THE CFOs

EXECUTIVE PROGRAM

Programa nico y Exclusivo para Ejecutivos de Alta Direccin de Amrica Latina

26 al 31 de agosto, 2012 / Chicago, Illinois, EE.UU.

In-Campus
en The University of Chicago Booth School of Business
CFOs es un Programa Internacional In-Campus que se realiza una sola vez al ao en el Gleacher Center de The University of Chicago Booth School of Business en Chicago, Illinois, EE.UU. CFOs is an International In-Campus Program offered only once a year in the Gleacher Center at The University of Chicago Booth School of Business, Chicago, Illinois, USA.

Viva la Experiencia

nico en contenidos, impartido por un cuerpo acadmico de excelencia mundial y desarrollado por una de las Escuelas de Negocios ms reconocidas en finanzas y economa en conjunto con Seminarium Internacional. Unique curriculum, developed jointly by Seminarium Internacional and The University of Chicago Booth School of Business, and taught by Booths award winning business school professors.

Desarrollado exclusivamente para Directores y Gerentes de Finanzas, Gerentes Generales, Presidentes, y Vicepresidentes de las empresas ms importante de Latinoamrica que buscan actualizar sus conocimientos, compartir experiencias reales y establecer redes de contacto de primer nivel. Designed exclusively for Chief Financial Officers, General Managers, Presidents, Directors, and Vice Presidents from Latin Americas most important companies who are looking to refresh their academic knowledge, share experiences and establish top level international networks.

nico programa que cuenta con traduccin simultnea en ingls y espaol y material acadmico en ambos idiomas. CFOs is the only program of its kind with simultaneous translation in English and Spanish and all academic materials offered in both languages.

EXECUTIVE EDUCATION PROGRAMS

In recognition of the contributions and participation of

Los asistentes recibirn un certificado emitido por The University of Chicago Booth School of Business.

Rebecca Meyer
In The CFOs Executive Program Held at the Gleacher Center, The University of Chicago Booth School of Business 2012

The participants will receive a program certificate from The University of Chicago Booth School of Business.

Mark Lewis Associate Director, Executive Education

Stephen LaCivita Associate Dean, Executive Education

THE CFOs EXECUTIVE PROGRAM

Welcome to The University of Chicago Booth School of Business

Estimado Chief Financial Officer: Como ejecutivo financiero snior, su papel de liderazgo es esencial para el desarrollo y ejecucin de la estrategia en su empresa. En el actual entorno tan cambiante, es importante estar preparado para aprovechar las crecientes oportunidades globales en finanzas corporativas. En este contexto, es un placer para The University of Chicago Booth School of Business y Seminarium Internacional presentarle la octava versin de The CFOs Executive Program, exclusivo para altos ejecutivos latinoamericanos. The CFOs Executive Program comparte las tendencias y los marcos para mejorar an ms las habilidades financieras y el liderazgo necesarios para tomar decisiones crticas, estratgicas y creacin de valor sostenible. Chicago Booth se dedica al descubrimiento del conocimiento de nuevos negocios. CFOs funde lo mejor de la teora acadmica con las mejores prcticas del mundo real. Al finalizar el programa usted regresar a su trabajo con el conocimiento y las herramientas necesarias para mejorar su capacidad de tomar decisiones y dirigir el avance de su empresa en el futuro. Adems, usted recibir el certificado The Chief Financial Officers Executive Program emitido por The University of Chicago Booth School of Business. Le invitamos cordialmente a participar en The CFOs Executive Program y descubrir por qu la Universidad de Chicago es considerada una de las mejores del mundo. Saludos cordiales, Dear Chief Financial Officer, As a senior financial executive, your leadership role is essential to the strategy development and execution in your company. In todays rapidly changing environment it is important to be prepared to take advantage of growing global opportunities in corporate finance. In this context, it is a pleasure for The University of Chicago Booth School of Business and Seminarium Internacional to introduce the eighth version of the CFOs Executive Program, exclusively designed for senior-level Latin American executives. The CFOs Executive Program shares trends and frameworks to further enhance the financial and leadership skills needed to make critical, strategic decisions and create sustainable value. Chicago Booth is dedicated to the discovery of new business knowledge. This program combines the latest academic theory with best practices from the business world. At the end of the program, you will return to your company with the knowledge and tools necessary to improve your ability to make decisions and lead the advancement of your company into the future. You will also receive the CFOs Executive Program certificate from The University of Chicago Booth School of Business. We invite you to take part in the CFOs Executive Program and discover why the University of Chicago is considered one of the best in the world. Sincerely,

Presidente Seminarium Internacional

Sven Kroneberg

Vicedecano Educacin Ejecutiva The University of Chicago Booth School of Business

Stephen LaCivita

www.seminarium.com

The University of Chicago Booth School of Business

La Universidad de Chicago fue fundada por John D. Rockefeller en 1890, y por ms de 100 aos, ha sido la escuela lder en el campo de la investigacin y negocios. La Universidad de Chicago Booth School of Business cuenta con un cuerpo acadmico de reconocimiento mundial. Su enfoque riguroso y disciplinario transforma a sus alumnos en lderes seguros, efectivos y respetados. BusinessWeek y The Economist nombraron el MBA de la Universidad de Chicago el mejor programa de MBA. Su compromiso con la investigacin se ha traducido en importantes contribuciones para la sociedad. Entre los integrantes de su cuerpo acadmico, investigadores, estudiantes y graduados se han obtenido 86 Premios Nobel. Fue la primera universidad de Estados Unidos en ofrecer un programa de doctorado, la primera escuela de negocios en publicar una revista acadmica, la primera en ofrecer un programa MBA ejecutivo, la primera en tener un Premio Nobel entre sus acadmicos y la nica que tiene actualmente a 8 Premios Nobel activos en su facultad. The University of Chicago was founded in 1890 by John D. Rockefeller and for more than 100 years it has been a leader in research and business. The University of Chicago Booth School of Business has a world renowned faculty. The universitys rigorous and disciplined focus transforms its students into effective and respected leaders. BusinessWeek and The Economist have named University of Chicagos MBA program as the best in the country. University of Chicagos commitment to research has led to important contributions to society. The students and faculty have received an unprecedented combined 86 Nobel Prizes. It was the first university in the United States to offer a doctorate program, the first business school to publish an academic journal, the first university to offer an executive MBA, the first to have a Nobel Prize winner on its faculty and the only one to currently have 8 Nobel Prize recipients actively teaching on its faculty.

Gleacher Center
El Gleacher Center es el mejor centro ejecutivo de conferencias de Chicago y fue diseado con la colaboracin de destacados profesores de la Universidad de Chicago para proporcionar el mejor entorno de aprendizaje posible. Las clases de The CFOs Executive Program se imparten en el Gleacher Center, al igual que el programa MBA y otros programas de educacin ejecutiva. Cuenta con modernas salas de clases y est excelentemente ubicado a orillas del Ro Chicago, en el corazn de la famosa Magnificent Mile. The Gleacher Center, the best executive conference center in Chicago, was designed in collaboration with the renowned University of Chicago business school faculty to ensure the best possible learning environment. The CFOs Executive Program classes are held in the Gleacher Center, which also houses the Part-Time MBA and executive education programs. The Gleacher Center is equipped with modern classrooms and is located on the shores of the Chicago River in the heart of Chicagos Magnificent Mile.

www.seminarium.com

THE CFOs EXECUTIVE PROGRAM

Objetivo General / General Objective
El objetivo principal de CFOs Executive Program es enriquecer, fortalecer y actualizar las habilidades que los ejecutivos financieros latinoamericanos requieren para mejorar la efectividad organizacional y potenciar el crecimiento de sus empresas.

The primary objective of CFOs Executive Program is to enrich, strengthen, and modernize professional skills that Latin American financial executives need to improve organizational effectiveness and drive the growth of their companies.

Quines Deben Participar / Who Should Attend

El programa ha sido diseado para Directores y Gerentes de Finanzas, Gerentes Generales, Presidentes, y Vicepresidentes: De empresas que tengan un volumen de ventas anual de al menos USD 20 milliones. De empresas que tengan un nmero de empleados igual o mayor a 200. Con un mnimo de 10 aos de experiencia en alta gerencia o finanzas.

The program is designed for Chief Financial Officers, General Managers, Presidents, Directors, and Vice Presidents:
From companies that have a yearly sales volume of at least US $20 million. From companies that have 200 + employees. With a minimum of 10 years of experience in upper-level management or finance.

www.seminarium.com

SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Nuevas Herramientas para el Presupuesto de Capital y la Securitizacin / New Horizons in

Capital Budgeting and Securitization
La realizacin del presupuesto de capital es una de las responsabilidades claves del CFO. Involucra el anlisis de oportunidades de inversin y la toma de decisiones sobre cules aprobar. En aos recientes, varias herramientas nuevas, muchas desarrolladas por la Universidad de Chicago, se han generado para ayudar en el proceso de evaluacin de inversiones, expandiendo el mtodo tradicional de flujos de caja descontados. Esta sesin, a travs de un caso de estudio y discusin, ilustra sus usos y resalta su efectividad. La perspectiva del profesor Rock sobre la situacin de los negocios resulta notable en comparacin a los mtodos tradicionales.

Kevin Rock
Ph.D., University of Chicago

Dicta programas de educacin ejecutiva sobre fusiones y adquisiciones y finanzas en la escuela de negocios de la Universidad de Chicago. Ha sido profesor en Harvard Business School, Wharton School of Business y MIT Sloan School of Management, donde fue nombrado mejor profesor del ao en 1996, 2000 y 2003. Combina sus investigaciones sobre la estructura, el comportamiento y la eficiencia de los mercados con su experiencia corporativa. En Mxico se encarg del joint venture entre General Motors & Confa Bank y de la privatizacin de Telfonos de Mxico. En Per se encarg de la privatizacin del Banco Continental y en Argentina fue asesor de Citicorp Venture Capital.

Capital budgeting is one of a CFOs most fundamental responsibilities. It involves analyzing investment opportunities and deciding which ones to take. In recent years, a number of new tools, many of which have arisen from research at the University of Chicago, have been developed to assist in the investment evaluation process, expanding upon the standard discounted cash flow approach. This session presents a case study and lecture illustrating their use and highlighting their effectiveness. The insights gained in this session can be remarkable, compared to traditional methods.

Estrategia Financiera
Financing Strategy
Los problemas estratgicos que enfrentan los gerentes por lo general son complejos y no se adecan con facilidad a los modelos de solucin. Es responsabilidad del director de finanzas poder adaptar las estrategias financieras cuando la empresa enfrenta condiciones que cambian en forma constante. El director de finanzas debe poder fijar y ajustar las prioridades, gestionar el flujo de caja y plantearse como meta tasas de crecimiento sostenibles, sin dejar de analizar y de considerar el mercado y las tendencias actuales. Esta sesin ayudar a los participantes a enfrentar los desafos y aplicar las estrategias a una variedad de problemas de negocio, como por ejemplo el crecimiento de una empresa sin tener acceso al capital pblico, gestionar un colapso de mercado, negociar con bancos, entre otros.

Kevin Rock teaches classes in mergers & acquisitions and finance at the University of Chicago Booth School of Business. Previously, he was a professor at Harvard Business School, Wharton School of Business and MIT Sloan School of Management, where he was voted Professor of the Year in 1996, 2000 and 2003. Professor Rock combines his research in structure, behavior and efficiency of markets with his corporate experience. In Mexico, he led the joint venture between General Motors & Confia Bank as well as the privatization of Telfonos de Mxico. In Peru, he was responsible for the privatization of Banco Continental and in Argentina, he was a consultant for Citicorp Venture Capital.

The strategic problems managers face are typically complex and do not fit easily into solution models. It is the responsibility of a CFO to be able to adapt the financial strategies as the company encounters ever changing conditions. The CFO must be able to set and adjust priorities, manage cash flow, and target sustainable growth rates all while analyzing and taking into account the current market and trends. This session will help participants cope with challenges and apply strategies to a variety of business problems, such as growing a business without access to public capital, managing a market meltdown, negotiating with banks and more.

www.seminarium.com

... Kevin Rock:

Estrategias de Adquisicin e Implementacin de Fusiones / Acquisition Strategies and Merger Implementations

Esta sesin se centra en los factores estratgicos y organizacionales que impactan el xito o fracaso de las adquisiciones. Se estudian los criterios financieros, estratgicos y organizacionales de las adquisiciones y estrategias corporativas. Se revisa el modelo operacional de una organizacin fusionada y cmo sta crea valor. Tambin se analizan los riesgos de una fusin y de su integracin.

This session focuses on the strategic and organizational factors that impact the success or failure of an acquisition. Participants will study the financial, strategic and organizational criteria of acquisitions and corporate strategy as well as review the operational mode of a merged organization and how to create value. Professor Rock will discuss the risks of mergers and their integration.

Raghuram G. Rajan
Ph.D., Massachusetts Institute of Technology

Raghuram G. Rajan es un reconocido profesor que ha ganado numerosos premios por su excelencia acadmica. Es profesor de finanzas en Chicago Booth, y asesor econmico del Primer Ministro de India. Anteriormente, se desempe como Consejero Econmico y Director de Investigaciones en el Fondo Monetario Internacional (IMF). Las investigaciones del profesor Rajan, se enfocan en el sector bancario, finanzas corporativas y desarrollo econmico. Sus investigaciones han sido publicadas en prestigiosas revistas especializadas de economa y finanzas. Su reciente libro, Fault Lines: How Hidden Cracks Still Threaten the World Economy, fue nombrado como el Libro del ao 2010, por el Financial Times. Rajan es consejero snior de BDT Capital, Booz and Co, y se encuentra en el consejo asesor del Banco Itau-Unibanco. Es director del Consejo Asesor de Asuntos Exteriores de Chicago, y Contralor General del Consejo Asesor del Gobierno de Estados Unidos.

La Economa Global y sus Efectos en los Negocios / The Global Economy

and the Effects on Business
Como profesional del rea financiera, es crtico estar actualizado y comprender los factores macroeconmicos y la manera en que afectan su mercado. El profesor Rajan analizar las actuales tendencias en la economa mundial, as como sus riesgos asociados. Esta sesin explorar las posibilidades de crecimiento en mercados emergentes.

As a financial professional, it is critical to stay up-to-date and understand the macroeconomic factors and how they affect your market. Professor Rajan will analyze recent trends in the world economy as well as the risks associated with them. The session will explore the prospects for growth in emerging markets.

Gestin Estratgica del Riesgo /

Strategic Risk Management
Esta sesin analiza la relacin que existe entre la gestin del riesgo y la estrategia corporativa. El profesor Rajan presentar el proceso de gestin de riesgos, cules tomar y cules evitar. Explora cmo la gestin de riesgos puede complementar, en lugar de competir, con los objetivos centrales del negocio, y tambin definir la cultura de riesgo y los componentes de la gestin efectiva de riesgos.

Raghuram G. Rajan is a renowned professor who has won many awards for his academic excellence. He is a finance professor at Chicago Booth and also an economic advisor to the Prime Minister of India. Previously, he was Economic Counselor and Director of Research at the International Monetary Fund (IMF). Rajans research focuses on banking, corporate finance, and economic development. His papers have been published in all the top economics and finance journals. His recent book entitled, Fault Lines: How Hidden Cracks Still Threaten the World Economy, was named the 2010 Business Book of the Year by the Financial Times. Rajan is a senior advisor to BDT Capital, Booz and Co, and is on the international advisory board of Bank Itau-Unibanco. He is a director of the Chicago Council on Global Affairs and on the Comptroller General of the United States Advisory Council.

This session analyzes the relationship that exists between risk management and corporate strategy. Professor Rajan will present the risk management process, which risks to take and which to hedge. He explores how risk management can complement rather than compete with the central business objectives, and will also define risk culture and the components of effective risk management.

SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

EVA: Gestin del Desempeo /

EVA: Performance Management
Es imposible alcanzar el mximo valor para los accionistas si la gestin de los activos de la empresa no considera la gestin del capital humano. Esto significa que, hasta que la empresa establezca una poltica de compensaciones ptima, ser imposible alcanzar niveles apropiados de valoracin en el mercado. Esta sesin, impartida por el creador de EVA, presenta a los participantes un enfoque moderno, centrado en la evaluacin de desempeo, y demuestra la importancia del rol de la cultura corporativa en la optimizacin de las utilidades y la evasin de escndalos financieros. El profesor Stern examinar la crisis econmica reciente, as como las famosas fallas ticas ocurridas en la dcada del 90. Mostrar dnde han ocurrido fracasos de gobernacin; quin y qu fue responsable y cmo evitar que se repita una escena similar en el futuro.

Joel M. Stern
MBA, The University of Chicago Booth School of Business

It is impossible to achieve maximum value for the stockholders if the asset management of the company does not include the management of human capital. This means that until the company establishes an optimal compensation policy, it will be impossible to reach appropriate levels of market valuation. This session, taught by the creator of EVA, presents participants with a modern focus on performance evaluation and demonstrates the important role of corporate culture in optimizing profits and avoiding financial scandal. Professor Stern will examine the recent economic crisis as well as the very public ethical failures in the 90s. He will show where governance breakdowns occurred; who and what was responsible and how to avoid a repeat performance in the future.

El Profesor Stern es una autoridad reconocida en economa financiera, medidas de desempeo corporativo, valoracin corporativa y sistemas de compensacin basados en incentivos. Ensea finanzas en las escuelas de negocios de la Universidad de Chicago y la Universidad de Columbia. Ha sido socio gerente de Stern Stewart & Co., desde su fundacin en 1982. Anteriormente, fue presidente de Chase Financial Policy, de Chase Manhattan Bank. Es autor y co-autor de varios libros, incluyendo, The EVA Challenge. Ha participado en numerosos programas nacionales de negocios, incluyendo Moneyline de CNN y Wall Street Week con Louis Rukeyser y ha sido publicado en The Financial Times de Londres, The Sunday Times de Londres, The Wall Street Journal, The New York Times y Fortune, entre otros.

Joel M. Stern, a recognized authority on financial economics, corporate performance measurement, corporate valuation, and incentive based compensation systems, teaches finance at The University of Chicago Booth School of Business and Columbia University. He has also been the managing partner of Stern Stewart & Co., since its founding in 1982. Prior to that, he served as president of Chase Financial Policy, of the Chase Manhattan Bank. Professor Stern is the author or co-author of many books, including The EVA Challenge. He has appeared on national business news programs, including CNNs Moneyline and Wall Street Week with Louis Rukeyser, and has written for The Financial Times of London, The Sunday Times of London, The Wall Street Journal, The New York Times and Fortune, among others.

www.seminarium.com

SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Formulacin e Implementacin de Estrategias / Strategy Formulation

and Implementation
En esta sesin se revisan los diversos enfoques de la formulacin e implementacin de estrategias. Se presenta un modelo de estrategia para entender mejor la forma de alcanzar los objetivos y predecir el desempeo, focalizado en los roles que desempean los ejecutivos y la bsqueda de patrones que se puedan utilizar para predecir el futuro. Esta sesin de estrategia permite a los participantes desarrollar patrones para aplicar en sus propias empresas. Los asistentes comienzan a tomar conciencia de que muchas veces las respuestas evidentes no bastan para predecir el xito o el fracaso. En lugar de ello, los datos claves observables pueden ayudar a los ejecutivos a pensar en forma clara acerca de lo que sucede, por qu, y su significado para el futuro.

Gregory D. Bunch
MS, Harvard University

This session will review the various approaches to strategy formulation and implementation. A strategic model will be developed to better understand how to accomplish goals and to predict performance, based on the roles played by management and patterns that can be used to predict the future. This strategy session will enable participants to develop patterns for application in their own companies. Participants will begin to realize that the obvious answers are often not enough to predict success or failure. Rather, key observable data can assist managers to think clearly about what is happening, why, and what it means for the future.

Gregory D. Bunch ha sido miembro de los directorios de compaas en servicios financieros, retail, franquicias y marketing. Es el fundador y presidente de Masterplan International Corporation. El profesor Bunch ha trabajado con empresas Fortune 50, familiares, y nuevos negocios en reas como la innovacin y estrategia, adems de ser socio de Brandtrust, una importante empresa de consultora estratgica. Entre las compaas con las cuales ha trabajado, se destacan American Express, Danaher, ETS, Harley-Davidson, Hewlett-Packard, Kimberly-Clark, McDonalds and YUM!

Gregory D. Bunch has served on boards and advisory boards of companies in financial services, retail, franchising and marketing. He is the founder and president of Masterplan International Corporation. Bunch works with Fortune 50, family, and start-up businesses in the areas of innovation and strategy, and he was also a partner at Brandtrust, a brand strategy consultancy. Some of the companies he has worked with include: American Express, Danaher, ETS, Harley-Davidson, Hewlett-Packard, KimberlyClark, McDonalds and YUM!

SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Cmo Conseguir Altos Rendimientos /

Driving High Performance
En esta sesin, se discutir el rol de un lder en la creacin de un ambiente de alto rendimiento en una organizacin o grupo de trabajo. Los asistentes aprendern cules son los atributos crticos al momento de crear un ambiente que lleve a la innovacin y a resultados financieros exitosos. Con la utilizacin de ejercicios interactivos, los participantes podrn idear estrategias y procesos que puedan implementarse en sus organizaciones.

Susan Lucia Annunzio

MS, Loyola University

This session will discuss the role of a leader in creating a highperformance environment in an organization or workgroup. Participants will learn which attributes are most critical to creating such an environment that will drive innovation and financial results. Interactive exercises will be used so participants come away with strategies and processes to implement in their own organization.

Como Presidente y CEO de Center for High Performance (CfHP), aconseja a CEOs de compaas de nivel mundial en temas de logros de estrategia y transformacin de negocios. La profesora Annunzio se asocia con ejecutivos snior para incrementar su habilidad para simplificar decisiones complejas de estrategia a travs de una intensa colaboracin y creatividad. Es una conferencista mundialmente reconocida y lder en disear y mantener ambientes de alto rendimiento. Susan Annunzio ha enseado en INSEAD Business School y General Electrics Corporate Training Center. Es autora de numerosos libros de management, y ha sido citada de manera extensa en The Wall Street Journal, CNBC, BBC, y USA Today. Ha trabajado con muchas compaas Fortune 100, incluyendo BP, Pfizer, PricewaterhouseCoopers, y Amazon. com, entre otras.

President and Chief Executive Officer of The Center for High Performance (CfHP). As CEO of CfHP, she advises CEOs of leading global companies on strategy attainment and business transformation. Susan Annunzio partners with senior executives to increase their ability to simplify complex strategic decisions through enhanced collaboration and creativity. She is a globally recognized speaker and thought leader on shaping and maintaining high-performance business environments. Susan Annunzio has also taught at INSEAD Business School and General Electrics Corporate Training Center. She is the author of several management books, and has been quoted extensively in The Wall Street Journal, CNBC, BBC, and USA Today. She has worked with many Fortune 100 companies, including BP, Pfizer, PricewaterhouseCoopers, and Amazon.com, among others.

10

www.seminarium.com

SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Regulaciones Financieras Internacionales / International

Financial Regulations
La regulacin financiera est cambiando de manera constante, y tendr un impacto importante en la disponibilidad y el costo del crdito en el mundo. El G20, el Consejo de Estabilidad Financiera, y otros jugadores clave estn estableciendo estndares que potencialmente redefinirn el futuro de los mercados financieros. Estos cambios aumentarn o disminuirn la posibilidad de una nueva crisis? Adems, muchos pases con mercados emergentes en el sistema global estn adoptando controles de capital como parte de la regulacin macro prudencial. Estos aumentarn o reducirn la volatilidad y cmo afectar los flujos de crdito? Profesor Kroszner analizar estas interrogantes a la luz de la crisis econmica entre 2008 y 2009.

Randall Kroszner
Ph.D., Harvard University

Profesor de Economa en Chicago Booth y Director Acadmico de CFOs Executive Program, fue miembro del Directorio del Sistema de la Reserva Federal desde 2006 hasta 2009 y miembro del Consejo de Asesores Econmicos del Presidente desde 2001 hasta 2003. Durante sus numerosos aos de servicio pblico, ha sido asesor de regulacin bancaria y financiera, proyectos auspiciados por el gobierno, reformas de pensiones, reformas tributarias, administracin de crisis financieras, reestructuracin de deuda, el rol del FMI, comercio internacional y desarrollo econmico. Ha sido profesor visitante en la SEC, el FMI, y varias universidades prestigiosas.

Financial regulation is changing rapidly and will have an important impact on the availability and cost of credit around the globe. The G-20, the Financial Stability Board, and other key players are setting out standards that have the potential to fundamentally reshape financial markets going forward. Will these changes raise or lower the chance of another crisis? In addition, many emerging market countries are adopting capital controls as part of macro prudential regulation. Will these reduce or increase volatility and how will they affect credit flows? Professor Kroszner will analyze these questions in light of the 2008-2009 crisis.

Randall Kroszner is a professor of Economics at Chicago Booth and Academic Director of the CFOs Executive Program, he served as a member of the Board of Governors of the Federal Reserve System from 2006 to 2009 and as a member of the Presidents Council of Economic Advisers from 2001 to 2003. In his many years of public service, he has advised on banking and financial regulation, government-sponsored enterprises, pension reform, tax reform, currency crisis management, debt restructuring, the role of the International Monetary Fund (IMF), international trade, and economic development. Professor Kroszner has been a visiting scholar at the SEC, the IMF, and top universities around the world.

11

SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Toma de Decisiones Estratgicas /

Strategic Decision Making
Esta sesin es una introduccin a la psicologa que hay detrs de las conclusiones y las decisiones en un entorno de negocios. Los asistentes aprendern a identificar las fortalezas y debilidades nicas de los diversos estilos de toma de decisin, con el objetivo de desarrollar estrategias prcticas y enfoques sistemticos que mejorarn de manera drstica la eficacia y productividad de la organizacin. Tambin aprendern a reconocer y superar las trampas y errores comunes de los procesos de toma de decisin. Se presentarn estrategias para ayudar a defenderse de tcticas comunes para influir, desarrollar modelos estratgicos para tomar decisiones slidas y llegar a soluciones ptimas mediante la utilizacin de herramientas analticas y mtodos slidos.

George Wu
Ph.D., Harvard University

This session will provide an introduction to the psychology of judgment and decision-making in the business environment. Participants will learn to identify the unique strengths and weaknesses of various decision making styles in order to develop practical strategies and systematic approaches that will dramatically improve your effectiveness and productivity in your organization. You will also learn how to recognize and overcome the common traps and flaws in the decision making processes. Strategies will be presented to help you defend against common influence tactics, develop strategic frameworks for making sound decisions, and reach optimal solutions by using analytical tools and sound methods.

George Wu estudia la psicologa de la toma de decisiones individual, gerencial y organizacional; anlisis de decisin; y sesgos cognitivos al momento de negociar. Los trabajos de investigacin de Wu han aparecido extensamente en una serie de publicaciones especializadas de economa, ciencias de la administracin y psicologa, entre las que destacan Cognitive Psychology, Journal of Personality and Social Psychology, Journal of Risk and Uncertainty, Management Science, Psychological Science y Quarterly Journal of Economics. Antes de integrarse al cuerpo docente de Chicago Booth en 1997, Wu fue miembro del equipo docente de Harvard Business School en calidad de profesor asistente y profesor asociado en el rea de economa gerencial y luego en el grupo de negociacin y toma de decisiones. Tambin ha impartido clases en Wharton School de University of Pennsylvania. Antes de dedicarse a la docencia de posgrado, Wu trabaj como analista de decisin en Procter & Gamble.

Carlos A. Cabrera: Key Note Speaker

El Papel del CFO / The Role of the CFO

Carlos A. Cabrera es Presidente y CEO del National Institute of Low Carbon and Clean Energy (NICE); que est basado en Beijing, China. Carlos tambin se desempea como Distinguished Associate para el World Energy Consultancy Firm FACTS. Antes de asumir este cargo, Carlos A. Cabrera se retir luego de 35 aos de trabajar en UOP, un proveedor lder a nivel internacional de tecnologa de procesos, catalizadores, sistemas de ingeniera y servicios tcnicos y de ingeniera para las industrias de procesamiento de petrleo, petroqumicos y gas. Ocup muchos cargos, alcanzando el cargo de CEO. El Sr. Cabrera dar su perspectiva sobre el rol del Gerente de Finanzas en las organizaciones complejas de hoy y las cualidades que un Presidente busca al escoger un Gerente de Finanzas extraordinario.

George Wu studies the psychology of individual, managerial, and organizational decision making; decision analysis; and cognitive biases in bargaining and negotiation. Wus research has been published widely in a number of journals in economics, management science, and psychology, including Cognitive Psychology, the Journal of Personality and Social Psychology, the Journal of Risk and Uncertainty, Management Science, Psychological Science, and the Quarterly Journal of Economics. Prior to joining the Chicago Booth faculty in 1997, Wu was on the faculty of Harvard Business School as an assistant and associate professor in the managerial economics area and then in the negotiation and decision making group. He also has worked as a lecturer at Wharton School at the University of Pennsylvania. Prior to graduate school, Wu worked as a decision analyst at Procter & Gamble.

Carlos A. Cabrera is President and CEO of the National Institute of Low Carbon and Clean Energy (NICE); based in Beijing, China. Carlos also serves as a Distinguished Associate to the World Energy Consultancy Firm FACTS. Prior to his recent appointments Carlos A. Cabrera retired after 35 years with UOP, a leading international supplier of process technology, catalysts, engineered systems, and technical and engineering services to the petroleum refining, petrochemical and gas processing industries. He served a number of positions culminating as Chairman. Mr. Cabrera will give his perspective of the role of the CFO in todays complex organizations and the qualities that a President looks for in an extraordinary CFO.

12

www.seminarium.com

CFOs 2011

Testimonios de Participantes / Participants Testimonials

El programa abarc los diferentes temas macroeconmicos que ayudan a entender de dnde venimos y qu podemos esperar del futuro, unido a una buena visin general de tpicos importantes para la comunidad financiera para la toma de decisiones y nuestras responsabilidades diarias. The program covered the different macroeconomic issues that help us understand where we came from and what we can expect in the future, coupled with a good overview of topics important to the financial community for making decisions and our daily responsibilities.

CFOs ensea a planificar el futuro de las finanzas corporativas a travs de herramientas actualizadas, profesores de primer nivel y la interaccin con otros profesionales de diferentes industrias y pases. CFOs teaches to plan for the future of corporate finance through updated tools, top-notch faculty and interaction with other professionals from different industries and countries.

Patricio Burich Gerente de Finanzas, Banco Falabella Chile, 2006.

Alejandro Parma Controller, Southern Latin America, Schlumberger Brasil, 2007.

Implementando las cosas que aprend en CFOs voy a convertirme en un mejor profesional y mejor persona lo cual tendr buenos beneficios para mi empresa, mi equipo y para mi familia. By implementing the things I learned in CFOs I will become a better professional and better person - which will be beneficial for my company, my team and my family.

Me entreg excelentes herramientas de disciplinas complementarias al mbito financiero: recursos humanos, estrategia y economa. De todas maneras me llevar consejos e ideas importantes para implementar en mi empresa. CFOs gave me great tools for complementary disciplines of the financial sphere: human resources, strategy and economics. I will absolutely take home important advice and ideas and implement them in my company.

Angel Cuesta CFO, MetLife Mxico Mxico, 2008.

Roger Mendez Gerente de Finanzas, Rimac Internacional Cia de Seguros y Reaseguros Per 2011.

www.seminarium.com

13

Informacin General / General Information

Valor de la Matrcula / Enrollment Fees
USD 7.950. Incluye el material de estudio, desayunos, almuerzos, recepciones de bienvenida y clausura, una ceremonia de graduacin, cena de inauguracin y un paseo en barco por la ciudad de Chicago. No incluye pasaje areo, traslado del aeropuerto ni alojamiento. $7,950. This includes academic material, breakfasts, lunches, welcome and closing receptions, graduation ceremony, inauguration dinner and a boat cruise of the city of Chicago. Airfare, airport transfers and accommodations are not included in the cost of the program.

Material de Estudio / Academic Material

Dos semanas antes del inicio del programa, a travs de un sitio web del programa, los asistentes recibirn el material de pre-estudio, que incluye lecturas, casos de estudio e informacin general sobre el programa. El primer da del programa recibirn las presentaciones de los expositores. Todo el material estar disponible en ingls y espaol. Two weeks before the start of the program the participants will receive the pre-class study materials which include readings, case studies and general information about the program through a website for the program. On the first day of class, participants will receive the professors presentations. All material will be available in English and Spanish.

Fecha / Dates
26 al 31 de agosto de 2012 / August 26 31, 2012.

Poltica de Anulaciones / Cancellation Policy

Dado que asistir a un programa In-Campus de Seminarium Internacional requiere de una significativa preparacin previa y su demanda sobrepasa la capacidad permitida; es importante contactarnos con anticipacin si desea cancelar o transferir su participacin. Para solicitar una devolucin, debe informarlo por escrito con ms de 30 das previo al evento, con un costo para procesar la devolucin de US$200. Si usted no puede asistir al programa, puede enviar un reemplazante de su empresa hasta dos das hbiles antes del inicio del programa, siempre que ste cumpla con los requisitos del programa. Seminarium permitir una transferencia llamado Roll-Over, una vez y solamente a la prxima versin del programa, el cual tendr un costo de US$200 para su proceso, ms cualquier aumento de precio en la versin siguiente del programa. No se aceptarn roll-overs con menos de 7 das de anticipacin. Sern considerados No-Show y estarn sujetos a un cargo del 100% del valor de la matrcula. Cualquier reemplazo, roll-over o cancelacin debe ser informado por escrito. Because attendance at a Seminarium International In-Campus program requires significant advance preparation and demand often exceeds capacity, it is important that you contact us in a timely manner if you must cancel or defer attendance. Refund requests must be sent in writing at least 30 days prior to the event. Refunds will be charged a processing fee of US$200. If you are unable to attend this program, we will accept an appropriate substitute participant up until 2 business days before the start of the program. Seminarium will allow one transfer of this registration, called a roll-over, to the next session of the same program, provided the request is received before 7 days prior to the program start date. Roll-overs are only granted once, for the next session and will be charged a $200 processing fee plus any increase in price for the next version of the program. Any roll-over requests received less than 7 days before the start of the program will be considered a no-show and cancellation fees will apply. Notification of all cancellations, transfers, or substitutions should be made in writing.

Cupo Mximo de Asistentes / Number of Participants

65 personas / 65 participants.

Postulacin e Inscripcin / Application and Enrollment

Se puede postular online, ingresando a www.seminarium.com. Una ejecutiva de ventas lo contactar y solicitar su currculum vitae (mximo dos hojas). Los candidatos cuyas postulaciones sean aceptadas recibirn una carta de aceptacin va correo electrnico. Los candidatos aceptados deben formalizar su asistencia pagando la matrcula al momento de recibir el correo electrnico de aceptacin. Una vez recibido el pago, recibirn la confirmacin de inscripcin. Please apply online at www.seminarium.com. A sales representative will contact you upon receiving your application and ask you for your curriculum vitae (maximum two pages). Candidates whose applications are accepted will receive a letter of acceptance by email. Accepted applicants must formalize their enrollment by paying the tuition when receiving the acceptance email. Once the payment is received, they shall receive a confirmation of registration.

Formas de Pago / Forms of Payment

Cheque, tarjeta de crdito o transferencia bancaria. Check, credit card or wire transfer.

Lugar y Alojamiento / Location and Lodging

Gleacher Center, Universidad de Chicago Booth School of Business, Chicago, Illinois, EE.UU. Habrn habitaciones disponibles a un precio especial de USD $169 ms impuestos en el Hotel Intercontinental para los participantes del programa. Este precio especial est garantizado solo hasta el 12 de agosto y sujeto a disponibilidad, por lo que se debe reservar con anticipacin. Gleacher Center, The University of Chicago Booth School of Business, Chicago, Illinois, USA. Rooms have been reserved at the discounted price of $169 + tax for program participants at the Hotel Intercontinental. This discounted price is guaranteed only through August 12, 2012 and is subject to availability. It is recommended that participants make hotel reservations upon being accepted.

Traduccin Simultnea / Simultaneous Translation

Ingls - Espaol / English and Spanish.

Visa
No se requiere una visa de estudiante para este programa acadmico, sin embargo, si necesita una visa de turista para viajar a los Estados Unidos, se sugiere hacer los trmites con la debida anticipacin. A student visa is not required for this academic program. If you require a tourist visa to enter the United States, we recommend that you begin the process well in advance.

14

www.seminarium.com

Programa 2012 / 2012 Program

Domingo 26 de Agosto Sunday, August 26 Lunes 27 de Agosto Monday, August 27 Martes 28 de Agosto Tuesday, August 28 Mircoles 29 de Agosto Wednesday, August 29 Jueves 30 de Agosto Thursday, August 30 Viernes 31 de Agosto Friday, August 31

Desayuno
7:30 8:30

Bienvenida e Introducciones Welcome and Introductions

La Economa Global y sus Efectos en los Negocios

Desayuno

Desayuno

Desayuno

Desayuno

Regulaciones Financieras Internacionales

Toma de Decisiones Estratgicas 8:00 11:30 Gestin Estratgica del Riesgo

Nuevas Herramientas en Presupuesto de Capital

8:30 10:00

The Global Economy and the Effects on Business

Raghuram Rajan

International Financial Regulation

Randall Kroszner Break Regulaciones Financieras Internacionales

Strategic Decision Making

New Horizons in Capital Budgeting

Kevin Rock Break Nuevas Herramientas en Presupuesto de Capital

10:00 10:30

Break La Economa Global y sus Efectos en los Negocios

Strategic Risk Management

Raghuram Rajan

George Wu Break Toma de Decisiones Estratgicas

10:30 12:00

The Global Economy and the Effects on Business

International Financial Regulation 11:45 El Bus parte hacia CME/CBOT

Strategic Decision Making

New Horizons in Securitization

Kevin Rock

Raghuram Rajan 12:00 13:30

Randall Kroszner

George Wu

Almuerzo KNS - Randall Kroszner

Almuerzo

12:00 12:45: Almuerzo

13:00 15:00

Almuerzo KNS - Carlos Cabrera, Ex CEO y Presidente, UOP LLC

Estrategia Financiera

Almuerzo

13:30 15:00

Cmo Conseguir Altos Rendimientos

Formulacin e Implementacin de Estrategias

Visita a Chicago Mercantile Exchange

Estrategias de Adquisicin e Implementacin de Fusiones

Driving High Performance

Susan Annunzio 15:00 15:30 15:30 17:00 Break Cmo Conseguir Altos Rendimientos

Strategy Formulation and Implementation

Gregory Bunch Break Formulacin e Implementacin de Estrategias

Chicago Mercantile Exchange Visit

Financing Strategy
Kevin Rock

Acquisition Strategies and Merger Implementations

Kevin Rock Break Estrategias de Adquisicin e Implementacin de Fusiones

15:00: El Bus regresa al Gleacher Center

EVA: Gestin del Desempeo

Break Estrategia Financiera

Driving High Performance

Susan Annunzio

Strategy Formulation and Implementation

Gregory Bunch

EVA: Performance Management

Joel Stern

Financing Strategy
Kevin Rock

Acquisition Strategies and Merger Implementations

Kevin Rock

17:00 Foto Grupal Class Picture 17:00 21:00

19:00 Recepcin de Bienvenida Welcome Reception: InterContinental Hotel 19:00 Cena de Inauguracin 18:00 Crucero Wendella 17:30 - 19:00 EVA: Gestin del Desempeo Tiempo de Estudio y Recreacin 17:30 - 18:30 Entrega de Certificados

Inaugural Dinner

Wendella Boat Cruise EVA: Performance Management

Joel Stern

Individual Study and Recreation

Diploma Ceremony and Cocktails

www.seminarium.com

15

THE CFOs EXECUTIVE PROGRAM

RED DE ASOCIADOS DE SEMINARIUM INTERNACIONAL

ARGENTINA Representante Daniel Montero dmontero@seminarium.com Tel: (5411) 4826 7939 Mvil: 15 5 162 8024 BOLIVIA Viceversa Group Cinthya Costa ccosta@viceversagroup.com Tel: (5912) 220 2051 Mvil: (5912) 7061 1400 BRASIL Luis Daverede - Country Manager Brazil luis@seminarium.com - Tel: (598) 9443 6318 Orlando Rodrigues - Representante de Ventas In-Campus orodrigues@seminarium.com.br - Tel: 11-4062-0852 - Ramal 2532 CHILE Seminarium Chile S.A. Tomiko Kimura tkimura@seminarium.com Tel: (562) 430 6863 Fax: (562) 430 6863 COLOMBIA Seminarium Colombia Adriana Higuera Gmez adriana.higuera@seminarium.com.co Tel: (571) 629 8800 Fax: (571) 629 8800 ext. 110 COSTA RICA, HONDURAS, NICARAGUA Seminarium Ejecutivos de Centroamrica S.A. Berlioth Snchez Urea bsanchez@seminariumcostarica.com Tel: (506) 2248 4838 Fax: (506) 2248 4845 ECUADOR Seminarium Ecuador Mara Caridad Salgado mcsalgado@seminarium.com.ec Tel: (5932) 223 9782 Mvil: 080598724 GUATEMALA, EL SALVADOR Seminarium Ejecutivos de Centroamrica S.A. Berlioth Snchez Urea bsanchez@seminariumcostarica.com Tel: (506) 2248 4838 Fax: (506) 2248 4845

MXICO Seminarium Internacional S.A. Nicole Senchack nsenchack@seminarium.com Tel: (562) 490 2600 Fax: (562) 490 2685 PANAM Seminarium Ejecutivos de Centroamrica S.A. Berlioth Snchez Urea bsanchez@seminariumcostarica.com Tel: (506) 2248 4838 Fax: (506) 2248 4845 ESPAA Seminarium Internacional S.A. Joanna Danger jdanger@seminarium.com Tel: (562) 490 2600 Fax: (562) 490 2685 PER Seminarium Per Beatriz Valencia bvalenci@seminarium.com.pe Tel: (511) 610 7272 Fax: (511) 445 8853 REPBLICA DOMINICANA, PUERTO RICO INTRAS Ingrid Klavemann gerente.customercare@intras.com.do Tel: (809) 542 0126 Fax: (809) 540 1982 PARAGUAY, URUGUAY Representante Luis Daverede luis@seminarium.com Tel: (598) 9443 6318 USA Seminarium International of North America Henry E Araya haraya@seminarium.com Tel: 1-727-543-3657 Fax: 1-866-770-5220 VENEZUELA Wall Street Institute Maria Eugenia Arcia mearcia@seminarium.com Mvil: 58-4143238193

SEMINARIUM INTERNACIONAL S.A. Telfono: (562) 490 2600 Fax: (562) 490 2685 cfo@seminarium.com www.seminarium.com

Ahora nuestro sitio web en su celular.

26 al 31 de agosto, 2012 / Chicago, Illinois, EE.UU.