(OOLEURGHDFWLYLGDGHVGHO7DURW


8QDFROHFFL³QGHLGHDVFUHDWLYDV
\WHUDS©XWLFDVSDUDODVFDUWDV





3RU$QG\0DW]QHU

HERRNFRQYHUWHU'(02:DWHUPDUNV
 

5HQXQFLD

 (VWH OLEUR HVW¡ GLVSRQLEOH FRQ HO HQWHQGLPLHQWR GH TXH HO DXWRU QR HVW¡
 FRPSURPHWLGR HQ RIUHFHU FRQVHMR P©GLFR SVLFRO³JLFR R HPRFLRQDO


HVSHF­ILFR7DPSRFRKD\QDGDHQHVWHOLEURGLVH±DGRSDUDVHUXQGLDJQ³VWLFR
 UHFHWD R FXUD SDUD FXDOTXLHU WLSR GH SUREOHPD P©GLFR SVLFRO³JLFR R
 HPRFLRQDO HVSHF­ILFR /D LQIRUPDFL³Q ODV LGHDV \ ODV VXJHUHQFLDV GH HVWH

 OLEURQRSUHWHQGHQVHUXQVXVWLWXWRGHODVHVRUDPLHQWRSURIHVLRQDO

 





,PDJHQGHODSRUWDGDjZVWRFNSKRWR

7RGRV ORV GHUHFKRV UHVHUYDGRV 1LQJXQD SDUWH GH HVWH OLEUR SXHGH VHU
UHSURGXFLGDRWUDQVPLWLGDGHIRUPDDOJXQDQLSRUQLQJºQPHGLRHOHFWU³QLFRR
PHF¡QLFR LQFOX\HQGR IRWRFRSLD JUDEDFL³Q R SRU FXDOTXLHU VLVWHPD GH
DOPDFHQDPLHQWR \ UHFXSHUDFL³Q GH LQIRUPDFL³Q VLQ HO SHUPLVR HVFULWR GHO
DXWRUH[FHSWRSRUODLQFOXVL³QGHEUHYHVFLWDVHQXQDUHYLVL³Q

&RS\ULJKWj$QG\0DW]QHU
7­WXOR2ULJLQDO7KH7DURW$FWLYLW\%RRN$&ROOHFWLRQRI&UHDWLYHDQG
7KHUDSHXWLF,GHDVIRUWKH&DUGV 
7UDGXFFL³QHQ(VSD±RO
SRU&DUORV5H\HV*ORULD3©UH]7ULJXHUR
j

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 (VWHOLEURHVW¡GHGLFDGRD3DPHOD&ROPDQ6PLWK
6LQTXLHQQRH[LVWLU­DHVWDREUD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 
 

 

 

8QOLEURGHEHVHUHOKDFKDTXHURPSDHOPDUKHODGRGHQWURGHQRVRWURV (Q HO FHQWUR GH WX VHU WLHQHV OD UHVSXHVWD VDEHV TXL©Q HUHV \ VDEHV TX©
TXLHUHV
)UDQ].DIND
/DR7]X

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 7UDXPDWUDQVLWRULR
(QFXHQWUDDWXGHIHQVRU
1',&( )RUWDOH]D'HELOLGDG
,QWURGXFFL³Q $EUD]DUODVRPEUD
/DVFDUWDVFRPRSUHFXUVRUHVGHFRQYHUVDFL³Q /LEHUDFL³Q
5HODFLRQHVSHUVRQDOHV (QFRQWUDUFRPSDVL³Q
/RVWUHVWLHPSRVE¡VLFRV 7Xߡ<RߢLGHDO
(OPDQHMRGHOGRORU (OJX­D
$XWRGHVDUUROOR 9HUODVROXFL³Q
(O&DPLQRGHO+©URH 6­PERORGHFXUDFL³Q
&DUWDVSDUDFDGDHVWDGRGH¡QLPR 7DURW+DLNX
/DOHFFL³Q (OHVFXGR
(ODUWHGHUHJDODU &RPELQDFL³QGHSDODEUDV
6LJXHDOO­GHU 7LHPSRGHSRHV­D
3HUGHU\HQFRQWUDU $QWHV\GHVSX©V
$VRFLDFL³QOLEUH (OGRQ SDUWH,
(OERRP (OGRQ SDUWH,,
(OOHJDGRGHWXIDPLOLD (OGRQ SDUWH,,,
(OWUDWR /RV7UHVUHJDORV
<LQ<DQJ (OFRQILGHQWH
(VWUHOODGHFLQH b/DPHWD
(VSHUDQ]D 0HQVDMHGHVGHDUULED
2UJXOOR &UHDUSRHV­DPH]FODQGR\FRPELQDQGR
b,PDJ­QDWHHVWR &RQVHMRVGHODUHDOH]D
6­PLOHV SDUWH, /DKLVWRULDP¡VFRUWD
6­PLOHV SDUWH,, &RUUHVSRQGHQFLDSHUVRQDO
(OGHVDI­R )URQWHUDVRO­PLWHVSHUVRQDOHV
/DVFDUWDVFRPRLQVSLUDFL³QSDUDODHVFULWXUD &RUUHRHQHOEX]³Q
(OSRGHUSHUVRQDO /HFFLRQHVGHYLGD
(O/DVXSHUYLYLHQWH /DYLGDHVߨ
/RVLQYLWDGRVGHWXFXPSOHD±RV (OSXHQWH
1HJDWLYR3RVLWLYR $UWH\PDQXDOLGDGHV
&DUWDVSDUDKDFHUWHSUHJXQWDV 7³WHP
'L¡ORJRVGHQL±RLQWHULRU 7³WHPGHO7DURW
&DUWDDWXVSDGUHV (OSRUWDO
'L¡ORJRVGHSDGUHV (OPXUR
3ODQWDUFDUDDWXFU­WLFRLQWHULRU &DPLQDQGRGHPDQRGHODVRPEUD
/DFDUWDGHWXDOPD )XHU]D
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(OYLDMH
(O3RGHU6XSHULRU
(O V­PEROR IXQFLRQD FRPR XQ ERW³Q DXWRP¡WLFR TXH OLEHUD HQHUJ­D \ OD
(VWXGLRGHQDWXUDOH]DPXHUWD
HQFDX]D
3DQHOGHYLVXDOL]DFL³Q
(VWXGLRLQWHUSUHWDWLYR -RVHSK&DPSEHOO
(OGHWDOOH

0RVDLFR
([SRVLWRUXQIUDVFRGHFULVWDO +H OOHJDGR D VHQWLU TXH HO ºQLFR DSUHQGL]DMH TXH SXHGH LQIOXLU
(OIUDVFRGHFULVWDOFRPRPDUFR VLJQLILFDWLYDPHQWH VREUH OD FRQGXFWD HV HO TXH HO LQGLYLGXR GHVFXEUH H
)UHQWHDOSºEOLFR\HQOD]RQDGHEDVWLGRUHV LQFRUSRUDSRUV­PLVPR
b$GHODQWH
&DUO5RJHUV
'LDULRGHJUDWLWXG
(OERFHWRGHWXDXWRELRJUDI­D 
&ROODJHGHFDUWDVGHO7DURW
&³PR HQVH±DU GH QXHYR VLQ HPEDUJR OR TXH KD VLGR HQVH±DGR
(OVLJQLILFDGRGHODYLGD
FRUUHFWDPHQWH\DSUHQGLGRLQFRUUHFWDPHQWHPLO\PLOYHFHVDWUDY©VGHYDULRV
0DQGDODGHO7DURW
PLOHQLRVGHWRQWHU­DSUXGHQWHHQODHVSHFLHKXPDQD"‰VDHVODºOWLPD\GLI­FLO
/RVO­PLWHVSHUVRQDOHV
*DUDEDWR
ODERUGHOK©URH&³PRGDUHQHOOHQJXDMHGHOPXQGRGHODOX]ORVPHQVDMHV
'HILQLUORDEVWUDFWR
TXHYLHQHQGHODVSURIXQGLGDGHV\TXHGHVDI­DQODSDODEUD"
-DUG­Q=HQGHO7DURW -RVHSK&DPSEHOO
(VFXGRGHDUPDV
5HIXHU]RSRVLWLYR

8QDEXHQDYLGD +DVWD TXH QR KDJDV FRQVFLHQWH D WX LQFRQVFLHQWH YD D GLULJLU WX YLGD \ OR
)RUPDVJHRP©WULFDV OODPDU¡VGHVWLQR
0LFRPSXOVL³Q
'HVWUXFFL³Q5HJHQHUDFL³Q
&DUO-XQJ
$S©QGLFH
$OJRSDUDHOFDPLQRߨ
&RQILDU\UHFLELU
$JUDGHFLPLHQWRV
6REUHHO$XWRU

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 H[WUDHUPDWHULDOHQWHUUDGRHQHOVXEFRQVFLHQWHHOXVRGHLP¡JHQHVGHO7DURW
,QWURGXFFL³Q SURIXQGL]D HQ OD QDWXUDOH]D GH OD FRPXQLFDFL³Q WDQWR FRQ QRVRWURV PLVPRV
FRPR FRQ RWURV (VWH HV HO DXWRFRQRFLPLHQWR TXH FRQGXFH DO DOLYLR GH OD
b%LHQYHQLGR(QHVWHOLEURDSUHQGHU¡VF³PRODVFDUWDVGHO7DURWSXHGHQWHQHU DQJXVWLD\ODWUDQVIRUPDFL³QSRVLWLYD(VGHFLUODVFDUWDVVLUYHQDXQDSHUVRQD
XQ XVR \ VLJQLILFDGR ULFR \ YDULDGR IXHUD GHO PXQGR GH OD DGLYLQDFL³Q 'H DFWXDQGRFRPRXQFDWDOL]DGRUTXHOHSHUPLWHSDVDUGHOGRORUODFRQIXVL³Q\
KHFKRPLREMHWLYRHVGHVDILDUWHDYHUHO7DURWGHXQPRGRHQHOTXHWDOYH] ODIUDJPHQWDFL³QDXQHVWDGRGHFODULGDGDFHSWDFL³Q\WRWDOLGDG
QR HVW¡V DFRVWXPEUDGR 7RGRV ORV HMHUFLFLRV\ DFWLYLGDGHVUHFRJLGRVHQHVWH

OLEUR XWLOL]DQ ODV FDUWDV GHO 7DURW FRPR ORV PHGLRV SDUD HVWLPXODU OD
FUHDWLYLGDG\ODLPDJLQDFL³Q <WHSUHJXQWDU¡VF³PRHVTXHVHPHRFXUUL³FRPELQDUHO7DURWODH[SUHVL³Q
DUW­VWLFD \ HO WUDEDMR SVLFRO³JLFR 3XHV HVWR HV GHELGR D TXH VR\ WUDEDMDGRU
/OHQDVGHLP¡JHQHVSURYRFDWLYDV\VLPEROLVPRDUTXHW­SLFRFDGDXQDGHODV
VRFLDO\SVLFRWHUDSHXWDSRUWDQWRPLDFWLYLGDGSURIHVLRQDOVHGHVDUUROODHQHO
VHWHQWD\RFKRFDUWDVGHODEDUDMDGHO7DURWVLUYHFRPRKHUUDPLHQWDSRGHURVD
FDPSR GH OD VDOXG PHQWDO SHUR WDPEL©Q VR\ OHFWRU GH FDUWDV GHO 7DURW \
SDUDIRPHQWDUODDXWRH[SUHVL³QHOGHVDUUROORGHORVPHGLRVGHFRPXQLFDFL³Q
UHFHSWRU GH OHFWXUDV $ HVWR KD\ TXH D±DGLU TXH WDPEL©Q PH GHGLFR D OD
QR YHUEDO \ OD DXWRFRQFLHQFLD $V­ TXH HQ OXJDU GH PHPRUL]DU VLJQLILFDGRV
RUJDQL]DFL³QGHWDOOHUHV\FKDUODV&RPHQF©DIDPLOLDUL]DUPHFRQHO7DURWDO
WUDGLFLRQDOHVLQWHUDFWXDU¡VFRQODVFDUWDVGHPDQHUDTXHWHRIUHFHU¡QXQFDQDO
WLHPSRTXHFRPHQ]DEDPLFDUUHUDFRPRSURIHVLRQDOHQHOFDPSRGHODVDOXG
SDUDH[SUHVDUWH\WHGDU¡QODRSRUWXQLGDGGHWUDEDMDUFRQXQDJUDQYDULHGDGGH
PHQWDOHQ(QHVWD©SRFDPH HQFRQWUDED WUDEDMDQGR FRPR JHUHQWHHQ
PHGLRVDUW­VWLFRV\FUHDWLYRV7DPEL©QWHQGU¡VODRSRUWXQLGDGGHDFFHGHUDWX
XQD JUDQ FRPSD±­D TXH DWHQG­D D SHUVRQDV FRQ HQIHUPHGDGHV PHQWDOHV
ODGROºGLFRSRUTXHPLHQWUDVXVDVODVFDUWDVSDUDKDFHUORVHMHUFLFLRVUHFRJLGRV
JUDYHV 3DUD VDWLVIDFHU XQD FXULRVLGDG SHUVRQDO TXH KDE­D WHQLGR GXUDQWH
HQHOOLEURHVWDU¡VXVDQGRWXLPDJLQDFL³QDOFLHQSRUFLHQ
WLHPSR HPSHF© D OHHU VREUH ODV FDUWDV GHO 7DURW HQ PLV UDWRV
3HURORVHMHUFLFLRV\DFWLYLGDGHVGHHVWHOLEURWDPEL©QWHYDQDSURSRUFLRQDUOD OLEUHV 5¡SLGDPHQWH PH HQJDQFK© GHVFXEULHQGR FRPR GXUDQWH FLHQWRV GH
RSRUWXQLGDGSDUDTXHSURIXQGLFHVHQWXSVLTXH/DVFDUWDVQRV³ORHVWLPXODQ D±RV ORV OHFWRUHV GHO 7DURW KDQ HVWDGR XWLOL]DQGR ODV FDUWDV FRPR XQD
ODDXWRH[SUHVL³Q\DFWºDQFRPRXQYHK­FXORSDUDODFRPXQLFDFL³QVLQRTXH KHUUDPLHQWD SDUD OD DGLYLQDFL³Q FRQ HO ILQ GH SUHGHFLU HO IXWXUR < DV­
DGHP¡V SURSRUFLRQDQ OD HVWUXFWXUD SDUD RUJDQL]DU SHQVDPLHQWRV \ FRPHQF© PL FDPLQR UHDOL]DQGR OHFWXUDV GHO 7DURW SDUD FRPSD±HURV GH
VHQWLPLHQWRV7UDEDMDUFRQODVFDUWDVOOHYDDODDXWRUHIOH[L³QGHODTXHIOX\H WUDEDMRIDPLOLDUHV\DPLJRV
ODFRPSUHQVL³Q(VWRDVXYH]FUHDODRSRUWXQLGDGSDUDHODSUHQGL]DMHORTXH
3HUR PH SHUFDW© GH TXH HO 7DURW WDPEL©Q SRG­D VHU XWLOL]DGR GH RWUDV
ILQDOPHQWHWUDHFRQVLJRHOFUHFLPLHQWRSHUVRQDO7DOSURFHVRQRVSHUPLWHGDU
PDQHUDV 0H GL FXHQWD GH HVWH KHFKR FXDQGR DGTXLU­ P¡V H[SHULHQFLD HQ HO
VHQWLGR DO PXQGR \ DYDQ]DU HQ QXHVWUDV YLGDV GH XQD PDQHUD SRVLWLYD (Q
FDPSR GH OD VDOXG PHQWDO 3RUTXH PLHQWUDV WUDEDMDED FRQ LQGLYLGXRV \
FRQVHFXHQFLDFDGDXQDGHODVDFWLYLGDGHVGHHVWHOLEURWLHQHHOSRWHQFLDOGH
JUXSRV D PHQXGR PH SUHJXQWDED VL KDE­D DOJR P¡V TXH \R SXGLHUD KDFHU
VHUWHUDS©XWLFD\VDQDGRUD
DSDUWH GH OD WHUDSLD GH FKDUOD  SDUD D\XGDU D XQD SHUVRQD D HQFRQWUDU
7KHUDSHXRSURYLHQHGHOJULHJRDQWLJXR\HVXQYHUERTXHVLJQLILFDHVSHUDU DOLYLR < OR TXH GHVFXEU­ IXH OR TXH ORV WHUDSHXWDV H[SUHVLYRV GHO DUWH KDQ
HQDVLVWLUVHUYLURFXUDUPLHQWUDVTXHFXUDFL³QSURYLHQHRULJLQDOPHQWHGH VDELGR GXUDQWH D±RV ODV SHUVRQDV DPDPRV VHU FUHDWLYDV 'HVSX©V GH WRGR
ODUD­] SURWRLQGRHXURSHD .DLOR TXH VLJQLILFD FRQMXQWR R LOHVR 7DO HV HO VRPRVVHUHVQDWXUDOPHQWHDUW­VWLFRVDXQTXHHVWHLPSXOVRDPHQXGRHVGHMDGR
UHJDOR GHO 7DURW TXH FDGD FDUWD WLHQH HO SRWHQFLDO GH OOHYDU D XQD SHUVRQD GHODGR RLQFOXVRGHVWHUUDGR DPHGLGDTXHQRVKDFHPRVPD\RUHV
KDFLDQXHYRVFDPLQRVGHDXWRH[SORUDFL³QSDUDHYRFDUXQSRGHURVRGL¡ORJR
5¡SLGDPHQWHFRPSURE©TXHFXDQGROHVGDEDDPLVSDFLHQWHVODRSRUWXQLGDG
FRQVLJR PLVPR \ SDUD WUDHU ODV FUHHQFLDV VXE\DFHQWHV D OD VXSHUILFLH $O
GH SDUWLFLSDU HQ ODV DUWHV H[SUHVLYDV FRPR HO GLDULR SHUVRQDO HVFULWXUD  OD
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
SLQWXUD HO GLEXMR HO FROODJH \ OD PºVLFDߨ UHVSRQG­DQ FRQ XQ SURIXQGR SURSRUFLRQDED RSRUWXQLGDGHV SDUD OD DXWRH[SORUDFL³Q \ HO FUHFLPLHQWR
HQWXVLDVPRVLHPSUH\FXDQGRODVDFWLYLGDGHVVHKLFLHUDQHQXQDPELHQWHGH SHUVRQDO D PHGLGD TXH ODV SHUVRQDV DPSOLDEDQ \ SURIXQGL]DEDQ HQ VXV
VHJXULGDG\FRQILDQ]DJXLDGRSRUODLQWHQFL³QSRVLWLYD SRVLELOLGDGHVFUHDWLYDV
3RU VXSXHVWR KD\ P¡V HQ HO SURFHVR DUW­VWLFR TXH VLPSOHPHQWH VHU $GHP¡V DSUHQG­ TXH HO XVR GH ODV FDUWDV GHO 7DURW FRPR PHQVDMHV GH
FUHDWLYRKD\WDPEL©QXQDVSHFWRWHUDS©XWLFR8QDSHUVRQDSXHGHVLJXLHQGR HVFULWXUD SDUDDFWLYLGDGHVFRPRHOGLDULRSHUVRQDOODSRHV­D\ODQDUUDFL³QGH
VXLQWXLFL³Q\XVDQGRVXLPDJLQDFL³QDFFHGHUDSHQVDPLHQWRV\HPRFLRQHV\ FXHQWRV SURYRFDEDUHVSXHVWDVGHOFRUD]³QGHIRUPDVTXHODH[SUHVL³QYHUEDO
ILQDOPHQWH OOHJDU D H[SUHVDUORV (VWR VH GHEH DO KHFKR GH TXH SUDFWLFDU QRHUDFDSD](QHVWHVHQWLGRODVFDUWDVDFWºDQFRPRXQDHVSHFLHGHWHVWGH
FXDOTXLHU WLSR GH DUWH R DUWHVDQ­D SHUPLWH XQD FRPXQLFDFL³Q FRQ QRVRWURV WLQWDGH5RUVFKDFKDOVHUXQDKHUUDPLHQWDSUR\HFWLYD(VWRVHGHEHDTXHODV
PLVPRV\HQWUHQRVRWURV\ORVGHP¡VߙGHXQDIRUPDHQODTXHODVSDODEUDV SRWHQWHVLP¡JHQHVGHFDGDFDUWDGHVHQFDGHQDQUHDFFLRQHVSHUVRQDOHVºQLFDV
QRDOFDQ]DQ<SUHFLVDPHQWHHVHVWDH[SORUDFL³Q\GHVDUUROORGHXQOHQJXDMH &DGD SHUVRQD UHVSRQG­D DO VLPEROLVPR GH ODV FDUWDV GH PDQHUD GLIHUHQWH
YLVXDODXWRFUHDGRODTXHSURSRUFLRQDLGHDVLPSRUWDQWHVVREUHQXHVWUDVYLGDV EDVDGD HQ VX SURSLD KLVWRULD GH YLGD ,QWHUDFWXDU FRQ ODV FDUWDV IXH OD
&RQIRUPHP¡VPHLEDLQYROXFUDQGRHQODVDUWHVH[SUHVLYDVPHSUHJXQWDEDD RSRUWXQLGDG SDUD GHVDUUROODU OD DXWRFRQFLHQFLD \D TXH ODV LP¡JHQHV HQ ODV
P­PLVPRVHU­DSRVLEOHHQFDMDUHO7DURWHQWRGRHVWR"'HVSX©VGHWRGRHV FDUWDVSHUPLWLHURQDPLVSDFLHQWHVDFFHGHUGLUHFWDPHQWHDODVSURIXQGLGDGHV
XQDFRPELQDFL³QSHUIHFWD\DTXHFDGDXQDGHODVFDUWDVHVXQDPLQLREUD GHVXSVLTXH/DVLP¡JHQHVGHFDGDXQDGHODVFDUWDVQRVRQQHXWUDOHV&DGD
PDHVWUD DUW­VWLFD TXH FRQWLHQH ULFDV LP¡JHQHV VLPE³OLFDV 'H KHFKR OR TXH YH]TXHHVWDPRVIUHQWHDXQDFDUWDQRVYHPRVDIHFWDGRV\DVHDHQXQQLYHO
KDFH TXH HO 7DURW VHD WDQ SRGHURVR HV TXH FDGD FDUWD LOXVWUD XQ DVSHFWR FRQVFLHQWHRLQFRQVFLHQWH\QRV LQYROXFUDPRV FRQ HOODGHVGHQXHVWURSXQWR
HVSHF­ILFR GH OD FRQGLFL³Q KXPDQD 'HQWUR FDGD FDUWD SXHGHV HQFRQWUDU GH YLVWD ºQLFR FUHDGR SRU HO FRQWH[WR GH QXHVWUDV H[SHULHQFLDV \
LP¡JHQHV DUTXHW­SLFDV GH JUDQ DOFDQFH TXH UHSUHVHQWDQ ORV GHVDI­RV \ ORV SHUVSHFWLYDV ,QWHUDFWXDQGR FRQ ODV FDUWDV QR WHQHPRV P¡V UHPHGLR TXH
WHPDV XQLYHUVDOHV TXH WRGDV ODV SHUVRQDV H[SHULPHQWDPRV HQ QXHVWUDV FRQHFWDUFRQHOODV
YLGDV7RPDGRFRPRXQWRGRHO7DURWFDWDORJDHOHVSHFWURGHSRVLELOLGDGHV (QGHILQLWLYDGHVFXEU­TXHFDGDXQRGHQRVRWURVWLHQHXQDUHVSXHVWDSURSLD\
GLVSRQLEOHVSDUDQRVRWURVPLHQWUDVYLDMDPRVSRUODYLGD0HSUHJXQWDEDVLGH SHUVRQDODODVFDUWDVTXHSRURWURODGRSXHGHUHYHODUSUREOHPDVHPRFLRQDOHV
DOJXQDPDQHUDSRGU­DLQFRUSRUDUHO7DURWHQODVDUWHVODDUWHVDQ­D\SUR\HFWRV RFXOWRV R FRQIOLFWRV LQWHUQRV 7UDEDMDU FRQ HO 7DURW QRV SHUPLWH SURIXQGL]DU
GHHVFULWXUD $±DGLU­DQ ODVFDUWDV XQD GLPHQVL³Q H[WUD DO WUDEDMR FUHDWLYR\ HQQXHVWURVXEFRQVFLHQWH\FRQHFWDUQRV FRQ HVRV UHFXHUGRV SHQVDPLHQWRV\
WHUDS©XWLFR" VHQWLPLHQWRV HQWHUUDGRV D ORV TXH DQWHULRUPHQWH QR KHPRV SRGLGR
$V­TXHFRPHQF©DXVDUHO7DURWFRQSDFLHQWHV\JUXSRVTXHHVWDEDQDELHUWRV DFFHGHU$OLGHQWLILFDUQRVFRQXQDFLHUWDLPDJHQ\UHODFLRQDUODFRQQXHVWUDV
D HOOR 8QD GH ODV SULPHUDV FRVDV TXH GHVFXEU­ IXH TXH ODV FDUWDV GHO 7DURW YLGDV SRGHPRV HQFRQWUDU TXH GH LQPHGLDWR VXUJHQ QXHYDV LQWXLFLRQHV TXH
KDFHQ P¡V HILFDFHV ORV PHQVDMHV GHQWUR GH XQD FRQYHUVDFL³Q (VWR HV P¡VWDUGHSRGHPRVDSOLFDUDQXHVWURG­DDG­DGHXQDPDQHUDFRQVFLHQWH
HVSHFLDOPHQWH FLHUWR SDUD ORV M³YHQHV TXH D YHFHV VRQ GHVFRQILDGRV DO <HVSRUHVRSRUORTXHKHHVFULWRHVWHOLEURGLIXQGLUHOFRQRFLPLHQWRVREUHHO
H[SUHVDUYHUEDOPHQWHF³PRVHVLHQWHQ7RGRVVDEHPRVTXHSXHGHVHUGLI­FLO SRWHQFLDO FUHDWLYR \ WHUDS©XWLFR GHO 7DURW FXDQGR VH D±DGH D ODV DUWHV
H[SUHVDUFLHUWRVVHQWLPLHQWRVRH[SHULHQFLDVXVDQGRODVSDODEUDV3RUORWDQWR H[SUHVLYDVFRPRODSLQWXUDHOGLEXMRODHVFXOWXUDHOFROODJHODHVFULWXUD\OD
HO XVR GHO 7DURW SXHGH DXPHQWDU R LQFOXVR UHHPSOD]DU ODV GHVFULSFLRQHV SRHV­D3RGHPRVXWLOL]DUHVWDFRPELQDFL³QGHO7DURWFRQIRUPDVGHH[SUHVL³Q
YHUEDOHV DUW­VWLFD\SHUVRQDOSDUDOLEHUDUHQHUJ­DEORTXHDGDLGHQWLILFDU\SRQHUQRVHQ
7DPEL©QGHVFXEU­TXHEDVDUORVSUR\HFWRVGHDUWH\DUWHVDQ­DHQODVFDUWDVGHO FRQWDFWR FRQ VHQWLPLHQWRV GLI­FLOHV R UHSULPLGRV \ FRQHFWDUQRV FRQ QXHVWUD
7DURWQRV³ORHUDGLYHUWLGRSDUDORVSDUWLFLSDQWHVVLQRTXHDGHP¡VWDPEL©Q LQWXLFL³Q /D FODULGDG TXH VLJXH D PHQXGR FRQGXFLU¡ D QXHYDV IRUPDV GH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
SHQVDU VREUH QRVRWURV PLVPRV \ HO PXQGR TXH QRV URGHD 7DPEL©Q SXHGH
DEULUFDPLQRVKDFLDXQIXWXURP¡VHVSHUDQ]DGRU &³PRHVW¡RUJDQL]DGRHVWHOLEUR
/DV DFWLYLGDGHV \ HMHUFLFLRV GH HVWH OLEUR VH GLYLGHQ HQ WUHV VHFFLRQHV
SULQFLSDOHV /D SULPHUD GH HOODV HV /DV FDUWDV FRPR SUHFXUVRUHV GH
FRQYHUVDFL³Q (Q HVWD VHFFL³Q DSUHQGHU¡V F³PR XWLOL]DU ODV FDUWDV GHO 7DURW
FRPR HVW­PXOR SDUD FRPHQ]DU XQ GL¡ORJR \D VHD FRQWLJR PLVPR R FRQ ORV
GHP¡V /DV FDUWDV VRQ SRU QDWXUDOH]D HYRFDGRUDV FDGD XQD IRUPD SDUWH GH
XQ OHQJXDMH YLVXDO TXH SXHGH VHU HQWHQGLGR GH IRUPD OLWHUDO R FRPR XQD
PHW¡IRUD3RUWDQWRODVFDUWDVSXHGHQVHUYLUFRPRYHK­FXORVDWUDY©VGHORV
FXDOHV XQD SHUVRQD SXHGH FRPXQLFDUVH \D TXH ODV LP¡JHQHV IRUPDQ XQ
OHQJXDMH VLPE³OLFR TXH WUDVFLHQGH ODV SDODEUDV (O XVR GH ODV FDUWDV GH HVWD
PDQHUD SXHGH VHU EHQHILFLRVR SDUD JHQHUDU \ IDFLOLWDU FRQYHUVDFLRQHV DV­
FRPRSDUDD\XGDUDURPSHUHOKLHORGHXQDPDQHUDGLYHUWLGDHQORVJUXSRVGH
WUDEDMR
/D VHJXQGD SDUWH GH HVWH OLEUR VH FRPSRQH GH DFWLYLGDGHV EDVDGDV HQ OD
HVFULWXUD SRHV­DKLVWRULDVRUHIOH[LRQHVHQWXGLDULRSHUVRQDO (VODVHFFL³Q
OODPDGD/DVFDUWDVFRPRLQVSLUDFL³QSDUDODHVFULWXUD
$TX­ ODV FDUWDV GHO 7DURW VH XWLOL]DQ FRPR FDWDOL]DGRUHV SDUD H[SORUDU \
DFFHGHU D QXHVWUR PXQGR LQWHUQR &RPR PHQFLRQ© DQWHV ODV FDUWDV
I¡FLOPHQWH SXHGHQ GHVSHUWDU \ HVWLPXODU QXHVWUDV KDELOLGDGHV FUHDWLYDV +H
FRPSUREDGRTXHODFRPELQDFL³QGHLP¡JHQHVGHO7DURWFRQODHVFULWXUDQRV
SHUPLWH SDVDU SRU DOWR ODV EDUUHUDV W­SLFDV \ EORTXHRV TXH LQKLEHQ QXHVWUD
FDSDFLGDGGHHVFULELUFRQKRQHVWLGDG\FRQVFLHQFLD
/D WHUFHUD VHFFL³Q $UWH \ PDQXDOLGDGHV FRQWLHQH SUR\HFWRV TXH XWLOL]DQ
I­VLFDPHQWH ODV FDUWDV GHO 7DURW 0XFKRV SXHGHQ VHU SRU GLYHUVL³Q 'HVSX©V
GHWRGRWHQHUODRSRUWXQLGDGGHVHUFUHDWLYRSRQHGHPDQLILHVWRQXHVWURODGR
MXJXHW³Q 3HUR VL HV GH XQD IRUPD FRQVFLHQWH \ FRQ LQWHQFL³Q HVWDV
DFWLYLGDGHV WDPEL©Q SXHGHQ VHU WHUDS©XWLFDPHQWH SRGHURVDV DOHQWDQGR HO
DXWRGHVFXEULPLHQWR IRPHQWDQGR HO FUHFLPLHQWR SHUVRQDO \ SURPRYLHQGR OD
FXUDFL³Q
/DV UHSUHVHQWDFLRQHV DUW­VWLFDV SXHGHQ VHU YLVWDV FRPR V­PERORV TXH VXUJHQ
GHO PXQGR LQWHULRU GH OD SHUVRQD 3RU OR WDQWR OD SU¡FWLFD GHO DUWH \ ODV
PDQXDOLGDGHV SHUPLWH XQD FRPXQLFDFL³Q FRQ YHUGDGHV SURIXQGDV GH XQD
IRUPDTXHQRHVSRVLEOHDWUDY©VGHODFRPXQLFDFL³QYHUEDO/DFDSDFLGDGGH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
H[SHULPHQWDU\H[SUHVDUHPRFLRQHVHVP¡VGLUHFWD\HVW¡PHQRVGLVWRUVLRQDGD
TXH FXDQGR ODV SDODEUDV VH XVDQ SDUD HO PLVPR SURS³VLWR 'H HVWH PRGR DO 8VRGHHVWHOLEUR
GDUIRUPDHQGRV\WUHVGLPHQVLRQHVDQXHVWURVSHQVDPLHQWRV\VHQWLPLHQWRV 1RQHFHVLWDVQLQJºQFRQRFLPLHQWRSUHYLRVREUHHO7DURWSDUDSRGHUXVDUHVWH
OR LQYLVLEOH VH KDFH YLVLEOH \ HV DV­ FRPR HO VXEFRQVFLHQWH VH HOHYD GH ODV OLEUR 7DPSRFR HV QHFHVDULR WHQHU H[SHULHQFLD HQ OD SVLFRWHUDSLD R HQ HO
SURIXQGLGDGHVGHODSVLTXHDODOX]GHOG­D DUWH /DV DFWLYLGDGHV HVW¡Q SHQVDGDV SDUD D\XGDU D UHIOH[LRQDU \ SDUD VHU
GLYHUWLGDV \ DFFHVLEOHV D FXDOTXLHU SHUVRQD DELHUWD DO 7DURW < VL \D HVW¡V
IDPLOLDUL]DGR FRQ HO 7DURW \D VHD FRPR XQ OHFWRU SURIHVLRQDO R FRPR
DILFLRQDGR HVWH OLEUR D±DGLU¡ XQD GLPHQVL³Q H[WUD D VX SU¡FWLFD TXH SRGU¡V
FRPSDUWLUFRQSDFLHQWHV\DPLJRV$V­TXHW³PDWHXQWLHPSRSDUDUHIOH[LRQDU
D WUDY©V GH ORV HMHUFLFLRV \ GHVFXEUH FX¡OHV FRQHFWDQ FRQWLJR &³PR ORV
LQFRUSRUHVDWXYLGDGHSHQGHGHWL
$O PLVPR WLHPSR HVWRV HMHUFLFLRV \ DFWLYLGDGHV HVW¡Q GLVH±DGRV SDUD VHUYLU
FRPR EDVH SDUD XQ WUDEDMR WHUDS©XWLFR P¡V SURIXQGR OOHYDGR D FDER FRQ OD
D\XGDGHXQSURIHVLRQDOFDSDFLWDGR7DOYH]WUDEDMHVHQHOFDPSRGHODVDOXG
PHQWDO FRPR SVLF³ORJR HQIHUPHUR WUDEDMDGRU VRFLDO R WHUDSHXWD 3XHGHV
XWLOL]DU FXDOTXLHUD GH ORV HMHUFLFLRV \ DFWLYLGDGHV GH HVWH OLEUR HQ WX WHUDSLD
FRQ XQ SDFLHQWH SRUTXH IRPHQWDQ OD DXWRUHIOH[L³Q TXH HV QHFHVDULD SDUD HO
FUHFLPLHQWRSHUVRQDO$GHP¡VFXDQGRXQDSHUVRQDSDUWLFLSDHQSUR\HFWRVGH
DUWH H[SUHVLYR ORV UHJLVWURV WDQJLEOHV GH OD FRPSUHQVL³Q DGTXLULGD
SHUPDQHFHQHQODSHUVRQDDV­FRPRHOFDPELRSHUVRQDOH[SHULPHQWDGRHQHO
SURFHVRFUHDWLYR
(QHOFRQWH[WRWHUDS©XWLFRHO7DURWWDPEL©QSXHGHVHUYLUGHSXHQWHFUHDQGR
XQD FRQH[L³Q HQWUH GRV SHUVRQDV \ VXV PXQGRV (VWH Y­QFXOR PDQLILHVWD XQ
HVSDFLR TXH HVW¡ OOHQR GH SRWHQFLDO \ SRVLELOLGDGHV (O XVR GH ODV FDUWDV GH
HVWDPDQHUDGLVPLQX\HHOVHQWLGRGHDLVODPLHQWR\SXHGHJHQHUDURUHIRU]DU
XQD UHODFL³Q WHUDS©XWLFD D PHGLGD TXH VH GHVDUUROODQ HQWHQGLPLHQWRV
FRPSDUWLGRV
$GHP¡V HO 7DURW HV FDSD] GH HVWLPXODU HO GL¡ORJR GH VDQDFL³Q FRQ XQ
SDFLHQWH3XHGHSHUPLWLUTXHXQDSHUVRQDFRPSDUWDORTXHHVLPSRUWDQWHVLQ
WHQHUTXHGHSHQGHUGHODVOLPLWDFLRQHVGHODVSDODEUDV(VGHFLUXQDSHUVRQD
SXHGHKDEODUDWUDY©VGHODVLP¡JHQHV3RUHMHPSORHO7DURWSXHGHFUHDUXQD
PDQHUD GH HVWUXFWXUDU XQ GL¡ORJR GLI­FLO SURSRUFLRQDQGR VXJHUHQFLDV
FRQFUHWDVSDUDDOJXLHQTXHHVW¡OXFKDQGRSRUH[SUHVDUVHYHUEDOPHQWH<DVHD
XVDQGRVRODPHQWHODVFDUWDVRFRQVXLQFOXVL³QHQREUDVGHDUWHXQDSHUVRQD
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
SXHGH KDEODU HQ WHUFHUD SHUVRQD FRQWDQGR XQD KLVWRULD FRQ ODV FDUWDV (VWR
SHUPLWH OD H[SUHVL³Q H[WHUQD GH OR TXH DQWHV VH KDE­D PDQWHQLGR
SURIXQGDPHQWHHQWHUUDGRHQVXLQWHULRU
1DWXUDOPHQWH ORV HMHUFLFLRV \ DFWLYLGDGHV GH HVWH OLEUR WDPEL©Q VH SXHGHQ
DSOLFDU D JUXSRV GH WHUDSLD WDOOHUHV \ FODVHV 6L GHVHDV XVDU XQD GH ODV
DFWLYLGDGHVGHHVWDPDQHUDFRQVLGHUDODVPHWDVGHWXJUXSR\TX©HMHUFLFLRR
SUR\HFWR PHMRU VDWLVIDFH VXV QHFHVLGDGHV (V WX UHVSRQVDELOLGDG FRPR
SURIHVLRQDOFUHDU XQDPELHQWHGHVHJXULGDGSDUDHOJUXSRSRUTXH HVRHVOR
QHFHVDULR SDUD TXH ORV PLHPEURV VH VLHQWDQ F³PRGRV SDUWLFLSDQGR HQ HO
SURFHVR FUHDWLYR (VWRHVHVSHFLDOPHQWH FLHUWR FXDQGRXVDPRVODV FDUWDVGHO
7DURW PXFKDV SHUVRQDV VLJXHQ DVRFLDQGR HO 7DURW FRQ OD PDJLD QHJUD R HO
VDWDQLVPR 3HUR HQ PL DQGDGXUD WDPEL©Q KH HQFRQWUDGR PXFKD JHQWH
LQWHUHVDGDHQODVFDUWDVSDUDXVDUODVHQDFWLYLGDGHVUHODFLRQDGDVFRQODVDUWHV
H[SUHVLYDV
6LQ HPEDUJR GHELGR D VX EDJDMH FXOWXUDO SRU IDYRU V© VHQVLEOH DO
FRPSDUWLUHO7DURWFRQRWURV0HKHGDGRFXHQWDGHTXHFXDQGRODJHQWHQR
HVW¡ IDPLOLDUL]DGD FRQ ODV FDUWDV GHO 7DURW R WLHQHQ DOJºQ WLSR GH FUHHQFLD
UHOLJLRVD FRQWUD HOODV HV EDVWDQWH ºWLO GDU D FRQRFHU HO WUDVIRQGR KLVW³ULFR \
F³PRKDVLGRODHYROXFL³Q\HOSURSLRGHVDUUROORKLVW³ULFRGHO7DURW'HVSX©V
GHWRGRODVFDUWDVSURYLHQHQGHODWUDGLFL³QFDW³OLFDUHQDFHQWLVWDLWDOLDQDHQ
ODTXHHPSOHDEDQLP¡JHQHVFULVWLDQDV\HVWDVEDUDMDVRULJLQDOPHQWHVHXVDURQ
FRPRXQMXHJRGHFDUWDV QRSDUDODDGLYLQDFL³Q 
(Q PL H[SHULHQFLD XQD YH] TXH OD JHQWH HQWLHQGH TXH ODV FDUWDV QR VH
XWLOL]DU¡Q SDUD DGLYLQDU VH UHODMDQ 'LFKR HVWR FUHR TXH ORVSVLFRWHUDSHXWDV
HQSDUWLFXODUVXEHVWLPDQHOQºPHURGHVXVSDFLHQWHVTXH\DXWLOL]DQHO7DURW
HQVXVYLGDVSHUVRQDOHV\TXHDJUDGHFHU­DQVXXVRHQXQFRQWH[WRWHUDS©XWLFR
/RERQLWRGHXVDUODVDUWHV\ODVPDQXDOLGDGHVRODDUWHVDQ­DHQXQDPELHQWH
GH JUXSR HV TXH OD H[SHULHQFLD GH FUHDU DUWH MXQWR D RWURV \ D FRQWLQXDFL³Q
FRPSDUWLU ODV REUDV HV D PHQXGR SRVLWLYD \D TXH IRPHQWD XQ SRGHURVR
VHQWLGRGHFRPXQLGDG\GHJUXSR'DU\UHFLELUGHQWURGHXQJUXSRWDPEL©Q
SXHGHVHUXQDRSRUWXQLGDGSDUDODFRPSUHQVL³Q\HOFUHFLPLHQWR\DTXHORV
PLHPEURV H[SORUDQ OD WRPD GH ULHVJRV $GHP¡V GHVDUUROODQ KDELOLGDGHV
LQWHUSHUVRQDOHV WDOHV FRPR OD HPSDW­D \ HO UHVSHWR \ DSUHQGHQ D VHQWLUVH
FRQILDGRVHQSRVHHUVXHVWLORSHUVRQDOGHDUWH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
  4X©SUHSDUDFL³QHVQHFHVDULDSDUDOOHYDUDFDERODDFWLYLGDG"
(OSRGHUGHOULWXDO\SRUTX©HVLPSRUWDQWH  &RQFX¡QWDDQWHODFL³QGHEHU­DVDFRPHQ]DUDSUHSDUDUWH"
(VSHURTXHHQHVWHSXQWR\DHVW©VLOXVLRQDGRFRQODLGHDGHXWLOL]DUODVFDUWDV  4X©PDWHULDOHVQHFHVLWDV"
GHO7DURWFRPRPHGLRSDUDGHVDUUROODUODFUHDWLYLGDGODDXWRFRQFLHQFLD\OD  'HEHU¡HVWDDFWLYLGDGVHUSULYDGDRDELHUWDDORVGHP¡V"
FXUDFL³Q 3HUR DQWHV GH VXPHUJLUWH HQ HO UHVWR GHO OLEUR PH JXVWDU­D TXH  6HU¡ HVWD DFWLYLGDG  XQ HYHQWR ºQLFR R YD D SURGXFLUVH GH IRUPD
FRQVLGHUDVHVFRPRDOULWXDOL]DUHVWDVDFWLYLGDGHVODH[SHULHQFLDVHYXHOYHDºQ UHJXODU"
P¡V VLJQLILFDWLYD <D VHD SDUD WL PLVPR FRQ RWUD SHUVRQD R FRQ XQ JUXSR  (QTX©G­D\HQTX©PRPHQWRWHQGU¡OXJDU"
WHQHUXQDSHUVSHFWLYDULWXDOLVWDVLUYHSDUDSURIXQGL]DUHQHOSURFHVR  '³QGHWHQGU¡OXJDU"
 &X¡QWRWLHPSRWHJXVWDU­DTXHGXUH"
8QULWXDOHQVXGHILQLFL³QWUDGLFLRQDOVHHQWLHQGHFRPRXQDDFFL³QVLPE³OLFD  +D\XQULWXDOSDUWLFXODUTXHWHJXVWDU­DXVDUSDUDPDUFDUHOLQLFLRGHOD
TXH VH OOHYD D FDER FRQ XQ SURS³VLWR HVSHF­ILFR FRQ HO ILQ GH PRYHU D XQD DFWLYLGDG" $OJXQDV LGHDV LQFOX\HQ HQFHQGHU XQD YHOD R
SHUVRQDGHXQHVWDGRSVLFRO³JLFRDRWUR3RUORWDQWRORVULWXDOHVGHOLQHDQ\ LQFLHQVR GLIXQGLU XQ DFHLWH HVHQFLDO WRFDU XQD GHWHUPLQDGD SLH]D GH
KRQUDQORVO­PLWHVHQWUH ORVGLIHUHQWHV HVWDGRVGHOVHU\DVHDQWHPSRUDOHVR PºVLFDFDQWDUROHHUHQYR]DOWDXQSRHPDRXQDRUDFL³Q
SHUPDQHQWHV 8Q ULWXDO SURSRUFLRQD XQ VHQWLGR GH OD HVWUXFWXUD D XQD  +D\ DOJXQD IRUPD FRQ OD TXH VH SXHGD FRQFOXLU GH PDQHUD ULWXDO
DFWLYLGDG \ HVWDEOHFH HO SXQWR GH SDUWLGD SDUD OR TXH SXHGD YHQLU D OD DFWLYLGDG" /DV RSFLRQHV SXHGHQ LQFOXLU KDFHU VRQDU XQD
FRQWLQXDFL³Q FDPSDQDSDVDU WLHPSR HQ PHGLWDFL³Q R HQ RUDFL³Q VLOHQFLRVD DSDJDU
8QDPHQWDOLGDGSDUWLFXODUHVORTXHGLIHUHQFLDXQDDFFL³QULWXDOGHDOJRP¡V XQD YHOD ODYDUVH ODV PDQRV R OHQWD \ GHOLEHUDGDPHQWH JXDUGDU ORV
PXQGDQR (Q SULPHU OXJDU KD\ XQD VHQVDFL³Q GH FODULGDG FRQ UHVSHFWR D OD PDWHULDOHV
LQWHQFL³Q R HO SURS³VLWR GH SDUWLFLSDU HQ OD DFWLYLGDG (Q VHJXQGR OXJDU VH  4X© KDU¡V SDUD GHVFRPSULPLUWH R UHFXSHUDUWH XQD YH]
SUHVWD DWHQFL³Q GHOLEHUDGD D FDGD DVSHFWR GH OD DFWLYLGDG DQWHV GXUDQWH \ FRPSOHWHVODDFWLYLGDG"
GHVSX©V$OGHFLGLUFRQVFLHQWHPHQWHUHDOL]DUXQULWXDOXQDSHUVRQDWRPDOD &XDQGR XQ HMHUFLFLR R DFWLYLGDG VH WHUPLQD SXHGH VHU ºWLO \D VHD
GHFLVL³QGHFUHDUXQHVSDFLRVHSDUDGR\HVSHFLDOHQVXYLGDGLDULDSDUDDOJR LQPHGLDWDPHQWH GHVSX©V R P¡V WDUGH FXDQGR HVW©V OLVWR  UHYLVDU WX
TXHHVSDUWLFXODUPHQWHVLJQLILFDWLYR1RLPSRUWDFX¡QEUHYHRHODERUDGDVHD H[SHULHQFLD\FRQVLGHUDUF³PR WH KD DIHFWDGR <D VHD FRQYHUVDQGR FRQ RWUD
ODDFWLYLGDGVHFRQYLHUWHHQXQULWXDO \SRUORWDQWRDOJRHVSHFLDO SRUTXHXQD SHUVRQD R HVFULELHQGR HQ WX GLDULR SHUVRQDO ODV VLJXLHQWHV SUHJXQWDV WH
SHUVRQDOHKDRWRUJDGRFRQVFLHQWHPHQWHHVHVLJQLILFDGR D\XGDU¡QDSURFHVDUORTXHKDRFXUULGR
$O FRQWHPSODU ORV HMHUFLFLRV \ ODV DFWLYLGDGHV GH HVWH OLEUR FRPR ULWXDOHV 4X©H[SHULPHQWDVWHGXUDQWHODDFWLYLGDG"
SXHGHV DWULEXLUOHV XQ VLJQLILFDGR SHUVRQDO 7UDEDMDU HQ ODV VLJXLHQWHV
SUHJXQWDVWHD\XGDU¡DSURIXQGL]DUHQODH[SHULHQFLDHQJHQHUDO 4X©WLSRVGHSHQVDPLHQWRVVHQWLPLHQWRV\VHQVDFLRQHVI­VLFDVQRWDVWH"

 &X¡OHVWXUD]³QSDUDHOHJLUHVWDDFWLYLGDGRHMHUFLFLRHQSDUWLFXODUHQ )XHODSDUWLFLSDFL³QHQODDFWLYLGDGXQDH[SHULHQFLDVDWLVIDFWRULD"3RUTX©R

HVWHPRPHQWR" SRUTX©QR"
 4X©VLJQLILFDGRSRGU­DWHQHUHVWDDFWLYLGDGSDUDWL" &X¡OIXHODSDUWHP¡VVLJQLILFDWLYDGHODDFWLYLGDGSDUDWL"
 4X© UHFXHUGRV GHVHDV OOHYDUWH FRQWLJR XQD YH] TXH KD\DV WHUPLQDGR
$KRUD TXH KDV FRPSOHWDGR HVWD DFWLYLGDG KDQ VXUJLGR QXHYRV
HVWDDFWLYLGDG"
FRQRFLPLHQWRVSDUDWL"
 &³PRTXLHUHVVHQWLUWHPLHQWUDVSDUWLFLSDVHQWXDFWLYLGDG"
 &³PRTXLHUHVVHQWLUWHGHVSX©VGHKDEHUWHUPLQDGRFRQHOOD" +D\DOJRTXHQHFHVLWDVKDFHUDFRQWLQXDFL³Q"
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 /DHVWUXFWXUDGHODEDUDMDGHOWDURW
$XQTXHQRWLHQHVTXHHVWDUIDPLOLDUL]DGRFRQORVVLJQLILFDGRVWUDGLFLRQDOHVGH
FDGDXQDGHODVFDUWDVGHO7DURWHVWDU©KDFLHQGRUHIHUHQFLDDGLIHUHQWHVSDUWHV
GHODEDUDMDDORODUJRGHHVWHOLEUR3RUORWDQWRVLHUHVQXHYRHQHO7DURWPH
JXVWDU­DSURSRUFLRQDUWHXQDEUHYHLQWURGXFFL³Q
/D EDUDMD GHO 7DURW TXH KH HOHJLGR SDUD XVDU HQ PL SURSLD SU¡FWLFD HV OD
EDUDMD GH :DLWH6PLWK WDPEL©Q FRQRFLGD FRPR OD EDUDMD GH 5LGHU
:DLWH (VWDHVXQDEDUDMDPX\SRSXODU\GHI¡FLODFFHVR)XHSXEOLFDGDSRU
SULPHUDYH]HQ(OGLVH±ROROOHY³DFDER$UWKXU(:DLWH\IXHLOXVWUDGD
SRU3DPHOD&ROPDQ6PLWK
/D EDUDMD :DLWH6PLWK FRPR OD PD\RU­D GH ODV GHP¡V EDUDMDV FRQWLHQH
VHWHQWD\RFKRFDUWDV\VHGLYLGHHQGRVVHFFLRQHV/DSULPHUDHVGHYHLQWLG³V
FDUWDV\VHFRQRFHFRPRORVDUFDQRVPD\RUHV$UFDQXP HV XQD SDODEUD TXH
SURFHGH GHO ODW­Q \ TXH VLJQLILFD VHFUHWR R PLVWHULR 3RU OR WDQWR ORV
SULQFLSDOHVDUFDQRVVRQORVJUDQGHVVHFUHWRV&DGDFDUWDGHHVWHJUXSRWLHQH
XQQRPEUH FRPRߡ/RV$PDQWHVߢߡ/D/XQDߢߡ(O6ROߢHWF &RPLHQ]DFRQ
ߡ(O/RFRߢ FRQHOQºPHURFHUR  \ WHUPLQDFRQ ߡ(O 0XQGRߢ FRQ HOQºPHUR
YHLQWLXQR 
/DVHJXQGDSDUWHGHODEDUDMDFRQVLVWHHQFLQFXHQWD\VHLVFDUWDV\VHFRQRFH
FRPRORVDUFDQRVPHQRUHV6HGLYLGHHQFXDWURSDORVGHFDWRUFHFDUWDVFDGD
XQRRURVEDVWRVFRSDV\HVSDGDV&DGDSDORFRQWLHQHODVFDUWDVQXPHUDGDV
GHOXQRDOGLH]DGHP¡VGHFXDWURFDUWDVGHODFRUWHRߡFDUWDVGHODUHDOH]Dߢ
ODVRWDHOFDEDOORRFDEDOOHURODUHLQD\HOUH\ 
6LHVW¡VLQWHUHVDGRHQDSUHQGHUP¡VVREUHHOPXQGRGHO7DURWORVVLJXLHQWHV
OLEURVOHD\XGDU¡QDFRPHQ]DU
/HDUQLQJWKH7DURW$7DURW%RRNIRU%HJLQQLHUVSRU-RDQ%XQQLQJ
'HJUHHVRI:LVGRPSRU5DFKHO3ROODFN
:D\VWR5HDGD7DURW&DUGSRU0DU\*UHHU
7DURW IRU <RXU 6HOI $ :RUNERRN IRU 3HUVRQDO 7UDQVIRUPDWLRQ SRU
0DU\*UHHU
7DURW DQG WKH 7UHH RI /LIH )LQGLQJ (YHU\GD\ :LVGRP LQ WKH 0LQRU
$UFDQDSRU,VDEHO5DGRZ.OLHJPDQ
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 +HUUDPLHQWDV\PDWHULDOHV
3DUDUHDOL]DUODVDFWLYLGDGHV\HMHUFLFLRVGHHVWHOLEURVHU¡ºWLOWHQHUDPDQR
ORVLJXLHQWH
8QFXDGHUQRRGLDULR ORYDPRVDOODPDUGHDTX­HQDGHODQWHߡWXGLDULR
SHUVRQDOߢ  <D VHD HQ SDSHO R HQ IRUPDWR GLJLWDO (V PX\ ºWLO PDQWHQHU XQ
GLDULR GHGLFDGR D ORV HMHUFLFLRV GH HVWH OLEUR 6L WH GHFLGHV SRU XQ GLDULR GH
SDSHO SLHQVD HQ HO WLSR GH O¡SL] R ERO­JUDIR FRQ TXH WH JXVWD HVFULELU ߙ
$XQTXHQRORFUHDVߨbPDUFDODGLIHUHQFLD
7X 7DURW IDYRULWR &RPR PHQFLRQ© DQWHULRUPHQWH QRUPDOPHQWH XVR OD
EDUDMD GH :DLWH6PLWK SRUTXH VXV LP¡JHQHV FRQHFWDQ SURIXQGDPHQWH
FRQPLJR 6LQ HPEDUJR KD\ OLWHUDOPHQWH FLHQWRV GH EDUDMDV GHO 7DURW SDUD
HOHJLUFDGDXQDFRQXQWHPDGLIHUHQWHRHVWLORDUW­VWLFR/DEºVTXHGDGHXQD
EDUDMDTXHUHDOPHQWHFRQHFWHFRQWLJRHVXQYLDMHGLYHUWLGRHLPSRUWDQWHHQV­
PLVPR 0L UHFRPHQGDFL³Q HV YLVLWDU ZZZDHFOHFWLFQHW  XQ VLWLR ZHE HQ HO
TXHI¡FLOPHQWHSXHGHVREWHQHULQIRUPDFL³QVREUHXQJUDQQºPHURGHEDUDMDV
%DUDMDVDGLFLRQDOHVGHO7DURW3XHVWRTXHODVFDUWDVGHO7DURWVHXWLOL]DU¡Q
HQ PXFKRV GH ORV HMHUFLFLRV GH DUWH \ PDQXDOLGDGHV GH HVWH OLEUR HV
LPSRUWDQWHWHQHUEDUDMDVGHUHSXHVWR8QDGHODVUD]RQHVSRUODVTXHSUHILHUR
OD EDUDMD :DLWH6PLWK HV SRUTXH HVW¡ GLVSRQLEOH HQ FXDWUR WDPD±RV PLQL
SHTXH±R PHGLDQR R HVW¡QGDU \ JUDQGH (VWD SRVLELOLGDG TXH SXHGHV
HQFRQWUDUHQWXOLEUHU­DORFDOXRQOLQHSURSRUFLRQDXQDEDQLFRGHRSFLRQHV
HQW©UPLQRVGHHOHFFL³QDUW­VWLFD
5HFRQR]FR TXH HQ GHWHUPLQDGRV FRQWH[WRV ODV FDUWDV VRQ FLHUWDPHQWH
VDJUDGDV\QHFHVLWDQVHUWUDWDGDVFRPRWDOHVGHKHFKRWUDWRFRQFXLGDGRODV
EDUDMDVTXHXWLOL]RSDUDODVOHFWXUDVGHO7DURW3HURSDUDORVSURS³VLWRVGHHVWH
OLEURWHQGU¡VTXHDFRVWXPEUDUWH D PDQLSXODU ODV FDUWDV GHO 7DURWGHPDQHUD
DUW­VWLFD(VWRVLJQLILFDKDFHUFRVDVFRPRSHJDUODVDODVVXSHUILFLHVRFRUWDUODV
HQSHGD]RV
0DWHULDOHVGHPDQXDOLGDGHV3DUDFDGDDFWLYLGDGDUW­VWLFDUHFRJLGDHQHVWH
OLEUR QHFHVLWDU¡V XVDU GHWHUPLQDGRV PDWHULDOHV GH PDQXDOLGDGHV 8QD
SURSXHVWDSDUDXQDFRPSOHWDFDMDGHPDQXDOLGDGHVLQFOXLU­D
9DULRV WLSRV GH SDSHO FDUW³Q FDUWXOLQD \ FDUWHO WDEOD EODQFR \ HQ
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 YDULRVFRORUHVHQYDULRVWDPD±RV 
9DULRVSDUHVGHWLMHUDVGHEXHQDFDOLGDG WLHQGHQDGHVDSDUHFHU 
/¡SLFHVGHFRORUHVFUD\RQHVURWXODGRUHVERO­JUDIRV\ODSLFHURV
/DVFDUWDVFRPRSUHFXUVRUHVGH
3LQWXUDV FRPR ROHRV \ DFXDUHODV  DV­ FRPR SLQFHOHV \ HVSRQMDV GH
WDPD±RGLIHUHQWH
FRQYHUVDFL³Q
(MHPSODUHV DQWLJXRV GH XQD JUDQ YDULHGDG GH UHYLVWDV SHUL³GLFRV
FDOHQGDULRVIRWRJUDI­DV\IROOHWRV
&LQWDDGKHVLYD\FHORI¡Q
$GRUQRV FRPR KLORV ERWRQHV SHUODV FXHUGDV SOXPDV FRQFKDV
PDULQDVSXUSXULQDOHQWHMXHODVWHODVSHJDWLQDV\OD]RV
%DUUDV GH SHJDPHQWR  \ FHPHQWR GH FDXFKR b1R ROYLGHV XQ EXHQ
QºPHURGHEURFKDVEDUDWDVSDUDDSOLFDUHOSHJDPHQWR
 

&RQ HVWH SUR\HFWR PH SURSXVH HVFULELU HO WLSR GH OLEUR TXH PH KXELHUD
JXVWDGRWHQHUFXDQGR\RHVWDEDHPSH]DQGRPLYLDMHHQHODSDVLRQDQWHPXQGR
GHO 7DURW 5HXQLUOR WRGR HQ XQ OLEUR KD VLGR XQ GHVDI­R FUHDWLYR \ XQD
H[SHULHQFLDGLYHUWLGDSDUDP­<VHKDUHDILUPDGRPLDPRUSRUHO7DURW(Q
SDUWLFXODUPHDSDVLRQDODEDUDMDGH:DLWH6PLWK3DPHOD&ROPDQ6PLWKFUH³
XQFRQMXQWRDWHPSRUDOGHLP¡JHQHVTXHWLHQHQXQJUDQQºPHURGHXVRV(VWR\
VHJXURGHTXH3L[LHVHVRUSUHQGHU­DSRUHODPSOLRLPSDFWRGHVXWUDEDMR6X
DUWHUHDOPHQWHSHUGXUDU¡SDUDVLHPSUH
3RU ºOWLPR HVSHUR TXH HVWH OLEUR WH LQVSLUH SDUD GHVDUUROODU WXV SURSLDV
DFWLYLGDGHVFUHDWLYDV\WHUDS©XWLFDVXVDQGRODVFDUWDVGHO7DURW
b(OºQLFRO­PLWHHVWXLPDJLQDFL³Qb9DPRVDSRUHOOR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 7XFUHFLPLHQWRSHUVRQDO
5HODFLRQHVSHUVRQDOHV /DQDWXUDOH]D
/DPXHUWH
&RPR WRGRV VDEHPRV XQD LPDJHQ YDOH P¡V TXH PLO SDODEUDV < D YHFHV 7XFXHUSR
WHQHU TXH HOHJLU XQD ºQLFD LPDJHQ SDUD UHSUHVHQWDU DOJR QRV REOLJD D 7XVFUHHQFLDVHVSLULWXDOHV
FRPXQLFDUQRV FRQ PD\RU FODULGDG \ KRQHVWLGDG FRQ QRVRWURV PLVPRV \ FRQ 7X3RGHU6XSHULRU 7X'LRV 
ORVGHP¡V 7XRUJDQL]DFL³QUHOLJLRVD
(QHVWDDFWLYLGDGWHQGU¡VTXHFRQVLGHUDUODFRQH[L³QTXHWLHQHVFRQSDODEUDV 4X© KDFHU FRQ HVWD LQIRUPDFL³Q GHSHQGH GH WL 4XL]¡ OR P¡V LPSRUWDQWH D
\IUDVHVFODYHXVDQGRODVFDUWDVGHO7DURWFRPRPHGLRGHFRPXQLFDFL³Q(V FRQVLGHUDUHVVLHVW¡VVDWLVIHFKRFRQF³PRHVWXDFWXDOUHODFL³QFRQFDGDXQR
GHFLU PH JXVWDU­D TXH SHQVDUDV HQ W©UPLQRV PHWDI³ULFRV VREUH WX UHODFL³Q GH ORV SXQWRV D ORV TXH KHPRV KHFKR UHODFL³Q DQWHULRUPHQWH 4X©
SHUVRQDO FRQ FDGD HOHPHQWR GHO 7DURW (V IXHUWH" '©ELO" 3UREOHP¡WLFD" QHFHVLWDU­DVFDPELDUSDUDTXHVHDGLIHUHQWH"
&RQIOLFWLYD" &HUFDQD" 6HJXUD" )U¡JLO" (VW¡ URWD" 'LVWDQWH"
6ROLGDULD"  ([LJHQWH" 6DOXGDEOH" $UPRQLRVD" *HQXLQD" 6XSHUILFLDO"
3UHGHFLEOH"&RQDOWLEDMRV"6LJQLILFDWLYD"'HDPRU"'HRGLR"
3XHGHVKDFHUODOLVWDFRPSOHWDGHXQDVHQWDGDRVHUP¡VVHOHFWLYR'HSHQGH
GHF³PRWHVLHQWDV5HFRQRFHU¡VHVWRVVHQWLPLHQWRVHQWXFRUD]³Q'HMDTXH
WXLQWXLFL³QWHJX­HSDUDHQFRQWUDUWXFRQH[L³QFRQFDGDXQDGHODVFDUWDVGHO
7DURW$V­TXHFXDQGRHVW©VSUHSDUDGRSRUIDYRUREVHUYDWXEDMDUDGHO7DURW
\HOLMHODFDUWDTXHPHMRUUHSUHVHQWHWXUHODFL³QSHUVRQDOFRQ
(OWLHPSR
(OGLQHUR
(ODPRU
/DFRPLGD
/DUHDOLGDG
&RQWLJRPLVPR
7XFRPSD±HURRFRPSD±HUD VLORWLHQHV 
7XKLMRRKLMRV VLORVWLHQHV 
7XPDGUHSDGUH WDQWRVLHVW¡QFRQWLJRFRPRVLKDQIDOOHFLGR 
7XWUDEDMR
7XFDUUHUD
7XFRPXQLGDG
7XWLHPSROLEUH
/DGLYHUVL³Q
(OFXLGDUGHWLPLVPR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
/RVWUHVWLHPSRVE¡VLFRV (OPDQHMRGHOGRORU
(OLJH XQD FDUWD TXH UHSUHVHQWH WX SDVDGR RWUD TXH UHSUHVHQWH WX SUHVHQWH \ 4X© FDUWD HQ WX EDUDMD GHO 7DURW UHSUHVHQWD WX GRORU" &X¡O UHSUHVHQWD HO
RWUDTXHUHSUHVHQWHWXIXWXUR DOLYLR"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
$XWRGHVDUUROOR (O&DPLQRGHO+©URH
(OLJHWUHVFDUWDVTXHUHSUHVHQWHQFDUDFWHU­VWLFDVTXHWHJXVWDU­DGHVDUUROODUSRU 1L VLTXLHUD WHQHPRV TXH DUULHVJDUQRV VRORV D OD DYHQWXUD SRUTXH ORV K©URHV
\ SDUD WL PLVPR 4X© DVSHFWRV GH HVDV FDUWDV VRQ DWUDFWLYRV SDUD WL" 3RU GH WRGRV ORV WLHPSRV VH QRV KDQ DGHODQWDGR HO ODEHULQWR VH FRQRFH
TX©" PHWLFXORVDPHQWH V³OR WHQHPRV TXH VHJXLU HO KLOR GHO FDPLQR GHO K©URH <
GRQGH KDE­DPRV SHQVDGR HQFRQWUDU DOJR DERPLQDEOH HQFRQWUDUHPRV XQ
GLRV \ GRQGH KDE­DPRV SHQVDGR PDWDU D RWUR QRV PDWDUHPRV QRVRWURV
PLVPRV \ GRQGH KDE­DPRV SHQVDGR TXH VDO­DPRV OOHJDUHPRV DO FHQWUR GH
QXHVWUD SURSLD H[LVWHQFLD \ GRQGH KDE­DPRV SHQVDGR HVWDU VRORV HVWDUHPRV
FRQHOPXQGR
-RVHSK&DPSEHOO

/RV K©URHV YLDMDQ VH HQIUHQWDQ D ORV GUDJRQHV \ GHVFXEUHQ HO WHVRUR GH VX
SURSLDLGHQWLGDG
&DURO3HDUVRQ

7UDEDMDFRQWXEDMDUDGHO7DURWUHY­VDODSRFRDSRFR\HVFRJHXQDFDUWDTXH
UHSUHVHQWHDOGUDJ³QFRQHOTXHHVW¡VOXFKDQGRHQWXYLGD/XHJRHOLJHXQDR
P¡V FDUWDV TXH WH D\XGDU¡Q D PDWDU D HVWH GUDJ³Q 3RU ºOWLPR GHFLGH TX©
FDUWDUHSUHVHQWDHOWHVRURTXHVHU¡WX\RXQDYH]TXHHOGUDJ³QHVYHQFLGR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
&DUWDVSDUDFDGDHVWDGRGH¡QLPR 2SFL³Q
(OLJH WDPEL©Q XQD FDUWD SDUD UHSUHVHQWDU HO HVWDGR GH ¡QLPR TXH WH
6XSRQWHTXHWHSUHJXQWR&³PRWHVLHQWHVKR\"
JXVWDU­DHVWDUVLQWLHQGR
&X¡OSRGU­DVHUWXUHVSXHVWD"
(VWR\ELHQߢ5HJXODUߢ3HQVDWLYRߢ
$OJXQDV SHUVRQDV WLHQHQ GLILFXOWDGHV SDUD H[SUHVDU YHUEDOPHQWH F³PR VH
VLHQWHQ<DYHFHVQXHVWUDUHVSXHVWDYHUEDOVLPSOHPHQWHQRKDFHMXVWLFLDDOR
TXHHVWDPRVVLQWLHQGRHQQXHVWURLQWHULRU
(O SURFHVR GH HOHJLU XQD R P¡V FDUWDV SDUD UHIOHMDU WX HVWDGR GH ¡QLPR WH
RIUHFHODRSRUWXQLGDGGHFRPXQLFDUWHGHXQDIRUPDFRQWXQGHQWH\QRYHUEDO
'HHVWDPDQHUDHVWDDFWLYLGDGWUDQVIRUPDXQDVLPSOHSUHJXQWD\VXUHVSXHVWD
HQXQDFWRGHOLEHUDGRGHDXWRUHIOH[L³Q
7RPD WX EDUDMD \ HOLJH OD FDUWD R ODV FDUWDV TXH PHMRU UHIOHMDQ WX HVWDGR GH
¡QLPRHQHVWHPRPHQWRRHQHVWRVG­DV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
/DOHFFL³Q (ODUWHGHUHJDODU
$YHFHVWHQHPRVXQDIRUPDKDELWXDOGHSHQVDURFRPSRUWDUQRV SDWURQHV TXH (OLJH OD FDUWD GHO 7DURW TXH OH GDU­DV D FDGD XQD GH ODV VLJXLHQWHV SHUVRQDV
QRVFRQGXFHQDVLWXDFLRQHVSRFRVDWLVIDFWRULDV FRPRUHJDOR([SOLFDWXVUD]RQHV
3RU HMHPSOR DOJXQDV SHUVRQDV VH GDQ FXHQWD GH TXH VHU XQ SHUIHFFLRQLVWD 8QDSHUVRQDDODTXHDPDV SLHQVDHQDOJXLHQHQSDUWLFXODU 
OOHYDDODIUXVWUDFL³Q\ODLQVDWLVIDFFL³Q3DUDRWURVHOPLHGRDO©[LWRFUHDXQD 7XSDGUH
VHQVDFL³QGHS©UGLGD\GHSRWHQFLDOVLQH[SORWDU 7XPDGUH
/DSUHJXQWDHVVLVRPRVRQRVRPRVFRQVFLHQWHVGHODVFDXVDV\GHORVHIHFWRV 8QDPLJRD
GHQXHVWURVSDWURQHV+D\XQDOHFFL³QTXHWHQHPRVTXHDSUHQGHUHQQXHVWUDV 7Xߡ<RߢDFWXDO
YLGDVFRQHOILQGHDOFDQ]DUXQIXWXURP¡VVDWLVIDFWRULR"(VWDPRVGLVSXHVWRV 7XQL±RLQWHULRU
\VRPRVFDSDFHVGHDSUHQGHUHVWDOHFFL³QSDUDFDPELDUQXHVWURVSDWURQHVGH 8QFRPSD±HURGHWUDEDMR
FRPSRUWDPLHQWR" 7XMHIHRVXSHUYLVRU

7³PDWHWXWLHPSRSDUDFRQVLGHUDUORVSDWURQHVHQWXYLGD\WXIRUPDKDELWXDO
GH KDFHU ODV FRVDV +D\ DOJXQD OHFFL³Q TXH KDV WHQLGR TXH UHSHWLU SRUTXH
WRGDY­DQRODKDVDSUHQGLGRFRPSOHWDPHQWH"+DVWURSH]DGRP¡VGHXQDYH]
HQODPLVPDSLHGUD"
&XDQGR HVW©V OLVWR OHQWD \ WUDQTXLODPHQWH REVHUYD ODV FDUWDV GH WX
EDUDMD (OLJH OD FDUWD TXH PHMRU UHSUHVHQWD WX OHFFL³Q GH YLGD &X¡O HV OD
LPDJHQTXHUHDOPHQWHVLPEROL]DORTXHWLHQHVTXHDSUHQGHU\FDPELDUHQWX
YLGD"&³PRWHKDFHVHQWLU"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
6LJXHDOO­GHU 3HUGHU\HQFRQWUDU
2EVHUYDWXEDUDMDSDUDHQFRQWUDUUHVSXHVWDVDODVVLJXLHQWHVSUHJXQWDV +D\DOJRTXHKDVSHUGLGRHQWXYLGD"%XVFDODFDUWDTXHORUHSUHVHQWH(V
4X©FDUWDWHOOHYDU¡DODIHOLFLGDG" DOJR TXH QHFHVLWDV HQFRQWUDU GH QXHYR" 6L HV DV­ TX© FDUWD WH D\XGDU¡ D
4X©FDUWDWHGDU¡SD]" UHGHVFXEULUORRDYROYHUDHQFRQWUDUORSDUDTXHUHJUHVHDWXYLGD"
4X©FDUWDWHFRQGXFLU¡DWXVDQDFL³Q"
4X©FDUWDWHJXLDU¡KDFLDWXIXHU]DLQWHULRU"


HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
$VRFLDFL³QOLEUH (OERRP
(VFRJHXQDFDUWDGHWXEDUDMDDOD]DUFRO³FDODERFDDEDMR&XDQGRHVW©VOLVWR 4X©HVW¡VEXVFDQGR"
GDOHODYXHOWD4X©SDODEUDRIUDVHWHYLHQHLQPHGLDWDPHQWHDODFDEH]D" 0LUDODVFDUWDV\HQFXHQWUDODTXHUHSUHVHQWDODUHVSXHVWDDHVDSUHJXQWD8QD
 YH]KHFKRHVWRSXHGHVHVFRJHURWUDFDUWDTXHUHSUHVHQWHORTXHWHD\XGDU¡D
HQFRQWUDUOR


HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(OOHJDGRGHWXIDPLOLD (OWUDWR
(OW©UPLQRߡOHJDGRGHWXIDPLOLDߢVHUHILHUHDODVH[SHFWDWLYDVODVIXQFLRQHV (OLJH XQD FDUWD DO D]DU GH ORV DUFDQRV PD\RUHV $ FRQWLQXDFL³Q KD]OH ODV
ODV UHVSRQVDELOLGDGHV \ ODV QRUPDV TXH VH WUDQVPLWHQ GH JHQHUDFL³Q HQ VLJXLHQWHVGRVSUHJXQWDV
JHQHUDFL³Q 4X©PHRIUHFHV"
(O REMHWLYR HV HOHJLU  FDUWDV SDUD UHSUHVHQWDU HO OHJDGR TXH WH KD VLGR 4X©TXLHUHVGHP­DFDPELR"
WUDQVPLWLGR SRUWXVSDGUHVR FXLGDGRUHV8QD YH]TXHODVKD\DVHQFRQWUDGR
SUHJºQWDWH9HUGDGHUDPHQWHTXLHURPDQWHQHUHVWHOHJDGR"2DKRUDTXHOR 
SLHQVRVHU­DPHMRUSDUDP­OLEHUDUPH"


HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
<LQ<DQJ (VWUHOODGHFLQH
4X© FDUWD GH OD EDUDMD GHO 7DURW UHSUHVHQWD WX ODGR UDFLRQDO" 4X© FDUWD 6L WX YLGD VH KD FRQYHUWLGR HQ XQD SHO­FXOD TX© FDUWD HVFRJHU­DV SDUD TXH
UHSUHVHQWD WX ODGR HPRFLRQDO" &³PR VH SXHGH FUHDU XQ HTXLOLEULR HQWUH LQWHUSUHWDVHDWXSHUVRQDMH"
DPERVHQWXYLGD"+D\XQDWHUFHUDFDUWDTXHSRGU­DVLPEROL]DUHVWHWLSRGH 
LQWHJUDFL³QGHORVRSXHVWRV"


HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(VSHUDQ]D 2UJXOOR
(VFRJHXQDRP¡VFDUWDVGHWXEDUDMDTXHUHSUHVHQWHQORTXHHVSHUDVSDUDWX (VFRJH XQD R P¡V FDUWDV TXH UHSUHVHQWHQ DTXHOOR GH OR TXH HVW¡V P¡V
IXWXUR RUJXOORVRHQWXYLGD
 

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
b,PDJ­QDWHHVWR 6­PLOHV SDUWH,
2EVHUYDWXEDUDMDGHO7DURW\HVFRJHFXDWURFDUWDVODSULPHUDUHSUHVHQWDXQ &RPSOHWDFDGDXQDGHODVVLJXLHQWHVIUDVHVHOLJLHQGRFDUWDVGHWXEDUDMD
SUREOHPD TXH WLHQHV OD VHJXQGD UHSUHVHQWD XQ REVW¡FXOR TXH WH LPSLGH $FWXDOPHQWHPLYLGDHVFRPRߨ
VXSHUDU HVWH SUREOHPD OD WHUFHUD FDUWD UHSUHVHQWD TX© HV OR TXH WH SHUPLWLU¡ 0HJXVWDU­DTXHPLYLGDIXHUDߨ
YHQFHU \ HOLPLQDU HVH REVW¡FXOR < ILQDOPHQWH OD FXDUWD FDUWD UHSUHVHQWD HO (OWUDEDMRHVFRPRߨ
IXWXURVLQWXSUREOHPD 0HJXVWDU­DTXHPLWUDEDMRIXHUDߨ
 (OGLQHURHVFRPRߨ
0LHQHUJ­DHVP¡VDOWDFXDQGRߨ
0LIDPLOLDHVFRPRߨ


HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
6­PLOHV SDUWH,, (OGHVDI­R
4X© FDUWDV FUHHV TXH VHU­DQ ODV PHMRUHV HOHFFLRQHV SDUD ORV VLJXLHQWHV $PHQXGRHVI¡FLO
V­PLOHV" 6L KDFHV HVWH HMHUFLFLR FRQ RWUDV SHUVRQDV SRU IDYRU H[SOLFD WX 2OYLGDUORLQJHQLRVRVSRGHURVRV\IXHUWHVTXHUHDOPHQWHVRPRV
UD]RQDPLHQWR 5HFRUGDUQXHVWUDVOLPLWDFLRQHV\IUDFDVRV
&HQWUDUQRVHQWRGRORTXHQRQRVKDVDOLGRELHQHQODYLGD
9DOLHQWHFRPRXQOH³Q $ YHFHV SDUHFH FRPR VL QXHVWUDV PHQWHV VH FHQWUDUDQ H[FOXVLYDPHQWH HQ OD
&LHJRFRPRXQWRSR QHJDWLYLGDG
7DQVHFRFRPRXQKXHVR
7DQWLHUQRFRPRXQFRUGHUR 3HUR WDPEL©Q HV FLHUWR TXH XQD GH ODV SRFDV FRVDV VREUH ODV TXH UHDOPHQWH
7DQIHOL]FRPRXQDFRGRUQL] WHQHPRV HO FRQWURO HQ OD YLGD HV QXHVWUD DWHQFL³Q \ GRQGH HVFRJHPRV
7DQIXHUWHFRPRXQWRUR GLULJLUOD$V­TXHTX©SXHGHRFXUULUVLFRQVFLHQWHPHQWHWRPDPRVODGHFLVL³Q
7DQU¡SLGRFRPRXQUD\R GH GLULJLU QXHVWUD DWHQFL³Q HQ XQD GLUHFFL³Q P¡V FRQVWUXFWLYD" 4X© SXHGH
7DQGXURFRPRXQDURFD SDVDU VL GHFLGLPRV UHFRUGDU XQ PRPHQWR GH QXHVWUDV YLGDV FXDQGR DOJR
7DQGXOFHFRPRODPLHO UHDOPHQWH LPSRUWDQWH VDOL³ ELHQ" (V SRVLEOH UHFRUGDU \ KRQUDU QXHVWUDV
0¡VIU­RTXHHOKLHOR PHPRULDVP¡VSRVLWLYDV"
'LUHFWRFRPRXQDIOHFKD 3RUIDYRUUHIOH[LRQDVREUHODVVLJXLHQWHVSUHJXQWDV
7DQIUHVFRFRPRXQOHFKXJD
&X¡OKDVLGRHOPD\RUUHWRDOTXHWHKDVHQIUHQWDGRHQWXYLGD"
7DQDVWXWRFRPRXQ]RUUR
/LEUHFRPRXQS¡MDUR 4X©KDE­DHQHVHGHVDI­RTXHVHWHKL]RWDQGLI­FLO"
7DQSXURFRPRHODJXDGHODPRQWD±D &³PR VXSHUDVWH HVH GHVDI­R" 4X© IRUWDOH]DV LQWHULRUHV XWLOL]DVWH" +DE­D
7DQVXDYHFRPRODVHGD UHFXUVRVH[WHUQRVD\XG¡QGRWH"
7DQV³OLGRFRPRXQDURFD
7DQUREXVWRFRPRXQUREOH 8QDYH]VXSHUDGRHVWHUHWRTX©DSUHQGLVWHVREUHWLPLVPR\HOPXQGRTXHWH
URGHD"

 $KRUD HV HO PRPHQWR GH FRJHU WX EDUDMD GHO 7DURW 4X© FDUWD R FDUWDV WH
UHFXHUGDQWXGHVDI­R"
7XVLJXLHQWHWDUHDHVHQFRQWUDUODVFDUWDVTXHUHSUHVHQWDQORVIDFWRUHVTXHWH
SHUPLWLHURQVXSHUDUDTXHOUHWR
4X©FDUDFWHU­VWLFDVREVHUYDVDFHUFDGHHOODV"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 /DVFDUWDVFRPRLQVSLUDFL³QSDUDOD
HVFULWXUD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 7UDVIRQGR
$YHFHVHVI¡FLOSDVDUSRUDOWRWRGRORTXHKDVORJUDGRHQWXYLGD3XHGHVHU
I¡FLO\WHQWDGRUYHUWHDWLPLVPRFRPRXQDY­FWLPDRFRPRDOJXLHQTXHWLHQH
(OSRGHUSHUVRQDO PX\SRFRRQLQJºQSRGHUSHUVRQDO3RUHVRHVLPSRUWDQWHSDUDDOFDQ]DUWXV
REMHWLYRV GDU XQ SDVR DWU¡V \ FRQVLGHUDU HO SRGHU TXH UHDOPHQWH V­ WLHQHV
2EMHWLYR VREUHWXYLGD
9DPRVDFUHDUODFRPSUHQVL³Q\HOHQWHQGLPLHQWRGHTXHHUHVXQVHUKXPDQR 3RUIDYRUFRQWHVWDDODVVLJXLHQWHVSUHJXQWDVHQWXGLDULRSHUVRQDO
FDSD]\FRQP¡VSRGHUGHORTXHFUHHV
4X©ULHVJRVKDVWRPDGRHQWXYLGD"
&X¡OHVVRQUHWRVTXHKDVWHQLGRTXHVXSHUDU"
(QXPHUDPLHGRV JUDQGHVRSHTXH±RV TXHKDVHQIUHQWDGR\VXSHUDGR
4X©HVORP¡VGLI­FLOTXHKDVWHQLGRTXHVXSHUDU"
4X©KDVDSUHQGLGRVREUHWLPLVPRFRQHVDH[SHULHQFLD"
4X©KDVDSUHQGLGRDFHUFDGHODYLGDFRQHVDH[SHULHQFLD"
&³PRGHILQLU­DVODSDODEUDSRGHUߢ"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR (O/DVXSHUYLYLHQWH
2EVHUYD WX EDUDMD GHO 7DURW \ EXVFD XQD FDUWD TXH SXHGDV XVDU FRPR XQ
V­PERORGHWXSRGHUSHUVRQDO$OPLVPRWLHPSRSXHGHVHOHJLUXQDFDUWDTXH 2EMHWLYR
WHUHSUHVHQWHXVDQGRWXSRGHUHQXQDVLWXDFL³QHQWXYLGD 1XHVWURREMHWLYRHVDFFHGHUDHVDSDUWHIXHUWH\SRGHURVDGHWLPLVPRTXHVH
/DFDUWDTXHKDVHOHJLGRVLUYHSDUDFRPXQLFDUWHDOJRPX\LPSRUWDQWH(QWX PDQWLHQHILUPH\HQSLHGHVSX©VGHKDEHUVXSHUDGRXQDH[SHULHQFLDGLI­FLO
GLDULR SRU IDYRU HVFULEH VX PHQVDMH 8QD YH] TXH KD\DV WHUPLQDGR GH
HVFULELUVHFRQVFLHQWHGHF³PRWHVLHQWHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
3RUVXSURSLDQDWXUDOH]DXQDH[SHULHQFLDWUDXP¡WLFDGHVSRMDDODSHUVRQDGH 7XWDUHDHVREVHUYDUOHQWDPHQWHWXEDUDMDGHO7DURW\HQFRQWUDUXQDFDUWDTXH
OD VHQVDFL³Q GH FRQWURO 7DPEL©Q DIHFWD D QXHVWURV SODQHV \ SUHYLVLELOLGDG WH UHSUHVHQWH FRPR XQ VXSHUYLYLHQWH WUDV XQD H[SHULHQFLD GLI­FLO (VWD FDUWD
SDUDHOIXWXUR3ODQWHDSUHJXQWDVVREUHHOVHQWLGRGHODYLGDDFHUFDGHSRUTX© VHU¡ HO V­PEROR GH WX IXHU]D IH \ SHUVLVWHQFLD (VWR VHUYLU¡ FRPR XQ
VXFHGHQFRVDVPDODVDODJHQWHEXHQDVREUHHOGHVWLQRߨ UHFRUGDWRULR GH TXH QR KDV UHQXQFLDGR \ TXH HIHFWLYDPHQWH KDV KHFKR WX
)UHFXHQWHPHQWH GHVSX©V GH XQ HYHQWR WUDXP¡WLFR HV PXFKR P¡V I¡FLO FDPLQRDWUDY©VGHXQFULVROGHIXHJR
SHUPDQHFHU DQFODGR HQ HO SDVDGR \ REVHVLRQDUVH FRQWLQXDPHQWH VREUH HO $ODFDUWDTXHKDVHOHJLGROHJXVWDU­DFRPXQLFDUVHFRQWLJR7LHQHDOJRPX\
SDSHOTXHXQRPLVPRMXJ³HQHOVXFHVR(VWRSXHGHFRQGXFLUDVHQWLPLHQWRV LPSRUWDQWHTXHGHFLUWH\TXHGHEHVHVFXFKDU
GHFXOSD\EDMDDXWRHVWLPD (Q WX GLDULR SHUVRQDO SRU IDYRU HVFULEH HO PHQVDMH GH HVWD FDUWD &XDQGR
(O UHWR SDUD FXDOTXLHUD TXH KD\D H[SHULPHQWDGR XQ WUDXPD HV HQFRQWUDU OD KD\DV WHUPLQDGR SUHVWD DWHQFL³Q D F³PR WH VLHQWHV < WRPD XQD GHFLVL³Q
IRUPDGHGDUVHQWLGRDODH[SHULHQFLDFRQHOILQGHUHFXSHUDUVHGHHOOD VREUHORTXHWHJXVWDU­DKDFHUFRQHVWDFDUWDHQSDUWLFXODU4X©SXHGHVKDFHU
3RUIDYRUFRQWHVWDDORVLJXLHQWHHQWXGLDULRSHUVRQDO SDUD KRQUDU WDQWR HO PHQVDMH TXH WH WUDMR DV­ FRPR D OD SURSLD FDUWD" 4X©
SXHGHV KDFHU SDUD DVHJXUDUWH TXH QR ROYLGDV OR TXH KDV DSUHQGLGR VREUH WL
4X©HVORP¡VGLI­FLOTXHKDVH[SHULPHQWDGRHQWXYLGD" PLVPRKDFLHQGRHVWHHMHUFLFLR"
4X©KDVDSUHQGLGRVREUHWLPLVPRHQUHODFL³QDHVDH[SHULHQFLD"
4X©KDVDSUHQGLGRDFHUFDGHODYLGDGHVSX©VGHHVDH[SHULHQFLD"
&³PRKDGDGRIRUPDDWXYLGDGLFKRHYHQWR"
4X©VLJQLILFDHVHHYHQWRSXQWXDOGHQWURGHWXDPSOLDKLVWRULDGHYLGD"
&³PR SRGU­D HVH HYHQWR VHU OD EDVH SDUD DOJºQ WLSR GH FRQWULEXFL³Q TXH
SRGU­DVKDFHUDOPXQGR"
&³PRSRGU­DHVHHYHQWRSHUPLWLUWHSURIXQGL]DUHQWXUHODFL³QFRQWLJRPLVPR
\ORVGHP¡V"
4X©WHKDFHVHUXQXQDVXSHUYLYLHQWH"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
/RVLQYLWDGRVGHWXFXPSOHD±RV 7UDVIRQGR
3HQVDUVREUHODVFDUWDVFRPRLQYLWDGRVDXQHYHQWRSHUVRQDO\SULYDGRHVXQD
2EMHWLYR SRGHURVD PDQHUD GH HVWDU HQ FRQWDFWR FRQ FXDOLGDGHV TXH VRQ LPSRUWDQWHV
(OREMHWLYRGHHVWHDSDUWDGRHVHOHJLUODVVHLVFDUWDVGHO7DURWTXHWHJXVWDU­D SDUD WL $ PHQXGR HVWDV FDUDFWHU­VWLFDV VRQ ODV TXH DGPLUDPRV HQ QRVRWURV
LQYLWDUDWXILHVWDGHFXPSOHD±RV PLVPRVRODVTXHGHVHDU­DPRVSRVHHU
$GHP¡V GH VHU PRWLYR GH UHIOH[L³Qߨ bHVWH HMHUFLFLR WDPEL©Q HV XQ MXHJR
GLYHUWLGRSDUDSUDFWLFDUFRQORVGHP¡V

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 1HJDWLYR3RVLWLYR
3LHQVDHQHOWLSRGHILHVWDGHFXPSOHD±RVTXHWHJXVWDU­DWHQHU
6H OOHYDU¡ D FDER HQ WX FDVD" (Q XQ UHVWDXUDQWH" 8Q SLFQLF HQ HO
2EMHWLYR
FDPSR"&X¡OVHU­DHODPELHQWH" 1XHVWURREMHWLYRHQHVWHFDS­WXORHVHQWHQGHUTXHODVFRVDVQRVRQVLHPSUHOR
2EVHUYD OD EDUDMD \ HVFRJH ODV VHLV FDUWDV TXH YDQ D VHU WXV LQYLWDGRV $O TXHSDUHFHQ
PLVPRWLHPSRUHFXHUGDTXH©VWDVVRQODVFDUWDVFRQODVTXHWHJXVWDU­DHVWDU
SUHVHQWHGXUDQWHXQG­DLPSRUWDQWHHQWXYLGD
8QDYH]TXHODVWHQJDVWHUPLQDGHUHOOHQDUODVVLJXLHQWHVIUDVHVSDUDFDGDXQD
HQWXGLDULR
 <RWHHVFRJ­SRUTXH
 7XPHQVDMHSDUDP­HV
 7XUHJDORSDUDP­HV
 /DPHMRUPDQHUDSDUDP­GHXVDUWXUHJDORVHU­D

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 ‰[LWRIUHQWHDIUDFDVR
7UDVIRQGR
)XHUWHFRQWUDG©ELO
9DPRVDHPSH]DUUHFRUGDQGRXQDDQWLJXDKLVWRULD=HQ
šWLOIUHQWHDLQºWLO
+XERXQDYH]KDFHPXFKRWLHPSRXQYLHMRFDPSHVLQRTXHKDE­DWUDEDMDGR
3RVLEOHIUHQWHDLPSRVLEOH
FXOWLYDQGR VXV WLHUUDV GXUDQWH PXFKRV D±RV 8Q G­D HO FDEDOOR VH OH
HVFDS³ $O HVFXFKDU OD QRWLFLD VXV YHFLQRV IXHURQ D YLVLWDUOR 4X© PDOD (VWD PDQHUD GH SHQVDU VLPSOLILFD GHPDVLDGR ODV FRVDV &RPR GHPXHVWUD OD
VXHUWHGLMHURQFRQDSUHFLR KLVWRULD=HQQDGDHVQHFHVDULDPHQWHWRWDOPHQWHEXHQRRPDOR7RGRGHSHQGH
GHO FRQWH[WR &RQ OD VDELGXU­D TXH DGTXLULPRV FRQ HO SDVR GHO WLHPSR \ OD
7DOYH]UHVSRQGL³HOFDPSHVLQR
H[SHULHQFLDDPHQXGRDSUHQGHPRVTXHODYLGDHVP¡VFRPSOLFDGD\DPELJXD
$ OD PD±DQD VLJXLHQWH HO FDEDOOR UHJUHV³ WUD\HQGR FRQVLJR WUHV QXHYRV GHORTXHSRGU­DPRVKDEHUFUH­GRHQXQSULQFLSLR
FDEDOORVVDOYDMHV4X©PDUDYLOODH[FODPDURQORVYHFLQRV
7DOYH]UHVSRQGL³HODQFLDQR
$O G­D VLJXLHQWH VX KLMR WUDW³ GH PRQWDU XQR GH ORV FDEDOORV VDOYDMHV IXH
DUURMDGR \ VH URPSL³ OD SLHUQD /RV YHFLQRV XQD YH] P¡V OH RIUHFLHURQ
DSR\RHQVXGHVJUDFLD
7DOYH]OHVUHVSRQGL³
8QG­D GHVSX©VORVIXQFLRQDULRV PLOLWDUHVOOHJDURQDO SXHEORSDUDUHFOXWDU
KRPEUHVM³YHQHVSDUDVHUYLUHQHOHM©UFLWR$OYHUDOKLMRGHOFDPSHVLQRFRQ
ODSLHUQDURWDSDVDURQGHODUJR/RVYHFLQRVIHOLFLWDURQDOFDPSHVLQR
7DOYH]FRQWHVW³©VWH

(O SHQVDPLHQWR HQ EODQFR \ QHJUR FRQVLVWH HQ FUHHU TXH DOJR HV
FRPSOHWDPHQWHEXHQRRFRPSOHWDPHQWHPDOR7HQHUHVWHWLSRGHSHUVSHFWLYD
GHSRODUL]DFL³QVLJQLILFDTXHYHPRVHOPXQGRHQW©UPLQRVDEVROXWRV1RKD\
W©UPLQRPHGLR
3RUHMHPSOR
6LHPSUHIUHQWHDQXQFD
%XHQRIUHQWHDPDOR
&RUUHFWRFRQWUDLQFRUUHFWR
,QWHOLJHQWHFRQWUDHVWºSLGR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR &DUWDVSDUDKDFHUWHSUHJXQWDV
&RJHWXEDUDMDGHO7DURW\HOLJHXQDFDUWDTXHQRFRQHFWHFRQWLJR(VGHFLU
FX¡O HV OD FDUWD TXH PHQRV WH JXVWD" 7DO YH] VLHQWDV TXH KD\ XQD HQ 2EMHWLYR
SDUWLFXODUTXHWLHQHXQPHQVDMHQHJDWLYRRFRQWLHQHPDODHQHUJ­D2WDOYH] 1XHVWURREMHWLYRHVWHQHUHQFXHQWDHOSRGHUGHXQDSUHJXQWDELHQSHQVDGD\
SRUFXDOTXLHUUD]³QVLPSOHPHQWHQRWHJXVWH IRUPXODGD
8QDYH]TXHKDVHQFRQWUDGRHVDFDUWDPHJXVWDU­DTXHODHVWXGLDVHV0­UDOD
FRQRMRVFRPSDVLYRV\VLQVHUGXUR7XREMHWLYRHVSHQVDUHQXQDVLWXDFL³QHQ
OD TXH HVD QHJDWLYLGDG GH OD FDUWD HQ UHDOLGDG SRGU­D FRQYHUWLUVH HQ XQD
IXHU]DSRVLWLYD
(Q WX GLDULR SHUVRQDO DQRWD DOJR DFHUFD GH OD FDUWD HO VLPEROLVPR \R XQ
PHQVDMH TXHSRGU­DFDPELDUODIRUPDTXHWLHQHVGHLQWHUSUHWDUODPLVPD
(QSDUWLFXODUPHJXVWDU­DTXHFRPSOHWHVODVLJXLHQWHIUDVH
8QG­DHQHOIXWXURHVWDFDUWDHQFRQFUHWRVDOYDU¡PLYLGDSRUTXHߨߢ

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 SUHJXQWDVELHQIRUPXODGDVQRVSXHGHQJHQHUDU
7UDVIRQGR
3RUIDYRUOHHDWHQWDPHQWHODVVLJXLHQWHVFLWDV
/D SUHJXQWD HV XQD KHUUDPLHQWD E¡VLFD SDUD OD UHEHOL³Q 6H URPSHQ ODV
FRUD]DVHVWDQFDGDV \ HQGXUHFLGDV GHO SUHVHQWH UHYHODQGR OD DPELJ¼HGDG \
VHDEUHQQXHYDVRSFLRQHVSDUDVHUH[SORUDGDV
)UDQ3HDYH\

(OFXHVWLRQDPLHQWRSXHGHFDPELDUWRGDWXYLGD6HSXHGHGHVFXEULUXQSRGHU
RFXOWR \ VXH±RV DKRJDGRV GHQWUR GH WL FRVDV TXH Wº SXHGHV KDEHU QHJDGR
GXUDQWHPXFKRVD±RV
)UDQ3HDYH\

/RLPSRUWDQWHHVQRGHMDUGHKDFHUSUHJXQWDV
$OEHUW(LQVWHLQ

8QDSUHJXQWDELHQSHQVDGDSXHGH
6XSRQHUXQUHWR
&DPELDUODSHUVSHFWLYDVREUHXQRPLVPR
(VWLPXODUODDXWRUHIOH[L³Q
5HPRYHUXQDSDUWHRFXOWDGHODOPD
3URYRFDUXQFDPELR
*HQHUDUHQHUJ­D
6XVFLWDUP¡VSUHJXQWDV
/DV SUHJXQWDV VRQ SRGHURVRV FDWDOL]DGRUHV SDUD OD LQWURVSHFFL³Q \ HO DXWR
FUHFLPLHQWR /DV SUHJXQWDV QRV SXHGHQ VRUSUHQGHU FRQGXFL©QGRQRV SRU
FDPLQRVLQHVSHUDGRV2QRVYXHOYHQDFRQHFWDUDODVYHUGDGHVHQWHUUDGDVHQ
QXHVWURLQWHULRUGHVGHKDFHWLHPSR
(VLPSRUWDQWHWRPDUQRVXQWLHPSRHQQXHVWUDVYLGDVGHYH]HQFXDQGRSDUD
FRPSUREDU \ UHIOH[LRQDU VREUH ORV SHQVDPLHQWRV \ VHQWLPLHQWRV TXH ODV
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 (VW¡VHQDUPRQ­DFRQWXVFLFORV\ULWPRVYLWDOHV"
3URFHVR &³PRHVW¡VKRQUDQGRWXLQWXLFL³Q"
3RU OR JHQHUDO HVSHUDPRV TXH ODV FDUWDV GHO 7DURW QRV SURSRUFLRQHQ &³PRHVW¡VUHFRQRFLHQGRWXODGRRVFXUR"
UHVSXHVWDVDQXHVWUDVSUHJXQWDV(QHVWHHMHUFLFLRVLQHPEDUJRXWLOL]DU¡VODV &X¡OHVHOPLVWHULRHQWXYLGD"
SURSLDVFDUWDVSDUDJHQHUDUSUHJXQWDV<XQDYH]TXHORKD\DVKHFKRSRGU¡V (MHPSORVGHSUHJXQWDVSDUDODFDUWDGH(O/RFR
XVDUHVWDVSUHJXQWDVFRPRD\XGDSDUDHVFULELUHQWXGLDULRSHUVRQDO
'³QGHYDV"
&RPHQ]DQGRFRQ(O/RFRUHVSRQGHDODVLJXLHQWHSUHJXQWDSDUDFDGDXQRGH $FHUFDGHTX©WHVLHQWHVWRQWR"
ORVDUFDQRVPD\RUHV 4X©KDFHVSDUDGLYHUWLUWH"
6LODFDUWDSXGLHUDKDEODUTX©SUHJXQWDRSUHJXQWDVWHKDU­D" &³PRHVW¡VVLHQGRILHODWLPLVPR"
&³PRHVW¡VH[SDQGLHQGRWXVKRUL]RQWHV"
&RQ HO ILQ GH JHQHUDU WXV SUHJXQWDV HVWXGLD FDGD FDUWD FRQ FXLGDGR 3UHVWD &³PRSXHGHVORJUDUXQDPD\RUQDWXUDOLGDGHQWXYLGD"
DWHQFL³QDWRGRVVXVHOHPHQWRV (QTXL©QQHFHVLWDVFRQILDU"
4X© V­PERORV GLIHUHQWHV SHUFLEHV" 4X© LPDJHQ GHVWDFD P¡V" &X¡QWDV
ILJXUDV VH GLEXMDQ HQ OD FDUWD" 4X© HVW¡ KDFLHQGR FDGD XQD" &X¡O HV HO
QRPEUHGHODFDUWD"&X¡OHVODHQHUJ­DGHODFDUWD"&X¡OHVHOPHQVDMHGHOD
FDUWD"&RQWLHQHYDULRVPHQVDMHV"
8WLOL]DS¡JLQDVGLIHUHQWHVSDUDFDGDSUHJXQWD(VFULEHHQODHVTXLQDVXSHULRU
GHUHFKD GH FDGD S¡JLQD HO QRPEUH GH OD FDUWD GHO 7DURW FRQ OD TXH HVW¡V
WUDEDMDQGRFDGDSUHJXQWD
$KRUDEDUDMDODVFDUWDVGHORVDUFDQRVPD\RUHVGHO7DURW(VFRJHXQDDOD]DU
\YHDODS¡JLQDGHWXGLDULRSHUVRQDOGRQGHDSXQWDVWHODVSUHJXQWDVTXHHVD
FDUWDWHKDU­D$VXPHTXHKDVUHFLELGRHVWDVSUHJXQWDVHQSDUWLFXODUSRUXQD
EXHQDUD]³Q\TXHVRQLPSRUWDQWHVSDUDWXDXWRFRQRFLPLHQWR\GHVDUUROOR
7X WDUHD FRQVLVWH HQ UHVSRQGHU D FDGD XQD GH ODV SUHJXQWDV HQ WX GLDULR
SHUVRQDO3XHGHVKDFHUORHQHVHPLVPRPRPHQWRRHQHOWUDQVFXUVRGHXQRV
G­DV
b$KRUD WLHQHV SRGHURVRV HVW­PXORV SDUD HVFULELU HQ WX GLDULR SHUVRQDO \
DGHP¡VbSXHGHVDFFHGHUDHOORVVLHPSUHTXHORGHVHHV7DOYH]SXHGDVKDFHU
HVWHHMHUFLFLRFRPRULWXDOGLDULRRVHPDQDO
(MHPSORVGHSUHJXQWDVSDUDODFDUWDGH(O+LHURIDQWH
4X©QHFHVLWDVUHFRUGDU"
3RUTX©HVLPSRUWDQWHTXHVHDVSDFLHQWH"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
2SFL³Q
6LWHVLHQWHVDQLPDGRSXHGHVKDFHUSUHJXQWDVSDUDFDGDXQDGHODVFDUWDVGH
ORVDUFDQRVPHQRUHVWDPEL©Q
(MHPSORVGHSUHJXQWDVSDUD(OFLQFRGHHVSDGDV
4X©HVORTXHDFWXDOPHQWHWHDVXVWDP¡V"
(Q TX© VLWXDFL³Q ߡVLQ VDOLGDߢ WH HQFXHQWUDV" &X¡O VHU­D OD PHMRU
VDOLGD"
3RU TX©HVLPSRUWDQWHDQWHSRQHU WXVSURSLDV QHFHVLGDGHV D ODVGHORV
GHP¡V"
&³PR KDQ GLVPLQXLGR WXV YDORUHV SULQFLSLRV \ QRUPDV HQ OD
YLGD"3RUTX©"
&RQ TXL©Q WLHQHV TXH VHU P¡V OLVWR" &X¡O HV OD PHMRU PDQHUD GH
KDFHUOR"
(MHPSORVGHSUHJXQWDVSDUD(OWUHVGHFRSDV
'³QGHHVW¡ODDOHJU­DHQWXYLGD"
&³PRHVW¡VFRPSDUWLHQGRORVUHJDORVGHODYLGD"
4X©QHFHVLWDVSDUDFHOHEUDUDOJR"
&³PRHVGHV³OLGRHOHQWRUQRGHSHUVRQDVHQHOTXHWHDSR\DV"
&X¡OHVODFRPXQLGDGFRQODTXHWHLGHQWLILFDV"
(MHPSORVGHSUHJXQWDVSDUD/DVRWDGHRURV
4X©WHGLFHWXFXHUSR"
&³PRFRQYLYHVFRQODQDWXUDOH]D"
&³PRKRQUDVWXVVXH±RV"
&³PRHUHVILHODWLPLVPR"
&³PRSXHGHVGLVIUXWDUP¡V\PHMRUGHORTXH\DWLHQHV"
'³QGHWHFRQGXFHWXFRUD]³Q"
4X© LQWHU©V R LQTXLHWXG DFWXDO SRGU­D VHU GLJQR GH XQ FRPSURPLVR D
ODUJRSOD]R"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
'L¡ORJRVGHQL±RLQWHULRU 7UDVIRQGR
(OW©UPLQRQL±RLQWHULRUJHQHUDOPHQWHVHUHILHUHDODSDUWHGHQXHVWUDSVLTXH
2EMHWLYR
TXH VLJXH PDQWHQLHQGR UHFXHUGRV \ VHQWLPLHQWRV H[SHULPHQWDGRV
(O REMHWLYR TXH QRV SODQWHDPRV HQ HVWH DSDUWDGR HV FRQRFHU \ TXH WH RULJLQDULDPHQWHGXUDQWHODLQIDQFLD
FRPXQLTXHVFRQGLIHUHQWHVDVSHFWRVGHWLPLVPR
&DGDSHUVRQDVLQHPEDUJR\SRUORJHQHUDOWLHQHP¡VGHXQQL±RLQWHULRU
SRUTXH FDGD XQR GH HOORV FRH[LVWHQ FRPR HQWLGDGHV LQGHSHQGLHQWHV (VWRV
DVSHFWRV GH QRVRWURV PLVPRV SXHGHQ VHU I¡FLOPHQWH DFFHVLEOHV R SRU HO
FRQWUDULRHVWDUSURIXQGDPHQWHHQWHUUDGRV
(VWRVVRQDOJXQRVHMHPSORVGHQL±RVLQWHULRUHV
(OQL±RMXJXHW³Q
(OQL±RFUHDWLYR
(OQL±RPLPDGR
(OQL±RDEDQGRQDGR
(OQL±RWHPHURVR
(OQL±RKHULGR
(OQL±RDQXODGR
/D KHUUDPLHQWD GHO QL±R LQWHULRU QRUPDOPHQWH VH XWLOL]D SDUD H[SORUDU
QXHVWUDV QHFHVLGDGHV WDQWR ODV GHO SDVDGR FRPR ODV TXH WHQHPRV HQ HO
SUHVHQWH3HURFX¡OHVVRQHVDVQHFHVLGDGHV\SRUTX©VRQWDQLPSRUWDQWHV"
8QD QHFHVLGDG \D VHD I­VLFD R HPRFLRQDO HV DOJR TXH HV LPSUHVFLQGLEOH
DOFDQ]DU SDUD HO ELHQHVWDU GH XQD SHUVRQD &XDQGR VH FXEUH XQD QHFHVLGDG
QRV VHQWLPRV VDQRV \ VDWLVIHFKRV 1HFHVLGDGHV LQVDWLVIHFKDV QRV GHMDQ FRQ
PDODVHQVDFL³QIUXVWUDFL³Q\UHVHQWLPLHQWR
&RPRVHUHVKXPDQRVWRGRVFRPSDUWLPRVODVQHFHVLGDGHVYLWDOHVGHODLUHHO
DJXD\ORVDOLPHQWRV6LQHPEDUJRHQFXDQWRDODVQHFHVLGDGHVHPRFLRQDOHV
D YHFHV ODV SHUFLELPRV GH XQD IRUPD P¡V IXHUWH \ RWUDV YHFHV SDVDQ P¡V
GHVDSHUFLELGDV \D TXH FDGD SHUVRQD HV ºQLFD 6LQ HPEDUJR HQ GLVWLQWRV
JUDGRVODPD\RU­DGHQRVRWURVWHQHPRVODQHFHVLGDGGHVHQWLUQRV
6HJXURV\DVDOYR
&RQHFWDGRVFRQORVGHP¡V
$FHSWDGRV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 &RQODVFRVDVEDMRFRQWURO
$PDGRV 3URFHVR
&RQXQDYLGDOOHQDGHVHQWLGR\VLJQLILFDGR 2EVHUYDWXEDUDMDGHO7DURW\VHOHFFLRQDODRODVFDUWDVTXHVLHQWDVTXHPHMRU
1XHVWURV FRPSRUWDPLHQWRV SHQVDPLHQWRV \ VHQWLPLHQWRV DFWXDOHV D PHQXGR WHUHSUHVHQWDQFRPRQL±R6LORGHVHDVHOLJHGLIHUHQWHVFDUWDVTXHFRLQFLGDQ
VH JHQHUDQ HQ UHVSXHVWD D ODV QHFHVLGDGHV TXH QR IXHURQ VDWLVIHFKDV FXDQGR FRQGLIHUHQWHVHGDGHV\HVWDGRVGHWXVHU3RUHMHPSORXQDFDUWDSXHGHVHUXQ
©UDPRV QL±RV 'HELGR D TXH QR VH FXEULHURQ HVWDV QHFHVLGDGHV FRQWLQºDQ QL±RGHWUHVD±RVGHHGDG QL±RMXJXHW³Q RWUDSXHGHUHSUHVHQWDUWHFRPRXQ
H[LVWLHQGRHQODHGDGDGXOWD QL±R GH GLH] D±RV GH HGDG QL±R DEDQGRQDGR  \ RWUD GH HOODV FRPR XQ
DGROHVFHQWH KLMRDQXODGR /RLPSRUWDQWHHVVHJXLUWXLQWXLFL³Q
$V­TXHTX©WDOVLQRVFRPXQLFDPRVFRQQXHVWURߡ<RߢP¡VMRYHQFRQHOILQ
GH GHVFXEULU OR TXH KD HVWDGR DQKHODQGR WRGRV HVWRV D±RV" < TX© SDVDU­D VL &XDQGR KD\DV HOHJLGR WXV FDUWDV FRJH WX GLDULR SHUVRQDO 3DUD FDGD FDUWD
DKRUDFRPRDGXOWRGHVFXEUHVTXHWLHQHVHOSRGHUSDUDVHUWXSURSLRSDGUHR DQRWD FDGD XQD GH ODV SUHJXQWDV TXH WH PXHVWUR D FRQWLQXDFL³Q HQ S¡JLQDV
PDGUH(VGHFLUTX©SDVDU­DVLVXSLHUDVTXHSRGU­DVGDUWHDWLPLVPRORTXH GLIHUHQWHV VLQ UHVSRQGHUODV  /HV IRUPXODU¡V HVWDV SUHJXQWDV D ODV FDUWDV
QXQFDUHFLELVWHFXDQGRHUDVQL±R"&³PRFDPELDU­DWXYLGD" FRPRWXߡ<RߢDGXOWR
'HVSX©V GH TXH KD\DV WHUPLQDGR GH HVFULELU ODV SUHJXQWDV D
FRQWLQXDFL³QUHVSRQGHFDGDXQDGHHOODVFRPRWºߡ<RߢGHQL±R(VFULEHFRQ
WX PDQR QR GRPLQDQWH 1R WH SUHRFXSHV SRU OD SXOFULWXG R OR JUDQGH TXH
HVFULEHV WXV OHWUDV 'H KHFKR SXHGHV XVDU O¡SLFHV GH FRORUHV VL OR
SUHILHUHV(VFULELUGHHVWDPDQHUDSHUPLWLU¡TXHWXQL±RLQWHULRUVHH[SUHVH\
VHFRPXQLTXHP¡VI¡FLO\F³PRGDPHQWHFRQWLJR
 4XL©QHUHVWº"
 &X¡QWRVD±RVWLHQHV"
 '³QGHHVW¡V"
 4X©HVW¡VKDFLHQGR"
 4X©SXHGRKDFHUSDUDJDQDUPHWXFRQILDQ]D"
 4X©QHFHVLWRVDEHUDFHUFDGHWL"
 4X©HVORTXHP¡VDQKHODV"
 4XHQHFHVLWDVGHP­"
 &³PRWHSXHGRPRVWUDUTXHWHDPR"
 4X©VHQHFHVLWDVSDUDFXUDUWXGRORU"
 4X©PHQVDMHWLHQHVSDUDP­"
'HVSX©VGHHVFULELUWXVUHVSXHVWDVHVLPSRUWDQWHGHFLUOHDWXQL±RLQWHULRUTXH
DSUHFLDVHOWLHPSRTXHKDE©LVSDVDGRMXQWRV<VLHVQHFHVDULRDVHJºUDWHGH
FRPXQLFDUOHTXHYROYHU©LVDHVWDUHQFRQWDFWR
5HYLVDFDGDXQDGHODVUHVSXHVWDVD ODV SUHJXQWDV $KRUDHVHOPRPHQWRGH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
GHFLGLUTX©KDFHUFRQODLQIRUPDFL³QTXHKDVUHFLELGR5HFXHUGDTXHHVWHHV
XQ HMHUFLFLR GH JUDQ DOFDQFH (V SUREDEOH TXH KD\D SDUWHV GH WL PLVPR TXH &DUWDDWXVSDGUHV
KDQ HVWDGR VHGLHQWDV GH UHFRQRFLPLHQWR \ FRQWDFWR (O GHVDUUROOR GH
UHODFLRQHVHVWUHFKDVH­QWLPDVFRQWXVQL±RVLQWHULRUHVWLHQHHOSRWHQFLDOGH 2EMHWLYR
GDU OXJDU D XQD VHQVDFL³Q GH SOHQLWXG \ SD] TXH VH YD KDFLHQGR PD\RU D
PHGLGD GH TXH HPSLH]DV D UHFRQRFHU \ UHVSRQGHU D ODV QHFHVLGDGHV P¡V (O REMHWLYR HQ HVWH DSDUWDGR HV DFFHGHU \ D FRQWLQXDFL³Q H[SUHVDU WXV
SURIXQGDVGHWXVHU VHQWLPLHQWRVDFHUFDGHWXVSDGUHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
/D PD\RU­D GH ODV SHUVRQDV WLHQHQ VHQWLPLHQWRV DPELYDOHQWHV DFHUFD GH VXV 2EVHUYDWXEDMDUDGHO7DURW\HVFRJHODVFDUWDVTXHUHSUHVHQWHQDWXVSDGUHVR
SDGUHV HQFHUUDQGR HPRFLRQHV FRQWUDSXHVWDV DO PLVPR WLHPSR 1XHVWURV FXLGDGRUHV(VGHFLUHOLJHXQDFDUWDSDUDFDGDSHUVRQDTXHWHFUL³'HVSX©V
SDGUHV R FXLGDGRUHV  D PHQXGR QRV PRVWUDURQ VX SURIXQGR DPRU 3HUR DO FXDQGRHVW©VOLVWRUHVSRQGHDODVVLJXLHQWHVSUHJXQWDVHQWXGLDULRSHUVRQDO
PLVPRWLHPSRSXHGHVHUTXHQRVKD\DQWUDWDGRGHXQDPDQHUDHQODTXHQRV  3RUTX©HOHJLVWHHVDFDUWDHVSHF­ILFDSDUDUHSUHVHQWDUDHVWDSHUVRQD"
KDQWUDQVPLWLGRDOJRߡQDGDSDUHFLGRߢDODPRU  6LHVWDFDUWDSXGLHVHKDEODUDWUDY©VGHWL\GLULJLUVHDWXSDGUHPDGUHR
/DV SUHJXQWDV LPSRUWDQWHV DKRUD VRQ FRPR DGXOWRV TX© HVWDPRV KDFLHQGR FXLGDGRUTX©PHQVDMHOHGDU­D"
DFWXDOPHQWHFRQHVRVVHQWLPLHQWRV"+D\DOJRTXHWHQHPRVTXHFRPXQLFDUOHV  4X©UHJDORWLHQHODFDUWDSDUDWL"
DQXHVWURVSDGUHVDKRUDTXHKHPRVFUHFLGR" $KRUDPHJXVWDU­DTXHUHJUHVHVFRQWXEDUDMDGHO7DURW7XREMHWLYRHVHOHJLU
(VGHYLWDOLPSRUWDQFLDGLVSRQHUGHXQPHGLRSDUDH[SUHVDUORTXHVHQWLPRV XQD FDUWD TXH UHSUHVHQWH D FDGD FXLGDGRU TXH KDV WHQLGR FRPR GHVHDV TXH
SRU QXHVWURV SDGUHV \D VHD GLUHFWD R LQGLUHFWDPHQWH D HOORV (V XQD KXELHUD VLGR HVWD SHUVRQD 8QD YH] TXH KD\DV HQFRQWUDGR HVDV FDUWDV SRU
RSRUWXQLGDG GH SRGHU GDU VDOLGD D ORV VHQWLPLHQWRV TXH KDQ VLGR UHSULPLGRV IDYRUUHVSRQGHODVVLJXLHQWHVSUHJXQWDVHQWXGLDULRSHUVRQDO
GXUDQWHG©FDGDV\FUHDUXQVHQWLGRGHFLHUUHGHFLFOR\SD]FRQWLJRPLVPR  4X©DVSHFWRVGHODFDUWDFRQHFWDQP¡VFRQWLJR"3RUTX©"
TXHSXHGHVHUFXUDWLYR
 &³PRSXHGHVLQFRUSRUDUVXHQHUJ­DHQHOPRPHQWRDFWXDOGHWXYLGD"
 4X©PHQVDMHWLHQHHVWDFDUWDSDUDWL"
 4X©UHJDORWLHQHHVWDFDUWDSDUDWL"
7XWDUHDILQDOHVHVFULELUXQDFDUWDDWXSDGUHPDGUHRFXLGDGRU(QHVWDFDUWD
WXREMHWLYRHVFRPSDUWLUFRQHVDSHUVRQDXQPHQVDMHTXHHVLPSRUWDQWHSDUD
WL3HUFLEHORTXHVXUJHDPHGLGDTXH
3LHQVDVHQORTXHYDVDHVFULELUHQODFDUWD
(VFULEHVODFDUWD
3UHVWDDWHQFL³QDF³PRWHVLHQWHVXQDYH]TXHKDVHVFULWRODFDUWD(VWRSXHGH
VHU XQD FDUWD UHDO SDUD HQYLDU D XQ SDGUH R FXLGDGRU 2 SXHGH VHU DOJR TXH
JXDUGDU¡V SDUD WL PLVPR 2 WDPEL©Q SXHGH VHU DOJR SDUD GHVWUXLU HQ XQ
ULWXDOSRUHMHPSOR 'HSHQGHGHWLGHFLGLUFX¡OGHEHVHUHOVLJXLHQWHSDVR/R
P¡VLPSRUWDQWHHVVHJXLUWXLQWXLFL³Q

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
'L¡ORJRVGHSDGUHV 7UDVIRQGR
(Q JHQHUDO DSUHQGHPRV F³PR WUDWDU FRQ QRVRWURV PLVPRV HQ EDVH D ODV
2EMHWLYR H[SHULHQFLDV TXH KHPRV WHQLGR FRQ QXHVWURV SDGUHV GXUDQWH QXHVWUR
1XHVWUDPHWDHVSHQVDUHQF³PRH[SHULPHQWDVWHHODPRURODFU­WLFDSRUSDUWH FUHFLPLHQWR $ YHFHV HV SRVLEOH TXH KD\DPRV VHQWLGR TXH XQR R DPERV
GH WXV SDGUHV 'HVSX©V H[SUHVDU¡V WXV VHQWLPLHQWRV DFHUFD GH HVWDV SDGUHV HVWDEDQ MX]J¡QGRQRV R FULWLF¡QGRQRV 3RU RWUR ODGR HV SRVLEOH TXH
LQWHUDFFLRQHV WDPEL©QKD\DPRVFUHFLGRFRQHODSR\RLQFRQGLFLRQDOGHXQRRDPERVSDGUHV
3RU FXDOTXLHU UD]³Q SVLFRO³JLFD SDUHFH TXH OD PD\RU­D GH QRVRWURV HQ HO
PRPHQWR HQ HO TXH QRV YROYHPRV DGXOWRV SRU OR JHQHUDO WHUPLQDPRV
LQWHUQDOL]DQGRODYR]GHOSDGUHFU­WLFRHQPD\RUPHGLGDTXHODGHOSDGUH
DPRURVRߢ&XDQGRKDFHPRVDOJRHTXLYRFDGRODGHVDSUREDFL³QGHQXHVWURV
SDGUHVWRGDY­DUHVXHQDFODUDPHQWHHQQXHVWURVR­GRVFRPRVLHOORVHVWXYLHUDQ
GHSLHMXVWRHQIUHQWHGHQRVRWURV
(V LPSRUWDQWH FXHVWLRQDU HVD YR] FRQ HO ILQ GH WHUPLQDU FRQ VX LPSDFWR
QHJDWLYR $O PLVPR WLHPSR HV QHFHVDULR KRQUDU OD YR] GH XQ SDGUH R
FXLGDGRUTXHQRVKDDSR\DGR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 3ODQWDUFDUDDWXFU­WLFRLQWHULRU
2EVHUYDWXEDUDMDGHO7DURW\HOLJHGRVFDUWDV3RUHMHPSORXQDFDUWDSXHGH
VLPEROL]DU D WX PDGUH \ OD RWUD D WX SDGUH 2 SXHGHV HOHJLU GRV FDUWDV SDUD 2EMHWLYR
UHSUHVHQWDUORV GLIHUHQWHVODGRVGHFDGD SURJHQLWRU SDGUHPDGUHSURWHFWRU\ 'HVDILDUDODQHJDWLYLGDGGHWXFU­WLFRLQWHULRU
SDGUHPDGUHFU­WLFR 
(QFXHQWUD XQ PRPHQWR \ XQ OXJDU HQ HO TXH HVW©V WUDQTXLOR \ QR WH
LQWHUUXPSDQ6DFDWXGLDULRSHUVRQDO&RPLHQ]DFRQODFDUWDTXHUHSUHVHQWDHO
ߡSDGUH FU­WLFRߢ 6H FRQVFLHQWH GH TXH OD FDUWD HVW¡ FRPXQLF¡QGRVH
FRQWLJR (VFULEH HQ WX GLDULR OR TXH WH HVW¡ GLFLHQGR $ FRQWLQXDFL³Q
UHVS³QGHOHFRPRWXߡ<RߢDGXOWR6DELHQGRORTXHVDEHVDKRUDF³PRSRGU­DV
FXHVWLRQDU ODV FU­WLFDV GHVWUXFWLYDV TXH HVW¡V HVFXFKDQGR" 7DPEL©Q SXHGHV
SUHJXQWDUOHDODFDUWDSRUTX©HVHSDGUHWHKDWUDWDGRFRPRORKL]R
&XDQGR KD\DV WHUPLQDGR F©QWUDWH HQ OD FDUWD TXH UHSUHVHQWD D WX ߡSDGUH
SURWHFWRUߢ $O LJXDO TXH DQWHV LPDJLQD TXH OD FDUWD VH HVW¡ FRPXQLFDQGR
FRQWLJR $QRWD HQ WX GLDULR VX PHQVDMH $ FRQWLQXDFL³Q HVFULEH HO GL¡ORJR
TXHWHQGU­DVFRQ©OFRPRWXߡ<RߢDGXOWR4X©WHJXVWDU­DGHFLUOHDWXSDGUH
PDGUHSURWHFWRUGHODLQIDQFLD"
3DUD FRPSOHWDU HVWH HMHUFLFLR DKRUD GHFLGH TX© KDFHU FRQ FDGD XQD GH ODV
FDUWDVTXHKD\DVHOHJLGR3RUHMHPSORSXHGHVSRQHUODFDUWDTXHUHSUHVHQWDD
WX SDGUH FU­WLFR HQ XQD FDMD \ OXHJR HVFRQGHUOR 2 WH SRGU­DV FRQVWUXLU XQ
VDQWXDULRHQWXKDELWDFL³QHQHOTXHHVW©SUHVHQWHODFDUWDTXHUHSUHVHQWDDWX
SDGUH SURWHFWRU 2 WDO YH] SRGU­DV PDQWHQHU HVD FDUWD SRVLWLYD GH DOJXQD
PDQHUDFRORF¡QGRODHQDOJºQOXJDUYLVLEOHFRPRHQWXFRFKHRXWLOL]¡QGROD
FRPRXQPDUFDGRUGHOLEURV
/R LPSRUWDQWH HV UHFRUGDU TXH OD LQWHUQDOL]DFL³Q GH OD GHVDSUREDFL³Q GH ORV
SDGUHV \D QR VLUYH D WXV LQWHUHVHV PLHQWUDV TXH OD PHPRULD GH VX DPRU HV
GLJQDGHWXDWHQFL³Q

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
(OFU­WLFRLQWHULRUHVODYR]GHVWUXFWLYDHQWXFDEH]DTXHHPLWHFRPHQWDULRV 3RQWHDHOORFXDQGRWHHQFXHQWUHVWUDQTXLOR\VHUHQR$FRQWLQXDFL³QFLHUUD
\ MXLFLRV FU­WLFRV /D FU­WLFD LQWHUQD FUHD PDORV VHQWLPLHQWRV R VHQVDFL³Q GH ORVRMRV\SLHQVDHQUHJUHVDUDXQPRPHQWRHQTXHWXFU­WLFRLQWHULRUHVWDED
WULVWH]D\GHVFRQVXHORVREUHXQRPLVPRRVREUHXQDVLWXDFL³Q DFRV¡QGRWH/XHJRUHVSRQGHDODVVLJXLHQWHVSUHJXQWDV
3HURGHG³QGH YLHQHHVDYR]FU­WLFDLQWHUQD" 'HVSX©V GHWRGR bQRQDFLVWH &³PRHVWXFU­WLFRLQWHULRU"(VXQDSHUVRQDPRQVWUXRDQLPDORFRVD"
FRQHVDYR]QHJDWLYDHQWXFDEH]D$PHQXGRWXFU­WLFRLQWHULRUHVODYR]GH &³PRVHYLVWH"4X©FRORUHVHVW¡QDVRFLDGRVD©O"
DOJXLHQ FHUFDQR D WL TXH WH GLMR FRVDV QHJDWLYDV R TXH WH KL]R FU­WLFDV
GHVWUXFWLYDV FXDQGR HUDV XQ QL±R 3RGU­D VHU HO PHQVDMH FRQVWDQWH TXH &³PRHVVXWDPD±R"7HSDUHFHJUDQGH"
UHFLELVWH GH WX SDGUHGLFL©QGRWHTXH ߡQXQFDORJUDU­DVQDGDߢ2ODGHFHSFL³Q 4X©KDFHFXDQGRWHFULWLFD"3HUPDQHFHVREUHWL"6HVLHQWDDWXODGR"6H
TXHVHQW­DVSRUSDUWHGHWXPDGUHSRUTXHߡQRHUDVSHUIHFWR7DOYH]IXHXQ LQFOLQDVREUHWXKRPEUR"
PDHVWURTXHVHEXUO³GHWLSRUTXHQRHUDVLQWHOLJHQWHߢ2XQVDFHUGRWHRFXUD
4X©WLSRGHYR]WLHQH"5XLGRVR"8QVXVXUUR"0RUGD]"
HQFX\RVVHUPRQHVVREUHHOLQILHUQRSDUHF­DTXHVHGLULJ­DHVSHFLDOPHQWHD
WL $KRUDREVHUYDWXEDUDMD\HOLJHODFDUWDTXHVLHQWDVTXHP¡VVHDSUR[LPDD
&XDQGRVRPRVQL±RVDEVRUEHPRVU¡SLGD\SURIXQGDPHQWHHVWRVPHQVDMHV\ HVWHVHUTXHWHGLFHFRVDVTXHWHKDFHQVHQWLUPDOFRQWLJRPLVPR&RORFDOD
FRQ HO SDVR GHO WLHPSR HPSH]DPRV D FUHHU HQ HOORV /DV YRFHV TXH R­PRV FDUWD D XQ ODGR 6DFD WX GLDULR $KRUD LQLFLDU¡V XQ GL¡ORJR FRQ OD FDUWD HV
FUHFHQ\VHFRQYLHUWHQHQSDUWHGHQXHVWUDSVLTXH GHFLU FRQ WX FU­WLFR LQWHULRU +D]OH ODV VLJXLHQWHV SUHJXQWDV \ HVFULEH ODV
UHVSXHVWDVHQWXGLDULRFRQWXPDQRQRGRPLQDQWH
'HELGRDTXHORVPHQVDMHVGHWXFU­WLFRLQWHULRUWHKDFHQVHQWLUPDOHLPSRQHQ
 'HG³QGHYLHQHV"
OLPLWDFLRQHVHQWXYLGDHVLPSRUWDQWHYHUDWXFU­WLFRLQWHULRUSRUORTXHHVQR
 4X©TXLHUHVGHP­"
XQHPLVRUGHODYHUGDGFRQSRGHUHVLOLPLWDGRVSDUDTXHWHVLHQWDVPDOSRUWL
 $TX©PHPDQWLHQHVDSHJDGR"
PLVPRVLQRP¡VELHQXQDILFFL³QGHWXLPDJLQDFL³QTXHHQUHDOLGDGSXHGHV
 &³PRSXHGHVD\XGDUPH"
FRQWURODU
 4X©PHSXHGHVHQVH±DU"
+D OOHJDGR HO PRPHQWR GH FRQRFHU D WX FU­WLFR LQWHULRU SDUD TXH SXHGDV  'HTX©HVW¡VDVXVWDGR"
GHFLGLUTX©KDFHUDOUHVSHFWR  &³PRSRGHPRVFRPSURPHWHUQRV"
 (V QHFHVDULR GHMDUWH LU WRWDOPHQWH R HV PHMRU TXH WRGDY­D WHQJDV XQ
OXJDUHQPLSVLTXH"
8QD YH] TXH KD\DV WHUPLQDGR GH HVFULELU W³PDWH XQ GHVFDQVR $
FRQWLQXDFL³Q FXDQGR HVW©V OLVWR UHYLVD RWUD YH] ORV FRPHQWDULRV TXH
HVFULELVWH$KRUDWLHQHVXQDJUDQFDQWLGDGGHLQIRUPDFL³QDFHUFDGHWXFU­WLFR
LQWHULRU8WLO­]DODSDUDGHFLGLUTX©KDFHUSDUDHQFRQWUDUODSD]
7ºSRGU­DV
&UHDUXQIXQHUDOLPDJLQDULRRXQGLYRUFLR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 (QWHUUDURTXHPDUDOJRTXHUHSUHVHQWHDWXFU­WLFRLQWHULRU
8WLOL]DUODLPDJLQDFL³QSDUDFRQRFHUDWXFU­WLFRLQWHULRU\SHGLUOHTXH /DFDUWDGHWXDOPD
VHKDJDDXQODGR
&UHDUXQOXJDUIXHUDGHWXFDPLQRSDUDTXH©OYLYD 2EMHWLYR
6L WRGDY­D HQFXHQWUDV D WX FU­WLFR LQWHULRU DFWXDQGR SXHGHV RSRQHUWH (QHVWHDSDUWDGRYDPRVDHQFRQWUDUODFDUWDTXHUHSUHVHQWDTXL©QHUHVHQWX
YHUEDOPHQWH 3RU HMHPSOR SXHGHV VRVWHQHU OD FDUWD TXH OR UHSUHVHQWD HQ WX QLYHOP¡VSURIXQGR
PDQR\DFRQWLQXDFL³QH[SOLFDUOHGLUHFWDPHQWHODVUD]RQHVSRUODVTXHQRHVW¡
ELHQ TXH WH WUDWH GH HVD PDQHUD 5HFXHUGD TXH HUHV JUDQGH \ ©O HV
SHTXH±R (VW¡V DO PDQGR \ QR PHUHFHV VHU WUDWDGR SRU WX FU­WLFR LQWHULRU GH
XQD PDQHUD WDQ QHJDWLYD 3XHGHV UD]RQDU FRQ FDOPD R VLPSOHPHQWH GHFLUOH
TXHVHFDOOH$KRUDbWºWLHQHVHOSRGHUGHGHFLVL³Q

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
4X© SDVDU­D VL IXHUDV FDSD] GH GHVFXEULU XQD UHSUHVHQWDFL³Q SLFW³ULFD GH WL 3RFRDSRFRREVHUYDWXEDUDMDGHO7DURW0LHQWUDVORKDFHVSUHJºQWDWH
PLVPR GH F³PR HUHV HQ UHDOLGDG" 6HU­D FXUDWLYR SDUD FRQHFWDU FRQ OD
4X©FDUWDVUHSUHVHQWDQORTXHUHDOPHQWHVR\"6LPLDOPDWLHQHXQDIRUPD
HVHQFLDGHWXVHU"4XLHUHVYHUWXDOPDHQXQDFDUWD\OXHJRVRVWHQHUODHQOD F³PRDSDUHFHU­D"
PDQRSDUDTXHVHDP¡VI¡FLOSUHVWDUOHDWHQFL³Q"3DUDFXLGDUGHHOOD"
+D]XQSHTXH±RPRQW³QFRQHVDVFDUWDVTXHFRQHFWDQFRQWLJR&XDQGRKD\DV
$ YHFHV HV GLI­FLO GHILQLU WX HVHQFLD b'HVSX©V GH WRGR ODV SDODEUDV SXHGHQ WHUPLQDGRGLULJHWXDWHQFL³QDHVDVFDUWDV\PLUDDWUDY©VGHHOODV%XVFDOD
VHUWDQOLPLWDQWHV3RUVXHUWHWLHQHVFDUWDVSDUDGDUWHDOJXQDVSLVWDV FDUWDFRQODFXDOVLHQWDVTXHWXDOPDHVW¡UHSUHVHQWDGD
8QD YH] TXH OD KD\DV HQFRQWUDGR HVWDV VRQ ODV SUHJXQWDV TXH OH YDV D
IRUPXODUDWXDOPD HVFULEHODVUHVSXHVWDVHQWXGLDULRSHUVRQDOFRQODPDQR
QRGRPLQDQWH 
 4X©FRQRFLPLHQWRVPHWUDHV"
 4X©UHJDORPHWUDHV"
 4X©QHFHVLGDGHVWLHQHV"
 'HTX©HVW¡VDVXVWDGR"
 &³PRSXHGRD\XGDUWHPHMRU"
$KRUDPHJXVWDU­DTXHYXHOYDVDWXEDUDMD(VWDYH]EXVFDXQDFDUWDTXHVHU¡
ODHQFDUJDGDGHFXLGDUDWXDOPD4X©FDUWDWHSDUHFHTXHWLHQHODFDSDFLGDG
GHSURWHJHUHVWHDVSHFWRWDQLPSRUWDQWHGHWLPLVPR"
&XDQGRKD\DVHQFRQWUDGRHVWDFDUWDYXHOYHXQDYH]P¡VDWXGLDULR&RQHVWD
FDUWDIUHQWHDWLSRUIDYRUUHVSRQGHDHVWDVSUHJXQWDV GHQXHYRFRQODPDQR
QRGRPLQDQWH 
&X¡OHVVRQWXVQHFHVLGDGHV"
&³PRSXHGRDSR\DUWHD\XGDUWH\PDQWHQHUWHIXHUWH"
 

/R TXH DKRUD KDJDV FRQ WXV GRV FDUWDV GHSHQGH GH WL 3XHGHV FRQVWUXLU XQ
VDQWXDULR R DOWDU SDUD HOODV 2 OOHYDUODV FRQWLJR HQ WX EROVLOOR R EROVR 2 WDO
YH] LQFRUSRUDUODV HQ XQD REUD GH DUWH /R LPSRUWDQWH HV TXH HVWRV GRV
DVSHFWRV GH WL PLVPR DKRUD HVW¡Q P¡V SUHVHQWHV \ VH KDQ UHDILUPDGR HQ WX
FRQRFLPLHQWRFRQVFLHQWHGRQGHPHUHFHQHVWDU

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 7UDXPDWUDQVLWRULR
2EMHWLYR
(O REMHWLYR GH HVWH DSDUWDGR HV WRPDU HO FRQWURO VREUH XQ HYHQWR WUDXP¡WLFR
GHOSDVDGR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
$YHFHVHVGLI­FLOHOLPLQDUGHQXHVWUDPHQWHODVLP¡JHQHVGHXQDH[SHULHQFLD 2EVHUYD WX EDUDMD GHO 7DURW \ VHOHFFLRQD XQD R P¡V FDUWDV SDUD UHSUHVHQWDU
DQJXVWLDQWH R WUDXP¡WLFD 6H DJLWDQ FDXVDQGR DQVLHGDG \ GRORU 3HUR HV XQDH[SHULHQFLDGRORURVDTXHKD\DVWHQLGRHQHOSDVDGR\TXHDG­DGHKR\WH
SRVLEOHH[WHULRUL]DUHVRVUHFXHUGRVWUDXP¡WLFRV"4X©SDVDVLORVUHSUHVHQWDV VLJXH FDXVDQGR GRORU 8QD YH] TXH ODV KD\DV HOHJLGR WRPDWH DOJºQ WLHPSR
PHGLDQWH ODV FDUWDV GHO 7DURW \ OH GDV XQD SHUVSHFWLYD GLIHUHQWH DO SDUDVHQWDUWHFRQODFDUWD V \HVFXFKDUFRQDWHQFL³QDWXLQWXLFL³Q
WUDXPD" 4X© SDVD VL WHQLHQGR ODV FDUWDV HQ OD PDQR HPSLH]DV D VHQWLU TXH $TX­WHSURSRQJRDOJXQDVSUHJXQWDVSDUDUHIOH[LRQDUHQWXGLDULRSHUVRQDO
WLHQHVXQPD\RUFRQWUROVREUHORTXHYLYLVWH"
4X©WHJXVWDU­DKDFHUFRQODFDUWD V "4X©QHFHVLWDVKDFHU"
4X©KD\HQODQDWXUDOH]DI­VLFDGHODVFDUWDVGHO7DURW VXWH[WXUDODIRUPD
HQTXHODVVLHQWHVF³PRODVVRVWLHQHVHQWXPDQRVXSHVRߨ TXHFDPELDWX
SXQWRGHYLVWDDFHUFDGHORVXFHGLGRHQHOSDVDGR"
4X©KD\HQODLPDJHQGHFDGDFDUWDTXHWHKDFHYHUORTXHVXFHGL³FRQXQD
QXHYDOX]"
4X©WLSRGHULWXDOVHSXHGHSUDFWLFDUFRQODFDUWD V TXHSXHGHGDUWHSRGHU\
IRUWDOHFHUWH"
6LHQWHV OD QHFHVLGDG GH KDFHU DOJR I­VLFDPHQWH FRQ OD FDUWD" 3RU HMHPSOR
TXHPDUOD"URPSHUOD"HQWHUUDUOD"
4X©SDVDU­DVLGHFLGHVOOHYDUWXFDUWD V FRQWLJRFDGDG­D"<OXHJRFRORFDUOD
HQXQOXJDUHVSHFLDO FRPRXQDFDMD FDGDQRFKH"&³PRSXHGHVFDPELDUWX
UHODFL³QFRQODH[SHULHQFLDWUDXP¡WLFD"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(QFXHQWUDDWXGHIHQVRU 7UDVIRQGR
7X ߡGHIHQVRUߢ HV OD SDUWH GH WX SVLTXH FX\R WUDEDMR HV SURWHJHUWH GH OD
2EMHWLYR QHJDWLYLGDG7DPEL©QSXHGHKDFHUTXHWHVLHQWDVP¡VFRQIRUWDEOH\DOPLVPR
(O REMHWLYR GH HVWH DSDUWDGR HV LGHQWLILFDU DOJR R DOJXLHQ TXH WH GDU¡ XQ WLHPSRVHUXQDIXHQWHGHLQVSLUDFL³Q/RVLQWHUHVHVGHWXGHIHQVRUYLHQHQGH
VHQWLGRGHSRGHU\SURWHFFL³Q VXFRUD]³Q\©OVLHPSUHHVW¡GHWXODGR6DEHTXHHVW¡VKDFLHQGRORPHMRUTXH
SXHGHVGHVSX©VGHWRGRQDGLHHVSHUIHFWR\WLHQHFRPRREMHWLYRDSR\DUWH
FXDQGRWHVLHQWHVDWDFDGRLQMXVWDPHQWHVREUHWRGRSRUWXFU­WLFRLQWHULRU
7XGHIHQVRUSXHGHDGTXLULUFXDOTXLHUIRUPD\DVHDXQDSHUVRQDXQDQLPDO
XQVXSHUK©URHXQHOHPHQWRGHODQDWXUDOH]DKDVWDWºPLVPR/RLPSRUWDQWH
HV TXH VHDV FDSD] GH FRQHFWDU FRQ WX HQHUJ­D SRVLWLYD VLHPSUH TXH OD
QHFHVLWHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR )RUWDOH]D'HELOLGDG
2EVHUYDWXEDUDMDGHO7DURW\UHSLWHHQYR]DOWDODVVLJXLHQWHVSDODEUDV
(VWR\HQEXVFDGHPLGHIHQVRU%XVFRDPLSURWHFWRU%XVFRDOJRRDOJXLHQ
2EMHWLYR
TXHPHDSR\D\VHSUHRFXSDSRUP­LQFRQGLFLRQDOPHQWH /DPHWDGHHVWHFDS­WXORHVHQWHQGHUTXHWXPD\RUIRUWDOH]DWDPEL©QWHSXHGH
(QWRQFHVWHGDU¡VFXHQWDGHFX¡OGHODVFDUWDVFRQHFWDP¡VFRQWLJR&UHDXQ FDXVDUPDOHVWDUVLQRWLHQHVFXLGDGR
SHTXH±RPRQW³QFRQODVFDUWDVTXHHOHJLVWH$KRUDMXJXHWHDFRQHVDVFDUWDV\
VHOHFFLRQDVHJºQVLHQWDVLQWXLWLYDPHQWHODTXHYDDVHUWXGHIHQVRU
(VWH HV XQ HMHUFLFLR GH JUDQ LPSRUWDQFLD SRUTXH DKRUD WLHQHV XQD
UHSUHVHQWDFL³Q GH WX GHIHQVRU 'HELGR D TXH VH PDWHULDOL]D HQ XQD FDUWD
OO©YDOD FRQWLJR GXUDQWH HO G­D SDUD TXH SXHGDV WHQHUOD D PDQR \ REWHQHU
LQVSLUDFL³Q\IXHU]DGHHOODHQFDVRGHTXHVHDQHFHVDULR
7DPEL©QSXHGHVLQFRUSRUDUODDWXVDQWXDULRSHUVRQDOVL\DWLHQHVXQR2WDO
YH]HVWDLPSRUWDQWHFDUWDSRGU­DLQVSLUDUWHDFUHDUXQR
(Q WX GLDULR SHUVRQDO KD] D WX GHIHQVRU D ODV VLJXLHQWHV SUHJXQWDV
UHVSRQGLHQGRFRQWXPDQRQRGRPLQDQWH
 7LHQHVQRPEUH"
 &X¡OHVWXPHQVDMHSDUDP­"
 &³PRSXHGRD\XGDUWH"
6HUFDSD]GHFRQHFWDUWHGHIRUPDLQPHGLDWDFRQWXGHIHQVRUHVHVSHFLDOPHQWH
ºWLOFXDQGRWXFU­WLFRLQWHULRUKDFHDFWRGHSUHVHQFLD&XDQGRWHGDVFXHQWDGH
TXH HVW¡V VLHQGR JROSHDGR SRU VX FU­WLFD DFFHGH D OD HQHUJ­D GH WX
GHIHQVRU(VWHWLSRGHSURWHFFL³QYHUGDGHUDPHQWHSXHGHFDPELDUODVLWXDFL³Q

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
3LHQVD HQ OD FXDOLGDG R FDUDFWHU­VWLFD SHUVRQDO GH OD TXH HVW¡V P¡V 2EVHUYD WX EDUDMD GHO 7DURW \ EXVFD XQD FDUWD TXH UHSUHVHQWH WX PD\RU
RUJXOORVR2ODTXHODJHQWHFRQVWDQWHPHQWHWHFRPHQWDRUHVDOWDGHWL4X© IRUWDOH]D&RQHVDFDUWDFRPRIXHQWHGHLQVSLUDFL³QSRUIDYRUUHVSRQGHODV
KD\HQWLTXHUHDOPHQWHWHKDFHºQLFRRWHKDD\XGDGRHQODYLGD" VLJXLHQWHVSUHJXQWDVHQWXGLDULR
3RGU­DVHUTXHHUHVXQDSHUVRQDHQODTXHVHSXHGHFRQILDU" &X¡OHVWXPD\RUIRUWDOH]D"&³PRORVDEHV"
2TXHHUHVXQJUDQR\HQWH" &³PRKDLPSDFWDGRWXPD\RUIRUWDOH]DSRVLWLYDPHQWHHQWXYLGD"
,QFUH­EOHPHQWHFUHDWLYR"3URIXQGDPHQWHFRPSDVLYR" +D\DOJºQDVSHFWRGHWXPD\RUIRUWDOH]DTXHSRGU­DVHUSHUMXGLFLDOSDUDWX
3HURVLHPSUHKD\XQODGRRVFXURHQODIRUWDOH]DGHXQDSHUVRQD3RUHMHPSOR ELHQHVWDU" ([SOLFD F³PR WH KD DIHFWDGR QHJDWLYDPHQWH \ DOJºQ HMHPSOR GH
XQD SHUVRQD FUHDWLYD D OD TXH OH UHVXOWD P¡V I¡FLO FHQWUDUVH HQ VX DUWH \ QR VLWXDFL³QHQTXHORKD\DVYLYLGR
WLHQHQLQJºQLQWHU©VHQODSDUWHDGPLQLVWUDWLYDRFRPHUFLDOGHVXQHJRFLR2 4X© SRGU­DV KDFHU GH IRUPD SURDFWLYD SDUD DVHJXUDUWH GH TXH WX PD\RU
XQD SHUVRQD FRPSDVLYD D OD TXH OH UHVXOWH GLI­FLO FRUWDU XQD DPLVWDG IRUWDOH]DQRVHFRQYLHUWDHQWXJUDQGHELOLGDG"
GLVIXQFLRQDO 2 DOJXLHQ TXH DPD D\XGDU D ORV GHP¡V \ TXH SRGU­D LQYHUWLU
WRGDVXHQHUJ­DHQORVGHP¡VHLJQRUDUVXVSURSLDVQHFHVLGDGHV
(OUHWRHVGREOH(QSULPHUOXJDUDVHJXUDUWHGHTXHUHFRQRFHV\KRQUDVDWX
PD\RUIRUWDOH]D<HQVHJXQGROXJDUUHFRQRFHUTXHVLQRWLHQHVFXLGDGRWX
IRUWDOH]D SRGU­D VHU GHVWUXFWLYD (V GHFLU OR TXH WH KDFH HVSHFLDO WDPEL©Q
FRQWLHQHODVVHPLOODVGHWXGHVWUXFFL³Q

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
$EUD]DUODVRPEUD 2EMHWLYR
(O REMHWLYR GH HVWH FDS­WXOR HV UHFRQRFHU \ DFHSWDU HVDV SDUWHV GH WL PLVPR
3UHILHURVHUXQKRPEUHFRPSOHWRDXQKRPEUHEXHQR
TXHSUHILHUHVQHJDUXRFXOWDUFRPRVLQRH[LVWLHUDQSHURTXHHVW¡QDK­
&DUO-XQJ

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 QRVRWURVPLVPRVTXHSRGU­DQVHUXQDDPHQD]DSDUDHOORV
7UDVIRQGR
4X© SDVD VL QRV DGHQWUDPRV HQ HO PXQGR FRPR VHUHV KXPDQRV ºQLFRV \ GH
XQDVRODSLH]D\HQWRQFHVGHELGRDQXHVWURHQWRUQRVRFLDOQXHVWURVSDGUHV
QXHVWURVPDHVWURVORVPHGLRVGHFRPXQLFDFL³QODUHOLJL³QORVFRPSD±HURVߙ
GHVFXEULPRV TXH FRQ HO ILQ GH VHU DFHSWDGR  GH VHU TXHULGR SDUD HVWDU
VHJXUR VHU EXHQR  WHQHPRV TXH UHSXGLDU FLHUWDV SDUWHV GH OR TXH VRPRV
&³PRVHHQWLHQGHHVWR"
$O FUHFHU VDEHPRV TXH FLHUWDV FRVDV VRQ HTXLYRFDGDV ߡLQFRUUHFWDVߢ R
PDODV \ DV­ FRPHQ]DPRV D QHJDU R UHSULPLU HVDV SDUWHV GH QRVRWURV
PLVPRV (VFRQGHPRV HVRV DVSHFWRV GH QRVRWURV PLVPRV DO UHVWR GHO PXQGR
\ D QRVRWURV PLVPRV  1XHVWUD WRWDOLGDG RULJLQDO VH KDFH D±LFRV <D QR
VRPRVGHXQDSLH]D
(O SVLF³ORJR &DUO -XQJ GHILQL³ QXHVWUD VRPEUD FRPR OD SHUVRQD TXH QR
TXHUHPRV VHU 3HUR OD VRPEUD WDPEL©Q UHSUHVHQWD ODV FRVDV TXH QHJDPRV
UHFRQRFHUHQQRVRWURVPLVPRV\TXHVLJXHQHVWDQGRDK­
7RGR HO PXQGR FDUJD FRQ XQD VRPEUD \ FXDQWR PHQRV VH PDQLILHVWD HQ OD
YLGDFRQVFLHQWHGHOLQGLYLGXRP¡VQHJUD\P¡VGHQVDVHKDFHHVWDVRPEUD
&DUO-XQJ
'HVDIRUWXQDGDPHQWHHOFRVWHSHUVRQDOGHXQߡ\RIUDJPHQWDGRߢHVPX\DOWR
1RUPDOPHQWHSUR\HFWDPRVQXHVWURVDVSHFWRVGHODVRPEUDDRWUDVSHUVRQDV\
QRVSRQHPRVQHUYLRVRVRQRVGLVJXVWDPRVSRUORVUDVJRVGHODSHUVRQDOLGDG
GHORVGHP¡VTXHHQUHDOLGDGSHUWHQHFHQDQRVRWURVPLVPRVWDPEL©Q
<D VHDQ QHJDGDV R UHSULPLGDV HVDV SDUWHV GH QRVRWURV PLVPRV TXH
LJQRUDPRV ILQDOPHQWH YLHQHQ D OODPDU D OD SXHUWD GH XQD PDQHUD X RWUD $
YHFHVHVDWUDY©VGHODGHSUHVL³QRODHQIHUPHGDGI­VLFD$YHFHVHVV³OROD
VHQVDFL³QH[WUD±DGHTXHDOJRQRHVW¡ELHQFRQQXHVWUDVYLGDV
1XHVWUR UHWR HV VHU FDSD] GH UHFRQRFHU \ KRQUDU D FDGD SDUWH GH QRVRWURV
PLVPRV 3HUR HV GLI­FLO VHU KRQHVWRV FRQ QRVRWURV PLVPRV (V GLI­FLO
FDPELDU(VGLI­FLOPRVWUDUDORVGHP¡VQXHYRVDVSHFWRVGHQRVRWURVPLVPRV
'HVSX©V GH WRGR TXHUHPRV TXH ODV SHUVRQDV TXH QRV URGHDQ VH VLHQWDQ D
JXVWR \ QRV DFHSWHQ SRU OR TXH WHUPLQDPRV SRU UHSULPLU R QHJDU SDUWHV GH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR /LEHUDFL³Q
(QHVWHHMHUFLFLRYDPRVDXWLOL]DUODVFDUWDVSDUDUHFRQRFHU\SRVWHULRUPHQWH
VDOLU GH WXV YLHMRV SDWURQHV /DV FDUWDV WH SHUPLWLU¡Q FRQHFWDU FRQ  \ KDFHU 2EMHWLYR
SDUWH GH WX YLGD  OR TXH DQWHULRUPHQWH V³OR DVRFLDEDV FRQ OD YHUJ¼HQ]D R (OREMHWLYRGHHVWHDSDUWDGRHVDOLJHUDUWXFDUJDPHGLDQWHODOLEHUDFL³QGHXQ
GLUHFWDPHQWHKDE­DVLGRLJQRUDGR SUREOHPDHPRFLRQDOTXHKDVHVWDGROOHYDQGRGXUDQWHWLHPSR
+D] XQD OLVWD GH ODV SDUWHV GH WL PLVPR TXH QR WH JXVWDQ SRU HMHPSOR WH
HQIDGDV I¡FLOPHQWH HUHV GHPDVLDGR FRPSODFLHQWH W­PLGR SHUH]RVRߨ  R
DTXHOODVSDUWHVGHWLPLVPRTXHVLHQWHVTXHQROHVKDVSUHVWDGRODVXILFLHQWH
DWHQFL³QSRUTXHQRODVKDVFRQVLGHUDGRLPSRUWDQWHV VR±DGRUDUWLVWDPºVLFR
DPDQWHGHOULHVJRߨ 
$KRUD REVHUYD WX EDMDUD GHO 7DURW \ HVFRJH ODV FDUWDV TXH PHMRU VH
FRUUHVSRQGHQ FRQ HVDV FDUDFWHU­VWLFDV GH WX OLVWD 8QD YH] TXH KD\DV
WHUPLQDGR SRQ HVWDV FDUWDV D XQ ODGR &RPHQ]DQGR XQD D XQD HVFULEH XQD
GHVFULSFL³Q HQ WX GLDULR GH OR TXH UHSUHVHQWD FDGD FDUWD \ SRU TX© $
FRQWLQXDFL³Q GHVGH OD SHUVSHFWLYD GH FDGD FDUWD WHUPLQD GH FRPSOHWDU HO
VLJXLHQWHWH[WR
7HQJRXQPHQVDMHSDUDWL(V
<RWHQJRXQUHJDORSDUDWL(V
(VLPSRUWDQWHTXHPHSUHVWHVDWHQFL³QSRUTXH
/DPHMRUPDQHUDGHKRQUDUPHHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR
3RUIDYRUOHHODVLJXLHQWHKLVWRULDGHODWUDGLFL³Q=HQ
8Q PRQMH PD\RU \ XQ MRYHQ PRQMH YLDMDEDQ MXQWRV (Q XQ PRPHQWR GDGR
OOHJDURQ D XQ U­R FRQ XQD IXHUWH FRUULHQWH &XDQGR ORV PRQMHV VH HVWDEDQ
SUHSDUDQGR SDUD FUX]DU HO U­R YLHURQ D XQD PXMHU MRYHQ \ KHUPRVD
LQWHQWDQGRWDPEL©QFUX]DU/DMRYHQOHVSUHJXQW³VLSRG­DQD\XGDUOD
(OPRQMHPD\RUOOHY³DHVWDPXMHUHQVXVKRPEURVYDGH³HOU­R\ODGHM³HQ
ODRWUDRULOOD(OMRYHQPRQMHHVWDEDPX\PROHVWRSHURQRGLMRQDGD
$PERVFDPLQDEDQ\HOPRQMHPD\RUVHGLRFXHQWDGHTXHVXDSUHQGL]HVWDED
HQVLOHQFLR\OHSUHJXQW³TX©WHSDVD"3DUHFHVPX\PROHVWR
(O MRYHQ PRQMH UHVSRQGL³ FRPR PRQMHV QR VH QRV SHUPLWH WRFDU D XQD
PXMHUF³PRKDSRGLGROOHYDUDHVDPXMHUHQVXVKRPEURV"
(O PRQMH PD\RU UHVSRQGL³ GHM© D OD PXMHU KDFH PXFKR WLHPSR HQ OD RWUD
RULOODGHOU­R6LQHPEDUJRSDUHFHTXHWºWRGDY­DODHVW¡VOOHYDQGRVREUHWXV
KRPEURVߢ
$ YHFHV OOHYDPRV FRQ QRVRWURV DOJR TXH UHDOPHQWH WLHQH TXH LUVH \ VDOLU GH
QXHVWUDV YLGDV 3RGU­D VHU OD LUD OD WULVWH]D HO GRORU HO SHVDU R HO
UHVHQWLPLHQWR 3UREOHPDV HPRFLRQDOHV QR UHVXHOWRV D PHQXGR FRPLHQ]DQ D
SXGULUVHGHQWURGHQRVRWURV&RPRUHVXOWDGRVHPDQLILHVWDQFRPRGHSUHVL³Q
DQVLHGDGWULVWH]DLUDRGRORUI­VLFR
/DVHPRFLRQHVHVW¡QGHVWLQDGDVDVHUJHVWLRQDGDVFRPRDSDUHFHQGHPDQHUD
TXHVXHQHUJ­DSXHGHSDVDUDWUDY©VGHQRVRWURVSRUFRPSOHWR(VGHFLUDOGDU
SOHQDH[SUHVL³QGHXQDHPRFL³Q©VWDFRPSOHWDVXRODHQHUJ©WLFD\VHGLVLSD
GH IRUPD QDWXUDO SRU V­ VROD (V SRU HVWR SRU OR TXH OD HQHUJ­D HPRFLRQDO
DWDVFDGDSXHGHVHUWDQGHVWUXFWLYD
(VWD HQHUJ­D QXQFD WXYR OD RSRUWXQLGDG GH UHVROYHU GH IRUPD QDWXUDO VX
SURFHVR\SRUHVRFRQWLQºDHQYLDQGRPHQVDMHVGHPDQHUDSHUPDQHQWHGHVGH
DOJºQQLYHOHQHOTXHVHHQFXHQWUDDWUDY©VGHQXHVWURFXHUSRSRUTXHQHFHVLWD
WHUPLQDUORTXHHPSH]³5HVROYHUXQSUREOHPDHPRFLRQDOSRUODOLEHUDFL³QGH
VX HQHUJ­D YD D KDFHU TXH WH VLHQWDV ELHQ \D TXH VH YD D OLEHUDU HQHUJ­D
DWDVFDGDTXHDVXYH]WHSHUPLWLU¡VHJXLUDGHODQWHFRQWXYLGD
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR
7³PDWHXQPRPHQWRHVFULEHHQWXGLDULRSHUVRQDOVREUHDOJRTXHVXFHGL³HQ
HO SDVDGR \ TXH VLJXH WHQLHQGR XQD FDUJD HPRFLRQDO SDUD WL &XDQGR KD\DV
WHUPLQDGR GH HVFULELU REVHUYD WX EDUDMD GHO 7DURW \ HOLJH XQD FDUWD TXH
UHSUHVHQWH OD VLWXDFL³Q 9XHOYH D WX GLDULR \ FRQ OD FDUWD GHODQWH GH WL
FRPSOHWDODVVLJXLHQWHVIUDVHV
 /RTXHPHHVW¡LPSLGLHQGRGHMDUWHLUHV
 &XDQGRWHOLEHUHPHYR\DVHQWLU
 /DPHMRUPDQHUDSDUDGHMDUWHHQOLEHUWDGHVPHGLDQWH
&XDQGR KD\DV WHUPLQDGR GH HVFULELU SODQLILFD WX ULWXDO GH OLEHUDFL³Q 1R
LPSRUWDORTXHKDJDVVLHPSUH\FXDQGRVHWUDWHGHODFDUWDTXHHOHJLVWH6X
SURS³VLWR HV TXH VHDV FDSD] GH GDUOH XQ VHQWLGR GH OLEHUDFL³Q D OD FXHVWL³Q
HPRFLRQDO FRQ OD TXH FDUJDV &XDQGR HVW©V GHVDUUROODQGR WX ULWXDO WHQ HQ
PHQWHODVVLJXLHQWHVVXJHUHQFLDV TXHSXHGHQVHUºWLOHVSDUDTXHHOULWXDOVHD
P¡VHILFD] 
$QWHV GH HPSH]DU UHFRQRFH TXH WX REMHWLYR HV GDU D FRQRFHU XQ
SUREOHPDHPRFLRQDO
'DWHSHUPLVRSDUDOLEHUDUHVWHSUREOHPD
&RQF©QWUDWHHQORTXHHVW¡VKDFLHQGR
9HGHVSDFLR\GHOLEHUDGDPHQWH
6©FRQVFLHQWHGHORTXHHVW¡VKDFLHQGR
'LYLGHHOULWXDOHQWDQWRVSHTXH±RVDFWRVFRPRVHDSRVLEOH
3UHVWDDWHQFL³QDFDGDSDVRGHWXULWXDO
(PSOHD HO WLHPSR TXH VHD QHFHVDULR QR WH SRQJDV QHUYLRVR QL VLHQWDV
SULVD
6LJXH WX LQWXLFL³Q &RQHFWD FRQ XQ QLYHO SURIXQGR HQ HO TXH VDEHV
H[DFWDPHQWHORTXHWLHQHVTXHKDFHUSDUDOLEHUDUWXVHPRFLRQHV$V­TXH
SUHVWDDWHQFL³QDORTXHWXLQWXLFL³QWHHVW¡GLFLHQGR
3HUFLEHF³PRHOULWXDOWHDIHFWDWDQWRI­VLFDFRPRHPRFLRQDOPHQWH
&XDQGR KD\DV WHUPLQDGR HO ULWXDO GHVFULEH WX H[SHULHQFLD HQ WX GLDULR
SHUVRQDO \DVHDHQHVHPLVPRPRPHQWRRGHVSX©VGHDOJXQRVPLQXWRVRDO
FDERGHDOJXQRVG­DV 

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(QFRQWUDUFRPSDVL³Q 7UDVIRQGR
4X©HVODDXWRFRPSDVL³Q"(QPLRSLQL³QHVODFDSDFLGDGGHPRVWUDUERQGDG
2EMHWLYR \FDUL±RFRQWLJRPLVPR7DPEL©QSXHGHVLJQLILFDUTXHHUHVFDSD]GHDPDUWH
(OREMHWLYRGHHVWHDSDUWDGRHVDSUHQGHUDVHUDPDEOHFRQWLJRPLVPR LQFRQGLFLRQDOPHQWHPHGLDQWHODDFHSWDFL³QGHWLPLVPR\VLQHPLWLUMXLFLRV
&RQVLGHUDODVLJXLHQWHFLWD

3XHGHVEXVFDUDWUDY©VGHWRGRHOXQLYHUVRDOJXLHQTXHVHDP¡VGLJQRGHWX
DPRU \ DIHFWR TXH Wº PLVPR \ HVD SHUVRQD QR VH HQFXHQWUD HQ QLQJºQ
OXJDU7ºPLVPRWDQWRFRPRFXDOTXLHURWURHQHOXQLYHUVRHQWHURPHUHFHVWX
DPRU\WXDIHFWR
(O%XGD

'HVDIRUWXQDGDPHQWH ODV SHUVRQDV WHQGHPRV D PRVWUDU P¡V I¡FLOPHQWH
FRPSDVL³QSRURWUDVSHUVRQDVRDQLPDOHVTXHSRUQRVRWURVPLVPRV
$TX­ WH PXHVWUR XQD HVWUDWHJLD SDUD FRQHFWDU FRQ WX SURSLR VHQWLGR GH
DXWRFRPSDVL³Q XVDQGR HO SRGHU GH WX LPDJLQDFL³Q (VWH HV XQ HMHUFLFLR
LPSRUWDQWHSRUTXHPXFKDVSHUVRQDVQRKDQYLYLGRWRGDY­DODH[SHULHQFLDGH
UHFLELUFRPSDVL³Q\ERQGDGSRUSDUWHGHQDGLH
$VHJºUDWH GH TXH SXHGHV HVWDU HQ XQ HVSDFLR GRQGH HVW©V WUDQTXLOR \ QR WH
YHDVLQWHUUXPSLGRSRUQDGLH(QSULPHUOXJDUOHHHVWDVLQVWUXFFLRQHVFRQHO
ILQ GH IDPLOLDUL]DUWH FRQ HOODV 7HQ WX GLDULR D PDQR /R P¡V LPSRUWDQWH HV
TXH WH VLHQWDV F³PRGR 3XHGHV FHUUDU ORV RMRV GXUDQWH HVWH HMHUFLFLR R
PDQWHQHUORVDELHUWRVORTXHSUHILHUDV
 3LHQVDHQXQDUHODFL³QTXHKD\DVWHQLGRHQHOSDVDGRRHQHOSUHVHQWH
\D VHD FRQ XQD SHUVRQD R FRQ XQ DQLPDO TXH VHD VLJQLILFDWLYR SDUD
WL$KRUDLPDJLQDTXHHVWDSHUVRQDRDQLPDOVHHQFXHQWUDHQQHFHVLGDG
\ TXH OR SXHGHV D\XGDU 1HFHVLWD WX ERQGDG \ FRPSDVL³Q 7³PDWH WX
WLHPSRSDUDDFFHGHUDHVRVVHQWLPLHQWRV
 2EVHUYD HQ TX© SDUWH GH WX FXHUSR VH XELFDQ HVDV VHQVDFLRQHV GH
ERQGDG \ FRPSDVL³Q SDUD ORV GHP¡V 7³PDWH WRGR HO WLHPSR TXH
QHFHVLWHV SDUD SUHVWDU DWHQFL³Q D HVRV VHQWLPLHQWRV \ YHU GRQGH VH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 ORFDOL]DQ&XDQGRHVW©VOLVWRFRORFDWXVPDQRVHQHVHOXJDU3HUP­WHWH
VHQWLU FRQ WXV PDQRV OR TXH UHDOPHQWH  HVDV VHQVDFLRQHV WH KDFHQ 3URFHVR
H[SHULPHQWDU 7DO YH] QRWHV XQ FDPELR GH WHPSHUDWXUD 2 XQD 2EVHUYD WX EDUDMD GHO 7DURW \ EXVFD XQD FDUWD TXH UHSUHVHQWH WX ODGR
VHQVDFL³QGHKRUPLJXHR(VGLIHUHQWHSDUDFDGDSHUVRQD FRPSDVLYR $ SHVDU GH TXH OD SURSLD FDUWD HV H[WHUQD PH JXVWDU­D TXH OD
 $KRUDHOLJHXQSXQWRVREUHRGHQWURGHWXFXHUSRGRQGHWºFUHHVTXH FRQVLGHUDVHV FRPR XQD SDUWH LQWHJUDO GH WX SVLTXH /R LPSRUWDQWH HV TXH DO
SRGU­DV UHFLELU FRPSDVL³Q GH IRUPD QDWXUDO 6LJXH WX LQWXLFL³Q HQ OD HOHJLU XQD FDUWD SDUD UHSUHVHQWDU HVWH ODGR GH WL PLVPR SXHGDV FRPXQLFDUWH
VHOHFFL³Q GH HVWH OXJDU 3RU HMHPSOR SRGU­D VHU WX FRUD]³Q 2 WX P¡VI¡FLOPHQWHFRQHOOR6LORKDFHVSHUPLWLU¡VTXHVHFRQYLHUWDHQXQDSDUWH
YLHQWUH2WRGRWXFXHUSR DFWLYDGHWXYLGD8WLOL]DWXGLDULRSDUDUHVSRQGHUDODVVLJXLHQWHVSUHJXQWDV
 ,PDJ­QDWH GLULJLU VXDYHPHQWH OD HQHUJ­D  \ OD VHQVDFL³Q  KDFLD HVH SLGHDODFDUWDTXHKDVHOHJLGR
OXJDU FRQ ODV PDQRV 3DVD XQ WLHPSR FRQ WXV PDQRV HQ HVH
OXJDU 2EVHUYD F³PR WH VLHQWHV FXDQGR OD FRPSDVL³Q \ OD ERQGDG VH &³PRSXHGHVD\XGDUPH"
HVW¡Q PRYLHQGR HQWX GLUHFFL³Q &³PRHVSDUD WL UHFLELU HVWHWLSRGH 4X©SXHGHVHQVH±DUPH"
HQHUJ­D"
&³PRSXHGRSURIXQGL]DUHQPLH[SHULHQFLDFRQWLJR"
&³PRSXHGRWHSXHGRKRQUDU"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7Xߡ<RߢLGHDO 7UDVIRQGR
&RPRSHUVRQDTXHWLHQHXQLQWHU©VHQVXSURSLRDXWRGHVDUUROORSXHGHVHUºWLO
2EMHWLYR TXH WHQJDV XQD LPDJHQ SRGHURVD TXH WH LQVSLUH 6REUH WRGR VL HVD LPDJHQ
b9DPRVHOHJLUXQDFDUWDTXHWHUHSUHVHQWHHQWRGDWX*ORULD UHºQHODVFXDOLGDGHVSHUVRQDOHVTXHWHJXVWDU­DWHQHU8QDIRUPDGHHPSH]DUD
LPDJLQDU WX <Rߢ LGHDO HV SHQVDU HQ ORV UDVJRV GHO FDU¡FWHU TXH P¡V WH
JXVWDQ0HJXVWDU­DTXHSHQVDVHVF³PRFDGDXQDGHHVWDVFDUDFWHU­VWLFDVVRQ
VDOXGDEOHVFXUDWLYDV\WHOOHQDQGHSRGHU

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR
(QSULPHUOXJDUGHEHVKDFHUGRVOLVWDVHQWXGLDULR
 /DJHQWHGHOSDVDGRDODTXHDGPLUDV
 /DJHQWHGHOSUHVHQWHDODTXHDGPLUDV
'HVSX©V GHO QRPEUH GH FDGD SHUVRQD HVFULEH ODV UD]RQHV SRU ODV TXH ORV
DGPLUDV (VWH HMHUFLFLR SXHGH D\XGDUWH D YLVOXPEUDU ODV FXDOLGDGHV TXH VRQ
QHFHVDULDVGHVDUUROODUHQWLPLVPR
$FRQWLQXDFL³QREVHUYDWXEDUDMDGHO7DURW\H[WUDHODVFDUWDVTXHFRQWLHQHQ
ODVFXDOLGDGHVTXHDGPLUDV(VLPSRUWDQWHTXHKD\DDOJRVREUHODVLP¡JHQHVR
ODHQHUJ­DGHHVDVFDUWDVTXHWHDWUDHHQXQQLYHOHVHQFLDO\SURIXQGRGHWXVHU
3RQ WXV FDUWDV D XQ ODGR $KRUD FRQ WX SHTXH±R PRQW³Q GH FDUWDV YDV D
UHGXFLUODVRSFLRQHV\WHUPLQDUSRUHOHJLUXQDVRODFDUWD3DUDHOORWRPDGRV
FDUWDV\ODVSRQHVXQDDOODGRGHODRWUD3UHJºQWDWHFX¡OGHORVGRVFRQHFWD
P¡V FRQWLJR 0DQW©Q OD TXH OR KDJD GHYROYLHQGR OD RWUD D OD EDUDMD $
FRQWLQXDFL³QWRPDRWUDFDUWDGHWXSHTXH±RPRQW³Q\FRPSDUDUODFRQODTXH
FRQVHUYDVWHGHODºOWLPDURQGD5HSLWHHVWHSURFHVRKDVWDTXHTXHGHXQDVROD
FDUWD
b)HOLFLGDGHV/DFDUWDTXHWHTXHGDUHSUHVHQWDWXߡ<RߢLGHDO DOPHQRVHQHVWH
PRPHQWR 
<DKRUDTX©KDFHUFRQHOOD"7ºSRGU­DV
&RQVWUXLU XQ DOWDU R VDQWXDULR KDFLHQGR TXH WX FDUWD RFXSH XQ OXJDU
FRPRODSLH]DFHQWUDO
/OHYDUOD FRQWLJR GXUDQWH HO G­D FRPR IXHQWH GH LQVSLUDFL³Q R GH
SURWHFFL³Q
&RORFDUODGHEDMRGHODDOPRKDGDSRUODQRFKH
0HGLWDUFRQHOOD
3HJDUODDWXHVSHMRGHOED±RRHQWXGLDULRSHUVRQDO
8WLOL]DUODFRPRXQPDUFDGRUGHOLEURV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(OJX­D 7UDVIRQGR
7HQHUDDOJXLHQTXHQRVJX­HHVPX\ºWLOHVSHFLDOPHQWHFXDQGRHVDSHUVRQD
2EMHWLYR HVW¡I¡FLOPHQWHGLVSRQLEOHHQFDUQH\KXHVR3HURTX©RFXUUHVLQRWHQHPRV
(O REMHWLYR GH HVWH DSDUWDGR HV HOHJLU XQD FDUWD TXH SXHGD VHUYLUWH FRPR DFFHVR D HVD SHUVRQD" 3RGU­D KDEHU RWUD PDQHUD GH REWHQHU D\XGD H
PDHVWURRJX­D LQIRUPDFL³QLPSRUWDQWHDFHUFDGHDOJRFRQWUDORTXHHVWDPRVOXFKDQGR"&DGD
FDUWD GHO 7DURW HQ SDUWLFXODU ODV GH ORV DUFDQRV PD\RUHV FRQWLHQH XQ
SRGHURVR DUTXHWLSR &DGD XQR GH HVWRV DUTXHWLSRV RIUHFH XQD SHUVSHFWLYD
ºQLFDHQHOPXQGR
6LWHVLHQWHVDWUDSDGRRHQXQFDOOHM³QVLQVDOLGDFRQVXOWDDWXPDHVWURGHO
7DURWTXHWHGDU¡ODVLGHDV\SXQWRVGHYLVWDTXHQRSRGU­DVREWHQHUGHRWUR
PRGR<SXHVWRTXHODVFDUWDVVRQWDQI¡FLOHVGHOOHYDUHQFLPDDKRUDWLHQHVOD
RSRUWXQLGDGGHUHFLELURULHQWDFL³Q\D\XGDVLHPSUHTXHORQHFHVLWHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 2SFL³Q
2EVHUYDWXEDUDMDGHO7DURW\HOLJHODFDUWDTXHVLHQWDVTXHSXHGHUHSUHVHQWDU 3XHGHVXWLOL]DUFDGDXQRGHORVYHLQWLG³VDUFDQRVPD\RUHVFRPRPDHVWURV(Q
DWXPDHVWURRJX­D(VLPSRUWDQWHTXHWHVLHQWDVF³PRGRFRQHVWDFDUWD\TXH WX GLDULR DQRWD WX SUHJXQWD $ FRQWLQXDFL³Q HPSLH]D FRQ (O /RFR 3RU
FUHDVTXHSXHGHVFRQILDUHQVXFRQVHMR HMHPSORSRGU­DVSUHJXQWDUWH4X©PHGLU­D(O/RFRTXHSXHGRKDFHUHQHVWD
$KRUDVLHPSUHTXHORQHFHVLWHVSXHGHVSHGLUFRQVHMRDWXFDUWD/DUHVSXHVWD VLWXDFL³Q"2ELHQSRGU­DVDVXPLUHOSDSHOGHODFDUWDGLFLHQGRHQYR]DOWD
DWXSUHJXQWDYHQGU¡GHVGHODSHUVSHFWLYDGHODFDUWD(VGHFLUV³ORWLHQHVTXH <RVR\(O/RFR0LFRQVHMRSDUDWLHVTXHߨߢ
SUHJXQWDUWH ߡF³PR UHVSRQGHU­D HVWD FDUWD D PL SUHJXQWD" 4X© WLSR GH 1RHPSOHHVGHPDVLDGRWLHPSRHQFDGDFDUWDP¡VELHQHVFULEHHQWXGLDULROR
FRQVHMRPHGDU­DHVWDFDUWD"ߢ TXH WH YLHQH D OD FDEH]D LQPHGLDWDPHQWH (Q HO PRPHQWR HQ TXH KD\DV
(V VRUSUHQGHQWH OR I¡FLO TXH HV DVXPLU HO SDSHO GH XQD FDUWD bWRGR OR TXH WHUPLQDGRWHQGU¡VYHLQWLG³VSXQWRVGHYLVWDGLIHUHQWHVVREUHWXSUREOHPD$
WLHQHVTXHKDFHUHVXVDUWXLPDJLQDFL³Q FRQWLQXDFL³Q SXHGHV UHSDVDU OR TXH KDV HVFULWR \ YHU FX¡O GH ODV UHVSXHVWDV
FRQHFWDP¡VSURIXQGDPHQWHFRQWLJR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
9HUODVROXFL³Q 7UDVIRQGR
(O 7DURW HV PX\ SU¡FWLFR SRUTXH FDGD XQD GH VXV VHWHQWD \ RFKR FDUWDV
2EMHWLYR UHSUHVHQWDDOJRLPSRUWDQWHVREUHHOPXQGR\QXHVWUDVYLGDVHQHOPLVPR6L
1XHVWURREMHWLYRDTX­HVXWLOL]DUXQDFDUWDTXHSRGU­DUHSUHVHQWDUODVROXFL³QD HVW¡VEXVFDQGRXQDQXHYDLGHDSDUDUHVROYHUDOJRTXHWHHVW¡SUHRFXSDQGRR
XQSUREOHPD PROHVWDQGRHQHVWHPRPHQWRWDOYH]WXEDUDMDGHO7DURWWHSURSRUFLRQHXQD
FKLVSDGHLQVSLUDFL³Q

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 6­PERORGHFXUDFL³Q
(Q WX GLDULR SHUVRQDO GHVFULEH XQ SUREOHPD TXH HVW¡V WUDWDQGR GH
VROXFLRQDU$FRQWLQXDFL³QREVHUYDWXEDUDMDGHO7DURW\HVFRJHXQDFDUWDDO 2EMHWLYR
D]DU0HJXVWDU­DSHQVDUTXHHVWDFDUWDFRQWLHQHODUHVSXHVWDDWXSUREOHPD (QHVWHFDS­WXORTXHUHPRVVDQDUXQDYLHMDKHULGD
b8VDWXLPDJLQDFL³QSDUDHQFRQWUDUOD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
$ YHFHV FXDQGR DOJR QHJDWLYR \ GRORURVR QRV VXFHGH WHUPLQDPRV SRU QR 3LHQVDHQF³PRKDVVLGRKHULGRHQHOSDVDGR\DVHDSRUXQDSHUVRQDRSRU
SRGHUUHFXSHUDUQRVGHODVKHULGDVTXHQRVKDFDXVDGR(QOXJDUGHUHVROYHUOR XQD VLWXDFL³Q (VWR QR WLHQH SRU TX© VHU QHFHVDULDPHQWH XQ WUDXPD VLQR
OR LJQRUDPRV < QXHVWUDV KHULGDV VH YDQ SXGULHQGR FRQ HO WLHPSR (O GRORU VLPSOHPHQWHFXDOTXLHUFRVDTXHDºQOOHYDXQDFDUJDQHJDWLYD\GRORURVDSDUD
SXHGH YROYHUVH XQ GRORU VRUGR (O KHFKR GH TXH QRV DFRVWXPEUHPRV D ODV WL
KHULGDVQRVLJQLILFDTXHVHKD\DQFXUDGR\UHVXHOWR (VFULEH HQ WX GLDULR XQD GHVFULSFL³Q GH OR TXH RFXUUL³ \ SRU TX© VH FUH³ WX
6LKDVHVWDGRYLYLHQGRFRQHVWHWLSRGHGRORUQXQFDHVGHPDVLDGRWDUGHSDUD KHULGD4X©DVSHFWRWLHQHHVDKHULGD"4X©VLHQWHV"
EXVFDU OD FXUDFL³Q &UHR TXH HQ JHQHUDO HQ XQ QLYHO LQWXLWLYR VDEHPRV OR $FRQWLQXDFL³QHVFULEHVREUHODVFRQVHFXHQFLDVGHWHQHUHVDKHULGD&³PR
TXH QHFHVLWDPRV SDUD VDQDU 3DUD WL OD FODYH HV FHQWUDU WX DWHQFL³Q HQ WX KDDIHFWDGRWXYLGD"3RUºOWLPRWHQHQFXHQWDORTXHQHFHVLWDU­DVSDUDVDQDU
KHULGD\DFRQWLQXDFL³QGHEHVVHUKRQHVWRFRQWLJRPLVPRDFHUFDGHORTXH HVDKHULGD\GHMDUHVRVVHQWLPLHQWRVQHJDWLYRVDWU¡V4X©HVQHFHVDULRSDUD
VDEHVHQWXFRUD]³Q(VWRWHOOHYDU¡DHQFRQWUDUODVROXFL³Q\ODSD] FXUDUWH"\DVHDGHWLPLVPRRGHOPXQGRTXHWHURGHD
3RUVXSXHVWRHOYLDMHKDFLDODFXUDFL³Q\ODLQWHJULGDGSXHGHVHUXQUHWR(V (VWHHMHUFLFLRQRWLHQHSRUTX©KDFHUWHROYLGDUORTXHSDV³/DVFLFDWULFHVVRQ
SRUHOORSRUORTXHHVLPSRUWDQWHFRQWDUFRQXQV­PEROROOHQRGHVLJQLILFDGR SRGHURVRVUHFRUGDWRULRVGHOSDVDGRGHVWLQDGRVDOOHYDUFRQQRVRWURVPLVPRV
TXHDFWºHFRPRWXJX­DHLQVSLUDFL³Q
ORTXHDTXHOKHFKRVLJQLILF³/DFODYHHVGHWHQHUODKHPRUUDJLD\SHUPLWLUTXH
VHIRUPHXQDFRVWUD
$KRUDREVHUYDWXEDUDMDGHO7DURW\HOLJHXQDFDUWDTXHUHSUHVHQWHTX©HVOR
TXHFUHHVTXHQHFHVLWDVSDUDFXUDUWXKHULGD(QWXGLDULRSHUVRQDOGHVFULEH
TX©WHKL]RHOHJLUHVWDFDUWD4X©HVORTXHKDFHTXHHQSDUWLFXODUWXFDUWD
VHDXQV­PERORGHODFXUDFL³Q" $ FRQWLQXDFL³Q HVFULEH VREUHF³PR YDV D
XWLOL]DU VXV LP¡JHQHV \ HO PHQVDMH GH OD FDUWD SDUD VDQDUWH &³PR
SURSRUFLRQDU¡DOLYLRVXSUHVHQFLD"3RUºOWLPRGHFLGHF³PRYDVDLQFRUSRUDU
ODFDUWDHQWXYLGD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7DURW+DLNX 7UDVIRQGR
+DLNX HV XQ WLSR GH SRHV­D WUDGLFLRQDO MDSRQHVD TXH FRQVLVWH HQ WUHV
2EMHWLYR O­QHDV /DV SULPHUDV \ ºOWLPDV O­QHDV WLHQHQ FLQFR V­ODEDV \ OD O­QHD FHQWUDO
9DPRVDXWLOL]DUODVFDUWDVGHO7DURWFRPRLQVSLUDFL³QSR©WLFD WLHQHVLHWHV­ODEDV1RHVQHFHVDULRTXHXQKDLNXULPH
(VWHHVXQHMHPSORGHKDLNXSRUHOIDPRVRSRHWDMDSRQ©V%DVKR  
(VSULPDYHUD"
/DFROLQDVLQQRPEUH
VHSHUGL³HQODQHEOLQD

<RWURHMHPSORGH6RVHNL  
6REUHODPRQWD±DIORULGD
VXHOWDQORVFDEDOORV
HQHOFLHORRWR±DO

$ SHVDU GH ODV UHVWULFFLRQHV GHELGR D VXV OLPLWDFLRQHV HVWLO­VWLFDV HV
SUHFLVDPHQWH HVWH DVSHFWR HO TXH KDFH GHO KDLNX XQ GLYHUWLGR UHWR
FUHDWLYR6HQFLOORSHURSURIXQGRXQSRHPDKDLNXSXHGHWUDQVPLWLUXQDJUDQ
FDQWLGDGGHLQIRUPDFL³QHQSRFRHVSDFLR
$TX­WHPXHVWURXQHMHPSORTXHKHFUHDGRHQEDVHD(O/RFR
(VHOPRPHQWR
FRQXQFRUD]³QOLEUH
DOKRUL]RQWH

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 2SFL³Q
(VFRJHDOD]DUXQDFDUWDGHWXEDUDMD7XREMHWLYRHVHVFULELUXQKDLNXVREUHOD &UHDXQKDLNXEDVDGRHQXQDFDUWD\OXHJRHQSDUHMDRHQJUXSRTXHHOUHVWR
FDUWDTXHKDVHOHJLGR(VWºGLDOD2EVHUYDORTXHYLHQHDWXPHQWHDOSHUFLELU GHORVPLHPEURVWUDWHQGHDGLYLQDUTX©FDUWDXVDVWHFRPRLQVSLUDFL³Q
VXV GHWDOOHV 4X© LPSUHVL³Q WH GD" 4X© WLSR GH HQHUJ­D HPDQD GH OD
FDUWD"4X©SHQVDPLHQWRVWHSURYRFDODFDUWD"&³PRWHKDFHVHQWLU"8VDWX
UHVSXHVWDDODFDUWDFRPRODLQVSLUDFL³QSDUDWXKDLNX

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(OHVFXGR 7UDVIRQGR
$ YHFHV HV ºWLO WHQHU D DOJXLHQ FRPR SLHGUD DQJXODU (Q UHDOLGDG OR PHMRU
2EMHWLYR VHU­D TXH HVD SHUVRQD DQLPDO R FRVD HVWXYLHUD GH SLH MXVWR D QXHVWUR ODGR
1XHVWURREMHWLYRHVHQFRQWUDUODFDUWDTXHUHSUHVHQWDWXHVFXGRSURWHFWRU SURWHJL©QGRQRV GH ODV DPHQD]DV &XDOTXLHUD TXH VHD OD IRUPD TXH DGRSWH
QXHVWUR SURWHFWRU HVW¡ GLVSXHVWR D SRQHUVH HQ SLH SRU QRVRWURV \ SDUDU ORV
JROSHV GLULJLGRV KDFLD QRVRWURV 1XHVWUR SURWHFWRU FUHH HQ QRVRWURV \ QRV
TXLHUHPDQWHQHUDVDOYRSRUORTXHHVW¡GLVSXHVWRDVHUQXHVWURHVFXGR
7X HVFXGR SURWHFWRU HV VLPLODU D WX GHIHQVRU SHUR KD\ XQD GLIHUHQFLD
LPSRUWDQWH HQWUH DPERV 7X GHIHQVRU LQWHUDFWºD FRQWLJR WH GHILHQGH \
WDPEL©QWHUHFRQIRUWD(VW¡HQIRFDGRWDQWRLQWHULRUFRPRH[WHULRUPHQWH6LQ
HPEDUJRHOSDSHOGHWXHVFXGRSURWHFWRUHVVLPSOHVXºQLFRREMHWLYRHVKDFHU
IUHQWH DO PDUJHQ GH WL D ODV DPHQD]DV FRQ HO ILQ GH DEVRUEHU \ SDUDU ORV
JROSHVTXHYDQGLULJLGRVDWL

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR &RPELQDFL³QGHSDODEUDV
0LUDWXVFDUWDVGHO7DURW\HOLJHXQDFDUWDSDUDVHUWXHVFXGRSURWHFWRU6³OR
WLHQHV TXH VHJXLU WX LQWXLFL³Q  VDEU¡V LQVWLQWLYDPHQWH FXDQGR OD HQFXHQWUHV 2EMHWLYR
TXHODFDUWDWLHQHODFDSDFLGDGSDUDSURWHJHUWHGHODQHJDWLYLGDG 1XHVWUR REMHWLYR HQ HVWH FDS­WXOR HV SURIXQGL]DU HQ HO FRQRFLPLHQWR \ OD
(QWXGLDULRSHUVRQDOUHOOHQDODVVLJXLHQWHVIUDVHV FRPSUHQVL³QGHODEDUDMDGHO7DURW
 0HVLHQWRVHJXURFRQHVWDFDUWDSRUTXH
 (VWDFDUWDWLHQHODFDSDFLGDGGHVHUPLHVFXGRSRUTXH
 9R\DXWLOL]DUHVWDFDUWDSDUDSURWHJHUPHGH
 8VDU©HVWDFDUWDHQPLYLGDGLDULDFRPRPLHVFXGR\GHHVWDPDQHUD
$KRUD GHFLGH TX© YDV D KDFHU FRQ WX FDUWD (V LPSRUWDQWH TXH OD WHQJDV D
PDQRSDUDFXDQGRODQHFHVLWHV/DOOHYDU¡VFRQWLJR"2ODPDQWHQGU¡VHQXQ
OXJDUHVSHFLDOHQWXFDVD"6LORGHVHDVSXHGHVFUHDUXQDLPDJHQRXQFROODJH
TXHUHSUHVHQWHWXHVFXGRHLQFRUSRUDUWXFDUWDGHO7DURWDHOOD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
<DVHDELHQSRUTXHFRPLHQ]DVDFRQRFHUXQDFDUWDGHO7DURWRELHQSRUTXH ([DPLQDFDGDXQDGHODVFDUWDVHQWXEDUDMDGHO7DURW\HOLJHODFDUWDTXHSDUD
HVW¡VWUDWDQGRGHSURIXQGL]DUFRQXQDFDUWDTXHKDVWHQLGRGXUDQWHXQWLHPSR WLHVODP¡V
EXVFDUDGMHWLYRVTXHGHILQDQFDGDFDUWDHVXQDIRUPDU¡SLGD\HVWLPXODQWHGH
YHUF³PRODVGLIHUHQWHVFDUWDVWHDIHFWDQ7DPEL©QHVXQDPDUDYLOORVDPDQHUD
3R©WLFD
GHSURIXQGL]DUHQODVLP¡JHQHVGHO7DURW
9LROHQWD
,QWHQVD
0LVWHULRVD
7ULVWH
&RQHFWDGDDODWLHUUD
)HUR]
$OHJUH
$WHUUDGRUD
3RGHURVD
&XUDWLYD
$WUDFWLYD
5HSXOVLYD
$SDFLEOH

1RWLHQHVTXHKDFHUWRGDODOLVWDGHXQDYH]'HKHFKRHVSUREDEOHTXHVHD
PHMRUHOHJLUVRODPHQWHXQRRYDULRVDGMHWLYRVHQFDGDURQGD
8QD YH] TXH KD\DV HOHJLGR XQD FDUWD SDUD FDGD DGMHWLYR KD] DOJXQDV
DQRWDFLRQHV HQ WX GLDULR DFHUFD GH SRU TX© HOHJLVWH HVD FDUWD HQ
FRQFUHWR4X©KDE­DHQODHQHUJ­DGHODFDUWD\HQVXVLP¡JHQHVTXHODKL]R
HOPHMRUHMHPSORSDUDHODGMHWLYRTXHODGHILQH"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7LHPSRGHSRHV­D 7UDVIRQGR
+D\ DOJR PX\ OLEHUDGRU DO SHUPLWLU TXH QXHVWUDV SDODEUDV VLPSOHPHQWH VH
2EMHWLYR GHUUDPHQ VREUH ODV S¡JLQDV &RQ OD SRHV­D SRGHPRV XWLOL]DU HO OHQJXDMH GH
%XVFDPRVXWLOL]DUXQDFDUWDFRPRLQVSLUDFL³QSDUDODFUHDFL³QGHXQSRHPD ORV VHQWLPLHQWRV H LGHDV VLQ QHFHVDULDPHQWH WHQHU TXH SUHRFXSDUQRV SRU
XWLOL]DUXQDHVWUXFWXUDHQSDUWLFXODU'HVSX©VGHWRGRFXDQGRHVFULELPRVXQ
SRHPDWHQHPRVODOLEHUWDGGHH[SUHVDUQRVHQQXHVWURSURSLRHVWLORºQLFR'H
HVWDPDQHUDHVFULELUSRHV­DQRVGD OD RSRUWXQLGDG GH SDVDU SRUDOWRQXHVWUD
YR] FU­WLFD &XDQGR HVFULELPRV XQ SRHPD OD QRFL³Q GH EXHQR R PDOR
GHVDSDUHFH(QVXOXJDUORTXHFUHDPRVHVVLPSOHPHQWHSHUIHFWR\DTXHHV
XQUHIOHMRGHQRVRWURVPLVPRVHQHVHPRPHQWR3RUORWDQWRHODFWRGHFUHDU
XQ SRHPD LPSOLFD GDUQRV SHUPLVR SDUD UR]DU OD VXSHUILFLH GH QXHVWUD
FRQFLHQFLDRSDUDSURIXQGL]DUHQHOFHQWURGHQXHVWUDDOPD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 2SFL³Q
(VFRJHXQDFDUWDGHWXEDUDMDDOD]DU$FRQWLQXDFL³QXVDQGRODFDUWDFRPR 7HSURSRQJRFUHDUXQDOIDSRHPD EDVDGR HQ HO W­WXOR GH XQR GH ORV DUFDQRV
LQVSLUDFL³Q FUHD XQ SRHPD 'HMD TXH WX PHQWH YDJXH \ GHMD OLEUH WX PD\RUHV 8Q DOIDSRHPD FRQVLVWH HQ HOHJLU XQD SDODEUD R YDULDV SDODEUDV \
LPDJLQDFL³Q 3XHGHV FRQFHQWUDUWH HQ XQ VROR GHWDOOH GH OD FDUWD 2 SXHGHV GHOHWUHDUODV YHUWLFDOPHQWH KDFLD DEDMR HQ OD S¡JLQD $ FRQWLQXDFL³Q XWLOL]D
XWLOL]DU OD FDUWD FRPR XQ SXQWR GH SDUWLGD \ GHMDU TXH VX HQHUJ­D WH GLULMD D HVDVSULPHUDVOHWUDVFRPRHOLQLFLRGHFDGDO­QHDGHWXSRHPD(VWHHVXQUHWR
DOJºQOXJDULQHVSHUDGR6LJXHODVHPRFLRQHVHLGHDVTXHHYRFDQODVLP¡JHQHV GLYHUWLGR TXH UHDOPHQWH SXHGH HVWLPXODU WX LPDJLQDFL³Q (OLJH XQD FDUWD DO
GHODFDUWD6L©QWHWHOLEUHGHH[SUHVDUWHWDQFUHDWLYDPHQWHFRPRGHVHHV D]DU\ߨbYHDSRUHOOR
(MHPSOR (MHPSOR
'RVGH(VSDGDV 7KH)RRO (O/RFR
&RQJHODGR 7LPHRQFHDJDLQ
ODWHQVL³QHQORVKRPEURV +HUHKDVJLYHQZD\WRWKHGUHDPRIWKHUH
HOSHVRGHODGHFLVL³QPHSDUDOL]D (QFKDQWHGE\WKHWKRXJKWRISLOJULPDJH
HVWHODVWUHWHPROLEHUDUOR )ORZLQJOLNHDULYHUJHQWO\
SHURVLQRORKDJR 2YHUWKHODQGLWVPHDQGHUV
FRPRPHIDOOHQODVIXHU]DV 2QIHHWVWHDG\ZLWKDQWLFLSDWLRQ
SRFRGHVSX©VODGHFLVL³QVHU¡WRPDGDSRUP­ /RYLQJWKHLGHDRIWKHMRXUQH\,QRZWDNHP\ILUVWUHDOVWHS

7LHPSRXQDYH]P¡V
$TX­KDGDGRSDVRDOVXH±RGHDOO­
(QFDQWDGRSRUHOSHQVDPLHQWRGHODSHUHJULQDFL³Q
)OX\HQGRVXDYHPHQWHFRPRXQU­R
6REUHODWLHUUDVXVPHDQGURV
6REUHPLVSLHVILUPHFRQDQWLFLSDFL³Q
$EUD]DQGRODLGHDGHOYLDMHTXHDKRUDGDPLSULPHUSDVRUHDO

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 $QWHV\GHVSX©V
2EMHWLYR
9DPRVDDSUHQGHUF³PRDOLYLDUXQSUREOHPD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
$ YHFHV HV I¡FLO VHQWLUVH DWUDSDGR FXDQGR VH WUDWD GH XQ SUREOHPD R XQD (Q SULPHU OXJDU WUDEDMD FRQ WX EDUDMD GHO 7DURW \ HOLJH XQD FDUWD TXH
GXGD 3XHGH SDUHFHU TXH QXQFD YDPRV D HVWDU OLEUHV GH OR TXH WH QRV HVW¡ UHSUHVHQWH WX SUREOHPD 8QD YH] TXH OD KD\DV HQFRQWUDGR W³PDWH XQ
SUHRFXSDQGR3HURVXSRQJDPRVTXHSXHGHVWHQHUDFFHVRDXQDYHUVL³QIXWXUD PRPHQWRSDUDVHQWDUWHFRQHOOD2EVHUYDF³PRWHVLHQWHVWDQWRI­VLFDFRPR
GH WL PLVPR OD FXDO HVW¡ OLEUH GH HVWH SUREOHPD 4X© RFXUULU­D VL XVDUDV WX HPRFLRQDOPHQWH
LPDJLQDFL³QSDUDYLVXDOL]DUWHVLQHOSUREOHPD"3RGU­DQVHUºWLOHVORVFRQVHMRV $KRUD UHSDVD WX EDUDMD GH QXHYR \ HVFRJH XQD FDUWD TXH UHSUHVHQWH HO
TXHSXGLHUDGDUWHHVDSHUVRQDVLQHOSUREOHPD'HVSX©VGHWRGRHVWDSHUVRQD SUREOHPDUHVXHOWRb6HJXUDPHQWHVDEU¡VFXDOHVODFDUWDFXDQGRODYHDV8QD
GHDOJXQDPDQHUDHQFRQWU³DOLYLR YH] TXH OD KD\DV HQFRQWUDGR HPSOHD DOJºQ WLHPSR FRQWHPSO¡QGROD 8WLOL]D
HVWD FDUWD FRPR XQ V­PEROR SDUD LPDJLQDU F³PR WH VHQWLU¡V I­VLFD \
HPRFLRQDOPHQWH XQD YH] TXH KD\DV HQFRQWUDGR OD VROXFL³Q D WX
SUREOHPD2EW©QXQSURIXQGR\GHWDOODGRVHQWLGRGHORTXHVHU­DYLYLUFRQWX
SUREOHPDUHVXHOWR
7X SU³[LPR SDVR HV FRORFDU HVWDV GRV FDUWDV XQD D ODGR GH OD RWUD &XDQGR
HVW©VOLVWRVDFDWXGLDULR7XREMHWLYRHVDVXPLUHOSDSHOGHFDGDFDUWD\FUHDU
XQ GL¡ORJR HVFULWR HQWUH ODV GRV XWLOL]DQGR XQ ERO­JUDIR GH FRORU GLIHUHQWH
SDUDFDGDFDUWD (OWHPDGHFRQYHUVDFL³QVHEDVDHQF³PRHOSUREOHPDDFWXDO
WHUPLQ³ SRU UHVROYHUVH 9DPRV D HPSH]DU SRU KDFHU TXH OD SULPHUD FDUWD
SUHJXQWH D OD VHJXQGD FDUWD OD IRUPD HQ TXH ILQDOPHQWH HQFRQWU³ OD
VROXFL³Q4X©SDV³"4X©KDVKHFKR"&³PRORKDVKHFKR"
(QWRQFHV DVXPLHQGR HO SDSHO GH OD VHJXQGD FDUWD UHVSRQGH OR PHMRU
SRVLEOH 3HUPLWH TXH WDQWR WX VHQWLGR FRPºQ FRPR WX LQWXLFL³Q JX­HQ WXV
UHVSXHVWDV +DV GH SRQHUWH HQ OD SLHO GH WX ߡ\R IXWXURߢ \ KDV GH WHQHU HQ
FXHQWD ORV REVW¡FXORV TXH WXYLVWH TXH HQFDUDU \ VXSHUDU HQ HO FDPLQR SDUD
UHVROYHU HO SUREOHPD \ REWHQHU OD VROXFL³Q 4X© UHFXUVRV WDQWR LQWHULRUHV
FRPR H[WHULRUHV  WXYLVWH TXH XWLOL]DU FRQ HO ILQ GH VXSHUDU HVWRV
REVW¡FXORV" 4X© KDELOLGDGHV KDV WHQLGR TXH GHVDUUROODU TXH WH D\XGDURQ D
WHUPLQDUHOSURFHVR"
<DWLHQHVXQDFDUWDTXHWHPXHVWUDODUXWDSDUDHQFRQWUDUHODOLYLR7DPEL©Q
FRQODVHJXQGDFDUWDTXHHOHJLVWHWLHQHVXQSRFRGHLQVSLUDFL³QTXHSXHGHV
LQFRUSRUDUHQWXYLGDDKRUD7DQWRVLODOOHYDVFRQWLJRGXUDQWHHOG­DFRPRVL
OD SRQHV HQ WX DSDUDGRU R OD SHJDV D WX HVSHMR R OD FRORFDV GHEDMR GH WX
DOPRKDGDSRUODQRFKHSXHGHVFRQWDFWDUFRQHVDYHUVL³QIXWXUDGHWLPLVPR
VLHPSUHTXHORQHFHVLWHV
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 (OGRQ SDUWH,
(O VHQWLGR GH OD YLGD HV HQFRQWUDU WX UHJDOR HO SURS³VLWR GH OD YLGD HV
HQWUHJ¡UWHOR
'HVFRQRFLGR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
2EMHWLYR 7UDVIRQGR
%XVFDPRVSRQHUWHHQFRQWDFWRFRQORTXHWHKDFHHVSHFLDOFRQWXGRQ &DGD XQR GH QRVRWURV HV XQ VHU KXPDQR ºQLFR &DGD XQR GH QRVRWURV WLHQH
DOJR TXH QRV KDFH HVSHFLDOHV &DGD XQR GH QRVRWURV WLHQH OD FDSDFLGDG GH
LQIOXLU HQ OD YLGD GH RWUDV SHUVRQDV SDUD PHMRU 6LQ HPEDUJR VRPRV
FRQVFLHQWHVGHQXHVWURVWDOHQWRVQDWXUDOHV"+HPRVDSUHQGLGRDFRQHFWDUFRQ
ORV GRQHV FRQ ORV TXH QDFLPRV" &³PR KDQ DOLPHQWDGR R VXSULPLGR ODV
SHUVRQDVGHQXHVWURHQWRUQRHVDVSDUWHVGHQRVRWURVPLVPRV"
7DOYH]ODSUHJXQWDP¡VLPSRUWDQWHHVTX©VHLQWHUSRQHHQQXHVWURFDPLQR
SDUDUHFRQRFHU\XWLOL]DUQXHVWURVGRQHVP¡VHVSHFLDOHV"
(Q HVWD DFWLYLGDG YDV D HPSOHDU DOJºQ WLHPSR SHQVDQGR VREUH HVRV GRQHV R
EHQGLFLRQHVTXHV³ORWºWLHQHV\TXHHUHVFDSD]GHFRPSDUWLUFRQORVGHP¡V
&³PRKDPHMRUDGRHOPXQGRV³ORSRUTXHWºHVW¡VHQ©O"
(VLPSRUWDQWHUHFRUGDUTXHODFRPSDUDFL³QGHQXHVWURVGRQHVFRQORVGHORV
GHP¡V QR VLUYH SDUD QDGD 1R HV OD PDJQLWXG GH QXHVWUD VLQJXODULGDG R
QXHVWURWDOHQWRHOTXHPDUFDODGLIHUHQFLD0¡VELHQHVORTXHKDFHPRVFRQ
ORTXHWHQHPRVORTXHQRVOOHYDSRUXQFDPLQROOHQRGHVHQWLGR\SOHQLWXG
7HQHQFXHQWDHVWDVGRVFLWDV

&RQ GHPDVLDGD IUHFXHQFLD VXEHVWLPDPRV HO SRGHU GH XQD FDULFLD XQD
VRQULVDXQDSDODEUDDPDEOHXQR­GRDWHQWRXQFXPSOLGRKRQHVWRRHOP¡V
SHTXH±RDFWRGHFDUL±RWRGRVORVFXDOHVWLHQHQHOSRWHQFLDOGHFDPELDUXQD
YLGD
/HR%XVFDJOLD

1R VR\ P¡V TXH XQR SHUR \R VR\ XQR 1R SXHGR KDFHU WRGR SHUR SXHGR
KDFHUDOJR<QRYR\DSHUPLWLUTXHORTXH\RQRSXHGRKDFHULQWHUILHUDFRQ
ORTXHSXHGRKDFHU
(GZDUG(YHUHWW+DOH


HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3HUR HVW¡V VHJXUR GH FX¡O HV WX GRQ" 3HQVDU HQ ODV UHVSXHVWDV D HVWDV
SUHJXQWDVWHD\XGDU¡ 3URFHVR
&XDQGRHUDVXQQL±RTX©TXHU­DVVHUGHPD\RU" 8QDYH]TXHWHKD\DVKHFKRXQDLGHDGHFX¡OHVWXGRQSRUIDYRUW³PDWHXQ
WLHPSRSDUDUHVSRQGHUDODVVLJXLHQWHVSUHJXQWDVHQWXGLDULRSHUVRQDO
&X¡QGRWHVLHQWHV RWHKDVVHQWLGRHQHOSDVDGR P¡VYLYR"
&X¡OHVPLGRQ"
&X¡QGRWHVLHQWHVP¡VVDWLVIHFKR"
&X¡OHVHOLPSDFWRGHPLGRQHQORVH[WUD±RV"
(QTX©¡UHDVGHWXYLGDHUHVP¡VHILFD]"
&X¡OHVHOLPSDFWRGHPLGRQHQODVSHUVRQDVP¡VFHUFDQDVDP­"
(QTX©PRPHQWRRWUDVSHUVRQDVWHKDQGDGRXQDRSLQL³QSRVLWLYDVREUHDOJR
TXHKDVKHFKRRGLFKR" (QTX©VHQWLGRHVPLGRQXQDEHQGLFL³QHQPLYLGD"
+D\ DOJR TXH SXHGDV KDFHU VLQ HVIXHU]R PLHQWUDV TXH SDUD RWUDV SHUVRQDV (QTX©VHQWLGRHVPLGRQXQDFDUJDHQPLYLGD"
KDFHUHVRPLVPRUHVXOWDGLI­FLO" &³PRKHQHJDGRRUHSXGLDGRPLGRQHQHOSDVDGR"
7DPEL©Q SXHGHV GHVFXEULU WX GRQ VL OH SUHJXQWDV DO UHVSHFWR D OD JHQWH &³PRHVWR\QHJDQGRPLGRQDG­DGHKR\"
FHUFDQD D WL IDPLOLD DPLJRV FRPSD±HURV GH WUDEDMR  3RU OR JHQHUDO HOORV
SHUFLEHQFXDOLGDGHVWX\DVDODVTXHWºQRGDVLPSRUWDQFLDRVLPSOHPHQWHGH &³PRKHFXOWLYDGR\KRQUDGRPLGRQHQHOSDVDGR"
ODV TXH Wº QR HUHV FRQVFLHQWH (Q HVWH FDVR SXHGH VHU HVFODUHFHGRU SDUD &³PRHVWR\FXOWLYDQGR\ULQGLHQGRKRPHQDMHDPLGRQHQHOSUHVHQWH"
DYHULJXDUTX©FRVDVSRVLWLYDVYHQRWURVHQWL
&³PR HVWR\ XVDQGR PL GRQ SDUD HVWDU HQ HTXLOLEULR FRQ PLV YDORUHV P¡V
SURIXQGRV"
&³PRSXHGRXVDUPLGRQSDUDDOFDQ]DUXQDPHWDGHIXWXUR"
/DSDUWHILQDOGHHVWDDFWLYLGDGSHURTXL]¡VODP¡VLPSRUWDQWHHVW¡EDVDGDHQ
XWLOL]DUGHQXHYRODVFDUWDVGHO7DURW3RUIDYRUEXVFDDWUDY©VGHWXEDUDMD\
HOLJH OD FDUWD TXH VLHQWHV TXH PHMRU UHSUHVHQWD WX GRQ /D FDUWD TXH HOLMDV
SXHGHFRQWHQHUHOGRQHQV­RPRVWUDUDPERVDWLMXQWRDWXGRQ&RPRDOJR
VLPE³OLFR SHUR DO PLVPR WLHPSR WDQJLEOH HVWD FDUWD SXHGH MXJDU XQ SDSHO
PX\ LPSRUWDQWH HQ WX YLGD SRUTXH HV XQ UHFRUGDWRULR GH OR TXH WH KDFH
HVSHFLDO
(QWRQFHV TX© KDFHU FRQ HVWD FDUWD" 'HMD TXH WH JX­H WX LQWXLFL³Q 6LQ
HPEDUJRDTX­WHPXHVWURDOJXQDVLGHDV
,QFRUS³UDODDXQVDQWXDULRSHUVRQDO
3©JDODDWXHVSHMR
/O©YDODFRQWLJRHQXQEROVLOORREROVR
3RQODGHEDMRGHODDOPRKDGDFXDQGRGXHUPDV
,QFOº\HODFRPRSDUWHGHXQDREUDGHDUWHRXQFROODJH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
/O©YDODHQWXFRFKH
(OGRQ SDUWH,,
2EMHWLYR
9DPRVDFRQVHJXLUUHFLELUDOJRHVSHFLDOGHXQDGHODVFDUWDVGHO7DURW

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
(QHVWDDFWLYLGDGYDPRVDWUDEDMDUFRQORVDUFDQRVPD\RUHV&DGDXQDGHODV 6HSDUDORVDUFDQRVPD\RUHVGHOUHVWRGHODVFDUWDV&XDQGRHVW©VOLVWRHVFRJH
FDUWDV GH HVWH JUXSR HV XQ SRGHURVR DUTXHWLSR TXH WLHQH XQD JUDQ VDELGXU­D XQD FDUWD GH ORV DUFDQRV PD\RUHV DO D]DU 3DVD DOJºQ WLHPSR FRQ OD FDUWD
SDUDFRPSDUWLU'HELGRDVXDWHPSRUDOLGDG\SURIXQGLGDGHVWDVFDUWDVWLHQHQ VDELHQGRTXHWLHQHXQGRQTXHDWLWHJXVWDU­DWHQHU1RSLHQVHVGHPDVLDGRHQ
HOSRGHUSDUDRIUHFHUWHDOJRTXHSRGU­DPDUFDUXQDGLIHUHQFLDLPSRUWDQWHHQ HVR VLPSOHPHQWH GHMD TXH WXV VHQWLPLHQWRV \ SHQVDPLHQWRV VDOJDQ D OD
WXYLGD VXSHUILFLH5HFXHUGDODFDUWDYLHQHDWLFRQXQUHJDORTXHHVSDUDWXEHQHILFLR
\HVODFDUWDFRUUHFWDSDUDWL
&XDQGRKD\DVDOFDQ]DGRXQDVHQVDFL³QGHVHUHQLGDGDQRWDHQWXGLDULR
(QTX©FRQVLVWHHOGRQ
3RUTX©ORKDVUHFLELGRHQHVWHPRPHQWR
4X©YDVDKDFHUFRQ©O

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
2SFL³Q 2SFL³Q
(Q YH] GH HVFRJHU XQD VROD FDUWD SXHGHV LU D WUDY©V GH WRGRV ORV DUFDQRV 3RGU­DV XWLOL]DU WRGD OD EDUDMD GHO 7DURW DUFDQRV WDQWR PD\RUHV FRPR
PD\RUHVSXHVFDGDXQRWLHQHXQGRQTXHRIUHFHU PHQRUHV \HVFRJHUXQDFDUWDDOD]DUTXHDVXYH]WUDHXQGRQ

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(OGRQ SDUWH,,, 7UDVIRQGR
6LQ GXGD WH PHUHFHV XQ GRQ YHUGDG" b< TXL©Q PHMRU SDUD HOHJLU HVH GRQ
2EMHWLYR TXH Wº 'HVSX©V GH WRGR FRQRFHV WXV QHFHVLGDGHV PHMRU TXH QDGLH (VWH
/DPHWDGHHVWHDSDUWDGRHVWHQHUHQFXHQWDWXVSURSLDVQHFHVLGDGHV\GHVHRV HMHUFLFLRVHGLIHUHQFLDGHODQWHULRUSRUTXHHVWDYH]QRVHUHDOL]DU¡ODHOHFFL³Q
GHXQDFDUWDDOD]DU(QVXOXJDUEXVFDGHOLEHUDGDPHQWHDWUDY©VGHODEDUDMD
KDVWDTXHHQFXHQWUHVODTXHGHVHDV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR /RV7UHVUHJDORV
(OGRQTXHWHPHUHFHVHOTXHHVHVSHFLDOPHQWHSDUDWLVHHQFXHQWUDGHQWURGH
WXEDUDMDGHFDUWDVGHO7DURW3RUIDYRUUHSDVDOHQWDPHQWHODEDUDMDKDVWDTXH 2EMHWLYR
HQFXHQWUHV OD FDUWD TXH LQWXLWLYDPHQWH VDEHV TXH HV WX GRQ (Q WX GLDULR (OREMHWLYRGHHVWHFDS­WXORHVKDFHUEDODQFHGHWXYLGD
SHUVRQDOHVFULEHH[DFWDPHQWHSRUTX©HOHJLVWHODFDUWD\GHVFULEHHOGRQTXH
WLHQHSDUDWL3RUºOWLPRH[SOLFDHQWXGLDULRORTXHYDVDKDFHUFRQWXQXHYR
GRQ

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
'HDFXHUGRFRQODILORVRI­DKLQGºKD\WUHVSURFHVRVTXHHVW¡QFRQWLQXDPHQWH (Q HVWD DFWLYLGDG YDPRV D WUDEDMDU VRODPHQWH FRQ ORV DUFDQRV PD\RUHV $O
IXQFLRQDQGRHQHOPXQGRFUHDFL³QSUHVHUYDFL³Q\GHVWUXFFL³Q<GHELGRD D]DU HVFRJH XQD FDUWD GH ORV DUFDQRV PD\RUHV /D FDUWD HOHJLGD WH WUDH WUHV
TXHHVSDUWHGHXQFLFORVLQILQWDOYH]VHDP¡VSUHFLVRYHUODGHVWUXFFL³Q UHJDORV
FRPRWUDQVIRUPDFL³Q\DTXHODWHUFHUDHWDSDVLHPSUHHVVHJXLGDSRUDOJºQ (OSULPHUUHJDORWHD\XGDU¡DFUHDUDOJRTXHYDDVHUEHQHILFLRVRSDUDWXYLGD
WLSRGHQXHYDFUHDFL³QRUHQDFLPLHQWR
(OVHJXQGRUHJDORWHD\XGDU¡DSURWHJHUDOJRGHYDORUHQWXYLGD
(QHVWDDFWLYLGDGVHFRQHFWDU¡ODLGHDGHFDPELRXQLYHUVDODODVDELGXU­DGHO
7DURWFRQHOILQGHREWHQHULQIRUPDFL³QLPSRUWDQWHDFHUFDGHWXYLGD (O WHUFHU UHJDOR WH SHUPLWLU¡ FDPELDU DOJR HQ WX YLGD TXH DFWXDOPHQWH QR WH
HVW¡EHQHILFLDQGRQLD\XGDQGRHQWXVLQWHUHVHV
(QWXGLDULRSHUVRQDOSRUIDYRUHVFULEHHOQRPEUHGHODFDUWDTXHKDVHOHJLGR
\GHVFULEHFRQGHWDOOHFDGDXQRGHVXVWUHVUHJDORVSDUDWL

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(OFRQILGHQWH 7UDVIRQGR
/RV VHFUHWRV VRQ SDUWH GH OD YLGD 6LQ HPEDUJR SXHGH VHU HVWUHVDQWH \
2EMHWLYR GHVJDVWDQWH HO WHQHU TXH UHWHQHU LQIRUPDFL³Q DMHQD R SHUVRQDO  TXH HV
(OREMHWLYRGHHVWHFDS­WXORHVH[SHULPHQWDUHODOLYLRGHFRPSDUWLUXQVHFUHWR VHQVLEOHRHPEDUD]RVD'HKHFKRODFDUJDHPRFLRQDOGHOOHYDUXQVHFUHWRD
YHFHVSXHGHVHUXQYHUGDGHURSHVR\SXHGHDIHFWDUDORVQLYHOHVGHHQHUJ­DGH
XQDSHUVRQD
8Q HVWXGLR GH  SXEOLFDGR HQ HO -RXUQDO RI ([SHULPHQWDO 3V\FKRORJ\
*HQHUDO GHPRVWU³ TXH ODV SHUVRQDV TXH SDVDQ PXFKR WLHPSR JXDUGDQGR \
G¡QGROHYXHOWDVDXQVHFUHWRVXHOHQH[SHULPHQWDUPD\RUHVGLILFXOWDGHVHQVXV
DFWLYLGDGHV I­VLFDV \ HQFXHQWUDQ HVWDV DFWLYLGDGHV P¡V DJRWDGRUDV TXH ODV
SHUVRQDV TXH QR FXHQWDQ FRQ VHFUHWRV SURIXQGRV /D FRQFOXVL³Q GH ORV
LQYHVWLJDGRUHV IXH TXH JXDUGDU XQ VHFUHWR \ FDUJDU FRQ HOOR VH PDQLILHVWD
H[WHULRUPHQWHHQODSHUVRQDFRPRODVHQVDFL³QI­VLFDGHHVWDURSULPLGR
3RU WDQWR QR VHU­D EXHQR WHQHU WX SURSLR FRQILGHQWH SHUVRQDO" 6H WUDWD GH
DOJXLHQRDOJRFRQTXLHQSXHGHVFRPSDUWLUWXVVHFUHWRVRSUREOHPDVVDELHQGR
TXHWXSULYDFLGDGVHU¡UHVSHWDGD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR b/DPHWD
(QWXGLDULRSHUVRQDOGHVFULEHODVFXDOLGDGHVGHXQEXHQFRQILGHQWH&XDQGR
HVW©VOLVWRSDVDODPDQRSRUFDGDXQDGHODVFDUWDVGHO7DURW\HVFRJHODFDUWD 2EMHWLYR
TXH SDUD WL UHSUHVHQWD DOJR R DOJXLHQ TXH KDFH TXH WH VLHQWDV VHJXUR \ 4XHUHPRVDSUHQGHUHODUWH\ODFLHQFLDGHODFRQVHFXFL³QGHREMHWLYRV
SURWHJLGR (OLJH D WX FRQILGHQWH LGHDOߢ TXH LQWXLWLYDPHQWH VDEH TXH VX
HQHUJ­D VXDYH \ FRPSDVLYD KDFH TXH WH VLHQWDV F³PRGR \ FRPSDUWDV WX
VHFUHWRFRQ©O
$KRUD SLHQVD HQ WRGDV ODV IRUPDV SRVLEOHV HQ TXH SXHGHV DSR\DUWH HQ WX
QXHYR KRPEUH GH FRQILDQ]D \ KDEODU FRQ ©O SDUD TXH WH D\XGH D VHQWLUWH
PHMRU DFHUFD GH DOJºQ VHFUHWR TXH KDV HVWDGR OOHYDQGR GHQWUR GH WL 3RU
HMHPSORSXHGHVSHJDUHVDFDUWDHQODSULPHUDS¡JLQDGHWXGLDULRSHUVRQDO2
OOHYDUOD FRQWLJR FXDQGR SDVHHV D VRODV \ WH VLHQWHV HQ DOJºQ OXJDU HQ HO TXH
HQFXHQWUHVSULYDFLGDGHQWRQFHVVRVWHQL©QGRODHQWXPDQRSXHGHVKDEODUGH
WXV VHFUHWRV FRQ ©O 2 VH OH SRGU­D GHFLU D OD FDUWD XQ VHFUHWR LPSRUWDQWH \
OXHJRHQWHUUDUOD6LPE³OLFDPHQWHUHSUHVHQWDU­DODOLEHUDFL³QGHHVDFDUJD/D
FODYHHVSUHJXQWDUWHORTXHQHFHVLWDVSDUDHQFRQWUDUODSD]GHORTXHWHSHVD\
GHVSX©VXVDUWXLPDJLQDFL³QSDUDYHUF³PRHVWDFDUWDSXHGHVHUºWLO

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 QHFHVDULR KDVWD TXH OOHJXHV DO QºFOHR \ DO FHQWUR GH WXV YHUGDGHUDV
7UDVIRQGR PRWLYDFLRQHV
3RU TX© QXHVWURV SURS³VLWRV GH D±R QXHYR IUDFDVDQ WDQ D PHQXGR" 4X© $KRUD TXH V© OR TXH YHUGDGHUDPHQWH PH PRWLYD KD\ RWUR FDPLQR SDUD
RFXUUH FXDQGR QRV PDUFDPRV REMHWLYRV TXH KDFH TXH VHD WDQ GLI­FLO VDWLVIDFHUPLVPRWLYDFLRQHVTXHQRVHDODPHWDTXHPHKHPDUFDGR"
FRQVHJXLUORV"3RUTX©HVWDQI¡FLOVDERWHDUQRVDQRVRWURVPLVPRVFXDQGRVH
'HEHU­DUHHYDOXDUPLREMHWLYRLQLFLDO"
WUDWDGHSHUVHJXLUQXHVWURVVXH±RV"
7HQJR FODUR PL REMHWLYR" (V DOJR HVSHF­ILFR" /R SXHGR PHGLU R
7DOYH]WHQHPRVTXHHPSH]DUHVWDEOHFLHQGRXQDPHWDTXHUHDOPHQWHFRQHFWH
FXDQWLILFDUGHDOJXQDPDQHUD"(VDOJRIDFWLEOH\UHDOLVWDTXHSXHGRDOFDQ]DU
FRQ QXHVWUD HVHQFLD P¡V SURIXQGD $O H[DPLQDU QXHVWUD PRWLYDFL³Q SDUD
HQXQGHWHUPLQDGRSOD]RGHWLHPSR"
DOFDQ]DUXQREMHWLYRSRGHPRVSUHJXQWDUQRVVLHVUHDOPHQWHORTXHGHVHDPRV
GH FRUD]³Q 'HVSX©V GH WRGR VL HVWDPRV SHUVLJXLHQGR XQ REMHWLYR SRU ODV (QXPHUDODVYHQWDMDVP¡VLPSRUWDQWHVGHORJUDUWXREMHWLYR
UD]RQHVHTXLYRFDGDVHQWRQFHVWHQHPRVTXHREOLJDUQRVDKDFHUDOJRTXHXQD +D\DOJRUHDOPHQWHºWLOTXHWHSXHGHVUHSHWLUDWLPLVPRPLHQWUDVWUDEDMDV\
SDUWH GH QRVRWURV UHDOPHQWH QR TXLHUH KDFHU < FXDQGR OXFKDPRV FRQWUD WHHVIXHU]DVSRUDOFDQ]DUWXPHWD"
QRVRWURVPLVPRVߨbVLHPSUHSHUGHPRV
7UDEDMDUHQFRQVHJXLUWXREMHWLYRWHGDHQHUJ­D"7HKDFHVHQWLUYLYR"
$OUHVSRQGHUDODVVLJXLHQWHVSUHJXQWDVHQWXGLDULRVHU¡VFDSD]GHGHVFXEULU
\ILMDUXQDPHWDTXHHVW¡HQFRQVRQDQFLDFRQWXVYDORUHV6LELHQHVFLHUWRTXH +D\SHUVRQDVTXH\DKDQDOFDQ]DGRHVHPLVPRREMHWLYR\TXHWHVLUYHQGH
UHVSRQGHU FRQ FRQFLHQFLD HVWDV SUHJXQWDV WH YD D OOHYDU DOJºQ WLHPSR HO UHIHUHQWH"
HVIXHU]RGHOWUDEDMRGHLQWURVSHFFL³QHQHVWDHWDSDWHD\XGDU¡DTXHORJUHVOR 4X©HVW¡VGLVSXHVWRDVDFULILFDUSDUDORJUDUWXREMHWLYR"
TXHUHDOPHQWHTXLHUHV
3RU IDYRU FRPSOHWD HVWD IUDVH  &RQ HO ILQ GH ORJUDU PL REMHWLYR WHQGU­D
3HUR SULPHUR F³PR GHFLGLU H[DFWDPHQWH TX© REMHWLYR YDV D HOHJLU" 7H TXHߨ
SURSRQJRXQDVHULHGHSUHJXQWDVTXHWHVHUYLU¡QGHD\XGD
+D\ SHUVRQDV TXH VH SXHGHQ YHU DPHQD]DGDV VL Wº DOFDQ]DV WX PHWD" 3RU
4X©FDPELRVTXLHUHVH[SHULPHQWDUHQWXYLGD"3RUTX©" TX©"&³PRSXHGHVHVWDUSUHSDUDGRSDUDWUDWDUFRQHOORV"
&RQHOILQGHKDFHUHVRVFDPELRV 3XHGHVYLVXDOL]DUWHUHDOPHQWHDOFDQ]DQGRWXREMHWLYR"
4X©KD\TXHGHMDUPDUFKDU" (OREMHWLYRHVUHDOLVWDWHQLHQGRHQFXHQWDWXVLWXDFL³QDFWXDOGHYLGD"
4X©HVW¡VGLVSXHVWRDDFHSWDU"
&³PRSXHGHVRUJDQL]DU\HVWUXFWXUDUWXHQWRUQR SDUDDOFDQ]DUFRQ ©[LWR WX
4X©HVW¡VGLVSXHVWRDKDFHU"
REMHWLYR"
&X¡OHVODPHWDTXHYDVDHOHJLU\TXHYDDPDUFDUXQFDPELRSRVLWLYRHQWX
4X©SRGU­DLPSHGLUTXHFRQVLJDVWXREMHWLYR"
YLGD"
4X©WHDVXVWD"
7LHQHVFODUDVWXVPRWLYDFLRQHVSDUDTXHUHUORJUDUHVWDPHWD"
4X©FUHHVTXHGHEHVXFHGHUDQWHVGHTXHDOFDQFHVWXREMHWLYR"
7HUPLQDGHFRPSOHWDUHVWDIUDVH
&X¡OHVVRQODVEDUUHUDVSDUDDOFDQ]DUWXREMHWLYR"
4XLHUR>LQVHUWDUWXPHWDXREMHWLYR@GHPDQHUDTXHߢ\FXDQGRFRPSOHWHV
HVWD IUDVH VLJXH D±DGLHQGR ߡGH PDQHUD TXHߨߢ WDQWDV YHFHV FRPR VHD 4X©UHVSRQVDELOLGDGHVWLHQHVTXHDVXPLUSDUDORJUDUWXREMHWLYR"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3RUIDYRUFRPSOHWDODVLJXLHQWHIUDVH(OSUREOHPDSDUDORJUDUPLREMHWLYR
HVߨ 3URFHVR
4X©JDQDVVLQRORJUDVWXREMHWLYR" $KRUDHVHOPRPHQWRGHHOHJLUGHVSDFLR\GHOLEHUDGDPHQWHGHWXEDUDMDGHO
7DURW FXDWUR FDUWDV /D SULPHUD UHSUHVHQWD WX PHWD (Q OD VHJXQGD FDUWD VH
4X©SXHGHVKDFHUKR\SDUDFRPHQ]DUDWUDEDMDUKDFLDWXREMHWLYR"
HQFXHQWUDQ ODV GLILFXOWDGHV TXH DFWXDOPHQWH R HQ XQ IXWXUR YDQ D LPSHGLU
4X©SXHGHVKDFHUPD±DQD" TXHDOFDQFHVWXPHWD$FRQWLQXDFL³QHOLJHXQDWHUFHUDFDUWDTXHUHSUHVHQWH
4X©SXHGHVKDFHUHVWDVHPDQD" ORTXHWHSHUPLWLU¡VXSHUDU\HOLPLQDUHVRVREVW¡FXORV3RUºOWLPRHQFXHQWUD
XQD FXDUWD FDUWD HQ OD TXH ODV LP¡JHQHV \ OD HQHUJ­D WH PXHVWUHQ TXH KDV
4X©SXHGHVKDFHUHVWHPHV" ORJUDGRWXPHWD
$TXL©QOHSXHGHVKDEODUDFHUFDGHWXREMHWLYR"7DQWRSDUDWHQHUXQDSR\R $KRUDTX©YDPRVDKDFHUFRQHVWDVFXDWURFDUWDV"(VWDVVRQDOJXQDVGHODV
FRPR SDUD LU FRPHQWDQGR ORV DYDQFHV \ ©[LWRV TXH HVW¡V ORJUDQGR HQ WX RSFLRQHV SHURUHFXHUGDTXHHOºQLFRO­PLWHHVWXLPDJLQDFL³QHLQWXLFL³Q 
FDPLQRKDFLDODPHWDILQDOHVPX\SRVLWLYRWHQHUXQDSHUVRQDGHUHIHUHQFLD
FRQODTXHKDEODUDFHUFDGHHOOR  +D]XQFROODJHHQHOTXHLQFRUSRUHVODVFXDWURFDUWDV
 (OLJHXQDGHODVFXDWURFDUWDV\FRQYL©UWHODHQHOSXQWRFHQWUDOGHXQD
REUDGHDUWH
 (QPDUFDODSULPHUD\RFXDUWDFDUWD3RQHOFXDGURHQXQOXJDUHVSHFLDO
\DVHDHQFDVDRHQWXOXJDUGHWUDEDMR7DPEL©QSXHGHVKDFHUXQPLQL
VDQWXDULR URGHDQGR HO PDUFR FRQ SHTXH±RV REMHWRV TXH VRQ
VLJQLILFDWLYRVSDUDWL
 3RQODSULPHUD\ODFXDUWDFDUWDHQWXHVSHMRGHOED±RRHQWXQHYHUDFRQ
XQLP¡Q
 3HJD XQD R P¡V GH ODV FDUWDV HOHJLGDV HQ HO LQWHULRU GH WX GLDULR
SHUVRQDOHQODSDUWHHQODTXHHVW¡VHVFULELHQGRDFHUFDGHWXREMHWLYR
 3RQ OD SULPHUD R FXDUWD FDUWD GHEDMR GH WX DOPRKDGD \ PDQWHQOD DK­
KDVWDTXHKD\DVDOFDQ]DGRWXPHWD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
0HQVDMHGHVGHDUULED 7UDVIRQGR
7HQHU FRQH[L³Q FRQ DOJR TXH UHSUHVHQWD 7X 3RGHU 6XSHULRU WH YD D
2EMHWLYR SURSRUFLRQDU XQ LQPHQVR DSR\R \ OD VHQVDFL³Q GH FRQIRUW HQ WX YLGD (VWD
(Q HVWH FDS­WXOR HO REMHWLYR HV HVFULELUWH XQD FDUWD D WL PLVPR GHVGH OD LGHD VH EDVD HQ TXH H[LVWH XQD IXHU]D R XQ VHU VXSHULRU D WL PLVPR HQ HO
SHUVSHFWLYDGH7X3RGHU6XSHULRU XQLYHUVR &RPR GLFHQ HQ $OFRK³OLFRV $Q³QLPRV HO 3RGHU 6XSHULRU HV HO
'LRVGHWXFRPSUHQVL³Qߢ3HURWDPEL©QSXHGHVHUFXDOTXLHUWLSRGHHQHUJ­D
GH JUDQ DOFDQFH TXH VH VLHQWDV TXH H[LVWH HQ XQ QLYHO VXSHULRU /R P¡V
LPSRUWDQWHGH7X3RGHU6XSHULRUHVTXHFXDQGROHSUHJXQWHVDFHUFDGHDOJR
WHYDDSURSRUFLRQDUORVUHFXUVRVRODVUHVSXHVWDVSDUDD\XGDUWH DPHQXGRGH
ODVIRUPDVP¡VLQHVSHUDGDV 
(VWH HMHUFLFLR VH EDVD HQ TXH LQWXLWLYDPHQWH Wº R WX VXEFRQVFLHQWH  VDEHV
H[DFWDPHQWHORTXHQHFHVLWDVSDUDVHQWLUWHFXLGDGR\SURWHJLGRSRU7X3RGHU
6XSHULRU

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR &UHDUSRHV­DPH]FODQGR\FRPELQDQGR
(Q HVWD DFWLYLGDG WX PHWD HV HVFULELUWH XQD FDUWD D WL PLVPR OD FXDO YLHQH
GLUHFWDPHQWH GHVGH 7X 3RGHU 6XSHULRU &XDQGR HVW©V SUHSDUDGR W³PDWH XQ 2EMHWLYR
PRPHQWR SDUD DVHQWDU OD LGHD GH TXH WX VXEFRQVFLHQWH VDEH H[DFWDPHQWH OR 9DPRVDFUHDUXQSRHPDFRPELQDQGRLP¡JHQHV\WH[WR
TXHQHFHVLWDVHUHVFULWR\F³PRORWLHQHTXHH[SUHVDU
3HUR SRUIDYRU WHQHQFXHQWD TXHHQ HVWDFDUWD VHD OR TXHVHD ORTXHYDVD
HVFULELUDOPHQRV7X3RGHU6XSHULRUKDU¡ORVLJXLHQWH
&RPXQLFDUHODPRUHODIHFWR\ODFRPSDVL³QTXHVLHQWHSRUWL
2IUHFHUWHVXDSR\RLQFRQGLFLRQDO
5HFRUGDUWHWXVYDORUHVIXQGDPHQWDOHV\WXSURS³VLWRHQODYLGD
5HFRQRFHUORVHVIXHU]RVTXHHVW¡VKDFLHQGRHQWXYLGD
5HDILUPDUWXDXW©QWLFRߡ<Rߢ
'DUWHFRQVHMRDFHUFDGHORTXHDKRUDPLVPRWHSUHRFXSDRWHDWRUPHQWD
5HVSRQGHUDSUHJXQWDVTXHSXHGDVWHQHUDFHUFDGHDOJR
$GHP¡VKDVGHVDEHUTXH7X3RGHU6XSHULRUKDFRQVLGHUDGRRSRUWXQRLQFOXLU
XQDFDUWDGHO7DURWV³ORSDUDWLHQHOVREUH/RTXHHVWDFDUWDUHSUHVHQWDHVXQ
PHQVDMHYLVXDOPX\LPSRUWDQWHSDUDWL
7HQLHQGRHVWRHQPHQWHOHQWDPHQWHFRPLHQ]DWXFDPLQRDWUDY©VGHWXEDUDMD
GHO7DURW&XDQGRKD\DVHQFRQWUDGRHVDFDUWDHVSHFLDOVHS¡UDOD\SRQODDXQ
ODGR
$KRUDWRPDXQVREUH\XQVHOOR\GLULJHODFDUWDDWLPLVPR3RUºOWLPRGDOH
HVWDFDUWDDDOJXLHQFHUFDQRDWL\S­GHOHTXHWHODHQY­HSRUFRUUHRGHQWURGH
XQDVHPDQD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
/DV SDODEUDV SXHGHQ VHU SRGHURVDV \ VDQDGRUDV ([SUHVDUQRV D WUDY©V GH OD (VFRJHGLH]FDUWDVDOD]DU$FRQWLQXDFL³QW³PDWHXQWLHPSRWUDQTXLODPHQWH
SRHV­DSXHGHVHU GLYHUWLGR\ VDWLVIDFWRULR(OGHVDI­R FUHDWLYR GHODHOHFFL³Q FRQ FDGD XQD GH HOODV $QRWD OR TXH WH YHQJD D OD PHQWH DO REVHUYDU OR TXH
GHSDODEUDVVLJQLILFDWLYDVSDUDFUHDUPHW¡IRUDVLP¡JHQHVHVWDGRVGH¡QLPR UHSUHVHQWD OD FDUWD (QWRQFHV FXDQGR WH VLHQWDV LQVSLUDGR HVFULEH SRU FDGD
ULWPRV\HPRFLRQHVQRVREOLJDDKDFHUWUDEDMDUDQXHVWUDLPDJLQDFL³Q FDUWDXQDVRODO­QHDGHWH[WR$FRQWLQXDFL³QRUJDQL]DODVFDUWDVGHO7DURW\
6LDSURYHFKDPRVQXHVWUDFUHDWLYLGDGSDUDHVFULELUSRHV­DHVWRSXHGHGDUQRV HOWH[WRTXHKDVHVFULWRHQXQSRHPDTXHFRQHFWHFRQWLJR&³PRFRORFDUODV
XQD VHQVDFL³Q GH OLEHUWDG FDW¡UWLFD $GHP¡V SXHGH FRQGXFLUQRV D OD FDUWDVGHSHQGHGHWL7HQHQFXHQWDHOLPSDFWRGHODVLP¡JHQHVDV­FRPRGHO
DXWRFRQFLHQFLD\DWHQHUXQDYLVL³QP¡VFXUDWLYD\VDQDGRUD WH[WR3XHGHVDOLQHDUODVFDUWDVHQXQDILODODUJDRGHFXDOTXLHURWUDIRUPDTXH
WHQJDVHQWLGRSDUDWL$V­TXHߨbGLYL©UWHWH\H[SHULPHQWD
([SHULPHQWDQGRFRQODFRPXQLFDFL³QGHVHQWLPLHQWRVHLGHDVSRUPHGLRGHO
YHUVRDPSOLDPRVQXHVWUD]RQDGHFRQIRUW(VWRQRVSHUPLWHVDEHUTXHVRPRV < FXDQGR KD\DV WHUPLQDGR FRQ WX SULPHU SRHPDߨ bSXHGHV FDPELDU ODV
FDSDFHV GH P¡V GH OR TXH SHQV¡EDPRV DQWHULRUPHQWH SRU OR WDQWR QXHVWUD FDUWDVSDUDFUHDURWUDQXHYDSLH]DGHSRHV­DºQLFD
DXWRHVWLPDVHIRUWDOHFH
(VFULELUWXSURSLDSRHV­DSXHGHVHUPX\OLEHUDGRU\DTXHWLHQHVODRSFL³QGH
XWLOL]DUODHVWUXFWXUD\ORVVRQLGRVGHOOHQJXDMHGHIRUPDFRQFUHWDRDEVWUDFWD
FRPRWºGHVHHV
3HURDYHFHVSXHGHVHUGLI­FLOHQFRQWUDUODVSDODEUDVSDUDFUHDUXQSRHPD(Q
HVWDDFWLYLGDGYDVDXVDUODULFDYDULHGDGLPDJLQDWLYDGHODVFDUWDVGHO7DURW
FRPRD\XGDSDUDODFRPSRVLFL³QGHWXSRHPD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
&RQVHMRVGHODUHDOH]D 7UDVIRQGR
&RPR VDEHV OD EDUDMD GHO 7DURW VH GLYLGH HQ ORV DUFDQRV PD\RUHV \
2EMHWLYR PHQRUHV$VXYH]ORVDUFDQRVPHQRUHVVHGLYLGHQHQFXDWURSDORVEDVWRV
(QHVWHDSDUWDGRYDPRVDREWHQHUGLHFLV©LVSXQWRVGHYLVWDGLIHUHQWHVDFHUFD FRSDV HVSDGDV \ RURV (VWRV SDORV LOXVWUDQ GLIHUHQWHV DVSHFWRV GH OD
GHXQSUREOHPD YLGD $GHP¡V FDGD SDOR FRQWLHQH ODV FDUWDV GH OD FRUWH R ߡFDUWDV GH OD
UHDOH]DߢXQSDMHVRWDFDEDOOHURVUHLQDV\UH\HV+DEU¡VSHUFLELGRTXHFDGD
FDUWDGHODFRUWHWLHQHVXSURSLDSHUVRQDOLGDG\VXSURSLDHQHUJ­D
$KRUDELHQ\VLQRVLPDJLQDPRVTXHFDGDFDUWDGHODFRUWHWLHQHWDPEL©QVX
SURSLD YR]" 4X© RFXUULU­D VL SHUPLWLPRV TXH HVWRV FDEDOOHURV \ UH\HV QRV
HQY­HQ XQ PHQVDMH SHUVRQDO" < VL VXSRQHPRV TXH KD\ XQD VDELGXU­D
SURIXQGDTXHVHHQFXHQWUDQGHQWURGHHVWHJUXSRGHFDUWDV"
(QWRQFHVWLHQHVHQWLGRTXHWHQHUDFFHVRDWRGDVHVWDVSHUVSHFWLYDV\SXQWRV
GH YLVWD SXHGD VHU EHQHILFLRVR FXDQGR VH EXVFD FRQVHMR R D\XGD SDUD
GHWHUPLQDGDVFXHVWLRQHV'HVSX©VGHWRGRORP¡VSUREDEOHHVTXHDOPHQRV
XQD GH ODV FDUWDV GH OD FRUWH WHQJD XQD SHUVSHFWLYD VREUH HO SUREOHPD TXH
QRVRWURVPLVPRVDºQQRVHKHPRVFRQVLGHUDGR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR /DKLVWRULDP¡VFRUWD
(QSULPHUOXJDUEXVFDXQOXJDUWUDQTXLOR\DSDFLEOHFRQXQDPELHQWHGRQGH
QDGLH WH PROHVWH \ Wº WH VLHQWDV WRWDOPHQWH F³PRGR \ UHODMDGR $ 2EMHWLYR
FRQWLQXDFL³QVHSDUDWRGDVODVFDUWDVGHODUHDOH]DGHWX7DURW$OLQ©DODV\WHQ 8WLOL]DQGRXQDFDUWDGHO7DURWFRPRIXHQWHGHLQVSLUDFL³QYDPRVDFUHDUXQD
DPDQRWXGLDULRSHUVRQDO KLVWRULDFRUWDTXHFRQVLVWDHQVHLVSDODEUDV
3DUDHPSH]DUHVFULEHHQWXGLDULRODFXHVWL³QSDUDODTXHQHFHVLWDVD\XGD$
FRQWLQXDFL³QSLHQVDVLKD\DOJRTXHSXHGHDSRUWDUWHPD\RUFODULGDGRVLKDV
OOHYDGR WX LQJHQLR KDVWD HO O­PLWH SDUD VROXFLRQDU HO SUREOHPD 7³PDWH WX
WLHPSRSDUDSHGLUD\XGD\FRQVHMRDODVFDUWDVGHODUHDOH]DSRUTXHFDGDXQD
GHHOODVWLHQHXQPHQVDMHHVSHF­ILFRSDUDWL
1RLPSRUWDFRQTX©FDUWDHPSLHFHVVLPSOHPHQWHHVFRJHXQD3RFRDSRFR\
FRQ FXLGDGR REVHUYD OD FDUWD TXH KDV HOHJLGR 9HUEDOPHQWH \D VHD HQ YR]
DOWDRHQWXFDEH]DS­GHOHFRQVHMR$FRQWLQXDFL³QHVFULEHVXUHVSXHVWDHQWX
GLDULRSHUVRQDO'DOHODVJUDFLDV\SDVDDODVLJXLHQWHFDUWD
&XDQGR KD\DV WHUPLQDGR FRQ ODV GLHFLV©LV FDUWDV W³PDWH XQ GHVFDQVR HO
WLHPSRTXHQHFHVLWHV&XDQGRWHUHFXSHUHV\WHVLHQWDVSUHSDUDGRSRUIDYRU
UHJUHVD D WX GLDULR $KRUD HV HO PRPHQWR GH EXVFDU OD VROXFL³Q HQWUH ODV
UHVSXHVWDVTXHWLHQHVDQWHWL2EVHUYDFX¡ORFX¡OHVFRQHFWDQP¡VFRQWLJRWH
UHFRQIRUWDQ \ WH KDFHQ VHQWLU ELHQ )LQDOPHQWH HVW¡V HQ FRQGLFLRQHV GH
HVFULELUHQWXGLDULRF³PRKDFHVIUHQWHDHVWHSUREOHPDRVLWXDFL³QDKRUDTXH
KDVSDVDGRSRUODH[SHULHQFLD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
6HJºQODOH\HQGDKXERXQQRYHOLVWDTXHXQDYH]GHVDIL³(UQHVW+HPLQJZD\ (VFRJH XQD FDUWD GH WX 7DURW \D VHD DO D]DU R LQWHQFLRQDGDPHQWH $
DHVFULELUXQDKLVWRULDFRUWDXWLOL]DQGRV³ORVHLVSDODEUDV FRQWLQXDFL³QFRQODFDUWDFRPRSXQWRGHSDUWLGDSDUDWXHVFULWXUDXWLOL]DVHLV
&X¡OIXHVXUHVSXHVWDOLWHUDO" SDODEUDVSDUDFRQWDUWXKLVWRULD

ߡ)RUVDOH%DE\VKRHVQHYHUZRUQߢ (MHPSORV

(QYHQWD]DSDWRVGHEHE©QXQFDXVDGRV /DFDUWD)XHU]D

$V­ TXH TX© SXHGH VHU FRQVLGHUDGR FRPR KLVWRULD FRUWD SDUD HVWD /DKLVWRULD0LVWHPRUHV"0HMRUGHORHVSHUDGRߢ
DFWLYLGDG"(QTX©VHGLIHUHQFLDGHXQSRHPDRGHXQDYL±HWD"7HQJDPRVHQ /DFDUWD'LH]GH&RSDV
FXHQWDORVHOHPHQWRVW­SLFRVGHFXDOTXLHUFXHQWRHOSURWDJRQLVWDFRQIOLFWRV /DKLVWRULD'HWU¡VGHODVRQULVDXQPRQVWUXRߢ
UHWRV\UHVROXFL³Q3RUVXSXHVWRGHELGRDVXEUHYHGDGYDPRVDGHMDUIXHUD
WRGRVORVGHWDOOHVTXHV³ORSRGU¡QVHULQVLQXDGRV3RUWDQWRFUHDUXQDSLH]D
WDQFRUWDFRQXQLQLFLRSDUWHPHGLD\ILQDO \DVHDLPSO­FLWDRH[SO­FLWDPHQWH
VHU¡HOYHUGDGHURGHVDI­R

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
2SFL³Q 2SFL³Q
(VFRJH XQD FDUWD TXH GHVSLHUWH WX LQVSLUDFL³Q \ FUHD XQD KLVWRULD FRUWD GH (VFRJHXQDFDUWDTXHGHVSLHUWHWXLQVSLUDFL³Q\FUHDXQDKLVWRULDFRUWDGHQR
H[DFWDPHQWHSDODEUDV P¡VGHSDODEUDV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
&RUUHVSRQGHQFLDSHUVRQDO 7UDVIRQGR
(VFULELUXQDFDUWDDQXHVWURߡ<RߢP¡VMRYHQHVXQHMHUFLFLRTXHQRVSHUPLWH
2EMHWLYR YHUODVFRVDVFRQSHUVSHFWLYD\FRQWDUFRQORVFRQRFLPLHQWRVDGTXLULGRVDOR
(OREMHWLYRGHHVWHDSDUWDGRHVSHQVDUHQORTXHUHDOPHQWHHVLPSRUWDQWHHQOD ODUJR GHO WLHPSR 3DUDG³MLFDPHQWH UHIOH[LRQDU VREUH OR TXH QRV KXELHUD
YLGD JXVWDGR KDEHU VDELGR GH M³YHQHV QRV SXHGH D\XGDU D WRPDU GHFLVLRQHV
LPSRUWDQWHVHQHOPRPHQWRDFWXDOGHQXHVWUDYLGD
3RU VXSXHVWR KDEU­D VLGR IDEXORVR KDEHU WHQLGR HVD FDUWD GH QXHVWUR ߡ<Rߢ
IXWXUR FXDQGR ©UDPRV M³YHQHV SHUR SXHVWR TXH QR IXH HO FDVR SRGHPRV
UHFUHDUODH[SHULHQFLDLPDJLQ¡QGRQRVDQRVRWURVPLVPRVPXFKRPD\RUHVHQ
OD FDOPD \ OD VDELGXU­D GH QXHVWUD PDGXUH] R YHMH] HVFULELHQGR XQD FDUWD D
QXHVWURߡ<RߢDFWXDO
2WUD SRGHURVD SHUVSHFWLYD HV FXDQGR QXHVWUR QL±R LQWHULRU WLHQH OD
RSRUWXQLGDGGHHQYLDUXQPHQVDMHDQXHVWURߡ<RߢDFWXDO$PHQXGR\FRPR
\D YLPRV DQWHULRUPHQWH HQ HVWH OLEUR HVH DVSHFWR GH QRVRWURV PLVPRV
QXHVWUR QL±R LQWHULRU WRGDY­D HVW¡ OXFKDQGR FRQ QHFHVLGDGHV QR
VDWLVIHFKDV $O SHUPLWLU OD RSRUWXQLGDG SDUD OD FRPXQLFDFL³Q HQWUH DPERV
QXHVWUR ߡ<Rߢ DFWXDO SXHGH DSUHQGHU F³PR FXLGDU \ SURWHJHU PHMRU DO QL±R
LQWHULRU $GHP¡V VL OR HVFXFKDPRV DWHQWDPHQWH QXHVWUR QL±R LQWHULRU PX\
SUREDEOHPHQWHWHQGU¡LQIRUPDFL³QLPSRUWDQWHTXHQXHVWURߡ<RߢDFWXDOKDU­D
ELHQHQFRQVLGHUDU

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 VLHQWHVFDSD]SRUIDYRULQW©QWDOR
3URFHVR
$KRUDTXHKDVWHUPLQDGRFRQODVOHWUDVUHJUHVDXQDYH]P¡VDWXEDUDMDGHO
9DV D HVFULELU WUHV FDUWDV /D SULPHUD OD HVFULEH WX ߡ<Rߢ DFWXDO D WX DQWLJXR 7DURW $O PLUDU D WUDY©V GH ODV FDUWDV SLHQVD HQ WX YLGD DFWXDO \ HQ OR TXH
ߡ<Rߢ FXDQGR WHQ­DV WUHFH D±RV 7³PDWH WRGR HO WLHPSR TXH QHFHVLWHV SDUD TXLHUHVKDFHUFRQHOOD%DV¡QGRWHHQODH[SHULHQFLDGHKDEHUHVFULWRHVWDVWUHV
UHFRUGDUORTXHHVWDEDVKDFLHQGRHQHVHPRPHQWRGHWXYLGD4XL]¡WHD\XGH FDUWDV HOLJH XQD FDUWD GHO 7DURW TXH SRGU­D VHUYLUWH FRPR JX­D D G­D GH
HQFRQWUDUXQDIRWRJUDI­DGHWLPLVPRGHSRUDTXHOHQWRQFHV4X©FRQVHMRVR KR\8QDYH]TXHODKD\DVHOHJLGRSRUIDYRUH[SOLFDHQWXGLDULRSHUVRQDOODV
UHFRPHQGDFLRQHV OH GDU­DV" 6REUH TX© WH JXVWDU­D GHFLUOH TXH SUHVWDVH P¡V UD]RQHVSRUODVTXHORKDVKHFKR
DWHQFL³Q R TXH OH GHGLFDUD P¡V WLHPSR" (VFULEH OR TXH WH VDOJD GH GHQWUR
LQWXLWLYDPHQWH(VWRQRHVDOJRTXHWHQJDVTXHFRPSDUWLUFRQQDGLHP¡V
8QD YH] TXH KD\DV WHUPLQDGR FRQ WX FDUWD W³PDWH XQ PRPHQWR \ FRJH WX
EDUDMD GHO 7DURW 3RFR D SRFR SDVD OD PDQR SRU HOOD (OLJH XQD FDUWD GH OD
EDUDMD TXH DGMXQWDU¡V D WX FDUWD HVFULWD SRUTXH VH VLHQWHV TXH VHU¡ ºWLO D WX
ߡ<RߢP¡VMRYHQ([SOLFDHQXQDSRVGDWDHQWXFDUWDSRUTX©HOHJLVWHHVDFDUWD
GHO7DURW
3DUDHVFULELUWXVHJXQGDFDUWDSRUIDYRULPDJLQDTXHHUHVYHLQWHD±RVPD\RU
GH OR TXH HUHV KR\ HQ G­D $KRUD YDV D HVFULELU XQD FDUWD GH HVD SHUVRQD
YHLQWHD±RVPD\RUDWXߡ<RߢDFWXDO8VDQGRWXLPDJLQDFL³QSDUDFRQVLGHUDU
OR TXH WX ߡ<Rߢ P¡V PD\RU PDGXUR \ H[SHULPHQWDGR TXLHUH FRPSDUWLU
FRQWLJR 3LHQVD HQ OR TXH SRGU­D VHU WX SXQWR GH YLVWD VREUH PXFKDV GH ODV
FRVDV TXH DKRUD WH SUHRFXSDQ \ SLHQVD WDPEL©Q OR TXH VHU­D GH D\XGD
DSUHQGHUSDUDWXߡ<RߢDFWXDO
8QDYH]P¡VFXDQGRKD\DVWHUPLQDGRGHHVFULELUWXFDUWDHOLJHODFDUWDGHO
7DURW TXH WX ߡ<Rߢ PDGXUR GHO IXWXUR KD GHFLGLGR LQFOXLU HQ OD FDUWD TXH KD
HVFULWR([SOLFDHQXQDSRVGDWDSRUTX©VHOHFFLRQDVWHHQSDUWLFXODUHVDFDUWD
GHO7DURW\WHODHVW¡VHQYLDQGR
3DUD WX WHUFHUD FDUWD YDV D WRPDU OD SHUVSHFWLYD GH WX ߡ<Rߢ FXDQGR WHQ­DV
RFKR D±RV 0H JXVWDU­D TXH HVFULELHUDV HVWD FDUWD FRQ XQ O¡SL] GH FRORU
XVDQGRWXPDQRQRGRPLQDQWH6LLQWXLWLYDPHQWHVDEHVTXHLQWHQWDUDFFHGHUD
HVWD SDUWH GH WL PLVPR YD D VHU GHPDVLDGR GRORURVR R WUDXP¡WLFR HQWRQFHV
SRU IDYRU DEVWHQWH GH HVWD SDUWH GHO HMHUFLFLR R VL HVW¡V GHFLGLGR D KDFHUOR
KD]OREDMRODVXSHUYLVL³QGHXQSURIHVLRQDOGHODVDOXGPHQWDO6LILQDOPHQWH
HVFULEHVHVWDFDUWDWHQGU¡VODSHUVSHFWLYDGHWXߡ<RߢFRQRFKRD±RVGHHGDG
\ DO LJXDO TXH HQ ODV GRV FDUWDV DQWHULRUHV  LQFOXLU¡V XQD FDUWD GHO 7DURW HQ
HOOD 1R WLHQHV TXH H[SOLFDU HQ WX FDUWD SRU TX© OD KDV HOHJLGR SHUR VL WH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
)URQWHUDVRO­PLWHVSHUVRQDOHV 7UDVIRQGR
(QJHQHUDOߡO­PLWHߢVHUHILHUHDODO­QHDGLYLVRULDTXHPDUFDODVIURQWHUDVGH
2EMHWLYR XQ¡UHD3HURKD\RWUDVGLPHQVLRQHVGHHVWDSDODEUDFRPRORVO­PLWHVTXH
1XHVWUR REMHWLYR HQ HVWH FDS­WXOR HV LGHQWLILFDU WXV IURQWHUDV R O­PLWHV PDUFDQ HO OXJDU GRQGH HO HVSDFLR GH XQD SHUVRQD WHUPLQD \ FRPLHQ]D HO GH
SHUVRQDOHV\HQWHQGHUSRUTX©HVLPSRUWDQWHFRQRFHUORVELHQ RWUD (Q XQ VHQWLGR I­VLFR XQ O­PLWH VDOXGDEOH HV HO HVSDFLR DOUHGHGRU GH WL
PLVPR TXH WH SURSRUFLRQD XQD VHQVDFL³Q GH VHJXULGDG \
SURWHFFL³Q 3VLFRO³JLFDPHQWH ORV O­PLWHV SHUVRQDOHV VRQ ODV QRUPDV
GLUHFWULFHV \ IURQWHUDV TXH FDGD XQR GH QRVRWURV HVWDEOHFHPRV SDUD
SURWHJHUQRV GH VHU PDQLSXODGRV R H[SORWDGRV SRU RWURV (VWRV O­PLWHV QRV
SURSRUFLRQDQ XQ VHQWLGR GH ORV WLSRV GH FRPSRUWDPLHQWR TXH YDPRV R QR
YDPRVDWROHUDUSRUSDUWHGHRWUDVSHUVRQDV<HVWRVO­PLWHVTXHWºWLHQHVDVX
YH] YDQ D GHWHUPLQDU HO PRGR HQ HO TXH Wº YDV D UHVSRQGHU D ORV GHP¡V
FXDQGRORVVREUHSDVDQ
8QRV O­PLWHV IXHUWHV HVWDEOHV \ ELHQ GHILQLGRV WH SRVLELOLWDQ HOHJLU
GHOLEHUDGDPHQWH OR TXH YDV D SHUPLWLU \ OR TXH QR HQ WX HVSDFLR
SHUVRQDO (VWDV QRUPDV VRQ LPSRUWDQWHV SRUTXH WH GDQ XQD LGHD FODUD GH OR
TXHHUHV\UHIXHU]DQHOKHFKRGHTXHWºHUHVXQLQGLYLGXRLQGHSHQGLHQWHGH
WRGRVORVGHP¡V
$WUDY©VGHQXHVWUDVDFFLRQHV\FRPSRUWDPLHQWRFRPXQLFDPRVDORVGHP¡V
FX¡OHVVRQQXHVWURVO­PLWHV\VL©VWRVVRQIXHUWHVRG©ELOHV/RLGHDOHVTXH
ORVGHP¡VUHVSHWHQQXHVWURVO­PLWHVVLHPSUH\FXDQGRQRVRWURVKD\DPRVVLGR
FDSDFHVGHFRPXQLFDUOHVFODUDPHQWHG³QGHVHVLWºDQ
3XHGHV HVWDU SUHJXQW¡QGRWH HQ HVWH PRPHQWR F³PR VH KHPRV FUHDGR R
GHILQLGR FDGD XQR QXHVWUDV IURQWHUDV R O­PLWHV SHUVRQDOHV 3RU OR JHQHUDO VH
HVWDEOHFHQWHPSUDQRHQQXHVWUDVYLGDV/RVO­PLWHVVHGHVDUUROODQDSDUWLUGH
XQD PH]FOD GH H[SHULHQFLDV SHUVRQDOHV \ GHO FRQGLFLRQDPLHQWR VRFLDO ORV
FXDOHV FRQGXFHQ D OD IRUPDFL³Q GH FUHHQFLDV VREUH QRVRWURV PLVPRV \ HO
OXJDUTXHRFXSDPRVHQHOPXQGR
$ YHFHV HQ QXHVWUD QL±H] VRPRV FULDGRV SRU SHUVRQDV QXHVWURV SDGUHV R
QXHVWURV FXLGDGRUHV  TXH QR UHVSHWDQ QXHVWUDV IURQWHUDV &RQWLQXDV
YLRODFLRQHVGHODLQWHJULGDGSHUVRQDO WDOHVFRPRDEXVRVRQHJOLJHQFLDV GDQ
OXJDU D O­PLWHV ERUURVRV R G©ELOHV GHVGH QXHVWUD QL±H] (VWR FRQGXFH XQ
LQHVWDEOHRPHUPDGRVHQWLGRGHLGHQWLGDGSRUTXHKHPRVߡDSUHQGLGRߢDFUHHU
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
TXH QXHVWUDV QHFHVLGDGHV QR VRQ OR VXILFLHQWHPHQWH LPSRUWDQWHV FRPR SDUD /RV O­PLWHV HVW¡Q UHODFLRQDGRV FRQ QXHVWUDV QHFHVLGDGHV \ FRQ HO KHFKR GH
VHU WHQLGDV HQ FXHQWD 7HQHPRV GLILFXOWDGHV SDUD H[SUHVDU QXHVWURV VDEHU UHVROYHUODV SRU QRVRWURV PLVPRV (V UHYHODGRU TXH OD SDODEUD
VHQWLPLHQWRV SRUTXH HVWDPRV YLYLHQGR HQ XQ HQWRUQR HQ HO TXH QR VH QHFHVLGDGTXHSURYLHQHGHOVXVWDQWLYRQLHGGHOVDM³QRFFLGHQWDOVLJQLILFD
UHVSHWDQ /­PLWHV G©ELOHV KDFHQ TXH VHD GLI­FLO PDQWHQHUQRV HQ SLH SRU FRPSXOVL³Q GHEHU 7DPEL©Q VH UHODFLRQD FRQ OD SDODEUD FKHFD Q\WL TXH
QRVRWURV PLVPRV FRPR DGXOWRV \ D PHQXGR HVWRV DGXOWRV VH FRQYLHUWHQ HQ VLJQLILFDODQJXLGHFHU8QDQHFHVLGDG\DVHDI­VLFDRHPRFLRQDOHVDOJRTXH
SHUVRQDV TXH TXLHUHQ DJUDGDU D ORV GHP¡V R TXH GHVDUUROODQ UHODFLRQHV GH HVQHFHVDULRVDWLVIDFHUSDUDHOELHQHVWDUGHXQDSHUVRQD&XDQGRVHFXEUHXQD
FRGHSHQGHQFLDFRQRWUDVSHUVRQDV QHFHVLGDG QRV VHQWLPRV VDQRV \ VDWLVIHFKRV 1HFHVLGDGHV LQVDWLVIHFKDV QRV
3RU RWUD SDUWH D YHFHV HV QHFHVDULD OD FRQVWUXFFL³Q GH HOHYDGRV PXURV GHMDQ FRQ PDOD VHQVDFL³Q IUXVWUDFL³Q \ UHVHQWLPLHQWR OR FXDO QR HV EXHQR
DOUHGHGRUGHQRVRWURVSDUDSURWHJHUQRV6LFXDQGR©UDPRVQL±RVVHQWLPRVTXH SDUDQXHVWUDVDOXG
WHQ­DPRVTXHSURWHJHUQRVGHORVDEXVRVDWRGDFRVWDHQWRQFHVSXGLPRVKDEHU &RPRVHUHVKXPDQRVWRGRVFRPSDUWLPRVODVQHFHVLGDGHVYLWDOHVGHODLUHHO
GHVDUUROODGRXQVLVWHPDGHGHIHQVDTXHHUDKHUP©WLFR\VHJXUR\TXHWRGDY­D DJXD\ORVDOLPHQWRV6LQHPEDUJRHQFXDQWRDODVQHFHVLGDGHVHPRFLRQDOHV
FRQWLQºDHQQXHVWUDYLGDFRPRDGXOWRV8QDSHUVRQDFRQIURQWHUDVU­JLGDVVH D YHFHV ODV SHUFLELPRV GH XQD IRUPD P¡V IXHUWH \ RWUDV YHFHV SDVDQ P¡V
D­VOD GH RWUDV SHUVRQDV WDQWR I­VLFD FRPR HPRFLRQDOPHQWH (VWH WLSR GH GHVDSHUFLELGDV \D TXH FDGD SHUVRQD HV ºQLFD 6LQ HPEDUJR HQ GLVWLQWRV
GHIHQVDSV­TXLFDQRVSHUPLWHQRLQYROXFUDUQRVFRQORVGHP¡VSRUTXHWHQHPRV JUDGRVODPD\RU­DGHQRVRWURVWHQHPRVODQHFHVLGDGGHVHQWLUQRV
PLHGR GH TXH QRV KDJDQ GD±R SHUR WDPEL©Q SXHGH FRQGXFLU DO DLVODPLHQWR 6HJXURV\DVDOYR
WDQWRGHXQRPLVPR\FRPRFRQORVGHP¡V  &RQHFWDGRVFRQORVGHP¡V
/D VLWXDFL³Q LGHDO HV TXH HQ QXHVWUD QL±H] KXEL©UDPRV VLGR FDSDFHV GH $FHSWDGRV
GHVDUUROODUO­PLWHVIOH[LEOHVORVFXDOHVSRGHPRVVXDYL]DURHQGXUHFHUVHJºQ &RQODVFRVDVEDMRFRQWURO
VHDQHFHVDULRGHSHQGLHQGRGHFDGDVLWXDFL³Q(VWDHVODRSFL³QLGHDO\P¡V $PDGRV
VDOXGDEOH FXDQGR KDEODPRV GH ORV O­PLWHV SHUVRQDOHV SRUTXH VLJQLILFD TXH &RQXQDYLGDOOHQDGHVHQWLGR\VLJQLILFDGR
WHQHPRV XQD LGHQWLGDG IXHUWH VDEHPRV OR TXH VRPRV \ FUHHPRV TXH ORV &RPRKHPHQFLRQDGRDQWHULRUPHQWHQXHVWURVO­PLWHVHQJHQHUDOVHFUHDURQ
GHP¡V QRV GHEHQ WUDWDU FRQ UHVSHWR 7DPEL©Q HVWDPRV IDPLOLDUL]DGRV FRQ RULJLQDOPHQWHHQUHVSXHVWDDODVQHFHVLGDGHVTXHQRIXHURQFXELHUWDVFXDQGR
QXHVWUDV IURQWHUDV \ QR WHQHPRV GLILFXOWDG SDUD GHFLU QR FXDQGR VHD ©UDPRV QL±RV 'HELGR D TXH QR VH DWHQGLHURQ HVWDV QHFHVLGDGHV FRQWLQºDQ
QHFHVDULR SUHVHQWHVGXUDQWHWRGDQXHVWUDYLGD
3DUDUHIOH[LRQDUVREUHWXVSURSLRVO­PLWHVUHVSRQGHDODVVLJXLHQWHVSUHJXQWDV 3DUD VHU P¡V FRQVFLHQWH GH WXV SURSLDV QHFHVLGDGHV HQ WX HGDG DGXOWD SRU
HQWXGLDULRSHUVRQDO IDYRUWUDEDMDHVWDVSUHJXQWDVHQWXGLDULRSHUVRQDO
$OJXQD YH] LJQRUDV WXV SURSLRV YDORUHV R FUHHQFLDV FRQ HO ILQ GH
4X©HVORTXHQHFHVLWDVWHFRPRQL±RGHWXVSDGUHV\RFXLGDGRUHVTXH
FRPSODFHUDORVGHP¡V" QRUHFLELVWH"
/HSHUPLWHVDRWUDVSHUVRQDVGHILQLUTXL©QHUHVWº"
&UHDXQDIDQWDV­DHQODFXDOWXYLVWHODFULDQ]DSHUIHFWDSRUSDUWHGHWXV
'HSHQGHVGHRWURVSDUDVDWLVIDFHUWXVQHFHVLGDGHV"
SDGUHV4X©WHGLHURQ"4X©WHGLMHURQ"
7HVLHQWHVFXOSDEOHFXDQGRGLFHV1RDRWUDSHUVRQD" 3XHGHV DFHSWDU TXH WLHQHV QHFHVLGDGHV VLQ VHQWLUWH HJR­VWD" 6L QR HV
7H VLHQWHV PDO GH KDEODU VLQ UHVHUYDV FXDQGR VH WH WUDWD PDO R
DV­TX©HVDTXHOORTXHWHORLPSLGH"GHTXL©QORDSUHQGLVWH"
LQMXVWDPHQWHRQRHVW¡VGHDFXHUGRFRQDOJXLHQ"
3LHQVD HQ ODV VLJXLHQWHV DILUPDFLRQHV \ VL HUHV FDSD] GH DVLPLODUODV \
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
GHVDUUROODUODVFRPRXQQL±R
3URFHVR
7HQJRGHUHFKRDPLVSURSLDVRSLQLRQHV
7HQJRHOGHUHFKRGHVHQWLUPHVHJXUR 7RPDWXEDUDMDGHO7DURW\EXVFDORVLJXLHQWH
7HQJRHOGHUHFKRDVHU\RPLVPR 8QD FDUWD TXH SDUD WL UHSUHVHQWH D XQD SHUVRQD FRQ XQRV O­PLWHV
7HQJRGHUHFKRDSHGLUORTXHQHFHVLWR ERUURVRVRG©ELOHV
7HQJRHOGHUHFKRDFRPHWHUHUURUHV 8QDFDUWDTXHSDUDWLVHDXQHMHPSORGHXQDSHUVRQDFRQXQRVO­PLWHV
7HQJRHOGHUHFKRDVHUGLJQRGHDPRU U­JLGRV
6L D G­D GH KR\ SXGLHUDV FUHDU WX SURSLD ߡFDUWD GH GHUHFKRVߢ HQ TX© (Q WX GLDULR SHUVRQDO SRU IDYRU HQXPHUD ODV YHQWDMDV VL FUHHV TXH KD\
FRQVLVWLU­D" 9DPRV D YHU VL SXHGHV HPSH]DU FRQ HVWD OLVWD HQ WX GLDULR DOJXQD GH WHQHU O­PLWHV G©ELOHV $ FRQWLQXDFL³Q HQXPHUD ODV
SHUVRQDO GHVYHQWDMDV'HVSX©VKD]ORPLVPRSDUDORVO­PLWHVU­JLGRV
3RUºOWLPRREVHUYDWXEDUDMDGHO7DURWXQDYH]P¡V\PLUDDYHUVLSXHGHV
HQFRQWUDUXQDFDUWDTXHUHSUHVHQWHDXQDSHUVRQDFRQXQRVO­PLWHVVDOXGDEOHV
\IOH[LEOHV4X©KD\HQHVWDFDUWDTXHFRQHFWHFRQWLJR"
$KRUD GHEHU­DV WHQHU WUHV FDUWDV SRU IDYRU W³PDWH XQ PRPHQWR P¡V SDUD
HVWXGLDUFDGDXQDGHHOODVDQWHVGHGHYROYHUODVDWXEDUDMD
(V HO PRPHQWR SDUD UHIOH[LRQDU VREUH HO HVWDGR DFWXDO GH VXV SURSLRV
O­PLWHV6RQG©ELOHVU­JLGRVRIOH[LEOHV"3DVDODPDQRSRUWXEDUDMDGHO7DURW
\HOLJHXQDFDUWDTXHUHSUHVHQWHWX\RDFWXDOHQW©UPLQRVGHWXVO­PLWHV(VWD
FDUWD QR WLHQH SRU TX© FRQWHQHU QHFHVDULDPHQWH OD LPDJHQ GH XQD
SHUVRQD&XDOTXLHULPDJHQHVW¡ELHQVLHPSUH\FXDQGRVLHQWDVTXHWLHQHVXQD
FRQH[L³QFRQHOOD
7DOYH]ODFDUWDTXHKDVHOHJLGRPXHVWUDXQRVO­PLWHVTXHQRVRQORVLGHDOHV
SDUDWL6LHVHHVHOFDVRSRUIDYRUSDVDODPDQRSRUEDUDMD\HOLJHXQDFDUWD
GHO 7DURW FX\D HQHUJ­D SXHGH D\XGDUWH HQ OD FUHDFL³Q \ PDQWHQLPLHQWR GH
XQRV O­PLWHV VDOXGDEOHV $ FRQWLQXDFL³Q XQD YH] TXH KD\DV KHFKR HVWR
UHSDVD WX EDUDMD GHO 7DURW GH QXHYR \ HVFRJH XQD FDUWD TXH UHSUHVHQWH XQD
YHUVL³Q GH WX ߡ<Rߢ IXWXUR TXH SRVHH XQRV O­PLWHV TXH KDFHQ TXH WH VLHQWDV
ELHQ
7X WDUHD ILQDO FRQVLVWH HQ GHFLGLU TX© KDFHU FRQ ODV FDUWDV TXH KDV
HOHJLGR'HMDTXHWHJX­HWXLQWXLFL³QDFHUFDGHF³PRXWLOL]DUODVFDUWDVTXH
KDVHOHJLGRSDUDUHFRUGDUWHODLPSRUWDQFLDGHWHQHUXQRVO­PLWHVIXHUWHVSHUR
IOH[LEOHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 &RUUHRHQHOEX]³Q
2EMHWLYR
(QHVWHDSDUWDGRQXHVWURREMHWLYRHVFRQVHJXLUDOJRTXHQHFHVLWDV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
,QGHSHQGLHQWHPHQWH GH OR TXH HVW¡ SDVDQGR FRQ QXHVWUDV YLGDV HQ JHQHUDO &RJHXQVREUHGHFRUUHRV\HVFULEHWXGLUHFFL³QSRVWDO(VWHVREUHFRQWHQGU¡
KD\DOJRDORTXHHVWDPRVKDFLHQGRFDVRRPLVRVDELHQGRHQORSURIXQGRGH XQD ºQLFD FDUWD GHO 7DURW TXH HVW¡ GHVWLQDGD HVSHF­ILFDPHQWH SDUD WL 3RU
QXHVWURV FRUD]RQHV TXH GHEHPRV SUHVWDUOH DWHQFL³Q (VWH HMHUFLFLR FRQHFWD WDQWR TX© FDUWD VHU¡" 3RFR D SRFR UHSDVD WX EDUDMD GHO 7DURW KDVWD TXH
FRQQXHVWURODGRLQWXLWLYRGHWDOIRUPDTXHSRGHPRVOOHJDUDGHVFXEULUTX© HQFXHQWUHVODFDUWDTXHWLHQHTXHLUGHQWURGHHVWHVREUH8QDYH]TXHODKD\DV
HVHVRTXHQRVIDOWD HQFRQWUDGRLQWURGºFHODHQHOVREUH\SRQOHXQVHOOR
$KRUD UHVSLUD SURIXQGDPHQWH &RORFD HO VREUH IUHQWH D WL ,PDJLQD TXH DO
DEULU KR\ HO EX]³Q HVWD FDUWD HVWDED DOO­ 0PPP,QWHUHVDQWH 4XL©Q WH
KDEU¡HQYLDGRHVWDFDUWD"1RLPSRUWD(OHOKHFKRHVTXHHVW¡DK­GHODQWHWL
&XDQGRHVW©VOLVWRDEUHHOVREUH2EVHUYDTXHºQLFDPHQWHFRQWLHQHXQDFDUWD
GHO 7DURW $ PHGLGD TXH HVWXGLHV FRQ FXLGDGR OD FDUWD SUHVWD DWHQFL³Q D OR
TXHHVW¡VVLQWLHQGR/DºQLFDPLVL³QGHHVWDFDUWDHVFRPXQLFDUWHXQPHQVDMH
TXHYDGLULJLGRVRODPHQWHDWLTX©SRGU¡VHU"
$KRUD WRPD WX GLDULR SHUVRQDO $QRWD SRU TX© FUHHV TXH HVWD FDUWD WH IXH
HQYLDGD SRU FRUUHR 4X© VLJQLILFDGR HVSHFLDO WLHQH TXH D GLIHUHQFLD GH ODV
UHVWDQWHV  FDUWDV IXH HOHJLGD V³OR SDUD WL &X¡O HV HO PHQVDMH TXH HVW¡
WUDWDQGRGHFRPXQLFDUWH"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
2SFL³Q /HFFLRQHVGHYLGD
3RQXQVHOORHQHOVREUH\HQY­DWHODFDUWDDWLPLVPR$FRQWLQXDFL³QSRGU¡V
KDFHUHOPLVPRWUDEDMRHQWXGLDULRSHUVRQDOFXDQGRODUHFLEDV 2EMHWLYR
(O REMHWLYR GH HVWH FDS­WXOR HV WHQHU HQ FXHQWD ODV VLHWH OHFFLRQHV P¡V
LPSRUWDQWHVTXHKDVDSUHQGLGRHQWXYLGD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR
7RGRVQRVRWURVDSUHQGHPRVDPHQXGRSRUHOFDPLQRP¡VGXUROHFFLRQHVGH
YLGD'HKHFKRHQVD\R\HUURUSXHGHQVHUORVPDHVWURVP¡VHILFDFHV
3RUIDYRUOHHHVWHSRHPDGH0D\D$QJHORX
+HDSUHQGLGRTXHQRLPSRUWDORTXHSDVHRORPDORTXHSDUHFHKR\ODYLGD
VLJXHDGHODQWH\VHU¡PHMRUPD±DQD
+HDSUHQGLGRTXHVHSXHGHGHFLUPXFKRDFHUFDGHXQDSHUVRQDSRUODIRUPD
HQTXHPDQHMDHVWDVWUHVFRVDVXQG­DOOXYLRVRHOHTXLSDMHSHUGLGR\HVWDU
HQUHGDGRHQODVOXFHVGHO¡UEROGH1DYLGDG
+HDSUHQGLGRTXHLQGHSHQGLHQWHPHQWHGHODUHODFL³QFRQWXVSDGUHVORVYDV
DH[WUD±DUFXDQGRVHKD\DQLGRGHWXYLGD
+HDSUHQGLGRTXHJDQDUVHODYLGDQRHVORPLVPRTXHKDFHUXQDYLGD
+HDSUHQGLGRTXHDYHFHVODYLGDWHGDXQDVHJXQGDRSRUWXQLGDG
+H DSUHQGLGR TXH QR GHEH LU XQR SRU OD YLGD FRQ XQ JXDQWH GH EHLVERO HQ
DPEDVPDQRVQHFHVLWDPRVVHUFDSDFHVGHDUURMDUDOJRDFDPELR
+HDSUHQGLGRTXHFXDQGRGHFLGRDOJRFRQHOFRUD]³QDELHUWRSRUORJHQHUDO
KHWRPDGRODGHFLVL³QFRUUHFWD
+HDSUHQGLGRTXHDXQFXDQGRVLHQWRGRORUQRVLHPSUHGHEHWUDWDUVHV³ORGH
P­
+HDSUHQGLGRTXHFDGDG­DGHEHPRVOOHJDU\WRFDUDDOJXLHQ/DJHQWHDPD
XQ F¡OLGR DEUD]R R VLPSOHPHQWH XQD SDOPDGD DPLVWRVD HQ OD HVSDOGD
SRUTXH KDFHU VXIULU D RWURV TX© JDQDPRV FRQ HVR -XVWLILFDU QXHVWUD
VXSHUYLYHQFLDKDFLHQGRGD±RFRQVWDQWHPHQWHQXQFDSXHGHWUDHUIHOLFLGDG2
DFDVR HV FRPSOHWDPHQWH IHOL] DTXHO TXH KD WHQLGR TXH PDWDU D
VX DWDFDQWH SDUD VHJXLU YLYLHQGR (V IHOL] DTXHO TXH DUULHVJ³ VX YLGD SRU
DOJXLHQ\VXSRWHQGHUODPDQRHQHOPRPHQWRRSRUWXQR
+HDSUHQGLGRTXHDºQWHQJRPXFKRTXHDSUHQGHU
+HDSUHQGLGRTXHODJHQWHROYLGDORTXHGLMLVWH\TXHODJHQWHROYLGDORTXH
KLFLVWHSHURODJHQWHQXQFDROYLGDF³PRORVKLFLVWHVHQWLU

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR /DYLGDHVߨ
(QWXGLDULRSHUVRQDOSRUIDYRUDQRWDVLHWHGHODVOHFFLRQHVP¡VLPSRUWDQWHV
TXHKDVDSUHQGLGRHQWXYLGD&X¡OHVVRQ"&³PRODVDSUHQGLVWH"3RUTX© 2EMHWLYR
VRQLPSRUWDQWHV" 1XHVWURREMHWLYRHQHVWHDSDUWDGRHVH[SORUDUHOVLJQLILFDGRGHODYLGDDWUDY©V
$ FRQWLQXDFL³Q UHSDVD OHQWDPHQWH WX EDUDMD GHO 7DURW \ HOLJH XQD FDUWD TXH GHODPHW¡IRUD\HOV­PLO
UHSUHVHQWHDFDGDXQDGHHOODV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 $QG\5RRQH\
7UDVIRQGR

8QDPHW¡IRUDRV­PLOHVXQDILJXUDGHOOHQJXDMHFRQODTXHVHFRPSDUDQGRV
/D YLGD HV FRPR XQD PRQHGD 3XHGHV JDVWDUOD GRQGH TXLHUDV SHUR VROR OD
FRVDV GLIHUHQWHV HQ DSDULHQFLD SHUR TXH HQ UHDOLGDG WLHQHQ DOJR HQ
SXHGHVJDVWDUXQDYH]
FRPºQ(OH[DPHQIXHXQUHJDORߢ HOH[DPHQUHVXOW³WDQI¡FLOTXHIXHFRPR
VLWHUHJDODVHQODQRWD  /LOOLDQ'LFNVRQ
$O FRPSDUDU GRV FRVDV XQ V­PLO XWLOL]D ORV DGYHUELRV ߡFRPRߢ R ߡWDQߢ SDUD 
LQWURGXFLUODFRPSDUDFL³Qߡ'XUPL³WDQSO¡FLGDPHQWHFRPRXQEHE©ߢ /DYLGDHVFRPRXQDFDMDGHERPERQHV1XQFDVDEHVORTXHWHYDDWRFDU
(VWD DFWLYLGDG VH EDVD HQ OD YLGD \ OD IRUPD HQ TXH /DPDGUHGH)RUUHVW*XPS
FRQFHSWXDOL]DPRV &LHUWDPHQWH ODV H[SHULHQFLDV TXH WHQHPRV HQ OD YLGD
LQIOX\HQ HQ OD IRUPD HQ TXH YHPRV HO PXQGR TXH QRV URGHD 8QD IRUPD GH 
GDU VHQWLGR D OD YLGD HV GHVFULELUOD XWLOL]DQGR OD PHW¡IRUD \ HO V­PLO 3RU &³PRYHVODYLGD"&³PRHVSDUDWL"&X¡OSRGU­DVHUWXPHW¡IRUDRV­PLO
HMHPSOR DOJXQDVSHUVRQDVYHQOD YLGD FRPRXQDILHVWDR XQEDLOH2WURVOD SDUDODYLGD"
YHQ FRPR XQD EDWDOOD R XQD OXFKD )LQDOPHQWH RWURV FUHHQ TXH OD YLGD HV
3RUIDYRUFRPSOHWDODVVLJXLHQWHVIUDVHVHQWXGLDULR
FRPRXQYLDMHRLQFOXVRXQMXHJRGHQL±RV
 /DYLGDHV

 /DYLGDHVFRPR
&RQVLGHUDODVVLJXLHQWHVFLWDV
 &XDQGRHUDQL±RPLYLGDHUD
/DYLGDHVXQJUDQOLHQ]RVREUHHOTXHKD\TXHDUURMDUWRGDODSLQWXUDTXHVH  &XDQGRHUDQL±RPLYLGDHUDFRPR
SXHGD  $FWXDOPHQWHPLYLGDHVFRPRߨSRUTXH
'DQQ\.D\H  $FWXDOPHQWHPLYLGDHVFRPRXQߨSRUTXH
 (QHOIXWXURPHJXVWDU­DTXHPLYLGDIXHUDFRPRߨ

/DYLGDHVHODUWHGHGLEXMDUVLQXQDJRPDGHERUUDU
-RKQ*DUGQHU

/DYLGDRHVXQDDYHQWXUDDWUHYLGDRQRHVQDGD
+HOHQ.HOOHU

+HDSUHQGLGRTXHODYLGDHVFRPRXQUROORGHSDSHOKLJL©QLFR&XDQWRP¡V
QRVDFHUFDPRVDOILQDOP¡VU¡SLGRVHYD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR (OSXHQWH
4X© RSLQDV DFHUFD GH WXV UHVSXHVWDV" 6RQ ºWLOHV" $OJXQD WH
VRUSUHQGH"+D\DºQP¡VPHW¡IRUDVRV­PLOHVTXHSRGU­DVFRQVLGHUDU" 2EMHWLYR
(QWRQFHVEDUDMDWXVFDUWDVGHO7DURW\SRUIDYRUHOLJHXQDFDUWDSDUDFDGDXQD 1XHVWURREMHWLYRHVHQFRQWUDUXQDFDUWDGHO7DURWTXHSXHGDWUDHUWHDOLQVWDQWH
GHODVVLHWHIUDVHVGHWXGLDULR GH YXHOWD DO SUHVHQWH FXDQGR WX PHQWH HPSLHFH D SHUGHUVH HQ HO SDVDGR R D
SUHRFXSDUVHSRUHOIXWXUR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
$ YHFHV HV I¡FLO GLVWUDHUQRV \ SHUGHU HO VHQWLGR GH HVWDU HQ HO 3DVDODPDQRSRUWXEDUDMDGHO7DURW\HOLJHXQDFDUWDTXHWHYDDUHFRUGDUTXH
SUHVHQWH3RGHPRVGDUOHYXHOWDVDOSDVDGRUHFRUGDQGRYLHMDVKLVWRULDVXQD\ GHEHV PDQWHQHU OD FRQFHQWUDFL³Q HQ OR TXH HVW¡V KDFLHQGR HQ HO PRPHQWR
RWUD YH] 2 SRGHPRV YHPRV DWUDSDGRV HQ SUHRFXSDFLRQHV SRU HO IXWXUR SUHVHQWH/DVLP¡JHQHVGHHVWDFDUWDWLHQHQTXHFDSWDUWXDWHQFL³QDOLQVWDQWH
VHQWLPLHQWRVGHLQTXLHWXGDFHUFDGHORTXHSHQVDPRVTXHSRGU­DVXFHGHUQRVD DOHMDQGRWXPHQWHGHOSDVDGRRGHOIXWXUR&XDQGRODKD\DVHQFRQWUDGRDQRWD
QRVRWURVRDQXHVWURVVHUHVTXHULGRV3RUWRGRHOORHVºWLOFRQWDUFRQDOJXQD HQWXGLDULRH[DFWDPHQWHTX©HVORTXHWLHQHHVWDFDUWDTXHODFRQYLHUWHHQXQD
KHUUDPLHQWD TXH  QRV WUDLJD GH YXHOWD U¡SLGDPHQWH DO SUHVHQWH (VWD HILFD] DQFOD SDUD WL 4X© VLPEROL]D SDUD WL" &³PR YDV D SHGLUOH TXH
KHUUDPLHQWD QRV SHUPLWH WHQHU QXHVWURV SLHV HQ HO VXHOR HQ HO PRPHQWR UHFXHUGHODLPSRUWDQFLDGHSHUPDQHFHUFRQHFWDGRDORTXHHVW¡VXFHGLHQGRD
DFWXDO UHDO 3RU WDQWR YD D SUHYHQLU TXH QRV SHUGDPRV HQ GLYDJDFLRQHV GH WXDOUHGHGRUHQHVHPRPHQWR"(QUHDOLGDGXQDYH]TXHFRPLHQFHVDXVDUOD
QXHVWUDPHQWH QRWLHQHVTXHREVHUYDUQHFHVDULDPHQWHWXFDUWD$V­TXHSUHJºQWDWH \OXHJR
UHVSRQGHHQWXGLDULR F³PRVHU¡HODFWRGHVLPSOHPHQWHDOWRFDUHVWDFDUWD
WUDHUPHGHYXHOWDDOOXJDUGRQGH\RWHQJRTXHHVWDU"
0DQW©Q HVWD FDUWD FRQWLJR HQ WRGR PRPHQWR \D VHD HQ WX EROVLOOR HQ WX
FDUWHUDRHQWXEROVR3XHVWRTXHWLHQHVFDUWDVGHO7DURWGHGLIHUHQWHVPHGLGDV
SDUDHOHJLUSLHQVDHQTX©WDPD±RGHFDUWDVHU¡HOP¡VFRQYHQLHQWHRFRQFX¡O
WHVLHQWHVP¡VF³PRGRHQWXPDQR
&DGDYH]TXHQRWHVTXHHVW¡VDODGHULYDHQHOSDVDGRRHQHOIXWXUROHMRVGH
GRQGH DFWXDOPHQWH GHEHU­DV HVWDU UHFXHUGD TXH WLHQHV OD FDSDFLGDG GH
SHUPDQHFHU DQFODGR DO SUHVHQWH 6DFD WX FDUWD 3UHVWD DWHQFL³Q D OR TXH
VLHQWHVF³PRODVRVWLHQHVFRQORVGHGRVHQODPDQR2EVHUYDVXWH[WXUDVX
VXDYLGDGVXVERUGHVVXWHPSHUDWXUD(VDVVHQVDFLRQHVI­VLFDV\VXLPDJHQWH
SURSRUFLRQDU¡Q XQ HQIRTXH VDOXGDEOH \ OD SRGHURVD VHQVDFL³Q GH HVWDU
FRQHFWDGRDWLHUUDHQHOSUHVHQWH

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 $UWH\PDQXDOLGDGHV
$WUDY©VGHODUWHSRGHPRVH[SHULPHQWDUHPRFLRQHV\DODYH]H[SUHVDUODV(O
KHFKRGHFUHDUDUWHHVXQDFWRFDUJDGRGHVLPEROLVPR\DOPLVPRWLHPSRHV
XQD DFWLYLGDG WHUDS©XWLFD HQ V­ 3RU WDQWR HO YLDMH GH FUHDU DOJR GH OD QDGD
WDPEL©QHVVDJUDGR\HVWDQLPSRUWDQWHFRPRHOUHVXOWDGRILQDO(OLQVWLQWR\
ORVVHQWLPLHQWRVWHLQVSLUDU¡Q\JXLDU¡QDWUDY©VGHWXSURFHVRFUHDWLYR
$TX­QRVHWUDWDGHVHUXQDUWLVWD RGH FRPSDUDUWHFRQ RWUDVSHUVRQDV 1R
KD\ XQD IRUPD FRUUHFWD R LQFRUUHFWD SDUD KDFHU HVWDV DFWLYLGDGHV TXH WH
YR\ D SURSRQHU 'HVSX©V GH WRGR FDGD XQR GH QRVRWURV VRPRV SHUVRQDV
ºQLFDV&XDQGRILQDOPHQWHOOHJXHVDWXGHVWLQRWHQGU¡VXQDUHSUHVHQWDFL³QGH
DOJR VLJQLILFDWLYR \ SHUVRQDO XQD LQVWDQW¡QHD GH WL PLVPR SRU XQ EUHYH
LQVWDQWHGHWLHPSRH[SUHVDGDDWUDY©VGHWXREUDGHDUWH
$QWHVHPSH]DUFRQFXDOTXLHUDGHHVWDVDFWLYLGDGHV\SUR\HFWRVDUW­VWLFRVSRU
IDYRU DVHJºUDWH GH KDFHU WRGR OR QHFHVDULR SDUD FUHDU XQ HQWRUQR SURSLFLR
SDUDHOSURFHVRFUHDWLYR5HFXHUGDFRPR\DWHFRPHQW©HQODLQWURGXFFL³QGH
HVWHOLEURTXHULWXDOL]DUHOSURFHVRWHD\XGDU¡DSURIXQGL]DUHQODH[SHULHQFLD
&XDQGR KD\DV WHUPLQDGR XQD SLH]D GH DUWH SLHQVD HQ GDUOH XQ W­WXOR \ XQD
IHFKD(VWRWHSHUPLWLU¡WRPDUWHXQWLHPSRSDUDUHIOH[LRQDUHQVLOHQFLRVREUH
OR TXH KDV FUHDGR $O FRQVLGHUDU OR TXH KDV UHDOL]DGR DSUHQGHU¡V PXFKR
VREUH WL PLVPR \ WX PXQGR VXEFRQVFLHQWH 9HU¡V OR TXH KDV VLGR FDSD] GH
PDQLIHVWDU DEULHQGR WX  PHQWH \ GHMDQGR D XQ ODGR WXV SUHMXLFLRV 4X© WH
GLU¡Q WXV REUDV GH DUWH" 4X© WUDWDU¡Q GH FRPXQLFDUWH" 4X© SDODEUDV WH
YHQGU¡QDODPHQWH"4X©VHQWLPLHQWRVDIORUDU¡Q"
6L WUDEDMDV FRQ XQ JUXSR SXHGHV KDFHU TXH ORV PLHPEURV KDEOHQ VREUH HO
SURFHVRFUHDWLYRTXHKD\GHWU¡VGHORTXHKDQKHFKRORTXHUHSUHVHQWD\OR
TXHHVW¡QH[SHULPHQWDQGRDOYHUODREUDWHUPLQDGD2TXL]¡SUHILHUDVTXHORV
SDUWLFLSDQWHV GHO JUXSR JXDUGHQ HVRV VHQWLPLHQWRV \ SHQVDPLHQWRV SDUD V­
PLVPRV
&RPR O­GHU GHO JUXSR HV LPSRUWDQWH HO IRPHQWDU XQ VHQWLGR GH VHJXULGDG \
OLEHUWDG FUHDWLYD SDUD ORV PLHPEURV /R ºOWLPR TXH TXHUHPRV KDFHU FRPR
SURIHVLRQDOHVGHODVDOXGPHQWDOWDQWR VL HVWDPRVFRQGXFLHQGRXQJUXSR GH

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
WUDEDMRFRPRVLHVWDPRVWUDEDMDQGRGHPDQHUDSDUWLFXODUFRQXQSDFLHQWHHV
LQWHUSUHWDURMX]JDUODVREUDVGH DUWH \ODFUHDWLYLGDG GH HVDSHUVRQD(QPL
RSLQL³Q SDUD D\XGDU D XQ SDFLHQWH HV PXFKR PHMRU HQIRFDUQRV HQ TX©
VLJQLILFD VX FUHDFL³Q DUW­VWLFD SDUD HOORV R TX© KDQ TXHULGR H[SUHVDU TXH
$UWHH[SUHVLYR
FHQWUDUQRV HQ OR TXH VLJQLILFD HVD REUD GH DUWH SDUD QRVRWURV FRPR
SURIHVLRQDOHVGHOFDPSRGHODVDOXGPHQWDO

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
2EMHWLYR 7UDVIRQGR
9DPRV D XWLOL]DU ODV FDUWDV GHO 7DURW FRPR IXHQWH GH LQVSLUDFL³Q SDUD OD 7UDEDMDUFRQODVPDQRV\FRQORVGLVWLQWRVPDWHULDOHVGHDUWHHVGLYHUWLGR\
FUHDFL³QGHXQDREUDGHDUWH FXUDWLYRDOPLVPRWLHPSR<DVHDFRQODDUFLOODKDFLHQGRXQFROODJHFRQHO
GLEXMR OD SLQWXUD OD HVFXOWXUDߨ XWLOL]DU OD LPDJLQDFL³Q HQ HO SURFHVR GH
FUHDFL³Q DUW­VWLFD HV XQD SRGHURVD H[SHULHQFLD 7RGRV WHQHPRV OD FDSDFLGDG
LQQDWD \ HO GHVHR GH FUHDU DOJR GH OD QDGD 6REUH WRGR SRUTXH HQ QXHVWUD
QL±H] WRGRV HVWXYLPRV FRQHFWDGRV FRQ QXHVWUD FUHDWLYLGDG GH PDQHUD
QDWXUDO3RUGHVJUDFLDDOKDFHUQRVPD\RUHVHVDSDUWHFUHDWLYDYDSHUGLHQGR
LPSRUWDQFLDHQQXHVWUDYLGD3HURHVHLPSXOVRFUHDWLYRVLHPSUHHVW¡DK­DOD
HVSHUDGHVHUH[SUHVDGR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 7³WHP
(Q SULPHU OXJDU HOLJH XQ PHGLR DUW­VWLFR FRQ HO TXH WUDEDMDU b+D\ WDQWDV
RSFLRQHV 3XHGHV XWLOL]DU SLQWXUDV O¡SLFHV GH FRORUHV FDUERQFLOOR  DUFLOOD 2EMHWLYR
SDSHO PDFK© FROODJH DJXMD H KLOR 7RGRV VRQ PDWHULDOHV FRQ ORV TXH HV (Q HVWD DFWLYLGDG YDPRV D FUHDU XQD SLH]D YHUWLFDO GH DUWH TXH FRQWHQJD XQ
GLYHUWLGRWUDEDMDU'HHVDPDQHUDQRWHQGU¡VO­PLWHVFXDQGRVHWUDWHGHFUHDU PHQVDMHVLPE³OLFR
XQDREUDGHDUWH/DFODYHHVHQFRQWUDUORVPDWHULDOHVDGHFXDGRVSDUDODREUD
GHDUWHTXHWLHQHVHQPHQWH
$KRUD \D VHD WUDV XQD FXLGDGRVD GHOLEHUDFL³Q R VLPSOHPHQWH DO D]DU HOLJH
XQD FDUWD GH WX EDUDMD GHO 7DURW 7³PDWH DOJºQ WLHPSR SDUD HVWXGLDU OD
FDUWD$QRWDORVVHQWLPLHQWRVTXHVXUJHQFXDQGRODPLUDV+D\DOJºQDVSHFWR
SDUWLFXODUGHODFDUWDTXHHVSHFLDOPHQWHFRQHFWHFRQWLJR"
&RQ OD FDUWD FRPR JX­D WHQ HQ FXHQWD OD IRUPD HQ TXH GHVHDV H[SUHVDUWH
DUW­VWLFDPHQWH 'DWH SHUPLVR SDUD VHJXLU WX LQWXLFL³Q D OD KRUD GH WRPDU WXV
GHFLVLRQHV 3XHGHV FUHDU XQD REUD GH DUWH EDVDGD GLUHFWDPHQWH HQ ODV
LP¡JHQHVGHODFDUWDRSXHGHVXWLOL]DUODFDUWDFRPRSXQWRGHSDUWLGD\GHMDU
TXHWHFRQGX]FDOLEUHPHQWHSRUFDPLQRVLQVRVSHFKDGRV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
/RVW³WHPVVRQRULJLQDULRVGHORVSXHEORVLQG­JHQDVGHOQRURHVWHGHO3DF­ILFR (QHVWDDFWLYLGDGYDVDFRORFDUODVFDUWDVGHO7DURWHQXQDO­QHDYHUWLFDOFRQ
6RQ HVFXOWXUDV WDOODGDV VREUH ¡UEROHV GH JUDQ DOWXUD /DV HVFXOWXUDV VH HOILQGHLOXVWUDUHOPHQVDMHGHWXW³WHP3XHGHVOHHUODVFDUWDVGHDUULEDDEDMR
FRPSRQHQ GH VHJPHQWRV TXH UHSUHVHQWDQ SHUVRQDV \R DQLPDOHV \ VH WDOODQ RGHDEDMRDDUULEDFRPRWºSUHILHUDV
XQRHQFLPDGHRWURGHPRGRTXHHORMRGHOHVSHFWDGRUUHDOL]DXQPRYLPLHQWR (Q SULPHU OXJDU FRQVLGHUD TX© R D TXL©Q WH JXVWDU­D TXH WX W³WHP
YHUWLFDOSDUDREVHUYDUORV(QDOJXQDVWULEXVODVLP¡JHQHVVHOHHQGHDUULEDD UHSUHVHQWDVH&XDOTXLHUFRVDHVSRVLEOHSHURDTX­WHSURSRQJRDOJXQDVLGHDV
DEDMRPLHQWUDVTXHHQRWUDVODVLP¡JHQHVGHORVW³WHPVVRQOH­GDVGHDEDMRD
DUULED 8QDKLVWRULDRYLYHQFLDTXHHVRKDVLGRLPSRUWDQWHSDUDWL
/RV W³WHPV WUDGLFLRQDOPHQWH VH XVDURQ FRQ YDULRV SURS³VLWRV $OJXQRV 8QHYHQWRRSHUVRQDTXHWHJXVWDU­DFRQPHPRUDU
UHSUHVHQWDQ KLVWRULDV IDPLOLDUHV 2WURV FXHQWDQ KLVWRULDV VREUH OD WULEX R $OJRRDOJXLHQDTXLHQWHJXVWDU­DKRQUDU
PLWRV\OH\HQGDVGHVFULWDV$YHFHVXQW³WHPFRQWHQ­DODVWDOODVGHHVSHF­ILFRV
8QDUHSUHVHQWDFL³QGHWXVJX­DVHVSLULWXDOHV
DQLPDOHV R HVS­ULWXV DVRFLDGRV FRQ XQD IDPLOLD R WULEX /DV LP¡JHQHV HQ XQ
W³WHP WDPEL©Q SXHGHQ XWLOL]DUVH SDUD PRVWUDU HO UDQJR R HVWDWXV GH XQD $OJRTXHVLPEROLFHDWXIDPLOLD
IDPLOLD 8QUHFXHUGRGHOSDVDGR
&RPR SXHGHV YHU OR TXH WRGRV HVWRV SURS³VLWRV WLHQHQ HQ FRPºQ HV $OJRTXHWHJXVWDU­DDOFDQ]DUHQHOIXWXUR
FRPXQLFDU XQ LPSRUWDQWH PHQVDMH D WUDY©V GH LP¡JHQHV VLPE³OLFDV <D VHD
SDUDXQRPLVPRRSDUDFRPXQLFDUDOJRDORVGHP¡VXQW³WHPHVXQDSRGHURVD 8QDYH]TXHWHKD\DVGHFLGLGRVREUHXQWHPDWXWUDEDMRFRQVLVWHHQYLDMDUD
KHUUDPLHQWDSDUDH[WHULRUL]DULGHDV\PHQVDMHV WUDY©VGHWXEDUDMDGHO7DURW\HVFRJHUODVFDUWDVTXHVLHQWHVTXHFRPXQLFDQ
GHIRUPDFODUDTX©HVORTXHWHJXVWDU­DH[SUHVDUFRQWXW³WHP1RKD\PDQHUD
FRUUHFWDRLQFRUUHFWDGHKDFHUHVWRSXHGHVXWLOL]DUWDQV³ORGRVFDUWDVRWDQWDV
FRPR TXLHUDV bHVR UHDOPHQWH GHSHQGH GH WL /D FODYH HV SHQVDU
YHUWLFDOPHQWH\GHFLGLUF³PRRUJDQL]DU VHFXHQFLDOPHQWH WXVFDUWDVGH PRGR
TXHODGLVSRVLFL³QWHQJDVHQWLGRSDUDWL
$FRQWLQXDFL³QGHFLGHVLGHVHDVTXHWXW³WHPVHDXQDH[SUHVL³QHQGRVRHQ
WUHVGLPHQVLRQHV
3DUD FUHDU XQD SLH]D HQ GRV GLPHQVLRQHV SXHGHV XVDU SDSHO FDUWXOLQD R
FDUW³Q FRPR VXSHUILFLH VREUH OD TXH DOLQHDU WXV FDUWDV GHO 7DURW 3XHGHV
ILMDUODVDHVWDVXSHUILFLHXWLOL]DQGRSHJDPHQWRRFLQWDDGKHVLYD
8QDRSFL³QDFRQVLGHUDUHVODFUHDFL³QGHXQDSLH]DUHFWDQJXODUSRQLHQGRHQ
UHOLHYHODVSURSLDVFDUWDV3RURWUDSDUWHVLWHKDTXHGDGRHVSDFLRH[WUDHQORV
ODWHUDOHV SXHGHV GHFRUDUOR FRQ SLQWXUD GLEXMRV \R XQ FROODJH $GHP¡V
SXHGHVSHJDUSHTXH±RVREMHWRVDOUHGHGRUGHODVFDUWDVFUHDQGRXQDVHQVDFL³Q

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
GHPDWHULDOHVPL[WRV
3DUD FUHDU XQD SLH]D WULGLPHQVLRQDO GH DUWH TXH VH DSUR[LPH D OD IRUPD 7³WHPGHO7DURW
FLUFXODU GH XQ W³WHP WUDGLFLRQDO SXHGHV XWLOL]DU ORV VLJXLHQWHV PDWHULDOHV
FRPRVHJPHQWRVSDUDODEDVH 2EMHWLYR
7XERVGHFDUW³Q GHOSDSHOGHFRFLQDRSDSHOKLJL©QLFR  &RQHVWHHMHUFLFLRYDPRVGHVFXEULUSDUDGHVSX©VKRQUDUXQDFDUWDGHO7DURW
/DWDVYDF­DV TXHVHDHVSHFLDOPHQWHVLJQLILFDWLYDSDUDWL
%RWHOODVGHSO¡VWLFRGHOLWURV FRUWDQGRHOHPEXGRVXSHULRU 
3DUDXQW³WHPGHIRUPDUHFWDQJXODUSXHGHVXWLOL]DUFDMDVGH]DSDWRVFDUWRQHV
GHOHFKHRFXDOTXLHUFDMDGHFDUW³QUHFWDQJXODU
3XHGHVDXPHQWDUODDOWXUDGHWXW³WHPXQLHQGRORVVHJPHQWRVXQRHQFLPDGH
RWUR XVDQGR SHJDPHQWR R FLQWD DGKHVLYD b$KRUD WLHQHV XQD VXSHUILFLH
WULGLPHQVLRQDO HQ OD TXH FRORFDU WXV FDUWDV GHO 7DURW $TX­ HV GRQGH ORV
GLIHUHQWHVWDPD±RVGHODEDUDMD:DLWH6PLWKYDQDVHUQRVPX\ºWLOHV$OHVWDU
GLVSRQLEOHVHQWDPD±RPLQLSHTXH±RPHGLDQR\JUDQGHWLHQHVODSRVLELOLGDG
GH HQFRQWUDU ODV FDUWDV TXH PHMRU HQFDMDQ FRQ HO WDPD±R GHO W³WHP KDV
GHFLGLGRXVDU
8QDYH]TXHKDVSHJDGRWXVFDUWDVSXHGHVGHFRUDUHOUHVWRGHWXW³WHPFRPR
GHVHHV XWLOL]DQGR FXDOTXLHU FRVD GHVGH SLQWXUDV OHQWHMXHODV SOXPDV
FXDOTXLHUFRVDTXHWHYHQJDDODLPDJLQDFL³Q
&XDQGR KD\DV WHUPLQDGR FRQ WX W³WHP HV HO PRPHQWR GH GHFLGLU G³QGH
FRORFDUOR+D\DOJºQULQF³QHQHVSHFLDOHQWXKDELWDFL³QRHQRWUROXJDUHQ
WX FDVD TXH VHD XQD EXHQD RSFL³Q" 2 WDO YH] FRPR SDUWH GH XQ DOWDU R
VDQWXDULR"&RPRVLHPSUHWHUHFRPLHQGRߨbVLJXHWXLQWXLFL³Q

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
7UDGLFLRQDOPHQWH OD SDODEUD W³WHP KDFH UHIHUHQFLD DO HPEOHPD HVFXGR R (VWDDFWLYLGDGYDDFRQVLVWLUHQODHOHFFL³QGHXQW³WHPSHUVRQDOGHHQWUHODV
EODV³QGHXQDIDPLOLDFODQRWULEX6LQHPEDUJRHQORVºOWLPRVWLHPSRVHO FDUWDVGHODEDUDMDGHO7DURW7XSULPHUWUDEDMRHVGHVFXEULUTX©W³WHPGHO
W©UPLQRW³WHPSXHGHVHUXWLOL]DGRSDUDUHIHULUVHDFXDOTXLHUREMHWRRDQLPDO 7DURW HQ SDUWLFXODU WH HVW¡ OODPDQGR 7X W³WHP SXHGH VHU XQD ºQLFD FDUWD
FRQHOTXHXQDSHUVRQDWLHQHXQDSURIXQGDFRQH[L³QHVSLULWXDO FRQVLGHUDGDFRPRXQWRGR SRUHMHPSOROD$OWD6DFHUGRWLVD RVLPSOHPHQWH
/D HQHUJ­D GHO W³WHP QRV UHVXOWD WDQ DWUDFWLYD SRUTXH FRQHFWD FRQ QXHVWUD XQDVSHFWRGHXQDFDUWDHQSDUWLFXODU SRUHMHPSORHOKDOF³QTXHDSDUHFHHQ
HVHQFLD (V GHFLU ODV SHUVRQDV VH VLHQWHQ DWUD­GDV SRU FLHUWRV REMHWRV R HOQXHYHGHSHQW¡FXORVHQODEDUDMD:DLWH6PLWK 
DQLPDOHV GHELGR D VXV FDUDFWHU­VWLFDV \ D OR TXH UHSUHVHQWDQ /RV W³WHPV (VWR HV DOJR TXH WLHQHV TXH KDFHU WUDQTXLODPHQWH \ FRQ GHOLEHUDFL³Q FRPR
HQFDUQDQXQDIRUPDGHYLYLUODYLGD\VLUYHQFRPRUHFRUGDWRULRFRQVWDQWHGH SDUWH GH XQ ULWXDO 1R KD\ QHFHVLGDG GH DSUHVXUDUQRV HQ HO SURFHVR DV­ TXH
ODV QRUPDV H LGHDOHV TXH VRQ VLJQLILFDWLYRV SDUD FDGD XQR GH QRVRWURV $V­ SRUIDYRUW³PDWHHOWLHPSRTXHQHFHVLWHV
TXH ORV W³WHPV QR V³OR QRV VLUYHQ GH DSR\R VLQR TXH WDPEL©Q QRV HQVH±DQ 3DUD HPSH]DU DYDQ]D FXLGDGRVDPHQWH D WUDY©V GH WX EDUDMD GHO
OHFFLRQHVYDOLRVDV 7DURW0LHQWUDVORKDFHVQRWDU¡VODVFDUWDVTXH
3DUWLFXODUPHQWHGHVWDFDQ
6RQFRQYLQFHQWHV
&RQHFWDQFRQWLJR
$GPLUDV
7HLQWULJDQ
7HDVXVWDQ
3UHVWDHVSHFLDODWHQFL³QDHVDVFDUWDVTXHSURYRFDQXQDIXHUWHUHDFFL³QI­VLFD
RHPRFLRQDOHQWL
8QD YH] TXH KD\DV GHVFXELHUWR OD FDUWD TXH VLHQWHV TXH HV WX W³WHP 7DURW
HQWRQFHVHVHOPRPHQWRGHFRQVLGHUDUF³PRKRQUDUODHLQFRUSRUDUODDWXYLGD
8QD RSFL³Q HV OOHYDU HQFLPD OD FDUWD GHO 7DURW TXH KDV HOHJLGR FRPR
UHFRUGDWRULRWDQJLEOHGHWXW³WHP6LHPSUHTXHQHFHVLWHVLQVSLUDFL³QRDSR\R
WXW³WHPHVWDU¡DK­FRQWLJR7DPEL©QSXHGHVGRUPLUFRQODFDUWDGHEDMRGHOD
DOPRKDGD R SRQHUOD HQ XQ DOWDU R VDQWXDULR VL WLHQHV XQR 2WUD LGHD HV
FRORFDUODHQWXHVSHMRGHOED±RRHQODSXHUWDGHODQHYHUD
3RURWURODGRSXHGHVFUHDUXQDREUDGHDUWHTXHFRQWHQJDWXW³WHP(QHVWH
FDVRSXHGHVLQFRUSRUDUODSURSLDFDUWDDWXREUDGHDUWH(VWHWLSRGHSUR\HFWR
FRQPDWHULDOHVPL[WRVHQFDMDFRQHOFROODJHODSLQWXUDRHOGLEXMR2ELHQHQ
OXJDU GH WHQHU TXH D±DGLU WX FDUWD D RWUD REUD GH DUWH SXHGHV XVDUOD FRPR
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
IXHQWHGHLQVSLUDFL³QSDUDXQDQXHYDFUHDFL³Q
(OSRUWDO
2EMHWLYR
9DPRVDWUDEDMDUSDUDGHVFXEULUTX©KD\DORWURODGRGHXQDSXHUWDRSRUWDO

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
8QSRUWDOHVFXDOTXLHUWLSRGHDEHUWXUDTXHFRQGXFHGHXQOXJDUDRWUR\DVHD (QXQDKRMDGHSDSHOGLEXMDRSLQWDXQDSXHUWDRXQSRUWDO3XHGHVKDFHUOR
XQD HQWUDGD R XQD VDOLGD /DV SXHUWDV \ SRUWDOHV WLHQHQ XQ VLPEROLVPR PX\ WDQVHQFLOORRHODERUDGRFRPRGHVHHV/DFODYHHVHVWDUDELHUWR\SHUPLWLUTXH
ULFR0RYHUVHDWUDY©VGHXQSRUWDOSXHGHUHSUHVHQWDU WX FUHDWLYLGDG WH JX­H 1R SLHQVHV GHPDVLDGR VLPSOHPHQWH DYDQ]D KDFLD
(OSDVRGHXQHVWDGRRVLWXDFL³QDRWUR GRQGHWXLPDJLQDFL³QWHOOHYH
8QSULQFLSLRRXQILQDO 1R LPSRUWD VL WX SRUWDO VH VRVWLHQH SRU V­ PLVPR R HV SDUWH GH XQD SDUHG R
(VSHUDQ]D HVWUXFWXUDPD\RU(VLPSRUWDQWHVLQHPEDUJRTXHWXSRUWDOSXHGDFHUUDUVH
/LEHUDFL³Q 7³PDWH WRGR HO WLHPSR TXH QHFHVLWHV $O SLQWDU R GLEXMDU WHQ HQ FXHQWD HO
&DPELRWUDQVLFL³Q WDPD±RGHOSRUWDO\F³PRORHVW¡VGLVH±DQGR&X¡OHVVRQVXVFRORUHV"'H
,QLFLDFL³Q TX© PDWHULDO HVW¡ KHFKR" &X¡OHV VRQ VXV FDUDFWHU­VWLFDV \ HOHPHQWRV" (V
5HQDFLPLHQWR V³OLGRRWLHQHDOJXQDDEHUWXUDRYHQWDQD"4X©WLSRGHOODPDGRUH[WHULRUWLHQH
&RPXQLFDFL³Q VLORKD\ "4X©WLSRGHFHUUDGXUDVKD\HQODSXHUWD"7LHQHPLULOOD"
7UDVFHQGHUXQO­PLWH
&RQWDFWRFRQRWUDVSHUVRQDV &XDQGRKD\DVWHUPLQDGRFRQWXLPDJHQYHDWXEDUDMDGHO7DURW7XREMHWLYR
HV HQFRQWUDU OD FDUWD TXH VH HQFXHQWUD DO RWUR ODGR GH WX SRUWDO 8VD WX
/DSXHUWDRHOSRUWDOHQV­PLVPRVSXHGHQVLJQLILFDU
LPDJLQDFL³Q 6L VH SXGLHUD DEULU OD SXHUWD TXL©Q R TX© HQFRQWUDU­DV" 4X©
8QDFFHVRDXQUHIXJLR HVSHUDVGHVFXEULUP¡VDOO¡GHHVDSXHUWD"
(OXPEUDOGHXQYLDMH 3RU RWUR ODGR WX SXHUWD WLHQH OD LQWHQFL³Q GH SHUPDQHFHU FHUUDGD" 6LUYH
/DSURWHFFL³QFRQWUDHOSHOLJUR FRPRSURWHFFL³QRFRPREDUUHUD"4X©WHQGU­DTXHSDVDUSDUDTXHODSXHUWD
8QREVW¡FXORREORTXHRDORVUHFXUVRVLQWHUQRVRH[WHUQRV VHDEUDDXQTXHV³ORVHDXQDUHQGLMD"
8QDSULVL³Q
8QDRSRUWXQLGDG 7RPDQGR FRQFLHQFLD GHO SURFHVR SRFR D SRFR REVHUYD WX EDMDUD GHO
8QOXJDUGHLQWLPLGDG 7DURW &RQ WX LQWXLFL³Q FRPR JX­D VHOHFFLRQD ODV FDUWDV TXH FRQHFWDQ
&RQWURO FRQWLJR&XDQGRWHUPLQHVW³PDWHDOJºQWLHPSRSDUDREVHUYDUFDGDFDUWDTXH
KDVVHOHFFLRQDGR7XREMHWLYR HV HOHJLU XQDGH HVDVFDUWDVTXHUHSUHVHQWH OR
$O LPDJLQDU XQ SRUWDO \ GHVSX©V H[SORUDU OR TXH SRGU­D KDEHU DO RWUR ODGR
TXHVHHQFXHQWUDDORWURODGRGHWXSRUWDO
HVWDPRV HVWLPXODQGR WDQWR QXHVWUD FUHDWLYLGDG FRPR HO KHFKR GH DSUHQGHU
DOJRVREUHQRVRWURVPLVPRV 8QDYH]TXHKD\DVKHFKRWXHOHFFL³QGHVSHMDHOHVSDFLRTXHWLHQHVGHODQWHGH
WL \ VLPSOHPHQWH FRORFD HO GLEXMR GH WX SRUWDO \ OD FDUWD GHO 7DURW TXH
UHSUHVHQWDORTXHKD\DORWURODGR&RQVLGHUDG³QGHVLWXDUODFDUWDHQUHODFL³Q
DWXSXHUWDRSRUWDO$KRUDFRO³FDOD\W³PDWHXQWLHPSRSDUDUHIOH[LRQDUVREUH
ORTXHWLHQHVGHODQWHGHWL&XDQGRREVHUYDVWXREUDMXQWRFRQODFDUWDTX©
HPRFLRQHV YLHQHQ D WL" &X¡O HV HO PHQVDMH TXH HVW¡V UHFLELHQGR GH HVWD
DFWLYLGDG"+D\DOJºQFDPELRTXHQHFHVLWDVKDFHUHQWXYLGD"2WLHQHVXQD
VHQVDFL³QGHVDWLVIDFFL³Q"
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
6L OR QHFHVLWDV SXHGHV LU D WX GLDULR SHUVRQDO \ DQRWDU FXDOTXLHU FRVD TXH
FRQVLGHUHVUHOHYDQWHDFHUFDGHHVWDH[SHULHQFLD (OPXUR
2EMHWLYR
&RQHVWDDFWLYLGDGYDPRVDGHVFXEULUTX©KD\DORWURODGRGHXQPXUR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
(VWDHVXQDDFWLYLGDGTXHVHFHQWUDHQHORWURODGRGHODVFRVDVߢ$YHFHVORV (Q HVWD DFWLYLGDG WLHQHV GRV REMHWLYRV (O SULPHUR FRQVLVWH HQ FRQVWUXLU XQ
REVW¡FXORVFRPRORVPXURVRODVEDUUHUDVVHFRQVWUX\HQSDUDPDQWHQHUDOJR PXURXWLOL]DQGRWXLPDJLQDFL³QFRPRJX­DXVDQGRFXDOTXLHUPHGLRDUW­VWLFR
QRFLYRIXHUDGHQXHVWUDVYLGDV3RURWURODGRXQPXUR\DVHDDXWRFRQVWUXLGR TXH FRQHFWH FRQWLJR \ FRQ HO TXH WH VLHQWDV F³PRGR O¡SLFHV GH FRORUHV
ROHYDQWDGRSRURWURVQRVSXHGHDLVODUGHRWUDVSHUVRQDVOXJDUHVRFRVDVTXH URWXODGRUHVERO­JUDIRVDUFLOODEORTXHVGHPDGHUDOHJRV
SRGU­DQHQULTXHFHUQXHVWUDVYLGDV 7X VHJXQGR REMHWLYR HV UHFRUUHU WX EDUDMD GHO 7DURW \ HOHJLU XQD FDUWD GHO
6LPE³OLFDPHQWHORVPXURVSXHGHQUHSUHVHQWDU 7DURWTXHUHSUHVHQWHORTXHYDVDGHMDUDORWURODGRGHOPXUR
6HSDUDFL³Q (ORUGHQHQTXHDFRPHWHVFDGDXQRGHHVWRVREMHWLYRVGHSHQGHGHWL(VGHFLU
3URWHFFL³Q SXHGHV OHYDQWDU WX PXUR HQ SULPHU OXJDU \ OXHJR GHFLGLU VREUH XQD FDUWD 2
(VWDELOLGDG SXHGHV HVFRJHU WX FDUWD HQ SULPHU OXJDU \ D FRQWLQXDFL³Q FRQVWUXLU WX
,QWLPLGDG PXUR'HFXDOTXLHUPRGRGHEHVWHQHUHQFXHQWDF³PRLQWHJUDUHQWXREUDOD
8QDSULVL³Q FDUWDTXHKDVHOHJLGR
%ORTXHRV
&XDQGRKD\DVWHUPLQDGRFRQHVWDDFWLYLGDGW³PDWHDOJºQWLHPSRHVWXGLDQGR
8QO­PLWHRIURQWHUD
OR TXH KDV FUHDGR 4X© HPRFLRQHV DIORUDQ DO REVHUYDU HO PXUR \ OD
/DVUXLQDVGHXQLPSHULRRWHPSOR
FDUWD" 4X© QHFHVLWDV KDFHU D FRQWLQXDFL³Q ߙVL HV TXH QHFHVLWDV KDFHU DOJR
8QDSDUHGWDPEL©QSXHGHVHUXQPRQXPHQWRFRQVWUXLGDSDUDFRQPHPRUDUR SDUDPDQHMDUHVWDVHPRFLRQHV"
UHFRUGDUDXQHYHQWRRSHUVRQD3RUHMHPSORHO0RQXPHQWRDORVYHWHUDQRV
GHO 9LHWQDP HQ :DVKLQJWRQ '& R HO 0XUR GH ODV ODPHQWDFLRQHV HQ
-HUXVDO©Q
3RUIDYRUWUDEDMDVREUHODVVLJXLHQWHVSUHJXQWDVHQWXGLDULRSHUVRQDO
4X©PXURVQHFHVLWDQVHUOHYDQWDGRVSDUDIRUWDOHFHUWXYLGD"3RUTX©"
4X©PXURVQHFHVLWDQVHUGHUULEDGRV"3RUTX©"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
&DPLQDQGRGHPDQRGHODVRPEUD 7UDVIRQGR
7UDWDU FRQ XQ SUREOHPD GH VDOXG PHQWDO FRPR SXHGH VHU OD GHSUHVL³Q OD
2EMHWLYR DQVLHGDGHOHVWU©VRXQDFRPSXOVL³QSXHGHVHUGLI­FLO\QRVSRQHDSUXHEDGH
1XHVWURREMHWLYRHQHVWHDSDUWDGRHVREWHQHUHOFRQWUROVREUHXQVHQWLPLHQWRR XQDPDQHUDPX\SURIXQGD/DDQJXVWLDTXHVHQWLPRVRORVFRPSRUWDPLHQWRV
FRPSRUWDPLHQWRDQJXVWLDQWHFRRSHUDQGRFRQ©O TXHFDXVDQQXHVWUDDQJXVWLDDYHFHVSXHGHQOOHJDUDVHUDEUXPDGRUHVFRPR
VLQXHVWUDLGHQWLGDGSRUFRPSOHWRIXHUDVRPHWLGD$PHQXGRHVWRVHGHEHD
TXH QRV UHIHULPRV D QRVRWURV PLVPRV HQ W©UPLQRV GH OR TXH QRV HVW¡
SHUWXUEDQGR
6R\ XQ GHSULPLGRߢ 6R\ DQRU©[LFDߢ 6R\ XQ DQVLRVRߢ 6R\ XQ
DOFRK³OLFRߢ 6R\ FRPHGRU FRPSXOVLYRߢ 6R\ XQ HQIHUPRߢ 6R\ JRUGRߢ
6R\IHRߡ6R\XQSHUIHFFLRQLVWD
3HUR SLHQVD FXLGDGRVDPHQWH DFHUFD GHO YHUER ߡVHUߢ (V LQWHUHVDQWH SRUTXH
SXHGH UHIHULUVH WDQWR D XQ HVWDGR WHPSRUDO HQ HO TXH QRV HQFRQWUDPRV DV­
FRPR D WRGR QXHVWUR VHU 6R\ IHOL]ߢ 6R\ GHVJUDFLDGR 6R\ $QG\
0DW]QHUߢ6R\SDGUHߢ
$V­ SXHV TX© VXFHGH FXDQGR XVDPRV <R VR\ SDUD UHIHULUQRV D XQ
SUREOHPDGHVDOXGPHQWDO"&RUUHPRVHOULHVJRGHYHUQRVDQRVRWURVPLVPRV
HQW©UPLQRVDEVROXWRVGHODDQJXVWLDTXHHVWDPRVYLYLHQGR"1XHVWUDLGHQWLGDG
DOFRPSOHWRKDVWDVXQºFOHRVHIXVLRQDFRQHOSUREOHPD
3HURTX©RFXUUHVLQRXWLOL]DPRVHOYHUERVHU"&³PRVHU­DUHIHULUQRVDOD
DQJXVWLDFRPRVLIXHUDXQDHQWLGDGVHSDUDGDGHQXHVWUDLGHQWLGDG"3RGHPRV
OOHJDUDH[WHUQDOL]DUORTXHQRVFDXVDHOGRORURODDQJXVWLD"3RGHPRVSDVDU
GHVHUHOSUREOHPDDWHQHUXQSUREOHPDDOTXHSRGHPRVHQFRQWUDUVROXFL³Q"
< VL DV­ IXHUD F³PR WH VHQWLU­DV" 'H KHFKR F³PR VHU­D WX DQJXVWLD VL OD
SHUVRQLILFDVROHGDVDOJºQWLSRGHIRUPDDUW­VWLFD"
(Q PL RSLQL³Q FUHR TXH HV SRVLEOH HQFRQWUDU H LGHQWLILFDU D OD SHUVRQD TXH
HVW¡P¡VDOO¡GHODDQJXVWLDHVDSDUWHVDQDGHQXHVWUDLGHQWLGDGTXHWRGDY­D
HVW¡SUHVHQWHDXQTXHH[LVWDXQSUREOHPDGHVDOXGPHQWDO&RPRKDVH±DODGR
HOWHUDSHXWD%LOO2 +DQORQODSHUVRQDQXQFDHVHOSUREOHPDHOSUREOHPDHV
HOSUREOHPDߢ
1XHVWUR REMHWLYR QR HV H[LOLDU OD DQJXVWLD TXH VHQWLPRV 0¡V ELHQ YDPRV D
WUDEDMDUHQFRODERUDFL³QFRQHOODGHVGHQXHVWUDSDUWHVDQD3RUTXHFXDQGRQRV
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
UHVLVWLPRV XQ SUREOHPD YL©QGROR FRPR HO HQHPLJR \ GHVHDQGR TXH QR
HVWXYLHUDDOO­DPHQXGRFRQVHJXLPRVHOHIHFWRFRQWUDULR\VHKDFHFDGDYH] 3URFHVR
P¡VJUDQGH3RQHUQRVDODGHIHQVLYDFRQXQSUREOHPDTXHQRVFDXVDDQJXVWLD 3LHQVD HQ XQ DVXQWR R SUREOHPD GH FDU¡FWHU PHQWDO TXH WH KD\D HVWDGR
LQWHULRUHVFRPRVLLQWHQW¡UDPRVGHIHQGHUQRVGHQRVRWURVPLVPRVFRQWUDDOJR PROHVWDQGR 3DVD WX PDQR SRU WX EDUDMD GHO 7DURW \ EXVFD OD FDUWD TXH
TXHKD\HQQXHVWURLQWHULRU\TXHVHQLHJDDVDOLU0LHQWUDVTXHSRURWURODGR UHSUHVHQWDHVWHSUREOHPD
FRPR SVLFRWHUDSHXWD KH SRGLGR FRPSUREDU F³PR OD FRPSDVL³Q \ OD
FRRSHUDFL³QSDUDG³MLFDPHQWHQRVFRQGXFHQDXQUHVXOWDGRP¡VSURGXFWLYR\ 8QDYH]TXHODKD\DVHQFRQWUDGRPHJXVWDU­DTXHORSHUVRQDOLFHVG¡QGROHXQ
FXUDWLYR(VWRHVGHELGRDTXHVROXFLRQDUXQSUREOHPDSRUODIXHU]DKDFHTXH QRPEUH 5HFXHUGD WXV H[SHULHQFLDV FRQ HVWH DVXQWR \ FRQVLGHUD OD FDUWD TXH
VH YXHOYD DºQ P¡V UHVLVWHQWH &XDQGR VRPRV FDSDFHV GH GLDORJDU FRQ XQD KDVHOHJLGR7LHQHVHOSRGHUGHHOHJLUF³PRWHJXVWDU­DGHILQLUHVWHDVSHFWRGH
SDUWH GH QRVRWURV PLVPRV TXH QRV HVW¡ SURYRFDQGR DQJXVWLD WHQHPRV P¡V WXYLGD\TX©QRPEUHHVHOP¡VDGHFXDGR
SUREDELOLGDGGHHQFRQWUDUXQDVROXFL³QFRQODTXHSRGHPRVYLYLU $FRQWLQXDFL³QKD]ORVLJXLHQWHHQWXGLDULRSHUVRQDO
 (VFULEH GLULJL©QGRWH GLUHFWDPHQWH D WX FDUWD 'LOH F³PR WH KDFH
VHQWLU+D]OHFXDOTXLHUSUHJXQWDTXHSXHGDVWHQHUFRPRTX©TXLHUHGH
WL R VL WLHQH DOJXQD QHFHVLGDG 7LHQHV WDPEL©Q OD RSRUWXQLGDG GH
H[SUHVDU GLUHFWDPHQWH ODV HPRFLRQHV TXH SXHGDV WHQHU VREUH F³PR
WUDWDU FRQ HO SUREOHPD 'LOH F³PR KD LPSDFWDGR HQ WX YLGD WDQWR
SRVLWLYD FRPR QHJDWLYDPHQWH +D VLGR SHUMXGLFLDO \
GHVDOHQWDGRU" ([SO­FDOH F³PR WH KD OLPLWDGR 3RU RWUR ODGR SLHQVD VL
WDPEL©Q KD GDGR OXJDU D RSRUWXQLGDGHV R YLYHQFLDV TXH QR KDEU­DV
SRGLGR H[SHULPHQWDU GH QR KDEHUOR WHQLGR 7DO YH] QR 3HUR WDO YH]
V­+D]OHVDEHUORTXHSLHQVDVGHVXSUHVHQFLDHQWXYLGD
 ,PDJ­QDWH TXH OD FDUWD TXH UHSUHVHQWD WX DQJXVWLD WLHQH YR] $KRUD
S­GHOHTXHWHHVFULEDGHVGHVXSHUVSHFWLYD6LWHVLUYHGHD\XGDSXHGHV
HVFULELUFRQWXPDQRQRGRPLQDQWH4X©FUHHVTXHHVWDFDUWDWHGLU­DVL
SXGLHUD KDEODU" 4X© SRGU­D QHFHVLWDU GH WL" 4X© SRGU­D SHGLUWH TXH
KLFLHUDV" 4X© WH SRGU­D HVWDU WUDWDQGR GH HQVH±DU" LQFOXVR VL OR HVW¡
KDFLHQGRGHPDQHUDHTXLYRFDGD 
$KRUDHVHOPRPHQWRGHGHFLGLUTX©KDFHUFRQWXFDUWD0HJXVWDU­DVXJHULUWH
GRVRSFLRQHVTXHWHGDU¡QODRSRUWXQLGDGSDUDTXHWXDQJXVWLDUHVLGDIXHUDGH
WL
/D SULPHUD HV FUHDU XQ KRJDU SDUD OD FDUWD 3XHGHV KDFHUOR HQ GRV
GLPHQVLRQHVSLQWDQGRRGLEXMDQGRXQOXJDUSDUDTXHODFDUWDUHVLGD3XHVWR
TXH \D KDV HVWDGR SHQVDQGR DFHUFD GH OD QDWXUDOH]D GH WX DQJXVWLD \ VX
FRPXQLFDFL³QTX©WLSRGHFDVDVHU­DODDGHFXDGD"5HFXHUGDHOREMHWLYRQR
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
HV FDVWLJDU WX DQJXVWLD 3RU HO FRQWUDULR F³PR SRGU­DV VDWLVIDFHU VXV JXVWDQODVFDMDVGH]DSDWRV\WDPEL©QODVFDMDVTXHFRQWLHQHQODVFDMHWLOODVGH
QHFHVLGDGHV" < DO WLHPSR TXH OR KDFHV F³PR SRGU­DQ VDWLVIDFHUVH WXV FLJDUURV HOHVWDQFRGHWXEDUULRVHJXURTXHWHQGU¡DOJXQDVYDF­DV 
SURSLDVQHFHVLGDGHVWDPEL©Q"$VHJºUDWHGHLQFOXLUODFDUWDHQDOJºQOXJDUGH 8QD DOWHUQDWLYD D XQ FRQWHQHGRU SDUD FUHDU WX VDQWXDULR HV HQFRQWUDU DOJR
WXREUDGHDUWH SODQR TXH SXHGDV XWLOL]DU FRPR EDVH VREUH OD TXH FRORTXHV HVWRV REMHWRV
7DPEL©QSXHGHVFUHDUXQKRJDUHQWUHVGLPHQVLRQHVXVDQGRXQDFDMD3LHQVD VLJQLILFDWLYRV 3RGU­D VHU WDQ VLPSOH FRPR XQD WHOD TXH VH FRORFD VREUH XQ
VL WH JXVWDU­D TXH OD FDMD SHUPDQHFLHVH FHUUDGD R DELHUWD 4XLHUHV TXH HO PXHEOH R PHVD SHTXH±D 8QD SLH]D UHFWDQJXODU R FXDGUDGD GH PDGHUD ILQD
LQWHULRU TXHGH YLVLEOH SDUD TXH DOJXLHQ PLUH GHQWUR" 2 OD SUHILHUHV P¡V WDPEL©QHVXQDEXHQDEDVH
SULYDGD"&³PRVHSXHGHGHFRUDUHOH[WHULRU\HQHOLQWHULRUGHODFDMDSDUD %LHQ VL WX VDQWXDULR VH FRPSRQH GH XQD EDVH SODQD R ELHQ VL HV XQ
FUHDU XQ HQWRUQR DGHFXDGR SDUD WX DQJXVWLD" 4X© REMHWRV GHVHDV LQFOXLU FRQWHQHGRUWHQHQFXHQWDODIRUPDHQODTXHWHJXVWDU­DGHFRUDUORb7LHQHVXQ
GHQWUR GH OD FDMD" 4XLHUHV SRQHUOH PXHEOHV SDUD FUHDU XQ HQWRUQR P¡V PXQGR GH SRVLELOLGDGHV 3LQWXUD DFU­OLFD URWXODGRUHV SXUSXULQD SDSHOHV GH
F³PRGR"&³PRYDVDVLWXDUODFDUWDGHO7DURWHQHVWHHQWRUQR"'HVSX©VGH FRORUHV WHOD PDWHULDOHV SDUD FROODJH IORUHV GH SO¡VWLFR R UDPDV QDWXUDOHV
WRGRQRHVW¡GHVWLQDGRDVHUXQDSULVL³Q0¡VELHQHVXQHVSDFLRH[WHUQRDWL SLHGUDVSHTXH±DVHOºQLFRO­PLWHHVWXLPDJLQDFL³Q
HQ HO TXH WX DQJXVWLD SXHGD YLYLU F³PRGDPHQWH $O KDFHUOR SXHGH WHQHU
EXHQDVUD]RQHVSDUDFDPELDUHOHQIRTXHKDFLDWL $FRQWLQXDFL³QSLHQVDTX©REMHWRV \DVHDQSHUVRQDOHVRGHRWURWLSR SXHGHV
LQFOXLU HQ WX VDQWXDULR TXH D\XGHQ D FHQWUDUWH HQ HO REMHWLYR GH KRQUDU D WX
8QD YH] WHUPLQDGD OD YLYLHQGD SDUD WX DQJXVWLD HV KRUD GH GHFLGLU G³QGH DQJXVWLD3RUVXSXHVWRODVGLPHQVLRQHVGHWXFRQWHQHGRUREDVHLQIOXLU¡QHQ
SRQHUOD /D TXLHUHV VLWXDU HQ XQ OXJDU SULYDGR" (Q OD HVTXLQD GH DOJXQD HOWDPD±R\ODSRVLFL³QGHORVREMHWRV(PSOHDDOJRGHWLHPSRSHQVDQGRHQ
HVWDQFLD"'HEDMRGHWXFDPD"2HQDOJºQOXJDUP¡VYLVLEOH" F³PRWHJXVWDU­DFRORFDUODVFRVDVHQHOLQWHULRU VLVHWUDWDGHXQDFDMD RHQ
/D VHJXQGD RSFL³Q HV FUHDU XQ VDQWXDULR FRQ HO SURS³VLWR GH KRQUDU D WX OD SDUWH VXSHULRU VL VH WUDWD GH XQD EDVH  \ WDPEL©Q DOUHGHGRU GHO
DQJXVWLD8QDGHODVGHILQLFLRQHVGHVDQWXDULRHVXQOXJDURUHFHSW¡FXORSDUD VDQWXDULR $VHJºUDWH GH UHVHUYDU XQ OXJDU GRQGH YDV D FRORFDU OD FDUWD GHO
UHOLTXLDV VDJUDGDVߢ 3DUD QXHVWUR SURS³VLWR XQ VDQWXDULR HV XQ GLVH±R 7DURW'DGRTXHUHSUHVHQWDWXDQJXVWLDHVLPSRUWDQWHTXHODFDUWDRFXSHXQ
WULGLPHQVLRQDO FRQ LQWHQFL³Q GH FRPXQLFDU XQ PHQVDMH SRVLWLYR VREUH OXJDUHVSHFLDO
DOJR7DPEL©QHVXQDIRUPDGHPRVWUDUUHVSHWR&UHDUORWHSHUPLWLU¡SUHVWDU $OJXQRVGHHVWRVREMHWRVVRODPHQWHWHQGU¡VTXHFRORFDUORV2WURVUHTXHULU¡Q
DWHQFL³QFRQVWUXFWLYDDORTXHWHHVW¡FDXVDQGRGRORU3RGU¡VVHUFRQVFLHQWH HO XVR GH SHJDPHQWR &RPLHQ]D OHQWDPHQWH SHJDQGR ORV HOHPHQWRV
GHTXHWXUHODFL³QFRQWXDQJXVWLDFDPELDFXDQGRGHMDVGHRGLDUODRFXDQGR SULQFLSDOHV HQ SULPHU OXJDU \ D FRQWLQXDFL³Q D±DGH ORV HOHPHQWRV P¡V
GHVHDVTXHQRH[LVWD3DUDG³MLFDPHQWHFXDQGRFRPLHQFHVDYHUWXSUREOHPD SHTXH±RVDVXDOUHGHGRU\HQODSDUWHVXSHULRU7³PDWHWXWLHPSR\VLJXHWX
HQ OXJDU GH FRPR D XQ HQHPLJR FRPR D XQ DOLDGR FRQ EXHQDV LQWHQFLRQHV LQWXLFL³Q (VWH QR HV XQ SUR\HFWR GH XQD VROD VHVL³Q 1R WH SUHVLRQHV D WL
DXQTXH WH OR HVW© PRVWUDQGR GH XQD PDQHUD HUU³QHD  ODV FRVDV SXHGHQ PLVPRSDUDWHUPLQDUOR&XDQGR\DHVW©WHUPLQDGRORVDEU¡VFRQHOFRUD]³Q
WHUPLQDUFDPELDQGRHQXQDGLUHFFL³QSRVLWLYD
/D WDUHD ILQDO HV SHQVDU HQ F³PR WH JXVWDU­D SUHVHQWDU WX VDQWXDULR 4XL]¡
3LHQVDHQODIRUPDTXHGHVHDVTXHWHQJDWXVDQWXDULR7HJXVWDU­DTXHIXHUD VREUH XQD PHVD R XQ HVWDQWH" 7DPEL©Q SRGU­DV ILMDUOR D OD SDUHG VL OR KDV
OR VXILFLHQWHPHQWH SHTXH±R FRPR SDUD OOHYDUOR HQ WX EROVLOOR R HQ WX FRQVWUXLGRVREUHXQDFDMD
EROVR" 8QD FDMD GH FHULOODV YDF­D R XQD ODWD GH FDUDPHORV GH PHQWD VRQ
SHUIHFWDV SDUD HOOR 2 WDO YH] TXLHUHV DOJR P¡V JUDQGH TXH SXHGD YHUVH 7DQWRVLORFRORFDVDVLPSOHYLVWDRHQXQOXJDUP¡VSULYDGRHVLPSRUWDQWH
HQFLPD XQD PHVD R XQ HVWDQWH" 3RGU­DV XVDU FXDOTXLHU FDMD GH FXDOTXLHU TXH HO VDQWXDULR HVW© HQ XQ OXJDU DO TXH SXHGDV DFFHGHU 1R ROYLGHV TXH HO
WDPD±R TXH XQD YH] DELHUWD VH VRVWHQJD SRU V­ PLVPD 3HUVRQDOPHQWH PH SURS³VLWR TXH WLHQH  WX VDQWXDULR HV UHFRUGDUWH UHJXODUPHQWH OD QDWXUDOH]D
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
VDJUDGD GH WX GRORU < FXDQGR OOHJXH HO G­D HQ TXH WX GRORU VH DSDUWH SDUD
VLHPSUHWXVDQWXDULRVHFRQYHUWLU¡HQXQPRQXPHQWR 2SFL³Q
7DPEL©QVHSXHGHKDFHUHVWHWLSRGHDFWLYLGDGFRQXQDGROHQFLDI­VLFDFRPR
ODILEURPLDOJLDV­QGURPHGHIDWLJDFU³QLFDGLDEHWHVRF¡QFHU

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
)XHU]D 7UDVIRQGR
&RQVLGHUDODVVLJXLHQWHVH[SUHVLRQHV
2EMHWLYR )XHU]DGHYROXQWDG
9DPRVDFUHDUODGHILQLFL³QSHUVRQDOGHORTXHVLJQLILFDVHUIXHUWH3DUDHOOR 7HVWDUXGR
YDPRVDXVDUWDQWRODVSDODEUDVFRPRHODUWH 0HQWHIXHUWH
&RUD]³QIXHUWH
)XHUWHGHIH
)XHUWHGHHVS­ULWX
(Q WX RSLQL³Q FX¡O SRGU­D VHU OD GHILQLFL³Q P¡V FRPºQ GH OD SDODEUD
ߡIXHU]Dߢ HQ HO GLFFLRQDULR" (VW¡V GH DFXHUGR" +D\ GLIHUHQWHV PDQHUDV GH
VHU IXHUWH" +D\ GLIHUHQWHV DVSHFWRV GHO VLJQLILFDGR GH IXHU]D TXH HQ
UHDOLGDGVRQOLPLWDFLRQHV"
&³PRGHILQLU­DVGHPDQHUDSHUVRQDOODSDODEUDߡIXHU]Dߢ"'HG³QGHVDFDVWX
IXHU]DSHUVRQDO"(QTX©¡UHDVGHWXYLGDHUHVDFWXDOPHQWHIXHUWH"(QTX©
¡UHDV HUHV G©ELO" +D\ DOJXQD PDQHUD GH SHQVDU R GH FRPSRUWDUWH TXH WH
SHUPLWDGHVDUUROODUDºQP¡VWXIXHU]D"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR (OYLDMH
/DPD\RU­DGHODVEDUDMDVGHO7DURWWLHQHQXQDFDUWDHQORVDUFDQRVPD\RUHV
OODPDGD /D )XHU]D %XVFD HVWD FDUWD HQ WX SURSLD EDUDMD 2EVHUYD OR TXH 2EMHWLYR
RFXUUHHQODFDUWD&³PRHVW¡QUHODFLRQDGDVODVLP¡JHQHVGHODFDUWDFRQOD ,PDJLQDUG³QGHWHFRQGXFHXQDUXWDRXQFDPLQR
LGHD GH ߡIXHU]Dߢ" &RQHFWD HVWD FDUWD FRQ WX LGHD GH OR TXH VLJQLILFD VHU
IXHUWH"
(OREMHWLYRGHHVWDDFWLYLGDGHVFUHDUXQDREUDGHDUWHTXHUHIOHMHWXGHILQLFL³Q
SHUVRQDO GH IXHU]D 3XHGHV LQFOXLU OD FDUWD GHO 7DURW HVSHF­ILFD GH ߡ/D
)XHU]DߢHQWXREUDRVLQRWHLGHQWLILFDVFRQHOODEXVFDDWUDY©VGHOUHVWRGH
ODEDUDMDKDVWDTXHHQFXHQWUHVXQDFDUWDFRQODTXHV­ORKDJDV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR
/RV FDPLQRV \ ODV FDUUHWHUDV WLHQHQ XQD ULFD VLPERORJ­D &RPR XQ SXHQWH
FRQHFWDQDODVSHUVRQDVFRQORVOXJDUHVSHURDWUDY©VGHWLHUUDQRSRUDJXDR
DLUH $ YHFHV ODV FDUUHWHUDV \ FDPLQRV VRQ LPSRUWDQWHV SRUTXH WH DOHMDQ GH
OXJDUHV 2WUDV YHFHV VX LPSRUWDQFLD UDGLFD HQ HO OXJDU KDFLD GRQGH WH HVW¡Q
OOHYDQGR
(VIXQGDPHQWDOWHQHUHQFXHQWDTXHKD\XQDGLIHUHQFLDHQWUHXQDFDUUHWHUD\
XQ FDPLQR $ PHQXGR SHQVDPRV HQ XQD FDUUHWHUD FRPR XQ FDPLQR
SDYLPHQWDGRFRQHOILQGHVHUXWLOL]DGRSRUYHK­FXORVPRWRUL]DGRVPLHQWUDV
TXHXQFDPLQRHVXQDUXWDTXHVHKDFUHDGRDWUDY©VGHOFDPLQDUFRQWLQXDGR
HQHOWLHPSRGHSHUVRQDV\RDQLPDOHV
/DVFDUUHWHUDV\ORVFDPLQRVWDPEL©QHVW¡QFRQHFWDGRVFRQHOPRYLPLHQWROD
H[SORUDFL³Q\HOGHVDUUROOR7DPEL©QSXHGHQUHIHULUVHDXQDIRUPDGHYLGDR
GHSHQVDPLHQWR3RUHMHPSORVHJXLUHOFDPLQRGHODYLROHQFLDRHOFDPLQRGH
ODYLUWXG
+D\ XQD VHULH GH PHW¡IRUDV HQ QXHVWUR OHQJXDMH TXH FRQWLHQHQ ODV SDODEUDV
FDPLQRRFDUUHWHUD
'HQXHYRHQODFDUUHWHUD
8QFDPLQRKDFLDQLQJºQOXJDU
(OFDPLQRDODLOXPLQDFL³Q
/DFDUUHWHUDPHQRVWUDQVLWDGD
8QFDPLQRWULOODGR
8QFDPLQRODUJR\VLQXRVR
8QFDOOHM³QVLQVDOLGD
(VHOILQDOGHOFDPLQR
(QHOFDPLQRKDFLDODVROXFL³Q
&DPLQRDODJXHUUD
&DPLQRDODSD]


HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 (VWDUXWDWLHQHXQFRUD]³Q"6LORWLHQHHOFDPLQRHVEXHQRVLQRORWLHQH
3URFHVR QRHVGHQLQJXQDXWLOLGDG
(VWDDFWLYLGDGFRQVLVWHHQGRVSUR\HFWRVGLIHUHQWHV3DUDHOSULPHURSRUIDYRU &DUORV&DVWDQHGD
OHH FRQ GHWHQLPLHQWR ODV VLJXLHQWHV FLWDV (VFRJH OD R ODV TXH P¡V VHQWLGR

WHQJDQ SDUD WL \ F³SLDODV HQ WX GLDULR SHUVRQDO 8QD YH] TXH KHFKR HVWR
HPSOHDDOJºQWLHPSRHVFULELHQGRH[DFWDPHQWHVREUHSRUTX©ODVHOHJLVWH 8QDSHUVRQDDPHQXGRVHHQFXHQWUDFRQVXGHVWLQRHQHOFDPLQRTXHKDE­D
WRPDGRSDUDHYLWDUOR
$FRQWLQXDFL³QHOLMHXQDGHWXVFLWDVHLQFRUS³UDODDXQDREUDGHDUWH3XHGHV
XVDU OD FLWD FRPR LQVSLUDFL³Q R WDPEL©Q SXHGHV FRSLDU OD FLWD HQ XQD KRMD -HDQGHOD)RQWDLQH
JUDQGHGHSDSHO\DFRQWLQXDFL³QGHFRUDUOD7DPEL©QPHJXVWDU­DTXHSDVHV 
WX PDQR SRU OD EDUDMD GHO 7DURW \ GHFLGDV FX¡O R FX¡OHV GH VXV FDUWDV WH
JXVWDU­D LQFRUSRUDU D WX REUD 3LHQVD HQ ODV LP¡JHQHV GHO 7DURW TXH PHMRU +D\GRVFDPLQRVTXHXQRSXHGHHOHJLUHQHOFDPLQDUGHODYLGDXQRHVFRQ
FRQHFWHQFRQODHVHQFLDGHODFLWDTXHKDVHOHJLGR HO TXH QDFHPRV \ HO RWUR HO TXH QRVRWURV FRQVWUXLPRV GH PDQHUD
FRQVFLHQWH 8QR HV QDWXUDOPHQWH YHUGDGHUR PLHQWUDV TXH HO RWUR HV XQD
 LOXVL³QSHUFHSWLYD(OLMHFRQFXLGDGRHQFDGDELIXUFDFL³QGHOFDPLQR
(O FDPLQR D QXHVWUR GHVWLQR QR HV VLHPSUH XQD O­QHD UHFWD 9DPRV SRU HO 7)+RGJH
FDPLQR HTXLYRFDGR QRV SHUGHPRV UHJUHVDPRV 4XL]¡ QR LPSRUWD TX©
FDPLQRWRPHPRV4XL]¡ORTXHLPSRUWDHVTXHORWRPDPRV 

%DUEDUD+DOO (VPHMRUYLDMDUELHQTXHOOHJDU

 (O%XGD

/DYHUGDGHUDPRUDOLGDGQRFRQVLVWHHQVHJXLUHOFDPLQRHVWDEOHFLGRVLQRHQ 
HQFRQWUDUHOYHUGDGHURFDPLQRSDUDQRVRWURVPLVPRV\VHJXLUORVLQPLHGR (QHOFDPLQRKDFLDODYHUGDGV³ORKD\GRVHUURUHVTXHVHSXHGHQFRPHWHUQR
0DKDWPD*DQGKL VHJXLUKDVWDHOILQDORQRKDEHUFRPHQ]DGR

 (O%XGD

/DV RSFLRQHV TXH FDGD XQR WLHQH HQ HVWH PXQGR VRQ WDQ YDVWDV FRPR HO 
KRUL]RQWH HO FXDO HV W©FQLFDPHQWH XQ F­UFXOR SRU WDQWR LQILQLWR 6LQ 'XUDQWHPXFKRWLHPSRPHSDUHFL³TXHODYLGDHVWDEDDSXQWRGHFRPHQ]DU
HPEDUJR GHEHPRV HOHJLU FDGDSDVRTXH GDPRVFRQ OD P¡[LPDSUHFDXFL³Q OD YLGD UHDO 3HUR VLHPSUH KDE­D DOJºQ REVW¡FXOR HQ HO FDPLQR DOJR TXH
SRUTXH ODV KXHOODV TXH GHMDPRV WUDV QRVRWURV VRQ WDQ LPSRUWDQWHV FRPR HO KDE­D TXH VXSHUDU SULPHUR XQ DVXQWR VLQ WHUPLQDU WLHPSR DXQ SRU VHUYLU
FDPLQR TXH YDPRV VLJXLHQGR (OODV VRQ SDUWH GH QXHVWUR YLDMH QXHVWUD XQDGHXGDTXHSDJDU(QWRQFHVODYLGDFRPHQ]DU­D3RUILQPHGLFXHQWDGH
KLVWRULD TXHHVWRVREVW¡FXORVHUDQPLYLGD
/RUL5/³SH] $OIUHG' 6RX]D
 

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(O YLDMH HQWUH OR TXH XQD YH] IXLVWH \ HQ OR TXH WH HVW¡V FRQYLUWLHQGR HV HQ YLGDHVHOYLDMH
GRQGHODGDQ]DGHODYLGDUHDOPHQWHVHOOHYDDFDER
5REHUW-+DVWLQJV
%DUEDUD'H$QJHOLV 

1RKD\XQFDPLQRFRUUHFWR6³ORDTX©OTXHWHSHUPLWHGRUPLUSURIXQGDPHQWH
&RPR SDVHPRV QXHVWURV G­DV HV SRU VXSXHVWR OD IRUPD HQ TXH SDVDUHPRV \GHVSHUWDUHPRFLRQDGR
QXHVWUDVYLGDߢ -HQQLIHU/RXGHQ
$QQLH'LOODUG


(O GHVWLQR GH DOJXLHQ QXQFD HV XQ OXJDU VLQR XQD QXHYD IRUPD GH YHU ODV
'RVFDPLQRVGLYHUJLHURQHQXQERVTXH\\R FRVDV
<RWRP©HOPHQRVWUDQVLWDGR +HQU\0LOOHU
\HVRPDUF³ODGLIHUHQFLD 
5REHUW)URVW 0HHQFDQWDU­DYLYLUFRPRXQDFRUULHQWHGHU­ROOHYDGRSRUODVRUSUHVDGHVX
 SURSLRGLVFXUULU

$PHQXGRPHHQFRQWU©GRQGHGHE­DHVWDUVLPSOHPHQWHSDUWLHQGRKDFLDRWUR -RKQ2 'RQRKXH

OXJDU 
%XFNPLQVWHU)XOOHU /DVDELGXU­DQRQRVYLHQHGDGDVLQRTXHGHEHPRVGHVFXEULUODSRUQRVRWURV
 PLVPRV GHVSX©V GH XQ YLDMH TXH QDGLH SXHGH DKRUUDUQRV R KDFHU SRU
QRVRWURV
3RGUHPRVFRUUHUFDPLQDUWURSH]DUFRQGXFLURYRODUSHURQXQFDGHEHPRV
SHUGHU GH YLVWD OD UD]³Q GHO YLDMH R SHUGHUHPRV OD RSRUWXQLGDG GH YHU XQ 0DUFHO3URXVW
DUFRLULVHQHOFDPLQR 
*ORULD*DLWKHU /D YLGD HVW¡ OOHQD GH SUHJXQWDV VLQ UHVSXHVWD SHUR HV HO FRUDMH GH EXVFDU
 HVDVUHVSXHVWDVHOTXHFRQWLQºDGDQGRVHQWLGRDODYLGD3XHGHVSDVDUWXYLGD
UHYROF¡QGRWHHQODGHVHVSHUDFL³QSUHJXQW¡QGRWHSRUTX©WºVRORWHGLULJLVWH
8QYLDMHGHPLOPLOODVFRPLHQ]DFRQXQVRORSDVR KDFLD XQ FDPLQR OOHQR GH GHVHVSHUDFL³Q R SXHGHV VHQWLUWH DJUDGHFLGR SRU
/DR7VH VHUORVXILFLHQWHPHQWHIXHUWHFRPRSDUDKDEHUVREUHYLYLGRDHOOR
 -'6WURXEH
7DUGHRWHPSUDQRGHEHPRVGDUQRVFXHQWDGHTXHQRH[LVWHXQDHVWDFL³QQR 
KD\XQOXJDUGRQGHOOHJDUGHXQDYH]SRUWRGDV/DYHUGDGHUDDOHJU­DGHOD $OJXQDV KLVWRULDV QR WLHQHQ XQ LQLFLR GHVDUUROOR \ ILQDO FODUR /D YLGD VH

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
WUDWDGHQRVDEHUWHQHUTXHFDPELDUYLYLUHOPRPHQWR\VDFDUORPHMRUGH©O
VLQVDEHUORTXHYDDRFXUULUDFRQWLQXDFL³Q$PELJ¼HGDGGHOLFLRVD (O3RGHU6XSHULRU
*LOGD5DGQHU
2EMHWLYR

&RQHVWDDFWLYLGDGYDPRVDFRQHFWDUFRQODHVHQFLDGHWXHVSLULWXDOLGDG
<XVWHG"&X¡QGRFRPHQ]DU¡HOODUJRYLDMHKDFLDV­PLVPR"
5XPL

5HPDU P¡V IXHUWH QR D\XGD HQ QDGD VL HO EDUFR VH GLULJH HQ OD GLUHFFL³Q
HTXLYRFDGD
.HQLFKL2KPDH

 


3DUDHOVHJXQGRSUR\HFWRSDVDODPDQRSRUWXEDUDMDGHO7DURW\HVFRJHXQD
FDUWD FX\DV LOXVWUDFLRQHV FRQWHQJDQ XQD FDUUHWHUD R XQ FDPLQR(Q OD EDUDMD
:DLWH6PLWKHVWDVLP¡JHQHVVHLQFOX\HQHQ/D7HPSODQ]D/D/XQD\(O$V
GH3HQW¡FXORV(OREMHWLYRHVLPDJLQDUORTXHSXHGHHVWDUDOILQDOGHOFDPLQR
RUXWDTXHVHUHSUHVHQWDHQODFDUWDHOHJLGD
&XDQGR HVW©V OLVWR SRU IDYRU FUHD XQD REUD GH DUWH R XQD PDQXDOLGDG TXH
UHSUHVHQWHODLGHDTXHVHWHRFXUUL³6LORGHVHDVSXHGHVLQFRUSRUDUXQDRP¡V
FDUWDVGHO7DURWHQHVWDREUDGHDUWH

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
&XDQGR SLHQVDV HQ HO W©UPLQR 3RGHU 6XSHULRU TX© YLHQH D WX PHQWH" 2EVHUYD WX EDUDMD GHO 7DURW \ EXVFD XQD FDUWD TXH UHSUHVHQWH D WX SRGHU
&³PR VH UHODFLRQD HVWD LGHD FRQ WX UHOLJL³Q HVSLULWXDOLGDG R SU¡FWLFD VXSHULRU 8QD YH] TXH OD KD\DV HQFRQWUDGR SLHQVD HQ F³PR VH SXHGH
HVSLULWXDO"4X©VLJQLILFDQHVWDVSDODEUDVSDUDWL" LQFRUSRUDUHQXQDREUDGHDUWH
(VWDU FRQHFWDGR D XQ VLVWHPD GH FUHHQFLDV UHOLJLRVDV R HVSLULWXDOHV SXHGH 7DPEL©Q SXHGHV XVDU HVWD FDUWD GHO 7DURW FRPR OD SLH]D FHQWUDO GH XQ
WHQHU LPSRUWDQWHV EHQHILFLRV 7HQHU XQD UHODFL³Q FRQ XQD IXHU]D VXEOLPH VDQWXDULR$OFUHDUXQVDQWXDULRWHQHQFXHQWDORVLJXLHQWH
IXHUDGHQRVRWURVQRVSXHGHGDUODRSRUWXQLGDGGH  (Q SULPHU OXJDU HQFXHQWUD XQ OXJDU HVSHFLDO SDUD WX VDQWXDULR 3XHGH
([SHULPHQWDUHOVLJQLILFDGR\SURS³VLWRGHQXHVWUDVYLGDV VHU XQ HVWDQWH XQ DUPDULR YDF­R VREUH XQD PHVD R LQFOXVR IXHUD GH
'LVIUXWDUGHXQVHQWLGRGHSHUWHQHQFLD\GHQRHVWDUVRORHQHOPXQGR FDVDHQODWHUUD]DRHOMDUG­Q3XHGHVSLQWDUODEDVHGHOVDQWXDULRFRQXQ
6HQWLUWUDQTXLOLGDGHQWLHPSRVGHLQFHUWLGXPEUH FRORUTXHWHLGHQWLILTXHRFXEULUODFRQWHOD
&RQRFHUHOSRGHUGHODPRULQFRQGLFLRQDO  6LGHVHDVTXHWXVDQWXDULRVHDSRUW¡WLOSXHGHVXWLOL]DUXQDFDMDSHTXH±D
5HFLELURULHQWDFL³Q LQFOXVR WDQ SHTXH±D FRPR XQD FDMD GH FHULOODV  3XHGHV HQFRQWUDU ODV
7HQHUXQUHIXJLRGXUDQWHDFRQWHFLPLHQWRVHVWUHVDQWHVRDQJXVWLDQWHV FDUWDV GHO 7DURW GH WDPD±R PLQL TXH HQFDMDU­DQ GHQWUR GH GLFKRV
&RQHFWDUFRQHPRFLRQHVGHDGPLUDFL³Q\KXPLOGDG UHFLSLHQWHVSHTXH±RV
(QWXGLDULRSHUVRQDOSRUIDYRUUHVSRQGHDODVVLJXLHQWHVSUHJXQWDV  8QD PDQHUD FUHDWLYD SDUD GHFRUDU ODV FDMDV GH PDGHUD R FXDOTXLHU
VXSHUILFLH GH PDGHUD  HV D WUDY©V GHO G©FRXSDJH (VWR LPSOLFD SHJDU
(QHOSDVDGRKDVWHQLGRFUHHQFLDVRSU¡FWLFDVUHOLJLRVDVRHVSLULWXDOHV" LP¡JHQHV R IRWRV D OD VXSHUILFLH \ D FRQWLQXDFL³Q FXEULUODV FRQ
)XHURQHVWDVH[SHULHQFLDVSRVLWLYDVRQHJDWLYDVSDUDWL"3RUTX©" SHJDPHQWRWUDQVSDUHQWHRVHOODGRU(OHIHFWRHVEDVWDQWHERQLWR
$OJXQD YH] KDV WHQLGR XQD SURIXQGD H[SHULHQFLD UHOLJLRVD R  6L GHFLGHV XWLOL]DU XQD PHVD R XQ HVWDQWH FRORFDGR FRQWUD OD SDUHG
HVSLULWXDO"6LHVDV­SRUIDYRUGHVFU­EHOR SXHGHVSHJDUFRVDVGHWU¡V\DOUHGHGRUGHHOOD
$OJXQD YH] KDV GHSHQGLGR GH WX UHOLJL³Q R GH OD HVSLULWXDOLGDG SDUD  &RORFD HOHPHQWRV HQ WX VDQWXDULR TXH WH LQVSLUDQ \ WH UHFXHUGDQ D WX
REWHQHUIXHU]DGXUDQWHXQPRPHQWRGLI­FLO"6LHVDV­F³PR" 3RGHU 6XSHULRU 7DPEL©Q SXHGHV HVFULELU XQ SRHPD GH WHP¡WLFD
4X©UROVLH[LVWHDOJXQRMXHJDODUHOLJL³QRODHVSLULWXDOLGDGHQWXYLGD HVSLULWXDOHLQFRUSRUDUORHQWXVDQWXDULR
DFWXDOPHQWH"  6L YDV D XWLOL]DU HO VDQWXDULR SDUD HO FXOWR ULWXDOHV PHGLWDFL³Q X
&X¡OHV VRQ DOJXQDV GH ODV DFWLYLGDGHV TXH DFWXDOPHQWH UHDOL]DV SDUD RUDFL³Q FRQVLGHUD LQFOXLU HOHPHQWRV FRPR YHODV LQFLHQVR IORUHV
QXWULUWXDOPD" ILJXUDVURVDULRVRFXDOTXLHURWURFRPSRQHQWHTXHWHD\XGHDFRQHFWDU
+D\ DFWLYLGDGHV TXH WH JXVWDU­D D±DGLU HQ WX YLGD TXH WH SHUPLWDQ FRQWX3RGHU6XSHULRU
FRQHFWDUP¡VSURIXQGDPHQWHFRQWXDOPD"  6L SXHGHV FRORFD XQD OX] SDUD OHFWXUD HQ OD SDUWH VXSHULRU GH WX
VDQWXDULRGHHVWHPRGRVHPDQWHQGU¡LOXPLQDGRSRUODQRFKH

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(VWXGLRGHQDWXUDOH]DPXHUWD 7UDVIRQGR
1DWXUDOH]D PXHUWD KDFH UHIHUHQFLD D OD XWLOL]DFL³Q GH XQR R P¡V REMHWRV
2EMHWLYR LQDQLPDGRVFRPRHOFHQWURGHLQVSLUDFL³QGHXQGLEXMRRSLQWXUD(QHVWHWLSR
9DPRV D FUHDU GLH] UHSUHVHQWDFLRQHV DUW­VWLFDV RULJLQDOHV GH XQD FDUWD GHO GH REUD WLHQHV OD RSRUWXQLGDG GH H[SORUDU OD OX] \ OD VRPEUD DV­ FRPR ODV
7DURW FRPSOHMLGDGHV GH OD FRORUDFL³Q 7DPEL©Q WH SHUPLWH H[SHULPHQWDU FRQ OD
UHSUHVHQWDFL³QGHREMHWRVGHVGHYDULRVSXQWRVGHYLVWD
/R P¡V LPSRUWDQWH HV FRPSOHWDU XQD VHULH GH QDWXUDOH]DV PXHUWDV VREUH HO
PLVPR REMHWR OR TXH WH SHUPLWLU¡ FRQRFHUOR ELHQ \ YHUOR GHVGH QXHYDV
SHUVSHFWLYDV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 3DQHOGHYLVXDOL]DFL³Q
7RPD XQD FDUWD GH WX EDUDMD GHO 7DURW \D VHD DO D]DU R HOHJLGD
FXLGDGRVDPHQWH7XREMHWLYRHVUHSUHVHQWDUODDUW­VWLFDPHQWHGHGLH]PDQHUDV 2EMHWLYR
GLIHUHQWHV (O PHGLR D XVDU SDUD HOOR GHSHQGH GH WX LPDJLQDFL³Q O¡SL] (QHVWDDFWLYLGDGYDPRVDLQFRUSRUDUODVFDUWDVGHO7DURWDXQDUHSUHVHQWDFL³Q
URWXODGRUHVFDUERQFLOORDFXDUHODSOXPLOODRSLQWXUD/RPLVPRRFXUUHFRQHO SLFW³ULFDGHXQDPHWDLPSRUWDQWHTXHWHQJDVHQWXYLGD
WDPD±R6LXWLOL]DUFDUWDVGHGHJUDQWDPD±RWHKDFHVHQWLUP¡VF³PRGRDSRU
HOOR 'HO PLVPR PRGR QR GXGHV HQ PH]FODU \ FRPELQDU WDPD±RV VL DV­ OR
GHVHDV
3DUD FDGD YHUVL³Q VLWºD OD FDUWD HQ XQD SRVLFL³Q GLIHUHQWH R FRQ XQ IRQGR
GLIHUHQWH 3XHGHV KDFHU WXV REUDV WDQ VLPSOHV R FRPSOHMDV FRPR
TXLHUDV&XDQGRKD\DVWHUPLQDGRGLVH±DODVLP¡JHQHVTXHKDVFUHDGRHQHO
SDWU³Q TXH TXLHUDV 2EVHUYD OR TXH SHUFLEHV D PHGLGD TXH ORV FRQWHPSODV
WDQWR LQGLYLGXDOPHQWH FRPR HQ VX FRQMXQWR FRQVLJXHQ GDUWH QXHYDV
SHUVSHFWLYDVWXVGLH]YHUVLRQHVVREUHODFDUWDTXHIXHWXPRGHORRULJLQDO"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
8QSDQHOGHYLVXDOL]DFL³QHVXQFROODJHFRPSXHVWRSRUGLEXMRVDILUPDFLRQHV 'HFLGH FX¡O YD D VHU HO WHPD SULQFLSDO GH WX SDQHO GH YLVXDOL]DFL³Q TX© WH
HVFULWDV H LP¡JHQHV TXH UHSUHVHQWHQ XQ REMHWLYR D ORJUDU (O IXQGDPHQWR JXVWDU­DWHQHUHQWXYLGD\SRUTX©
GHWU¡V GH OD FUHDFL³Q GH XQ SDQHO GH YLVXDOL]DFL³Q HV DOFDQ]DU OR TXH WH (OLMH HO WDPD±R TXH WH JXVWDU­D GDUOH D WX SDQHO GH YLVXDOL]DFL³Q /DV
JXVWDU­DWHQHUKDFHURVHUHQWXYLGDHQUHDOLGDGWºSXHGHVWUDHUORDWXYLGDD FDUWXOLQDVVRQEXHQDVRSFLRQHVFRPRVXSHUILFLHVGHIRQGR
WUDY©VGHODOH\GHODDWUDFFL³Qߢ/DLGHDHVTXHFXDQWRP¡VWHIRFDOL]DVHQ
DOJRORP¡VSUREDEOHHVTXHVXFHGD $ FRQWLQXDFL³Q EXVFD LP¡JHQHV IRWRJUDI­DV \ WH[WRV TXH FRQHFWHQ FRQ WX
PHWD X REMHWLYR /R P¡V VHQFLOOR HV EXVFDU HQ UHYLVWDV YLHMDV \ UHFRUWDU ODV
<ORP¡VLPSRUWDQWHXQSDQHOGHYLVXDOL]DFL³QWDPEL©QVLUYHFRPRXQDREUD IRWRV \ SDODEUDV HVFULWDV TXH WH SURYRTXHQ XQD UHVSXHVWD HPRFLRQDO
DUW­VWLFDGHLQVSLUDFL³QYLVXDObFUHDGRSRU\SDUDWL3LHQVDHQHOORFRPRXQD IXHUWH 7DPEL©Q SXHGHV XWLOL]DU IRWRJUDI­DV LP¡JHQHV GH IROOHWRV R
IRWRJUDI­DLQVWDQW¡QHDGHOFROODJHGHOIXWXUR FDOHQGDULRVRLPSULPLULP¡JHQHVGHVGH,QWHUQHW
5HFXHUGD TXH FDGD FRPSRQHQWH GHO SDQHO GH YLVXDOL]DFL³Q QR V³OR GHEH
UHODFLRQDUVHFRQWXPHWDVLQRWDPEL©QGHVSHUWDUWXSDVL³QSRUHOREMHWLYR
b$VHJºUDWHGHXWLOL]DUWXEDUDMDGHO7DURWSDUDHVWHSUR\HFWR$OREVHUYDUWX
EDUDMDHOLJHODVFDUWDVTXHWHPRWLYHQSDUDFRQVHJXLUWXREMHWLYR
1R WH SUHRFXSHV SRU OD FDQWLGDG GH IRWRJUDI­DV R FDUWDV TXH KDV
VHOHFFLRQDGR5HFRSLODWRGRORTXHWHOODPHODDWHQFL³Q8QDYH]TXHKD\DV
WHUPLQDGRFODVLILFD9HDWUDY©VGHWXPRQW³QGHUHFRUWHV\VHOHFFLRQDHVDV
LP¡JHQHV\IRWRVTXHKDFHQTXHWHHQWXVLDVPHVFRQORJUDUWXREMHWLYR
8QDYH]TXHWHQJDVWXFROHFFL³QXWLOL]DODVWLMHUDVSDUDFRPHQ]DUDUHFRUWDU
ODVLP¡JHQHV\ODVSDODEUDVFRQODVIRUPDV\WDPD±RVTXHP¡VWHJXVWHQ
$QWHV GH SHJDU ORV PDWHULDOHV VH FUHDWLYR \ MXHJD FRQ VX FRORFDFL³Q HQ OD
VXSHUILFLH GHO IRQGR SDUD UHDOL]DU WX FRPSRVLFL³Q 3XHGHV OOHQDU WRGD OD
VXSHUILFLHFRQHOFROODJHRGHMDUHVSDFLRHQEODQFRVLORGHVHDV
%XVFD XQ OXJDU HVSHFLDO HQ FDVD R HQ OD RILFLQD SDUD FROJDU HO SDQHO GH
YLVXDOL]DFL³Qb$VHJºUDWHGHTXHHVW¡HQXQOXJDUGRQGHORYHDVWRGRVORVG­DV
HQEXVFDGHLQVSLUDFL³Q

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(VWXGLRLQWHUSUHWDWLYR 7UDVIRQGR
&XDQGR LQWHUSUHWDPRV DOJR DUW­VWLFDPHQWH HPSH]DPRV SRU OD HOHFFL³Q GH
2EMHWLYR XQREMHWRTXHQRVJXVWDU­DUHSURGXFLUHQGLEXMRSLQWXUDRDOJºQRWURPHGLR
9DPRVDFUHDUGLH]YHUVLRQHVGLIHUHQWHVGHXQDFDUWDGHO7DURW GH DUWH 3HUR LQWHUSUHWDU QR HV VLPSOHPHQWH FRSLDU 0¡V ELHQ HO REMHWLYR DO
KDFHU XQD LQWHUSUHWDFL³Q GH DOJR HV XVDU QXHVWUR SURSLR HVWLOR \ PDUFDU XQ
VHOOR ºQLFR HQ OR TXH VHD TXH HVWDPRV XWLOL]DQGR FRPR IXHQWH GH
LQVSLUDFL³Q 1XHVWUD LQWHUSUHWDFL³Q DUW­VWLFD GHO RULJLQDO HVW¡ GHVWLQDGD D VHU
SHUVRQDO \ ºQLFD (Q HVWH VHQWLGR OD LQWHUSUHWDFL³Q FRQVLVWH HQ OD
WUDQVIRUPDFL³QGHORULJLQDODWUDY©VGHHVWUDWHJLDVDUW­VWLFDVWDOHVFRPRVXPD
UHVWDDEVWUDFFL³QHVWLOL]DFL³QH[DJHUDFL³QGLVWRUVL³Qߨ
(QWRQFHV HV SRVLEOH YHU XQD FDUWD GHO 7DURW GH GLH] PDQHUDV
GLIHUHQWHV"3RGU­DPRVUHDOPHQWHFUHDUGLH]DOWHUQDWLYDVGLVWLQWLYDVSDUDXQD
VRODFDUWD"
$O SULQFLSLR HVWH UHWR SXHGH SDUHFHU GHVDOHQWDGRU SHUR bXVD WX
LPDJLQDFL³QGHHVWDPDQHUDDOFDQ]DU¡VQXHYRVQLYHOHVGHFUHDWLYLGDG

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR (OGHWDOOH
7RPD XQD FDUWD \D VHD DO D]DU R HOLJL©QGROD FXLGDGRVDPHQWH 8VD OD FDUWD
FRPRIXHQWHGHLQVSLUDFL³QUHFXHUGDTXHYDVDFUHDUGLH]YHUVLRQHVGLVWLQWDV 2EMHWLYR
GHODPLVPD$V­TXHHVWXGLDWXFDUWDFRQGHWHQLPLHQWR&X¡OHVHOPHQVDMH (Q HVWD DFWLYLGDG YDPRV D XWLOL]DU XQ GHWDOOH GH XQD FDUWD GHO 7DURW FRPR
GH OD FDUWD" 4X© FDUDFWHU­VWLFDV FDSWDQ WX DWHQFL³Q" &X¡OHV FUHHV TXH VRQ LQVSLUDFL³QSDUDFUHDUREUDVGHDUWH
ORVHOHPHQWRVP¡VLPSRUWDQWHV"3XHGHVFHQWUDUWHHQHOORVSDUDFUHDUDOJXQDV
GH  WXV YHUVLRQHV 2 ELHQ SXHGHV KDFHU KLQFDSL© HQ GHWDOOHV PHQRUHV 4X©
SXHGHVD±DGLURTXLWDUGHODLPDJHQDFWXDOGHODFDUWD"4X©DVSHFWRWHQGU­D
ODFDUWDVLHVWXYLHUDHQXQDIRUPDDEVWUDFWDRHVWLOL]DGD"
/R LPSRUWDQWH HV TXH FDGD XQD GH WXV GLH] YHUVLRQHV KRQUH HO HVS­ULWX GH OD
FDUWDRULJLQDO
(O GLVH±R \ OD WDOOD GH WXV REUDV GH DUWH TXHGDQ D WX GLVSRVLFL³Q &XDQGR
KD\DVWHUPLQDGRPXHVWUDWXVGLH]SLH]DVFRORF¡QGRODVXQDMXQWRDRWUDSDUD
TXH SXHGDV FRPSDUDUODV \ FRQWUDVWDUODV 4X© VLPLOLWXGHV \ GLIHUHQFLDV
QRWDV"4X©KDVDSUHQGLGRDFHUFDGHODFDUWDRULJLQDO"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
$ YHFHV SRGHPRV VHQWLU XQ EORTXHR FUHDWLYR TXH VLJQLILFD VLPSOHPHQWH 2EVHUYD WX EDUDMD GH 7DURW \ HOLJH XQD FDUWD \D VHD GHOLEHUDGDPHQWH R GH
ߡHVWDUHQEODQFRߢVLQLGHDVSDUDFUHDUXQGLEXMRSLQWXUDRFXDOTXLHUREUDGH IRUPD DOHDWRULD 8QD YH] TXH OD WHQJDV WX REMHWLYR HV FHQWUDUWH HQ XQD VROD
DUWHb(VWDDFWLYLGDGWHD\XGDU¡DVXSHUDUHOEORTXHRFUHDWLYRDOLQVWDQWH FDUDFWHU­VWLFDSDUWLFXODUGHODFDUWD3XHGHVHUDOJRJUDQGHRSHTXH±RFRPR
XQD SUHQGD GH YHVWLU XQ GHWDOOH HQ XQ DUW­FXOR GH URSD XQ DQLPDO R OR TXH
HVW¡VRVWHQLHQGRDOJXLHQHQVXVPDQRVߨ3XHGHVHUDOJRHQSULPHUSODQRRHQ
HO IRQGR GH OD FDUWD 3XHGH VHU XQ V­PEROR R SDUWH GH DOJºQ WH[WR
HVFULWR&RPRVDEHVFDGDFDUWDHQVLPLVPDHQFLHUUDXQJUDQVLPEROLVPRߨ
bSRUORTXHWLHQHVXQPRQW³QGHSRVLELOLGDGHV
3XHGHV HOHJLU HO GHWDOOH GHOLEHUDGDPHQWH \ FRQ PXFKR FXLGDGR R SRU HO
FRQWUDULR OR SXHGHV KDFHU U¡SLGDPHQWH HVFRJLHQGR DOJR DO D]DU (VD HV WX
GHFLVL³Q/RLPSRUWDQWHHVTXHDKRUD\DWLHQHVXQSXQWRGHLQVSLUDFL³Q
$V­TXHXQDYH]TXHKD\DVHOHJLGRWXGHWDOOHHOREMHWLYRHVFUHDUXQDREUDGH
DUWH HQ OD TXH HVH GHWDOOH VHD OD SLH]D FHQWUDO (V GHFLU SLQWD R GLEXMD HO
GHWDOOHHQHOSDSHO\DFRQWLQXDFL³QGHMDTXHOOHJXHHOUHVWR(OWDPD±RGHWX
REUDGH DUWHGHSHQGHGHWL

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
0RVDLFR 7UDVIRQGR
7­SLFDPHQWHXQPRVDLFRHVXQDLPDJHQRXQERFHWRTXHHVFUHDGRPHGLDQWH
2EMHWLYR OD GLVSRVLFL³Q GH XQ JUDQ QºPHUR GH SHTXH±DV SLH]DV GH FRORUHV GH XQ
1XHVWURREMHWLYRHQHVWDDFWLYLGDGHVFUHDUXQDREUDGHDUWHFRQORVGLEXMRVGH PDWHULDO GXUR WDOHV FRPR D]XOHMRV YLGULR R SHTXH±DV SLHGUDV (VWH WLSR GH
LOXVWUDFLRQHVGHODVFDUWDVGHO7DURW REUDVGHDUWHTXHQRUPDOPHQWHVHHQFXHQWUDQHQODVSDUHGHVRVXHORVLOXVWUDQ
HO FRQFHSWR GH VLQHUJLD HQ OD TXH OD VXPD HV PD\RU TXH VXV SDUWHV
LQGLYLGXDOHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR ([SRVLWRUXQIUDVFRGHFULVWDO
(Q HVWD DFWLYLGDG YDPRV D FUHDU XQ PRVDLFR XWLOL]DQGR QXHYH FDUWDV TXH Wº
HOLMDVGHWXEDMDUDGHO7DURW(QXQPRVDLFRWUDGLFLRQDOFDGDXQDGHODVSLH]DV 2EMHWLYR
LQGLYLGXDOHV QR WLHQHQ PXFKR VHQWLGR SRU V­ VROD VLQR TXH VH FRQYLHUWHQ HQ &RQHVWHHMHUFLFLRYDPRVDXWLOL]DUXQIUDVFRGHFULVWDOSDUDH[SRQHUXQDFDUWD
DUWHXQDYH]TXHVHFRQHFWDQHQWUHV­3DUDHVWHSUR\HFWR\DTXHFDGDFDUWDHV DUW­VWLFDPHQWH
DXW³QRPD\VLJQLILFDWLYDHQV­PLVPDHOUHWRHVFUHDUXQPRGHORHQHOTXHODV
QXHYHFDUWDVVHYXHOYDQDºQP¡VVLJQLILFDWLYDVFXDQGRODVFRORTXHPRVWRGDV
MXQWDVHQXQJUXSR
6L WH TXHGDV HQ EODQFR EDVWD FRQ FRQVLGHUDU HO PHQVDMH R VHQWLPLHQWR TXH
GHVHDV FRPXQLFDU FRQ WX PRVDLFR $ PHGLGD TXH EXVFDV HQ WX EDUDMD GHO
7DURWHOLJHDTXHOODVFDUWDVTXHDSR\DQWXLGHD
&XDQGRKD\DVGHFLGLGRHOGLVH±RGHWXPRVDLFRSXHGHVSHJDUWXVFDUWDVDOD
VXSHUILFLH GH XQD FDUWXOLQD 3HUR VL TXLHUHV TXH VH WUDWH GH XQD REUD GH DUWH
WHPSRUDOFRO³FDORVVLQOOHJDUDSHJDUORV
'HVSX©VGHKDEHUWHUPLQDGRGDXQSDVRDWU¡V\REVHUYDHOSUR\HFWR&³PR
ORYHVGHVGHODGLVWDQFLD"&³PRVHFRPSOHPHQWDQHQWUHV­ORVFRORUHV\ODV
LP¡JHQHV"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
/RVWDUURVGHYLGULRSXHGHQVHUGLYHUWLGRVSRUTXHVHSXHGHQXWLOL]DUSDUDXQD 7X SULPHUD WDUHD HV HVFRJHU XQ WDUUR R IUDVFR GH FULVWDO (O WDPD±R GH WX
PXOWLWXG GH FRVDV 7LHQHQ XQD JUDQ YDULHGDG GH WDPD±RV VRQ I¡FLOHV GH IUDVFR GHEH VHU DSURSLDGR SDUD HO WDPD±R GH OD FDUWD GHO 7DURW TXH YDV D
GHFRUDU \ VH SXHGHQ H[KLELU HQ FDVL FXDOTXLHU OXJDU (Q HVWD DFWLYLGDG HO XWLOL]DU
IUDVFRVHUYLU¡FRPRXQOLHQ]RWULGLPHQVLRQDOSDUDWXFUHDWLYLGDG (VFRJH XQD FDUWD GH WX EDUDMD TXH WH JXVWDU­D H[KLELU HQ WX IUDVFR $
FRQWLQXDFL³Q OOHQD GRV R WUHV FHQW­PHWURV GHO IRQGR GH WX IUDVFR FRQ VDO R
DUHQD/RVLJXLHQWHHVFRORFDUODFDUWDHQFLPD'HSHQGLHQGRGHODFDQWLGDGGH
HVSDFLR TXH TXHGD DOUHGHGRU GH OD FDUWD SXHGHV FRORFDU RWURV REMHWRV
SHTXH±RVDOUHGHGRURGHWU¡VGHHOOD
3HURDQWHVGHOOHYDUDFDERHVWRVSDVRVSLHQVDHQF³PRWHJXVWDU­DGHFRUDUHO
H[WHULRUGHWXIUDVFR4XLHUHVTXH ORV ODGRV VHDQ WUDQVSDUHQWHV" 2 TXLHUHV
DOJºQWLSRGHGLVH±RRFRORU"
3DUDODSLQWXUDSXHGHVXWLOL]DUDFU­OLFR\DVHDHQHOLQWHULRURHQHOH[WHULRU
GHO IUDVFR ([SHULPHQWD FRQ GLIHUHQWHV WLSRV GH SLQFHOHV 6L XVDV GLVWLQWRV
SLQFHOHV\SDMLWDVSRGU¡VLQFOXVRGDUXQHIHFWRGHVDOSLFDGXUD
7DPEL©Q SXHGHV XWLOL]DU WHOD R SDSHO SDUD GHFRUDU FRUWDQGR ODV IRUPDV R
IUDQMDV TXH P¡V WH JXVWHQ 8QD RSFL³Q HV DSOLFDU HO SHJDPHQWR D OD SDUWH
GHODQWHUD GH OD WHOD R SDSHO \ GHVSX©V XVDU XQ SDOLOOR GH PDGHUD SDUD
DFRPRGDUOR HQ OD SDUWH LQWHULRU GH OD MDUUD 3RU VXSXHVWR WDPEL©Q SXHGHV
DGMXQWDUGHFRUDFLRQHVDODSDUWHH[WHULRUGHOUHFLSLHQWH$GHP¡VGHODWHOD\
SDSHOSXHGHVXWLOL]DUOD]RVRFRUGRQHVSDUDDWDUDOUHGHGRUGHODMDUUD
6LQHPEDUJRDOGHFRUDUWXIUDVFRDVHJºUDWHGHGHMDUVXILFLHQWHHVSDFLROLEUH
SDUDTXHODFDUWDGHO7DURWTXHHVW¡HQHOLQWHULRUGHOIUDVFRVLJDVLHQGRYLVLEOH
GHVGHHOH[WHULRU
8QDYH]TXHKD\DVLQWURGXFLGRODFDUWDELHQFRQDUHQDRVDOHQHOIRQGRGHO
IUDVFR SXHGHV FRORFDU XQR R P¡V REMHWRV GHFRUDWLYRV R VLJQLILFDWLYRV
DOUHGHGRUGHHOOD8QDRSFL³QHVGHMDUHVSDFLRSDUDXQDYHODGHW©SODQDFRQ
SLODV(VWROHGDU¡DOIUDVFRXQ HIHFWR DJUDGDEOH FXDQGROD KDELWDFL³QHVW©D
RVFXUDV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 (OIUDVFRGHFULVWDOFRPRPDUFR
2EMHWLYR
&RQHVWDDFWLYLGDGYDPRVDPRVWUDUXQDRP¡VFDUWDVGHO7DURWXVDQGRFRPR
PROGXUDXQIUDVFRGHFULVWDO

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
/R FUHDV R QR FRQ IUDVFRV GH FULVWDO SXHGHV KDFHU PDUFRV (Q SULPHU OXJDU HVFRJH XQD R P¡V FDUWDV GHO 7DURW TXH GHVHHV H[KLELU $
PDUDYLOORVRV'HELGRDTXHHOWDUURHVXQREMHWRWULGLPHQVLRQDOKD\WRGRXQ FRQWLQXDFL³Q HOLJH XQ IUDVFR GH YLGULR TXH VHD GHO WDPD±R DGHFXDGR 1R
PXQGR GH SRVLELOLGDGHV FUHDWLYDV SDUD HVWH SUR\HFWR (VWH HV HO WLSR GH SHJXHV R DGKLHUDV GH QLQJXQD IRUPD OD FDUWD R FDUWDV DO IUDVFR (Q OXJDU GH
H[KLELFL³QTXHVLQGXGDߨbDWUDHU¡ODDWHQFL³Q HOORFRQVLJXHXQDERWHOODGHDFHLWHYHJHWDO9LHUWHHODFHLWHHQHOIUDVFRFDVL
KDVWDFROPDUOR(VWHHVHOPHGLRHQHOTXHVHDVHQWDU¡QWXFDUWDRFDUWDV6L
GHVHDVPRVWUDUWXFDUWDDORODUJRGHODSDUWHIURQWDOGHOIUDVFRVLPSOHPHQWH
LQV©UWDODOHQWDPHQWHKDFLDDEDMRHQHODFHLWHSUHVLRQ¡QGRODFRQWUDHOODGRGHO
IUDVFR HQ HO TXH GHVHDV TXH VH H[KLED (O SHVR GHO DFHLWH SHUPLWLU¡ TXH VH
PDQWHQJD HQ VX OXJDU 6L KDV HOHJLGR P¡V FDUWDV TXH GHVHHV PRVWUDU V³OR
WLHQHVTXHGHVOL]DUODVGHODPLVPDPDQHUD
2WUD RSFL³Q HV XWLOL]DU SHJDPHQWR SDUD XQLU GRV FDUWDV SRU VXV
UHYHUVRV&RO³FDODVHQHODFHLWHODVSXHGHVFRORFDUGHWDOPDQHUDTXHTXHGHQ
VXVSHQGLGDVHQPHGLRGHOWDUUR
8QDYH]TXHYHDVHODVSHFWRGHWXVFDUWDVSXHGHVFRQVLGHUDUODIRUPDHQTXH
WH JXVWDU­D GHFRUDU HO UHVWR GH WX IUDVFR 7DPEL©Q SXHGHV GHFRUDU WX IUDVFR
SULPHUR SHUR DVHJXU¡QGRWH GH GHMDU VXILFLHQWH HVSDFLR OLEUH SDUD TXH ODV
FDUWDVTXHGHQYLVLEOHV
/DSLQWXUDDFU­OLFDD±DGHXQWRTXHDJUDGDEOH3XHGHVMXJDUFRQODWH[WXUDGH
ODSLQWXUDDV­D±DGHVXQDQXHYDGLPHQVL³Q2ELHQSXHGHVSHJDUWHODRSDSHO
DODSDUWHH[WHULRUGHOUHFLSLHQWH$GHP¡VHQYROYLHQGROD]RVFRUGRQHVRUDILD
DORODUJRGHODSDUWHLQIHULRURVXSHULRUGHOIUDVFRSURSRUFLRQDVSURIXQGLGDG
\XQVHQWLGRGHO­PLWHDOPDUFR
3RUºOWLPRDVHJºUDWHGHFXEULUHOIUDVFRKHUP©WLFDPHQWHFRQODWDSD\DTXH
QRTXHUHPRVFRUUHUHOULHVJRGHTXHVHGHUUDPHHODFHLWH$GHP¡VWHQHUXQD
WDSDTXHORFXEUDWHGDODSRVLELOLGDGGHGHFRUDURWUDVXSHUILFLHbDV­TXHQRWH
GHWHQJDV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
)UHQWHDOSºEOLFR\HQOD]RQDGHEDVWLGRUHV 7UDVIRQGR
/DJHQWHFRQRFHVRODPHQWHXQODGRGHWL"6HVRUSUHQGHU­DQDOFRQRFHUDOJR
2EMHWLYR QXHYRVREUHWL"$OJRTXHQRUPDOPHQWHQRFRPSDUWHVFRQORVGHP¡V$FWºDV
&RQHVWDDFWLYLGDGYDPRVDUHSUHVHQWDUDUW­VWLFDPHQWHWXVGLIHUHQWHVFDUDV GHPDQHUDGLIHUHQWHFXDQGRHVW¡VVROR\FXDQGRHVW¡VH[SXHVWRDOSºEOLFR"
7RGRHOPXQGRHVXQHVFHQDULR
\WRGRVORVKRPEUHV\PXMHUHVPHURVDFWRUHV
7LHQHQVXVVDOLGDV\HQWUDGDV
\XQKRPEUHHQVXYLGDLQWHUSUHWDPXFKRVUROHVߨ
6KDNHVSHDUHGH$V<RX/LNH,W
/D WHRU­D VRFLRO³JLFD GH OD GUDPDWXUJLD H[SORUD OD LGHD GH TXH OD YLGD HV
FRPR XQD REUD GH WHDWUR HQ OD TXH QRV FRPSRUWDPRV GH PDQHUD GLIHUHQWH
FXDQGR VDEHPRV TXH HVWDPRV VLHQGR REVHUYDGRV D GLIHUHQFLD GH FRPR
DFWXDPRVFXDQGRHVWDPRVVRORV
(QVXOLEURGH/DSUHVHQWDFL³QGHODSHUVRQDHQODYLGDFRWLGLDQDHO
FLHQW­ILFR VRFLDO (UYLQJ *RIIPDQ H[SOLF³ F³PR ODV SHUVRQDV VRQ DFWRUHV
TXHPRGLILFDQVXFRPSRUWDPLHQWRHQIXQFL³QGHTXL©QHVVXDXGLHQFLD(V
GHFLU QXHVWUD FDUD IUHQWH DO HVFHQDULR HV OD TXH FRPSDUWLPRV FRQ ODV
SHUVRQDV TXH QRV URGHDQ (VWH ODGR GH QRVRWURV PLVPRV D PHQXGR HVW¡
LQIOXHQFLDGR SRU ODV QRUPDV FXOWXUDOHV DV­ FRPR SRU ODV H[SHFWDWLYDV TXH
RWUDVSHUVRQDVWLHQHQGHQRVRWURV
3RUORJHQHUDOLQYHUWLPRVWLHPSRHQSUHSDUDUODSUHVHQWDFL³QGHXQDLPDJHQ
HQSDUWLFXODUSDUDHOPXQGRH[WHULRU\VRPRVSDUWLFXODUPHQWHFRQVFLHQWHVGH
F³PR JHVWLRQDU ODV LPSUHVLRQHV TXH FDXVDPRV HQ RWUDV SHUVRQDV (VWR
VLJQLILFD TXH QXHVWUR VHQWLGR GH LGHQWLGDG HV D PHQXGR FDPELDQWH
GHSHQGLHQGRGHFRQTXL©QHVWDPRVLQWHUDFWXDQGR
3DVDUGHOHVFHQDULRGHFDUDDOSºEOLFRDOD]RQDGHEDVWLGRUHVTXLHUHGHFLU
TXH QRV YDPRV D PRYHU D XQ HVSDFLR HQ HO TXH SRGHPRV VHU QRVRWURV
PLVPRV  VHD OR VHD TXH HVR LPSOLFD /D ]RQD GH EDVWLGRUHV HV HO ODGR
SHUVRQDO GH QRVRWURV PLVPRV TXH OD JHQWH QR FRQRFH < D PHQXGR QR QRV
VHQWLPRVF³PRGRVFRPSDUWL©QGRORFRQORVGHP¡V

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
(VWD LGHD GH ODV GRV FDUDV VH PDQLILHVWD HQ OD YLGD FRWLGLDQD
FRQWLQXDPHQWH3RUHMHPSOR\RSRGU­DHVWDUGHXQS©VLPRHVWDGRGH¡QLPRR 3URFHVR
VHQWLUPH HQIHUPR SHUR FRPR VR\ SURIHVRU WHQJR TXH SRQHU XQD VRQULVD \ 3DUD HPSH]DU PH JXVWDU­D TXH EXVFDVHV XQD FDMD GH WDPD±R SHTXH±R R
SDUHFHUXQDSHUVRQDDOHJUHGHODQWHGHPLVHVWXGLDQWHV2TXL]¡PHLGHQWLILTXH PHGLDQR &XDOTXLHU FDMD GH FDUW³Q HVW¡ ELHQ VLHPSUH TXH WHQJD XQD SDUWH
FRPRJD\ROHVELDQDSHURVLJRHQHODUPDULR/DSHUVRQDTXHSUHVHQWRDORV VXSHULRUTXHSXHGDVDEULUODVFDMDVGHODVFDMHWLOODVGHFLJDUURV\ODVFDMDVGH
GHP¡V PDQHMDQGR PL LGHQWLGDG  FRPR XQD SHUVRQD FRUUHFWD HV PX\ ]DSDWRV IXQFLRQDQ ELHQ SDUD HVWH HMHUFLFLR (O H[WHULRU GH OD FDMD WH
GLIHUHQWHGHODTXHUHDOPHQWHVR\ߢHQPLLQWLPLGDGFXDQGRHVWR\DVRODV UHSUHVHQWDU¡DWLHQHOHVFHQDULRIUHQWHDOSºEOLFRHOLQWHULRUUHSUHVHQWDORTXH
$KRUDTXHKDVHQWHQGLGRORTXHVLJQLILFDODSHUVSHFWLYDGUDPDWºUJLFDSRU HUHVFXDQGRHVW¡VGHWU¡VGHOHVFHQDULR
IDYRU FRJH WX GLDULR SHUVRQDO \ FRQVLGHUD ODV UHVSXHVWDV SDUD ODV VLJXLHQWHV 8QDYH]TXHWHQJDVWXFDMDSRUIDYRUREVHUYDWXEDUDMDGHO7DURW0HJXVWDU­D
SUHJXQWDV TXH HOLJLHVHV ODV FDUWDV TXH FRQHFWDQ R HVW¡Q UHODFLRQDGRV FRQ HO SHUVRQDMH
&X¡OHV VRQ DOJXQDV SDODEUDV R IUDVHV TXH GHVFULEHQ OD SHUVRQDOLGDG TXHUHSUHVHQWDVHQHOHVFHQDULRIUHQWHDORVGHP¡V$PHGLGDTXHUHSDVDVWX
TXHPXHVWUDVDOPXQGRH[WHULRU" EDUDMDSLHQVDHQORVGLVWLQWRVUROHVTXHDFWXDOPHQWHMXHJDVHQWXYLGD7HQHQ
&³PRKDQLQIOXHQFLDGRODVH[SHFWDWLYDVGHORVGHP¡VHQWXIRUPDGH FXHQWDF³PRVHVXSRQHTXHGHEHVFRPSRUWDUWHFRQORVGHP¡V7º\DVDEHV
DFWXDUFXDQGRWHHQFXHQWUDVHQHOHVFHQDULRIUHQWHDOSºEOLFR" F³PRGHEHV\VXHOHVDFWXDUSDUDKDFHUTXHORVGHP¡VUHVSRQGDQGHODPDQHUD
4XL©Q VLHQWHV TXH UHDOPHQWH HUHV FXDQGR HVW¡V  HQWUH EDVWLGRUHV \ TXHWºTXLHUHV(QWRQFHVTX©FDUWDVSRGU­DQVLPEROL]DURUHVXPLUORTXHHUHV
QDGLH HVW¡ PLU¡QGRWH" &X¡OHV VRQ DOJXQDV SDODEUDV R IUDVHV TXH FXDQGRHVW¡VGHFDUDDOSºEOLFR"
GHVFULEHQHVWRVDVSHFWRVGHWLPLVPR" $FRQWLQXDFL³QWXREMHWLYRHVGHFRUDUODSDUWHVXSHULRU\ORVODGRVGHODFDMD
GHPRGRTXHWHUHSUHVHQWHQDWLPLVPRHQHVFHQDULR$GHP¡VGHODVFDUWDVGHO
7DURWSXHGHVXWLOL]DUSLQWXUDURWXODGRUHVSDSHOOD]RVFRUGHOHVRFXDOTXLHU
RWURREMHWRRPDWHULDOTXHFRQHFWHFRQWLJR
&XDQGR KD\DV WHUPLQDGR FRQ HO H[WHULRU GH OD FDMD SRU IDYRU UHJUHVD D WX
EDUDMDGHO7DURW$FRQWLQXDFL³QVHOHFFLRQDODVFDUWDVTXHWHUHSUHVHQWDQRWH
VLPEROL]DQGHWU¡VGHOHVFHQDULRHQOD]RQDGHEDVWLGRUHVFXDQGRWHUHODMDV\
HVW¡V D VRODV FRQWLJR PLVPR 8QD YH] TXH KD\DV KHFKR HVWR EXVFD RWURV
REMHWRV TXH WDPEL©Q HVW©Q UHODFLRQDGRV FRQ OR TXH Wº VLHQWHV
TXHUHDOPHQWHHUHV&XDQGRKD\DVWHUPLQDGRODVHOHFFL³QGHFDUWDV\REMHWRV
SRUIDYRUFRORFDWRGRORTXHKDVUHXQLGRGHQWURGHODFDMD
&XDQGRKD\DVWHUPLQDGRFRQWXSUR\HFWRGHDUWHUHJUHVDDWXGLDULRSHUVRQDO
SDUDUHVSRQGHUDODVVLJXLHQWHVSUHJXQWDV
+D\ WHQVL³Q HQWUH HO HVFHQDULR GH FDUD DO SºEOLFR \ OD ]RQD SULYDGD GH
EDVWLGRUHV"&³PRWHKDFHVHQWLUHVR"
+D\ DOJR TXH Wº SXHGDV KDFHU SDUD FUHDU XQD DUPRQ­D R PD\RU FRKHUHQFLD
HQWUH DPERV HVFHQDULRV HQWUH WX FDUD DO SºEOLFR \ WX ߡ<Rߢ FXDQGR HVW¡V D
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
VRODV" 2 WH VLHQWHV VDWLVIHFKR FRQ OD IURQWHUD TXH H[LVWH HQWUH HVWRV GRV
DVSHFWRVGHWLPLVPR" b$GHODQWH
2EMHWLYR
9DPRVDXWLOL]DUXQDFDUWDGHO7DURWFRPRLPSXOVRDUW­VWLFR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
$OJXQDYH]VHQWLVWHHOEORTXHRGHODUWLVWD"4XLHUHVFUHDUXQGLEXMRSLQWXUDR 3DUD HO SURS³VLWR GH HVWD DFWLYLGDG SLHQVD HQ FDGD FDUWD GHO 7DURW FRPR OD
FXDOTXLHUREUDGHDUWHSHURODLGHDVHWHHVFDSD%XHQRWHQJREXHQDVQRWLFLDV UHSUHVHQWDFL³Q GH XQD HVFHQD GH XQD KLVWRULD TXH VH HQFXHQWUD D PHGLDV GH
bODVFDUWDVGHO7DURWWHSXHGHQD\XGDU HVFULELUߨ bSRU WL $V­ TXH YH D WX EDUDMD \ HOLJH XQD FDUWD \D VHD DO D]DU R
&DGD FDUWD GHO7DURWHVXQXQLYHUVR HQV­PLVPR TXH SXHGHYHUVH GHIRUPD LQWHQFLRQDGDPHQWH
DLVODGDGHOUHVWRGHODVFDUWDVGHODEDUDMD(VGHFLUWRGDODLQIRUPDFL³QTXH (VWXGLD OD HVFHQD TXH DSDUHFH HQ OD FDUWD GHMD TXH LQVSLUH D WX
QHFHVLWDVVDEHUDFHUFDGHXQDFDUWDODSXHGHVHQFRQWUDUHQODSURSLDFDUWDVLQ FUHDWLYLGDG 3LHQVD GRQGH SRGU­D HQFDMDU HVWD FDUWD HQ XQD KLVWRULD R
QHFHVLGDGGHDSR\DUWHHQRWUDVFDUWDVREXVFDURWUDVUHIHUHQFLDV FXHQWR (V P¡V OD SXHGHV YHU FRPR XQ FRPLHQ]R HQ OD SDUWH FHQWUDO GH OD
$OPLVPRWLHPSRWDPEL©QHVFLHUWRTXHODVFDUWDVHVW¡QFRQHFWDGDVXQDVFRQ KLVWRULD R FRPR XQ ILQDO 3HUP­WHWH GDU ULHQGD VXHOWD D WX LPDJLQDFL³Q \
RWUDV(VWRVHSRQHGHPDQLILHVWRFXDQGRVHVHSDUDQGHODEDUDMDFRPRSDUWHV FXDQGRHVW©VOLVWRFRPLHQ]DDGLEXMDURSLQWDUORTXHSDVDDFRQWLQXDFL³Q
LQGLYLGXDOHV\YHPRVORVSDWURQHVTXHVHHMHFXWDQHQORVDUFDQRVPD\RUHVORV /RH[WHQVDREUHYHTXHWHJXVWDU­DTXHIXHVHWXREUDGHSHQGHGHWL/RPLVPR
FXDWURSDORVGHORVDUFDQRVPHQRUHV\ODVFDUWDVGHODFRUWH(QHVWHVHQWLGR RFXUUHFRQHOHVWLORSXHGHVFUHDUXQDHVFHQDXWLOL]DQGRHOPLVPRHVWLORGHOD
FDGDFDUWDHVXQDHVFHQDP¡VGHXQDKLVWRULDDºQP¡VDPSOLD$OJXQDVFDUWDV FDUWD GHO 7DURW TXH WH VLUYH FRPR LPSXOVR DUW­VWLFR R SXHGHV DEVWUDHUWH \
FRQGXFHQ D RWUDV PLHQWUDV TXH RWUDV FDUWDV VRQ OD FRQWLQXDFL³Q FDGD XQD FUHDUDOJRFRQXQHVWLORFRPSOHWDPHQWHGLIHUHQWH
WLHQHVXSURSLROXJDUGHLPSRUWDQFLDHQODJUDQKLVWRULDGHO7DURW (VWHHMHUFLFLRSHUPLWHURPSHUHOEORTXHRDUW­VWLFRSRUGRVPRWLYRV(QSULPHU
(VWRVY­QFXORVHQWUHODVFDUWDVD±DGHQRWUDGLPHQVL³QDODLQWHUSUHWDFL³QGHO OXJDU DKRUD WLHQHV XQ FRPLHQ]R TXH WH LPSXOVD SDUD HFKDU D FDPLQDU \ TXH
7DURW \D TXH HO VLJQLILFDGR GH XQD FDUWD VH PXOWLSOLFD FXDQGR VH YH HQ JX­D WX SURFHVR DUW­VWLFR (Q VHJXQGR OXJDU Wº V³OR WLHQHV TXH FRPSOHWDU OD
UHODFL³QFRQRWUDVFDUWDVGHODEDUDMD(VDHVODJHQLDOLGDGGHO7DURWODVFDUWDV VLJXLHQWH HVFHQD GH XQD KLVWRULD QDGD P¡V < HVR QR HV WDQ PDOR
VHSXHGHQYHUGHIRUPDDLVODGDRFRPRSDUWHGHXQWRGRDEVROXWR YHUGDG" 3RU VXSXHVWR VL GHVHDV FRQWLQXDU D±DGLHQGR GH HVFHQDV SRU IDYRU
bDGHODQWH
2SFL³Q
7HSURSRQJRTXHVLWHVLHQWHVLQVSLUDGRGLEXMHVRSLQWHVORTXHRFXUUL³DQWHV
GHODHVFHQDGHODFDUWD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
'LDULRGHJUDWLWXG 7UDVIRQGR
'LYHUVRVLQYHVWLJDGRUHV\HQSDUWLFXODU5REHUW(PPRQVKDQGHVFXELHUWRTXH
2EMHWLYR H[LVWHQQXPHURVRVEHQHILFLRVFXDQGRSUHVWDPRVDWHQFL³QDHVDVFRVDVEXHQDV
(O REMHWLYR GH HVWD DFWLYLGDG HV FRQVHJXLU FRQHFWDU FRQ XQ VHQWLGR GH DXWR GH QXHVWUDV YLGDV TXH QRUPDOPHQWH GDPRV SRU KHFKR $O FHQWUDUQRV HQ XQD
UHFRQRFLPLHQWR VHQVDFL³QGHJUDWLWXGDXPHQWDQXHVWUDVHQVDFL³QGHIHOLFLGDG3HURHVRQRHV
WRGR (VWRV HVWXGLRV KDQ GHPRVWUDGR TXH WDPEL©Q SRGHPRV PHMRUDU QXHVWUR
VXH±RDXPHQWDUODHQHUJ­DIRUWDOHFHUQXHVWURVLVWHPDLQPXQRO³JLFROOHJDUD
VHU SHUVRQDV P¡V RSWLPLVWDV \ GHVDUUROODU XQD PD\RU FDSDFLGDG SDUD KDFHU
IUHQWHDORVGHVDI­RVGHODYLGDVLPSOHPHQWHVLQWL©QGRQRVP¡VDJUDGHFLGRV
(QWRQFHV SRU TX© QR DSURYHFKDPRV HO SRGHU GH OD JUDWLWXG P¡V D
PHQXGR" 3XHV VLPSOHPHQWHߨ bSRUTXH VH QRV ROYLGD 'HVSX©V GH WRGR
WHQHPRV XQD YLGD PX\ RFXSDGD (Q QXHVWUR G­D D G­D WHQHPRV GHPDVLDGDV
UHVSRQVDELOLGDGHV \ FRVDV TXH KDFHU 3RU WDQWR WLHQH VHQWLGR TXH DO ILQDO
GHVDUUROOHPRV XQD IDOWD GH FRQFLHQFLD SRU WRGDV DTXHOODV FRVDV HQ QXHVWUDV
YLGDVSRUODVTXHGHEHPRVHVWDUDJUDGHFLGRV
8QD PDQHUD I¡FLO GH UHFRUGDU QXHVWUDV EHQGLFLRQHV HV XWLOL]DU XQ GLDULR GH
JUDWLWXGߢ&RQHVWRGDUHPRVIHSRUHVFULWRGHWRGDVDTXHOODVFRVDVSRUODVTXH
WHQHPRV TXH HVWDU DJUDGHFLGRV 1R KD\ UHJODV FRPSOLFDGDV R XQ FDPLQR
U¡SLGRVREUHF³PRKDFHUHVWRH[DFWDPHQWH3RUHMHPSORVHSRGU­DKDFHUXQD
OLVWDGHWUHVFLQFRRLQFOXVRGLH]FRVDVFDGDYH]TXHWUDEDMHPRVFRQQXHVWUR
GLDULR GH JUDWLWXG < VH SRGU­D KDFHU HVWR WRGRV ORV G­DV FDGD GRV G­DV R
LQFOXVRV³ORXQDYH]SRUVHPDQD$OJXQDVSHUVRQDVSUHILHUHQHVFULELUHQVX
GLDULR GH JUDWLWXG DQWHV GH DFRVWDUVH PLHQWUDV TXH SDUD RWURV HO PHMRU
PRPHQWR HV D SULPHUD KRUD GH OD PD±DQD /R P¡V LPSRUWDQWH HV FRQVHJXLU
TXH HO GLDULR GH JUDWLWXG VH FRQYLHUWD HQ XQD SDUWH P¡V GH WX YLGD
SHUIHFWDPHQWH LQWHJUDGR HQ WX G­D D G­D 8QD IRUPD VHQFLOOD GH KDFHUOR HV
FRQYHUWLUODDFWLYLGDGHQXQULWXDO(VGHFLULQFOXVRVLV³ORHPSOHDPRVXQSDU
GHPLQXWRVHQKDFHUORORIXQGDPHQWDOHVFRPSURPHWHUVH FRQOD SU¡FWLFDGH
H[SUHVDUHVWDJUDWLWXGFRQODLPSRUWDQFLD\HOUHVSHWRTXHVHPHUHFH
$GHP¡V GH HVFULELU SRGHPRV FRQHFWDU FRQ OD JUDWLWXG PHGLDQWH HO XVR GH
VH±DOHVYLVXDOHV<SDUDHOORODEDUDMDGHO7DURWHVODKHUUDPLHQWDSHUIHFWD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 3URFHVR
9HDWUDY©VGHWXEDUDMDGHO7DURW\HOLJHWUHVFDUWDVTXHUHSUHVHQWHQDTXHOOR
SRU OR TXH HVW¡V DJUDGHFLGR HQ WX YLGD 8QD YH] TXH ODV HQFXHQWUHV HPSOHD
DOJºQWLHPSRSHQVDQGRHQF³PRSXHGHVXVDUHVWDVFDUWDVSDUDFUHDUXQDREUD
GH DUWH &³PR SXHGHV XVDU WX FUHDWLYLGDG HQ KRQRU D HOODV" 4X© WLSR GH
PHGLRDUW­VWLFROHVKDU­DMXVWLFLD"
(VWHSRGHURVRULWXDOHVDOJRTXHSXHGHVKDFHUGHIRUPDSHUL³GLFDFRPRSRU
HMHPSORXQDYH]DODVHPDQDRDOPHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
2SFL³Q (OERFHWRGHWXDXWRELRJUDI­D
7H SURSRQJR TXH HOLMDV XQD GH ODV FDUWDV SDUD OOHYDUOD FRQWLJR \D VHD GH
IRUPDSHUPDQHQWHRSRUXQSHU­RGRGHWHUPLQDGRGHWLHPSR SRUHMHPSORXQ 2EMHWLYR
G­DRXQDVHPDQD  (QHVWHDSDUWDGRYDPRVDYHUF³PRVHSXHGHUHVXPLUWXYLGDWDQWRGHIRUPD
HVFULWDFRPRYLVXDOPHQWH

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
(VFULEHSRUIDYRUWXDXWRELRJUDI­DHQWXGLDULRSHUVRQDOXWLOL]DQGRºQLFDPHQWH $KRUDLPDJLQDTXHWHKDQSHGLGRTXHHVFULEDVWXDXWRELRJUDI­DFRPSOHWD8Q
XQDS¡JLQD(VWD HV ODKLVWRULDGHWXYLGDSRUOR TXH KDVGH HPSH]DUSRUHO OLEUR VREUH OD KLVWRULD GH WX YLGD 3DUD OOHYDU D FDER HVWH SUR\HFWR ORV GRV
SULQFLSLR\WHUPLQDUHQHOG­DDFWXDO(VFULEHXVDQGRODWHUFHUDSHUVRQDHQWX SULPHURVREMHWLYRVVRQ
QDUUDWLYD(VGHFLUKDEODGHWLPLVPRXVDQGRWXQRPEUH\HOODR©O'DGR (OHJLUHOW­WXORGHOOLEUR
TXH V³OR WLHQHV XQD S¡JLQD FRQVLGHUD FXLGDGRVDPHQWH OR TXH GHVHDV &UHDU XQD SRUWDGD SDUD WX OLEUR FX\D SLH]D FHQWUDO VHU¡ XQD FDUWD GHO
UHVDOWDU &³PR UHFXHUGDV WX YLGD" 4X© HV OR TXH P¡V GHVWDFDV" 4X© HV 7DURW(OUHWRVHU¡HOHJLUODFDUWDGHO7DURWTXHPHMRUUHVXPDWXYLGD
GLJQRGHVHULQFOXLGR"
3XHGHV XWLOL]DU FXDOTXLHU WDPD±R GH SDSHO TXH GHVHHV SDUD OD SRUWDGD GHO
&XDQGRKD\DVWHUPLQDGRSXHGHVHVFULELURWUDYHUVL³QGHWXDXWRELRJUDI­DGH OLEUR(OGLVH±RHVWLOR\GHFRUDFL³QGHSHQGHQGHWL/DVRSFLRQHVLQFOX\HQOD
QXHYR XWLOL]DQGR VRODPHQWH XQD S¡JLQD (VWD YH] VLQ HPEDUJR PH JXVWDU­D SLQWXUDRHOGLEXMR7DPEL©QHVSRVLEOHXVDUFROODJHRW©FQLFDPL[WD
TXH HVFULELHUDV HQ SULPHUD SHUVRQD GLULJL©QGRWH D WL PLVPR FRPR ߡ\Rߢ
FXDQGRHVFULEDV
$KRUDWLHQHVGRVS¡JLQDVGHLQIRUPDFL³QDXWRELRJU¡ILFD/HHVREUHORTXHKDV
HVFULWR2EVHUYDHQORTXHWHKDVFHQWUDGR+D\DOJRTXHWHVRUSUHQGD"+D\
DOJRTXHSRGU­DVKDEHUGHMDGRIXHUDRTXHWHJXVWDU­DD±DGLU"
/DSDUWHILQDOGHHVWHHMHUFLFLRFRQVLVWHHQUHVXPLUWXYLGDKDVWDHOSUHVHQWHHQ
WUHVIUDVHVXWLOL]DQGRODQDUUDFL³QHQWHUFHUDSHUVRQD7³PDWHWRGRHOWLHPSR
TXHQHFHVLWHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
2SFL³Q &ROODJHGHFDUWDVGHO7DURW
2WURSRVLEOHSUR\HFWRGHDUWHDXWRELRJU¡ILFRHVHOVLJXLHQWH
9HDWXEDUDMDGHO7DURW\HOLJHODVWUHVFDUWDVTXHPHMRUUHVXPDQWXYLGD \D
2EMHWLYR
VHD V³OR HQ HO PRPHQWR DFWXDO R GHVGH WX SDVDGR KDVWD OD &RQHVWDDFWLYLGDGYDPRVDFUHDUXQFROODJHXVDQGRODVFDUWDVGHO7DURW
DFWXDOLGDG  2UJDQL]D ODV FDUWDV HQ XQ SHGD]R GH SDSHO \ FXDQGR HVW©V
VDWLVIHFKR FRQ OD FRORFDFL³Q GH ODV PLVPDV S©JDODV (OLJH XQ W­WXOR SDUD WX
REUD\ILQDOL]DGHFRUDQGRHOHVSDFLROLEUHDOUHGHGRUGHODVFDUWDV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR
(OFROODJHHVXQDIRUPDGHDUWHHQODTXHVHFRPELQDQGLIHUHQWHVPDWHULDOHV
SHJ¡QGRORV VREUHXQD VXSHUILFLHSODQDWDO FRPRSDSHORFDUW³Q(OPDWHULDO
GHRULJHQSRUORJHQHUDOSURYLHQHGHUHYLVWDVIRWRVROLEURVDQWLJXRV3XHGHV
LQFOXLUHOHPHQWRVWULGLPHQVLRQDOHVWDOHVFRPRFLQWDVOD]RVFRUGRQHVKRMDV
VHPLOODV SDSHO GH VHGD WHOD SOXPDV R LQFOXVR SLH]DV GH SDVWD
WDPEL©Q%¡VLFDPHQWHVLSXHGHVSHJDUXQHOHPHQWRDODVXSHUILFLHTXHHVW¡V
XWLOL]DQGRSDUDHOFROODJHHQWRQFHVߨbGDORSRUEXHQR
8QD PDQHUD VHQFLOOD GH FUHDU XQ FROODJH HV VLPSOHPHQWH UHFRSLODQGR
LP¡JHQHVWH[WRV\RDUW­FXORVTXHFDSWHQWXDWHQFL³Q$FRQWLQXDFL³QSXHGHV
H[SHULPHQWDUFRQODFRORFDFL³QGHFDGDXQRGHHOORVHQWXVXSHUILFLH DQWHVGH
SHJDUORV  8QD YH] TXH KDV FRQVHJXLGR XQD FRPSRVLFL³Q TXH WH JXVWH
HQWRQFHV SXHGHV VHJXLU DGHODQWH \ SHJDU ORV GLVWLQWRV HOHPHQWRV < DTX­ OR
WLHQHVbXQDSLH]DºQLFDGHDUWHRULJLQDO
/RVFROODJHVWDPEL©QVHSXHGHQXWLOL]DUSDUDLOXVWUDUWHPDVHVSHF­ILFRVWDOHV
FRPR
/RTXHWHKDFHIHOL]
8QDPHWDRYLVL³QSDUDHOIXWXUR
/RTXHOHGDHVSHUDQ]D
8QPHQVDMHDWLPLVPR
8QDDILUPDFL³Q
$OJRTXHWHVLUYHGHLQVSLUDFL³Q
7XVDFWLYLGDGHV\KREELHVIDYRULWRV
/RTXHWHKDFHGLVIUXWDU
/DVFRVDVTXHWHKDFHQVRQUH­U
8QSUREOHPD\VXVROXFL³Q
7XVYDORUHV
/RTXHTXLHUHVFUHDUHQWXYLGD
$OJXLHQRDOJRTXHHVLPSRUWDQWHHQWXYLGD


HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR (OVLJQLILFDGRGHODYLGD
3DUD HVWD DFWLYLGDGYDPRVD XVDUODV FDUWDVGHO7DURW SDUDFUHDU XQFROODJH
5HFXHUGD TXH OD EDUDMD GHO 7DURW 5LGHU:DLWH WLHQH FXDWUR WDPD±RV PLQL 2EMHWLYR
SHTXH±RPHGLDQR HVW¡QGDU \JUDQGH &RQ HVWD DFWLYLGDG YDPRV D SHQVDU SRU TX© HVW¡V DTX­ \ OR TXH UHDOPHQWH
6L HVW¡V XWLOL]DQGR XQD GH ODV EDUDMDV P¡V SHTXH±DV WHQGU¡V HVSDFLR LPSRUWDGHHVWDUYLYR
VXILFLHQWHSDUDXWLOL]DUODVFDUWDVHQWHUDVHQHOFROODJH(OXVRGHODVEDUDMDV
HVW¡QGDU R JUDQGH WH GDU¡ OD RSFL³Q GH FRUWDU ODV FDUWDV 7DPEL©Q SXHGHV
VXSHUSRQHUODVFDUWDVXQDHQFLPDGHRWUDHQOXJDUGHGHMDUHVSDFLRVYDF­RVD
VX DOUHGHGRU &³PR FRORFDU ODV SLH]DV HQ HO SDSHO GHSHQGH GH WX YLVL³Q
DUW­VWLFDbSHUPLWHTXHODVFDUWDV\WXLPDJLQDFL³QWHJX­HQ

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 
7UDVIRQGR
1XHVWUR SULQFLSDO SURS³VLWR HQ HVWD YLGD HV D\XGDU D RWURV < VL QR SXHGHV
$ORODUJRGHODKLVWRULDODVSHUVRQDVQRVKHPRVSUHJXQWDGRDFHUFDGHORTXH D\XGDUOHVDOPHQRVQRKDFHUOHVGD±R
VLJQLILFD HVWDU YLYR \ VL KD\ XQ SURS³VLWR SDUD HOOR 1RV KHPRV KHFKR
(O'DODL/DPD
SUHJXQWDVWDOHVFRPR

3RUTX©HVWDPRVDTX­"
3RUTX©HVWR\\RDTX­" &UHRTXHWRGRHOPXQGRGHEHU­DKDFHUVHULFR\IDPRVR\KDFHUWRGRORTXH
&X¡OHVODQDWXUDOH]DGHODUHDOLGDG" VLHPSUHVR±DURQSDUDTXHSXHGDQYHUTXHQRHVODUHVSXHVWD
&X¡OHVHOSURS³VLWRGHODYLGD" -LP&DUUH\
4X©HVYDOLRVRHQODYLGD"
4X©KDFHODYLGDVLJQLILFDWLYD" 
4X©HVWDPRVYLYLHQGR" 0¡V DOO¡ GHO WUDEDMR \ HO DPRU PH JXVWDU­D D±DGLU RWURV GRV LQJUHGLHQWHV
3RUVXSXHVWRODVUHVSXHVWDVKDQVLGRQXPHURVDV\YDULDGDVSDUDFXPSOLUORV TXHOHGDQVHQWLGRDODYLGD(QSULPHUOXJDUGHVDUUROODUWRGRVORVWDOHQWRV
VXH±RVGHFDGDXQRSDUDVHUIHOL]SDUDVHUYLUDORVGHP¡VSDUDFRQHFWDUFRQ FRQORVTXHQDFHPRV3RUP¡VEHQGHFLGRVTXHKD\DPRVVLGRSRUHOGHVWLQR
OD'LYLQLGDGSDUDGHVDUUROODUQXHVWURSRWHQFLDOSDUDKDFHUHOELHQSDUDVHU FRQ GLIHUHQWHV KDELOLGDGHV \ IRUWDOH]DV GHEHPRV WUDWDU GH GHVDUUROODUODV DO
DXW©QWLFR SDUD EXVFDUOD VDELGXU­DSDUDGHVDILDU ODRSUHVL³QSDUDEXVFDUHO P¡[LPR\QRSHUPLWLUTXHVHDWURILHQQLTXHHQWUHPRVHQGHFDGHQFLD
SODFHUSDUDDPDU<DOJXQRVVLPSOHPHQWHQROHHQFXHQWUDQXQVHQWLGRDOD 7RGRV FRQRFHPRV SHUVRQDV TXH QR FXPSOLHURQ FRQ OD SURPHVD TXH VH
YLGD KLFLHURQ D V­ PLVPRV HQ OD LQIDQFLD 0XFKRV GH HOORV VH KDQ VHQWLGR
3RU IDYRU FRQVLGHUD ODV VLJXLHQWHV FLWDV &RSLD HQ WX GLDULR DTXHOODV FRQ ODV SHUVHJXLGRV SRU OD LPDJHQ GH HQ OR TXH VH SRGU­DQ KDEHU FRQYHUWLGR (Q
TXHWHLGHQWLILTXHV OXJDU GH FXOSDU D OD VXHUWH FUHR TXH GHEHPRV DFHSWDUQRV FRPR VRPRV \
WUDWDUGHFXPSOLUFRQWRGRORTXHVR±DPRVGHQWURGHQXHVWUDFDSDFLGDG
/D FDSDFLGDG GH FXLGDU GHO RWUR HV OR TXH OH GD D OD YLGD VX VHQWLGR \ VX
VLJQLILFDGRP¡VSURIXQGR (QVHJXQGROXJDUGHEHPRVLQWHQWDUGHMDUHOPXQGRFRPRXQOXJDUPHMRUDO
TXHFRQRFLPRVFXDQGRHQWUDPRVHQ©O&RPRLQGLYLGXRVSRGHPRVPDUFDUOD
3DEOR&DVDOV GLIHUHQFLD \D VHD VRQGHDQGR ORV VHFUHWRV GH OD QDWXUDOH]D FXLGDQGR HO
 PHGLR DPELHQWH \ WUDEDMDQGR SRU OD SD] \ OD MXVWLFLD VRFLDO FRPR
DOLPHQWDQGR OD FXULRVLGDG YLEUDQWH GHO HVS­ULWX GH ORV M³YHQHV VLHQGR XQ
(O VLJQLILFDGR GH OD YLGD HV HQFRQWUDU WX UHJDOR HO SURS³VLWR GH OD YLGD HV
PHQWRU\XQJX­D
HQWUHJ¡UWHOR
0LFKLR.DNX
'HVFRQRFLGR


6HUORTXHVRPRV\FRQYHUWLUQRVHQORTXHVRPRVFDSDFHVGHVHUHVODºQLFD
$XQTXH XQ KRPEUH SXHGH QR WHQHU MXULVGLFFL³Q VREUH HO KHFKR GH VX
ILQDOLGDGGHODYLGD
H[LVWHQFLDSXHGHWHQHUHOPDQGRVREUHHOVLJQLILFDGRGHODH[LVWHQFLDSDUD©O
5REHUW/RXLV6WHYHQVRQ
1RUPDQ&RXVLQV
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 ­QWLPD\DV­UHDOPHQWHVLQWDPRVODDOHJU­DGHHVWDUYLYRV
7HQJRXQDILORVRI­DVLPSOHOOHQDUORYDF­R9DFLDUORTXHHVW¡OOHQR5DVFDU -RVHSK&DPSEHOO
GRQGHSLFD 
$OLFH5RRVHYHOW/RQJZRUWK <R VR\ GH OD RSLQL³Q GH TXH PL YLGD OH SHUWHQHFH D WRGD OD FRPXQLGDG \
 PLHQWUDVYLYDHVPLSULYLOHJLRKDFHUSRUHOODWRGRORTXHSXHGD4XLHURVHU
&XDQGR VH DSUHQGH D DSUHFLDU WRGR OR TXH WH URGHD HV FXDQGR KDV WRWDOPHQWH XWLOL]DGR FXDQGR PXHUD SRUTXH FXDQWR P¡V GXUR WUDEDMR P¡V
HQFRQWUDGRHOYHUGDGHURVHQWLGRGHODYLGD3HURFXDQGRDSUHQGHVDDPDUD YLYR0HDOHJURHQODYLGDSRUFDXVDGHHOODPLVPD/DYLGDQRHVXQDEUHYH
RWUR FRQ WRGR WX FRUD]³Q HV FXDQGR SRU ILQ KDV FRPSUHQGLGR TXH KDV YHOD SDUD P­ (V FLHUWR WLSR GH HVSO©QGLGD DQWRUFKD TXH SRU HO PRPHQWR
FRPHQ]DGRUHDOPHQWHDFXPSOLUHOSURS³VLWRGHWXH[LVWHQFLD WHQJRDJDUUDGD\TXLHURKDFHUTXHEULOOHFRQWDQWDIXHU]DFRPRVHDSRVLEOH
DQWHVGHHQWUHJ¡UVHODDIXWXUDVJHQHUDFLRQHV
-DPLQH,VDEHO(8\
*HRUJH%HUQDUG6KDZ


0HOHYDQWRSRUODPD±DQDHQOXFKDHQWUHHOGHVHRGHPHMRUDUHOPXQGR\XQ
GHVHRGHGLVIUXWDUGHOPXQGR(VWRKDFHTXHVHDGLI­FLOSODQLILFDUHOG­D 3XHGR VHJXLU XQ FDPLQR GH WRGRV PRGRV DXQTXH VHD VROLWDULR WRUFLGR \
HVWUHFKRHQHOFXDOFDPLQDUFRQDPRU\UHVSHWR
(OZ\Q%URRNV%ODQFD
+HQU\'DYLG7KRUHDX


/DYLGDHVORTXHKDFHPRVVLHPSUHKDVLGRDV­\VLHPSUHORVHU¡
7XSURS³VLWRHQODYLGDHVHQFRQWUDUWXSURS³VLWR\HQWUHJDUD©OWRGRWXDOPD
*UDQGPD0RVHV \WXFRUD]³Q
 (O%XGD
7RGRHODUWHGHYLYLUFRQVLVWHHQXQDILQDPH]FODGHGHMDULU\DJXDQWDU 
+DYHORFN(OOLV (OSURS³VLWRGHODYLGDHVXQDYLGDFRQSURS³VLWR
 /XGZLJ:LWWJHQVWHLQ
&X¡OHVODHVHQFLDGHODYLGD"6HUYLUDORVGHP¡V\KDFHUHOELHQ  

$ULVW³WHOHV $KRUD HV HO PRPHQWR GH H[SUHVDU WXV SURSLRV SHQVDPLHQWRV <D KDV YLYLGR
SDUWHGHWXYLGD\WLHQHVPXOWLWXGGHH[SHULHQFLDV&X¡OHVWXSURSLDILORVRI­D

GHYLGD"&X¡OFUHHVTXHHVHOVLJQLILFDGR\SURS³VLWRGHODYLGD"3RUIDYRU
'LFHQTXHORTXHWRGRVEXVFDPRVHVHOVHQWLGRGHODYLGD1RSLHQVRTXHHVR HVFULEH WX UHVSXHVWD HQ WX GLDULR 3XHGH VHU WDQ EUHYH R H[WHQVD HQ GHWDOOHV
VHD OR TXH EXVFDPRV &UHR TXH OR TXH EXVFDPRV HV OD H[SHULHQFLD GH HVWDU FRPRGHVHHV
YLYRV GH PRGR TXH QXHVWUDV H[SHULHQFLDV HQ HO SODQR SXUDPHQWH I­VLFR
WHQJDQ UHVRQDQFLD HQ HO LQWHULRU GH QXHVWUR VHU \ QXHVWUD UHDOLGDG P¡V
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 3URFHVR
7X REMHWLYR HV YROFDU OR TXH KDV HVFULWR HQ WX GLDULR D WUDY©V GH WX
LPDJLQDFL³Q \ FUHDWLYLGDG \ GDUOH IRUPD FRPR XQD REUD GH DUWH (Q SULPHU
OXJDUREVHUYDWUDQTXLODPHQWHWXEDUDMDGHO7DURW\HOLJHXQDRP¡VFDUWDVTXH
VHUHODFLRQHQFRQWXLGHDGHHOVHQWLGRGHODYLGDߢ&XDQGRKD\DVWHUPLQDGR
FRQVLGHUDF³PRSRGU­DVUHSUHVHQWDUHOVLJQLILFDGRGHODYLGDHQXQDREUDGH
DUWH DSURYHFKDQGR OD SRVLELOLGDG TXH WH RIUHFH OD FDUWD R FDUWDV TXH KDV
HOHJLGR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
0DQGDODGHO7DURW 7UDVIRQGR
8VWHG KD QRWDGR TXH WRGR OR TXH XQ LQGLR KDFH HV HQ XQ F­UFXOR \ HVR HV
2EMHWLYR GHELGR D TXH WRGR OR TXH KDFH HO 3RGHU GHO 8QLYHUVR OR KDFH HQ IRUPD GH
(O REMHWLYR GH HVWD DFWLYLGDG HV XWLOL]DU OD JHRPHWU­D VDJUDGD FRPR F­UFXOR(OFLHORHVFLUFXODU\KHR­GRGHFLUTXHODWLHUUDHVUHGRQGDFRPRXQD
KHUUDPLHQWDSDUDODUHIOH[L³Q\ODFXUDFL³Q EROD\WDPEL©QODVHVWUHOODVVRQUHGRQGDV(OYLHQWRHQVXIXHU]DP¡[LPDVH
DUUHPROLQD/RVS¡MDURVKDFHQVXVQLGRVHQIRUPDGHF­UFXORVSXHVWLHQHQOD
PLVPD UHOLJL³Q TXH QRVRWURVߨ (O VRO VDOH \ VH SRQH HQ XQ F­UFXOR /D OXQD
KDFH OR PLVPR \ DPERV VRQ UHGRQGRV ,QFOXVR ODV HVWDFLRQHV FRQ VXV
FDPELRV IRUPDQ XQ JUDQ F­UFXOR \ VLHPSUH UHJUHVDQ D GRQGH HVWDEDQ /D
YLGD GHO KRPEUH HV XQ F­UFXOR GH LQIDQFLD D LQIDQFLD \ DV­ HV HQ WRGDV ODV
FRVDVHQTXHVHPXHYHHO3RGHUGHO8QLYHUVR
$OFH1HJUR

/RV F­UFXORV VH HQFXHQWUDQ SRU WRGDV SDUWHV HQ HO PXQGR QDWXUDO GHVGH ORV
SODQHWDVHQHOFLHORKDVWDODWLHUUDEDMRQXHVWURVSLHVGHVGHODVWHODVGHDUD±D
KDVWDORVHOHPHQWRVTXHIRUPDQODVIORUHVGHVGHODVF©OXODVGHQXHVWURFXHUSR
KDVWDORV¡WRPRVTXHFRPSRQHQODUHDOLGDGPLVPD
'HOPLVPRPRGRODQDWXUDOH]DVHPXHYHHQF­UFXORV$V­SRGHPRVYHUHVWH
PRYLPLHQWRGHVGHODV³UELWDVGHORVSODQHWDVORVGHVSOD]DPLHQWRVF­FOLFRVGH
ODV HVWDFLRQHV ORV PHVHV ORV G­DVߨ KDVWD ORV FLFORV U­WPLFRV GH OD
UHVSLUDFL³Q\HOIOXMRVDQJX­QHR
/DFUHDFL³QGHGLVH±RVFLUFXODUHVKDVLGRSDUWHGHODVWUDGLFLRQHVHVSLULWXDOHV
HQ WRGR HO PXQGR GXUDQWH PLOHV GH D±RV &RPR HMHPSORV VH LQFOX\HQ ORV
PDQGDODV TXH VH HQFXHQWUDQ WDQWR HQ ODV SU¡FWLFDV KLQGºHV FRPR HQ ODV
EXGLVWDV OD UXHGD GH OD PHGLFLQD GH ORV QDWLYRV DPHULFDQRV ODV SLHGUDV
QDWXUDOHVD]WHFD\PD\DODFUX]FHOWDIRUPDFLRQHVURFRVDVFRPR6WRQHKHQJH
\ORVURVHWRQHVGHODVFDWHGUDOHVFULVWLDQDVJ³WLFDV
(QHVWDDFWLYLGDGQRVYDPRVDFHQWUDUHQODLGHDGHXQPDQGDODTXHHVXQD
SDODEUDHQV¡QVFULWRDQWLJXRTXHVLJQLILFDF­UFXORVDJUDGRߢ(VWDSDODEUDHQ
V­SURYLHQHGHPDQGDHVGHFLUODHVHQFLD\ODORTXHVLJQLILFDUHFLSLHQWH
(QHOVLPEROLVPRKLQGº\EXGLVWDXQPDQGDODFRQVLVWHHQXQGLVH±RFLUFXODU

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
TXH UHSUHVHQWD HO XQLYHUVR /D FDUDFWHU­VWLFD P¡V LPSRUWDQWH GH XQ PDQGDOD
WUDGLFLRQDOHVVXFHQWURGHOTXHWRGRLUUDGLDKDFLDHOH[WHULRU 3URFHVR
)XH XQ SVLFRDQDOLVWD &DUO -XQJ TXLHQ LQWURGXMR SRU SULPHUD YH] HO XVR GHO (QSULPHUOXJDUVHOHFFLRQDHOPDWHULDOGHIRQGR(VWRSXHGHVHUSDSHOOLHQ]R
PDQGDODHQRFFLGHQWHFRPRXQDKHUUDPLHQWDWHUDS©XWLFD6HFUH­DTXHGLEXMDU RFDUWXOLQD(OLJHFXDOTXLHUFRORUGHIRQGRTXHFRQHFWHFRQWLJR\FRQHOTXH
RFRORUHDUXQPDQGDODHUDXQDSRWHQWHDFWLYLGDGSRUTXHGDEDOXJDUDODDXWR WH VLHQWDV F³PRGR 8QD FDUWXOLQD QHJUD GH IRQGR SXHGH VHU HVSHFLDOPHQWH
FRQFLHQFLD\ODFXUDFL³Q-XQJH[SOLF³TXHHVWHSURFHVRDUW­VWLFRSURGXFHXQ UHFRPHQGDEOHSRUTXHVREUHHOODUHVDOWDU¡QP¡VODVFDUWDVGHO7DURW
HIHFWR FDOPDQWH HQ HO DOPD SRUTXH OH GD D XQD SHUVRQD OD RSRUWXQLGDG GH $KRUD YH D WUDY©V GH WX EDUDMD GHO 7DURW \ HOLJH XQD FDUWD SDUD TXH VHD HO
UHSURGXFLUHORUGHQGHODQDWXUDOH]DGHQWURGHOFDRVGHODSVLTXH SXQWRFHQWUDOGHWXGLVH±R
3DUD -XQJ HO GLVH±R FLUFXODU GHO PDQGDOD \ VX FRQWHQLGR SRG­D VHU $ FRQWLQXDFL³Q YDV D GHOLPLWDU HO ERUGH FLUFXODU H[WHULRU GHQWUR GHO FXDO
VLPE³OLFDPHQWHPX\ULFRSRUTXHHQWUHRWUDVFRVDVUHSUHVHQWD FUHDU¡V WX PDQGDOD 8Q FRPS¡V R DOJºQ REMHWR JUDQGH \ UHGRQGR SXHGHQ
/DWRWDOLGDGODILQDOL]DFL³Q\ODXQLGDG D\XGDUWH D WUD]DU HO F­UFXOR HQ OD VXSHUILFLH GH IRQGR 3XHGHV XWLOL]DU XQ
(OHTXLOLEULRHQWUHODYLGDLQWHULRU\H[WHULRUGHXQDSHUVRQD PDUFDGRU JUXHVR SDUD SLQWDU \ GHOLQHDU HO ERUGH 3RU RWUR ODGR WDPEL©Q VH
/DHVWUXFWXUDGHODYLGDGHXQDSHUVRQD SXHGHQXWLOL]DUODVFDUWDVP¡VSHTXH±DVGHO7DURWSDUDGHOLPLWDUHOFRQWRUQR
/DRUJDQL]DFL³QGHOPXQGRRLQFOXVRHOXQLYHUVRPLVPR GHOF­UFXOR
/DUHODFL³QTXHXQDSHUVRQDWLHQHFRQHOPXQGR 3RUVXSXHVWRQRWLHQHVSRUTX©FUHDUF­UFXORVSHUIHFWRVHOIXQGDPHQWRGHXQ
(OLQFRQVFLHQWHSURSLR PDQGDOD HV FUHDU DOJºQ WLSR GH GLVH±R FLUFXODU SHUR WDPEL©Q SXHGH
8QDYHUVL³QGHODUHDOLGDGSDVDGDSUHVHQWHRIXWXUD HYROXFLRQDUKDFLDXQDIRUPDHQHVSLUDOVLHVTXHHVDK­GRQGHWXLQWXLFL³QWH
-XQJWDPEL©QGHVFXEUL³TXHSDVDUWLHPSRPHGLWDQGRDQWHXQPDQGDODGDED JX­D
OXJDU D LPSRUWDQWHV FRQRFLPLHQWRV DV­ FRPR XQD VHQVDFL³Q GH VHQWLUVH 3DUDHVWDDFWLYLGDGSLHQVDFXLGDGRVDPHQWH DFHUFDGH OR TXHODFDUWDFHQWUDO
FRQHFWDGRDWLHUUD UHSUHVHQWDSDUDWL8QDYH]TXHHVW©VOLVWRXQDRSFL³QHVFRPHQ]DUDLUUDGLDU
(O SURFHVR FUHDWLYR GH OD FRQVWUXFFL³Q GH XQ PDQGDOD  XQ F­UFXOR FRQ XQ HO GLVH±R GHO PDQGDOD GHVGH OD FDUWD FHQWUDO KDFLD IXHUD 2WUD RSFL³Q HV
FHQWUR ߙ SHUPLWH H[SUHVDU YHUGDGHV HPRFLRQDOHV TXH KDQ HVWDGR HVSHUDQGR FRPHQ]DUDWUDEDMDUGHVGHORVO­PLWHVH[WHULRUHVGHWXF­UFXOR\SRFRDSRFRLU
SDUDVDOLU$OLJXDOTXHSHQVDED-XQJXQPDQGDODHVHOYHK­FXORSHUIHFWRSDUD FUHDQGRHOGLVH±RKDFLDHOFHQWUR8QDYH]P¡VORP¡VLPSRUWDQWHHVVHJXLU
KDFHUFRQVFLHQWHORLQFRQVFLHQWH<XQDYH]TXHWRPDPRVFRQFLHQFLDGHDOJR WXLQWXLFL³Q
HQWRQFHVSRGHPRVGHFLGLUTX©KDFHUFRQHOOROLEHUDUORKRQUDUORFXHVWLRQDUOR (VWH HV XQ SUR\HFWR GH DUWH TXH VH SXHGH KDFHU WDQ VLPSOH R WDQ FRPSOHMR
RFRQWHPSODUOR FRPR GHVHHV (Q FXDQWR D ODV FDUWDV GHO 7DURW HV SRVLEOH XWLOL]DU XQD VROD
FDUWD FRPR WX SLH]D FHQWUDO  R LQFRUSRUDU P¡V FDUWDV HQ WX GLVH±R 8QD
PDQHUDI¡FLOGHKDFHUHVWRHVFRORFDUFXDWURFDUWDVHQODIURQWHUDH[WHULRUGHWX
F­UFXOR XQD HQ FDGD GLUHFFL³Q HV GHFLU DUULED DEDMR D OD GHUHFKD \D OD
L]TXLHUGDGHODFDUWDFHQWUDO 7DPEL©Q SXHGHV FUHDU XQ PDQGDODFRPSXHVWR
GH YDULRV F­UFXORV FRQF©QWULFRV FUHDGRV FRQ GLIHUHQWHV FDUWDV GHO 7DURW
)LQDOPHQWH FRQ ODV FDUWDV GLVSXHVWDV IRUPDQGR XQ PDUFR WH VHU¡ P¡V I¡FLO
UHOOHQDU HO UHVWR GHO F­UFXOR XWLOL]DQGR O¡SLFHV GH FRORUHV URWXODGRUHV
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
DFXDUHODVRHOHPHQWRVGLPHQVLRQDOHVWDOHVFRPRSHUODVSOXPDVRSDVWD
&XDQGR KD\DV WHUPLQDGR WX PDQGDOD WRPDWH XQ PRPHQWR SDUD VHQWDUWH \ /RVO­PLWHVSHUVRQDOHV
FRQWHPSODUORTXHKDVFUHDGR2EVHUYDHOGLVH±RTX©FRORUHV\IRUPDVKDV
XVDGR" 4X© GLFH WX PDQGDOD DFHUFD GH TXL©Q HUHV R G³QGH WH HQFXHQWUDV 2EMHWLYR
DKRUDPLVPRHQWXYLGD" 9DPRV D FUHDU UHSUHVHQWDFLRQHV DUW­VWLFDV GH ORV O­PLWHV SHUVRQDOHV SDUD VHU
$KRUD \D VHD HQ VLOHQFLR HQ WX PHQWH R HVFULELHQGR HQ WX GLDULR SHUVRQDO FRQVFLHQWHVGHODLPSRUWDQFLDTXHWLHQHQ
UHIOH[LRQD VREUH HO SURFHVR GH FUHDFL³Q GH HVWH SUR\HFWR GH DUWH +D VLGR
GLI­FLO R IOX\³ FRQ IDFLOLGDG" 4X© HPRFLRQHV R SHQVDPLHQWRV VXUJLHURQ
PLHQWUDV HVWDEDV RFXSDGR KDFL©QGROR" &³PR VDE­DV FX¡QGR KDE­DV
WHUPLQDGR"4X©SDSHOKDMXJDGRHQWXGLVH±RODFDUWDRFDUWDVGHO7DURW"
7DPEL©Q SXHGHV PHGLWDU R HVFULELU HQ WX GLDULR  VREUH OR TXH HO PDQGDOD
HYRFD HQ WX LPDJLQDFL³Q 8QD RSFL³Q VL WH VLHQWHV LQVSLUDGR HV FUHDU XQ
SRHPDDSDUWLUGHWXREUDGHDUWH

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 FXDQGR©UDPRVQL±RVSRUTXHHQDTXHOPRPHQWRQRVVHQWLPRVYDORUDGRVSRU
7UDVIRQGR ORV TXH QRV URGHDEDQ \ DV­ ORJUDPRV DSUHQGHU D YDORUDUQRV (VWR D VX YH]
/RVO­PLWHVSHUVRQDOHVHVW¡QFRQHFWDGRVFRQQXHVWUDFDSDFLGDGSDUDSURWHJHU QRVSHUPLWL³VHQWLUQRVF³PRGRVHVWDEOHFLHQGRORVO­PLWHVDGHFXDGRVFRQORV
QXHVWUR HVSDFLR I­VLFR \ HPRFLRQDO 7HQHPRV SRFR FRQWURO VREUH F³PR QRV GHP¡VDPHGLGDTXHDOFDQ]¡EDPRVODHGDGDGXOWD
WUDWDQ RWUDV SHUVRQDV 'HSHQGHPRV GH TXH ORV GHP¡V UHVSHWHQ /RV O­PLWHV VDOXGDEOHV QR V³OR VRQ IXHUWHV VLQR TXH WDPEL©Q VRQ
DSURSLDGDPHQWHQXHVWURVO­PLWHVI­VLFRV\HPRFLRQDOHV<GHSHQGLHQGRGHVL IOH[LEOHV (VWD FDUDFWHU­VWLFD QRV SHUPLWH UHVSRQGHU D GLVWLQWDV VLWXDFLRQHV
VHFUX]DQRQRGHWHUPLQDGDVO­QHDVGHVDUUROODUHPRVHOVHQWLGRGHORTXHHVR VHJºQ VHD QHFHVDULR \ GH XQD PDQHUD MXVWLILFDGD HQ OXJDU GH PDQWHQHUQRV
QR HV DSURSLDGR WDQWR KDFLD QRVRWURV PLVPRV FRPR QXHVWUR SURSLR DWDVFDGRV HQ YLHMRV SDWURQHV 6DEHPRV FX¡QGR VXDYL]DU \ DEULU QXHVWURV
FRPSRUWDPLHQWRKDFLDORVGHP¡V O­PLWHV FRQ HO ILQ GH VHQWLU FRPSDVL³Q \ VHQVLELOLGDG < VDEHPRV FX¡QGR
3RUHMHPSORXQDSHUVRQDSXHGHWHQHUO­PLWHVG©ELOHVRSRFRGHILQLGRVGHELGR PDQWHQHUQRVILUPHVHQQXHVWUDSRVWXUDFXDQGRWHQHPRVTXHSURWHJHUQRV3RU
DQHFHVLGDGHVLPSRUWDQWHVTXHQRVHUHVSHWDURQGXUDQWHODLQIDQFLD(ODEXVR HMHPSOR XQD SHUVRQD FRQ O­PLWHV G©ELOHV W­SLFDPHQWH GLFH 6­ D WRGDV ODV
\ HO WUDXPD VRQ HMHPSORV GH YLRODFLRQHV GH ORV O­PLWHV SHUVRQDOHV TXH D FRVDV LQFOXVR FXDQGR QR HVW¡ HQ VX PHMRU PRPHQWR SDUD KDFHUOR < OD
PHQXGRFRQGXFHQDVHQWLPLHQWRVGHS©UGLGDGHFRQWURO\DHVWDUDPHUFHGGH UHVSXHVWDSRUGHIHFWRGHXQDSHUVRQDFRQO­PLWHVU­JLGRVHV1RDSHVDUGHO
ORVGHP¡V3RUHMHPSORXQQL±RSXGRDSUHQGHUTXHVXFXHUSRQRHUDVX\R2 KHFKRGHTXHFRQHVWDUHVSXHVWDSRUORJHQHUDOSURYRFDPDOHVWDU
XQDMRYHQSXGRGDUSRUKHFKRTXHQRWHQ­DYR]DODKRUDGHH[SUHVDUFRPR 7HQHUO­PLWHVIOH[LEOHVQRVGDODRSRUWXQLGDGGHUHVSRQGHUDGHFXDGDPHQWHD
TXHU­D VHU WUDWDGD SRU ORV GHP¡V (VWH WLSR GH FULDQ]D VXHOH JHQHUDU OD ORTXHUHDOPHQWHHVW¡VXFHGLHQGRHQFDGDPRPHQWR$OVHUFDSDFHVGHFRQILDU
VHQVDFL³Q GH TXH XQD SHUVRQD WLHQH TXH VDWLVIDFHU ODV QHFHVLGDGHV GH ORV HQQXHVWUDVHPRFLRQHV\VHQWLUQRVF³PRGRVDOKDFHUIUHQWHDQXHVWUDVSURSLDV
GHP¡V FRQ HO ILQ GH VREUHYLYLU (Q OD DGROHVFHQFLD \ OD HGDG DGXOWD HVWDV QHFHVLGDGHV QXHVWUDV LQWHUDFFLRQHV FRQ ODV SHUVRQDV HQ OD DFWXDOLGDG QR
SULPHUDV H[SHULHQFLDV D PHQXGR FRQGXFHQ D GLILFXOWDGHV D OD KRUD GH GHFLU HVW¡QOLJDGDVHQODVFDGHQDVGHOSDVDGR
1RDODVGHPDQGDV\SHWLFLRQHVGHORVGHP¡V(VWRDVXYH]SXHGHOOHYDUD
XQD SHUVRQD D UHODFLRQHV GH FRGHSHQGHQFLD \D TXH ORV O­PLWHV SHUVRQDOHV
HQWUHV­PLVPR\ORVGHP¡VVHYXHOYHQERUURVRV
3RU RWUD SDUWH GHSHQGLHQGR GH OR YLYLGR GXUDQWH OD LQIDQFLD XQD SHUVRQD
SXHGHSHQVDUTXHODºQLFDPDQHUDGHPDQWHQHUVHDVDOYRHVFRQVWUXLUIXHUWHV
PXURVLQWHULRUHV3RUHMHPSORXQSDGUHSXHGHGHFLUOHDVXKLMRTXHOORUDUHV
XQVLJQRGHGHELOLGDG2XQDSHUVRQDMRYHQVHSXHGHYHUIXHUWHPHQWHDIHFWDGD
SRUODS©UGLGDGHXQVHUTXHULGRFRPRXQSDGUHRXQDPLJR\HQUHVSXHVWD
GHFLGH QR LQWLPDU FRQ RWUDV SHUVRQDV SDUD HYLWDU HO GRORU GH OD S©UGLGD (O
GHVDUUROOR GH HVWRV O­PLWHV SHUVRQDOHV WDQ U­JLGRV FRQGXFH D OD LQFDSDFLGDG
SDUDGHFLUߡ6LߢDFXDOTXLHUFRVDHQODYLGD(VWHWLSRGHPXURVFDOFLILFDGRV
KDFHQTXHVHDGLI­FLOSDUDXQDSHUVRQDSHGLUD\XGDDRWUDVSHUVRQDVRFRQHFWDU
FRQRWURVWDQWRDQLYHOI­VLFRFRPRHPRFLRQDO
/RV O­PLWHV VDOXGDEOHV VH FUHDQ FXDQGR WHQHPRV XQD LGHD FODUD GH OR TXH
VRPRV GHELGR D TXH QXHVWUDV QHFHVLGDGHV IXHURQ UHFRQRFLGDV \ KRQUDGDV
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 8QDYH]TXHKD\DVHQFRQWUDGRODFDUWDTXHP¡VFRQHFWDFRQWLJRSDUDHVWHURO
3URFHVR S©JDOD HQ HO HVSDFLR TXH UHVHUYDVWH HQ OD HVTXLQD VXSHULRU GHUHFKD GHO
3DUD HVWD DFWLYLGDG WX SULPHUD WDUHD HV FUHDU XQ DXWRUUHWUDWR \D VHD UHDO R SDSHO<DKHPRVWHUPLQDGR
DEVWUDFWR  \ D FRQWLQXDFL³Q UHSUHVHQWDU DUW­VWLFDPHQWH OD QDWXUDOH]D GH WXV $KRUDXQDYH]ILQDOL]DGDWXREUDFXDQGRODHVWXGLHVFRQWUDQTXLOLGDGTXL]¡
O­PLWHVSHUVRQDOHVDFWXDOHVWDOFRPRVLHQWHVTXHDSDUHFHQDWXDOUHGHGRU VHDVFRQVFLHQWHGHTXHWXVDFWXDOHVO­PLWHVSHUVRQDOHVQRWHSURWHJHQGHIRUPD
&RPLHQ]DSRUSUHJXQWDUWH DGHFXDGD
0HUHVXOWDI¡FLORGLI­FLOSHGLUDORVGHP¡VORTXH\RQHFHVLWR" 6LHVHHVHOFDVRHQWRQFHVWXREMHWLYRHVFUHDURWUDYHUVL³QGHWLPLVPRHQXQD
0HUHVXOWDI¡FLORGLI­FLOSURWHJHUPHGHODHQHUJ­DQHJDWLYD" QXHYDKRMDGHSDSHOSHURHVWDYH]FRQORVO­PLWHVSHUVRQDOHVTXHLGHDOPHQWH
6LHQWRTXHWHQJRHOFRQWUROGHPLVO­PLWHVSHUVRQDOHV" WHJXVWDU­DWHQHU3LHQVDHQXQRVO­PLWHVIXHUWHVSHURIOH[LEOHV8QRV O­PLWHV
&³PR VLHQWR TXH VRQ PLV O­PLWHV" 6RQ U­JLGRV R ERUURVRV" 4XL]¡ TXH SXHGHQ YHUVH \ VHQWLUVH 4X© FRORUHV \ IRUPDV YDV D XWLOL]DU SDUD WX
XQDFRPELQDFL³Q" GLVH±R" &³PR YDV D SODVPDU TXH WXV QXHYRV O­PLWHV VRQ XQRV O­PLWHV
4X© IRUPD DGTXLHUHQ PLV O­PLWHV DOUHGHGRU GH P­" 4X© FRORUHV R VDOXGDEOHV"
WH[WXUDVWLHQHQ" $QWHV GH FRPHQ]DU HVWH VHJXQGR DXWRUUHWUDWR UHJUHVD D WX EDUDMD GHO
$QWHVGHFRPHQ]DUWXSUR\HFWRGHDUWHUHSDVDWXEDUDMDGH7DURW\HOLJHXQD 7DURW%XVFDXQDFDUWDTXHVLPEROLFHXQDYHUVL³QIXWXUDGHWLPLVPRFRQORV
FDUWD SDUD UHSUHVHQWDU D WX ߡ<Rߢ 3HJD HVWD FDUWD D OD SDUWH O­PLWHV TXH KDFHQ TXH WH VLHQWDV VHJXUR \ SURWHJLGR &XDQGR OD KD\DV
VXSHULRU L]TXLHUGD GH OD HVTXLQD GHO SDSHO TXH YDV D XWLOL]DU SDUD FUHDU WX HQFRQWUDGRS©JDODHQODHVTXLQDVXSHULRUL]TXLHUGDGHOSDSHO
LPDJHQ 'HMD OD HVTXLQD VXSHULRU GHUHFKD GHO SDSHO FRQ VXILFLHQWH HVSDFLR $VHJºUDWHGHGHMDUHVSDFLRHQODHVTXLQDVXSHULRUGHUHFKD\DTXHHVGRQGH
SDUDTXHSXHGDVFRORFDURWUDFDUWDTXHYDDHVWDUFRQHFWDGDFRQODDQWHULRU YDV D FRORFDU OD FDUWD GHO 7DURW TXH DFWXDU¡ FRPR JXDUGL¡Qߢ GH WXV O­PLWHV
8QDYH]TXHKD\DVWHUPLQDGRGHFUHDUWXDXWRUUHWUDWR FRPRKHPHQFLRQDGR SHUVRQDOHV (VSHUD D KDFHU HVWR ºOWLPR KDVWD TXH KD\DV WHUPLQDGR WX QXHYR
DQWHULRUPHQWH \D VHD ILHO D OD UHDOLGDG R DEVWUDFWR  W³PDWH XQ WLHPSR SDUD DXWRUUHWUDWR
SHQVDU DFHUFD GH F³PR SODVPDU WXV O­PLWHV SHUVRQDOHV $ OD KRUD GH
GLEXMDUORVTX©IRUPD\WDPD±ROHVYDVDGDU"&X¡OVHU­DODPHMRUPDQHUD
GHUHSUHVHQWDUORVDUW­VWLFDPHQWHDOUHGHGRUGHWXDXWRUUHWUDWR"
8QD YH] TXH KD\DV WHUPLQDGR GH GLEXMDU WXV O­PLWHV SHUVRQDOHV HQ WX
DXWRUUHWUDWRGHGLFDXQWLHPSRWUDQTXLODPHQWHSDUDHVWXGLDUODLPDJHQTXHKDV
FUHDGR
3UHJºQWDWHVLHVW¡VVDWLVIHFKRFRQWXVO­PLWHVSHUVRQDOHVDFWXDOHV6LHQWHVTXH
HVW¡V FRUUHFWDPHQWH SURWHJLGR SRU HOORV" 7H VLHQWHV F³PRGR FXDQGR SLGHV
TXHWXVQHFHVLGDGHVVHDQVDWLVIHFKDV\FXELHUWDV"6LHVDV­HOLMHRWUDFDUWDGH
WX EDUDMD GHO 7DURW (VWD YH] YDV D EXVFDU OD FDUWD TXH DFWXDU¡ FRPR HO
JXDUGL¡QGHWXVO­PLWHV&RQVXD\XGDVHU¡VFDSD]GHPDQWHQHUXQRVO­PLWHV
SHUVRQDOHV VDQRV \ DO PLVPR WLHPSR VHU¡V FDSD] GH WUDQVPLWLUOHV D RWUDV
SHUVRQDVG³QGHVHVLWºDQWXVO­PLWHVSDUDTXHORVUHVSHWHQ
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
*DUDEDWR 7UDVIRQGR
*DUDEDWHDU WLHQH DOJR GH PDOD UHSXWDFL³Q (O GLFFLRQDULR OR GHILQH FRPR
2EMHWLYR GLEXMDUGHVFXLGDGDPHQWHRVLQFXLGDGRUHDOL]DQGRXQHVER]RGHXQDPDQHUD
(Q HVWD DFWLYLGDG YDPRV D XWLOL]DU XQD FDUWD GHO 7DURW FRPR LQVSLUDFL³Q DSUHVXUDGD 3HUR HO JDUDEDWR HV HO SULPHU SDVR IXQGDPHQWDO HQ HO GHVDUUROOR
DUW­VWLFDSDUDGLEXMDUUHODMDGD\GHVSUHRFXSDGDPHQWHXQJDUDEDWR DUW­VWLFRGHORVQL±RV<SDUDORVDGXOWRVHVXQDIRUPDGHFRPXQLFDFL³QTXH
YLHQHGHXQOXJDUSURIXQGRHQQXHVWURLQWHULRU
(QHVWDDFWLYLGDGORVSRGHUHVGHLQVSLUDFL³QGHXQDFDUWDGHO7DURWVHUYLU¡Q
FRPRSXQWRGHSDUWLGDSDUDFUHDUXQDREUDGHDUWH*DUDEDWHDUHQODS¡JLQDD
SHVDUGHTXHSDUH]FDQRWHQHUVHQWLGRHVODPDQHUDSHUIHFWDSDUDGHMDUYRODU
WX LPDJLQDFL³Q \D TXH VH QXWUH GH XQ VHQWLGR GHO MXHJR TXH D PHQXGR
SHUGHPRVPHGLGDTXHQRVDOHMDPRVGHODLQIDQFLD*DUDEDWHDUWDPEL©QOHGDD
WX PHQWH FRQVFLHQWH XQ UHVSLUR \D TXH WX VXEFRQVFLHQWH VH KDFH FDUJR GHO
SURFHVRFUHDWLYR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 'HILQLUORDEVWUDFWR
(VLPSRUWDQWHTXHWHVLHQWDVUHODMDGRDQWHVGHFRPHQ]DUHVWDDFWLYLGDG6LHV
SRVLEOH SDVD DOJR GH WLHPSR PHGLWDQGR KDVWD TXH FRQVLJDV HVWDU WRWDOPHQWH 2EMHWLYR
FHQWUDGR7DPEL©QSXHGHVSRQHUDOJRGHPºVLFDUHODMDQWHGHIRQGRHQFHQGHU &RQHVWDDFWLYLGDGSUHWHQGHPRVKDFHUFRQFUHWDXQDLGHDDEVWUDFWD
DOJXQDVYHODV\GLIXQGLUDOJXQRVDFHLWHVHVHQFLDOHV
&XDQGR HVW©V OLVWR HOLJH XQD FDUWD GH WX EDUDMD GHO 7DURW DO D]DU 3©JDOD HQ
XQDKRMDGHSDSHOGRQGHP¡VWHDSHWH]FDMXVWRHQHOFHQWURHQXQDHVTXLQD
HQXQODWHUDOߨQRLPSRUWD
$FRQWLQXDFL³QFRJHWXO¡SL]IDYRULWRERO­JUDIRRURWXODGRU/DVSLQWXUDVGH
FRORUHVWDPEL©QIXQFLRQDQPX\ELHQSDUDHVWDDFWLYLGDG$KRUDGHMDTXHWX
PDQR VH PXHYD SRU V­ PLVPD SRUTXH HOOD HV HO LQVWUXPHQWR SDUD KDFHU
JDUDEDWRV HQ HO HVSDFLR TXH KD\ DOUHGHGRU GH WX FDUWD '³QGH GLEXMHV HVRV
JDUDEDWRV GHSHQGH GH WL1RSLHQVHV GHPDVLDGR (QUHDOLGDGQRSLHQVHVHQ
DEVROXWR DFHUFD GH OR TXH HVW¡V GLEXMDQGR 6LPSOHPHQWH GHMD TXH WH JX­H WX
LQWXLFL³Q
&XDQGRVLHQWDVTXHKDVWHUPLQDGRGHMDVREUHODPHVDWXO¡SL]7³PDWHXQRV
PLQXWRV SDUD HVWXGLDU OR TXH KDV FUHDGR 3HUFLEHV DOJºQ SDWU³Q HQ ORV
JDUDEDWRVTXHKDVGLEXMDGR"
$KRUDHVWXGHFLVL³QVLGDVSRUWHUPLQDGDWXREUDRTXLHUHVHPEHOOHFHUODFRQ
RWURVFRORUHVPDWHULDOHVGHFROODJHXRWURVGHWDOOHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
7UDVIRQGR 3URFHVR
3RU VX SURSLD QDWXUDOH]D ORV FRQFHSWRV DEVWUDFWRV VH SUHVWDQ D XQ QºPHUR (Q WX GLDULR SHUVRQDO SRU IDYRU HVFULEH F³PR GHILQLU­DV OD SDODEUD
LQILQLWR GH UHSUHVHQWDFLRQHV DUW­VWLFDV (O SURFHVR GH GDU IRUPD D SDODEUDV HVSLULWXDOLGDG\ORTXHHVWDLGHDVLJQLILFDSDUDWL&XDQGRKD\DVWHUPLQDGR
WDOHV FRPR HVSLULWXDOLGDG DPRU R SOHQLWXG WH OOHYDU¡ D SHQVDU YHDWXEDUDMDGHO7DURW\HOLJHODFDUWDTXHVLHQWDVTXHPHMRUUHSUHVHQWDHVWD
SURIXQGDPHQWH DFHUFD GHO VLJQLILFDGR SHUVRQDO TXH WLHQHQ HVWRV FRQFHSWRV SDODEUD
SDUDWL3XHGHVOOHJDUDVRUSUHQGHUWHPXFKRFRQORVUHVXOWDGRVߨ 8VDQGRHVWDFDUWDFRPRLQVSLUDFL³QWXREMHWLYRHVFUHDUXQDREUDGHDUWHTXH
UHIOHMH WX GHILQLFL³Q GH HVSLULWXDOLGDG /RV PHGLRV DUW­VWLFRV TXH HOLMDV
GHSHQGHU¡QGHWLDV­FRPRODGHFLVL³QGHLQFRUSRUDURQRODFDUWDGHO7DURWD
WXREUD
6LORGHVHDVSXHGHVKDFHUORPLVPRFRQODVVLJXLHQWHVSDODEUDV
(TXLOLEULR
5HVSRQVDELOLGDG
)HOLFLGDG
3OHQLWXG
,OXVL³Q
)UXVWUDFL³Q
3DFLHQFLD
)H
$PRU

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
-DUG­Q=HQGHO7DURW 7UDVIRQGR
(O MDUG­Q =HQ VH RULJLQ³ HQ ORV PRQDVWHULRV EXGLVWDV GH -DS³Q /RV PRQMHV
2EMHWLYR LGHDURQ HVWH WLSR GH MDUG­Q SDUD FUHDU HO DPELHQWH SHUIHFWR SDUD OD
9DPRVDFUHDUXQSDLVDMHVLPE³OLFRHQWUHVGLPHQVLRQHV FRQWHPSODFL³Q*UDFLDVDODVLPSOLFLGDGQDWXUDOLVWDGHHVWHWLSRGHߡHVFXOWXUD
DODLUHOLEUHߢVXGLVH±RHYRFDVHQWLPLHQWRVGHUHODMDFL³Q\WUDQTXLOLGDG
/ODPDGR NDUHVDQWXL HQ MDSRQ©V D PHQXGR WUDGXFLGR FRPR SDLVDMH VHFR
SHURTXHOLWHUDOPHQWHVLJQLILFDDJXDGHPRQWD±DVHFD HVWHWLSRGHMDUG­QVH
FRPSRQH GH GRV HOHPHQWRV SULQFLSDOHV DUHQD R JUDYD \ SLHGUDV R
URFDV &RPR VX QRPEUH LQGLFD HVWH WLSR GH MDUG­Q HV XQD UHSUHVHQWDFL³Q
PHWDI³ULFDGHODLQWHUDFFL³QHQWUHODWLHUUDHOPDU\HOFLHOR
$GHP¡V¡UEROHVFXLGDGRVDPHQWHSRGDGRVDUEXVWRV\PXVJRVDPHQXGRVH
FRORFDQ HQ HO MDUG­Q \ VXV DOUHGHGRUHV FRQ HO ILQ GH D±DGLU XQ VHQWLGR GH OD
DUPRQ­D\FRQWUDVWH(OMDUG­Q=HQVHIXQGDPHQWDHQHOSULQFLSLRGHO\LQ\HO
\DQJ TXH D VX YH] VH EDVD HQ OD UHODFL³Q GLQ¡PLFD HQWUH IXHU]DV RSXHVWDV
FODUR  RVFXUR VHFR  KºPHGR EODQGR  GXUR OLQHDO  FLUFXODU EDMR  DOWR
ILUPHPDOHDEOHLUUHJXODUUHJXODUSODQRFXUYLO­QHRUXJRVROLVRJUDQGH
SHTXH±RJUHJDULRVROLWDULRDQFKRHVWUHFKR
/DDUHQDVLUYHFRPRWHO³QGHIRQGRVREUHHOTXHODVURFDVELHQXELFDGDVVH
FRORFDQ SDUD VLPEROL]DU ORV FRQWUDVWHV HQWUH ORV GLIHUHQWHV HOHPHQWRV GH OD
QDWXUDOH]D (O DFWR GH UDVWULOODU OD DUHQD R JUDYD G¡QGROHV IRUPD GH RQGD HV
PX\LPSRUWDQWH\DTXHDOKDFHUORQRVGDODRSRUWXQLGDGSDUDGHVDUUROODUOD
DWHQFL³Q\ODFRQFHQWUDFL³Q
+R\HQG­DSHTXH±DVYHUVLRQHVGHVREUHPHVDGHMDUGLQHV=HQFRPSOHWRV HQ
SHTXH±DV EDQGHMDV FRQ DUHQD SLHGUDV \ KDVWD XQ SHTXH±R UDVWULOOR  HVW¡Q
GLVSRQLEOHV \ VRQ XVDGDV FRPR KHUUDPLHQWDV SDUD UHGXFLU HO HVWU©V 3DUD
DOJXQDV SHUVRQDV HV XQD SU¡FWLFD PX\ UHODMDQWH \ PHGLWDWLYD FRQ OD TXH
MXJDUFRQXQPLQLRDVLV0HGLDQWHHOPDQHMROHQWR\VXDYHGHODDUHQD\HO
UHVWR GH ORV REMHWRV GHO MDUG­Q VH SXHGH ORJUDU XQ HVWDGR GH SD] LQWHULRU \
WUDQTXLOLGDG
$OPLVPRWLHPSRORVMDUGLQHV=HQWUDEDMDQHQRWURQLYHOODFUHDFL³QGHDOJR
WDQJLEOH D SDUWLU GH FHUR SXHGH VHU XQ GLYHUWLGR HVW­PXOR SDUD OD DFWLYLGDG
PXOWLVHQVRULDO /D FRQH[L³Q FRQ ORV MXHJRV GH QXHVWUDV HGDGHV WHPSUDQDV
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 FRPR FODVLILFDU YHUWHU HQWHUUDUߨ  D PHQXGR GHVSLHUWD OD LPDJLQDFL³Q GHO
QL±RLQWHULRUTXHKD\GHQWURGHWRGRVQRVRWURV 3URFHVR
/D QDWXUDOH]D GH HVWD DFWLYLGDG WDPEL©Q SURSRUFLRQD OD RSRUWXQLGDG SDUD (QFXHQWUD XQD EDQGHMD R UHFLSLHQWH FRQ XQ WDPD±R DGHFXDGR SDUD HO MDUG­Q
FRQHFWDU FRQ ODV SURIXQGLGDGHV GH OD SVLTXH $O XWLOL]DU HO SURFHVR FUHDWLYR TXH WH JXVWDU­D FUHDU (VWH UHFLSLHQWH SXHGH VHU GH PDGHUD PHWDO FHU¡PLFD
SDUDFUHDUXQDPHW¡IRUDGHXQPXQGRHQPLQLDWXUDHOVXEFRQVFLHQWHHVFDSD] SO¡VWLFR R FULVWDO 6L TXLHUHV SXHGHV SLQWDU OD SDUWH LQIHULRU \R ORV ODGRV
GHFRPXQLFDUVH\FRODERUDUFRQODPHQWHFRQVFLHQWH LQWHULRUHVGHODEDQGHMD
$ FRQWLQXDFL³Q D±DGH XQD FDSD GH DUHQD R DUUR] 6L HVW¡V XWLOL]DQGR XQ
UHFLSLHQWHGHFULVWDOFRQXQSRFRGHSURIXQGLGDGODDUHQDGHFRORUHVFUHDU¡XQ
HIHFWRDJUDGDEOH
$KRUD SXHGHV FRPHQ]DU D FUHDU SDWURQHV HQ IRUPD GH RQGD HQ OD VXSHUILFLH
FRQ XQ WHQHGRU FRQ XQ SHTXH±R SHLQH R FRQ XQ UDVWULOOR HQ PLQLDWXUD 6L
GHVHDVUHDOL]DUGLVH±RVP¡VGHWDOODGRVHQODDUHQDRHODUUR]SXHGHVXVDUOD
SXQWDGHXQFXFKLOORRXQERO­JUDIR'LYL©UWHWHH[SHULPHQWDQGRHQHVWDSDUWH
GHOSUR\HFWR\DTXHHVI¡FLOGHDOLVDUODVXSHUILFLH\HPSH]DUGHQXHYR
8QD YH] TXH KD\DV WHUPLQDGR FRQ WX VXSHUILFLH HV HO PRPHQWR GH D±DGLU
REMHWRV D WX MDUG­Q SLHGUDV JXLMDUURV UDPLWDV WUR]RV GH PDGHUD FRQFKDV
SHTXH±DV ILJXULOODV XQ SHTXH±R FDFWXVߨ R GRV bHO ºQLFR O­PLWH HV WX
LPDJLQDFL³Q 3LHQVD G³QGH FRORFDU ODV FRVDV HQ ORV WLSRV GH FRQWUDVWHV \
F³PRVHFRPSOHPHQWDFDGDHOHPHQWRGHQWURGHOSDLVDMHTXHTXLHUHVFUHDU
7XV FDUWDV GHO 7DURW VHU¡Q XQD SDUWH LPSRUWDQWH GH HVWH SURFHVR
FUHDWLYR 5HFXHUGD TXH VL HVW¡V XWLOL]DQGR OD EDUDMD :DLWH6PLWK WHQGU¡V
FXDWUR RSFLRQHV D OD KRUD GH HOHJLU WDPD±R PLQL SHTXH±R HVW¡QGDU \
JUDQGH  2EVHUYD WX EDUDMD \ VHOHFFLRQD XQD R P¡V FDUWDV FX\D HQHUJ­D
FRQHFWH FRQ HO MDUG­Q TXH HVW¡V FUHDQGR (V SRVLEOH HVFRJHU XQD FDUWD HQ
SDUWLFXODU SDUD FRORFDUOD HQ HO FHQWUR OD FXDO DFWXDU­D FRPR SXQWR IRFDO 2
SXHGHVHOHJLUXQDVHULHGHFDUWDVUHODFLRQDGDVHQWUHHOODVFRQXQDWHP¡WLFD\
HQHUJ­DHQFRPºQ
3UXHEDGLIHUHQWHVRSFLRQHVFRQODFRORFDFL³QGHODFDUWDRFDUWDVHQODDUHQDR
DUUR] 'HSHQGLHQGR GHO WDPD±R GH OD EDQGHMD TXH HVW©V XWLOL]DQGR SXHGHV
LQVHUWDU ODV FDUWDV YHUWLFDOPHQWH D GLIHUHQWHV SURIXQGLGDGHV &RQVLGHUD TX©
SDUWH GH OD FDUWD TXLHUHV TXH VHD YLVLEOH \ TX© SDUWH SUHILHUHV TXH QR VH
YHD7DPEL©QSXHGHVSRQHUODFDUWDHQKRUL]RQWDORHQ¡QJXOR2WUDRSFL³QHV
FXEULUORVODWHUDOHVGHODEDQGHMDFRQFDUWDV\DVHDFRPSOHWDPHQWHDOUHGHGRU
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
RHQYDULRVSXQWRVFRQODVFDUWDVGLVSXHVWDVKRUL]RQWDORYHUWLFDOPHQWH
$PHGLGDTXHFRQVWUX\HVHVWHPLFURPXQGRºQLFRHLQGHSHQGLHQWHHVSRVLEOH (VFXGRGHDUPDV
TXHGHVHHVLUSHQVDQGRHQORTXHVLPEROL]DSDUDWLFDGDHOHPHQWR4X©WLSR
GHOHQJXDMHPHWDI³ULFRSXHGHVFUHDUDPHGLGDTXHFRPSRQHVWXMDUG­Q"4X© 2EMHWLYR
WHJXVWDU­DFRPXQLFDU \DVHDSDUDWLPLVPRRSDUDORVGHP¡V "+D\REMHWRV 9DPRVDLGHQWLILFDUYLVXDOPHQWHTX©HUHV\TX©WHUHSUHVHQWD
VLJQLILFDWLYRV GH WX YLGD TXH TXLHUDV LQFOXLU HQ WX MDUG­Q" 6L HV DV­ TX©
UHSUHVHQWDQFDGDXQRGHHVWRVREMHWRVSDUDWL"
7LHQHV TXH WHQHU WDPEL©Q HQ FXHQWD OD SRVLFL³Q HQ OD TXH FRORFDV ORV
HOHPHQWRV GH WX MDUG­Q \ ODV GLVWLQWDV IRUPDV TXH YDV FUHDQGR 3RU HMHPSOR
SXHGHV FRORFDU ORV REMHWRV GH XQD IRUPD OLQHDO FUHDU XQ F­UFXOR R KDFHU XQ
GLVH±R HQ HVSLUDO (VWDV IRUPDV HVSHF­ILFDV TXH YDV FUHDQGR WLHQHQ DOJºQ
VLJQLILFDGRP¡VSURIXQGRSDUDWL"
3RURWUDSDUWHQRWLHQHVTXHSHQVDUWRGRHOWLHPSRHQF³PRLQWHUSUHWDUFDGD
SDVRGHODFRQVWUXFFL³QGHWXMDUG­Q3XHGHVGHMDUWHJXLDUSRUWXLQWXLFL³QSDUD
FRQVWUXLU WX SDLVDMH GHMDQGR TXH HO ODGR L]TXLHUGR GH WX FHUHEUR HO ODGR
O³JLFR WRPHXQGHVFDQVR
&XDQGR KD\DV WHUPLQDGR WX MDUG­Q SLHQVD TX© KDFHU FRQ ©O D
FRQWLQXDFL³Q8QDRSFL³QHVKDFHUXQDH[SRVLFL³QSHUPDQHQWHHQDOJºQOXJDU
WXKRJDURGHWXWUDEDMR2WUDSRVLELOLGDGVHU­DYHUORFRPRXQDREUDGHDUWH
WHPSRUDOTXHVHSXHGHPRQWDU\GHVPRQWDUFRPRGHVHHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 (O GLVH±R GHO HVFXGR GH DUPDV VH EDVD WRWDOPHQWH HQ HO VLPEROLVPR 3RU
7UDVIRQGR HMHPSORORVFRORUHVGHODEDVH \DVHDGHIRQGRRSULPHUSODQR UHSUHVHQWDQ
,PDJLQD HQ OD ©SRFD PHGLHYDO D XQ FDEDOOHUR YHVWLGR FRQ VX UDVJRVHVSHF­ILFRVDPDULOORXRURSDUDODJHQHURVLGDGEODQFRRSODWDSDUDOD
DUPDGXUD $KRUD LPDJLQD XQ JUXSR GH FDEDOOHURV WRGRV FRQ XQLIRUPHV \ SD] D]XO SDUD OD OHDOWDG URMR SDUD HO YDORU YHUGH SDUD OD DOHJU­D \ OD
DUPDGXUDV PX\ VLPLODUHV WUDWDQGR GH PDWDUVH ORV XQRV D ORV RWURV &³PR HVSHUDQ]Dߨ \ DV­ VXFHVLYDPHQWH /RV DQLPDOHV WDPEL©Q OOHJDURQ D HVWDU
SRG­DQGLIHUHQFLDUVHORVDOLDGRVGHORVHQHPLJRV" DVRFLDGRV FRQ UDVJRV HVSHF­ILFRV 3RGHPRV FLWDU FRPR HMHPSORV D ORV RVRV
FRPR V­PEROR GH SURWHFFL³Q SHUURV FRPR V­PEROR GH OHDOWDG ¡JXLODV \
/DVROXFL³QIXHODFUHDFL³QGHOHVFXGRGHDUPDV OHRQHV FRPR V­PEROR GH OLGHUD]JR \ FRUDMH FLHUYRV FRPR V­PEROR GH OD
2ULJLQDULR GH ORV WLHPSRV PHGLHYDOHV HO HVFXGR GH DUPDV FRQVLVW­D HQ XQ SD]ߨ/RVFUHDGRUHVGHORVGLVH±RVGHHVFXGRVGHDUPDVXWLOL]DQPXOWLWXGGH
GLVH±R ºQLFR TXH VH SODVPDED HQ DUPDV GH JXHUUD XQLIRUPHV \ EDQGHUDV \ V­PERORV$V­XQKDFKDUHSUHVHQWDHOYDORUXQSXHQWHLQGLFDXQPDJLVWUDGR
TXH LGHQWLILFDED I¡FLOPHQWH DO SRUWDGRU /RV FRORUHV \ ORV V­PERORV XQFRUD]³QHQWLHQGHODSDVL³Q HQ OODPDVXQD HVWUHOODLQGLFD OD QREOH]D XQD
HVSHF­ILFRV GH FDGD FDVD UHSUHVHQWDEDQ OD DVFHQGHQFLD UHSXWDFL³Q GH OD WRUUH R FDVWLOOR LOXVWUD SURWHFFL³Qߨ \ DV­ VXFHVLYDPHQWH )ORUHV SODQWDV R
IDPLOLD\FDUDFWHU­VWLFDVSHUVRQDOHVHVSHFLDOHV IUXWRVVRQWDPEL©QHOHPHQWRVW­SLFRVGHORVHVFXGRV
&RQHOWLHPSRHVWRVGLVH±RVVHH[WHQGLHURQ\VHHPSH]DURQDXWLOL]DUHQRWURV &RPRDFWLYLGDGWHUDS©XWLFDODFUHDFL³QGHXQHVFXGRGHDUPDVSHUVRQDOWHYD
XWHQVLOLRV FRPR URSDFDUUXDMHV VHOORV GHFDUWDVߨ /RVHVFXGRVGHDUPDVVH D D\XGDU D GHVDUUROODU XQ VHQWLGR GH FRKHVL³Q DO PLVPR $O H[SUHVDU
SXVLHURQGHPRGDU¡SLGDPHQWH\IDPLOLDVDFDXGDODGDVTXHQRWHQ­DQUHODFL³Q DUW­VWLFDPHQWH HOHPHQWRV FODYH GH OR TXH HUHV \ OR TXH WH UHSUHVHQWD HQ XQ
FRQHOHM©UFLWRQLFRQORPLOLWDUFRPHQ]DURQDXVDUVXVSURSLRVHVFXGRV/RV ºQLFR GLVH±R WLHQHV OD RSRUWXQLGDG GH LQWHJUDU \ FRQVROLGDU ORV DVSHFWRV
GLVH±RV VH LQFRUSRUDURQ D ODV IDFKDGDV GH ODV FDVDV \ D GLVWLQWDV REUDV GH SRVLWLYRVGHWXLGHQWLGDG
DUTXLWHFWXUD MR\DV PRQHGDVߨ 6X XVR VH H[WHQGL³ WDPEL©Q HQWUH ORV
FRPHUFLDQWHV \ GHELGR D TXH HQ HO SHULRGR PHGLHYDO PXFKDV SHUVRQDV QR
VDE­DQQLOHHUQLHVFULELUHOHVFXGRGHDUPDVKL]RI¡FLOODLGHQWLILFDFL³QGHODV
GLVWLQWDV IDPLOLDV HQWUH V­ +R\ HQ G­D LQFOXVR LQVWLWXFLRQHV WDOHV FRPR
XQLYHUVLGDGHV D\XQWDPLHQWRV GH FLXGDGHV YLOODV \ SXHEORV SD­VHVߨ WRGRV
WLHQHQVXVSURSLRVHVFXGRVGHDUPDV
7UDGLFLRQDOPHQWH HO GLVH±R GHO HVFXGR GH DUPDV DGRSW³ GRV IRUPDV /D
SULPHUD GH HOODV VLPSOHPHQWH WRP³ OD IRUPD GH XQ HVFXGR /D VHJXQGD HUD
P¡V FRPSOHMD HO HVFXGR HUD OD SLH]D FHQWUDO SHUR WDPEL©Q VH LQFRUSRUDURQ
RWURVHOHPHQWRVDUW­VWLFRV(VWHGLVH±RFRQVLVWHHQXQFDVFRRߡ\HOPRߢVREUH
HO HVFXGR \ SRU HQFLPD GH ©O VH VLWºD OD ߡFLPHUDߢ TXH DFWºD FRPR
LGHQWLILFDGRU (VWD FLPHUD D PHQXGR HV OD FDEH]D GH XQ DQLPDO
JHQHUDOPHQWH XQ FLHUYR R XQ ¡JXLOD  $ DPERV ODGRV GHO HVFXGR KD\ XQRV
ߡVRSRUWHVߢTXHYXHOYHQDVHU DQLPDOHVRSHUVRQDV HQORVTXH VHߡDSR\DߢHO
HVFXGR(QODSDUWHLQIHULRUGHOHVFXGRVHLQFRUSRUDXQDEDQGHUDGHQWURGHOD
FXDOHVW¡HVFULWRHOOHPDRHVORJDQGHODIDPLOLDFDVDRSURSLHWDULRGHOHVFXGR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 XQDSDUWH‰VWHSXHGHVHUWXQRPEUHGHSLODXRWURDSRGRTXHWHKD\DQGDGR
3URFHVR R HO TXH Wº PLVPR XVHV FRQWLJR PLVPR ߙ \ TXH FRQHFWH SURIXQGDPHQWH
(QHOFHQWURGHXQDKRMDJUDQGHGHSDSHOGLEXMDXQHVFXGRG¡QGROHODIRUPD FRQWLJR
TXHGHVHHV'HMDVXILFLHQWHHVSDFLRDVXDOUHGHGRU'HFLGHTX©FRORUTXLHUHV &XDQGR KD\DV WHUPLQDGR GH WUDEDMDU HQ WX HVFXGR GH DUPDV SHUVRQDO GD XQ
XVDU SDUD HO IRQGR GH WX HVFXGR $V­ PLVPR HOLJH HQWUH HO XVR GH SLQWXUD SDVRDWU¡V\W³PDWHDOJRGHWLHPSRSDUDDVLPLODUORTXHKDVFUHDGR&³PRWH
DFXDUHOD URWXODGRUHV O¡SLFHV GH FRORUHV FUD\RQHVߨ SUHILHUHV XQ FRORU KDFH VHQWLU" 4X© UHFXHUGRV WH HYRFD" 4X© FODVH GH SHUVRQD UHSUHVHQWD"
XQLIRUPHRFRQGLIHUHQWHVWRQDOLGDGHV" <SRUºOWLPRG³QGHSRGU­DVPRVWUDUHVWHUHFRUGDWRULRºQLFRGHORTXHHUHV\
$ FRQWLQXDFL³Q XWLOL]DQGR XQD UHJOD \ XQ URWXODGRU QHJUR GLYLGH HO HVFXGR ORTXHWHUHSUHVHQWD"
HQFXDWURVHFFLRQHVLJXDOHV FXDGUDQWHV 7XWDUHDHVLUDWUDY©VGHWXEDUDMD
GHO7DURW\HOHJLUXQDFDUWDSDUDFDGDFXDGUDQWHHQEDVHDORTXHUHVSRQGDV
SDUDODVVLJXLHQWHVSUHJXQWDV
&XDGUDQWHV\4X©WHJXVWDGHWL"
&XDGUDQWHV  \  4X© HV OR TXH WH UHSUHVHQWD" HV GHFLU OR TXH YDORUDV \
GHILHQGHVSURIXQGDPHQWHHQODYLGD
&XDQGR KD\DV WHUPLQDGR GH SHJDU ODV FDUWDV HQ FDGD FXDGUDQWH HV HO
PRPHQWR GH FUHDU WX \HOPR TXH HV OD VHFFL³Q TXH HVW¡ MXVWR HQFLPD GH WX
HVFXGR ‰VWH FRQVWDU¡ GH WUHV FDUWDV GLVSXHVWDV KRUL]RQWDOPHQWH XQD DO ODGR
GH RWUD &DGD XQD GH HVWDV FDUWDV UHSUHVHQWD DOJR TXH GHVHDV TXH RWUDV
SHUVRQDV VHSDQ DFHUFD GH WL 3DUD FUHDU OD FLPHUD HOLMH XQD FDUWD TXH
UHSUHVHQWH DOJR TXH KDV KHFKR HQ OD YLGD GH OR TXH WH VLHQWDV UHDOPHQWH
RUJXOORVR
7X VLJXLHQWH WDUHD HV HOHJLU FXDWUR FDUWDV TXH DFWXDU¡Q FRPR WXV VRSRUWHV R
DSR\RV(VWDVFDUWDVVLPEROL]DQTXL©QRTX©WHSURWHJH\WHGDIXHU]D'RVGH
HVWDVFDUWDVLU¡QDFDGDODGRGHWXHVFXGRSXHGHVGLVSRQHUODVFRPRSUHILHUDV
KRUL]RQWDORYHUWLFDOPHQWH6LTXLHUHVSXHGHVGLEXMDURSLQWDUDGRUQRVFRPR
IORUHVYLGHVFRURQDVR¡UEROHVDOUHGHGRUGHWXVDSR\RV
$KRUD HV HO PRPHQWR GH SHQVDU HQ XQ HVORJDQ R OHPD SHUVRQDO 4X© HV
UHSUHVHQWDWLYRSDUDWL\TXLHUHVFRPXQLFDUDORVGHP¡V"&X¡OHVWXILORVRI­D
SHUVRQDO"7LHQHVDOJXQDFLWDIDYRULWD"4X©OHPDSRGU­DVHOHJLUTXHUHIOHMH
FRQH[DFWLWXGTXL©QHUHV\TXHUHSUHVHQWHWXVYDORUHV"(VWHOHPDORHVFULELU¡V
DOSLHGHWXHVFXGR
%DMR HO HVFXGR WLHQHV TXH HVFULELU WX QRPEUH \D VHD HQ VX WRWDOLGDG R V³OR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
5HIXHU]RSRVLWLYR 7UDVIRQGR
$ PHQXGR ROYLGDPRV OR TXH QRV JXVWD GH QRVRWURV PLVPRV (V PX\ I¡FLO
2EMHWLYR SUHVWDUDWHQFL³QDODVFRVDVTXHYDQPDOHQQXHVWUDVYLGDVRGDUOHYXHOWDVDODV
(QHVWDDFWLYLGDGYDPRVDH[SORUDUORVDVSHFWRVSRVLWLYRVGHWLPLVPRTXH\D FRVDVTXHQRQRVJXVWDQGHQRVRWURVPLVPRV(VSRUHOORTXHHVLPSRUWDQWH
SRVHHV\DGHP¡VYDPRVDFRQVLGHUDUORVUDVJRVTXHWHJXVWDU­DGHVDUUROODU GDUXQSDVRDWU¡VWRPDUGLVWDQFLD\REVHUYDUQRVDQRVRWURVPLVPRVFRQRMRV
DPDEOHV \ FDUL±RVRV $O UHFRUGDUQRV D QRVRWURV PLVPRV QXHVWUDV
FDUDFWHU­VWLFDV SRVLWLYDV IRPHQWDUHPRV QXHVWUD DXWRFRPSDVL³Q \ DXWR
RUJXOOR
'HO PLVPR PRGR HV LPSRUWDQWH WHQHU HQ FXHQWD HO WLSR GH SHUVRQD TXH QRV
JXVWDU­DOOHJDUDVHUHQHOIXWXUR+D\DOJRGHWXSHUVRQDOLGDGTXHWHJXVWDU­D
GHVDUUROODUGHXQDPDQHUDSRVLWLYD"$DOJXQDVSHUVRQDVOHVJXVWDU­DVHUP¡V
VHQVLEOHVFRQORVGHP¡VP¡VDVHUWLYRVRSRGHUSDUDUVHDROHUODVURVDV&DGD
XQRGHQRVRWURVWLHQHVXVSURSLDVLGHDVDFHUFDGHHQTX©SRGU­DFRQVLVWLUVX
DXWRFUHFLPLHQWRSRVLWLYR
0HJXVWDU­DTXHKLFLHUDVWUHVOLVWDVHQWXGLDULRSHUVRQDO/DSULPHUDGHHOODV
HVSDUDQRPEUDUODVFRVDVTXHWHJXVWDQGHWL6³ORXQDOOXYLDGHLGHDVDQRWD
OR TXH WH YHQJD D OD PHQWH 1R LPSRUWD FX¡Q JUDQGH R LQVLJQLILFDQWHV VRQ
HVWRV DVSHFWRV GH WL PLVPR 6LPSOHPHQWH SUHJºQWDWH 4X© HV OR TXH PH
JXVWDGHPL"
/D VHJXQGD OLVWD HV SDUD DQRWDU ORV UHFRQRFLPLHQWRV TXH RWUDV SHUVRQDV KDQ
KHFKRGHWLHQHOSDVDGR1RLPSRUWDORSHTXH±RVTXH©VWRVVHDQ7³PDWHWX
WLHPSRSDUDYROYHUDWU¡VHQWXPHPRULD\YHUVLSXHGHVUHFRUGDUODVRFDVLRQHV
HQODVTXHDOJXLHQWHEULQG³XQDDWHQFL³QSRVLWLYDGHELGRDDOJRTXHGLMLVWHR
KLFLVWH$Q³WDORVHQWXOLVWD
7X WHUFHUD OLVWD HV SDUD HVFULELU ODV FDUDFWHU­VWLFDV SRVLWLYDV TXH WH JXVWDU­D
GHVDUUROODUSRUWLPLVPR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR 8QDEXHQDYLGD
(VWDDFWLYLGDGLPSOLFDODFUHDFL³QGHGRVSLH]DVGHDUWHDPEDVEDVDGDVHQHO
FROODJH (Q SULPHU OXJDU YDVDFUHDU XQD REUDGH DUWH FHQWUDGD HQORTXHWH 2EMHWLYR
JXVWD GH WL 3DVD OD PDQR SRU WX EDUDMD GHO 7DURW \ HVFRJH HVDV FDUWDV TXH 9DPRVDSHQVDUHQORTXHVLJQLILFDSDUDWLWHQHUXQDEXHQDYLGD
VLHQWHV TXH UHSUHVHQWDQ WXV UDVJRV SRVLWLYRV (VWDV FDUWDV VHU¡Q HO FHQWUR
SULQFLSDOGHWXREUDGHDUWH7DPEL©QSXHGHVXWLOL]DUUHFRUWHVGHUHYLVWDVVLOR
GHVHDV
7X VHJXQGD REUD GH DUWH VH FHQWUDU¡ HQ ODV FDUDFWHU­VWLFDV SRVLWLYDV TXH
DFWXDOPHQWHQRSRVHHVSHURTXHWHJXVWDU­DWHQHUHQHOIXWXUR8QDYH]P¡V
UHYLVDSRFRDSRFRWXEDUDMDGHO7DURW\VHOHFFLRQDHVDVFDUWDVTXHVLPEROL]DQ
IRUPDV GH VHU R SHUVRQDOLGDGHV TXH FRQHFWDQ FRQWLJR 3LHQVD HQ F³PR WH
JXVWDU­D FRORFDU HVWDV FDUWDV HQ SDSHO 4X© SXHGHV KDFHU SDUD FUHDU XQ
FROODJHTXHWHLQVSLUHKDFLDXQIXWXURGHVDUUROORSHUVRQDO"

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 4X©RSLQDVVREUHORVUHVXOWDGRVGHODLQYHVWLJDFL³Q"(VW¡VGHDFXHUGR"
7UDVIRQGR
(Q WX GLDULR SHUVRQDO PH JXVWDU­D TXH UHVSRQGLHUDV D ODV VLJXLHQWHV
/D EºVTXHGD GH OD IHOLFLGDGߢ (VWH GHUHFKR VH HQFXHQWUD UHFRJLGR HQ OD SUHJXQWDV
&RQVWLWXFL³QGHORV(VWDGRV8QLGRV6LQHPEDUJRODEºVTXHGDGHODULTXH]D
 4X©WHKDFHIHOL]"
HO SRGHU \ OD IDPD  WUHV FRVDV TXH QRUPDOPHQWH FUHHPRV TXH QRV KDU¡Q
 4X©KDFHTXHWXYLGDWHQJDVHQWLGR"
IHOLFHVHQUHDOLGDGQRVHVW¡OOHYDQGRHQVHQWLGRFRQWUDULRDODIHOLFLGDG1RV
 7LHQHVXQSURS³VLWRHQWXYLGD"
OOHYDKDFLDODIUXVWUDFL³Q\ODHQYLGLD
 6LQRHVDV­TX©WLHQHVTXHKDFHUFRQHOILQGHHQFRQWUDUXQSURS³VLWR"
$TXHOORV TXH KDQ ORJUDGR DOFDQ]DU FRQ ©[LWR HO VXH±R DPHULFDQR SRU OR
3URFHVR
JHQHUDO GHVFXEUHQ TXH OD DGTXLVLFL³Q GH GLQHUR \ SRGHU V³OR FRQGXFH D OD
LQVDWLVIDFFL³Q \ D XQ VHQWLPLHQWR GH SUHVL³Q SDUD FRQWLQXDU WHQLHQGR P¡V 8QDYH]TXHKD\DVUHVSRQGLGRDHVWDVSUHJXQWDVHQWXGLDULRSHUVRQDOWRPD
©[LWR 'HVSX©V GH WRGR WHQHU P¡V \ P¡V FRVDV PDWHULDOHV \ XQ HVWDWXV SRUIDYRUWXEDUDMDGHO7DURW2EV©UYDODOHQWDPHQWH\HVFRJHHVDVFDUWDVTXH
HFRQ³PLFR\VRFLDOTXHPDQWHQHUVLJQLILFDTXHKD\PXFKRP¡VTXHSHUGHU VLHQWHV TXH VLPEROL]DQ ORV DVSHFWRV GH XQD EXHQD YLGD VHJºQ WX SURSLD
(QWRQFHV TXLHUH GHFLU HVWR TXH OD EºVTXHGD GH OD IHOLFLGDG QR FRQGXFH D GHILQLFL³QSHUVRQDO &XDQGRKD\DVWHUPLQDGRODVSRQHVDXQODGR
QDGDSRVLWLYR" 7X REMHWLYR VHU¡ XWLOL]DU HVWDV FDUWDV SDUD FUHDU XQD REUD GH DUWH TXH
$KRUDPHJXVWDU­DTXHQRVFHQWU¡VHPRVHQODLGHDGHXQDEXHQDYLGDߢ4X© UHSUHVHQWHODVEDVHVSDUDXQDYLGDTXHWHQJDVHQWLGRSDUDWL
VLJQLILFD HVD IUDVH SDUD WL" 7LHQH TXH YHU FRQ OD LGHD GH VHU IHOL] WRGR HO 8QD YH] TXH KD\DV WHUPLQDGR WX REUD FRQVLGHUD F³PR \ G³QGH
WLHPSR" 7LHQH DOJR TXH YHU FRQ HO GLQHUR" (Q TX© SRGU­D FRQVLVWLU WHQHU PRVWUDUOD3XHGHVFRORFDUODHQXQOXJDUPX\YLVLEOHSDUDUHFRUGDUWHFDGDG­D
XQD EXHQD YLGD VL GHMDPRV IXHUD GH OD HFXDFL³Q OD IHOLFLGDG \ HO WXSURS³VLWRHQODYLGD
GLQHUR"&X¡OHVSXHGHQVHUORVHOHPHQWRVSDUDDOFDQ]DUߡXQDEXHQDYLGDߢ"
&³PR YDV D VDEHU DO ILQDO GH WX YLGD TXH KDV YLYLGR XQD EXHQD
YLGD"4X©KDEU¡VKHFKR"4X©VHU¡ORUHDOPHQWHLPSRUWDQWHSDUDWLDOILQDO
GHWXVG­DV"4X©KDEU¡VKHFKRGLIHUHQWHDORVGHP¡V"4X©QHFHVLWDVYLYLU
SDUDLUWHVDWLVIHFKR\KDFHUP¡VI¡FLOSDUDWLHOSDVRDORWURODGRߨߢFXDQGR
OOHJXHHVHPRPHQWR"
&XULRVDPHQWH GLYHUVDV LQYHVWLJDFLRQHV GHPXHVWUDQ TXH KD\ FXDWUR
FDUDFWHU­VWLFDVFRPXQHVHQDTXHOODVSHUVRQDVTXHVLELHQQRKDQVLGRVLHPSUH
IHOLFHVHQVXVYLGDVV­TXHHVW¡QVDWLVIHFKRVFRQODYLGDTXHKDQYLYLGR(Q
SULPHUOXJDUVHHQFXHQWUDODFDOLGDGGHVXVUHODFLRQHV(QVHJXQGROXJDUXQD
GHGLFDFL³QDXQSURS³VLWRP¡VHOHYDGRDXQDFDXVDPD\RU(VWRDPHQXGR
LPSOLFD VHUYLU D ORV GHP¡V \D VHD SURIHVLRQDOPHQWH R FRPR YROXQWDULRV (O
WHUFHU IDFWRU HV SDUWLFLSDU DFWLYDPHQWH \ GH XQD IRUPD UHJXODU HQ HO SURSLR
FUHFLPLHQWRSHUVRQDO3RUºOWLPRHVW¡HOUHFRQRFLPLHQWRGHXQF³GLJRSURSLR
GHYDORUHV\VHUILHODHOORV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
)RUPDVJHRP©WULFDV 7UDVIRQGR
0LUD D WX DOUHGHGRU 2EVHUYD F³PR HO PXQGR HQ TXH YLYLPRV VH FRQVWUX\H
2EMHWLYR DOUHGHGRU GH FXUYDV \ UHFWDV HQ HO HVSDFLR /DV IRUPDV SXHGHQ VHU
&RQHVWDDFWLYLGDGYDPRVDXWLOL]DUODJHRPHWU­DFRPRLQVSLUDFL³QDUW­VWLFD JHRP©WULFDPHQWH VLPSOHV R FRPSOHMDV 2UJDQL]DGR R FRQ XQ HVWLOR
FRPSOHWDPHQWH OLEUH 7RGR OR TXH VH QHFHVLWD VRQ XQRV O­PLWHV
GHILQLGRV ([SORUD OD QDWXUDOH]D GH ODV IRUPDV \ GH ORV REMHWRV D WX
DOUHGHGRU &³PR GLILHUHQ VXV O­QHDV FXUYDV \ ¡QJXORV HQ VX
FRPSRVLFL³Q" 6RQ IRUPDV VXDYHV R U­JLGDV" 4X© IRUPDV KD\ HQ OD
KDELWDFL³QHQODTXHDFWXDOPHQWHWHHQFXHQWUDV"&³PRVHVXSHUSRQHQXQDV
IRUPDVVREUHRWUDV"
3UHVWHPRV DWHQFL³Q D ODV O­QHDV TXH KD\ HQ WX HQWRUQR /DV O­QHDV GHOLPLWDQ
ORV O­PLWHV H[WHULRUHV H LQWHULRUHV GH FDGD IRUPD $OJXQRV VRQ VXDYHV \
QDWXUDOHV PLHQWUDV TXH RWURV VRQ DFFLGHQWDGRV R LUUHJXODUHV /DV O­QHDV
SXHGHQ GLYLGLU HO HVSDFLR HQWUH ORV REMHWRV R VHUYLU FRPR RUQDPHQWR
GHFRUDWLYR $OJXQDV O­QHDV VRQ GHOJDGDV \ GHOLFDGDV 2WUDV VRQ JUXHVDV \
IXHUWHV /DV O­QHDV SXHGHQ GLVSRQHUVH HQ SRVLFL³Q KRUL]RQWDO YHUWLFDO
GLDJRQDOHQXQSDWU³QFXUYRR LUUHJXODU/DV O­QHDVSXHGHQ VHUFRQWLQXDV R
GLVFRQWLQXDV$JUXSDGDVHQXQDVHULHRGLVSXHVWDVSRUVHSDUDGRߨ
/DVIRUPDV\O­QHDVFRH[LVWHQMXQWDVHQHOHVSDFLR&RPXQLFDQPRYLPLHQWR
HVWDELOLGDG HPRFL³Q PLVWHULR OD IXQFL³Q GH FDGD REMHWR OD IRUPD OD
VHSDUDFL³QHQWUHHOORV\VXVFRQH[LRQHV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 LP¡JHQHV HVSHF­ILFDV TXLHUR TXH FRPSRQJDQ HVWD ILJXUD" 4XLHUR FRPELQDU
3URFHVR GLIHUHQWHVWDPD±RVGHFDUWDVHQWUHV­"$QWHVGHFRPHQ]DUDSHJDUODVGLVWLQWDV
(VWDDFWLYLGDGFRQVLVWHHQFUHDUGRVSLH]DVGHDUWH3XHGHVWUDEDMDUHQDPEDV SLH]DV DO SDSHO H[SORUD SRVLELOLGDGHV \ H[SHULPHQWD FRQ GLIHUHQWHV FDUWDV
REUDVRVLPSOHPHQWHHQODTXHVHLGHQWLILTXHFRQWLJR 2EVHUYD F³PR FDPELD OD HQHUJ­D GH OD ILJXUD VLPSOHPHQWH FDPELDQGR ODV
FDUWDVTXHHVW¡VXWLOL]DQGRFRPRO­PLWHV
3DUDWXSULPHUSUR\HFWRHOLJHDOJRSDUDGLEXMDUHQHOSDSHO3HURHQOXJDUGH
XVDUXQODSLFHURRURWXODGRUSDUDFUHDUORVO­PLWHVߨbXVDODVFDUWDVGHO7DURW 8QDYH]TXHKD\DVHOHJLGRODVFDUWDVTXHYDVDXWLOL]DUSDUDFUHDUWXILJXUD\
ODVKDVSHJDGRDOSDSHOUHIOH[LRQDVREUHORTX©TXLHUHVKDFHUHQHOLQWHULRUGH
&RPR\DVDEHVORVFXDWURWDPD±RVGHODEDUDMD:DLWH6PLWKWHYDQDSHUPLWLU WXIRUPDJHRP©WULFD4XLHUHVOOHQDUHOLQWHULRUFRQP¡VFDUWDVGHO7DURW"R
GDU GLIHUHQWHV IRUPDV SDUD FRPSRQHU WX PDUFR 'HSHQGLHQGR GHO ¡UHD GHO SUHILHUHV DOJºQ RWUR WLSR GH PDWHULDO SDUD FUHDU WX REUD GH DUWH" 3UHILHUHV
SDSHOTXHYD\DVDXWLOL]DUHVSRVLEOHTXHGHVHHVFDUWDVP¡VSHTXH±DVRP¡V GHMDUORVLPSOHPHQWHYDF­R"3LHQVDHQODFRPSRVLFL³QGHWXGLVH±R([SORUDOD
JUDQGHV \X[WDSRVLFL³QHQWUHODIRUPDTXHKDVFUHDGR\HOHVSDFLR3LHQVDHQORTXHWH
(OLMH FXDOTXLHU WLSR GH IRUPD TXH WH JXVWH SDUD FUHDU WX REUD GH DUWH 3HUR JXVWDU­DFRPXQLFDUFRQWXREUDGHDUWH
UHFXHUGD TXH FLHUWDV IRUPDV WDPEL©Q SXHGHQ WHQHU VLJQLILFDGRV VLPE³OLFRV  
HVSHF­ILFRV&RQVLGHUDORVLJXLHQWH 3DUDWXVHJXQGDREUDGHDUWHYDVDXVDUODVFDUWDVGHO7DURWSDUDFUHDUXQRR
8Q F­UFXOR QR WLHQH SULQFLSLR QL ILQ 3XHGH UHSUHVHQWDU OD FRQVHFXFL³Q R OD P¡VSDWURQHVOLQHDOHV8QDYH]P¡VSLHQVDHQF³PRORVGLIHUHQWHVWDPD±RV
WRWDOLGDG8QF­UFXORWDPEL©QSXHGHVLPEROL]DUHOPRYLPLHQWRODDUPRQ­D\ GH ODV FDUWDV GHO 7DURW WH SURSRUFLRQDQ YDULDV RSFLRQHV SDUD WX GLVH±R 7H
OD HQHUJ­D \D TXH SXHGH URGDU I¡FLOPHQWH 'HELGR D TXH ORV SODQHWDV VRQ JXVWDU­DFUHDUXQDVRODO­QHDRXQDVHULHGHHOODV"
UHGRQGRVXQF­UFXORSXHGHLQGLFDUDOJRFHOHVWLDORHVSLULWXDO $O LJXDO TXH ODV ILJXUDV JHRP©WULFDV ODV O­QHDV WDPEL©Q SXHGHQ H[SUHVDU
8Q FXDGUDGR HV VLPLODU D XQ UHFW¡QJXOR DPERV  VRQ IRUPDV HVWDEOHV 6XV GLIHUHQWHV WLSRV GH HQHUJ­D 3RU HMHPSOR ODV O­QHDV KRUL]RQWDOHV  SXHGHQ
¡QJXORV UHFWRV VXJLHUHQ HO RUGHQ \ OD UDFLRQDOLGDG < GHELGR D VXV IXHUWHV VLPEROL]DU OR WHUUHQDO \ VHUYLU GH DSR\R PLHQWUDV TXH ODV O­QHDV YHUWLFDOHV
ODWHUDOHV HVWDV GRV IRUPDV D PHQXGR LQGLFDQ FRQH[L³Q FRQ OR  WHUUHQDO SXHGHQLQGLFDUPRYLPLHQWRHQHOVHQWLGRHQTXHPRYHPRVQXHVWURVRMRVGH
DXQTXHVLVHLQFOLQDQVXHQHUJ­DFDPELD DUULED D DEDMR /DV O­QHDV DQJXORVDV TXH SXHGHQ WHQHU XQD VHQVDFL³Q GH
GXUH]D WHQGU¡Q XQD HQHUJ­D GLIHUHQWH D ODV O­QHDV FXUYDV TXH DSDUHFHQ P¡V
(OWUL¡QJXORHVLQWHUHVDQWHSRUTXHVLVHDVLHQWDVREUHVXEDVHSXHGHDSDUHFHU
VXDYHV \ PHQRV DJUHVLYDV /DV HVSLUDOHV VH HQFXHQWUDQ D PHQXGR HQ OD
DQFODGR 6LQ HPEDUJR VL VH JLUD \ GHVFDQVD VREUH DOJXQR GH VXV ¡QJXORV
QDWXUDOH]D \ SXHGHQ VLPEROL]DU FUHFLPLHQWR WUDQVIRUPDFL³Q \ HYROXFL³Q (O
UHSUHVHQWDXQDWHQVL³QGLQ¡PLFD'HELGRDVXVHVTXLQDVDQJXORVDVHVWDIRUPD
PRYLPLHQWRVHH[SUHVDHQFXDOTXLHUGLUHFFL³Q\ODVHVSLUDOHVHVW¡QFRQHFWDGDV
JHRP©WULFD SXHGH VXJHULU PRYLPLHQWR DFFL³Q R LQFOXVR DJUHVL³Q <
FRQ HO QDFLPLHQWR \ OD PXHUWH  ORV FLFORV VLQ ILQ GH OD YLGD 'HELGR D VX
GHSHQGLHQGR GH OR TXH HQIRTXHPRV HQ VX FHQWUR SXHGH OOHYDU QXHVWUD
DVRFLDFL³Q FRQ HO FULVWLDQLVPR ODV FUXFHV KDQ OOHJDGR D VLPEROL]DU OD
DWHQFL³QDXQSXQWRHQSDUWLFXODU
HVSLULWXDOLGDG \ OD FXUDFL³Q /D LQWHUVHFFL³Q GH O­QHDV YHUWLFDOHV \
8QD YH] TXH WH KD\DV GHFLGLGR SRU XQD ILJXUD JHRP©WULFD SUHJºQWDWH VL KRUL]RQWDOHVHQXQDFUX]WDPEL©QVXJLHUHHOHTXLOLEULR\ODXQLGDGDV­FRPR
TXLHUHVTXHVHDHOIRQGRGHWXREUDGHDUWHRSRUHOFRQWUDULRSUHILHUHVTXH ODUHXQL³QGHORVRSXHVWRV
DFWºHFRPRODSLH]DFHQWUDO
7XREUDGHDUWHSXHGHVHUDOJRPX\VHQFLOORTXHFRQVLVWDVLPSOHPHQWHHQXQD
3RFR D SRFR YH D WUDY©V GH WX EDUDMD GHO 7DURW \ SUHJºQWDWH 4X© FDUWDV R P¡V O­QHDV HTXLOLEUDGDV VREUH XQ IRQGR EODQFR 2 SXHGHV XWLOL]DU SLQWXUD
SXHGR XVDU SDUD FUHDU ODV O­QHDV GH PL ILJXUD" 4X© FRORUHV GLVH±R R DFXDUHODV URWXODGRUHV O¡SLFHV GH FRORUHV \R FROODJH SDUD FRPSOHPHQWDU WX
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
GLVH±R6³ORWLHQHVTXHVHJXLUWXLQWXLFL³Q
0LFRPSXOVL³Q
2EMHWLYR
(Q HVWD DFWLYLGDG QXHVWUR REMHWLYR HV REWHQHU DOLYLR SDUD XQD FRQGXFWD
FRPSXOVLYD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 VHU FDSDFHV GH YHU HO LPSXOVR FRPR XQD VH±DO GH DOHUWD TXH QRV LQGLFD TXH
7UDVIRQGR WHQHPRV TXH SUHVWDU DWHQFL³Q D DOJR LPSRUWDQWH (VWR VLJQLILFD TXH HQ HO
8QD FRPSXOVL³Q HV XQD XUJHQFLD LQWHQVD GH KDFHU DOJR TXH YD HQ FRQWUD GH PRPHQWRHQTXHHPSH]DPRVDVHQWLUXQDQHFHVLGDGFRPSXOVLYDWHQHPRVTXH
QXHVWUD O³JLFD \ GH QXHVWUD IXHU]D GH YROXQWDG *HQHUDOPHQWH VHQWLPRV XQ SDUDU XQ PRPHQWR SDUD IRFDOL]DU QXHVWUD DWHQFL³Q HQ RWUD GLUHFFL³Q P¡V
LPSXOVR LUUHVLVWLEOH VREUH HO TXH QR WHQHPRV QLQJºQ FRQWURO 8Q SURGXFWLYD
FRPSRUWDPLHQWRFRPSXOVLYRVXHOHGHVHQFDGHQDUVHSRUVHQWLPLHQWRVGHHVWU©V $KRUDYDVDUHVSRQGHUDODVVLJXLHQWHVSUHJXQWDVHQWXGLDULRSHUVRQDO
RDQVLHGDG
 &XDQGR PH VLHQWR HVWUHVDGR R PROHVWR TX© FRPSRUWDPLHQWR DGRSWR
3RUHMHPSORHVSRVLEOHTXHWHQJDVXQPDOG­DHQHOWUDEDMRWHVLHQWHVLUULWDGR SDUDVHQWLUPHPHMRU"
\ FXDQGR OOHJDV D FDVD HUHV FDSD] GH FRPHUWH XQD FDMD HQWHUD GH JDOOHWDV Wº  (VWH FRPSRUWDPLHQWR PH SURGXFH DOLYLR D ODUJR SOD]R R HV V³OR DOJR
V³OR2SXHGHVHVWDUXQDQRFKHDEXUULGRFRQHFWDGRDLQWHUQHW\GHUHSHQWH WHPSRUDO"
VHU FRQVFLHQWH GH TXH QR SXHGHV DSDJDU WX RUGHQDGRU DXQTXH VHD WDUGH \  $OJXQD YH] PH KH DUUHSHQWLGR GH OR TXH KH KHFKR HQ UHVSXHVWD D XQ
O³JLFDPHQWH VDEHV TXH  WLHQHV TXH LUWH D GRUPLU $OJXQDV FRPSXOVLRQHV VRQ VHQWLPLHQWRGHHVWU©VRLUULWDELOLGDG"
JUDYHVSRUHMHPSORWHQHUTXHFRPSUREDUTXHKDVFHUUDGRODSXHUWDGHFDVDR
GHO FRFKH KDVWDGLH]YHFHV DQWHVGHLUWH RODYDUWHODVPDQRVXQD \RWUDYH]
FRQHOILQGHߡHYLWDUJ©UPHQHVߢ
'HVDUUROODPRVFRPSXOVLRQHVFRPRGHIHQVDVQDWXUDOHVSDUDSURWHJHUQRVGHORV
SUREOHPDVTXHHVWDPRVH[SHULPHQWDQGRHQQXHVWUDVYLGDV$XQFLHUWRQLYHO
ODVFRPSXOVLRQHVWLHQHQVHQWLGR\DTXHJUDFLDVDHOODVQRQRVHQIUHQWDPRVD
ODV HPRFLRQHV GLI­FLOHV /DV FRPSXOVLRQHV MXHJDQ XQ SDSHO LPSRUWDQWH HQ
QXHVWUD PHQWH \D TXH QRV GLVWUDHQ \ DSDUWDQ QXHVWUD DWHQFL³Q GH
SHQVDPLHQWRV \ VHQWLPLHQWRV GRORURVRV 6LQ HPEDUJR SRU VX QDWXUDOH]D
GLVIXQFLRQDO D ODUJR SOD]R ODV FRPSXOVLRQHV FRQGXFHQ D FRQVHFXHQFLDV
QHJDWLYDV < ODV FUHHQFLDV HQ ODV TXH VH EDVDQ ODV FRPSXOVLRQHV VRQ
GLVWRUVLRQHV GH OD UHDOLGDG 3RU HMHPSOR ߡVL QR PH ODYR ODV PDQRV YR\ D
HQIHUPDU\DPRULUߢRߡVLPHSHUPLWRVHQWLUHPRFLRQHVDFRQWLQXDFL³QPH
YR\DGHVPRURQDU\QRYR\DVHUFDSD]GHUHKDFHUPHߢ
3DUDOLEHUDUQRVGHODQHFHVLGDGGHVHUSDUW­FLSHVGHXQDFRPSXOVL³QKD\TXH
FRPHQ]DU WUDEDMDQGR GHVGH OD DXWRFRQFLHQFLD 6L VRPRV FDSDFHV GH SUHVWDU
DWHQFL³Q D QXHVWURV LPSXOVRV SRGHPRV UHFRQRFHUORV FRPR OR TXH VRQ
VROXFLRQHVDFRUWRSOD]RTXHHQUHDOLGDGFRQGXFHQDXQDPD\RUDQJXVWLD
/D FODYH HV SDUDUQRV D SHQVDU VREUH QXHVWURV SURSLRV SHQVDPLHQWRV \
VHQWLPLHQWRVHQOXJDUGHVHJXLURSRQLHQGRUHVLVWHQFLDRLJQRU¡QGRORVFRPR
VLQRH[LVWLHUDQ(QYH]GHHVFRQGHUQRVEDMRODGHSHQGHQFLDGHODFRPSXOVL³Q
SDUD SURWHJHUQRV \ QR H[SHULPHQWDU HPRFLRQHV SHUWXUEDGRUDV WHQHPRV TXH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR
(VWD DFWLYLGDG FRQVLVWH HQ OD FUHDFL³Q GH FXDWUR REUDV GH DUWH
LQGHSHQGLHQWHV3HURHQSULPHUOXJDUREVHUYDOHQWDPHQWHWXEDUDMDGHO7DURW
\HOLJHXQDFDUWDTXHUHSUHVHQWHXQDFRPSXOVL³QTXHWHQJDV&RORFDODFDUWD
DQWH WL \ UHVSRQGH D ODV VLJXLHQWHV SUHJXQWDV DQRWDQGR ODV UHVSXHVWDV HQ WX
GLDULRSHUVRQDO
 4XL©QHUHVWº"
 4X©HVW¡VVLQWLHQGR"
 3RUTX©WHVLHQWHVGHHVDPDQHUD"
 4XHQHFHVLWDVGHP­"&³PRSXHGRD\XGDUWH"
 4X©WUDWDVGHHQVH±DUPH"
&XDQGRHVW©VOLVWRPHJXVWDU­DTXHHPSLHFHVDWUDEDMDUHQWXSULPHUDREUDGH
DUWHODFXDOYDDUHSUHVHQWDUWXFRPSXOVL³Q'HMRDWXHOHFFL³QVLLQFOX\HVR
QRODFDUWDGHO7DURWTXHKDVHOHJLGRHQWXREUDGHDUWH3XHGHVFUHDUXQDREUD
HQGRVRHQWUHVGLPHQVLRQHV
3DUDWXVHJXQGDREUDGHDUWHDERUGDU¡VODVVLJXLHQWHVSUHJXQWDV
 4X©EHQHILFLRVWHRIUHFHWXFRPSXOVL³Q"
 &X¡OHV VRQ ORV EHQHILFLRV D FRUWR SOD]R TXH REWLHQHV FXDQGR FHGHV D
HOOD"
(QWXWHUFHUDREUDSRUIDYRUSLHQVDVREUHHOSUHFLRTXHSDJDVFXDQGRFDHVHQ
WX FRPSXOVL³Q 5HIOH[LRQD VREUHWX SDVDGR SUHVHQWH\IXWXUR &X¡OHVKDQ
VLGRVRQHQODDFWXDOLGDG\VHJXLU¡QVLHQGRORVFRVWHVGHFHGHUDHVWHLPSXOVR
DSDUHQWHPHQWHLQFRQWURODEOH"
3RUºOWLPRSDUDFUHDUWXFXDUWDREUDGHDUWHPHJXVWDU­DTXHLPDJLQHVF³PR
WH JXVWDU­D UHVSRQGHU D ODV VLWXDFLRQHV GH HVWU©V R LUULWDELOLGDG TXH
DFWXDOPHQWH GHVHQFDGHQDQ WX FRPSXOVL³Q 4X© SRGU­DV KDFHU FRPR
DOWHUQDWLYD P¡V VDOXGDEOH D WX DFWXDO UHVSXHVWD FRPSXOVLYD" 8VD WX
LPDJLQDFL³Q SDUD FUHDU XQD REUD GH DUWH TXH UHSUHVHQWH XQD YLGD P¡V
VDOXGDEOH HV GHFLU XQD SHUVRQD TXH QR WLHQH TXH GHSHQGHU GH XQD
FRPSXOVL³QHQIHUPL]D([SHULPHQWDFRQORTXHVLHQWHVDOUHSUHVHQWDUHQXQD
REUDGHDUWHHVWDQXHYDHQHUJ­DSRVLWLYD

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
'HVWUXFFL³Q5HJHQHUDFL³Q 7UDVIRQGR
&RPR VDEHV ODV YHLQWLG³V FDUWDV GH ORV DUFDQRV PD\RUHV VRQ JUDQGHV
2EMHWLYR DUTXHWLSRVTXHWLHQHQQRPEUHVFRPR/D)XHU]D(O6RO/D0XHUWH(O
(Q HVWD DFWLYLGDG YDPRV D FUHDU XQD QXHYD FDUWD GHO 7DURW GHVWUX\HQGR 'LDEOR\/D7HPSODQ]Dߢ3HURKD\RWURVFRQFHSWRVXQLYHUVDOHVTXHDXQTXH
DOJXQDVGHODVDQWLJXDV HVW¡Q UHSUHVHQWDGRV HQ OD EDUDMD :DLWH6PLWK QR VH QRPEUDQ GH PDQHUD
H[SO­FLWD(FKDXQYLVWD]RDHVWDVGRVOLVWDVSDUDTXHYHDVDOJXQRVHMHPSORV
(O WUDPSRVR HO JXHUUHUR HO PDW³Q HO FXLGDGRU HO SD\DVR HO QL±R
KHULGR HO QL±R P¡JLFR HO QL±R LQWHULRU OD DQFLDQD HO FUHDGRU HO
GHVWUXFWRUHOVDQDGRUHOP­VWLFRHOSURWHFWRUHOUHEHOGHODVRPEUDHO
DYHQWXUHURHOPD\RUODPXMHUVDOYDMH
/D EHOOH]D ORV DQWHSDVDGRV HO HTXLOLEULR HO FDRV OD DYHQWXUD OD
LQFHUWLGXPEUH OD QDWXUDOH]D OD WUDQVIRUPDFL³Q  OD DUPRQ­D OD
FUHDWLYLGDGODRVFXULGDGODDOWHUDFL³QHOGHVWLQRODIHUWLOLGDGHOIOXMR
HO SHUG³Q HO FUHFLPLHQWR OD HVSHUDQ]D OD DOHJU­D HO GRORU OD
FRPSDVL³QODYXOQHUDELOLGDGODLQWHJULGDGODPDJLDODIUDJLOLGDGHO
DVRPEURHOPLVWHULR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
3URFHVR
3LHQVD HQ XQ DUTXHWLSR R HQ XQ FRQFHSWR TXH WH JXVWDU­D UHSUHVHQWDU HQ XQD
FDUWD+D\DOJRFRQORTXHWHLGHQWLILTXHVSRGHURVDPHQWH"$OJRTXHVHDWDQ
LPSRUWDQWHSDUDWLTXHWºORTXLHUDVH[SUHVDU\UHFRUGDU
&XDQGR OR KD\DV GHFLGLGR FRJH XQD FDUWXOLQD GHO WDPD±R \ FRORU TXH
SUHILHUDV(OREMHWLYRHVFUHDUXQDFDUWDGHO7DURWSHUVRQDOL]DGD6LQHPEDUJR
HQOXJDUGHXWLOL]DUPDWHULDOHVGHFROODJHW­SLFRV UHYLVWDVIROOHWRVSRVWDOHV
FDOHQGDULRVߨ XVDU¡VODVFDUWDVGHO7DURWFRPRPDWHULDOEDVH(VGHFLUYDVD
GDUOH YLGD D WX LGHD JUDFLDV D ODV LP¡JHQHV VLJQLILFDGR \ FUHDWLYLGDG \D
H[LVWHQWHHQODVSURSLDVFDUWDVGH7DURW9DVDFRPELQDUODVSDUWHVSDUDFUHDU
XQWRGR3DUWHGHHVWDDFWLYLGDGHVGHVWUXLUDOJXQDVFDUWDVGHO7DURWDV­TXH
bHVSHURTXHQRWHGXHODPXFKR
$ PHGLGD TXH REVHUYDV ODV GLVWLQWDV FDUWDV GHO 7DURW WHQ HQ FXHQWD TXH ODV
LP¡JHQHVHVW¡QFRPXQLF¡QGRWHDVSHFWRVLPSRUWDQWHVGHVXVLJQLILFDGRFRPR
DUTXHWLSR /DV FDUWDV GHO 7DURW \D GH SRU V­ HVW¡Q OOHQDV GH XQ ULFR
VLPEROLVPR &³PR FRPELQDU SDUWH GH HVWDV SRGHURVDV LP¡JHQHV SDUD FUHDU
XQDQXHYDFDUWD"
$O WHQHU XQ HVSDFLR OLPLWDGR HQ HO TXH WUDEDMDU WX FDUWXOLQD  WH YHU¡V
REOLJDGRDH[WUDHUODHVHQFLDGHFDGDFDUWDSDUDFUHDUODWX\D<SRUVXSXHVWR
\D TXH HUHV HO FUHDGRU GH OD QXHYD FDUWD SXHGHV H[SUHVDU HO VLJQLILFDGR GH
FDGDV­PERORTXHTXLHUDVLQFOXLUGHXQDPDQHUDLPSO­FLWDRH[SO­FLWD
$V­ TXH SDUD HVWH SUR\HFWR PH JXVWDU­D TXH XWLOL]DVHV ODV FDUWDV GHO 7DURW
FRPRHOPDWHULDOGHFUHDFL³QGHWXFROODJH6LQHPEDUJRQRGXGHVHQKDFHU
XVR GH RWURV PDWHULDOHV GH DUWH SDUD ORV DGRUQRV R SDUD UHOOHQDU HO HVSDFLR
YDF­R GH WX GLVH±R 'HMD TXH OH JX­H WX LQWXLFL³Q HQ FXDQWR D OR TXH GHEHV
LQFOXLUHQWXQXHYDFDUWDGHO7DURW
8QDºOWLPDFRVDLPSRUWDQWH&XDQGRGLVH±HVWXFDUWDGHO7DURWDVHJºUDWHGH
GHMDUVXILFLHQWHHVSDFLRELHQHQODSDUWHVXSHULRURHQODLQIHULRUSDUDHVFULELU
HOQRPEUHGHODQXHYDFDUWD3XHGHVHVFULELUORDPDQRRFRQUHFRUWHVGHXQD
UHYLVWDFRPRSUHILHUDV

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 $S©QGLFH
$OJRSDUDHOFDPLQRߨ &RQILDU\UHFLELU
$TX­ WH SURSRQJR XQD DFWLYLGDG P¡V D UHDOL]DU FRQ WXV FDUWDV GHO 7DURW
$GHP¡VGHVHUXQDDFWLYLGDGSRGHURVDHVXQULWXDOTXHQRHQFDMDHQHOUHVWR
GHVHFFLRQHVGHHVWHOLEUR

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
2EMHWLYR 7UDVIRQGR
&RQ HVWD DFWLYLGDG OR TXH YDPRV D FRQVHJXLU HV FODULGDG VREUH XQ /D DVLJQDFL³Q GH XQD IXQFL³Q DPELJXD HV XQD W©FQLFD WHUDS©XWLFD TXH IXH
GHWHUPLQDGRDVXQWR GHVDUUROODGDSRUHOSVLTXLDWUD\WHUDSHXWD0LOWRQ(ULFNVRQ  (VWD
W©FQLFDFRQVLVWHHQDVLJQDUDXQSDFLHQWHXQDWDUHDRIXQFL³QTXHWHQGU¡TXH
OOHYDUDFDERIXHUDGHODVHVL³QGHWHUDSLD/DFODYHHVTXHHVWDWDUHDSDUHFH
DOJR VHQFLOOR \ FRPSOHWDPHQWH DO PDUJHQ GHO SUREOHPD SVLFRO³JLFR GHO
SDFLHQWHSHURHQUHDOLGDGODDFWLYLGDGDOOHYDUDFDERHVW¡UHODFLRQDGDFRQHO
SUREOHPD SVLFRO³JLFR GHO TXH VH HVW¡ WUDWDQGR DO SDFLHQWH 3RU HMHPSOR
(ULFNVRQSRG­DSHGLUDVXVSDFLHQWHVTXHKLFLHUDQODVVLJXLHQWHVDFFLRQHV
&DUJDUFRQXQPDUWLOORGXUDQWHXQDVHPDQD
9LVLWDUHOMDUG­QERW¡QLFR
&DPLQDUKDVWDXQDGHWHUPLQDGDPRQWD±D
(VWXGLDUXQFDFWXVHQHOGHVLHUWR ©OYLY­DHQ$UL]RQD 
(QFRQWUDUXQ¡UEROHVSHF­ILFRHQXQSDUTXH\VHQWDUVHFHUFDGH©OGXUDQWHXQD
KRUDWRGRVORVG­DVGXUDQWHXQDVHPDQD
/D LGHD HUD KDFHU SDUW­FLSH DO SDFLHQWH GH XQD DFFL³Q TXH HQ DSDULHQFLD HUD
LUUHOHYDQWH SHUR TXH DO OOHYDUOD D FDER SRG­D FRQGXFLU D HVWD SHUVRQD DO
DXWRFRQRFLPLHQWR OR FXDO VH WUDGXFLU­D HQ UHVSXHVWDV FODUDV D OD KRUD GH
PDQHMDUHOSUREOHPDSVLFRO³JLFRSRUHOFXDOHVWDEDDFXGLHQGRDWHUDSLD
(ULFNVRQ QXQFD H[SOLFDED GH IRUPD H[SO­FLWD D VXV SDFLHQWHV OR TXH SRG­DQ
REWHQHUDOUHDOL]DUHVWDVVHQFLOODVWDUHDVTXH©OOHVDVLJQDED(ULFNVRQV³OROHV
SHG­D TXH FRQILDUDQ 4XH WXYLHUDQ IH 3RUTXH VL DFRPHW­DQ OD VHQFLOOD WDUHD
TXH ©O OHV KDE­D HQFRPHQGDGR HQWRQFHV HQFRQWUDU­DQ HO DOLYLR TXH HVWDEDQ
EXVFDQGR (Q HVWH VHQWLGR HO SURS³VLWR GH (ULFNVRQ HUD FUHDU XQ DPELHQWH
HVSHF­ILFR IXHUDGHODYLGDFRWLGLDQD HQHOTXHHOSDFLHQWHSXGLHVHHQFRQWUDU
VXVSURSLDVUHVSXHVWDVGHVGHGHQWUR\SRUVXFXHQWD
3RU VXSXHVWR HVWH WLSR GH HMHUFLFLRV WHUDS©XWLFRV QR HUDQ ELHQ UHFLELGRV SRU
WRGRV6LQHPEDUJRFLHUWDPHQWHKD\SHUVRQDVSDUDODVFXDOHVODߡDVLJQDFL³Q
GH XQD IXQFL³Q DPELJXDߢ HV XQD H[SHULHQFLD WUDQVIRUPDGRUD 6X HILFDFLD
UHVLGH HQ YDULRV IDFWRUHV 8Q SDFLHQWH FRPSURPHWLGR HQ KDFHU XQD
ߡPLVWHULRVD WDUHDߢ VH YH REOLJDGR D LQWHUUXPSLU VXV K¡ELWRV GLDULRV \ DO
PLVPRWLHPSRVXVHQWLGRGHODFXULRVLGDGVHYHHVWLPXODGR/DQDWXUDOH]DGHO
ULWXDOGHUHDOL]DUXQDDFFL³QGLVWLQWDGHOFRPSRUWDPLHQWRKDELWXDOODFXDOHV
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
QXHYD\VXSRQHXQGHVDI­RSXHGHVHUHOFDWDOL]DGRUSDUDODLQWURVSHFFL³Q\OD
DXWRUHIOH[L³Q 3URFHVR
$OEDVDUQRVHQXQDWHUDSLDFXUDWLYDGHHVWDPDQHUDWDQLQGLUHFWD XWLOL]DQGROD (VWDDFWLYLGDGHVSHUIHFWDFXDQGRVHQHFHVLWDLQIRUPDFL³QDFHUFDGHDOJRTXH
HVSHUDQ]DODVRUSUHVD\HOGHVFXEULPLHQWR QRVHQFRQWUDPRVFRQODSDUDGRMD QRV HVW¡ SURYRFDQGR DQJXVWLD 3DUD SRGHU OOHYDU D FDER HVWH HMHUFLFLR R
GH TXH GLFKD WHUDSLD WLHQH HO SRWHQFLDO SDUD SURYRFDU ORV SHQVDPLHQWRV \ DOJXQRGHWXVSDFLHQWHVVLHUHVXQWHUDSHXWD WHQGU¡VTXHDSUHQGHUDOJRTXH
VHQWLPLHQWRVQHFHVDULRVSDUDHQFRQWUDUHODOLYLR HVLPSRUWDQWH
(OSULPHUSDVRHVHOHJLUXQDFDUWD6LHVW¡VKDFLHQGRHVWRSDUDWLPLVPRHOLJH
XQD FDUWD DO D]DU GH WX EDUDMD GHO 7DURW 6L OD DFWLYLGDG YD GLULJLGD D XQ
SDFLHQWHHVWDSHUVRQDSXHGHHOHJLUXQDFDUWDDOD]DUGHODEDUDMDGHO7DURWR
ELHQHVFRJHUXQDFDUWDHQFRQFUHWRODFXDOWHQJDUHODFL³QFRQHOSUREOHPDTXH
OH HVW¡ SURYRFDQGR OD DQJXVWLD (Q HVWH PRPHQWR WUDV HOHJLU OD FDUWD HVWD
SHUVRQDQRWLHQHTXHH[SOLFDUORVPRWLYRVSRUORVTXHORKDKHFKR
/R VLJXLHQWH TXH KD\ TXH UHDOL]DU HV OD DFFL³Q R WDUHD HQ V­ 9HU¡V TXH D
FRQWLQXDFL³Q HQXPHUR XQD OLVWD GH HMHPSORV GH WDUHDV TXH SXHGHV KDFHU R
VXJHULUOHDXQSDFLHQWH 5HFXHUGDTXHODVSRVLELOLGDGHVVRQLQILQLWDV/RP¡V
LPSRUWDQWHHVTXHODWDUHDRDFWLYLGDGDUHDOL]DUQRWHQJDXQDFRQH[L³QGLUHFWD
FRQHOSUREOHPDSVLFRO³JLFRTXHHVWDPRVWUDWDQGR\DOPLVPRWLHPSRTXHVHD
XQDDFWLYLGDGTXHQRVVDTXHGHODUXWLQDGLDULD(VGHFLUODDFWLYLGDGRWDUHDD
UHDOL]DU QRV VXJHULU¡ XQ FRPSRUWDPLHQWR TXH LQWHUUXPSH QXHVWURV K¡ELWRV \
QRVFRQGXFHDKDFHUDOJRTXHQRUPDOPHQWHQRKDU­DPRV
(O UHVXOWDGR GH KDFHU HVWH WLSR GH DFWLYLGDG \ HVWR HV DOJR TXH GHEHV
FRPXQLFDUOH D WX SDFLHQWH  HV TXH HQ DOJºQ SXQWR GH OD UHWURDOLPHQWDFL³Q
VXUJLU¡ODFODULGDGTXHWDQWRQHFHVLWD6RORKD\TXHWHQHUIH
$TX­WHSURSRQJRDOJXQRVHMHPSORVGHWDUHDVTXHSXHGHQVDFDUWHGHODUXWLQD
&RORFD OD FDUWD GHO 7DURW TXH KDV HOHJLGR GHEDMR GH OD DOPRKDGD \
PDQWHQODDOO­GXUDQWHXQD VHPDQD&DGDPD±DQDFXDQGR WHGHVSLHUWHV
VDFD OD FDUWD \ ILMD OD PLUDGD HQ HOOD GXUDQWH GRV PLQXWRV XWLOL]D XQ
FURQ³PHWURSDUDPHGLUHOWLHPSR 
3ODQLILFDXQDH[FXUVL³QSRUHOFDPSRRODPRQWD±D&RORFDODFDUWDHQ
WX EROVLOOR R HQ WX PRFKLOD $O OOHJDU D XQ OXJDU SDUWLFXODU FRPR SRU
HMHPSORDODFLPDVDFDODFDUWD\WRPDWHYDULRVPLQXWRVSDUDREVHUYDUOD
\UHIOH[LRQDU
$F©UFDWHDXQRGHORVFHQWURVFRPHUFLDOHVGHWXFLXGDGFRQODFDUWDHQ

HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
WX EROVLOOR R HQ WX EROVR &DPLQD D OR ODUJR GHO FHQWUR FRPHUFLDO GRV 3HJDFRQFLQWDDGKHVLYDWXFDUWDHQDOJºQOXJDUGHWXRUGHQDGRUTXHVHD
YHFHV8QDYH]TXHKD\DVKHFKRHVWREXVFDXQOXJDUSDUDVHQWDUWH6DFD YLVLEOH '©MDOD DK­ GXUDQWH XQ FLHUWR WLHPSR SRU HMHPSOR RFKR G­DV
ODFDUWD\HVWºGLDODGXUDQWHFLQFRPLQXWRV9XHOYHDFDVD GRVVHPDQDVRXQPHV 
&RQOD FDUWDHQODPDQR GDXQ SDVHRDOUHGHGRU GHWXEORTXHRSRUWX 
YHFLQGDULR \ UHSLWH HO PLVPR LWLQHUDULR WUHV YHFHV 8QD YH] TXH KDV
KHFKRHVWRYXHOYHDFDVD0DQW©QODPLUDGDHQODFDUWDGXUDQWHFLQFR 
PLQXWRV $ FRQWLQXDFL³Q YXHOYH D VDOLU \ UHSLWH GH QXHYR HO PLVPR (VWR\ D IDYRU GH XQ DUWH SRO­WLFRHU³WLFRP­VWLFR TXH KDFH DOJR P¡V TXH
SDVHRRWUDVWUHVYHFHV VHQWDUVXFXORHQXQPXVHR
/OHYD WX FDUWD FRQWLJR SDUD WRPDU XQD GXFKD 1R LPSRUWD VL VH
&ODHV2OGHQEXUJ
PRMD 0DQWHQOD FHUFD GH WL PLHQWUDV WH GXFKDV 6©FDOD FXDQGR KD\DV
WHUPLQDGR5HS­WHORGXUDQWHGLH]G­DV 
%XVFDXQOXJDUIXHUDGHFDVD\HQWLHUUDWXFDUWD3XHGHVHUFDYDQGRXQ 
SHTXH±RKR\RHQODWLHUUDRGHEDMRGHXQDURFD9XHOYHDUHFXSHUDUODHQ
H[DFWDPHQWHKRUDV
(VFRJH XQD FDUWD SHUR QR OD PLUHV PDQWHQOD ERFD DEDMR %XVFD OD
SDUDGDGHDXWREºVP¡VFHUFDQD7RPDHODXWREºV\YLDMDHQ©OGXUDQWH
SDUDGDV&RQVHUYDODFDUWDHQODPDQRL]TXLHUGDHQWRGRPRPHQWR\
VLQPLUDUOD(QODTXLQWDSDUDGDEDMDGHODXWREºVFUX]DODFDOOH\EXVFD
OD SDUDGD P¡V FHUFDQD SDUD KDFHU HO PLVPR UHFRUULGR HQ DXWREºV\ HQ
VHQWLGRFRQWUDULRKDVWDOOHJDUDOSXQWRGHSDUWLGD6LJXHPDQWHQLHQGR
OD FDUWD ERFD DEDMR 3RGU¡V PLUDUOD V³OR GHVSX©V GH VHQWDUWH HQ HO
DXWREºVGHUHJUHVRDFDVD
%XVFDXQOXJDUDSURSLDGRHQWXHVFULWRULRRHQWXF³PRGDGRQGHSRGHU
GHMDUODFDUWD$FRQWLQXDFL³QVDODODFDOOH\EXVFDXQDSLHGUD&³JHOD
\WU¡HODDFDVDSDUDFRORFDUODHQODSDUWHVXSHULRUGHODFDUWD&DGDG­D
GXUDQWHXQDVHPDQDDQWHVGHLUDODFDPDSRQORVGHGRVHQODSLHGUD
GXUDQWHGRVPLQXWRV XVDXQFURQ³PHWURSDUDPHGLUHOWLHPSR 
&RJH XQ SHTXH±R WD]³Q R ERO \ FRO³FDOR VREUH WX PHVD GH OD
FRFLQD 3RQ OD FDUWD HQ VX LQWHULRU DSR\¡QGROD VREUH XQD GH VXV
SDUHGHV'©MDODDK­GXUDQWHFLQFRG­DV
2FXOWD WX FDUWD HQ DOJºQ OXJDU GH WX FDVD 5HFXS©UDOD GLH] G­DV P¡V
WDUGH
'XUDQWH VLHWH G­DV YDV D VHQWDUWH SDUD PLUDU WX FDUWD DQWHV GH
DFRVWDUWH /D SULPHUD QRFKH SDVDU¡V XQ PLQXWR FRQ HOOD XWLOL]D
FURQ³PHWURSDUDPHGLUHOWLHPSR /DVHJXQGDQRFKHGRVPLQXWRV/D
WHUFHUDQRFKHWUHVPLQXWRV<DV­VXFHVLYDPHQWH
HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV
 $JUDGHFLPLHQWRV 6REUHHO$XWRU
0LP¡VVLQFHURDJUDGHFLPLHQWRD*LQQ\+XQW$UGLV*UHJRU\/HH5D\&RVWD $QG\0DW]QHUHVWUDEDMDGRUVRFLDO\SVLFRWHUDSHXWD9LYHHQHOVXURHVWHGHO
\7DOOXODK&RVWD7RGDPLJUDWLWXGWDPEL©QD5XWK$QQ\:DOG$PEHUVWRQH HVWDGRGH9LUJLQLDHQORV(VWDGRV8QLGRV
SRUFUHDU7KH5HDGHUV6WXGLRXQERQLWRHQFXHQWURDQXDOTXHUHºQHDOHFWRUHV (V DXWRU GH 7KH 7DURW $FWLYLW\ %RRN $ &ROOHFWLRQ RI &UHDWLYH DQG
GHO 7DURW GH WRGR HO PXQGR < SRU ºOWLPR TXLHUR H[SUHVDU PL SURIXQGR 7KHUDSHXWLF ,GHDV IRU WKH &DUGV   (YHU\RQH +DV D 6WRU\ 8VLQJ WKH
DJUDGHFLPLHQWRD7HUHVD5HHGSRUVXDSR\R\DOLHQWR +HURߞV -RXUQH\ DQG 1DUUDWLYH 7KHUDS\ WR 5HIUDPH WKH 6WUXJJOH RI 0HQWDO
<*ORULD3©UH]7ULJXHURSRUVXVHVIXHU]RV\SDVL³QSRUHVWHSUR\HFWR ,OOQHVV   DQG 5HFRYHU\ IURP $GGLFWLRQV DQG &RPSXOVLYH %HKDYLRU $
-RXUQDOLQJ%DVHG *XLGH WR %HFRPLQJ <RXU %HVW 6HOI DQG +DYLQJ D /LIH
:RUWK/LYLQJ  
&RQWDFWRDQG\PDW]QHU#JPDLOFRP





HERRNFRQYHUWHU'(02:DWHUPDUNV HERRNFRQYHUWHU'(02:DWHUPDUNV