'HODpWLFDGHODVRVSHFKDDODVRVSHFKDGHODpWLFD_(GLFLyQLPSUHVD_(/3$6

KWWSHOSDLVFRPGLDULRRSLQLRQBKWPO

-26e1*(/9$/(17( )(%

75,%81$

'HODpWLFDGHODVRVSHFKDDODVRVSHFKDGHODpWLFD

$UFKLYDGRHQ 2SLQLyQ )LORVRItD &XOWXUD

+D\VLWXDFLRQHVRFRQWH[WRVHQORVTXHWDOYH]VHDHOVLOHQFLRIRUPDGHH[SUHVLyQSULYLOHJLDGD1RORHVFLHUWDPHQWHHQWRGRVORVFDVRV3RUHVRPHSDUHFLyUHFRQIRUWDQWHODEHOOD\SOHQDULDUHVSXHVWDGH(PLOLR/OHGyDODUWtFXORGH*LDQQL9DWWLPR'HODLGHRORJtDDODpWLFDSXEOLFDGRHQHVWDVPLVPDVSiJLQDV(/3$6\GHHQHURGH5HVXOWDFXDQGRPHQRVLQTXLHWDQWHYHUFyPRGHVGHHOYDJRWHUULWRULRGHXQDSRVKLVWRULDRGHODGLVROXFLyQGHODKLVWRULDHQODVKLVWRULDVHQHOSODQRGHODFRQWHPSRUDQHLGDG\GHODVLPXOWDQHLGDGTXHJHQHUDHQHIHFWRODGHVKLVWRUL]DFLyQGHODH[SHULHQFLDFDUDFWHUtVWLFDGHODVRFLHGDGPHGLiWLFDHOSHQVDPLHQWRGHVREUHORSRVPRGHUQRVHFRQILJXUDGHPRGRFDVLKLULHQWHHQRFDVLRQHVFRPRXQSHQVDPLHQWRQRLQDXJXUDQWHVLQRIXQGDPHQWDOPHQWHOHJLWLPDQWH

(QODHVIHUDGHOXPLQRVLGDGDWHQXDGDGHODOLFKWXQJGHOFDOYHURRFODURGHOERVTXHVHJ~QODUHLWHUDGDROXHJRPLPHWL]DGDPHWiIRUDKHLGHJJHULDQDGHORYHUGDGHURFRPRDFRQWHFHUFRPRDSHUWXUDWDQFDUDDOSHQVDPLHQWRSRVPRGHUQRpVWHSDUDGyMLFDPHQWHSDUHFHSUHVHQWiUVHQRVPXFKDVYHFHVQRFRPRXQDDSHUWXUDVLQRFRPRXQDRFOXVLyQ7RGRSHQVDPLHQWRIXQGDPHQWDOPHQWHOHJLWLPDQWHHVHQHIHFWRXQSHQVDPLHQWRIXQGDPHQWDOPHQWHRFOXVLYR

7LHQHHOSHQVDPLHQWRXQDSHOLJURVDPDOHDELOLGDGTXHVHPDQLILHVWDVREUHWRGRHQORVSXQWRVGHVXLQVHUFLyQIRU]RVDRQRHOXGLEOHHQODVIRUPDVLQPHGLDWDVGHODFRQWHFHURGHORVDFRQWHFHUHVSHUVRQDOHVRFROHFWLYRVTXHHOSHQVDPLHQWRHQULJRUQRGHWHUPLQDSHURDORVTXHDYHFHVLQVyOLWDPHQWHVLUYH/DKLVWRULDQR\DFRPRQDUUDFLyQXQLWDULDRFRPRKLVWRULRJUDItDVLULRFRPRVLPSOHREUXWDPDWHULDGHODPHPRULDSXHGHGHQXQFLDUHQHOVHQWLGRIXHUWHGHOWpUPLQRSRUXQDEUXVFDHLQHVSHUDGDUHDSDULFLyQLUUXSWLYDHVDPDOHDELOLGDGRYHOHLGDGGHOSHQVDPLHQWR

,UUXSFLyQFLHUWDPHQWHLQWHPSHVWLYDFXDQGRODFRQVLGHUDFLyQSRVPRGHUQDGHODQRFLyQGHKLVWRULFLGDGHVWiWDQHVWUHFKDPHQWHYLQFXODGDFRPRSDUWLFXODUPHQWHVXFHGHHQHOFDVRGH9DWWLPRDXQDOHFWXUDGH+HLGHJJHUODTXHLPSRQHODUHDSDULFLyQELRJUiILFDGHpVWHHQODVPHPRULDVGH.DUO/|ZLWKHQHOOODPDGR+DUYDUGSDSHUHVFULWRHQSRUHOJUDQKLVWRULDGRUGHOSHQVDPLHQWRILORVyILFRPRGHUQRSXEOLFDGDVDKRUDHQOD5HS~EOLFD)HGHUDOGH$OHPDQLD

&RUUtDHODxRGHREYLDPHPRULDFXDQGRVHSURGXFHHQ5RPDHO~OWLPRHQFXHQWURGH/|ZLWK\DH[LOLDGRFRQTXLHQKDEtDVLGRVXPDHVWUR'XUDQWHWRGDVXHVWDQFLDURPDQD+HLGHJJHUOOHYyODFUX]JDPDGDSHUWLQD]PHQWHSUHQGLGDHQVXVRODSD$VtFRQWDORUQDPHQWRKDEOyGH+|OGHUOLQHQHOLQVWLWXWRtWDORJHUPDQR6XVRSFLRQHVSROtWLFDVDFDEDEDQGHVHUGXUDPHQWHDWDFDGDVSRU.DUO%DUWKHQHO1HXH=UFKHU=HLWXQJ/|ZLWKFRQVLGHUDEDRFLRVRHVHGHEDWHSRUTXHHQWHQGtD\DVtORPDQLIHVWyDVXPDHVWURTXHODRSFLyQGHpVWHHQIDYRUGHOQDFLRQDOVRFLDOLVPRHUDLQPDQHQWHDODHVHQFLDGHVXILORVRItD+HLGHJJHUSURVLJXH/|ZLWKFRQFRUGySOHQDPHQWHFRQPLJR\SUHFLVyTXHVXQRFLyQGHKLVWRULFLGDGHUDHOIXQGDPHQWRGHVXFRPSURPLVRSROtWLFR

/LFKWXQJ"$SHUWXUDGHKLVWRUtDRGHGHVWLQR",QPDQHQFLDRWDQVyORPDOHDELOLGDGGHODRSFLyQIXQGDGDHQXQDSHOLJURVDPDOHDELOLGDGGHOSHQVDUPLVPR"5HVXOWDHVFDORIULDQWHTXHHQHOPRPHQWRGHQRUHQXQFLDEOHFRQYHUJHQFLDFRQORVDFDHFHUHVLQPHGLDWRVHOSHQVDPLHQWR

0$57(6GHIHEUHURGH

ARCHIVO(',&,1,035(6$

'HODpWLFDGHODVRVSHFKDDODVRVSHFKDGHODpWLFD_(GLFLyQLPSUHVD_(/3$6

KWWSHOSDLVFRPGLDULRRSLQLRQBKWPO

GH+HLGHJJHUSHUPLWLHVHDpVWHOHJLWLPDUGHVGHVXSURSLODQRFLyQGHKLVWRULFLGDGXQRGHORVGLVSRVLWLYRVGHSRGHUGHPiVRGLRVDFDSDFLGDGH[WHUPLQDQWHTXHODKLVWRULDKD\DFRQRFLGR

1LODVFLUFXQVWDQFLDVQLODVPRGDOLGDGHVGHRSHUDFLyQGHORVVLVWHPDVGHSRGHUVRQKR\H[DFWDPHQWHODVPLVPDV6LQHPEDUJRSDUHFHUtDDQiORJDODSURFOLYLGDGOHJLWLPDQWHPDQLILHVWDRVXEUHSWLFLDGHFLHUWDVIRUPDVGHOSHQVDU7DOHVODUHIOH[LyQLQPHGLDWDTXHODSURSXHVWDpWLFDGH9DWWLPRVXVFLWD

$UUXPEDGRVORVIXQGDPHQWRVGHODNXOWXUNULWLFNTXHHQGHWLQLWLYDHVWDUtDVXVWHQWDGDHQXQDpWLFDGHODVRVSHFKD\PX\HQSDUWLFXODUGHODSUHFLVDVRVSHFKDGHTXHWRGRVLVWHPDGHUHSUHVHQWDFLRQHVFRQSUHWHQVLyQWRWDOL]DQWH\XQLYHUVDOHQWUDxDXQSURFHVRGHFULVWDOL]DFLyQLGHROyJLFDHVGHFLUGHRFXOWDFLyQ\HQPDVFDUDPLHQWRGHORUHDOHOSURIHVRUGH7XUtQHQQRPEUHSURSLR\GHYDULDVFRUULHQWHVFRQWHPSRUiQHDVSHUILODXQDQXHYDSURSXHVWDpWLFDTXHDGHFLUYHUGDGLQGXFHHQQRVRWURVGHLQPHGLDWRXQDIXHUWHVRVSHFKDGHODpWLFD

(QHIHFWRVHJ~QHVDSURSXHVWDKDEUtDPRVGHDFHSWDUVLQVRVSHFKDORVVLVWHPDVGHYDORUHV\ORVSURJUDPDVSROtWLFRVFRPRUHSUHVHQWDFLRQHVHQHOVHQWLGRWHDWUDOGHOWpUPLQRHQODVTXHXQLQGLYLGXRXQJUXSRRXQDFODVHSRQHHQHVFHQDVXVSURSLRVLQWHUHVHVWUDQVILULpQGRORVDXQSODQRGHSUHVHQWDELOLGDGGHVSRMiQGRORVGHWRGRORTXHWLHQHQGHGHPDVLDGRIHRLQPHGLDWR\EiUEDUR1RSDUHFHWUDWDUVHWDQWRGHHOLPLQDUODIHDOGDGODLQPHGLDWH]RODEDUEDULHFRPRGHFRQVHJXLUVLPSOHPHQWHTXHHVRVHOHPHQWRVQRFRPSDUH]FDQHQODUHSUHVHQWDFLyQ\ODHVWRUEHQ/DIyUPXODFODYHHQHOSiUUDIRFLWDGRHVODUHODWLYDDODWUDQVIHUHQFLDGHLQWHUHVHVDXQSODQRGHSUHVHQWDELOLGDG

3DUHFHUtDRFLRVRUHFRUGDUDHVHSURSyVLWRTXHODSUHVHQWDELOLGDGHVHOFULWHULRSUiFWLFRTXHJREHUQyODUHODFLyQEXUJXHVDFRQODVQRUPDVGHODPRUDOWUDGLFLRQDO(QHVHVLVWHPDGHUHODFLyQQRLPSRUWDEDWDQWRGHVGHHOSXQWRGHYLVWDpWLFRORTXHDOJRRDOJXLHQIXHVHFRPRTXHIXHVHSUHVHQWDEOHSXHVVDELGRHVTXHHOVLVWHPDHVWDEDFDUDFWHUL]DGRSRUHOSUHGRPLQLRGHOSDUHFHUVREUHHOVHU7DPELpQSDUHFHUtDRFLRVRVHxDODUTXHODSUHVHQWDELOLGDGHVOR~QLFRTXHGHVGHODFDEHFHUDGHOVLVWHPDGHOTXHVRPRVWULEXWDULRVVHKDVROLGRSHGLUUHDOPHQWHDORVGLFWDGRUHVPiVVDQJULHQWRV(QGHILQLWLYDVyORODTXLHEUDGHOFULWHULRGHSUHVHQWDELOLGDGORVKDGHVJDVWDGRDRMRVGHVXVDPRV3RUHVDV\RWUDVQRPHQRVREYLDVFRQVLGHUDFLRQHVFDEUtDSHQVDUTXHXQDpWLFDGHODSUHVHQWDELOLGDGHVpWLFDPHQWHLPSUHVHQWDEOH

'HEHDxDGLUVHTXHHQHOSURFHVRGHWUDQVIHUHQFLDH[LJLGRSRUODSUHVHQWDELOLGDGKDGHTXHGDUHOLGLGDRHQVXVSHQVRODGHVQXGDYHUGDGGHORVLQWHUHVHVYLWDOHVHVGHFLUGHORVLQWHUHVHVYLQFXODGRVDODOXFKDSRUODH[LVWHQFLD(VDHOLVLyQVHUtDODEDVHGHODGHPRFUDFLDFRQFHELGDFRPRHOFRQMXQWRGHORVSURFHVRVHQTXHODUHSUHVHQWDFLyQXQLYHUVDOL]DGDGHORVLQWHUHVHVVHDFHQW~DH[SOtFLWDPHQWHFRQODFRQVWUXFFLyQUDFLRQDOGHOFRQVHQVR3RUVXSXHVWRHODXWRUQRGHMDGHSUHFLVDUTXHWDOFRQVHQVRLPSRQHXQDXWpQWLFRDFWRGHDVFHVLV

(QHVHSXQWRHQHOTXHVHKDSDVDGRHQULJRUGHXQDpWLFDDORTXH\DVHUtDSURSLDPHQWHXQDDVFpWLFDXQRVHSUHJXQWDFRQLQTXLHWXGDFDUJRGHTXLpQKDGHFRUUHUHODFWRGHDVFHVLVUHTXHULGR%LHQFDEHWHPHUTXHHVHDVFHVLVVHLPSRQJDXQDYH]PiVDDTXHOORVPXFKRVTXHQRKDULSRGLGRQXQFDUHEDVDUVXILFLHQWHPHQWHHOQLYHOGHORVLQWHUHVHVLQPHGLDWRVGHODVLPSOH\QXGDOXFKDSRUVREUHYLYLU

7DPELpQFDEHSUHJXQWDUVHTXpVXFHGHUtDFRQODVGHVQXGDVYHUGDGHV\ORVLQWHUHVHVYLWDOHVHOLGLGRVHQXQFRQVHQVRGRQGHWRGDFRUUHVSRQGHQFLDHQWUHHOGLVFXUVRRYHUGDGFRQVHQVXDO\ODUHDOLGDGH[WHULRUHVWDUtDEDVDGDHQHOSUHYLREODQTXHDUQLHQWRIDOVLILFDFLyQHQGHILQLWLYDGHpVWD

/DpWLFDGHODSUHVHQWDELOLGDGGHOFRQVHQVR\GHORVEXHQRVPRGDOHVVHFRQIXQGHSHOLJURVDUULHQWHFRQXQDpWLFDGHODFRQIRUPLGDGRGHOFRQIRUPLVPRGHODFREHUWXUDRGHODFRQYDOLGDFLyQGHVLWXDFLRQHVFDGDYH]PiVPDQLSXODGDV(OWH[WRGH9DWWLPRYDOHFLHUWDPHQWHFRPRGHVFULSFLyQSHURQRFRPRSURSXHVWD(QHIHFWRVLVWHPDVGHYDORUHV\SURJUDPDVSROtWLFRVWLHQGHQFDGDYH]PiVDODUHSUHVHQWDFLyQWHDWUDO\DXQGXGRVRDUWHGHOHVSHFWiFXOR3HURDQWHXQDUHSUHVHQWDFLyQGHWDQEDVWDUGDQDWXUDOH]DFDEHUHVHUYDUVHFXDQGRPHQRVODSRVLELOLGDG\HOGHUHFKRGHSURSRQHUSRUUD]RQHVWDQWRpWLFDVFRPRHVWpWLFDVODpWLFDGHOHVSHFWDGRUGLVFRQIRUPHODpWLFDGHOVLOELGR

'HODpWLFDGHODVRVSHFKDDODVRVSHFKDGHODpWLFD_(GLFLyQLPSUHVD_(/3$6

KWWSHOSDLVFRPGLDULRRSLQLRQBKWPO

(',&,21(6(/3$66/