c BZbdg^V YZ B - cursos emmaus

5.#523/$%%345$)/$%%--!Â3
:cBZbdg^V
YZB†
.EIL-&RASER
5'//AEWTUQAKPFF
#/
(GLWRULDO
(&60LQLVWULHV
ZZZHFVPLQLVWULHVRUJ
ZZZHPPDXVQDPH
,6%1
(GLFLyQ'LJLWDO
3ULPHUD(GLFLyQ
‹(&60LQLVWULHV
7UDGXFFLyQ5RQDOG+DUULV
7tWXORHQLQJOpV7KH/RUG¶V6XSSHU‹
7RGRV ORV GHUHFKRV UHVHUYDGRV 1LQJXQD SDUWH GH HVWD SXEOLFDFLyQ
SXHGHVHUUHSURGXFLGDRWUDQVPLWLGDHQFXDOTXLHUIRUPDWRHOHFWUyQLFR
GLJLWDOPHFiQLFRIRWRFRSLDFLQWDGHDXGLRFLQWDGHYLGHRDUFKLYDGR
HQVLVWHPDVLQIRUPiWLFRVRSRU,17(51(7VLQSHUPLVRSRUHVFULWR
GHOD(GLWRULDO1RKDFHIDOWDREWHQHUSHUPLVRSDUDFLWDUXQDSDUWH
EUHYHHQXQDUWtFXOR
,PSUHVRHQ(VWDGRV8QLGRVGH$PpULFD
UHY
5'//AEWTUQAKPFF
#/
,QVWUXFFLRQHV
8QSDQ\XQDFRSDGHYLQR3HUR£FXiQHORFXHQWHHVHOSDQTXHQRVKDEOD
GHXQFXHUSRVDQWRTXHIXHTXHEUDQWDGRHQXQDFUX]£&yPRFRQPXHYH
HOPHQVDMHGHODFRSDTXHQDUUDODKLVWRULDGHVDQJUHSUHFLRVDGHUUDPDGD
SRUQXHVWURSHFDGR
8QSDQ\XQDFRSDGHYLQR&RQGRVFRVDVWDQVHQFLOODVWDQFRPXQHV
HO6HxRU-HV~VHVWDEOHFLyXQD¿HVWD³+DFHGHVWRHQPHPRULDGHPt´(VR
HVORTXHVHGLMR\HVRHVORTXHKDFHPRV1RVDFHUFDPRVDpO\FDHPRV
DVXVSLHVHQDGRUDFLyQSURFXUDQGRGHFLUOHTXHOHDPDPRVSRUTXHpOQRV
DPySULPHUR
8QSDQ\XQDFRSDGHYLQR1LPiVQLPHQRV'RVFRVDVHVWiQVREUH
ODPHVDFRVDVVHQFLOODV\KXPLOGHVTXHKDQVLGRLQYHVWLGDVGHPHPRULDV
VDJUDGDV 3DQ SDUWLGR SRU PDQRV TXH SURQWR VHUtDQ KRUDGDGDV 9LQR
GHUUDPDGR\FRPSDUWLGRFRQVXVDPLJRVSDUDTXHOHUHFRUGDUDQHQVXPXHUWH
\HVSHUDUDQVXUHWRUQR
8QSDQ\XQDFRSDGHYLQR(PEOHPDVTXHODIHKDFHVROHPQHVVtPERORV
GHORFHOHVWLDO\ORGLYLQR
&RQ HVStULWX KXPLOGH \ UHYHUHQWH DFHUTXpPRQRV DO HVWXGLR GH OD
FHOHEUDFLyQGHHVWD¿HVWDFULVWLDQD
/HFFLRQHV4XH(VWXGLDUiV
SiJLQD
/DV2UGHQDQ]DV&ULVWLDQDV
/D&HQDGHO6HxRU\/D3DVFXD /RV(PEOHPDV6X6LJQL¿FDGR *XDUGDQGR/D2UGHQDQ]D
*XDUGDQGR/D2UGHQDQ]DFRQWLQXDFLyQ
3UHSDUDFLyQ3HUVRQDOSDUD/D)LHVWD
&yPR(VWXGLDU
3LGHD'LRVTXHWHDEUDHOFRUD]yQSDUDUHFLELUODVYHUGDGHVHQVHxDGDV
HQ VX 3DODEUD %XVFD \ OHH WRGDV ODV FLWDV EtEOLFDV \ ODV SRUFLRQHV
FRUUHVSRQGLHQWHVDFDGDOHFFLyQ$OJXQDVGHODVSUHJXQWDVGDQSRUVHQWDGR
TXHKDVOHtGRFXLGDGRVDPHQWHODSRUFLyQLQGLFDGD
3XHGHVXWLOL]DUHVWHFXUVRFRPRPHGLWDFLyQGLDULDGHOD%LEOLD&DGD
OHFFLyQYDGLYLGLGDHQSiUUDIRVTXHSXHGHVOHHU\PHGLWDUGtDDGtDPLHQWUDV
HVWXGLDVHVWHFXUVR6LORKDFHVDVtGLVSRQGUiVGHPDWHULDOGHYRFLRQDO
5'//AEWTUQAKPFF
#/
([iPHQHV
(QHOFHQWURGHHVWHFXDGHUQRKD\XQDVKRMDVGHH[DPHQ$OWHUPLQDUHO
HVWXGLRGHXQDOHFFLyQSDVDDUHDOL]DUHOH[DPHQFRUUHVSRQGLHQWH&RQWHVWD
HOH[DPHQGHPHPRULDHVFULELHQGRODVUHVSXHVWDVFRQOiSL]/XHJRSXHGHV
FRWHMDUODVUHVSXHVWDVFRQODOHFFLyQ\FRQOD%LEOLDKDFLHQGRORVFDPELRV
TXHFUHDVQHFHVDULRVDQWHVGHSRQHUODUHVSXHVWDGH¿QLWLYD&XDQGRKD\DV
WHUPLQDGRWRGRVORVH[iPHQHVGHVSUpQGHORV\UHPLWHSDUDVXFRUUHFFLyQ
Ò1,&$0(17(ORVH[iPHQHVDODGLUHFFLyQLQGLFDGD
1RFRQWHVWHVORVH[iPHQHVGHDFXHUGRFRQORTXHVLHPSUHKD\DVFUHtGR
VLQRGHDFXHUGRFRQ³ORTXHOD%LEOLDHQVHxD´/HHWRGDVODVSRVLELOLGDGHVTXH
VHSUHVHQWDQDQWHVGHDQRWDUWXUHVSXHVWDDODVSUHJXQWDVGHORVH[iPHQHV
¢4Xp2SLQDV"
&DGDH[DPHQWHUPLQDFRQHVWDSUHJXQWD/RTXHDQRWHVHQHOHVSDFLR
TXHVLJXHQRDIHFWDUiHQORPtQLPRWXFDOL¿FDFLyQ3XHGHVHVFULELUORTXH
VLHQWDVFRQWRGDOLEHUWDG7XVUHVSXHVWDVVHUYLUiQSDUDTXHHOFRUUHFWRUWH
FRQR]FDPHMRU\SXHGDD\XGDUWH7DPELpQVHUYLUiQSDUDD\XGDUQRVDFDOLEUDU
ODHIHFWLYLGDGGHHVWHFXUVR
'HYROXFLyQ'H/RV([iPHQHV
eVWRVVHUiQFRUUHJLGRV\GHYXHOWRVLQPHGLDWDPHQWHFRQHOSURPHGLRGH
WXVFDOL¿FDFLRQHV3RGUiVHQWRQFHVVHJXLUHVWXGLDQGRHOVLJXLHQWHFXUVR
(QYtDODVKRMDVGHH[DPHQD
5'//AEWTUQAKPFF
#/
/HFFLyQ
/DV2UGHQDQ]DV&ULVWLDQDV
(O6HxRUGHMyyUGHQHVSUHFLVDVDVX,JOHVLD4XLHUHTXHORVFUH\HQWHV
JXDUGHQ GRV RUGHQDQ]DV OD &HQD GHO 6HxRU \ HO %DXWLVPR $O JXDUGDU
OD SULPHUD ³DQXQFLDPRV OD PXHUWH GHO 6HxRU KDVWD TXH pO YHQJD´
&RULQWLRV(QODRWUD³VRPRVVHSXOWDGRVMXQWDPHQWHFRQpOSDUD
PXHUWHSRUHOEDXWLVPRD¿QGHTXHFRPR&ULVWRUHVXFLWyGHORVPXHUWRV
SRU OD JORULD GHO 3DGUH DVt WDPELpQ QRVRWURV DQGHPRV HQ YLGD QXHYD´
5RPDQRV'HVFXEULPRVTXHORVSXQWRVFDUGLQDOHVGHOHYDQJHOLROD
PXHUWH\ODUHVXUUHFFLyQGH&ULVWR&RULQWLRVVRQHOSXQWRFHQWUDO
GHODVGRVRUGHQDQ]DVFULVWLDQDV&DGDYH]TXHODLJOHVLDSDUWLFLSDHQHOODV
UHFLEHXQUHFRUGDWRULRGHVXREOLJDFLyQGHSUHGLFDUHOHYDQJHOLRDQXQFLDQGR
DOPXQGRODPXHUWH\UHVXUUHFFLyQGH&ULVWR
(O%DXWLVPRH[SUHVDODXQLyQGHOFUH\HQWHFRQ&ULVWRVXLGHQWL¿FDFLyQ
FRQpOHQPXHUWHVHSXOWXUD\UHVXUUHFFLyQ(QHOFXUVRQRUPDOGHODYLGDGH
XQFUH\HQWHHOEDXWLVPRRFXUUHXQDVRODYH](QFRQWUDVWHFRQHVWROD&HQD
GHO6HxRUVHREVHUYDFRQIUHFXHQFLDSRUTXHHQHOODVHHQIDWL]DODFRPXQLyQ
HQWUH&ULVWR\ORVVX\RV(QHIHFWRXQRGHORVQRPEUHVGHHVWDRUGHQDQ]D
HVVLPSOHPHQWH³ODFRPXQLyQ´&RULQWLRV
&RPSDUHPRVHOVLJQL¿FDGRGHODVGRVSDODEUDV8QLyQ\&RPXQLyQ/D
XQLyQTXHH[LVWHHQWUHHOFULVWLDQR\VX6HxRUHVSHUPDQHQWH\QRQHFHVLWD
GHPDQWHQLPLHQWRSRUSDUWHGHOFUH\HQWH1RDVtODFRPXQLyQ\DTXHpVWD
HVWiHQFRQVWDQWHSHOLJURGHLQWHUUXSFLyQ\HVIUHFXHQWHODQHFHVLGDGGH
UHQRYDUOD(VSRUHVWDUD]yQTXHHOEDXWLVPRVHKDFHXQDVRODYH]PLHQWUDV
TXHOD&HQDGHO6HxRUVHREVHUYDFRQIUHFXHQFLD/HHPRVGHORVSULPHURV
FUH\HQWHVTXHSHUVHYHUDEDQHQHOSDUWLPLHQWRGHOSDQ+HFKRV
$OJXQRVVXJLHUHQTXHKD\XQDWHUFHUDRUGHQDQ]D\ODSUDFWLFDQ1RV
UHIHULPRV DO ODYDPLHQWR GH ORV SLHV 6H D¿UPD TXH OD PLVPD QRFKH TXH
HO6HxRULQVWLWX\yOD&HQDODYyORVSLHVGHVXVGLVFtSXORV\GLMRTXHHOORV
GHEHUtDQ ODYDU ORV SLHV ORV XQRV GH ORV RWURV -XDQ 0XFKRV
FRQVLGHUDQTXHHVWRWLHQHODPLVPDYLJHQFLDTXHOD&HQDGHO6HxRU
(QUHVSXHVWDDORVTXHYHQXQDWHUFHUDRUGHQDQ]DHQHVWHSDVDMHGHO
HYDQJHOLR GH -XDQ GLUHPRV TXH QRV SDUHFH TXH ORV DSyVWROHV QR GLHURQ
HVH VLJQL¿FDGR D ODV SDODEUDV GHO 6HxRU $O IXQGDU LJOHVLDV \ HVFULELUOHV
5'//AEWTUQAKPFF
#/
FDUWDV QR HQVHxDURQ HO ODYDPLHQWR GH ORV SLHV FRPR XQD RUGHQDQ]D GH
LJXDOLPSRUWDQFLDTXHHO%DXWLVPR\OD&HQDGHO6HxRU\QRVHUHJLVWUD
QLQJ~QLQFLGHQWHHQHOFXDOHVWHULWRVHKD\DSUDFWLFDGR6HKDFHPHQFLyQ
GHOODYDPLHQWRGHSLHVHQ7LPRWHRFRPRXQRGHORVUHTXLVLWRVTXH
GHEHUtDWHQHUXQDYLXGDDQFLDQDSDUDUHFLELUD\XGDHFRQyPLFDGHODLJOHVLD
1RVSDUHFHTXHHOODFXPSOtDHVWRVGHEHUHVHQSULYDGR\QRHQXQDUHXQLyQ
S~EOLFDGHODLJOHVLD/DHYLGHQFLDHQHO1XHYR7HVWDPHQWRSDUHFHGHVFDUWDU
HOODYDPLHQWRGHORVSLHVFRPRXQDRUGHQDQ]D
/DLJOHVLDFDWyOLFRURPDQD\ODRUWRGR[DJULHJDWLHQHQVLHWHVDFUDPHQWRV
&LQFRGHHOORVGHEHQFRQVLGHUDUVHFRPRSUiFWLFDVUHOLJLRVDVGHHVDVLJOHVLDV
SRUTXH QR KD\ QLQJ~Q LQGLFLR GH TXH ORV DSyVWROHV ORV HQVHxDURQ D ODV
LJOHVLDVTXHHOORVHVWDEOHFLHURQ6yORGRVDSDUHFHQHQODVSiJLQDVGHO1XHYR
7HVWDPHQWR
/D%LEOLDGLFHTXHXQFRUGyQGHWUHVGREOHFHVQRVHURPSHSURQWR\
WHQHPRVHQHO1XHYR7HVWDPHQWRXQDSUXHEDGHWUHVGREOHFHVFRPREDVH
GHQXHVWUDSUiFWLFDGHHVWD¿HVWDUHFRUGDWRULD
¾ /D &HQD GHO 6HxRU HV XQ DFWR GH UHFRUGDFLyQ SHGLGR SRU eO OD
QRFKHTXHIXHHQWUHJDGR(QHOHYDQJHOLRGH/XFDVTXHHQIDWL]DOD
KXPDQLGDGGHO6HxRU-HV~VVHQRVFRPXQLFDVXYHKHPHQWHGHVHR
GHVHUUHFRUGDGR
¾ (VWHGHVHRVHFRPXQLFDPiVWDUGHGHVGHHOFLHORDODSyVWRO3DEOR
(OTXHXQDYH]SHUVLJXLyDODLJOHVLDUHFLELyXQDUHYHODFLyQSHUVRQDO
GHOD&HQDGHO6HxRU&RULQWLRV3DEORQRDSUHQGLyHVWRGH
ORVGHPiVDSyVWROHVVLQRTXHUHFLELyLQVWUXFFLRQHVUHIHUHQWHVDHVWD
¿HVWDGHODPLVPD&DEH]DGHOD,JOHVLDGHVSXpVGHODDVFHQFLyQGH
&ULVWRDOFLHOR
¾ $HVWDUHYHODFLyQVHOHDxDGHODSUDFWLFDUHDOGHODRUGHQDQ]DSRU
ODVFRQJUHJDFLRQHVORFDOHVGHODLJOHVLDGHVGHVXFRPLHQ]R
6XREVHUYDQFLDWHQtDTXHFRQWLQXDUKDVWDTXHHO6HxRUYLQLHUDRWUDYH]
&RULQWLRV/DREOLJDFLyQGHREVHUYDUHVWD¿HVWDSDUHFHKDEHUVLGR
UHFRQRFLGDSRUODLJOHVLDGHVGHHOSULQFLSLRDXQTXHHOPpWRGRGHKDFHUORQR
KDVLGRVLHPSUHHOPLVPR
7HQHPRVXQDGREOHH[SUHVLyQGHOGHVHRGHO6HxRUGHVHUUHFRUGDGR/D
QRFKHTXHIXHHQWUHJDGR\PiVWDUGHDODSyVWRO3DEORFRPSiUHVHHVWRFRQ
*pQHVLV$ODGREOHUHYHODFLyQSRGHPRVDxDGLUODSUiFWLFDGHHVWD
5'//AEWTUQAKPFF
#/
RUGHQDQ]DHQHO/LEURGHORV+HFKRV\ODHQVHxDQ]DTXHHQFRQWUDPRVHQ
ODVHStVWRODV/RVVLJXLHQWHVSDVDMHVWUDWDQHVWHDVXQWR0DWHR
0DUFRV/XFDV+HFKRV&RULQWLRV
$OOHHUORVSDVDMHVTXHKDEODQGHHVWDRUGHQDQ]DGHEHPRVQRWDUTXH
OD LGHD GH TXH XQ VDFHUGRWH HVSHFLDO R¿FLH HQ HOOD HV WRWDOPHQWH DMHQD
D OD (VFULWXUD (Q HO 1XHYR 7HVWDPHQWR YHPRV TXH HO VXPR VDFHUGRFLR
SHUWHQHFHD&ULVWRTXHHVWiHQHOFLHOR\TXHHOVDFHUGRFLRHVODSRUFLyQ
GHWRGRFUH\HQWHSRULJXDO(VWDVUHIHUHQFLDVGHOD(VFULWXUDYHUL¿FDQHVWD
GHFODUDFLyQ3HGUR$SRFDOLSVLV3RUWDQWROD&HQDGHO
6HxRUHVSDUDWRGRVORVFUH\HQWHVTXHFRPRVDFHUGRWHVSDUWLFLSDQGHHOODHQ
IXQFLyQGHXQDFRPSOHWDLJXDOGDG
/RVQRPEUHVGHODRUGHQDQ]D
+D\YDULRVQRPEUHVSDUDGHVLJQDUHVWDRUGHQDQ]D(OKHFKRGHVHUYDULRV
LQGLFDTXHXQQRPEUHQRWLHQHPiVYDORUTXHORVGHPiV(QXPHUDUHPRV
DOJXQRVGHORVPiVFRQRFLGRV
(O6DFUDPHQWR
(O %DXWLVPR \ OD &HQD GHO 6HxRU D YHFHV UHFLEHQ HO QRPEUH GH
6DFUDPHQWRV$XQTXHHOQRPEUHQRDSDUHFHHQODV(VFULWXUDVVXXVRVH
UHPRQWDDORVSULPHURVVLJORVGHOFULVWLDQLVPR(O³VDFUDPHQWXP´HUDHO
MXUDPHQWRGH¿GHOLGDGTXHKDFtDHOVROGDGRURPDQRDOLQJUHVDUDOHMpUFLWR
$O KDFHUOR SDVDED GH OD YLGD FLYLO D OD PLOLWDU (UD VX FRQIHVLyQ GH TXH
DKRUDSHUWHQHFtDD&pVDU\TXHYLYLUtDVyORSDUDREHGHFHUOR(VWHWpUPLQR
VH FRQVLGHUDED FRPR GHVFULSFLyQ DGHFXDGD GH OD DFWLWXG GH ³ORV EXHQRV
VROGDGRVGH-HVXFULVWR´7LPRWHR/DVRUGHQDQ]DVFULVWLDQDVGHEHQ
LQGLFDUXQDGLIHUHQFLDFLyQPDUFDGDHQWUHHOFUH\HQWH\HOPXQGRTXHUHFKD]y
DVX6HxRU$OFHOHEUDUODVHOFUH\HQWHGHEHFRQIHVDU\UHD¿UPDUVXOHDOWDG
\¿GHOLGDGD&ULVWR
/D(XFDULVWtD
(VWHWpUPLQRVHGHULYDGHODSDODEUDJULHJDTXHVLJQL¿FD³GDUJUDFLDV´
6HHQFXHQWUDHQ0DWHR\&RULQWLRV\HVODSDODEUDFRP~QPHQWH
XVDGDSDUDH[SUHVDUXQDDFFLyQGHJUDFLDVHQHO1XHYR7HVWDPHQWR6LVH
GHVFDUWDODLGHDGHTXHHVXQDFWRR¿FLDOHVWDGHVLJQDFLyQHVXQQRPEUH
DGHFXDGR\DTXHHOGDUJUDFLDVGHEHVHUODUHDFFLyQHVSRQWiQHDGHOFRUD]yQ
GHFDGDFUH\HQWHTXHKDFHPHPRULDGHVX6DOYDGRU
5'//AEWTUQAKPFF
#/
/D&RPXQLyQ
/D IXHQWH GH HVWD GHVLJQDFLyQ HVWi HQ &RULQWLRV ([SUHVD OD
SDUWLFLSDFLyQFRP~QHQODIH\HQORVSULYLOHJLRVGHOSXHEORGH'LRVFRQ
DTXpOGHTXLHQKDEODQORVHOHPHQWRVXVDGRV³/DFRSDGHEHQGLFLyQTXH
EHQGHFLPRV¢QRHVODFRPXQLyQGHODVDQJUHGH&ULVWR"(OSDQTXHSDUWLPRV
¢QRHVODFRPXQLyQGHOFXHUSRGH&ULVWR"6LHQGRXQRVRORHOSDQQRVRWURV
FRQVHUPXFKRVVRPRVXQFXHUSRSXHVWRGRVSDUWLFLSDPRVGHDTXHOPLVPR
SDQ´$OWHQHUFRPXQLyQODVGLIHUHQFLDVVRFLDOHVGHEHQROYLGDUVHWRGRV
GHEHQ HVWDU DJUDGHFLGRV SRU LJXDO DO VHU SDUWLFLSDQWHV GH ORV EHQH¿FLRV
REWHQLGRVPHGLDQWHHOFXHUSR\ODVDQJUHGHO6DOYDGRUVDFUL¿FDGR
/D&HQDGHO6HxRU&RULQWLRV
(VWHQRPEUHGLULJHQXHVWUDDWHQFLyQDODDXWRULGDGGHTXLHQQRVLQYLWD
DDFHUFDUQRVDVXPHVD1RVRWURVVRPRVORVLQYLWDGRV(VWHQRPEUHQRV
UHFXHUGDHOGtD\ODKRUDFXDQGRIXHFHOHEUDGDSRUSULPHUDYH])XHODQRFKH
FXDQGRQXHVWUR6HxRUIXHWUDLFLRQDGR\FRPRYHUHPRVPiVWDUGHHVWXYR
OLJDGDDODREVHUYDQFLDYHVSHUWLQDGHOD3DVFXD
0DVWDUGHHQ+HFKRVRWUDYH]QRWDPRVTXHVHREVHUYyGHQRFKH
5HFLEHHOQRPEUHGH³FHQD´HQODHStVWRODDORV&RULQWLRVVLQGXGDSRUTXH
VH REVHUYDED GH QRFKH FXDQGR ORV FUH\HQWHV PXFKRV GH HOORV HVFODYRV
KDELHQGRWHUPLQDGRVXWUDEDMRGHOGtDSRGtDQUHXQLUVH(OUHXQLUVHGHQRFKH
HQFDMDEDFRQODVLQGLFDFLRQHVGHODV(VFULWXUDV\FRQODFRQYHQLHQFLDGHORV
FUH\HQWHV6LQHPEDUJRHVDMHQDDO1XHYR7HVWDPHQWRODLQVLVWHQFLDHQIRUPD
OHJDOLVWDHQGHWHUPLQDGDKRUDSDUDODREVHUYDQFLDGHHVWDRUGHQDQ]D³(O
WLHPSR\ODVHVWDFLRQHV´SHUWHQHFHQDXQSXHEORWHUUHQDO,VUDHOTXHYLYLy
HQXQOXJDUGHWHUPLQDGR3DOHVWLQD(QHO$QWLJXR7HVWDPHQWRVHUHTXHUtD
XQDREVHUYDFLyQPLQXFLRVDGHWRGRVORVGHWDOOHVGHOD/H\TXHUHJtDORV
VDFUL¿FLRV\ODVRIUHQGDV(O1XHYR7HVWDPHQWRVHFDUDFWHUL]DSRUOLEHUWDG
\HOpQIDVLVHVWiVREUHHOHVStULWXHQTXHREVHUYDPRVORVGHVHRVGHO6HxRU
3RUHVRQRVHSUHVFULEHXQDKRUDGHWHUPLQDGDQLXQDFODVHHVSHFLDOGHSDQ
RYLQR9HUHPRVHVWRFRQPiVGHWDOOHHQRWURFDStWXOR/D0HVDGHO6HxRU
&RULQWLRVSDUHFHDEDUFDUXQDHVIHUDPiVDPSOLDGHFRPXQLyQTXHOD
&HQD/D0HVDLQGLFDWRGDVODVEHQGLFLRQHVTXHGLVIUXWDPRVGHODFRPXQLyQ
HQ&ULVWRHQFRQWUDVWHFRQODFRPXQLyQTXHKD\HQWUHORVSDJDQRV3HURQR
GHEHPRVSHUGHUGHYLVWDTXHODRUGHQDQ]DHVWiHQHOFRQWH[WR\TXHpVWDVH
UHODFLRQDFRQOD0HVD
5'//AEWTUQAKPFF
#/
(O3DUWLPLHQWRGHO3DQ+HFKRV
&RULQWLRV
(VWH HV RWUR WpUPLQR GHVFULSWLYR TXH VH XVD D PHQXGR DO KDEODU GH
HVWDRUGHQDQ]D7DOYH]VHEXVFDUHODFLRQDUVXVHQFLOOH]FRQODYLGDGLDULD
GHOFUH\HQWH/RVFRULQWLRVODKDEtDQFRQYHUWLGRHQXQD¿HVWDH[DJHUDGD
&RULQWLRV /D LQWHQFLyQ GHO 6HxRU HUD TXH IXHUD REVHUYDGD
FRPR OR IXH HQ VX SULQFLSLR FRPR XQD RFDVLyQ VHQFLOOD \ VROHPQH GH
FRQPHPRUDFLyQ\DFFLyQGHJUDFLDV(QDTXHOODQRFKHHO6HxRUQRFUHyQL
EXVFyDOJRQXHYRRHVSHFLDO7RPyGRVFRVDVTXH\DHVWDEDQVREUHODPHVD
\ODVXVyFRPRVtPERORVGHVXSHUVRQD\VXREUDUHGHQWRUD
&RQFOXVLyQ
$PHQXGRGHFLPRVTXHYDPRVDKDFHUPHPRULDGHO6HxRU(VWRHVWiGH
DFXHUGRFRQVXGHVHRH[SUHVDGRODQRFKHTXHIXHWUDLFLRQDGR(VWDIUDVH
SDUHFHXQLUWRGRVORVWpUPLQRVTXHKHPRVFRQVLGHUDGR
¾ -XGDVWUDLFLRQyDO6HxRUSHURQRVRWURVPRVWUDUHPRVQXHVWUDOHDOWDG
WRPDQGRHOVDFUDPHQWR
¾ $XQTXHRWURVQRORKDJDQQRVRWURVH[SUHVDUHPRVQXHVWUDJUDWLWXG
HQODHXFDULVWtD
¾ 1RVJR]DUHPRVHQODFRPXQLyQGHORVVDQWRVQXHVWUDXQLyQORVXQRV
FRQORVRWURV\FRQpO
¾ 1RV VHQWDUHPRV D OD PHVD SDUWLFLSDQGR GH OD &HQD GHO 6HxRU
FRQVFLHQWHVGHVXSUHVHQFLD\GHQXHVWURSULYLOHJLR
¾ 7UDWDUHPRVGHSUHVHUYDUODVHQFLOOH]GHHVWDREVHUYDQFLDHYLWDQGR
WRGRULWXDOUHOLJLRVR\HOVHxDODUIXQFLRQHVGHVDFHUGRFLRHVSHFLDO
DOUHXQLUQRVSDUDHOSDUWLPLHQWRGHOSDQ
5'//AEWTUQAKPFF
#/
$872(;$0(1
¢4XpWDOFRPSUHQGtHVWDOHFFLyQ"
&RQ XQ OiSL] PDUFD FRQ XQ FtUFXOR OD UHVSXHVWD FRUUHFWD ³9´±9HUGDGHUR³)´±)DOVR
(O6HxRUGLRyUGHQHVSUHFLVDVDVXLJOHVLDTXHLQFOX\HQVyOR
GRVRUGHQDQ]DV 9
)
(O%DXWLVPRKDEODGHQXHVWUDXQLyQFRQ&ULVWR\OD&HQDGHO
6HxRUGHQXHVWUDFRPXQLyQ 9
)
$OJXQRVFUH\HQWHVFRQVLGHUDQTXHHOODYDPLHQWRGHORVSLHV
HVXQDWHUFHUDRUGHQDQ]D 9
)
+D\YDULRVHMHPSORVHQORV+HFKRV\HQODVHStVWRODVGH
HQVHxDQ]DHLQVLVWHQFLDVREUHODSUiFWLFDGHOODYDPLHQWR
GHORVSLHV 9
)
(OPpWRGRGHODFHOHEUDFLyQGHOD&HQDGHO6HxRUKDVLGR
HOPLVPRDWUDYpVGHWRGDODKLVWRULDGHOD,JOHVLD 9
)
'HEHPRVGDUOHSUHIHUHQFLDDOWpUPLQR³OD&HQDGHO6HxRU´
VREUHWRGDVODVGHPiVGHVLJQDFLRQHVGHHVWDRUGHQDQ]D 9
)
/DSDODEUD³HXFDULVWtD´VHUHODFLRQDFRQHOMXUDPHQWRTXH
KDFtDHOVROGDGRURPDQRDOLQJUHVDUDOHMpUFLWR 9
)
/D&HQDGHO6HxRUGHEHREVHUYDUVHVLHPSUHGHVSXpVGHTXH
VHKD\DSXHVWRHOVRO 9
)
8QRVSLHQVDQTXHOD0HVDGHO6HxRUDEDUFDPiVTXH
OD&HQDGHO6HxRU 9
)
&XDQGRHO6HxRULQVWLWX\yODRUGHQDQ]DGH&RPXQLyQORKL]R
HQODIRUPDPiVVHQFLOODSRVLEOH 9
)
%XVFDODVUHVSXHVWDVFRUUHFWDVHQOD~OWLPDSiJLQDGHHVWHOLEUR\FRUULJHW~PLVPR
HOH[DPHQ1RORHQYtHVSRUFRUUHRDODHVFXHOD$KRUDSDVDDUHDOL]DUHOH[DPHQ
FRUUHVSRQGLHQWHDHVWDOHFFLyQTXHHVWiHQODSDUWHFHQWUDOGHHVWHOLEUR
5'//AEWTUQAKPFF
#/
5.#523/$%%345$)/$%%--!Â3
:cBZbdg^V
YZB†
(;È0(1(6
([iPHQHVGH
120%5(
',5(&&,Ï1
3URPHGLR
&/
‹(&60LQLVWULHV
(
5'//AGZCOAKPFF
#/
,16758&&,21(6
3DUD REWHQHU HO PD\RU SURYHFKR SRVLEOH GHO HVWXGLR GH HVWDV
OHFFLRQHVVXJHULPRVHOVLJXLHQWHSODQ
3tGHOHD\XGDD'LRVDQWHVGHHVWXGLDU
/HHFXLGDGRVDPHQWHODVOHFFLRQHV\ODVSRUFLRQHVGHOD%LEOLD
TXHVHVHxDODQ
&RQWHVWDORVH[iPHQHVKDFLHQGRXVRGHWXPHPRULDHVFULEHODV
UHVSXHVWDVFRQOiSL]
&RWHMDWXVUHVSXHVWDVFRQODOHFFLyQ\FRQORVSDVDMHVEtEOLFRV
KDFLHQGRORVFDPELRVTXHFUHDVFRQYHQLHQWHVDQWHVGHSRQHUOD
UHVSXHVWDGH¿QLWLYD
8QDYH]WHUPLQDGRVGHVSUHQGHORVH[iPHQHV\HQYtDORVDOD
GLUHFFLyQLQGLFDGD
(QYtD~QLFDPHQWHORVH[iPHQHV
&RUUHJLUHPRVORVH[iPHQHV\ORVGHYROYHUHPRVLQPHGLDWDPHQWH
FRQHOSURPHGLRGHWXVFDOL¿FDFLRQHV
(QYtDWXVKRMDVGHH[DPHQDHVWDGLUHFFLyQ
(
5'//AGZCOAKPFF
#/
(Q0HPRULDGH0t
([DPHQ
/DV2UGHQDQ]DV&ULVWLDQDV
&RQXQOiSL]KD]XQFtUFXORDOUHGHGRUGHODOHWUDTXHFRUUHVSRQGHFRQOD
UHVSXHVWDFRUUHFWDSDUDFDGDSUHJXQWD0DUFDVyORXQDUHVSXHVWD
¢&XiOGHHVWDVIUDVHVUHVXPHPHMRUHOVLJQL¿FDGRGHOD&HQDGHO
6HxRU"$QXQFLD
D 0LPXHUWHFRQ&ULVWR
E /DPXHUWHGHO6HxRU
F 0LXQLyQFRQPL6HxRU
G /DYLGDTXHWHQJRHQHO6HxRU
(OODYDPLHQWRGHORVSLHVQRGHEHVHUFRQVLGHUDGRFRPRXQD
RUGHQDQ]DGHOD,JOHVLD\DTXH
D 1RVHPHQFLRQDHQHO1XHYR7HVWDPHQWR
E 1RQRVHQVXFLDPRVORVSLHVFRPRDQWHV
F 6HPHQFLRQDVRODPHQWHSDUDODVYLXGDV
G /RVDSyVWROHVQRORSUDFWLFDEDQQLORHQVHxDQDEDQFRPRWDO
¢&XiQWDVRUGHQDQ]DVIXHURQLQVWLWXLGDVH[SOtFLWDPHQWHSRUHO6HxRU"
D 'RV
E 7UHV
F 6LHWH
G 1LQJXQD
(ODSyVWRO3DEORVXSRGHODQHFHVLGDGGHKDFHUPHPRULDGHO6HxRU
-HV~VHQHOSDUWLPLHQWRGHOSDQSRUPHGLRGH
D (O6HxRUPLVPRHQHODSRVHQWRDOWRODQRFKHHQTXHIXHHQWUHJDGR
E (O6HxRUPLVPRHQXQDUHYHODFLyQHVSHFLDO
F /DOHFWXUDGHOHYDQJHOLRVHJ~Q6DQ0DUFRV
G (QVHxDQ]DTXHOHGLRHODSyVWRO3HGUR
/D&HQDGHO6HxRU
D 6yORSXHGHVHUDGPLQLVWUDGDSRUXQPLQLVWURRVDFHUGRWHFRQ
RUGHQDFLyQHVSHFLDO
E (VVyORSDUDORVTXHKDQUHFLELGRyUGHQHVVDJUDGDVORVODLFRV
FRPXOJDQVyORFRPRWHVWLJRV
F (VSDUDWRGRVORVTXHDPDQDO6HxRU\'LRVORVKDKHFKR
VDFHUGRWHV&RPRWDOHVORVFUH\HQWHVSDUWLFLSDQHQSODQGH
LJXDOGDG
G (VHOSULYLOHJLRGHWRGRVORVKRPEUHVVHDQFUH\HQWHVRQRORVHDQ
(
5'//AGZCOAKPFF
#/
/DSDODEUD³VDFUDPHQWR´
D 6HHPSOHDFRQIUHFXHQFLDHQHO1XHYR7HVWDPHQWRSDUDGHVFULELU
OD&HQDGHO6HxRU
E 1XQFDGHEHVHUXVDGDSDUDUHIHULUVHDOD&HQDGHO6HxRUSRUTXHHV
GHRULJHQSDJDQR
F 6HXVDEDHQODLJOHVLDQHRWHVWDPHQWDULDSDUDGHVFULELUDORVTXH
SRUFHOHEUDUODVRUGHQDQ]DVPRVWUDEDQVXVHSDUDFLyQGHOPXQGR\
VX¿GHOLGDGD&ULVWR
G 9LHQHGHXQDSDODEUDJULHJDTXHVLJQL¿FD³DSDUWDUSDUDORV
GLRVHV´
/DSDODEUD³HXFDULVWtD´
D 6HHPSOHDFRUUHFWDPHQWHSDUDGHVFULELUOD&HQDGHO6HxRUVyORVL
VHFRQVLGHUDpVWDFRPRXQULWRR¿FLDOGHODLJOHVLD
E 9LHQHGHXQDSDODEUDJULHJDTXHVLJQL¿FD³GDUJUDFLDV´SRUOR
WDQWRGHVFULEHDGHFXDGDPHQWHXQDVSHFWRGHOD&HQDGHO6HxRU
F 6HGHULYDGHXQDUDt]ODWLQDTXHVLJQL¿FD³DGRUDU´
G 1RVHHQFXHQWUDHQHO1XHYR7HVWDPHQWR
&XDQGRKDEODPRVGHOD&HQDGHO6HxRUFRPR³/D&RPXQLyQ´
D /RKDFHPRVVLQDSR\RHQODV(VFULWXUDV
E 1RUHSUHVHQWDPRVHOYHUGDGHURVHQWLGRGHODRUGHQDQ]D\DTXHVH
WUDWDGHKDFHUPHPRULDGHO6HxRU\HVWRQRWLHQHQDGDTXHYHUFRQ
QXHVWUDUHODFLyQFRQQXHVWURVKHUPDQRV
F (QIDWL]DPRVXQDVSHFWRGHODRUGHQDQ]DDH[SHQVDGHORVRWURV
G ([SUHVDPRVODFRPXQLyQGHORVFUH\HQWHVVLPEROL]DGDHQHOSDQ\
ODFRSD
/D&HQDGHO6HxRUGHEHFHOHEUDUVH
D $ODWDUGHFHUSRUTXHSRUHVRVHOODPD³&HQD´
E $ODWDUGHFHU\DTXHIXHLQVWLWXLGDGHQRFKH
F $ODWDUGHFHUSRUTXHDVtVHKDFtDHQHOOLEURGHORV+HFKRV
G $ODKRUDPiVFRQYHQLHQWH
/DH[SUHVLyQ³HOSDUWLPLHQWRGHOSDQ´
D 3DUHFHHQIDWL]DUODVHQFLOOH]GHODRUGHQDQ]D
E 6HXVDHQUHODFLyQFRQODLJOHVLDHQ&RULQWRTXHFHOHEUDEDOD
RUGHQDQ]DHQIRUPDLQGHELGD
F 7LHQHVXRULJHQHQHOPLODJURGHODPXOWLSOLFDFLyQGHORVSDQHV
FXDQGRHO6HxRUDOLPHQWyDPiVGHFLQFRPLOSHUVRQDV
G (VGHVDERURULHQWDOSULPLWLYR\MXGtR\GHEHHYLWDUVHSRU
FRPSOHWRSRUFRQJUHJDFLRQHVGHFUH\HQWHVHQHO6LJOR;;
(
5'//AGZCOAKPFF
#/
¢48e23,1$6"
¢&XiOGHORVWpUPLQRVXVDGRVSDUDGHVFULELUHVWDRUGHQDQ]DHVWXSUHIHULGR"
¢3RUTXpWHJXVWDpVH"
(
5'//AGZCOAKPFF
#/