Post on 07-Apr-2018
8/4/2019 Liter Alemana
1/33
$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQ
$VLJQDWXUDWURQFDOGH6HJXQGR&XUVRGHOD/LFHQFLDWXUDGH)LORORJtD,QJOHVD
0DWHULDOGLGiFWLFRGH/LWHUDWXUD,
0'RORUHV&DVWULOOR*HUPiQ5XLSpUH]
-RVp&DUORV*DUFtD&DEUHUR%LUJLW2WW
&8562
8QLYHUVLGDG1DFLRQDOGH(GXFDFLyQD'LVWDQFLD
)DFXOWDGGH)LORORJtD'HSDUWDPHQWRGH)LORORJtDV([WUDQMHUDV\VXV/LQJtVWLFDV
6HFFLyQGH)LORORJtD$OHPDQD
8/4/2019 Liter Alemana
2/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
QGLFH2%-(7,926(63(&),&26'(/,7(5$785$,
&217(1,'26
(GDG0HGLD\5HIRUPD /D$OWKRFKGHXWVFKH'LFKWXQJ
/D0LWWHOKRFKGHXWVFKH'LFKWXQJ
5HQDFLPLHQWR5HQDLVVDQFH+XPDQLVPR+XPDQLVPXV\5HIRUPD5HIRUPDWLRQ
%DUURFR
(QWRUQRVRFLRFXOWXUDO &RUULHQWHV\JpQHURVOLWHUDULRV
$XWRUHV
,OXVWUDFLyQ (QWRUQRVRFLRFXOWXUDO
&RUULHQWHV\JpQHURVOLWHUDULRV
$XWRUHV
6WXUPXQG'UDQJ (QWRUQRVRFLRFXOWXUDO
&RUULHQWHV\JpQHURVOLWHUDULRV
$XWRUHV
&ODVLFLVPR (QWRUQRVRFLRFXOWXUDO
&RUULHQWHV\JpQHURVOLWHUDULRV
$XWRUHV
5RPDQWLFLVPR (QWRUQRVRFLRFXOWXUDO
&RUULHQWHV\JpQHURVOLWHUDULRV
$XWRUHV
%LHGHUPHLHU\9RUPlU] (QWRUQRVRFLRFXOWXUDO
&RUULHQWHV\JpQHURVOLWHUDULRV
8/4/2019 Liter Alemana
3/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
$XWRUHV
5HDOLVPR (QWRUQRVRFLRFXOWXUDO
&RUULHQWHV\JpQHURVOLWHUDULRV
$XWRUHV
%,%/,2*5$)$&203/(0(17$5,$(9$/8$&,1
$1(;2,02'(/2'((;$0(1
8/4/2019 Liter Alemana
4/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
2%-(7,926(63(&),&26'(/,7(5$785$,
/RVREMHWLYRVHVSHFtILFRVGHHVWDSDUWHGHODDVLJQDWXUDVRQSURSRUFLRQDUDODOXPQRXQDLQWURGXFFLyQDOD+LVWRULDGHOD/LWHUDWXUD$OHPDQD
'DGDODH[WHQVLyQ\FRPSOHMLGDGGHODPDWHULDDWUDWDUHOREMHWLYRIXQGDPHQWDOHVTXHHODOXPQRDGTXLHUDXQDYLVLyQJHQHUDOGHODVFRUULHQWHV\DXWRUHVOLWHUDULRVDOHPDQHVPiVUHOHYDQWHV GHVGH OD (GDG 0HGLD KDVWD HO VLJOR ;,; LQFOXLGR 3DUD HOOR RIUHFHPRV DFRQWLQXDFLyQIUDJPHQWRVGHWH[WRVRULJLQDOHVUHV~PHQHV \FXDGURVHVTXHPiWLFRVGHORVGLIHUHQWHV SHULRGRV FRUULHQWHV \ DXWRUHV PiV UHSUHVHQWDWLYRV SDUD TXH HO DOXPQRFRQR]FD ODV FDUDFWHUtVWLFDV IXQGDPHQWDOHV GH ODV SULQFLSDOHV FRUULHQWHV OLWHUDULDVDOHPDQDVGHVGHVLJOR9,,,DOVLJOR;,;LQFOXVLYH
6H SUHVHQWD HQ HVWH PDWHULDO XQD VHOHFFLyQ GH WH[WRV RULJLQDOHV \VXV WUDGXFFLRQHV DOHVSDxRO GH DOJXQRV GH ORV DXWRUHV PiV UHSUHVHQWDWLYRV GH ODV GLIHUHQWHV FRUULHQWHV \
SHULRGRV-XQWRDHVWHPDWHULDO\VLHODOXPQRGHVHDUDDPSOLDUVXVFRQRFLPLHQWRVSXHGHFRQVXOWDUODELEOLRJUDItDHQOHQJXDHVSDxRODTXHPHQFLRQDPRVHQFDGDDSDUWDGR
&217(1,'26
(GDG0HGLD\5HIRUPD/HFWXUDV FRPSOHPHQWDULDV +LVWRULD GH OD OLWHUDWXUD DOHPDQD SiJV /DOLWHUDWXUDDOHPDQDDWUDYpVGHVXVWH[WRVSiJV
(VWH ODUJR SHULRGR VH GLYLGH HQ WUHV HWDSDV FODUDPHQWH GLIHUHQFLDGDV 3RU RUGHQFURQROyJLFR GLVWLQJXLPRV HQ SULPHU OXJDU HO SHULRGR FRUUHVSRQGLHQWH D ODVFRPSRVLFLRQHV OLWHUDULDV GHO $QWLJXR $OWR $OHPiQ $OWKRFKGHXWVFKH 'LFKWXQJ TXHDEDUFDUtDORVDxRVFRPSUHQGLGRVHQWUHHO\HO$FRQWLQXDFLyQVLJXHHOSHULRGRGHO$QWLJXR0HGLR$OHPiQ0LWWHOKRFKGHXWVFKH'LFKWXQJFRQODpSRFDFRPSUHQGLGD
HQWUH HO DxR \ HO $ SDUWLU GH HVWD IHFKD VH GHVDUUROOD HO ~OWLPR SHULRGRGXUDQWHHOFXDOVXUJHQHO5HQDFLPLHQWR5HQDLVVDQFHHO+XPDQLVPR+XPDQLVPXV\OD 5HIRUPD 5HIRUPDWLRQ TXH VH H[WLHQGHQ GHVGH HO DxR \ KDVWDDSUR[LPDGDPHQWHHODxR
1RWD/DVREUDVGHORVGLIHUHQWHVDXWRUHVVHFLWDQHQVXYHUVLyQRULJLQDOHQDOHPiQ6LQHPEDUJRSDUDIDFLOLWDU DO DOXPQR HO HVWXGLR \ FRPSUHQVLyQ GH HVWRV WtWXORV VH LQFOX\H VLHPSUHHQWUHFRUFKHWHVXQD
SRVLEOH WUDGXFFLyQ DO HVSDxRO GH ORV PLVPRV QR VLHQGR QHFHVDULR TXH HO DOXPQR DSUHQGD ORV WtWXORVRULJLQDOHVHQVXYHUVLyQDOHPDQD /DV UHIHUHQFLDV ELEOLRJUiILFDV FRPSOHWDV VH SXHGHQ FRQVXOWDU HQ HO FDStWXOR WHUFHUR%LEOLRJUDItDFRPSOHPHQWDULDSiJ
8/4/2019 Liter Alemana
5/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
$OWKRFKGHXWVFKH'LFKWXQJ
0LWWHOKRFKGHXWVFKH'LFKWXQJ
5HQDLVVDQFH+XPDQLVPXV
5HIRUPDWLRQ
/D(GDG0HGLD\OD5HIRUPD
)LJXUD/D(GDG 0HGLD\OD5HIRUPD
/D$OWKRFKGHXWVFKH'LFKWXQJ
/D pSRFD GH ORV JUDQGHV PRYLPLHQWRV PLJUDWRULRV LQIOXHQFLy HQ JUDQ PHGLGD ODIDQWDVtDOLWHUDULDGHORVSXHEORVJHUPiQLFRV(VDSDUWLUGHOVLJOR,;FXDQGRVHSXHGHKDEODU SURSLDPHQWH GH XQD OLWHUDWXUD DOHPDQD SXHV ORV OHJDGRV FRQVHUYDGRV TXH
SHUWHQHFHQ DO SHULRGR DQWHULRU DO UHLQDGR GH &DUORPDJQR VH FRQVLGHUDQ WRGDYtD
JHUPiQLFRV /RV DFRQWHFLPLHQWRV SROtWLFRV \ VRFLDOHV FRQGLFLRQDQ FODUDPHQWH HOGHVDUUROORGHODVFUHDFLRQHVOLWHUDULDVGHHVWHSHULRGRSRUORTXHSRGHPRVGLVWLQJXLUWUHVHWDSDVGLIHUHQWHVHQHVWRVLQLFLRVGHODOLWHUDWXUDDOHPDQD
5HLQDGRGH&DUORPDJQR.DUOGHU*URH
/XLVHOSLDGRVR
\VXVVXFHVRUHV/XGZLJGHU)URPPH
(OUHQDFLPLHQWRRWRQR
$OWKRFKGHXWVFKH'LFKWXQJ
)LJXUD(WDSDVOLWHUDULDVGHO$QWLJXR$OWR$OHPiQ
/DpSRFDGHOUHLQDGRGH&DUORPDJQR WXYRXQPDUFDGRFDUiFWHU SUiFWLFR\PDWHULDOLVWD VLHQGR HO ODWtQ OD OHQJXD FXOWD XWLOL]DGD SRU ORV HUXGLWRV HQ OD FRUWH (VGXUDQWH HO UHLQDGR GH /XLV HO SLDGRVR \ VXV VXFHVRUHV FXDQGR VH SXHGH KDEODU SRU
SULPHUD YH] GHOD H[LVWHQFLD GHXQD OLWHUDWXUDDOHPDQDTXH WUDWD IXQGDPHQWDOPHQWHWHPDVGHFRQWHQLGRUHOLJLRVR6LQHPEDUJRSURQWRHOODWtQLPSRQGUiVXIXHU]DGXUDQWHHOUHQDFLPLHQWR RWRQR \ KDUi HQPXGHFHU D OD SRHVtD HQ OHQJXD DOHPDQD /D UHOLJLRVD+URVYLWKD YRQ *DQGHUVKHLP FODUR H[SRQHQWH GH HVWH SHULRGR HV
FRQVLGHUDGD SRU PXFKRV DXWRUHV FRPR OD SULPHUD SRHWLVD HQ OHQJXD DOHPDQD 6HSURGXFHDFRQWLQXDFLyQXQDpSRFDGHWUDQVLFLyQGXUDQWHODTXHVXUJHXQDSRHVtDGRQGHHOODWtQ\HODOHPiQVHXWLOL]DQHQXQDPLVPDFRPSRVLFLyQSRpWLFD(OHMHPSORPiVFODURHV'H+HQULFR DSUR[DxR
8/4/2019 Liter Alemana
6/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
)LJXUD0DQXVFULWRRULJLQDOGHO$EUDKDP GH+URVYLWKD
/D0LWWHOKRFKGHXWVFKH'LFKWXQJ
/DpSRFDGHO$QWLJXR0HGLR$OHPiQHVWXYRPDUFDGDSRUWUHVIDFWRUHVGHWHUPLQDQWHV
/DDSDULFLyQHLQIOXHQFLDGHODQXHYDFODVHVRFLDOGHORVFDEDOOHURV5LWWHUWXP /DVFUX]DGDV\ /DUHIRUPDGH&OXQ\
(VWD pSRFD VH FDUDFWHUL]D SRU OD OXFKD SRU HO SRGHU HQWUH ODV IXHU]DV UHOLJLRVDVVDFHUGRWLXP \ODVWHUUHQDOHVLPSHULXP +DELWXDOPHQWHVHKDEODGHWUHVHWDSDV
)UKPLWWHOKRFKGHXWVFKH=HLW
+RFKPLWWHODOWHU
6SlWHV0LWWHODOWHU
0LWWHOKRFKGHXWVFKH'LFKWXQJ
)LJXUD(WDSDVOLWHUDULDVGHO0HGLR$OWR$OHPiQ
)UKPLWWHOKRFKGHXWVFKH=HLW $OUHGHGRUGHOHO$OWR$OHPiQHVWiGHVDUUROODGRGHWDOPDQHUDTXHVHGLIHUHQFLDFODUDPHQWHGHO$QWLJXR$OWR$OHPiQ6XUJHDVLPLVPRXQDOHQJXDHVFULWDDODTXHVHLQFRUSRUDQSUpVWDPRVGHOIUDQFpV/DVREUDVGHFRQWHQLGRUHOLJLRVR LPSXOVDGDV SRU OD UHIRUPD GH &OXQ\ GRPLQDQ HO OHQJXDMH HVFULWR GHO VLJOR
;,, 3RU RWUR ODGRDSDUHFH GHODPDQR GHORV FDEDOOHURVFRPRFRQWUDPRYLPLHQWR ODpSLFD SUHFRUWHVDQD HQ GRQGH HO DFHQWR UHOLJLRVR GHMD SDVR D ODV DYHQWXUDV \ RWURVFRQWHQLGRVPXQGDQRV/RWHUUHQDODGTXLHUHUHOHYDQFLD
+RFKPLWWHODOWHU(VWHSHULRGRHVWiPDUFDGRSRUODFXOWXUDFDEDOOHUHVFD(OFDEDOOHURVHFRQYLHUWHHQILJXUDWUDQVPLVRUDGHODFXOWXUDTXHVHORFDOL]DHQFDVWLOORV\IRUWDOH]DVTXHGHVSOD]DQDORVPRQDVWHULRV6HFXOWLYDQIXQGDPHQWDOPHQWHWUHVJpQHURVOLWHUDULRV
/RV FDQWDUHV R SRHPDV pSLFRV +HOGHQHSRV HQWUH ORV TXH GHVWDFD HO1LEHOXQJHQOLHG>&DQWDUGHORV1LEHOXQJRV@TXHVHEDVDHQODLPSRUWDQFLDGHODILGHOLGDGFRPRKHUHQFLDFODUDGHOJHUPiQLFR
8/4/2019 Liter Alemana
7/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
)LJXUD/DPXHUWHGH6LJIULGR0LQLDWXUDGHXQPDQXVFULWRGHO1LEHOXQJHQOLHG
/RVSRHPDVFRUWHVDQRVK|ILVFKH(SRV
/DOtULFDFRUWHVDQD K|ILVFKH/\ULN FX\RPi[LPRUHSUHVHQWDQWHHV :DOWHUYRQGHU9RJHOZHLGHDSUR[\ODIRUPDOODPDGD0LQQHVDQJ(VWDIRUPD
OLWHUDULDDEDUFDGHVGHFDQWRVDODQDWXUDOH]D\DODVHVWDFLRQHVDH[DOWDFLRQHVGHODPXMHUVXEHOOH]D\HODPRU0LQQH DPRU
6DJHWPLULHPDQZDVLVWPLQQH"PLQQHLVW]ZHLHUKHU]HQZQQHWHLOHQWVLHJHOvFKHVRVWGLXPLQQHGk
4XHDOJXLHQPHGLJDTXpHVDPRU"DPRUHVHOSODFHUGHGRVFRUD]RQHVVLVHFRPSDUWHDSDUHFHHODPRU
:DOWHUYRQGHU9RJHOZHLGH
8/4/2019 Liter Alemana
8/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
)LJXUD:DOWHUYRQGHU9RJHOZHLGH0DQXVFULWRGH+HLGHOEHUJ
6SlWHV0LWWHODOWHU
$ OR ODUJR GHO VLJOR ;,,, OD FODVH VRFLDO GH ORV FDEDOOHURV YD SHUGLHQGR LPSRUWDQFLD'HVFLHQGH WDPELpQ HO SRGHU HFRQyPLFR GH OD QREOH]D GHELGR IXQGDPHQWDOPHQWH DOGHVDUUROORGHODQXHYDHFRQRPtDGHOGLQHUR /RVSRGHUHVWHUUHQDOHVJDQDQODEDWDOODDORVHVSLULWXDOHV /D EXUJXHVtD DSDUHFH FRPR QXHYD FODVH VRFLDO \ YD FRQFHQWUDQGR SRGHU
SROtWLFR\HFRQyPLFRKDVWDKDFHUVHSDXODWLQDPHQWHSRUWDGRUDGHODFXOWXUD/DSRHVtDSLHUGH VX FDUiFWHU FRUWHVDQRDULVWRFUiWLFR \ SDVD D WHQHU XQ WLQWH SRSXODU \ EXUJXpV&DUDFWHUtVWLFR GH HVWD pSRFD SDUD OD OLWHUDWXUD HV XQ FLHUWR UDVJR GH UHDOLVPR \XWLOLWDULVPR
5HQDFLPLHQWR 5HQDLVVDQFH +XPDQLVPR +XPDQLVPXV \ 5HIRUPD5HIRUPDWLRQ
(VWDVWUHVIRUPDVOLWHUDULDV \FXOWXUDOHVTXHVHGHVDUUROODQGXUDQWHHO VLJOR;9,VXUJHQHQSULPHUOXJDUHQ,WDOLD \WLHQHQ FRPR IXQGDPHQWR XQGHVHRLQWHULRU GHUHQRYDFLyQLPSXOVDGRSRUHOGHVFRQWHQWRJHQHUDOL]DGRHQFDPSRVWDQGLVSDUHVFRPRODFLHQFLDOD
UHOLJLyQODSROtWLFD\ODVRFLHGDGHQJHQHUDO7RGRHVWiPDUFDGRSRUXQGHVHRGHYROYHUDORFiVLFR\GHUHFXSHUDUORDQWLJXR(Q$OHPDQLDODFXOWXUDGHOPiVDOOiVHVXVWLWX\HSURQWRSRUXQDFXOWXUDGHORWHUUHQDOGHOGLVIUXWDUGHORGHDTXtWDO\FRPRKLFLHURQJULHJRV \ URPDQRV &RPR UHVSXHVWD LQPHGLDWD \ FRQWUDPRYLPLHQWR QDFH OD 5HIRUPDPRYLPLHQWRUHOLJLRVRGHVWLQDGRDSDOLDUORVH[FHVRVGHODPXQGDQL]DFLyQGHFDGHQWH
8/4/2019 Liter Alemana
9/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
)LJXUD(UDVPXVYRQ5RWWHUGDP
'HVWDFDQ HQ HVWH SHULRGR GRV DXWRUHV (UDVPXV YRQ 5RWWHUGDP H[SRQHQWH GHO +XPDQLVPR DOHPiQ GH FDUiFWHU OLEHUDO \ WROHUDQWH \ 0DUWLQ /XWKHU WUDGXFWRU GH OD %LEOLD LPSXOVRU GH OD 5HIRUPD \SULPHU WUDQVPLVRU GHODOHPiQHVWiQGDU
,FKKDEHNHLQHHLJHQH6SUDFKHLP'HXWVFKHQVRQGHUQEUDXFKH GHUJHPHLQHQGHXWVFKHQ6SUDFKHGDPLFKEHLGH2EHU XQG1LHGHUOlQGHUYHUVWHKHQP|JHQ
1RWHQJRXQOHQJXDMHSURSLRHQDOHPiQVLQRTXHXWLOL]RODOHQJXDDOHPDQDFRP~QGHPDQHUDTXHPHHQWLHQGDQDPERVORVGHOQRUWH\ORVGHOVXU
0DUWLQ/XWKHU6HQGEULHIYRP'ROPHWVFKHQ
)LJXUD0DUWtQ/XWHUR
%DUURFR/HFWXUDV FRPSOHPHQWDULDV +LVWRULD GH OD OLWHUDWXUD DOHPDQD SiJV /DOLWHUDWXUDDOHPDQDDWUDYpVGHVXVWH[WRVSiJV
/DV UHIHUHQFLDV ELEOLRJUiILFDV FRPSOHWDV VH SXHGHQ FRQVXOWDU HQ HO FDStWXOR WHUFHUR%LEOLRJUDItDFRPSOHPHQWDULDSiJ
8/4/2019 Liter Alemana
10/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
(QWRUQRVRFLRFXOWXUDO
/D(GDG0RGHUQDFRPLHQ]DFRQSURIXQGRVFDPELRVHFRQyPLFRVVRFLDOHVSROtWLFRV\FLHQWtILFRV /D LPDJHQ WUDGLFLRQDO GHO PXQGR VH WDPEDOHD WUDV ORV JUDQGHVGHVFXEULPLHQWRV VREUH WRGR HQ DVWURQRPtD \ PHGLFLQD &RSpUQLFR *DOLOHL .HSOHU
1HZWRQ(QSROtWLFDVHGHVDUUROODHO$EVROXWLVPRVLJXLHQGRHOHMHPSORGH/XLV;,9HQ)UDQFLD/D*XHUUDGHORV7UHLQWD$xRVUHIXHU]DODGHVXQLyQDOHPDQD\HVUHVSRQVDEOH GH TXH HO DEVROXWLVPR QR VH LPSRQJD DTXt D QLYHO QDFLRQDO VLQR HQ ODVGLIHUHQWHV\QXPHURVDVFRUWHV7RGRVHVWRVFDPELRVJHQHUDQXQVHQWLPLHQWRGHLQVHJXULGDGJHQHUDOL]DGR/RVKRPEUHV
EXVFDQ GH QXHYR DSR\R HQ OD UHOLJLyQ /D PtVWLFD UHQDFH 3RU RWUR ODGR OLJDGR DOGHVDUUROOR GHO DEVROXWLVPR HO FRQFHSWR GH YLUWXG 7XJHQG DGTXLHUH XQD LPSRUWDQFLDYLWDO\VHUHSLWHFRPRPRWLYRUHFXUUHQWHHQWRGDODREUDOLWHUDULDGHHVWDpSRFD9LUWXGTXHFRQWURODODVSDVLRQHVSURSLDVFRPRVRPHWLPLHQWRDXQRUGHQPD\RU'XUDQWHHVWDpSRFDGHJUDQGHVFDPELRVVXUJHQVHQWLPLHQWRVFRQWUDSXHVWRV\FRQYLYHQDFWLWXGHV FRQWUDGLFWRULDV HO KpURH GH FDUiFWHU ILUPH H LQDPRYLEOH VLWXDFLRQHVHQPDUFDGDVHQODPiVSURIXQGDGHODVPLVHULDVORVDPRUHVPiVSDVLRQDOHVODYLGD\ODPXHUWH'HDKtTXHHVWDpSRFDVHFDOLILFDUDHQSHULRGRVSRVWHULRUHVFRPRH[DJHUDGD\VHGHQRPLQDUDFRQHOWpUPLQRSH\RUDWLYRTXHGDQRPEUHDWRGRHOSHULRGR%DUURFRGHO
SRUWEDURFFR SHUODLUUHJXODUREOLFXD$~QDVtHQORFRQWUDGLFWRULRHLQH[SOLFDEOHHO%DUURFRVHHVIXHU]DSRUEXVFDUXQRUGHQVXSHULRUHQFRQWUDQGRHOPiVSURIXQGRGHORVVLJQLILFDGRVHQ ODVDFWLWXGHVPLWROyJLFDVORVDFRQWHFLPLHQWRVUHOLJLRVRV\ORVIHQyPHQRVQDWXUDOHVPiVGLVSDUHV/DVLPERORJtDLQXQGDWRGRVORViPELWRVQDGDWLHQHYDORUHQVtPLVPRVLQRFRPRVLJQRRVtPERORGHDOJRVXSHULRU(OKRPEUHHVXQDFWRUREHGLHQWHTXHLQWHUSUHWDHQODWLHUUDHOSDSHOTXHOHKDDVLJQDGR'LRV
/DOLWHUDWXUDDODEDDOPRQDUFDDEVROXWLVWD)UVWHQOREFRPRUHSUHVHQWDQWHGHORUGHQGH(VWDGR0LHQWUDVTXHHQHOFDWyOLFR6XUHOODWtQVLJXHVLHQGRODOHQJXDXWLOL]DGDHQODVFUHDFLRQHVOLWHUDULDV HQ HO 1RUWH VXUJH XQ VHQWLPLHQWR QDFLRQDOLVWDTXH HQ OR FXOWXUDO HOHYD ODOHQJXD DOHPDQD DO PLVPR UDQJR TXH RWUDV ODWtQ \ IUDQFpV 6H KDEOD GH UHIRUPDOLQJtVWLFD 6SUDFKUHIRUP TXH WUDWD VREUH WRGR GH KRPRJHQHL]DU \ DPSOLDU ODFDSDFLGDGFRPXQLFDWLYDHQOHQJXDDOHPDQD
&RUULHQWHV\JpQHURVOLWHUDULRV
/D SRHVtD GHO %DUURFR WLHQH XQ FDUiFWHU PRUDOL]DQWH \ DGHPiV WLHQH FRPR REMHWLYRSULRULWDULRDGRUQDUODYLGDVRFLDO/DVILJXUDVFUHDGRUDVGHGLFKDSRHVtDVRQHOSRHWDFRUWHVDQR+RISRHW\HOHUXGLWR*HOHKUWHU$O SULQFLSLR GH HVWH SHULRGR 0DUWLQ 2SLW] HQ VX OLEUR %XFK YRQ GHU GHXWVFKHQ3RHWHUH\ >/LEURGHSRpWLFDDOHPDQD@ GHILQHODVUHJODVGHODSRpWLFDUHSLWLHQGRHQVXV
SURSLDVFUHDFLRQHVPRGHORVH[WUDQMHURV6XOODPDGDDOFXLGDGRGHODOHQJXDDOHPDQDHVDFRJLGD DPSOLDPHQWH SRU ODV QXHYDV DVRFLDFLRQHV OLQJtVWLFDV (VWDV DVRFLDFLRQHV VHIXQGDQSDUDOOHYDUDFDERODUHIRUPDOLQJtVWLFD\VXVPLHPEURVSHUWHQHFHQWDQWRDODQREOH]DFRPRDODEXUJXHVtD
8/4/2019 Liter Alemana
11/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
8QD GH ODV VRFLHGDGHV PiV GHVWDFDGDV HV OD GHQRPLQDGD )UXFKWEULQJHQGH*HVHOOVFKDIWIXQGDGDHQSRUHOPRQDUFD /XGZLJYRQ$QKDOW.|WKHQVHJ~QXQPRGHORLWDOLDQR(O SRHWD PiV VLJQLILFDWLYR GH HVWD pSRFD TXH GHVDUUROOD HVWH HVTXHPD FRQ JUDQFUHDWLYLGDGHVHOSRHWD\GUDPDWXUJR$QGUHDV*U\SKLXV
(OGUDPDGHO%DUURFRHVWiPX\LQIOXHQFLDGRSRUHOGUDPDMHVXtWLFRHQOHQJXDODWLQD/DOtULFDDGTXLHUHLPSRUWDQFLDJUDFLDVDODPtVWLFD-DFRE%|KPH/DFDQFLyQUHOLJLRVDSURWHVWDQWH\FDWyOLFDVHFXOWLYDSRUDXWRUHVFRPR $QJHOXV6LOHVLXV 3DXO*HUKDUGW \)ULHGULFK YRQ 6SHH 5HSUHVHQWDQWHV GH OD OtULFDQR UHOLJLRVD VRQ MXQWR D *U\SKLXV6LPRQ'DFK \3DXO)OHPLQJ RWURVDXWRUHVGHQRPLQDGRVYLUWXRVRVYLUWXRVHQTXHVHUHFUHDQHQXQHVWLORUHFDUJDGRSHURLQFUHPHQWDQWDPELpQODVSRVLELOLGDGHVH[SUHVLYDVGH OD OHQJXD DOHPDQD &DEH PHQFLRQDU DTXt D ORV DXWRUHV 3KLOLSS YRQ =HVHQ \ D+RIPDQQYRQ+RIPDQQVZDOGDX /DQRYHODGHO%DUURFRHVWiSURIXQGDPHQWHLQIOXHQFLDGDSRUODQRYHODH[WUDQMHUD 8QDGHODVREUDVPiVUHOHYDQWHVHVODGHODXWRU +-&KYRQ *ULPPHOVKDXVHQ \HQFRQFUHWRVX JUDQ QRYHOD 'HU DEHQWHXHUOLFKH 6LPSOLFLVVLPXV 7HXWVFK >(O DYHQWXUHUR
6LPSOLFLVVLPXV@
$XWRUHV
0DUWLQ2SLW]
1DFHHQ%XQ]ODX\PXHUHYtFWLPDGHODSHVWHFRPRKLVWRULDGRUUHDOGH3RORQLD&RPRSRHWDHVXQFODURH[SRQHQWHGHO%DUURFR6XHVWLORUHFDUJDGR\PDQLHULVWDUHVSRQGHDXQDSR\RH[SUHVRGHOKXPDQLVPR(QVXREUDVLJXHHOPRGHORGHODRUDWRULDHQOHQJXDODWLQD(OHOHPHQWRUHWyULFRGHILQHVXLGHDOSRpWLFR8QDGHVXVREUDVPiVFRQRFLGDHV%XFKYRQGHUGHXWVFKHQ3RHWHUH\>/LEURGHSRpWLFDDOHPDQD@ 6LQHPEDUJRFXOWLYy WRGRV ORV JpQHURV GHO %DUURFR OD RGD HO HSLJUDPD HO GUDPD HWF VLHQGRDGHPiVXQ H[FHOHQWHWUDGXFWRUTXH HOHYyOD OHQJXDDOHPDQD DOPLVPRQLYHOTXH RWUDVH[WUDQMHUDV
$QGUHDV*U\SKLXV
/DFUXHQWD*XHUUDGHORV7UHLQWD$xRVPDUFDQYLGD\REUDGHHVWHDXWRU/RSDVDMHURORHItPHUR GH OD YLGD WHUUHQDO OD WHUULEOH \ FRQVWDQWH DPHQD]D GH OD PXHUWH TXHGDQUHIOHMDGRVHQREUDVFRPR6RQQ XQG)HLHUWDJVVRQHWWHQ >6RQHWRVGHGRPLQJR\GtDV
IHVWLYRV@ R.LUFKKRIVJHGDQNHQ >5HIOH[LRQHVGHFHPHQWHULR@
'XVLHKVWZRKLQGXVLHKVWQXU(LWHONHLWDXI(UGHQ
:DVGLHVHUKHXWHEDXW5HLWMHQHUPRUJHQHLQ
0LUHVSRUGRQGHPLUHVVyORHQFXHQWUDVYDQLGDGHQHVWHPXQGRORTXHXQRFRQVWUX\HKR\RWURORGHVWUXLUiPDxDQD
*U\SKLXV .LUFKKRIVJHGDQNHQ
8/4/2019 Liter Alemana
12/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
)LJXUD$QGUHDV*U\SKLXV*UDEDGRHQFREUHGH3KLOLSS.LOLDQ
6RODPHQWHFRQOD ILUPHFUHHQFLDHQXQPXQGRVXSHULRU\ODHVSHUDQ]DGHDOFDQ]DUHOSUHPLRGHODHWHUQLGDGVHSXHGHVREUHYLYLUHQODYLGDWHUUHQDO/DSUHVHQFLDGHFLHOR\WLHUUD SURYRFD HQ ODV REUDV GH *U\SKLXV WHQVRV FRQWUDVWHV /HR $UPLQLXV +HUU3HWHU6TXHQW]\*HOLHEWH'RUQURVH>$PDGDURVDGHHVSLQR@VRQDOJXQDVGHVXVREUDVPiVFRQRFLGDV
+-&KYRQ *ULPPHOVKDXVHQ
1DFLGRHQ*HOQKDXVHQ+HVVHQ\WUDVXQDDJLWDGDYLGDSODJDGDGHDYHQWXUDVDOVHUYLFLRGHO HMpUFLWR IXH QRPEUDGRUHJLGRUGH ODYLOODGH 5HQFKHQ6HOYD 1HJUD/DREUDTXHPiVKDWUDVFHQGLGRGHHVWHDXWRUHV 'HUDEHQWHXHUOLFKH6LPSOLFLVVLPXV7HXWVFK >(ODYHQWXUHUR6LPSOLFLVVLPXV@ TXHHVFULELyHQWUH\(VWDQRYHODEDVDGDHQODVDYHQWXUDVTXHHOSURSLRDXWRUYLYLyQDUUDODKLVWRULDGHXQVROGDGRGXUDQWHOD*XHUUDGHORV7UHLQWD$xRV(OWHPDSULQFLSDOGHODQRYHODHVODYHUVDWLOLGDGHLQFRQVLVWHQFLDGHWRGRORWHUUHQDO\VyORXQDHQWUHJDLQFRQGLFLRQDOD'LRVSXHGHDSRUWDUSD]
DOVRZDUGLFKJHZDKUGDQLFKWV%HVWlQGLJHUHVLQGHU:HOWLVWDOVGLH8QEHVWlQGLJNHLWVHOEVWHQ
HQWRQFHVWRPpFRQFLHQFLDGHTXHQRKD\QDGDPiVSHUPDQHQWHHQHOPXQGRTXHODSURSLDQRSHUPDQHQFLD
*ULPPHOVKDXVHQ6LPSOLFLVVLPXV
8/4/2019 Liter Alemana
13/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
,OXVWUDFLyQ/HFWXUDV FRPSOHPHQWDULDV +LVWRULD GH OD OLWHUDWXUD DOHPDQD SiJV /DOLWHUDWXUDDOHPDQDDWUDYpVGHVXVWH[WRVSiJV
(QWRUQRVRFLRFXOWXUDO
$ILQDOHVGHOVLJOR;9,,QDFHSULPHURHQ)UDQFLD'HVFDUWHV0RQWHVTXLHX'LGHURWH,QJODWHUUD %DFRQ +REEHV /RFNH +XPH OD ,OXVWUDFLyQ PRYLPLHQWR TXH SUHWHQGHIXQGDPHQWDU OD YLGD FRQ D\XGD GHO HQWHQGLPLHQWR KXPDQR &RQ OD ,OXVWUDFLyQ VHFRQVROLGD OD QXHYD LPDJHQ GHO +RPEUH VL HQ OD (GDG 0HGLD OD FODVH VRFLDO HUDGHWHUPLQDQWHSDUDODYLGDGHOVHUKXPDQRDKRUDVHSRVWXODTXHFXDOTXLHUSHUVRQDDOPDUJHQ GH VX H[WUDFWR VRFLDO GHED VHU FDSD] GH DFWXDU \ MX]JDU GH PDQHUDLQGHSHQGLHQWH ,PPDQXHO .DQW FRQWHVWy FRQ OD VLJXLHQWH IUDVH D OD SUHJXQWD :DV LVW$XIOlUXQJ" >4XpHV,OXVWUDFLyQ"@
6DSHUHDXGH+DEH0XWGLFKGHLQHVHLJHQHQ9HUVWDQGHV]XEHGLHQHQ
$WUpYHWHDVDEHU7HQHOYDORUGHXWLOL]DUWXSURSLRHQWHQGLPLHQWR
(VWRV QXHYRV SHQVDPLHQWRV SURYRFDURQ HQ OD EXUJXHVtD SRVWXUDV PiV OLEUHV \FRQVFLHQWHVTXHVHWUDGXMHURQHQXQUHFKD]RFUHFLHQWHGHODDUELWUDULHGDGDEVROXWLVWD/D,OXVWUDFLyQ VHQWy HQ VX ~OWLPR SHULRGR ODV EDVHV WHyULFDV GH OD FRUULHQWH GHQRPLQDGD5RFRFyTXHVHH[WHQGtDSRUWRGD(XURSD
&RUULHQWHV\JpQHURVOLWHUDULRV
(Q$OHPDQLDODEXUJXHVtDFXOWD\SURWHVWDQWHTXHUHVLGHHQFLXGDGHVXQLYHUVLWDULDV\GRQGHIORUHFHHOFRPHUFLRVHFRQYLHUWHHQWUDQVPLVRUDGHODVQXHYDVLGHDVVLWXiQGRVH
SRUHOORHOFHQWURGHODYLGDOLWHUDULDHQODFLXGDGGH/HLS]LJ/DVFUHDFLRQHVOLWHUDULDVGHOD,OXVWUDFLyQSUHWHQGHQHQVHxDU\GLYHUWLUDOPLVPRWLHPSR/RVJpQHURVPiVFXOWLYDGRVVRQIiEXODVHSLJUDPDVGUDPDV\ViWLUDV
$XWRUHV
-RKDQQ&KULVWRSK*RWWVFKHG
1DFLGRFHUFDGH.|QLJVEHUJIXHSURIHVRUGHILORVRItDSRpWLFDOyJLFD\PDWHPiWLFDVHQOD8QLYHUVLGDGGH/HLS]LJ&ODURH[SRQHQWHGHODVLGHDVGHOD,OXVWUDFLyQFRPEDWLyORVH[FHVRV GHO %DUURFR UHFRPHQGDQGR OD LPLWDFLyQ GH OD (GDG $QWLJXD (Q VX REUD9HUVXFK HLQHUNULWLVFKHQ'LFKWNXQVW >(QVD\RGHXQD SRpWLFDFUtWLFD@ILMyODVUHJODV\REMHWLYRVGHODQXHYDSRpWLFDGHOD,OXVWUDFLyQHQVHxDUHGXFDUGHVFULELUODQDWXUDOH]D\WUDQVPLWLUXQDVHUHQLGDGYLUWXRVD
/DV UHIHUHQFLDV ELEOLRJUiILFDV FRPSOHWDV VH SXHGHQ FRQVXOWDU HQ HO FDStWXOR WHUFHUR %LEOLRJUDItDFRPSOHPHQWDULDSiJ
8/4/2019 Liter Alemana
14/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
)ULHGULFK*RWWOLHE.ORSVWRFN
.ORSVWRFN QDFLy HQ 4XHGOLQJEXUJ \ HVWXGLy WHRORJtD HQ -HQD \ /HLS]LJ $ ORV
YHLQWLFXDWURDxRVFRPHQ]yDHVFULELUVXJUDQREUD 'HU0HVLDV HSRSH\DUHOLJLRVD \REUDFODYHGHO SLHWLVPR(Q VXV FRQRFLGDV 2GHQ WUDWDSURIXQGRVWHPDVFRPRHODPRU\ODDPLVWDG'LRV\ODQDWXUDOH]DODPXHUWH\ODHWHUQLGDGHWF
)LJXUD3RUWDGDGHODSULPHUDHGLFLyQGHODVWUHVSULPHUDVSDUWHVGHO0HVtDV
*RWWKROG(SKUDLP/HVVLQJ
(GXFDGR HQXQHVWULFWRDPELHQWH OXWHUDQR HVWXGLy WHRORJtD\PHGLFLQDHQ/HLS]LJ 6HGHGLFD DO WHDWUR SXHV FRQVLGHUDED TXH pVWH HUD HO YHKtFXOR WUDQVPLVRU GH OD FXOWXUD(VFULWRU FUtWLFR \ SHULRGLVWD HV FRQVLGHUDGR XQR GH ORV DXWRUHV PiV SUROtILFR GH VXpSRFD
1LFKWGLH:DKUKHLWLQGHUHQ%HVLW]LUJHQGHLQ0HQVFKLVWRGHU]XVHLQYHUPHLQHWVRQGHUQGLHDXIULFKWLJH0KHGLHHUDQJHZHQGHWKDWKLQWHUGLH:DKUKHLW]XNRPPHQPDFKWGHQ:HUWGHV0HQVFKHQ
/DYDOtDGHXQKRPEUHQRVHPLGHSRUHOJUDGRGHYHUGDGTXHpVWHSRVHDRTXHFUHDSRVHHUVLQRSRUHOHVIXHU]RVLQFHURTXHKD\DUHDOL]DGRSDUDDOFDQ]DUGLFKDYHUGDG
(QHO VLJXLHQWH FXDGUR DGDSWDGRGHOOLEUR*HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXU .OHWWUHVXPLPRVVXYLGD\REUDVPiVLPSRUWDQWHV
8/4/2019 Liter Alemana
15/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
2EUDV 9LGD &RUULHQWHVHVWLORVWHRUtDV
'HUMXQJH*HOHKUWH
>(OMRYHQVDELR@
FRPHGLDWLSROyJLFDGH
6DMRQLD
0LVV6DUD6DPSVRQ
SULPHUGUDPDEXUJXpV
&DUWDVOLWHUDULDV
FRQWUDHOFODVLFLVPR
/DRNRRQ
DIDYRUGHODUHSUHVHQWDFLyQGHORtQWLPR
0LQQDYRQ%DUQKHOP FRPHGLDVHULD
+DPEXUJLVFKH'UDPDWXUJLH
>'UDPDWXUJLDGH
+DPEXUJR@
WHRUtDGUDPiWLFDVHJ~Q$ULVWyWHOHV
(PLOLD*DORWWL HQFDUQDFLyQGHODWUDJHGLD
EXUJXHVD
1DWKDQGHU:HLVH>1DWKDQHOVDELR@
KXPDQLVPRLOXVWUDGR\
WROHUDQFLD
(U]LHKXQJGHV0HQVFKHQJHFKOHFKWV>)RUPDFLyQGHOJpQHUR
KXPDQR@
(VWXGLDQWH
HQ/HLS]LJ
(VFULWRULQGHSHQGLHQWH
HQ%HUOtQ
'UDPDWXUJRHQ
+DPEXUJR
%LEOLRWHFDULRHQ
:ROIHQEWWHO
XQLyQHQWUHHQWHQGLPLHQWR\
UHYHODFLyQ
)LJXUD9LGD\REUDGH*(/HVVLQJ
8/4/2019 Liter Alemana
16/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
6WXUPXQG'UDQJ/HFWXUDV FRPSOHPHQWDULDV +LVWRULD GH OD OLWHUDWXUD DOHPDQD SiJV /DOLWHUDWXUDDOHPDQDDWUDYpVGHVXVWH[WRVSiJV
(QWRUQRVRFLRFXOWXUDO
(O PRYLPLHQWR OODPDGR 6WXUP XQG 'UDQJ VXUJH D PHGLDGRV GHO VLJOR ;9,,, HQ$OHPDQLDFRPRSURWHVWDGHMyYHQHVLQWHOHFWXDOHVTXHVHUHEHODURQFRQWUDODFXOWXUDGHOD UD]yQ GH OD ,OXVWUDFLyQ OD PRGHUDFLyQ GHO UDFLRQDOLVPR \ HO HVWDQFDPLHQWR GH ORVVHQWLPLHQWRV 7LHQH LQIOXHQFLDV GHO VHQWLPHQWDOLVPR LQJOpV (PSILQGVDPNHLW \ GHDXWRUHVIUDQFHVHVFRPR5RXVVHDX
/HVHQWLPHQWHVWSOXVTXHODUDLVRQ (OVHQWLPLHQWRHVPiVLPSRUWDQWHTXHODUD]yQ
6HGRWyDOVHQWLPLHQWRGHODLPSRUWDQFLDSHUGLGDFRQOD,OXVWUDFLyQ6HSRVWXODODYXHOWDDODQDWXUDOH]DFRPRRULJHQGHWRGRVHU\VHUHFXSHUDQYDORUHVFRPRHODPRUODDPLVWDG\ODHWHUQLGDG
&RUULHQWHV\JpQHURVOLWHUDULRV
(O DPRU \ DOWD HVWLPD TXH VH VLHQWH SRU OD QDWXUDOH]D \ OD VLQJXODULGDG GH OD SURSLDQDFLyQGHWHUPLQDQORVHVWLORV\FRUULHQWHVOLWHUDULDVGHODpSRFD(QODOLWHUDWXUDSRSXODUVH EXVFDQ ODV UDtFHV GHO SURSLR VHU /RV JpQHURV WUDGLFLRQDOHV FRPR ODV FDQFLRQHV \FXHQWRVSRSXODUHVDGTXLHUHQXQDJUDQUHOHYDQFLD'HODUWLVWDVHHVSHUDLQGLYLGXDOLVPR\
RULJLQDOLGDG6HEXVFDODJHQLDOLGDG(O GUDPD HV HO JpQHUR OLWHUDULR SRU H[FHOHQFLD GH HVWH SHULRGR 0XHVWUD FyPRLQGLYLGXDOLGDG\QDWXUDOLGDGSXHGHQYHUVHGHVWUXLGDVSRUSUHVLRQHVPRUDOHVSROtWLFDVRUHOLJLRVDV/DOtULFDH[SUHVDODXQLyQHQWUHDPRU\QDWXUDOH]D3RURWUDSDUWHODQRYHODWLHQHXQDPHQRULPSRUWDQFLDHQHVWDpSRFD
$XWRUHV
-RKDQQ*RWWIULHG+HUGHU+LMR GH XQ PDHVWUR \ QDFLGR HQ OD SHTXHxD FLXGDG GH 0RKUXQJHQ +HUGHU HVWXGLDWHRORJtDHQ.|QLJVEHUJGRQGHYLYHEDMRODSRGHURVDLQIOXHQFLDGH.DQW\GHVXDPLJR+DPDQQWHyORJRMXULVWDHLQLFLDGRUGHO6WXUPXQG'UDQJ9LDMHURLQFDQVDEOHFRQRFLyD /HVVLQJ \ DO MRYHQ *RHWKH FRQ TXLHQPDQWHQtD FRQYHUVDFLRQHV VREUH 6KDNHVSHDUH5RXVVHDX\ODUHQRYDFLyQGHODOLWHUDWXUDDOHPDQD6XSDVLyQSRU6KDNHVSHDUHSRUODVYLHMDV FDQFLRQHV SRSXODUHV \ SRU /D (GDG 0HGLD FRQYLHUWHQ VX REUD %OlWWHU YRQGHXWVFKHU$UWXQG.XQVW >+RMDV GH DUWH \ HVWLOR DOHPiQ@ HQHOPDQLILHVWR
/DV UHIHUHQFLDV ELEOLRJUiILFDV FRPSOHWDV VH SXHGHQ FRQVXOWDU HQ HO FDStWXOR WHUFHUR%LEOLRJUDItDFRPSOHPHQWDULDSiJ
8/4/2019 Liter Alemana
17/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
WHyULFR GHO 6WXUP XQG 'UDQJ (QWUH VXV REUDV PiV FRQRFLGDV VH HQFXHQWUDQ WDPELpQ-RXUQDOPHLQHU5HLVHLP-DKUH >'LDULRGHPLYLDMHGHODxR@hEHUGLHQHXHUH GHXWVFKH /LWHUDWXU >6REUH OD OLWHUDWXUD DOHPDQD PRGHUQD@ H,GHHQ ]XU 3KLORVRSKLH GHU *HVFKLFKWH GHU 0HQVFKKHLW >,GHDV ILORVyILFDV GH ODKLVWRULDGHODKXPDQLGDG@
0LFKDHO5HLQKROG/HQ]
4XL]iV HO UHSUHVHQWDQWH PiV QRWDEOH GHO GUDPD GHO 6WXUP XQG 'UDQJ KLMR GH SDVWRUSURWHVWDQWH/HQ]FRQRFHD*RHWKHHQ(VWUDVEXUJRGRQGHOHFRQYLHUWHHQVXtGRORGHXQDPDQHUD FDVL HQIHUPL]D 'HU +RIPHLVWHU >(O SUHFHSWRU@ \ 'LH 6ROGDWHQ>/RVVROGDGRV@ VRQDOJXQRVGHORVWtWXORVGHHVWHDXWRUTXHPiVKDQWUDVFHQGLGR(QHOORV/HQ]UHWUDWDSHUVRQDMHVKXPLOGHVGHPRUDOYDFLODQWHTXHVXFXPEHQHQODPiVPLVHUDEOHSREUH]D
(O*|WWLQJHU+DLQ
7DPELpQOODPDGR+DLQEXQG RJUXSRGH+DLQHO *|WWLQJHU+DLQ UHXQLyDXQDVHULH GH DXWRUHV TXH EDMR OD WXWRUtD GH .ORSVWRFN SRVWXODEDQ IUHQWH D ORV H[FHVRVPDQLHULVWDVGHOURFRFyODYXHOWDDORQDWXUDODORDOHPiQORYLUWXRVROROLEUH $HVWHJUXSR SHUWHQHFLHURQ HQWUH RWURV ORV VLJXLHQWHV DXWRUHV 0DWWKLDV &ODXGLXV -RKDQQ+HLQULFK9RVV\*RWWIULHG$XJXVW%UJHU
&ODVLFLVPR/HFWXUDV FRPSOHPHQWDULDV +LVWRULD GH OD OLWHUDWXUD DOHPDQD SiJV /DOLWHUDWXUD DOHPDQD D WUDYpV GH VXV WH[WRVSiJV (QFXHQWURV )LOyVRIRV \OLWHUDWRV HQ OHQJXD DOHPDQDSiJV SiJV SiJVSiJV
SiJV
(QWRUQRVRFLRFXOWXUDO
/RV SURIXQGRV FDPELRV VRFLDOHV SROtWLFRV \ FXOWXUDOHV TXH VH VXFHGHQ GXUDQWH HVWHSHUtRGR GHQRPLQDGR FOiVLFR YLHQHQ GHWHUPLQDGRV HQ $OHPDQLD IXQGDPHQWDOPHQWHSRUODILJXUDGHOILOyVRIR.DQW\VXVREUDV .ULWLNGHUUHLQHQ9HUQXQIW>&UtWLFDGHODUD]yQSXUD@.ULWLNGHUSUDNWLVFKHQ9HUQXQIW>&UtWLFDGH ODUD]yQSUiFWLFD@ \ .ULWLN GHU 8UWHLOVNUDIW >&UtWLFD GHO SRGHU GH HQMXLFLDPLHQWR@ 7RGRV ORV HVIXHU]RV SRU UHYLYLU HO FODVLFLVPR JULHJR VH SODVPDURQ HQ OD LPSRUWDQWHUHIRUPD HGXFDWLYD OOHYDGD D FDER SRU :LOKHOPYRQ +XPEROGW ILOyVRIR KLVWRULDGRUOLQJLVWD WUDGXFWRU \ SROtWLFR TXLHQ IXQGy OD 8QLYHUVLGDG GH %HUOtQ HQ (Q HOFHQWURGHGLFKDUHIRUPDVHKDOODEDODYXHOWDDOKXPDQLVPRDUPyQLFRGHODDQWLJHGDG
/DV UHIHUHQFLDV ELEOLRJUiILFDV FRPSOHWDV VH SXHGHQ FRQVXOWDU HQ HO FDStWXOR WHUFHUR%LEOLRJUDItDFRPSOHPHQWDULDSiJ
8/4/2019 Liter Alemana
18/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
&RUULHQWHV\JpQHURVOLWHUDULRV
(OFODVLFLVPRDOHPiQHVWiHVWUHFKDPHQWHOLJDGRDOGXFDGRGH:HLPDUGRQGHVHJR]DEDGHFLHUWDOLEHUWDGGHSUHQVD\RSLQLyQ\DODFHUFDQtDGHOD8QLYHUVLGDGGH-HQDTXHVXVFLWDEDHOLQWHUpVSRUODFLHQFLD/DDOLDQ]DHQWUH*RHWKH\6FKLOOHUKDVWDODPXHUWHGH
HVWH ~OWLPRHQ PDUFy WRGDODYLGDOLWHUDULDGHHVWDpSRFD GRQGHVH SRVWXODEDODDXWRQRPtDHLQGHSHQGHQFLDGHODUWH\GHODOLWHUDWXUD(O GUDPD GH HVWH SHUtRGR PXHVWUD FyPR ORV FRQIOLFWRV TXH VH SURGXFHQ SRU OR
LQFRPSOHWRORLPSHUIHFWRGHODUHDOLGDGDPHQD]DQODDUPRQtDLGHDOHLGtOLFDPi[LPDDVSLUDFLyQ GHO FODVLFLVPR /RV FOiVLFRV FXOWLYDQ HQ VXV REUDV IRUPDV UtJLGDV YHUVRDILUPDFLRQHV XQLYHUVDOHVVHQWHQFLDVH LQWHQWDQ OD FRQFHQWUDFLyQHQ OR HVHQFLDO SRFDDFFLyQSRFRVSHUVRQDMHV5HVSHFWRDOJpQHUROLWHUDULRGHODQRYHODVXUJHHOGHQRPLQDGR %LOGXQJVURPDQ >QRYHODGHIRUPDFLyQ@VLHQGRODREUDGH*RHWKH :LOKHOP0HLVWHUHOPi[LPRH[SRQHQWHGHHVWHJpQHUR\GRQGHVHUHODWDODYLGDGHXQKpURHTXHYDIRUPiQGRVH\GHVDUUROOiQGRVHKDVWDLQWHJUDUVHHQODVRFLHGDG
'D ZRGXELVWGDZRGXEOHLEVWZLUNHZDVGXNDQQVWVHLWlWLJXQGJHIlOOLJ
$OOiGRQGHHVWpVDOOiGRQGHWHTXHGHVDFW~DGHODPDQHUDHQTXHVHSDVSHUPDQHFHDFWLYR\VHUYLFLDO
:LOKHOP0HLVWHUV/HKUMDKUH
$XWRUHV
-RKDQQ:ROIJDQJ*RHWKH
)LJXUD-RKDQQ:ROIJDQJYRQ*RHWKH&XDGURGH-RVHI6WLHOHU
+LMR GH IDPLOLD SDWULFLD \ QDFLGR HQ )UDQNIXUW HVWXGLy GHUHFKR HQ /HLS]LJ \(VWUDVEXUJR -XULVWD SROtWLFR \ SRHWD SRU H[FHOHQFLD GHO SHUtRGR FOiVLFR DOHPiQ IXH
DXWRUGHXQDH[WHQVDREUDTXHSXHGHGLYLGLUVHHQWUHVHWDSDVODSULPHUDFRUUHVSRQGHUtDD
8/4/2019 Liter Alemana
19/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
XQMRYHQ*RHWKHLQLFLDQGRVXREUDOLWHUDULDVLHQGRHVWXGLDQWHHQHOHVWLORURFRFy\PiVWDUGHHQHOPDUFRGHO6WXUPXQG'UDQJDFRQWLQXDFLyQYHQGUtDVXHWDSDFRPRSRHWDFOiVLFR\ILQDOPHQWHVX~OWLPDHWDSDTXHFRLQFLGLUtDFRQVXV~OWLPRVDxRVGHYLGD
(QHOVLJXLHQWHFXDGURUHVXPLPRVGHPDQHUDHVTXHPiWLFDYLGD\REUDVPiVLPSRUWDQWHVGHHVWHDXWRU
2EUDV 9LGD &RUULHQWHVHVWLORVWHRUtDV3ULPHUSHULRGR
(VWXGLDQWHHQ/HLS]LJFDHJUDYHPHQWH
HQIHUPRUHJUHVDD)UDQNIXUW
6HVHQKHLPHU*HGLFKWH
>3RHPDVGH6HVHQKHLP@
(VWXGLRVHQ(VWUDVEXUJR OtULFDWULYLDO
+LPQRV\RGDV
VHQWLPLHQWRGHORXQLYHUVDO
*|W]YRQ%HUOLFKLQJHQ
-XULVWDHQ)UDQNIXUW\:HW]ODU
HOJUDQLQGLYLGXRHQODpSRFDGHODGHFDGHQFLD
'LH/HLGHQGHVMXQJHQ:HUWKHUV
>/DVSHQDVGHOMRYHQ
:HUWKHU@
IUDFDVRGHOVHQWLPLHQWRXQLYHUVDO
6HJXQGRSHULRGR/OHJDGDD:HLPDU
3ROtWLFR\SRHWDFRUWHVDQR
,SKLJHQLHDXI7DXULV
9LDMH
VXSHUDFLyQGHODFXOSDSRUKXPDQLGDG
(JPRQW
D,WDOLDHO\RGHPyQLFR\HOYLHMR
GHUHFKR
7DVVR
SRHWD\VRFLHGDG
0HWDPRUSKRVHGHU3IODQ]HQ
>0HWDPRUIRVLVGHODVSODQWDV@
ODSODQWDRULJLQDO
:LOKHOP0HLVWHUV
/HKUMDKUH
>/RVDxRVGHDSUHQGL]DMH
8QLyQFRQ6FKLOOHUODIRUPDFLyQGHOD
LQGLYLGXDOLGDG
8/4/2019 Liter Alemana
20/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
GH:0HLVWHU@
+HUPDQQXQG'RURWKHD
UHYROXFLyQHLGLOLR
0XHUWHGH6FKLOOHU
7HUFHUSHULRGR
)DXVW7HLO>)DXVWRSDUWH@
(O
FXOSD\DVSLUDFLyQ
'LH:DKOYHUZDQGVFKDIWHQ>/DVDILQLGDGHVHOHFWLYDV@
JUDQ\ /DWUDJHGLDHQODQRYHOD
'LFKWXQJXQG:DKUKHLW>3RHVtD\UHDOLGDG@
IDPRVR KLVWRULDGRUSURSLR
:HVW|VWOLFKHU'LYDQ>3RHPDULRRFFLGHQWDO
RULHQWDO@
HVFULWRUDPRU\VDELGXUtDFRQXQD
PiVFDUDSHUVD
:LOKHOP0HLVWHUV:DQGHUMDKUH
>/RVDxRVGHSHUHJULQDMHGH:0HLVWHU@
WRSRJUDItDGHODVDSWLWXGHVKXPDQDV
)DXVW7HLO>)DXVWRSDUWH@
ODUHDOLGDGGHODDSDULHQFLD
)LJXUD9LGD\REUDGH-:*RHWKH$GDSWDFLyQGH*HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXU .OHWW
)ULHGULFK6FKLOOHU
1DFLGR HQ 0DUEDFK \ REOLJDGR SRU HO VREHUDQR .DUO (XJHQ D FXUVDU ORV HVWXGLRV GH
'HUHFKR\PHGLFLQDIXHVXWUDVODGRD:HLPDUHQ\VXDPLVWDGFRQ*RHWKHHQORTXHGHWHUPLQyVXYLGD\VXSUROtILFDREUDFRPRGUDPDWXUJRDXWRUGHWUDWDGRVVREUHHVWpWLFDHKLVWRULD\SRHWDTXHUHVXPLPRVHQHOVLJXLHQWHFXDGUR
2EUDV 9LGD &RUULHQWHVHVWLORVWHRUtDV3ULPHUSHULRGR
6~EGLWRGH
'LH5lXEHU>/RVEDQGLGRV@
.DUO(XJHQ
SURWHVWDFRQWUDHQDXWRULWDULVPR
8/4/2019 Liter Alemana
21/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
.DEDOHXQG/LHEH>,QWULJDV\DPRU@
/DGLItFLOYLGDFRPR FUtWLFDDODEVROXWLVPR
'LH6FKDXEKQH>(OHVFHQDULR@
GUDPDWXUJR\ODGHSHQGHQFLDGHORVPHFHQDV
SUHVHQWDUHOKRPEUHDOKRPEUH
6HJXQGRSHULRGR9LDMHD:HLPDU
'RQ&DUORV
eSRFDGHWUDQVLFLyQ
HQWUH,OXVWUDFLyQ\FiEDODVSROtWLFDV
$QPXWXQG:UGH>'LJQLGDG\RUJXOOR@
3URIHVRUHQ-HQD
ODDUPRQtDH[WHUQDFRPRH[SUHVLyQGHODLQWHUQD
0DULD6XDUW
3HUtRGRFOiVLFR
'LH-XQJIUDXYRQ2UOHDQV
>-XDQDGH2UOHDQV@
8QLyQFRQ*RHWKH
OLEHUWDG\UHFRQFLOLDFLyQSRUODVXSHUDFLyQGHODPXHUWH
:LOKHOP7HOO>*XLOOHUPR7HOO@
GHOQXHYRDOYLHMRLGLOLR
)LJXUD9LGD\REUDGH)6FKLOOHU$GDSWDFLyQGH*HVFKLFKWHGHUGHXWVFKHQ/LWHUDWXU (GLWRULDO.OHWW
5RPDQWLFLVPR/HFWXUDV FRPSOHPHQWDULDV +LVWRULD GH OD OLWHUDWXUD DOHPDQD SiJV /DOLWHUDWXUDDOHPDQDDWUDYpVGHVXVWH[WRVSiJV
(QWRUQRVRFLRFXOWXUDO
/DV UHIHUHQFLDV ELEOLRJUiILFDV FRPSOHWDV VH SXHGHQ FRQVXOWDU HQ HO FDStWXOR WHUFHUR%LEOLRJUDItDFRPSOHPHQWDULDSiJ
8/4/2019 Liter Alemana
22/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
/DH[SUHVLyQ URPDQWLVFKSURFHGHGH5RPDQ QRYHOD\KDFHDOXVLyQDDOJRLQYHQWDGRLUUHDOIDQWiVWLFR(OSHULRGRURPiQWLFRFRLQFLGHFRQOD VXELGDDOSRGHUGH1DSROpRQVXGHUURFDPLHQWR\HOQXHYRRUGHQVXUJLGRWUDVHO&RQJUHVRGH9LHQD/DVUHVLVWHQFLDVFRQWUDODVLQYDVLRQHV
QDSROpRQLFDVKLFLHURQUHQDFHUVHQWLPLHQWRVQDFLRQDOLVWDV3DUD HQFRQWUDU ORV RUtJHQHV GHO URPDQWLFLVPR FRPR PRYLPLHQWR HVSLULWXDO KD\ TXHUHWURFHGHU D OD pSRFD PtVWLFD \ SLHWLVWD HO URPDQWLFLVPR QDFH SDUD HQIUHQWDUVH DOUDFLRQDOLVPRGHOD,OXVWUDFLyQ\HQpOFRQYLYHQSRVWXUDVILORVyILFDV\FUtWLFDVFRQXQVXEMHWLYLVPRDFXVDGRMXQWRDDFWLWXGHVLUUDFLRQDOLVWDV
&RUULHQWHV\JpQHURVOLWHUDULRV
6HGLVWLQJXHQJHQHUDOPHQWHWUHVHWDSDVOLWHUDULDVGHQWURGHOURPDQWLFLVPR/DSULPHUD )UKURPDQWLNGHQRPLQDGDHWDSDSULPHUDRDQWLJXDVHGHVDUUROOD HQ
-HQD\%HUOtQ\WLHQHXQPDUFDGRFDUiFWHUILORVyILFRFUtWLFR6XVIXQGDPHQWRVWHyULFRVIXHURQGHVDUUROODGRVSRUORVKHUPDQRV6FKOHJHO HQVXUHYLVWD$WKHQlXP
'LH3RHVLHGHU$OWHQZDUGLHGHV%HVLW]HVGLHXQVULJHLVWGLHGHU6HKQVXFKWMHQHVWHKWIHVWDXIGHP%RGHQGHU*HJHQZDUWGLHVHZLHJWVLFK]ZLVFKHQ(ULQQHUXQJXQG$KQGXQJ
/DSRHVtDGHQXHVWURVPD\RUHVHUDODGHODSRVHVLyQODQXHVWUDHVODGHODQRVWDOJLDDTXpOODWLHQHORVSLHVILUPHVVREUHHOSUHVHQWHpVWDVHEDODQFHDHQWUHUHFXHUGRV\SUHVHQWLPLHQWRV
$WKHQlXP
/D PHWD GH ORV URPiQWLFRV HUD DOFDQ]DU OR LQILQLWR OR XQLYHUVDO /D WDUHD GHO OLWHUDWRFRQVLVWH HQ HQFRQWUDU OR VXEOLPH HQ OR KDELWXDO GRWDU D OR FRUULHQWH GH XQ KDOR GHPLVWHULR1DWXUDOH]D\KRPEUHIRUPDQSDUWHGHXQWRGRXQLYHUVDO8QRGHORVPi[LPRVH[SRQHQWHVGHHVWHSULPHUSHULRGRURPiQWLFRHV1RYDOLV/D VHJXQGD HWDSD -QJHUH 5RPDQWLN TXH VH GHVDUUROOD IXQGDPHQWDOPHQWH HQ+HLGHOEHUJWLHQHXQFDUiFWHUPiVQDFLRQDOLVWD\EXVFDODXQLyQHQWUHFRPXQLGDGLJOHVLD\HVWDGR5H~QHWHVWLPRQLRVGHOHVStULWXSRSXODUHQWUDWDGRVFXHQWRV\FDQFLRQHV(QWUH ORV DXWRUHV GHO ~OWLPR SHULRGRGHO URPDQWLFLVPR6SlWURPDQWLN VHHQFXHQWUD
SDUD PXFKRV HO DXWRU PiV UHSUHVHQWDWLYR GHO URPDQWLFLVPR DOHPiQ -RVHSK YRQ(LFKHQGRUII
$XWRUHV
)UKURPDQWLN
)ULHGULFKYRQ+DUGHQEHUJ1RYDOLV
(VSHFLDOPHQWH VX REUD +\PQHQ DQ GLH 1DFKW >+LPQRV D OD QRFKH@ \ VXQRYHOD +HLQULFK YRQ 2IWHUGLQJHQ VRQ FODUD H[SUHVLyQ GH VX SDUWLFXODUFRQFHSFLyQ GHO PXQGR :HOWDQVFKDXXQJ TXH pO PLVPR GHQRPLQy PDJLVFKHU
,GHDOLVPXV >LGHDOLVPR PiJLFR@ OR TXH VLJQLILFD TXH WRGR HVWi LQYDGLGR SRU XQDV
8/4/2019 Liter Alemana
23/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
IXHU]DV HVSLULWXDOHV TXH QR H[LVWHQ IURQWHUDV \ TXH WRGR OR LQGLYLGXDO PDQWLHQH XQDGHSHQGHQFLDPLVWHULRVDFRQHOFRVPRVXQLYHUVDO
-QJHUH5RPDQWLN
-DNREXQG:LOKHOP*ULPP
(OQRPEUHGHORVKHUPDQRV*ULPPHVWiOLJDGRDVXV .LQGHU XQG+DXVPlUFKHQ>&XHQWRVSDUD ODLQIDQFLD\HOKRJDU@DOJXQRVGHORVFXDOHVSURFHGtDQGHODWUDGLFLyQRUDO&RPRLQYHVWLJDGRUHV\FLHQWtILFRVIXQGDURQORVRUtJHQHVGHODILORORJtDDOHPDQD
6SlWURPDQWLN
-RVHSKYRQ(LFKHQGRUII
$XWRU GH PXFKDV GH ODV FDQFLRQHV SRSXODUHV WUDGLFLRQDOHV TXH D~Q KR\ VLJXHQ GHDFWXDOLGDG \ TXH FRQWLHQHQ OD SDODEUD PiJLFD GHO URPDQWLFLVPR OD QRVWDOJLD 6X
FRQRFLGD QRYHOD $XV GHP /HEHQ HLQHV 7DXJHQLFKWV >/D YLGD GH XQ YDJDEXQGRWXQDQWH@ KHUHGHUD GHO JpQHUR SLFDUHVFR HVSDxRO QDUUD ODV SHULSHFLDV GH XQDSUHQGL] /R IXQGDPHQWDO HQ HVWH UHODWR QR HV OD DFFLyQ FDVXDO VLQR HO HQWRUQR \FRQWH[WRLGtOLFRHQTXHVHGHVDUUROOD
(UQVW7KHRGRU$PDGHXV+RIIPDQQ
7UDVXQDLQIDQFLDGLItFLO+RIIPDQQHVWXGLD'HUHFKR)XQFLRQDULRH[SHGLHQWDGRGHVWDFDFRPROLWHUDWRSLQWRU\P~VLFRFRPHQ]DQGRVXREUDFRPRGUDPDWXUJRHQ%DPEHUJ6XYLGD IXH XQD OXFKD FRQVWDQWH SRU DOFDQ]DU HO HTXLOLEULR \ SRGHU VREUHYLYLU D ODFRQWUDGLFFLyQTXHUHSUHVHQWDQDSDULHQFLD\UHDOLGDGORTXHVHUHIOHMDHQWRGDVXREUD
)HLQGOLFKH3ULQ]LSLHQIDOOHQGLFKDQXQGQXUGLHLQQHUH.UDIWPLWGHUGXGHQ$QIHFKWXQJHQZLGHUVWHKVWNDQQGLFKUHWWHQYRU6FKPDFKXQG9HUGHUEQLV
,GHDVSHUYHUVDVWHDVDOWDQ\VyORODIXHU]DLQWHULRUFRQODTXHWHGHILHQGHVGHODVWHQWDFLRQHVSXHGHVDOYDUWHGHODGHVKRQUD\ODUXLQD
3KDQWDVLHVWFNH'HUJROGQH7RSI
8/4/2019 Liter Alemana
24/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
)LJXUD(7$+RIIPDQQ$XWRUHWUDWR
%LHGHUPHLHU\9RUPlU]/HFWXUDV FRPSOHPHQWDULDV +LVWRULD GH OD OLWHUDWXUD DOHPDQD SiJV /DOLWHUDWXUD DOHPDQD D WUDYpV GH VXV WH[WRVSiJV (QFXHQWURV )LOyVRIRV \OLWHUDWRVHQOHQJXDDOHPDQDSiJ
(QWRUQRVRFLRFXOWXUDO
/D EXUJXHVtD KDEtD LQWHUSUHWDGR OD OXFKD FRQWUD 1DSROpRQ FRPR XQD JXHUUD SRU ODLQGHSHQGHQFLD 3RU HOOR WUDV OD YLFWRULD HVSHUDED OD XQLILFDFLyQ QDFLRQDO EDMR XQDFRQVWLWXFLyQ TXH FRQWHPSODUD VX GHUHFKR D YRWR HQ FRQWUD GHO GHVSRWLVPR GHO
SULQFLSDGR3RUVXSDUWHORVSUtQFLSHVUHJHQWHVUHVWDXUDURQVXVSRGHUHVSUHQDSROHyQLFRV\SDUDHOORFUHDURQXQUpJLPHQSROLFLDO(VWHFRQIOLFWRTXHGHVHPERFyHQODUHYROXFLyQGHGLYLGLyODOLWHUDWXUDHQXQDIDFFLyQUHVLJQDGD\FRQVHUYDGRUD\HQRWUDGHWLQWHPiVSURJUHVLVWDPLHQWUDVHOURPDQWLFLVPRGDVXV~OWLPRVFROHWD]RVDGTXLULHQGRDSDUWLUGHXQFDUiFWHUUHDFFLRQDULR
&RUULHQWHV\JpQHURVOLWHUDULRV
)UHQWHD ODLQVHJXULGDGTXHSURGXFHQWLHPSRVQXHYRVVXUJHQDVLPLVPRGRVWHQGHQFLDVUDGLFDOPHQWHGLIHUHQWHVTXHDGRSWDQORVQRPEUHV%LHGHUPHLHU \9RUPlU] /DSULPHUDGH FDUiFWHU FRQVHUYDGRU HO%LHGHUPHLHU UHDFFLRQD DIHUUiQGRVH D WLHPSRV \ YDORUHV
SDVDGRVKXQGLpQGRVHHQODPHQWDFLRQHVQRVWiOJLFDV/DVHJXQGDGHFDUiFWHUSURJUHVLVWDHO 9RUPlU] UHFKD]D YDORUHV SDVDGRV H LQWHQWD DIHUUDUVH FRQ WRGDV VXV IXHU]DV D ODVQXHYDVWHQGHQFLDV(O9RUPlU] FRQGXMRILQDOPHQWHDODUHYROXFLyQGHPDU]RGH
/DV UHIHUHQFLDV ELEOLRJUiILFDV FRPSOHWDV VH SXHGHQ FRQVXOWDU HQ HO FDStWXOR WHUFHUR%LEOLRJUDItDFRPSOHPHQWDULDSiJ
8/4/2019 Liter Alemana
25/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
'XUDQWH HVWH SHULRGR HO DQDOIDEHWLVPR VH UHGXMR FRQVLGHUDEOHPHQWH PHMRUiQGRVH ODHGXFDFLyQHQXQVHQWLGRDPSOLR$SDUHFHQJUDQGHVGLFFLRQDULRV\VREUHWRGRXQJUDQQ~PHURGHUHYLVWDV0XFKRVGHORVHVFULWRUHVGHHVWHSHULRGRVRQDVXYH]UHGDFWRUHVTXHFXOWLYDQIXQGDPHQWDOPHQWHJpQHURVHQSURVDQDUUDFLRQHVUHODWRVGHYLDMHVQRYHODV
SRU HQWUHJDV HWF /D FHQVXUD VLQ HPEDUJR VLJXH VLHQGR ULJXURVD \ HVWULFWD
SXEOLFiQGRVHPXFKDVREUDVHQHOH[LOLR
$XWRUHV
(OGUDPD
*HRUJ%FKQHU
,QIOXHQFLDGR SRU ODV FRUULHQWHVFRPXQLVWDVXWySLFRUHYROXFLRQDULDVIUDQFHVDV%FKQHU
IXQGD XQD VRFLHGDG VHFUHWD VLJXLHQGR HO PRGHOR IUDQFpV \ SXEOLFD OD RFWDYLOOD 'HU+HVVLVFKH/DQGERWH >(OPHQVDMHURGH+HVVH@ FRQHOREMHWLYRGHPRYLOL]DUDORV DJULFXOWRUHV 'HVFXELHUWR KX\y D (VWUDVEXUJR \ SXEOLFD VX JUDQ GUDPDUHYROXFLRQDULR 'DQWRQV 7RG >/D PXHUWH GH 'DQWyQ@ (VH PLVPR DxRFRPLHQ]D D SXEOLFDUVH VX REUD /HQ] TXH IXH SURKLELGD \ QR VDOLy D OD OX]tQWHJUDPHQWH KDVWD (Q HOOD UHODWD OD KLVWRULD GHO HVFULWRU GHO 6WXUP XQG 'UDQJ5HLQKROG/HQ]FRQTXLHQVHVHQWtDPX\XQLGR
)UDQ]*ULOOSDU]HU
1DFLGR HQXQD IDPLOLD GHDERJDGRV YLHQHVHV IXH HGXFDGRHQXQ DPELHQWHOLEHUDO 6XSULPHUJUDQp[LWRORREWXYRJUDFLDVDODWUDJHGLD 'LH$KQIUDX >/DDEXHOD@TXHSHUWHQHFHD~QDOJpQHURGHOGUDPDURPiQWLFR(QWUDVVXQRPEUDPLHQWRFRPRGLUHFWRUGHODUFKLYRGHODFRUWHSXEOLFyODFRPHGLD :HKGHPGHUOJW>$\GHDTXpOTXH PLHQWD@ FRQ OD TXH REWXYR XQ URWXQGR IUDFDVR GHFLGLHQGR HO DXWRU SRU HOOR QR
SXEOLFDU QDGD PiV \ HVFULELU DVt OLEUH GH OD HVFODYLWXG GHO p[LWR (QWUH VXV GUDPDVKLVWyULFRVTXHVHSXEOLFDURQtQWHJUDPHQWHWUDVVXPXHUWHVHHQFXHQWUD'LH-GLQYRQ7ROHGR>/DMXGtDGH7ROHGR@
/DQRYHOD\ODOtULFDGHO%LHGHUPHLHU(GXDUG0|ULNH
+XpUIDQRGHXQFRQRFLGRPpGLFR0|ULNHHVWXGLyWHRORJtD\IUDFDVyHQVXVLQWHQWRVGHHPSOHDUVHHQRWUDSURIHVLyQSRUORTXHILQDOPHQWHHMHUFLyGHYLFDULRHQ&OHYHUVXO]EDFK0|ULNH UHIOHMD HQ VX SRHVtDV HO VDERU GH OR SRSXODU \ WUDGLFLRQDO FRPELQDGR FRQ ODPDJLD \ HO HQFDQWR GH OR DQWLJXR \ FOiVLFR 6LQ HPEDUJR EDMR HVD DSDULHQFLD GH VHUDSDFLEOHVHHVFRQGHXQKRPEUHDWRUPHQWDGRFRQXQGLItFLOGHVWLQR\DWUDtGRSRUODVPiVLQTXLHWDV SDVLRQHV (QWUH VX REUD VH HQFXHQWUDQ *HGLFKWH >3RHVtDV@ \0R]DUWDXIGHU5HLVHQDFK3UDJ >0R]DUWFDPLQRGH3UDJD@
8/4/2019 Liter Alemana
26/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
$QQHWWHYRQ'URVWH+OVKRII
0DUFDGD SRU HO HQWRUQR GH QREOH]D FDWyOLFD HQ HO TXH YLYLy HVWD DXWRUD HVXQD JUDQUHWUDWLVWDGHSDLVDMHVTXHGHVFULEHKDVWDHOGHWDOOHGRWiQGRORVDYHFHVGHVLJQLILFDGRVPRUDOL]DQWHVRFXOWRV(QVXVSRHVtDVWUDWDWHPDVFRPRODOXFKDSRUODIHHOPXQGRGHOR
HVSLULWXDOSHURWDPELpQODSDUWHFyPLFD\JURWHVFDTXHVXUJHGHWRGRORIDQWDVPDJyULFR(QWUH VXV WtWXORV PiV FRQRFLGRV GHVWDFDQ HQ YHUVR *HGLFKWH \ 'LH-XGHQEXFKH>(OKD\DGHORVMXGtRV@
)LJXUD'RUPLWRULRGRQGHIDOOHFLy$QQHWWHYRQ'URVWH+OVKRIIVLWXDGRHQHOFDVWLOORGH0HHUHVEXUJMXQWRDOODJR&RQVWDQ]D
+HLQULFK+HLQH
+HLQHSURFHGHGHXQDIDPLOLDGHFRPHUFLDQWHVMXGtRVGH'VVHOGRUI7UDVVXVHVWXGLRVGHGHUHFKRHQ*|WWLQJHQ\%HUOtQ\WUDVVXFRQYHUVLyQDOFULVWLDQLVPRYLDMyHQD3DUtVGRQGHSDVyTXL]iVORVDxRVPiVIHOLFHVGHVXYLGD)XHXQDXWRUPX\SUROtILFR\HVWXYR LQIOXHQFLDGR SRU +HJHO \ OD ILORVRItD PDU[LVWD GH6DLQW6LPRQ HQWUHRWURV (QVXVREUDVIXHURQSURKLELGDVHQ$OHPDQLD+HLQHOXFKDIXQGDPHQWDOPHQWHFRQWUDODDOLDQ]D ,JOHVLD(VWDGR 3HUR WDPELpQ VH PXHVWUD VHQVLEOH IUHQWH D ORV DFRUGHVQDFLRQDOLVWDV\DQWLVHPLWDVGHODRSRVLFLyQ6HHQIUHQWDDVLPLVPRDSRVWXUDVUDGLFDOHVFRPROD GH/%|UQHOD OXFKDSRUODUHS~EOLFDQRHV ORLPSRUWDQWHVLQRVDWLVIDFHU ODVQHFHVLGDGHVPDWHULDOHVGHODVFODVHVPiVSREUHV %XFKGHU/LHGHU >(OOLEURGHODVFDQFLRQHV@ 'HXWVFKODQG HLQ :LQWHUPlUFKHQ >$OHPDQLD 8Q FXHQWR GH
LQYLHUQR@ \ 'LH +DU]UHLVH >9LDMH SRU HO +DU]@ VRQ DOJXQDV GH VXVREUDVPiVFRQRFLGDV
/HLVH]LHKWGXUFKPHLQ*HPW/LHEOLFKHV*HOlXWH.OLQJHNOHLQHV)UKOLQJVOLHG.OLQJKLQDXVLQV:HLWH
&RQWRQRVEDMRVSHQHWUDVHQPLVHU0~VLFDDPDGD6XHQDEUHYHFDQFLyQSULPDYHUDO6XHQD\HVFDSDDOH[WHULRU
%XFKGHU/LHGHU
8/4/2019 Liter Alemana
27/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
5HDOLVPR/HFWXUDV FRPSOHPHQWDULDV +LVWRULD GH OD OLWHUDWXUD DOHPDQD SiJV /DOLWHUDWXUD DOHPDQD D WUDYpV GH VXV WH[WRVSiJV (QFXHQWURV )LOyVRIRV \OLWHUDWRVHQOHQJXDDOHPDQDSiJ
(QWRUQRVRFLRFXOWXUDO
'HODUHYROXFLyQLQGXVWULDOGHOVLJOR;,;QDFHQFRUULHQWHVSUDJPiWLFDV3ULQFLSLRVpWLFRV\ SUHJXQWDV ILORVyILFDV TXHGDQ UHOHJDGRV D XQ VHJXQGR SODQR IUHQWH DO XWLOLWDULVPR \p[LWR SUiFWLFR 'DUZLQ \VXV WHRUtDV VREUHOD VHOHFFLyQQDWXUDO GHODV HVSHFLHV HMHUFHQ
JUDQLQIOXHQFLDHQWRGRVORVFDPSRVVRFLDOHV8QHVWLORPDUFDGDPHQWHREMHWLYRH[HQWRGHGLJUHVLRQHVVXEMHWLYDV\ILORVyILFDVFDUDFWHUL]DORVHVWLORVOLWHUDULRV(OIUDFDVRGHODUHYROXFLyQGHGHELOLWDHODIiQGHSURWDJRQLVPR\UHDILUPDFLyQGHODEXUJXHVtDTXLHQLPLWDSRUHOORDFWLWXGHVDULVWRFUiWLFDV\PLOLWDUHVGHODQREOH]D/DOLWHUDWXUDEXVFDFRQFDUiFWHUJHQHUDOHOFRPSURPLVRHQWUHFUtWLFD\DFHSWDFLyQHQWUHOD
SURWHVWDSRUXQGHVWLQRLQMXVWR\ODFUHHQFLDHQDOJRPiVSURIXQGRHQWUHHOLGHDOFOiVLFR\ HO UHFRQRFLPLHQWR GH ODV QXHYDV WHRUtDV HFRQyPLFDV \ FLHQWtILFDV HQWUH HO
SURYLQFLDOLVPR\HOXQLYHUVDOLVPR
&RUULHQWHV\JpQHURVOLWHUDULRV
(O GHVDUUROOR GH QXHYDV WpFQLFDV GH LPSUHVLyQ HO UHODMDPLHQWR GH OD FHQVXUD \ ODGLVPLQXFLyQGHODQDOIDEHWLVPRLPSXOVDQHOFUHFLPLHQWRGHODOLWHUDWXUD/RVDXWRUHVVHYHQREOLJDGRVDVHJXLUORVJXVWRVOLWHUDULRVGHOS~EOLFR3RUHOORHVFULEHQEUHYHVUHODWRVR QRYHODV SRU HQWUHJDV TXH VH SXEOLFDQ HQ GLIHUHQWHV SHULyGLFRV \ UHYLVWDV /DV
ELEOLRWHFDVDGTXLHUHQXQDJUDQUHOHYDQFLD\HOSUpVWDPRGHOLEURVIDYRUHFH DODVFODVHVPiV SREUHV /D FUtWLFD OLWHUDULD H[LJH JpQHURV UHDOLVWDV HQ GRQGH HO DXWRU GHOHJD VXLQWHUpVVXEMHWLYRHQIDYRUGHORFRWLGLDQRSDUDGRWDUORGHVHULHGDG\REMHWLYLGDG$ORFRWLGLDQRSHUWHQHFHWDPELpQHOPXQGRODERUDOTXHDSDUHFHGHVGHHO SXQWRGHYLVWDGHOFLXGDGDQR/DQRYHOD\HOUHODWRVRQORVJpQHURVSRUH[FHOHQFLDGHHVWHSHULRGR/D
SRHVtD GHEH PRVWUDU WDPELpQXQD UHDOLGDGPiV SURIXQGD XQD UHDOLGDGSRpWLFDSDUD
TXHDVtSXHGDHYLWDQGRWRGRDTXHOORTXHODDIHDGHVYHODUODDUPRQtDTXHODSUHVLGH(VWDXQLyQHQWUHUHDOLVPRFRQUHDOLGDGSRpWLFDVHGHQRPLQD UHDOLVPR SRpWLFR 2WWR/XGZLJ/RKXPRUtVWLFRGHVHPSHxDWDPELpQXQSDSHOLPSRUWDQWHDOGHVYHODUVHFRPRDOLDGRGH
ODUHVLJQDFLyQIUHQWHDODUHDOLGDG(OSURJUDPDGHOUHDOLVPRSRpWLFRH[LJHDVXVDXWRUHVXQDGREOHIXQFLyQHQVXVREUDVTXHSRUXQODGRGHEHQGHVFULELUGHPDQHUDILHOVHQFLOOD\ GHWDOODGD OD UHDOLGDG \ SRU RWUD HVWD GHVFULSFLyQ GHEH UHYHODU XQD YHUGDG PiV
SURIXQGD
/DV UHIHUHQFLDV ELEOLRJUiILFDV FRPSOHWDV VH SXHGHQ FRQVXOWDU HQ HO FDStWXOR WHUFHUR %LEOLRJUDItDFRPSOHPHQWDULDSiJ
8/4/2019 Liter Alemana
28/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
$O UHDOLVPR OH FRUUHVSRQGH XQ WLSR GH QRYHOD VRFLDO HQ OD TXH VH UHWUDWD D OD DOWDEXUJXHVtD/DQRYHODGHIRUPDFLyQODQRYHODKLVWyULFD\HOUHODWRVRQJpQHURVFXOWLYDGRVSRUORVGLIHUHQWHVDXWRUHV
$XWRUHV
*RWWIULHG.HOOHU
1DFLGRHQ=XULFK\GHIDPLOLDGHHVFDVRVUHFXUVRV.HOOHULQWHQWyVLQp[LWRIRUPDUVHHQ0XQLFK FRPR SLQWRU 3RVWHULRUPHQWH GXUDQWH VXV HVWDQFLDV HQ =XULFK +HLGHOEHUJ \%HUOLQ PDQWXYR FRQWDFWR FRQVWDQWH FRQ OLWHUDWRVFUtWLFRV \HGLWRUHV 'HDOOt VXUJLy OD
SDUWHSULQFLSDOGHVXREUDHQVXDQWRORJtDSRpWLFD 1HXHUH*HGLFKWH >3RHVtDVQXHYDV@HQHOSULPHUWRPRGHVXFROHFFLyQGHQRYHODV'LH/HXWHYRQ6HOGZ\OD>/DJHQWHGH6HOGZ\OD@2WURGHORVWtWXORVPiVFRQRFLGRVGHHVWHDXWRUHVODQRYHODGHIRUPDFLyQ'HUJUQH +HLQULFK >(QULTXHHOYHUGH@(OFRPSURPLVRSROtWLFRGHHVWHDXWRUVHPDQLILHVWDGHPDQHUDUHLQFLGHQWHHQVXREUD\PiVFRQFUHWDPHQWHHQVXDIiQGHDOHFFLRQDUSROtWLFDPHQWHDVXVOHFWRUHV\HQVXDSR\RLQFRQGLFLRQDODODUHS~EOLFDVXL]D6XVSHUVRQDMHVSUHIHULGRVDFDEDQVXVYLGDVVXPLGRVHQ XQD UHVLJQDFLyQ YDOLHQWH OR TXH SRQH GH PDQLILHVWR QR VyOR HO JUDQ DELVPR TXHVHSDUDDODUWLVWDGHODYLGDSROtWLFD\VRFLDOVLQRWDPELpQHOVHQWLPLHQWRGHFXOSDELOLGDG\FRPSOHMRGHLQIHULRULGDGTXHPRVWUDEDHVWHDXWRU
7KHRGRU6WRUP
+LMRGHXQDERJDGR\QDFLGRHQODSRUDTXHOHQWRQFHVFLXGDGGDQHVDOODPDGD+XVXPHVWXGLyHQ.LHO\%HUOtQSDUDUHJUHVDUWDPELpQFRPRDERJDGRDVXFLXGDGQDWDO&RPRPLHPEURGHOPRYLPLHQWRDQWLGDQpVHVWXYRH[LOLDGRHQ3RWVGDP(QVHSXEOLFDODREUD 6RPPHUJHVFKLFKWHQ XQG /LHGHU >+LVWRULDV HVWLYDOHV \ FDQFLRQHV@ TXHFRQWLHQHHQWUHRWURVHOUHODWRPiVIDPRVRGH6WRUP,PPHQVHH(QWUDVODGHUURWDGH'LQDPDUFDUHJUHVDD+XVXPGRQGHHVFULEHSRUXQDODGRSRHVtDGHFDUiFWHUPHODQFyOLFR\SRURWURVXVUHODWRVPiVPDGXURVFRPR3ROH3RSSHQVSlOHU /RVUHODWRVGH6WRUPDOLJXDOTXHVXREUDOtULFDFDUHFHQGHDFFLyQTXHVHVXVWLWX\HSRUDPELHQWHVLGtOLFRV\PLVWHULRVRV\GHFDUiFWHUVLPEyOLFR
$QV+DIIQXQIOLHJWGLH0|ZH8QG'lPPHUXQJEULFKWKHUHLQ
hEHUGLHIHXFKWHQ:DWWHQ6SLHJHOWGHU$EHQGVFKHLQ
/DJDYLRWDYXHOD\DDOODJR
8/4/2019 Liter Alemana
29/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
)LJXUD7KHRGRU6WRUP
7KHRGRU)RQWDQH
0LHPEURGHOFtUFXOROLWHUDULRFRQVHUYDGRU 7XQQHOEHUGHU6SUHH REWXYRFLHUWRp[LWRFRQ EDODGDV \ FDQFLRQHV GH 3UXVLD 7UDV VX HQWXVLDVPR EUHYH SHUR LQWHQVR D ODUHYROXFLyQGHRFXSyXQ SXHVWRGHUHGDFWRUHQHOGLDULRRILFLDOSUXVLDQR$SDUWLUGHWUDEDMySDUDHOSHULyGLFRFULVWLDQR .UHX]]HLWXQJ\GHHVWHSHUtRGRSURFHGH:DQGHUXQJHQ GXUFK GLH 0DUN %UDQGHQEXUJ >3DVHRV SRU OD PDUFD GH
%UDQGHPEXUJR@ XQRVUHODWRVDQHFGyWLFRVFRQGHVFULSFLRQHVGHWDOODGDVGHHVWH HQWRUQR SUXVLDQR (Q \ GXUDQWH XQ SHULRGR DSUR[LPDGR GH YHLQWH DxRVGHVHPSHxD HO FDUJR GH FUtWLFR OLWHUDULR HQ HO SHULyGLFR OLEHUDO 9RVVLVFKH =HLWXQJ GHVGHGRQGH FRPHQWD ODHYROXFLyQ OLWHUDULDGH$OHPDQLD(VD SDUWLUGH VXV FLQFXHQWDDxRV FXDQGR FRPLHQ]D VX REUD QDUUDWLYD D OD TXH SHUWHQHFH HQWUH PXFKDV RWUDV OD
QRYHOD(IIL%ULHVW6XYLGD\REUDVRQXQFRQVWDQWHGHYDQHRHQWUHHOULJRUSURWHVWDQWH \ XQ GHVHR GH OLEHUWDG LQFRQWURODEOH HQWUH OD QRUPDOLGDG EXUJXHVD \ ODH[FHSFLyQSRpWLFDHQWUHODDFHSWDFLyQ\ODSURWHVWD
8/4/2019 Liter Alemana
30/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
%,%/,2*5$)$&203/(0(17$5,$
$FRVWD/XLVFRRUG/DOLWHUDWXUDDOHPDQDDWUDYpVGHVXVWH[WRV 0DGULG(GLFLRQHV&iWHGUD,6%1
%HXWLQHWDO+LVWRULDGHODOLWHUDWXUDDOHPDQD 0DGULG(GLFLRQHV&iWHGUD,6%1
:LWWHQEHUJ6WHOOD(QFXHQWURV)LOyVRIRV\OLWHUDWRVHQOHQJXDDOHPDQD ,6%1
(9$/8$&,1
/D SUXHED HVFULWD SDUD HYDOXDU ORV FRQRFLPLHQWRV GH OLWHUDWXUD DOHPDQD GHQWUR GH ODDVLJQDWXUD6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQFRQVWDUiGHGRVEUHYHVWH[WRV
OLWHUDULRVDXWpQWLFRVHQYHUVLyQELOLQJH\FRQLQGLFDFLyQGHREUD\DXWRU'HEHUiHOHJLUOD RSFLyQ $ R OD RSFLyQ % \ D FRQWLQXDFLyQ FRQWHVWDU ODV SUHJXQWDV GH OD RSFLyQHOHJLGDYpDVHSiJ$QH[R,0RGHORGHH[DPHQ
/D FDOLILFDFLyQ ILQDO GH FDGD SDUFLDO IHEUHUR \ MXQLR GH OD DVLJQDWXUD 6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQVHFDOFXODUiGHODVLJXLHQWHPDQHUD
ODSDUWHGH/HQJXD$OHPDQDVXSRQGUiXQGHOYDORUGHODQRWDILQDO \ODSDUWHGH/LWHUDWXUDXQ
/DGLVWULEXFLyQGHORVFRQWHQLGRVGH/LWHUDWXUD,SRUSDUFLDOHVVHUiODVLJXLHQWH
IHEUHURGHVGHHOFDStWXOR(GDG0HGLD\5HIRUPD KDVWDHOFDStWXOR 6WXUPXQG'UDQJLQFOXVLYH
MXQLRGHVGHHOFDStWXOR&ODVLFLVPR KDVWDHOFDStWXOR5HDOLVPR LQFOXVLYH
8/4/2019 Liter Alemana
31/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
$1(;2,02'(/2'((;$0(1
&HQWURHQTXHVHUHDOL]DHO([DPHQ
$SHOOLGRV 1RPEUH
'RPLFLOLR '1,7DUMHWDGHUHVLGHQWH3DVDSRUWH
7HOpIRQR )LUPDGHODOXPQRGHODDOXPQD
,QVWUXFFLRQHVJHQHUDOHV
&RPSOHWHWRGDODLQIRUPDFLyQUHODWLYDDVXVGDWRVSHUVRQDOHV
(VWDSUXHEDHVFULWDFRQVWDGHGRVSDUWHV3DUWH$(MHUFLFLRVGHHOHFFLyQP~OWLSOHLQFOX\HQGRFRPSUHQVLyQOHFWRUD\HMHUFLFLRGHUHGDFFLyQRGHVFULSFLyQGHXQDVSDODEUDVVREUHDOJ~QWHPDFRQWHQLGRHQ 3ULP#FRUUHVSRQGLHQWHVDODSDUWHGH/HQJXD$OHPDQD3XQWXDFLyQPi[LPDSX QWRV3DUWH%'HEHUiHOHJLUODRSFLyQ$RODRSFLyQ%FRUUHVSRQGLHQWHVDODSDUWHGH/LWHUDWXUD$OHPDQD\DFRQWLQXDFLyQFRQWHVWDUODVSUHJXQWDVGHODRSFLyQHOHJLGD3XQWXDFLyQPi[LPDSXQWRV
/DGXUDFLyQGHOH[DPHQHVGHGRVKRUDV\QRHVWiSHUP LWLGRHOXVRGHGLFFLRQDULRQLGHFXDOTXLHURWURPDWHULDOGHFRQVXOWD
81,9(56,'$'1$&,21$/'(('8&$&,1$',67$1&,$)DFXOWDGGH)LORORJtD
$VLJQDWXUD6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQ
8/4/2019 Liter Alemana
32/33
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB0DWHULDO'LGiFWLFRGH/LWHUDWXUD,$VLJQDWXUD
6HJXQGD/HQJXD\VX/LWHUDWXUD,$OHPiQYHUVLyQGHO0'&DVWULOORHD
3DUWH$ /HQJXD$OHPDQD
(Q HVWD SDUWH VH LQFOXLUi XQD EDWHUtD GH SUHJXQWDV GH HOHFFLyQ P~OWLSOH FRQ XQD~QLFDUHVSXHVWDFRUUHFWDVREUH/HQJXD$OHPDQD$GHPiVHODOXPQRGHEHUiUHDOL]DUXQHMHUFLFLRGHUHGDFFLyQHQDOHPiQ
3DUWH% /LWHUDWXUD,
'HEHUiHOHJLUODRSFLyQ$RODRSFLyQ%\DFRQWLQXDFLyQFRQWHVWDUHQHVSDxROODVGRVSUHJXQWDVGHODRSFLyQHOHJLGD
2SFLyQ$
9RUHLQHUYHVSHUvW]HKRXSVLFKJU{]XQJHPDFK
GD]YRQPDQLJHPUHFNHQIGHPKRYHJHVFKDFK6LSIOkJHQULWWHUVFKHIWHGXUFKNXU]HZvOHZkQG{OLHIHQGDUGXUFKVFKRXZHQ9LOPDQLFZvSXQGHPDQ
&LHUWRGtDDODKRUDGHODYtVSHUDDO]yVHJUDQDOERURWRFDXVDGRSRU
PXOWLWXGGHFDEDOOHURVHQHOSDWLRGHOFDVWLOOR6HHQWUHJDEDQHOORVSDUDGLYHUWLUVHDMXHJRVFDEDOOHUHVFRV$OOtKDEtDQDFXGLGRDSUHVHQFLDUORVPXFKDVGDPDV\FDEDOOHURV
'DV1LEHOXQJHQOLHG>&DQWDUGHORV1LEHOXQJRV@$XWRUDQyQLPRDSUR[
([WUDFWR GH/DOLWHUDWXUDDOHPDQDDWUDYpVGHVXVWH[WRVGH $FRVWD/XLVFRRUG(GLFLRQHV&iWHGUD
3UHJXQWDV
$TXppSRFDOLWHUDULDGHOD(GDG0HGLDSHUWHQHFHHVWDREUD"&DUDFWHUtFHODEUHYHPHQWH
(QTXpRWURVSHULRGRVSRGHPRVFODVLILFDUWRGDODREUDOLWHUDULDGHOD(GDG0HGLD \ OD 5HIRUPD" 4Xp RWURV DXWRUHV UHSUHVHQWDWLYRV \ JpQHURVFDUDFWHUL]DQGLFKRVSHULRGRV"+DJDXQEUHYHUHVXPHQGHGLFKDpSRFD
8/4/2019 Liter Alemana
33/33
2SFLyQ%
$XFKGDV6FK|QHPXVWHUEHQ'DV0HQVFKHQXQG*|WWHUEH]ZLQJHW1LFKWGLH(KHUQH%UXVWUKUWHVGHVVW\JLVFKHQ=HXV(LQPDOQXUHUZHLFKWHGLH/LHEHGHQ6FKDWWHQEHKHUUVFKHU8QGDQGHU6FKZHOOHQRFKVWUHQJULHIHU]XUFNVHLQ*HVFKHQN7DPELpQOREHOORWLHQHTXHPRULU(VDOJRTXHYHQFHDKRPEUHV\GLRVHVQRFRQPXHYHHOpQHRSHFKRGHO=HXVGHOD(VWLJLD7DQVyORXQDYH]HQWHUQHFLyHODPRUDOVREHUDQRGHODVVRPEUDV