Pedagogía de La Ternura

,QVWLWXWRGH)RUPDFLyQGH(GXFDGRUHVGH-yYHQHV$GROHVFHQWHV\1LxRV7UDEDMDGRUHVGH$PpULFD/DWLQD\HO&DULEH,)(-$17 7RPiV*XLGR /LQFH/LPD 7HOHID[ 7HOpIRQR HPDLOLIHMDQW#DPDXWDUFSQHWSH ZHEZZZLIHMDQWVRUJ(GLFLyQDFDUJRGH,IHMDQW5HVSRQVDEOHGHOD(GLFLyQ

$35(1'(5/$&21',&,1+80$1$

/DSHGDJRJtDGH OD WHUQXUDXQQXHYRFDPSRGHVHQWLGR &DWHJRUtDV TXH FRQIRUPDQ HO FDPSR VHPiQWLFR HQ HO GLVFXUVRDFWXDOGHSHGDJRJtDGHODWHUQXUD /DSHGDJRJtDGHODWHUQXUD\ODFRQVWUXFFLyQGHODIHPLQLGDG \PDVFXOLQLGDG

&$378/27(5&(52

9,'$&27,',$1$6(17,'26&2081(602'2'(9,'$

$35(1'(5/$&21',&,1+80$1$

3HURHVHQFDPSRWHyULFR\SUiFWLFRGHVGHHOTXHVXUJHQFXHVWLRQHVFHQWUDOHVTXHHODSUHQGL]DMHGHODFRQGLFLyQKXPDQDFRPRUHVXOWDQWHWDPELpQGHXQDSHGDJRJtD GH OD WHUQXUD GHEH FRQVLGHUDU (OOR QRV FRQIURQWD GLUHFWDPHQWHFRQ OD QHFHVLGDG GH SUHJXQWDUQRV SRU OD FRVPRYLVLyQ GHVGH OD TXH VHOHYDQWDHOGLVFXUVRGHODSHGDJRJtDGHODWHUQXUDGHVGHTXpUHODFLyQHQWUHUDFLRQDOLGDG\DIHFWLYLGDGVHUHH[LRQD2VLVHTXLHUHGHVGHTXpUROVHOHDVLJQD D ODV UHDOLGDGHV DIHFWLYRVHQWLPHQWDOHV \ D ODV TXH HPDQDQ GH ODUDFLRQDOLGDGHQORVSURFHVRVHGXFDWLYRV'LFKRGHRWUDPDQHUDHVWDPRVDQWHODFXHVWLyQFHQWUDOGH ODUHODFLyQHQWUHVXEMHWLYLGDGHV\UDFLRQDOLGDGHV(VLQYLDEOHXQGLVFXUVRVREUHSHGDJRJtDGHODWHUQXUDTXHQRVHFRQIURQWHFRQORVSUHVXSXHVWRVKHUHGDGRVGH ODPRGHUQLGDGGHVXFRQFHSFLyQGHYLGDGH ODFLHQFLDGHOFRQRFLPLHQWRFRQ ODIULDOGDGEXUJXHVDFRPR OD OODPD$GRUQR\VXUHODFLyQFRQRWUDVFXOWXUDVEDVDGDVHQRWURVVDEHUHVHQRWUDVFRQFHSFLRQHVGHODYLGDGHODUHODFLyQFRQHOHQWRUQRFRQRWUDUDFLRQDOLGDGFRQRWUDV VXEMHWLYLGDGHV \PDQHUDV GH HQWHQGHU HO DIHFWR OD DPLVWDG \ HODPRU3HURWDPELpQFRQRWURVSURSyVLWRV\SUR\HFWRVVRFLDOHV\SROtWLFRVGHODDFFLyQHGXFDWLYD

/$ ',*1,'$' &202 &25$=1 '( /$ &21',&,1+80$1$

6H SRGUtD DUPDU TXH OD FXHVWLyQ HSLVWHPROyJLFD \ DQWURSROyJLFD UHHUHD TXp HQWHQGHPRV SRU FRQGLFLyQ KXPDQD \ VL KD\ XQD VROD PDQHUD GHHQWHQGHUODGHFRQFHELUODRVL ODV IRUPDV\DERUGDMHVGRPLQDQWHVGHVGHHOPXQGRRFFLGHQWDO \PRGHUQRGHEHQVHU UHYLVDGRVSDUDGHVSRMDUORVGHVXSUHWHQGLGDXQLYHUVDOLGDGWRXWFRXUV/DFRPSUHQVLyQGHODFRQGLFLyQKXPDQDGHVGH ODPRGHUQLGDGVLJQLFySDUDQXHVWURVSXHEORVGHO6XUHQSDUWLFXODUSDUDORTXHKR\UHFRQRFHPRVFRPR$PpULFDODWLQDQXHVWUD$ELD

$35(1'(5/$&21',&,1+80$1$

EFLHUWDVFRQGLFLRQHVPDWHULDOHVSDUDYLYLUELHQFODLQWDQJLELOLGDGGHOVHUKXPDQRFRPRFRQGLFLyQSDUDYLYLUVLQKXPLOODFLRQHV(V ORTXHFRQVWLWX\HHODOOLQ NDZVD\ HO EXHQ YLYLU GH ORV TXHFKXDV R HOVXPD -DTDxD GH ORVD\PDUDV

6LQ HPEDUJR ODV FDWHJRUtDV KDVWD DTXt HPSOHDGDV FRPR GLJQLGDG VXMHWRFRUUHVSRQGHQ D OD FRVPRYLVLyQ RFFLGHQWDO 6L TXLVLpUDPRV UHIHULUQRV D ODFRVPRYLVLyQ DQGLQD R DPD]yQLFD TXp FRQFHSWRV RPHMRU TXp QDUUDWLYDGHELpUDPRVGHVDUUROODUSDUDHQFRQWUDUHVHQ~FOHRGHORKXPDQRTXHSRGUtDVHUHTXLYDOHQWHD ORGLFKRKDVWDDTXt"6L ODSHGDJRJtDGH OD WHUQXUDKDVWDDKRUDGHVDUUROODGDQRSXHGHRFXOWDUVXDQWURSRFHQWULVPRVLHOFDULxRHVWiFDVLH[FOXVLYDPHQWHUHFRQRFLGRHQWUHLJXDOHVVHUHVKXPDQRV0LHQWUDVHQQXHVWURVSXHEORVLQGtJHQDVWRGRWLHQHYLGDWRGRSDUWLFLSDGHDOJXQDPDQHUDHQFXOWLYDU\HQSURGXFLUYLGDDGLYHUVRVQLYHOHV/HMRVGHHVWUHFKDUVHHOiPELWRGHYLJHQFLDGHXQDSHGDJRJtDGHODWHUQXUDpVWDGHYLHQHHQXQDH[SHULHQFLDFyVPLFDSODQHWDULD3HURpVWDVVRQUHH[LRQHVTXHGHEHQVHUGHVDUUROODGDVFRQ SURIXQGLGDG \ WLHPSR FRQ FDSDFLGDG GH DGPLUDU GH FRQPRYHUVH GHFRQWHPSODUGHVHUVDELRVTXHHQQXHVWURVSXHEORVLQGtJHQDVHVVXPRGRGHYLGDGHHVWDU6LQFDULxR\UHVSHWRQRKD\YLGDSDUDQDGLH

/$ 7(5185$ 81$ (;3(5,(1&,$ 48( 12 6( '(-$&21&(378$5(QWUHORVDVSHFWRVSXQWXDOHVTXHDQXHVWURHQWHQGHUGHEHQVHUWRPDGRVHQFXHQWDSXHVHPHUJHQGHODVRFLDOL]DFLyQGHOWH[WRSULPHURVREUHSHGDJRJtDGH OD WHUQXUD SRGHPRV HOHQFDU ORV UHIHUHQWHV D XQD PHMRU GHOLPLWDFLyQGH OR TXH VH HQWLHQGH QDOPHQWH SRU WHUQXUD \ VX FDPSR VHPiQWLFR \SUiFWLFR

$35(1'(5/$&21',&,1+80$1$

DUXQDDMDTLLQGLVROXEOHPHQWHOLJDGDVDODFROHFWLYLGDGDODQDWXUDOH]DWRGDSXHV WRGR WLHQH YLGD WRGR HV SDUWH GH OD YLGD GH ORV VHQWLPLHQWRV GH ODVHPRFLRQHVGHODH[SHULHQFLDLQWHULRU,JXDOPHQWHQRVHKDUHDOL]DGRXQLQWHQWRGHXELFDUHOGLVFXUVRDFWXDOGHODSHGDJRJtDGH OD WHUQXUDHQHO KRUL]RQWHGH ODKLVWRULDGH ODSHGDJRJtDHQQXHVWUD UHJLyQ ODWLQRDPHULFDQD SDUD UHFRQRFHU DQWHFHGHQWHV \ HYHQWXDOHVHQULTXHFLPLHQWRV

1(&(6,'$''(/3(16$0,(172&203/(-2

/DSULPHUDFRPSOHMLGDGWLHQHVXRULJHQHQHOKHFKRGHVHUHOQXHVWURXQSDtVFRQSXHEORVLQGtJHQDVFRQFXOWXUDVDQFHVWUDOHVGLYHUVDVFRQSURFHVRVGHPHVWL]DMHVDFHQWXDGRVFRQXQDSUHGRPLQDQFLDGHSHQVDPLHQWRRFFLGHQWDOPRGHUQR HQ OD HGXFDFLyQ QDFLRQDO HQ HO FRQFHSWR GH GHVDUUROOR HQ HOSHQVDPLHQWRMXUtGLFRHQODFRQFHSFLyQGHODGHPRFUDFLDGHODFLXGDGDQtDHQODYLVLyQGHWHUULWRULR\GHODSURSLHGDGHWF

$GHPiVORVHxDODGRKDVWDDTXtHYLGHQFLDGHODXUJHQFLDGHKDFHUFRQXLUXQVHQWLGRPiVH[LJHQWHGHODFRPSOHMLGDGGHHVWHGLVFXUVRGHODSHGDJRJtDGHODWHUQXUD\ODWHRUtDFUtWLFDORTXHSUHVXSRQHDUPDUODFRPRXQSHQVDPLHQWRVLHPSUHHQHODERUDFLyQFRPRLQWXLFLRQHVTXHGHPDQGDQQRGHVOLJDUVHGHOSDUDGLJPDGHODLQFHUWLGXPEUHIUHQWHDORVUHODWLYRVDYDQFHVTXHVHYLHQHQKDFLHQGRDOUHVSHFWR'HDOOtODSHUWLQHQFLDGHVXSHUDUXQDUD]yQPHUDPHQWHPHWRQtPLFD HV GHFLU OD TXH VHSDUD OD TXH GLYLGH OD TXH HVWDEOHFHFDWHJRUL]DFLRQHVGLVFULPLQDQWHVODTXHGHMDHQHOROYLGRODTXHRFXOWDODTXHKDFHGHVDSDUHFHUH[SHULHQFLDVVDEHUHV LQTXLHWDQWHV ODTXHDYDVDOODSDUDSRQHURUGHQVXRUGHQHQQVHWUDWDGHDERUGDMHVTXHHVWiQSUHxDGRVGHIRUPDVDOWHUQDWLYDVGHSHQVDU\KDFHUDOWHUQDWLYDV

(1 48e 3$5$',*0$ 3('$**,&2 6( 8%,&$ /$3('$*2*$'(/$7(5185$"

(VWDHV XQD OHJtWLPDSUHJXQWD TXH VHKDQKHFKRPXFKRVHGXFDGRUHV QRVyOR FRPR XQD SUHRFXSDFLyQ DFDGpPLFD VLQR SDUD UHFRQRFHU VXV UDtFHVKLVWyULFDV OR TXH KHUHGD GH RWUDV PDQHUDV GH HQWHQGHU OD SHGDJRJtD \OD SUiFWLFD HGXFDWLYD TXH HOOD IXQGDPHQWD H LQVSLUD VLQR SDUD UHFRQRFHUODV LPSOLFDFLRQHV WHyULFDV \ SUiFWLFDV TXH OD SHGDJRJtD GH OD WHUQXUD WUDHFRQVLJR1RVHUiDFDVRODSHGDJRJtDGHODWHUQXUDPHUDUHSURGXFWRUDGHOHVSLULWXDOLVPRSHGDJyJLFR"RXQDQRVWiOJLFDH[SUHVLyQGHOSRVLWLYLVPRSHGDJyJLFRGHLQRFXOWDEOHLQVSLUDFLyQOLEHUDO"+D\TXLHQHVYHQHQHOGLVFXUVRGHODSHGDJRJtDGHODWHUQXUDXQDH[SUHVLyQPiVGHOKXPDQLVPRHQHOFDPSRSHGDJyJLFRHGXFDWLYRSHURTXHHQHOFRQWH[WRGHQXHVWUD5HJLyQELHQSRGUtD9HU ODV VXJHUHQWHV UHH[LRQHVGH%RDYHQWXUDGH6RXVD6DQWRV&RQRFHUGHVGHHO6XU3DUDXQDFXOWXUDSROtWLFD HPDQFLSDWRULD81060 S6LQXQD FUtWLFDGHGLFKRPRGHORGH UDFLRQDOLGDGRFFLGHQWDO GRPLQDQWHDO PHQRVGHVGHKDFHGRVVLJORVWRGDVODVSURSXHVWDVSUHVHQWDGDVSRUHOQXHYRDQiOLVLVVRFLDOSRUPiVDOWHUQDWLYDVTXH VHMX]JXHQWHQGHUiQDUHSURGXFLUHOPLVPRHIHFWRGHRFXOWDFLyQ\GHVFUpGLWR

$35(1'(5/$&21',&,1+80$1$

UHFRJHSRUXQODGR\DVXDLUHDOJRGHOOHJDGRGHORPHMRUORJUDGRSRUODVSHGDJRJtDVTXH ODVDQWHFHGHQ UHHODERUiQGRODV FRQ UXSWXUDV UDGLFDOHVHQDOJXQRVFDVRVSHURFRQFRQWLQXLGDGHVSHUFHSWLEOHVHQRWURV

$35(1'(5/$&21',&,1+80$1$

ODVRFLHGDGGHODFFLyQFRPRPRGRGHVHU\HVWDUHQVRFLHGDGFRQVWLWX\HXQ YDOLRVRPHQVDMH QR VyOR GH UHDOLVPR KLVWyULFR VLQR GH UHFRQRFLPLHQWRGH OD LPSRUWDQFLD GH VHU DFWRUHV VXMHWRV GH OD SURSLD KLVWRULD LQGLYLGXDO \FROHFWLYD$OOtVHDVLHQWDHORSWLPLVPR\ODHVSHUDQ]DTXHORTXHYLHQHSXHGHVHUPHMRUTXHPXFKRGHORKHUHGDGRHQHVWHFDPSR1RREVWDQWHFRQYLHQHQRROYLGDUTXHHQHVWHiPELWRHQHVSHFLDOQRKD\FHUWH]DVDEVROXWDV\ODWHUQXUDOLDO\HODPRUURPiQWLFRVRQGRVPDQHUDVGHDPDUHQHOORGHODQDYDMD\FRPRGLUtD0RULQODVROLGDULGDGODDPLVWDGHODPRUVRQORVFLPLHQWRVYLWDOHVGHODFRPSOHMLGDGKXPDQDeOPLVPRQRVUHFXHUGDTXHHOSHQVDPLHQWRFRPSOHMRQRVFRQGXFHKDFLDXQDpWLFDGHODUHVSRQVDELOLGDGUHFRQRFLPLHQWR GHO VXMHWR UHODWLYDPHQWH DXWyQRPR \ GH OD VROLGDULGDGSHQVDPLHQWRTXHUHOLJDDPDUUDFRPSURPHWHPXHYHDFRPSURPLVR

F /D SHGDJRJtD GH OD WHUQXUD LQWHQWD LQIRUPDU XQPRGRGHYLGDHQWUDxDEOHPHQWHKXPDQRGHODVRFLHGDG\GHORVSXHEORV

(V HQ HVWH LQLQWHUUXPSLGR HVIXHU]R WDPELpQ HGXFDWLYR TXH OD SHGDJRJtDGH OD WHUQXUD HQFXHQWUD VX DUWLFXODFLyQ \ H[SUHVLyQ SROtWLFD S~EOLFD HVGHFLU FXDQGR ORJUDGDU IRUPDFRKHUHQWH GLQiPLFD \ FROHFWLYDDPRGRVGHYLGD TXH QRV KDJDQ UHFRQRFLEOHV FRPRPLHPEURV GH OD HVSHFLH KXPDQD5HHUH GLUHFWDPHQWH HQWRQFHV DO WLSR GH UHODFLRQHV VRFLDOHV FXOWXUDOHVLQWHUSHUVRQDOHV SROtWLFDV TXH VH GD OD VRFLHGDG D Vt PLVPD 'HPDQGDHQ HVWH VHQWLGR KDFHU GHO FRPSRQHQWH GH DIHFWR XQ IDFWRU HPDQFLSDGRUGH OD UHFOXVLyQ D OR GRPpVWLFR D OR SULYDGR D OR PHUDPHQWH LQGLYLGXDO RLQWHUSHUVRQDO DO TXH VH WLHQGH D UHOHJDU OD YLGD DIHFWLYD HOPXQGR GH ORVVHQWLPLHQWRV ODV H[SUHVLRQHVGHO DPRU FRPR ODPiVKXPDQL]DQWH SDVLyQ3HUR VL DOJR WUDH FRQVLJR WRGD H[SHULHQFLD GH DPLVWDG GH DPRU HV TXHpVWRV FRQVWLWX\HQ IRUPDV GH UHODFLRQDPLHQWR H[SUHVLRQHV GH YLQFXODFLyQKXPDQD/RVWLHPSRVTXHFRUUHQPXHVWUDQELHQFXiQIUiJLOHVTXL]iPHMRUFXiQ WHPSRUDOHVVRQKR\ ORVYtQFXORVKXPDQRVFyPRSDUHFHDQDFUyQLFRH LQKXPDQR SHQVDU HQ UHODFLRQDPLHQWRV TXH JHQHUHQ FRPSURPLVR TXHSRVWXOHQVHJXULGDGGXUDELOLGDGTXHKDJDQFUHtEOHDTXHOORGHSDUDVLHPSUHKDVWDTXH ODPXHUWHQRVVHSDUH/RVSDUDGLJPDVTXHVH LPSRQHQVRQHOGHODFRPSOHMLGDG\HOGHODLQFHUWLGXPEUHGHODYLGDFRWLGLDQDGHODYLGDHQUHODFLyQGHFHUFDQtD(OSURSyVLWRGHODSHGDJRJtDGHODWHUQXUDHVVLQGHVFRQRFHU ODV WUDQVIRUPDFLRQHVGHO FDPELRGHpSRFD FRQWULEXLU DTXH OD

%RULV&\UXOQLN(ODPRUTXHVDQDRSFLWS9HU/(WLTXHRSFLWS,ELGHPS8QLPSHUDWLYRPLVPROLJDHSLVWHPRORJtDFRPSOHMDDQWURSRORJtDFRPSOHMD\pWLFDFRPSOHMDSDUD HQIUHQWDUODEDUEDULHGHOHVStULWX9HUODVSHUWLQHQWHVUHH[LRQHVGH=\JPXQW%DXPDQ$PRUOtTXLGR$FHUFDGHODIUDJLOLGDGGHORVYtQFXORVKXPDQRV )FH S (VWDU HQ UHODFLyQ VLJQLFD XQ PRQWyQ GH GRORUHV GH FDEH]D SHUR VREUH WRGR XQD SHUSHWXD LQFHUWLGXPEUH

$35(1'(5/$&21',&,1+80$1$

H 8QD SHGDJRJtD GH OD WHUQXUD HVWi OODPDGD D VHU XQFRPSRQHQWHLQHYLWDEOHHQODFUHDFLyQGHVHQWLGR

1R KD\ E~VTXHGD \ FRQVWUXFFLyQ GH VHQWLGR VL QR VH HVWDEOHFHQ YtQFXORVPDUFDGRV SRU OD HVWLPD SRU HO DIHFWR SRU OD DPLVWDG SRU HO DSUHFLR SRUOD YDORUDFLyQ GH XQRPLVPR \ GHO RWUR SRU HO DPRU ,QFOXVR VH WUDWD GHFRQVWUXLUVHQWLGRDSRVWHULRUL1RVHWUDWDGHHQFRQWUDUOHVHQWLGRDORTXHIXHSRUQDWXUDOH]DVLQVHQWLGRRFRQWUDVHQWLGRRXQDEDUEDULH6HWUDWDGHYHUFyPRVHUHFXSHUDHOVXMHWRTXHYLYLyHVHVLQVHQWLGRSXHVODVHVFDUDVTXHTXHGDQGH OR YLYLGRVLJXHQSHURQRSURGXFHQPiV ORVHIHFWRV LQKLELGRUHVGHDQWHVVLVHORJUDXQDUHVLJQLFDFLyQGHORH[SHULPHQWDGRXQVXSHUDUHOGHWHUPLQLVPRTXHSDUHFLHUDHQYROYHUODH[SHULHQFLD/RTXH6HUJLR0RVFRYLFLH[SUHVyDOJXQDYH]TXHORLPSRUWDQWHQRVRQORVHYHQWRVYLYLGRVHQVtVLQRFyPRYLYLPRVORVHYHQWRVTXHQRVWRFyYLYLUXQDLGHDH[SUHVDGDWDPELpQSRU$OEHUW&DPXVTXHORLPSRUWDQWHQRHVORTXHORVRWURVKDQKHFKRGHQRVRWURVVLQRORTXHQRVRWURVKDFHPRVGHORTXHORVRWURVKDQKHFKRGHQRVRWURV

3HURODE~VTXHGDGHVHQWLGRFRLQFLGHDVLPLVPRFRQHOHVIXHU]RGHUHFRQRFHUTXHHODQiOLVLVFUtWLFRGHORTXHH[LVWHUHSRVDVREUHHOSUHVXSXHVWRGHTXHORVKHFKRVGHODUHDOLGDGQRDJRWDQODVSRVLELOLGDGHVGHODH[LVWHQFLD\TXHSRUORWDQWRWDPELpQKD\DOWHUQDWLYDVFDSDFHVGHVXSHUDUDTXHOORTXHUHVXOWDFULWLFDEOHHQORTXHH[LVWH

/D FUHDFLyQ GHO OHQJXDMH FRUUHVSRQGH D GRWDU GH VHQWLGR \ FRPSUHQVLyQDTXHOORTXHVHQRPEUD(OOHQJXDMHTXHFRPXQLFDTXHUHODFLRQDHVHOTXHHVSRUWDGRUGHVHQWLGR1RREVWDQWHQRWRGDVODVOHQJXDVHVGHFLUQRWRGDVODVFXOWXUDVWLHQHQFRQFHSWRVHTXLYDOHQWHVHQRWUDVFXOWXUDV(OORKDFHQHFHVDULRGHVDUUROODUORTXHVHKDGDGRHQOODPDUXQDWHRUtDGHODWUDGXFFLyQFRPRXQDFRQGLFLyQSDUDKDFHUGH ODFUtWLFDXQSURFHVRFUHDWLYRHPDQFLSDGRU\TXHHVWDEOH]FD\UHIXHUFHYtQFXORV

1RREVWDQWHHO UHWRPD\RUFRQVLVWHHQTXH ODSHGDJRJtDGH OD WHUQXUDQRVyOR FRQWULEX\D D GRWDU GH VHQWLGR OD UHODFLyQ HGXFDWLYD HO HQFXHQWUR HLPSULPDDODUD]yQFRPXQLFDWLYDODGHQVLGDGTXHDSRUWDODVLPSDWtDHODIHFWRODHPRFLRQDOLGDGTXHEURWDGH ODDGPLUDFLyQHWFVLQRTXHVXV LQWXLFLRQHVFHQWUDOHVGHYHQJDQHQVHQWLGRFRP~Q0LHQWUDVQRVHDDVtTXHGDUiFRPRXQD LQWXLFLyQ TXH QR SDVDUi GH VHU LQWHUHVDQWH SHUR LQFDSD] GH LQIRUPDUXQD QXHYD FXOWXUD SROtWLFD GH ORJUDU TXH LQIRUPH XQ PRGR GH YLGD FRQVHQWLGRFRQHOVHQWLGRTXHGDHOYLYLUGHVGHHOKRUL]RQWHGHODGLJQLGDGGHODFRQGLFLyQKXPDQDFRPRFRQGLFLyQIUDJXDGDHQHODPRU$TXtVHDQXGDQODSHUVSHFWLYDFUtWLFRKHUPHQpXWLFD ODUD]yQFRQWUDKHJHPyQLFD\ODXWRStDGHXQDKXPDQLGDGTXHDSXHVWDSRUODYLGDVLQUHVWULFFLyQDOJXQDHQHOSODQHWD%&\UXOQLN(ODPRUTXHVDQDRSFLWS1RKD\DFWLYLGDGPiVtQWLPDTXHODGHODODERUGHFRQVWUXFFLyQGH VHQWLGR%GH6RXVD6DQWRVRSFLWS%GH6RXVD6DQWRVRSFLWS6XUJHODQHFHVLGDGGHFRQVWUXLUXQDWHRUtDGHODWUDGXFFLyQFRPRSDUWHLQWHJUDOGHOD WHRUtDFUtWLFDSRVPRGHUQD

$35(1'(5/$&21',&,1+80$1$

GHVGHORVTXHSDGHFHQODPDUJLQDFLyQODH[FOXVLyQRFRPRGLUtD)UHLUHGHVGHORVTXHVRQREMHWRGHRSUHVLyQQRVFRORFDVLPXOWiQHDPHQWHHQXQDFODYHGHHVSHUDQ]DSURPHWLGD\HQLQDFDEDEOHSURFHVRGHFRQFUHFLyQSRUODSRUItDGHTXLHQHVQRSRVHHQQDGDVLQRODHVSHUDQ]DFRPRIDFWRUGHVXEYHUVLyQGHODKLVWRULD(OSURFHVRHPDQFLSDWRULRFRLQFLGHHQHOWLHPSRHQHOHVSDFLR\FRQORVVXMHWRVTXHFRQVWUX\HQVXDXWRQRPtDQRREVWDQWHORVFRQGLFLRQDPLHQWRVTXHODVFLUFXQVWDQFLDVOHVLPSRQHQ(VWRHVORTXHGDVLPXOWiQHDPHQWHXQFDUiFWHUSROtWLFRDOTXHKDFHUGHORVVHFWRUHVHPSREUHFLGRV\XQDUDt]pWLFD7RGDSUHJXQWDSRUHOKHUPDQRSRUODKHUPDQDHVXQDSUHJXQWDTXHEURWDGHOFRUD]yQGHODpWLFD1RKD\pWLFDDVtHQWHQGLGDTXHQRVHDFRQVWLWXWLYDPHQWHSROtWLFDTXHQRFRORTXH ODSUHJXQWDSRUHORWURFRPRHORWURS~EOLFRQRSULYDWL]DEOH(QHVWR ODSHGDJRJtDGH OD WHUQXUD UHWRPD ODYLHMD\VLHPSUHDFWXDOFRQFHSFLyQGHORVJULHJRVHVGHFLUHOKRPEUHFRPRXQVHUSROtWLFR

%RIIQRVLQYLWDDVDOLUGHOSDUDGLJPDGHODGRPLQDFLyQGHODFRQTXLVWD\SDVDUDOSDUDGLJPDGHOFXLGDGR0LHQWUDVHOSDUDGLJPDGHOFXLGDGRHVQRVyORHOGHO UHVSHWR VLQRHOGHO UHFRQRFLPLHQWR\ ODYDORUDFLyQHOSDUDGLJPDGH ODFRQTXLVWDHVHOTXHVHLQVFULEHHQODSHUVSHFWLYDGHODFRORQLDOLGDGGHOSRGHU\GHOVDEHU(VWDPRVQRVyORIUHQWHDXQDH[LJHQFLDpWLFDVLQRDXQDpWLFDTXHWLHQHLPSOLFDFLRQHVGLUHFWDVHQODSROtWLFDHQODVUHODFLRQHVJOREDOHVHQWUHORVSXHEORV\GHpVWRVFRQHOHQWRUQRFRQODQDWXUDOH]DWRGD3RUHVWHFDPLQRODSHGDJRJtDGHODWHUQXUDUHHUHDODFDVDFRP~QDODRLFRQRPtDQRFRPRXQWHPDVLQRFRPRXQFRPSRQHQWHGHVXSURSLDFRQFHSFLyQ\YLJHQFLD(ODPRUQRHVUHVWULQJLEOHDOPXQGRGHORVKXPDQRVVLQRGHVGHpVWRVDOPXQGRHQHOTXHHVSRVLEOHUHFRQRFHUVH\DPDUVHFRPRWDOHV

3DUDTXHGHVGHODSHGDJRJtDGHODWHUQXUDVHDUPHODpWLFDHQODTXHVHIXQGDGHEHPRV WHQHUSUHVHQWHTXHHO XQLYHUVDOLVPRpWLFR WLHQHXQ FRPSRQHQWHUDFLRQDO\XQFRPSRQHQWHPtVWLFR$PERVFRPSRQHQWHVFRQVWLWX\HQXQDEDVH\XQDPHWDGHODSHGDJRJtDGHODWHUQXUD3HURVDEHPRVELHQTXHORVIXQGDPHQWRVGH ODpWLFDHVWiQHQFULVLV'LRVDXVHQWH OH\GHVDFUDOL]DGDHOVXSHU\RVRFLDOQRVHLPSRQHLQFRQGLFLRQDOPHQWH\HQFLHUWRVFDVRVHVWiDXVHQWHODUHVSRQVDELOLGDGVHKDUHGXFLGRHOVHQWLGRGHODVROLGDULGDGVHKDGHELOLWDGRHVWDVGRV~OWLPDVODUHVSRQVDELOLGDG\ODVROLGDULGDGGHELOLWDGDVJXUDEDQ\DHQWUHODVGLH]FXHVWLRQHVFRQODVTXHVHFHUUDEDHOVLJOR;;

9HU:HUQHU-DHJHU3DLGHLDORVLGHDOHVGHODFXOWXUDJULHJD)FHS7RGRIXWXURKXPDQLVPRGHEHHVWDU HVHQFLDOPHQWHRULHQWDGRHQHOKHFKRIXQGDPHQWDOGHWRGDODHGXFDFLyQJULHJDHVGHFLUHQHOKHFKRGHTXHODKXPDQLGDGHO VHUGHOKRPEUHVHKDOODEDHVHQFLDOPHQWHYLQFXODGRDODVFDUDFWHUtVWLFDVGHOKRPEUHFRQVLGHUDGRFRPRXQVHUSROtWLFR9HUVXVH[FHOHQWHVUHH[LRQHVHQ/HRQDUGR%RIIeWLFD\0RUDO/DE~VTXHGDGHORVIXQGDPHQWRV6DO7HUUDH \UHHUHDOHWKRVTXHEXVFDTXHDPDTXHFXLGDTXHVHUHVSRQVDELOL]DTXHVHVROLGDUL]DTXHVHFRPSDGHFHTXHVH LQWHJUDS(0RULQ/eWLTXHRSFLWS,ELGHPS,,18(VWDGRVGHGHVRUGHQSDVVLP

$35(1'(5/$&21',&,1+80$1$

4XpSDSHOWLHQHHOOHQJXDMHHQHOFLFORGHFDPELR"

/DSULQFLSDODUPDTXHVH WLHQHHVHO OHQJXDMHSRUSRVHHU ODFDSDFLGDGGHGHVDUUROODUHVSDFLRVGHFRPXQLFDFLyQTXHIDFLOLWDQHOGLiORJR\HOLQWHUFDPELRDIHFWLYR$Vt HO OHQJXDMH QR VyOR HV YLVWR FRPR DTXHOORV FyGLJRV VRFLDOHVLQVWDXUDGRVTXHGHWHUPLQDQQXHVWUDV LQWHUDFFLRQHVYHUEDOHV\QRYHUEDOHVVLQRTXH WLHQHVXV UDtFHVHQ ODSURSLDFRQGLFLyQKXPDQDTXHVH IXQGDHQOD HPRFLRQDOLGDG HVD FDSDFLGDGGH FUHDFLyQGHQXHYDV VHQVLELOLGDGHV ODFDSDFLGDGGHWUDQVIRUPDUVHDVtPLVPR\FUHDUQXHYDVSUiFWLFDV

(O OHQJXDMH HV XQD SUiFWLFD VRFLDO FRQVWLWXLGD SRU VHQVLELOLGDGHV TXHSURGXFHQ\RUHSURGXFHQVHQVLELOLGDGHV(OOHQJXDMHHVODSUiFWLFDVRFLDOPiVVLJQLFDWLYDSDUDHOHQIRTXHGHODSHGDJRJtDGHODWHUQXUD'HHVWDPDQHUD/DSHGDJRJtDGHODWHUQXUDDSXQWDDGHVDUUROODUODVGLVWLQWDVH[SUHVLRQHVGHORTXHVHKDGDGRHQOODPDUHOFRQWDJLRDIHFWLYRTXHDGHPiVGLFHHVWUHFKDUHODFLyQDOFRQWH[WR\D ORVPRGRVFRPXQLFDFLRQDOHV\TXHYDOHSDUD WRGDHGDGGHODYLGD&XVVLDQRYLFK

(OGHVDItRJUDQGHHVXVDU\GHVDUUROODUXQOHQJXDMHGHODWHUQXUDHQWHQGLGRFRPRXQOHQJXDMHGHODSRVLELOLGDG'HVHR\DPRUFRH[LVWHQHQODSRVLELOLGDG\DQRVyORHQHOOHQJXDMHGHODFUtWLFD2ULHQWDUHQODWHUQXUDUHTXLHUHSUDFWLFDUXQQXHYROHJXDMH

$OIUHGR3pUVLFR*

L/DSHGDJRJtDGHODWHUQXUDHVWDPELpQWHFKQp

6H WUDWDGH UHVWDXUDUXQDHVFLVLyQH[LVWHQWHHQWUHHOPXQGRVLPEyOLFR\ ODWpFQLFD HQ HO VHQWLGR PRGHUQR &LHUWR GLVFXUVR VREUH OD SHGDJRJtD GH ODWHUQXUD FRUUHHO ULHVJRGHDERQDU D IDYRU GHHVWD LPSHUGRQDEOH UXSWXUDRGHVYLQFXODFLyQ FXDQGR GH DSUHQGHU OD FRQGLFLyQ KXPDQD VH WUDWD HQ HOPXQGR GH KR\ WDQ GHQLWLYDPHQWHPDUFDGR SRU OD GLItFLOPHQWH LPDJLQDEOHUHYROXFLyQ WHFQROyJLFD &LHQFLD WHFQRORJtD \ KXPDQLGDGHV HQFXHQWUDQOLPLWDFLRQHV JUDYHV SDUD GDUVH ODPDQR QR REVWDQWH ORV HVIXHU]RV SRU ODLQWHUGLVFLSOLQDULHGDGGH ORVHQIRTXHVHQSDUWLFXODUHQWUH ODVFLHQFLDVGXUDV\ OR TXH D DUWH SLQWXUD WHDWUR P~VLFD OLWHUDWXUD GDQ]D OD JLPQDVLD ODHGXFDFLyQItVLFDHWFUHHUH

(VH[SOLFDEOHTXHHQHOGLVFXUVRVREUHSHGDJRJtDGHODWHUQXUDHQXQSULPHUPRPHQWRVHKD\D LQVLVWLGRHQ ODVLJQLFDFLyQGHO(526\HQ ODQHFHVLGDGGHSRQHUORHQ UHODFLyQFRQHO$*$3((QHIHFWRSRUHO(URV WHQGHPRVD

$35(1'(5/$&21',&,1+80$1$

VHUiVyORDQDOHVGHORVRFKHQWDHLQLFLRVGHORVQRYHQWDHQTXHVHDFXxDUiODH[SUHVLyQSHGDJRJtDGHODWHUQXUDFRPRVHDSXQWDHQHOFDStWXORSULPHURGHOOLEUR(QWUH\HQRFDVLyQGHVLVWHPDWL]DUODH[SHULHQFLDGHODHVFXHODGH1DWVGH&LXGDGGH'LRVHQ/LPD\HODERUDUODSURSXHVWDFXUULFXODUGLYHUVLFDEOHGHVGHORV1DWVVHKDFHXQDUHH[LyQPiVIRUPDOHQWRUQRDFyPR ODSHGDJRJtDGH OD WHUQXUDFRQVWLWXtDXQDHQWUDGDSHGDJyJLFD\XQDPDQHUDGHHQWHQGHU OD UHODFLyQHGXFDWLYDHQ ODHVFXHOD(VHQWRQFHVTXHVH HODERUD HO HVTXHPDTXH H[SOLFD FyPR IXLPRV UHOH\HQGR OD H[SHULHQFLDDFXPXODGDHQFDVLWUHLQWDDxRV)DOWDD~QSODVPDUGHIRUPDPiVFRQFUHWDORTXHSRGUtDVHUODSUiFWLFDGHODSHGDJRJtDGHODWHUQXUDHQODHVFXHOD

E/DSHGDJRJtDGHODWHUQXUD\ODHVFXHODGH1DWV

(Q QXHVWUR SDtV KHPRV FRQRFLGR HQ ODV SULPHUDV GpFDGDV GHO VLJOR;; LQLFLDWLYDV DOWDPHQWH VLJQLFDWLYDV HQ PDWHULD GH HGXFDFLyQ GH ORVVHFWRUHVREUHURV \ SRSXODUHV(VGHFLU LQLFLDWLYDV VXUJLGDVGH ODVPLVPDVRUJDQL]DFLRQHV VRFLDOHV HQPDWHULD HGXFDWLYD(V HO FDVR GH ODV OODPDGDVXQLYHUVLGDGHVSRSXODUHVXQLYHUVLGDGHVREUHUDVHQWLHPSRVGH-RVp&DUORV0DULiWHJXLGH9tFWRU5D~O+D\DGHOD7RUUH(OHQFXHQWURGHGRVGLQiPLFDVODGHORVWUDEDMDGRUHVRUJDQL]DGRV\ODGHHVWXGLDQWHVHLQWHOHFWXDOHVVHQVLEOHVDODVGHPDQGDVGHDTXpOORVH[SHULHQFLDVUHHGLWDGDVKDVWDPHGLDGRVGHORVHQODXQLYHUVLGDGSRSXODUGH$UHTXLSDSRUHMHPSOR&LQFXHQWDDxRVPiVWDUGHHVHOPRYLPLHQWRVRFLDOGH11$7VTXHGHFLGHDEULUHVFXHODVH[FOXVLYDVSDUDQLxRVWUDEDMDGRUHVSDUDUHSHQVDUODHVFXHODGHVGHODPDWUL]VXEMHWLYD\H[SHULHQFLDOFXOWXUDOHLGHRVLFUiWLFDGHORVQLxRV\QLxDVWUDEDMDGRUHV

$QDOHVGHODUHYLVWDGHHGXFDFLyQSRSXODU$XWRHGXFDFLyQSXEOLFDGDSRU HO ,QVWLWXWR GH 3HGDJRJtD 3RSXODU VH SURSXVR HODERUDU XQ LQIRUPHHVSHFLDOHQWRUQRDFyPRYHtDQORVSURSLRVQLxRVODHGXFDFLyQ\ODHVFXHOD6HFRQJUHJDURQQLxRV\QLxDVGHFROHJLRVVFDOHVGHEDUULRVGH/LPDQRUWHVXUGHGLVWULWRVSRSXODUHV\SRSXORVRVFRPRHO$JXVWLQR6XUTXLOOR9LOODHO6DOYDGRU&RPDV0LFDHOD%DVWLGDV\DOJXQRVFKLFRVGHO FROHJLR ORV UH\HV5RMRV GH %DUUDQR /XHJR GH XQD VRVWHQLGD SUHVHQWDFLyQ GH FyPR FDGDPXFKDFKRRPXFKDFKDYHtDODHGXFDFLyQ\VXHVFXHODVHHQWDEOyXQFLHUWRGHEDWH DXQTXH QRPX\ SURIXQGR (QWUH ORV SDUWLFLSDQWHV HVWDEDQ QLxRV \QLxDVGHO0DQWKRFRUJDQL]DFLyQTXHDODVD]yQWHQtDGLH]DxRVGHYLGD(VWRVQLxRVWUDEDMDGRUHVVHPDQWXYLHURQPiVELHQLQVDWLVIHFKRVHLQGLJQDGRVDORtUWHVWLPRQLRVFRPRORVGHORV5H\HV5RMRVHQTXHODUHODFLyQHQWUHGRFHQWHV\ HVWXGLDQWHV HUD DELHUWDPHQWH KRUL]RQWDO EDVDGD HQ OD DXWRQRPtD \ ODFRQDQ]DPXWXD\GRQGHORVUHJODPHQWRVHUDQUHVXOWDGRGHOPXWXRDFXHUGR\ VLHPSUH XQ UHIHUHQWH PiV ELHQ RULHQWDWLYR ,JXDOPHQWH ORV FKLFRV GHO&(&809(6HVWDEDQPX\FRQWHQWRVGHSRGHURUJDQL]DU ODHVFXHODQRHQEDVHDJUDGRVIRUPDOHVVLQRODERUDWRULRVGHOHQJXDMHPDWHPiWLFDFLHQFLDV

$35(1'(5/$&21',&,1+80$1$

(PSH]DUDUHVSRQGHULQTXLHWXGHVDLUFRPSUHQGLHQGR\GHVHDQGR/DVLPSDWtDTXHVHWUDQVIRUPDPX\UiSLGRHQHPSDWtDFRQORVSULPHURVQLxRVRQLxDVFUHDODVFRQGLFLRQHVSDUDKDEODUGHFRVDVLJXDOPHQWHVLJQLFDWLYDVFRPR GyQGH HVWi WXPDPi WX SDSi WLHQHV RWURV KHUPDQRV TXH WUDEDMDQHQ HVWHPHUFDGR KDV LGR D OD HVFXHOD FyPR WH IXH HQ ORV HVWXGLRV R WHJXVWDUtDWHQHUODSRVLELOLGDGGHHVWXGLDUDSUHQGHUVLQGHMDUGHKDFHUORTXHKDFHV\TXpKDFHVGHVSXpVGHWUDEDMDUHWFHWF3HURWRGRHVWHGLiORJRHUDLQGHIHFWLEOHPHQWHSUHFHGLGRSRUXQDSUHJXQWDFHQWUDOSDUDHOORV3RUTXpXVWHGHVYLHQHQDOPHUFDGRDEXVFDUQRV"4XLpQ OHVSDJD"4XLpQ OHVKDPHWLGRHVRHQODFDEH]DGHPHWHUVHFRQQRVRWURV"9HQLPRVSRUTXHRWURVQLxRVWUDEDMDGRUHVFRPRXVWHGHVQRVKDQSHGLGRTXHYHQJDPRVDFRQYHUVDU(VRV QLxRV DGHPiV GH WUDEDMDU FRPR PXFKRV GH XVWHGHV WLHQHQ XQDRUJDQL]DFLyQTXHHOORVPLVPRVGLULJHQ/RVTXHUHPRVYHUGLMHURQGtJDQOHVTXH YHQJDQ SDUD FRQRFHUORV (VRV QLxRV WHQtDQ ORV URVWURV FDUJDGRV GHFXULRVLGDG GH H[SHFWDWLYD 1R VDEtDPRV TXH KD\ FKLFRV FRPR QRVRWURV\TXH WLHQHQVXRUJDQL]DFLyQSDUDKDFHUVHVHQWLU\ UHVSHWDU&XDQGRKD\DPLVWDGSRUPiVQDFLHQWHTXHpVWDVHDODVPHQWHVVHGLODWDQHODQVLDGHVDEHUDRUDGHLQIRUPDUVHGHFRQVWDWDUTXHORTXHVHOHVGLFHHVYHUGDG

1DWVGHOPRYLPLHQWR0DQWKRFYLQLHURQDOPHUFDGRDVDOXGDUORV6XYLVLWD OXHJR GH XQRV GtDV QR VyOR OHV FRQUPy TXH QDGD GH OR GLFKR SRUQRVRWURVHUDIDOVRVLQRTXHORPiVLPSRUWDQWHIXHVDEHUTXHODGHFLVLyQGHKDFHUXQDHVFXHODHVSHFLDOPHQWHSDUDORVQLxRVTXHWUDEDMDQXQDHVFXHODTXHVHDGDSWHDOULWPRGHYLGDTXHHOORVWLHQHTXHFXHQWHFRQSURIHVRUHVTXHVHDQVXVDPLJRVTXHODSURSLDHVFXHODODGHEHQGLULJLUWDPELpQHOORV\QRVyORORVGRFHQWHV\TXHTXLHQHUDHOUHVSRQVDEOHGHODHVFXHODHUDODRUJDQL]DFLyQGHQLxRV\QLxDVWUDEDMDGRUHVORVHQWXVLDVPyDOSXQWRTXHHOORVHPSH]DUtDQDKDEODUSRUWRGRVODGRVHQHVHLQPHQVRPHUFDGRSHURHQSDUWLFXODUDVXVFRPSDxHULWRV\FRPSDxHULWDVTXHHOORVVDEtDQELHQTXHQR LEDQDHVFXHODDOJXQD R GH KDFHUOR WHQtDQ GLFXOWDGHV SDUD DSUREDU ORV FXUVRV 6DEHUDGHPiVTXHFRQHOORVVHGHEtDSHQVDUFyPRTXHUtDPRVTXHIXHUDQXHVWUDHVFXHOD DEULy XQ SURFHVR GH UHDO SDUWLFLSDFLyQ GH ORV FKLFRV /RV DGXOWRVGHOPHUFDGR\ORVSDGUHVGHIDPLOLDVHPDQWHQtDQXQWDQWRUHFHORVRV3HURODLGHDFHQWUDOHUDDVtFRPRHQHOPRYLPLHQWRVRQORV1DWVORVTXHGLULJHQ\GHFLGHQDVt ORVPLVPRVSULQFLSLRVTXH ULJHQHQ ODRUJDQL]DFLyQGHEHUiQVHUYiOLGRVSDUDSHQVDUXQDHVFXHODGH1$WV$TXtSRGHPRVFRQVWDWDUFyPROD SHGDJRJtD GH OD WHUQXUD SUHFHGH \ DFRPSDxD HO SURFHVR GH LU VLHQGRSURWDJRQLVWDVHQWRGRDTXHOORTXHOHVDIHFWDGLUHFWDPHQWH

/D VLPSDWtD GHYLHQH DPLVWDG 6XSHUDGRV ORV HSLVRGLRV GH SUHJXQWDV\GXGDVVHDEUHXQSURFHVRGHDPLVWDGTXH UHFRUUHGH LGD\YXHOWDHQWUHFKLFRVGHOPHUFDGR1DWVRUJDQL]DGRV\ORVFRODERUDGRUHVDTXLHQHVVHQRVKDEtDHQFDUJDGR LUDYDQ]DQGRFRQ ORTXHSRGUtDVHUXQDHVFXHODGH1DWV3HURVHSXHGHDUPDUTXHHVWHSURFHVREUHYHPHQWHGHVFULWRHQORVFXDWUR

$35(1'(5/$&21',&,1+80$1$

/DFRQFLHQFLDGHVHUUHFRQRFLGRVDEUHDODRUJDQL]DFLyQ\PRYLOL]DFLyQSDUDVHUUHVSHWDGRVHQVXVGHUHFKRV/DHVFXHODHVSDUWHGHODYLGDQRVyORGHORV11$7VVLQRGHODSUHRFXSDFLyQGH VXV IDPLOLDV /RV 11$7V HQWRQFHV VH RUJDQL]DQ \ VH PRYLOL]DQ SRUORJUDU HPDQFLSDUVH GH WRGR DTXHOOR TXH OHV DIHFWD GHPDQHUD QR SRVLWLYD\ SDUD DEULUVH XQ HVSDFLR HQ VX HQWRUQR GH UHFRQRFLPLHQWR \ GH UHVSHWR9DQ DSUHQGLHQGR TXH VLQ RUJDQL]DFLyQ VRFLDO VHUiPiV OHQWD OD FRQTXLVWDGH VXV GHUHFKRV /D SUHVHQFLD FHUFDQDGHO0DQWKRF \ VX LQYROXFUDPLHQWRHQODVPRYLOL]DFLRQHVSRUHOGH0D\R\SRUORJUDUHOUHFRQRFLPLHQWRGHVXHVFXHODSRUSDUWHGHOPLQLVWHULRGHHGXFDFLyQFRQVWLWX\HQXQDH[SHULHQFLDSURIXQGDPHQWHFRKHUHQWHFRQ ORDSUHQGLGRHQVXHVFXHOD\ ORYLYLGRFRPRDPLVWDG VROLGDULD 8QD DPLVWDG TXH GHVERUGD \ VH FRQFUHWD HQ FDULxRUHVSHWRH[LJHQFLD3HURQRVyORKDEtDXQHVIXHU]RSRUKDFHUGHODSUHQGHUHOUHVSHWRXQDFRQGLFLyQGHODDPLVWDGUHDOVLQRTXHVHUHTXHUtDGLVFLSOLQDUVHFRPRJUXSRSDUDFXPSOLUDFDEDOLGDG ORSURSXHVWR IUHQWHD ORVGHPiV(QHVWH SURFHVR ORV QLxRV WUDEDMDGRUHV GHO PHUFDGR KDVWD HQWRQFHV YLVWRVFRPRQLxRVPDOFULDGRVDWUHYLGRVHPSH]DURQDVHUYLVWRVFRPRFDPELDQGRHQDOJXQRVDVSHFWRVGHQRVHUELHQFRQVLGHUDGRVSRUWUDEDMDUHOORVPLVPRVHPSH]DURQDVHQWLUVHRUJXOORVRVGHVHU WDOHV(VHGtDGHO WUDEDMRSULPHURGHPD\R ORV1DWVKLFLHURQXQDPDUFKDVLPSiWLFDGHVGHHOPHUFDGRKDVWDXQ EDUULR DO ODGR 9LOOD0DUtD 6H SXHGH HQWHQGHU HQWRQFHV TXH LGHQWLGDG\DXWRHVWLPDFROHFWLYDV H[SUHVDEDQXQQXHYRFOLPD XQDVXEMHWLYLGDG FRQUDVJRVSRVLWLYRV

6HUQLxRWUDEDMDGRUYDORUDGRXQDH[SHULHQFLDGHGLJQLGDG(QWRQFHVYROYHPRVDOSXQWRGHSDUWLGDORDQWHVTXHHUDPRWLYRGHGLVFULPLQDFLyQGHQHJDUOHVVXFRQGLFLyQGHQLxRVGHYHUORVKDVWDFRPRXQSHOLJUR\GHTXHPXFKRVGHHOORVPLVPRVLQWHUQDOL]DUDQHVWRVGLVFXUVRVFRQODVLPSOLFDFLRQHVKXPDQDV \ SHUVRQDOHV TXH HOOR DUUDVWUD HPSH]DURQ D DXWRUHFRQRFHU VXWUDEDMRFRPRVRFLDOPHQWH~WLO\SHUVRQDOPHQWHJUDWLFDQWH8QDH[SHULHQFLDGHGLJQLGDGTXHGHEHVHUSDUDWRGRVORVQLxRV\QLxDVVLQGLVWLQFLyQDOJXQD

-XQWDUVHWRGRV\WRGDVSRUODGLJQLGDGGHFDGDQLxR\QLxD$xRV PiV DGHODQWH ORV QLxRV GH ODV HVFXHODV GH 11$7V FRQMXQWDPHQWHFR ORV11$7V RUJDQL]DGRV QR VyOR HQ HO0DQWKRF VLQR GHVGH HQ HO011$7623LUiQVLHQGRSDUWHGHFROHFWLYRVUHGHV\RUJDQL]DFLRQHVDQLYHOQDFLRQDOUHJLRQDORGLVWULWDO/DIXHU]DGHOFDULxR\GHODIHFWRFRPRH[SHULHQFLDSHUVRQDO \ FROHFWLYD DEUD OD LPDJLQDFLyQ VRVWLHQH OD FUHDWLYLGDG LQVSLUDUHQRYDGDVIRUPDVGHHQFDUDUODYLGD\DUPDUVXFRQGLFLyQGHFLXGDGDQRV\FLXGDGDQDV

(VDVtFRPRHQUHODFLyQWDQWRDQLxRVQLxDV\DGROHVFHQWHVFRPRDOiPELWRGHODHVFXHODVHIXHHQWHQGLHQGRODSHGDJRJtDGHODWHUQXUD\VXPDQHUDGHYLYLUODHQODHVFXHOD\IXHUDGHHOOD

$35(1'(5/$&21',&,1+80$1$

1RWD )$6(\6HWUDWDGHGLPHQVLRQHVGHODUHODFLyQSHGDJyJLFD 3$626HWUDWDGHFRPSRQHQWHVGHXQDH[SHULHQFLDHQWHQGLGDFRPRSURFHVR LQWXLWLYR (ODERUDFLyQ

$35(1'(5/$&21',&,1+80$1$

'(/ 3527$*21,602 $/ &23527$*21,602

\ HO GHVWLQR FRP~Q GHO SODQHWD FRPR SODQWHD*DGRWWL 3HUR WDPELpQ HVXQDQXHYDHQWUDGDHSLVWHPROyJLFDSDUDUHHQWHQGHUODRSFLyQSRUORVSREUHVGHODWLHUUD LJXDOPHQWHPDUFDGDSRUHODPRUTXHORVWUDVFLHQGH\ ORVKDFHSRUWDGRUHVGHODXWRStDTXHLQFOX\HDWRGRV\DWRGRHOXQLYHUVR

(QHVWDVHJXQGDHGLFLyQTXHGDQD~QDELHUWDVGRVFXHVWLRQHVFHQWUDOHV8QDUHHUH D UHWUDEDMDU ORV HMHV FHQWUDOHV GHVGHXQDSHUVSHFWLYD TXHGLDORJXHFRQ ODV FXOWXUDV RULJLQDULDV GH QXHVWURV SDtVHV ODWLQRDPHULFDQRV /D RWUDWLHQHTXHYHUFRQODQHFHVLGDGGHOOHJDUDSHQVDUODSHGDJRJtDGHODWHUQXUDGHVGHVXUHIHUHQFLDEtEOLFRWHROyJLFD MXGHRFULVWLDQD\ ORVDSRUWHVGHVGHHOEXGLVPRHO,VODP\GHVGHODDSOLFDFLyQGLGiFWLFRSHGDJyJLFDDHVFXHODVGHSDGUHVDODIRUPDFLyQGRFHQWHDODSURSXHVWDFXUULFXODUVHJ~QODVGLVWLQWDVPRGDOLGDGHV \ JUDGRV3DUD HVWR ~OWLPR SRGHPRVDVHJXUDU TXH HQ EUHYHVHJXLUiDHVWDVHJXQGDHGLFLyQ ODSXEOLFDFLyQGHXQDSURSXHVWDTXHGDUiFXHQWDGHORDYDQ]DGRHQHVWHFDPSR

/LPDGH(QHUR

0*DGRWWLRSFLWS(OPLVPR/HRQDUGR%RII KDEtD DERUGDGR HVWD SHUVSHFWLYD GH OD QR FRQWUDGLFFLyQ HQWUH KDFHU GH OD WLHUUD HO QXHYR SDUDGLJPD\YHUDOOtUHDOL]DGRHOLGHDOKLVWyULFRGHORVSREUHV\ODDSXHVWDGHODWHRORJtDGHODOLEHUDFLyQYHU,ELGHPS

$35(1'(5/$&21',&,1+80$1$

GHTXHVHKDQLGRDFXxDQGRFRPRSHGDJRJtDGHODHVSHUDQ]DSHGDJRJtDGHOGHVHRSHGDJRJtDGHODPRUSHGDJRJtDGHODFRPSDVLyQSHGDJRJtDGHODUHYROXFLyQHWF(QRWUDVSDODEUDVELHQSRGUtDPRVHVWDUDQWHXQDH[SUHVLyQIHOL]HYRFDWLYD\VXVFLWDGRUDGHXQVHQWLPLHQWRDJUDGDEOH\KDVWDQRVWiOJLFR'HVHUVyORHVRHVWDUtDPRVDQWHODDXWRGHVFDOLFDFLyQGHXQGLVFXUVRTXHSUHWHQGH DQLPDU XQD SUiFWLFD HGXFDWLYD GH WUDVFHQGHQFLD \ TXH HQWRQFHVSHUGHUtDWRGRVXSRWHQFLDOUHQRYDGRUTXHODSURSLDSHGDJRJtD\ODSUiFWLFDHGXFDWLYDHVWiQ OODPDGDVDGHVDUUROODU1RVLQUD]yQ(0RULQQRVUHFXHUGDFyPR ODV IRUPDV LQVWLWXFLRQDOL]DGDV TXH ORV FRQRFLPLHQWRV KDQ VXIULGR HQHOVLVWHPDGHGLVFLSOLQDVGHHVWXGLRHQHOiPELWRHVFRODUKDFHQLPSRVLEOHDSUHQGHU TXp VLJQLFD VHU KXPDQR 3HUR HO PXQGR H[WUDHVFRODU QR HVPHQRVTXHODHVFXHODHQKDFHULPSRVLEOHTXHSRGDPRVDSUHQGHUTXpHVVHUKXPDQRVSRUHO FRQWUDULRHVWiQ LQVWDODGRVP~OWLSOHV\SRGHURVRV IDFWRUHVTXHSURYRFDQPiVELHQXQ LQGHFOLQDEOHSURFHVRGHSpUGLGDGHOVHQWLGRGHKXPDQL]DFLyQ 6L DSUHQGHU OD FRQGLFLyQ KXPDQD KD GHYHQLGR WDUHD GLItFLOFXDQGRQRLPSRVLEOHHQFLUFXQVWDQFLDVHQVHxDUODFRQGLFLyQKXPDQDHVXQUHWR D~QPD\RU3HURTXLVLpUDPRVTXHDTXHOOR GHDSUHQGHU OD FRQGLFLyQKXPDQDGHYLQLHUDFRPRHOREMHWLYRGHWRGDDFFLyQSHGDJyJLFD\FRPRHOHMHYHFWRUGHQXHVWUDVUHH[LRQHVVREUHSHGDJRJtDGHODWHUQXUD

0~OWLSOHV VRQ ORV OtPLWHV GH HVWH HQVD\R ORV FRQFHSWXDOHV FRPR ORVDSOLFDWLYRV6HUtDLPSRUWDQWHPRVWUDUFyPRODOLWHUDWXUDSHUXDQDWDQWRDQWLJXDFRPRFRQWHPSRUiQHDUHHUHDODWHUQXUDDORVVHQWLPLHQWRVDORVDIHFWRVFyPRODFDQFLyQ\HOFLQHQDFLRQDOHVDERUGDQHVWHYDVWR\FRPSOHMRPXQGRGH ODV UHODFLRQHVKXPDQDVVLJQDGDVSRU OD WHUQXUD \HVSHFtFDPHQWHTXpEDUUHUDVOHYDQWDQHQHVFHQDVGHVFULWDVDVtFRPRHQODOHWUDGHODOODPDGDFDQFLyQVH[XDODGLVFXUVRVTXHKDJDQDFHSWDEOHXQDERUGDMHSRVLWLYRGHODWHUQXUDFRPRXQFRPSRQHQWHGHODYLGDFRWLGLDQDS~EOLFDFRPRSULYDGD3HURLJXDOPHQWHKD\XQOtPLWHHQDXVHQFLDGHXQDUHYLVLyQVHULDGHORSURGXFLGRHQSVLFRORJtDPHGLFLQDSVLTXLDWUtD\SVLFRDQiOLVLVHQORVRItD\HQVRFLRORJtDUHVSHFWRDORTXHDTXtLQWHQWDPRVHQWHQGHUSRUWHUQXUD7HQGUtDPRVTXHKDEHUUHYLVDGRODSURGXFFLyQQDFLRQDOHVWULFWDPHQWHHQHOFDPSRGHODSHGDJRJtD\SDUWLUWDPELpQGHOHURVDQGLQRH[SUHVDGRHQSRHPDVFXHQWRV\PLWRORJtDV\HQHODUWHGHKXDFRVHUyWLFRVFRPRVHOHVVXHOHFRQRFHUSHURVREUHWRGRHQODULWXDOLGDGGHODVSREODFLRQHVDPD]yQLFDV\HQHOULWPRGHODP~VLFD\ODH[SUHVLYLGDGDIURSHUXDQD7RGRHOORKDEUtDGDGRPD\RUFRQVLVWHQFLD\VDERUORFDOQDFLRQDODODVUHH[LRQHVTXHVHRIUHFHQ -RDR)UDQFLVFRGH6RX]D8PDSHGDJRJtDGD5HYROXoiR&RUWH](GLWRUDSiJLQDV:ROIJDQJ%UH]LQND /D3HGDJRJtDGH OD1XHYD,]TXLHUGD$QiOLVLV\&UtWLFD 338%DUFHORQD1RFRQFRUGDPRVFRQ ODV LGHDV H[SUHVDGDV SRU HO WUDGXFWRU -RVp 0D 4XLQWDQD &DEDQDV H[SUHVDGDV HQ OD 3UHVHQWDFLyQ /D 3HGDJRJtD GH OD /LEHUDFLyQHQHIHFWRSDUDHOSUHVHQWDGRUGHODHGLFLyQHQHVSDxROSDUHFLHUDTXHWRGRORWUDEDMDGRHQ$PpULFD/DWLQD QRHVVLQRDOJRTXHORVHXURSHRV\DKDEtDQLQYHVWLJDGR\HVFULWR(QXQFRQWH[WRGHJOREDOL]DFLyQLQIRUPiWLFDFDGD GtDVHUiPiVGLItFLOSUHWHQGHUXQWLSRGHRULJLQDOLGDGDEVROXWDXQDHVSHFLHGHFUHDFLyQH[HQKLORSHURHQSDUWLFXODU TXLWDUOHRULJLQDOLGDGUHODWLYDDRWUDVPDQHUDVGHSHQVDU\GHDFHQWXDUWHPiWLFDV1LDPHULFDQRFHQWULVPRVQLYHWXVWRV HXURFHQWULVPRV (Q/RVVLHWHVDEHUHVQHFHVDULRVSDUDODHGXFDFLyQGHOIXWXUR3DLGyVS ,ELGHP&DStWXOR,,,(QVHxDUODFRQGLFLyQKXPDQDS 9HUHOLQWHUHVDQWHHLOXVWUDWLYRWUDEDMRGH$QGUpV&KLULQRV5\$OHMR0RTXH&DSLUD(URVDQGLQR&%&&X]FR SiJLQDV

$35(1'(5/$&21',&,1+80$1$

WHUQXUDHVQHFHVDULRFRQRFHUHOSRUTXpHOFyPRFXiQGRGyQGHFRQTXpLQVWUXPHQWRV\SRUTXLpQKDVLGRFRQVWUXLGDWHQLHQGRHQFXHQWDQDWXUDOPHQWHHVSHFLFDUODVFRRUGHQDGDVKLVWyULFDV

$XQTXH QR HV SURSyVLWR GH HVWH HQVD\R FRQYLHQH UHFRUGDU TXH GHVGH ODOH[LFRORJtDOLQJtVWLFDODVHPLyWLFDODORVRItDGHOOHQJXDMHHWFHVSHUWLQHQWHKDFHU XQD HYDOXDFLyQ GHO FDPSR VHPLyWLFR GHO FDPSR FRJQLWLYR TXH ORVGLVFXUVRVGHODSHGDJRJtDGHODWHUQXUDKDVWDGRQGHVHKDOOHJDGRH[SUHVDQ(OORQRVSHUPLWLUtDGHYHODUORVDSRUWHVTXHGLFKDSHGDJRJtDSXHGHRIUHFHUDOSHQVDPLHQWRSHGDJyJLFR\D ODDFFLyQHGXFDWLYDSHUR WDPELpQQRVDEULUtDXQPDUJHQGHUHFRQRFLPLHQWRGHVXVSURSLDVODJXQDV1RREVWDQWHVHWUDWDHQWRQFHVGHXQDQiOLVLVPXOWLGLVFLSOLQDULR TXHGHYLHQH LPSUHVFLQGLEOH VL VHTXLHUHGRWDUDORVGLVFXUVRVGHSHGDJRJtDGHODWHUQXUDGHXQFRUSXVWHyULFRIXQGDPHQWDO/RVGLVFXUVRVGHSHGDJRJtDGHODWHUQXUDHQFXDQWRGLVFXUVRVVRFLDOHVQRGHEHUtDQHOXGLUXQDERUGDMHH[LJHQWHGHVGHODVGLVFLSOLQDVTXHOR KDJDQ FRQVLVWHQWHKDELGD FXHQWD TXH HO OHQJXDMH HV HQ SULPHU OXJDUUHVXOWDGRGHIDFWRUHVH[WUDOLQJXtVWLFRVGHFDUiFWHUVRFLRFXOWXUDOTXHDGHPiVQRVSHUPLWHQUHFRQRFHUVXKLVWRULD\HOPLOLHXHQHOTXHHPHUJHQ(QVtQWHVLVHODQiOLVLVGHORVGLVFXUVRVVRFLDOHVFRPRHVHOGHODSHGDJRJtDQRVDOHUWDVREUHHOXVRGHOOHQJXDMHFRPRXQDIXHQWHGHFRORQL]DFLyQDOHQWUHJDUQRVRSUHWHQGHULPSRQHUQRVFDPSRVVHPiQWLFRVHVGHFLUGHFRQWHQLGRVFRJQLWLYRVFDPSRVGH LGHRORJtDTXHQDOPHQWHVRQFDPSRVGHSRGHU1XHVWURSURSLRGLVFXUVRVREUHSHGDJRJtDGHODWHUQXUDGHEHSDVDUSRUHOH[DPHQGHODQiOLVLVGHVXGLVFXUVLYLGDG

(QHOFRQWH[WRGHXQDFULVLVQRUHVXHOWD

0HGLDGRVGHORVVLJQLFDQXQDHQWUDGDIUDQFDHQORTXHVHGLRHQOODPDUODFULVLVGHOHQDGHODQWH/XHJRGHVLHWHXRFKRDxRVGH*RELHUQRPLOLWDUHQHOSDtVVHUHVLHQWHQORVHIHFWRVGHODUHFHVLyQHFRQyPLFD\HQORVRFLDO\SROtWLFRODDPHQD]DSDUDORVLQWHUHVHVGHODVFODVHVGRPLQDQWHVODUHVSXHVWDGHXQDROLJDUTXtDIURQWDOPHQWHJROSHDGDSRUODVUHIRUPDVGHORVPLOLWDUHV\SRURWURODGRODIXHU]DTXHYHQtDQFREUDQGRORVVHFWRUHVSRSXODUHVRUJDQL]DGRV/DFULVLVWHQtDTXHYHUFRQODHYLGHQFLDGHORVOtPLWHVGHOSUR\HFWRUHIRUPLVWDGH ORVPLOLWDUHV\FRQ ODFUHFLHQWHGHPDQGDSRUVHFWRUHVSRSXODUHVGHVGHODV EUHFKDV TXH GLFKDV UHIRUPDV SHUPLWtDQ DYL]RUDU HQ OD SUiFWLFD &DEHLJXDOPHQWH VHxDODU ODV WHQVLRQHV OLPLWDFLRQHV \ KDVWD OD SRFD FDSDFLGDG

-,%HGR\D(SLVWHPRORJtD\3HGDJRJtD(&2(%RJRWiSTXLHQUHFRJHHVWDVLGHDVGH5)RUQDFD 9HU7HXQ$9DQ'LMN FRPSLODGRU (O GLVFXUVR FRPR HVWUXFWXUD \ SURFHVR *HGLVD HGLW (O HVWXGLR GHO GLVFXUVRS5REHUWGH%HDXJUDQGH/DVDJDGHODQiOLVLVGHOGLVFXUVRLELGHPSVV5XVVHOO67RPOLQHW$OLL 6HPiQWLFDGHOGLVFXUVRLELGHPS 0DULR)UDQFLRQL3VLFRDQiOLVLVOLQJtVWLFD\HSLVWHPRORJtD*HGLVDHGLWSDVVLP(OLVHR9HUyQ/D6HPLRVLV6RFLDO)UDJPHQWRVGHXQDWHRUtDGHODGLVFXUVLYLGDG*HGLVDHGLWS&$%RZHUV'HWUiVGHOD$SDULHQFLD+DFLDODGHVFRORQL]DFLyQGHODHGXFDFLyQ3UDWHFS

$35(1'(5/$&21',&,1+80$1$

$35(1'(5/$&21',&,1+80$1$

(VSDUWHGHODKHUHQFLDGHOGLVFXUVRGHODWHRORJtDGHODOLEHUDFLyQ\GHODHGXFDFLyQSRSXODU

4XL]iRWUDGH ODV UHH[LRQHVTXHHVSHUWLQHQWHKDFHU UHHUHDTXHGHVGHPHGLDGRV GH ORV VH LQLFLD XQD FUHFLHQWH \ SRVLWLYD UHDFFLyQ HQ ODVLJOHVLDV IUHQWH D OR TXH VH GLR HQ OODPDU OD WHRORJtD GH OD OLEHUDFLyQ (VWHQR IXH XQ IHQyPHQR UHGXFLEOH D OD LJOHVLD FDWyOLFD WDPELpQ VH IXH GDQGRHQ VHFWRUHV SURWHVWDQWHV 7DQWR ODV SXEOLFDFLRQHV GHO &HQWUR GH (VWXGLRV\3XEOLFDFLRQHV&(3HQ3HU~ FRPR ODVGHO&(/$'(&VRQXQ UHHMRGHOIHQyPHQRTXHHQORVDxRVRFKHQWDGHYLHQHHQXQDFODUDGHVFDOLFDFLyQGHHVFULWRUHV\PDWHULDOHVTXHDERUGDEDQWDQWRFXHVWLRQHVWHROyJLFDVFRPRGHHGXFDFLyQSRSXODU3HURDGHPiVHOSDSHOS~EOLFRTXHVHFWRUHVGHDYDQ]DGDKDEtDQ MXJDGRGXUDQWH ORVSUiFWLFDPHQWHSDVDQDXQDFLHUWDGLVFUHFLyQ\KDVWDGHIUDQFDUHWLUDGDGHHVFHQDULRVHFOHVLiVWLFRVTXHKDEtDQGHYHQLGRDELHUWDPHQWH FRQWUDULRVDO GLVFXUVRTXHVHH[SUHVDEDHQ OD WHRORJtDGH ODOLEHUDFLyQ

1RREVWDQWHHVHQHOVHQRGHODFRUULHQWHGHFULVWLDQRVFRPSURPHWLGRVHQORVSURFHVRVGHOLEHUDFLyQHQGLYHUVRVSDtVHVGHOD5HJLyQ\HVSHFtFDPHQWHHQ3HU~GRQGHVHDFXxDELHQDODVQDOHVGHORVODFDWHJRUtDGHHPHUJHQFLDGHO SURWDJRQLVPR SRSXODU TXH KDVWD OD IHFKD VLJXH VLHQGR HQ HO FDVRGH ORV PRYLPLHQWRV GH LQIDQFLD WUDEDMDGRUD RUJDQL]DGD XQR GH VXV HMHVSDUDGLJPiWLFRVHQGLVFXUVRVFRQFHSWXDOHVFRPRGHDFFLyQSUiFWLFD3RGHPRVGHFLUTXHVRQORVPRYLPLHQWRVGH1$7VTXHKDQPDQWHQLGRFRPRUHIHUHQWHLGHQWLFDWRULR \ IDFWRU GH GLQDPL]DFLyQ VRFLDO DTXHOOR GH OD SURPRFLyQ GHOSURWDJRQLVPRFRPRXQDHVSHFLHGHFRQWUDGLVFXUVRDODKLVWRULDGHODLQIDQFLDHQWHQGLGDWUDGLFLRQDOPHQWHFRPRGHVWLQDGDDODSURWHFFLyQ\DOFRQWUROSRUSDUWHGHODVRFLHGDGDGXOWD

3HUR XQR GH ORV WHPDV YHUWHEUDGRUHV GH OD WHRORJtD \ HVSLULWXDOLGDG GH ODOLEHUDFLyQHVODUHODFLyQHQWUHMXVWLFLD\FDULGDG$OOtFUHHPRVHQFRQWUDUODVUDtFHVUHPRWDVFRQFHSWXDOHVGHORTXHHQHOWHUUHQRGHODSUiFWLFDHGXFDWLYD\ GH OD UHH[LyQ SHGDJyJLFD VHUtD XQRV DxRV PiV WDUGH DTXHOOR GH ODSHGDJRJtDGHODWHUQXUD9HUODWHVLVGH

$35(1'(5/$&21',&,1+80$1$

IXHURQSDUWHVLQVHUYLVLELOL]DGRVHQFXDQWRFRSURWDJRQLVWDVGHPXFKDVGHGLFKDVOXFKDV\PRYLOL]DFLRQHV(VWDUSUHVHQWHQRVLJQLFDWHQHUVLJQLFDFLyQSROtWLFDQLGHMDURLUHO WRQRGHVXVSURSLDVYRFHV7RGRHOORVH LUiKDFLHQGRSRVLEOHHQORV~OWLPRVWUHLQWDDxRVPX\OHQWDPHQWHSXHVODVXEMHWLYLGDGVRFLDO\ORVHVTXHPDVPHQWDOHVTXHODMXVWLFDQQRVHPXGDQGHXQGtDDRWUR/RVQLxRV\QLxDVH[SHULPHQWDQGHVGHHQWRQFHVORPLVPRTXHDFRQWHFLHUDFRQODVPXMHUHV\FRQORVLQGtJHQDVGHVGHTXHODPRGHUQLGDGGHQDOHVGHOVLJOR;9,,, OHV UHFRQRFLHUD IRUPDOPHQWH GHUHFKRV LJXDOHV TXH ORV LQFOX\HUD HQFXDQWRWLWXODUHVVREUHHOSDSHO\ODVSDODEUDVFRPRFLXGDGDQRVSHURTXHHQHOFRPSOHMR WHMLGRVRFLDO\SROtWLFRSHUPDQHFLHUDQSRUGRVVLJORVRPiVHQFRQGLFLyQGHLQFOXLGRVHQFXDQWRH[FOXLGRVGHWHQLGRVHQFXHQWDHQFXDQWRPDUJLQDOHV/DLQIDQFLDVHHQFXHQWUDD~QDODOEDGHHVWHSURFHVR\HQFDUDFRPR OR KLFLHUDQ ODVPXMHUHV D\HU XQD GHVLJXDO OXFKD SRU KDFHU YDOHU VXFRQGLFLyQLJXDOLWDULD

3HUR ORV PRYLPLHQWRV GH PXMHUHV KDQ DVHVWDGR XQ GXUR JROSH D ORVIXQGDPHQWRV\DODVSUiFWLFDVTXHGHHOODVHGHULYDQDODFXOWXUDSDWULDUFDO(V D WUDYpV GH HVWDV JULHWDV TXH OD LQIDQFLD SXHGH YHU DEULUVH XQ FDPLQRTXH IDFLOLWH TXH VHD UHFXSHUDGD FRPR VXMHWR \ VDOLU GH VX FRQGLFLyQ GHREMHWRGHOREXHQR\GHORPHQRVEXHQRTXHOHWRFDVRSRUWDU&LHUWDPHQWHTXHKD\tQGLFHVDOHQWDGRUHVTXHPXHVWUDQFyPRODLQIDQFLDQRREVWDQWHORJUDYHGH VLWXDFLRQHVHVSHFtFDVHQQXHVWUD5HJLyQ YDHPHUJLHQGRFRPRVXMHWRVRFLDO/RVPRYLPLHQWRVVRFLDOHVGH1DWVVRQXQJHUPHQFRQFUHWRTXHSHUPLWHDYL]RUDUDYDQFHVPiVGHFLVLYRV\HVSHUDQ]DGRUHV

(QVtQWHVLVSRGHPRVUHFRJHUORVJUDQGHVWHPDVTXHHQWUDURQHQSURIXQGDUHYLVLyQH LQFOXVRFX\RVGLVFXUVRVVHHYLGHQFLDURQFRPRLQVXFLHQWHVSDUDSHUPLWLUXQDUHVSXHVWDFRQVLVWHQWH\HFD]DOLPSDFWR\VHFXHODVGHODFULVLV/RPiVJUDYHIXHORTXHVHVROtDGHFLUFXDQGRODPDWDQ]DGHVHLVREUHURVGH OD IiEULFD&URPRWH[\XQRGHHOORVFDVLPRULEXQGRVHQWHQFLy/DYLGDFRPSDxHURVQRYDOHQDGD6HKDEtDSHUGLGRHOVXMHWRHVDFRQWULEXFLyQWDQGHFLVLYDGHODPRGHUQLGDGFRQODSpUGLGDGHOVXMHWRVHGHVYDQHFHWRGRGLVFXUVRTXHSUHWHQGDVHUH[SUHVLyQGHXWRStDHYRFDFLyQ\FRPXQLFDFLyQGHHVSHUDQ]DGHHQWXVLDVPRHVGHFLUVHKDFHOHMDQDODDOHJUtDVHWLHQGHDHVFRQGHUVHQWLPLHQWRV\VHYXHOYHODVRFLHGDGDYDUDHQJHQHURVLGDGHQFDSDFLGDGGHGRQ3HURDGHPiVRUHFHQVHQWLPLHQWRVGHSHVDU GHSHQDGH UHVHQWLPLHQWR GH YHQJDQ]D GH GHVTXLWH VH SURGXFH XQ UHWLUDUVH DOPXQGRSHTXHxRGHORVTXHVRQtQWLPRVGHORVTXHXQRVtVHSXHGHDU'HVGLEXMDGR VRFLDO \ SROtWLFDPHQWH HO VXMHWR VH SLHUGH FRPR VXMHWR pWLFRFRPR OXJDUGHHQFXHQWURFRPRSRVLELOLGDGGHKXPDQL]DFLyQFRPRHOTXHQXQFDGHEHGHMDUGHDSUHQGHUODFRQGLFLyQKXPDQD

$35(1'(5/$&21',&,1+80$1$

GLVFXUVRGHSHGDJRJtDGH OD WHUQXUD OHMRVGH VHU XQD FXHVWLyQ IDOVDPHQWHHVSLULWXDOLVWD HV IXQGDPHQWDOPHQWH XQ UHHQFXHQWUR FRQ HO FXHUSR FRQ ORPDWHULDOFRQORUHDOFRQFUHWR1RVHSXHGHDSUHQGHUODKXPDQLGDGVDOWiQGRVHTXH HVWH DSUHQGL]DMH WLHQH LQVRVOD\DEOHPHQWH XQ HVHQFLDO FRPSRQHQWH GHFRUSRUHLGDG(VWDSHUVSHFWLYDHVWXYRGHDOJXQDPDQHUDSUHVHQWHHQHOSULPHULQWHQWRGHIRUPXODUDOJXQDVUHH[LRQHVVREUHORTXHHQWRQFHVVHHPSH]yDOODPDUSHGDJRJtDGHODWHUQXUD

&DEHSUHJXQWDUVHSRUHOWLSRGHVXEMHWLYLGDGGHVHQWLPLHQWRVHPRFLRQHVTXHSUHGRPLQDEDQHQHOFRQWH[WRGHORVLQLFLRVGHOGLVFXUVRGHODSHGDJRJtDGHODWHUQXUD1RVDWUHYHUtDPRVDVHxDODUSRUHMHPSORTXHODVXEMHWLYLGDGVRFLDO\SHUVRQDOHVWDEDPDUFDGDSRUHOWHPRUSRUHOPLHGRSRUODLQVHJXULGDG\SRUODSURIXQGDGHVFRQDQ]DHQHOQRFRQRFLGRSRUHOVLOHQFLRRODSURKLELFLyQGHODSDODEUD(QWUHORVVHQWLPLHQWRVPiVUHFRQRFLEOHVHUDHOGHODLPSRWHQFLDHOGHVDEHUTXH ODYHUGDGQRVHUYtDSDUDSURWHJHU ODYLGD\TXHKDEtDTXHPHQWLU HO VHQWLPLHQWR GH FXOSD DQWH GHVDSDUHFLGRV R DVHVLQDGRV FXDQGRGHODSDODEUDGHXQRGHSHQGtDTXHVHOLEHUDUDQRTXHORVDMXVWLFLDUDQSHURDVLPLVPR HO VHQWLPLHQWR GH GRORU LQFRQWHQLEOH (QWUH ODV HPRFLRQHV HOWHUURUHOSiQLFRODLUDHORGLR7RGRHOORFRQJXUDXQUDGLFDOFDPELRGHORVLPDJLQDULRVFROHFWLYRV

6HLQVWDODQOyJLFDVDEVROXWDPHQWHLOyJLFDVFRPRODLQYHUVLyQGHODSUXHEDODWUDLFLyQFRPRSUHPLDGDFRQODEHQLJQLGDGGHODSHQD&RQFOXLGRHOFRQLFWRIRUPDOPHQWH DVLVWLPRV D OD QHFHVLGDG QR VyOR GH UHSDUDFLRQHV FRPR ORSODQWHDOD&95VLQRDGHPiVDODXUJHQFLDGHXQSURJUDPDQDFLRQDOGHVDOXGPHQWDO

&XDQGRHQWUDPRVHQHOWHUUHQRGHODSHGDJRJtD\GHODHGXFDFLyQLQJUHVDPRVDDFFLRQHVGHPHGLDQR\ODUJRSOD]RHVGHFLUORVWLHPSRVTXHGHPDQGDQODVWUDQVIRUPDFLRQHVFXOWXUDOHV/DSHGDJRJtDGHODWHUQXUDVHLQVFULEHHQHVHKRUL]RQWH HO GH ORV ODUJRVDXQTXHQHFHVDULRV SURFHVRVGH WUDQVIRUPDFLyQFXOWXUDO TXH LPSOLFD XQD UHYLVLyQ GH ORV SUHVXSXHVWRV FRQFHSWXDOHV TXHVXE\DFHQDODVSUiFWLFDVVRFLDOHVHGXFDWLYDVSHURDGHPiVGHODVSURSLDVSUiFWLFDV

)LQDOPHQWH SRGHPRV GLVWLQJXLU HQ OD SURSLD LQWXLFLyQ TXH GD RULJHQ DOGLVFXUVR GH SHGDJRJtD GH OD WHUQXUD VXV UDtFHV KXPDQLVWDV 3HUR FDEHVHxDODUGRV IDFWRUHVPiV(OSULPHUR UHHUHDTXHHOFRQWH[WRGH ORV\HV IXQGDPHQWDOPHQWHXQFRQWH[WRGHSREODFLRQHV DIHFWDGDV1RHVXQFRQMXQWRRUJDQL]DGRFRQXQDYR]FRP~QRUJiQLFD\FRQYLVLELOLGDGS~EOLFDUHFRQRFLGD (V GHFLU VH WUDWD GH XQ GLVFXUVR FRPR HO GH OD SHGDJRJtD

$&XVVLiQRYLFK$~Q\RQRVR\HQ+DVWDVXVPHQRUFLWRVDKRUDOORUDQ9LROHQFLDFRQWUDQLxRVQLxDV\ DGROHVFHQWHV$63(0$352'(+SDVVLP

$35(1'(5/$&21',&,1+80$1$

WRGRHODVSHFWRGLGiFWLFRPHWRGROyJLFRSURJUDPiWLFRTXHHVORTXHLQWHUHVDVREUHPDQHUDDGRFHQWHVHVDOJRTXHQRHVWi WUDEDMDGR(QFXDUWR OXJDUSRUTXHFRQHVWDVOLPLWDFLRQHVHOGLVFXUVRFDVLTXHGDFRPRXQDLQYRFDFLyQLGHDO FRPRXQ OODPDGRPRUDO FRPRDOJR OLEUDGRD ODEXHQDYROXQWDGFRQHO ULHVJR GH VHU DVLPLODGR FRPR SUiFWLFD SHUVRQDO \ QR DVXPLGR FRPRFRPSRQHQWHGHXQTXHKDFHUPD\RUpWLFD\SROtWLFDPHQWHKDEODQGR(QTXLQWROXJDUHOKHFKRGHTXHVHDXQGLVFXUVR LQVSLUDGRHQHVWRV~OWLPRVDxRVHQXQPRYLPLHQWRGHQLxRVWUDEDMDGRUHVORKDFHSDVLEOHGHODVREVHUYDFLRQHV\ FXHVWLRQDPLHQWRV TXH DTXHOORV SDGHFHQ HQ VRFLHGDGHV HQ ODV TXHHVWiQSXHVWRVEDMRVRVSHFKDSRUVHUPHQRUHVGHHGDG\SRUVHUDGHPiVWUDEDMDGRUHVVLQPD\RUVLJQLFDQFLDHQODHFRQRPtDQDFLRQDO\XQDHVSHFLHGH IHQyPHQR FRQWUD QDWXUD SDUD ORV HVTXHPDV GRPLQDQWHV VREUH LQIDQFLD\ WUDEDMR(VWDVVRQDOJXQDV UD]RQHVDFXPXODWLYDVTXHSXHGHQH[SOLFDUHOHVWDGLRDFWXDOGHODSUHVHQFLDS~EOLFDGHOGLVFXUVRGHSHGDJRJtDGHODWHUQXUD7HQHPRVODLPSUHVLyQTXHGHHVWRQRHVFDSDHOGLVFXUVRVREUHSHGDJRJtDGHODWHUQXUDTXHOOHJDGHVGHHOWUDEDMRGHHGXFDGRUHVFXEDQRV\TXHVHUHFRJHHQXQLQWHUHVDQWHSHTXHxRWH[WRVREUHHOSXQWR

(Q VRFLHGDGHV GHO GHVHQFXHQWUR HV GHFLU GH OD ELIXUFDFLyQ GH ODLQFRPXQLFDFLyQ GH ODV GLVWDQFLDV VRFLDOHV GH ODV GLVFULPLQDFLRQHV YDULDVQRKDOODHVSDFLR\FRQGLFLRQHVHOGHUHFKRKXPDQRDOHQFXHQWURHQWHQGLGRpVWHFRPRXQDQHFHVLGDGHPDQDGDGHQXHVWUDSURSLDFRQGLFLyQKXPDQD/RTXH(GJDUG0RULQOODPDHODMXVWHGHWULQLGDGHVKXPDQDVSDUDUHFRUGDUQRVTXH VyOR DKt SXHGH WHQHU FDELGD XQ GLVFXUVR TXH DSHOH VLPXOWiQHDPHQWHD OD UDt]GHQXHVWUDFRQGLFLyQKXPDQD\ ODSRVLELOLGDGGHXQGLVFXUVRTXHFRQWULEX\DDVXSURFHVRGHPRGXODFLyQKLVWyULFDVRFLDOHLQGLYLGXDO

3RUWRGRHOORHOGLVFXUVRGHODSHGDJRJtDGHODWHUQXUDYDVXUJLHQGRFRPRXQGLVFXUVRUHVWDXUDGRUHQXQFRQWH[WRGHUXSWXUDVGUDPiWLFDVGHIUDWHUQLGDGGHSURMLPLGDGGHHVFDVDVUHODFLRQHVSURGXFWLYDVGHKXPDQLGDG3RGUtDPRVKDFHUXQSDUDQJyQFRQ ORTXHHVFULEH&DWK\&DUXWKTXLHQH[SOLFDTXHHOWUDXPD\ODUXSWXUDGHSDUWXUHEUHDNTXHVRQSRUORJHQHUDOLQFRQVFLHQWHV\UHDSDUHFHQHQIRUPDVLQFRKHUHQWHVVHDEUHQODSRVLELOLGDGGHYR]DXQDUHODFLyQDODpWLFD\DODSROtWLFDODSRVLELOLGDGGHKLVWRULD\OD]RVFRQRWUDVKLVWRULDVHQORVWLHPSRVSRVHVWUXFWXUDOHV

/7XUQHU0DUWt%3LWD&3HGDJRJtDGHOD7HUQXUDHG3XHEOR\(GXFDFLyQ/D+DEDQD3HGUR/DtQ(QWUDJR7HRUtD\UHDOLGDGGHO2WUR2WUHGDG\3URMLPLGDG,,5HYLVWDGH2FFLGHQWHS\ HQODTXHQRVUHFXHUGDTXHQRKD\SURMLPLGDGVLQHQFXHQWURGDGRTXHHQORVKXPDQRVHOQ~FOHRRQWROyJLFRGHOHQFXHQWUR HVODUHODFLyQHVVHDGDOLXPSXQDUHODFLyQSHWLWLYDSHUVRQDOSRUODTXHXQRVHODQ]DKDFLDORTXHVHEXVFDHVGHFLU OD IRUPD GH UHODFLyQ KXPDQD GH HQFXHQWUR S R OR TXH; =XELUL DUPD OD UHDOLGDG HV VLQWD[LV GLVSRVLFLyQ FRRUGLQDGDFLWDGRLELGS0RULQ/DKXPDQLGDGGHODKXPDQLGDG(O0pWRGRHG&iWHGUD/RKXPDQRVHGHQHHQSULPHUOXJDUFRPR WULQLGDGLQGLYLGXRVRFLHGDGHVSHFLHHOLQGLYLGXRHVXQWpUPLQRGHHVWDWULQLGDGS&LWDGRHQ-DLPH-RVHSK$RSFLWS

$35(1'(5/$&21',&,1+80$1$

IRUPDOPHQWHSHGDJyJLFRQRHVFODUDPHQWHGLVWLQJXLEOH\SLHUGHFRQFUHFLyQHQ OR TXH HQ PDWHULD HGXFDWLYD SRGUtDPRV FRQVLGHUDU FRPR DVSHFWRV GHFXUUtFXOR GH GLGiFWLFD GHPHWRGRORJtD GH DFFLyQ HGXFDWLYD 1R REVWDQWHHVWD SULPHUD HQWUDGD GHYHQtD LQVRVOD\DEOH HQ HOPRPHQWR KLVWyULFR GH VXQDFLPLHQWRDXQTXHIXHUDXQDHQWUDGDHQGHPDQGDOXHJRGHRWURVDYDQFHVTXHVHUHODFLRQDUDQGHIRUPDGLUHFWDWDPELpQFRQHOTXHKDFHUFRWLGLDQRGHWUDEDMDGRUHVVRFLDOHVHGXFDGRUHVGHEDVHGRFHQWHVGHHVFXHODSURPRWRUHVGHVDOXGDGPLQLVWUDGRUHVGHMXVWLFLD

(QHOIRQGR ODKLSyWHVLVTXHVXE\DFtDDOGLVFXUVRVHPLOODVREUHSHGDJRJtDGH OD WHUQXUD QR HUD RWUD TXH OD FHUWH]D LQWXLWLYD GH TXH HQ XQ FRQWH[WRGH UDGLFDO FRQIXVLyQ \ QHJDFLyQ pWLFD HQ OD YLGD GH OD QDFLyQ HUD GHVGHODSURSLDpWLFDTXHGHEtDPRV UHKDFHUVHQWLPLHQWRV\ UHFUHDU UD]RQHVSDUDDSRVWDUSRUORVSHUXDQRV\SHUXDQDV/DpWLFDHVWDEDHQWRQFHVOODPDGDDVHUPDWUL]QHFHVDULDGHXQQXHYROODPDGRDODYLGDHQNRLQRQtD\GHUHWRUQRDODVHQVDWH]GHODUD]yQ

/DSHGDJRJtDGHODWHUQXUDFRPRUHFXSHUDFLyQGHODYR]\GHODSDODEUD

/DSUiFWLFDHGXFDWLYDQRSXHGHHQWHQGHUVHVLVHOHQLHJDFRPRXQDSHUPDQHQWHRFDVLyQ SRU UHFXSHUDU OD SURSLD YR] SRU UHFRQRFHU TXH WRGRV HVWDPRVOODPDGRVDWHQHU\KDFHUVHQWLUQXHVWUDYR]SHUVRQDO\FROHFWLYD(QXQFRQWH[WRFRPRHOHYRFDGRDQWHULRUPHQWHODVRFLHGDGHQSDUWLFXODUDTXHOORVVHFWRUHVPiVGLUHFWDPHQWHDIHFWDGRVSRUODUHDOLGDGGHDQRQLPDWR\GHVLOHQFLRTXHWLHQGHDFUHDUVHHQWLHPSRVUHODWLYDPHQWHSURORQJDGRVGHLQVHJXULGDG\GHGHVSURWHFFLyQODSHGDJRJtDGHODWHUQXUDVHHQWHQGtDFRPRXQDUHVWDXUDFLyQGHODYR]\GHOOHQJXDMHTXHGLHUDQFXHQWDGHODSURSLDLGHQWLGDG

$35(1'(5/$&21',&,1+80$1$

DOHJUtD

$35(1'(5/$&21',&,1+80$1$

OD FRPSOHMLGDG TXH LPSOLFD HO GHVGLEXMDPLHQWR GH VHQWLGRV \ OD SRVLELOLGDGGH FRQVWUXLU RWURV VHQWLGRV DELHUWRV D OD YLGD3HUR DGHPiV OD SHGDJRJtDGH OD WHUQXUDHVXQDSURSXHVWDTXHGHEHDUWLFXODUVHD ORVPHMRUHVDSRUWHVGH RWUDV HQWUDGDV SHGDJyJLFDV SXHV HQ HO IRQGR FRQ WRGDV HOODV HQODPHGLGD HQ TXH pVWDV HVWpQ FHQWUDGDV HQ HO VHU KXPDQR FRPSDUWH HOPLVPRREMHWR&LHUWDPHQWHTXHHVWDPDQHUDGHHQWHQGHU ODSHGDJRJtDGHOD WHUQXUDQRHVFDSDD FLHUWR DQWURSRFHQWULVPR FDUDFWHUtVWLFRGH OD FXOWXUDRFFLGHQWDO \TXH UHTXHULPRVGLODWDUQXHVWUDFRVPRYLVLyQSDUD LQFOXLUHQHOREMHWRGHODSHGDJRJtDWRGRVDTXHOORVVHUHVTXHOODPDPRVLQDQLPDGRV\DODVGHLGDGHVTXHHQFRVPRYLVLRQHVFRPRODVDQGLQRDPD]yQLFDVOHGDUtDQDOGLVFXUVRGHODSHGDJRJtDGHODWHUQXUDXQFDPSRGHVHQWLGRPiVHFROyJLFRSDUDGyMLFDPHQWHPiVFHUFDQRDDSUHQGHUODFRQGLFLyQKXPDQDHQXQSDtVFRPRHOQXHVWUR

3ULPHURVLQWHQWRVGHIRUPXODFLyQ

8QDGHODVSULPHUDVVLQRODSULPHUDIRUPXODFLyQTXHVHKLFLHUDHQQXHVWURPHGLRGHORTXHVHKDGDGRHQOODPDUOD3HGDJRJtDGHOD7HUQXUDGDWDGHFXDQGRVHQRVVROLFLWDUDKDFHUXQDFRQIHUHQFLDDGRFHQWHVOODJDGRVD/LPDGHVGHODVVHUUDQtDVGH&HUURGH3DVFROD2UR\D+XDQFD\R+XiQXFRHWF(O,SHGHKSGHELyLQYLWDUORVDWUDVODGDUVHDODFDSLWDOSXHVKDFHUFXUVRVFRQGRFHQWHVVREUHGHUHFKRVKXPDQRVHQXQDGHODVUHJLRQHVPiVJROSHDGDVSRUHOFRQLFWRDUPDGRGHYHQtDXQDWHPHULGDG1RVHQRVRFXUULyPHMRULGHDTXHDERUGDUHOWHPDGHVGHHOHMHGHODWHUQXUDSUHFLVDPHQWHSRUTXHODJXHUUD\VXVDWURFLGDGHVQRGHMDEDHVSDFLRQLFRQGLFLRQHVKXPDQDVHQODSREODFLyQ\ HQ ORV SURSLRV GRFHQWHV SDUD OD WHUQXUD OD FRQDQ]D OD VHQVLELOLGDGHQWXVLDVWD (O PXQGR FROHFWLYR \ SHUVRQDO GH OD DIHFWXRVLGDG GH QXHVWURSXHEORGHELy WUDXPiWLFDPHQWHUHSOHJDUVHD OD LQWHULRULGDGD ODSULYDFLGDGD OD VROHGDG DOPLVPR HVSDFLR HQ QXHVWURV FRUD]RQHV HQ ORV TXH GHVGHGRVGpFDGDVDSUR[LPDGDPHQWHKDEtDHPSH]DGRDKDELWDU\VHDVHQWDEDODGHVFRQDQ]DHOPLHGRODGHVHVSHUDQ]D\HOGRORUVXIULHQWHPHQWHUHYHVWLGRGHVLOHQFLR

'RV VRQ HQWUH RWUDV ODV FDUDFWHUtVWLFDV GH ORV RUtJHQHV GH HVWH GLVFXUVRHQQXHVWURSDtVHOGHODYLROHQFLDSROtWLFD\DUPDGD\HOGHORVPDHVWURV\PDHVWUDVHQPHGLRGHHOOD$VtFRPRHOVXUJLPLHQWRGHOIHPLQLVPRHQORVVLJORV;9,,;9,,,HQ)UDQFLDH,QJODWHUUDVHGDHQXQFRQWH[WRGHHVSRVRVEUXWDOHVH[LJHQWHV\JURVHURVDVt ODSHGDJRJtDGHODWHUQXUDVXUJHHQFRQWH[WRVGHQHJDFLyQGHODYLGDFRPRXQDDUPDFLyQGHOYDORUGHODYLGDGHWRGRVHUKXPDQRFRPRXQDUDWLFDFLyQGHOiJDSHGHODPRUKXPDQRFRPRFRQGLFLyQ

9HUODVLQWHUHVDQWHVDQRWDFLRQHVGH*ULPDOGR5HQJLIR9&XOWXUDVHGXFDWLYDVDQGLQDV$SUR[LPDFLRQHVTXHFKXDV\ D\PDUDV3UHVHQWDFLyQ3UDWHF7G+$OHPDQLDS\SHQTXHGHVDUUROOD/DFXOWXUDHGXFDWLYDGHODFRPXQLGDG$&XVVLiQRYLFK$SXQWHVSDUDXQD3HGDJRJtDGHODWHUQXUD,3('(+3Q$JRVWRSiJV0LPHRYHU HQ$QH[R9HU$UWXUR*UDQDGRV/DVFULVLVGHODPDVFXOLQLGDG+HFKRVHLQWHUURJDQWHVHQ0=HJDUUD0XMHUHV\*pQHURHQ ODKLVWRULDGHO3HU~&(1'2&0XMHUS

$35(1'(5/$&21',&,1+80$1$

1R REVWDQWH VL ELHQ HV QHFHVDULR SUHJXQWDUVH SRU OD UHODFLyQ HQWUH ODVFLFDWULFHVGHMDGDVSRUHOFRQLFWRDUPDGR LQWHUQRHQ ODVXEMHWLYLGDGHQ ORVVHQWLPLHQWRV\HPRFLRQHV KDELGDFXHQWDTXHHVDSDULUGH ORVTXHVHGHVDUUROODHOGLVFXUVRGHSHGDJRJtDGHODWHUQXUDGHIRUPDPiVVRVWHQLGDHVGHFLUHQHOSRVWFRQLFWR\ODSHGDJRJtDGHODWHUQXUDFRPRWRGDSHGDJRJtDTXH QR SXHGH HVWDU VyOR SHQVDGD HQ IXQFLyQ GH VXV UDtFHV HQ SDUWLFXODUFXDQGR pVWDV VRQ GRORURVDV VLQR TXH HO GHVDUUROOR GH OD SHGDJRJtD HVWiUHODFLRQDGRFRQODVSHUVSHFWLYDVGHIXWXURTXHHVFDSD]GHVHxDODUGHLQWXLU\ D ODV FXDOHV HV FDSD] GH FRQYRFDU (Q HVWH HQWHQGLGR WRGD SHGDJRJtDHV GH DOJXQDPDQHUD XQD SHGDJRJtD GH OD HVSHUDQ]D GH OD XWRStD FRPRFRPSRQHQWHGHODODERUHGXFDWLYD$TXtFUHHPRVKD\TXHDYHULJXDUSRUHOSRGHUGHODSHGDJRJtD\GHODDFFLyQHGXFDWLYDDVtFRPRVXFDSDFLGDGGHHQWURQFDUVHFRQRWURVGLVFXUVRVTXHSRUVXHVSHFLFLGDGOHDEUHQHVSDFLRV\ WLHPSRV LPSRUWDQWHV HV HO FDVR GH ORV GLVFXUVRV SROtWLFRV GHO GLVFXUVRMXUtGLFRGHOGLVFXUVRGHODLQWHUFXOWXUDOLGDGGHORVGLVFXUVRVPpGLFRVRHQVDOXGHOGLVFXUVRFRPXQLFDFLRQDOHWFWHQLHQGRHQFXHQWDTXHFDGDXQRGHHVWRVGLVFXUVRVFRQRFHGHVDUUROORVGHVLJXDOHVHQODVHJXQGDPLWDGGHOVLJORSDVDGR\HQHOSULPHUOXVWURGHOVLJOR;;,3UREDEOHPHQWHVHDQORVGLVFXUVRVFRPXQLFDFLRQDOHV H LQIRUPiWLFRV TXHPD\RU LPSDFWR HVWpQ WHQLHQGR HQ ORTXHDOJXQRVFRQVLGHUDQODGHVDSDULFLyQGHODLQIDQFLD\SRUHQGHXQDUDGLFDOUHFRQJXUDFLyQ GH ODV OtQHDV TXH GHPDUFDEDQ OD UHODFLyQPXQGR DGXOWR HLQIDQFLD(VWDV WUDQVIRUPDFLRQHV LPSDFWDQ LJXDOPHQWHHQHOPXQGRGH ODHVFXHODHQODYLGDGLDULDHQHODXOD

3HUR FUHHPRV TXH HO UHWRPD\RU HQ YLVWDV D XQD UHDO LQFLGHQFLD HVWi HQORJUDUTXHGHODVLGHDVVREUHSHGDJRJtDGHODWHUQXUDSRUFLHUWRVXHOWDV\XQWDQWRJHQpULFDVKDVWDKR\SRGDPRVOOHJDUDODIRUPDFLyQGHPHQWDOLGDGHVGH PDQHUDV FRKHUHQWHV GH DFFLyQ \ UHH[LyQ GH IRUPDV GH UHDFFLyQ \FRPSRUWDPLHQWRTXHVHDQFRPRQRUPDOHVDFHSWDGDV\UHHMDQGRXQPRGRSHUVRQDO\FROHFWLYRGHYLGD(VGHFLUHVWHSDVHDPHQWDOLGDGHV IRUPDGDVGHVGHXQDSHUVSHFWLYDGHODVLGHDVGHODSHGDJRJtDGHODWHUQXUDVHUiXQSURFHVRPiVOHQWRSXHVVHWUDWDGHXQDUHDOWUDQVIRUPDFLyQFXOWXUDO

3LHUUH%RXUGLHX2SRGHUVLPEyOLFRHG%HUWUDQG%UDVLO&DS9,,,$IRUoDGRGLUHLWR(OHPHQWRVSDUDXPD VRFLRORJtDGRFDPSRMXUtGLFRSVV0DQXHO&DVWHOOV/DHUDGHODLQIRUPDFLyQSDVVLQ9HU$UWXUR*UDQDGRV/DFULVLVGHODPDVFXOLQLGDG+HFKRVHLQWHUURJDQWHVHQ0=HJDUUD0XMHUHV\*pQHURHQOD KLVWRULDGHO3HU~&(1'2&0XMHUS

$35(1'(5/$&21',&,1+80$1$

H[SHULHQFLDGHLUVLHQGRFRQHORWURFRQORVRWURV\FRQORRWUR3HURDGHPiVFRPSOHMDHVODSRVLELOLGDGGHVDEHUORTXHVXVFLWDHQHORWURPLSDODEUD\GHTXHDTXpOFDSWHORTXHVXSDODEUDSXHGHSURYRFDUHQPt6LDHVWRDxDGLPRVODFRPSOHMLGDGGHOFRQWHQLGRPLVPRGHOHSLVWHPHTXHHVWiHQFDXVDHQODSDODEUD SRGHPRV DGLYLQDU TXH QR HVWDPRV UHULHQGR D XQD FRPSOHMLGDGSXUDPHQWHJQRVHROyJLFDVLQRYLYHQFLDODXQDH[SHULHQFLDYLWDODEUDQJHQWHFRPRORH[SUHVDODOHQJXDSRUWXJXHVDGHORVEUDVLOHURV3RUHOORUHFRQRFHUODFRPSOHMLGDGGHXQIHQyPHQRVRFLDORFXOWXUDOQRVFRORFDDQWHHOGHVDItRGHHYLWDUWRGDVLPSOLFDFLyQGHOPLVPRDPHQRVTXHVHUHQXQFLHDPDQWHQHUORFRPRDELHUWRDSRVLEOHPHMRUFDSDFLGDGGHGDUFXHQWDGHVXREMHWR

1RHVFDVXDOTXHHQHOSHQVDPLHQWRKHEUHR\HQODVUDtFHVDUDPHDVVHKD\DHPSOHDGRODIXHUWHH[SUHVLyQDOKDEODUGHODPRULQFRQPHQVXUDEOHGH

$35(1'(5/$&21',&,1+80$1$

/DVP~OWLSOHVOHQJXDVH[LVWHQWHVDVtFRPRPXFKDVGHODV\DQRYLYDVKDQFRQFHELGR\H[SUHVDGRHQVXVFDWHJRUtDVHQVXXQLYHUVRYRFDEXODUPDWLFHV\ DFHQWRV SDUD UHIHULUVH D OD YLGD DIHFWLYD DOPXQGR GH OR TXH OODPDPRVVHQWLPLHQWRV \ HPRFLRQHV TXH VHJXUDPHQWH GH FRQRFHUODV QRVGDUtDQXQSDQRUDPDPiVFDEDOGHODFRPSOHMLGDG\ULTXH]DGHFyPRHOJpQHURKXPDQRKDFUHDGRXQXQLYHUVRVLPEyOLFRHQWRUQRDORTXHDTXtPX\RFFLGHQWDOPHQWHHVWDPRVQRPEUDQGR WHUQXUDDIHFWRDPRURVLGDGFRPRVLVH WUDWDUDGHXQXQLYHUVDO FRQFHSWXDO \ SUiFWLFR HQ VXVPDQLIHVWDFLRQHV /D DIHFWLYLGDG HVSUREDEOHPHQWHXQRGHORVFDPSRVHQORVTXHHVPiVGLItFLOGHSRQHUDSXQWRXQULJRUPHWRGROyJLFRQRVUHFXHUGD3KLOSSH:DOORQ

&XOWXUDV\FDPSRVVLPEyOLFRV

(O FXHUSR OD FRQGLFLyQ FRUSyUHD GH ORV VHUHV KXPDQRV GHYLHQH HQ ODSRVLELOLGDGGHKDFHUUHDOLGDGWRGRGLVFXUVRTXHUHHUDDODFRPXQLFDFLyQHQWUHORVVHUHVKXPDQRV\HQWUHpVWRV\VXHQWRUQR1RKD\HQFXHQWURQLFRPXQLyQVLQFRUSRUHLGDG

$35(1'(5/$&21',&,1+80$1$

6HSRGUtDDUPDUTXHODSHGDJRJtDGHODWHUQXUDFRQVWLWX\HXQDPHWiIRUDGHODUHODFLyQHGXFDWLYDGHVHDEOHSRUTXHDGHPiVQHFHVDULDSDUDUHGHQLUHOFRQMXQWRGHORTXHOODPDPRVODIRUPDFLyQODHGXFDFLyQFRPRXQDSUHQGL]DMHGH OD FRQGLFLyQKXPDQD"(VHQHVWHVHQWLGRHQTXHFRQVLGHUDPRVTXH ODSHGDJRJtDGH OD WHUQXUDFRPRGLVFXUVR\FyPRSUDFWLFDHVWiHQFDPLQDGDDFRORFDUHQFULVLVGLVFXUVRVSHGDJyJLFRVLQDFLRQDULRVGHORUDFLRQDOGHORHVWUHFKDPHQWHFRJQLWLYRGHORUHGXFWLYDPHQWHWHFQLFLVWD&RPRDFRWD3DXO5LFHRXUVHWUDWDGHXQGLVFXUVRTXHGHVRULHQWDSDUDRULHQWDU

$35(1'(5/$&21',&,1+80$1$

HOORXQDFRVDVHUiSRUHMHPSORODHGXFDFLyQGHSHTXHxRVHQODVLHUUD\RWUDHQODDPD]RQtDRHQODVFLXGDGHVGHODFRVWDXQDFRVDHQHOPXQGRUXUDO\RWUDHQHOPXQGRXUEDQR6HUHGXFDGRUHGXFDGRUDGHSHQGHUiHQORFRQFUHWR\HQSULPHUWpUPLQRGHORVQLxRV\QLxDV\VXFRQWH[WRFXOWXUDOHQHOTXHQRVWRTXHGHVHPSHxDUQRV /RV DSRUWHV GH ODV SHGDJRJtDV \ SVLFRORJtDV DSUHQGLGDVVHUiQGHJUDQD\XGDVLHVWDPRVGLVSXHVWRVDSDUWLUGHORVVXMHWRVFRQFUHWRVORVQLxRV\QLxDV\FRQIURQWDUGLFKRVFRQRFLPLHQWRVFRQODFRPSOHMLGDGGHODUHDOLGDGGHORVQLxRV\ORVVDEHUHVFUHHQFLDVSDXWDVGHFULDQ]DGHVXVIDPLOLDV\FRPXQLGDGHV1RVLQUD]yQ-&DVWUR0RUDOHVSVLTXLDWUDSHUXDQRQRVDGYLHUWHTXHORVDYDQFHVGHODHSLVWHPRORJtDJHQpWLFD\ODDQWURSRORJtDSHUPLWHQ DUPDU TXH OD VHFXHQFLDOLGDG GH ODV HWDSDV GHO GHVDUUROOR \ VXSUHGHWHUPLQDFLyQQRWLHQHQVXVWHQWRFLHQWtFR(VWRQRHVRWUDFRVDVLQRXQOODPDGRDHYLWDUWRGDIRUPDGHFRORQL]DFLyQGHQXHVWURDFWXDUSHGDJyJLFR

/D SUHJXQWD TXH DRUD HV GHVGH FRVPRYLVLRQHV QR H[FOXVLYDPHQWHRFFLGHQWDOHVFyPRPLUDUODIDPLOLDFyPRKDEODUGHWHUQXUD"

3HURDFDVRQRHVWDPRVSDUWLHQGRGHOPXQGRRFFLGHQWDOFRQHOHQIRTXHGHHVWRVGLVFXUVRV"

%DVWHVLPSOHPHQWHUHFRUGDUTXHSRUHMHPSORHQHOPXQGRDQGLQRTXHFKXD\D\PDUDQRH[LVWHHVWDGLVWLQFLyQLQWHJUDUVHUHLQFRUSRUDUVHGHTXHKD\TXHUHODFLRQDUVH(QDTXHOODVFXOWXUDVRULJLQDULDV WRGRVVRPRVVHUHVUHODFLRQDGRVSRUTXHHOQLxRFXDOTXLHUFULDWXUDHVWiHQUHODFLyQQRVyORFRQORVPLHPEURVGHVXIDPLOLDHVWiHQUHODFLyQFRQORVFHUURVHVWiHQUHODFLyQFRQHOYLHQWRHVWiHQUHODFLyQFRQODOOXYLDWRGRHVWRHVWiDQLPDGR3RUORWDQWRFXDQGRXQFDPSHVLQRQRVGLFHODVLHPEUD\ODFRVHFKDQRKDVLGREXHQDODUHH[LyQTXHKDFHHVFXDQGRWXYLVWHODVVHPLOODVHQWUHWXVPDQRVDQWHVGHVHPEUDUODOHGLVWHFDULxR"OHKDEODVWHDODVVHPLOODVOHKDEODVWHDODVSODQWDVWHFRPXQLFDVWHVVLFFRQHOODV"(VRQRVSDUHFHSHQVDPLHQWRPtWLFRDORVXUEDQRV\PRGHUQRVRFFLGHQWDOHVHVRQRVSDUHFHXQSHQVDPLHQWRDWUDVDGRQRFLHQWtFR\TXLpQKDGLFKRTXHQXHVWURVSDUDGLJPDVFLHQWtFRVVRQ ORV ~QLFRV TXH SXHGHQ UHVROYHU IRUPDV GH UDFLRQDOLGDG \ IRUPDV GHUHODFLRQDOLGDGFRQORTXHQRVURGHD"

1RVRWURVFRQIUHFXHQFLDWHQHPRVTXHKDFHUFLQFXHQWDPLOSLUXHWDVSDUDGHFLU+D\TXHLQFRUSRUDUKD\TXHLQWHJUDUDORVQLxRVTXHHVWiQHQODPDUJLQDOLGDGRODH[FOXVLyQRTXHHVWiQIXHUDGHQXHVWURVWUDMLQHVGHDGXOWRV3HURHQHOPXQGRGHHVWDVRWUDVFXOWXUDVQRKD\QDGLHQLQDGDIXHUD7RGRVVRQSDUWH

(Q-&DVWUR0(QIRTXHPXOWLGLVFLSOLQDULRGHODVDOXGPHQWDOSHQ1LxRV1LxDV\$GROHVFHQWHVH[FOXVLyQ\ GHVDUUROORVRFLDO,)(-$177,9HUHOH[FHOHQWHWUDEDMRGH&$%RZHUV'HWUiVGHODDSDULHQFLDKDFLDODGHVFRORQL]DFLyQGHODHGXFDFLyQ3UDWHF SDVVLP9HU$3HxD&DEUHUDRSFLWSDVVLP

$35(1'(5/$&21',&,1+80$1$

&RQYLHQH VDFDU XQD VLPSOH FRQFOXVLyQ GHHVWR1RDEVROXWLFHPRVQXHVWUDPDQHUD GH YHU ODV FRVDV GHVGH QXHVWUDV SURSLDV FXOWXUDV +D\ RWUDVTXH WDPELpQ QXWUHQ OD YLGD GH OD KXPDQLGDG \ OR KDFHQ ELHQ LQWHQVD \SURIXQGDPHQWH1R SUHWHQGH HVWR VHU XQD DSRORJtD EDUDWD GH ODV FXOWXUDVRULJLQDULDV GH QXHVWUDV WLHUUDV R VX LGHDOL]DFLyQ 4XHUHPRV VHQFLOODPHQWHPRVWUDUFyPRHOSHQVDPLHQWR~QLFRYHQJDGHODPDWUL]FXOWXUDOGHGRQGHYHQJDHPSREUHFHSULYDGH OD H[LELOLGDG\GH ODDSHUWXUDTXHSUHVXSRQHWRGD UHODFLyQ TXH VH TXLHUD KXPDQL]DGRUD FRPR OD TXH VH LQVWDXUD HQ HODFRJLPLHQWRIDPLOLDU

$35(1'(5/$&21',&,1+80$1$

/DSHGDJRJtDGHODWHUQXUDXQQXHYRFDPSRGHVHQWLGR

&RQVLGHUDPRVTXHHOFDPSRGHVHQWLGRGHEHWDPELpQVHUHQWHQGLGRFRPRUHODFLRQHVGHVHQWLGRFXDQGRGHSHGDJRJtDGHODWHUQXUDVHWUDWD+DEODUGHVHQWLGRHVUHIHULUVHDODVLJQLFDFLyQSHURWDPELpQDODGLUHFFLyQ(VHQHVWHHQWHQGLGRTXHHQIRFDPRVORVEUHYHVDOFDQFHVTXHVLJXHQ

(OHURVSHGDJyJLFRDOTXH\DKHPRVUHIHULGRDQWHULRUPHQWHFRQVWLWX\HXQDH[LJHQFLDQRVyORGHOGRFHQWHGHDXODSRUHMHPSOR VLQRGHHVDVRFLHGDGOODPDGDHVFXHOD\GHWRGRVVXVSDUWLFLSDQWHV3HURHVGHVGHHVWDOXFKDSRUODYLGDGHFDGDQLxRGHFDGDQLxDTXHODWHUQXUDHQODUHODFLyQSHGDJyJLFDHQFXHQWUDVXPDWUL]HSLVWHPROyJLFD\H[LVWHQFLDO/DVXSHUDFLyQGHHVWUXFWXUDVDVLPpWULFDV HQ OD IDPLOLD OD HVFXHOD OD FRPXQLGDG VyOR HQFXHQWUDQ SOHQDVLJQLFDFLyQVRFLDOSROtWLFDFXDQGRHOODHVHOUHVXOWDGRGHOIHOL]HQFXHQWURHQWUHODMXVWLFLD\ODVROLGDULGDGODSDVLyQSRUODGLJQLGDGGHFDGDXQR\ODDPLVWDGFRPRYLUWXGSROtWLFD

$35(1'(5/$&21',&,1+80$1$

FRPRQRV ORSODQWHD/XF%ROWDQVN\TXH VHUHTXLHUHGHYHQLUFRPSHWHQWHVHQORTXHDMXVWLFLD\DPRUVHUHHUH$HOORGHGLFDWUHVHQVD\RVHQFDVLSiJLQDV\GHVGHXQDSHUVSHFWLYDGHODVRFLRORJtDGHODDFFLyQHQORVTXHDERUGDDPSOLDPHQWH OD UHODFLyQHQWUHHURV \DJDSp UHODFLRQiQGRORFRQ ODVFLHQFLDVVRFLDOHVQRVKDEODGHXQDVRFLRORJtDGHOiJDSHTXHELHQLQYLWDDSHQVDUHQXQDVRFLRORJtDGH OD WHUQXUDTXHHQULTXH]FD ODSHGDJRJtDGH ODWHUQXUD

6LODSHGDJRJtDGHODWHUQXUDQRVHDUWLFXODDODE~VTXHGD\VDWLVIDFFLyQGHUHODFLRQHV EDVDGDV HQ OD MXVWLFLD D WRGRV ORV QLYHOHV \ FDPSRV GH OD YLGDKXPDQDQRVHUiRWUDFRVDTXHXQHQFXEULPLHQWRGHIRUPDVLQFRQIHVDEOHVGHVRPHWLPLHQWRGHUHODFLRQHVDVLPpWULFDV\EDVDGDVHQODGHVLJXDOGDGVRFLDO+LVWyULFDPHQWHORVGLVFXUVRVVREUHFDULxRDIHFWRWHUQXUDVHKDQGDGRFRQVLWXDFLRQHV GH GHSHQGHQFLD \ KDVWD GH HVFODYLWXG6H SHQVyTXHEDVWDEDFRQ WHUQXUDV \ DIHFWRV FRPR VXVWLWXWRV GH VDEHUHV GH FRQRFLPLHQWR GHSHQVDPLHQWRFUtWLFR\FUHDWLYR(VHWLSRGHSHGDJRJtDVGHYLHQHQIXQFLRQDVDODH[FOXVLyQDODPDUJLQDOLGDGDODH[SORWDFLyQDODLJQRUDQFLDDODWUDVR3RUHOORODSHGDJRJtDGHODWHUQXUDGHEHHQWHQGHUVHFRPRXQFRPSRQHQWHGHODOXFKDHPDQFLSDWRULDFRPRXQIDFWRUGHWUDQVIRUPDFLyQGHODVFRQGLFLRQHVPDWHULDOHVGHYLGD\XQSRWHQWH LQFHQWLYRD ODSURGXFFLyQGHHVSLULWXDOLGDGGHYLUWXGHVFRPRGLUtD&RUQHOLXV&DVWRULDGLV1RREVWDQWH WRGRHOOR WLHQHXQD EDVH ELROyJLFD LQVXFLHQWHPHQWH WRPDGD HQ FXHQWD HQ JHQHUDO \ QRWUDEDMDGDHQHOPDUFRGHHVWHHQVD\R

5HVSHFWRDODDPRUHYROH]]DH[SUHVLyQHQLWDOLDQRWLHQHXQDODUJDFRPRFXHVWLRQDGD KLVWRULD(Q OD KLVWRULD GH OD SHGDJRJtD SHUR WDPELpQ GH ODVQRUPDV\SROtWLFDVS~EOLFDVSDUD OD LQIDQFLD VH FRQRFHXQDSHUPDQHQWH \SDUDGyMLFDRVFLODFLyQHQWUHDXWRULWDULVPR\HYRFDFLyQDODGXO]XUDHQWUHULJRUWHPRU\DIDELOLGDGHQWUHVHYHULGDG\MXVWLFDFLyQHQPRWLYDFLRQHVGHDIHFWRHQWUH UXGH]D \ DVSHURFLGDG \ DIHFWXRVLGDG HQWUH GLVFLSOLQD PLOLWDUHVFD \H[SUHVLRQHVGHDPDELOLGDG6HVDEHLQFOXVRTXHHQUHJtPHQHVDXWRULWDULRV\GLFWDWRULDOHV\KDVWDIDVFLVWDVVHKDQGDGROH\HVGHDVLVWHQFLD\GHDWHQFLyQD OD LQIDQFLD IXQFLRQDOHVDO UpJLPHQ\FUHDQGRXQFOLPDFXOWXUDTXHKLFLHUDQDWXUDO \ GH VHQWLGR FRP~Q ODV SDUDGRMDV VHxDODGDV &LHUWRV FRQWH[WRVUHOLJLRVRVHVWiQDORULJHQGHSHGDJRJtDVTXHLQYRFDEDQHODIHFWR\ODGXO]XUDFRPRDOWHUQDWLYRVDOULJRU\DODEUXWDOLGDGFRQODTXHVHVROtDWUDWDUDQLxRV

9HU/$PRXUHWOD-XVWLFHFRPPHFRPSpWHQFHVHG0pWDLOLp3DULV,ES\VV9HU)UDJPHQWVGXQVpPLQDLUHVXUODYHUWXHWODXWRQRPLHHQ$5(7e5HYLVWDGH)LORVRItD/LPD38&YRO;,Q /DDPRUHYROH]]DVHH[SUHVD WDPELpQHQDPRUHYROH]]H FRQIRUPHD ODDQWLJXD WUDGLFLyQ OH[LFDO LWDOLDQD(O WpUPLQR HVIUHFXHQWHPHQWHXVDGRSRUVRU&HOHVWH ODKLMDGH*DOLOHR*DOLOHLFXDQGRHQVXVFDUWDVDJUDGHFHDOSDGUHSRUVXV DPRUHYROH]]HORVGRQHVKHFKRVSRUpODOPRQDVWHULRSRUODDPRUHYROH]]DTXHHOSDGUHJXDUGDSRUVXKLMDYHU 0&*$/,/(,/HWWHUHDOSDGUHDFXUDGL*LXOLDQD0RUDQGLQL7RULQRHG/D5RVDFLWDGRSRU3%UDLGR3UHYHQLUH QRQSXQLUH/DV5RPD(GLSHQQRWD9HUDGHPiV;DYLHU7KpYHQRW/DSODFHGHODPRUHYROH]]D HWGHODPRXUHQ&ROORTXH,QWHUXQLYHUVLWDLUH/\RQpG)OHXUVS

$35(1'(5/$&21',&,1+80$1$

HQEDVHDXQDLQGLVSHQVDEOHFRPRDXJXUDEOHUHODFLyQGLYHUVDHQWUHDGXOWRV\MyYHQHVDVtFRPRHQUHODFLyQDODDXWRFRQFLHQFLDGHpVWRVPHQRVGLVSRQLEOHVDFDSWXUDVDIHFWLYDVFRQIUHFXHQFLDSHOLJURVDPHQWHODWHQWHV

E(OHURVODSKLOtDHOiJDSHHOWK\PRV

(OVRFLyORJRIUDQFpV/XF%ROWDQVN\KDWUDEDMDGRORTXHpOOODPDXQDVRFLRORJtDGHOiJDSHGHODPRU\QRVGLFHTXHHQXQPXQGRUHJLGRSRUODOH\GHOiJDSHWRGRVGHYLHQHQSURWHFWRUGHOTXHXQRHQFXHQWUDLQFOXVRVHUtDXQPXQGRDODEULJRGH ODVDQJXVWLDV \DxDGLUtDPRVHQFRQGLFLRQHVPX\GLVWLQWDVD ODVDFWXDOHVHQQXHVWUDVRFLHGDGJOREDOL]DGD IUHQWHD ODVSUXHEDVGH ODYLGD5HHUHD ORVHVWDGRVGHiJDSH LQGLFDQGRTXHpVWRVVHGDQVyORHQ ODWHQVLyQTXHOLEUDFRQODMXVWLFLDTXHHODPRUHQHOVHQWLGRGHiJDSHSXHGHDEULUVHXQFDPLQRKDFLDODH[SUHVLyQ

6LELHQHOHURVUHHUHDODPRUDODYLGDDPRUH[FOXVLYR\FRQWHQGHQFLDDODSRVHVLyQDOHQFXHQWURItVLFRFRQVWLWX\HXQLPSXOVRXQDHQHUJtDLQGLVSHQVDEOHSDUD OD YLGD (Q OD PLWRORJtD JULHJD (526 HQ OD DFHSFLyQ SODWyQLFD HVXQFD]DGRUXQD ORFXUDXQGLRV WRGRSRGHURVRSHURDGHPiVHVKLMRGH3RURV\GH3HQLDGHODSREUH]D\GHODULTXH]D$OVHxDODUHOOODPDGRHURVSHGDJyJLFRVHKDFHQDOJXQRVDFHUFDPLHQWRVDXQDFRPSUHQVLyQTXHSHUPLWDHOHPSOHRPHQRVDPELJXR\ULHVJRVRGHOWpUPLQRHURVTXHIRUPDSDUWHGHOVHQWLGRFRP~Q\OLJDGRDODIXVLyQVH[XDOWUDWDQGRGHUHVDOWDUVXFDSDFLGDGGHSRWHQFLDFLyQDOPi[LPRGHOVHQWLGR\YDORUGHSHUVRQDV\FRVDV

3%UDLGRRSFLWS*X\$YDQ]LQLRSFLWSDOUHIHULUVHDOHGXFDGRUGHOVLJOR;,;%RVFRGLFH,QWURGXFH XQD YHUGDGHUD UXSWXUD QR WLHQHPLHGR GH OD DPLVWDG DVXPH HO ULHVJR TXLHUH TXH VHD SUREDGD \ QR VLPXODGD QR ODUHFRPLHQGDVyORDORVHVFDVRVGHWHQWRUHVGHXQFDULVPDDDOJ~QDGXOWRGHpOLWH(OHVFRJHXQPRGHORGLItFLOTXH SXHGHVHUPRWLYRGHXQDVHULHGHSRVLEOHVGHVYtRVSHUREXHQRLQFOXVRHOVRORYHUGDGHUDPHQWHEXHQR\ORUHFRPLHQGD RVWLQDGDPHQWH\FRQUPH]DDVXVUHOLJLRVRV/XF%ROWDQVN\/$PRXUHWOD-XVWLFHFRPHFRPSpWHQFHV0HWDLOpSD-$3ySH]+RSFLWS\

$35(1'(5/$&21',&,1+80$1$

(OPLVPR%ROWDQVN\QRVUHFXHUGDTXHODSKLOtDYLHQHDVHUODYLUWXGFDUGLQDOGHODPRUDOSROtWLFD(VWDPRVDQWHXQDQRFLyQLQWUDFFLRQLVWDSRGUtDPRVGHFLUTXH WDQWR HQ FXDQWR SHGDJRJtD FRPR SRU WHUQXUD HVWDPRV HQ HO FRUD]yQGHORVyORH[SHULPHQWDEOHFRPRUHODFLyQSRUHOORVHDVXPHHOSUHVXSXHVWRGHTXHVHHVWiDQWHXQDPXWXDYDORUDFLyQGHODVSDUWHVHQUHODFLyQGHXQDUHFtSURFDDSUHFLDFLyQ\UHFRQRFLPLHQWRTXHVHGDSRUODFRSUHVHQFLDHQXQPLVPRHVSDFLR\SURFHVR6LQOXJDUDGXGDVODWHRUtDGHODDPLVWDGVHDFHUFDDODWHRUtDGHODMXVWLFLDYtDODUHFLSURFLGDGTXHHQODeWLFDGH1LFyPDFRHOSURSLR$ULVWyWHOHVUHFRQRFHFRPRHQYtQFXORFRQODDPLVWDG

0LHQWUDVODSKLOtDVHIXQGDHQODUHFLSURFLGDGHOiJDSHVHIXQGDHQHOGRQTXHLJQRUDHOFRQWUDGRQSXHVHOHVWDGRGHiJDSHQRUHSRVDVREUHXQHVTXHPDLQWHUDFFLRQLVWD

$35(1'(5/$&21',&,1+80$1$

PLVWHULR

$35(1'(5/$&21',&,1+80$1$

DFFLyQHGXFDWLYDODGHVRVWHQHUHOHYHQWXDOLPSDFWRGHODGHVLOXVLyQFXDQGRORVVXHxRVVHYHQSURKLELGRVRQHJDGRV\ODGHWUDQVIRUPDUHVWHFRQWUDVWHHQXQSURFHVRGHUHDUPDFLyQpWLFDGHODQRUHVLJQDFLyQDQWHODVLWXDFLyQTXHFDVWUDODLOXVLyQ\GHVFDOLFDHOGHUHFKRDVRxDU

)LQDOPHQWHGRVFRQVLGHUDFLRQHVHPDQDQGHVWHEUHYHH[FXUVXVOH[LFROyJLFR8QDSULPHUDHOYDORUGHORVYRFDEORVFRQORVTXHFRQVWUXLPRV\DUWLFXODPRVQXHVWUD SDODEUD 8QD VHJXQGD TXH HV DVt SRU PHGLR GH OD SDODEUD GHOGLVFXUVRGHOOHQJXDMHFRPRHVWDEOHFHPRVHOYtQFXORFRQORVGHPiVFRQORGHPiV'HVGHODSHGDJRJtDGHODWHUQXUDHQWRQFHVFDEHSUHJXQWDUQRVTXpWLSRGHYtQFXORVRFLDOVHFRQVWUX\HVREUHODEDVHGHODIHFWRGHODDPLVWDGGHODPRU"

H/DDIDELOLGDGFRPRIHQRPHQRORJtDGHODSHGDJRJtDGHODWHUQXUD

'HVGH XQD FRQVLGHUDFLyQ IHQRPHQROyJLFD OD UHODFLyQ HGXFDWLYD HVWiOODPDGDDUHYHVWLUVHGHXQDQRWDQHFHVDULDTXHOODPDPRVODDIDELOLGDG(VWiHVWUHFKDPHQWH OLJDGDFRQORTXHHQODKLVWRULDGHODSHGDJRJtDVHFRQRFLyFRPR DPRUHYROH]]D 1R VH WUDWD GH XQD SRVH GH XQD VLPSOHPDQHUD GHKDFHUVH DVHTXLEOH /D DIDELOLGDG SUHVXSRQH XQ IRQGR GH KXPDQLGDG GHVRFLDELOLGDGGHQRVyORXQDFWR YROLWLYR \ UDFLRQDO GH UHVSHWRDO RWUR VLQRGHH[WHULRUL]DFLyQPDUFDGDSRUHVDVHQFLOOH]\WUDQVSDUHQFLDDIHFWLYDTXHHOHURVSHGDJyJLFRWHQGLHQWHDODSKLOtDHLQVFULWRHQHOKRUL]RQWHGHOiJDSHHVFDSD]GHFRPSDUWLU(QHVWHVHQWLGRODDIDELOLGDGGDHO~OWLPRWRTXHDODPRUGHPRVWUDGR

$35(1'(5/$&21',&,1+80$1$

/DSHGDJRJtDGHODWHUQXUD\ODFRQVWUXFFLyQGHLGHQWLGDG

6LHOGHVDUUROORGHOVHUKXPDQRHVWiOLJDGRDODSRVLELOLGDGGHH[SHULHQFLDUHODIHFWRHOUHFRQRFLPLHQWRODDPLVWDGODDOWHULGDGFRPRQHFHVDULDSDUDVHUXQRPLVPRSRGHPRVFROHJLUVXHVWUHFKDUHODFLyQFRQHOGHVDUUROORGHODLGHQWLGDGSHUVRQDO \ VRFLDO (QWRQFHV OD SHGDJRJtD GH OD WHUQXUD GHYLHQH IDFWRU GHGHVDUUROORGHODSURSLDLGHQWLGDGVH[XDO\XQDSRVLELOLGDGGHUHHQFXHQWURFRQODGLPHQVLyQGHODVXEMHWLYLGDG\HOORDSDUWLUGH ODFRUSRUHLGDG3HURGHORTXHVHWUDWDHVGHVDEHUTXpFDUDFWHUtVWLFDV\FRPSRQHQWHVGHLGHQWLGDGODSHGDJRJtDGHODWHUQXUDIDYRUHFH

'LFH3DXO5LFHRXUTXHHQODQRFLyQGHLGHQWLGDGKD\VRODPHQWHODLGHDGHORPLVPRHQWDQWRUHFRQRFLPLHQWRHVXQFRQFHSWRTXHLQWHJUDGLUHFWDPHQWHODDOWHULGDGTXHSHUPLWHXQDGLDOpFWLFDGHORPLVPR\GHORRWUR/DUHLYLQGLFDFLyQGHODLGHQWLGDGWLHQHVLHPSUHDOJRGHYLROHQWRUHVSHFWRGHORWUR$OFRQWUDULRODE~VTXHGDGHOUHFRQRFLPLHQWRLPSOLFDODUHFLSURFLGDGD

D &LWDGRSRU1pVWRU*DUFtD&DQFOLQ/DJOREDOL]DFLyQLPDJLQDGD3LDGyVHGS

$35(1'(5/$&21',&,1+80$1$

/D SDODEUD GHVDUUROOR HVWiPX\PDQRVHDGD \ FDGD FXDO FRPR GLFHQ ORVODWLQRV WRW FiSLWD WRW VHQWHQWLDH WDQWDV FDEH]DV WDQWDV PDQHUDV GHHQWHQGHUHQHVWHFDVRHOGHVDUUROOR3HURKD\DOJRTXHHVGHQLWLYDPHQWHLUUHQXQFLDEOHHOGHVDUUROORHVFUHFHUFRPRVHUHVKXPDQRV6LQRKD\HVWRWRGRV ORVRWURVGHVDUUROORVQRVRQVLQRDQGDPLDMHTXHQR ORJUDFRORFDUHQHOSHGHVWDODOVHUKXPDQRDODSHUVRQDDOVXMHWRVHDpVWHQLxRVHDpVWHDGXOWRQRLQWHUHVDYDUyQRPXMHU

/D IDPLOLD HQWRQFHV WLHQHTXHFRQWLQXDU VLHQGRHO OXJDUSULYLOHJLDGRGH ODH[SHULHQFLDGHTXHXQRHVTXHULGR4XLHQQRKD\DKHFKRODH[SHULHQFLDGHTXH OR KD\DQ TXHULGR QR IXHUD VLQR YLUWXDOPHQWH DKRUD FRQ ORVPHGLRVHOHFWUyQLFRVTXHWHQHPRV\TXHULGRDHQHOVHQWLGRGHTXHXQRVLJQLTXHDOJRSDUD DOJXLHQ H[SHULPHQWH HO VHU UHFRQRFLGRSRU pOPLVPR VLQ GXGDVWHQGUiGLFXOWDGHVDQLYHOGHVXDXWRHVWLPDGHVXLGHQWLGDGGHVXFDSDFLGDGSDUDUHODFLRQDUVHSDUDHQFRQWUDUOHVHQWLGRDODSURSLDYLGD(OOyVRIR$[HO+RQQHWKQRVUHFXHUGDTXHHOUHFRQRFLPLHQWRODH[SHULHQFLDGHVHUUHFRQRFLGRHVFRPRQDFHUVRFLDOPHQWH\HVFRPRODFRQGLFLyQVLQHTXDQRQGHOGHVDUUROORSHUVRQDO1RKD\LGHQWLGDGSHUVRQDOVLQHVWDH[SHULHQFLDSRUPiVHPEULRQDOTXHpVWDVHD3HURDFDVRQRVHWUDQVIRUPDODYLGDGHXQRFXDQGRVLHQWHTXHVHOHGLFHRVHOHFRPXQLFDTXHDOJXLHQORTXLHUH"(VHHVXQKHFKRTXHURPSHFXDOTXLHUSRVLELOLGDGGHVHQWLUVHPHQRV\GHQRVHQWLUVHSHUVRQD3RUHVRSDUDQRVRWURVVLQHPEDUJRORTXHGHFtDHOVRFLyORJR$QWKRQ\*LGGHQVHODxRODIDPLOLDHVHOOXJDUPiVSHOLJURVRHQODVRFLHGDGPRGHUQDVLJXHVLHQGRXQDDOHUWDGHSULPHURUGHQFXDQGRGHSHGDJRJtDGHODWHUQXUDVHWUDWD6DEHPRVTXHHQODIDPLOLDVHSHJDDORVQLxRVDKtVHYLROHQWDDORVQLxRVDKtVHKDFH WRGR WLSRGHHVWUDWDJHPDVXQDVFRQJXDQWHVGHVHGDSDUDQRGHMDUKXHOODVRWUDVVLQVHGDDOJXQDSHURHQGRQGHODFDSDFLGDGGHPHWHUORTXHQRVRWURVDGXOWRVTXHUHPRVSRQHUHQODVQXHYDVJHQHUDFLRQHVGHYLHQH XQD RSHUDFLyQ QR VyOR LGHROyJLFD VLQR GH PDOWUDWR D VX SURSLDGLJQLGDG1RSRGHPRVJHQHUDOL]DU ORDUPDGRSHUR WDPSRFRSRGHPRVQRUHFRQRFHUOR FRPR XQD WHQGHQFLD UHDOPHQWH H[LVWHQWH \ DGHPiV OOHYDGD DOSODQRGHVXMXVWLFDFLyQGHVXQDWXUDOL]DFLyQ

&XDQGRFRORFDPRVODFDSDFLGDGGHDGPLUDUVHFRPRSDUWHQRVyORGHOFDPSRVHPiQWLFRVLQRGH ODULFDFRPRFRPSOHMDH[SHULHQFLD OLJDGDDODIHFWRD ODHPRWLYLGDG D ORV VHQWLPLHQWRV SRGUtDPRV GHFLU TXH OD DGPLUDFLyQ QR HVRWUDFRVDTXHHOVHUSHUPDQHQWHPHQWHGHVERUGDGRVSRUORVKRUL]RQWHVTXHQRV DEUH \ D ORV TXH QRV UHPLWH HO REMHWR GH DGPLUDFLyQ HQ SDUWLFXODU ODUHODFLyQDIHFWXRVDTXHXQDSHGDJRJtDGH OD WHUQXUDGHELHUDFRQVWLWXLU3RUHOORODDGPLUDFLyQQRHVXQKHFKRFRPSDUDWLYRGHOTXHHPHUMDXQDHVSHFLHGHH[SHULHQFLDGHFKLTXLWLWXG\GHLQVLJQLFDQFLDGHXQRTXHLQKLEDQQXHVWUDDXWRHVWLPDRTXH LQYLWHD OD UHVLJQDFLyQGHVHUPHQRV8QDSHGDJRJtDGHOD WHUQXUD GHELHUD VHU XQD IXHQWH GH HVWtPXOR GH LPSXOVR HVSHUDQ]DGRUH[SUHVDGRHQODDGPLUDFLyQ

$35(1'(5/$&21',&,1+80$1$

D LQYDGLUPL LQWLPLGDG /D UHODFLyQ GH OR SULYDGR \ GH OR S~EOLFR IXQFLRQDFRPR XQPHFDQLVPR FXDQGR ODPLVPD&RQYHQFLyQ SRU ORV 'HUHFKRV GHO1LxR\DKDHVWDEOHFLGRHVHFDUiFWHUYLQFXODQWHUHFRQRFHDOJRTXHGHYLHQHGLULPHQWH DQWH RWURV DERUGDMHV WRGR VHU KXPDQR HV LQWUtQVHFDPHQWH GHFDUiFWHUS~EOLFR-DPiVXQVHUKXPDQRSXHGHVHUUHGXFLGRDODSULYDFLGDGSXHGHVHUREMHWRGHSULYDWL]DFLyQVRFLDOSHUVRQDO/RTXHQRTXLHUHGHFLUTXHSDGUH\PDGUHTXHORVKDQHQJHQGUDGRHQODFDUQH\HQHODIHFWRQRWHQJDQXQDUHVSRQVDELOLGDGSULPHUDSULRULWDULD

3HURWDPELpQGHVGHHOSDUDGLJPDGHODSHOLJURVLGDGODKLVWRULDUHSRUWDTXHVLHPSUHVHKDPLUDGRDTXLHQSLHQVDHQHVWHFDVRODVQXHYDVJHQHUDFLRQHVGHRWUDIRUPDFRPRXQSHOLJURUHSUHVHQWDQGRXQSHOLJUR(VGLItFLOVHSDUDUOD OtQHDHQWUH SREUHV \ SHOLJURVRV HQWUH SREUHV \ GHOLQFXHQWHV(V TXH ODSHOLJURVLGDGVLHPEUDGHVFRQDQ]DVLHPEUDVRVSHFKDJHQHUDDJUHVLyQ

3RGHPRVKDEODUGHWHUQXUDFXDQGRHOSDUDGLJPDTXHSUHGRPLQDHVHOGHODVDWDQL]DFLyQSRUHOSHOLJUR"2HOGHUHSUHVHQWDFLRQHVVRFLDOHVTXHH[SUHVDQXQ LPDJLQDULR VRFLDO TXH SUHGLVSRQHD XQDDFWLWXG GHIHQVLYD DQWH TXLHQHVUHSUHVHQWDQXQULHVJRSRWHQFLDORIiFWLFRDODSURSLDLQWHJULGDG\VHJXULGDG"

%DVWD TXH XQ QLxR XQ DGROHVFHQWH FRPHWD XQ GHVPiQ R XQ DVHVLQDWR RFXDOTXLHURWUDIRUPDGHYLROHQFLDFRQWUDDOJXLHQSDUDTXHGLJDPRVDTXtKD\TXHSRQHUPDQRGXUDDTXtQHFHVLWDPRVYROYHUDXQUpJLPHQHVWULFWRSRUTXHODVQXHYDVJHQHUDFLRQHVVHQRVYDQHVFDSDQGRGHODVPDQRV

3HURVRPRVVRFLHGDGHVHQODVTXHVHKDQGHVDUUROODGRFRPRDOJRTXHWLHQGHDYHUVHFRPRQDWXUDO\SRUHQGHQRUPDOMXVWLFDGRKDVWDQHFHVDULRSDUD HO ELHQHVWDU GHO QLxR QLxD \ HV OD SUHVFLQGLELOLGDG GH OD LQIDQFLD (OPXQGRDGXOWRQRSDUHFHQHFHVLWDUGHORVQLxRV\GHODVQLxDVSDUDUHSHQVDUODYLGD3UHVFLQGLUGHOQLxR\GH ODQLxDHQ OD IDPLOLDFXDQGRQLVLTXLHUD OHSUHJXQWDPRVTXpRSLQDpORHOOD3UHVFLQGLPRVORVPDHVWURV\ODVPDHVWUDVFXDQGR ODHVFXHODHVWiRUJDQL]DGDSRUHOGLUHFWRU FXPSOLHQGRyUGHQHVGHXQPLQLVWHULR3HURORVQLxRVTXHVRQORVDFWRUHV\TXHQRVSHUPLWHQGHFLUTXHVRPRVHGXFDGRUHVRTXHVRPRVGRFHQWHVQRHQWUDQJHQHUDOPHQWHSDUDGHFLGLUORTXHODHVFXHODTXLVLHUDDSRUWDUOHV

6LQ HPEDUJR FRPR IUXWR GHO SDFWR GH OD PRGHUQLGDG VH GHMy IXHUD D ODLQIDQFLD\VHODUHFXSHUyVyORFRPRREMHWRGHSURWHFFLyQ1RHVTXHFRQODPRGHUQLGDGVHDEDQGRQDUDD OD LQIDQFLDVLQRTXHVH ODFRORFyEDMRHOHMHGHODSURWHFFLyQ$VtFRPRKR\GtDQRHVTXHORVQLxRVVHDQSUHVFLQGLEOHV3DUDHOPHUFDGRORVQLxRVQRVRQSUHVFLQGLEOHV3DUDHOPHUFDGR\SDUDHOQHROLEHUDOLVPRORVQLxRVVRQIXQGDPHQWDOPHQWHFRQVXPLGRUHV3RU ORWDQWR

9HUHOUHSRUWDMH1LxRVDVHVLQRV(VSRVLEOHVXUHKDELOLWDFLyQ"+LVWRULDGH7KRPSVRQ\9HQDEOHVDSDUHFLGRHQ;/ 6HPDQDOGHDJRVWRFRPR/DQXHYDYLGDGH5REHUW\-RQS

$35(1'(5/$&21',&,1+80$1$

(/$025(68132'(548(352'8&($025

/DHQYLGLDORVFHORVODDPELFLyQWRGRWLSRGHDYLGH]VRQSDVLRQHVHODPRUHVXQDDFFLyQ ODSUiFWLFDGHXQSRGHUKXPDQRTXHVyORSXHGHUHDOL]DUVHHQ OD OLEHUWDG\ MDPiVFRPRUHVXOWDGRGHXQDFRPSXOVLyQ(ODPRUHVXQDDFWLYLGDG QR XQ DIHFWR SDVLYR HV XQ HVWDU FRQWLQXDGR QR XQ V~ELWRDUUDQTXH(QHOVHQWLGRPiVJHQHUDOSXHGHGHVFULELUVHHOFDUiFWHUDFWLYRGHO DPRU DUPDQGR TXH DPDU HV IXQGDPHQWDOPHQWH GDU QR UHFLELU 4XpHV GDU" 3RU VLPSOH TXH SDUH]FD OD UHVSXHVWD HVWi HQ UHDOLGDG SOHQD GHDPELJHGDGHV \ FRPSOHMLGDGHV (O PDOHQWHQGLGR PiV FRP~Q FRQVLVWH HQVXSRQHUTXHGDUVLJQLFDUHQXQFLDUDDOJRSULYDUVHGHDOJRVDFULFDUVH(OFDUiFWHUPHUFDQWLOHVWiGLVSXHVWRDGDUSHURVyORDFDPELRGHUHFLELUSDUDpOGDUVLQUHFLELUVLJQLFDXQDHVWDID/DJHQWHFX\DRULHQWDFLyQIXQGDPHQWDOQRHVSURGXFWLYDYLYHHOGDUFRPRXQHPSREUHFLPLHQWRSRUORTXHVHQLHJDJHQHUDOPHQWHDKDFHUOR3DUDHOFDUiFWHUSURGXFWLYRGDUSRVHHXQVLJQLFDGRWRWDOPHQWHGLVWLQWRFRQVWLWX\HODPiVDOWDH[SUHVLyQGHSRWHQFLD(QHODFWRPLVPRGHGDUH[SHULPHQWRPLIXHU]DPLULTXH]DPLSRGHU7DOH[SHULHQFLDGHYLWDOLGDG\SRWHQFLDH[DOWDGDVPHOOHQDGHGLFKD'DUSURGXFHPiVIHOLFLGDGTXHUHFLELUQRSRUTXHVHDXQDSULYDFLyQVLQRSRUTXHHQHODFWRGHGDUHVWiODH[SUHVLyQGHPLYLWDOLGDG(QODHVIHUDGHODVFRVDVPDWHULDOHVGDUVLJQLFDVHUULFR1RHVULFRHOTXHWLHQHPXFKRVLQRHOGDPXFKR

(ULFK)URPP(O$UWHGH$PDU8QDLQYHVWLJDFLyQVREUHODQDWXUDOH]DGHODPRU3LDGyV%V$VVISV

/DVXEMHWLYLGDG\ UDFLRQDOLGDGGHODFRJLPLHQWRHQWRQFHVGLVWLQFLyQDSHQDVH[SRVLWLYD HV IXQGDPHQWDO QR VyOR GH DFRJLGD WpUPLQR TXH GHQRWDVLWXDFLyQ SDVLYD &RQVLGHUDPRV TXH HVWR QRV SHUPLWH WRGDYtD GHFRQVWUXLU\ UHFRQVWLWXLUEDMRQXHYRVSUHVXSXHVWRV ODV IRUPDVGH UHSUHVHQWDUQXHVWUDUHODFLyQ(ODFRJLPLHQWRHVXQDDFFLyQ\XQDDFWLWXGpWLFDHVXQDIRUPDGHHVSLULWXDOLGDGYDOHGHFLUGHHQWHQGHUQRVFRPRWUDQVFHQGHQWHVSRUHODPRUDODYLGDSRUODIUDWtDTXHIXQGDQXHVWUDFRQGLFLyQELROyJLFD\VRFLDO$KRUDELHQQDFLGRVSDUDDPDUHOVHUKXPDQRGHEHDSUHQGHUDDPDUHQODWUDPDGHVXYLGDSHUVRQDO\FROHFWLYDHQODVFRRUGHQDGDVKLVWyULFDVHQODXUGLPEUHGHVXEMHWYLGDGHVFRQIUHFXHQFLDDOWHUDGDVSRUORVFDPELRVSROtWLFRVHFRQyPLFRVSRU OD WUDQVIRUPDFLyQTXHVREUH ODVSHUFHSFLRQHV\PHQWDOLGDGHVDFDUUHDQGLFKRVFDPELRV

*UXSRGRFH'HOIUDJPHQWRDODVLWXDFLyQ1RWDVVREUHODVXEMHWLYLGDGFRQWHPSRUiQHD$UJHQWLQDSDVVLP

$35(1'(5/$&21',&,1+80$1$

VXHMHUFLFLRFRWLGLDQRWLHQHXQFDUiFWHUSDUDGyMLFRUHFRQRFLEOHHQVXDEVROXWDDSHUWXUDDODXQLYHUVDOLGDG\DOHFXPHQLVPRDVXHVHQFLDOODQWURSLVPRHVGHFLUYDOHVLQH[FHSFLyQSDUDWRGRORTXHVHDSDUWHGHODHVSHFLHKXPDQD

$35(1'(5/$&21',&,1+80$1$

SXHEORVFRPRXQGHUHFKRTXHDVLVWHQRVyORDORVQLxRVVLQRTXHQRVDVLVWHWDPELpQ D QRVRWURV DGXOWRV KRPEUHV R PXMHUHV

$35(1'(5/$&21',&,1+80$1$

+R\ YLYLPRV FDPELRV GH SDUDGLJPDV TXH WUDHQ LPSOLFDFLRQHV PX\LPSRUWDQWHVHQHOFDPSRQRVyORGHOSHQVDPLHQWRVLQRGHQXHVWUDVSUiFWLFDVVRFLDOHV4XHHOSDUDGLJPD ItVLFRPDWHPiWLFRGRPLQDQWHKDVWDKDFHSRFRKR\ HQFXHQWUH HQ HO SDUDGLJPD ELROyJLFR XQD HQYLGLDEOH SRVLELOLGDG GHWUDQVIRUPDFLyQTXHHOSDUDGLJPDGHODUD]yQFRPXQLFDWLYDYHQJDDLQWHUSHODUHOPHUDPHQWHLQVWUXPHQWDOUHSUHVHQWDLJXDOPHQWHRWUDVWDQWDVSRVLELOLGDGHVSDUDHQULTXHFHUQXHVWURVGLVFXUVRVVREUH OD WHUQXUDVREUH ODDIHFWXRVLGDGFRPRELHQQRVORKDQVHxDODGR+0DWXUDQDSRUXQODGR\-+DEHUPDVSRURWUR

1RVRWURVFUHHPRVTXHKD\ IDFWRUHVTXHKDQVLGRVHxDODGRVSRU1DFLRQHV8QLGDVHQXQHVWXGLRSXEOLFDGRHODxRDxRLQWHUQDFLRQDOGHODIDPLOLDTXH VH WLWXOD (VWDGRV GHO GHVRUGHQ 'LH] DxRV GH JOREDOL]DFLyQ \ ORVHVWUDJRVVRFLDOHVTXHpVWDKDSURGXFLGR6LPSOHPHQWHVHHQXPHUDQ6HGLFHTXHHQHOPXQGRKDQDXPHQWDGRODVGHVLJXDOGDGHV\ODVSREUH]DVQRVyORVHKDQH[WHQGLGRVLQRTXHVHKDQDJUDYDGR6HGLFH\VHDUPDFRQUD]yQTXHODGHVRFXSDFLyQFRQVWLWX\HHODJHORTXHQRVEDMDODPRUDO\QRVKDFHSHUGHUODDXWRHVWLPD6HGLFHDGHPiVTXHGHXQDXRWUDIRUPDVHKDSHUGLGRRVHWLHQGHDSHUGHU\DGLVPLQXLUODSURWHFFLyQVRFLDOHQQXHVWUDVFLXGDGHV\TXHWDPELpQFUHFLyODLQVHJXULGDGFLXGDGDQD6HKDEODGHODVP~OWLSOHVIRUPDVGHYLROHQFLDHQWUHHOODVHYLGHQWHPHQWHSDUDDOJXQRVHQQXHVWURVSDtVHVHQOD5HJLyQ ODYLROHQFLDFRQFRPLWDQWHDOQDUFRWUiFR\D ODQDUFRHFRQRPtDTXHPLQDGHXQDXRWUDIRUPDODVFRQGLFLRQHVGHFRQYLYHQFLDKXPDQD

3HUR WDPELpQ HVWH HVWXGLR VHxDOD WUHV FRVDV TXH SDUHFHQ FHQWUDOHV VLTXHUHPRVDERFDUQRVD UHFRQVWUXLU WRGDV ODVGLPHQVLRQHVTXHKDJDQTXHDFRJHUQRVPXWXDPHQWH VHD XQ DFWR FUHDWLYR \ XQ DFWR GH SURGXFFLyQ GHKXPDQLGDG

$35(1'(5/$&21',&,1+80$1$

SRUTXHFRPRGHFtDQDOJXQRVVLQRH[LVWLHUDHOIULFDHVWDUtDPRVPHMRUHQHOPXQGRGHVDIRUWXQDGDPHQWHDGTXLHUHKR\QXHYDV\VXEOLPLQDOHVIRUPDV(VWHWLSRGHH[SUHVLRQHVUHYHODQTXHQXHVWURFRUD]yQGHKXPDQLGDGHVWiWRGDYtDFHUUDGRDRWUDVSHUVSHFWLYDV\DRWUDVDOWHUQDWLYDVGHFUHFHU\GHPDGXUDUFRPRJHQWH&RQWH[WRpVWHTXHKDFHSODWyQLFDPHQWHLUyQLFRWRGRGLVFXUVRVREUHODVROLGDULGDGFRPRWHUQXUDGHORVSXHEORVVREUHDPRURVLGGDG

(OVHJXQGRSXQWRWLHQHTXHYHUFyPRGHVGHFRVPRYLVLRQHVQRH[FOXVLYDPHQWHRFFLGHQWDOHVHVWDPRVLQYLWDGRVDPLUDUODIDPLOLD\DUHFXSHUDUXQGLVFXUVRVREUH OD WHUQXUD (V LPSRUWDQWH PLUDU FRQ RWURV RMRV FRQ HVRV TXHFRQVLGHUDPRVTXHHVWiQHQRWUDDOWXUDHQGHVDUUROORSRGHUPLUDUHVWRTXHHV SDUD QRVRWURV WDQ SUHFLDGR FRPR HV OD IDPLOLD \ FRPR HV HO DIHFWR ODHPRWLYLGDGGHVDUUROODGDSRVLWLYDPHQWH\ORVVHQWLPLHQWRVGHFRUGXUD

&XDQGRKR\VHKDEODGHTXHODIDPLOLDKD\TXHDERUGDUODGHVGHHODVSHFWRGH OR WUDQVDFFLRQDO FyPR SRGHPRV PLUDUOD HQ XQD PXWXD UHODFLyQ \ QRXQLGLUHFFLRQDOPHQWHHVWRHV\DXQDSRUWHLQWHUHVDQWH\QHFHVDULR/DYLVLyQHFROyJLFD GH OD IDPLOLD UHSUHVHQWD RWUD FRQWULEXFLyQ VLJQLFDWLYD WRGD YH]TXH OD UHODFLyQ FRQ DTXHOOR TXH FRQVLGHUDPRV IDPLOLD WLHQH XQ LPSDFWRGH WUDVFHQGHQFLD HQ OR TXH D VHJXULGDG \ HTXLOLEULR HPRFLRQDO UHVSHFWD&LHUWDPHQWH XQ GLVFXUVR GH SHGDJRJtD GH OD WHUQXUD GHEHUi HODERUDU VXUHH[LyQHQUHODFLyQDODVSURIXQGDVWUDQVIRUPDFLRQHVGHODIDPLOLD\ORTXHHOODVLJQLFDHQHOGHVDUUROORGHOQLxRGHODQLxD3HURHVQHFHVDULRVHxDODUORTXHVHKDSXHVWRHQFXHVWLyQHVGHFLUVLUHDOPHQWHHVWDPRVDVLVWLHQGRDOQDOGHODIDPLOLDSDWULDUFDODOQGHOSDWULDUFDOLVPR(OORLPSOLFDUtDTXHGHORTXHVHWUDWDHQXQPXQGRSRVSDWULDUFDOHVHOUHFRQRFHUODQHFHVLGDGGHVHUH[LEOHVGHIRUPDUSHUVRQDOLGDGHVH[LEOHV&XiOHOUROGHODSHGDJRJtDGHODWHUQXUD"

9HU0DQXHO&DVWHOOV2SRGHUGD,'(17,'$'(HG3DJD7HUUDYROUDHGLFS

$35(1'(5/$&21',&,1+80$1$

2EMHWRRFDPSRGHREMHWRVGHODSHGDJRJtDGHODWHUQXUD

8QDFXHVWLyQSUHYLDQHFHVDULDUHHUHDUHFRUGDUTXHODSHGDJRJtDQRHVDLVODEOHFRPRSHQVDPLHQWR\FRPRDFFLyQGHODVFRUULHQWHVGHSHQVDPLHQWRTXHDORODUJRGHODKLVWRULDKDQWHQLGRSUHGRPLQDQFLD$VtHQHOPDUFRGHODVRFLHGDGLQGXVWULDO\ODFXOWXUDDODTXHVHUHODFLRQDHQIDWL]DXQDFLHQFLD\WHFQRORJtDTXHVHGHVDUUROODQFRPRH[LJHQFLDGHODSURGXFFLyQ7RPDFXHUSRHQWRQFHVODUD]yQDQDOtWLFRLQVWUXPHQWDOHQGHWULPHQWRGHRWUDVIRUPDVGHHMHUFLFLRGHODUD]yQFRPRODGLDOpFWLFDRVDSLHQFLDOHOVDEHUSRVHHXQDLQWHQFLRQDOLGDGSHUIHFWDPHQWHGHQLGDHOSRGHU3RGHU\VDEHUVRQFRLQFLGHQWHVVHJ~Q ODPRGHUQLGDGEXUJXHVD\SRUDOOtVHGHVSOD]DFXDQWRWHQJDTXHYHUPiVELHQFRQHOSDWKRV\FRQHOWLPRVHVGHFLUODVLPSDWtDHOHURVODUHODFLyQIUDWHUQDORVVHQWLPLHQWRVORVDIHFWRV\ODSURSLDWHUQXUD(QJHQHUDOODSHGDJRJtDVHYLVWHGHPRGHUQLGDG UDFLRQDOLVWD3RUHOORHVQHFHVDULRHQIDWL]DUTXHXQDSHGDJRJtDGHODWHUQXUDQRSXHGHVHURWUDFRVDTXHXQUHWRUQRDODIXHQWHRQWROyJLFD \ SVLFROyJLFDGH OD UD]yQ HOHURV \ HOiJDSH QRSDUDQHJDU ODUD]yQVLQRSDUDHYLWDUVXKHJHPRQLVPRGHVHTXLOLEUDQWHHQSDUWLFXODUFXDQGRGH DFFLyQ HGXFDWLYD IRUPDWLYD VH WUDWD 6L OD HGXFDFLyQ HVWi FHQWUDGD HQODVSHUVRQDV\HQpVWDVFRPRVXMHWRVFRQDXWRQRPtDHOUHHQFXHQWURFRQHOHURV ODSKLOtDHOiJDSHQRHVXQPHURUHWRUQRSRUODOH\GHOSpQGXORDODVXEMHWLYLGDGVLQRDFRPSUHQGHUODDIHFWLYLGDGODDIHFWLELOLGDG\DIHFWXRVLGDGVLVHQRVSHUPLWHQHVWRVEDUEDULVPRVFRPRHVWUXFWXUDyQWLFDGHOVHUKXPDQRFRPRPRGRGHVHU\PRGRGHYLGDSDUDGHYHQLUVHUKXPDQR

6HQRVSHUPLWDQGRVDQRWDFLRQHVPiV8QDHVSDUDVHxDODUTXHHQHOGLVFXUVR\HQODSUiFWLFDGHODSHGDJRJtDGHODWHUQXUDVHEXVFDXQHTXLOLEULRHQWUHHOHURV\HO ORJRVQR IiFLOSRUFLHUWRHQSDUWLFXODUFXDQGRFRQPXFKDFKRV\PXFKDFKDV GH GLVFLSOLQD VH WUDWD SRU HMHPSOR /D VHJXQGD HV OODPDU ODDWHQFLyQTXHODSHGDJRJtDGHODWHUQXUDQRVyORWLHQHRULJHQFRPRGLVFXUVRHQEXVFDGHXQDDUWLFXODFLyQWHyULFDVLVWHPiWLFDGXUDQWHORVDFLDJRVDxRVGHFRQLFWRDUPDGRVLQRTXHHVHQHOPRYLPLHQWRGHQLxRVQLxDV\DGROHVFHQWHVWUDEDMDGRUHV HQ HO TXH VHPDQWLHQH YLJHQWH HVWD E~VTXHGD SRU GRWDU D ODSHGDJRJtDGH OD WHUQXUDGHXQ VXVWHQWR FRQFHSWXDO TXHSHUPLWDPDQWHQHULQWXLFLyQ \ FRQRFLPLHQWR VLQR TXH VH GD FRQ WUDEDMDGRUHV TXH QR HVWiQPDUFDGRVDIXHJRSRUODFXOWXUDLQGXVWULDOSRUODSURGXFFLyQPDQXIDFWXUHUD(QRWUDVSDODEUDVSRUVXFRQGLFLyQGHRULJHQDQGLQR\PLJUDQWHSRUXQODGR\DXWRHPSOHR\FRQGLFLyQHWiUHDSRURWUR ODGR ODSHGDJRJtDGH OD WHUQXUDGHYLHQHHQXQGLVFXUVRFRQSRVLELOLGDGHVGHVDFXGLUVHGHFLHUWRUDFLRQDOLVPRSHGDJyJLFRUHLQDQWH\GHWHQGHUGHIRUPDPiVDWHQWDDORJUDUHTXLOLEULRHQWUHHURV\ORJRV

6LDVXPLPRVTXH ODSHGDJRJtDHVXQDFLHQFLDVRFLDOHVWDPRVFRPSHOLGRVDHVWXGLDUORTXHHQFRQFUHWRORTXHREMHWLYDPHQWHVRQKHFKRVVRFLDOHVHQ

/HRQDUGR%RII6DQ)UDQFLVFRGH$VLV7HUQXUD\9LJRU6DO7pUUHDS,ELGHPS

$35(1'(5/$&21',&,1+80$1$

1RVHUiHQWRQFHV ORDIHFWLYR ODHQWUDGDTXHKDFHHVSHFtFRHOREMHWRGHODSHGDJRJtDGHODWHUQXUD"6LELHQHVWHDVSHFWRHVWXYRGHDOJXQDPDQHUDVLHPSUH SUHVHQWH HQ WRGD UHH[LyQ VREUH HGXFDFLyQ TXL]i QR OR IXH DVtFXDQGRVH WUDWyGHFRORFDU ODSHGDJRJtDHQHOHVSDFLRGH ODVFLHQFLDVHQHOPXQGRGHODVWHRUtDV\GHODVGRFWULQDV4XL]iSUHGRPLQDURQFXHVWLRQHVFRPR OD UHODFLyQHQWUHDXWRULGDG\ OLEHUWDGFRPR IXHUDGHVGH5RXVVHDX\.DQWHQHOVLJOR;,;\HQHOVLJOR;;3RUQXHVWUDSDUWHFRQVLGHUDPRVTXHHODSUHQGHUODFRQGLFLyQKXPDQDHVGHFLUODHUyWLFDODSKLOLiWLFD\ODFHQWUDGDHQHOiJDSHVRQDOLQJUHVDUDOVHJXQGROXVWURGHOVLJOR;;,ODFXHVWLyQFHQWUDOSDUD OD ODERU HGXFDWLYD \ SDUD OD UHH[LyQ SHGDJyJLFD ORV GLVFXUVRV GHSHGDJRJtDGHODWHUQXUDQRVTXLHUHQUHFRUGDUHVWR/RVHVFHQDULRVGHIXWXURSDUDODHGXFDFLyQQRSXHGHQVHUUHGXFLEOHVDODVJUDQGHVWUDQVIRUPDFLRQHVWHFQROyJLFDV(OGUDPDGHVHUVRFLHGDGHVHQODVTXHD~QQRVDEHPRVDPDUFRQWLQ~D VLHQGRHO UHWRPD\RUHQPDWHULD FXOWXUDO \ HGXFDWLYD /RKXPDQRFRUUHHOULHVJRGHQRVHUPiVRFDVLyQGHDGPLUDFLyQGHDTXHOODTXHH[SUHVDHVSLULWXDOLGDG\GHVDUUROORORVyFRODGLVPLQXFLyQGHDGPLUDFLyQ\DVRPEURSRUORKXPDQRGHFDGDGtDHVXQLQGLFDGRUGHODLQVLJQLFDQFLDGHODDFWLWXGORVyFD HV GHFLU GH OD SRVLELOLGDG GH FRQRFHUQRV FRPR KXPDQLGDG GHFXOWLYDUXQDSHUPDQHQWHKHUPHQpXWLFDFUtWLFDIUHQWHDODYLGD(OORQRVSXHGHLQFOLQDUGHIRUPDLUUHYHUVLEOHDXQHVStULWXIXQGDGRHQODUD]yQLQVWUXPHQWDODQWDJyQLFDDWRGDSURSXHVWDGHSHGDJRJtDGHODWHUQXUD

3RUHOORSUHFLVDGHOLPLWDUVHHOREMHWRSUHFLVRGHFRQRFLPLHQWRDOTXHDSXQWDOD OODPDGD SHGDJRJtD GH OD WHUQXUD WHQLHQGR HQ FXHQWD TXH HOOD VH KDFHFRPSUHQVLEOH FRPR SDUWH GHO FRQRFLPLHQWR SHGDJyJLFR DFXPXODGR 8QDYH]PiV VX HVSHFLFLGDG HVWi HQ OODPDU OD DWHQFLyQ HQ OR TXH FRQVWLWX\HXQ LQVRVOD\DEOH FRPSRQHQWH GH WRGD SUiFWLFD TXH VH UHFODPH HGXFDWLYD \SHGDJyJLFD HO FRPSOHMR PXQGR GH OD DIHFWLYLGDG HQ WRGRV VXV QLYHOHV \PDWLFHV(VORTXHOD81(6&2UHFRQRFHFXDQGRDOKDEODUGHFXOWXUDUHFXHUGDTXHFXOWXUDQRHVRWUDFRVDTXHDSUHQGHUDYLYLUMXQWRV

3HGDJRJtDGHODWHUQXUDFRPRSUiFWLFDQRGLVFXUVLYD\FRPRIRUPDFLyQGLVFXUVLYD

/DVSUiFWLFDVQRGLVFXUVLYDVUHHUHQDODVUHODFLRQHV\SURSXHVWDVFRQFUHWDVTXHHQPDWHULDGHUHODFLRQHVHQWUHVXMHWRVGHODHGXFDFLyQVHGDQDVtFRPRHQORVVLVWHPDVHGXFDWLYRVSURSXHVWRVSDUDVXSXHVWDHQHMHFXFLyQ(QUHDOLGDGWRGDVHVWDVSUiFWLFDVWLHQHQXQVXVWHQWRGHRUGHQFRQFHSWXDOUHVSRQGHQDXQ

(VORTXHUHFXHUGD3LHUUH5RVHQYDOORQ/DQRXYHOOHTXHVWLRQVRFLDOHHG'X6HXLO3DULVSDVVLPYHU-, %HGR\DRSFLWS9HUHOLQIRUPHSUHSDUDGRSRU-3pUH]GH&XpOODUVREUH&XOWXUD\-XYHQWXGHQ$7RXUDLQHDVXPHHVWDPLVPD SRVWXUDHQVXKHUPRVROLEUR3RGUHPRVYLYLUMXQWRVRSFLWSDVVLP

$35(1'(5/$&21',&,1+80$1$

QRFRPSHWLUDQLYHOGHMXVWLFDFLyQWHyULFDRFLHQWtFD$QXHVWURHQWHQGHUHOORQR OHGLVPLQX\HVX IXHU]D LQVSLUDGRUD \PiVELHQ OHSHUPLWH UHFRUGDUFRQ KXPLOGDG D WRGD SRVLEOH FLHQFLD SHGDJyJLFD TXH VL GHVFXLGD OR TXHODSHGDJRJtDGH OD WHUQXUD LQWHQWD UHFRUGDUFDUHFHGHXQHSLVWHPHTXH OHGH HVWDWXWR FLHQWtFR (OOR H[SOLFD SRU TXp GHVGH OD DQWLJHGDG WRGRV ORVSHGDJRJRVGHXQDXRWUDPDQHUDKDQUHFRUGDGRTXHHVQDOPHQWHHQHODIHFWR\SRUHODIHFWRTXHQRVYDPRVKDFLHQGRSHUVRQDVGHYLQLHQGRKXPDQRV

/D SHGDJRJtD GH OD WHUQXUD DOJR PiV TXH VLPSOHSHGDJRJtD

4XL]i GHELpUDPRV GHFLU TXH HV SHGDJRJtD VLHPSUH \ FXDQGR pVWD VHDDVXPLGDFRPRXQDLQHYLWDEOHUHODFLyQGHSRGHUSRUTXHODWHUQXUDIRUPDSDUWHGHODVUHODFLRQHVGHSRGHUHQWUHHOQLxRODQLxD\VXVSURJHQLWRUHVPX\HQSDUWLFXODUFRQODPDGUH$GHPiVODSHGDJRJtDHVH[SUHVLyQGHXQDSROtWLFDFXOWXUDOTXHDSXQWDLQFHVDQWHPHQWHKDFLDODLQWHQVLFDFLyQ\WUDQVIRUPDFLyQGHODLPDJLQDFLyQVRFLDO$KRUDELHQHVVXUHODFLyQSULPHUD\SULPDULDFRQHOPXQGRFDVXDOPHQWHFRQHODGXOWR\FRQHODGXOWRIHPHQLQRSDUWLFXODUPHQWH/DPDGUHHVODPDWUL]GHRULJHQHVODUHODFLyQELROyJLFDEDxDGDGHDIHFWRGHFDULxR(VVLQOXJDUDGXGDVODFRPXQLFDGRUDSULYLOHJLDGDGHXQLPDJLQDULRVLPEyOLFRTXHPDUFDUiHOSUR\HFWRSHUVRQDOGHYLGDGHOQLxRGHODQLxD

&LHUWDPHQWHTXHGHELpUDPRVLJXDOPHQWHSUHJXQWDUQRVSRUHOOXJDUGHOSDGUHHQHVWHVHQWLGR/RVGLVORTXHVFRQFHSWXDOHV\SUiFWLFRVKDQFUHDGRXQDGREOHJXUD(QSULPHUOXJDUHQXQDFXOWXUDSDWULDUFDOHOSDGUHQRVyORHVOHMDQR\UHSUHVHQWDODGLVWDQFLDQHFHVDULDSDUDPDQWHQHUODDXWRULGDGDTXHOODTXHWLHQHVXIXQGDPHQWRHQHOUHVSHWRHOWHPRUHOTXHSRQHRUGHQR]DQMDORVLPSDVHVHLPSRQHORVFDVWLJRVFXDQGRpVWRVVHDQLQGLVSHQVDEOHVRORVMX]JXHQHFHVDULRV(QVHJXQGROXJDUODPDGUHDTXLHQOHDVLJQDPRVPiVELHQXQUROGHFRPSUHQVLyQGHFHUFDQtD3HURWRGRHVWRHVYiOLGRSDUFLDOPHQWHSXHVFRQ HO SRUFHQWDMH GH KRJDUHV PRQRSDUHQWDOHV ORV UROHV WUDGLFLRQDOPHQWHDVLJQDGRVKDQVXIULGRLUUHYHUVLEOHVWUDQVIRUPDFLRQHV

3HUR HV DOJR PiV TXH SHGDJRJtD SRUTXH GHVERUGD ODV LQVWLWXFLRQHV TXHKLVWyULFDPHQWHKDQSUHWHQGLGRDFDSDUDUODODERUHGXFDWLYD\UHHUHFRPR\DVHxDODGRDWRGDODYLGD\DODYLGDWRGD6LKD\DOJRTXHFDUDFWHUL]DDODHVSHFLHKXPDQDHVVXFDSDFLGDGGHVHQWLUDIHFWRGHUHTXHULUFDULxRSDUDVREUHYLYLUItVLFD\HVSLULWXDOPHQWH/DFRQFLHQFLDGHSHUWHQHQFLDHPHUJHFXDQGRXQR

9HUHOGLGiFWLFRFRPRVyOLGRWUDEDMRGH&DUORV$OYDUDGRGH3LpUROD(SLVWHPRORJtDHG0DQWDURS-, %HGR\DRSFLWS3HWHU0F/DUHQ+HQU\$*LURX[/D3HGDJRJtDUDGLFDOFRPRSROtWLFDFXOWXUDOPiVDOOiGHOGLVFXUVRGHODFUtWLFD\ HODQWLWRSLVPRHQ3HGDJRJtD&UtWLFD3DLGyVS9HUHOH[FHOHQWHOLEUR/HUROGXSpUH

$35(1'(5/$&21',&,1+80$1$

/DSHGDJRJtDGHODWHUQXUDHVWDPELpQSHGDJRJtD

6L ELHQ OD SHGDJRJtD GH OD WHUQXUD HV DOJR PiV TXH SHGDJRJtD HQ HOHQWHQGLGRGHTXHSRQHHODFHQWRHQORTXHWUDQVFLHQGHHOFDPSRWpFQLFDPHQWHSHGDJyJLFR HOOD HV WDPELpQ SHGDJRJtD HQ HO VHQWLGR TXH GHEH OOHJDUD WRFDU QR VyOR VXV IXQGDPHQWRV WHyULFRV VLQR SUiFWLFRVPHWRGROyJLFRV HLQFOXVRLQVWUXPHQWDOHV\SRUHOORGHEHPRVSUHJXQWDUQRVFRPR\DVHxDODGRDQWHULRUPHQWHSRUHOUROGHOD3$/$%5$GHO/(1*8$-(HQODLQVWDXUDFLyQGHXQSURFHVRGHFRQVWUXFFLyQGHO VXMHWRQLxRQLxD\HQHO GHVDUUROORGHOVXMHWRDGXOWRSDGUHPDGUHGRFHQWHHQODFRQVWUXFFLyQGHODPDWUL]VLPEyOLFDTXH OD SDODEUD FRQWLHQH \ FRPXQLFD 1R SRGHPRV ROYLGDU TXH OD DFFLyQSHGDJyJLFD FXPSOH XQ URO IXQGDPHQWDO HQ OD FRQVWUXFFLyQ GHFRQVWUXFFLyQGHOLPDJLQDULRVLPEyOLFRGHFDUiFWHUQRUPDWLYRYDOHGHFLUGHOGHEHUVHU\TXHpVWHVHHQFXHQWUDHQXQDGLItFLOGLV\XQFLyQFRQHOVLVWHPDSHUIRUPDWLYRHQHOTXHFXHQWDQSUDJPiWLFDPHQWHORVUHVXOWDGRV/DSHGDJRJtDHVWiOODPDGDD HVWDU DWHQWD MXVWDPHQWH SDUD FRQWULEXLU D UHDQH[DU GH IRUPD DVHUWLYD HOPXQGRGHODVDVSLUDFLRQHVGHORVYDORUHVGHORVSUR\HFWRVGHODVXWRStDVGHODVLGHQWLGDGHVHLGHQWLFDFLRQHVGHODVHVSLULWXDOLGDGHVTXHSHUPLWLUiQODLQWHJUDFLyQVRFLDOHOVHQWLGRGHSHUWHQHQFLDFRQHOVLVWHPDDXWRQRPL]DGRGHODHFRQRPtDGHODSURGXFFLyQKR\HQGtD

3RGHPRVGHFLUDVLPLVPRTXHLQFOXVRHQVXDFWXDO\HPEULRQDOHODERUDFLyQOD SHGDJRJtD GH OD WHUQXUD HV XQD UHH[LyQ RUJDQL]DGD VREUH OD WDUHDHGXFDWLYD HQ VX VHQWLGR HVWULFWR \ HVWi OLJDGDD FLHUWRV SULQFLSLRV TXH VRQXQGLVHxRLQLFLDOSDUDDYDQ]DUHQSHUVSHFWLYDPiVVLVWHPiWLFDPHQWHWHyULFD(QHIHFWR ODGLVFXUVLYLGDGDFWXDOGH ODSHGDJRJtDGH OD WHUQXUD UHFRJHQRVyORODSUiFWLFD\ORVUHWRVFRQFUHWRVDODDFFLyQHGXFDWLYDVLQRTXHH[SOLFLWDVXQDOLGDG\ERVTXHMDXQDUHSUHVHQWDFLyQGHOVXMHWR/DSUHJXQWDSRUVLUHTXLHUHXQDDFUHGLWDFLyQWHyULFD LQFOXVRDFDGpPLFDHVYiOLGDSHURFRPRGHVDUUROOR\DPSOLDFLyQGH ODV LQWXLFLRQHV\DVHxDODGDV(VGHFLUHVWDPRVDQWHXQDERUGDMHQRH[FOXVLYDPHQWHHPStULFR\GHQRWDXQDFLHUWDLQTXLHWXGFRQFHSWXDO3HURWHQGUtDPRVLJXDOPHQWHTXHUHSUHJXQWDUQRVVLODSHGDJRJtDGHODWHUQXUDIRUPDSDUWHGHXQPRYLPLHQWRGHSHQVDPLHQWR\VLHVFDSD]GHFRQJXUDUSHQVDPLHQWR

(QHVWH FRQWH[WR OD SHGDJRJtD GH OD WHUQXUD KD D YHU FRQHO FXHUSR FRQHO SODFHU FRQ ODV SXOVLRQHV DJUHVLYDV FRQ HO PDQHMR GH OD VH[XDOLGDG\ ODV UHODFLRQHV JHQHUDFLRQDOHV $OOt HO FDPSR VLPEyOLFR GHO OHQJXDMH \HVSHFtFDPHQWHODSDODEUDSDVDDVHUHQH[SUHVLyQGH-/DFDQHOSDUOrWUHTXHHQGHIHFWXRVDWUDGXFFLyQVHUtDODSDODEUDTXHPHKDFHVHU9HU+XPEHUWR0DWXUDQD(PRFLRQHV\OHQJXDMHHQ(GXFDFLyQ\3ROtWLFDHG'ROPHQSDVVLP*X\$YDQ]LQL/DSHGDJRJtDGH6*%RVFRQHOVXRVHFRORHQ00LGDOLRSFLWSeGXFDWLRQHWSpGDJRJLHFKH] '%RVFR3DULV)OHXUVEDMRODFRRUGLQDFLyQGH$YDQ]LQLSDVVLP

$35(1'(5/$&21',&,1+80$1$

GHOOHQJXDMHSDUDH[SUHVDUHOFRQWDJLRDIHFWLYR\VXVLPSOLFDFLRQHVSRUTXHHOFDPSRDIHFWLYRH[FOX\HWRGDGHOLPLWDFLyQHVWDEOHFLpQGRVHXQFRQWLQXXPHQWUH LPSUHVLyQ\VHQWLPLHQWR ORTXHVXJLHUHKDEODUGH LQGHWHUPLQDFLyQGHORVSURFHVRVSVtTXLFRVVHxDODQDOPHQWHODUHVRQDQFLDDIHFWLYDTXHWRGRFRQWDJLRSXHGHDFDUUHDU

9DULRVVRQORVDVSHFWRVGHFDUiFWHUWHyULFRTXHVXE\DFHQDORTXHYHQLPRVVHxDODQGR VREUH OD SHGDJRJtD GH OD WHUQXUD FRPR UHODFLyQ 8QR UHHUHDO URO GHO DGXOWR R GH TXLHQ FXPSOH XQD IXQFLyQ SURIHVLRQDO HQ OD UHODFLyQHGXFDWLYDRVLPSOHPHQWHHQODUHODFLyQKXPDQDTXHVHSUHWHQGHHGXFDWLYDHQODTXHVHPDQWLHQHODSRVLELOLGDGGHH[SORWDUODYHWDHGXFDWLYDIRUPDWLYDTXHWRGDFLUFXQVWDQFLDGHODYLGDQRVSUHVHQWD

$35(1'(5/$&21',&,1+80$1$

/D SHGDJRJtD GH OD WHUQXUD FRPR FRPXQLFDFLyQ HQDPRURVLGDG

1RKD\DFFLyQSHGDJyJLFDTXHQRVHDUHODFLyQ\pVWDVXSRQHFRPXQLFDFLyQHVHQFLDOPHQWHGLiORJR/DUHODFLyQSHGDJyJLFDHVFRQVWLWXWLYDPHQWHGLDOyJLFDFRPRGLUtD3DXOR)UHLUH

$35(1'(5/$&21',&,1+80$1$

GHGHQVLGDGORVyFDGHDTXHOODTXHQRVFRQHFWDFRQ ODVSUHJXQWDVPiVLQWHQVDPHQWH KXPDQDV \ KXPDQL]DGRUDV FXDQGR LQWHQWDPRV HQFRQWUDUOHVVHQWLGR \ FDSDFLGDG GH KDFHUQRV YLYLEOH OD H[LVWHQFLD /D VRFLHGDG GHOFRQRFLPLHQWRSHUVHQRGDVHxDOHVGHKDFHUQRVPiVKXPLOGHVDQWHQXHVWUDVLQVDOYDEOHVLJQRUDQFLDVPHQRVGRJPiWLFRVHQORTXHFRQVLGHUDPRVYHUGDGHVQRQHJRFLDEOHV$~QQRVFXHVWDLQFRUSRUDUORVVDEHUHVVRFLDOHVSRSXODUHVVXVDELGXUtDVLJXHVLHQGRYLVWDFRPRFUHHQFLDVYiOLGDVSDUDTXLHQHVODFXOWLYDQSRUWUDGLFLyQQRJHQHUDOL]DEOHVDOPXQGRFLYLOL]DGR(OORQRHVHQSULPHUOXJDUXQSUREOHPDGHLJQRUDQFLDVLQRGHGLVWDQFLDDIHFWLYDGHOGLIHUHQWHGHOTXHFRQVLGHUDPRVLQIHULRU

$35(1'(5/$&21',&,1+80$1$

'HVGH HO HQIRTXH FOiVLFR GHO HURV SHGDJyJLFR HQFRQWUDPRV HYRFDFLRQHVGHORTXHVHKDOODPDGRODHGXFDFLyQHQWHQGLGDFRPRDXWRHGXFDFLyQSHURDGHPiVHQUHODFLyQGLUHFWDFRQHOSURWDJRQLVPRGHOTXHQRVRFXSDPRVPiVDGHODQWHHQSDUWLFXODUFXDQGRDUPDPRVTXHVyORYDGHYLQLHQGRSURWDJRQLVWDTXLHQFRQWULEX\HDTXHRWURVWDPELpQYD\DQVLHQGRSURWDJRQLVWDVGHVXYLGDGHVXKLVWRULD

1RREVWDQWHFDEHSUHJXQWDUVHVLSRUHURV SHGDJyJLFRSRGHPRVHQWHQGHUXQD H[SUHVLyQ GHO OODPDGR DPRU HUyWLFR R PiV ELHQ GHO DPRU IUDWHUQR ROLDO)URPPQRVDGYLHUWHVREUHHVWDQHFHVDULDGLVWLQFLyQTXHDGHPiV WUDHLPSOLFDFLRQHVSDUDODSURSLDUHODFLyQSHGDJyJLFDFXDQGRpVWDVHGDIXHUDGHOPDUFRGHODUHODFLyQIDPLOLDUWDQWRHQWUHSDGUHVHKLMRVFRPRGHpVWRVHQWUHVt

$35(1'(5/$&21',&,1+80$1$

XQDSHGDJRJtDGHORSRVLEOHTXHMXHJDFRQHOWLHPSRTXHKDFHFRQDQ]DTXHHVWiLJXDOPHQWHEDxDGDGHDIHFWR\GHSHUPDQHQWHDOLHQWRXQDSHGDJRJtDGH OR SRVLEOH HV XQD SHGDJRJtD GHO SHUPDQHQWH HVWtPXOR \ YDORUDFLyQ GHFDGDLQGLYLGXR(OODHVXQDIRUPDFRQFUHWDGHSHGDJRJtDGHODWHUQXUD\GHODH[LJHQFLDDODVDQWtSRGDVGHWRGDFRQVLGHUDFLyQGHODIHFWRODGXO]XUDODDPDELOLGDGODWHUQXUDFRPRXQDGHELOLGDGFRPRXQFKDWRVHQWLPHQWDOLVPRRVHQVLELOLGDGVLQRXQFRLQYROXFUDPLHQWRHPRWLYRFRQVWDQWHPHQWHUHYLVDGR\VRVWHQLGRSRUODIXHU]D\ODVOXFHVTXHHPHUJHQGHDTXHOORVFRQTXLHQHVVHFRPSDUWH OD UHODFLyQSHGDJyJLFD1R WRGRHVEULOODQWH WDPELpQKD\SXQWRVPXHUWRV\GLVWDQFLDVLUUHFXSHUDEOHV1DGDGHHOORGHVFDOLFDSDUDVLHPSUHODLQWXLFLyQFHQWUDOGHODSHGDJRJtDGHODWHUQXUDODLQWHUSHODOHUHFXHUGDTXHHVXQDDSXHVWDQRXQGRJPD

/DSHGDJRJtDGHODWHUQXUDVHEDVDHQGRVHOHPHQWRVIXQGDPHQWDOHVSDUDHOGHVDUUROORGHODVSHUVRQDV\SDUDJDUDQWL]DUTXHODWHUQXUD\HODIHFWRQRVHDQLQVWUXPHQWDOL]DGRV\SLHUGDQVXIXHU]DHVWLPXODQWH\VXFDSDFLGDGGHJHQHUDUFRQGLFLRQHVGHFDPELR(OSULPHURGHHVWRVHOHPHQWRVHVORJUDUTXHHOVXMHWRKDJD WRGR ORTXHHVFDSD]GHKDFHUSRUVtPLVPRFRQVXSURSLRHVIXHU]R\WUDEDMR\HOVHJXQGRHVORTXHHVFDSD]GHKDFHUFRQHODSRUWHGHRWURORTXHDOJXQRVOODPDQODKHUHQFLDIDPLOLDUQRFURPRVyPLFDODTXHVyORVHUHFLEHVLXQRPLVPRWDPELpQHVFDSD]GHDSRUWH$PERVDVSHFWRVOLEUDQGHWRGRULHVJRGHVXSODQWDFLyQSRUXQODGR\DGHPiVGHTXLWDUPpULWRSURSLRDTXLHQKDFHHOHVIXHU]RGHVXSHUDFLyQ

3RUHOORODSHGDJRJtDGHODWHUQXUDGHELHUDLJXDOPHQWHDKRQGDUVXUHH[LyQWRPDQGR HQ FXHQWD TXH FXDQGR GHEH FRQFUHWDUVH SRU ODV FRQWLQJHQFLDVGHODYLGDGHORVLQGLYLGXRV\GHODVFROHFWLYLGDGHVHQXQDSHGDJRJtDGHORSRVLEOH TXH HOODPDQWLHQH VX UD]yQ RULJLQDO \ SHUPDQHQWH GH DSRVWDU SRUXQDDFFLyQHGXFDWLYDHQFXDQWRH[SHULHQFLDGHDIHFWRGHFDULxRGHSDFLHQWHDPRURVLGDG \ OD KDFH UHDOLGDG HQ HVHPLQLPXP OyJLFR HQ HVHPLQLPXPyQWLFRHQHVHPLQLPXPpWLFR3XHVHQODDOWHUQDWLYDPRUDOHVHODPRUSRUHORWURTXHFRQVWLWX\HHOSRORSRVLWLYR\HOREMHWRGHODYRFDFLyQ

/DSHGDJRJtDGHODWHUQXUD\ODSULPDFtDGHOGRQVREUHHOGHEHUXREOLJDFLyQ

7RGR FOLPD GH DIHFWR GH PDQLIHVWDFLyQ UHDO DXWpQWLFD WUDQVSDUHQWH GHDPRURVLGDGGHSKLOtDSHGDJyJLFDHVGHFLUGHDPLVWDGHVWiIXQGDGDHQODJUDWXLGDGHQXQYtQFXORTXHQRVHHVWDEOHFHQLSRUGHEHUQLSRUQRUPDDOJXQD/DSHGDJRJtDGH OD WHUQXUDH[SORWDGLUHFWDPHQWHVXYHWDGHJUDWXLGDGGHDEVROXWDYDORUDFLyQGHUHWULEXLUORFRQRWURGRQ(VGHFLUTXHIRUPDXQVLVWHPDHQHOTXHHOGRQFXPSOHXQDIXQFLyQGHVHQFDGHQDQWHGHKDFHUODH[SHULHQFLD3K:DOORQRSFLWS9ODGLPLU -DQNpOpYLWFK RSFLW S GHGLFD HO FDStWXOR WHUFHUR S DOPDOPHQRU \ D OR WUiJLFR GH OD FRQWUDGLFFLyQ

$35(1'(5/$&21',&,1+80$1$

D OD SURMLPLGDG 7RGR HOOR TXH ELHQ SXHGH VHU YLVWR FRPR XQ FDPELR GHPHQWDOLGDGHVFRQVWLWX\HHOiPELWRHQHOTXHODHGXFDFLyQ\ORTXHYHQLPRVOODPDQGR SHGDJRJtD GH OD WHUQXUDHVWi OODPDGD D GDU VX LQGLVFXWLEOHFRQWULEXFLyQ

3HUR UHIHULUVH D XQD QXHYD VXEMHWLYLGDG SUHVXSRQH XQ MXLFLR VREUH ODDFWXDOVXEMHWLYLGDGGRPLQDQWH\VLPXOWiQHDPHQWHXQDHVSHFLHGHSURSXHVWDGHXQDVHQVLELOLGDGGHVHDEOH\DOWHUQDWLYDDODDFWXDOPHQWHSUHSRQGHUDQWH,QFOXVR FDEH SUHJXQWDUVH VL VH SXHGH KDEODU GH XQD VXEMHWLYLGDG R GHVXEMHWLYLGDGHVFRQXHQWHVTXHSHUPLWHEDMRHVWHHQWHQGLGRUHIHULUVHDHOODVFRPRODVXEMHWLYLGDGPD\RULWDULDPHQWHSUHSRQGHUDQWH

/RTXHLQWHUHVDHQWRGRFDVRHVUHFRQRFHUVLHQHOGLVFXUVRGHODSHGDJRJtDGHODWHUQXUDHQFRQWUDPRVORVHOHPHQWRVGHFUtWLFD\DVLPLVPRGHSURSXHVWDSDUDKDEODUSRU ORPHQRVHQHOQLYHOGH ORVHQIRTXHVGHXQDFRQWULEXFLyQVLJQLFDWLYD GH OD SHGDJRJtD GH OD WHUQXUD DO GHVDUUROOR GH XQD QXHYDVXEMHWLYLGDG1R REVWDQWH SDUD SUHWHQGHU WHQHU OD IXHU]D GH LQFLGHQFLD HQODJHVWDFLyQGHQXHYDVVXEMHWLYLGDGHVVHUHTXLHUHTXH ODSHGDJRJtDGH ODWHUQXUDFRPRSHGDJRJtD\FRPRKHFKRHGXFDWLYRWHQJDODIXHU]DLGHROyJLFDSROtWLFD\FXOWXUDOSDUDTXHDVtVHD

0X\QHFHVDULDSDUHFHVHUODUHODFLyQTXHVHHVWDEOH]FDHQWUHSHGDJRJtDGHODWHUQXUD\WHRUtDVRFLDOFUtWLFDGHODTXHVHSXHGDREWHQHUPD\RUSURIXQGLGDG\ FRQVLVWHQFLD SDUD SHQVDU HQ VX FRPSOHMLGDG OD SURSLD SHGDJRJtD GH ODWHUQXUDHQUHODFLyQHVSHFtFDDVXDSRUWHDODJHQHUDFLyQGHXQDVXEMHWLYLGDGTXH LQFRUSRUH OR FHQWUDO GH VX QDOLGDG HVGHFLU HO DSUHQGHU OD FRQGLFLyQKXPDQDRORTXHVHKDGDGRHQOODPDUFLYLOLGDG

&RQVLGHUDPRV TXH OD SHGDJRJtD GH OD WHUQXUD XQD YH

Pedagogía de La Ternura

Documents

Transcript of Pedagogía de La Ternura