La seguridad marítima: problemática y alternativas institucionales

FACULTAD DE DERECHO

(UNIVERSIDAD DE MÁLAGA)

LA SEGURIDAD MARÍTIMA:

PROBLEMÁTICA Y ALTERNATIVAS

INSTITUCIONALES

Mª REMEDIOS ZAMORA ROSELLÓ

BAJO LA DIRECCIÓN DE D. ÁNGEL SÁNCHEZ BLANCO, CATEDRÁTICO DE DERECHO ADMINISTRATIVO

Ë1',&(

,1752'8&&,Ï1

35,0(5$3$57(

352%/(0È7,&$,167,78&,21$/'(/$6(*85,'$'0$5Ë7,0$

&$3Ë78/2,

&21&(372'(6(*85,'$'0$5Ë7,0$

&$3Ë78/2,,

/$6(*85,'$'0$5Ë7,0$(1(/'(5(&+2&2081,7$5,2

&DUDFWHUHVEiVLFRVGHODVHJXULGDGPDUtWLPDHQHOGHUHFKRFRPXQLWDULR /D LQWHUDFFLyQ GH ORV iPELWRV FRPSHWHQFLDOHV LPSOLFDGRV PHGLR PDULQRWUDQVSRUWHV\PHGLRDPELHQWH

3ULPHUDHWDSDGHO7UDWDGRGH5RPDDO$FWDÒQLFD(XURSHD 6HJXQGDHWDSDGH0DDVWULFKWD1L]D (O SULQFLSLR GH LQWHJUDFLyQ /D VXSUHPDFtD WHyULFD GH ORV FULWHULRVDPELHQWDOHV 3URSXHVWDVGHOD&RQVWLWXFLyQ(XURSHD (O FXPSOLPLHQWR GH ORV FRPSURPLVRV LQWHUQDFLRQDOHV DGTXLULGRVSRUOD&RPXQLGDG\ORV(VWDGRVPLHPEUR ,QLFLDWLYDVSLRQHUDVHQHOiPELWRGHODVHJXULGDGPDUtWLPD 3ROtWLFDFRP~QGHVHJXULGDGPDUtWLPDSULPHURVSDVRV 5HDFFLyQDQWHODVFDWiVWURIHV/RVHVIXHU]RVGHOD&RPLVLyQ (VWUXFWXUDRUJiQLFDFRPXQLWDULD

&RPLWpGH6HJXULGDG0DUtWLPD\3UHYHQFLyQGHOD&RQWDPLQDFLyQSRU ORV%XTXHV

1DWXUDOH]D\FRPSHWHQFLDV 9DORUDFLyQ GHO &RPLWp HQ OD HVWUXFWXUD FRPXQLWDULD SDUD OD VHJXULGDGPDUtWLPD /D$JHQFLD(XURSHDGH6HJXULGDG0DUtWLPD

&'HVDItRVLQVWLWXFLRQDOHV\GHJRELHUQRHQHOiPELWR GHODVHJXULGDGPDUtWLPD /D$JHQFLD(XURSHDGH0HGLR$PELHQWH 2EMHWLYRVFRPSHWHQFLDV\FDUDFWHUHVJHQHUDOHV /D5HGGH,QWHUFDPELRGH,QIRUPDFLyQ /D HVWUDWHJLD GH OD $JHQFLD VX DFWXDFLyQ VREUH HO PHGLR PDULQR /DIXWXUDSROtWLFDPDUtWLPDGHOD8QLyQ(XURSHD

(O 6H[WR 3URJUDPD GH $FFLyQ &RPXQLWDULR HQ PDWHULD GH 0HGLR $PELHQWH

/D UHYLVLyQ LQWHUPHGLD GHO 6H[WR 3URJUDPD HQ PDWHULD GH 0HGLR$PELHQWH\ORVGHVDItRVDPELHQWDOHVSHQGLHQWHVGHOD8QLyQ (XURSHD /D DSOLFDFLyQ GH VDQFLRQHV SHQDOHV SDUD OD PHMRUD GH OD VHJXULGDG PDUtWLPD SURWHFFLyQ GHO PHGLR PDULQR \ GH OD QDYHJDFLyQ (YDOXDFLyQGHULHVJR\SULQFLSLRGHSUHFDXFLyQ (VWUDWHJLDWHPiWLFDSDUDHOPHGLRPDULQR $QWHFHGHQWHV /D'LUHFWLYDVREUHOD(VWUDWHJLD0DULQD /DVUHJLRQHV\ODLPSOLFDFLyQGHWHUFHURV(VWDGRV /D HODERUDFLyQ GH HVWUDWHJLDV PDULQDV QDFLRQDOHV /RV FLPLHQWRVGHODHVWUDWHJLDPDULQDFRPXQLWDULD 9DORUDFLyQGHODSURSXHVWDGHGLUHFWLYD /D(VWUDWHJLDSDUDXQGHVDUUROORVRVWHQLEOH

/RVLQWHUURJDQWHVGHO/LEUR9HUGH3URSXHVWDVSDUDODFUHDFLyQGHXQD SROtWLFDPDUtWLPDFRPXQLWDULDLQWHJUDGD

&$3Ë78/2,,,

/$6(*85,'$'0$5Ë7,0$(1(/'(5(&+2(63$f2/

$SUR[LPDFLyQDODUHJXODFLyQHVSDxRODVREUHVHJXULGDGPDUtWLPD (OSULQFLSLRGHWHUULWRULDOLGDG 'LVWULEXFLyQFRPSHWHQFLDOHQPDWHULDVPDUtWLPDV /DVHJXULGDGPDUtWLPDHQOD/H\GH3XHUWRVGHO(VWDGR\GHOD0DULQD 0HUFDQWH /D SURWHFFLyQ \ FRQVHUYDFLyQ GHO PHGLR DPELHQWH FRPR WtWXOR DWULEXWLYRGHFRPSHWHQFLDVVREUHHOHQWRUQRPDULQR /D$GPLQLVWUDFLyQ0DUtWLPDHVSDxROD /DSODQLILFDFLyQGHODVHJXULGDGPDUtWLPD

/D SODQLILFDFLyQ HODERUDGD SRU ODV &RPXQLGDGHV $XWyQRPDV VREUH FRQWDPLQDFLyQPDULQD /DVSUHYLVLRQHVVREUHVHJXULGDGPDUtWLPDHQORVEXTXHVSHVTXHURV /DVDXWRULGDGHVPDUtWLPDVHVSDxRODVDQWHODVFULVLVGHVHJXULGDGPDUtWLPD 0HGLGDVGHIXWXURSDUDODUHJXODFLyQHVSDxRODVREUHVHJXULGDGPDUtWLPD 3URSXHVWDVDOWHUQDWLYDVGHUHVSXHVWDDQWHODVFDWiVWURIHVPDUtWLPDV/D8QLGDG 0LOLWDUGH(PHUJHQFLDV /DV LQLFLDWLYDV GH ODV &RPXQLGDGHV $XWyQRPDV /D OH\ GH 2UGHQDFLyQ GHO 7UDQVSRUWH0DUtWLPRGH&DQDULDV

6(*81'$3$57(

$/7(51$7,9$6,167,78&,21$/(63$5$/$23(5$7,9,'$''(/ 35,1&,3,2'(6(*85,'$'0$5Ë7,0$

&$3Ë78/2,9

62&,('$'(6'(&/$6,),&$&,Ï1

&RQFHSWR\FDUDFWHUHV $VRFLDFLRQHV,QWHUQDFLRQDOHV $QiOLVLVGHOPDUFRUHJXODGRUDFWXDO3HUVSHFWLYDFRPXQLWDULD\QDFLRQDO 3ULPHUDIDVHHOUHFRQRFLPLHQWR 6HJXQGDIDVHODDXWRUL]DFLyQ /DVLQVSHFFLRQHVGHO(VWDGRUHFWRUGHOSXHUWR\VXLQFLGHQFLDVREUHODV VRFLHGDGHVGHFODVLILFDFLyQ )RUPDFLyQ\HVWDWXWRGHOSHUVRQDO 5pJLPHQGHUHVSRQVDELOLGDG1DWXUDOH]D\FDUDFWHUHVHVHQFLDOHV /DWUDQVSRVLFLyQHQOD'LUHFWLYDFRPXQLWDULDHQORV(VWDGRVPLHPEUR 3URSXHVWDVGHPRGLILFDFLyQ

&$3Ë78/29

&21752/325(/(67$'25(&725'(/38(572

&RQFHSWR\FDUDFWHUHV 0DUFRQRUPDWLYRHO0HPRUiQGXPGH3DUtVODVGLVSRVLFLRQHVFRPXQLWDULDV\ VXDSOLFDFLyQHQHORUGHQDPLHQWRHVSDxRO

(OVLVWHPDGHLQIRUPDFLyQ (OUpJLPHQGHLQVSHFFLRQHV $FWXDFLRQHVH[WUHPDV'HWHQFLRQHV\GHQHJDFLyQGHDFFHVRDSXHUWR 'HWHQFLRQHV 'HQHJDFLyQGHDFFHVRDSXHUWR 1XHYDVSURSXHVWDVFRPXQLWDULDV /D DFWXDFLyQ GHO 8QLWHG 6WDWHV &RDVW *XDUG 8Q VLVWHPD DOWHUQDWLYR D ORV DFXHUGRVUHJLRQDOHV

3ROtWLFDHVWDGRXQLGHQVHVREUHHOFRQWUROSRUHO(VWDGRUHFWRUGHOSXHUWR $QiOLVLVFRPSDUDWLYRGHORVVLVWHPDVHXURSHR\HVWDGRXQLGHQVH &RQVLGHUDFLRQHVVREUHHOFRQWUROSRUHO(VWDGRUHFWRUGHOSXHUWR 9tDVDOWHUQDWLYDVSDUDODLPSODQWDFLyQGHFULWHULRVGHFDOLGDG\DPELHQWDOHVHQ ORVEXTXHV4XDOLW\VKLSSLQJ\JUHHQVKLSSLQJ

&HUWLILFDGRVGHFDOLGDG 4XDOVKLS )XQGDFLyQ*UHHQ$ZDUG 2WURVVLVWHPDVGHFHUWLILFDFLRQHV /DQHFHVDULDLPSODQWDFLyQGHORVFHUWLILFDGRVGHFDOLGDGHQOD VHJXULGDGPDUtWLPD 3URJUDPDVSDUDODSURWHFFLyQGHOPHGLRDPELHQWH (O3DVDSRUWH9HUGH /D)XQGDFLyQ1RUWK6HD %DODQFHGHORVSURJUDPDVDPELHQWDOHV

&$3Ë78/29, /8*$5(6'(5()8*,2

/DV 'LUHFWULFHV GH OD 20, 8QD SURSXHVWD SDUD OD DWHQFLyQ D ORV EXTXHV QHFHVLWDGRVGHDVLVWHQFLD

$QWHFHGHQWHV\SURFHVRGHHODERUDFLyQ (OFRQWHQLGRGHODV'LUHFWULFHV /DLPSODQWDFLyQ\GHVDUUROORGHODV'LUHFWULFHV /D HODERUDFLyQ GH XQD &RQYHQFLyQ ,QWHUQDFLRQDO VREUH /XJDUHV GH 5HIXJLR8QSDVRPiVDOOiGHODV'LUHFWULFHV 0DUFRQRUPDWLYRGHOD8QLyQ(XURSHD 'HVDUUROORIXWXUR(O3DTXHWH(ULND,,, 'LFWiPHQHV GHO &RQVHMR (FRQyPLFR \ 6RFLDO \ GHO &RPLWp GH ODV 5HJLRQHV 5HVROXFLyQGHO3DUODPHQWR(XURSHR 5HJXODFLyQQDFLRQDO/DWUDQVSRVLFLyQGHODVGLVSRVLFLRQHVFRPXQLWDULDV 3ODQLILFDFLyQ 3URFHGLPLHQWR &RQVWLWXFLyQGHXQDJDUDQWtDILQDQFLHUD (O EXTXH2VWHGLMN 3DUDGLJPD GH OD JHVWLyQ HVSDxROD DQWH XQ EXTXH QHFHVLWDGRGHDVLVWHQFLD 9DORUDFLyQGHODFWXDOPDUFRQRUPDWLYR 'HUHFKRFRPSDUDGR $XVWUDOLD /DV'LUHFWULFHV$XVWUDOLDQDVVREUH/XJDUHVGH5HIXJLR /D DFWXDFLyQ GH ORV (VWDGRV /D H[SHULHQFLD GHO (VWDGR GH 4XHHQVODQG 5HLQR8QLGR (OHVWDEOHFLPLHQWRGHXQPDQGR~QLFR(OPRGHOREULWiQLFR /DFRODERUDFLyQLQWHUQDFLRQDO(OLQFLGHQWHGHOFDUJXHUR06& 1DSROL

/DH[SHULHQFLDQRUWHDPHULFDQD(VWDGRV8QLGRV\&DQDGi /DVPHGLGDVHVWDGRXQLGHQVHV /DVPHGLGDVFDQDGLHQVHV 8QDUHVSXHVWDFRP~QVREUHOXJDUHVGHUHIXJLR,QVWUXPHQWRV GHFRRSHUDFLyQWUDQVIURQWHUL]D&DQDGi(VWDGRV8QLGRV

$3ODQLILFDFLyQ1DFLRQDO %3ODQLILFDFLyQ5HJLRQDO 6XGiIULFD

/D DFRJLGD GHO EXTXH&DSH $IULFD (O PRGHORGHDFWXDFLyQ VXGDIULFDQR /DLQDFWLYLGDGGHRWURV(VWDGRVFRVWHURV

&21&/86,21(6

$1(;2,5(680(1<&21&/86,21(6(1,7$/,$12

$1(;2 ,,Ë1',&( '( -85,6358'(1&,$ < '( ',&7È0(1(6 '( Ï5*$126&2168/7,926

%,%/,2*5$)Ë$

,1752'8&&,Ï1

(OPHGLRPDULQRFRQVWLWX\HHO~OWLPRHVSDFLRSRUFRQTXLVWDUVREUHOD7LHUUD\D TXH IXH D SDUWLU GH OD VHJXQGD PLWDG GHO VLJOR ;; FXDQGR VH LQLFLDURQ ODV SULPHUDV LQYHVWLJDFLRQHV \ GHVFXEULPLHQWRV GHO LQPHQVR SRWHQFLDO TXH HVFRQGtDQ ORV PDUHV \ RFpDQRV(QORV~OWLPRVDxRVVHKDFRPHQ]DGRDDSUHFLDUODULTXH]DGHOHQWRUQRPDULQR D~QFXDQGRHORULJHQGHODYLGDVHHQFXHQWUDHQHOPDU\ODPD\RUSDUWHGHODVXSHUILFLH WHUUHVWUHVHHQFXHQWUDFXELHUWDSRUVXVDJXDV

$XQTXHHQODDFWXDOLGDGVyORVHKDGHVFXELHUWRXQDPtQLPDSDUWHGHORVUHFXUVRV PDUtWLPRV OD DFFLyQ KXPDQD Vt KD VLGR PiV HILFD] HQ OD GHVWUXFFLyQ GH ORV GLVWLQWRV HFRVLVWHPDV PDULQRV D WUDYpV GH ODV PiV GLYHUVDV IyUPXODV GH FRQWDPLQDFLyQ /D FDSDFLGDG GH UHJHQHUDFLyQ TXH FDUDFWHUL]D OD QDWXUDOH]D GH PDUHV \ RFpDQRV KD SRVLELOLWDGRTXHORVGDxRVVHDQSDUFLDOHV\SXQWXDOHVVLELHQGHJUDYHVFRQVHFXHQFLDV DPELHQWDOHV\VRFLRHFRQyPLFDV0HGLDQWHHOSUHVHQWHHVWXGLRVHTXLHUHGDUUHVSXHVWDD ORVLQWHUURJDQWHVMXUtGLFRVTXHVXUJHQVREUHODSURWHFFLyQGHODPELHQWHPDULQR

+D\TXHWHQHUHQFXHQWDHOGLItFLOHTXLOLEULRHQWUHSURWHFFLyQ\DSURYHFKDPLHQWR FX\D~QLFDUHVSXHVWDVHHQFXHQWUDHQODRUGHQDFLyQORVPDUHV\RFpDQRVVHUiQHQXQRV SRFRVDxRVORVJUDQGHVVXPLQLVWUDGRUHVGHDOLPHQWRVDJXDPHGLFDPHQWRV\HQHUJtDV DOWHUQDWLYDV D OD YH] TXH FRQWLQXDUiQ VX GHVDUUROOR FRPR JUDQGHV DXWRSLVWDV GH WUDQVSRUWH GH PHUFDQFtDV (O HQWRUQR PDULQR VH FRQYLHUWH GH HVWD IRUPD HQ XQD DOWHUQDWLYDUHDOSDUDVROXFLRQDUODVFDUHQFLDVTXHD]RWDQDEXHQDSDUWHGHODSREODFLyQ PXQGLDOXQDYtDSDUDODVXSHUDFLyQGHODVQHIDVWDVFRQVHFXHQFLDVGHODVVHTXtDV\ODV KDPEUXQDV(QDUDVGHODSURWHFFLyQGHORVUHFXUVRV\GHVXFRQVHUYDFLyQQRVHSXHGH LPSHGLUHOGHVDUUROOR\ODH[SORWDFLyQGHORVUHFXUVRVPDULQRVODVQRUPDVOHJDOHVVRQ ODV HQFDUJDGDV GH HQFDX]DU XQD H[SORWDFLyQ UD]RQDEOH \ VRVWHQLEOH GH ORV UHFXUVRV PDULQRVSRWHQFLDQGRODSURWHFFLyQDQWHVGHWHQHUTXHOOHJDUDODUHFXSHUDFLyQ

$SHVDUGHODUHDOLGDGTXHKDPDUFDGRORV~OWLPRVDxRVGHORVPDUHV\RFpDQRV UHSOHWD GH FDWiVWURIHV GH HVFDOD \ UHSHUFXVLyQ LQFDOFXODEOH HQ HVWD LQYHVWLJDFLyQ VH DVSLUDDVXSHUDUORVIDFWRUHVGHFRQWUDGLFFLyQDFWXDOHVYLQFXODGRVDODLQRSHUDQFLDGHODV LQVWLWXFLRQHV FRPSHWHQWHV KDFLHQGR KLQFDSLp HQ ODV SRVLELOLGDGHV GH ORV PHFDQLVPRV MXUtGLFRV SDUD DUWLFXODU PHGLGDV DGHFXDGDV GH UHFXSHUDFLyQ GHO PHGLR \ PX\ HVSHFLDOPHQWHGHSUHYHQFLyQ\DSR\RDODVRVWHQLELOLGDGGHVXVUHFXUVRV

/DUHVSXHVWDDODVQHFHVLGDGHVDFWXDOHVGHODVHJXULGDGPDUtWLPDD~QFXDQGRVH SUHVHQWHQFRPR QRYHGDGHV KDQ VHJXLGR ORVPRGHORVWUD]DGRV SRUOD DPSOLDWUDGLFLyQ PDUtWLPDDORVTXHVHKDQLQFRUSRUDGRORVSULQFLSLRVGHSURWHFFLyQ\FRQVHUYDFLyQGHO HQWRUQR(QORTXHUHVSHFWDDODQDYHJDFLyQPDUtWLPDODLPSODQWDFLyQGHOGREOHFDVFRD ORVEXTXHVIXHXQGLVHxRGH/HRQDUGR'D9LQFLSDUDUHGXFLUORVGDxRVTXHVXIUtDQORV EXTXHV GHJXHUUD /D SURSLD UHJXODFLyQHVSDxRODDILQHVGHO VLJOR ;,;HQXQFLDED XQ FRQMXQWRGHQRUPDVH[KDXVWLYDVVREUHODVLQVSHFFLRQHVDTXHGHEtDQVHUVRPHWLGRVORV EXTXHVHVSDxROHVDQWHVGHSDUWLUGHSXHUWR

(ODFHUFDPLHQWRWUDGLFLRQDODOHVWXGLRGHOPHGLRPDULQRGHVGHXQDSHUVSHFWLYD DPELHQWDOVHKDUHDOL]DGRPHGLDQWHODIUDJPHQWDFLyQHQiUHDVGHHVWXGLRVHVSHFtILFDV TXH KDQ OLPLWDGR VX YLVLyQ D DVSHFWRV FRQFUHWRV GH XQD UHDOLGDG DPSOLD \ GLYHUVD 0HGLDQWH HVWH HVWXGLR VH SUHWHQGH KDFHU XQ DQiOLVLV GH ODV UHVSXHVWDV MXUtGLFR DGPLQLVWUDWLYDVTXHHVWDEOHFHQODVGLUHFWULFHVVREUHODVTXHVHDVLHQWDODUHJXODFLyQGHO PHGLRPDULQR(QODFRQVHFXFLyQGHHVWRVILQHVVHSRQHGHPDQLILHVWRODQHFHVLGDGGH XQ FRQFLHUWR LQWHUQDFLRQDO TXH SHUPLWD GDU UHVSXHVWD D ODV QHFHVLGDGHV GH XQ PHGLR JOREDOL]DGRU\JOREDOL]DGR\DTXHPDUHV\RFpDQRVHOLPLQDQODVIURQWHUDVHVWDWDOHVOD HIHFWLYLGDGGHODVPHGLGDVDGRSWDGDVUHTXLHUHGHOFRQVHQVRLQWHUQDFLRQDO

$SHVDUGHODVSUHYLVLRQHVTXHKDQVLGRDGRSWDGDVHQHOiPELWRGHODSURWHFFLyQ PDUtWLPDHVWDUHDOLGDGQRSXHGHFRQYHUWLUVHHQOD~QLFDYtDGHDFWXDFLyQVREUHHOPHGLR PDULQR VLQR TXH GHEH VHU XQ LQVWUXPHQWR HPSOHDGR SDUD OD FRQVHFXFLyQ GH ORV HVWiQGDUHV PtQLPRV GH VHJXULGDG PDUtWLPD HQWHQGLGD HQ VXDFHSFLyQ PiV DPSOLD 'H HVWDIRUPDHVWDSUHVLyQGHFLHUWRV(VWDGRVSUHFHGLGDSRUVHQWLPLHQWRVGHLQVHJXULGDG QDFLRQDOHV GHVHPERFDUi HQ DFWXDFLRQHV D ODUJR SOD]R \ FRQ HIHFWRV UHDOHV VREUH OD VHJXULGDG \ QR HQ PHUDV DFWXDFLRQHV SXQWXDOHVVREUH ORV LQWHUHVHV QDFLRQDOHV TXH VH HQFXHQWUHQ FRPSURPHWLGRV (O FDUiFWHU JOREDO GH OD VHJXULGDG PDUtWLPD GHWHUPLQD OD DGRSFLyQGHPHGLGDVFRQYRFDFLyQLQWHUQDFLRQDOSXHVWRTXHODILQDOLGDGGHODVPLVPDV HVODFRQVHFXFLyQGHILQHVTXHVXSHUDQODVSHUVSHFWLYDVORFDOHVQDFLRQDOHV\UHJLRQDOHV

/D FRPSOHMLGDG QRUPDWLYD TXH LPSOLFD HO HVWXGLR GHO PHGLR PDULQR H[LJH DERUGDUXQWULSOHPDUFRQRUPDWLYRLQWHUQDFLRQDOFRPXQLWDULR\QDFLRQDOFRQHOILQGH SRGHU GHWHUPLQDU HO HVTXHPD GH DFWXDFLyQ H[LJLGR SRU ODV GLVSRVLFLRQHV YLJHQWHV OD LQWHUDFFLyQHQWUHORVGLVWLQWRViPELWRVGHDFWXDFLyQH[LJHHOGHVDUUROORSDUDOHORGHODV QHFHVDULDVDSOLFDFLRQHVUHJLRQDOHV\ORFDOHV/RVGLVWLQWRVQLYHOHVGHUHJXODFLyQQRVH SUHVHQWDQ FRPR FRPSDUWLPHQWRV HVWDQFRV VLQR TXH VH KD UHDOL]DGR XQ HVWXGLR FRPSDUDWLYR H LQWHJUDGRU GH ORV PLVPRV FRQ HO ILQ GH H[WUDHU ODV FRQFOXVLRQHV FRQMXQWDV /D ILQDOLGDGSHUVHJXLGDHV ODFRQFHSFLyQ GH XQD UHJXODFLyQFRPSOHWD \ QR SDUFLDO\DTXHFRQIRUPDQODVSLH]DVHVHQFLDOHVSDUDHQWHQGHU\SURSRQHUDOWHUQDWLYDVD XQDHVWUXFWXUDQRUPDWLYDD~QQRSHUILODGD\TXHSUHVHQWDQXHYRVUHWRVDODVRFLHGDG\DO OHJLVODGRU

6HDQDOL]DQODVGLVSRVLFLRQHVLQWHUQDFLRQDOHVVREUHHVWDPDWHULDTXHVXUJLGDVHQ OD PD\RUtD GH ORV FDVRV WUDV JUDQGHV FDWiVWURIHV WHQGUtDQ TXH DGRSWDU XQ SDSHO SUHSRQGHUDQWHHQODRUGHQDFLyQPDUtWLPDFRQILJXUiQGRVHFRPRODVYHUGDGHUDVSLRQHUDV \ JXtDV GH ODV UHJXODFLRQHV QDFLRQDOHV < QR SRGtD VHU GH RWUR PRGR \D TXH VRQ ODV LQVWLWXFLRQHV LQWHUQDFLRQDOHV ODV ~QLFDV FDSDFHV GH GRWDU GH FRKHUHQFLD D XQ PHGLR FRPRHOPDULQRTXHQRFRQRFHGHIURQWHUDV

$ GLIHUHQFLD GHO PHGLR WHUUHVWUH HV LPSRVLEOH VHSDUDU PDUHV \ RFpDQRV FRQILJXUiQGRVH HVWD UHJXODFLyQ FRPR OD ~OWLPD RSRUWXQLGDG TXH UHVWD D ODV RUJDQL]DFLRQHV LQWHUQDFLRQDOHV GHDXVSLFLDU XQDDOWHUQDWLYDDO PRGHORGH IURQWHUDV GH DSR\DU XQD UHJXODFLyQ TXH QR FRQR]FD GH OtPLWHV HQWUH SDtVHV \ TXH UHVXOWH GH XQ LPSXOVRJOREDO$OLJXDOTXHORVUHFXUVRVPDULQRVQRFRQRFHQGHIURQWHUDVHQWUHSDtVHV OD FRQWDPLQDFLyQ WDPSRFR SRU OR TXH VyOR GHVGH OD DFWXDFLyQ FRQMXQWD VH ORJUDUiQ REMHWLYRVSRVLWLYRV

&RPRWHUFHUQLYHOGHHVWXGLRVHKDDFXGLGRDODQiOLVLVGHODUHDOLGDGQDFLRQDOHQ (VSDxDPXHVWUDGHODWUDQVSRVLFLyQGHODVGLVSRVLFLRQHVFRPXQLWDULDV\GHODLQIOXHQFLD GH ORV FRQYHQFLRQHV \ UHFRPHQGDFLRQHV GH ORV RUJDQLVPRV LQWHUQDFLRQDOHV 6H SUHVWD HVSHFLDODWHQFLyQDODVQRYHGDGHVTXHHOOHJLVODGRUHVSDxROKDLQFRUSRUDGRDVtFRPRD ODV GHILFLHQFLDV \ YHQWDMDV TXH GHVWDFDQ HQ QXHVWUR RUGHQDPLHQWR /DV UHIHUHQFLDV GH GHUHFKR FRPSDUDGR TXH SHUPLWHQ DQDOL]DU ODV GLVSRVLFLRQHV HODERUDGDV SRU RWURV (VWDGRVFRPXQLWDULRV\SRUWHUFHURV(VWDGRVFRPSOHWDQODVUHIHUHQFLDVDODVPHGLGDV GHiPELWRQDFLRQDO

(O DQiOLVLV GHO PHGLR DPELHQWH PDULQR H[LJH HO HVWXGLR GH ODV GLVSRVLFLRQHV WUDGLFLRQDOPHQWH YLQFXODGDVD ODVHJXULGDG PDUtWLPD VDIHW\FRQHVSHFLDODWHQFLyQDO WUDQVSRUWH PDUtWLPR /D SHUVSHFWLYD LQWHJUDGRUD TXH KD JXLDGR OD HODERUDFLyQ GH HVWD WHVLVKDGHWHUPLQDGRODLQFOXVLyQGHPDWHULDVFX\DILQDOLGDG~OWLPDQRHVODSURWHFFLyQ GHOPHGLRPDULQRSHURTXHUHSHUFXWHQGLUHFWDPHQWHHQHOGtDDGtDGHQXHVWURVPDUHV\ RFpDQRV

6HKDRSWDGRSRUSODQWHDUHVWDWHVLVHQIXQFLyQGHDTXHOODViUHDVGHUHJXODFLyQ\ HVWXGLRTXHPDUFDQODVOtQHDVGHRUGHQDFLyQDFWXDO&RPR\DVHKDSXHVWRGHPDQLILHVWR HVXQDPDWHULDDELHUWDHQODTXHWUDVFDGDFDWiVWURIHVXUJHQQXHYDVQRUPDVTXHFXEUHQ XQD ODJXQD HQ OD UHJXODFLyQ (O WUDEDMR GH LQYHVWLJDFLyQ VH RUJDQL]D HQ WRUQR D ORV SULQFLSDOHVHOHPHQWRV TXHLQWHUILHUHQHQ HOPHGLR PDULQR/DV³DXWRSLVWDV PDUtWLPDV´ TXHFRQVWLWX\HQ HQ ODDFWXDOLGDG ORV PDUHV \ RFpDQRVQHFHVLWDQ XQDHVSHFLDO DWHQFLyQ SRUSDUWHGHORVVXMHWRVS~EOLFRV\SULYDGRVTXHSDUWLFLSDQHQVXDSURYHFKDPLHQWR(O DGHFXDGRFRQWUROVREUHHOWUiILFRPDUtWLPRVHFRQYLHUWHHQODSLHGUDDQJXODUVREUHODTXH FRQVWUXLUXQVLVWHPDQRUPDOL]DGRGHJHVWLyQTXHSHUPLWDHODGHFXDGRDSURYHFKDPLHQWR GHODVSHUVSHFWLYDVSDUDHOWUDQVSRUWHTXHRIUHFHQODVDJXDVRFHiQLFDV(VSHFLDODWHQFLyQ PHUHFH SRU OD LPSRUWDQWH UHSHUFXVLyQ GH ODV FDWiVWURIHV TXH D]RWDQ SHULyGLFDPHQWH QXHVWUDVFRVWDVODUHDOLGDGGHOWUDQVSRUWHPDUtWLPRGHSHWUyOHR\ODVPHGLGDVDGRSWDGDV SDUDUHGXFLUORVGHVDVWUHVHFROyJLFRV\VRFLRHFRQyPLFRVTXHRFDVLRQDQORVDFFLGHQWHV YLQFXODGRVDOPLVPR

(O EXTXH FRPR PHGLR GH WUDQVSRUWH GH PHUFDQFtDV \ SHUVRQDV HV OD XQLGDG ~OWLPDVREUHODTXHGHEHQUHFDHUORVPHFDQLVPRVGHLQVSHFFLyQ\FRQWUROWDQWRS~EOLFRV FRPRSULYDGRVTXHYHODQSRUODVHJXULGDGPDUtWLPD\HOUHVSHWRDOPHGLRDPELHQWH/D WULSXODFLyQ\ODFDUJDGHOEXTXHFRQVWLWX\HQORVGRVHOHPHQWRVSULQFLSDOHVVREUHORVTXH VHKDGHILQLGRODUHJXODFLyQ\DTXHODIRUPDFLyQGHOSHUVRQDODERUGR\ODDGHFXDGD GLVWULEXFLyQGHODVIXQFLRQHVTXHUHDOL]DQVHFRQYLHUWHHQXQHOHPHQWRGHSUHYHQFLyQGH ULHVJRVSDUDHOPHGLRPDULQR\SDUDODSURSLDVHJXULGDGGHODYLGDKXPDQDHQHOPDU ,JXDOPHQWH OD QDWXUDOH]D GH OD FDUJD WUDQVSRUWDGD H[LJH PHGLGDV SURSRUFLRQDGDV TXH SHUPLWDQXQDQDYHJDFLyQVHJXUD

/D UHOHYDQFLD GHO PHGLR PDULQR KD LPSXOVDGR OD FUHDFLyQ GH XQ HVTXHPD RUJDQL]DWLYR DFRUGH HQ HO VHQR GH ODV RUJDQL]DFLRQHV LQWHUQDFLRQDOHV \ OD 8QLyQ (XURSHDDVtFRPRODUHHVWUXFWXUDFLyQGHORUJDQLJUDPDDGPLQLVWUDWLYRDQLYHOQDFLRQDO 1R REVWDQWH ODV PDQLILHVWDV GHILFLHQFLDV TXH D~Q VH GHWHFWDQ HVWRV yUJDQRV VH FRQILJXUDQ FRPR ORV DFWRUHV SULQFLSDOHV SDUD OD DGRSFLyQ GH LQVWUXPHQWRV MXUtGLFRV YLQFXODQWHVRODHODERUDFLyQGHUHFRPHQGDFLRQHV

(O HVWXGLR GH ODV LQVWLWXFLRQHV LQWHUQDFLRQDOHV \ HO QHFHVDULR FRPSURPLVR SRU SDUWH GH ORV (VWDGRV TXH ODV FRQIRUPDQ FODULILFD ORV JUDGRV GH FRPSURPLVR \ GH YLQFXODFLyQGHVXVLQVWUXPHQWRVMXUtGLFRVSRUVXSDUWHOD8QLyQ(XURSHD\VXHVTXHPD LQVWLWXFLRQDO DSRUWD XQD SHUVSHFWLYD SURSLD HQ OD TXH H[LVWH XQD PD\RU LQWHUYHQFLyQ VREUHORV(VWDGRVFRQVWUHxLGRVDODDGRSFLyQGHGLVSRVLFLRQHVGHWUDQVSRVLFLyQRDOD LQFRUSRUDFLyQ GLUHFWD HQ VXV RUGHQDPLHQWRV (Q OR TXH UHVSHFWD D ORV yUJDQRV DGPLQLVWUDWLYRV QDFLRQDOHV HV QHFHVDULR DWHQGHU DO HVTXHPD GH GLVWULEXFLyQ GH FRPSHWHQFLDVFRQODQHFHVDULDSDUWLFLSDFLyQGHO(VWDGR\ODV&RPXQLGDGHV$XWyQRPDV DVtFRPRODFRODERUDFLyQFRQOD$GPLQLVWUDFLyQ/RFDO

/RVGHVDItRVDFWXDOHVGHODVHJXULGDGPDUtWLPDREOLJDQDODDGRSFLyQGHPHGLGDV RULJLQDOHVTXHSXHGDQGDUUHVSXHVWDDODVQHFHVLGDGHVGHOPHGLRPDULQR6LQHPEDUJR OD SUREOHPiWLFD PDUtWLPD \D IXH UHVXPLGD SRU *DVSDU 0HOFKRU GH -RYHOODQRV HQ VX ,QIRUPHVREUHOD/H\$JUDULDSXEOLFDGRHQHODxR

³(QWUH ODV YHQWDMDV GH VLWXDFLRQ TXH JR]DQ ODV QDFLRQHV VLQ GXGD TXH HQ HO SUHVHQWHHVWDGRGHOD(XURSDQLQJXQDHVFRPSDUDEOHFRQODFHUFDQLDGHOPDU8QLGDVSRU VXPHGLRiORVPDVUHPRWRVFRQWLQHQWHVDOPLVPRWLHPSRTXHVXLQGXVWULDHVOODPDGDi SURYHHUXQDVXPDLQPHQVDGHQHFHVLGDGHVVHH[WLHQGHODHVIHUDGHVXVHVSHUDQ]DViOD SDUWLFLSDFLRQ GH WRGDV ODV SURGXFFLRQHV GH OD WLHUUD < VL VH DWLHQGH DO SURGLJLRVR DGHODQWDPLHQWRHQTXHHVWiHODUWHGHODQDYHJDFLRQHQQXHVWURVGLDVSDUHFHTXHVROROD LJQRUDQFLDyODSHUH]DSXHGHQSULYDUiORVSXHEORVGHWDQWRV\WDQSUHFLRVRVELHQHV

(V YHUGDG TXH VHPHMDQWH YHQWDMD VXHOH DQGDU FRPSHQVDGD FRQ JUDQGHV GLILFXOWDGHV VL GH XQD SDUWH OD IXULD GH DTXHO HOHPHQWR DPHQD]D i WRGDV KRUDV ODV SREODFLRQHVTXHVHOHDFHUFDQSRURWUDORVDOWRVSUHFLSLFLRV\ODVSOD\DVLQFOHPHQWHVTXH ORURGHDQ\TXHSDUHFHQGHVWLQDGRVSRUODQDWXUDOH]DSDUDUHIUHQDUORySDUDVHxDODUVXV ULHVJRVGLILFXOWDQVXFRPXQLFDFLRQyODKDFHQLQWUDWDEOH3HUR¢TXLpQQRYHTXHHQHVWD PLVPD GLILFXOWDG KDOOD XQ QXHYR HVWtPXOR HO GHVHR GHO KRPEUH TXH OODPDGR RUD i SURYHHU i VX VHJXULGDG RUD i H[WHQGHU OD HVIHUD GH VX LQWHUpV VH YH FRPR IRU]DGR FRQWLQXDPHQWH i WULXQIDU GH WDQ SRGHURVRV REVWiFXORV" (OOR HV 6HxRU TXH HO HQJUDQGHFLPLHQWRGHODVQDFLRQHVVLQRVLHPSUHKDWHQLGRPXFKDVYHFHVVXRULJHQHQ HVWDYHQWDMD\TXHQLQJXQDTXHVHSDDSURYHFKDUODGHMDUiGHKDOODUHQHOODXQSULQFLSLR GHRSXOHQFLD\GHSURVSHULGDG

¢&yPRHVSXHVTXHHQWDQIHOL]VLWXDFLRQKHPRVROYLGDGRXQRGHORVPHGLRV PDV QHFHVDULRV SDUD OOHJDU i HVWH ILQ" ¢&yPR KHPRV GHVDWHQGLGR WDQWR OD PHMRUD GH QXHVWURVSXHUWRVVLQORVFXDOHVHVGHOWRGRYDQDpLQ~WLODTXHOODJUDQYHQWDMD"$SHQDV KD\XQRTXHQRVHKDOOHWDOFXDOVDOLyGHODVPDQRVGHODQDWXUDOH]D\VLELHQHVYHUGDG TXH QRV FRQFHGLy DOJXQRV GH VLQJXODU H[FHOHQFLD \ VLWXDFLRQ ¢FXiQWRV VRQ ORV TXH FODPDQSRUORVDX[LOLRV\PHMRUDVGHODUWH"¢&XiQWDVSURYLQFLDVPDUtWLPDV\DOPLVPR WLHPSRLQGXVWULRVDVFDUHFHQSRUIDOWDGHXQEXHQSXHUWRGHOEHQHILFLRGHODQDYHJDFLRQ \GHWRGRVORVELHQHVGHSHQGLHQWHVGHHOOD"¢<FyPRQRVHKDOODUiHQHVWDIDOWDXQRGH ORVHVWRUERVTXHPDVSRGHURVDPHQWHUHWDUGDQODSURVSHULGDGGHQXHVWUDDJULFXOWXUD"´

352%/(0È7,&$,167,78&,21$/'(/$

6(*85,'$'0$5Ë7,0$

&$3Ë78/2,

&21&(372'(6(*85,'$'0$5Ë7,0$

(/(0(1726'(),1,'25(6'(/$6(*85,'$'

0$5Ë7,0$

(OWpUPLQRVHJXULGDGPDUtWLPDKDFHUHIHUHQFLDDODVHJXULGDGGHOEXTXH\DOD VHJXULGDG GHO PHGLR HQ HO TXH VH GHVSOD]D HO PHGLR PDULQR SRU WDQWR VH SXHGHQ GLVWLQJXLU GRV YHUWLHQWHV GH OD VHJXULGDG PDUtWLPD OD VHJXULGDG GH OD QDYHJDFLyQ SURSLDPHQWHGLFKD\ODVHJXULGDGGHODPELHQWHPDULQR

(Q OR TXH UHVSHFWD D OD VHJXULGDG GHO EXTXH PHGLDQWH HVWH WpUPLQR VH KDFH UHIHUHQFLD D WRGRV DTXHOORV IDFWRUHV TXH LQIOX\HQ HQ OD FRUUHFWD QDYHJDELOLGDG GHO PLVPR \ HQ OD VHJXULGDG GH OD YLGD KXPDQD D ERUGR SRU OR TXH DWLHQGH D DVSHFWRV LQWHUQRV\H[WHUQRVGHOEXTXHTXHYDQDDIHFWDUDOFRUUHFWRGHYHQLUGHVXVWUDYHVtDV

_{*,$&+,1,3(YROX]LRQHGHOODQRUPDWLYDLQWHUQD]LRQDOHVHGHXURSHDLQPDWHULDGHVLFXUH]]D}

GHOWUDVSRUWRLQPDUH67,0$/LYRUQRSiJ

.23$&= = 025*$6 : \ 85%$16., - ³7KH 0DULWLPH 6DIHW\ 6\VWHP LWV 0DLQ &RPSRQHQHWV DQG (OHPHQWV´7KH -RXUQDO RI 1DYLJDWLRQ Q~P SiJ DILUPDQ TXH OD VHJXULGDGPDUtWLPDVHSXHGHGHILQLUFRPRHOFRQMXQWRGHFRQGLFLRQHVGHVHDEOHVGHODDFWLYLGDGKXPDQD HQODPDUTXHQRUHSUHVHQWHQXQSHOLJURSDUDODYLGDKXPDQD\ODSURSLHGDG\QRSXHGDQSURYRFDUGDxRV HQHOPHGLRDPELHQWH

9,*/,(77$ 3 \ 3$3, ( ³6DIHW\ H VHFXULW\ DVSHWWL HYROXWLYL GHOOD VLFXUH]]D PDULWWLPD´

'LULWWRGHLWUDVSRUWLQ~PSiJV±

6REUH ORV FDPELRV TXH VH KDQ SURGXFLGR HQ OD QDYHJDFLyQ \ VXV FRPSHWHQFLDV FRQVXOWDU .23$&= = 025*$6 : \ 85%$16., - ³7KH &KDQJHV LQ 0DULWLPH 1DYLJDWLRQ DQG WKH &RPSHWHQFHVRI1DYLJDWRUV´7KH-RXUQDORI1DYLJDWLRQQ~PSiJV

(QWUH ORV DVSHFWRV YLQFXODGRV GLUHFWDPHQWH DO EXTXH VH HQFXHQWUDQ ORV FDUDFWHUHVHVWUXFWXUDOHVGHOPLVPR\FRQHVSHFLDODWHQFLyQODVPHGLGDVGHVHJXULGDG DGRSWDGDV HQ IXQFLyQ GH OD QDWXUDOH]D GH OD FDUJD 7DPELpQ VH GHEHQ GHVWDFDU ODV UHIHUHQFLDV D OD WULSXODFLyQ OD DGHFXDGD IRUPDFLyQ GH OD PLVPD \ OD DWHQFLyQ D ODV FRQGLFLRQHVGHWUDEDMRDERUGRVLQROYLGDUODDGRSFLyQGHODVPHGLGDVYLQFXODGDVDOD VHJXULGDGGHODYLGDKXPDQDHQODPDU

5HODFLRQDGRV FRQ OD VHJXULGDG GH OD QDYHJDFLyQ SHUR HQWUH ORV HOHPHQWRV H[WHUQRVDOEXTXHVHVLW~DQODVPHGLGDVDGRSWDGDVSDUDHOFRQWURO\ODRUJDQL]DFLyQGHO WUiILFR PDUtWLPR ORV VLVWHPDV GH LQVSHFFLRQHV \ FRQWUROHV GH FDUiFWHU S~EOLFR R SULYDGR \ FXDOHVTXLHUD RWUDV GLVSRVLFLRQHV TXH WHQJDQ SRU ILQ OD VDOYDJXDUGLD GH OD LQWHJULGDGGHOEXTXH\HOQRUPDOGHVDUUROORGHOWUDQVSRUWHPDUtWLPR

(O REMHWLYR ~OWLPR GH ODV GLVSRVLFLRQHV DGRSWDGDV SDUD OD VHJXULGDG GH OD QDYHJDFLyQVHFHQWUDEDQHQODSURWHFFLyQGHOEXTXHIUHQWHDODVGHILFLHQFLDVGHWHFWDGDV HQVXSURSLDHVWUXFWXUDRHQODDGRSFLyQGHGHFLVLRQHVGHVXWULSXODFLyQRELHQDQWH LQFOHPHQFLDVGHOWLHPSRRSRUDERUGDMHVFRQRWURVEXTXHVVDIHW\6LQHPEDUJRGHVGH ILQHV GHO VLJOR SDVDGR \ FRPR UHVSXHVWD D ODV DFWXDFLRQHV GH FDUiFWHU FULPLQDO SURWDJRQL]DGDVFRQWUDEXTXHVVHSURGXMRHOQDFLPLHQWRGHQXHYDIDFHWDHQHOiPELWRGH ODVHJXULGDGPDUtWLPDODSURWHFFLyQVHFXULW\

_{(O&DSLWiQ-DPHV&RRNXQRGHORVPiVIDPRVRVQDYHJDQWHVLQJOHVHVVHSURQXQFLDEDHQORV}

VLJXLHQWHVWpUPLQRVHQHO'LDULRGHVXYLDMHSRUHO3ROR6XU\DOUHGHGRUGHOPXQGRSXEOLFDGRHQ ³&RPR XQRGHORVSXQWRV PiVLQWHUHVDQWHVTXHVH SUHVHQWDQ DQWH ODFRQVLGHUDFLyQ GH WRGRVORV TXHVH DYHQWXUDQHQYLDMHVGHH[SORUDFLyQHVGHFLGLUHOWLSRPiVFRQYHQLHQWHGHQDYtRTXHGHEHQHVFRJHUWDOYH] VHD~WLOSDUDORVIXWXURVQDYHJDQWHVH[SRQHUHOFULWHULRGHO&RQVHMRGHOD$UPDGDVREUHHVWDPDWHULDFRQ HOFXDOGHVSXpVGHXQDH[SHULHQFLDGHGRVYLDMHVGHWUHVDxRVGHGXUDFLyQFDGDXQRHVWR\FRQIRUPH(O p[LWRGHODVHPSUHVDVTXHWLHQHQSRUREMHWRUHDOL]DUGHVFXEULPLHQWRVHQUHJLRQHVPX\GLVWDQWHVGHSHQGH HQSULPHUOXJDUGHTXHWRGDVODVRSHUDFLRQHVSUHSDUDWRULDVVHHIHFW~HQVLQSHUGHUGHYLVWDHOSXQWRPiV SULQFLSDOTXHHVODVHJXULGDGGHORVH[SHGLFLRQDULRV\GHORVQDYtRV\HVWRHVHQFLDOPHQWHGHSHQGHGHO WDPDxRFODVH\SURSLHGDGHVGHORVEDUFRVTXHVHHOLJHQSDUDGLFKRVHUYLFLR´&22.-9LDMHKDFLDHO

3ROR6XU\DOUHGHGRUGHOPXQGR(VSDVD&DOSH0DGULGSiJ

_{0$57Ë1 26$17( - ³3UHYHQFLyQ GH ORV DFFLGHQWHV PDUtWLPRV HQ OD 8QLyQ (XURSHD´} $FWXDOLGDG -XUtGLFD $UDQ]DGL 3DUWH 2SLQLyQ Q~P (VWH DXWRU DILUPD ³/D DFWXDFLyQ LQWHUQDFLRQDO\FRPXQLWDULDVHRULHQWDHQWRUQRDGRVJUDQGHVOtQHDVODVDIHW\\ODVHFXULW\/DVHFXULW\ UHIHULGDDODSURWHFFLyQIUHQWHDDFWRVYLROHQWRVLQWHQFLRQDGRVIXQGDPHQWDOPHQWHWHUURULVWDV<ODVDIHW\ HQWHQGLGD FRPR VHJXULGDG LQWHUQD GH ORV EXTXHV GH OD QDYHJDFLyQ \ GH ODV LQVWDODFLRQHV SRUWXDULDV IRUPDFLyQ GH OD WULSXODFLyQ FDUDFWHUtVWLFDV WpFQLFDV GH ORV EXTXHV WLSRV GH FDUJDV WUDQVSRUWDGDV PHFDQLVPRV GH FRQWURO GH OD QDYHJDFLyQ HWF HQ OD TXH VH KD YHQLGR FHQWUDQGR WUDGLFLRQDOPHQWH OD DFWLYLGDGGHOD8(\GHOD20,´

6REUH HVWRV FRQFHSWRV $552<2 0$57Ë1(= , ³3UREOHPDV MXUtGLFRV UHODWLYRV D OD VHJXULGDGGHODQDYHJDFLyQPDUtWLPD5HIHUHQFLDHVSHFLDODO3UHVWLJH´$QXDULRGH'HUHFKR0DUtWLPR ;;SiJ$/2162/('(60$&³(OWUDQVSRUWHPDUtWLPRHQOD8QLyQ(XURSHD´1RWLFLDVGH

OD8QLyQ(XURSHDQ~PMXOLRSiJ62%5,12+(5(',$-³/DSURWHFFLyQPDUtWLPD

QXHYD GLPHQVLyQ GH OD SROtWLFD PDUtWLPD GH OD 8QLyQ (XURSHD´5HYLVWD GH 'HUHFKR &RPXQLWDULR

/RVDFRQWHFLPLHQWRVTXHKDQPDUFDGRHOLQLFLRGHOVLJOR;;,KDQVXSXHVWRXQ LPSXOVRDODVPHGLGDVDGRSWDGDVSDUDUHIRU]DUODSURWHFFLyQGHODVQDYHVHLQVWDODFLRQHV SRUWXDULDV IUHQWH D DFWRV GH QDWXUDOH]D FULPLQDO 6LQ HPEDUJR HVWDV PHGLGDV VLJXHQ IRUPDQGR SDUWH GH ODV GLVSRVLFLRQHV VREUH VHJXULGDG PDUtWLPD QR VyOR FRPR FRQVHFXHQFLDGHOFDUiFWHUJHQpULFRGHHVWHFRQFHSWRVLQRWDPELpQSRUODQDWXUDOH]DGH ODSURWHFFLyQYLQFXODGDDODVHJXULGDGGHODQDYHJDFLyQ\GHOPHGLRDPELHQWHPDULQR

(Q HO iPELWR GH OD VHJXULGDG GHO DPELHQWH PDULQR GHVWDFDQ WRGDV DTXHOODV PHGLGDVDSOLFDEOHVGHVGHWLHUUDRDERUGRGHODVQDYHVFX\RILQ~OWLPRHVODSURWHFFLyQ GHO HQWRUQR PDULQR \ GH VXV UHFXUVRV 'HEH GHVWDFDUVH TXH OD VHJXULGDG GH OD QDYHJDFLyQ\ODVHJXULGDGGHOPHGLRPDULQRVHHQFXHQWUDQHVWUHFKDPHQWHYLQFXODGDV\ ODVGLVSRVLFLRQHVDGRSWDGDVHQXQR\RWURVHQWLGRFRQVWLWX\HQHOHPHQWRVLQKHUHQWHVGH XQDPLVPDUHDOLGDGODVHJXULGDGGHOEXTXH\VXHQWRUQR

/DVHJXULGDGPDUtWLPDVHKDHQFRQWUDGRWUDGLFLRQDOPHQWHYLQFXODGDDOWUDQVSRUWH PDUtWLPRGHPHUFDQFtDV\SHUVRQDV/DUHDOLGDGDFWXDOPXHVWUDTXHODVSRVLELOLGDGHVGH DSURYHFKDPLHQWR SDUD ORV UHFXUVRV PDUtWLPRV VH DPSOtDQ D OD YH] TXH VH YDQ FRQRFLHQGRVXV SRVLELOLGDGHV GHH[SORWDFLyQ 3RUWDQWR ODV SHUVSHFWLYDVGH GHVDUUROOR IXWXUR GH ODV GLVSRVLFLRQHV VREUH VHJXULGDG PDUtWLPD GHEHUiQ LQFOXLU ODV UHIHUHQFLDV RSRUWXQDV D ORV PHGLRV DSOLFDGRV SDUD OD REWHQFLyQ GH ORV UHFXUVRV TXH VH HVWiQ GHVFXEULHQGR \ OD SUHYHQFLyQ \ SURWHFFLyQ GHO HQWRUQR PDULQR TXH VH SXHGD YHU DIHFWDGR'HHVWDIRUPDVHVXSHUDUiODWUDGLFLRQDOYLQFXODFLyQHQWUHVHJXULGDGPDUtWLPD \WUDQVSRUWHPDUtWLPR

_{026&$7(//,*,OWHPDGHOOD6HFXULW\QHOWUDVQSRUWR PDULWWLPR67,0$/LYRUQR}

SiJ\VV

(QWUHODVPRGLILFDFLRQHV\QRYHGDGHVLQWURGXFLGDVHQHOiPELWRGHODSURWHFFLyQPDUtWLPDGHEHQ VHUGHVWDFDGDVODVPHGLGDVDGRSWDGDVSRUOD2UJDQL]DFLyQ0DUtWLPD,QWHUQDFLRQDOHQWUHODVTXHSRGHPRV PHQFLRQDU XQ FRQMXQWR GH HQPLHQGDV DO &RQYHQLR 62/$6 GH \ OD DSUREDFLyQ GH XQ &yGLJR LQWHUQDFLRQDO SDUD OD SURWHFFLyQ GH ORV EXTXHV \ GH ODV LQVWDODFLRQHV SRUWXDULDV ,636 &RGH $ HVWH UHVSHFWR$6$5,27,65³,PSOHPHQWDWLRQRIWKH,636&RGHDQRYHUYLHZRIUHFHQWGHYHORSPHQWV´7KH

-RXUQDORI,QWHUQDWLRQDO0DULWLPH/DZYROQ~PSiJV

_{5,6&+$5')+LJK1RRQ%DVLF%RRNV1XHYD<RUN5,6&+$5'YLFHSUHVLGHQWHGHO}

/$&2081,'$'0$5Ë7,0$,17(51$&,21$/

(/25,*(1'(/$6(*85,'$'0$5Ë7,0$

/DSURSLDQDWXUDOH]DGHODQDYHJDFLyQPDUtWLPDFDUDFWHUL]DGDSRUXQLPSRUWDQWH FRPSRQHQWH LQWHUQDFLRQDO KD FRQGLFLRQDGR HO RULJHQ GH ODV GLVSRVLFLRQHV VREUH VHJXULGDGPDUtWLPDDGRSWDGDVHQHOPDUFRGHORVRUJDQLVPRVLQWHUQDFLRQDOHV\HQHO VHQRGHFRQYHQFLRQHV\WUDWDGRVVXSUDQDFLRQDOHV

(OFDUiFWHULQWHUQDFLRQDOGHODVHJXULGDGPDUtWLPDVHSRQHGHPDQLILHVWRGHVGH XQD GREOH SHUVSHFWLYD 0DUHV \ RFpDQRV FRQVWLWX\HQ XQD UHDOLGDG LQDEDUFDEOH \ TXH HVFDSD DO FRQWURO GHO VHU KXPDQR \ GH ORV SURSLRV (VWDGRV SRU HOOR FXDOTXLHU QRUPD QHFHVLWDGHODFXHUGRGHEXHQDSDUWHGHODFRPXQLGDGLQWHUQDFLRQDOSDUDUHVSRQGHUDODV QHFHVLGDGHV GHULYDGDV GH XQ PHGLR WDQ KHWHURJpQHR \ TXH QR FRQRFH GH OLPLWDFLRQHV HVWDWDOHVQLUHJLRQDOHV$VLPLVPRWDPELpQVHGHEHDWHQGHUDODHILFDFLDGHODQRUPDOR FXDOH[LJHVXDFHSWDFLyQGHVDUUROOR\DSOLFDFLyQSRUXQQ~PHURVXILFLHQWHGH(VWDGRV

(Q HO FRQMXQWR GH DVSHFWRV TXH FRQIRUPDQ OD VHJXULGDG PDUtWLPD VH SXHGH DSUHFLDUFRQFODULGDGODGHSHQGHQFLDTXHH[LVWHHQWUHORV(VWDGRVDGLIHUHQFLDGHRWUDV GLVSRVLFLRQHV HQ ODV TXH OD VREHUDQtD HVWDWDO VH PDQLILHVWD VLQ QLQJXQD GXGD 7RGR (VWDGR GHSHQGH GHO UHVWR GH (VWDGRV ULEHUHxRV GH VXV PDUHV \ RFpDQRV H LQFOXVR GH DTXHOORVTXHDOHMDGRVPLOHVGHNLOyPHWURVGHVXVFRVWDVHQYtDQDVXVIORWDVDFXDOTXLHU SXHUWRGHOPXQGR1LQJ~Q(VWDGRGLVSRQHGHODFDSDFLGDGVXILFLHQWHSDUDLPSODQWDUXQ UpJLPHQHIHFWLYRGHVHJXULGDGPDUtWLPD\DSOLFDFLyQH[FOXVLYDHQVXWHUULWRULR\DTXH LQGXGDEOHPHQWHVXRSHUDWLYLGDGVHFRQGLFLRQDUiDODDFWXDFLyQGHWHUFHURV(VWDGRV

6LQHPEDUJRHOFRQGLFLRQDQWHLQWHUQDFLRQDOGHODVHJXULGDGPDUtWLPDQRSXHGH FRQILJXUDUVH FRPR XQ REVWiFXOR VL QR FRPR XQ LPSXOVR D OD DFWXDFLyQ HVWDWDO HQ OD FRQVHFXFLyQ GH QLYHOHV GH VHJXULGDG \ SURWHFFLyQ SDUD ORV VHUHV KXPDQRV HO PHGLR PDULQR\ORVEXTXHV/RV&RQYHQLRV62/$6 \0$532/UHSUHVHQWDQGRVPRPHQWRV HVHQFLDOHV HQ OD HYROXFLyQ GH OD VHJXULGDG PDUtWLPD D QLYHO LQWHUQDFLRQDO \D TXH VLJQLILFDURQODLQFRUSRUDFLyQDODDJHQGDGHORV(VWDGRVGHGRVUHDOLGDGHVODSURWHFFLyQ GHODYLGDKXPDQDHQODPDU\ODSURWHFFLyQGHOPHGLRPDULQR

_{'( 58%(57,6 $/D VLFXUH]]D GHOOD QDYLJD]LRQH H OD VDOYDJXDUGLD GHOOD YLWD XPDQD LQ} PDUH9HQWLPLJOLDHG/LYRUQR

58**,(52*/DSURWH]LRQHGHOODPELHQWHPDULQRHLOGLULWWRLQWHUQD]LRQDOH8QLYHUVLWjGHJOL VWXGLGL0LODQR0LODQR

521&+(77, (3URWH]LRQH H SUHVHUYD]LRQH GHOO DPELHQWH PDULQR DOOD OXFH GHO GLULWWR LQWHUQD]LRQDOH DSSOLFD]LRQH GHOSULQFLSLR GLUHVSRQVDELOLWjDO GLULWWR GHOODSHVFD3RQWLILFLD 8QLYHUVLWj /DWHUDQHQVH5RPD

(O GHVDUUROOR GH ODV GLVSRVLFLRQHV LQWHUQDFLRQDOHV VREUH VHJXULGDG PDUtWLPD KD HVWDGR GHWHUPLQDGR SRU OD HYROXFLyQ H LPSODQWDFLyQ SDXODWLQD GH RUJDQL]DFLRQHV LQWHUQDFLRQDOHV /D QHFHVLGDG GH HTXLOLEUDU ORV GLVWLQWRV LQWHUHVHV HQ MXHJR \ ODV OLPLWDFLRQHV LPSXHVWDV SRU ORV DFWRUHV LPSOLFDGRV SULQFLSDOPHQWH ORV (VWDGRV \ OD LQGXVWULDPDUtWLPDKDQWUD]DGRODPD\RURPHQRULQIOXHQFLDGHHVWRVRUJDQLVPRVVLQ HPEDUJR\DSHVDUGHHVWDVGHILFLHQFLDVVLQHOLPSXOVRGHHVWDVRUJDQL]DFLRQHVQRVH KDEUtDQDOFDQ]DGRORVREMHWLYRVDFWXDOHVGHVHJXULGDGPDUtWLPD

',6326,&,21(6,17(51$&,21$/(6

6(*85,'$' '( /$ 1$9(*$&,Ï1 /$ &219(1&,Ï1 62/$6

/DSULPHUDUHIHUHQFLDDODVGLVSRVLFLRQHVVREUHVHJXULGDGPDUtWLPDVHHQFXHQWUD HQXQDFXHUGRELODWHUDOFHOHEUDGRHQWUH)UDQFLD\*UDQ%UHWDxDSDUDODSUHYHQFLyQGHODV FROLVLRQHVHQHOPDUGHHVWHDFXHUGRVHFRQYLUWLyHQXQDGLVSRVLFLyQSLRQHUDHQOD UHJXODFLyQLQWHUQDFLRQDOVREUHVHJXULGDGGHODQDYHJDFLyQ

(VWDV SULPHUDV QRUPDV TXH VH RFXSDEDQ GH OD VHJXULGDG PDUtWLPD GDEDQ XQD FODUDSULPDFtDDODSURWHFFLyQGHODSURSLHGDGIUHQWHDODSURWHFFLyQGHODYLGDKXPDQD HQ OD PDU _{+DEUtD TXH HVSHUDU KDVWD SULQFLSLRV GHO V ;; SDUD TXH VH LQYLUWLHUD HVWD}

WHQGHQFLDPHGLDQWHODDGRSFLyQGHOD&RQYHQFLyQSDUDODVHJXULGDGGHODYLGDKXPDQD HQODPDUHVWHWH[WRIXHDGRSWDGRHQHOVHQRGHODSULPHUD&RQIHUHQFLD,QWHUQDFLRQDO VREUH 6HJXULGDG 0DUtWLPD WUDV OD FDWiVWURIH GHO7LWDQLF HQ OD TXH SHUHFLHURQFHUFDGHSHUVRQDV

_{+$57 6 ³5HFRPSHQVDV \ VDQFLRQHV´&RQVHUYDFLyQ PXQGLDO /D UHYLVWD GH OD 8QLyQ}

0XQGLDOSDUDOD1DWXUDOH]D(QHURSiJV\

_{/, . ³0DULWLPH OHJLVODWLRQ QHZ DUHDV IRU VDIHW\ RI OLIH DW VHD´0DULWLPH 3ROLF\ DQG}

0DQDJHPHQWYROQ~P-XOLRSiJ

',*,29$1,)6WUXPHQWLSULYDWLVWLFLHWXWHODGHOODPELHQWH&('$03DGXD

_{/D SULPHUD &RQYHQFLyQ SDUD OD VHJXULGDG GH OD YLGD KXPDQD HQ OD PDU IXH DGRSWDGD HQ}

1RREVWDQWHOD&RQYHQFLyQGHQRHQWUyHQYLJRUFRPRFRQVHFXHQFLDGHOD 3ULPHUD *XHUUD 0XQGLDO \ KDEUtD TXH HVSHUDU DO DxR FXDQGR VH DGRSWy OD &RQYHQFLyQ62/$6³6DIHW\RI/LIH$W6HD´TXHIXHSRVWHULRUPHQWHPRGLILFDGDHQ YDULDVRFDVLRQHV)LQDOPHQWHHQHODxRVHDGRSWDEDXQDQXHYD&RQYHQFLyQTXH HQWUyHQYLJRUHOGHPD\RGH\HVHOWH[WRDFWXDOPHQWHHQYLJRUVLQSHUMXLFLRGH ODVHQPLHQGDVTXHVHKDQLGRLQFRUSRUDQGRGHVGHVXDGRSFLyQ

(VWH&RQYHQLRDWLHQGHDODVUHJODVLQWHUQDFLRQDOHVYLJHQWHVSDUDODVHJXULGDGGH OD QDYHJDFLyQ $ OR ODUJR GH VXDUWLFXODGR VHHQXPHUDQ XQFRQMXQWR GHGLVSRVLFLRQHV JHQHUDOHVVREUHHOUHFRQRFLPLHQWRGHORVGLVWLQWRVWLSRVGHEXTXHVORVFHUWLILFDGRVTXH GHEHQ VHU H[SHGLGRV SRU HO (VWDGR GH DEDQGHUDPLHQWR \ ORV SURFHGLPLHQWRV GH VXSHUYLVLyQTXHSXHGHHIHFWXDUHO(VWDGRUHFWRUGHOSXHUWR

6H GLVWLQJXH HQWUH ORV EXTXHV GH SDVDMH \ GH FDUJD HVWDEOHFLHQGR UHJtPHQHV GLIHUHQFLDGRVHQORTXHUHVSHFWDDODVLQVSHFFLRQHVGHFRQWUROSHULyGLFDV\DODHPLVLyQ GH FHUWLILFDGRV TXH JDUDQWLFHQ OD DGHFXDFLyQ GHO EXTXH D ODV SUHVFULSFLRQHV GHO &RQYHQLR (VWD GLVWLQFLyQ VH PDQWLHQH HQ EXHQD SDUWH GHO DUWLFXODGR FRQ HO ILQ GH DWHQGHU D ODV HVSHFLDOHV QHFHVLGDGHV TXH GLVWLQJXHQ DO WUDQVSRUWH GH PHUFDQFtDV \ DO WUDQVSRUWHGHYLDMHURVHQWUHODVTXHGHVWDFDODQHFHVLGDGGHPDQWHQHUODVHJXULGDGGHORV SDVDMHURV D OR ODUJR GH WRGD OD WUDYHVtD \ D SHVDU GH ODV LUUHJXODULGDGHV TXH SXHGDQ GHWHFWDUVH

/DSULQFLSDOILQDOLGDGGHHVWD&RQYHQFLyQHVHOHVWDEOHFLPLHQWRGHXQDVHULHGH FULWHULRV PtQLPRV HQ ORV EXTXHV TXH HOLPLQHQ ORV ULHVJRV YLQFXODGRV D OD VHJXULGDG PDUtWLPD6HSXHGHQGLVWLQJXLUWUHVJUXSRVGLIHUHQFLDGRVGHUHTXLVLWRVSDUDORVEXTXHV GLVSRVLFLRQHV YLQFXODGDV D OD FRQVWUXFFLyQ HO HTXLSDPLHQWR \ OD RSHUDWLYLGDG GH ORV EXTXHV

_{(VWD&RQYHQFLyQHVHOUHVXOWDGRGHORVHVIXHU]RVLQWHUQDFLRQDOHVSRULQFRUSRUDUODVQRYHGDGHV}

WHFQROyJLFDVDODVHJXULGDGGHODYLGDKXPDQDHQHOPDU\IXHDGRSWDGDHQHOVHQRGHOD&RQIHUHQFLDGH 6HJXULGDG0DUtWLPDFHOHEUDGDHQ/RQGUHVTXHORJUyUHXQLUDUHSUHVHQWDQWHVGHSDtVHV'HVSXpVGHO HVFDVRp[LWRGHODSULPHUD&RQYHQFLyQ62/$6VHHODERUDURQWUHVYHUVLRQHVPiVKDVWDDOFDQ]DUODDFWXDO HQ YLJRU GHVGH 7UDV OD 3ULPHUD *XHUUD 0XQGLDO HQ VH FHOHEUy HQ /RQGUHV XQD QXHYD FRQIHUHQFLDDODTXHDFXGLHURQUHSUHVHQWDQWHVGHSDtVHV\TXHDGRSWyXQQXHYR&RQYHQLR62/$6TXH LQFRUSRUDED QRYHGDGHV SHUR FRQWLQXDED HO PRGHOR SUHILMDGR HQ HO WH[WR GH (Q HO DxR ODV LPSRUWDQWHVQRYHGDGHVWpFQLFDVHQWUHODVTXHFDEHGHVWDFDUORVQXHYRVGHVFXEULPLHQWRVHQHOFDPSRGH ODVUDGLRFRPXQLFDFLRQHVH[LJLHURQODUHHODERUDFLyQGHO&RQYHQLR/DHODERUDFLyQGHXQQXHYR&RQYHQLR 62/$6 HQ VXSXVR HO ILQ GH XQ FLFOR FDUDFWHUL]DGR SRU OD HVFDVD SUHVHQFLD GH UHSUHVHQWDQWHV QDFLRQDOHV \ GH XQ VLVWHPD GH HQPLHQGDV GLVHxDGR SDUD XQ Q~PHUR OLPLWDGR GH (VWDGRV OR TXH FRQWUDVWDEDFRQHODXPHQWRGHORV(VWDGRVPLHPEURVGHODV1DFLRQHV8QLGDVDVtFRPRODSUROLIHUDFLyQGH RUJDQLVPRVLQWHUQDFLRQDOHV(QORTXHUHVSHFWDDORVDQWHFHGHQWHVKLVWyULFRVGHOD&RQYHQFLyQ62/$6 20,³62/$6&RQYHQLR,QWHUQDFLRQDOSDUDOD6HJXULGDGGHOD9LGD+XPDQDHQHO0DU´/D20,

DOGtD/RQGUHV2FWXEUHGHZZZLPRRUJ

_{6REUHOD&RQYHQFLyQ62/$6&+85&+,//5\/2:($7KH/DZRIWKH6HD0DQFKHVWHU}

8QLYHUVLW\3UHVV0DQFKHVWHUSiJV\VV

_{1RGHEHPRVROYLGDUTXHHOSULPHUDQWHFHGHQWHGHHVWD&RQYHQFLyQIXHHOGHVDVWUHGHO7LWDQLF}

(QORTXHUHVSHFWDDODVGLVSRVLFLRQHVTXHDWLHQGHQDORVUHTXLVLWRVPtQLPRVHQ OD FRQVWUXFFLyQ GHO EXTXH VH GLVWLQJXHQ GRV VHFFLRQHV ODV GLVSRVLFLRQHV VREUH FRPSDUWLPHQWDGR \ HVWDELOLGDG MXQWR D ODV SUHVFULSFLRQHV UHODWLYDV D LQVWDODFLRQHV GH PiTXLQDV\HOpFWULFDV\XQDVHJXQGDVHFFLyQTXHFRPSUHQGHHOFDStWXORGHVWLQDGRDOD SUHYHQFLyQGHWHFFLyQ\H[WLQFLyQGHLQFHQGLRV

/DV SUHVFULSFLRQHV VREUH HO HTXLSDPLHQWR GHO EXTXH FRQVWLWX\HQ HO VHJXQGR EORTXH GH GLVSRVLFLRQHV HQ ODV TXH VH GLYLGH OD &RQYHQFLyQ /RV &DStWXORV ,,, \ ,9 LQFOX\HQODVUHIHUHQFLDVDODVHJXULGDG\ODUDGLRFRPXQLFDFLRQHV(VWDVGLVSRVLFLRQHVVH FRPSOHPHQWDQFRQORVSUHFHSWRVGHGLFDGRVDODVHJXULGDGGHODQDYHJDFLyQTXHVRQGH DSOLFDFLyQDWRGRVORVEXTXHV\DWLHQGHQDOHVWDEOHFLPLHQWRGHPHGLGDV\VHUYLFLRVTXH JDUDQWLFHQODVHJXULGDGGHOWUiILFRPDUtWLPR

/D&RQYHQFLyQLQFOX\HXQDVHULHGH&DStWXORVGHGLFDGRVDVXSXHVWRVHVSHFLDOHV HQWUH ORV TXH SRGHPRV KDFHU UHIHUHQFLD DO WUDQVSRUWH GH PHUFDQFtDV SHOLJURVDV R ORV EXTXHV QXFOHDUHV /DV HVSHFLILFLGDGHV GH OD QDWXUDOH]D GH OD FDUJD TXH WUDQVSRUWDQ DOJXQRV EXTXH KD REOLJDGR D OD LQFRUSRUDFLyQ GH HVWH FRQMXQWR GH GLVSRVLFLRQHV DO UHVSHFWR$VLPLVPRWDPELpQVHKDQDxDGLGRHQORV~OWLPRVDxRVQXHYDVGLVSRVLFLRQHV TXHKDQFRPSOHWDGROD&RQYHQFLyQHQWUHODVTXHSRGHPRVGHVWDFDUODLQFRUSRUDFLyQGHO &yGLJR,60,QWHUQDWLRQDO6DIHW\0DQDJHPHQW&RGH\HO&yGLJR,636,QWHUQDWLRQDO 6KLSDQG3RUW)DFLOLWLHV6HFXULW\&RGH

-XQWRDOD&RQYHQFLyQ62/$6H[LVWHQXQFRQMXQWRGH&RQYHQLRVTXHFRPSOHWDQ ODVUHIHUHQFLDVLQWHUQDFLRQDOHVHQHOiPELWRGHODVHJXULGDGGHODQDYHJDFLyQFRPRHO &RQYHQLR,QWHUQDFLRQDOVREUHOtQHDVGHFDUJDHO&RQYHQLRVREUHHO5HJODPHQWR LQWHUQDFLRQDOSDUDSUHYHQLUDERUGDMHV&2/5(*&RQYHQLR,QWHUQDFLRQDOVREUHOD VHJXULGDGGHORVFRQWHQHGRUHV&RQYHQLR,QWHUQDFLRQDOGH7RUUHPROLQRVSDUDOD VHJXULGDG GH ORV EXTXHV SHVTXHURV &RQYHQLR ,QWHUQDFLRQDO VREUH VDOYDPHQWR PDUtWLPR 6DOYDJH &RQYHQLR ,QWHUQDFLRQDO VREUH QRUPDV GH IRUPDFLyQ WLWXODFLyQ\JXDUGLDSDUDODJHQWHGHPDU

_{6REUHODVSHUVSHFWLYDVGHIXWXURGHODODERUGHOD20,HQHOiPELWRGHODVHJXULGDGGHODYLGD}

KXPDQDHQHOPDU/,.³0DULWLPHOHJLVODWLRQQHZDUHDVIRUVDIHW\RIOLIHDWVHD´0DULWLPH3ROLF\DQG

0DQDJHPHQWYROQ~P-XOLRSiJV

6(*85,'$' '(/ 0(',2 0$5,12 (/ &219(1,2 0$532/

/DSULPHUDUHJXODFLyQLQWHUQDFLRQDOVREUHSUHYHQFLyQGHODFRQWDPLQDFLyQGHODV DJXDV GHO PDU SRU KLGURFDUEXURV IXH HO &RQYHQLR LQWHUQDFLRQDO SDUD SUHYHQLU OD FRQWDPLQDFLyQGHODVDJXDVGHOPDUSRUKLGURFDUEXURV2,/32/DGRSWDGRHQ/RQGUHV HQ_{(OGHVDVWUHGHOEXTXH7RUUH\&DQ\RQHQVXSXVRXQUHYXOVLYRSDUDOD}

UHJXODFLyQLQWHUQDFLRQDOHQHOiPELWRGHODSURWHFFLyQGHODPELHQWHPDULQRGHIRUPD TXHHQORVSULPHURVDxRVGHODGpFDGDGHORVVHWHQWDVXUJLyXQDKRQGDSUHRFXSDFLyQD QLYHOLQWHUQDFLRQDOSRUODDFWXDFLyQGHOKRPEUHVREUHHOPHGLRPDULQR

(O &RQYHQLR LQWHUQDFLRQDO SDUD SUHYHQLU OD FRQWDPLQDFLyQ SRU ORV EXTXHV 0$532/GHGHQRYLHPEUHGHVXSXVRXQSXQWRGHLQIOH[LyQHQODUHJXODFLyQ GHOPHGLRDPELHQWHPDULQR(O&RQYHQLR0$532/IXHKHUHGHURGHOD&RQIHUHQFLDGH ODV1DFLRQHV8QLGDVVREUHHOPHGLRKXPDQRFHOHEUDGDHQ(VWRFROPRHQ\GHO &RQYHQLRVREUHODSUHYHQFLyQGHODFRQWDPLQDFLyQGHOPDUSRUYHUWLPLHQWRGHGHVHFKRV \RWUDVPDWHULDVTXHWDPELpQVHDGRSWyHQ

(O LPSXOVR GHILQLWLYR D OD HIHFWLYD DSOLFDFLyQ GHO &RQYHQLR 0$532/ IXHURQ ORVDFFLGHQWHVGHEXTXHVWDQTXHTXHVHVXFHGLHURQHQORVDxRV\(Q\ FRQ HO LPSXOVR GH (VWDGRV 8QLGRV TXH KDEtD VXIULGR XQ LPSRUWDQWH Q~PHUR GH DFFLGHQWHVHQVXVFRVWDVVHDGRSWyHO3URWRFRORGHUHODWLYRDO&RQYHQLR0$532/ (O 3URWRFROR LQFRUSRUy PHGLGDV TXH IDYRUHFtDQ OD UiSLGD LPSODQWDFLyQ GHO &RQYHQLR\DPSOLyORVUHTXLVLWRVGHORVEXTXHVWDQTXHFRQHOILQGHGLVPLQXLUHOULHVJR GHFRQWDPLQDFLyQGHOPHGLRPDULQR

_{(O&RQYHQLR2,/32/IXHUDWLILFDGRSRU(VSDxDHOGHHQHURGH}

6REUHORVDQWHFHGHQWHVGHO&RQYHQLR0$532/%52:1('7KH,QWHUQDWLRQDO/DZRIWKH 6HDYRO,'DUWPRXWK3XEOLVKLQJ&RPSDQ\/RQGUHVSiJV\VV

_{&DEHVLWXDUHQWUHORVDQWHFHGHQWHVGHO&RQYHQLR0$532/HO&RQYHQLRLQWHUQDFLRQDOUHODWLYR}

D OD LQWHUYHQFLyQ HQ DOWD PDU HQ FDVRV GH DFFLGHQWHV TXH FDXVHQ XQD FRQWDPLQDFLyQ SRU KLGURFDUEXURV (O&RQYHQLR0$532/IXHUDWLILFDGRSRU(VSDxDPHGLDQWHLQVWUXPHQWRGHGHMXQLRGH SXEOLFDGRHQHO%2(Q~PGHGHRFWXEUH

38/,'2 %(*,1(6 - ³/DV DYHUtDV \ ORV DFFLGHQWHV GH OD QDYHJDFLyQ PDUtWLPD \ DpUHD´ 2/,9(1&,$ 0 )(51È1'(=1292$ & \ -,0e1(= '( 3$5*$ 5 GLUV -,0e1(= 6È1&+(=*FRRUG7UDWDGRGH'HUHFKR0HUFDQWLO7;/9,,,YROž0DGULG%DUFHORQD0DUFLDO 3RQVSiJV\VV

_{%,51,( 3 < %2</( $%DVLF 'RFXPHQWV RQ ,QWHUQDWLRQDO /DZ DQG WKH (QYLURQPHQW}

2[IRUG8QLYHUVLW\3UHVVHG1XHYD<RUNSiJ\VV

*$%$/'Ï1*$5&Ë$-\58,=6252$-0DQXDOGH'HUHFKRGHODQDYHJDFLyQPDUtWLPD HG%DUFHORQDSiJ

(OSURFHVRGHUDWLILFDFLyQGHORV(VWDGRVVHYLRLPSXOVDGRSRUODFDWiVWURIHGHO EXTXH$PRFR &iGL] HVWD YH] HQ ODV FRVWDV GH OD %UHWDxD IUDQFHVD )LQDOPHQWH HO &RQYHQLR0$532/HQWUyHQYLJRUHOGHRFWXEUHGHGLH]DxRVGHVSXpVGHOD DGRSFLyQGHOWH[WRRULJLQDO\WUDVODVXFHVLyQGHFDWiVWURIHVTXHGHUUDPDURQPLOHVGH WRQHODGDVGHSHWUyOHRHQORVPDUHV\RFpDQRV

(QODGpFDGDGHORVRFKHQWDVHDGRSWDURQODVSULPHUDVHQPLHQGDVDO&RQYHQLR SHUR GH QXHYR IXH XQ GHUUDPH GH FUXGR HQ ODV FRVWDV HVWDGRXQLGHQVHV HO KHFKR TXH PDUFDUtD OD DGRSFLyQ GH SURSXHVWDV UHDOPHQWH QRYHGRVDV (O EXTXH([[RQ 9DOGH] GHUUDPy EXHQD SDUWH GH VX FDUJDPHQWR GH SHWUyOHR FUXGR HQ OD TXH VHUtD OD SULPHUD FDWiVWURIH DPELHQWDO PDUtWLPD FRQ YHUGDGHUD UHSHUFXVLyQ HQ ORV PHGLRV GH FRPXQLFDFLyQODVRFLHGDGHVWDGRXQLGHQVHVHPRYLOL]yDQWHODVLPiJHQHVGHVXVFRVWDV FXELHUWDVGHFUXGR

(Q \ WUDV OD SURSXHVWD GH (VWDGRV 8QLGRV VH DGRSWDEDQ ODV HQPLHQGDV UHODWLYDV DO GREOH FDVFR ORV EXTXHV WDQTXH GH SHVR PXHUWR LJXDO R VXSHULRU D WRQHODGDVGHEtDQLUSURYLVWRVGHGREOHVIRQGRV\GHWDQTXHVODWHUDOHVVLWXDGRVDORODUJR GHO FRVWDGR GHO EXTXH DXQTXH WDPELpQ VH DXWRUL]DED OD LPSODQWDFLyQ GH PpWRGRV DOWHUQDWLYRV D OD FRQVWUXFFLyQ GHO GREOH FDVFR VLHPSUH TXH RWRUJDUDQ LGpQWLFDV JDUDQWtDV

7DPELpQVHLQWURGXMHURQPHGLGDVSDUDUHGXFLUODFDQWLGDGGHKLGURFDUEXURVTXH SRGtDQ VHU GHVFDUJDGDV DO PDU FRPR FRQVHFXHQFLD GH ODV RSHUDFLRQHV UXWLQDULDV \ VH LQVWy DO GHVJXDFH GH DTXHOORV EXTXHV TXH QR SXGLHUDQ DGDSWDUVH D ODV QXHYDV GLVSRVLFLRQHV FRQ OR TXH VH LPSXOVDURQ ORV VLVWHPDV GH FRODERUDFLyQ FRQ HO VHFWRU PDUtWLPR

$ OR ODUJR GH OD GpFDGD GH ORV QRYHQWD VH VXFHGLHURQ ODV HQPLHQGDV TXH LQWURGXMHURQGLVSRVLFLRQHVVREUHHOGHVDUUROORGHOFRQWUROSRUHO(VWDGRUHFWRUGHOSXHUWR DVtFRPRGLVSRVLFLRQHVUHODWLYDVDODVHVWUXFWXUDVGHORVEXTXHV\HOFRQWUROVREUHODV GHVFDUJDV DO PDU FRPR FRQVHFXHQFLD GH RSHUDFLRQHV UXWLQDULDV \ OD LPSODQWDFLyQ GH LQVWDODFLRQHVGHUHFHSFLyQDGHFXDGDVSDUDHVWDVVXVWDQFLDV(QORV~OWLPRVDxRVVHKDQ UHIRU]DGRODVGLVSRVLFLRQHVVREUHGREOHFDVFR\FRQWUROSRUHO(VWDGRUHFWRUGHOSXHUWR

_{/DV1DFLRQHV8QLGDVFRQYRFDURQHQVXWHUFHUD&RQIHUHQFLDVREUHHO'HUHFKRGHO0DU}

QXHYHDxRVPiVWDUGHVHDGRSWDEDOD&RQYHQFLyQGHODV1DFLRQHV8QLGDVVREUHHO'HUHFKRGHO0DUTXH VHDEULyDODILUPDHQ0RQWHJR%D\-DPDLFDHOGHGLFLHPEUHGH\TXHKDVLGRFDOLILFDGDFRPR ³XQDFRQVWLWXFLyQSDUDORVRFpDQRV´(QWUHODVPDWHULDVUHJXODGDVSRUHVWD&RQYHQFLyQVHHQFXHQWUDQOD SD]\ODVHJXULGDGHQORVRFpDQRV\ORVPDUHVODFRQVHUYDFLyQ\JHVWLyQGHORVUHFXUVRVPDULQRVYLYRV\ ODSURWHFFLyQ\SUHVHUYDFLyQGHOPHGLRPDULQR

(O &RQYHQLR 0$532/ VH KD LGHQWLILFDGR WUDGLFLRQDOPHQWH FRQ ODV UHJODV TXH LQFRUSRUD SDUD OD SUHYHQFLyQ GH OD FRQWDPLQDFLyQ SRU KLGURFDUEXURV FRPR FRQVHFXHQFLD GH ORV QXPHURVRV DFFLGHQWHV YLQFXODGRV D EXTXHV SHWUROHURV \ OD UHSHUFXVLyQVRFLDOGHORVPLVPRV6LQHPEDUJRODVGLVSRVLFLRQHVGH0$532/ QRVHDJRWDQHQODVUHIHUHQFLDVDORVKLGURFDUEXURVFRPRDJHQWHVFRQWDPLQDQWHVSDUDHO PHGLRPDULQRVLQRTXHHO&RQYHQLRGLVSRQHGHFLQFRDQH[RVPiVHQORVTXHVHGD UHVSXHVWDDRWUDVQHFHVLGDGHVYLQFXODGDVDODFRQWDPLQDFLyQPDUtWLPD

/DUHJXODFLyQGHORVFRP~QPHQWHGHQRPLQDGRVTXLPLTXHURVDGTXLULyFDUiFWHU REOLJDWRULR SDUD ODV SDUWHV HQ H LQVWDXUy XQ VLVWHPD GH FODVLILFDFLyQ GH ODV VXVWDQFLDV HQ FDWHJRUtDV HQ IXQFLyQ GH VX SHOLJURVLGDG SDUD HO PHGLR DPELHQWH TXH GHWHUPLQDEDQ ODV SUHVFULSFLRQHV PtQLPDV GH ORV EXTXHV (Q ORV ~OWLPRV DxRV VH KDQ LQWURGXFLGRLPSRUWDQWHVFDPELRVGHWHUPLQDGRVSRUORVQXHYRVGHVFXEULPLHQWRVVREUHOD LQFLGHQFLD GH HVWRV SURGXFWRV HQ HO HQWRUQR PDULQR \ VH KD SURGXFLGR D OD UHHVWUXFWXUDFLyQGHODVFDWHJRUtDVORTXHKDUHGXQGDGRHQVXVLPSOLILFDFLyQ

/DGLVSRVLFLRQHVGHO&RQYHQLR0$532/UHIHUHQWHVDODQDWXUDOH]DGHODFDUJD \DOSRWHQFLDOFRQWDPLQDQWHGHODPLVPDVHFRPSOHWDQFRQODVUHIHUHQFLDVDODVPHGLGDV TXH FRQWURODQ OD FRQWDPLQDFLyQ SURYHQLHQWH GHO YHUWLGR DO PDU GH VXVWDQFLDV SHUMXGLFLDOHV TXH VH WUDQVSRUWDUDQ HQ EXOWRV FRQWHQHGRUHV X RWUR PHGLR HTXLYDOHQWH HVWDV UHJODV VXIULHURQ XQ LPSRUWDQWH LPSXOVR FRQ OD DGRSFLyQ GHO &yGLJR PDUtWLPR LQWHUQDFLRQDOGHPHUFDQFtDVSHOLJURVDV&yGLJR,0'*

(OVHJXQGREORTXHGHPHGLGDVGHO&RQYHQLR0$532/UHJXODODFRQWDPLQDFLyQ FRQRULJHQHQODVDFWLYLGDGHVSURSLDVGHOEXTXHHOYHUWLGRYROXQWDULRGHVXVWDQFLDVGH GHVHFKR GHVGH ORV EXTXHV (VWHFRQMXQWR GH UHJODV VHRFXSDQ GH ODSUHYHQFLyQGH OD FRQWDPLQDFLyQSRUODVDJXDVVXFLDVGHORVEXTXHVLPSLGLHQGRVXGHVFDUJDHQODV]RQDV SUy[LPDV D ODV FRVWDV (O FRQWURO GH HVWH WLSR GH FRQWDPLQDFLyQ QR VyOR LPSRQH REOLJDFLRQHVDORVEXTXHVVLQRTXHWDPELpQH[LJHDORV(VWDGRVHOHVWDEOHFLPLHQWRGH LQVWDODFLRQHV UHFHSWRUDV HQ ORV SXHUWRV \ HQ ODV WHUPLQDOHV SDUD TXH SXHGDQ VHU GHVFDUJDGDVODVDJXDVVXFLDV

_{$QH[R,GHO&RQYHQLR0$532/}

_{(OWUDQVSRUWHSRUPDU GHSURGXFWRV TXtPLFRVOtTXLGRVD JUDQHO VH UHJXODHQHO$QH[R ,,GHO}

&RQYHQLR

20, ³9HLQWLFLQFR DxRV GHO 0$532/´ /D 20, DO GtD /RQGUHV 2FWXEUH GH ZZZLPRRUJ/DVVXVWDQFLDVQRFLYDVOtTXLGDVPiVFRPXQHVVRQORVSURGXFWRVTXtPLFRVSHVDGRViFLGR VXOI~ULFRiFLGRIRVIyULFRiFLGRQtWULFR\VRVDFiXVWLFDHQWUHRWURVODVPHOD]DV\DOFRKROHVORVYLQRV\ DOJXQDV FHUYH]DV WDPELpQ VH VLW~DQ HQ HVWD FDWHJRUtD DFHLWHV \ JUDVDV YHJHWDOHV \ DQLPDOHV DFHLWHV YHJHWDOHVFRPHVWLEOHVGHULYDGRVGHODVHPLOODGHVRMDJLUDVROROLYDFRO]DDFHLWHGHFRFR\GHSDOPD\ ORVDFHLWHVLQGXVWULDOHVGHULYDGRVGHODOLQD]D\GHODVHPLOODGHULFLQRSURGXFWRVSHWURTXtPLFRVXVDGRV HQODSURGXFFLyQGHILEUDVFDXFKRYHJHWDO\SOiVWLFRV\ORVSURGXFWRVGHDOTXLWUiQGHKXOOD

_{$QH[R,,,GHO&RQYHQLR0$532/}

_{$QH[R,9GHO&RQYHQLR0$532/(VWH$QH[RHQWUyHQYLJRUHOGHVHSWLHPEUHGH}

8QRGHORVIRFRVGHFRQWDPLQDFLyQPiVLPSRUWDQWHFRQRULJHQHQORVEXTXHVHV OD SURFHGHQWH GH ODV EDVXUDV GH ORV EXTXHV _{/DV UHJODV GHO &RQYHQLR 0$532/}

SURKtEHQWLUDUSOiVWLFRVHQFXDOTXLHUOXJDUGHOPDU\KDQHVWDEOHFLGRPHGLGDVUHVWULFWLYDV SDUDHOYHUWLGRGHVXVWDQFLDVHQIXQFLyQGHODGLVWDQFLDDODFRVWD\GHODQDWXUDOH]DGH ORV GHVHFKRV $VLPLVPR VH KDQ HODERUDGR PDSDV GH ]RQDV HVSHFLDOHV HQ ODV TXH ODV SURKLELFLRQHVVRQPiVHVWULFWDVFRPRFRQVHFXHQFLDGHVXVFDUDFWHUtVWLFDVItVLFDV\GHOD GHQVLGDG GHOWUiILFRPDUtWLPR/DV ]RQDV HVSHFLDOHV VRQHO 0DU 0HGLWHUUiQHRHO 0DU %iOWLFRHO0DU1HJURHO0DU5RMROD]RQDGHORV*ROIRVHO0DUGHO1RUWHODUHJLyQ GHO*UDQ&DULEH_{\OD]RQDGHO$QWiUWLFR}

(Q HO DxR HQWUy HQ YLJRU XQ QXHYR EORTXH QRUPDWLYR VL ODV UHJODV \D DQDOL]DGDV VH SUHRFXSDEDQ SRU OD FRQWDPLQDFLyQ GHO PHGLR PDULQR PHGLDQWH HVWD PRGLILFDFLyQ VH LQFRUSRUDQ XQD VHULH GH GLVSRVLFLRQHV SDUD OD SUHYHQFLyQ GH OD FRQWDPLQDFLyQDWPRVIpULFDRFDVLRQDGDSRUORVEXTXHV3RUWDQWRVHPDQWLHQHHOIRFRGH FRQWDPLQDFLyQDQDOL]DGRDORODUJRGHWRGRHO&RQYHQLRHOEXTXH\ODVDFWLYLGDGHVTXH VHOOHYDQDFDERHQHOPLVPRSHURVHSURGXFHXQFDPELRHQHOREMHWRGHODSURWHFFLyQ TXHHVODDWPyVIHUDHQOXJDUGHOPHGLRPDULQRVLELHQHVHYLGHQWHTXHODFRQWDPLQDFLyQ DWPRVIpULFD UHVXOWD SHUMXGLFLDO SDUD HO PHGLR PDULQR VH FRQILJXUD FRPR XQ IDFWRU LQGLUHFWRGHGHVHVWDELOLGDG

/D SUHRFXSDFLyQ GH OD FRPXQLGDG PDUtWLPD SRU OD FRQWDPLQDFLyQ GH KLGURFDUEXURV VH KD PDWHULDOL]DGR HQ RWUDV QRUPDV FRPR HO &RQYHQLR ,QWHUQDFLRQDO VREUHUHVSRQVDELOLGDGFLYLOSRUGDxRVFDXVDGRVSRUODFRQWDPLQDFLyQGHODVDJXDVGHO PDU SRU KLGURFDUEXURV HO &RQYHQLR ,QWHUQDFLRQDO VREUH OD FRQVWLWXFLyQ GH XQ IRQGR LQWHUQDFLRQDO GH LQGHPQL]DFLyQ GH GDxRV FDXVDGRV SRU OD FRQWDPLQDFLyQ GH KLGURFDUEXURV \ HO &RQYHQLR ,QWHUQDFLRQDO VREUH FRRSHUDFLyQ SUHSDUDFLyQ \ OXFKDFRQWUDODFRQWDPLQDFLyQSRUKLGURFDUEXURV

_{$QH[R9GHO&RQYHQLR0$532/}

_{'HVGHHODxR OD20, \ HO%DQFR 0XQGLDO KDQSURSXOVDGRHO SUR\HFWR³,QLFLDWLYDGHO}

*UDQ &DULEH SDUD ORV GHVHFKRV JHQHUDGRV SRU ORV EXTXHV´ PHGLDQWH HO TXH VH SUHWHQGH LPSXOVDU OD HOLPLQDFLyQ GH ODV EDVXUDV YHUWLGDV DO PDU SRU ORV EXTXHV HQ XQD ]RQD HVSHFLDOPHQWH VHQVLEOH SRU OD SUROLIHUDFLyQGHOWXULVPRGHFUXFHURV\ODHVFDVDFDSDFLGDGHFRQyPLFDGHORVSDtVHVGHOHQWRUQR

2.2.1.-LA ORGANIZACIÓN MARÍTIMA INTERNACIONAL

La Segunda Guerra Mundial marcó el inicio de una nueva etapa en el campo de

la seguridad marítima, mediante la creación de un organismo supranacional que sería el

embrión de la futura Organización Marítima Internacional (OMI)

. Los aliados crearon

en 1944 la Autoridad Marítima Unida (“United Maritime Authority”), cuya finalidad era

regular el tráfico marítimo en tiempos de guerra. Una vez finalizada la Guerra, en

octubre de 1946, se constituyó un Consejo Consultivo Marítimo Provisional, como

antesala en el establecimiento de una organización internacional con amplias

competencias en el ámbito marítimo.

En el año 1948, el Consejo Económico y Social de las Naciones Unidas

propuso la creación de una organización permanente para la seguridad marítima; sin

embargo, la Convención que creó la Organización Consultiva Marítima

Intergubernamental (OCMI), no fue ratificada hasta diez años más tarde

. La creación

de esta organización, si bien aceptada por la mayoría, también estuvo marcada por la

opinión en contra de sectores que consideraban innecesario y costoso la creación de un

nuevo órgano específico

. Finalmente, la Convención sobre la creación de la

Organización Consultiva entró en vigor el 17 de marzo de 1958; celebrándose la

primera sesión de su Asamblea en enero de 1959

.

25

BEKIASHEV, K., y SEREBRIAKOV, V., International Marine Organizations, Martinus Nijhoff Publishers, La Haya, 1981, pág. 39. En esta obra se pone de manifiesto que a finales del siglo XIX ya habían surgido los primeros intentos para la creación de una organización internacional con competencias en el sector marítimo. Estas propuestas fueron discutidas en las Conferencias de Washington (1889), y de San Petersburgo (1912). Estos autores incorporan referencias doctrinales, que ya pronunciaban a favor del establecimiento de una organización a nivel internacional que pudiera actuar en todos los ámbitos vinculados con la seguridad marítima.

Sobre la evolución de la OMI, O´NEIL, W.A., “IMO, 30 years of change, 30 years of progress”,

Maritime Policy and Management, vol.30, núm.1, pág. 1-4.

SRIVASTAVA, C., “Safer ships and cleaner oceans: thirty years' work of the international maritime organization”, Transport Reviews, vol. 9, núm.1, Enero 1989, págs. 45 – 57.

DÍEZ DE VELASCO, M., Las Organizaciones Internacionales, 14ª ed., Tecnos, Madrid, 2006, pág. 380. Este autor señala entre los antecedentes de la OMI las actuaciones de la Comunicaciones y del Tránsito, que había preparado las Conferencias internacionales de Barcelona (1921) y Ginebra (1923).

26

(OSULQFLSDOILQGHOD20,HVHVWDEOHFHUXQIRURGHFRRSHUDFLyQLQWHUHVWDWDOHQHO iPELWRGHODQDYHJDFLyQPDUtWLPDFRQHVSHFLDODWHQFLyQDODVGLVSRVLFLRQHVYLQFXODGDV D OD VHJXULGDG PDUtWLPD SUHYHQFLyQ \ FRQWURO GH OD FRQWDPLQDFLyQ FRQ RULJHQ HQ ORV EXTXHV \ DFWXDFLRQHV UHODWLYDV DO EXHQ GHVDUUROOR FRPHUFLDO GH OD QDYHJDFLyQ +D\ TXH WHQHU SUHVHQWH TXH D SHVDU GH OD GLVWLQFLyQ TXH UHDOL]D OD &RQYHQFLyQ HQWUH VHJXULGDG PDUtWLPD \ SUHYHQFLyQ GH OD FRQWDPLQDFLyQ OD VHJXULGDG PDUtWLPD HV XQ WpUPLQRTXHFRPSUHQGHODSURWHFFLyQGHOPHGLRPDULQRDOLJXDOTXHVHKDH[WHQGLGR KDFLDRWUDVYHUWLHQWHVGHODSURWHFFLyQGHODQDYHJDFLyQVHFXULW\

HGLWRUHV$ 8QLWHG 1DWLRQV IRU WKH 7ZHQW\)LUVW &HQWXU\ 3HDFH 6HFXULW\ DQG 'HYHORSPHQW .OXZHU /DZ,QWHUQDWLRQDO/D+D\D

_{'HVGH HVWD 2UJDQL]DFLyQ DGRSWy OD GHQRPLQDFLyQ DFWXDO 2UJDQL]DFLyQ 0DUtWLPD}

,QWHUQDFLRQDOFRQODHQWUDGDHQYLJRUGHODHQPLHQGDGHGHQRYLHPEUHGH

_{3$55<&³,QWHUQDWLRQDORUJDQL]DWLRQ,0&2´7KH%ULWLVK<HDUERRNRILQWHUQDWLRQDOODZ}

DxR SiJ (QWUH ODV DUJXPHQWDFLRQHV FRQWUDULDV D OD FUHDFLyQ GH XQD RUJDQL]DFLyQ PDUtWLPD LQWHUQDFLRQDOGHFDUiFWHUSHUPDQHQWHVHSXVRGHPDQLILHVWRSRUDOJXQRVVHFWRUHVTXHHOKHFKRGHTXHOD LQGXVWULDGHODQDYHJDFLyQVHHQFRQWUDUDHQPDQRVSULYDGDVVXSRQGUtDXQJUDQREVWiFXOR\DTXHH[LVWLUtDQ UHWLFHQFLDVDODFUHDFLyQGHXQDUHJXODFLyQLQWHUJXEHUQDPHQWDO

_{'Ë(= '( 9(/$6&2 0 (6&2%$5 & \ 7255(6 1&yGLJR GH 2UJDQL]DFLRQHV}

,QWHUQDFLRQDOHV(G$UDQ]DGL3DPSORQDSiJV

*$5&Ë$9(1785$&³20,/DODERUGHOD20,\ODDSUREDFLyQGHO&RQYHQLR,QWHUQDFLRQDO VREUH UHVSRQVDELOLGDG FLYLO QDFLGD GH GDxRV GHELGRV D FRQWDPLQDFLyQ SRU ORV KLGURFDUEXURV SDUD FRPEXVWLEOHGHORVEXTXHV´$QXDULRGH'HUHFKR0DUtWLPRYRO

3$6725 5,'58(-2 - &XUVR GH 'HUHFKR ,QWHUQDFLRQDO 3~EOLFR \ 2UJDQL]DFLRQHV

,QWHUQDFLRQDOHVHG7HFQRV0DGULGSiJV\VV

_{$UWGHO&RQYHQLRFRQVWLWXWLYRGHOD20,*LQHEUDGHPDU]RGHHVWDEOHFHTXHODV}

ILQDOLGDGHVGHOD2UJDQL]DFLyQVRQ

³D'HSDUDUXQVLVWHPDGHFRRSHUDFLyQHQWUHORV*RELHUQRVHQODHVIHUDGHODUHJODPHQWDFLyQ\ ODVSUiFWLFDVJXEHUQDPHQWDOHVUHODWLYDVDFXHVWLRQHVWpFQLFDVGHWRGDtQGROHFRQFHUQLHQWHVDODQDYHJDFLyQ FRPHUFLDO LQWHUQDFLRQDO DOHQWDU \ IDFLOLWDU OD DGRSFLyQ JHQHUDO GH QRUPDV WDQ HOHYDGDV FRPR UHVXOWH IDFWLEOH HQ FXHVWLRQHV UHODFLRQDGDV FRQ OD VHJXULGDG PDUtWLPD OD HILFLHQFLD GH OD QDYHJDFLyQ \ OD SUHYHQFLyQ\FRQWHQFLyQGHODFRQWDPLQDFLyQGHOPDURFDVLRQDGDSRUORVEXTXHV\DWHQGHUODVFXHVWLRQHV DGPLQLVWUDWLYDV\MXUtGLFDVUHODFLRQDGDVFRQORVREMHWLYRVHQXQFLDGRVHQHOSUHVHQWHDUWtFXOR

E$OHQWDUODHOLPLQDFLyQGHPHGLGDVGLVFULPLQDWRULDV\UHVWULFFLRQHVLQQHFHVDULDVDSOLFDGDVSRU ORV*RELHUQRVDODQDYHJDFLyQFRPHUFLDOLQWHUQDFLRQDOFRQHOILQGHSURPRYHUOD GLVSRQLELOLGDGGHORV VHUYLFLRV PDUtWLPRV SDUD HO FRPHUFLR PXQGLDO VLQ GLVFULPLQDFLRQHV OD D\XGD \ HVWtPXOR GDGRV SRU XQ *RELHUQRDVXPDULQDPHUFDQWHQDFLRQDOSDUDHOGHVDUUROORGHpVWD\DILQHVGHVHJXULGDGQRFRQVWLWX\HQ HQVtPLVPRVGLVFULPLQDFLyQDFRQGLFLyQGHTXHGLFKDD\XGDRHVWtPXORQRHVWpQIXQGDGRVHQPHGLGDV HQFDPLQDGDVDUHVWULQJLUSDUDORVEXTXHVGHFXDOTXLHUSDEHOOyQODOLEHUWDGGHSDUWLFLSDUHQHOFRPHUFLR LQWHUQDFLRQDO

F'HSDUDUODSRVLELOLGDGGHTXHOD2UJDQL]DFLyQH[DPLQHODVFXHVWLRQHVUHODWLYDVDODVSUiFWLFDV UHVWULFWLYDVGHVOHDOHVGHHPSUHVDVGHQDYHJDFLyQPDUtWLPDGHFRQIRUPLGDGFRQOD3DUWH,,

G'HSDUDUODSRVLELOLGDGGHTXHOD2UJDQL]DFLyQH[DPLQHWRGDFXHVWLyQTXHHQUHODFLyQFRQOD QDYHJDFLyQPDUtWLPD\ORVHIHFWRVGHpVWDHQHOPHGLRPDULQRSXHGDVHUOHVRPHWLGDSRUFXDOTXLHUyUJDQR XRUJDQLVPRHVSHFLDOL]DGRGHODV1DFLRQHV8QLGDV

(O WH[WR GH OD &RQYHQFLyQ HVWDEOHFH FRPR FODUD SULRULGDG HO IRPHQWR GH OD FRODERUDFLyQHQOD QDYHJDFLyQ FRPHUFLDO LQWHUQDFLRQDO /DV UHIHUHQFLDVD OD VHJXULGDG PDUtWLPD\DOPHGLRDPELHQWHVRQIDFWRUHVDFFHVRULRVFRQVHFXHQFLDGHOGHVDUUROORGHOD QDYHJDFLyQ PDUtWLPD 3RU WDQWR D SHVDU GHO LPSRUWDQWH LPSXOVR GH OD 20, D OD SURWHFFLyQ GHO HQWRUQR PDULQR HV QHFHVDULR SRQHU GH UHOLHYH TXH ODV GLVSRVLFLRQHV HPDQDGDVGHHVWHRUJDQLVPRVHHQFXHQWUDQFRQGLFLRQDGDVSRUODQHFHVDULDSUHYDOHQFLD GHOGHVDUUROORGHODQDYHJDFLyQFRPHUFLDO

$FWXDOPHQWHFLHQWRVHVHQWD\VHLV(VWDGRVFRQIRUPDQOD20,FXDOTXLHU(VWDGR PLHPEURGHODV1DFLRQHV8QLGDVSXHGHIRUPDUSDUWHGHOD20,VLHPSUHTXHVHDGKLHUD DOD&RQYHQFLyQHQODVFRQGLFLRQHVSUHYLVWDVHQHODUWtFXORTXLQWR7DPELpQSXHGHQ VHUPLHPEURVGHSOHQRGHUHFKRORV(VWDGRVTXHQRIRUPHQSDUWHGHODV1DFLRQHV8QLGDV \TXHKXELHUDQVLGRLQYLWDGRVDHQYLDUUHSUHVHQWDQWHVDOD&RQIHUHQFLDGH*LQHEUDGH XQDYH]TXHVHDGKLHUDQDOD&RQYHQFLyQ/RV(VWDGRVTXHQRVHHQFXHQWUHQHQ DOJXQRVGHORVVXSXHVWRVDQWHULRUHVSRGUiQVROLFLWDUVXLQFRSRUDFLyQFRPRPLHPEURGH SOHQRGHUHFKRSRULQWHUPHGLRGHO6HFUHWDULR*HQHUDOGHOD2UJDQL]DFLyQSHURDGHPiV GH DGKHULUVH D OD &RQYHQFLyQ QHFHVLWDQ OD UHFRPHQGDFLyQ GHO &RQVHMR \ TXH VX VROLFLWXGVHDDFHSWDGDSRUORVGRVWHUFLRVGHPLHPEURVGHSOHQRGHUHFKRGHOD20, 7DPELpQ VH SUHYp OD SDUWLFLSDFLyQ GH GHWHUPLQDGRV WHUULWRULR FRQ OD FDWHJRUtD GH PLHPEURVTXHQRWHQGUiQGHUHFKRDYRWRHQOD$VDPEOHDQLSRGUiQIRUPDUSDUWHGHO &RQVHMR

/D 20, GLVIUXWD GH OD FRQGLFLyQ GH 2UJDQLVPR HVSHFLDOL]DGR GH ODV 1DFLRQHV 8QLGDV OR TXH VLJQLILFD TXH QRV HQFRQWUDPRV DQWH XQ RUJDQLVPR DXWyQRPR 6X HVWUXFWXUDRUJiQLFDVHHQFXHQWUDIRUPDGDSRUXQD$VDPEOHDXQ&RQVHMRXQD6HFUHWDUtD \XQFRQMXQWRGH&RPLWpVHVSHFtILFRV'HQWURGHHVWHRUJDQLJUDPDGHVWDFDQHO&RPLWp GHOD6HJXULGDG0DUtWLPD\HO&RPLWpGH3URWHFFLyQGHO0HGLR0DULQRTXHUHSUHVHQWDQ HOQ~FOHRHQHOTXHVHGHVDUUROODQDODVSULQFLSDOHVGLVSRVLFLRQHVTXHDIHFWDQDQXHVWUD iUHDGHHVWXGLR

_{(VSDxDHVPLHPEURGHSOHQRGHUHFKRGHOD20,GHVGHHOGHHQHURGH $UWVDGHOD&RQYHQFLyQFRQVWLWXWLYDGHOD20,}

_{/DUHJXODFLyQ GHORVWHUULWRULRV R JUXSRV GH WHUULWRULRV TXHSXHGHQDOFDQ]DU ODFRQGLFLyQGH}

PLHPEURVDVRFLDGRVVHHVSHFLILFDHQORVDUWV\GHOD&RQYHQFLyQFRQVWLWXWLYDGHOD20,

_{/D FRQGLFLyQ GH 2UJDQLVPR HVSHFLDOL]DGR IXH DSUREDGD SRU OD $VDPEOHD *HQHUDO GH ODV}

1DFLRQHV8QLGDVHOGHQRYLHPEUHGH\SRUOD$VDPEOHDGHOD,0&2HOGHHQHURGH(O DUW GH OD &RQYHQFLyQ FRQVWLWXWLYD GH OD 20, GLVSRQH ³/D 2UJDQL]DFLyQ HVWDUi YLQFXODGD D ODV 1DFLRQHV 8QLGDV GH FRQIRUPLGDG FRQ HO DUW GH OD &DUWD GH ODV 1DFLRQHV 8QLGDV FRPR 2UJDQLVPR HVSHFLDOL]DGRHQODHVIHUDGHODQDYHJDFLyQPDUtWLPD\GHORVHIHFWRVGHpVWDHQHOPHGLRPDULQR(VWD YLQFXODFLyQVHHVWDEOHFHUiPHGLDQWHXQDFXHUGRFRQODV1DFLRQHV8QLGDVHQYLUWXGGHODUWGHOD&DUWD GHODV1DFLRQHV8QLGDVFRQFHUWDGRGHFRQIRUPLGDGFRQORHVWLSXODGRHQHODUWtFXOR´

(O&RQVHMRGHOD20,HVHOyUJDQRGHGLUHFFLyQGHOD2UJDQL]DFLyQ\HQWUHVXV FRPSHWHQFLDVVHHQFXHQWUDHOH[DPHQGHGHORVSURJUDPDVGHWUDEDMRGHORV&RPLWpV\ 6XEFRPLWpVHOH[DPHQGHORVLQIRUPHVSURSXHVWDV\UHFRPHQGDFLRQHVGHORVyUJDQRV HO DQiOLVLVGHORV HVWDGRVGHFXHQWDVSHUVRQDO \ JHVWLyQO DVt FRPR ODFDSDFLGDG SDUD FRQFHUWDUDFXHUGRVRUHODFLRQHVFRQRWURVRUJDQLVPRV(O&RQVHMRVHUH~QHFRQFDUiFWHU RUGLQDULR GRV YHFHV DODxR \FRQFDUiFWHUH[WUDRUGLQDULRFXDQGR UHVXOWD QHFHVDULR (O &RQRVHMRHVWiLQWHJUDGRSRUFXDUHQWDSDtVHVGLVWULEXLGRVHQWUHVFDWHJRUtDVODFDWHJRUtD $FRQIRUPDGDSRUGLH](VWDGRVFRQORVPD\RUHVLQWHUHVHVHQODSURYLVLyQGHVHUYLFLRV PDUtWLPRVLQWHUQDFLRQDOHVODFDWHJRUtD%LQWHJUDGDSRUGLH](VWDGRVFRQORVPD\RUHV LQWHUHVHV HQ HO FRPHUFLR PDUtWLPR LQWHUQDFLRQDO OD FDWHJRUtD & LQWHJUDGD SRU YHLQWH (VWDGRVFRQLQWHUHVHVHVSHFLDOHVHQHOWUDQVSRUWHPDUtWLPRRHQODQDYHJDFLyQ\FX\D LQWHJUDFLyQ HQ HO &RQVHMR JDUDQWLFH OD UHSUHVHQWDFLyQ GH WRGDV ODV JUDQGHV UHJLRQHV JHRJUiILFDVGHOPXQGR

(O&RPLWpGH6HJXULGDG0DUtWLPDHVHOyUJDQRHQFDUJDGRGHH[DPLQDUWRGDVODV FXHVWLRQHV YLQFXODGDV FRQ OD VHJXULGDG PDUtWLPD TXH VHDQ FRPSHWHQFLD GH OD 20,

(VWH&RPLWpIXHFRQVWLWXLGRHQORVRUtJHQHVGHOD20,\GHVGHHVDVSULPHUDVHWDSDVVH FRQYLUWLyHQHOSULQFLSDOLQVWUXPHQWRGHOD2UJDQL]DFLyQ

(Q HO iPELWR GH OD SUHYHQFLyQ \ FRQWHQFLyQ GHOD FRQWDPLQDFLyQ HV GRQGH KD GHVDUUROODGRVXVIXQFLRQHVHO&RPLWpGH3URWHFFLyQGHO0HGLR0DULQR(VWH&RPLWpKD DVXPLGR WRGDV ODV FRPSHWHQFLDV GH OD 2UJDQL]DFLyQ YLQFXODGDV D OD FRQWDPLQDFLyQ PDUtWLPDRFDVLRQDGDSRUORVEXTXHV6XFDPSRGHDFWXDFLyQVHH[WLHQGHDORVDVSHFWRV MXUtGLFRVWpFQLFRVFLHQWtILFRV\GHRUGHQSUiFWLFRYLQFXODGRVDODFRQWDPLQDFLyQ\DTXH QRVyORHVHOyUJDQRHQFDUJDGRGHDVXPLUODVIXQFLRQHVTXHORV&RQYHQLRVVREUHHVWD PDWHULDDWULEX\DQDOD2UJDQL]DFLyQVLQRTXHWDPELpQGHEHDGRSWDULQLFLDWLYDVSDUDHO FXPSOLPLHQWR\GHVDUUROORGHODVFLWDGDVGLVSRVLFLRQHV

_{(VSDxDHVPLHPEURGHO&RQVHMRGHOD20,GHVGHHODxR\KDVWDHODxRSHUWHQHFLyD}

VXFDWHJRUtD&HQOD$VDPEOHD(VSDxDSUHVHQWyVXFDQGLGDWXUDSDUDDFFHGHUDODFDWHJRUtD%TXHIXH FRQILUPDGDHQVXUHHOHFFLyQGXUDQWHOD$VDPEOHDFHOHEUDGDHQ/RQGUHVHQHOPHVGHQRYLHPEUHGH

3$&+$(³$VDPEOHDGHOD20,,QWHUYHQFLyQGHOD0LQLVWUDGH)RPHQWR´0DULQD&LYLO Q~PSiJV

_{/D3DUWH9,,GHOD&RQYHQFLyQFRQVWLWXWLYDGHOD20,HQXPHUDORVFDUDFWHUHVSULQFLSDOHV\ODV}

FRPSHWHQFLDV GHO &RPLWp GH 6HJXULGDG 0DUtWLPD HQ HO DUW VH DILUPD ³(O &RPLWp GH 6HJXULGDG 0DUtWLPD H[DPLQDUi WRGDV ODV FXHVWLRQHV TXH VHDQ FRPSHWHQFLD GH OD 2UJDQL]DFLyQ HQ UHODFLyQ FRQ D\XGDVDODQDYHJDFLyQFRQVWUXFFLyQ\HTXLSRVGHEXTXHVGRWDFLyQGHVGHXQSXQWRGHYLVWDGHVHJXULGDG UHJODV GHVWLQDGDV D SUHYHQLU DERUGDMHV PDQLSXODFLyQ GH FDUJDV SHOLJURVDV SURFHGLPLHQWRV \ SUHVFULSFLRQHV UHODWLYRV D OD VHJXULGDG PDUtWLPD LQIRUPDFLyQ KLGURJUiILFD GLDULRV \ UHVJLWURV GH QDYHJDFLyQLQYHVWLJDFLyQGHVLQLHVWURVPDUtWLPRVVDOYDPHQWRGHELHQHV\SHUVRQDV\WRGDFXHVWLyQTXH DIHFWHGLUHFWDPHQWHDODVHJXULGDGPDUtWLPD´

_{0$&&+(61(< % ³&RQVWLWXWLRQ RI WKH 0DULWLPH 6DIHW\ &RPPLWWHH RI WKH ,QWHU}

*RYHUQPHQWDO 0DULWLPH &RQVXOWDWLYH 2UJDQL]DWLRQ´$PHULFDQ -RXUQDO RI ,QWHUQDWLRQDO /DZ YRO Q~PRFWXEUHGHSiJV

8QDGHODVIXQFLRQHVPiVGHVWDFDGDVGHHVWH&RPLWpHVODFRRSHUDFLyQFRQORV (VWDGRV HVSHFLDOPHQWH FRQ DTXHOORV HQ YtDV GH GHVDUUROOR \ FRQ RUJDQL]DFLRQHV UHJLRQDOHV\RUJDQLVPRVLQWHUQDFLRQDOHV YLQFXODGRVFRQOD SUHYHQFLyQ \ FRQWURO GH OD FRQWDPLQDFLyQ \ OD SURWHFFLyQ GHO PHGLR DPELHQWH 7DQWR HO &RPLWp GH 6HJXULGDG 0DUtWLPD FRPR HO &RPLWp GH 3URWHFFLyQ GHO 0HGLR 0DULQR DFRPHWHQ VXV SULQFLSDOHV IXQFLRQHV HQHO iPELWRGHO GHVDUUROORDQLYHO LQWHUQDFLRQDOGHODVGLVSRVLFLRQHV VREUH VHJXULGDG PDUtWLPD FRPR SURWHFFLyQ GH OD QDYHJDFLyQ \ GHO PHGLR HQ HO TXH VH GHVDUUROOD

/DDVXQFLyQGHFRPSHWHQFLDVYLQFXODGDVDOLPSXOVRGHODVHJXULGDGPDUtWLPDHQ HOHQWRUQRGHORVSDtVHVFRQHVFDVRVUHFXUVRVHFRQyPLFRV\ODFRODERUDFLyQFRQRWURV RUJDQLVPRVSHUPLWHFUHDUXQFOLPDLQWHUQDFLRQDOIDYRUDEOHDODDGRSFLyQGHWUDWDGRV\ FRQYHQFLRQHV DVt FRPRD OD LPSODQWDFLyQHIHFWLYD GH ORV PLVPRVFRQLQGHSHQGHQFLD GHO HQWRUQR (Q HVWH PLVPR VHQWLGR HO KHFKR GH TXH DPERV &RPLWpV VH HQFXHQWUHQ IRUPDGRV SRU WRGRV ORV 0LHPEURV GH OD 20, IDYRUHFH OD HIHFWLYD DGRSFLyQ GH ODV SURSXHVWDVSUHVHQWDGDVSRUHO&RPLWp

/RVGRV&RPLWpVDQDOL]DGRVHVWiQDVLVWLGRVHQVXODERUSRUQXHYHVXEFRPLWpVHQ ORVTXHWDPELpQSXHGHQSDUWLFLSDUWRGRVORV(VWDGRVPLHPEURV/DVPDWHULDVVREUHODV TXH DFW~DQ ORV VXEFRPLWpV VRQ WUDQVSRUWH GH OtTXLGRV \ JDVHV D JUDQHO WUDQVSRUWH GH PHUFDQFtDV SHOLJURVDV FDUJDV VyOLGDV \ FRQWHQHGRUHV SURWHFFLyQ FRQWUD LQFHQGLRV UDGLRFRPXQLFDFLRQHVE~VTXHGD\VDOYDPHQWRVHJXULGDGGHODQDYHJDFLyQSUR\HFWR\ HTXLSR GHO EXTXH HVWDELOLGDG \ OtQHDV GH FDUJD \ VHJXULGDG GH SHVTXHURV QRUPDV GH IRUPDFLyQ\JXDUGLDHLPSODQWDFLyQSRUHO(VWDGRGHDEDQGHUDPLHQWR

(O&RPLWp/HJDOHVRWURGHORVyUJDQRVGHVWDFDGRVGHOD20,6HFUHyDUDt]GHO DFFLGHQWHGHO7RUUH\&DQ\RQHQ\DSHVDUGHVXSULPLWLYDQDWXUDOH]DSURYLVLRQDO VH FRQYLUWLy HQ XQR GH ORV FRPLWpV SHUPDQHQWHV GH OD 2UJDQL]DFLyQ 6X ILQDOLGDG HV DWHQGHU D ODV FXHVWLRQHV OHJDOHV GH OD 2UJDQL]DFLyQ SRU OR TXH RFXSD XQD SRVLFLyQ SULYLOHJLDGDHQODDGRSFLyQGHLQVWUXPHQWRVLQWHUQDFLRQDOHVGHFXDOTXLHUQDWXUDOH]D

$ SHVDU GH VXV LPSRUWDQWHV OLPLWDFLRQHV HVWUHFKDPHQWH UHODFLRQDGDV FRQ OD LQGHSHQGHQFLDHVWDWDO\VXSRWHQFLDOREVWDFXOL]DGRUSDUDHOGHVDUUROORHLPSODQWDFLyQGH GLVSRVLFLRQHV LQWHUQDFLRQDOHV _{OD 20, VH KD FRQYHUWLGR HQ XQ IRUR QHFHVDULR \}

FXDOLILFDGR SDUD OD DGRSFLyQ GH FRQYHQFLRQHV LQWHUQDFLRQDOHV TXH SHUPLWDQ FUHDU XQ PDUFRGHDFWXDFLyQFRP~QHQODVHJXULGDGPDUtWLPD

_{(QHOWH[WRRULJLQDOGHOD&RQYHQFLyQVHSUHYHtDTXHHO&RPLWpGH6HJXULGDG0DUtWLPDHVWDUtD}

FRQILJXUDGRSRUFDWRUFHPLHPEURVVHOHFFLRQDGRVHQWUHDTXHOORV(VWDGRVTXHGLVSXVLHUDQGHODVIORWDVPiV LPSRUWDQWHV ILQDOPHQWH GHVGH HO DxR WRGRV HO &RPLWp HVWi DELHUWR D WRGRV ORV 0LHPEURV 6,0021'6.³,QWHUQDWLRQDO0DULWLPH2UJDQL]DWLRQ´(QF\FORSHGLDRI3XEOLF,QWHUQDWLRQDO/DZYRO (OVHYLHU6FLHQFH3XEOLVKHUV%9SiJV\VV

_{20, ³,QIRUPDFLyQ EiVLFD VREUH OD 20,´/D 20, DO GtD /RQGUHV 0DU]R GH}

ZZZLPRRUJ

_{(VQHFHVDULRGHVWDFDUHOLPSRUWDQWHSDSHOTXHRFXSDQORVDUPDGRUHVHQODDSOLFDFLyQSUiFWLFD}

8QRGHORVSULQFLSDOHVORJURVGHOD20,KDVLGRVXFDSDFLGDGGHDGDSWDFLyQDODV QHFHVLGDGHVFDPELDQWHVGHODLQGXVWULDPDUtWLPD\DODVQXHYDVSUHRFXSDFLRQHVFRPRHO PHGLRDPELHQWHRODSURWHFFLyQIUHQWHDDFWRVLOtFLWRV(OJUDQGHVDItRGHIXWXURHVVLOD 2UJDQL]DFLyQ VHUi FDSD] GH VXSHUDU ODV OLPLWDFLRQHV TXH OD DVHGLDQ \ DYDQ]DU HQ ORV QXHYRV GHVDItRV TXH VH SODWHDQ HQ HO PHGLR PDUtWLPR XQ SDVR PiV DOOi TXH ODV SUHRFXSDFLRQHVYLQFXODGDVDOWUDQVSRUWH

275$625*$1,=$&,21(6,17(51$&,21$/(6

/D 20, HV OD RUJDQL]DFLyQ LQWHUQDFLRQDO PiV UHOHYDQWH SDUD HO FRQWURO GH ODV DFWLYLGDGHV PDUtWLPDV \ OD SURWHFFLyQ GHO PHGLR PDULQR 6LQ HPEDUJR WDPELpQ HV QHFHVDULR GHVWDFDU OD DFWXDFLyQ GH RWUDV RUJDQL]DFLRQHV GH FDUiFWHU LQWHUQDFLRQDO TXH FRPSOHPHQWDQDODFWXDFLyQGHOD20,HVHOFDVRGHO&RPLWp0DUtWLPR,QWHUQDFLRQDO\ GHOD$XWRULGDG,QWHUQDFLRQDOGHORV)RQGRV0DULQRV

/DQHFHVLGDGGHFRPHQWDUODVFRPSHWHQFLDV\ODODERUTXHOOHYDQDFDERHVWRV GRV RUJDQLVPRV VH GHEH D VX LPSRUWDQWH FRODERUDFLyQ HQ OD UHJXODFLyQ LQWHUQDFLRQDO DFWXDO\IXWXUD(O&RPLWp0DUtWLPR,QWHUQDFLRQDOFRPRXQDRUJDQL]DFLyQQRYLQFXODGD DO SRGHU JXEHUQDPHQWDO TXH HV FDSD] GH SUHVHQWDU SURSXHVWDV DUULHVJDGDV \ GHVGH HO SXQWRGHYLVWDGHORVHVSHFLDOLVWDVLQGHSHQGLHQWHV\OD$XWRULGDG,QWHUQDFLRQDOGHORV )RQGRV0DULQRVFRPRHORUJDQLVPRUHJXODGRUGHXQiPELWRGHVFRQRFLGRHQHOHVWXGLR GHODVHJXULGDGPDUtWLPD\HQHOTXHVHGHVDUUROODUiQEXHQDSDUWHGHORVVLVWHPDVGH H[SORWDFLyQGHORVUHFXUVRVPDUtWLPRVHQORVSUy[LPRVDxRV

LQVSHFFLRQHV OD WULSXODFLyQ $VLPLVPR \ FRPR SRQH GH PDQLILHVWR HVWH DXWRU HVWDV GHFLVLRQHV VH HQFXHQWUDQGHWHUPLQDGDVSRUORVEHQHILFLRVTXHVHREWHQGUiQSRUORTXHHVGLItFLOUHJXODUODEDODQ]DGH ORVEHQHILFLRVHFRQyPLFRVIUHQWHDODVHJXULGDGPDUtWLPD

_{/D 2UJDQL]DFLyQ SDUD OD &RRSHUDFLyQ \ HO 'HVDUUROOR (FRQyPLFR 2&'( WDPELpQ KD}

PRVWUDGR XQ FODUR LQWHUpV HQ OD PHMRUD GH OD SURWHFFLyQ GHO PHGLR PDULQR (Q OD ³(VWUDWHJLD 0HGLR DPELHQWDO GH OD 2&'( SDUD OD 3ULPHUD 'pFDGD GHO 6LJOR ;;,´ DGRSWDGD HQ VH SXVLHURQ GH PDQLILHVWRODVSULQFLSDOHVDFWXDFLRQHVDPELHQWDOHVTXHGHEtDQVHUGHVDUUROODGDVHQODSULPHUDHYDOXDFLyQ VREUH ORV SURJUHVRV UHDOL]DGRV HQ OD DSOLFDFLyQ GH OD (VWUDWHJLD GH OD 2&'( VH KDFH KLQFDSLp HQ OD QHFHVLGDGGHFRQWURODUODFRQWDPLQDFLyQPDUtWLPDTXHWLHQHVXRULJHQHQHOWUDQVSRUWH\ODSURWHFFLyQGH ODELRGLYHUVLGDGGHOHQWRUQRPDULQR2&'(2&'((QYLURQPHQWDO6WUDWHJ\5HYLHZRI3URJUHVV 2&'(

$(O&RPLWp0DUtWLPR,QWHUQDFLRQDO

(QVHFUHyHQ$QWZHUS%pOJLFDHO&RPLWp0DUtWLPR,QWHUQDFLRQDOXQD RUJDQL]DFLyQQRJXEHUQDPHQWDOIXQGDGDFRQHOILQGHDUPRQL]DUODVSUiFWLFDVH[LVWHQWHV HQ HO VHFWRU PDUtWLPR \ XQLILFDU HO GHUHFKR PDUtWLPR 6L ELHQ HQ VXV RUtJHQHV ORV HVIXHU]RV GHO &0, VH FHQWUDURQ HQ OD YHUWLHQWH SULYDGD GHO GHUHFKR PDUtWLPR VX SDUWLFLSDFLyQIXHFDGDYH]PiVDFWLYDHQODVFXHVWLRQHVGHGHUHFKRS~EOLFRGHDKtTXH HQODDFWXDOLGDGODSURSLD&RQVWLWXFLyQGHO&0,UHFRQRFHHQVXDUWtFXORSULPHURTXHHO REMHWR GH HVWD RUJDQL]DFLyQ HV FRQWULEXLU D ³OD XQLILFDFLyQ GHO GHUHFKR PDUtWLPR HQ WRGRVVXVDVSHFWRV´(VWDHYROXFLyQGHVGHXQDSRVLFLyQYLQFXODGDH[FOXVLYDPHQWHDOD LQGXVWULD GH OD QDYHJDFLyQ \ HO WUDQVSRUWH PDUtWLPR KDFLD VX DSHUWXUD D OD YHUWLHQWH S~EOLFDGHOGHUHFKRPDUtWLPRHVFRPSDUDEOHFRQORVSURSLRVRUtJHQHVGHOD20,\GH ODSURSLDFRPXQLGDGPDUtWLPDLQWHUQDFLRQDO

(O &RPLWp 0DUtWLPR ,QWHUQDFLRQDO &0, HVWi IRUPDGR SRU XQ FRQMXQWR GH DVRFLDFLRQHV QDFLRQDOHV R PXOWLQDFLRQDOHV R SRU FLXGDGDQRV GH (VWDGRV TXH QR GLVSRQHQGHRUJDQL]DFLRQHVYLQFXODGDVDHVWDPDWHULDHQWUHFX\RVILQHVVHHQFXHQWUDOD XQLILFDFLyQ GHO GHUHFKR PDUtWLPR (O &0, IRPHQWD OD FUHDFLyQ GH DVRFLDFLRQHV GH FDUiFWHUQDFLRQDOSRUHOORORVPLHPEURVLQGLYLGXDOHVWLHQHQODFDWHJRUtDGH0LHPEURV 7HPSRUDOHV\ODILQDOLGDGGHVXFUHDFLyQHVSRWHQFLDUHOGHVDUUROORGHXQDDVRFLDFLyQ SURSLD HQ VXV UHVSHFWLYRV (VWDGRV (O &0, WDPELpQ UHDOL]D XQD LPSRUWDQWH ODERU GH FRODERUDFLyQFRQRWUDVRUJDQL]DFLRQHVLQWHUQDFLRQDOHVTXHWDPELpQSXHGHQVHUHOHJLGDV FRPR 0LHPEURV &RQVXOWLYRV LQWHJUiQGRVH GH HVWD IRUPD HQ HO RUJDQLJUDPD GHO &RPLWp

/D ODERU GHO &0, D OR ODUJR GHO V ;; VH FHQWUy HQ OD SUHSDUDFLyQ GH &RQIHUHQFLDV ,QWHUQDFLRQDOHV TXH SRVWHULRUPHQWH HUDQ FRQYRFDGDV SRU HO *RELHUQR EHOJD\WUDVODVTXHVHDGRSWDEDQ&RQYHQLRV,QWHUQDFLRQDOHVVREUHGLYHUVDVPDWHULDV(O &RPLWpSUHVHQWDEDXQDVHULHGHFXHVWLRQHVDVXVPLHPEURVVREUHXQGHWHUPLQDGRWHPD TXH VH DVSLUDED XQLILFDU (Q EDVH DO UHVXOWDGR GH HVWRV FXHVWLRQDULRV VH FUHDED XQD &RPLVLyQ TXH HODERUDED XQ LQIRUPH \ SUHVHQWDED XQD SURSXHVWD GH &RQYHQLR TXH SRVWHULRUPHQWHHUDYRWDGRSRUHO&RPLWp

_{ZZZFRPLWHPDULWLPHRUJ}

_{%(.,$6+(9 . \ 6(5(%5,$.29 9,QWHUQDWLRQDO 0DULQH 2UJDQL]DWLRQV 0DUWLQXV}

1LMKRII3XEOLVKHUV/D+D\DSiJ\VV

=$1*+,&'LULWWRGHOOHRUJDQL]]D]LRQLLQWHUQD]LRQDOL(G*LDSSLFKHOOL

_{/D $VRFLDFLyQ (VSDxROD GH 'HUHFKR 0DUtWLPR FUHDGD HQ HO DxR HV OD HQFDUJDGD GH}

UHSUHVHQWDUDQXHVWURSDtVHQHO&0,

_{7DPELpQH[LVWHQ0LHPEURV+RQRULV&DXVDHOHJLGRVHQUHFRQRFLPLHQWRDODODERUSUHVWDGDDO}

&RPLWp

_{&29$ $55,$ / ³/DV RUJDQL]DFLRQHV LQWHUQDFLRQDOHV GHGLFDGDV D OD XQLILFDFLyQ GHO}

&RQ OD FUHDFLyQ GHO &RPLWp /HJDO GH OD 20, HVWH QXHYR yUJDQR VXVWLWX\y DO *RELHUQREHOJDHQODSURPRFLyQGH&RQIHUHQFLDV,QWHUQDFLRQDOHVHQHOiPELWRPDUtWLPR 6LQHPEDUJRHO&0,KDFRQWLQXDGRSUHSDUDQGR\SDUWLFLSDQGRGHIRUPDGHWHUPLQDQWH HQORVWH[WRVSUHSDUDWRULRVGHODV&RQYHQFLRQHVTXHKDQVLGRDGRSWDGRVHQHOPDUFRGH OD20,

(O&0,KDVLGRXQRGHORVJpUPHQHVVREUHORVTXHVHFUHy\GHVDUUROOyODODERU GHOD20,HOSULQFLSDOGDWRTXHVHGHEHGHVWDFDUGHODODERUGHHVWDRUJDQL]DFLyQHVHO GHVWDFDGRLPSXOVR TXHKD VDELGR LPSULPLU DO GHVDUUROOR GHO GHUHFKR PDUtWLPRFRQHO DSR\R GH SURIHVLRQDOHV \ HVSHFLDOLVWDV TXH KDQFRQVHJXLGR LU PiV DOOi GH XQD VLPSOH SDUWLFLSDFLyQDFFHVRULDRFRQVXOWLYDHQORVRUJDQLVPRVLQWHUQDFLRQDOHV\DTXHKDQVLGR ORVSURPRWRUHVGHEXHQDSDUWHGHODVLQLFLDWLYDVHQHOVHFWRUGHOGHUHFKRPDUtWLPRTXH IXHURQDGRSWDGDVDORODUJRGHOV;;

(QODDFWXDOLGDG\WUDVHOGHVDUUROORGHRWURVyUJDQRVLQWHUQDFLRQDOHVHVSHFtILFRV HO &RPLWp FRQWLQ~D GHVDUUROODQGR XQD ODERU HVHQFLDO HQ OD LGHQWLILFDFLyQ GH ODV FXHVWLRQHV TXH GHEHQ VHU GHEDWLGDV HQ HO VHQR GH OD 20, \ VREUH ODV TXH VH GHEH SUHVHQWDUXQERUUDGRUSDUDXQDIXWXUD&RQYHQFLyQ6LELHQOD&0,HVXQDRUJDQL]DFLyQ QR JXEHUQDPHQWDO OR TXH OLPLWD VXV DFWXDFLRQHV \ OH REOLJD D YLQFXODUVH D RUJDQL]DFLRQHVHQODVTXHVtHVWpQUHSUHVHQWDGRVORV(VWDGRVVXSURSLDQDWXUDOH]DQR UHODFLRQDGDFRQORVLQWHUHVHVHVWDWDOHVIDYRUHFHVXFDSDFLGDGGHLQQRYDFLyQ\SHUPLWH TXHHO&RPLWpSUHVHQWHSURSXHVWDVTXHGHVERUGDQORVLQWHUHVHVQDFLRQDOHV\VHDFHUFDQ DORVLQWHUHVHVGHODFRPXQLGDGLQWHUQDFLRQDO

%/D$XWRULGDG,QWHUQDFLRQDOGHORV)RQGRV0DULQRV

(Q HO DxR OD $VDPEOHD *HQHUDO GH ODV 1DFLRQHV 8QLGDV SURFODPDED OD =RQD,QWHUQDFLRQDOGH)RQGRV0DUtWLPRV\2FHiQLFRVFRPR3DWULPRQLR&RP~QGHOD +XPDQLGDG _{'H HVWD IRUPD VH GDED UHVSXHVWD D ODV GHPDQGDV GH ORV SDtVHV HQ}

GHVDUUROOR TXH VH YHtDQ LQFDSDFHV GH KDFHU IUHQWH D ORV GHVDItRV HFRQyPLFRV \ WHFQROyJLFRVTXHVXSRQtDODH[SORWDFLyQGHORVUHFXUVRVTXHVHGHVFXEUtDQHQORVIRQGRV GHPDUHV\RFpDQRV\TXHWHPtDQHOFRQWUROGHORVPLVPRVSRUXQUHGXFLGRQ~PHURGH SDtVHV

5LFDGHIHEUHURGHSXEOLFDGRHQOD5HYLVWDGHOD)DFXOWDGGH&LHQFLDV-XUtGLFDV\3ROtWLFDV 8QLYHUVLGDG&HQWUDOGH9HQH]XHOD&DUDFDVQ~P

_{5HVROXFLyQ GH OD $VDPEOHD *HQHUDO ;;9 GH GH GLFLHPEUH GH (VWH}

(O &RQYHQLR GH ODV 1DFLRQHV 8QLGDV VREUH HO 'HUHFKR GHO 0DU GH GH GLFLHPEUHGH_{FRQVWLWX\yOD$XWRULGDGLQWHUQDFLRQDOGHORV)RQGRV0DULQRVOD}

$XWRULGDGFRPRXQDRUJDQL]DFLyQHQFDUJDGDGHJHVWLRQDUORVUHFXUVRVGHORV)RQGRV 0DULQRV \ GH FRQFLOLDU ORV LQWHUHVHV GH ORV (VWDGRV GHVDUUROODGRV \ GH ORV SDtVHV HQ GHVDUUROOR VREUH ORV PLVPRV $ SHVDU GH OD YROXQWDG SRU LQVWDXUDU XQ 1XHYR 2UGHQ (FRQyPLFR,QWHUQDFLRQDOTXHSHUPLWLHUDODDFWXDFLyQGHOVHFWRUSULYDGR\ODSURWHFFLyQ GH ODV HFRQRPtDV HQ GHVDUUROOR OD DXVHQFLD GH DSR\R GH ORV SDtVHV LQGXVWULDOL]DGRV OLGHUDGRVSRU(VWDGRV8QLGRVSURYRFyHOHVWDQFDPLHQWRGHHVWDVPHGLGDV

SDFtILFRV GH OHFKR GHO PDU \ GHO IRQGR GHO RFpDQR EDMR DJXDV QR FRPSUHQGLGDV HQ ORV OtPLWHV GH OD MXULVGLFFLyQDFWXDO\VREUHHOHPSOHRGHVXVUHFXUVRVHQEHQHILFLRGHOD+XPDQLGDG´

6REUH ORV DQWHFHGHQWHV \ SULPHURV SDVRV GH OD $XWRULGDG 3$6725 5,'58(-2 -/D H[SORWDFLyQGHORVIRQGRVPDULQRVPiVDOOiGHODMXULVGLFFLyQQDFLRQDO8QLYHUVLGDGGH9DOODGROLG SiJV\VV

_{$/%,2/ %,26&$ *(O UpJLPHQMXUtGLFR GHORVIRQGRVPDULQRVLQWHUQDFLRQDOHV 7HFQRV}

0DGULGSiJ(VWDDXWRUDFRQVLGHUDTXH³OD2UJDQL]DFLyQGHORV)RQGRV0DULQRVPiVDOOiGHOD MXULVGLFFLyQQDFLRQDOGHEHHQPDUFDUVHHQHOLQWHQWRGHOD&RPXQLGDG,QWHUQDFLRQDOGHHQFRQWUDUXQPHGLR GHSURJUHVRGHORV SDtVHVHQGHVDUUROOR \GHEHQHILFLRHQJHQHUDOGHWRGRVORV(VWDGRV7DOFRQMXQFLyQ TXLHUH GHFLU TXH HO HVWDEOHFLPLHQWR GH WDO RUJDQLVPR YLHQH PHGLDWL]DGR SRU OD YROXQWDG GH FRQFLOLDU LQWHUHVHVHFRQyPLFRV\SROtWLFRVFRQWUDSXHVWRV´

/D H[SORWDFLyQ GH ORV UHFXUVRV PDULQRV WLHQH VX Pi[LPR H[SRQHQWH HQ OD LQGXVWULD SHVTXHUD VREUHODYLQFXODFLyQHQWUHORVUHFXUVRVSHVTXHURV\ODSURSLHGDGSULYDGDGHORVPLVPRVXQDUHDOLGDGTXH SXHGHVHUXQSDUDGLJPDGHFyPRVHKDQGLVWULEXLGRODVULTXH]DVGHPDUHV\RFpDQRV6REUHHVWDPDWHULD +$11(6621 57KH 3ULYDWL]DWLRQ RI WKH 2FHDQV 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFQRORJ\ 7DPELpQVREUHHODQiOLVLVGHORVUHFXUVRVSHVTXHURVSHURFHQWUDGRVHQODH[SHULHQFLDGHODSULYDWL]DFLyQ GHORVUHFXUVRVHQ1XHYD=HODQGD<$1'/(7\'(:((6&³3ULYDWL]LQJWKH&RPPRQV7ZHOYH <HDUV /DWHU )LVKHUV ([SHULHQFHV ZLWK 1HZ =HDODQGV 0DUNHW%DVHG )LVKHULHV 0DQDJHPHQW´ HQ '2/6$. 1 \ 267520 (7KH &RPPRQV LQ WKH 1HZ 0LOOHQLXP 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFQRORJ\SiJV

6&+/$*(5 ( ³&RPPRQ3RRO 5HVRXUFH 7KHRU\´ HQ '85$17 5 ),25,12 ' \ 2¶/($5<5HGV(QYLURQPHQWDO*RYHUQDQFH5HFRQVLGHUHG&KDOOHQJHV&KRLFHVDQG2SSRUWXQLWLHV 0DVVDFKXVHWWV,QVWLWXWHRI7HFQRORJ\SiJV

_{:2/)580 5 ³$Q H[DPSOH RI WKH 3URJUHVVLYH 'HYHORSPHQW RI ,QWHUQDWLRQDO /DZ´ HQ}

72086&+$7 & HG7KH 8QLWHG 1DWLRQV DW $JH )LIW\ $ /HJDO 3HUVSHFWLYH .OXZHU /DZ %RVWRQ SiJV\VV(VWHDXWRUDQDOL]DODLPSRUWDQWHUHSHUFXVLyQGHODV1DFLRQHV8QLGDVHQHOiPELWRGH OD UHJXODFLyQ LQWHUQDFLRQDO GHO GHUHFKR GHO PDU 8QD PXHVWUD GH OD LPSRUWDQWH ODERU GH GHVDUUROOR GHO GHUHFKR GHO PDU TXH OOHYD D FDER OD 218 VH HQFXHQWUD HQ OD DFWXDFLyQ TXH OOHYy D FDER OD 6HFUHWDUtD *HQHUDOFRQHOILQGHFRQVHJXLUODHQWUDGDHQYLJRUGHODVGLVSRVLFLRQHVDGRSWDGDVHQHO&RQYHQLRGHODV 1DFLRQHV8QLGDVVREUH'HUHFKRGHO0DUHVSHFtILFDPHQWHHQHOiPELWRGHODUHJXODFLyQVREUHORV IRQGRVPDULQRV

_{(O DUW GH OD &RQYHQFLyQ GH ODV 1DFLRQHV 8QLGDV VREUH HO 'HUHFKR GHO 0DU GH GH}

GLFLHPEUHGHHVWDEOHFH³/D$XWRULGDGHVODRUJDQL]DFLyQSRUFRQGXFWRGHODFXDOORV(VWDGRV3DUWHV RUJDQL]DUiQ\FRQWURODUiQODVDFWLYLGDGHVHQOD=RQDGHFRQIRUPLGDGFRQHVWD3DUWHSDUWLFXODUPHQWHFRQ PLUDVDODDGPLQLVWUDFLyQGHORVUHFXUVRVGHOD=RQD´