Bases conceptuales de la inclusión educativa



DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$ HVFULWRSRU5DIDHO/ySH]$]XDJD 5DIDHO/ySH]$]XDJD /LFHQFLDGRHQ3VLFRSHGDJRJtD 0DVWHUHQ(GXFDFLyQ,QFOXVLYD $QRQLPDWRB#KRWPDLOFRP

5(680(1

$FWXDOPHQWHVHGHVDUUROODHOVLVWHPDGHLQWHJUDFLyQHGXFDWLYDSDUDDWHQGHUD ODVQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHVGHODOXPQDGRHQORVFHQWURVHGXFDWLYRV RUGLQDULRV 1R REVWDQWH QR VH FRQVLJXH DO Pi[LPR TXH ORV DOXPQRV TXH SUHVHQWHQ DOJXQD GLVFDSDFLGDG WUDVWRUQR GHO GHVDUUROOR R FXDOTXLHU RWUD QHFHVLGDGHVSHFtILFDGHDSR\RGHVDUUROOHQVXVFRPSHWHQFLDV\SXHGDQDVSLUDU D XQD LJXDOGDG GH RSRUWXQLGDGHV 3RU OR WDQWR HQ HO SUHVHQWH DUWtFXOR H[SRQHPRV ODV EDVHV FRQFHSWXDOHV DFWXDOL]DGDV GHO PRGHOR GH LQFOXVLyQ HGXFDWLYDDGtDGHKR\FRQDOJXQDVSDXWDVRULHQWDWLYDVSDUDSRGHUOOHYDUORD FDER 3DODEUDV FODYH LQFOXVLyQ QHFHVLGDGHV HVSHFtILFDV GH DSR\R HGXFDWLYR DSUHQGL]DMHFRRSHUDWLYRFRODERUDFLyQ

$%675$&7

&XUUHQWO\ GHYHORSLQJ WKH V\VWHP RI LQFOXVLYH HGXFDWLRQ WR PHHW WKH VSHFLDO HGXFDWLRQDOQHHGVRIVWXGHQWVLQUHJXODUVFKRROV+RZHYHUGRQRWJHWWKHEHVW VWXGHQWV ZKR KDYH D GLVDELOLW\ GHYHORSPHQWDO GLVRUGHU RU DQ\ RWKHU VSHFLILF QHHGVXSSRUWWRGHYHORSWKHLUVNLOOVDQGDVSLUHWRHTXDORSSRUWXQLWLHV7KHUHIRUH LQ WKLV DUWLFOH ZH SUHVHQW WKH XSGDWHG FRQFHSWXDO PRGHO RI LQFOXVLYH HGXFDWLRQWRWRGD\JXLGDQFHZLWKVRPHJXLGHOLQHVWRFDUU\LWRXW .H\ZRUGV LQFOXVLRQ VSHFLDO QHHGV HGXFDWLRQ VXSSRUW FRRSHUDWLYH OHDUQLQJ FROODERUDWLRQ

(O PRGHOR GH HVFXHOD LQFOXVLYD VH FHQWUD HQ OD DWHQFLyQ D OD GLYHUVLGDG \ HQ FRQVWUXLU XQD QXHYD IRUPD GH RUJDQL]DU ORV FHQWURV HGXFDWLYRV \ HO SURFHVR GH HQVHxDQ]DDSUHQGL]DMH /D DWHQFLyQ DO DOXPQDGR FRQ 1($( KD VXIULGR PXFKRV FDPELRV D OR ODUJR GH ORV DxRV +DFH PXFKRVVLJORVVHSHQVDEDTXHHVWRVVXMHWRVHUDQFUHDGRVSRUVHUHVPDOLJQRVGHPRQtDFRV\ HUDQ HQFHUUDGRV H LQFOXVR VDFULILFDGRV 3RVWHULRUPHQWH VH FUHDURQ FHQWURV HVSHFtILFRV SDUD DWHQGHUDHVWHDOXPQDGRHVSHFtILFRFRQXQFXUUtFXOXPGLIHUHQWHDOGHODOXPQDGRHVFRODUL]DGR HQFHQWURVRUGLQDULRV(QORVDxRVVHVHQWDFRQODLQWHQFLyQGHTXHORVVXMHWRVFRQDOJ~QWLSR KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

GHGHILFLHQFLDDSUHQGLHVHQSRULPLWDFLyQ\TXHDXPHQWDVHQORVFRQWDFWRVHQWUHSURIHVRUDGR\ HVSHFLDOLVWDV VH GHVDUUROOy HO PRGHOR GH LQWHJUDFLyQ HGXFDWLYD LQWHQWDQGR GHVDUUROODU DFWLWXGHV GH UHVSHWR \ VROLGDULGDG HQ ORV RWURV DOXPQRV \ TXH HQ JHQHUDO OD VRFLHGDG VH YROYLHVH PiV WROHUDQWH \ DELHUWD \ HQ JHQHUDO SUHSDUDU D HVWRV VXMHWRV SDUD DIURQWDU XQD VRFLHGDGFRPSHWLWLYDFRPRODTXHWHQHPRVDFWXDOPHQWH\SURSRUFLRQDUOHVXQHQWRUQRHVFRODU SDUD YLYLU XQDV FRQGLFLRQHV \ IRUPDV GH YLGD OR PiV QRUPDOL]DGDV SRVLEOH 7UDV HO ,QIRUPH :DUQRFN VHUHIOH[LRQyDFHUFDGHOFRQFHSWRGHQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV\ HO  GH PDU]R GH  VH SXEOLFy HO 5' GH 2UGHQDFLyQ GH OD (GXFDFLyQ (VSHFLDO TXH OHJDOL]DEDHOSURJUDPDH[SHULPHQWDOGHLQWHJUDFLyQHGXFDWLYD\PiVDGHODQWHVHHVWDEOHFtDOD QRUPDWLYDVREUHSODQLILFDFLyQ\H[SHULPHQWDFLyQGHODLQWHJUDFLyQHQHGXFDFLyQSUHHVFRODU\HQ HO SULPHU FLFOR GH (*% HQ FHQWURV RUGLQDULRV FRPSOHWRV REOLJDQGR D OD GHVDSDULFLyQ GH ODV OODPDGDV$XODVGH(GXFDFLyQ(VSHFLDOHQORVFHQWURVRUGLQDULRV /DLQWHJUDFLyQHGXFDWLYDVXSXVRXQFDPELRUDGLFDOHQORVSODQWHDPLHQWRVFUHHQFLDV\SUiFWLFDV HGXFDWLYDV SHUR D~Q QR HUD VXILFLHQWH $ SHVDU GH VXV EXHQDV LQWHQFLRQHV PDQWHQtDQ XQDV FRQFHSFLRQHV EDVDGDV HQ HO HQIRTXH PpGLFR GHO &,''0 VREUH GpILFLW GLVFDSDFLGDG \ PLQXVYDOtD SDUWLHQGR GH TXH SUHVHQWDEDQ XQD HQIHUPHGDG \ TXH HYROXFLRQDED D XQD GHILFLHQFLDTXHOHKDFtDGLVFDSDFLWDGRSDUDUHDOL]DUXQDVHULHGHWDUHDVHVSHFtILFDV\TXHHUD IXQGDPHQWDO UHFLELU XQD WHUDSLD SDUD FXUDUOH (JHD \ 6DUDELD   (O FRQFHSWR GH GLVFDSDFLGDGVHFRQFHEtDFRPRXQKHFKRTXHVyORDIHFWDEDDODSHUVRQDFRPRVHULQGLYLGXDO (O DOXPQDGR FRQ 1(( HUD HVFRODUL]DGR HQ HO FHQWUR RUGLQDULR SHUR VROtD SDVDUVH OD PD\RU SDUWH GHO WLHPSR HQ XQ DXOD GH $SR\R D OD ,QWHJUDFLyQ WUDEDMDQGR FRQ HVSHFLDOLVWDV \ UHFLELHQGR XQD $GDSWDFLyQ &XUULFXODU ,QGLYLGXDOL]DGD QR EHQHILFLiQGRVH GHO DSUHQGL]DMH TXH SRGUtDUHFLELUHQVXDXODRUGLQDULDFRQVXVFRPSDxHURVGHFODVHOLPLWDQGRVXVRSRUWXQLGDGHV\ IDYRUHFLHQGR XQDV SRVLEOHV DFWLWXGHV GH GLVFULPLQDFLyQ HQWUH HO DOXPQDGR /RV UHVXOWDGRV FRQWUDGHFtDQ ODV LQWHQFLRQHV SULPDULDV GHO PRGHOR VREUH WRGR SRUTXH LQWHUSUHWDURQ OD GLYHUVLGDG HQ HO VHQWLGR GH TXH OD UHGXFtDQ FRPR HVWUDWHJLD SDUD PDTXLOODU X RFXOWDU OD DSOLFDFLyQGHODOyJLFDGHODKRPRJHQHLGDG*RQ]iOH]0XQWDQHU  /D 81(6&2 UHIOH[LRQyDFHUFDGHXQPRGHORGHLQWHUYHQFLyQTXHSXHGDPHMRUDUODFDOLGDGGHODDWHQFLyQD OD GLYHUVLGDG LQFOX\HQGR QR VyOR DO DOXPQDGR FRQ 1(( VLQR D WRGRV DTXHOORV TXH WLHQHQ QHFHVLGDGHVHGXFDWLYDV3RUHOORFUHyHQHQOD'HFODUDFLyQGH6DODPDQFDHOFRQFHSWR GH HVFXHOD LQFOXVLYD /D 81(6&2 GHILQH OD LQFOXVLyQ HGXFDWLYD FRPR XQ SURFHVR GH DERUGDMH\UHVSXHVWDDODGLYHUVLGDGGHODVQHFHVLGDGHVGHWRGRVORVDOXPQRVDWUDYpVGHOD FUHFLHQWHSDUWLFLSDFLyQHQHODSUHQGL]DMHODVFXOWXUDV\ODVFRPXQLGDGHV\GHODUHGXFFLyQGH ODH[FOXVLyQGHQWUR\GHVGHODHGXFDFLyQ,PSOLFDFDPELRV\PRGLILFDFLRQHVHQORVHQIRTXHVODV HVWUXFWXUDV ODV HVWUDWHJLDV FRQ XQD YLVLyQ TXH LQFOX\H D WRGRV ORV QLxRV GH OD IUDQMD HWDULD DGHFXDGD \ OD FRQYLFFLyQ GH TXH HV UHVSRQVDELOLGDG GHO VLVWHPD UHJXODU HGXFDU D WRGRV ORV QLxRV  /DILQDOLGDGGHODLQFOXVLyQHVPiVDPSOLDTXHODGHODLQWHJUDFLyQ0LHQWUDVTXHODDVSLUDFLyQ GH HVWD ~OWLPD HV DVHJXUDU HO GHUHFKR GH ODV SHUVRQDV FRQ GLVFDSDFLGDG D HGXFDUVH HQ ODV HVFXHODVFRPXQHVODLQFOXVLyQDVSLUDDKDFHUHIHFWLYRSDUDWRGDODSREODFLyQHOGHUHFKRDXQD KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

HGXFDFLyQGHFDOLGDGSUHRFXSiQGRVHHVSHFLDOPHQWHGHDTXHOORVTXHSRU GLIHUHQWHV FDXVDV HVWiQH[FOXLGRVRHQULHVJRGHVHUH[DPLQDGRV%ODQFR SHUPLWLpQGROHVFRQYHUWLUVHHQ FLXGDGDQRV DFWLYRV FUtWLFRV \ SDUWLFLSDWLYRV *DUFtD 9DOOLQDV   6LQ HPEDUJR PXFKRV WLHQGHQ D FRQIXQGLU LQWHJUDFLyQ FRQ LQFOXVLyQ DVt TXH YR\ D GHWDOODU ODV SULQFLSDOHV GLIHUHQFLDVHQWUHXQPRGHOR\RWUR%ODQFR(FKHLWD*LQp*RQ]iOH] ,QIDQWH0XQWDQHU3XMROjV  /DHVFXHODLQWHJUDGRUDVHFHQWUDVRODPHQWHHQODV1((PLHQWUDVTXHVHJ~QODHVFXHOD LQFOXVLYD WRGRV SRGHPRV WHQHU QHFHVLGDGHV HGXFDWLYDV VH SUHRFXSD SRU WRGR HO DOXPQDGR LQFOXVR SRU DTXHO TXH SUHVHQWD XQ UHQGLPLHQWR DFHSWDEOH \ SRU ORJUDU OD FDOLGDG GH OD HQVHxDQ]DDSUHQGL]DMH HQ WRGRV /D LQWHJUDFLyQ LQWHQWD FRQVHJXLU TXH HO DOXPQDGR VH DGDSWH DO FXUUtFXOXP TXH \D HVWi HVWDEOHFLGR D QLYHO JHQHUDO HQ HO FHQWUR HGXFDWLYRPLHQWUDVTXHODLQFOXVLyQFRQVWUX\HHOFXUUtFXOXPDUDt]GHODVSRWHQFLDOLGDGHV \QHFHVLGDGHVGHVXDOXPQDGR)RPHQWDDGHPiVODFRRSHUDFLyQGHWRGDODFRPXQLGDG HGXFDWLYDLQFOX\HQGRODVIDPLOLDV\HOSURIHVRUDGRWXWRU\QRVyORHVHOHVSHFLDOLVWDHOTXH VHHQFDUJDGHLQWHUYHQLU (QODHVFXHODLQWHJUDGRUDHODOXPQDGRFRQ1((UHFLEHXQDDGDSWDFLyQFXUULFXODURXQD VHULHGHPHGLGDVGHDSR\RHVSHFtILFDVWUDEDMiQGRODVFRQXQHVSHFLDOLVWDDWUDYpVGHXQ WUDEDMRPiVGLULJLGR\VLQWHQHUODVPLVPDVRSRUWXQLGDGHVTXHVXVFRPSDxHURVDGHPiV GH IRUPDU DJUXSDPLHQWRV GH DOXPQRV TXH SURPXHYHQ OD H[FOXVLyQ HGDG FDSDFLGDGHV LQWHUHVHV H[SHFWDWLYDV HWF  PLHQWUDV TXH HQ OD HVFXHOD LQFOXVLYD WUDEDMD HO PLVPR FXUUtFXOXP FRQWHQLGRV REMHWLYRV WDUHDV UHFXUVRV HWF  SHUR QR VRQ HYDOXDGRV GH OD PLVPD PDQHUD QL WRGRV GHEHQ OOHJDU D OD PLVPD PHWD HQ FXDQWR D DSUHQGL]DMH  IDYRUHFLHQGR OD LJXDOGDG GH RSRUWXQLGDGHV>@ \ WRGD OD FRPXQLGDG HVFRODU VH LQFXPEH SDUDDWHQGHUDWRGRVORVVXMHWRVWHQJDQRQR1((\QRVyORHOHVSHFLDOLVWDHOFXDOVH FRQYLHUWH HQ XQD PHGLGD GH DSR\R SDUD HO SURIHVRUDGR \ VH GLULJH D WRGRV \ QR VyOR D DOXPQRV HVSHFtILFRV FRQ 1(( 1R VH OLPLWDQ HO XVR GH UHFXUVRV GLGiFWLFRV SDUD HO DOXPQDGR \ VL WLHQHQ GLILFXOWDGHV HQ OXJDU GH SURKLEtUVHORV VH DSOLFDQ RWURV UHFXUVRV SDUDIDYRUHFHUVXDFFHVLELOLGDGSRUHMHPSORSDQWDOODWiFWLOSDUDHORUGHQDGRUXQWHFODGR HQ%UDLOOHXQDFDOFXODGRUDFRQVRQLGRHWF 7DPSRFRVHLQIUDYDORUDODXWLOLGDGGHFLHUWDV DVLJQDWXUDVGHQRPLQDGDVPDUtDSRUSHQVDUTXHQROHVYDQDDSRUWDUFRQRFLPLHQWRV\ KDELOLGDGHV VLJQLILFDWLYDV D UDt] GH VXV GLILFXOWDGHV R SRU WHPRU D TXH SXHGDQ HVWDU HQ SHOLJURRQRUHQGLUDGHFXDGDPHQWHGDGDVXFDUDFWHUL]DFLyQHGXFDFLyQItVLFD HGXFDFLyQ SOiVWLFD P~VLFD HWF R TXH VHDQ H[FOXLGRV GH ODV DFWLYLGDGHV TXH UHDOL]DQ VXV FRPSDxHURVSRUHMHPSORHQHGXFDFLyQItVLFDUHDOL]DUDFWLYLGDGHVLQGLYLGXDOL]DGDVRPiV WHyULFDVRGHGLFDUHOWLHPSRDVHVLRQHVGHILVLRWHUDSLD  (QODHVFXHOD LQWHJUDGRUD HO DOXPQDGR FRQ 1(( HV H[SXOVDGR GH VX DXOD VLQWLpQGRVH KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

GLVFULPLQDGR\DOUHJUHVDUOHFXHVWDLQFRUSRUDUVHDODGLQiPLFDGHODVFODVHV\VHVLHQWH LQFyPRGRGHVHDQGRUHJUHVDUFRQHOHVSHFLDOLVWDSRUTXHVDEHTXHpVWHOHDWHQGHUiSHUR WRGR HVWR LQIOX\H QHJDWLYDPHQWH HQ VX UHQGLPLHQWR \ DXWRHVWLPD DIHFWDQGR D VX HYROXFLyQDGHPiVGHSUHGRPLQDUXQDIDOWDGHVXSHUDFLyQ\GHHVWtPXORKDFLDHOORV(QOD HVFXHOD LQFOXVLYD HO DOXPQDGR FRQ QHFHVLGDGHV WUDEDMD GHQWUR GHO DXOD FRQ VXV FRPSDxHURVUHDOL]DQGRODVPLVPDVWDUHDVIDYRUHFLHQGRHODSUHQGL]DMHVXUHQGLPLHQWR\ DXWRHVWLPDJUDFLDVDODSUHQGL]DMHFRRSHUDWLYR\WRGRHODOXPQDGRWHQJDRQR1((HV DFHSWDGRYDORUDGRUHFRQRFLGRHQVXVLQJXODULGDG\FRQSRVLELOLGDGHVGHSDUWLFLSDUHQHO FHQWUR HGXFDWLYR LQGHSHQGLHQWHPHQWH GH VXV FDSDFLGDGHV $UQiL]   (Q DXODV LQFOXVLYDV WRGRV SHUWHQHFHQ DO JUXSR \ WRGRV WLHQHQ GHUHFKR D DSUHQGHU VHJ~Q VXV FDSDFLGDGHV \ D UHVSHWDUVH ORV XQRV D ORV RWURV +HUQiQGH]   \ GHEHPRV GHVDUUROODU XQDV UHODFLRQHV GH DPRU DFHSWDFLyQ \ FRQILDQ]D LQWHUQDV SDUD IDYRUHFHU OD FRQYLYHQFLDTXHVHYLYDQORVYDORUHV\TXHQRH[LVWDQFRQWUDGLFFLRQHVGHQWURGHODSURSLD HVFXHODHMIDOWDGHUHVSHWRHQWUHORVHVWXGLDQWHVSRUUD]RQHVGHFXOWXUD HWQLD SDtV GH RULJHQJpQHURXRULHQWDFLyQVH[XDO 0HOHUR 1RVHWUDWDGHEDMDUHOQLYHOTXHVH LPSDUWH HQ OD FODVH SRUTXH VHUtD \D HPSHxDUVH HQ SUHVHQFLDU XQD KRPRJHQHLGDG LPSRVLEOH XQD FRQIXVLyQ TXH PXFKRV KDQ PDQWHQLGR 3DUULOOD \ 0RULxD  >@ /RV HVSHFLDOLVWDVVHHQFXHQWUDQWUDEDMDQGRGHQWURGHODXOD\DWHQGLHQGRDWRGRVORVDOXPQRV WHQJDQRQR1((\HOJHQHUDOLVWDWDPELpQFRRSHUDDODKRUDGHDWHQGHUDODOXPQDGRFRQ QHFHVLGDGHVHGXFDWLYDVHQHOFDVRGHTXHHVWXYLHVHQVRORVVHWHQGUtDTXHPRGLILFDUOD HVWUXFWXUDRUJDQL]DWLYDGHODXOD\GHOFHQWURHGXFDWLYRSRUHMHPSORGLVPLQXLUHOQ~PHUR GHDOXPQRVSRUDXODKRUDULRVPiVIOH[LEOHVHWF (OHVSHFLDOLVWDVHRFXSDUtDGHDVHVRUDU DO GRFHQWH IDYRUHFHU OD HQVHxDQ]D FRRSHUDWLYD FRRUGLQDU ODV DFWLYLGDGHV \ GLVHxDU SUR\HFWRV GH LQWHUYHQFLyQ SVLFRSHGDJyJLFD HQ FRP~Q IRUPDU D ORV PLHPEURV GH OD FRPXQLGDG HGXFDWLYD HQ WpFQLFDV HVSHFLDOHV FRODERUDU HQ OD REVHUYDFLyQ GHO UHQGLPLHQWRGHODOXPQDGRHQFDGDXQDGHODVDFWLYLGDGHVHWF6DOYDGRU\*DOOHJR  (QODHVFXHODLQWHJUDGRUDH[LVWHXQDPD\RULQIOXHQFLDGHODVOODPDGDVEDUUHUDVSDUDHO DSUHQGL]DMH \ OD SDUWLFLSDFLyQ 1R QRV UHIHULPRV VRODPHQWH D DTXHOODV EDUUHUDV DUTXLWHFWyQLFDV TXH GLILFXOWDQ HO DFFHVR DO FXUUtFXOXP 7RUUHV 0RUDOHV   VLQR DTXHOODVTXHVHHQFXHQWUDQHQODPHQWHGHODVSHUVRQDVLQIOXHQFLDGDVSRUHVWHUHRWLSRV\ SUHMXLFLRV TXH OHV OOHYDQ D VREUHSURWHJHU R OLPLWDU ODV SRVLELOLGDGHV GH ORV DOXPQRV GHELGR D HVDV EDMDV H[SHFWDWLYDV TXH PDQWLHQHQ VREUH HOORV \ TXH DIHFWDQ D VX DXWRFRQFHSWR\DXWRHILFDFLD*XLOFRRUG DGHPiVVHFHQWUDQHQHODOXPQRHQVt VRODPHQWHHOSUREOHPDVyORVHHQFXHQWUDHQpO (QODHVFXHODLQFOXVLYDVHHYLWDQHVWDV FUHHQFLDV\WRGDVDTXHOODVQHJDWLYDVTXHVHHQFXHQWUHQGHQWURGHODSVLFRORJtDSRSXODU %UXQHU \VHFHQWUDQHQWRGDODLQVWLWXFLyQHGXFDWLYDHQVtWRGRVORVIDFWRUHVTXH KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

SXHGDQLQIOXLUHQHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMHTXHSXHGDQDIHFWDUDOUHQGLPLHQWR GHO DOXPQDGR SURIHVRUDGR FRPSDxHURV RUJDQL]DFLyQ GHO FHQWUR UHFXUVRV XQLGDGHV GLGiFWLFDVHWFHVGHFLUTXHSXHGHVHUHOSURSLRVLVWHPDHOTXHHVWpIDOODQGR 7HQHPRV TXH WHQHU HQ FXHQWD TXH OD LQFOXVLyQ GHSHQGH HQ JUDQ PHGLGD GH ODV DFWLWXGHV \ FUHHQFLDVGHOSURIHVRUDGRHQUHODFLyQFRQODGLYHUVLGDG(QWUHRWUDVEDUUHUDVVLJXLHQGRD (FKHLWD   \ D *RQ]iOH]   WHQHPRV OD LQDGHFXDGD IRUPDFLyQ LQLFLDO GHO SURIHVRUDGR FRQRFLPLHQWRV KDELOLGDGHV HVWUDWHJLDV UHFXUVRV DFWLWXGHV YDORUHV PHGLGDVHWF XQDFXOWXUDHVFRODUWUDGLFLRQDOLVWDTXHLQIOX\HHQODUXWLQDGHODVSUiFWLFDV GHO SURIHVRUDGR R LQIOXLGR SRU OD SURSLD FXOWXUD LQVWLWXFLRQDO LPSXHVWD SRU HO VLVWHPD HGXFDWLYRULJLGH]HQODIRUPXODFLyQGHREMHWLYRV\FRQWHQLGRVSRUSDUWHGHODQRUPDWLYD\ GH ORV FHQWURV HGXFDWLYRV PDWHULDOHV UtJLGRV SURFHVR GH HQVHxDQ]DDSUHQGL]DMH DOJRUtWPLFR HQIRTXH SVLFRPpWULFR HQ HO GLDJQyVWLFR VLQ SRVLELOLGDGHV GH SDUWLU GH VXV UHIHUHQWHV WHyULFRV D OD KRUD GH UHDOL]DU HO HMHUFLFLR GRFHQWH XQ FHQWUDOLVPR DGPLQLVWUDWLYR TXH UHGXFH OD DXWRQRPtD GH ODV LQVWLWXFLRQHV HGXFDWLYDV \ VX FDSDFLGDG SDUDUHVROYHUFUHDWLYDPHQWHORVSUREOHPDVTXHOHVDIHFWDQ\QRIDYRUHFLHQGRDOFDPELR HWF *DUFtD9DOOLQDV XQFXUUtFXOXPVREUHFDUJDGRGHFRQWHQLGRV\FRPSHWHQFLDV DOJXQRV TXH SRGUtDQ UHGXFLUVH SDUD GHGLFDUOH PiV WLHPSR D DTXHOORV PiV VLJQLILFDWLYRV SDUDODYLGDFRWLGLDQDXQOLGHUD]JRHGXFDWLYREDVDGRHQXQPRGHORDEVROXWLVWDGHQWURGH XQ HQIRTXH UDFLRQDO HVWUXFWXUDO *RQ]iOH]   VLQ OLEHUWDG SRU SDUWH GHO SURIHVRUDGR GH VXJHULU QXHYDV SURSXHVWDV GH LQWHUYHQFLyQ D UDt] GH ODV QHFHVLGDGHV VXUJLGDV HVFDVH]GHUHFXUVRV\DSR\RVHQORVFHQWURVHGXFDWLYRVHWF(VIXQGDPHQWDOTXHWRGRV FRRSHUHQ D OD KRUD GH FRQVWUXLU QXHVWUD SURSLD FXOWXUD HVFRODU DFWLWXGHV YDORUHV FUHHQFLDVKiELWRV IRUPDV GH DVRFLDFLyQ \ GH UHODFLyQ HQWUH HO SURIHVRUDGR HWF  \ TXH FRQVWUX\DPRV OD FXOWXUD GHO DXOD D UDt] GH OD LQWHUDFFLyQ HQWUH DOXPQDGR \ SURIHVRUDGR %Oi]TXH] \ 'RPtQJXH]   \ TXH HO GLUHFWRU GHO FHQWUR HGXFDWLYR FRPR OtGHU VH HVIXHUFHHQUHFRQRFHU\SRWHQFLDUDORVPLHPEURVHQODRUJDQL]DFLyQ\RULHQWDUODWRPD GH GHFLVLRQHV DFWLWXGHV \ VHQWLPLHQWRV *RQ]iOH]   /D SDUWLFLSDFLyQ UHDO GHO DOXPQDGR HQ OD YLGD HVFRODU SHUPLWLUi VX GHVDUUROOR GH FRPSHWHQFLDV SDUWLFLSDWLYDV EiVLFDV \ SRVLELOLWDUi HQ HO IXWXUR VX WUDQVIHUHQFLD D OD YLGD HQ VRFLHGDG UHXQLRQHV GH GHOHJDGRV DVDPEOHDV GH FXUVR FRQVHMR HVFRODU HWF  DSUHQGLHQGR DVt FXiOHV VRQ ORV PHFDQLVPRVGHODSDUWLFLSDFLyQHQODVLQVWLWXFLRQHVGHUHFKRV\GHEHUHVFRPSRUWDPLHQWR SURJUDPDFLRQHVJHVWLyQHWF6DUUDPRQD\5RGUtJXH]  $ UDt] GH HVWRV FDPELRV HQ ODV FUHHQFLDV OD 206 SXEOLFy HQ HO DxR  OD &ODVLILFDFLyQ ,QWHUQDFLRQDOGH)XQFLRQDPLHQWRGHOD'LVFDSDFLGDG\GHOD6DOXG&,) HQGRQGHUHYLVDEDOD FODVLILFDFLyQUHDOL]DGDSRUHO&,''0\UHFRQRFtDTXHH[LVWtDQUHVWULFFLRQHVHQHOHQWRUQRGRQGH YLYHQSURYRFDQGRODFUHDFLyQGHHVDVEDUUHUDVSDUDODVDFWLYLGDGHV\SDUDODSDUWLFLSDFLyQGH KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

ODV SHUVRQDV TXH WLHQHQ DOJXQD GLVFDSDFLGDG 6LJXLHQGR D (JHD \ 6DUDELD   \D QR VH HQXQFLDQ WUHV QLYHOHV GH FRQVHFXHQFLDV GH OD HQIHUPHGDG VLQR GH IXQFLRQDPLHQWR FRPR OD FDSDFLGDGGHOVXMHWRSDUDGHVDUUROODUDFWLYLGDGHV\ODSRVLELOLGDGGHSDUWLFLSDFLyQVRFLDOGHOVHU KXPDQR \ OD GLVFDSDFLGDG FRPR DTXHOODV GHILFLHQFLDV HQ ODV IXQFLRQHV \ HVWUXFWXUDV FRUSRUDOHVODVOLPLWDFLRQHVHQODFDSDFLGDGGHOOHYDUDFDERDFWLYLGDGHV\ODVUHVWULFFLRQHVHQOD SDUWLFLSDFLyQVRFLDOGHOVHUKXPDQR3LODU$UQiL] FRQVLGHUDTXHVLTXHUHPRVSURJUHVDU WHQHPRVTXHSUHFLVDUXQFDPELRHQODVDFWLWXGHV\YDORUHVGHOSURIHVRUDGR3URFODPDTXHORV VLVWHPDV HGXFDWLYRV GHEHQ GLVHxDU SURJUDPDV TXH UHVSRQGDQ D OD DPSOLD YDULHGDG GH FDUDFWHUtVWLFDV \ QHFHVLGDGHV GH OD GLYHUVLGDG GHO DOXPQDGR IDYRUHFLHQGR TXH FDGD DOXPQR DSUHQGD HQ OD PHGLGD GH VXV SRVLELOLGDGHV +D\ TXH GHVDUUROODU HVWUDWHJLDV GLGiFWLFDV TXH HVWLPXOHQ \ IRPHQWHQ OD SDUWLFLSDFLyQ GH WRGRV ORV DOXPQRV DSUHQGLHQGR WRGRV GH PDQHUD FRRSHUDWLYD \ HO FHQWUR HGXFDWLYR GHEH HVWDEOHFHU XQ SUR\HFWR HGXFDWLYR TXH DVXPD OD DWHQFLyQDODGLYHUVLGDGFRPRSULQFLSLRGHIXQFLRQDPLHQWRTXHJHQHUHORVFDPELRVQHFHVDULRV HQ HO DXOD \ WLHPSRV FRPXQHV SDUD OD FRRUGLQDFLyQ GHO SURIHVRUDGR OD GLVWULEXFLyQ GH ORV HVSDFLRVHQIXQFLyQGHORVREMHWLYRVGHOFHQWUR\GLVWULEX\HQGRHOWLHPSRHQHODXODHQIXQFLyQ GHORVULWPRVGHDSUHQGL]DMHGHODOXPQDGR 6HGHEHFRQVROLGDUXQJUXSRGHWUDEDMRFRODERUDWLYRFRQXQOLGHUD]JRHIHFWLYROOHYDGRDFDER SRUWRGRVTXHFRRSHUHQHQHOGLVHxRGHHVWUDWHJLDVGLGiFWLFDVTXHIDYRUH]FDQODLQFOXVLyQ\HO DSUHQGL]DMHGHODOXPQDGRLQFOX\HQGRWDUHDVTXHSHUPLWDQODIXVLyQGHGLYHUVRVJUXSRVDXODR ORVFRQWHQLGRVGHGLYHUVDVPDWHULDVSHUPLWLHQGRODJOREDOL]DFLyQGHFRQWHQLGRV\VREUHWRGR HVWUDWHJLDV TXH SHUPLWDQ IDYRUHFHU OD FRRUGLQDFLyQ HQWUH WRGRV (O JUXSR GH WUDEDMR GHEH IDYRUHFHUTXHVHFRPSDUWDQODVGXGDVUHIOH[LyQVREUHHOWUDEDMRFRQIOLFWRVSHQDVSURSXHVWDV p[LWRV \ IUDFDVRV SDUD D\XGDU D UHRULHQWDU ODV SUiFWLFDV \ IDYRUHFHU OD FDOLGDG GH OD HQVHxDQ]D(QWUHWRGRVGHEHQGLDJQRVWLFDUODVGLILFXOWDGHVH[LVWHQWHVHQHOFHQWURHGXFDWLYR\ EXVFDUVROXFLRQHV\OOHYDUODVDODSUiFWLFDDWUDYpVGHXQSODQGHDFFLyQUHDOL]DQGRHQWUHWRGRV XQD HYDOXDFLyQ FRQWLQXDGD GHO SURFHVR OOHYDGR D FDER SDUD UHDOL]DU ODV PRGLILFDFLRQHV RSRUWXQDV7DPELpQ VH GHEH SURPRYHU OD FRRSHUDFLyQ GH WRGD OD FRPXQLGDG HGXFDWLYD HQ HO SURFHVR HGXFDWLYR GHO DOXPQDGR QR VyOR DO DOXPQDGR \ SURIHVRUDGR VLQR WDPELpQ D ODV IDPLOLDV \ D WRGDV DTXHOODV LQVWLWXFLRQHV GH OD VRFLHGDG TXH SXHGDQ D\XGDUQRV SRU HMHPSOR RWURV HVSHFLDOLVWDV FRPR HGXFDGRUHV VRFLDOHV WUDEDMDGRUHV VRFLDOHV PRQLWRUHV SHGDJRJRV SVLFyORJRV PpGLFRV HWF SRU HMHPSOR RUJDQL]DFLRQHV QR JXEHUQDPHQWDOHV  0HGLQD 5LYLOOD  7DPELpQODSDUWLFLSDFLyQGHEHUHDOL]DUVHDQLYHOGHFHQWURHQODRUJDQL]DFLyQGHpVWH HQ HO FXUUtFXOXP \ HQ OD FXOWXUD \ OD FRPXQLGDG 6LJXLHQGR D %ODQFR   OD SDUWLFLSDFLyQ VLJQLILFDTXHHOFXUUtFXOXP\ODVDFWLYLGDGHVHGXFDWLYDVFRQWHPSOHQ ODV QHFHVLGDGHV GH WRGRV ORV HVWXGLDQWHV \ VH FRQVLGHUH VX RSLQLyQ D ODV GHFLVLRQHV TXH DIHFWDQ D VXV YLGDV \ HO IXQFLRQDPLHQWRGHODHVFXHODQHFHVDULRSDUDVXGHVDUUROORSHUVRQDO\VRFLDOL]DFLyQ 3RU VX SDUWH 0XQWDQHU   GHVWDFD TXH SDUD OOHYDU D FDER SROtWLFDV LQFOXVLYDV OD $GPLQLVWUDFLyQ KD GH HVWDU FRPSURPHWLGD FRQ OD LQFOXVLyQ \ KD GH SURPRYHU ODV FRQGLFLRQHV SUHFLVDVSDUDXVDUORVUHFXUVRVGHPDQHUDIOH[LEOH\ODIRUPDFLyQSHUPDQHQWHQHFHVDULDHQHO VLJXLHQWHDSDUWDGRSURIXQGL]DUHPRVVREUHHOOR /D$GPLQLVWUDFLyQGHEHHVWDUDELHUWDDOGLiORJR KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

FRQ WRGRV ORV VHFWRUHV GH OD FRPXQLGDG HGXFDWLYD SDUD JDUDQWL]DU HO FRQRFLPLHQWR GH VXV QHFHVLGDGHV \ OD LPSOLFDFLyQ GH HVRV VHFWRUHV HQ OD FRQVHFXFLyQ PLVPD GH ODV PHWDV HGXFDWLYDV6DUUDPRQD\5RGUtJXH] 'HEHPRVDSRUWDUDOSURIHVRUDGRDTXHOORVDSR\RV QRUPDOL]DGRV \ QDWXUDOHV TXH SUHFLVHQ LQWHJUDGRV HQ HO FRQWH[WR HOLPLQDQGR DTXHOORV SURJUDPDV HVSHFtILFRV FDWHJRUL]DGRUHV SDUD ORV DOXPQRV $SR\RV DGDSWDGRV DO FRQWH[WR QR VyORHQUHFXUVRVVLQRHVSHFLDOLVWDVTXHOHD\XGHQGHQWURGHODXODDDWHQGHUDODVQHFHVLGDGHV GHO DOXPQDGR D QLYHO GH DXOD \ QR VyOR DO DOXPQDGR FRQ 1(( \ HQ JHQHUDO DSR\RV TXH OH SHUPLWDQ D\XGDUOH D GLVHxDU HO FXUUtFXOXP \ XQD PHWRGRORJtD HGXFDWLYD TXH D\XGH DO SURIHVRUDGR D LQFOXLU HIHFWLYDPHQWH D WRGRV VXV DOXPQRV 0HGLQD 5LYLOOD   D\XGDUOH D DWHQGHUDOGLDJQyVWLFRGHODVQHFHVLGDGHVGHDSR\RHQUHODFLyQDQXHVWURVDOXPQRVIDPLOLDV\ UHVWDQWHV PLHPEURV GH OD FRPXQLGDG HGXFDWLYD \ DFWXDU GH DFXHUGR D HVWD LGHQWLILFDFLyQ GDQGRUHVSXHVWDDODVQHFHVLGDGHVGHFDGDXQRHWF(FKHLWD  (VWDV SROtWLFDV GHEHUtDQ SRWHQFLDU DVLPLVPR TXH VH SUHVWH HVSHFLDO DWHQFLyQ D ORV IDFWRUHV DIHFWLYRV HPRFLRQDOHV SRU VX LPSRUWDQFLD HQ HO GHVDUUROOR GH HVFXHODV LQFOXVLYDV \ VX LQFLGHQFLD HQ HO DSUHQGL]DMH GH ORV HVWXGLDQWHV %ODQFR   6HUtD IXQGDPHQWDO TXH ORV FHQWURV HVSHFtILFRV HYROXFLRQDGRV D FHQWURV GH UHFXUVRV FRRSHUHQ FRQ ORV FHQWURV RUGLQDULRV D OD KRUD GH DSRUWDUOHV UHFXUVRV PDWHULDOHV FXUULFXODUHV FXUVRV GH IRUPDFLyQ DO SURIHVRUDGRHVSHFLDOLVWDVTXHDFXGDQDODVDXODVDD\XGDUDOSURIHVRUDGRRULHQWDFLRQHVSDUD ODWUDQVLFLyQHQWUHHWDSDVHGXFDWLYDV\ODHQWUDGDDOPHUFDGRODERUDOHWFHVGHFLUFRQYHUWLUORV FHQWURVHVSHFtILFRVHQFHQWURVGHUHFXUVRVHQOXJDUGHKDFHUORVGHVDSDUHFHU$('((  7DPELpQ GHVWDFDPRV TXH UHVXOWD QHFHVDULR XQD PtQLPD HTXLGDG VRFLDO TXH JDUDQWLFH ODV FRQGLFLRQHVTXHKDFHQSRVLEOHHODSUHQGL]DMHSRUORTXHHVQHFHVDULRHOGHVDUUROORGHSROtWLFDV LQWHUVHFWRULDOHVTXHDERUGHQGHIRUPDLQWHJUDOORVIDFWRUHVH[WHUQRVHLQWHUQRVDORVVLVWHPDV HGXFDWLYRVTXHJHQHUDQH[FOXVLyQGLVFULPLQDFLyQ\GHVLJXDOGDG2XDQH 3DUDHOORHQ UHODFLyQ FRQ OD GLYHUVLGDG FXOWXUDO TXH HQFRQWUDPRV HQ QXHVWUDV DXODV WHQHPRV TXH DFRJHU FRQ ORV EUD]RV DELHUWRV D WRGDV HVDV FXOWXUDV \ UHODFLRQDUQRV ORV XQRV FRQ ORV RWURV HQULTXHFLpQGRQRVFRQYLYLHQGRDWHQGLHQGRVXVQHFHVLGDGHVFUHDQGRUHODFLRQHVGHWROHUDQFLD \UHVSHWRSRUDPERVEDQGRV\DQXHVWUDSURSLDFXOWXUDWDPELpQIDYRUHFHUHODSUHQGL]DMH GHO LGLRPD GH DFRJLGD DO DOXPQDGR LQPLJUDQWH \ DSUHQGHU DOJXQDV QRFLRQHV EiVLFDV GH RWURV LGLRPDVSRUSDUWHGHODOXPQDGRDXWyFWRQR0DULV \SRUHOORHVWDEOHFHUXQFXUUtFXOXP LQWHUFXOWXUDO-LPpQH]*iPH] GHVDUUROODQGRXQDSHGDJRJtDGHODGLYHUVLGDGEDVDGR HQ OD LJXDOGDG GH WUDWR \ OD QR GLVFULPLQDFLyQ \ HQ VX LQFOXVLyQ HQ OD HVFXHOD UHDOL]DQGR HO VHJXLPLHQWRGHWRGDVODVDFWLYLGDGHVTXHVHOOHYHQDFDERHQHOFHQWURHGXFDWLYRFRQIRUPHD HVWDV ILQDOLGDGHV SRU HMHPSOR MRUQDGDV GH VHQVLELOL]DFLyQ WDOOHUHV FXUVRV MRUQDGDV GH SXHUWDV DELHUWDV VHPDQDV LQWHUFXOWXUDOHV FRQ DFWLYLGDGHV FXUULFXODUHV \ H[WUDFXUULFXODUHV FKDUODVFRORTXLR MRUQDGDV O~GLFDV \ GH RFLR GHEDWHV HWF SXGLHQGR HVWDU FRRUGLQDGDV SRU HO FHQWUR HGXFDWLYR \ ODV GLIHUHQWHV DVRFLDFLRQHV WDQWR GH SDGUHV \ PDGUHV FRPR GH YHFLQRV DVRFLDFLRQHVFXOWXUDOHVGHOEDUULRRODORFDOLGDGHLQFOXVRRWUDVLQVWLWXFLRQHVS~EOLFDVRSULYDGDV (VFDUEDMDO0DULV  6RULDQR   \ WDPELpQ SRGHPRV OOHJDU LQFOXVR D WHQHU XQ PHGLDGRULQWHUFXOWXUDOFRPRQH[RGHXQLyQHQWUHIDPLOLDVGHRWURVSDtVHV\FHQWURHGXFDWLYRHM KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

DSUHQGL]DMH GH LGLRPDV H[SOLFDUOHV ODV GLYHUVDV DFWXDFLRQHV TXH VH OOHYDQ FRQ VXV KLMRV LQIRUPDUOHV DFHUFD GH OD FXOWXUD GH QXHVWUR SDtV LQIRUPDU DO FHQWUR HGXFDWLYR DFHUFD GH OD FXOWXUDGHVXVIDPLOLDVHWF 6RULDQR  7DPELpQ GHVWDFD OD LPSRUWDQFLD GH OOHYDU D FDER DJUXSDPLHQWRV KHWHURJpQHRV FRQ SODQWHDPLHQWRV IOH[LEOHV GH OD LQVWUXFFLyQ TXH FRQWHPSOHQ UXWDV GH DSUHQGL]DMH GLIHUHQWHV PHWRGRORJtDVHIHFWLYDVGHHQVHxDQ]DDSUHQGL]DMHEDVDGDVHQH[SHFWDWLYDV\TXHFRQOOHYHQXQ VHJXLPLHQWR SHUVRQDO GH WRGRV ORV DOXPQRV OD WUDQVIRUPDFLyQ GH ODV FXOWXUDV QRUPDWLYDV \ SUiFWLFDVGHORVFHQWURVSDUDTXHUHVSRQGDQDODGLYHUVLGDGGHODVQHFHVLGDGHVGHODOXPQDGR HWF(VLPSRUWDQWHWDPELpQODGLYHUVLILFDFLyQGHODRIHUWDHGXFDWLYD\ODSHUVRQDOL]DFLyQGHODV H[SHULHQFLDV FRPXQHV GH DSUHQGL]DMH FRQ HO ILQ GH ORJUDU HO PD\RU JUDGR SRVLEOH GH SDUWLFLSDFLyQ GH WRGRV ORV HVWXGLDQWHV VLQ SHUGHU GH YLVWD ODV QHFHVLGDGHV GH FDGD XQR %ODQFR  3DUDOOHYDUDFDEREXHQDVSUiFWLFDVLQFOXVLYDVHOSURIHVRUDGRGHEHWHQHUXQDDFWLWXGDELHUWDDO FDPELR \ D OD LQQRYDFLyQ GRFHQWH GHEH EXVFDU DOWHUQDWLYDV D VXV SUiFWLFDV GRFHQWHV TXH OH SHUPLWDQ UHVSRQGHU DGHFXDGDPHQWH D ODV QHFHVLGDGHV HGXFDWLYDV GH WRGRV VXV DOXPQRV 'HEHDFHSWDUODGLYHUVLGDGFRPRXQKHFKRQDWXUDOHLQHYLWDEOHFRQHOTXHGHEHPRVDSUHQGHUD WUDEDMDU DGDSWiQGRQRV DO WUDEDMR FRQ JUXSRV KHWHURJpQHRV 1RV FRQGXFH D SODQWHDU SURSXHVWDV HQ OD SUiFWLFD TXH FDUHFHQ GH UHVSXHVWDV ~QLFDV SDUD FHQWUDUQRV HQ ODV QHFHVLGDGHVGHORVDOXPQRV\EXVFDUHVWUDWHJLDVTXHIDYRUH]FDQHODSUHQGL]DMHGHWRGRVHQ VX GLYHUVLGDG GHQWUR GHO JUXSR GRQGH VLHPSUH KDEUi PiV HOHPHQWRV FRPXQHV TXH GLIHUHQFLDOHVHQWUHORVDOXPQRV/RVSURIHVRUHVGHODVDXODVRUGLQDULDVREVHUYDQDORVDOXPQRV FRQ1($(FRPRXQDRSRUWXQLGDGGHPHMRUD\GHLQQRYDFLyQHQVXDFWLYLGDGGRFHQWHHQXQD RSRUWXQLGDG GH EXVFDU DOWHUQDWLYDV \ QXHYDV IRUPDV GH DFWXDFLyQ GLGiFWLFD TXH KDQ GH EHQHILFLDU D WRGR HO JUXSR /RV SURIHVRUHV QR FHGHQ VXV UHVSRQVDELOLGDGHV SDUD FRQ HVWRV DOXPQRVHQORVSURIHVRUHVHVSHFLDOL]DGRVVLQRTXHUHTXLHUHQODD\XGD\FRODERUDFLyQGHHVWRV HVSHFLDOLVWDVSDUDDPSOLDUVXRIHUWDHGXFDWLYD\DVtWRGRVVXVDOXPQRVSRGUiQEHQHILFLDUVHGH HVWDV QXHYDV SURSXHVWDV GLGiFWLFDV (O SURIHVRUDGR GHEH ILMDUVH HQ ODV FRPSHWHQFLDV \ FDSDFLGDGHVGHVXVDOXPQRVQRWDQWRHQODVOLPLWDFLRQHV\GpILFLWVTXHSXHGDQSUHVHQWDUSDUD LQFRUSRUDUORV DO IOXMR JHQHUDO GH ODV DFWLYLGDGHV GHVDUUROODGDV HQ HO DXOD \ HQ HO FHQWUR HGXFDWLYRIRPHQWDQGRHQVXVDOXPQRVTXHYDORUHQ\UHVSHWHQDFDGDSHUVRQDIDYRUHFLHQGROD LJXDOGDGGHWUDWR 7DPELpQVHUtDVDWLVIDFWRULRIOH[LELOL]DUHOFXUUtFXOXPSRWHQFLDUODDXWRQRPtDGHODOXPQRWRPDU ODGLYHUVLGDGFRPRXQYDORUSODQWHDUXQSURFHVRGHGLDJQyVWLFR\HYDOXDFLyQTXHSDUWDGHODV FRQFHSFLRQHVGHODOXPQDGR\GHOFRQWH[WR\TXHOHSHUPLWDHYDOXDUOHPHGLDQWHODUHDOL]DFLyQGH ODV PLVPDV WDUHDV TXH VXV FRPSDxHURV VH HYDO~HQ WRGRV ORV IDFWRUHV TXH LQIOX\HQ HQ HO GLDJQyVWLFR RUJDQL]DFLyQ UHFXUVRV FRPSDxHURV HWF  SURFHGLPLHQWRV \ KDELOLGDGHV WHUPLQDQGR FRQ XQD YDORUDFLyQ FXDOLWDWLYD TXH SHUPLWD SODQWHDU OD LQWHUYHQFLyQ SVLFRSHGDJyJLFD DGHFXDGD HWF UHFRJLHQGR HO HQIRTXH GHO GLDJQyVWLFR DOWHUQDWLYR ,EDUUD   \ UHDOL]DQGR XQD HYDOXDFLyQ FRQWLQXDGD GH VXV SURJUHVRV SDUD GLDJQRVWLFDU SRVLEOHV KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

PRGLILFDFLRQHV GHO SURFHVR SXHVWR HQ PDUFKD 0XQWDQHU   LQVLVWH HQ TXH OD HYDOXDFLyQ GHEH UHIOHMDU OD GLYHUVLGDG GH FRQWHQLGRV \ FDSDFLGDGHV GH FDGD iUHD TXH ORV PRPHQWRV VLWXDFLRQHVHLQVWUXPHQWRVGHHYDOXDFLyQGHEHQVHUGLYHUVRV\YDULDGRVREVHUYDFLyQSUXHEDV HVFULWDVHQWUHYLVWDVSRUWDIROLRVH[SRVLFLRQHVGLDULRVPDSDVFRQFHSWXDOHVHWF \TXHSHUPLWD \ DFHSWH TXH DOXPQRV GLYHUVRV DGTXLHUDQ FRQRFLPLHQWRV GLYHUVRV \ REWHQJDQ UHVXOWDGRV GH DSUHQGL]DMH GLVWLQWRV VLQ LPSHGLU QL GLILFXOWDU OD SDUWLFLSDFLyQ FRQMXQWD HQ ODV DFWLYLGDGHV SRVWHULRUHVQLHQHOGHVDUUROORGHODVUHODFLRQHVHQWUHHVWRVFRPSDxHURV 7DPELpQ DTXt GHVWDFDPRV ODV FRPXQLGDGHV GH DSUHQGL]DMH TXH FRQ FRPXQLGDGHV RUJDQL]DGDV TXH FRQVWUX\HQ \ VH LQYROXFUDQ HQ XQ REMHWLYR HQ FRP~Q SDUD HGXFDUVH D Vt PLVPDVDSUHQGLHQGRORVXQRVGHORVRWURVHQHOPDUFRGHXQHVIXHU]RHQGyJHQRFRRSHUDWLYR \ VROLGDULR EDVDGR HQ XQ GLDJQyVWLFR QR VyOR GH VXV FDUHQFLDV VLQR VREUH WRGR GH VXV IRUWDOH]DV SDUD VXSHUDU WDOHV GHELOLGDGHV 7RUUHV   )OHFKD  FLWDGR SRU 9LHLWHV  H[SOLFDTXHVHWUDWDGHXQDFRPXQLGDGKXPDQDRUJDQL]DGDTXHFRQVWUX\H\VHLQYROXFUD HQXQSUR\HFWRHGXFDWLYR\FXOWXUDOSURSLRSDUDHGXFDUVHDVtPLVPDDSUHQGLHQGRORVXQRVGH ORVRWURVJUDFLDVDODVDSRUWDFLRQHVGHFDGDXQRWRGRVVRQGRFHQWHVDODYH]TXHGLVFHQWHV GiQGRVHXQDSUHQGL]DMHGLDOyJLFR FRQUHVSHFWRDXQWHPDREMHWLYRRVXHxRDFXPSOLUTXH VXHOH FXOPLQDU FRQ OD WUDQVIRUPDFLyQ HGXFDWLYD \ FXOWXUDO D QLYHO ORFDO (O JUXSR DQDOL]D VXV QHFHVLGDGHV GH GHVDUUROOR \ FyPR SRGHU VXSHUDUODV GHVDUUROODQGR \ VLQFURQL]DQGR ORV UHFXUVRV\HVIXHU]RV GH OD FRPXQLGDG ORFDO IDYRUHFLHQGR HO GHVDUUROOR FRPXQLWDULR SXGLHQGR VHUHQHODXODHVFXHODFLXGDGEDUULRORFDOLGDGHLQFOXVRYLUWXDOPHQWHDWUDYpVGHORVIRURV EORJV R UHGHV VRFLDOHV GH ODV TXH GLVSRQHPRV DFWXDOPHQWH 6H IRPHQWD OD SDUWLFLSDFLyQ FLXGDGDQDGHWRGRVORVPLHPEURVGHODFRPXQLGDGLQFOX\HQGRYROXQWDULRVTXHVHHQFXHQWUHQ HQ OD VRFLHGDG \ OD FRRSHUDFLyQ GH RWUDV LQVWLWXFLRQHV GH OD VRFLHGDG HGXFDGRUHV VRFLDOHV WUDEDMDGRUHVVRFLDOHVSHGDJRJRVSVLFyORJRVPHGLDGRUHVPRQLWRUHVJDELQHWHVGHRULHQWDFLyQ SVLFRSHGDJyJLFD HTXLSRV GH RULHQWDFLyQ HGXFDWLYD HWF  \ HO DSUHQGL]DMH \ SURJUHVR SHUPDQHQWHUHFRQRFLpQGRVHODGLYHUVLGDG\HVWHSURFHVRVHFRQFUHWDHQWRGRVVXVHVSDFLRV LQFOXLGDHODXOD(OERMHWDO6RULDQR  7HQHPRVFRPRUHIHUHQFLDODVH[SHULHQFLDVOOHYDGDVDFDERSRUHO&HQWURGHLQYHVWLJDFLyQ HQ WHRUtDV \ SUiFWLFDV VXSHUDGRUHV GH GHVLJXDOGDGHV &5($  TXH IRPHQWDQ OD HYROXFLyQ \ UHFRQVWUXFFLyQGHFHQWURVHGXFDWLYRVHQFRPXQLGDGHVGHDSUHQGL]DMHDGHPiVGHH[SHULHQFLDV TXHVHLQLFLDQPHGLDQWHODVHQVLELOL]DFLyQGHODFRPXQLGDGDFHUFDGHODVLJQLILFDWLYLGDGGHOOHYDU DFDERXQSUR\HFWRGHHVWDFDWHJRUtDVHIRUPDDWRGDODFRPXQLGDGDFHUFDGHODVKDELOLGDGHV \HVWUDWHJLDVDOOHYDUDFDERHQODVDXODVHQODVUHXQLRQHVGHSDGUHVHQHO&RQVHMRHVFRODU HQHO$03$HWF VHDQDOL]DQH[SHULHQFLDV\DH[LVWHQWHVVHVROLFLWDHODSR\R\FRODERUDFLyQGH OD $GPLQLVWUDFLyQ HGXFDWLYD SDUD OOHYDU D FDER HVWH SUR\HFWR VH SODQWHDQ ORV REMHWLYRV R VXHxRV ¢FyPR HV HO FROHJLR TXH TXHUHPRV FDGD XQR GH QRVRWURV LQFOX\HQGR D SDGUHV DOXPQRVYROXQWDULRVEDUULRHWF" \ODVSULRULGDGHVTXHODFRPXQLGDGWRPDUiSDUWLHQGRGHORV UHFXUVRVTXHSUHVHQWDQHQHVHPRPHQWR\GLVHxDQGRFRPLVLRQHVGHWUDEDMRGHPDQHUDTXH SXHGDQ UHDOL]DU XQD VHULH GH WDUHDV D WUDYpV GHO WUDEDMR FRRSHUDWLYR \ HO GLiORJR TXH EHQHILFLHQ OD FRQVHFXFLyQ GH HVRV REMHWLYRV (MHPSORV GH FRPLVLRQHV VRQ JHVWRUD IRUPDGD KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

SRUHOHTXLSRGLUHFWLYR\XQDSHUVRQDGHODVRWUDVFRPLVLRQHVHQGRQGHHYDO~DQ\SODQLILFDQGH IRUPDJOREDOWRGRHOWUDEDMRTXHVHHVWiOOHYDQGRDFDER LQIUDHVWUXFWXUDVKDFHUUHDOLGDGORV VXHxRVTXHWLHQHQTXHYHUFRQWRGRWLSRGHLQIUDHVWUXFWXUDVGHOFHQWUR DSUHQGL]DMHGHQWURGHO DXOD FRQWHQLGRV UHFXUVRV PHWRGRORJtD SUHPLRV DO WUDEDMR ELHQ KHFKR HWF  DSUHQGL]DMH H[WHUQRDODXODUHFUHRDFWLYLGDGHVH[WUDHVFRODUHVVHPDQDFXOWXUDOH[FXUVLRQHVHWF QXHYDV WHFQRORJtDV \ ELEOLRWHFD PHMRUDU HVWRV GRV DVSHFWRV  FRQYLYHQFLD \ YDORUHV PHMRUD GH OD FRQYLYHQFLDHQWUHFRPSDxHURV\FRQRWURVLQWHJUDQWHVGHODFRPXQLGDGHGXFDWLYD >@ 2WUDPHGLGDGHVWDFDEOHVRQORV*UXSRVGH$\XGDHQWUH3URIHVRUDGR*$(3 6LJXLHQGRDOD SURIHVRUD ÈQJHOHV 3DUULOOD GH OD 8QLYHUVLGDG GH 6HYLOOD OD D\XGD PXWXD SXHGH VHU XQD H[FHOHQWHIRUPDGHDERUGDUODVGLILFXOWDGHVLQFHUWLGXPEUHV\UHWRVTXHSODQWHDODDWHQFLyQDOD GLYHUVLGDG HQORVTXHVHDQDOL]DQ\EXVFDQVROXFLRQHVDORVSUREOHPDVTXHVXHOHQVXUJLU HQ OD DFWLYLGDG GLDULD GH DXOD \ GH FHQWUR ÈQJHOHV 3DUULOOD   6H GHEH FRQVROLGDU XQ JUXSR GH WUDEDMR FRODERUDWLYR FRQ XQ OLGHUD]JR HIHFWLYR OOHYDGR D FDER SRU WRGRV TXH FRRSHUHQHQHOGLVHxRGHHVWUDWHJLDVGLGiFWLFDVTXHIDYRUH]FDQODLQFOXVLyQ\HODSUHQGL]DMHGHO DOXPQDGRLQFOX\HQGRWDUHDVTXHSHUPLWDQODIXVLyQGHGLYHUVRVJUXSRVDXODRORVFRQWHQLGRV GHGLYHUVDVPDWHULDVSHUPLWLHQGRODJOREDOL]DFLyQGHFRQWHQLGRV\VREUHWRGRHVWUDWHJLDVTXH SHUPLWDQ IDYRUHFHU OD FRRUGLQDFLyQ HQWUH WRGRV DGHPiV GH DWHQGHU D ODV GHPDQGDV GH ORV WXWRUHVUHODFLRQDGDVFRQODDWHQFLyQDODGLYHUVLGDG(OJUXSRGHWUDEDMRGHEHIDYRUHFHUTXHVH FRPSDUWDQ FRQ HO GRFHQWH TXH GHPDQGD OD D\XGD ODV GXGDV UHIOH[LyQ VREUH HO WUDEDMR FRQIOLFWRV SHQDV SURSXHVWDV p[LWRV \ IUDFDVRV SDUD D\XGDU D UHRULHQWDU ODV SUiFWLFDV \ IDYRUHFHUODFDOLGDGGHODHQVHxDQ]D (QWUHWRGRVGHEHQDQDOL]DUHOSUREOHPD\GLDJQRVWLFDUODVGLILFXOWDGHVH[LVWHQWHVHQHOFHQWUR HGXFDWLYR D UDt] GH ORV DQiOLVLV \ H[SRVLFLyQ GH GLILFXOWDGHV SRU SDUWH GHO GRFHQWH TXH GHPDQGD OD D\XGD  \ EXVFDU VROXFLRQHV DOWHUQDWLYDV D ORV PpWRGRV TXH VH OOHYDQ D FDER HQ HVHLQVWDQWH\OOHYDUODVDODSUiFWLFDDWUDYpVGHXQSODQGHDFFLyQUHDOL]DQGRHQWUHWRGRVXQD HYDOXDFLyQFRQWLQXDGDGHOSURFHVROOHYDGRDFDERSDUDUHDOL]DUODVPRGLILFDFLRQHVRSRUWXQDV 7HQJDPRV HQ FXHQWD VLJXLHQGR D ,EDUUD   TXH OD DWHQFLyQ D ODV QHFHVLGDGHV GHO DOXPQDGR LQFOX\HQGR VX SURFHVR GH GLDJQyVWLFR H LQWHUYHQFLyQ QR HV VyOR WDUHD GH XQRV HVSHFLDOLVWDV VLQR GH WRGR HO SURIHVRUDGR HQ FRQMXQWR /RV SUREOHPDV TXH SXHGHQ VXUJLU \ WUDEDMDU FRQMXQWDPHQWH SXHGHQ VHU GH FXDOTXLHU iPELWR DFWLWXG GHO DOXPQDGR SURFHVR GH HQVHxDQ]DDSUHQGL]DMH UHVROXFLyQ GH XQ SUREOHPD FRQ ODV IDPLOLDV GLVHxR \ GHVDUUROOR GH UHFXUVRV GLGiFWLFRV HWF 3DUD GHVDUUROODUORV VHUtD IXQGDPHQWDO TXH SULPHUR HO SURIHVRUDGR UHFLELHVH XQD IRUPDFLyQ HQ WUDEDMR FRRSHUDWLYR VREUH WRGR HQ HVWUDWHJLDV GH FRRUGLQDFLyQ GHVDUUROOR \ UHIOH[LyQ FRQMXQWD HQWUH WRGR HO SURIHVRUDGR 1RUPDOPHQWH ORV JUXSRV *$(3 VXHOHQ HVWDU LQWHJUDGRV SRU WUHV PLHPEURV XQ HVSHFLDOLVWD HQ 3HGDJRJtD 7HUDSpXWLFD R $XGLFLyQ\/HQJXDMHXQGRFHQWHFRQXQDOWRQ~PHURGHDxRVGHH[SHULHQFLD\XQGRFHQWHFRQ PHQRVDxRVGHH[SHULHQFLDVLHQGRHOHJLGRVGHPRFUiWLFDPHQWHSRUHO&ODXVWURGH3URIHVRUHV \FDGDDxRVXHOHFDPELDUVHDXQPLHPEURTXHSDVDDVHUVXVWLWXWRSHURQRVHGHVHQWLHQGH GHILQLWLYDPHQWHGHO*$(3VLQRTXHVHRFXSDGHDVHVRUDUDDTXHOPLHPEURQXHYRTXHOOHJXHDO *$(3 KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

3DUDOOHYDUDFDERXQVLVWHPDGHLQFOXVLyQUHVXOWDPX\UHFRPHQGDEOHDSOLFDUORVSULQFLSLRV\ GLUHFWULFHVGHOGLVHxRXQLYHUVDOGHDSUHQGL]DMH&RQQHOO-RQHV0DFHHWDO0XQWDQHU 2XDQH HQHOVHQWLGRGHTXHVHGHEHQSURJUDPDUVLWXDFLRQHVGHDSUHQGL]DMHTXH VHDQ DFFHVLEOHV \ DSURYHFKDGDV SRU WRGRV ORV DOXPQRV LQGHSHQGLHQWHPHQWH GH VXV OLPLWDFLRQHV\GHILFLHQFLDVHQOXJDUGHSODQLILFDUSHQVDQGRHQXQDOXPQRSURPHGLR&RQVLVWH HQSODQWHDUXQGLVHxR~WLO\YHQGLEOHDSHUVRQDVFRQGLYHUVDVFDSDFLGDGHVDFRPRGiQGRVHD XQDPSOLRUDQJRGHSUHIHUHQFLDVKDELOLGDGHV LQGLYLGXDOHV IiFLO GH HQWHQGHU \ VLQ LPSRUWDU OD H[SHULHQFLD FRQRFLPLHQWRV HVWLOR GH DSUHQGL]DMH>@ KDELOLGDGHV GHO OHQJXDMH R QLYHO GH FRQFHQWUDFLyQ GHO XVXDULR WUDQVPLWLHQGR OD LQIRUPDFLyQ QHFHVDULD GH IRUPD HIHFWLYD VLQ LPSRUWDU ODV FRQGLFLRQHV GHO DPELHQWH R ODV FDSDFLGDGHV VHQVRULDOHV GHO DOXPQR PLQLPL]D ULHVJRV\FRQVHFXHQFLDVDGYHUVDVGHDFFLRQHVLQYROXQWDULDVRDFFLGHQWDOHV SXHGH VHU XVDGR FyPRGD\HILFLHQWHPHQWHPLQLPL]DQGRODIDWLJD\SURSRUFLRQDXQWDPDxR\HVSDFLRDGHFXDGR SDUDHODFHUFDPLHQWRDOFDQFHPDQLSXODFLyQ\XVRLQGHSHQGLHQWHPHQWHGHOWDPDxRFRUSRUDO SRVWXUDRPRYLOLGDGGHODOXPQR 3DUD $UQiL]    HGXFDU HQ OD GLYHUVLGDG VLJQLILFD HMHUFHU ORV SULQFLSLRV GH LJXDOGDG \ HTXLGDGDORVTXHWRGRVHUKXPDQRWLHQHGHUHFKRORTXHFRQOOHYDGHVDUUROODUXQDVHVWUDWHJLDV GHHQVHxDQ]DDSUHQGL]DMHTXHSHUVRQDOLFHQODHQVHxDQ]DHQXQPDUFR\GLQiPLFDGHWUDEDMR SDUD WRGRV (GXFDU SDUD OD GLYHUVLGDG H[SUHVD HO PDWL] GH HGXFDU SDUD XQD FRQYLYHQFLD GHPRFUiWLFDGRQGHODVROLGDULGDGODWROHUDQFLD\ODFRRSHUDFLyQHVWpQSUHVHQWHV\FDUDFWHULFHQ ODVUHODFLRQHVHQWUHORVDOXPQRVGHQWUR\IXHUDGHODXODVHWUDWDUtDGHVHUFLXGDGDQRVFDSDFHV GH YDORUDU \ YLYLU FRQ HO TXH HV GLIHUHQWH SRU UD]RQHV SHUVRQDOHV VRFLDOHV UHOLJLRVDV HWF &RPR HVWUDWHJLDV SHGDJyJLFDV SURSRQH GHEDWLU DTXHOORV DVSHFWRV GHO FXUUtFXOXP TXH DXQ VLHQGR YDOLRVRV QR WLHQHQ TXH VHU DSUHQGLGRV SRU WRGRV ORV DOXPQRV \ GLYHUVLILFDUORV H[WUDHVFRODUPDWHULDVRSWDWLYDVIRUPDQ SDUWH GH RWUD PDWHULD OHFWXUDV HWF  DSURYHFKDU ORV UHFXUVRV GHO HQWRUQR SDUWLU GH ODV FRQFHSFLRQHV GHO DOXPQDGR SODQWHDU PHWRGRORJtDV FRQVWUXFWLYLVWDV HQ ODV FXDOHV HO SURIHVRUDGR DGTXLHUD HO URO GH RULHQWDGRU R PHGLDGRU GH ORV DSUHQGL]DMHV GH VXV DOXPQRV IDYRUHFLHQGR VLWXDFLRQHV GH PHWDFRJQLFLyQ TXH DSUHQGDQ D DSUHQGHU DGTXLULUXQDJUDQULTXH]DGHPDWHULDOHVHQHODXODSDUDGLYHUVLILFDUORVSURFHVRVGH HQVHxDQ]DDSUHQGL]DMH \ QR DEXVDU GHO OLEUR GH WH[WR TXH JHQHUDOPHQWH YD GLULJLGR D XQ DOXPQRPHGLRDXQTXHVHSXHGDDGDSWDU HWF (QWUH ODV PHWRGRORJtDV GH HQVHxDQ]DDSUHQGL]DMH UHFRPHQGDGDV 3XMROjV   KDFH KLQFDSLp HQ ODV YHQWDMDV GHO DSUHQGL]DMH FRRSHUDWLYR SDUD IDYRUHFHU OD LQFOXVLyQ HGXFDWLYD FRQHFWDGRFRQODVWHRUtDVFRQVWUXFWLYLVWDV)DYRUHFHQHOHVWDEOHFLPLHQWRGHUHODFLRQHVPXFKR PiV SRVLWLYDV FDUDFWHUL]DGDV SRU OD VLPSDWtD OD DWHQFLyQ OD FRUWHVtD \ HO UHVSHWR PXWXR 6RULDQR GLFKDVDFWLWXGHVSRVLWLYDVVHH[WLHQGHQDGHPiVDOSURIHVRUDGR\DOFRQMXQWR GH OD LQVWLWXFLyQ HVFRODU IDYRUHFH HO UHQGLPLHQWR \ SURGXFWLYLGDG GH ORV SDUWLFLSDQWHV HO DSUHQGL]DMHGHWRGRVORVDOXPQRVWDQWRGHORVTXHWLHQHQPiVGLILFXOWDGHVFRPRGHORVTXHQR IDYRUHFHHODSUHQGL]DMHHLQWHUFDPELRGHKDELOLGDGHVDWUDYpVGHXQSURFHVRGHLQWHUDFFLyQTXH OHVOOHYDDGHVDUUROODUXQDKDELOLGDGHQOD]RQDGHGHVDUUROORSUy[LPRGHIRUPDTXHVHDFDSD] KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

GH GHVDUUROODUOD GH PDQHUD DXWyQRPD HQ XQD ]RQD GH GHVDUUROOR UHDO 9\JRVWN\   IDYRUHFHQODDFHSWDFLyQGHODVGLIHUHQFLDV\HOUHVSHWRGHHOODVHQWUHORVDOXPQRVSHUPLWHQOD DWHQFLyQSHUVRQDOL]DGDGHORVDOXPQRV\ODHQWUDGDGHORVHVSHFLDOLVWDVHQHODXODWUDEDMDQGR HQFRQMXQWRFRQHOSURIHVRUDGRHWF 3XHGHQ HVWDEOHFHU DO FRPLHQ]R HTXLSRV GH EDVH HQ ORV FXDOHV VHDQ ORV PLVPRV PLHPEURV VLHQGR JUXSRV ORV PiV KHWHURJpQHRV SRVLEOH JpQHUR HWQLD UD]D LQWHUHVHV FDSDFLGDGHV PRWLYDFLyQ UHQGLPLHQWR HWF  \ SRVWHULRUPHQWH IRUPDUVH HTXLSRV HVSRUiGLFRV HQ GRQGH VH WXUQHQORVPLHPEURVHLQFOXVRHTXLSRVGHH[SHUWRVVLHQGRPiVKRPRJpQHRVSHURWDQVRORHQ XQ FLHUWR PRPHQWR GHO SURFHVR 3XMROjV E  (O GHVDUUROOR GH SRUWDIROLRV HQ ORV FXDOHV UHIOHMHQ ODV GXGDV GLVFUHSDQFLDV UHIOH[LRQHV OR TXH KDQ GHEDWLGR \ WUDEDMDGR HVH GtD IRWRJUDItDVHVTXHPDVSiJLQDVGH,QWHUQHWGLEXMRV\ODHODERUDFLyQGHXQGLDULRSHUVRQDO\ XQDVHULHGHPDSDVFRQFHSWXDOHVTXHUHIOHMHQHOSURFHVRVHJXLGRIDYRUHFHUiDODHYDOXDFLyQ GHO DSUHQGL]DMH SRU SDUWH GHO SURIHVRUDGR H LQFOXVR OD DXWRHYDOXDFLyQ UHIOHMDGD HQ GLFKRV GRFXPHQWRV %RUGDV \ &DEUHUD  3XMROjV E  /RV UHVXOWDGRV GH HVWH WLSR GH PHWRGRORJtDVSDUDIDYRUHFHUHOGHVDUUROORLQWHJUDOGHODOXPQDGRFRQRVLQ1($(\IDYRUHFHU VXLQFOXVLyQVRFLDO\HGXFDWLYDKDQVLGRPX\VLJQLILFDWLYRV&RPRHMHPSOROD$VRFLDFLyQ(48$ &iGL]GXUDQWHDxRVHVWiOOHYDQGRDFDERXQSUR\HFWRGHDXWRJHVWLyQHQHOFXDOXQJUXSRGH MyYHQHVFRQGLVFDSDFLGDGLQWHOHFWXDO\XQJUXSRGHHVWXGLDQWHVXQLYHUVLWDULRVVLQGLVFDSDFLGDG GHQRPLQDGRV*UXSR$+2-WUDEDMDQFRRSHUDWLYDPHQWHIRUPDQGRFRPLVLRQHVGLYHUVDVSDUD GHVDUUROODU DFWLYLGDGHV FXOWXUDOHV HQ FRP~Q SDUD OD VRFLHGDG \ RUJDQL]DQ VHVLRQHV LQWHUFXOWXUDOHVFRQDVRFLDFLRQHVGHRWURVSDtVHVSRUHMHPSORVHUHXQLHURQFRQOD$VRFLDFLyQ 7$0*5$1GH3UDJD 7UDVUHFLELUDVHVRUDPLHQWRSRUSDUWHGHORVGLQDPL]DGRUHV\VHQVLELOL]DU DORVDOXPQRV VLQ GLVFDSDFLGDG \ WUDEDMDU ODV KDELOLGDGHV FRRSHUDWLYDV SRU VX SURSLD FXHQWD HQWUH WRGRV FRRSHUDQ \ DXWRJHVWLRQDQ HVWDV DFWLYLGDGHV GDQGR OXJDU D UHVXOWDGRV PX\ VDWLVIDFWRULRV WDQWR HQ OD FDOLGDG GH ODV DFWLYLGDGHV FXOWXUDOHV SUHVHQWDGDV FRPR HQ HO GHVDUUROORGHDFWLWXGHVKDELOLGDGHV\YDORUHVWDQWRSDUDXQRVFRPRSDUDRWURV\VREUHWRGR IRPHQWiQGRVHDFWLWXGHVEDVDGDVHQODLJXDOGDGGHWUDWR\HOUHFKD]RDODGLVFULPLQDFLyQ>@9HU HVWXGLRGHFDVR/ySH]$]XDJD5RGUtJXH]GH&RVVtR6iQFKH]5Xt]HWDO  6LJXLHQGR FRQ ODV PHWRGRORJtDV TXH IDYRUHFHQ OD LQFOXVLyQ HGXFDWLYD WRPDQGR FRPR UHIHUHQFLD HO ,QIRUPH GH (GXFDFLyQ ,QFOXVLYD GH OD $JHQFLD (XURSHD SDUD HO 'HVDUUROOR GH OD (GXFDFLyQ (VSHFLDO   H[LVWHQ RWUDV WpFQLFDV FRPR OD HQVHxDQ]D FRRSHUDWLYD TXH FRQVLVWH HQ TXH ORV HVSHFLDOLVWDV FRPSDUWHQ VX SXQWR GH YLVWD FRQRFLPLHQWRV PpWRGRV HWF FRQSURIHVRUDGR SDUD IDYRUHFHU VX IRUPDFLyQ D OD KRUD GH DWHQGHU DO DOXPQDGR OD VROXFLyQ FRRSHUDWLYD GH FRQIOLFWRV SDUD DERUGDU HO FRPSRUWDPLHQWR LQDSURSLDGR HQ HO DXOD D UDt] GH HVWDEOHFHUXQFRQMXQWRGHUHJODVFODUDVDFRUGDGDVSRUWRGRVORVDOXPQRVDGHPiVGHDSOLFDU ORV DGHFXDGRV UHIXHU]RV SRVLWLYRV \ QHJDWLYRV HQ HO FRPSRUWDPLHQWR ORV DJUXSDPLHQWRV KHWHURJpQHRV R ODV HVWUDWHJLDV GH DSUHQGL]DMH DOWHUQDWLYR SDUD TXH HO DOXPQR VHD FDSD] GH DSUHQGHUSRUVtPLVPR\UHVROYHUSUREOHPDV (QWUHSRVLEOHVWpFQLFDV>@WHQHPRVODVVLJXLHQWHV3X]]OHGH$URQVRQUXHGDVGHLGHDVMXLFLRV KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

WpFQLFDVGHGLiORJRSRUHMHPSORSDUDKDEODUSDJDILFKD PHVDVUHGRQGDV7$,JUXSRVGH LQYHVWLJDFLyQ3XMROjVE HWF>@(QWUHWRGDVHOODVGHVWDFRODWXWRUtDHQWUHLJXDOHVHQOD FXDO XQ DOXPQR H[SHUWR RULHQWD \ WXWRUL]D D XQ DOXPQR FRQ PD\RUHV GLILFXOWDGHV SDUD IDYRUHFHU TXH SURJUHVH DGHFXDGDPHQWH HQ HO GHVDUUROOR GH XQD GHVWUH]D R WDUHD HVSHFtILFD 1RVyOREHQHILFLDDODOXPQRTXHHVWXWRUL]DGRVLQRTXHHODOXPQRWXWRUFRQVLJXHDILDQ]DUVXV FRQRFLPLHQWRV\KDELOLGDGHVGHPDQHUDVLJQLILFDWLYDDGHPiVGHODKRQGDVDWLVIDFFLyQTXH VH SURGXFH FXDQGR D\XGDPRV D ORV GHPiV \ YHPRV TXH JUDFLDV D QRVRWURV FRQVLJXHQ VXV REMHWLYRV 'XUiQ   8QD PRGDOLGDG DOWHUQDWLYD GH HVWD WpFQLFD VRQ ODV SDUHMDV GH DSUHQGL]DMHHQODFXDOFDGDPLHPEURHVH[SHUWRHQXQWHPDGHWHUPLQDGR\GHEHWXWRUL]DUD VXFRPSDxHURHQGLFKRWHPD\GHVSXpVVHFDPELDQORVWXUQRVSRUHMHPSORXQRHVH[SHUWR HQ DMHGUH] \ HO RWUR H[SHUWR HQ EDORQFHVWR  'H WRGDV IRUPDV VXJLHUR TXH DQWHV GH OOHYDU D FDERHVWDVPHGLGDVVHHQVHxHDODOXPQDGRDWUDEDMDUFRRSHUDWLYDPHQWHFRQFLHQFLiQGROHVGH VXVLJQLILFDGRD\XGiQGROHVDVDEHURUJDQL]DUHTXLSRVGHWUDEDMR\DFRRUGLQDUVH\YDORUDUVX LPSRUWDQFLDHQODVRFLHGDGDGHPiVGHGHVDUUROODUODVKDELOLGDGHVVRFLDOHVSUHYLDVQHFHVDULDV $UDt]GHWRGRORH[SXHVWRXQDGHODVGLILFXOWDGHVTXHWLHQHHOSURIHVRUDGRSDUDOOHYDUDFDER HVWH PRGHOR HGXFDWLYR HV VX IDOWD GH IRUPDFLyQ HQ OR TXH VH UHILHUH D FRQRFLPLHQWRV KDELOLGDGHVHVWUDWHJLDVUHFXUVRVDFWLWXGHVYDORUHV\PHGLGDVDOOHYDUDFDERSDUDIDYRUHFHU XQDLQFOXVLyQHGXFDWLYDGDQGRXQDUHVSXHVWDHILFD]DODGLYHUVLGDGGHQWURGHODXOD$GHPiV UHTXLHUHGHXQDVHULHGHDSR\RVDGDSWDGRVDOFRQWH[WRQRVyORHQUHFXUVRVVLQRHVSHFLDOLVWDV TXH OH D\XGHQ GHQWUR GHO DXOD D DWHQGHU D ODV QHFHVLGDGHV GHO DOXPQDGR \ QR VyOR DO DOXPQDGRFRQ1((\HQJHQHUDODSR\RVTXHSXHGDQD\XGDUOHDGLVHxDUHOFXUUtFXOXP\XQD PHWRGRORJtDHGXFDWLYDTXHD\XGHDOSURIHVRUDGRDLQFOXLUHIHFWLYDPHQWHDWRGRVVXVDOXPQRV 3RGUtDPRV SURIXQGL]DU DFHUFD GH PXFKDV DFFLRQHV SURSLDV GHO SURIHVRUDGR SDUD PHMRUDU \ IDYRUHFHUHOVLVWHPDGHLQFOXVLyQSHURYR\DKDEODUGHODHYDOXDFLyQ GHVGH HO SXQWR GH YLVWD LQFOXVLYRTXHHVORTXHVXHOHWUDHUPiVFRQIXVLRQHV\TXH\DDQWHVKHOOHJDGRDPHQFLRQDU SRUSDUWHGHDXWRUHVFRPR0XQWDQHU 6XILQDOLGDGHVUHFRJHULQIRUPDFLyQ~WLO\YDOLRVD GHIRUPDVLVWHPiWLFDVREUHFyPRVHHVWiGHVDUUROODQGRHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH DQDOL]DQGRODVSRVLEOHVDGDSWDFLRQHVDUHDOL]DUSDUDDWHQGHUODVQHFHVLGDGHVGHODOXPQDGR\ WRPDU XQD GHFLVLyQ DO UHVSHFWR WDQWR SDUD HO SURFHVR FRPR KDFLD HO DOXPQDGR ¢&yPR SRGHPRVUHDOL]DUXQDHYDOXDFLyQORVXILFLHQWHPHQWHILGHGLJQDFRPRSDUDGHFLUQRVHOHVWDGRHQ HO TXH VH HQFXHQWUD HO DOXPQDGR \ FyPR KD SURJUHVDGR" ¢&yPR SRGHPRV VDEHU TXp KD DSUHQGLGR QXHVWUR DOXPQDGR D OR ODUJR GHO FXUVR" ,EDUUD   QRV DSRUWD XQ PRGHOR GH HYDOXDFLyQLQFOXVLYDGHQRPLQDGRGLDJQyVWLFRDOWHUQDWLYR6HSDUWHGHVXVSRWHQFLDOLGDGHVVXV FRQFHSFLRQHV \ VH WLHQH HQ FXHQWD ODV SRVLEOHV LQIOXHQFLDV GHO FRQWH[WR VRFLRFXOWXUDO \ HFRQyPLFRHQHOTXHVHHQFXHQWUDYLYLHQGRHODOXPQR>@LQFOX\HQGRODVFRQGLFLRQHVGHOSURSLR FHQWUR HGXFDWLYR DPELHQWH GLVUXSWLYR RUJDQL]DFLyQ GHO DXOD GLVSRQLELOLGDG GH UHFXUVRV GLGiFWLFRV SRVLEOHV EDUUHUDV DUTXLWHFWyQLFDV UHODFLRQHV LQWHUSHUVRQDOHV FRQ HO DOXPQDGR PHWRGRORJtDHWF  6HGHEHWHQHUHQFXHQWDWRGRHOSURFHVRHYROXWLYRTXHKDVHJXLGRDYDQFHVGLILFXOWDGHVSXQWR KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

GHSDUWLGDHWF\QRVyORHOSURGXFWRILQDOWDO\FRPRPXFKDVYHFHVVHKDUHDOL]DGRDGHPiVGH TXHHOGRFHQWHHQFRODERUDFLyQFRQORVHVSHFLDOLVWDVGHEHHVWDUFRQWLQXDPHQWHLQWHUYLQLHQGR /D FRODERUDFLyQ HQWUH GRFHQWHV JHQHUDOLVWDV \ HVSHFLDOLVWDV DXQTXH WHQJDQ VXV SURSLDV IXQFLRQHV HV FODYH GHQWUR GH XQD HVFXHOD LQFOXVLYD GH DKt D TXH VH GHEDQ PDQWHQHU ODV HVSHFLDOLGDGHV HQ ORV FHQWURV HGXFDWLYRV DERUGDQGR HQWUH WRGRV HO GLVHxR GHVDUUROOR \ HYDOXDFLyQGHOSURFHVRGHLQWHUYHQFLyQD\XGiQGRVH\FRPSDUWLHQGRFRQRFLPLHQWRV6DOYDGRU\ *DOOHJR   'HEHQ SODQLILFDU D SDUWLU GHO GLDJQyVWLFR LQLFLDO XQD LQWHUYHQFLyQ SVLFRSHGDJyJLFD \ UHDOL]DU XQD HYDOXDFLyQ FRQWLQXDGD GH VXV SURJUHVRV SDUD DYHULJXDU VL QXHVWUD LQWHUYHQFLyQ HVWi GDQGR VXV IUXWRV R VL SRU HO FRQWUDULR UHVXOWD QHFHVDULR UHDOL]DU DOJXQDV PRGLILFDFLRQHV (O GLDJQyVWLFR GHEH UHDOL]DUVH VLHPSUH HQ VX DXOD RUGLQDULD \ UHDOL]DQGRODVWDUHDVFRWLGLDQDVTXHUHDOL]DMXQWRDVXVFRPSDxHURVHQFODVH\QXQFDWRPDQGR VyOR FRPR UHIHUHQFLD ORV UHVXOWDGRV GH XQ WHVW SVLFRPpWULFR HVWDQGDUL]DGR )LQDOPHQWH HV IXQGDPHQWDOTXHQRVFHQWUHPRVPiVHQODDGTXLVLFLyQGHKDELOLGDGHVTXHHQODDFXPXODFLyQ GHFRQWHQLGRV 3DUDUHFRJHULQIRUPDFLyQSDUDUHDOL]DUODHYDOXDFLyQVHGHEHQFRPELQDUQXPHURVDVWpFQLFDVH LQVWUXPHQWRV 2EVHUYDFLyQ VLVWHPiWLFD \ SDUWLFLSDQWH UHJLVWUR HQ OLVWDV GH FRQWURO \ HVFDODV UHJLVWURVQDUUDWLYRVGLDULRGHFDPSRDQHFGRWDULRVHWF PHGLRVDXGLRYLVXDOHVJUDEDGRUD GH DXGLR IRWRJUDItDV YtGHRV HWF  FXHVWLRQDULRV HQWUHYLVWDV \ SRU VXSXHVWR ORV SURGXFWRV GHO DOXPQDGR D OD KRUD GH UHDOL]DU WDUHDV ¢4Xp WDUHDV SRGHPRV XWLOL]DU SDUD HYDOXDU" 3DUD HO SURFHVR SRGHPRV XWLOL]DU PDSDV FRQFHSWXDOHV SRUWDIROLRV GLDULRV UHIOH[LYRV %RUGDV \ &DEUHUD   HQWUHYLVWDV IRUPDOHV REVHUYDFLRQHV GRFXPHQWDGDV DXWRHYDOXDFLyQ GHO DOXPQRHQWUHYLVWDVGHWDOODGDVVREUHORVSUR\HFWRVGHORVDOXPQRVSURGXFWRV\SUHVHQWDFLRQHV HODOXPQRH[SOLFDHOSRUTXpHOTXp\HOFyPR\UHIOH[LRQDVREUHORVSRVLEOHVFDPELRV  OLVWD GH FRQWURO GH FRQGXFWD GLVFXVLRQHV HQWUH DOXPQRV MXQWR FRQ SUXHEDV DGDSWDGDV D FDGD DOXPQR \ SDUD HO SURGXFWR HQVD\RV SUR\HFWRV ORV SURSLRV SRUWDIROLRV SUHVHQWDFLRQHV LQYHVWLJDFLRQHVFXHQWRVGLEXMRVREUDVGHWHDWURGDQ]DVLQYHQWDULRVGHDFWLWXGFXHVWLRQDULRV SUXHEDV HVFULWDV HWF +HUPDQ $VFKEDFKHU \ :LQWHUV   7DPELpQ VHUtD LQWHUHVDQWH SODQWHDU GLIHUHQWHV PRGDOLGDGHV GH HYDOXDFLyQ TXH D\XGHQ D FRPSOHPHQWDU OD LQIRUPDFLyQ D UHFRJHU DXWRHYDOXDFLyQ HYDOXDFLyQ HQWUH LJXDOHV \ XQD FRHYDOXDFLyQ %UHZ   (V IXQGDPHQWDOSRUHOORTXHHOGRFHQWHDGHPiVGHWHQHUHQFXHQWDODVGLIHUHQFLDVLQGLYLGXDOHV HOGRFHQWHGHEHVDEHUXWLOL]DUHVWRVUHFXUVRV\WDPELpQORVGHOHQWRUQR\WRGRVORVQHFHVDULRV SDUDREVHUYDUFRPSUHQGHU\FRPXQLFDUVHFRQWRGRVORVDOXPQRV+HUQiQGH]  &RPR PHWRGRORJtDV TXH UHTXLHUHQ HO WUDEDMR FRRSHUDWLYR \ TXH DGHPiV FXPSOHQ D OD SHUIHFFLyQ ODV FDUDFWHUtVWLFDV SDUD UHDOL]DU XQ GLDJQyVWLFR DOWHUQDWLYR VHxDODPRV HO DSUHQGL]DMHWXWRUL]DGR\HODSUHQGL]DMHEDVDGRHQSUREOHPDVÈOYDUH]HWDO SRUTXH SHUPLWHQ SDUWLU GH ODV FRQFHSFLRQHV GHO DOXPQDGR \ HO GRFHQWH SXHGH FRQWURODU HO SURFHVR JUDFLDVDODVWXWRUtDV\UHYLVLyQFRQWLQXDGHORVPDWHULDOHVHODERUDGRVSRUHODOXPQDGR\DTXt SXHGH UHDOL]DU XQ GLDJQyVWLFR TXH VLUYD SDUD XQD LQWHUYHQFLyQ DGHFXDGD 3RGHPRV YHU UHIOHMDGDV ODV QHFHVLGDGHV GH IRUPDFLyQ TXH SUHVHQWDQ SRU HMHPSOR DSUHQGHU D WUDEDMDU FRODERUDWLYDPHQWH \HOORVPLVPRVSXHGHQKDFHUVHFRQVFLHQWHVGHHOODVJUDFLDVDOSURFHVRGH KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

UHIOH[LyQ TXH VH OHV H[LJH HQ WRGR PRPHQWR DGHPiV GH GHVDUUROODU VX SURSLD DXWRQRPtD SXGLHQGR UHVROYHU SRU VX FXHQWD VXV QHFHVLGDGHV H LQYHVWLJDU DSUHQGHU D DSUHQGHU @ 3DUD GLDJQRVWLFDU ODV QHFHVLGDGHV GHO SURIHVRUDGR \ H[SORUDU D TXp QLYHO VH HQFXHQWUD XQ FHQWURHGXFDWLYRGHWHUPLQDGRHQUHODFLyQFRQHOFXPSOLPLHQWR GH ORV SULQFLSLRV GH OD HVFXHOD LQFOXVLYD%RRWK\$LQVFRZ  GHVDUUROODURQ HO ËQGLFH GH ,QFOXVLyQ TXH FRQVLVWH HQ XQD VHULHGHPDWHULDOHVSDUDTXHXQDYH]DSOLFDGRVSRGDPRVYHUTXpQHFHVLWDPRVSDUDDOFDQ]DU OD LQFOXVLyQ HGXFDWLYD 3DUD FRPHQ]DU HVWH SURFHVR LQYHVWLJDGRU SULPHUR WHQHPRV TXH UHXQLUQRV WRGRV \ IRUPDU XQ JUXSR GH FRRSHUDFLyQ SURIXQGL]DU VREUH HO ËQGLFH DSOLFDU XQD VHULHGHFXHVWLRQDULRV\GLYHUVDVWpFQLFDVSDUDUHFRJHUGDWRVUHVSRQGLHQGRDODVGLPHQVLRQHV \SUHJXQWDVGHOËQGLFHSDUDTXHWUDVDQDOL]DUODVREWHQJDPRVXQDVHULHGHFRQFOXVLRQHVXQDV SULRULGDGHV SDUD UHDOL]DU PRGLILFDFLRQHV HQ QXHVWURV SODQHV GH DFWXDFLyQ GHQWUR GHO FHQWUR HGXFDWLYR OOHYDUORV D OD SUiFWLFD \ UHDOL]DU XQD HYDOXDFLyQ FRQWLQXDGD GH HVRV FDPELRV UHJLVWUDQGRHOSURFHVROOHYDGRDFDER7HQHPRVTXHWHQHUFODURTXHHVWHLQVWUXPHQWRQRQRV DSRUWDQLQJXQDUHFHWDSDUDLQWHUYHQLUVLQRTXHQRVD\XGDDUHIOH[LRQDUVREUHTXpWHQGUtDPRV TXHPHMRUDU\DSDUWLUGHDKtGLVHxDUXQSODQGHDFFLyQSDUWLHQGRGHGLFKDVQHFHVLGDGHV\GHO FRQWH[WRGHQXHVWURFHQWURHGXFDWLYR/DVGLPHQVLRQHVTXHWUDEDMDHOËQGLFHVRQODFUHDFLyQGH SROtWLFDV LQFOXVLYDV OD HODERUDFLyQ GH SROtWLFDV LQFOXVLYDV \ OD HODERUDFLyQ GH SUiFWLFDV LQFOXVLYDV (QWUH DOJXQRV HMHPSORV GH LQGLFDGRUHV WHQHPRV ORV VLJXLHQWHV HO WUDEDMR FRQ ORV FRPSDxHURV GH FODVH HO GHVHQYROYLPLHQWR GHO SURIHVRUDGR D OD KRUDGH FRODERUDU FRQ RWURV GRFHQWHV LQVWLWXFLRQHV LQYROXFUDGDV HQ OD GLQiPLFD GHO FHQWUR HGXFDWLYR FRRUGLQDFLyQ HQWUH SURIHVRUDGR\PLHPEURVGHOFRQVHMRHVFRODU 5HIHUHQFLDVELEOLRJUiILFDV $JHQFLD(XURSHDSDUDHO'HVDUUROORGHOD(GXFDFLyQ(VSHFLDO 1HFHVLGDGHVHGXFDWLYDV HVSHFLDOHVHQ(XURSD3XEOLFDFLyQ0RQRJUiILFD(QHURGH $JHQFLD (XURSHD SDUD HO 'HVDUUROOR GH OD (GXFDFLyQ (VSHFLDO   ,QIRUPH UHVXPHQ (GXFDFLyQ

,QFOXVLYD

\

3UiFWLFDV

HQ

(GXFDFLyQ

6HFXQGDULD

'LVSRQLEOH

KWWSZZZHXURSHDQDJHQF\RUJSXEOLFDWLRQVHUHSRUWVLQFOXVLYHHGXFDWLRQDQG

HQ

FODVVURRP

SUDFWLFHLQVHFRQGDU\HGXFDWLRQLHFSBVHFRQGDU\BHVSGI $51$,=6È1&+(=3 /DVHVFXHODVVRQSDUDWRGRV6LJOR&HUR SS $51È,=6È1&+(=3 (GXFDUHQ\SDUDODGLYHUVLGDG([WUDtGR GH 6272 3e5(= KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

)- \ /Ï3(= 1$9$552 -$   1XHYDV 7HFQRORJtDV 9LHMDV (VSHUDQ]DV ODV QXHYDV WHFQRORJtDVHQHOiPELWRGHODGLVFDSDFLGDG\ODVQHFHVLGDGHVHVSHFLDOHV0XUFLD&RQVHMHUtD GH(GXFDFLyQ\&XOWXUD $51È,= 6È1&+(= 3   /D HGXFDFLyQ LQFOXVLYD 'LOHPDV \ GHVDItRV (GXFDFLyQ 'HVDUUROOR\'LYHUVLGDG9RO SS $55Ï 52%(57 0 %(/ 3$//$5e6 0& &8$57(52 &(59(5$ 0 HW DO   (O SURIHVRUDGR DQWH OD HVFXHOD LQFOXVLYD -RUQDGDV GH )RPHQWR GH OD ,QYHVWLJDFLyQ 8QLYHUVLWDW -DXPH,SDSLHU $1=2/$ 0   /D H[FOXVLyQ VRFLDO ¢FRQGLFLyQ R FLUFXQVWDQFLD" ('8&(5( $UWtFXORV $xRMXOLRVHSWLHPEUHSS %$*/,(5,6 &RQVWUXFWLQJWKH/5(3DSHUSUHVHQWHGDW'LVDELOLW\6WXGLHVLQ(GXFDWLRQ FRQIHUHQFH&KLFDJR,/ %($1(-$ /DLQWHJUDFLyQGHOFXUUtFXOXP0RUDWD0DGULGFDSV\ %/$1&2 5   0DUFR FRQFHSWXDO VREUH (GXFDFLyQ ,QFOXVLYD (Q &21),17('   /DHGXFDFLyQLQFOXVLYDHOFDPLQRKDFLDHOIXWXUR8QDEUHYHPLUDGDDORVWHPDVGHHGXFDFLyQ LQFOXVLYD DSRUWHV D OD GLVFXVLRQHV GH ORV WDOOHUHV &HQWUR ,QWHUQDFLRQDO GH &RQIHUHQFLDV *LQHEUDDGHQRYLHPEUHSS %227+ 7 $,16&2: 0 %/$&.+$:.,16 HW DO   ËQGLFH GH LQFOXVLRQ 'HVDUUROODQGRHODSUHQGL]DMH\ODSDUWLFLSDFLyQHQODVHVFXHODV&HQWUHIRU6WXGLHVRQ,QFOXVLYH (GXFDWLRQ&6,( %ULVWRO8. %25'$6 0 , &$%5(5$ ) $   (VWUDWHJLDV GH HYDOXDFLyQ GH ORV DSUHQGL]DMHV FHQWUDGRV HQ HO SURFHVR 5HYLVWD (VSDxROD GH 3HGDJRJtD 0DGULG $xR /,; HQHURDEULO Q SS %5(: $   /D DXWRHYDOXDFLyQ \ OD HYDOXDFLyQ SRU ORV FRPSDxHURV (Q %52:1 6 */$61(5$(YDOXDUHQOD8QLYHUVLGDG3UREOHPDV\QXHYRVHQIRTXHV1DUFHQD0DGULGSS  %521)(1%5(11(5 8   7KH (FRORJ\ RI +XPDQ 'HYHORSPHQW ([SHULPHQWV E\ 1DWXUHDQG'HVLJQ&DPEULGJH0$ %581(5- $FWRVGHVLJQLILFDGR0iVDOOiGHODUHYROXFLyQFRJQLWLYD0DGULG$OLDQ]D &211(/ %5 -21(6 0 0$&( 5 HW DO   7KH SULQFLSOHV RI XQLYHUVDO GHVLJQ 5DOHLJK1&1RUWK&DUROLQD6WDWH8QLYHUVLW\&HQWHUIRU8QLYHUVDO'HVLJQ (&+(,7$ 6$55,21$1',$ *   (GXFDFLyQ SDUD OD LQFOXVLyQ R HGXFDFLyQ VLQ H[FOXVLRQHV1DUFHD0DGULG (&+(,7$ 6$55,21$1',$ *   ,QFOXVLyQ \ H[FOXVLyQ HGXFDWLYD 9R] \ TXHEUDQWR 5HYLVWD(OHFWUyQLFD,EHURDPHULFDQDVREUH&DOLGDG(ILFDFLD\&DPELRHQ(GXFDFLyQYRO KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH 





DYDQFHVHQVXSHUYLVLRQHGXFDWLYDDYDQFHVHQVXSHUYLVLRQHGXFDWLYD%$6(6&21&(378$/(6'(/$,1&/86,Ï1('8&$7,9$

QSS (*($ *$5&Ë$ & 6$5$%,$ 6È1&+(= $   9LVLyQ \ PRGHORV FRQFHSWXDOHV GH OD GLVFDSDFLGDG3ROLEHDQSS (/%2- & 38,*'(//Ë92/ , 62/(5 0 HW DO   &RPXQLGDGHV GH DSUHQGL]DMH 7UDQVIRUPDUODHGXFDFLyQ*UDy%DUFHORQD (XURSHDQ$JHQF\IRU'HYHORSPHQWLQ6SHFLDO1HHGV(GXFDWLRQ 7HDFKHUHGXFDWLRQIRU LQFOXVLRQ‹ *,1e , *,1e & HW DO   /RV DOXPQRV FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV HQ (GXFDFLyQ6HFXQGDULD(Q(0$57Ë1\0$85,7&RRUGV /DDWHQFLyQDODGLYHUVLGDGHQ (GXFDFLyQ6HFXQGDULD%DUFHORQD,&(+RUVRUL *,1e,*,1e& ,QFOXVLyQ\VLVWHPDHGXFDWLYR8QLYHUVLGDG5DPyQ/OXO%DUFHORQD  *21=È/(= *21=È/(= 07   /D GLUHFFLyQ HVFRODU 0iV DOOi GH XQD FRQFHSFLyQ WpFQLFD

\

JHUHQFLDO

4XUUtFXOXP

Qž



'LVSRQLEOH

HQ

KWWSZZZTXDGHUQVGLJLWDOVQHWGDWRVBZHEKHPHURWHFDUBQUBDBKWPO *21=È/(=*21=È/(=07 'HSDUWDPHQWRVGH6HFXQGDULD\GHVDUUROORSURIHVLRQDO (Q )(51È1'(= (1*8,7$ 0 FRRUG  2UJDQL]DFLyQ HVFRODU SURIHVLyQ GRFHQWH \ HQWRUQR FRPXQLWDULR8QLYHUVLGDG,QWHUQDFLRQDOGH$QGDOXFLD$.$/ *21=È/(= *21=È/(= 07   'LYHUVLGDG H LQFOXVLyQ HGXFDWLYD DOJXQDV UHIOH[LRQHV VREUH HO OLGHUD]JR HQ HO FHQWUR HVFRODU 5HYLVWD (OHFWUyQLFD ,EHURDPHULFDQD GH &DOLGDG (ILFDFLD\&DPELRHQ(GXFDFLyQYROQ *21=È/(=*,/) )RUPDFLyQGHOSURIHVRUDGR\DSR\RV(Q6$5720$57Ë103 9(1(*$6 5(1$8/' 0( FRRUGV  $VSHFWRV FODYH GH OD HGXFDFLyQ LQFOXVLYD ,1,&2 &ROHFFLyQ,QYHVWLJDFLyQ6DODPDQFDSS *8,/%2=$/5 3VLFRORJtDVRFLDOSDUDSVLFRSHGDJRJRV.URQRV6HYLOOD +(50$1 + $6&+%$&+(5 3 :,17(56 /   5HFRQVLGHUDU OD HYDOXDFLyQ *XtD SUiFWLFD SDUD XQD HYDOXDFLyQ DOWHUQDWLYD $VVRFLDWLRQ IRU 6XSHUYLVLRQ DQG &XUULFXOXP 'HYHORSPHQW$OH[DQGULD9LUJLQLDSS +(51È1'(= '( /$ 7255( (   /D IRUPDFLyQ GHO SURIHVRU WXWRU SDUD OD LQFOXVLyQ VRFLDOGHODOXPQRFRQGLVFDSDFLGDGHQHODXODSURJUDPDGHLQLFLDFLyQ,&RQJUHVR,QWHUQDFLRQDO GH(GXFDFLyQ\'LYHUVLGDG)RUPDFLyQ$FFLyQH,QYHVWLJDFLyQ%DUFHORQDGH2FWXEUHGH SDSHU  ,%$55$ 6È,= 06   +DFLD XQ GLDJQyVWLFR DOWHUQDWLYR 3UR\HFWR 'RFHQWH &iGL] 8QLYHUVLGDGGH&iGL]SS ,1)$17( 0   'HVDItRV D OD IRUPDFLyQ GRFHQWH LQFOXVLyQ HGXFDWLYD 3UR\HFWR )21'(&@$TXtYROYHPRVDUHFRUGDUODFXDUWDQRWDDSLHGHSiJLQDFRQWpFQLFDVTXHSXHGHQOOHYDUVHDFDERFRQHODOXPQDGR DGHPiVGHTXHDOVHUXQD:HE4XHVWLQFOX\HPXOWLWXGGHPDWHULDOHVFRQWpFQLFDV\HMHPSORVGHH[SHULHQFLDVOOHYDGDVDFDER HQFDGDDVLJQDWXUDHQODVFXDOHVVHUHFRJHQORVSULQFLSLRVGHODSUHQGL]DMHFRRSHUDWLYR >@6HWUDWDGHODVWHRUtDVVLWXDFLRQDOHV\HFROyJLFDVGH%URQIHQEUHQQHUFX\DVH[SHULHQFLDVHQVXFXOWXUDDOLJXDOTXH VXV SRWHQFLDOLGDGHV \ QHFHVLGDGHV LQIOX\HQ HQ OD SURSLD FDUDFWHUL]DFLyQ GHO VXMHWR \ HQ VXV QHFHVLGDGHV DO LJXDO TXH VX FRQWH[WRVRFLRIDPLOLDUODVSURSLDVQHFHVLGDGHV\UHODFLRQHVGHDSHJRFRQVXVIDPLOLDUHV >@2WUDUD]yQTXHQRVMXVWLILFDODXUJHQWHIRUPDFLyQGHOSURIHVRUDGRHVTXHQRKHPRVSRGLGRHQFRQWUDUSUiFWLFDVHQ FHQWURVGHSULPDULD\VHFXQGDULDTXHUHFRMDQHVWHHQIRTXHWDQVyORHQOD8QLYHUVLGDG

 &HUUDUYHQWDQD

KWWSZZZDGLGHRUJUHYLVWDLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG  ,WHPLG  SRS  SDJH