LEY 6222
Anuncio
/(<
/(<'(/(-(5&,&,2'(/$6352)(6,21(6<$&7,9,'$'(6
5(/$&,21$'$6&21/$6$/8'+80$1$
&yUGREDGH1RYLHPEUHGH
9LVWR /R DFWXDGR HQ HO ([SHGLHQWH 1 HQ HMHUFLFLR GH ODV IDFXOWDGHV OHJLVODWLYDV
FRQIHULGDV SRU OD -XQWD 0LOLWDU FRQ DUUHJOR D OR GLVSXHVWR SRU HO DUWtFXOR SXQWR GH OD
,QVWUXFFLyQ1\GLUHFWLYDGHOVHxRU0LQLVWURGHO,QWHULRU
&$3,78/2,
'(/(-(5&,&,2'(/$6352)(6,21(6<$&7,9,'$'(6(1*(1(5$/
$UWtFXOR (O HMHUFLFLR GH OD PHGLFLQD RGRQWRORJtD ELRTXtPLFD IDUPDFLD \ RWUDV SURIHVLRQHV \
DFWLYLGDGHV GH FRODERUDFLyQ DILQHV H[LVWHQWHV R TXH VH FUHHQ GH ODV DFWLYLGDGHV \ SUiFWLFDV
SUHYHQWLYDV DVLVWHQFLDOHV UHKDELOLWDGRUDV R GH UHFUHDFLyQ SDUD OD VDOXG TXH VH UHDOLFHQ LQGLYLGXDO R
FROHFWLYDPHQWHORVVLVWHPDVPHGLDQWHORVFXDOHVVHHIHFWLYLFHQ\ORVHVWDEOHFLPLHQWRV\ORFDOHVGRQGH
VHHIHFW~HQTXHGDQVXMHWRVDODVGLVSRVLFLRQHVGHHVWDOH\
$UWtFXOR /DV SURIHVLRQHV PHQFLRQDGDV HQ HO DUWtFXOR DQWHULRU SXHGHQ VHU HMHUFLGDV JUDWXLWD X
RQHURVDPHQWHSRUODVSHUVRQDVTXHUH~QDQODVFRQGLFLRQHVH[LJLGDVHQORV$UWtFXORV\
GHODSUHVHQWHOH\3DUDODGHWHUPLQDFLyQGHODOFDQFHGHHVWRVDFWRVVHUHTXHULUiFXDQGRVHDQHFHVDULR
HOSURQXQFLDPLHQWRGH8QLYHUVLGDGHV$UJHQWLQDVRGHORVLQVWLWXWRVTXHFRUUHVSRQGD
$UWtFXOR /DVSHUVRQDVFX\DVDFWLYLGDGHVHVWDOH\UHJXODQRGHEHQHMHUFHU\DOPLVPRWLHPSRHVWDU
YLQFXODGDV WpFQLFD R FRPHUFLDOPHQWH FRQ HQWLGDGHVTXH HODERUHQGLVWULEX\DQ RH[SHQGDQHOHPHQWRV
TXHSXHGDQVHUSUHVFULSWRVSRUHOORV7DPSRFRGHEHQUHFLELUSDUWLFLSDFLRQHVHQGLQHURXRWUDVIRUPDV
GHSDUWHGHGLFKDVHQWLGDGHVVDOYRDTXHOORVSURIHVLRQDOHVTXHUHFLEDQEHFDVVXEYHQFLRQHVXRWURWLSR
GHDSR\RHFRQyPLFRGHVWLQDGRDODLQYHVWLJDFLyQSURYHQLHQWHGHODVPLVPDV
$UWtFXOR /DV SHUVRQDVFRPSUHQGLGDVHQ OD SUHVHQWHOH\\DTXHOODVTXHSRUUD]yQGHVXDFWLYLGDG
WXYLHUHQ DFFHVR DO FRQRFLPLHQWR GH KHFKRV PpGLFRV GLDJQyVWLFRV R WUDWDPLHQWRV HVWiQ REOLJDGDV D
JXDUGDUHOVHFUHWRSURIHVLRQDOVDOYRODVH[FHSFLRQHVTXHILMHQODVOH\HVSHUWLQHQWHV
$UWtFXOR /DVSHUVRQDVTXHHMHUFHQODVSURIHVLRQHV\DFWLYLGDGHVDILQHVDODVDOXGH[LVWHQWHVRTXH
VHFUHHQHVWiQREOLJDGDVD
D 3URIHVDU \ DX[LOLDU HQ XQD 0HGLFLQD TXH UHVSHWH OD GLJQLGDG GH OD SHUVRQD KXPDQD FRPR VHU
WUDVFHQGHQWH FRPSXHVWR GH DOPD \ FXHUSR FRQ XQD FODUD LGHQWLILFDFLyQ GHO SDFLHQWH FRPR REMHWLYR
IXQGDPHQWDO\FRPRVHUHQOLEHUWDG
E 5HVSHWDUHOGHUHFKRGHOSDFLHQWHDODYLGD ItVLFD\HVSLULWXDOGHVGHODFRQFHSFLyQKDVWDODPXHUWH
FRQVHUYiQGROD SRU PHGLRV RUGLQDULRV 3DUD OD SURORQJDFLyQ GH OD YLGD OD DSOLFDFLyQ GH PHGLRV
H[WUDRUGLQDULRV TXHGDUi UHVHUYDGD DO VDQR MXLFLR GHO PpGLFR \ D OD YROXQWDG GHO SDFLHQWH R GH VXV
IDPLOLDUHVHQFDVRGHLPSHGLPHQWRGHpVWH
F5HFRQRFHUDOHQIHUPRRDODVSHUVRQDVHOGHUHFKRDODOLEUHHOHFFLyQGHOSURIHVLRQDOHOWpFQLFRRHO
DX[LOLDUGHODVDOXG\GHODVLQVWLWXFLRQHVDVLVWHQFLDOHV
G&RQFXUULUDOOODPDGRGHOSURIHVLRQDORWpFQLFRTXHUHTXLHUDVXFRODERUDFLyQFXDQGRQRKD\RWURHQ
HOOXJDUDTXLHQDFXGLURHQFDVRGHH[WUHPDXUJHQFLD
H )LVFDOL]DU \ FRQWURODU HO FXPSOLPLHQWR GH ODV LQGLFDFLRQHV TXH LPSDUWDQ D VX SHUVRQDO DX[LOLDU \
DVLPLVPRHVWHGHEHUiDFWXDUHVWULFWDPHQWHGHQWURGHORVOtPLWHVGHODVLQGLFDFLRQHVUHFLELGDV
I&XPSOLUFRQWRGDVODVUHJODPHQWDFLRQHV\GLVSRVLFLRQHVGHODDXWRULGDGVDQLWDULDFRUUHVSRQGLHQWHR
GHORVUHVSHFWLYRVHQWHVGHRQWROyJLFRV
J$WHQGHUVLQH[FHSFLyQDOJXQDHOOODPDGRGHORVSDFLHQWHVHQODORFDOLGDGGRQGHDFW~DFXDQGRQR
KD\DRWURSURIHVLRQDORDX[LOLDUHQODPLVPD
K 'LVFULPLQDU ORV KRQRUDULRV \ UHWULEXFLRQHV GH FDGD XQR GH ORV SURIHVLRQDOHV \ DX[LOLDUHV TXH
SDUWLFLSDURQHQODDWHQFLyQGHOSDFLHQWH
$UWtFXOR /DH[SHULPHQWDFLyQKXPDQDHVWiSHUPLWLGDVLHPSUHTXHVHKDJDFRQIRUPHDORVSULQFLSLRV
PRUDOHV\FLHQWtILFRVTXHMXVWLILFDQODLQYHVWLJDFLyQHQWHQGLpQGRVHSRUWDOHV
D /D FRQGXFFLyQ GH OD PLVPD SRU SHUVRQD FDSDFLWDGD FLHQWtILFDPHQWH \ EDMR OD VXSHUYLVLyQ GH XQ
PpGLFRXRGRQWyORJRFDOLILFDGR
E/DLPSRUWDQFLDGHOREMHWLYRGHEHVHUSURSRUFLRQDODOULHVJRLQKHUHQWHDODSHUVRQD\pVWHQRVXSHUDU
HOYDORUUHDOHILFD]GHODH[SHULHQFLD
F (O FRQVHQWLPLHQWR SUHYLR GHO LQGLYLGXR FRQ FDSDFLGDG OHJDO SDUD SUHVWDUOR R GH VX UHSUHVHQWDQWH
OHJDOHQFDVRGHLPSHGLPHQWRTXLHQSRGUiQHJDUVHDFRQWLQXDUODLQYHVWLJDFLyQ
G /D H[SHULPHQWDFLyQ QR GHEHUi SURGXFLU DOWHUDFLRQHV R FDPELRV IXQGDPHQWDOHV HQ OD SHUVRQDOLGDG
GHOLQGLYLGXRItVLFDSVtTXLFDRPRUDOPHQWHFRQVLGHUDGD
$UWtFXOR /HVHVWiSURKLELGR
D 6RPHWHU D VXV SDFLHQWHV D SURFHGLPLHQWRV WHUDSpXWLFRV R SUiFWLFDV TXH HQWUDxHQ XQ SHOLJUR SDUD OD
VDOXG VDOYR FXDQGR QR H[LVWDQ RWURV UHFXUVRV \ KXELHUH SUREDELOLGDGHV DSUHFLDEOHV GH p[LWR
DMXVWiQGRVHDORSUHYLVWRHQHODUWtFXOR
E 5HDOL]DU FRODERUDU R SURSLFLDU LQWHUYHQFLRQHV R SUiFWLFDV TXH SURYRTXHQ HVWHULOL]DFLyQ GLUHFWD R
LQGLUHFWDSRUPHGLRVWHUDSpXWLFRVRPHGLFDPHQWRVRVTXHVHSUHVFULEDQFRQHVHREMHWLYRIXQGDPHQWDO
F 5HDOL]DU FRODERUDU SURSLFLDUR LQGXFLU OD SUiFWLFDGHLQVHPLQDFLyQ DUWLILFLDORSURSDJDFLyQGHOD
YLGDSRURWURVPHGLRVQRQDWXUDOHV
G3UDFWLFDUFRODERUDUSURSLFLDURLQGXFLUODLQWHUUXSFLyQGHODJHVWDFLyQSRUFXDOTXLHUSURFHGLPLHQWR
UHDOL]DGRFRQHVHILQ
H 3UDFWLFDU FRODERUDU R SURSLFLDU OD HXWDQDVLD D~Q FRQ HO FRQVHQWLPLHQWR GHO SDFLHQWH R GH VXV
IDPLOLDUHV
I $QXQFLDU SRU FXDOTXLHU PHGLR \ HMHUFHU HVSHFLDOLGDGHV R SUiFWLFDV HVSHFLDOL]DGDV VLQ OD
FRUUHVSRQGLHQWHDSUREDFLyQGHODDXWRULGDGOHJDOPHQWHFRPSHWHQWH
J3XEOLFDUIDOVRVp[LWRVWHUDSpXWLFRVHVWDGtVWLFDVILFWLFLDVGDWRVLQH[DFWRVRFXDOTXLHURWURHQJDxR
K 5HDOL]DU SXEOLFDFLRQHV UHIHUHQWHV D p[LWRV WHUDSpXWLFRV WpFQLFDV R SURFHGLPLHQWRV SHUVRQDOHV HQ
PHGLRVGHGLIXVLyQQRHVSHFLDOL]DGRV
L3XEOLFDUFDUWDVGHDJUDGHFLPLHQWR
M(MHUFHUODSURIHVLyQRDFWLYLGDGPLHQWUDVSDGH]FDQDQRUPDOLGDGHVRDOWHUDFLRQHVItVLFDVRSVtTXLFDV
TXHSXHGDQVLJQLILFDUSHOLJURSDUDHOSDFLHQWH
N 3DUWLFLSDU KRQRUDULRV D SHUVRQDV SURIHVLRQDOHV R DX[LOLDUHV TXH QR KD\DQ LQWHUYHQLGR HQ OD
SUHVWDFLyQSURIHVLRQDORDX[LOLDUTXHGDOXJDUDHVRVKRQRUDULRV
O'HOHJDUHQSHUVRQDOQRKDELOLWDGRIDFXOWDGHVIXQFLRQHVRDWULEXFLRQHVLQKHUHQWHVRSULYDWLYDVGHVX
SURIHVLyQRDFWLYLGDG
OO$QXQFLDURSURPHWHUODFRQVHUYDFLyQGHODVDOXGRODFXUDFLyQPHGLDQWHSURFHGLPLHQWRVVHFUHWRVR
LQIDOLEOHVRILMDQGRSOD]RV
P $WULEXLU HIHFWLYLGDG WHUDSpXWLFD R FRPR PHGLR GH GLDJQyVWLFR D SURFHGLPLHQWRV R HOHPHQWRV
UHFRQRFLGRVFRPRLQDFWLYRVRLQRFXRV
Q ([SHGLU FHUWLILFDGRV TXH H[DOWHQ R HORJLHQ PHGLFDPHQWRV DSDUDWRV R WpFQLFDV GH SURILOD[LV
GLDJQyVWLFRRWHUDSpXWLFDFRPRDVtWDPELpQSURGXFWRVGLHWpWLFRVRFRPHUFLDOHV
x (MHUFHU KDELWXDO R SHULyGLFDPHQWH HQ ORFDO TXH QR UH~QD ODV FRQGLFLRQHV UHJODPHQWDULDV
FRUUHVSRQGLHQWHV
R$QXQFLDUFDUDFWHUtVWLFDVWpFQLFDVGHVXVHTXLSRVLQVWUXPHQWDOSURFHGLPLHQWRVRGURJDVTXH SXHGDQ
LQGXFLUDHUURURHQJDxR
S,QGXFLUDORVSDFLHQWHVDSURYHHUVHHQGHWHUPLQDGRVHVWDEOHFLPLHQWRVGHPHGLFDPHQWRVSUyWHVLVX
RWURVHOHPHQWRVQHFHVDULRVSDUDVXFXUDFLyQRUHKDELOLWDFLyQ
T $QXQFLDU R DSOLFDU SURFHGLPLHQWRV WpFQLFDV R WHUDSpXWLFDV TXH QR VHDQ FLHQWtILFDPHQWH
UHFRQRFLGRV
U 5HDOL]DU IXHUD GH VX DFWLYLGDG HVSHFtILFD DFFLRQHV GH VDOXG TXH FRUUHVSRQGDQ D RWUD SURIHVLyQ R
DFWLYLGDGVDOYRHQFDVRVGHH[WUHPDXUJHQFLD\FXDQGRQRKD\DSHUVRQDKDELOLWDGDSDUDWDOILQ
$UWtFXOR /DV SHUVRQDVFX\D DFWLYLGDG UHJXOD OD SUHVHQWHOH\SXHGHQHMHUFHUIXHUD GHOOXJDUGHVX
UHVLGHQFLD SURIHVLRQDO 'XUDQWH VX DXVHQFLD GHEHUiQ GHMDU D ORV SDFLHQWHV TXH VH HQFXHQWUHQ EDMR VX
DWHQFLyQGLUHFWDRLQPHGLDWDDOFXLGDGRGHRWURFROHJD
'(/$0$75,&8/$
$UWtFXOR 3DUDHMHUFHUODVSURIHVLRQHVRDFWLYLGDGHVTXHVHUHJXODQHQODSUHVHQWHOH\ODVSHUVRQDV
GHEHUiQSRVHHUWLWXOR R FHUWLILFDGR H[SHGLGR SRU 8QLYHUVLGDGR,QVWLWXWRUHFRQRFLGRSRUHO(VWDGRHO
TXH GHEHUi VHU LQVFULSWR HQ HO UHJLVWUR FRUUHVSRQGLHQWH GH ODV UHSDUWLFLRQHV HVWDWDOHV R ODV HQWLGDGHV
GHRQWROyJLFDVHQODVTXHVHKXELHUHGHOHJDGRFRQIDFXOWDG
$UWtFXOR (OSURIHVLRQDOFRQGLSORPDGH8QLYHUVLGDG$UJHQWLQDRH[WUDQMHUDUHVLGHQWHIXHUDGHOD
3URYLQFLD TXHVHHQFXHQWUDHQODPLVPDFRQPRWLYR\HQRFDVLyQGHFHOHEUDUVHFRQJUHVRVUHXQLRQHV
FLHQWtILFDV R VLWXDFLRQHV VLPLODUHV R DTXHO FX\RV VHUYLFLRV VHDQ UHTXHULGRV SDUD FRQVXOWDV SXHGHQ
HMHUFHUHQHVDRSRUWXQLGDGVLQPDWULFXODFLyQ(QFDGDFDVRHVRVVHUYLFLRVGHEHUiQVHUVROLFLWDGRVSRU
ODV8QLYHUVLGDGHV6RFLHGDGHV&LHQWtILFDVRSRUFROHJDPDWULFXODGR
$UWtFXOR 3XHGHQPDWULFXODUVH
D/DVSHUVRQDVFRQWtWXORRFHUWLILFDGRGHFDSDFLWDFLyQRWRUJDGRSRU8QLYHUVLGDG$UJHQWLQDHVWDWDOR
SULYDGDR,QVWLWXWRHVWDWDORSULYDGROHJDOPHQWHKDELOLWDGRDWDOHIHFWR
E/DVSHUVRQDVFRQWtWXORRWRUJDGRSRU8QLYHUVLGDGH[WUDQMHUDUHFRQRFLGRSRUOH\DUJHQWLQDHQYLUWXG
GHWUDWDGRVLQWHUQDFLRQDOHVYLJHQWHV
F /DV TXH SRVHDQ WtWXOR RWRUJDGR SRU 8QLYHUVLGDG H[WUDQMHUD TXH KD\DQ FXPSOLGR ORV UHTXLVLWRV
H[LJLGRVSRUODV8QLYHUVLGDGHV1DFLRQDOHVSDUDGDUYDOLGH]DOPLVPR
G/DVSHUVRQDVFRQWtWXORRWRUJDGRSRU8QLYHUVLGDGH[WUDQMHUDTXHKD\DQVLGRFRQWUDWDGDVVyORSRUHO
WLHPSR TXH GXUH HO FRQWUDWR\ HQ OD PDWHULDREMHWR GHO PLVPR HQ FX\RFDVROD PDWULFXODFLyQ VHKDUi
FRQODVOLPLWDFLRQHVTXHVXUMDQGHORVWpUPLQRVGHDTXHOLQVWUXPHQWR\HQODVFRQGLFLRQHVGHODUWtFXOR
H(OUHIXJLDGRSROtWLFRFRQWtWXORRFHUWLILFDGRGHFDSDFLWDFLyQ\SURWHJLGRSRUOH\QDFLRQDO
I /DV SHUVRQDV TXH SRVHDQ WtWXOR R FHUWLILFDGR GH FDSDFLWDFLyQ H[WUDQMHUR QR UHFRQRFLGR R TXH QR
VDWLVIDJDORVUHTXLVLWRVH[LJLGRVHQORVLQFLVRVDQWHULRUHVGHHVWHDUWtFXOR~QLFDPHQWHVLVHFRPSURPHWH
D HMHUFHU HQ XQ OXJDU GRQGH QR KD\D SURIHVLRQDOHV R DX[LOLDUHV GH VXV UHVSHFWLYDV DFWLYLGDGHV (VWD
PDWULFXODFLyQVHKDUiDORVHIHFWRVGHHMHUFHUVRODPHQWHHQHVHGHWHUPLQDGROXJDUR]RQD\VHRWRUJDUi
XQD YH] DJRWDGRV ORV PHGLRV SDUD VXSOLU HVD IDOWD (VWDV PDWUtFXODV VRQ WUDQVLWRULDV \ FHVDQ HQ HO
PRPHQWR HQTXHDOUDGLFDUVHHQHVHOXJDUORVSURIHVLRQDOHVRDX[LOLDUHVTXHFXPSODQFRQDOJXQRVGH
ORVLQFLVRVDEF\HGHOSUHVHQWHDUWtFXORVHFXEUDQODVQHFHVLGDGHVGHOD]RQD/DVSHUVRQDVTXH
DPSDUDGDV SRU HVWH LQFLVR HMHU]DQ GXUDQWH WUHV DxRV FRQVHFXWLYRV VX DFWLYLGDG WLHQHQ GHUHFKR D
FRQWLQXDUPDWULFXODGRVSDUDGHVHPSHxDUVHHQHOPLVPROXJDUR]RQD
$UWtFXOR $GHPiVGHORH[LJLGRHQORVDUWtFXORVSUHFHGHQWHVHOSURIHVLRQDORDX[LOLDUGHEHSRVHHU
SOHQD FDSDFLGDGFLYLO\ QRHVWDULQKDELOLWDGRSRUVHQWHQFLDMXGLFLDOSDUDHOHMHUFLFLRGHODSURIHVLyQR
DFWLYLGDGTXHUHJXODVXPDWUtFXOD
$UWtFXOR 6RQFDXVDVGHVXVSHQVLyQGHODPDWUtFXOD
D3HWLFLyQGHOLQWHUHVDGR
E6DQFLyQGHODDXWRULGDGGLVFLSOLQDULDFRUUHVSRQGLHQWHTXHLPSOLTXHLQKDELOLWDFLyQWUDQVLWRULD
F(QIHUPHGDGHVItVLFDVRPHQWDOHVTXHLQKDELOLWHQWHPSRUDULDPHQWHSDUDHOHMHUFLFLRGHODSURIHVLyQR
DFWLYLGDGFRPSUREDGDVSRUDXWRULGDGFRPSHWHQWH
$UWtFXOR 6RQFDXVDVGHFDQFHODFLyQGHODPDWUtFXOD
D3HWLFLyQGHOLQWHUHVDGR
E$QXODFLyQGHOWtWXORSRUDXWRULGDGFRPSHWHQWH
F(QIHUPHGDGHVItVLFDVRPHQWDOHVTXHLQKDELOLWHQGHILQLWLYDPHQWHSDUDHOHMHUFLFLRGHODSURIHVLyQR
DFWLYLGDGSUHYLDGHFLVLyQIXQGDGDGHDXWRULGDGFRPSHWHQWH
G 6DQFLyQ GLVFLSOLQDULD HPDQDGD GH DXWRULGDG FRPSHWHQWH TXH LQKDELOLWH GHILQLWLYDPHQWH SDUD HO
HMHUFLFLRGHODSURIHVLyQRDFWLYLGDG
H)DOOHFLPLHQWR
'(/$5(75,%8&,21
$UWtFXOR (OSURIHVLRQDORDX[LOLDUFRPSUHQGLGRHQODSUHVHQWHOH\WLHQHGHUHFKRDVHUUHWULEXLGRHQ
HO HMHUFLFLR GH VX SURIHVLyQ R DFWLYLGDG PHGLDQWH DUDQFHO VXHOGR X KRQRUDULR /RV DUDQFHOHV
SURIHVLRQDOHV VHUiQ HVWDEOHFLGRV SRU HO *RELHUQR 3URYLQFLDO R SRU ODV HQWLGDGHV GHRQWROyJLFDV HQ ODV
TXHVHKXELHUHGHOHJDGRGLFKDDWULEXFLyQ
'(/&2168/725,22/8*$5'($7(1&,21
$UWtFXOR (OFRQVXOWRULRRORFDOGRQGHHMHUFHHOSURIHVLRQDORDX[LOLDUFRPSUHQGLGRHQODSUHVHQWH
OH\GHEHHVWDULQVWDODGRGHDFXHUGRDORVUHTXLVLWRVTXHODUHJODPHQWDFLyQGHHVWDOH\RGLVSRVLFLRQHV
HVSHFLDOHVH[LMDQ
$UWtFXOR /D SXEOLFDFLyQ GH DYLVRV SURIHVLRQDOHV R GH OD DFWLYLGDG TXH VH HMHU]D UHTXLHUH OD
DSUREDFLyQ SUHYLD HQ OD HQWLGDG GHRQWROyJLFD FRUUHVSRQGLHQWHRGHODDXWRULGDGVDQLWDULDFRPSHWHQWH
FXDQGRVHDSDUWHGHORTXHHVWDEOH]FDODUHJODPHQWDFLyQUHVSHFWLYD
'(/(63(&,$/,67$
$UWtFXOR 3DUDHMHUFHUXQDHVSHFLDOLGDG\DQXQFLDUVHFRPRWDOHOSURIHVLRQDODGHPiVGHFXPSOLU
FRQ WRGRV ORV UHTXLVLWRV GH OD SUHVHQWH OH\ GHEHUi VDWLVIDFHU ODV H[LJHQFLDV TXH SDUD WDO ILQ ILMH OD
HQWLGDGGHRQWROyJLFDFRUUHVSRQGLHQWHRODDXWRULGDGVDQLWDULDFRPSHWHQWH
/DDSOLFDFLyQGHOSUHVHQWHDUWtFXORVHUiILMDGDSRUODUHJODPHQWDFLyQFRUUHVSRQGLHQWH
'(/$66$1&,21(6
$UWtFXOR (QFDVRGHLQFXPSOLPLHQWRGHODVGLVSRVLFLRQHVGHHVWDOH\RGHVXVUHJODPHQWDFLRQHVVH
DSOLFDUiQ VDQFLRQHV GH DSHUFLELPLHQWR LQKDELOLWDFLyQ WHPSRUDULD R SHUPDQHQWH \ PXOWD VLQ SHUMXLFLR
GHODVDFFLRQHVOHJDOHVTXHFRUUHVSRQGDQ
$UWtFXOR /DV VDQFLRQHV D TXH VH UHILHUH HO DUWtFXOR DQWHULRU VHUiQ DSOLFDGDV SRU OD DXWRULGDG
VDQLWDULDFRPSHWHQWHRSRUORVRUJDQLVPRV HQTXHVHKXELHUHGHOHJDGRHVDDWULEXFLyQSUHYLRVXPDULR
TXHUHVSHWHHOGHUHFKRGHGHIHQVD(QORVFDVRVTXHODUHJODPHQWDFLyQHVWDEOH]FDVHUiQDSHODEOHVDQWH
HO0LQLVWHULRGH%LHQHVWDU6RFLDOGHOD3URYLQFLD/DUHVROXFLyQTXHUHFD\HUHGHMDUiDELHUWDHQVX FDVR
ODYtDFRQWHQFLRVRDGPLQLVWUDWLYD
&$3,78/2,,
'(/(-(5&,&,2'(/$6352)(6,21(6<$&7,9,'$'(6(13$57,&8/$5'(/0(',&2
$UWtFXOR 6HFRQVLGHUDHMHUFLFLRGHOD0HGLFLQDODHMHFXFLyQHQVHxDQ]DRFXDOTXLHUWLSRGHDFFLyQ
GHVWLQDGD DO GLDJQyVWLFR SURQyVWLFR R WUDWDPLHQWR GH ODV HQIHUPHGDGHV GH ODV SHUVRQDV HO
SODQHDPLHQWR SURJUDPDFLyQ R HMHFXFLyQ GH ODV DFFLRQHV GH VDOXG WHQGLHQWHV D OD SUHVHUYDFLyQ
FRQVHUYDFLyQ R UHFXSHUDFLyQ GH OD VDOXG GH ODV PLVPDV FRQVLGHUDGDV LQGLYLGXDO R FROHFWLYDPHQWH VX
UHKDELOLWDFLyQHODVHVRUDPLHQWRS~EOLFRRSULYDGRHQODPDWHULD\ODUHDOL]DFLyQGHSHULFLDVSULYDWLYDV
GHORVSURIHVLRQDOHVFRPSUHQGLGRVHQHODUWtFXOR4XHGDQH[FOXLGDVODVDFFLRQHVTXHVRQSULYDWLYDV
GHRWURVSURIHVLRQDOHVLQFOXLGRVHQODSUHVHQWHOH\QRDVtDTXHOODVTXHIXHUHQFRQFXUUHQWHV
$UWtFXOR (O PpGLFR HQ HO HMHUFLFLR GH VX SURIHVLyQ HVWiREOLJDGR DGHPiV GH OR SUHVFULSWRHQ HO
DUWtFXOR GH OD SUHVHQWH OH\ D H[WHQGHU ORV FHUWLILFDGRV GH GHIXQFLyQ GH ORV IDOOHFLGRV EDMR VX
DVLVWHQFLD\FHUWLILFDUODVGHIXQFLRQHVTXHVHSURGX]FDQVLQDVLVWHQFLDPpGLFDFXDQGRQRKD\DPpGLFR
RILFLDO HQ HO OXJDU SRQLHQGR HQ FRQRFLPLHQWR GH OD DXWRULGDG FRPSHWHQWH FXDQGR DO LQWHUYHQLU SRU
LPSHULRGHOD~OWLPDFLUFXQVWDQFLDGHVFRQR]FDODFDXVDGH ODPXHUWHRVRVSHFKHODFRPLVLyQGHDOJ~Q
GHOLWR
$UWtFXOR 3XHGHQPDWULFXODUVHORV'RFWRUHVHQ0HGLFLQD0pGLFRV&LUXMDQRV\0pGLFRV
'(/2'2172/2*2
$UWtFXOR 6H FRQVLGHUD HMHUFLFLR GH OD 2GRQWRORJtD OD HMHFXFLyQ GH DFFLRQHV GHVWLQDGDV DO
GLDJQyVWLFR SURQyVWLFR R WUDWDPLHQWR GH ODV HQIHUPHGDGHV EXFRGHQWDOHV GH ODV SHUVRQDV HO
SODQHDPLHQWRRODSURJUDPDFLyQGHDFFLRQHVGHVWLQDGDVDODSUHVHUYDFLyQFRQVHUYDFLyQRUHFXSHUDFLyQ
GHODVDOXGEXFRGHQWDOGHODVPLVPDVFRQVLGHUDGDVLQGLYLGXDORFROHFWLYDPHQWHVXUHKDELOLWDFLyQHQHO
FDPSR GH VX FRPSHWHQFLD OD GRFHQFLD HO DVHVRUDPLHQWR S~EOLFR R SULYDGR HQ OD PDWHULD \ OD
UHDOL]DFLyQGHSHULFLDVSULYDWLYDVGHORVSURIHVLRQDOHVFRPSUHQGLGRVHQHODUWtFXOR
$UWtFXOR (ORGRQWyORJRHQHOHMHUFLFLRGHVXSURIHVLyQHVWiREOLJDGRDGHPiVGHORSUHVFULSWRHQHO
DUWtFXORD
D(MHUFHUGHQWURGHORVOtPLWHVGHVXSURIHVLyQGHELHQGRVROLFLWDUODFRODERUDFLyQGHOPpGLFRFXDQGR
VXUMDQRDPHQDFHQVXUJLUFRPSOLFDFLRQHVFX\RWUDWDPLHQWRH[FHGDDTXHOORVOtPLWHV
E (QYLDU ODV yUGHQHV GH HMHFXFLyQ GH SUyWHVLV GHQWDOHV HQ VX UHFHWDULR D ORV 7pFQLFRV 'HQWDOHV
FRQVLJQDQGRODVFDUDFWHUtVWLFDVTXHSHUPLWDQODSHUIHFWDLQGLYLGXDOL]DFLyQGHODVPLVPDV
$UWtFXOR $GHPiVGHORHVSHFLILFDGRHQHODUWtFXORWDPELpQOHHVWiSURKLELGRDO2GRQWyORJR
D (MHUFHU KDELWXDO R SHULyGLFDPHQWH HQ ORFDO TXH QR VHD HO FRQVXOWRULR RGRQWROyJLFR VDOYR TXH OR
KDJDHQDTXHOORVOXJDUHVTXHSRUDFFLRQHVSURJUDPDGDVVHGHVWLQHQDHVRVILQHV
E$QXQFLDUODFRQIHFFLyQGHDSDUDWRVSURWpVLFRVH[DOWDQGRVXVYLUWXGHVRSURSLHGDGHVRHOWpUPLQRGH
VXFRQVWUXFFLyQRGXUDFLyQDVtFRPRVXVFDUDFWHUtVWLFDVRSUHFLRV
F$SOLFDUDQHVWHVLDJHQHUDOFXDQGRQRKD\DKDELOLWDFLyQPHGLDQWHWtWXORRFHUWLILFDFLyQ
G$VRFLDUVHFRQ7pFQLFRV'HQWDOHV
$UWtFXOR 3XHGHQPDWULFXODUVHORV2GRQWyORJRV\'RFWRUHVHQ2GRQWRORJtD
'(/%,248,0,&2
$UWtFXOR 6H FRQVLGHUD HMHUFLFLR GH OD %LRTXtPLFD OD UHDOL]DFLyQ GH SUiFWLFDV DQDOtWLFDV GH
ODERUDWRULRV GHVWLQDGRV D OD SUHYHQFLyQ R GLDJQyVWLFR GH ODV HQIHUPHGDGHV D OD UHFXSHUDFLyQ R
FRQVHUYDFLyQGHODVDOXGLQYHVWLJDFLyQ\GRFHQFLDDVHVRUDPLHQWRS~EOLFR\SULYDGRHQODPDWHULD\OD
UHDOL]DFLyQGHSHULFLDVSULYDWLYDVGHORVSURIHVLRQDOHVFRPSUHQGLGRVHQHODUWtFXOR
4XHGDQH[FOXLGDVODVDFFLRQHVH[FOXVLYDVGHRWURVSURIHVLRQDOHVQRDVtODVTXHIXHUHQFRQFXUUHQWHV
$UWtFXOR 3XHGHQPDWULFXODUVHORV'RFWRUHVHQ)DUPDFLD\%LRTXtPLFD%LRTXtPLFRV/LFHQFLDGRV
HQ%LRTXtPLFD\JUDGXDGRVHQSURIHVLRQHVFRQHVWXGLRVHTXLYDOHQWHVTXHHMHU]DQ HQHOWHUULWRULRGHOD
3URYLQFLDVHJ~QORHVWDEOH]FDODUHVSHFWLYDUHJODPHQWDFLyQ
'(/)$50$&e87,&2
$UWtFXOR 6H FRQVLGHUD HMHUFLFLR GH OD SURIHVLyQ )DUPDFpXWLFD OD LQYHVWLJDFLyQ REWHQFLyQ
FRQVHUYDFLyQ R GLVSHQVDFLyQ GH GURJDV \ PHGLFDPHQWRV TXH LQWHUHVHQ DO GLDJQyVWLFR SUHYHQFLyQ
FXUDFLyQ R UHFXSHUDFLyQ GH OD VDOXG KXPDQD OD GRFHQFLD HO DVHVRUDPLHQWR S~EOLFR \ SULYDGR HQ OD
PDWHULD\ODUHDOL]DFLyQGHSHULFLDVSULYDWLYDVGHORVSURIHVLRQDOHVFRPSUHQGLGRVHQHODUWtFXOR
$UWtFXOR $GHPiVGHORHVSHFLILFDGRHQHODUWtFXORWDPELpQOHHVWiSURKLELGRDO)DUPDFpXWLFR
D5HFHWDU
E$QXQFLDUWHQHUSUHSDUDURH[SHQGHUSURGXFWRVQRDXWRUL]DGRVSRUODDXWRULGDGVDQLWDULDFRPSHWHQWH
F$VRFLDUVHFRQ0pGLFRVX2GRQWyORJRVSDUDHOHMHUFLFLRGHODSURIHVLyQ
$UWtFXOR 3XHGHQ PDWULFXODUVH ORV 'RFWRUHV HQ )DUPDFLD \ %LRTXtPLFD 'RFWRUHV HQ )DUPDFLD
)DUPDFpXWLFRV4XtPLFRV)DUPDFpXWLFRVR/LFHQFLDGRVHQ4XtPLFD)DUPDFpXWLFD
'(/$2%67e75,&$
$UWtFXOR 6HHQWLHQGHSRUHMHUFLFLRGHOD2EVWHWULFLDODDVLVWHQFLD\DWHQFLyQGHOHPEDUD]RSDUWRR
SXHUSHULR QRUPDOHV HO HQVHxDU R LQYHVWLJDU SURFHGLPLHQWRV R WpFQLFDV HQ HO FDPSR GH VX DFWLYLGDG
FRPRDVtWDPELpQSUHVFULELUGHQWURGHORVOtPLWHVDXWRUL]DGRVSRUODUHJODPHQWDFLyQGHODSUHVHQWHOH\
$UWtFXOR /D2EVWpWULFDHQHOHMHUFLFLRGHVXSURIHVLyQHVWiREOLJDGDDGHPiVGHORSUHVFULSWRHQHO
DUWtFXORDVROLFLWDUODFRODERUDFLyQGHO0pGLFRDOLQLFLDUHOFRQWUROGHOHPEDUD]RHLQPHGLDWDPHQWH
FXDQGR HQ HO HMHUFLFLR GH VX DFWLYLGDG VXUMDQ R DPHQDFHQ VXUJLU FRPSOLFDFLRQHV FX\R WUDWDPLHQWR
H[FHGDORVOtPLWHVGHVXFDSDFLWDFLyQ
$UWtFXOR $GHPiVGHORHVSHFLILFDGRHQHODUWtFXORWDPELpQOHHVWiSURKLELGRDOD2EVWpWULFD
D5HHPSOD]DUPRGLILFDURUHSHWLUODVLQGLFDFLRQHVGHO0pGLFR
E7HQHUHQVXFRQVXOWRULRLQVWUXPHQWDOPpGLFRTXHQRKDJDDORVILQHVHVWULFWRVGHVXSURIHVLyQ
F(MHUFHUKDELWXDORSHULyGLFDPHQWHHQXQORFDOTXHQRVHDFRQVXOWRULRSULYDGRFRQH[FHSFLyQGHOD
DWHQFLyQGHOSDUWRDGRPLFLOLR
'(/(1)(50(52
$UWtFXOR 6HHQWLHQGHSRUHMHUFLFLRGHOD(QIHUPHUtDODDWHQFLyQ\DVLVWHQFLDGHOLQGLYLGXR\GHOD
FRPXQLGDG HQ DFFLRQHV GH VDOXG VLHPSUH TXH GLFKD DFWLYLGDG QR LPSOLTXH GLDJQyVWLFR SURQyVWLFR R
SUHVFULSFLyQ GH WUDWDPLHQWRV PpGLFRV X RGRQWROyJLFRV HQ ODV HQIHUPHGDGHV GH ODV SHUVRQDV OD
DSOLFDFLyQ GH ODV LQGLFDFLRQHV SUHVFULSWDV SRU ORV SURIHVLRQDOHV PHQFLRQDGRV FRPR DVt WDPELpQ
HQVHxDUDGPLQLVWUDUHLQYHVWLJDUHQHOiUHDGHVXFRPSHWHQFLD
$UWtFXOR (O(QIHUPHURHVWiREOLJDGRDGHPiVGHORSUHVFULSWRHQHODUWtFXORDHMHUFHUGHQWURGH
ORV OtPLWHV GH VX DFWLYLGDG GHELHQGR VROLFLWDU GH LQPHGLDWR OD LQWHUYHQFLyQ GHO SURIHVLRQDO0pGLFRX
2GRQWyORJR FXDQGR VXUMDQ R DPHQDFHQ VXUJLU FRPSOLFDFLRQHV FX\R WUDWDPLHQWR H[FHGD DTXHOORV
OtPLWHV
$UWtFXOR $GHPiV GH OR HVSHFLILFDGR HQ HO DUWtFXOR WDPELpQ OH HVWi SURKLELGR DO (QIHUPHUR
PRGLILFDUODVLQGLFDFLRQHVLQFOXLGDVHQHOSODQWHUDSpXWLFRVLQODDXWRUL]DFLyQGHOSURIHVLRQDO0pGLFRX
2GRQWyORJR
$UWtFXOR 3XHGHQPDWULFXODUVHORV(QIHUPHURV\/LFHQFLDGRVHQ(QIHUPHUtDTXHGHQFXPSOLPLHQWR
DORHVWDEOHFLGRHQHO&DStWXOR,
'(/$8;,/,$5'((1)(50(5,$
$UWtFXOR 6HHQWLHQGHSRUHMHUFLFLRGHODDFWLYLGDGGH$X[LOLDUGH(QIHUPHUtDODFRODERUDFLyQFRQ
HO SURIHVLRQDO GH OD VDOXG FRUUHVSRQGLHQWH R HO (QIHUPHUR HQ HO FXLGDGR GH ORV HQIHUPRV HQ OD
SUHVHUYDFLyQGHODVDOXG\HQODSUHYHQFLyQGHODHQIHUPHGDG
$UWtFXOR (O $X[LOLDU GH (QIHUPHUtD GHEH FXPSOLU FRQ WRGDV ODV GLVSRVLFLRQHV FRQWHQLGDV HQ ORV
DUWtFXORV \ TXHGiQGROH SURKLELGR UHDOL]DU VX DFWLYLGDG VLQ OD VXSHUYLVLyQ GHO SURIHVLRQDO
FRUUHVSRQGLHQWH
'(/',(7,67$21875,&,21,67$
$UWtFXOR 6H HQWLHQGH SRU HMHUFLFLR GH OD DFWLYLGDG GH 'LHWRORJtD R 1XWULFLyQ OD HMHFXFLyQ GH
DFFLRQHV TXH EDMR ODV LQGLFDFLRQHV \ FRQWUDORU GHO 0pGLFR VH UHDOL]DQ FRODERUDQGR HQ HO HVWXGLR
SURPRFLyQ\GHVDUUROORGHSODQHVQXWULFLRQDOHVGHVDOXG\GHHGXFDFLyQVDQLWDULD\ODIRUPXODFLyQGH
UHJtPHQHVGLHWpWLFRV SDUDODVSHUVRQDVODVXSHUYLVLyQGHODDGTXLVLFLyQSUHSDUDFLyQ\DGPLQLVWUDFLyQ
GHORVDOLPHQWRVODGRFHQFLD\HODVHVRUDPLHQWRS~EOLFR\SULYDGRHQODPDWHULD
$UWtFXOR (O 'LHWLVWD R 1XWULFLRQLVWD HQ HO HMHUFLFLR GH VX DFWLYLGDG HVWi REOLJDGR DGHPiV GH OR
SUHVFULSWR HQ HO DUWtFXOR D VROLFLWDU OD LQPHGLDWD FRODERUDFLyQ GHO SURIHVLRQDO TXH FRUUHVSRQGD
FXDQGRVXUMDQRDPHQDFHQVXUJLUFRPSOLFDFLRQHVFX\RWUDWDPLHQWRH[FHGDORVOtPLWHVGHVXDFWLYLGDG
$UWtFXOR $GHPiVGHORHVSHFLILFDGRHQHODUWtFXORWDPELpQOHHVWiSURKLELGR
D0HGLFDU
E,QGLFDUUHJtPHQHVGLHWpWLFRVVLQSUHVFULSFLyQPpGLFD
F5HHPSOD]DUPRGLILFDURUHSHWLUSUHVFULSFLRQHVGHO0pGLFRVLQDXWRUL]DFLyQ
$UWtFXOR 3XHGHQ PDWULFXODUVH ORV 'LHWLVWDV 1XWULFLRQLVWDV 'LHWLVWDV \ 1XWULFLRQLVWDV TXH GHQ
FXPSOLPLHQWRDORHVWDEOHFLGRHQHO&DStWXOR,
'(/.,1(6,2/2*22),6,27(5$3(87$
$UWtFXOR 6H HQWLHQGH SRU HMHUFLFLR GH OD .LQHVLRORJtD R )LVLRWHUDSLD HO DSOLFDU D ODV SHUVRQDV
SURFHGLPLHQWRV PDQXDOHV ItVLFRV R LQVWUXPHQWDOHV GHVWLQDGRV D OD SUHVHUYDFLyQ PHMRUDPLHQWR R
UHFXSHUDFLyQ GH OD FDSDFLGDG \ ELHQHVWDU ItVLFRV FRPR DVt WDPELpQ OD HQVHxDQ]D \ FRQWURO GH OD
JLPQDVLDFRUUHFWLYD\GHUHKDELOLWDFLyQ
$UWtFXOR (O.LQHVLyORJRR)LVLRWHUDSHXWDHQHOHMHUFLFLRGHVXDFWLYLGDGHVWiREOLJDGRDGHPiVGH
ORSUHVFULSWRHQHODUWtFXORD
D$FWXDUH[FOXVLYDPHQWHDUHTXHULPLHQWRGHO0pGLFRX2GRQWyORJRHQVXDFFLRQDUWHUDSpXWLFR
E (MHUFHU GHQWUR GH ORV OtPLWHV GH VX DFWLYLGDG GHELHQGR VROLFLWDU OD LQPHGLDWD FRODERUDFLyQ GHO
SURIHVLRQDOTXHFRUUHVSRQGDFXDQGRVXUMDQRDPHQDFHQVXUJLUFRPSOLFDFLRQHVFX\RWUDWDPLHQWRH[FHGD
DTXHOORVOtPLWHV
$UWtFXOR $GHPiVGHORHVSHFLILFDGRHQHODUWtFXORWDPELpQOHHVWiSURKLELGRDO)LVLRWHUDSHXWD
D3UHVFULELUPHGLFDPHQWRV
E$VLVWLUDODVSHUVRQDVVLQLQGLFDFLyQRSUHVFULSFLyQPpGLFD
F5HHPSOD]DUPRGLILFDURUHSHWLUODVLQGLFDFLRQHVGHO0pGLFR
$UWtFXOR 3XHGHQPDWULFXODUVHORV.LQHVLyORJRV7HUDSLVWDV)tVLFRV\)LVLRWHUDSHXWDVTXHFXPSODQ
FRQORVUHTXLVLWRVH[LJLGRVHQHO&DStWXOR,
'(/36,&2/2*2
$UWtFXOR 6H HQWLHQGH SRU HMHUFLFLR GH OD 3VLFRORJtD HQ HO iPELWR GH OD OH\ HO HVWXGLR \ OD
LQYHVWLJDFLyQ GH OD PHQWH \ OD FRQGXFWD GHO KRPEUH GHQWUR GH ORV OtPLWHV GH VX FDSDFLWDFLyQ DLVODGDPHQWH HQ OD IDPLOLD R HQ JUXSRV WDQWR HQ HO FDPSR FOtQLFR FRPR HQ HO HGXFDFLRQDO VRFLDO R
LQGXVWULDOODHQVHxDQ]D\HODVHVRUDPLHQWRHQODPDWHULD
$UWtFXOR (QHOHMHUFLFLRGHVXSURIHVLyQ GHQWURGHORVOtPLWHVGHODUWtFXOR HO3VLFyORJRHVWi
REOLJDGRDORSUHVFULSWRHQORVDUWtFXORV\
$UWtFXOR $GHPiVGHORHVSHFLILFDGRHQHODUWtFXORWDPELpQOHHVWiSURKLELGRDO3VLFyORJR
D3UDFWLFDUWHUDSLDSVLFROyJLFDVLQODDXWRUL]DFLyQ\FRQWUDORUGHO0pGLFR
E5HFHWDU
F5HSHWLURPRGLILFDUODVSUHVFULSFLRQHVGHOSURIHVLRQDO0pGLFRVLQODGHELGDDXWRUL]DFLyQ
$UWtFXOR3XHGHQPDWULFXODUVHORV'RFWRUHVHQ3VLFRORJtD/LFHQFLDGRVHQ3VLFRORJtD\3VLFyORJRV
TXHFXPSODQORVUHTXLVLWRVH[LJLGRVHQHO&DStWXOR,
'(/)212$8',2/2*2
$UWtFXOR 6HHQWLHQGHSRUHMHUFLFLRGHOD)RQRDXGLRORJtDHOHVWXGLRGHORVQLYHOHVGHDXGLFLyQOD
UHHGXFDFLyQRUHKDELOLWDFLyQGHODYR]ODSDODEUD\HOOHQJXDMHGHODVSHUVRQDV
$UWtFXOR (OIRQRDXGLyORJRHQHOHMHUFLFLRGHVXDFWLYLGDGHVWiREOLJDGRDGHPiVGHORSUHVFULSWR
SRUHODUWtFXORD
D(MHUFHUSRULQGLFDFLyQ\ SUHVFULSFLyQGHOSURIHVLRQDOFRUUHVSRQGLHQWH
E (MHUFHU GHQWUR GH ORV OtPLWHV GH VX DFWLYLGDG EDMR OD VXSHUYLVLyQ \ HO FRQWUDORU GHO SURIHVLRQDO
FRUUHVSRQGLHQWH
$UWtFXOR $GHPiVGHORHVSHFLILFDGRHQHODUWtFXORWDPELpQOHHVWiSURKLELGRDO)RQRDXGLyORJR
UHSHWLURPRGLILFDUODVLQGLFDFLRQHVRSUHVFULSFLRQHVGHOSURIHVLRQDO0pGLFRVLQODGHELGDDXWRUL]DFLyQ
$UWtFXOR 3XHGHQPDWULFXODUVHORV)RQRDXGLyORJRV)RQLDWUDV\JUDGXDGRVHQFDUUHUDVFRQHVWXGLRV
HTXLYDOHQWHVTXHFXPSODQFRQORVUHTXLVLWRVH[LJLGRVHQHO&DStWXOR,
'(/$6,67(17(62&,$/
$UWtFXOR 6HHQWLHQGHSRUHMHUFLFLRGHODDFWLYLGDGGH$VLVWHQWH6RFLDO GHQWURGHOiPELWRGHHVWD
OH\ OD FRODERUDFLyQ FRQ 0pGLFRV X 2GRQWyORJRV HQ ORV HVWXGLRV GH KLJLHQH VDQLWDULD FRQWUDORU GHO
FXPSOLPLHQWRGHODVSUHVFULSFLRQHVPpGLFDVRGHSURILOD[LVODHQVHxDQ]D\GLIXVLyQHQODSREODFLyQGH
SULQFLSLRV EiVLFRV GH PHGLFLQD X RGRQWRORJtD SUHYHQWLYD \ HO UHOHYDPLHQWR H LQIRUPDFLyQ
VRFLRHFRQyPLFDGHODPLVPDHQORVFDVRVHQTXHVHOHUHTXLHUDQ
$UWtFXOR (O $VLVWHQWH 6RFLDO HQ HO HMHUFLFLR GH VX DFWLYLGDG \ GHQWUR GH ORV OtPLWHV GHO DUWtFXOR
HVWiREOLJDGRDGHPiVGHORSUHVFULSWRHQHODUWtFXORDDFWXDUSRULQGLFDFLyQ\EDMRHOFRQWUDORU
GHOSURIHVLRQDOTXHUHTXLHUDVXFRODERUDFLyQ
$UWtFXOR $GHPiV GH OR HVSHFLILFDGR HQ HO DUWtFXOR WDPELpQ OH HVWi SURKLELGR DO $VLVWHQWH
6RFLDO
D5HDOL]DUDFFLRQHVSUHYHQWLYDVVLQDXWRUL]DFLyQ
E'LVWULEXLURSURYHHUPHGLFDPHQWRVVLQDXWRUL]DFLyQ
F5HSHWLURPRGLILFDUSODQHVRLQGLFDFLRQHVHPDQDGDVGHSURIHVLRQDOHVRDXWRULGDGFRPSHWHQWHVLQOD
UHVSHFWLYDDXWRUL]DFLyQ
G'HVDUUROODUDFWLYLGDGGHHQIHUPHUtD
'(/7e&1,&2'(17$/
$UWtFXOR 6H FRQVLGHUD HMHUFLFLR GH OD DFWLYLGDG GH 7pFQLFR'HQWDOD ODHODERUDFLyQPHFiQLFDGH
SUyWHVLVGHQWDOHVSRUSUHVFULSFLyQGHO2GRQWyORJR
$UWtFXOR (O7pFQLFR'HQWDOHQHMHUFLFLRGHVXDFWLYLGDGHVWiREOLJDGRDGHPiVGHORHVWDEOHFLGRHQ
HODUWtFXORLQFLVRVGHI\KD
D(ODERUDUODVSUyWHVLVGHQWDOHVFXPSOLHQGRWRWDOPHQWHODVLQVWUXFFLRQHVGHO2GRQWyORJR
E/OHYDUXQOLEURGHUHJLVWURHQHOTXHVHFRQVLJQDUiQORVWUDEDMRVTXHUHFLEDSDUDVXHMHFXFLyQFRPR
DVLPLVPRFRQVLJQDUODVGHULYDFLRQHVDRWUR7pFQLFR
F,QVFULELUVHHQODPDWUtFXOD
$UWtFXOR /HHVWiSURKLELGRDO7pFQLFR'HQWDODGHPiVGHORHVWDEOHFLGRHQHODUWtFXORLQFLVRV
KLMNOQxR\T
D3UHVWDUDVLVWHQFLDRGRQWROyJLFDDODVSHUVRQDV
E(MHFXWDUWUDEDMRVVLQODFRUUHVSRQGLHQWHDXWRUL]DFLyQGHO2GRQWyORJR
F5HHPSOD]DURPRGLILFDUODVSUHVFULSFLRQHVGHO2GRQWyORJR
G 7HQHU HQ VX ORFDO GH WUDEDMR VLOOyQ GHQWDO R LQVWUXPHQWDO R PDWHULDO GH XVR H[FOXVLYR GHO
2GRQWyORJR
$UWtFXOR (O 7pFQLFR 'HQWDO VyOR SXHGH DQXQFLDUVH \ RIUHFHU VXV VHUYLFLRV D 2GRQWyORJRV
GLUHFWDPHQWHRSRUPHGLR GHUHYLVWDVHVSHFLDOL]DGDVHQ2GRQWRORJtD
$UWtFXOR 3XHGHQPDWULFXODUVHORV7pFQLFRV'HQWDOHVTXHUH~QDQODVFRQGLFLRQHVHVWDEOHFLGDVHQHO
&DStWXOR,
'(/7e&1,&2'(/$8;,/,$5<'(/35(3$5$'25
$UWtFXOR 6H HQWLHQGH SRU 7pFQLFR $X[LOLDU R 3UHSDUDGRU D OD SHUVRQD TXH WHQLHQGR WtWXOR
KDELOLWDQWHVHGHVHPSHxDFRPRFRODERUDGRULQPHGLDWRGHORVSURIHVLRQDOHVGHTXHWUDWDHVWDOH\RTXH
UHDOLFHQ R FRQIHFFLRQHQ HOHPHQWRV LQGLVSHQVDEOHV SDUDOD FRQVHUYDFLyQUHFXSHUDFLyQ RUHKDELOLWDFLyQ
GHODVDOXGGHODVSHUVRQDV/DUHJODPHQWDFLyQHVWDEOHFHUiHODOFDQFHGHVXVDWULEXFLRQHVGHDFXHUGRDO
WtWXORTXHSRVHDQ
$UWtFXOR(VWiQFRPSUHQGLGRVHQHOSUHVHQWH&DStWXORHO$X[LOLDU7pFQLFRGH$QHVWHVLD$X[LOLDUHV
7pFQLFRV GH /DERUDWRULR HQ VXV GLVWLQWDV HVSHFLDOLGDGHV $X[LOLDU 7pFQLFR GH 5DGLRORJtD $X[LOLDU
7pFQLFR GH +HPRWHUDSLD 7HUDSLVWD 2FXSDFLRQDO 3UHSDUDGRUHV GH )DUPDFLD 7pFQLFRV 2UWpVLFRV
3URWpVLFRVRGHO&DO]DGR2UWRSpGLFR7pFQLFR2SWLFR\&RQWDFWyORJR\DTXHOORVWpFQLFRVDX[LOLDUHVR
SUHSDUDGRUHV TXH ODV 8QLYHUVLGDGHV DUJHQWLQDV \ ORV ,QVWLWXWRV RILFLDOPHQWH UHFRQRFLGRV KD\DQ
GLSORPDGRRGLSORPHQHQHOIXWXUR
$UWtFXOR (O7pFQLFR$X[LOLDUR3UHSDUDGRUHQHOHMHUFLFLRGHVXDFWLYLGDGHVWiREOLJDGRDFXPSOLU
FRQ OR SUHVFULSWRHQ HO DUWtFXOR GHHVWDOH\\HQODUHJODPHQWDFLyQUHVSHFWLYD\DGHPiVDFWXDUSRU
LQGLFDFLyQSUHVFULSFLyQ\EDMRHOFRQWUDORUGHOSURIHVLRQDOGHODVDOXGTXHUHTXLHUDVXFRODERUDFLyQ
$UWtFXOR $GHPiV GH OR HVSHFLILFDGR HQ HO DUWtFXOR GH HVWD OH\ \ HQ OD UHJODPHQWDFLyQ
UHVSHFWLYD WDPELpQ OH HVWi SURKLELGR DO 7pFQLFR $X[LOLDU R 3UHSDUDGRU UHDOL]DU WUDEDMRV YHQGHU
DSDUDWRV PRGLILFDU R UHSHWLU ODV LQGLFDFLRQHV LQVWUXFFLRQHV R SUHVFULSFLRQHV GHO SURIHVLRQDO
FRUUHVSRQGLHQWHVLQDXWRUL]DFLyQGHOPLVPR
'(/$6$&7,9,'$'(65(/$&,21$'$6
$UWtFXOR 7RGRV DTXHOORV TXH HMHU]DQ DFWLYLGDGHV VREUH OD SHUVRQD KXPDQD QR GHVFULSWDV
SUHFHGHQWHPHQWH WDOHV FRPR SHGLFXURV FRVPHWyORJRV PDQLFXUDV \ UHVSRQVDEOHV GH HVWDEOHFLPLHQWRV
GHJLPQDVLDEDxRV\PRGHODFLyQFRUSRUDOGHEHUiQOLPLWDUVXVDFWLYLGDGHVDODVSHUVRQDVTXHDFUHGLWHQ
QR SDGHFHU SUREOHPDV GH VDOXG TXH OHV LPSRVLELOLWH UHFLELU ODV PLVPDV HQFRQWUiQGRVH VXMHWRV D OD
UHJODPHQWDFLyQUHVSHFWLYD
$UWtFXOR 'LFKDV SHUVRQDV GHEHUiQ LQVFULELUVH HQ HO UHJLVWUR TXH OD PHQFLRQDGD UHJODPHQWDFLyQ
HVWDEOH]FD
&$3,78/2,,,
'(/26(67$%/(&,0,(1726$6,67(1&,$/(6
$UWtFXOR /RVSURIHVLRQDOHV\DX[LOLDUHVTXHUHJXODODSUHVHQWHOH\HMHUFHUiQHQFRQVXOWRULRORFDO
RHVWDEOHFLPLHQWRVTXHVHGHVWLQHQDODVDFFLRQHVGHSURPRFLyQSURWHFFLyQRUHFXSHUDFLyQGHODVDOXG
D OD HGXFDFLyQ ItVLFD UHFXSHUDFLyQ HVWpWLFD \ UHKDELOLWDFLyQ DO DOEHUJXH\ DPSDUR VRFLDO GH SHUVRQDV
SDUDVXFXLGDGR\UHFUHDFLyQ\DFXDOTXLHURWUDIRUPDGHSUHVWDFLyQGHVHUYLFLRVDVLVWHQFLDOHV
$UWtFXOR 'LFKRVHVWDEOHFLPLHQWRVVHUHJLUiQSRUORTXHGLVSRQJDODUHJODPHQWDFLyQUHVSHFWLYDHQ
FXDQWR D FRQGLFLRQHV HGLOLFLDV GH KLJLHQH VDOXEULGDG HOHPHQWRV SHUVRQDO \ GHPiV DVSHFWRV HQ
UHODFLyQ DO WLSR GH SUHVWDFLyQ TXH UHDOLFHQ (Q OD PLVPD VH HVWDEOHFHUiQ ORV UHTXLVLWRV SDUD VX
KDELOLWDFLyQ\VXSHUYLVLyQSRUHORUJDQLVPRFRPSHWHQWH
&$3,78/2,9
'(/266,67(0$6'(),1$1&,$&,21
$UWtFXOR /RV VLVWHPDV GH ILQDQFLDFLyQ GHVWLQDGRV D SRVLELOLWDU ODV GLVWLQWDV DFFLRQHV GH VDOXG
HQFXDGUDGDV HQ OD SUHVHQWH OH\ GHEHUiQ VDWLVIDFHU ODV H[SHFWDWLYDV GH OD SREODFLyQ VHJ~Q OR
HVSHFLILFDGR HQ HO &DStWXOR , \ HVSHFLDOPHQWH ODV SUHYLVLRQHV GHO DUWtFXOR LQFLVRV D E \ F
UHFRQRFLHQGRHOGHUHFKRDODOLEUHHOHFFLyQGHOSURIHVLRQDOWpFQLFRRDX[LOLDUGHODVDOXGHQODVPLVPDV
FRQGLFLRQHVSUHYLVWDVSDUDORVSURIHVLRQDOHVLQVFULSWRVRSURSLRVGHODLQVWLWXFLyQ
$UWtFXOR /RV VLVWHPDV ILQDQFLHURV D TXH VH UHILHUH HO DUWtFXOR DQWHULRU GHEHUiQ SUHYHU UHFXUVRV
VXILFLHQWHVSDUDUHWULEXLUDOSHUVRQDOLQFOXLGRHQHVWDOH\HQUHODFLyQFRQODVMHUDUTXtDVTXHVXSRQHQODV
GLVWLQWDVDFFLRQHVGHVDOXG
$UWtFXOR (O (VWDGR 3URYLQFLDO GHVWLQDUi VXV UHFXUVRV SULQFLSDOPHQWH D ORV VHFWRUHV PiV
YXOQHUDEOHVRGHPHQRUHVSRVLELOLGDGHVFXPSOLHQGRFRQVXIXQFLyQVXEVLGLDULD
&$3,78/29
',6326,&,21(675$16,725,$6
$UWtFXOR /DVSHUVRQDVFX\DVDFWLYLGDGHVHVWDOH\UHJXODTXHDODIHFKDGHODSURPXOJDFLyQGHOD
PLVPDHVWpQPDWULFXODGDV\KD\DQHMHUFLGRSRUWUHVDxRVFRQVHFXWLYRVHQLGpQWLFDVFLUFXQVWDQFLDVDODV
HVSHFLILFDGDV HQ HO LQFLVR I GHO DUWtFXOR GH OD PLVPD TXHGDQ DXWRUL]DGDV D PDWULFXODUVH SDUD HO
HMHUFLFLRGHVXDFWLYLGDGHQHVHOXJDUHQIRUPDSHUPDQHQWH
$UWtFXOR /DV SHUVRQDVTXH DOD IHFKDGH ODSURPXOJDFLyQGHODSUHVHQWHOH\HMHU]DQDFFLRQHVGH
VDOXGVLQHOGHELGRWtWXORRSUHSDUDFLyQSRGUiQVHJXLUHMHUFLHQGRVLHPSUHTXHVHDMXVWHQDORVOtPLWHV
TXHVHHVWDEOH]FDQSDUDODVPLVPDVHQODUHJODPHQWDFLyQGHODSUHVHQWHOH\
'(/$/(*,6/$&,219,*(17(
$UWtFXOR 'HUyJDQVHODV/H\HV1GH(MHUFLFLRGHOD0HGLFLQD1GHO(MHUFLFLRGHOD
2GRQWRORJtD \ 1 GHO (MHUFLFLR GH OD 3HGLFXUtD FRPRDVt WDPELpQ WRGD RWUDGLVSRVLFLyQ TXHVH
RSRQJDDODSUHVHQWHOH\
$UWtFXOR 7pQJDVHSRU/H\GHOD3URYLQFLDF~PSODVHFRPXQtTXHVHSXEOtTXHVHGHVHDO5HJLVWUR\
%ROHWtQ2ILFLDO\DUFKtYHVH
&$5/26%(51$5'2&+$66(,1* -RUJH(0DUWLQH]7KRPSVRQ
3URPXOJDGRSRU'HFUHWR1
&yUGREDGH1RYLHPEUHGH
$6(
HOVHxRU*REHUQDGRUGHOD3URYLQFLD
*HQHUDOGH%ULJDGDU
&$5/26%(51$5'2&+$66(,1*
6
'
0HGLULMRD9(DILQGHVRPHWHUDVXFRQVLGHUDFLyQHOSUR\HFWRGH/H\GH(MHUFLFLRGHODV3URIHVLRQHV
\ $FWLYLGDGHV 5HODFLRQDGDV FRQ OD 6DOXG +XPDQD VXEVWLWXWLYD GH OD /H\ GH (MHUFLFLR GH OD
0HGLFLQD
6RQVXVIXQGDPHQWRV
/D /H\ TXH OOHQy HQ VX RSRUWXQLGDG XQ YDFtR HQ PDWHULD VDQLWDULD KD SHUGLGR YLJHQFLD HQ OD
DFWXDOLGDGSRUQRDGHFXDUVHDODVQHFHVLGDGHVGHODPHGLFLQDPRGHUQD)XHGLFWDGDKDFHRFKHQWDDxRV
FXDQGRHOHPSLULVPRSULYDEDVREUHORFLHQWtILFR\ODVSURIHVLRQHVGHODUWHGHFXUDUHUDQOLPLWDGDV+R\
HQ FDPELR OD UHDOLGDG FLHQWtILFD \ VRFLDO KD YDULDGR \ OD FRPSOHMLGDG GHO HMHUFLFLR GH GLFKDV
SURIHVLRQHVH[LJHXQDUHJXODFLyQLQWHJUDO
/DLGHDIXQGDPHQWDOTXHLQVSLUD HOSUR\HFWRHVODGHSURPRYHU\SURFXUDUXQDPHGLFLQDDOVHUYLFLRGHO
KRPEUH(VWHVHUWUDVFHQGHQWHFRPSXHVWRGHDOPD\FXHUSRGRWDGRGHOGRQVXSHULRUGHODOLEHUWDGHV
FHQWUR\SUHRFXSDFLyQGHODVFLHQFLDV\HODUWHGHFXUDU(VWDFRQFHSFLyQVXVWDQFLDOLQIRUPDWRGDVODV
GLVSRVLFLRQHVGHOD/H\\ DHOODVHVXERUGLQDQORVGLVWLQWRVPHGLRV RSURFHGLPLHQWRVTXHVHSRQHQDO
DOFDQFHGHTXLHQHVDVXPHQODUHVSRQVDELOLGDGGHSURWHJHUSURPRYHUUHFXSHUDURUHKDELOLWDUODVDOXG
(O VHUYLFLR D OD SHUVRQD KXPDQD FRQ WRGRV VXV DWULEXWRV FHQWUD HO HVIXHU]R GH WRGRV DTXHOORV TXH
LQWHJUDQ HO HTXLSR GH VDOXG 1DGD TXH YXOQHUH HQ VXV DVSHFWRV IXQGDPHQWDOHV OD LQWHJULGDG GH GLFKD
SHUVRQDSXHGHVHUDGPLWLGRHQXQDPHGLFLQDSXHVWDDOVHUYLFLRGHOKRPEUH(QHIHFWRDSR\iQGRVHHQ
XQDYLVLyQJOREDOGHOKRPEUHTXHVXSHUHXQDVLPSOHDSUR[LPDFLyQELROyJLFDRPHFDQLFLVWDORJUDUHPRV
XELFDUQRVHQXQDSRVWXUDHVSLULWXDO\HWHUQD'HWDOHVFRQVLGHUDFLRQHVVXUJHHOUHVSHWRTXHGHEHPRVD
ODLQWHJULGDGGHORUJDQLVPRKXPDQR\VXVIXQFLRQHV
6H SUHWHQGH XQD PHGLFLQD FDOLILFDGD \ SHUVRQDOL]DGD FRQ XQD FODUD LGHQWLILFDFLyQ GHO SDFLHQWH FRPR
REMHWLYR IXQGDPHQWDO \ FRPR SHUVRQD HQ GLJQLGDG \ OLEHUWDG GRQGH VH UHVSHWHQ ODV FDUDFWHUtVWLFDV
HVHQFLDOHV GHO DFWR PpGLFR \ VH UHFRQR]FDQ QRUPDV PRUDOHV LQDOWHUDEOHV \ OD MHUDUTXtD GH YDORUHV
GHULYDGRVGHXQRUGHQDPLHQWRSHUPDQHQWH\HWHUQR
6LHOGHUHFKRDODVDOXGKDVLGRUHFRQRFLGRFRPRXQRGHORVGHUHFKRVLQGLVFXWLEOHVGHODSHUVRQDQRHV
PHQRVFLHUWRTXHODPDQHUDGHRWRUJDUORKDYDULDGRVHJ~QORVVLVWHPDVRILORVRItDVGHORV(VWDGRV6LQ
HPEDUJRQRVKHPRVLQFOLQDGRSRUXQDQRUPDTXHIDFLOLWDHOHMHUFLFLRGHHVHGHUHFKRVHJ~QODOLEHUWDG
GHHOHJLU\DFHSWDU
6L HVWD PHGLFLQD HVWi DO VHUYLFLR GHO KRPEUH ODV GLVSRVLFLRQHV TXH ULJHQ VX HMHUFLFLR GHEHQ WHQHU VX
LQVSLUDFLyQHQHOGHUHFKRQDWXUDO\HVWHSURFODPDFRPRIXQGDPHQWDOHOGHUHFKRDODYLGDTXHQLQJXQD
OH\ SRVLWLYD GHEH GHVFRQRFHU 'HEHPRV UHDILUPDU TXH HO GRQ GH OD YLGD HV XQ ELHQ SULPRUGLDO
UHFRQRFLGR VXFHVLYDPHQWH HQ HO GHFXUVR GH OD KLVWRULD SRU WRGDV ODV FLYLOL]DFLRQHV &RQ HVWH ILQ VH
SURKLEHWRGDSUiFWLFDTXHWLHQGDDLQWHUUXPSLUOD\DGHVGHHOPLVPRPRPHQWRGHODFRQFHSFLyQ&RQHO
PLVPRFULWHULRVHH[FOX\HODHXWDQDVLDD~QFRQHOFRQVHQWLPLHQWRGHOSDFLHQWHRVXVIDPLOLDUHV
7DPELpQ OD SURSDJDFLyQ GH OD YLGD IDFXOWDG H[FHOVD TXH HMHUFH HO KRPEUH HQ XQD FRSDUWLFLSDFLyQ
FUHDGRUD H[LJH TXH VH KDJD VHJ~Q OD QDWXUDOH]D OR KD HVWDEOHFLGR 3RU HOOR UHVXOWDQ LOtFLWRV OD
LQVHPLQDFLyQDUWLILFLDORODSURFUHDFLyQSRUPHGLRVQRQDWXUDOHV
$Vt HQWHQGLGR HO GRQ GH OD YLGD H[FHGH D OD GHFLVLyQ H[FOXVLYD GHO LQGLYLGXR GHO SDFLHQWH R GH VXV
IDPLOLDUHV/DYLGDGHEHSURWHJHUVH\UHVSHWDUVH/DFRQVHUYDFLyQGHODYLGDHVREOLJDWRULDFXDQGRHOOD
GHSHQGHGHPHGLRVRUGLQDULRV3DUDODSURORQJDFLyQGHODYLGDODDSOLFDFLyQGHPHGLRVH[WUDRUGLQDULRV
TXHGDUiUHVHUYDGDDOVDQRMXLFLRGHOPpGLFR\DODYROXQWDGGHOSDFLHQWHRGHVXVIDPLOLDUHVHQFDVRGH
LPSHGLPHQWRGHpVWH
5HVXOWD DGHPiV HYLGHQWH TXH VL OD OH\ GHEH EDVDUVH VREUH HO VHU \ VX QDWXUDOH]D \ HO UHVSHWR D OD
LQWHJULGDG FRUSRUDO \ VXV IXQFLRQHV TXH \D KHPRV PHQFLRQDGR QR SXHGHQ DGPLWLUVH ORV
SURFHGLPLHQWRV TXH OLPLWHQ OD IDFXOWDG GH SURFUHDU R GLUHFWDPHQWH OD HOLPLQHQ GH DOOt TXH OD OH\
HVWDEOH]FD TXH HVWiQ SURKLELGDV ODV LQWHUYHQFLRQHV R SUiFWLFDV TXH SURYRTXHQ HVWHULOL]DFLyQ GLUHFWD R
LQGLUHFWDSRUPHGLRVWHUDSpXWLFRVRPHGLFDPHQWRVRVTXHVHSUHVFULEDQFRQHVHREMHWLYRIXQGDPHQWDO
(QVtQWHVLVODOH\EXVFDXQMXVWRHMHUFLFLRGHODVSURIHVLRQHV\HODUWHGHFXUDUWRPDQGRFRPRSXQWRGH
SDUWLGD DO KRPEUH DO VHUYLFLR GHO FXDO VH SUR\HFWDQ ODV DFFLRQHV GH WRGRV ORV TXH DVXPHQ OD DOWD
UHVSRQVDELOLGDG GH SURPRYHU SURWHJHU UHFXSHUDU R UHKDELOLWDU OD VDOXG 6H KD SURFXUDGR DEDUFDU ORV
DVSHFWRVGHRQWROyJLFRVGHOHMHUFLFLRGHODVPLVPDV\DTXHQRVHUtDSRVLEOHFRQFHELUXQDOH\TXHUHJXOH
HODFFLRQDUWpFQLFRGHORVSURIHVLRQDOHV\DX[LOLDUHVTXHGHVFXLGDUDODVREOLJDFLRQHVGHRUGHQPRUDO
(O GHUHFKRPpGLFR TXH LJQRUDUD OD PRUDO R VH FRQWUDSXVLHUD DOD PLVPD LPSOLFDUtDLUUHYHUVLEOHPHQWH
XQD JHQXLQD FRQWUDGLFFLyQ /DV REOLJDFLRQHV \ SURKLELFLRQHV HQXPHUDGDV HQ ORV DUWtFXORV \ SUHWHQGHQSUHFLVDPHQWHORJUDUXQDDUPRQLRVDUHODFLyQHQWUHHOGHUHFKRSRVLWLYR\ODVQRUPDVpWLFDV
/D OH\ FRQVWD GH GRV SDUWHV IXQGDPHQWDOHV OD SULPHUD WUDWD GHO HMHUFLFLR GH ODV SURIHVLRQHV \
DFWLYLGDGHV HQ JHQHUDO HQ OD FXDO VH FRQWHPSODQ QR VyOR ORV GHUHFKRV \ REOLJDFLRQHV GH ODV SHUVRQDV
GHGLFDGDVDGLFKRHMHUFLFLRVLQRWDPELpQHOJRELHUQRGHODPDWUtFXODUHWULEXFLyQIRUPDGHDWHQFLyQ
UHFRQRFLPLHQWRGHHVSHFLDOLGDGHV\DSOLFDFLyQGHVDQFLRQHV
'HQWURGHODVREOLJDFLRQHVXQRGHORVDVSHFWRVTXHVHKDWRPDGRHQFXHQWDVHUHILHUHDODH[LJHQFLDGH
TXHWRGRSURIHVLRQDODOSHUFLELUVXVKRQRUDULRVGHEHUiKDFHUFRQRFHUDOSDFLHQWHFXiOHVODUHWULEXFLyQ
SRUVXDFWLYLGDGFRPRDVLPLVPRODGHORVRWURVSURIHVLRQDOHV\DX[LOLDUHVTXHKD\DQFRODERUDGRHQHO
DFWR PpGLFR D ILQ GH TXH TXHGH FODUDPHQWH HVSHFLILFDGD OD UHWULEXFLyQ LQGLYLGXDO 6H UHODFLRQD HVWH
DVSHFWRFRQODSURKLELFLyQGHSDUWLFLSDUKRQRUDULRVDSHUVRQDVH[WUDxDVDODFWRPpGLFR
6H SURKLEH HO HMHUFLFLR GH DFWRV TXH QR VHDQ ORV HVSHFtILFRV GH FDGD SURIHVLyQ R DFWLYLGDG
SHUPLWLpQGRVHHQ FDVRV GH H[WUHPDXUJHQFLD \ FXDQGRQR KD\DSHUVRQDKDELOLWDGDSDUDWDOILQWRPDU
PHGLGDVGHHPHUJHQFLDFRPRFDVRUHDOPHQWHGHH[FHSFLyQ
6H KDFH UHIHUHQFLD HQ HVWD SDUWH JHQHUDO HQ OR UHODWLYR D PDWUtFXOD VDQFLRQHV HWF D HQWLGDGHV
GHRQWROyJLFDVTXHDFWXDUiQHMHUFLHQGRIDFXOWDGHVGHOHJDGDVSRUHO(VWDGRSXHVH[LVWHQHQOD3URYLQFLD
GLFKRVRUJDQLVPRVOHJDOPHQWHFUHDGRVTXHFXPSOHQWDOHVIXQFLRQHV
(Q FXDQWR D ODV HVSHFLDOLGDGHV DGHPiV GH HVWDEOHFHU OD QHFHVLGDG GH FXPSOLU ORV UHTXLVLWRV GH OD
SUHVHQWHOH\VHGHWHUPLQDTXHSRUXQDUHJODPHQWDFLyQHVSHFLDOVHILMDUiQODVQRUPDVTXHFRQWHPSOHQ
OD VLWXDFLyQ GH OR SURIHVLRQDOHV TXH SRU GLVWLQWDV FLUFXQVWDQFLDV QR UH~QDQ DSDUHQWHPHQWH WRGDV ODV
H[LJHQFLDV SDUD DQXQFLDUVH \ DFWXDU FRPR HVSHFLDOLVWDV SHUR SRVHDQ VROYHQFLD \ FDSDFLGDG SDUD
KDFHUOR DVSHFWRV TXH SRU HQWHQGHUORV GH FDUiFWHU WUDQVLWRULR VH FRQVLGHUD PDV FRQYHQLHQWH VH
UHVXHOYDQSRUYtDGHXQDUHJODPHQWDFLyQ\QRGHODOH\
/D VHJXQGD SDUWH GH HVWD OH\ HQ FDPELR FRQWHPSOD HO HMHUFLFLR GH ODV SURIHVLRQHV \ DFWLYLGDGHV HQ
SDUWLFXODU 6H UHJXODQ DVt ODV DFWLYLGDGHV GH PpGLFRV RGRQWyORJRV ELRTXtPLFRV IDUPDFpXWLFRV
REVWpWULFDV NLQHVLyORJRV R ILVLRWHUDSHXWDV SVLFyORJRV IRQRDXGLyORJRV DVLVWHQWHV VRFLDOHV WpFQLFRV
GHQWDOHV WpFQLFRV DX[LOLDUHV \ DFWLYLGDGHV UHODFLRQDGDV FRQ OD PHGLFLQD FRVPHWyORJRV SHGLFXURV
PDQLFXURV\RWURV
$OUHJXODUDVt ODVDFWLYLGDGHVDX[LOLDUHVGHODUWHGHFXUDUVHDFW~DGHHVWHPRGRHQFRQVRQDQFLDFRQ
ODVRULHQWDFLRQHVGHODPHGLFLQDPRGHUQDTXHLQFRUSRUD\FRQVROLGDODDFWXDFLyQGHOHTXLSRGHVDOXG
(VWRDVXYH]HQWHQGHPRVQRVHFRQWUDSRQHDQXHVWUDGHFODUDGDSRVLFLyQGHSURPRYHUXQDPHGLFLQD
GHODSHUVRQD(QHIHFWRORVGLVWLQWRVLQWHJUDQWHVGHOHTXLSRGHVDOXGGHEHQHQVDPEODUDUPyQLFDPHQWH
VXVHVIXHU]RVSDUDREWHQHUXQPHMRUUHQGLPLHQWRORFXDOQRVXSRQHXQDLQWHUIHUHQFLDRXQREVWiFXORD
ODUHODFLyQLQWHUSHUVRQDOTXHH[LJHHODFWRPpGLFR
(VWDOH\WUDWDGHFRQFLOLDUDUPyQLFDPHQWHWRGDVODVSURIHVLRQHVRDFWLYLGDGHVTXHODPHGLFLQDPRGHUQD
KD LQYROXFUDGR HQ OD DWHQFLyQ GH ODV SHUVRQDV 6H DGYLHUWH HQ DOJXQRV FDVRV TXH SXHGHQ LPEULFDUVH
FLHUWRV FDPSRV GH DFFLyQ TXH HQ HO IXWXUR SXHGHQ UHVXOWDU PiV GHILQLGRV 6H KD SUHWHQGLGR FUHDU HO
PDUFRUHIHUHQFLDOGHMDQGRSDUDODVUHVSHFWLYDVUHJODPHQWDFLRQHVWRGRDTXHOORTXHVLJQLILTXHDVSHFWRV
SDUWLFXODUHVRGHPD\RUGHWDOOH
&XDQGR HQ HO WH[WR VH KDEOD GH HMHUFLFLR GH OD PHGLFLQD VH HPSOHD HO WpUPLQR HQ VHQWLGR JHQpULFR
LQFOX\HQGRDODVGLVWLQWDVSURIHVLRQHV\DFWLYLGDGHVGHODUWHGHFXUDU
&RQ UHVSHFWR D ODV DFWLYLGDGHV UHODFLRQDGDV DUWtFXORV \ VL ELHQ QR HQFXDGUDQ GHQWUR GHO
HMHUFLFLRHVWULFWRGHODPHGLFLQD\DFWLYLGDGHVDX[LOLDUHVVHODVFRQVLGHUDSRUTXHVXDFFLRQDUVREUHHO
RUJDQLVPRKXPDQRVLQHOGHELGRFRQWUDORUPpGLFRSXHGHRFDVLRQDUVHULRVLQFRQYHQLHQWHVGHVDOXG
(OSUHVHQWHSUR\HFWRSUHYpODVQRUPDVOHJDOHVDTXHGHEHUiQDMXVWDUVHORVHVWDEOHFLPLHQWRVGHVDOXGDVt
FRPRWDPELpQODVGLVSRVLFLRQHVDTXHVHGHEHUiQVRPHWHUORVVLVWHPDVGHVWLQDGRVDODILQDQFLDFLyQGH
OD VDOXG KDELpQGRVH ILMDGR FRQ UHVSHFWR D HVWRV WHPDV VyOR ORV SULQFLSLRV EiVLFRV D ORV TXH GHEHUiQ
DMXVWDUVHODVOH\HVRGHFUHWRVTXHSDUDVXLPSOHPHQWDFLyQVHGLFWHQ
9ROYDPRVDVHxDODUTXHORVDVSHFWRVpWLFRVDGHPiVGHORVWpFQLFRVKDQWUDWDGRGHVHUFXLGDGRVDPHQWH
YDORUDGRV /D GLJQLGDG SURIHVLRQDO WDQWR HQ ODV SURIHVLRQHV SULPDULDV R LQGHSHQGLHQWHV FRPR HQ
DTXHOODVTXHOHSUHVWDQFRODERUDFLyQRDX[LOLRKDVLGRFHORVDPHQWHJXDUGDGD
3RU ~OWLPR HVWD OH\ UHLYLQGLFD SDUD OD 3URYLQFLD HO HMHUFLFLR GH LQDOLHQDEOHV IDFXOWDGHV GHO SRGHU GH
SROLFtDHQPDWHULDGHODYLJLODQFLDGHOHMHUFLFLRSURIHVLRQDOFRQHOILUPHFRQYHQFLPLHQWRGHTXHXQD
FRQFUHWDDSOLFDFLyQGHODPLVPDVLJQLILFDUiXQYDOLRVRDSRUWHSDUDREWHQHUHOPHMRUQLYHOGHVDOXGHQOR
ItVLFR\HVSLULWXDOGHVXVKLMRV
/D SUHVHQWH OH\ VH HQFXDGUD HQ ORV 2EMHWLYRV %iVLFRV SDUD HO 3URFHVR GH 5HRUJDQL]DFLyQ 1DFLRQDO
SXQWRV HQ FXDQWR WLHQGH D OD REWHQFLyQ GHO ELHQHVWDU JHQHUDO D WUDYpV GHO WUDEDMR IHFXQGR FRQ
LJXDOGDGGHRSRUWXQLGDGHV\XQDGHFXDGRVHQWLGRGHMXVWLFLDVRFLDO
)LQDOPHQWH VH GHEH GHVWDFDU TXH HQ OD HODERUDFLyQ GHO DQWHSUR\HFWR GH HVWD OH\ VH KD FRQVXOWDGR OD
RSLQLyQ GH ORV RUJDQLVPRV UHSUHVHQWDWLYRV GH ODV GLIHUHQWHV SURIHVLRQHV \ DFWLYLGDGHV TXH HVWiQ
FRPSUHQGLGDVHQHOPLVPR
7DPELpQ LQWHJUDURQ OD &RPLVLyQ $VHVRUD TXH HODERUy HO SULPHU $QWHSUR\HFWR UHSUHVHQWDQWHV GH OD
8QLYHUVLGDG1DFLRQDOGH&yUGRED\8QLYHUVLGDG&DWyOLFDGH&yUGRED
$ SRVWHULRUL GH ODV PRGLILFDFLRQHV LQWURGXFLGDV SRU OD &RPLVLyQ $G+RF GHVLJQDGD SRU HO &RQVHMR
$VHVRU 7pFQLFR GH OD 6HFUHWDUtD GH (VWDGR GH 6DOXG 3~EOLFD HO $QWHSUR\HFWR IXH DQDOL]DGR SRU ORV
,QVWLWXWRV GH 'HUHFKR &RQVWLWXFLRQDO \ 'HUHFKR $GPLQLVWUDWLYR GH OD 8QLYHUVLGDG 1DFLRQDO GH
&yUGREDFX\RVLQIRUPHVVHDGMXQWDQ
'LRVJXDUGHD9(
-RUJH(0DUWtQH]7KRPSVRQ
