!%*')45(&!%0!3#4%&!%-! +#1)-54(4%*!4%!F%*+(*(!+#130%<54(4G!#!%-!*#+5%4(9 GHV GH SRFD SREODFLyQ \ TXH HOOR OH SURSRUFLRQDED )-(!+(&'(!4%!0%.5'51(+58-H!*5-!%1$(&.#:!%*'(!54%(!,#2! UHVXOWD LQVRVWHQLEOH SRUTXH OD FLHQFLD SROtWLFD KD HQ9 ¿ODGR VX DWHQFLyQ D GLFKDV FROHFWLYLGDGHV \ OD DQWUR9 3#0#.7(!'(1$5=-!,(!%13&%-454#!%0!%<%&+5+5#!4%!0(*!.%9 D

3URIHVRU LQYHVWLJDGRU HQ OD (VFXHOD 1DFLRQDO GH $QWURSRORJtD H +LVWRULD

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KK

QHUDOL]DFLRQHV 3RU RWUR ODGR VL OD GLVFLSOLQD FHQWUDED VX DWHQFLyQ HQ ORV HIHFWRV TXH FLHUWDV DJUXSDFLRQHV ±IRUPDOHV R LQIRUPDOHV± RFDVLRQDEDQ HQ OD HVWUXFWXUD 2!%0!6)-+5#-(15%-'#!4%!#'&(*!#&.(-5?(+5#-%*!#!5-*'59 WXFLRQHV GH OD VRFLHGDG TXH ODV FRQWLHQH R HQ VHQWLGR LQYHUVR VXV LQWHQWRV HUDQ HVFDVDPHQWH WUDVFHQGHQ9 WHV \ GH PHQRU HQYHUJDGXUD TXH ORV UHDOL]DGRV SRU OD FLHQFLD SROtWLFD $O SDVDU HO WLHPSR OD DQWURSRORJtD SROtWLFD KD OR9 JUDGR VLJQL¿FDWLYRV DYDQFHV SHVH ±\ HQ JUDQ PHGLGD JUDFLDV± D VX PDUFDGD SUHGLOHFFLyQ SRU ORV HVWXGLRV GH FRPXQLGDG \ GH iUHDV UHGXFLGDV GH OD YLGD SROtWLFD HQ HOOR UDGLFD SDUWH GH VX YLUWXG \ GH VX GHVYHQWDMD (V PHQHVWHU GHVWDFDU VX HQIRTXH PLHQWUDV TXH D OD FLHQ9 +5(!3#07'5+(!0%!3&%#+)3(!6)-4(1%-'(01%-'%!%0!3#4%&:!(! 0(!(-'&#3#0#.7(!3#07'5+(!0%!5-'%&%*(:!(4%1>*!4%!=*'%:!%0! FRQWH[WR VRFLRFXOWXUDO HQ TXH VH UHSURGXFH \ HMHUFH *5-! &%4)+5&0#! (! *)! 45*'&5$)+58-:! %<%&+5+5#:! +#-+%-'&(9 FLyQ \ SXJQDV SRU VX GHWHQWDFLyQ 9LVWRV DVt ORV HVWX9 45#*!(-'&#3#08.5+#*!*#$&%!%0!3#4%&!+#-!6&%+)%-+5(!*#-! PiV SURIXQGRV \ GHVFULSWLYRV TXH ORV GH OD FLHQFLD SROtWLFD &RQ VXV DYDQFHV HVWH FDPSR WUDQVGLVFLSOLQD9 ULR D OD YH] TXH VH FRQVWUX\H FRDG\XYD T8''91#+AZ)(! 0(!+#-6#&1(+58-!4%!)-(!*8054(!54%-'54(4!4%!0(!+5%-+5(! SROtWLFD (Q HVWH HQVD\R PH SURSRQJR FRQWLQXDU FRQ XQ SURFHVR TXH VL ELHQ GHEHUtD DUUDQFDU HQ HO PHROOR 4%!0(!(-'&#3#0#.7(!*#+5(0:!%*!4%+5&:!%-!0(!%*'&)+')&(!2! 0(!#&.(-5?(+58-!*#+5(0:!3#&!%-6#+(&*%!(!0(!3#07'5+(!5-59 +5(&>!+#-!%0!'%1(!4%0!3#4%&!%-!*)*!1;0'530%*!51$&5+(9 FLRQHV FRQ HO PHQFLRQDGR Q~FOHR 8QR GH ORV VRFLyORJRV TXH KD LQÀXLGR HQ ORV HV9 WXGLRV VREUH HO SRGHU 0D[ :HEHU D¿UPDED ³3R9 GHU VLJQL¿FD OD SUREDELOLGDG GH LPSRQHU OD SURSLD YROXQWDG GHQWUR GH XQD UHODFLyQ VRFLDO DXQ FRQWUD


(#'*!&("B'#!8'8+89(7$8'&(';$")!8'='#$'$%9"!*!#!):$'*!#:9+;$

WRGD UHVLVWHQFLD \ FXDOTXLHUD TXH VHD HO IXQGDPHQWR GH HVD SUREDELOLGDG´ :HEHU LGHD FRQ OD FXDO FRLQFLGH HQWUH RWURV &ODHVVHQ 'H HVWD GH¿QLFLyQ FRQYLHQH GHVWDFDU HO GLVWDQFLDPLHQWR TXH *%! ,(+%! 4%0! +#-+%3'#! /.D'() %-! '=&15-#*! 4%! 0(! 67*59 FD '*'(<5 VHJ~Q HO FXDO VH GH¿QH ³FRPR FXDOTXLHU +0(*%!4%!6)%&?(!+(3(?!4%!&%(05?(&!)-!'&($(<#!#!(305+(9 EOH D SURGXFLU PRYLPLHQWR R SUHVLyQ´ &ODUN DXQTXH QR VH GHVKDFH SOHQDPHQWH GHO QDWXUDOLV9 PR DGKHULGR DO VLJQR ³SUREDELOLGDG´ ³UHVLVWHQFLD´ WDPSRFR FDH HQ HO H[FHVR HQ TXH FDHUtDQ DOJXQRV LQ9 WHOHFWXDOHV GHO VLJOR ;; FRPR 5RVLQVNL TXLHQ VRV9 WHQGUtD TXH HO SRGHU HV ³QDGD PHQRV TXH XQD FXDOLGDG LQKHUHQWH D WRGR OR TXH H[LVWH SRU OD PHUD YLUWXG GH VX H[LVWHQFLD´ &ODUN \ D~Q PHQRV WRFD HO H[9 WUHPR GH - 5 3 )UHQFK TXLHQ HTXLSDUy DO SRGHU FRQ OD IXHU]D \ OD LQÀXHQFLD DO SURSRQHU XQD FRQWURYHUWLGD IyUPXOD ³(O SRGHU GH $ VREUH % HV LJXDO D OD IXHU]D Pi[LPD TXH $ SXHGH LQGXFLU HQ % PHQRV OD IXHU]D GH UHVLVWHQFLD TXH % SXHGD PRYLOL]DU HQ VHQWLGR RSXHV9 WR´ &ODUN :HEHU DO FRQWUDULR LQWURGXFH %0! +#-+%3'#! -.$"*,#9) TXH HQ FXDOTXLHU FDVR HV YR9 OXQWDG GH SRGHU XQ SRFR D OD PDQHUD HQ TXH 1LHW]V9 FKH OD KDEtD SHQVDGR TXH D¿UPDED TXH GLFKD ³YROXQWDG IXHU]D´ HV LQKHUHQWH DO VHU KXPDQR ! R FRPR KDUtD 5RFNHU V I KHUHGHUR WDUGtR GHO UR9 1(-'5+5*1#! 1>*! 3&8A51#! (! 0(! S,"(6) "*9) `(#*<;) 2! GHO SHQVDPLHQWR OLEHUWDULR PiV PDGXUR TXH OOHJy D )$5+(&0(!+#1#!F)-(!4%!0(*!6)%&?(*!1#'&5+%*!1>*!519 3#&'(-'%*! 4%! 0(! ,5*'#&5(G:! )-(! (+%3+58-! %*+(*(1%-'%! UHIXWDEOH HQ VX WRWDOLGDG GH :HEHU \ GH 1LHWV]FKH FRPR GH )RXFDXOW XQ VLJOR GHVSXpV SRGHPRV UHDOL9 ?(&! )-(! 5-6%&%-+5(! '(-! 6>+50! +#1#! 3#+#! +5%&'(C! '#4(! &%0(+58-! *#+5(0! %*:! 4%! ,%+,#:! )-(! &%0(+58-! 4%! 3#4%&:! D¿UPDFLyQ FRQ OD TXH PiV WDUGH HVWDUiQ GH DFXHUGR HQWUH RWURV $GDPV D E GH TXLHQ KHPRV ,%&%4(4#!)-(!5-.%-5#*(!45*'5-+58-!%-'&%!3#4%&!2!+#-9 WURO TXH FRQ¿QD DO SULPHUR DO iPELWR GH ODV UHODFLRQHV KXPDQDV \ DO VHJXQGR DO YtQFXOR GH ORV KXPDQRV FRQ ODV FRVDV FDUHQWHV GH YROXQWDG \ FRQFLHQFLD /D WUDVFHQGHQFLD GH OD DFHSFLyQ ZHEHULDQD VREUH HO SRGHU HV HYLGHQWH FXDQGR QRV SHUFDWDPRV TXH SRFRV FLHQWt¿FRV VRFLDOHV KDQ HVFDSDGR DO FRQWHQLGR EiVLFR GH HVWD GH¿QLFLyQ LPSRVLFLyQ GH YROXQWDG GRPLQD9 FLyQ GLVFLSOLQD DXQTXH DOJXQRV KDQ VXVWLWXLGR /.@ 1LHW]VFKH HVWDED HQ OR FRUUHFWR FXDQGR VXJHUtD TXH OD QHFHVLGDG GH SR9 GHU \ VX E~VTXHGD VH HQFXHQWUD HQUDL]DGD HQ OD QDWXUDOH]D KXPDQD FRQ9 VLGHUDED TXH OD YLGD PLVPD HUD XQD SHUSHWXD OXFKD SRU DFXPXODU IXHU]D HQHUJtD !8( 1LHW]VFKH \ VV 6L SDUD :HEHU /.9'( LPSOLFDED SUREDELOLGDG GH LPSRQHU OD SURSLD YR9 OXQWDG HVWR UHTXHUtD GH RWUDV GRV SUREDELOLGDGHV OD GH HQFRQWUDU REH9 45%-+5(! (! )-! 1(-4('#:! 6)%&(! 4%! 4%'%&15-(4#! +#-'%-54#! %-'&%! 3%&*#-(*! GDGDV GRPLQDFLyQ \ R SRU SDUWH GH XQ FROHFWLYR TXH PHUFHG D DFWL9

+'!',&-.$./$0&-%)$

0&1&$&9#9) ) SRU ³FDSDFLGDG´ R ³IXHU]D´ 3RU HMHPSOR :URQJ FLWDGR HQ %DUQHV TXLHQ HQWLHQGH (0!3#4%&!+#1#!0(!+#/#+&9#9!4%!#$<"*#0)3%&*#-(*!3(&(! SURGXFLU HQ RWUDV HIHFWRV TXHULGRV \ SUHYLVWRV OD RSRVL9 FLyQ D OD LGHD GH TXH HO SRGHU HV FRQVXVWDQFLDO D ORV VH9 &%*!,)1(-#*:!%*!6>+501%-'%!5-6%&5$0%!2:!4%!(007:!,(2!*80#! )-!3(*#!3(&(!+#-6)-45&!3#4%&!+#-!()'#&54(4!#!+#-!3#9 GHU FRQFHQWUDGR 6REUH HVWR VH DKRQGDUi PiV DGHODQWH E(! -#+58-! 4%! +#/#+&9#9;) +#-! .&(-! 3&#A5154(4! (! :HEHU WDPELpQ HVWi SUHVHQWH HQ HO MXULVWD %RGHQ9 KHLPHU TXLHQ OR GH¿QLy FRPR ³OD FDSD9 FLGDG GH XQ LQGLYLGXR R JUXSR GH OOHYDU D OD SUiFWL9 FD VX YROXQWDG LQFOXVR D SHVDU GH OD UHVLVWHQFLD GH RWURV LQGLYLGXRV R JUXSRV´ (Q HVWH PLVPR VHQWLGR HQFRQWUDPRV D 5 &RKHQ TXLHQ VXSRQH DO SRGHU FRPR ³XQD FDSDFLGDG SDUD LQÀXHQFLDU >VLF@ HO FRPSRUWDPLHQWR GH RWURV \ R ORJUDU LQÀXHQFLD VREUH HO FRQWURO GH ODV DFFLRQHV YDORUDGDV´ 3RU VX SDUWH % %DUQHV GH¿QH WDPELpQ DO SRGHU HQ WpUPL9 QRV GH FDSDFLGDG DXQTXH OD VXSRQH JHQHUDOL]DGD \ %-+()?(4(!(!513#-%&!.1$&<#+&.*'0)(!#'&#*!2!(!(*%.)9 UDU VX FXPSOLPLHQWR /D SURSXHVWD GH %DUQHV FRLQFLGH HQ EXHQD PDQHUD FRQ OD FRQFHSFLyQ GH 3DUVRQV TXLHQ '5%13#!('&>*!,($7(!%*+&5'#C (O SRGHU > @ HV XQD FDSDFLGDG JHQHUDOL]DGD SDUD DVHJXUDU 0(!&%(05?(+58-!4%!+#13&#15*#*!#$05.('#&5#*!3#&!3(&'%!4%!0(*! XQLGDGHV GH XQ VLVWHPD GH RUJDQL]DFLyQ FROHFWLYD FXDQ9 4#! 0#*! +#13&#15*#*! %*'>-! 0%.5'51(4#*! 3#&! &%6%&%-+5(! (! *)! UHODFLyQ FRQ ORV REMHWLYRV FROHFWLYRV \ GRQGH HQ FDVR GH (+'5')4%*! &%+(0+5'&(-'%*:! ,(2! )-(! 3&%*)-+58-! 4%! 513#*5+58-! PHGLDQWH OD DSOLFDFLyQ GH VDQFLRQHV VLWXDFLRQDOHV QHJDWLYDV VHD FXDO IXHUH OD DJHQFLD DFWXDO TXH DSOLTXH GLFKD LPSRVL9 FLyQ FLWDGR HQ %DUQHV

@*'(! +#-+%3+58-:! (! 456%&%-+5(! 4%! #'&(*:! +#0#+(! HO DFHQWR HQ OR TXH OODPD XQLGDGHV LQGLYLGXDOHV R FROHFWLYDV GH XQ VLVWHPD OD OHJLWLPLGDG ORV REMH9 WLYRV FROHFWLYRV \ OD SUHVXQFLyQ GH VDQFLRQHV SHU¿9 0(-4#:! +#-! 456%&%-+5(*! *)*'(-+5(0%*:! 6&(.1%-'#*! 4%0! +.6"*&,#0) WXUQHULDQR 7XUQHU /R TXH VH GHVHD GHVWDFDU HV OD QRWDEOH UHIHUHQFLD TXH 3DUVRQV ,(+%:!+#1#!1)+,#*!*#+580#.#*!2!(-'&#380#.#*:!(!0(*! '%*5*! 4%0! +#-'&(+')(05*1#! *#+5(0! 2! (0! 4%'%&15-5*1#! QRUPDWLYR (Q HIHFWR HQ XQ VLVWHPD VRFLDO FRPR HO +#-+%$54#! 3#&! %*'%! *#+580#.#:! %*'>! 0('%-'%! 0(! -#+58-! GH +REEHV GH TXH ORV JUXSRV KXPDQRV SDUD OOHYDU D FDER OR TXH SRGUtDPRV OODPDU SUR\HF9 WR FRPXQLWDULR HVWD VXVWLWXFLyQ \ GHULYDFLyQ HV PtD UHTXLHUHQ GH XQD YROXQWDG FROHFWLYD DFRUGDGD SDUD WXGHV DUUDLJDGDV VH DFDWD VLPSOH SURQWD \ DXWRPiWLFDPHQWH (O SRGHU SXHV QR RSHUD SRU Vt PLVPR HQ HO YDFtR QL FDUHFH GH FRQWHQLGRV !8(2) :HEHU

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KF


.-0$)-!//+ ?+#$"+!'9!*(9('#$"$

ORJUDUOR OD VRFLHGDG UHTXLHUH GH QRUPDV TXH FRQVWUL9 xDQ R FRQGLFLRQHQ OD DFFLyQ \ SDUD HOOR VH QHFHVLWD TXH pVWDV VHDQ LPSODQWDGDV HQ OD PHQWH GH FDGD LQ9 GLYLGXR GH PDQHUD VyOLGD SRUTXH GH OR FRQWUDULR ORV SUHFHSWRV VH ROYLGDUtDQ R VH WHUJLYHUVDUtDQ \ HO RUGHQ VRFLDO HVWDUtD HQ SHOLJUR 3HUR GLFKDV QRUPDV WDPELpQ GHEHUtDQ TXHGDU ¿UPHPHQWH LQWHUQDOL]DGDV GH PDQHUD TXH IXHUD LPSRVLEOH OD RSRVLFLyQ D VX FXPSOLPLHQWR \ VX SURQWR FDPELR OD FRQGXFWD GHVYLDGD WDO FRPR OD SODQWHy 3DUVRQV QR SXHGH WHQHU XQ OXJDU HVSHFt¿FR \ HV FRQWHPSODGD D OD OX] GHO UHFRQRFLPLHQWR GH TXH OD LQWUR\HFFLyQ GH OD QRUPD UHVXOWD LQVX¿FLHQWH SDUD FRQ¿JXUDU DFFLRQHV \ TXH HV VyOR XQ HOHPHQWR IXQFLR9 -(0!%-!0(!1%454(!4%!0(!%A5*'%-+5(!4%!+5%&'(!+#-6#&159 4(4!2:!%-!+(*#!+#-'&(&5#:!0(!%A5*'%-+5(!4%!0#*!*5*'%1(*! GH VDQFLRQHV \ UHFRPSHQVDV 3DUVRQV GH HVWD PDQH9 UD \ VLJXLHQGR HQ FLHUWD IRUPD D 'XUNKHLP !5-'%-'8! +#-+505(&:!*5-!0#.&(&0#:!0#*!+#-+%3'#*!+.*0'*0"0)6.9'$) SRGHU FRQVHQVXDO \ FRQÀLFW PRGHO SRGHU PHGLDQWH FRHUFLyQ VHJ~Q ORV FXDOHV ORV PLHPEURV GH XQ JUXSR DFDWDQ FLHUWR RUGHQ YROXQWDULDPHQWH R HQ VX GHIHFWR VRQ IRU]DGRV D REHGHFHU 7DPD\R ;,; (O UH9 JLVWUR HWQRJUi¿FR SDUHFH QR HVWDU HQ GLVSRVLFLyQ GH FRQ¿UPDUOR D SOHQLWXG E#!513#&'(-'%!4%!0#*!30(-'%(15%-'#*!3(&*#-5(-#*! QR VH UHGXFH D OR TXH KLSRWpWLFDPHQWH SHUFLELPRV FRPR XQ GHVDFLHUWR VLQR TXH UDGLFD HQ HO KHFKR GH TXH FRORFy HO SRGHU HQ HO FHQWUR GHO VXEVLVWHPD SR9 07'5+#:!4#-4%!#3%&(!%-!0(*!*#+5%4(4%*!1#4%&-(*!2!%*:! SRU WDQWR HO PHFDQLVPR HQ HO FXDO VH EDVD HO TXHKDFHU SROtWLFR 'HVWDFD WDPELpQ XQD SUHFRQGLFLyQ GHO VLVWH9 PD SROtWLFR HO GH OD OHJLWLPLGDG 3DUD 3DUVRQV HVWD FRQ¿DQ]D HQ HO VLVWHPD GH SRGHU HV FRQGLFLyQ 0&*') %"#)*.*)'(-'#!3(&(!%0!*5*'%1(!+#1#!3(&(!0(!4%'%-'(9 FLyQ VRFLDO GHO SRGHU @*'(*! +#-+%3+5#-%*! +#-'&(*'(-! 05.%&(1%-'%! FRQ OD LGHD GH SRGHU TXH QRV KD OHJDGR 5 &DLOORLV TXLHQ D¿UPD TXH HO SRGHU FXDOTXLHUD TXH VHD OD HVSHFLH D OD TXH SHUWHQH]FD ³HV VyOR OD FRQ9 VHFXHQFLD GH XQ FRQVHQWLPLHQWR /D GLVFLSOLQD GH XQ %<=&+5'#! -#! *%! +#13#-%! 4%0! 3#4%&! 4%! 0#*! .%-%&(0%*:! VLQR GH OD REHGLHQFLD GH ORV VROGDGRV > @ /D %RpWLH KD GHPRVWUDGR ELHQ TXH QR KD\ PiV VHUYLGXPEUH TXH OD YROXQWDULD´ &DLOORLV VLPSDWL]DQWH GHO +.*0'*0"0) 5H¿HUR D XQDV GH ODV LGHDV FHQWUDOHV GH 'XUNKHLP TXH HO LQGLYL9 GXR DO SHUVXDGLUVH GH VX SURSLR ELHQ FRDG\XYD DO ELHQ FRP~Q TXH OD IXHU]D QR SXHGH DSOLFDUVH GH IRUPD LQLQWHUUXPSLGD \ XQLYHUVDO TXH HO +#-'&(+')(05*1#!*%!%-'5%-4%!+#1#!0(*!+#-45+5#-%*!4%0!+#-'&('#!-#!*#-! HQ Vt PLVPDV FRQWUDFWXDOHV \ SRU HQGH ORV LQGLYLGXRV FRPR WDOHV QR SXHGHQ PRGL¿FDUODV D VX DUELWULR SRUTXH VH URPSHUtDQ ORV SULQFLSLRV GH H[SUHVLyQ \ UHIRU]DPLHQWR GH OD VROLGDULGDG (Q HVWH VHQWLGR OR H[SUHVy *XLOOHUPR GH OD 3HxD GH TXLHQ UHWRPR HVWD DSUHWDGD VtQWHVLV GH ODV LGHDV

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KN

6.9'$:!(+5%&'(!%-!$)%-(!1%454(!%!51307+5'(1%-'%!*%! DSUR[LPD D :HEHU 3DUVRQV $GDPV \ D RWURV HQ OD PHGLGD TXH SODQWHD DXQTXH GH RWUD PDQHUD HO FDUiF9 WHU UHODFLRQDO GHO SRGHU +DEUtD TXH GHFLU FRQ $ *LGGHQV TXH OD FRQFHSFLyQ UHODFLRQDO GHO SRGHU HQWLHQGH D pVWH +#1#!0(!F+(3(+54(4!4%!0#*!(+'#&%*!3(&(!#$'%-%&!&%*)09 '(4#*! +)(-4#! 0(! &%(05?(+58-! 4%! %*'#*! 4%3%-4%! 4%! 0(*! DFFLRQHV GH RWUDV SHUVRQDV´ FLWDGR HQ &RKHQ (VWR SUHVXSRQH TXH ORV VXMHWRV LQYROXFUDGRV HQ XQD UHODFLyQ GH SRGHU VDEHQ R FUHHQ VDEHU TXH DTXH9 OORV VREUH ORV TXH VH HMHUFH SRGHU DFWXDUiQ FRPR VH %*3%&(H!3#&!0#!'(-'#:!)*(-!%*(!3&%15*(!3(&(!#$'%-%&!0(*! FRQGXFWDV GHVHDEOHV R GHVHDGDV /D WHVLV UHODFLRQDO 4%0!3#4%&:!+#-!%*'(!3&%*)-+58-:!+#-!6&%+)%-+5(!%0)4%! (4%-'&(&*%!%-!0(*!6)%-'%*:!%-!%0!+(&>+'%&!4%!%*(!+(3(+59 4(4!2!%-!0(!45(0=+'5+(!4%0!3#4%&!%-!%*3(+5#*!&%4)+54#*! FRPR ORV TXH FRQVWUX\HQ ODV FRPXQLGDGHV 3DUD HOOR HO HMHUFLFLR DQWURSROyJLFR FRPR SDUHFH VXJHULU % 0DOLQRZVNL DO LQWHUHVDUVH SRU ORV WHPDV GHO 3#4%&!2!0(!()'#&54(4!%-!%0!(->05*5*!4%0!A"$#:!*5-!%-6#9 FDU VX DWHQFLyQ D OD DQWURSRORJtD SROtWLFD FRPR WDO E)%.#!%-'#-+%*:!%0!3#4%&!%*!)-(!+#/#+&9#9)4"6#@ *# PLHQWUDV TXH DOJXQRV FRQVLGHUDQ TXH UDGLFD HQWUH ORV LQGLYLGXRV DQWHV TXH HQ ODV VRFLHGDGHV JUXSRV *#+5(0%*! %! 5-*'5')+5#-%*:! #'&#*! 3&#3#-%-:! +#1#! /#)9 ODQW]DV TXH HO SRGHU HVWi DVRFLDGR D ODV &%0(+5#-%*! 4%! +0(*%*! #! 4%! .&)3#*! +#-! +5%&'#! (-'(.#9 QLVPR HQ FXDOTXLHU FDVR VH WUDWD GH XQD +#/#+&9#9) 4"6#*#) <'*'(#$&E#9# (O SRGHU H[LVWH DOOt GRQGH ORV LQGLYLGXRV HVWiQ LQPHUVRV HQ UHODFLRQHV VRFLDOHV DVLPpWULFDV HVSHFt¿FDV FRQ RWURV LQGLYLGXRV OR TXH HQIDWL]D TXH HV 9')+#(=+,'()('$#+&.*#$:!+#1#!3&#3)9 VLHURQ , - &RKHQ \ 3RXODQW]DV 3RU ~OWLPR FDVL WRGRV HQIDWL]DQ TXH HO SRGHU GH ORV LQGLYLGXRV VH PDQL¿HVWD HQ VXV HIHFWRV VREUH RWURV LQGLYLGXRV HVWDEOHFLHQGR XQD QRFLyQ GH TXH WRGR SRGHU HV ³SRGHU VREUH´ TXH JHQHUD UHVLVWHQFLD QRFLyQ TXH VL ELHQ QRV DX[LOLD SDUD HQWHQGHU FyPR HV TXH ODV FRPXQLGDGHV SXHGHQ SUR9 GXFLU JRELHUQRV ORFDOHV \ VLVWHPDV QRUPDWLYRV FRPX9 QLWDULRV QR QRV VLUYH VLQR SDUFLDOPHQWH SDUD H[SOLFDU +81#!6&(.1%-'#*!4%!*)*!3&#2%+'#*!+#1)-5'(&5#*!*#-! UHDOL]DEOHV WRGD YH] TXH UHTXLHUHQ GH OD YROXQWDG \ ORV YDORUHV 3RU HOOR YR\ D LQWURGXFLU XQD QRFLyQ DVRFLD9 GD D ODV QRFLRQHV GH SRGHU FRHUFLWLYR \ SRGHU FRQVHQ9 VXDO GH ³SRGHU SDUD ´ VHJ~Q OD FXDO HVWD FDSDFLGDG QR SXHGH VHU FRQFHELGD VyOR HQ XQ VHQWLGR MHUiUTXL9 FR FRPR RFXUUH \ FRHUFLWLYR \ SRU HQGH QHJDWLYR *5-#!'(1$5=-!+#1#!3&#35+5(4#&(!4%!6#&1(*!4%!+../'@ (#+&:* HV GHFLU TXH SRVLELOLWD WDQWR OD JHQHURVLGDG 0(*!(2)4(*!1)')(*!2!0#*!3&#+%*#*!4%!+#-+%-'&(+58-9


(#'*!&("B'#!8'8+89(7$8'&(';$")!8'='#$'$%9"!*!#!):$'*!#:9+;$

UHGLVWULEXFLyQ LQGLVSHQVDEOHV SDUD ORJUDU REMHWLYRV FROHFWLYRV WDO \ FRPR RFXUUH HQ ORV WHTXLRV FRQYRFD9 GRV SRU ODV DXWRULGDGHV FLYLOHV UHOLJLRVDV \ R DJUDULDV SRU FLWDU XQ HMHPSOR 'HER DFODUDU TXH FRPR DQWURSyORJR LQWHUHVDGR %-!0#*!.#$5%&-#*!0#+(0%* !!%-!.%-%&(0:!+#1#!4%!0#*!00(9 1(4#*!*5*'%1(*!4%!+(&.#* HQ SDUWLFXODU PH KH YLVWR REOLJDGR D LQGDJDU HQ WRUQR GH TXLHQHV RFXSDQ SXHV9 WRV \ FDUJRV GHVHPSHxDQ FRPLVLRQHV VH LQFRUSRUDQ HQ FRIUDGtDV VH UHVSRQVDELOL]DQ GH ¿HVWDV UHOLJLRVDV \ GH TXLHQHV GH DFXHUGR FRQ FLHUWR VLVWHPD VXEMHWL9 YR ±DXQTXH QR LQGLYLGXDO± GH HVWUXFWXUDV TXH IXQFLR9 QDQ FRPR HVTXHPDV GH SHUFHSFLyQ GH FRQFHSFLyQ \ GH DFFLyQ ±4#1&,"0:! 3%&#! %-! )-(! +#-+%3+58-! 1>*! ÀH[LEOH± ! 4%+54%-:! +#-6#&1%! (! )-! (1305#! %*3%+'&#! 4%! 3#*5$5054(4%*:! 3(&'5+53(&! 4%! (0.;-! '53#! 4%! 3&#35#! SUR\HFWR FRPXQLWDULR /D SDUWLFLSDFLyQ HQWHUD R SUH9 VLRQDGDPHQWH YROXQWDULD HV XQD PXHVWUD FODUD GH OD %A5*'%-+5(! 4%! 6#&1(*! 4%! %<%&+5+5#! 4%! 3#4%&! 456%&%-9 WHV GH ODV FRHUFLWLYDV R VLPSOHPHQWH LPSOHPHQWDGDV !@0!+#-+%3'#!F.#$5%&-#*!0#+(0%*G!'5%-%!4#*!(+%3+5#-%*!$>*5+(*C!0(!3&59 PHUD QRV UHPLWH D ORV D\XQWDPLHQWRV R D FXDOTXLHU IRUPD TXH UHYLVWD OD DXWRULGDG FRQIRUPH FRQ OD UHJODPHQWDFLyQ HVWDWDO GHO DUWtFXOR FRQV9 WLWXFLRQDO WDQWR HQ XQ PXQLFLSLR FRPR HQ FXDOTXLHUD GH VXV GHPDUFDFLR9 QHV VLQ HPEDUJR OD DFHSFLyQ TXH DTXt XWLOL]R HV PiV FRPSOHMD SRUTXH LQFRUSRUD D WRGR HO HQWUDPDGR GH DXWRULGDGHV DJUDULDV SROtWLFR FHUHPR9 QLDOHV PXQLFLSDOHV MXGLFLDOHV HWFpWHUD DUWLFXODGDV KLVWyULFDPHQWH HQ HO 5-'%&5#&!4%!0(!4%1(&+(+58-!3(&(!+&%(&!2!4%*(&&#00(&!3&#2%+'#*!+#1)-5'(9 ULRV FRQIRUPH D VLVWHPDV QRUPDWLYRV SURSLRV ! @0! *5*'%1(! 4%! +(&.#*:! '(1$5=-! 00(1(4#! *5*'%1(! 3#07'5+#9+%&%1#-5(0! %*!)-!*)$*5*'%1(!4%0!*5*'%1(!*#+5%#%+#-815+#!5-'%.&(4#!3#&!+(&.#*!)! R¿FLRV GLVSXHVWRV HQ XQD MHUDUTXtD RUGHQDGD FRQIRUPH D 0,#,"0!2!07-%(! GH DXWRULGDG \ VH WUDQVLWD D WUDYpV GH HOOD HQ ULJXURVR HVFDODIyQ QR VH FRQIXQGH FRQ HO JRELHUQR FRQVWLWXFLRQDO DXQTXH D YHFHV VH HQFXHQWUD IXHUWHPHQWH LPEULFDGR FRQ pO /D GLVWDQFLD HQWUH IXQFLRQDULRV GH D\XQWD9 PLHQWRV R FRPLVLRQDGRV UDGLFD HQ TXH ORV R¿FLRV GHO VLVWHPD GH FDUJRV VHJ~Q ODV QRUPDV FRQYHQLGDV ORFDOPHQWH VRQ JHQHUDOPHQWH DQXDOHV R SRU WLHPSRV PiV EUHYHV GLFWDGRV SRU OD RUJDQL]DFLyQ GHO FLFOR FHUHPR9 QLDO \ HYHQWXDOPHQWH SRU HO FLFOR DJUtFROD FRQ HO FXDO WHMH OD]RV LQGLVWLQ9 .)5$0%*!%!5-45*#0)$0%*H!-#!%A5*'%!0(!3#*5$5054(4!4%!&%%0%++58-H!+)(-4#!*%! 00%.(!(0!3)-'#!1>*!(0'#!4%0!%*+(0(68-:!%0!*)<%'#!3(*(!(!6#&1(&!3(&'%!4%!)-! VHOHFWR JUXSR GH ³SULQFLSDOHV´ ³SDVDGRV´ ³FDELOGRV WUDGLFLRQDOHV´ TXH SRU VX H[SHULHQFLD \ SUREDGD FDSDFLGDG GH VHUYLFLR \ GHVSUHQGLPLHQWR &%+5$%-!,#-#&%*:!3&%*'5.5#!2!%0!&%+#-#+515%-'#!3(&(!(*%*#&(&!-#!'(-!*#0#! %-!+)%*'5#-%*!+%&%1#-5(0%*:!*5-#!%-!0#*!(*)-'#*!5-'%&+#1)-5'(&5#*!2!%-! ORV TXH FRPSHWHQ DO (VWDGR PLVPR HQ VX UHODFLyQ FRQ OD FRPXQLGDG HO HVFDODIyQ SXHGH R QR LQFRUSRUDU FDUJRV FLYLOHV R VLPSOHPHQWH ORV DUWL9 FXOD PHGLDQWH QRUPDV LQWUDFRPXQLWDULDPHQWH FRQYHQLGDV SUHVHQWD XQD DSDULHQFLD GH DPSOLD GHPRFUDFLD SRUTXH ORV FDUJRV HVWiQ GLVSXHVWRV SDUD WRGRV ORV LQGLYLGXRV VLHPSUH \ FXDQGR FXEUDQ FLHUWR SHU¿O HFRQyPLFR PRUDO UHOLJLRVR HWFpWHUD JHQHUDOPHQWH HO VXMHWR TXH VH LQFRUSRUD HQ HO VLVWHPD OHMRV GH UHFLELU UHPXQHUDFLyQ DOJXQD SDWURFLQD ¿HVWDV D YHFHV VyOR SDUFLDOPHQWH R ELHQ VH LQWHJUD HQ FRPSOHMDV UHGHV GH UHFLSURFLGD9 GHV TXH OH H[LJHQ GLQHUR WUDEDMR R DSRUWDFLRQHV HQ HVSHFLH SURYHQLHQWH GH Vt PLVPR \ HQ RFDVLRQHV GHO JUXSR IDPLOLDU 9pDVH HQWUH RWURV 6XiUH] \ .RUVEDHN $TXt UHWRPR OD SURSXHVWD KHFKD SRU %RUGLHX GHO FRQFHSWR 4#@ 1&,"0 SDUD RSRQHUVH DO GHWHUPLQLVPR QRUPDWLYR \ D TXLHQHV VXSRQHQ TXH OD IDWDOLGDG FRQ TXH ORV (.$'0!4%'%&15-(-!0(*!(++5#-%*!4%!0#*!*)<%'#*!*#9 FLDOHV ORV FRQYLHUWH HQ DXWyPDWDV \ D ODV FRPXQLGDGHV \ JUXSRV VRFLDOHV FRPR LQDPRYLEOHV

+'!',&-.$./$0&-%)$

GHVGH ODV SRVLFLRQHV MHUiUTXLFDV /D LGHD GH XQ ³SRGHU SDUD«´ UHODFLRQDGR FRQ OD YROXQWDG HV GHULYDGD GH XQD UHÀH[LyQ SODQWHDGD SRU ORV ¿OyVRIRV FRPR HO IHQRPHQyORJR /XLV 5HFDVHQV TXLHQ D SURSyVLWR GH ORV IXQGDPHQWRV GHO PDQGR SURSRQtD FRPR IXHQWHV GH SURFHGHQFLD D ODV REMHWLYDV LQGHSHQGLHQWHV GH OD YROXQWDG GHO VXMHWR E ODV VXEMHWLYDV TXH VH YLQFXODQ FRQ HO DFWR H[SUHVR GHO VXMHWR D KDFHU REHGHFHU DFDWDU PDQGRV \ F ODV GH FDUiFWHU PL[WR 6L HVWD REVHUYDFLyQ D SURSyVLWR GHO 1(-4#:!0(!(305+(1#*!(0!3#4%&!2!(!0(!()'#&54(4:!3)%4%! RIUHFHUQRV QXHYDV SHUVSHFWLYDV HSLVWHPROyJLFDV (Q HIHFWR XQD SHUVSHFWLYD DVt QRV FRORFD DQWH HO SUHQXQ9 FLR GH XQ YDFtR HQ ORV HVWXGLRV DQWURSR SROtWLFRV ODV %1#+5#-%*:!0#*!*%-'515%-'#*:!0(*!3(*5#-%*:!0#*!3&#2%+9 WRV LQGLYLGXDOHV \ VREUH WRGR OD FXOWXUD 1RV KHPRV DOHMDGR GH OD LGHD GH SRGHU HVWDEOHFLGD HQ HO iPELWR GHO GHUHFKR GRQGH OD QRFLyQ GH YROXQ9 WDG GLUHFWRUD FRPR FRQVWLWXWLYD GHO SRGHU GHO JUXSR *DUFtD QR HUD ~WLO SRUTXH QRV FRQGXFtD 45&%+'(1%-'%! (0! +#-+%3'#! 4%! ()'#&54(4! %-! '=&15-#*! MXULVSUXGHQFLDOHV 3HUR HVWH PLVPR FRQFHSWR UHTXLH9 UH GH XQD UHYLVLyQ WRGD YH] TXH JUDQ SDUWH GH OR \D %*+&5'#! *#$&%! %0! 3#4%&! %*! %A3&%*($0%! %-! '=&15-#*! 4%! DXWRULGDG 5 1 $GDPV E VLPSOL¿Fy HO SUR9 $0%1(!%-!0#*!*5.)5%-'%*!'=&15-#*C!F)-(!()'#&54(4!%*! DTXHOOD SHUVRQD TXH VH VDEH R VH FUHH TXH WLHQH XQ SRGHU VXSHULRU´ $ $GDPV QR OH LQWHUHVD HQ HVWD GH9 ¿QLFLyQ HO SUREOHPD GH OD OHJLWLPLGDG HV GHFLU VL ORV DFWRV R SUiFWLFDV GH ORV VXMHWRV VRQ FRUUHFWRV ±DFHSWD9 GRV HVSHUDGRV GHVHDGRV± R QR VLQR HO KHFKR GH TXH *%!&%+#-#?+(!%0!*)<%'#!4#-4%!&(45+(!#!*%!,(+%!&(45+(&! )-! 3#4%&! 1(2#&:! *%! 45*'(-+5(! 4%! 0(! +#-+%3+58-! 3(&9 VRQLDQD TXH LGHQWL¿FD DO SRGHU FRPR XQD FDSDFLGDG .%-%&(05?(4(! 3(&(! (*%.)&(&! 0(! &%(05?(+58-! 4%! #$05.(9 +5#-%*! 3#07'5+(*:! 2! (! 0(! ()'#&54(4! +#1#! 0(! 4%'%-'#&(! GH FDSDFLGDGHV HVSHFt¿FDV TXH SXHGH KDFHU YLDEOHV FLHUWRV GHUHFKRV $GDPV E SRU ~OWLPR D¿U9 PD TXH OD QDWXUDOH]D GH OD FXOWXUD GHQWUR GH OD FXDO VH GHVHQYXHOYHQ ORV LQGLYLGXRV ORV SUHFRQGLFLRQD D #$%4%+%&H!$(<#!+5%&'(*!+5&+)-*'(-+5(*:!(.&%.(:!0#*!*)9 <%'#*! +%4%-! %0! 4%&%+,#! 4%! 0(! '#1(! 4%! 4%+5*5#-%*! -#! QHFHVDULDPHQWH D XQD DXWRULGDG HVSHFt¿FD VLQR D XQD DXWRULGDG LPDJLQDULD $GDPV VH DSUR[LPD D OD FRQFHSFLyQ GH %DUQHV \ D OD GH %RUGLHX HQ VX LGHD GH TXH OD VRFLHGDG SUR9 SRUFLRQD D ORV LQGLYLGXRV OD QRUPD SHUR WDPELpQ ORV HOHPHQWRV SDUD LQWHUSUHWDUOD $KRUD ELHQ VL OD FXOWXUD SUHFRQGLFLRQD D OD REHGLHQFLD QR RFXUUH TXH HVWH SUH9 +#-45+5#-(15%-'#!*)3#-.(!-%+%*(&5(1%-'%!5&&(+5#-(9 OLGDG ORV LQGLYLGXRV LQWUR\HFWDQ OD QRUPD OD SLHQVDQ #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

KI


.-0$)-!//+ ?+#$"+!'9!*(9('#$"$

\ GHFLGHQ VHD PHGLDQWH OD FRQFLHQFLD $GDPV ±OLEUH R FRHUFLRQDGD± R SRU OD FRJQLFLyQ GH OD QRUPD 3DU9 VRQV \ %DUQHV (Q HIHFWR ORV JUDGRV GH FRQFLHQFLD VH YLQFXODQ WDQWR UDFLRQDOPHQWH GHVSXpV GH YDORUDU 0#*! 3&#2%+'#*! 2! 3&%+%3'#*! +#1)-5'(&5#*:! +#1#! *)$9 MHWLYDPHQWH HV GHFLU HQ WpUPLQRV GH OD FDSDFLGDG 3(&(!5-'%&3&%'(&!0(!-#&1(!4%!1(-%&(!3%&*#-(0!2!;-5+(:! (3#*'(-4#!5-+0)*#!(0!&5%*.#!4%!0(!*%.&%.(+58-!'#'(0!4%0! .&)3#!%-!(&(*!4%!*)*!3&#35#*!3&#2%+'#*!#!4%!0(!6%:!3#&! HMHPSOR (VWD LGHD GHYLHQH PX\ ~WLO SDUD DSUR[LPDU9 -#*!(0!%*')45#!4%!0#*!.#$5%&-#*!0#+(0%*!2!%-!3(&'5+)0(&! DO GH ORV VLVWHPDV GH FDUJRV SRUTXH OD DXWRULGDG GH 0#*!+(&.)%&#*: FRPR HV HYLGHQWH QR PDQD GH OD FD9 SDFLGDG GHVSOHJDGD SDUD KDFHUVH REHGHFHU VLQR TXH 1>*!$5%-:!*)!()'#&54(4!3(&%+5%&(!*%&!4%!+(&>+'%&!&)459 PHQWDULR R SULPLWLYR FRPR OR SURSRQtD 0DLU R TXL]i PHMRU GH ORV YDORUHV \ SUR\HFWRV FRPSDUWL9 GRV (Q HIHFWR XQ FDUJXHUR PiV TXH VHUYLUVH GH OD FRPXQLGDG SRU OD SURSLD QRUPDWLYLGDG TXH HQYXHOYH D VX R¿FLR HVWi REOLJDGR D SUHVWDU VHUYLFLRV SURSRU9 +5#-(&! 1;*5+(:! +#3(0:! 15*(*! 2! #&-('#! (! 0#*! *(-'#*H! (051%-'#*:!$%$54(*:!1;*5+(!2!4(-?(*!(!0(!+#1)-54(4! \ YHODU SRU OD EXHQD PDUFKD GH ORV FHUHPRQLDOHV HO UHFRQRFLPLHQWR TXH VH OH EULQGD WLHQH TXH YHU FRQ OD YDORUDFLyQ GH VX DFWXDFLyQ HO JR]R H[SHULPHQWDGR HWFpWHUD ÒQLFDPHQWH HQ HVWH FDVR HO FDUJXHUR SXH9 GH KDFHUVH DFUHHGRU \ R FRQVHUYDU HO SUHVWLJLR \ R HO KRQRU SURGLJDEOH D VX SHUVRQD )RVWHU +DUULV DVLPLVPR VX 0,#,"0)\ HO URO HVSHFt¿FR TXH OH FRUUHVSRQGH OH SHUPLWHQ LQWHUSUHWDU ODV QRUPDV TXH LQGLFD OD WUDGLFLyQ OD FRVWXPEUH \ RSWDU SRU YDULDFLR9 QHV GH ODV PLVPDV HQ FDOLGDG GH SHUPLVLRQHV (O WHPD SDUD ORV HWQyORJRV \ DQWURSyORJRV TXH WLH9 -%-!)-(!1(&+(4(!3&%6%&%-+5(!3#&!+#1)-54(4%*!5-47.%9 QDV \ VRFLHGDGHV GHPRJUi¿FDPHQWH UHGXFLGDV HV PiV FRPSOHMR &RPR OR GHPRVWUDUDQ /HDFK FRQ VXV HVWXGLRV HQWUH ORV NDFKLQ \ *OXFNPDQ D WUDYpV GH P~OWLSOHV HQVD\RV FRQWUDULDPHQWH D OR TXH VRVWHQtDQ ORV HVWUXFWXUDO IXQFLRQDOLVWDV HQFD9 EH]DGRV SRU 5DGFOLIIH %URZQ ODV HVWUXFWXUDV SROtWL9 FDV VH GHVHQYXHOYHQ HQ ORV WHUUHQRV GH OR VDJUDGR \ GH 0#!3&#6(-#!2!-#!*#-!%*'>'5+(*!+#1#!3(&%+%-!(!*5130%! YLVWD VLQR TXH PDQL¿HVWDQ FLHUWD LQHVWDELOLGDG D WUD9 YpV GHO WLHPSR 'H OD PLVPD PDQHUD SRGHPRV D¿UPDU TXH QR VLHPSUH HVWiQ XQLGRV WDOHV WHUUHQRV \ TXH ORV 15*1#*!15%1$&#*!4%!)-(!+#1)-54(4!3)%4%-!*%3(&(&9 0#*!2:!(;-!*%3(&(4#*:!3)%4%-!4%*30%.(&!*)*!(++5#-%*! HQ XQR \ RWUR FDPSR PiV D~Q TXH HQ FXDOTXLHUD GH %*'#*!*%!3)%4%!'&(-*5'(&!4%*4%!%0!%A'&%1#!4%0!+#-*%-*#! ³&DUJXHURV´ HV HO WpUPLQR FRQ TXH VH GHVLJQD HQ OD HWQRUUHJLyQ SXUpSH9 FKD D ORV SDUWLFLSDQWHV HQ OR TXH ORV DQWURSyORJRV OODPDPRV VLVWHPDV GH FDUJRV R OD RUJDQL]DFLyQ SROtWLFR FHUHPRQLDO

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FO

DO GHO FRQÀLFWR (Q HVWH RUGHQ GH LGHDV DSHODU D OD KLVWRULD RUDO \ GRFXPHQWDO ±DOOt GRQGH HV SRVLEOH± HV XQD LQHYLWDEOH HVWUDWHJLD GH LQYHVWLJDFLyQ SXHVWR TXH GH WLHPSR HQ WLHPSR FRPR D¿UPD *OXFNPDQ HO FRQÀLFWR SXHGH H[SUHVDUVH VLPEyOLFDPHQWH 4#-4%!0(*!'%-*5#-%*!'5%-4%-!(!(15-#&(&*%!2!%0!&%.5*'&#! %*! %*+(*(1%-'%! &(*'&%($0%! %-! 6)%-'%*! 4#+)1%-'(0%*! SHVH D VX ULTXH]D LQWHUSUHWDWLYD (Q DPERV FDVRV OD 45*+)*58-!*#$&%!0(*!6)%-'%*!4%0!3#4%&!2!0(!%*%-+5(!4%! OD DXWRULGDG DSDUHFH SHU¿ODGD FRQ DSXQWHV LQWHUHVDQ9 WHV XQR GH HOORV HV HO GH ORV SURFHVRV GH OHJLWLPDFLyQ L-(! $&%+,(! 1>*! *%! ($&%! 2! +#-4)+%! (0! 3&#$0%1(! GH OD OHJLWLPLGDG 3DUD HOOR HV QHFHVDULR GLVWDQFLDUVH 4%!0(!-#+58-!4%!0%.(054(4:!4%0!(3%.#!(!0(!-#&1(!%*'(9 EOHFLGD HV GHFLU DO UHTXHULPLHQWR TXH H[LJH HQ WRGD 4%'%-'(+58-!4%0!3#4%&:!%0!)*#!4%!=*'%!-#!+#-!$(*%!%-! ORV FDSULFKRV LQGLYLGXDOHV YROXQWDGHV HPRFLRQHV R 3(*5#-%*:! *5-#! %-! +#-6#&154(4! +#-! &%.0(*! %*'($0%+59 GDV /D XWLOL]DFLyQ GHO WpUPLQR TXH KDFHQ %REELR \ %RYHUR DVt FRPR XQ FRQVLGHUDEOH VHFWRU 4%! 3#05'80#.#*:! &%15'%! (0! >1$5'#! 4%0! 4%&%+,#! 3#*5'59 YR \D TXH HVFDVDPHQWH KDQ SUHVWDGR DWHQFLyQ D ORV 4%*(&&#00#*!2!(3#&'(+5#-%*!4%!0(!(-'&#3#0#.7(!<)&745+(! TXH KD PRVWUDGR TXH HQ HO XVR H LQWHUSUHWDFLyQ GH ODV -#&1(*!1#4(0%*!+#1)-5'(&5(*:!+#1#!0(*!5-47.%-(*:!(! PiV GH YLVOXPEUDUVH WRGR XQ GHUHFKR OD OHJDOLGDG \ 0(!0%.5'5154(4!%*'>-!6)%&'%1%-'%!+#,%*5#-(4(*!2!3#9 VHHQ XQD YLWDOLGDG (VWDEOHFLGD HVWD GLVWDQFLD UHWRPR HO FRQFHSWR GH OHJLWLPLGDG 1R HV OR PLVPR D¿UPDU TXH XQ SRGHU R XQD DX9 WRULGDG VHDQ OHJDOHV R OHJtWLPRV /D OHJLWLPLGDG HVWi 1>*! 05.(4(! (0! '7')0#! 4%0! 3#4%&! #! 4%! 0(! ()'#&54(4:! %-! WDQWR TXH OD OHJDOLGDG VH YLQFXOD FRQ HO HMHUFLFLR GH DPERV /D OHJLWLPLGDG LPSOLFD TXH TXLHQ WLHQH XQR X #'&#! #! (1$#*:! '%-.(! <)*'53&%+5(4(! 2! (A5#08.5+(1%-9 WH HO GHUHFKR GH SRVHVLyQ HQ WDQWR TXH OD OHJDOLGDG VH YLQFXOD FRQ VX DFFHVR \ R HMHUFLFLR FRQIRUPH FRQ ODV QRUPDWLYLGDGHV HVWDEOHFLGDV \ UHFRQRFLGDV VHDQ FRQVXHWXGLQDULDV R SRVLWLYDGDV 1R HV OD OHJLWLPLGDG HQ WpUPLQRV GHO (VWDGR \ GH ODV DXWRULGDGHV TXH KD9 +%-! 3#*5$0%! *)! &%3&#4)++58-:! 6)-+5#-(15%-'#! 2! 1#9 GL¿FDFLRQHV OR TXH DTXt LQWHUHVD HQ DQWURSRORJtD QR HV VyOR D +REEHV \ D 5RXVVHDX D TXLHQHV LQYRFDPRV *5-#:! (4%1>*:! (! 0#*! 15%1$&#*! 4%! )-(! +#1)-54(4:! (! ODV SUHVFULSFLRQHV TXH QRUPDQ HO PRYLPLHQWR KDFLD OD OHJLWLPDFLyQ D VXV HWQRFDWHJRUtDV ! @-! %*'%! *%-'54#:! HVWR\ PiV SUy[LPR D - 0 6ZDUW] 9 : 7XUQHU \ $ 7XGHQ TXLHQHV HQ WpUPLQRV JHQHUDOHV !@-!(-'&#3#0#.7(:!)-(!4%!0(*!%'-#+('%.#&7(*:!(!3&#38*5'#!4%!-#&1(*:!0%.59 WLPLGDG \ OHJDOLGDG LQWUDFRPXQLWDULDV HV ³(O FRVWXPEUH´ 6X FRQWHQLGR HQ WpUPLQRV GH SROLWRORJtD \ MXULVSUXGHQFLD VLJXH VLHQGR XQD LQFyJQLWD


(#'*!&("B'#!8'8+89(7$8'&(';$")!8'='#$'$%9"!*!#!):$'*!#:9+;$

FRPSDUWHQ OD LGHD GH TXH OD OHJLWLPLGDG LPSOLFD XQ DSR\R VXSSRUW TXH GHULYD QR GHO XVR GH OD IXHU]D VLQR GHO VLVWHPD GH YDORUHV TXH JXtDQ HO FRPSRUWD9 PLHQWR JUXSDO LQGHSHQGLHQWHPHQWH GH TXH D QR GX9 4(&:! %*%! '53#! 4%! (3#2#! *%! ,(+%! +#130%'(&! #! &%+)&&%! D RWURV DSR\RV HQ DUDV GH XQ SUR\HFWR FRPXQLWDULR $O UHVSHFWR SRFRV WUDEDMRV UH¿ULpQGRQRV DO VLVWHPD GH FDUJRV \ D ORV JRELHUQRV ORFDOHV ORV KDQ DWHQGLGR "%*)0'(!1>*!+81#4(!0(!*)3#*5+58-!*#*'%-54(!3#&!0#*! FRQWUDFWXDOLVWDV ±\ ORV FRQVHQVXDOLVWDV GH WUDGLFLyQ ORFNLDQD %REELR GH TXH OD OHJLWLPLGDG QR 3)%4%!6)-4(&*%!*5-#!%-!%0!+#1;-!(+)%&4#!4%!0#*!(*#9 FLDGRV TXH HVFXGULxDU HQ VXV IXQGDPHQWRV @0! 3&#$0%1(! 4%! 0(! 0%.5'5154(4! -#! 35%&4%! (+')(059 4(4!2:!3#&!6#&')-(:!'(13#+#!0(*!*#0)+5#-%*!3&#3)%*'(*! KDQ ORJUDGR FRQVHQVR /D DQWURSRORJtD HQ HVH VHQWL9 GR HV XQ SHUPDQHQWH GLOHWDQWH LQWHUSHODGRU VX QLYHO HWQRJUi¿FR VLHPSUH SURSRUFLRQD VLPLOLWXGHV SHUR QR HV SDUFR HQ FXDQWR D ODV GLIHUHQFLDV DO UHVSHFWR /RV ¿OyVRIRV VRFLyORJRV \ SROLWyORJRV GH ORV VLJORV ;,; \ ;; FXDQGR UH¿ULHUHQ D OD OHJLWLPLGDG FRPR HQ HO +(*#!4%!0(!()'#&54(4:!*80#!'#1(-!+#1#!3)-'#!4%!3(&9 WLGD OD FLYLOL]DFLyQ RFFLGHQWDO ODV VRFLHGDGHV GHVDUUR9 00(4(*!#!F+#130%<(*G:!+#-!-#&1(*!%*+&5'(*:!+#-!4%&%9 FKR SRVLWLYR \ XQD VRFLHGDG FLYLO ±DOOt GRQGH SRGtD KDEODUVH GH HOOD± PiV R PHQRV PDGXUD 3RU HOOR QR HV H[WUDxD OD SUHFLVLyQ GH * 0RVFD FLWDGR HQ %REELR ³(Q WRGDV ODV VRFLHGDGHV GLVFUHWDPHQWH -)1%&#*(*!2!00%.(4(*!(!)-!+5%&'#!.&(4#!4%!+)0')&(!,(*9 WD DKRUD KD VXFHGLGR TXH OD FODVH SROtWLFD QR MXVWL¿FD *)!3#4%&!;-5+(1%-'%!+#-!0(!3#*%*58-!4%!,%+,#:!*5-#! TXH EXVFD GDUOH XQD EDVH PRUDO \ OHJDO KDFLpQGROR %1(-(&!+#1#!+#-*%+)%-+5(!-%+%*(&5(!4%!4#+'&5-(*!2! +&%%-+5(*!.%-%&(01%-'%!&%+#-#+54(*!2!(+%3'(4(*!%-!0(! VRFLHGDG TXH HVD FODVH SROtWLFD GLULJH´ 0RVFD UH¿HUH HVSHFt¿FDPHQWH OD QHFHVLGDG GH OH9 JLWLPDFLyQ SDUD MXVWL¿FDU OD SRVHVLyQ ±R GHWHQWDFLyQ± GHO SRGHU \ VRVWLHQH TXH pVWD VyOR SXHGH GHULYDUVH GH OD YROXQWDG YROXQWDULVPR KREEHVLDQR GH 'LRV R GHO SXHEOR SDUD RWURV FRPR %XUNH OD IXHQWH GH OD OHJLWLPLGDG VyOR SRGUtD VHU OD KLVWRULD /D SURSXHVWD GH 0RVFD KD HQFRQWUDGR P~OWLSOHV RSRVLFLRQHV SRU OD ÀDJUDQWH FRQFHVLyQ KHFKD D OD UHOLJLyQ DXQTXH JHQH9 UDOPHQWH VH DFHSWD VX SODQWHDPLHQWR GH OD YROXQWDG SRSXODU /D GH %XUNH SHVH D TXH QR H[SOLFD D SOH9 -5')4! 0(! 0%.5'5154(4:! -#! %*! &%+,(?($0%! 3#&! +#130%'#! VL SHQVDPRV TXH ORV SURFHVRV GH OHJLWLPDFLyQ VH YLQ9 FXODQ FRQ QRUPDWLYLGDGHV FRQWH[WXDOL]DGDV KLVWyULFD9 PHQWH 4XL]i HO SXQWR TXH VH KD WRUQDGR PiV HQGHEOH FRQ HO SDVR GHO WLHPSR HV OD GLQiPLFD GHO GHYHQLU ORV VHJXLGRUHV GH %XUNH GHELHURQ HQIUHQWDU OD HVFLVLyQ LQ9

+'!',&-.$./$0&-%)$

'%&-(!*#$&%!0(!3&#35(!+#-+%3+58-!4%!0(!,5*'#&5(C!T,5*'#9 ULD FRPR SDVDGR R KLVWRULD FRPR IXWXUR" (Q HIHFWR HQ &%0(+58-!+#-!0(!,5*'#&5(!+#1#!6)-4(1%-'#!4%!0(!0%.59 WLPLGDG H[LVWHQ TXLHQHV DSHODQ DO SDVDGR D OD IXHU]D GH OD WUDGLFLyQ \ MXVWL¿FDQ HO HMHUFLFLR GHO SRGHU SRU XQD DXWRULGDG R XQ WLSR GH DXWRULGDG TXH VH FRQVLGHUD FRPR OHJtWLPD SRUTXH DVt VH KD HMHUFLGR GHVGH WLHP9 SRV SUHWpULWRV QR HV LQIUHFXHQWH TXH HQ PDWHULD GH FDUJRV R GH JRELHUQRV ORFDOHV VH HVFXFKH ³$Vt HV OD FRVWXPEUH´ ³DVt VH KDFtD GHVGH DQWHV TXH PL DEXHOR -(+5%&(G! )! #'&(*! %A3&%*5#-%*! *5150(&%*:! +)2(*! 513059 FDFLRQHV QR SRGHPRV GHVDWHQGHU HQ OD LQYHVWLJDFLyQ DQWURSROyJLFD 3RU HO FRQWUDULR TXLHQHV FRQVLGHUDQ D 0(!,5*'#&5(!+#1#!6)')&#:!2!(!0(!,5*'#&5(!(*7!%-'%-454(! +#1#!6)-4(1%-'#!4%!0(!0%.5'5154(4:!(3%0(-!(0!3#4%&:! D OD DXWRULGDG \ FRQ ODV PRGDOLGDGHV TXH ORV LQQR9 YDGRUHV JHQHUDQ R DGDSWDQ FRQ OD ¿QDOLGDG GH OOHYDU D FDER XQ SUR\HFWR ±DXQTXH QXQFD HVFULWR \ HQ RFD9 VLRQHV QL LQWHUSHODGR± GH FRPXQLGDG (Q PDWHULD GH VLVWHPD GH FDUJRV OD GLIHUHQFLD HQWUH ³LQQRYDGRUHV´ 2!F'&(45+5#-(05*'(*G:!3#&!00(1(&0%*!4%!(0.)-(!1(-%&(:! HVWULED HQ OD PDQHUD FRPR YHQ OD KLVWRULD R PHMRU HO SUR\HFWR FRPXQLWDULR \ ODV IRUPDV HQ TXH VH SXH9 4%!)'505?(&!%0!3#4%&!2!0(!()'#&54(4!%-!'=&15-#*!(A5#9 OyJLFRV HV GHFLU VL FRQVLGHUDQ SRVLWLYR OR TXH WLHQH SHUPDQHQFLD R OR TXH FDPELD HQ FRUUHVSRQGHQFLD FRQ ODV GLQiPLFDV LQWUDFRPXQLWDULDV \ DTXHOODV TXH JHQH9 UDGDV GHVGH IXHUD LQWHUDFW~DQ FRQ ODV SURSLDV 1RUEHUWR %REELR HQ FXDQWR DO WHPD GH OD OHJLWLPLGDG OOHJy D HVWDEOHFHU TXH VXV VRSRUWHV VyOR SRGUtDQ VHU OD YROXQWDG OD QDWXUDOH]D \ OD KLVWRULD \ TXH SDUD VHQGRV SULQFLSLRV SRGUtDQ HQFRQWUDVH GRV SRVWXUDV FRQWUDULDV 6LQ GLVFXWLU ODV FXHVWLRQHV GH OD YROXQWDG \ OD KLVWRULD HVWDPRV IUHQWH D XQ GHVHQFXHQ9 WUR GH SHUVSHFWLYDV HQ WRUQR GH OD QDWXUDOH]D FRPR SULQFLSLR GH OHJLWLPLGDG /DV SRVWXUDV DQWLWpWLFDV HV9 WiQ UHSUHVHQWDGDV SRU XQ ODGR SRU TXLHQHV FRQVLGH9 UDQ D OD QDWXUDOH]D FRPR IXHQWH RULJLQDULD TXH GRWD GH LQWHOLJHQFLD IXHU]D HWFpWHUD D TXLHQHV GHEHQ GH9 '%-'(&!3#4%&!2!+#-*'5')5&*%!+#1#!()'#&54(4%*H!4%!#'&#:! SRU TXLHQHV FRQVLGHUDQ D OD QDWXUDOH]D FRPR RUGHQ UDFLRQDO (O SULPHU FDVR QRV OOHYD D OD LGHD GH TXH KD\ TXLHQHV LQQDWDPHQWH HVWiQ GRWDGRV SDUD PDQGDU \ TXLHQHV QDFHQ SDUD REHGHFHU \ OD YROXQWDG KXPDQD QDGD SXHGH KDFHU DO UHVSHFWR HO VHJXQGR VXJLHUH TXH TXLHQ WLHQH SRGHU \ DXWRULGDG KDFH OR TXH GHEH KDFHU VREUH OD EDVH GH XQD VHULH GH QRUPDV TXH EURWDQ GH OD UD]yQ KXPDQD (O SUREOHPD TXH VXUJH FRQ %REELR (*7!+#1#!+#-!0(!1(2#&!3(&'%!4%!0#*!3#05'80#.#*!2!0#*! MXULVFRQVXOWRV GHVGH .HOVHQ KDVWD QXHVWURV GtDV HV TXH HO VRSRUWH HPStULFR SDUD VX UHÀH[LyQ HV OD VRFLH9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FE


.-0$)-!//+ ?+#$"+!'9!*(9('#$"$

GDG PRGHUQD \ OD SRVPRGHUQD SDUD DOJXQRV WLUD9 QL]DGD SRU OD ³UD]yQ GH 2FFLGHQWH´ 3RU HOOR FXDQGR -#*! (+%&+(1#*! (! *#+5%4(4%*! 5-47.%-(*! #! &%5-45.%-59 ?(4(*:!3#+(!(2)4(!-#*!3&#3#&+5#-(!*)!45*+)&*#!(-'%! HVWDV UDFLRQDOLGDGHV DOWHUQDV < KDEUtD TXH SUHJXQWDU9 VH HQ FXDOTXLHU FDVR ¢HV TXH ULxHQ DPEDV SRVWXUDV" ¢QR RFXUUH DFDVR TXH ODV FRPXQLGDGHV LQGtJHQDV SUHVHQWHV HQ DUDV GH OOHYDU D FDER VX SURSLR SUR\HFWR UHFXUUHQ D DPEDV SRVLELOLGDGHV VHJ~Q OD YDORUDFLyQ GH ODV SURSLDV FLUFXQVWDQFLDV \ DTXHOODV TXH HVFDSDQ D VX FRQWURO" @-!0#*!%*')45#*!*#$&%!*5*'%1(!4%!+(&.#*:!0#*!3&5-9 FLSLRV TXH OOHYDQ D OD ±\ HO SULQFLSLR GH± OHJLWLPLGDG VRQ XQD SLHGUD GH WRTXH SDUD HO DQiOLVLV DQWURSROyJLFR $ QDGLH HVFDSD HO KHFKR TXH HO SRGHU SRVHtGR SRU XQ FDUJXHUR WLHQH TXH VHU XQ SRGHU MXVWL¿FDGR HV GHFLU UHTXLHUH GH XQ /(.+'0.)9')$'<&,&6#+&:*) OD YROXQWDG /'()0' HV LQVX¿FLHQWH OD XVXUSDFLyQ GH FDUJRV KDVWD 4#-4%! *=:! -#! *%! ,(! 4#+)1%-'(4#:! 3#*5$0%1%-'%! 3#&9 TXH QR VH WLHQH FRQRFLPLHQWR GH FDVR DOJXQR (V FODUR TXH SDUD TXH XQ FDUJXHUR DFFHGD DO HMHUFLFLR GHO R¿9 FLR QR HV QHFHVDULR FXHUSR DOJXQR GH QRUPDWLYLGDGHV SRVLWLYDGDV HQ HO VHQWLGR RFFLGHQWDO GH OD MXULVSUXGHQ9 FLD VLQR TXH ODV QRUPDV VH HQFXHQWUDQ HQFDSVXODGDV %-!&#0%*:!0,#,"0)\ R¿FLRV HQ OD WUDGLFLyQ \ FODUR HQ FLHUWRV SURFHVRV GH tQGROH VXEMHWLYD TXH LPSXOVDQ DO LQGLYLGXR D RSWDU FXDQGR HV pO HO TXH RSWD YROXQWDG QR FRHUFLRQDGD ! 3#&! )-! +(&.#H! 0#*! +&5'%&5#*! 0%.5'59 1(-'%*! -#! 3)%4%-! (3(&'(&*%! 4%! 1(-%&(! ($*#0)'(! 4%! HOORV 7DPELpQ HO SURFHVR GH VHOHFFLyQ GH FDUJXHURV HVWi VRPHWLGR D FLHUWRV UHTXHULPLHQWRV QRUPDV GH UL9 '#*! 2! (&,"#$'0) #! 17-51(1%-'%! (! +5%&'(*! 6#&1(054(4%*! VDWXUDGDV GH VLJQL¿FDFLyQ GH VtPERORV TXH UHEDVDQ ±\ WUDVFLHQGHQ± DO LQGLYLGXR SRU HOOR DXQTXH OD FD9 SDFLGDG \ R QHFHVLGDG LQQRYDGRUD GHO FDUJXHUR VHD SUROt¿FD PXFKR GH OR TXH KDJD R GHMH GH KDFHU SDUH9 FHUi FRPR WUDGLFLRQDO QR PRGL¿FDGR IDWDOPHQWH GH9 WHUPLQDGR SRU OD FRVWXPEUH ³(O &RVWXPEUH´ &LHUWR ODV PRGL¿FDFLRQHV WDPELpQ VRQ VRPHWLGDV D SURFHVRV GH MXVWL¿FDFLyQ SHUR HQ HVWRV FDVRV OR TXH VH MXVWL¿FD OHJLWLPD QR HV WRGR OR TXH FRQ HO SRGHU VH KDFH VLQR DTXHOORV DFWRV TXH SXGLHUDQ GHVSHUWDU VRVSHFKDV \ TXH VH VLHQWHQ FRPR GLVWDQWHV GH OD QRUPD R TXH URPSH FRQ HOOD HQ FXDOTXLHU FDVR OD MXVWL¿FDFLyQ FRUUHVSRQGH DO JUXSR \ QR DO FDUJXHUR (VWR VLJQL¿FD TXH DO FRQWUDULR GH OR TXH DSXQWy /XKPDQQ TXH ³OD OHJLWLPLGDG QR HV HO HIHFWR D UHIHUHQFLD GH YDORUHV´ Vt VH UHTXLHUH FRPR /D DFODUDFLyQ HV SHUWLQHQWH SRUTXH ORV HVWXGLRV HWQRJUi¿FRV VREUH VLVWH9 PDV GH FDUJRV \ PD\RUGRPtDV KDQ HYLGHQFLDGR TXH HO PHFDQLVPR GH DF9 FHVR D ORV R¿FLRV VH UHDOL]D PHGLDQWH WUHV IRUPDV EiVLFDV OD DXWRSURSXHVWD YROXQWDG QR FRHUFLRQDGD OD LQYLWDFLyQ SRU WHUFHURV TXH LPSOLFD FLHUWR JUDGR GH FRHUFLyQ \ OD SUHVLyQ GH WHUFHURV YROXQWDG FRHUFLRQDGD

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FG

DSXQWD %REELR GH XQ SURFHVR MXVWLSUHFLD9 GRU \ D[LRORJL]DGRU TXH UHFODPD FLHUWRV YDORUHV FLHU9 WDV QRUPDWLYLGDGHV FRPSDUWLGDV TXH WLHQGHQ D JDUDQWL9 ]DU HO ELHQHVWDU HO RUGHQ HWFpWHUD TXH QR HV HO SURFHVR UHDOL]DGR SRU HO FDUJXHUR VLQR SRU TXLHQHV OH URGHDQ \ TXLHQHV VRQ HQ ~OWLPD LQVWDQFLD ORV TXH OHJLWLPDQ VX HOHFFLyQ \ DFWXDFLyQ D OD YH] TXH VRQ LQHOXFWDEOHV SRUWDGRUHV \ JDUDQWHV GH YDORUHV 6DEHPRV TXH HQ XQ VLVWHPD VRFLDO ORV VLVWHPDV VXEVLVWHPDV GH SRGHU VRQ FRPSOHMRV SHUR RFX9 UUH TXH VX FRPSOHMLGDG UHTXLHUH GH XQ FLHUWR RUGH9 QDPLHQWR TXH VH GHVSOLHJD HQ HO SODQR VLPEyOLFR \ VH EDVD HQ GRV SLODUHV OD FRQ¿DQ]D HQ WpUPLQRV GH LGHQWL¿FDFLyQ \ OD FRDFFLyQ \ R OD YLROHQFLD (Q %6%+'#:!+)(-4#!%-!)-!*5*'%1(!*#+5(0!*%!35%&4%!0(!+#-9 ¿DQ]D FXDQGR ORV LQGLYLGXRV QR VH LGHQWL¿FDQ FRQ FLHUWDV QRUPDV EDVH GH OD OHJLWLPLGDG TXH OH SHUPLWH (0! *5*'%1(! *)$*5*'5&! *5-! .&(-4%*! +#-'&('5%13#*:! 5-9 YDULDEOHPHQWH HO JUXSR SRQH HQ PRYLPLHQWR DFWL9 YD IXHU]DV LQQRYDGRUDV \ FLHUWD FRDFFLyQ TXH SXHGH OOHJDU D OD YLROHQFLD SDUD VHJXLU H[LVWLHQGR (Q ORV HVWXGLRV GH FDUJRV YHPRV DSDUHFHU ODV GRV GLPHQVLR9 QHV 3RU HMHPSOR )RVWHU HQIDWL]DQGR OD IDFHWD FRDFWLYD GHO VLVWHPD GH FDUJRV D GHVSHFKR GH XQ DUVHQDO GH OLWHUDWXUD HWQRJUi¿FD TXH HQIDWL]D OD FRQ¿DQ]D OD LGHQWL¿FDFLyQ OD YROXQWDG (V LPSRU9 WDQWH QR SHUGHU GH YLVWD HVWD SRVWXUD WRGD YH] TXH HO FRQMXQWR GH ULWXDOHV HQOD]DGRV HQWUH Vt TXH SHUPLWHQ 4(&!+#,%&%-+5(!2!*%-'54#!(0!*5*'%1(!4%!+(&.#*!2!(!0#*! JRELHUQRV ORFDOHV HVWi VDWXUDGR GH VtPERORV TXH FUHDQ \ UHFUHDQ QRUPDV FRQ ODV FXDOHV VH LGHQWL¿FDQ ORV VXMHWRV \ ±DXQTXH GH QLQJXQD PDQHUD H[FOXVLYD9 PHQWH D WUDYpV GH HOORV GDQ VHQWLGR D VX H[LVWHQFLD WDQWR LQGLYLGXDO FRPR FROHFWLYD LQGHSHQGLHQWHPHQWH GH TXH OD OHFWXUD GHO VLVWHPD QRUPDWLYR VH UHDOLFH GH PDQHUD UDFLRQDO QRUPDWLYD SRU HMHPSOR R HPRWLYD ¢3RU TXp VH FRQItD HQ ODV QRUPDV TXH DFW~DQ HQ HO 3&#+%*#!4%!&%3&#4)++58-!2!%-!0(!3&#4)++58-!4%0!*5*9 WHPD GH FDUJRV" +DFH XQDV OtQHDV DSXQWDPRV KDFLD %0! /('0,&<&.) QHFHVLGDG VHG DPELFLyQ GH SUHVWLJLR VHJ~Q DOJXQRV DQWURSyORJRV WDPELpQ VH DGXFH OD E~VTXHGD ±\ R OD FRQVROLGDFLyQ± GH XQ 0,#,"0)+#1#! HOHPHQWR TXH H[SOLFD SRU TXp ORV LQGLYLGXRV VH DYHQ9 WXUDQ HQ HO FXPSOLPLHQWR GH XQ FDUJR $TXt QR SUH9 '%-4%1#*!%15'5&!9&+,"6)DO UHVSHFWR \D TXH HVR TXHGD D ODV SRVLELOLGDGHV TXH SHUPLWD HO IXWXUR DQiOLVLV GH OD %'-#.&(67(!*#$&%!%0!'%1(H!*5130%1%-'%!-#*!(3&#A51(9 PRV D pO 5HG¿HOG DVHQWy TXH OD VRFLHGDG SDUD VX IXQFLRQDPLHQWR UHTXHUtD GH XQD GLYLVLyQ GHO '&($(<#!2!4%!)-(!#&.(-5?(+58-!*#+5(0!3(&(!0(!3&#4)+9 +58-!2!%0!+#-*)1#H!4%!(+)%&4#*!*#$&%!0(!+#-4)+'(!'&(9


(#'*!&("B'#!8'8+89(7$8'&(';$")!8'='#$'$%9"!*!#!):$'*!#:9+;$

45+5#-(01%-'%!(+%3'(4(!2:!*#$&%!'#4#:!4%!)-!+#-<)-'#! GH GHUHFKRV \ REOLJDFLRQHV FRQYHQFLRQDOHV FRQHFWD9 GRV FRQ ORV LQGLYLGXRV \ ORV JUXSRV TXH FRQIRUPDQ OD VRFLHGDG 0,#,"0 QL PiV QL PHQRV 'H KHFKR SHQVDED TXH OD VRFLHGDG SRGUtD FRQVLGHUDUVH FRPR XQ VLVWHPD 4%!&%0(+5#-%*!4%!0,#,"0 /R PLVPR VH SRGUtD GHFLU GHO *5*'%1(!4%!+(&.#*!+#1#!)-(!%A3&%*58-!#&.(-5?(+5#-(0! GH OR VRFLDO (Q WRUQR DO WpUPLQR H[LVWH SRFD GLVFX9 VLyQ DVt VH OH YLQFXOD FRQ ³XQD SRVLFLyQ GHQWUR GH XQD SDXWD GHWHUPLQDGD´ FRPR SODQWHy /LQWRQ 6LQ HPEDUJR HVWH PLVPR DXWRU DGYLUWLy VREUH OD DPELJ HGDG GHO WpUPLQR \ DVHQWy TXH VL ELHQ HVWD QR9 +58-!-#!%*!($*#0)'(1%-'%!6(0*(:!4%$%&7(!+#-*54%&(&*%! TXH FRPR FDGD LQGLYLGXR WLHQH PXFKRV 0,#,"0 \D TXH +(4(! )-#! 3(&'5+53(! %-! )-! -;1%&#! 5-4%'%&15-(4#! 4%! 3('&#-%*:!%0!0,#,"0 GH FXDOTXLHU LQGLYLGXR ³VLJQL¿FD OD *)1(!'#'(0!4%!0#*!0,#,"0 TXH RFXSD´ @0! '=&15-#! 0,#,"0:! 4%*4%! *)! (3(&5+58-! %-! 0(! <%&.(! DQWURSROyJLFD KD HVWDGR YLQFXODGR FRQ HO GH DXWRUL9 GDG FRPR OR DVHQWy .DUGLQHU \ UH¿HUH D FLHUWD SRVLFLyQ VRFLDO D GHFLU GH 6 ) 1DGHO 6LQ HPEDUJR WRGRV HOORV DUWLFXODQ HO FRQFHS9 WR FRQ GHUHFKRV \ REOLJDFLRQHV GH XQ LQGLYLGXR HQ UHODFLyQ FRQ ORV GHPiV \ FRLQFLGLPRV FRQ 1DGHO FRQIRUPH FRQ XQD HVFDOD GH YDORUHV UHFRQRFLGRV SRU HO JUXSR VRFLDO R OR TXH HQ RWURV WpUPLQRV VHUtDQ ODV SUHVFULSFLRQHV GH ORV PRYLPLHQWRV TXH HO LQGLYLGXR UHDOL]D D OR ODUJR GH VX YLGD \ HQ SDUWLFXODU GH VX FD9 UUHUD GHQWUR GH XQ VLVWHPD PiV HVSHFt¿FDPHQWH HQ DTXHOORV TXH VH UHDOL]DQ SDUD DFFHGHU DO VLVWHPD GH FDUJRV (O FRQFHSWR GH SRVLFLyQ VRFLDO QRV OOHYD D VX ,#180#.#! F&(-.#G:! )-! '=&15-#! 1%-#*! 6#&1(05?(4#! SHUR FX\RV FRQWHQLGRV HVHQFLDOHV QR GL¿HUHQ D GHFLU GH 1DGHO VXVWDQFLDOPHQWH (O UDQJR LPSOLFD XQD MH9 UDUTXtD \ HVWD DFHSFLyQ QR SRGHPRV VRVOD\DUOD WRGD YH] TXH HV XQR GH ORV HOHPHQWRV FDUDFWHUtVWLFRV GHO VLVWHPD GH FDUJRV QR HV H[WUDxR SXHV TXH DO UHIHULU9 VH D HVD LQVWLWXFLyQ - &KDQFH \ : 7D\ORU OD OODPDVHQ MHUDUTXtD FtYLFR UHOLJLRVD R TXH % 5 'H :DOW KD\D FRORFDGR HVD FDWHJRUtD HQ HO FHQWUR GHO VLVWHPD SRU FLWDU GRV FDVRV ¢3RU TXp GHVWDFDU HO FDUiFWHU MHUiUTXLFR GHO VLVWHPD GH FDUJRV" &RQ IUH9 +)%-+5(!00%.(!(!+#-6)-45&*%!(0!*5*'%1(!4%!+(&.#*!+#-! FXDOTXLHU IRUPD GH RUJDQL]DFLyQ FRPXQLWDULD SDUD HO FHUHPRQLDO TXH SXHGH HVWDU EDVDGD HQ XQD PD\RUGR9 17(!+#-!)-!*#0#!%0%1%-'#!3('&#+5-(4#&:!+#1#!%0!+(*#! GHO 1LxRSD GH ;RFKLPLOFR HQ FRIUDGtDV HQ RUJDQL]D9 +5#-%*!%+0%*5(0%*!4%!$(*%:!%-!#&.(-5?(+5#-%*!%+0%*5>*9 '5+(*!#!%-!+5%&'#!'53#!4%!#&.(-5?(+5#-%*!+%&%1#-5(0%*! TXH HVWXGLy : 5 6PLWK HQ *XDWHPDOD TXH SRU VX HVWUXFWXUD \ IXQFLRQDPLHQWR QR FRQVWLWX9

+'!',&-.$./$0&-%)$

\HQ YHUGDGHURV VLVWHPDV GH FDUJRV $O KDEODU GH VLVWHPD GH FDUJRV QRV UHIHULPRV D UHODFLRQHV SRVLFLRQDOHV HQWUH ORV VXMHWRV TXH GHVHP9 SHxDQ R¿FLRV FLYLOHV UHOLJLRVRV R FtYLFR UHOLJLRVRV HVFDODIRQDULRV R QR HQ EHQH¿FLR GH XQD FROHFWLYLGDG &DGD SDVR VHJ~Q OD HVFDOD SRVLFLRQDO UHTXLHUH GHO FXPSOLPLHQWR GH XQD VHULH GH QRUPDV UHFRQRFLGDV DFHSWDGDV FROHFWLYDPHQWH IRUPDOLGDGHV \ ULWXDOHV TXH OR KDFHQ SRVLEOH &XDQGR WRGR HOOR VH FXPSOH \ %*!0%.5'51(4#!3#&!0(!+#1)-54(4:!%*'(!&%+#13%-*(!(0! +(&.)%&#!+#-!)-(!4#*5*!4%!/('0,&<&.))!#'&(!6#&1(!4%! UHFRQRFLPLHQWR (O SUHVWLJLR HQ HVWH FDVR UH¿HUH D XQD FLHUWD SUHHPLQHQFLD DGTXLULGD D XQD GRVLV GH SR9 4%&!456%&%-+5(0!*#$&%!0(*!(++5#-%*!4%!#'&#*!1%&+%4!(! TXH pVWRV DVt OR GHFLGHQ SRU PRWLYRV GH OR PiV YDULR9 SLQWR (Q HO DFFLRQDU GHO VLVWHPD GH FDUJRV DVt FRPR 4%0!.#$5%&-#!0#+(0!2!4%!0(!#&.(-5?(+58-!+#1)-5'(&5(! 3(&(!%0!+%&%1#-5(0:!%0!3&%*'5.5#!-#!%*!+#1#!0#!00(18! 1DGHO ³XQD FXDVL SRVLFLyQ VRFLDO PHQRV IRUPDOL]DGD > @ PHQRV 9')G"('GH!%*:!'(1$5=-:!%-!+5%&9 WR VHQWLGR \ SRU HO FRQWUDULR XQD UHVXOWDQWH \ HYHQ9 WXDOPHQWH XQ LQVWUXPHQWR SDUD OD DFFLyQ (V FRP~Q TXH SDUD H[SOLFDU HO IXQFLRQDPLHQWR GHO *5*'%1(!4%!+(&.#*!*%!&%+)&&(!(!0(!*'+'0&9#9)9')/('0@ ,&<&. FRPR VL VH WUDWDVH GH XQ LPSXOVR LQQDWR TXH HPSXMDUD D ORV LQGLYLGXRV D DYHQWXUDUVH HQ HO FXP9 SOLPLHQWR GH XQ R¿FLR (VWD D¿UPDFLyQ VHUtD FLHUWD VL VH ORJUDUD GHPRVWUDU TXH OR TXH VH EXVFD DO LQJUHVDU HQ HO VLVWHPD HV HO SUHVWLJLR 3HUR SXHGHQ H[LVWLU RWUDV UD]RQHV TXH OOHYHQ DO LQGLYLGXR DO DFDWDPLHQWR GH ODV FRPSOHMDV QRUPDWLYLGDGHV D TXH OD LQVWLWXFLyQ REOLJD 3(.#*!4%!1(-4(:!3&%*5#-%*!6(1505(&%*!#!%A'&(6(1505(9 UHV RUJXOOR KRQRU \ R QHFHVLGDG GH WUDVFHQGHQFLD 3RU VXSXHVWR QR QHJDPRV TXH EDMR GHWHUPLQDGDV FLU9 +)-*'(-+5(*!%0!0,#,"0)\ HO SUHVWLJLR VRQ DJHQWHV PRWLYD9 4#&%*!3%&#:!T+81#!%A305+(&!0#*!+(*#*!%-!0#*!+)(0%*!)-! FDUJXHUR GHFODUD TXH VROLFLWy HO FDUJR SRUTXH HO VDQWR EDMR VX FXVWRGLD VH OH DSDUHFLy HQ VXHxRV R HQ FLHUWR OXJDU" ¢TXLpQ QRV DXWRUL]D D SHQVDU TXH WDO H[SOLFD9 +58-! +#-*'5')2%! %0! %-1(*+(&(15%-'#! 4%! *)! -%+%*54(4! 4%!3&%*'5.5#!#!4%!1%<#&(15%-'#!4%!*)!0,#,"0" (Q RWURV FDVRV ¢FyPR LQWHUSUHWDU DTXHOOR TXH ORV SXUpSHFKDV OODPDQ ³JXVWR´ \ TXH H[SOLFD SRU TXp DOJXQRV LQGLYL9 GXRV VROLFLWDQ FDUJRV SHVH D VX RQHURVLGDG" $O UHVSHF9 '#!1%!3%&15'#!5-*5*'5&!%-!0(!-%+%*54(4!4%!5-+#&3#&(&:! %-! %0! 3&#+%*#! 4%! 5-4(.(+58-! 2! 4%! 5-'%&3&%'(+58-:! 0(*! HWQRFDWHJRUtDV TXH ODV SURSLDV FRPXQLGDGHV FRORFDQ D QXHVWUR DOFDQFH PLVPDV TXH HVFDVDPHQWH VRQ WRPD9 4(*!%-!+#-*54%&(+58-H!+)(-4#!*%!5-+)&&%!%-!0(!#15*58-! HO UHVXOWDGR HV TXH HQ ODV LQGDJDFLRQHV HQ WRUQR GH OD SROtWLFD TXH SUDFWLFDQ ±\ OD IRUPD HQ TXH OD SUDFWLFDQ± #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FH


.-0$)-!//+ ?+#$"+!'9!*(9('#$"$

0(*! +#1)-54(4%*! 5-47.%-(*! 2! #'&#*! .&)3#*! 15-#&5'(9 ULRV IDOODPRV HQ OD LQWHUSUHWDFLyQ WRGD YH] TXH SUHWHQ9 4%1#*!('&(3(&!+#-!-)%*'&(*!+('%.#&7(*!2!+#-+%3'#*!)-(! UHDOLGDG SDUD OD FXDO QR IXHURQ GLVHxDGDV @0!'%1(!4%0!3&%*'5.5#!,(!*54#!+#0#+(4#!%-!%0!+#&(9 ]yQ GH ORV HVWXGLRV VREUH VLVWHPD GH FDUJRV ,QFOX9 VR DOJXQRV LQYHVWLJDGRUHV OR FRQVLGHUDQ XQR GH ORV SULQFLSDOHV DJHQWHV PRWLYDGRUHV TXH LPSXOVDQ D OD 3(&'5+53(+58-!%-!%0!*5*'%1(!4%!+(&.#*!2:!3#&!%-4%:!%*9 WLPXODQ VX UHSURGXFFLyQ &LWR GRV FOiVLFRV SDUD HMHP9 SOL¿FDU )RVWHU \ VV DSR\DGR HQ VX WHVLV GH ORV ELHQHV OLPLWDGRV SURSXVR TXH HQ FRPXQLGDGHV 4%!&%+)&*#*!%*+(*#*!2!+#-!*5*'%1(*!+%&&(4#*:!0#!$)%9 -#!-#!3)%4%!()1%-'(&*%:!3#&!0#!'(-'#:!*%!&%+)&&%!(!0(! GLYLVLyQ \ DO UHSDUWR 'H HVWR VH GHVSUHQGH XQD HVSH9 +5%!4%!(A5#1(C!%0!5-+&%1%-'#!4%!0(!'5%&&(:!%0!3#4%&:!%0! UHVSHWR \ WRGR OR TXH FRQVWLWX\H VX XQLYHUVR QDWXUDO %+#-815+#! 2! *#+5(0:! *%! ,(&>! *5%13&%! (! +#*'(! 4%! 0#*! GHPiV (O VLVWHPD GH FDUJRV VHJ~Q HVWD LGHD FXPSOH FRQ XQD IXQFLyQ SULPRUGLDO SXHVWR TXH OR EXHQR HV 0515'(4#:!0(!+#1)-54(4!%A(0'(!0(!51(.%-!4%0!,#1$&%! 3#$&%!2!=*'(!%-+)%-'&(:!%-!%0!(++5#-(&!4%0!*5*'%1(:!0(! PDQHUD GH HYLWDU ODV DFXPXODFLRQHV \ PDQWHQHU HO 0,#@ ,")%".)3&#3#&+5#-(-4#!(!0#*!+(&.)%&#*:!1%45(-'%!%*(! LQVWLWXFLyQ HO ~QLFR ELHQ QR HVFDWLPDEOH HO SUHVWLJLR &DQFLDQ SRU HO FRQWUDULR FRQWHPSOD DO VLVWHPD GH FDUJRV \ DO SUHVWLJLR GHVGH XQD SHUVSHFWLYD GLIHUHQWH 6RVWLHQH TXH HO SUHVWLJLR HV ³OD GHIHUHQFLD \ UHVSHWR TXH XQ KRPEUH UHFLELUi SRU VHUYLU HQ VX FDUJR OD YDULDEOH VHJ~Q OD FXDO SXHGH FRPSDUDUVH pO PLV9 PR FRQ ORV RWURV TXH WDPELpQ KDQ RFXSDGR FDUJRV´ VRVWLHQH TXH HO DFFHVR D ORV FDUJRV GHSHQGH GH OD GLV9 SRQLELOLGDG GH UHFXUVRV HFRQyPLFRV \ TXH VyOR ODV SHUVRQDV PX\ VROYHQWHV SXHGHQ DFFHGHU D ORV FDUJRV PiV DOWRV GH OD MHUDUTXtD HO HMHUFLFLR GH XQ FDUJR \ HO UDQJR VRFLDO R OD FDQWLGDG GH SUHVWLJLR DGTXLULGR SRU HO FXPSOLPLHQWR GHO R¿FLR GHYLHQHQ OHJLWLPDGRUHV GH ODV GLIHUHQFLDV VRFLRHFRQyPLFDV (V SRVLEOH QR HVWDU GH DFXHUGR FRQ HVWDV WHVLV ±GH KHFKR \R PH RSRQJR± SHUR HVR QR UHVWD DWUDFFLyQ H LQWHUpV D VXV DUJXPHQWRV 3DUD DOJXQRV LQYHVWLJDGRUHV HO SUHVWLJLR HV OD FD9 '%.#&7(!+%-'&(0!%-!0#*!%*')45#*!4%!*#+5%4(4%*!+#-!%*9 +(*(!456%&%-+5(+58-!*#+5#%+#-815+(!5-'%&-(H!4%!(007!0(! SROpPLFD HQ TXH VH HQFXHQWUD HQYXHOWR ¢(V HO SUHV9 '5.5#! )-! 1%+(-5*1#! 1%45(-'%! %0! +)(0! *%! 3#*5$505'(! 0(! ,#1#.%-5?(+58-! #! 1%45(-'%! %0! +)(0! *%! 0%.5'51(-! GLIHUHQFLDV" ¢QR HV HO SUHVWLJLR XQ HSLIHQyPHQR GHO PRYLPLHQWR GHO VLVWHPD GH FDUJRV" 6L HV DVt TXp WDQ LPSRUWDQWH HV UHVROYHU HVDV SUHJXQWDV VL SRGHPRV DO PLVPR WLHPSR SUHJXQWDUQRV ¢TXp SDSHO MXHJDQ ORV SUR\HFWRV FRPXQLWDULRV HQ HO VLVWHPD GH FDUJRV" ¢QR #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FD

RFXUUH WDPELpQ TXH FRPR SODQWHD + 3HDUVRQ HO SUHVWLJLR SXHGH LPSOLFDU OD DFXPXODFLyQ GH ULTXH]D VLPEyOLFD SHUR TXH WDPELpQ IXQFLRQD FRPR PRYLOL]DGRU GH UHFXUVRV PDWHULDOHV TXH VH SRQHQ D GLVSRVLFLyQ GH OD FRPXQLGDG" ¢QR RFXUUH WDPELpQ TXH ODV UHODFLRQHV GH GHXGD FRQ ODV GHLGDGHV DSDUHFHQ FRPR XQD FRQVWDQWH HQ ODV HWQRJUDItDV" ¢QR WHQHPRV HYLGHQFLD TXH HO DJUDGHFLPLHQWR \ OD VDWLVIDFFLyQ SHU9 *#-(0!'(1$5=-!%*'>-!%-!%0!*%451%-'#!4%!0(*!4%+5*5#-%*! GH ORV VXMHWRV SDUD DFFHGHU D ORV FDUJRV" ¢OD SDODEUD HPSHxDGD \ HO KRQRU SRU HO FXPSOLPLHQWR GH XQ FDU9 JR FDUHFHQ GH YDORU DOJXQR" 3RU RWUR ODGR HQ HVWRV \ RWURV FDVRV ³DWtSLFRV´ QR SRGHPRV DGXFLU TXH VHDQ ODV FLWDGDV QHFHVLGDGHV ODV TXH JDUDQWL]DQ HO DFDWDPLHQWR D OD QRUPD 3RGHPRV DGHODQWDU TXH HO DFDWDPLHQWR WLH9 QH TXH YHU FRQ XQ SURFHVR GH LGHQWL¿FDFLyQ GHO VXMHWR FRQ HOOD 'H OR FRQWUDULR OD RPLVLyQ R OD UHVLVWHQFLD D )0'&(-?(!*%&7(-!(0.)-(*!4%!0(*!&%*3)%*'(*!+#1#!*)+%4%! HQ DOJXQRV FDVRV 3HUR WDPELpQ RFXUUH OR FRQWUDULR \ ORV FDUJRV VH VROLFLWDQ R VH DFHSWDQ VHJ~Q VHD HO FDVR 5HFXSHUR FRQ $ &RKHQ OD QHFHVLGDG GH SHQH9 WUDU HQ ORV SURFHVRV VLPEyOLFRV (VWR VLJQL¿FD HQ FLHUWD IRUPD FRQYRFDU D GRV WUDGLFLRQHV DQWURSROy9 JLFDV OD VRFLDO \ OD FXOWXUDO (V GH YLWDO LPSRUWDQFLD (4%-'&(&*%!%-!0(!%*'&)+')&(!2!0(!#&.(-5?(+58-!*#+5(0:! +#1#!'(1$5=-!0#!%*!3%-%'&(&!%-!0(*!+)%*'5#-%*!4%!0(*! QRUPDV XQ SRFR D OD PDQHUD GH )LUWK D TXLHQ OH SUHRFXSDEDQ ODV UHODFLRQHV GH OD YLGD HQ FR9 PXQLGDG OD RUJDQL]DFLyQ GH ORV LQWHUHVHV LQGLYLGXD9 OHV DVt FRPR OD UHJXODFLyQ GH OD FRQGXFWD $O PLV9 1#! '5%13#:! '(1$5=-! +#$&(-! 3(&'5+)0(&! 513#&'(-+5(! 0#*!,%+,#*!4%!*51$#05?(+58-:!3(&(!0#!+)(0!1%!3(&%+%! FHQWUDO XQD DGYHUWHQFLD GH 0HUOHDX 3RQW\ GHVGH OD IHQRPHQRORJtD (O PXQGR HVWi DKt SUHYLDPHQWH D FXDOTXLHU DQiOLVLV TXH \R SXHGD KDFHU GHO PLVPR VHUtD DUWL¿FLDO GHULYDU GH XQD VHULH GH VtQWHVLV TXH HQWUHOD]DUtDQ ODV VHQVDFLRQHV \ OXHJR ORV DVSHF9 WRV SHUVSHFWLYRV GHO REMHWR FXDQGR XQDV \ RWURV VRQ SUHFLVD9 1%-'%!3&#4)+'#*!4%0!(->05*5*!2!-#!4%$%-!&%(05?(&*%!(-'%*!4%! pVWH >SRUTXH@ OD UHDOLGDG HV XQ WHMLGR VyOLGR QR DJXDUGD QXHV9 '&#*!<)5+5#*!3(&(!(-%A(&*%!0#*!6%-81%-#*!1>*!*#&3&%-4%-'%*! QL SDUD UHFKD]DU QXHVWUDV LPDJLQDFLRQHV PiV LQYHURVtPLOHV

3RU HQGH GLFH HO DXWRU VLJXLHQGR D +XVVHUO XQD SULPHUD DGYHUWHQFLD HV TXH HQ HO WUDEDMR GH LQGDJD9 +58-!%*!513&%*+5-45$0%!4%*+&5$5&:!-#!%A305+(&!-5!(-(9 OL]DU (Q HVWR VH HPSHxD HQ EXHQD PHGLGD WRGR HO WUDEDMR HWQRJUi¿FR SDUD WUDWDU GH GDU FXHQWD GH HVH F%*'(&! %0! ,#1$&%! %-! %0! 1)-4#G! #! F*%&94%091)-4#G:! HQ WpUPLQRV KXVVHUOLDQRV (Q HVWD DYHQWXUD PH SDUHFH TXH VLHPSUH GHEHUtD


(#'*!&("B'#!8'8+89(7$8'&(';$")!8'='#$'$%9"!*!#!):$'*!#:9+;$

DFRPSDxDUQRV XQD LGHD PiV OD UDt] ~OWLPD GH OD FRQ9 FHSFLyQ GHO PXQGR HV OD YLGD XQD YLGD TXH DXQTXH *%!-#*!,(+%!3&%*%-'%!%-!6#&1(*!5--)1%&($0%*:!3#*%%:! HPSHUR UDVJRV FRPXQHV /D YLGD DXQTXH SDUHFH VHU UHYLYLGD GH PDQHUD SHUVRQDO H[SHULHQFLD SRU FDGD LQGLYLGXR HQ XQ HVSDFLR \ XQ WLHPSR GHWHUPLQDGRV OR FXDO OD VXVWUDH D OD REVHUYDFLyQ HV UHWHQLGD HQ HO UHFXHUGR HQ OD PHPRULD FRPR H[SHULHQFLD FROHF9 WLYD FRPR FRQVWUXFWR VRFLRFXOWXUDO \ PHGLDQWH HOOD SXHGH VHU FRPSUHQGLGD H LQWHUSUHWDGD 'LOWKH\ /D YLGD QR HV WDQ VyOR SHUFHSFLyQ LQGLYLGXD9 OL]DGD GH OD YLGD VLQR OD FRQVWUXFFLyQ VRFLRFXOWXUDO TXH GH OD PLVPD VH KDFH (Q ORV HVWXGLRV VREUH ORV VLVWHPDV GH FDUJRV H LQHYLWDEOHPHQWH GHO SRGHU \ OD DXWRULGDG HV IiFLOPHQWH SHUFHSWLEOH TXH XQRV \ RWURV 4%$%-!*%&!+#-'%130(4#*!+#1#!%A3%&5%-+5(*!3%&*#-(9 OHV \ GH RUGHQ FRPXQLWDULR /D LQGDJDFLyQ GH TXLHQ SLHUGH FRQWDFWR FRQ ORV KRPEUHV UHDOHV \ GLYHUVRV \ QR HVFXGULxD WDPELpQ ORV UHFXHUGRV ORV VHQWLPLHQWRV 0(*!1%1#&5(*:!0(*!)'#37(*:!0(*!3&>+'5+(*!+#'545(-(*:!-#! SDVD GH VHU XQ HMHUFLFLR HVSHFXODWLYR GH XQ HMHUFLFLR UDFLRQDO ¿ORVy¿FR VL VH TXLHUH SHUR TXH QR GD FXHQ9 WD VLQR GH VX SURSLR SURJUDPD UHÀH[LYR FDVL VLHPSUH FRQ OD UDFLRQDOLGDG RFFLGHQWDO TXH HVFDVDPHQWH VH (3&#A51(!(0!+#-#+515%-'#!4%!&(+5#-(054(4%*!(0'%&-(*:! GH VRFLHGDGHV DOWHUQDV GH FXOWXUDV DOWHUQDV (Q HVWH '%-#&! 4%! 54%(*:! 0(! (-'&#3#0#.7(! 3#07'5+(:! (0! 30(-'%(&9 *%!3&%.)-'(*!%-!'#&-#!4%0!3#4%&!2!4%!0(!()'#&54(4!%-! +#1)-54(4%*!5-47.%-(*:!($#&7.%-%*!%!5-+0)*#!+(13%9 *5-(*:!,)$#!4%!5&!(!*)!6&#-'%&(!+#-!0(!+5%-+5(!3#07'5+(:! SHUR VLQ SHUGHU VX ¿VRQRPtD SULYLOHJLDQGR ORV HVWX9 GLRV HQ FRPXQLGDGHV SHTXHxDV \ WHQLHQGR XQD FDWH9 JRUtD PHGXODU OD FXOWXUD E(*! 5-4(.(+5#-%*! &%(05?(4(*! %-! 1('%&5(! 4%! *5*'%9 1(*!4%!+(&.#*!-#*!,(-!1#*'&(4#!6#&1(*!(0'%&-(*!4%! ,(+%&!3#07'5+(!'(-'#!%-!%0!5-'%&5#&!4%!0(*!+#1)-54(4%*! FRPR GHVGH pVWDV KDFLD HO H[WHULRU (Q HIHFWR FXDQGR VH LQGDJDQ ODV PRWLYDFLRQHV TXH LPSXOVDQ D ORV LQGL9 YLGXRV D SDUWLFLSDU GHVHPSHxDQGR R¿FLRV WDQ LPSRU9 '(-'%!*)%0%!*%&!%0!(6>-!4%!3&%*'5.5#!+#1#!%0!,#-#&:!0(! 3&%*58-!*#+5(0:!0(!4%)4(!+#-!0#*!*(-'#*!2!0(!3&%4%'%&9 PLQDFLyQ UHYHODFLyQ GHO VDQWR HQ VXHxRV SRU HMHP9 SOR R OD FRPELQDFLyQ GH HOODV SDUD FXPSOLU FRQ ODV &%*3#-*($5054(4%*!5-,%&%-'%*!(0!+(&.#:!0#!15*1#!&%+)9 UUH D OD FRDFFLyQ VREUH VX IDPLOLD \ DPLJRV TXH D OD YROXQWDG \ DQLPRVLGDG GH ORV PLVPRV DSHODQGR D VXV UHVSHFWLYRV UROHV \ 0,#,"0 (O VLVWHPD DFWLYD WDQWR SUR9 +%*#*! 4%! +#-+%-'&(+58-9&%45*'&5$)+58-! +#1#! 6#&1(*! GLUHFWDV GH UHFLSURFLGDG TXH FRUUHQ SRU ODV YHQDV GHO SDUHQWHVFR \ ODV D¿QLGDGHV OD SROtWLFD PLVPD XWLOL]D VHQGRV FDQDOHV /RV FDUJXHURV FXDQGR GHFLGHQ LQJUH9

+'!',&-.$./$0&-%)$

VDU DO VLVWHPD VDEHQ GH DQWHPDQR TXH GHWHUPLQDGDV +(&(+'%&7*'5+(*!5-,%&%-'%*!(0!&#0!4%!+(&.)%&#!4%$%-!,(9 EHU VLGR DGTXLULGDV HQ OD DVXQFLyQ \ FXPSOLPLHQWR GH *)*!&#0%*!2!0,#,"0)SUHYLRV \ HVWR QHFHVDULDPHQWH EURWD 4%0!(+('(15%-'#!4%!-#&1(*!45+'(4(*!3#&!0(!'&(45+58-:!2! ORV YDORUHV TXH OHV VLUYHQ GH VRSRUWH /RV FDUJXHURV HQ VX YLGD S~EOLFD VDEHQ TXH GH VX FRPSRUWDPLHQWR VRFLDO S~EOLFR \ SULYDGR H LQGLYLGXDO H[LVWHQFLDO GHSHQGHQ GLYHUVRV SUR\HFWRV FRPXQLWDULRV HQWUH ORV TXH JDUDQWL]DU ±PHGLDQWH VX VHUYLFLR D ORV VDQWRV± ORV GRQHV GH YLGD VDOXG ELHQHVWDU WUDEDMR EXHQDV FRVH9 FKDV OOXYLDV RSRUWXQDV \ VX¿FLHQWHV HWFpWHUD QR VRQ GH PHQRU FDODGR /RV FDUJXHURV HQ HVWH VHQWLGR VL ELHQ VDEHQ TXH HO SRGHU VH HMHUFH ³VREUH´ SDUD DO9 FDQ]DU FLHUWRV ¿QHV SHUVRQDOHV \ FROHFWLYRV JHQH9 UDOPHQWH VH PXHYHQ FRQ OD DFHSFLyQ GHO SRGHU ³SDUD´ FRQ OD ¿QDOLGDG GH FXPSOLU FRQ XQD WDUHD GH OD HQYHU9 JDGXUD HQXQFLDGD 3DUD HVR WDPELpQ VH XVD HO SRGHU \ SDUD HVR VH OHV LQYLVWH GH DXWRULGDG HUJR HQ HVWD 6#&1(!(0'%&-(!4%!,(+%&!3#07'5+(:!0(*!(++5#-%*!4%0!+(&9 JXHUR QR VH FRQ¿HUHQ D MXHFHV OH\HV \ WULEXQDOHV GHO (VWDGR WRGD YH] TXH WLHQH VREUH Vt WDO SHVR GH QRUPDV FRPXQLWDULDV GH URO 0,#,"0:! 4%! *(-+58-:! 4%! 513(&'59 FLyQ GH MXVWLFLD TXH QR VH UHTXLHUH GH OD FRDFFLyQ SDUD TXH RUJDQLFH GLULMD R FRRUGLQH WRGR OR QHFHVDULR SDUD ORJUDU HO SUR\HFWR FRPXQLWDULR FXDOTXLHUD TXH VHD HO FRQWHQLGR TXH pVWH SRVHD 5()(5(1&,$6

$GDPV 5 D K*'(<?#)5)'0,("+,"(# 0p[LFR )&( $GDPV 5 E 7#)('9)9')$#)'J/#*0&:*)4"6#*#:! 0p[LFR (GLFLRQHV GH OD &DVD &KDWD %DUQHV % 7#)*#,"(#$'E#)9'$)/.9'( %DUFHOR9 QD 3RPDUHV &RUUHGRU %REELR 1 ³(O SRGHU \ HO GHUHFKR´ HQ 1 %REELR \ 0 %RYHUR 7.0)8"*9#6'*,.0)9'$)/.9'() /.$?,&+.; 0p[LFR *ULMDOER %REELR 1 K0,#9.;)<.1&'(*.)5)0.+&'9#92)H.() "*#),'.(?#)<'*'(#$)9')$#)/.$?,&+# 0p[LFR )&( %REELR 1 \ 0 %RYHUR 7.0)8"*9#6'*,.0)9'$) /.9'()/.$?,&+. 0p[LFR *ULMDOER %RGHQKHLPHU ( b'.(?#)9'$)9'('+4. 0p[LFR )&( %RUGLHX 3 K$)0'*,&9.)/(=+,&+. 0DGULG 7DXUXV &DXOORLV 5 K$)4.61(')5)$.)0#<(#9. 0p[LFR )&( &DQFLDQ ) K+.*.6?#)5)/('0,&<&.)'*)"*#)+.@ 6"*&9#9)6#5# 0p[LFR ,1, &ODHVVHQ + L*,(./.$.<?#)/.$?,&+#2)K0,"9&.0) 9')$#0)+.6"*&9#9'0)/.$?,&+#0 0p[LFR 81$0 &ODUN . K$)/#,',&06.)9'$)/.9'( 0p[LFR )&( &RKHQ $ ³$QWURSRORJtD SROtWLFD (O DQiOLVLV GHO VLPEROLVPR HQ ODV UHODFLRQHV GH SRGHU´ HQ - #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FJ


.-0$)-!//+ ?+#$"+!'9!*(9('#$"$

5 /OREHUD FRPS L*,(./.$.<?#)H.$?,&+# %DUFH9 ORQD $QDJUDPD &RKHQ , b'.(?#)9')$#)'0,("+,"(#+&:*; 0p[LFR 8$0 &KDQFH - \ : 7D\ORU ³&RIUDGtDV \ FDUJRV XQD SHUVSHFWLYD KLVWyULFD GH OD MHUDUTXtD FtYLFR &%05.5#*(! 1%*#(1%&5+(-(G:! L*,(./.$.<?# %ROHWtQ 2¿FLDO GHO ,1$+ Q~P VXSOHPHQWR 'H OD 3HxD * ³(QIRTXHV WHyULFRV \ PHWR9 GROyJLFRV VREUH HVWXGLRV GHO SRGHU´ HQ 0 9LOOD $JXLOHUD HG H.9'()5)9.6&*#+&:*2)H'(0/'+,&-#0) +.*,'6/.(=*'#0 &DUDFDV 856+/$& (O &ROHJLR GH 0p[LFR 'H :DOW % ³&DPELRV HQ ORV VLVWHPDV GH FDUJRV GH 0HVRDPpULFD´ L6O(&+#) &*9?<'*#; YRO ;;;,9 Q~P 'LOWKH\ : b'.(?#)9')$#)+.*+'/+&:*)9'$)6"*@ 9. 0p[LFR )&( )LUWK 5 b&/.0)4"6#*.0 %XHQRV $LUHV (GL9 WRULDO 8QLYHUVLWDULD )RVWHU * bE&*,E"*,E#* 0p[LFR )&( *DUFtD ( >*,(.9"++&:*) #$) '0,"9&.) 9'$) 9'('@ +4.; 0p[LFR 3RUU~D *LGGHQV $ 3'D) P"$'0) .8) S.+&.$.<&+#$) M',4.9X) L) H.0&,&-') !(&,&%"') .8) >*,'(/(',#,&-') S.+&.$.<&'0 /RQGUHV 1XHYD <RUN +XWFKLQVRQ %DVLF %RRNV *LGGHQV $ !'*,(#$) H(.1$'60) &*) S.+&#$) b4'.(5X) L+,&.*;) S,("+,"(') #*9) !.*,(#9&+,&.*) &*) S.+&#$) L*#$50&0 /RQGUHV %HUNHOH\ 0DFPLOODQ 8QLYHUVLW\ RI &DOLIRUQLD 3UHVV *OXFNPDQ 0 &XVWRP DQG &RQÀLFW LQ $IULFD:! 2[IRUG %ODFNZHOO *OXFNPDQ 0 H.$?,&+#;)$'5)5)(&,"#$)'*)$#)0.@ +&'9#9),(&1#$ %DUFHORQD $NDO *OXFNPDQ 0 H.$&,&+0;)7#D)#*9)P&,"#$)&*)b(&@ 1#$)S.+&',5 2[IRUG %ODFNZHOO +DUULV 0 3"'0,(#)'0/'+&' 0DGULG $OLDQ9 ]D (GLWRULDO +REEHV 7 7'-&#,=* WRPR , 0DGULG 6DUSH .DUGLQHU $ K$)&*9&-&9".)5)0")0.+&'9#9 0p9 [LFR )&( .RUVEDHN / >*,(.9"++&:*)#$)0&0,'6#)9')+#(@ <.0 7ROXFD 8$(0

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FK

/HDFK ( S&0,'6#0) /.$?,&+.0) '*) $#)L$,#) Q&(@ 6#*&#2)K0,"9&.)0.1(')$#)'0,("+,"(#)0.+&#$)A#+4&*:! %DUFHORQD $QDJUDPD /LQWRQ 5 K$)'0,"9&.)9'$)4.61(' 0p[LFR )&( /OREHUD - FRPS L*,(./.$.<?#) /.$?,&+#:! %DUFHORQD $QDJUDPD 0DLU / K$)<.1&'(*.)/(&6&,&-. %XHQRV $LUHV $PRUURUWX HGLWRUHV 0DOLQRZVNL % !(&6'*)5)+.0,"61(')'*)$#)0.@ +&'9#9)0#$-#G' %DUFHORQD $ULHO 1DGHO 6 N"*9#6'*,.0)9')#*,(./.$.<?#)S.@ +&#$ 0p[LFR )&( 1LHW]VFKH ) 7#) -.$"*,#9) 9') /.9'(?. 0D9 GULG ('$) 1LHW]VFKH ) M=0)#$$=)9'$)1&'*)5)9'$)6#$ 0p9 [LFR (GLWRUHV 0H[LFDQRV 8QLGRV 3HDUVRQ + b(#9') #*9) M#(A',) &*) ,4') K#($5) K6/&('0 1XHYD <RUN 7KH )UHH 3UHVV 3RXODQW]DV 1 K0,#9.;) /.9'() 5) 0.+&#$&06.;) 0p[LFR 6LJOR ;;, (GLWRUHV 5HFDVHQV / ³)HQRPHQRORJtD GH 5HODFLRQHV ,QWHUKXPDQDV (QVD\R VREUH HO PDQGR´ P'-&0,#) 6'J&+#*#)9')0.+&.$.<?# 0p[LFR YRO ,9 Q~P 5RFNHU 5 V I 3#+&.*#$&06.) 5) +"$,"(# 0p[LFR $OHEULMH 5HFRQVWUXLU 6PLWK 5 (O VLVWHPD GH ¿HVWDV \ HO FDPELR '+.*:6&+.; 0p[LFR )&( 6XiUH] 0 FRRUG F&0,.(&#;)L*,(./.$.<?#)5) /.$?,&+#2)F.6'*#G')#)l*<'$)H#$'(6 YRO , 0p[L9 FR $OLDQ]D (GLWRULDO 0H[LFDQD 6ZDUW] 0 9 7XUQHU \ $ 7XGHQ HGV H.$&@ ,&+#$)L*,4(./.$.<5 &KLFDJR $OGLQH 7DPD\R 5 ³(VWXGLR SUHOLPLQDU´ HQ + J0(%**%-:! L*,(./.$.<?#) /.$?,&+#2) K0,"9&.0) 9') $#0) +.6"*&9#9'0)/.$?,&+#0 0p[LFR 81$0 7XUQHU 9 `(#6#0;)N&'$90)#*9)M',4#/4.(02) S561.$&+) L+,&.*) &*) F"6#*) S.+&',5:! R',(+(9E#-9 GUHV &RUQHOO 8QLYHUVLW\ 3UHVV 9LOOD $JXLOHUD 0 HG H.9'()5)9.6&*#+&:*2) H'(0/'+,&-#0) +.*,'6/.(=*'#0 &DUDFDV 8569 +/$& (O &ROHJLR GH 0p[LFR :HEHU 0 K+.*.6?#)5)0.+&'9#9; 0p[LFR )&(


ideas,

"(4(:2+"'(#'*!&(".'4+(E$:' %8(4$:'18(:2+!%(:D A'5@%<J%K+*E66

@

-! %*'%! %-*(2#! &%'#1#! %0! 3&#$0%1(! 4%0! 3#4%&! 2! HO GHVDItR TXH UHSUHVHQWD SDUD OD DQWURSRORJtD 6RVWHQJR TXH DFWXDOPHQWH H[LVWH XQD DPSOLD 3&#4)++58-!(+%&+(!4%0!3#4%&:!3%&#!%*'(!3&#056%&(+58-!,(! VLGR GpELO SDUD HO FRQRFLPLHQWR (VWD VLWXDFLyQ WLHQH 51305+(+5#-%*!'(-'#!3(&(!0(!'%#&7(!+#1#!3(&(!%0!1='#4#:! HQ FXDQWR D TXH HV SRVLEOH YDORUDU ODV LGHDV GHO SDVDGR FRPR SXQWR GH DSR\R SDUD SODQWHDU QXHYDV FXHVWLRQHV /D PDQLIHVWDFLyQ GH PXFKDV GH¿QLFLRQHV GHO SR9 GHU HV LQFyPRGD SDUD QRVRWURV &LHUWDPHQWH HV XQD GH ODV SDODEUDV PiV FRPSOHMDV \ SROLPyU¿FDV GH QXHVWUR UHSHUWRULR /D OHQJXD URPDQFH JHUPiQLFD \ HVODYD DO PHQRV UH~QHQ PXFKRV VLJQL¿FDGRV DO UHIHULUVH DFHU9 +(!4%0!/."-.&(!#!/.,'(':!6#,+4:!#!6.<"04+4'0,(. (V FRP~Q TXH WDOHV SDODEUDV QRV OOHYHQ D KDEODU DFHU9 FD GHO SRGHU FRPR VL HVWR VLJQL¿FDUD OD PLVPD FRVD SDUD WRGRV $O PLVPR WLHPSR D PHQXGR KDEODPRV GH SRGHU FRPR VL WRGR IHQyPHQR LQYROXFUDGR IXHUD 4%!(0.;-!1#4#:!&%4)+5$0%!(!)-!+%-'&#!+#1;-:!(!)-(! HVHQFLD RFXOWD 9LVWD DVt HVWD VLWXDFLyQ QRV SHUPLWH

(VWH HQVD\R IXH SUHVHQWDGR FRPR &RQIHUHQFLD 0DJLVWUDO HQ OD 5HX9 QLyQ $QXDO GH OD $VRFLDFLyQ $PHULFDQD GH $QWURSRORJtD HQ :DVKLQJWRQ ' & HO GH QRYLHPEUH GH \ SXEOLFDGR FRPR (ULF 5 :ROI ³'LVWLQJXLVKHG /HFWXUH )DFLQJ SRZHU²2OG ,QVLJKWV 1HZ 4XHVWLRQV´ L6'(&+#*)L*,4(./.$.<&0, Y Q~P SS 7UDGXFFLyQ GH -DLPH (QULTXH &DUUHyQ )ORUHV DD )XH 3URIHVRU GLVWLQJXLGR HQ OD 8QLYHUVLGDG GH 0LFKLJDQ

D

+#-<)&(&! 51>.%-%*! 1#-*'&)#*(*! 4%0! 3#4%&:! +#1#! %0! /HYLDWiQ GH +REEHV R HO 0LQRWDXUR GH %HUWUDQG GH -RXYHQHO \ QRV IDFXOWD SDUD KDEODU GH GLIHUHQWHV WLSRV GH SRGHU LPSOLFDGRV HQ GLIHUHQWHV WLSRV GH UHODFLRQHV 6RVWHQJR TXH SRGHPRV SHQVDU HQ FXDWUR PRGRV GH SRGHU 8QR HV HO SRGHU FRPR HO DWULEXWR GH OD SHUVRQD FRPR SRWHQFLD R FDSDFLGDG OD LGHD 1LHW]FKHDQD GH SRGHU .DXIPDQQ (Q HVWH FDVR KDEODPRV GH SRGHU HQ HO VHQWLGR GH ¿MDU OD DWHQFLyQ HQ HO FDUiFWHU 4%!0(!3%&*#-(!4%-'&#!4%0!<)%.#!4%0!3#4%&:!*5-!%1$(&.#! 4%+51#*!3#+#!(+%&+(!4%!0(!6#&1(!2!45&%++58-!4%!%*%! MXHJR (O VHJXQGR WLSR GH SRGHU SXHGH VHU HQWHQGLGR +#1#!0(!,($5054(4!4%!)-!'<.!3(&(!513#-%&*%!*#$&%!)-! #$,'(:!4%-'&#!4%!0(!(++58-!*#+5(0!#!%-!0(*!&%0(+5#-%*!5-9 WHUSHUVRQDOHV (Q HVWH HQIRTXH VH SRQH DWHQFLyQ D ODV *%+)%-+5(*!4%!5-'%&(++58-!2!'&(-*(++58-!%-'&%!0(*!3%&9 *#-(*:!3%&#!*%!4%<(!4%!0(4#!0(!-(')&(0%?(!4%!0(!(&%-(! HQ OD TXH VH GHVDUUROODQ ODV LQWHUDFFLRQHV (QWUDPRV D XQ QLYHO HVSHFLDO FXDQGR QRV HQIRFDPRV HQ XQ WHUFHU PRGR FRQFHELGR FRPR HO SRGHU TXH FRQWUROD ORV DP9 $5%-'%*!4#-4%!0(*!3%&*#-(*!5-'%&(+';(-!+#-!#'&(*!3(&(! PRVWUDU VXV SRWHQFLDOLGDGHV 6H OOHJD D HVWD H[SUHVLyQ GH SRGHU HQ DQWURSRORJtD FXDQGR $GDPV EXVFy GH¿QLU %0!3#4%&:!-#!%-!'=&15-#*!5-'%&3%&*#-(0%*:!*5-#!+#1#! HO FRQWURO TXH XQ DFWRU R XQLGDG RSHUDQWH VX WpUPL9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FF


.-0$)-!//+ ("+;'"<'g!#Z

QR HMHUFH VREUH ORV ÀXMRV GH HQHUJtD TXH FRQVWLWX\HQ SDUWH GHO PHGLR GH RWUR DFWRU $GDPV (VWD GH¿QLFLyQ SRQH DWHQFLyQ D OD LQVWUXPHQWDOLGDG GHO SRGHU \ VLUYH SDUD FRPSUHQGHU FyPR ODV XQLGDGHV #3%&(-'%*!+5&+)-*+&5$%-!0(*!(++5#-%*!4%!#'&#*!4%-'&#! GH GHWHUPLQDGRV DPELHQWHV /ODPR D HVWH WHUFHU WLSR SRGHU WiFWLFR R SRGHU RUJDQL]DFLRQDO 3HUR KD\ XQ FXDUWR PRGR GHO SRGHU TXH QR VR9 ODPHQWH RSHUD HQ ORV HVFHQDULRV R FDPSRV VLQR TXH DGHPiV RUJDQL]D D ORV PLVPRV \ HVSHFL¿FD OD GLVWUL9 EXFLyQ \ GLUHFFLyQ GH ORV ÀXMRV GH HQHUJtD 3LHQVR TXH HVWH WLSR GH SRGHU HV DTXHO TXH 0DU[ HVER]y DO ,($0(&! 4%0! 3#4%&! 4%0! +(35'(0! 3(&(! +#-'&#0(&! 2! 45*'&59 $)5&!0(!6)%&?(!4%!'&($(<#H!%*'%!%*!)-!(-'%+%4%-'%!4%!0(! QRFLyQ GH SRGHU GH 0LFKHO )RXFDXOW TXLHQ OR DVXPH +#1#!0(!,($5054(4!F3(&(!%*'&)+')&(&!%0!3#*5$0%!+(13#! GH DFFLyQ GH RWURV´ )RXFDXOW )RXFDXOW OH OODPy ³SDUD JREHUQDU´ FXDQGR HQ HO VLJOR ;9, XQ *%-'54#! 4%! .#$5%&-#! %&(! )-! %<%&+5+5#! 4%! F(++58-! *#9 EUH OD DFFLyQ´ )RXFDXOW VH LQWHUHVy *#$&%! '#4#! %-! %0! 3#4%&! 3(&(! .#$%&-(&! 0(! +#-+5%-+5(:! SHUR \R EXVFR XVDUOR FRPR SRGHU TXH HVWUXFWXUD OD HFRQRPtD SROtWLFD 5HIHULUp D HVWH WLSR GH SRGHU FRPR SRGHU HVWUXFWXUDO (VWH WpUPLQR UHSODQWHD OD YLHMD QR9 +58-!4%!F&%0(+5#-%*!*#+5(0%*!4%!3&#4)++58-G!%!5-'%-'(! %-6('5?(&!%0!3#4%&!3(&(!4%*30%.(&!2!45*'&5$)5&!0(!6)%&?(! ODERUDO (PSHUR HVWDV UHODFLRQHV QR GHEHQ VHU HQWHQ9 GLGDV HQ WpUPLQRV GH LQWHUDFFLyQ (O SRGHU HVWUXFWXUDO 1#04%(!%0!+(13#!*#+5(0!4%!(++58-:!'(-'#!+#1#!4%'%&9 15-(!(0.)-#*!'53#*!4%!+#-4)+'(!,(+5=-4#0(*!3#*5$0%*! R LPSRVLEOHV &RPR DUJXPHQWDED HO YLHMR *HRUJ )ULHGULFK +HJHO OR TXH RFXUUH HQ UHDOLGDG SULPHUR KD VLGR SRVLEOH LPDJLQDGR /R TXH ODV UHODFLRQHV GH SURGXFFLyQ FDSLWDOLVWD OR9 .&(-:! 3#&! %<%130#:! %*! ,(+%&! 3#*5$0%! 0(! (+)1)0(+58-! GH FDSLWDO JUDFLDV D OD YHQWD GH IXHU]D GH WUDEDMR HQ XQ JUDQ Q~PHUR GH UHJLRQHV GHO PXQGR &RPR DQWUR9 SyORJRV SRGHPRV VHJXLU ORV ÀXMRV GH FDSLWDO \ WUDED9 MR VXV DOWLEDMRV DYDQFHV UHWURFHVRV H LQYHVWLJDU ODV IRUPDV PHGLDQWH ODV FXDOHV VRQ HVWUXFWXUDGRV ±HQ HO HVSDFLR \ HQ HO WLHPSR± ORV HVFHQDULRV VRFLDOHV \ FXO9 WXUDOHV SDUD KDFHU FXPSOLU XQ REMHWLYR (VWR QR HV XQD &%0(+58-! 3)&(1%-'%! %+#-815+(:! '(1$5=-! %*! 3#07'5+(C! 513#-%&!3(&(!%*'($0%+%&*%:!513#-%&!3(&(!1(-'%-%&*%:! 513#-%&! 3(&(! 4%6%-4%&*%! %! 513#-%&*%! 3(&(! 1(-%<(&! TXH LPSRQHU HV XQ REMHWLYR SDUD OD FRPSHWLFLyQ R OD FRQVWUXFFLyQ GH DOLDQ]DV UHVLVWHQFLD R DGDSWDFLyQ ! 1RWD GHO WUDGXFWRU (O YHUER)+$.",!,(+%!&%6%&%-+5(!(!.#03%(&!#!1>*!%*9 SHFt¿FDPHQWH GDU XQD ERIHWDGD +H LQWHQWDGR KDFHU XQD LQWHUSUHWDFLyQ \ VXJHULU TXH :ROI SUHWHQGH GDU XQ JLUR D HVWH VLJQL¿FDGR DO FRORFDUOR GHQWUR GH XQ FRQWH[WR VLQWiFWLFR TXH SRU IXHU]D PRGL¿FD OD GLPHQVLyQ VHPiQWLFD GHO YHUER 3RU HVD UD]yQ XWLOL]R OD SDODEUD LPSRVLFLyQ

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FN

(VWD HV OD GLPHQVLyQ TXH KD VLGR UHPDUFDGD HQ 0#*! %*')45#*! *#$&%! %0! 513%&5(05*1#:! 4%3%-4%-+5(! #! VLVWHPD PXQGR 6XV FXHVWLRQHV VRQ ¢SRU TXp \ FyPR (0.)-#*!*%+'#&%*:!&%.5#-%*!#!-(+5#-%*!*#-!+(3(+%*!4%! FRQVWUHxLU ODV RSFLRQHV GH RWURV" ¢TXp FRDOLFLRQHV \ FRQÀLFWRV RFXUUHQ HQ HO FXUVR GH HVWH MXHJR" $OJXQRV KDQ VHxDODGR TXH HVWDV FXHVWLRQHV WLHQHQ SRFD UHOHYDQ9 +5(!3(&(!0(!(-'&#3#0#.7(:!5-+0)*#!-#!*%!4%'5%-%-!3(&(! D¿UPDU TXH ³OD JHQWH UHDO KDFH FRVDV UHDOHV´ FRPR SXQWXDOL]y 6KHUU\ 2UWQHU SHUR PH SDUHFH TXH HOOR QR VH DSUR[LPDQ D XQD SDUWH GH OR TXH HQ UHD9 OLGDG WUDWD HO PXQGR HVH TXH FRQVWULxH TXH LQKLEH R SURPXHYH OR TXH OD JHQWH KDFH R QR KDFH GHQWUR GH ORV HVFHQDULRV TXH HVWXGLDPRV /D QRFLyQ GH SRGHU HVWUXF9 WXUDO HV XWLOL]DGD SUHFLVDPHQWH SRUTXH QRV REOLJD D RE9 VHUYDU FyPR ODV IXHU]DV GHO PXQGR KDFHQ FRQWDFWR VR9 EUH OD JHQWH TXH HVWXGLDPRV \ QRV LPSLGH FDHU GHQWUR GH XQ QDWLYLVPR DQWURSROyJLFR TXH SRVWXOD VRFLHGDGHV (5*0(4(*!2!+)0')&(*!-#!+#-'(15-(4(*:!%-!%0!3&%*%-'%!2! SDVDGR 1R KD\ JDQDQFLDV HQ HO IDOVR URPDQWLFLVPR TXH SUHWHQGH GHFLUQRV TXH ³OD JHQWH UHDO KDFH FRVDV UHDOHV´ GHQWUR GH XQLYHUVRV FHUUDGRV \ DXWRVX¿FLHQWHV 0H GLULMR HQ SULPHUD LQVWDQFLD D OD UHODFLyQ TXH H[LVWH HQWUH HO SRGHU WiFWLFR \ HO SRGHU HVWUXFWXUDO /R KDJR SRUTXH FUHR TXH HVWRV FRQFHSWRV SXHGHQ D\XGDU9 QRV D H[SOLFDU HO PXQGR TXH KDELWDPRV 3LHQVR TXH OD WDUHD EiVLFD GH OD DQWURSRORJtD ±SRU OR PHQRV OD WDUHD GH DOJXQRV DQWURSyORJRV± FRQVLVWH HQ H[SOLFDU 2! -#! *#0(1%-'%! %-! ,(+%&! )-(! 4%*+&53+58-:! )-(! 5-'%9 JUDFLyQ GHVFULSWLYD R XQD LQWHUSUHWDFLyQ /D DQWURSR9 0#.7(!3)%4%!51305+(&!+#*(*!456%&%-'%*!3(&(!.%-'%!459 IHUHQWH HVSHFWiFXOR H[yWLFRV 8(&00.*:!)-(!%A,5$5+58-! GH GLIHUHQFLDV SHUR QR GHEHUtD HQWHQGHUVH FRPR HO ³PRQWDMH UHSUHVHQWDWLYR GH FRQWUDULRV DPHQD]DQGR FRQ VHSDUDUVH´ %RRQ (VFULELU VREUH OD FXOWXUD SXHGH UHTXHULU PDQHMR OLWHUDULR \ GLVWLQFLyQ SHUR XQD LQYHVWLJDFLyQ SDUD H[SOLFDU UHTXLHUH PiV QR 3#4%1#*!,(+%&0(!*5-!-#1$&(&!2!+#13(&(&!+#*(*:!*5-! IRUPXODU FRQFHSWRV SDUD QRPEUDUORV \ FRPSDUDUORV 3LHQVR TXH GHEHUtDPRV LU PiV DOOi GH OD 'J/'(&'*+&#@ +'(+#*?# SODQWHDGD SRU *HHUW] FRPSUHQGLHQGR TXH ORV FRQFHSWRV DQDOtWLFRV QRV OOHYDQ D HVWDEOHFHU TXH OR TXH FRQRFHPRV GH ; FRQWUD OR TXH FRQRFHPRV GH < SHUPLWHQ UHDOL]DU OD H[SOLFDFLyQ (VWR VLJQL¿FD TXH PH DGVFULER D XQD SRVLFLyQ UHDOLVWD 3LHQVR TXH HO PXQGR HV UHDO TXH HVDV UHDOLGDGHV DIHFWDQ OR TXH KDFH HO KRPEUH \ OR TXH KDFH HO KRPEUH DIHFWD DO PXQGR \ TXH SRGHPRV OOHJDU D FRPSUHQGHU ORV FyPRV \ ORV SRUTXpV GH HVDV UHODFLRQHV 7DPELpQ QHFHVLWDPRV VHU VXPDPHQWH VXVSLFDFHV +#-!&%*3%+'#!(!-)%*'&(*!+('%.#&7(*!2!1#4%0#*H!4%$%9


"(>(89+"'(#'*!&(".'>+([$8'+&($8B'%A(>$8';A(89+!%(8

+'!',&-.$./$0&-%)$

HO PXQGR PRGHUQR \ UHYLVDU HO SURFHVR GH GRQGH VXU9 .5%&#-!+)%*'5#-%*!&%6%&%-'%*!(0!3#4%&!'>+'5+#!2!%*'&)+9 WXUDO (VWRV SUR\HFWRV SURSRUFLRQDURQ XQ FXHUSR VyOLGR GH GDWRV \ WHRUtD DEULHURQ SHUVSHFWLYDV TXH VH H[WHQ9 GLHURQ PiV DOOi GH VX HVSHFWUR GH LQYHVWLJDFLyQ WRGRV %00#*!6)%&#-!+&5'5+(4#*!%-!*)!'5%13#!2!3#*'%&5#&1%-'%! VXMHWRV D XQD UHHYDOXDFLyQ /RV WUHV IXHURQ HVIXHU]RV SRU DOFDQ]DU XQD H[SOLFDFLyQ GH FRUWH DQWURSROyJLFD @0!3&51%&#!4%!%*'#*!3&#2%+'#*!%*!%0!%*')45#!&%(05?(9 GR HQ 3XHUWR 5LFR GXUDQWH TXH HVWXYR GLUL9 JLGR SRU -XOLDQ 6WHZDUG ORV UHVXOWDGRV HVWiQ HQ HO WUD9 EDMR FROHFWLYR b4')H'./$').8)H"'(,.)P&+. 6WHZDUG HW DO /D MXVWL¿FDFLyQ RULJLQDO GHO SUR\HFWR SDUWtD GH ODV LQTXLHWXGHV GH 6WHZDUG HQ WRUQR D OD XQLGDG FXOWXUDO \ HO FDUiFWHU QDFLRQDO TXH HQWRQFHV GRPLQDEDQ HO FDPSR GH FXOWXUD \ SHUVRQDOLGDG 6LQ HPEDUJR HO SUR\HFWR WHQtD SRU REMHWLYR H[KLELU OD KHWHURJHQHLGDG GH XQD VRFLHGDG QDFLRQDO $GHPiV %&(!)-!&%+,(?#!(0!1#4%0#!%-!%0!+)(0!0(!+#1)-54(4!&%9 SUHVHQWDED D XQD QDFLyQ HQWHUD &RQVLGHUDU D 3XHUWR "5+#!+#1#!)-(!%*'&)+')&(!4%!0#+(054(4%*!2!&%.5#-%*! ±TXH LQFOXtD LQVWLWXFLRQHV \ DFWLYLGDGHV GH XQD FODVH DOWD LQVXODU± SHUPLWLy HQWHQGHUOR FRPR XQ VLVWHPD GH SDUWHV \ QLYHOHV KHWHURJpQHRV (O SUR\HFWR IXH HVSH9 FLDOPHQWH LQQRYDGRU SRUTXH LQWHQWDED UHVSRQGHU OD +)%*'58-!4%!+81#!%*'%!+#130%<#!%-'&(1(4#!*%!,($7(! GHVDUUROODGR KLVWyULFDPHQWH D WUDYpV GH FRQVLGHUDU ODV +()*(*!,5*'8&5+(*!2!%0!+)&*#!,5*'8&5+#!4%!0(!3&#4)++58-! 4%!+#*%+,(!%-!0(!5*0(!2!4%!(007!&(*'&%(&!0(*!51305+(+5#9 -%*! 4%! %*%! 4%*(&&#00#! %-! +)('&#! +#1)-54(4%*! &%3&%9 VHQWDWLYDV (Q DTXHO HQWRQFHV HVWR VXJLULy HQIRFDU OD ('%-+58-!(!0(*!5-*'5')+5#-%*!+#-%+'(4(*!0#+(0:!&%.5#-(0! \ QDFLRQDOPHQWH 6LQ HPEDUJR OD WDUHD GH LQYHVWLJD9 FLyQ DFWXDOPHQWH VH FRQVWULxH D ORV HIHFWRV ORFDOHV (Q %*%!3&#2%+'#!*%!%*')458!(!)-(!+0(*%!(0'(!5-*)0(&!0(!+)(0! 6)%! +#-+%$54(! +#1#! 0(! 3)-'(! 4%! +#-+('%-(+5#-%*! #! FRQH[LRQHV SDUD HO QLYHO GH QDFLyQ /D IDOOD PD\RU GHO 3&#2%+'#!%-!'=&15-#*!4%!*)!15*1(!+#13&%-*58-:!6)%! OD GH QR WRPDU DSURSLDGDPHQWH OD UiSLGD LQWHQVL¿FD9 FLyQ GH OD PLJUDFLyQ KDFLD (VWDGRV 8QLGRV 7DPELpQ VH UHVWULQJLy D XQ HQIRTXH VREUH HFRORJtD DJUtFROD TXH EXVFDED UHVROYHU OD VDOLGD GH WUDEDMDGRUHV \D HQWRQFHV PDQL¿HVWR HQ HO QLYHO ORFDO SHUR LPSXOVDGR H LQLFLDGR VREUH XQD HVFDOD PD\RU 0LHQWUDV HO SUR\HFWR 3XHUWR 5LFR DSDUWy OD PLUDGD GHO HVSHFWiFXOR GH OD PLJUDFLyQ RWUD LQYHVWLJDFLyQ *%! %*6#&?($(! %-! 15&(&! (! 0(! 15.&(+58-! ,(+5(! 0#*! 3)%9 75(6 352<(&726 $OJXQDV YLHMDV LGHDV VREUH HO SRGHU HQ HO FDPSR GH OD EORV \ ÀRUHFLHQWHV PLQDV GH ÈIULFD FHQWUDO FRPR HO DQWURSRORJtD SXHGHQ VHU OD EDVH SDUD QXHYDV LQYHVWL9 SULQFLSDO SXQWR GH UHIHUHQFLD (VWD LQYHVWLJDFLyQ IXH JDFLRQHV 4XLHUR UHYLVDU WUHV SUR\HFWRV TXH LQWHQWDURQ OOHYDGD D FDER EDMR ORV DXVSLFLRV GHO ,QVWLWXWR 5RG9 FRPSUHQGHU OR TXH VXFHGtD FRQ ORV VHUHV KXPDQRV HQ KHV /LYLQJVWRQH HVWDEOHFLGR HQ HQ OR TXH HVH &7(1#*!*%&!+#-*+5%-'%*!4%!0(*!+#-'5-.%-+5(*!,5*'8&5+(*! 2!+)0')&(0%*H!3#4%1#*!+#13&%-4%&!)-(!+)%*'58-!3(&(! H[SOLFDUOD FRPR DSUR[LPDFLyQ D OD YHUGDG PiV TXH OD YHUGDG PLVPD $GHPiV FUHR TXH OD H[SOLFDFLyQ HQ DQWURSRORJtD SXHGH VHU DFXPXODWLYD TXH ODV LGHDV HQ '(-'#! +#-#+515%-'#:! #$'%-54(*! %-! %0! 3(*(4#! 3)%4%-! JHQHUDU QXHYDV FXHVWLRQHV \ TXH QXHYRV SXQWRV GH SDUWLGD SXHGHQ LQFRUSRUDU ORV DFLHUWRV GHO SDVDGR @-!(-'&#3#0#.7(!%*'(1#*!+#-'5-)(1%-'%!+(1$5(-9 GR GH SDUDGLJPDV ~QLFDPHQWH SDUD YHU TXH UHJUH9 *(1#*! (0! #&5.%-:! +#1#! *5! 4%*+)$&5=&(1#*! %0! 3)-'#! LQLFLDO (O YLHMR HYROXFLRQLVPR GH 0RUJDQ \ (QJHOV &%(3(&%+%!%-!%0!%+#0#.5*1#!4%!0#*!+)(&%-'(!2!+5-+)%-9 WD /D LQVLVWHQFLD ERDVLDQD GH TXH GHEHPRV FRPSUHQ9 GHU ODV IRUPDV HQ ³TXH OD JHQWH SLHQVD DFHUFD GH VX SURSLD FXOWXUD H LQVWLWXFLRQHV´ *ROGPDQ KD UHVXUJLGR HQ OD DQWURSRORJtD FRJQLWLYD \ HO VLP9 $#05*1#:!(!1%-)4#!+#1#!)-!+)(&'%'#!45*#-(-'%!%-!%0! IRUPDWR GH OD GHFRQVWUXFFLyQ (O GLIXVLRQLVPR FUHFLy GHVSXpV GH DEUHYDU SURIXQGDPHQWH GH OD FROHFFLyQ GH 4('#*905*'(:! 3%&#! 4%*3)=*! *%! '&(-*6#&18! %-! 0#*! %*')9 GLRV GH DFXOWXUDFLyQ HVIHUDV LQWHUDFWLYDV \ VLVWHPD PXQGR (O IXQFLRQDOLVPR GHMy DWUiV VXV XQLGDGHV RU9 .>-5+(*:! 3%&#! &%.&%*8! %-! 0(! '%#&7(! 4%! *5*'%1(*! '(-'#! FRPR HQ RWURV PRGRV /RV HVWXGLRV GH OD FXOWXUD \ OD SHUVRQDOLGDG DYDQ]DURQ VREUH QRFLRQHV GH ³HVWUXF9 ')&(! $>*5+(! 4%! 3%&*#-(054(4G! 2! F+(&>+'%&! -(+5#-(0G! *5-!3#-%&!('%-+58-!(!0(!,5*'#&5(:!(!0(!,%'%&#.%-%54(4! +)0')&(0!#!(0!&#0!4%!0(!,%.%1#-7(!4%-'&#!4%!0(!6#&1(9 +58-!4%!)-54(4%*!,#1#.=-%(*H!3%&#!*#*3%+,#*(1%-'%! +(&(+'%&5?(+5#-%*! *5150(&%*! %-! -(+5#-%*! 1#4%&-(*! 2! HQ GLYHUVRV ³JUXSRV pWQLFRV´ FRQWLQ~DQ DSDUHFLHQGR /DV YDULHGDGHV GH OD DQWURSRORJtD HFROyJLFD \ ORV YDULRV PDU[LVPRV HVWiQ VLHQGR UHWRPDGRV SRU DPL9 JRV \ HQHPLJRV HQ DUDV GH XQ ³FRQFHSWR GH FXOWXUD´ 7RGRV VRPRV UHFRQRFLEOHV &UHR DO LJXDO TXH 5REHUW /RZLH HQ OD LPDJHQ GH TXH HO GLIXVLRQLVPR HV XQ GLVPLQXLGR UHFRUWH GHO HYROXFLRQLVPR &RPR FDGD DSUR[LPDFLyQ VXFHVLYD FRQOOHYD OD UHGXFFLyQ GH ORV SUHGHFHVRUHV OD DQWURSRORJtD YLHQH D SDUHFHU XQ SUR9 \HFWR LQWHOHFWXDO PX\ GHVRODGRU 1R HV TXH HVWR VHD QHFHVDULR R GHVHDEOH 3LHQVR TXH OD DQWURSRORJtD SXHGH VHU DFXPXODWLYD TXH SRGH9 1#*!)'505?(&!%0!'&($(<#!4%!-)%*'&#*!3&%4%+%*#&%*!3(&(! IRUPXODU QXHYDV FXHVWLRQHV

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

FI


.-0$)-!//+ ("+;'"<'g!#Z

HQWRQFHV HUD 5RGKHVLD GHO 1RUWH \ KR\ HV =DPELD (VWD LQYHVWLJDFLyQ IXH GH¿QLGD SRU HO SULPHU GLUHFWRU *RGIUH\ :LOVRQ TXLHQ VH KDEtD FDUDFWHUL]DGR HQ IRU9 PD LQFRQVFLHQWH SRU FRPELQDU D 0DU[ \ D 0DOLQRYVNL %URZQ :LOVRQ FRPSUHQGLy HO SURFHVR HFRQyPLFR GH ÈIULFD FHQWUDO FRPR XQD UHYROXFLyQ LQ9 GXVWULDO FRQHFWDGD DO WUDEDMR HQ OD HFRQRPtD PXQGLDO /D SHQHWUDFLyQ PDVLYD GH OD LQGXVWULD PLQHUD IXH YLVWD FRPR OD FDXVD GHO RULJHQ GH PXFKRV FRQÀLFWRV HQ OD HVFHQD ORFDO \ UHJLRQDO 3RVWHULRUPHQWH 0D[ *OXFN9 PDQ HO GLUHFWRU GH D GLVHxy XQ SODQ GH LQYHVWLJDFLyQ SDUD HO ,QVWLWXWR HO FXDO VH HQIRFDED VR9 EUH XQ Q~PHUR HVSHFt¿FR GH SUREOHPDV \ UHFOXWy D XQ *%0%+'#!.&)3#!4%!(-'&#380#.#*!3(&(!'&($(<(&!%-!'%1(*! FRPR OD LQWHUVHFFLyQ GHO QDWLYR \ HO JRELHUQR FROR9 -5(0:!%-!%0!&#0!4%!0(!$&)<%&7(:!%-!0#*!%6%+'#*!4%0!'&($(<#! PLJUDWRULR HQ HO JUXSR GRPpVWLFR \ HQ ORV FRQÀLFWRV .%-%&(4#*!3#&!0(!'%-*58-!%*'($0%+54(!%-'&%!0#*!.&)3#*! PDWULOLQHDOHV \ OD UHVLGHQFLD SDWULORFDO 0RYLpQGRVH GHQWUR GH XQ iUHD GH FRQVLGHUDEOH GLYHUVLGDG OLQJ tV9 WLFD \ FXOWXUDO ORV LQYHVWLJDGRUHV IXHURQ FDSDFHV GH FRPSDUDU VXV GHVFXEULPLHQWRV SDUD LGHQWL¿FDU OR TXH HUD YDULDEOH \ OR TXH HUD FRP~Q HQ OD UHVSXHVWD ORFDO DO SURFHVR JHQHUDO 3HUR DOOt GRQGH HO SUR\HFWR IXH PiV LQQRYDGRU IXH HQ PLUDU ODV ORFDOLGDGHV UXUDOHV 0#*!+%-'&#*!15-%&#*!2!0#*!3)%$0#*!-#!+#1#!%-'54(4%*! *#+5(0%*!2!+)0')&(0%*!*%3(&(4(*:!*5-#!+#1#!%0%1%-'#*! LQVHUWRV HQ XQ FDPSR VRFLDO $Vt TXH PRYLGR SRU OD SURSXHVWD RULJLQDO GH :LOVRQ TXH LED GH OD GHVWULEDOL9 ?(+58-!,(+5(!%*+%-(&5#*!1>*!+#130%<#*!4%!&%*3)%*'(*! D ORV QXHYRV DVHQWDPLHQWRV SREODFLRQDOHV PLQHURV \ SXHEORV XUEDQRV DEULy QXHYDV SHUVSHFWLYDV TXH HO SUR\HFWR 3XHUWR 5LFR QR WRPy HQ FXHQWD 8QD IDOOD TXH WXYR IXH TXH QR FRQVLGHUR OD HVWUXFWXUD FRORQLDO HQ OD FXDO ORV DVHQWDPLHQWRV IXHURQ XELFDGRV (O WHUFHU SUR\HFWR GHO TXH TXLHUR KDEODU HVWXYR GLULJLGR SRU 5LFKDUG $GDPV HQWUH \ \ VH HQIRFy D HVWXGLDU OD HVWUXFWXUD VRFLDO HQ *XDWHPDOD 6XV UHVXOWDGRV VRQ GHVFULWRV HQ HO OLEUR &UXFL¿[LRQ 15)H.D'( (O SUR\HFWR WRPy HQ FXHQWD HO LQ9 '%-*#!+&%+515%-'#!4%!0(!3&#4)++58-!(.&7+#0(!#&5%-'(9 GD DO PHUFDGR HQ UHODFLyQ D OR TXH HQWRQFHV VH FR9 QRFtD VREUH OD YLGD GH ODV ORFDOLGDGHV GHQWUR GH HVH FRQWH[WR (VWD HV XQD LQQRYDFLyQ HVSHFt¿FD VLQ HP9 $(&.#:! +5&+)-*+&5$58! %0! %*')45#! 4%! 0(*! 5-*'5')+5#-%*! -(+5#-(0%*! 4%! 6#&1(! 456%&%-'%! (! 0#*! 4#*! 3&#2%+'#*! DQWHULRUHV TXH KH UHIHULGR $GDPV PRVWUy FyPR ODV =05'%*!0#+(0%*:!&%.5#-(0%*!2!*)3&(-(+5#-(0%*!0)+,($(-! +(4(!)-(!3#&!%0!3#4%&:!2!+81#!0(*!=05'%*!&%.5#-(0%*! GLULJtDQ VXV HQHUJtDV KDFLD XQ QLYHO QDFLRQDO 1R REVWDQWH HQ HO QLYHO QDFLRQDO HO SRGHU GH ODV pOLWHV #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

NO

UHJLRQDOHV HVWXYR FRQGLFLRQDGR SRU OD FRPSHWHQFLD H LQWHUIHUHQFLD SRU SDUWH GH ORV JUXSRV GH SRGHU TXH RSHUDEDQ D QLYHO WUDVQDFLRQDO H LQWHUQDFLRQDO (O HV9 ')45#!4%!0(*!=05'%*!6)%!*%.)54#!3#&!%0!&%0('#!4%0!4%*(9 UUROOR GH YDULDV LQVWLWXFLRQHV ORV PLOLWDUHV HO UHQD9 +515%-'#!4%!0(!5.0%*5(!%-!K)('%1(0(:!0(!%A3(-*58-!4%! .&)3#*!4%!5-'%&=*!4%!0#*!*%+'#&%*!(0'#*!2!%0!*5*'%1(! OHJDO \ OD SURIHVLyQ OHJDO DERJDFtD 3RVWHULRUPHQWH $GDPV PRVWUy FyPR HVDV LQVWLWXFLRQHV FRUWDURQ OD 4%1(-4(!0($#&(0!2!(.&(&5(!4%-'&#!4%0!3(7*:!2!3&#4)9 <%&#-!0(!('#15?(+58-!4%!0(!&%0(+58-!3('&8-9+05%-'%!%-9 '&%!0#*!3#$&%*!)&$(-#*!2!*)*!3('&#+5-(4#&%*!3#07'5+#*! HQ OD FDSLWDO /R TXH HO SUR\HFWR QR WRPy HQ FXHQWD HV HO ULFR PDWHULDO TXH SRGUtD KDEHU SURSRUFLRQDGR XQ PRGHOR WHRUpWLFR GH OD QDFLyQ $KRUD SDUHFH FODUR TXH ORV WUHV SUR\HFWRV SDUWLH9 URQ GH XQ SXQWR PX\ SURPHWHGRU SDUD OD LQYHVWLJD9 +58-!(-'&#3#08.5+(:!3%&#!0#*!'&%*!6(00(&#-!(0!5-'%-'(&9 OR )XHURQ LQWHQWRV DXGDFHV SHUR QR OR VX¿FLHQWH (Q PL RSLQLyQ DQWLFLSDEDQ XQ PRYLPLHQWR KDFLD OD HFRQRPtD SROtWLFD VLQ VDEHU OR TXH VREUHYHQGUtD GHVSXpV (O SUR\HFWR 3XHUWR 5LFR FRQFHQWUDGR HQ OD (.&5+)0')&(:!6(008!3(&(!%A305+(&!+81#!0(*!6)%&?(*!3#9 OtWLFDV \ HFRQyPLFDV TXH HVWDEOHFLHURQ OD DJULFXOWXUD HQ SULPHU OXJDU \ TXH \D GHQWUR GH OD ³2SHUDFLyQ %RRWVWUDS´ WUDQVIRUPDURQ OD LVOD HQ XQD HVWDFLyQ GH VHUYLFLR LQGXVWULDO 1R VH FRPSUHQGH OD PDQHUD HQ 0(!+)(0!0(*!5-*'5')+5#-%*:!3&%'%-454(1%-'%!-(+5#-(0%*:! 3%&#!5-'%&+#-%+'(4(*!+#-!0#*!30(-#*!3#07'5+#!2!%+#-89 PLFR IXHURQ FDPSR GH EDWDOOD SDUD ORV PiV GLYHUVRV LQWHUHVHV $Vt HO SUR\HFWR DGHPiV GHVSHUGLFLy XQD #3#&')-54(4! 3(&(! '&('(&! %0! +#130%<#! <)%.#! 4%! ,%.%9 1#-7(! 2! 0(! 3#*5+58-! +)0')&(0! *)$(0'%&-(! %-! 0(! *5')(9 FLyQ GH 3XHUWR 5LFR 'H KHFKR QR KD\ QDGD KDVWD OD IHFKD VLHQGR XQD WDUHD SHQGLHQWH 'H LJXDO IRUPD HO SUR\HFWR GH ÈIULFD FHQWUDO IXH FRQVWUHxLGR SRU VXV SURSLRV SUHVXSXHVWRV $ SHVDU GH VX DWHQFLyQ DO FRQÀLFWR \ ODV FRQWUDGLFFLRQHV UHPD9 QHQWHV GH XQ IXQFLRQDOLVPR FDXWLYR HVSHFLDOPHQWH +)(-4#!5-'%&3&%'(!0(*!(-#1(07(*!+#1#!6(*%*!+0(&(*!4%! UHVWDXUDFLyQ GH OD FRQWLQXLGDG (O SUR\HFWR PDQLIHVWy 0(!'%-4%-+5(!(!'#1(&!%0!*5*'%1(!+#0#-5(0!+#1#!4%'%&9 15-(4#!2!4%!%*'(!6#&1(!1)'(&!0(*!51305+(+5#-%*!,5*9 WyULFDV GH OD FRQTXLVWD \ OD FRQIURQWDFLyQ SURJUHVLYD HQWUH HXURSHRV \ DIULFDQRV 1XHYDV FXHVWLRQHV DKRUD QRV KDELOLWDQ SDUD VHxDODU HVWRV UHVXOWDGRV $OOt HO FRORQLDOLVPR VXVWLWX\y D ODV SROtWLFDV WULEXWDULDV 6XV 15%1$&#*! 6)%&#-! '&(-*6#&1(4#*! %-! +(13%*5-#*! 4%! '5%&&(*!5-'%&5#&%*!2!+#1#!'&($(<(4#&%*!%-!0(*!15-(*!2! 3)%$0#*H!0(!+(13%*5-5?(+58-!2!0(!3&#0%'(&5?(+58-!6)%9 URQ XQ SURFHVR FRQFRPLWDQWH D PHQXGR DFRPSDxDGR


"(>(89+"'(#'*!&(".'>+([$8'+&($8B'%A(>$8';A(89+!%(8

SRU OD IXHU]D \ OD YLROHQFLD 1XHYDV LGHQWLGDGHV GH FODVH \ pWQLFDV UHHPSOD]DURQ D ODV YLHMDV 6LFKRQH ,QFOXVR OD LQYHVWLJDFLyQ GHVFXEULy XQD PXO9 '5305+54(4! 4%! &%*3)%*'(*! %-! 0(! #&.(-5?(+58-! 0($#&(0! \ SROtWLFD (SVWHLQ 5DQJHU HQ ODV VR9 FLHGDGHV GDQFtVWLFDV 0LWFKHO 5DQJHU HQ OD SUROLIHUDFLyQ GH PRYLPLHQWRV UHOLJLRVRV 9DQ %LQVEHUJHQ \ 6KRIHOHHUV :HUEQHU HQ OD UHEHOLyQ \ OD UHVLVWHQFLD /DQ (VWRV HVWX9 45#*! *)$&(2(&#-! %0! &#0! 4%! 0(! +#13&%-*58-! +)0')&(0! +#1#! 5-.&%45%-'%! 3&51#&45(0! %-! 0(! '&(-*6#&1(+58-! GHO WUDEDMR \ HO SRGHU (O SUR\HFWR GH $GDPV HVWDED PX\ FHUUDGR D QXHYDV SHUVSHFWLYDV ,QVWDODGR HQ XQD SHUVSHFWLYD KLVWyULFD FRPSUHQGLy TXH ODV UHODFLRQHV VRFLDOHV HQWUH GLIHUHQ9 WHV JUXSRV HUDQ SURFHVRV PDUFDGRV SRU HO FRQÀLFWR H 5-+0)28!0(*!#3%&(+5#-%*!4%0!3#4%&!1)0'5-(+5#-(0!2!'&(*9 QDFLRQDO FRPR SDUWH GH HVWD GLQiPLFD 6LQ HPEDUJR QR VH PRYLy KDFLD XQ PRGHOR HFRQyPLFR SROtWLFR GHO JUXSR ±TXL]i SRUTXH ORV LQWHUHVHV SURSLRV GH $GDPV HVWDEDQ RULHQWDGRV D GHVDUUROODU XQD WHRUtD HYROXFLR9 QLVWD VREUH HO SRGHU $GHPiV UHFKD]y OD FRPSOHMD LQ9 WHUDFFLyQ GH ODV FXOWXUDV HQ HO FDVR *XDWHPDOD &RPR PRYLPLHQWR KDFLD OD VtQWHVLV DJXDUGD SDUD HO IXWXUR /D UHOHYDQFLD GH HVWRV WUHV SUR\HFWRV GHVFDQVD QR *#0(1%-'%!%-!*)*!3&#35#*!0#.&#*!*5-#!%-!0(*!+)%*'5#9 QHV TXH QRV VXUJHQ GH VX H[SHULHQFLD (Q SULPHU OX9 .(&:!'#4#*!%00#*!3#-%-!('%-+58-!(!0(!,5*'#&5(:!3%&#!-#! 0(!,5*'#&5(!F+#1#!)-(!+#-4%-(4(!+#*(!4%*3)=*!#'&(G:! FRPR JXVWD GHFLU /HVOLH :KLWH ³+LVWRULD´ GLFH 0DX9 &5+%! K#4%05%&:! %*! F-#! 4%+5&C! %*'#! 6)%! 3(&(! *%&! %A3059 FDGR´ /D KLVWRULD QRV SHUPLWH HQWHQGHUORV +#1#! 3&#+%*#*! %-'&%'%<54#*:! ($5%&'#*! 2! 45*'&5$)54#*! VREUH HO WLHPSR (VWR VLJQL¿FD UHSODQWHDU ODV XQLGDGHV GH QXHVWUDV LQYHVWLJDFLRQHV ±JUXSRV GRPpVWLFRV OR9 FDOLGDGHV UHJLRQHV HQWLGDGHV QDFLRQDOHV± YLpQGRODV QR FRPR HQWLGDGHV ¿MDV VLQR FRPR FUHDGDV UHFUHDGDV \ FDPELDQWHV HQ HO WLHPSR $Vt GH OD DWHQFLyQ D ORV 6%-81%-#*!+#0#+(4#*!%-!%0!'5%13#!%1%&.%-!#&.(-5?(9 FLRQHV HQ XQ SULPHU SODQR ±DFFLRQHV HVWUXFWXUDGDV GH OD YLGD VRFLDO± TXH UHTXLHUHQ PLUDUODV GHVGH OD SHUV9 SHFWLYD GHO SURFHVR \ HO FDPELR (Q VHJXQGR OXJDU ORV WUHV SUR\HFWRV FRQFLEHQ DO SURFHVR D QLYHO PDFUR \ PLFUR 3XHUWR 5LFR IXH XELFDGR LQLFLDOPHQWH GHQWUR GH OD yUELWD HVSDxROD SRVWHULRUPHQWH GHQWUR GH OD yU9 ELWD GH (VWDGRV 8QLGRV ÈIULFD FHQWUDO IXH HQWHQGLGD GHQWUR GHO DPSOLR XQLYHUVR GH OD LQGXVWULDOL]DFLyQ DVt FRPR GH ODV SROtWLFDV FRORQLDOHV *XDWHPDOD KD VLGR FUXFL¿FDGD VLPXOWiQHDPHQWH SRU ODV FRQH[LRQHV H[9 WHUQDV \ HIHFWRV LQWHUQRV (VWH HVTXHPD KDFH UHIHUHQ9 FLD D XQD YLHMD DQWURSRORJtD TXH KDEOD GH iUHDV FXOWX9

+'!',&-.$./$0&-%)$

UDOHV PHGLDQWH OD FRQFHSFLyQ GH HVIHUDV LQWHUDFWLYDV VLVWHPDV LQWHUpWQLFRV \ UHJLRQHV VLPELyWLFDV \ TXH DKRUD FRQRFHPRV FRPR VLVWHPD PXQGR /D KLVWRULD 1(+&#*+835+(!2!0#*!3&#+%*#*!4%!#&.(-5?(+58-!00%.(-! D VHU HOHPHQWRV LPSRUWDQWHV GH QXHYDV DSUR[LPDFLR9 QHV H LQYROXFUDQ FXHVWLRQHV UHODWLYDV DO SRGHU WiFWLFR \ DO SRGHU HVWUXFWXUDO 25*$1,=$&,Ï1

/D RUJDQL]DFLyQ HV FODYH SRUTXH HVWDEOHFH ODV UHODFLR9 QHV HQWUH ORV LQGLYLGXRV PHGLDQWH HO UHSDUWR \ FRQWURO GH ODV IXHQWHV \ ODV JDQDQFLDV (V HO GHVSOD]DPLHQWR ,(+5(! %0! 3#4%&! '>+'5+#! 3(&(! 1#-#3#05?(&! #! +#13(&'5&! #$05.(+5#-%*! 2! 4%1(-4(*:! 3(&(! %-+()?(&! 0(! (++58-! GHQWUR GH FLHUWDV IRUPDV PLHQWUDV SURKtEH HO ÀXMR GH RWUDV DFFLRQHV $OJXQDV FRVDV OOHJDQ D VHU SRVLEOHV \ GHVHDEOHV RWUDV VRQ SXHVWDV FRPR LQGHVHDEOHV $O 15*1#! '5%13#:! 0(! #&.(-5?(+58-! 51305+(! *5%13&%! )-! ULHVJR (O HTXLOLEULR GHO SRGHU VLHPSUH FDPELD VX WUD9 EDMR QXQFD HVWi GDGR RSHUD FRQWUD OD HQWURStD %DODQ9 GLHU ,QFOXVR OD RUJDQL]DFLyQ PiV H[LWRVD QXQ9 FD VHUi LQPXWDEOH (MHUFHU HO SRGHU SURGXFH IULFFLyQ ±GLVJXVWRV SDWDOHRV HVFDSLVPRV VDERWDMHV SURWHVWDV #!6&(-+(!&%*5*'%-+5(:!)-(!3(-#305(!4%!&%*3)%*'(*!$5%-! GRFXPHQWDGDV FRQ PDWHULDOHV GH 0HODQHVLD SRU -DPHV 6FRWW HQ h'#/.*0).8),4')h'#A2 $O FRQFHGHU WDQWD LPSRUWDQFLD DO VXMHWR XQR SR9 GUtD SUHJXQWDUVH ¢SRU TXp OD DQWURSRORJtD KD UHQXQ9 FLDGR DO HVWXGLR GH OD RUJDQL]DFLyQ" ([FHVLYD KD VLGR 0(!'%-4%-+5(!4%!0(!(-'&#3#0#.7(!%-!%0!+(15-#!4%!0(!5-9 GLYLGXDOLGDG GH IRUPD TXH KR\ HQ GtD OD RUJDQL]DFLyQ *#0(1%-'%!(3(&%+%!1)2!(!1%-)4#!%-!0#*!1(-)(0%*!4%! QHJRFLRV (VWUXFWXUDPRV \ VRPRV HVWUXFWXUDGRV QH9 .#+5(1#*:! <).(1#*! +#-! 1%'>6#&(*:! 3%&#! 0(! +)%*'58-! HQ WRUQR D OD RUJDQL]DFLyQ KD FDtGR HQ HO ROYLGR 0XFKRV GH QRVRWURV QRV LQWHUHVDPRV HQ OD DQWUR9 SRORJtD FXDQGR UHTXHULPRV FXUVRV VREUH ³RUJDQL]D9 FLyQ VRFLDO´ $Vt IXLPRV JXLDGRV FRQ GLYHUVDV FDWHJR9 &7(*H!%-'&%!%00(*!%*'>-!0(*!4%!.=-%&#:!.%-%&(+58-:!&(-.#! \ JUXSRV ±OLQDMHV FODQHV JUXSRV GH HGDG \ DVRFLDFLR9 QHV $KRUD SRGHPRV YHU HQ UHWURVSHFWLYD TXH HVWDV FD9 WHJRUtDV IXHURQ PX\ HVWiWLFDV SRUTXH OD RUJDQL]DFLyQ 6)%! %-'%-454(! 3&51(&5(1%-'%! +#1#! )-! &%*)0'(4#:! )-! SURGXFWR ¿QDO TXH UHVSRQGH D XQ JXLyQ R 0+(&/,)+)0')9 UDO \ QR IXH YLVXDOL]DGR FRPR SURFHVR (V FRP~Q TXH GL¿FXOWDGHV \ FRQÀLFWRV DFRPSDxHQ DO SURFHVR $KR9 &(!$5%-:!+)(-4#!%0!=-6(*5*!6)%!3)%*'#!*#$&%!0(*!6#&1(*! \ SULQFLSLRV RUJDQL]DFLRQDOHV FRPSUHQGLPRV TXH OD RUJDQL]DFLyQ ±HQ WpUPLQRV DUTXLWHFWyQLFRV± HUD OD TXH SURSRUFLRQDED ORV 1$.+A0)3(&(!0(!%*'&)+')&(H!'(19 ELpQ FRQFHELPRV D XQ HGL¿FLR FRQ¿DEOH GH SUiFWLFDV H #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

NE


.-0$)-!//+ ("+;'"<'g!#Z

LGHDV UHJXODUHV \ UHFXUUHQWHV TXH YROYtD SUHGHFLEOH OD YLGD VRFLDO < DVt SRGUtD VHU LQYHVWLJDGR HQ HO FDPSR @-!%*'%!3)-'#!*%!45#!%0!5-'%&=*!4%0!3#4%&!'>+'5+#!3(&(! 5-4(.(&!%-!%0!1#04%#!4%!0(*!#&.(-5?(+5#-%*:!*)!1(-'%9 QLPLHQWR VX GHVHVWDELOL]DFLyQ R GHVDSDULFLyQ 6L XQD LGHD HV MX]JDGD SRU VX XWLOLGDG HQWRQFHV OD QRFLyQ GH HVWUXFWXUD VRFLDO YLHQH D VHU XQD EXHQD LGHD 3URGXMR XQ WUDEDMR LQWHUHVDQWH \ XQD YLVLyQ SURGXFWL9 YD (V HYLGHQWH TXH OR RUJDQL]DFLRQDO HV HO UHVXOWDGR GH OD KLSyVWDVLV GH ORV EORFNV GHO HGL¿FLR HQ OD DUTXL9 '%+')&(!*#+5(0:!3#&!%<%130#:!%0!+#-+%3'#!4%!.&)3#*!4%! GHVFHQGHQFLD XQLOLQHDO /D LGHD IXH H[LWRVD DO JXLDUQRV (!3%-*(&!*5-83'5+(1%-'%!(+%&+(!4%!0#*!&(*.#*!4%0!15%19 $&#!4%0!.&)3#:!(!3(&'5&!4%!0(!4%*+%-4%-+5(:!*#054(&54(4! <)&745+#93#07'5+(:!4%&%+,#*!2!#$05.(+5#-%*!%-6#+(4#*!(! XQ FRP~Q HVWDGR PDQGDWRV GH DOWUXLVPR SUHVFULSWLYR \ QRUPDV FDUJDGDV GH PRUDOLGDG $~Q PiV XQD FRVD HV )*(&!)-!1#4%0#!3(&(!3%-*(&!0(*!51305+(+5#-%*!4%0!3&#9 FHVR RUJDQL]DFLRQDO \ RWUD HVSHUDU TXH ORV JUXSRV GH 4%*+%-4%-+5(!)-505-%(0!*%!1('%&5(05+%-!+#1#!0(4&500#*! PROGHDGRV HQ XQ HGL¿FLR VRFLRHVWUXFWXUDO TJ81#!+#-*%.)5&!15&(&!0(!#&.(-5?(+58-:!%-!'(-'#! 3&#4)+'#!#!&%*)0'(4#:!3(&(!+#13&%-4%&0(!+#1#!3&#+%9 VR" 3DUD FRPHQ]DU SRGUtDPRV SURFHGHU HUUyQHDPHQ9 WH WDO FRPR OR DGYLHUWH &RQUDG $UHQVEHUJ \ PLUDU ³HO ÀXMR GH DFFLyQ´ SDUD SUHJXQWDU TXp KD\ GHQWUR GH pO R SRU TXp HVWR YD DVt TXLpQ SDUWLFLSD HQ HVWR FRQ TXLpQHV FXDQGR \ TXp WDQ D PHQXGR 7R9 GDYtD SRGUtDPRV DJUHJDU D HVWD SRVLFLyQ QXHYDV FXHV9 WLRQHV ¢SDUD TXp \ SDUD TXLpQHV HV WRGR HVWR \ FRQWUD TXLpQ" 6LQ HPEDUJR HVWDV FXHVWLRQHV QR GHEHUtDQ HV9 WDU HVWDEOHFLGDV HQ WpUPLQRV LQWHUDFWLYRV 3UHJXQWDU9 VH SRU TXp DOJR HV DVt \ SDUD TXLpQHV HVWi GLULJLGR UHTXLHUH XQ HVIXHU]R FRQFHSWXDO XQD UHÀH[LyQ DFHU9 +(!4%!0(*!6)%&?(*!2!%6%+'#*!4%0!3#4%&!%*'&)+')&(0!3(&(! PDQHMDU OD RUJDQL]DFLyQ \ D TXp UHVSRQGH ¢&XiOHV VRQ ODV UHODFLRQHV GRPLQDQWHV D WUDYpV GH ODV FXDOHV OD IXHU]D ODERUDO HV GHVSOHJDGD" ¢FXiOHV VRQ ODV LP9 305+(+5#-%*! 4%! 0#! #&.(-5?(+5#-(0! %-! 0(*! (05(-?(*! 4%! SDUHQWHVFR FRDOLFLRQHV MHIDWXUDV R IRUPDV HVWDWDOHV" 1R WRGDV ODV RUJDQL]DFLRQHV R DUWLFXODFLRQHV GH RUJD9 QL]DFLyQ UHVSRQGHQ DO PLVPR UHTXLVLWR IXQFLRQDO R UHVSRQGHQ D OD GLQiPLFD VXE\DFHQWH 1RV FRUUHVSRQGH SHQVDU DFHUFD GH OR TXH HV UHTXHUL9 GR HQ OD FRQFHSFLyQ GH OD RUJDQL]DFLyQ FRPR SURFHVR @*'(!%*!)-!>&%(!3#+#!4%*(&&#00(4(!%-!%0!3%-*(15%-'#! DQWURSROyJLFR $SDUHFHQ FRQWUDWRV GLiGLFRV PDUFRV GH YDULRV WDPDxRV \ IRUPDV VLVWHPDV GH SDUHQWHVFR MHUDUTXtDV SROtWLFDV FRUSRUDFLRQHV \ HVWDGRV TXH SR9 VHHQ GLYHUVDV SRWHQFLDOLGDGHV GH OR RUJDQL]DFLRQDO J#13&%-4%&! +81#! %*'#*! .&)3#*! 4%! 3#$0(+58-! %! 5-*9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

NG

'&)1%-'(054(4%*!3)%4%-!*%&!(.&%.(4#*:!%-.(-+,(4#*:! (&'5+)0(4#*!$(<#!456%&%-'%*!'53#*!4%!3#4%&!%*'&)+')&(0! SHUPDQHFH FRPR WDUHD SDUD HO IXWXUR /(&(! %0! 3&#38*5'#! 4%! %*'%! '&($(<#! 3#4%1#*! +#-*9 '&)5&!*#$&%!%0!3(*(4#!3(&(!)*(&!-)%*'&#*!+#-+%3'#*!2! 1#4%0#*! +#1#! 3&#+%4515%-'#! ,%)&7*'5+#:! -#! +#1#! UHSUHVHQWDFLRQHV ¿MDV XQLYHUVDOPHQWH DSOLFDEOHV 3RU HMHPSOR 0LFKDHO 9HUGRQ GHVDUUROOy XQD IXHUWH FUt9 '5+(! (! 0(! '%#&7(! 4%0! 05-(<%! %-! *)! 05$&#! L1",&#) E(!+&7'5+(!%*'>!(051%-'(4(!3#&!0(*!+)%*'5#-%*!*)&.54(*! SRU HVD WHRUtD \ SRU ODV GHPDQGDV GH ODV HYLGHQFLDV UHTXHULGDV SDUD OD FRUURERUDFLyQ 9HUGRQ LQYHVWLJy 0(*!+(&(+'%&7*'5+(*!2!45*'&5$)+58-!4%!0(*!)-54(4%*!4#9 1=*'5+(*!2!3&>+'5+(*!1('&51#-5(0%*:!'&('>-4#0#*!+#1#! UHTXLVLWRV SDUD GH¿QLU YtQFXORV HQWUH HO SDUHQWHVFR L*8! %0! 1#4%0#! 4%! '%#&7(! 4%0! 05-(<%! 3(&(! 3&#3#-%&! 0(! &%0(+58-!4%0!3(&%-'%*+#!+#-!0(!*5-+&#-5?(+58-!3#07'5+(:! OR TXH OH SHUPLWLy FRQVLGHUDU D HVWDV FRQH[LRQHV FRPR SUREOHPD PiV TXH FRPR SUHPLVDV #) /(&.(& (O PR9 GHOR VHUYtD FRPR PpWRGR GH LQYHVWLJDFLyQ PiV TXH FRPR SRVWXODGR WHyULFR 8QD VLPLODU UHGH¿QLFLyQ GHO SUREOHPD KD WRPDGR 0).(&! %-! %0! %*')45#! 4%! 0(*! <%6(')&(*:! 4#-4%! 0#*! 5-'%9 UHVHV FRPR 7LPRWK\ (DUOH GLFH ³KDQ LGR GH ORV HV9 TXHPDV SDUD FODVL¿FDU VRFLHGDGHV FRPR MHIDWXUDV R QR KDVWD OD FRQVLGHUDFLyQ GH ODV FDXVDV GH ODV YDULD9 ELOLGDG REVHUYDGD´ (DUOH /D FRQVWHOD9 FLyQ VRFLDO TXH SXHGH VHU OODPDGD MHIDWXUD QR DSDUHFH ~QLFDPHQWH HQ PXFKDV IRUPDV \ WDPDxRV )HLQPDQ \ 1HLW]HO VLQR DKRUD SRGHPRV FRPSUHQGHUOR +#1#!F6&>.50%*!5-*'5')+5#-%*!-%.#+5(-'%*G!4%!*%.)&59 GDG GHQWUR GH \ HQ FRPSHWLFLyQ FRQ ULYDOHV IRUiQHRV (O pQIDVLV HQ OD LQYHVWLJDFLyQ DKRUD UHFDH VREUH OD 1%?+0(!4%!0#!%+#-815+#:!0#!3#07'5+#!2!0(*!%*'&('%.5(*! LGHROyJLFDV TXH HPSOHDQ ODV MHIDWXUDV SDUD HVWRV ¿9 QHV DVt FRPR VREUH ODV YDULDEOHV HQ OD FRQIRUPDFLyQ GH VXV GLIHUHQWHV WUD\HFWRULDV KLVWyULFDV (DUOH 'H LJXDO PRGR HQ GRQGH OD JHQWH XQD YH] KDEOy GH ³(VWDGR´ HO (VWDGR DKRUD HV YLVWR FRPR XQ SUR9 FHVR \ QR FRPR XQD FRVD *DLOH\ 8Q QXHYR =-6(*5*!*#$&%!%0!3&#+%*#!4%!@*'(4#!'#1(!%-!+)%-'(!0(! GLYHUVLGDG \ ÀXLGH] GH IRUPDV IXQFLRQHV DQRPDOtDV 2!0#*!F0715'%*!4%0!15*1#:!2!*).5%&%!'#1(&!%-!+)%-'(! TXH WRGRV ORV (VWDGRV HVWiQ LQWHUQDPHQWH GLYLGLGRV \ VXMHWRV D OD SHQHWUDFLyQ GH FRQÀLFWRV \ XVXDOPHQWH IXHU]DV FRQWUDGLFWRULDV´ %ULJKW \ +DUGLQJ 6,*1,),&$'2

I5-(01%-'%:!$)*+#!&%1(&+(&!0#*!&%*)0'(4#*!4%0!3#4%&! HQ HO VLJQL¿FDGR /D DQWURSRORJtD KD WUDWDGR DO VLJ9 QL¿FDGR WtSLFDPHQWH HQ WpUPLQRV GH XQLGDGHV FXOWX9


"(>(89+"'(#'*!&(".'>+([$8'+&($8B'%A(>$8';A(89+!%(8

UDOHV DUPyQLFDV WDOHV FRPR SDWURQHV FRQ¿JXUDFLR9 -%*:!',4.0:!'&9.0:!'/&0,'6'0:)3(&(45.1(*:!%*'&)+')&(*! FXOWXUDOHV (VWDV XQLGDGHV KDQ VLGR FRQFHSWXDOL]DGDV 3&51(&5(1%-'%! +#1#! %0! &%*)0'(4#! 4%! )-! 3&#+%*#! 4%! LQWHJUDFLyQ OyJLFR HVWpWLFD ,QFOXVR FXDQGR IUHFXHQ9 '%1%-'%!0#*!&(*.#*!4%!5-+#-.&)%-+5(!2!4%*(&'5+)0(+58-! FXOWXUDO VRQ DGPLWLGDV HO SURFHGHU KD VLGR ±\ UHPDU9 FR D *HHUW]± LGHQWL¿FDU ORV VtPERORV VLJQL¿FDQWHV JUXSRV GH VtPERORV \ JUXSRV GH JUXSRV OR TXH SR9 4&7(!+#-+%4%&!)-(!%A3#*5+58-!*#$&%!F0(*!&%.)0(&54(4%*! *)$2(+%-'%*! 4%! %A3%&5%-+5(! ,)1(-(! 51307+5'(! %-! *)! IRUPDFLyQ´ *HHUW] /R DWUDFWLYR UDGLFD HQ OD H¿FDFLD GH ORV VtPERORV D ORV WUDEDMRV GH OyJL9 FD \ HVWpWLFD HQ HO PRYLPLHQWR GH LQWHJUDFLyQ R UHLQ9 WHJUDFLyQ FRPR VL HVWRV SURFHVRV FRJQLWLYRV IXHUDQ .)5(4#*!3#&!)-!,'$.0 SURSLR 5HPLWR D HVWD DSUR[LPDFLyQ SRU YDULDV UD]RQHV 3ULPHUR UH¿HUR OD SHUVSLFDFLD GH $QWRQLR :DOODFH TXLHQ D ¿QDOHV GH FRQWUDVWy YLVLRQHV GH FXOWXUD TXH HQIDWL]DQ ³OD UHSOLFDFLyQ GH OD XQLIRUPLGDG´ FRQ DTXHOODV TXH GHVFRQRFHQ HO SUREOHPD GH OD RUJDQL]D9 FLyQ GH OD GLYHUVLGDG eO DUJXPHQWy TXH > @ WRGDV VRFLHGDGHV VRQ HQ XQ VHQWLGR UDGLFDO VRFLHGDGHV SOXUDOHV > @ ¢&yPR KDFHQ ODV VRFLHGDGHV SDUD DVHJXUDU TXH ODV GLYHUVDV H[SHULHQFLDV FRJQLWLYDV GH DGXOWRV QLxRV PDV9 FXOLQRV IHPHQLQRV JXHUUHURV \ FKDPDQHV HVFODYRV \ PDHV9 WURV VH DUWLFXOHQ SDUD IRUPDU ODV HVWUXFWXUDV HTXLYDOHQWHV TXH VRQ OD VXVWDQFLD GH OD YLGD VRFLDO" :DOODFH

E(! 3&%.)-'(! 4%! Q(00(+%! +#-'5-)(! ,(+5%-4#! %+#! %-! 1)+,#*! %*3(+5#*C! %-! )-(! (-'&#3#0#.7(! 6%15-5*'(! 0(! FXHVWLyQ DVXPH SRU TXp ORV KRPEUHV \ PXMHUHV FRP9 3(&'%-!0#*!15*1#*!(+)%&4#*!+)0')&(0%*H!%-!0(!%'-#.&(9 ItD GH YDULDV iUHDV GRQGH ORV KRPEUHV ERERV ("11&04) 6'* HQ 0HODQHVLD \ ³OD JHQWH FRP~Q´ *.@#++."*,) /'./$' GH OD FRVWD GHO QRURHVWH QR SDUHFHQ WROHUDU ODV QRUPDV H LGHDOHV GHO %LJ 0HQ \ HO -HIH HQ HVWXGLRV GH VLVWHPDV MHUiUTXLFRV HQ ORV FXDOHV ORV GLIHUHQWHV %*'&('#*!2!*%.1%-'#*!%A,5$%-!456%&%-'%*!1#4%0#*!4%! LQWHJUDFLyQ OyJLFR HVWpWLFD ,QGLD VXPLQLVWUD XQ FDVR QRWDEOH +HPRV HVWDGR YLHQGR TXH WDOHV GLYHUJHQ9 +5(*!*#-!'&('(4(*!1%45(-'%!)-(!08.5+(!+)0')&(0:!3)&(! \ VLPSOH (O DUJXPHQWR PH SDUHFH SRFR FRQYLQFHQ9 WH (VWR VyOR HV SRVLEOH HQ HO FDVR GH TXH QXHVWURV LQIRUPDQWHV HQ HO FDPSR LQYRTXHQ SRODULGDGHV PH9 '(68&5+(*!4%!3)&%?(!2!+#-'(15-(+58-:!,#1$&%!$)%-#! 2!,#1$&%!1(0#:!5&*!2!5#*< YLGD \ PXHUWH (PSHUR %*'(*! 1%'>6#&(*! *#-! 5-'&7-*%+(1%-'%! 3#05*=15+(*:! DEXQGDQ HQ VLJQL¿FDGRV TXH SXHGHQ LPEULFDU FXDO9 TXLHU VLWXDFLyQ 3RQHUQRV D WUDEDMDU HQ HVFHQDULRV

+'!',&-.$./$0&-%)$

HVSHFt¿FRV UHTXLHUH TXH VX UDQJR VHD FRQVWUHxLGR \ GHOLPLWDGR D XQ SHTXHxR JUXSR GH UHIHUHQWHV /R TXH /HYL 6WUDXVV OODPy ³HO H[FHVR GH VLJQL¿FDQWHV´ GHEH VHU VXEMHWLYL]DGR SDUVLPRQLRVDPHQWH DQWHV GH TXH OD OyJLFD GH LQWHJUDFLyQ FXOWXUDO SXHGD VHU DFWXDOL]DGD (VWR LQGLFD DOJR TXH QR HV XQ SURFHVR DXWRPiWLFR HQ HO TXH HO SRGHU \ VX FRQWHQLGR OR DWUDYLHVDQ FRQ WRGD FODVH GH FRQVHFXHQFLDV SDUD HO VLJQL¿FDGR E(! 3%&*35+(+5(! 4%! Q(00(+%! *#$&%! 0(! #&.(-5?(+58-! GH OD GLYHUVLGDG VXJLULy DGHPiV RWUDV SUHJXQWDV DFHU9 FD GHO VLJQL¿FDGR GHQWUR GH OD YLGD VRFLDO 3XQWXDOL]y TXH ORV SDUWLFLSDQWHV HQ OD DFFLyQ VRFLDO QR QHFHVLWDQ FRPSUHQGHU OR TXH VLJQL¿FD OD FRQGXFWD GH VXV FRP9 SDxHURV HQ HO LQWHUFDPELR 7RGRV HOORV VDEHQ FyPR UHVSRQGHU DSURSLDGDPHQWH D ODV VXJHUHQFLDV VHxDOD9 GDV SRU RWURV (O SUREOHPD GHO VLJQL¿FDGR QR QHFH9 VLWD PDQLIHVWDUVH FRQVFLHQWHPHQWH (VWR HV D PHQXGR HO DVXQWR GH FLHUWRV HVSHFLDOLVWDV TXLHQHV WUDEDMDQ R HVWiQ LQWHUHVDGRV HVSHFt¿FDPHQWH HQ H[SORUDU OD SOH9 QLWXG GH ORV SRVLEOHV VLJQL¿FDGRV SHUVRQDV FRQYHU9 '54(*! %-! +,(1(-%*:! ,.4"*<# R DFDGpPLFRV ,QFOXVR KD\ VLWXDFLRQHV HQ ODV FXDOHV ODV VLJQL¿FDFLRQHV HVWiQ 4%*#&4%-(4(*:!4#-4%!#3#*5+58-!%!5-'%&%*%*!+#-'&(45+9 WRULRV YLHQHQ DO IUHQWH R GRQGH ORV HVTXHPDV FXOWXUD9 OHV YLHQHQ EDMR OD IRUPD GH GHVDItR (QWRQFHV YLHQH D VHU DSDUHQWH TXH PiV DOOi GH OD OyJLFD \ HVWpWLFD HO SRGHU HV HO TXH JDUDQWL]D R IDOOD (O SRGHU LPSOLFDGR HQ HO VLJQL¿FDGR DSR\D XQD YHUVLyQ GH VLJQL¿FDFLyQ FRPR YHUGDG IUXFWtIHUD R EH9 OOD FRQWUD RWUDV SRVLELOLGDGHV TXH SXHGHQ DPHQD]DU OD YHUGDG H[LWRVD R EHOODPHQWH 7RGDV ODV FXOWXUDV VLQ HPEDUJR HVFXOSHQ VLJQL¿FDGRV H LQWHQWDQ HVWD9 EOHFHUVH FRQWUD SRVLEOHV DOWHUQDWLYDV (Q ORV DVXQWRV ,)1(-#*:!0(*!+#*(*!3#4&7(-!*%&!456%&%-'%*:!2!(!1%-)9 GR OR VRQ 5R\ 5DSSDSRUW DO HVFULELU VREUH VDQWLGDG \ ULWXDO 5DSSDSRUW KD HQIDWL]DGR OD DUELWUDULH9 GDG EiVLFD GH WRGR RUGHQ FXOWXUDO $UJXPHQWD TXH ORV VLJQL¿FDGRV HVWiQ DQFODGRV GHQWUR GH XQ SRVWXODGR TXH SXHGH VHU YHUL¿FDGR QR IDOVHDGR SHUR TXH GHEHQ *%&!'&('(4#*!+#1#!5-+)%*'5#-($0%*C!%*'>-!&#4%(4#*!4%! VDFUDOLGDG 3RGUtD DJUHJDU TXH VLHPSUH KD\ XQD SRVL9 ELOLGDG TXH SXGLHUDQ VHSDUDUVH 3RU FRQVLJXLHQWH HO '&($(<#!*51$805+#!-)-+(!%*'>!4(4#:!-#!0#.&(!)-(!*#9 OXFLyQ ¿QDO /D GHFODUDFLyQ FXOWXUDO HV TXH HO PXQGR HVWi GLVHxDGR HQ HVWD IRUPD QR REVWDQWH HV FXHVWLRQD9 GR \ QHJDGR (O SXQWR HV UHVDOWDGR SRU 9DOHULR 9DOHUL %-!*)!%*')45#!4%!.LQJVKLS DQG 6DFUL¿FH HQ +DZDL (O ULWXDO GLFH SURGXFH VHQWLGR ³>«@ DO FUHDU FRQWUDVWHV %-! %0! +.*,&*""6) GH OD H[SHULHQFLD (VWR LPSOLFD VX9 3&515&! +5%&'#*! %0%1%-'#*! 4%! 0(! %A3%&5%-+5(! 3(&(! 4(&! UHOHYDQFLD RWURV $Vt OD FUHDFLyQ GHO RUGHQ FRQFHSWXDO #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

NH


.-0$)-!//+ ("+;'"<'g!#Z

%*!(4%1>*:!%*'($0%+54#:!0(!*)3&%*58-!4%!(*3%+'#*!4%!0(! UHDOLGDG´ 9DOHUL ;, /D GRFWULQD FKLQD GH ³UHFWL¿FDFLyQ GH QRPEUHV´ KDEOD DGHPiV HQ HVWH SXQWR GH ODV DOWHUQDWLYDV VXSUL9 PLGDV 6XSRQLHQGR TXH HO PXQGR WUDEDMD HQ XQD IRU9 PD \ QR HQ RWUD VH UHTXLHUHQ FDWHJRUtDV SDUD RUGHQDU OD H[SHULHQFLD GLUHFWD $FRUGH FRQ HVWD GRFWULQD VL ORV P~OWLSOHV VLJQL¿FDGRV SHUPLWHQ WUDVFHQGHU ORV OtPLWHV %*'($0%+54#*:!%0!+#-*%-*#!*#+5(0!3#4&7(!00%.(&!(!*%&!519 SRVLEOH ±OD JHQWH SRGUtD PRGL¿FDU FRVDV FRPR ³DJXD \ IXHJR´ 3RU FRQVLJXLHQWH XQ JRELHUQR SUXGHQWH SRGUtD UHVWDXUDU FRVDV SDUD VXV SURSLDV GH¿QLFLRQHV HQ HO UHFRQRFLPLHQWR FODUR TXH HO PDQWHQLPLHQWR GH +('%.#&7(*! *#*'5%-%! (0! 3#4%&! 2! %0! 3#4%&! 1(-'5%-%! %0! RUGHQ GHO PXQGR 3RFRFN +H KDEODGR GH GLIHUHQWHV PRGRV GH SRGHU HVWUXF9 WXUDO ORV FXDOHV WUDEDMDQ PHGLDQWH UHODFLRQHV FODYHV &DGD XQR GH HOORV SRGUtD DSDUHFHU SDUD UHTXHULU GH OD .%-'%! 6#&1(*! +(&(+'%&7*'5+(*! 4%! +#-+%3')(05?(+58-! 2! FDWHJRUL]DFLyQ (Q ODV IRUPDFLRQHV VRFLDOHV TXH VHSD9 UDQ HO WUDEDMR D WUDYpV GH UHODFLRQHV EDUQL]DGDV SRU HO 3(&%-'%*+#:!0(!.%-'%!%*!(*5.-(4(!(!1(&+#*!#!+)%&3#*! GH SDUHQWHVFR TXH VRQ GLVWLQJXLGRV SRU FULWHULRV FRPR .=-%&#:!45*'5-'(*!*)$*'(-+5(*!#!%*%-+5(*!4%!0(!4%*+%-9 4%-+5(:!+#-%A5#-%*!+#-!0(!1)%&'%:!45*'&5$)+58-!456%9 UHQFLDO GH PLWRV ULWRV \ HPEOHPDV /DV IRUPDFLRQHV WULEXWDULDV MHUDUTXL]DQ HVWH FULWHULR \ HVWDEOHFHQ HV9 '&('#*!*#+5(0%*!456%&%-'%*:!+(4(!%*'&('#!%*'>!5-'%.&(4#! SRU XQD VXVWDQFLD LQWHULRU TXH OH GH¿QH XQD SRVLFLyQ \ XQ SULYLOHJLR GHQWUR GH OD VRFLHGDG /DV IRUPDFLRQHV FDSLWDOLVWDV GHVFXEUHQ OD LQGLYLGXDOLGDG GH FXHUSRV DGVFULWRV H LQVWDODQ D ORV LQGLYLGXRV FRPR DFWRUHV OL9 EHUWDG SDUD HO LQWHUFDPELR YHKtFXOR R WUXHTXH HQ HO PHUFDGR DVt FRPR HQ RWUDV HVIHUDV GH OD YLGD /RV WUHV PRGRV GH FDWHJRUL]DFLyQ VRFLDO GHO LQGLYLGXR DFWRU VRFLDO LPSOLFDQ UHODFLRQHV GLIHUHQFLDGDV FRQ OR ³QD9 WXUDO´ \ HO FRVPRV &XDQGR XQ PRGR HQWUD HQ FRQ9 ÀLFWR FRQ RWUR UHFXVD OD FDWHJRUtD IXQGDPHQWDO TXH KDELOLWD HVWD GLQiPLFD (O SRGHU HQWRQFHV VHUi LQYRFD9 GR SDUD DVDOWDU FDWHJRUtDV ULYDOHV (O SRGHU QXQFD HV H[WHUQR D OD VLJQL¿FDFLyQ ±HVWH VLJQL¿FDGR HV HO TXH SHUPLWH OD HVWDELOL]DFLyQ \ OD GHIHQVD 'HEHPRV D OD DQWURSRORJtD VRFLDO OD FODULGDG GHO SRU TXp ORV DFXHUGRV GH XQD VRFLHGDG OOHJDQ D VHU PiV YLVLEOHV FXDQGR HVWiQ GHWHUPLQDGRV SRU OD FULVLV (O SRGHU OOHJD D VHU PiV HYLGHQWH HQ ODV LQVWDQFLDV GRQGH 0(*! '&(-*6#&1(+5#-%*! #&.(-5?(+5#-(0%*! +)%*'5#-(-! (0! VLJQL¿FDGR 'pMHQPH RIUHFHU RWURV HMHPSORV (Q VX %*')45#! 4%! 0(! H$#&*0) C&0&.*) KJ/'(&'*+' 3DWULFLD $O9 EHUV \ 6H\PRXU 3DUNHU FRQWUDVWDQ ODV YLVLRQHV LQGLYLGXDOL]DGDV HQ WRUQR GH ODV EDUUDFDV LJXDOLWDULDV #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

ND

GH OD SHULIHULD \ OD YLVLyQ HVWDQGDUL]DGD GH ORV JUXSRV GH SDUHQWHVFR FRQWURODGR GH ODV YLOODV 7DPELpQ HV9 WDEOHFHQ XQ WHUFHU WLSR GH YLVLyQ RULHQWDGR KDFLD OD JXHUUD \ OD ULTXH]D HQWUH ORV QyPDGDV FD]DGRUHV TXLH9 -%*! *%! 4%*(&&#00(&#-! %-! &%*3)%*'(! (! 0(! 5-'&#4)++58-! GHO FDEDOOR \ OD SLVWROD &RPR HO SDVWRUHR D FDEDOOR SURYHH GH p[LWR JUDGXDOPHQWH ORV KRUWLFXOWRUHV OOH9 JDQ D VHU FRQWURODGRV SRU FRQÀLFWRV HQWUH ODV YLVLRQHV SHUVRQDOHV GH ORV KRPEUH MyYHQHV LQYROXFUDGRV HQ OD FD]D GHO E~IDOR \ ODV YLVLRQHV FRQWURODGDV SRU ORV JUX9 SRV FRQWURODGRV SRU HO SDUHQWHVFR (O GHVDUUROOR GHO (VWDGR 0HULQD HQ 0DGDJDVFDU QRV GD RWUR HMHPSOR %HUJ %ORFK &RPR HO (VWDGR JUDGXDO9 PHQWH VH YXHOYH SRGHURVR \ FHQWUDOL]DGR JUDFLDV D OD DJULFXOWXUD LQWHQVL¿FDGD H LQFOXVR XQD MHUDUTXtD VRFLDO 1>*!%0($#&(4(:!%0!+%-'&#!&%(0!%*!%0!%<%!4%!)-!*5*'%1(! LGHDFLRQDO /RV ULWRV ORFDOHV GH FLUFXQFLVLyQ DVSHU9 VLyQ RIUHFHQ KRQRU D ORV VXSHULRUHV \ ORV ULWXDOHV TXH *%!4%*'5-(-!(!.&)3#*!5+#-#*!2!'(05*1(-%*!6)%&#-!*5-9 FURQL]DGRV \ HQVDPEODGRV FRQ ULWXDOHV GHO (VWDGR /RV ULWXDOHV UHDOHV GH +DZiL SURSRUFLRQDQ XQ WHUFHU FDVR 6X GHVDUUROOR HVWXYR OLJDGR D ODV JUDQGHV WUDQV9 IRUPDFLRQHV TXH DIHFWDURQ +DZiL GHVSXpV GH FXDQGR OD DJULFXOWXUD \ OD DFXDFXOWXUD HUD H[WHQVLYD H LQWHQVLYD (DUOH .LUFK 6SULJJV E(*!+#1)-54(4%*!0#+(0%*!6)%&#-!&%#&.(-5?(4(*H!0#*!059 -(<%*!6)%&#-!&%+#-*'&)54#*H!0#*!30%$%2#*!3%&45%&#-!%0! GHUHFKR D OOHYDU JHQHDORJtDV \ DWHQGHU WHPSORV \ IXH9 &#-!(*5.-(4#*!+#1#!+(*59(&&%4%-4('(&5#*!4%!<%6%*!-#! ORFDOHV /RV MHIHV \ ORV DULVWyFUDWDV IXHURQ HOHYDGRV GLYLQL]DGRV \ XELFDGRV GHQWUR GH JUXSRV HQGyJDPRV /RV FRQÀLFWRV GHQWUR GH OD pOLWH OOHYDURQ D OD JXHUUD \ D LQWHQWRV GH FRQTXLVWD DOLPHQWDURQ HO FXOWR GHO VDFUL9 ¿FLR KXPDQR /DV LQQRYDFLRQHV HQ HO PLWR \ HO ULWXDO UHSUHVHQWDURQ OD LUUXSFLyQ GH OD JXHUUD \ OD YLROHQFLD SRU SDUWH GH ORV OOHJDGRV ³WLEXURQHV VREUH OD WLHUUD´ 6DKOLQV KD RIUHFLGR OD QRFLyQ GH HVWUXFWXUD FXOWXUDO SDUD LQWHUSUHWDU FyPR ORV KDZDLDQRV FRP9 3&%-4%-!0#*!+(1$5#*!2!0(!*)$*%+)%-'%!&%6#&1)0(+58-! GH VX FRPSUHQVLyQ HQ HO WUDQVFXUVR GHO FDPELR 3HUR &%6%&5&! )-(! *#0(! %*'&)+')&(! +)0')&(0! (5*0(4(! #! 5-+0)*#! D XQD GLDOpFWLFD GH XQD HVWUXFWXUD GH VLJQL¿FDGR FRQ %0! 1)-4#:! -#! *%&>! %A305+(4(! +#1#! 6#&1(*! 4(4(*! 4%! VLJQL¿FDFLyQ UHODFLRQDGDV D WUDQVIRUPDFLRQHV GH OD (.&5+)0')&(:!(*%-'(15%-'#*:!#&.(-5?(+58-!*#+5#3#07'59 FD \ UHODFLRQHV GH JXHUUD \ SD] 3DUD H[SOLFDU TXH VXFHGLy HQ +DZiL R HQ RWUD SDUWH GHEHPRV WRPDU HO *5.)5%-'%!3(*#!4%!+#13&%-4%&!0(*!+#-*%+)%-+5(*!4%0! HMHUFLFLR GHO SRGHU +H SXHVWR HO FDVR GH XQD DQWURSRORJtD TXH QR HVWi +#-'%-54(!+0(&(1%-'%!3(&(!'&(*0(4(&:!5-'%&3&%'(&!#!<)9


"(>(89+"'(#'*!&(".'>+([$8'+&($8B'%A(>$8';A(89+!%(8

.(&! +#-! )-! +(0%54#*+#35#! 4%! 6&(.1%-'#*! +)0')&(0%*:! SHUR TXH EXVFD H[SOLFDFLRQHV SDUD HO IHQyPHQR FXOWX9 UDO 3RGHPRV FRQVWUXLU GHO SDVDGR \ YLHMDV LGHDV SHUR GHEHPRV KDOODU QXHVWUD IRUPD SDUD VXJHULU QXHYDV FXHVWLRQHV &RPSUHQGR D OD DQWURSRORJtD FRPR XQD WDUHD WDQWR FRPR XQD SUHJXQWD FROHFWLYD TXH VH PXH9 YH HQ FtUFXORV H[SDQVLYRV XQD SUHJXQWD TXH GHSHQGH 4%!0(*!+#-'&5$)+5#-%*!4%!+(4(!)-#!4%!-#*#'&#*:!2!3(&(! OR FXDO VRPRV WRGRV UHVSRQVDEOHV 5()(5(1&,$6

$GDPV 5 &UXFL¿[LRQ E\ 3RZHU (VVD\V RQ g"#,'6#$#)S.+&#$)S,("+,"(' $XVWLQ 8QLYHUVLW\ RI 7H[DV 3UHVV $GDPV 5 H.D'()#*9)H.D'()`.6#&*0 $XV9 WLQ 8QLYHUVLW\ RI 7H[DV 3UHVV $GDPV 5 K*'(<5)#*9)S,("+,"('X)L)b4'.(5).8) S.+&#$)H.D'( $XVWLQ 8QLYHUVLW\ RI 7H[DV 3UHVV $OEHUV 3 \ 3 6H\PRXU ³7KH 3ODLQV 9LVLRQ ([SHULHQFH $ 6WXG\ RI 3RZHU DQG 3ULYLOHJH´ S",4D'(,'(*)d."(*#$).8)L*,4(./.$.<5 Q~P $UHQVEHUJ & ³&XOWXUH DV %HKDYLRU 6WUXFWX9 &%!(-4!@1%&.%-+%G:!L**"#$)P'-&'D).8)L*,4(./.@ $.<5 Q~P %DODQGLHU * H.$&,&+#$)L*,4(./.$.<5 1XHYD <RUN 5DQGRP +RXVH %HUJ * ³5R\DO $XWKRULW\ DQG WKH 3URWHFWRU 6\VWHP LQ 1LQHWHHQWK &HQWXU\ ,PHULQD´ HQ & 3 .RWWDN ',)#$ HG M#9#<#0+#(X)S.+&',5)#*9)F&0@ ,.(5 'XUKDP &DUROLQD $FDGHPLF 3UHVV %ORFK 0 N(.6)Q$'00&*<),.)C&.$'*+'X)F&0,.(5) #*9)>9'.$.<5)&*),4')!&(+"6+&0&.*)P&,"#$).8),4')M'@ (&*#).8)M#9#<#0+#(:!J(1$&54.%:!J(1$&54.%!L-59 YHUVLW\ 3UHVV %RRQ - c,4'()b(&1'0;)c,4'()S+(&1'0X)S561.@ $&+)L*,4(./.$.<5)&*),4')!.6/#(#,&-')S,"95).8)!"$@ ,"('0;)F&0,.(&'0;)P'$&<&.*0;)#*9)b'J,0:!J(1$&54.%:! &DPEULGJH 8QLYHUVLW\ 3UHVV %ULJKW & \ 6 +DUGLQJ HGV S,#,'6#A&*<) #*9) S.+&#$) M.-'6'*,0X) K00#50) &*) F&0,.(5) #*9) b4'.(5 $QQ $UERU 8QLYHUVLW\ RI 0LFKLJDQ 3UHVV %URZQ 5 ³$QWKURSRORJ\ DQG &ROLQOD 5XOH *RGIUH\ :LOVRQ DQG WKH 5KRGHV /LYLQJVWRQH ,QVWLWXWH 1RUWKHUQ 5KRGHVLD´ HQ 7 $VVDG HG L*,4(./.$.<5) #*9) ,4') !.$.*&#$) K*+."*,'(:! E#-9 GUHV ,WDFD 3UHVV (DUOH 7 ³(FRQRPLF DQG 6RFLDO 2UJDQL]DWLRQ RI D &RPSOH] &KLHIGRP 7KH +DOHOHD 'LVWULFW .DXDL +DZDLL´ L*,4(./.$.<&+#$) H#/'(0 Q~P $QQ $UERU 0XVHXP RI $QWKURSRORJ\ 8QLYHU9 VLW\ RI 0LFKLJDQ

+'!',&-.$./$0&-%)$

(DUOH 7 ³&KLHIGRPV DQG $UFKDHRORJLFDO DQG (WKQRVKLVWRULFDO 3HUVSHFWLYH´ L**"#$) P'-&'D) .8) L*,4(./.$.<5 Q~P (DUOH 7 ³7KH (YROXWLRQ RI &KLHIGRPV´ !"@ (('*,)L*,4(./.$.<5 Q~P (SVWHLQ $ / H.$&,&+0)&*)#*)e(1#*)L8(&+#*)!.6@ 6"*&,5; 0DQFKHVWHU 0DQFKHVWHU 8QLYHUVLW\ 3UHVV )HLQPDQ * \ - 1HLW]HO ³7RR 0DQ\ 7\SHV $Q 2YHUYLHZ RI 6HGHQWDU\ 3UHVWDWH 6RFLHWLHV LQ WKH $PHULFDV´ HQ 0 % 6FKLIIHU HG L9-#*+'0) &*) L(+4#'.$.<&+#$) M',4.9) #*9) b4'.(5 YRO 1XHYD <RUN $FDGHPLF 3UHVV )RXFDXOW 0 b4')S"1G'+,)#*9)H.D'(2)>*)L(,) #8,'()M.9'(*&06X)P',4&*A&*<)P'/('0'*,#,&.*;)%RV9 WRQ 1XHYD <RUN 'DYLG *RGLQH 1HZ 0XVHXP RI &RQWHPSRUDQ\ $UW *DLOH\ & j&*04&/),.)j&*<04&/X)g'*9'()F&'@ (#(+45)#*9)S,#,')N.(6#,&.*)&*),4')b.<#*)>0$#*90:! $XVWLQ 8QLYHUVLW\ RI 7H[DV 3UHVV *HHUW] & b4') >*,'(/(',#,&.*) .8) !"$,"('0:! 1XHYD <RUN %DVLF %RRNV *RGHOLHU 0 H'(0/'+,&-'0)&*)M#(J&0,)L*,4(.@ /.$.<5 &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV *ROGPDQ , b4') M.",4) .8) F'#-'*X) L*) >*@ ,(.9"+,&.*),.)jD#A&",$)P'$&<&."0)b4."<4, 1XHYD <RUN :LOH\ ,QWHUVFLHQFH .DXIPDQQ : 3&',E0+4'X)H4&$.0./4'(;)H405@ +.$.<&0,;)#*9)L*,&+4(&0,:!/&5-+%'#-:!/&5-+%'#-!L-59 YHUVLW\ 3UHVV .LUFK 3 N'#,4'('9)g.90)#*9)N&04..A0X)L*9) >*,(.9"+,&.*) ,.) F#D#&&#*) L(+4#'.$.<5) #*9) H('@ 4&0,.(5; +RQROXOX 8QLYHUVLW\ RI +DZDLL 3UHVV /DQ ' g"*0) #*9) P#&*X) g"'(&$$#0) #*9) S/&@ (&,) M'9&"6) &*) B&61#1D' %HUNHOH\ /RV $QJHOHV 8QLYHUVLW\ RI &DOLIRUQLD 3UHVV 0LWFKHOO - ³7KH .DOHOD 'DQFH $VSHFWV RI 6RFLDO 5HODWLRQVKLS DPRQJ 8UEDQ $IULFDQV LQ 1RU9 ',%&-!",#4%*5(G:!P4.9'0@7&-&*<0,.*')H#/'( Q~P 0DQFKHVWHU 0DQFKHVWHU 8QLYHUVLW\ 3UHVV IRU 5KRGHV /LYLQJVWRQH ,QVWLWXWH 2UWQHU 6 ³7KHRU\ LQ $QWKURSRORJ\ VLQFH WKH 6L[WLHV &RPSDUDWLYH 6WXGLHV´ S.+&',5) #*9) F&0@ ,.(5 Q~P 3RFRFN - H.$&,&+0;)7#*<"#<'0)#*9)b&6'2)K00#50)&*) H.$&,&+#$)b4."<4,)#*9)F&0,.(5 1XHYD <RUN $WKHQHXP 5DQJHU 7 b4') L8(&+#*) C.&+') &*) S.",4'(*) P4.9'0&# /RQGUHV +HLQHPDQQ 5DQJHU 7 `#*+')#*9)S.+&',5)&*)K#0,'(*)L8(&@ FD 7KH %HQL 1JRPD %HUNHOH\ /RV $QJHOHV 8QLYHUVLW\ RI &DOLIRUQLD 3UHVV 5DSSDSRUW 5 K+.$.<5;) M'#*&*<;) #*9) P'$&@ #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

NJ


.-0$)-!//+ ("+;'"<'g!#Z

<&.* 5LFKPRQG 1RUWK $WODQWLF %RRNV 6DKOLQV 0 >0$#*90).8)F&0,.(5:!J,5+(.#:!L-59 YHUVLW\ RI &KLFDJR 3UHVV 6FRWW - h'#/.*0) .8) ,4') h'#AX) K-'(59#5) N.(60) .8) H'#0#*,) P'0&,'*+' 1HZ +DYHQ <DOH 8QLYHUVLW\ 3UHVV 6LFKRQH 2 ³7KH 'HYHORSPHQW RI DQ 8UEDQ :RU9 NLQJ &ODVV &XOWXUH RQ WKH 5KRGHVLDQ &RSSHUEHOW´ HQ ' 0LOOHU 0 5RZODQGV & 7LOOH\ HGV `.6&*#,&.*) #*9)P'0&0,#*+' /RQGUHV 8QZLQ +\PDQ 6SULJJV 0 ³7KH +DZDLLDQ 7UDQVIRUPDWLRQ RI $QFHVWUDO 3RO\QHVLDQ 6RFLHW\ &RQFHSWXDOL]DLQJ &KLHÀ\ 6WDWHV´ HQ - *OHGKLOO % %HQGHU \ 0 7UROOH /DUVHQ HGV 6WDWH DQG 6RFLHW\ b4')K6'(<'*+')#*9) `'-'$./6'*,).8)S.+&#$)F&'(#(+45)#*9)H.$&,&+#$)!'*@ ,(#$&E#,&.* /RQGUHV 8QZLQ +\PDQ 6WHZDUG - HW DO b4')H'./$').8)H"'(,.)P&+.:!

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

NK

8UEDQD 8QLYHUVLW\ RI ,OOLQRLV 3UHVV 9DOHUL 9 .LQJVKLS DQG 6DFUL¿FH 5LWXDO DQG S.+&',5)&*)L*+&'*,)F#D#&& &KLFDJR 8QLYHUVLW\ RI &KLFDJR 3UHVV 9DQ %LQVEHUJHQ : \ 0 6FKRIHOHHUV HGV b4'.(',&+#$)KJ/$.(#,&.*0)&*)L8(&+#)P'$&<&.*:!E#-9 GUHV .HJDQ 3DXO ,QWHUQDWLRQDO 9HUGRQ 0 ³7KH $EXWLD (ZH RI :HVW $IULFD $ &KLHIGRP WKDW 1HYHU :DV´ S,"9&'0)&*),4')S.+&#$) S+&'*+'0 Q~P :DOODFH $ !"$,"(')#*9)H'(0.*#$&,5 1XHYD <RUN 5DQGRP +RXVH :HUEQHU 5 P&,"#$)H#00#<';)S#+('9)d."(*'5X)b4') N.(6;)H(.+'00)#*9)c(<#*&E#,&.*).8)P'$&<&."0)M.-'@ 6'*, :DVKLQJWRQ 6PLWKVRQLDQ ,QVWLWXWLRQ 3UHVV


IMPRENTA PÚBLICA!


*$#$?"$:F1#$4('&('!2"!'#/7+1!'*!#52+1!

0$@+$'3'*!#52+1$'(%'(#'

pensamiento &(')$(2$%!'0!:1$D L522+'5+%>'+.5-566

@

R

O WpUPLQR ³PD¿D´ GHVGH KDFH PXFKRV DxRV UH9 JUHVD FRPR XQ O~JXEUH HFR YLQFXODGR FRQ HO QRPEUH GH 6LFLOLD GH FX\R GLDOHFWR HO WpUPLQR HQFXHQWUD VX RULJHQ DGTXLULHQGR HQ VHJXLGD WDO GLIX9 VLyQ TXH SXGLHUD FRQVLGHUDUVH XQD FRQWULEXFLyQ LWD9 OLDQD D XQ Op[LFR XQLYHUVDO FRPR KDEtD VXFHGLGR FRQ HO WpUPLQR (VWDGR DFXxDGR SRU 0DTXLDYHOR E(!+#13(&(+58-!%-'&%!0#*!4#*!'=&15-#*:!3(&(!)-!%*9 ')45#*#!4%!0(!3#07'5+(:!-#!%*!+(*)(0C!%0!6%-81%-#!4%!0(! PD¿D SUHVHQWD HQ HIHFWR XQD GREOH FDUD 5HSUHVHQWD 3#&!)-(!3(&'%!)-!3&#+%*#!3('#08.5+#!4%!0(!*#+5%4(4!+59 YLO XQD GHJHQHUDFLyQ GHO VHQWLGR GHO KRQRU HQ ODV UH9 ODFLRQHV VRFLDOHV SRU OR FXDO KD GHYHQLGR XQ VtPEROR GH OD YLROHQFLD \ GH OD H[SORWDFLyQ \ OODPDU D OD PD¿D ³KRQRUDEOH VRFLHGDG´ VXHQD FRPR XQD LURQtD PDFDEUD /#&!#'&(!3(&'%:!&%3&%*%-'(!)-!3&#$0%1(!4%!+(&>+'%&!3#9 07'5+#:!%*!4%+5&:!%*!0(!+#-'(15-(+58-!4%0!3#4%&!0%.7'51#! SRU OD FROXVLyQ FRQ LQWHUHVHV SULYDGRV FULPLQDOHV @*'(!4#$0%!-(')&(0%?(!+(&(+'%&5?(!(!0(!+&515-(054(4! PD¿RVD \ OD GLIHUHQFLD UDGLFD HQWUH XQD FDUD GH OD (O SUHVHQWH WH[WR IRUPD SDUWH GH ORV GRV YRO~PHQHV TXH HGLWDUD (WWRUH $OEHUWRQL HQ HO $UFKLYR LQWHUQDFLRQDO *DHWDQR 0RVFD SDUD HO HVWXGLR GH OD FODVH SROtWLFD \ TXH OOHYD HO WtWXOR g.-'(*.) ') <.-'(*#1&$&,#\) *'$) 0&0,'6#)/.$&,&+.)')<&"(&9&+.)9&)g#',#*.)M.0+#; 0LOiQ *LXIIUH¶ 7UDGXFFLyQ GH ,VUDHO &RYDUUXELDV DD O5''#&5#! I&#*5-5! 6)%! 3&#6%*#&! 4%! 0(! I(+)0'(4! 4%! S)&5*3&)4%-+5(! 4%! 0(! 8QLYHUVLGDG GH 5RPD /D 6DSLHQ]D 7DPELpQ IXH SURIHVRU GH ODV 8QL9 YHUVLGDGHV GH 7RNLR \ +DUYDUG 6XV SULQFLSDOHV FDPSRV GH LQYHVWLJDFLyQ \ HQVHxDQ]D IXHURQ OD KLVWRULD GH ODV GRFWULQDV SROtWLFDV ¿ORVRItD GHO GHUHFKR WHRUtD GH OD LQWHUSUHWDFLyQ MXUtGLFD \ GHUHFKR D OD LQIRUPDFLyQ D

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

NN

+&515-(054(4!+#1;-!#&.(-5?(4(!%-!$(-4(*!(&1(4(*!#! HQ RWUDV IRUPDV DVRFLDWLYDV \ XQD FDUD GH OD FULPL9 QDOLGDG SROtWLFD TXH KR\ GHVLJQDPRV FRQ HO WpUPLQR JHQpULFR GH WHUURULVPR /D PD¿D QR HVWi UHVWULQJLGD (0!+(13#!4%!0(!+#-6&#-'(+58-!4%!5-'%&%*%*!%+#-815+#*! HQWUH SULYDGRV SURSLHWDULRV \ XVXUHURV R HQWUH SUL9 YDGRV \ HO (VWDGR FRPR HQ HO FDVR GH IDOVL¿FDGRUHV \ FRQWUDEDQGLVWDV \ PXFKR PHQRV DOOi HQ GRQGH OD PD¿D FRQVWLWX\H XQ DGYHUVDULR GHFODUDGR GHO VLVWHPD SROtWLFR FRPR HV HO FDVR GH OD RSRVLFLyQ VXEYHUVLYD 3RU OR WDQWR OD PD¿D HV FRQMXQWDPHQWH XQ SUREOHPD 4%!0(!3#05+7(!2!)-!3&#$0%1(!4%!0(!3#07'5+(:!4%!&%3&%*58-! SHQDO \ GH GLVFULPLQDFLyQ HQWUH ODV IXHU]DV VRFLDOHV (O JUDQ LQWHUpV GH ODV LQYHVWLJDFLRQHV GHGLFDGDV SRU *DHWDQR 0RVFD D OD FXHVWLyQ GH OD PD¿D FRQVLVWH HQ KDEHU SXHVWR HQ HYLGHQFLD HVWD GXSOLFLGDG GLJD9 PRV PHMRU HVWD DPELJ HGDG TXH KDFH D OD PD¿D XQ HQHPLJR WDQ WHUULEOH \ FRUURVLYR DO RUGHQ FLYLO /#&!%00#:!*)*!%-*(2#*!*#$&%!%0!(&.)1%-'#!4%$%-!*%&! +#-*54%&(4#*!(!'7')0#!30%-#!%-'&%!*)*!'&($(<#*!4%!+5%-9 FLD SROtWLFD \D TXH FRQVLVWHQ HQ HO DQiOLVLV GH XQ DV9 SHFWR GH OD YLGD SROtWLFD TXH SHUPDQHFH HQ OD VRPEUD FRPR YDORU QHJDWLYR \ VH SRGUtD GHFLU TXH HV VX IHUR] FDULFDWXUD SUiFWLFD (Q HIHFWR OD PD¿D FRQVLVWH HQ XQ 3#4%&!3#07'5+#!#+)0'#:!%-!)-(!*)3%&%*'&)+')&(!3(&(*5'(9 ULD iYLGD YLFLRVD \ YLROHQWD GH ODV LQVWLWXFLRQHV SROt9 WLFDV WDQWR HQ ODV VRFLHGDGHV MHUiUTXLFDV FRPR HQ ODV VRFLHGDGHV GHPRFUiWLFDV


7$Z+$'='*!#:9+;$'(%'(#'*(%8$7+(%9!'&(')$(9$%!'7!8;$

+'&#(%-L)$/(M0+&,$

RR

RRR

*DHWDQR 0RVFD HVFULEH VREUH HO DUJXPHQWR HQ XQ SHULRGR GH WLHPSR GH WUHLQWD DxRV HQ DSDUHFH %-! %0! g&.(*#$') 9'<$&) K+.*.6&0,&) %0! '%A'#! 4%! 0(! +#-9 IHUHQFLD TXH SUHVHQWy HO DxR DQWHULRU HQ 7XUtQ \ HQ 0LOiQ LQWLWXODGD ³&KH FRVD H¶ OD PD¿D´ GLDJQyVWLFR O~FLGR GHVSLDGDGR TXH HV IXQGDPHQWDO HQ WDO JpQHUR GH HVWXGLRV (VWD FRQIHUHQFLD IXH VHJXLGD SRU DOJXQRV (&'7+)0#*!*#$&%!%0!15*1#!(&.)1%-'#:!3)$05+(4#*!%-!%0! !.((&'(') 9'$$#) S'(# ³/¶LQFKLHVWD GL 3DOHUPR´ GH HQHUR GH ³3DOHUPR H O¶DJLWD]LRQH SUR 3DOL]]ROR´ GH DJRVWR GH ³3HUFKp RIIHQGH LO VHQVR PRUDOH O¶DSRWHRVL GL 3DOL]]ROR´ GH MXOLR GH /D LPSRUWDQFLD UHFRQRFLGD D HVWDV FRQWUL9 EXFLRQHV IXH WDO TXH 0RVFD HV OODPDGR SDUD FRODERUDU %-!0(!K*+5+$./'9&#).8)S.+&#$)S+&'*+'0)GH 1XHYD <RUN SDUD HVFULELU OD YR] 0D¿D TXH DSDUHFH HQ (VWH ~OWLPR WUDEDMR TXH IXH SXEOLFDGR GLUHFWDPHQWH HQ LQ9 .0=*:!3%&1(-%+58!4%*+#-#+54#!(0!0%+'#&!5'(05(-#!,(*'(! -)%*'&#*!47(*:!+)(-4#!6)%!'&(4)+54#!2!+#1350(4#!+#-! RWURV HVFULWRV HQ XQ VROR YROXPHQ 0RVFD 6H WUDWD HQ HVWH ~OWLPR \ WDUGtR HQVD\R VX DXWRU \D KDEtD FXPSOLGR ORV DxRV GH XQD YLJRURVD VtQWHVLV GHO SHQVDPLHQWR GH 0RVFD VREUH HO WHPD HQ HO FXDO pO UHD¿UPD VX GH¿QLFLyQ GH PD¿D TXH FRQVLVWH HQ OD ³WLUDQtD GH ODV SHTXHxDV PLQRUtDV GHVRUJDQL]DGDV´ (VWD VH DSOLFD WDQWR HQ OD VRFLHGDG FLYLO FRPR HQ OD VRFLHGDG SROtWLFD VHJ~Q OD GRFWULQD HO PLVPR 0RVFD 0#!+)(0!&%+)%&4(!0(!(++58-!4%!0(!3#05+7(!&%(05?(4(!3#&! HO SUHIHFWR GH 3DOHUPR $QWRQLR 0DOXVDUGL HQYLDGR D 6LFLOLD HQ FRQ SRGHUHV HVSHFLDOHV HQ WRGR HO WHUULWRULR GH OD LVOD TXH RSHUy XQD VHYHUD OLPSLD GH OD FULPLQDOLGDG PD¿RVD 6LQ HPEDUJR 0RVFD REVHUYD TXH HO SRGHU PD¿RVR VH GHVDUUROOy HQ 6LFLOLD GHVSXpV 4%!0(!3&51%&(!%A'%-*58-!513#&'(-'%!4%0!*)6&(.5#!%0%+9 WRUDO XQLYHUVDO DFDHFLGD HQ SRU OD LQÀXHQFLD SROtWLFD HMHUFLWDGD SRU ORV PD¿RVRV FRQ DPHQD]DV \ H[WRUVLRQHV HQ ODV HOHFFLRQHV 6LQ HPEDUJR TXHGD HQ 0RVFD OD GLVWLQFLyQ HQWUH %0!3#4%&!%<%&+54#!3#&!0(!F+0(*%!3#07'5+(G!&%+#-#+54(! FRPR WDO \D TXH VH IXQGD VREUH XQ SULQFLSLR GH OHJL9 WLPLGDG MXUtGLFD SDUD YROYHUVH XQD PLQRUtD GLULJHQ9 '%!(&'5+)0(4(!%-!0#*!3(&'54#*!4%!.#$5%&-#!2!4%!#3#*59 +58-:!2!0(!F+.0+# PD¿RVD´ TXH HV OD FRQWUD FDUD GH OD SULPHUD SRUTXH HVWi SULYDGD WDQWR GH XQD ³IyU9 PXOD SROtWLFD´ LGHRORJtD GH LQWHUpV JHQHUDO FRPR GH XQD GHIHQVD MXUtGLFD FRPSOHMR GH JDUDQWtDV HVWD9 WXWDULDV < HV SRU HVR TXH OD PD¿D VH SXHGH GH¿QLU FRPR XQD VXSHUHVWUXFWXUD SDUDVLWDULD TXH DEVRUEH GHO FXHUSR SROtWLFR ODV HQHUJtDV YLWDOHV H LQWURGXFH HQ pO VXV YHQHQRV

(VWD HV XQD GH¿QLFLyQ GHVDUUROODGD HQ Pt HQVD\R VREUH OD PD¿D )URVLQL 5HQGD 6FLDVFLD TXH ,(!*54#!&%+5$54(!'(1$5=-!3#&!(0.;-!%*')45#*#!%A'&(-9 <%&#:! 2! +&5'5+(4(! 3#&! #'&#*:! +#1#! %0! 3#05'80#.#! -#&9 '%(1%&5+(-#!S#*%3,!E(!E)15(!%-!*)!'&($(<#!*#$&%!0(! 0D¿D FRPR PHQWDOLGDG SROtWLFD (O WtWXOR DQWHV FLWDGR HV LQGLFDWLYR GHO HTXtYRFR TXH VH DQLGD HQ HO FXHUSR GHO DUWtFXOR \ TXH FRUUHV9 3#-4%!3#&!0#!4%1>*!(!)-!(&.)1%-'#!3#0=15+#!0(&.(9 1%-'%!(4#3'(4#!'(1$5=-!%-!R'(05(!%-!0(*!45*+)*5#-%*! DFWXDOHV TXH VH GHVDUUROODQ VREUH OD PD¿D 6HJ~Q /D /XPLD HQ HIHFWR OD PHQWDOLGDG PD¿RVD IRUPDUtD SDU9 '%!4%!0(!1%-'(054(4!3#07'5+(:!2!0(!456%&%-+5(!%-'&%!)-(! 2!#'&(!F&%*3%+'#!(!0(!'%-4%-+5(!4%0!+&51%-:!%*!)-(!459 IHUHQFLD GH JUDGR \ FLUFXQVWDQFLDO QR GH QDWXUDOH]D´ @*'(!%-)-+5(+58-!.%-%&(05?(4(!2!$&)'(0!4%!)-!3&5-9 +535#!4%!%*+%3'5+5*1#!3#07'5+#!%-+)%-'&(!&%*3)%*'(!%-! DOJXQDV DYHQWXUDGDV D¿UPDFLRQHV VHJ~Q ODV FXDOHV VH VRVWLHQH TXH OD DFWXDO FODVH SROtWLFD VLFLOLDQD TXH %<%&+5'(!*)!3#4%&!%-!0(!&%.58-:!'%-4&7(!*)!+#13#-%-'%! PD¿RVR GHELGR D VX PLVPR FRQGLFLRQDPLHQWR DP9 ELHQWDO 4XLVLHUD UHFRUGDU D HVWH SURSyVLWR TXH QR 3)%4%! *%&! 5.-#&(4(! 0(! .&(-! 0%++58-! 4%0! 3%-*(15%-'#! GH 0RVFD FX\D LQWHUSUHWDFLyQ GH OD VRFLHGDG PD¿RVD 4%*%-1(*+(&(! &%*)%0'(1%-'%! 0(! 15'#0#.7(! 6#0+0#&5*'(! 4%!0(!F*5+505(-5?(+58-G:!2!(3)-'(!45&%+'(1%-'%!(!0(!%A9 SOLFDFLyQ VRFLROyJLFD GH ODV UHODFLRQHV HQWUH PD¿D \ 3#07'5+(!%-!'=&15-#*!4%!)-(!'%#&7(!.%-%&(0:!4%!0(!+)(0! /D /XPLD QR PXHVWUD WHQHU OD PiV PtQLPD LGHD E(!+&7'5+(!4%!0#*!3(&'54#*!2!4%0!&=.51%-!3(&0(1%-9 WDULR FRQGXFLGD SRU 0RVFD HV HIHFWLYDPHQWH PX\ GLVWLQWD GH DTXHOOD GH ORV DXWRUHV GH ORV UHJtPHQHV &%(++5#-(&5#*! 3#&! )-(! 3(&'%:! 2! 4%! 0#*! *%+)(+%*! 4%0! PDU[LVPR SRU OD RWUD TXH WLHQGHQ D FRQIXQGLUVH HQ9 WUH HOORV HQ HO GHVSUHFLR FRP~Q GH TXH WRGRV WLHQHQ SRU HO YDORU GH OD OLEHUWDG GH¿QLGD WDQWR GH XQ ODGR \ GHO RWUR FRPR ³EXUJXHVD´ \ SRU HO VLJQL¿FDGR TXH OD UHSUHVHQWDFLyQ SROtWLFD DVXPH D WUDYpV GH OD GLDOpFWL9 FD GH ORV SDUWLGRV /D RSHUDFLyQ FRQFHSWXDO HMHFXWD9 GD SRU 0RVFD IXH SUHFLVDPHQWH DTXHOOD GH GLVWLQJXLU HQWUH DFWLYLGDG SROtWLFD \ DFWLYLGDG VHFWDULD FRPR HV OD PD¿RVD D HVWH MXLFLR FRUUHVSRQGH HO FULWHULR RSH9 UDWLYR SHUPLWLGR SDUD VHSDUDU GHO FXHUSR SROtWLFR HO SDUDVLWLVPR PD¿RVR TXH HV HO FULWHULR GH KDFHU XVR DO SULQFLSLR GH OD OHJDOLGDG @0! *%-'54#! 4%0! 4%&%+,#! 2! 4%! 0(! 0%2! +#-*5*'%!3&%+59 VDPHQWH HQ HVWD GLVFULPLQDFLyQ TXH VH FXPSOH HQWUH %0!()'=-'5+#!&#*'&#!4%0!#&4%-!3#07'5+#:!5-*35&(4#!%-!0#*! YDORUHV GH OD OLEHUWDG \ OD GHPRFUDFLD GH OD FRQVWLWX9 FLyQ LWDOLDQD \ OD DUURJDQWH LPDJHQ GHO SRGHU PD¿RVR #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

NI


&#(%-L)$/(M0+&,$//+ >+99!"+!'Z"!8+%+

/D FUtWLFD GH /D /XPLD VHJ~Q OD FXDO FXDOTXLHU +0(*%!3#07'5+(!(3(&%+%!5-6%+'(4(!3#&!0(!1%-'(054(4!1(9 ¿RVD HV GH XQ PDTXLDYHOLVPR HQWHQGLGR HQ VHQWLGR GHFDGHQWH SRUTXH LJQRUD HO UREXVWR VHQWLGR LGHDO GHO (VWDGR TXH WXYR FRQ 0DTXLDYHOR \ 0RVFD GRV HVFUL9 WRUHV SROtWLFRV GHVSUHMXLFLDGRV HQ VXV REVHUYDFLRQHV GH OD UHDOLGDG SHUR DPERV ULFRV GH IH FLYLO \ GH HP9 SHxR pWLFR

0RVFD QR SXHGH VHUYLU GH HOHPHQWR UHGXFWRU VREUH WRGR HV LPSRUWDQWH UHWHQHU OR VLJXLHQWH TXH VX REUD H[SUHVDED FLHUWDV H[LJHQFLDV GH FODUL¿FDFLyQ LQWHOHF9 WXDO TXH HUDQ DGYHUWLGDV HQ OD VRFLHGDG GH VX WLHPSR \ RIUHFtD XQ PRGHOR LQWHUSUHWDWLYR TXH VH DGDSWDED D HOOD 3RU OR WDQWR HV 0RVFD TXLpQ VLUYH SDUD H[SOLFDU OD 6LFLOLD GH ORV <#$#*,".6&*&)\ GH ORV PD¿RVRV \ QR OD 6LFLOLD SDUD H[SOLFDU D 0RVFD VLHQGR OD UD]yQ TXH H[SOLFD HO PLWR \ QR YLFHYHUVD

RO

0RVFD HVFULEH VX SULPHU WUDEDMR VREUH OD PD¿D SRUTXH WHUPLQD WXUEDGR H LQFLWDGR SRU OD SURIXQGD \ GLIXQGLGD LQGLJQDFLyQ TXH UHFRUUtD ,WDOLD SRU HO FUXHO GHOLWR FRPHWLGR VREUH HO PDUTXpV 1RWDUEDUWROR TXH GDUtD RULJHQ D XQ IDPRVR SURFHVR TXH SRU GLH] DxRV DQGXYR GH XQD VHGH MXGLFLDO D RWUD GH 3DOHUPR GRQ9 GH HO KHFKR KDEtD SDVDGR HO GH IHEUHUR GH D 0LOiQ GRQGH HO SURFHVR KDEtD VLGR WUDQVIHULGR FXDQ9 GR 0RVFD HVFULEtD VX HQVD\R \ GH 0LOiQ D 3DOHUPR QXHYDPHQWH GHVSXpV D %RORxD \ DO ¿QDO D )ORUHQFLD 4#-4%! *%! +#-+0)2%! +#-! 0(! ($*#0)+58-! 4%0! 3&5-+53(0! 513)'(4#:! ()'#&! 5-'%0%+')(0! 4%0! 4%05'#! *%.;-! 0(! (+)9 VDFLyQ HO FXDO HUD HO KRQRUDEOH 5DIIDHOOH 3DOL]]ROR /R TXH GHEH VHU UHVDOWDGR HV TXH HO GLDJQyVWLFR VRFLR9 OyJLFR UHDOL]DGR SRU 0RVFD HYLWD ORFDOL]DU OD JpQHVLV KLVWyULFD GHO IHQyPHQR PD¿RVR HQ 6LFLOLD PHGLDQWH XQ KiELO UHFODPR DO ³LQPRUWDO 0DQ]LQL´ \ D VX ³KLV9 WRULD PLODQHVD GHO VLJOR ;9,,´ TXH VH EDVDED VREUH XQ HSLVRGLR GHO WtSLFR JpQHUR ³PD¿RVR´ DGHPiV ORV HMHFXWRUHV PDWHULDOHV GHO GHOLWR UHVXOWDURQ DO ¿QDO VHU RULJLQDULRV GH OD SURYLQFLD GH )HUUDUD (O DQiOLVLV FRQGXFLGR SRU 0RVFD GH OD VRFLHGDG PD¿RVD VH FRQHFWD SRU RWUD SDUWH FRQ HO SUREOHPD GH 0(!3%&*5*'%-+5(!4%!0(!,)%00(!#&5.5-(&5(!4%!0(*!513&%*5#9 -%*!5-+&)*'(4(*!%-!*)!%*37&5')!2!&%+5$54(*!3#&!*)!6#&9 1(+58-!%-!%0!(1$5%-'%!*#+5(0!*5+505(-#H!3&#$0%1(:!+)9 \RV WpUPLQRV KDQ VLGR LQGLFDGRV SRU $QWRQLR *UDPVFL %-!)-(!-#'(!4%!*)*!["#9'(*&)9'$)+#(+'(') \ SRU + 6WXDUW +XJKHV TXH KDQ JHQHUD9 GR RWUR HTXtYRFR TXH DPHULWDUtD VHU DFODUDGR (V YHUGDG TXH WDPELpQ OD WHRUtD GH 0RVFD WLHQH VXV UDtFHV HQ XQ GHWHUPLQDGR WHUULWRULR OLQJ tVWLFR KLVWy9 &5+#!2!*#+5(0:!+#1#!%*!+#-!'#4(*!0(*!'%#&7(*!3#07'5+(*:! FRPSUHQGLGDV HQWUH HOODV REYLDPHQWH OD WHRUtD PDU9 [LVWD \ OD PLVPD WHRUtD GH *UDPVFL TXH UHSUHVHQWD VX YDULDQWH LWDOLDQD 6LQ HPEDUJR OR TXH FXHQWD HV OD FD9 SDFLGDG TXH XQD WHRUtD SRVHH SDUD H[WHQGHUVH PiV DOOi GHO WHUULWRULR RULJLQDULR SDUD VHUYLU D OD FRPSUHQVLyQ '(1$5=-!4%!0(*!%A3%&5%-+5(*!+#0#+(4(*!%-!(1$5%-'%*! GLYHUVRV FRPR KD VXFHGLGR SUHFLVDPHQWH FRQ OD REUD GH 0RVFD 3RU OR WDQWR OD VLFLOLDQLGDG RULJLQDULD GH #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

IO

O

/D UHODFLyQ H[LVWHQWH HQWUH PD¿D SROtWLFD \ UHDOL9 GDG VLFLOLDQD HQ HO SHQVDPLHQWR GH 0RVFD HQFXHQWUD *5-!%1$(&.#:!)-(!4%!*)*!%A305+(+5#-%*!.%-='5+(*!%-!%0! FDVR TXH VH DGKLHUD D OD ¿QD REVHUYDFLyQ GHVDUUROOD9 GD SRU 6DOYDWRUH 9DOLWXWWL 0RVFD QR KD9 ELHQGR SHUWHQHFLGR DO JUXSR GH ORV µPHULGLRQDOLVWDV¶ FRPR VXV FRQWHPSRUiQHRV TXH KLFLHURQ GH OD µFXHV9 WLyQ PHULGLRQDO¶ VX WHPD FHQWUDO GH UHÀH[LyQ DPHUL9 WD VHU WDPELpQ FRQVLGHUDGR XQR GH HOORV D OD OX] TXH (&&#<(!%0!+#-<)-'#!4%!*)*!%*+&5'#*!*#$&%!%0!(&.)1%-'#! VLFLOLDQR 1R REVWDQWH VX PHULGLRQDOLVPR KD WHQLGR %*'(!45*'5-+58-!+(&(+'%&7*'5+(C!=0!*5.)58!*)!'&($(<#!+#-! ³HO PpWRGR GHO DXWRFRQRFLPLHQWR´ TXH FRQVLVWH HQ OD &%+#-*'&)++58-!4%!0#*!,%+,#*!,5*'8&5+#*!F+#1#!&%(059 ]DFLRQHV R QHJDFLRQHV GH DTXHOORV YDORUHV KXPDQRV TXH HVWiQ YLYRV R SUHVHQWHV HQ OD PLVPD FRQFLHQFLD GH TXLpQ ORV EXVFD \ ORV UHFRQVWUX\H´ \ TXH HQ HO FDVR GH 0RVFD HUD SUHFLVDPHQWH HQ OD FRQFLHQFLD GH XQ LQWHOHFWXDO GH IRUPDFLyQ DPELHQWDO VLFLOLDQD 'H HVWH PRGR HV FRQ¿UPDGD OD SHUWHQHQFLD GH 0RVFD FX\R SHQVDPLHQWR VH QXWUH FLHUWDPHQWH GH PRWLYRV FXOWXUDOHV GHO SRVLWLYLVPR HXURSHR DO JUX9 SR LQWHOHFWXDO GHO LGHDOLVPR LWDOLDQR )URVLQL SRU OR WDQWR HV FRQ¿UPDGR HO FDUiFWHU FRPSOHMR GH *)!3%&*#-(054(4!4%!%*')45#*#:!%-!0(!+)(0!%-+#-'&(&#-! UHFtSURFD LQWHJUDFLyQ H[SHULHQFLDV GH YLGD \ FXOWXUDV GLVWLQWDV LQFOXVR VH SRGUtD GHFLU FRQWUDVWDQWHV 2WUD REVHUYDFLyQ TXH VH GHEH WRPDU HQ FXHQWD \D TXH WRFD HO WHPD FHQWUDO GHO SUHVHQWH GLVFXUVR \ VH FRQHFWD DGHPiV DO SUHFHGHQWH HV DTXHOOD IRUPXODGD SRU )UDQFHVFR 5LFFRERQR VHJ~Q OD FXDO ³HO SXQWR GpELO GHO DQiOLVLV GH 0RVFD´ HV TXH pO ³LQVLVWLHQGR VREUH ODV SHTXHxDV DVRFLDFLRQHV GH IDFL9 QHURVRV WLHQGH D VXEHVWLPDU HO DVSHFWR RUJDQL]DWLYR PDWHULDO GH OD PD¿D \ D IDYRUHFHU HO DVSHFWR &9'#$)4%0! HVStULWX GH OD PD¿D´ &RQ VX FRQVHFXHQWH SpUGLGD GH HVSHFL¿FLGDG GHO IHQyPHQR PD¿RVR \ XQD LPSXWDFLyQ 4%!&%*3#-*($5054(4!3#07'5+(!2!4%!1(0(!+#*')1$&%!(49 PLQLVWUDWLYD D FDUJR GHO JRELHUQR FHQWUDO DFXVDGR GH 3DUD XQD UHFRQVWUXFFLyQ SXQWXDO \ SHQHWUDQWH GH OD ¿JXUD PRUDO GH 0RVFD +8( $OEHUWRQL


7$Z+$'='*!#:9+;$'(%'(#'*(%8$7+(%9!'&(')$(9$%!'7!8;$

LQFDSDFLGDG HQ OD DFFLyQ UHSUHVLYD WDPELpQ VH GHULYD XQD RSDFLGDG GHO MXLFLR FUtWLFR \D TXH HO DIHFWR SRU OD 6LFLOLD KDEUtD EORTXHDGR H LPSHGLGR HO DQiOLVLV GH 0RVFD GH REVHUYDU ORV DVSHFWRV GXUDGHURV H LQVWLWX9 FLRQDOHV GH OD PD¿D (VWD REVHUYDFLyQ GH 5LFFRERQR SHUPLWH VHxDODU XQ OtPLWH FUtWLFR GH OD LQYHVWLJDFLyQ GH 0RVFD SHUR VH QHFHVLWD VLQ HPEDUJR DFHSWDU TXH FXDOTXLHU HVFULWRU GH LGHDV FRPR OR IXH 0RVFD VH PXHYH HQ XQD SHUVSHFWLYD OLPLWDGD \ DTXHOOR TXH LP9 SRUWD UHYHODU HV FXiQWR XQD SHUVSHFWLYD TXH KD HVWDGR ($5%&'(:! ,(! 3#454#! (0(&.(&*%! (;-! %-! %0! 4%*(&&#00#! 4%! OD FUtWLFD VXFHVLYD FRPR HQ HIHFWR KD VXFHGLGR HQ HO FDVR GH OD SHUVSHFWLYD FUHDGD SRU 0RVFD E#*! 3&#$0%1(*:! (! 0#*! +)(0%*! ,%1#*! (0)454#! %-! -)%*'&#!45*+)&*#:!3%&'%-%+%-!(!0(!+#-*54%&(+58-!4%!)-(! SURGXFFLyQ GH 0RVFD TXH VH SRGUtD GH¿QLU ³PHQRU´ FRQ UHODFLyQ D DTXHOOD ³PD\RU´ GHO LQVLJQH SHQVDGRU 3#07'5+#H! 3%&#! %-! )-! +)(4&#! +#130%'#! 4%! 0(! 4#+'&5-(! \ GH OD LPDJHQ KXPDQD GH *DHWDQR 0RVFD DTXHOORV 3&#$0%1(*!*%!)-%-!(!0#*!#'&#*!%-!+#,%&%-+5(!2!+#-'59 QXLGDG GH SHQVDPLHQWR \ DPHULWDQ XQ H[DPHQ TXH HVSHUDPRV VHD UHDOL]DGR \ SURIXQGL]DGR

+'&#(%-L)$/(M0+&,$

5()(5(1&,$6

$OEHUWRQL ( $ g#',#*.) M.0+#2) S,.(&#) 9&) "*#)9.+,(&*#)/.$&,&+#2)N.(6#E&.*')')&*,'(/(',#E&.@ *' 0LOiQ *LXIIUq )URVLQL 9 ) 5HQGD / 6FLDVFLD /D 0D¿D:! %RORxD %RQL )URVLQL 9 7\&9'#$&06.) <&"(&9&+.) &,#$&#*.:! 0LOiQ *LXIIUq *UDPVFL $ ["#9'(*&) 9'$) +#(+'(' YRO ,,, 7XUtQ (LQDXGL /D /XPLD - ³0D¿D DV D 3ROLWLFDO 0HQWDOLW\´ S.+&#$)b4'.(5)#*9)H(#+,&+' YRO Q~P 0RVFD * e.6&*&)')+.0')9&)S&+&$&#:!/(0%&1#:! 6HOOHULR 5LFFRERQR ) 5HVHxD GH * 0RVFD e.6&*&)') +.0')9&)S&+&$&#;)3.(9)')S"9 DxR ;;9,,, Q~P RFWXEUH GLFLHPEUH 6WXDUW +XJKHV + !.0+&'*E#)')0.+&',#\2)S,.@ ULD GHOOH LGHH LQ (XURSD GDO DO 7XUtQ (LQDXGL 9DOLWXWWL 6 ³*DHWDQR 0RVFD PHULGLRQDOLVWD´ 3".-&)0,"9&)/.$&,&+& DxR ;, Q~P MXOLR VHSWLHPEUH

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

IE


(#'(:*("0$'3'#$':$%)"(C'

Mutaciones culturales 3':+0?-#+1$:'&('#$'4+!#(%1+$'(%'!11+&(%2( 7$=5"'%I$B5$6 >5REHUW 0XFKHPEOHG e*#)4&0@ WRULD GH OD YLROHQFLD 'H ¿QDOHV 9')$#)K9#9)M'9&#)#)$#)#+,"#$&@ 9#9 0DGULG 3DLGyV @

'

XHOR \ KRQRU PDVFXOLQLGDG \ YLULOLGDG GRPL9 -5#!4%0!3%-%!2!0(!4(.(:!4%6%-4%&!2!*%4)+5&:!%0! HVSHUPD \ OD VDQJUH 6RQ pVWDV DOJXQDV PDQH9 &(*!4%!%-)-+5(&!0(*!6#&1)0(*!*51$805+(*!5-,%&%-'%*!(! ORV FyGLJRV VRFLDOHV TXH PHGLDQ OD SUD[LV GH OD YLROHQ9 FLD \ TXH QR SXHGHQ VHU HQWHQGLGRV VL ORV GHVYLQFXOD9 1#*!4%!0(*!'&(-*6#&1(+5#-%*!3#07'5+(*:!%+#-815+(*!2! VRFLDOHV HQ OD KLVWRULD (XURSD e*#)4&0,.(&#)9')$#)-&.@ $'*+&#;) GHO KLVWRULDGRU IUDQFpV 5REHUW 0XFKHPEOHG HV OD KLVWRULD GHO GHVFHQVR \ UHFRGL¿FDFLyQ GH GLFKD SUD[LV HQ (XURSD RFFLGHQWDO 5DVWUHDGD GHVGH HO RFDVR GH OD (GDG 0HGLD KDVWD ORV DOERUHV HO VLJOR ;;, DSR9 2(!*)!,538'%*5*!%-!&(+51#*!%A)$%&(-'%*!4%!+>0+)0#*!2! %*'(47*'5+(*!#$'%-54(*!4%!0(!+)&5#*54(4!15-)+5#*(!4%0! ,5*'#&5(4#&! *#$&%! 0#*! 4#+)1%-'#*! ,5*'8&5+#*:! %-! )-(! SURVD HOHJDQWH \ SRU PRPHQWRV SRpWLFD @*'(! ,5*'#&5(! '(1$5=-! *%! 6)-4(1%-'(! *#$&%! )-(! VHJXQGD KLSyWHVLV OD YLROHQFLD HV XQD FRQVWUXFFLyQ +)0')&(0:!5-,%&%-'%!(!0(!+#'545(-%54(4!4%!0(*!6#&1(*!4%! YLGD \ TXH KD VXIULGR UDGLFDOHV PXWDFLRQHV GHVGH HO XQLYHUVR FDPSHVLQR PHGLHYDO SDVDQGR SRU HO FyGL9 JR KRQRUL¿FR GHO GXHOR FRUWHVDQR KDVWD ODV YLHMDV \ QXHYDV IRUPDV GH ¿FFLRQDOL]DU ODV SUiFWLFDV YLROHQWDV ([FOX\H XQ DQiOLVLV GHWDOODGR GH OD YLROHQFLD OHJtWLPD 4%!0(!$%05+#*54(4:!'(1$5=-!+(&(+'%&7*'5+(!4%!0(*!*#+5%9 D

3URIHVRU GH ¿ORVRItD HQ OD 8QLYHUVLGDG 6DOHVLDQD

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

IG

4(4%*!#++54%-'(0%*:!3%&#!*5-!4%1%&5'(&!*)!513#&'(-+5(! HQ HO SURFHVR GH PXWDFLyQ GH OD PLVPD $FRWD ±SRU REYLDV UD]RQHV± VXV LQYHVWLJDFLRQHV D XQ F~PXOR GH FLXGDGHV HXURSHDV FRPR ,WDOLD ,QJODWHUUD $OHPDQLD \ (VSDxD SULQFLSDOPHQWH SHUR FRQFHQWUiQGRVH VR9 EUH WRGR HQ )UDQFLD (Q VXPD HV XQD KLVWRULD GH OD GLVPLQXFLyQ GH OD YLR9 OHQFLD FRWLGLDQD TXH VH H[SOLFD D WUDYpV GHO LQFUHPHQWR %-!0(!3)-5+58-!4%!*)*!3&>+'5+(*!2!0(!+#-4%-(!1#&(0!%-! TXH VH MXVWL¿FD FRQYLUWLHQGR JUDGXDOPHQWH D OD YLROHQ9 FLD HQ XQ WDE~ \ GHVSXpV HQ XQ SURGXFWR PHGLiWLFR 'H DFXHUGR FRQ 0XFKHPEOHG D ¿QDOHV GH OD (GDG 0HGLD DSDUHFH HQ HO LPDJLQDULR RFFLGHQWDO HO IDQWDV9 PD GH OD YLROHQFLD TXH FRLQFLGH DGHPiV FRQ OD HV9 SHFWDFXODU UHDSDULFLyQ GHO GLDEOR (V GHFLU D SDUWLU GHO VLJOR ;,, VH LQLFLD XQD WUDQVIRUPDFLyQ UDGLFDO HQ OD 6#&1(!%-!+81#!%*!%-'%-454(!0(!&%0(+58-!%-'&%!0(!+#&9 SRUDOLGDG \ ODV IXHU]DV H[WUDxDV GHO PXQGR H[WHULRU VHDQ GHPRQLRV R HO (VWDGR (O GLDEOR SRU HMHPSOR 3(*(! 4%! *%&! 0(! *)*'(-+5(! 3)&(1%-'%! 5-1('%&5(0! 4%! 0(! '%#0#.7(:!(!*%&!)-(!+&%(')&(!5-6%&-(0!+#-!0(!+(3(+54(4! GH HQFDUQDUVH ?*+"1.0!2!0I+"1.0 HO PDO HV XQD IXHU9 ]D TXH VH HQFDUQD FRQ PiV IUHFXHQFLD TXH 'LRV \ OR ,(+%! 3(&(! *%4)+5&:! +#-! 0(! 4%*0)1$&(-'%! $%00%?(! 4%0! FXHUSR D ORV PXQGDQRV SHFDGRUHV 3RU DOJXQD UD]yQ %0!45($0#!4%+54%!'&(-*.&%45&!0#*!0715'%*!4%!0(!5-1('%9


7A9$;+!%(8';A#9A"$#(8'='8+7G-#+;$8'&('#$'>+!#(%;+$'(%'!;;+&(%9(

&5(054(4! 3(&(! (&&#<(&! (! *)*! (1(-'%*! (0! ($5*1#! 4%! 0(! FDUQH &RPR VH VDEH HVWH DUJXPHQWR VH FRQHFWD HVWUH9 FKDPHQWH FRQ XQD GH VXV REUDV DQWHULRUHV PH UH¿HUR (!0(!F&0,.(&#)9'$)9&#1$. 6LQ HPEDUJR OD LQWHQFLyQ QR HV H[SOLFDU DTXt FyPR OD ¿JXUD GHO GLDEOR VH UHVHPDQWL]D SDUD DWHUUR9 UL]DU HO LPDJLQDULR PHGLHYDO HOOR KDEUi TXH EXVFDUOR HQ HO RULJHQ GH OD OHQWD GHFDGHQFLD GHO FULVWLDQLVPR /R TXH VH VHxDOD D WUDYpV GH OD FRLQFLGHQFLD GH HVWH IHQyPHQR FRQ OD DSDULFLyQ GHO FRQFHSWR GH YLROHQFLD HQ HO VLJOR ;,,, HV XQD PRGL¿FDFLyQ HQ ODV IRUPDV GH FRQFHELUVH FRUSRUDOPHQWH ³/D SDODEUD -&.$'*+&#) DSDUHFH D SULQFLSLRV GHO VLJOR ;,,, GHULYD GHO ODWtQ YLV TXH VLJQL¿FD µIXHU]D¶ µYLJRU¶ \ FDUDFWHUL]D D XQ VHU KXPDQR GH FDUiFWHU LUDFXQGR \ EUXWDO 7DPELpQ GH¿QH XQD UHODFLyQ GH IXHU]D GHVWLQDGD D VRPHWHU R D REOLJDU D RWUR´ S /D DSDUHQWH VHQFLOOH] FRQ TXH 0XFKHPEOHG GH¿QH OD YLROHQFLD UHVDOWD OD LGHD UHFWRUD GH VX DQiOLVLV OD YLROHQFLD HQ 2FFLGHQWH HV )-(!6#&1(!4%!&%0(+5#-(&*%!+#-!#'&#*:!1)2!+#1;-!%-! )-!+#-'%A'#:!5-6&%+)%-'%!%!5-4%*%($0%!%-!#'&#:!3%&#!(0! ¿Q \ DO FDER "*#)8.(6#)9')'0,#1$'+'()-?*+"$.0 /D YLROHQFLD HV SRU FRQVLJXLHQWH XQD FRQVWUXF9 FLyQ VRFLDO TXH VH KD PRGHOL]DGR FRQ HO WUDQVFXUVR GH 0#*!*5.0#*!2!4%!(+)%&4#!(!0(*!1)'(+5#-%*!3#07'5+(*!4%! ODV FRPXQLGDGHV HXURSHDV 3DUD DVLPLODU HVWD LGHD HQ XQ SULPHU PRPHQWR HV QHFHVDULR SXUJDU ODV WHVLV TXH GH¿HQGHQ HO LQQDWLVPR GH ODV SUiFWLFDV YLROHQWDV \D VHD HQ ORV LQVWLQWRV KXPDQRV YLVFHUDOHV R HQ ORV HV9 +#-4&5<#*!4%0!5-+#-*+5%-'%:!2!%-!)-!*%.)-4#!1#1%-9 WR H[SOLFDU FyPR HV TXH ODV SUiFWLFDV YLROHQWDV HVWiQ HPSDUHQWDGDV FRQ ODV WUDQVIRUPDFLRQHV SROtWLFDV /(&(! %0! 3&51%&! (*)-'#:! %0! ()'#&! %*'($0%+%! )-(! 45*9 WLQFLyQ VHPiQWLFD HQWUH ODV H[SUHVLRQHV ³DJUHVLYLGDG´ \ ³YLROHQFLD´ OD SULPHUD FRPXOJD FRQ XQ HVWDGR GH QDWXUDOH]D ODWHQWH TXH GH YH] HQ YH] EURWD SRU DVt GH9 FLUOR LUUDFLRQDOPHQWH 1R KD\ DTXt QLQJXQD GLIHUHQFLD HQWUH HO LPSXOVR DQLPDO KDFLD OD VXSHUYLYHQFLD \ HO VHU ,)1(-#:!2!4%!4#-4%:!5-+0)*#:!-#!*%!#$'5%-%!-%+%*(&5(9 PHQWH XQ FDGiYHU FRPR GHVHQODFH GHO HQYLWH (Q RWUDV 3(0($&(*:!-#!,(2!-5-.;-!,50#!+#-4)+'#&!4%!5-'%-+5#-(9 OLGDG HQ OD DJUHVLYLGDG KXPDQD QR VH SHUVLJXH QLQJ~Q ¿Q SUHPHGLWDGR QL VXSHGLWDGR D XQ FyGLJR FRP~Q 3DUD DSR\DU HVWD LGHD 0XFKHPEOHG DSUR[LPD VX FRQFHSFLyQ GH OD DJUHVLYLGDG FRQ HO LPSXOVR GH PXHU9 WH GHVDUUROODGR SRU )UHXG \ TXH LJXDOPHQWH SRGUtD LGHQWL¿FDUVH FRQ DOJ~Q GHVWHOOR GHO REMHWR D HQ /D9 FDQ 'H LJXDO PRGR (ULFK )URPP HV PHQFLRQDGR D SURSyVLWR GH VX GLVWLQFLyQ HQWUH XQD DJUHVLYLGDG ³QRU9 PDO´ OD TXH VH HPSDUHQWD FRQ HO LQVWLQWR GH VXSHUYL9 YHQFLD \ XQD ³SDWROyJLFD´ \ SRWHQFLDO DTXHOOD TXH OH

+'&#(%-L)$/(M0+&,$

YLHQH DO KRPEUH SRU SXUR SODFHU (Q FDPELR OD YLROHQFLD SURYLHQH GH ORV XVRV GHO RWUR FRPR D¿DQ]DPLHQWR GH XQ OD]R LGHQWLWDULR TXH HV GDGR DO VXMHWR GH VXV KHUHQFLDV FtYLFDV (Q HOOD QR YDPRV D HQFRQWUDU LPSXOVRV LUUDFLRQDOHV VLQR XQD +#130%'(!5-'%-*58-!&%6%&54(!(!)-(!3&>+'5+(!*51$805+(! PHGLDGD SRU XQ FyGLJR GH FRQGXFWD HVSHFt¿FR /D YLROHQFLD KXPDQD HVWi HPSDUHQWDGD FRQ OD FRVWXP9 EUHV QDFH GH HOODV \ HQ HOODV VH WUDQVIRUPD 'H IRUPD PX\ SDUWLFXODU YD VLHQGR DSURSLDGD SRU OD QDFLHQWH EXUJXHVtD KDVWD FRQYHUWLUVH HQ XQD SUiFWLFD FRGL¿FD9 GD GH OD QREOH]D FX\D H[SUHVLyQ PiV UH¿QDGD VHUi OD SUiFWLFD GHO GXHOR $ SHVDU GH OD FODUD GLVWLQFLyQ QR KD\ DUJXPHQWRV GH¿QLWLYRV TXH VRVWHQJDQ XQD VyOLGD GH¿QLFLyQ GH OD YLROHQFLD \ GHOLPLWHQ VXV PRGDOLGDGHV GH DSDULFLyQ *5-!4)4(!%*!)-!'%1(!1)2!%*35-#*#!2!&%'5+%-'%!(!0(*!4%9 ¿QLFLRQHV 6LUYHQ VLQ HPEDUJR FRPR FDWHJRUtDV SDUD DFRWDU XQ FDPSR GH LQYHVWLJDFLyQ KDVWD KDFH SRFR LQ9 IUHFXHQWH HQ OD KLVWRULRJUDItD $O PLVPR WLHPSR HO VXMHWR GH DQiOLVLV VHUi DFRWDGR /RV JUXSRV MXYHQLOHV \ VXV IRUPDV GH DVRFLDFLyQ VRQ VHxDODGRV FRPR SULQFLSDO EODQFR GHO FyGLJR GH YLR9 OHQFLD KHUHGLWDULR (Q GLVWLQWDV FLUFXQVWDQFLDV \ GLFKR VRPHUDPHQWH ORV MyYHQHV MXHJDQ XQ SDSHO LQFRPRGR 3%&#!4%!.&(-!513#&'(-+5(!%-!0#*!.&)3#*!,)1(-#*C!%*'>-! *(05%-4#!4%!0(!5-6(-+5(!3(&(!3(*(&!(!)-(!%'(3(!3&%93&#9 GXFWLYD GH VX H[LVWHQFLD VRFLDO GRQGH VH YHQ FRPSUR9 1%'54#*!(!$)*+(&!%0!&%+#-#+515%-'#!4%!*)!+#1)-54(4! FRPR DGXOWRV HV XQ HVWDGR GH WUDQVLFLyQ HQ HO TXH HO PXQGR GH ORV DGXOWRV HVWi D OD H[SHFWDWLYD GH OD IRUPD HQ TXH VXV MyYHQHV UHFODPDQ VX UHFRQRFLPLHQWR 0iV D~Q HO HMHUFLFLR GH DFRWDFLyQ QR WHUPLQD FRQ ORV JUXSRV MXYHQLOHV /D H[SORVLyQ GH OD YLROHQFLD D ¿9 QDOHV GH OD (GDG 0HGLD HVWi HVWUHFKDPHQWH YLQFXODGD FRQ OD FXOWXUD YDURQLO HQ 2FFLGHQWH DO JUDGR GH TXH VXV FyGLJRV VH DSOLFDQ H[FOXVLYDPHQWH D HOORV 'LFKRV +845.#*!4(-!6#&1(!(!0(!-&(&$&9#9)1(*+)05-(:!)-(!-#9 FLyQ TXH VyOR SXHGH VHU HQWHQGLGD EDMR XQ PDUFR JH9 QpULFR $Vt SXHV ODV PXMHUHV HVWiQ H[FOXLGDV GH GLFKR '%&&5'#&5#:!#!%-!#'&(*!3(0($&(*:!0%*!%*'>-!3&#,5$54(*!0(*! SUiFWLFDV YLROHQWDV DXQTXH QR SRU HOOR GHMDQ GH SUR9 WDJRQL]DU XQD SHTXHxD SDUWH GH HVD KLVWRULD @-'#-+%*:!3#4%1#*!(,#&(!%*$#?(&!)-(!4%*+&53+58-! GH OD FXUYD GH GHVFHQVR HQ ODV SUiFWLFDV YLROHQWDV HQ (XURSD RFFLGHQWDO TXH DO PLVPR WLHPSR QRV SHUPLWD LU FDUDFWHUL]DQGR HVH FyGLJR YLULO TXH DEUD]D OD YLGD GH OD MXYHQWXG 3DUD HOOR HV QHFHVDULR VHxDODU TXH HVWH SURFHVR HVWi VLHQGR OHtGR SRU 0XFKHPEOHG GH OD PDQR \ HQ DELHUWD FUtWLFD GHO FpOHEUH WUDEDMR GH 1RU9 $%&'!@05(*:!K$)/(.+'0.)9')$#)+&-&$&E#+&:*:!(*7!+#1#!4%! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

IH


&#(%-L)$/(M0+&,$//+ [$>+("'9$*+$

C&<&$#()5)!#0,&<#( GH 0LFKHO )RXFDXOW /D LGHD UHFWRUD HV TXH SRU OR PHQRV D SDUWLU GHO VLJOR ;9,, VH LQLFLD XQ SURFHVR GH GLVPLQXFLyQ GH OD YLROHQ9 FLD MXYHQLO TXH VH H[SOLFD WDQWR SRU OD PRGL¿FDFLyQ GH ODV FRVWXPEUHV FRPR SRU OD FRQGHQD FDGD YH] PiV HQIiWLFD GH ORV (VWDGRV PRGHUQRV $QWHV GH HQWUDU SRU XPEUDOHV GH OD PRGHUQLGDG ODV SUiFWLFDV YLROHQWDV VH JHVWDQ HQ ODV IRUPDV DJUDULDV GH YLGD HQFODYDGDV HQ ORV IHXGRV PHGLHYDOHV GRQGH OD FUXHOGDG \ OD VDQJUH VRQ ,%+,#*!+#&&5%-'%*:!3#+#!4%-)-+5(4#*!2!1)2!'#0%&(4#*! SRU ODV DXWRULGDGHV \ SRU HOOR SRFR FDVWLJDGRV 6yOR (+#-'%+515%-'#*!%A+%3+5#-(0%*:!+#1#!%0!3(&&5+545#:!3#9 GtDQ KDFHU VRUWHDU DOJXQD GL¿FXOWDG DO KRPLFLGD (VWR VH GHEH D TXH OD YLROHQFLD IRUPD SDUWH GH OD YLGD FRWL9 GLDQD HVWi HQFODYDGD HQ ORV LQWHUFDPELRV VLPEyOLFRV 2! %-! 0(*! 6#&1(*! 4%! '&($(<#:! (*7! +#1#! %-! %0! %*'($0%+59 PLHQWR GH MHUDUTXtDV (O UH\ HV XQ PDFKR GRPLQDQWH FX\D YLULOLGDG HV UHSURGXFLGD SRU OD QREOH]D \ EDVDGD HQ XQ FyGLJR GH KRQRU DO TXH GHEHQ DGVFULELUVH ORV 1)+,(+,#*!3;$%&%*!+#1#!+#-45+58-!-%+%*(&5(!3(&(!*)! LQVHUFLyQ HQ HO PXQGR GH ORV DGXOWRV &RPR HMHPSOR QRWDEOH SXHGHQ FLWDUVH ODV ¿HVWDV MXYHQLOHV GH OD YLROHQFLD TXH DSDUHFHQ UHSHWLGDPHQWH GXUDQWH HO DxR OLW~UJLFR \ FX\RV ULWXDOHV PiV FHOHEUHV H LPSRUWDQWHV VRQ ORV TXH DFRQWHFHQ GXUDQWH OD SUL9 PDYHUD DVRFLDGRV D OD IHUWLOLGDG 6RQ HVSDFLRV SDUD $)*+(&! 3(&%<(! *%A)(0:! 3%&#! '(1$5=-! 3(&(! #+(*5#-(&! HQIUHQWDPLHQWRV YLROHQWRV FRQ JUXSRV GH MyYHQHV YH9 FLQRV (V HO PRPHQWR MXVWR HQ TXH XQ MRYHQ GHEH GH9 PRVWUDU VX YLULOLGDG D WUDYpV GHO XVR GH OD QDYDMD \ VX FDSDFLGDG GH IHUWLOLGDG HO GRPLQLR GHO SHQH \ OD GDJD (QWUH ORV VLJORV ;,9 \ ;9 VH SRQH HQ PDUFKD EDMR HO LQFHQWLYR PRUDO GH OD ,JOHVLD FDWyOLFD XQ VLVWHPD GH PXOWDV \ FRQGHQDV TXH SXHGHQ LU GH OD SHUHJULQDFLyQ %A35('#&5(:!#!%0!%A505#:!(!0(!3%-(!+(35'(0!%-!0#*!+(*#*! PiV JUDYHV TXH UHJXOD KDVWD FLHUWR SXQWR ORV KiEL9 WRV YLROHQWRV TXH HQVDQJUHQWDEDQ ORV ULWRV UHOLJLRVRV FRPR ORV PDWULPRQLRV /D YLROHQFLD GLVPLQX\H R QR VH GHQXQFLD SRU WHPRU D ODV DOWDV WDVDV GH PXOWD TXH SRGUtDQ VLJQL¿FDU OD UXLQD HFRQyPLFD R XQ HQGHXGD9 PLHQWR GH SRU YLGD 6LQ HPEDUJR HVWH VRUSUHQGHQWH %*6)%&?#! 4%! 1#&(05?(&! 2! 3%-(05?(&! 0(*! +#-4)+'(*! ,)9 PDQDV FRQWUDVWD IXHUWHPHQWH FRQ XQ (VWDGR SRQWL¿9 FLR TXH EDVD VX SROtWLFD HQ SUiFWLFDV YLROHQWDV OHJtWL9 PDV FRPR HO FDUiFWHU EpOLFR GH ODV FUX]DGDV 6HUi D SDUWLU GHO VLJOR ;9 \ FRPR HIHFWR GH OD 5H9 6#&1(!3&#'%*'(-'%:!+)(-4#!+#15%-?(!)-!&%'&#+%*#!%-! HVWH HVIXHU]R GH SDFL¿FDFLyQ GH ODV FRVWXPEUHV /RV +&)%-'#*!%-6&%-'(15%-'#*!%-'&%!0(!5.0%*5(!3&#'%*'(-'%!2! FDWyOLFD PRWLYDURQ WDPELpQ HO UHSXQWH GH OD YLROHQFLD HQ OD SUD[LV FRWLGLDQD &RPR HIHFWR GH HOOR D SDUWLU #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

ID

4%0!+)01%-!4%!0(*!.)%&&(*!4%!&%05.58-:!2!4%*3)=*!+#-! OD *XHUUD GH ORV 7UHLQWD $xRV VH JHQHUD XQD QXHYD SROtWLFD TXH FRQGHQD HO KRPLFLGLR SULQFLSDOPHQWH %0!5-6(-'5+545#:!2!3#&!%-4%!*%!.%-%&(!)-!*5*'%1(!1>*! HVWULFWR GH FDVWLJR &RPR HV GH HVSHUDUVH VRQ ORV JUXSRV MXYHQLOHV ORV SULQFLSDOHV GHVWLQDWDULRV GH HVWRV QXHYRV HVIXHU]RV VREUH ORV TXH ³OD µIiEULFD¶ 2FFLGHQWDO HVWi LQYHQWDQGR OD DGROHVFHQFLD FRPR XQD HGDG SHOLJURVD TXH KD\ TXH HQFDX]DU HVWULFWDPHQWH SDUD HYLWDU VXV H[FHVRV VDQ9 JXLQDULRV´ S (VIXHU]RV TXH QR DYDQ]DUDQ VLQ %-+#-'&(&!&%*5*'%-+5(*!%-!%0!*%-#!4%!0(*!+0(*%*!*#+5(9 OHV SULQFLSDOPHQWH HQWUH ORV QREOHV \ ORV FDPSHVLQRV E#*!3&51%&#*!&%+0(1(-!*)!4%&%+,#!(!)-(!6#&1(!4%! YLROHQFLD OHJtWLPD D¿DQ]DQGR XQD YLULOLGDG UHFRGL¿FD9 4(!%-!%0!4)%0#!%-'&%!5.)(0%*:!%*'($0%+5%-4#!&%.0(*!3(&(! *)*! %-6&%-'(15%-'#*! %! 513&%.->-4#0#*! 4%! )-(! &7.54(! GHIHQVD GH OD KRQRUDELOLGDG TXH DO PLVPR WLHPSR IXH MXVWL¿FDGR SRU HO (VWDGR FRPR XQD IRUPD ³QREOH´ GH IRUPDU \ VHOHFFLRQDU EXHQRV \ GHVSLDGDGRV R¿FLDOHV SDUD OD PLOLFLD ³3DUD OOHYDU OD SD] \ HO FULVWLDQLVPR D 0#*!3)%$0#*:!4%!(+)%&4#!+#-!0(!15*58-!4%0!1#-(&+(:!%*! SUHFLVR GLVSRQHU GH JHQWHV GH JXHUUD TXH VHSDQ PDWDU YHQFHU R GHMDUVH PDWDU SDUD VDOYDU VX KRQRU´ S E(!3&>+'5+(!4%0!4)%0#!%*!(*5150(4(!4%!6#&1(*!45*'5-9 WDV HQ ODV GLYHUVDV UHJLRQHV GH (XURSD SHUR HQ )UDQFLD (0+(-?(!)-(!513#&'(-+5(!5-5.)(0($0%!(!3(&'5&!4%0!*5.0#! ;9, HQ ORV FyGLJRV GH QREOH]D 7UDV OD FULVLV HQ OD #&.(-5?(+58-! 3#07'5+(! 2! *#+5(0! 3&#4)+'#! 4%0! (1$5%-'%! $=05+#!%A3(-454#!3#&!'#4(!@)&#3(:!%*!%*'(!+0(*%!*#+5(0! OD TXH UHFODPD H LPSRQH VX GHUHFKR OHJt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yQ KDEUi TXH DJUHJDUOH XQD SDXSH9 UL]DFLyQ FDGD YH] PiV DJXGD GHO FDPSHVLQDGR \ HO DXPHQWR FRQWLQXR GH ORV FRPSURPLVRV ¿VFDOHV \D VHD SDUD ¿QDQFLDU OD JXHUUD R SDUD VRUWHDU VXV HIHF9 '#*:!(4%1>*!4%!)-(!*%-*5$5054(4!+(13%*5-(!,%&54(!3#&! VHQWLUVH REOLJDGD D PRGL¿FDU VXV KiELWRV HQ EHQH¿FLR GH ODV QXHYDV ³FRVWXPEUHV´ &RQ OD 3D] GH :HVWIDOLD TXH SRQH ¿Q D OD *XHUUD GH ORV 7UHLQWD $xRV LQLFLD XQ SURFHVR GH SDFL¿FD9 FLyQ HQ (XURSD FX\D ¿QDOLGDG VH RULHQWD QR VyOR D


7A9$;+!%(8';A#9A"$#(8'='8+7G-#+;$8'&('#$'>+!#(%;+$'(%'!;;+&(%9(

FDOPDU ORV iQLPRV SRSXODUHV VLQR D FLYLOL]DU ODV FRV9 WXPEUHV UH¿QDU ORV KiELWRV \ SURPRYHU HO DXWRFRQWURO \ HO UHVSHWR D ORV FyGLJRV QRUPDWLYRV 0XFKHPEOHG FRLQFLGH DTXt FRQ 1RUEHUW (OLDV \ 0LFKHO )RXFDXOW TXLHQHV SRU FDPLQRV GLVWLQWRV GHVFULELHURQ HO SUR9 FHVR GH PRQRSROL]DFLyQ GH OD YLROHQFLD SRU SDUWH GHO (VWDGR \ OD UHFRGL¿FDFLyQ GH ORV XVRV GHO FXHUSR SDUD GRPHVWLFDUOR EDMR XQ QXHYR UpJLPHQ GH KXPDQLGDG 0(!+#-4)+'(!%*!&%.)0(4(!3(&(!*5')(&!(0!,#1$&%!%-!0#*! XPEUDOHV GH OD YHUJ HQ]D HO GRPLQLR GH ORV ÀXLGRV FRUSRUDOHV HO UH¿QDPLHQWR HQ ORV KiELWRV FDVHURV 0(!45*'5-+58-!4%!+0(*%!2!%0!15%4#!(!0(!6)%&?(!3;$05+(C! ($(-4#-(&!0(!&)4%?(!+(13%*5-(:!6%)4(0:!2!(+#.%&!0(*! QXHYDV IRUPDV GH OD ³FLYLOL]DFLyQ GH ODV FRVWXPEUHV´ /D VDQJUH FRPR HO HVSHUPD VH YXHOYH XQ WDE~ /RV VLJORV ;9,,, \ ;,; VH FDUDFWHUL]DQ SRU OD GLVPL9 QXFLyQ GH ORV FDVRV GH YLROHQFLD HQ ODV FLXGDGHV D OD SDU GHO GHVDUUROOR LQGXVWULDO )HQyPHQR TXH VH H[SDQ9 GH FRQ OHQWLWXG SHUR FRQ ¿UPH]D D ODV ]RQDV UXUDOHV E#*!+(13%*5-#*!($(-4#-(-!0(*!(&1(*!3(&(!*)*'5')5&0(*! SRU ORV SXxRV \ ORV LQVXOWRV GXUDQWH VXV DQFHVWUDOHV ULWXDOHV GH IHUWLOLGDG \ GHIHQVD GHO KRQRU 6LQ GXGD HVWH SURFHVR HVWi DSDUHMDGR FRQ OD H[9 SDQVLyQ GH ODV LGHDV GH OD ,OXVWUDFLyQ /D FRQGXFWD KXPDQD GHEH UDFLRQDOL]DUVH \ RULHQWDUVH D ¿QHV FR9 PXQHV TXH JDUDQWLFHQ OLEHUWDG LGHQWLGDG \ VHJXULGDG VRFLDO /RV OXJDUHV GH OD YLROHQFLD UHDO WLHQHQ \D VyOR 4#*!3#*5$5054(4%*:!0(!0%.5'5154(4!4%!0(!.)%&&(!#!0(!4%*9 REHGLHQFLD SDWROyJLFD E(! %A(0'(+58-! 4%0! >-51#! 2! 0(! 1(-)15*58-! 4%! 0(*! %1#+5#-%*:!*#-!+(-(05?(4(*!(!6#&1(*!1>*!*%.)&(*!4%! 05$%&(&*%C!0(!3#3)0(&5?(+58-!4%!0(*!+#13%'5+5#-%*!4%9 SRUWLYDV LQFOX\HQGR OD YLROHQFLD FRQWUD DQLPDOHV \ %0!+&%+5%-'%!+#-*)1#!4%!05'%&(')&(!-%.&(!2!3#05+7(+(:! DO TXH VH DJUHJDQ ODV FUyQLFDV GH FUtPHQHV HQ OD ³QRWD URMD´ VRQ HMHPSORV GH HVDV UXWDV GH HVFDSH "%*3%+'#!(!%*'%!;0'51#:!0(!05'%&(')&(!3%&15'%!*(+5(&! XQ DSHWLWR VDQJXLQDULR TXH VH UHVJXDUGD HQ OD LPDJL9 QDFLyQ 'H OD JUDQ GLYHUVLGDG GH HMHPSORV TXH SXHGHQ FLWDUVH GHVGH ODV QRYHODV GH -HDQ 3LHUUH &DPXV HQ HO VLJOR ;9, KDVWD (GJDU $OODQ 3RH R $UWKXU &RQDQ 'R\OH HQ HO ;,; OD SRSXODUL]DFLyQ GH HVWH WLSR GH OLWHUDWXUD SURPXHYH OD PRUDOL]DFLyQ GH OD FRQGXFWD \ %0! 15%4#! (! 3)-5+58-! 4%0! +&51%-:! '(-'#! +#1#! 5-'%-'(! DSDFLJXDU ORV VHQWLPLHQWRV GH LQVHJXULGDG UHODWLYRV D FDGD FRQWH[WR ³/D SULQFLSDO PLVLyQ GH OD ¿FFLyQ FHQ9 WUDGD HQ OD ¿JXUD GHO FULPLQDO HV DWHQXDU DQJXVWLDV FR9 OHFWLYDV UHSULPLU HO PLHGR DO DVHVLQDWR H[SOLFiQGROR -#!4%!6#&1(!&(+5#-(0!*5-#!%-!6)-+58-!4%!0(*!+&%%-+5(*! GRPLQDQWHV GH OD pSRFD´ S ´ (VWDV IRUPDV QDUUDWLYLWDV GH OD YLROHQFLD FRQWUDV9

+'&#(%-L)$/(M0+&,$

WDQ FRQ ORV FRQÀLFWRV QDFLRQDOLVWDV GH OD SULPHUD PL9 WDG GHO VLJOR ;; OR TXH PRWLYD DO KLVWRULDGRU IUDQFpV D FXHVWLRQDU OD HIHFWLYLGDG GH ORV HVIXHU]RV SRU HUUD9 GLFDU OD YLROHQFLD SODQWHDQGR OD KLSyWHVLV GH TXH HQ UHDOLGDG OD YLROHQFLD MXYHQLO QR KD VLGR H[WLUSDGD GH 0(*!+#1)-54(4%*!%)&#3%(*:!*5-#!%-+()*(4(!+#-!%6%+'59 YLGDG D RWURV iPELWRV FRPR OD SURSLD LPDJLQDFLyQ R OD OHJLWLPLGDG GH PDWDU HQ WLHPSRV GH JXHUUD 'H DKt SRU HMHPSOR TXH GHVSXpV GH OD 6HJXQGD *XHUUD 0XQGLDO ORV JUXSRV MXYHQLOHV UHDSDUH]FDQ HQ 0(! %*+%-(! 3;$05+(:! 6&%+)%-'%1%-'%! ,(+5%-4#! .(0(! 4%! HVSHFWDFXODUHV GHPRVWUDFLRQHV GH YLROHQFLD VREUH WRGR HQWUH ORV JUXSRV VRFLDOHV PiV GHVIDYRUHFLGRV SRU OD PRGHUQL]DFLyQ GHO PXQGR 0XFKDV YHFHV WROHUD9 GRV VXV H[FHVRV VRQ \D PHQRUHV \ PX\ SRFDV YHFHV WHUPLQDQ HQ FDVRV GH KRPLFLGLR (VWDV UHFRQ¿JXUDFLRQHV GH OD YLROHQFLD MXYHQLO VRQ )-! 3&#$0%1(! 4%! .&(-! +#130%<54(4! 3(&(! *)! (->05*5*:! \D TXH GHEH WRPDUVH HQ FXHQWD OD PXOWLIDFWRULDOLGDG 4%!*)*!3#*5$0%*!+()*(*C!3#&!%<%130#:!0(!6(0'(!4%!%19 SOHR HQ VRFLHGDGHV TXH OHV H[LJHQ FRPSHWLWLYLGDG \ H¿FLHQFLD ODERUDO HO VWDWXV DVSLUDFLRQDO OD KHWHURJH9 QHLGDG GH LGHRORJtDV OD H[SHFWDWLYD GH YLGD HWFpWHUD $ SHVDU GH WHQHU XQ HVFHQDULR WDQ RSWLPLVWD OD YLROHQFLD FRPR FRQVWUXFWR VRFLR FXOWXUDO QR KD GHV9 3(&%+54#! +#130%'(1%-'%:! (*%+,(-4#! +#-'5-)(1%-'%:! VDOSLFD OD HVWDPSD GH XQD FRPXQLGDG HXURSHD SDFL¿9 FDGD TXH VL ELHQ QR XWySLFD HV GLEXMDGD SRU 5REHUW 0XFKHPEOHG FRPR HO PHMRU GH ORV OXJDUHV SRVLEOHV 'RV FRPHQWDULRV ¿QDOHV 3DUD ORV OHFWRUHV GH $PpULFD /DWLQD HV GLItFLO UHFLELU FRQ RSWLPLVPR OD GHVFULSFLyQ GHO GHVFHQVR GH OD FXOWXUD GH OD YLROHQ9 FLD HQ (XURSD QR VyOR SRUTXH PXFKRV GH QXHVWURV FRQWH[WRV VXIUHQ GH XQD H[DFHUEDFLyQ GH OD YLROHQFLD FRPR HQ HO FDVR GH %UDVLO &RORPELD *XDWHPDOD R 0p[LFR SRU HMHPSOR VLQR WDPELpQ SRUTXH GHVFR9 QRFHPRV ODV IRUPDV HQ TXH ORV FyGLJRV GH YLROHQFLD 4%*+&5'#*! ,(-! *54#! (*5150(4#*! %-! -)%*'&#*! 3&#35#*! SURFHVRV KLVWyULFRV PDUFDGRV SRU XQ SDVDGR FRORQLDO 6HUtD PX\ DYHQWXUDGR FRPHQ]DU D HVWDEOHFHU DQDOR9 JtDV HPSH]DQGR SRU ORV DELVPRV GHPRJUi¿FRV TXH H[LVWHQ HQ DPERV FRQWLQHQWHV 3HUR HVWD VLWXDFLyQ QR -#*!%A51%!4%!3#4%&!)'505?(&!0#*!5-*'&)1%-'#*!+#-+%39 WXDOHV TXH VH QRV SUHVHQWDQ SDUD JHQHUDU GHUURWHURV LQTXLVLWLYRV TXH QRV SHUPLWDQ HQWHQGHU SDUFHODV GH QXHVWUD UHDOLGDG $Vt SRU HMHPSOR SRGUtDPRV H[SORUDU OD LQWHQVL¿FDFLyQ GH OD ¿FFLRQDOL]DFLyQ GH OD YLROHQFLD HQ OD PXOWL RIHUWD PHGLiWLFD DVt FRPR %-!0(*!6#&1(*!4%!&%3&%*%-'(&:!2!3&%*%-'(&!0(!1)%&'%:! FRPR REMHWRV GH FRQVXPR 9LYLPRV WLHPSRV WXUEXOHQWRV HQ PDWHULD GH VHJX9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

IJ


&#(%-L)$/(M0+&,$//+ [$>+("'9$*+$

&54(4! *#+5(0! 2! 4%! %A5.%-+5(*! 3#3)0(&%*! (-'%! 0(! %*+(9 ODGD LQGLVFULPLQDGD GH OD YLROHQFLD HQ QXHVWURV SDt9 VHV SHUR WDPELpQ HV FLHUWR TXH QRV GHWHQHPRV SRFR D UHÀH[LRQDU VREUH QXHVWURV KiELWRV GH FRQVXPR GH YLROHQFLD (VWDPRV HGXFDGRV SDUD PLUDU \ D HOOR QRV KHPRV KDELWXDGR D WUDYpV GH WRGR WLSR GH SURGXFWRV PHGLiWLFRV VRPRV FRQVXPLGRUHV GH YLROHQFLD JUi¿9 FD VLQ UHPHGLR DOJXQR 3RGUtD DOHJDUVH VLQ HPEDUJR TXH OD D¿UPDFLyQ DQWHULRU VyOR SXHGH DSOLFDUVH DO FRQVXPR GH ¿FFLR9 QHV /D GLIHUHQFLD FRQ HO FRQVXPR GH ³QRWD URMD´ SRU HMHPSOR HV VX HYLGHQWH FDUiFWHU GH UHDOLGDG D TXH VH H[SRQH HO FRQVXPLGRU PX\ GLVWLQWR DO GH OD ¿F9 FLyQ 'LFKR DOHJDWR VH DFHSWD VLQ PD\RU SUREOHPD VH

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

IK

51305+(-! 4#*! 451%-*5#-%*! 45*'5-'(*! 4%0! +#-*)1#! 4%! YLROHQFLD SHUR DPEDV HVWiQ SUHVHQWHV HQ OD FXOWXUD #++54%-'(0:!3%-*%1#*!-#!*80#!%-!0(!F-#'(!&#<(G:!*5-#! HQ OD YLROHQFLD LQKHUHQWH D ODV MXVWDV GHSRUWLYDV R OD FUHFLHQWH FLUFXODFLyQ GH QDUFR YLGHRV GH KRPLFLGLRV $ SHVDU GHO pQIDVLV YLYLGR FRPR XQ H[FHVR TXH VH KDFH KR\ HQ GtD VREUH ORV DFRQWHFLPLHQWRV GH YLROHQ9 FLD \ VX UHSUHVHQWDFLyQ HV FODUR TXH HVWH IHQyPHQR HV XQ SUREOHPD TXH SXHGH VHU SHQVDGR FUtWLFDPHQWH /D FDUDFWHUL]DFLyQ GH OD FXOWXUD GH OD YLROHQFLD HQ 2FFL9 GHQWH FRQ VXV FRQQRWDFLRQHV GH YLULOLGDG \ VXV YtQFX9 ORV FRQ OD LQVHUFLyQ VRFLDO GH ORV MyYHQHV ELHQ SRGUtD D\XGDUQRV D WUD]DU QXHYDV UXWDV GH UHÀH[LyQ


Moralidad desinterés. 3'

$#)8%$:'1#$4(:'&('#(128"$ <+("*5+%,+-?'$(:-%<"1".6

>-RQ (OVWHU K$)9'0&*,'(O0X),(#,#@ 9.)+(?,&+.)9'$)4.61(')'+.*:6&@ +. 0p[LFR 6LJOR ;;, (GLWRUHV @

S

RQ (OVWHU QRV SUHVHQWD HQ HVWD RFDVLyQ ORV UHVXOWDGRV GH XQD GH VXV PiV UHFLHQWHV LQYHVWLJD9 FLRQHV 6XV DQiOLVLV DEDUFDQ XQ DPSOLR HVSHFWUR WHPiWLFR TXH LQYROXFUDQ D GLVFLSOLQDV WDQ GLYHUVDV FRPR OD ¿ORVRItD GH ODV FLHQFLDV VRFLDOHV OD SVLFRORJtD OD HFRQRPtD OD ¿ORVRItD SROtWLFD \ OD FLHQFLD SROtWLFD (Q HVWH FDVR VX LQGDJDFLyQ VH FHQWUD HQ LQYHVWLJDU OD 30()*5$5054(4!'%8&5+(!4%!0(!3&%15*(!6)-4(1%-'(0!4%!0(! +5%-+5(! %+#-815+(:! %*! 4%+5&:! 0(! 4%0! ,#1$&%! %.#7*'(! %! LQWHUHVDGR $QWHV GH SUHVHQWDU OD WHVLV FHQWUDO GHO WUD9 $(<#:!*%!3&%*%-'(&>-!)-!3(&!4%!&(?#-%*!()A505(&%*!3(&(! 0(!0%+')&(!4%!0(!3&%*%-'%!#$&(H!%-!3&51%&!0).(&:!0(!4%*9 '(+(4(!'&(2%+'#&5(!5-'%0%+')(0!4%0!()'#&:!2!%-!*%.)-4#:! OD SHUWLQHQFLD \ UHOHYDQFLD GH OD SUHJXQWD FHQWUDO GH OD REUD DVt FRPR GH OD UHVSXHVWD TXH VH RIUHFH VH WUDWD 4%!)-(!45*+)*58-!6)-4(1%-'(0!3(&(!.(-(&!+#13&%-*58-! VREUH HO WLSR GH FLHQFLD TXH HV OD HFRQRPtD DVt FRPR VREUH OD SVLFRORJtD KXPDQD HQ JHQHUDO /D REUD GH (OVWHU HVWi FDUDFWHUL]DGD SRU VX YRFD9 FLyQ SURIXQGDPHQWH DQDOtWLFD 3UREOHPDV RVFXUHFLGRV SRU OD SDVLyQ LGHROyJLFD VRQ LQYHVWLJDGRV SRU (OVWHU FRQ OD GHVDSDVLRQDGD SDUVLPRQLD GHO ¿OyVRIR TXH VLQ %1$(&.#:!3(&%+%!0(!+#-*%+)%-+5(!4%!)-(!.%-)5-(!3(9 VLyQ SRU OD YHUGDG R VL VH TXLHUH PiV PRGHVWDPHQWH SRU OD QR FRQWUDGLFFLyQ 6X WUD\HFWRULD FRPLHQ]D FRQ XQ DQiOLVLV \ YDORUDFLyQ GH ORV SUHVXSXHVWRV FLHQWt¿FRV \ ¿ORVy¿FRV GHO PDU[LVPR M#A&*<) 0'*0') .8) M#(J;) 8Q LQWHUpV PiV SHGDJyJLFR OR OOHYD D PRVWUDU OD )'5054(4!4%!0(*!,%&&(15%-'(*!4%!0(!08.5+(!2!1('%1>'5+(*! 3URIHVRU GH WHRUtD SROtWLFD HQ OD 8QLYHUVLGDG $XWyQRPD GH OD &LXGDG GH 0p[LFR

D

HQ OD LQYHVWLJDFLyQ VRFLDO 7.<&+)#*9)S.+&',5 7DPELpQ KD OODPDGR VX DWHQFLyQ OD WHRUtD GHPRFUiWLFD `'$&1'(#,&-')`'6.+(#+5 SRU FLHUWR FRUULHQ9 WH ¿ORVy¿FD TXH VLJXH WHQLHQGR SOHQD YLJHQFLD HQ ORV GHSDUWDPHQWRV GH ¿ORVRItD SROtWLFD GH (VWDGRV 8QLGRV \ 5HLQR 8QLGR &RQMXQWDPHQWH SRQH HQ MXHJR OD UH9 0(+58-!%-'&%!=*'(!2!'%#&7(*!+#1#!0(!00(1(4(!'%#&7(!4%! OD HOHFFLyQ VRFLDO (OVWHU DQG +\OODQG N."*9#,&.*0) .8) S.+&#$) !4.&+') b4'.(5 3RU RWUR ODGR (OV9 WHU KD LQFXUVLRQDGR HQ OD FLHQFLD SROtWLFD LQYHVWLJDQGR 0#*!3&#+%*#*!4%!+&%(+58-!+#-*'5')+5#-(0!%-!@)&#3(!4%0! (VWH WUDV OD FDtGD GHO 0XUR GH %HUOtQ !.*0,&,",&.*@ M#A&*<) &*) K#0,'(*) K"(./' 6X LQWHUpV VREUH OD FUHDFLyQ \ GHVHPSHxR GH ODV LQVWLWXFLRQHV SROt9 WLFDV YD PiV DOOi GH OD KLVWRULD UHFLHQWH \ VH UHPRQ9 '(! (! 1#1%-'#*! +#1#! 0(! +&%(+58-! 4%! 0(! J#-*'5')+58-! 4%! @*'(4#*! L-54#*:! (0! %*'($0%+515%-'#! 4%! 0(! 3&51%&(! 5HS~EOLFD IUDQFHVD ³6HYHQ :D\V RI &RQVWLWXWLRQ 0DNLQJ´ \ DO GH OD GHPRFUDFLD GH OD $WHQDV FOiVLFD ³$FFRXQWDELOLW\ LQ $WKHQLDQ 3ROLWLFV´ $VLPLVPR KD DQDOL]DGR FRQ SURIXQGLGDG HO SDSHO TXH <)%.(-! 0(*! -#&1(*! *#+5(0%*! %-! %0! 6)-+5#-(15%-'#! 4%! OD YLGD FRWLGLDQD b4')!'6'*,).8)S.+&',5 \ ODV FDUDFWHUtVWLFDV GH DOJXQDV WUDPSDV R DXWRHQJDxRV GH OD UD]yQ S."()g(#/'0 /RV UHVXOWDGRV GH HVWH WLSR GH LQYHVWLJDFLRQHV VREUH ODV WUDPSDV GH OD UDFLRQDOL9 GDG REWXYR PiV DGHODQWH XQD XWLOLGDG SUiFWLFD DO RIUH9 +%&!)-!6)-4(1%-'#!'%8&5+#!(!(0.)-(*!'%&(35(*!+#-'&(!0(! DGLFFLyQ D ODV GURJDV K<.*.6&+0 2WUD iUHD IXQGDPHQWDO GH VX LQYHVWLJDFLyQ VH UHOD9 FLRQD FRQ HO WHPD GH OD UDFLRQDOLGDG (QWUH VXV P~O9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

IF


&#(%-L)$/(M0+&,$//+ "!)(#+!'7!%&"$)-%'"(=(8

WLSOHV DQiOLVLV GH pVWD GHVWDFD VX LQYHVWLJDFLyQ VREUH OD WHRUtD GH OD HOHFFLyQ UDFLRQDO P#,&.*#$) !4.&+':! 'LFKD WHRUtD SRVWXOD VHJ~Q OD PiV UHFLHQWH REUD GH (OVWHU D XQ LQGLYLGXR D VX YH] ³UDFLRQDO H LQ9 WHUHVDGR´ S 6H WUDWD QRV GLFH GH OD SUHPLVD IXQ9 GDPHQWDO GH OD FLHQFLD HFRQyPLFD PLVPD TXH KD VLGR %0%.54(!+#1#!3(&(45.1>'5+(!4%!0(!+5%-+5(!%+#-815+(! DO PHQRV GHVGH $GDP 6PLWK \ TXH KD VLGR UHIRUPX9 ODGD R GHIHQGLGD SRU DXWRUHV FRPR -RKQ 6WXDUW 0LOO R 0LOWRQ )ULHGPDQ 7DPELpQ VH WUDWD GH OD SUHPLVD IXQGDPHQWDO GH OD WHRUtD GH MXHJRV TXH LQYHVWLJD HO FRPSRUWDPLHQWR HVWUDWpJLFR GH LQGLYLGXRV UDFLRQDOHV FRQ LQWHUHVHV HQ DOJ~Q JUDGR FRQÀLFWLYRV /D SUHPL9 *(! 6)-4(1%-'(0! 4%! 0(! '%#&7(! 4%! 0(! %0%++58-! &(+5#-(0! WDPELpQ HV LQYHVWLJDGD D XQ QLYHO H[SHULPHQWDO HQ XQLYHUVLGDGHV GH (VWDGRV 8QLGRV (OVWHU D¿UPD TXH 0(!'%#&7(!4%!0(!%0%++58-!&(+5#-(0!+(&%+%!4%!0(!+(3(+59 GDG SUHGLFWLYD TXH OH DWULEX\HQ ORV HFRQRPLVWDV \ ODV LQYHVWLJDFLRQHV GHGLFDGDV D IXQGDPHQWDU R MXVWL¿FDU %*'(! 3&%15*(! F+(&%+%-:! %-! 1)+,#*! +(*#*:! 4%! 5-'%&=*! HVWpWLFR PDWHPiWLFR R HPStULFR TXH HV WDQWR FRPR GHFLU TXH FDUHFHQ HQ DEVROXWR GH LQWHUpV´ S @0!+(&>+'%&!-#!54%#08.5+#!4%!0(!#$&(!4%!@0*'%&!*%!%A,59 $%!%-!0(*!+&7'5+(*!5.)(01%-'%!&5.)&#*(*!,(+5(!%0!1(&A5*9 1#:!(*7!+#1#!(!0(!3&%15*(!6)-4(1%-'(0!4%!0(!%+#-#17(! SROtWLFD TXH KD VLGR OOHYDGD D Pi[LPD pWLFD SRU DOJXQDV GHUHFKDV SROtWLFDV /D REUD TXH VH UHVHxD HQ HVWD RFDVLyQ %*!0(!3&51%&(!4%!4#*!4%45+(4(*!(!(-(05?(&!+&7'5+(1%-'%! DTXHOOR TXH HO DXWRU FRQVLGHUD FRPR ORV GRV DVSHFWRV GH 0(!3&%15*(!4%!0(!+5%-+5(!%+#-815+(C!%0!+(&>+'%&!&(+5#-(0! \ HO FDUiFWHU LQWHUHVDGR GH ORV LQGLYLGXRV (VWD REUD VH HQFDUJD GH LQYHVWLJDU HO ~OWLPR DVSHFWR 'DGR TXH ORV HFRQRPLVWDV UHFKD]DQ FXHVWLRQDU HVWD SUHPLVD SDUWH GH OD LQYHVWLJDFLyQ WHyULFD KD FRQVLVWLGR %-!1#*'&(&!%0!6)-4(1%-'#!5-'%&%*(4#!4%!+#-4)+'(*!*)9 SXHVWDPHQWH DOWUXLVWDV $Vt SXHV XQD SUHJXQWD FHQWUDO KD VLGR OD GH SRU TXp ORV LQGLYLGXRV UHVSHWDQ QRUPDV VRFLDOHV TXH QR FRQWULEX\HQ D PD[LPL]DU VX LQWHUpV (Q %*'%!+(*#:!%0!%*6)%&?#!4%!0#*!%+#-#15*'(*!*%!,(!#&5%-9 WDGR D GHPRVWUDU TXH GLFKD FRQGXFWD SXHGH KDFHUVH +#13&%-*5$0%!%-!'=&15-#*!4%!0(!'%#&7(!4%!0(!%0%++58-!&(9 FLRQDO H[LVWH XQ PRGR HQ HO TXH DO UHVSHWDU ODV QRUPDV VRFLDOHV HO LQGLYLGXR SHUVLJXH VX LQWHUpV SRU HMHPSOR HYLWDQGR XQ FDVWLJR R FRQGHQD SRU QR KDFHUOR (OVWHU HQ FDPELR KD DUJXPHQWDGR D IDYRU GH XQD LQWHUSUHWD9 FLyQ GH ODV QRUPDV VRFLDOHV TXH QR ODV YXHOYH UHGXFL9 $0%*!(!)-!*5*'%1(!4%!1(A515?(+58-!4%0!5-'%&=*!4%!0#*! LQGLYLGXRV QL VLTXLHUD D XQ QLYHO FROHFWLYR KD\ QRUPDV VRFLDOHV TXH QR SDUHFHQ EHQH¿FLDU D QDGLH (V HQ HO FRQWH[WR GH HVWD GLVFXVLyQ TXH VH SUHVHQWD FRPR UHOHYDQWH OD FXHVWLyQ GH FyPR H[SOLFDU OD FRQ9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

IN

GXFWD GHVLQWHUHVDGD (V SRVLEOH YHUL¿FDU HQ OD YLGD FRWLGLDQD TXH ORV LQGLYLGXRV VH FRPSRUWDQ FRQ DOJ~Q JUDGR GH DOWUXLVPR (O ~OWLPR HV XQ FRPSRUWDPLHQ9 WR TXH QR PD[LPL]D HO LQWHUpV GHO DJHQWH GRQGH HV VX LQWHUpV ³OD DGTXLVLFLyQ GH ELHQHV PDWHULDOHV >«@ (*7! +#1#! 4%! '#4#*! 0#*! 1%45#*! *)*+%3'5$0%*! 4%! &%(059 ]DU HVRV ¿QHV³ S /DV FRQWULEXFLRQHV DQyQLPDV D #$&(*!4%!+(&54(4!*#-!)-!%<%130#!4%!+#13#&'(15%-'#*! TXH QR SDUHFHQ HQ SULQFLSLR PD[LPL]DU HO LQWHUpV GHO DJHQWH (VWH WLSR GH FRQGXFWD SRQH HQ GXGD OD SUH9 PLVD IXQGDPHQWDO GH OD HFRQRPtD 3RU WDO UD]yQ XQD 3(&'%!4%0!%*6)%&?#!4%!0(!+5%-+5(!%+#-815+(!%-!'5%13#*! UHFLHQWHV KD FRQVLVWLGR VHJ~Q (OVWHU HQ PRVWUDU TXH 0#*! +#13#&'(15%-'#*! 4%*5-'%&%*(4#*! *80#! 0#! *#-! %-! DSDULHQFLD \ TXH GHWUiV GH HOORV VH HQFXHQWUDQ PRWL9 YDFLRQHV LQWHUHVDGDV TXH OD HFRQRPtD SXHGH H[SOLFDU 8Q REMHWLYR GHO WUDEDMR GH (OVWHU FRQVLVWH HQWRQ9 FHV HQ DQDOL]DU FUtWLFDPHQWH GLYHUVDV FRQWULEXFLRQHV HQ OD HFRQRPtD TXH SRQHQ HQ GXGD OD H[LVWHQFLD PLV9 PD GH ODV PRWLYDFLRQHV GHVLQWHUHVDGDV $ JUDQGHV UDVJRV \ HQ FRQWUD GH OD SHUVSHFWLYD GR9 15-(-'%!%-!0#*!4%3(&'(1%-'#*!4%!%+#-#17(!4%!@*'(4#*! 8QLGRV (OVWHU GH¿HQGH OD WHVLV GH TXH 6.,&-#+&.*'0) <'*"&*#6'*,') 9'0&*,'('0#9#0) 0.*) /.0&1$'02) @0! (&.)9 PHQWR GH (OVWHU HV TXH VL GHWHUPLQDGRV IHQyPHQRV *#-!5-*('5*6(+'#&5(1%-'%!%A305+(4#*!3#&!0(!'%#&7(!4%!0(! HOHFFLyQ UDFLRQDO \ OD LQWHUSUHWDFLyQ GH OD PRWLYDFLyQ GHVLQWHUHVDGD UHVXOWD XQD DOWHUQDWLYD DFHSWDEOH HQ9 WRQFHV ODV PRWLYDFLRQHV JHQXLQDPHQWH GHVLQWHUHVDGDV VRQ SRVLEOHV 2WUD PDQHUD GH IRUPXODUOR HV OD VLJXLHQ9 '%C!F<(.00.)6.9.)ODV PRWLYDFLRQHV GHVLQWHUHVDGDV VRQ PiV LPSRUWDQWHV HQ OD YLGD VRFLDO TXH HQ ORV PRGHORV HFRQyPLFRV´ S (O DXWRU GHGLFD ORV SULPHURV FDStWXORV D OD FODUL¿FDFLyQ FRQFHSWXDO ±TXp VH HQWHQ9 4%&>! 3#&! 5-'%&=*! 2! 4%*5-'%&=*:! 0(*! 45*'5-'(*! +0(*%*! 4%! 5-'%&=*!2!4%*5-'%&=*:!0(!&%0(+58-!%-'&%!=*'#*!2!0(!&(?8-! 2! 0(*! 3(*5#-%*:! %'+='%&(9! 2! (! 0(! +#-'%A')(05?(+58-! 4%! OD SUHJXQWD FHQWUDO ±SRU HMHPSOR UHFDSLWXODQGR VREUH DOJXQDV WUDGLFLRQHV ¿ORVy¿FDV \ FLHQWt¿FDV TXH KDQ SXHVWR HQ GXGD OD PRWLYDFLyQ GHVLQWHUHVDGD \ HQ HQ9 WUH ODV TXH GHVWDFDQ ORV PRUDOLVWDV IUDQFHVHV HV GHFLU 0RQWDLJQH /D %UX\pUH 3DVFDO \ /D 5RFKHIRXFDXOG \ OD WUDGLFLyQ TXH (OVWHU GHQRPLQD ³KHUPHQpXWLFD GH OD VRVSHFKD´ UHSUHVHQWDGD SRU 0DU[ 1LHW]VFKH \ )UHXG &DGD FDStWXOR VXEVLJXLHQWH GHO FXDUWR DO GpFL9 PR UHFRJH XQ IHQyPHQR LQVDWLVIDFWRULDPHQWH H[SOL9 FDGR SRU OD HFRQRPtD \ VH EULQGD HYLGHQFLD GH TXH OD LQWHUSUHWDFLyQ GH OD PRWLYDFLyQ GHVLQWHUHVDGD HV XQD DOWHUQDWLYD DFHSWDEOH (O OLEUR FRQFOX\H FRQ DOJXQDV FRQVLGHUDFLRQHV VREUH OD UHOHYDQFLD GH ORV KDOOD]JRV /(&'%! 4%! 0(! %*'&('%.5(! 4%0! ()'#&! 3(&(! 3&#$(&! *)! '%9


7!"$#+&$&'='&(8+%9("68<'$#)A%$8';#$>(8'&('#(;9A"$

VLV FHQWUDO FRQVLVWH HQ PRGHUDU HO DOFDQFH GH pVWD (Q SULPHU OXJDU GHEH GHVWDFDUVH TXH OD HYLGHQFLD TXH VH EULQGD HQ IDYRU GH OD H[LVWHQFLD GH ODV PRWLYDFLRQHV GHVLQWHUHVDGDV HV GH FDUiFWHU WHQWDWLYR FRPR HO SUR9 SLR DXWRU OR DGPLWH FXDQGR KDFH XVR GH OD HYLGHQFLD GHULYDGD GH ODV QHXURFLHQFLDV S 'LFKD HYL9 GHQFLD SUHOLPLQDU VH PXHVWUD VyOR SDUD H[KLELU TXH OD WHVLV GH OD PRWLYDFLyQ GHVLQWHUHVDGD QR HV GHO WRGR LPSODXVLEOH (Q VHJXQGR OXJDU (OVWHU H[KLEH TXH OD PRWLYDFLyQ GHVLQWHUHVDGD QR HV DOJR RPQLSUHVHQWH %-!(0.)-(*!3%&*#-(*!2!()*%-'%!3#&!+#130%'#!%-!#'&(*C! SUHVHQWD XQD LQWHUSUHWDFLyQ GH OD PRWLYDFLyQ GHVLQWH9 UHVDGD TXH KDFH GH HVWD DOJR SUHVHQWH HQ DOJ~Q JUDGR %-!'#4(*!0(*!3%&*#-(*:!2!4%3%-45%-'%!%-!(0.;-!.&(4#! GH ODV FLUFXQVWDQFLDV (Q WHUFHU OXJDU HO DXWRU SUHVHQWD XQD LQWHUSUHWDFLyQ GH OD PRWLYDFLyQ GHVLQWHUHVDGD TXH OD YXHOYH FRPSDWLEOH FRQ DOJXQDV PRWLYDFLRQHV LQWHUH9 VDGDV 9DOH OD SHQD SURIXQGL]DU HQ HVWH ~OWLPR SXQWR (O DXWRU SUHVHQWD FXDWUR WLSRV GH PRWLYDFLRQHV SX9 UDV HO LQWHUpV FX\R IXQGDPHQWR HV HQWHUDPHQWH HJRtVWD HO DIiQ GHVLQWHUHVDGR FX\R IXQGDPHQWR HV OD YROXQWDG GH YHU UHDOL]DGR XQ LGHDO QRUPDWLYR HO DIiQ H[WHUQR GHO GHVLQWHUpV FX\R IXQGDPHQWR HV OD YROXQWDG GH VHU YLVWR SRU RWURV FRPR DOJXLHQ FRQ XQ DIiQ GHVLQWHUHVDGR \ HO DIiQ LQWHUQR GH GHVLQWHUpV FX\R IXQGDPHQWR HV OD YROXQWDG GH VHU YLVWR SRU HO SURSLR DJHQWH FRPR DOJXLHQ FRQ XQ DIiQ GHVLQWHUHVDGR S E#*! %+#-#15*'(*:! 0#*! 1#&(05*'(*! 6&(-+%*%*! 2! 0(! ,%&1%-=)'5+(!4%!0(!*#*3%+,(!'5%-4%-!(!+#-*54%&(&!0(! PRWLYDFLyQ FRPR TXLPpULFD \ D FRQVLGHUDUOD XQD PHUD DSDULHQFLD GH R 3RU HMHPSOR DOJXQRV LQGLYLGXRV HOLJHQ OD WHRUtD GH OD MXVWLFLD TXH PiV OHV FRQYLHQH 2WURV GRQDQ VyOR SDUD VHU SHUFLELGRV FRPR JHQHURVRV < TXLHQHV GRQDQ HQ SULYDGR HQ UHDOLGDG VH FRPSUDQ XQD LPDJHQ SRVLWLYD GH Vt PLVPRV (Q HO %A'&%1#!4%!%*'(!,%&1%-=)'5+(!4%!0(!*#*3%+,(:!0(!,)9 1504(4! %*! &%4)+54(! (! )-! +#13#&'(15%-'#! #&.)00#*#:! WHQGLHQWH D VDWLVIDFHU HO DPRU SURSLR (OVWHU FRQIURQWD HVWH WLSR GH DUJXPHQWDFLyQ HQ YDULRV SDVRV (Q SULQFLSLR SUHVHQWD ODV DFFLRQHV GH ORV LQGLYL9 GXRV HQ ODV TXH VH LQYROXFUD VX LQWHUpV FRPR SURGXFLGDV JHQHUDOPHQWH SRU PiV GH XQD GH HVWDV PRWLYDFLRQHV 'H HVWH PRGR ODV DFFLRQHV PRWLYDGDV SXUDPHQWH HQ HO LQWH9 UpV HJRtVWD VRVWLHQH (OVWHU VRQ PiV ELHQ LQIUHFXHQWHV @-!+(1$5#:!3)%4%!+#-*54%&(&*%!+#-!1(2#&!6&%+)%-9 FLD XQ FRPSRUWDPLHQWR HJRFpQWULFR \ QR HJRtVWD TXH VH HQFXHQWUH PRWLYDGR SRU \ (Q HVWH SXQWR HO FDPLQR GH (OVWHU SDUD VXVWHQWDU VX D¿UPDFLyQ FHQWUDO ±TXH HO DIiQ GHVLQWHUHVDGR HV SRVLEOH FRQVLVWH HQ D¿U9 PDU TXH \ VRQ FRQFHSWXDOPHQWH LQFRKHUHQWHV VL HO

+'&#(%-L)$/(M0+&,$

DJHQWH QR OH DVLJQD DOJXQD UHOHYDQFLD D $Vt TXH ³DO ¿QDO WRGR VH KDJD SDUD SDUHFHU KRQHVWR HQ YH] GH VHUOR HV EDVWDQWH H[WUDxR´ S (V UDUR XQ PXQGR HQ HO TXH WRGRV WUDWDQ GH DSDUHQWDU XQD KRQHVWLGDG D OD TXH QR FRQFHGHQ YDORU (OVWHU LQVLVWH HQ TXH QL ODV QRUPDV 1#&(0%*!-5!0(*!*#+5(0%*!3)%4%-!*%&!%A305+(4(*!*('5*6(+9 '#&5(1%-'%!3#&!)-(!(3&#A51(+58-!%-'%&(1%-'%!6)-4(9 GD HQ OD SUHPLVD GHO LQGLYLGXR LQWHUHVDGR /DV QRUPDV PRUDOHV TXH SXHGHQ GHPDQGDU HO VDFUL¿FLR GHO LQWHUpV VRQ UHVSHWDGDV SRU ORV LQGLYLGXRV LQFOXVR FXDQGR QDGLH ORV YH /D YLJHQFLD GH ODV QRUPDV VRFLDOHV QR SXHGH *%&!%A305+(4(!%-'%&(1%-'%!3#&!%0!'%1#&!(0!+(*'5.#!3#&! QR REHGHFHUODV SXHV QR VH YH HO LQWHUpV LQPHGLDWR GH QDGLH HQ SDUWLFXODU SRU KDFHUODV YDOHU 3DUD (OVWHU TXH (0.)-#*! )'505+%-! 0(*! -#&1(*! *#+5(0%*! 4%! )-! 1#4#! %-9 '%&(1%-'%!5-*'&)1%-'(0!*80#!3)%4%!#+)&&5&!3#&!0(!%A5*9 WHQFLD GH DOJXQRV TXH UHFRQRFHQ OD OHJLWLPLGDG GH ODV QRUPDV VRFLDOHV \ VH FRPSRUWDQ FRQIRUPH D HOODV (OVWHU D¿UPD TXH ODV PRWLYDFLRQHV GHO WLSR \ WLHQHQ XQD UHODFLyQ ³SDUDVLWDULD´ FRQ S 6L ORV LQGLYLGXRV EXVFDQ DSDUHQWDU XQ FRPSRUWDPLHQWR 4%*5-'%&%*(4#:!$5%-!3(&(!#'&#*:!$5%-!3(&(!*7!15*1#*:! HV SRUTXH DOJ~Q YDORU GHEHQ FRQFHGHUOH D @-!;0'51(!5-*'(-+5(:!*%!1(-'5%-%!0(!3&%.)-'(!4%!*5! DFWXDU GH FRQIRUPLGDG FRQ QR HV XQD PHUD FRQVH9 FXHQFLD GHO RUJXOOR \ GHO DPRU SURSLR 6H WUDWD GH OR TXH SRGUtD GHQRPLQDUVH HO RUJXOOR GH OD KXPLOGDG HO LQGLYLGXR DFW~D GH FRQIRUPLGDG FRQ XQ SULQFLSLR GH <)*'5+5(!3(&(!+#-*'&)5&*%:!3(&(!*7:!0(!51(.%-!4%!(0.)5%-! PRUDOPHQWH VXSHULRU D RWURV @0*'%&! &%*3#-4%! (! %*'%! &%'#! 4%0! 1#4#! (-(07'5+#! (+#*')1$&(4#C!0(!*#*3%+,(!4%!0(!$#-4(4!4%!-)%*'&(*! SURSLDV PRWLYDFLRQHV VH H[SOLFD SRU OD FRQYHUJHQFLD GH PiV GH XQD PRWLYDFLyQ HQ ODV DFFLRQHV TXH LQYR9 OXFUDQ QXHVWURV LQWHUHVHV (V FLHUWR TXH OD VDQWLGDG HV LPSUREDEOH (Q FDPELR HO DIiQ GHVLQWHUHVDGR SRGUtD %*'(&!%-!(0.;-!.&(4#!%-!(0.)-(*!(++5#-%*!4%!0#*!5-459 YLGXRV HQ TXH VH LQYROXFUD VX LQWHUpV \ HO JUDGR GH SUHVHQFLD GH GLFKD PRWLYDFLyQ SRGUtD YDULDU VLJQL¿9 FDWLYDPHQWH GH DFXHUGR FRQ GLYHUVDV FLUFXQVWDQFLDV E(! #$&(! ($#&4(4(! %-! %*'(! #+(*58-! '#+(! (*3%+'#*! IXQGDPHQWDOHV GH OD UHÀH[LyQ HQ WRUQR D OD QDWXUDOH]D GH OD FLHQFLD HFRQyPLFD \ PiV D~Q GH OD UHÀH[LyQ HQ WRUQR D OD PRUDOLGDG KXPDQD 1RV PXHVWUD HO HVWDGR GH OD GLVFXVLyQ HQ XQD YHUWLHQWH GH OD ¿ORVRItD GH OD HFRQRPtD DVt FRPR ODV OtQHDV GH LQYHVWLJDFLyQ TXH HQ FDPSRV WDQ GLYHUVRV FRPR OD WHRUtD GH MXHJRV \ OD -%)&#+5%-+5(!*%!,(-!($5%&'#!3(&(!(-(05?(&!%*'(*!5-'%9 UURJDQWHV VREUH OD SVLFRORJtD KXPDQD /D UHOHYDQFLD GHO WySLFR PiV OD UHSXWDFLyQ GHO DXWRU YXHOYHQ LQQH9 FHVDULD OD H[KRUWDFLyQ D OHHU HVWD REUD #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

II


defensa

1+8&$&$%5$'+0$)+%$2+4$'!'#$' &('#!'+0*!:+?#( /"?'+%,";$%H"'-3-?";6

>3DEOR /D]R %ULRQHV !(?,&+#)9'$) 6"$,&+"$,"(#$&06.;)('0'6#*,&E#@ +&:*)9')$#)6"$,&+"$,"(#$&9#92)L(@ <"6'*,#+&:*) &6#<&*#(&#) 0.1(') $#) 9&-'(0&9#9) +"$,"(#$ 0p[LFR 8QLYHUVLGDG ,EHURDPHULFDQD 3OD]D 9DOGpV @

@

/$ ),1$/,'$' '( /$ ),/262)Ë$ 08/7,&8/785$/

0!)*#!4%0!,=&#%!%*!6&%+)%-'%!%-!0(!'%#&7(!3#07'59 FD SDUD H[SUHVDU IRUPDV GH DFFLyQ YLUWXRVD \ %-+#-'&(1#*!%-!0#*!15'#*!4%!0(!+)0')&(!.&5%.(! XQD GH ODV IXHQWHV PiV VRFRUULGDV /D SULQFLSDO FD9 UDFWHUtVWLFD GH WRGR KpURH FRQVLVWH HQ UHDOL]DU KD]DxDV TXH OR GLIHUHQFLDQ GHO KRPEUH FRP~Q 3RU HMHPSOR HO ¿OyORJR LWDOLDQR 5REHUWR &DODVVR HQ VX REUD 7#0) 1.9#0)9')!#96.)5)F#(6.*?#)VXJLHUH TXH OD SULQFLSDO YLUWXG TXH FDUDFWHUL]D D +pUFXOHV HV OD IXHU]D SHUR -#!+#1#!)-!(+'#!4%!513#*5+58-!3&%3#'%-'%!*5-#!+#1#! LQVWUXPHQWR XWLOL]DGR FRQ XQ ¿Q GLVWLQWR SUH¿HUH HO #(,')#/$&+#9.)#)$#)8"'(E#2 (O PLWR FXHQWD TXH SDUD DO9 FDQ]DU OD LQPRUWDOLGDG \ OD FRQYLYHQFLD FRQ ORV GHPiV GLRVHV HQ HO 2OLPSR OD 3LWLD OH HQFRPHQGy D +pUFX9 OHV SRQHUVH D ODV yUGHQHV GH (XULVWHR eVWH OH H[LJLy GLH] WDUHDV SDUD OLEHUDUOR TXH OXHJR VH FRQYLUWLHURQ HQ GRFH (Q OD GpFLPD WDUHD GHEtD UREDU ODV YDFDV GHO PRQVWUXRVR *HULyQ (Q VX YLDMH KDVWD OD LVOD GH (ULWtD 4#-4%!,($5'($(!%0!1#-*'&)#:!6)%!(+($(-4#!+#-!5--)9 PHUDEOHV EHVWLDV \ DO OOHJDU DO OtPLWH HQWUH ÈIULFD \ @)&#3(:! +#-*'&)28! 4#*! +#0)1-(*! )-(! 4%! +(4(! 0(4#! SDUD UHPHPRUDU VXV KD]DxDV 3HUR SDUD FRQWLQXDU VX YLDMH KDVWD OD LVOD GH (ULWtD +pUFXOHV WXYR TXH VHSD9 3URIHVRU GH WHRUtD SROtWLFD HQ OD 8QLYHUVLGDG $XWyQRPD GH OD &LXGDG GH 0p[LFR

D

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EOO

UDU ÈIULFD GH (XURSD SDUD TXH VX QDYH SXGLHUD SDVDU @*'%!15'#!3)%4%!*%&!5-'%&3&%'(4#!%-!4#*!*%-'54#*:!3)%*! SXHGH VHUYLU SDUD H[SUHVDU OD XQLyQ GH GRV PDUHV R OD VHSDUDFLyQ GH GRV WLHUUDV 6LQ HPEDUJR HQ FDGD ODGR VH HQFXHQWUD OD PDUFD GHO KpURH TXH XQH HO 0HGLWHUUi9 QHR FRQ HO $WOiQWLFR SHUR VHSDUD GRV FXOWXUDV /D ¿JXUD GH +pUFXOHV HV SURSXHVWD SRU 3DEOR /D]R %ULRQHV SDUD H[SUHVDU OD DFWLWXG GHO GLVFXUVR ¿ORVy¿FR TXH WLHQH SRU REMHWLYR UHÀH[LRQDU VREUH HO SUREOHPiWL9 FR \ FRPSOHMR IHQyPHQR GHO PXOWLFXOWXUDOLVPR $¿U9 PD TXH OD PHWiIRUD GH +pUFXOHV WLHQH FRPR XWLOLGDG H[SUHVDU DO ³KDELWDQWH GH OD VXSHU¿FLH TXH VH PXHYH ODWHUDOPHQWH´ S 5HSUHVHQWD DO YLDMHUR TXH OR KDFH QR HQ SHUVHFXFLyQ GH XQ ¿Q SURSLR VLQR LPSXHV9 WR SRU RWUR FRQWLQJHQWH (V HO YLDMH TXH OOHYD SRU FD9 PLQRV GLYHUVRV SHUR TXH VH YHQ VHSDUDGRV SRU HO PLV9 PR YLDMHUR DQWH OD QHFHVLGDG LPSXHVWD H[WHULRUPHQWH &RPR WRGD ¿JXUD VLPEyOLFD OOHYD VX RSXHVWR D OD ¿JXUD GH +pUFXOHV 3DEOR /D]R RSRQH OD ¿JXUD GH 8OL9 VHV 3DUD &DODVVR 0"/(# HQ 8OLVHV HQFRQWUDPRV DO 1>*!3&)4%-'%!4%!0#*!,=&#%*!3%&#!'(1$5=-!(0!;0'51#!4%! HVWD HVWLUSH FX\D SDUWLFXODULGDG HV TXH VH QDUUD OD KLV9 WRULD GH XQ KRPEUH QR OD GH XQ SXHEOR 'HVFXEULPRV TXH WRGD OD VHULH GH DFFLRQHV TXH VH GHVHQFDGHQDQ HQ HO YLDMH GH 8OLVHV DXQTXH VH QRV SUHVHQWH FRPR XQ YDJDU SRU HO PXQGR QR OR HV SRUTXH VLHPSUH WLHQH


;+A&$&$%:$'+7$)+%$9+>$'!'#$'&(Z(%8$'&('#!'+7*!8+G#(

FRPR ¿Q UHJUHVDU D VX FLXGDG QDWDO +8 S GHO OLEUR GH /D]R 3DEOR /D]R UHODFLRQD OD ¿JXUD GH 8OLVHV FRQ DTXHOOD DFWLWXG ¿ORVy¿FD TXH VLHPSUH UHJUHVD DO SXQWR GHO FXDO SDUWH TXH HQ VX LWLQHUDULR UHJUHVD VLHPSUH D OR PLVPR TXH HV DXWRFRPSODFLHQWH 'H HVWD RSRVLFLyQ HQWUH ODV ¿JXUDV GH +pUFXOHV \ 8OLVHV /D]R GH¿HQGH TXH OD IRUPD YiOLGD SDUD UH9 ÀH[LRQDU VREUH HO IHQyPHQR PXOWLFXOWXUDO OD HQFRQ9 '&(1#*!%-!0(!3&51%&(:!3)%*!0(!F3#4%1#*!'#1(&!+#1#! LGHD RULHQWDWLYD SDUD XQD ¿ORVRItD QR HQGRJiPLFD HV OD GHO PRYLPLHQWR ODWHUDO PLJUDQWH R QyPDGD GHO SHQVDPLHQWR TXH DGHPiV HV VLHPSUH SHQVDPLHQWR GH VX SURSLD FRQGLFLyQ FRQWLQJHQWH´ S (VWD IRUPD GH UHÀH[LRQDU VREUH HO IHQyPHQR PXOWLFXOWXUDO VXSR9 QH XQD GLYHUVLGDG GH FXOWXUDV ODV FXDOHV QR SXHGHQ VHU SHQVDGDV GHVGH XQD ¿ORVRItD PRQRFXOWXUDO VLQR GHVGH XQD RQWRORJtD SOXUDOLVWD TXH VXSRQJD GLYHUVRV $.<.0 FRQ HO ¿Q GH FRQYRFDU \ FRPXQLFDU ODV GLVWLQ9 WDV XQLYHUVDOLGDGHV KLVWyULFDV FXOWXUDOHV 3RU HOOR HVWD IRUPD GH UHÀH[LRQDU VREUH HO IHQyPHQR GHO PXOWLFXO9 WXUDOLVPR GHEH VHU UHDOL]DGR QR SRU HO ¿OyVRIR VLQR SRU ORV PLVPRV DFWRUHV FXOWXUDOHV ,QFOXVR QRV DOHUWD TXH HVWD IRUPD GH UHÀH[LRQDU QR HVWi KHFKD SDUD WR9 GRV VLQR TXH HVWi GLULJLGD D ORV QXHYRV +pUFXOHV \D VHDQ LQGLYLGXRV R JUXSRV TXH HVWiQ GLVSXHVWRV D #"@ ,.,(#*08.(6#(0') 4%! +(&(! (0! .,(.) +"$,"(#$) 2! (! (+%3'(&! *)*! +#-*%+)%-+5(*! ='5+(*! 2! 3#07'5+(*:! %*! 4%+5&:! %*'(&! 45*3)%*'#!(!F('0'6#*,&E#()XQD HVIHUD S~EOLFD TXH FRQ9 *54%&(-! 5-<)*'(:! 50%.7'51(:! %A+0)2%-'%! #! *5130%1%-'%! QR UHSUHVHQWDWLYD GH OR TXH HOORV VRQ GH VX LGHQWLGDG HV GHFLU GH OD IRUPD HQ TXH VH QDUUDQ VX KLVWRULD VLP9 $#05?(-! *)! %-'#&-#! -(')&(0! 2! *#+5(0:! 2! 3&#2%+'(-! )-(! YLGD HQ FRP~Q D IXWXUR VHJ~Q GHFLVLRQHV DXWyQRPDV FRQVFLHQWHV´ S 6LQ HPEDUJR HVWD LQYLWDFLyQ D 0(!#",.,(#*08.(6#+&:*)!%A+0)2%!(!0#*!3&)4%-'%*!L05*%*! TXH XWLOL]DQ XQD UDFLRQDOLGDG LQVWUXPHQWDO VL DFDVR 3#4&>-!%*+)+,(&!%0!+(-'#!4%!0(!*5&%-(!(1(&&(4#*!(!)-! PiVWLO SHUR QR SRGUiQ FRPSUHQGHU VX P~VLFD ,7,1(5$5,2 75$16)250$'25

(O REMHWLYR GHO OLEUR DTXt UHVHxDGR HV OD GH UHVSRQ9 4%&!(0!6%-81%-#!1('%&5(0!4%0!1)0'5+)0')&(05*1#:!1%9 GLDQWH OD LQGDJDFLyQ UHÀH[LYD \ FUtWLFD FRQ HO ¿Q GH DPSOLDU HO HVWXGLR PXOWLFXOWXUDO (VWR VLJQL¿FD TXH OD SURSXHVWD GH /D]R EXVFD UHÀH[LRQDU VREUH HO SUREOHPD GH OD GLYHUVLGDG FXOWXUDO QR GHVGH XQ PDUFR MXUtGLFR 2! 3#07'5+#! 4%6%-454#! 3#&! %0! 05$%&(05*1#:! *5-#! ,(+%&0#! GHVGH XQD SHUVSHFWLYD DQWRSROyJLFR VLPEyOLFD \ pWLFD KHUPHQpXWLFD DPSOLD S E(!%A3#*5+58-!4%!%*'(!6)-4(1%-'(+58-!,%&1%-=)9 WLFD GH OD GLYHUVLGDG GH ORV HVSDFLRV FXOWXUDOHV \ GH

+'&#(%-L)$/(M0+&,$

VX SUD[LV VH GLYLGH HQ VHLV FDStWXORV (Q HO SULPHUR GH %00#*!*%!%A3#-%!)-(!+&7'5+(!4%!0(!+)0')&(!4%!B++54%-9 WH OD FXDO HV FDUDFWHUL]DGD FRPR FXOWXUD ~QLFD TXH VH 3&%*%-'(!2!*%!513#-%!6&%-'%!(!'#4(!+)0')&(!45*'5-'(! (! HOOD (Q HO VHJXQGR FDStWXOR VH SDUWH GHO KHFKR UHDO \ FRQFUHWR GHO IHQyPHQR PXOWLFXOWXUDO 6LQ HPEDU9 .#:! %*'%! 30)&(05*1#! +)0')&(0! *)3#-%! )-(! 4#15-(+58-! LGHROyJLFD UHDOL]DGD SRU XQD UD]yQ LQVWUXPHQWDO TXH +(0+)0(!%*'&('=.5+(1%-'%!*)!513#*5+58-!4%*4%! 2! 3(&(! OD OyJLFD FDSLWDOLVWD /D HVWUDWHJLD KHUPHQpXWLFD GH /D]R SDUD HYLGHQFLDU HVWR FRQVLVWH HQ UHSUHVHQWDU D OD (+')(0!*#+5%4(4!4%!0(!5-6#&1(+58-!($5%&'(!(!)-!30)&(9 OLVPR FXOWXUDO TXH VXSRQH OD FUHDFLyQ GH UHGHV \ FR9 PXQLGDGHV GH FRQRFLPLHQWR TXH IDYRUH]FDQ HO PLVPR 30)&(05*1#!2!%0!4%*(&&#00#!4%!0(*!3&#35(*!+(3(+54(4%*! 4%!0#*!456%&%-'%*!.&)3#*!+)0')&(0%*!'(-!*80#!+#1#!)-(! PiVFDUD LGHROyJLFD $Vt HO SURFHVR GH GRPLQDFLyQ VH UHDOL]D PHGLDQWH HO GLVSRVLWLYR SDQySWLFR TXH YL9 JLOD TXH RUGHQD OD PXOWLSOLFLGDG KXPDQD \ FRQWUROD D WUDYpV GH OD WHFQRORJtD GLVFLSOLQDULD &RPR HMHPSOR 4%!%00#:!*%!&%+)&&%!(!0(!3%07+)0(!e*9'(<(."*9)4%!@15&! .XVWXULFD SDUD PRVWUDU ODV GRV FDUDV GH OD PRQHGD 3RU XQ ODGR VXSRQH OD DFHSWDFLyQ GH XQD FXOWXUD GLYHUVD IROFOyULFD GLYHUWLGD DPRURVD PXVLFDO SRU HO RWUR HQ9 FRQWUDPRV OD JXHUUD VHSDUDWLVWD GH ORV %DOFDQHV (VWR VLJQL¿FD SURQXQFLD /D]R TXH HVWDPRV SUHVHQFLDQGR XQ SURFHVR SHUYHUVR H LQYHUVR GH OD S&,,$&+4A'&,),%.%9 OLDQD SXHVWR TXH HQ OXJDU GH REVHUYDU HO SDVR GH ODV FRPXQLGDG SULPDULD D OD FRPXQLGDG VXSHULRU ³YLYL9 PRV XQD µHWQLFL]DFLyQ GH OR QDFLRQDO¶ XQ UHJUHVR D ODV SHTXHxDV FRPXQLGDGHV SHUR LQ¿FLRQDGR PHGLD9 4#!3#&!)-(!&%(++58-!(0!1%&+(4#!.0#$(0!2!3#&!'(-'#!-#! HV XQD UHJUHVLyQ DXWpQWLFD´ S 1R HV DXWpQWLFD FRQWLQ~D /D]R SRUTXH FLHUWRV JUXSRV FXOWXUDOHV DSH9 ODQ DO OHQJXDMH GH ORV GHUHFKRV GH ODV PLQRUtDV SRU HMHPSOR JD\V \ OHVELDQDV \ GH ODV LGHQWLGDGHV SRU HMHPSOR PLQRUtDV pWQLFDV \ FRQ HOOR QR VRQ PiV TXH &%3&%*%-'(-'%*!4%!)-!6(0*#!+#*1#3#05'5*1#:!&%3&%*%-9 '(-!)-!1)0'5+)0')&(05*1#!(3>'&54(:!6(0*#:!%*3)&5#:!*#-! XQD XQLYHUVDOLGDG DEVWUDFWD SS /RV -'(9#@ 9'(.0) VXMHWRV TXH FXHVWLRQDQ D OD FXOWXUD ~QLFD \ HO 3(-83'5+#! *#-! 0#*! 0&*) ,'+4.:! 0#*! 5-15.&(-'%*! 50%.(0%*! R FLXGDGDQRV GH VHJXQGD TXH UHSUHVHQWDQ OD ¿VXUD GHO *5*'%1(:!%00#*!&%3&%*%-'(-!0(!"*&-'(0#$&9#9)+.*+(',# @-! %0! '%&+%&! +(37')0#:! E(?#! 3&#3#-%! 3(*(&! 4%0! 1#1%-'#!+&7'5+#!(!0(!6)-4(1%-'(+58-!4%0!6%-81%-#! PXOWLFXOWXUDO 3DUD HOOR SURSRQH XQD ¿ORVRItD TXH VH $(*%!-#!%-!)-!3%-*(15%-'#!'&(*+%-4%-'%!(!0(*!6#&1(*! FXOWXUDOHV VLQR XQD ¿ORVRItD TXH UHÀH[LRQH 9'09'!2!#) /#(,&()GH OD FXOWXUD $ HVWD IRUPD GH WUDWDU HO SUREOHPD OR GHQRPLQD OD #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EOE


&#(%-L)$/(M0+&,$//+ *(&"!'7(^$'?("%e%&(^

"(1#*&E#+&:*) GH OD SURYLQFLD GHO PXOWLFXOWXUDOLVPR OR TXH VXSRQH XQ GLVFXUVR GLVUXSWRU FRQ HO ¿Q GH QR *%&!54%#0#.5?(4#!#!($*#&$54#!3#&!0#*!3&#+%*#*!5-*'5')9 FLRQDOHV SHUR TXH SXHGDQ DO PLVPR WLHPSR LPSDFWDU HQ OD VRFLHGDG /RJUDU HVWH REMHWLYR VXSRQH OR TXH DQ9 WHV KDEtDPRV OODPDGR OD WUDQVIRUPDFLyQ GH OD ¿ORVR9 ItD TXH GHEDWH HO SUREOHPD VyOR HQ WpUPLQRV MXUtGLFRV \ SROtWLFRV HQ XQD DXWRUUHÀH[LyQ FXOWXUDO S (Q HO FXDUWR FDStWXOR VH H[SOLFD TXH OD DXWRUUH9 ÀH[LyQ FXOWXUDO VH IXQGD VREUH XQD ,(#*08.(6#+&:*) GH OD YLGD HQ WpUPLQRV DUWtVWLFRV OR TXH LPSOLFD TXH WDO UHÀH[LyQ FXOWXUDO OR WLHQH TXH KDFHU HO KHUPHQHX9 WD D SDUWLU GH QH[RV VLJQL¿FDWLYRV HQWUH ORV GLYHUVRV PXQGRV VLPEyOLFRV SS $Vt ORV IHWLFKHV 4%!0(!+"$,"(#)I*&+#:!3)%*'#*!3(&(!0(!4#15-(+58-!4%!0(! &(?8-!5-*'&)1%-'(0!'&(*+%-4%-'%:!*#-!&%130(?(4#*!3#&! 0(!1)0'5305+54(4!4%!*71$#0#*!+)0')&(0%*!5-'%&3&%'(4#*! GHVGH OD FRPSUHQVLyQ KHUPHQpXWLFD 6H GHMD DWUiV DO 3#07'5+#! 2! <)&5*'(! 2! *%! 4(! (++%*#! (0! ,%&1%-%)'(! 3(&(! *).%&5&!0#*!1#4#*!4%!(++58-!4%*4%!2!3(&(!0#*!1)-4#*! VLPEyOLFRV 3RU HOOR HQ HO TXLQWR FDStWXOR H[SRQH TXH HVWD WUDQV¿JXUDFLyQ VLPEyOLFD!4%!0#*!&#0%*!+)0')9 &(0%*!+#-*5*'%!%-!)-(!3&(A5*!+#-+&%'(C! 8Q DFWLYLVPR LQWHUFXOWXUDO HTXLOLEUDQWH FX\DV FRQGLFLRQHV *%!%-+)%-'&(-!4(4(*!<)*'#!3#&!0(!+(3(+54(4!*5-!3&%+%4%-'%*! 4%!3#-%&!0(4#!(!0(4#!2!%-!1)')#!&%+#-#+515%-'#!'#4(!*)%&'%! 4%!&5')(054(4%*:!#$&(*!4%!(&'%:!15'#0#.7(*:!%<%&+5+5#*!4%0!3#9 GHU \ HQ JHQHUDO HVWLORV GH YLGD GLYHUVL¿FDGRV FXOWXUDOPHQWH >«@ /DV LPiJHQHV FXOWXUDOHV UHXQLGDV HQ XQ PXVHR WDO HV OD PHWiIRUD GH QXHVWUD PLUDGD SRU SULPHUD YH] JOREDO R SODQH9 WDULD TXH DVSLUD D VHU XQD RULHQWDFLyQ pWLFD SROtWLFD S

@-! %0! ;0'51#! +(37')0#! %A3#-%! 0(*! +#-*%+)%-+5(*! SROtWLFDV GH VX SUR\HFWR WUDQVIRUPDGRU TXH UHVSRQGH 3&51%&#! (! 0(*! +&7'5+(*! ,%+,(*! (0! 1)0'5+)0')&(05*1#! 2! VHJXQGR UHVSRQGH D ORV GHIHFWRV GHO PRGHOR OLEHUDO ¢81$ 35238(67$ e7,&2 32/Ë7,&$ ,0$*,1$5,$ 2 /$ /(*,7,0$&,Ï1 '( )250$6 ,0326,%/(6 '( /$ 32/Ë7,&$"

E(! 3&#3)%*'(! 3#07'5+(! 4%! /($0#! E(?#! *)&.%! 4%! 0(! GHVLOXVLyQ /DV FDXVDV GH HVWD GHVLOXVLyQ VRQ ODV VL9 JXLHQWHV D HO LQFXPSOLPLHQWR HQ ORV KHFKRV WDQWR GHO 3&#2%+'#!4%!5-+0)*58-!2!<)*'5+5(!3(&(!'#4#*!(*7!+#1#! 4%0!3&#2%+'#!4%!*)3%&(+58-!4%0!%*'(4#!4%!0(!-%+%*54(4! \ HO ORJUR GH XQ HVWDGR GH OLEHUWDG H LJXDOGDG E HO 3&#$0%1(!4%!0(!%A+0)*58-:!6#0+0#&5?(+58-!2!+#1%&+5(9 OL]DFLyQ GH ODV PLQRUtDV FXOWXUDOHV \ F OD LQFDSDFLGDG 4%!0(*!5-*'5')+5#-%*!05$%&(0%*!#!4%1#+&>'5+(*!3(&(!(09 FDQ]DU FRPSOHWDPHQWH ORV ¿QHV DQWHV GLFKRV /(&(! *)3%&(&! %*'%! 9'0'*+#*,.) /($0#! E(?#! 3&#3#9 #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EOG

-%! )-(! &%*5*'%-+5(! 3#07'5+(! 2! )-(! 54%(! 4%! 45*54%-+5(! R GHVREHGLHQFLD FLYLO TXH VLUYDQ GH QH[R GH ORV P~O9 '530%*!51(.5-(&5#*!*)3)%*'#*!3#&!0(!,%&1%-=)'5+(! 4%! ORV VtPERORV FXOWXUDOHV S (VWR UHVSRQGH IXQ9 4(1%-'(01%-'%!(!4#*!+#-+%3+5#-%*!5-+(3(+%*:!*%.;-! E(?#:!4%!&%*3#-4%&!(0!6%-81%-#!4%0!1)0'5+)0')&(05*9 PR D DO LPDJLQDULR DWRPL]DQWH TXH HQWUDxD HO OLEHUD9 OLVPR TXH VXSRQH TXH SRGHPRV HOHJLU OD SHUWHQHQFLD R UHQXQFLD D XQD FXOWXUD \ TXH GHVHPERFD HQ HO GHV9 DUUDLJR R OD LQGLIHUHQFLD \ E D OD LOXVLyQ GH OD GHWHU9 15-(+58-!+%&&(4(!2!6('(0!4%!0(!*(-.&%!(!3%&'%-%+%&!(! XQD VROD DGVFULSFLyQ FXOWXUDO \ D QLQJXQD RWUD TXH '5%-%!+#1#!+#-*%+)%-+5(!1(-56%*'(+5#-%*!6)-4(1%-9 WDOLVWDV R LQWHJUDFLRQLVWDV TXH SXHGHQ LU DFRPSDxDGDV GH YLROHQFLD GHVWUXFWLYD 7DO PRYLPLHQWR GH UHVLVWHQFLD SROtWLFD &6#<&*#$) +#-*5*'%!%-!,(#*08.(6#()0(*!3&>+'5+(*!+)0')&(0%*!4%!0#*! LPDJLQDULRV FROHFWLYRV GH WRGD DTXHOOD HVIHUD S~EOLFD TXH VH FRQVLGHUD LQMXVWD IHQyPHQR TXH HV LGHQWL¿FD9 GR FRQ HO KHFKR GH TXH OD YROXQWDG GH ORV FLXGDGDQRV QR HQFXHQWUD FRQFUHFLyQ SROtWLFD 3RU FRQVLJXLHQWH /D]R GHGXFH GH DKt TXH OD DXWRULGDG HV ³HVSXULD´ \ TXH GHEH VHU GHVREHGHFLGD 6L OOHYDPRV DO H[WUHPR %*'(!'%*5*!-5-.)-(!()'#&54(4!*%&>!0%.7'51(!3(&(!0(!'#9 '(054(4!4%!0#*!+5)4(4(-#*:!3)%*!+#1#!%0!15*1#!E(?#! GH¿HQGH OD GLYHUVLGDG FXOWXUDO \ SROtWLFD OOHYD D TXH -#!%A5*'(!)-!.&)3#!,#1#.=-%#!4%!+5)4(4(-#*:!*5-#!(! XQD PXOWLSOLFLGDG WDQ JUDQGH FRPR JUXSRV H LQGLYL9 GXRV H[LVWDQ $ HVWD SRVLELOLGDG GH GHVREHGLHQFLD OD LGHQWL¿FD FRQ OR TXH pO OODPD OD FRQ¿JXUDFLyQ SRURVD GH OD VRFLHGDG PXOWLFXOWXUDO TXH LPSOLFD OD HQWUDGD \ VDOLGD GH ORV ERUGHV GH OR SROtWLFR $¿UPD TXH HVWD DFFLyQ GH UHVLVWHQFLD VRFLDO WLHQH TXH VHU SHQVDGD D SDUWLU GH WUHV SULQFLSLRV D OD LP9 SRVLELOLGDG GH FDOFXODU ORV HIHFWRV E HO LQWHUFDPELR FXOWXUDO QR GHEH YHUVH HQYXHOWR HQ OyJLFDV LQVWLWXFLR9 QDOHV QL SUHWHQGHU YDORUHV KDVWD TXH OD FRQYLYHQFLD SD9 Ft¿FD VH YHD YLROHQWDGD FRQ HO ¿Q GH TXH HO (VWDGR QR LQWHUYHQJD HQ ODV DFFLRQHV VRFLDOHV F XQD LQYLWDFLyQ (!(+%3'(&!(0!#'&#!456%&%-'%!+)(-4#!%*'%!,(+%!0#!3&#35#! SS /RV DOFDQFHV GH HVWD SURSXHVWD ORV SRQH HQ OD PHVD HO PLVPR DXWRU SXHV VDEH TXH VyOR DVSLUD D XQ PXUPXOOR \ QXQFD D XQ HVSHFWDFXODU WULXQIR VRFLDO @-!)-!;0'51#!(05%-'#!&%+)&&%!(!0(!3&#3)%*'(!4%!O59 OORUR GH XQ (VWDGR PXOWLFXOWXUDO TXH KLFLHUD SRVLEOH OD DFFLyQ GH VXV FLXGDGDQRV PXOWLFXOWXUDOHV 7DO SUR9 SXHVWD VH EDVD HQ FXDWUR SULQFLSLRV D HO GH OD DXWRQR9 17(:!%-'%-454(!+#1#!+(3(+54(4!4%!()'#4%'%&15-(+58-! GH FDGD FXOWXUD VREUH VXV PHWDV YDORUHV SULRULWDULRV 1#4#*!4%!%A3&%*58-:!.#$5%&-#!2!()'#4%6%-*(!+#-'&(!0(! RSUHVLyQ X RFXSDFLyQ H[WUHPD E HO GH OD DXWHQWLFLGDG


;+A&$&$%:$'+7$)+%$9+>$'!'#$'&(Z(%8$'&('#!'+7*!8+G#(

GH ODV FXOWXUDV TXH VXSRQH TXH OR VRQ HQ OD PHGLGD HQ TXH OD KLEULGDFLyQ FXOWXUDO HV GHFLGLGD \ DVLPLODGD SRU ORV LQGLYLGXRV GH OD FRPXQLGDG F HO GH OD ¿QDOLGDG TXH VXSRQH OD FDSDFLGDG GH ODV FRPXQLGDGHV FXOWXUD9 OHV SDUD GHIHQGHU VXV SURSLRV ¿QHV \ YDORUHV IUHQWH D OD LPSRVLFLyQ G HO GH OD H¿FDFLD HO FXDO LPSOLFD HO 1(-%<#!(4%+)(4#!4%!0#*!1%45#*!3(&(!%0!0#.&#!4%!*)*! ¿QHV \ PHWDV VLHPSUH TXH WDOHV PHGLRV VHDQ FRKHUHQ9 WHV FRQ ORV SULQFLSLRV DQWHULRUHV $O ¿QDO GH OD SURSXHVWD GH 3DEOR /D]R QR HQFXHQ9 WUR XQD VROXFLyQ D OD GHVHVSHUDGD GXGD TXH FRORFD \ GLULJH WRGR VX OLEUR ([LVWH XQD GHIHQVD LGHDOL]DGD GH 0(*!6#&1(*!+)0')&(0%*!$(*(4(!%-!)-!%*37&5')!4%!#",.@ ,(#*08.(6#+&:* )/%&#!*5!&%+#&4(1#*!)-(!4%!0(*!51>9 JHQHV TXH pO PLVPR SURSRQH \ FRQ OD FXDO FRPHQFp OD SUHVHQWDFLyQ GH HVWH OLEUR HV OD GH OD ¿JXUD GH +pU9

+'&#(%-L)$/(M0+&,$

FXOHV FRPR VtPEROR TXH GLULJH OD ('0'6#*,&E#+&:*)4%! OD SROtWLFD 3HUR WDO ¿JXUD LPSOLFD OD GREOH LQWHUSUHWD9 +58-!4%!)-5&!$5%-!5-'%-+5#-(4(1%-'%!4#*!1(&%*:!3%&#! WDPELpQ LPSOLFD OD YLROHQFLD GH OD VHSDUDFLyQ WHUULWR9 ULDO (Q HO OLEUR GH /D]R VH GH¿HQGH XQD OyJLFD DPL9 JR HQHPLJR SXHV WHUPLQD OHJLWLPDQGR OD YLROHQFLD IUHQWH D OD YLROHQFLD OR FXDO HQ ORV KHFKRV VH HVSHUD TXH RFXUUD VLQ OH QHFHVLGDG GH VHU XQ KHUPHQHXWD /D SRVLFLyQ GH /D]R GH¿HQGH TXH HO SHRU PDO GH OD +"$,"@ (#)I*&+#:!4%0!+#-'&#0!3(-83'5+#:!4%0!1%&+(4#!1)-45(0:! GHO OLEHUDOLVPR HV OD H[FOXVLyQ \ HO UDFLVPR FXOWXUDO I&%-'%!(!%*'%!&(+5*1#!+)0')&(0!#3#-%!)-!1(&A5*1#!-#! YXOJDU XQD LQWHUSUHWDFLyQ KHUPHQpXWLFD UH¿QDGD GH ORV YDORUHV FXOWXUDOHV FRQ HO ¿Q GH UHFRQRFHU ORV YDOR9 UHV YHUGDGHURV QR LGHRORJL]DGRV QR PHUFDQWLOL]DGRV $O ¿QDO YHQFH OD GHVHVSHUDFLyQ \ HO GHVDOLHQWR

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EOH


redención

"(#+)+-%':+%'

>"'-$-?+%,$2$#+'+.%/+-@"6 >/XLV 0DUWtQH] $QGUDGH P'$&@ <&:*) 0&*) ('9'*+&:*;) +.*,(#9&+@ +&.*'0)0.+&#$'0)5)0"'R.0)9'0/&'(@ ,.0) '*)L6O(&+#) 7#,&*# 0p[LFR (GLFLRQHV GH 0HGLDQRFKH 8QL9 YHUVLGDG $XWyQRPD GH =DFDWH9 FDV @

@

*+&5$#!%*'(*!07-%(*!+#-!%0!30(+%&!4%!,($%&!0%74#! HO OLEUR GH /XLV 0DUWtQH] $QGUDGH P'$&<&:*) VLQ UHGHQFLyQ«: \ GRQGH WHQJR TXH PHQFLR9 QDU TXH HO HQFDQWR QR HV VRODPHQWH SRUTXH FRQR]FR DO DXWRU GHVGH KDFH DOJXQRV DxRV VLQR WDPELpQ SRU9 TXH Vp GH EXHQD WLQWD ODV GL¿FXOWDGHV GH ORV RUtJH9 -%*!&%$%04%*!4%!0(!'%#&7(!+&7'5+(!%-!%0!3%-*(15%-'#!(! +.*,(#/'$.)GH HVWH DSDVLRQDQWH WH[WR (O HQFDQWR HV WDPELpQ SRUTXH KR\ VDEHPRV ODV GL¿FXOWDGHV GH OD WHRUtD FUtWLFD HQ ORV HVSDFLRV HGXFDWLYRV GHVHQFDQ9 WDGRV SRU OD IUDJPHQWDFLyQ H LQGLYLGXDOL]DFLyQ GHO ,#&&#&! 4%! 0(*! 1#4(*! 4%0! 1%&+(4#C! 9'('+4.0) 4"6#@ *.0)5-*'5')+5#-(05?(4#*H!&*6&<(#*,'0!%-!'&%-%*!4%!0(! YHUJ HQ]D &*9?<'*#0! (+')(05?>-4#*%! %-! %0! 1%&+(4#! 4%!0(!+)0')&(!2!%0!6#0+0#&!4%0!9'0#((.$$.),"(?0,&+.)0"0@ ,'*,#1$'H!3&#$0%1(*!4%!<O*'(.)#&.(-5?(4#*!1%45(-'%! %0!1%&+(4#!4%!1('&51#-5#*!+#-'&#0(4#*!3#&!0(*!5-*9 WLWXFLRQHV HWFpWHUD (Q RWUDV SDODEUDV VXEMHWLYLGDGHV 1(-5('(4(*! 3#&! 0(*! +#&&)3'%0(*! 4%! 0#*! F3)-'(<%*G! #! ³FDOL¿FDFLRQHV´ HVWDEOHFLGDV HQ ODV YHUGDGHV HPStUL9 FDV SRVLWLYLVWDV GHO KLSHU UHDOLVPR HPSUHVDULDO GH OD GHPRFUDFLD GHO PHUFDGR QHROLEHUDO D 3URIHVRU LQYHVWLJDGRU GHO ,QVWLWXWR GH &LHQFLDV 6RFLDOHV \ +XPDQLGD9 GHV ³$OIRQVR 9pOH] 3OLHJR´ GH OD %HQHPpULWD 8QLYHUVLGDG $XWyQRPD GH 3XHEOD ,&6\+ %8$3 0p[LFR (O RULJHQ GH 5HOLJLyQ VLQ UHGHQFLyQ YLHQH GH ³(O FDSLWDOLVPR FRPR UHOL9 JLyQ´ :DOWHU %HQMDPLQ WH[WRV SyVWXPRV SXEOLFDGRV HQ SRU 5DOSK 7LHGHPDQQ \ +HUPDQQ 6FKZHSSHQKlXVHU YRO 9, GH VXV *HVDPPHOWH 6FKULIWHQ $Kt %HQMDPLQ DERUGD HO FDSLWDOLVPR FRPR UHOLJLyQ FXOWXUDO $SR\iQGRVH HQ OD IUDVH GH (UQVW %ORFK VX FUtWLFD HV D OD QHXWUDOLGDG D[LROyJLFD GH 0D[ :HEHU

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EOD

$Vt SXHV VL PLUR ORV FDPLQRV UHFRUULGRV GH VX SHQ9 VDPLHQWR GHVGH FXDQGR FRQRFt D /XLV 0DUWtQH] HQ OD OLFHQFLDWXUD GH 6RFLRORJtD GH OD )DFXOWDG GH 'H9 UHFKR \ &LHQFLDV 6RFLDOHV GH OD %HQHPpULWD 8QLYHUVL9 GDG $XWyQRPD GH 3XHEOD %8$3 SXHGR GHFLU TXH VX HVFULWXUD HV HO UHVXOWDGR GH YDULRV DxRV GH H[SH9 ULHQFLD GH HQULTXHFLPLHQWR GHO FRQRFLPLHQWR GH FRQ9 FHSWRV \ FDWHJRUtDV &RQ ORV UHFXHUGRV HQ PL PHPRULD &%*+('#!3(&'7+)0(*!4%!*)!'%*5*!4%!05+%-+5(')&(C!N'*:6'@ *.)"*9'(<(."*92)e*)#+'(+#6&'*,.)#$)/(.+'0.)+"$,"@ (#$)9')$.0)6.-&6&'*,.0)9')('0&0,'*+&#2)J#-#+7(!$5%-! HO SURFHVR GH GL¿FXOWDGHV GH OD HVFULWXUD GH HVWD WH9 VLV SRU DIXHUD GH ORV SDUiPHWURV GRPLQDQWHV /D WLQWD +&7'5+(! 4%! *)! '%*5*:! +)%*'5#-(-4#! %0! 1)-4#:! +#-'5%-%! HVRV iWRPRV HQ HO WLHPSR \ HVSDFLR GH GL¿FXOWDGHV @-!*%.)-4#!0).(&:!+)(-4#!(*%*#&=!*)!'%*5*!4%!1(%*'&7(! H#(#9&<6#0) +&-&$&E#,.(&.0) 5) #,#-&06.0) +.$.*&#$'02)!'*,(.)+.6'(+&#$)5)/(=+,&+#0)9&0+"(0&-#0;) HQ HO ,QVWLWXWR GH &LHQFLDV 6RFLDOHV \ +XPDQLGDGHV ³$OIRQVR 9pOH] 3OLHJR´ ,&6\+ %8$3 SXGLPRV FRQVWDWDU HO HQULTXHFLPLHQWR WHyULFR GH UHÀH[LRQHV GH QHJDWLYLGDG \ HVSHUDQ]DV DSODVWDGDV SRU ORV DWD9 YLVPRV FRPHUFLDOHV GH OD FLUFXODFLyQ GH PHUFDQFtDV @-!'%&+%&!0).(&:!0(!6)%&?(!4%!*)!3%-*(15%-'#!*#-!*)*! UHFRUULGRV SRU HO PXQGR &DHQ )UDQFLD HQ \ DKRUD HVWXGLDQGR HO GRFWRUDGR HQ eFROH GHV +DXWHV eWXGHV HQ 6FLHQFHV 6RFLDOHV HQ 3DUtV )UDQFLD EDMR OD DVHVRUtD GH 0LFKDHO /|Z\ LQYHVWLJDGRU (PpULWR GHO &HQWUR 1DFLRQDO GH 5HFKHUFKHV 6FLHQWL¿TXHV


"(#+)+-%'8+%'"(&(%;+-%

(Q ¿Q ODV OtQHDV DQWHULRUHV WLHQHQ OD ¿QDOLGDG GH DSUHFLDU OD FRQWLQXLGDG GH XQ SHQVDPLHQWR FUtWLFR 1R VRODPHQWH KD SXEOLFDGR HQ GLYHUVRV SDtVHV VXV UHÀH[LRQHV VLQR WDPELpQ \ VREUH WRGR SRUTXH JDQy %0!/&51%&!/&%15#!4%0!FJ#-+)&*#!R-'%&-(+5#-(0!4%!@-9 VD\R 3HQVDU D &RQWUDFRUULHQWH´ (O MXUDGR PHQFLRQy TXH VX HQVD\R (O FHQWUR FRPHUFLDO FRPR ¿JXUD SDUD@ 9&<6=,&+#)9'$)9&0+"(0.)*'.+.$.*&#$2)P#+&06.)5)/.9'() '*)L6O(&+#)7#,&*#:!6)%!3&%15(4#!3#&!0(!#&5.5-(054(4! 2!3&#6)-454(4!%-!%0!'&('(15%-'#!4%!)-!'%1(!+%-'&(0C!%0! +#-*)15*1#! %*3%+5(05?(4#! %-! 0).(&%*! +#-+&%'#*! 4%0! +%-'&#!+#1%&+5(0:!+#1#!0).(&!4%!'&(-*6#&1(+58-!4%0! FLXGDGDQR HQ LQGLYLGXR DLVODGR \ HVWHUHRWLSDGR SHUR WDPELpQ SRUTXH FRQWULEX\H D SRQHUQRV DOHUWDV IUHQWH D ORV SHOLJURV GH OD JOREDOL]DFLyQ QHROLEHUDO (Q HVWH VHQWLGR ORV KLORV GH OD UHOLJLyQ FRQ ORV TXH WUDEDMD /XLV 0DUWtQH] SUHVHQWDQ ODV FRQWUDGLFFLRQHV VRFLDOHV DO PLVPR WLHPSR TXH ORV 0"'R.0)9'0/&'(,.0) %-!%0!(-'(.#-5*1#! +#/&,#$@,(#1#G.)HQ $PpULFD /DWL9 QD 6X WUDEDMR H[SUHVD OD FRQWLQXLGDG GHO SHQVDPLHQWR FUtWLFR \ UHEHOGH SHUR WDPELpQ XQD UHÀH[LyQ VREUH ODV 5-'%&5#&54(4%*! *#+5(0%*! 4%! 0#! &%05.5#*#! 2! 0(! 6',#8?0&@ +#:!0(!6',#+(?,&+#!#!0(!1%'(3#07'5+(:!+#1#!3#*5$5054(4! GH FRPSUHQVLyQ \ GH FUtWLFD GH ODV VXEMHWLYLGDGHV GH 0(*!-&9#0)9#R#9#0 GLUtD 7KHRGRU $GRUQR HQ M&*&6#) M.(#$&# SRU OD JOREDOL]DFLyQ \ PXQGLDOL]DFLyQ GH OD OH\ GHO YDORU LQPHUVD HQ ORV SURFHVRV GH SURGXFFLyQ \ FLUFXODFLyQ GH ODV PHUFDQFtDV +D\ TXH PHQFLRQDU TXH HO SHQVDPLHQWR GH /XLV 0DU9 '7-%?!'&(4)+54#!%-!%*'%!05$&#!*%!-)'&%!-#!*#0(1%-'%!4%!0(! WUDGLFLyQ GHO SHQVDPLHQWR RFFLGHQWDO (UQVW %ORFK \ HO H(&*+&/&.)'0/'(#*E# :DOWHU %HQMDPLQ \ HO 6'0&#*&06.! FRQ VX WHRORJtD SURIDQD 7KHRGRU $GRUQR \ OD `&#$O+,&+#) *'<#,&-# .DUO 0DU[ SHQVDQGR QR VRODPHQWH OD UHOLJLyQ +#1#!./&.)9'$)/"'1$.:!*5-#!'(1$5=-!+#1#!0(!%A3&%*58-! 4%0!(01(!&%$%04%!2!+&7'5+#!4%!0(!+(&#,"(#)./(&6&9# 7DPELpQ VH LQVSLUD HQ ODV PHMRUHV WUDGLFLRQHV GHO 3%-*(15%-'#!+&7'5+#!0('5-#(1%&5+(-#C!@4)(&4#!K(0%(9 -#!3%-*(-4#!0(!,5*'#&5(!4%0!+(35'(05*1#!2!%0!%)&#+%-9 WULVPR HQ $PpULFD /DWLQD (QULTXH 'XVVHO FRQ VX pWL9 FD GH OD OLEHUDFLyQ \ 0LFKDHO /|Z\ DFRPSDxDGR SRU OD WHRORJtD \ HO ³FULVWLDQLVPR GH OD OLEHUDFLyQ´ (QWRQFHV TXLHUR PHQFLRQDU TXH HO OLEUR GH /XLV 0DUWtQH] QR HV XQD RFXUUHQFLD PtVWLFD GHO SHQVD9 PLHQWR UHOLJLRVR IXHUD GHO PXQGR 6X WUDEDMR WHyULFR 0p[LFR $UJXPHQWRV 8$0 M',#/.$?,&+#;) 7=6/#(#) 9') `&:<'*'0) %8$3 3XHEOD 0p[LFR $UJHQWLQD +HUUDPLHQWD %UDVLO >*,'(#mn'0@ !"$,"(#)')!.6"*&9#9'i)F.(&E.*,'2)`.)3I+$'.)9')K0,"9.0)'6)b'.$.<&#H! /#0#-5(C!!KS7L)5)3.D#)A(5,5A#H!I&(-+5(C!7'0)!#4&'(0)L6O(&%"')7#,&*') 3DULV )UDQFLD &XED b'6#02)!"$,"(#;)>9'.$.<?#)5)S.+&'9#9H!J#0#19 $5(C! H.$&0'6&#2 5HVHxDV FUtWLFDV Q#G.) '$) C.$+=* %8$3 L(+4&-'0) 9') S+&'*+'0)S.+&#$'0)9'0)P'$&<&.*0 (+(66 )UDQFLD K0,"9.0)9')S.+&.$.@ <&#)5)P'-&0,#)Q(#0&$'&(#)9')F&0,:(&#)9#0)P'$&<&n'0 %UDVLO

+'&#(%-L)$/(M0+&,$

FRQWLHQH DxRV GH UHÀH[LRQHV \ FDUDFWHUL]DFLRQHV FRQ9 +%3')(0%*! 2! +('%.#&5(0%*! %-! &%0(+58-! +#-! 0#*! 0"'R.0) 9'0/&'(,.0!4%0!,.9#-?#@*.@#I*)4%0!3%-*(4#&!1(&A5*'(! (UQVW %ORFK \ GH :DOWHU %HQMDPLQ TXLHQ HQWUH RWURV '%1(*!4%!0(!05'%&(')&(!2!0(!3#07'5+(!'&($(<($(!<)*'(1%-'%! %0!*%-'54#!4%!0(!,5*'#&5(!2!0(!+('>*'&#6%!4%!0(!-(')&(0%?(! HO KRPEUH FRPSUHQGLGR HQ OD KLVWRULD GH VX QDWXUD9 OH]D FRPR FUtWLFD GHO PXQGR HQ UXLQDV VREUH UXLQDV P'$&<&:*)0&*)('9'*+&:* WtWXOR GHO OLEUR TXH DKRUD SUH9 VHQWDPRV &DEH PHQFLRQDU TXH %HQMDPLQ SODQWHD HQ )-(*!-#'(*!+#130%1%-'(&5(*!(!*)*!b'0&0)9'$)+.*+'/,.) 9')4&0,.(&#)0(!513#&'(-+5(!4%!0(!&%05.58-!+#1#!'%#0#9 JtD SROtWLFD 1R VH SXHGH HQWHQGHU HO FHQWUR GH OD YLGD VLQ FRPSUHQGHU TXH HO PRWRU GH OD KLVWRULD VRQ HVRV KLORV GHO LPDJLQDULR WHROyJLFR GH ORV VXHxRV TXH VH PXHYHQ HQ ODV RVFXULGDGHV GH ODV WLQLHEODV FRPR (URV HQ OD FLYLOL]DFLyQ FDSLWDOLVWD GLUtD 0DUFXVH VXEMHWL9 YLGDGHV TXH VH HVFRQGHQ SHUR D OD YH] VH PRYLOL]DQ +#-'&(!0(!&%3&%*58-!2!0(!*(-.&%!4%&&(1(4(!%-!0#*!3&#9 FHVRV GH FRORQL]DFLyQ \ SULYDWL]DFLyQ HQ OD KLVWRULD 6L %HQMDPLQ D¿UPD TXH VL SRU ODV OHWUDV TXH VH VHFDQ HQ HO SDSHO IXHUD QDGD TXHGDUtD GH ORV VXMH9 WRV DFWLYRV TXH SDUWLFLSDQ HQ HVD HVFULWXUD HQWRQFHV SRGHPRV FRPSUHQGHU TXH HO GLiORJR TXH HVWDEOHFH /XLV 0DUWtQH] FRQ ORV DXWRUHV FOiVLFRV GHO WHPD GH OR &%05.5#*#:!0#*!1)%&'#*:!%*!)-(!(+')(05?(+58-!4%0!*%-'59 GR GH OD KLVWRULD HQ HO FRQWH[WR PRGHUQR 6RQ HFRV \ ,)%00(*!4%!0(!(#1&#)4%0!3%-*(15%-'#!4%!0(!+#1)-54(4! SROtWLFD SRU WDQWD LQMXVWLFLD HQ HO PXQGR /DV SDODEUDV 4%!(#1&# GH /XLV 0DUWtQH] WRPDQ VHQWLGR GH '0/'(#*@ E#)+#-'&(!%0!4%&&#'5*1#!2!%0!3%*515*1#!4%!0(!,5*'#&5(! GH FLHUWRV GLVFXUVRV WUDGLFLRQDOLVWDV TXH WUDVPLWHQ ODV FRVDV LQWHOLJLEOHPHQWH SHUR VLQ VXMHWRV FRQVHUYDQGR ODV FRQGLFLRQHV FDSLWDOLVWDV TXH SURGXFHQ OD LQMXVWLFLD 3RU OR WDQWR OD UDELD WUDVPLWH XQ HVStULWX LPDJLQDWLYR 2!+&%(4#&!4%0!+#(=+,'()9'0,("+,.( TXH QRV PHQFLRQD %HQMDPLQ 1RV SDUWLFLSD ODV 0&,"#+&.*'0!3(&(:!3&51%9 UDPHQWH YROYHUODV 6#*&/"$#1$'0!1%45(-'%!0(!15&(4(! 45(0=+'5+(:!3%&#:!(0!15*1#!'5%13#:!$&%"&9#1$'0!3#&!0(*! H[SHULHQFLDV GHO SHQVDPLHQWR FUtWLFR 6X GHVFULSFLyQ GHPXHVWUD TXH HQ ORV HVSDFLRV GHO UHLQR GH OD PHU9 +(-+7(:!4#-4%!,.9.0)0.6.0)/#$#+&.!%-!0(*!(3(&5%-+5(*! GHO FRQVXPLVPR H[LVWH OD PDTXLQDULD SURGXFWRUD GH 5-<)*'5+5(!2!*(-.&%!4%!0(*!-'*#0)#1&'(,#0)9')L6O(&+#) 7#,&*#2)@*'%!'7')0#!4%0!05$&#!4%!@4)(&4#!K(0%(-#!*#$&%! 0(!%A3#05(+58-!2!%A30#'(+58-!0('5-#(1%&5+(-(!%*!&%'#9 PDGR SRU /XLV 0DUWtQH] SDUD PRVWUDU TXH ORV FDPL9 QRV GH E~VTXHGD GH ('9'*+&:*)9'),#*,.0)/'*0#6&'*@ ,.0)%"')8"'(.*)#0'0&*#9.0 HV XQ UpTXLHP GH KLVWRULDV ($(-4#-(4(*!3#&!0#*!.&(-4%*!45*+)&*#*!%-!0(!0.+&'9#9) 9'$) '0/'+,=+"$. GLUtD *X\ 'HERUG HQ HO '0,#9.) 9'! #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EOJ


&#(%-L)$/(M0+&,$//+ Z("%$%&!'7$9$7!"!8'*!%;(

'J+'/+&:* D¿UPDUtD *LRUJLR $JDPEHQ TXH KR\ YL9 YLPRV FRQ OD PLOLWDUL]DFLyQ GHUUDPDQGR VDQJUH SRU WRGRV ORV SRURV GH OD VRFLHGDG @-! #'&(*! 3(0($&(*:! +#1#! 3#4%1#*! +#-*'('(&! %-! HO DXPHQWR GH VXLFLGLRV QLQJXQD VXEMHWLYLGDG VDOH H[HQWD WRGRV YLYLPRV OD SDUDQRLD GH ORV SRGHURVRV TXH KDQ VDFDGR GH VXV FDVHUQDV PHGLDQWH OD OHJLWLPD9 +58-!4%!0(!0.+&'9#9)'0/'+,#+"$#(:!(!0#*!1505'(&%*:!3(&(! SURWHJHU ODV YHQWDQDV DELHUWDV GH VX XWRStD QHROLEHUDO 3RU OR WDQWR ORV KLORV GHO OLEUR GH /XLV 0DUWtQH] VRQ FRPR XQ DUFR LULV HQ HO FLHOR 5HLYLQGLFDQ ODV FRQGL9 +5#-(-'%*! *#+5(0%*! 4%! 0(! &%05.58-! +#1#! 0#*! .&5'#*! 4%! OD FULDWXUD RSULPLGD DTXHOODV PXUPXUDFLRQHV GHO LQ9 WHULRU TXH VH UHEHODQ FRQWUD HO FDSLWDOLVPR GHVWUXFWRU GH ORV FXHUSRV GH ORV WUDEDMDGRUHV \ OD QDWXUDOH]D £<D %DVWD £1R 0iV 6DQJUH £1R D OD *XHUUD GH ORV *UDQ9 GHV GHO 3ODQHWD FRQWUD ORV PLVHUDEOHV GH OD WLHUUD (VWDV UHÀH[LRQHV PXHVWUDQ TXH OD UDELD H[SUHVD9 GD HQ ODV QHXURVLV \ HVTXL]RIUHQLDV \D QR SXHGHQ VHU WUDWDGDV HQ OD SULYDFLGDG VH UHEHODQ DQWH OD LQMXVWLFLD 2! %A30#'(+58-! %A3%&51%-'(4(! 3#&! 150%*! 4%! 1500#-%*!

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EOK

GH WUDEDMDGRUHV \ WUDEDMDGRUDV QLxRV \ QLxDV HQ HO PXQGR YHU &KLDSDV \ ORV ]DSDWLVWDV OD $VDPEOHD 3R9 SXODU GH ORV 3XHEORV GH 2D[DFD HQ $WHQFR HQ 0p[LFR *UHFLD (VSDxD HQ (XURSD \ 0HGLR 2ULHQWH HQ OODPDV 3RGHPRV GHFLU TXH ODV H[SHULHQFLDV WUD9 '(4(*! %-! %*'%! 05$&#! *#-! 1(-56%*'(+5#-%*! 4%! 0(! 8"'(E#) 6=0)*.1$')GH OD KLVWRULD HO SDFL¿VPR \ QR OD IXHU]D EUXWDO DQJXVWLRVD \ GRORURVD GH OD PXHUWH (VWDV H[9 SUHVLRQHV VRQ WDO YH] GLVFUHWDV DQWH OD IXHU]D GH ORV PHGLRV GH FRPXQLFDFLyQ TXH FRQWURODQ OD S.+&'9#9) 9'$) '0/'+,=+"$. 6LQ HPEDUJR VRQ LPSRUWDQWHV SDUD FRPSUHQGHU TXH HO PXQGR PRGHUQR FRQ VX YLROHQFLD %*'&)+')&(0!%*'>!+#-*'5')54#!$>*5+(1%-'%!4%!0(*!%*3%9 UDQ]DV GH OR UHOLJLRVR GHO SDVDGR HQ HO SUHVHQWH 3RU HVWR ORV PXHUWRV VH UHEHODQ FRQ ORV YLYRV SXHV VDEHQ TXH FRPR OR YLPRV HQ ORV IHVWHMRV GH ODV UHYROXFLR9 QHV GH \ VHJXLUiQ VLHQGR GHV HQWHUUDGRV SDUD YROYHUORV D HQWHUUDU PiV SURIXQGDPHQWH FRQ HO VHQWLGR GH OD KLVWRULD TXH VLJXH JULWDQGR 3.)M=0)0#*@ <(')*&)KJ/$.,#+&:*;)o#)Q#0,#2


#$'"($#+&$&'&(#'

sacrificio

,5(8"*%M$B+*":-%A.2'$?$%

>6HUJLR *RQ]iOH] 5RGUtJXH] K$) -"'$. 0p[LFR 0RQGDGRUL @

(O VDFUL¿FLR WLHQH VX UDt] HQ OD SURIXQGLGDG PiV KRQGD GH OD *#,"(#$'E#)4"6#*#2)p222q)]H.()%"O)0')4#1(=)'0+.<&9.;)0&'6/(') 5)'*),.9#0)/#(,'0;)/#(#)4.*(#()#)$#)9&-&*&9#9;)/#(#).1,'*'()0"0) 8#-.('0;)/#(#)9'0-&#()0")+:$'(#;)"*#)+'('6.*&#)%"')$#)(#E:*)*.) 0"<&'(')'*)#10.$",.)5)%"')'$)0'*,&6&'*,.)('+4#E#^ - 0DLVWUH 7UDWDGRV VREUH ORV VDFUL¿FLRV

E

D VDQJUH \ HO VDFUL¿FLR VRQ HOHPHQWRV FRQVWL9 WXWLYRV GHO SRGHU QLQJXQD RUJDQL]DFLyQ TXH RVWHQWH D HUJXLUVH \ VREUHYLYLU D ORV GHPiV HV DMHQD D HVWD IRUPD GH SUiFWLFD GH KR\ \ GH VLHPSUH J#1#! -#*! &%+)%&4(! @05(*! J(-%''5! %-! M#0#) 5) /.9'(C! ³HO SRGHURVR HQYtD D ORV GHPiV D OD PXHUWH SDUD VHU pO PLVPR SHUGRQDGR SRU OD PXHUWH >«@ SRGHU HV VXSHU9 YLYHQFLD D ORV RWURV >«@ SDVLyQ LQVDFLDEOH´ (Q HO FDVR GH 6HUJLR *RQ]iOH] 5RGUtJXH] HVFULWRU \ SHULRGLVWD PH[LFDQR HO WHPD GHO VDFUL¿FLR DSDUHFH SUiFWLFDPHQWH HQ WRGDV VXV REUDV 3RU HMHP9 30#:!K$)4.61(')0&*)+#1'E# `')0#*<(')5)9')0.$) K$)+'*,#"(.)'*)'$)/#&0#G' F"'0.0)'*) '$)9'0&'(,.) REUD TXH FDEH GHFLU IXH WUDGXFLGD DO LQJOpV IUDQFpV H LWDOLDQR ±GRQGH IRUPD SDUWH GHO FDWiORJR GH OD HGLWRULDO $GHOSKL GLULJLGD SRU 5REHUWR &DODVVR TXH GLFKR VHD GH SDVR DGHPiV GH H[WUDRUGL9 QDULR HGLWRU HV XQR GH ORV DXWRUHV TXH PHMRU H[SRQH HO WHPD GHO VDFUL¿FLR FRPR XQD SUiFWLFD TXH HO PXQ9 GR PRGHUQR TXLHUH ROYLGDU \ VLQ HPEDUJR DSDUHFH FRQ PD\RU YLROHQFLD HQ OD DFWXDOLGDG 5HFRUGHPRV OR TXH HQ FLHUWD RFDVLyQ HO HVFULWRU LWDOLDQR GLMR ³/DV VRFLHGDGHV ODLFDV UHFKD]DQ HO VDFUL¿FLR FRPR DOJR DQ9 FHVWUDO SHUR OR UHFRQYLHUWHQ VLQ VDEHUOR HQ HSLVRGLRV FRPR ODV JXHUUDV PXQGLDOHV XQD IRUPD GH VDFUL¿FLR

PXFKR PiV FLHJR \ VDQJULHQWR TXH HO GH ODV VRFLHGD9 GHV SULPLWLYDV´ /(&(!%0!%*+&5'#&!1%A5+(-#!-#!%*!(<%-(!%*'(!3%&*3%+9 WLYD GHO SRGHU YLQFXODGR D OD ySWLFD GHO VDFUL¿FLR ¢4Xp VDEHPRV HQ PDWHULD GH VDQJUH \ YLROHQFLD" (O DXWRU 4%!F"'0.0)'*)'$)9'0&'(,.;)YHUVDGR HQ ORV HOHPHQWRV GH *(-.&%! 2! 3#4%&! %A3#-%! %-! K$) -"'$. VX VH[WD QRYHOD OD UHDOLGDG SXOVDQWH GH OD VXVWDQFLD & + 12 HO HQFDQWDPLHQWR YRUD] 8Q YLDMH DO PXQGR GHO SRGHU GH OD FRFDtQD &DGD GURJD WLHQH VX KLVWRULD \ OD GpFDGD GH 0#*!*%*%-'(!%*!+#-*54%&(!+#1#!%0!3%&5#4#!4%!%A3(-*58-! HQ ODV UXWDV GH H[SRUWDFLyQ GH FRFDtQD 1HJRFLR TXH QDFLy HQ 3HU~ \ %ROLYLD \ EXVFy UXWDV GH H[SDQVLyQ HQ 3DQDPi &KLOH &RORPELD %UDVLO \ 0p[LFR ¢&yPR HUD HO PXQGR GH OD YHQWD GH FRFDtQD HQ DQWHV GH TXH DSDUHFLHUD FyPR KR\ FRQRFHPRV ORV FDUWHOHV GHO QDUFRWUi¿FR" ¢FXiQWR HUD HO FRVWR GH XQ NLORJUDPR GH FRFDtQD HQ " ¢FyPR \ TXLpQHV GLULJtDQ HO QHJRFLR" ¢TXLpQHV FRQVXPtDQ" (Q K$)-"'@ $. OD KLVWRULD VH FHQWUD HQ ORV YLDMHV GH 5DIDHO 9L]FD\D D OD FLXGDG GH 3DQDPi XQ LU \ YHQLU SRU ODV UXWDV TXH FRQ HO WLHPSR VH FRQYHUWLUi HQ HO QHJRFLR LOHJDO PiV OXFUDWLYR HQ $PpULFD 5DIDHO $VXQFLyQ 9L]FD\D SUR9 WDJRQLVWD GH OD QRYHOD YLYH HQ OD FLXGDG GH 0p[LFR HV QDWLYR GHO PHUFDGR /D 0HUFHG GHGLFDGR D OD YHQWD #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EOF


&#(%-L)$/(M0+&,$//+ 7+)A(#'%$*!#(-%'(89"$&$'

LOHJDO GH PHUFDQFtDV GH FRQWUDEDQGR ±SHUIXPHV FLJD9 UULOORV OHQFHUtD HVSDxROD 1DGD HQ HVSHFLDO OR UHOHYDQWH *)+%4%!+)(-4#!'(1$5=-!*%!5-5+5(!%-!%0!-%.#+5#!4%!+#9 FDtQD LPiQ VREUH HO TXH JLUD OD KLVWRULD $FWLYLGDG TXH WDPSRFR HUD QXHYD HQ HO 0p[LFR GH HQWRQFHV 6HUJLR *RQ]iOH] QRV DGHQWUD DO PXQGR GH OD YHQWD \ FRQVXPR GH (U\WKUR[OXP HQ XQ PRPHQWR HQ TXH HO SROYR EODQFR QR HUD HO REMHWR SULQFLSDO GH ODV SROtWLFDV 4%!3%&*%+)+58-!3#&!3(&'%!4%!0#*!.#$5%&-#*!2!#&.(-5*1#*! LQWHUQDFLRQDOHV 'H KHFKR DSHQDV FRPHQ]DEDQ GLFKDV SROtWLFDV (Q OD QRYHOD HQFRQWUDPRV HOHPHQWRV SDUD LPDJLQDU HO PXQGR GH ORV DxRV VHVHQWD HQ OD FLXGDG GH 0p[LFR 8QD FLXGDG HQ OD TXH EURWDQ DO SRU PD\RU SHU9 VRQDMHV FRVWXPEUHV \ HVSDFLRV PDUJLQDOHV 1RV OOHYD D XQ PXQGR SVtTXLFR \ RVFXUR 3ULQFLSDOPHQWH HO GH 5D9 6(%0!O5?+(2(:!)-!1)-4#!4%!%*')3%6(+5%-'%*:!#6)*+(+58-! GH OD PHQWH SpUGLGD GH OD PHPRULD IXJD GH OD UHDOLGDG 0iV DOOi GH ORV OtPLWHV GH OD UHDOLGDG FRQYHQFLRQDO QRV %-+#-'&(1#*!%-!%0!1)-4#!4%0!&5%*.#:!%0!3#4%&!2!0(!*(-9 JUH 'HO PLVWHULR \ GH YtQFXORV FRQ ODV UHGHV GHO SRGHU 1R VDEHPRV TXLpQ HV ³HO 6HxRU´ MHIH GHO QHJRFLR HO PLVWHULR HV SDUWH GHO SRGHU 7DPELpQ SRGHPRV HQFRQWUDU HQWUH ORV SDVDMHV D $QGUHD %DUyQ SDUHMD GH 5DIDHO ±EDLODULQD GHO EXUGHO GH OD *UHFD± HQ OD TXH VH FXHQWD XQ SDVH DO PXQGR GH F%)6#&5(!%-!%0!3(7*!4%!0(*!50)*5#-%*GC! 7RPy XQD SHTXHxD FXFKDUD \ DVSLUy OD EODQFXUD DEVROXWD 6LQWLy TXH HO SLVR VH HOHYDED XQRV FHQWtPHWURV \ HQ VHJXQ9 GRV XQ YLHQWR DXJXUDO GH DOOHQGH ODV PRQWDxDV FXEULy HO DO9 UHGHGRU FRQ XQD EULOODQWHV LQpGLWD 6RQULy $VSLUy RWUD YH] \ UHFRUGy D OD PXMHU LQGLD TXH GHFtD HO SROYR EODQFR WDPELpQ HV FDUQH GH ORV GLRVHV 6RQULy $VSLUy XQD WHUFHUD YH] \ VX VRQULVD ÀRWy XQRV VHJXQGRV VROD DMHQD DLVODGD GH VX FXHU9 SR $OJR EHOOR < DWHUUDGRU >«@

5HODWR TXH KDEOD GHO ³ROYLGDU pVWD VHUtD OD FODYH FRQWUD OD ORFXUD (O ROYLGR FRPR FDXVD HIHFWR VDOYD9 FLyQ´ $O SDUHFHU FRQGLFLyQ GH SRVLELOLGDG GH VREUH9

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EON

YLYHQFLD SDUD 5DIDHO $VXQFLyQ 9L]FD\D 3RU RWUD SDUWH YDOH OD SHQD SRQHU HVSHFLDO DWHQFLyQ HQ ODV SDODEUDV GH ³'RxD 5HIXJLR´ TXH SHUWHQHFH D OD $(-4(!4%!0#*!,&6/'(.0 R EUXMRV \ FXUDQGHURV 7HPD UHFXUUHQWH HQ OD REUD GH 6HUJLR *RQ]iOH] ³(V PDOR YHUQRV HQ HO HVSHMR GH OD QRFKH SRUTXH WDSD OD YLVWD 7RGR HVWi HVFULWR HQ HO FRUD]yQ´ /D VXSHUVWLFLyQ HV XQD SUiFWLFD DQFHVWUDO TXH SHUGXUD \ UHVLVWH D PRULU OHMRV GH VHU HUUDGLFDGR YHPRV TXH VXUJH HQ OD YLGD GH ORV EDMRV IRQGRV \ HVWi PX\ SUHVHQWH HQ OD YLGD FRWLGLDQD GH QXHVWUD FXOWXUD /#4%1#*!0%%&!K$)-"'$.)+81#!)-!3#*5$0%!5-5+5#!4%! ODV KLVWRULDV TXH KR\ SDGHFHPRV < GH OD FXiO GHV9 FRQRFHPRV VXV RUtJHQHV VyOR YHPRV OD VDQJUH \ XQD JXHUUD GH OD TXH GHVFRQRFHPRV FDVL WRGR 9DOH OD SHQD SUHJXQWDUQRV ¢FyPR LQLFLy WRGR" 6HUJLR *RQ]iOH] 5RGUtJXH] GHVSLHUWD QXHVWUD LPD9 JLQDFLyQ \ GLULJH QXHVWUD DWHQFLyQ HQ DTXHOOR TXH EUR9 WD GHO VXHOR FRPR HSLIDQtD TXH VH IXQGH HQWUH UHDOL9 GDG \ ¿FFLyQ GH DTXHOOR TXH YLHQH GH PX\ OHMRV \ *%! +#-6)-4%! +#-! &%(054(4%*! #-7&5+(*! 1%?+0(4(*! +#-! PXHUWH \ GHVRODFLyQ 6LQ VDEHUOR TXL]i HVWHPRV DQWH ULWRV \ VDFUL¿FLRV TXH QR UHFRQRFHPRV WDO YH] HVWH9 PRV DQWH ORV OHRSDUGRV GH ORV TXH FXHQWD .DIND HQ VXV (6#&5*1#*C! FE%#3(&4#*! 5&&)13%-! %-! %0! '%130#! 2! $%9 $%-!%0!+#-'%-54#!4%!0(*!+#3(*!*(.&(4(*H!%*'#!*%!&%35'%! XQD \ RWUD YH] ¿QDOPHQWH HVWR VH SXHGH FDOFXODU GH PDQHUD DQWLFLSDGD \ GHYLHQH SDUWH GH OD FHUHPRQLD´ 0LHQWUDV WDQWR HQ OD QRYHOD 5DIDHO $VXQFLyQ 9L]FD\D QR VXHOWD HO OLEUR TXH OR DFRPSDxD HQ WRGD #+(*58-:!K$)9'0/'(,#()9')$.0)9&.0'0 ³>«@ VXV RMRV FD9 \HURQ DQWH XQ SiUUDIR TXH KDEODED GH VDFUL¿FLR TXH KDEtD OHtGR \ UHOHtGR´ 6DFUL¿FLR VDQJUH \ SRGHU HPD9 QD GHO 0p[LFR VXEWHUUiQHR HO HVFULWRU PH[LFDQR HV XQR GH ORV LQWpUSUHWHV \ SRUWDYRFHV GH HVWD DQFHVWUDO \ FRQWXQGHQWH UHDOLGDG K$)C"'$. HV XQD QRYHOD TXH DP9 SOLD OD SHUVSHFWLYD GHO PXQGR GH OD GURJD OD VDQJUH \ HO SRGHU TXH KR\ IRUPDQ SDUWH GH QXHVWURV GtDV


caída

0/7+1!.'8%$'&(0!1"$1+$'(%' HN@2+'%M+N%H"'-3-?";6

>6HUJLR $JXD\R 4XH]DGD C"'$@ ,#) '*) e2) g"?#) /#(#) '*,'*9'() 5) ('#+,&-#() $#) 9'6.+(#+&#) '0,#*@ +#9# 0p[LFR 7DXUXV @

C

"'$,#)'*)e« GH 6HUJLR $JXD\R 4XH]DGD DUWL9 +)0(!2!45*+)'%!%0!%*'(-+(15%-'#!4%1#+&>'5+#!%-! QXHVWUR SDtV 3DUD HOOR UHFXUUH D OD KLVWRULD GH 0p[LFR HQ VX pSRFD FRQWHPSRUiQHD ¢&yPR UHVXHOYH OD FXHVWLyQ" /D HVWUXFWXUD GHO OLEUR FRQVWD GH GLH] FD9 StWXORV (O DXWRU GHGLFDUi HO SULPHUR D OD HODERUDFLyQ GH VX PDUFR WHyULFR LQWHUSUHWDWLYR $Vt SXHV HQ ³3DUD %-'%-4%&!0(!'&(-*5+58-G:!1%-+5#-(!0#*!(3#&'%*!'%8&5+#*! PiV UHOHYDQWHV TXH WHQHPRV D GLVSRVLFLyQ SDUD H[SOL9 FDU ORV IHQyPHQRV GH FDPELR SROtWLFR KDFLD ¿QDOHV GHO VLJOR ;; SULQFLSDOPHQWH DTXHOORV TXH VH GHVDUUROODQ %-!%0!'&>-*5'#!4%!)-!&=.51%-!()'#&5'(&5#!(!)-#!4%1#+&>9 WLFR 'H HVWH PRGR FRQVLGHUD SODQWHDU FLQFR YDULDEOHV SDUD VRSRUWDU VX UHÀH[LyQ D ORV FDPELRV HQ OD HVWUXF9 ')&(!%+#-815+(C!%0!3%*#!4%!0(!+(35'(0!2!4%!0(*!&%.5#-%*H! E GHELOLWDPLHQWR GHO EORTXH KLVWyULFR JREHUQDQWH ODV +&5*5*!%+#-815+(*:!0(*!45*3)'(*!3#&!%0!3#4%&!2!%0!6#&'(9 OHFLPLHQWR GH ORV JREHUQDGRUHV F LQFUHPHQWR GH OD ()'#-#17(!2!%0!3#4%&!4%!3%&*#-(*!2!.&)3#*C!3(&'54#*:! RUJDQLVPRV FLYLOHV LQWHOHFWXDOHV SHULRGLVWDV JUXSRV (&1(4#*:!1)0'51500#-(&5#*:!*5-45+('#*!2!+&51%-!#&.(9 QL]DGR G HO SHVR GHO IDFWRU H[WHUQR H HO SDSHO GH OD LQIRUPDFLyQ ODV LGHDV \ ODV QHJRFLDFLRQHV @-!%0!*%.)-4#!+(37')0#:!FE#*!0($%&5-'#*!4%0!6&()9 GH´ VHxDOD TXH VX HMHUFLFLR HVWi SUHVHQWH HQ ODV SUiF9 WLFDV GH QXHVWUD FXOWXUD SROtWLFD (MHPSORV GH HOOR VRQ ODV H[SUHVLRQHV ³HO TXH WUDQ]D QR DYDQ]D´ ³QRV OR FKLQJDPRV´ HWFpWHUD (Q HVWH VHQWLGR HO DXWRU PHQFLRQD WUHV HYHQWRV TXH HVWiQ HQUDL]DGRV HQ HO \D OHMDQR DxR GH 7DPSLFR <XFDWiQ \ ODV GLVSX9

D

3ROLWyORJR

WDV HQWUH 9DVFRQFHORV IUHQWH D 2UWL] 5XELR 'H LJXDO PRGR VHxDOD VLHWH YDULDEOHV TXH VH VXPDQ D ODV DSH9 QDV PHQFLRQDGDV OD LQWHUYHQFLyQ JXEHUQDPHQWDO SDUWLFLSDFLyQ LOHJDO GH HPSUHVDULRV \ RWURV DFWRUHV VRFLDOHV ORV XVRV GH OD LQIRUPDFLyQ SDUFLDOLGDG R WLELH]D GH ORV iUELWURV HOHFWRUDOHV XQD LQVWDQFLD FRRUGLQDGRUD OD FRPSOLFLGDG GH OD FRPXQLGDG LQ9 WHUQDFLRQDO \ OD PDQLSXODFLyQ GH OD LQIRUPDFLyQ \ OD QHJDFLyQ GH OD UHDOLGDG (O WHUFHU FDStWXOR ³¢%DODV R YRWRV"´ GD FXHQWD GHO SHULRGR TXH YD GH $TXt VHxDOD ORV SULPHURV PRYLPLHQWRV TXH FXHVWLRQDQ DO VLVWHPD FHQ9 WUtSHWR GH SRGHU HPDQDGR GH OD UHYROXFLyQ GH /D OOHJDGD GH *XVWDYR 'tD] 2UGD] D OD SUHVLGHQFLD %*!0(!%A3&%*58-!4%!%*'%!'53#!4%!3#4%&:!+)2#!3)-'#!1>*! DOWR HVWi FRQWHQLGR HQ OD SROtWLFD GH UHSUHVLyQ TXH %-(&$#08!,(+5(!0(!*%.)-4(!15'(4!4%!*)!*%A%-5#:!+#-! OD PDWDQ]D GHO GH RFWXEUH GH (Q HVWH PLVPR DUFR GH WLHPSR HV FXDQGR DOJXQDV ¿JXUDV S~EOLFDV FR9 PHQ]DUiQ D HYLGHQFLDU ODV FRQWUDGLFFLRQHV GHO DXWRUL9 '(&5*1#!(!3(&'5&!4%0!%<%&+5+5#!4%!0(!+&7'5+(!4%*4%!45*'5-9 WRV FDPSRV 3RU HMHPSOR WHQHPRV D 3DEOR *RQ]iOH] &DVDQRYD HQ HO FDPSR FLHQWt¿FR DFDGpPLFR 9LFHQWH /RPEDUGR 7ROHGDQR HQ HO SROtWLFR DVt FRPR DO JXH9 UULOOHUR *HQDUR 9i]TXH] \ D SHUVRQDMHV FtYLFRV FRPR HO &HQWUR 1DFLRQDO GH &RPXQLFDFLyQ 6RFLDO &(19 &26 7RGRV HOORV HQDUERODQ OD EDQGHUD GH OD MXVWLFLD \ OD GHQXQFLD GH OD LPSXQLGDG GHO UpJLPHQ 3RU VX SDUWH HO VLJXLHQWH FDStWXOR ³6HUSLHQWHV \ HVFDOHUDV´ WUDEDMD HO SHULRGR TXH YD GH D 3DUD $JXD\R 4XH]DGD HVWH SHULRGR HVWi FDUDFWHUL]DGR #-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EOI


&#(%-L)$/(M0+&,$//+ ?6;9!"'%!6'?("%e%&(^

SRU XQ FUHFLPLHQWR VLJQL¿FDWLYR GH OD DJLWDFLyQ SR9 07'5+(:! %-! .&(-! 1%454(! +#1#! %6%+'#! 3#&! 0#*! *)+%*#*! GH ¿QDOHV GH OD GpFDGD GH ORV VHVHQWD (O UHVXOWDGR HV OD RSFLyQ GLV\XQWLYD HQWUH PRYLPLHQWR DUPDGR \ UHIRUPD SROtWLFD ³GHVGH DGHQWUR´ /D SULPHUD DSDUHFH FRPR XQD SRVLELOLGDG SDUD PXFKRV DO FRQVWDWDU TXH OD SDUWLFLSDFLyQ GHVGH HO OODPDGR FLYLVPR SROtWLFR QR HVWi OOHYDQGR D QLQJXQD SDUWH /D VHJXQGD OD GHO FLYLVPR SROtWLFR VHUi XQD SRVLELOLGDG TXH UH~QH GRV VHFWRUHV LGHROyJLFDPHQWH GLVWLQWRV GHUHFKD H L]TXLHU9 GD \ TXH D SHVDU GH HOOR FRLQFLGLUiQ HQ OD GHIHQVD GH ORV GHUHFKRV KXPDQRV $OJXQRV HMHPSORV VRQ OD SURSXHVWD GH -XOLR 6FKHUHU D 2FWDYLR 3D] FXDQGR HO 3&51%&#! %&(! %0! 45&%+'#&! 4%0! 3%&5845+#! KJ+O$0&.(! 3(&(! TXH VH RFXSH GH OD UHYLVWD H$"(#$:!(-'%+%4%-'%!5-1%9 GLDWR GH OR TXH D SDUWLU GH VHUi C"'$,# 3RU VX SDUWH WHQHPRV TXH 0DQXHO *RQ]iOH] +LQRMRVD GHFOD9 UD D +HEHUWR &DVWLOOR ³HO HQHPLJR D YHQFHU GH XVWHGHV \ QXHVWUR HVWi HQ HO SRGHU´ (VWD FRLQFLGHQFLD HQWUH OyJLFDV GLYHUVDV VHUi UHFXSHUDGD SRU $JXD\R HQ ORV UHVWDQWHV FDStWXORV (Q HO FDStWXOR TXLQWR ³(O MXHJR GH ODV VLOODV ´ VXEUD\D TXH HV XQD pSRFD GH UHHVWUXFWXUDFLyQ \ UHDFRPRGR GH DFWRUHV LQGLYLGXDOHV \ FROHFWLYRV 8QR GH HVWRV HV OD UXSWXUD HQ HO LQWHULRU GHO SDUWLGR R¿FLDO GRQGH HPHUJH OD ¿JXUD GH &XDXKWpPRF &iUGHQDV \ VX FDSDFLGDG GH FRQYRFDU D GLVWLQWRV VHFWRUHV SROtWLFRV \ VRFLDOHV HQ ODV HVFDQGDORVDV HOHFFLRQHV GH (Q HO FDStWXOR VH[WR ³(O GHPyFUDWD GHVLQÀDGR´ &%(05?(!)-(!&%+(35')0(+58-!4%!0#*!,%+,#*!2!45+,#*!4%0! HQWRQFHV SUHVLGHQWH 9LFHQWH )R[ YDOLpQGRVH GH XQ HVWXGLR H[KDXVWLYR GH ODV DFFLRQHV HPSUHQGLGDV SRU HO HMHFXWLYR HQ FXHVWLyQ \ TXH YD GH OD HXIRULD GHO '&5)-6#!4%!0(!(0'%&-(-+5(!,(*'(!%0!4%*%-+(-'#!4%!0(!15*9 PD SRU XQ DPSOLR VHFWRU GH OD VRFLHGDG (Q HVWH VHQWL9 4#:!1%-+5#-(!0(!&)3')&(!%-'&%!I#A!2!(1305#*!*%+'#&%*! VRFLDOHV WDQWR FLYLOHV FRPR DFDGpPLFRV D SDUWLU GH H[SUHVLRQHV FRPR VX VHxDODGD ³HQWUHJD´ FRQ VHFWR9 UHV TXH QR UHVSRQGHQ D ORV LQWHUHVHV GH ODV PD\RUtDV DVt FRPR OD RPLVLyQ GH OD ³FRPLVLyQ GH OD YHUGDG´ %-+(&.(4(!4%!%*+0(&%+%&!0#*!4%05'#*!4)&(-'%!0(!.)%&&(! VXFLD \ OD OLEHUWDG TXH OH RWRUJy D VX HVSRVD 0DUWKD 6DKDJ~Q SDUD HMHUFHU HO SRGHU @-! %0! +(37')0#! *=3'51#! FE#*! 3&#'(.#-5*'(*! 4%! ´ DERUGD ORV KHFKRV TXH VH GHVDUUROODURQ HQ OD

#-)$('+P)&,$!3b/<'cdB'5TRUO4P'H'\2T2P/O4P'\P'IJKK

EEO

FRQWLHQGD HOHFWRUDO GH HVH DxR +DFLHQGR XVR GH ODV YDULDEOHV GHVFULWDV HQ HO FDStWXOR GRV UHDOL]D XQ DQiOL9 *5*!4%!0#*!1%45#*!4%!+#1)-5+(+58-!2!*)!513(+'#!%-!%0! SURFHVR HOHFWRUDO /DV JUi¿FDV PXHVWUDQ FyPR HO SR9 4%&!4%!0#*!1%45#*!4%!+#1)-5+(+58-!3)%4%!5-+05-(&!0(! EDODQ]D D IDYRU GH XQR GH ORV FRQWULQFDQWHV D WUDYpV GH OD GLIDPDFLyQ FDOXPQLD \ R GHVSUHVWLJLR (Q HO PLVPR RUGHQ GH LGHDV HQVD\DUi HQ HO VLJXLHQWH FDStWXOR ³(O 2WURV SURWDJRQLVWDV \ DOJXQRV VDOGRV´ OD LQWUR9 PLVLyQ GH RWURV DFWRUHV SROtWLFRV TXH LQÀX\HURQ GH PDQHUD GHWHUPLQDQWH HQ DTXHOOD HOHFFLyQ WDO \ FRPR IXH HO FDVR GH (OED (VWKHU *RUGLOOR 3RU VX SDUWH PHQ9 +5#-(!0(!513#&'(-+5(!4%!0#*!.#$%&-(4#&%*!%*'('(0%*!2! VX LQMHUHQFLD HQ HO SURFHVR HOHFWRUDO GH DTXHO HQWRQFHV 'H LJXDO PRGR VXEUD\DUi HO SDSHO MXJDGR SRU ODV LQVWL9 WXFLRQHV HOHFWRUDOHV )(3$'( \ 7(3-) (Q HO SHQ~OWLPR FDStWXOR ³8Q %DODQFH GH OD DOWHU9 QDQFLD ´ HO DXWRU KDFH XQ DQiOLVLV GH ORV FRVWRV TXH JHQHUD OD GHPRFUDFLD HOHFWRUDO VREUH WRGR UHVSHFWR DO GHVSURSRUFLRQDGR ¿QDQFLDPLHQWR HVWDWDO (! 0#*! 3(&'54#*! 3#07'5+#*! %-! )-! +#-'%A'#! 4%! +&%+5%-'%! GHVLJXDOGDG HFRQyPLFD TXH MXQWR FRQ OD UHOHYDQFLD \ FRQWURO GH ORV PHGLRV GH FRPXQLFDFLyQ VH YXHOYHQ (0.)-(*!4%!0(*!+#-*'(-'%*!4%0!%*'(-+(15%-'#!4%1#+&>9 WLFR HQ QXHVWUR SDtV 1R HV QRYHGDG LQVLVWLU HQ HO KH9 FKR GH TXH OD PDUJLQDFLyQ HFRQyPLFD GH ODV PD\RUtDV HV XQ REVWiFXOR UHDO SDUD HO GHVDUUROOR HIHFWLYR GH OD FLXGDGDQtD 3RU RWUR ODGR IUHQWH D OD HVFDVH] GH SUR9 3)%*'(*!#!30('(6#&1(*!3#07'5+(*!4%!(+)%&4#!(!0#*!5-'%9 &%*%*!4%!0(*!1(2#&7(*:!0#*!3#07'5+#*!,(-!&%+)&&54#!+(4(! YH] PiV D ODV WHOHYLVRUDV SDUD JHQHUDU LPiJHQHV TXH SROtWLFDPHQWH YHQGDQ \ TXH HQ VX FDPLQR VH FUX]DUiQ FRQ OD DJHQGD SROtWLFD GH ORV GXHxRV GH ORV PHGLRV GH FRPXQLFDFLyQ HQ DELHUWD RSRVLFLyQ DO LQWHUpV JHQHUDO (Q HO FDStWXOR ¿QDO ³*XtD SDUD UHDFWLYDU OD GHPRFUD9 +5(G:!(-'%!%0!%*+%-(&5#!(3#+(073'5+#!4%!0(!4%1#+&(+5(! HVWDQFDGD VXJLHUH XQD VXHUWH GH SDVRV SDUD UHDFWLYDU9 OD 6H QRWD RSWLPLVWD \ HQWUH OtQHDV VH OHH FRQ FODULGDG HVH HQWXVLDVPR 6HxDOD TXH KD\ VHFWRUHV \ YDULDEOHV TXH SXHGHQ UHDFWLYDUOD SXQWXDOL]DQGR HO SDSHO TXH GHEHUiQ MXJDU ODV RUJDQL]DFLRQHV GH OD VRFLHGDG FLYLO SDUD FXPSOLUOR $O ¿QDO OR TXH WHQHPRV HV XQ HQVD\R TXH GHMD XQ VDERU GH FRQIXVLyQ FRQVWDQWH DO REVHUYDU ODV DOWHUDFLRQHV JUDYHV GH OD GHPRFUDFLD PH[LFDQD






Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.