?

`]dgdo\mg\m`gdbditg\kjgod^\
K`_mj<gupmp
(QDTXHOODIHFKDVXSULPHUDYLVLWDD(VWDGRV8QLGRV
FXDQGRWDPELpQOOHYyDFDERDEDMRGHOKR\LQH[LV
WHQWH&HQWUR0XQGLDOGH&RPHUFLRODDFFLyQ$PR
D$PpULFD\$PpULFDPHDPDHVWHFHQWUROHSDUHFLy
HOSDUDGLJPDGHOFDSLWDOTXHGHVHDEDPHMRUDUFRQVX
FRQFHSWRDUWtVWLFR7UDQVIRUPyODDSDULHQFLDGHODV
WRUUHVJHPHODVHQGRVWRUUHVGHJUDVDSDUDVXVWLWXLUHO
FULVWDOLQR\IUtRVLVWHPDWHUPLQDOGHOFDSLWDOLVPRLQKX
PDQR\WUDQVIRUPDUORHQHOFDSLWDOGHODFUHDWLYLGDG
GHOFDORUVRFLDO
'XUDQWHPXFKRWLHPSRHVWDWHUDSLDIXHVyORHOUH
FXHUGRGHXQDLOXVLyQDUWtVWLFDSHURHOKRUL]RQWHHQ
EODQFR\QHJURGHOIDQDWLVPRIXQGDPHQWDOLVWDSDUDHO
FXDOQRKD\HYROXFLyQKLVWyULFDKL]RGHODFDWHGUDOGHO
PXQGRRFFLGHQWDOTXHKDEtDVXVWLWXLGRD'LRVSRUHO
GLQHUREODQFRGHORGLRDFUtWLFR\GHVWUXFWLYR/DREUD
GH%HX\VKDFREUDGRGHVGHHQWRQFHVXQDDQJXVWLRVD
DFWXDOLGDG
(ORGLRDFUtWLFR\ODGHVWUXFFLyQVRQFXOWLYDGRVVREUH
8QDFDWiVWURIHKLVWyULFDFRPRODRFXUULGDHOGH
WRGRSRUORVIXQGDPHQWDOLVPRVUHOLJLRVRV\SROtWLFRV
VHSWLHPEUHGHFDPELDDOFRQWUDULRODDSUHFLD
GHELOLWDQGRODUHOLJLyQ\ODSROtWLFDHODUWHQRVFXUD
FLyQGHODVREUDVGHDUWH7DOHVHOFDVRGHODREUDGH
-RVHSK%HX\VGH&RVPRV\'DPLiQYHUVLRQHVGH GHORGLR\ODGHVWUXFFLyQHVORTXHHODUWLVWDKDKHFKR
VLHPSUH\VLHPSUHVHJXLUiKDFLHQGRVLQQHFHVLGDG
WDUMHWDVSRVWDOHVFRQXQDIRWRLQWHUYHQLGDGHO:RUOG
GHTXHQLQJ~QLOXPLQDGRUHOLJLRVRRSROtWLFRVHOR
7UDGH&HQWHU
LQGLTXH
1RGHEHUtDH[WUDxDUQRVTXHXQUHSUHVHQWDQWHGHO
8QDGHODVPHWDVGHODUWHGH%HX\VHVFXUDUODFUHD
WLYLGDGHUDSDUDpOHOYHUGDGHURFDSLWDOFXOWXUDOFRQOR SUDJPDWLVPRORVyFRXQSURIHVRUTXHVHKDGHVFULWR
DVtPLVPRFRPRDWHRKD\DVLGRKRQUDGRHQQRPEUH
TXHFRQWULEX\HFDGDXQRHQODPHGLGDGHVXVUHQGL
GHXQPtVWLFRFULVWLDQRSDUDTXLHQVyOR'LRVHUDGH
PLHQWRVLQGLYLGXDOHV\DWUDYpVGHFDPELRVFRQFHSWXD
OHVGHPXWDFLRQHVPDWHULDOHV\IRUPDOHVDXQDXWRStD LPSRUWDQFLD'HHVWRQRVTXLHUHSHUVXDGLU5LFKDUG
5RUW\HQVXGLVFXUVRGHDJUDGHFLPLHQWRFRQPRWLYR
GHODVRFLHGDGFRPRSOiVWLFDVRFLDO
GHOSUHPLR0HLVWHU(NKDUWRWRUJDGRSRUOD,GHQWLW\
)RXQGDWLRQGH'XVVHOGRUI

RUORJHQHUDOODVREUDVGHDUWHQRGLFHQQDGD
VREUHORVVXFHVRVTXHFDPELDQHOPXQGRQLORV
DQXQFLDQSURIpWLFDPHQWHQLQRVRIUHFHQXQEDODQFHGH
HOORV7DPSRFROHSRGHPRVH[LJLUQDGDGHHVWR/RV
PHGLRVGHFRPXQLFDFLyQPDVLYDODWHOHYLVLyQSDUWL
FXODUPHQWHHYRFDQFRQPD\RUDSUHPLRHOHVSDQWR
DFHUFDGHODVFDWiVWURIHV\VXVWUDXPDWL]DQWHVVHFXHODV

8QDGHODVPHWDVGHODUWHGH%HX\VHVFX
UDUODFUHDWLYLGDGHUDSDUDpOHOYHUGDGHUR
FDSLWDOFXOWXUDOFRQORTXHFRQWULEX\HFDGD
XQRHQODPHGLGDGHVXVUHQGLPLHQWRVLQGL
YLGXDOHV\DWUDYpVGHFDPELRVFRQFHSWXDOHV
GHPXWDFLRQHVPDWHULDOHV\IRUPDOHVDXQD
XWRStDGHODVRFLHGDGFRPRSOiVWLFDVRFLDO

6LHVWRQRFUHDXQHVFiQGDORHOTXHXQOyVRIRTXH
SLHQVDFRQ1LHW]VFKHTXHORVVHUHVKXPDQRVGHEHUtDQ
SRQHUVHFRPRPHWDODDXWRFUHDFLyQUHFLEDXQSUHPLR
HQQRPEUHGHXQWHyORJRFULVWLDQRSDUDTXLHQODYLUWXG
SULPRUGLDOHUDSOHQD\YHUGDGHUDREHGLHQFLDGHEH

.3

&XDQGRKDEODPRVGHIXQGDPHQWDOLVPR
SROtWLFRQRVUHIHULPRVDDTXHOODVLGHROR
JtDVSROtWLFDVTXHODLFL]DQODSURPHVDGHOD
VDOYDFLyQFRQODSURPHVDGHOSURJUHVRGH
ODIHOLFLGDGFROHFWLYDORJUDGDDWUDYpVGH
HQWHOHTXLDVFRPRODUHYROXFLyQORVSREUHV
HOSXHEORORVGHVSRVHtGRVHWF&XDQGRVH
FUHHHQHVWDVHQWHOHTXLDVSDVDORPLVPR
TXHFRQRWUDVVROXFLRQHVPHWDItVLFDVHOTXH
FUHHVHVLHQWHVDOYDGR\VHFRQYHQFHGH
TXHHOTXHQRFUHHPHUHFHGHVDSDUHFHU
VHUSRUTXHODFRQWURYHUVLDWHtVPRDWHtVPR\DQRMXHJD
XQSDSHOGHFRQVLGHUDFLyQ
(VWDDXWRFUHDFLyQQHFHVLWDXQiPELWRGHFRQFRUGLD\
UHFLSURFLGDGORTXHQRTXLHUHGHFLULUHQLVPR\XQD
QLPLGDGTXHHOIXQGDPHQWDOLVPRUHOLJLRVR\SROtWLFR
QRSURSLFLD&XDQGRKDEODPRVGHIXQGDPHQWDOLVPR
SROtWLFRQRVUHIHULPRVDDTXHOODVLGHRORJtDVSROtWLFDV
TXHODLFL]DQODSURPHVDGHODVDOYDFLyQFRQODSURPHVD
GHOSURJUHVRGHODIHOLFLGDGFROHFWLYDORJUDGDDWUDYpV
GHHQWHOHTXLDVFRPRODUHYROXFLyQORVSREUHVHOSXH
EORORVGHVSRVHtGRVHWF&XDQGRVHFUHHHQHVWDV
HQWHOHTXLDVSDVDORPLVPRTXHFRQRWUDVVROXFLRQHV
PHWDItVLFDVHOTXHFUHHVHVLHQWHVDOYDGR\VHFRQ
YHQFHGHTXHHOTXHQRFUHHPHUHFHGHVDSDUHFHU
7RGDYtDHQORVSURIHVRUHVGHORVRItDGLVFXWtDQ
VREUHODFXHVWLyQTXHXQVLJORDQWHVKDEtDSUHRFXSD
GRD.DQW\D+HJHOKDFHUFRPSDWLEOHODLPDJHQGHO
PXQGRTXHQRVGDODFLHQFLDFRQODLPDJHQGHOKRPEUH
TXHQRVGDHOFULVWLDQLVPR+R\DVHYHUDQTXHQRHV
QHFHVDULRXQLFDUVXVGLYHUVDVDXWRGHVFULSFLRQHV
FRPRLQWHOHFWXDOHVSOXUDOLVWDVHVWiQGLVSXHVWRVDVDOLU
DOSDVRVLQODPHWDItVLFD\GHPiVVLVWHPDVTXHWRGROR
FRPSUHQGHQ\DEDUFDQ
6yORVHOODPDQDWHtVWDVWRGDYtDDTXHOORVTXHHQWLHQ
GHQODH[LVWHQFLDGH'LRVFRPRKLSyWHVLVHPStULFD
DOHJDQTXHODFLHQFLDQRVKDGDGRH[SOLFDFLRQHVPD
WHULDOLVWDVGHORVIHQyPHQRVSDUDORVFXDOHVQXHVWURV
DQWHSDVDGRVWHQtDQTXHUHFXUULUD'LRVUHLWHUDQOD
LUUHOHYDQFLDGHODLQWHUYHQFLyQGHORVVHQWLGRVVREUH
ORVDWULEXWRVGHXQVHUTXHQRSHUWHQHFHDODHVIHUD

GHOWLHPSR\GHOHVSDFLR
3HURSUHFLVDPHQWHSRU
HVRHODUJXPHQWRGHXQD
HYLGHQFLDHPStULFDQR
HVVXFLHQWHFXDQGRVH
KDEODGH'LRVHODWHtVPR
QRHQFXHQWUDDSR\RHQ
HVWDFRQVWDWDFLyQ
(ODFWXDOSUHVLGHQWHGHORV
(VWDGRV8QLGRVGLMRTXH
HODWHtVPRHVXQFUHGR\DTXHQRVHGHMDUHIXWDUQL
FRQUPDUSRUPHGLRGHDUJXPHQWRVRKHFKRVFRP
SUREDEOHV'HEHPRVGHFLUORPLVPRGHOWHtVPR\D
TXHHVLQVHUYLEOHFRQVLGHUDUODGHFLVLyQHQWUHWHtVPR
\DWHtVPRFRPRXQDGHFLVLyQHQWUHGRVH[SOLFDFLRQHV
DOWHUQDWLYDVGHIHQyPHQRVREVHUYDEOHV
7DPELpQVHDFRJHQDODWHtVPRDTXHOORVTXHXWLOL
]DQHVWDSDODEUDHQOXJDUGHDQWLFOHULFDOLVPRRGH
VHFXODULVPR(VWRVGRVWpUPLQRVSDUHFHQVHUPiV
DGHFXDGRVTXHHOSULPHUR\DTXHVHUDQWLFOHULFDOQRHV
XQDSHUVSHFWLYDHSLVWHPROyJLFDRPHWDItVLFDVLQRSROtWL
FDODGHDTXHOORVTXHFRQVLGHUDQTXHODVLQVWLWXFLRQHV
HFOHVLiVWLFDVDXQTXHKDJDQFRVDVEXHQDVSXHGHQSRQHU
HQSHOLJURHOELHQHVWDUGHODVVRFLHGDGHVGHPRFUiWLFDV
/RVIXQGDPHQWDOLVWDVFULVWLDQRVFX\RDSR\RHVEiVLFR
SDUDUHJtPHQHVQRSUHFLVDPHQWHGHPRFUiWLFRVVRFD
YDQODWUDGLFLyQVHFXODULVWD*UDFLDVDHOORVSDUHFHGH
QXHYRUHVSHWDEOHKDEODUGHQDFLyQFULVWLDQD
/RVDQWLFOHULFDOHVWLHQHQODHVSHUDQ]DGHTXHODUHOLJLyQ
LQVWLWXFLRQDOL]DGDGHVDSDUH]FDGHODID]GHODWLHUUD
&RQVLGHUDQTXHWRGRORGHOPiVDOOiHVSHOLJURVR
SRUTXHHQWRUSHFHHOSRGHUGHORVVHUHVKXPDQRVGH
IRPHQWDUHOELHQHQODYLGDDOHVSHUDUTXHXQSRGHU
PiVDOOiGHOVX\RKDJDHOWUDEDMRTXHOHVFRUUHVSRQGH
/DGHPDJRJLD\HOPHVLDQLVPRSROtWLFRWLHQHQXQHIHFWR
VHPHMDQWHDOFUHDUOHDXQGHWHUPLQDGRVHFWRUVRFLDO
XQPiVDOOiXQDHVSHFLHGHMXLFLRQDOGRQGHRWUR
VHFWRUVRFLDOHOFDXVDQWHGHWRGRVVXVPDOHVVHUi
HQMXLFLDGR\FDVWLJDGRPLHQWUDVHOSULPHUVHFWRUORV
GHVSRVHtGRVORVRSULPLGRVSDVDUiQDO3DUDtVRGRQGH

.4

WHQGUiQVyORGHUHFKRV
VLQQLQJ~QGHEHU1RHV
QHFHVDULRDUPDUTXH
ODFUHHQFLDUHOLJLRVDHV
LUUDFLRQDORSROtWLFDPHQWH
SHOLJURVDPLHQWUDVpVWD
VHDDOJRSULYDGRLUUHOH
YDQWHSDUDODYLGDS~EOLFD

HQWRQFHVXQDFDUDFWHUtVWLFDFRQVWLWXWLYDGHODDXWpQWLFD
H[SHULHQFLDUHOLJLRVD

(QHVWHRUGHQGHLGHDV\DGLIHUHQFLDGH+HJHO\GHORV
IXQGDPHQWDOLVPRVUHOLJLRVRV\SROtWLFRVSDUD9DWWLPROD
+LVWRULDQRWLHQHQLGLQiPLFDLQWHUQDQLWHOHRORJtDLQKH
UHQWHVyORWLHQHODHVSHUDQ]DGHTXHWULXQIHHOGLiORJR
\HOSDFWR7RPDOD+LVWRULDWDQHQVHULRFRPR+HJHO
SHURQRODLQWURGXFHHQXQFRQWH[WRHSLVWHPROyJLFRR
*LDQQL9DWWLPRHQVXOLEUR PHWDItVLFRFRQODLQWHQFLyQGHGHVPRQWDUODIDOVDFRQ
&UHGHUHGLFUHGHUH
WUDGLFFLyQHQWUHDWHtVPRSRVLWLYLVWDPLOLWDQWH\GHIHQVD
QRDUPDTXHWRGDVODVSHUVRQDVWHQJDQTXHVHUWHtV
VLPEyOLFRH[LVWHQFLDOLVWDGHOWHtVPR1RLJXDODD&ULVWR
WDVPHQRVD~QFDWyOLFDV(VWiHQFRQFRUGDQFLDFRQORV FRQODYHUGDGRFRQHOSRGHUVLQRFRQHODPRU
VHFXODUtVWDVHQODLGHDGHODSULYDWL]DFLyQGHODUHOLJLyQ
HQVHSDUDUODVSUHJXQWDV7HQJRHOGHUHFKRGHVHU
(ODUJXPHQWRGH9DWWLPRSURORQJDOtQHDVGHSHQVD
UHOLJLRVR"\'HEHQWRGRVFUHHUHQODH[LVWHQFLDGH PLHQWRTXHSURYLHQHQGH1LHW]VFKH\+HLGHJJHUGH
'LRV"(QDFXHUGRFRQHOGHELOLWDPLHQWRTXHHVWDPRV
-DPHV\'HZH\ODVFXDOHVFRLQFLGHQHQHOSHQVDPLHQWR
SODQWHDQGRWHQHPRVTXHVHSDUDUWDPELpQODVSUHJXQ
GHTXHODE~VTXHGDGHODYHUGDG\HOVDEHUHVHOGHVHR
WDV7HQJRHOGHUHFKRGHVHUUHYROXFLRQDULR"\'HEHQ GHFRQFRUGDQFLDLQWHUVXEMHWLYD/DE~VTXHGDGHHVWH
WRGRVFUHHUHQODUHYROXFLyQ"
DFXHUGRHVXQDQHFHVLGDGKXPDQDHQWUHRWUDVSRU
HVWRGHEHQWUDWDUVHSRULJXDOODVGLIHUHQFLDVHQWUHOR
9DWWLPRUHFKD]DWDQWRHOLQWHQWRGHUHODFLRQDUUHOLJLyQ FRJQLWLYR\ORQRFRJQLWLYRVDWLVIDFFLyQGHQHFHVLGDGHV
FRQYHUGDGFRPRODWHRORJtDH[LVWHQFLDOLVWDTXHVH
S~EOLFDV\VDWLVIDFFLyQGHQHFHVLGDGHVSULYDGDV
DPSDUDHQODFUHHQFLDGHTXHODVDOYDFLyQYHQGUtDGH
5RUW\UHVXPHVXVDFXHUGRVFRQ9DWWLPRGLFLHQGRTXH
XQDGLYLQLGDGSRUFRPSOHWRGLIHUHQWHDORKXPDQR'H ODUHOLJLyQ\ODVFLHQFLDVQDWXUDOHVGHEDWLHURQGXUDQWH
DTXtTXHVXWHRORJtDHVDFRUGHDOPHGLRFUH\HQWHD
HOVLJOR;,;SRUODVXSUHPDFtDFXOWXUDOSDUDDPEDVIXH
ORVWLELRVGHIHDDTXHOORVTXHVyORYDQDODLJOHVLD
FRQYHQLHQWHTXHHVWDOXFKDODJDQDUDODFLHQFLD9HUGDG
SDUDFDVDPLHQWRVEDXWL]RV\HQWLHUURV(QFRKHUHQFLD
\VDEHUVRQDVSHFWRVGHODFRRSHUDFLyQVRFLDO\ODFLHQ
FRQHVWDWHRORJtDGHEHPRVGHVDUUROODUXQDFXOWXUD
FLDQRVGDORVPHGLRVSDUDUHDOL]DUPHMRUHVSUR\HFWRV
SROtWLFDGHPHGLRFUH\HQWHV\GHWLELRVGHIHHQODFXDO HQHVWHVHQWLGR
HODUWH\ODHVWpWLFDMXJDUtDQXQUROIXQGDPHQWDOTXHQR
HYDO~HODVGLYHUVDVLGHRORJtDV\ORVGLYHUVRVSUR\HFWRV )XHEXHQRHIHFWLYDPHQWHTXHODFLHQFLDJDQDUDSHUR
FRQVHQWLPLHQWRVPHVLiQLFRVVLQRSRUVXHFDFLDHQ
HVDYLFWRULDDOSDUHFHUQRVHDGTXLHUHGHXQDYH]SRU
GHVDUUROODUHOPD\RUELHQHVWDUSDUDHOPD\RUQ~PHUR\ WRGDVODFLHQFLDFRQVXFDSDFLGDGSDUDUHDOL]DUPHMRUHV
TXHVXVORJURVQRLPSOLTXHQODPXHUWHGHORVRSRVLWR
SUR\HFWRVGHFRRSHUDFLyQVRFLDOGHEHGHUURWDUGLDULD
UHV
PHQWHDODUHOLJLyQWUDQVJXUDGDHQODSURPHVDSROtWLFD
GHPDJyJLFD6yORQRVHVQHFHVDULDODFRQMXQFLyQHQWUH
3HURODPiVLPSRUWDQWHDUPDFLyQGHOOyVRIRLWDOLDQR FLHQFLD\VDQRVHQWLGRFRP~Q7DQWRODE~VTXHGDGHOD
HQHVWHWH[WRHVTXHH[SOLFDODHQFDUQDFLyQGH&ULVWR
YHUGDGFRPRODE~VTXHGDGH'LRVVRQFRQVHFXHQFLDV
FRPRXQDFWRHQHOTXH'LRVVDFULFDWRGRVXSRGHU
GHOLQXMRFXOWXUDO\DQRWLHQHVHQWLGRRSRQHUODIH\OD
\DXWRULGDGWRGDVXRWUHGDG9HODHQFDUQDFLyQFRPR UD]yQ\DQRGHEHPRVSHQVDUTXHODIDOWDGHVHQWL
XQDNHQRVLVXQDFWRHQHOTXH'LRVSXVRWRGRHQ
PLHQWRVUHOLJLRVRVHVXQVLJQRGHYXOJDULGDGQLTXHVX
ODVPDQRVGHODKXPDQLGDG/DVHFXODUL]DFLyQVHUtD
H[LVWHQFLDHVXQDFREDUGtD

/+

7DQWRODE~VTXHGDGHODYHUGDGFRPROD
E~VTXHGDGH'LRVVRQFRQVHFXHQFLDVGHO
LQXMRFXOWXUDO\DQRWLHQHVHQWLGRRSRQHU
ODIH\ODUD]yQ\DQRGHEHPRVSHQVDUTXH
ODIDOWDGHVHQWLPLHQWRVUHOLJLRVRVHVXQ
VLJQRGHYXOJDULGDGQLTXHVXH[LVWHQFLDHV
XQDFREDUGtD
9DWWLPRFRQVLGHUDODNHQRVLVODGHFLVLyQGH'LRVGH
GHMDUGHVHUQXHVWUR6HxRU\FRQYHUWLUVHHQQXHVWUR
DPLJRHODFRQWHFLPLHQWRPiVLPSRUWDQWHGHOSDVDGR
\ORVDJUDGRFRPRODUHPHPRUDFLyQGHHVWHDFRQ
WHFLPLHQWR3DUD5RUW\ORVDJUDGRWLHQHTXHYHUFRQ
ODHVSHUDQ]DGHTXHQXHVWURVGHVFHQGLHQWHVYLYDQHQ
XQDFLYLOL]DFLyQSODQHWDULDTXHHVWpEDMRHOPDQGDWR
GHODPRUHQODTXHHOSRGHUVHUtDH[FOXVLYDPHQWH
XQDFRVDGHOOLEUHFRQYHQLRGHXQHOHFWRUDGRELHQ
LQVWUXLGR\HGXFDGR(OHFWRUDGRFDSD]GHFRPSUREDU
FRQHYLGHQFLDVHPStULFDV\QRFRQODIHHQXQSDUDtVR
SDVDGRRIXWXURODVSURPHVDVGHSURJUHVRLJXDOGDG
PHMRUGLVWULEXFLyQGHODULTXH]DVROLGDULGDGFRQORV
GHVSRVHtGRVHWF
(OSULPHURWLHQHXQDJUDWLWXGTXHQRHVSRVLEOHMXVWL
FDU\HOVHJXQGRXQDHVSHUDQ]DTXHWDPSRFRWLHQH
MXVWLFDFLyQDOJXQDDPERVGHMDQDWUiVODGLVSXWDHQWUH
WHtVWDV\DWHtVWDV
$PERVTXLHUHQFRPR%HX\VFRPR%HQMDPLQFRQWUD
UUHVWDUODHVWHWL]DFLyQGHODSROtWLFDFRQODSROLWL]DFLyQ

GHODUWHGHELOLWDUODSROtWLFD\ODUHOLJLyQ$PERVTXLH
UHQFRPR0DUFXVHHYLWDUODXQLGLPHQVLRQDOLGDGSROtWLFD
RUHOLJLRVDIRPHQWDUHOSOXUDOLVPRHOSROLPRUVPRGH
ORKXPDQR\GHORVRFLDO7RGRVHOORVWLHQHQPXFKR
TXHGHFLUOHDORV%XVK\DORV%LQ/DGHQ

>do\n
7KRPDV=DXQVFKLUP/RVKHUPDQRViUDEHV-RVHSK
%HX\V\HO:RUOG7UDGH&HQWHU+XPEROGW1R
*RWKH,QVWLWXW,QWHU1DWLRQHVS
5LFKDUG5RUW\1RVHSXHGHHOLPLQDUODUHOLJLyQ
,GHPSS
*LDQQL9DWWLPR&UHGHUHGLFUHGHUH0LODQR

/,