1 1. TITULO COMUNICACIÓN: “La utilización de la Entrevista

7,78/2&2081,&$&,Ï1
³/DXWLOL]DFLyQGHOD(QWUHYLVWDODERUDOFRPRKHUUDPLHQWDGHHYDOXDFLyQGHFRPSHWHQFLDV´
$8725$6
$VHQVLR&DVWDxHGD(YD8QLYHUVLGDG(XURSHDGH0DGULGHYDPDULDDVHQVLR#XHPHV
%ODQFR)HUQiQGH]$VFHQVLyQ8QLYHUVLGDG(XURSHDGH0DGULGDVFHQVLyQEODQFR#XHPHV
3$/$%5$6&/$9(³(QWUHYLVWDODERUDO´³(YDOXDFLyQ´\³&RPSHWHQFLDV´
5(680(1
/D HQWUHYLVWD ODERUDO R GH VHOHFFLyQ HV XQD GH ODV KHUUDPLHQWDV XWLOL]DGDV SDUD OD HYDOXDFLyQ
FRPSHWHQFLDOGHORVDOXPQRVGHODDVLJQDWXUDGH/LEUH(OHFFLyQ³(VWUDWHJLDVSDUDOD,QFRUSRUDFLyQDO
0XQGR 3URIHVLRQDO´ (VWD DVLJQDWXUD HVWi GHVWLQDGD D DOXPQRV GH ~OWLPRV FXUVRV FRQ HO GH ORV
FUpGLWRVOHFWLYRVVXSHUDGRV\WLHQHFRPRIXQGDPHQWRHOGHVDUUROORGHFRPSHWHQFLDVODRULHQWDFLyQGHO
DOXPQRDVXSURIHVLyQ\IDFLOLWDUVXLQFRUSRUDFLyQDOPHUFDGRODERUDO
(O REMHWLYR GH OD HQWUHYLVWD SURIHVLRQDO REMHWR GH HVWH WUDEDMR HV FRQVHJXLU ODV KDELOLGDGHV \
GHVDUUROODU ODV FRPSHWHQFLDV QHFHVDULDV SDUD RSWLPL]DU HO DFFHVR DO PXQGR ODERUDO GHO DOXPQR \ VX
VXSHUDFLyQ HQ SURFHVRV GH VHOHFFLyQ HQ ORV TXH OD HQWUHYLVWD SHUVRQDO VXHOH FRQVWLWXLU OD SUXHED
GHILQLWLYDXQDGHODVPiVYDORUDGDVHLPSRUWDQWHVHQWRGRSURFHVR3RUHOORHVGHYLWDOUHOHYDQFLDTXH
HOFDQGLGDWRSUHYLDPHQWHVHKD\DHQWUHQDGRHQHVWDSUXHED\TXHSRVHDRKD\DGHVDUUROODGRXQDVHULH
GHFRPSHWHQFLDVWUDQVYHUVDOHVIXQGDPHQWDOHVWDOHVFRPRODVKDELOLGDGHVFRPXQLFDWLYDV\VRFLDOHV3RU
SDUHMDVORVDOXPQRVGHEHQSUHSDUDU\VLPXODUDQWHHOUHVWRGHVXVFRPSDxHURVXQDHQWUHYLVWDSHUVRQDO
HQ OD TXH XQR DGRSWD HO URO GH HQWUHYLVWDGRU \ RWUR HO GH HQWUHYLVWDGR \ HODERUDU XQ JXLyQ FRQ ODV
SUHJXQWDVTXHYDDUHDOL]DU3UHYLDPHQWHHOSURIHVRUOHVKDIDFLOLWDGRGRFXPHQWDFLyQDOUHVSHFWR
/DHYDOXDFLyQGHODHQWUHYLVWDODERUDOVXSRQHHOGHODFDOLILFDFLyQILQDOGHODDVLJQDWXUD(VXQD
SUiFWLFDLQWHUHVDQWH\ELHQYDORUDGDSRUORVDOXPQRVTXHODFRQVLGHUDQXQHQWUHQDPLHQWR~WLO\HILFD]
'(6$552//2
,1752'8&&,Ï1
/DHQWUHYLVWDODERUDORGHVHOHFFLyQHVODKHUUDPLHQWDSRUH[FHOHQFLDHQODVHOHFFLyQGHSHUVRQDO(V
XQRGHORVDVSHFWRVPiVGHWHUPLQDQWHVHLQIOX\HQWHVHQODGHFLVLyQILQDOGHDFHSWDFLyQGHXQFDQGLGDWR
TXH RSWD D XQD SUiFWLFD SURIHVLRQDO R D XQ SXHVWR GH WUDEDMR (Q HVWH GLiORJR TXH VH HVWDEOHFH \
PDQWLHQHHQWUHHOHQWUHYLVWDGRU\HOHQWUHYLVWDGRVRQGHFLVLYDVQRVyORODVSUHJXQWDVIRUPXODGDVSRUHO
HQWUHYLVWDGRU VLQR WDPELpQ ODV KDELOLGDGHV FRPXQLFDWLYDV GH DPERV VXV SRVWXUDV JHVWRV GLVFXUVR
XWLOL]DGRDVtFRPRODUHODFLyQLQWHUSHUVRQDO\HOFOLPDTXHVHHVWDEOHFHHQWUHDPERV
(VPX\LPSRUWDQWHHOPRGRHQTXHVHYDQDSODQWHDU\IRUPXODUODVSUHJXQWDV\FXiOHVVHUiQ$VtHO
p[LWR GH XQD HQWUHYLVWD GHSHQGH QR VyOR GH FyPR VH SUHJXQWD OR TXH VH SUHJXQWD \ GH OR TXH VH
FRQWHVWD GHO FRQWHQLGR GHO GLVFXUVR VLQR WDPELpQ GH XQD VHULH GH GHVWUH]DV DVRFLDGDV D OD
FRPSHWHQFLD GH ODV KDELOLGDGHV FRPXQLFDWLYDV FRPR VRQ OD FDSDFLGDG GH HVFXFKD HO IHHGEDFN OD
HPSDWtDODDVHUWLYLGDG\ODLQWHOLJHQFLDHPRFLRQDOHOp[LWRGHODHQWUHYLVWDGHSHQGHHQRUPHPHQWHGH
OD KDELOLGDG DGTXLULGD SRU DPERV LQWHUORFXWRUHV SDUD TXH HO SURFHVR GH FRPXQLFDFLyQ LQWHUSHUVRQDO
GXUDQWHODHQWUHYLVWDVHDGHOWRGRHILFD]3RUHVWDUD]yQORVHVSHFLDOLVWDVHQ5HFXUVRV+XPDQRVKDFHQ
HVSHFLDOKLQFDSLpHQORVSURFHVRVGHVHOHFFLyQHQDTXHOODVFRPSHWHQFLDVRKDELOLGDGHVFRPRORHVOD
FDSDFLGDGGHFRPXQLFDUVHFRQHILFDFLDTXHVRQQHFHVDULDVSDUDHOGHVHPSHxRySWLPRGHXQSHUILOR
SXHVWRGHWUDEDMR'HHVWHPRGRODIRUPDFLyQWUDGLFLRQDOFRPSXHVWDSRUORVFRQRFLPLHQWRVWHyULFRV
SUiFWLFRV \ WpFQLFRV VH FRPSOHPHQWD \ HQULTXHFH FRQ ODV FRPSHWHQFLDV DFDGpPLFDV \ SURIHVLRQDOHV
DGTXLULGDV H LQFRUSRUDGDV HQ OD XQLYHUVLGDG EDMR ODV GLUHFWULFHV GHO (VSDFLR (XURSHR GH (GXFDFLyQ
6XSHULRUGHIRUPDTXHODVHPSUHVDVWLHQHQDOFDQGLGDWRLGHDOTXHLQWHJUDHQVXLWLQHUDULRFXUULFXODU
WRGR HO DPSOLR DEDQLFR iPELWRVIRUPDWLYRV (O REMHWLYR GH WRGRHOORHV TXHORV DOXPQRV SUy[LPRV D
ILQDOL]DU VX FDUUHUD R UHFLHQWHPHQWH WLWXODGRV YLYDQ XQD UHDOLGDG PX\ FHUFDQD D OD TXH OHV GHSDUD HO
PHUFDGRODERUDO\HVWpQFDSDFLWDGRVSDUDGHVHQYROYHUVHHQpOFRQp[LWR'HHVWDPDQHUDODIRUPDFLyQ
XQLYHUVLWDULD DGTXLULGD WLHQH XQD FODUD FRUUHVSRQGHQFLD HQ HO PXQGR ODERUDO 7DQWR HV DVt TXH ORV
DOXPQRV GHVGH ORV SULPHURV FXUVRV HVWXGLDQ DVLJQDWXUDV FX\R REMHWLYR HV HO GHVDUUROOR GH
FRPSHWHQFLDV WUDQVYHUVDOHV WDOHV FRPR OD JHVWLyQ GHO WLHPSR R ODV KDELOLGDGHV FRPXQLFDWLYDV H
LQFRUSRUDQ D VX FXUULFXOXP YLWDH XQ DSDUWDGR HVSHFtILFR VREUH IRUPDFLyQ HQ FRPSHWHQFLDV /DV
FRPSHWHQFLDV SURIHVLRQDOHV PiV YDORUDGDV HQ OD DFWXDOLGDG SRU ODV HPSUHVDV \ HYDOXDGDV HQ ODV
HQWUHYLVWDV GH VHOHFFLyQ FRPR HO DVXQWR TXH DQDOL]DPRV VRQ OD FDSDFLGDG GH UHVROXFLyQ GH
SUREOHPDV FDSDFLGDG GH WUDEDMR HQ HTXLSR ODV KDELOLGDGHV FRPXQLFDWLYDV \ ODV UHODFLRQHV
LQWHUSHUVRQDOHV )XHQWH ,QIRHPSOHR (VWDV GRV ~OWLPDV FRPSHWHQFLDV VRQ ODV TXH HQWUHQDQ \
GHVDUUROODQ ORV DOXPQRV \ HYDOXDGDV SRU HO SURIHVRU HQ OD SUiFWLFD GH OD HQWUHYLVWD ODERUDO TXH
UHDOL]DQORVDOXPQRVPDWULFXODGRVGHODDVLJQDWXUDGHOLEUH(OHFFLyQ³(VWUDWHJLDVSDUDOD,QFRUSRUDFLyQ
DO0XQGRSURIHVLRQDO´HQOD8QLYHUVLGDG(XURSHDGH0DGULG\REMHWRGHODSUHVHQWHFRPXQLFDFLyQ
'XUDQWH OD HQWUHYLVWD VH DFWLYD QR VyOR OD FRPXQLFDFLyQ R HO OHQJXDMH YHUEDO VLQR WDPELpQ OD QR
YHUEDO\HQHVWD~OWLPDLQWHUYLHQHXQULFR\YDULDGRUHSHUWRULRGHRWURVOHQJXDMHVWDOHVFRPRHOYLVXDO
JHVWXDO SRVWXUDO LPDJHQ R DVSHFWR ItVLFR &RPR GLFH (NPDQ HO FRPSRUWDPLHQWR QR YHUEDO SXHGH
UHSHWLU FRQWUDGHFLU VXVWLWXLU FRPSOHPHQWDU DFHQWXDU R UHJXODU HO FRPSRUWDPLHQWR YHUEDO´ (VWD
GHVHPSHxDXQDLPSRUWDQWHIXQFLyQHQHOSURFHVRGHFRPXQLFDFLyQ\HQODVUHODFLRQHVGHOHQWUHYLVWDGRU
FRQHOHQWUHYLVWDGR3RUVXSXHVWRDPEDVFRQGXFWDVODYHUEDO\QRYHUEDOVHDSR\DQ\FRPSOHPHQWDQ
(O SURFHVR GH FRPXQLFDFLyQ GHMD GH VHU HILFD] FXDQGR VH SURGXFHQ GLVWRUVLRQHV \ QRV
FRUUHVSRQGHQFLDV HQWUH DPEDV R WDPELpQ FXDQGR XQR GH ORV LQWHUORFXWRUHV HVWDEOHFH EDUUHUDV
SVLFROyJLFDV (Q HVWH SXQWR OD FRPXQLFDFLyQ SVLFROyJLFD OD LQWHOLJHQFLD HPRFLRQDO MXHJD XQ SDSHO
GHFLVLYR
'HQWURGHORVGLIHUHQWHVWLSRVGHHQWUHYLVWDVQRVKHPRVFHQWUDGRHQODGHVHOHFFLyQFX\DILQDOLGDGHV
OD GH HOHJLU DO FDQGLGDWR PiV DGHFXDGR DO SHUILO SURIHVLRQDO RIHUWDGR SRU OD HPSUHVD SRU GLYHUVRV
PRWLYRV SRU SULPHUD YH] SDUD IRUPDU SDUWH GHO SHUVRQDO GH OD HPSUHVD \ FRQVHJXLU XQ SXHVWR R
WDPELpQ SDUD DVFHQGHU SURPRFLyQ LQWHUQD R FDPELDU GH SXHVWR GH WUDEDMR R GH FDUJR 'XUDQWH HVWD
HQWUHYLVWDLQLFLDOPHQWHVHUHFDEDLQIRUPDFLyQDWUDYpVGHODHVFXFKDIXQGDPHQWDOPHQWHLQWHJUDOGH
OD SHUVRQD FDUDFWHUtVWLFDV QR VyOR IRUPDWLYDV R WpFQLFDV VLQR WDPELpQ SHUVRQDOHV DFHUFD GH VX
SHUVRQDOLGDG LQWHUHVHV QHFHVLGDGHV \ FDUDFWHUtVWLFDV +DFLHQGR XQ UHFRUULGR SRU OD WUD\HFWRULD
SURIHVLRQDO\SHUVRQDOGHOFDQGLGDWRVHDQDOL]DQDVSHFWRVWDQYDULDGRVFRPRODIRUPDFLyQDFDGpPLFD\
FRQRFLPLHQWRVWpFQLFRVGHOFDQGLGDWRDVtFRPRKDELOLGDGHV\DFWLWXGHVHVSHFtILFDVUHODFLRQDGDVFRQHO
SXHVWRGHWUDEDMRRIHUWDGR(OHQWUHYLVWDGRUWUDWDUiGHFRQRFHUWDPELpQODVFRPSHWHQFLDVFRQGXFWXDOHV
GHOFDQGLGDWRSDUDHVHSXHVWRGHWUDEDMRVXVLQTXLHWXGHVREMHWLYRV\PRWLYDFLyQ(QHVWHSURFHVRGH
VHOHFFLyQHOHQWUHYLVWDGRUVHGHFDQWDUiHQIXQFLyQGHOFXUULFXOXPYLWDH\GHODDFWLWXG\DSWLWXGGHO
HQWUHYLVWDGR SRU XQ FDQGLGDWR X RWUR 3RU WRGR HOOR HV PX\ LPSRUWDQWH FUHDU XQ FOLPD ySWLPR GH
GLiORJRFRQHOILQGHTXHH[LVWDXQSURFHVRGHFRPXQLFDFLyQLQWHUSHUVRQDOGHFRQILDQ]D\HILFD]
3DUDHOHQWUHYLVWDGRHVIXQGDPHQWDOKDFHUXQEXHQXVRGHODFRPXQLFDFLyQRUDO\QRYHUEDO\DTXHOD
RSLQLyQTXHVHIRUPHHOHQWUHYLVWDGRUGHpOGHSHQGHHQJUDQPHGLGDGHpVWD
2%-(7,926
(O REMHWLYR GHO SUHVHQWH WUDEDMR HV HYLGHQFLDU ORV EHQHILFLRV \ ODV YHQWDMDV REWHQLGDV FRQ OD
SUHSDUDFLyQ VLPXODFLyQ \ HYDOXDFLyQ GH OD HQWUHYLVWD ODERUDO R GH VHOHFFLyQ XQD GH XQD GH ODV
SUiFWLFDVTXHUHDOL]DQORVDOXPQRVPDWULFXODGRVHQOD$VLJQDWXUDGH³(VWUDWHJLDVSDUDODLQFRUSRUDFLyQ
DO 0XQGR 3URIHVLRQDO´ $ WUDYpV GH OD HQWUHYLVWD HO DOXPQR VH DFHUFD D OD UHDOLGDG TXH OH HVSHUD HQ
EUHYH HV GHFLU DO HQIUHQWDPLHQWR \ VXSHUDFLyQ FRQ p[LWR GH XQD HQWUHYLVWD ODERUDO UHDO HQ FXDOTXLHU
HPSUHVD$GHPiVDWUDYpVGHODHQWUHYLVWDHODOXPQRHQWUHQD\GHVDUUROODXQDVHULHGHFRPSHWHQFLDV
WUDQVYHUVDOHV PX\ LPSRUWDQWHV WDOHV FRPR ODV KDELOLGDGHV FRPXQLFDWLYDV WDQWR OD RUDO FRPR OD QR
YHUEDOVXFDSDFLGDGGHFRPXQLFDFLyQLQWHUSHUVRQDOHLQLFLDWLYDDXWRFRQWURO\PRWLYDFLyQSHUVRQDOHV
FODYHVSDUDHOp[LWRHQFXDOTXLHUSURIHVLyQ
/DILQDOLGDGGHODDVLJQDWXUDGH³(VWUDWHJLDVSDUDOD,QFRUSRUDFLyQDO0XQGRSURIHVLRQDO´HVD\XGDUD
FXDOTXLHU DOXPQR VLQ H[SHULHQFLD ODERUDO SUHYLD \ PDWULFXODGR HQ HO VHJXQGR FLFOR GH FXDOTXLHU
WLWXODFLyQ RIHUWDGDHQ OD8QLYHUVLGDG (XURSHD GH0DGULG TXH WHQJD ODPLWDG GHORVFUpGLWRV OHFWLYRV
VXSHUDGRVTXHHVWpEXVFDQGRXQDSUiFWLFDSURIHVLRQDORELHQVXSULPHUHPSOHR\TXHGHVHHDGTXLULU
ODVKHUUDPLHQWDVQHFHVDULDVSDUDSRGHURSWDUDOPHUFDGRODERUDOHQODVPHMRUHVFRQGLFLRQHVSRVLEOHV
DGHPiVGHFRQRFHUFRQPD\RUSURIXQGLGDGODVSHFXOLDULGDGHVGHGLFKRPHUFDGRVXVSRVLELOLGDGHV\
VDOLGDV SURIHVLRQDOHV \ WDPELpQ GHVDUUROODU FRPSHWHQFLDV SURIHVLRQDOHV DVRFLDGDV D VX SHUILO
DFDGpPLFR&RQFUHWDPHQWH
/RV2EMHWLYRVIRUPDWLYRVHVSHFtILFRVGHODDVLJQDWXUDVRQ
$\XGDUDODOXPQRDGHILQLUVXSUR\HFWRSURIHVLRQDO
3URSRUFLRQDU ORV FRQRFLPLHQWRV IXQGDPHQWDOHV VREUH ORV GLYHUVRV SURFHGLPLHQWRV TXH
H[LVWHQSDUDEXVFDUHPSOHRGHPDQHUDHIHFWLYDDVtFRPRODVIXHQWHVGHLQIRUPDFLyQODERUDO
PiVUHOHYDQWH
&RQVHJXLU KDELOLGDGHV \ GHVWUH]DV QHFHVDULDV SDUD RSWLPL]DU HO DFFHVR DO PXQGR ODERUDO
PHGLDQWHHOHQWUHQDPLHQWRHQWpFQLFDVGHE~VTXHGDGHHPSOHR
'(6&5,3&,Ï1'(/75$%$-2
/DSUiFWLFDGHODHQWUHYLVWDODERUDOHVWiFRQFHELGDFRPRXQDSDUWHLPSRUWDQWHGHODHYDOXDFLyQGHORV
DOXPQRVGHVHJXQGRFLFORGHOD8QLYHUVLGDG(XURSHDGH0DGULGTXHVHPDWULFXODQHQODDVLJQDWXUDGH
/LEUH (OHFFLyQ GHQRPLQDGD ³(VWUDWHJLDV SDUD OD LQFRUSRUDFLyQ DO 0XQGR 3URIHVLRQDO´ 'LFKD
DVLJQDWXUDVHRIHUWDWDQWRHQHOSULPHUFRPRHQHOVHJXQGRVHPHVWUHGHFDGDFXUVRDFDGpPLFR\WLHQHQ
DFFHVR D HOOD WRGRV ORV DOXPQRV PDWULFXODGRV HQ OD XQLYHUVLGDG TXH KD\DQ VXSHUDGR HO GH ORV
FUpGLWRV OHFWLYRV GH VX WLWXODFLyQ 7DO \ FRPR VH HVSHFLILFD HQ HO SURJUDPD GH OD DVLJQDWXUD TXH VH
IDFLOLWDDORVDOXPQRV
/DV&RPSHWHQFLDV*HQpULFDVTXHGHVDUUROODQFRQODDVLJQDWXUDVRQ
&RPXQLFDFLyQ
7UDEDMRHQ(TXLSR
%~VTXHGDGH,QIRUPDFLyQ
/DV&RPSHWHQFLDVHVSHFtILFDVTXHGHVDUUROODQ
5HVSRQVDELOLGDG
$XWRQRPtD
7RPDGHGHFLVLRQHV
,QLFLDWLYD
/DV&RPSHWHQFLDVHVSHFtILFDVDVRFLDGDVTXHVHGHVDUUROODQFRQODSUiFWLFDGHODHQWUHYLVWDODERUDO
+DELOLGDGHV FRPXQLFDWLYDV FRPXQLFDFLyQ RUDO QR YHUEDO \ OD FRPXQLFDFLyQ LQWHUSHUVRQDO
HILFD]
(QORTXHUHVSHFWDDOD0HWRGRORJtDHPSOHDGDHQODDVLJQDWXUD
'XUDQWHHOFXVRXWLOL]DPRVGLIHUHQWHVDFWLYLGDGHVIRUPDWLYDVEDViQGRQRVHQODTXHPHMRUVHDGHFXDD
ODLPSDUWLFLyQGHOWHPDULRFRUUHVSRQGLHQWH
OHFFLyQPDJLVWUDO
7UDEDMRFRRSHUDWLYR
DSUHQGL]DMHGLDOyJLFR
'LQiPLFDVGHJUXSR\5ROH3OD\
'HEDWHVVREUHWHPDVUHODFLRQDGRVFRQODLQVHUFLyQODERUDO\ODDFWXDOVLWXDFLyQGHOPHUFDGR
GHWUDEDMR
7UDEDMRVLQGLYLGXDOHV
&RHYDOXDFLyQGHODOXPQRSRUSDUWHGHVXVFRPSDxHURVFRQFUHWDPHQWHHQODHQWUHYLVWD\HQ
ODH[SRVLFLyQRUDOGHVXFXUULFXOXPYLWDH
(YDOXDFLyQGHODDVLJQDWXUD
/DFRQYRFDWRULDRUGLQDULDFRQVLVWHHQXQDHYDOXDFLyQFRQWLQXDGHOWUDEDMRUHDOL]DGRSRUHODOXPQRD
OR ODUJR GH OD DVLJQDWXUD VH YDORUD GH IRUPD HVSHFLDO OD SDUWLFLSDFLyQ HQ FODVH OD DVLVWHQFLD D ODV
VHVLRQHV SUHVHQFLDOHV \ D ODV FKDUODV X FRQIHUHQFLDV TXH VH SURSRQGUiQ D OR ODUJR GHO FXUVR
SDUWLFLSDFLyQHQODVSUiFWLFDV\WDUHDVSURSXHVWDVFDOLGDGGHOWUDEDMRSHUVRQDO\HQJUXSR
(VSHFtILFDPHQWHSDUDODHYDOXDFLyQGHODOXPQRHVREOLJDWRULR
• 6XDVLVWHQFLDDXQGHODVFODVHVSDUWLFLSDFLyQ\FRODERUDFLyQHQHODXODORFXDO
VXSRQHXQGHVXFDOLILFDFLyQILQDO
• /DHQWUHJDGHODFDUSHWDGHDSUHQGL]DMHLQGLYLGXDOTXHFRQWHQJDWRGDVODVSUiFWLFDV\
WUDEDMRV UHDOL]DGRV HQ FDGD FODVH \ H[SXHVWRV HQ HO FDPSXV YLUWXDO WRGRV HOORV
LQFOX\HQGRXQDODUHIOH[LyQSHUVRQDOGHODFDOLILFDFLyQILQDO
• (ODERUDFLyQ\H[SRVLFLyQRUDOGHVXFXUULFXOXPYLWDHGHODFDOLILFDFLyQILQDO
• /DUHDOL]DFLyQ\H[SRVLFLyQRUDOGHODVLPXODFLyQGHXQDHQWUHYLVWDGHVHOHFFLyQOR
FXDOFRQVWLWX\HXQGHODFDOLILFDFLyQILQDO
• $VLVWHQFLDREOLJDWRULDHQFRQIHUHQFLDVVLODVKXELHUD
(QORTXHUHVSHFWDDORVFRQWHQLGRV\PDWHULDOWHyULFRTXHVHSRQHDGLVSRVLFLyQGHORVDOXPQRVSDUD
ODSODQLILFDFLyQSUHSDUDFLyQUHDOL]DFLyQ\HYDOXDFLyQGHODHQWUHYLVWDODERUDOSRUSDUHMDV
/RVDOXPQRVVRQLQIRUPDGRVHQFODVH\DWUDYpVGHOFDPSXVYLUWXDOGHORTXHFRQVWLWX\HODSUiFWLFD\
HYDOXDFLyQ GH ODHQWUHYLVWD ODERUDODVtFRPR GH OD SODQLILFDFLyQ FRQFUHWD\ WLHPSRV GH UHDOL]DFLyQ\
HYDOXDFLyQGHODPLVPDDWUDYpVGHHVWHGRFXPHQWRRSODQGHWUDEDMRHOFXDOVHOHVFRPXQLFDFRQXQ
SDUGHVHPDQDVGHDQWHODFLyQDODFHOHEUDFLyQGHODVHQWUHYLVWDV5HVHUYDPRVGRVRWUHVGtDVGHFODVH
SDUDODUHDOL]DFLyQGHpVWDV
7(0$±/$(175(9,67$'(6(/(&&,Ï1
3/$1'(75$%$-2'Ë$'(0$<2
(MHUFLFLR³3XQWRVGpELOHV´5HFRQYHUVLyQHQSRVLWLYRV
(QWUHJDGHGRFXPHQWDFLyQ\PDWHULDODORVDOXPQRVVREUH³/DHQWUHYLVWDODERUDOORTXH
TXLHUHQRLU´SDUDVXSUHSDUDFLyQ\³5HFRPHQGDFLRQHVSDUDVXSHUDUFRQp[LWRXQDHQWUHYLVWD´
)RUPDFLyQ \ DVLJQDFLyQ GH SDUHMDV SDUD WUDEDMDU GXUDQWH OD VHPDQD HO UROHSOD\ GH
HQWUHYLVWD
(QWUHJD GH GRFXPHQWDFLyQ ³3UHJXQWDV PiV IUHFXHQWHV´ \ ³3UHJXQWDV HQ OD HQWUHYLVWD GH
LQFLGHQWHVFUtWLFRV´
• /DV SDUHMDV HQVD\DUiQ GXUDQWH OD VHPDQD XQD HQWUHYLVWD ODERUDO GXUDFLyQ DSUR[LPDGD PLQXWRVTXHVHUHSUHVHQWDUiHQODSUy[LPDFODVH
5HDOL]DFLyQ\H[SRVLFLyQS~EOLFDSRUSDUHMDVGHODSUiFWLFD³&yPRVXSHUDUXQDHQWUHYLVWD
GHVHOHFFLyQGHSHUVRQDO´
$VSHFWRVDWHQHUHQFXHQWD\TXHFRQVWLWX\HQODHYDOXDFLyQGHODHQWUHYLVWD
• 5HSDUWRGHUROHVHQWUHYLVWDGRU\HQWUHYLVWDGR
• (O&9GHOHQWUHYLVWDGR
• (O JXLyQ \ FRQWHQLGR GH OD HQWUHYLVWD VHOHFFLyQ GH SUHJXQWDV TXH VH YDQ D KDFHU DO
FDQGLGDWRHQIXQFLyQGHORTXHTXHUHPRVFRQRFHURDYHULJXDUGHOHQWUHYLVWDGR
• /DVIDVHVGHODHQWUHYLVWDDFRJLGDGHVDUUROORFLHUUH\GHVSHGLGD
• 5HVSXHVWDVGHOHQWUHYLVWDGRFRQWHQLGR
• 'HVDUUROORFRPSHWHQFLDO
+DELOLGDGHV&RPXQLFDWLYDVGHOHQWUHYLVWDGRU\HQWUHYLVWDGR
DFRPXQLFDFLyQRUDO
E&RPXQLFDFLyQQRYHUEDO
F&RPXQLFDFLyQLQWHUSHUVRQDOHILFD]
3/$1'(75$%$-2'Ë$6\'(0$<2'(
5ROHSOD\ ³/D HQWUHYLVWD GH VHOHFFLyQ´ 6H HVFHQLILFDUiQ ODV VLPXODFLRQHV HQVD\DGDV
GXUDQWHODVHPDQDSRUODVSDUHMDV(ORUGHQVHUiDOHDWRULR'XUDQWHODUHSUHVHQWDFLyQHOUHVWR
GHODFODVHYDORUDUiXQDVHULHGHDVSHFWRVUHODFLRQDGRVFRQODVKDELOLGDGHVGHFRPXQLFDFLyQ
RUDO\QRYHUEDO\ORVFRQWHQLGRVGHOGLVFXUVRTXHVHUYLUiQSDUDODHYDOXDFLyQGHORVDOXPQRV
&RHYDOXDFLyQ
(9$/8$&,Ï1
/DUHDOL]DFLyQGHHVWDSUiFWLFDVXSRQGUiHOGHODFDOLILFDFLyQILQDOGHODDVLJQDWXUD3DUD
ODHYDOXDFLyQGHODHQWUHYLVWDODERUDORGHVHOHFFLyQVHWLHQHHQFXHQWDXQDVHULHGHPDWHULDOHV
GLGiFWLFRV TXH VH HQWUHJDQ D ORV DOXPQRV SDUD OD SUHSDUDFLyQ GH HVWD DFWLYLGDG \ TXH
EiVLFDPHQWH FRQVWLWX\HQ ORV GLVFXUVRV R FRQWHQLGRV GHO DOXPQR TXH KDFH HO URO GH
HQWUHYLVWDGRU\GHODOXPQRTXHKDFHHOGHOHQWUHYLVWDGR\DVXVKDELOLGDGHVFRPXQLFDWLYDV\
VRFLDOHVTXHVRQHYDOXDGDVWDQWRSRUHOSURIHVRUFRPRSRUVXVFRPSDxHURVFRHYDOXDFLyQDO
ILQDOL]DUODDFWLYLGDG
/RVPDWHULDOHVGLGiFWLFRVDORVTXHDOXGHHOSODQGHWUDEDMRGHODSUiFWLFDGHODHQWUHYLVWDODERUDO\
TXH D\XGDQ DO DOXPQR D SUHSDUDU \ VXSHUDU GLFKD SUiFWLFD FRQ p[LWR \ GH ORV FXDOHV DGHPiV QRV
VHUYLPRV SDUDHYDOXDUOD SDUWH FRQFHUQLHQWHDO GLVFXUVR RFRQWHQLGRXWLOL]DGR HO GtDGH ODH[SRVLFLyQ
SRUORVDOXPQRVVRQORVVLJXLHQWHV
$ (MHUFLFLR³3XQWRVGpELOHV´
% ³/DHQWUHYLVWDODERUDOORTXHTXLHUHQRLU´
& ³3UHJXQWDVPiVIUHFXHQWHV´
' ³3UHJXQWDVHQODHQWUHYLVWDGHLQFLGHQWHVFUtWLFRV´RHQWUHYLVWDSRUFRPSHWHQFLDV
( ³5HFRPHQGDFLRQHVSDUDVXSHUDUFRQp[LWRODHQWUHYLVWD´
&UX]$\$EDQDGHV0$SXQWHV
$ (MHUFLFLR³3XQWRVGpELOHV´
(VWH HMHUFLFLR IRUPD SDUWH GH OD FDUSHWD GH DSUHQGL]DMH GHO DOXPQR \ HV GH JUDQ XWLOLGDG SDUD pO HQ
YDULRVDVSHFWRVOHVLUYHSDUDDXPHQWDUVXDXWRFRQRFLPLHQWR\SRWHQFLDUVXDXWRFRQWURO\DXWRHVWLPDHQ
XQ PRPHQWR WDQ GHOLFDGR GH OD HQWUHYLVWD TXH HV FXDQGR HO HQWUHYLVWDGRU SUHJXQWD SRU DVSHFWRV
QHJDWLYRVRGpELOHVUHODFLRQDGRVFRQODVFRPSHWHQFLDVDFWLWXG\SHUVRQDOLGDGGHOHQWUHYLVWDGR
(-(5&,&,2/26381726'e%,/(6
8QDSUHJXQWDTXHVLHPSUHRFDVLVLHPSUHWHKDUiQHQXQDHQWUHYLVWDGHWUDEDMRHV¢&XiOHVVRQVXV
SXQWRVGpELOHV"
(VHVHQFLDOWHQHUKDELOLGDGHQFRQWHVWDUDHVWHWLSRGHSUHJXQWDVGXUDQWHODVHQWUHYLVWDVSXHVWRTXHVH
WUDWDGHXQDVHULHGHIDFWRUHVGHWHUPLQDQWHVDODKRUDGHFRQVHJXLUHOHPSOHR
$QWH HVWD SUHJXQWD GHEHV UHIOH[LRQDU XQRV LQVWDQWHV QR LPSRUWD TXH KDJDV XQ VLOHQFLR DOJR
SURORQJDGR/XHJRH[SUpVDWHGHIRUPDVLQFHUD\EUHYH\DOWHUPLQDUWXH[SRVLFLyQPXpVWUDWHGLVSXHVWR
DSURVHJXLUFRQODHQWUHYLVWD
(V LPSRUWDQWH SUHSDUDU HVWH WLSR GH SUHJXQWDV DQWHV GH OD HQWUHYLVWD \D TXH QR KD\ TXH XWLOL]DU
DILUPDFLRQHVQHJDWLYDVVLQRUHFRQVWUXLUODVHQSRVLWLYRSRUHMHPSOR
$VSHFWRQHJDWLYR6R\XQDSHUVRQDPX\WHVWDUXGD
0RVWUDGRFRPRSRVLWLYR/RTXHLQLFLRWUDWRGHFRQVHJXLUORDWRGDFRVWD\PHJXVWDDFDEDU
WRGRORTXHHPSLH]R
(-(5&,&,25HIRUPXODGHWXVSXQWRVGpELOHVGHIRUPDSRVLWLYD
38172'e%,/
)2508/$&,Ï1326,7,9$
6L TXLHUHV FRQWHVWDU FRQ p[LWR D ODV SUHJXQWDV VREUH VXV SXQWRV GpELOHV GHEHV WHQHU HQ FXHQWD OR
VLJXLHQWH
1R H[LVWH QLQJXQD OH\ TXH OH REOLJXH D GHFLU WRGR VREUH WL D FRQWDU WXV VHFUHWRV tQWLPRV R
SXQWRVGpELOHV
1R PHQFLRQHV MDPiV GHILFLHQFLDV HQ FXDQWR D KiELWRV ODERUDOHV HVWLOR SHUVRQDOLGDG
HPRFLRQHVKLVWRULDVRIDOWDGHFRQRFLPLHQWRVLPSRUWDQWHVSDUDHVWHHPSOHR
1RGXGHVHQKDEODUPiVELHQGHODVIDOWDVQRUPDOHV\REYLDVTXHFXDOTXLHUSHUVRQDWHQGUtDDO
HPSH]DU HQ XQ QXHYR HPSOHR WDOHV FRPR WHQHU TXH IDPLOLDUL]DUVH PiV FRQ XQD OtQHD GH
SURGXFWRV DSUHQGHU DFRQRFHU PHMRU ODV SROtWLFDV\SURFHGLPLHQWRVHQYLJRU HQ OD HPSUHVDR
WHQHUTXHIDPLOLDUL]DUVHFRQQXHYDVSHUVRQDV
% ³/DHQWUHYLVWDODERUDOORTXHTXLHUHQRLU´
/$ (175(9,67$ '( 6(/(&&,Ï1 /2 48( 48,(5(1 2Ë5 /26
(175(9,67$'25(6&8$1'235(*817$1
&RQVHJXLUXQWUDEDMRHVWRGRXQUHWRHQWLHPSRVGHFULVLV/DSULPHUDLPSUHVLyQHVGHFLVLYDD
OD KRUD GH TXH XQDVSLUDQWH VHDHYDOXDGR $XQTXH QXQFD KD\ TXHPHQWLU H[LVWHQ SUHJXQWDV
PX\IUHFXHQWHVDQWHODVTXHKD\TXHHVWDUSUHSDUDGR
(QFDVRGHKDEHUUHDOL]DGRRWUDFDUUHUD¢FXiOKXELHUDVLGRODHOHJLGD"
$QWH HVWD SUHJXQWD HV SRVLEOH H[SOD\DUVH \ KDEODU FRQ SOHQD OLEHUWDG 1R KD\ TXH WHPHU HO
FRPHWHUQLQJXQDLQFRUUHFFLyQDOGHFLUTXHKXELHUDJXVWDGRKDFHUDOJRTXHQRWLHQHTXHYHU
FRQ OR TXH VH KD HVWXGLDGR (VR GHPXHVWUD VHU XQD SHUVRQD LQTXLHWD \ DPELFLRVD
¢+DUHDOL]DGRSUiFWLFDVHQDOJXQDHPSUHVD"
/R LGHDO VHUtD UHVSRQGHU TXH Vt (Q FDVR FRQWUDULR OR PHMRU HV GHFLU OD YHUGDG DXQTXH
DILUPDQGRTXHHOGHVHRHVSRQHUVHDWUDEDMDUFXDQWRDQWHV
¢&yPRGHVFULEHHOSXHVWRLGHDO"
3DUD UHVSRQGHU ELHQ D HVWD SUHJXQWD HV LPSRUWDQWH DFXPXODU SUHYLDPHQWH FRQRFLPLHQWRV
VREUH ODV DFWLYLGDGHV GH OD HPSUHVD &RQYLHQH GHPRVWUDU DPELFLyQ SHUR QR VROLFLWDU XQ
WUDEDMRTXHHVWpFODUDPHQWHSRUHQFLPDGHODVSRVLELOLGDGHVSURSLDV
¢3RUTXpGHVHDFDPELDUGHWUDEDMR"
(Q HO FDVR GH UHFLELU DOJXQD SUHJXQWD VREUH TXp SDVy FRQ HO WUDEDMR DQWHULRU VL VH KD VLGR
GHVSHGLGR QR FRQYLHQH GHFLUOR GLUHFWDPHQWH (V PHMRU UHODWLYL]DUOR FRPHQWDQGR GLIHUHQFLDV
GHFULWHULRFRQHODQWHULRUVXSHULRU$ODVHPSUHVDVQROHVJXVWDHQWHUDUVHTXHVXVFDQGLGDWRV
KDQVLGRGHVHFKDGRVSRURWUDV
¢&yPRVHYHHQXQIXWXURHQODHPSUHVD"
1R VH SXHGH GHFLU TXH FRQ XQ SRFR GH VXHUWH GHVDUUROODQGR HO WUDEDMR TXH OH HVWiQ
RIUHFLHQGR&RQYLHQHKDFHUYHUTXHJUDFLDVDOHPSHxRTXHVHYDDSRQHUMXQWRDODFDSDFLGDG
GH WUDEDMR VH FRQItD HQ KDEHU SURJUHVDGR GHQWUR GH OD SURSLD HPSUHVD
¢6HFRQVLGHUDLQWHOLJHQWH"
/DVLGHDVIRUPDVGHFRPSRUWDUVH\SHUVRQDOLGDGWDPELpQLQWHUHVDQDODVHPSUHVDV(QHVWH
VHQWLGRXQDSUHJXQWDFOiVLFDHVODGHVLHOHQWUHYLVWDGRVHFRQVLGHUDXQDSHUVRQDLQWHOLJHQWH
(VODWtSLFDFXHVWLyQTXHVHKDFHSDUDSLOODUDOFDQGLGDWR1XQFDKD\TXHUHVSRQGHUTXHQR
7RGRHOPXQGRGHEHFRQVLGHUDUVHLQWHOLJHQWHSHURVHGHEHDUJXPHQWDUODUHVSXHVWD
¢/HJXVWDWHQHUUD]yQ"
1R HV HQ DEVROXWR UHFRPHQGDEOH UHVSRQGHU TXH VLHPSUH VH WLHQH UD]yQ (V PHMRU FRQWHVWDU
TXH VH SUHILHUH WHQHU UD]yQ SHUR VL KD\ RWUDV SHUVRQDV TXH GHPXHVWUHQ OR FRQWUDULR VH
DFHSWDUDVLQSUREOHPDV
¢3LGHFRQVHMRDPHQXGR"
(VWD SUHJXQWD HV PX\ KDELWXDO 8QD EXHQD UHVSXHVWD SXHGH VHU TXH VH SUHILHUH WRPDU
GHFLVLRQHVSURSLDVDXQTXHWDPELpQHVHVWiDELHUWRDRWUDVUHFRPHQGDFLRQHV1XQFDKD\TXH
GHQRWDUDXWRVXILFLHQFLD\UHFKD]DUODD\XGDGHORVGHPiV
¢$TXpGHGLFDVXWLHPSROLEUH"
(O RFLR \ OD VDOXG WDPELpQ VRQ GRV WHPDV TXH LQWHUHVDQ DO HQWUHYLVWDGRU $ OD HPSUHVD OH
LQWHUHVDVDEHUHQTXpHPSOHDHOWLHPSROLEUH6REUHHVWHWHPDVHSXHGHGHFLUWRGRORTXHVH
TXLHUD 3HUR VL VH SUDFWLFD D PHQXGR GHSRUWHV GH ULHVJR HV PHMRU QR FRQWDUOR \D TXH HO
HQWUHYLVWDGRU SXHGH LPDJLQDU TXH FXDOTXLHU GtD SXHGH RFXUULU XQ DFFLGHQWH 3RU RWUR ODGR
WDPSRFRFRQYLHQHGHFLUTXHORVILQHVGHVHPDQDVHGHGLFDQDYHUODWHOHYLVLyQHQHOVLOOyQGH
FDVD(VWRRIUHFHXQDYLVLyQPX\SREUH
¢7LHQHSUREOHPDVGHVDOXG"
(Q OD SUHJXQWD UHIHULGD D OD VDOXG VLHPSUH KD\ TXH GHFLU FRPR HQ RWUDV OD YHUGDG /D
IUDQTXH]DLQGLFDFyPRHVXQDSHUVRQD$XQTXHORLGHDOHVGHFLUTXHQRVHWLHQHHQDEVROXWR
QLQJ~QSUREOHPDGHVDOXG
([SHGLHQWHDFDGpPLFR
3DUD PXFKDV HPSUHVDV OD IRUPDFLyQ DFDGpPLFD HV XQ SXQWR FODYH HQ ODV HQWUHYLVWDV GH
WUDEDMR $XQTXH ODV QRWDV TXH VH KD\DQ REWHQLGR GXUDQWH OD FDUUHUD QR VXHOHQ VHU
GHWHUPLQDQWHVSXHVVXHOHLPSRUWDUPiVODH[SHULHQFLDSURIHVLRQDOVLHPSUHVHSUHJXQWDVREUH
HOODV 1XQFD KD\ TXH PHQWLU D OD HPSUHVD VREUH ODV FDOLILFDFLRQHV REWHQLGDV (V DOWDPHQWH
SUREDEOHTXHODHPSUHVDVHKD\DLQIRUPDGRSUHYLDPHQWHVREUHHOH[SHGLHQWHDFDGpPLFR(O
HQWUHYLVWDGRTXHGDUiHQHYLGHQFLDHQFDVRGHPHQWLU
& ³3UHJXQWDVPiVIUHFXHQWHV´
¢&8È/(6621/$635(*817$60È6)5(&8(17(6"
(O REMHWLYR GH HVWD VHFFLyQ QR HV LQGLFDU FXDOHV VRQ ODV PHMRUHV UHVSXHVWDV D ODV SUHJXQWDV PiV
KDELWXDOHV VLQR GDU HMHPSORV SDUD OD IDVH GH SUHSDUDFLyQ GH OD HQWUHYLVWD 1R H[LVWHQ UHVSXHVWDV
PiJLFDVSHUIHFWDV
)RUPDFLyQDFDGpPLFD
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
¢&XiOHVKDQVLGRODVDVLJQDWXUDVHQODVTXHKDVREWHQLGRPHMRUHVUHVXOWDGRV"
¢/DVTXHPiVWHJXVWDURQ"
¢&XiOKDVLGRWXUHDFFLyQDQWHORVSURIHVRUHV"
¢&XiOKDVLGRWXPHGLDGHH[SHGLHQWH"
¢$TXHDWULEX\HVHVWRVUHVXOWDGRV"
¢(VWDVVDWLVIHFKRGHORVUHVXOWDGRVREWHQLGRV"
¢3RUTXpHOHJLVWHHVHFHQWURGHHVWXGLRV"
¢4XpWHPRWLYyDHOHJLUHVRVHVWXGLRV"
¢&XiOHVKDQVLGRORVSULQFLSDOHVORJURV\GLILFXOWDGHVGHWXIRUPDFLyQ"
¢&yPRWHFRVWHDVWHORVHVWXGLRV"
¢4XpKDFtDVHQHOWLHPSROLEUHTXHWHGHMDEDQORVHVWXGLRV"
¢'yQGHHVWXGLDVWHHOLQJOpVTXHVDEHV"
¢&yPRHVWXGLDEDV"¢TXpVLVWHPDVHJXtDV"
¢3LHQVDVVHJXLUHVWXGLDQGR"¢(QTXHiUHDV"
([SHULHQFLDSURIHVLRQDO
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
¢&yPRHQWUDVWHHQODVDQWHULRUHVHPSUHVDV"
¢4XpFDUJRVRFXSDVWH\TXHDFWLYLGDGHVUHDOL]DVWH"
¢4XpWHDJUDGyPiVGHOWUDEDMR"
¢3RUTXpORVGHMDVWH"
¢4XpRSLQLyQFUHHVTXHWHQtDQWXVFRPSDxHURVGHWL"
¢&yPRSUHILHUHVWUDEDMDU"
¢&XiOHVKDQVLGRORVp[LWRVPiVLPSRUWDQWHVGHWXWUDEDMR"
¢4XHUHFXHUGDVGHWXSULPHUSXHVWR"
¢4XpYHQWDMDVWHRIUHFHHOSXHVWRVROLFLWDGR"
¢4XpSUREOHPDVWXYLVWHHQWXVDQWHULRUHVHPSOHRV\FRPRORVVROXFLRQDVWH"
'HVFULEHDWXMHIHFRPSDxHURVXERUGLQDGRLGHDO
¢&XiOHVWXREMHWLYRSURIHVLRQDO"
¢3LHQVDVTXHHOSXHVWRGHWUDEDMRWLHQHLPSRUWDQFLDVRFLDO"
¢3RUTXpQRKDVWUDEDMDGRQXQFD"
¢(QTXpPRPHQWRGHPRVWUDVWHVHUPiVFUHDWLYR"
¢&XiO IXH OD VLWXDFLyQ PiV GHVDJUDGDEOH HQ OD TXH WH YLVWH LPSOLFDGR" ¢FyPR OH KLFLVWH
IUHQWH"
'HVFULEHXQGtDWtSLFRGHWXDQWHULRUDFWXDOWUDEDMR
&RPSRUWDPLHQWRHQHOWUDEDMR
• ¢&yPRWHJXVWDUtDWUDEDMDUVyORRHQHTXLSR"¢SRUTXp"
• /D~OWLPDYH]TXHWUDEDMDVWHHQJUXSR¢FXiOIXHWXDSRUWDFLyQ"¢FXiOIXHHOUHVXOWDGR"
• 6X MHIH VH KD HTXLYRFDGR HQ ODV FLIUDV GH XQ LQIRUPH ¢FyPR OH GLUtDV TXH WLHQH TXH
UHFWLILFDUORDQWHVGHTXHORSUHVHQWHDOD-XQWD'LUHFWLYD"
• 'HVFULEDDOPHMRUMHIHSURIHVRUTXHKD\DVWHQLGR\DOSHRU
• (QHVWH~OWLPRDxR¢TXpHVORTXHPiVWHKDSUHRFXSDGRHQWXWUDEDMRHVWXGLRV\TXpKDV
KHFKRSDUDPHMRUDUOR"
• &XpQWDPHTXpKDSDVDGROD~OWLPDYH]TXHKDVSHUGLGRODSDFLHQFLDFRQDOJXLHQ
• ¢&XiQGRKDVLGROD~OWLPDYH]TXHWHKDQIHOLFLWDGRSRUDOJRTXHKD\DVKHFKR\SRUTXp"
0RWLYDFLyQ
• ¢4XpWHDSRUWDHVWHHPSOHRTXHQRWHDSRUWHHODQWHULRUDFWXDO"
• ¢4XpEXVFDVHQHVWDHPSUHVD"
• ¢3RUTXpWHJXVWDUtDHVWHHPSOHR\QRRWUR"
• ¢3RUTXpFUHHVTXHWHYDDJXVWDUWUDEDMDUDTXt"
• ¢4XpHVSDUDWLXQDPELHQWHLGHDOGHWUDEDMR"
• ¢4XpPHWDVLQPHGLDWDV\DODUJRSOD]RWHKDVILMDGR"
• ¢&XiOHVVRQWXVSUHWHQVLRQHVHFRQyPLFDV"
$FWLYLGDGHVHLQWHUHVHVDFWXDOHV
•
•
•
•
•
¢4XpOHHVGHORVSHULyGLFRV"
¢4XHGHVHDVTXHQRKD\DVORJUDGRWRGDYtD"
¢4XpWHJXVWDKDFHUHQWXWLHPSROLEUH"
¢4XpWLSRGHDFWLYLGDGHVVRFLDOHVSUHILHUHV"
¢3HUWHQHFHVDDOJXQDDVRFLDFLyQ"
•
•
¢(QTXHDVSHFWRVGHWXSURIHVLyQGHVHDUtDVSURIXQGL]DU"
¢&XiOHVHO~OWLPROLEURTXHKDOHtGR"¢\SHOtFXOD"
3HUVRQDOLGDG
•
•
•
•
•
•
•
•
•
•
•
•
•
¢3RUTXpWHLQWHUHVDHVWHWUDEDMR"
¢4XpSXHGHVDSRUWDUDHVWHWUDEDMRVLQRWLHQHVH[SHULHQFLD"
¢&XiOHVVRQWXVOLPLWDFLRQHV"
¢4XpDVSHFWRVQHFHVLWDVPHMRUDU"
'HVFULEHORVSXQWRVIXHUWHV\ORVGpELOHVGHWXSHUVRQDOLGDG
¢4XpDSRUWDUtDVDODHPSUHVDVLWHFRQWUDWiUDPRV"
¢4XpWHGLIHUHQFLDGHOUHVWRGHORVFDQGLGDWRV"
¢&yPR UHDFFLRQDUtDV DQWH XQD VLWXDFLyQ GH SUHVLyQGHVSRWLVPRLQVXERUGLQDFLyQ
LQGLIHUHQFLDLQVHJXULGDG"
¢&yPRKDVLGRKDVWDDKRUDWXUHODFLyQFRQORVFRPSDxHURVGHWUDEDMR"
6LIXHUDVHOHQFDUJDGRGHHVWDVHOHFFLyQ¢TXpFXDOLGDGHVWHJXVWDUtDTXH\RWXYLHUD"
¢7HYHVFRPRXQOtGHURXQVHJXLGRU"¢SRUTXp"
¢&XiOHVODGHFLVLyQPiVLPSRUWDQWHTXHKDVWRPDGRKDVWDHOPRPHQWR"
¢'HTXpWHVLHQWHVPiVRUJXOORVRGHKDEHUFRQVHJXLGRHQWXYLGD"
'³3UHJXQWDVHQODHQWUHYLVWDGHLQFLGHQWHVFUtWLFRV´RHQWUHYLVWDSRUFRPSHWHQFLDV
35(*817$6 48( 6( 38('(1 )2508/$5 (1 81$ (175(9,67$ '(
,1&,'(17(6 &5Ë7,&26 $ -Ï9(1(6 352)(6,21$/(6 6,1 (;3(5,(1&,$
/$%25$/$OOHV0$
+HPRV VHOHFFLRQDGR FRPSHWHQFLDV HVSHFLDOPHQWH GHPDQGDGDV SRU ODV HPSUHVDV \
RUJDQL]DFLRQHV HQ OD DFWXDOLGDG \ GH ODV TXH GDPRV XQD EUHYH GHILQLFLyQ $ SDUWLU GH DKt
SODQWHDPRV SUHJXQWDV TXH SRGUtD IRUPXODU XQ HQWUHYLVWDGRU HQ XQD HQWUHYLVWD GH LQFLGHQWHV
FUtWLFRVTXHTXLVLHUDYDORUDUHOQLYHOGHGHVDUUROORGHFDGDXQDGHODVFRPSHWHQFLDV
,QLFLDWLYD
(MHFXWLYLGDGUiSLGDDQWHODVSHTXHxDVGLILFXOWDGHVRSUREOHPDVTXHVXUJHQHQHOGtDDGtDGH
OD DFWLYLGDG 6XSRQH UHVSRQGHU GH PDQHUD SURDFWLYD DQWH ODV GLILFXOWDGHV VLQ HVSHUDU D
HIHFWXDU WRGDV ODV FRQVXOWDV HYLWDQGR DVt HO DJUDYDPLHQWR GH SUREOHPDV GH LPSRUWDQFLD
PHQRU ,PSOLFD WDPELpQ OD FDSDFLGDG GH SURSRQHU PHMRUDV VLQ TXH KD\D XQ SUREOHPD
FRQFUHWRDUHVROYHU
• ¢4XpWXYLVWHHQFXHQWDDODKRUDGHHOHJLUXQLYHUVLGDG"
• ¢4XpDxRIXHHOPiVGLItFLO"¢3RUTXp"¢FyPRORVXSHUDVWH"
• ¢&XiOKDVLGRHOWUDEDMRRODDFWLYLGDGXQLYHUVLWDULDPiVLQWHUHVDQWHTXHKDVUHDOL]DGR"
¢SRUTXp"
• ¢&XiOHOPiVDEXUULGR"¢TXpKLFLVWHSDUDVXSHUDUHODEXUULPLHQWR"
• ¢&XiOHVVRQWXVREMHWLYRVSURIHVLRQDOHVLQPHGLDWRV"
• ¢4XpWLSRGHWUDEDMRWHJXVWDUtDFRQVHJXLUSDUDDOFDQ]DUORV"
• ¢4XpSODQHVRSDVRVKDVUHDOL]DGRSDUDFRQVHJXLUORV"
• ¢+DVUHFODPDGRDOJ~QH[DPHQ"¢SODQWHDGRDOJXQDTXHMDRILFLDOPHQWH"&XpQWDPHTXp
SDVyH[DFWDPHQWH
5HVSRQVDELOLGDG
$VRFLDGD DO FRPSURPLVR FRQ ODV WDUHDV HQFRPHQGDGDV SXHGH UHODFLRQDUVH FRQ HO JUDGR GH
GHGLFDFLyQ TXH HO FDQGLGDWR PDQWXYR GXUDQWH VX FDUUHUD XQLYHUVLWDULD VX GHVHPSHxR
DFDGpPLFR SXHGH VHU XQ LQGLFDGRU YDOLRVR 6L HO FDQGLGDWR SRVHH H[SHULHQFLD ODERUD HV XQ
IDFWRUDFRQVLGHUDUFRQWUDVWDGRFRQHOSURPHGLRXQLYHUVLWDULR\WRPDQGRHQFRQVLGHUDFLyQOD
VHULHGDGFRQODTXHDVXPLyHOWUDEDMR
• ¢(QFXiQWRWLHPSRUHDOL]DVWHODFDUUHUD"¢WUDEDMDEDVPLHQWUDVHVWXGLDEDV"
• ¢'HVDUUROODEDVDOJXQDDFWLYLGDGH[WUDFXUULFXODUHQODXQLYHUVLGDG"¢GHTXpWLSR"
• ¢$TXpWHGHGLFDEDVHQODVYDFDFLRQHV"
• ¢'HTXpWHVLHQWHVPiVRUJXOORVRGHKDEHUFRQVHJXLGRHQWXWUD\HFWRULDXQLYHUVLWDULD"
• 'HVFULEH HO PRPHQWR HQ HO TXH WH VHQWLVWH PiV HVWUHVDGR GXUDQWH WX FDUUHUD ¢TXp
KLFLVWH"¢FyPRORUHVROYLVWH"
• ¢+DVWHQLGRTXHDVLJQDUUHVSRQVDELOLGDGHVDDOJ~QFRPSDxHURHQXQJUXSRGHWUDEDMR"
¢FyPRORKLFLVWH"
• 'HVFULEH OD ~OWLPD YH] TXH WUDEDMDVWH HQ HTXLSR FyPR VH DVLJQDURQ ODV
UHVSRQVDELOLGDGHVGHODVWDUHDV
&DSDFLGDGGHDSUHQGL]DMH
(VWDFRPSHWHQFLDHVWiDVRFLDGDDODDVLPLODFLyQGHQXHYDLQIRUPDFLyQ\VXDSOLFDFLyQHILFD]
6H UHODFLRQD FRQ OD PRWLYDFLyQ SRU DSUHQGHU \ SRQHU HQ SUiFWLFD HO FRQRFLPLHQWR \ ODV
FRPSHWHQFLDVDSUHQGLGDV,QWHUHVDUVHSRUORVDYDQFHVGHODSURIHVLyQ\HOUHFLFODMHFRQWLQXR
SDUDHVWDUDOGtDFRPRSURIHVLRQDO
• +iEODPHGHDOJXQDVLWXDFLyQHQODTXHWXYLVWHTXHDSUHQGHUDOJRPX\UiSLGDPHQWH\
SRQHUORHQSUiFWLFDHQVHJXLGD¢TXpIXH"¢TXpSDVy"
• ¢4XpKDVDSUHQGLGRGHWXVGLILFXOWDGHVFRQODVDVLJQDWXUDV"
• 'HVFULEHDOJXQDVLWXDFLyQHQODTXHWHUHVXOWDUDFRPSOLFDGRDSUHQGHUDOJR
• ¢&yPRWHPDQWLHQHVLQIRUPDGRGHORVDYDQFHVGHWXSURIHVLyQ"
• ¢&XiOHV IXHURQ ORV SULQFLSDOHV SUREOHPDV TXH WXYLVWH HO SULPHU DxR GH XQLYHUVLGDG"
¢FyPRORVVROXFLRQDVWH"
• ¢(QTXpiUHDVGHWXSURIHVLyQQHFHVLWDUtDVGHVDUUROODUWHPiV"¢\TXpFRPSHWHQFLDV"
)OH[LELOLGDG
+DFHUHIHUHQFLDDODFDSDFLGDGGHPRGLILFDUODVSURSLDVDFFLRQHVSDUDDOFDQ]DUORVREMHWLYRV
GHVHDGRV FXDQGR VXUJHQ GLILFXOWDGHV QXHYRV GDWRV R FDPELRV HQ HO HQWRUQR 6H DVRFLD D OD
DGDSWDELOLGDG D GLVWLQWRV FRQWH[WRV VLWXDFLRQHV PHGLRV \ SHUVRQDV HQ IRUPD UiSLGD \
DGHFXDGD
• ¢+DVWHQLGRRSRUWXQLGDGGHHVWXGLDURWUDEDMDUHQHOH[WUDQMHURRIXHUDGHWXFLXGDG
GHRULJHQ"¢FyPRWHDGDSWDVWHDOFDPELR"
• +iEODPH GH DOJXQD VLWXDFLyQ HQ OD TXH WXYLHUDV TXH FDPELDU GH SODQHV SRU XQ
LPSUHYLVWRD~OWLPDKRUD¢TXpSDVy"
• 'HVFUtEHPH OD ~OWLPD YH] HQ OD TXH XQD SHUVRQD QR HQWHQGtD OR TXH TXHUtDV GHFLUOH
¢TXpKLFLVWH"
• ¢+DV WHQLGR TXH KDFHUWH FDUJR DOJXQD YH] GH DOJXQD WDUHD SDUD OD TXH QR HVWXYLHUDV
SUHSDUDGR"¢TXpIXH"¢TXpKLFLVWH"
• ¢&yPRWUDEDMDEDVODVGLIHUHQWHVDVLJQDWXUDV"
• &XpQWDPHOD~OWLPDYH]TXHDOJXLHQHQPHGLRGHXQDGLVFXVLyQKDGLFKRDOJRTXHWH
KDLQIOXLGRDFDPELDUGHGHFLVLyQ
7UDEDMRHQHTXLSR
(V OD KDELOLGDG SDUD SDUWLFLSDU DFWLYDPHQWH GH OD REWHQFLyQ GH XQD PHWD FRP~Q LQFOXVR
FXDQGR OD FRODERUDFLyQ FRQGXFH D XQD PHWD TXH QR HVWi GLUHFWDPHQWH UHODFLRQDGD FRQ HO
LQWHUpV SURSLR 6XSRQH OD IDFLOLGDG SDUD OD UHODFLyQ LQWHUSHUVRQDO \ OD FDSDFLGDG GH
FRPSUHQGHU OD UHSHUFXVLyQ GH ODV SURSLDV DFFLRQHV VREUH HO p[LWR GH ODV DFFLRQHV GH ORV
GHPiV
• &XpQWDPH DOJ~Q WUDEDMR R DFWLYLGDG TXH KD\DV WHQLGR TXH KDFHU HQ JUXSR HQ OD
XQLYHUVLGDG¢FXiOHUDHOUHVXOWDGRHVSHUDGR"¢FXiOIXHVXDSRUWHDODWDUHD"
• ¢3XHGHV UHFRUGDU DOJXQD RFDVLyQ HQ OD TXH KD\DV PRWLYDGR D DOJ~Q FRPSDxHUR D
FRQVHJXLUXQDPHWDGLItFLO"
• ¢&XiQGRULQGHVPiVHQJUXSRRLQGLYLGXDOPHQWH"3RQPHDOJ~QHMHPSOR
• ¢4XpDVSHFWRVYDORUDVPiVFXDQGRWUDEDMDVHQHTXLSR"¢\PHQRV"
• 'HVFULEHDOJXQDRFDVLyQHQODTXHWUDEDMDQGRHQJUXSRKD\DVFRQVHJXLGRXQREMHWLYR
LPSRUWDQWH
• ¢'HTXpDFWLWXGWHVLHQWHVPiVRUJXOORVRFXDQGRWUDEDMDVHQJUXSR"¢GHFXiOPHQRV"
(5HFRPHGDFLRQHVDORVDOXPQRVSDUDODUHDOL]DFLyQGHOD(QWUHYLVWD
3UHSDUDUODHQWUHYLVWDDQWHVGHDVLVWLUDHOODSRVLEOHVSUHJXQWDVTXHWHQpLVLQWHQFLyQGH
KDFHUDOHQWUHYLVWDGRU
3XQWXDOLGDG 6L QR SRGpLV OOHJDU D OD KRUD OODPDU SRU WHOpIRQR SDUD GLVFXOSDURV \
VROLFLWDUGHIRUPDFRUWpVXQDQXHYDHQWUHYLVWDGDQGRODVIDFLOLGDGHVTXHFRQVLGHUHV
QHFHVDULDV
&XLGDODSUHVHQFLDItVLFD
7UDWD DO HQWUHYLVWDGRU GH XVWHG HQ WRGR PRPHQWR FXDQGR RV LQYLWHQ D WXWHDUOH
DGDSWDURVDODQXHYDVLWXDFLyQ
0RVWUDUVHQWLGRFRP~Q
0RVWUDUVHSRVLWLYR\RSWLPLVWD
6RQUHtUFRQQDWXUDOLGDG
1RLQWHUUXPSLUDOVHOHFFLRQDGRUFXDQGRRVGLULMDODSDODEUD
1RGDUUHVSXHVWDVGHPDVLDGRODUJDV
0RVWUDULQWHUpV\DPDELOLGDG
1RGHVYLDUODPLUDGDGHOVHOHFFLRQDGRU
2SLQDUGHIRUPDSHUVRQDO
8WLOL]DUXQOHQJXDMHDGHFXDGR
&XLGDUHOOHQJXDMHQRYHUEDOPRYLPLHQWRGHPDQRVPLUDGDSRVLFLyQGHOFXHUSR
$ODKRUDGHUHVSRQGHUXQDSUHJXQWDVREUHWRGRVLHVGHOLFDGDHVFRQYHQLHQWHVHJXLU
XQDUHJOD
3SDXVDQRFRQWHVWHVDFLHJDV
3SLHQVDXQPRPHQWRDQWHVGHFRQWHVWDU
5UHVSRQGHGHVSXpVGHYDORUDUODSUHJXQWD
1R HV FRQYHQLHQWH FRQWHVWDU QL GDU LQIRUPDFLyQ VREUH WHPDV TXH QR KDQ VLGR
FRPHQWDGRVHQODHQWUHYLVWD\TXHQRFRQVLGHUpLVRSRUWXQRVLGHRORJtDSROtWLFD
7HQHUXQDRSLQLyQIDYRUDEOHGHWXVFRPSDxHURVGHIRUPDFLyQ\RWUDEDMR
1RHVUHFRPHQGDEOHVROLFLWDUXQDHYDOXDFLyQGHODIRUPDHQTXHKHPRVUHDOL]DGROD
HQWUHYLVWD
,QWHQWD QRIXPDU GXUDQWH OD HQWUHYLVWD DXQTXH QRUPDOPHQWH OR KDJDV VL OR RIUHFHQ
SXHGHV GHFLGLU HQ HVH PRPHQWR VL QR RV GDQ RSRUWXQLGDG \GHVHiLV PXFKR KDFHUOR
VROLFLWDUSHUPLVRSDUDHOOR
1R FUX]DU ORV EUD]RV \ ODV PDQRV SRU GHODQWH GH OD FDUD LPSLGLHQGR TXH VH SXHGDQ
HQWHQGHUFRQIDFLOLGDGODVUHVSXHVWDV
6HUKRQHVWRVQRLQWHQWpLVPHQWLURGDUXQDLPSUHVLyQGLVWLQWDGHYRVRWURVPLVPRV
7HQHU OD SUHFDXFLyQ GH GHMDU SDUD HO ILQDO DVSHFWRV UHODFLRQDGRV FRQ VXHOGRV
YDFDFLRQHVKRUDULRV
$JUDGHFHUDOVHOHFFLRQDGRUHOWLHPSRTXHRVKDGHGLFDGR
(Q FXDQWR D OD HYDOXDFLyQ GH ODV FRPSHWHQFLDV UHODFLRQDGDV FRQ ODV KDELOLGDGHV FRPXQLFDWLYDV
RUDOQRYHUEDOHLQWHUSHUVRQDOTXHVRQHYDOXDGDVWDQWRSRUHOSURIHVRUFRPRSRUVXVFRPSDxHURV
VHXWLOL]DQORVVLJXLHQWHVSDUiPHWURVHLQGLFDGRUHV
/RV LQGLFDGRUHV TXH QRV SHUPLWHQ HYDOXDU OD FRPXQLFDFLyQ LQWHUSHUVRQDO GHO DOXPQR GXUDQWH OD
HQWUHYLVWDVRQ
•
6DEHUHVFXFKDU
•
6DEHUH[SUHVDUODVLGHDVFRQFODULGDG
•
&RQYHQFHUFRQVXVSDODEUDV
•
6DEHUDQDOL]DUVLQWHWL]DU\GHVDUUROODUHOFRQWHQLGRGHODLQIRUPDFLyQ
•
6HUFDSD]GHUHYLVDU\RSWLPL]DUVXGLVFXUVRHQXQWLHPSRGHWHUPLQDGR
•
&DSDFLGDGGHHPSDWtD
3DUDOD&RPXQLFDFLyQRUDODODOXPQRVHOHHYDO~D
)OXLGH]
'LFFLyQ
3DXVDV
(QWRQDFLyQ
9ROXPHQ
9HORFLGDG5LWPR
5HWyULFD([SUHVLyQYHUEDO
<SDUDOD&RPXQLFDFLyQQRYHUEDOGHODOXPQRORVLQGLFDGRUHVGHHYDOXDFLyQVRQ
3RVWXUDFRUSRUDO
2ULHQWDFLyQ
*HVWRV
0RYLPLHQWRV
([SUHVLyQIDFLDO
&RQWDFWRYLVXDO
$SDULHQFLD
1DWXUDOLGDG
5(68/7$'26<&21&/86,21(6
5HVXOWDGRVREWHQLGRVDWUDYpVGH
/DHODERUDFLyQGHJXLRQHVGHHQWUHYLVWDHODERUDGRVSRUDOJXQRVDOXPQRVHLQFOXLGRVHQVXFDUSHWD
GHDSUHQGL]DMH
(MHPSORVGH*XLRQHVGHHQWUHYLVWDUROHQWUHYLVWDGRUHODERUDGRVSRUDOXPQRV
&RHYDOXDFLyQ GH ORV FRPSDxHURV &RPHQWDULRV \ REVHUYDFLRQHV HQ FODVH QR JUDEDGDV GH ORV
FRPSDxHURV D OD SDUHMD TXH KD UHSUHVHQWDGR OD HQWUHYLVWD ODERUDO XWLOL]DQGR ORV LQGLFDGRUHV TXH
DFDEDPRV GH HQXPHUDU UHODWLYRV D ORV FRQWHQLGRV GH OD HQWUHYLVWD WLSR GH SUHJXQWDV IRUPXODGDV \
FyPRKDQVLGRFRQWHVWDGDVDVtFRPRRSLQLRQHVTXHKDFHQUHIHUHQFLDDODVKDELOLGDGHVFRPXQLFDWLYDV
GHVXVFRPSDxHURVRUDO\QRYHUEDO'HHVWHPRGRHODOXPQRSUDFWLFDGHVDUUROOD\SRQHDSUXHEDVX
FDSDFLGDG GH FUtWLFD FRQVWUXFWLYD ¢FyPR KDFHU FUtWLFDV" \ ¢FyPR DSUHQGHU D DFHSWDUODV" DPEDV
GHVWUH]DVIXQGDPHQWDOHV\QHFHVDULDVHQWRGRSURFHVRGHFRPXQLFDFLyQLQWHUSHUVRQDOHILFD]
/RV DOXPQRV UHFRQRFHQ TXH QR OHV UHVXOWD VHQFLOOR KDEODU GH ORV FRPSDxHURV \ UHFRQRFHQ TXH OD
FRHYDOXDFLyQHVXQDH[SHULHQFLDLQWHUHVDQWH8QDYH]TXHVHKDQ³DWUHYLGR´OHVKDJXVWDGR\UHSLWHQ
5HIOH[LRQHV RSLQLRQHV \ YDORUDFLRQHV GH ORV DOXPQRV UHODWLYRV D OD SUiFWLFD GH OD HQWUHYLVWD GH
WUDEDMRH[WUDtGDVGHOGLDULRUHIOH[LYRGHORVDOXPQRV$FRQWLQXDFLyQWUDQVFULELPRVDOJXQDV
(MHPSORV GH (YLGHQFLD GH $SUHQGL]DMH REWHQLGRV FRQ OD HQWUHYLVWD ODERUDO GH DOXPQRV HQ VXV
'LDULRV5HIOH[LYRV´
³«'HVSXpVGHKDEHUDVLVWLGRDHVWDVFODVHVXQDGHODVFRVDVTXHFUHRTXHPiVPHKDVHUYLGRHVTXH
DODKRUDGHKDFHUXQDHQWUHYLVWDDKRUDVpFRPRWHQJRTXHLUFRPSRUWDUPHKDEODUFXiOGHEHVHUPL
DFWLWXG7DPELpQKHDSUHQGLGRDFRQRFHUDVSHFWRVGHPtTXHGHVFRQRFtD'HVFXEUtFRVDVTXHQRVDEtD
TXHWHQtD´
³«ORPiVLPSRUWDQWHHVHODXWRFRQRFLPLHQWR\ODDXWRHYDOXDFLyQTXHWHSURSRUFLRQD/DFDSDFLGDG
SDUDTXHQRQRVOLPLWHODSHUVRQDTXHWHQHPRVHQIUHQWHTXHQRQRVFRQRFH´
³« (VWD DVLJQDWXUD PH KD HQVHxDGR D HVWDU SUHSDUDGR D OD KRUD GH DIURQWDU XQD HQWUHYLVWD GH
WUDEDMRDOJRTXHFRQVLGHURGHJUDQXWLOLGDGSDUDDOXPQRVGH~OWLPRFXUVRFRPR\R\TXHHQPLFDVR
DGHPiV PH FRQVLGHUR PX\ QHUYLRVR \ DIURQWDU H[SHULHQFLDV HQ ODV TXH VH PH HVWi MX]JDQGR
SURIHVLRQDOPHQWHPHKDFHHVWDUD~QPiVQHUYLRVR0HKDHQVHxDGRTXpVHGHEHGHFLUTXpQRVHGHEH
GHFLU FyPR VH GHEH XQR FRPSRUWDU DQWH HO HQWUHYLVWDGRU ORV GLIHUHQWHV UROHV GHO HQWUHYLVWDGRU
OHQJXDMHJHVWXDOHWF´
³«KH DSUHQGLGR PXFKR VREUH OD SUHSDUDFLyQ QHFHVDULD \ ORV UHFXUVRV D XWLOL]DU SDUD HQFRQWUDU XQ
WUDEDMR GH PDQHUD HILFLHQWH VDEHPRV FyPR H[SRQHU XQ FXUULFXOR D XQD HPSUHVD SDUD TXH UHVXOWH
DWUDFWLYR\KHPRVVLPXODGRORTXHHVPiVFRPSOLFDGRGHWRGRHQIUHQWDUWHDORVSURFHVRVGHVHOHFFLyQ
D WUDYpV GH ODV GLQiPLFDV GH JUXSR \ HQWUHYLVWDV (Q GHILQLWLYD \R FRQVLGHUDUtD OD DVLJQDWXUD
LPSUHVFLQGLEOH SDUD ORV DOXPQRV GH ~OWLPRV FXUVRV GH WRGDV ODV FDUUHUDV SDUD HVWDU SUHSDUDGR \
VDEHUORTXHQRVHVSHUDXQDYH]DFDEDPRVODIDFXOWDG´
(QUHVXPHQDPRGRGHFRQFOXVLyQ\DODYLVWDGHWRGRORPHQFLRQDGRHQHOSUHVHQWHWUDEDMR\
GHODVHYLGHQFLDVSUHVHQWDGDVSRUORVDOXPQRV
/D HQWUHYLVWD GH VHOHFFLyQ R ODERUDO HV XQD KHUUDPLHQWD LGHDO PX\ DFHUWDGD SDUD OD HYDOXDFLyQ GH
FRPSHWHQFLDVWDOHVFRPRODVKDELOLGDGHVFRPXQLFDWLYDV\VRFLDOHVDGHPiVGHFRQVWLWXLUXQDSUiFWLFD
LQWHUHVDQWH\PX\GLGiFWLFDELHQYDORUDGDSRUORVDOXPQRVORVFXDOHVODFRQVLGHUDQXQHQWUHQDPLHQWR
~WLO\HILFD]SDUDHODFHUFDPLHQWRDODUHDOLGDGGHOPHUFDGRODERUDOTXHHQXQIXWXURPX\SUy[LPROHV
HVSHUD
5()(5(1&,$6%,%/,2*5È),&$6
$OOHV0$(OLMDDOPHMRU&yPRHQWUHYLVWDUSRUFRPSHWHQFLDV(G*UDQLFD%XHQRV$LUHV
$OOHV0$³/DHQWUHYLVWDODERUDO´(GLFLRQHV*UDQLFD%XHQRV$LUHV
%DOOHQDWR*&RPXQLFDFLyQ(ILFD](GLFLRQHV3LUiPLGH0DGULG
%ODQFR $ /D (YDOXDFLyQ GH &RPSHWHQFLDV D WUDYpV GHO 3RUWDIROLR GHO HVWXGLDQWH HQ 0%$
SJV D (Q 'HVDUUROOR \ (YDOXDFLyQ GH &RPSHWHQFLDV D WUDYpV GHO 3RUWDIROLR GHO
(VWXGLDQWH 9LFHUUHFWRUDGR GH &DOLGDG H ,QQRYDFLyQ (GXFDWLYD 8QLYHUVLGDG GH &DQWDEULD
6DQWDQGHU
&ROpQ 07 \ &RO /D FDUSHWD GH DSUHQGL]DMH HQ HO SURFHVR GH DSUHQGL]DMH GHO DOXPQDGR
XQLYHUVLWDULR(GLWRULDO2FWDHGUR%DUFHORQD
)DVW-(OOHQJXDMHGHOFXHUSR(GLWRULDO.DLUyV%DUFHORQD
)OHFKD 5 &RPSDUWLHQGR SDODEUDV (O DSUHQGL]DMH GH ODV SHUVRQDV DGXOWDV D WUDYpV GHO
GLiORJR%DUFHORQD3DLGyV
.HOO\-$(QWUHQDPLHQWRGHODVKDELOLGDGHVVRFLDOHV'HVFOpHGH%URXZHU%LOEDR
/RUFD5³&5RO/DERUDO(OFYFRPRSLH]DGHDWDTXH'HFiORJRSDUDVXGLVHxR´
'DYLV)ORUD/D&RPXQLFDFLyQQRYHUEDO$OLDQ]D(GLWRULDO0DGULG
*ROHPDQ'DQLHO,QWHOLJHQFLD(PRFLRQDO(GLWRULDO.DLUyV
*RQ]iOH] )HUQiQGH] 1&RRUG \ FROV 'HVDUUROOR \ (YDOXDFLyQ GH &RPSHWHQFLDV D WUDYpV
GHOSRUWDIROLRGHOHVWXGLDQWH9LFHUUHFWRUDGRGHFDOLGDGH,QQRYDFLyQ(GXFDWLYD8QLYHUVLGDGGH
&DQWDEULD
,QIRHPSOHR(O$UWHGH%XVFDU(PSOHR3XEOLFDFLRQHV,QIRHPSOHRFRP0DGULG
/ySH] 1RJXHUR ) 0HWRGRORJtD SDUWLFLSDWLYD HQ OD (QVHxDQ]D 8QLYHUVLWDULD (GLWRULDO
1DUFHD0DGULG
3ULHWR 1DYDUUR / &RRUG \ FROV /D (QVHxDQ]D XQLYHUVLWDULD FHQWUDGD HQ HO DSUHQGL]DMH
(GLFLRQHV2FWDHGUR%DUFHORQD
6DQWDFUX]-3VLFRORJtDGHOOHQJXDMH3URFHVRV81('0DGULG
6HEDVWLiQ&DUPHQ/D&RPXQLFDFLyQHPRFLRQDO(GLWRULDO3UHQWLFH+DOO
5Xp-(QVHxDUHQOD8QLYHUVLGDG(O(((6FRPRUHWRSDUDOD(GXFDFLyQ6XSHULRU(GLFLRQHV
1DUFHD0DGULG
9LOOD $ \ 3REOHWH 0 $SUHQGL]DMH %DVDGR HQ &RPSHWHQFLDV 8QD SURSXHVWD SDUD OD
HYDOXDFLyQGHODVFRPSHWHQFLDVJHQpULFDV9LFHUUHFWRUDGRGH,QQRYDFLyQ\&DOLGDG\HO,&(GH
OD8QLYHUVLGDGGH'HXVWR%LOEDR