802/+$5(&21Ð0,&2$0%,(17$/
62%5($5(63216$%,/,'$'(&,9,/
$35(9(1d­248(9(05()/(7,'$
126270+6+8'&#/#)'5
,QºQ2CWNQ(QPVQWTCFG/GFGKTQU
6XPiULR +PVTQFWÁºQ 1 FGUGPXQNXKOGPVQ GEQPÏOKEQ HTGPVG CQ ETGUEKOGPVQ GEQPÏOKEQ 7OC UWUVGPV¶XGN
RGTURGEVKXCFGTGURGKVQCQUNKOKVGUFGKTTGXGTUKDKNKFCFG5QDTGWUQGUWDKPXGUVKOGPVQGOUGFGFGTGEWTUQU
EQOWPU$TGXGUNKPJCUCRTQRÎUKVQFCő6TCIÃFKCFQU$CNFKQUŒ7OCCDQTFCIGOFCő6TCIÃFKCFQU$CNFKQUŒUQD
CRGTURGEVKXCCODKGPVCN#PGEGUU¶TKCKPVGTXGPÁºQFQ'UVCFQ1UWTIKOGPVQFQURWPKVKXGFCOCIGU7OTGƀGZQ
RTGXGPVKXQPQGURGNJQFCTGURQPUCDKNKFCFGEKXKN7OCTGURQPUCDKNKFCFGEKXKNCKPFCCVTGNCFC´TGRCTCÁºQGGO
ƀGTVGEQOCEQORGPUCÁºQ5QDTCCNIWOGURCÁQRCTCQURWPKVKXGUFCOCIGU!7OFKCIPÎUVKEQCRTQRÎUKVQ
FQURWPKVKXGFCOCIGUGOUGFGFG.CYCPF'EQPQOKEU'UVTGKVCPFQUGQUNCÁQUGPVTGCTGURQPUCDKNKFCFGEKXKN
RTGXGPVKXCGQUQWVTQUTGOÃFKQU'ORTGGPFGPFQGUHQTÁQURCTCGXKVCTWOCő6TCIÃFKCŒ%QPENWUÐGU4GHGTÄPEKCU
DKDNKQIT¶ſECU
+PVTQFWÁºQ
2SUHVHQWHHVWXGRVHGHVWLQDDODQoDUXPROKDUVREUHDUHVSRQVDELOLGDGHFLYLO
DPELHQWDOLQFOXVLYHFRPRIRUPDGHYHUL¿FDUVXDUHDOHIHWLYLGDGHHGHDQDOLVDUD
3URPRWRUGH-XVWLoDGR(VWDGRGR5LR*UDQGHGR6XO'RXWRUDQGRHP'LUHLWRÈUHDGH&RQFHQWUDomR
-XUtGLFR$PELHQWDO HP VHGH GH 'RXWRUDPHQWR ³SHU VDOWXP´ SHOD )DFXOGDGH GH 'LUHLWR GD
8QLYHUVLGDGHGH/LVERDQDTXDOFXUVRXDSDUWHHVFRODUGR&XUVRGH0HVWUDGR&LHQWt¿FRHP'LUHLWR
ÈUHDGH&RQFHQWUDomR-XUtGLFR$PELHQWDO3yVJUDGXDGR³ODWRVHQVX´HP'LUHLWR3URFHVVXDO&LYLO
SHOD3RQWLItFLD8QLYHUVLGDGH&DWyOLFDGR5LR*UDQGHGR6XO3URFXUDGRUGR%DQFR&HQWUDOGR%UDVLO
QRVDQRVGHH7XWRUGR&XUVRGH(VSHFLDOL]DomRHP'LUHLWR3URFHVVXDO&LYLOSURPRYLGR
SHOD 3RQWLItFLD 8QLYHUVLGDGH &DWyOLFD GR 5LR *UDQGH GR 6XO QRV DQRV GH H $VVHVVRU
-XUtGLFR(IHWLYRGD3URFXUDGRULD*HUDOGR(VWDGRGR5LR*UDQGHGR6XOQRDQRGH
5HYLVWDGR0LQLVWpULR3~EOLFRGR56
3RUWR$OHJUH
Q PDLR±DJR S
-RmR3DXOR)RQWRXUDGH0HGHLURV
VXDLQWHUDomRFRPRVSULQFtSLRVTXHOKHGHYHPVHUYLUGHQRUWHHFRPRVGHPDLV
UHPpGLRVGHTXHVHSRGHID]HUXVRSDUDHYLWDURVREUHXVRGRVUHFXUVRVQDWXUDLVH
RVXELQYHVWLPHQWRQHVVHV
3DUDWDQWRDQDOLVDUVHiD³7UDJpGLD´SURYHQLHQWHGRVREUHXVRGRVUHFXUVRV
QDWXUDLVHGRVXELQYHVWLPHQWRQDUHFXSHUDomRGHVVHVRQGHVHUiSRVVtYHOSHUFHEHU
DLQVX¿FLrQFLDGRSDUDGLJPDGHSURWHomRGRPHLRDPELHQWHDPSDUDGRXQLFDPHQWH
QR7HRUHPDGH5RQDOG+&RDVH$SDUWLUGDtWRUQDUVHiQHFHVViULRLQJUHVVDUHP
XPHVWXGRGDHIHWLYLGDGHGDUHVSRQVDELOLGDGHFLYLOQRTXHGL]UHVSHLWRDGDUHQVHMR
DXPDLGHLDGHSUHYHQomRGHOHV}HVDRPHLRDPELHQWHHFRORJLFDPHQWHHTXLOLEUDGR
(PVHTXrQFLDWHUVHiGHWHFHUFRPHQWiULRVDSURSyVLWRGRQRYRSDUDGLJPDTXH
VHTXHUDSUHVHQWDUHPUHYHUrQFLDjQHFHVViULDHIHWLYLGDGHGHTXHWHPGHVHUHYHVWLU
DWXWHODGRPHLRDPELHQWHHFRORJLFDPHQWHHTXLOLEUDGR
7XGRLVVRFRPRHVFRSRGHFRPIXOFURHPXPGLUHLWRIXQGDPHQWDODXP
DPELHQWH HFRORJLFDPHQWH HTXLOLEUDGR FULDU XPD WHLD GH SULQFtSLRV DSWD D OKH
IRUQHFHU XPD WXWHOD HIHWLYD WDPEpP VRE D SHUVSHFWLYD GD/DZ DQG (FRQRPLFV
GH PRGR D LPSHGLU D VXSHUYHQLrQFLD GD YHUGDGHLUD ³7UDJpGLD´ TXH YHP VH
DSUHVHQWDQGRFDGDYH]PDLVQtWLGDDRVROKRVGHWRGDD+XPDQLGDGH
1FGUGPXQNXKOGPVQGEQPÏOKEQHTGPVGCQETGUEKOGPVQ
GEQPÏOKEQ7OCRGTURGEVKXCUWUVGPV¶XGNFGTGURGKVQ
CQUNKOKVGUFGKTTGXGTUKDKNKFCFG
1mR p GH KRMH TXH VH YHP DWHQWDQGR SDUD D FLUFXQVWkQFLD GH TXH
³«DFRQFHQWUDomRGHGLy[LGRGHFDUERQRQDDWPRVIHUDDXPHQWRXPXLWtVVLPR
HOHYDQGRRVQtYHLVGHFRQWDPLQDomRSDUDSDWDPDUHVSHULJRVRVSDUDRHFRVVLVWHPD
JOREDO´ 'H IDWR QRWyULRV VmR RV SUREOHPDV TXH D H[SORUDomR GHVHQIUHDGD
GRVUHFXUVRVQDWXUDLVSRUSDUWHGRVHUKXPDQRYHPFDXVDQGRjVD~GHGRPHLR
DPELHQWH GR 3ODQHWD HP TXH YLYHPRV R TXH FRQWULEXL SDUD R VXUJLPHQWR GDV
02/,1$52&DUORV$OEHUWR'LUHLWRDPELHQWDO3URLELomRGH5HWURFHVVR3RUWR$OHJUH/LYUDULD
GR$GYRJDGRS
',$6 -RVp (GXDUGR GH 2OLYHLUD )LJXHLUHGR 7XWHOD$PELHQWDO H &RQWHQFLRVR$GPLQLVWUDWLYR
&RLPEUD&RLPEUD(GLWRUDS1mRIRLjWRDTXHD2UJDQL]DomR0HWHRUROyJLFD0XQGLDO
200HPFRQVRQkQFLDFRPR3URJUDPDGDV1Do}HV8QLGDVSDUDR0HLR$PELHQWH3180$
WHUPLQRXSRUFULDUHPR3DLQHO,QWHUJRYHUQDPHQWDOVREUH0XGDQoDGR&OLPD±,3&&1HVVH
VHQWLGR&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH'LUHLWRV+XPDQRV&XULWLED-XUXi
(GLWRUD ª HGLomR ª WLUDJHP S SRVWHULRUPHQWH UHIRUoDGR SHOD &RQYHQomR VREUH
0XGDQoD GR &OLPD TXH IRL IUXWR GD &RQIHUrQFLD GDV 1Do}HV 8QLGDV VREUH R 0HLR$PELHQWH H
'HVHQYROYLPHQWRUHDOL]DGDQDFLGDGHEUDVLOHLUDGR5LRGH-DQHLURHHQWURXHPYLJRUHPPDUoRGH
&I&$59$/+2(GVRQ)HUUHLUDGH2SFLWS(PFRPSOHPHQWRDLVVRQDVFHXR³.\RWR
3URWRFROFRPSOHPHQWDUWRWKH81)UDPHZRUN&RQYHQWLRQRQ&OLPDWH&KDQJH´GHGHGH]HPEUR
GHFRPXPHQWHFKDPDGRGH³3URWRFRORGH.\RWR´HODPHQWDYHOPHQWHUHMHLWDGRSHORV(VWDGRV
8QLGRV GD $PpULFD &I 8'$// 0DUN 3HUVSHFWLYHV VFDOLQJ QHZ KHLJKWV RU UHWUHDWLQJ IURP
SURJUHVVKRZZLOOWKHHQYLURUQPHQWIDUHXQGHUWKHDGPLQLVWUDWLRQRI3UHVLGHQW*HRUJH:%XVK"LQ
&ROR-,QW¶,/3RO¶\FXMRDUWLJRºFRQVDJUDH[SUHVVDGHWHUPLQDomRSDUDTXHQRSHUtRGR
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
³«DODUPDQWHV FLIUDV GH GHWHULRUR HFROyJLFR SURJUHVVLYR´ 1LWLGDPHQWH VH
SHUFHEHTXHRDWXDOHVWiJLRGHGHJUDGDomRGRPHLRDPELHQWHGHQRVVR3ODQHWD
LPS}HTXHVHOKHDVVHJXUHXPDWXWHODMXUtGLFDTXHVHMDDRPHQRVSURSRUFLRQDOjVXD
LQWUtQVHFDLPSRUWkQFLDRXHPXPDSHUVSHFWLYDDQWURSRFrQWULFDjVXDXWLOLGDGH
SDUDDVREUHYLYrQFLDGHWRGRVRVVHUHVKXPDQRVTXHQHOHYLYHPRXTXHYLUmRD
IXWXUDPHQWHKDELWiOR,QGHSHQGHQWHPHQWHGHVHWHUHPPHQWHXPFRQFHLWRHVWULWR
RXDPSORGHPHLRDPELHQWHGHPRGRDFRQVLGHUDURXQmRDEUDQJLGRVSRUHVVD
H[SUHVVmR WmRVRPHQWH RV ³FRPSRQHQWHV DPELHQWDLV QDWXUDLV´ Ki GH VH SDUWLU
GDSUHPLVVDGHTXH³«SUHVHUYDURÀX[RGDQDWXUH]DHRHTXLOtEULRHFROyJLFRGH
*DLDFRQVWLWXLD~QLFDRSomRGHYLGDSDUDDKXPDQLGDGH´
HQWUHHRVFHOHEUDQWHVUHGX]DPHPDRPHQRVFLQFRSRUFHQWRDVHPLVV}HVGHJDVHV
UHVSRQViYHLVSHORHIHLWRHVWXID
0$57Ë1(=5RVDULRGH9LFHQWH'HUHFKR3HQDOGHO0HGLR$PELHQWHLQ/HFFLRQHVGH'HUHFKR
GHO0HGLR$PELHQWH'LUHFWRU/XLV2UWHJDÈOYDUH]9DOODGROLG(GLWRULDO/H[1RYDS
',$6 -RVp (GXDUGR GH 2OLYHLUD )LJXHLUHGR 7XWHOD$PELHQWDO H &RQWHQFLRVR$GPLQLVWUDWLYR
&RLPEUD&RLPEUD(GLWRUDS
$ SURSyVLWR 0(1'(6 3DXOR GH 6RXVD 9DOH D SHQD R 'LUHLWR 3HQDO GR $PELHQWH" /LVERD
$VVRFLDomR$FDGpPLFDGD)DFXOGDGHGH'LUHLWRGH/LVERDªLPSUHVVmRS$LQGDQD
GRXWULQDSRUWXJXHVD',$6-RVp(GXDUGRGH2OLYHLUD)LJXHLUHGR7XWHOD$PELHQWDOH&RQWHQFLRVR
$GPLQLVWUDWLYR &RLPEUD &RLPEUD (GLWRUD S 1D GRXWULQD LWDOLDQD 0$5&+(//2
)UDQFHVFR 3(55,1, 0DULQHOOD H 6(5$),1, 6XV\ 'LULWWR 'HOO¶$PELHQWH 1DSROL (GL]LRQL
*LXULGLFKH6LPRQH9,HGL]LRQHS
$UHVSHLWR0$7(25DPyQ0DUWLQ7UDWDGRGH'HUHFKR$PELHQWDO9ROXPHQ,0DGULG(GLWRULDO
7ULYLXP 6$ SULPHUD HGLFLyQ S 52'5Ë*8(= $QGUpV %HWDQFRU ,QVWLWXFLRQHV GH
'HUHFKR$PELHQWDO0DGULG/D/H\$FWXDOLGDG6$S
',$6 -RVp (GXDUGR GH 2OLYHLUD )LJXHLUHGR 7XWHOD$PELHQWDO H &RQWHQFLRVR$GPLQLVWUDWLYR
&RLPEUD&RLPEUD(GLWRUDS&RQTXDQWRXPDORXYiYHOQRomRHVWULWDGHPHLRDPELHQWH
FRQWHFRPDEULOKDQWHGHIHVDGH5DPyQ0DUWtQ0DWHR0$7(25DPyQ0DUWtQ7UDWDGRGH'HUHFKR
$PELHQWDO 9ROXPHQ , 0DGULG (GLWRULDO 7ULYLXP 6$ SULPHUD HGLFLyQ S GH /XLV
5RGULJXH] 5DPRV 5$026 /XLV 5RGULJXH] ,QVWUXPHQWRV -XULGLFRV 3UHYHQWLYRV \ 5HSUHVVLYRV
HQOD3URWHFFLyQGHO0HGLR$PELHQWH,Q'RFXPHQWDFLyQ$GPLQLVWUDWLYD$EMXQQ
SHGRMiFLWDGR-RVp(GXDUGRGH2OLYHLUD)LJXHLUHGR'LDV',$6-RVp(GXDUGRGH2OLYHLUD
)LJXHLUHGR7XWHOD$PELHQWDOH&RQWHQFLRVR$GPLQLVWUDWLYR&RLPEUD&RLPEUD(GLWRUD
S Ki GH VH SUHIHULU DIDVWiOD RSWDQGRVH SRU XP ³FRQFHLWR QRUPDWLYR GH DPELHQWH´ &I
&$127,/+2 -RVp -RDTXLP *RPHV 3URFHGLPHQWR $GPLQLVWUDWLYR H 'HIHVD GR $PELHQWH ,Q
5HYLVWDGH/HJLVODomRHGH-XULVSUXGrQFLD1DQRSTXHFRPSUHHQGDDV
QRUPDVMXUtGLFDVTXHVHGHVWLQHPDSURWHJHUQmRVyDQDWXUH]DFRPRWDPEpPRSDWULP{QLRFXOWXUDO
H KLVWyULFR $1781(6 /XLV )LOLSH &RODoR 3DUD XPD QRomR MXUtGLFD GH DPELHQWH ,Q 6FLHQWLD
,XULGLFD 7RPR ;/, Q~PHURV %UDJD 8QLYHUVLGDGH GH 0LQKR S DLQGD TXH
VH WHQKD GH ³«PDQWHU ¿UPHV DV VXDV FRQH[}HV FRP R FRQMXQWR GH HOHPHQWRV QDWXUDLV EiVLFRV´
&$127,/+2 -RVp -RDTXLP *RPHV 5HYLVWD GH /HJLVODomR H GH -XULVSUXGrQFLD 1
SFRPTXHVHDWHQGHDGLUHWUL]FRQWLGDQRQ~PHURGRDUWLJRºGD/HLGH%DVHVGR
$PELHQWHSRUWXJXHVDTXHFRQVDJUDDQHFHVVLGDGHGHDSROtWLFDGRDPELHQWH³«RSWLPL]DUHJDUDQWLU
DFRQWLQXLGDGHGHXWLOL]DomRGRVUHFXUVRVQDWXUDLV´$SUHYDOHFHUXPDFRQFHSomRHVWULWDQXQFDp
GHPDLVUHVVDOWDUHVWDUVHLDDSHUPLWLUDDEVXUGDHKLSRWpWLFDVLWXDomRGHXPLQVHWRUDURVRPHQWH
H[LVWHQWHQDVSLUkPLGHVGR(JLWRVHUWXWHODGRFRPPDLRUYLJRUSHORRUGHQDPHQWRMXUtGLFRGRTXH
YLULDDRFRUUHUQRWRFDQWHDHODVSUySULDVQXPDHYHQWXDOQHFHVVLGDGHGHLPSHGLUTXHDPERVVHMDP
GHVWUXtGRVHPGHFRUUrQFLDGHWUHLQDPHQWRVPLOLWDUHVDVHUHPUHDOL]DGRVQDUHJLmR
&$59$/+2(GVRQ)HUUHLUDGH2SFLWS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
eSUHFLVDPHQWHDtTXHHQWUDHPFHQDRDUWLJRGDYLJHQWH&RQVWLWXLomR
GD5HS~EOLFD3RUWXJXHVDVLWXDGRQR&DStWXOR,,TXHYHUVDVREUHRV³GLUHLWRV
HGHYHUHVVRFLDLV´GR7tWXOR,,,SRUVXDYH]UHIHUHQWHDRV³GLUHLWRVHGHYHUHV
HFRQyPLFRV VRFLDLV H FXOWXUDLV´ VHQGR HVVH ~OWLPR LQWHJUDQWH GD 3DUWH ,
GD &RQVWLWXLomR GD 5HS~EOLFD 3RUWXJXHVD GHVWLQDGD D WUDWDU GRV ³GLUHLWRV H
GHYHUHVIXQGDPHQWDLV´8PDGDVSULPHLUDVDFRQVDJUiORFRPRXPYHUGDGHLUR
GLUHLWR IXQGDPHQWDO D &RQVWLWXLomR SRUWXJXHVD D HOH ID] GLJQD PHQomR HP
VHXDUWLJRRQGHVHOr³7RGRVWrPGLUHLWRDXPDPELHQWHGHYLGDKXPDQR
VDGLR H HFRORJLFDPHQWH HTXLOLEUDGR H R GHYHU GH R GHIHQGHU´ 1R TXH IRL
VHJXLGD SHOD YLJHQWH &RQVWLWXLomR GD 5HS~EOLFD )HGHUDWLYD GR %UDVLO FXMR
DUWLJRFRQWpPSUHFHLWRGHVWHWHRU³7RGRVWrPGLUHLWRDRPHLRDPELHQWH
HFRORJLFDPHQWHHTXLOLEUDGREHPGHXVRFRPXPGRSRYRHHVVHQFLDOjVDGLD
TXDOLGDGH GH YLGD LPSRQGRVH DR 3RGHU 3~EOLFR H j FROHWLYLGDGH R GHYHU
GH GHIHQGrOR H SUHVHUYiOR SDUD DV SUHVHQWHV H IXWXUDV JHUDo}HV´ 2XWUR
H[HPSOR SRGH VHU HQFRQWUDGR QR DUWLJR GD &RQVWLWXLomR HVSDQKROD H QR
DUWLJRGD&RQVWLWXLomRGD&RO{PELD
1mR Ki H[DJHUR HP D¿UPDU WHU VLGR SDUDGLJPiWLFR R FDPLQKR WULOKDGR
SHOD &RQVWLWXLomR GD 5HS~EOLFD 3RUWXJXHVD TXH FRQVDJURX ³«XP GLUHLWR
IXQGDPHQWDODRDPELHQWHHjTXDOLGDGHGHYLGD´HPVHXDUWLJRHPHUJLQGR
GDt D YHUWHQWH SRVLWLYD GHVWLQDGD D REULJDU DV HQWLGDGHV S~EOLFDV D DWXDU
',$6-RVp(GXDUGRGH2OLYHLUD)LJXHLUHGR2SFLWSH
3RU VLQDO HVWiVH D WHFHU FRPHQWiULRV DFHUFD GH DPELHQWH TXH IRL DOoDGR j FRQGLomR GH GLUHLWR
IXQGDPHQWDOSHOR†ºGRDUWLJRºGD&DUWD0DJQDEUDVLOHLUDGHFRPREHPDFHQWXDGRSHOR
6XSUHPR 7ULEXQDO )HGHUDO GD 5HS~EOLFD )HGHUDWLYD GR %UDVLO QR MXOJDPHQWR GD$omR 'LUHWD GH
,QFRQVWLWXFLRQDOLGDGHQ'LVWULWR)HGHUDO
&RQVRDQWHEHPDSRQWDGRSRU-XOLR&pVDU5RGDV0RQVDOYH0216$/9(-XOLR&pVDU5RGDV/D
SURWHFFLyQ SHQDO GHO DPELHQWH \ IXQFLyQ VLPEyOLFD GHO GHUHFKR SHQDO ,Q 5HYLVWD GHO ,QVWLWXWR
GH &LHQFLDV 3HQDOHV \ &ULPRQRORJLFDV 'HUHFKR 3HQDO \ &ULPRQRORJLD 1 9ROXPH ;9
&RORPELDSHSHOR6XSUHPR7ULEXQDOGD&RO{PELDHPMXOJDPHQWRSURIHULGRHPGH
MXQKRGHQRERMRGRSURFHVVRDXWXDGRVRERQ7(pERPTXHVHUHVVDOWHTXHRDVVHQWR
FRQVWLWXFLRQDO DLQGD YHLR D VHU UHVHUYDGR DR GLUHLWR DR PHLR DPELHQWH QR FRUSR GR DUWLJR GD
&RQVWLWXLomRGH&DER9HUGHGRDUWLJRGD&RQVWLWXLomRGH$QJRODGRDUWLJRºGD&RQVWLWXLomR
LWDOLDQDGRVDUWLJRVTXDUWLHUELVVH[LHVHVHSWLHVGD&RQVWLWXLomRVXtoDGRDUWLJR
GD&RQVWLWXLomRWXUFDGRDUWLJRGD&RQVWLWXLomRKRODQGHVDGRVDUWLJRVHGD&RQVWLWXLomR
E~OJDUDGDDOtQHD³H´GRQ~PHURGRDUWLJRGD&RQVWLWXLomRURPHQDGRVDUWLJRVHGD
&RQVWLWXLomRGD(VORYrQLDGRDUWLJR$HQDDOtQHD³J´GRDUWLJRGD&RQVWLWXLomRLQGLDQDGR
DUWLJRGD&RQVWLWXLomRVXOFRUHDQDGRVDUWLJRVHGD&RQVWLWXLomRFKLQHVDGRQ~PHURGR
DUWLJRGD&RQVWLWXLomRFXEDQDGRVDUWLJRVHGD&RQVWLWXLomRSHUXDQDGRDUWLJRGD
&RQVWLWXLomRHTXDWRULDQDGRVDUWLJRVHGD&RQVWLWXLomRFKLOHQDHGRVDUWLJRVHGD
&RQVWLWXLomRFRORPELDQD
$VVLPVHSURQXQFLD',$6-RVp(GXDUGRGH2OLYHLUD)LJXHLUHGR2SFLWSH
6,/9$ 9DVFR 3HUHLUD GD 9HUGH &RU GH 'LUHLWR /Lo}HV GH 'LUHLWR GR $PELHQWH &RLPEUD
$OPHGLQD UHLPSUHVVmR S 1D GRXWULQD LWDOLDQD '(//¶$112 3DROR 0DQXDOH GL
'LULWWR$PELHQWDOH3DGRYD&DVD(GLWULFH'RWW$QWRQLR0LODQL&('$0TXDUWDHGL]LRQH
S
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
³«SDUD D VXD HIHFWLYDomR´ $OJR TXH HP WXGR VH DPROGD j ³«JDUDQWLD
GDHIHWLYDomR´FRQVXEVWDQFLDGDQDªSDUWHGRDUWLJRºGD&RQVWLWXLomRGD
5HS~EOLFD3RUWXJXHVDWHQGRVLGRQHVVDLQVHULGDSRULQWHUPpGLRGD6HJXQGD
5HYLVmR&RQVWLWXFLRQDOGH&RPRVHQmREDVWDVVHPRVPDQGDPHQWRV
FRQVWLWXFLRQDLV DQWHV UHIHULGRV D H[LJLUHP D ³«JDUDQWLD GD HIHWLYDomR´
GHVVHYHUGDGHLUR³«GLUHLWRIXQGDPHQWDODRDPELHQWH´WHPVHGHSDUWLUGD
SUHPLVVD GH TXH VH HVWi GLDQWH GH XPD DVVRFLDGD ³WDUHID IXQGDPHQWDO GR
(VWDGR´TXHFRQIHUHDHVWHRGHYHUIXQGDPHQWDOGHHPSUHHQGHUHVIRUoRVQD
OXWDSHODSUHVHUYDomRGRHTXLOtEULRGDTXHOH(PHVPRSRUTXH³«DOOSHUVRQV
KDYH WKH GXW\ WR SURWHFW DQ SUHVHUYH WKH HQYLURQPHQW´ GDGD D LQDIDVWiYHO
YLQFXODomRGRLQGLYtGXRj6RFLHGDGH
6,/9$9DVFR3HUHLUDGD2SFLWS
$SURSyVLWROHLDVH0,5$1'$-RUJH'LUHLWRV)XQGDPHQWDLV,QWURGXomR*HUDO$SRQWDPHQWRV
GDVDXODV/LVERDS
$SURSyVLWROHLDVH0,5$1'$-RUJH2SFLWS
6,/9$9DVFR3HUHLUDGD2SFLWS(PPHVPRVHQWLGRQDGRXWULQDLWDOLDQD0(==(77,
/XFD 0DQXDOH GL 'LULWWR$PELHQWDOH 3DGRYD &DVD (GLWULFH 'RWW$QWRQLR 0LODQL &('$0
S 6$/6$ &ODXGLD 3DVTXDOLQL 'LULWWR $PELHQWDOH 5HSXEEOLFD GL 6DQ 0DULQR
'RJDQD0DJJLROL(GLWRUH9,,,HGL]LRQHS1DGRXWULQDHVSDQKROD52'5,*25LFDUGR
GH 9LFHQWH 5pJLPHQ GH ODV LQIUDFFLRQHV \ VDQFLRQHV HQ PDWHULD PHGLRDPELHQWDO LQ 'HUHFKR
$PELHQWDO(VSDxRO&RRUG0DUtD-RVp5H\HV/ySH]9DOHQFLD(GLWD7LUDQWOR%ODQFKS
H1DMXULVSUXGrQFLDHVSDQKROD7ULEXQDO&RQVWLWXFLRQDO6HQWHQFLDGHO7ULEXQDO&RQVWLWXFLRQDO
QGHGH'LFLHPEUH
$UHVSHLWRGHXPGHYHUDVVRFLDGRDXPGLUHLWRIXQGDPHQWDOOHLDVH$1'5$'(-RVp&DUORV9LHLUD
GH 2V GLUHLWRV IXQGDPHQWDLV QD &RQVWLWXLomR GD 5HS~EOLFD 3RUWXJXHVD GH &RLPEUD
$OPHGLQDªHGLomRSH
1HVVHVHQWLGR6,/9$9DVFR3HUHLUDGD9HUGHFRUGH'LUHLWR«RSFLWS
0,5$1'$ -RUJH 0DQXDO GH 'LUHLWR &RQVWLWXFLRQDO 7RPR ,9 &RLPEUD &RLPEUD (GLWRUD
ª HGLomR UHYLVWD H DFWXDOL]DGD S (P PHVPR VHQWLGR 58,= -RVp -XVWH 'HUHFKR
,QWHUQDFLRQDO GHO 0HGLR $PELHQWH 0DGULG 0F*UDZ+LOO S =6g*g1 6LOYLD
-DTXHQRG (O GHUHFKR DPELHQWDO \ VXV SULQFLSLRV UHFWRUHV '<.,1621 6 / WHUFHUD
HGLFLRQS
³'UDIW 3ULQFLSOHV RQ +XPDQ 5LJKWV DQG WKH (QYLURQPHQW´ LQ %,51,( S : H %2</($ (
,QWHUQDWLRQDO/DZDQGWKH(QYLURQPHQW8QLWHG6WDWHV1HZ<RUN2[IRUG8QLYHUVLW\3UHVV,QF
VHFRQGHGLWLRQS
1HVVHVHQWLGR$/(;<5REHUW7HRUtDGHORVGHUHFKRVIXQGDPHQWDOHV7tWXORRULJLQDO³7+(25,(
'(5 *581'5(&+7(´ 6XKUNDPS 9HUODJ )UQDNIXUW DP 0DLQ WUDGXFFLyQ \ HVWXGLR
LQWURGXFWRULR GH &DUORV %HUQDO 3XOLGR 0DGULG &HQWUR GH (VWXGLRV 3ROtWLFRV \ &RQVWLWXFLRQDOHV
6HJXQGDHGLFLyQHQHVSDxROSULPHUDUHLPSUHVLyQS$/(;<5REHUW7HRULDGRV'LUHLWRV
)XQGDPHQWDLV7UDGXomRGH9LUJtOLR$IRQVRGD6LOYDGDªHGLomRDOHPmGH³7KHRULHGHU*UXQGUHFKWH´
SXEOLFDGDSHOD6XKUNDPS9HUODJHP6mR3DXOR0DOKHLURV(GLWRUHVS+b%(5/(
3HWHU /H OLEHUWj )RQGDPHQWDOL QHOOR 6WDWR &RVWLWX]LRQDOH 5RPD /D 1XRYD ,WDOLD 6FLHQWL¿FD
SHVHJV+$%(50$6-UJHQ'LUHLWRH'HPRFUDFLD(QWUHIDFWLFLGDGHHYDOLGDGH
7UDG)OiYLR%HQR6LHEHQHLFKOHU9ROXPH,5LRGH-DQHLUR7HPSR%UDVLOHLURªHGLomRS
HVHJV6$5/(7,QJR:ROIJDQJ$H¿FiFLDGRV'LUHLWRV)XQGDPHQWDLV3RUWR$OHJUH/LYUDULD
GR$GYRJDGR(GLWRUDªHGLomRUHYLVWDDWXDOL]DGDHDPSOLDGDS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
1RkPELWRGD&RQVWLWXLomR)HGHUDOEUDVLOHLUDMiVHYHLRDDFHQWXDUTXH
RDUWLJR³«FRQ¿UPDXPGLUHLWRGHYHUGHSUHVHUYDomRSDUDDDWXDOLGDGH
HSDUDRSRUYLU´1HVVHSRQWRUHYHODVHWDPEpPSHUIHLWDDOHPEUDQoDIHLWD
SHOD&RQVWLWXLomRSRUWXJXHVDQDVDOtQHDV³G´H³H´GHVHXDUWLJRºQRVHQWLGR
GH TXH ³GHIHQGHU D QDWXUH]D H R DPELHQWH´ FRQVWLWXL ³WDUHID IXQGDPHQWDO
GR (VWDGR´ WUDWDQGRVH GR GHYHU IXQGDPHQWDO D TXH EHP VH UHIHULX -RUJH
0LUDQGD$SDUWLUGDtFODUDPHQWHVHREVHUYDTXHDLGHLDVHDGDSWDj³GXSOD
GLPHQVmR GRV GLUHLWRV IXQGDPHQWDLV´ 'H IDWR FRQTXDQWR VH WHQKD GH VH
FRQWHQWDU FRP XPD DSOLFDomR ³QD PHGLGD GR SRVVtYHO´ GR ³SULQFtSLR GD
SURLELomR GR Gp¿FH´ DLQGD DVVLP HVWi R (VWDGR ³«REULJDGR D DVVHJXUDU
XP QtYHO PtQLPR DGHTXDGR GH SURWHFomR GRV GLUHLWRV IXQGDPHQWDLV VHQGR
UHVSRQViYHO SHODV RPLVV}HV OHJLVODWLYDV TXH QmR DVVHJXUHP R FXPSULPHQWR
GHVVDLPSRVLomRJHQpULFD´
1DYHUGDGHKiGHVHPSUHVHWHUHPPHQWHRGHYHUHVSHFt¿FRGHR3RGHU
3~EOLFR UHVSHLWDU H SURPRYHU RV 'LUHLWRV )XQGDPHQWDLV HP JHUDO QHOHV VH
LQFOXLQGRRGLUHLWRDXPPHLRDPELHQWHHFRORJLFDPHQWHHTXLOLEUDGRPRWLYR
SRUTXHQmRVHDGPLWHTXHDTXHOHSUDWLTXHTXDOTXHUDWRTXHVHMDOLYUHGHVWHV
1DYHUGDGHWXGR³«DSRQWDSDUDDQHFHVVLGDGHGHWRGRVRV3RGHUHVS~EOLFRV
UHVSHLWDUHP R kPELWR GH SURWHomR GRV GLUHLWRV IXQGDPHQWDLV´ )DFLOPHQWH
VHSHUFHEHTXHVHWUDWDGHGHGXomRTXHHPQDGDGHVWRDGDLGpLDGHGLUHLWRDR
02/,1$52&DUORV$OEHUWR2SFLWS
1HVVHVHQWLGR6,/9$9DVFR3HUHLUDGD9HUGHFRUGH'LUHLWR«RSFLWS=6g*g16LOYLD
-DTXHQRG (O GHUHFKR DPELHQWDO \ VXV SULQFLSLRV UHFWRUHV '<.,1621 6 / WHUFHUD
HGLFLRQS
0,5$1'$ -RUJH 0DQXDO GH 'LUHLWR &RQVWLWXFLRQDO 7RPR ,9 &RLPEUD &RLPEUD (GLWRUD
ªHGLomRUHYLVWDHDFWXDOL]DGDS
$1'5$'(-RVp&DUORV9LHLUDGH2SFLWSHVHJV$LQGDTXHVHWHQKDGHUHFRQKHFHUTXH
RUHIHULGRDXWRUHPWHFHQGRFRPHQWiULRVDFHUFDGRVGLUHLWRVSUHYLVWRVQR7tWXOR,,,GD3DUWH,GD
&DUWD0DJQDSRUWXJXHVDHPJHUDOKDMDUHVVDOWDGRTXHRVGLUHLWRVDSUHVWDo}HVVySDVVDPDVHUYLVWRV
FRPRYHUGDGHLURVGLUHLWRVVXEMHWLYRVQRPRPHQWRHPTXHHQWUDHPYLJRUGDOHJLVODomRGHVWLQDGDD
H[HFXWiORV&I$1'5$'(-RVp&DUORV9LHLUDGH2SFLWSHVHJV1RVHQWLGRGHUHFRQKHFHU
XP GLUHLWR VXEMHWLYR DR DPELHQWH 5(,6 -RmR 3HUHLUD /HL GH %DVHV GR$PELHQWH$QRWDGD H
&RPHQWDGD&RLPEUD/LYUDULD$OPHGLQDS$LQGDTXHIRVVHHVVHRHQWHQGLPHQWRDVHU
SHU¿OKDGRQHPPHVPRDVVLPVHHQFRQWUDULDyELFHSDUDRUHFRQKHFLPHQWRGHXPYHUGDGHLURGLUHLWR
VXEMHWLYRDRDPELHQWHQRkPELWRGRRUGHQDPHQWRMXUtGLFRSRUWXJXrVSRUTXDQWRRDUWLJRºGD/HL
GH%DVHVGR$PELHQWHFRQVDJUDXPGLUHLWRDXP³DPELHQWHKXPDQRHHFRORJLFDPHQWHHTXLOLEUDGR´
$ UHVSHLWR$1'5$'( -RVp &DUORV 9LHLUD GH 2V GLUHLWRV IXQGDPHQWDLV QD &RQVWLWXLomR GD
5HS~EOLFD3RUWXJXHVDGH&RLPEUD$OPHGLQDªHGLomRSQRWDGHURGDSpQ
$1'5$'(-RVp&DUORV9LHLUDGH2SFLWS
$1'5$'(-RVp&DUORV9LHLUDGH2SFLWSH
&I6,/9$9DVFR3HUHLUDGD9HUGHFRUGH'LUHLWR«RSFLWS
&$127,/+2-RDTXLP-RVp*RPHV'LUHLWR&RQVWLWXFLRQDO&RLPEUD/LYUDULD$OPHGLQD
ªHGLomRS0,5$1'$-RUJH2SFLWSD
6$5/(7,QJR:ROIJDQJ$H¿FiFLDGRVGLUHLWRV«RSFLWS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
PHLRDPELHQWHHFRORJLFDPHQWHHTXLOLEUDGRDVVRFLDGRDRGHYHUIXQGDPHQWDO
GH D WHRU GDV DOtQHDV ³G´ H ³H´ GR DUWLJR º GD &RQVWLWXLomR GD 5HS~EOLFD
3RUWXJXHVDGHIHQGrORHSUHVHUYiORSDUDDVSUHVHQWHVHIXWXUDVJHUDo}HV
&I$1'5$'(-RVp&DUORV9LHLUDGH2VGLUHLWRVIXQGDPHQWDLVQD&RQVWLWXLomRSRUWXJXHVDGH
&RLPEUD$OPHGLQDªHGLomRSH
1HVVH VHQWLGR 0,5$1'$ -RUJH 2S FLW S 6,/9$ 9DVFR 3HUHLUD GD 9HUGH FRU GH
'LUHLWR«RSFLWS=6g*g16LOYLD-DTXHQRG2SFLWS
1mRSRUDFDVRRDUWLJRºGD/HLGH%DVHVGR$PELHQWHSRUWXJXHVDLQVWLWXtGDSHOD/HLQGHGH
$EULOSRVWHULRUPHQWHDOWHUDGDSHOD/HLQGHGH)HYHUHLURYHLRDFRQVDJUDURPHLR
DPELHQWHFRPREHPMXUtGLFRDVHUUHVJXDUGDGRSHORRUGHQDPHQWRMXUtGLFRSRUWXJXrVVHPTXHKDMD
DQHFHVVLGDGHGHUHFRUUHUjWXWHODGHRXWUREHPMXUtGLFRSDUDTXHVHSRVVDSURWHJrOR*$0%$52
$QWRQLR32==2%DUEDUD/DUHVSRQVDELOLWjFLYLOHSHUGDQQLDOO¶DPELHQWHQHOODUHFHQWHOHJLVOD]LRQH
LWDOLDQDDOFXQHQRWHGLFRPSDUD]LRQHJLXULGLFDHDQDOLVLHFRQRPLFDLQ0$77(,8JR38/,7,1,
)UDQFHVFR &RQVXPDWRUH $PELHQWH &RQFRUUHQ]D $QDOLVL (FRQRPLFD GHO 'LULWWR 6HULH ³,O
'LULWWR3ULYDWR2JJL´DFXUDGL3DROR&HQGRQ0LODQR'RWW$*LXIIUq(GLWRUHSSH
1RTXHIRLVHJXLGDSHOD³/HJJHLWDOLDQDGHOO¶OXJOLR´FXMRDUWLJRº³«LQWURGXFHODQR]LRQH
GHO EHQH DPELHQWH FRPH EHQH JLXULGLFDPHQWH WXWHODWR ¿QH D VH VWHVVR´ *$0%$52$QWRQLR
32==2 %DUEDUD /D UHVSRQVDELOLWj FLYLOH SHU GDQQL DOO¶DPELHQWH QHOOD UHFHQWH OHJLVOD]LRQH
LWDOLDQDDOFXQHQRWHGLFRPSDUD]LRQHJLXULGLFDHDQDOLVLHFRQRPLFDLQ0$77(,8JR38/,7,1,
)UDQFHVFR&RQVXPDWRUH$PELHQWH«RSFLWS1RRUGHQDPHQWRMXUtGLFREUDVLOHLURKiGH
VHFRQIHULUGHVWDTXHj3ROtWLFD1DFLRQDOGR0HLR$PELHQWHTXHYHLRDVHULQVWLWXtGDSHOD/HLQ
SURPXOJDGDSHOR3UHVLGHQWHGD5HS~EOLFD)HGHUDWLYDGR%UDVLOHPGHDJRVWRGHFRP
RREMHWLYRGH³«SUHVHUYDomRPHOKRULDHUHFXSHUDomRGDTXDOLGDGHDPELHQWDOSURStFLDjYLGD´
DWHRUGHVHXDUWLJRº1HVVHFRQWH[WRWHPVHGHREVHUYDUTXHD&RQVWLWXLomR)HGHUDOEUDVLOHLUD
GHWURX[HFRQVLJRQRVWHUPRVGRLQFLVR,GHVHXDUWLJRXPQRYRHQIRTXHFRQVWLWXFLRQDO
SDUD D TXHVWmR SDVVDQGR D FRQVLGHUDU EHQV GH XVR FRPXP DV iJXDV EUDVLOHLUDV 1HVVHV WHUPRV
),25,//2&HOVR$QW{QLR3DFKHFR2GLUHLWRGHDQWHQDHPIDFHGRGLUHLWRDPELHQWDOGR%UDVLO
6mR3DXOR(GLWRUD6DUDLYDSiJ%58121,1LYDOGR$WXWHODGDViJXDVSHOR0XQLFtSLR
LQ )5(,7$6 9ODGLPLU 3DVVRV GH ÈJXDV $VSHFWRV MXUtGLFRV H DPELHQWDLV &XULWLED -XUXi
(GLWRUDSiJGLYLGLQGRVHVHXGRPtQLRHQWUHD8QLmR)HGHUDOHRV(VWDGRV&I)5(,7$6
9ODGLPLU3DVVRVGHÈJXDV$VSHFWRVMXUtGLFRVHDPELHQWDLV&XULWLED-XUXi(GLWRUDSiJ
5HVVDOYDVHTXHPDGPLWHDH[LVWrQFLDGHiJXDVPXQLFLSDLV0$&+$'23DXOR$IIRQVR/HPH
'LUHLWR$PELHQWDOEUDVLOHLUR6mR3DXOR0DOKHLURVªHGLomRUHYLVWDSiJ1DHVWHLUD
GD SURWHomR j iJXD $ UHVSHLWR &$03%(// 1HLO$ %LRORJ\ 5HGZRRG &LW\ 7KH %HQMDPLQ
&XPPLQJV 3XEOLVKLQJ &RPSDQ\ SiJ ),25,//2 &HOVR$QW{QLR 3DFKHFR &XUVR GH
'LUHLWR$PELHQWDO EUDVLOHLUR 6mR 3DXOR (GLWRUD 6DUDLYD ª HGLomR UHYLVWD DWXDOL]DGD H
DPSOLDGDSiJVH&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWSiJ
)5(,7$69ODGLPLU3DVVRVGHÈJXDV$VSHFWRVMXUtGLFRVHDPELHQWDLV&XULWLED-XUXi(GLWRUD
SiJ +817(5 'DYLG 6$/=0$1 -DPHV H =$(/.( 'XUZRRG ,QWHUQDWLRQDO
HQYLURQPHQWDOODZDQGSROLF\1HZ<RUN)RXQGDWLRQ3UHVVSiJ&$32%,$1&2-RmR
3DXOR5LEHLUR)RQWHGHiJXDSXUD5HVHQKDGROLYURÈJXDVGRFHVGR%UDVLOFDSLWDOHFROyJLFD
XVR H FRQVHUYDomR (GLWRUD (VFULWXUDV FRRUGHQDomR GH$OGR 5HERXoDV %HQHGRWR %UDJD H -RVp
*DOL]LD7XQGLVL 3DUDEyOLFDV Q QRYHPEURGH]HPEUR GH *5$)$QD &OiXGLD %HQWR$
WXWHODGRV(VWDGRVVREUHDViJXDVLQ)5(,7$69ODGLPLU3DVVRVGHÈJXDV$VSHFWRVMXUtGLFRV
HDPELHQWDLV&XULWLED-XUXi(GLWRUDSiJ6+,./20$129,JRU:RUOG)UHVK:DWHU
5HVRXUFHVLQ*/(,&.3HWHU+:DWHULQFULVLV$JXLGHWRWKHZRUOG¶VIUHVKZDWHUUHVRXUFHV
5(%28d$6$OGRGD&XQKD3URWHomRGRVUHFXUVRVKtGULFRVLQ%(1-$0,1$QWRQLR+HUPDQ
RUJ'LUHLWRiJXDHYLGD/DZZDWHUDQGWKHZHERIOLIH6mR3DXOR,PSUHQVD2¿FLDO
YROXPHSiJHDRVGHPDLVUHFXUVRVQDWXUDLVTXHWHUPLQRXSRUVHUFRQVDJUDGDQRDUWLJR
GD&RQVWLWXLomR)HGHUDOEUDVLOHLUDGLYHUVDVIRUDPDVUHJUDVMXUtGLFDVTXHIRUDPVHQGRSURPXOJDGDV
DRORQJRGRVDQRVFRPRLQWXLWRGHUHVJXDUGiOD
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
1mRKiG~YLGDGHTXHVHHVWiDDSHODUDXPDNDQWLDQDVROLGDULHGDGHHQWUH
JHUDo}HV TXH VH HQFRQWUD DVVHQWDGD QR YDORU GD GLJQLGDGH GD SHVVRD
KXPDQD GH PRGR D DVVHJXUDU TXH DV WDPEpP GLJQDV JHUDo}HV IXWXUDV ³«
SRVVDPLJXDOPHQWHGHVIUXWDUGRVEHQVGDQDWXUH]D´PRWLYRSRUTXHVHWHP
GH SUHVHUYiORV GH PRGR D UHVJXDUGDU R HTXLOtEULR HFROyJLFR GR VLVWHPD
1HVVHSRQWRUHYHODVHLPSUHVFLQGtYHOWHUHPPHQWHTXH³QLQJXQDJHQHUDFLyQ
WLHQHPD\RUHVGHUHFKRVTXHRWUD´
1LWLGDPHQWHVHSHUFHEHTXHKiGHVHUDTXHVWmRDYDOLDGDVREDSHUVSHFWLYD
SRUTXHVHWHPGHHQIUHQWiODHPDOXVmRjYLJHQWH&DUWD0DJQDEUDVLOHLUDQR
(
[HPSOR GLVVR VH WHP QD 3ROtWLFD 1DFLRQDO GH 5HFXUVRV +tGULFRV TXH LQVWLWXtGD SHOD /HL 1DFLRQDO
EUDVLOHLUDQHIXQGDPHQWDGDQDFRQVDJUDGD/HPEUDQGRTXHHVVHHQWHQGLPHQWRFRQWDFRP
DFHLWDomRXQLYHUVDO*5$1=,(5$0DULD/XL]D0DFKDGR'LUHLWRGHÈJXDVH0HLR$PELHQWH
6mR3DXOR(GLWRUDËFRQHSiJHVHJXLQWHVQRomRGHTXH³DiJXDpXPUHFXUVRQDWXUDO
OLPLWDGR´/HLQDUWLJRºLQFLVR,,WHUPLQRXSRUFRUURERUDURUHJLPHMXUtGLFRLPSRVWR
SHOD/HLQHRVHXFRUUHVSRQGHQWH³«FULWpULRGHSURWHomRDPELHQWDODGVWULWDDQRUPDV
TXH FRQIHUHP GHYHUHV DRV HQWHV GD )HGHUDomR H QmR VLPSOHVPHQWH IDFXOGDGHV´ ),25,//2
&HOVR$QW{QLR3DFKHFR2GLUHLWRGHDQWHQD«RSFLWSiJ7DPEpPVHKiGHUHD¿UPDUD
QHFHVVLGDGHGHSUHVHUYDomRGRVUHFXUVRVKtGULFRVQDOHLWXUDGRLQFLVR9,,GRDUWLJRGD/HLQ
SURPXOJDGDSHOR3UHVLGHQWHGD5HS~EOLFD)HGHUDWLYDGR%UDVLOHPGHMDQHLURGH
FRPRLQWXLWRGHWUDWDUGD³SROtWLFDDJUtFROD´TXHHVWDEHOHFHTXHGHYHUiR3RGHU3~EOLFR³FRRUGHQDU
SURJUDPDV GH HVWtPXOR H LQFHQWLYR j SUHVHUYDomR GDV QDVFHQWHV GRV FXUVRV G¶iJXD H GR PHLR
DPELHQWH´DLQGDVHQGRGHVXDUHVSRQVDELOLGDGH³SURPRYHUHRXHVWLPXODUDUHFXSHUDomRGDViUHDV
HPSURFHVVRGHGHVHUWL¿FDomR´DWHRUGRLQFLVR,9GHVHXVXSUDFLWDGRDUWLJR1DVFHQWHVGHFXUVRV
G¶iJXDTXHVmRLJXDOPHQWHWXWHODGDVSHOD/HL1DFLRQDOEUDVLOHLUDQ1RkPELWRGR(VWDGR
GR5LR*UDQGHGR6XO%UDVLOSHUPLWHVHTXHVHPHQFLRQHXPGRVREMHWLYRVGD3ROtWLFD(VWDGXDOGH
5HFXUVRV+tGULFRVFRQVLVWHQWHHP³LPSHGLUDGHJUDGDomRHSURPRYHUDPHOKRULDGHTXDOLGDGHH
RDXPHQWRGDFDSDFLGDGHGHVXSULPHQWRGRVFRUSRVG¶iJXDVXSHU¿FLDLVHVXEWHUUkQHRV´DWHRUGR
LQFLVR,,,GRDUWLJRºGD/HLQSURPXOJDGDSHOR*RYHUQDGRUGR(VWDGRGR5LR*UDQGHGR
6XO%UDVLOHPGHGH]HPEURGH
1HVVHVHQWLGR.$17,PPDQXHO&UtWLFDGDUD]mRSUiWLFD7UDGXomRGH³.ULWLNGHUSUDNWLVFKHQ
9HUQXQI´SRU$UWXU0RUmR/LVERD(GLo}HV/GDSSD
(PPHVPRVHQWLGR0,5$1'$-RUJH2SFLWS
0,5$1'$-RUJH2SFLWS
0,5$1'$ -RUJH 2S FLW S (P PHVPR VHQWLGR ),25,//2 &HOVR$QW{QLR 3DFKHFR H
',$)e5,$$GULDQD%LRGLYHUVLGDGHHSDWULP{QLRJHQpWLFRQRGLUHLWRDPELHQWDOEUDVLOHLUR6mR
3DXOR0D[/LPRQDGS
5$:/6-RKQ7HRUtDGHODMXVWLFLD7tWXORRULJLQDO³$WKHRU\RI-XVWLFH´7UDGXFFLyQGH0DUtD
'RORUHV*RQ]iOH]0p[LFR)RQGRGH&XOWXUD(FRQyPLFD)&(VHJXQGDHGLFLyQHQHVSDxRO
VH[WDUHLPSUHVLyQS
eSUHFLVRTXHVHWHQKDHPPHQWHTXHVHHVWiGLDQWHGRJUDQGHGHVD¿RGDKXPDQLGDGHQHVWHLQtFLR
GH VpFXOR FLUFXQVWkQFLD EHP UHWUDWDGD SRU 3DXOR $IIRQVR /HPH 0DFKDGR 0$&+$'2 3DXOR
$IIRQVR/HPH'LUHLWRDPELHQWDO«RSFLWSiJVHHSRU3DXOR5REHUWR3HUHLUDGH6RX]D
628=$3DXOR5REHUWR3HUHLUDGH0,//6-RQ&RQÀLWRV-XUtGLFRV(FRQ{PLFRVH$PELHQWDLV
0DULQJi 8(0 SiJ $LQGD D UHVSHLWR GR WHPD OHLDVH ),25,//2 &HOVR $QW{QLR
3DFKHFR &XUVR GH 'LUHLWR$PELHQWDO EUDVLOHLUR 6mR 3DXOR (GLWRUD 6DUDLYD ª HGLomR
UHYLVWDDWXDOL]DGDHDPSOLDGDSiJ$5$Ò-2/XL]$OEHUWR'DYLG'LUHLWRFRQVWLWXFLRQDOHPHLR
DPELHQWHLQ5HYLVWDGR$GYRJDGRGD$$636mR3DXOR
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
VHQWLGRGHTXH³RWH[WRFRQVWLWXFLRQDOpFODURHQmRSHUPLWHHYDVLYDV´'HIDWR
QHQKXPDG~YLGDVREUHYLYHjOHLWXUDGRLQFLVR9,GRDUWLJRGD&RQVWLWXLomR
)HGHUDOEUDVLOHLUDTXHFRQVDJUDRSULQFtSLRGD³GHIHVDGRPHLRDPELHQWH´FRPR
XPGRVSUHFHLWRVJHUDLVGHREVHUYkQFLDGD³$WLYLGDGH(FRQ{PLFD´$OJRTXHQmR
FDXVDVXUSUHVDMXVWDPHQWHHPYLUWXGHGHRDUWLJRGD&RQVWLWXLomR)HGHUDO
EUDVLOHLUD H[SUHVVDPHQWH GHWHUPLQDU TXH D RUGHP HFRQ{PLFD ³«WHP SRU ¿P
DVVHJXUDUDWRGRVXPDH[LVWrQFLDGLJQD´GHVGHTXHREVHUYDGDVDIXQomRVRFLDO
GD SURSULHGDGH H D GHIHVD GR PHLR DPELHQWH QRV PROGHV GR TXH GLVS}HP RV
LQFLVRV,,,H9,,GHWDOGLVSRVLWLYRFRQVWLWXFLRQDO$LQGDPDLVVHPDQWLGDQtWLGD
DQRomRGHTXHRVGLUHLWRVIXQGDPHQWDLVHPJHUDOVmRDH[SUHVVmRPDLVLPHGLDWD
GDGLJQLGDGHGDSHVVRDKXPDQDVHQGRHVWDRSULQFtSLRXQL¿FDGRUGHWRGRR
VLVWHPDGDTXHOHV'HVHPHOKDQWHQRUWHVHVHUYHD&RQVWLWXLomRGD5HS~EOLFD
3RUWXJXHVDFXMRDUWLJRH[SUHVVDPHQWHHVWDEHOHFHTXHD³LQLFLDWLYDHFRQyPLFD
SULYDGD´WHPGHOHYDUHPFRQWDR³LQWHUHVVHJHUDO´$LQGDVHSRGHQGRGHVWDFDU
TXHDDOtQHD³Q´GRDUWLJRSUHYrFRPRXPDGDV³LQFXPErQFLDVSULRULWiULDVGR
(VWDGR´DWDUHIDGH³DGRSWDUXPDSROtWLFDQDFLRQDOGDiJXDFRPDSURYHLWDPHQWR
SODQHDPHQWRHJHVWmRUDFLRQDOGRVUHFXUVRVKtGULFRV´7XGRLVVRVHPHVTXHFHU
DWDUHIDIXQGDPHQWDOGHGHIHVDGRDPELHQWHTXHpLPSRVWDDR(VWDGRSHODDOtQHD
³H´GRDUWLJRºGD&RQVWLWXLomRGD5HS~EOLFD3RUWXJXHVDHPFRQVRQkQFLDFRP
RDUWLJRGHVVDFXMRQ~PHURHVWDEHOHFHGLYHUVDVLQFXPErQFLDVOHYDQGRHP
FRQWDDQHFHVVLGDGHGHXPGHVHQYROYLPHQWRVXVWHQWiYHO
6HPHPEDUJRGDFRQVWDWDGDUHOHYkQFLDTXHVHDWULEXLXjTXHVWmRDPELHQWDO
Ki GH VH DWHQWDU SDUD D FLUFXQVWkQFLD GH D &RQVWLWXLomR )HGHUDO EUDVLOHLUD WHU
FRQVXEVWDQFLDGR QR FDSXW GH VHX DUWLJR R ³«GLUHLWR DR PHLR DPELHQWH
HFRORJLFDPHQWHHTXLOLEUDGR´RSWDQGRSRUXPDSUHPLVVDGHHTXLOtEULRGRPHLR
DPELHQWHHGHL[DQGRGHODGRDQHFHVVLGDGHGHVXD³LQDOWHUDELOLGDGH´5HJLVWUH
VHTXHVHPHOKDQWHFRQFHSomRSRGHVHUHQFRQWUDGDQDDOtQHD³P´GRDUWLJR
QRDUWLJRHQDDOtQHD³J´GRQ~PHURGRDUWLJRGDYLJHQWH&RQVWLWXLomR
GD5HS~EOLFD3RUWXJXHVD-XVWDPHQWHSRULVVRpTXHVHKiGHVHPSUHOHYDUHP
9,$11$-RVp5LFDUGR$OYDUH]5HVSRQVDELOLGDGHFLYLOSRUGDQRVDRPHLRDPELHQWH&XULWLED
-XUXi(GLWRUDªHGLomRªWLUDJHPSiJ
(PPHVPRVHQWLGR6(*$'2)UDQFLVFR)HUQDQGH]7HRUtDMXUtGLFDGHORVGHUHFKRVIXQGDPHQWDOHV
HQOD&RQVWLWXFLyQ(VSDxRODGH\HQVXLQWHUSUHWDFLyQSRUHO7ULEXQDO&RQVWLWXFLRQDOLQ5HYLVWD
GH,QIRUPDomROHJLVODWLYD%UDVtOLDDQRQ~PHURPDUoRHDEULOGHSiJ9DOHQGR
VHGHHQWHQGLPHQWRVHPHOKDQWH)$5,$6(GLOVRQ3HUHLUDGH$FROLVmRGHGLUHLWRV$KRQUDD
LQWLPLGDGHDYLGDSULYDGDHDLPDJHPYHUVXVDOLEHUGDGHGHH[SUHVVmRHLQIRUPDomR3RUWR
$OHJUH6pUJLR$QWRQLR)DEULVªHGLomRSiJ
&$0326 -Ò1,25 5DLPXQGR$OYHV GH 2 FRQÀLWR HQWUH R 'LUHLWR GH 3URSULHGDGH H R 0HLR
$PELHQWH&XULWLED-XUXiªHGLomRªWLUDJHPSiJ
1HVVHVHQWLGR/<5$0DUFRV0HQGHV'DQR$PELHQWDOLQ5HYLVWDGH'LUHLWR$PELHQWDO6mR
3DXORDQRYROXPHRXWXEURGH]HPEURGHSiJVDSiJ
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
FRQWDRVOLPLWHVGHWROHUDELOLGDGHGRQGHHPHUJHDQHFHVVLGDGHGHDYHULJXDU
VH D GHJUDGDomR LPSOLFRX ³WUDQVSRVLomR GDTXHOH OLPLWH Pi[LPR GH DEVRUomR
GH DJUHVV}HV TXH SRVVXHP RV VHUHV KXPDQRV H RV HOHPHQWRV QDWXUDLV´ (P
VtQWHVH HVWiVH SHUDQWH OLPLWHV TXH ³«XPD YH] XOWUDSDVVDGRV GHWHUPLQDP
D SHUGD GH HTXLOtEULR GLQkPLFR´ (P FDVR GH WUDQVSRVLomR WHUVHi R GDQR
HFROyJLFRSDVVtYHOGHVHUYLVWRFRPR³«XPDDIHWDomRGHXPEHPDPELHQWDO
TXHSRUXOWUDSDVVDURVOLPLWHVGHWROHUkQFLDGRVLVWHPDGHWHUPLQDXPDSHUGD
GHHTXLOtEULR´
(PVXPDRTXHVHLPS}HpDYHUL¿FDomRGHWHURXQmRVLGRFRPSURPHWLGR
RHTXLOtEULRHFROyJLFR3RUWDQWRSHUFHEHVHVHUFUXFLDOHVWDEHOHFHUXPSRQWR
GH WRTXH HQWUH R FRQFHLWR GH GDQR H D GH¿QLomR D UHVSHLWR GR TXH VH WHP GH
HQWHQGHU SRU GHVHQYROYLPHQWR VXVWHQWiYHO ( QHP WHULD FRPR VHU GLIHUHQWH
GDGDDQHFHVVLGDGHGHVHWHUVHPSUHHPPHQWHD³FDSDFLGDGHKRPHRVWiWLFDGRV
HFRVVLVWHPDV´FRPSUHHQGHQGRVHHVVDFRPRDSURSULHGDGHGHRHFRVVLVWHPD
UHWRUQDUjFRQGLomRGHHTXLOtEULRDSyVYLUDVRIUHUDOJXPDGHJUDGDomR7XGR
VHUHVXPHDFRQMXJDUD³LQHYLWDELOLGDGHGRSURJUHVVR´FRPRUHVSHLWRDRV³«
OLPLWHVGHWROHUkQFLD´GRVHFRVVLVWHPDVHDVHXV³OLPLWHVGHLUUHYHUVLELOLGDGH´
/(,7(-RVp5XEHQV0RUDWR'DQR$PELHQWDO'RLQGLYLGXDODRFROHWLYRH[WUDSDWULPRQLDO6mR
3DXOR5HYLVWDGRV7ULEXQDLVSiJ
/8&$5(//,)iELR'XWUD5HVSRQVDELOLGDGH&LYLOSRU'DQR(FROyJLFRLQ5HYLVWDGRV7ULEXQDLV
6mR3DXORQ~PHURIHYHUHLURGHSiJVDSiJ
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLOSRUGDQRVHFROyJLFRV'DUHSDUDomRGR
GDQRDWUDYpVGHUHVWDXUDomRQDWXUDO&RLPEUD&RLPEUD(GLWRUDSiJVH
6(1',0-RVpGH6RX]D&XQKDO5HVSRQVDELOLGDGH&LYLOSRU'DQRV(FROyJLFRV«RSFLWSiJ
'HQWUHRVTXHHQWHQGHPTXHRURPSLPHQWRGRHTXLOtEULRHFROyJLFRpFUXFLDOSDUDTXHVHREWHQKDD
FRQ¿JXUDomRGRGDQR0$5&21'(65LFDUGR.RFKLQVNLH%,77(1&2857'DUODQ5RGULJXHV
/LQHDPHQWRVGD5HVSRQVDELOLGDGH&LYLO$PELHQWDOLQ5HYLVWDGH'LUHLWR$PELHQWDO6mR3DXOR
DQR YROXPH SiJV D MXOKRVHWHPEUR GH SiJ 9,$11$ -RVp 5LFDUGR
$OYDUH]5HVSRQVDELOLGDGHFLYLO«RSFLWSiJ
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWSiJ
1HVVHVHQWLGR&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWSiJ'HJUDQGH
YDOLDVHUHYHVWHDVtQWHVHGH(GVRQ)HUUHLUDGH&DUYDOKRDSURSyVLWRGRSULQFtSLRGD+RPHRVWDVHHGD
FDSDFLGDGHGHRVLVWHPDVHDXWRRUJDQL]DUHVHDXWRUHJXODU³«VHRVLVWHPDVRIUHDOJXPLPSDFWRRX
PRGL¿FDomRWHPFDSDFLGDGHSDUDVHUHRUGHQDUHYROWDUDRHTXLOtEULRDQWHULRURXVHDGDSWDUjQRYD
VLWXDomRHVWDEHOHFHQGRXPQRYRHTXLOtEULR´&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«
RSFLWSiJ5DFLRFtQLRTXHWHUPLQDSRUVHUFRQFOXtGRQRVVHJXLQWHVWHUPRV³(QWUHWDQWRj
PHGLGD TXH VH DXPHQWD D SHUWXUEDomR R VLVWHPD HPERUD FRQWURODGR SHUGH VXD FDSDFLGDGH GH
YROWDUDRQtYHOGHHTXLOtEULRDQWHULRU´&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RS
FLWSiJ
0(1'(6 3DXOR GH 6RXVD 9DOH D SHQD R 'LUHLWR 3HQDO GR $PELHQWH" /LVERD $VVRFLDomR
$FDGpPLFDGD)DFXOGDGHGH'LUHLWRGH/LVERDªLPSUHVVmRSiJ
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLOSRUGDQRVHFROyJLFRV«RSFLWSiJV
H
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWSiJ
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
QRomR TXH HP WXGR VH DPROGD j LGHLD GH ³GHVHQYROYLPHQWR VXVWHQWiYHO´ (
PHVPRSRUTXH³«QHQKXPSURJUHVVRDWpDHUUDGLFDomRGDSREUH]DHGDIRPH
DPHOKRUDGDVD~GHHDSURWHomRDPELHQWDOVHUiVXVWHQWiYHOVHDPDLRULDGRV
UHFXUVRV H VHUYLoRV GRV HFRVVLVWHPDV VHJXLUHP GHJUDGDQGRVH´ 'HGXomR
TXH VH DPROGD SHUIHLWDPHQWH DR FRQFHLWR IRUPXODGR SHOD &RPLVVmR 0XQGLDO
VREUH 0HLR $PELHQWH H 'HVHQYROYLPHQWR TXH GH¿QH GHVHQYROYLPHQWR
VXVWHQWiYHO FRPR VHQGR DTXHOH TXH ³«DWHQGH jV QHFHVVLGDGHV GR SUHVHQWH
VHP FRPSURPHWHU D SRVVLELOLGDGH GH DV JHUDo}HV IXWXUDV DWHQGHUHP DV VXDV
SUySULDVQHFHVVLGDGHV´
eQRWyULRTXHRVDFULItFLRGRVRORHGDVIRQWHVGHiJXDHPSUROGR³OXFURGH
FXUWtVVLPRSUD]R´LQHYLWDYHOPHQWHRVOHYDjVXDGHJUDGDomRHHPVHHVWDQGR
GLDQWHGHFLUFXQVWkQFLDVH[WUHPDVjVXDFRPSOHWDGHVWUXLomRLQYLDELOL]DQGRD
XWLOL]DomRGDiUHD³SRUPXLWRVDQRV´DWpTXHVHUHFXSHUHHSRVVDVHUQRYDPHQWH
XWLOL]DGD R TXH ³«QmR SRVVLELOLWD TXH RV SREUHV VDLDP GD SREUH]D´ 3HOR
FRQWUiULRSRUTXDQWRQmRpVHJUHGRTXH³JUDQGHSDUWHGHOHVDFDEDSRUDEDQGRQDU
D WHUUD H MXQWDUVH DR FRQWLQJHQWH GH IDYHODGRV GDV FLGDGHV´ 1LWLGDPHQWH
VH SHUFHEH TXH DTXL Ki OXJDU SDUD D GLVWLQomR HQWUH FUHVFLPHQWR HFRQ{PLFR
H GHVHQYROYLPHQWR HFRQ{PLFR QR VHQWLGR GH TXH DTXHOH LPSRUWD XP PHUR
DXPHQWRGHULTXH]DHPWHUPRVGHFDSLWDORXGHÀX[RGHUHQGLPHQWRVHQTXDQWR
HVWH WUD] FRQVLJR XPD PHOKRUD JHUDO QDV FRQGLo}HV GH YLGD GD SRSXODomR
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWSiJ3(5(,5$3DXOR$IIRQVR
6RDUHV 5LRV 5HGHV H 5HJL}HV $ VXVWHQWDELOLGDGH D SDUWLU GH XP HQIRTXH LQWHJUDGR GRV
UHFXUVRVWHUUHVWUHV3RUWR$OHJUH(GLWRUD$*(SiJ
02/,1$52&DUORV$OEHUWR'LUHLWRDPELHQWDO3URLELomRGH5HWURFHVVR3RUWR$OHJUH/LYUDULD
GR $GYRJDGR SiJ 1R LUUHSDUiYHO FRPHQWiULR GH &HOVR $QW{QLR 3DFKHFR )LRULOOR D
UHVSHLWRGRSULQFtSLRGRGHVHQYROYLPHQWRVXVWHQWiYHOOrVH³3HUPLWHVHRGHVHQYROYLPHQWRPDV
GHIRUPDVXVWHQWiYHOSODQHMDGDSDUDTXHRVUHFXUVRVKRMHH[LVWHQWHVQmRVHHVJRWHPRXWRUQHPVH
LQyFXRV´),25,//2&HOVR$QW{QLR3DFKHFR&XUVRGH'LUHLWR$PELHQWDO«RSFLWSiJ
(PPHVPRVHQWLGR),25,//2&HOVR$QW{QLR3DFKHFRH',$)e5,$$GULDQD%LRGLYHUVLGDGHH
SDWULP{QLRJHQpWLFR«RSFLWSiJ
&RPLVVmR0XQGLDOVREUH0HLR$PELHQWHH'HVHQYROYLPHQWR1RVVRIXWXURFRPXP5LRGH-DQHLUR
*HW~OLR9DUJDVªHGLomRSiJ
&RPLVVmR0XQGLDOVREUH0HLR$PELHQWHH'HVHQYROYLPHQWR1RVVRIXWXURFRPXP5LRGH-DQHLUR
*HW~OLR9DUJDVªHGLomRSiJ(PPHVPRVHQWLGR0$&+$'23DXOR$IIRQVR/HPH
'LUHLWRDPELHQWDOEUDVLOHLUR6mR3DXOR0DOKHLURV(GLWRUHVªHGLomRUHYLVWDDWXDOL]DGD
HDPSOLDGDSiJVH9,$11$-RVp5LFDUGR$OYDUH]5HVSRQVDELOLGDGHFLYLO«RSFLW
SiJ 6+8/7=(),(/,7= +HOPXWK ³/D SURWH]LRQH GHOO¶DPELHQWH QHO 'LULWWR &RVWLWX]LRQDOH
7HGHVFR´ LQ 'LULWWR$PELHQWDOH H &RVWLWX]LRQH$ FXUD GL 'RPHQLFR$PLUDQWH 0LOmR )UDQFR
$QJHOLSiJV
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWS
&I&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWS
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWS
)5$1&2$QWyQLR6RXVD$PELHQWHHGHVHQYROYLPHQWRHQTXDGUDPHQWRHIXQGDPHQWRGRGLUHLWR
GRDPELHQWHLQ'LUHLWRGRDPELHQWH&RRUG'LRJR)UHLWDVGR$PDUDO0DUWD7DYDUHVGH$OPHLGD
/LVERDSSD
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
1DLPSRVVLELOLGDGHGHDVJHUDo}HVSUHVHQWHVVHVHUYLUHPGRVUHFXUVRVQDWXUDLV
GH IRUPD GHVHQIUHDGD p TXH VH EDVHLD R TXH VH FKDPD GH ³GHVHQYROYLPHQWR
VXVWHQWDGR´ GRQGH VH H[WUDL VHU LPSUHVFLQGtYHO TXH D VDWLVIDomR GDV
QHFHVVLGDGHV GDV JHUDo}HV SUHVHQWHV VH IDoD VHP R FRPSURPHWLPHQWR GDV
QHFHVVLGDGHV GDV JHUDo}HV IXWXUDV ( LVVR GHFRUUH GD LGHLD GH TXH QmR Ki
GHVHQYROYLPHQWR VXVWHQWiYHO VHP R UHVSHLWR j ³FDSDFLGDGH KRPHRVWiWLFD GRV
HFRVVLVWHPDV´(PRXWUDVSDODYUDVVyKiGHVHQYROYLPHQWRVXVWHQWiYHOHPFDVR
GHUHVSHLWRDRV³OLPLWHVGHLUUHYHUVLELOLGDGH´GRVHFRVVLVWHPDV8OWUDSDVViORV
³«SRGHOHYDURHFRVVLVWHPDjPRUWH´WHQGRVHGHUHÀHWLUDUHVSHLWRGLVVR
5QDTGWUQGUWDKPXGUVKOGPVQGOUGFGFGTGEWTUQUEQOWPU
$TGXGUNKPJCUCRTQRÎUKVQFCő6TCIÃFKCFQU$CNFKQUŒ
$GHVSHLWRGHVHHVWDUGLDQWHGHSUREOHPDTXHMiKDYLDVLGRDERUGDGRSRU
)RUVWHU/OR\GQRORQJtQTXRDQRGHHSRU+6FRWW*RUGRQH$QWKRQ\
6FRWWUHVSHFWLYDPHQWHQDVGDWDVGHHGHQmRVHSRGHGHL[DUGH
SUHVWDURGHYLGRUHFRQKHFLPHQWRD*DUUHW+DUGLQSHORIDWRGHWHUIRUQHFLGRj
7DPEpPQHVVHVHQWLGR0$&+$'23DXOR$IIRQVR/HPH'LUHLWRDPELHQWDO«RSFLWSiJ
&I0$&+$'23DXOR$IIRQVR/HPH'LUHLWRDPELHQWDO«RSFLWSiJVH7DPEpP
3DXOR$IIRQVR6RDUHV3HUHLUDYHLRDDJLUFRPDFHUWRDRDVVHYHUDUTXH³«pVXVWHQWiYHOWRGDDDomR
KXPDQDTXHpSDVVtYHOGHDEVRUomRSRUSDUWHGDQDWXUH]DVHPFDXVDUGDQRVDRVHFRVVLVWHPDV´
3(5(,5$ 3DXOR$IIRQVR 6RDUHV 5LRV 5HGHV H 5HJL}HV $ VXVWHQWDELOLGDGH D SDUWLU GH XP
HQIRTXHLQWHJUDGRGRVUHFXUVRVWHUUHVWUHV3RUWR$OHJUH(GLWRUD$*(SiJ
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWS
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWS
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWS
'DGDDVXDWHQDFLGDGHQmRVHSRGHULDGHL[DUGHWUDQVFUHYHUDTXLDUHVVDOYDGH(GVRQ)HUUHLUDGH
&DUYDOKR³1mRpXPSROXHQWHRXSUiWLFDVHPSDUWLFXODUPDVDDWLYLGDGHHFRQ{PLFDFRPRXPWRGR
TXH SUHVVLRQD RV OLPLWHV H DPHDoD VXSHUDU D FDSDFLGDGH GH VXVWHQWDomR GR VLVWHPD ELRVIpULFR´
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWS'DGDDLPSRVVLELOLGDGHGHVH
WHUXPFUHVFLPHQWRHFRQ{PLFRTXDQWLWDWLYDPHQWHVXVWHQWiYHOLQGH¿QLGDPHQWHQXPSODQHWD¿QLWR$
SURSyVLWR&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWSWHUVHiDUHYHUrQFLD
DRV³OLPLWHVGHLUUHYHUVLELOLGDGH´FI&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLW
SVHWRGRVRVHPSUHHQGHGRUHVGRSODQHWDWLYHUHPSRUEDVHRHQWHQGLPHQWRGHTXHDRPHQRV
DOJXPDV SHTXHQDV OHV}HV DR PHLR DPELHQWH KmR GH VHU WROHUDGDV HP SURO GR GHVHQYROYLPHQWR"
&RQTXDQWR VHMD QRWyULR TXH HP FHUWD PHGLGD H HP DOJXPDV RSRUWXQLGDGHV 5HFRQKHFHQGROKH
R FDUiWHU GH VHTXHOD LQFyPRGD ³QD PDLRU SDUWH GDV YH]HV´ 0(1'(6 3DXOR GH 6RXVD 9DOH D
SHQDR'LUHLWR3HQDOGR$PELHQWH"/LVERD$VVRFLDomR$FDGpPLFDGD)DFXOGDGHGH'LUHLWRGH
/LVERDªLPSUHVVmRSiJDSROXLomR³«pDVHTXHODLQFyPRGDGHPXLWDVDFWLYLGDGHV
HFRQyPLFDVVRFLDOPHQWH~WHLVTXLoiPHVPRLPSUHVFLQGtYHLV´0(1'(63DXORGH6RXVD9DOHD
SHQDR'LUHLWR3HQDOGR$PELHQWH"/LVERD$VVRFLDomR$FDGpPLFDGD)DFXOGDGHGH'LUHLWRGH
/LVERDªLPSUHVVmRSiJUHVSHLWDUVHiD³FDSDFLGDGHKRPHRVWiWLFDGRVHFRVVLVWHPDV´
&I&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH«RSFLWSFRPDVRPDGHPLOKDUHVRX
GHPLOK}HVGHSHTXHQDVDJUHVV}HVDRPHLRDPELHQWH"
&I$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRVHGRV$QWL%DOGLRV2SUREOHPD(FRQyPLFRGR
1tYHOÏSWLPRGH$SURSULDomR&RLPEUD$OPHGLQDS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
FLrQFLDHFRQ{PLFDHPVHXDUWLJR³7KH7UDJHG\RIWKH&RPPRQV´GLDJQyVWLFR
GHH[WUHPDUHOHYkQFLDSDUDRSUREOHPDGRVREUHXVRHGRVXELQYHVWLPHQWRGH
UHFXUVRV FRPXQV 6HUYLQGRVH SULQFLSDOPHQWH GH H[HPSORV SDUD LOXVWUDU
VHXUDFLRFtQLR*DUUHW+DUGLQWHYHRPpULWRGHWRUQDUQtWLGDDIDWDOLGDGHTXH
SDVVtYHO GH VHU H[WUDtGD GD H[SUHVVmR ³7KH 7UDJHG\´ SRU HOH HPSUHJDGD
UHYHODVH LQHUHQWH DRVREUHXVR H DRVXELQYHVWLPHQWR GRVUHFXUVRV FRPXQV
1R H[HPSOR GH TXH VH VHUYLX SDUD LOXVWUDU R SUREOHPD GD LQWHUQDOL]DomR
SDUFLDO GD H[WHUQDOL]DomR QHJDWLYD TXH DGYrP GR VREUHXVR GH XP EDOGLR
*DUUHW+DUGLQGHVFUHYHDFRQGXWDGRSDVWRUTXHXWLOL]DQGRXPEDOGLRFRPR
SDVWDJHPGHFLGHDFUHVFHUXPDQLPDODVHXUHEDQKR1LWLGDPHQWHVHSHUFHEH
TXH UHYHUWH LQWHJUDOPHQWH HP SURYHLWR GR SDVWRU R DFUpVFLPR QD XWLOL]DomR
GR EDOGLR TXH LQHYLWDYHOPHQWH GHFRUUH GR DXPHQWR GH VHX UHEDQKR (P
FRQWUDSDUWLGD WDPEpP VH SRGH SHUFHEHU FODUDPHQWH TXH DV H[WHUQDOLGDGHV
QHJDWLYDVLPSRVWDVDREDOGLRHPGHFRUUrQFLDGRDXPHQWRGHVHXXVRSRUSDUWH
GRUHEDQKRGRSDVWRUUHFDHPVREUHHVVHDSHQDVSDUFLDOPHQWHSRUTXDQWRKmR
GHVHUUHSDUWLGDVSRUWRGRVRVGHPDLVSDVWRUHVTXHVHVHUYHPGRORFDO1mR
pGLItFLOGHGX]LUTXHWDLVFRQVWDWDo}HVLQHYLWDYHOPHQWHSRGHPOHYDURSDVWRU
DFRPSUHHQGHUTXHOKHpPDLVYDQWDMRVRH[SORUiORGHIRUPDLUUHVWULWDHVHP
OLPLWHVDVVLPWDPEpPRFRUUHQGRHPUHODomRDWRGRVRVGHPDLVSDVWRUHVTXH
VH VHUYHP GR EDOGLR IDWDOPHQWH UHVXOWDQGR QXP XVR FDGD YH] PDLV LQWHQVR
GHVWH SRU SDUWH GDTXHOHV DWp TXH KDMD R HVJRWDPHQWR GR UHFXUVR FRPXP
)DFLOPHQWHVHREVHUYDTXHRSUREOHPDGRVREUHXVRHVWiQDFLUFXQVWkQFLDGH
TXHRSDVWRULQWHUQDOL]DQRWDGDPHQWH³ID]VHXV´WRGRVRVOXFURVTXHDGYrP
GRDXPHQWRTXHHOHSUySULRSURYRFDQRXVRGDSDVWDJHP(PFRQWUDSDUWLGDp
GHVHREVHUYDUTXHLQWHUQDOL]DWDPEpPVHSRGHQGRGL]HU³VXSRUWD´DSHQDV
XPDSDUFHODGRVFXVWRVWRWDLVGHFRUUHQWHVGRDFUpVFLPRGHXWLOL]DomRTXHHOH
PHVPRLPS}HDRUHFXUVRFRPXPFRPDVXDFRQGXWD6HPVRPEUDGHG~YLGD
HPHUJH GDt R LQFHQWLYR SDUD TXH LQWHQVL¿TXH D XWLOL]DomR GD SDVWDJHP HP
FRPSRUWDPHQWRTXHWHPWXGRSDUDVHUVHJXLGRSHORVGHPDLVSDVWRUHVTXHGHOD
VHVHUYHPSDUDDDOLPHQWDomRGHVHXVUHEDQKRVUHVXOWDQGRQXPVREUHXVRGR
UHFXUVRFRPXP
+$5',1*DUUHW7KH7UDJHG\RIWKH&RPPRQVLQ6FLHQFHDQRGHSH
+$5',1*DUUHW7KH7UDJHG\RIWKH&RPPRQVLQ6FLHQFHDQRGHS
+$5',1*DUUHW7KH7UDJHG\RIWKH&RPPRQVLQ6FLHQFHDQRGHSH
$UHVSHLWROHLDVH$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD9ROXPH,,&RLPEUD$OPHGLQD
ªHGLomRS
&I+$5',1*DUUHW7KH7UDJHG\RIWKH&RPPRQVLQ6FLHQFHDQRGHS
1HVVHVHQWLGR$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWS
$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWS
$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWS
$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
$SDUWLUGDSUHPLVVDOHYDQWDGDSHORUHIHULGRH[HPSORGH*DUUHW+DUGLQKi
GHVHUHPSUHJDGRVHPHOKDQWHUDFLRFtQLRQRTXHVHUHIHUHDRVXELQYHVWLPHQWR'H
IDWRTXHPYHPDLQYHVWLUQXPUHFXUVRFRPXPWHUPLQDSRUJHUDUH[WHUQDOLGDGHV
SRVLWLYDVTXHVmRDSURYHLWDGDVSRUWRGRVRVVHXVXWHQWHV0XLWRHPERUDHVWHMD
D VyV QR PRPHQWR HP TXH LQWHUQDOL]D RX ³VXSRUWD´ WRGRV RV FXVWRV GRV
LQYHVWLPHQWRVIHLWRVQREDOGLRGHIRUPDDOJXPDLVVROKHSHUPLWHLPSHGLUTXH
RVGHPDLVXWHQWHVVHEHQH¿FLHPGHWDLVPHOKRULDVSRXFRLPSRUWDQGRTXHHVWHV
VHQHJXHPRXQmRDUHVVDUFLUDTXHOHSHORVFXVWRVUHIHUHQWHVjLPSOHPHQWDomR
GHVVHV'DtVHSRGHUFRQFOXLUTXHRLQYHVWLGRUMDPDLVUHFXSHUDUiDWRWDOLGDGHGDV
H[WHUQDOLGDGHVSRVLWLYDVSRUHOHJHUDGDVPHGLDQWHVHXLQYHVWLPHQWRQRUHFXUVR
FRPXP $OLiV p SRVVtYHO LQIHULU TXH LQWHUQDOL]DUi RX ³IDUi VXD´ DSHQDV
³«XPD SHTXHQD RX QXOD SURSRUomR GRV EHQHItFLRV FDXVDGRV FRP R VHX
LQYHVWLPHQWR´3RUFRQVHTXrQFLDFULDUVHiHVWtPXORSDUDXPLQHYLWiYHOHIHLWR
GHEROHLDRX³IUHHULGLQJ´RXPDLVDPSODPHQWHSDUDXPHIHLWRGHUHWUDomRRX
³VKLUNLQJ´HSDUDXPFRQVHTXHQWHVXELQYHVWLPHQWRRXYLFHYHUVD
+$5',1*DUUHW7KH7UDJHG\RIWKH&RPPRQVLQ6FLHQFHDQRGHSH
$UHVSHLWR$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD9ROXPH,,&RLPEUD$OPHGLQDª
HGLomRS
$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWS
&I$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWS
$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWS
1R TXH GL] UHVSHLWR DRV SUREOHPDV JHUDGRV SHOR IUHHULGHU H SRU P~OWLSODV H[WHUQDOLGDGHV '(
%251,(5 - 07KH &RDVH7KHRUHP DQG WKH (PSW\ &RUH$ 5HH[DPLQDWLRQ LQ ,QWHUQDWLRQDO
5HYLHZ RI /DZ DQG (FRQRPLFV SS 08(//(5 ' & 3XEOLF &KRLFH ,,,
&DPEULGJH8QLYHUVLW\3UHVVS
$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWS
3ULQFLSDOPHQWHSRUWDQJHQFLDURWHPDTXHVHHVWiDSURSRUQRSUHVHQWHHVWXGRUHYHVWHVHGHJUDQGH
LPSRUWkQFLDRH[HPSORTXHQRkPELWRGRV³%DOGLRVGHVHJXQGDRUGHP´TXHSURYrPGDDXVrQFLD
GHFRODERUDomRHPQtYHLVH[WUHPRVHGDLQWHQVL¿FDomRGDH[SORUDomRHPXPSURFHVVRFXPXODWLYR
GHH[WHUQDOL]DomR&I$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWSWRWDOPHQWH
DQWDJ{QLFRDR³GHVDUPDPHQWRXQLODWHUDO´&I$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«
RSFLWSWHUPLQRXSRUVHUFRQVDJUDGRSRU)HUQDQGR$UD~MRQRTXHVHUHIHUHjGLVFHPLQDomR
GR³GRSLQJ´QRGHVSRUWR$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWSSH
1R GHVSRUWR FRPSHWLWLYR UHDOPHQWH YLVOXPEUDVH XP DFHVVR OLYUH GH WRGRV RV GHVSRUWLVWDV DR
UHFXUVRFRPXPTXHYHPUHSUHVHQWDGRSHORVERQVUHVXOWDGRVQDSUiWLFDGHVSRUWLYD$GHVSHLWRGHVVH
DFHVVROLYUHWHPVHGHUHFRQKHFHUSUHVHQWHXPDLQGLVFXWtYHOULYDOLGDGHGHQWUHRVGHVSRUWLVWDVQD
FLUFXQVWkQFLDGHDYLWyULDGHXPGHOHVH[FOXLURr[LWRGRVGHPDLV/HYDQGRVHHPFRQWDRQ~PHUR
FDGD YH] PDLRU GH GHVSRUWLVWDV D GLVSXWDU DV FRPSHWLo}HV QmR VH SRGH H[FOXLU XP VREUHXVR GH
PHLRV TXH DGYHQKD GR LQFUHPHQWR LOtFLWR GR SRWHQFLDO ItVLFRGHVSRUWLYR GH GHWHUPLQDGRV DWOHWDV
OHYDGRDGLDQWHSRULQWHUPpGLRGRGRSLQJ6HPVRPEUDGHG~YLGDDGLVFHPLQDomRGRGRSLQJWHP
XPLPSDFWRQHJDWLYRLQFOXVLYHVREUHRVSUySULRVFRPSHWLGRUHVTXHVHYrHPREULJDGRVDPDFXODU
VHXV FRUSRV FRP R LQWXLWR GH DOFDQoDU RV UHVXOWDGRV SRVLWLYRV SRU HOHV DOPHMDGRV 2 SUREOHPD
p TXH D DXVrQFLD GH FRRSHUDomR RV H[S}H D HVVD ³VHOHomR DGYHUVD´ $5$Ò-2 )HUQDQGR $
7UDJpGLDGRV%DOGLRV«RSFLWSRQGHDH[LJrQFLDGHUHVXOWDGRVTXHOKHVpLPSRVWDSRUVHX
SUySULR SUR¿VVLRQDOLVPR RV ID] WHU GH HVFROKHU HQWUH RGRSLQJ ³YLWRULRVR´ H DGHUURWD³UHYHVWLGD
GHLQWHJULGDGH´1HVVHDPELHQWHGHLQWHQVL¿FDomRGDH[SORUDomRHPXPSURFHVVRFXPXODWLYRGH
H[WHUQDOL]DomR &I$5$Ò-2 )HUQDQGR $ 7UDJpGLD GRV %DOGLRV« RS FLW S WRWDOPHQWH
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
7OCCDQTFCIGOFCő6TCIÃFKCFQU$CNFKQUŒUQDCRGTURGEVKXC
CODKGPVCN#PGEGUU¶TKCKPVGTXGPÁºQFQ'UVCFQ
(PYLUWXGHGHVHHVWDUSHUDQWHEDOGLRTXHFRQTXDQWRQXPDSHUVSHFWLYD
UHPRWD WDPEpP SRGH VHU OHYDGR DR HVJRWDPHQWR MXVWL¿FDVH XP HVIRUoR
SRUSDUWHGD/DZDQG(FRQRPLFVGHPRGRDID]HURSRVVtYHOSDUDLPSHGLUD
GHJUDGDomRGRHTXLOtEULRHFROyJLFRGRDPELHQWHHPPHLRDXPD³7UDJpGLD
GRV %DOGLRV´ SURYHQLHQWH GH XP VREUHXVR GRV UHFXUVRV QDWXUDLV H GH XP
VXELQYHVWLPHQWR QR TXH GL] UHVSHLWR D LQLFLDWLYDV GH UHFXSHUDomR GHVVHV
7HQGR HP YLVWD R FDUiWHU VXSUDLQGLYLGXDO TXH LQGXELWDYHOPHQWH JUDYLWD HP
WRUQR GRV UHFXUVRV QDWXUDLV H OHYDQGRVH HP FRQWD RV HOHYDGRV FXVWRV GH
WUDQVDomR TXH GDt GHFRUUHP QmR VH SRGH HVSHUDU HQFRQWUDU QR 7HRUHPD
GH 5RQDOG + &RDVH SUHFLVDPHQWH DERUGDGR SRU $QWKRQ\ & )LVKHU D
VROXomRSDUDRWUiJLFRSUREOHPDDTXHVHHVWiDID]HUPHQomR(LVVRSRUTXH
FRQTXDQWRVHHVWHMDGLDQWHGH7HRUHPDTXHPXLWRVYrHPFRPR³«SRQWRGH
SDUWLGD GD HYROXomR GD GLVFLSOLQD GD DQiOLVH (FRQ{PLFD GR 'LUHLWR ©/DZ
DQGHFRQRPLFVª´HTXHVHPDQWpPLPSDFWDQWHGHVGHDVXDDGDSWDomRSRU*
6WLJOHUQRWRULDPHQWHVHFDUDFWHUL]DSRUXPDQtWLGDrQIDVHQDELODWHUDOLGDGH
GDV H[WHUQDOLGDGHV H SRU LQGLVFXWLYHOPHQWH OHYDU HP FRQVLGHUDomR FXVWRV
GHWUDQVDomRTXHHPPXLWRVHGLVWDQFLDPGRVTXHVHHQFRQWUDPjPDUJHP
DQWDJ{QLFRDR³GHVDUPDPHQWRXQLODWHUDO´&I$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«
RSFLWSQHQKXPGHVSRUWLVWDTXHUVHULQJrQXRDSRQWRGHDEDQGRQDUXQLODWHUDOPHQWHRGRSLQJ
SRUTXH VDEH TXH DR ID]rOR DSHQDV HVWDUi D DXPHQWDU DLQGD PDLV D FKDQFH GH YLWyULD GRV TXH
SRUYHQWXUDSHUVLVWDPDVHYDOHUGRGRSLQJ
7+203621 -5 %DUWRQ + 7UDJLFDOO\ 'LI¿FXOW7KH REVWDFOHV WR *RYHUQLQJ WKH &RPPRQV
S
1HVVHVHQWLGR$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWS
+$5',1*DUUHW7KH7UDJHG\RIWKH&RPPRQVLQ6FLHQFHDQRGHS
+$5',1*DUUHW7KH7UDJHG\RIWKH&RPPRQVLQ6FLHQFHDQRGHSH
$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWSSH
&2$6( 5RQDOG +7KH 3UREOHP RI 6RFLDO &RVW LQ -RXUQDO RI /DZ DQG (FRQRPLFV &KLFDJR
&KLFDJR8QLYHUVLW\1SSD
),6+(5 $QWKRQ\ & 5HVRXUFH DQG HQYLURQPHQWDO HFRQRPLFV &DPEULGJH &DPEULGJHH
8QLYHUVLW\3UHVVSSH
(PLWLQGR VHPHOKDQWH FRPHQWiULR ),6+(5 $QWKRQ\ & 3(7(5621 )UHGHULFN 0 7KH
(QYLURQPHQW LQ (FRQRPLFV $ 6XUYH\ LQ 0&0,//$1 -RKQ (GLWRU -RXUQDO RI (FRQRPLF
/LWHUDWXUH86$1DVKYLOOH$PHULFDQ(FRQRPLF$VVRFLDWLRQ9RO;/,,0DUFK1XPEHU
S
$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWS
67,*/(5*7KHWKHRU\RISULFH1HZ<RUN0DFPLOODQªpGS$UHVSHLWROHLDVH
0$,75( *UpJRU\ /D UHVSRQVDELOLWp FLYLOH j O¶pSUHXYH GH O¶$QDO\VH eFRQRPLTXH GX 'URLW
3UpIDFH GH +RUDWD 0XLU :DWW 'HIUpQRLV ± *XDOLQR ± -RO\ /*'- 0RQWFKUHVWLHQ /D &ROOHFWLRQ
³'URLWeFRQRPLH´S
1HVVHVHQWLGR$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWS
/HLDVH&2$6(5RQDOG+7KH3UREOHPRI6RFLDO&RVWLQ-RXUQDORI/DZDQG(FRQRPLFV1
SSD$LQGDDUHVSHLWRGRFRQFHLWRGHWUDQVDFWLRQFRVWVLQWURGX]LGRSRU5RQDOG+
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
GRFHQiULRKLSRWpWLFRLGHDOL]DGRSRU5RQDOG+&RDVH$RVHUHSRUWDUDR
IXQFLRQDPHQWRGR7HRUHPDGH&RDVH*UpJRU\0DLWUHFKHJDDIDODUHPXPD
DEVWHQomRWRWDOGH³FR€WVGHWUDQVDFWLRQ´DOJRGHVFULWRSRU*XLGR&DODEUHVL
FRPRXP³«PRQGRVHQ]DDWWULWL´
'HIRUPDDOJXPDVHHVWiDGHVFRQVLGHUDUDXWLOLGDGHGR7HRUHPDGH5RQDOG
+&RDVHSDUDDEXVFDGRSRQWRyWLPRHPFLUFXQVWkQFLDVHQYROYHQGREDL[RV
FXVWRVGHWUDQVDomRDH[HPSORGRTXHSRGHVREUHYLUQRkPELWRGDVTXRWDV
QHJRFLiYHLVTXDQGRXPDHPSUHVDPDLVH¿FLHQWHHPWHUPRVGHOLPLWDomRGH
HPLVV}HVSROXHQWHVYHQGHVXDVTXRWDVSDUDXPDHPSUHVDPHQRVH¿FLHQWH
UHVWDQGRDPEDVEHQH¿FLDGDVFRPDUHIHULGDFRPSUDHYHQGDXPDYH]TXHHVWD
WHUPLQDSRUHYLWDUJDVWRVDLQGDPDLRUHVFRPDLPSOHPHQWDomRGHXPVLVWHPD
PHQRV SROXLGRU H DTXHOD DFDED SRU OXFUDU FRP D DOLHQDomR GH TXRWDV TXH
&RDVH:,//,$06212(7KH(FRQRPLF,QVWLWXWLRQVRI&DSLWDOLVP1HZ<RUN)UHH3UHVV
S$552:.7KH2UJDQL]DWLRQRI(FRQRPLF$FWLYLW\,VVXHV3HUWLQHQWWRWKH&KRLFHRI
0DUNHWYHUVXV1RQPDUNHW$OORFDWLRQLQWKH$QDO\VLVRIDQG(YDOXDWLRQRI3XEOLF([SHQGLWXUH
7KH 33% 6\VWHP ,Q 86 -RLQW (FRQRPLF &RPPLWWHH:DVKLQJWRQ *RYHUQPHQW 3ULQWLQJ 2I¿FH
YROS
1HVVHVHQWLGR$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWSSD$UHVSHLWR
GR WHPD $,9$=,$1 9DURXM $ &$//(1 -HIIUH\ / 7KH &RUH 7UDQVDFWLRQ &RVWV DQG WKH
&RDVH7KHRUHP LQ +$0/,1$ODQ 08(//(5 'HQQLV & 25'(6+22. 3HWHU & (GLWRUV
&RQVWLWXWLRQDO 3ROLWLFDO (FRQRP\ 3DVDGHQD 8QLYHUVLW\ RI 6RXWKDPSWRQ 'HSDUWPHQW RI
(FRQRPLFVSHVHJV7(/6(5/7KH8VHIXOQHVVRI&RUH7KHRU\LQ(FRQRPLFVLQ
7KH-RXUQDORI(FRQRPLF3HUVSHFWLYHVS$,9$=,$19DURXM$&$//(1-HIIUH\
/7KH&RDVH7KHRUHPDQGWKH(PSW\&RUHLQ-RXUQDORI/DZDQG(FRQRPLFVSS
D&2$6(5RQDOG7KH&RDVH7KHRUHPDQGWKH(PSW\&RUH$FRPPHQWLQ-RXUQDORI/DZ
DQG(FRQRPLFVSSD
0$,75( *UpJRU\ /D UHVSRQVDELOLWp FLYLOH j O¶pSUHXYH GH O¶$QDO\VH eFRQRPLTXH GX 'URLW
3UpIDFH GH +RUDWD 0XLU :DWW 'HIUpQRLV ± *XDOLQR ± -RO\ /*'- 0RQWFKUHVWLHQ /D &ROOHFWLRQ
³'URLWeFRQRPLH´SSD
&$/$%5(6, *XLGR &RVWR GHJOL LQFLGHQWL HI¿FLHQ]D H GLVWULEX]LRQH GHOOD ULFFKH]]D VXL OLPLWL
GHOO¶DQDOLVLHFRQRPLFDGHOGLULWWRLQ$/3$*XLGRRUJ$QDOLVL(FRQRPLFDGHO'LULWWR3ULYDWR
0LODQR'RWW$*LXIIUq(GLWRUHS$LQGDDUHVSHLWR&$/$%5(6,*0(/$0('$
'3URSHUW\5XOHV/LDELOLW\UXOHVDQG,QDOLHQDELOLW\2QH9LHZRIWKH&DWKHGUDOLQ+DUYDUG/DZ
5HYLHZSSD3261(55$(FRQRPLF$QDO\VLVRIWKH/DZ$VSHQ/DZ
%XVLQHVVWKHGLWLRQS
&2$6( 5RQDOG +7KH 3UREOHP RI 6RFLDO &RVW LQ -RXUQDO RI /DZ DQG (FRQRPLFV &KLFDJR
&KLFDJR8QLYHUVLW\1SSD
1HVVHVHQWLGR/$))217--)XQGDPHQWDOVRI3XEOLF(FRQRPLFV&DPEULGJH0,73UHVV
S 0217*20(5< ' 0DUNHWV LQ /LFHQFHV DQG (I¿FLHQW 3ROOXWLRQ &RQWURO 3URJUDPV LQ
-RXUQDORI(FRQRPLF7KHRU\SS
&I$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWS.251+$86(5/HZLV$
$QiOLVH(FRQ{PLFDGR'LUHLWRLQ5HYLVWDVXE-XGLFH1SSD
&I:(,6+$$56WHIDQ&2HPLVVLRQDOORZDQFHDOORFDWLRQPHFKDQLVPVDOORFDWLYHHI¿FLHQF\DQG
WKHHQYLURQPHQWDVWDWLFDQGG\QDPLFSHUVSHFWLYHLQ%$&.+$86-UJHQ*67(3+(1)UDQN
+ (XURSHDQ -RXUQDO RI /DZ DQG (FRQRPLFV %RVWRQ'RUGUHFKW/RQGRQ .OXZHU $FDGHPLF
3XEOLVKHUV 0DQXIDFWXUHG LQ 7KH 1HWKHUODQGV 9ROXPH 1XPEHU $XJXVW SS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
VHTXHULULDXWLOL]DU-DPDLVVHFKHJDUiDRDEVXUGRGHVHGHVSUH]DURFRQWULEXWR
SDVVtYHOGHVHUSUHVWDGRSHOR7HRUHPDGH5RQDOG+&RDVHQRTXHVHUHIHUHD
XPUHJLPHGHFRQFRUUrQFLDSHUIHLWDGRV³WUDGDEOHSHUPLWV´LGHDOL]DGRVSRU-
+'DOHV(FRQTXDQWRVHSRVVDFRQWHVWDUDH¿FLrQFLDGR7HRUHPDGH5RQDOG
+ &RDVH DWp PHVPR QD HVIHUD GRV ³WUDGDEOH SHUPLWV´ VHQGR H[HPSOR
GLVVRRSROXLGRUVLVWHPDQRUWHDPHULFDQRGHHPLVVmRH[FHVVLYDGH³SROOXWLRQ
ULJKWV´HGHGHVGpPGDFDSDFLGDGHHFRQ{PLFDGRPHUFDGRGHDGTXLULORV
p GH VH GHVWDFDU TXH QmR p HVVD D FUtWLFD TXH VH SUHWHQGH ID]HU QR SUHVHQWH
HVWXGR$SHQDVVHHVWiDSUHWHQGHUOLPLWiORDKLSyWHVHVHPTXHRVFXVWRV
GHWUDQVDomRVHMDPFRQVLGHUDYHOPHQWHEDL[RVDOJRTXHQmRRFRUUHTXDQGRVH
HVWiGLDQWHGHLQGLYtGXRVLQGHWHUPLQDGRVHQYROYLGRVHPSUHMXt]RVDPELHQWDLV
TXHQHPDFRQWHFHUDPDLQGDHTXHVHTXHUVHVDEHVHYLUmRDVREUHYLUGHIRUPD
HIHWLYD
&2$6( 5RQDOG +7KH 3UREOHP RI 6RFLDO &RVWLQ -RXUQDO RI /DZ DQG (FRQRPLFV &KLFDJR
&KLFDJR8QLYHUVLW\1SSD
'$/(6 - + 3ROOXWLRQ 3URSHUW\ DQG 3ULFHV $Q (VVD\ LQ 3ROLF\PDNLQJ DQG (FRQRPLFV
8QLYHUVLW\RI7RURQWR3UHVVSHVHJV$SURSyVLWRGRVWUDGDEOHPLVVLRQSHUPLWV&5$/6
(Y\ 9(5((&. /RGH 7D[HV 7UDGDEOH 5LJKWV DQG 7UDQVDFWLRQ &RVWV LQ %$&.+$86 -UJHQ
*67(3+(1)UDQN+(XURSHDQ-RXUQDORI/DZDQG(FRQRPLFV%RVWRQ'RUGUHFKW/RQGRQ
.OXZHU $FDGHPLF 3XEOLVKHUV 0DQXIDFWXUHG LQ 7KH 1HWKHUODQGV 9ROXPH 1XPEHU 6HSWHPEHUS/$))217--)XQGDPHQWDOVRI3XEOLF(FRQRPLFV&DPEULGJH0,7
3UHVV S $ UHVSHLWR GRV HPLVVLRQV WUDGLQJ (1'5(6$OIUHG 2+/ &RUQHOLD .\RWR
(XURSH"±$Q(FRQRPLF(YDOXDWLRQRIWKH(XURSHDQ(PLVVLRQ7UDGLQJ'LUHFWLYHLQ%$&.+$86
-UJHQ*67(3+(1)UDQN+(XURSHDQ-RXUQDORI/DZDQG(FRQRPLFV%RVWRQ'RUGUHFKW
/RQGRQ.OXZHU$FDGHPLF3XEOLVKHUV0DQXIDFWXUHGLQ7KH1HWKHUODQGV9ROXPH1XPEHU
-DQXDU\S:(,6+$$56WHIDQ&2HPLVVLRQDOORZDQFHDOORFDWLRQPHFKDQLVPV
DOORFDWLYHHI¿FLHQF\DQGWKHHQYLURQPHQWDVWDWLFDQGG\QDPLFSHUVSHFWLYHLQ%$&.+$86-UJHQ
*67(3+(1)UDQN+(XURSHDQ-RXUQDORI/DZDQG(FRQRPLFV%RVWRQ'RUGUHFKW/RQGRQ
.OXZHU $FDGHPLF 3XEOLVKHUV 0DQXIDFWXUHG LQ 7KH 1HWKHUODQGV 9ROXPH 1XPEHU $XJXVWSS
&2$6( 5RQDOG +7KH 3UREOHP RI 6RFLDO &RVWLQ -RXUQDO RI /DZ DQG (FRQRPLFV &KLFDJR
&KLFDJR8QLYHUVLW\1SSD
'$/(6 - + 3ROOXWLRQ 3URSHUW\ DQG 3ULFHV $Q (VVD\ LQ 3ROLF\PDNLQJ DQG (FRQRPLFV
8QLYHUVLW\RI7RURQWR3UHVVSHVHJV
1HVVH VHQWLGR %877, /XFLDQR /¶2UGLQDPHQWR ,WDOLDQR HG LO 3ULQFLSLR µ&KL ,QTXLQD 3DJD¶ LQ
5LYLVWD*LXULGLFDGHOO¶$PELHQWH$QQR91S
9HUSRUWRGRV(1'5(6$OIUHG2+/&RUQHOLD.\RWR(XURSH"±$Q(FRQRPLF(YDOXDWLRQRIWKH
(XURSHDQ(PLVVLRQ7UDGLQJ'LUHFWLYHLQ%$&.+$86-UJHQ*67(3+(1)UDQN+(XURSHDQ
-RXUQDO RI /DZ DQG (FRQRPLFV %RVWRQ'RUGUHFKW/RQGRQ .OXZHU $FDGHPLF 3XEOLVKHUV
0DQXIDFWXUHGLQ7KH1HWKHUODQGV9ROXPH1XPEHU-DQXDU\S
9HU SRU WRGRV &$/$%5(6, * 0(/$0(' $ ' 3URSHUW\ 5XOHV /LDELOLW\ UXOHV DQG
,QDOLHQDELOLW\2QH9LHZRIWKH&DWKHGUDOLQ+DUYDUG/DZ5HYLHZSSD
3261(55$(FRQRPLF$QDO\VLVRIWKH/DZ$VSHQ/DZ%XVLQHVVWKHGLWLRQS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
$ FRPHoDU SHORV LPSRVWRV DPELHQWDLV SLJRXYLDQRV LGHDOL]DGRV SHOR
HFRQRPLVWD EULWkQLFR$UWKXU &HFLO 3LJRX QR ORQJtQTXR DQR GH H VH
SRGHQGR LJXDOPHQWH PHQFLRQDU RV VXEVtGLRV SDUD DWLYLGDGHV JHUDGRUDV GH
H[WHUQDOLGDGHVSRVLWLYDVSDVVDQGRSHODVTXRWDV³LQGLYLGXDOWUDQVIHUDEOH´
DSOLFiYHLVjSHVFDHWDPEpPSHODVDWLYLGDGHVGHUHJXODomRHH[SURSULDomR
OHYDGDV DGLDQWH SHOR (VWDGR DWp TXH VH OHPEUH GD UHVSRQVDELOLGDGH FLYLO H
GD UHVSRQVDELOLGDGH FULPLQDO IDFLOPHQWH VH SHUFHEH TXH QmR VmR SRXFDV
DV DOWHUQDWLYDV TXH VH QRV DSUHVHQWDP SDUD D UHVROXomR GD TXHVWmR GD
LQWHUQDOL]DomRGDVH[WHUQDOLGDGHVQHJDWLYDVFRPTXHVHREWpPRQtYHOyWLPR
HQWUHFXVWRVSULYDGRVHFXVWRVVRFLDLVeERPTXHVHGLJDTXHVHHVWiDWHFHU
FRPHQWiULRVDUHVSHLWRGHDOWHUQDWLYDVTXHKmRGHVHPSUHVHUHQ[HUJDGDVFRP
3,*28$&7KHHFRQRPLFVRIZHOIDUH/RQGRQ0DFPLOODQSS$SURSyVLWR
$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWS<$1'/(%UXFH3XEOLF&KRLFH
DWWKH,QWHUVHFWLRQRI(QYLURQPHQWDO/DZDQG(FRQRPLFVLQ%$&.+$86-UJHQ*67(3+(1
)UDQN + (XURSHDQ -RXUQDO RI /DZ DQG (FRQRPLFV %RVWRQ'RUGUHFKW/RQGRQ .OXZHU
$FDGHPLF3XEOLVKHUV0DQXIDFWXUHGLQ7KH1HWKHUODQGV9ROXPH1XPEHU-XO\S
S
/HLDVH3,*28$UWKXU&HFLO7KHHFRQRPLFVRIZHOIDUH/RQGRQ0DFPLOODQ(PHGLomR
PDLVUHFHQWH3,*28$UWKXU&HFLO7KHHFRQRPLFVRIZHOIDUH/RQGRQ0DFPLOODQªHG
&I$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWS
$UHVSHLWR$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWS
&I *5$)721 5 4XHQWLQ 648,5(6 'DOH H )2; .HYLQ - 3ULYDWH 3URSHUW\ DQG (FRQRPLF
(I¿FLHQF\$6WXG\RID&RPPRQ3RRO5HVRXUFHLQ-RXUQDORI/DZDQG(FRQRPLFV1
SH
$ UHVSHLWR$/0(,'$ )HUQDQGR GLDV 0HQH]HV &RQVLGHUDo}HV VREUH D ³5HJXODomR´ QR 'LUHLWR
3RVLWLYR%UDVLOHLURLQ5HYLVWDGH'LUHLWR3~EOLFRHGH(FRQRPLD5'3(%HOR+RUL]RQWHDQR
QRXWXEURGH]HPEURSHVHJV
&I$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWSSH
$ UHVSHLWR GD ³SROOXWLRQ H[WHUQDOLW\´ ),6+(5 $QWKRQ\ & 3(7(5621 )UHGHULFN 0 7KH
(QYLURQPHQW LQ (FRQRPLFV $ 6XUYH\ LQ 0&0,//$1 -RKQ (GLWRU -RXUQDO RI (FRQRPLF
/LWHUDWXUH86$1DVKYLOOH$PHULFDQ(FRQRPLF$VVRFLDWLRQ9RO;/,,0DUFK1XPEHU
S
1RTXHVHUHIHUHDRVLQVWUXPHQWRVTXHSDUDWDQWRSRGHPVHUHPSUHJDGRV(Y\&UDOVH/RGH9HUHHFN
UHVXPHPVHXSRVLFLRQDPHQWRQHVWHVWHUPRV³%DVLFDOO\WKHUHH[LVWIRXUSROLF\LQVWUXPHQWVWRFXUE
SROOXWLRQGLUHFWUHJXODWLRQHQYLURQPHQWDOOLDELOLW\HFRORJLFDOWD[HVDQGWUDGDEOHHPLVVLRQULJKWV´
&5$/6(Y\9(5((&./RGH7D[HV7UDGDEOH5LJKWVDQG7UDQVDFWLRQ&RVWVLQ%$&.+$86
-UJHQ*67(3+(1)UDQN+(XURSHDQ-RXUQDORI/DZDQG(FRQRPLFV%RVWRQ'RUGUHFKW
/RQGRQ.OXZHU$FDGHPLF3XEOLVKHUV0DQXIDFWXUHGLQ7KH1HWKHUODQGV9ROXPH1XPEHU
6HSWHPEHUS$LQGDDUHVSHLWR$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RS
FLWSHVHJV%(1-$0,1$QW{QLR+HUPDQ92SULQFtSLRSROXLGRUSDJDGRUHDUHSDUDomR
GRGDQRDPELHQWDOLQ'DQRDPELHQWDO3UHYHQomRUHSDUDomRHUHSUHVVmR%(1-$0,1$QW{QLR
+HUPDQ9&RRUG6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVS&$/$%5(6,*XLGR
&RVWRGHJOLLQFLGHQWLHI¿FLHQ]DHGLVWULEX]LRQHGHOODULFFKH]]DVXLOLPLWLGHOO¶DQDOLVLHFRQRPLFD
GHO GLULWWR LQ $/3$ *XLGR RUJ $QDOLVL (FRQRPLFD GHO 'LULWWR 3ULYDWR 0LODQR 'RWW $
*LXIIUq(GLWRUHS9HUSRUWRGRV&$/$%5(6,*0(/$0('$'3URSHUW\5XOHV
/LDELOLW\UXOHVDQG,QDOLHQDELOLW\2QH9LHZRIWKH&DWKHGUDOLQ+DUYDUG/DZ5HYLHZ
SSD3261(55$(FRQRPLF$QDO\VLVRIWKH/DZ$VSHQ/DZ%XVLQHVVWK
HGLWLRQS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
RVROKRVLJXDOPHQWHYROWDGRVSDUDDVUHVSRVWDVDHVVDVSHUJXQWDV³TXDQWR
FRVWHUj" FKL SDJD" H FKL GRYUHEEH GHFLGHUH DPEHGXH L SUREOHPL"´
( LVVR VHP HVTXHFHU TXH R REMHWLYR GH WRGD D WHRULD HFRQ{PLFD Ki GH VHU R
IXQFLRQDPHQWRH¿FLHQWHGRVLVWHPDWHQGRVHVHPSUHGHOHYiORHPFRQWD
MXQWDPHQWHFRPXPDLGHLDGHGHVHQYROYLPHQWRVXVWHQWiYHOTXHGrRGHYLGR
UHVSHLWRjSUHYHQomRGHSUHMXt]RVDPELHQWDLVDRPHQRUFXVWRHFRQ{PLFR³«H
FRPDPDLRUMXVWLoDGLVWULEXWLYDQDDIHFWDomRGRVFXVWRVGHSROXLomR´FRP
RTXHVHDWHQGHRSULQFtSLRGRSROXLGRUSDJDGRU
(VSUHPLGD HQWUH RV TXH GHIHQGHP XP PHUFDGR OLYUH WLGR FRPR
SOHQDPHQWHFDSD]GHFKHJDUDXPQtYHOyWLPRGHHTXLOtEULRHQWUHRVFXVWRV
SULYDGRV H RV FXVWRV VRFLDLV H RV TXH SUHIHUHP VH JXLDU SRU XP SDUDGLJPD
GH UHJXODPHQWDomR (VWDWDO HQFRQWUDVH XPD UHVSRQVDELOLGDGH FLYLO
GH SUHYHQomR GD WUDJpGLD TXH VH ID] FDGD YH] PDLV SUHVHQWH DRV ROKRV GH
WRGRV 8PD UHVSRQVDELOLGDGH TXH VH DVVHPHOKD D HVWH SHOD FLUFXQVWkQFLD GH
DGYLU GH XP yUJmR WDPEpP (VWDWDO FRPSHWHQWH SDUD R H[HUFtFLR GD IXQomR
MXULVGLFLRQDOGR3RGHU(VWDWDO(DLQGDVHKiGHUHVVDOWDUTXHVHWUDWDGHXPD
*(5(//, (PLOLR )5$1&,$ &ODXGLR /D ©QXRYD JHQHUD]LRQHª GHOOH QRUPDWLYH DPELHQWDOL
O¶HVHPSLRGHLUL¿XWLGDLPEDOODJJLRXQ¶DQDOLVLHFRQRPLFDGHOGLULWWRLQ0$77(,8JR38/,7,1,
)UDQFHVFR &RQVXPDWRUH $PELHQWH &RQFRUUHQ]D $QDOLVL (FRQRPLFD GHO 'LULWWR 6HULH
³,O 'LULWWR 3ULYDWR 2JJL´ D FXUD GL 3DROR &HQGRQ 0LODQR 'RWW $ *LXIIUq (GLWRUH S
( ELEOLRJUD¿D SRU HOHV FLWDGD$$/()) (FRQRPLF$QDO\VLV RI /DZ 6RPH 5HDOLVP$ERXW
1RPLQDOLVP9LUJLQLD/DZ5HYLHZS
&I0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOHjO¶pSUHXYHGHO¶$QDO\VHeFRQRPLTXHGX'URLW
3UpIDFH GH +RUDWD 0XLU :DWW 'HIUpQRLV ± *XDOLQR ± -RO\ /*'- 0RQWFKUHVWLHQ /D &ROOHFWLRQ
³'URLWeFRQRPLH´S
$5$*­20DULD$OH[DQGUD6RXVD3ULQFtSLRGR3ROXLGRU3DJDGRUSHGUDDQJXODUGR'LUHLWR
&RPXQLWiULRGR$PELHQWH&RLPEUD&RLPEUD(GLWRUDS
&I$5$*­20DULD$OH[DQGUD6RXVD3ULQFtSLRGR3ROXLGRU3DJDGRU«RSFLWS
0(/,0DULVD,OSULQFLSLRFRPXQLWiULR³FKLLQTXLQDSDJD´0LODQR'RWW$*LXIIUq(GLWRUH
S
$UHVSHLWR/(:,673URWHFWLQJWKH(QYLURQPHQWZKHQ&RVWVDQG%HQH¿WVDUH3ULYDWHO\.QRZQ
LQ5$1'-RXUQDORI(FRQRPLFVSS
0('(,526 -RmR 3DXOR )RQWRXUD GH (PEDUJRV j ([HFXomR 6HQWHQoD GH 3URFHGrQFLD H
,PSURFHGrQFLD &XULWLED -XUXi S H VV 0DOJUDGR VHU ~QLFR H LQGLYLVtYHO R SRGHU
HVWDWDO p GHVPHPEUDGR HP EDVLFDPHQWH WUrV IXQo}HV EHP GHPDUFDGDV PDLV SUHFLVDPHQWH D
OHJLVODWLYD D H[HFXWLYD H D MXULVGLFLRQDO &RPXQJDP GHVVD FRQFHSomR GHQWUH RXWURV $/(66,
5HQDWR6LVWHPD,VWLWX]LRQDOHGHO'LULWWR$GPLQLVWUDWLYR,WDOLDQR0LODQR'RWW*LXIIUqVHFRQGD
HGL]LRQHODUJDPHQWHULYHGXWDHDPSOLDGDS%(77,(PLOLR'LULWWRSURFHVVXDOHFLYLOH
LWDOLDQR5RPD,O)RUR,WDOLDQRS&$/$0$1'5(,3LHUR,QVWLWXFLRQHVGH'HUHFKR
3URFHVDO&LYLO7UDGXFFLyQGHODVHJXQGDHGLFLRQLWDOLDQD\HVWXGLRSUHOLPLQDUSRU6DQWLDJR6HQWLV
0HOHQGR%XHQRV$LUHV(GLFLRQHV-XUtGLFDV(XURSD$PpULFDY,S&$127,/+2-
-*RPHV'LUHLWR&RQVWLWXFLRQDOH7HRULDGD&RQVWLWXLomRHG&RLPEUD$OPHGLQDS
&+,29(1'$*LXVHSSH3ULQFLSLGLGLULWWRSURFHVVXDOHFLYLOHHG1DSROLS
-8$1$QGUpV0RUH\/HFFLRQHVGH'HUHFKR$GPLQLVWUDWLYR9DOHQFLD)XQGDFLyQ8QLYHUVLWDULD
6DQ3DEOR&(8S/,(%0$1(QULFR7XOOLR0DQXDOHGL'LULWWR3URFHVVXDOH&LYLOH
0LODQR'RWW$*LXIIUqY,S0,5$1'$)UDQFLVFR&DYDOFDQWL3RQWHVGH&RPHQWiULRV
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
UHVSRQVDELOLGDGHTXHVHDIHLoRDjTXHOHSHORIDWRGHQmRGHFRUUHUGHDWLYLGDGH
WtSLFD GR 3RGHU /HJLVODWLYR (P FRQWUDSDUWLGD HVWiVH SHUDQWH XPD
j&RQVWLWXLomRGHHGUHYHDXP5LRGH-DQHLUR%RUVRLW,,S025(,5$
1(72'LRJRGH)LJXHLUHGR&XUVRGH'LUHLWR$GPLQLVWUDWLYRHGUHYHDWXDO5LRGH-DQHLUR
)RUHQVHS3(//,&(5-RVH$/RSH]/HFFLRQHVGH'HUHFKR$GPLQLVWUDWLYR,0XUFLD
338S5('(17,(QULFR'LULWWR3URFHVVXDOH&LYLOHHG%RORJQD'RWW$*LXIIUq
(GLWRUHYS586620$125RVDK&XUVRGH'LUHLWR&RQVWLWXFLRQDOHGUHYH
DWXDO)UHLWDV%DVWRVS%21$9,'(63DXOR&XUVRGH'LUHLWR&RQVWLWXFLRQDOHG6mR
3DXOR0DOKHLURVS9(5'(*LRYDQL3UR¿OLGHO3URFHVVR&LYLOHSDUWHJHQHUDOH
HG1DSROL-RYHQHS9e6&29,(QULTXH7HRUtD*HQHUDOGHO3URFHVRHG&RORPELD
6DQWD)HGH%RJRWi7HPLVS
9HPRQRVGLDQWHGHXPSRGHUXQRHLQGLYLVtYHO$HVVHUHVSHLWRYLGHRD¿UPDGRSRU*HRUJ-HOOLQHN
-(//,1(.*HRUJ7HRUtD*HQHUDOGHO(VWDGR3UyORJR\WUDGXFFLyQGH)HUQDQGRGH/RV5tRV
0p[LFR )RQGR GH &XOWXUD (FRQyPLFD 3ULPHUD HGLFLyQ HQ HVSDxRO S H VV H SRU
3HWU{QLR%UD]%5$=3HWU{QLR0DQXDOGH'LUHLWR$GPLQLVWUDWLYR'HDFRUGRFRPDUHIRUPD
DGPLQLVWUDWLYD 6mR 3DXOR /(' S &LUFXQVWkQFLD TXH QmR SDVVRX GHVSHUFHELGD SRU
&HOVR $QW{QLR %DQGHLUD GH 0HOOR &HOVR 5LEHLUR %DVWRV 0DULD 6\OYLD =DQHOOD 'L 3LHWUR -RVp
$IRQVR GD 6LOYD H 1DJLE 6ODLEL )LOKR 0(//2 &HOVR$QW{QLR %DQGHLUD GH &XUVR GH 'LUHLWR
$GPLQLVWUDWLYRHG6mR3DXOR0DOKHLURVS%$6726&HOVR5LEHLUR&XUVRGH
'LUHLWR&RQVWLWXFLRQDOHG6mR3DXOR6DUDLYDS',3,(7520DULD6\OYLD=DQHOOD
'LUHLWR$GPLQLVWUDWLYRHG6mR3DXOR$WODVS6,/9$-RVp$IRQVRGD&XUVRGH
'LUHLWR&RQVWLWXFLRQDO3RVLWLYRHG6mR3DXOR0DOKHLURVS6/$,%,),/+21DJLE
'LUHLWR&RQVWLWXFLRQDO5LRGH-DQHLUR)RUHQVHS
)D]VHXVRGRLPRUWDOL]DGRHQWHQGLPHQWRGH0RQWHVTXLHXQRVHQWLGRGHTXHR(VWDGRSROLWLFDPHQWH
RUJDQL]DGRHVWDULDDVVHQWDGRSUHFLVDPHQWHQHVWDVWUrVIXQo}HVEiVLFDV$GPLQLVWUDWLYD/HJLVODWLYD
H -XULVGLFLRQDO 0217(648,(8 /¶eVSULW GHV /RLV 3DULV *DUQLHU )UpUHV/LEUDLUHVeGLWHXUV
S 0217(648,(8 2 HVStULWR GDV OHLV 8Q% 7UDG )HUQDQGR +HQULTXH
&DUGRVRH/H{QFLR0DUWLQV5RGULJXHVFDS1HVVHVHQWLGR%$5526-Ò1,25&DUORV
6 GH &RPSrQGLR GH 'LUHLWR$GPLQLVWUDWLYR 6mR 3DXOR 0D[ /LPRQDG Y , S %,(/6$
5DIDHO 3ULQFtSLRV GH 'HUHFKR$GPLQLVWUDWLYR HG %XHQRV$LUHV 'HSDOPD S %/$1&+(7 /XL] $OEHUWR &XUVR GH 'LUHLWR $GPLQLVWUDWLYR &XULWLED -XUXi S &$66$*1(-XDQ&DUORV'HUHFKR$GPLQLVWUDWLYR,6H[WDHGLFLyQDFWXDOL]DGD%XHQRV$LUHV
$EHOHGR3HUURW S &$66(6( 6DELQR /DV EDVHV GHO GHUHFKR DGPLQLVWUDWLYR 7UDGXFFLyQ
/XLV2UWHJD0DGULG,QVWLWXWR1DFLRQDOGH$GPLQLVWUDFLyQ3~EOLFDS&$9$/&$17,
7KHPLVWRFOHV %UDQGmR 3ULQFtSLRV *HUDLV GH 'LUHLWR 3~EOLFR 5LR GH -DQHLUR %RUVRL S
&202*/,2 /XLJL 3DROR )(55, &RUUDGR 7$58))2 0LFKHOH /H]LRQH VXO SURFHVVR
FLYLOHHG%RORJQD6RFLHWj(GLWULFH,O0XOLQRS',3,(7520DULD6\OYLD=DQHOOD
'LUHLWR$GPLQLVWUDWLYRHG6mR3DXOR$WODVS),*8(,5('2/XFLD9DOOH&XUVR
GH 'LUHLWR$GPLQLVWUDWLYR HG UHY H DWXDO 6mR 3DXOR 0DOKHLURV S ),25,1,
%DUWRORPp$'HUHFKR$GPLQLVWUDWLYR6HJXQGDHGLFLyQDFWXDOL]DGDUHLPSUHVLyQ%XHQRV$LUHV
$EHOHGR3HUURWW,S)/(,1(5)ULW],QVWLWXFLRQHVGH'HUHFKR$GPLQLVWUDWLYR
7UDGXFFLyQGHODRFWDYDHGLFLyQDOHPDQDSRU6DELQR$*HQGLQ%DUFHORQD0DGULG%XHQRV$LUHV
/DERU6$S)5$*$6DELQR'HUHFKR$GPLQLVWUDWLYRTXLQWDHGLFLyQ0H[LFR3RUUXD
6$S*,$11,1,0DVVLPR6HYHUR'HUHFKR$GPLQLVWUDWLYR7UDGXFFLyQ/XLV2UWHJD
0DGULG0LQLVWHULRSDUDODV$GPLQLVWUDFLRQHV3~EOLFDVYS*25',//2$JXVWLQ$
7HRUtD *HQHUDO GHO 'HUHFKR$GPLQLVWUDWLYR 0DGULG ,QVWLWXWR GH (VWXGLRV GH$GPLQLVWUDFLyQ
ORFDO S *8$63 -DLPH 'HUHFKR 3URFHVDO &LYLO HG UHYLVDGD \ DGDSWDGD D OD
OHJLVODFLyQ YLJHQWH SRU 3HGUR$UDJRQHVHV 0DGULG &LYLWDV W S H V -8$1$QGUpV
0RUH\ /HFFLRQHV GH 'HUHFKR $GPLQLVWUDWLYR 9DOHQFLD )XQGDFLyQ 8QLYHUVLWDULD 6DQ 3DEOR
&(8S/$==$5,1,ÈOYDUR(VWXGRVGH'LUHLWR$GPLQLVWUDWLYRHG6mR3DXOR
5HYLVWDGRV7ULEXQDLVS0$7(25DPyQ0DUWtQ0DQXDOGH'HUHFKR$GPLQLVWUDWLYR
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
UHVSRQVDELOLGDGHUHMHLWDGDWDQWRSRUHVWHGDGDDVXDYHUWHQWHKLVWRULFDPHQWH
PDLVYROWDGDjUHSDUDomRDSRVWHULRULTXDQWRSRUDTXHOHXPDYH]TXHSDUD
RHFRQRPLVWD´«OHGURLWGHODUHVSRQVDELOLWpFLYLOHUHSUpVHQWHXQHLQVWLWXWLRQ
MXULGLTXHGRQWOHFR€WGHIRQFWLRQQHPHQWHVWSDUK\SRWKqVHVXSpULHXUjFHOXL
GXPDUFKH´
$LQGD DVVLP SRGHUVHLD SULYLOHJLDU D UHVSRQVDELOLGDGH FLYLO HP
GHWULPHQWR GRV GHPDLV UHPpGLRV 3DUD WDQWR EDVWDULD TXH VH YLHVVH D
FRPSUHHQGrOD FRPR VX¿FLHQWHPHQWH DSWD D LQFHQWLYDU RV GRLV SyORV GH
XPD WUDQVDomR D ID]HUHP XVR GH PHGLGDV GH SUHYHQomR GH FXVWRV VRFLDLV
TXH VH PRVWUDVVHP FDSD]HV GH PLQLPL]iORV 5HDOPHQWH FRQTXDQWR VH
WHQKD GH UHFRQKHFHU QmR VHU YLiYHO SULYLOHJLiOD HP GHWULPHQWR GH RXWUDV
PHGLGDVLJXDOPHQWHH¿FD]HVDLQGDDVVLPQmRVHSRGHSHUGHUGHYLVWDTXHD
UHVSRQVDELOLGDGH FLYLO UHDOPHQWH SRGH VHUYLU SDUD LQFHQWLYDU R GHJUDGDGRU D
DGRWDU³PHGLGDVSUHYHQWLYDV´TXHVHSUHVWHPDPLQLPL]DUXPDH[WHUQDOLGDGH
QHJDWLYDSRUHOHJHUDGD$OJRTXHVHTXHUIRLUHMHLWDGRSHORSUySULR5RQDOG
+&RDVH(PHVPRSRUTXHKiVLWXDo}HVHPTXHVyPHVPRSRUPHLRGHXPD
¿VFDOL]DomRiJLOHGHXPDGHWHFomRH¿FLHQWHVHFRQVHJXHLPSRUXPDVDQomR
FRQVLGHUDYHOPHQWHSHVDGDHH¿FD]³«SRUIRUPDDLQÀXHQFLDURTXDGURGH
JDQKRVHSHUGDVGRVSRWHQFLDLVSUHYDULFDGRUHV´
HG 0DGULG 7ULYLXP 6$ S 3,d$55$ 1XQR $ VHSDUDomR GH SRGHUHV FRPR
GRXWULQDHFRPRSULQFtSLRFRQVWLWXFLRQDO&RLPEUDS48(,5Ï$IRQVR5RGULJXHV
/Lo}HVGH'LUHLWR$GPLQLVWUDWLYR&RLPEUDY,H,,S6$77$6DOYDWRUH381=,
&DUPLQH'LULWWR3URFHVVXDOH&LYLOH7UHGLFHVLPDHGL]LRQH3DGRYD&('$0$FXUDGL&DUPLQH
3XQ]LS
&I0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOHjO¶pSUHXYHGHO¶$QDO\VHeFRQRPLTXHGX'URLW
3UpIDFH GH +RUDWD 0XLU :DWW 'HIUpQRLV ± *XDOLQR ± -RO\ /*'- 0RQWFKUHVWLHQ /D &ROOHFWLRQ
³'URLWeFRQRPLH´SSD
&I0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS
0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS7UDGXomROLYUHGRDXWRU³3DUDR
HFRQRPLVWDDOHLGDUHVSRQVDELOLGDGHFLYLOpXPDLQVWLWXLomRMXUtGLFDFXMRFXVWRGHRSHUDomRpSRU
GH¿QLomRVXSHULRUjGRPHUFDGR´
&I &227(5 5REHUW ' 8QLW\ LQ 7RUW &RQWUDFW DQG 3URSHUW\ 7KH 0RGHO RI 3UHFDXWLRQ LQ
&DOLIRUQLD/DZ5HYLHZ1SHVHJV
&I&227(55REHUW'RSFLWSHVHJV
$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWS
/HLDVH&$/$%5(6,*7KH&RVWRI$FFLGHQW<DOH8QLYHUVLW\3UHVV1HZ+DYHQ
&2$6( 5RQDOG +7KH 3UREOHP RI 6RFLDO &RVW LQ -RXUQDO RI /DZ DQG (FRQRPLFV &KLFDJR
&KLFDJR8QLYHUVLW\1&RPREHPUHVVDOWDGRSRU0$,75(*UpJRU\/DUHVSRQVDELOLWp
FLYLOHjO¶pSUHXYHGHO¶$QDO\VHeFRQRPLTXHGX'URLW3UpIDFHGH+RUDWD0XLU:DWW'HIUpQRLV±
*XDOLQR±-RO\/*'-0RQWFKUHVWLHQ/D&ROOHFWLRQ³'URLWeFRQRPLH´S
¬VHPHOKDQoDFRPRVHYLXGRTXHVHSRGHREVHUYDUTXDQWRDRGRSLQJQRGHVSRUWR
$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRV«RSFLWS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
6HP TXH VH LQFRUUD QD XWRSLD GH SUHWHQGHU TXH D UHVSRQVDELOLGDGH FLYLO
SURYRTXH ³OD VXSSUHVVLRQ FRPSOqWH´ GH TXDLVTXHU IDWRV TXH SRVVDP JHUDU
GDQRVDRXWUHPRFHUWRpTXHHPPXLWRSRGHFRQWULEXLUSUHYHQWLYDPHQWHSDUD
TXHWRGRVWRPHPDVSUHFDXo}HVQHFHVViULDVSDUDUHGX]LURVULVFRVGHPRGRD
WRUQiORVVRFLDOPHQWHDFHLWiYHLV1HVVHSRQWRSRGHUVHLDGL]HUTXHKiGHVH
WHUSRULQWXLWRDOFDQoDUDPDLRUUHGXomRSRVVtYHOGDSUREDELOLGDGHGHRFRUUrQFLD
GHGDQRVWUDWDQGRVHGHXPLQFHQWLYRSDUDTXHVHMDUHYHUHQFLDGDXPDLGHLDGH
SUHFDXomRLQHUHQWHjPi[LPD³GHVHQVRFRPXP´QRVHQWLGRGHTXH³PDLV
YDOHSUHYHQLUGRTXHUHPHGLDU´(PHVPRSRUTXHQmRVHHQFRQWUDPRWLYRSDUD
QHJDUDGHGXomRGHTXH³«HFRQRPLFDPHQWHpPXLWRPDLVGLVSHQGLRVRUHPHGLDU
0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS7UDGXomROLYUHGRDXWRU³DVXSUHVVmR
FRPSOHWD´
1HVVHVHQWLGR0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS6+$9(//6WHYHQ
(FRQRPLF$QDO\VLV RI$FFLGHQW /DZ +DUYDUG 8QLYHUVLW\ 3UHVV &DPEULGJH (P PHVPR
VHQWLGR %52:1 -RKQ 3UDWKHU 7RZDUG DQ (FRQRPLF WKHRU\ RI /LDELOLW\ LQ -RXUQDO RI /HJDO
6WXGLHVSS+</721.HLWK17KH,QÀXHQFHRI/LWLJDWLRQ&RVWVRQ'HWHUHQFH
8QGHU6WULFW/LDELOLW\DQG8QGHU1HJOLJHQFHLQ,QWHUQDWLRQDO5HYLHZRI/DZDQG(FRQRPLFV
SS.$+$10DUFHO&DXVDWLRQDQG,QFHQWLYHVWR7DNH&DUH8QGHUWKH1HJOLJHQFH
5XOHLQ-RXUQDORI/HJDO6WXGLHVSS:,-&.3HWHU9DQ:,17(56-DQ.HHV
7KH3ULQFLSOHRI)XOO&RPSHQVDWLRQLQ7RUW/DZLQ%$&.+$86-UJHQ*67(3+(1)UDQN
+ (XURSHDQ -RXUQDO RI /DZ DQG (FRQRPLFV %RVWRQ'RUGUHFKW/RQGRQ .OXZHU $FDGHPLF
3XEOLVKHUV0DQXIDFWXUHGLQ7KH1HWKHUODQGV9ROXPH1XPEHU0D\SSS
HVHJV
-DPDLVVHHVTXHoDTXHVHPGHVFRQVLGHUDUDH[LVWrQFLDGH³KRQHVWSROOXWHUV´QmRVHSRGHLQFRUUHU
QDXWRSLDGHFRQVLGHUDUR³VHOIUHSRUWLQJ´VX¿FLHQWHSDUD¿QVGH¿VFDOL]DomRDPELHQWDO$UHVSHLWR
%217(06 3KLOLSSH 527,//21 *LOOHV +RQHVW\ LQ (QYLURQPHQWDO &RPSOLDQFH *DPHV LQ
%$&.+$86 -UJHQ * 67(3+(1 )UDQN + (XURSHDQ -RXUQDO RI /DZ DQG (FRQRPLFV
%RVWRQ'RUGUHFKW/RQGRQ .OXZHU $FDGHPLF 3XEOLVKHUV 0DQXIDFWXUHG LQ 7KH 1HWKHUODQGV
YROXPH1XPEHU-XO\SS
%2<(5 0DUFHO H 3255,1, 'RQDWHOOD 7KH &KRLFH RI ,QVWUXPHQWV IRU (QYLURQPHQWDO 3ROLF\
/LDELOLW\RU5HJXODWLRQ"LQ&,5$12:RUNLQJ3DSHUVV&,5$12SHVHJV
&I0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS
&I0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS
0,&+(/,65XDQGD6FKLOLFNPDQ,QVWUXPHQWRV$GPLQLVWUDWLYRVGH3UHYHQomRDR'DQR$PELHQWDO
LQ5HYLVWDGH'LUHLWR$PELHQWDO1~PHUR5LRGH-DQHLUR5HQRYDU(PPHVPRVHQWLGR
6,/9$$QD3DXOD9DVFRQFHOORVGD2'LUHLWR7ULEXWiULR$PELHQWDOHDLVHQomRGH,PSRVWR7HUULWRULDO
5XUDOQD5HVHUYD3DUWLFXODUGR3DWULP{QLR1DWXUDOLQ5HYLVWDGH'LUHLWR$PELHQWDO1~PHUR
5LRGH-DQHLUR5HQRYDUSiJVH
6,/9$ 9DVFR 3HUHLUD GD 9HUGH FRU GH 'LUHLWR /Lo}HV GH 'LUHLWR GR $PELHQWH &RLPEUD
/LYUDULD$OPHGLQD SiJ 1R IUDQFrV ³0LHX[ YDXW SUpYHQLU TXH JXpULU´ 0$,75( *UpJRU\
/DUHVSRQVDELOLWpFLYLOH«RSFLWS$LQGDDUHVSHLWR),6+(5$QWKRQ\&3(7(5621
)UHGHULFN07KH(QYLURQPHQWLQ(FRQRPLFV$6XUYH\LQ0&0,//$1-RKQ(GLWRU-RXUQDORI
(FRQRPLF/LWHUDWXUH86$1DVKYLOOH$PHULFDQ(FRQRPLF$VVRFLDWLRQ9RO;/,,0DUFK
1XPEHUS
$WpPHVPRHPUD]mRGDLUUHYHUVLELOLGDGHTXHURQGDRVGDQRVDPELHQWDLVFRQIRUPH$552:.-
2SWLPDOFDSLWDOSROLF\DQGLUUHYHUVLEOHLQYHVWPHQWLQ:2/)(-19DOXH&DSLWDODQG*URZWK
&KLFDJR $3& SS $552: . - ),6+(5 $ & 3UHVHUYDWLRQ XQFHUWDLQWW\ DQG
LUUHYHUVLELOLW\LQ4XDUWHUO\-RXUQDORI(FRQRPLFVSS0$57,169LFWRU0
$XWLOL]DomRGRVEHQVDPELHQWDLVHRHIHLWRGDLUUHYHUVLELOLGDGHLQ-(6860$YHOLQR'LUHFWRU
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
GRTXHSUHYHQLU´3RUVLQDOQmRVHSRGHHVTXHFHUTXHDIXQomRHFRQ{PLFDGD
UHVSRQVDELOLGDGHFLYLO³«UpVLGHHVVHQWLHOOHPHQWGDQVODPLQLPLVDWLRQGHVFR€WV
VRFLDX[SDUODGpWHUPLQDWLRQGXQLYHDXHI¿FLHQWGHSUpFDXWLRQV´
6HP TXHUHU HQWUDU QD GLVFXVVmR FRQFHUQHQWH jV GLIHUHQoDV HQWUH ³/D
UHVSRQVDELOLWpSRXUIDXWH´H³/DUHVSRQVDELOLWpREMHFWLYH´DSHQDVQmRVHKiGH
SHUGHUGHYLVWDDWHQGrQFLDGRSUHVHQWHHVWXGRGHSUHIHULUHVWDHPGHWULPHQWR
GDTXHODSRUVHDFUHGLWDUTXHDH[LJrQFLDGHXPDDQiOLVHSUREDWyULDGDFXOSD
IUHTXHQWHPHQWHLQYLDELOL]DULDDGHIHVDGHXPLQWHUHVVHGLIXVRFRPRRDPELHQWH
(VWXGRVGH(FRQRPLD/LVERD,QVWLWXWR6XSHULRUGH(FRQRPLDH*HVWmR,PSUHQVD1DFLRQDO&DVD
GD0RHGD9RO,;QMXOKRVHWHPEURSHVHJV
$5$*­20DULD$OH[DQGUD6RXVD3ULQFtSLRGR3ROXLGRU3DJDGRU«RSFLWS,QGRDOpP
DLQGDVHSRGHDERUGDURWHPDVREDSHUVSHFWLYDGRUHFRQKHFLPHQWRGDGLPHQVmRIXWXUDGRGDQR
DPELHQWDOTXH³«HQVHMDDGLVFXVVmRVREUHDUHVSRQVDELOL]DomRVHPGDQRHPTXHVHTXHUQmRD
LQGHQL]DomRMiTXHQmRKiGDQRDVHUUHSDUDGRPDVDVXSUHVVmRGRIDWRUGHULVFRH[LVWHQWHHP
XPDDWLYLGDGHLQWULQVHFDPHQWHSHULJRVD´67(,*/('(5$QQHOLVH0RQWHLUR5HVSRQVDELOLGDGH
&LYLO$PELHQWDO$VGLPHQV}HVGRGDQRDPELHQWDOQR'LUHLWR%UDVLOHLUR3RUWR$OHJUH/LYUDULD
GR$GYRJDGRSiJ
0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS7UDGXomROLYUHGRDXWRU³«DIXQomR
HFRQ{PLFDGDUHVSRQVDELOLGDGHFLYLOUHVLGHHPPLQLPL]DURVFXVWRVVRFLDLVDWUDYpVGDGHWHUPLQDomR
GRQtYHOH¿FLHQWHGHSUHFDXo}HV´(PPHVPRVHQWLGR%2<(50DUFHOH3255,1,'RQDWHOOD7KH
&KRLFHRI,QVWUXPHQWVIRU(QYLURQPHQWDO3ROLF\/LDELOLW\RU5HJXODWLRQ"LQ&,5$12:RUNLQJ
3DSHUVV&,5$12S
$ TXH VH UHSRUWD 0LFKDHO )DXUH )$85( 0LFKDHO /¶$QDO\VH eFRQRPLTXH GX 'URLW GH
/¶(QYLURQQHPHQW3UpIDFHGH0LFKHO3ULHXU%UX[HOOHV%UX\ODQW0HWUR,QVWLWXWHIRU7UDQVQDWLRQDO
/HJDO5HVHDUFK8QLYHUVLWpGH0DDVWULFKWSSD
(PSRUWXJDORWHPDpWUDWDGRQR'HFUHWR/HLQGHGHMXOKRGH
&I)(55$=6pUJLR5HVSRQVDELOLGDGH&LYLOSRUGDQRHFROyJLFRLQ5HYLVWDGH'LUHLWR3~EOLFR
YROXPHVHSiJ58,=-RVp-XVWH'HUHFKR,QWHUQDFLRQDOGHO0HGLR$PELHQWH
0DGUL 0F*UDZ +LOO SS 0$7726 $GKHUEDO 0HLUD 'LUHLWR 6REHUDQLD H 0HLR
$PELHQWH5LRGH-DQHLUR(GLWRUD'HVWDTXHSiJ0,/$5eeGLV'LUHLWRGR$PELHQWH
(G5HYLVWDGRV7ULEXQDLVªHGSiJ
0HVPRTXDQGRGLDQWHGHGHJUDGDo}HVSURGX]LGDV3RXFRLPSRUWDQGRTXHVHHVWHMDGLDQWHGHGDQR
FRQWLQXDGRRXSHUPDQHQWHFRQVLGHUDQGRVHHVWHFRPRXP³«¶DFWRFRPSOHMR¶FX\DUHDOL]DFLyQVH
SURORQJDHQHOWLHPSR´3(5$/(6&DUORVGH0LJXHO/DUHVSRQVDELOLGDGFLYLOSRUGDxRVDOPHGLR
DPELHQWH0DGULG&LYLWDVªHGSiJHDTXHOHFRPRXP~QLFRDWRFXMRVHIHLWRVVHGLODWDP
DR ORQJR GR WHPSR$OJR TXH VH Or HP 67(,*/('(5$QQHOLVH 0RQWHLUR 5HVSRQVDELOLGDGH
&LYLO$PELHQWDO$VGLPHQV}HVGRGDQRDPELHQWDOQR'LUHLWR%UDVLOHLUR3RUWR$OHJUH/LYUDULD
GR$GYRJDGRSiJGXUDQWHDYLJrQFLDGHUHJUDVMXUtGLFDVTXHQmRDVGHVDXWRUL]DYDP
1D GHIHVD GD SRVVLELOLGDGH GH DSOLFDomR GD UHVSRQVDELOLGDGH REMHWLYD DR GDQR SURGX]LGR DQWHV
GDLQVHUomRGHWDOUHJLPHMXUtGLFRQRRUGHQDPHQWREUDVLOHLUR67(,*/('(5$QQHOLVH0RQWHLUR
5HVSRQVDELOLGDGH&LYLO$PELHQWDO«RSFLWSiJVH1(5<-Ò1,251HOVRQH1(5<
5RVD0DULD%%GH$QGUDGH5HVSRQVDELOLGDGHFLYLOPHLRDPELHQWHHDomRFROHWLYDDPELHQWDO
LQ %(1-$0,1$QW{QLR +HUPDQ 'DQR$PELHQWDO 3UHYHQomR 5HSDUDomR H 5HSUHVVmR 6mR
3DXOR 5HYLVWD GRV 7ULEXQDLV SiJ 'HVWDFDQGR TXH VH YHP H[LJLQGR XP PtQLPR GH
FXOSD HP WDLV FDVRV &$7$/È /XFtD *RPLV 5HVSRQVDELOLGDG SRU GDxRV DO PHGLR DPELHQWH
(OFDQR $UD]DQGL (GLWRULDO SiJ (P VHQWLGR FRQWUiULR j UHWURDWLYLGDGH %2<(5
0DUFHOH3255,1,'RQDWHOOD7KH&KRLFHRI,QVWUXPHQWVIRU(QYLURQPHQWDO3ROLF\/LDELOLW\RU
5HJXODWLRQ"LQ&,5$12:RUNLQJ3DSHUVV&,5$12S
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
( p ERP TXH VH GLJD TXH D SUHIHUrQFLD SHOD ³UHVSRQVDELOLWp REMHFWLYH´
LJXDOPHQWH VH MXVWL¿FD QD QHFHVVLGDGH GH VH SUHVWDU XPD FHUWD UHYHUrQFLD DR
SULQFtSLRGRSROXLGRUSDJDGRUGHPRGRDLPSHGLUTXHRHPSUHHQGHGRUHP
GHWULPHQWR GD 6RFLHGDGH HP JHUDO GHL[H GH VH UHVSRQVDELOL]DU SHOR ULVFR
LQHUHQWHjDWLYLGDGHSRUHOHH[SORUDGD6HMDFRPRIRURFHUWRpTXHRSUREOHPD
QmR HVWi HP VH VHUYLU GD UHVSRQVDELOLGDGH FLYLO SDUD WUD]HU PDLV XP HVWtPXOR
SDUDTXHVHLQWHUQDOL]HPDVH[WHUQDOLGDGHVQHJDWLYDVGHFRUUHQWHVGHDWLYLGDGHV
GHJUDGDGRUDV GR PHLR DPELHQWH 1RWDGDPHQWH R HTXtYRFR HVWi HP TXHUHU
(PSRUWXJDORWHPDpWUDWDGRQR'HFUHWR/HLQGHGHMXOKRGH
&I67212*$$QGUH]D&ULVWLQD7XWHOD,QLELWyULD$PELHQWDO$3UHYHQomRGR,OtFLWR&XULWLED
(GLWRUD-XUXiSiJ%(1-$0,1$QW{QLR+HUPDQ92SULQFtSLRSROXLGRUSDJDGRUHD
UHSDUDomRGRGDQRDPELHQWDOLQ'DQRDPELHQWDO3UHYHQomRUHSDUDomRHUHSUHVVmR%(1-$0,1
$QW{QLR+HUPDQ9&RRUG6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVS
5HVVDOWDQGRVHULPSUHVFLQGtYHOTXHKDMDXPDYLQFXODomRHQWUHRLQGLYtGXRHD6RFLHGDGHHPTXH
YLYH$/(;<5REHUW7HRUtDGHORVGHUHFKRVIXQGDPHQWDOHV7tWXORRULJLQDO³7+(25,('(5
*581'5(&+7(´6XKUNDPS9HUODJ)UQDNIXUWDP0DLQWUDGXFFLyQ\HVWXGLRLQWURGXFWRULR
GH&DUORV%HUQDO3XOLGR0DGULG&HQWURGH(VWXGLRV3ROtWLFRV\&RQVWLWXFLRQDOHV6HJXQGD
HGLFLyQHQHVSDxROSULPHUDUHLPSUHVLyQS$/(;<5REHUW7HRULDGRV'LUHLWRV)XQGDPHQWDLV
7UDGXomRGH9LUJtOLR$IRQVRGD6LOYDGDªHGLomRDOHPmGH³7KHRULHGHU*UXQGUHFKWH´SXEOLFDGDSHOD
6XKUNDPS9HUODJHP6mR3DXOR0DOKHLURV(GLWRUHVS+b%(5/(3HWHU/HOLEHUWj
)RQGDPHQWDOLQHOOR6WDWR&RVWLWX]LRQDOH5RPD/D1XRYD,WDOLD6FLHQWL¿FDSHVHJV
+$%(50$6-UJHQ'LUHLWRH'HPRFUDFLD(QWUHIDFWLFLGDGHHYDOLGDGH7UDG)OiYLR%HQR
6LHEHQHLFKOHU9ROXPH,5LRGH-DQHLUR7HPSR%UDVLOHLURªHGLomRSHVHJV6$5/(7
,QJR :ROIJDQJ $ H¿FiFLD GRV 'LUHLWRV )XQGDPHQWDLV 3RUWR $OHJUH /LYUDULD GR $GYRJDGR
(GLWRUDªHGLomRUHYLVWDDWXDOL]DGDHDPSOLDGDS
$ UHVSHLWR $5$*­2 0DULD $OH[DQGUD GH 6RXVD 2 SULQFtSLR GR SROXLGRU SDJDGRU« RS
FLW SS H 5HFRQKHFHQGR XPD HVWUHLWD OLJDomR HQWUH D UHVSRQVDELOLGDGH DPELHQWDO H R
SULQFtSLRGRSROXLGRUSDJDGRUQRkPELWRGRUHJLPHGHUHVSRQVDELOLGDGHDPELHQWDOLQVWLWXtGRSHOD
'LUHFWLYDGR3DUODPHQWR(XURSHXHGR&RQVHOKRGHGH$EULOGHWUDQVSRVWDSDUD
DRUGHPMXUtGLFDSRUWXJXHVDSHORDUWLJRºGR'HFUHWROHLQR)$85(0LFKHO*+$<
-XOLHQ$QDO\VH (FRQRPLTXH GH OD 5HVSRQVDELOLWH (QYLURQQHPHQWDOH 3HUVSHFWLYHV7KHRULTXHV HW
(PSLULTXHV LQ /D UHVSRQVDELOLWp HQYLURQQHPHQWDOH SUpYHQWLRQ LPSXWDWLRQ UpSDUDWLRQ 'DOOR]
S$5$*­20DULD$OH[DQGUDGH6RXVD2SULQFtSLRGRSROXLGRUSDJDGRU«RSFLW
S$UHVSHLWRGDUHODomRHQWUHRSULQFtSLRGRSROXLGRUSDJDGRUHDUHVSRQVDELOLGDGHDPELHQWDO
/(,7$2 $QWRQLR $PDUR 7DO 3DL 7DO )LOKR RV &DPLQKRV &UX]DGRV GR 3ULQFLSLR GR 3ROXLGRU
3DJDGRU H GD 5HVSRQVDELOLGDGH$PELHQWDOLQ 5HYLVWD -XUtGLFD GR 8UEDQLVPR H GR$PELHQWH
1~PHURVS(PVHQWLGRFRQWUiULRVHSRVLFLRQD&DUORV%DSWLVWD/RERSDUDTXHP
RSULQFtSLRGRSROXLGRUSDJDGRUQmRSRGHVHUYLVWRFRPROHJLWLPDGRUGHSUHWHQV}HVLQGHQL]DWyULDV
/2%2&DUORV%DSWLVWD,PSRVWR$PELHQWDO$QDOLVH-XULGLFR)LQDQFHLUDLQ5HYLVWD-XUtGLFDGR
8UEDQLVPRHGR$PELHQWH1~PHURS
&I &227(5 5REHUW (FRQRPLF 7KHRULHV RI /HJDO /LDELOLW\ LQ -RXUQDO RI (FRQRPLF
3HUVSHFWLYHV1SS(,6(1%(5*7KHRGRUH7KH3UHGLFWDELOLW\RI3XQLWLYH
'DPDJHVLQ-RXUQDORI/HJDO6WXGLHV1/$1'(6:LOOLDP0H3261(55LFKDUG$7KH
(FRQRPLF6WUXFWXUHRI7RUW/DZ+DUYDUG8QLYHUVLW\3UHVV'(5$1,&ULVWLDQH'LUHLWR
$PELHQWDO (FRQ{PLFR 6mR 3DXOR 0D[ /LPRQDG ª HGLomR S 0$,75( *UpJRU\
/D UHVSRQVDELOLWp FLYLOH j O¶pSUHXYH GH O¶$QDO\VH eFRQRPLTXH GX 'URLW 3UpIDFH GH +RUDWD
0XLU:DWW'HIUpQRLV±*XDOLQR±-RO\/*'-0RQWFKUHVWLHQ/D&ROOHFWLRQ³'URLWeFRQRPLH´
S )5((0$1$ 0\ULFN +$9(0$1 5REHUW + .1((6($OOHQ 9 7KH (FRQRPLFV RI
(QYLURQPHQWDO3ROLF\1HZ<RUN-RKQ:LOH\DQGVRQV,QFSSH
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
DSOLFiODGHIRUPDLVRODGDjPDUJHPGHXPVLVWHPDGHTXHIDoDPSDUWHRXWUDV
PHGLGDVTXHLJXDOPHQWHVHPRVWUHPFDSD]HVGHFRQWULEXLUSDUDTXHVHDOFDQFH
XPQtYHOyWLPRGHHTXLOtEULRHQWUHFXVWRVSULYDGRVHFXVWRVVRFLDLV
1UWTIKOGPVQFQUőRWPKVKXGFCOCIGUŒ
7OTGƀGZQRTGXGPVKXQPQGURGNJQFCTGURQPUCDKNKFCFGEKXKN
(PPHLRjDWXDO6RFLHGDGHGH5LVFRDTXHDOXGHP8OULFK%HFNH1LNODV
/XKPDQQXUJHTXHQmRVHGHVSUH]HRFRQWULEXWRTXHSRGHDGYLUGDIXQomR
SUHYHQWLYD GD UHVSRQVDELOLGDGH FLYLO ( LVVR VHP LJXDOPHQWH GHVSUH]DU D
IXQomRUHSDUDGRUDGDUHVSRQVDELOLGDGHFLYLODWpPHVPRSRUTXHQmRIDOWDTXHP
DV FRQVLGHUH ³LQVpSDUDEOHV´ PXLWR HPERUD HP DOJXPDV FLUFXQVWkQFLDV VH
SRVVDSHQVDUHPVHSDUiODVGHPRGRDVHUPHOKRUH[HUFLGDDWDUHIDGHPLQLPL]DU
R FXVWR VRFLDO GRV GDQRV DPELHQWDLV 3UHFLVDPHQWH QHVVH FRQWH[WR p TXH
HQWUDP HP FHQD RV SXQLWLYH GDPDJHV TXH WUD]HP FRQVLJR D SRVVLELOLGDGH GH
$UHVSHLWR$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWSHVHJV$H[HPSORGR
TXHVHSRGHWHUFRPDUHJXODPHQWDomR(VWDWDOFRQIRUPHVHOrHP%5(11$1+*%8&+$1$1
-07KHUHDVRQRIUXOHV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV%5(11$1*HRIIUH\
./,(07 +DUWPXW 5HJXODWLRQ DQG UHYHQXH LQ %5(11$1 *HRIIUH\ ./,(07 +DUWPXW
5HJXODWLRQ DQG UHYHQXH LQ +$0/,1 $ODQ 08(//(5 'HQQLV & 25'(6+22. 3HWHU
& (GLWRUV &RQVWLWXWLRQDO 3ROLWLFDO (FRQRP\ .OXZHU $FDGHPLF 3XEOLVKHUV 3ULQWHG LQ WKH
1HWKHUODQGV9ROXPH1XPEHU6HSWHPEHUSHVHJV
&I%(&.8OULFK/DGHPRFUDFLD\VXV(QHPLJRV7H[WRVHVFRJLGRV%DUFHORQD%XHQRV$LUHV
0p[LFR3DLGyVS%(&.8OULFK:RUOGULVNVRFLHW\&DPEULGJH3ROLW\3UHVVS
HVHJV%(&.8OULFK/DVRFLHGDGGHOULHVJR+DFLDXQDQXHYDPRGHUQLGDG%DUFHORQD(VSDxD
3DLGyVOS%(&.8OULFK¢4XpHVODJOREDOL]DFLyQ")DODFLDVGHOJOREDOLVPRUHVSXHVWDV
DODJOREDOL]DFLyQ7tWXORRULJLQDO³:DVLV*OREDOLVWLHUXQJ",UUWPHUGHV*OREDOLVPXV±$QWZRUWHQ
DXI*OREDOLVLHUXQJ´SXEOLFDGRHQDOHPiQSRUVXKUNDPS9HUODJ)UDQFIRUWGHO0HQR7UDGXFFLyQGH
%HUQDUGR0RUHQR\0ª5RVD%RUUjV%DUFHORQD(GLFLRQHV3DLGyV,EpULFD6$SSH
/8+0$111LNODV6RFLRORJtDGHOULHVJR0p[LFR8QLYHUVLGDG,EHURDPHULFDQD±8QLYHUVLGDG
GH*XDGDODMDUDS/8+0$111LNODV(OGHUHFKRGHODVRFLHGDG7UDGXFFLyQ-DYLHU
7RUUHV1DIDUUDWHFRQODFRODERUDFLyQGH%UXQKLOGH(UNHU6LOYLD3DSSH\/XLV)HOLSH6HJXUD&LXGDG
GH0p[LFR(GLWRULDO+HUGHU8QLYHUVLGDG,EHURDPHULFDQD%LEOLRWHFD)UDQFLVFR;DYLHU&ODYLJHUR
ª HGLFLyQ HQ HVSDxRO S $LQGD D SURSyVLWR ',$6$XJXVWR 6LOYD³'HOLFWD LQ VH´ H
³GHOLFWDPHUHSURKLELWD´RSFLWS0(1'(63DXORGH6RXVDRSFLWSHVHJV%(&.
8OULFK/DVRFLHGDGGHOULHVJR+DFLDXQDQXHYDPRGHUQLGDG%DUFHORQD(VSDxD3DLGyVO
%(&.8OULFK2TXHpJOREDOL]DomR(TXtYRFRVGRJOREDOLVPRUHVSRVWDVjJOREDOL]DomR6mR
3DXOR3D]H7HUUDO,JXDOPHQWHDUHVSHLWR',$6$XJXVWR6LOYD³'HOLFWDLQVH´H³GHOLFWD
PHUHSURKLELWD´«S0(1'(63DXORGH6RXVDRSFLWSHVHJV
&I0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWSSD
0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS7UDGXomROLYUHGRDXWRU³«VmRHP
UHDOLGDGH LQVHSDUiYHLV´ (P PHVPR VHQWLGR 52*(56:9+ :LQ¿HOG -RORZLF] RQ7RUW
/RQGUHV6ZHHW0D[ZHOO)LIWHHQWK(GLWLRQSHVHJV
0DLVXPDYH]UHFRUUHQGRD*UpJRU\0DLWUH³&HV\VWqPHSUpVHQWHSDUIRLVGHVLQVXI¿VDQFHVTXL
QpFHVVLWHQWOHUHFRXUVjVXHVpSDUDWLRQGHVIRQFWLRQVGHSUpYHQWLRQHWGHUpSDUDWLRQ´0$,75(
*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS7UDGXomROLYUHGRDXWRU³(VWHVLVWHPDWHP
DOJXPDVODFXQDVTXHH[LJHPRUHFXUVRDXPDVHSDUDomRGHIXQo}HVGHSUHYHQomRHGHUHSDUDomR´
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
DOJXpPVHUFRQGHQDGRDRSDJDPHQWRGHXPDLQGHQL]DomRHPYDORUVXSHULRUDR
PRQWDQWH GH SUHMXt]R HIHWLYDPHQWH VXSRUWDGR SHOD YtWLPD &RP VXUJLPHQWR
HPPHLRj/DZRI7RUWVFDUDFWHUtVWLFDGD&RPPRQ/DZSRGHVHGL]HUTXHD
SULPHLUDYH]HPTXHVHWHYHQRWtFLDGRVSXQLWLYHGDPDJHVIRLQRDQRGHQR
FDVR+XFNOHYHUVXV0RQH\HQYROYHQGRXPDVLWXDomRGHDEXVRGHDXWRULGDGH
SUDWLFDGDSRUIXQFLRQiULRVGR5HL
-i PDLV GHVYLQFXODGRV GDV VLWXDo}HV HQYROYHQGR DEXVRV GH DXWRULGDGHV
WDPEpP HPEOHPiWLFRV VH PRVWUDUDP RV FDVHV HQYROYHQGR TXHVW}HV GH KRQUD
HRXWURVGLUHLWRVGHSHUVRQDOLGDGH1DHVWHLUDGRDFHQWXDGRSRU+6WUHHW
YrVH TXH R IUHLR D HVVD H[SDQVmR YHLR FRP R FDVR 5RRNHV YHUVXV %DUQDUG
GH HP TXH /RUG 'HYOLQ UHVWULQJLX D VXD DSOLFDomR jV VLWXDo}HV
HQYROYHQGRDWRVOHJLVODWLYRVHDEXVRVGHDXWRULGDGHSRUSDUWHGH)XQFLRQiULRV
3~EOLFRVEHPFRPRjVFLUFXQVWkQFLDVHPTXHVHSRVVDYHUL¿FDUTXHRDJHQWH
YLVD GHOLEHUDGD H FRQVFLHQWHPHQWH D REWHU XP EHQHItFLR TXH SHFXQLiULR RX
QmRYHQKDDH[FHGHUDLPSRUWkQFLDFRUUHVSRQGHQWHjLQGHQL]DomRDVHUSDJDj
*20(6-~OLR0DQRHO9LHLUD2FRQFHLWRGHHQULTXHFLPHQWR2HQULTXHFLPHQWRIRUoDGRHRV
YiULRV SDUDGLJPDV GR HQULTXHFLPHQWR VHP FDXVD 3RUWR 8QLYHUVLGDGH &DWyOLFD 3RUWXJXHVD
&ROHomR³7HVHV´S
52*(56 :9+ :LQ¿HOG -RORZLF] RQ 7RUW /RQGUHV 6ZHHW 0D[ZHOO )LIWHHQWK
(GLWLRQSHVHJV
&I /25(1d2 3DXOD 0HLUD $ LQGHPQL]DomR SXQLWLYD H RV FULWpULRV SDUD D VXD GHWHUPLQDomR
LQ &ROyTXLR ³5HVSRQVDELOLGDGH &LYLO 1RYDV 3HUVSHFWLYDV´ 3DLQHO ³1RYRV UXPRV GD
5HVSRQVDELOLGDGH &LYLO H 7HRULD GD ,QGHPQL]DomR 6DQFLRQDWyULD´ 6XSUHPR 7ULEXQDO GH
-XVWLoD /LVERD (P WDO FDVH RV IXQFLRQiULRV GR 5HL IRUDP FRQGHQDGRV DR SDJDPHQWR GH
WUH]HQWDV OLEUDV j YtWLPD D WtWXOR GH SXQLWLYH GDPDJHV SHOR IDWR GH WHUHP LQJUHVVDGR QDV
GHSHQGrQFLDV GR MRUQDO GH RSRVLomR D HOD SHUWHQFHQWH VHP SRUWDU TXDOTXHU PDQGDGR SDUD WDQWR
HQWmRHQWHQGHQGRR7ULEXQDOTXHWDOFRQGXWD³«LVZRUVHWKDQWKH6SDQLVK,QTXLVLWLRQDODZXQGHU
ZKLFK QR (QJOLVKPDQ ZRXOG ZLVK WR OLYH RQ KRXU´ 321=$1(//, *LXOLR , SXQLWLYH GDPDJHV
QHOO¶HVSHULHQ]DQRUGDPHULFDQDLQ5LYLVWDGL'LULWWR&LYLOH$QR;;,;SDUWHSULPDSS
H7UDGXomROLYUHGRDXWRU³pSLRUTXHD,QTXLVLomR(VSDQKRODVREXPDOHLTXHQHQKXPLQJOrV
GHVHMDULDYLYHUQDKRUD´
¬VHPHOKDQoDGRTXHVHYLXQRFDVR7XOOLGJHYHUVXV:DGHDWLQHQWHDXPDFRQGHQDomRGHYLQWH
[HOLQVHPFRQVHTXrQFLDGHXPDVLWXDomRGHVHGXomRGHXPDMRYHPTXHUHPRQWDjGDWDGHHQR
FDVR0HUHVWYHUVXV+DUYH\TXHVHUHSRUWDDRDQRGHHDXPDFRQGHQDomRGHTXLQKHQWDV
OLEUDVHPGHFRUUrQFLDGDGHUUXEDGDLQWHQFLRQDOGRFKDSpXGHXPFLGDGmR781&$QGUp&DStWXOR
,QWURGXWyULR DR 9RO ;, 7RUWV LQ ,QWHUQDWLRQDO (QF\FORSHGLD RI &RPSDUDWLYH /DZ 0RKU
7XELQJHQ0DUWLQXV1LMKRII3XEOLVKHUV'RUGUHFKW%RVWRQ/DQFDVWHUSSD,VVRVHPIDODU
QRFDVR<RXVVRXSRIIYHUVXV0HWUR*ROGZLQ0D\HUGHQRTXDOHVWDHPSUHVDIRLFRQGHQDGDD
SDJDUjTXHOD3ULQFHVDUXVVDDWtWXORGHFRPSHQVDomRHSXQLWLYHGDPDJHVRYDORUGHYLQWHH
FLQFRPLOOLEUDVSHORIDWRGHWHUGDGRDHQWHQGHUHPXPDSHOtFXODDUHVSHLWRGRPRQJH5DVSXWLQH
TXHDTXHODKDYLDVLGRYLRODGDSRUHVWH&I781&$QGUp2SFLWS
&I675((7+3ULQFLSOHVRIWKH/DZRI'DPDJHV/RQGRQ6ZHHWDQG0D[ZHOO/WGDVROLFLWRU
RIWKH6XSUHPH&RXUW3URIHVVRURI(QJOLVK/DZLQWKH8QLYHUVLW\RI0DQFKHVWHUSSH
&I /25(1d2 3DXOD 0HLUD $ LQGHPQL]DomR SXQLWLYD H RV FULWpULRV SDUD D VXD GHWHUPLQDomR
LQ &ROyTXLR ³5HVSRQVDELOLGDGH &LYLO 1RYDV 3HUVSHFWLYDV´ 3DLQHO ³1RYRV UXPRV GD
5HVSRQVDELOLGDGH &LYLO H 7HRULD GD ,QGHPQL]DomR 6DQFLRQDWyULD´ 6XSUHPR 7ULEXQDO GH -XVWLoD
/LVERD
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
YtWLPDDWtWXORGHUHSDUDomR1HVVD~OWLPDFLUFXQVWkQFLDpGHVHQRWDUTXHR
DJHQWHPRYLGRSHORVEHQHItFLRVTXHSRGHREWHUFRPDSUiWLFDGHVXDFRQGXWD
ID] XPD HVFROKD FRQVFLHQWH QR VHQWLGR GH DVVXPLU RV ULVFRV GH XPD HYHQWXDO
LQGHQL]DomRDVHUSDJDDRXWUHPHPGHFRUUrQFLDGHSUHMXt]RVSDVVtYHLVGHGHOD
DGYLU0DLVUHFHQWHPHQWHVHSRGHDVVLVWLUDXPDUHVWULomRDLQGDPDLVLQIHOL]
GD DEUDQJrQFLD GRV SXQLWLYH GDPDJHV QR FDVR $% YHUVXV VRXWK :HVW :DWHU
6HUYLFHV/WGGHQRTXDOVHGHFLGLXTXHRkPELWRGHLQFLGrQFLDGHVVHVKi
GHVHUDEVXUGDPHQWHOLPLWDGRDDWRVLOtFLWRVDTXHMiWHQKDPVLGRDSOLFDGRVHP
VHGHGHGHFLVmRMXGLFLDOSURIHULGDDQWHVGRFDVR5RRNHVYHUVXV%DUQDUGGH
)HOL]PHQWHMiVHSRGHYLVOXPEUDUXPHVIRUoRQRVHQWLGRGHDIDVWDUXPFULWpULR
WHPSRUDODVVLPWmRDEVXUGR7DQWRpTXHR5HODWyULRQGD/DZ&RPPLVVLRQ
IRU(QJODQGDQG:DOHVSURS}HTXHDLQFLGrQFLDGRVSXQLWLYHGDPDJHVQmRPDLV
SRUHOHVHQRUWHLHPDVVLPSHORGHVUHVSHLWRGHOLEHUDGRGRDJHQWHSDUDFRPRV
GLUHLWRVGDYtWLPD
'HL[DQGR XP SRXFR GH ODGR D FRQWURYpUVLD EULWkQLFD HQYROYHQGR D
DEUDQJrQFLDGRVSXQLWLYHGDPDJHVHSDUWLQGRGD,QJODWHUUDUXPRDRV(VWDGRV
8QLGRVGD$PpULFDpGHVHUHJLVWUDUTXHDTXHOHVHQFRQWUDUDPQRRUGHQDPHQWR
MXUtGLFR GHVWHV XP WHUUHQR IpUWLO SDUD VH LQVWDXUDU QR TXH GL]LD UHVSHLWR D
FDVHV HQYROYHQGR GLUHLWRV GH SHUVRQDOLGDGH $OJR TXH VH SRGH YHUL¿FDU QR
FDVR &RU\HOO YHUVXV &ROEDXJK UHIHUHQWH D XP URPSLPHQWR GH XPD SURPHVVD
GHFDVDPHQWRHDXPDVLWXDomRGHVHGXomRTXHUHPRQWDjGDWDGHHQR
FDVR $OFRUQ YHUVXV 0LWFKHOO DWLQHQWH D XP FXVSH GDTXHOH QR URVWR GHVWH TXH
WHUPLQRXSRUVHUMXOJDGRQRORQJtQTXRDQRGH$H[SDQVmRIRLWDPDQKD
TXHFRQWUDULDPHQWHDRV7ULEXQDLVLQJOHVHVSDVVRXVHDDGPLWLORVDWpPHVPR
HP FLUFXQVWkQFLDV HQYROYHQGR WmRVRPHQWH UHVSRQVDELOLGDGH FRQWUDWXDO D
H[HPSORGRTXHWHUPLQRXSRURFRUUHUQRkPELWRGD6XSUHPH&RXUWRI&DQDGi
52*(56 :9+ :LQ¿HOG -RORZLF] RQ 7RUW /RQGUHV 6ZHHW 0D[ZHOO )LIWHHQWK
(GLWLRQS
$UHVSHLWROHLDVH781&$QGUp2SFLWS
&I52*(56:9+:LQ¿HOG-RORZLF]RQ7RUW/RQGUHV6ZHHW0D[ZHOO)LIWHHQWK
(GLWLRQS3RVLFLRQDPHQWRWDPEpPSHU¿OKDGRSHOR-XL]0F,QW\UH-LQWHJUDQWHGD³6XSUHPH
&RXUWRI&DQDGi´FRQIRUPH³9RUYLVY,QVXUDQFH&RUSRUDWLRQRI%ULWLVK&ROXPELD´6&5
(RQLV-9RUYLV$SSHOODQWY,QVXUDQFH&RUSRUDWLRQRI%ULWLVK&ROXPELD5HVSRQGHQW
781&$QGUp2SFLWSSH5HVVDOWHVHTXHRSULPHLURVHUHIHUHDXPURPSLPHQWRGHXPD
SURPHVVDGHFDVDPHQWRHRVHJXQGRGL]UHVSHLWRDRIDWRGHRDJHQWHWHUFXVSLGRQRURVWRGHXPRXWUR
OLWLJDQWHHPPHLRDXPMXOJDPHQWR
&I&25'(,52$QWyQLRGD5RFKD0HQH]HV'DUHVSRQVDELOLGDGH&LYLOGRV$GPLQLVWUDGRUHV
GDV6RFLHGDGHV&RPHUFLDLV/LVERD/H[S781&$QGUp2SFLWS$LQGDD
UHVSHLWR0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS
&I321=$1(//,*LXOLR,SXQLWLYHGDPDJHVQHOO¶HVSHULHQ]DQRUGDPHULFDQDLQ5LYLVWDGL'LULWWR
&LYLOH$QR;;,;SDUWHSULPDS
7DPEpPWLYHUDPVXDLQFLGrQFLDUHFRQKHFLGDQHVWHVMXOJDPHQWRVLJXDOPHQWHSURIHULGRVQRkPELWRGR
3RGHU -XGLFLiULR FDQDGHQVH 0DNDUFKXN Y 0LGWUDQVSRUWDWLRQ 6HUYLFHV /WG &&(/ 5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
,VVR VHP IDODU QD SRVVLELOLGDGH GH LQYRFiORV QD UHVSRQVDELOLGDGH REMHWLYD
LQHUHQWH j ³YLFDULRXV OLDELOLW\´ VHQGR WDPEpP LQHJiYHO R SURJUHVVR TXH VH
WHYH FRP D VXD H[WHQVmR GR GROR SDUD D ³JURVV QHJOLJHQFH´ SDUD DOpP GH
VH UHFRQKHFHU D VXD LQFLGrQFLD QD VHDUD GD ³SURGXFWV VWULFW´ 3RU VLQDO IRL
SUHFLVDPHQWHQDVHDUDGDSURGXFWVVWULFWTXHWHUPLQRXSRUVXUJLUXPGRVFDVHVGH
PDLRUUHSHUFXVVmRQRV(VWDGRV8QLGRVGD$PpULFD2FDVR5LFKDUG*ULPVKDZ
YHUVXV)RUG0RWRU&RPSDQ\
2QWiULR+&7KRPY*RRGKRVW)RRGV/WG&&(/2QWiULR+&%URZQY:DWHUORR
5HJLRQDO%RDUGRI&RPPLVVLRQHUVRI3ROLFH25G
-XVWDPHQWH D TXH YHP VHQGR QRUPDOPHQWH DSOLFDGD HP FDVRV HQYROYHQGR R PHLR DPELHQWH
%2<(50DUFHOH3255,1,'RQDWHOOD7KH&KRLFHRI,QVWUXPHQWVIRU(QYLURQPHQWDO3ROLF\
/LDELOLW\ RU 5HJXODWLRQ"LQ&,5$12:RUNLQJ 3DSHUV V &,5$12 S $R
GLVVHUWDUDFHUFDGRUHJLPHGHUHVSRQVDELOLGDGHFLYLOSRUGDQRVDPELHQWDLVeGLV0LODUpWHUPLQRX
SRU DVVHYHUDU TXH ³«R GDQR DPELHQWDO p UHJLGR SHOR VLVWHPD GD UHVSRQVDELOLGDGH REMHWLYD
IXQGDGRQRULVFRTXHSUHVFLQGHSRUFRPSOHWRGDFXOSDELOLGDGHGRDJHQWHHVyH[LJHSDUDWRUQDU
HIHWLYDDUHVSRQVDELOLGDGHDRFRUUrQFLDGRGDQRHDSURYDGRYtQFXORFDXVDOFRPDDWLYLGDGH´
0,/$5eeGLV'LUHLWRGR$PELHQWH6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVªHG
SiJ
&I /25(1d2 3DXOD 0HLUD $ LQGHPQL]DomR SXQLWLYD H RV FULWpULRV SDUD D VXD GHWHUPLQDomR
LQ &ROyTXLR ³5HVSRQVDELOLGDGH &LYLO 1RYDV 3HUVSHFWLYDV´ 3DLQHO ³1RYRV UXPRV GD
5HVSRQVDELOLGDGH &LYLO H 7HRULD GD ,QGHPQL]DomR 6DQFLRQDWyULD´ 6XSUHPR 7ULEXQDO GH -XVWLoD
/LVERD7UDGXomROLYUHGRDXWRU³UHVSRQVDELOLGDGHLQGLUHWD´
&I321=$1(//,*LXOLR,SXQLWLYHGDPDJHVQHOO¶HVSHULHQ]DQRUGDPHULFDQDLQ5LYLVWDGL'LULWWR
&LYLOH$QR;;,;SDUWHSULPDS/25(1d23DXOD0HLUD$LQGHPQL]DomRSXQLWLYDH
RVFULWpULRVSDUDDVXDGHWHUPLQDomRLQ&ROyTXLR³5HVSRQVDELOLGDGH&LYLO1RYDV3HUVSHFWLYDV´
3DLQHO³1RYRVUXPRVGD5HVSRQVDELOLGDGH&LYLOH7HRULDGD,QGHPQL]DomR6DQFLRQDWyULD´6XSUHPR
7ULEXQDOGH-XVWLoD/LVERD7UDGXomROLYUHGRDXWRU³QHJOLJrQFLDJURVVHLUD´
&I /25(1d2 3DXOD 0HLUD $ LQGHPQL]DomR SXQLWLYD H RV FULWpULRV SDUD D VXD GHWHUPLQDomR
LQ &ROyTXLR ³5HVSRQVDELOLGDGH &LYLO 1RYDV 3HUVSHFWLYDV´ 3DLQHO ³1RYRV UXPRV GD
5HVSRQVDELOLGDGH &LYLO H 7HRULD GD ,QGHPQL]DomR 6DQFLRQDWyULD´ 6XSUHPR 7ULEXQDO GH -XVWLoD
/LVERD7UDGXomROLYUHGRDXWRU³UHVSRQVDELOLGDGHFLYLOGRSURGXWRU´
&I 5,&+$5' *5,06+$: D 0LQRU HWF 3ODLQWLII DQG $SSHOODQW Y )25' 02725
&203$1< 'HIHQGDQW DQG $SSHOODQW &$50(1 *5$< D 0LQRU HWF HW DO 3ODLQWLIIV DQG
$SSHOODQWV Y )25' 02725 &203$1< 'HIHQGDQW DQG$SSHOODQW &LY 1R &RXUW
RI$SSHDO RI &DOLIRUQLD )RXUWK$SSHOODWH 'LVWULFW 'LYLVLRQ7ZR &DO$SS G &DO$SS /(;,6 &DO 5SWU &&+ 3URG /LDE 5HS 3 0D\ $
UHVSHLWR/25(1d23DXOD0HLUD2VGDQRVSXQLWLYRVLQ5HYLVWDGD)DFXOGDGHGH'LUHLWRGD
8QLYHUVLGDGHGH/LVERD;/,,,Q&RLPEUDSSD(PGHPDLRGH
R )RUG 3LQWR TXH YLQKD VHQGR FRQGX]LGR SHOD VHQKRUD &DUPHQ *UD\ DFRPSDQKDGD GR PHQRU
5LFKDUG*ULPVKDZUHSHQWLQDPHQWHHVWUDJRXQDSLVWDGRPHLRGD)UHHZD\HPTXHVHHQFRQWUDYD
VHQGRDEDOURDGRSRUXP)RUG*DOD[LHGRDQRGHTXHQmRFRQVHJXLXGHVYLDUGRYHtFXOR&RP
RLPSDFWRRWDQTXHGHFRPEXVWtYHOGR)RUG3LQWRIRLGHVORFDGRSDUDIUHQWHSRVVLELOLWDQGRTXH
IRVVHSHUIXUDGRHGHUUDPDVVHFRPEXVWtYHOQRFRPSDUWLPHQWRGRVSDVVDJHLURVID]HQGRFRPTXH
RLQWHULRUGRYHtFXORIRVVHWRGRHQYROYLGRSHODVFKDPDVGHPRGRDFDXVDUTXHLPDGXUDVJUDYHV
HP&DUPHQ*UD\HHP5LFKDUG*ULPVKDZ(PFRQVHTrQFLD&DUPHQ*UD\YHLRDIDOHFHUGLDV
DSyVSRULQVX¿FLrQFLDFDUGtDFDSURYRFDGDSHODVTXHLPDGXUDV-i5LFKDUG*ULPVKDZVREUHYLYHX
PDVWHYHGHSDVVDUSRULQ~PHUDVFLUXUJLDVGHHQ[HUWRVGHSHOHQRVGH]DQRVVHJXLQWHVWHQGR
SHUGLGRSRUo}HVGHYiULRVGHGRVGHVXDPmRHVTXHUGDHGHVXDRUHOKDHVTXHUGDDLQGDUHVWDQGR
FRPSOHWDPHQWH GHV¿JXUDGR HP GHFRUUrQFLD GDV TXHLPDGXUDV 3RVWHULRUPHQWH VH GHVFREULX TXH
R SURMHWR GR )RUG 3LQWR QmR KDYLD SDVVDGR QRV WHVWHV GH LQWHJULGDGH MXVWDPHQWH GR WDQTXH GH
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
&RQVLGHUDo}HV j SDUWH D SURSyVLWR GD VXD LQFLGrQFLD VREUH FDVHV
HQYROYHQGRGLUHLWRVGHSHUVRQDOLGDGHWDPEpPSDVVtYHLVGHVHUHPHQFRQWUDGRV
QD MXULVSUXGrQFLD GR 7ULEXQDO )HGHUDO GH -XVWLoD DOHPmR H HP VHGH GH
SURQXQFLDPHQWRV SURYHQLHQWHV GH 7ULEXQDLV LWDOLDQRV IUDQFHVHV HVSDQKyLV
H SRUWXJXHVHV UHYHVWHPVH GH UHOHYkQFLD SDUD R SUHVHQWH HVWXGR DSHQDV RV
GHWDOKHVHPWRUQRGHVXDDSOLFDomRDFLUFXQVWkQFLDVFRUUHODFLRQDGDVDGDQRV
HYHQWXDOPHQWH FDXVDGRV DR DPELHQWH 8P H[HPSOR D VHU PHQFLRQDGR HP WDO
HVIHUDVHWHPQRSURFHVVRHPTXHRJUXSRSHWUROtIHUR([[RQ0RELOHPGHFLVmR
SURIHULGDQRDQRGHUHVWRXFRQGHQDGRDRSDJDPHQWRGH
PLOK}HVHPLOGyODUHVYDORUTXHLQFOXLFLQFRYtUJXODQRYHSRUFHQWR
GHMXURVDFXPXODGRVGHVGHDGDWDGRSULPHLURMXOJDPHQWRSRUPHLRGHPXOWD
DSOLFDGD SHOR 6XSUHPR 7ULEXQDO H QRYDPHQWH FRQ¿UPDGD SHOR 7ULEXQDO GH
5HFXUVRVGH6mR)UDQFLVFR7XGRSHORIDWRGHHPGH0DUoRGHVHX
SHWUROHLUR ([[RQ 9DOGH] WHU HQFDOKDGR H GHUUDPDGR FHUFD GH WULQWD H
FLQFR PLO WRQHODGDV GH SHWUyOHR FUX QD FRVWD GR$ODVFD HP YD]DPHQWR TXH
FRPEXVWtYHO$ VROXomR HQFRQWUDGD SHOD GLUHWRULD GD )RUG IRL D GH RIHUHFHU R YHtFXOR SDUD RV
FRQVXPLGRUHVQRHVWDGRHPTXHVHHQFRQWUDYDSUHFLVDPHQWHFRPRLQWXLWRGHHFRQRPL]DUPHURV
86TXLQ]HGyODUHVDPHULFDQRVHWULQWDFHQWDYRVSRUYHtFXORYDORUTXHIRLDSXUDGRFRPR
VX¿FLHQWHSDUDWRUQiORVVHJXURVQRTXHGL]UHVSHLWRDVHXVWDQTXHVGHFRPEXVWtYHOHPGHFLVmR
TXHRHQWmRHQJHQKHLUR+DUOH\&RRSWHVWHPXQKRXWHUVLGREDVHDGDQDHFRQRPLDGHFXVWRVTXHVH
WHULDDRVHRPLWLURVGHIHLWRVRXDWUDVDUDVVXDVFRUUHo}HV1DyWLFDGR)RUG¶V3URGXFW3ODQQLQJ
&RPPLWWHHLQWHJUDGRSHORHQWmR9LFH3UHVLGHQWHGD)RUG,DFRFFDSRU5REHUW$OH[DQGHUHSHOR
)RUG¶VJURXSYLFHSUHVLGHQWRIFDUHQJLQHHULQJ+DUROG0DF'RQDOGHUDPDLVOXFUDWLYRDVVXPLUR
ULVFRGHD)RUGVHUSURFHVVDGDSRUHYHQWXDLVYtWLPDVXPDYH]TXHRVOXFURVGDHPSUHVDVHULDP
VXSHULRUHV DRV YDORUHV GDV LQGHQL]Do}HV D VHUHP SDJDV (P GHFRUUrQFLD GHVVD PHQWDOLGDGH
GHPRQVWUDGDSHOR)RUGIRLHODFRQGHQDGDDSDJDUjVYtWLPDV86TXDWURPLOK}HV
HTXLQKHQWRVPLOGyODUHVDPHULFDQRVDWtWXORGHFRPSHQVDWRU\GDPDJHVH86
FHQWRHYLQWHHFLQFRPLOK}HVGHGyODUHVDPHULFDQRVDWtWXORGHSXQLWLYHGDPDJHV
$UHVSHLWROHLDVH*20(6-~OLR0DQRHO9LHLUD2FRQFHLWRGHHQULTXHFLPHQWR2HQULTXHFLPHQWR
IRUoDGR H RV YiULRV SDUDGLJPDV GR HQULTXHFLPHQWR VHP FDXVD 3RUWR 8QLYHUVLGDGH &DWyOLFD
3RUWXJXHVD&ROHomR³7HVHV´SHVHJV0217(,52$QWyQLR3LQWR&OiXVXOD3HQDOH
,QGHPQL]DomR&RLPEUD$OPHGLQDSHVHJV
&I /25(1d2 3DXOD 0HLUD $ LQGHPQL]DomR SXQLWLYD H RV FULWpULRV SDUD D VXD GHWHUPLQDomR
LQ &ROyTXLR ³5HVSRQVDELOLGDGH &LYLO 1RYDV 3HUVSHFWLYDV´ 3DLQHO ³1RYRV UXPRV GD
5HVSRQVDELOLGDGH &LYLO H 7HRULD GD ,QGHPQL]DomR 6DQFLRQDWyULD´ 6XSUHPR 7ULEXQDO GH -XVWLoD
/LVERD
&I/25(1d23DXOD0HLUD$)XQomR3XQLWLYDGD5HVSRQVDELOLGDGH&LYLO&RLPEUDSS
D
2FDVRSUHFXUVRU67-12521+$'21$6&,0(172&ROHFWkQHDGH-XULVSUXGrQFLD
$QR;;,,,7RPR,,,SS
(
PWHUPRVGHUHIHUrQFLDVH[SUHVVDVjQHFHVVLGDGHGH³UHSURYDURXFDVWLJDUQRSODQRFLYLOtVWLFRH
FRPRVPHLRVSUySULRVGRGLUHLWRSULYDGRDFRQGXWDGRDJHQWH´OHLDVH67-*$5&,$
0$548(6 SXEOLFDGR QR %0- Q $QR SS H VV QRV VHJXLQWHV DFyUGmRV 67-
(/,6(8 ),*8(,5$ 67- %$/7$=$5 &2(/+2 67- 6,/9$
3$,;­2SXEOLFDGRQR%0-Q$QRSSHVV67-&267$62$5(6
67- 6,/9$ 3$,;­2 67- 5,%(,52 &2(/+2 67- *$5&,$
0$548(667-0,5$1'$*860­2
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
DWLQJLXPDLVGHPLOHQRYHFHQWRVTXLO{PHWURVGHSUDLD1HVVHFDVH
UHVWRXQtWLGDDLQFLGrQFLDGRVSXQLWLYHGDPDJHVFRPRIRUPDGHGHVHVWLPXODU
XPD WDPDQKD QHJOLJrQFLD SRU SDUWH GH RXWUDV HPSUHVDV LQFOXVLYH SRU VH WHU
OHYDGRHPFRQVLGHUDomRDJUDYLGDGHGRGDQRDRDPELHQWHHRFHQVXUiYHOIDWR
GHRVKLS¶VPDVWHUGRSHWUROHLUR([[RQ9DOGH]-RVHSK-HIIUH\+D]HOZRRGWHU
GHOHJDGRDVHX7KLUG0DWH*UHJRU\&RXVLQVRFRQWUROHGROHPHMXQWDPHQWHFRP
R$EOH6HDPDQ5REHUW.DJDQGHVFRQVLGHUDQGRFRPSOHWDPHQWHDFLUFXQVWkQFLD
GHDPERVQmRWHUHPJR]DGRVXDVVHLVKRUDVREULJDWyULDVGHIROJD
7OCTGURQPUCDKNKFCFGEKXKNCKPFCCVTGNCFC´TGRCTCÁºQ
GGOƀGTVGEQOCEQORGPUCÁºQ5QDTCCNIWOGURCÁQ
RCTCQUőRWPKVKXGUFCOCIGUŒ!
1mR EDVWD WHU HP PHQWH R FRQWULEXWR OHJtWLPR TXH RV SXQLWLYH GDPDJHV
SRGHP SUHVWDU SDUD TXH VH PLQLPL]HP RV FXVWRV VRFLDLV GRV GDQRV
DPELHQWDLVSULQFLSDOPHQWHSRUPHLRGHXPIUHLRDRGHVUHVSHLWRGHOLEHUDGR
GRVGHJUDGDGRUHVSDUDFRPRHTXLOtEULRGRDPELHQWH1HPPHVPRpVX¿FLHQWH
TXHVHUHFRQKHoDDSRVVLELOLGDGHGHLQYRFiORVQDUHVSRQVDELOLGDGHREMHWLYD
HQRkPELWRGRGRORHGDQHJOLJrQFLDJURVVHLUDLQYRFDGDSHOR-XL]+DQGQD
IyUPXOD/ %SWHQGRVH³/´FRPR³OLDELOLW\´H³%´H³S´FRPR³EXUGHQRI
FDUH´HFRPR³UHGXFWLRQLQWKHSUREDELOLW\RIDQDFFLGHQWFDXVHGE\WDNLQJ
$UHVSHLWR6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLOSRUGDQRVHFROyJLFRV«RS
FLWS1~PHURVLJXDOPHQWHREWLGRVQR-RUQDO)ROKDGH6mR3DXOR(GLomRGHWHUoDIHLUDGLD
GHRXWXEURGH
$ SURSyVLWR &25'(,52 $QWyQLR GD 5RFKD 0HQH]HV 'D UHVSRQVDELOLGDGH &LYLO GRV
$GPLQLVWUDGRUHVGDV6RFLHGDGHV&RPHUFLDLV/LVERD/H[S*20(6-~OLR0DQRHO
9LHLUD2FRQFHLWRGHHQULTXHFLPHQWR2HQULTXHFLPHQWRIRUoDGRHRVYiULRVSDUDGLJPDVGR
HQULTXHFLPHQWR VHP FDXVD 3RUWR 8QLYHUVLGDGH &DWyOLFD 3RUWXJXHVD &ROHomR ³7HVHV´ S0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS321=$1(//,*LXOLR,
SXQLWLYHGDPDJHVQHOO¶HVSHULHQ]DQRUGDPHULFDQDLQ5LYLVWDGL'LULWWR&LYLOH$QR;;,;
SDUWHSULPDSSH52*(56:9+:LQ¿HOG-RORZLF]RQ7RUW/RQGUHV6ZHHW
0D[ZHOO)LIWHHQWK(GLWLRQS781&$QGUp2SFLWSSD
0DLVXPDYH]UHFRUUHQGRD*UpJRU\0DLWUH³&HV\VWqPHSUpVHQWHSDUIRLVGHVLQVXI¿VDQFHVTXL
QpFHVVLWHQWOHUHFRXUVjVXHVpSDUDWLRQGHVIRQFWLRQVGHSUpYHQWLRQHWGHUpSDUDWLRQ´7UDGXomR
OLYUH GR DXWRU ³(VWH VLVWHPD WHP DOJXPDV ODFXQDV TXH H[LJHP R UHFXUVR D XPD VHSDUDomR GH
IXQo}HVGHSUHYHQomRHGHUHSDUDomR´
52*(56 :9+ :LQ¿HOG -RORZLF] RQ 7RUW /RQGUHV 6ZHHW 0D[ZHOO )LIWHHQWK
(GLWLRQS
-XVWDPHQWHDTXHYHPVHQGRQRUPDOPHQWHDSOLFDGDHPFDVRVHQYROYHQGRRPHLRDPELHQWH%2<(5
0DUFHOH3255,1,'RQDWHOOD7KH&KRLFHRI,QVWUXPHQWVIRU(QYLURQPHQWDO3ROLF\/LDELOLW\RU
5HJXODWLRQ"LQ&,5$12:RUNLQJ3DSHUVV&,5$12S
321=$1(//,*LXOLR,SXQLWLYHGDPDJHVQHOO¶HVSHULHQ]DQRUGDPHULFDQDLQ5LYLVWDGL'LULWWR
&LYLOH$QR;;,;SDUWHSULPDS
7UDGXomROLYUHGRDXWRU³5HVSRQVDELOLGDGH´
7UDGXomROLYUHGRDXWRU³SHVRGRVFXLGDGRV´
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
%´ UHVSHFWLYDPHQWH 3DUD DOpP GHVVHV DVSHFWRV ID]VH LPSUHVFLQGtYHO
DOFDQoDU XPD GH¿QLomR SUHFLVD DFHUFD GH VHX FDPSR GH DWXDomR QD HVIHUD GD
UHVSRQVDELOLGDGHFLYLODPELHQWDO
2 PRPHQWR p RSRUWXQR SDUD TXH VH UHOHPEUHP GHGXo}HV DOFDQoDGDV
QRXWURHVWXGRDUHVSHLWRGDUHVSRQVDELOLGDGHFLYLO1HVVHRXWURHVWXGRVHWHYH
DRSRUWXQLGDGHGHGHIHQGHUTXHVHMDVHPSUHSULRUL]DGDDUHSDUDomRLQWHJUDO
LQQDWXUDGRVGDQRVSRUYHQWXUDFDXVDGRVDRPHLRDPELHQWHDWHRUGR†ºGR
DUWLJR GD &RQVWLWXLomR GD 5HS~EOLFD )HGHUDWLYD GR %UDVLO GR LQFLVR9,,,
GRDUWLJRºGRLQFLVR9,GRDUWLJRºHGR†ºGRDUWLJRGD/HL1DFLRQDO
EUDVLOHLUDQ$OLiVHVWiVHGLDQWHGHSUHRFXSDomRTXHLJXDOPHQWHSRGH
VHUHQFRQWUDGDQRRUGHQDPHQWRMXUtGLFROXVLWDQRFXMRDUWLJRGHVHX&yGLJR
&LYLOHOHJHFRPRSULRULWiULDDUHFXSHUDomRLQQDWXUDGRGDQRFDXVDGRDRPHLR
DPELHQWH$VSHFWR D TXH WDPEpP DWHQWD R Q GR DUWLJR GD /HL GH %DVHV
GR$PELHQWHLQVWLWXtGDHP3RUWXJDOSHOD/HLQGHGHDEULOGHH
UHFHQWHPHQWHDOWHUDGDSHOD/HLQGHGHIHYHUHLURGHTXHDWUDWD
FRPRSULRULGDGHSDUDDUHSDUDomRGRGDQRFDXVDGRDRPHLRDPELHQWHVHJXLGD
GH SHUWR SHOD FRPSHQVDomRGH FXQKR HFROyJLFRQD KLSyWHVH GH D UHVWDXUDomR
7UDGXomROLYUHGRDXWRU³
HGXomRGDSUREDELOLGDGHGHXPDFLGHQWHFDXVDGRSRUWRPDU%´
&I&227(55REHUW'3XQLWLYH'DPDJHV6RFLDO1RUPVDQG(FRQRPLF$QDO\VLV%\5REHUW'
FRRWHU3URIHVVRURI/DZ8QLYHUVLW\RI&DOLIRUQLDDW%HUNHOH\)LUVWGUDIW5HYLVHG0DUFK
LQ/DZDQG&RQWHPSRUDU\3UREOHPV-RKQ02OLQ:RUNLQJ3DSHUVLQ/DZ(FRQRPLFV
DQG,QVWLWXWLRQVSSH)5,('0$1'DYLG'LUHLWRHFLrQFLDHFRQ{PLFDLQ5HYLVWD
6XE-XGLFH1SSD$LQGDDUHVSHLWRGRWHPD%52:1-RKQ3UDWKHU7RZDUG
DQ (FRQRPLF WKHRU\ RI /LDELOLW\ LQ -RXUQDO RI /HJDO 6WXGLHV SS .$+$1
0DUFHO&DXVDWLRQDQG,QFHQWLYHVWR7DNH&DUH8QGHUWKH1HJOLJHQFH5XOHLQ-RXUQDORI/HJDO
6WXGLHVSS+</721.HLWK17KH,QÀXHQFHRI/LWLJDWLRQ&RVWVRQ'HWHUHQFH
8QGHU6WULFW/LDELOLW\DQG8QGHU1HJOLJHQFHLQ,QWHUQDWLRQDO5HYLHZRI/DZDQG(FRQRPLFV
SS:,-&.3HWHU9DQ:,17(56-DQ.HHV7KH3ULQFLSOHRI)XOO&RPSHQVDWLRQ
LQ7RUW /DZ LQ %$&.+$86 -UJHQ * 67(3+(1 )UDQN + (XURSHDQ -RXUQDO RI /DZ DQG
(FRQRPLFV %RVWRQ'RUGUHFKW/RQGRQ .OXZHU $FDGHPLF 3XEOLVKHUV 0DQXIDFWXUHG LQ 7KH
1HWKHUODQGV9ROXPH1XPEHU0D\SSSHVHJV
0('(,526-RmR3DXOR)RQWRXUDGH0('(,526)HUQDQGD/XL]D)RQWRXUDGH'RGLUHLWRDXP
PHLRDPELHQWHHFRORJLFDPHQWHHTXLOLEUDGRHGRGHYHUGHUHSDUDomRHFRPSHQVDomRLQ%(1-$0,1
$QWRQLR+HUPDQRUJ3DLVDJHP1DWXUH]DH'LUHLWR/DQGVFDSH1DWXUHDQG/DZ6mR3DXOR
,QVWLWXWR³2'LUHLWRSRUXP3ODQHWDYHUGH´³/DZIRUDJUHHQ3ODQHW,QVWLWXWH´ºYROXPHS
HVHJXLQWHV
(YLGHQWHPHQWHTXHDRVHIDODUQD³UHSDUDomRGRGDQR´LQHUHQWHjUHVSRQVDELOLGDGHFLYLOHPPDWpULD
DPELHQWDOHVWiVHDFRPSUHHQGHU³«QmRVyDUHSDUDomRSURSULDPHQWHGLWDGRGDQRFRPRWDPEpP
DFHVVDomRGDDWLYLGDGHTXHVHHQFRQWUDQDRULJHPGRGDQRSHODYLDGDGHQRPLQDGDVXSUHVVmR
GRIDWRGDQRVRDRPHLRDPELHQWH´0,55$ÈOYDUR/XL]9DOHU\5HSRQVDELOLGDGHFLYLOSHORGDQR
DPELHQWDO H R SULQFtSLR GD UHSDUDomR LQWHJUDO GR GDQR LQ %(1-$0,1$QWRQLR +HUPDQ RUJ
'LUHLWRiJXDHYLGD/DZZDWHUDQGWKHZHERIOLIH6mR3DXOR,PSUHQVD2¿FLDOYROXPH
S1HVVDOLQKD0,55$ÈOYDUR/XL]9DOHU\$omR&LYLO3~EOLFDHD5HSDUDomRGRGDQR
DRPHLRDPELHQWH6mR3DXOR-XDUH]GH2OLYHLUDSSHVHJV
67(,*/('(5$QQHOLVH0RQWHLUR5HVSRQVDELOLGDGH&LYLO$PELHQWDO«RSFLWS
U
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
LQQDWXUDQmRVHUSRVVtYHOUHVWDQGRDLQGHQL]DomRFRPR~OWLPDPHGLGDDVHU
DSOLFDGDHGHVGHTXHYHUL¿FDGDDLPSRVVLELOLGDGHGHUHFXSHUiORQDWXUDOPHQWH
RXGHFRPSHQVDURVSUHMXt]RVFDXVDGRVSHODGHJUDGDomR3RUVLQDORDUWLJR
GD/HLQGRRUGHQDPHQWRMXUtGLFRLWDOLDQRVHVHUYHGRPHVPRQRUWH
$OJRTXHQmRKiGHFDXVDUTXDOTXHUVXUSUHVDXPDYH]TXHDUHVWDXUDomRQDWXUDO
KiGHVHUYLVWDFRPR³«OD~QLFDUHSDUDFLyQUD]RQDEOHGHVGHHOSXQWRGHYLVWD
HFROyJLFR´
(PWHUPRVGHUHVWDXUDomRLQQDWXUDKiGHVHWHUHPPHQWHDQHFHVVLGDGH
GH UHFULDU ³«XP QRYR HVWDGR GH FRLVDV´ TXH VH PRVWUH VLPLODU DR TXH WHQKD
VLGRGHJUDGDGR$OJRTXHHYLGHQWHPHQWHVHGi³«QDPHGLGDGRSRVVtYHO´
MXVWDPHQWHSRUVHWHUGHOLGDUVHPSUHFRPXPD³«LPSRVVLELOLGDGHGHVXEVWLWXLU
RVFRPSRQHQWHVQDWXUDLVGRDPELHQWHSRURXWURVLGrQWLFRV´7XGRVHUHVXPHj
FLUFXQVWkQFLDGHTXHDGHJUDGDomRGRDPELHQWH³«QmRSHUPLWHMDPDLVDULJRU
RUHWRUQRGDTXDOLGDGHDPELHQWDODRHVWDGRDQWHULRUDRGDQRUHVWDQGRVHPSUH
VHTXHODVGRGDQRDPELHQWDOLQVXVFHWtYHLVGHVHUHPWRWDOPHQWHHOLPLQDGDV´
GHWDOVRUWHTXH³«KiVHPSUHHPPDLRURXPHQRUJUDXDOJRGHLUUHYHUVtYHOQD
OHVmRDFDUUHWDGDDRPHLRDPELHQWH´2TXHQmRVHFRQIXQGHFRPDKLSyWHVH
GH D UHSDUDomR LQ QDWXUD WHUPLQDU SRU VH UHYHODU LQYLiYHO FDVR HP TXH ³«D
VDWLVIDomR GR LQWHUHVVH HFROyJLFR H[LJH D EXVFD GH QRYDV VROXo}HV TXH DR
PHQRVLPSHoDPDDXVrQFLDWRWDOGHUHSDUDomRRXVXDDXWRPiWLFDVXEVWLWXLomR
SHODLQGHQL]DomRSHFXQLiULD´FRPRTXHVHDEUHFDPLQKRSDUDDLQWLWXODGD
FRPSHQVDomR VXEVLGLiULD 1RV WHUPRV GR DUWLJR GR &yGLJR GH 'HIHVD GR
&RQVXPLGRULQVWLWXtGRSHOD/HL1DFLRQDOEUDVLOHLUDQTXHVHDSOLFD
),25,//2&HOVR$QW{QLR3DFKHFR&XUVRGH'LUHLWR$PELHQWDO«RSFLWS
&$7$/È /XFtD *RPLV 5HVSRQVDELOLGDG SRU GDxRV DO PHGLR DPELHQWH (OFDQR $UD]DQGL
(GLWRULDOS&XLGDVHGHHQWHQGLPHQWRTXHHPQDGDGLYHUJHGRSHU¿OKDGRSRU-RVp-XVWH
5XL]TXHWHUPLQRXSRUDFHQWXDUTXHR³«SULQFtSLRPHVPRGDUHVSRQVDELOLGDGHHUHSDUDomRGRV
GDQRVDPELHQWDLVFRQVWLWXLVHPG~YLGDXPGRVSULQFtSLRVUHFRQKHFLGRVQR'LUHLWR,QWHUQDFLRQDO
GR 0HLR $PELHQWH´ 58,= -RVp -XVWH 'HUHFKR ,QWHUQDFLRQDO GHO 0HGLR $PELHQWH 0DGUL
0F*UDZ+LOOSS
0,55$ÈOYDUR/XL]9DOHU\$omRFLYLOS~EOLFD«RSFLWS
67(,*/('(5$QQHOLVH0RQWHLUR5HVSRQVDELOLGDGH&LYLO$PELHQWDO«RSFLWS)D]HQGR
DPHVPDUHVVDOYD),25,//2&HOVR$QW{QLR3DFKHFR&XUVRGH'LUHLWR$PELHQWDO«RSFLWS
0,55$ÈOYDUR/XL]9DOHU\5HSRQVDELOLGDGHFLYLOSHORGDQRDPELHQWDOHRSULQFtSLRGDUHSDUDomR
LQWHJUDOGRGDQRLQ%(1-$0,1$QWRQLR+HUPDQRUJ'LUHLWRiJXDHYLGD/DZZDWHUDQG
WKHZHERIOLIH6mR3DXOR,PSUHQVD2¿FLDOYROXPHS1HVVDPHVPDOLQKD0,55$
ÈOYDUR/XL]9DOHU\$omR&LYLO3~EOLFDHD5HSDUDomRGRGDQRDRPHLRDPELHQWH6mR3DXOR
-XDUH]GH2OLYHLUDS
0,55$ÈOYDUR/XL]9DOHU\5HSRQVDELOLGDGHFLYLOSHORGDQRDPELHQWDOHRSULQFtSLRGDUHSDUDomR
LQWHJUDOGRGDQRLQ%(1-$0,1$QWRQLR+HUPDQRUJ'LUHLWRiJXDHYLGD/DZZDWHUDQG
WKH ZHE RI OLIH 6mR 3DXOR ,PSUHQVD 2¿FLDO YROXPH SiJ 1HVVD PHVPD OLQKD
0,55$ÈOYDUR/XL]9DOHU\$omR&LYLO3~EOLFDHD5HSDUDomRGRGDQRDRPHLRDPELHQWH6mR
3DXOR-XDUH]GH2OLYHLUDS
67(,*/('(5$QQHOLVH0RQWHLUR5HVSRQVDELOLGDGH&LYLO$PELHQWDO«RSFLWS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
jDQWHVPHQFLRQDGD$omR&LYLO3~EOLFDHPYLUWXGHGRSUHFHLWXDGRQRDUWLJR
GD/HLQSURPXOJDGDSHOR3UHVLGHQWHGD5HS~EOLFD)HGHUDWLYDGR%UDVLO
HPGHMXOKRGHIXQGDPHQWDVHDFRPSHQVDomRQDSRVVLELOLGDGHGHVH
REWHU³UHVXOWDGRSUiWLFRHTXLYDOHQWH´DRTXHVHWLQKDDQWHVGDGHJUDGDomR1D
HVWHLUD GR TXH VH SRGH GHGX]LU QRXWUR HVWXGR GiVH SRU PHLR GD UHSRVLomR
GH UHFXUVR QDWXUDO TXH DR PHQRV VH PRVWUH HTXLYDOHQWH DR TXH DQWHV GD
GHJUDGDomRYLQKDFRQWULEXLQGRSDUDRHTXLOtEULRGRHFRVVLVWHPDYLDELOL]DQGR
DHVWHVHPDQWHUFRPRDX[tOLRGDTXHOHjVHPHOKDQoDGRTXHYLQKDRFRUUHQGR
DQWHVGDGHJUDGDomRGHVVH1DVEHODVSDODYUDVGH-RVpGH6RXVD&XQKDO6HQGLP
OrVHTXHWXGRVHUHVXPHD³«FRPSHQVDUD1DWXUH]DFRP1DWXUH]DHQmRFRP
YDQWDJHQVSHFXQLiULDV´
$ GL¿FXOGDGH SDVVD D VHU HQFRQWUDU XPD ³HTXLYDOrQFLD HVWULWDPHQWH
HFROyJLFD´SDUDTXHVHREWHQKDXPDGH¿QLomRDUHVSHLWRGRTXHVHKiGHWHU
FRPRFRPSHQVDomRSDUDXPHVSHFt¿FRUHFXUVRQDWXUDOGHJUDGDGR1HVVHSRQWR
³«SRGHUVHiVXVWHQWDUTXHGRLVEHQVQDWXUDLVVmRHTXLYDOHQWHVTXDQGRWrPD
PHVPD FDSDFLGDGH DXWRVXVWHQWDGD GH SUHVWDomR´ 5HVVDOWHVH TXH Ki GH VH
FRPSUHHQGHUSRU³DXWRVXVWHQWDGR´R³HVWDGRGHHTXLOtEULRGLQkPLFRHFROyJLFR´
TXHVREUHYpPVHPSUHTXHVHHVWiGLDQWHGH³«SOHQDFDSDFLGDGHIXQFLRQDO´
³«FRP WRGDV DV IXQo}HV HFROyJLFDV DVVHJXUDGDV´$ VDtGD SDUD R SUREOHPD
HVWiHPVHPSUHSUHVHUYDU³«DFDSDFLGDGHIXQFLRQDOHFROyJLFDGRHFRVVLVWHPD
OHVDGR R TXH SRGH VHU IHLWR PHGLDQWH D FRQVWLWXLomR GH VLVWHPD HFROyJLFR
&I0('(,526-RmR3DXOR)RQWRXUDGH0('(,526)HUQDQGD/XL]D)RQWRXUDGH'RGLUHLWR
D XP PHLR DPELHQWH HFRORJLFDPHQWH HTXLOLEUDGR H GR GHYHU GH UHSDUDomR H FRPSHQVDomR LQ
%(1-$0,1 $QWRQLR +HUPDQ RUJ 3DLVDJHP 1DWXUH]D H 'LUHLWR /DQGVFDSH 1DWXUH DQG
/DZ6mR3DXOR,QVWLWXWR³2'LUHLWRSRUXP3ODQHWDYHUGH´³/DZIRUDJUHHQ3ODQHW,QVWLWXWH´º
YROXPHSHVHJXLQWHV
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLOSRUGDQRVHFROyJLFRV«RSFLWS
3UHFLVDPHQWHHVVDDRULHQWDomRSHU¿OKDGDSHORSDUiJUDIR~QLFRGRDUWLJRGD/HLQGR
(VWDGRGR5LR*UDQGHGR6XOGLSORPDOHJDOTXHLQVWLWXLR&yGLJR)ORUHVWDOGHWDOHQWHGD5HS~EOLFD
)HGHUDWLYDGR%UDVLORQGHVHHQFRQWUDSUHYLVWRTXH³«DVXSUHVVmRGDYHJHWDomRGHTXHWUDWDHVWH
DUWLJRGHYHUiVHUFRPSHQVDGDFRPDSUHVHUYDomRGHHFRVVLVWHPDVHPHOKDQWHHPiUHDTXHJDUDQWD
DHYROXomRHDRFRUUrQFLDGHSURFHVVRVHFROyJLFRV´6HPHOKDQWHGHWHUPLQDomRSRGHVHUHQFRQWUDGD
QRLQFLVR,,,GRDUWLJRGD/HL1DFLRQDOEUDVLOHLUDQGLSORPDOHJDOTXHLQVWLWXLR&yGLJR
)ORUHVWDOEUDVLOHLURQRTXDOVHHVWDEHOHFHTXHDSURSULHGDGHUXUDOFRPiUHDGHUHVHUYDOHJDOLQIHULRU
jGH¿QLGDHPVHXDUWLJRWHUiGHVHUFRPSHQVDGD³«SRURXWUDiUHDHTXLYDOHQWHHPLPSRUWkQFLD
HFROyJLFD H H[WHQVmR GHVGH TXH SHUWHQoD DR PHVPR HFRVVLVWHPD H HVWHMD ORFDOL]DGD QD PHVPD
PLFUREDFLD´2XWUDQmRIRLDRSomRTXHWHUPLQRXSRUVHUSHU¿OKDGDSHOROHJLVODGRUSRUWXJXrVTXDQGR
GDHODERUDomRGDDOtQHD³F´GRDUWLJRGD/HLGH%DVHVGR$PELHQWHQRTXDOFRQVWDGHWHUPLQDomR
SDUDTXHQRV(VWXGRVGH,PSDFWR$PELHQWDOLQGLTXHPVHFRPSHQVDo}HVSDUDHYHQWXDLVLQFLGrQFLDV
VREUHDTXDOLGDGHGRDPELHQWH
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLO«S
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLO«S
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLO«S
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLO«S
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLO«S
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
HTXLYDOHQWHHPiUHDOLJDGDDRORFDOGRGDQR´7UDWDVHGHDOJRTXHQHPVHPSUH
pSRVVtYHOSRUTXDQWRpSUHYLVtYHOTXHVXUMDPVLWXDo}HVHPTXHVHHVWHMDGLDQWHGH
³«EHQVTXHSUHVWDPVHUYLoRVHFROyJLFRVLQVXEVWLWXtYHLV´FDVRHPTXHQmRVH
SRGHHYLWDUXPDFRPSHQVDomRSDUFLDOTXHUVHMDQRDVSHFWRTXDQWLWDWLYRTXHUQR
TXDOLWDWLYR1mRpGHPDLVOHPEUDUTXHVyVHUHFRUUHjLQGHQL]DomRQRPRPHQWR
HPTXHVHYHUL¿FDDWRWDOLPSRVVLELOLGDGHGHFRPSHQVDomRVXEVLGLiULD
&RPRVHQmREDVWDVVHOHPEUDUTXH³«QHPVHPSUHpIiFLORXPHVPRSRVVtYHO
HVVH UHWRUQR´ DR HVWDGR HP TXH R DPELHQWH VH HQFRQWUDYD DQWHULRUPHQWH j
GHJUDGDomRDPELHQWDOLJXDOPHQWHQmRVHSRGHSHUGHUGHYLVWDTXHPHVPRHP
FDVRGHLVVRYLUDRFRUUHUDLQGDDVVLPSRGHVHUTXHSDUDWDQWRVHWHQKDGHHVSHUDU
PXLWRV DQRV 1HVVD yWLFD UHYHODVH LQVX¿FLHQWH REULJDU R UpX D UHFXSHUDU R
SUHMXt]RFDXVDGRDRDPELHQWHVHLVVRVHUHVWULQJHDDWtWXORGHH[HPSORUHSRURV
HVSpFLPHVYHJHWDLVDRORFDOGHRQGHIRUDPLQGHYLGDPHQWHUHWLUDGRV2UDpDEVXUGR
FRQVLGHUDULQWHJUDOWRGDHTXDOTXHUUHSDUDomRTXHVHEDVHLHSXUDHVLPSOHVPHQWH
HP REULJDU R GHJUDGDGRU D HIHWXDU XP SODQWLR GH PXGDV GH HVSpFLHV QDWLYDV
VLPLODUHVjVVXSULPLGDVGRORFDOGHJUDGDGR1DYHUGDGHKiGHVHFRPSHQVDUD
6RFLHGDGH SHOR SHUtRGR HP TXH D UHIHULGD iUHD GH PDWD QDWLYD SHUPDQHFH VHP
H[HUFHU D IXQomR HFROyJLFD TXH OKH FRPSHWLD DQWHV GD GHJUDGDomR ( LVVR VH
MXVWL¿FD SHOR IDWR GH TXH KmR GH WUDQVFRUUHU DOJXQV DQRV DWp TXH RV HVSpFLPHV
YHJHWDLV UHSODQWDGRV FRQVLJDP H[HUFHU D PHVPD IXQomR HFROyJLFD TXH YLQKD
VHQGR FXPSULGD SHORV TXH WHQKDP VLGR VXSULPLGRV GR ORFDO 1LWLGDPHQWH VH
SHUFHEHTXHDUHSDUDomRGRGDQRDPELHQWDOKiGHVHPSUHOHYDUHPFRQWD³«R
SHUtRGRHPTXHDFROHWLYLGDGH¿FDUiSULYDGDGDTXHOHEHPHGRVHIHLWRVEHQp¿FRV
67(,*/('(5$QQHOLVH0RQWHLUR5HVSRQVDELOLGDGH&LYLO$PELHQWDO«RSFLWS
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLO«S
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLO«S
$SURSyVLWRQXQFDpGHPDLVUHVVDOWDUTXHDLQGHQL]DomRpSHUIHLWDPHQWHSDVVtYHOGHVHUUHYHUWLGDD
XP³VXSHUIXQG´1mRSRUDFDVRRDUWLJRGD/HLQGLSORPDOHJDOTXHWUDWDGD$omR&LYLO
3~EOLFDGHWHUPLQDH[SUHVVDPHQWHDQHFHVVLGDGHGHUHPHWrODDR)XQGRSDUDUHFRQVWLWXLomRGRVEHQV
OHVDGRV
67212*$$QGUH]D&ULVWLQD7XWHOD,QLELWyULD$PELHQWDO«S
1HVVDyWLFD)5(,7$6:ODGLPLU3DVVRVGH$&RQVWLWXLomR)HGHUDOHDHIHWLYLGDGHGDVQRUPDV
DPELHQWDLV 6mR 3DXOR (GLWRUD 5HYLVWD GRV 7ULEXQDLV SiJ 67212*$ $QGUH]D
&ULVWLQD7XWHOD,QLELWyULD$PELHQWDO«S
&I0('(,526-RmR3DXOR)RQWRXUDGH0('(,526)HUQDQGD/XL]D)RQWRXUDGH'RGLUHLWR
D XP PHLR DPELHQWH HFRORJLFDPHQWH HTXLOLEUDGR H GR GHYHU GH UHSDUDomR H FRPSHQVDomR LQ
%(1-$0,1 $QWRQLR +HUPDQ RUJ 3DLVDJHP 1DWXUH]D H 'LUHLWR /DQGVFDSH 1DWXUH DQG
/DZ6mR3DXOR,QVWLWXWR³2'LUHLWRSRUXP3ODQHWDYHUGH´³/DZIRUDJUHHQ3ODQHW,QVWLWXWH´º
YROXPHSHVHJXLQWHV
&RPREHPYHLRDDFHQWXDU3DXOR$IIRQVR/HPH0DFKDGRDDWLYLGDGHSROXHQWH³«DFDEDVHQGR
XPD DSURSULDomR SHOR SROXLGRU GRV GLUHLWRV GH RXWUHP SRLV QD UHDOLGDGH D HPLVVmR SROXHQWH
UHSUHVHQWD XP FRQ¿VFR GR GLUHLWR GH DOJXpP HP UHVSLUDU DU SXUR EHEHU iJXD VDXGiYHO H YLYHU
FRPWUDQTLOLGDGH´0$&+$'23DXOR$IIRQVR/HPH'LUHLWR$PELHQWDO«SiJ1HVVH
PHVPR VHQWLGR /(,7( -RVp 5XEHQV 0RUDWR 'DQR $PELHQWDO 'R LQGLYLGXDO DR FROHWLYR
H[WUDSDWULPRQLDO6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
TXHHOHSURGX]LDSRUVLPHVPRHHPGHFRUUrQFLDGHVXDLQWHUDomR´(PHUJH
GDtDQHFHVVLGDGHGHRVUHVSRQViYHLVSRUGDQRVDRPHLRDPELHQWHVHUHPREULJDGRV
QmRVyDUHSDUiORFRPRWDPEpPDFRPSHQVDUDVRFLHGDGHSHORSHUtRGRHPTXH
SHUPDQHFHVHPXVXIUXtORHPWRGRVHXHVSOHQGRU
6HVHSUHWHQGHVVHUHVWULQJLUDUHVSRQVDELOLGDGHFLYLOjUHSDUDomRLQWHJUDO
GR GDQR FDXVDGR DR PHLR DPELHQWH WHUVHLD GH LQWHUURPSHU DTXL R SUHVHQWH
HVWXGR QD PHOKRU GDV KLSyWHVHV UHSRUWDQGRR j ¿JXUD HVVHQFLDOPHQWH
LJXDOPHQWH FRPSHQVDWyULD GRV DJJUDYDWHG GDPDJHV D TXH WHUPLQRX SRU VH
UHIHULUR-XL]0F,QW\UH-LQWHJUDQWHGD6XSUHPH&RXUWRI&DQDGiQRkPELWR
GR FDVR (RQLV - 9RUYLV YHUVXV ,QVXUDQFH &RUSRUDWLRQ RI %ULWLVK &ROXPELD
6$03$,2)UDQFLVFR-RVp0DUTXHV5HVSRQVDELOLGDGH&LYLOH5HSDUDomRGRV'DQRV&DXVDGRV
DR 0HLR$PELHQWH 5LR GH -DQHLUR /XPHQ -XULV S 1R HQWHQGLPHQWR GH )UDQFLVFR
-RVp 0DUTXHV 6DPSDLR ³1mR p DSHQDV D SULYDomR D DJUHVVmR j QDWXUH]D TXH GHYH VHU REMHWR
GH UHSDUDomR PDV D SULYDomR LPSRVWD j FROHWLYLGDGH GR HTXLOtEULR HFROyJLFR GR EHPHVWDU H
GD TXDOLGDGH GH YLGD TXH DTXHOH UHFXUVR DPELHQWDO SURSRUFLRQD HP FRQMXQWR FRP RV GHPDLV´
6$03$,2)UDQFLVFR-RVp0DUTXHV5HVSRQVDELOLGDGH&LYLO«S
1HVVDOLQKD0$&+$'23DXOR$IIRQVR/HPH'LUHLWR$PELHQWDO«S
&DVRVSRUHOHFLWDGRVDRORQJRGHVHXYRWR*LOOHVSLHY%XONOH\9DOOH\)RUHVW,QGXVWULHV/WG>@
::5 $VKIRUG Y /DLQJ &RQVWUXFWLRQ DQG (TXLSPHQW /WG %&6& *RXOG - 9DQFRXYHU
5HJLVWU\1R&'HFHPEHUXQUHSRUWHG6ORDQY8QLRQ2LO&RRI&DQDGD
::5%&6&:LOVRQY5XGROSK:HUOLW]HU&R1(.HUQY&LW\RI/RQJ
%HDFK3G3ROLFH3HQVLRQDQG5HOLHI%GRI&LW\DQG&RXQW\RI'HQYHUY%LOOV
3GUHIHUUHGWR/RQGRQ([SRUW&RUSY-XELOHH&RIIHH5RDVWLQJ&R>@$OO(5
7LSSHWWY,QWHUQDWLRQDO7\SRJUDSKLFDO8QLRQ/RFDO'/5G-DUYLVY6ZDQV
7RXUV/WG>@4%&ULQJOHY1RUWKHUQ8QLRQ,QVXUDQFH&R'/5G&R[
Y3KLOLSV,QGXVWULHV/WG>@$OO(53LORQY3HXJHRW&DQDGD/WG25G
+DUYH\)RRGV/WGY5HHG'/5G+H\ZRRGY:HOOHUV>@$OO(5
%URZQY:DWHUORR5HJLRQDO%RDUGRI&RPPLVVLRQHUVRI3ROLFH25GDII¶JLQSDUW
25G3LODWRY+DPLOWRQ3ODFH&RQYHQWLRQ&HQWUH,QF25G
6SHFNY*UHDWHU1LDJDUD*HQHUDO+RVSLWDO25G%RKHPLHUY6WRUZDO,QWHUQDWLRQDO
,QF'/5GUHY¶GRQRWKHUJURXQGV'/5WK2QW&$OHDYH
GHQLHG>@6&5[LLL3HUNLQVY%UDQGRQ8QLYHUVLW\DQG3RWWHU0DQ5G
$ERXQDY)RRWKLOOV3URYLQFLDO*HQHUDO+RVSLWDO%RDUG1R'/5G0F0LQQY
7RZQRI2DNYLOOH25G5RRNHVY%DUQDUG>@$&0F(OUR\Y&RZSHU
6PLWKDQG:RRGPDQ>@6&53DUDJRQ3URSHUWLHV/WGY0DJQD(QYHVWPHQWV/WG
'/5G8UHQY-RKQ)DLUID[6RQV3W\/WG&/5)RJJY0F.QLJKW
>@1=/55RELWDLOOHY9DQFRXYHU+RFNH\&OXE/WG'/5G+/:HLVV
)RUZDUGLQJ/WGY2PQXV>@6&5:DUQHUY$UVHQDXOW165G0H\HU
Y*RUGRQ&&/7
7UDWDVHGHFDVHDUHVSHLWRGHXPDGHPLVVmRVHPMXVWDFDXVDGHXPDGYRJDGRTXHWHUPLQRXSRU
VHUMXOJDGDHPGHPDLRGH³9RUYLVY,QVXUDQFH&RUSRUDWLRQRI%ULWLVK&ROXPELD´
6&5(RQLV-9RUYLV$SSHOODQWY,QVXUDQFH&RUSRUDWLRQRI%ULWLVK&ROXPELD5HVSRQGHQW
$R ORQJR GH VHX YRWR DVVLP VH PDQLIHVWRX R UHIHULGR -XL] ³$JJUDYDWHG GDPDJHV DUH DZDUGHG WR
FRPSHQVDWHIRUDJJUDYDWHGGDPDJH$VH[SODLQHGE\:DGGDPVWKH\WDNHDFFRXQWRILQWDQJLEOHLQMXULHV
DQG E\ GH¿QLWLRQ ZLOO JHQHUDOO\ DXJPHQW GDPDJHV DVVHVVHG XQGHU WKH JHQHUDO UXOHV UHODWLQJ WR WKH
DVVHVVPHQWRIGDPDJHV$JJUDYDWHGGDPDJHVDUHFRPSHQVDWRU\LQQDWXUHDQGPD\RQO\EHDZDUGHGIRU
WKDWSXUSRVH3XQLWLYHGDPDJHVRQWKHRWKHUKDQGDUHSXQLWLYHLQQDWXUHDQGPD\RQO\EHHPSOR\HG
LQ FLUFXPVWDQFHV ZKHUH WKH FRQGXFW JLYLQJ WKH FDXVH IRU FRPSODLQW LV RI VXFK QDWXUH WKDW LW PHULWV
SXQLVKPHQW´7UDGXomROLYUHGRDXWRU³'DQRVDJUDYDGRVVmRFRQFHGLGRVSDUDFRPSHQVDUSRUGDQR
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
$ SUHYDOHFHU HQWHQGLPHQWR QR VHQWLGR GH D UHVSRQVDELOLGDGH GR GHJUDGDGRU
QmRVHVXMHLWDUDRVSXQLWLYHGDPDJHVTXHWHUPLQDUDPSRUWHUDVXDLQFLGrQFLD
UHFRQKHFLGDQRPHQFLRQDGRFDVR(RQLV-9RUYLVYHUVXV,QVXUDQFH&RUSRUDWLRQ
RI %ULWLVK &ROXPELD UHVWULQJLUVHLD j UHSDUDomR LQ QDWXUD GD GHJUDGDomR
H j HYHQWXDO FRPSHQVDomR LQHUHQWH DRV DJJUDYDWHG GDPDJHV &RP LVVR VH
HVWDULDDDEULUPmRGHDWHQWDUSDUDRGHVYDORUGDFRQGXWDOHVLYDHPVLPHVPD
FRQVLGHUDGDQRVPROGHVGDDQiOLVHSHUWLQHQWHDRVSXQLWLYHGDPDJHV(PXPD
SHUVSHFWLYDGHUHSDUDomRSDVVtYHOGHVHUUHIRUoDGDWmRVRPHQWHSRUDJJUDYDWHG
GDPDJHVDYDOLDUVHLDDFRQGXWDOHVLYDDSHQDVSDUDYHUL¿FDUVHDGHJUDGDomR
DRDPELHQWHWHUPLQRXSRUVHUSRUHODDJUDYDGDSHODIRUPDSRUTXHYHLRDVHU
SRVWHULRU RX FRQFRPLWDQWHPHQWH SUDWLFDGD 1XP FRQWH[WR DVVLP PDUFDGR
H[FOXVLYDPHQWH SHOD UHSDUDomR LQ QDWXUD H SHOD FRPSHQVDomR LQWUtQVHFD DRV
DJJUDYDWHGGDPDJHVFRPDH[FOXVmRGDLGHLDGHSXQLomRLQHUHQWHDRVSXQLWLYH
GDPDJHVTXHPGHL[DULDGHHIHWXDURGHVPDWDPHQWRGHVXDVSURSULHGDGHVVHR
Pi[LPRTXHOKHVSRGHULDRFRUUHUVHULDWHUHPGHUHFRPSRURWHUUHQRDRHVWiJLR
HPTXHVHHQFRQWUDYDDQWHVGDDJUHVVmRFRPDFRQVHTXHQWHFRPSHQVDomRSHOR
SHUtRGRQHFHVViULRSDUDTXHLVVRYLHVVHDDFRQWHFHU"5HVSHLWDUVHLDRDPELHQWH
QRPRPHQWRHPTXHVHGHVFREULVVHTXHRULVFRGHSUHMXt]RSDUDRVGHJUDGDGRUHV
p PtQLPR SRUTXDQWR Vy VH H[LJLULD D VXD UHFRPSRVLomR DR HVWDGR HP TXH VH
HQFRQWUDYDDQWHVGRGDQRFXPXODGDFRPDFRPSHQVDomRSHORWHPSRQHFHVViULR
SDUDTXHDVH[WHUQDOLGDGHVQHJDWLYDVIRVVHPVXSRUWDGDVSHODSUySULD6RFLHGDGH
YtWLPD"2SWDULDSRUUHVSHLWDURPHLRDPELHQWHTXHPFRQVWDWDVVHTXHRFDPLQKR
GRGDQRDPELHQWDOpHFRQRPLFDPHQWHYDQWDMRVRXPDYH]TXHVyRVÀDJUDGRV
UHVSRQGHPHDUHVSRQVDELOLGDGHGHVVHVVHUHVWULQJHDUHFRPSRURWHUUHQRDRVWDWXV
TXRDQWHHPFRPSOHPHQWRjQHFHVVLGDGHGHFRPSHQVDUDYtWLPDSHORWHPSR
TXHOHYDUiSDUDTXHHODSUySULDVXSRUWHDVH[WHUQDOLGDGHVQHJDWLYDVRULXQGDV
GD GHJUDGDomR" 'HL[DULD R GHJUDGDGRU GH DVVXPLU R ULVFR GH VHU ÀDJUDGR VH
VRXEHVVHTXHRPi[LPRTXHOKHVHULDLPSRVWRVHULDDREULJDomRGHDEDQGRQDU
DXWLOL]DomRGHXPWHUUHQRTXHVHTXHUGHYHULDHVWDUH[SORUDQGRDFUHVFLGDGD
DJUDYDGR&RQIRUPHH[SOLFRXD:DGGDPVHOHVWRPDPFRQWDGHOHV}HVSRUGH¿QLomRLQWDQJtYHLV
H JHUDOPHQWH DXPHQWDP RV GDQRV DYDOLDGRV VHJXQGR DV UHJUDV JHUDLV UHODWLYDV j DYDOLDomR GRV
GDQRV,QGHQL]Do}HVFRPSHQVDWyULDVVmRDJUDYDGDVSRUQDWXUH]DHVySRGHPVHUFRQFHGLGRVSDUD
HVVD¿QDOLGDGH3XQLWLYRVSRURXWURODGRVmRGHQDWXUH]DSXQLWLYDHVySRGHPVHUHPSUHJDGRV
QRVFDVRVHPTXHRFRPSRUWDPHQWRTXHGiFDXVDSDUDDGHQ~QFLDpGHWDOQDWXUH]DTXHPHUHFH
SXQLomR´
7DPEpPWLYHUDPVXDLQFLGrQFLDUHFRQKHFLGDQHVWHVMXOJDPHQWRVLJXDOPHQWHSURIHULGRVQRkPELWRGR
3RGHU -XGLFLiULR FDQDGHQVH 0DNDUFKXN Y 0LGWUDQVSRUWDWLRQ 6HUYLFHV /WG &&(/ 2QWiULR+&7KRPY*RRGKRVW)RRGV/WG&&(/2QWiULR+&%URZQY:DWHUORR
5HJLRQDO%RDUGRI&RPPLVVLRQHUVRI3ROLFH25G
$UHVSHLWRGDGLVWLQomRHQWUH³DJJUDYDWHGGDPDJHV´H³SXQLWLYHGDPDJHV´*20(6-~OLR0DQRHO
9LHLUD2FRQFHLWRGHHQULTXHFLPHQWR2HQULTXHFLPHQWRIRUoDGRHRVYiULRVSDUDGLJPDVGR
HQULTXHFLPHQWRVHPFDXVD3RUWR8QLYHUVLGDGH&DWyOLFD3RUWXJXHVD&ROHomR³7HVHV´S
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
REULJDomRGHFRPSHQVDUD6RFLHGDGHSHORSHUtRGRTXHOHYDULDSDUDUHFXSHUi
ORGRVSUHMXt]RVRULXQGRVGHWDOXVXUSDomR"8PDEUHYHUHÀH[mRHQYROYHQGR
DV VXSUDFLWDGDV SHUJXQWDV H DV UHVSRVWDV TXH IDWDOPHQWH KmR GH VHU GDGDV D
HODV LQHYLWDYHOPHQWH OHYD D GHGX]LU TXH VHP VRPEUD GH G~YLGD VHJXLULDP
RV GHJUDGDGRUHV VXJDQGR R DPELHQWH GHL[DQGR SDUD VH SUHRFXSDU FRP RV
SHUFDOoRVOHJDLVDSHQDVHPFDVRGHVHUHPÀDJUDGRV(PHVPRQDKLSyWHVHGH
VHUHPÀDJUDGRVDLQGDDVVLPWHULDPGHWmRVRPHQWHDEULUPmRGHXPUHFXUVR
QDWXUDOTXHVHTXHUGHYHULDPHVWDUH[SORUDQGRLJXDOPHQWHVHORFXSOHWDQGRSHOR
IDWRGHWHUHPGHDSHQDVFRPSHQVDUD6RFLHGDGHSHORSHUtRGRQHFHVViULRSDUD
UHFXSHUDURVSUHMXt]RVRULXQGRVGHWDOXVXUSDomR
8PDVDtGDVHULDRSWDUSRUVHID]HUXVRGRVUHVWLWXWLRQDU\GDPDJHVMXVWDPHQWH
HP YLUWXGH GH VH QRUWHDUHP SRU XP FULWpULR PDLV DWHQWR DR OXFUR REWLGR SHOR
GHJUDGDGRUGRTXHDRSUHMXt]RVXSRUWDGRSHOD6RFLHGDGHYtWLPD&RQTXDQWRVH
SXGHVVHIDODUQRVEHQHItFLRVRULXQGRVGDFLUFXQVWkQFLDGHRVUHVWLWXWLRQDU\GDPDJHV
VHDPSDUDUHPQXPFULWpULRGHUHVWLWXLomRTXHVHDSUHVHQWDPXLWRPDLVREMHWLYRGR
TXHRFULWpULRGHSXQLomRTXHpHPSUHJDGRHPVHGHGHSXQLWLYHGDPDJHVTXHMi
YHLRDVHUGHVFULWRFRPR³ODUJHPHQWDUELWUDLUH´SRU*UpJRU\0DLWUHDLQGDDVVLP
VHKiGHSUHIHULUHVWHVHPGHWULPHQWRGDTXHOHV2UDLVVRRFRUUHHPYLUWXGHGHRV
SXQLWLYHGDPDJHVLJXDOPHQWHVHSUHVWDUHPDH[LJLUDUHVWLWXLomRGROXFURREWLGR
SHOR GHJUDGDGRU HP GHFRUUrQFLD GH VXD FRQGXWD OHVLYD DR DPELHQWH LQFOXVLYH
GH PRGR D IRUoiOR D MDPDLV RSWDU QRYDPHQWH SHOD GHJUDGDomR DPELHQWDO
PDVFRPDYDQWDJHPGHSUHVFLQGLUHPGDFRPSURYDomRGRQH[RGHFDXVDOLGDGH
&I0('(,526-RmR3DXOR)RQWRXUDGH0('(,526)HUQDQGD/XL]D)RQWRXUDGH'RGLUHLWR
D XP PHLR DPELHQWH HFRORJLFDPHQWH HTXLOLEUDGR H GR GHYHU GH UHSDUDomR H FRPSHQVDomR LQ
%(1-$0,1 $QWRQLR +HUPDQ RUJ 3DLVDJHP 1DWXUH]D H 'LUHLWR /DQGVFDSH 1DWXUH DQG
/DZ6mR3DXOR,QVWLWXWR³2'LUHLWRSRUXP3ODQHWDYHUGH´³/DZIRUDJUHHQ3ODQHW,QVWLWXWH´º
YROXPHSHVHJXLQWHV
&I0('(,526-RmR3DXOR)RQWRXUDGH0('(,526)HUQDQGD/XL]D)RQWRXUDGH'RGLUHLWR
D XP PHLR DPELHQWH HFRORJLFDPHQWH HTXLOLEUDGR H GR GHYHU GH UHSDUDomR H FRPSHQVDomR LQ
%(1-$0,1 $QWRQLR +HUPDQ RUJ 3DLVDJHP 1DWXUH]D H 'LUHLWR /DQGVFDSH 1DWXUH DQG
/DZ6mR3DXOR,QVWLWXWR³2'LUHLWRSRUXP3ODQHWDYHUGH´³/DZIRUDJUHHQ3ODQHW,QVWLWXWH´º
YROXPHSHVHJXLQWHV
1HVVHVHQWLGR*20(6-~OLR0DQRHO9LHLUD2FRQFHLWRGHHQULTXHFLPHQWR2HQULTXHFLPHQWR
IRUoDGR H RV YiULRV SDUDGLJPDV GR HQULTXHFLPHQWR VHP FDXVD 3RUWR 8QLYHUVLGDGH &DWyOLFD
3RUWXJXHVD&ROHomR³7HVHV´SHVHJV
0$,75( *UpJRU\ /D UHVSRQVDELOLWp FLYLOH j O¶pSUHXYH GH O¶$QDO\VH eFRQRPLTXH GX 'URLW
3UpIDFH GH +RUDWD 0XLU :DWW 'HIUpQRLV ± *XDOLQR ± -RO\ /*'- 0RQWFKUHVWLHQ /D &ROOHFWLRQ
³'URLWeFRQRPLH´S
%DVWD DWHQWDU SDUD R FDVR VXSUDFLWDGR 5,&+$5' *5,06+$: D 0LQRU HWF 3ODLQWLII DQG
$SSHOODQWY)25'02725&203$1<'HIHQGDQWDQG$SSHOODQW&$50(1*5$<D0LQRU
HWF HW DO 3ODLQWLIIV DQG$SSHOODQWV Y )25' 02725 &203$1< 'HIHQGDQW DQG$SSHOODQW
&LY1R&RXUWRI$SSHDORI&DOLIRUQLD)RXUWK$SSHOODWH'LVWULFW'LYLVLRQ7ZR&DO
$SSG&DO$SS/(;,6&DO5SWU&&+3URG/LDE5HS30D\
$UHVSHLWR/25(1d23DXOD0HLUD2VGDQRVSXQLWLYRVLQ5HYLVWDGD)DFXOGDGHGH
'LUHLWRGD8QLYHUVLGDGHGH/LVERD;/,,,Q&RLPEUDSSD
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
HQWUHRFRPSRUWDPHQWRGRGHJUDGDGRUHDYDQWDJHPHFRQ{PLFDSRUHOHDIHULGD
(WXGRLVVRVHPSUHMXt]RGHRVSXQLWLYHGDPDJHVDLQGDVHFRUUHODFLRQDUHPFRP
RSULQFtSLRGDSUHYHQomRFRPRTXHVHDIDVWDWRGRHTXDOTXHUDUJXPHQWRQR
VHQWLGRGHTXHVHUYHPSDUDRORFXSOHWDPHQWRLQGHYLGRGDYtWLPDSRUTXDQWRKmR
GHVHUWLGRVFRPR³«DUHZDUGIRUVRFLDOO\GHVLUDEOHFRQGXFW´DH[HPSORGR
TXHYHPRFRUUHQGRHPUHODomRjVIDPRVDVFODVVDFWLRQVHWHPVHUYLGRGHHVWtPXOR
SDUDDSURSRVLWXUDFDGDYH]PDLVIUHTXHQWHGHVVDVGHPDQGDV
1DLPSUHVFLQGLELOLGDGHGHR(VWDGRVHPSUHDJLUGHIRUPDUtJLGDHVHYHUD
³«DRSXQLURFDXVDGRUGHGDQRVDRPHLRDPELHQWHSRLVDVVLPVHLGHDOL]DUi
XPPHFDQLVPRHVWLPXODQWHFRQWUDDSUiWLFDGHDJUHVV}HVDRPHLRDPELHQWH´
FODUDPHQWHVHHQ[HUJDDQHFHVVLGDGHGHXPDUHVSRQVDELOLGDGHFLYLOSUHYHQWLYD
TXHDQFRUDGDQRVSXQLWLYHGDPDJHVWHUPLQHSRUSXQLURGHJUDGDGRUHDVVLP
YHQKDDLQFHQWLYiOREHPFRPRDWRGRVRVRXWURVSRVVtYHLVGHJUDGDGRUHVD
QmRSUDWLFDUTXDLVTXHUFRQGXWDVGHSUHGDWyULDVGRDPELHQWHeSUHFLVDPHQWH
HVVHRHVSDoRDVHURFXSDGRSHORVSXQLWLYHGDPDJHVQDHVIHUDGDUHVSRQVDELOLGDGH
FLYLO$OLiVXPHVSDoRTXHVHOKHVUHFRQKHFHVHPTXHVHWHQKDGHVHIDODUHP
VREUHSRVLomR HQWUH SXQLWLYH GDPDJHV H FRPSHQVDomR FRPSOHPHQWDU 6HP
SUHMXt]RGDLQWHUDomRTXHKiGHH[LVWLUHQWUHHOHVHHQWUHHVWHVHDTXHOHVRXWURV
LQVWLWXWRV DQWHV PHQFLRQDGRV QR SUHVHQWH WySLFR LQFOXVLYH SRU IRUoD GH XP
SULQFtSLR GR SROXLGRUSDJDGRU TXH DEUDQMD QmR Vy RV FXVWRV GH UHSDUDomR GH
GDQRVDPELHQWDLVFRPRWDPEpPRVGHSUHYHQomRHUHSUHVVmRGHVVHVSHUPLWH
VHGHGX]LUTXHWRGRVVHHQFRQWUDPSHUIHLWDPHQWHGHOLPLWDGRVDRVHVSDoRVTXH
OKHVFDEHPQRVLVWHPDGHUHVSRQVDELOLGDGHFLYLOTXHVHHVWiDSURSRU
&I 0('(,526 -RmR 3DXOR )RQWRXUD GH 0('(,526 )HUQDQGD /XL]D )RQWRXUD GH 'R
GLUHLWRDXPPHLRDPELHQWHHFRORJLFDPHQWHHTXLOLEUDGRHGRGHYHUGHUHSDUDomRHFRPSHQVDomR
LQ%(1-$0,1$QWRQLR+HUPDQRUJ3DLVDJHP1DWXUH]DH'LUHLWR/DQGVFDSH1DWXUHDQG
/DZ6mR3DXOR,QVWLWXWR³2'LUHLWRSRUXP3ODQHWDYHUGH´³/DZIRUDJUHHQ3ODQHW,QVWLWXWH´º
YROXPHSHVHJXLQWHV
781& $QGUp &DStWXOR ,QWURGXWyULR DR 9RO ;, 7RUWV LQ ,QWHUQDWLRQDO (QF\FORSHGLD RI
&RPSDUDWLYH/DZ0RKU7XELQJHQ0DUWLQXV1LMKRII3XEOLVKHUV'RUGUHFKW%RVWRQ/DQFDVWHUS
7UDGXomROLYUHGRDXWRU³«XPDUHFRPSHQVDSDUDRFRPSRUWDPHQWRVRFLDOPHQWHGHVHMiYHO´
([HPSORVQRUWHDPHULFDQRV&RXQW\RI/RV$QJHOHVY:LQDQV&DO$SS
.HQWY&KXUFKRI6W0LFKDHO1<1($P6W5HS1R&DQDGi
2QWDULR7LERQLY0HUFN)URVVW&DQDGD/WG2-1R6DVNDWFKHZDQ:XWWXQHHY0HUFN
)URVVW&DQDGD/WG6.4%
67212*$$QGUH]D&ULVWLQD7XWHOD,QLELWyULD$PELHQWDO«S
$ UHVSHLWR GH WDO LQFHQWLYR *8(55$ 6 0* H +,126752=$ 0 4XHVW}HV DPELHQWDLV H
LPSOLFDo}HVHFRQ{PLFDV9LVmRLQWURGXWyULDLQ5HYLVWDGH'LUHLWR$PELHQWDO6mR3DXOR(GLWRUD
5HYLVWDGRV7ULEXQDLVDEULODMXQKRGHS
$SURSyVLWR0$57,16$QWyQLR&DUYDOKR$SROtWLFDGHDPELHQWHGD&RPXQLGDGH(FRQyPLFD
(XURSHLD&RLPEUD&RLPEUD(GLWRUDSSH
&I %(1-$0,1 $QW{QLR +HUPDQ 9 2 SULQFtSLR SROXLGRUSDJDGRU H D UHSDUDomR GR GDQR
DPELHQWDOLQ'DQRDPELHQWDO3UHYHQomRUHSDUDomRHUHSUHVVmR%(1-$0,1$QW{QLR+HUPDQ
9&RRUG6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
7OFKCIPÎUVKEQCRTQRÎUKVQFQUőRWPKVKXGFCOCIGUŒ
GOUGFGFGő.CYCPF'EQPQOKEUŒ
6HP SHUGHU WHPSR FRP D UHVLVWrQFLD GRV FLYLOLVWDV HP TXHUHU DWULEXLU j
UHVSRQVDELOLGDGH FLYLO XPD IXQomR SUHYHQWLYD HP VHGH GH 'LUHLWR$PELHQWDO
XPD YH] TXH WDO DSHJR DR WUDGLFLRQDOLVPR LQGLVFXWLYHOPHQWH FDL SRU WHUUD
GLDQWH GD UHFXVD SDUDGR[DOPHQWH DPSDUDGD QD VXEVLGLDULHGDGH LQWUtQVHFD j
LGHLDGHXOWLPDUDWLRGHTXHVHUHYHVWHDQRUPDSHQDOGHWXWHOiORSRUSDUWH
2 SDUDGR[R HVWi HP VH SUHWHQGHU DIDVWDU GD LQFLGrQFLD GHVVD XOWLPD UDWLR MXVWDPHQWH RV
FRPSRUWDPHQWRV TXH SRGHP S{U ¿P j YLGD QHVWH 3ODQHWD &I $0$5$/ &OiXGLR GR 3UDGR
%DVHVWHyULFDVGDFLrQFLDSHQDOFRQWHPSRUkQHDGRJPiWLFDPLVVmRGRGLUHLWRSHQDOHSROtWLFD
FULPLQDOQDVRFLHGDGHGHULVFR6mR3DXOR0RQRJUD¿DVGR,%&&5,0Q,%&&5,0
SS H 'H IDWR VH p YHUGDGH TXH D &RQVWLWXLomR QmR SRVVXL FDSDFLGDGH ³«QHP WHP
OHJLWLPLGDGHSDUDLPSRUDROHJLVODGRURUGLQiULRDFULPLQDOL]DomRGHFRQGXWDV´0(1'(63DXOR
GH6RXVD9DOHDSHQD«RSFLWSWDPEpPVHD¿JXUDYHUGDGHLURGHGX]LUTXHHPWHQGR
VLGR FULPLQDOPHQWH WXWHODGRV GHWHUPLQDGRV GLUHLWRV IXQGDPHQWDLV UHYHODVH GHVSURSRUFLRQDO &I
%(/(=$7HUHVD3L]DUUR$UHYLVmRGD3DUWH(VSHFLDOQDUHIRUPDGR&yGLJR3HQDOOHJLWLPDomR
UHHTXLOtEULR SULYDWL]DomR LQGLYLGXDOLVPR ,Q -RUQDGDV VREUH D UHYLVmR GR &yGLJR 3HQDO ±
)DFXOGDGHGH'LUHLWRGD8QLYHUVLGDGHGH/LVERD2UJDQL]DomRGH0DULD)HUQDQGD3DOPDHGH
7HUHVD 3L]DUUR %HOH]D /LVERD$$)'/ S TXH VHMD LJQRUDGR SHOR 'LUHLWR 3HQDO ORJR
R GLUHLWR IXQGDPHQWDO TXH LQHJDYHOPHQWH Ki GH VHU YLVWR FRPR FUXFLDO SDUD D VREUHYLYrQFLD GD
YLGDFRPRXPWRGR&I%(/(=$7HUHVD3L]DUUR'LUHLWR3HQDOº9ROXPH$$)'/ª
HGLomRUHYLVWDHDFWXDOL]DGDS0(==(77,/XFD2SFLWS52'5,*25LFDUGRGH
9LFHQWH2SFLWSSH$SUHYDOHFHUHQWHQGLPHQWRHPVHQWLGRFRQWUiULRFRQTXDQWRFRPD
ORXYiYHOLQWHQomRGHHYLWDUXPDSRVVtYHODIURQWDjGLJQLGDGHGDSHVVRDKXPDQD$UHVSHLWRGRWHPD
%(/(=$7HUHVD3L]DUUR'LUHLWR3HQDO2SFLWS),$1'$&$*LRYDQQLH086&2
(Q]R'LULWWRSHQDOH3DUWHJHQHUDOH%RORJQD=DQLFKHOOLHGLWRUH6S$4XDUWDHGL]LRQH
S 52'5,*2 5LFDUGR GH 9LFHQWH 2S FLW SS H HVWDUVHLD D WXWHODU SHQDOPHQWH
RXWURV GLUHLWRV IXQGDPHQWDLV HP GHWULPHQWR GH GLUHLWR IXQGDPHQWDO VHP R TXDO VHTXHU VH SRGH
LPDJLQDU UHVSHLWDGD HVVD PHVPD GLJQLGDGH GD SHVVRD KXPDQD &I 0$5&+(//2 )UDQFHVFR
3(55,1, 0DULQHOOD H 6(5$),1, 6XV\ 'LULWWR 'HOO¶$PELHQWH 1DSROL (GL]LRQL *LXULGLFKH
6LPRQH9,HGL]LRQHS2/,9$5(6*RQ]DOR4XLQWHUR%LHQMXUtGLFRGHUHFKRS~EOLFR
VXEMHWLYR\OHJLWLPDFLyQHQHO'HUHFKRSHQDODPELHQWDOLQ2/,9$5(6*RQ]DOR4XLQWHUR35$76
)HUPtQ0RUDOHV&RRUGLQDGRUHV(VWXGLRVGH'HUHFKR$PELHQWDO/LEUR+RPHQDMHDOSURIHVRU
-RVHS 0LTXHO 3UDWV &DQXW 9DOHQFLD 7LUDQW OR %ODQFK S ',$6 $XJXVWR 6LOYD
©:KDWLIHYHU\ERG\GLGLW"ª6REUHD©LQFDSDFLGDGHGHUHVVRQkQFLDªGR'LUHLWR3HQDOj¿JXUDGD
DFXPXODomRLQ5HYLVWD3RUWXJXHVDGH&LrQFLD&ULPLQDO-XOKR6HWHPEURSHVHJV
675$7(1:(57+*QWHU'HUHFKR3HQDO3DUWH*HQHUDO±(OKHFKRSXQLEOH,7UDG0DQXHO
&DQFLR0HOOLi±0DUFHOR6DQFLQHWWL%XHQRV$LUHV+DPPXUDELªHG&DVWHOODQDS
1DGRXWULQDSRUWXJXHVDGH'LUHLWR3HQDO3$,9$-RVpGD&XQKD1DYDUURGH(VWXGRVGH'LUHLWR
3HQDO/LVERD/LYUDULDV$LOODXGH%HUWUDQG$(GLWRUD/LPLWDGDS2ULHQWDQGRVHSHOR
PHVPR QRUWH QD GRXWULQD HVSDQKROD '(9(6$ -RVp 0DULD 5RGULJXH] /DV QXHYDV WHQGHQFLDV
GH OD SROtWLFD FULPLQDO LQ (VWXGLRV 3HQDOHV \ &ULPLQRORJLFRV 9, 8QLYHUVLGDG GH 6DQWLDJR GH
&RPSRVWHOD6HFUHWDULDGRGH3XEOLFDFLRQHVGH/D8QLYHUVLGDGGH6DQWLDJRGH&RPSRVWHODS
1DGRXWULQDDOHPm/,6=7)UDQ]YRQ/DLGHDGHO)LQHQHO'HUHFKR3HQDO,QWURGXFFLyQ\
QRWDELRJUi¿FDGH-RVp0LJXHO=XJDOGtD(VSLQDU7UDGXFFLyQGH³'HU=ZHHNJHGDQNHLP6WUDIUHFKW´
GH&DUORV3pUHVGHO9DOOH*UDQDGD(GLWRULDO&RPDUHVS-(6&+(&.+DQV+HLQULFK
7UDWDGR GH 'HUHFKR 3HQDO 3DUWH *HQHUDO 9ROXPHQ 3ULPHUR 7UDGXFFLyQ GH ³/HKUEXFK GHV
6WUDIUHFKWV´\DGLFLRQHVGH'HUHFKR(VSxROSRU60LU3XLJ\)0XxR]&RQGH%DUFHORQD%26&+
&DVD (GLWRULDO 6$ S H 52;,1 &ODXV 3UREOHPDV )XQGDPHQWDLV GH 'LUHLWR
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
GRV SUHVWLJLDGRV SHQDOLVWDV GD )UDQNIXUWHU 6FKXOH LQWHJUDGD SRU 0OOHU
7XFNIHOG SRU :LQIULHG +DVVHPHU SRU :ROIJDQJ 1DXFNH H SRU )HOL[
+HU]RJ GHQWUH RXWURV H SHUDQWH R SUySULR VLJQL¿FDGR GR SULQFtSLR GR
3HQDO/LVERD9HJDS$LQGD52;,1&ODXV'HUHFKR3HQDO3DUWH*HQHUDO7RPR,
7UDGGDªHGDOHPmSRU/X]yQ3HxD'LD]<JDUFLD&RQOOHGRH9LFHQWH5HPHVDO0DGULG&LYLWDV
S H VHJV 1D GRXWULQD EULWkQLFD$6+:257+$QGUHZ 3ULQFLSOHV RI &ULPLQDO /DZ
2[IRUG8QLYHUVLW\3UHVV3ULQWHGLQ*UHDW%ULWDLQE\7-,QWHUQDFLRQDO/WG3DGVWRZ&RUQZDOO
IRXUWKHGLWLRQS'HQWUHRVGRXWULQDGRUHVLWDOLDQRVGH'LUHLWR$PELHQWDO0$5&+(//2
)UDQFHVFR3(55,1,0DULQHOODH6(5$),1,6XV\2SFLWS
'HQWUHRVSHQDOLVWDVPDQLIHVWDPVHDIDYRUGHXPDWXWHODSHQDOGRPHLRDPELHQWH)(51$1'(6
3DXOR6LOYD*OREDOL]DomR³6RFLHGDGHGH5LVFR´HRIXWXURGR'LUHLWR3HQDO3DQRUkPLFDGH
DOJXQVSUREOHPDVFRPXQV&RLPEUD$OPHGLQDS&81+$0DULDGD&RQFHLomR)HUUHLUD
GD&RQVWLWXLomRH&ULPH8PDSHUVSHFWLYDGDFULPLQDOL]DomRHGDGHVFULPLQDOL]DomR3RUWR
3XEOLFDo}HV 8QLYHUVLGDGH &DWyOLFD 3RUWXJXHVD S H ',$6 -RUJH GH )LJXHLUHGR
'LUHLWR3HQDO3DUWH*HUDO4XHVW}HV)XQGDPHQWDLV$GRXWULQD*HUDOGR&ULPH&RLPEUD
&RLPEUD (GLWRUD ª HGLomR S H VHJV 6È1&+(= -HV~V0DULD 6LOYD /D H[SDQVLyQ
GHO'HUHFKR3HQDO$VSHFWRVGHODSROtWLFDFULPLQDOHQODVVRFLHGDGHVSRVWLQGXVWUDOHV0DGULG
&LYLWDVªHGSHVHJV675$7(1:(57+*QWHU6WUDIUHFKW$OOJHPHLQHU7HLO,±
'LH6WUDIWDW7UDGXFFLyQGHODªHGLFLyQDOHPDQDGH*ODG\V5RPHUR'HUHFKR3HQDO3DUWH
*HQHUDO,±(O+HFKR3XQLEOH0DGULG(GLWRULDOHVGH'HUHFKR5HXQLGDV6$('(56$,QVWLWXWR
GH&ULPLQRORJtDGH0DGULGSH%(/(=$7HUHVD3L]DUUR'LUHLWR3HQDO2SFLWS
%,'$62/20LUHQW[X&RUFR\'HOLWRVGHSHOLJUR\SURWHFFLyQGHELHQHVMXUtGLFRSHQDOHV
VXSUDLQGLYLGXDOHV9DOHQFLD7LUDQWOR%ODQFKSHVHJV+()(1'(+/5RODQG'HEH
RFXSDUVH HO GHUHFKR SHQDO GH ULHVJRV IXWXURV" %LHQHV MXUtGLFRV FROHFWLYRV \ GHOLWRV GH SHOLJUR
DEVWUDFWR LQ $QDOHV GH 'HUHFKR 7UDGXFFLyQ \ DOJXQDV QRWDV GH 'HUHFKR (VSDxRO GH (GXDUGR
6DOD]DU2UWXxR/LFHQFLDGRHQ'HUHFKRSRUOD8QLYHUVLGDGGH0XUFLDEHFDULR©&HODªSDUDHOFXUVR
GHOD8QLYHUVLGDGGH'UHVGHQ8QLYHUVLGDGGH0XUFLD1~PHURSHVHJV
'HQWUHRVDXWRUHVGH'LUHLWR$GPLQLVWUDWLYRTXHGHIHQGHPDQHFHVVLGDGHGHXPDWXWHODSHQDOGR
DPELHQWH 0$7(2 5DPyQ 0DUWtQ 0DQXDO GH 'HUHFKR $PELHQWDO 1DYDUUD (OFDQR (GLWRULDO
$UDQ]DGLª(GLFLyQS6,/9$9DVFR3HUHLUDGD9HUGH&RUGH'LUHLWR«RSFLWS
+$66(0(5:LQIULHG/DDXWRFRPSUHQVLyQGHOD&LHQFLDGHO'HUHFKR3HQDOIUHQWHDODVH[LJHQFLDV
GHVXWLHPSRLQ(6(5$OELQ+$66(0(5:LQIULHG%85.+$5'7%M|UQ&21'()UDQFLVFR
0XxR]&RRUG/D&LHQFLDGHO'HUHFKR3HQDODQWHHOQXHYRPLOHQLR9DOHQFLD7LUDQWOR%ODQFK
SD7UDGXomROLYUHGRDXWRU³(VFRODGH)UDQNIXUW´7UDWDVHGD(VFRODTXHVHSRGH
HQ[HUJDUQR³,QVWLWXWIU.ULPLQDOZLVVHQVFKDIWHQ´GH)UDQNIXUW&I+(5=2*)HOL[/LPLWHVGHO
GHUHFKR SHQDO SDUD FRQWURODU ORV ULHVJRV VRFLDOHV LQ 3RGHU -XGLFLDO9 S H VHJV
1$8&.(:ROIJDQJ/DSURJUHVVLYDSpUGLGDGHFRQWHQLGRGHOSULQFLSLRGHOHJDOLGDGSHQDOFRPR
FRQVHFXHQFLDGHXQSRVLWLYLVPRUHODWLYLVPR\SROLWL]DGRLQ/DLQVRVWHQLEOHVLWXDFLyQGHO'HUHFKR
3HQDO*UDQDGD(GLWRULDO&RPDUHVSD
0Ò//(578&.)(/' (QVD\R SDUD OD DEROLFLyQ GHO 'HUHFKR 3HQDO GHO PHGLR DPELHQWH LQ
/DLQVRVWHQLEOHVLWXDFLyQGHO'HUHFKR3HQDO*UDQDGD(GLWRULDO&RPDUHVSD
+$66(0(5:LQIULHG /D DXWRFRPSUHQVLyQ GH OD &LHQFLD GHO 'HUHFKR 3HQDO IUHQWH« RS FLW
SD
1$8&.(:ROIJDQJ/DSURJUHVVLYDSpUGLGDGHFRQWHQLGRGHOSULQFLSLRGHOHJDOLGDGSHQDOFRPR
FRQVHFXHQFLDGHXQSRVLWLYLVPRUHODWLYLVPR\SROLWL]DGRLQ/DLQVRVWHQLEOHVLWXDFLyQGHO'HUHFKR
3HQDO*UDQDGD(GLWRULDO&RPDUHVSD
+(5=2*)HOL[/LPLWHVGHOGHUHFKRSHQDOSDUDFRQWURODUORVULHVJRVVRFLDOHVLQ3RGHU-XGLFLDO
9SHVHJV
',$6$XJXVWR6LOYD³'HOLFWDLQVH´H³GHOLFWDPHUHSURKLELWD´8PDDQiOLVHGDVGHVFRQWLQXLGDGHV
GRLOtFLWRSHQDOPRGHUQRjOX]GDUHFRQVWUXomRGHXPDGLVWLQomRFOiVVLFD'LVVHUWDomRGHGRXWRUDPHQWR
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
SROXLGRUSDJDGRU LPSRUWD DWHQWDU DTXL SDUD DV TXHVW}HV TXH SRGHP YLU D
VXUJLUHPPHLRj/DZDQG(FRQRPLFV
(P WHUPRV GH /DZ DQG (FRQRPLFV LQLFLDOPHQWH PHUHFH GHVWDTXH
D GL¿FXOGDGH GH LGHQWL¿FDU R UHVSRQViYHO SRU XP GHWHUPLQDGR UHVXOWDGR
OHVLYR DR DPELHQWH R TXH VH WRUQD DLQGD PDLV SHUFHSWtYHO TXDQGR VH HVWi
SHUDQWH SUHMXt]R TXH GHPRUD D VH FRQFUHWL]DU 1HVVH FRQWH[WR UHDOPHQWH
VH SRGH HQ[HUJDU XPD GHVYDQWDJHP GD UHVSRQVDELOLGDGH FLYLO HP DOXVmR
j UHJXODPHQWDomR (VWDWDO QR TXH GL] UHVSHLWR D XP LQFHQWLYR SDUD TXH
VH LQFUHPHQWH D SUHFDXomR 'HGXomR SDVVtYHO GH VH DOFDQoDU PHGLDQWH
D FRPSUHHQVmR GH HVWD VH DSOLFDU H[ DQWH H DTXHOD LQFLGLU H[ SRVW 'H
IDWR QHP PHVPR RV PHQRUHV FXVWRV SDUD D PDQXWHQomR GH XP VLVWHPD GH
UHVSRQVDELOLGDGHFLYLOTXHSURYrPGDFLUFXQVWkQFLDGHVyLQFLGLUTXDQGRMi
VHHQFRQWUDFRQFUHWL]DGRRSUHMXt]RSRGHPFRQWULEXLUSDUDTXHVHSUH¿UDHVWH
LQVWUXPHQWRHPGHWULPHQWRGDTXHODUHJXODPHQWDomR(VWDWDO1mRREVWDQWH
DUHJXODPHQWDomR(VWDWDOGHSHQGDGHJDVWRVS~EOLFRVQDGDGHVSUH]tYHLVSDUD
RFXVWHLRGH$JrQFLDV5HJXODGRUDVUHVSRQViYHLVSHOD¿VFDOL]DomRGRVDJHQWHV
LQWHJUDQWHVGRPHUFDGRDLQGDDVVLPVHSRGHLQIHULUTXHSHUPDQHFHVHQGRXP
LQVWUXPHQWRPDLVH¿FLHQWHGRTXHROLDELOLW\V\VWHPTXDQGRVHHVWiGLDQWH
HP&LrQFLDV-XUtGLFDVDSUHVHQWDGDHGHIHQGLGDQD)DFXOGDGHGH'LUHLWRGD8QLYHUVLGDGHGH/LVERD
/LVERD)DFXOGDGHGH'LUHLWRGD8QLYHUVLGDGHGH/LVERDSHVHJV
$UHVSHLWR%$5526-RVp0DQXHO$UD~MRGH'LUHLWRFLYLOHDPELHQWHLQ6FLHQWLDLXULGLFD%UDJD
7-DQHLUR-XQKRSSD%(1-$0,1$QW{QLR+HUPDQ92SULQFtSLRSROXLGRU
SDJDGRUHDUHSDUDomRGRGDQRDPELHQWDOLQ'DQRDPELHQWDO3UHYHQomRUHSDUDomRHUHSUHVVmR
%(1-$0,1$QW{QLR+HUPDQ9&RRUG6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVS
%877,/XFLDQR/¶2UGLQDPHQWR,WDOLDQRHGLO3ULQFLSLRµ&KL,QTXLQD3DJD¶LQ5LYLVWD*LXULGLFD
GHOO¶$PELHQWH $QQR 9 1 S *,$03,(752 )UDQFR /D UHVSRQVDELOLWj SHU 'DQQR
DOO¶$PELHQWH0LODQR'RWW$*LXIIUq(GLWRUHS&RQWUiULDDXPDYLQFXODomRHQWUH
D UHVSRQVDELOLGDGH FLYLO H R SULQFtSLR GR SROXLGRUSDJDGRU$5$*­2 0DULD$OH[DQGUD 6RXVD
3ULQFtSLRGR3ROXLGRU3DJDGRU«SHVHJV(PERUDDDXWRUDUHVVDOWHHPRXWURWUHFKRGH
VHX HVWXGR TXH RV SROXLGRUHV GHYHP ³«VXSRUWDU ¿QDQFHLUDPHQWH WRGDV DV GHVSHVDV S~EOLFDV
UHODFLRQDGDV JHQHULFDPHQWH FRP D SURWHFomR GR DPELHQWH WDQWR D SULRUL FRPR D SRVWHULRUL´
$5$*­20DULD$OH[DQGUD6RXVD3ULQFtSLRGR3ROXLGRU3DJDGRU«S
$SURSyVLWR%2<(50DUFHOH3255,1,'RQDWHOOD7KH&KRLFHRI,QVWUXPHQWVIRU(QYLURQPHQWDO
3ROLF\/LDELOLW\RU5HJXODWLRQ"LQ&,5$12:RUNLQJ3DSHUVV&,5$12S
&I%2<(50DUFHOH3255,1,'RQDWHOOD7KH&KRLFHRI,QVWUXPHQWVIRU(QYLURQPHQWDO3ROLF\
/LDELOLW\RU5HJXODWLRQ"LQ&,5$12:RUNLQJ3DSHUVV&,5$12S
$UHVSHLWR%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWS
$SURSyVLWR%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWS
1R TXH GL] UHVSHLWR D HVVHV FXVWRV OHLDVH +(56&+ -RQL 9,6&86, : .LS 7RUW /LDELOLW\
/LWLJDWLRQ&RVWVIRU&RPPHUFLDO&ODLPVLQ'212+8(-RKQ6+$9(//6WHYHQ$PHULFDQ/DZ
DQG(FRQRPLFV5HYLHZ86$2[IRUG8QLYHUVLW\3UHVV9ROXPH1XPEHU)DOOSS
HVHJV
$UHVSHLWRGDUHJXODPHQWDomRHVWDWDO$/0(,'$)HUQDQGRGLDV0HQH]HV&RQVLGHUDo}HVVREUHD
³5HJXODomR´QR'LUHLWR3RVLWLYR%UDVLOHLURLQ5HYLVWDGH'LUHLWR3~EOLFRHGH(FRQRPLD5'3(
%HOR+RUL]RQWHDQRQRXWXEURGH]HPEURSHVHJV
7UDGXomROLYUHGRDXWRU³6LVWHPDGHUHVSRQVDELOLGDGH´
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
GHPHUFDGRVHPTXHRVGDQRVVHDSUHVHQWDPFRPUD]RiYHOIUHTXrQFLDHFRP
XPDFRQVLGHUiYHOSUREDELOLGDGHGHYLUHPDVHUHSHWLU
$LQGD QR TXH VH UHIHUH j SUREOHPiWLFD HQYROYHQGR XP UHJLPH GH
UHVSRQVDELOLGDGHFLYLOQmRVHKiGHSHUGHUGHYLVWDXPDHYHQWXDOLQVROYrQFLD
TXHLPSHoDRGHJUDGDGRUGHDUFDUFRPRVFXVWRVGHUHSDUDomRGRVGDQRVSRU
HOH FDXVDGRV RX PHVPR GH YLU D SDJDU XP GHWHUPLQDGR YDORU j YtWLPD D
WtWXORGHSXQLWLYHGDPDJHV&RPRVHQmREDVWDVVHDSRVVLELOLGDGHGHJUDQGHV
HPSUHVDVGHJUDGDGRUDVYLUHPDVHWRUQDULQVROYHQWHVRSUREOHPDWHUPLQDSRU
VHDJUDYDUQRPRPHQWRHPTXHVHSHUFHEHDH[LVWrQFLDGHXPQ~PHURFDGD
YH]PDLRUGHSHTXHQDVHPSUHVDVQRPHUFDGR(PXPDSULPHLUDUHÀH[mRD
UHVSHLWRGDTXHVWmRWHPVHTXHDSULPHLUDLGHLDTXHYHPjPHQWHVHUHSRUWD
DXPUHJLPHGHVHJXURTXHSDVVtYHOGHVHUFRPSXOVRULDPHQWHLPSRVWRSHOR
(VWDGRDRVLQWHJUDQWHVGRPHUFDGRGHVWLQDUVHLDDDUFDUFRPRVFXVWRVSDUDD
UHSDUDomRGHXPDHYHQWXDOGHJUDGDomRDPELHQWDOHFRPPRQWDQWHVDVHUHP
SRUYHQWXUDSDJRVjVYtWLPDVDWtWXORGHSXQLWLYHGDPDJHV
1mRpGLItFLOSHUFHEHUTXHQmRVmRSRXFRVRVLQFRQYHQLHQWHVJHUDGRVSRU
XPUHJLPHGHVHJXURDVHULPSRVWRQHVVHVWHUPRV-iGHLQtFLRSRGHVHSHQVDU
HPXPDYHUGDGHLUD³GLWDGXUD´SRUSDUWHGDVVHJXUDGRUDV(PVHQGRRVHJXUR
REULJDWyULR SUDWLFDPHQWH VHULDP DV VHJXUDGRUDV TXH GHFLGLULDP TXHP HVWDULD
DSWRRXQmRDLQJUHVVDUQRPHUFDGRQXPDXVXUSDomRGDFRPSHWrQFLDGR(VWDGR
WRWDOPHQWHUHYHVWLGDGHLQFRQVWLWXFLRQDOLGDGHSRUDIURQWDDRSULQFtSLRGROLYUH
H[HUFtFLRGHTXDOTXHUDWLYLGDGHHFRQ{PLFDFRQVXEVWDQFLDGRQRDUWLJRGD
&RQVWLWXLomR )HGHUDO EUDVLOHLUD H QR DUWLJR GD &RQVWLWXLomR GD 5HS~EOLFD
3RUWXJXHVD EHP FRPR j ³GHPRFUDFLD HFRQyPLFD´ FRQVDJUDGD QR DUWLJR º
GHVVD H j ³WDUHID IXQGDPHQWDO´ GH ³HIHFWLYDomR GRV GLUHLWRV HFRQ{PLFRV´ D
TXHVHUHIHUHDDOtQHD³G´GRDUWLJRºGRPHVPRGLSORPDFRQVWLWXFLRQDO,VVR
VHP IDODU QR GHVUHVSHLWR j ³LJXDOGDGH GH RSRUWXQLGDGHV´ FRQVWDQWH GD DOtQHD
³E´ GR DUWLJR GD &RQVWLWXLomR GD 5HS~EOLFD 3RUWXJXHVD H VREUHWXGR QD
DIURQWDjLQFXPErQFLDGHR(VWDGRQRVWHUPRVGDDOtQHD³I´GHVVHGLVSRVLWLYR
FRQVWLWXFLRQDO SULRULWDULDPHQWH ³DVVHJXUDU R IXQFLRQDPHQWR H¿FLHQWH GRV
PHUFDGRVGHPRGRDJDUDQWLUDHTXLOLEUDGDFRQFRUUrQFLDHQWUHDVHPSUHVDV´
(QHPPHVPRVHSRGHJDUDQWLUTXHXPVHJXURHVWDEHOHFLGRQHVVHVPROGHV
VHPRVWUDULDWRWDOPHQWHFDSD]GHDUFDUFRPRVFXVWRVSDUDDUHSDUDomRGHXPD
HYHQWXDOGHJUDGDomRDPELHQWDOHGHGHVSHQGHUYDORUHVDVHUHPSRUYHQWXUD
&I%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWSSH
$UHVSHLWR%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWSSH
$VVLP%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWS
1RYDPHQWHQDHVWHLUDGH0DUFHO%R\HUH'RQDWHOOD3RUULQL%2<(50DUFHOH3255,1,'RQDWHOOD
2SFLWSSH
1HVVHVHQWLGR%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWS
1HVVHVHQWLGR%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
UHSDVVDGRVjVYtWLPDVDWtWXORGHSXQLWLYHGDPDJHV(LVVRHPUD]mRGDMi
PHQFLRQDGDH[LVWrQFLDGHXPQ~PHURFDGDYH]PDLRUGHSHTXHQDVHPSUHVDV
QRPHUFDGRXPDYH]TXHQDGDLPSHGHTXHHVVDVHPSUHVDVDGHVSHLWRGH
SHTXHQDVWHUPLQHPSRUFDXVDUFRQMXQWDPHQWHHHPVHTXrQFLDJLJDQWHVFRV
GDQRVDRPHLRDPELHQWHLQYLDELOL]DQGRWRGDHTXDOTXHU/RVV5HVHUYHTXHVH
YHQKDDSUHYHU1HVVHFRQWH[WRSRGHUVHLDSHQVDUHPXPDODUJDPHQWRGD
UHVSRQVDELOLGDGHGHPRGRDFRQVLGHUiODVROLGiULDQRTXHVHUHIHUHDWRGRV
RV HQYROYLGRV FRP D DWLYLGDGH GHVHQYROYLGD SHOD HPSUHVD GHJUDGDGRUD
&RPR FRQVHTXrQFLD GH XP WDO DODUJDPHQWR SRGHUVHLD UHDOPHQWH SHQVDU
HP XP LQGLVFXWtYHO DXPHQWR GD SUREDELOLGDGH GH R SUHMXt]R DR PHLR
DPELHQWHVHUUHSDUDGRHGHDVYtWLPDVYLUHPDUHFHEHUYDORUHVMXVWRVDWtWXOR
GH SXQLWLYH GDPDJHV 1DGD REVWDQWH R SUREOHPD p TXH XP DODUJDPHQWR GH
UHVSRQVDELOLGDGHOHYDGRDGLDQWHQHVVHVWHUPRVLQHYLWDYHOPHQWHWHUPLQDULDSRU
UHGX]LURVLQFHQWLYRVSDUDTXHDHPSUHVDYLHVVHDWRPDUSUHFDXo}HVGHVWLQDGDV
DHYLWDUTXDLVTXHUGDQRV'DtVHSRGHULQIHULUTXHXPWDODODUJDPHQWRHVWi
HP WRWDO GHVFRQIRUPLGDGH FRP R SULQFtSLR GR SROXLGRUSDJDGRU H FRP R
FDUiWHUSUHYHQWLYRTXHVHHQFRQWUDQRSUySULRkPDJRGRVSXQLWLYHGDPDJHV
$OJRTXHVHYHUL¿FDWDQWRQXPUHJLPHGHUHVSRQVDELOLGDGH¿QDQFHLUDTXDQWR
QXP VLVWHPD DWUHODGR D XP VXSHUIXQG SRXFR LPSRUWDQGR TXH HVVH VHMD
¿QDQFLDGRSRUWULEXWRVRXSRUFRQWULEXLo}HVRULXQGDVGHHPSUHVDVLQWHJUDQWHV
GRPHUFDGR(pERPTXHVHGLJDTXHVHWUDWDGHUDFLRFtQLRLGrQWLFRDRTXHKi
GHDSOLFDGRDRUHJLPHGHVHJXURHPJHUDO
1RTXHGL]UHVSHLWRDRVDVSHFWRVPDFURHFRQ{PLFRVOLJDGRVjDWLYLGDGHVHJXUDGRUD6,/9$&DUORV
3HUHLUDGD2VVHJXURVHR¿QDQFLDPHQWRGD(FRQRPLD6HJXURVLQ-(6860$YHOLQR'LUHFWRU
(VWXGRVGH(FRQRPLD/LVERD,QVWLWXWR6XSHULRUGH(FRQRPLDH*HVWmR,PSUHQVD1DFLRQDO&DVD
GD0RHGD9RO9,QRXWXEURGH]HPEURSS
$VVLP%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWS
$UHVSHLWRGD/RVV5HVHUYHTXHVHID]LPSUHVFLQGtYHOSDUD¿QVGHSURYLV}HVGHVLQLVWURV6.2*+
*RUDQ5HWXUQVWR6FDOHLQWKH6ZHGLVK3URSHUW\/LDELOLW\,QVXUDQFH,QGXVWU\LQ-RXUQDORI5LVN
DQG,QVXUDQFH1SS6,/9$&DUORV3HUHLUDGD2VVHJXURVHR¿QDQFLDPHQWR
GD(FRQRPLD6HJXURVLQ-(6860$YHOLQR'LUHFWRU(VWXGRVGH(FRQRPLD/LVERD,QVWLWXWR
6XSHULRUGH(FRQRPLDH*HVWmR,PSUHQVD1DFLRQDO&DVDGD0RHGD9RO9,QRXWXEUR
GH]HPEURS
&I%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWS
&I%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWS
$ SURSyVLWR GHVVH SULQFtSLR %(1-$0,1$QW{QLR +HUPDQ9 2 SULQFtSLR SROXLGRUSDJDGRU H D
UHSDUDomRGRGDQRDPELHQWDOLQ'DQRDPELHQWDO3UHYHQomRUHSDUDomRHUHSUHVVmR%(1-$0,1
$QW{QLR+HUPDQ9&RRUG6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVS
1HVVHVHQWLGR%2<(50DUFHOH3255,1,'RQDWHOOD2SFLWS
&I3255,1,'RQDWHOOD(FRQRPLF$QDO\VLVRI/LDELOLW\IRU(QYLURQPHQWDO$FFLGHQWVLQ5LYLVWD
,QWHUQD]LRQDOHGL 6FLHQ]H (FRQRPLFKHH &RPPHUFLDOL 1 SS D $ UHVSHLWR
$5$*­20DULD$OH[DQGUD6RXVD3ULQFtSLRGR3ROXLGRU3DJDGRUSHGUDDQJXODUGR'LUHLWR
&RPXQLWiULRGR$PELHQWH&RLPEUD&RLPEUD(GLWRUDS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
'UVTGKVCPFQUGQUNCÁQUGPVTGCTGURQPUCDKNKFCFGEKXKN
GQUQWVTQUTGOÃFKQU'ORTGGPFGPFQGUHQTÁQUEQOWPU
RCTCGXKVCTCő6TCIGF[QHVJG%QOOQPUŒ
1mRVHSUHWHQGHDTXLLJQRUDUDVIDOKDVGRUHJLPHGHUHVSRQVDELOLGDGHFLYLO
SUHYHQWLYD0XLWRSHORFRQWUiULR+iGHVHSHQVDUQDPHOKRUPDQHLUDGHVDQiODV
LQFOXVLYHFRPRIRUPDGHWRUQDUDUHVSRQVDELOLGDGHFLYLOSUHYHQWLYDDSWDD
MXQWDPHQWHFRPRVGHPDLVLQVWUXPHQWRVGHVWLQDGRVDHVWLPXODUDLQWHUQDOL]DomR
GHH[WHUQDOLGDGHVQHJDWLYDVGHFRUUHQWHVGHDWLYLGDGHVSURGXWLYDVGHJUDGDGRUDV
GRPHLRDPELHQWHLQFHQWLYDURVLQWHJUDQWHVGRPHUFDGRDDOFDQoDUXPQtYHO
yWLPRGHHTXLOtEULRHQWUHFXVWRVSULYDGRVHFXVWRVVRFLDLV
(PHVPRSRUTXHWDPEpPQmRVHKiGHIDODUHPSHUIHLomRQRkPELWRGHXP
UHJLPHGHUHJXODPHQWDomR(VWDWDOYLVWRTXHHVVDLJXDOPHQWHSRGHGDUHQVHMRD
SUREOHPDVGHWRGDRUGHP([HPSORGLVVRVHWHPQDVFLUFXQVWkQFLDVHPTXHRV
ULVFRVVmRVXSHUHVWLPDGRVSHOR(VWDGRUHJXODGRUGDQGRHQVHMRDQRUPDVTXH
GHWmRVHYHUDVHUtJLGDVSRGHPSURYRFDUXPHQJHVVDPHQWRQRPHUFDGR2X
PHVPR QDV VLWXDo}HV DQWDJ{QLFDV HP TXH R ULVFR p VXEHVWLPDGR SHOR (VWDGR
UHJXODGRU GLVVR UHVXOWDQGR D SURPXOJDomR GH QRUPDV TXH WHUPLQDP SRU QmR
LQFHQWLYDU DV HPSUHVDV D DGRWDU PHGLGDV H¿FLHQWHV GH SUHFDXomR GH GDQRV
DPELHQWDLV%DVWDUHÀHWLUXPSRXFRDUHVSHLWRGHVVD~OWLPDKLSyWHVHSDUDTXHVH
SHUFHEDTXHPHVPRQXPVLVWHPDHPTXHRVGDQRVVHMDPEDVWDQWHSURYiYHLVHD
UHVSRQVDELOLGDGHFLYLOWHQKDGHVHUSUHWHULGDHPSUROGDUHJXODPHQWDomR(VWDWDO
$SURSyVLWRGRSDSHODVHUH[HUFLGRSHODUHVSRQVDELOLGDGHFLYLOHPVHWUDWDQGRGHLQWHUQDOL]DomRGH
H[WHUQDOLGDGHVQHJDWLYDV&227(55REHUW(FRQRPLF7KHRULHVRI/HJDO/LDELOLW\LQ-RXUQDORI
(FRQRPLF3HUVSHFWLYHV1SS(,6(1%(5*7KHRGRUH7KH3UHGLFWDELOLW\RI
3XQLWLYH'DPDJHVLQ-RXUQDORI/HJDO6WXGLHV1/$1'(6:LOOLDP0H3261(55LFKDUG
$7KH(FRQRPLF6WUXFWXUHRI7RUW/DZ+DUYDUG8QLYHUVLW\3UHVV
&I0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«RSFLWS
1RV GL]HUHV GH 6 0* *8(55$ H 0 +,126752=$ HVWiVH SHUDQWH R ³UDPR DPELHQWDO GD
(FRQRPLD RX (FRQRPLD GR 0HLR $PELHQWH TXH EXVFD DYDOLDU D LPSRUWkQFLD HFRQ{PLFD GD
GHJUDGDomR DPELHQWDO SURFXUDU DV FDXVDV HFRQ{PLFDV GHVVD GHJUDGDomR H GHVHQKDU SROtWLFDV
GH LQFHQWLYR HFRQ{PLFR SDUD UHGX]LU H DWp PHVPR SUHVHUYDU RV DWXDLV QtYHLV GH GHJUDGDomR´
*8(55$60*H+,126752=$04XHVW}HVDPELHQWDLVHLPSOLFDo}HVHFRQ{PLFDV9LVmR
LQWURGXWyULDLQ5HYLVWDGH'LUHLWR$PELHQWDO6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVDEULOD
MXQKRGHS
&I .2/67$' &' 8/(1 76 H -2+1621 *9 ([ 3RVW /LDELOLW\ IRU +DUP YV ([ $QWH
6DIHW\ 5HJXODWLRQ 6XEVWLWXWHV RU &RPSOHPHQWV LQ $PHULFDQ (FRQRPLF 5HYLHZ Q SSD1HVVHVHQWLGR$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD9ROXPH,,&RLPEUD
$OPHGLQDªHGLomRSHVHJV0$57,16$QWyQLR&DUYDOKR$SROtWLFDGHDPELHQWH
GD&RPXQLGDGH(FRQyPLFD(XURSHLD&RLPEUD&RLPEUD(GLWRUDSSH
&I &23(/$1' %ULDQ 5 7$</25 0 6FRWW 7UDGH *URZWK DQG WKH (QYLURQPHQW LQ
0&0,//$1 -RKQ (GLWRU -RXUQDO RI (FRQRPLF /LWHUDWXUH 86$ 1DVKYLOOH $PHULFDQ
(FRQRPLF$VVRFLDWLRQ9RO;/,,0DUFK1XPEHUSHVHJV
$ UHVSHLWR GH WDO LQFHQWLYR *8(55$ 6 0* H +,126752=$ 0 4XHVW}HV DPELHQWDLV H
LPSOLFDo}HVHFRQ{PLFDV9LVmRLQWURGXWyULDLQ5HYLVWDGH'LUHLWR$PELHQWDO6mR3DXOR(GLWRUD
5HYLVWDGRV7ULEXQDLVDEULODMXQKRGHS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
DLQGDDVVLPQmRVHKiGHDEULUPmRGROLDELOLW\V\VWHP(LVVRSULQFLSDOPHQWH
SHORUHIRUoRTXHXPUHJLPHGHUHVSRQVDELOLGDGHFLYLODFXVWRVTXHVHREVHUYRX
VHUHPUHODWLYDPHQWHEDL[RVSRGHYLUDSURSRUFLRQDUjUHJXODPHQWDomR(VWDWDO
HPWDOFLUFXQVWkQFLD
1HPPHVPRHYHQWXDLVGLVWRUo}HVjSUySULDQDWXUH]DGRFDUiWHUSUHYHQWLYR
LQWUtQVHFRDRVSXQLWLYHGDPDJHVSDVVtYHLVGHDGYLUGHVXSHUIXQGVGHVWLQDGRVD
DUFDUFRPRVFXVWRVGHUHSDUDomRGHGDQRVDPELHQWDLVHGHGHVSHQGHUYDORUHVD
VHUHPSRUYHQWXUDUHSDVVDGRVjVYtWLPDVDWtWXORGHSXQLWLYHGDPDJHVVHUYHPGH
DUJXPHQWRSDUDTXHVHGHVSUH]HXPUHJLPHGHUHVSRQVDELOLGDGHFLYLOSUHYHQWLYD
(DVDtGDHVWiHPDWHQWDUSDUDRSUySULRVLJQL¿FDGRGRSULQFtSLRGRSROXLGRU
SDJDGRUTXHVHOKHYHPVHQGRDWULEXtGRSRU(FNDUG5HKELQGHUQRVHQWLGRGH
TXH³«RVFXVWRVLQFRUULGRVQDSUHYHQomRRXFRPSHQVDomRGRVHIHLWRVDGYHUVRV
QR DPELHQWH WrP TXH VHU VXSRUWDGRV SHOR SROXLGRU´ (P UHVSHLWR D XPD
LGHQWL¿FDomRHQWUHDUHVSRQVDELOLGDGHFLYLOHRSULQFtSLRGRSROXLGRUSDJDGRU
TXHYHPVHQGRGHIHQGLGDSRU-HDQ'XUHQHFRQWHVWDGDSRU-RVp-RDTXLP*RPHV
&DQRWLQKREDVWDID]HUFRPTXHRVWULEXWRVDVHUHPSDJRVSHODVHPSUHVDVSDUD
7UDGXomROLYUHGRDXWRU³6LVWHPDGHUHVSRQVDELOLGDGH´1HVVHVHQWLGR(&.(57$QGUHZ60,7+
5 7RGG (*7(5(1 +HQU\ YDQ (QYLURQPHQWDO /LDELOLW\ LQ 7UDQVERXQGDU\ +DUPV /DZ DQG
)RUXP&KRLFHLQ7KH-RXUQDORI/DZ(FRQRPLFV2UJDQL]DWLRQ2[IRUG8QLYHUVLW\3UHVV
2FWREHU9ROXPH1XPEHUSS
1R TXH GL] UHVSHLWR D HVVHV FXVWRV OHLDVH +(56&+ -RQL 9,6&86, : .LS 7RUW /LDELOLW\
/LWLJDWLRQ&RVWVIRU&RPPHUFLDO&ODLPVLQ'212+8(-RKQ6+$9(//6WHYHQ$PHULFDQ/DZ
DQG(FRQRPLFV5HYLHZ86$2[IRUG8QLYHUVLW\3UHVV9ROXPH1XPEHU)DOOSS
HVHJV
5HVVDOWDQGRDFRQWULEXLomRTXHDUHVSRQVDELOLGDGHFLYLOSRGHGDUSDUDDUHGXomRGDSUREDELOLGDGH
GH DFLGHQWHV %52:1 -RKQ 3UDWKHU 7RZDUG DQ (FRQRPLF WKHRU\ RI /LDELOLW\ LQ -RXUQDO RI
/HJDO 6WXGLHV SS +</721 .HLWK 1 7KH ,QÀXHQFH RI /LWLJDWLRQ &RVWV RQ
'HWHUHQFH 8QGHU 6WULFW /LDELOLW\ DQG 8QGHU 1HJOLJHQFH LQ ,QWHUQDWLRQDO 5HYLHZ RI /DZ DQG
(FRQRPLFVSS.$+$10DUFHO&DXVDWLRQDQG,QFHQWLYHVWR7DNH&DUH8QGHU
WKH 1HJOLJHQFH 5XOH LQ -RXUQDO RI /HJDO 6WXGLHV SS :,-&. 3HWHU 9DQ
:,17(56-DQ.HHV7KH3ULQFLSOHRI)XOO&RPSHQVDWLRQLQ7RUW/DZLQ%$&.+$86-UJHQ
*67(3+(1)UDQN+(XURSHDQ-RXUQDORI/DZDQG(FRQRPLFV%RVWRQ'RUGUHFKW/RQGRQ
.OXZHU$FDGHPLF3XEOLVKHUV0DQXIDFWXUHGLQ7KH1HWKHUODQGV9ROXPH1XPEHU0D\
SSSHVHJV
$SURSyVLWR$5$*­20DULD$OH[DQGUD6RXVD3ULQFtSLRGR3ROXLGRU3DJDGRU«RSFLWS
5(+%,1'(5 (FNDUG 2 'LUHLWR GR$PELHQWH QD$OHPDQKD LQ 'LUHLWR GR$PELHQWH ,QVWLWXWR
1DFLRQDOGH$GPLQLVWUDomRS7DPEpP%(1-$0,1$QW{QLR+HUPDQ92SULQFtSLR
SROXLGRUSDJDGRUHDUHSDUDomRGRGDQRDPELHQWDOLQ'DQRDPELHQWDO3UHYHQomRUHSDUDomRH
UHSUHVVmR%(1-$0,1$QW{QLR+HUPDQ9&RRUG6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLV
S'(5$1,&ULVWLDQH'LUHLWR$PELHQWDO(FRQ{PLFR6mR3DXOR0D[/LPRQDG
ªHGLomRS
'85(1 -HDQ /H 3ROOXHU 3D\HU /¶$SSOLFDWLRQ HW O¶$YHQLU GX 3ULQFLSH LQ 5HYXH GX 0DUFKp
&RPPXQ 1 S 7UDGXomR OLYUH GR DXWRU ³2 SROXLGRU SDJDGRU 2 IXWXUR H D
$SOLFDomRGR3ULQFtSLRHP-RUQDOGR0HUFDGR&RPXP´(PVHQWLGRFRQWUiULR&$127,/+2
-RVp-RDTXLP*RPHV$UHVSRQVDELOLGDGHSRU'DQRV$PELHQWDLV$SUR[LPDomR-XVSXEOLFtVWLFDLQ
'LUHLWRGR$PELHQWH,QVWLWXWR1DFLRQDOGH$GPLQLVWUDomRS
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
TXHWHUPLQHPSRUVHYDOHUGRVXSHUIXQGVHMDPVHPSUHHVWLSXODGRVFRPRVROKRV
YROWDGRVSDUDRVHVIRUoRVGHSUHFDXomRSRUHODVHPSUHHQGLGRVFRPRLQWXLWRGH
HYLWDUDVXSHUYHQLrQFLDGHGDQRVDPELHQWDLV8PDWDOHTXDomRIRUPXODGDFRP
EDVH QXPD UHODomR LQYHUVDPHQWH SURSRUFLRQDO HQWUH R YDORU FRUUHVSRQGHQWH j
SUHFDXomRHRPRQWDQWHDWLQHQWHjVRPDGHEDVHGHFiOFXORHDOtTXRWDKiGH
LQHYLWDYHOPHQWH ID]HU FRP TXH DV SUySULDV HPSUHVDV VH HVIRUFHP DR Pi[LPR
SDUD DOFDQoDUHP XP QtYHO yWLPR GH HTXLOtEULR HQWUH RV FXVWRV SULYDGRV H RV
FXVWRVVRFLDLV2XWURQmRpRUDFLRFtQLRDVHUSHU¿OKDGRQRTXHVHUHIHUHD
HYHQWXDLVFRQWULEXLo}HVDVHUHPSDJDVSRUHPSUHVDVTXHSRUYHQWXUDLQWHJUHPR
PHUFDGR
3UHFLVDPHQWHQHVVHVPHVPRVPROGHVpTXHVHKiGHWHUHPFRQVLGHUDomRRV
MiUHIHULGRVFRQWUDWRVGHVHJXUR(PDWHQGLPHQWRjDOXGLGDLGHQWL¿FDomRHQWUHD
UHVSRQVDELOLGDGHFLYLOHRSULQFtSLRGRSROXLGRUSDJDGRUPRVWUDVHFRQYHQLHQWH
OHYDU HP FRQWD D PDLRU RX PHQRU SUHFDXomR GHPRQVWUDGD SHODV HPSUHVDV QR
PRPHQWRGHFDOFXODURVSUHoRVDVHUHPSDJRVSRUHVVDVSDUDTXHVHYHMDPFREHUWDV
SHORVFRQWUDWRVGHVHJXUR1mRVHYLVOXPEUDTXDOTXHUGHVSURSRUFLRQDOLGDGHHP
SUHWHQGHUTXHDVHPSUHVDVQHJOLJHQWHVSDJXHPVRPDVPDLRUHVVHPSUHMXt]RGHWDLV
PRQWDQWHVDLQGDVHUHPSURJUHVVLYDPHQWHDXPHQWDGRVjPHGLGDTXHDQHJOLJrQFLD
SHUVLVWD)DFLOPHQWHVHSHUFHEHTXHWDPEpPKiOXJDUDTXLSDUDDHTXDomRDQWHV
PHQFLRQDGDIRUPXODGDFRPEDVHQXPDUHODomRLQYHUVDPHQWHSURSRUFLRQDOHQWUH
SUHFDXomR H SUHoR GH PRGR D LJXDOPHQWH LQFHQWLYDU DV SUySULDV HPSUHVDV D
VH HVIRUoDUHP DR Pi[LPR SDUD DOFDQoDUHP XP QtYHO yWLPR GH HTXLOtEULR HQWUH
RVFXVWRVSULYDGRVHRVFXVWRVVRFLDLV$YDULiYHO³SUHFDXomR´GHSHQGHULDGH
XPDUHPHVVDGHGDGRVjVVHJXUDGRUDVD¿PGHTXHSXGHVVHPVHULQFOXtGRVQD
5DFLRFtQLRTXHWDPEpPVHDSOLFDjFRQWULEXLomRpyEYLR
$UHVSHLWRGHWDLVFXVWRV$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWSHVHJV
&I'85(1-HDQ/H3ROOXHU3D\HU/¶$SSOLFDWLRQHWO¶$YHQLUGX3ULQFLSHLQ5HYXHGX0DUFKp
&RPPXQ 1 S 7UDGXomR OLYUH GR DXWRU ³2 SROXLGRU SDJDGRU 2 IXWXUR H D
$SOLFDomRGR3ULQFtSLRHP-RUQDOGR0HUFDGR&RPXP´(PVHQWLGRFRQWUiULR&$127,/+2
-RVp-RDTXLP*RPHV$UHVSRQVDELOLGDGHSRU'DQRV$PELHQWDLV$SUR[LPDomR-XVSXEOLFtVWLFDLQ
'LUHLWRGR$PELHQWH,QVWLWXWR1DFLRQDOGH$GPLQLVWUDomRS
&I/2%2&DUORV%DSWLVWD6XEYHQo}HV$PELHQWDLV$QiOLVH-XUtGLFR)LQDQFHLUD5HODWyULRGH
0HVWUDGRHODERUDGRQRkPELWRGR6HPLQiULRGH³'LUHLWR)LQDQFHLUR´VRERWHPD³5HJLPH-XUtGLFR
GDV6XEYHQo}HV´RULHQWDGRSHOR([FHOHQWtVVLPR3URIHVVRU'RXWRU$QWyQLR6RXVD)UDQFRS
2EYLDPHQWH HVWiVH D GHVFRQVLGHUDU DTXL D YDULiYHO DWLQHQWH j FRQFRUUrQFLD HQWUH DV HPSUHVDV
VHJXUDGRUDV $ UHVSHLWR OHLDVH 6,/9$ &DUORV 0DQXHO 3HUHLUD GD &XVWRV H 5HQWDELOLGDGH GH
6HJXURVLQ-(6860$YHOLQR'LUHFWRU(VWXGRVGH(FRQRPLD/LVERD,QVWLWXWR6XSHULRUGH
(FRQRPLDH*HVWmR,PSUHQVD1DFLRQDO&DVDGD0RHGD9RO;,QMXOKRVHWHPEURSS
$ UHVSHLWR GH WDO LQFHQWLYR *8(55$ 6 0* H +,126752=$ 0 4XHVW}HV DPELHQWDLV H
LPSOLFDo}HVHFRQ{PLFDV9LVmRLQWURGXWyULDLQ5HYLVWDGH'LUHLWR$PELHQWDO6mR3DXOR(GLWRUD
5HYLVWDGRV7ULEXQDLVDEULODMXQKRGHS
$UHVSHLWRGHWDLVFXVWRV$5$Ò-2)HUQDQGR,QWURGXomRj(FRQRPLD«RSFLWSHVHJV
$SURSyVLWRGHVVDLQWHUQDOL]DomRGDVH[WHUQDOLGDGHV0$57,16$QWyQLR&DUYDOKR$SROtWLFDGH
DPELHQWHGD&RPXQLGDGH(FRQyPLFD(XURSHLD&RLPEUD&RLPEUD(GLWRUDSSH
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
HTXDomRVXSUDFLWDGDGHVRUWHDWRUQiODVDSWDVGH¿QLURV³SUHoRV´DVHUHPSDJRV
SHODVHPSUHVDVD¿PGHVHYHUHPFREHUWDVSRUFRQWUDWRVGHVHJXUR&RPSHWLULD
DR(VWDGRDUHPHVVDGDTXHOHVDHVWDVVHPSUHMXt]RGHXPD¿VFDOL]DomRVXDHP
UHODomR j REVHUYkQFLD GRV SULQFtSLRV GD LJXDOGDGH H GD SURSRUFLRQDOLGDGH SRU
SDUWHGDVVHJXUDGRUDVQRPRPHQWRGHGH¿QLUHPRVYDORUHVDVHUHPSDJRVSHODV
HPSUHVDVDWtWXORGH³SUHoR´
%QPENWUÐGU
$R ORQJR GH WRGR R HVWXGR Mi VH S{GH SHUFHEHU D LQYLDELOLGDGH GH VH
GHVHQYROYHUXPSRVLFLRQDPHQWRTXHVHSUHVWHDDSUHVHQWDUDUHVSRQVDELOLGDGH
FLYLO SUHYHQWLYD FRPR XP UHPpGLR LUUHWRFiYHO -DPDLV VH WHYH D SUHWHQVmR
GH GHIHQGrOD D SRQWR GH LJQRUDU D FRQFHSomR TXH UHFXVD ³«SRU PDQLIHVWD
LQVX¿FLrQFLD QR GRPtQLR GD SURWHFomR GR DPELHQWH R HIHLWR SUHYHQWLYR GDV
VDQo}HV MXUtGLFDV FLYLV´ 6HP VRPEUD GH G~YLGD WUDWDVH UHDOPHQWH GH XP
LQVWUXPHQWRTXHLVRODGDPHQWHFRQVLGHUDGRLQGXELWDYHOPHQWHKiGHVHUWLGRSRU
LQVX¿FLHQWHSDUDRUHVJXDUGRGRPHLRDPELHQWH(QWUHWDQWRQmRVHKiGHSHUPLWLU
TXHHYHQWXDLVIDOKDVGRUHJLPHGHUHVSRQVDELOLGDGHFLYLOSUHYHQWLYDQRVOHYHP
DLQFRUUHUQRHTXtYRFRGHGHVSUH]DUDVLPHQVDVYDQWDJHQVTXHSRGHPDGYLUGD
VXD FRQMXJDomR D WRGR XP LQGLVSHQViYHO DSDUDWR GH UHPpGLRV GHVWLQDGRV D
HVWLPXODUDLQWHUQDOL]DomRGHH[WHUQDOLGDGHVQHJDWLYDVGHFRUUHQWHVGHDWLYLGDGHV
SURGXWLYDVGHJUDGDGRUDVGRPHLRDPELHQWHGHPRGRDVHDOFDQoDUXPQtYHO
yWLPRGHHTXLOtEULRHQWUHFXVWRVSULYDGRVHFXVWRVVRFLDLV
&I0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«SSD
$5$*­20DULD$OH[DQGUD6RXVD3ULQFtSLRGR3ROXLGRU3DJDGRU«S
1RV GL]HUHV GH$QWKRQ\ & )LVKHU H )UHGHULFN 0 3HWHUVRQ ³(DFK SROLF\ KDV LWV SUREOHPV DQG
DGPLQLVWUDWLYH GHWDLOV WR EH ZRUNHG RXW DQG HDFK PD\ EH HIIHFWLYH LQ WKH ULJKW FLUFXPVWDQFHV´
),6+(5 $QWKRQ\ & 3(7(5621 )UHGHULFN 0 7KH (QYLURQPHQW LQ (FRQRPLFV $ 6XUYH\
LQ 0&0,//$1 -RKQ (GLWRU -RXUQDO RI (FRQRPLF /LWHUDWXUH 86$ 1DVKYLOOH $PHULFDQ
(FRQRPLF$VVRFLDWLRQ9RO;/,,0DUFK1XPEHUS
&I0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOH«S
&I.2/67$'&'8/(176H-2+1621*9([3RVW/LDELOLW\IRU+DUPYV([$QWH6DIHW\
5HJXODWLRQ6XEVWLWXWHVRU&RPSOHPHQWVLQ$PHULFDQ(FRQRPLF5HYLHZQSSD
$LQGDDUHVSHLWR<$1'/(%UXFH3XEOLF&KRLFHDWWKH,QWHUVHFWLRQRI(QYLURQPHQWDO/DZ
DQG (FRQRPLFV LQ %$&.+$86 -UJHQ * 67(3+(1 )UDQN + (XURSHDQ -RXUQDO RI /DZ
DQG (FRQRPLFV %RVWRQ'RUGUHFKW/RQGRQ .OXZHU$FDGHPLF 3XEOLVKHUV 0DQXIDFWXUHG LQ7KH
1HWKHUODQGV9ROXPH1XPEHU-XO\S
1HVVH VHQWLGR $5$Ò-2 )HUQDQGR ,QWURGXomR j (FRQRPLD 9ROXPH ,, &RLPEUD $OPHGLQD
ªHGLomRSHVHJV&227(55REHUW(FRQRPLF7KHRULHVRI/HJDO/LDELOLW\LQ-RXUQDO
RI(FRQRPLF3HUVSHFWLYHV1SS(,6(1%(5*7KHRGRUH7KH3UHGLFWDELOLW\
RI 3XQLWLYH 'DPDJHV LQ -RXUQDO RI /HJDO 6WXGLHV 1 &$/$%5(6, *XLGR &RVWR GHJOL
LQFLGHQWL HI¿FLHQ]D H GLVWULEX]LRQH GHOOD ULFFKH]]D VXL OLPLWL GHOO¶DQDOLVL HFRQRPLFD GHO GLULWWR
LQ$/3$*XLGRRUJ$QDOLVL(FRQRPLFDGHO'LULWWR3ULYDWR0LODQR'RWW$*LXIIUq(GLWRUH
S
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
4GHGTÄPEKCUDKDNKQIT¶ſECU
$,9$=,$19DURXM$&$//(1-HIIUH\/7KH&RUH7UDQVDFWLRQ&RVWVDQGWKH&RDVH7KHRUHP
LQ+$0/,1$ODQ08(//(5'HQQLV&25'(6+22.3HWHU&(GLWRUV&RQVWLWXWLRQDO
3ROLWLFDO (FRQRP\ 1HZ<RUN 6SULQJHU 6FLHQFH %XVLQHVV 0HGLD 3ULQWHG LQ WKH 1HWKHUODQGV
.OXZHU$FDGHPLF3XEOLVKHUV1YRO'HFHPEHU
BBBBB7KH&RDVH7KHRUHPDQGWKH(PSW\&RUHLQ-RXUQDORI/DZDQG(FRQRPLFV
$/(66, 5HQDWR 6LVWHPD ,VWLWX]LRQDOH GHO 'LULWWR $GPLQLVWUDWLYR ,WDOLDQR 0LODQR 'RWW
*LXIIUqVHFRQGDHGL]LRQHODUJDPHQWHULYHGXWDHDPSOLDGD
$/(;< 5REHUW 7HRUtD GH ORV GHUHFKRV IXQGDPHQWDOHV 7tWXOR RULJLQDO ³7+(25,( '(5
*581'5(&+7(´6XKUNDPS9HUODJ)UQDNIXUWDP0DLQWUDGXFFLyQ\HVWXGLRLQWURGXFWRULR
GH&DUORV%HUQDO3XOLGR0DGULG&HQWURGH(VWXGLRV3ROtWLFRV\&RQVWLWXFLRQDOHV6HJXQGD
HGLFLyQHQHVSDxROSULPHUDUHLPSUHVLyQ
BBBBB7HRULDGRV'LUHLWRV)XQGDPHQWDLV7UDGXomRGH9LUJtOLR$IRQVRGD6LOYDGDªHGLomRDOHPm
GH ³7KHRULH GHU *UXQGUHFKWH´ SXEOLFDGD SHOD 6XKUNDPS 9HUODJ HP 6mR 3DXOR 0DOKHLURV
(GLWRUHV
$/0(,'$ )HUQDQGR GLDV 0HQH]HV &RQVLGHUDo}HV VREUH D ³5HJXODomR´ QR 'LUHLWR 3RVLWLYR
%UDVLOHLURLQ5HYLVWDGH'LUHLWR3~EOLFRHGH(FRQRPLD5'3(%HOR+RUL]RQWHDQRQ
RXWXEURGH]HPEUR
$0$5$/ &OiXGLR GR 3UDGR %DVHV WHyULFDV GD FLrQFLD SHQDO FRQWHPSRUkQHD GRJPiWLFD
PLVVmRGRGLUHLWRSHQDOHSROtWLFDFULPLQDOQDVRFLHGDGHGHULVFR6mR3DXOR0RQRJUD¿DVGR
,%&&5,0Q,%&&5,0
$1'5$'(-RVp&DUORV9LHLUDGH2VGLUHLWRVIXQGDPHQWDLVQD&RQVWLWXLomRGD5HS~EOLFD
3RUWXJXHVDGH&RLPEUD$OPHGLQDªHGLomR
$1781(6 /XLV )LOLSH &RODoR 3DUD XPD QRomR MXUtGLFD GH DPELHQWH LQ 6FLHQWLD ,XULGLFD
7RPR;/,Q~PHURV%UDJD8QLYHUVLGDGHGH0LQKR
$5$*­20DULD$OH[DQGUD6RXVD3ULQFtSLRGR3ROXLGRU3DJDGRUSHGUDDQJXODUGR'LUHLWR
&RPXQLWiULRGR$PELHQWH&RLPEUD&RLPEUD(GLWRUD
$5$Ò-2)HUQDQGR$7UDJpGLDGRV%DOGLRVHGRV$QWL%DOGLRV2SUREOHPD(FRQyPLFRGR
1tYHOÏSWLPRGH$SURSULDomR&RLPEUD$OPHGLQD
BBBBB,QWURGXomRj(FRQRPLD9ROXPH,,&RLPEUD$OPHGLQDªHGLomR
$5$Ò-2/XL]$OEHUWR'DYLG'LUHLWRFRQVWLWXFLRQDOHPHLRDPELHQWHLQ5HYLVWDGR$GYRJDGR
GD$$636mR3DXOR
$552: . - 2SWLPDO FDSLWDO SROLF\ DQG LUUHYHUVLEOH LQYHVWPHQW LQ :2/)( - 1 9DOXH
&DSLWDODQG*URZWK&KLFDJR$3&
BBBBB7KH2UJDQL]DWLRQRI(FRQRPLF$FWLYLW\,VVXHV3HUWLQHQWWRWKH&KRLFHRI0DUNHWYHUVXV
1RQPDUNHW$OORFDWLRQ LQ WKH$QDO\VLV RI DQG (YDOXDWLRQ RI 3XEOLF ([SHQGLWXUH7KH 33%
6\VWHP,Q86-RLQW(FRQRPLF&RPPLWWHH:DVKLQJWRQ*RYHUQPHQW3ULQWLQJ2I¿FHYRO
$552: . - ),6+(5 $ & 3UHVHUYDWLRQ XQFHUWDLQWW\ DQG LUUHYHUVLELOLW\ LQ 4XDUWHUO\
-RXUQDORI(FRQRPLFV
$6+:257+$QGUHZ3ULQFLSOHVRI&ULPLQDO/DZ2[IRUG8QLYHUVLW\3UHVV3ULQWHGLQ*UHDW
%ULWDLQE\7-,QWHUQDFLRQDO/WG3DGVWRZ&RUQZDOOIRXUWKHGLWLRQ
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
%$5526-RVp0DQXHO$UD~MRGH'LUHLWRFLYLOHDPELHQWHLQ6FLHQWLDLXULGLFD%UDJD7
-DQHLUR-XQKR
%$5526 -Ò1,25 &DUORV 6 GH &RPSrQGLR GH 'LUHLWR $GPLQLVWUDWLYR 6mR 3DXOR 0D[
/LPRQDGY,
%$6726&HOVR5LEHLUR&XUVRGH'LUHLWR&RQVWLWXFLRQDOHG6mR3DXOR6DUDLYD
%(&. 8OULFK /D GHPRFUDFLD \ VXV (QHPLJRV 7H[WRV HVFRJLGRV %DUFHORQD%XHQRV$LUHV
0p[LFR3DLGyV
BBBBB/DVRFLHGDGGHOULHVJR+DFLDXQDQXHYDPRGHUQLGDG%DUFHORQD(VSDxD3DLGyVO
BBBBB2TXHpJOREDOL]DomR(TXtYRFRVGRJOREDOLVPRUHVSRVWDVjJOREDOL]DomR6mR3DXOR
3D]H7HUUDO
BBBBB¢4XpHVODJOREDOL]DFLyQ")DODFLDVGHOJOREDOLVPRUHVSXHVWDVDODJOREDOL]DFLyQ7tWXOR
RULJLQDO³:DVLV*OREDOLVWLHUXQJ",UUWPHUGHV*OREDOLVPXV±$QWZRUWHQDXI*OREDOLVLHUXQJ´
SXEOLFDGRHQDOHPiQSRUVXKUNDPS9HUODJ)UDQFIRUWGHO0HQR7UDGXFFLyQGH%HUQDUGR0RUHQR
\0ª5RVD%RUUjV%DUFHORQD(GLFLRQHV3DLGyV,EpULFD6$
BBBBB5LVLNRJHVHOOVFKDIWDXIGHP:HJLQHLQHDQGHUH0RGHUQH)UDQNIXUW6XKUNDPS
BBBBB:RUOGULVNVRFLHW\&DPEULGJH3ROLW\3UHVV
%(/(=$7HUHVD3L]DUUR$UHYLVmRGD3DUWH(VSHFLDOQDUHIRUPDGR&yGLJR3HQDOOHJLWLPDomR
UHHTXLOtEULR SULYDWL]DomR LQGLYLGXDOLVPR ,Q -RUQDGDV VREUH D UHYLVmR GR &yGLJR 3HQDO ±
)DFXOGDGHGH'LUHLWRGD8QLYHUVLGDGHGH/LVERD2UJDQL]DomRGH0DULD)HUQDQGD3DOPDHGH
7HUHVD3L]DUUR%HOH]D/LVERD$$)'/
BBBBB'LUHLWR3HQDOº9ROXPH$$)'/ªHGLomRUHYLVWDHDFWXDOL]DGD
%(1-$0,1$QW{QLR+HUPDQ92SULQFtSLRSROXLGRUSDJDGRUHDUHSDUDomRGRGDQRDPELHQWDO
LQ 'DQR DPELHQWDO 3UHYHQomR UHSDUDomR H UHSUHVVmR %(1-$0,1 $QW{QLR +HUPDQ 9
&RRUG6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLV
%(77,(PLOLR'LULWWRSURFHVVXDOHFLYLOHLWDOLDQR5RPD,O)RUR,WDOLDQR
%,'$62/2 0LUHQW[X &RUFR\ 'HOLWRV GH SHOLJUR \ SURWHFFLyQ GH ELHQHV MXUtGLFRSHQDOHV
VXSUDLQGLYLGXDOHV9DOHQFLD7LUDQWOR%ODQFK
%,(/6$5DIDHO3ULQFtSLRVGH'HUHFKR$GPLQLVWUDWLYRHG%XHQRV$LUHV'HSDOPD
%,51,(S:H%2</($(,QWHUQDWLRQDO/DZDQGWKH(QYLURQPHQW8QLWHG6WDWHV1HZ
<RUN2[IRUG8QLYHUVLW\3UHVV,QFVHFRQGHGLWLRQ
%/$1&+(7/XL]$OEHUWR&XUVRGH'LUHLWR$GPLQLVWUDWLYR&XULWLED-XUXi
%21$9,'(63DXOR&XUVRGH'LUHLWR&RQVWLWXFLRQDOHG6mR3DXOR0DOKHLURV
%217(06 3KLOLSSH 527,//21 *LOOHV +RQHVW\ LQ (QYLURQPHQWDO &RPSOLDQFH *DPHV LQ
%$&.+$86 -UJHQ * 67(3+(1 )UDQN + (XURSHDQ -RXUQDO RI /DZ DQG (FRQRPLFV
%RVWRQ'RUGUHFKW/RQGRQ .OXZHU $FDGHPLF 3XEOLVKHUV 0DQXIDFWXUHG LQ 7KH 1HWKHUODQGV
YROXPH1XPEHU-XO\
%2<(50DUFHOH3255,1,'RQDWHOOD7KH&KRLFHRI,QVWUXPHQWVIRU(QYLURQPHQWDO3ROLF\
/LDELOLW\RU5HJXODWLRQ"LQ&,5$12:RUNLQJ3DSHUVV&,5$12
%5$=3HWU{QLR0DQXDOGH'LUHLWR$GPLQLVWUDWLYR'HDFRUGRFRPDUHIRUPDDGPLQLVWUDWLYD
6mR3DXOR/('
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
%5(11$1+*%8&+$1$1-07KHUHDVRQRIUXOHV&DPEULGJH&DPEULGJH8QLYHUVLW\
3UHVV
%5(11$1 *HRIIUH\ ./,(07 +DUWPXW 5HJXODWLRQ DQG UHYHQXH LQ +$0/,1 $ODQ
08(//(5'HQQLV&25'(6+22.3HWHU&(GLWRUV&RQVWLWXWLRQDO3ROLWLFDO(FRQRP\
1HZ <RUN 6SULQJHU 6FLHQFH %XVLQHVV 0HGLD 3ULQWHG LQ WKH 1HWKHUODQGV .OXZHU $FDGHPLF
3XEOLVKHUV9ROXPH1XPEHU6HSWHPEHU
%52:1-RKQ3UDWKHU7RZDUGDQ(FRQRPLFWKHRU\RI/LDELOLW\LQ-RXUQDORI/HJDO6WXGLHV
%58121,1LYDOGR$WXWHODGDViJXDVSHOR0XQLFtSLRLQ)5(,7$69ODGLPLU3DVVRVGHÈJXDV
$VSHFWRVMXUtGLFRVHDPELHQWDLV&XULWLED-XUXi(GLWRUD
%877,/XFLDQR/¶2UGLQDPHQWR,WDOLDQRHGLO3ULQFLSLRµ&KL,QTXLQD3DJD¶LQ5LYLVWD*LXULGLFD
GHOO¶$PELHQWH$QQR91
&$/$%5(6,*XLGR&RVWRGHJOLLQFLGHQWLHI¿FLHQ]DHGLVWULEX]LRQHGHOODULFFKH]]DVXLOLPLWL
GHOO¶DQDOLVLHFRQRPLFDGHOGLULWWRLQ$/3$*XLGRRUJ$QDOLVL(FRQRPLFDGHO'LULWWR3ULYDWR
0LODQR'RWW$*LXIIUq(GLWRUH
BBBBB7KH&RVWRI$FFLGHQW<DOH8QLYHUVLW\3UHVV1HZ+DYHQ
&$/$%5(6,*XLGR0(/$0('$'3URSHUW\5XOHV/LDELOLW\UXOHVDQG,QDOLHQDELOLW\2QH
9LHZRIWKH&DWKHGUDOLQ+DUYDUG/DZ5HYLHZ
&$/$0$1'5(,3LHUR,QVWLWXFLRQHVGH'HUHFKR3URFHVDO&LYLO7UDGXFFLyQGHODVHJXQGD
HGLFLRQ LWDOLDQD \ HVWXGLR SUHOLPLQDU SRU 6DQWLDJR 6HQWLV 0HOHQGR %XHQRV $LUHV (GLFLRQHV
-XUtGLFDV(XURSD$PpULFDY,
&$03%(//1HLO$%LRORJ\5HGZRRG&LW\7KH%HQMDPLQ&XPPLQJV3XEOLVKLQJ&RPSDQ\
&$0326-Ò1,255DLPXQGR$OYHVGH2FRQÀLWRHQWUHR'LUHLWRGH3URSULHGDGHHR0HLR
$PELHQWH&XULWLED-XUXiªHGLomRªWLUDJHP
&$127,/+2-RVp-RDTXLP*RPHV$UHVSRQVDELOLGDGHSRU'DQRV$PELHQWDLV$SUR[LPDomR
-XVSXEOLFtVWLFDLQ'LUHLWRGR$PELHQWH,QVWLWXWR1DFLRQDOGH$GPLQLVWUDomR
BBBBB'LUHLWR&RQVWLWXFLRQDO&RLPEUD/LYUDULD$OPHGLQDªHGLomR
BBBBB'LUHLWR&RQVWLWXFLRQDOH7HRULDGD&RQVWLWXLomRHG&RLPEUD$OPHGLQD
BBBBB 3URFHGLPHQWR $GPLQLVWUDWLYR H 'HIHVD GR $PELHQWH ,Q 5HYLVWD GH /HJLVODomR H GH
-XULVSUXGrQFLD1DQR
&$32%,$1&2-RmR3DXOR5LEHLUR)RQWHGHiJXDSXUD5HVHQKDGROLYURÈJXDVGRFHVGR
%UDVLOFDSLWDOHFROyJLFDXVRHFRQVHUYDomR(GLWRUD(VFULWXUDVFRRUGHQDomRGH$OGR5HERXoDV
%HQHGRWR%UDJDH-RVp*DOL]LD7XQGLVL3DUDEyOLFDVQQRYHPEURGH]HPEURGH
&$59$/+2(GVRQ)HUUHLUDGH0HLR$PELHQWH'LUHLWRV+XPDQRV&XULWLED-XUXi(GLWRUD
ªHGLomRªWLUDJHP
&$66$*1(-XDQ&DUORV'HUHFKR$GPLQLVWUDWLYR,6H[WDHGLFLyQDFWXDOL]DGD%XHQRV$LUHV
$EHOHGR3HUURW
&$66(6( 6DELQR /DV EDVHV GHO GHUHFKR DGPLQLVWUDWLYR 7UDGXFFLyQ /XLV 2UWHJD 0DGULG
,QVWLWXWR1DFLRQDOGH$GPLQLVWUDFLyQ3~EOLFD
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
&$7$/È /XFtD *RPLV 5HVSRQVDELOLGDG SRU GDxRV DO PHGLR DPELHQWH (OFDQR $UD]DQGL
(GLWRULDO
&$9$/&$17,7KHPLVWRFOHV%UDQGmR3ULQFtSLRV*HUDLVGH'LUHLWR3~EOLFR5LRGH-DQHLUR
%RUVRL
&+,29(1'$*LXVHSSH3ULQFLSLGLGLULWWRSURFHVVXDOHFLYLOHHG1DSROL
&2$6(5RQDOG+7KH3UREOHPRI6RFLDO&RVWLQ-RXUQDORI/DZDQG(FRQRPLFV&KLFDJR
&KLFDJR8QLYHUVLW\1
BBBBB7KH&RDVH7KHRUHPDQGWKH(PSW\&RUH$FRPPHQWLQ-RXUQDORI/DZDQG(FRQRPLFV
&202*/,2/XLJL3DROR)(55,&RUUDGR7$58))20LFKHOH/H]LRQHVXOSURFHVVRFLYLOH
HG%RORJQD6RFLHWj(GLWULFH,O0XOLQR
&227(55REHUW'(FRQRPLF7KHRULHVRI/HJDO/LDELOLW\LQ-RXUQDORI(FRQRPLF3HUVSHFWLYHV
1
BBBBB3XQLWLYH'DPDJHV6RFLDO1RUPVDQG(FRQRPLF$QDO\VLV%\5REHUW'FRRWHU3URIHVVRU
RI/DZ8QLYHUVLW\RI&DOLIRUQLDDW%HUNHOH\)LUVWGUDIW5HYLVHG0DUFKLQ/DZ
DQG&RQWHPSRUDU\3UREOHPV-RKQ02OLQ:RUNLQJ3DSHUVLQ/DZ(FRQRPLFVDQG,QVWLWXWLRQV
BBBBB 8QLW\ LQ 7RUW &RQWUDFW DQG 3URSHUW\ 7KH 0RGHO RI 3UHFDXWLRQ LQ &DOLIRUQLD /DZ
5HYLHZ1
&23(/$1' %ULDQ 5 7$</25 0 6FRWW 7UDGH *URZWK DQG WKH (QYLURQPHQW LQ
0&0,//$1 -RKQ (GLWRU -RXUQDO RI (FRQRPLF /LWHUDWXUH 86$ 1DVKYLOOH $PHULFDQ
(FRQRPLF$VVRFLDWLRQ9RO;/,,0DUFK1XPEHU
&25'(,52$QWyQLRGD5RFKD0HQH]HV'DUHVSRQVDELOLGDGH&LYLOGRV$GPLQLVWUDGRUHVGDV
6RFLHGDGHV&RPHUFLDLV/LVERD/H[
&267$1=$ 5REHUW '$/< +HUPDQ ( %$57+2/20(: $ *RDOV DJHQGD DQG SROLF\
UHFRPPHQGDWLRQVIRUHFRORJLFDOHFRQRPLFVLQ&267$1=$5REHUWHG(FRORJLFDOHFRQRPLFV
7KHVFLHQFHDQGPDQDJHPHQWRIVXVWDLQQDELOLW\1HZ<RUN+LOODQG:DQJ
&5$/6(Y\9(5((&./RGH7D[HV7UDGDEOH5LJKWVDQG7UDQVDFWLRQ&RVWVLQ%$&.+$86
-UJHQ*67(3+(1)UDQN+(XURSHDQ-RXUQDORI/DZDQG(FRQRPLFV%RVWRQ'RUGUHFKW
/RQGRQ .OXZHU $FDGHPLF 3XEOLVKHUV 0DQXIDFWXUHG LQ 7KH 1HWKHUODQGV 9ROXPH 1XPEHU6HSWHPEHU
&81+$ 0DULD GD &RQFHLomR )HUUHLUD GD &RQVWLWXLomR H &ULPH 8PD SHUVSHFWLYD GD
FULPLQDOL]DomRHGDGHVFULPLQDOL]DomR3RUWR3XEOLFDo}HV8QLYHUVLGDGH&DWyOLFD3RUWXJXHVD
'$/(6-+3ROOXWLRQ3URSHUW\DQG3ULFHV$Q(VVD\LQ3ROLF\PDNLQJDQG(FRQRPLFV
8QLYHUVLW\RI7RURQWR3UHVV
'(%251,(5-07KH&RDVH7KHRUHPDQGWKH(PSW\&RUH$5HH[DPLQDWLRQLQ,QWHUQDWLRQDO
5HYLHZRI/DZDQG(FRQRPLFV
'(//¶$112 3DROR 0DQXDOH GL 'LULWWR$PELHQWDOH 3DGRYD &DVD (GLWULFH 'RWW$QWRQLR
0LODQL&('$0TXDUWDHGL]LRQH
'(5$1,&ULVWLDQH'LUHLWR$PELHQWDO(FRQ{PLFR6mR3DXOR0D[/LPRQDGªHGLomR
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
'(9(6$ -RVp 0DULD 5RGULJXH] /DV QXHYDV WHQGHQFLDV GH OD SROtWLFD FULPLQDO LQ (VWXGLRV
3HQDOHV \ &ULPLQRORJLFRV 9, 8QLYHUVLGDG GH 6DQWLDJR GH &RPSRVWHOD 6HFUHWDULDGR GH
3XEOLFDFLRQHVGH/D8QLYHUVLGDGGH6DQWLDJRGH&RPSRVWHOD
',3,(7520DULD6\OYLD=DQHOOD'LUHLWR$GPLQLVWUDWLYRHG6mR3DXOR$WODV
',$6 $XJXVWR 6LOYD ³'HOLFWD LQ VH´ H ³GHOLFWD PHUH SURKLELWD´ 8PD DQiOLVH GDV
GHVFRQWLQXLGDGHVGRLOtFLWRSHQDOPRGHUQRjOX]GDUHFRQVWUXomRGHXPDGLVWLQomRFOiVVLFD
'LVVHUWDomR GH GRXWRUDPHQWR HP &LrQFLDV -XUtGLFDV DSUHVHQWDGD H GHIHQGLGD QD )DFXOGDGH GH
'LUHLWRGD8QLYHUVLGDGHGH/LVERD/LVERD)DFXOGDGHGH'LUHLWRGD8LYHUVLGDGHGH/LVERD
BBBBB©:KDWLIHYHU\ERG\GLGLW"ª6REUHD©LQFDSDFLGDGHGHUHVVRQkQFLDªGR'LUHLWR3HQDOj
¿JXUDGDDFXPXODomRLQ5HYLVWD3RUWXJXHVDGH&LrQFLD&ULPLQDO-XOKR6HWHPEUR
',$6-RVp(GXDUGRGH2OLYHLUD)LJXHLUHGR7XWHOD$PELHQWDOH&RQWHQFLRVR$GPLQLVWUDWLYR
&RLPEUD&RLPEUD(GLWRUD
'85(1-HDQ/H3ROOXHU3D\HU/¶$SSOLFDWLRQHWO¶$YHQLUGX3ULQFLSHLQ5HYXHGX0DUFKp
&RPPXQ1
(&.(57 $QGUHZ 60,7+ 5 7RGG (*7(5(1 +HQU\ YDQ (QYLURQPHQWDO /LDELOLW\ LQ
7UDQVERXQGDU\ +DUPV /DZ DQG )RUXP &KRLFH LQ 7KH -RXUQDO RI /DZ (FRQRPLFV 2UJDQL]DWLRQ2[IRUG8QLYHUVLW\3UHVV2FWREHU9ROXPH1XPEHU
(,6(1%(5* 7KHRGRUH 7KH 3UHGLFWDELOLW\ RI 3XQLWLYH 'DPDJHV LQ -RXUQDO RI /HJDO
6WXGLHV1
(1'5(6$OIUHG2+/&RUQHOLD.\RWR(XURSH"±$Q(FRQRPLF(YDOXDWLRQRIWKH(XURSHDQ
(PLVVLRQ7UDGLQJ'LUHFWLYHLQ%$&.+$86-UJHQ*67(3+(1)UDQN+(XURSHDQ-RXUQDO
RI/DZDQG(FRQRPLFV%RVWRQ'RUGUHFKW/RQGRQ.OXZHU$FDGHPLF3XEOLVKHUV0DQXIDFWXUHG
LQ7KH1HWKHUODQGV9ROXPH1XPEHU-DQXDU\
)$5,$6(GLOVRQ3HUHLUDGH$FROLVmRGHGLUHLWRV$KRQUDDLQWLPLGDGHDYLGDSULYDGDHD
LPDJHPYHUVXVDOLEHUGDGHGHH[SUHVVmRHLQIRUPDomR3RUWR$OHJUH6pUJLR$QWRQLR)DEULV
ªHGLomR
)$85(0LFKDHO/¶$QDO\VHeFRQRPLTXHGX'URLWGH/¶(QYLURQQHPHQW3UpIDFHGH0LFKHO
3ULHXU %UX[HOOHV %UX\ODQW 0HWUR ,QVWLWXWH IRU 7UDQVQDWLRQDO /HJDO 5HVHDUFK 8QLYHUVLWp GH
0DDVWULFKW
)(51$1'(63DXOR6LOYD*OREDOL]DomR³6RFLHGDGHGH5LVFR´HRIXWXURGR'LUHLWR3HQDO
3DQRUkPLFDGHDOJXQVSUREOHPDVFRPXQV&RLPEUD$OPHGLQD
)(55$= 6pUJLR 5HVSRQVDELOLGDGH &LYLO SRU GDQR HFROyJLFR LQ 5HYLVWD GH 'LUHLWR 3~EOLFR
YROXPHVH
),$1'$&$*LRYDQQLH086&2(Q]R'LULWWRSHQDOH3DUWHJHQHUDOH%RORJQD=DQLFKHOOL
HGLWRUH6S$4XDUWDHGL]LRQH
),*8(,5('2/XFLD9DOOH&XUVRGH'LUHLWR$GPLQLVWUDWLYRHGUHYHDWXDO6mR3DXOR
0DOKHLURV
),25,//2&HOVR$QW{QLR3DFKHFR&XUVRGH'LUHLWR$PELHQWDOEUDVLOHLUR6mR3DXOR(GLWRUD
6DUDLYDªHGLomRUHYLVWDDWXDOL]DGDHDPSOLDGD
),25,//2 &HOVR$QW{QLR 3DFKHFR 2 GLUHLWR GH DQWHQD HP IDFH GR GLUHLWR DPELHQWDO GR
%UDVLO6mR3DXOR(GLWRUD6DUDLYD
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
),25,//2 &HOVR $QW{QLR 3DFKHFR H ',$)e5,$ $GULDQD %LRGLYHUVLGDGH H SDWULP{QLR
JHQpWLFRQRGLUHLWRDPELHQWDOEUDVLOHLUR6mR3DXOR0D[/LPRQDG
),25,1, %DUWRORPp$ 'HUHFKR$GPLQLVWUDWLYR 6HJXQGD HGLFLyQ DFWXDOL]DGD UHLPSUHVLyQ
%XHQRV$LUHV$EHOHGR3HUURWW,
),6+(5 $QWKRQ\ & 5HVRXUFH DQG HQYLURQPHQWDO HFRQRPLFV &DPEULGJH &DPEULGJH
8QLYHUVLW\3UHVV
),6+(5$QWKRQ\ & 3(7(5621 )UHGHULFN 0 7KH (QYLURQPHQW LQ (FRQRPLFV$ 6XUYH\
LQ 0&0,//$1 -RKQ (GLWRU -RXUQDO RI (FRQRPLF /LWHUDWXUH 86$ 1DVKYLOOH$PHULFDQ
(FRQRPLF$VVRFLDWLRQ9RO;/,,0DUFK1XPEHU
)/(,1(5 )ULW] ,QVWLWXFLRQHV GH 'HUHFKR$GPLQLVWUDWLYR 7UDGXFFLyQ GH OD RFWDYD HGLFLyQ
DOHPDQDSRU6DELQR$*HQGLQ%DUFHORQD0DGULG%XHQRV$LUHV/DERU6$
)5$*$6DELQR'HUHFKR$GPLQLVWUDWLYRTXLQWDHGLFLyQ0H[LFR3RUUXD6$
)5$1&2 $QWyQLR 6RXVD $PELHQWH H GHVHQYROYLPHQWR HQTXDGUDPHQWR H IXQGDPHQWR GR
GLUHLWRGRDPELHQWHLQ'LUHLWRGRDPELHQWH&RRUG'LRJR)UHLWDVGR$PDUDO0DUWD7DYDUHVGH
$OPHLGD/LVERD
)5((0$1 $ 0\ULFN +$9(0$1 5REHUW + .1((6( $OOHQ 9 7KH (FRQRPLFV RI
(QYLURQPHQWDO3ROLF\1HZ<RUN-RKQ:LOH\DQGVRQV,QF
)5(,7$6:ODGLPLU3DVVRVGH$&RQVWLWXLomR)HGHUDOHDHIHWLYLGDGHGDVQRUPDVDPELHQWDLV
6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLV
BBBBBÈJXDV$VSHFWRVMXUtGLFRVHDPELHQWDLV&XULWLED-XUXi(GLWRUD
)5,('0$1'DYLG'LUHLWRHFLrQFLDHFRQ{PLFDLQ5HYLVWD6XE-XGLFH1
*$0%$52$QWRQLR 32==2 %DUEDUD /D UHVSRQVDELOLWj FLYLOH SHU GDQQL DOO¶DPELHQWH QHOOD
UHFHQWH OHJLVOD]LRQH LWDOLDQD DOFXQH QRWH GL FRPSDUD]LRQH JLXULGLFD H DQDOLVL HFRQRPLFD LQ
0$77(, 8JR 38/,7,1, )UDQFHVFR &RQVXPDWRUH $PELHQWH &RQFRUUHQ]D $QDOLVL
(FRQRPLFDGHO'LULWWR6HULH³,O'LULWWR3ULYDWR2JJL´DFXUDGL3DROR&HQGRQ0LODQR'RWW$
*LXIIUq(GLWRUH
*(5(//, (PLOLR )5$1&,$ &ODXGLR /D ©QXRYD JHQHUD]LRQHª GHOOH QRUPDWLYH DPELHQWDOL
O¶HVHPSLRGHLUL¿XWLGDLPEDOODJJLRXQ¶DQDOLVLHFRQRPLFDGHOGLULWWRLQ0$77(,8JR38/,7,1,
)UDQFHVFR&RQVXPDWRUH$PELHQWH&RQFRUUHQ]D$QDOLVL(FRQRPLFDGHO'LULWWR6HULH³,O
'LULWWR3ULYDWR2JJL´DFXUDGL3DROR&HQGRQ0LODQR'RWW$*LXIIUq(GLWRUH
*,$03,(752)UDQFR/DUHVSRQVDELOLWjSHU'DQQRDOO¶$PELHQWH0LODQR'RWW$*LXIIUq
(GLWRUH
*,$11,1, 0DVVLPR 6HYHUR 'HUHFKR $GPLQLVWUDWLYR 7UDGXFFLyQ /XLV 2UWHJD 0DGULG
0LQLVWHULRSDUDODV$GPLQLVWUDFLRQHV3~EOLFDVY
*20(6-~OLR0DQRHO9LHLUD2FRQFHLWRGHHQULTXHFLPHQWR2HQULTXHFLPHQWRIRUoDGRHRV
YiULRV SDUDGLJPDV GR HQULTXHFLPHQWR VHP FDXVD 3RUWR 8QLYHUVLGDGH &DWyOLFD 3RUWXJXHVD
&ROHomR³7HVHV´
*25',//2 $JXVWLQ $ 7HRUtD *HQHUDO GHO 'HUHFKR $GPLQLVWUDWLYR 0DGULG ,QVWLWXWR GH
(VWXGLRVGH$GPLQLVWUDFLyQORFDO
*5$)$QD&OiXGLD%HQWR$WXWHODGRV(VWDGRVVREUHDViJXDVLQ)5(,7$69ODGLPLU3DVVRVGH
ÈJXDV$VSHFWRVMXUtGLFRVHDPELHQWDLV&XULWLED-XUXi(GLWRUD
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
*5$)721 5 4XHQWLQ 648,5(6 'DOH H )2; .HYLQ - 3ULYDWH 3URSHUW\ DQG (FRQRPLF
(I¿FLHQF\$6WXG\RID&RPPRQ3RRO5HVRXUFHLQ-RXUQDORI/DZDQG(FRQRPLFV1
*5$1=,(5$0DULD/XL]D0DFKDGR'LUHLWRGHÈJXDVH0HLR$PELHQWH6mR3DXOR(GLWRUD
ËFRQH
*8$63-DLPH'HUHFKR3URFHVDO&LYLOHGUHYLVDGD\DGDSWDGDDODOHJLVODFLyQYLJHQWHSRU
3HGUR$UDJRQHVHV0DGULG&LYLWDVW
*8(55$60*H+,126752=$04XHVW}HVDPELHQWDLVHLPSOLFDo}HVHFRQ{PLFDV9LVmR
LQWURGXWyULDLQ5HYLVWDGH'LUHLWR$PELHQWDO6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVDEULOD
MXQKRGH
+b%(5/(3HWHU/HOLEHUWj)RQGDPHQWDOLQHOOR6WDWR&RVWLWX]LRQDOH5RPD/D1XRYD,WDOLD
6FLHQWL¿FD
+$%(50$6-UJHQ'LUHLWRH'HPRFUDFLD(QWUHIDFWLFLGDGHHYDOLGDGH7UDG)OiYLR%HQR
6LHEHQHLFKOHU9ROXPH,5LRGH-DQHLUR7HPSR%UDVLOHLURªHGLomR
+$5',1*DUUHW7KH7UDJHG\RIWKH&RPPRQVLQ6FLHQFHDQRGH
+$66(0(5 :LQIULHG /D DXWRFRPSUHQVLyQ GH OD &LHQFLD GHO 'HUHFKR 3HQDO IUHQWH D ODV
H[LJHQFLDV GH VX WLHPSR LQ (6(5 $OELQ +$66(0(5 :LQIULHG %85.+$5'7 %M|UQ
&21'( )UDQFLVFR 0XxR] &RRUG /D &LHQFLD GHO 'HUHFKR 3HQDO DQWH HO QXHYR PLOHQLR
9DOHQFLD7LUDQWOR%ODQFK
+()(1'(+/ 5RODQG 'HEH RFXSDUVH HO GHUHFKR SHQDO GH ULHVJRV IXWXURV" %LHQHV MXUtGLFRV
FROHFWLYRV \ GHOLWRV GH SHOLJUR DEVWUDFWR LQ $QDOHV GH 'HUHFKR 7UDGXFFLyQ \ DOJXQDV QRWDV
GH'HUHFKR(VSDxROGH(GXDUGR6DOD]DU2UWXxR/LFHQFLDGRHQ'HUHFKRSRUOD8QLYHUVLGDGGH
0XUFLDEHFDULR©&HODªSDUDHOFXUVRGHOD8QLYHUVLGDGGH'UHVGHQ8QLYHUVLGDGGH
0XUFLD1~PHUR
+(56&+ -RQL9,6&86,: .LS7RUW /LDELOLW\ /LWLJDWLRQ &RVWV IRU &RPPHUFLDO &ODLPV LQ
'212+8(-RKQ6+$9(//6WHYHQ$PHULFDQ/DZDQG(FRQRPLFV5HYLHZ86$2[IRUG
8QLYHUVLW\3UHVV9ROXPH1XPEHU)DOO
+(5=2*)HOL[/LPLWHVGHOGHUHFKRSHQDOSDUDFRQWURODUORVULHVJRVVRFLDOHVLQ3RGHU-XGLFLDO
9
+</721.HLWK17KH,QÀXHQFHRI/LWLJDWLRQ&RVWVRQ'HWHUHQFH8QGHU6WULFW/LDELOLW\DQG
8QGHU1HJOLJHQFHLQ,QWHUQDWLRQDO5HYLHZRI/DZDQG(FRQRPLFV
+817(5'DYLG6$/=0$1-DPHVH=$(/.('XUZRRG,QWHUQDWLRQDOHQYLURQPHQWDOODZ
DQGSROLF\1HZ<RUN)RXQGDWLRQ3UHVV
-(//,1(.*HRUJ7HRUtD*HQHUDOGHO(VWDGR3UyORJR\WUDGXFFLyQGH)HUQDQGRGH/RV5tRV
0p[LFR)RQGRGH&XOWXUD(FRQyPLFD3ULPHUDHGLFLyQHQHVSDxRO
-(6&+(&. +DQV+HLQULFK 7UDWDGR GH 'HUHFKR 3HQDO 3DUWH *HQHUDO 9ROXPHQ 3ULPHUR
7UDGXFFLyQGH³/HKUEXFKGHV6WUDIUHFKWV´\DGLFLRQHVGH'HUHFKR(VSxROSRU60LU3XLJ\)
0XxR]&RQGH%DUFHORQD%26&+&DVD(GLWRULDO6$
-8$1$QGUpV0RUH\/HFFLRQHVGH'HUHFKR$GPLQLVWUDWLYR9DOHQFLD)XQGDFLyQ8QLYHUVLWDULD
6DQ3DEOR&(8
.$+$10DUFHO&DXVDWLRQDQG,QFHQWLYHVWR7DNH&DUH8QGHUWKH1HJOLJHQFH5XOHLQ-RXUQDO
RI/HJDO6WXGLHV
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
.$17,PPDQXHO&UtWLFDGDUD]mRSUiWLFD7UDGXomRGH³.ULWLNGHUSUDNWLVFKHQ9HUQXQI´SRU
$UWXU0RUmR/LVERD(GLo}HV/GD
.2/67$'&'8/(176H-2+1621*9([3RVW/LDELOLW\IRU+DUPYV([$QWH6DIHW\
5HJXODWLRQ6XEVWLWXWHVRU&RPSOHPHQWVLQ$PHULFDQ(FRQRPLF5HYLHZQ
.251+$86(5/HZLV$$QiOLVH(FRQ{PLFDGR'LUHLWRLQ5HYLVWDVXE-XGLFH1
/$))217--)XQGDPHQWDOVRI3XEOLF(FRQRPLFV&DPEULGJH0,73UHVV
/$1'(6:LOOLDP0H3261(55LFKDUG$7KH(FRQRPLF6WUXFWXUHRI7RUW/DZ+DUYDUG
8QLYHUVLW\3UHVV
/$==$5,1, ÈOYDUR (VWXGRV GH 'LUHLWR $GPLQLVWUDWLYR HG 6mR 3DXOR 5HYLVWD GRV
7ULEXQDLV
/(,7$2$QWRQLR$PDUR7DO 3DL7DO )LOKR RV &DPLQKRV &UX]DGRV GR 3ULQFLSLR GR 3ROXLGRU
3DJDGRUHGD5HVSRQVDELOLGDGH$PELHQWDOLQ5HYLVWD-XUtGLFDGR8UEDQLVPRHGR$PELHQWH
1~PHURV
/(,7(-RVp5XEHQV0RUDWR'DQR$PELHQWDO'RLQGLYLGXDODRFROHWLYRH[WUDSDWULPRQLDO
6mR3DXOR5HYLVWDGRV7ULEXQDLV
/(:,673URWHFWLQJWKH(QYLURQPHQWZKHQ&RVWVDQG%HQH¿WVDUH3ULYDWHO\.QRZQLQ5$1'
-RXUQDORI(FRQRPLFV
/,(%0$1 (QULFR 7XOOLR 0DQXDOH GL 'LULWWR 3URFHVVXDOH &LYLOH 0LODQR 'RWW$ *LXIIUq
Y,
/,6=7)UDQ]YRQ/DLGHDGHO)LQHQHO'HUHFKR3HQDO,QWURGXFFLyQ\QRWDELRJUi¿FDGH-RVp
0LJXHO=XJDOGtD(VSLQDU7UDGXFFLyQGH³'HU=ZHHNJHGDQNHLP6WUDIUHFKW´GH&DUORV3pUHVGHO
9DOOH*UDQDGD(GLWRULDO&RPDUHV
/2%2&DUORV%DSWLVWD,PSRVWR$PELHQWDO$QDOLVH-XULGLFR)LQDQFHLUDLQ5HYLVWD-XUtGLFDGR
8UEDQLVPRHGR$PELHQWH1~PHUR
BBBBB6XEYHQo}HV$PELHQWDLV$QiOLVH-XUtGLFR)LQDQFHLUD5HODWyULRGH0HVWUDGRHODERUDGR
QRkPELWRGR6HPLQiULRGH³'LUHLWR)LQDQFHLUR´VRERWHPD³5HJLPH-XUtGLFRGDV6XEYHQo}HV´
RULHQWDGRSHOR([FHOHQWtVVLPR3URIHVVRU'RXWRU$QWyQLR6RXVD)UDQFR
/25(1d23DXOD0HLUD$)XQomR3XQLWLYDGD5HVSRQVDELOLGDGH&LYLO&RLPEUD
BBBBB $ LQGHPQL]DomR SXQLWLYD H RV FULWpULRV SDUD D VXD GHWHUPLQDomR LQ &ROyTXLR
³5HVSRQVDELOLGDGH &LYLO 1RYDV 3HUVSHFWLYDV´ 3DLQHO ³1RYRV UXPRV GD 5HVSRQVDELOLGDGH
&LYLOH7HRULDGD,QGHPQL]DomR6DQFLRQDWyULD´6XSUHPR7ULEXQDOGH-XVWLoD/LVERD
BBBBB2VGDQRVSXQLWLYRVLQ5HYLVWDGD)DFXOGDGHGH'LUHLWRGD8QLYHUVLGDGHGH/LVERD
;/,,,Q&RLPEUD
/8&$5(//, )iELR 'XWUD 5HVSRQVDELOLGDGH &LYLO SRU 'DQR (FROyJLFR LQ 5HYLVWD GRV
7ULEXQDLV6mR3DXORQ~PHURIHYHUHLURGH
/8+0$111LNODV6RFLRORJtDGHOULHVJR0p[LFR8QLYHUVLGDG,EHURDPHULFDQD±8QLYHUVLGDG
GH*XDGDODMDUDS/8+0$111LNODV(OGHUHFKRGHODVRFLHGDG7UDGXFFLyQ-DYLHU
7RUUHV 1DIDUUDWH FRQ OD FRODERUDFLyQ GH %UXQKLOGH (UNHU 6LOYLD 3DSSH \ /XLV )HOLSH 6HJXUD
&LXGDGGH0p[LFR(GLWRULDO+HUGHU8QLYHUVLGDG,EHURDPHULFDQD%LEOLRWHFD)UDQFLVFR;DYLHU
&ODYLJHURªHGLFLyQHQHVSDxRO
/<5$0DUFRV0HQGHV'DQR$PELHQWDOLQ5HYLVWDGH'LUHLWR$PELHQWDO6mR3DXORDQR
YROXPHRXWXEURGH]HPEURGH
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
0$&+$'2 3DXOR$IIRQVR /HPH 'LUHLWR$PELHQWDO %UDVLOHLUR 0DOKHLURV (GLWRUHV ªHG
0$,75(*UpJRU\/DUHVSRQVDELOLWpFLYLOHjO¶pSUHXYHGHO¶$QDO\VHeFRQRPLTXHGX'URLW
3UpIDFHGH+RUDWD0XLU:DWW'HIUpQRLV±*XDOLQR±-RO\/*'-0RQWFKUHVWLHQ/D&ROOHFWLRQ
³'URLWeFRQRPLH´
0$5&+(//2 )UDQFHVFR 3(55,1, 0DULQHOOD H 6(5$),1, 6XV\ 'LULWWR 'HOO¶$PELHQWH
1DSROL(GL]LRQL*LXULGLFKH6LPRQH9,HGL]LRQH
0$5&21'(6 5LFDUGR .RFKLQVNL H %,77(1&2857 'DUODQ 5RGULJXHV /LQHDPHQWRV GD
5HVSRQVDELOLGDGH&LYLO$PELHQWDOLQ5HYLVWDGH'LUHLWR$PELHQWDO6mR3DXORDQRYROXPH
SiJVDMXOKRVHWHPEURGH
0$57,169LFWRU0$XWLOL]DomRGRVEHQVDPELHQWDLVHRHIHLWRGDLUUHYHUVLELOLGDGHLQ-(686
0$YHOLQR'LUHFWRU(VWXGRVGH(FRQRPLD/LVERD,QVWLWXWR6XSHULRUGH(FRQRPLDH*HVWmR
,PSUHQVD1DFLRQDO&DVDGD0RHGD9RO,;QMXOKRVHWHPEUR
0$57Ë1(=5RVDULRGH9LFHQWH'HUHFKR3HQDOGHO0HGLR$PELHQWHLQ/HFFLRQHVGH'HUHFKR
GHO0HGLR$PELHQWH'LUHFWRU/XLV2UWHJDÈOYDUH]9DOODGROLG(GLWRULDO/H[1RYD
0$57,16$QWyQLR&DUYDOKR$SROtWLFDGHDPELHQWHGD&RPXQLGDGH(FRQyPLFD(XURSHLD
&RLPEUD&RLPEUD(GLWRUD
0$7(25DPyQ0DUWtQ0DQXDOGH'HUHFKR$PELHQWDO1DYDUUD(OFDQR(GLWRULDO$UDQ]DGL
ª(GLFLyQ
BBBBB0DQXDOGH'HUHFKR$GPLQLVWUDWLYRHG0DGULG7ULYLXP6$
BBBBB 7UDWDGR GH 'HUHFKR $PELHQWDO 9ROXPHQ , 0DGULG (GLWRULDO 7ULYLXP 6$ SULPHUDHGLFLyQ
0$7726 $GKHUEDO 0HLUD 'LUHLWR 6REHUDQLD H 0HLR $PELHQWH 5LR GH -DQHLUR (GLWRUD
'HVWDTXH
0('(,526 -RmR 3DXOR )RQWRXUD GH (PEDUJRV j ([HFXomR 6HQWHQoD GH 3URFHGrQFLD H
,PSURFHGrQFLD&XULWLED-XUXi
BBBBBH0('(,526)HUQDQGD/XL]D)RQWRXUDGH'RGLUHLWRDXPPHLRDPELHQWHHFRORJLFDPHQWH
HTXLOLEUDGR H GR GHYHU GH UHSDUDomR H FRPSHQVDomR LQ %(1-$0,1$QWRQLR +HUPDQ RUJ
3DLVDJHP1DWXUH]DH'LUHLWR/DQGVFDSH1DWXUHDQG/DZ6mR3DXOR,QVWLWXWR³2'LUHLWR
SRUXP3ODQHWDYHUGH´³/DZIRUDJUHHQ3ODQHW,QVWLWXWH´ºYROXPH
0(/,0DULVD,OSULQFLSLRFRPXQLWiULR³FKLLQTXLQDSDJD´0LODQR'RWW$*LXIIUq(GLWRUH
0(//2 &HOVR $QW{QLR %DQGHLUD GH &XUVR GH 'LUHLWR $GPLQLVWUDWLYR HG 6mR 3DXOR
0DOKHLURV
0(1'(6 3DXOR GH 6RXVD 9DOH D SHQD R 'LUHLWR 3HQDO GR$PELHQWH" /LVERD$VVRFLDomR
$FDGpPLFDGD)DFXOGDGHGH'LUHLWRGH/LVERDªLPSUHVVmR
0(==(77,/XFD0DQXDOHGL'LULWWR$PELHQWDOH3DGRYD&DVD(GLWULFH'RWW$QWRQLR0LODQL
&('$0
0,&+(/,6 5XDQGD 6FKLOLFNPDQ ,QVWUXPHQWRV $GPLQLVWUDWLYRV GH 3UHYHQomR DR 'DQR
$PELHQWDOLQ5HYLVWDGH'LUHLWR$PELHQWDO1~PHUR5LRGH-DQHLUR5HQRYDU
0,/$5eeGLV'LUHLWRGR$PELHQWH6mR3DXOR(GLWRUD5HYLVWDGRV7ULEXQDLVªHG
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
0,5$1'$)UDQFLVFR&DYDOFDQWL3RQWHVGH&RPHQWiULRVj&RQVWLWXLomRGHHGUHYH
DWXDOL]DGD5LRGH-DQHLUR%RUVRLW,,
0,5$1'$ -RUJH 0DQXDO GH 'LUHLWR &RQVWLWXFLRQDO7RPR ,9 &RLPEUD &RLPEUD (GLWRUD
ªHGLomRUHYLVWDHDFWXDOL]DGD
0,55$ÈOYDUR/XL]9DOHU\$omR&LYLO3~EOLFDHD5HSDUDomRGRGDQRDRPHLRDPELHQWH
6mR3DXOR-XDUH]GH2OLYHLUDSiJVHVHJV
BBBBB5HSRQVDELOLGDGHFLYLOSHORGDQRDPELHQWDOHRSULQFtSLRGDUHSDUDomRLQWHJUDOGRGDQRLQ
%(1-$0,1$QWRQLR+HUPDQRUJ'LUHLWRiJXDHYLGD/DZZDWHUDQGWKHZHERIOLIH6mR
3DXOR,PSUHQVD2¿FLDOYROXPH
02/,1$52 &DUORV $OEHUWR 'LUHLWR DPELHQWDO 3URLELomR GH 5HWURFHVVR 3RUWR $OHJUH
/LYUDULDGR$GYRJDGR
0216$/9( -XOLR &pVDU 5RGDV /D SURWHFFLyQ SHQDO GHO DPELHQWH \ IXQFLyQ VLPEyOLFD GHO
GHUHFKRSHQDOLQ5HYLVWDGHO,QVWLWXWRGH&LHQFLDV3HQDOHV\&ULPRQRORJLFDV'HUHFKR3HQDO
\&ULPRQRORJLD19ROXPH;9&RORPELD
0217(,52$QWyQLR3LQWR&OiXVXOD3HQDOH,QGHPQL]DomR&RLPEUD$OPHGLQD
0217*20(5<'0DUNHWVLQ/LFHQFHVDQG(I¿FLHQW3ROOXWLRQ&RQWURO3URJUDPVLQ-RXUQDO
RI(FRQRPLF7KHRU\
0217(648,(8/¶eVSULWGHV/RLV3DULV*DUQLHU)UpUHV/LEUDLUHVeGLWHXUV
BBBBB2HVStULWRGDVOHLV8Q%7UDG)HUQDQGR+HQULTXH&DUGRVRH/H{QFLR0DUWLQV5RGULJXHV
FDS
025(,5$1(72'LRJRGH)LJXHLUHGR&XUVRGH'LUHLWR$GPLQLVWUDWLYRHGUHYHDWXDO
5LRGH-DQHLUR)RUHQVH
08(//(5'&3XEOLF&KRLFH,,,&DPEULGJH8QLYHUVLW\3UHVV
0Ò//(578&.)(/'(QVD\RSDUDODDEROLFLyQGHO'HUHFKR3HQDOGHOPHGLRDPELHQWHLQ/D
LQVRVWHQLEOHVLWXDFLyQGHO'HUHFKR3HQDO*UDQDGD(GLWRULDO&RPDUHV
1$8&.( :ROIJDQJ /D SURJUHVVLYD SpUGLGD GH FRQWHQLGR GHO SULQFLSLR GH OHJDOLGDG SHQDO
FRPRFRQVHFXHQFLDGHXQSRVLWLYLVPRUHODWLYLVPR\SROLWL]DGRLQ/DLQVRVWHQLEOHVLWXDFLyQGHO
'HUHFKR3HQDO*UDQDGD(GLWRULDO&RPDUHV
1(5<-Ò1,251HOVRQH1(5<5RVD0DULD%%GH$QGUDGH5HVSRQVDELOLGDGHFLYLOPHLR
DPELHQWH H DomR FROHWLYD DPELHQWDO LQ %(1-$0,1 $QW{QLR +HUPDQ 'DQR $PELHQWDO
3UHYHQomR5HSDUDomRH5HSUHVVmR6mR3DXOR5HYLVWDGRV7ULEXQDLV
1(9(6&DVWDQKHLUD2SDSHOGRMXULVWDQRQRVVRWHPSRLQ'LJHVWD9ROXPH,&RLPEUD&RLPEUD
(GLWRUD
2/,9$5(6 *RQ]DOR 4XLQWHUR %LHQ MXUtGLFR GHUHFKR S~EOLFR VXEMHWLYR \ OHJLWLPDFLyQ HQ
HO 'HUHFKR SHQDO DPELHQWDO LQ 2/,9$5(6 *RQ]DOR 4XLQWHUR 35$76 )HUPtQ 0RUDOHV
&RRUGLQDGRUHV(VWXGLRVGH'HUHFKR$PELHQWDO/LEUR+RPHQDMHDOSURIHVRU-RVHS0LTXHO
3UDWV&DQXW9DOHQFLD7LUDQWOR%ODQFK
27(52 3DXOR 2 SRGHU GH VXEVWLWXLomR HP 'LUHLWR $GPLQLVWUDWLYR (QTXDGUDPHQWR
GRJPiWLFRFRQVWLWXFLRQDO/LVERD(GLWRUD/H[
3$,9$ -RVp GD &XQKD 1DYDUUR GH (VWXGRV GH 'LUHLWR 3HQDO /LVERD /LYUDULDV $LOODXG H
%HUWUDQG$(GLWRUD/LPLWDGD
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
3(//,&(5-RVH$/RSH]/HFFLRQHVGH'HUHFKR$GPLQLVWUDWLYR,0XUFLD338
3(5$/(6&DUORVGH0LJXHO/DUHVSRQVDELOLGDGFLYLOSRUGDxRVDOPHGLRDPELHQWH0DGULG
&LYLWDVªHG
3(5(,5$3DXOR$IIRQVR6RDUHV5LRV5HGHVH5HJL}HV$VXVWHQWDELOLGDGHDSDUWLUGHXP
HQIRTXHLQWHJUDGRGRVUHFXUVRVWHUUHVWUHV3RUWR$OHJUH(GLWRUD$*(
3,d$55$1XQR$VHSDUDomRGHSRGHUHVFRPRGRXWULQDHFRPRSULQFtSLRFRQVWLWXFLRQDO
&RLPEUD
3,*28$UWKXU&HFLO7KHHFRQRPLFVRIZHOIDUH/RQGRQ0DFPLOODQ
BBBBB7KHHFRQRPLFVRIZHOIDUH/RQGRQ0DFPLOODQ
BBBBB7KHHFRQRPLFVRIZHOIDUH/RQGRQ0DFPLOODQªHG
321=$1(//,*LXOLR,SXQLWLYHGDPDJHVQHOO¶HVSHULHQ]DQRUGDPHULFDQDLQ5LYLVWDGL'LULWWR
&LYLOH$QR;;,;SDUWHSULPD
3255,1,'RQDWHOOD(FRQRPLF$QDO\VLVRI/LDELOLW\IRU(QYLURQPHQWDO$FFLGHQWVLQ5LYLVWD
,QWHUQD]LRQDOHGL6FLHQ]H(FRQRPLFKHH&RPPHUFLDOL1
3261(55$(FRQRPLF$QDO\VLVRIWKH/DZ$VSHQ/DZ%XVLQHVVWKHGLWLRQ
48(,5Ï$IRQVR5RGULJXHV/Lo}HVGH'LUHLWR$GPLQLVWUDWLYR&RLPEUDY,H,,
5$026/XLV5RGULJXH],QVWUXPHQWRV-XULGLFRV3UHYHQWLYRV\5HSUHVVLYRVHQOD3URWHFFLyQGHO
0HGLR$PELHQWH,Q'RFXPHQWDFLyQ$GPLQLVWUDWLYD$EMXQQ
5$:/6-RKQ7HRUtDGHODMXVWLFLD7tWXORRULJLQDO³$WKHRU\RI-XVWLFH´7UDGXFFLyQGH0DUtD
'RORUHV *RQ]iOH] 0p[LFR )RQGR GH &XOWXUD (FRQyPLFD )&( VHJXQGD HGLFLyQ HQ
HVSDxROVH[WDUHLPSUHVLyQ
5(%28d$6$OGRGD&XQKD3URWHomRGRVUHFXUVRVKtGULFRVLQ%(1-$0,1$QWRQLR+HUPDQ
RUJ'LUHLWRiJXDHYLGD/DZZDWHUDQGWKHZHERIOLIH6mR3DXOR,PSUHQVD2¿FLDO
YROXPH
5('(17,(QULFR'LULWWR3URFHVVXDOH&LYLOHHG%RORJQD*LXIIUqY
5(+%,1'(5(FNDUG2'LUHLWRGR$PELHQWHQD$OHPDQKDLQ'LUHLWRGR$PELHQWH,QVWLWXWR
1DFLRQDOGH$GPLQLVWUDomR
5(,6 -RmR 3HUHLUD /HL GH %DVHV GR$PELHQWH$QRWDGD H &RPHQWDGD &RLPEUD /LYUDULD
$OPHGLQD
52'5,*2 5LFDUGR GH 9LFHQWH 5pJLPHQ GH ODV LQIUDFFLRQHV \ VDQFLRQHV HQ PDWHULD
PHGLRDPELHQWDO LQ 'HUHFKR$PELHQWDO (VSDxRO &RRUG 0DUtD -RVp 5H\HV /ySH] 9DOHQFLD
(GLWD7LUDQWOR%ODQFK
52'5Ë*8(= $QGUpV %HWDQFRU ,QVWLWXFLRQHV GH 'HUHFKR $PELHQWDO 0DGULG /D /H\
$FWXDOLGDG6$
52*(56:9+:LQ¿HOG-RORZLF]RQ7RUW/RQGUHV6ZHHW0D[ZHOO)LIWHHQWK
(GLWLRQ
52;,1&ODXV'HUHFKR3HQDO3DUWH*HQHUDO7RPR,7UDGGDªHGDOHPmSRU/X]yQ3HxD
'LD]<JDUFLD&RQOOHGRH9LFHQWH5HPHVDO0DGULG&LYLWDV
BBBBB3UREOHPDV)XQGDPHQWDLVGH'LUHLWR3HQDO/LVERD9HJD
58,=-RVp-XVWH'HUHFKR,QWHUQDFLRQDOGHO0HGLR$PELHQWH0DGULG0F*UDZ+LOO
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
8PROKDUHFRQ{PLFRDPELHQWDOVREUHDUHVSRQVDELOLGDGHFLYLO$SUHYHQomRTXHYHPUHÀHWLGD
586620$125RVDK&XUVRGH'LUHLWR&RQVWLWXFLRQDOHGUHYHDWXDO)UHLWDV%DVWRV
6$/6$&ODXGLD3DVTXDOLQL'LULWWR$PELHQWDOH5HSXEEOLFDGL6DQ0DULQR'RJDQD0DJJLROL
(GLWRUH9,,,HGL]LRQH
6$03$,2)UDQFLVFR-RVp0DUTXHV5HVSRQVDELOLGDGH&LYLOH5HSDUDomRGRV'DQRV&DXVDGRV
DR0HLR$PELHQWH5LRGH-DQHLUR/XPHQ-XULV
6È1&+(= -HV~V0DULD 6LOYD /D H[SDQVLyQ GHO 'HUHFKR 3HQDO $VSHFWRV GH OD SROtWLFD
FULPLQDOHQODVVRFLHGDGHVSRVWLQGXVWUDOHV0DGULG&LYLWDVªHG
6$5/(7 ,QJR :ROIJDQJ $ H¿FiFLD GRV GLUHLWRV IXQGDPHQWDLV 3RUWR $OHJUH /LYUDULD GR
$GYRJDGR(GLWRUDªHGLomR
6$77$6DOYDWRUH381=,&DUPLQH'LULWWR3URFHVVXDOH&LYLOH7UHGLFHVLPDHGL]LRQH3DGRYD
&('$0$FXUDGL&DUPLQH3XQ]L
6(*$'2)UDQFLVFR)HUQDQGH]7HRUtDMXUtGLFDGHORVGHUHFKRVIXQGDPHQWDOHVHQOD&RQVWLWXFLyQ
(VSDxRODGH\HQVXLQWHUSUHWDFLyQSRUHO7ULEXQDO&RQVWLWXFLRQDOLQ5HYLVWDGH,QIRUPDomR
OHJLVODWLYD%UDVtOLDDQRQ~PHURPDUoRHDEULOGH
6(1',0-RVpGH6RXVD&XQKDO5HVSRQVDELOLGDGHFLYLOSRUGDQRVHFROyJLFRV'DUHSDUDomR
GRGDQRDWUDYpVGHUHVWDXUDomRQDWXUDO&RLPEUD&RLPEUD(GLWRUD
6+$9(//6WHYHQ(FRQRPLF$QDO\VLVRI$FFLGHQW/DZ+DUYDUG8QLYHUVLW\3UHVV&DPEULGJH
6+,./20$129,JRU:RUOG)UHVK:DWHU5HVRXUFHVLQ*/(,&.3HWHU+:DWHULQFULVLV$
JXLGHWRWKHZRUOG¶VIUHVKZDWHUUHVRXUFHV
6+8/7=(),(/,7=+HOPXWK³/DSURWH]LRQHGHOO¶DPELHQWHQHO'LULWWR&RVWLWX]LRQDOH7HGHVFR´
LQ 'LULWWR$PELHQWDOH H &RVWLWX]LRQH$ FXUD GL 'RPHQLFR$PLUDQWH 0LOmR )UDQFR$QJHOL
6,/9$ $QD 3DXOD 9DVFRQFHOORV GD 2 'LUHLWR 7ULEXWiULR $PELHQWDO H D LVHQomR GH ,PSRVWR
7HUULWRULDO5XUDOQD5HVHUYD3DUWLFXODUGR3DWULP{QLR1DWXUDOLQ5HYLVWDGH'LUHLWR$PELHQWDO
1~PHUR5LRGH-DQHLUR5HQRYDU
6.2*+*RUDQ5HWXUQVWR6FDOHLQWKH6ZHGLVK3URSHUW\/LDELOLW\,QVXUDQFH,QGXVWU\LQ-RXUQDO
RI5LVNDQG,QVXUDQFH1
6,/9$&DUORV3HUHLUDGD2VVHJXURVHR¿QDQFLDPHQWRGD(FRQRPLD6HJXURVLQ-(6860
$YHOLQR 'LUHFWRU (VWXGRV GH (FRQRPLD /LVERD ,QVWLWXWR 6XSHULRU GH (FRQRPLD H *HVWmR
,PSUHQVD1DFLRQDO&DVDGD0RHGD9RO9,QRXWXEURGH]HPEUR
BBBBB &XVWRV H 5HQWDELOLGDGH GH 6HJXURV LQ -(686 0 $YHOLQR 'LUHFWRU (VWXGRV GH
(FRQRPLD /LVERD ,QVWLWXWR 6XSHULRU GH (FRQRPLD H *HVWmR ,PSUHQVD 1DFLRQDO&DVD GD
0RHGD9RO;,QMXOKRVHWHPEUR
6,/9$-RVp$IRQVRGD&XUVRGH'LUHLWR&RQVWLWXFLRQDO3RVLWLYRHG6mR3DXOR0DOKHLURV
6,/9$ 9DVFR 3HUHLUD GD 9HUGH &RU GH 'LUHLWR /Lo}HV GH 'LUHLWR GR$PELHQWH &RLPEUD
$OPHGLQDUHLPSUHVVmR
6/$,%,),/+21DJLE'LUHLWR&RQVWLWXFLRQDO5LRGH-DQHLUR(GLWRUD)RUHQVH
628=$3DXOR5REHUWR3HUHLUDGH0,//6-RQ&RQÀLWRV-XUtGLFRV(FRQ{PLFRVH$PELHQWDLV
0DULQJi8(0
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
-RmR3DXOR)RQWRXUDGH0HGHLURV
67(,*/('(5$QQHOLVH0RQWHLUR5HVSRQVDELOLGDGH&LYLO$PELHQWDO$VGLPHQV}HVGRGDQR
DPELHQWDOQR'LUHLWR%UDVLOHLUR3RUWR$OHJUH/LYUDULDGR$GYRJDGR
67,*/(5*7KHWKHRU\RISULFH1HZ<RUN0DFPLOODQªpG
67212*$$QGUH]D&ULVWLQD7XWHOD,QLELWyULD$PELHQWDO$3UHYHQomRGR,OtFLWR&XULWLED
(GLWRUD-XUXi
675$7(1:(57+*QWHU'HUHFKR3HQDO3DUWH*HQHUDO±(OKHFKRSXQLEOH,7UDG0DQXHO
&DQFLR0HOOLi±0DUFHOR6DQFLQHWWL%XHQRV$LUHV+DPPXUDELªHG&DVWHOODQD
BBBBB6WUDIUHFKW$OOJHPHLQHU7HLO,±'LH6WUDIWDW7UDGXFFLyQGHODªHGLFLyQDOHPDQD
GH*ODG\V5RPHUR³'HUHFKR3HQDO3DUWH*HQHUDO,±(O+HFKR3XQLEOH´0DGULG(GLWRULDOHVGH
'HUHFKR5HXQLGDV6$('(56$,QVWLWXWRGH&ULPLQRORJtDGH0DGULG
675((7+3ULQFLSOHVRIWKH/DZRI'DPDJHV/RQGRQ6ZHHWDQG0D[ZHOO/WGDVROLFLWRURI
WKH6XSUHPH&RXUW3URIHVVRURI(QJOLVK/DZLQWKH8QLYHUVLW\RI0DQFKHVWHU
7(/6(5 / 7KH 8VHIXOQHVV RI &RUH 7KHRU\ LQ (FRQRPLFV LQ 7KH -RXUQDO RI (FRQRPLF
3HUVSHFWLYHV
7+203621-5%DUWRQ+7UDJLFDOO\'LI¿FXOW7KHREVWDFOHVWR*RYHUQLQJWKH&RPPRQV
781& $QGUp &DStWXOR ,QWURGXWyULR DR 9RO ;, 7RUWV LQ ,QWHUQDWLRQDO (QF\FORSHGLD RI
&RPSDUDWLYH/DZ0RKU7XELQJHQ0DUWLQXV1LMKRII3XEOLVKHUV'RUGUHFKW%RVWRQ/DQFDVWHU
8'$// 0DUN 3HUVSHFWLYHV VFDOLQJ QHZ KHLJKWV RU UHWUHDWLQJ IURP SURJUHVV KRZ ZLOO WKH
HQYLURUQPHQWIDUHXQGHUWKHDGPLQLVWUDWLRQRI3UHVLGHQW*HRUJH:%XVK"LQ&ROR-,QW¶,/
3RO¶\
9(5'(*LRYDQL3UR¿OLGHO3URFHVVR&LYLOHSDUWHJHQHUDOHHG1DSROL-RYHQH
9e6&29,(QULTXH7HRUtD*HQHUDOGHO3URFHVRHG&RORPELD6DQWD)HGH%RJRWi7HPLV
9,$11$-RVp5LFDUGR$OYDUH]5HVSRQVDELOLGDGHFLYLOSRUGDQRVDRPHLRDPELHQWH&XULWLED
-XUXi(GLWRUDªHGLomRªWLUDJHP
:(,6+$$56WHIDQ&2HPLVVLRQDOORZDQFHDOORFDWLRQPHFKDQLVPVDOORFDWLYHHI¿FLHQF\DQG
WKHHQYLURQPHQWDVWDWLFDQGG\QDPLFSHUVSHFWLYHLQ%$&.+$86-UJHQ*67(3+(1)UDQN
+ (XURSHDQ -RXUQDO RI /DZ DQG (FRQRPLFV %RVWRQ'RUGUHFKW/RQGRQ .OXZHU$FDGHPLF
3XEOLVKHUV0DQXIDFWXUHGLQ7KH1HWKHUODQGV9ROXPH1XPEHU$XJXVW
:,-&.3HWHU9DQ:,17(56-DQ.HHV7KH3ULQFLSOHRI)XOO&RPSHQVDWLRQLQ7RUW/DZLQ
%$&.+$86 -UJHQ * 67(3+(1 )UDQN + (XURSHDQ -RXUQDO RI /DZ DQG (FRQRPLFV
%RVWRQ'RUGUHFKW/RQGRQ .OXZHU $FDGHPLF 3XEOLVKHUV 0DQXIDFWXUHG LQ 7KH 1HWKHUODQGV
9ROXPH1XPEHU0D\
:,//,$06212(7KH(FRQRPLF,QVWLWXWLRQVRI&DSLWDOLVP1HZ<RUN)UHH3UHVV
<$1'/( %UXFH 3XEOLF &KRLFH DW WKH ,QWHUVHFWLRQ RI (QYLURQPHQWDO /DZ DQG (FRQRPLFV LQ
%$&.+$86 -UJHQ * 67(3+(1 )UDQN + (XURSHDQ -RXUQDO RI /DZ DQG (FRQRPLFV
%RVWRQ'RUGUHFKW/RQGRQ .OXZHU $FDGHPLF 3XEOLVKHUV 0DQXIDFWXUHG LQ 7KH 1HWKHUODQGV
9ROXPH1XPEHU-XO\
=6g*g16LOYLD-DTXHQRG(OGHUHFKRDPELHQWDO\VXVSULQFLSLRVUHFWRUHV'<.,16216
/WHUFHUDHGLFLRQ
5HYLVWDGR0LQLVWpULR3~EOLFRGR563RUWR$OHJUHQPDLR±DJR
Download

Doutrina Nacional Um Olhar Econômico-Ambiental sobre