Reflexión y determinación en la moral

June 28, 2017 | Autor: R. Casales García | Categoría: Practical Reasoning, Immanuel Kant, Kantian ethics, Moral Judgment, Reflective Judgment
Share Embed


Descripción

                                                               

        !              " # "                $         

                                         %! &       

           "        "                  

           

         '          (                )         !                     " "  * "          

    

   

    

+  ,        -  #                        .  !$  /          )        "!  "    

      

 

        

        

    

           

     



!"  #                                           !      "        #      $  !%  !      &  $   '      '    ($     '   # %  % )   %*   %'   $  '     +  " %    &  '  !  #          $,   ( $    - .            /              -        .       .    !  0          1                . (      -       %            1                              /  -             %      %   %      %        %  %       -    %            2                 1  - -   1% %     2  3   $$$    4 5  5 " 6 5  7       "4"  )*83 +) * !9 !& :!;%::GHU



JHPHLQQW]LJHQ:LVVHQVFKDIW@  8QD DQWURSRORJtD SUDJPiWLFD DO PLVPR WLHPSR TXH FRQWLHQH XQD FLHUWD GRFWULQD GH OD SUXGHQFLD DOXGH D XQ FRQRFLPLHQWR GHO KRPEUH TXH HV SURYHFKRVR DO GHVDUUROOR PRUDO GHO LQGLYLGXR ³1RVRWURV UHTXHULPRV HQ  FRP~Q GLVLPXODFLyQ SXHV FXDQGR HVWiQ HQ DFFLyQ ORV PyYLOHV OD SHUVRQD QR VH REVHUYD \ FXDQGRVHREVHUYDORVPyYLOHVUHSRVDQ  (O OXJDU \ ODV FLUFXQVWDQFLDV GH WLHPSR SURGXFHQ FXDQGR VRQ SHUVLVWHQWHV KiELWRV TXH FRQVWLWX\HQXQDVHJXQGDQDWXUDOH]DFRPRVXHOHGHFLUVH\GLILFXOWDQDODSHUVRQDHOIRUPDUVHXQ MXLFLRVREUHVtPLVPDVREUHDTXHOORSRUORTXHGHEDWHQHUVHSHURPiVD~QVREUHHOFRQFHSWR TXHGHEDKDFHUVHGHOSUyMLPRFRQTXLHQVHHQFXHQWUDHQUHODFLyQSXHVHOFDPELRGHODVLWXDFLyQ HQTXHHOKRPEUHUHVXOWDFRORFDGRSRUVXGHVWLQRRHQTXHVHFRORFDWDPELpQpOPLVPRHQXQ SODQ GH DYHQWXUHUR GLILFXOWDQ HQ JUDQGH D OD DQWURSRORJtD HO HOHYDUOD DO UDQJR GH XQD FLHQFLD IRUPDO´ $S+   $S+   &IU )5,(5621 3DWULFN )UHHGRP DQG $QWKURSRORJ\ LQ .DQWV 0RUDO 3KLORVRSK\ 3  6HJ~Q )ULHUVRQ HO WpUPLQR ³SUDJPiWLFR´ DOXGH D WUHV GLVWLQWDV FRQQRWDFLRQHV ³   XQR HV OD

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

EUHYH XQD DQWURSRORJtD SUiFWLFD R PRUDO DTXHOOD SDUWH GH OD pWLFD TXH FRQWLHQH ODV GRFWULQDV \ SUHVFULSFLRQHVEDVDGD HQ OD H[SHULHQFLD   FRPR ODVFRQGLFLRQHVVXEMHWLYDVTXHREVWDFXOL]DQRSURPXHYHQODHMHFXFLyQGHOD OH\ GH OD PRUDO UDFLRQDO  HQ OD QDWXUDOH]D KXPDQD \   OD JHQHUDFLyQ SURSDJDFLyQ\IRUWDOHFLPLHQWRGHORVSULQFLSLRVPRUDOHV´/DDQWURSRORJtD SUiFWLFDRPRUDODVtQRVGDWRGRVDTXHOORVGDWRVHPStULFRVTXHFRQVROLGDQ QXHVWUD HVSHFLILFLGDG \D VHDQ GDWRV TXH IDYRUHFHQ X REVWDFXOL]DQ HO GHVDUUROOR PRUDO FRQ OD ILQDOLGDG GH KDFHU PiV HILFLHQWH OD DSOLFDFLyQ GH ORV SULQFLSLRV GH OD PRUDO SXUD \ ORV GHEHUHV FRQFUHWRV TXH QRV GD XQD PHWDItVLFDGHODVFRVWXPEUHV3DUWHIXQGDPHQWDOTXHVLUYHDHVWRVILQHVVH HQFXHQWUDHQODVHJXQGDSDUWHGHOD$QWURSRORJtDHQVHQWLGRSUDJPiWLFROD FXDOVHWLWXOD&DUDFWHUtVWLFD$QWURSROyJLFD  IHOLFLGDG  ODWRWDOLGDGGHORSUiFWLFR\  HOXVRGHORVGHPiVSDUDDOFDQ]DUQXHVWURVSURSLRV ILQHV´ )5,(5621 3DWULFN )UHHGRP DQG $QWKURSRORJ\ LQ .DQWV 0RUDO 3KLORVRSK\ 3   $VtODDQWURSRORJtDQRVyORFRQWLHQHXQDGRFWULQDGHODSUXGHQFLDUHODWLYDDODIHOLFLGDGVLQR TXHYHUVDVREUHODWRWDOLGDGGHORSUiFWLFRVHDHQHOSODQRGHODWHRUtDGHODDFFLyQHQJHQHUDOR HQHOSODQRHVWULFWDPHQWHPRUDO%ULDQ-DFREVXQRGHORVFRPHQWDGRUHVGHOD$QWURSRORJtDHQ VHQWLGRSUDJPiWLFRVRVWLHQHTXHpVWDHVVyORXQDGHODSUXGHQFLDDOGHFLUTXH³/DDQWURSRORJtD HV SUDJPiWLFD FXDQGR QR HV GLULJLGD SRU SULQFLSLRV PRUDOHV VLQR PiV ELHQ SRU HO GHVHR GH ORJUDU R SDUD D\XGDU D RWURV D ORJUDU FLHUWRV ILQHV VXEMHWLYRV´ -$&2%6 %ULDQ ³.DQWLDQ &KDUDFWHUDQGWKH3UREOHPRID6FLHQFHRI+XPDQLW\´(Q(VVD\VRQ.DQWV$QWKURSRORJ\(G %ULDQ-DFREV\3DWULFN.DLQ&DPEULGJH,QJODWHUUD&DPEULGJH8QLYHUVLW\3UHVV3  8QD DILUPDFLyQ GH HVWH WLSR VL ELHQ FRQWHPSOD XQD SDUWH IXQGDPHQWDO SDUD HO HVWXGLR GH OD $QWURSRORJtD HQ VHQWLGR SUDJPiWLFR FRUUH HO ULHVJR GH GHVYLUWXDU DOJXQDV GH VXV QRFLRQHV DOJXQDVGHODVFXDOHVPHQFLRQDUpPiVDGHODQWH   081=(/ )HOLFLWDV .DQWV &RQFHSWLRQ RI 0RUDO &KDUDFWHU 7KH ³&ULWLFDO´ /LQN RI 0RUDOLW\$QWKURSRORJLHDQG5HIOHFWLYH-XGJPHQW&KLFDJR7KH8QLYHUVLW\RI&KLFDJR3UHVV 3   (V LPSRUWDQWH WHQHU HQ FXHQWD TXH OD $QWURSRORJtD HQ VHQWLGR SUDJPiWLFR FRQWLHQH GRV JUDQGHV DSDUWDGRV ³/D SULPHUD SDUWH FRQWLHQH XQD SVLFRORJtD HPStULFD TXH VH EDVD HQ OD VHFFLyQWLWXODGDGHLJXDOPRGRGHOOLEURGHWH[WRGH%DXPJDUWHQXWLOL]DGRHQHOFXUVReVWDVH GLYLGtDHQWUHVSDUWHV  GHODIDFXOWDGGHFRQRFHU  GHODIDFXOWDGGHOSODFHU\GLVSODFHU «  \ILQDOPHQWH  GHODIDFXOWDGDSHWLWLYD/DVHJXQGDSDUWHGHOFXUVRSDUDODFXDOQRKD\PRGHOR HQHOOLEURGHWH[WRGH%DXPJDUWHQHVGHVLJQDGD³FDUDFWHUtVWLFD´´ 67$5.:HUQHU³+LVWRULFDO 1RWHVDQG ,QWHUSUHWDWLYH 4XHVWLRQV DERXW .DQWV /HFWXUHV RQ $QWKURSRORJ\´ 3S   (VWD VHJXQGD SDUWH VHJ~Q QRVGLFH $OOHQ:RRGHVFRQVLGHUDGD HQ VHQWLGR HVWULFWR FRPR OD SDUWH SUiFWLFDGHOWH[WRGH.DQW &IU:22'$OOHQ³.DQWDQGWKH3UREOHPRI+XPDQ1DWXUH´3  ORFXDOVHSXHGHYHUWDPELpQHQORTXHHOILOyVRIRGH.|QLJVEHUJQRVGLFHHQHOPDQXVFULWR SUHVHQWDGRSRU0URQJRYLXV³/DSDUWHSUiFWLFDGHODDQWURSRORJtDQRVPXHVWUDFyPRVHKDOODQ FRQVWLWXLGRV ORV KRPEUH HQ UHODFLyQ FRQ VXV DFFLRQHV DUELWUDULDV´ .$17 ,PPDQXHO $QWURSRORJtD SUiFWLFD 6HJ~Q HO PDQXVFULWR LQpGLWR GH && 0URQJRYLXV IHFKDGR HQ   7UDG5REHUWR5RGUtJXH]$UDPD\R0DGULG7HFQRV3iJ&LWDGDHQDGHODQWHFRPR

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

(Q HVWD VHFFLyQ HO ILOyVRIR GH .|QLJVEHUJ QRV KDEOD GHO FDUiFWHU HQ GRV VLJQLILFDFLRQHV OD SULPHUD DOXGH DO FDUiFWHU ItVLFR OD VHJXQGD DO FDUiFWHU PRUDO ³(O SULPHUR HV HO VLJQR GLVWLQWLYR GHO KRPEUH FRPR VHU VHQVLEOH R QDWXUDOHOVHJXQGRORGLVWLQJXHFRPRXQVHUUDFLRQDOGRWDGRGHOLEHUWDG(O YDUyQGHSULQFLSLRVGHTXLHQVHVDEHVHJXURORTXHVHKDGHHVSHUDUQRSRU SDUWH GH VX LQVWLQWR VLQR GH VX YROXQWDG WLHQH FDUiFWHU´ &RQ HVWR HQ PHQWH .DQW GLYLGH OD FDUDFWHUtVWLFD GHO KRPEUH HQ WUHV D  OR QDWXUDO R SUHGLVSRVLFLRQHV QDWXUDOHV E  HO WHPSHUDPHQWR \ F  HO FDUiFWHU 'H ODV FXDOHVODVGRVSULPHUDVLQGLFDQORTXHHOKRPEUHSXHGHKDFHUVH\VyOROD ~OWLPDTXHHVSURSLDPHQWHPRUDOLQGLFD³ORTXHpOHVWiSURQWRDKDFHUGH Vt PLVPR´ /D SULPHUD SDUWH QRV KDEOD GH WRGR DTXHOOR TXH FRQYLHQH DO KRPEUH SDUD XQ ILQ GHWHUPLQDGR OR FXDO ³6XSRQH OD FDSDFLGDG GH XQ KRPEUH SDUD DSUHQGHU \ OD YRFDFLyQ GH OD QDWXUDOH]D SDUD HO XVR GH ORV WDOHQWRV´3RUVXSDUWHHOWHPSHUDPHQWRSXHGHVHUFRQVLGHUDGRGHVGHGRV SHUVSHFWLYDV XQD ILVLROyJLFD \ RWUD SVLFROyJLFD 'HVGH OD SULPHUD SHUVSHFWLYD HO WHPSHUDPHQWR DOXGH D OD FRQVWLWXFLyQ \ FRPSOH[LyQ FRUSRUDOHV DPERV DVSHFWRV UHODWLYRV D ORV IOXLGRV \ OD IXHU]D YLWDO HQ HO  $3 0URQJRYLXV 6REUH HVWD HGLFLyQ DO FDVWHOODQR HV LPSRUWDQWH PHQFLRQDU TXH GDGR TXH OD $FDGHPLD QR FXHQWD WRGDYtD FRQ XQD HGLFLyQ FUtWLFDGH HVWHWH[WR OD SDJLQDFLyQ TXH VH VLJXH HVWiUHFRJLGDSRU5REHUWR5RGUtJXH]$UDPD\RTXLHQVLJXLyODQXPHUDFLyQGHOWH[WRRULJLQDOHQ DOHPiQ   $S+6REUHHVWH~OWLPRSXQWRGHEHQWHQHUHQFXHQWDORTXH.DQWQRVGLFHHQODSULPHUD VHFFLyQGHOD)XQGDPHQWDFLyQ«DVDEHU³(QQLQJ~QOXJDUGHOPXQGRSHURWDPSRFRVLTXLHUD IXHUD GHO PLVPR HV SRVLEOH SHQVDU QDGD TXH SXGLHVH VHU WHQLGR SRU EXHQR VLQ UHVWULFFLyQ (LQVFKUlQNXQJ DQRVHU~QLFDPHQWHXQDEXHQDYROXQWDG HLQJXWHU:LOOH (OHQWHQGLPLHQWR HOLQJHQLRODFDSDFLGDGGHMX]JDU\FRPRTXLHUDTXHVHOODPHQORVGHPiVWDOHQWRV 7DOHQWH GHO HVStULWXRHOEXHQiQLPRODGHFLVLyQODSHUVHYHUDQFLDHQODVLQWHQFLRQHVFRPRSURSLHGDGHVGHO WHPSHUDPHQWR 7HPSHUDPHQW  VRQ VLQ GXGD HQ GLYHUVRV UHVSHFWRV EXHQRV \ GHVHDEOHV SHUR WDPELpQSXHGHQOOHJDUDVHUHQH[WUHPRPDORV\QRFLYRVVLODYROXQWDGTXHKDGHKDFHUXVRGH HVWRVGRQHVQDWXUDOHV\FX\DSHFXOLDUFRQVWLWXFLyQVHOODPDSRUHVRFDUiFWHU &KDUDNWHU QRHV EXHQD´ *06 (QHVWHSDVDMHHVFODURTXHODFRQFHSFLyQGHODYROXQWDG :LOOH \HO FDUiFWHU &KDUDNWHU VHUHODFLRQDQtQWLPDPHQWHSXHVQRSRGUtDKDEHUXQDYROXQWDGEXHQDVLXQR DQWHVQRVHKDIRUMDGRHQVtPLVPRXQEXHQFDUiFWHU   $S+  &DEH DFODUDUVH TXH QR PH GHWHQGUp D KDFHU XQ DQiOLVLV SURIXQGR GH QLQJXQD GH HOODVGDGRTXHHVWRSRGUtDGHVYLDUQRVGHQXHVWURVREMHWLYRVSULQFLSDOHV$ORPXFKRKDUpVyOR XQD PHQFLyQ EUHYH SDUD H[SOLFDU FRPR HVWRV FRQFHSWRV VRQ YLWDOHV SDUD HO GHVDUUROOR GH OD ILORVRItDSUiFWLFDGH.DQW  $30URQJRYLXV

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

KRPEUH (Q FDPELR OD SHUVSHFWLYD SVLFROyJLFD TXH H[DPLQD D pVWH FRPR WHPSHUDPHQWR GHO DOPD UHSUHVHQWD ³DTXHOODV H[SUHVLRQHV WRPDGDV D OD FXDOLGDGGHODVDQJUHVLPSOHPHQWHFRPRLQVSLUDGDVHQODDQDORJtDGHOMXHJR GH ORV VHQWLPLHQWRV \ DSHWLWRV FRQ FDXVDV PRWULFHV FRUSRUDOHV HQWUH ODV FXDOHVHVODVDQJUHODPiVGHVWDFDGD ´'HODTXHREWHQHPRVFXDWURWLSRV GH WHPSHUDPHQWRV HO VDQJXtQHR HO PHODQFyOLFR HO FROpULFR \ HO IOHPiWLFR 6L ELHQ WDQWR HO WHPSHUDPHQWR FRPR OR QDWXUDO VRQ LQGLVSHQVDEOHV D OD PRUDOHQFXDQWRTXHHOKRPEUHHVWiLQIOXLGRSRUHOORVHQVXDFFLyQWRGRV HOORVQHFHVLWDQLQWHUDFWXDUFRQHOFDUiFWHUHQVXtQGROHPRUDOSDUDSRGHUVHU FRQVLGHUDGRV EXHQRV ³3RGHU GHFLU GH XQ KRPEUH VLPSOHPHQWH ©WLHQH XQ FDUiFWHUª VLJQLILFD QR VyOR GHFLU PXFKR GH pO VLQR WDPELpQ DODEDUOH PXFKRSXHVVHWUDWDGHDOJRUDURTXHVXVFLWDHOUHVSHWR\ODDGPLUDFLyQ´ 7HQHUXQFDUiFWHUVHDHVWHEXHQRRPDORHVWHQHUDTXHOODSURSLHGDGGHOD YROXQWDG HQ YLUWXG GH OD FXDO ³HO VXMHWR VH YLQFXOD D Vt PLVPR D GHWHUPLQDGRVSULQFLSLRVSUiFWLFRVTXHVHKDSUHVFULWRLUUHYRFDEOHPHQWHSRU PHGLR GH VX SURSLD UD]yQ´ 'H HVWD IRUPD HO FDUiFWHU HV XQ HOHPHQWR HVHQFLDO GH OD PRUDO TXH HVWi SRU HQFLPD GH WRGR OR TXH OD QDWXUDOH]D OH  

$S+ &IU$S+   0XQ]HO VHxDOD HVWD SHFXOLDULGDG GH OD DQWURSRORJtD SUiFWLFD GLFLpQGRQRV ³.DQW UHODFLRQD DPERVORQDWXUDO 1DWXUHOO \HOWHPSHUDPHQWR H[SOtFLWDPHQWHUHODFLRQDGRFRQOD6LQQHVDUW D OD QRFLyQ GH XQ EXHQ FRUD]yQ!! \ DO VHQWLPLHQWR GH SODFHU \ GLVSODFHU 'H OD SULPHUD OR QDWXUDO VHGLFHTXHVHUHILHUHDFyPRVRPRVFDUDFWHUtVWLFDPHQWHDIHFWDGRVSRURWURVODVHJXQGD HOWHPSHUDPHQWR FyPRQRVRWURVDIHFWDPRVDRWURVHVWiUHODFLRQDGDQRVyORFRQVHQWLPLHQWRV LQWHULRUHVVLQRDODFDSDFLGDGGHGHVHDU\PDQLIHVWDUVHDVtPLVPDH[WHUQDPHQWHFRPRDFWLYLGDG 7lWNHLW ´ 081=(/)HOLFLWDV.DQWV&RQFHSWLRQRI0RUDO&KDUDFWHU3   $S+  .DQWPLVPRQRVKDEtDKDEODGRXQ³FDUiFWHUWUDVFHQGHQWDO´GHVGHOD&UtWLFDGHODUD]yQSXUD &IU.U9$% HOFXDODOXGHDXQDVSHFWRGHO³GHV6SLHOUDXPV@TXHGHMDDVXVGHEHUHVLPSHUIHFWRVFRQGXFH LQHYLWDEOHPHQWHDSUHJXQWDVTXHH[LJHQDODIDFXOWDGGHMX]JDU>GLH8UWHLOVNUDIW@HVWLSXODUFyPR KD GH DSOLFDUVH XQD Pi[LPD HQ ORV FDVRV SDUWLFXODUHV \ FLHUWDPHQWH GH WDO PRGR TXH pVWD SURSRUFLRQH GH QXHYR XQD Pi[LPD VXERUGLQDGD  HQ OD TXH VLHPSUH SXHGH SUHJXQWDUVH GH QXHYRSRUXQSULQFLSLRSDUDDSOLFDUODDORVFDVRVTXHVHSUHVHQWDQ \FDHGHHVWHPRGRHQXQD

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

Pi[LPD GH VHJXQGR RUGHQ HV OD TXH HVWDEOHFH OD IRUPD GHO TXHUHU TXH FXOPLQDHQODUHDOL]DFLyQGHODDFFLyQ\FRQVHFXFLyQGHOILQ/DPi[LPDGH VHJXQGR RUGHQ HV OD TXH HVWDEOHFH VL VH DFW~D SRU UHVSHWR D  OD OH\ R QR PLHQWUDV TXH SRU VX SDUWH OD Pi[LPD GH SULPHU RUGHQ FRQWLHQHQ OD UHJOD FRQFUHWD HQ OD TXH VH HVWDEOHFH OD UHODFLyQ HQWUH PHGLRV \ ILQHV HQWUH DFFLyQ\REMHWR´ 3RUXQDSDUWHVyORODVPi[LPDVGHSULPHURUGHQVHJ~Q6FKZDUW]DOXGHQD IRUPDVFRQFUHWDVGHDFWXDUPLHQWUDVTXHODVPi[LPDVGHVHJXQGRRUGHQ HQ FXDQWR SULQFLSLRV VXEMHWLYRV GHO TXHUHU ³VLUYHQ SDUD H[SUHVDU XQD GHFLVLyQ SDUD XQD GHWHUPLQDGD SRVWXUD IXQGDPHQWDO HQ OD FXDO HO KRPEUH DVXPH OD OH\ PRUDO PRUDOLVFKHQ *HVHW] ´ 7RGD Pi[LPD GH SULPHU RUGHQ FRPR Pi[LPDV GH DFFLyQ IRUPD SDUWH GH XQD Pi[LPD JHQHUDO GH VHJXQGR RUGHQ \D TXH ³(Q OD Pi[LPD GH VHJXQGR RUGHQ VH HQFXHQWUD HO IXQGDPHQWR SDUD TXH OD GH SULPHU RUGHQ VHD HO SULQFLSLR SUiFWLFR GHO DUELWULRHVGHFLUSDUDTXHVHDPi[LPDHQVHQWLGRHVWULFWR\FRPSOHWR´ /DV Pi[LPDV GH VHJXQGR RUGHQ XELFDGDV HQ XQ QLYHO VXSHULRU D ODV GH SULPHURUGHQQRUHILHUHQDDFFLRQHVFRQFUHWDV³VLQRPiVELHQDODUHODFLyQ GHXQKRPEUHODVOH\HVGHODVFRVWXPEUHVHQJHQHUDO´'HHVWDIRUPDOD Pi[LPD RIUHFH XQ DQFODMH GH OD YROXQWDG HQ HO PXQGR VLQ HO FXDO VHUtD  FDVXtVWLFD´ 0G6 8QDGLVWLQFLyQVLPLODUDODGH6FKZDUW]HVODTXHKDFH 7LPPHUPDQQ &IU7,00(50$11-HQV³.DQW¶V3X]]OLQJ(WKLFVRI0D[LPV´(Q7KH+DUYDUG5HYLHZRI 3KLORVRSK\9,,,3SVV  7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3   &IU 6&+:$57= 0DULD 'HU %HJULII GHU 0D[LPH EHL .DQW (LQH 8QWHUVXFKXQJ GHV 0D[LPHQEHJULIIVLQ.DQWVSUDNWLVFKHU3KLORVRSKLH3S  /DGHILQLFLyQGHPi[LPDGH*06VHJ~Q6FKZDUW]DOXGHDODPi[LPDFRPRHOSULQFLSLR VXEMHWLYR GHO TXHUHU ±HQ VLQJXODU \ QR DO FRQFHSWR GH ³DFFLyQ´ R ³UHJOD´ \D TXH DTXt .DQW DOXGHDPi[LPDVGHPD\RUJHQHUDOLGDGHVWRHVGHVHJXQGRRUGHQ &IU6&+:$57=0DULD 'HU%HJULIIGHU0D[LPHEHL.DQW(LQH8QWHUVXFKXQJGHV0D[LPHQEHJULIIVLQ.DQWVSUDNWLVFKHU 3KLORVRSKLH3    6&+:$57= 0DULD 'HU %HJULII GHU 0D[LPH EHL .DQW (LQH 8QWHUVXFKXQJ GHV 0D[LPHQEHJULIIVLQ.DQWVSUDNWLVFKHU3KLORVRSKLH3  7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3   6&+:$57= 0DULD 'HU %HJULII GHU 0D[LPH EHL .DQW (LQH 8QWHUVXFKXQJ GHV 0D[LPHQEHJULIIVLQ.DQWVSUDNWLVFKHU3KLORVRSKLH3

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

LPSRVLEOHSDUDODOH\PRUDO±FRPRSULQFLSLRREMHWLYRGHOTXHUHULQFLGLU HQHVDYROXQWDG\HQFRQVHFXHQFLDODUD]yQQRSRGUtDVHUSUiFWLFD(VWDV Pi[LPDV FX\D HVWUXFWXUD LQWHUQD WDPELpQ HQFLHUUD XQD HVWUXFWXUD WHOHROyJLFD±JHQHUDO³SXHGHQOOHYDUVHDXQJUDGRGHJHQHUDOLGDGWDOTXH VHDFFHGHHQXQSXQWRH[WUHPR±SXHVODVPi[LPDVQRSXHGHQJHQHUDOL]DUVH DGLQILQLWXP´(VDTXtGRQGHVHLQWURGXFHODWHPiWLFDGHOD*HVLQQXQJR GLVSRVLFLyQRULJLQDULDGHOiQLPRGHOD5HOLJLyQODFXDOHVFRQVLGHUDGDXQD Pi[LPDVXSUHPD REHUVWH0D[LPH  $TXtOD*HVLQQXQJHVHQWHQGLGDFRPRHOIXQGDPHQWRVXEMHWLYRPiVUDGLFDO GH OD DFFLyQ HVWR HV HV OD Pi[LPD GH PD\RU JUDGR GH JHQHUDOLGDG OD FXDO HVWi D OD EDVH GH ODV GHPiV Pi[LPDV \ HV FRQFHELGD FRPR XQD Pi[LPD GH OD YROXQWDG $Vt OD Pi[LPD IXQGDPHQWDO GH OD *HVLQQXQJ SUHVXSRQH XQD GHFLVLyQ R ELHQ RSWDU SRU VHJXLU VLHPSUH ODV LQFOLQDFLRQHV HVWR HV GHWHUPLQDVH D DFWXDU PHUDPHQWH SRU PRWLYRV LPSXOVRUHV GH OD VHQVLELOLGDG VHJ~Q HO SULQFLSLR VXEMHWLYR GHO DPRU D Vt PLVPR 3ULQ]LSGHU6HOEVWOLHEH RELHQRSWDUSRUFXPSOLUHOGHEHUSRUHO  

&IU*06QRWDDSLHGHSiJLQD &IU/(GDV 3ULQ]LS GHU *OFNVHOLJNHLW@SXHGHFLHUWDPHQWHSURSRUFLRQDUPi[LPDV>0D[LPHQ@SHURMDPiVSXHGHVHUYLU GHOH\HVDODYROXQWDGLQFOXVRVLVHWRPDVHFRPRREMHWRODIHOLFLGDGXQLYHUVDO>GLHDOOJHPHLQH *OFNVHOLJNHLW@ 3RUTXH GDGR TXH HO FRQRFLPLHQWR GH pVWD VH IXQGD VREUH SXURV GDWRV GH H[SHULHQFLD \D TXH WRGR MXLFLR VREUH HOOD GHSHQGH EDVWDQWH GH OD RSLQLyQ >0HLQXQJ@ GH FDGD XQRODFXDODGHPiVHVHQVtPX\YDULDEOHHVWHSULQFLSLRSXHGHGDUUHJODVJHQHUDOHVSHURQR XQLYHUVDOHV HV GHFLU UHJODV WDOHV TXH HQSURPHGLRVHYHULILFDQ HQOD PD\RU SDUWH GHORV FDVRV PDVQRUHJODVTXHGHEDQYDOHUVLHPSUH\QHFHVDULDPHQWHDVtSXHVQRVHSXHGHIXQGDUVREUHHVH SULQFLSLRQLQJXQDOH\SUiFWLFD´ .S9   '(+$529LFHQWH 'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHVGH ,PPDQXHO.DQW3   .$17 ,PPDQXHO 7HRUtD \ SUD[LV 7UDG &DUORV &RUUHDV %XHQRV $LUHV /HYLDWiQ  $..QRWDDSLHGHSiJLQD&LWDGDHQDGHODQWHFRPR*73 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

ODVPi[LPDVFRQFUHWDVTXHHODJHQWHDGRSWHVHUiQDTXHOODVTXH³PD[LPLFHQ HO SODFHU R OD IHOLFLGDG´ 3RU HO FRQWUDULR VL HVWD GLVSRVLFLyQ R DFWLWXG LQWHULRUVHFRQGXFHQSRUHOUHVSHWRSRUODOH\GRQGHODYROXQWDGRIUHFHDO DUELWULRODIXHU]DQHFHVDULDSDUDUHVLVWLUHOSODFHUGHODUHSUHVHQWDFLyQGHWDO R FXDO REMHWR \ DGRSWD D OD OH\ PRUDO FRPR SULQFLSLR SUiFWLFR $TXt DSDUHFHODOH\ PRUDOFRPRDTXHOSULQFLSLRSUiFWLFRREMHWLYRGHOTXHUHUHO FXDO ³VHUYLUtD GH SULQFLSLR SUiFWLFR WDPELpQ VXEMHWLYDPHQWH D WRGRV ORV VHUHV UDFLRQDOHV VL OD UD]yQ WXYLHUD SOHQR SRGHU VREUH OD IDFXOWDG GH GHVHDU´/DOH\PRUDOFRPRSULQFLSLRSUiFWLFRREMHWLYRHVXQDOH\GHOD FDXVDOLGDG PHGLDQWH OD OLEHUWDG OD FXDO QRV LQWURGXFH HQ XQ VHJXQGR QLYHOGHUDFLRQDOLGDGDVDEHUHOGHODPRUDOLGDG(VWRQRVLJQLILFDTXHODV Pi[LPDV VH RSRQJDQ D OD OH\ PRUDO SXHVWR TXH ³FXDQGR HO DJHQWH DFW~D PRUDOPHQWH ELHQ OR TXH KD VXFHGLGR HV TXH HO VXMHWR KD KHFKR VX\R HO SULQFLSLR SUiFWLFR REMHWLYR´ $TXt OD OH\ PRUDO VH GLVWLQJXH GH ORV SULQFLSLRV SUiFWLFRV PDWHULDOHV HQ OD PHGLGD HQ TXH HVWRV ~OWLPRV ³SHUWHQHFHQ DO SULQFLSLR XQLYHUVDO GHO DPRU SURSLR R VHD GH OD SURSLD IHOLFLGDG´ \ ³SRQHQ HO IXQGDPHQWR GHWHUPLQDQWH GH OD YROXQWDG HQ OD IDFXOWDGLQIHULRUGHGHVHDU´PLHQWUDVTXHODOH\PRUDOVHFDUDFWHUL]DQSRU VHU ³OH\HV SXUDPHQWH IRUPDOHV TXH GHWHUPLQDUDQ VXILFLHQWHPHQWH D OD YROXQWDG´ D SDUWLU GH ODV FXDOHV VH DGPLWH XQD ³IDFXOWDG GH GHVHDU VXSHULRU´ /DOH\ PRUDODGLIHUHQFLDGHODVPHUDV Pi[LPDV±HVWRHVDGLIHUHQFLDGH Pi[LPDVFX\DYDOLGH]HVVLHPSUHVXEMHWLYD\FX\RPyYLOHVDMHQRDODOH\  

7255$/%$-RVp0D³/DWHRUtDNDQWLDQDGHODDFFLyQ'HODQRFLyQGHPi[LPDFRPRUHJOD DXWRLPSXHVWDDODGHVFULSFLyQGHODDFFLyQ´3 &IU*06  &IU7255$/%$-RVp0D³/DWHRUtDNDQWLDQDGHODDFFLyQ'HODQRFLyQGHPi[LPDFRPR UHJODDXWRLPSXHVWDDODGHVFULSFLyQGHODDFFLyQ´3  *06QRWDDSLHGHSiJLQD  .S9  7255$/%$-RVp0D³/DWHRUtDNDQWLDQDGHODDFFLyQ'HODQRFLyQGHPi[LPDFRPRUHJOD DXWRLPSXHVWDDODGHVFULSFLyQGHODDFFLyQ´3  .S9 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

PRUDO VLHPSUH HV YiOLGD SDUD WRGR VHU UDFLRQDO ³QR PHUDPHQWH EDMR FRQGLFLRQHV FRQWLQJHQWHV \ FRQ H[FHSFLRQHV PLW $XVQDKPHQ  VLQR GH PRGRDEVROXWDPHQWHQHFHVDULR VFKOHFKWHUGLQJVQRWZHQGLJ ´'DGDHVWD YDOLGH] \ QHFHVLGDG DEVROXWD OD OH\ PRUDO QR SXHGH VHU REWHQLGD GH OD H[SHULHQFLDQLIXQGDUVHHQHOOD±\DTXHGHORFRQWUDULRVHUtDFRQWLQJHQWH\ FDUHFHUtD GH XQLYHUVDOLGDG HQ VHQWLGR HVWULFWR VLQR TXH VyOR SXHGHQ FRQVLGHUDUVHFRPRIXQGDGDVDSULRUL³LQFOXVRORVFRQFHSWRV\MXLFLRV GLH %HJULIIH XQG 8UWHLOH  VREUH QRVRWURV PLVPRV \ QXHVWUR KDFHU \ RPLWLU FDUHFHQ GH VLJQLILFDGR PRUDO 6LWWOLFKHV  FXDQGR FRQWLHQHQ OR TXH VRODPHQWHSXHGHDSUHQGHUVHGHODH[SHULHQFLD\VLQRVGHMDPRVDLQGXFLUD FRQYHUWLU HQ SULQFLSLR PRUDO DOJR H[WUDtGR GH HVWD ~OWLPD IXHQWH GHU OHW]WHUQ4XHOOH FRUUHPRVHOSHOLJURGHFDHUHQORVHUURUHVPiVJURVHURV\ SHUQLFLRVRV VR JHUlW PDQ LQ *HIDKU GHU JU|EVWHQ XQG YHUGHUEOLFKVWHQ ,UUWPHU ´ $Vt D WUDYpV GH HVWD OH\ OD UD]yQ GHWHUPLQD D OD YROXQWDG LQPHGLDWDPHQWH VLQ PHGLDFLyQ DOJXQD GH XQ VHQWLPLHQWR GH SODFHU R GLVSODFHU³QLVLTXLHUDPHGLDQWHXQSODFHUHQHVWDOH\\VyORHOKHFKRGHTXH FRPRUD]yQSXUDSXHGDVHUSUiFWLFDOHSHUPLWHVHUOHJLVODGRUD´ 'HOPLVPRPRGRODOH\PRUDOQRSXHGHIXQGDUVHHQHMHPSORVWRPDGRVGH ODH[SHULHQFLD\DTXHUHVXOWDDEVXUGR³TXHUHUHQFRQWUDUHQHOPXQGRGHORV VHQWLGRV XQ FDVRTXH SRU PX\ DOHMDGR TXH VHHQFXHQWUHGHODOH\ QDWXUDO SHUPLWDTXHVREUHVtVHDSOLTXHXQDOH\GHOLEHUWDG\DOTXHSXHGDDSOLFDUVH OD LGHD VXSUDVHQVLEOH GH ELHQ PRUDO TXH HQ pO GHED UHSUHVHQWDUVH LQ  

*06 7DO\FRPRVXFHGHFRQHOSULQFLSLRGHODIHOLFLGDG &IU.S9  0G6  .S9(VWRQRVLJQLILFDVLQHPEDUJRTXHODPRUDONDQWLDQDGHVDWLHQGDWRGDDIHFWLYLGDG 3RU HO FRQWUDULR WRGD DFFLyQ TXH HV UHDOL]DGD SRU HO PRWLYR GHO GHEHU HV DFRPSDxDGD SRU XQ GHVHRUDFLRQDOHOFXDO³HVHOHIHFWRTXHQXHVWUDFRQFLHQFLDGHORVSULQFLSLRVREMHWLYRVGHOREUDU WLHQH VREUH QXHVWUD VHQVLELOLGDG /D FRDFFLyQ UDFLRQDO GHO DJHQWH VREUH Vt PLVPR VROR RFXUUH VHJ~Q .DQW D WUDYpV GH XQ VHQWLPLHQWR GH UHVSHWR PRUDO´ &+$53(1(/ (GXDUGR ³/RV VHQWLPLHQWRV\HOGHEHUHQODILORVRItDSUiFWLFDGH.DQW´(Q2SHQ,QVLJKW9RO,,Qƒ 3   

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

FRQFUHWR´(QHIHFWRDSHVDUGHTXHORVHMHPSORVSXHGDQVHUYLUQRVSDUD KDFHUYLVLEOHOD OH\ PRUDO DORVKRPEUHV ±WDO \ FRPR VRVWLHQH /RXGHQ ³WRGR HMHPSOR TXH VH SUHVHQWH HQ HOOD WLHQH TXH VHU pO PLVPR HQMXLFLDPLHQWRDQWHVVHJ~QSULQFLSLRVGHODPRUDOLGDGSDUDVDEHUVLWDPELpQ HVGLJQRGHVHUYLUGHHMHPSORRULJLQDULR XUVSUQJOLFKHQ%HLVSLHOH HVWRHV GHPRGHOR 0XVWHU \GHQLQJXQDPDQHUDSXHGHVHUpOTXLHQSURSRUFLRQH SULPHURHOFRQFHSWRGHODPLVPD´/DOH\PRUDOHQHVWHVHQWLGRVHGD SRUDVtGHFLU³FRPRXQKHFKRGHODUD]yQSXUD DOVHLQ)DNWXPGHUUHLQHQ 9HUQXQIW GHOFXDOWHQHPRVFRQFLHQFLDDSULRUL\TXHHVDSRGtFWLFDPHQWH FLHUWRDXQVXSRQLHQGRTXHQRVHSXHGDHQFRQWUDUHQODH[SHULHQFLDXQVROR HMHPSOR HQ HO TXH VH KD\D REVHUYDGR H[DFWDPHQWH´ (O YDORU PRUDO GH WRGD DFFLyQ GHSHQGH VHJ~Q OR PHQFLRQDGR DQWHULRUPHQWH GH TXH OD OH\

 

*5$1-$'XOFH0DUtD/HFFLRQHVGH.DQWSDUDKR\34XHODOH\PRUDOQRVHIXQGH VREUH QLQJ~Q VHQWLPLHQWR QR VLJQLILFD D SHVDU GH OR TXH PXFKDV LQWHUSUHWDFLRQHV HVWiQGDUHV VRVWLHQHQ TXH .DQW QLHJXH WRGD SRVLEOH UHODFLyQ HQWUH HO FXPSOLPLHQWR GHO GHEHU \ HO VHQWLPLHQWR SURGXFLGR SRU GLFKD UD]yQ HQ SDODEUDV GH .DQW ³QR QLHJR HQ DEVROXWR TXH DVt FRPRPHGLDQWHODOLEHUWDGODYROXQWDGKXPDQDHVLQPHGLDWDPHQWHGHWHUPLQDEOHSRUODOH\PRUDO VHD LJXDOPHQWH SRVLEOH TXH HO HMHUFLFLR IUHFXHQWH GLH |IWHUH $XVEXQJ  FRQIRUPH D HVWH IXQGDPHQWR GHWHUPLQDQWH SXHGD SURGXFLU DO ILQ VXEMHWLYDPHQWH XQ VHQWLPLHQWR GH FRQWHQWDPLHQWRFRQVLJRPLVPRPiVD~QHVSDUWHGHOGHEHUHOHVWDEOHFHU\FXOWLYDU ]XJUQGHQ XQG ]X NXOWLYLHUHQ  HVH VHQWLPLHQWR TXH HQ UHDOLGDG HV HO ~QLFR TXH PHUHFH VHU OODPDGR VHQWLPLHQWRPRUDO GDVPRUDOLVFKH*HIKO SHURHOFRQFHSWRGHGHEHUQRSXHGHVHUGHULYDGRGH pO \D TXH GH RWUD PDQHUD WHQGUtDPRV TXH SHQVDU HO VHQWLPLHQWR GH XQD OH\ FRPR WDO \ KDFHU REMHWRGHODVHQVDFLyQORTXHVyORSXHGHVHUSHQVDGRPHGLDQWHODUD]yQORFXDOVLQRVHTXLHUH TXH VHD XQD YXOJDU FRQWUDGLFFLyQ HLQ SODWWHU :LGHUVSUXFK  DQXODUtD DEVROXWDPHQWH WRGR HO FRQFHSWR GH GHEHU \ SRQGUtD HQ VX OXJDU XQ VLPSOH MXHJR PHFiQLFR GH LQFOLQDFLRQHV PiV UHILQDGDVTXHDYHFHVHQWUDUtDQHQFRQIOLFWR LQ=ZLVW FRQODVPiVJURVHUDV´ .S9   &IU/28'(15REHUW³0DNLQJ/DZ9LVLEOHWKH5ROHRI([DPSOHVLQ.DQW¶V(WKLFV´(Q 700(50$1-HQV HG .DQW¶V*URXQGZRUNRIWKH0HWDSK\VLFVRI0RUDOV$&ULWLFDO*XLGH &DPEULGJH8.&DPEULGJH8QLYHUVLW\3UHVV3S  *06   1R PH GHWHQGUp D DQDOL]DU OD WHPiWLFD GHO )DNWXP GH OD UD]yQ SUiFWLFD 6LQ HPEDUJR HV LPSRUWDQWH PHQFLRQDU TXH ³6H WUDWD FRPR HV VDELGR GH XQ KHFKR GH OD UD]yQ )DNWXP GHU 9HUQXQIW  SRU HO TXH WRPDPRV ³FRQFLHQFLD´ %HZX‰WVHLQ  GH OD OH\ PRUDO TXH QRV HV ³GDGD´ JHJHEHQ \VHQRVLPSRQHFRPRSURSRVLFLyQVLQWpWLFDDSULRUL6HUtDXQDSURSRVLFLyQDQDOtWLFD VLKXELHUDXQDLQWXLFLyQLQWHOHFWXDOGHODOLEHUWDGSHURWDOFRVDHVLPSRVLEOH'LFKD³FRQFLHQFLD´ GH OD OH\ PRUDO QR SURFHGH GH XQD LQWXLFLyQ SXUD R HPStULFD  QL GH XQ KHFKR HQ HO VHQWLGR KDELWXDO GHO WpUPLQR ±HV GHFLU HPStULFR VLQR TXH VH WUDWD GHO UHVXOWDGR GH XQD DFFLyQ GH OD UD]yQ SXUD SRU OD TXH pVWD VH PXHVWUD FDSD] GH GHWHUPLQDU OD FDXVDOLGDG GH OD IDFXOWDG GHVLGHUDWLYD´ 7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3   .S9

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

PRUDOGHWHUPLQHLQPHGLDWDPHQWHDODYROXQWDGHVWRHVTXHHOPyYLOGHOD YROXQWDGVHDODOH\PRUDO /DEXHQDYROXQWDGHQUHODFLyQFRQXQDYROXQWDGKXPDQDHOSDSHO GHODUD]yQ\ODVHQVLELOLGDGGHQWURGHODPRUDONDQWLDQD /D UDFLRQDOLGDG SUiFWLFD GH XQD DFFLyQ VH SUHVHQWD HQ .DQW VLHPSUH GH IRUPDLQWHQFLRQDOHVWRHVWRGDDFFLyQSUHVXSRQHXQREMHWRKDFLDHOFXDOVH GLULJH HO FXDO HV UHSUHVHQWDGR FRPR XQ HIHFWR SRVLEOH PHGLDQWH OD OLEHUWDG6REUHHVWRPLVPR.DQWPHQFLRQDTXH 6L HO REMHWR HV VXSXHVWR FRPR IXQGDPHQWR GHWHUPLQDQWH GH QXHVWUD IDFXOWDG GH GHVHDU VX SRVLELOLGDG ItVLFD PHGLDQWH HO OLEUH XVR GH QXHVWUDV IXHU]DV IUHLHQ *HEUDXFK XQVHUHU .UlIWH  GHEH SUHFHGHU DO MXLFLRGHVLHVRQRXQREMHWRGHODUD]yQSUiFWLFD3RUHOFRQWUDULRVL OD OH\ SXHGH VHU FRQVLGHUDGD D SULRUL FRPR HO IXQGDPHQWR GHWHUPLQDQWHGHODDFFLyQ\pVWDSRUFRQVLJXLHQWHFRPRGHWHUPLQDGD SRU OD UD]yQ SXUD SUiFWLFD HQWRQFHV HO MXLFLR GDV 8UWHLO  TXH GHEH GHFLGLU VL XQD FRVD HV R QR XQ REMHWR GH OD UD]yQ SXUD SUiFWLFD HV WRWDOPHQWH LQGHSHQGLHQWH GH OD FRPSDUDFLyQ GHU 9HUJOHLFKXQJ  FRQ QXHVWUD IDFXOWDG ItVLFD \ VH WUDWD VRODPHQWH GH VDEHU VL QR HV OtFLWR TXHUHU XQD DFFLyQ GLULJLGD D OD H[LVWHQFLD GH XQ REMHWR GLH ([LVWHQ] HLQHV 2EMHNWV  HVWDQGR pVWH HQ QXHVWUR SRGHU SRU OR WDQWR OD SRVLELOLGDG PRUDO WLHQH TXH SUHFHGHU OD DFFLyQ SXHV HQ HVWH FDVR HO IXQGDPHQWRGHWHUPLQDQWHGHODDFFLyQQRHVHOREMHWRVLQRODOH\GHOD YROXQWDG 'H HVWD IRUPD ORV ~QLFRV REMHWRV GH XQD UD]yQ SUiFWLFD VRQ HO ELHQ GDV *XW \HOPDO GDV%|VH HOSULPHURFRPRREMHWRQHFHVDULRGHODIDFXOWDG  

&IU.S9 .S9  .S9 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

GH GHVHDU HO VHJXQGR FRPR REMHWR QHFHVDULR GH OD IDFXOWDG GH DERUUHFHU GRQGHDPERVVRQGDGRVHJ~QXQSULQFLSLRGHODUD]yQ(VWHFRQFHSWRGH ELHQ FRPR REMHWR QHFHVDULR GHOD IDFXOWDG GHGHVHDU VLQ HPEDUJR DGPLWH XQDGREOHFRQVLGHUDFLyQ(QSULPHUOXJDUWHQHPRVDTXHOFRQFHSWRGHELHQ TXHQRHVGHULYDGRGHXQDOH\SUiFWLFDSUHFHGHQWHVLQRTXHVHIXQGDHQHO VHQWLPLHQWR GH SODFHU \ GLVSODFHU OODPDQGR ³EXHQR D OR TXH HV XQ PHGLR SDUDORDJUDGDEOH\PDORDORTXHFDXVDGHVDJUDGR\GRORU´$OXQLUHO FRQFHSWRGHELHQFRQXQDVHQVDFLyQGHGHOHLWH GHV9HUJQJHQV \HOGHOR PDOR FRQ XQD VHQVDFLyQ GH GRORU 6FKPHU]  VH HPSDUHQWD HO FRQFHSWR GH ELHQ FRQ OD H[SHULHQFLD OR FXDO WDO \ FRPR VH PHQFLRQDUi PiV DGHODQWH VyOR SXHGH WHQHU XQ YDORU FRQGLFLRQDGR R UHVWULQJLGR 6LQ HPEDUJR HO ELHQ\HOPDOHQVHQWLGRHVWULFWRH[LJHQVHUMX]JDGRVSRUODUD]yQ³\SRUOR WDQWR PHGLDQWH FRQFHSWRV TXH VH SXHGDQ FRPXQLFDU XQLYHUVDOPHQWH \ QR PHGLDQWHODVLPSOHVHQVDFLyQODFXDOVHOLPLWDDORVREMHWRVSDUWLFXODUHV\D VXUHFHSWLYLGDG´$OIXQGDUHOFRQFHSWRGHELHQHQODVHQVDFLyQODDFFLyQ \OD Pi[LPDTXHODSUHFHGHVyORFRQWHQGUtDQFRPRREMHWRGHOD YROXQWDG DOJREXHQRSDUDRWUDFRVD±UD]yQSRUODFXDOVHYXHOYHQPHURVPHGLRVSDUD DOJRDMHQRPiVQXQFDFRPREXHQDVSRUVtPLVPDV(QHVWDFRQFHSFLyQGHO ELHQ VH PDQWLHQH OD IyUPXOD ³QLKLO DSSHWLPXV QLVL VXE UDWLRQH ERQL QLKLO DGYHUVDPXU QLVL VXE UDWLRQH PDOL´ EDMR XQ SULPHU QLYHO GH UDFLRQDOLGDG SHUR TXH GDGD OD DPELJHGDG GH ODV H[SUHVLRQHV ERQL \ PDOL DGPLWH HO ELHQHQXQVHQWLGRDPSOLRJHQHUDO\QRQHFHVDULDPHQWHGHtQGROHPRUDO

 

 &IU .S9  $TXt HO FRQFHSWR GH UDFLRQDOLGDG VHJ~Q 7RUUDOED GHEH HQWHQGHUVH HQ GRV VHQWLGRVGLVWLQWRVDVDEHUFRPRUD]yQSXUDSUiFWLFD\FRPRUD]yQSUiFWLFDHQJHQHUDOHOFXDO VH PDWL]D HQ IXQFLyQ D OD GLVWLQFLyQ HQWUH OR EXHQRPDOR >*XWH%|VH@ \ ELHQHVWDUPDOHVWDU >:RKOhEHO@ GLVWLQFLyQ HQ OD FXDO VH DOXGH D OR EXHQR HQ UHODFLyQ D OD PRUDOLGDG &IU 7255$/%$-RVp0D³/DWHRUtDNDQWLDQDGHODDFFLyQ'HODQRFLyQGHPi[LPDFRPRUHJOD DXWRLPSXHVWDDODGHVFULSFLyQGHODDFFLyQ´3SVV   &IU.S9  &IU*06  .S9  .S9

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

$Vt HQ VHJXQGR OXJDU WHQHPRV XQD VHJXQGD FRQFHSFLyQ GHO ELHQ OD FXDO QR VH IXQGD HQ QLQJXQD VHQVDFLyQ VLQR HQ XQD OH\ SUiFWLFD \ HQ FRQVHFXHQFLD WLHQH XQ YDORU LQFRQGLFLRQDO $TXt HO ELHQ GDV *XWH  \ HO PDO GDV%|VH VHGLVWLQJXHQGHOREXHQR :RKO \OR PDOR :HKhEHO ± TXHDOXGHQDOSULPHUFRQFHSWRGHELHQHQFXDQWRELHQHVWDURPDOHVWDUHQ FXDQWRTXH³VLJQLILFDQVLHPSUHXQDUHODFLyQFRQODYROXQWDGHQFXDQWRpVWD HVGHWHUPLQDGDSRUODOH\GHODUD]yQKDFHUGHDOJRVXREMHWRSXHVWRTXHOD YROXQWDG QXQFD VH GHWHUPLQD LQPHGLDWDPHQWH SRU HO REMHWR \ VX UHSUHVHQWDFLyQVLQRTXHHVXQDIDFXOWDGGHKDFHUVHGHXQDUHJODGHODUD]yQ >HLQH5HJHOGHU9HUQXQIW@ODFDXVDGHWHUPLQDQWHGHXQDDFFLyQ PHGLDQWHOD FXDOXQREMHWRSXHGHVHUUHDOL]DGR ´0LHQWUDVTXHOREXHQR :RKO \OR PDOR :HKhEHO  DOXGHQ DO HVWDGR GH VHQVDFLRQHV GH OD SHUVRQD HO ELHQ GDV*XWH \HOPDO GDV%|VH VHUHILHUHQSURSLDPHQWHDDFFLRQHV³/R TXH GHEHPRV OODPDU EXHQR JXW  GHEH VHU HQ HO MXLFLR GH WRGR KRPEUH UDFLRQDOXQREMHWRGHODIDFXOWDGGHGHVHDU\HOPDO GDV%|VH XQREMHWRGH DYHUVLyQ D ORV RMRV GH WRGR HO PXQGR SRU OR WDQWR SDUD HVWH MXLFLR VH QHFHVLWDDGHPiVGHOVHQWLGR 6LQQH WDPELpQODUD]yQ´ $KRUDELHQVHJ~Q.DQWOR~QLFRTXHSXHGHFRPSUHQGHUVHFRPREXHQRVLQ UHVWULFFLyQHVWRHVFRPREXHQRSRUVtPLVPRHVXQDEXHQDYROXQWDG HLQ JXWHU :LOOH  ³(O HQWHQGLPLHQWR 9HUVWDQG  HO LQJHQLR :LW]  OD FDSDFLGDG GH MX]JDU 8UWHLOVNUDIW  \ FRPR TXLHUD TXH VH OODPHQ SRU OR  

.S9 &IU.S9  .S9  6REUH HVWH SXQWR .DQW KDFH XQD REVHUYDFLyQ ³6LQ HPEDUJR SRGHPRV OODPDU PDO hEHO  D DOJR TXH DO PLVPR WLHPSR WRGRV WHQJDQ TXH GHFODUDU EXHQR JXW  D YHFHV PHGLDWDPHQWH\DYHFHVKDVWDLQPHGLDWDPHQWH4XLHQVHGHMDKDFHUXQDRSHUDFLyQTXLU~UJLFDVLQ GXGDODVLHQWHFRPRXQPDO hEHO SHURPHGLDQWHODUD]yQpO\WRGRHOPXQGRODGHFODUDQEXHQD JXW 3HURVLDOJXLHQJXVWDGHSURYRFDU\GLVJXVWDUDJHQWHSDFtILFD\XQGtDFDHFRQXQRTXHOH ]XPED XQD EXHQD SDOL]D HVWR HV GHVGH OXHJR XQ PDO hEHO  SHUR WRGR HO PXQGR OH GD VX DSUREDFLyQ\ORFRQVLGHUDEXHQR JXW HQVtDXQTXHGHHOORQRUHVXOWDUDQDGDPiVHLQFOXVRHO TXH UHFLEH DTXHOOD SDOL]D HQ VX UD]yQ WLHQH TXH UHFRQRFHU TXH ELHQOD PHUHFH SRUTXH HQ HVWH FDVR YH SXHVWD HQ SUiFWLFD ULJXURVDPHQWH DTXHOOD SURSRUFLyQ HQWUH HO ELHQHVWDU \ OD EXHQD FRQGXFWDTXHODUD]yQOHKDFHSUHVHQWHLQHYLWDEOHPHQWH´ .S9   *06  

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

GHPiV ORVWDOHQWRVGHO HVStULWX GLH 7DOHQWHGHV *HLVWHV  R HOEXHQiQLPR 0XW  OD GHFLVLyQ (QWVFKORVVHQKHLW  OD SHUVHYHUDQFLD HQ ODV LQWHQFLRQHV %HKDUUOLFKNHLW LP 9RUVDW]H  FRPR SURSLHGDGHV GHO WHPSHUDPHQWR DOV (LJHQVFKDIWHQ GHV 7HPSHUDPHQWV  VRQ VLQ GXGD HQ GLYHUVRV UHVSHFWRV EXHQRV\GHVHDEOHVSHURWDPELpQSXHGHQOOHJDUDVHUHQH[WUHPR PDORV\ QRFLYRV lX‰HUVWE|VHXQGVFKlGOLFK VLODYROXQWDGTXHKDGHKDFHUXVRGH HVWRV GRQHV QDWXUDOHV GLHVHQ 1DWXUJDEHQ *HEUDXFK  \ FX\D SHFXOLDU FRQVWLWXFLyQVHOODPDSRUHVRFDUiFWHU &KDUDNWHU QRHVEXHQD´6yOROD EXHQD YROXQWDG OD FXDO VH H[SUHVD D Vt PLVPD HQ DFWRV EXHQRV GH OD YROXQWDG \ FRQVHFXHQWHPHQWH HQ ODV EXHQDV DFFLRQHV HV EXHQD LQFRQGLFLRQDGDPHQWHGRQGHVHHQWLHQGHQGRVFRVDVSRULQFRQGLFLRQDOSRU XQODGRTXHHOODHVEXHQDSRUVtPLVPD³QRSRUORTXHHIHFW~HRUHDOLFHQR SRU VX DSWLWXG SDUD DOFDQ]DU DOJ~Q ILQ SURSXHVWR VLQR ~QLFDPHQWH SRU HO TXHUHU´SRURWURODGRTXHODEXHQDYROXQWDGHVFRQGLFLyQLQGLVSHQVDEOH SDUD TXH FXDOTXLHU RWUD FRVD SXHGD VHU OODPDGD EXHQD HQ XQ VHQWLGR PRUDO

 

*06(QHVWHSDVDMHHVFODURTXHODFRQFHSFLyQGHODYROXQWDG\ODQRFLyQGHFDUiFWHUGH OD $QWURSRORJtD VH UHODFLRQDQ tQWLPDPHQWH SXHV QR SRGUtD KDEHU XQD YROXQWDG EXHQD VL XQR DQWHV QR VH KD IRUMDGR HQ Vt PLVPR XQ EXHQ FDUiFWHU 7HQHU XQ FDUiFWHU HQ JHQHUDO HV WHQHU DTXHOOD SURSLHGDG GH OD YROXQWDG HQ YLUWXG GH OD FXDO ³HO VXMHWR VH YLQFXOD D Vt PLVPR D GHWHUPLQDGRVSULQFLSLRVSUiFWLFRVTXHVHKDSUHVFULWRLUUHYRFDEOHPHQWHSRUPHGLRGHVXSURSLD UD]yQ´ $S+ (OFDUiFWHUHQHVWHVHQWLGRHVDTXHOODSURSLHGDGGHODYROXQWDGHQYLUWXGGH OD FXDO XQ DJHQWH VH GHWHUPLQD D DFWXDU VHJ~Q SULQFLSLRV ILUPHV SULQFLSLRV TXH SXHGHQ VHU EXHQRVRPDORVVHJ~QODDFWLWXGLQWHULRUR*HVLQQXQJGHFDGDDJHQWH$VtHOFDUiFWHU\ODEXHQD YROXQWDGQR QHFHVDULDPHQWH VRQ LGHQWLILFDEOHV QR REVWDQWH VHJ~Q )ULHUVRQ HO FDUiFWHU HV XQD FRQGLFLyQVXEMHWLYDGHOELHQPRUDO\DTXHSRUXQODGR³ODVUHJODVSRUODVFXDOHVXQRFXOWLYDVX FDUiFWHU WDPELpQ SURPXHYHQ HO GHVDUUROOR GH XQD EXHQD YROXQWDG´ \ SRU RWUR ODGR ³OD EXHQD YROXQWDGHVODIRUPDPiVDXWpQWLFDGHFDUiFWHU´ &IU)5,(56213DWULFN³&KDUDFWHUDQG(YLO LQ.DQWV0RUDO$QWKURSRORJ\´(Q-RXUQDORIWKH+LVWRU\RI3KLORVRSK\YRO1R 3    &IU 7,00(50$11 -HQV .DQWV *URXQGZRUN RI WKH 0HWDSK\VLFV RI 0RUDOV $ &RPPHQWDU\3  *06  &IU*066REUHHVWHUHVSHFWRHVLPSRUWDQWHUHFRUGDUFRPRKDFH3DWRQTXHORVELHQHV FRQGLFLRQDGRVVRQSULPDIDFLHEXHQRVFXDQGRVRQYLVWRVHQDEVWUDFFLyQGHVXFRQWH[WRHVWRHV DLVODGRVLQFOXVRGHODDFFLyQ &IU3$721+-7KH&DWHJRULFDO,PSHUDWLYH$6WXG\LQ.DQWV 0RUDO3KLORVRSK\3 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

(VWD EXHQD YROXQWDG WDO \ FRPR VRVWLHQH .DQW QR REWLHQH VX LQFRQGLFLRQDOLGDGSRUODXWLOLGDG\HIHFWLYLGDGSDUDSURGXFLUFLHUWRVHIHFWRV DVtFRPRWDPSRFRODSLHUGHSRUODSRUODIDOWDGH³FDSDFLGDG´SDUD³VDFDU DGHODQWHVXSURSyVLWR´ 3RU XQD SDUWH VH GLFH TXH ODEXHQDYROXQWDGHV EXHQD VLQ UHVWULFFLyQ VLQ FRQGLFLRQDQWH DOJXQD \ SRU HQGH VLQ OLPLWDFLyQ 3RU RWUD SDUWH VH GLFH TXH VyOR HOOD HV OD ~QLFD FDSD] GH SRVHHU HVWH YDORU LQFRQGLFLRQDO GH OR FXDO VH VLJXH TXH HOOD HVWi FRPR IXQGDPHQWR GH WRGR DTXHOOR TXH SXHGH VHU EXHQR HQ XQ VHQWLGR PRUDO 7HVLV SDUD OD FXDO .DQW UHFXUUH DO FRQRFLPLHQWR UDFLRQDO PRUDO RUGLQDULR ³HO UD]RQDPLHQWR SUiFWLFR FRP~Q UHFKD]D ODV RSLQLRQHV GH DTXHOORV TXH HVWLPDQPiVRWUDVFRVDVTXHXQDEXHQDYROXQWDG´8QDEXHQDYROXQWDG HQ VHQWLGR HVWULFWR HV DTXHOOD FX\R TXHUHU HVWDEOHFH XQD LQWLPLGDG FRQ OD OH\PRUDOODFXDOSXHGHSUHVHQWDUVHHQODYROXQWDGGHGRVIRUPDVRELHQOD OH\ PRUDO HVWi SUHVHQWH ³LQWHULRUPHQWH GH PRGR QHFHVDULR HQ HO VXMHWR DJHQWH´ GRQGH OD UD]yQ GHWHUPLQD LQGHIHFWLEOHPHQWH XQDXVEOHLEOLFK  D ODYROXQWDG\HQFRQVHFXHQFLDODVDFFLRQHVGHHVHVHUDOQRHVWDUVXMHWDVD QHFHVLGDGHV \ D FDXVDV GHWHUPLQDQWHV VHQVLEOHV ³TXH VRQ UHFRQRFLGDV FRPR REMHWLYDPHQWH QHFHVDULDV VRQ WDPELpQ VXEMHWLYDPHQWH QHFHVDULDV HVWRHVODYROXQWDGHVXQDIDFXOWDGGHHOHJLUVRODPHQWHDTXHOORTXHODUD]yQ UHFRQRFH LQGHSHQGLHQWHPHQWH GH OD LQFOLQDFLyQ FRPR SUiFWLFDPHQWH QHFHVDULR HVWR HV FRPR EXHQR´ R ELHQ FRPR HQ HO FDVR GHO KRPEUH

 

*06 $TXtHOWHUFHUDGMHWLYRHVGH3DWRQ&IU3$721+-7KH&DWHJRULFDO,PSHUDWLYH$6WXG\ LQ.DQWV0RUDO3KLORVRSK\3  7,00(50$11-HQV.DQWV*URXQGZRUNRIWKH0HWDSK\VLFVRI0RUDOV$&RPPHQWDU\ 3  0G6  &IU.S9  *06 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

FRPRLPSHUDWLYR³SRUPHGLRGHODFXDOVHKDFHQHFHVDULDXQDDFFLyQHQVt FRQWLQJHQWH´ 8QD YROXQWDG SHUIHFWDPHQWH EXHQD ±HQWHQGLHQGR DTXt SRU EXHQR ³OR TXH GHWHUPLQDDODYROXQWDGSRUPHGLRGHODVUHSUHVHQWDFLRQHVGHODUD]yQ´ FRQGXFH VXV DFFLRQHV EDMR OH\HV REMHWLYDV OD FXDO QR VH SUHVHQWD FRPR GHEHU \D TXH HQ WRGD YROXQWDG VDQWD HLQH KHLOLJH :LOOH  \ OD YROXQWDG GLYLQD GHQ J|WWOLFKHQ :LOOH  ³HO TXHUHU \D FRQFXHUGD GH VX\R FRQ OD OH\ QHFHVDULDPHQWH´ /D VDQWLGDG SUHVXSRQH HQ HVWH VHQWLGR XQ DUELWULR LQFDSD] GH UHSUHVHQWDUVH XQD Pi[LPD TXH QR SXGLHUD YDOHU FRPR OH\ REMHWLYD 3RU HO FRQWUDULR HQXQD YROXQWDG FRPR OD GHO KRPEUH ³OD OH\ WLHQH OD IRUPD GH XQ LPSHUDWLYR SXHV VL ELHQ VH SXHGH SUHVXSRQHU HQ pO FRPR VHU UDFLRQDO YROXQWDG SXUD HLQHQ UHLQHQ :LOOHQ  HQ FXDQWR VHU VXMHWRDQHFHVLGDGHV PLW%HGXUIQLV \DFDXVDVGHWHUPLQDQWHVVHQVLEOHVQR VH SXHGH VXSRQHU XQD YROXQWDG VDQWD HV GHFLU XQD YROXQWDG LQFDSD] GH Pi[LPDVFRQWUDULDVDODOH\PRUDO´/DUHODFLyQGHXQDYROXQWDGFRPROD QXHVWUDFRQODOH\PRUDOHVHQFRQVHFXHQFLDGHGHSHQGHQFLDHVWRHV³EDMR HOQRPEUHGHREOLJDFLyQTXHVLJQLILFDXQDFRDFFLyQVLELHQLPSXHVWDSRUOD PHUDUD]yQ\VXOH\REMHWLYDDXQDDFFLyQOODPDGDGHEHU´

 

0G67DO\FRPRSURSRQH6FKQHHZLQGQRVRWURVVRPRVVHUHVILQLWRVHQORVFXDOHVODOH\ PRUDO QR DFW~D GH IRUPD DXWRPiWLFD \ HQ HVD PHGLGD OD OH\ PRUDO VH SUHVHQWD D QXHVWUD YROXQWDG FRPR FRQVWUHxLGD R FRDFFLRQDGD &IU 6&+1((:,1' -% ³$XWRQRP\ 2EOLJDWLRQ DQG 9LUWXH $Q 2YHUYLHZ RI .DQW¶V 0RUDO 3KLORVRSK\´ (Q *8,QWHUHVVH@eVWHDVtSXHVVHGDVyORHQXQDYROXQWDGGHSHQGLHQWHTXHQRHV GHVX\RVLHPSUHFRQIRUPHDODUD]yQHQODYROXQWDGGLYLQDQRVHSXHGHSHQVDUXQLQWHUpV3HUR WDPELpQ OD YROXQWDG KXPDQD SXHGH WRPDU LQWHUpV HQ DOJR VLQ SRU HOOR REUDU SRU LQWHUpV (O SULPHUR VLJQLILFD HO LQWHUpV SUiFWLFR HQ OD DFFLyQ HO VHJXQGR HO LQWHUpV SDWROyJLFR >GDV SDWKRORJLVFKH,QWHUHVVH@HQHOREMHWRGHODDFFLyQ(OSULPHURPXHVWUDVyORGHSHQGHQFLDGHOD YROXQWDGUHVSHFWRGHSULQFLSLRVGHODUD]yQHQVtPLVPDHOVHJXQGRUHVSHFWRGHORVSULQFLSLRVGH ODPLVPDSDUDXWLOLGDGGHODLQFOLQDFLyQSXHVWRTXHHQHIHFWRODUD]yQVRODPHQWHLQGLFDODUHJOD SUiFWLFD >QXU GLH SUDNWLVFKH 5HJHO@ GH FyPR VXSHUDU ODV QHFHVLGDGHV GH OD LQFOLQDFLyQ (Q HO SULPHU FDVR PH LQWHUHVD OD DFFLyQ HQ HO VHJXQGR HO REMHWR GH OD DFFLyQ HQ WDQWR TXH PH HV DJUDGDEOH ´ *06QRWDDSLHGHSiJLQD   0G6QRWDDSLHGHSiJLQD  *06(OSDUpQWHVLVHVPtR 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

DFDVRFRPRPHGLR>DOV0LWWHO@HQRWURUHVSHFWRVLQRHQVtPLVPDSDUDOR FXDO OD UD]yQ HUD QHFHVDULD DEVROXWDPHQWH VL HV TXH OD QDWXUDOH]D HQ OD GLVWULEXFLyQGHVXVGLVSRVLFLRQHVKDSURFHGLGRHQWRGDVSDUWHVFRQDUUHJORD ILQHV´ (Q HVWH VHQWLGR HO KRPEUH ³QR HV WRWDOPHQWH DQLPDO FRPR SDUD VHULQGLIHUHQWHDORTXHODUD]yQSRUVtPLVPDGLFH\SDUDXVDUODVyORFRPR LQVWUXPHQWR GH VDWLVIDFFLyQ GH VXV QHFHVLGDGHV >GHU %HIULHGLJXQJ VLHQHV %HGUIQLVVHV@HQFXDQWRVHUVHQVLEOHSXHVODUD]yQQRORHOHYDHQYDORU>LP :HUWH@VREUHODPHUDDQLPDOLGDG>EOR‰H7LHUKHLW@VLpVWDVyOROHVLUYHSDUD DTXHOORTXHHOLQVWLQWR>GHU,QVWLQNW@OOHYDDFDERHQORVDQLPDOHV´ /DIRUPDLPSHUDWLYDGHODDFFLyQHQVXSULPHUDFHUFDPLHQWRDOD PRUDO 'DGDHVWDSHFXOLDULGDGGHODYROXQWDGKXPDQDHOFRQFHSWRGHGHEHUH[LJHD QXHVWUD IDFXOWDG GHVLGHUDWLYD REMHWLYDPHQWH TXH OD DFFLyQ VHD FRQIRUPH FRQODOH\\VXEMHWLYDPHQWHDODPi[LPDGHODDFFLyQTXHHOUHVSHWRDOD OH\ VHD HO ~QLFR PyYLO SDUD OD GHWHUPLQDFLyQ GH OD YROXQWDG PHGLDQWH HOOD$KRUDELHQODUHSUHVHQWDFLyQGHXQSULQFLSLRREMHWLYRGHODDFFLyQ HQ FXDQWR FRQVWULFWLYR SDUD XQD YROXQWDG FRQVWLWX\H XQ PDQGDWR GH OD UD]yQ\VXIyUPXODVHH[SUHVDPHGLDQWHXQLPSHUDWLYR'HHVWDPDQHUD ORVLPSHUDWLYRVVRQSULQFLSLRVVHJ~QORVFXDOHVXQDJHQWHGHEHREUDUDOV7DOHQW@ &IU.S9 ³TXHQRGHSHQGHGHODLQVWUXFFLyQVLQRGHODSUHGLVSRVLFLyQQDWXUDOGHOVXMHWR´ $S+    &IU 7,00(50$11 -HQV .DQWV *URXQGZRUN RI WKH 0HWDSK\VLFV RI 0RUDOV $ &RPPHQWDU\3  *06  &IU0RUDOSKLORVRSKLH&ROOLQV/DQHFHVLGDGGHHVWHSURSyVLWRVHUHYHODHQHOKHFKR GHTXHWRGRVHUUDFLRQDOILQLWRDQKHODHOVHUIHOL] &IU.S9 (VWDGLPHQVLyQSUDJPiWLFDGH ODILORVRItDSUiFWLFDGH.DQWVHJ~Q*XVWDYR/H\YDQRDOXGHDLQWHQFLRQHVDUELWUDULDV\SDWHQWHV GHOVHUKXPDQRVLQRDDTXHOODLQWHQFLyQ³HQODTXHVHUHVXPHQHLQWHJUDQWRGDVODVLQWHQFLRQHV

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

HQODFRQGLFLyQVXEMHWLYDGHODUHFHSWLELOLGDGGHXQSODFHURXQGLVSODFHU\ HQ FRQVHFXHQFLD VyOR PDQWLHQH XQD QHFHVLGDG FRQGLFLRQDGD D IDFWRUHV HPStULFRV TXH ³QR SXHGH VHU YiOLGD GH PRGR LJXDO SDUD WRGRV ORV VHUHV UDFLRQDOHV´ (VWRV SULQFLSLRV SRU WDQWR SXHGHQ VHUYLU FRPR Pi[LPDV SDUDHOVXMHWRTXHORVSRVHHSHURQRFRPROH\SUiFWLFD\DTXHFDUHFHQGH XQDQHFHVLGDGREMHWLYD/DSUHVFULSFLyQGHXQDDFFLyQTXHVHEXVFDFRPR PHGLR SDUD ORJUDU OD IHOLFLGDG HV VyOR XQD SUHVFULSFLyQ GH OD SUXGHQFLD SXHV OD SUXGHQFLD .OXJKHLW  HV OD KDELOLGDG SDUD HOHJLU ORV PHGLRV DGHFXDGRVSDUDSURFXUDUQRVHOPD\RUELHQHVWDU :RKOVHLQ  )LQDOPHQWH HO LPSHUDWLYR FDWHJyULFR >GHU NDWHJRULVFKH ,PSHUDWLY@ GHFODUD TXHXQDDFFLyQHVREMHWLYDPHQWHQHFHVDULDSRUVtPLVPDVLQSURSyVLWRRILQ DMHQRTXHODFRQGLFLRQHHVWRHV³YDOHFRPRSULQFLSLR DSRGtFWLFR>JLOWDOV HLQDSRGLNWLVFK3ULQ]LS@ SUiFWLFR ´(OLPSHUDWLYRFDWHJyULFRGDGRTXH HV XQD OH\ SUiFWLFRPRUDO HQXQFLD XQD REOLJDFLyQ FRQ UHVSHFWR D

 KXPDQDV D VDEHU OD GH OD IHOLFLGDG´ /(GHQ$ElQGHXQJHQGLHVHV*HIKOV@XQDOH\VXEMHWLYDPHQWHQHFHVDULD FRPR OH\ GH OD QDWXUDOH]D  HV SRU FRQVLJXLHQWH REMHWLYDPHQWH XQ SULQFLSLR SUiFWLFR EDVWDQWH FRQWLQJHQWH TXH SXHGH \ GHEH VHU PX\ GLVWLQWR HQ GLIHUHQWHV VXMHWRV SRU OR WDQWR QR SXHGH QXQFDGDUOXJDUDXQDOH\SRUTXHHQHOGHVHRGHIHOLFLGDGQRLPSRUWDODIRUPDGHODFRQIRUPLGDG DOH\HV>GLH)RUPGHU*HVHW]Pl‰LJNHLW@VLQR~QLFDPHQWHGHODPDWHULD>GLH0DWHULH@HVGHFLU GHVLGHERHVSHUDUGHOHLWH>YLHO9HUJQJHQ@\HQTXpPHGLGDHQODREVHUYDQFLDGHODOH\´ .S9    *06  *067DO\FRPRH[SOLFD7LPPHUPDQQDGLIHUHQFLDGHXQLPSHUDWLYRKLSRWpWLFRTXH PDQGD DFFLRQHV TXH VRQ LQVWUXPHQWDOPHQWH EXHQDV HO LPSHUDWLYR FDWHJyULFR PDQGD DFFLRQHV TXHVRQQHFHVDULDV\EXHQDVSRUVtPLVPDV &IU7,00(50$11-HQV.DQWV*URXQGZRUNRI WKH0HWDSK\VLFVRI0RUDOV$&RPPHQWDU\3 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

GHWHUPLQDGDVDFFLRQHV³&RQWRGR\DTXHODREOLJDFLyQQRVyORLPSOLFD QHFHVLGDGSUiFWLFD FRPRODTXHHQXQFLDXQDOH\HQJHQHUDO VLQRWDPELpQ FRHUFLyQHOLPSHUDWLYRSHQVDGRHVRELHQXQDOH\SUHFHSWLYDRELHQXQDOH\ SURKLELWLYD >HQWZHGHU HLQ *HERWRGHU 9HUERWJHVHW]@ VHJ~QVH UHSUHVHQWH FRPR GHEHU HO FXPSOLPLHQWR R OD RPLVLyQ >GLH %HJHKXQJ RGHU 8QWHUODVVXQJ@´ (VWH LPSHUDWLYR PDQGD XQD DFFLyQ LQPHGLDWDPHQWH DOXGLHQGRQRDODPDWHULDGHODDFFLyQ\DORTXHVHVLJDGHHOOD³VLQRDOD IRUPD \ DO SULQFLSLR GH GRQGH HOOD PLVPD VH VLJXH \ OR HVHQFLDOPHQWH EXHQR :HVHQWOLFK*XWH  GH OD PLVPD FRQVLVWH HQ OD DFWLWXG LQ GHU *HVLQQXQJ VHDFXDOVHDHOUHVXOWDGR´ (O LPSHUDWLYR FDWHJyULFR FRQVHFXHQWHPHQWH ³QR HV PiV TXH OD H[SUHVLyQ GHTXHDOJRGHEHRFXUULUHQHOPXQGRDOPDUJHQRLQGHSHQGLHQWHPHQWHGH FXDOHVTXLHUDVHDQQXHVWURVILQHVSUiFWLFRVVXEMHWLYRV\HQIRUPDWRWDOPHQWH LQGHSHQGLHQWHDFRPRHVWHPRVVLWXDGRVHQHOPXQGR´$TXHOOD Pi[LPD TXH SUHVFULEH OD REVHUYDFLyQ LQFRQGLFLRQDGD GH XQD OH\ SUiFWLFD TXH HV PDQGDGDFDWHJyULFDPHQWHHVGHFLUVLQUHIHUHQFLDDRWURILQVHGLVWLQJXHGH DTXHOODTXHSUHVFULEHXQFRQVHMRGHODSUXGHQFLDVHJ~QODHVSHFLH³3XHVOD SULPHUDPi[LPDHVEXHQDHQVtPLVPDODVHJXQGDQRORHVPRGRDOJXQR SXHGHHQFDVRGHFROLVLyQFRQHOGHEHUVHUPX\PDOD´(QHVWHVHQWLGR FXPSOLUXQLPSHUDWLYRFDWHJyULFRGHODPRUDOLGDGHVWiVLHPSUHHQHOSRGHU GHWRGRVPLHQWUDVTXHFXPSOLUFRQHOSUHFHSWRFRQGLFLRQDGRGHODIHOLFLGDG VyOR UDUDPHQWH HV SRVLEOH D FXDOTXLHUD \D TXH ³HQ HO SULPHU FDVR  

(QHVWHVHQWLGR.DQWVRVWLHQHTXHXQDREOLJDFLyQHV³ODQHFHVLGDGGHXQDDFFLyQOLEUHEDMR XQLPSHUDWLYRFDWHJyULFRGHODUD]yQ´0G6  0G6  *06  '85È19LFHQWH³/DDFWXDOLGDGGHOSHQVDPLHQWRPRUDOGH.DQW´3S  *737DO\VRVWLHQH7RUUDOED³/DFODYHGHODPRUDOLGDGUHVLGHHQHOPyYLOSRUHOTXH OD UHJODVH FRQYLHUWH HQ Pi[LPD SXHVWR TXH ±HQ HVR FRQVLVWH QXHVWUD OLEHUWDG QR KD\ QLQJ~Q UHVRUWHRLQFHQWLYRORVXILFLHQWHPHQWHIXHUWHFRPRSDUDLPSRQHUXQDUHJOD \VXFRUUHVSRQGLHQWH REMHWR DODIDFXOWDGGHVLGHUDWLYDKXPDQD(VHOVXMHWRTXLHQDGPLWHHOPyYLOFRPRIXQGDPHQWR GHGHWHUPLQDFLyQ\DTXHpVWHHVOLEUHGHDFHSWDUXQPyYLOXRWUR\FRQVLJXLHQWHPHQWHWDPELpQ SXHGHHOHJLUODUHJODSRUODTXHVXDFWXDFLyQVHULJH´ 7255$/%$-RVp0/LEHUWDGREMHWR SUiFWLFR\DFFLyQ3 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

VRODPHQWHLPSRUWDODPi[LPDODFXDOGHEHVHUYHUGDGHUD\SXUDSHURHQHO VHJXQGR VH WUDWD WDPELpQ GH ODV IXHU]DV GLH .UlIWH  \ GHO SRGHU ItVLFR GH KDFHUUHDOLGDGXQREMHWRGHVHDGR8QPDQGDWRTXHRUGHQDDFDGDXQRTXH GHEH WUDWDU GH KDFHUVH IHOL] VHUtD XQ GLVSDUDWH ZlUH W|ULFKW  SXHV QR VH PDQGDQXQFDDQDGLHORTXHpOLQHYLWDEOHPHQWH XQDXVEODLEOLFK \DTXLHUH SRUVtPLVPR´ (VWRV WUHV LPSHUDWLYRV ±HO SUREOHPiWLFR HO DVHUWyULFR \ HO DSRGtFWLFR VH GLVWLQJXHQ SRU OD GHVLJXDOGDG GH OD FRQVWULFFLyQ GH OD YROXQWDG DVt ORV SULPHURV VRQ UHJODV GH OD KDELOLGDG 5HJHOQ GHU *HVFKLFNOLFKNHLW  ORV VHJXQGRV FRQVHMRV GH OD SUXGHQFLD 5DWVFKOlJH GHU .OXJKHLW  \ ORV ~OWLPRV PDQGDWRV R OH\HV GH OD PRUDOLGDG *HERWH RGHU *HVHW]H GHU 6LWWOLFKNHLW  'H ORV FXDOHV VyOR ORV ~OWLPRV OOHYDQ FRQVLJR ³HO FRQFHSWR GH XQD QHFHVLGDG LQFRQGLFLRQDGD \ SRU FLHUWR REMHWLYD \ SRU WDQWR XQLYHUVDOPHQWH YiOLGD \ ORV PDQGDWRV VRQ OH\HV D ODV TXH VH WLHQH TXH REHGHFHU HVWR HV SUHVWDU VHJXLPLHQWR LQFOXVR HQ FRQWUD GH OD LQFOLQDFLyQ´ $ GLIHUHQFLD GHO DVHVRUDPLHQWR GLH µ5DWJHEXQJ  TXH FRQWLHQH XQD QHFHVLGDG VXEMHWLYDPHQWH FRQGLFLRQDGD ³HO LPSHUDWLYR FDWHJyULFR QR HV OLPLWDGR SRU QLQJXQD FRQGLFLyQ \ FRPR DEVROXWDPHQWH QHFHVDULRDXQTXHSUiFWLFRQHFHVDULRSXHGHOODPDUVHFRQHQWHUDSURSLHGDG XQPDQGDWR´ 4XH VyOR HO LPSHUDWLYR FDWHJyULFR SXHGD VHUYLU FRPR OH\ SUiFWLFD QR VLJQLILFD VLQ HPEDUJR TXH HO DJHQWH GH OD DFFLyQ GHED UHQXQFLDU D WRGD IRUPD LQVWUXPHQWDO GH OD UD]yQ VLQR TXH HQ ~OWLPR WpUPLQR VyOR ORV SULQFLSLRVGHODUD]yQSXUD³HOHYDQDOVHUKXPDQRVREUHODFRQGLFLyQGHOD  

.S9  6REUH HVWRV LPSHUDWLYRV HQ FRQFUHWR .DQW VRVWLHQH TXH ³QR VRQ HQ PRGR DOJXQR PDQGDPLHQWRVQRREOLJDQDQDGLH\FDGDXQRSXHGHXQDYH]TXHKDVLGRDGYHUWLGRHOHJLUOR TXHOHSDUHFHEXHQRVLFRQVLHQWHHQSDGHFHUORTXHOHWRTXH´ *73   &IU*06  *06  *06 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

PHUD DQLPDOLGDG \ OH SURSRQHQ ILQHV TXH pVWH GHEH KDFHU SURSLRV (O SULPHUR GH HVRV ILQHV HV HO GH VXERUGLQDU HO MXLFLR HPStULFDPHQWH FRQGLFLRQDGRVREUHORSURYHFKRVR\SHUMXGLFLDODOGHOREXHQR\ORPDORHQ Vt´ /D UDFLRQDOLGDG LQVWUXPHQWDO SURSLD GH XQ QLYHO LQIHULRU GH UDFLRQDOLGDGQRHVVXVSHQGLGDSRUODPRUDOLGDGFX\DUDFLRQDOLGDGVHXELFD HQXQQLYHOVXSHULRU(OLPSHUDWLYRFDWHJyULFRQRDQXODDOKLSRWpWLFRQLOH UHVWD YLJHQFLD R DFWXDOLGDG HQ HO iPELWR GH OD DFFLyQ HQ JHQHUDO 3RU HO FRQWUDULR VH SXHGH DILUPDU TXH XQD Pi[LPD GH OD DFFLyQ SXHGH VHU HYDOXDGDEDMRGRVFULWHULRVGLVWLQWRVEDMRHOLPSHUDWLYRKLSRWpWLFRGRQGH VH DQDOL]D OD DSWLWXG GH OD Pi[LPD SDUD DOFDQ]DU XQ ILQ SRVLEOH R UHDO R ELHQ EDMR HO LPSHUDWLYR FDWHJyULFR GRQGH VH HYDO~D OD DSWLWXG GH OD Pi[LPDSDUDFRQYHUWLUVHHQOH\XQLYHUVDOLQGHSHQGLHQWHPHQWHGHVLVLUYH RQRSDUDDOFDQ]DUXQILQSDUWLFXODUVHDSRVLEOHRUHDO$TXtHOLPSHUDWLYR FDWHJyULFRSDUHFHLQWHUYHQLUVyORHQVHJXQGROXJDU±HQXQVHJXQGRQLYHO GRQGH ³VX SDSHO HV HYDOXDU ODV UHJODV TXH \D WHQHPRV UHVXOWDGR GH ODV SUHPLVDV KLSRWpWLFDV TXH H[SUHVDQ SUXGHQFLDO R LQVWUXPHQWDOPHQWH ODV UHODFLRQHV GH ILQHV \ PHGLRV´ (VWR PLVPR VH SXHGH YHU FRQ PD\RU FODULGDG FXDQGR .DQW GLVWLQJXH HO SULQFLSLR GH OD IHOLFLGDG \ HO GH OD PRUDOLGDG\DTXHDTXtVRVWLHQHTXH «HVWD GLIHUHQFLD GLHVH 8QWHUVFKHLGXQJ  HQWUH HO SULQFLSLR GH OD IHOLFLGDG \ HO GH OD PRUDOLGDG QR SRU HVR UHVXOWD VHU LQPHGLDWDPHQWH XQDRSRVLFLyQ (QWJHJHQVHW]XQJ HQWUHDPEDV\ODUD]yQSXUDSUiFWLFD QR RUGHQD TXH VH UHQXQFLH D WRGD SUHWHQVLyQ GH IHOLFLGDG GLH  

7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3 &IU/21*8(1(66(%pDWULFH.DQWRQWKH+XPDQ6WDQGSRLQW3SVV &IU0G6$UPXW@ HQFLHUUDWHQWDFLyQ 9HUVXFKXQJHQ  GH WUDQVJUHGLU HO GHEHU 6RODPHQWH TXH SURPRYHU OD SURSLD IHOLFLGDG QXQFD SXHGH VHU LQPHGLDWDPHQWH XQ GHEHU \ PHQRV D~QXQSULQFLSLRGHWRGRGHEHU %UHYHH[FXUVRVREUHODVIRUPXODFLRQHVGHOLPSHUDWLYRFDWHJyULFR $TXHOOD UHJOD SUiFWLFD REMHWLYD GH FDUiFWHU LQFRQGLFLRQDO VHJ~Q OR H[SUHVDGR DQWHULRUPHQWH VH UHSUHVHQWD FRPR XQD ³SURSRVLFLyQ SUiFWLFD FDWHJyULFDDSULRUL´/DFXDOGHVSRMDDODYROXQWDGGHWRGRVORVLPSXOVRV TXHSXGLHUDQVXUJLUSDUDHOODHQHOFXPSOLPLHQWRGHODOH\GHMDQGRVyORVX FRQIRUPLGDGXQLYHUVDODpVWD~OWLPDFRPROH\GHODVDFFLRQHVHQJHQHUDO (VWDOH\SUiFWLFDLQFRQGLFLRQDGDVHIXQGDPHQWDHQXQFRQFHSWRSRVLWLYRGH OLEHUWDG D SDUWLU GH OD FXDO VH OD YROXQWDG HV FRQVLGHUDGD FRPR UD]yQ SUiFWLFD ³HVWDV OH\HV SDUD QRVRWURV TXH WHQHPRV XQ DUELWULR DIHFWDGR VHQVLEOHPHQWH\SRUWDQWRQRVHDGHFXDSRUVtPLVPRDODYROXQWDGSXUD VLQR TXH OD FRQWUDGLFH >ZLGHUVWUHEHQG@ D PHQXGR VRQ LPSHUDWLYRV PDQGDWRV R SURKLELFLRQHV  \ FLHUWDPHQWH FDWHJyULFRV LQFRQGLFLRQDGRV >XQEHGLQJWH@ ´ $ GLIHUHQFLD GH XQ LPSHUDWLYR KLSRWpWLFR FX\D HIHFWLYLGDG \ QHFHVLGDG VH DSR\D HQ XQD SUHVXSRVLFLyQ HO LPSHUDWLYR

 

.S9 .S9  &IU*06  0G6  &IU*06 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

FDWHJyULFR HV HO ~QLFR TXH H[SUHVD XQD OH\ SUiFWLFD \ SRU WDQWR XQD H[LJHQFLDLQFRQGLFLRQDGD &XDQGR SLHQVR XQ LPSHUDWLYR KLSRWpWLFR HQ JHQHUDO QR Vp GH DQWHPDQRTXpFRQWHQGUiKDVWDTXHPHHVWiGDGDODFRQGLFLyQ3HURVL SLHQVR XQ LPSHUDWLYR FDWHJyULFR Vp HQ VHJXLGD TXp FRQWLHQH 3XHV FRPRHOLPSHUDWLYRDSDUWHGHODOH\VyORFRQWLHQHODQHFHVLGDGGHOD Pi[LPD GH VHU FRQIRUPH D HVD OH\ \ OD OH\ QR FRQWLHQH QLQJXQD FRQGLFLyQDODTXHHVWpOLPLWDGDQRTXHGDVLQRODXQLYHUVDOLGDGGHXQD OH\JHQHUDODODFXDOGHEHVHUFRQIRUPHODPi[LPDGHODDFFLyQ GLH 0D[LPH GHU +DQGOXQJ  \ ~QLFDPHQWH HVD FRQIRUPLGDG HV OR TXH HO LPSHUDWLYRUHSUHVHQWDSURSLDPHQWHFRPRQHFHVDULR /RV LPSHUDWLYRV KLSRWpWLFRV VRQ FRQGLFLRQDGRV \ VyOR VH SUHVHQWDQ FRPR PDQGDWRV GH OD UD]yQ FXDQGR HO DJHQWH WLHQH HO SURSyVLWR GH DOFDQ]DU XQ FLHUWRILQHOFXDOHVSURSLFLDGRSRUDOJ~QLQFHQWLYR3RUHOFRQWUDULRHO LPSHUDWLYR FDWHJyULFR H[LJH OD UHDOL]DFLyQ GH XQD DFFLyQ QR \D GH IRUPD FRQGLFLRQDGDVLQRHQYLUWXGGHVtPLVPDXQLPSHUDWLYRFDWHJyULFR³HVXQ SULQFLSLR SUiFWLFR TXH FRQVWULxH OD YROXQWDG QR UHODWLYDPHQWH D FXDOTXLHU ILQSUHYLDPHQWHGDGRVLQRLQFRQGLFLRQDOHLQGHSHQGLHQWHGHFXDOTXLHUILQ´ ORFXDOQRVLJQLILFDTXHDOVHJXLUXQLPSHUDWLYRGHHVWHWLSRVHFDUH]FDGH XQILQVLQRTXH³ODOH\SRUVtPLVPDHVFDSD]GHHVSHFLILFDUTXpILQGHEH VHUSXHVWR´8QLPSHUDWLYRFDWHJyULFRFRPRSULQFLSLRSUiFWLFRREMHWLYR  

 8Q LPSHUDWLYR KLSRWpWLFR D SHVDU TXH UHSUHVHQWD XQ SULQFLSLR GH OD YROXQWDG QR SXHGH H[SUHVDU XQD OH\ ³GDGR TXH OR TXH HV QHFHVDULR KDFHU PHUDPHQWH SDUD OD FRQVHFXFLyQ GH XQ SURSyVLWR D GLVFUHFLyQ SXHGH VHU FRQVLGHUDGR HQ Vt FRPR FRQWLQJHQWH \ VLHPSUH SRGHPRV OLEUDUQRVGHOD SUHVFULSFLyQ VL DEDQGRQDPRV HO SURSyVLWR PLHQWUDVTXHHQ FDPELR HO PDQGDWR LQFRQGLFLRQDGR GDVµXQEHGLQJWH*HERW QRGHMDDGLVFUHFLyQ NHLQ%HOLHEHQ GHODYROXQWDGOR FRQWUDULR GHV *HJHQWHLOV  \ SRU WDQWR ~QLFDPHQWH OOHYD FRQVLJR ODQHFHVLGDG 1RWZHQGLJNHLW  TXHVROLFLWDPRVSDUDODOH\ ]X*HVHW]H ´ *06   &IU'85È19LFHQWH³/DDFWXDOLGDGGHOSHQVDPLHQWRPRUDOGH.DQW´3  *06   &IU 7,00(50$11 -HQV .DQWV *URXQGZRUN RI WKH 0HWDSK\VLFV RI 0RUDOV $ &RPPHQWDU\3  :22'$OOHQ.DQWV(WKLFDO7KRXJKW3

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

VLUYHQ FRPR FULWHULR GH UDFLRQDOLGDG SDUD OD VHOHFFLyQ GH Pi[LPDV 'H HVWDIRUPDVyORXQLPSHUDWLYRFDWHJyULFRHQXQFLDORTXHHVREOLJDFLyQ HVWR HV XQ GHEHU GH OR FXDO VH VLJXH VX SULPHUD IRUPXODFLyQ D VDEHU ³REUD VyOR VHJ~Q OD Pi[LPD D WUDYpV GH OD FXDO SXHGDV TXHUHU DO PLVPR WLHPSR TXHVH FRQYLHUWD HQXQDOH\XQLYHUVDO´ 6H WUDWDSXHVQRGHXQ   &IU*5$1-$'XOFH0DUtD/HFFLRQHVGH.DQWSDUDKR\3$OHQWHQGHUDOLPSHUDWLYR FDWHJyULFR FRPR XQ FULWHULR UDFLRQDO SDUD RULHQWDU QXHVWUDV Pi[LPDV WHQHPRV TXH pVWH VLUYH SULQFLSDOPHQWH FRPR WHVW HQ YLUWXG GHO FXDO VH GLFH R ELHQ TXH XQD DFFLyQ HV SHUPLVLEOH OLFLWXP  ±FXDQGR QR VH RSRQH D OD REOLJDFLyQ R ELHQ TXH QR HV SHUPLVLEOH LOOLFLWXP  &IU 0G6    &IU 0G6  (O LPSHUDWLYR FDWHJyULFR HQ HVWH VHQWLGR QRV D\XGD D UHFRQRFHU VL PL Pi[LPDFRPRSULQFLSLRVXEMHWLYRSXHGHVHUWDPELpQREMHWLYDPHQWHYiOLGD &IU0G6   (VLPSRUWDQWHVHxDODUTXHHQHVWHWUDEDMRGHLQYHVWLJDFLyQQRGLVFXWLUpVLVRQWUHVFXDWURR FLQFR IRUPXODFLRQHV GHO LPSHUDWLYR FDWHJyULFR VLQR TXH PH FHQWUDUp VyOR HQ ODV WUHV IRUPXODFLRQHV FOiVLFDV GH OD )XQGDPHQWDFLyQ« D VDEHU OD IyUPXOD GH OD XQLYHUVDOLGDG ± UHVSHFWLYDPHQWHFRQVXYDULDQWHODIyUPXODGHODOH\QDWXUDOODIyUPXODGHODKXPDQLGDG\OD IyUPXODGHOUHLQRGHORVILQHV±RIyUPXODGHODDXWRQRPtDGHODYROXQWDG3DUDSURIXQGL]DUHQ HVWD WHPiWLFD &IU 3$721 +- 7KH &DWHJRULFDO ,PSHUDWLYH $ 6WXG\ LQ .DQWV 0RUDO 3KLORVRSK\3SVV  *069DOHODSHQDVHxDODUDOJXQDVGHODVSULQFLSDOHVGLIHUHQFLDVHQODUHGDFFLyQGHHVWD SULPHUD IRUPXODFLyQ HQ OD )XQGDPHQWDFLyQ« \ HQ OD VHJXQGD &UtWLFD« ODV FXDOHV VRQ LPSRUWDQWHV SDUD KDFHU DOJXQRV pQIDVLV SRVWHULRUHV DVt FRPR WDPELpQ KDFHU QRWDU VX VLPSOLILFDFLyQHQOD0HWDItVLFDGHODVFRVWXPEUHV(QODVHJXQGD&UtWLFD«.DQWHQXQFLDHVWD SULPHUD IRUPXODFLyQ GHO LPSHUDWLYR FDWHJyULFR HQWHQGLGD FRPR OH\ IXQGDPHQWDO GH OD UD]yQ SXUDSUiFWLFD *UXQGJHVHW]HGHUUHLQHQSUDNWLVFKHQ9HUQXQIW GLFLHQGR³$FW~DGHPRGRTXHOD Pi[LPD GH WX YROXQWDG SXHGD DO PLVPR WLHPSR YDOHU VLHPSUH FRPR SULQFLSLR GH XQD OHJLVODFLyQXQLYHUVDO´ .S9 (QDPERVFDVRV±WDQWRHQOD )XQGDPHQWDFLyQ«FRPRHQOD VHJXQGD&UtWLFD.DQWXWLOL]DODVHJXQGDSHUVRQDSDUDDOXGLUDODYR]GHODFRQFLHQFLDODFXDO FRPRPHQFLRQDUpSRVWHULRUPHQWHHVODUD]yQSUiFWLFDTXHPXHVWUDDOKRPEUHVXGHEHUHQFDGD FDVRFRQFUHWRGHXQDOH\DEVROYLpQGRORRFRQGHQiQGROR>/RVVSUHFKHQRGHU9HUXUWHLOHQ@ &IU 0G6 'HODPLVPDIRUPDDPEDVIRUPXODFLRQHVFRLQFLGHQHQVXDOXVLyQDODVPi[LPDVGH GRQGHVHGLFHTXHHOLPSHUDWLYRFDWHJyULFRQRHVXQFULWHULRTXHHYDO~HDFFLRQHVFRQFUHWDVVLQR Pi[LPDV \D TXH VyOR GH HVD PDQHUD VH JDUDQWL]D HO LQIOXMR GH OD OH\ PRUDO VREUH OD GHWHUPLQDFLyQGHODYROXQWDGGHOVXMHWRTXHDFW~D &IU/(6LWWHQJHVHW]@´ PLVPD TXH HQ HO FDVRGHXQDYROXQWDG FRPR OD GHOKRPEUH VH H[SUHVDD WUDYpV GH XQ LPSHUDWLYR FDWHJyULFR /D DXWRULGDG LPSHUDWLYD GHO SULQFLSLR VXSUHPR GH OD PRUDOLGDG QR SXHGH IXQGDUVH QL HQ OD LQFOLQDFLyQ QL HQ FXDOTXLHURWURDVSHFWRHPStULFRGHQXHVWUDQDWXUDOH]DKXPDQDVLQRVyOR HQSULQFLSLRVDSULRULTXHGLFWDODUD]yQ6yORORVVHUHVUDFLRQDOHVHVWiQ VXMHWRVDODPRUDOLGDG\DTXHVyORHQHOORVSRGHPRVHQFRQWUDUODIDFXOWDG GHGHWHUPLQDUVHDVtPLVPRVDREUDU³HQFRQIRUPLGDGFRQODUHSUHVHQWDFLyQ GHFLHUWDVOH\HV´HVWRHVXQDYROXQWDG $TXt HO KRPEUH VH HQFXHQWUD HQ XQD VLWXDFLyQ PX\ SHFXOLDU SXHVWR TXH SXHGHYHUVHGHGRVPDQHUDVRELHQFRPRXQVHUVHQVLEOH 6LQQHQZHVHQ HV  

*06 &IU.S9 .S9  &IU*06  &IU*06  *06  (VLPSRUWDQWHUHFRUGDUTXHSDUD.DQWDTXHOORTXHWLHQHXQYDORULQFRQGLFLRQDOFXDQGRWLHQH XQ YDORU DEVROXWR HV GHFLU FXDQGR YDOH HQ Vt PLVPR $Vt OD YDOLGH] GH OR TXH HV EXHQR FRQGLFLRQDGDPHQWH GHSHQGH GHO YDORU LQFRQGLFLRQDGR GH XQD EXHQD YROXQWDG &IU .256*$$5'&KULVWLQH/DFUHDFLyQGHOUHLQRGHORVILQHV3   

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

GHFLU VHJ~Q VX QDWXUDOH]D DQLPDO R ELHQ FRPR VHU LQWHOLJLEOH VHJ~Q VX GLVSRVLFLyQ PRUDO VHLQHU PRUDOLVFKHQ $QODJH  (Q YLUWXG GH QDWXUDOH]D DQLPDO R VHQVLEOH HO KRPEUH HV PRYLGR D OD DFFLyQ SRU XQ IXQGDPHQWR VXEMHWLYR GHO GHVHR HV GHFLU SRU ILQHV VXEMHWLYRV TXH GHVFDQVDQ HQ UHVRUWHV (O KRPEUH QR REVWDQWH QR VyOR HV PRYLGR D OD DFFLyQ SRU UHVRUWHV GH OD VHQVLELOLGDG VLQR TXH HQ FXDQWR TXH HV FRQVLGHUDGR XQ DJHQWH OLEUH ±HQWHQGLHQGR VX OLEHUWDG HQ XQ VHQWLGR QHJDWLYR SXHGH HOHYDUVHSRUHQFLPDGHVtPLVPRXELFiQGRVHHQXQRUGHQGHFRVDVTXHVyOR HO HQWHQGLPLHQWR SXHGH SHQVDU (VWH RUGHQ VXSHULRU GH OD QDWXUDOH]D KXPDQD UHVLGH HQ OD SHUVRQDOLGDG GLH 3HUV|QOLFKNHLW  SXHV HV HQ HOOD GRQGH VH RULJLQD HO GHEHU \ VH UHFKD]D WRGR SDUHQWHVFR GH pVWH FRQ ODV LQFOLQDFLRQHV $KRUDELHQDTXHOORTXHVLUYHDODYROXQWDGFRPRIXQGDPHQWRREMHWLYRSDUD VXDXWRGHWHUPLQDFLyQHVXQILQGDGRSRUODUD]yQHOFXDOWLHQHTXHYDOHUSRU LJXDO SDUD WRGRV ORV VHUHV UDFLRQDOHV (VWH IXQGDPHQWR REMHWLYR HV OD KXPDQLGDG HQ VX SHUVRQD GLH 0HQVFKKHLW LQ VHLQHU 3HUVRQ  \D TXH pVWD ³HV HO REMHWR GHO UHVSHWR GDV 2EMHNW GHU $FKWXQJ  TXH pO SXHGH H[LJLU D FXDOTXLHUKRPEUH\ GHOTXHpOWDPSRFRKDGHSULYDUVH´/DHIHFWLYLGDG GHODOH\PRUDOH[LJHXQIXQGDPHQWRREMHWLYRIRUPDOGHOTXHUHUDSDUWLUGHO FXDO VH DEVWUDLJDQ WRGRV ORV ILQHV VXEMHWLYRV GH OD DFFLyQ OR FXDO QR VLJQLILFD TXH VH HOLPLQHQ R VH VXEVWUDLJDQ GH QXHVWUDV Pi[LPDV VLQR TXH WRGRVQXHVWURVILQHVVXEMHWLYRVVHVXERUGLQDQDXQILQREMHWLYRGHODUD]yQ  

0G6 *06  .S9  *06  0G6   &IU *06  /RV ILQHV VXEMHWLYRV TXH XQ VHU UDFLRQDO VH SURSRQH FRPR HIHFWRV DOV :LUNXQJHQ  GH VX DFFLyQ FRPR ILQHV PDWHULDOHV D SHVDU GH TXH VRQ IXQGDPHQWDOHV SDUD OD FRPSUHQVLyQ GH OD DFFLyQ HQ JHQHUDO \ VLUYHQ FRPR IXQGDPHQWR GH FXDOTXLHU LPSHUDWLYR KLSRWpWLFR VRQ UHODWLYRV ³SXHV VROD \ PHUDPHQWH VX UHODFLyQ FRQ XQD IDFXOWDG GH GHVHDU GHO VXMHWR GH XQ WLSR HVSHFLDO OHV GD HO YDORU HO FXDO SRU HOOR QR SXHGH SURSRUFLRQDU SULQFLSLRV XQLYHUVDOHV YiOLGRV \ QHFHVDULRV SDUD WRGRV ORV VHUHV UDFLRQDOHV QL WDPSRFR SDUD WRGR TXHUHU HVWRHVOH\HVSUiFWLFDV´ *06  

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

FX\R YDORU HV DEVROXWR ³(Q HO VXSXHVWR GH TXH KXELHVH DOJR FX\D H[LVWHQFLDHQVtPLVPDWXYLHVHXQYDORUDEVROXWRTXHFRPRILQHQVtPLVPR DOV =ZHFN DQ VLFK VHOEVW  SXGLHVH VHU XQ IXQGDPHQWR GH GHWHUPLQDGDV OH\HVHQWRQFHVHQHVR\VyORHQHVR~QLFDPHQWHUHVLGLUtDHOIXQGDPHQWRGH XQ SRVLEOH LPSHUDWLYR FDWHJyULFR HVWR HV GH XQD OH\ SUiFWLFD´ /D OH\ PRUDO VH SUHVHQWD DO KRPEUH QR VyOR FRPR PDQGDWR VLQR FRPR VDJUDGD KHLOLJ  HV GHFLU LQYLRODEOH XQYHUOHW]OLFK  SXHVWR TXH VX KXPDQLGDG HV VDJUDGDSDUDpO³(QODFUHDFLyQHQWHUD ,QGHUJDQ]HQ6FK|SIXQJ WRGROR TXH VH TXLHUD \ VREUH OR TXH VH WLHQH DOJ~Q SRGHU SXHGH VHU HPSOHDGR ~QLFDPHQWH FRPR PHGLR WDPELpQ VyOR HO KRPEUH \ FRQ pO WRGD FULDWXUD UDFLRQDOHVILQHQVtPLVPR´ (O KHFKR PLVPR GH TXH HO KRPEUH VHD FDSD] GH XQD OHJLVODFLyQ PRUDO LQWHUQD QRV UHYHOD HO FDUiFWHU LQFRQGLFLRQDGR GH OD GLJQLGDG GH VX VHU SHUVRQDO \ FRQVHFXHQWHPHQWHTXH HOKRPEUH HQ FXDQWR VHUUDFLRQDO ³QR SXHGHYHQGHUVH SRUQLQJ~Q SUHFLR SUHWLXP  \ SRVHH XQD GLJQLGDG TXH QR SXHGH SHUGHU >HLQH XQYHUOLHUEDUH :UGH EHVLW]@ GLJQLWDV LQWHUQD  TXH OH LQIXQGHUHVSHWR>$FKWXQJ@ UHYHUHQWLD SRUVtPLVPR´(OKRPEUH\WRGR VHU UDFLRQDO HQJHQHUDO H[LVWHQ FRPR ILQHV HQVt PLVPRV \ QRPHUDPHQWH FRPRPHGLRVPLHQWUDVTXHFXDOTXLHUVHUQRUDFLRQDOWLHQHXQYDORUUHODWLYR \VRQOODPDGRVFRVDV³ORVVHUHVUDFLRQDOHVVHGHQRPLQDQSHUVRQDVSRUTXH  

(OYHUGDGHURILOyVRIRSUiFWLFRVHJ~Q.DQWQRHVDTXHOTXHHVH[SHUWRHQHOODVLQR³HOTXHVH SRQHFRPRSULQFLSLRGHVXVDFFLRQHVHOILQGHODUD]yQ 9HUQXQIWHQG]ZHFN HQODPHGLGDHQTXH FRQHFWDFRQHOORDODYH]HOVDEHUQHFHVDULRDWDOHIHFWR´ 0G6QRWDDSLHGHSiJLQD    *06  6HJ~Q 7LPPHUPDQQ XQD DFFLyQ PRUDO VHJ~Q SULQFLSLRV IRUPDOHV ³GHEH VHU UHDOL]DGD SRU HO PRWLYR GH DOJ~Q ILQ R GH OD UHYHUHQFLD D WDO ILQ LQFOXVR VL pVWH QR SXHGH GHVFDQVDUHQILQHVPHUDPHQWHVXEMHWLYRV«eVWHHVXQILQTXHSRUVtPLVPRQRSRVHHPHUDPHQWH YDORUVXEMHWLYRSDUDXQDJHQWHVLQRXQYDORUDEVROXWRTXHWRGRDJHQWHUDFLRQDOSXHGHUHFRQRFHU VLQ LPSRUWDU ORV ILQHV VXEMHWLYRV TXH pO R HOOD SXHGDQ WHQHU´ 7,00(50$11 -HQV .DQWV *URXQGZRUNRIWKH0HWDSK\VLFVRI0RUDOV$&RPPHQWDU\3 7DO\FRPRVHxDOD)DELROD 5LYHUD ³/R FDUDFWHUtVWLFR GH ODV DFFLRQHV PRUDOHV HV TXH DGHPiV GH VHU DFFLRQHV TXH VH UHDOL]DQSRUVtPLVPDVVRQWDPELpQDFFLRQHVHQODVTXHH[SUHVDPRVQXHVWUDYDORUDFLyQSRUDOJR TXHWLHQHYDORULQWUtQVHFRRLQFRQGLFLRQDGR´ 5,9(5$)DELROD9LUWXG\MXVWLFLDHQ.DQW') )RQWDUDPD3   .S9  0G6

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

VXQDWXUDOH]D\DORVGLVWLQJXHFRPRILQHVHQVtPLVPRVHVWRHVFRPRDOJR TXHQRSXHGHOtFLWDPHQWHVHUXVDGRPHUDPHQWHFRPRPHGLR\SRUWDQWRHQ ODPLVPDPHGLGDUHVWULQJHWRGRDUELWULR \HVXQREMHWRGHOUHVSHWR ´(Q HORUGHQGHORVILQHVWRGRKRPEUHHQFXDQWRVHUUDFLRQDOHV XQILQHQVt PLVPR\SRUHQGHQRSXHGHVHUXWLOL]DGRFRPRPHGLRSRUQDGLHVLQVHUDO PLVPR WLHPSR ILQ HV DVt TXH HO JpQHUR KXPDQR HQ QXHVWUD SHUVRQD HV VDJUDGR/RVVHUHVUDFLRQDOHVDOVHUILQHVHQVtPLVPRVWLHQHQXQYDORU DEVROXWR HVWR HV XQD GLJQLGDG ±\ QR XQ SUHFLR VX YDORU DEVROXWR SRU WDQWR VLUYH GH IXQGDPHQWR SUiFWLFR VXSUHPR \ FRPR SULQFLSLR REMHWLYR SDUDODDFFLyQHOFXDOUH]D³REUDGHWDOPRGRTXHXVHVODKXPDQLGDGWDQWR HQWXSHUVRQDFRPRHQODSHUVRQDGHFXDOTXLHURWURVLHPSUHDODYH]FRPR ILQQXQFDPHUDPHQWHFRPRPHGLR´ (VWDVHJXQGDIRUPXODFLyQGHOLPSHUDWLYRFDWHJyULFRXVXDOPHQWH FRQRFLGD FRPR OD IyUPXOD GH OD KXPDQLGDG DJUHJD DOJR QXHYR D OD SULPHUD IRUPXODFLyQ D VDEHU OD GLJQLGDG GH OD SHUVRQD FRPR SDUWH HVHQFLDO GH OD PRUDOLGDG6HJ~QHVWDVHJXQGDIRUPXODFLyQFDGDDJHQWHPRUDOHVXQVHU FX\RYDORUHVLQFRQGLFLRQDO\SRUWDQWR³QRSXHGHTXHGDUVRPHWLGRDODV FDWHJRUtDV GH XWLOLGDG R PHGLR´ (VWH SULQFLSLR HQ FXDQWR TXH HV ³OD VXSUHPD FRQGLFLyQ UHVWULFWLYD GH OD OLEHUWDG GH ODV DFFLRQHV GH WRGR  

*06  &IU .S9  (V LPSRUWDQWH VHxDODU TXH HO DUJXPHQWR GH .DQW WDO \ FRPR VHxDOD .RUVJDDUG HV HO VLJXLHQWH ³/RV ILQHV SXHGHQ SURYHHUQRV UD]RQHV GH PRGR SRVLWLYR FRPR SURSyVLWRV DUHDOL]DU R ELHQ GH PRGR QHJDWLYR FRPR FRVDVFRQWUDODVFXDOHV QR GHEHPRV GH DFWXDU6LKD\XQLPSHUDWLYRFDWHJyULFRGHEHKDEHUXQILQREMHWLYRXQRTXHHVWpGHWHUPLQDGR SRU OD UD]yQ PLVPD \ TXH SXHGD VHU DWULEXLGR D WRGD YROXQWDG UDFLRQDO´ .256*$$5' &KULVWLQH/DFUHDFLyQGHOUHLQRGHORVILQHV3   *06  &IU5,9(5$)DELROD 9LUWXG\MXVWLFLDHQ.DQW3SVV'HFLUTXHODPRUDONDQWLDQDVH IXQGDHQODGLJQLGDGGHODQDWXUDOH]DUDFLRQDOVHJ~Q:RRGLPSOLFDQRVyORTXHHOUHVSHWRSRU ORVGHUHFKRVLQGLYLGXDOHV\ODLJXDOGDGGHYDORUGHORVVHUHVKXPDQRVVLQRWDPELpQODLGHDGH XQDFRPXQLGDGFRVPRSROLWDHQODFXDOORVILQHVGHWRGRVORVVHUHVUDFLRQDOHVGHEDQIRUPDUXQD XQLGDGSDUDVHUDOFDQ]DGRVFROHFWLYDPHQWH &IU:22'$OOHQ.DQWV(WKLFDO7KRXJKW3  (VWD LGHD UHVXOWD IXQGDPHQWDO SDUD HQWHQGHU OD UHODFLyQ HQWUH OD VHJXQGD IRUPXODFLyQ GHO LPSHUDWLYR FDWHJyULFR \ OD LGHD PLVPD GH XQ UHLQR GH ORV ILQHV WDO \ FRPR VHxDODUp PiV DGHODQWH  *5$1-$'XOFH0DUtD/HFFLRQHVGH.DQWSDUDKR\3 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

KRPEUH´QRSXHGHVHUWRPDGRGHODH[SHULHQFLD³SULPHURDFDXVDGHVX XQLYHUVDOLGDG SXHVWR TXH VH GLULJH D WRGRV ORV VHUHV UDFLRQDOHV HQ JHQHUDO«HQVHJXQGROXJDUSRUTXHHQpOODKXPDQLGDGHVUHSUHVHQWDGDQR FRPRILQGHORVKRPEUHV VXEMHWLYDPHQWH HVWRHVFRPRREMHWRTXHXQRVH SRQH GH VX\R UHDOPHQWH FRPR ILQ VLQR FRPR ILQ REMHWLYR TXH WHQJDPRV ORV ILQHV TXH WHQJDPRV GHEH FRQVWLWXLU FRPR OH\ OD VXSUHPD FRQGLFLyQ UHVWULFWLYDGHWRGRVORVILQHVVXEMHWLYRV´ /D VHJXQGD IRUPXODFLyQ GHO LPSHUDWLYR FDWHJyULFR OD IyUPXOD GH OD KXPDQLGDG PDQWLHQH D VX YH] XQD tQWLPD UHODFLyQ FRQ HO SULQFLSLR VXSUHPR GH OD YLUWXG D VDEHU ³REUDVHJ~QXQD Pi[LPD GH ILQHV 0D[LPH GHU =ZHFNH  WDOHV TXH SURSRQpUVHORV SXHGD VHU SDUD FDGD XQR XQD OH\ XQLYHUVDO´ 'DGD HVWD UHODFLyQ OD VHJXQGD IRUPXODFLyQ GHO LPSHUDWLYR FDWHJyULFR QR VyOR WLHQH XQ FDUiFWHU QHJDWLYR ±QR HPSOHDU OD KXPDQLGDG VyOR FRPR PHGLR VLQR WDPELpQ XQ FDUiFWHU SRVLWLYR FX\R VHQWLGR HV SURSRVLWLYR³TXHHVHQVtPLVPRXQGHEHUGHOKRPEUHSURSRQHUVHFRPRILQ DO KRPEUH HQ JHQHUDO´ $Vt HO IXQGDPHQWR GH WRGD OH\ SUiFWLFD UHVLGH    $TXt VH LQVHUWD OD FUtWLFD GH .DQW DO HPSLULVPR SXHV VHJ~Q QXHVWUR DXWRU HO HPSLULVPR ³H[WLUSDKDVWDODUDt]ODPRUDOLGDGHQODVLQWHQFLRQHV HQODVFXDOHVFRQVLVWHSXHV±\QRVyORHQ DFFLRQHVHODOWRYDORUTXHODKXPDQLGDGVHSXHGH\VHGHEHSURFXUDUPHGLDQWHODPRUDOLGDG \ VXVWLWX\H HO GHEHU SRU DOJR WRWDOPHQWH GLVWLQWR D VDEHU XQ LQWHUpV HPStULFR FRQ HO TXH ODV LQFOLQDFLRQHV HQ JHQHUDO HQWUDQ UHFtSURFDPHQWH HQ UHODFLyQ DGHPiV GH TXH HO HPSLULVPR ± SUHFLVDPHQWHSRUHVWDUXQLGRDWRGDVODVLQFOLQDFLRQHVODVFXDOHV VHDFXDOIXHUHODIRUPDTXH WRPHQ  GHJUDGDQ D OD KXPDQLGDG VL VH HOHYDQ D OD DXWRULGDG GH SULQFLSLR SUiFWLFR VXSUHPR D SHVDUGHTXHVHDQPX\IDYRUDEOHVDOPRGRGHVHQWLUGHWRGRVHVPXFKRPiVSHOLJURVRHQVXUDt] PLVPD TXH WRGR DUUHEDWR PtVWLFR TXH QXQFD SXHGH VHU XQD FRQGLFLyQ GXUDGHUD GH PXFKRV KRPEUHV´ .S9   *06  0G6.DQWVHxDODHVWDUHODFLyQGLFLHQGR³&RPRLPSHUDWLYRFDWHJyULFRHVWHSULQFLSLR GHODGRFWULQDGHODYLUWXG>GHU7XJHQGOHKUH@QRSHUPLWHSUXHEDDOJXQDSHURVtXQDGHGXFFLyQD SDUWLUGHODUD]yQSXUDSUiFWLFD>HLQH'HGXNWLRQDXVGHUUHLQHQSUDNWLVFKHQ9HUQXQIW@$TXHOOR TXHSXHGHVHUILQHQODUHODFLyQGHORVKRPEUHVFRQVLJRPLVPRV\FRQORVGHPiVKRPEUHVHVILQ SDUDOD UD]yQ SUiFWLFD SRUTXH pVWD HV XQD IDFXOWDG GH ORVILQHV HQ JHQHUDO \ SRU ORWDQWR VHU LQGLIHUHQWHFRQUHVSHFWRDHOORVHVGHFLUQRLQWHUHVDUVHHQHOORVHVXQDFRQWUDGLFFLyQSRUTXH HQWRQFHV HOOD WDPSRFR GHWHUPLQDUtD ODV Pi[LPDV FRQ UHVSHFWR D ODV DFFLRQHV HQ FXDQWR HVWDV ~OWLPDVFRQWLHQHQVLHPSUHXQILQ \SRUWDQWRQRVHUtDXQDUD]yQSUiFWLFD3HURODUD]yQSXUDQR SXHGH RUGHQDU D SULRUL QLQJ~Q ILQ VLQR HQOD PHGLGDHQ TXH OR VHxDOD FRPR GHEHU GHEHU TXH HQWRQFHVVHOODPDGHEHUGHYLUWXG>7XJHQGSIOLFKW@´ 0G6    0G6  6HJ~Q %DUEDUD +HUPDQ DTXHOORV GHEHUHV SRU UHVSHWR D OD SHUVRQD HVWR HV DTXHOODVREOLJDFLRQHVTXHVHIXQGDQHQHVWDVHJXQGDIRUPXODFLyQDSXQWDQDODSUHVHUYDFLyQ\

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

VHJ~QODSULPHUDIRUPXODFLyQGHOLPSHUDWLYRFDWHJyULFRREMHWLYDPHQWHHQ OD UHJOD \ HQ OD IRUPD GH OD XQLYHUVDOLGDG \ VXEMHWLYDPHQWH VHJ~Q OD VHJXQGD IRUPXODFLyQ HQ XQ ILQ FX\R YDORU HV DEVROXWR D VDEHU OD KXPDQLGDG FRPR ILQ HQ Vt PLVPD ³GH DTXt VH VLJXH DKRUD HO WHUFHU SULQFLSLR SUiFWLFR GH OD YROXQWDG FRPR FRQGLFLyQ VXSUHPD GH OD FRQFRUGDQFLD DOVREHUVWH%HGLQJXQJGHU=XVDPPHQVWLPPXQJ GHODPLVPD FRQODUD]yQSUiFWLFDXQLYHUVDOODLGHDGHODYROXQWDGGHWRGRVHUUDFLRQDO FRPRXQDYROXQWDGXQLYHUVDOPHQWHOHJLVODGRUD GLH,GHHGHV:LOOHQVµMHGHV YHUQQIWLJHQ:HVHQVDOVHLQHVDOOJHPHLQJHVHW]JHEHQGHQµ:LOOHQV ´ $O FRQFHELU OD YROXQWDG GH WRGR VHU UDFLRQDO FRPR XQD YROXQWDG XQLYHUVDOPHQWH OHJLVODGRUD VH SLHQVD D OD YROXQWDG QR VyOR FRPR XQD IDFXOWDG VRPHWLGD D OD OH\ VLQR D VX YH] FRPR DXWROHJLVODGRUD VHOEVWJHVHW]JHEHQG (VWDDXWRQRPtDGHODYROXQWDGHQYLUWXGGHODFXDO VH FRQVLGHUD D WRGR VHU UDFLRQDO FRPR ILQ HQ Vt PLVPR ³HV HO ~QLFR SULQFLSLR GH WRGDV ODV OH\HV PRUDOHV \ GH ORV GHEHUHV TXH OHV FRUUHVSRQGHQ´ /D YROXQWDG GHO DJHQWH UDFLRQDO FRQVLGHUDGD FRPR DXWyQRPD HV HQ HVWH VHQWLGR OD ~QLFD FRQGLFLyQ IRUPDO GH WRGDV ODV Pi[LPDV ³EDMR OD FXDO pVWDV SXHGHQ DUPRQL]DU FRQ OD OH\ SUiFWLFD  DSR\RGHODVSHUVRQDVHQVXDFWLYLGDGFRPRDJHQWHVUDFLRQDOHV &IU+(50$1%DUEDUD 7KH 3UDFWLFHRI0RUDO-XGJPHQW3 ODFXDOFRPRYHUHPRVVHYHUHDOL]DGDHQODFRQVROLGDFLyQ GHXQUHLQRGHORVILQHV   *06  $O FRPELQDU HO DVSHFWR REMHWLYR \ VXEMHWLYR GH ODV IRUPXODFLRQHV SUHFHGHQWHV VHJ~Q 7LPPHUPDQQ .DQW OOHJD D OD LGHD GH TXH WRGR VHU UDFLRQDO HVWi LPSOLFDGR HQ OD OHJLVODFLyQGHODOH\PRUDO &IU7,00(50$11-HQV.DQWV*URXQGZRUNRIWKH0HWDSK\VLFV RI0RUDOV$&RPPHQWDU\3 (VLPSRUWDQWHUHFRUGDUTXHSDUD.DQW³XQDYROXQWDGTXHHV HOODPLVPDODOHJLVODGRUDPiVDOWDQRSXHGHHQWDQWRTXHORHVGHSHQGHUGHLQWHUpVDOJXQRSXHV HVDYROXQWDGGHSHQGLHQWHQHFHVLWDUtDHOODPLVPDWRGDYtDGHRWUDOH\TXHUHVWULQJLHVHHOLQWHUpVGH VXDPRUSURSLRDODFRQGLFLyQGHXQDYDOLGH]FRPROH\XQLYHUVDO´*06  &IU*06  &IU.S9/DDXWRQRPtDGHODYROXQWDGVHJ~Q6FKQHHZLQGLQYROXFUDGRVFRVDVSRUXQ ODGRTXHQLQJXQDDXWRULGDGH[WHUQDDQRVRWURVPLVPRVHVQHFHVDULDSDUDFRQVWLWXLUODREOLJDFLyQ PRUDO\HQHVWHVHQWLGRVHGLFHTXHODVH[LJHQFLDVPRUDOHVVRQDXWRLPSXHVWDVSRURWURODGRTXH HQ HO SURSLR JRELHUQR QRVRWURV SRGHPRV GH PDQHUD HIHFWLYD FRQWURODUQRV D QRVRWURV PLVPRV &IU6&+1((:,1'-%³$XWRQRP\2EOLJDWLRQDQG9LUWXH$Q2YHUYLHZRI.DQW¶V0RUDO 3KLORVRSK\´3   .S9

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

VXSUHPD´ DVt ³VL KD\ XQ LPSHUDWLYR FDWHJyULFR HVWR HV XQD OH\ SDUD WRGD YROXQWDG GH XQ VHU UDFLRQDO  VyOR SXHGH PDQGDU KDFHU WRGR SRU OD Pi[LPD GH OD SURSLD YROXQWDG FRPR XQD YROXQWDG WDO TXH D OD YH] VH SXGLHVHWHQHUSRUREMHWRDVtPLVPDFRPRXQLYHUVDOPHQWHOHJLVODGRUDSXHV VyOR HQWRQFHV HO SULQFLSLR SUiFWLFR \ HO LPSHUDWLYR DO TXH HOOD REHGHFH HV LQFRQGLFLRQDGR SRUTXH QR SXHGH WHQHU LQWHUpV DOJXQR FRPR IXQGDPHQWR´ (VWD DXWROHJLVODFLyQ GH OD YROXQWDG VLQ HPEDUJR GHEH HQWHQGHUVHDSDUWLUGHODVLJXLHQWHFLWD 8QD OH\ SUiFWLFRPRUDO  HV XQD SURSRVLFLyQ TXH FRQWLHQH XQ LPSHUDWLYR PDQGDWR FDWHJyULFR(OTXHPDQGD LPSHUDQV DWUDYpVGH XQD OH\ HV HO OHJLVODGRU OHJLVODWRU  (V DXWRU DXWRU  GH OD REOLJDWRULHGDGGHODOH\SHURQRVLHPSUHDXWRUGHODOH\(QHOFDVRGH TXHORIXHUDODOH\VHUtDSRVLWLYD FRQWLQJHQWH \DUELWUDULD/DOH\TXH QRV REOLJD D SULRUL H LQFRQGLFLRQDGDPHQWH PHGLDQWH QXHVWUD SURSLD UD]yQ SXHGH WDPELpQ H[SUHVDUVH FRPR SURFHGLPLHQWRGH OD YROXQWDG GH XQ OHJLVODGRU VXSUHPR HV GHFLU GH XQ OHJLVODGRU TXH VyOR WLHQH GHUHFKRV\QLQJ~QGHEHU>GHUODXWHU5HFKWHXQGNHLQH3IOLFKWHQ@ SRU WDQWR XQD YROXQWDG GLYLQD  SHUR HVWR VyOR VXSRQH OD LGHD GH XQ VHU PRUDOFX\DYROXQWDGHVSDUDWRGRVVLQSHQVDUORVLQHPEDUJR FRPR DXWRUGHODOH\>DOV8UKHEHUGHVVHOEHQ]XGHQNHQ@ /D YROXQWDG GH WRGR VHU UDFLRQDO SRU WDQWR VyOR HV DXWyQRPD HQ SULPHU OXJDUFXDQGRHOODHVFDSD]GHGHWHUPLQDUVHDDFWXDUSRUHOPRWLYRGHOGHEHU \ HQ VHJXQGR OXJDU FXDQGR VH FRQFLEH D Vt PLVPD FRPR DXWRUD GH OD REOLJDWRULHGDGGHODOH\PRUDO(QFXDQWRVHUHVDXWyQRPRVHVWDPRVVXMHWRV D XQD GLVFLSOLQD GH OD UD]yQ HLQHU 'LV]LSOLQ GHU 9HUQXQIW  D SDUWLU GH OD FXDOORVFRQFHSWRVGH³GHEHU´\³REOLJDFLyQ´FRPR~QLFDVGHQRPLQDFLRQHV  

.S9 *06  0G6 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

SRVLEOHVSDUDVHxDODUQXHVWUDUHODFLyQFRQODOH\PRUDOQRVFRQGXFHQDVHU ³PLHPEURVOHJLVODGRUHVGHXQUHLQRPRUDOSRVLEOHPHGLDQWHODOLEHUWDG´ (QHIHFWRWDO\FRPRVRVWLHQH.DQWHOFRQFHSWRGHWRGRVHUUDFLRQDOFRPR DXWROHJLVODGRU QRV FRQGXFH DO FRQFHSWR GH XQ UHLQR GH ORV ILQHV HLQHV 5HLFKVGHU=ZHFNH WRGRVHUUDFLRQDOHQFXDQWRDXWyQRPRIRUPDSDUWH GHXQDFRPXQLGDGPRUDOHQODTXHODOLEHUWDGHQWHQGLGDFRPRDXWRQRPtD VH HIHFW~D GH PRGR SHUIHFWR ³3RU UHLQR HQWLHQGR´ QRV GLFH .DQW ³HO HQODFH VLVWHPiWLFR >GLH V\VWHPDWLVFKH 9HUELQGXQJ@ GH GLVWLQWRV VHUHV UDFLRQDOHVSRUOH\HVFRPXQHV3XHVELHQGDGRTXHODVOH\HVGHWHUPLQDQORV ILQHV VHJ~Q VX YDOLGH] XQLYHUVDO >LKUHU DOOJHPHLQHQ *OWLJNHLW@ WHQHPRV TXH VL VH DEVWUDH GH ODV GLIHUHQFLDV SHUVRQDOHV GH ORV VHUHV UDFLRQDOHV H LJXDOPHQWHGHWRGRFRQWHQLGRGHVXVILQHVSULYDGRVSRGUiVHUSHQVDGRXQ FRQMXQWRGHWRGRVORVILQHV WDQWRGHORVUDFLRQDOHVFRPRILQHVHQVtFRPR WDPELpQGHORVILQHVSURSLRVTXH FDGDFXDO SXHGDSRQHUVH DVtPLVPR  HQ FRQH[LyQVLVWHPiWLFD´ 7RGR VHU UDFLRQDO SHUWHQHFH D HVWH UHLQR FRPR PLHPEUR DOV *OLHG  R V~EGLWR \ QR FRPR VREHUDQR GDV 2EHUKDXSW  FXDQGR HV XQLYHUVDOPHQWH OHJLVODGRUHVWRHVDXWRUGHODREOLJDWRULHGDGSHURQRGHODOH\PRUDODOD FXDO HVWDPRV VRPHWLGRV DTXt ³GHVFRQRFHU QXHVWUR JUDGR LQIHULRU FRPR FULDWXUDV \ HO UHFKD]R SUHVXQWXRVR :HLJHUXQJ GHV (LJHQGQNHOV  GH OD DXWRULGDG GDV $QVHKHQ  GH OD OH\ VDQWD HV \D XQD LQILGHOLGDG HLQH  

 .S9  (Q HVWH VHQWLGR HO UHLQR GH ORV ILQHV \ OD DXWRQRPtD FRPR SULQFLSLRV SUiFWLFRV REMHWLYRV TXH VHxDODQ XQ LPSHUDWLYR FDWHJyULFR LQFOX\HQ D ODV RWUDV GRV IRUPXODFLRQHV ³OD QDWXUDOH]DUDFLRQDOHVYLVWDFRPRODIXHQWHGHXQDOHJLVODFLyQXQLYHUVDO«ODFXDOVHFRQVLGHUD FRPRXQDOHJLVODFLyQSDUDXQUHLQRLGHDORXQDFRPXQLGDGGHVHUHVUDFLRQDOHVFX\DGLJQLGDGHV UHVSHWDGD \ FX\RV ILQHV VRQ SURPRYLGRV D WUDYpV GH OD REHGLHQFLD XQLYHUVDO D XQ VLVWHPD GH OHJLVODFLyQ TXH VLVWHPDWL]D VXV ILQHV \ ORV XQH HQ XQD DUPRQtD QHFHVDULD´ :22' $OOHQ .DQWV(WKLFDO7KRXJKW3    *06  /D LGHD GH XQ UHLQR GH ORV ILQHV VHJ~Q 7LPPHUPDQQ LQYROXFUD D ODV RWUDV SHUVRQDVTXHVRQDIHFWDGDVSRUODVDFFLRQHVGHODJHQWHTXHDSOLFDHOLPSHUDWLYRFDWHJyULFRDTXt ORVILQHVVHDFHUFDQDRWURVILQHVHQEXVFDGHFLHUWDXQLGDG &IU7,00(50$11-HQV.DQWV *URXQGZRUNRIWKH0HWDSK\VLFVRI0RUDOV$&RPPHQWDU\3VV   &IU.256*$$5'&KULVWLQH/DFUHDFLyQGHOUHLQRGHORVILQHV3  *06

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

$EWUQQLJNHLW  D OD OH\ VHJ~Q HO HVStULWX GHP *HLVWH  DXQ FXDQGR VH FXPSOLHUDODOHWUD´3RUHOFRQWUDULRSHUWHQHFHDpO³FRPRFDEH]DFXDQGR FRPROHJLVODGRUQRHVWiVRPHWLGRDODYROXQWDGGHRWUR´/DFRQVWULFFLyQ SUiFWLFD GHO GHEHU HQ HVWH VHQWLGR VyOR HV XQD FDWHJRUtD DSOLFDEOH D WRGR PLHPEUR PiV QR D OD FDEH]D GH HVWH UHLQR PRUDO \D TXH pVWD HV XQ VHU FRPSOHWDPHQWH LQGHSHQGLHQWH VLQ QHFHVLGDGHV QL OLPLWDFLRQHV GH VX IDFXOWDG D OD YROXQWDG 'H HVWD PDQHUD HO SULQFLSLR GH XQ UHLQR GH ORV ILQHV HV ³QR KDFHU QLQJXQD DFFLyQ VHJ~Q RWUD Pi[LPD TXH GH PRGR TXH WDPELpQ SXHGD FRPSDGHFHUVH FRQ HOOD TXH VHD XQD OH\ XQLYHUVDO \ DVt SXHVVyORGHPRGRTXHODYROXQWDGSXHGDSRUVXPi[LPDFRQVLGHUDUVHDVt PLVPD D OD YH] FRPR XQLYHUVDOPHQWH OHJLVODGRUD´ (Q XQ UHLQR GH ORV ILQHVWRGRWLHQHRXQSUHFLR 3UHLV RXQDGLJQLGDG HLQHµ:UGH DTXHOOR TXHWLHQHXQSUHFLRSRUXQDSDUWHSXHGHVHUVXVWLWXLGRSRUFXDOTXLHUFRVD FRQVLGHUDGDFRPRHTXLYDOHQWHPLHQWUDVTXHSRURWUDSDUWHDTXHOORTXHQR WLHQHXQSUHFLRQLQDGDTXHVHOHHTXLSDUHWLHQHXQDGLJQLGDG$TXHOOD GLJQLGDG GH OD QDWXUDOH]D KXPDQD \ GH WRGD QDWXUDOH]D UDFLRQDO WLHQH VX IXQGDPHQWR HQ OD DXWRQRPtD GH OD YROXQWDG OD FXDO KDFH DSWR DO KRPEUH SDUDVRPHWHUVXVPi[LPDVDXQDOHJLVODFLyQXQLYHUVDOGHODUD]yQ 7DO \ FRPR KH DQWLFLSDGR TXH HO SULQFLSLR GH OD PRUDOLGDG SXHGD UHSUHVHQWDUVHGHWUHVPDQHUDVLPSOLFDHQHOIRQGRTXHFDGDIRUPXODFLyQ  

.S9 *06  &IU*06  *06(VWR~OWLPRVHHQWLHQGHGHPHMRUIRUPDVLWHQHPRVHQFXHQWDTXH³(O5HLQRGH ORV)LQHVQRVSURSRUFLRQDXQDIRUPDGHUHSUHVHQWDUQRVHOVHQWLGRHQHOTXHODVOH\HVPRUDOHVVRQ OH\HVGHDXWRQRPtD6XSRQJDPRVTXHWRGRVORVVHUHVUDFLRQDOHVIXHUDQUHDOPHQWHDIRUPDUXQ 5HLQR GH ORV )LQHV \ VH HIHFWXDUDQ XQD FRQYHQFLyQ FRQVWLWXFLRQDO SDUD KDFHU VXV OH\HV ¢4Xp OH\HVHOHJLUtDQ"&DGDXQRGHQRVRWURVWHQGUtDHOGHVHRGHSUHVHUYDUVXSURSLDOLEHUWDGSRUORTXH WHQGUtDPRV TXH HVFRJHU OH\HV TXH SUHVHUYDUDQ OD OLEHUWDG TXH FDGD XQR FRQIRUPH D XQD OH\ XQLYHUVDO 'DGR TXH D QRVRWURV QRV JXVWDUtD XQ PXQGR HQ HO TXH OD D\XGD GH ORV RWURV \ ORV UHFXUVRVGHORVWDOHQWRVKXPDQRVHVWXYLHUDQGLVSRQLEOHVFRPRPHGLRVSDUDODDFFLyQDQRVRWURV QRVJXVWDUtDWDPELpQTXHFDGDSHUVRQDFRQWULEX\HUDHQDOJRDHVRVILQHVREOLJDWRULRV/DVOH\HV D ODV TXH HVWDUtDPRV VRPHWLGRV ±VL HVWXYLHUDQ HQ QXHVWUDV PDQRV GHFLGLUODV VHUtDQ OH\HV PRUDOHV´>.256*$$5'&KULVWLQH/DFUHDFLyQGHOUHLQRGHORVILQHV3@  *06  *06 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

QRHVVLQRODFRQVLGHUDFLyQGHXQDPLVPDOH\GHVGHWUHVDVSHFWRVVXEMHWLYRV ±TXHDOXGHDODHVWUXFWXUDGHODVPi[LPDVODFXDOVLUYH³SDUDDFHUFDUXQD LGHD GH OD UD]yQ D OD LQWXLFLyQ VHJ~Q FLHUWD DQDORJtD  \ DVt DO VHQWLPLHQWR´ (VWR VLJQLILFD HQWUH RWUDV FRVDV TXH XQD YROXQWDG DEVROXWDPHQWH EXHQD HV DTXHOOD HQ SULPHU OXJDU FX\DV Pi[LPDV SXHGDQ VHUTXHULGDV FRPR OH\ HQ YLUWXG GH VXDVSHFWR IRUPDO RXQLYHUVDOLGDGHQ VHJXQGR OXJDU TXH OD QDWXUDOH]D UDFLRQDO VH SRQH D Vt PLVPD FRPR ILQ \ SRU WDQWR FRPR VXVWHQWR PDWHULDO GH OD PRUDOLGDG \ ILQDOPHQWH HQ UHODFLyQDODYROXQWDGFRPRXQLYHUVDOPHQWHOHJLVODGRUDDSDUWLUGHODFXDO HVSRVLEOHXQPXQGRGHVHUHVUDFLRQDOHVFRPRXQUHLQRGHORVILQHV  



  

*06 *06

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

,,, 'HULYDFLyQ DSRGtFWLFD GHOLEHUDFLyQ \ HYDOXDFLyQ -XLFLR UHIOH[LRQDQWH\MXLFLRGHWHUPLQDQWH (VER]RVGHXQDWHRUtDGHOMXLFLRSUiFWLFRHQ.DQWLQWURGXFFLyQ 8QD GH ODV SUREOHPiWLFDV FHQWUDOHV GH WRGD OD ILORVRItD FUtWLFD GH .DQW HV VLQOXJDUDGXGDVDTXHOODTXHDOXGHDODIDFXOWDGGHMX]JDU(VWDWHPiWLFD WDO\FRPRVHSXHGHYHUHQODVGLVWLQWDVREUDVGHQXHVWURDXWRU±QRVyORHQ ODVWUHVJUDQGHV&UtWLFDVVLQRHQJHQHUDOHQWRGDVXREUDQRHVDMHQDDVX SURSXHVWDILORVyILFD\PXFKRPHQRVVHSXHGHGHFLUTXHVHDXQSUREOHPD PHQRU 3RU HO FRQWUDULR VL HV TXH VX ILORVRItD WLHQH XQD DUTXLWHFWXUD VLVWHPiWLFDORHVVyORHQYLUWXGGHXQKLORFRQGXFWRU /HLWIDGHQ HOFXDOGD VHQWLGR\XQLGDGDVXILORVRItD(VWHKLORFRQGXFWRUFRPRVHSRGUiREVHUYDU GHQWUR GH ORV SULPHURV DSDUWDGRV GH HVWH FDStWXOR QR HV RWUR TXH QXHVWUD IDFXOWDG GH MX]JDU 'H HVWD IRUPD WDQWR HQ VX SURSXHVWD ILORVyILFD HQ JHQHUDO FRPR HQ VX ILORVRItD SUiFWLFD HQ SDUWLFXODU VH SUHVHQWD XQD DUTXLWHFWyQLFD GRQGH OD IDFXOWDG GH MX]JDU HV OD HQFDUJDGD GH GDU FLHUWD FRKHVLyQ (Q FRQFUHWR OD HVWUXFWXUD WULSDUWLWD GH OD ILORVRItD SUiFWLFD GH .DQWFRQVROLGDGDSRUXQDSURSHGpXWLFDRPRUDOSXUDXQDPHWDItVLFDGHODV FRVWXPEUHV\XQDDQWURSRORJtDSUiFWLFDPXHVWUDXQDUHODFLyQELGLUHFFLRQDO HQWUHVXVSDUWHVHVGHFLUXQDUHODFLyQTXHQRVyORYDGHORSXURDSULRULD OR HPStULFR VLQR WDPELpQ GH OR HPStULFR D OR SXUR D SULRUL UHODFLyQ TXH VyOR HV SRVLEOH HQ YLUWXG GH XQ FRUUHFWD FRPSUHQVLyQ GH OD IDFXOWDG GH MX]JDU FRPR IDFXOWDG GH MX]JDU OLEUH HQ HO iPELWR SUiFWLFR (VWD HVWUXFWXUDGHVXILORVRItDSUiFWLFDDVtFRPRHOFRQWHQLGRHVSHFtILFRGHFDGD  

 (V LPSRUWDQWH UHFRUGDU TXH FDGD XQD GH ODV SDUWHV TXH HVWUXFWXUDQ OD ILORVRItD SUiFWLFD GH .DQWVHGLVWLQJXHQHQWUHVtSRUVXREMHWLYR\SRUHOWLSRGHMXLFLRVTXHFDGDXQDGHHOODVWLHQH $VtODPRUDOSXUDVHFDUDFWHUL]DSRUEXVFDUHOSULQFLSLRVXSUHPRGHODPRUDO\SRUWHQHUMXLFLRV SXURVDSULRULODPHWDItVLFDGHODVFRVWXPEUHVSRUHVWDEOHFHUHOVLVWHPDGHORVGHEHUHVSDUDOR FXDOXVDUiMXLFLRVLPSXURVDSULRUL\ODDQWURSRORJtDSUiFWLFDFX\RFRPHWLGRHVHOGHHVWXGLDU DTXHOORVIDFWRUHVHPStULFRVTXHIDYRUHFHQXREVWDFXOL]DQHOGHVDUUROORGHODPRUDO3DUDYHUHVWR D PD\RU GHWDOOH &IU &$6$/(6 5REHUWR ³(VWUXFWXUD GH OD ILORVRItD SUiFWLFD GH .DQW´ (Q 3HQVDPLHQWR\FXOWXUDYRO3S

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

XQD GH VXV SDUWHV GHSHQGH SDUD VX FRPSUHQVLyQ GH XQ HVWXGLR GH OD IDFXOWDGGHMX]JDUSULPHURGHVGHXQDSHUVSHFWLYDJHQHUDO±FRPRXQDVXHUWH GH WHRUtD GHO MXLFLR \ SRVWHULRUPHQWH HQ VX DSOLFDFLyQ DO iPELWR HVSHFtILFR GH OR SUiFWLFR \ GH OD PRUDOLGDG $VLPLVPR ORV SUHVXSXHVWRV EiVLFRV GHVX WHRUtDGHOD DFFLyQHQJHQHUDO \ VXDSOLFDFLyQD OD ILORVRItD PRUDOVROLFLWDQXQDQiOLVLVGHPD\RUSURIXQGLGDGGHODIDFXOWDGGHMX]JDU HQ VX SDSHO SUiFWLFR IDFXOWDG TXH DKRUD ELHQ SXHGH VHU WUDWDGD WDPELpQ FRPRXQDIDFXOWDGGHGLVFHUQLPLHQWR(ODQiOLVLVGHODILORVRItDSUiFWLFD GH.DQWDODOX]GHODIDFXOWDGGHMX]JDUSRUWDQWRQRVyORPXHVWUDHOSDSHO GHpVWDGHQWURGHODKLVWRULDGHODILORVRItDVLQRTXHWDPELpQQRVD\XGDD UHVSRQGHURDOPHQRVPDWL]DUPXFKDVGHODVFUtWLFDVDODVTXHXVXDOPHQWH VHHQIUHQWDODSURSXHVWDGHOILOyVRIRGH.|QLJVEHUJ 0XFKDVGHODVLQWHUSUHWDFLRQHV³HVWiQGDU´GHODILORVRItDSUiFWLFDGH.DQW KDQSURSLFLDGRXQDLPDJHQSDUFLDOHLQFRUUHFWDGHVXSURSXHVWDJHQHUDQGR HO HVFHQDULR SHUIHFWR SDUD VXV FUtWLFRV $ SDUWLU GH PXFKDV GH HVWDV LQWHUSUHWDFLRQHV VH KD FDUDFWHUL]DGR VX SURSXHVWD SUiFWLFD FRPR XQ IRUPDOLVPR YDFtR XQD GHRQWRORJtD ULJRULVWD ±GRQGH SDUHFLHUD TXH HV PiV LPSRUWDQWHKDFHU ODVFRVDV SRUHO GHEHU TXHKDFHUODVSRUTXH VRQEXHQDV  

 $O KDFHU HVWD REVHUYDFLyQ UHVFDWDPRV HO VHQWLGR SULRULWDULDPHQWH UHIOH[LYR GH QXHVWUD IDFXOWDG GH MX]JDU HO FXDO HV UHVDOWDGR SRU 5REHUWR 5RGUtJXH] $UDPD\R &IU 52'5Ë*8(= 5REHUWR³(OSDSHOGHOGLVFHUQLPLHQWRWHOHROyJLFRHQODILORVRItDSUiFWLFDGH.DQW´(Q.$17 ,PPDQXHO &UtWLFD GHO GLVFHUQLPLHQWR 7UDG 5REHUWR 5RGUtJXH] $UDPD\R \ 6DOYDGRU 0DV 0DGULG$QWRQLR0DFKDGR3SVV  (OHVWXGLRGHODVIDFXOWDGHVGHOMXLFLRHQODpWLFDNDQWLDQDWDO\FRPRPHQFLRQD7RUUDOEDVH VLW~DGHQWURGHOFRQWH[WRJHQHUDOGHODUHKDELOLWDFLyQGHODILORVRItDSUiFWLFDHVSHFLDOPHQWHHQ ORV~OWLPRVGHFHQLRVGRQGHORTXHHVWiHQMXHJRHV³ODSURSLDFDSDFLGDGGHODILORVRItDSDUDGDU FDEDOFXHQWDGHORKXPDQR´ 7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3   1RPHGHWHQGUpDDQDOL]DUWRGDV\FDGDXQDGHODVREMHFLRQHVDODILORVRItDSUiFWLFDGH.DQW VLQHPEDUJRYDOHODSHQDUHFRUGDUORTXH9LFHQWHGH+DUR³(VWDVFDULFDWXUDVQRUHVLVWHQQLHO PiVVXSHUILFLDODFHUFDPLHQWRDORVWH[WRVNDQWLDQRV\DOJXQRVVRQLQFOXVRLQFRQVLVWHQWHVHQWUH VtSXHVKD\TXLHQDILUPDTXH.DQWKDEUtDSXHVWRODVEDVHVGHOUHODWLYLVPRFRQWHPSRUiQHR\DOD YH]GLFHTXHVXSRVWXUDULJRULVWDHVLQVHQVLEOHDODVLGHQWLGDGHVSHUVRQDOHV\JUXSDOHVTXHQRGD FXHQWD GHO VLJQLILFDGR PRUDO GH ODV UHODFLRQHV LQWHUVXEMHWLYDV \R TXH VXSRQH XQD H[DJHUDGD RSRVLFLyQ HQWUH OD UD]yQ \ OD DIHFWLYLGDG´ '( +$52 9LFHQWH ³,QWURGXFFLyQ 8QD UHLYLQGLFDFLyQGHODILORVRItDSUiFWLFDGH.DQW´(Q7ySLFRVQ~P3S 3DUDXQ DQiOLVLV PiV GHWDOODGR GH ODV GLYHUVDV FUtWLFDV D OD ILORVRItD SUiFWLFD GH .DQW YpDVH %$521 0DUFLD.DQWLDQ(WKLFV$OPRVW:LWKRXW$SRORJ\,WKDFD&RUQHOO8QLYHUVLW\3UHVV

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

FRPR XQDSURSXHVWDUDGLFDOPHQWH RSXHVWD D XQD pWLFDGH ODVYLUWXGHVTXH HQ HO IRQGR HV DMHQD D WRGR OR KXPDQR \ VX HVSHFLILFLGDG ³'HVGH OXHJR HVWD LPDJHQ GH OD PRUDO NDQWLDQD QR FDUHFH GH FRQH[LyQ FRQ OR TXH .DQW GLFH SHUR ODV SDUWHV WRPDGDV SDUD VRVWHQHU OD OHFWXUD GHRQWROyJLFD IUHFXHQWHPHQWH QR WLHQHQ HO VLJQLILFDGR R HO SDSHO DVLJQDGR´ (VWR QR VLJQLILFDGHQLQJXQDPDQHUDTXHODILORVRItDSUiFWLFDGHQXHVWURDXWRUHVWp H[HQWDGHWRGDFUtWLFDVLQRTXHJUDQSDUWHGHVXVFUtWLFDVDOLQWURGXFLUVHHQ XQSDQRUDPDPiVDPSOLRGHVXSURSXHVWDRELHQTXHGDQGHVDUWLFXODGDVR ELHQ H[LJHQ FLHUWRV PDWLFHV &RQ HVWR HQ PHQWH HO SUHVHQWH WUDEDMR GH LQYHVWLJDFLyQ FRPR VH KD PHQFLRQDGR GHVGH OD LQWURGXFFLyQ SUHWHQGH HODERUDUXQDH[pJHVLVGHODILORVRItDSUiFWLFDGH.DQWDODOX]GHODWHUFHUD &UtWLFD KDFLHQGR XQ pQIDVLV HVSHFLDO HQ OD GLVWLQFLyQ HQWUH OD IXQFLyQ GHWHUPLQDQWH\UHIOH[LYDGHODIDFXOWDGGHMX]JDU /D PD\RU SDUWH GH ODV LQWHUSUHWDFLRQHV ³HVWiQGDU´ KDQ VRVWHQLGR TXH OD WHRUtD GHO MXLFLR SUiFWLFR HQ .DQW DOXGH ~QLFD \ H[FOXVLYDPHQWH D OD IXQFLyQ GHWHUPLQDQWH GH QXHVWUD IDFXOWDG GH MX]JDU $GHPiV GH HVWR VRVWLHQHQTXHODIXQFLyQUHIOH[LRQDQWHGHQXHVWUDIDFXOWDGGHMX]JDUVyORHV DSOLFDEOH DO MXLFLR GH JXVWR \ DO MXLFLR WHOHROyJLFR 'H VHU HVWR FLHUWR OD SURSXHVWDNDQWLDQDVHUHGXFLUtDDXQDPLFURORJtD HLQH0LNURORJLH ODFXDO ³VLHPEUD WRGRV VXV SDVRV GH GHEHUHV FRPR GH FHSRV \ TXH QR FRQVLGHUD LQGLIHUHQWH TXH PH DOLPHQWH GH FDUQH R SHVFDGR GH FHUYH]D R GH YLQR FXDQGR DPERV PH VRQ GH SURYHFKR« FX\R GRPLQLR VH FRQYHUWLUtD HQ WLUDQtD VL OD LQFOX\pUDPRV HQ OD GRFWULQD GH OD YLUWXG´ (O SDSHO GH OD IDFXOWDGGHMX]JDUVHJ~QHVWDVLQWHUSUHWDFLRQHV³HVWiQGDU´TXHGDUHGXFLGR DXQDPHUDGHULYDFLyQDSRGtFWLFDGHORVGHEHUHVHQODFXDOVHSDUWHGHDOJR XQLYHUVDO ±HO LPSHUDWLYR FDWHJyULFR FRPR SULQFLSLR VXSUHPR GH OD PRUDOLGDGSDUDGHWHUPLQDUXQFDVRSDUWLFXODU±HQFRQFUHWRODVPi[LPDV   

+(50$1%DUEDUD7KH3UDFWLFHRI0RUDO-XGJPHQW39,, 0G6

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

8QD LQWHUSUHWDFLyQ GH HVWH WLSR QR VyOR GD SLH D ODV DFXVDFLRQHV GH IRUPDOLVPR\RWUDVPiVVLQRTXHWDPELpQUHGXFHODFRPSUHQVLyQWDQWRGHO LPSHUDWLYR FDWHJyULFR FRPR GH ODV Pi[LPDV HOLPLQDGR SULQFLSDOPHQWH JUDQ SDUWH GH VX DSOLFDFLyQ SUiFWLFD D FDVRV FRQFUHWRV TXH H[LJHQ XQD GHOLEHUDFLyQ R XQD HYDOXDFLyQ 3RU HVWD UD]yQ VXUJH OD QHFHVLGDG GH DKRQGDUHQ HO SDSHOGHOD IDFXOWDG GH MX]JDU HVSHFLDOPHQWHHQ VXIXQFLyQ UHIOH[LRQDQWHGHQWURGHOiPELWRSUiFWLFR /D IDFXOWDG GH MX]JDU >8UWHLOVNUDIW@ FRPR IDFXOWDG LQWHUPHGLD HQWUH OD UD]yQ \ HO HQWHQGLPLHQWR ³HV OD IDFXOWDG GH VXEVXPLU EDMR UHJODV HV GHFLU GH GLVFHUQLU VL DOJR HVWi R QR EDMR XQD UHJOD GDGD FDVXV GDWDH OHJLV ´(QRWUDVSDODEUDVODIDFXOWDGGHMX]JDUHV³ODIDFXOWDGGHSHQVDU ORSDUWLFXODU HQ FXDQWR FRQWHQLGREDMRORXQLYHUVDO´ $Vt OD IDFXOWDGGH MX]JDU HV XQ WDOHQWR HVSHFLDO HLQ EHVRQGHUHV 7DOHQW  TXH QR SXHGH VHU HQVHxDGR VLQR VRODPHQWH HMHUFLGR /D IDFXOWDG GH MX]JDU HQ VX IXQFLyQ  

 &IU ((  WDPELpQ &IU .$17 ,PPDQXHO &UtWLFD GHOD IDFXOWDG GH MX]JDU7UDG 3DEOR 2\DU]~Q &DUDFDV 0RQWH $YLOD  $..  &LWDGR HQ DGHODQWH FRPR .8 (V LPSRUWDQWH TXH UHFRUGDU TXH SDUD .DQW WUHV VRQ ODV IDFXOWDGHV FRJQLWLYDV VXSHULRUHV ³ HO HQWHQGLPLHQWRRFDSDFLGDGSDUDHOFRQRFLPLHQWRGHORXQLYHUVDO ODVUHJODVORVSULQFLSLRV\ODV OH\HV HOMXLFLRRFDSDFLGDGGHSHQVDUORSDUWLFXODUFRPRFRQWHQLGREDMRORXQLYHUVDO\OD UD]yQRFDSDFLGDGSDUDGHWHUPLQDUORSDUWLFXODUPHGLDQWHORXQLYHUVDO LHGHGXFLUDSDUWLUGH SULQFLSLRV ´ *5$1-$ 'XOFH 0DUtD ³(O MXLFLR UHIOH[LYR HQ OD pWLFD NDQWLDQD´ (Q 'LiQRLD $QXDULR GH )LORVRItD ;/,, 1R    3   $O VHU XQD IDFXOWDG LQWHUPHGLD HQWUH HO HQWHQGLPLHQWR\ODUD]yQODIDFXOWDGGHMX]JDU³SRGUiVHUDVRFLDGDDOVHQWLPLHQWRGHSODFHU\ GLVSODFHU\FDSD]GHIXQGDPHQWDUDpVWHVXPLQLVWUiQGROHXQSULQFLSLRGHGHWHUPLQDFLyQDSULRUL´ /(LQ GHU XQHUPH‰OLFKHQ 0DQQLJIDOWLJNHLWGHU'LQJH@VHJ~QOH\HVHPStULFDVSRVLEOHVXQSDUHQWHVFR VXILFLHQWH GH DTXpOODV >JHQXJVDPH 9HUZDQGWVFKDIW GHUVHOEHQ DQ]XWUHIIHQ@ DILQGHWUDHUODVEDMRFRQFHSWRV FODVHV HPStULFRV\DpVWRVEDMROH\HVPiV JHQHUDOHV JpQHURVVXSHULRUHV \DVtSRGHUOOHJDUDXQVLVWHPDHPStULFRGH ODQDWXUDOH]D>HLQHPHPSLULVFKHQ6\VWHPGHU1DWXU@´ $VtHVWHSULQFLSLRGHODIDFXOWDGGHMX]JDUUHIOH[LRQDQWHHVWDEOHFHTXH³OD QDWXUDOH]D HVSHFLILFD VXV OH\HV XQLYHUVDOHV HQ OH\HV HPStULFDV GH FRQIRUPLGDGFRQODIRUPDGHXQVLVWHPDOyJLFRHQSURYHFKRGHODIDFXOWDG

 

/(QLFKW ]X GHQ WUDV]HQGHQWDOHQ 3UlGLFDWHQ JHK|UW@ ´ 8QD FRQIRUPLGDG D ILQ SUiFWLFD WDO \ FRPR GHVFULEH .DQW QR SRGUtD VHU XQ SULQFLSLR WUDVFHQGHQWDO VLQR HQWHUDPHQWH PHWDItVLFRORVILQHVHQODVDFFLRQHVQRVRQVXSXHVWRVWUDVFHQGHQWDOHVSDUD DFFHGHU D OD DFFLyQ VLQR DOJR HPStULFDPHQWH GDGR (VWD FRQIRUPLGDGD ILQSUiFWLFDHQDQDORJtDFRQODFRQIRUPLGDGDILQIRUPDOSUHVXSRQHTXHOD IDFXOWDG GH MX]JDU GLULJLGD D OR SUiFWLFR QR SXHGH UHGXFLUVH D VX IXQFLyQ GHWHUPLQDQWH VLQR TXH D VX YH] SUHVXSRQH FLHUWRV SURFHVRV GH UHIOH[LyQ GHQWURGHODWHRUtDGHOMXLFLRPRUDONDQWLDQR  'HO MXLFLR PRUDO GHWHUPLQDQWH HO ,PSHUDWLYR &DWHJyULFR \ OD GHULYDFLyQDSRGtFWLFD 7DO \ FRPR KH VHxDODGR DUULED OD IDFXOWDG GH MX]JDU FRQWLHQH XQD GREOH IXQFLyQ OD GHWHUPLQDQWH TXH YD GH OR XQLYHUVDO D OR SDUWLFXODU \ OD UHIOH[LRQDQWHTXHYDGHORSDUWLFXODUDORXQLYHUVDO(VWDGREOHIXQFLyQ GHODIDFXOWDGGHMX]JDUDGPLWHGRViPELWRVGHYDOLGH]GLVWLQWRVTXHDOXGHQ UHVSHFWLYDPHQWH D FDGD IXQFLyQ $Vt PLHQWUDV TXH HQ OD IXQFLyQ GHWHUPLQDQWH GHO MXLFLR VH REWLHQH XQD YDOLGH] REMHWLYD IRUPDO iPELWR GH YDOLGH]HVHQFLDOSDUDODHODERUDFLyQ\HOGHVDUUROORGHWRGDIXQGDPHQWDFLyQ SXUDDSULRULHQODIXQFLyQUHIOH[LRQDQWHGHODIDFXOWDGGHMX]JDUVHREWLHQH VyORXQDYDOLGH]VXEMHWLYD³SXHVHOXQLYHUVDODOTXHHOODVHH[WLHQGHDSDUWLU GH OR SDUWLFXODU HV VyOR XQLYHUVDOLGDG HPStULFD ±XQ PHUR DQiORJR  

.8 6REUHHVWHUHVSHFWRHVLPSRUWDQWHUHFRUGDUTXHHQODILORVRItDSUiFWLFDGH.DQWXQILQHV³XQ REMHWRGHODUELWULR GHXQVHUUDFLRQDO SRUFX\DUHSUHVHQWDFLyQpVWHVHGHWHUPLQDDXQDDFFLyQ HQFDPLQDGDDSURGXFLUHVWHREMHWR´ 0G6   &IU9,*2$OHMDQGUR³5HIOH[LyQ\MXLFLR´3  &IU-lVFKH/RJLN 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

>$QDORJRQ@ GH OD XQLYHUVDOLGDG OyJLFD´ 'DGD OD GLVWLQFLyQ HQWUH HVWRV GRV iPELWRV GH YDOLGH] QR HV UDUR TXH OD PD\RUtD GH ODV LQWHUSUHWDFLRQHV ³HVWiQGDU´VRVWHQJDQTXHODIXQFLyQUHIOH[LRQDQWHGHODIDFXOWDGGHMX]JDU UHILHUD H[FOXVLYDPHQWH DO MXLFLR GH JXVWR \ DO MXLFLR WHOHROyJLFR /D FRPSUHQVLyQGHOMXLFLRWHyULFR\SUiFWLFRHQFRQVHFXHQFLDVHUHGXFHDXQD PHUD GHWHUPLQDFLyQ OR FXDO VHJ~Q HVWDV LQWHUSUHWDFLRQHV JDUDQWL]D XQD FRUUHFWDDSOLFDFLyQGHORXQLYHUVDODORSDUWLFXODU $WHQGLHQGR GH PDQHUD HVSHFtILFD D VX FRQFHSFLyQ GHO MXLFLR PRUDO HO LPSHUDWLYR FDWHJyULFR VLUYH D OD PRUDOLGDG FRPR QRUPD R SULQFLSLR XQLYHUVDODSDUWLUGHOFXDOVHGHULYDWRGRGHEHU(QHIHFWRVHFRQVLGHUDXQD QRUPD PRUDO SDUD GHWHUPLQDU FXUVRV SDUWLFXODUHV GH DFFLyQ HO LPSHUDWLYR FDWHJyULFRVHJ~QHVWDVLQWHUSUHWDFLRQHVHVXQSULQFLSLRSXUR DSULRULSDUD GHWHUPLQDUGHEHUHVHQFDVRVFRQFUHWRV$VLPLVPRHQHVWDVLQWHUSUHWDFLRQHV ODH[SUHVLyQGHODOH\PRUDODWUDYpVGHOLPSHUDWLYRFDWHJyULFRDGTXLHUHXQ FDUiFWHU PHUDPHQWH IRUPDO PLVPR TXH JDUDQWL]D OD XQLYHUVDOLGDG \ QHFHVLGDGH[LJLGDHQODFRDFFLyQGHXQDYROXQWDGVHQVLEOHPHQWH DIHFWDGD VyOR DTXHOODV SURSRVLFLRQHV SUiFWLFDV ³TXH GLUHFWDPHQWH SUHVHQWDQ FRPR QHFHVDULDODGHWHUPLQDFLyQGHXQDDFFLyQPHUDPHQWHSRUODUHSUHVHQWDFLyQ GH VX IRUPD FRQ DUUHJOR D OH\HV HQ JHQHUDO  VLQ FRQVLGHUDFLyQ GH OD PDWHULDGHOREMHWRTXHSRUWDOPHGLRKDGHVHUHIHFWXDGRSXHGHQ\WLHQHQ TXHSRVHHUVXVSULQFLSLRVSHFXOLDUHV HQODLGHDGHODOLEHUWDG ´/DPRUDO NDQWLDQDHQHVWHVHQWLGRQRFDUHFHGHXQDSDUWHIRUPDO±FX\RFRQWHQLGRHV IXQGDPHQWDO SDUD TXH ODV FRVWXPEUHV QR ³SHUPDQH]FDQ VRPHWLGDV D WRGR WLSR GH FRUUXSFLyQ DOOHUOHL 9HUGHUEQLV XQWHUZRUIHQ EOHLEHQ ´ QR

 

-lVFKH/RJLN ((  *06 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

REVWDQWH WDPSRFR VH UHGXFH D XQ PHUR IRUPDOLVPR OR FXDO VHUtD XQD ³FRQWUDGLFWLRLQDGMHFWR´ 8QDDSUR[LPDFLyQQRUHGXFFLRQLVWDGHODWHRUtDNDQWLDQDGHOMXLFLR PRUDO SRU WDQWR QRVHOLPLWD D FRQVLGHUDUHOHQMXLFLDPLHQWR PRUDO HQ XQ VHQWLGR GHWHUPLQDQWHVLQRTXHDVXYH]DGPLWHXQVHQWLGRUHIOH[LRQDQWH\DTXHOD OH\ PRUDO ³QR SXHGH FRQ VX SURSLD IXHU]D ±QL WDPSRFR HQ VXV IRUPDV FRQFUHWDVGHODYLUWXGRHQVXFDVRGHODGRFWULQDMXUtGLFDVXSHUDUHOKLDWR TXHODVHSDUDGHODVVLWXDFLRQHVLQGLYLGXDOHV\FRQFUHWDVGHODVDFFLRQHVHQ HO PXQGR UHDO´ 7DO \ FRPR WUDWDUp GH GHIHQGHU D OR ODUJR GH HVWH FDStWXORODIDFXOWDGGHMX]JDUDSOLFDGDDOiPELWRGHODILORVRItDSUiFWLFDHQ .DQWDGPLWHDPERVVHQWLGRVWDQWRHOGHWHUPLQDQWHFRPRHOUHIOH[LRQDQWH HQ HO SULPHU FDVR VH WUDWD GH XQD VXHUWH GH GHULYDFLyQ DSRGtFWLFD DWHQGLHQGR DO FDUiFWHU DSRGtFWLFR GHO LPSHUDWLYR FDWHJyULFR HQ HO  

'(+$529LFHQWH³,QWURGXFFLyQ8QDUHLYLQGLFDFLyQGHODILORVRItDSUiFWLFDGH.DQW´3 7DO\FRPRVRVWLHQH'XOFH0DUtD*UDQMD³/RVGHWUDFWRUHVVRVWLHQHQTXHODpWLFDGH.DQWHV IRUPDOLVWD SRUTXH QR QRV SURSRQH OD UHDOL]DFLyQ GH QLQJ~Q ELHQ SRUTXH GHVDWLHQGH ODV FRQVHFXHQFLDV GH QXHVWURV DFWRV SRUTXH QR WLHQH HQ FXHQWD ORV LQWHUHVHV FRQWUDSXHVWRV GH ORV GLYHUVRV LQGLYLGXRV \ SRUTXH DO VHU XQD pWLFD GHRQWROyJLFD LH GHO GHEHU QR GD FDELGD D OD IHOLFLGDG KXPDQD GH PRGR TXH ODV pWLFDV WHOHROyJLFDV R GH ILQHV OD DYHQWDMDQ FRQVLGHUDEOHPHQWH´ *5$1-$'XOFH0DUtD³(OMXLFLRUHIOH[LYRHQODpWLFDNDQWLDQD´3S     921 :2/))0(77(51,&+ %ULJLWWD6RSKLH ³6REUH HO SDSHO GHO MXLFLR SUiFWLFR HQ OD ILORVRItDPRUDOGH.DQW´36HJ~Q7RUUDOEDODLQWHUYHQFLyQGHODIDFXOWDGGHMX]JDUHQOD DSOLFDFLyQ GH ORV SULQFLSLRV PRUDOHV DVt DGPLWH WUHV QLYHOHV HQ HO SULPHUR GH HOORV HO LPSHUDWLYR FDWHJyULFR HV FRQVLGHUDGR FRPR XQD QRUPD SDUD WRGRV ORV MXLFLRV PRUDOHV HQ HO VHJXQGRODIDFXOWDGGHMX]JDUDSOLFDHVWDQRUPDDODVPi[LPDVJHQHUDQGRFRQVHFXHQWHPHQWH XQVLVWHPDGHGHEHUHV\ILQDOPHQWHHQXQWHUFHUQLYHOWHQHPRVDODFRQFLHQFLD PRUDOFRPR LQWHUYHQFLyQPHUDPHQWHUHIOH[LRQDQWHGHODIDFXOWDGGHMX]JDU &IU7255$/%$-RVp0DUtD ³7KH7KUHHIROG)XQFWLRQRIWKH)DFXOW\RI-XGJPHQWLQ.DQW¶V(WKLFV7\SLN0RUDO-XGJPHQW DQG&RQVFLHQFH´(Q7255$/%$-RVp0DUtD/LEHUWDGREMHWRSUiFWLFR\DFFLyQ/DIDFXOWDG GHOMXLFLRHQODILORVRItDPRUDOGH.DQW+LOGHVKHLP*HRUJ2OPV9HUODJ3 (VWH PRGHOR TXH SURSRQH 7RUUDOED UHVXOWD DIRUWXQDGR SDUD GHVFULELU VLQ SHUGHU GH YLVWD OD DUTXLWHFWXUD VLVWHPiWLFD GHO SHQVDPLHQWR NDQWLDQR ODV GLVWLQWDV IXQFLRQHV GH OD IDFXOWDG GH MX]JDU GHQWUR GH OD SURSXHVWD GHO ILOyVRIR GH .|QLJVEHUJ $XQTXH HQ HVWH WUDEDMR GH LQYHVWLJDFLyQQRVHJXLUpDOSLHGHODOHWUDHVWDDSRUWDFLyQGH 7RUUDOEDPHSDUHFHIXQGDPHQWDO UHVFDWDUPXFKDVGHVXVLGHDVHQWRUQRDOMXLFLRPRUDO  &IU*066HJ~Q/RQJXHQHVVHHOFDUiFWHUDSRGtFWLFRGHOLPSHUDWLYRFDWHJyULFRDVt FRPR HO DVHUWyULFR SDUD ORV FRQVHMRV GH OD SUXGHQFLD \ HO SUREOHPiWLFR SDUD ODV UHJODV GH OD KDELOLGDG DSHODQ D OD FDWHJRUtD GH PRGDOLGDG &IU /21*8(1(66( %pDWULFH .DQW RQ WKH +XPDQ 6WDQGSRLQW 3  \ WDPELpQ &IU 0(1',2/$ &DUORV (O SRGHU GH MX]JDU HQ ,PPDQXHO.DQW3 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

VHJXQGR FDVR VH WUDWD GH OD DSOLFDFLyQ GH OD IDFXOWDG GH MX]JDU HQ OD GHOLEHUDFLyQGHDFFLRQHVSRVLEOHVSDUDUHVSRQGHUDODSUHJXQWDIXQGDPHQWDO GHODPRUDODVDEHUTXpGHERKDFHU(QFXDQWRDODGHULYDFLyQDSRGtFWLFD GH ORV GHEHUHV HO MXLFLR PRUDO DGRSWD XQ VHQWLGR GHWHUPLQDQWH TXH SXHGH HQWHQGHUVH GH GRV IRUPDV HQ SULPHU OXJDU FRQVWLWX\H OD DSOLFDFLyQ GHO LPSHUDWLYRFDWHJyULFRFRPRFULWHULRQHJDWLYRSDUDGLVWLQJXLUORPRUDOPHQWH SRVLEOH GH OR LPSRVLEOH ±HO WHVW GH OD XQLYHUVDOLGDG \ OD WtSLFD GH OD IDFXOWDG GH MX]JDU SXUD SUiFWLFD HQ VHJXQGR OXJDU GH OD HODERUDFLyQ GHO VLVWHPD GH GHEHUHV GRQGH VH REWLHQH WDQWR HO SULQFLSLR VXSUHPR GHO GHUHFKRFRPRHOSULQFLSLRVXSUHPRGHODYLUWXGDPERVSHUWHQHFLHQWHVDOD HVIHUDGHODPRUDOLGDG /D GHULYDFLyQ DSRGtFWLFD FRPR XQ XVR FRQFUHWR GH OD IDFXOWDG GH MX]JDU SDUDHOUD]RQDPLHQWRSUiFWLFRVHHVWUXFWXUDDPRGRGHVLORJLVPR\DTXH HQ HOOD VH YD ³GH OR JHQHUDO HQ OD SURSRVLFLyQ PD\RU >LP 2EHUVDW]H@ GHO SULQFLSLR PRUDO  PHGLDQWH XQD VXEVXQFLyQ GH DFFLRQHV SRVLEOHV FRPR   &IU7255$/%$-RVp0DUtD/LEHUWDGREMHWRSUiFWLFR\DFFLyQ/DIDFXOWDGGHOMXLFLRHQ ODILORVRItDPRUDOGH.DQW3  &IU0G6(OiPELWRMXUtGLFR\HOpWLFRFRPRKDQVRVWHQLGRPXFKRVGHORVLQWpUSUHWHV FRQWHPSRUiQHRVGH.DQWQRHVWiHVFLQGLGRVLQRLQWHJUDGRHQODHVIHUDGHORPRUDO &IU9,*2 $OHMDQGUR*³eWLFD\GHUHFKRVHJ~Q.DQW´(Q7ySLFRVQ~P3SVV GHPDQHUD TXH OD FRQH[LyQ HQWUH HO GHUHFKR \ OD PRUDO QR HV PHUDPHQWH FDVXDO \ FRQWLQJHQWH VLQR QHFHVDULD &IU *5$1-$'XOFH0DUtD ³/D YLQFXODFLyQ HQWUH GHUHFKR \ PRUDOHQ OD ILORVRItD NDQWLDQD´ (Q *5$1-$ 'XOFH 0DUtD 6$17,$*2 7HUHVD HGV  0RUDO \ GHUHFKR 'RFH HQVD\RVILORVyILFRV')8$03 9pDVHWDPELpQ&IU'5(,(55DOI³/DXQLGDG GH OD ILORVRItD SUiFWLFD NDQWLDQD /D ILORVRItD GHO GHUHFKR GHQWUR GHO FRQWH[WR GH VX ILORVRItD PRUDO´ 7UDG 3DXOD %RWHUR (Q &$67$f('$ )HOLSH &RPS  '85È1 9LFHQWH &RPS  +2LP 8QWHUVDW]H@ D OD FRQFOXVLyQ >]X GHP 6FKOX‰VDW]H@ HV GHFLU D OD GHWHUPLQDFLyQVXEMHWLYD GH OD YROXQWDG D XQLQWHUpVSRUHOELHQSUiFWLFDPHQWHSRVLEOH\DOD Pi[LPDIXQGDGDVREUH HVH LQWHUpV ´ 8Q VLORJLVPR 9HUQXQIWVFKOX‰  VHJ~Q .DQW ³HV HO FRQRFLPLHQWRGH OD QHFHVLGDG GHXQDSURSRVLFLyQSRUODVXEVXQFLyQ GHVX FRQGLFLyQEDMRXQDUHJODXQLYHUVDOGDGD´3DUDHOILOyVRIRGH.|QLJVEHUJ WRGRVLORJLVPRFRQWLHQHWUHVHOHPHQWRVHVHQFLDOHV  XQDUHJODSUiFWLFD TXH VLUYH GH SUHPLVD PD\RU SURSRVLWLR PDLRU    XQD SURSRVLFLyQ TXH VXEVXPH XQ FRQRFLPLHQWR EDMR OD FRQGLFLyQ FX\R SDSHO HQ VLORJLVPR FRUUHVSRQGH DO GH OD SUHPLVD PHQRU SURSRVLWLR PLQRU  \   OD SURSRVLFLyQ TXH DILUPD R QLHJD HO SUHGLFDGR GH OD UHJOD GHO FRQRFLPLHQWR VXEVXPLGR HV GHFLU OD FRQFOXVLyQ FRQFOXVLR  ³(O VLORJLVPR HVWDEOHFH SULPHUR XQD UHJOD XQLYHUVDO \ XQD VXEVXQFLyQ >HLQH 6XEVXPWLRQ@ EDMR OD FRQGLFLyQGHHVDUHJOD'HHVWHPRGRVHFRQRFHODFRQFOXVLyQDSULRULQR HQHOVLQJXODU>QLFKWLP(LQ]HOQHQ@VLQRFRPRFRQWHQLGDHQHOXQLYHUVDO\ FRPR QHFHVDULD EDMR XQD FLHUWD FRQGLFLyQ %HIXJQLV@  QL SRU WDQWR GHEHU DOJXQR 8QD DFFLyQ VHPHMDQWH VH OODPD PRUDOPHQWHLQGLIHUHQWH >VLWWOLFK  

(VWHPRGHORVLJXHODSURSXHVWDGH5RJHU6XOOLYDQHQFXDQWRDODSUHPLVDPD\RU\PHQRUVLQ HPEDUJR PH GLVWDQFLR GH HVWH PRGHOR HQ OD FRQFOXVLyQ 5RJHU 6XOOLYDQ SURSRQH TXH HO UD]RQDPLHQWR SUiFWLFR FRQFOX\H FRQ XQ SULQFLSLR IRUPDO VXVWDQWLYR HQ IRUPD GH LPSHUDWLYR FDWHJyULFR &IU 68//,9$1 5RJHU - $Q ,QWURGXFWLRQ WR .DQWV (WKLFV 1XHYD HLQVFKUlQNHQG@ ±GHEHUHV QHJDWLYRV >QHJDWLYH 3IOLFKWHQ@ TXH SURKtEHQ DO KRPEUH PHGLDWL]DU D OD SHUVRQD WDQWR D OD VX\D FRPR D OD GHORV GHPiV VLQR WDPELpQ GHEHUHV H[WHQVLYRV >HUZHLWHUQG@ ±HVWR HV GHEHUHV SRVLWLYRV >SRVLWLYH3IOLFKWHQ@\DVHDQGHEHUHVKDFLDXQRPLVPRRKDFLDORVGHPiV ORV SULPHURV FRPR GHEHUHV GH RPLVLyQ VXVWLQH HW DEVWLQH  ORV VHJXQGRV FRPRGHEHUHVGHFRPLVLyQ YLULEXVFRQFHVVLVXWHUH  /D FRQFHSFLyQ GH XQD ³PHWDItVLFD GH ODV FRVWXPEUHV´ HQ FXDQWR WDO LQFOX\H OD LGHD PLVPD GH XQ VLVWHPD GH GHEHUHV SXHV HOOD DOXGH SULQFLSDOPHQWH ³DO XVR GH OD OLEHUWDG GH OD YROXQWDG KXPDQD´  (VWH VLVWHPDGHGHEHUHVHOFXDOVHGHVDUUROODDSDUWLUGHOSULQFLSLRVXSUHPRGHOD PRUDO SUHVXSRQH XQ XVR SULQFLSDOPHQWH GHWHUPLQDQWH GH OD IDFXOWDG GH MX]JDU (Q HVWH VHQWLGR HO GHVDUUROOR GHO VLVWHPD GH GHEHUHV SDUWH GHO SULQFLSLR VXSUHPR GH OD GRFWULQD GH ODV FRVWXPEUHV KDFLD XQD

   &IU 0G6  6REUH HVWR PLVPR HV LPSRUWDQWH UHFRUGDU TXH ³/D H[LVWHQFLD GH XQ GREOH FULWHULR QHJDWLYR \ SRVLWLYR  UHVXOWD FUXFLDO SDUD HO SUR\HFWR GH OD pWLFD NDQWLDQD (Q OR TXH UHVSHFWDDODFRQVWLWXFLyQGHOREMHWRGHODUD]yQSXUDSUiFWLFDHVVXILFLHQWHFRQHVWDEOHFHUTXpHV ORPRUDOPHQWHSRVLEOHVLQQHFHVLGDGGHGHWHUPLQDUORVGHEHUHVSRVLWLYRVTXHVHVLJXHGHODOH\ PRUDO3RUHVRHOREMHWRHVPi[LPDPHQWHIRUPDOVLQFRQWHQLGR6yORHQOD06DSDUHFHUiQILQHV TXHVRQGHEHUHVSRUTXHHVRUHTXLHUH\DXQJUDGRGHDSOLFDFLyQGHOSULQFLSLRGHODPRUDOLGDGD ODSHFXOLDUQDWXUDOH]DGHORVVHUHVUDFLRQDOHVVHQVLEOHPHQWHDIHFWDGRV(QFDPELRHQOD.S9VH WUDWD~QLFDPHQWHGHODMXVWLILFDFLyQGHHVHSULQFLSLR\GHVXVFRQGLFLRQHVGHYDOLGH]8QDGHODV FXDOHVHVFRPR\DVHKDH[SOLFDGRTXHODYROXQWDGSXHGDSURSRUFLRQDUVHDVtPLVPD\DSULRUL XQREMHWRFRUUHVSRQGLHQWHFRQODGHWHUPLQDFLyQPRUDO´ 7255$/%$-RVp0/LEHUWDGREMHWR SUiFWLFR\DFFLyQ3   .$17,PPDQXHO³1RWHVRQWKH/HFWXUHVRI0U.DQWRQWKH0HWDSK\VLFVRI0RUDOV1RWHV WDNHQ E\ -RKDQQ )ULHGULFK 9LJLODQWLXV´ (Q .$17 ,PPDQXHO /HFWXUHV RQ HWKLFV (G 3HWHU +HDWK \ - % 6FKQHHZLQG WUDG 3HWHU +HDWK &DPEULGJH 8.  &DPEULGJH 8QLYHUVLW\ 3UHVV $..&LWDGRHQDGHODQWHFRPR0G69LJLODQWLXV(QHVWDPLVPDGLUHFFLyQ.DQW GHQRPLQDPHWDItVLFDDO³VLVWHPDGHFRQRFLPLHQWRVDSULRULSRUSXURVFRQFHSWRV>HLQ6\VWHPGHU (UNHQQWQLVDSULRULDXVEOR‰HQ%HJULIIHQ@´ 0G6 7DO\FRPRVHxDOD7KRPDV(+LOO-UOD PHWDItVLFDGHODVFRVWXPEUHV³QRHVXQDPHWDItVLFDHVSHFXODWLYDTXHLQWHQWDXVDUODUD]yQPiV DOOiGHVXVOtPLWHV´VLQRTXHpVWD³GHVFDQVDSULPRUGLDOPHQWHHQODUD]yQSUiFWLFD´³HOODKDFH XVRGHODUD]yQSDUDGHVDUUROODUXQVLVWHPDGHSULQFLSLRVSDUDH[SOLFDUQRHOPXQGRQDWXUDOFRPR HV VLQR OR TXH QRVRWURV GHEHPRV KDFHU´ +,// 7KRPDV ( -U ³.DQW¶V 7XJHQGOHKUH DV 1RUPDWLYH(WKLFV´(Q'(1,6/DUD FRPS .DQWV0HWDSK\VLFVRI0RUDOV$&ULWLFDO*XLGH 1HZGLH hEHUHLQVWLPPXQJ@FRQODVSULPHUDVHVODOHJDOLGDG>GLH/HJDOLWlW@OD FRLQFLGHQFLDFRQODVVHJXQGDVODPRUDOLGDGGHODDFFLyQ/DOLEHUWDGD OD TXH VH UHILHUHQ ODV SULPHUDV OH\HV VyOR SXHGH VHU OD OLEHUWDG HQ HO HMHUFLFLR H[WHUQR GHO DUELWULR SHUR DTXHOOD D OD TXH VH UHILHUHQ ODV  

&IU'(+$529LFHQWH'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHV GH,PPDQXHO.DQW3(VWD³MXULVSUXGHQFLDPRUDO´VLQHPEDUJRQRHVXQDOLVWDH[KDXVWLYD GH GHEHUHV DEVWUDFWRVFRPR VRVWLHQHQODVLQWHUSUHWDFLRQHVOHJDOLVWDV \ IRUPDOLVWDV GHOD PRUDO NDQWLDQDVLQRHOGHVDUUROORVLVWHPiWLFRGHORVGHEHUHVDSDUWLUGHODOH\PRUDO³SXHVGHORTXHVH WUDWD HV GH HVSHFLILFDU HO REMHWR TXH FRUUHVSRQGH DO DUELWULR OLEUH GHWHUPLQDGR SRU OD OH\´ 7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3   &IU0G6  &IU9,*2$OHMDQGUR*³eWLFD\GHUHFKRVHJ~Q.DQW´3S  &IU*5$1-$'XOFH0DUtD³/DYLQFXODFLyQHQWUHGHUHFKR\PRUDOHQODILORVRItDNDQWLDQD´ 3  0G6

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

~OWLPDVSXHGHVHUODOLEHUWDGWDQWRHQHOHMHUFLFLRH[WHUQRFRPRHQHO LQWHUQR GHO DUELWULR HQ WDQWR TXH HVWi GHWHUPLQDGR SRU OH\HV GH OD UD]yQ /RV GHEHUHV TXH VXUJHQ GH XQD OHJLVODFLyQ MXUtGLFD VyOR SXHGHQ VHU H[WHUQRV \D TXH DOXGHQ ³VyOR D OD UHODFLyQ H[WHUQD \ FLHUWDPHQWH SUiFWLFD GH XQD SHUVRQD FRQ RWUD HQ WDQWR TXH VXV DFFLRQHV FRPR KHFKRV >DOV )DFWD@ SXHGHQ LQIOXLUVH HQWUH Vt LQPHGLDWD R PHGLDWDPHQWH ´ (VWD OLEHUWDG H[WHULRU D OD TXH DOXGH HO GHUHFKR QR HV VyOR VH WUDWD OD LQGHSHQGHQFLD HQ HO REUDU UHVSHFWR GHO DUELWULR GH RWUD SHUVRQD VLQR TXH WDPELpQ ³VH WUDWD GH TXH GLFKR DUELWULR SXHGD DGTXLULU H[SUHVLyQ \ UHDOL]DFLyQHQODH[WHULRULGDGDWUDYpVGHODVGHFLVLRQHV\ODVDFFLRQHVGH GLFKRVXMHWR´6yORDTXHOODDFFLyQRPi[LPDTXHSHUPLWHDODOLEHUWDGGHO DUELWULRFDGDXQRFRH[LVWLUFRQODOLEHUWDGGHFXDOTXLHURWURVHJ~QXQDOH\ XQLYHUVDO HV FRQIRUPH D GHUHFKR 'H HVWD PDQHUD OD OH\ XQLYHUVDO GHO GHUHFKRHV³REUDH[WHUQDPHQWHGHWDOPRGRTXHHOXVROLEUHGHWXDUELWULR GHUIUHLH*HEUDXFKGHLQHU:LOONU SXHGDFRH[LVWLUFRQODOLEHUWDGGHFDGD XQR VHJ~Q XQD OH\ XQLYHUVDO´ (VWD OH\ XQLYHUVDO GHO GHUHFKR FRPR IXQGDPHQWR GH ORV GHEHUHV MXUtGLFRV HVWDEOHFH XQD UHODFLyQ HQWUH HO GHUHFKR \ OD pWLFD \D TXH GH HOOD VH GHGXFHQ XQ FRQMXQWR GH SULQFLSLRV QRUPDWLYRVGHGXFLGRVGHODUD]yQSUiFWLFD  

0G6 0G6 9,*2$OHMDQGUR*³eWLFD\GHUHFKRVHJ~Q.DQW´3  &IU0G6  0G6(QUHODFLyQDHVWHSULQFLSLRHVLPSRUWDQWHPHQFLRQDUTXH³(ORULJHQGHOGHUHFKR VRQOH\HVDSULRUL\XQLYHUVDOHVGHODOLEHUWDGHOiPELWRSURSLRGHOGHUHFKRHVHOFRQMXQWRGHODV DFFLRQHV KXPDQDV TXH SXHGHQ VHU REMHWR GH OHJLVODFLyQ H[WHUQD HO OtPLWH GHO GHUHFKR HVWi FRQVWLWXLGRSRUHOFRQMXQWRGHDFFLRQHVKXPDQDVTXHSXHGHQVHUREMHWRGHXQDOHJLVODFLyQPRUDO PDV QR H[WHUQD 'H WRGR HOOR UHVXOWD TXH L  GHVGH XQD SHUVSHFWLYD PRUDO OR ~QLFR TXH HO GHUHFKR SXHGH H[LJLU HV OD FRQIRUPLGDG GH QXHVWUDV DFFLRQHV FRQ HO GHUHFKR \ LL  TXH HO FRQFHSWR GH FRDFFLyQ SXHGD VHU REWHQLGR DQDOtWLFDPHQWH D SDUWLU GHO FRQFHSWR GH GHUHFKR´ '85È19LFHQWH³/DDFWXDOLGDGGHOSHQVDPLHQWRPRUDOGH.DQW´3   &IU%5$=$GHOLQR³¢([LVWHXQFRQFHSWRPRUDOGHOGHUHFKRHQ.DQW"´(Q&$67$f('$ )HOLSH &RPS '85È19LFHQWH &RPS +2SULQFLSLXPGLLXGLFDWLRQLV@HQODVHJXQGDODUD]yQHVXQPRWLYR VXILFLHQWHSDUDODGHWHUPLQDFLyQGHODUELWULR>SULQFLSLXPH[HFXWLRQLV@ &IU5HIOH[LRQHQ  /DUD]yQSXUDHQVXXVRSUiFWLFRFRQVHFXHQWHPHQWHUHTXLHUHWDQWRGHXQSULQFLSLR³SRUHOTXH VHHQXQFLDHOGHEHU 6ROOHQ SDUDFRQIRUPDUHOTXHUHU SULQFLSLXPGLLXGLFDWLRQLV ´FRPRGHXQ SULQFLSLR SRU HO FXDO ³OD FDXVDOLGDG GH OD YROXQWDG VH GHWHUPLQD VHJ~Q \ SRU  HVH GHEHU SULQFLSLXPH[HFXWLRQLV ´ 7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3    0G6  5HLWHUR HVWH SXQWR SDUD SURIXQGL]DU HO FDUiFWHU WHOHROyJLFR GH OD DFFLyQ \ VX LPSRUWDQFLDGHQWURGHODPRUDONDQWLDQD 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

$GLIHUHQFLDGHORVSULQFLSLRVGHOGHUHFKRTXHSURKtEHQRPDQGDQFLHUWDV DFFLRQHVSDUWLFXODUHVODpWLFDDWLHQGHDODVSHFWRLQWHUQRGHODDFFLyQ³(VWR VLJQLILFD TXH ORV GHEHUHV pWLFRV FRQFLHUQHQ HVHQFLDOPHQWH D QXHVWUDV DFWLWXGHVPHWDVHLQWHQFLRQHV´'HHVWHPRGRODVLVWHPDWL]DFLyQGHORV GHEHUHVpWLFRVFRQIRUPDXQDOHJLVODFLyQLQWHUQDHQODFXDODOFRQVLGHUDUOD GHWHUPLQDFLyQLQWHUQDGHODYROXQWDG±ORVPyYLOHV³HOFRQFHSWRGHGHEHU QRSXHGHFRQWHQHUPiVTXHODDXWRFRDFFLyQ>GHQ6HOEVW]ZDQJ@ ~QLFDPHQWH SRUODUHSUHVHQWDFLyQGHOD ´6HJ~Q.DQWDVtFRPRWRGRGHEHUHQFLHUUD HO FRQFHSWR GH XQD FRHUFLyQ SRU OD OH\ ORV GHEHUHV pWLFRV LPSOLFDQ XQD FRHUFLyQ TXH VyOR HV SRVLEOH PHGLDQWH XQD OHJLVODFLyQ SDUD OR FXDO VH QHFHVLWD OD FDSDFLGDG \ HO SURSyVLWR GHOLEHUDGR GH RSRQHU UHVLVWHQFLD ³DO DGYHUVDULR GH OD LQWHQFLyQ PRUDO HQ QRVRWURV´ ±UHWRPDQGR OD H[SUHVLyQ NDQWLDQD(VWDFDSDFLGDGPRUDOGHOKRPEUHSDUDFRDFFLRQDUVHDVtPLVPRD WUDYpVGHODOH\FRPRXQDVXHUWHGHIRUWDOH]DPRUDO IRUWLWXGRPRUDOLV HV ODYLUWXG 7XJHQG  /D YLUWXG HV OD IXHU]D GH OD Pi[LPD GHO KRPEUH >GLH 6WlUNH GHU 0D[LPHGHV0HQVFKHQ@HQHOFXPSOLPLHQWRGHVXGHEHU7RGDIXHU]D VHUHFRQRFHVyORSRUORVREVWiFXORV>GXUFK+LQGHUQLVVH@TXHHVFDSD] GH VXSHUDU SHUR HQ HO FDVR GH OD YLUWXG ORV REVWiFXORV VRQ ODV  

+,//7KRPDV(-U³.DQW¶V7XJHQGOHKUHDV1RUPDWLYH(WKLFV´3 0G69DOHODSHQDPHQFLRQDUTXHGHQWURGHODILORVRItDSUiFWLFDGH.DQW³8QKRPEUHHV WDQWRPiVOLEUHFXDQWRPiVSXHGHVHUFRDFFLRQDGRPRUDOPHQWH SRUODVLPSOHUHSUHVHQWDFLyQGHO GHEHU \PHQRVItVLFDPHQWH$VtSRUHMHPSORDTXHOTXHSRVHHXQDUHVROXFLyQVXILFLHQWHPHQWH ILUPH \ XQ DOPD IXHUWH >VWDUNHU 6HHOH@ FRPR SDUD QR UHQXQFLDU >QLFKW DXI]XJHEHQ@ D XQD GLYHUVLyQ TXH VH KD SURSXHVWR SRU PXFKRV TXH VHDQ ORV GDxRV LPDJLQDEOHV TXH SXHGD DWUDHU VREUHVtSHURTXHVLQHPEDUJRUHQXQFLDDVXSURSyVLWRVLQYDFLODUDXQTXHDGLVJXVWRFXDQGR SLHQVD TXH FRQ HOOR GHVFXLGD REOLJDFLRQHV GH VX FDUJR R GHVDWLHQGH D VX SDGUH HQIHUPR GHPXHVWUDSUHFLVDPHQWHVXOLEHUWDGHQVXPRJUDGRDOQRRSRQHUUHVLVWHQFLDDODYR]GHOGHEHU´ 0G6QRWDDSLHGHSiJLQD   &IU0G6  &IU0G63DUDXQDQiOLVLVPiVGHWDOODGRGHHVWDH[SUHVLyQ&IU*5(1%(5*-HDQLQH ³:KDW LV WKH (QHP\ RI 9LUWXH"´ (Q '(1,6 /DUD FRPS  .DQWV0HWDSK\VLFV RI 0RUDOV $ &ULWLFDO*XLGH1HZDOV*HERW@\FRQVHFXHQWHPHQWHGHMDUtDGHVHUYLUWXG>7XJHQG@ .S9  

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

LQFOLQDFLRQHV QDWXUDOHV TXH SXHGHQ HQWUDU HQ FRQIOLFWR FRQ HO SURSyVLWR PRUDO \ SXHVWR TXH HV HO KRPEUH PLVPR TXLHQ SRQH HVWRV REVWiFXORV D VXV Pi[LPDV OD YLUWXG QR HV ~QLFDPHQWH XQD DXWRFRDFFLyQ SXHVHQWDOFDVRXQDLQFOLQDFLyQQDWXUDOSRGUtDLQWHQWDU VRPHWHUDODVRWUDV VLQRWDPELpQXQDFRDFFLyQVHJ~QXQSULQFLSLRGH PL OLEHUWDG LQWHUQD SRU WDQWR PHGLDQWH OD PHUD UHSUHVHQWDFLyQ GH VX GHEHUVHJ~QODOH\IRUPDOGHOPLVPR 'DGDODQDWXUDOH]DSHFXOLDUGHOKRPEUHFX\DUHODFLyQFRQODOH\PRUDOVH HVWDEOHFH SRU PHGLR GH OD FRQVWULFFLyQ GHO GHEHU QR EDVWD TXH HO KRPEUH WHQJDFRQRFLPLHQWRGHDTXHOORTXHOHFRPSHWHSDUDTXHpVWHVHGHWHUPLQHD DFWXDUSRUHOPRWLYRGHOGHEHUVLQRTXHDGHPiVHVQHFHVDULDXQDIRUWDOH]D PRUDO D WUDYpV GH OD FXDO SXHGH UHVLVWLUVH D ORV LPSXOVRV R UHVRUWHV GH OD VHQVLELOLGDG OD FXDOVyOR HV SRVLEOH HQXQD OHJLVODFLyQ LQWHUQD $TXtOD YLUWXG HV HQWHQGLGD FRPR XQD GLVSRVLFLyQ D DFWXDU SRU HO GHEHU ³HV OD KDELOLGDGDGTXLULGDGHXQDYROXQWDGQRVDQWDGHOXFKDUH[LWRVDPHQWHFRQWUD ODVLQFOLQDFLRQHVSDUDHOFXPSOLPLHQWRGHOGHEHU´'HHVWDIRUPDDWRGD REOLJDFLyQpWLFDOHFRUUHVSRQGHHOFRQFHSWRGHYLUWXGPDVQRSRUHOORVH VLJXHTXHWRGRGHEHUpWLFRVHDXQGHEHUGHYLUWXG 7XJHQGSIOLFKW QRVRQ GHEHUHV GH YLUWXG DTXHOORV GHEHUHV TXH QR VH UHILHUHQ WDQWR D XQ GHWHUPLQDGRILQHVWRHVDOREMHWRGHODUELWULRVLQR~QLFDPHQWHDORIRUPDO GHODGHWHUPLQDFLyQPRUDOGHODYROXQWDG EOR‰GDV)|UPOLFKHGHUVLWWOLFKHQ :LOOHQVEHVWLPPXQJ SXHVVyORXQILQTXHHVDODYH]GHEHUSXHGHOODPDUVH  

0G6 &IU*5(*250DU\-/DZVRI)UHHGRP3SVV  675$7721/3KLOLS³%HLQJ9LUWXRXVDQGWKH9LUWXHV7ZR$VSHFWVRI.DQW¶V'RFWULQHRI 9LUWXH´(Q%(=7/(50RQLND HG .DQW¶V(WKLFVRI9LUWXH%HUOtQ:DOWHUGH*UX\WHU 3  :22'$OOHQ.DQWV(WKLFDO7KRXJKW3  (QHVWDDILUPDFLyQODYLUWXGHVFRQVLGHUDGDFRPR³/DFRQYLFFLyQ 'LH*HVLQQXQJ TXHOHHV REOLJDGD WHQHU SDUD FXPSOLU HVD OH\ ]X EHIROJHQ  HV OD GH FXPSOLUOD SRU GHEHU QR SRU LQFOLQDFLyQYROXQWDULDQLSRUXQHVIXHU]RWDOYH]QRPDQGDGR\FRPSUHQGLGRFRQJXVWRSRUpO PLVPR \ HO HVWDGR PRUDO VHLQ PRUDOLVFKH =XVWDQG  HQ TXH FDGD YH] SXHGH HQFRQWUDUVH´ HV GHFLU³ODFRQYLFFLyQPRUDOHQOXFKD PRUDOLVFKH*HVLQQXQJLP.DPSIH ´ .S9  

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

GHEHUGHYLUWXG 7XJHQGSIOLFKW (VWHGHEHUGHYLUWXGDGLIHUHQFLDGHORV GHEHUHV MXUtGLFRV HV YiOLGR SDUD WRGDV ODV DFFLRQHV ±FRPR XQD LQWHQFLyQ YLUWXRVD WXJHQGKDIWH *HVLQQXQJ  UD]yQ SRU OD FXDO OD pWLFD QR VH SXHGH UHGXFLUDVXDVSHFWRIRUPDO³(QOD³'RFWULQDGHODYLUWXG´SRUORWDQWR VH GHVSOLHJD HO SURJUDPD pWLFR NDQWLDQR GRQGH VH DSOLFDQ ORV ILQHV GH OD UD]yQ SXUD SUiFWLFD D OD SHFXOLDU QDWXUDOH]D GHO VHU KXPDQR´ (Q HVWH VHQWLGRODpWLFDHVXQVLVWHPDGHORVILQHVTXHODUD]yQSUiFWLFDSUHVFULEHDO KRPEUH FRPR GHEHUHV XQD GRFWULQD GH OD YLUWXG GRFWULQD RIILFLRUXP YLUWXWLV  QR SDUWH GH ORV ILQHV TXH HO KRPEUH TXLHUD SURSRQHUVH SDUD GHVFXEULU ODV Pi[LPDV TXH VRQ FRQIRUPHV DO GHEHU VLQR GHO GHEHU SDUD GLOXFLGDUDTXHOORVILQHVTXHQRVRWURVGHEHPRVSURSRQHUQRV /D YLUWXG DVLPLVPR DGPLWH XQD GREOH FRQVLGHUDFLyQ HQ FXDQWR FRQIRUPLGDG GH OD YROXQWDG FRQ WRGR GHEHU OD YLUWXG HV VyOR XQD SHUR ³DWHQGLHQGRDOILQGHODVDFFLRQHVTXHHVDODYH]GHEHUHVGHFLUDDTXHOOR OR PDWHULDO  TXH GHEHPRV SURSRQHUQRV FRPR ILQ SXHGH KDEHU PiV YLUWXGHV\ODREOLJDFLyQUHVSHFWRDODPi[LPDGHSHUVHJXLUORVHOODPDGHEHU GH YLUWXG SRU WDQWR KD\ PXFKRV GHEHUHV GH YLUWXG´ $XQTXH PXFKRV FRPHQWDGRUHVVRVWLHQHQTXHORVGHEHUHVGHYLUWXGVHGHULYDQGLUHFWDPHQWH GHOLPSHUDWLYRFDWHJyULFRGHVGHOD0HWDItVLFDGHODVFRVWXPEUHVVHSXHGH

 

 &IU 0G6  /D LQWURGXFFLyQ GH XQ ILQ SDUD OD HIHFWLYLGDG GH OD UD]yQ SUiFWLFD VHJ~Q *UHJRUQRDWHQWDHQFRQWUDGHFDUiFWHUIRUPDOGHODOH\PRUDO &IU*5(*250DU\-/DZVRI )UHHGRP3 /DUD]yQSULQFLSDOSDUDVRVWHQHUHVWRVHJ~Q'H+DURHVTXHODUD]yQSUiFWLFD HVGHVX\RWHOHROyJLFD &IU'(+$529LFHQWH'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFD GHODVFRVWXPEUHVGH,PPDQXHO.DQW3   &IU0G6  7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3  &IU0G6   &IU 0G6  %DMR HVWD FRQFHSFLyQ GH OD YLUWXG VHJ~Q 0XQ]HO VH SXHGH GHFLU TXH HO FDUiFWHUPRUDODOTXH.DQWDOXGHHQOD$QWURSRORJtDHQVHQWLGRSUDJPiWLFRHVHOFRPSURPLVR ILUPH D OD YLUWXG TXH VH UHDOL]D D WUDYpV GH OD 'HQNXQJVDUW HVWR WDO \ FRPR VRVWLHQH HOOD SUHVXSRQH XQD IXQFLyQ UHIOH[LRQDQWH GHO MXLFLR 081=(/ )HOLFLWDV .DQWV &RQFHSWLRQ RI 0RUDO&KDUDFWHU7KH³&ULWLFDO´/LQNRI0RUDOLW\$QWKURSRORJLHDQG5HIOHFWLYH-XGJPHQW3    0G6

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

GHFLUTXHHVWDRSLQLyQHVHUUyQHD\DTXHODUHODFLyQHQWUHORVGHEHUHVGH YLUWXG \ HO LPSHUDWLYR FDWHJyULFR HVWi PHGLDGDSRUOR TXH .DQW GHQRPLQD FRPR³HOSULQFLSLRVXSUHPRGHODGRFWULQDGHODYLUWXG GDVREHUVWH3ULQ]LS GHU 7XJHQGOHKUH ´ 6yOR HQ YLUWXG GH HVWH SULQFLSLR HV SRVLEOH OD VLVWHPDWL]DFLyQ GH ORV GHEHUHV GH YLUWXG HVWR HV VX LQFOXVLyQ GHQWUR GHO VLVWHPD GH ORV GHEHUHV GiQGROH XQLGDG \ FRKHVLyQ D WRGD GRFWULQD GH ODV YLUWXGHV &RPR LQWHUPHGLDULR HQWUH HOLPSHUDWLYR FDWHJyULFR \ ORV GHEHUHV GH YLUWXG HO SULQFLSLR VXSUHPR GH ODGRFWULQD GHODYLUWXG HV XQ SULQFLSLR VXERUGLQDGRDOLPSHUDWLYRFDWHJyULFRDSDUWLUGHOFXDOVHGHULYDQWRGRVORV GHEHUHVGHYLUWXG\VXHQXQFLDFLyQHV 2EUD VHJ~Q XQD Pi[LPD GH ILQHV WDOHV TXH SURSRQpUVHORV SXHGD VHU SDUDFDGDXQRXQDOH\XQLYHUVDO6HJ~QHVWHSULQFLSLRHOKRPEUHHVILQ WDQWRSDUDVtPLVPRFRPRSDUDORVGHPiV\QREDVWDFRQTXHQRHVWp DXWRUL]DGRDXVDUVHDVtPLVPRFRPRPHGLRQLDXVDUDORVGHPiV FRQ ORTXHSXHGHVHUWDPELpQLQGLIHUHQWHIUHQWHDHOORV VLQRTXHHVHQVt PLVPR XQ GHEHU GHO KRPEUH SURSRQHUVH FRPR ILQ DO KRPEUH HQ JHQHUDO $OLJXDOTXHFXDOTXLHUDGHODVIRUPXODFLRQHVGHOLPSHUDWLYRFDWHJyULFRHO SULQFLSLR VXSUHPR GH OD YLUWXG HV IRUPXODGR HQ VHJXQGD SHUVRQD SDUD H[SUHVDU SRU XQD SDUWH VX YDOLGH] XQLYHUVDO \ SRU RWUD SDUWH VX FDUiFWHU FRHUFLWLYR/RFXDOPXHVWUDVXVXERUGLQDFLyQDOSULQFLSLRVXSUHPRGHOD PRUDOLGDG VXERUGLQDFLyQ TXH FRQVHFXHQWHPHQWH SUHVXSRQH XQ XVR GHWHUPLQDQWH GH OD IDFXOWDG GH MX]JDU (VWD GHWHUPLQDFLyQ VLQ HPEDUJR  

 3DUD XQD H[SOLFDFLyQ PiV DPSOLD GH SRU TXp HVWD RSLQLyQ HV HUUyQHD &IU '( +$52 9LFHQWH'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHVGH,PPDQXHO.DQW 3SVV  &IU0G6  &IU'(+$529LFHQWH'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHV GH,PPDQXHO.DQW3S  0G6  &IU'(+$529LFHQWH'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHV GH,PPDQXHO.DQW3

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

H[LJH XQD PHGLDFLyQ UHIOH[LYD SUHYLD \D TXH HO SULQFLSLR VXSUHPR GH OD YLUWXG FRPR XQ SULQFLSLR HVSHFtILFR SDUD HO KRPEUH SUHFLVD XQ FRQRFLPLHQWR HPStULFR PtQLPR GH OD QDWXUDOH]D KXPDQD 'DGD HVWD HVSHFLILFDFLyQ VH SXHGH DILUPDU TXH HO SULQFLSLR VXSUHPR GH OD YLUWXG PDQWLHQH XQD UHODFLyQ GH VXERUGLQDFLyQ FRQ HO LPSHUDWLYR FDWHJyULFR HVSHFLDOPHQWH FRQ OD VHJXQGD IRUPXODFLyQ GHO LPSHUDWLYR FDWHJyULFR  DXQTXHQRGHPDQHUDH[FOXVLYD\DTXHFRPRVRVWLHQH:RRGORVILQHV TXHSUHVFULEHODUD]yQVHIXQGDQHQODGLJQLGDGGHODQDWXUDOH]DUDFLRQDO ³/RTXHVHDxDGHDKRUDHVHOFDUiFWHUSRVLWLYRHVGHFLUTXHQREDVWDFRQQR HPSOHDUODKXPDQLGDGVyORFRPRPHGLRVLQRTXHDGHPiVKD\TXHDFWXDU VHJ~QPi[LPDVHQODVTXHHOODVHDSURSLDPHQWHHOILQ´ (OVLVWHPDGHORVGHEHUHVTXH.DQWSURSRQHVHJ~QHVWDEUHYHLQFXUVLyQD VXV GRV SDUWHV FRQVWLWXWLYDV ±HO GHUHFKR \ OD pWLFD FRQWLHQH D  'HEHUHV MXUtGLFRV FX\D OHJLVODFLyQ DOXGH DO FDUiFWHU H[WHUQR GH OD OLEHUWDG E  'HEHUHV GH YLUWXG FX\R PDUFR QRUPDWLYR DWLHQGH D ORV ILQHV TXH VH SURSRQH XQ DJHQWH UDFLRQDO (VWRV ~OWLPRV D VX YH] DGPLWHQ XQD VXEGLYLVLyQ HQ D  GHEHUHV GHO KRPEUH KDFtD Vt PLVPR \ E  GHEHUHV GHO KRPEUH KDFLD ORV GHPiV &DGD XQR GH HOORV DVLPLVPR VH GLYLGHQ HQ D  GHEHUHV SHUIHFWRV \ E  GHEHUHV LPSHUIHFWRV (LJHQVFKDIWHQ@ HQ ODV TXH FRVDV GH XQD PLVPD HVSHFLH FRQFXHUGDQ D ODV UHVWDQWHV HQ FXDQWR HOODV SHUWHQHFHQ DO PLVPR SULQFLSLR (O SULPHU PRGR GH UD]RQDPLHQWR VH OODPD UD]RQDPLHQWR SRU LQGXFFLyQ >GHU 6FKOX‰ GXUFK ,QGXFWLRQ@HORWURUD]RQDPLHQWRSRUDQDORJtD>GHU6FKOX‰QDFKGHU$QDORJLH@´ -lVFKH/RJLN  (VWRVWLSRVGHUD]RQDPLHQWRVQRVRQVLORJtVWLFRVVLQRVyORSUHVXQFLRQHV 3UlVXPWLRQHQ R UD]RQDPLHQWRVHPStULFRVORVFXDOHV³VRQ~WLOHVHLQGLVSHQVDEOHVSDUDODDPSOLDFLyQGHQXHVWUR FRQRFLPLHQWRGHH[SHULHQFLD´ -lVFKH/RJLN   *5$1-$'XOFH0DUtD³(OMXLFLRUHIOH[LYRHQODpWLFDNDQWLDQD´3  &IU*5$1-$'XOFH0DUtD/HFFLRQHVGH.DQWSDUDKR\3  +(50$1%DUEDUD7KH3UDFWLFHRI0RUDO-XGJPHQW3

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

LPSOLFDQ³HOHVWDEOHFLPLHQWRGHILQHV\UHJODVTXHQRVHEDVDQ~QLFDPHQWH HQ OR TXH GH KHFKR VH GHVHD HQ XQ PRPHQWR GDGR VLQR TXH PiV ELHQ UHIOHMDQ OR TXH XQR HOHJLUtD VL IXHUD FDEDOPHQWH UDFLRQDO´ /D GHOLEHUDFLyQ PRUDO HQ HVWH VHQWLGR D\XGD DO DJHQWH D HOHJLU XQ SULQFLSLR SUiFWLFR TXH MXVWLILTXH \ RULHQWH VX DFFLyQ (VWR VLJQLILFD TXH D GLIHUHQFLD GH OD GHULYDFLyQ DSRGtFWLFD HO SULPHU SDVR HQ OD GHOLEHUDFLyQ PRUDOQRHVHOMXLFLRPRUDOFRPRWDOVLQRODSHUFHSFLyQGHXQDVLWXDFLyQ GH HPHUJHQFLD PRUDO HVWR HV QXHVWUD FDSWDFLyQ GH FLUFXQVWDQFLDV TXH H[LJHQ XQD UHVSXHVWD SRU SDUWH GHO DJHQWH /D GHULYDFLyQ DSRGtFWLFD HQ FXDQWRWDOVLUYHDODJHQWHSDUDLGHQWLILFDUODSHUPLVLELOLGDGGHODVPi[LPDV UD]yQ SRU OD FXDO SDUWH GH XQ SULQFLSLR XQLYHUVDO GDGR OD GHOLEHUDFLyQ PRUDO SRU HO FRQWUDULR QR VH SUHJXQWD VL PL Pi[LPD HV SHUPLVLEOH R QR VLQRTXpGHERKDFHUHQWDORFXDOVLWXDFLyQSXHVMXVWRORTXHQRWHQJRHV HVHSULQFLSLRGHDFFLyQ(QHVWHVHQWLGRODGHOLEHUDFLyQPRUDOVXUJHFXDQGR HODJHQWHFDSWDODUHOHYDQFLDGHXQDVLWXDFLyQTXHUHTXLHUHGHVXDFFLyQ /D UHOHYDQFLD GH XQD VLWXDFLyQ WDO \ FRPR VRVWLHQH 7RUUDOED DGPLWH XQD GREOHFRQVLGHUDFLyQSRUXQODGRWHQHPRVXQDUHOHYDQFLDGHFRQWHQLGRHQ ODFXDOVHGDXQDSHUFHSFLyQWHyULFDGHODVLWXDFLyQ±SRUHMHPSORSHUFLELU

 

*5$1-$'XOFH0DUtD/HFFLRQHVGH.DQWSDUDKR\3  4XH OD GHOLEHUDFLyQ PRUDO HV XQ MXLFLR UHIOH[LRQDQWH TXHGD FODUR FXDQGR OD FRQVLGHUDPRV FRPRXQSURFHVRSDUDEXVFDUXQSULQFLSLRTXHHQFXEUDODVFLUFXQVWDQFLDV\HVSHFLILTXHDTXHOOR TXHHVUHTXHULGRHQXQDGHWHUPLQDGDVLWXDFLyQ &IU5($7+$QGUHZV$JHQF\DQG$XWRQRP\ LQ.DQW¶V0RUDO7KHRU\3 (VUHIOH[LRQDQWHHVWHSURFHVRMXGLFDWLYRHQODPHGLGDHQTXHVH SDUWHGHODVFLUFXQVWDQFLDVFRQFUHWDVHQEXVFDGHXQSULQFLSLRDSURSLDGRSDUDWDORFXDOVLWXDFLyQ GHHPHUJHQFLD  &IU+(50$1%DUEDUD7KH3UDFWLFHRI0RUDO-XGJPHQW3  &IU7255$/%$-RVp0³/DWHRUtDNDQWLDQDGHODDFFLyQ'HODQRFLyQGHPi[LPDFRPR UHJODDXWRLPSXHVWDDODGHVFULSFLyQGHODDFFLyQ´3  &IU7255$/%$-RVp0³/DWHRUtDNDQWLDQDGHODDFFLyQ'HODQRFLyQGHPi[LPDFRPR UHJODDXWRLPSXHVWDDODGHVFULSFLyQGHODDFFLyQ´37DPELpQYpDVH&IU*5$1-$'XOFH 0DUtD/HFFLRQHVGH.DQWSDUDKR\3\&IU+(50$1%DUEDUD7KH3UDFWLFHRI0RUDO -XGJPHQW3-XQWRD%DUEDUD+HUPDQKHPRVLQWURGXFLGRODV³UHJODVGHUHOHYDQFLDPRUDO´ ODVFXDOHVVRQIXQGDPHQWDOHVSDUDFRQVWUXFFLyQGHXQDPi[LPD$KRUDPHGHWHQGUpDDQDOL]DUOR TXH .DQW OODPD ³SUHQRFLRQHV HVWpWLFDV GH OD UHFHSWLYLGDG GHO iQLPR SDUD ORV FRQFHSWRV GHO GHEHU´ 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

TXH DOJXLHQ VH HVWi DKRJDQGR \ SRU RWUR ODGR OD UHOHYDQFLD SDUD HO DJHQWH GRQGH HO DJHQWH VH FXHVWLRQD HO WLSR GH UHVSXHVWD TXH OD VLWXDFLyQ H[LJH $PEDV IDFHWDV RSHUDQ GH PDQHUD FRRUGLQDGD GRQGH OD SULPHUD GHSHQGHGHODVHJXQGD GDQGR SRU UHVXOWDGROD FDSWDFLyQGHXQD VLWXDFLyQ GHUHOHYDQFLDPRUDO $ SHVDU GH TXH OD PRUDO NDQWLDQD QR HQFXHQWUD VX IXQGDPHQWR HQ QDGD VHQVLEOHODDSOLFDFLyQGHODOH\PRUDOSUHFLVDGHXQD³VHQVLELOLGDGPRUDO´ TXH QRVSHUPLWD SHUFLELUXQDVLWXDFLyQGH HPHUJHQFLD (VWDVHQVLELOLGDG R SHUFHSFLyQPRUDOFRQVWLWX\HORTXH.DQWGHQRPLQD³SUHQRFLRQHVHVWpWLFDV GH OD UHFHSWLYLGDG GHO iQLPR SDUD ORV FRQFHSWRV GHO GHEHU HQ JHQHUDO bVWKHWLVFKH 9RUEHJULIIH GHU (PSIlQJOLFKNHLW GHV *HPWKV IU 3IOLFKWEHJULIIHEHUKDXSW ´4XHVHDQ³SUHQRFLRQHV´R³SUHFRQFHSWRV´ 9RUEHJULIIH  LPSOLFD TXH VRQ UHTXLVLWRV R FRQGLFLRQHV SUHYLDV SDUD OD UHFHSFLyQ VXEMHWLYD GHO GHEHU SRU HVWD UD]yQ VHJ~Q .DQW VRQ ³GLVSRVLFLRQHVPRUDOHV PRUDOLVFKH%HVFKDIIHQKHLWHQ TXHVLQRVHSRVHHQ WDPSRFR SXHGH KDEHU XQ GHEHU GH DGTXLULUODV´ 6LQ HVWDV SUHQRFLRQHV HVWpWLFDV HO KRPEUH VHUtD LQFDSD] GH UHFRQRFHU DTXHOODV VLWXDFLRQHV HQ   +DEODUGHXQDSHUFHSFLyQWHyULFDGHODVLWXDFLyQSDUDFDSWDUODUHOHYDQFLDGHVXFRQWHQLGRQR GHEHHQWHQGHUVHFRPRXQDPHUDGHVFULSFLyQGHKHFKRVEUXWRVWDO\FRPRVXFHGHUtDVLQXHVWUD UD]yQ IXHVH PHUDPHQWH HVSHFXODWLYD \ QR DGPLWLHUD XQD GLPHQVLyQ SUiFWLFD 6LJXLHQGR HO HMHPSOR SURSXHVWR SRU 7RUUDOED GHFLPRV TXH QR EDVWD SHUFLELU TXH XQ REMHWR VH KXQGH HQ HO DJXD VLQR TXH WDPELpQ HV QHFHVDULR SHUFLELU TXH HVH REMHWR HV XQD SHUVRQD \ TXH PiV TXH KXQGLUVHVHHVWiDKRJDQGR &IU7255$/%$-RVp0³/DWHRUtDNDQWLDQDGHODDFFLyQ'HOD QRFLyQGHPi[LPDFRPRUHJODDXWRLPSXHVWDDODGHVFULSFLyQGHODDFFLyQ´3   &IU7255$/%$-RVp0³/DWHRUtDNDQWLDQDGHODDFFLyQ'HODQRFLyQGHPi[LPDFRPR UHJODDXWRLPSXHVWDDODGHVFULSFLyQGHODDFFLyQ´3   0G6  (VWDV SUHQRFLRQHV HVWpWLFDV WDO \ FRPR VXJLHUH *X\HU VRQ ³FRQGLFLRQHV FDXVDOPHQWHQHFHVDULDVTXHLQWHUYLHQHQHQWUHODOH\PRUDOHQVtPLVPD\ODUHDOL]DFLyQGHXQD DFFLyQ SDUWLFXODU TXH HVWD OH\ H[LJH HQ FLUFXQVWDQFLDV SDUWLFXODUHV´ *8QDWUOLFKH *HPWKVDQODJHQ@ SUDHGLVSRVLWLR  D VHU DIHFWDGRV SRU ORV FRQFHSWRV GHO GHEHU QR SXHGH FRQVLGHUDUVH FRPR GHEHU WHQHU HVWDV GLVSRVLFLRQHVVLQRTXHWRGRKRPEUHODVWLHQH\SXHGHVHUREOLJDGRJUDFLDV D HOODV´ $Vt YHPRV HQ HOODV XQD FLHUWD DILQLGDG HQWUH HO VHQWLPLHQWR HVWpWLFR lVWKHWLVFKHP *HIKO  \ OD UD]yQ SUiFWLFD PHGLDQWH OD FXDO OD OH\ PRUDOHVHIHFWLYDSDUDLQWHUSHODU\PRWLYDUDOiQLPR /DVSUHGLVSRVLFLRQHVHVWpWLFDVGHODPRUDOLGDGDODUWLFXODU\UHLQWURGXFLUOD VHQVLELOLGDG DO iPELWR GH OD PRUDO FRQVWLWX\HQ XQ SULPHU LQGLFLR GH OD QHFHVLGDGGHOMXLFLRUHIOH[LRQDQWHHQODILORVRItDSUiFWLFDGH.DQW1RKDGH SHQVDUVHVLQHPEDUJRTXHHOODVVHRSRQHQDODSXUH]DGHODOH\PRUDO\D TXH FRPR VRVWLHQH %DUEDUD +HUPDQ HO FDUiFWHU SXUR D SULRUL GH OD OH\ PRUDO HV XQD H[LJHQFLD TXH DOXGH D VX DXWRULGDG SURSLD GH VX IXQGDPHQWDFLyQ PDV QR D VX HILFDFLD (VWDV SUHFRQGLFLRQHV R SUHGLVSRVLFLRQHV GHO iQLPR HQWHQGLGDV FRPR FRQGLFLRQHV QDWXUDOHV HVWR HVGDGDVHQODQDWXUDOH]DGHODJHQWHPRUDOVRQ³HOHPHQWRVLQGLVSHQVDEOHV \SRVLELOLWDQWHVGHOMXLFLRPRUDO6RQDVtGLVSRVLFLRQHVQDWXUDOHVHQFXDQWR DVXSRVHVLyQSHURODFRQFLHQFLDGHHOODVHV«UHIOH[LYD\VHGDFXDQGROD OH\ PRUDO ODV LQWHUSHOD FRQVWLWX\HQGR D OD YH] OD FRQWUDFDUD VXEMHWLYD DO  &IU :,(/$1' :ROIDQJ 8UWHLO XQG *HIKO .DQWV 7KHRULH GHU 8UWHLOVNUDIW *|WWLQJHQ 9DQGHQKRHFN XQG5XSUHFKW3SVV 

0G6 7DO\FRPRVRVWLHQH.DQW³/DFRQFLHQFLDGHHOODVQRHVGHRULJHQHPStULFRVLQRTXHVyOR SXHGH UHVXOWDU GH OD FRQFLHQFLD GH XQD OH\ PRUDO FRPR HIHFWR GH OD PLVPD VREUH HO iQLPR´ 0G6   &IU'(+$529LFHQWH'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHV GH ,PPDQXHO .DQW 3  (VWR LPSOLFD WDO \ FRPR VXJLHUH :RRG TXH SDUD .DQW XQ VHU KXPDQRVLQVHQWLPLHQWRV\HPRFLRQHVQRSXHGHVHUUDFLRQDO\DTXHHOSOHQRGHVDUUROORGHpVWD ~OWLPD H[LJH XQD FLHUWD LQWHUDFFLyQ FRQ ODV HPRFLRQHV FRPR VH SXHGH YHU HQ ODV SUHGLVSRVLFLRQHVHVWpWLFDVGHODPRUDO &IU:22'$OOHQ:.DQWLDQ(WKLFV3   &IU+(50$1%DUEDUD0RUDO/LWHUDF\&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV3 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

KHFKR PLVPR GH OD UD]yQ HQWHQGLGR FRPR OR KHFKR SRU OD UD]yQ ´ $KRUDELHQODVSUHGLVSRVLFLRQHVHVWpWLFDVGHODPRUDOLGDGQRVyORVRQ~WLOHV SDUDODUHFHSWLYLGDGGHORVFRQFHSWRVGHOGHEHUHVGHFLUSDUDSHUFLELUXQD VLWXDFLyQGHHPHUJHQFLDPRUDOTXHH[LJHXQDUHVSXHVWDGHODJHQWHVLQRTXH WDPELpQ VRQ LQGLVSHQVDEOHV HQ OD IRUPDFLyQ GH QXHYRV FRQFHSWRV PRUDOHV SXHVWR TXH GH HOODV GHSHQGH OD SHUFHSFLyQ GH QXHYDV SUREOHPiWLFDV GH tQGROH PRUDO $PERV UROHV GH ODV SUHGLVSRVLFLRQHV HVWpWLFDVGHODPRUDOPDQLILHVWDQXQYtQFXORFRQODIXQFLyQUHIOH[LRQDQWHGH QXHVWUD IDFXOWDG GH MX]JDU \D TXH HQ DPERV VH YD OR SDUWLFXODU D OR XQLYHUVDO IDFLOLWDQGR DVt OD GHOLEHUDFLyQ PRUDO 'H HVWD IRUPD ³HO VHQWLPLHQWR QR GHWHUPLQD OD PRUDOLGDG REMHWLYD GH ODV DFFLRQHV SHUR Vt FRQVWLWX\H OD SRVLELOLGDG VXEMHWLYD GH OD DSUHKHQVLyQ GH ORV SULQFLSLRV PRUDOHV\GHVXHIHFWLYLGDGHQODPRWLYDFLyQGHORVDFWRV´ (VWDV SUHGLVSRVLFLRQHV HVWpWLFDV GH OD PRUDOLGDG VHJ~Q .DQW VRQ HO VHQWLPLHQWR PRUDO GDV PRUDOLVFKH *HIKO  OD FRQFLHQFLD PRUDO GDV *HZLVVHQ HODPRUDOSUyMLPR GLH/LHEHGHV1lFKVWHQ \HOUHVSHWRSRUVt PLVPR GLH$FKWXQJIUVLFKVHOEVW RDXWRHVWLPD 6HOEVWVFKlW]XQJ 3RU VX SDUWH HO VHQWLPLHQWR PRUDO ³HV OD UHFHSWLYLGDG SDUD HO SODFHU R HO GHVDJUDGRTXHVXUJHVLPSOHPHQWHGHODFRQFLHQFLDGHODFRLQFLGHQFLDROD GLVFUHSDQFLD HQWUH QXHVWUD DFFLyQ \ OD OH\ GHO GHEHU´ $ GLIHUHQFLD GHO VHQWLPLHQWRSDWROyJLFR SDWKRORJLVFKHV HOFXDOSUHFHGHDODUHSUHVHQWDFLyQ GHODOH\HOVHQWLPLHQWRPRUDOVyORSXHGHVHJXLUDODUHSUHVHQWDFLyQGHOD   '(+$529LFHQWH 'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHVGH ,PPDQXHO.DQW3  &IU*8$FKWXQJ@VRQORVVHQWLPLHQWRVTXHDFRPSDxDQDODSUiFWLFDGHHVWRVGHEHUHV3XHGHQ H[DPLQDUVHSRUVHSDUDGR FDGDXQRSRUVtVROR \WDPELpQH[LVWLUGHHVWHPRGR´ 0G6   '(+$529LFHQWH 'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHVGH ,PPDQXHO .DQW 3  (O DPRU DO SUyMLPR HQ HVWH VHQWLGR HV XQD DIHFFLyQ QDWXUDO TXH FRQFXHUGD FRQ HO GHEHU FRQFUHWDPHQWH FRQ HO GHEHU GH EHQHYROHQFLD \ SRU WDQWR IDFLOLWD VX HIHFWLYLGDGLQFOXVRDSHVDUGHTXHQRHVFDSD]GHSURGXFLUXQDPi[LPDGHODDFFLyQPRUDO &IU 3$721+-7KH&DWHJRULFDO,PSHUDWLYH$6WXG\LQ.DQWV0RUDO3KLORVRSK\3   0G6  &IU'(+$529LFHQWH'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHV GH,PPDQXHO.DQW3 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

FX\RFDUiFWHUHVPHUDPHQWHVXEMHWLYR\SRUWDQWRQRVHSXHGHWHQHUFRPR GHEHU ³$Vt SXHV FXDQGR VH GLFH TXH HO KRPEUH WLHQH HO GHEHU GH OD DXWRHVWLPDVHGLFHLQFRUUHFWDPHQWH\ PiVELHQWHQGUtDTXHGHFLUVHTXHOD OH\SUHVHQWHHQpOOHDUUDQFDLQHYLWDEOHPHQWHHOUHVSHWRSRUVXSURSLRVHU\ HVWH VHQWLPLHQWR TXH HV SHFXOLDU  HV XQ IXQGDPHQWR GH GHWHUPLQDGRV GHEHUHV HV GHFLU GH GHWHUPLQDGDV DFFLRQHV TXH SXHGHQ FRQFRUGDU FRQ HO GHEHUSDUDFRQVLJRPLVPR´ /DVSUHGLVSRVLFLRQHVHVWpWLFDVGHODPRUDOLGDGGDGRTXHVRQIXQGDPHQWDOHV SDUDODUHFHSWLYLGDGVXEMHWLYDGHORVFRQFHSWRVGHOGHEHU\SRUWDQWRSDUD OD SHUFHSFLyQ GH ODV VLWXDFLRQHV GH HPHUJHQFLD PRUDO HV XQ GHEHU FXOWLYDUODV4XHHOODVVHDQFXOWLYDEOHVVHJ~Q'H+DUR³HVODFRQGLFLyQGH SRVLELOLGDGSDUDTXHVHSXHGDKDEODUHQODpWLFDNDQWLDQDGHXQDIRUPDFLyQ GHOFDUiFWHUHVGHFLUGHXQSURFHVRLQWHOHFWXDO\YROXQWDULDPHQWHGLULJLGR D PROGHDU ODV GLVSRVLFLRQHV WHPSHUDPHQWDOHV \ DIHFWLYDV GHVGH OD OLEHUWDG´/DVSUHQRFLRQHVHVWpWLFDVGHODPRUDOHQHVWHVHQWLGRIDFLOLWDQ OD DGTXLVLFLyQ GH SULQFLSLRV ILUPHV SDUD OD DFFLyQ PRVWUDQGR HO DVSHFWR IRUPDWLYR GH OD pWLFD NDQWLDQD (VWR LPSOLFD HQWUH RWUDV FRVDV TXH OD HIHFWLYLGDGGHOLPSHUDWLYRFDWHJyULFRVREUHODYLGD\HOGHVDUUROORPRUDOGHO LQGLYLGXR VyOR HV SRVLEOH PHGLDQWH XQ SURFHVR IRUPDWLYR HO FXDO HV UHIOH[LYR 6HJ~QORHVSHFLILFDGRHQHVWHDSDUWDGRODDSOLFDFLyQGHORVGHEHUHVDOFDVR HVSHFtILFR GHO KRPEUH QR VH UHGXFH D OD IXQFLyQ PHUDPHQWH GHWHUPLQDQWH GH QXHVWUD IDFXOWDG GH MX]JDU VLQR TXH D VX YH] H[LJH XQD PHGLDFLyQ UHIOH[LYD TXH QRV D\XGH HQ OD GHOLEHUDFLyQ GH ORV FDVRV SDUWLFXODUHV \ OD  

0G6 0G6  '(+$529LFHQWH 'HEHUYLUWXG\UD]yQSUiFWLFDHQOD0HWDItVLFDGHODVFRVWXPEUHVGH ,PPDQXHO.DQW3   &IU 081=(/ )HOLFLWDV .DQWV &RQFHSWLRQ RI 0RUDO &KDUDFWHU 7KH ³&ULWLFDO´ /LQN RI 0RUDOLW\$QWKURSRORJLHDQG5HIOHFWLYH-XGJPHQW&KLFDJR7KH8QLYHUVLW\RI&KLFDJR3UHVV 3SVV 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

IRUPDFLyQ GH XQ FDUiFWHU PRUDOPHQWH EXHQR /D PHGLDFLyQ UHIOH[LYD TXH DKRUD VXUJH GHQWUR GH OD PRUDO NDQWLDQD DGHPiV GH ODV IXQFLRQHV HVSHFLILFDGDV D OR ODUJR GH HVWH DSDUWDGR ±FRPR XQ EUHYH HVTXHPD GH ODV SULQFLSDOHVWDUHDVGHODUHIOH[LyQGHQWURGHODSURSXHVWDPRUDOGHOILOyVRIR GH .|QLJVEHUJ HV XQ HOHPHQWR FODYH SDUD OD UHVROXFLyQ GH DSDUHQWHV FRQIOLFWRV PRUDOHV HV GHFLU OD UHVROXFLyQ GH DTXHOORV FRQIOLFWRV TXH VXUJHQ FXDQGR HO DJHQWH R ELHQ FUHH HQFRQWUDUVH HQ FLUFXQVWDQFLDV H[FHSFLRQDOHV R ELHQ SHUFLEH XQD VLWXDFLyQ HQ OD FXDO VH JHVWD XQD FLHUWD SXJQD H LQFRPSDWLELOLGDG HQWUH SRVLEOHV GHEHUHV (O SULPHU FDVR FRUUHVSRQGHDDTXHOODVVLWXDFLRQHVGRQGHXQRSXGHSHQVDUTXHVHHQFXHQWUD HQXQDVLWXDFLyQ~QLFDTXHLQFOXVRVyORSRUHVDYH]KDUtDSHUPLVLEOHXQD H[FHSFLyQ D XQD UHJOD KDFLpQGRQRV FUHHU TXH WDO R FXDO DFFLyQ HVWiQ MXVWLILFDGDV (Q HVWHFDVR HV OD VHQWHQFLDGHOD FRQFLHQFLD PRUDOODTXH QRV D\XGD D SHUFLELU \ D HVWDEOHFHU OD LPSHUPLVLELOLGDG GH PL Pi[LPD RULHQWDQGRGHPDQHUDUHIOH[LYDDPLMXLFLR/DpWLFDNDQWLDQDVLQHPEDUJR QR HQWLHQGH ODV H[FHSFLRQHV FRPR ³DOJR TXH HVWi SHUPLWLGR KDFHU HQ XQ FDVRFRQFUHWRDSHVDUGHTXHOD³QRUPDJHQHUDO´ORSURKtEH´VLQRFRPR³OD QHFHVDULD³OLPLWDFLyQ´GHYDULDVUHJODVSUHFHSWLYDVTXHHQWUDQHQFROLVLyQ´ UD]yQ SRU OD FXDO ³&XDQGR VH SURGXFH HVH FRQIOLFWR QR VH WUDWD GH FUHDU H[FHSFLRQHVDODUHJODVLQRGHUHLQWHUSUHWDUODVUHJODVHQHOFRQWH[WRHQHO TXHFRLQFLGHQGLYHUVDVSUHVFULSFLRQHVRSURKLELFLRQHV´ 5HVSHFWR DO FRQIOLFWR GH GHEHUHV &RORVLR RIILFLRUXP V REOLJDWLRQXP  OD FRPSOLFDFLyQVHRULJLQDFXDQGRHODJHQWHVHHQFXHQWUDHQXQDVLWXDFLyQWDO  

&IU7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3 &IU+(50$1%DUEDUD7KH3UDFWLFHRI0RUDO-XGJPHQW3 &IU*06  7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3S3DUHFLHUDDVtTXHODV FXHVWLRQHVFDVXtVWLFDVGHOD 0HWDItVLFDGHODVFRVWXPEUHVVXJLHUHQFDVRVGRQGHVLQUHFXUULUD ODV H[FHSFLRQHV ±SXHV HOODV VRQ LQFRPSDWLEOHV FRQ HO FRQFHSWR GH GHEHU SXGLHUD QR HVWDUVH LQIULQJLHQGR XQD OH\ &IU 7255$/%$ -RVp 0 /LEHUWDG REMHWR SUiFWLFR \ DFFLyQ 3   $Vt SRU HMHPSOR HV SRVLEOH GLVWLQJXLU ORV VXFHVRV SRU ORV TXH XQD SHUVRQD VH TXLWD OD YLGD VHJ~QXQDPi[LPDGHO³VXLFLGLR´\VXFHVRVHQORVTXHQRFRPRDUULHVJDUODYLGDSRUODSDWULD HOVDFULILFLRSRUODVDOYDFLyQGHOJpQHURKXPDQRHWF 0G6VV   

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

TXHGRVSRVLEOHVGHEHUHVFROLVLRQDQHQWUHVtKDFLpQGRQRVFUHHUTXHXQRGH HOORV DQXODUtD DO RWUR WRWDO R SDUFLDOPHQWH  ³3HUR GDGR TXH GHEHU \ REOLJDFLyQ HQ JHQHUDO VRQ FRQFHSWRV TXH H[SUHVDQ OD QHFHVLGDG REMHWLYD SUiFWLFDGHGHWHUPLQDGDVDFFLRQHV\SXHVWRTXHGRVUHJODVRSXHVWDVHQWUHVt QR SXHGHQ VHU D OD YH] QHFHVDULDV VLQR TXH FXDQGR HV GHEHU REUDU DWHQGLHQGR D XQD REUDU VLJXLHQGR D OD RWUD QR VyOR HV GHEHU DOJXQR VLQR LQFOXVR FRQWUDULD DO GHEHU >SIOLFKWZLGULJ@ HV WRWDOPHQWH LPSHQVDEOH XQD FROLVLyQ GH GHEHUHV \ REOLJDFLRQHV REOLJDWLRQHV QRQ FROOLGXQWXU ´ 1R REVWDQWHXQDJHQWHSXHGHHQFRQWUDUVHFRQXQDVLWXDFLyQGRQGHH[LVWDQGRV UD]RQHV GH OD REOLJDFLyQ UDWLRQHV REOLJDQGL  RSXHVWDV HQWUH Vt DQWH ODV FXDOHVHODJHQWHWLHQHTXHGHOLEHUDUSDUDVDEHUFXiOGHHOODVHVLQVXILFLHQWH SDUD REOLJDU UDWLRQHV REOLJDQGL QRQ REOLJDQWHV  ³6L GRV UD]RQHV VHPHMDQWHVVHRSRQHQHQWUHVtODILORVRItDSUiFWLFDQRGLFHHQWRQFHVTXHOD REOLJDFLyQPiVIXHUWHFRQVHUYDODVXSUHPDFtD IRUWLRUREOLJDWLRYLQFLW VLQR TXHODUD]yQPiVIXHUWHSDUDREOLJDUFRQVHUYDHOSXHVWR IRUWLRUREOLJDQGL UDWLRYLQFLW ´ 'HODWtSLFDGHODIDFXOWDGGHMX]JDUSUiFWLFDSXUD $SHVDUGHTXH.DQWQRGHVDUUROODGHPDQHUDH[SOtFLWDORVIXQGDPHQWRVGH XQD WHRUtD GHO MXLFLR PRUDO HQ HO VHJXQGR FDStWXOR GH OD $QDOtWLFD GH OD UD]yQ SXUD SUiFWLFD GH OD VHJXQGD &UtWLFD QXHVWUR VH GHWLHQH D KDEODU GH XQDDSOLFDFLyQGHODIDFXOWDGGHMX]JDUSUiFWLFDPX\HVSHFtILFDDVDEHUGH OD 7tSLFD GH OD IDFXOWDG GH MX]JDU SXUD SUiFWLFD 7\SLN GHU UHLQHQ SUDNWLVFKHQ 8UWHLOVNUDIW  6LQ QHJDU OD LPSRUWDQFLD GH HVWH SDVDMH PXFKRV GH ORV LQWpUSUHWHV GH OD PRUDO NDQWLDQD KDQ SUHWHQGLGR UHGXFLU VX WHRUtD GHO MXLFLR PRUDO D OR HVSHFLILFDGR HQ HVWH DSDUWDGR VRVWHQLHQGR GH  

&IU0G6 0G6  0G6  &IU.S9VV 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

PDQHUD FRQVHFXHQWH TXH HO MXLFLR PRUDO VH UHGXFH D XQD IXQFLyQ GHWHUPLQDQWHGHODIDFXOWDGGHMX]JDU(VWDVLQWHUSUHWDFLRQHVVLQHPEDUJR KDQSDVDGRSRUDOWRTXHODWtSLFDGHODIDFXOWDGGHMX]JDUSUiFWLFDSXUD³QR HV PiV TXH XQ PDUFR DX[LOLDU TXH D\XGD DO MXLFLR HQ OD HMHFXFLyQ GH VXV WDUHDV´ ROYLGDQGR DVt TXH ³3DUD OD VROXFLyQ GH ODV WDUHDV FRQFUHWDV GH VXEVXQFLyQQRHVVXILFLHQWHODWtSLFDGHODOH\SUiFWLFD´$GLIHUHQFLDGH OR TXH PXFKDV GH HVWDV LQWHUSUHWDFLRQHV VRVWLHQHQ HO HQMXLFLDPLHQWR %HXUWHLOXQJ GHOTXHVHKDEODHQHVWHSDVDMHQRHVXQHQMXLFLDPLHQWRVREUH ODVPi[LPDVFRQFUHWDVSRUODVTXHVHGHWHUPLQDHODUELWULRDODDFFLyQHVWR HVODVPi[LPDVGHSULPHURUGHQVHJ~QODFODVLILFDFLyQGH6FKZDUW]VLQR GHXQXVRGHODIDFXOWDGGHMX]JDUSXUR\DSULRULFX\DIXQFLyQHV³ODGH HVWDEOHFHUODVFRQGLFLRQHVGHSRVLELOLGDGGHWRGRTXHUHUEDMRODOHJDOLGDGGH ODOLEHUWDG´(VWRQRVD\XGDDHQWHQGHUODVLJXLHQWHFLWDFLWRLQH[WHQVR $KRUD ELHQ SDUD GHFLGLU VL XQD DFFLyQ SRVLEOH SDUD QRVRWURV HQ HO iPELWRGHORVHQVLEOHHVRQRHOFDVRTXHFDHEDMRODUHJODVHUHTXLHUH XQDIDFXOWDGGHMX]JDUSUiFWLFDPHGLDQWHODFXDOORTXHIXHGLFKRGH PRGRXQLYHUVDO LQDEVWUDFWR HQODUHJODVHDSOLTXHLQFRQFUHWRDXQD DFFLyQ 3HUR FRPR XQD UHJOD SUiFWLFD GH OD UD]yQ SXUD VH UHILHUH HQ SULPHUOXJDUFRPRSUiFWLFDDODH[LVWHQFLDGHXQREMHWR>GLH([LVWHQ] HLQHV 2EMHFWV@ \ HQ VHJXQGR OXJDU FRPR UHJOD SUiFWLFD GH OD UD]yQ SXUDLPSOLFDQHFHVLGDGUHVSHFWRGHODH[LVWHQFLDGHODDFFLyQ\HVSRU OR WDQWR XQD OH\ SUiFWLFD HV GHFLU QR XQD OH\ GH OD QDWXUDOH]D SRU PHGLR GH IXQGDPHQWRV GHWHUPLQDQWHV HPStULFRV VLQR XQD OH\ GH OD OLEHUWDG VHJ~Q OD FXDO OD YROXQWDG GHEH VHU GHWHUPLQDEOH LQGHSHQGLHQWHPHQWH GH WRGR HOHPHQWR HPStULFR VyOR PHGLDQWH OD UHSUHVHQWDFLyQGHXQDOH\HQJHQHUDO\GHVXIRUPD \FRPRWRGRVORV  

 921 :2/))0(77(51,&+ %ULJLWWD6RSKLH ³6REUH HO SDSHO GHO MXLFLR SUiFWLFR HQ OD ILORVRItDPRUDOGH.DQW´3  &IU7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

FDVRV SRVLEOHV GH HYHQWXDOHV DFFLRQHV SXHGHQ VHU VRODPHQWH HPStULFRV HV GHFLU SHUWHQHFHU D OD H[SHULHQFLD \ D OD QDWXUDOH]D HQWRQFHVSDUHFHDEVXUGRTXHUHUHQFRQWUDUHQHOPXQGRGHORVVHQWLGRV XQFDVRTXHFRPRWDOVLHPSUHHVWDUiVXMHWRDODOH\QDWXUDOSHURTXH DGPLWD TXH VH OH DSOLTXH XQD OH\ GH OD OLEHUWDG \ DO FXDO SXHGD DSOLFiUVHOHODLGHDVXSUDVHQVLEOHGHELHQPRUDOTXHHQpOVHSUHWHQGH H[KLELULQFRQFUHWR /D WtSLFD FRPR XQ HQMXLFLDPLHQWR GH OD IDFXOWDG GH MX]JDU SUiFWLFD SXUD SUHWHQGH UHVROYHU HO SUREOHPD GH OD ³FRQWLQXLGDG HQWUH OD GHWHUPLQDFLyQ PRUDO GH OD YROXQWDG \ ODV DFFLRQHV TXH VH VLJXHQ GH HOOD HVWR HV OD HIHFWLYLGDGGHODUD]yQSXUD´(VGHFLU.DQWLQWHQWDSRQHUGHPDQLILHVWR OD PDQHUD HQ TXH OD QDWXUDOH]D SXHGH SURYHHU HO WLSR 7\SXV  GH OD PRUDOLGDGTXHSRVLELOLWHODPHGLDFLyQHQWUHORVSULQFLSLRVSXURVDSULRUL\ DTXHOORV HOHPHQWRV GH RULJHQ HPStULFR D WUDYpV GH ODV IXQFLRQHV GH OD IDFXOWDG GH MX]JDU HQ VX XVR SUiFWLFR $ GLIHUHQFLD GH OD IDFXOWDG GH MX]JDU GH OD UD]yQ SXUD WHyULFD OD IDFXOWDG GH MX]JDU SXUD SUiFWLFD VH HQIUHQWDD³GLILFXOWDGHVHVSHFLDOHVTXHFRQVLVWHQHQTXHVHSUHWHQGHDSOLFDU XQD OH\ GH OD OLEHUWDG D DFFLRQHV HQ FXDQWR HYHQWRV TXH DFDHFHQ HQ HO PXQGR GH ORV VHQWLGRV \ TXH SRU WDQWR FRPR WDOHV SHUWHQHFHQ D OD QDWXUDOH]D´ \D TXH OR PRUDOPHQWH EXHQR HV DOJR VXSUDVHQVLEOH hEHUVLQQOLFKHV  SDUD OR FXDO ³QR VH SXHGH HQFRQWUDU QLQJXQD FRVD FRUUHVSRQGLHQWHHQDOJXQDLQWXLFLyQVHQVLEOH´ (QODVXEVXQFLyQGHXQDDFFLyQSRVLEOHSDUDHODJHQWHUDFLRQDOEDMRXQDOH\ SXUDSUiFWLFDVHJ~Q.DQW³QRVHWUDWDGHODSRVLELOLGDGGHODDFFLyQFRPR GH XQ VXFHVR HQ HO PXQGR GH ORV VHQWLGRV´ QL GHO HVTXHPD GH XQ FDVR  

.S9 7255$/%$-RVp0/LEHUWDGREMHWRSUiFWLFR\DFFLyQ3  &IU9,*2$OHMDQGUR*³/DFRQFHSFLyQNDQWLDQDGHOGHUHFKRQDWXUDO´3  .S9  .S9 

 

5HIOH[LyQ\GHWHUPLQDFLyQHQHOLPSHUDWLYRFDWHJyULFR« 

VHJ~Q OH\HV ³VLQR GHO HVTXHPD >GDV 6FKHPD@ VL HV DGHFXDGD DTXt HVWD SDODEUD GHXQDOH\PLVPDSRUTXHODGHWHUPLQDFLyQGHODYROXQWDG QROD DFFLyQHQUHIHUHQFLDDVXHVWDGR VyORPHGLDQWHODOH\VLQRWURIXQGDPHQWR GHWHUPLQDQWHOLJDHOFRQFHSWRGHODFDXVDOLGDGFRQFRQGLFLRQHVWRWDOPHQWH GLVWLQWDVGHODVTXHFRQVWLWX\HQODFRQH[LyQHQODQDWXUDOH]D´$SHVDUGH TXHODPRUDONDQWLDQDQRSXHGHEDVDUVHLQVHQVXVWULFWRHQXQHVTXHPD FRPR VXFHGH HQ HO FDVR GHO MXLFLR WHyULFRHVSHFXODWLYR HOOD DGPLWH XQ WLSR GH OH\ PRUDO TXH VLUYH GH ³UHJOD GHO HQMXLFLDPLHQWR´ VXPLQLVWUDGD SRUHOHQWHQGLPLHQWRSDUDRULHQWDUQRVDOKDFHUMXLFLRVSUiFWLFRVTXHHYDO~HQ Pi[LPDV SDUWLFXODUHV 'H HVWD IRUPD OD UHJOD GH OD IDFXOWDG GH MX]JDU EDMRODVOH\HVGHODUD]yQSXUDSUiFWLFDHV³SUHJ~QWDWHDWLPLVPRVLOD DFFLyQ TXHWLHQHV HQPHQWHRFXUULHUDVHJ~Q XQDOH\GHODQDWXUDOH]D GH OD TXHW~PLVPRIXHUDVXQDSDUWH¢SRGUtDVFRQVLGHUDUODFRPRSRVLEOHSRUWX YROXQWDG"´  

.S9 &IU.U9$%VV   &IU .S9  6HJ~Q %HUQDUG )UH\GEHUJWDQWR HO HVTXHPDWLVPR FRPR OD WtSLFD LQYROXFUDQ XQDVtQWHVLVGHODLPDJLQDFLyQTXHJHQHUDXQHVSDFLRHQHOTXH VHYLQFXODORSDUWLFXODUFRQOR XQLYHUVDO GHQWUR GHO DOFDQFH GH VX GRPLQLR &IU )5(
Lihat lebih banyak...

Comentarios

Copyright © 2017 DATOSPDF Inc.