Boletín Oficial de Aragón SECCION BOA I. Disposiciones Generales
Anuncio
%ROHWtQ2ILFLDOGH$UDJyQ
6(&&,21%2$,'LVSRVLFLRQHV*HQHUDOHV
5DQJR/H\
)HFKDGHGLVSRVLFLyQGHGLFLHPEUHGH
)HFKDGH3XEOLFDFLRQ
1~PHURGHEROHWtQ
1~PHURPDUJLQDO
6XEVHFFLyQ
2UJDQRHPLVRU35(6,'(1&,$
7LWXOR/(<GHGHGLFLHPEUHGH0HGLGDV7ULEXWDULDV\
$GPLQLVWUDWLYDV
7H[WR
/(<GHGHGLFLHPEUHGH0HGLGDV7ULEXWDULDV\
$GPLQLVWUDWLYDV
(QQRPEUHGHO5H\\FRPR3UHVLGHQWHGHOD&RPXQLGDG
$XWyQRPDGH
$UDJyQSURPXOJRODSUHVHQWH/H\DSUREDGDSRUODV&RUWHVGH
$UDJyQ
\RUGHQRVHSXEOLTXHHQHO©%ROHWtQ2ILFLDOGH$UDJyQª\HQHO
©%ROHWtQ2ILFLDOGHO(VWDGRªWRGRHOORGHFRQIRUPLGDGFRQOR
GLVSXHVWRHQHODUWtFXORGHO(VWDWXWRGH$XWRQRPtD
(ODUWtFXORGHO(VWDWXWRGH$XWRQRPtDGH$UDJyQVHUHILHUHDO
FRQWHQLGRPDWHULDOGHOD/H\GH3UHVXSXHVWRVGHOD&RPXQLGDG
$XWyQRPD
DOHVSHFLILFDUTXHHO3UHVXSXHVWRVHUi©~QLFRGHFDUiFWHUDQXDOH
LQFOXLUiODWRWDOLGDGGHORVJDVWRVHLQJUHVRVGHODPLVPD\GHWRGRV
VXVRUJDQLVPRVLQVWLWXFLRQHV\HPSUHVDVª(O7ULEXQDO
&RQVWLWXFLRQDOHQGLYHUVDVVHQWHQFLDVKDFRQFUHWDGRHOiPELWR
PDWHULDOVREUHHOTXHSXHGHLQFLGLUODOH\DQXDOGH3UHVXSXHVWRV
OLPLWDQGRODSRVLELOLGDGGHDIHFWDUDPDWHULDVGLVWLQWDVDODVTXH
FRQVWLWX\HQHOQ~FOHRHVHQFLDOGHOLQVWLWXWRSUHVXSXHVWDULROD
H[SUHVLyQFLIUDGDGHODSUHYLVLyQGHLQJUHVRV\ODKDELOLWDFLyQGH
JDVWRVVLHPSUHTXHQRWHQJDQUHODFLyQGLUHFWDFRQODV
HVWLPDFLRQHVR
GRWDFLRQHVHFRQyPLFDV$VLPLVPRHODUWtFXORGHOD
&RQVWLWXFLyQ
SURKtEHH[SUHVDPHQWHODFUHDFLyQGHWULEXWRVRODPRGLILFDFLyQGH
ORV
H[LVWHQWHVVDOYRDXWRUL]DFLyQHQXQDQRUPDWULEXWDULDVXVWDQWLYDD
WUDYpVGHOD/H\GH3UHVXSXHVWRV
(VWD/H\HVWDEOHFHGLYHUVDVUHIRUPDVHQORViPELWRVWULEXWDULR\
DGPLQLVWUDWLYRTXHVHFRQVLGHUDQQHFHVDULDVSDUDODPHMRU
HMHFXFLyQ
GHO3UHVXSXHVWRSDUD(VWDVPHGLGDVSRUVXDOFDQFHH[FHGHQ
GHO
iPELWRPDWHULDOUHVHUYDGRDOD/H\GH3UHVXSXHVWRVWDOFRPRKD
TXHGDGRVHxDODGR\GHEHQVHUREMHWRGHUHJXODFLyQLQGHSHQGLHQWH
(OQXHYRVLVWHPDGHILQDQFLDFLyQGHODV&RPXQLGDGHV$XWyQRPDV
GH
UpJLPHQFRP~QGHDSOLFDFLyQGHVGHHOGHHQHURGHKD
VXSXHVWR
XQDQRWDEOHDPSOLDFLyQGHODVFRPSHWHQFLDVQRUPDWLYDVGHODV
&RPXQLGDGHV$XWyQRPDVHQUHODFLyQFRQORVWULEXWRVFHGLGRV$Vt
HO
DUWtFXORGHOD/H\2UJiQLFDGH)LQDQFLDFLyQGHODV
&RPXQLGDGHV
$XWyQRPDVHQVXYLJHQWHUHGDFFLyQGDGDSRUOD/H\2UJiQLFD
GHGHGLFLHPEUHLQFOX\H\DSRUORTXHUHVSHFWDDGHWHUPLQDGRV
LPSXHVWRVVREUHODUHQWDGHODVSHUVRQDVItVLFDVVXFHVLRQHV\
GRQDFLRQHVWUDQVPLVLRQHVSDWULPRQLDOHV\DFWRVMXUtGLFRV
GRFXPHQWDGRV\WULEXWRVVREUHHOMXHJRDPSOLDVFRPSHWHQFLDV
SDUD
UHJXODU\PRGXODUDVSHFWRVFRQFUHWRVGHORVHOHPHQWRVHVHQFLDOHV
GH
GLFKRVWULEXWRV/D/H\GHGHGLFLHPEUHSRUODTXHVH
UHJXODQODVPHGLGDVILVFDOHV\DGPLQLVWUDWLYDVGHOQXHYRVLVWHPDGH
ILQDQFLDFLyQGHODV&RPXQLGDGHV$XWyQRPDVGHUpJLPHQFRP~Q
HVWDEOHFHSDUDFDGDLPSXHVWRHODOFDQFHGHGLFKDVFRPSHWHQFLDV
QRUPDWLYDV3RUVXSDUWHOD/H\GHGHMXOLRGHO
5pJLPHQ
GH&HVLyQGH7ULEXWRVGHO(VWDGRDOD&RPXQLGDG$XWyQRPDGH
$UDJyQ
PDQWLHQHODUHIHUHQFLDTXHKDFtDQVXVSUHGHFHVRUDVVREUHOD
DWULEXFLyQDODFRPXQLGDGDUDJRQHVDGH©ODIDFXOWDGGHGLFWDUSDUD
Vt
PLVPDQRUPDVOHJLVODWLYDVªHQORVFDVRV\HQODVFRQGLFLRQHVGHOD
FLWDGD/H\GHPHGLGDVILVFDOHV\DGPLQLVWUDWLYDVGHOQXHYRVLVWHPD
GH
ILQDQFLDFLyQGHODV&RPXQLGDGHV$XWyQRPDVGH5pJLPHQFRP~Q
HQFX\R
DUWtFXORVHHVWDEOHFHFXiOHVODQRUPDWLYDDSOLFDEOHDORV
WULEXWRVFHGLGRVLQFOX\HQGRWUDVODOyJLFDUHODFLyQGHOD/H\
*HQHUDO7ULEXWDULDOD/H\GH'HUHFKRV\*DUDQWtDVGHORV
&RQWULEX\HQWHVOD/H\SURSLDGHFDGDWULEXWRORV5HJODPHQWRV
JHQHUDOHVGHGHVDUUROORGHOD/H\*HQHUDO7ULEXWDULD\GHODVOH\HV
WULEXWDULDVHVSHFtILFDV\GHPiVGLVSRVLFLRQHVGHFDUiFWHUJHQHUDO
GHO
(VWDGRODVQRUPDVHPDQDGDVGHOD&RPXQLGDG$XWyQRPD
FRPSHWHQWHVHJ~Q
HODOFDQFH\ORVSXQWRVGHFRQH[LyQHVWDEOHFLGRVHQODSURSLD/H\
(QHOPDUFRQRUPDWLYRGHVFULWRHQHOSiUUDIRDQWHULRUHQHVWD
/H\VH
LQFOX\HXQFRQMXQWRGHPHGLGDVOHJLVODWLYDVTXHLPSOLFDQHO
HMHUFLFLR
GHOSRGHUWULEXWDULRDWULEXLGRDOD&RPXQLGDG$XWyQRPDHQFLHUWRV
WULEXWRVSURSLRVWDVDVHLPSXHVWRGHOFDQRQGHVDQHDPLHQWR\HQ
ORV
WULEXWRVFHGLGRVUHODWLYRVDORVLPSXHVWRVVREUHODUHQWDGHODV
SHUVRQDVItVLFDVVXFHVLRQHV\GRQDFLRQHVWUDQVPLVLRQHV
SDWULPRQLDOHV\DFWRVMXUtGLFRVGRFXPHQWDGRV\DODWDVDILVFDO
VREUH
HOMXHJR
(QHOLPSXHVWRVREUHODUHQWDGHODVSHUVRQDVItVLFDVHOHMHUFLFLR
GHODFRPSHWHQFLDQRUPDWLYDDOFDQ]DDODVGHGXFFLRQHVSRU
FLUFXQVWDQFLDVSHUVRQDOHV\IDPLOLDUHVORFXDOKDSURSLFLDGRXQD
FRQWLQXLGDGHQODSROtWLFDGHEHQHILFLRVILVFDOHVGLULJLGRVDO
IRPHQWRGHODQDWDOLGDG\ODSURWHFFLyQGHODIDPLOLDQXPHURVD
PHGLDQWHHOHVWDEOHFLPLHQWRGHXQDGHGXFFLyQGHODFXRWDtQWHJUD
DXWRQyPLFDGHGLFKRLPSXHVWRSRUQDFLPLHQWRRDGRSFLyQGHO
WHUFHU
KLMRRVXFHVLYRV$VLPLVPRVHH[WLHQGHHOLQFHQWLYRDODDGRSFLyQ
LQWHUQDFLRQDOGHQLxRV
(QHOLPSXHVWRVREUHVXFHVLRQHV\GRQDFLRQHV\HQHOPDUFRGH
ODV
SROtWLFDVGHSURWHFFLyQVRFLDODVHFWRUHVGHWHUPLQDGRVTXH
UHTXLHUHQ
XQDPD\RULQWHUYHQFLyQS~EOLFDFRPRVRQORVGLVFDSDFLWDGRV\ORV
PHQRUHVKXpUIDQRVODFRPSHWHQFLDQRUPDWLYDGHOD&RPXQLGDG
$XWyQRPD
GH$UDJyQSDUDFUHDUVXVSURSLDVUHGXFFLRQHVWDQWRSDUDODV
WUDQVPLVLRQHVLQWHUYLYRVFRPRSDUDODVPRUWLVFDXVDVLHPSUHTXH
UHVSRQGDQDFLUFXQVWDQFLDVGHFDUiFWHUHFRQyPLFRRVRFLDOSURSLDV
GH
ODFRPXQLGDGVHKDPDWHULDOL]DGRSRUXQODGRHQODUHJXODFLyQGH
XQDUHGXFFLyQGHOSRUSRUODDGTXLVLFLyQPRUWLVFDXVDGH
KLMRVGHOFDXVDQWHPHQRUHVGHHGDG\GHPLQXVYiOLGRVFRQXQ
JUDGRGH
GLVFDSDFLGDGLJXDORVXSHULRUDOSRUORFXDOVXSRQHHQOD
SUiFWLFDODVXSUHVLyQGHOLPSXHVWRSDUDHVWRVFRQWULEX\HQWHV\
SRU
RWURHQODFUHDFLyQ\UHJXODFLyQH[KDXVWLYDGHRWUDUHGXFFLyQSRU
OD
DGTXLVLFLyQLQWHUYLYRVGHHPSUHVDVLQGLYLGXDOHVQHJRFLRV
SURIHVLRQDOHVRSDUWLFLSDFLRQHVHQHQWLGDGHV
(QHOLPSXHVWRVREUHWUDQVPLVLRQHVSDWULPRQLDOHV\DFWRV
MXUtGLFRV
GRFXPHQWDGRVODFRPSHWHQFLDQRUPDWLYDDOFDQ]DHQWUHRWUDV
IDFXOWDGHVODGHUHJXODUORVWLSRVGHJUDYDPHQGHELHQHVPXHEOHV
OR
FXDOVHKDDSURYHFKDGRSDUDPLQRUDUODFDUJDWULEXWDULDSRUXQ
ODGR
DVtFRPRSDUDVLPSOLILFDU\IDFLOLWDUHOFXPSOLPLHQWRGHODV
REOLJDFLRQHVIRUPDOHVGHORVFRQWULEX\HQWHVSRURWURPHGLDQWHOD
ILMDFLyQGHXQDFXRWDFHURSDUDGHWHUPLQDGRJUXSRGHYHKtFXORV\
OD
UHGXFFLyQGHORVWUiPLWHVUHODWLYRVDODIRUPDOL]DFLyQ\
SUHVHQWDFLyQ
GHODVFRUUHVSRQGLHQWHVDXWROLTXLGDFLRQHV
(QORVWULEXWRVVREUHHOMXHJRVREUHORVTXHOD&RPXQLGDG
$XWyQRPD
JR]DGHFRPSHWHQFLDQRUPDWLYDFDVLWRWDOH[FHSWRHQORUHODWLYRD
OD
FRQILJXUDFLyQGHOKHFKRLPSRQLEOHODVQRYHGDGHVVHUHILHUHQDODV
PiTXLQDVUHFUHDWLYDVGHWLSR©&ªHQODVTXHSXHGDQLQWHUYHQLUGRV
R
PiVMXJDGRUHVGHIRUPDVLPXOWiQHDDVtFRPRDODVULIDVWyPERODV
\
DSXHVWDVIXQGDPHQWDOPHQWHVLELHQODVPHGLGDVILVFDOHVDGRSWDGDV
VH
HQPDUFDQHQODSROtWLFDGHFRQWLQXLGDGTXHOD$GPLQLVWUDFLyQ
7ULEXWDULDYLHQHPDQWHQLHQGRHQHVWHVHFWRU
(QRWURRUGHQHOQXHYRDUWtFXORGHOD/H\2UJiQLFDGH
)LQDQFLDFLyQGHODV&RPXQLGDGHV$XWyQRPDVLQFRUSRUDGRSRUOD
/H\
2UJiQLFDGHGHGLFLHPEUHLQFOX\HH[SUHVDPHQWH\
HVSHFLDOPHQWHSRUORTXHUHVSHFWDDORVLPSXHVWRVGHVXFHVLRQHV\
GRQDFLRQHVGHWUDQVPLVLRQHVSDWULPRQLDOHV\DFWRVMXUtGLFRV
GRFXPHQWDGRV\WULEXWRVVREUHHOMXHJRHQWUHODVQXHYDV
IDFXOWDGHV
QRUPDWLYDVDXWRQyPLFDV©ODUHJXODFLyQGHODJHVWLyQ\
OLTXLGDFLyQª
IyUPXODTXHWDPELpQVHUHFRJHFDVLHQVXOLWHUDOLGDGHQORV
DUWtFXORV\GHOD/H\GHGHGLFLHPEUH
/D
&RPXQLGDG$XWyQRPDGH$UDJyQSXHGHFRQHVWDVSUHPLVDV
UHJXODUORV
DVSHFWRVIRUPDOHV\SURFHGLPHQWDOHVLQKHUHQWHVDODJHVWLyQ\
OLTXLGDFLyQGHORVFLWDGRVWULEXWRVFHGLGRVTXHVLELHQVHKD
FRQVLGHUDGRVXQDWXUDOH]DQRUPDWLYDLQVWUXPHQWDOVHLQFOX\HQHQ
XQD
QRUPDFRQUDQJRGH/H\SDUDFXPSOLUFRQODVSUHVFULSFLRQHVGHO
DUWtFXORGHOD&RQVWLWXFLyQVHJ~QHOFXDO©VyORSRGUiQ
HVWDEOHFHUVHSUHVWDFLRQHVSHUVRQDOHV\SDWULPRQLDOHVGHFDUiFWHU
S~EOLFRFRQDUUHJORDOD/H\ª
'HHVWDPDQHUDOD/H\UHJXODGHWHUPLQDGDVREOLJDFLRQHV
IRUPDOHVGH
ORVFRQWULEX\HQWHVDOJXQDGHHOODVSDUDIDFLOLWDUHOFXPSOLPLHQWR
GH
ODVPLVPDVFRPRHVHOFDVRGHODSUHVHQWDFLyQWHOHPiWLFDGH
GHFODUDFLRQHV\GHGHFODUDFLRQHVOLTXLGDFLRQHV\RWUDVSDUD
PHMRUDU
HOVLVWHPDGHLQIRUPDFLyQFRQWUDVFHQGHQFLDWULEXWDULDTXHSHUPLWD
XQDJHVWLyQPiVHILFD]\XQFRQWUROPiVULJXURVR$VLPLVPRHQHO
PDUFRGHODVFRPSHWHQFLDVDXWRQyPLFDVVREUHODFRPSUREDFLyQGH
YDORUHVHQODJHVWLyQGHORVWULEXWRVFHGLGRVVHUHJXOD
SRUPHQRUL]DGDPHQWHHOSURFHGLPLHQWRGHODWDVDFLyQSHULFLDO
FRQWUDGLFWRULD\ILQDOPHQWHVHSURFHGHDXQDUHJXODFLyQPiV
RUGHQDGDGHODILGXFLDVXFHVRULDPHMRUDQGRHOUpJLPHQ
MXUtGLFRWULEXWDULRGHWDQUHOHYDQWHLQVWLWXFLyQGHQXHVWUR'HUHFKR
FLYLODUDJRQpV
(QPDWHULDGHWDVDVVHFRQWLHQHQHQHVWD/H\ODFUHDFLyQGHGRV
QXHYDVWDVDVSRUSUHVWDFLyQGHVHUYLFLRVRDFWLYLGDGHVKDVWDHO
PRPHQWRQRJUDYDGDVWDVDSRUVHUYLFLRVSUHVWDGRVSRUHO
5HJLVWUR
7HUULWRULDOGHOD3URSLHGDG,QWHOHFWXDOGH$UDJyQ\WDVDSRU
DFUHGLWDFLyQGHODERUDWRULRVGHHQVD\RSDUDHOFRQWUROGHODFDOLGDG
GHODHGLILFDFLyQ\DOJXQRVVXSXHVWRVGHPRGLILFDFLyQGH
HOHPHQWRV
HVHQFLDOHVGHWDVDV\DH[LVWHQWHVTXHSRUDIHFWDUDOKHFKR
LPSRQLEOH
RDODHVWUXFWXUDWDULIDULDPiVDOOiGHODVLPSOHDFWXDOL]DFLyQGH
ODWDULIDTXHVHFRQWLHQHHQOD/H\GH3UHVXSXHVWRVVHFRQVLGHUD
FRQYHQLHQWHUHJXODUHQQRUPDFRQUDQJRGH/H\SRUDSOLFDFLyQ
HVWULFWDGHOSULQFLSLRGHUHVHUYDGH/H\TXHULJHSDUDHO
HVWDEOHFLPLHQWRGHODVWDVDV
(QFRQFUHWRODWDVDSRUVHUYLFLRVSUHVWDGRVSRUHO5HJLVWUR
7HUULWRULDOGHOD3URSLHGDG,QWHOHFWXDOGH$UDJyQJUDYDORV
VHUYLFLRVGHFDOLILFDFLyQGHGRFXPHQWRVODVLQVFULSFLRQHV
DQRWDFLRQHV\FDQFHODFLRQHV\ODH[SHGLFLyQGHFHUWLILFDFLRQHV\
FRSLDVSRUSDUWHGHO5HJLVWUR7HUULWRULDOGHOD3URSLHGDG,QWHOHFWXDO
GH$UDJyQ3RUVXSDUWHPHGLDQWHODFUHDFLyQGHODWDVDSRU
DFUHGLWDFLyQGHODERUDWRULRVGHHQVD\RSDUDHOFRQWUROGHODFDOLGDG
GHODHGLILFDFLyQSDVDQDHVWDUJUDYDGRVORVVHUYLFLRVTXHSUHVWDOD
'LUHFFLyQ*HQHUDOGH9LYLHQGD\5HKDELOLWDFLyQSRUDFUHGLWDFLyQ
GH
ODERUDWRULRVGHHQVD\RUHQRYDFLyQGHODVDFUHGLWDFLRQHV\ORV
VHUYLFLRVGHVHJXLPLHQWRHLQVSHFFLyQ
/DVPRGLILFDFLRQHVGHODVWDVDVSUHH[LVWHQWHVVRQGHGLVWLQWR
DOFDQFH(QODWDVDSRUVHUYLFLRVHQPDWHULDGHRUGHQDFLyQGH
ORV
WUDQVSRUWHVWHUUHVWUHVSRUFDUUHWHUDVHLQFOX\HXQQXHYRKHFKR
LPSRQLEOH\VXFRUUHVSRQGLHQWHWDULIDSRUORVVHUYLFLRVGHHPLVLyQ
GHWDUMHWDGHOWDFyJUDIRGLJLWDOFRPRVLVWHPDGHDOPDFHQDPLHQWR
GH
ORVGDWRVGHFRQGXFFLyQGHYHKtFXORVGHWUDQVSRUWHSRUFDUUHWHUD
TXH
HQDSOLFDFLyQGHODQRUPDWLYDFRPXQLWDULDVREUHDSDUDWRVGH
FRQWURO
HQHOVHFWRUGHOWUDQVSRUWHSRUFDUUHWHUDGHEHHVWDULPSODQWDGRHQ
ORV(VWDGRVPLHPEURVGXUDQWHHODxR$GHPiVHQHVWDWDVDVH
DGDSWDODWDULID
(QODWDVDSRUDFWXDFLRQHVHQPDWHULDGHYLYLHQGDSURWHJLGD
VH
PRGLILFDQODVQRUPDVGHGHYHQJR\JHVWLyQSHUPLWLpQGRVHHO
GLIHULPLHQWRGHOSDJRGHODWDVDDOPRPHQWRGHDSUREDFLyQGHO
SUHVXSXHVWRSURWHJLGRSRUSDUWHGHOD$GPLQLVWUDFLyQ
/DVWDULIDVGHODWDVDSRUVHUYLFLRVHQPDWHULDGHRUGHQDFLyQ
GH
DFWLYLGDGHVLQGXVWULDOHVHQHUJpWLFDVPHWUROyJLFDVPLQHUDV\
FRPHUFLDOHVVHPRGLILFDQFRPSOHWDPHQWHSRUUD]RQHVGHWpFQLFD
QRUPDWLYD(QUHDOLGDGODVPRGLILFDFLRQHVTXHVHLQWURGXFHQHQ
HVWD
/H\DOFDQ]DQIXQGDPHQWDOPHQWHDODVXSUHVLyQGHODVWDULIDV
UHODWLYDVDORVVHUYLFLRVGHLQVSHFFLyQWpFQLFDGHYHKtFXORVGHELGR
DODJHQHUDOL]DFLyQGHIyUPXODVGHJHVWLyQLQGLUHFWDGHHVWH
VHUYLFLR6LQHPEDUJRDOSURYRFDUHVWDVXSUHVLyQXQDLPSRUWDQWH
DOWHUDFLyQGHODHVWUXFWXUDGHODVWDULIDVGHHVWDWDVDVHKDRSWDGR
SRUGDUQXHYDUHGDFFLyQDODUWtFXORGHOWH[WRUHIXQGLGRGHODV
WDVDVGHOD&RPXQLGDG$XWyQRPDGH$UDJyQUHRUGHQDQGROD
HVWUXFWXUD
WDULIDULD
3RU~OWLPRODWDVDSRUVHUYLFLRVGHJHVWLyQGHFRWRVIXHFUHDGD
SRU
OD/H\GH&D]DGH$UDJyQHQHODxR\FDUHFtDGHFyGLJRTXH
VH
OHDVLJQDHQHVWD/H\TXHGDQGRFRGLILFDGDFRQHOQ~PHUR
3RUFHUUDUHODSDUWDGRWULEXWDULRFRQYLHQHVHxDODUHQHVWH
DSDUWDGR
GHO3UHiPEXORTXHOD/H\FRQWLHQHPHGLGDVUHODWLYDVDOFDQRQGH
VDQHDPLHQWRDXQTXHSRUUD]RQHVVLVWHPiWLFDVVHKDQXELFDGRHQHO
7tWXOR9GH0HGLGDV$GPLQLVWUDWLYDVHQHO&DStWXOR
FRUUHVSRQGLHQWH
DRWUDVPHGLGDVSRULQVHUWDUVHODUHIRUPDGHOFDQRQHQXQDPiV
DPSOLDPRGLILFDFLyQGHOD/H\GH2UGHQDFLyQ\3DUWLFLSDFLyQHQOD
*HVWLyQGHO$JXD
(OFDQRQGHVDQHDPLHQWRHVXQLPSXHVWRHFROyJLFRTXHWLHQHOD
QDWXUDOH]DGHWULEXWRSURSLRGHOD&RPXQLGDG$XWyQRPDGH
$UDJyQ/DV
PRGLILFDFLRQHVTXHLQWURGXFHHVWD/H\HQODUHJXODFLyQGHHVWH
LPSXHVWRVHFHQWUDQHQGLYHUVDVFRQFUHFLRQHVHQODILMDFLyQGHO
KHFKR
LPSRQLEOHH[HQFLyQGHUHJDGtRVH[FOXVLYDPHQWHDJUtFRODVHQOD
UHGHILQLFLyQGHODH[HQFLyQGHXVRVGRPpVWLFRVUHIHULGDD
PXQLFLSLRV
GHPHQRVGHFXDWURFLHQWRVKDELWDQWHV\QRDQ~FOHRVGHSREODFLyQ
FRPRH[SUHVDEDODOHJLVODFLyQDFWXDO\HQODILMDFLyQGHOSDGUyQ
FRPRIXHQWHHVWDGtVWLFDSDUDGHWHUPLQDUODSREODFLyQGHORV
PXQLFLSLRVDHIHFWRVGHOLPSXHVWR(VWD/H\PRGLILFDDVLPLVPR
OD
UHJODMXUtGLFDGHDVLPLODFLyQGHXVRVLQGXVWULDOHVDGRPpVWLFRV\
ILQDOPHQWHDFWXDOL]D\GHQRPLQDHQHXURVODWDULIDGHOFDQRQGH
VDQHDPLHQWR\PRGLILFDHOUpJLPHQGHGHUHFKRWUDQVLWRULRKDVWDOD
GHILQLWLYDDSOLFDFLyQGHOFDQRQHOGHHQHURGH
/DVPHGLGDVDGPLQLVWUDWLYDVVHGLULJHQDPHMRUDUHOUpJLPHQ
MXUtGLFR
GHOSHUVRQDODOVHUYLFLRGHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG
$XWyQRPDGH$UDJyQDODDFWXDOL]DFLyQ\PRGLILFDFLyQGHOD/H\
GH
3DWULPRQLRGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ\DXQDVHULHGH
PHGLGDVVHFWRULDOHVTXHYDQGHVGHODGHFODUDFLyQGHVHUYLFLR
S~EOLFR
GHODVDFWLYLGDGHVGHUHFRJLGD\WUDQVSRUWHGHVXESURGXFWRV
DQLPDOHV
\DOJXQDVDFWLYLGDGHVGHJHVWLyQGHUHVLGXRVHQHOiPELWRWHUULWRULDO
GHOD&RPXQLGDG$XWyQRPDGH$UDJyQKDVWDODSXQWXDO
PRGLILFDFLyQGH
ODVOH\HVGHFUHDFLyQGHDOJXQRVRUJDQLVPRVS~EOLFRV
LQWURGXFLHQGR
QRUPDVGHDWULEXFLyQGHFRPSHWHQFLDV\GHJHVWLyQSUHVXSXHVWDULD
HQ
XQRVFDVRVRPRGLILFDQGRODDGVFULSFLyQGHRUJDQLVPRVS~EOLFRV\
OD
FRPSRVLFLyQGHORVyUJDQRVFROHJLDGRVGHORVPLVPRVSDUD
DGDSWDUODV
DODFRQILJXUDFLyQGHODHVWUXFWXUDGHOD$GPLQLVWUDFLyQGHOD
&RPXQLGDG$XWyQRPDUHVXOWDQWHGHO'HFUHWRGHGHMXOLRGH
GH
OD3UHVLGHQFLDGHO*RELHUQRGH$UDJyQ&RPRPHGLGDVVHFWRULDOHV
FDEHGHVWDFDUODSUyUURJDGHOVLVWHPDGHILQDQFLDFLyQEiVLFDGHOD
8QLYHUVLGDGGH=DUDJR]DHVWDEOHFLGRHQOD/H\GHGH
GLFLHPEUHGH0HGLGDV7ULEXWDULDV)LQDQFLHUDV\$GPLQLVWUDWLYDV
\
DOJXQDVPRGLILFDFLRQHVSXQWXDOHVHQOD/H\GH&D]DHQOD/H\GH
2UGHQDFLyQ)DUPDFpXWLFDHQOD/H\GH2UGHQDFLyQ\*HVWLyQGHO
$JXD
HQOD/H\VREUH3XEOLFLGDG,QVWLWXFLRQDO\HQOD/H\GHFUHDFLyQ
RUJDQL]DFLyQ\FRQWUROSDUODPHQWDULRGHOD&RUSRUDFLyQ$UDJRQHVD
GH
5DGLR\7HOHYLVLyQQHFHVDULDVSDUDVXHIHFWLYDDSOLFDFLyQGXUDQWH
HO
HMHUFLFLR
/DVPHGLGDVHQPDWHULDGHSHUVRQDOWUDWDQSRUXQODGRGH
DPSOLDUOD
/H\GH2UGHQDFLyQGHOD)XQFLyQ3~EOLFDGHOD&RPXQLGDG
$XWyQRPDGH
$UDJyQFODULILFDQGRDVSHFWRVWDOHVFRPRODLQLFLDFLyQGHORV
SURFHGLPLHQWRVGHDSUREDFLyQ\PRGLILFDFLyQGHODVUHODFLRQHVGH
SXHVWRVGHWUDEDMRODSDUWLFLSDFLyQGHORVIXQFLRQDULRVGHRWUDV
$GPLQLVWUDFLRQHV3~EOLFDVHQORVSURFHGLPLHQWRVGHSURYLVLyQOD
EDMD
HQOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQGH
ORV
IXQFLRQDULRVLQFRUSRUDGRVODILMDFLyQGHQLYHOHVGHSXHVWRVGH
WUDEDMRGHLJXDOHVFDUDFWHUtVWLFDV\ODSRVLELOLGDGGHLQFRUSRUDU
QXHYDVFDWHJRUtDVSURIHVLRQDOHVGHSHUVRQDOODERUDODORVSURFHVRV
GH
IXQFLRQDUL]DFLyQ\SRURWURODGRGHUHJXODUHOVLVWHPDUHWULEXWLYR
GHORVIXQFLRQDULRVHQSUiFWLFDV\ODDSOLFDFLyQGHOFRPSOHPHQWR
UHWULEXWLYRSRUHOGHVHPSHxRGH$OWR&DUJRWDQWRDORV
IXQFLRQDULRV
GHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQFRPR
DORVGH
RWUDV$GPLQLVWUDFLRQHV3~EOLFDVTXHVHLQFRUSRUHQDpVWD\OR
WXYLHUDQDGTXLULGRHQDTXpOORV
/DVPHGLGDVUHODWLYDVDO3DWULPRQLRPRGLILFDQSDUFLDOPHQWH
DOJXQRV
DUWtFXORVGHOWH[WRUHIXQGLGRGHOD/H\GH3DWULPRQLRGHOD
&RPXQLGDG
$XWyQRPDGH$UDJyQSDUDHVWDEOHFHUORVSURFHGLPLHQWRVGH
DGTXLVLFLyQ
GHWtWXORVUHSUHVHQWDWLYRVGHOFDSLWDOPHGLDQWHDPSOLDFLRQHV\ORV
VXSXHVWRVHQTXHUHVXOWDQHFHVDULDODDSUREDFLyQGHXQ'HFUHWRGHO
*RELHUQRGH$UDJyQSDUDODFUHDFLyQGHXQDHPSUHVDTXHVH
FLUFXQVFULEHQHVWULFWDPHQWHDORVFDVRVGHFUHDFLyQGHHPSUHVDVGH
OD
&RPXQLGDG$XWyQRPD(QHODUWtFXORUHODWLYRDODRUJDQL]DFLyQ
GHO
VHFWRUS~EOLFRVHDOWHUDODPHQFLyQSUHIHUHQWHDODVFRRSHUDWLYDV
SXHVQRHVpVWDODIRUPDMXUtGLFDTXHVXHOHQDGRSWDUODVHPSUHVDV
GH
OD&RPXQLGDGVHLQFOX\HH[SUHVDPHQWHODSRVLELOLGDGGHTXHOD
&RPXQLGDG$XWyQRPDSDUWLFLSHHQIXQGDFLRQHV\ILQDOPHQWHVH
DGRSWDQ
XQDVHULHGHPHGLGDVUHODWLYDVDODHQDMHQDFLyQGHELHQHV\
GHUHFKRV
\DOXVR\H[SORWDFLyQGHELHQHVSRUSDUWLFXODUHV\DOD
FRPSHWHQFLD
SDUDVXDXWRUL]DFLyQ3RU~OWLPRVHDFWXDOL]DQORVLPSRUWHVTXH
ILJXUDQHQHOWH[WRUHIXQGLGR\VHUHGHQRPLQDQHQHXURV
(QOD/H\VHFRQWLHQHODFUHDFLyQGHORVVHUYLFLRVS~EOLFRVSDUD
OD
JHVWLyQGHUHVLGXRVDQLPDOHV\GHODDFWLYLGDGLQGXVWULDO\GHOD
FRQVWUXFFLyQ/DOHJLVODFLyQVREUHHOLPLQDFLyQ\WUDQVIRUPDFLyQGH
DQLPDOHVPXHUWRV\GHVSHUGLFLRVGHRULJHQDQLPDOREOLJDDOD
$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDDDGRSWDUPHGLGDV
SDUDVX
DSOLFDFLyQ3DUDODHIHFWLYDHMHFXFLyQGHHVWDVPHGLGDVHO
*RELHUQR
KDRSWDGRDODPSDURGHODUWtFXORGHOD&RQVWLWXFLyQ\GHORV
DUWtFXORV\GHO(VWDWXWRGH$XWRQRPtDGH$UDJyQ
SRU
ODGHFODUDFLyQGHXQVHUYLFLRS~EOLFRGHUHFRJLGD\WUDQVSRUWHGH
VXESURGXFWRVDQLPDOHVQRDSWRVSDUDHOFRQVXPRKXPDQRTXH
JDUDQWLFH
ODUHDOL]DFLyQGHHVWDVDFWXDFLRQHVHQWRGRHOWHUULWRULRGHOD
&RPXQLGDGUHVHUYDTXHHVSUHFLVRTXHVHHIHFW~HPHGLDQWH/H\$
VX
YH]HODUWtFXORGHOD/H\GHGHDEULOGH5HVLGXRV
SHUPLWHTXHODV&RPXQLGDGHV$XWyQRPDVHMHU]DQDGHPiVGHODV
FRPSHWHQFLDVGHSODQLILFDFLyQ\DXWRUL]DFLyQDFWLYLGDGHVGH
JHVWLyQ
GHUHVLGXRV$OLJXDOTXHHQHOFDVRGHORVUHVLGXRVDQLPDOHVHO
*RELHUQRFRQVLGHUDTXHHVFRQYHQLHQWHGHFODUDUFRPRVHUYLFLR
S~EOLFR
DOJXQDVDFWLYLGDGHVGHJHVWLyQGHGHWHUPLQDGRVUHVLGXRVHQ
FRQFUHWR
ORVHVFRPEURVORVLQGXVWULDOHVQRVXVFHSWLEOHVGHYDORUL]DFLyQORV
QHXPiWLFRV\ORVUHVLGXRVSHOLJURVRVGHIRUPDTXHVHJDUDQWLFHVX
PiVDGHFXDGDJHVWLyQ\DHVWRVHIHFWRVVHHIHFW~DOD
FRUUHVSRQGLHQWHUHVHUYD\GHFODUDFLyQHQHVWD/H\
/DVPHGLGDVUHODWLYDVDRUJDQLVPRVS~EOLFRVVHUHILHUHQDVX
GHSHQGHQFLDRUJiQLFD\DODFRPSRVLFLyQGHVXVyUJDQRV(Q
SDUWLFXODUODVPHGLGDVGHUHIRUPDGHOD/H\GH6DOXGVHFLxHQDODV
GLVSRVLFLRQHVTXHUHJXODQHO,QVWLWXWRGH&LHQFLDVGHOD6DOXG
UHRUGHQDQGRODVFRPSHWHQFLDVTXHFRUUHVSRQGHQDO&RQVHMRGH
'LUHFFLyQDO3UHVLGHQWH\DO'LUHFWRU*HUHQWHTXHDVXPHHO
JUXHVR
GHODVFRPSHWHQFLDVGHJHVWLyQ$VLPLVPRVHUHJXODQODV
FRPSHWHQFLDV
SUHVXSXHVWDULDVGHIRUPDGHWDOODGDLQGLFDQGRORVyUJDQRVDORV
TXH
FRUUHVSRQGHDXWRUL]DUODVPRGLILFDFLRQHVGHO3UHVXSXHVWRGHO
,QVWLWXWR
/D/H\DFRPHWHODUHIRUPDGHOD/H\GHFUHDFLyQRUJDQL]DFLyQ
\
FRQWUROSDUODPHQWDULRGHOD&RUSRUDFLyQ$UDJRQHVDGH5DGLR\
7HOHYLVLyQHQWLGDGGH'HUHFKRS~EOLFRFUHDGDSRUODV&RUWHVGH
$UDJyQHQHODxRVLELHQHQHVWHODUJRODSVRGHWLHPSRQRKD
OOHJDGRDSRQHUVHHQIXQFLRQDPLHQWR(O7ULEXQDO&RQVWLWXFLRQDO
HQ
OD6HQWHQFLDGHGHDEULOGHFODUyLQFRQVWLWXFLRQDOHV\
HQFRQVHFXHQFLDQXORVHODUWtFXOR\HODSDUWDGRGHODUWtFXOR
GHGLFKD/H\&RQHOREMHWLYRLQPHGLDWRGHLPSXOVDUODSXHVWDHQ
IXQFLRQDPLHQWRGHODHQWLGDGVHDGRSWDQPHGLGDVVREUH
FRPSRVLFLyQ
GHO&RQVHMRGH$GPLQLVWUDFLyQTXHJDUDQWLFHQODUHSUHVHQWDFLyQHQ
GLFKRyUJDQRGHORVSDUWLGRVSROtWLFRVFRQUHSUHVHQWDFLyQ
SDUODPHQWDULDHQODV&RUWHVGH$UDJyQGHIRUPDPiVSURSRUFLRQDO
TXH
ODTXHVHGHULYDUtDGHODFRPSRVLFLyQDFWXDOGHO&RQVHMRGH
$GPLQLVWUDFLyQ\VHFRPSOHWDHOYDFtRTXHSURYRFyOD6HQWHQFLDDO
DQXODUHODUWtFXORTXHUHJXODEDHOSURFHGLPLHQWRGHDGRSFLyQGH
DFXHUGRVSRUHO&RQVHMRGH$GPLQLVWUDFLyQFRQXQDUHJXODFLyQ
FRPSDWLEOHFRQODOHJLVODFLyQEiVLFDHVWDWDO
/D/H\GHGHDEULOGH&D]DGH$UDJyQQRHVWDEOHFHQL
HO
SOD]RSDUDUHVROYHUQLHOVHQWLGRGHOVLOHQFLRDGPLQLVWUDWLYRHQHO
SURFHGLPLHQWRGHUHFODPDFLyQSRUGDxRVGHQDWXUDOH]DGLVWLQWDGH
OD
DJUDULDFDXVDGRVSRUHVSHFLHVFLQHJpWLFDV/DPRGLILFDFLyQ
OHJLVODWLYDVHGLULJHDILMDUHOSOD]RGHUHVROXFLyQ\ORVHIHFWRV
GHOVLOHQFLRDGPLQLVWUDWLYRHQHVWHSURFHGLPLHQWR
/DVPHGLGDVUHODWLYDVDOD/H\GH2UGHQDFLyQ)DUPDFpXWLFD
PRGLILFDQ
HODUWtFXOR\VHGLULJHQDFODULILFDUHOUpJLPHQGHDXWRUL]DFLRQHV
GHDSHUWXUDGHRILFLQDVGHIDUPDFLD/DQXHYDUHGDFFLyQVXSULPHHO
FDUiFWHUH[FHSFLRQDOGHGHWHUPLQDGDVDXWRUL]DFLRQHVYLQFXODGDVD
FLUFXQVWDQFLDVGHPRJUiILFDV\JHRJUiILFDVHVSHFtILFDV\VHFHQWUD
HQ
HOLQFUHPHQWRSREODFLRQDOTXHHVODUDWLRTXHVHDSOLFD
JHQHUDOPHQWH
HQOD/H\
/DVPHGLGDVUHODWLYDVDOD/H\GH2UGHQDFLyQ\3DUWLFLSDFLyQHQ
OD
*HVWLyQGHO$JXDHQ$UDJyQUHVSRQGHQDODQHFHVLGDGGHOOHYDUD
FDER
XQDUHRUJDQL]DFLyQGHODHVWUXFWXUDRUJiQLFDGHO,QVWLWXWR$UDJRQpV
GHO$JXDVXSULPLHQGROD2ILFLQDSDUDOD)RUPDFLyQGHODV%DVHV
GHOD
3ROtWLFDGHO$JXDHQ$UDJyQSRUFXDQWRSDUDODIHFKDSUHYLVWDGH
VX
GHVDSDULFLyQHVWDUiQHODERUDGDVODV%DVHVSDUDOD3ROtWLFDGHO$JXD
HQ$UDJyQ\UHRUGHQDQGRODSDUWLFLSDFLyQHQORVyUJDQRVGHO
,QVWLWXWR3RURWURODGRVHDERUGDQGHWHUPLQDGDVPRGLILFDFLRQHV
HQ
ODUHJXODFLyQGHOFDQRQGHVDQHDPLHQWRDODVTXH\DVHKDKHFKR
UHIHUHQFLDHQHVWH3UHiPEXOR\TXHYDQGLULJLGDVDUHGXFLUHO
FXPSOLPLHQWRGHREOLJDFLRQHVIRUPDOHVSDUDORVVXMHWRVSDVLYRV\D
ORJUDUXQDPD\RUDJLOLGDG\HILFDFLDHQODJHVWLyQGHOWULEXWR
/DVPHGLGDVUHODWLYDVDOD$GPLQLVWUDFLyQ&RUSRUDWLYD
SUHWHQGHQ
IDFLOLWDUODLQFRUSRUDFLyQGHODV&RUSRUDFLRQHVGH'HUHFKR3~EOLFR
\
VLQJXODUPHQWHGHORV&ROHJLRV3URIHVLRQDOHVDXQDPD\RU
SDUWLFLSDFLyQHQHOHMHUFLFLRGHODVWDUHDVDGPLQLVWUDWLYDVSURSLDV
GHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQOR
TXHVH
MX]JDPX\SHUWLQHQWHDORVHIHFWRVGHXQPHMRUFXPSOLPLHQWRGH
ODV
H[LJHQFLDVGHOLQWHUpVJHQHUDO$HVRVHIHFWRVVHUHJXODHOPDUFR
MXUtGLFRJHQHUDOGHODVXVFULSFLyQGHFRQYHQLRVHQWUHODV
&RUSRUDFLRQHVGH'HUHFKR3~EOLFR\ORV'HSDUWDPHQWRVGHOD
$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPD'HEHWHQHUVHHQ
FXHQWDTXH
HQORUHODWLYRDORV&ROHJLRV3URIHVLRQDOHVHODUWtFXORGHOD
/H\GHGHPDU]RGH&ROHJLRV3URIHVLRQDOHVGH$UDJyQ
UHJXODODSRVLELOLGDGGHVXVFULSFLyQGHFRQYHQLRVHQWUHORV
&ROHJLRV
3URIHVLRQDOHV\ORV&RQVHMRVGH&ROHJLRVGH$UDJyQ\OD
$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPD©SDUDODUHDOL]DFLyQ
GH
DFWLYLGDGHVGHLQWHUpVFRP~QVLQSHUMXLFLRGHODXWLOL]DFLyQGH
RWUDVWpFQLFDVGHFRODERUDFLyQª(VWHQXHYRSUHFHSWRSURSXHVWR
VXSRQHSXHVXQDSDUWLFXODUL]DFLyQGHORJHQpULFDPHQWHSUHYLVWR
HQ
OD/H\\DOWLHPSRVXSRVLEOHDSOLFDFLyQDRWUDV
&RUSRUDFLRQHVGH'HUHFKR3~EOLFR
3RU~OWLPROD/H\FRQWLHQHH[SUHVDVGHURJDFLRQHVGHQRUPDV
YLJHQWHV
\VHQGDVDXWRUL]DFLRQHVSDUDUHIXQGLUODVGLVSRVLFLRQHVYLJHQWHVHQ
PDWHULDGHVDOXG\HQPDWHULDGHWDVDV
7,78/2,0(','$6),6&$/(6
&$3,78/2,0(','$65(/$7,9$6$/,038(67262%5(
/$5(17$'(/$6
3(5621$6),6,&$6
$UWtFXOR'HGXFFLyQGHODFXRWDtQWHJUDDXWRQyPLFDGHO
,PSXHVWR
VREUHOD5HQWDGHODV3HUVRQDV)tVLFDVSRUQDFLPLHQWRRDGRSFLyQ
GHO
WHUFHUKLMRRVXFHVLYRV
&RQHIHFWRVGHVGHGHHQHURGHHOQDFLPLHQWRRDGRSFLyQ
GHO
WHUFHUKLMRRVXFHVLYRVRWRUJDUiHOGHUHFKRDXQDGHGXFFLyQVREUH
OD
FXRWDtQWHJUDDXWRQyPLFDGHOLPSXHVWRVREUHODUHQWDGHODV
SHUVRQDV
ItVLFDVHQORVVLJXLHQWHVWpUPLQRV
D/DGHGXFFLyQVHUiGHHXURVSRUFDGDQDFLPLHQWRR
DGRSFLyQGHO
WHUFHUKLMRRVXFHVLYRVDSOLFiQGRVH~QLFDPHQWHHQHOSHUtRGR
LPSRVLWLYRHQTXHGLFKRQDFLPLHQWRRDGRSFLyQVHSURGX]FD
E1RREVWDQWHHVWDGHGXFFLyQVHUiGHHXURVFXDQGROD
VXPDGHOD
SDUWHJHQHUDO\ODSDUWHHVSHFLDOGHODEDVHLPSRQLEOHGHWRGDVODV
SHUVRQDVTXHIRUPHQSDUWHGHODXQLGDGIDPLOLDUQRH[FHGDGH
HXURV
F/DGHGXFFLyQFRUUHVSRQGHUiDOFRQWULEX\HQWHFRQTXLHQ
FRQYLYDQORV
KLMRVDODIHFKDGHGHYHQJRGHOLPSXHVWR
&XDQGRORVKLMRVTXHGHQGHUHFKRDODGHGXFFLyQFRQYLYDQFRQ
PiVGH
XQFRQWULEX\HQWH\pVWRVSUDFWLTXHQGHFODUDFLyQLQGLYLGXDOGHO
LPSXHVWRVREUHODUHQWDGHODVSHUVRQDVItVLFDVHOLPSRUWHGHOD
GHGXFFLyQVHSURUUDWHDUiSRUSDUWHVLJXDOHVHQODGHFODUDFLyQGH
FDGD
XQRGHHOORV
$UWtFXOR'HGXFFLyQGHODFXRWDtQWHJUDDXWRQyPLFDGHO
,PSXHVWR
VREUHOD5HQWDGHODV3HUVRQDV)tVLFDVSRUDGRSFLyQLQWHUQDFLRQDO
GH
QLxRV
(QHOVXSXHVWRGHDGRSFLyQLQWHUQDFLRQDOIRUPDOL]DGDHQORV
WpUPLQRVUHJXODGRVHQODOHJLVODFLyQYLJHQWH\GHDFXHUGRFRQORV
7UDWDGRV\&RQYHQLRVVXVFULWRVSRU(VSDxDORVFRQWULEX\HQWHV
SRGUiQ
GHGXFLUHXURVSRUFDGDKLMRDGRSWDGRHQHOSHUtRGRLPSRVLWLYR
6HHQWHQGHUiTXHODDGRSFLyQWLHQHOXJDUHQHOSHUtRGR
LPSRVLWLYR
FRUUHVSRQGLHQWHDOPRPHQWRHQTXHVHGLFWHUHVROXFLyQMXGLFLDO
FRQVWLWX\HQGRODDGRSFLyQ
(VWDGHGXFFLyQHVFRPSDWLEOHFRQODGHGXFFLyQSRU
QDFLPLHQWRR
DGRSFLyQGHKLMRVDTXHVHUHILHUHHODUWtFXORDQWHULRU
&XDQGRHOQLxRDGRSWDGRFRQYLYDFRQDPERVSDGUHV
DGRSWLYRV\pVWRV
RSWDVHQSRUODWULEXWDFLyQLQGLYLGXDOODGHGXFFLyQVHSURUUDWHDUi
SRUSDUWHVLJXDOHVHQODGHFODUDFLyQGHFDGDXQRGHHOORV
&$3,78/2,,0(','$65(/$7,9$6$/,038(672
62%5(68&(6,21(6<
'21$&,21(6
$UWtFXOR5HGXFFLyQHQODDGTXLVLFLyQPRUWLVFDXVDSRUKLMRVGHO
FDXVDQWHPHQRUHVGHHGDG
&RQHOFDUiFWHUGHUHGXFFLyQSURSLDGHOD&RPXQLGDG$XWyQRPD
GH
$UDJyQVHDSOLFDUiHQHOLPSXHVWRVREUHVXFHVLRQHV\GRQDFLRQHV
XQD
UHGXFFLyQGHODEDVHLPSRQLEOHGHOSRUGHOYDORUGHpVWDD
ODVDGTXLVLFLRQHVKHUHGLWDULDVTXHFRUUHVSRQGDQDORVKLMRVGHO
FDXVDQWHPHQRUHVGHHGDG(OLPSRUWHGHHVWDUHGXFFLyQQRSRGUi
H[FHGHUGHGHHXURV
$UWtFXOR5HGXFFLyQHQODDGTXLVLFLyQPRUWLVFDXVDSRU
SHUVRQDVFRQ
PLQXVYDOtD
&RQHOFDUiFWHUGHUHGXFFLyQSURSLDGHOD&RPXQLGDG$XWyQRPD
GH
$UDJyQVHDSOLFDUiHQHOLPSXHVWRVREUHVXFHVLRQHV\GRQDFLRQHV
XQD
UHGXFFLyQGHODEDVHLPSRQLEOHGHOSRUGHOYDORUGHpVWDD
ODVDGTXLVLFLRQHVKHUHGLWDULDVTXHFRUUHVSRQGDQDORVPLQXVYiOLGRV
FRQXQJUDGRGHGLVFDSDFLGDGLJXDORVXSHULRUDOSRU
FRQIRUPH
DOEDUHPRDTXHVHUHILHUHHODUWtFXORGHODOH\GHOLPSXHVWR
$UWtFXOR5HGXFFLRQHVSRUODDGTXLVLFLyQLQWHUYLYRVGH
HPSUHVDV
LQGLYLGXDOHVQHJRFLRVSURIHVLRQDOHVRSDUWLFLSDFLRQHVHQ
HQWLGDGHV
6LQSHUMXLFLRGHODDSOLFDFLyQGHODVUHGXFFLRQHVSUHYLVWDVHQ
HO
DSDUWDGRGHODUWtFXORGHOD/H\GHGHGLFLHPEUH
GHO
,PSXHVWRVREUH6XFHVLRQHV\'RQDFLRQHVSDUDODWUDQVPLVLyQLQWHU
YLYRVGHHPSUHVDVLQGLYLGXDOHVQHJRFLRVSURIHVLRQDOHVR
SDUWLFLSDFLRQHVHQHQWLGDGHV\GHDTXHOODVRWUDVTXHHVWpQ
UHJXODGDV
HQOH\HVHVSHFLDOHVSDUDHOFiOFXORGHODEDVHOLTXLGDEOHGHO
LPSXHVWRVREUHVXFHVLRQHV\GRQDFLRQHVUHVXOWDUiGHDSOLFDFLyQOD
VLJXLHQWHUHGXFFLyQSURSLDGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ
UHJXODGDHQHODSDUWDGRVLJXLHQWH
(QORVFDVRVHQTXHHQODEDVHLPSRQLEOHGHXQDDGTXLVLFLyQ
LQWHU
YLYRVHVWXYLHVHLQFOXLGRHOYDORUGHXQDHPSUHVDLQGLYLGXDORGHXQ
QHJRFLRSURIHVLRQDORGHSDUWLFLSDFLRQHVHQHQWLGDGHVSDUDREWHQHU
ODEDVHOLTXLGDEOHVHSUDFWLFDUiXQDUHGXFFLyQGHOSRUVREUH
HOYDORUQHWRTXHLQFOXLGRHQODEDVHLPSRQLEOHFRUUHVSRQGD
SURSRUFLRQDOPHQWHDOYDORUGHORVFLWDGRVELHQHVRGHUHFKRV
FXDQGR
FRQFXUUDQODVVLJXLHQWHVFLUFXQVWDQFLDV
D4XHWUDWiQGRVHGHXQDHPSUHVDLQGLYLGXDORGHXQQHJRFLR
SURIHVLRQDODORVFLWDGRVELHQHVOHVKD\DVLGRGHDSOLFDFLyQOD
H[HQFLyQUHJXODGDHQHOSXQWRXQRGHODSDUWDGRRFKRGHODUWtFXOR
GH
OD/H\GHGHMXQLRGHO,PSXHVWRVREUHHO3DWULPRQLR
HQ
DOJXQRGHORVGRVDxRVQDWXUDOHVDQWHULRUHVDODGRQDFLyQ
E4XHWUDWiQGRVHGHSDUWLFLSDFLRQHVHQHQWLGDGHVDORVFLWDGRV
ELHQHVOHVVHDGHDSOLFDFLyQODH[HQFLyQUHJXODGDHQHOSXQWRGRV
GHO
DSDUWDGRRFKRGHODUWtFXORGHOD/H\GHGHMXQLRGHO
,PSXHVWRVREUHHO3DWULPRQLRHQHOPRPHQWRGHODGRQDFLyQ
F4XHFXDQGRVHWUDWHGHSDUWLFLSDFLRQHVHQHQWLGDGHVpVWDV
WHQJDQ
ODFRQVLGHUDFLyQGHHPSUHVDVGHUHGXFLGDGLPHQVLyQFRQDUUHJORD
OR
GLVSXHVWRHQHODUWtFXORGHOD/H\GHGHGLFLHPEUH
GHO,PSXHVWRVREUH6RFLHGDGHV
G4XHODDFWLYLGDGHFRQyPLFDGLUHFFLyQ\FRQWUROGHOD
HPSUHVD
LQGLYLGXDOQHJRFLRSURIHVLRQDORHQWLGDGDODTXHFRUUHVSRQGDQODV
SDUWLFLSDFLRQHVWUDQVPLWLGDVUDGLTXHQHQHOWHUULWRULRGHOD
&RPXQLGDG$XWyQRPDGH$UDJyQHQHOPRPHQWRGHODGRQDFLyQ\
HQORV
GLH]DxRVSRVWHULRUHV
H4XHHOGRQDQWHWXYLHUDVHVHQWD\FLQFRRPiVDxRVRVH
HQFRQWUDVH
HQVLWXDFLyQGHLQFDSDFLGDGSHUPDQHQWHHQJUDGRGHDEVROXWDR
JUDQ
LQYDOLGH]
I4XHVLHOGRQDQWHYLQLHVHHMHUFLHQGRIXQFLRQHVGHGLUHFFLyQ
GHMDUDGHHMHUFHU\GHSHUFLELUUHPXQHUDFLRQHVSRUHOHMHUFLFLRGH
GLFKDVIXQFLRQHVGHVGHHOPRPHQWRGHODWUDQVPLVLyQ$HVWRV
HIHFWRV
QRVHHQWHQGHUiFRPSUHQGLGDHQWUHODVIXQFLRQHVGHGLUHFFLyQOD
PHUD
SHUWHQHQFLDDO&RQVHMRGH$GPLQLVWUDFLyQGHODVRFLHGDG
J4XHODDGTXLVLFLyQFRUUHVSRQGDDOFyQ\XJHGHVFHQGLHQWHVR
DGRSWDGRVGHOGRQDQWH
K4XHHODGTXLUHQWHPDQWHQJDORDGTXLULGR\WHQJDGHUHFKRDOD
H[HQFLyQHQHOLPSXHVWRVREUHHOSDWULPRQLRGXUDQWHORVGLH]DxRV
VLJXLHQWHVDODHVFULWXUDS~EOLFDGHGRQDFLyQVDOYRTXHIDOOHFLHUD
GHQWURGHGLFKRSOD]R
/DUHGXFFLyQFRQWHPSODGDHQHODSDUWDGRDQWHULRUVHUi
LQFRPSDWLEOHSDUDORVPLVPRVELHQHVRGHUHFKRVDGTXLULGRVFRQ
OD
DSOLFDFLyQGHODUHGXFFLyQHVWDEOHFLGDHQHODSDUWDGRGHODUWtFXOR
GHOD/H\GHGHGLFLHPEUHGHO,PSXHVWRVREUH
6XFHVLRQHV\'RQDFLRQHV/DRSFLyQSRUODDSOLFDFLyQGHOUpJLPHQ
GH
UHGXFFLRQHVHVWDWDORHOSURSLRGHOD&RPXQLGDG$XWyQRPDGH
$UDJyQ
GHEHUiHMHUFHUVHH[SUHVDPHQWHHQHOSHUtRGRYROXQWDULRGH
GHFODUDFLyQ
RDXWROLTXLGDFLyQSRUHVWHLPSXHVWR/DQRFRQVLJQDFLyQGH
QLQJXQDGH
GLFKDVRSFLRQHVVHHQWHQGHUiFRPRXQDUHQXQFLDDODDSOLFDFLyQGH
FXDOTXLHUWLSRUHGXFFLyQSRUODVFRUUHVSRQGLHQWHVDGTXLVLFLRQHV
SRU
QRFXPSOLUODWRWDOLGDGGHUHTXLVLWRVHVWDEOHFLGRVRQRDVXPLUORV
FRPSURPLVRVDFDUJRGHODGTXLUHQWH
7UDWiQGRVHORVELHQHVWUDQVPLWLGRVGHSDUWLFLSDFLRQHVHQ
HQWLGDGHVDORVHIHFWRVGHDSOLFDUORVUHTXLVLWRVHVWDEOHFLGRVHQ
ODVOHWUDVE\KGHODSDUWDGRSDUDODVWUDQVPLVLRQHVLQWHU
YLYRVHOSRUFHQWDMHGHOSRUDTXHVHUHILHUHODOHWUDFGHO
SXQWRGRVGHODSDUWDGRRFKRGHODUWtFXORGHOD/H\GHO
,PSXHVWRVREUHHO3DWULPRQLRVHFRPSXWDUiDORVVRORVHIHFWRVGH
DSOLFDUHVWDVUHGXFFLRQHVFRQMXQWDPHQWHFRQHOFyQ\XJH
DVFHQGLHQWHVGHVFHQGLHQWHVRFRODWHUDOHVGHKDVWDHOFXDUWRJUDGR
GHOGRQDQWHRGRQDWDULRVHJ~QSURFHGD
$UWtFXOR,QFXPSOLPLHQWRGHORVUHTXLVLWRVGHODUHGXFFLyQD
FDUJR
GHORVDGTXLUHQWHVGHORVELHQHVRGHUHFKRV
(QFDVRGHQRFXPSOLUVHORVUHTXLVLWRVGHSHUPDQHQFLDGHOD
DGTXLVLFLyQRGHPDQWHQLPLHQWRGHODXELFDFLyQGHODDFWLYLGDGVX
GLUHFFLyQ\FRQWURORGHOGHUHFKRDODH[HQFLyQHQHOLPSXHVWR
VREUH
HOSDWULPRQLRDTXHVHUHILHUHHODUWtFXORDQWHULRURHQVXFDVR
ORVUHTXLVLWRVGHPDQWHQLPLHQWR\SHUPDQHQFLDTXHVHHVWDEOHFHQ
HQHO
DUWtFXORGHOD/H\GHGHGLFLHPEUHGHO,PSXHVWR
VREUH
6XFHVLRQHV\'RQDFLRQHVGHEHUiSDJDUVHODSDUWHGHOLPSXHVWR
GHMDGD
GHLQJUHVDUDFRQVHFXHQFLDGHODUHGXFFLyQSUDFWLFDGD\ORV
FRUUHVSRQGLHQWHVLQWHUHVHVGHGHPRUD$HVWRVHIHFWRVGHEHUi
FRPXQLFDUVHWDOFLUFXQVWDQFLDDODRILFLQDJHVWRUDFRPSHWHQWHHQHO
SOD]RGHORVWUHLQWDGtDVKiELOHVVLJXLHQWHVDODIHFKDHQTXHWHQJD
OXJDUHOLQFXPSOLPLHQWR
&$3,78/2,,,0(','$65(/$7,9$6$/,038(672
62%5(75$160,6,21(6
3$75,021,$/(6<$&726-85,',&26'2&80(17$'26
$UWtFXOR0RGLILFDFLyQGHORVWLSRVGHJUDYDPHQSDUD
GHWHUPLQDGRV
ELHQHVPXHEOHVHQHO,PSXHVWRVREUH7UDQVPLVLRQHV3DWULPRQLDOHV
\
$FWRV-XUtGLFRV'RFXPHQWDGRV
(QODDGTXLVLFLyQGHDXWRPyYLOHVWXULVPRWRGRWHUUHQRV
PRWRFLFOHWDV\GHPiVYHKtFXORVTXHSRUVXVFDUDFWHUtVWLFDVHVWpQ
VXMHWRVDOLPSXHVWRODFXRWDWULEXWDULDVHUiODVLJXLHQWH
D&RQPiVGHDxRVGHXVR\FLOLQGUDGDLJXDORLQIHULRUD
FHQWtPHWURVF~ELFRVFXRWDGHFHURHXURV
E&RQPiVGHDxRVGHXVR\FLOLQGUDGDVXSHULRUD
FHQWtPHWURVF~ELFRVHLQIHULRURLJXDODFHQWtPHWURVF~ELFRV
FXRWDILMDGHHXURV
F&RQPiVGHDxRVGHXVR\FLOLQGUDGDVXSHULRUD
FHQWtPHWURVF~ELFRVHLQIHULRURLJXDODFHQWtPHWURVF~ELFRV
FXRWDILMDGHHXURV
$OUHVWRGHYHKtFXORVVXMHWRVDOLPSXHVWROHVVHUiGH
DSOLFDFLyQ
HOWLSRGHJUDYDPHQHVWDEOHFLGRSDUDORVELHQHVPXHEOHVHQHO
VHJXQGR
SiUUDIRGHODUWtFXORDGHOWH[WRUHIXQGLGRGHOD/H\GHO
,PSXHVWRVREUH7UDQVPLVLRQHV3DWULPRQLDOHV\$FWRV-XUtGLFRV
'RFXPHQWDGRVDSUREDGRSRU5HDO'HFUHWR/HJLVODWLYRGH
GH
VHSWLHPEUH
$UWtFXOR6LPSOLILFDFLyQGHODVREOLJDFLRQHVIRUPDOHV
(QORVVXSXHVWRVGHDGTXLVLFLRQHVGHYHKtFXORVDODVTXHVHD
GH
DSOLFDFLyQODFXRWDLPSRVLWLYDGHFHURHXURVORVFRQWULEX\HQWHVQR
WHQGUiQREOLJDFLyQGHIRUPDOL]DU\SUHVHQWDUODDXWROLTXLGDFLyQGHO
LPSXHVWRVREUHWUDQVPLVLRQHVSDWULPRQLDOHV\DFWRVMXUtGLFRV
GRFXPHQWDGRV
(QORVVXSXHVWRVFRQWHPSODGRVHQODVOHWUDVE\FGHO
DSDUWDGR
GHODUWtFXORDQWHULRUORVFRQWULEX\HQWHVXQDYH]IRUPDOL]DGDOD
DXWROLTXLGDFLyQQRWHQGUiQREOLJDFLyQGHSUHVHQWDUODHQODV
FRUUHVSRQGLHQWHV6XEGLUHFFLRQHV3URYLQFLDOHVGH(FRQRPtD\
+DFLHQGD
QLHQODV2ILFLQDV/LTXLGDGRUDVGH'LVWULWR+LSRWHFDULRGHOD
&RPXQLGDG$XWyQRPDGH$UDJyQ(QHVWRVFDVRVEDVWDUiFRQ
REWHQHUOD
YDOLGDFLyQPHFiQLFDGHOSDJRGHODFXRWDFRUUHVSRQGLHQWHSRUOD
&DMD
GHODV6XEGLUHFFLRQHV3URYLQFLDOHVGH(FRQRPtD\+DFLHQGDGHO
'HSDUWDPHQWRGH(FRQRPtD+DFLHQGD\(PSOHRRSRUFXDOTXLHUD
GHODV
(QWLGDGHV&RODERUDGRUDVDOREMHWRGHWUDPLWDUSRVWHULRUPHQWHHO
FDPELRGHWLWXODULGDGGHOSHUPLVRGHFLUFXODFLyQGHOYHKtFXORDQWH
OD
-HIDWXUD3URYLQFLDOGH7UiILFRTXHVHDFRPSHWHQWH
&$3,78/2,90(','$65(/$7,9$6$/$7$6$
),6&$/62%5((/-8(*2
$UWtFXOR7ULEXWRVVREUHHO-XHJR
6HUHJXODODFXRWDILMDHOGHYHQJRHLQJUHVRGHODWDVDILVFDO
VREUH
HOMXHJRUHODWLYDDODVPiTXLQDVUHFUHDWLYDVFRQSUHPLRRGHD]DU\
ODWDULID\IRUPDGHSDJRGHODWDVDVREUHULIDVWyPERODVDSXHVWDV
\FRPELQDFLRQHVDOHDWRULDVHQORVVLJXLHQWHVWpUPLQRV
8QR&XRWDILMDGHYHQJRHLQJUHVRGHODWDVDILVFDOVREUHHO
MXHJR
UHODWLYDDODVPiTXLQDVUHFUHDWLYDVFRQSUHPLRRGHD]DU
&XRWDVILMDV
(QORVVXSXHVWRVGHH[SORWDFLyQGHPiTXLQDVRDSDUDWRV
DXWRPiWLFRV
DSWRVSDUDODUHDOL]DFLyQGHMXHJRVODFXRWDDSOLFDEOHGHEH
GHWHUPLQDUVHHQIXQFLyQGHODFODVLILFDFLyQGHPiTXLQDV
HVWDEOHFLGD
SRUHO5HJODPHQWRGH0iTXLQDV5HFUHDWLYDV\GH$]DUYLJHQWHHQ
OD
&RPXQLGDG$XWyQRPDGH$UDJyQVLHQGRDSOLFDEOHVODVVLJXLHQWHV
FXRWDV
$0iTXLQDVGHWLSR©%ªRUHFUHDWLYDVFRQSUHPLR
D&XRWDDQXDOHXURV
E&XDQGRVHWUDWHGHPiTXLQDVRDSDUDWRVDXWRPiWLFRVWLSR©%ª
HQORV
TXHSXHGDQLQWHUYHQLUGRVRPiVMXJDGRUHVGHIRUPDVLPXOWiQHD\
VLHPSUHTXHHOMXHJRGHFDGDXQRGHHOORVVHDLQGHSHQGLHQWHGHO
UHDOL]DGRSRURWURVMXJDGRUHVVHUiQGHDSOLFDFLyQODVVLJXLHQWHV
FXRWDV
E0iTXLQDVRDSDUDWRVGHGRVMXJDGRUHVGRVFXRWDVFRQ
DUUHJORD
ORSUHYLVWRHQOHWUDDDQWHULRU
E0iTXLQDVRDSDUDWRVGHWUHVRPiVMXJDGRUHVHXURV
PiVHO
UHVXOWDGRGHPXOWLSOLFDUSRUHOSURGXFWRGHOQ~PHURGH
MXJDGRUHVSRUHOSUHFLRPi[LPRDXWRUL]DGRSDUDODSDUWLGD
%0iTXLQDVGHWLSR©&ªRGHD]DU
D&XRWDDQXDOHXURV
E&XDQGRVHWUDWHGHPiTXLQDVRDSDUDWRVDXWRPiWLFRVWLSR©&ª
HQORV
TXHSXHGDQLQWHUYHQLUGRVRPiVMXJDGRUHVGHIRUPDVLPXOWiQHD\
VLHPSUHTXHHOMXHJRGHFDGDXQRGHHOORVVHDLQGHSHQGLHQWHGHO
UHDOL]DGRSRURWURVMXJDGRUHVVHUiQGHDSOLFDFLyQODVVLJXLHQWHV
FXRWDV
E0iTXLQDVRDSDUDWRVGHGRVMXJDGRUHVGRVFXRWDVFRQ
DUUHJORD
ORSUHYLVWRHQOHWUDDDQWHULRU
E0iTXLQDVRDSDUDWRVGHWUHVRPiVMXJDGRUHVHXURV
PiVHO
UHVXOWDGRGHPXOWLSOLFDUSRUHOSURGXFWRGHOQ~PHURGH
MXJDGRUHVSRUHOSUHFLRPi[LPRDXWRUL]DGRSDUDODSDUWLGD
%0iTXLQDVGHWLSR©&ªRGHD]DU
D&XRWDDQXDOHXURV
E&XDQGRVHWUDWHGHPiTXLQDVRDSDUDWRVDXWRPiWLFRVWLSR©&ª
HQORV
TXHSXHGDQLQWHUYHQLUGRVRPiVMXJDGRUHVGHIRUPDVLPXOWiQHD\
VLHPSUHTXHHOMXHJRGHFDGDXQRGHHOORVVHDLQGHSHQGLHQWHGHO
UHDOL]DGRSRURWURVMXJDGRUHVVHUiQGHDSOLFDFLyQODVVLJXLHQWHV
FXRWDV
E0iTXLQDVRDSDUDWRVGHGRVMXJDGRUHVGRVFXRWDVFRQ
DUUHJORD
ORSUHYLVWRHQODOHWUDDDQWHULRU
E0iTXLQDVRDSDUDWRVGHWUHVRPiVMXJDGRUHVHXURV
PiV
HOUHVXOWDGRGHPXOWLSOLFDUSRUHXURVHOQ~PHURPi[LPRGH
MXJDGRUHV
(QYLUWXGGHODSUHVHQWH/H\\GHDFXHUGRFRQORVHxDODGRHQ
HO
DUWtFXORGHOD&RQVWLWXFLyQORVWLSRVWULEXWDULRV\FXRWDV
ILMDVSRGUiQVHUPRGLILFDGRVHQODV/H\HVGH3UHVXSXHVWRV
(QFDVRGHPRGLILFDFLyQGHOSUHFLRPi[LPRGHHXURV
DXWRUL]DGR
SDUDODSDUWLGDGHPiTXLQDVGHWLSR©%ªRUHFUHDWLYDVFRQSUHPLR
OD
FXRWDWULEXWDULDGHHXURVGHODWDVDILVFDOVREUHMXHJRVGH
VXHUWHHQYLWHRD]DUVHLQFUHPHQWDUiHQHXURVSRUFDGDFpQWLPR
GH
HXURHQTXHHOQXHYRSUHFLRPi[LPRDXWRUL]DGRH[FHGDGH
HXURV
6LODPRGLILFDFLyQVHSURGXMHUDFRQSRVWHULRULGDGDOGHYHQJRGH
OD
WDVDORVVXMHWRVSDVLYRVTXHH[SORWHQPiTXLQDVFRQSHUPLVRVGH
IHFKD
DQWHULRUDDTXHOODHQTXHVHDXWRULFHODVXELGDGHEHUiQDXWROLTXLGDU
HLQJUHVDUODGLIHUHQFLDGHFXRWDTXHFRUUHVSRQGDHQODIRUPD\
SOD]RVTXHGHWHUPLQHHO'HSDUWDPHQWRFRPSHWHQWHHQPDWHULDGH
HFRQRPtD\KDFLHQGD
1RREVWDQWHORSUHYLVWRHQHOSiUUDIRDQWHULRUODDXWROLTXLGDFLyQ
H
LQJUHVRVHUiVyORGHOSRUGHODGLIHUHQFLDVLODPRGLILFDFLyQ
GHOSUHFLRPi[LPRDXWRUL]DGRSDUDODSDUWLGDVHSURGXFHGHVSXpV
GHO
GHMXQLR
'HYHQJR
/DWDVDVHUiH[LJLEOHSRUDxRVQDWXUDOHVGHYHQJiQGRVHHOGtD
GH
HQHURGHFDGDDxRHQFXDQWRDORVDXWRUL]DGRVHQDxRVDQWHULRUHV
(Q
HOSULPHUDxRHOGHYHQJRFRLQFLGLUiFRQODDXWRUL]DFLyQ
DERQiQGRVH
HQVXHQWHUDFXDQWtDDQXDOORVLPSRUWHVILMDGRVHQHODSDUWDGR
DQWHULRUVDOYRTXHDTXpOODVHRWRUJXHGHVSXpVGHOGHMXQLRHQ
FX\RFDVRSRUHVHDxRVHDERQDUiVRODPHQWHHOSRUGHOD
WDVD
,QJUHVR
(OLQJUHVRGHODWDVDVHUHDOL]DUiHQGRVSDJRVIUDFFLRQDGRV
VHPHVWUDOHVLJXDOHVTXHVHHIHFWXDUiQHQWUHORVGtDV\GHORV
PHVHVGHMXQLR\QRYLHPEUHUHVSHFWLYDPHQWH
'RV7DVDVREUHULIDVWyPERODVDSXHVWDV\FRPELQDFLRQHV
DOHDWRULDV
5LIDV\WyPERODV
D/DVULIDV\WyPERODVWULEXWDUiQFRQFDUiFWHUJHQHUDODOSRU
GHOLPSRUWHWRWDOGHORVELOOHWHVREROHWRVRIUHFLGRV
E/DVGHFODUDGDVGHXWLOLGDGS~EOLFDREHQpILFDWULEXWDUiQDO
SRU
F(QODVWyPERODVGHGXUDFLyQLQIHULRUDTXLQFHGtDV
RUJDQL]DGDV
FRQRFDVLyQGHPHUFDGRVIHULDVRILHVWDVGHiPELWRORFDO\FX\RV
SUHPLRVQRH[FHGDQGHXQWRWDOGHHXURVHOVXMHWRSDVLYRSRGUi
RSWDUHQWUHVDWLVIDFHUODWDVDGHDFXHUGRFRQHOWLSRGHJUDYDPHQ
GHO
DSDUWDGRDRELHQDUD]yQGHHXURVSRUFDGDGtDGHGXUDFLyQHQ
FDSLWDOHVGHSURYLQFLDRHQSREODFLRQHVGHPiVGH
KDELWDQWHV
GHHXURVSRUFDGDGtDHQSREODFLRQHVHQWUH\
KDELWDQWHV\GHHXURVSRUFDGDGtDGHGXUDFLyQHQSREODFLRQHV
LQIHULRUHVDKDELWDQWHV
G/DVULIDVEHQpILFDVGHFDUiFWHUWUDGLFLRQDOTXHGXUDQWHORV
~OWLPRVGLH]DxRVKD\DQYHQLGRGLVIUXWDQGRGHXQUpJLPHQHVSHFLDO
PiV
IDYRUDEOHWULEXWDUiQDOSRUVREUHHOLPSRUWHGHORVELOOHWHV
RIUHFLGRV(VWHEHQHILFLRVHOLPLWDUiDOQ~PHURHLPSRUWHPi[LPR
GH
ORVELOOHWHVTXHVHKD\DQGLVWULEXLGRHQDxRVDQWHULRUHV
$SXHVWDV
D(QODVDSXHVWDVHOWLSRGHJUDYDPHQVHUiFRQFDUiFWHU
JHQHUDO
HOSRUGHOLPSRUWHWRWDOGHORVELOOHWHVREROHWRVYHQGLGRV
E(QODVDSXHVWDVTXHVHFHOHEUHQFRQRFDVLyQGHFDUUHUDVGH
JDOJRV
HQFDQyGURPRVRGHFDUUHUDVGHFDEDOORVHQKLSyGURPRV\HQODV
TXHVH
FHOHEUHQHQIURQWRQHVHOWLSRVHUiGHOSRUGHOLPSRUWHWRWDO
GHORVELOOHWHVREROHWRVYHQGLGRV
F/DVDSXHVWDVGHQRPLQDGDV©WUDYLHVDVªFHOHEUDGDVHQ
IURQWRQHV\
KHFKDVFRQODLQWHUYHQFLyQGHOFRUUHGRUHOWLSRGHJUDYDPHQVHUi
HO
SRUGHOLPSRUWHWRWDOGHORVELOOHWHVREROHWRVYHQGLGRV
&RPELQDFLRQHVDOHDWRULDV
(QODVFRPELQDFLRQHVDOHDWRULDVHOWLSRGHJUDYDPHQVHUiHO
SRU
GHOYDORUGHORVSUHPLRVRIUHFLGRV
([HQFLRQHV
(VWDUiH[HQWDGHOSDJRGHODWDVDVREUHULIDVWyPERODVDSXHVWDV
\
FRPELQDFLRQHVDOHDWRULDVODFHOHEUDFLyQGHULIDV\WyPERODV
RUJDQL]DGDVSRUODVHQWLGDGHVTXHFXPSODQORVUHTXLVLWRV
VLJXLHQWHV
D4XHVHFHOHEUHQSRUODVHQWLGDGHVVLQILQHVOXFUDWLYRV
LQFOXLGDV
HQHOiPELWRGHDSOLFDFLyQGHOD/H\UHJXODGRUDGHOUpJLPHQILVFDO
GH
ODVPLVPDV
E4XHHOYDORUWRWDOGHORVSUHPLRVRIUHFLGRVQRH[FHGDGH
HXURV
)RUPDGHOLTXLGDFLyQ
/RVVXMHWRVSDVLYRVGHHVWDWDVDYHQGUiQREOLJDGRVDSUDFWLFDUOD
OLTXLGDFLyQGHODPLVPD
&$3,78/290(','$6'(&$5$&7(5)250$/<
352&(',0(17$/5(/$7,9$6$/26
,038(6726&(','26
6HFFLyQSULPHUD
2EOLJDFLRQHVIRUPDOHV
$UWtFXOR2EOLJDFLRQHVIRUPDOHVUHODWLYDVDODJHVWLyQGHORV
LPSXHVWRVFHGLGRV
6LQSHUMXLFLRGHTXHHO&RQVHMHURFRPSHWHQWHHQPDWHULDGH
HFRQRPtD\KDFLHQGDDXWRULFHVXLQJUHVRHQHQWLGDGHV
FRODERUDGRUDV
ODVGHFODUDFLRQHVRGHFODUDFLRQHVOLTXLGDFLRQHVGHOLPSXHVWRVREUH
VXFHVLRQHV\GRQDFLRQHV\GHOLPSXHVWRVREUHWUDQVPLVLRQHV
SDWULPRQLDOHV\DFWRVMXUtGLFRVGRFXPHQWDGRVGHEHUiQSUHVHQWDUVH
GLUHFWDPHQWHHQODVFRUUHVSRQGLHQWHV'LUHFFLRQHV3URYLQFLDOHVGH
+DFLHQGD\(PSOHRRHQODV2ILFLQDV/LTXLGDGRUDVGH'LVWULWR
+LSRWHFDULRTXHVHDQFRPSHWHQWHVSRUUD]yQGHOWHUULWRULR1R
REVWDQWHHOFLWDGR&RQVHMHURSRGUiDXWRUL]DUODSUHVHQWDFLyQGHODV
FLWDGDVGHFODUDFLRQHVRGHFODUDFLRQHVOLTXLGDFLRQHVSRUPHGLRV
WHOHPiWLFRV\OOHJDUDDFXHUGRVFRQRWUDV$GPLQLVWUDFLRQHV
S~EOLFDVR
IRUPDOL]DUFRQYHQLRVFRQODVHQWLGDGHVLQVWLWXFLRQHV\RUJDQLVPRV
D
TXHVHUHILHUHHODUWtFXORGHOD/H\GHGH
GLFLHPEUH
*HQHUDO7ULEXWDULDSDUDKDFHUHIHFWLYDODFRODERUDFLyQVRFLDOHQOD
SUHVHQWDFLyQHLQJUHVRGHODVFLWDGDVGHFODUDFLRQHVR
GHFODUDFLRQHVOLTXLGDFLRQHVPHGLDQWHODXWLOL]DFLyQGHWpFQLFDV\
PHGLRVHOHFWUyQLFRVLQIRUPiWLFRVRWHOHPiWLFRV
$OREMHWRGHIDFLOLWDUHOFXPSOLPLHQWRGHODVREOLJDFLRQHV
WULEXWDULDVGHORVFRQWULEX\HQWHVHO'HSDUWDPHQWRFRPSHWHQWHGH
HFRQRPtD\KDFLHQGDHQHOiPELWRGHODVFRPSHWHQFLDVTXHWLHQH
DWULEXLGDVIDFLOLWDUiHLPSXOVDUiODSUHVHQWDFLyQWHOHPiWLFDGHODV
HVFULWXUDVS~EOLFDVTXHGHEDQSUHVHQWDUVHDOLTXLGDFLyQ
GHVDUUROODQGRORVLQVWUXPHQWRVMXUtGLFRVWpFQLFDV\PHGLRV
HOHFWUyQLFRVLQIRUPiWLFRVRWHOHPiWLFRVTXHVHDQQHFHVDULRVSDUD
OD
FRQVHFXFLyQGHHVWHILQ
(OFXPSOLPLHQWRGHODVREOLJDFLRQHVIRUPDOHVGHORVQRWDULRV
HVWDEOHFLGDVHQHODUWtFXORGHOD/H\GHGH
GLFLHPEUHGHO,PSXHVWRVREUH6XFHVLRQHV\'RQDFLRQHV\HQHO
DUWtFXORVHJXQGRSiUUDIRGHO5HDO'HFUHWR/HJLVODWLYR
GH
GHVHSWLHPEUHSRUHOTXHVHDSUXHEDHOWH[WRUHIXQGLGRGHO
,PSXHVWRVREUH7UDQVPLVLRQHV3DWULPRQLDOHV\$FWRV-XUtGLFRV
'RFXPHQWDGRVVHUHDOL]DUiHQHOIRUPDWR\SOD]RVTXHVH
GHWHUPLQH
SRU2UGHQGHO&RQVHMHURFRPSHWHQWHHQPDWHULDGHHFRQRPtD\
KDFLHQGD
TXLHQSRGUiDFRUGDUTXHODUHPLVLyQGHGLFKDLQIRUPDFLyQVHSXHGD
UHDOL]DUWDPELpQRVHUHDOLFHGHIRUPDH[FOXVLYDXWLOL]DQGR
PHGLRV
WHOHPiWLFRVFRQDUUHJORDORVGLVHxRVGHIRUPDWRFRQGLFLRQHV\
SOD]RVTXHHQGLFKD2UGHQVHHVWDEOH]FDQ
/RVRSHUDGRUHVGHSURGXFWRVSHWUROtIHURVTXHVXPLQLVWUHQD
ORV
HVWDEOHFLPLHQWRVGHYHQWDDOSRUPHQRUVLWXDGRVHQHOiPELWR
WHUULWRULDOGHOD&RPXQLGDG$XWyQRPDGH$UDJyQDTXHVHUHILHUH
HO
DUWtFXORFXDWURGHOD/H\GHO(VWDGRGHGH
GLFLHPEUH
GH0HGLGDV)LVFDOHV$GPLQLVWUDWLYDV\GH2UGHQ6RFLDOLQFOXLGRV
ORV
TXHVHDQGHWLWXODULGDGGHOSURSLRVXPLQLVWUDGRUDOJXQRGHORV
SURGXFWRVLQFOXLGRVHQHOiPELWRREMHWLYRGHOLPSXHVWRVREUH
YHQWDV
PLQRULVWDVGHGHWHUPLQDGRVKLGURFDUEXURVHVWiQREOLJDGRVD
SUHVHQWDU
XQDGHFODUDFLyQLQIRUPDWLYDGHODVFDQWLGDGHVVXPLQLVWUDGDVGH
FDGD
SURGXFWRDGLFKRVHVWDEOHFLPLHQWRV(VWDGHFODUDFLyQGHEHUi
SUHVHQWDUVHDQWHOD'LUHFFLyQ*HQHUDOGH7ULEXWRVGHO
'HSDUWDPHQWRGH
(FRQRPtD+DFLHQGD\(PSOHRFRQDUUHJORDORVGLVHxRVGH
IRUPDWR
FRQGLFLRQHV\SOD]RVTXHVHHVWDEOH]FDQPHGLDQWH2UGHQDSUREDGD
SRU
HO&RQVHMHURGHOFLWDGR'HSDUWDPHQWR
$VLPLVPRORVPHQFLRQDGRVHVWDEOHFLPLHQWRVGHYHQWDDO
S~EOLFRDOSRU
PHQRUHVWiQREOLJDGRVDSUHVHQWDUXQDGHFODUDFLyQLQIRUPDWLYDGH
ORV
VXPLQLVWURVUHFLELGRV\GHODVYHQWDVUHDOL]DGDVGHFDGDXQRGH
GLFKRVSURGXFWRVHQODVPLVPDVFRQGLFLRQHV\SOD]RVTXHODVGHO
SiUUDIRDQWHULRU
(O&RQVHMHURFRPSHWHQWHHQPDWHULDGHHFRQRPtD\KDFLHQGD
SRGUi
DXWRUL]DUPHGLDQWH2UGHQHOXVRGHHIHFWRVWLPEUDGRVFRPR
PHGLRGH
SDJRGHVWLQDGRDVDWLVIDFHUODVGHXGDVWULEXWDULDVGHULYDGDVGHOD
WUDQVPLVLyQGHGHWHUPLQDGRVYHKtFXORVHVWDEOHFLHQGRVXV
FRQGLFLRQHV
\IRUPDGHXWLOL]DFLyQ
(OFXPSOLPLHQWRGHFXDOTXLHUREOLJDFLyQOHJDOGHVXPLQLVWUR
UHJXODUGHLQIRUPDFLyQFRQWUDVFHQGHQFLDWULEXWDULDUHODWLYDD
FXDOTXLHUDGHORVLPSXHVWRVFHGLGRVSRUHO(VWDGRDOD&RPXQLGDG
$XWyQRPDGH$UDJyQ\DYHQJDHVWDEOHFLGDSRUXQDQRUPDHVWDWDO
RSRU
XQDQRUPDDXWRQyPLFDGHEHUiUHDOL]DUVHXWLOL]DQGRVRSRUWHV
PDJQpWLFRVGLUHFWDPHQWHOHJLEOHVSRURUGHQDGRURSRUYtD
WHOHPiWLFD
FRQDUUHJORDORVGLVHxRVGHIRUPDWRFRQGLFLRQHV\SOD]RVTXHVH
HVWDEOH]FDQSRU2UGHQDSUREDGDSRUHO&RQVHMHURFRPSHWHQWHHQ
PDWHULD
GHHFRQRPtD\KDFLHQGD
6HFFLyQVHJXQGD
)LGXFLD
$UWtFXOR3URFHGLPLHQWRSDUDOLTXLGDUODVKHUHQFLDVRUGHQDGDV
PHGLDQWHILGXFLD
(OSURFHGLPLHQWRHVWDEOHFLGRHQHVWHDUWtFXORVHDSOLFDUiD
WRGD
VXFHVLyQSRUFDXVDGHPXHUWHRUGHQDGDSRUXQRRYDULRV
ILGXFLDULRV
FRQIRUPHDORGLVSXHVWRHQHO7tWXOR,9GHOD/H\GHGH
IHEUHURGH6XFHVLRQHVSRU&DXVDGH0XHUWH
&XDQGRHQHOSOD]RGHSUHVHQWDFLyQGHODGHFODUDFLyQGHO
LPSXHVWR
VREUHVXFHVLRQHV\GRQDFLRQHVRHQVXFDVRHQHOSOD]RGH
SUHVHQWDFLyQ\SDJRGHODFRUUHVSRQGLHQWHDXWROLTXLGDFLyQQRVH
KXELHUHHMHFXWDGRWRWDOPHQWHHOHQFDUJRILGXFLDULRHO
FXPSOLPLHQWR
GHODVREOLJDFLRQHVWULEXWDULDVGHULYDGDVGHOIDOOHFLPLHQWR
FRUUHVSRQGHUiUHVSHFWRGHODSDUWHGHKHUHQFLDQRDVLJQDGDD
TXLHQ
WXYLHUDODFRQGLFLyQOHJDOGHKHUHGHURFRQIRUPHDORSUHYLVWRHQHO
7tWXOR9,,GHOD/H\FRQDUUHJORDVXVFRQGLFLRQHVGH
SDWULPRQLR\SDUHQWHVFRFRQHOFDXVDQWH
(QHOFDVRGHTXHFRQIRUPHDORGLVSXHVWRHQHODSDUWDGR
DQWHULRUHOSDJRGHOLPSXHVWRFRUUHVSRQGLHUDDYDULDVSHUVRQDVOD
OLTXLGDFLyQUHVXOWDQWHDFDGDXQDGHHOODVVHUiODGHULYDGDGH
LPSXWDUDSDUWHVLJXDOHVHOYDORUGHODSDUWHGHODKHUHQFLDQR
DVLJQDGD
&XDQGRKDELpQGRVHHMHFXWDGRWRWDOPHQWHODILGXFLDHO
GHVWLQRGH
ORVELHQHVVHDGLVWLQWRGHOTXHILVFDOPHQWHVHWRPyHQ
FRQVLGHUDFLyQ
VHJLUDUiQOLTXLGDFLRQHVFRPSOHPHQWDULDVDODVLQLFLDOHV
DWULEX\HQGR
DFDGDVXMHWRSDVLYRHOYDORUGHOFDXGDOUHOLFWRTXHUHDOPHQWHVHOH
GHILULy
/RVVXMHWRVSDVLYRVSRGUiQVDWLVIDFHUFRQFDUJRDOSDWULPRQLR
KHUHGLWDULRODGHXGDWULEXWDULDFRUUHVSRQGLHQWHDOYDORUGHORV
ELHQHVRGHUHFKRVSHQGLHQWHVGHDVLJQDFLyQILGXFLDULDTXHOHVKD\D
VLGRLPSXWDGRILVFDOPHQWHVLHPSUH\FXDQGRRSWHQSRUOD
PRGDOLGDGGH
DXWROLTXLGDFLyQGHOLPSXHVWRPHGLDQWHVXSUHVHQWDFLyQ\SDJR
GHQWUR
GHOSOD]RYROXQWDULRHVWDEOHFLGR\DFRPSDxHQDGLFKD
DXWROLTXLGDFLyQ
XQGRFXPHQWRILUPDGRSRUHOSURSLRREOLJDGRWULEXWDULR\SRUHO
DGPLQLVWUDGRUGHOSDWULPRQLRKHUHGLWDULRHQHOTXHVHKDJDFRQVWDU
OD
DXWRUL]DFLyQH[SUHVDGHHVWH~OWLPRSDUDVDWLVIDFHUHOLPSRUWHGHOD
DXWROLTXLGDFLyQFRQHIHFWLYRELHQHVRGHUHFKRVGHOSDWULPRQLR
KHUHGLWDULRSHQGLHQWHGHDVLJQDFLyQ
(OHMHUFLFLRGHHVWDRSFLyQVHUiLQGLYLGXDOSRUFDGDVXMHWR
SDVLYR
QRVLHQGRQHFHVDULRTXHODWRWDOLGDGGHORVREOLJDGRVWULEXWDULRV
RSWHQSRUODDSOLFDFLyQGHODPLVPD
0HGLDQWH2UGHQGHO&RQVHMHURFRPSHWHQWHHQPDWHULDGH
HFRQRPtD\
KDFLHQGDVHSRGUiQUHJXODUORVDVSHFWRVIRUPDOHV\
SURFHGLPHQWDOHVGH
GLFKDRSFLyQ
6HFFLyQWHUFHUD
7DVDFLyQSHULFLDOFRQWUDGLFWRULD
$UWtFXOR1RUPDVJHQHUDOHV
/RVLQWHUHVDGRVSRGUiQSURPRYHUODWDVDFLyQSHULFLDO
FRQWUDGLFWRULDHQFRUUHFFLyQGHORVPHGLRVGHFRPSUREDFLyQILVFDO
GH
YDORUHVGHQWURGHOSOD]RGHOSULPHUUHFXUVRRUHFODPDFLyQTXH
SURFHGDFRQWUDODOLTXLGDFLyQHIHFWXDGDGHDFXHUGRFRQORVYDORUHV
FRPSUREDGRVDGPLQLVWUDWLYDPHQWHRFXDQGRODQRUPDWLYDWULEXWDULD
DVt
ORSUHYHDFRQWUDHODFWRGHFRPSUREDFLyQGHYDORUHVGHELGDPHQWH
QRWLILFDGR
1RREVWDQWHORDQWHULRUHOLQWHUHVDGRSRGUiUHVHUYDUVHHO
GHUHFKRD
SURPRYHUODWDVDFLyQSHULFLDOFRQWUDGLFWRULDFXDQGRHVWLPHTXHOD
QRWLILFDFLyQQRFRQWLHQHH[SUHVLyQVXILFLHQWHGHORVGDWRV\
PRWLYRV
WHQLGRVHQFXHQWDSDUDHOHYDUORVYDORUHVGHFODUDGRV\GHQXQFLH
GLFKD
RPLVLyQHQXQUHFXUVRGHUHSRVLFLyQRHQXQDUHFODPDFLyQ
HFRQyPLFRDGPLQLVWUDWLYD(QHVWHFDVRHOSOD]RDTXHVHUHILHUHHO
SiUUDIRDQWHULRUVHFRQWDUiGHVGHODIHFKDGHILUPH]DHQYtD
DGPLQLVWUDWLYDGHODFXHUGRTXHUHVXHOYDHOUHFXUVRRUHFODPDFLyQ
LQWHUSXHVWD
/DSUHVHQWDFLyQGHODVROLFLWXGGHWDVDFLyQSHULFLDO
FRQWUDGLFWRULDRODUHVHUYDDSURPRYHUODDTXHVHUHILHUHHOSiUUDIR
DQWHULRUGHWHUPLQDUiODVXVSHQVLyQGHODHMHFXFLyQGHODOLTXLGDFLyQ
\GHOSOD]RSDUDLQWHUSRQHUUHFXUVRRUHFODPDFLyQFRQWUDODPLVPD
$UWtFXOR3URFHGLPLHQWR
6HUiQHFHVDULDODYDORUDFLyQUHDOL]DGDSRUXQSHULWRGHOD
$GPLQLVWUDFLyQFXDQGRODFXDQWLILFDFLyQGHOYDORUFRPSUREDGRVH
KD\D
UHDOL]DGRSRUFXDOTXLHURWURPHGLROHJDOPHQWHSUHYLVWR
5HFLELGDSRUODRILFLQDFRPSHWHQWHODYDORUDFLyQGHOSHULWRGH
OD
$GPLQLVWUDFLyQRODTXH\DILJXUHHQHOH[SHGLHQWHSRUKDEHU
XWLOL]DGROD$GPLQLVWUDFLyQ7ULEXWDULDFRPRPHGLRGH
FRPSUREDFLyQHO
GH©GLFWDPHQGHSHULWRVGHOD$GPLQLVWUDFLyQªVHWUDVODGDUiDORV
LQWHUHVDGRVFRQFHGLpQGROHVXQSOD]RGHTXLQFHGtDVSDUDTXH
SXHGDQ
SURFHGHUDOQRPEUDPLHQWRGHXQSHULWRTXHGHEHUiWHQHUWtWXOR
DGHFXDGRDODQDWXUDOH]DGHORVELHQHV\GHUHFKRVDYDORUDU
'HVLJQDGRHOSHULWRSRUHOFRQWULEX\HQWHVHOHHQWUHJDUiOD
UHODFLyQ
GHELHQHV\GHUHFKRVSDUDTXHHPLWDGLFWDPHQGHELGDPHQWH
PRWLYDGR
7UDQVFXUULGRHOSOD]RGHTXLQFHGtDVVLQKDFHUODGHVLJQDFLyQ
GH
SHULWRVHHQWHQGHUiODFRQIRUPLGDGGHOLQWHUHVDGRFRQHOYDORU
FRPSUREDGRSURFHGLpQGRVHHQFRQVHFXHQFLDDFRPXQLFDUHOFHVH
GHOD
VXVSHQVLyQGHODHMHFXFLyQGHODOLTXLGDFLyQFRQFHGLHQGRXQ
QXHYR
SOD]RGHLQJUHVR\JLUDQGROLTXLGDFLyQSRUORVLQWHUHVHVGHGHPRUD
GHYHQJDGRVSRUHOWLHPSRWUDQVFXUULGRGXUDQWHODVXVSHQVLyQ
6LODGLIHUHQFLDHQWUHHOYDORUGHWHUPLQDGRSRUHOSHULWRGHOD
$GPLQLVWUDFLyQ\ODWDVDFLyQSUDFWLFDGDSRUHOSHULWRGHVLJQDGRSRU
HOREOLJDGRWULEXWDULRFRQVLGHUDGDHQYDORUHVDEVROXWRVHVLJXDOR
LQIHULRUDHXURV\DOSRUGHGLFKDWDVDFLyQpVWD
~OWLPDVHUYLUiGHEDVHSDUDODOLTXLGDFLyQ(QWDOVXSXHVWRVH
JLUDUiODOLTXLGDFLyQFRPSOHPHQWDULDTXHSURFHGDFRQORV
FRUUHVSRQGLHQWHVLQWHUHVHVGHGHPRUD
6LODGLIHUHQFLDVHxDODGDHQHODSDUWDGRDQWHULRUHVVXSHULRU
GHEHUiGHVLJQDUVHXQSHULWRWHUFHURFRQIRUPHDOVLJXLHQWH
SURFHGLPLHQWR
D/D$GPLQLVWUDFLyQ7ULEXWDULDVROLFLWDUiHQHOPHVGHHQHURGH
FDGD
DxRDORVGLVWLQWRVFROHJLRVDVRFLDFLRQHVRFRUSRUDFLRQHV
SURIHVLRQDOHVOHJDOPHQWHUHFRQRFLGRVHOHQYtRGHXQDOLVWDGH
FROHJLDGRVRDVRFLDGRVGLVSXHVWRVDDFWXDUFRPRSHULWRVWHUFHURV
E(OHJLGRSRUVRUWHRS~EOLFRXQRGHFDGDOLVWDODV
GHVLJQDFLRQHVVH
HIHFWXDUiQSRURUGHQFRUUHODWLYRWHQLHQGRHQFXHQWDODQDWXUDOH]D
GH
ORVELHQHVRGHUHFKRVDYDORUDU
F&XDQGRQRH[LVWDFROHJLRDVRFLDFLyQRFRUSRUDFLyQ
SURIHVLRQDO
FRPSHWHQWHSRUODQDWXUDOH]DGHORVELHQHVRGHUHFKRVDYDORUDUR
SURIHVLRQDOHVGLVSXHVWRVDDFWXDUFRPRSHULWRVWHUFHURVVH
VROLFLWDUiODGHVLJQDFLyQGHXQDVRFLHGDGGHWDVDFLyQLQVFULWDHQHO
FRUUHVSRQGLHQWHUHJLVWURRILFLDO
G5HDOL]DGDODGHVLJQDFLyQVHUHPLWLUiDOSHULWRRHQWLGDGGH
WDVDFLyQGHVLJQDGRVODUHODFLyQGHELHQHV\GHUHFKRVDYDORUDU\
FRSLDGHORVGLFWiPHQHVGHORVSHULWRVDQWHULRUHVSDUDTXHHQ
SOD]R
GHTXLQFHGtDVSURFHGDDUHDOL]DUXQDQXHYDYDORUDFLyQ
GHELGDPHQWH
PRWLYDGDTXHVHUiGHILQLWLYD
$ODYLVWDGHOUHVXOWDGRREWHQLGRGHODWDVDFLyQSHULFLDO
FRQWUDGLFWRULDODRILFLQDJHVWRUDFRPXQLFDUiGLFKDYDORUDFLyQDO
LQWHUHVDGR\FRQILUPDUiODOLTXLGDFLyQLQLFLDORJLUDUiOD
FRPSOHPHQWDULDTXHSURFHGDFRQLQWHUHVHVGHGHPRUDHQDPERV
FDVRV
/DYDORUDFLyQGHOSHULWRWHUFHURVHUYLUiGHEDVHDOD
OLTXLGDFLyQ
DGPLQLVWUDWLYDTXHSURFHGDFRQORVOtPLWHVGHOYDORUGHFODUDGR\HO
YDORUFRPSUREDGRLQLFLDOPHQWHSRUOD$GPLQLVWUDFLyQ
$UWtFXOR+RQRUDULRVGHORVSHULWRV\REOLJDFLyQGHGHSyVLWR
/RVKRQRUDULRVGHOSHULWRGHOREOLJDGRWULEXWDULRVHUiQ
VDWLVIHFKRVSRUpVWH&XDQGRODGLIHUHQFLDHQWUHODWDVDFLyQ
SUDFWLFDGDSRUHOSHULWRWHUFHUR\HOYDORUGHFODUDGRFRQVLGHUDGDHQ
YDORUHVDEVROXWRVVXSHUHHOSRUGHOYDORUGHFODUDGRORV
JDVWRVGHOSHULWRWHUFHURVHUiQDERQDGRVSRUHOREOLJDGRWULEXWDULR
\HQFDVRFRQWUDULRFRUUHUiQDFDUJRGHOD$GPLQLVWUDFLyQ(QHVWH
VXSXHVWRDTXpOWHQGUiGHUHFKRDVHUUHLQWHJUDGRGHORVJDVWRV
RFDVLRQDGRVSRUHOGHSyVLWRDOTXHVHUHILHUHHOSiUUDIRVLJXLHQWH
(OSHULWRWHUFHURSRGUiH[LJLUTXHSUHYLDPHQWHDOGHVHPSHxR
GHVX
FRPHWLGRVHKDJDSURYLVLyQGHOLPSRUWHGHVXVKRQRUDULRV(QHVWH
VXSXHVWRORVGHSyVLWRVTXHGHEDQHIHFWXDUOD$GPLQLVWUDFLyQ\ORV
LQWHUHVDGRVVHUHDOL]DUiQHQHOSOD]RGHTXLQFHGtDVFRQWDGRVD
SDUWLUGHODUHFHSFLyQGHODQRWLILFDFLyQSRUORVLQWHUHVDGRVHQOD
&DMDGH'HSyVLWRVGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ
3RU2UGHQGHO&RQVHMHURGHO'HSDUWDPHQWRFRPSHWHQWHHQ
PDWHULDGH
KDFLHQGDSRGUiHVWDEOHFHUVHXQSURFHGLPLHQWRGHGHSyVLWRDWUDYpV
GH
HQWLGDGHVGHFUpGLWRTXHSUHVWHQHOVHUYLFLRGHFDMDHQODV
6XEGLUHFFLRQHV3URYLQFLDOHVGHOFLWDGR'HSDUWDPHQWRGHHQWLGDGHV
FRODERUDGRUDVHQODUHFDXGDFLyQGHWULEXWRVRGHFXHQWDV
UHVWULQJLGDV
GHUHFDXGDFLyQDELHUWDVHQHQWLGDGHVGHFUpGLWR
/DIDOWDGHGHSyVLWRSRUFXDOTXLHUDGHODVSDUWHVH[LJLGR
FRQIRUPHDODSDUWDGRDQWHULRUVXSRQGUiODDFHSWDFLyQGHOD
YDORUDFLyQUHDOL]DGDSRUHOSHULWRGHODRWUDFXDOTXLHUDTXHIXHUD
ODGLIHUHQFLDHQWUHDPEDVYDORUDFLRQHV
(QWUHJDGDHQODRILFLQDJHVWRUDODYDORUDFLyQSRUHOSHULWR
WHUFHURVHFRPXQLFDUiDOREOLJDGRWULEXWDULR\VHOHFRQFHGHUiXQ
SOD]RGHTXLQFHGtDVSDUDMXVWLILFDUHOSDJRGHORVKRQRUDULRVDVX
FDUJR(QVXFDVRVHDXWRUL]DUiODGLVSRVLFLyQGHODSURYLVLyQGH
ORVKRQRUDULRVGHSRVLWDGRV
$UWtFXOR,QDFWLYLGDGUHQXQFLD\HIHFWRV
&XDQGRHOSHULWRGHVLJQDGRSRUHOREOLJDGRWULEXWDULRRHO
SHULWR
WHUFHURQRSXGLHUDQSUHVHQWDUHOUHVXOWDGRGHODWDVDFLyQHQHOSOD]R
GHTXLQFHGtDVOD$GPLQLVWUDFLyQ7ULEXWDULDSUHYLDVROLFLWXGGH
ORV
PLVPRVSRGUiFRQFHGHUXQDDPSOLDFLyQGHGLFKRSOD]RTXHQR
H[FHGDGH
ODPLWDGGHOPLVPR(ODFXHUGRGHDPSOLDFLyQGHEHUiVHU
QRWLILFDGRDO
VROLFLWDQWH
/DIDOWDGHSUHVHQWDFLyQGHOUHVXOWDGRGHODWDVDFLyQGHOSHULWR
GHVLJQDGRSRUHOREOLJDGRWULEXWDULRHQHOSOD]RLQGLFDGRRHQVX
FDVRHQHOGHODSUyUURJDGHOPLVPRSURGXFLUiDGHPiVGHORV
HIHFWRV
SUHYLVWRVHQHODSDUWDGRGHODUWtFXORDQWHULRUODSpUGLGDGHO
GHUHFKRDOWUiPLWHGHODWDVDFLyQSHULFLDOFRQWUDGLFWRULD
/DUHQXQFLDGHOSHULWRWHUFHURRODIDOWDGHSUHVHQWDFLyQHQ
SOD]R
GHOUHVXOWDGRGHVXWDVDFLyQGHMDUiQVLQHIHFWRVXQRPEUDPLHQWRH
LPSHGLUiQVXGHVLJQDFLyQHQHOHMHUFLFLRFRUULHQWH\HQORVGRV
SRVWHULRUHVDOPLVPR
(QDPERVFDVRVVHSURFHGHUiDODGHVLJQDFLyQGHXQQXHYR
SHULWR
WHUFHURFRQIRUPHDORUGHQFRUUHODWLYRTXHSURFHGDHQODOLVWDGH
SURIHVLRQDOHVDTXHVHUHILHUHHODSDUWDGRGHOFLWDGRDUWtFXOR
7,78/2,,0(','$675,%87$5,$65(/$7,9$6$/$6
7$6$6'(/$&2081,'$'
$872120$'($5$*21
&$3,78/2,7$6$3256(59,&,2635(67$'26325(/
5(*,67527(55,725,$/
'(/$3523,('$',17(/(&78$/'($5$*21
$UWtFXOR&UHDFLyQGHOD7DVDSRUVHUYLFLRVSUHVWDGRVSRUHO
5HJLVWUR7HUULWRULDOGHOD3URSLHGDG,QWHOHFWXDOGH$UDJyQ
'HFRQIRUPLGDGFRQORGLVSXHVWRHQHODSDUWDGRGHODUWtFXOR
GHOD
/H\GHGHGLFLHPEUHGH7DVDV\3UHFLRV3~EOLFRVGH
OD
&RPXQLGDG$XWyQRPDGH$UDJyQVHFUHDODWDVDSRUVHUYLFLRV
SUHVWDGRVSRUHO5HJLVWUR7HUULWRULDOGHOD3URSLHGDG,QWHOHFWXDOGH
$UDJyQFX\DVGLVSRVLFLRQHVVHFRQWLHQHQHQORVDUWtFXORV
VLJXLHQWHV
$UWtFXOR+HFKRLPSRQLEOH
&RQVWLWX\HQHOKHFKRLPSRQLEOHGHODWDVDORVVHUYLFLRV
SUHVWDGRVSRU
HO5HJLVWUR7HUULWRULDOGHOD3URSLHGDG,QWHOHFWXDOGH$UDJyQSRU
FDOLILFDFLyQGHGRFXPHQWRV\DXWHQWLILFDFLyQGHILUPDVHQORV
SULYDGRVSRULQVFULSFLRQHVDQRWDFLRQHV\FDQFHODFLRQHV\SRU
EXVFD
FRSLDVWtWXORVFHUWLILFDFLRQHVHLQIRUPHV
$UWtFXOR6XMHWRSDVLYR
6RQVXMHWRVSDVLYRVGHODWDVDODVSHUVRQDVItVLFDV\MXUtGLFDVDVt
FRPRODVHQWLGDGHVDTXHVHUHILHUHHODUWtFXORGHOD/H\GH
7DVDV
\3UHFLRV3~EOLFRVGHOD&RPXQLGDG$XWyQRPDGH$UDJyQTXH
VROLFLWHQ
ORVVHUYLFLRVTXHFRQVWLWX\HQHOKHFKRLPSRQLEOHGHODPLVPD
$UWtFXOR'HYHQJR\JHVWLyQ
/DWDVDVHGHYHQJDUiHQHOPRPHQWRGHODVROLFLWXGGH
SUHVWDFLyQ
GHORVVHUYLFLRVRUHDOL]DFLyQGHODVDFWXDFLRQHVDGPLQLVWUDWLYDV
TXH
FRQVWLWX\HQHOKHFKRLPSRQLEOH
/DWDVDVHUiH[LJLEOHPHGLDQWHOLTXLGDFLyQSUDFWLFDGDSRUOD
$GPLQLVWUDFLyQVLHQGRQHFHVDULRHOSUHYLRSDJRSDUDKDFHU
HIHFWLYD
ODSUHVWDFLyQGHOVHUYLFLRRDFWLYLGDG
$UWtFXOR7DULIDV
/DWDVDVHH[LJLUiFRQIRUPHDODVVLJXLHQWHVWDULIDV
7DULID3RUFRPSXOVDFRQHORULJLQDOGHORVGRFXPHQWRV
SUHVHQWDGRVHQHO5HJLVWURSRUFDGDSiJLQDHXURV
7DULID3RUODVGLOLJHQFLDVTXHVHSUDFWLTXHQDQWHHPSOHDGRV
GHO
5HJLVWURSDUDDXWHQWLILFDUILUPDVSRUFDGDGLOLJHQFLDHXURV
7DULID3RUODFDOLILFDFLyQGHVXILFLHQFLDGHGRFXPHQWRV
QRWDULDOHVMXGLFLDOHVRDGPLQLVWUDWLYRVSUHVHQWDGRVHQHO5HJLVWUR
FXDOTXLHUDTXHIXHUDHOUHVXOWDGRGHODPLVPDSDUDFDGD
GRFXPHQWR
HXURV
7DULID3RUODWUDPLWDFLyQGHORVH[SHGLHQWHVGHVROLFLWXGGH
LQVFULSFLyQDQRWDFLyQ\FDQFHODFLyQGHGRFXPHQWRVHQORVTXHVH
UHFRQR]FDQFRQVWLWX\DQGHFODUHQPRGLILTXHQWUDQVPLWDQR
H[WLQJDQ
FXDOTXLHUGHUHFKRUHFRQRFLGRHQODYLJHQWH/H\GH3URSLHGDG
,QWHOHFWXDOLQFOXLGDODH[WHQVLyQ\HQVXFDVRODGHQHJDFLyQGH
ORVFRUUHVSRQGLHQWHVDVLHQWRVHXURV
7DULID6ROLFLWXGGHLQVFULSFLyQGHPiVGHXQDREUD
LQGHSHQGLHQWHDSDUWLUGHODVHJXQGDSRUFDGDXQLGDGGHODV
PLVPDV
HXURV
7DULID3RUODE~VTXHGDGHDVLHQWRVHQORVOLEURVGHO
5HJLVWUR
FXDOTXLHUDTXHIXHUDVXDQWLJHGDGHXURV
7DULID3RUFRSLDVFHUWLILFDGDVGHHVFULWXUDV\GHPiV
GRFXPHQWRV
DUFKLYDGRVHQHO5HJLVWURSRUFDGDSiJLQDHXURV
7DULID3RUODH[SHGLFLyQGHFHUWLILFDGRVGHLQVFULSFLyQ
HXURV
7DULID3RUH[SHGLFLyQGHFHUWLILFDGRVSDUDKDFHUFRQVWDUOD
H[LVWHQFLDRQRGHLQVFULSFLRQHVRDQRWDFLRQHVGHGHUHFKRVR
GRFXPHQWRVFRQUHODFLyQDWtWXORVGHREUDVRDSHUVRQDV
GHWHUPLQDGDV
6LVHWUDWDGHXQDSHUVRQDRWtWXORHXURV
3DUDODVLJXLHQWHSHUVRQDRWtWXORHXURV
7DULID3RUH[SHGLFLyQGHQRWDVVLPSOHVVREUHORV
DVLHQWRV
HXURV
7DULID3RUODDSRUWDFLyQGHGRFXPHQWRVHQVRSRUWHGLVWLQWR
DO
SDSHOSRUFDGDVRSRUWHRXQLGDGHXURV
&$3,78/2,,7$6$325$&5(',7$&,21'(
/$%25$725,26'((16$<23$5$(/
&21752/'(&$/,'$''(/$(',),&$&,21
$UWtFXOR&UHDFLyQGHOD7DVDSRUDFUHGLWDFLyQGHODERUDWRULRV
GH
HQVD\RSDUDHOFRQWUROGHFDOLGDGGHODHGLILFDFLyQ
'HFRQIRUPLGDGFRQORGLVSXHVWRHQHODSDUWDGRGHODUWtFXOR
GHOD
/H\GHGHGLFLHPEUHGH7DVDV\3UHFLRV3~EOLFRVGH
OD
&RPXQLGDG$XWyQRPDGH$UDJyQVHFUHDODWDVDSRU
DFUHGLWDFLyQGH
ODERUDWRULRVGHHQVD\RSDUDHOFRQWUROGHFDOLGDGGHODHGLILFDFLyQ
FX\DUHJXODFLyQVHFRQWLHQHHQORVDUWtFXORVVLJXLHQWHV
$UWtFXOR+HFKRLPSRQLEOH
&RQVWLWX\HHOKHFKRLPSRQLEOHGHODWDVDODUHDOL]DFLyQGHODV
DFWXDFLRQHVDGPLQLVWUDWLYDVGLULJLGDVDODREWHQFLyQGHOD
DFUHGLWDFLyQGHORVODERUDWRULRVGHHQVD\RSDUDHOFRQWUROGHOD
FDOLGDGGHODHGLILFDFLyQDVtFRPRODVUHODWLYDVDVXVHJXLPLHQWR\
UHQRYDFLyQ
$UWtFXOR6XMHWRSDVLYR
6RQVXMHWRVSDVLYRVGHODWDVDODVSHUVRQDV\HQWLGDGHVDTXHVH
UHILHUHHODUWtFXORGHOD/H\GH7DVDV\3UHFLRV3~EOLFRVGHOD
&RPXQLGDG$XWyQRPDGH$UDJyQTXHVROLFLWHQHQQRPEUHGHORV
ODERUDWRULRVGHHQVD\RRSDUDTXLHQHVVHHIHFW~HQODVDFWXDFLRQHV
DGPLQLVWUDWLYDVFRQVWLWXWLYDVGHOKHFKRLPSRQLEOH
$UWtFXOR'HYHQJR\JHVWLyQ
/DWDVDSRUDFUHGLWDFLyQRUHQRYDFLyQGHODPLVPDVH
GHYHQJDUi
FXDQGRVHVROLFLWHQRVHLQLFLHQODVDFWXDFLRQHVDGPLQLVWUDWLYDVTXH
FRQVWLWX\HQHOKHFKRLPSRQLEOHVLHQGRQHFHVDULRHOSUHYLRSDJRGH
OD
WDVDPHGLDQWHDXWROLTXLGDFLyQGHOVXMHWRSDVLYRSDUDKDFHU
HIHFWLYD
ODSUHVWDFLyQGHOVHUYLFLRRUHDOL]DFLyQGHODDFWLYLGDG
/DWDVDSRUVHJXLPLHQWRGHODDFUHGLWDFLyQVHGHYHQJDUi
SHULyGLFDPHQWHHOGHHQHURGHFDGDDxR6LIXHUHQQHFHVDULDV
VHJXQGDVRXOWHULRUHVLQVSHFFLRQHVDQXDOHVFRPRFRQVHFXHQFLDGH
OD
IRUPXODFLyQGHUHSDURVXREMHFLRQHVHQODVSUHFHGHQWHVHO
GHYHQJRVH
SURGXFLUiDOLQLFLDUVHODFRUUHVSRQGLHQWHDFWXDFLyQDGPLQLVWUDWLYD
(QDPERVVXSXHVWRVHOSDJRVHH[LJLUiSRUDQWLFLSRPHGLDQWH
OLTXLGDFLyQJLUDGDSRUOD$GPLQLVWUDFLyQ
$UWtFXOR7DULIDV
/DWDVDVHH[LJLUiGHDFXHUGRFRQODVVLJXLHQWHVWDULIDV
7DULID3RUH[SHGLHQWHGHDFUHGLWDFLyQ
(QVD\RVEiVLFRVGHXQDVRODiUHDHXURV
(QVD\RVEiVLFRVGHFDGDiUHDDGLFLRQDOHXURV
7RGRVORVHQVD\RVFRPSOHPHQWDULRVGHXQDVRODiUHD
HXURV
7RGRVORVHQVD\RVEiVLFRVGHFDGDiUHDDGLFLRQDOHXURV
3RUFDGDHQVD\RFRPSOHPHQWDULRGHFXDOTXLHUiUHD
HXURV
7DULID3RUVHJXLPLHQWRGHODDFUHGLWDFLyQ
(QVD\RVEiVLFRVGHXQDVRODiUHDHXURV
(QVD\RVEiVLFRVGHFDGDiUHDDGLFLRQDOHXURV
7RGRVORVHQVD\RVFRPSOHPHQWDULRVGHXQDVRODiUHD
HXURV
7RGRVORVHQVD\RVEiVLFRVGHFDGDiUHDDGLFLRQDOHXURV
3RUFDGDHQVD\RFRPSOHPHQWDULRGHFXDOTXLHUiUHDHXURV
7DULID3RUODUHDOL]DFLyQGHVHJXQGDVRXOWHULRUHV
LQVSHFFLRQHV
FRQVLGHUiQGRVHFRPRWDOHVODVUHDOL]DGDVFRPRFRQVHFXHQFLDGH
UHSDURV
XREMHFLRQHVHQODSULPHUDLQVSHFFLyQSUHYLDDODDFUHGLWDFLyQRHQ
ODSULPHUDDQXDOGHVHJXLPLHQWR
6LODLQVSHFFLyQVHUHILHUHDORVHQVD\RVEiVLFRVGHXQDVROD
iUHDHXURV
6LODLQVSHFFLyQVHUHILHUHDORVHQVD\RVEiVLFRVGHFDGDiUHD
DGLFLRQDOHXURV
6LODLQVSHFFLyQVHUHILHUHDWRGRVORVHQVD\RV
FRPSOHPHQWDULRVGH
XQDVRODiUHDHXURV
6LODLQVSHFFLyQVHUHILHUHDWRGRVORVHQVD\RVEiVLFRVGHFDGD
iUHDDGLFLRQDOHXURV
6LODLQVSHFFLyQVHUHILHUHDDOJ~QHQVD\RFRPSOHPHQWDULRGH
FXDOTXLHUiUHDHXURV
7DULID3RUUHQRYDFLyQGHODDFUHGLWDFLyQ
(QVD\RVEiVLFRVGHXQDVRODiUHDHXURV
(QVD\RVEiVLFRVGHFDGDiUHDDGLFLRQDOHXURV
7RGRVORVHQVD\RVFRPSOHPHQWDULRVGHXQDVRODiUHD
HXURV
7RGRVORVHQVD\RVEiVLFRVGHFDGDiUHDDGLFLRQDOHXURV
3RUFDGDHQVD\RFRPSOHPHQWDULRGHFXDOTXLHUiUHDHXURV
&$3,78/2,,,02',),&$&,21'(/7(;725()81','2
'(/$67$6$6'(/$
&2081,'$'$872120$'($5$*21
$UWtFXOR0RGLILFDFLyQGHOD7DVDSRUVHUYLFLRVHQPDWHULD
GH
RUGHQDFLyQGHORVWUDQVSRUWHVWHUUHVWUHVSRUFDUUHWHUD\VXV
DFWLYLGDGHVDX[LOLDUHV\FRPSOHPHQWDULDV
6HPRGLILFDHODUWtFXORGHOWH[WRUHIXQGLGRGHODV7DVDVGH
OD
&RPXQLGDG$XWyQRPDGH$UDJyQFRQODVLJXLHQWHDGLFLyQ
©/DHPLVLyQGHWDUMHWDGHOWDFyJUDIRGLJLWDOFRPRVLVWHPDGH
FRQWUROSDUDHOWUDQVSRUWHSRUFDUUHWHUDHQVXVGLVWLQWRVWLSRVGH
FRQGXFWRUGHFHQWURGHHQVD\RWDOOHUHVGHFRPSDxtDVHPSUHVDV
GH
WUDQVSRUWH\GHFRQWURODXWRULGDGHVGHFRQWUROª
6HPRGLILFDHODUWtFXORGHWH[WRUHIXQGLGRGHODV7DVDVGHOD
&RPXQLGDG$XWyQRPDGH$UDJyQFRQODVLJXLHQWHDGLFLyQ
©3RUHPLVLyQGHWDUMHWDGHOWDFyJUDIRGLJLWDOFRPRVLVWHPDGH
FRQWURO
SDUDHOWUDQVSRUWHSRUFDUUHWHUDGHYHKtFXORVGHPiVGHNJR
PiVGHSOD]DV
7DULID(PLVLyQGHWDUMHWDGHOWDFyJUDIRGLJLWDOHXURVª
6HPRGLILFDOD7DULIDDSDUWDGRGHODUWtFXOR&DStWXOR9
GHOWH[WRUHIXQGLGRGHODV7DVDVGHOD&RPXQLGDG$XWyQRPDGH
$UDJyQ
FRQODVLJXLHQWHUHGDFFLyQ
©7DULID2WRUJDPLHQWRUHKDELOLWDFLyQSUyUURJDYLVDGR
PRGLILFDFLyQ\H[SHGLFLyQGHGXSOLFDGRVGHODVDXWRUL]DFLRQHVGH
WUDQVSRUWHGHYLDMHURV\GHPHUFDQFtDVWDQWRHQVHUYLFLRS~EOLFR
FRPRHQSDUWLFXODUFRPSOHPHQWDULRDVtFRPRGHODVDFWLYLGDGHV
DX[LOLDUHV\FRPSOHPHQWDULDVGHWUDQVSRUWHSRUDxR\YHKtFXORR
ORFDODOTXHHQVXFDVRHVWpUHIHULGDODDXWRUL]DFLyQRSRUFDGD
FHUWLILFDFLyQTXHFRUUHVSRQGD
9HKtFXORVGHPHQRVGHSOD]DVRGHFDUJD~WLOLQIHULRUD
7P
3RUDXWRUL]DFLyQ\DxRRIUDFFLyQHXURV
$XWREXVHVGHDSOD]DVRFDPLRQHVGHD7PGHFDUJD
~WLO
SRUDXWRUL]DFLyQ\DxRRIUDFFLyQHXURV
$XWREXVHVTXHH[FHGDQGHSOD]DVRFDPLRQHVGHPiVGH
7PGH
FDUJD~WLOSRUDXWRUL]DFLyQ\DxRRIUDFFLyQHXURVª
$UWtFXOR0RGLILFDFLyQGHOD7DVDSRUDFWXDFLRQHVHQ
PDWHULDGH
YLYLHQGDSURWHJLGD
6HPRGLILFDHODUWtFXOR&DStWXOR9,GHOWH[WRUHIXQGLGRGH
ODV
7DVDVGHOD&RPXQLGDG$XWyQRPDGH$UDJyQFRQODVLJXLHQWH
UHGDFFLyQ
©$UWtFXOR'HYHQJR\JHVWLyQ
/DWDVDVHGHYHQJDUiFXDQGRVHSUHVHQWHODVROLFLWXGSDUDTXHVH
LQLFLHQODVDFWXDFLRQHVTXHFRQVWLWX\HQHOKHFKRLPSRQLEOHTXHQR
VH
OOHYDUiQDHIHFWRRWUDPLWDUiQKDVWDWDQWRQRVHUHDOLFHHOSDJR
FRUUHVSRQGLHQWHPHGLDQWHDXWROLTXLGDFLyQGHOVXMHWRSDVLYR
1RREVWDQWHHOSDJRSRGUiGLIHULUVHDOPRPHQWRHQTXHVH
SURGX]FDHO
FRQRFLPLHQWRGHOSUHVXSXHVWRSURWHJLGRTXHFRQVWLWX\HODEDVH
LPSRQLEOHª
$UWtFXOR0RGLILFDFLyQGHOD7DVDSRUVHUYLFLRVHQPDWHULD
GH
RUGHQDFLyQGHDFWLYLGDGHVLQGXVWULDOHVHQHUJpWLFDVPHWUROyJLFDV
PLQHUDV\FRPHUFLDOHV
6HPRGLILFDHODUWtFXOR7DULIDVGHOWH[WRUHIXQGLGRGHODV
7DVDV
GHOD&RPXQLGDG$XWyQRPDGH$UDJyQTXHTXHGDUHGDFWDGR
FRPRVLJXH
©$UWtFXOR7DULIDV
/DVWDVDVUHJXODGDVHQHVWDGLVSRVLFLyQVHH[LJLUiQFRQIRUPHD
ODV
EDVHVSDUiPHWURV\WLSRVWULEXWDULRVVLJXLHQWHV
$FWXDFLRQHVDGPLQLVWUDWLYDVHQUHODFLyQFRQODVDFWLYLGDGHV
LQGXVWULDOHVHQHUJpWLFDV\PLQHUDV
(VWiQVXMHWDVSRUHVWHFRQFHSWRODWUDPLWDFLyQ\DSUREDFLyQ
GH
SODQHVHVWUDWpJLFRVDXWRUL]DFLyQSXHVWDHQIXQFLRQDPLHQWRGH
SURGXFWRVHTXLSRVHLQVWDODFLRQHVLQGXVWULDOHVHQHUJpWLFDV\
PLQHUDVVXVDPSOLDFLRQHVFDPELRVGHWLWXODULGDGWUDVODGRVH
LQVSHFFLRQHVHQUHODFLyQFRQODVDFWLYLGDGHVVLJXLHQWHV
(VWDEOHFLPLHQWRV\DFWLYLGDGHVLQGXVWULDOHVHQJHQHUDO
,QVWDODFLRQHVHOpFWULFDV
,QVWDODFLRQHVGHDJXD
$SDUDWRVHLQVWDODFLRQHVGHJDVHVFRPEXVWLEOHV
,QVWDODFLRQHVSHWUROtIHUDV
,QVWDODFLRQHVWpUPLFDVHQORVHGLILFLRV
,QVWDODFLRQHVGHIUtRLQGXVWULDO
,QVWDODFLRQHV\DSDUDWRVGHHOHYDFLyQ\PDQXWHQFLyQ
$SDUDWRVDSUHVLyQ
$OPDFHQDPLHQWRGHSURGXFWRVTXtPLFRV
,QVWDODFLRQHVGHSURWHFFLyQFRQWUDLQFHQGLRV
5HIRUPDVGHLPSRUWDQFLDJHQHUDOL]DGDGHYHKtFXORV\
FDWDORJDFLyQGH
YHKtFXORVFRPRKLVWyULFRV
9HKtFXORV\FRQWHQHGRUHVSDUDHOWUDQVSRUWHGHPHUFDQFtDV
SHUHFHGHUDV\SHOLJURVDV
7UDPLWDFLyQGHO3ODQ(yOLFR(VWUDWpJLFR
7UDPLWDFLyQGHSUR\HFWRSUHVHQWDGRHQFRPSHWHQFLD
7DULID6REUHODEDVHGHOYDORUGHODLQYHUVLyQHQPDTXLQDULD
\
HTXLSRVGHORVVXSXHVWRVFRQWHQLGRVHQHVWH&RQFHSWRVH
DSOLFDUi
ODHVFDODGHJUDYDPHQTXHVHVHxDODDFRQWLQXDFLyQVLQ
SHUMXLFLR
GHODVUHJODVHVSHFLDOHV\FXRWDVILMDVTXHVHLQGLFDQ
(VFDODGHJUDYDPHQ
%DVHOLTXLGDEOH&XRWDtQWHJUD5HVWREDVH7LSRDSOLFDEOH
KDVWDHXURVHXURVOLTXLGDEOHSRUFHQWDMH
KDVWDHXURV
HQDGHODQWH
5HJODVHVSHFLDOHV
$ODVFXRWDVUHVXOWDQWHVGHODOLTXLGDFLyQSRUODFLWDGDHVFDOD
VHDSOLFDUiQODVVLJXLHQWHVUHGXFFLRQHV
'HOHQODWUDPLWDFLyQGHDSUREDFLyQHLQFLGHQFLDVGH
3ODQHV
(yOLFRV(VWUDWpJLFRV
'HOHQODWUDPLWDFLyQGHFDPELRVGHWLWXODULGDG
$ODWUDPLWDFLyQGHORVH[SHGLHQWHVGHDXWRUL]DFLyQTXH
FRPSRUWHQ
ODSUHVHQWDFLyQSDUDVXDQiOLVLV\DSUREDFLyQGHVHSDUDWDVTXH
DIHFWHQDUHJODPHQWDFLRQHVHVSHFtILFDVGHVHJXULGDGVHOHVJLUDUi
FRQLQGHSHQGHQFLDGHODOLTXLGDFLyQTXHSURFHGDSRUDSOLFDFLyQGH
OD
HVFDODVREUHHOYDORUGHODVLQVWDODFLRQHVFRQFUHWDVTXH
FRPSUHQGDRHQVXFDVRGHODWDULIDXQDOLTXLGDFLyQ
FRPSOHPHQWDULDSRUGLFKDHVFDODFRQUHGXFFLyQGHOGHOD
FXRWD
UHVXOWDQWH
/DWUDPLWDFLyQGHODUHJXODUL]DFLyQGHLQVWDODFLRQHVGH
KHFKR
VLQODFRUUHVSRQGLHQWHDXWRUL]DFLyQDGPLQLVWUDWLYDVHOLTXLGDUi
DSOLFDQGRDOYDORURULJLQDULRGHODPDTXLQDULD\HTXLSRODHVFDOD
VLQSHUMXLFLRGHODVUHGXFFLRQHVRLQFUHPHQWRVGHODFXRWD
UHVXOWDQWHTXHSURFHGDQVHJ~QODVUHJODVDQWHULRUHV\GHODV
VDQFLRQHVWULEXWDULDVFRUUHVSRQGLHQWHVDODVLQIUDFFLRQHV
FRPHWLGDV
(VWDUiQH[HQWDVGHOSDJRGHWDVDODVLQVSHFFLRQHVGHRILFLR\
ODV
TXHVHUHDOLFHQSDUDFRPSUREDUHOFXPSOLPLHQWRGHODV
GLVSRVLFLRQHV
RUHTXLVLWRVGHVHJXULGDGDLQVWDQFLDGHSDUWHLQWHUHVDGDHQFDVRGH
ULHVJRVLJQLILFDWLYRSDUDODVSHUVRQDVDQLPDOHVELHQHVRPHGLR
DPELHQWH
&XRWDV)LMDV
7DULID7UDPLWDFLyQGHODVFRPXQLFDFLRQHVUHODWLYDVDOD
SXHVWDHQ
IXQFLRQDPLHQWRRPRGLILFDFLyQGHLQGXVWULDVLQVWDODFLRQHV
LQGXVWULDOHVRDSDUDWRVUHJXODGRVSRUUHJODPHQWRVGHVHJXULGDG
LQGXVWULDOTXHQRUHTXLHUHQDXWRUL]DFLyQDGPLQLVWUDWLYD\ODV
WUDPLWDFLRQHVUHODWLYDVDODSXHVWDHQIXQFLRQDPLHQWRGH
LQVWDODFLRQHVWpUPLFDVHQHGLILFLRVTXHQRUHTXLHUDQSUR\HFWR
6LQSUR\HFWRHXURV
&RQSUR\HFWR\RH[SHGLHQWHWpFQLFRHXURV
&DPELRVGHWLWXODULGDGHXURV
7DULID4XHGDQVXMHWDVDFXRWDILMDGHHXURVSRU
H[SHGLHQWH
ORVVLJXLHQWHVFRQFHSWRV
7UDPLWDFLyQGHLQVWDODFLRQHVGHEDMDWHQVLyQFRQVyOR
FHUWLILFDGRGH
LQVWDODFLyQ
7UDPLWDFLyQGHLQVWDODFLRQHVLQWHULRUHVGHVXPLQLVWURGHDJXD
7UDPLWDFLyQGHILFKDWpFQLFDGHDSDUDWRVSDUDODSUHSDUDFLyQ
UiSLGD
GHFDIp
7UDPLWDFLyQGHDOPDFHQDPLHQWRVGHFRPEXVWLEOHVOtTXLGRVGH
FODVH&
GHFDSDFLGDGLJXDORLQIHULRUDOLWURVHQH[WHULRUR
OLWURVHQLQWHULRU
7UDPLWDFLyQGHFRPXQLFDFLRQHVUHODWLYDVDFHUWLILFDGRVGH
FRQWUROGH
LQVWDODFLRQHVLQVSHFFLRQHVRUHYLVLRQHVSHULyGLFDV
7DULID/DFXRWDILMDDSOLFDEOHDODVDPSOLDFLRQHVGH
LQVWDODFLRQHVHOpFWULFDVGHEDMDWHQVLyQHQYLYLHQGDVGHSRWHQFLD
LJXDORLQIHULRUDN:VHUiGHHXURV
7DULID/DFXRWDILMDSRULQVSHFFLyQGHODVLQVWDODFLRQHVGH
SURGXFFLyQGHHQHUJtDVXEHVWDFLRQHV\FHQWURVGHWUDQVIRUPDFLyQ
VHUi
GHHXURV
7DULID/DFXRWDILMDSRUDXWRUL]DFLyQGHUHIRUPDGH
LPSRUWDQFLD
JHQHUDOL]DGDGHYHKtFXORVSDUDXQDPLVPDPDUFD\WLSRRSRU
FDWDORJDFLyQGHYHKtFXORFRPRKLVWyULFRVHUiGHHXURV
7DULID/DFXRWDILMDSRUODWUDPLWDFLyQGHLQFLGHQFLDVGH
3ODQHV
(yOLFRV(VWUDWpJLFRVTXHQRWHQJDQDVRFLDGDXQDYDULDFLyQGHOD
LQYHUVLyQSUHYLVWDVHUiGHHXURV
7DULID7UDPLWDFLyQGHORWRUJDPLHQWRGHODFRQGLFLyQGH
SURGXFWRU
HQUpJLPHQHVSHFLDOLQFOXLGDODLQVFULSFLyQSUHYLDHQHO5HJLVWUR
GH
SURGXFWRUHVHQUpJLPHQHVSHFLDO
+DVWDN:HXURV
'HN:RPiVHXURV
7DULID9HULILFDFLyQGHODFDOLGDGGHVXPLQLVWURGHODHQHUJtD
HOpFWULFD
$OWDWHQVLyQHXURV
%DMDWHQVLyQHXURV
7DULID3UXHEDVGHSUHVLyQGHLQVWDODFLRQHVSRUFDGD
SUXHED
HXURV
7DULID,QVSHFFLRQHVGHFHQWURVGHDOPDFHQDPLHQWR\
GLVWULEXFLyQ
GH*/3
'HFDWHJRUtDHXURV
'H\FDWHJRUtDHXURV
2WURVFHQWURVGHDOPDFHQDPLHQWR\GLVWULEXFLyQHXURV
,QVSHFFLRQHVSHULyGLFDVGHODVFXRWDVFRUUHVSRQGLHQWHV
7DULID&RPSUREDFLyQGHODSRWHQFLDFDORUtILFDGHJDV
VXPLQLVWUDGRHXURV
7DULID,QVSHFFLyQSHULyGLFDVGHLQVWDODFLRQHVGHDSDUDWRVGH
HOHYDFLyQ\PDQXWHQFLyQHXURV
3UHVWDFLyQGHVHUYLFLRVPHWUROyJLFRV\GHFRQWUDVWDFLyQGH
PHWDOHV
SUHFLRVRV
(VWiQVXMHWDVSRUHVWHFRQFHSWRODVDFWLYLGDGHVGHFRQWURO\
YHULILFDFLyQGHSHVDV\PHGLGDVODVGHDSUREDFLyQ\PRGLILFDFLyQ
GH
PRGHORV\PDUFDVKDELOLWDFLyQ\FRQWUROGHODERUDWRULRVGH
YHULILFDFLyQPHWUROyJLFD
7DULID,QVWUXPHQWRVGHSHVDMH
9HULILFDFLyQSHULyGLFDSRVUHSDUDFLyQRPRGLILFDFLyQGH
EiVFXODV
SXHQWHSRUXQLGDGVLHQGR1HOQ~PHURGHGtDVTXHGXUHHOWUDEDMR
GH
YHULILFDFLyQ[1HXURV
&HUWLILFDFLyQ\FRPSUREDFLyQGHUHYLVLyQGHEiVFXODVSXHQWH
HXURV
9HULILFDFLyQGHEDODQ]DVSRUXQLGDGHXURV
7DULID$SDUDWRVVXUWLGRUHV
'HWHUPLQDFLyQYROXPpWULFDGHFLVWHUQDVSRUXQLGDG
HXURV
9HULILFDFLyQGHVLVWHPDVGHPHGLGDGHOtTXLGRVGLVWLQWRVGHO
DJXD
GHVWLQDGRVDOVXPLQLVWURGHFDUEXUDQWHV\FRPEXVWLEOHVOtTXLGRV
6HDSOLFDUiODVLJXLHQWHHVFDODSDUDGHWHUPLQDUODFXDQWtDXQLWDULD
SRUVLVWHPDGHPHGLGD
+DVWDVLVWHPDVHXURV
'HDVLVWHPDVHXURV
0iVGHVLVWHPDVHXURV
7DULID9HULILFDFLyQSHULyGLFD\SRVUHSDUDFLyQGH
PDQyPHWURVGH
XVRS~EOLFRSDUDQHXPiWLFRVGHYHKtFXORVDXWRPyYLOHV
HXURV
7DULID&RPSUREDFLyQ\YHULILFDFLyQGHFRQWDGRUHVGH
HQHUJtD
HOpFWULFDGHJDV\GHDJXD/LPLWDGRUHVHOpFWULFRV
9HULILFDFLyQGHFRQWDGRUHV\OLPLWDGRUHVHQODERUDWRULR
DXWRUL]DGR
GHHQHUJtDHOpFWULFRVPRQRIiVLFRVGHFRQWDGRUHVGHJDVKDVWD
PK
\GHDJXDKDVWDPPGHFDOLEUHHQVHULHVGHPHQRVGH
HOHPHQWRV
3RUFDGDHOHPHQWRHXURV
,JXDOHVFRQFHSWRVGHODSDUWDGRDQWHULRUHQVHULHVGHRPiV
HOHPHQWRV3RUFDGDHOHPHQWRHXURV
&RQWDGRUHVGHRWUDVFDUDFWHUtVWLFDV\WUDQVIRUPDGRUHVGH
PHGLGD
HQVHULHVGHPHQRVGHHOHPHQWRV3RUFDGDHOHPHQWR
HXURV
,JXDOHVFRQFHSWRVGHODSDUWDGRDQWHULRUHQVHULHVGHRPiV
HOHPHQWRV3RUHOHPHQWRHXURV
9HULILFDFLyQGHHTXLSRVGHPHGLGDGH$73RUHTXLSR
HXURV
9HULILFDFLyQDGRPLFLOLRGHHTXLSRVGHPHGLGDGH$73RU
HTXLSR
HXURV
9HULILFDFLyQDGRPLFLOLRGHFRQWDGRUHVGH%73RUFRQWDGRU
HXURV
9HULILFDFLyQHQODERUDWRULRGHFRQWDGRUHVGHYLYLHQGDVD
LQVWDQFLDGHSDUWHHXURV
9HULILFDFLyQHQODERUDWRULRGHFRQWDGRUHVGLVWLQWRVGHORVGH
YLYLHQGDDLQVWDQFLDGHSDUWHHXURV
7DULID7UDPLWDFLyQ\UHVROXFLyQDGPLQLVWUDWLYDGH
YHULILFDFLyQGH
LQVWUXPHQWRVGHPHGLGDUHDOL]DGDSRURUJDQLVPRVGHYHULILFDFLyQ
3RU
XQLGDGHXURV
7DULID3RUKDELOLWDFLyQ\DFWXDFLRQHVGHFRQWUROGH
ODERUDWRULRV
GHYHULILFDFLyQPHWUROyJLFDRILFLDOPHQWHDXWRUL]DGRV3RUFDGD
XQD
HXURV
7DULID7UDPLWDFLyQ\UHVROXFLyQDGPLQLVWUDWLYDGH
DSUREDFLyQ\
PRGLILFDFLyQGHPRGHOR3RUFDGDXQDHXURV
7DULID5HDOL]DFLyQGHHQVD\RVSDUDODDSUREDFLyQ\
PRGLILFDFLyQ
GHPRGHOR3RUFDGDXQD6LHQGR+HOQ~PHURGHKRUDVGHWUDEDMR
GHO
WpFQLFRGHOD$GPLQLVWUDFLyQ[+HXURV
(VWiQVXMHWRVSRUHVWHFRQFHSWRODSUHVWDFLyQGHOVHUYLFLRGH
FRQWUDVWDFLyQ\DQiOLVLVGHPHWDOHVSUHFLRVRV
7DULID&RQWUDVWDFLyQGH3ODWLQR,PSRUWHPtQLPRGH
IDFWXUDFLyQ
QRDFXPXODEOHHXURV3RUFDGDJUDPRRIUDFFLyQHXURV
7DULID&RQWUDVWDFLyQGH2UR,PSRUWHPtQLPRGH
IDFWXUDFLyQQR
DFXPXODEOHHXURV
2EMHWRVGHRURGHJURLQIHULRUSLH]DHXURV
2EMHWRVPD\RUHVGHJUJUHXURV
7DULID&RQWUDVWDFLyQGH3ODWD,PSRUWHPtQLPRGH
IDFWXUDFLyQQR
DFXPXODEOHHXURV
2EMHWRVGHJURLQIHULRUSLH]DVHXURV
2EMHWRVPD\RUHVGHJUHLQIHULRUHVDJUSLH]D
HXURV
2EMHWRVPD\RUHVGHJUJUHXURV
7DULID3RUDQiOLVLVSDUDFHUWLILFDFLyQGHOH\
2UR3RUFDGDDQiOLVLVHXURV
3ODWD3RUFDGDDQiOLVLVHXURV
7DULID3RUDXWRUL]DFLyQ\FRQWUROGHODERUDWRULRVGHHPSUHVD
SDUD
FRQWUDVWHGHPHWDOHVSUHFLRVRVHXURV
7DULID3RUDVLJQDFLyQGHQ~PHURGHSXQ]yQDIDEULFDQWHVR
LPSRUWDGRUHVGHREMHWRVHODERUDGRVFRQPHWDOHVSUHFLRVRV
HXURV
5HJODHVSHFLDO
/DVFXRWDVDQWHULRUHVGHHVWHFRQFHSWRVHLQFUHPHQWDUiQHQ
XQ
VLHPSUHTXHORVREMHWRVDFRQWUDVWDULQFRUSRUHQSHGUHUtDR
HVWpQ
GLVSXHVWRVSDUDHOOR
3UHVWDFLyQGHVHUYLFLRVDIHFWRVDODPLQHUtD
7DULID3RUDXWRUL]DFLyQGHDSURYHFKDPLHQWRGHUHFXUVRVGH
OD
6HFFLyQ$
1XHYDVDXWRUL]DFLRQHVHXURV
$PSOLDFLyQGHH[WHQVLyQVXSHUILFLDOHXURV
7DULID3RUDXWRUL]DFLyQGHDSURYHFKDPLHQWRGHUHFXUVRVGH
OD
6HFFLyQ%
'HFODUDFLyQGHODFRQGLFLyQGHXQDJXDHXURV
$XWRUL]DFLyQRFRQFHVLyQGHDSURYHFKDPLHQWRGHDJXDV
HXURV
7RPDGHPXHVWUDV\DIRURVFDGDYLVLWDHXURV
0RGLILFDFLyQRDPSOLDFLyQGHODSURYHFKDPLHQWRGHDJXDV
HXURV
$PSOLDFLyQRPRGLILFDFLyQGHOSHUtPHWURGHSURWHFFLyQ
3ULPHUSXQWRHXURV
6HJXQGRSXQWR\VLJXLHQWHVHXURV
&DOLILFDFLyQGHXQ\DFLPLHQWRGHRULJHQQRQDWXUDOFRPR
UHFXUVRGH
OD6HFFLyQ%HXURV
$XWRUL]DFLyQGHDSURYHFKDPLHQWRGH\DFLPLHQWRVGHRULJHQ
QR
QDWXUDOSDUDFDGD\DFLPLHQWRFRQFRQWLQXLGDGItVLFDHXURV
$XWRUL]DFLyQGHSDUDOL]DFLyQGHWUDEDMRVGHDSURYHFKDPLHQWR
GH
\DFLPLHQWRVGHRULJHQQRQDWXUDO\SRUFDGDSUyUURJD
HXURV
&DOLILFDFLyQGHXQDHVWUXFWXUDVXEWHUUiQHDFRPRUHFXUVRGHOD
6HFFLyQ%HXURV
$XWRUL]DFLyQGHDSURYHFKDPLHQWRGHHVWUXFWXUDVXEWHUUiQHD
HXURV
0RGLILFDFLyQRDPSOLDFLyQGHDSURYHFKDPLHQWRVGH
\DFLPLHQWRVGH
RULJHQQRQDWXUDOHXURV
$XWRUL]DFLyQGHSDUDOL]DFLyQGHWUDEDMRVHQHVWUXFWXUDV
VXEWHUUiQHDV\SRUFDGDSUyUURJDHXUR
7DULID3RUSDUDOL]DFLyQ\FRQFHQWUDFLyQGHFRQFHVLRQHV
PLQHUDV
3RUFDGDSDUDOL]DFLyQRSUyUURJDGHSDUDOL]DFLyQ
HXURV
3RUFRQFHQWUDFLRQHVRSUyUURJDGHFRQFHQWUDFLyQSRUFDGD
FRQFHVLyQPLQHUDHXURV
7DULID3RUWUDEDMRVWRSRJUiILFRVGHFDPSR
3RUUHSODQWHRV\GHVOLQGHVVHDSOLFDUiODVLJXLHQWHHVFDOD
3ULPHUSXQWRHXURV
6HJXQGRSXQWRHXURV
7HUFHUSXQWRHXURV
3RUFDGDSXQWRVLJXLHQWHHXURV
,QWUXVLRQHV
$FLHORDELHUWRHXURV
6XEWHUUiQHDVHXURV
7DULID3RUFRQIURQWDFLyQGHVRQGHRV\WUDEDMRVHQSR]RV
6RQGHRV\SR]RV
3RUFDGDVRQGHRGHLQYHVWLJDFLyQRVRQGHRGHGUHQDMH
[1HXURV
1 QWRWDOGHPLOHVRIUDFFLyQGHOSUHVXSXHVWRGHFDGDSR]RR
VRQGHR
3RUFDGDSR]RGHDJXDDJUtFRODLQGXVWULDORGH
DEDVWHFLPLHQWR
HXURV
7DULID3RUHVWXGLR\WUDPLWDFLyQGHSODQHVGHODERUHV
3ODQHVGHODERUHVHQWUDEDMRVGHH[WHULRU\GHSHUPLVRVGH
LQYHVWLJDFLyQ
/DWDULIDFRUUHVSRQGLHQWHVHGHWHUPLQDUiSRUHOUHVXOWDGRGH
PXOWLSOLFDUHOYDORUREWHQLGRDODSOLFDUODHVFDODGHJUDYDPHQ
VREUHODEDVHGHOSUHVXSXHVWRGHORVSUR\HFWRVSRUHOYDORU
REWHQLGRDODSOLFDUODHVFDODVREUHODEDVHGHODVXSHUILFLH
GHOGHUHFKRPLQHURH[SUHVDGDHQFXDGUtFXODVPLQHUDV\VLQ
SHUMXLFLR
GHODXOWHULRUOLTXLGDFLyQTXHSURFHGDXQDYH]FRQRFLGRVORV
FRVWHV
GHHMHFXFLyQ
(VFDODGHJUDYDPHQ
%DVHOLTXLGDEOH&XRWDtQWHJUD5HVWREDVH7LSRDSOLFDEOH
KDVWDHXURVHXURVOLTXLGDEOHSRUFHQWDMH
KDVWDHXURV
HQDGHODQWH
(VFDOD
$&RQFHVLyQGHH[SORWDFLyQ
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
%3HUPLVRGHLQYHVWLJDFLyQ
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
(QWUH\FXDGUtFXODVPLQHUDVFRHILFLHQWHLJXDOD
3ODQHVGHODERUHVGHDXWRUL]DFLRQHVGHH[SORWDFLyQ\GHUHFKRV
PLQHURVGHODVVHFFLRQHV&\'FX\DVXSHUILFLHQRVH
FRUUHVSRQGD
FRQFXDGUtFXODVPLQHUDVHQWHUDV
/DWDULIDFRUUHVSRQGLHQWHVHGHWHUPLQDUiSRUHOUHVXOWDGRGH
PXOWLSOLFDUHOYDORUREWHQLGRDODSOLFDUODHVFDODGHJUDYDPHQ
VREUHODEDVHGHOSUHVXSXHVWRGHORVSUR\HFWRVSRUHOYDORU
REWHQLGRDODSOLFDUODHVFDODVREUHODEDVHGHODVXSHUILFLH
GHOGHUHFKRPLQHURH[SUHVDGDHQKHFWiUHDV\VLQSHUMXLFLRGHOD
XOWHULRUOLTXLGDFLyQTXHSURFHGDXQDYH]FRQRFLGRVORVFRVWHVGH
HMHFXFLyQ
(QHOFDVRGHTXHXQGHUHFKRPLQHURFRQVWHGHXQDVXSHUILFLH
H[SUHVDGDHQFXDGUtFXODVPLQHUDV\DGHPiVRWUDSDUWHGHOPLVPR
QR
VHFRUUHVSRQGDFRQFXDGUtFXODVPLQHUDVFRPSOHWDVGHPDVtDOD
WDULID
VHFDOFXODUiVHJ~QHODSDUWDGRGHHVWDWDULIDSDUDODVFXDGUtFXODV
PLQHUDVFRPSOHWDVPiVORTXHUHVXOWHGHDSOLFDUHODSDUWDGRGH
HVWDWDULIDSDUDHOUHVWRGHOGHUHFKRPLQHUR
(VFDOD
(QWUH\KHFWiUHDFRHILFLHQWHLJXDOD
(QWUH\KHFWiUHDVFRHILFLHQWHLJXDO
(QWUH\KHFWiUHDVFRHILFLHQWHLJXDOD
(QWUH\KHFWiUHDVFRHILFLHQWHLJXDO
(QWUH\KHFWiUHDVFRHILFLHQWHLJXDOD
(QWUH\KHFWiUHDVFRHILFLHQWHLJXDOD
(QWUH\KHFWiUHDVFRHILFLHQWHLJXDOD
0iVGHKHFWiUHDVFRHILFLHQWHLJXDOD
3ODQHVGHODERUHVHQWUDEDMRVGHLQWHULRU
(QORVSODQHVGHODERUHVHQHOLQWHULRUODWDULIDFRUUHVSRQGLHQWH
VH
GHWHUPLQDUiSRUHOUHVXOWDGRGHPXOWLSOLFDUHOYDORUREWHQLGR
DSOLFDQGRODHVFDODGHJUDYDPHQVREUHODEDVHGHO
SUHVXSXHVWR
GHORVSUR\HFWRVSRUHOYDORUREWHQLGRDSOLFDQGRODHVFDOD
VREUHODEDVHGHODVXSHUILFLHGHOGHUHFKRPLQHURH[SUHVDGDHQ
FXDGUtFXODVPLQHUDV\VLQSHUMXLFLRGHODXOWHULRUOLTXLGDFLyQTXH
SURFHGDXQDYH]FRQRFLGRVORVFRVWHVGHHMHFXFLyQ
(VFDODGHJUDYDPHQ
%DVHOLTXLGDEOH&XRWDtQWHJUD5HVWREDVH7LSRDSOLFDEOH
KDVWDHXURVHXURVOLTXLGDEOHKDVWDSRUFHQWDMH
HXURV
HQDGHODQWH
7DULID3RUWUDPLWDFLRQHVUHODWLYDVDODXWLOL]DFLyQGH
H[SORVLYRV
,QIRUPHVVREUHXVRVGHH[SORVLYRVYRODGXUDVHVSHFLDOHVSRU
FDGD
SUR\HFWRHXURV
,QIRUPHJUDQGHVYRODGXUDV,JXDORVXSHULRUDNJGH
H[SORVLYR
1 QWRWDOGHPLOHVGHNLORJUDPRVGHH[SORVLYRRIUDFFLyQ
HXURV[1HXURV
,QVSHFFLyQGHVHJXULGDGHQYRODGXUDVFDGDXQD
HXURV
7DULID3RUDSUREDFLyQGHGLVSRVLFLRQHVLQWHUQDVGH
VHJXULGDG
$SUREDFLyQLQLFLDOHXURV
$SUREDFLyQGHPRGLILFDFLRQHVHXURV
7DULID3RUDXWRUL]DFLyQGHWUDQVPLVLyQRDUUHQGDPLHQWRGH
GHUHFKRVPLQHURV
'HDXWRUL]DFLyQGHH[SORWDFLyQHXURV
'HDSURYHFKDPLHQWRGHUHFXUVRVGHOD6HFFLyQ%
HXURV
'HSHUPLVRGHH[SORUDFLyQRLQYHVWLJDFLyQHXURV
'HFRQFHVLyQGHH[SORWDFLyQHXURV
'HVROLFLWXGGHFRQFHVLyQGHULYDGDGHXQSHUPLVRGH
LQYHVWLJDFLyQ
HXURV
7DULID3RUDEDQGRQR\FLHUUHGHODERUHV
$EDQGRQRSDUFLDOHXURV
&LHUUHGHODERUHVHXURV
7DULID3RUDXWRUL]DFLyQGHHVWDEOHFLPLHQWRGHEHQHILFLRH
LQGXVWULDPLQHUDHQJHQHUDO
3RUHVWDEOHFLPLHQWRGHEHQHILFLRHLQGXVWULDPLQHUDHQ
JHQHUDO
VHJ~QWDULID(VFDOD
JUDYDPHQ
7UDVODGRGHSODQWDVPyYLOHVHXURV
7DULID3RUSUXHEDGHDSWLWXGGHPDTXLQLVWDV
'HH[WHULRUHXURV
'HLQWHULRUHXURV
5HQRYDFLyQVHDSOLFDUiHOGHODVFXDQWtDVDQWHULRUHV
7DULID3RUWUDPLWDFLyQGHVROLFLWXGHVSDUDHORWRUJDPLHQWRGH
GHUHFKRVPLQHURVGHODVVHFFLRQHV&\'
(QORVSHUPLVRVGHH[SORUDFLyQVHDSOLFDUiODVLJXLHQWHHVFDOD
3ULPHUDVFXDGUtFXODVHXURV
3RUFDGDFXDGUtFXODVLJXLHQWHHXURV
(QORVSHUPLVRVGHLQYHVWLJDFLyQVHDSOLFDUiODVLJXLHQWH
HVFDOD
3ULPHUDFXDGUtFXODHXURV
3RUFDGDFXDGUtFXODVLJXLHQWHHXURV
(QODVFRQFHVLRQHVGHULYDGDVVHDSOLFDUiODVLJXLHQWHHVFDOD
3ULPHUDFXDGUtFXODHXURV
3RUFDGDFXDGUtFXODVLJXLHQWHHXURV
(QODVFRQFHVLRQHVGLUHFWDV\UHFODVLILFDFLRQHVGHGHUHFKRV
PLQHURVVHDSOLFDUiODVLJXLHQWHHVFDOD
3ULPHUDFXDGUtFXODHXURV
3RUFDGDFXDGUtFXODVLJXLHQWHHXURV
'HPDVtDVHXURV
3UyUURJDVGHSHUPLVRVHXURV
'LVSRQLELOLGDGGHPLQHUDOHXURV
$PSOLDFLyQDUHFXUVRGHODVHFFLyQ&HXURV
7DULID3RULQVSHFFLRQHVGHSROLFtDPLQHUD
([WUDRUGLQDULDHXURV
2UGLQDULDHXURV
7DULID3RUWUDPLWDFLyQGHH[SHGLHQWHVGHWUDEDMRVUHDOL]DGRV
SRU
FRQWUDWD
7UDEDMRVGHH[SORWDFLyQHXURV
7UDEDMRVGHH[SORUDFLyQHLQYHVWLJDFLyQHXURV
7DULID3RULQVWDODFLRQHVPLQHUDV
5HYLVLyQGHFDEOHV\HOHPHQWRVDX[LOLDUHVGHODV
H[SORWDFLRQHV
PLQHUDVHXURV
3XHVWDHQVHUYLFLRGHPDTXLQDULDHLQVWDODFLRQHVFRQ
FHUWLILFDGR
GHFRQIRUPLGDGHXURV
7DULID3RULQIRUPHVKLGURJHROyJLFRVVREUHDPSOLDFLyQ\
QXHYD
LQVWDODFLyQGHFHPHQWHULRVPXQLFLSDOHV
3RUFDGDLQIRUPHHXURV
7DULID3RUWUDPLWDFLRQHV\RHPLVLyQGHLQIRUPHVQR
FRQWHPSODGRV
HQRWUDVWDULIDV
&RQUHYLVLyQGHH[SHGLHQWHVHXURV
&RQUHYLVLyQGHH[SHGLHQWHV\YLVLWDGHLQVSHFFLyQ
HXURV
&RQDQiOLVLVGHSUR\HFWRHXURV
&RQDQiOLVLVGHSUR\HFWR\YLVLWDGHLQVSHFFLyQHXURV
3RUWUDPLWDFLRQHVGHGHFODUDFLyQGHXWLOLGDGS~EOLFD
H[SURSLDFLyQ
IRU]RVD\VHUYLGXPEUHGHSDVR
7DULID'HFODUDFLyQGHXWLOLGDGS~EOLFD
6HDSOLFDUiHOGHODHVFDODGHJUDYDPHQGHODWDULID
7DULID([SURSLDFLyQIRU]RVDRFXSDFLyQWHPSRUDO\
VHUYLGXPEUHGH
SDVR
3RULQLFLRGHH[SHGLHQWHVHDSOLFDUiODVLJXLHQWHHVFDOD
3ULPHUDVSDUFHODVHXURV
3RUFDGDSDUFHODVLJXLHQWHHXURV
$FWDSUHYLDDODRFXSDFLyQSRUFDGDSDUFHODHXURV
$FWDGHRFXSDFLyQSRUFDGDSDUFHODHXURV
3RULQVFULSFLRQHVUHJLVWUDOHVDXWRUL]DFLRQHVSDUDHOHMHUFLFLR
GH
DFWLYLGDGHVUHJXODGDVH[SHGLFLyQGHFHUWLILFDGRVGRFXPHQWRV\
WDVDV
GHH[iPHQHV
7DULID3RUH[SHGLFLyQGHGRFXPHQWRVTXHDFUHGLWHQDSWLWXGR
FDSDFLGDGSDUDHOHMHUFLFLRGHDFWLYLGDGHVSURIHVLRQDOHV
UHJODPHQWDGDVLQFOXLGDODLQVFULSFLyQHQHOFRUUHVSRQGLHQWH
UHJLVWUR
([SHGLFLyQFDGDXQDHXURV
5HQRYDFLRQHV\SUyUURJDVFDGDXQDHXURV
7DULID3RUGHUHFKRVGHH[DPHQSDUDODREWHQFLyQGHOFDUQHW
GH
LQVWDODGRURPDQWHQHGRUDXWRUL]DGRHXURV
7DULID3RUFHUWLILFDFLRQHV\RWURVDFWRVDGPLQLVWUDWLYRV
&RQIURQWDFLyQGHSUR\HFWRVLQVWDODFLRQHVDSDUDWRV\
SURGXFWRV
HXURV
2WURVFHUWLILFDGRVFDGDXQRHXURV
7DULID3RULQVFULSFLyQGHHVWDEOHFLPLHQWRV\DFWLYLGDGHV
LQGXVWULDOHVHQHO5HJLVWURGH(VWDEOHFLPLHQWRV,QGXVWULDOHV
1XHYDLQVFULSFLyQHXURV
0RGLILFDFLRQHVHXURV
&HVHGHDFWLYLGDG([HQWR
7DULID3RULQVFULSFLyQHQHO5HJLVWURGH(VWDEOHFLPLHQWRV
,QGXVWULDOHVGHHPSUHVDVGHVHUYLFLRVDODDFWLYLGDGLQGXVWULDORGH
DJHQWHVDXWRUL]DGRVSDUDFRODERUDUFRQODV$GPLQLVWUDFLRQHV
S~EOLFDV
HQPDWHULDGHVHJXULGDG\FDOLGDGLQGXVWULDO
1XHYDLQVFULSFLyQHXURV
0RGLILFDFLRQHVHXURV
&HVHGHDFWLYLGDG([HQWR
5HJODVHVSHFLDOHVHVWDUiQH[HQWDVGHOSDJRGHHVWDWDULIDODV
HPSUHVDVSUHYLDPHQWHLQVFULWDVHQUHJLVWURV\RDXWRUL]DGDVSDUDHO
HMHUFLFLRGHDFWLYLGDGHVUHJXODGDV\TXHKD\DQDERQDGRODWDULID
7DULID3RULQVFULSFLyQGHHPSUHVDVRLQVWDODFLRQHVHQ
UHJLVWURV
\RDXWRUL]DFLyQSDUDHOHMHUFLFLRGHDFWLYLGDGHVUHJXODGDV
1XHYDVLQVFULSFLRQHVHXURV
5HQRYDFLRQHV\RPRGLILFDFLRQHVHXURV
5HJODVHVSHFLDOHV
,QVFULSFLyQGHILQLWLYDHQHO5HJLVWURGHSURGXFWRUHVHQ
UpJLPHQ
HVSHFLDOGHN:RPiVHXURV
,QVFULSFLyQGHLQVWDODFLRQHVGHUD\RV;FRQILQHVGH
UDGLRGLDJQyVWLFRPpGLFRHXURV
$XWRUL]DFLyQ\UHJLVWURGHHPSUHVDVGHYHQWD\DVLVWHQFLD
WpFQLFD
GHLQVWDODFLRQHV\HTXLSRVGHUD\RV;FRQILQHVGH
UDGLRGLDJQyVWLFR
PpGLFRHXURV
7DULID3RUHOUHFRQRFLPLHQWRGHHQWLGDGHVSDUDLPSDUWLU
FXUVRV
WHyULFRSUiFWLFRVGHIRUPDFLyQGHSURIHVLRQDOHVSDUDHOHMHUFLFLRGH
DFWLYLGDGHVUHJODPHQWDGDVHXURV
7DULID3RUH[SHGLFLyQGHGRFXPHQWRVGHFDOLILFDFLyQ
HPSUHVDULDO
1XHYRVHXURV
5HQRYDFLRQHVHXURV
7DULID+DELOLWDFLyQGHOLEURVGHUHJLVWURHXURV
7DULID3RUFRQVXOWDGHO5HJLVWUR,QGXVWULDO
3RUFDGDKRMDKDVWDKRMDVHXURV
$SDUWLUGHKRMDVHXURV
7DULID3RULQIRUPDFLyQHyOLFD
3RULQIRUPDFLyQGLJLWDOVREUHSODQHV\SDUTXHVHyOLFRVFDGD
iUHD
RGHOLPLWDFLyQGHSDUTXHHXURV
3RULQIRUPDFLyQVREUHGDWRVHyOLFRVGHOWHUULWRULRDUDJRQpV
FDGD
HVWDFLyQHXURV
7DULID3RUGXSOLFDGRGHGRFXPHQWRV
&RQFRPSXOVDSRUFDGDKRMDWDPDxR',1$HXURV
6LQFRPSXOVDSRUFDGDKRMDVWDPDxR',1$HXURV
7DULID9DULRVVHUYLFLRVQRUHODFLRQDGRVDQWHULRUPHQWHVH
DSOLFDUiQODVWDVDVGHVHUYLFLRVDQiORJRV
3RUFRQWURODGPLQLVWUDWLYRGHODVDFWXDFLRQHVGHORV
RUJDQLVPRVGH
FRQWURO
7DULID6HDSOLFDUiDFDGDH[SHGLHQWHWUDPLWDGRRDFWXDFLyQ
UHDOL]DGDHOGHODWDVDFRUUHVSRQGLHQWHVHJ~QODPDWHULDTXHVH
WUDWH
3RUODSUHVWDFLyQGHVHUYLFLRVHQUHODFLyQFRQDFWLYLGDGHV
FRPHUFLDOHV\DUWHVDQDV
7DULID(VWDEOHFLPLHQWRGHJUDQGHVVXSHUILFLHV
3RUWUDPLWDFLyQGHOLFHQFLDFRPHUFLDOHXURV
3RUWUDPLWDFLyQGHLQIRUPHFRPHUFLDOHXURV
7DULID3RUWUDPLWDFLyQGHO5HJLVWUR*HQHUDOGH(PSUHVDULRV
GH
&RPHUFLR\(VWDEOHFLPLHQWRV0HUFDQWLOHV\GHO5HJLVWUR2ILFLDOGH
$FWLYLGDGHV)HULDOHV
3RUQXHYDLQVFULSFLyQHXURV
3RUPRGLILFDFLyQHXURV
3RUEDMD([HQWR
3RUFRQVXOWDVSRUFDGDHVWDEOHFLPLHQWR
3RUFDGDKRMDKDVWDKRMDVHXURV
$SDUWLUGHKRMDVHXURV
7DULID3RUFDOLILFDFLyQGHIHULDVRILFLDOHVHXURV
7DULID3RUH[SHGLFLyQGH'RFXPHQWRVGH&DOLILFDFLyQ
$UWHVDQDO
1XHYRV([HQWD
5HQRYDFLRQHV([HQWD
3RUODSUHVWDFLyQGHVHUYLFLRVHQPDWHULDGHSDWHQWHV
7DULID3RUUHSURGXFFLyQGHGRFXPHQWDFLyQQDFLRQDOHQ
SDSHO
3DWHQWHVHXURV
0RGHORVGHXWLOLGDGHXURV
5HV~PHQHVGHVFULSFLRQHV\RWUDGRFXPHQWDFLyQSRUSiJLQD
GH
SDSHOHXURV
7DULID3RUUHSURGXFFLyQGHGRFXPHQWDFLyQH[WUDQMHUDHQ
SDSHO
GLVSRQLEOHHQHOIRQGRGRFXPHQWDOGHOD2(30
'RFXPHQWRFRPSOHWRHXURV
5HV~PHQHV\RFXDOTXLHURWUDGRFXPHQWDFLyQSRUSiJLQDGH
SDSHO
HXURV
7DULID3RULQIRUPDFLyQGH%DVHVGH'DWRVGHOD2ILFLQD
(VSDxROD
GH3DWHQWHV\0DUFDV
,QIRUPDFLyQLPSUHVDGHEDVHVGHGDWRVVREUHVLWXDFLyQ
MXUtGLFDGH
H[SHGLHQWHV6,7$'(;SRUH[SHGLHQWHHXURV
,QIRUPDFLyQLPSUHVDGHEDVHVGHGDWRVELEOLRJUiILFRV
&,%(3$7
02',1'8KDVWDUHIHUHQFLDVHXURV
,QIRUPDFLyQLPSUHVDGHEDVHVGHGDWRVVREUHDQWHFHGHQWHV
UHJLVWUDOHV
GHGHQRPLQDFLRQHVGH6LJQRV'LVWLQWLYRV,03$0$5SRU
FRQVXOWD
HXURVª
$UWtFXOR$VLJQDFLyQGHFyGLJRQXPpULFRDOD7DVDSRU
VHUYLFLRVGH
JHVWLyQGHORVFRWRV
/DWDVDSRUVHUYLFLRVGHJHVWLyQGHORVFRWRVFUHDGDSRUOD
GLVSRVLFLyQDGLFLRQDOFXDUWDGHOD/H\GHGHDEULOGH
&D]D
GH$UDJyQTXHGDFRGLILFDGDFRQHOQ~PHUR
7,78/2,,,0(','$6(10$7(5,$'(3(5621$/
$UWtFXOR0RGLILFDFLyQGHOWH[WRUHIXQGLGRGHOD/H\GH
2UGHQDFLyQ
GHOD)XQFLyQ3~EOLFDGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ
DSUREDGR
SRU'HFUHWR/HJLVODWLYRGHGHIHEUHURGHOD'LSXWDFLyQ
*HQHUDOGH$UDJyQ
6HPRGLILFDQORVVLJXLHQWHVDUWtFXORVGLVSRVLFLRQHVDGLFLRQDOHV
\
WUDQVLWRULDVGHOWH[WRUHIXQGLGRGHOD/H\GH2UGHQDFLyQGHOD
)XQFLyQ3~EOLFDGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ
6HDxDGHXQVHJXQGRSiUUDIRDODSDUWDGRGHODUWtFXOR
FRQOD
UHGDFFLyQVLJXLHQWH
©/RVSURFHGLPLHQWRVGHDSUREDFLyQ\PRGLILFDFLyQGHODV
UHODFLRQHVGH
SXHVWRVGHWUDEDMRVHLQLFLDUiQH[FOXVLYDPHQWHSRUORVyUJDQRVGH
ORV
'HSDUWDPHQWRV\2UJDQLVPRVDXWyQRPRVTXHWHQJDQDWULEXLGDWDO
FRPSHWHQFLDEDViQGRVHHQHVWULFWRVFULWHULRVRUJDQL]DWLYRV\HQODV
QHFHVLGDGHVGHIXQFLRQDPLHQWRGHORVUHVSHFWLYRVVHUYLFLRV
S~EOLFRV
VLQTXHORVWLWXODUHVGHORVSXHVWRVGHWUDEDMRSXHGDQSURPRYHUHQ
QLQJ~QFDVRVXPRGLILFDFLyQPHGLDQWHVROLFLWXGSHUVRQDOR
FROHFWLYD
©
6HDxDGHXQVHJXQGRSiUUDIRDODSDUWDGRGHODUWtFXORFRQOD
UHGDFFLyQVLJXLHQWH
©$VLPLVPRODVFRQYRFDWRULDVS~EOLFDVGHSURYLVLyQGHSXHVWRV
GH
WUDEDMR\DVHDQGHOLEUHGHVLJQDFLyQRGHFRQFXUVRGHPpULWRV
SRGUiQHVWDEOHFHUFXDQGRORMXVWLILTXHQFULWHULRVGHSODQLILFDFLyQ
GHUHFXUVRVKXPDQRVGHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG
$XWyQRPDGH
$UDJyQODSRVLELOLGDGGHSDUWLFLSDFLyQGHIXQFLRQDULRVGHRWUDV
$GPLQLVWUDFLRQHV3~EOLFDVHQORVUHVSHFWLYRVSURFHGLPLHQWRVGH
SURYLVLyQ'LFKDSDUWLFLSDFLyQHQVXFDVRKDEUiGHSUHYHUVH
GHQWUR
GHORVOtPLWHVDXWRUL]DGRVSRUODVUHVSHFWLYDVUHODFLRQHVGHSXHVWRV
GHWUDEDMRª
6HPRGLILFDHODSDUWDGRGHODUWtFXORTXHTXHGDUHGDFWDGR
HQ
ORVVLJXLHQWHVWpUPLQRV
©/RVIXQFLRQDULRVLQFRUSRUDGRVSDUDGHVHPSHxDUSXHVWRVGH
WUDEDMR
HQOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQVLQ
LQWHJUDUVHGHDFXHUGRFRQODSUHVHQWH/H\HQORV&XHUSRV\
(VFDODV
GHVX)XQFLyQ3~EOLFD~QLFDPHQWHFDXVDUiQEDMDHQODPLVPD
FXDQGRVH
WUDVODGHQDRWUD$GPLQLVWUDFLyQ3~EOLFDFRPRIXQFLRQDULRVGHO
&XHUSR
R(VFDODHQTXHVHLQFRUSRUDURQDOD$GPLQLVWUDFLyQGHOD
&RPXQLGDG
$XWyQRPDGH$UDJyQª
6HDxDGHXQQXHYRDSDUWDGRDODUWtFXORTXHTXHGD
UHGDFWDGR
HQORVVLJXLHQWHVWpUPLQRV
©0HGLDQWHDFXHUGRGHO*RELHUQRGH$UDJyQFDEUiGHWHUPLQDU
HOQLYHO
GHFRPSOHPHQWRGHGHVWLQRFRUUHVSRQGLHQWHDSXHVWRVGHWUDEDMR
GH
LJXDOHVFDUDFWHUtVWLFDVHLGpQWLFDSRVLFLyQHQODHVWUXFWXUD
DGPLQLVWUDWLYDDOREMHWRGHJDUDQWL]DUODKRPRJHQHLGDGUHWULEXWLYD
GHSXHVWRVGHWUDEDMRFX\RJUDGRGHUHVSRQVDELOLGDGDGPLQLVWUDWLYD
TXHSDFRQVLGHUDUHTXLYDOHQWH/DVSRVLEOHVUHFODVLILFDFLRQHVGH
QLYHO
TXHFRQOOHYHQWDOHVDFXHUGRVQRGDUiQGHUHFKRDLQGHPQL]DFLyQ
DOJXQD
SDUDORVWLWXODUHVGHORVSXHVWRVGHWUDEDMRDIHFWDGRV(QWRGRFDVR
VHJDUDQWL]DUiODDXGLHQFLDGHOIXQFLRQDULRDIHFWDGRSRUOD
PRGLILFDFLyQGHOFRPSOHPHQWRGHGHVWLQRª
6HDxDGHXQVHJXQGRSiUUDIRDODGLVSRVLFLyQDGLFLRQDORFWDYD
FRQ
ODUHGDFFLyQVLJXLHQWH
©&RQFDUiFWHUH[FHSFLRQDO\FRQIRUPHDORVUHTXLVLWRV\
FRQGLFLRQHV
TXHUHJODPHQWDULDPHQWHVHHVWDEOH]FDQFDEUiHIHFWXDU
FRQYRFDWRULDV
GHSURPRFLyQLQWHUQDDOD(VFDOD$X[LOLDU$GPLQLVWUDWLYDTXH
SUHYHDQ
ODSDUWLFLSDFLyQHQODPLVPDGHSHUVRQDOODERUDOSHUWHQHFLHQWHVD
ODV
FDWHJRUtDVSURIHVLRQDOHVGHO*UXSR(GHO&RQYHQLRFROHFWLYRSDUD
HO
SHUVRQDOODERUDOTXHSUHVWDVHUYLFLRVHQOD'LSXWDFLyQ*HQHUDOGH
$UDJyQª
6HDxDGHXQDGLVSRVLFLyQDGLFLRQDOGHFLPRFXDUWDDOD/H\GH
2UGHQDFLyQGHOD)XQFLyQ3~EOLFDGHOD&RPXQLGDG$XWyQRPDGH
$UDJyQ
FRQODUHGDFFLyQVLJXLHQWH
©/RVIXQFLRQDULRVDOVHUYLFLRGHOD$GPLQLVWUDFLyQGHOD
&RPXQLGDG
$XWyQRPDGH$UDJyQSRGUiQVHUDGVFULWRVDSXHVWRVGHWUDEDMRGH
GLVWLQWDXQLGDGRORFDOLGDGSUHYLDVROLFLWXGEDVDGDHQPRWLYRVGH
VDOXGRUHKDELOLWDFLyQGHOIXQFLRQDULRVXFyQ\XJHRORVKLMRVDVX
FDUJRSUHYLRLQIRUPHGHOVHUYLFLRPpGLFRRILFLDO\FRQGLFLRQDGRD
TXHH[LVWDQSXHVWRVYDFDQWHVDGHFXDGRVDVX&XHUSR(VFDOD\
7LWXODFLyQ\FX\RFRPSOHPHQWRGHGHVWLQR\HVSHFtILFRQRVHD
VXSHULRU
DOSXHVWRGHRULJHQ/DDGVFULSFLyQSURYLVLRQDODTXHVHUHILHUHHO
SiUUDIRDQWHULRULPSOLFDUiODUHVHUYDGHOSXHVWRGHRULJHQGHO
IXQFLRQDULRDIHFWDGRª
6HDxDGHXQDGLVSRVLFLyQDGLFLRQDOGHFLPRTXLQWDFRQOD
UHGDFFLyQ
VLJXLHQWH
©/DQHJRFLDFLyQFROHFWLYDGHODVFRQGLFLRQHVGHWUDEDMRR
PDWHULDV
TXHDIHFWHQDOFRQMXQWRGHORVHPSOHDGRVS~EOLFRVGHOD
$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDVHHIHFWXDUiHQOD
0HVDGHOD
)XQFLyQ3~EOLFD
(QGLFKD0HVDHVWDUiQSUHVHQWHVODVRUJDQL]DFLRQHVVLQGLFDOHV
TXH
ORHVWpQHQOD0HVD*HQHUDOGH1HJRFLDFLyQGHOSHUVRQDO
IXQFLRQDULR
DVtFRPRORVVLQGLFDWRVTXHKD\DQREWHQLGRHORPiVGHORV
UHSUHVHQWDQWHVHQODVHOHFFLRQHVSDUD'HOHJDGRVGH3HUVRQDO\
&RPLWpV
GH(PSUHVD
3RUGHFLVLyQGHOD0HVDSXHGHFRQVWLWXLUVHXQD0HVDVHFWRULDO
GH
$GPLQLVWUDFLyQ*HQHUDOSDUDODQHJRFLDFLyQFROHFWLYD\OD
GHWHUPLQDFLyQGHODVFRQGLFLRQHVGHWUDEDMRFRPXQHVDWRGRHO
SHUVRQDOIXQFLRQDULR\ODERUDOFRQH[FHSFLyQGHODVTXHGHEDQ
FRQRFHUSRUUHFDHUHQVXiPELWRFRPSHWHQFLDOOD0HVD6HFWRULDO
GH
(GXFDFLyQ\OD0HVD6HFWRULDOGH6DQLGDG
(QODFLWDGD0HVD6HFWRULDOHVWDUiQSUHVHQWHVORVVLQGLFDWRV
TXH
KD\DQREWHQLGRHQHOFRUUHVSRQGLHQWHVHFWRUHORPiVGHORV
UHSUHVHQWDQWHVHQODVHOHFFLRQHVSDUD'HOHJDGRVGH3HUVRQDO
&RPLWpV
GH(PSUHVDV\-XQWDVGH3HUVRQDO
(OQ~PHURGHPLHPEURV\HOPRGRGHDOFDQ]DUDFXHUGRVHQ
ORV
FLWDGRVyUJDQRVGHUHSUHVHQWDFLyQVHUiQORVTXHVHGHWHUPLQHQHQ
ORV
UHVSHFWLYRV$FXHUGRV$GPLQLVWUDFLyQ6LQGLFDWRVGHDUWLFXODFLyQGH
OD
QHJRFLDFLyQFROHFWLYDHQOD$GPLQLVWUDFLyQGHOD&RPXQLGDG
$XWyQRPD
GH$UDJyQª
6HDxDGHXQQXHYRSiUUDIRDODGLVSRVLFLyQWUDQVLWRULDTXLQWD
TXH
TXHGDUHGDFWDGRHQORVVLJXLHQWHVWpUPLQRV
©,JXDOPHQWHSRGUiQDFFHGHUDODFRQGLFLyQGHIXQFLRQDULRVSRU
HO
SURFHGLPLHQWRSUHYLVWRHQODSUHVHQWHGLVSRVLFLyQDTXHOORV
WUDEDMDGRUHVSHUWHQHFLHQWHVDFDWHJRUtDVSURIHVLRQDOHVGHFODUDGDV
©D
IXQFLRQDUL]DUªPHGLDQWH'HFUHWRGHO*RELHUQRGH$UDJyQVLHPSUH
TXH
RFXSHQSXHVWRVGHWUDEDMRTXHFRQSRVWHULRULGDGDOGHHQHURGH
KD\DQSDVDGRDFDOLILFDUVHFRPRUHVHUYDGRVDIXQFLRQDULRVª
$UWtFXOR5HWULEXFLRQHVGHORVIXQFLRQDULRVHQSUiFWLFDV
6HPRGLILFDHODSDUWDGRGHODUWtFXORGHOD/H\GH
GH
DEULOGHPHGLGDVILVFDOHVILQDQFLHUDVGHSDWULPRQLR\
DGPLQLVWUDWLYDVTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHVWpUPLQRV
©/RVIXQFLRQDULRVHQSUiFWLFDVGHOD$GPLQLVWUDFLyQGHOD
&RPXQLGDG$XWyQRPDGH$UDJyQSHUFLELUiQGHVGHVX
LQFRUSRUDFLyQFRPR
WDOHVKDVWDVXQRPEUDPLHQWRFRPRIXQFLRQDULRVGHFDUUHUDXQDV
UHWULEXFLRQHVHTXLYDOHQWHVDOVXHOGR\SDJDVH[WUDRUGLQDULDVTXH
FRUUHVSRQGDQDO*UXSRHQTXHHVWpFODVLILFDGRHO&XHUSRHQHOTXH
DVSLUHQDLQJUHVDUDVtFRPRHOFRPSOHPHQWRGHGHVWLQRPtQLPRGH
ORV
SXHVWRVSURSLRVGHHVH&XHUSR(VFDODR&ODVHGHHVSHFLDOLGDG\HO
FRPSOHPHQWRHVSHFtILFRTXHFRQFDUiFWHUJHQHUDOHVWpDVLJQDGRD
GLFKRVSXHVWRV
/RVIXQFLRQDULRVHQSUiFWLFDVTXHUHVXOWHQQRPEUDGRV
IXQFLRQDULRVGH
FDUUHUDSHUFLELUiQGXUDQWHHOSOD]RSRVHVRULRSUHYLRDODWRPDGH
SRVHVLyQGHOGHVWLQRDGMXGLFDGRH[FOXVLYDPHQWHODVUHWULEXFLRQHV
EiVLFDVTXHKXELHUDQYHQLGRSHUFLELHQGRGXUDQWHHOWLHPSRGH
UHDOL]DFLyQGHOSHULRGRGHSUiFWLFDVRGHOFXUVRVHOHFWLYR
&XDQGRGLFKRVIXQFLRQDULRVHQSUiFWLFDVFRQDQWHULRULGDGD
VX
LQFRUSRUDFLyQHQWDOFRQGLFLyQVHHQFRQWUDVHQ\DSUHVWDQGR
VHUYLFLRV
HQOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQEDMR
XQD
UHODFLyQIXQFLRQDULDOHVWDWXWDULDRODERUDOVLQSHUMXLFLRGHOD
VLWXDFLyQHQTXHOHVFRUUHVSRQGDTXHGDUSRGUiQRSWDUSRUDOJXQR
GH
ORVVLJXLHQWHVUHJtPHQHVUHWULEXWLYRV
D3HUFHSFLyQGHXQDUHPXQHUDFLyQSRULJXDOLPSRUWHDOGHODV
UHWULEXFLRQHVFRUUHVSRQGLHQWHVDOSXHVWRGHRULJHQ
E3HUFHSFLyQGHXQDUHPXQHUDFLyQFRQIRUPHDORVHxDODGRHQHO
DSDUWDGRDQWHULRU
(OHMHUFLFLRGHRSFLyQGHEHUiUHDOL]DUVHHQHOPRPHQWRGH
LQFRUSRUDUVHFRPRIXQFLRQDULRHQSUiFWLFDV
(OGHYHQJRGHUHWULEXFLRQHVFRPRIXQFLRQDULRHQSUiFWLFDV
VHUi
GHVGHODIHFKDGHLQFRUSRUDFLyQFRPRWDOSDUDODUHDOL]DFLyQGHO
SHULRGRGHSUiFWLFDVRGHOFXUVRVHOHFWLYRKDVWDODIHFKDHQTXH
FHVHHQGLFKDFRQGLFLyQ
/RVIXQFLRQDULRVHQSUiFWLFDVTXHKDELHQGRVXSHUDGRWRGRVORV
UHTXLVLWRVGHOSURFHVRVHOHFWLYRTXHGHQHQH[SHFWDWLYDGH
QRPEUDPLHQWRQRWHQGUiQGHUHFKRDSHUFLELUUHPXQHUDFLyQDOJXQD
FRPR
IXQFLRQDULRVHQSUiFWLFDV
'HLJXDOPDQHUDODQRVXSHUDFLyQGHOSHULRGRGHSUiFWLFDVR
FXUVR
VHOHFWLYRGHWHUPLQDUiHOFHVHHQHOSHUFLERGHODVFRUUHVSRQGLHQWHV
UHWULEXFLRQHVª
$UWtFXOR&RPSOHPHQWRUHWULEXWLYRSRUGHVHPSHxRGHDOWR
FDUJR
6HPRGLILFDHODUWtFXORGHOD/H\GHGHDEULOGH
PHGLGDVILVFDOHVILQDQFLHUDVGHSDWULPRQLR\DGPLQLVWUDWLYDVTXH
TXHGDUHGDFWDGRHQORVVLJXLHQWHVWpUPLQRV
©$UWtFXOR2WUDVPRGLILFDFLRQHVGHOUpJLPHQGHSHUVRQDO
IXQFLRQDULR
/RVIXQFLRQDULRVGHFDUUHUDTXHGXUDQWHGRVDxRVFRQWLQXDGRVR
WUHV
FRQLQWHUUXSFLyQGHVHPSHxHQRKD\DQGHVHPSHxDGRDSDUWLUGHO
GH
RFWXEUHGHSXHVWRVHQOD$GPLQLVWUDFLyQGHOD&RPXQLGDG
$XWyQRPDGH$UDJyQFRPSUHQGLGRVHQHOiPELWRGHDSOLFDFLyQGHO
DUWtFXORGHOD/H\GHO3UHVLGHQWH\GHO*RELHUQRGH$UDJyQ
FX\R
WH[WRUHIXQGLGRIXHDSUREDGRSRU'HFUHWR/HJLVODWLYRGH
GH
MXOLRSHUFLELUiQGHVGHVXUHLQFRUSRUDFLyQDODFDUUHUDSURIHVLRQDO
DGPLQLVWUDWLYD\PLHQWUDVSHUPDQH]FDQHQpVWDHOFRPSOHPHQWR
GH
GHVWLQRDVLJQDGRDOQLYHOGHOSXHVWRTXHGHVHPSHxHQRHQVXFDVR
DO
GHVXJUDGRSHUVRQDOLQFUHPHQWDGRHQODFDQWLGDGQHFHVDULDSDUD
LJXDODUORDODFXDQWtDUHWULEXWLYDGHOFRPSOHPHQWRGHGHVWLQRTXH
OD
/H\GH3UHVXSXHVWRVILMHDQXDOPHQWHSDUDORV'LUHFWRUHV
*HQHUDOHV
7DOUHFRQRFLPLHQWRVHHIHFWXDUiFRQLQGHSHQGHQFLDGHOD
$GPLQLVWUDFLyQDODTXHSHUWHQH]FDHOIXQFLRQDULRVLQSHUMXLFLRGH
ODVSUHYLVLRQHVTXHODVUHVSHFWLYDV$GPLQLVWUDFLRQHVSXHGDQ
HVWDEOHFHUHQVXUHVSHFWLYDQRUPDWLYDGHIXQFLyQS~EOLFD
'LFKRUpJLPHQUHWULEXWLYRVHDSOLFDUiLJXDOPHQWHDORV
IXQFLRQDULRV
GHFDUUHUDGHRWUDV$GPLQLVWUDFLRQHV3~EOLFDVTXHVHLQFRUSRUHQHQ
WDOFRQGLFLyQDOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH
$UDJyQ
\WHQJDQUHFRQRFLGRGLFKRGHUHFKRHQVX$GPLQLVWUDFLyQGH
RULJHQª
7,78/2,90(','$6(10$7(5,$'(3$75,021,2
$UWtFXOR0RGLILFDFLyQGHOWH[WRUHIXQGLGRGHOD/H\GH
3DWULPRQLR
GHOD&RPXQLGDG$XWyQRPDGH$UDJyQDSUREDGRSRU'HFUHWR
/HJLVODWLYR
GHGHMXQLRGHO*RELHUQRGH$UDJyQ
6HPRGLILFDQORVVLJXLHQWHVDUWtFXORVGHOWH[WRUHIXQGLGRGHOD
/H\
GH3DWULPRQLRGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ
6HGDQXHYDUHGDFFLyQDORVDSDUWDGRV\GHODUWtFXORHQ
ORVVLJXLHQWHVWpUPLQRV
©6HUiQHFHVDULDHQWRGRFDVRDXWRUL]DFLyQPHGLDQWH'HFUHWR
GHO
*RELHUQRGH$UDJyQ
D&XDQGRODDGTXLVLFLyQVXSRQJDXQDSDUWLFLSDFLyQPD\RULWDULD
GHOD
&RPXQLGDG$XWyQRPDHQHOFDSLWDORHQORVWtWXORVUHSUHVHQWDWLYRV
GH
HPSUpVWLWRVXRWUDVIRUPDVGHSDVLYRGHODVHQWLGDGHVHPLVRUDV
E6LHPSUHTXHHOFRQMXQWRGHODVDGTXLVLFLRQHVHQXQPLVPR
HMHUFLFLR
SUHVXSXHVWDULR\UHODWLYDVDODPLVPDHQWLGDGVXSHUHORVWUHVFLHQWRV
PLOHXURVª
©&XDQGRVHDGTXLHUDQQXHYRVWtWXORVGHXQDHPSUHVDGHOD
&RPXQLGDG
$XWyQRPDSRUHOSURFHGLPLHQWRGHDPSOLDFLyQGHFDSLWDOVH
SUHFLVDUi
DFXHUGRGHO*RELHUQRGH$UDJyQSUHYLRLQIRUPHGHO
'HSDUWDPHQWR
LQWHUHVDGRMXVWLILFDWLYRGHODXWLOLGDG\RSRUWXQLGDGGHOD
RSHUDFLyQª
6HDxDGHXQDSDUWDGRDODUWtFXORHQORVVLJXLHQWHV
WpUPLQRV
©/DDGTXLVLFLyQGHYDORUHVPRELOLDULRVSRURUJDQLVPRV
S~EOLFRV
GHSHQGLHQWHVGHOD&RPXQLGDG$XWyQRPDGH$UDJyQVHUHJLUiHQ
WRGROR
TXHQRHVWpHVSHFtILFDPHQWHHVWDEOHFLGRSRUVXVQRUPDV
HVSHFtILFDV
SRUORSUHFHSWXDGRHQHVWD/H\VLELHQODFRPSHWHQFLDSDUDOD
DGTXLVLFLyQFRUUHVSRQGHUiDVXyUJDQRUHFWRUª
6HGDQXHYDUHGDFFLyQDODSDUWDGRGHODUWtFXORHQORV
VLJXLHQWHVWpUPLQRV
©&RUUHVSRQGHUiDO&RQVHMHURFRPSHWHQWHHQPDWHULDGH
SDWULPRQLROD
FRPSHWHQFLDSDUDODHQDMHQDFLyQGHLQPXHEOHVSDWULPRQLDOHVGHOD
&RPXQLGDG$XWyQRPDFXDQGRVXYDORUQRH[FHGDGHXQPLOOyQGH
HXURV\
DO*RELHUQRGH$UDJyQHQORVUHVWDQWHVFDVRVª
6HGDQXHYDUHGDFFLyQDODUWtFXORHQORVVLJXLHQWHVWpUPLQRV
©$UWtFXOR(QDMHQDFLyQGHELHQHVPXHEOHV\GHUHFKRVVREUH
ELHQHV
LQFRUSRUDOHV
/DHQDMHQDFLyQGHELHQHVPXHEOHV\GHUHFKRVGHWDO
QDWXUDOH]DGH
FDUiFWHUSDWULPRQLDOGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ
H[FHSFLyQ
KHFKDGHORVWtWXORV\SDUWLFLSDFLRQHVDTXHVHUHILHUHHODUWtFXOR
VHUHDOL]DUiFRQVXMHFLyQDORSUHYLVWRHQHODUWtFXORDQWHULRU
VDOYRHQORUHODWLYRDODFRPSHWHQFLDSDUDODGHFODUDFLyQGHVX
DOLHQDELOLGDG\SDUDODGLVSRVLFLyQFXDQGRVXYDORUQRH[FHGDGH
XQ
PLOOyQGHHXURVTXHFRUUHVSRQGHUiDO&RQVHMHURGHO'HSDUWDPHQWR
TXH
WHQJDDGVFULWRHOELHQDHQDMHQDU
'HODVHQDMHQDFLRQHVUHDOL]DGDVVHGDUiFXHQWDVHPHVWUDOPHQWH
DOD
'LUHFFLyQ*HQHUDOFRPSHWHQWHSDUDODJHVWLyQGHO,QYHQWDULR
*HQHUDO
GHELHQHV\GHUHFKRV
/DHQDMHQDFLyQGHGHUHFKRVVREUHELHQHVLQFRUSRUDOHVGHEHUi
VHU
DXWRUL]DGDSRUHO*RELHUQRGH$UDJyQVDOYRTXHVXSHUHORVGRV
PLOORQHVGHHXURVHQFX\RFDVRVHUHTXHULUiDXWRUL]DFLyQSRU/H\
GH
&RUWHVGH$UDJyQª
6HGDQXHYDUHGDFFLyQDODSDUWDGRGHODUWtFXORHQORV
VLJXLHQWHVWpUPLQRV
©/DFRPSHWHQFLDSDUDODGLVSRVLFLyQGHHVWRVELHQHV
FRUUHVSRQGHDO
&RQVHMHURFRPSHWHQWHHQPDWHULDGHSDWULPRQLRVLHPSUHTXHHO
FRQMXQWRGHRSHUDFLRQHVHQXQPLVPRHMHUFLFLRSUHVXSXHVWDULR\
UHVSHFWRGHWtWXORVGHXQDPLVPDHQWLGDGQRVXSHUHXQPLOOyQGH
HXURV
(QHOFDVRGHTXHVHVXSHUHHOOtPLWHDQWHULRUHQHOGH
HQDMHQDFLyQ
GHWRGRVORVWtWXORVGHSURSLHGDGGHOD&RPXQLGDG$XWyQRPDHQ
XQD
PLVPDHQWLGDGRGHHQDMHQDFLyQGHWDOYROXPHQTXHVXSRQJDSDUD
DTXpOODSHUGHUODFRQGLFLyQGHVRFLRPD\RULWDULRVHH[LJLUi
DXWRUL]DFLyQGHO*RELHUQRGH$UDJyQPHGLDQWH'HFUHWR,JXDO
DXWRUL]DFLyQVHUiQHFHVDULDFXDQGRHOSUHFLRGHODWUDQVPLVLyQ
IXHUH
LQIHULRUDOYDORUGHPHUFDGRVLHVTXHH[LVWHQUD]RQHVVXILFLHQWHV
TXHMXVWLILTXHQODGLVSRVLFLyQDWDOSUHFLRSROtWLFRHQFX\RFDVR
GHEHUiQSXEOLFDUVHODVFLUFXQVWDQFLDVTXHPRWLYDUDQHO
FRUUHVSRQGLHQWH'HFUHWR
/RVDFWRVGHGLVSRVLFLyQDTXHVHUHILHUHHOSiUUDIRDQWHULRUTXH
VXSHUHQODFDQWLGDGGHGRVPLOORQHVGHHXURVGHEHUiQVHU
DXWRUL]DGRV
SRU/H\GH&RUWHVGH$UDJyQª
6HGDQXHYDUHGDFFLyQDORVDSDUWDGRV\GHODUWtFXORHQ
ORVVLJXLHQWHVWpUPLQRV
©3DUDORVDFWRVGHGLVSRVLFLyQVREUHELHQHVPXHEOHV\
GHUHFKRV
GLVWLQWRVGHORVVHxDODGRVHQHODSDUWDGRSULPHURGHWLWXODULGDGGH
ORVFLWDGRVRUJDQLVPRVS~EOLFRVVHHVWDUiDORTXHHVWDEOH]FDQVXV
QRUPDVHVSHFtILFDV\HQVXGHIHFWRVHUiGHDSOLFDFLyQORUHJXODGR
HQHVWD/H\SDUDGLFKDFDWHJRUtDGHELHQHV
/DFRPSHWHQFLDSDUDVXVWDQFLDUORVFLWDGRVDFWRVGHGLVSRVLFLyQ
FRUUHVSRQGHUiDOyUJDQRTXHRVWHQWHODUHSUHVHQWDFLyQGHGLFKDV
HQWLGDGHVVDOYRTXHHOYDORUXQLWDULRGHORVELHQHVVHJ~QWDVDFLyQ
SHULFLDOVXSHUHORVFLHQPLOHXURVHQFX\RFDVRSUHYLRLQIRUPH
SUHFHSWLYR\YLQFXODQWHGHO&RQVHMHURFRPSHWHQWHHQPDWHULDGH
SDWULPRQLRVHUiGHDSOLFDFLyQORVHxDODGRHQHODUWtFXORGH
HVWD/H\ª
©/RVDFWRVGHGLVSRVLFLyQUHIHUHQWHVDYDORUHVPRELOLDULRV\
WtWXORVVLPLODUHVSHUWHQHFLHQWHVDRUJDQLVPRVS~EOLFRV
GHSHQGLHQWHV
GHOD&RPXQLGDG$XWyQRPDGH$UDJyQVHUHJLUiQSRUORVHxDODGR
HQHO
DUWtFXORVDOYRHQORUHODWLYRDODFRPSHWHQFLDTXH
FRUUHVSRQGHUi
DOyUJDQRTXHRVWHQWHODUHSUHVHQWDFLyQGHODHQWLGDGVLHOYDORUGH
ODHQDMHQDFLyQQRVXSHUDODFDQWLGDGGHFLHQPLOHXURV\VLQ
SHUMXLFLRGHODVGHPiVOLPLWDFLRQHV\UHTXLVLWRVFRQWHQLGRVHQ
GLFKR
DUWtFXORª
6HGDQXHYDUHGDFFLyQDODSDUWDGRGHODUWtFXORHQORV
VLJXLHQWHVWpUPLQRV
©7UDWiQGRVHGHELHQHVLQPXHEOHVFRUUHVSRQGHDO&RQVHMHUR
FRPSHWHQWHHQPDWHULDGHSDWULPRQLRDSUREDUODVEDVHVJHQHUDOHV
ODV
SDUWLFXODUHVGHFDGDFRQFXUVR\UHVROYHUVREUHVXDGMXGLFDFLyQ
5HVSHFWRGHORVELHQHVPXHEOHVODFRPSHWHQFLDSDUDORVDFWRV
VHxDODGRVHQHOSiUUDIRDQWHULRUFRUUHVSRQGHDOFRQVHMHURGHO
GHSDUWDPHQWRTXHORVWHQJDDGVFULWRVSUHYLRLQIRUPHGHO
GHSDUWDPHQWR
FRPSHWHQWHHQPDWHULDGHSDWULPRQLR
1RREVWDQWHVHUiFRPSHWHQWHHO*RELHUQRGH$UDJyQHQORV
VXSXHVWRV
HQORVTXHODUHQWDRFDQRQDQXDOVHDVXSHULRUDFLQFXHQWDPLO
HXURVª
6HGDQXHYDUHGDFFLyQDODSDUWDGRGHODUWtFXORHQORV
VLJXLHQWHVWpUPLQRV
©/DFUHDFLyQGHVRFLHGDGHVPHUFDQWLOHVGHOD&RPXQLGDG
$XWyQRPDVH
DSUREDUiSRU'HFUHWRGHO*RELHUQRGH$UDJyQGHOTXHGHEHUi
GDUVH
FXHQWDDODV&RUWHVGH$UDJyQDQWHVGHVXSXEOLFDFLyQHQHO%ROHWtQ
2ILFLDOGH$UDJyQ'LFKDVVRFLHGDGHVDGRSWDUiQFXDOTXLHUIRUPD
VRFLDO
TXHOLPLWHODUHVSRQVDELOLGDGGHORVVRFLRVRSDUWtFLSHVLQFOXVR
FRRSHUDWLYDV\DODVPLVPDVOHVVHUiQGHDSOLFDFLyQFRQ
LQGHSHQGHQFLDGHORSUHYLVWRHQpVWDXRWUDVOH\HVHVSHFLDOHVODV
QRUPDVGH'HUHFKRSULYDGRFLYLOPHUFDQWLORODERUDOTXHUHVXOWHQ
SHUWLQHQWHVª
6HDxDGHXQDSDUWDGRDODUWtFXORHQORVVLJXLHQWHV
WpUPLQRV
©,JXDOPHQWHOD&RPXQLGDG$XWyQRPDSRGUiSDUWLFLSDUHQ
)XQGDFLRQHVSUHYLDDXWRUL]DFLyQSRUHO*RELHUQRGH$UDJyQ
PHGLDQWH
'HFUHWRª
6HGDQXHYDUHGDFFLyQDODSDUWDGRGHODUWtFXORHQORV
VLJXLHQWHVWpUPLQRV
©/DVLQIUDFFLRQHVDGPLQLVWUDWLYDVSUHYLVWDVHQHVWD/H\VH
FODVLILFDUiQHQOHYHVJUDYHV\PX\JUDYHV
7HQGUiQHOFDUiFWHUGHOHYHVDTXHOODVTXHSURGX]FDQGDxRVR
SHUMXLFLRVDOD$GPLQLVWUDFLyQRDWHUFHURVQRVXSHULRUHVD
GRVFLHQWRVHXURV
/DVLQIUDFFLRQHVVHUiQJUDYHVFXDQGRORVLQGLFDGRVGDxRVR
SHUMXLFLRV
VHHYDO~HQHQWUHGRVFLHQWRVXQR\GLH]PLOHXURV
/DVLQIUDFFLRQHVVHUiQPX\JUDYHVFXDQGRORVGDxRVRSHUMXLFLRV
VXSHUHQHQVXHYDOXDFLyQGLH]PLOHXURVª
6HGDQXHYDUHGDFFLyQDODSDUWDGRGHODUWtFXORHQORV
VLJXLHQWHVWpUPLQRV
©/DVLQIUDFFLRQHVDGPLQLVWUDWLYDVUHODFLRQDGDVHQHODUWtFXOR
VHUiQVDQFLRQDGDVFRQODVVLJXLHQWHVPXOWDV
,QIUDFFLyQOHYHPXOWDGHKDVWDGRVPLOHXURV
,QIUDFFLyQJUDYHPXOWDGHVGHGRVPLOXQRKDVWDYHLQWHPLOHXURV
,QIUDFFLyQPX\JUDYHPXOWDGHVGHYHLQWHPLOXQRKDVWD
GRVFLHQWRV
PLOHXURVRKDVWDHOGXSORGHOYDORUGHORVGDxRVRSHUMXLFLRV
FDXVDGRVFXDQGRHVWDFDQWLGDGH[FHGDGHGRVFLHQWRVPLOHXURVª
$UWtFXOR0RGLILFDFLyQGHOD/H\GHGHGLFLHPEUH
GHO
3DWULPRQLR$JUDULRGHOD&RPXQLGDG$XWyQRPD\GHPHGLGDV
HVSHFtILFDV
GHUHIRUPD\GHVDUUROORDJUDULR
6HGDQXHYDUHGDFFLyQDODSDUWDGRGHODUWtFXORGHOD/H\GH
3DWULPRQLR$JUDULRGHOD&RPXQLGDG$XWyQRPD\GHPHGLGDV
HVSHFtILFDV
GHUHIRUPD\GHVDUUROORDJUDULRHQORVVLJXLHQWHVWpUPLQRV
©/RVKRQRUDULRVSURIHVLRQDOHVFRUUHVSRQGLHQWHVDOD
HODERUDFLyQ\
DSUREDFLyQGHOSUR\HFWRHOLPSRUWHGHULYDGRGHOUHSODQWHRDVt
FRPR
ORVHVWXGLRVWpFQLFRVUHODFLRQDGRVFRQORVPLVPRVVHUiQ
VXEYHQFLRQDGRVSRUOD$GPLQLVWUDFLyQGHOD&RPXQLGDG
$XWyQRPDXQD
YH]KD\DVLGRDSUREDGRSRUHO'HSDUWDPHQWRFRPSHWHQWHHQ
PDWHULDGH
DJULFXOWXUDHOGRFXPHQWRFRUUHVSRQGLHQWHDSOLFiQGRVHXQD
VXEYHQFLyQ
Pi[LPDGHOGHORVFRVWHVVXEYHQFLRQDEOHVWRGRHOORVLHPSUH
TXH
ODVGRWDFLRQHVSUHVXSXHVWDULDVORSHUPLWDQª
7,78/290(','$6$'0,1,675$7,9$6
&$3,78/2,6(59,&,238%/,&2'(5(&2*,'$<
75$163257('('(7(50,1$'26
68%352'8&726$1,0$/(6
$UWtFXOR'HFODUDFLyQGHOVHUYLFLRS~EOLFRGHUHFRJLGD\
WUDQVSRUWHGHGHWHUPLQDGRVVXESURGXFWRVDQLPDOHV
(QHOiPELWRGHOD&RPXQLGDG$XWyQRPDGH$UDJyQODV
RSHUDFLRQHV
GHUHFRJLGD\WUDQVSRUWHKDVWDODSODQWDGHWUDQVIRUPDFLyQRGH
HOLPLQDFLyQGHORVFDGiYHUHVGHORVDQLPDOHVGHODVH[SORWDFLRQHV
JDQDGHUDVQRGHVWLQDGRVDOFRQVXPRKXPDQRWLHQHQHOFDUiFWHUGH
VHUYLFLRS~EOLFRGHWLWXODULGDGGHOD$GPLQLVWUDFLyQGHOD
&RPXQLGDG
$XWyQRPDGH$UDJyQ
/D$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ
SRGUi
JHVWLRQDUGLFKRVHUYLFLRGLUHFWDPHQWHRELHQLQGLUHFWDPHQWHGH
DFXHUGRFRQORSUHYLVWRHQODOHJLVODFLyQYLJHQWHVREUHJHVWLyQGH
VHUYLFLRVS~EOLFRV
/D$GPLQLVWUDFLyQPHGLDQWH'HFUHWRGHO*RELHUQRGH
$UDJyQ
DSUREDUiODVQRUPDVWpFQLFDVFRPHUFLDOHV\HQJHQHUDOODV
GLVWLQWDVFRQGLFLRQHVDODVTXHGHEHUiDMXVWDUVHODDFWLYLGDGREMHWR
GHOVHUYLFLRS~EOLFR
/DSXHVWDHQPDUFKDGHOVHUYLFLRS~EOLFRVHUHDOL]DUi
SURJUHVLYDPHQWHFRQIRUPHDOFDOHQGDULRTXHVHHVWDEOH]FDHQVX
UHJODPHQWDFLyQ
&$3,78/2,,32/,7,&$(10$7(5,$'(5(6,'826
$UWtFXOR'HFODUDFLyQGHVHUYLFLRS~EOLFR
&RQIRUPHDORUHJXODGRSRUHODUWtFXORGHOD/H\
GH
GHDEULOGH5HVLGXRVVHGHFODUDQFRPRVHUYLFLRS~EOLFRGH
WLWXODULGDGDXWRQyPLFDODVVLJXLHQWHVDFWLYLGDGHVGHJHVWLyQGH
UHVLGXRVHQOD&RPXQLGDG$XWyQRPDGH$UDJyQ
D(OLPLQDFLyQ\YDORUL]DFLyQGHHVFRPEURVTXHQRSURFHGDQGH
REUDV
PHQRUHVGHFRQVWUXFFLyQ\UHSDUDFLyQGRPLFLOLDULD
E(OLPLQDFLyQGHUHVLGXRVLQGXVWULDOHVQRSHOLJURVRVQR
VXVFHSWLEOHV
GHYDORUL]DFLyQ
F9DORUL]DFLyQ\HOLPLQDFLyQGHQHXPiWLFRVIXHUDGHXVR
G(OLPLQDFLyQGHUHVLGXRVSHOLJURVRV
4XHGDQH[FHSWXDGDVGHHVWDGHFODUDFLyQGHVHUYLFLRS~EOLFRODV
DFWLYLGDGHVGHJHVWLyQGHUHVLGXRVOOHYDGDVDFDERSRUVXVSURSLRV
SURGXFWRUHV
/DSUHVWDFLyQGHGLFKDVDFWLYLGDGHVQRVHUHDOL]DUiHQUpJLPHQ
GH
PRQRSROLRSXGLHQGRSRUWDQWRFRODERUDUODVSHUVRQDV\(QWLGDGHV
S~EOLFDV\SULYDGDVDWUDYpVGHODVWpFQLFDVGHJHVWLyQLQGLUHFWDGHO
VHUYLFLRS~EOLFRTXHUHFRQRFHHORUGHQDPLHQWRMXUtGLFR
(O*RELHUQRGH$UDJyQDWUDYpVGHO'HSDUWDPHQWRGH0HGLR
$PELHQWHHVWDEOHFHUiORVPHFDQLVPRV\SOD]RVSDUDODHIHFWLYD
SUHVWDFLyQGHFDGDXQRGHORVVHUYLFLRVS~EOLFRVGHFODUDGRVHQHO
DSDUWDGRSULPHURGHOSUHVHQWHDUWtFXORGHDFXHUGRFRQOD
SODQLILFDFLyQVHFWRULDO
/DGHFODUDFLyQFRPRVHUYLFLRS~EOLFRUHDOL]DGDHQHODSDUWDGR
GH
HVWHDUWtFXORVHKDFHVLQSHUMXLFLRGHORVGHUHFKRVDGPLQLVWUDWLYRV
DGTXLULGRVRHQWUiPLWHGHDSUREDFLyQSRUODVSHUVRQDVItVLFDVR
MXUtGLFDVTXHUHDOLFHQRSHUDFLRQHVGHJHVWLyQFRQDQWHULRULGDGDOD
HQWUDGDHQYLJRUGHODSUHVHQWH/H\\KDVWDTXHHVWRVGHUHFKRVVH
H[WLQJDQRUHYRTXHQSRUODVFDXVDVSUHYLVWDVOHJDOPHQWH
&$3,78/2,,,25*$1,602638%/,&26
$UWtFXOR0RGLILFDFLyQGHOD/H\GHGHDEULOGH
6DOXG
GH$UDJyQHQDVSHFWRVUHIHULGRVDO,QVWLWXWR$UDJRQpVGH&LHQFLDV
GH
OD6DOXG
6HPRGLILFDQORVVLJXLHQWHVDUWtFXORVGHOD/H\GHGH
DEULOGH6DOXGGH$UDJyQGHQWURGHO7tWXOR,;©'HO,QVWLWXWR
$UDJRQpVGH&LHQFLDVGHOD6DOXGª
6HPRGLILFDHODSDUWDGRGGHODUWtFXORTXHSDVDDWHQHUOD
UHGDFFLyQVLJXLHQWH
©G8QRGHOiUHDGHLQYHVWLJDFLyQGHVLJQDGRSRUHO
'HSDUWDPHQWR
UHVSRQVDEOHGH&LHQFLD7HFQRORJtD\8QLYHUVLGDGª
6HPRGLILFDHODSDUWDGRGHODUWtFXORTXHSDVDDWHQHUOD
UHGDFFLyQVLJXLHQWH
©&RUUHVSRQGHQDO&RQVHMRGH'LUHFFLyQODVVLJXLHQWHV
IXQFLRQHV
D3ODQLILFDU\GLULJLUODDFWXDFLyQGHO,QVWLWXWRHQHOPDUFRGH
ODV
GLUHFWULFHVHVWDEOHFLGDVSRUHO'HSDUWDPHQWRDOTXHHVWiDGVFULWR
E$SUREDUORVHVWDWXWRVRHOUHJODPHQWRLQWHUQRGHRUJDQL]DFLyQ
\
IXQFLRQDPLHQWRGHO,QVWLWXWR
F$SUREDUODVOtQHDVGHLQYHVWLJDFLyQSURJUDPDVGHDFFLyQ\
REMHWLYRVSULRULWDULRVGHO,QVWLWXWRHQRUGHQDOFXPSOLPLHQWRGHVXV
ILQHVDVtFRPRUHDOL]DUODVDFFLRQHV\VXVFULELUORVDFXHUGRV
SDFWRVFRQYHQLRV\FRQWUDWRVTXHVHDQSUHFLVRV
G'HWHUPLQDUORVFULWHULRVJHQHUDOHVSDUDODVHOHFFLyQDGPLVLyQ\
UHWULEXFLyQGHOSHUVRQDOFRQVXMHFLyQDORUGHQDPLHQWRMXUtGLFR
DSOLFDEOH
H$SUREDUORVSUHVXSXHVWRV\ODVFXHQWDVDQXDOHVDVtFRPRHO
SURJUDPDGHDFWXDFLyQLQYHUVLRQHV\ILQDQFLDFLyQ\DSUREDUHO
EDODQFHFXHQWDGHSpUGLGDV\JDQDQFLDV\ODPHPRULDH[SOLFDWLYD
GH
ODJHVWLyQDQXDOGHO,QVWLWXWR
I$XWRUL]DUORVFRQYHQLRVLQYHUVLRQHVHPSUpVWLWRVRSHUDFLRQHV
GH
FUpGLWR\GHPiVRSHUDFLRQHVILQDQFLHUDVTXHSXHGDQFRQYHQLUSDUD
OD
UHDOL]DFLyQGHVXVILQHV\UHDOL]DUFXDQWRVDFWRVGHJHVWLyQ
GLVSRVLFLyQ\DGPLQLVWUDFLyQGHVXSDWULPRQLRSURSLRVHUHSXWHQ
QHFHVDULRV
J(MHUFLWDUUHVSHFWRGHORVELHQHVGHO,QVWLWXWRSURSLRVR
DGVFULWRVWRGDVODVIDFXOWDGHVGHSURWHFFLyQTXHSURFHGDQ
LQFOX\HQGRODUHFXSHUDFLyQSRVHVRULD
K$SUREDUSUHYLRFRQRFLPLHQWRGHO&RQVHMRGH*RELHUQROD
SDUWLFLSDFLyQGHO,QVWLWXWRHQVRFLHGDGHVPHUFDQWLOHVFRQVRUFLRV\
RWURVHQWHVMXUtGLFRVFX\RREMHWRVRFLDOVHDVLPLODUDOGHO
,QVWLWXWRª
6HPRGLILFDHODSDUWDGRGHODUWtFXORTXHSDVDDWHQHUOD
VLJXLHQWHUHGDFFLyQ
©(O3UHVLGHQWHSUHVLGLUiHO&RQVHMRGH'LUHFFLyQ\HMHUFHUi
FXDQWDVIXQFLRQHVOHDWULEX\DQORVHVWDWXWRVRHO&RQVHMRGH
'LUHFFLyQª
6HPRGLILFDHODUWtFXORTXHSDVDDWHQHUODUHGDFFLyQ
VLJXLHQWH
©(O'LUHFWRU*HUHQWHVHUiQRPEUDGR\VHSDUDGRSRUHO
*RELHUQRGH
$UDJyQDSURSXHVWDGHO&RQVHMHURUHVSRQVDEOHGH6DOXGHQWUH
SHUVRQDVGHUHFRQRFLGDFRPSHWHQFLDHQODVPDWHULDVUHODFLRQDGDV
FRQ
ORVILQHVSHUVHJXLGRVSRUHO,QVWLWXWRDVXPLHQGRWRGDVODV
IXQFLRQHV
HMHFXWLYDVSDUDODJHVWLyQGHO,QVWLWXWR
&RUUHVSRQGHQDO'LUHFWRU*HUHQWHODVVLJXLHQWHVIXQFLRQHV
D5HSUHVHQWDFLyQOHJDOGHODHQWLGDG
E(MHFXWDU\KDFHUFXPSOLUORVDFXHUGRVGHO&RQVHMRGH
'LUHFFLyQ
F/DSURSXHVWDDO&RQVHMRGH'LUHFFLyQGHODVOtQHDVGHWUDEDMR
\GH
ORVUHVXOWDGRVGHODDFWLYLGDGGHO,QVWLWXWR
G/DGLUHFFLyQJHVWLyQ\VHJXLPLHQWRGHODVDFWLYLGDGHVDVt
FRPRGH
ORVUHFXUVRVKXPDQRVHFRQyPLFRV\PDWHULDOHVGHFRQIRUPLGDG
FRQ
ODVGLUHFWULFHVHVWDEOHFLGDV
H5HDOL]DUODVIXQFLRQHVGHyUJDQRGHFRQWUDWDFLyQ
I(OHYDUDO&RQVHMRGH'LUHFFLyQODPHPRULDDQXDOGHDFWLYLGDGHV
\
ODSURSXHVWDGHSUHVXSXHVWRVDQXDOHVGHO,QVWLWXWR
J&XDOHVTXLHUDRWUDVTXHOHDWULEX\DHO&RQVHMRGH'LUHFFLyQª
6HDxDGHXQQXHYRDUWtFXORDOD/H\GHGHDEULO
GH
6DOXGGH$UDJyQFRQODVLJXLHQWHUHGDFFLyQ
©$UWtFXOR*HVWLyQSUHVXSXHVWDULD
/DDXWRUL]DFLyQSDUDLPSXWDUDORVFUpGLWRVGHO3UHVXSXHVWR
YLJHQWHGHO,QVWLWXWRGHODVREOLJDFLRQHVGHULYDGDVGHFRPSURPLVRV
GH
JDVWRVGHELGDPHQWHDGTXLULGRVHQHMHUFLFLRVDQWHULRUHV
FRUUHVSRQGHUi
DO'LUHFWRU*HUHQWHGHO,QVWLWXWR$UDJRQpVGH&LHQFLDVGHOD6DOXG
/RVUHPDQHQWHVGHFUpGLWRGHOHMHUFLFLRDQWHULRUVH
LQFRUSRUDUiQ
DOGHOHMHUFLFLRYLJHQWHVLJXLHQGRORHVWDEOHFLGRHQORVDSDUWDGRV
\GHODUWtFXORGHOWH[WRUHIXQGLGRGHOD/H\GH+DFLHQGDGHOD
&RPXQLGDG$XWyQRPDGH$UDJyQSDUDVXKDELOLWDFLyQ
SUHVXSXHVWDULD
&RUUHVSRQGHDO'LUHFWRU*HUHQWHGHO,QVWLWXWR$UDJRQpVGH
&LHQFLDV
GHOD6DOXGDXWRUL]DUODVJHQHUDFLRQHVGHFUpGLWRHQORVHVWDGRVGH
JDVWRVGHO3UHVXSXHVWRGHULYDGDVGHORVLQJUHVRVSURFHGHQWHVGH
D$SRUWDFLRQHVGHSHUVRQDVItVLFDVRMXUtGLFDVSDUDILQDQFLDU
JDVWRV
TXHSRUVXQDWXUDOH]DHVWpQFRPSUHQGLGRVHQORVILQHV\REMHWLYRV
GH
ORVPLVPRV
E/DSUHVWDFLyQGHVHUYLFLRV
F,QJUHVRVSDWULPRQLDOHV
G5HLQWHJURVGHSDJRVUHDOL]DGRVFRQFDUJRDFUpGLWRV
SUHVXSXHVWDULRVGHHMHUFLFLRVDQWHULRUHV
(QWRGRFDVRODVPRGLILFDFLRQHVSUHVXSXHVWDULDVVHUHPLWLUiQDO
'HSDUWDPHQWRFRPSHWHQWHHQPDWHULDGHKDFLHQGDSDUDVX
FRQRFLPLHQWR
(O'LUHFWRU*HUHQWHGHO,QVWLWXWR$UDJRQpVGH&LHQFLDVGHOD
6DOXG
SRGUiDXWRUL]DUODUHSRVLFLyQGHFUpGLWRHQORVHVWDGRVGHJDVWRVGHO
3UHVXSXHVWRSRULQJUHVRVSURGXFLGRVFRPRFRQVHFXHQFLDGHSDJRV
UHDOL]DGRVFRQFDUJRDFUpGLWRVSUHVXSXHVWDULRVGHOHMHUFLFLR
FRUULHQWHGHULYDGRVGHUHLQWHJURVGHVXEYHQFLRQHVFRILQDQFLDGDV\
GH
SDJRVLQGHELGDPHQWHUHDOL]DGRV
(QWRGRFDVRODVPRGLILFDFLRQHVSUHVXSXHVWDULDVVHUHPLWLUiQDO
'HSDUWDPHQWRFRPSHWHQWHHQPDWHULDGHKDFLHQGDSDUDVX
FRQRFLPLHQWR
&RUUHVSRQGHDO'LUHFWRU*HUHQWHGHO,QVWLWXWR$UDJRQpVGH
&LHQFLDV
GHOD6DOXGDXWRUL]DUORVJDVWRVGHFDUiFWHUSOXULDQXDOFXDQGR
WHQJDQSRUREMHWR
D&RQWUDWRVGHVXPLQLVWURVGHFRQVXOWRUtD\DVLVWHQFLD\GH
DUUHQGDPLHQWRVGHELHQHV\VHUYLFLRVTXHQRSXHGDQVHU
HVWLSXODGRV
SRUHOSOD]RGHXQDxRRTXHHVWHSOD]RUHVXOWHPiVJUDYRVR
E6XEYHQFLRQHV\D\XGDVS~EOLFDVTXHGHDFXHUGRFRQVX
QRUPDWLYD
UHJXODGRUDKD\DQGHFRQFHGHUVHHQHMHUFLFLRVDQWHULRUHVDDTXHODO
TXHGHEDQLPSXWDUVHODVREOLJDFLRQHVHQHOPRPHQWRGHVHUpVWDV
H[LJLEOHV
/RVFUpGLWRVGHO&DStWXOR9,,QYHUVLRQHV5HDOHVGHO,QVWLWXWR
$UDJRQpVGH&LHQFLDVGHOD6DOXGWHQGUiQFDUiFWHUYLQFXODQWHD
QLYHO
GHDUWtFXOR
6HFRQVLGHUDUiQDPSOLDEOHVORVFUpGLWRVGHOHVWDGRGH
GRWDFLRQHV
GHO3UHVXSXHVWRGHO,QVWLWXWR$UDJRQpVGH&LHQFLDVGHOD6DOXGHQ
ODV
FXDQWtDVFRUUHVSRQGLHQWHVSDUDUHIOHMDUODVUHSHUFXVLRQHVTXHHQVX
ILQDQFLDFLyQWHQJDQODVPRGLILFDFLRQHVSRVLWLYDVHQORVFUpGLWRVGH
SUHVWDFLyQGHVHUYLFLRV\GHWUDQVIHUHQFLDVGHVWLQDGRVDOPLVPRª
6HDxDGHXQQXHYRDUWtFXORDOD/H\GHGHDEULO
GH
6DOXGGH$UDJyQFRQODVLJXLHQWHUHGDFFLyQ
©$UWtFXOR*HVWLyQILQDQFLHUD
(O'LUHFWRU*HUHQWHGHO,QVWLWXWR$UDJRQpVGH&LHQFLDVGHOD
6DOXG
SRGUiDXWRUL]DUODDSHUWXUD\XWLOL]DFLyQGHFXHQWDVHQODVHQWLGDGHV
GHFUpGLWRRDKRUURVLHPSUHTXHQRLPSOLTXHQQLQJ~QWLSRGH
HQGHXGDPLHQWR
(O,QVWLWXWRGDUiFXHQWDDO'HSDUWDPHQWRFRPSHWHQWHHQ
PDWHULDGH
KDFLHQGDGHGLFKDVRSHUDFLRQHVDVtFRPRXQLQIRUPHMXVWLILFDWLYR
GH
ODHVSHFLDOQDWXUDOH]DGHODVPLVPDV\HOOXJDUGRQGHGHEHQ
UHDOL]DUVHª
$UWtFXOR0RGLILFDFLRQHVGHOD/H\GHGHDEULOGH
FUHDFLyQRUJDQL]DFLyQ\FRQWUROSDUODPHQWDULRGHOD&RUSRUDFLyQ
$UDJRQHVDGH5DGLR\7HOHYLVLyQ
6HPRGLILFDQORVVLJXLHQWHVDUWtFXORVGHOD/H\GHFUHDFLyQ
RUJDQL]DFLyQ\FRQWUROSDUODPHQWDULRGHOD&RUSRUDFLyQ$UDJRQHVD
GH
5DGLR\7HOHYLVLyQTXHTXHGDQUHGDFWDGRVHQORVVLJXLHQWHV
WpUPLQRV
©$UWtFXOR(O&RQVHMRGH$GPLQLVWUDFLyQHVWDUi
FRPSXHVWRSRU
GLHFLQXHYHPLHPEURVHOHJLGRVSDUDFDGDOHJLVODWXUDSRUHO3OHQRGH
ODV&RUWHVGH$UDJyQSRUPD\RUtDGHGRVWHUFLRVHQWUHSHUVRQDV
GH
UHOHYDQWHVPpULWRVSURIHVLRQDOHV'LFKDHOHFFLyQVHHIHFWXDUiD
SURSXHVWDGHORV*UXSRV3DUODPHQWDULRVDWHQGLHQGRDOD
SURSRUFLRQDOLGDGFRQODTXHHVWpQUHSUHVHQWDGRVHQOD&iPDUD\
DVHJXUDQGRDWRGRVHOORVFRPRPtQLPRXQUHSUHVHQWDQWHª
©$UWtFXOR(O&RQVHMRGH$GPLQLVWUDFLyQHOHJLUiHQWUHVXV
PLHPEURVXQ3UHVLGHQWHXQ9LFHSUHVLGHQWH\XQ6HFUHWDULR(O
3UHVLGHQWHHQFDVRGHHPSDWHWHQGUiYRWRGHFDOLGDG
3DUDODHOHFFLyQGH3UHVLGHQWH9LFHSUHVLGHQWH\6HFUHWDULRORV
PLHPEURVGHO&RQVHMRDVLVWHQWHVFRQYRFDGRVDOHIHFWRHVFULELUiQ
XQ
VRORQRPEUHSDUDFDGDFDUJR\UHVXOWDUiQHOHJLGRVSRURUGHQGH
YRWRVORVTXHKD\DQREWHQLGRXQQ~PHURGHYRWRVPiVHOHYDGR6L
GHO
UHVXOWDGRGHGLFKDYRWDFLyQQRVHSURGXMHUDODHOHFFLyQGHDOJXQR
GH
HVWRVFDUJRVVHSURFHGHUiDXQDQXHYDYRWDFLyQVyORSDUDGLFKR
SXHVWRUHVXOWDQGRHOHJLGRHOTXHPiVYRWRVREWHQJDª
©$UWtFXOR/RVDFXHUGRVGHO&RQVHMRGH$GPLQLVWUDFLyQVH
DGRSWDUiQSRUPD\RUtDVLPSOHH[FHSWRDTXHOORVHQORVTXHSRUOD
QRUPDWLYDHVWDWDODSOLFDEOHRSRUORVSURSLRVHVWDWXWRVGHOD
VRFLHGDGVHDQHFHVDULDXQDPD\RUtDGHGRVWHUFLRV(QWRGRFDVR
VH
DSOLFDUiHVWDPD\RUtDFXDOLILFDGDDORUHIHULGRHQORVDSDUWDGRVE
GHJKM\PGHODUWtFXORDQWHULRU
6LQRVHDOFDQ]DVHXQDFXHUGRSRUPD\RUtDGHGRVWHUFLRVHQOR
UHIHULGRDODSDUWDGREVHHQWHQGHUiTXHHO&RQVHMRGH
$GPLQLVWUDFLyQVHDEVWLHQHGiQGRVHSRUFXPSOLGRHOWUiPLWH
(QORUHIHULGRDODSDUWDGRHXQDYH]TXHKXELHUHWUDQVFXUULGR
XQ
PHVVLQREWHQHUDFXHUGRSRUPD\RUtDFXDOLILFDGDGHGRVWHUFLRV
VHUi
VXILFLHQWHODPD\RUtDDEVROXWD
'HQRFRQVHJXLUVHODPD\RUtDGHGRVWHUFLRVHQHODFXHUGRDTXH
VH
UHILHUHODOHWUDMORVDQWHSUR\HFWRVGHSUHVXSXHVWRVGHOD
&RUSRUDFLyQ\GHVXVVRFLHGDGHVVHUHPLWLUiQDO*RELHUQRGH
$UDJyQHQ
HOSOD]ROHJDOKDFLHQGRFRQVWDUHOVHQWLGRGHOYRWRGHORV
PLHPEURV
GHO&RQVHMRGH$GPLQLVWUDFLyQª
$UWtFXOR&DPELRGHDGVFULSFLyQRUJiQLFDGHO,QVWLWXWR
$UDJRQpVGH
OD0XMHU
6HPRGLILFDHODUWtFXORGHOD/H\GHGHIHEUHURSRU
OD
TXHVHFUHDHO,QVWLWXWR$UDJRQpVGHOD0XMHUHQODUHGDFFLyQGDGD
SRUHODUWtFXORGHOD/H\GHGHDEULOGHPHGLGDV
ILVFDOHVILQDQFLHUDVGHSDWULPRQLR\DGPLQLVWUDWLYDVTXHTXHGD
UHGDFWDGRHQORVVLJXLHQWHVWpUPLQRV
©$UWtFXOR1DWXUDOH]D\UpJLPHQMXUtGLFR
6HFUHDHO,QVWLWXWR$UDJRQpVGHOD0XMHUFRPRRUJDQLVPR
DXWyQRPR
DGVFULWRDO'HSDUWDPHQWRTXHWHQJDDWULEXLGDVODVFRPSHWHQFLDVHQ
PDWHULDGHVHUYLFLRVVRFLDOHV
7HQGUiSHUVRQDOLGDGMXUtGLFDSDWULPRQLRSURSLR\SOHQD
FDSDFLGDG
GHREUDUSDUDHOFXPSOLPLHQWRGHVXVILQHV
(O&RQVHMR5HFWRUHVWDUiSUHVLGLGRSRUHO&RQVHMHUR
FRPSHWHQWHHQ
PDWHULDGHVHUYLFLRVVRFLDOHVª
$UWtFXOR&DPELRGHDGVFULSFLyQRUJiQLFDGHO,QVWLWXWR
$UDJRQpVGH
6HUYLFLRV6RFLDOHV
6HPRGLILFDHODSDUWDGRGHODUWtFXORGHOD/H\GH
GHPD\RUHODWLYDDO,QVWLWXWR$UDJRQpVGH6HUYLFLRV6RFLDOHVTXH
TXHGDUHGDFWDGRHQORVVLJXLHQWHVWpUPLQRV
©6HFUHDHO,QVWLWXWR$UDJRQpVGH6HUYLFLRV6RFLDOHVFRQHO
FDUiFWHUGHRUJDQLVPRDXWyQRPRDGVFULWRDO'HSDUWDPHQWR
FRPSHWHQWH
HQPDWHULDGHVHUYLFLRVVRFLDOHVª
7RGDVODVUHIHUHQFLDVQRUPDWLYDVGHOD/H\GHGH
PD\R
UHIHULGDVDO'HSDUWDPHQWRGH6DQLGDG6HUYLFLRV6RFLDOHV\
7UDEDMR
GHEHQHQWHQGHUVHHIHFWXDGDVDO'HSDUWDPHQWRFRPSHWHQWHHQ
PDWHULDGH
VHUYLFLRVVRFLDOHV
$UWtFXOR&DPELRGHDGVFULSFLyQRUJiQLFDGHO,QVWLWXWR
$UDJRQpVGH
OD-XYHQWXG
6HPRGLILFDHODSDUWDGRGHODUWtFXORGHOD/H\GH
GHGLFLHPEUHGHO,QVWLWXWR$UDJRQpVGHOD-XYHQWXGTXHTXHGDUi
UHGDFWDGRHQORVVLJXLHQWHVWpUPLQRV
©6HFUHDHO,QVWLWXWR$UDJRQpVGHOD-XYHQWXGFRQHOFDUiFWHU
GH
RUJDQLVPRDXWyQRPRDGVFULWRDO'HSDUWDPHQWRFRPSHWHQWHHQ
PDWHULDGH
VHUYLFLRVVRFLDOHVª
7RGDVODVUHIHUHQFLDVQRUPDWLYDVGHOD/H\GHGH
GLFLHPEUHUHIHULGDVDO'HSDUWDPHQWRGH3UHVLGHQFLD\5HODFLRQHV
,QVWLWXFLRQDOHVGHEHQHQWHQGHUVHHIHFWXDGDVDO'HSDUWDPHQWR
FRPSHWHQWHHQPDWHULDGHVHUYLFLRVVRFLDOHV
$UWtFXOR0RGLILFDFLyQGHOWH[WRUHIXQGLGRGHOD/H\
UHJXODGRUD
GHO,QVWLWXWR7HFQROyJLFRGH$UDJyQDSUREDGRSRU'HFUHWR
/HJLVODWLYR
GHGHMXQLRGHO*RELHUQRGH$UDJyQ
6HPRGLILFDQORVVLJXLHQWHVDUWtFXORVGHOWH[WRUHIXQGLGRGHOD
/H\
UHJXODGRUDGHO,QVWLWXWR7HFQROyJLFRGH$UDJyQ
6HPRGLILFDHODSDUWDGRGHODUWtFXORTXHTXHGDUHGDFWDGR
HQ
ORVVLJXLHQWHVWpUPLQRV
©6HDGVFULEHDO'HSDUWDPHQWRTXHWHQJDDWULEXLGDVODV
FRPSHWHQFLDV
HQPDWHULDGHLQQRYDFLyQWHFQROyJLFDHQOD$GPLQLVWUDFLyQGHOD
&RPXQLGDG$XWyQRPDGH$UDJyQª
6HPRGLILFDHODUWtFXORTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHV
WpUPLQRV
©$UWLFXOR2UJDQL]DFLyQ
/RVyUJDQRVUHFWRUHVGHO,QVWLWXWR7HFQROyJLFRGH$UDJyQ
VRQ
D(O&RQVHMR5HFWRU
E/D'LUHFFLyQ
/DDFWLYLGDGRUJDQL]DFLyQ\PRGRGHIXQFLRQDPLHQWRLQWHUQR
GHO
,QVWLWXWR7HFQROyJLFRGH$UDJyQVHUiQGHWHUPLQDGRVSRUVXV
(VWDWXWRV
/RVHVWDWXWRVXQDYH]DSUREDGRVSRUHO&RQVHMR5HFWRUVHUiQ
SXHVWRVHQFRQRFLPLHQWRGHO*RELHUQRGH$UDJyQ\SXEOLFDGRVHQ
HO
%ROHWtQ2ILFLDOGH$UDJyQª
6HPRGLILFDHODUWtFXORTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHV
WpUPLQRV
©$UWtFXOR(O&RQVHMR5HFWRU
(O&RQVHMR5HFWRUWHQGUiODFRPSRVLFLyQVLJXLHQWH
D3UHVLGHQWH
(O&RQVHMHURWLWXODUGHO'HSDUWDPHQWRDOTXHHVWpDGVFULWRHO
,QVWLWXWRR'LUHFWRU*HQHUDOHQTXLHQGHOHJXHDTXLHQFRUUHVSRQGHQ
ODVIXQFLRQHVGH3UHVLGHQWHGHOyUJDQRFROHJLDGR
'LVSRQGUiGHYRWRGHFDOLGDGSDUDGLULPLUORVHPSDWHVTXH
SXHGDQ
SURGXFLUVHHQODVYRWDFLRQHVGHO&RQVHMR5HFWRU
E9LFHSUHVLGHQWH
(O&RQVHMHURWLWXODUGHO'HSDUWDPHQWRTXHWHQJDDWULEXLGDVODV
FRPSHWHQFLDVHQPDWHULDGHLQGXVWULDRHO'LUHFWRU*HQHUDOHQ
TXLHQ
GHOHJXH(O9LFHSUHVLGHQWHVXVWLWXLUiDO3UHVLGHQWHHQFDVRVGH
DXVHQFLDRHQIHUPHGDG
F9RFDOHV
(O'LUHFWRUGHO,QVWLWXWR7HFQROyJLFRGH$UDJyQFRPRYRFDOQDWR
'RVUHSUHVHQWDQWHVGHO'HSDUWDPHQWRDOTXHHVWpDGVFULWRHO
,QVWLWXWR
8QUHSUHVHQWDQWHGHO'HSDUWDPHQWRTXHWHQJDDWULEXLGDVODV
FRPSHWHQFLDVHQPDWHULDGHHFRQRPtD
8QUHSUHVHQWDQWHGHO'HSDUWDPHQWRTXHWHQJDDWULEXLGDVODV
FRPSHWHQFLDVHQPDWHULDGHLQGXVWULD
'RVUHSUHVHQWDQWHVGHVLJQDGRVSRUOD8QLYHUVLGDGGH=DUDJR]D
8QUHSUHVHQWDQWHGHVLJQDGRSRUHO&RQVHMR$VHVRUGH
,QYHVWLJDFLyQ\
'HVDUUROORXyUJDQRHTXLYDOHQWH
8QUHSUHVHQWDQWHGHO&RQVHMR6XSHULRUGH,QYHVWLJDFLRQHV
&LHQWtILFDV
GHVLJQDGRSRUVX3UHVLGHQWHRGLUHFWRU
'RVUHSUHVHQWDQWHVGHORVVHFWRUHVLQGXVWULDOHVGHVLJQDGRVSRU
ODV
DVRFLDFLRQHVHPSUHVDULDOHVPiVUHSUHVHQWDWLYDVGH$UDJyQ
'RVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVGHVLJQDGRVSRUODV
FHQWUDOHV
VLQGLFDOHVPiVUHSUHVHQWDWLYDVGH$UDJyQ
7RGRVORVYRFDOHVDH[FHSFLyQGHOYRFDOQDWRVHUiQ
QRPEUDGRVSRU
HO*RELHUQRGH$UDJyQDSURSXHVWDGHO3UHVLGHQWHGHO,QVWLWXWR
SDUD
XQSHULRGRGHFXDWURDxRV$JRWDGRVXPDQGDWRHO*RELHUQRGH
$UDJyQ
SRGUiUHQRYDUVXQRPEUDPLHQWR
(O3UHVLGHQWHGHVLJQDUiXQ6HFUHWDULRFRQYR]SHURVLQYRWR
HQWUHHOSHUVRQDOGHO,QVWLWXWRª
6HPRGLILFDQORVDSDUWDGRVD\KGHODUWtFXORTXHTXHGDQ
UHGDFWDGRVHQORVVLJXLHQWHVWpUPLQRV
©D5HSUHVHQWDUDO,QVWLWXWR7HFQROyJLFRGH$UDJyQHQMXLFLR\
IXHUD
GHpOHQORVWpUPLQRVSUHYLVWRVHQORV(VWDWXWRVª
©K&XDOHVTXLHUDRWUDVIXQFLRQHVTXHVHGHWHUPLQHQHQORV
(VWDWXWRVª
6HPRGLILFDHODUWtFXORTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHV
WpUPLQRV
©$UWtFXOR3HUVRQDO
(O,QVWLWXWR7HFQROyJLFRGH$UDJyQWLHQHVXSURSLRSHUVRQDO
FRQWUDWDGRHQUpJLPHQGH'HUHFKRODERUDO
&RQFDUiFWHUWHPSRUDOVHSRGUiDGVFULELUPHGLDQWHDFXHUGRGHO
*RELHUQRGH$UDJyQSHUVRQDOGHOD$GPLQLVWUDFLyQGHOD
&RPXQLGDG
$XWyQRPDRGHRWUDV$GPLQLVWUDFLRQHVSDUDSUHVWDUVXVVHUYLFLRV
HQ
HO,QVWLWXWR7HFQROyJLFRGH$UDJyQPDQWHQLHQGRWRGRVVXV
GHUHFKRVª
6HPRGLILFDODGLVSRVLFLyQDGLFLRQDOTXLQWDTXHTXHGDUHGDFWDGD
HQORVVLJXLHQWHVWpUPLQRV
©4XLQWD$SOLFDFLyQGHFUpGLWRVGHOSURJUDPDGHJDVWRV
6HSRGUiQDSOLFDUDO,QVWLWXWR7HFQROyJLFRGH$UDJyQFUpGLWRVGH
SURJUDPDVGHJDVWRGHORVGLVWLQWRV'HSDUWDPHQWRVFXDQGRpVWRV
VH
GHVWLQHQDDFWLYLGDGHVSURSLDVGHODVIXQFLRQHVTXHWLHQH
OHJDOPHQWH
DWULEXLGDVGHDFXHUGRFRQODOHJLVODFLyQYLJHQWHHQPDWHULDGH
KDFLHQGD\SUHVXSXHVWRV/DHIHFWLYLGDGGHODDSOLFDFLyQH[LJLUiOD
SUHYLDFRQIRUPLGDGGHOD&RPLVLyQGH(FRQRPtD\3UHVXSXHVWRV
GHODV
&RUWHVGH$UDJyQª
6HDxDGHXQDQXHYDGLVSRVLFLyQDGLFLRQDOVH[WDTXHTXHGD
UHGDFWDGDHQORVVLJXLHQWHVWpUPLQRV
©6H[WD'LUHFWRUGHO,QVWLWXWR
&XDQGRHOQRPEUDPLHQWRGH'LUHFWRUGHO,QVWLWXWR7HFQROyJLFR
GH
$UDJyQUHFDLJDHQXQIXQFLRQDULRGHOD$GPLQLVWUDFLyQGHOD
&RPXQLGDG
$XWyQRPDGH$UDJyQVXGHVHPSHxRVHUiDVLPLODGRDWRGRVORV
HIHFWRV
DOGH'LUHFWRU*HQHUDOª
6HDxDGHXQDQXHYDGLVSRVLFLyQDGLFLRQDOVpSWLPDTXHTXHGD
UHGDFWDGDHQORVVLJXLHQWHVWpUPLQRV
©6pSWLPD&RQVLGHUDFLyQFRPRRUJDQLVPRS~EOLFRGH
LQYHVWLJDFLyQ
(O,QVWLWXWR7HFQROyJLFRGH$UDJyQWHQGUiODFRQVLGHUDFLyQGH
RUJDQLVPRS~EOLFRGHLQYHVWLJDFLyQGHDFXHUGRFRQORSUHYLVWRHQ
OD
/H\GHGHPDU]RGHIRPHQWR\FRRUGLQDFLyQGHOD
LQYHVWLJDFLyQHOGHVDUUROOR\ODWUDQVIHUHQFLDGHFRQRFLPLHQWRVHQ
$UDJyQª
$UWtFXOR0RGLILFDFLyQGHOD/H\GHGHGLFLHPEUH
GH
FUHDFLyQGHO&HQWURGH,QYHVWLJDFLyQ\7HFQRORJtD
$JURDOLPHQWDULDGH
$UDJyQ
6HPRGLILFDQORVVLJXLHQWHVDUWtFXORVGHOD/H\GHFUHDFLyQGHO
&HQWURGH,QYHVWLJDFLyQ\7HFQRORJtD$JURDOLPHQWDULDGH$UDJyQ
6HPRGLILFDHODSDUWDGRGHODUWtFXORTXHTXHGDUHGDFWDGR
HQ
ORVVLJXLHQWHVWpUPLQRV
©(O&HQWURDMXVWDUiVXDFWLYLGDGDO'HUHFKRSULYDGR\HQ
SDUWLFXODUHQVXVUHODFLRQHVH[WHUQDVWUiILFRSDWULPRQLDO\
PHUFDQWLOVLQSHUMXLFLRGHODVH[FHSFLRQHVTXHSXHGDQGHULYDUVHGH
ORHVWDEOHFLGRHQHVWD/H\ª
6HPRGLILFDHODSDUWDGRFGHODUWtFXORTXHTXHGDUHGDFWDGRHQ
ORVVLJXLHQWHVWpUPLQRV
©F,PSXOVDUODWUDQVIHUHQFLDWHFQROyJLFDODLQQRYDFLyQ\OD
IRUPDFLyQHQHOVHFWRUDJURDOLPHQWDULRDUDJRQpVDVtFRPRHO
IRPHQWR
GHDFWLYLGDGHVUHODFLRQDGDVFRQODVPLVPDVª
6HPRGLILFDQORVDSDUWDGRVI\xGHODUWtFXORTXHTXHGDQ
UHGDFWDGRVHQORVVLJXLHQWHVWpUPLQRV
©I3URPRYHUODPHMRUDGHODSURIHVLRQDOLGDGGHORVDJULFXOWRUHV
\
JDQDGHURVª
©x(IHFWXDUWDUHDVGHFHUWLILFDFLyQHQHOiPELWRDJURDOLPHQWDULRª
6HPRGLILFDHODUWtFXORTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHV
WpUPLQRV
©$UWtFXOR&RQVLGHUDFLyQFRPRRUJDQLVPRS~EOLFRGH
LQYHVWLJDFLyQ
(O&HQWURWHQGUiODFRQVLGHUDFLyQGHRUJDQLVPRS~EOLFRGH
LQYHVWLJDFLyQGHDFXHUGRFRQORSUHYLVWRHQOD/H\GH
GH
PDU]RGHIRPHQWR\FRRUGLQDFLyQGHODLQYHVWLJDFLyQHO
GHVDUUROOR\
ODWUDQVIHUHQFLDGHFRQRFLPLHQWRVHQ$UDJyQª
6HPRGLILFDQORVDSDUWDGRVE\JGHODUWtFXORTXHTXHGDQ
UHGDFWDGRVHQORVVLJXLHQWHVWpUPLQRV
©E8QUHSUHVHQWDQWHSRUFDGDXQDGHODV'LUHFFLRQHV*HQHUDOHV
GHO
'HSDUWDPHQWRFRPSHWHQWHHQPDWHULDGHDJULFXOWXUD\
DOLPHQWDFLyQDVt
FRPRXQRPiVSRUFDGD'HSDUWDPHQWRFRPSHWHQWHHQPDWHULDGH
HFRQRPtD
PHGLRDPELHQWHLQGXVWULDVDQLGDG\FRQVXPRWRGRVHOORVD
SURSXHVWD
GHORV&RQVHMHURVUHVSHFWLYRVª
©J8QUHSUHVHQWDQWHGHORVyUJDQRVGHUHSUHVHQWDFLyQGHOSHUVRQDO
DO
VHUYLFLRGHO&HQWURDSURSXHVWD\SUHYLDUHXQLyQFRQMXQWDGHOD
-XQWDGH3HUVRQDO\GHORV&RPLWpVGH(PSUHVDª
6HPRGLILFDHODSDUWDGRGHODUWtFXORTXHTXHGDUHGDFWDGRHQ
ORVVLJXLHQWHVWpUPLQRV
©/RVDFWRV\UHVROXFLRQHVDGPLQLVWUDWLYDVGHO'LUHFWRUGHO
&HQWUR
QRDJRWDUiQODYtDDGPLQLVWUDWLYDVLHQGRVXVFHSWLEOHVGHUHFXUVRGH
DO]DGDDQWHHO&RQVHMHURGHO'HSDUWDPHQWRTXHWHQJDDWULEXLGDVODV
FRPSHWHQFLDVHQPDWHULDGHLQYHVWLJDFLyQDJURDOLPHQWDULDª
6HPRGLILFDODGLVSRVLFLyQDGLFLRQDOSULPHUDTXHTXHGD
UHGDFWDGD
HQORVVLJXLHQWHVWpUPLQRV
©3ULPHUD8QLGDGHV\yUJDQRVTXHVHLQWHJUDQHQHO&HQWUR
3RU'HFUHWRGHO*RELHUQRGH$UDJyQVHDFRUGDUiODLQWHJUDFLyQ
HQHO
&HQWURGHDTXHOORVRUJDQLVPRVVHUYLFLRVRXQLGDGHVTXHUHDOLFHQ
DFWLYLGDGHVGH,'DJURDOLPHQWDULDV\ODVHSDUDFLyQGHOPLVPRGH
DTXHOORVTXHVHHVWLPHFRQYHQLHQWHª
6HVXSULPHODGLVSRVLFLyQDGLFLRQDOWHUFHUD
6HPRGLILFDODGLVSRVLFLyQWUDQVLWRULDSULPHUDTXHTXHGD
UHGDFWDGDHQORVVLJXLHQWHVWpUPLQRV
©3ULPHUD,QWHJUDFLyQGHRUJDQLVPRVVHUYLFLRV\XQLGDGHV
(OGtDGHHQHURGHVHLQWHJUDUiQHQHO&HQWURORV
RUJDQLVPRV
VHUYLFLRV\XQLGDGHVFX\DVIXQFLRQHVVHDQOD,'DJURDOLPHQWDULD
R
UHDOLFHQDFWLYLGDGHVDILQHVRFRPSOHPHQWDULDVª
6HPRGLILFDHODSDUWDGRGHODGLVSRVLFLyQWUDQVLWRULDVHJXQGD
TXHTXHGDUHGDFWDGDHQORVVLJXLHQWHVWpUPLQRV
©6HDGVFULEHDO&HQWURHOSHUVRQDOTXHHQODDFWXDOLGDGSUHVWH
VXV
VHUYLFLRVHQORVRUJDQLVPRVVHUYLFLRV\XQLGDGHVLQWHJUDGRVHQORV
PLVPRVª
&$3,78/2,9275$60(','$6
$UWtFXOR0RGLILFDFLyQGHOD/H\GHGHDEULOGH&D]D
GH
$UDJyQ
6HPRGLILFDHOSiUUDIRVHJXQGRGHODSDUWDGRGHODUWtFXORGH
OD
/H\GHGHDEULOGH&D]DGH$UDJyQTXHTXHGDUHGDFWDGR
GH
ODVLJXLHQWHPDQHUD
©3DUDHOORVHHVWDEOHFHUiQORVPHFDQLVPRVDVHJXUDGRUHV
RSRUWXQRV\VH
UHJXODUiXQSURFHGLPLHQWRGHUHFODPDFLyQDGPLQLVWUDWLYDDQWHOD
'LSXWDFLyQ*HQHUDOGH$UDJyQ(OSOD]RSDUDUHVROYHU\QRWLILFDUOD
UHVROXFLyQUHFDtGDHQGLFKRSURFHGLPLHQWRVHUiGHVHLVPHVHV\
WUDQVFXUULGRGLFKRSOD]RVLQKDEHUVHGLFWDGRUHVROXFLyQH[SUHVDVH
HQWHQGHUiGHVHVWLPDGDODUHFODPDFLyQª
$UWtFXOR0RGLILFDFLyQGHOD/H\GHGHPDU]RGH
2UGHQDFLyQ)DUPDFpXWLFDSDUD$UDJyQ
6HPRGLILFDHODUWtFXORGHOD/H\GHGHPDU]RGH
2UGHQDFLyQ)DUPDFpXWLFDSDUD$UDJyQTXHTXHGDUHGDFWDGRGHOD
VLJXLHQWHPDQHUD
©$UWtFXOR'LVWULEXFLyQGHODVRILFLQDVGHIDUPDFLD
(QODV]RQDVGHVDOXGXUEDQDVHOQ~PHURGHRILFLQDVGH
IDUPDFLD
VHUiFRPRPi[LPRGHXQDSRUFDGDKDELWDQWHV8QDYH]
FXELHUWD
HVWDSURSRUFLyQVHSRGUiDXWRUL]DUXQDQXHYDDSHUWXUDVLHPSUHTXH
VH
VXSHUHGLFKDSURSRUFLyQHQKDELWDQWHV
1RREVWDQWHDXQTXHQRDXPHQWHOD]RQDGHVDOXGXUEDQDHQ
KDELWDQWHVSRGUiQDXWRUL]DUVHHQGLFKD]RQDGHVDOXGQXHYDV
RILFLQDV
GHIDUPDFLDVRODPHQWHHQDTXHOORVPXQLFLSLRVLQWHJUDGRVHQXQD
]RQD
GHVDOXG~QLFDTXHSHUPLWDQPDQWHQHUHQORVPLVPRVODSURSRUFLyQ
GH
XQDRILFLQDGHIDUPDFLDFDGDKDELWDQWHVRTXHVXSHUHQGLFKD
SURSRUFLyQHQIUDFFLyQGHKDELWDQWHV
(QODV]RQDVGHVDOXGQRXUEDQDVHOQ~PHURGHRILFLQDVGH
IDUPDFLDVHUiFRPRPi[LPRGHXQDSRUFDGDKDELWDQWHV
8QDYH]
FXELHUWDHVWDSURSRUFLyQVHSRGUiDXWRUL]DUXQDQXHYDDSHUWXUD
VLHPSUHTXHVHVXSHUHODSURSRUFLyQHQKDELWDQWHV
$XQTXHHOQ~PHURGHIDUPDFLDVGHOD]RQDGHVDOXGVHDHOTXHOH
FRUUHVSRQGHGHDFXHUGRFRQHOPyGXORFLWDGRSRGUiQDXWRUL]DUVH
QXHYDVRILFLQDVGHIDUPDFLDHQODVPLVPDV~QLFDPHQWHHQDTXHOORV
PXQLFLSLRVGRQGHH[LVWDXQDSREODFLyQVXILFLHQWHTXHSHUPLWD
PDQWHQHU
HQHOORVODSURSRUFLyQGHXQDRILFLQDGHIDUPDFLDFDGD
KDELWDQWHVRVHVXSHUHGLFKDSURSRUFLyQHQPiVGH
KDELWDQWHV
(QODV]RQDVGHVDOXGFRQVWLWXLGDVSRUPiVGHXQPXQLFLSLR
OD
XELFDFLyQGHODVQXHYDVRILFLQDVGHIDUPDFLDVHUHDOL]DUiHQORV
PXQLFLSLRVTXHFDUH]FDQGHHOODRHQDTXHOORVTXHDXQTXH
GLVSRQJDQ
GHRILFLQDGHIDUPDFLDODQXHYDLQVWDODFLyQSHUPLWDPDQWHQHUHQ
HO
FDVRGHPXQLFLSLRVSHUWHQHFLHQWHVDXQD]RQDGHVDOXGXUEDQDOD
SURSRUFLyQGHXQDRILFLQDGHIDUPDFLDFDGDKDELWDQWHVRVH
VXSHUHGLFKDSURSRUFLyQHQ\HQHOFDVRGHPXQLFLSLRV
SHUWHQHFLHQWHVDXQD]RQDGHVDOXGQRXUEDQDODSURSRUFLyQGHXQD
RILFLQDGHIDUPDFLDSRUFDGDKDELWDQWHVRVHVXSHUHGLFKD
SURSRUFLyQHQPiVGHKDELWDQWHVª
$UWtFXOR0RGLILFDFLyQGHOD/H\GHGHPD\RGH
2UGHQDFLyQ\3DUWLFLSDFLyQHQOD*HVWLyQGHO$JXDHQ$UDJyQ
6HPRGLILFDQORVVLJXLHQWHVDUWtFXORVGLVSRVLFLRQHVDGLFLRQDOHV
\
WUDQVLWRULDVGHOD/H\GH2UGHQDFLyQ\3DUWLFLSDFLyQHQOD*HVWLyQ
GHO$JXDHQ$UDJyQ
6HPRGLILFDHODSDUWDGRGHODUWtFXORTXHTXHGD
UHGDFWDGRHQ
ORVVLJXLHQWHVWpUPLQRV
©/RVDFWRVDGPLQLVWUDWLYRVGHO'LUHFWRUGHO,QVWLWXWRQR
DJRWDQOD
YtDDGPLQLVWUDWLYD\FRQWUDORVPLVPRVFDEHUHFXUVRGHDO]DGDDQWH
HO
&RQVHMHURGHO'HSDUWDPHQWRTXHWHQJDDWULEXLGDVODVFRPSHWHQFLDV
HQ
PDWHULDGHPHGLRDPELHQWHª
6HPRGLILFDHODUWtFXORTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHV
WpUPLQRV
©$UWtFXOR2UJDQRVGHO,QVWLWXWR$UDJRQpVGHO$JXD
&RPRyUJDQRVGHJRELHUQRHO,QVWLWXWR$UDJRQpVGHO$JXD
WHQGUiD
VXIUHQWHXQ3UHVLGHQWHXQ'LUHFWRUGHO,QVWLWXWR\XQ&RQVHMRGH
'LUHFFLyQ
(O'LUHFWRUGHO,QVWLWXWRHVWDUiDOIUHQWHGHXQDXQLGDG
DGPLQLVWUDWLYDUHVSRQVDEOHGHODHMHFXFLyQGHODVSROtWLFDVGH
DEDVWHFLPLHQWRVDQHDPLHQWR\GHSXUDFLyQGHFRPSHWHQFLDGHOD
&RPXQLGDG$XWyQRPD\SUHVLGLUiHQFDVRGHTXHH[LVWD
GHOHJDFLyQGHO
3UHVLGHQWHHO&RQVHMRGH'LUHFFLyQGHO,QVWLWXWR$UDJRQpVGHO
$JXD
,JXDOPHQWHHO'LUHFWRUGHO,QVWLWXWRHVWDUiDOIUHQWHGHOD
XQLGDGDGPLQLVWUDWLYDHQFDUJDGDGHODIRUPDFLyQGHODV%DVHVGHOD
3ROtWLFDGHO$JXDHQ$UDJyQ\SUHVLGLUiHQFDVRGHTXHH[LVWD
GHOHJDFLyQGHO3UHVLGHQWHOD&RPLVLyQGHO$JXDGH$UDJyQ
'HO,QVWLWXWRGHSHQGHUiOD&RPLVLyQGHO$JXDGH$UDJyQ
FRPR
yUJDQRGHSDUWLFLSDFLyQFRQIXQFLRQHVFRQVXOWLYDVª
6HPRGLILFDHODUWtFXORTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHV
WpUPLQRV
©$UWtFXOR'HO'LUHFWRUGHO,QVWLWXWR
(O'LUHFWRUGHO,QVWLWXWRFRQFDWHJRUtDGH'LUHFWRU*HQHUDO
VHUi
QRPEUDGRSRUHO*RELHUQRGH$UDJyQDSURSXHVWDGHO&RQVHMHUR
UHVSRQVDEOHGHPHGLRDPELHQWH
&RUUHVSRQGHDO'LUHFWRUGHO,QVWLWXWREDMRODVXSHUYLVLyQGHO
3UHVLGHQWHODGLUHFFLyQJHVWLyQ\FRRUGLQDFLyQGHO,QVWLWXWR
$UDJRQpVGHO$JXDSDUDODHMHFXFLyQGHODVFRPSHWHQFLDVTXHHQHO
iPELWRGHODEDVWHFLPLHQWRVDQHDPLHQWR\GHSXUDFLyQWLHQH
DWULEXLGDV
DVtFRPRODHMHFXFLyQGHORVDFXHUGRVGHO&RQVHMRGH'LUHFFLyQOD
GLUHFFLyQGHOSHUVRQDOGHO,QVWLWXWR\HOUHVWRGHODVIXQFLRQHVTXH
OHVHDQDWULEXLGDVSRUHVWD/H\
,JXDOPHQWHFRUUHVSRQGHDO'LUHFWRUGHO,QVWLWXWREDMROD
VXSHUYLVLyQGHO3UHVLGHQWHODGLUHFFLyQ\FRRUGLQDFLyQGHORV
WUDEDMRVSDUDODIRUPDFLyQGHODV%DVHVGHOD3ROtWLFDGHO$JXDHQ
$UDJyQDVtFRPRODHMHFXFLyQGHORVDFXHUGRVGHOD&RPLVLyQGHO
$JXD
GH$UDJyQ
/DVIXQFLRQHVGHO'LUHFWRUGHO,QVWLWXWRVHUHJXODUiQ
UHJODPHQWDULDPHQWHª
6HPRGLILFDHODSDUWDGRGHODUWtFXORTXHTXHGDUHGDFWDGR
HQ
ORVVLJXLHQWHVWpUPLQRV
©/D&RPLVLyQGHO$JXDGH$UDJyQHVWDUiFRPSXHVWDSRUORV
VLJXLHQWHVPLHPEURV
D&XDWURUHSUHVHQWDQWHVGHRUJDQL]DFLRQHVVRFLDOHVFX\RREMHWR
SULQFLSDOVHDODSURWHFFLyQ\FRQVHUYDFLyQGHOPHGLRDPELHQWHFRQ
SDUWLFXODUDWHQFLyQDODJXD\DVXVHFRVLVWHPDVDVRFLDGRV
E&XDWURUHSUHVHQWDQWHVGHRUJDQL]DFLRQHVVRFLDOHVTXHWHQJDQ
SRU
REMHWRODGHIHQVDGHORVDIHFWDGRVSRUREUDVGHUHJXODFLyQ
F&XDWURUHSUHVHQWDQWHVGHDVRFLDFLRQHVUHSUHVHQWDWLYDVGH
HQWLGDGHV
ORFDOHVTXHWHQJDQSRUREMHWRODGHIHQVDGHORVDIHFWDGRVSRUREUDV
GHUHJXODFLyQ
G8QUHSUHVHQWDQWHGHRUJDQL]DFLRQHVVRFLDOHVGHGLFDGDVDOD
GHIHQVD
GHORVFRQVXPLGRUHVRXVXDULRV
H'RVUHSUHVHQWDQWHVGHVLJQDGRVSRUOD8QLYHUVLGDGGH
=DUDJR]D
I6HLVUHSUHVHQWDQWHVGHODVDVRFLDFLRQHVDUDJRQHVDVGHHQWHV
ORFDOHVGHVLJQDGRVFRQFULWHULRVGHSDULGDG\UHSUHVHQWDWLYLGDGGH
ODVHQWLGDGHVORFDOHVGHODVWUHVSURYLQFLDV
J7UHVUHSUHVHQWDQWHVGHORVPXQLFLSLRVGH+XHVFD7HUXHO\
=DUDJR]D
K'RVUHSUHVHQWDQWHVGHODVDVRFLDFLRQHVGHYHFLQRV
FRQVWLWXLGDVHQ
HOWHUULWRULRDUDJRQpV
L7UHVUHSUHVHQWDQWHVGHODVFRPDUFDVDUDJRQHVDVDSURSXHVWD
GHODV
PLVPDV
M6HLVUHSUHVHQWDQWHVGHORVXVRVDJUtFRODV
N6HLVUHSUHVHQWDQWHVGHORVXVRVLQGXVWULDOHVLQFOX\HQGRORV
KLGURHOpFWULFRV
O'RVUHSUHVHQWDQWHVGHORVXVRVWXUtVWLFRVUHFUHDWLYRV
DFXtFRODV
XRWURVXVRVQRLQFOXLGRVHQORVSXQWRVDQWHULRUHV
P&XDWURH[SHUWRVHQPDWHULDVKtGULFDVGHVLJQDGRVSRUHO
3UHVLGHQWH
GHOD&RPXQLGDG$XWyQRPD
Q&XDWURUHSUHVHQWDQWHVGHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG
$XWyQRPDGHVLJQDGRVSRUHO&RQVHMHURUHVSRQVDEOHGHPHGLR
DPELHQWH
R8QUHSUHVHQWDQWHGHVLJQDGRSRUFDGD*UXSR3DUODPHQWDULRGH
ODV
&RUWHVGH$UDJyQ
S8QUHSUHVHQWDQWHGHOD&RQIHGHUDFLyQ+LGURJUiILFDGHO(EUR
RWUR
GHODGHO7DMR\RWURGHODGHO-XFDU
T&XDWURUHSUHVHQWDQWHVGHODV&RPXQLGDGHVGH5HJDQWHVFX\R
iPELWR
WHUULWRULDOHVWpFRPSUHQGLGRHQHOWHUULWRULRGH$UDJyQª
6HPRGLILFDHODSDUWDGREGHODUWtFXORTXHTXHGD
UHGDFWDGR
HQORVVLJXLHQWHVWpUPLQRV
©E/DXWLOL]DFLyQGHODJXDSDUDUHJDGtRDJUtFRODH[FHSWRHQORV
VXSXHVWRVHQORVTXHSXHGDGHPRVWUDUVHTXHVHSURGXFH
FRQWDPLQDFLyQ
GHODVDJXDVVXSHUILFLDOHVRVXEWHUUiQHDVHQORVWpUPLQRVTXHVH
HVWDEOH]FDQUHJODPHQWDULDPHQWHª
6HPRGLILFDHODUWtFXORTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHV
WpUPLQRV
©$UWtFXORª8VRVGRPpVWLFRV
6RQXVRVGRPpVWLFRVDORVHIHFWRVGHORLQGLFDGRHQHVWD/H\
ORV
FRQVXPRVGHDJXDUHDOL]DGRVHQYLYLHQGDVTXHGHQOXJDUDDJXDV
UHVLGXDOHVJHQHUDGDVSULQFLSDOPHQWHSRUHOPHWDEROLVPRKXPDQR\
ODV
DFWLYLGDGHVGRPpVWLFDV
4XHGDQH[HQWRVGHODDSOLFDFLyQGHOFDQRQGHVDQHDPLHQWRORV
XVRV
GRPpVWLFRVTXHVHUHDOLFHQHQPXQLFLSLRVTXHQRDOFDQFHQORV
FXDWURFLHQWRVKDELWDQWHVVXPDGDODSHUPDQHQWH\ODHVWDFLRQDO
SRQGHUDGD
3DUDHOFiOFXORGHODSREODFLyQSHUPDQHQWH\SRQGHUDGDVH
WHQGUiQ
HQFXHQWDODVVLJXLHQWHVUHJODV
D/DSREODFLyQSHUPDQHQWHGHFDGDPXQLFLSLRVHUiODGHO
Q~PHURGH
KDELWDQWHVUHVLGHQWHVUHIOHMDGRHQOD~OWLPDUHYLVLyQGHOSDGUyQ
PXQLFLSDOGHKDELWDQWHV
E/DSREODFLyQHVWDFLRQDOVHPHGLUiPHGLDQWHXQFRHILFLHQWH
TXHVH
GHWHUPLQDUiWHQLHQGRHQFXHQWDODVHGLILFDFLRQHVGHVHJXQGD
UHVLGHQFLDHPSUHVDVGHKRVWHOHUtD\DORMDPLHQWRVWXUtVWLFRVGHWRGR
WLSR(QVXGHWHUPLQDFLyQVHWHQGUiQHQFXHQWDODVpSRFDVGHODxR
HQ
ODVTXHH[LVWDGLFKDSREODFLyQ
5HJODPHQWDULDPHQWHVHDSUREDUiXQFRHILFLHQWHGH
FRQFHQWUDFLyQ
XUEDQDTXHSHUPLWDIDYRUHFHUORVFRQVXPRVGRPpVWLFRVUHDOL]DGRV
HQ
ORVPXQLFLSLRVGHHVFDVDSREODFLyQ
/RVXVRVLQGXVWULDOHVTXHFRQVXPDQXQYROXPHQWRWDODQXDO
GHDJXD
LQIHULRUDORVPHWURVF~ELFRVWHQGUiQODFRQVLGHUDFLyQGHXVRV
GRPpVWLFRVDORVHIHFWRVGHHVWD/H\VDOYRTXHVHRFDVLRQHXQD
FRQWDPLQDFLyQGHFDUiFWHUHVSHFLDORH[LVWDREOLJDFLyQGHSUHVHQWDU
GHFODUDFLyQGHOYROXPHQGHFRQWDPLQDFLyQSURGXFLGRHQOD
DFWLYLGDG
HQDPERVFDVRVHQORVWpUPLQRVTXHVHHVWDEOH]FDQ
UHJODPHQWDULDPHQWHª
6HPRGLILFDHOSULPHUSiUUDIRGHODUWtFXORTXHTXHGD
UHGDFWDGR
HQORVVLJXLHQWHVWpUPLQRV
©&RUUHVSRQGHDO,QVWLWXWR$UDJRQpVGHO$JXDODIRUPXODFLyQGH
ODV
%DVHVGHOD3ROtWLFDGHO$JXDHQ$UDJyQTXHWHQGUiQSRUREMHWRª
6HPRGLILFDQORVDSDUWDGRV\GHODGLVSRVLFLyQDGLFLRQDO
TXLQWDTXHTXHGDQUHGDFWDGRVHQORVVLJXLHQWHVWpUPLQRV
©'HFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODUWtFXORGHHVWD
/H\
VHHVWDEOHFHODVLJXLHQWHWDULIDHQHOFDQRQGHVDQHDPLHQWR
D8VRVGRPpVWLFRV
&RPSRQHQWHILMRHXURVSRUVXMHWRSDVLYR\PHV
7LSRDSOLFDEOHSRUYROXPHQGHDJXDHXURVSRUPHWUR
F~ELFRSRU
HOFRHILFLHQWHFRUUHFWRUGHWHUPLQDGRUHJODPHQWDULDPHQWH
E8VRVLQGXVWULDOHV
&RPSRQHQWHILMRHXURVSRUVXMHWRSDVLYR\PHV
7LSRDSOLFDEOHSRUFDUJDFRQWDPLQDQWHHXURVSRUPHWUR
F~ELFR
SRUHOFRHILFLHQWHFRUUHFWRUGHWHUPLQDGRUHJODPHQWDULDPHQWHª
©5HJODPHQWDULDPHQWHVHGHILQLUiQORVWpUPLQRVGHFDUJD
FRQWDPLQDQWHDQWHULRUHVVXVPpWRGRVGHPHGLFLyQ\DQiOLVLV\HO
FRHILFLHQWHFRUUHFWRUª
6HPRGLILFDODGLVSRVLFLyQWUDQVLWRULDSULPHUDTXHTXHGD
UHGDFWDGDHQORVVLJXLHQWHVWpUPLQRV
©3ULPHUD$SOLFDFLyQGHOFDQRQGHVDQHDPLHQWR
(OFDQRQGHVDQHDPLHQWRVHDSOLFDUiDORVPXQLFLSLRVTXH
FRQYHQJDQ
VXLQFRUSRUDFLyQDOVLVWHPDSUHYLVWRHQHVWD/H\FRQHOUpJLPHQ
TXH
VHHVSHFLILTXHHQORVUHVSHFWLYRVFRQYHQLRVTXHSRGUiUHIHULUVHD
FXDOHVTXLHUDRWURVH[WUHPRVTXHVHDQFRKHUHQWHV\FRPSDWLEOHV
FRQORV
SULQFLSLRVFRQWHQLGRVHQODSUHVHQWH/H\\TXHQHFHVDULDPHQWH
LQFRUSRUDUi
D/DDSOLFDFLyQGHOFDQRQGHVDQHDPLHQWRTXHVXVWLWXLUiDORV
FiQRQHVRWDVDVTXHSXHGDQH[LVWLUHQGLFKRVPXQLFLSLRVVHJ~QORV
FULWHULRVGHFRPSDWLELOLGDGGHHVWD/H\
E/DHQWUHJDSRUHO,QVWLWXWR$UDJRQpVGHO$JXDGHODSDUWHGHO
FDQRQTXHVHSDFWHHQHOUHVSHFWLYRFRQYHQLRDILQGHFRRSHUDUDOD
ILQDQFLDFLyQGHODFRQVWUXFFLyQGHODVLQVWDODFLRQHVSRUHO
D\XQWDPLHQWRHQVXFDVRRGHDSRUWDUORQHFHVDULRSDUDOD
H[SORWDFLyQ\PDQWHQLPLHQWRGHODVLQVWDODFLRQHVHQIXQFLyQGHOD
WLWXODULGDGGHODVPLVPDV
/RVPXQLFLSLRVTXHVLUYDQVXVDJXDVUHVLGXDOHVDREUDV
HMHFXWDGDV
RHQHMHFXFLyQFRQILQDQFLDFLyQGHULYDGDGHO3ODQ1DFLRQDOGH
6DQHDPLHQWR\'HSXUDFLyQGH$JXDV5HVLGXDOHVDSUREDGRSRU
DFXHUGR
GHO&RQVHMRGH0LQLVWURVGHGHIHEUHURGHVH
LQFRUSRUDUiQ
REOLJDWRULDPHQWHDOVLVWHPDJHQHUDOHOGHHQHURGH\HOOR
VLQ
SHUMXLFLRGHORLQGLFDGRHQORVDSDUWDGRVWHUFHURFXDUWR\TXLQWR
GH
HVWDGLVSRVLFLyQ
/DDSUREDFLyQGHORV3ODQHVGH=RQDGH6DQHDPLHQWR\
'HSXUDFLyQ
GHWHUPLQDUiREOLJDWRULDPHQWHODDSOLFDFLyQGHOFDQRQSDUDORV
PXQLFLSLRVLQFOXLGRVHQODVUHVSHFWLYDV]RQDV\FRQHIHFWRVGHVGH
OD
IHFKDGHVXSXEOLFDFLyQHQHO%ROHWtQ2ILFLDOGH$UDJyQ
(QFXDOTXLHUFDVRODRUGHQGHHQWUDGDHQVHUYLFLRGHODV
LQVWDODFLRQHVGHGHSXUDFLyQGHFRPSHWHQFLDGHOD&RPXQLGDG
$XWyQRPD
GHWHUPLQDUiODDSOLFDFLyQGHILQLWLYDGHOFDQRQGHVDQHDPLHQWRHQ
UHODFLyQFRQORVPXQLFLSLRVTXHHQYtHQVXVDJXDVDGLFKDV
LQVWDODFLRQHVSDUDVXWUDWDPLHQWR
6HDSOLFDUiHOFDQRQGHVDQHDPLHQWRFRQIHFKDGHHQHURGH
D
ORVXVXDULRVTXHQRYLHUWDQVXVDJXDVUHVLGXDOHVDXQVLVWHPDGH
VDQHDPLHQWR\GHGHSXUDFLyQGHWLWXODULGDGS~EOLFD
/DDSOLFDFLyQGHILQLWLYDGHOFDQRQGHWHUPLQDUiTXHFHVHOD
H[LJHQFLDGHFXDOTXLHUILJXUDWULEXWDULDPXQLFLSDOTXHUHVXOWH
LQFRPSDWLEOHFRQHOFDQRQGHVDQHDPLHQWRVHJ~QHODUWtFXOR\
GLVSRVLFLyQDGLFLRQDOGHHVWD/H\ª
$UWtFXOR0RGLILFDFLyQGHOWH[WRUHIXQGLGRGHOD/H\GHOD
$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQDSUREDGR
SRU
'HFUHWR/HJLVODWLYRGHGHMXQLRGHO*RELHUQRGH
$UDJyQ
6HPRGLILFDHODSDUWDGRGHODUWtFXORGHOWH[WRUHIXQGLGRGH
OD
/H\GHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ
TXH
TXHGDUHGDFWDGRHQORVVLJXLHQWHVWpUPLQRV
©/RVDFWRVILUPHVHQYtDDGPLQLVWUDWLYDSRGUiQVHUREMHWRGHO
UHFXUVRH[WUDRUGLQDULRGHUHYLVLyQFXDQGRVHGHQODVFLUFXQVWDQFLDV
TXHHVWDEOHFHODOHJLVODFLyQEiVLFDª
$UWtFXOR0RGLILFDFLyQGHOD/H\GHGHPDU]R
VREUH
SXEOLFLGDGLQVWLWXFLRQDO
6HPRGLILFDHOWtWXORGHOD/H\GHGHPDU]R
VREUH
SXEOLFLGDGLQVWLWXFLRQDOTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHV
WpUPLQRV
©/H\VREUHODDFWLYLGDGSXEOLFLWDULDGHODV$GPLQLVWUDFLRQHV
3~EOLFDV
GH$UDJyQª
6HPRGLILFDQORVVLJXLHQWHVDUWtFXORVGHOD/H\GH
GH
PDU]RVREUHSXEOLFLGDGLQVWLWXFLRQDO
D6HPRGLILFDHODUWtFXORTXHTXHGDUHGDFWDGRHQORV
VLJXLHQWHV
WpUPLQRV
©$UWtFXOR2EMHWR
/DSUHVHQWH/H\WLHQHSRUREMHWRHVWDEOHFHUORVSULQFLSLRV
JHQHUDOHV
SRUORVFXDOHVKDGHUHJXODUVHODSXEOLFLGDGGHODV
$GPLQLVWUDFLRQHV
3~EOLFDVGH$UDJyQDWUDYpVGHFRQWUDWRVGHSXEOLFLGDGGLIXVLyQ
SXEOLFLWDULDFUHDFLyQSXEOLFLWDULD\SDWURFLQLRª
E6HPRGLILFDHODUWtFXORTXHTXHGDUHGDFWDGRHQORVVLJXLHQWHV
WpUPLQRV
©$UWtFXOR&ULWHULRVGHFRQWUDWDFLyQ
/RVFRQWUDWRVGHSXEOLFLGDGGLIXVLyQSXEOLFLWDULD\FUHDFLyQ
SXEOLFLWDULDHQORVTXHIXHUHQSDUWHODVDGPLQLVWUDFLRQHVORV
RUJDQLVPRV\ODVHPSUHVDVS~EOLFDVFRPSUHQGLGRVHQHOiPELWRGH
DSOLFDFLyQGHHVWD/H\VHDMXVWDUiQDORVSULQFLSLRVFRQWHQLGRVHQ
ODPLVPD\DORGLVSXHVWRHQODQRUPDWLYDYLJHQWHHQPDWHULDGH
FRQWUDWDFLyQGHODV$GPLQLVWUDFLyQS~EOLFDVFRQUHVSHWRDORV
SULQFLSLRVGHOLEUHFRQFXUUHQFLDHLJXDOGDGHQWUHORVOLFLWDGRUHV
1LQJXQDHPSUHVDLQIRUPDWLYDSRGUiVHUH[FOXLGDGHOD
SXEOLFLGDGGH
ODV$GPLQLVWUDFLRQHV3~EOLFDVGH$UDJyQRGHVXVRUJDQLVPRV
S~EOLFRV
\VRFLHGDGHVSRUUD]RQHVGLVWLQWDVDODVREMHWLYDVTXHJXtDQOD
LQYHUVLyQSXEOLFLWDULDFRPRVRQODUHQWDELOLGDGGHOLPSDFWRROD
DGHFXDFLyQDOS~EOLFRREMHWLYRª
$UWtFXOR&RQYHQLRVFRQODV&RUSRUDFLRQHVGH'HUHFKR
3~EOLFR
6LQSHUMXLFLRGHOHMHUFLFLRGHFRPSHWHQFLDVGHOHJDGDVSRUODV
&RUSRUDFLRQHVGH'HUHFKR3~EOLFRDTXHVHUHILHUHHODUWtFXOR
GHO
WH[WRUHIXQGLGRGHOD/H\GHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG
$XWyQRPDGH$UDJyQDSUREDGRSRU'HFUHWR/HJLVODWLYR
GHGH
MXOLRORV'HSDUWDPHQWRVGHO*RELHUQRGH$UDJyQSRGUiQVXVFULELU
FRQYHQLRVFRQORV&ROHJLRV3URIHVLRQDOHV\RWUDV&RUSRUDFLRQHVGH
'HUHFKR3~EOLFRFRQHOILQGHIRPHQWDUVXSDUWLFLSDFLyQHQHO
HMHUFLFLRGHODVDFWLYLGDGHVSURSLDVGHOD$GPLQLVWUDFLyQGHOD
&RPXQLGDG$XWyQRPD
/RVFRQYHQLRVPHQFLRQDGRVHQHODSDUWDGRDQWHULRUSRGUiQ
WHQHU
FRPRREMHWR
D0HMRUDUORVFDXFHVGHSDUWLFLSDFLyQGHODV&RUSRUDFLRQHVGH
'HUHFKR3~EOLFRHQORVSURFHGLPLHQWRVDGPLQLVWUDWLYRVTXHH[LMDQ
DXGLHQFLDDORVLQWHUHVDGRVRLQIRUPDFLyQS~EOLFDHQJHQHUDO
FUHDQGRDHVRVHIHFWRVyUJDQRV\PHFDQLVPRVHVSHFtILFRVGH
WUDVPLVLyQUiSLGD\HILFD]GHGRFXPHQWRV\RWURWLSRGH
LQIRUPDFLyQ
HQUHODFLyQDGLFKRVSURFHGLPLHQWRV
E3RVLELOLWDUODHPLVLyQGHLQIRUPHVSRUODV&RUSRUDFLRQHVGH
'HUHFKR3~EOLFR\VXVPLHPEURVTXHIDFLOLWHQXQDPiVHILFD]\
UiSLGD
DGRSFLyQGHGHFLVLRQHVHQVXFDVRSRUORVyUJDQRVDFWLYRVGHOD
$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPD
/RV&RQYHQLRVVXVFULWRVVHLQFRUSRUDUiQDXQ5HJLVWURGH
&RQYHQLRV
TXHVHOOHYDUiHQHO'HSDUWDPHQWRGH3UHVLGHQFLD\5HODFLRQHV
,QVWLWXFLRQDOHV\HVWDUiQVRPHWLGRVDOUpJLPHQGHSXEOLFLGDG
UHJXODGR
HQODOHJLVODFLyQEiVLFDGHOUpJLPHQMXUtGLFRGHODV
$GPLQLVWUDFLRQHV
3~EOLFDV\GHOSURFHGLPLHQWRDGPLQLVWUDWLYRFRP~Q
&XDOTXLHUDFWRUHVROXFLyQDGPLQLVWUDWLYDRGHFLVLyQGHODV
&RUSRUDFLRQHVGH'HUHFKR3~EOLFRDIHFWDGDVTXHVHIXQGDPHQWHHQ
HO
FRQWHQLGRGHORV&RQYHQLRVVXVFULWRVFRQIRUPHDORSUHYLVWRHQ
HVWH
DUWtFXORGHEHUiKDFHUPHQFLyQH[SUHVDDOPLVPR
$UWtFXOR3UyUURJDGHOPRGHORGHILQDQFLDFLyQEiVLFDGHOD
8QLYHUVLGDGGH=DUDJR]D
6HSURUURJDGXUDQWHHODxRHOPRGHORGHILQDQFLDFLyQ
EiVLFDGH
OD8QLYHUVLGDGGH=DUDJR]DSUHYLVWRHQHODUWtFXORGHOD/H\
GHGHGLFLHPEUHGH0HGLGDV7ULEXWDULDV)LQDQFLHUDV
\
$GPLQLVWUDWLYDV
$UWtFXOR0RUDWRULDGHODH[SORWDFLyQGHDSXHVWDVGHSRUWLYDV
\GH
FRPSHWLFLyQ
1RSRGUiDXWRUL]DUVHODH[SORWDFLyQGHODVDSXHVWDVEDVDGDVHQ
DFWLYLGDGHVGHSRUWLYDVRGHFRPSHWLFLyQDTXHVHUHILHUHQORV
DUWtFXORVJ\GHOD/H\GHGHMXQLRGHO-XHJRGH
OD&RPXQLGDG$XWyQRPDGH$UDJyQKDVWDHOGHGLFLHPEUHGH
',6326,&,21(675$16,725,$6
3ULPHUD6XSUHVLyQGHOyUJDQR©'LUHFWRUGHOD2ILFLQDSDUDOD
IRUPDFLyQGHODV%DVHVGHOD3ROtWLFDGHO$JXDHQ$UDJyQª
/DVXSUHVLyQGHOyUJDQRGHO,QVWLWXWR$UDJRQpVGHO$JXD
©'LUHFWRUGH
OD2ILFLQDSDUDODIRUPDFLyQGHODV%DVHVGHOD3ROtWLFDGHO$JXD
HQ
$UDJyQªVHKDUiHIHFWLYDHOGHRFWXEUHGHHMHUFLHQGRKDVWD
HVDIHFKDODVIXQFLRQHVSUHYLVWDVHQHODUWtFXORGHOD/H\
GHGHPD\RGH2UGHQDFLyQ\3DUWLFLSDFLyQHQOD
*HVWLyQ
GHO$JXDHQ$UDJyQ
6HJXQGD7DULIDVGHOFDQRQGHVDQHDPLHQWR
(QWDQWRQRVHSURGX]FDHOGHVDUUROORUHJODPHQWDULRQHFHVDULR
SDUDOD
LPSODQWDFLyQGHODVWDULIDVGHOFDQRQGHVDQHDPLHQWRHVWDEOHFLGDV
HQ
ODSUHVHQWH/H\VHJXLUiQVLHQGRGHDSOLFDFLyQODVYLJHQWHVHQHO
DxR
FRQODVDFWXDOL]DFLRQHVTXHSXHGDQHVWDEOHFHUVHPHGLDQWHODV
OH\HVGHSUHVXSXHVWRVGHOD&RPXQLGDG$XWyQRPDGH$UDJyQ
',6326,&,21(6'(52*$725,$6
8QLFD'HURJDFLyQH[SUHVD\SRULQFRPSDWLELOLGDG
4XHGDQGHURJDGDVODVVLJXLHQWHVGLVSRVLFLRQHV
D/D/H\GHGHPDU]RGHPRGLILFDFLyQGHOWH[WR
UHIXQGLGRGHOD/H\GHO3UHVLGHQWH\GHO*RELHUQRGH$UDJyQ
E(ODUWtFXORGHOD/H\GHGHGLFLHPEUHGH
PHGLGDV
WULEXWDULDVILQDQFLHUDV\DGPLQLVWUDWLYDV
F(ODSDUWDGREGHODUWtFXORGHOD/H\GHGH
DEULO
GHO6HUYLFLR$UDJRQpVGH6DOXGPRGLILFDGRSRUOD/H\
GH
GHGLFLHPEUHGHPHGLGDVWULEXWDULDV\DGPLQLVWUDWLYDVHQOR
UHODWLYRDODV&ODVHVGH(VSHFLDOLGDGGH)DUPDFpXWLFRVGH
$GPLQLVWUDFLyQ6DQLWDULD\9HWHULQDULRVGH$GPLQLVWUDFLyQ
6DQLWDULD
G(ODUWtFXORGHOD/H\GHGHPDU]RGH
3DWULPRQLR
&XOWXUDO$UDJRQpV
H/RVDSDUWDGRV\GHODUWtFXORGHOD/H\GHGH
GLFLHPEUHGH0HGLGDV7ULEXWDULDV\$GPLQLVWUDWLYDV
I/RVDUWtFXORV\GHOD/H\GHGHGLFLHPEUH
GH
0HGLGDV7ULEXWDULDV\$GPLQLVWUDWLYDV
J(ODSDUWDGRGHODUWtFXORGHOD/H\GHGH
GLFLHPEUHGH0HGLGDV7ULEXWDULDV\$GPLQLVWUDWLYDV
K(ODSDUWDGRGHODUWtFXORGHOD/H\GHGH
PD\RGH
2UGHQDFLyQ\3DUWLFLSDFLyQHQOD*HVWLyQGHO$JXDHQ$UDJyQ
L(ODSDUWDGRGHODUWtFXORGHOD/H\GHGHDEULO
GH
FUHDFLyQRUJDQL]DFLyQ\FRQWUROSDUODPHQWDULRGHOD&RUSRUDFLyQ
$UDJRQHVDGH5DGLR\7HOHYLVLyQ
$VLPLVPRTXHGDQGHURJDGDVFXDOHVTXLHUDRWUDVGLVSRVLFLRQHV
GH
LJXDORLQIHULRUUDQJRDODSUHVHQWH/H\HQFXDQWRVHRSRQJDQR
FRQWUDGLJDQORHVWDEOHFLGRHQODPLVPD
',6326,&,21(6),1$/(6
3ULPHUD'HOHJDFLyQOHJLVODWLYD$XWRUL]DFLyQDO*RELHUQRGH
$UDJyQ
SDUDUHIXQGLUGLVSRVLFLRQHVYLJHQWHVHQPDWHULDGHVDOXG
(QHOSOD]RGHXQDxRWUDVODHQWUDGDHQYLJRUGHHVWD/H\HO
*RELHUQRGH$UDJyQDSUREDUiHO'HFUHWR/HJLVODWLYRTXHUHIXQGD
OD/H\
GHGHDEULOGHO6HUYLFLR$UDJRQpVGH6DOXGPRGLILFDGD
SRUOD/H\GHGHDEULOGHUHIRUPDGHODDQWHULRUSRUOD
/H\GHGHGLFLHPEUHGHPHGLGDVWULEXWDULDV\
DGPLQLVWUDWLYDVSRUOD/H\GHGHGLFLHPEUHGH
PHGLGDV
WULEXWDULDV\DGPLQLVWUDWLYDVSRUOD/H\GHGHDEULOGH
6DOXGGH$UDJyQ\SRUODSUHVHQWH/H\
/DDXWRUL]DFLyQDTXHVHUHILHUHHVWDGLVSRVLFLyQLQFOX\HOD
IDFXOWDGGHUHJXODUL]DUDFODUDU\DUPRQL]DUHOWH[WROHJDOTXHKDGH
VHUUHIXQGLGR
6HJXQGD'HOHJDFLyQOHJLVODWLYD$XWRUL]DFLyQDO*RELHUQRSDUD
UHIXQGLUODVGLVSRVLFLRQHVOHJDOHVGHODVWDVDVGHOD&RPXQLGDG
$XWyQRPDGH$UDJyQ
'HFRQIRUPLGDGFRQORHVWDEOHFLGRHQHODSDUWDGRGHO
DUWtFXOR
GHO(VWDWXWRGH$XWRQRPtDGH$UDJyQVHDXWRUL]DDO*RELHUQRGH
$UDJyQSDUDTXHHQHOSOD]RGHVHLVPHVHVGHVGHODHQWUDGDHQ
YLJRU
GHHVWD/H\\DSURSXHVWDGHO&RQVHMHURGH(FRQRPtD+DFLHQGD\
(PSOHRDSUXHEHXQQXHYRWH[WRUHIXQGLGRTXHLQFOX\DWRGDVODV
WDVDV
GHOD&RPXQLGDG$XWyQRPDGH$UDJyQ\SURFHGDDUHJXODUL]DU
DFODUDU\
DUPRQL]DUODVGLVSRVLFLRQHVOHJDOHVTXHUHJXODQGLFKRVWULEXWRV
(QHOSOD]RPi[LPRGHWUHVPHVHVGHVGHODHQWUDGDHQYLJRU
GHHVWD
/H\FDGD'HSDUWDPHQWRGHO*RELHUQRGH$UDJyQSUHVHQWDUiDO
&RQVHMHUR
FRPSHWHQWHH
0DU]R%DVHVGHGDWRVSURGXFLGDVSRUHO'HSDUWDPHQWR
GH3UHVLGHQFLD
\5HODFLRQHV,QVWLWXFLRQDOHVGHO*RELHUQRGH$UDJyQ
