9 Monitoreo de los bosques de la amazonia colombiana

Anuncio
021,725(2'(/26%2648(6'(/$
$0$=21,$&2/20%,$1$
8ULHO*RQ]DOR0XUFLD*DUFtD-XDQ0DQXHO5RGULJXH]5RQGyQ
+HQU\2PDU&DVWHOODQRV4XLUR]
)RUPDFLyQURFRVDGHOHVFXGR*XD\DQpV8ULHO0XUFLD
5(680(1
/
D$PD]RQLDFRORPELDQDFXEUHNP\
FHUFDGHOWLHQHFREHUWXUDGHERVTXHVQD
WXUDOHVVLQHPEDUJRHQDOJXQRVVHFWRUHVH[LV
WHQSURFHVRVGHLQWHUYHQFLyQTXHORVSRQHQHQULHVJR
FRPR FRQVHFXHQFLD GH ORV SURFHVRV GH RFXSDFLyQ
SUDGHUL]DFLyQ\DXPHQWRGHFXOWLYRVGHXVRLOtFLWR
(VWH DUWLFXOR HYLGHQFLD UHVXOWDGRV GHO SURFHVR HP
SUHQGLGRSRUHO,QVWLWXWR6LQFKL*UXSR*,$=7HQ
FRODERUDFLyQFRQ,GHDP,*$&8$(6311&RUPD
FDUHQD\GHPiVHQWLGDGHVTXHFRQIRUPDQHO6LVWHPD
GH,QIRUPDFLyQ$PELHQWDO7HUULWRULDOGHOD$PD]RQLD
&RORPELDQD6,$7$&SDUDFRQVROLGDUXQSURFHVRGH
PRQLWRUHR DPELHQWDO HQ HO FRPSRQHQWH FREHUWXUDV
WHUUHVWUHV$FWXDOPHQWHVHWLHQHLQIRUPDFLyQGHWLSRV
GHFREHUWXUDVXH[WHQVLyQ\XELFDFLyQGHODxR
\ HVWi JHQHUiQGRVH HVWD LQIRUPDFLyQ GHO DxR SDUDGHWHUPLQDUFDPELRV
/DPHWRGRORJtDGHPDSHRGHFREHUWXUDVDSOLFDGDHV
&RULQH/DQG&RYHUDMXVWDGDSDUD&RORPELDHQULTXH
FLGD GHO SURFHVR DPD]yQLFR FRQ FREHUWXUDV SURSLDV
GHHVWDUHJLyQ6HXVDQLPiJHQHVVDWHOLWDOHV/DQGVDW\
&EHUVGHOLEUHDFFHVRJHRUUHIHUHQFLDGDVSRUHO,*$&
LQWHUSUHWDGDV YLVXDOPHQWH DSOLFDQGR OD OH\HQGD QD
FLRQDO DFRUGDGD LQWHULQVWLWXFLRQDOPHQWH FRQ DSR\R
GHKHUUDPLHQWDV6,*\YHULILFDFLyQGHFDPSR&RPR
UHVXOWDGR DFWXDO VH WLHQH HO PDSD GH FREHUWXUDV WH
UUHVWUHV LQFOX\HQGR QDWXUDOHV \ DQWUySLFDV HVFDOD
GHO SHULRGR pVWD LQIRUPDFLyQ VH
WRPDFRPROtQHDEDVHGHOPRQLWRUHR
$SDUWLUGHORVGDWRVGHOPDSDGHFREHUWXUDVVHGHWHU
PLQyTXHORVERVTXHVQDWXUDOHVFXEUtDQHOGH
WRGDOD$PD]RQLD\ODViUHDVGHIRUHVWDGDVDVFHQGtDQ
DNP(QFXDQWRDORVERVTXHVIUDJPHQWDGRV
VXPDEDQNPGHORVFXDOHVODPD\RUVXSHUILFLH
ODWHQtDHOGHSDUWDPHQWRGHO*XDYLDUH
$FWXDOPHQWHVHHVWiJHQHUDQGRLQIRUPDFLyQGHOSH
ULRGR TXH HVWDUi GLVSRQLEOH HQ HO SULPHU VH
PHVWUHGHODOLJXDOTXHORVGDWRVGHGHIRUHVWD
FLyQSUDGHUL]DFLyQ\GHPiVFDPELRVGHWHFWDGRV(VWH
PDSHR VH UHDOL]DUi FDGD DxRV \ VHUi IXQGDPHQWDO
SDUD REWHQHU \ GLIXQGLU OD LQIRUPDFLyQ SDUD DSR\DU
OD WRPD GH GHFLVLRQHV TXH DIHFWHQ OD $PD]RQLD HQ
GLIHUHQWHViPELWRVHLQVWDQFLDV
,QYHVWLJDGRU,QVWLWXWR6LQFKL/LGHU*UXSRGH*HVWLyQGH,QIRUPDFLyQ$PELHQWDO\=RQLILFDFLyQGHO7HUULWRULR$PD]RQLD
&RORPELDQD*,$=7&RRUGLQDGRUGHO6,$7$&\GHO/DERUDWRULRGH6,*\65
,QYHVWLJDGRU,QVWLWXWR6LQFKL0DQHMRGHLQIRUPDFLyQJHRUUHIHUHQFLDGDGHO/DERUDWRULRGH6,*\65
,QYHVWLJDGRU,QVWLWXWR6LQFKL,QWpUSUHWHFREHUWXUDV/DERUDWRULRGH6,*\65
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
3$/$%5$6&/$9(6
&REHUWXUDGHODWLHUUDERVTXHVGHIRUHVWDFLyQSUDGH
UL]DFLyQDPD]RQLDFRORPELDQDPRQLWRUHRDPELHQWDO
$%675$&7
7KH &RORPELDQ $PD]RQ FRYHUV NP DQG
QHDUO\RILWLVFRYHUHGE\QDWXUDOIRUHVWQHYHUWKH
OHVVLQVRPHVHFWRUVWKHUHDUHLQWHUYHQWLRQSURFHVVHV
VXFKDVRFFXSDWLRQPHDGRZLQJDQGLOOLFLWSODQWVFXO
WLYDWLRQZKLFKHQGDQJHUWKHIRUHVW
7KLVDUWLFOHVKRZVUHVXOWVIURPWKHSURFHVVHVLQLWLDWHG
E\ ,QVWLWXWR 6LQFKL *,$7= LQ FROODERUDWLRQ ZLWK
,GHDP ,*$& 3DUTXHV 1DWXUDOHV &RUPDFDUHQD DQG
RWKHUDJHQFLHVZKLFKPDNHXSWKH6,$7$&6LVWHPD
GH,QIRUPDFLyQ$PELHQWDO7HUULWRULDOGHOD$PD]RQLD
&RORPELDQDLQRUGHUWRFRQVROLGDWHDQHQYLURQPHQ
WDOPRQLWRULQJSURFHVVDORQJWKHWHUULWRULDOFRYHULQJ
H[WHQVLRQDQGORFDWLRQLQDQGZHDUHJDWKHULQJ
LQIRUPDWLRQFROOHFWHGLQLQRUGHUWRREVHUYHWKH
FKDQJHV
7KH FRYHULQJ PDSSLQJ PHWKRG XVHG LV &RULQH /DQG
&RYHUDGMXVWHGWR&RORPELDDQGHQULFKHGE\WKH$PD
]RQ SURFHVV ZLWK DGHTXDWH FRYHULQJ IRU WKLV UHJLRQ
)UHHDFFHVVVDWHOOLWHLPDJHV/DQGVDWDQG&EHUVDUHXVHG
JHRUHIHUUHGE\,*$&YLVXDOO\LQWHUSUHWHGXVLQJQD
WLRQDOUHDGLQJLQWHUQDWLRQDODGRSWHGZKLWVXSSRUWIURP
6,*WRROVDQGILHOGYHULILFDWLRQ$VDUHVXOWDWSUHVHQW
ZHKDYHWKHODQGFRYHULQJPDSZKLFKLQFOXGHVQDWXUDO
DQGDQWURSLFVFDOH\HDUDQGWKLVLQ
IRUPDWLRQLVWDNLQJDVWKHPRQLWRULQJEDVLV
)URPWKHGDWDRIWKHFRYHULQJPDSLWZDVGHWHUPLQHG
WKDWQDWXUDOIRUHVWFRYHUHGRIWKHZKROH$PD]RQ
UHJLRQDQGGHIRUHVWHGDUHDVZHQWXSWRNP$V
IDUDVIUDJPHQWHGZRRGVWKHVHDGGHGXSWRNP
RIZKLFKWKHELJJHVWDUHDEHORQJHGWR*XDYLDUH
$W SUHVHQW ZH DUH JDWKHULQJ LQIRUPDWLRQ RI ZKLFK ZLOO EH DYDLODEOH GXULQJ WKH ILUVW VHPHVWHU RI
DVZHOODVGHIRUHVWDWLRQGDWDPHDGRZLQJDQG
RWKHU GHWHFWHG FKDQJHV 7KLV PDSSLQJ ZLOO EH GRQH
HYHU\ILYH\HDUVDQGZLOOEHIXQGDPHQWDOLQRUGHUWR
REWDLQ DQG JLYH LQIRUPDWLRQ DLPHG DW WKH WDNLQJ RI
GHFLVLRQVZKLFKZLOODIIHFWWKH$PD]RQUHJLRQLQGLI
IHUHQWDVSHFWVDQGLQVWDQFHV
.(<:25'6
/DQGFRYHUDJHIRUHVWVGHIRUHVWDWLRQHQYLURQPHQWDO
PRQLWRULQJFRORPELDQDPD]RQ
,1752'8&&,Ð1
(Q OD $PD]RQLD FRORPELDQD FRQ XQD VXSHUILFLH GH
NPORVERVTXHVQDWLYRVVRQODFXELHUWDYH
JHWDOPiVLPSRUWDQWHTXHVLUYHGHHVFXGRSURWHFWRU
GHVXHORV\GHPiVHOHPHQWRVQDWXUDOHVGHORVHFRVLV
WHPDVDPD]yQLFRVSDUDHODxRUHSUHVHQWDEDQHO
GHWRGDODUHJLyQHQODFXDOVRORHOHYLGHQ
FLDEDSURFHVRVGHGHIRUHVWDFLyQ
3DUDKDFHUPRQLWRUHRDOHVWDGRGHORVERVTXHVDPD]y
QLFRV\HQJHQHUDOGHWRGDVODVFREHUWXUDVTXHFXEUHQ
OD$PD]RQLDHO,QVWLWXWR6LQFKLOOHYDJHQHUDQGRLQIRU
PDFLyQSRUPiVGHDxRVHQGLIHUHQWHVLQLFLDWLYDV
6LQFKL0XUFLD*80XUFLD*8
HWDODE
&iUGHQDVHWDO$XQDGRDHVWRRWUDVHQWLGDGHV
KDQUHDOL]DGRWUDEDMRVUHODFLRQDGRVFRQHVWHWHPDGHV
GHKDFHPiVGHDxRV,GHDP,GHDPHWDO
,*$&
,*$& HW DO &(*$ (WWHU (WWHUHWDO$QGUDGH\(WWHU
(O6LQFKLHQORV~OWLPRVDxRVYLHQHWUDEDMDQGRHQOD
IRUPXODFLyQGHXQFRQMXQWRGHLQGLFDGRUHVDPELHQ
WDOHVTXHSHUPLWDQHYLGHQFLDUHOHVWDGRGHODPELHQWH
FRPR SDUWH GH XQ SURJUDPD UHJLRQDO GH PRQLWRUHR
DPELHQWDO/ySH]HWDOHOFXDOFRQWULEX\HDORV
SURFHVRVQDFLRQDOHV,GHDPHWDO
8QRGHORVFRPSRQHQWHVLQFOXLGRVHQHVWDVLQLFLDWLYDV
VRQODVFREHUWXUDVGHODWLHUUDWHQLHQGRHQFXHQWDTXH
VRQLQGLFDGRUGHORVSURFHVRVGHWUDQVIRUPDFLyQTXH
DIHFWDHOWHUULWRULRSULQFLSDOPHQWHHQORUHODFLRQDGR
FRQGHIRUHVWDFLyQGHORVERVTXHV0XUFLD
'XUDQWHORVGRV~OWLPRVDxRVVHKDGDGRLQLFLRDXQ
SURFHVRQDFLRQDOSDUDREWHQHULQIRUPDFLyQVREUHODV
5(9,67$&2/20%,$$0$=Ð1,&$
FREHUWXUDV GH OD WLHUUD VLJXLHQGR XQD PLVPD PHWR
GROyJLFDDSDUWLUGHODSURSXHVWD&RULQH/DQG&RYHU
DGDSWDGD D ODV FRQGLFLRQHV GHO SDtV OD FXDO KD VLGR
FRQFHUWDGDGHPDQHUDLQWHULQVWLWXFLRQDO,GHDPHWDO
HQSUHQVD8QSULPHUWUDEDMRVHUHDOL]yHQODFXHQ
FD GH ORV UtRV 0DJGDOHQD \ &DXFD SURGXFLHQGR HO
PDSDGHFREHUWXUDVGHODxRDHVFDOD
,GHDP,JDF&RUPDJGDOHQD
3DUD OD $PD]RQLD HO ,QVWLWXWR 6LQFKL KD HPSUHQGL
GRXQSURFHVR SDUD REWHQHUODLQIRUPDFLyQHVSDFLDO
GH PDQHUD PXOWLWHPSRUDO FDGD FLQFR DxRV D HVFDOD
GHORVERVTXHV\GHPiVFREHUWXUDVWHUUHV
WUHVFRPRSDUWHGHXQVLVWHPDGHPRQLWRUHRGHOHVWD
GR\FDPELRVGHODVPLVPDV
&RQORVGDWRVGHODxRPiVORVTXH\DVHWLHQHQ
GHOVHWHQGUiQGRVPRPHQWRVGHDQiOLVLVSHUPL
WLHQGRGHWHUPLQDUORVFDPELRVHQFDGDXQDGHODVFR
EHUWXUDVSULQFLSDOPHQWHODGHIRUHVWDFLyQGHERVTXHV
\HOLQFUHPHQWRGHORVSDVWL]DOHV6HWLHQHSUHYLVWRTXH
SDUDHOSULPHUVHPHVWUHGHODxRVHGLYXOJDUDQ
HVWRVUHVXOWDGRV3RUDKRUDHVGHOLQWHUpVLQVWLWXFLRQDO
\ GHO JUXSR WpFQLFR SDUWLFLSDQWH GDU D FRQRFHU ORV
UHVXOWDGRVREWHQLGRVGHOSHULRGRKDFLHQGRHV
SHFLDOpQIDVLVHQHVWHDUWtFXORVREUHORVERVTXHVODV
iUHDVGHIRUHVWDGDV\ORVERVTXHVIUDJPHQWDGRV
/DVDFWXDOHVFREHUWXUDVYHJHWDOHVQDWXUDOHVTXHFXEUHQ
OD $PD]RQLD FRORPELDQD GHEHQ FRQVHUYDUVH GH WDO
PDQHUD TXH VLJDQ FXPSOLHQGR FRQ VXV IXQFLRQHV GH
=RQDGHLQXQGDFLyQ5tR$PD]RQDV8ULHO0XUFLD
3DUD ODV FREHUWXUDV GHO DxR HO ,QVWLWXWR 6LQFKL
SURGXMRODLQIRUPDFLyQHQXQFRQVXVSURSLRV
SUHVXSXHVWRV\SDUDHOUHVWDQWHVHVXVFULELyXQ
FRQYHQLRHQWUH6LQFKL,GHDP,JDF\8QLGDGGH3DU
TXHV(O,'($0EULQGRDSR\RILQDQFLHUROD8QLGDG
GH3DUTXHVSURG~MRGDWRVGHODVXEUHJLyQGHOWUDSH
FLR DPD]yQLFR \ HO ,*$& DSRUWy OD EDVH FDUWRJUiIL
FD\HOVRSRUWHWpFQLFR\ORJtVWLFRSDUDOD
JHRUUHIHUHQFLDFLyQGHODVLPiJHQHVVDWHOLWDOHV
(QODDFWXDOLGDGHO,QVWLWXWR6LQFKLHVWiSURGXFLHQGR
ODLQIRUPDFLyQFRUUHVSRQGLHQWHDODxRVREUHHO
GHODUHJLyQHQHVWHFDVRHODUUHJORLQVWLWXFLRQDO
LQFOX\HDOD8QLGDGGH3DUTXHVTXHUHWRPyODPLVPD
]RQDLQWHUSUHWDGDGHOSHULRGRDO,*$&TXHKD
GDGR VRSRUWH WpFQLFR \ ORJtVWLFR SDUD TXH HO 6LQFKL
JHRUUHIHUHQFLHODVLPiJHQHVVDWHOLWDOHV\D&RUPDFDUH
QDTXHILQDQFLDSDUWHGHODSURGXFFLyQGHGDWRVSDUD
HOiUHDDPD]yQLFDGHVXMXULVGLFFLyQ
5(9,67$&2/20%,$$0$=Ð1,&$
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
SURWHFFLyQGHORVHOHPHQWRVHFROyJLFRVGHODUHJLyQ\
VLUYLHQGRFRPRIXHQWHGHUHFXUVRVSDUDODSREODFLyQ
ORFDO\QDFLRQDO
0$7(5,$/(6<0e72'26
/$$0$=21,$&2/20%,$1$
(VWDHVXQDGHODVFLQFRUHJLRQHVQDWXUDOHVGH&RORP
ELDTXHFRQIRUPDQHOWHUULWRULRQDFLRQDOFRQWLQHQWDO
VHORFDOL]DHQHOVXURULHQWHGHOSDtV\VXSULQFLSDOFD
UDFWHUtVWLFD REHGHFH D ORV DPSOLRV HVSDFLRV TXH DXQ
FRQVHUYDQ HFRVLVWHPDV QDWXUDOHV GH ERVTXHV K~PH
GRVSULQFLSDOPHQWH\DODSUHVHQFLDGHPDVGHHW
QLDVGHORVSXHEORVLQGtJHQDVTXHKDQYLYLGR\YLYHQ
DXQ HQ OD UHJLyQ (V LJXDOPHQWH LPSRUWDQWH UHVDOWDU
ORVHVIXHU]RVUHDOL]DGRVSRUHO(VWDGRFRORPELDQRHQ
HOSURFHVRGHJHVWLyQDPELHQWDOTXHSHUPLWHKR\GtD
FRQWDUFRQFHUFDGHOGHHVWHWHUULWRULRHQiUHDV
SURWHJLGDV\FHUFDGHOHQWHUULWRULRVLQGtJHQDV
/D $PD]RQLD FRORPELDQD WDO FRPR VH FRQFLEH HQ HO
SDtV LQWHJUD HQ VXV OtPLWHV DVSHFWRV GH FXHQFD KL
GURJUiILFD FRPR WDPELpQ DVSHFWRV ELRJHRJUiILFRV \
DVSHFWRV GH GLYLVLyQ SROtWLFRDGPLQLVWUDWLYDHQWRWDO
RFXSDNP)LJXUD6XGHOLPLWDFLyQHQHO
2FFLGHQWHREHGHFHDORVOLPLWHVGHGLYLVRULDGHDJXDV
HQODSDUWHDOWDGHODFRUGLOOHUDRULHQWDOGHORVDQGHV
FRORPELDQRV DO 1RUWH FRUUHVSRQGH FRQ OD ]RQD GH
FREHUWXUDV SUHGRPLQDQWHV GH ERVTXHV TXH OLPLWDQ
FRQODVVDEDQDVQDWXUDOHVGHOD2ULQRTXLD\DO6XU\
2ULHQWHFRUUHVSRQGHFRQORVOLPLWHVLQWHUQDFLRQDOHV
GH&RORPELDFRQ(FXDGRU3HU~%UDVLO\9HQH]XHOD
GHPDQHUDSDUFLDO\FRUUHJLPLHQWRVGHSDUWDPHQ
WDOHVWRGRVLQFOXLGRVGHPDQHUDWRWDOHQODUHJLyQ
/D RUJDQL]DFLyQ MXUtGLFD GHO WHUULWRULR HQWHQGL
GD FRPR XQD DSUR[LPDFLyQ QRUPDWLYD GH RUGHQD
PLHQWR HYLGHQFLD OR VLJXLHQWH 5HVJXDUGRV LQGtJH
QDV iUHDV SURWHJLGDV 3DUTXHV QDFLRQDOHV
QDWXUDOHV \ 5HVHUYDV QDFLRQDOHV QDWXUDOHV H[LVWHXQDGREOHDVLJQDFLyQHQWUHÉUHDSURWHJLGD\
UHVJXDUGRTXHDVFLHQGHDODXQDVtHOiUHDWRWDO
TXH HVWi EDMR DOJXQD GH ODV GRV ILJXUDV DVFLHQGH DO
GHOWRWDOGHODUHJLyQ5DLVJ(OUHV
WDQWHHVWiHQUHVHUYDIRUHVWDO\iUHDVSDUDXVR
SULYDGRLQGLYLGXDO
)8(17(6'(,1)250$&,Ð1
6H KD HPSOHDGR XQ FRQMXQWR GH LPiJHQHV VDWHOLWD
OHVGHVGHODVWRPDGDVHQHOSHULRGRDO\
WHQLHQGR FRPR FHQWUR WHPSRUDO HO DxR HQWUH
ORV SURJUDPDV VDWHOLWDOHV GH ORV FXDOHV VH REWXYLHURQ
LPiJHQHVVRQ/DQGVDWFRQVXVGLVWLQWRVVHQVRUHV70
),*85$$0$=21,$&2/20%,$1$
(QFXDQWRDODGLYLVLyQSROtWLFRDGPLQLVWUDWLYDFXEUHOD
SDUWHVXUGHOGHSDUWDPHQWRGHO9LFKDGDHOVXURULHQ
WHGHO0HWDWRGRHOWHUULWRULRGHORVGHSDUWDPHQWRV
GH *XDLQtD *XDYLDUH 9DXSpV $PD]RQDV 3XWXPD\R
\&DTXHWiOD%RWD&DXFDQDHQHOGHSDUWDPHQWRGHO
&DXFD\ODVYHUWLHQWHVDPD]yQLFDVGH1DULxRODSDUWH
DOWDGHORVUtRV*XDPXp]6XFLR6DQ0LJXHO\$JXDUL
FR/RVPXQLFLSLRV\FRUUHJLPLHQWRVGHSDUWDPHQWD
OHVVRQHQWRWDOGHORVFXDOHVFRUUHVSRQGHQD
PXQLFLSLRVWRWDOPHQWHLQFOXLGRVHQODUHJLyQ\
'LYLVLyQ SROtWLFD DGPLQLVWUDWLYD WUDQVLWRULD YLJHQWH HQ OD
UHJLyQSHURTXHQRKDFHSDUWHGHODVHQWLGDGHVWHUULWRULDOHV
DSUREDGDVFRQVWLWXFLRQDOPHQWHHQHOSDtV
)XHQWH,QVWLWXWR6LQFKL
5(9,67$&2/20%,$$0$=Ð1,&$
\(70HQODWDEODVHSUHVHQWDODUHODFLyQGHHV
FHQDV HPSOHDGDV SDUD HVWH WUDEDMR ODV FXDOHV VH RE
WXYLHURQGHOSRUWDO*OREDO/DQG&RYHU)DFLOLW\GHOD
8QLYHUVLGDGGH0DU\ODQGKWWSZZZODQGFRYHURUJ
LQGH[VKWPO \ GHO VHUYLFLR JHROyJLFR GH ORV (VWDGRV
8QLGRVGH1RUWHDPpULFDKWWSJORYLVXVJVJRY
$OJXQDVHVFHQDVTXHQRHVWDEDQGLVSRQLEOHVHQOD8QL
YHUVLGDGGH0DU\ODQGVHREWXYLHURQGHO6LVWHPD,Q
WHJUDGRGH0RQLWRUHRGH&XOWLYRV,OtFLWRV&,06,GH
ODVQDFLRQHVXQLGDGHVVHXVDURQSULQFLSDOPHQWHSDUD
UHFXSHUDULQIRUPDFLyQGHiUHDVFXELHUWDVSRUQXEHV
7DEOD
2WUR DSR\R LPSRUWDQWH SDUD UHDOL]DU OD GHOLPLWDFLyQ
GHODVFREHUWXUDVIXHURQODVLPiJHQHVGHOPRGHORGH
HOHYDFLyQ6570SRUVXVVLJODVHQLQJOHV6KXWWOH5D
GDU7RSRJUDSK\0LVVLRQVREUHWRGRSDUDODViUHDVGH
UHOLHYHSURQXQFLDGRRHQODViUHDVFLUFXQGDQWHVDORV
UtRV(OVHUYLFLRRIUHFLGRSRU*RRJOH(DUWKFRQVXV
LPiJHQHVGHDOWDUHVROXFLyQIXHDSR\RSDUDODYHULIL
FDFLyQGHODLQIRUPDFLyQLQWHUSUHWDGD
/DFDUWRJUDItDEDVHDHVFDODHPSOHDGDSDUD
DSR\DUODGHOLPLWDFLyQGHODVFODVHVGHFREHUWXUDVIXH
SURSRUFLRQDGD SRU HO ,QVWLWXWR *HRJUiILFR $JXVWtQ
&RGD]]L,*$&
7$%/$/,67$'2'(,0É*(1(6/$1'6$7
3$7+52:
6$7e/,7(
6(1625
)(&+$
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
/$1'6$7
(70
5(9,67$&2/20%,$$0$=Ð1,&$
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
7$%/$/,67$'2'(,0É*(1(6352325&,21$'$6325(/6,0&,
3$7+52:
)(&+$
%/6$
%/6$
%/6$
%/6$
%/6$
%/6$
%/6$
&RPRSDUWHGHOSURFHVRGHYHULILFDFLyQGHODVFODVLIL
FDFLRQHVVHHIHFWXDURQYDULDVVDOLGDVGHFDPSRXQD
HQ VHFWRU GH 3XHUWR /HJXt]DPR RWUD HQ OD ]RQD GHO
GHSDUWDPHQWRGHO&DTXHWiWDPELpQVHUHDOL]DURQWUHV
VREUHYXHORVEDMRVGHVGH6DQ-RVpGHO*XDYLDUHKDFLDHO
2ULHQWH\VXURULHQWHWDPELpQVHDFRJLyODLQIRUPD
FLyQTXHVHWLHQHHQHO+HUEDULR$PD]yQLFR&RORP
ELDQR &2$+ FRPR SDUWH GH ORV WUDEDMRV GH FDPSR
TXHVHUHDOL]DQSDUDORVLQYHQWDULRVIORUtVWLFRV
/(<(1'$'(/0$3$'(&2%(5785$6
3DUDSURGXFLUORVGDWRVGHFREHUWXUDVVHDSOLFyODPH
WRGRORJtD&RULQH/DQG&RYHUDMXVWDGDD&RORPELDFRPR
UHVXOWDGRGHXQWUDEDMRLQWHULQVWLWXFLRQDOGXUDQWHWRGR
HODxR,'($0HWDO(OiUHDPtQLPDFDU
WRJUDILDGDGHOPDSDGHFREHUWXUDVDHVFDOD
IXH GH KHFWiUHDV SDUD FREHUWXUDV GLVWLQWDV D ODV
XUEDQDV\GHKHFWiUHDVSDUDHVWDV/DPHWRGRORJtD
SUHYpXQDDSUR[LPDFLyQILVRQyPLFDGHODVFREHUWXUDV
GHVWDFDQGRODGHQVLGDG\DOWXUDVSULQFLSDOPHQWH
/DOH\HQGDHVHVWUXFWXUDGD\FRQWHPSODORVWUHVSUL
PHURV QLYHOHV TXH GHEHQ UHVSHWDUVH D QLYHO LQWHUQD
FLRQDOFRQORVFXDOHVVHSUHYpQPLUDGDVJOREDOHVVREUH
HVWDLQIRUPDFLyQ\SDUDORVGHPiVQLYHOHVGHPD\RU
GHWDOOH VH KDQ UHDOL]DGR ORV DMXVWHV SHUWLQHQWHV SDUD
HYLGHQFLDU OD GLYHUVLGDG GH FREHUWXUDV H[LVWHQWHV HQ
&RORPELDFDGDQLYHODVXPHXQFyGLJRQXPpULFR\XQ
QRPEUHGHODFREHUWXUD
(QHOSULPHUQLYHOHVWiQORV7HUULWRULRVDUWLILFLDOL]DGRV
7HUULWRULRVDJUtFRODVORV%RVTXHV\iUHDVVH
PLQDWXUDOHVÉUHDVK~PHGDV\6XSHUILFLHVGH
DJXDV
&Ð',*2
3DUDHOVHJXQGRQLYHOVHKDQLQFOXLGR=RQDVXUEDQL
]DGDV=RQDVLQGXVWULDOHVRFRPHUFLDOHV\UHGHV
GHFRPXQLFDFLyQ=RQDVGHH[WUDFFLyQPLQHUD
\ HVFRPEUHUDV ]RQDV YHUGHV DUWLILFLDOL]DGDV QR
DJUtFRODV &XOWLYRV WUDQVLWRULRV &XOWLYRV
SHUPDQHQWHV3DVWRVÉUHDVDJUtFRODVKH
WHURJpQHDV%RVTXHÉUHDVFRQYHJHWDFLyQ
KHUEiFHDRDUEXVWLYDÉUHDVDELHUWDVVLQRFRQ
SRFD YHJHWDFLyQ ÉUHDV K~PHGDV FRQWLQHQWDOHV
ÉUHDVK~PHGDVFRVWHUDV$JXDVFRQWLQHQ
WDOHV \ $JXDV PDUtWLPDV SDUD ORV GHPiV
QLYHOHVVHSXHGHUHYLVDUHQHO$QH[R
/D DSOLFDFLyQ GH OD OH\HQGD SDUD OD $PD]RQLD HQ HO
SHULRGR SHUPLWLy LGHQWLILFDU GHOLPLWDU \ FOD
VLILFDUWLSRVGLVWLQWRVGHFREHUWXUDVODVFXDOHVVH
SUHVHQWDQDFRQWLQXDFLyQVLJXLHQGRHOPLVPRRUGHQ
MHUiUTXLFRGHODOH\HQGDQDFLRQDOKDFLHQGRXQDEUH
YHGHVFULSFLyQSDUDHQWHQGHUPHMRUHVWRVUHVXOWDGRV
7DEOD
1R VH FODVLILFDQ iUHDV HQ FXOWLYRV GH FRFD GHELGR D
TXH ODHVFDODGHLQWHUSUHWDFLyQQR SHU
PLWHGLVFULPLQDUHVWHWLSRGHFREHUWXUDVKDFLHQGRLQ
WHUSUHWDFLyQYLVXDOGHODVLPiJHQHV\WDPELpQSRUTXH
HOREMHWLYRGHHVWHWUDEDMRQRSUHYpKDFHUpQIDVLVVREUH
HVWHWLSRGHFREHUWXUDV
(Q FXDQWR D ODV GHILQLFLRQHV GH ODV FODVHV GH FREHU
WXUDV VH WLHQHQ ODV PiV UHOHYDQWHV WRPiQGRODV GH OD
OH\HQGDQDFLRQDO,'($0HWDO
%RVTXH GHQVR &REHUWXUD FRQVWLWXLGD SRU XQD FR
PXQLGDGYHJHWDOGRPLQDGDSRUHOHPHQWRVWtSLFDPHQWH
5(9,67$&2/20%,$$0$=Ð1,&$
7$%/$/(<(1'$'(/0$3$'(&2%(5785$6'($0$=21,$&2/20%,$1$
&Ð',*2
1RPEUHGHODFREHUWXUD
7HMLGRXUEDQRFRQWLQXR
7HMLGRXUEDQRGLVFRQWLQXR
$HURSXHUWRV
3DVWRVOLPSLRV
3DVWRVHQPDOH]DGRV
0RVDLFRGHFXOWLYRV
0RVDLFRGHSDVWRV\FXOWLYRV
0RVDLFRGHFXOWLYRVSDVWRV\HVSDFLRVQDWXUDOHV
0RVDLFRGHSDVWRVFRQHVSDFLRVQDWXUDOHV
%RVTXH'HQVR$OWRGH7LHUUD)LUPH
%RVTXH'HQVR$OWR,QXQGDEOH+HWHURJpQHR
3DOPDU
%RVTXH'HQVR%DMRGH7LHUUD)LUPH
%RVTXH'HQVR%DMR,QXQGDEOH
%RVTXH)UDJPHQWDGRFRQSDVWRV\FXOWLYRV
%RVTXH)UDJPHQWDGRFRQ9HJHWDFLyQ6HFXQGDULD
%RVTXHGHJDOHUtD\ULSDULR
+HUED]DOGHQVRGHWLHUUDILUPHQRDUERODGR
+HUED]DOGHQVRGHWLHUUDILUPHDUERODGR
+HUED]DOGHQVRGHWLHUUDILUPHFRQDUEXVWRV
+HUED]DOGHQVRLQXQGDEOHQRDUERODGR
+HUED]DOGHQVRLQXQGDEOHDUERODGR
+HUED]DODELHUWRDUHQRVR
+HUED]DODELHUWRURFRVR
$UEXVWDO'HQVR
$UEXVWDO$ELHUWRPHVyILOR
9HJHWDFLyQVHFXQGDULDRHQWUDQVLFLyQ
=RQDVDUHQRVDVQDWXUDOHV
$IORUDPLHQWRVURFRVRV
7LHUUDVGHVQXGDV\GHJUDGDGDV
=RQDVTXHPDGDV
=RQDV3DQWDQRVDV
9HJHWDFLyQDFXiWLFDVREUHFXHUSRVGHDJXD
5tRVP
/DJXQDVODJRV\FLpQDJDVQDWXUDOHV
6LQ,QIRUPDFLyQ
5(9,67$&2/20%,$$0$=Ð1,&$
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
DUEyUHRVORVFXDOHVIRUPDQXQHVWUDWRGHFRSDVGRVHO
PiVRPHQRVFRQWLQXRFX\DiUHDGHFREHUWXUDDUEyUHD
UHSUHVHQWDPiVGHOGHOiUHDWRWDOGHODXQLGDG\
FRQDOWXUDGHOGRVHOVXSHULRUDPHWURV(VWDVIRUPD
FLRQHVYHJHWDOHVQRKDQVLGRLQWHUYHQLGDVRVXLQWHU
YHQFLyQKDVLGRVHOHFWLYD\QRKDDOWHUDGRVXHVWUXFWXUD
RULJLQDO\ODVFDUDFWHUtVWLFDVIXQFLRQDOHV,JDF
(QHVWDFREHUWXUDVHLQFOX\HQODVSDOPDVQDWXUDOHV6H
H[FHSW~DQ GH HVWD XQLGDG ORV ERVTXHV IUDJPHQWDGRV
ORVFXDOHVVHFODVLILFDQHQODXQLGDGUHVSHFWLYD
(VWDFODVHVHVXEGLYLGHHQDOWRREDMRVLODDOWXUDYDSRU
HQFLPDGHORVPRHQWUH\PUHVSHFWLYDPHQWH
/DVLJXLHQWHVXEGLYLVLyQREHGHFHDVXORFDOL]DFLyQVL
HVWDHQ]RQDLQXQGDEOHRHQWLHUUDILUPH3DUDHOFDVR
GHERVTXHGHQVRDOWRLQXQGDEOHVHVXEGLYLGHSDUDHYL
GHQFLDUORVSDOPDUHV
%RVTXHIUDJPHQWDGR&RPSUHQGHORVWHUULWRULRV
FXELHUWRV SRU ERVTXHV QDWXUDOHV GHQVRV R DELHUWRV
FX\DFRQWLQXLGDGKRUL]RQWDOHVWiDIHFWDGDSRUODLQ
FOXVLyQ GH RWURV WLSRV GH FREHUWXUDV FRPR SDVWR
FXOWLYRVRYHJHWDFLyQHQWUDQVLFLyQODVFXDOHVGHEHQ
UHSUHVHQWDUHQWUHHO\HOGHOiUHDGHODXQL
GDGGHERVTXHQDWXUDO/DGLVWDQFLDHQWUHIUDJPHQ
WRVGHLQWHUYHQFLyQQRGHEHVHUPD\RUDPH
WURV 6H VXEGLYLGH GHSHQGLHQGR VL OD SHUWXUEDFLyQ
VHSUHVHQWDSRUSDVWRV\FXOWLYRVRSRUYHJHWDFLyQ
VHFXQGDULD
%RVTXHGHJDOHUtDRULSiULR6HUHILHUHDODVFREHU
WXUDVFRQVWLWXLGDVSRUYHJHWDFLyQDUEyUHDXELFDGDHQ
ODVPiUJHQHVGHFXUVRVGHDJXDSHUPDQHQWHVRWHP
SRUDOHV (VWH WLSR GH FREHUWXUD HVWi OLPLWDGD SRU VX
DPSOLWXG\DTXHERUGHDORVFXUVRVGHDJXD\ORVGUH
QDMHVQDWXUDOHV&XDQGRODSUHVHQFLDGHHVWDVIUDQMDV
GHERVTXHVRFXUUHHQUHJLRQHVGHVDEDQDVVHFRQRFH
FRPRERVTXHGHJDOHUtDRFDxDGDVODVRWUDVIUDQMDVGH
ERVTXHHQFXUVRVGHDJXDGH]RQDVDQGLQDVVRQFRQR
FLGDVFRPRERVTXHULSDULR
$UEXVWDO&REHUWXUDFRQVWLWXLGDSRUXQDFRPXQLGDG
YHJHWDO GRPLQDGD SRU HOHPHQWRV WtSLFDPHQWH DUEXV
WLYRVORVFXDOHVIRUPDQXQGRVHOLUUHJXODUSHURTXH
SXHGH SUHVHQWDU HOHPHQWRV DUEyUHRV GLVSHUVRV FX\D
FXELHUWDUHSUHVHQWDPiVGHOGHOiUHDWRWDOGHOD
XQLGDG(VWDIRUPDFLyQYHJHWDOQRKDVLGRLQWHUYHQLGD
R VX LQWHUYHQFLyQ KD VLGR VHOHFWLYD \ QR KD DOWHUDGR
VXHVWUXFWXUDRULJLQDO\VXVFDUDFWHUtVWLFDVIXQFLRQDOHV
2UDP8QDUEXVWRHVXQDSODQWDSHUHQQHFRQ
HVWUXFWXUDGHWDOOROHxRVRFRQXQDDOWXUDHQWUH\
PIXHUWHPHQWHUDPLILFDGRHQODEDVH\VLQXQDFRSD
GHILQLGD)$2
+HUED]DO &REHUWXUD FRQVWLWXLGD SRU XQD FRPXQL
GDGYHJHWDOGRPLQDGDSRUHOHPHQWRVWtSLFDPHQWHKHU
EiFHRV GHVDUUROODGRV HQ IRUPD QDWXUDO HQ GLIHUHQWHV
GHQVLGDGHV\VXVWUDWRVORVFXDOHVIRUPDQXQDFREHU
WXUD GHQVD ! GH RFXSDFLyQ R DELHUWD GH RFXSDFLyQ (VWDV IRUPDFLRQHV YHJHWDOHV QR
KDQVLGRLQWHUYHQLGDVRVXLQWHUYHQFLyQKDVLGRVHOHF
WLYD\QRKDDOWHUDGRVXHVWUXFWXUDRULJLQDO\ODVFDUDF
WHUtVWLFDVIXQFLRQDOHV,JDF
3DVWL]DO 6RQ HVSDFLRV FXELHUWRV FRQ HVSHFLHV GH
SRUWH KHUEiFHR GH FRPSRVLFLyQ IORUtVWLFD GRPLQDGD
SULQFLSDOPHQWHSRUJUDPtQHDVGHODIDPLOLD3RDFHDH
GHGLFDGDVDSDVWRUHRSHUPDQHQWH\TXHWLHQHQSUDF
WLFDVFXOWXUDOHVUHJXODUPHQWH
352&(',0,(1726$3/,&$'26
',675,%8&,Ð1'(É5($6'(75$%$-2
/D SURGXFFLyQ GH OD LQIRUPDFLyQ HVWXYR D FDUJR GHO
,QVWLWXWR6LQFKLHQXQGHOWRWDOGHODUHJLyQ\HO
UHVWDQWHIXHUHDOL]DGRSRUOD8QLGDGGH3DUTXHV
1DFLRQDOHV 8$(6311 (O ,'($0 PHGLDQWH FRQYH
QLRGHFRRSHUDFLyQ6LQFKL,GHDP,*$&+XPEROGW
8QLGDGGH3DUTXHVKL]RXQDSR\RILQDQFLHURSDUDOD
SURGXFFLyQ GH LQIRUPDFLyQ GHO VHFWRU RULHQWDO GH OD
$PD]RQLDHVWDGLVWULEXFLyQVHSXHGHYHUHQOD)LJXUD
2%7(1&,Ð1<35(3$5$&,Ð1'(
,0É*(1(6
7RGDVODVLPiJHQHVIXHURQDSRUWDGDVSRUHO,QVWLWXWR
6LQFKL \ HO ,QVWLWXWR ,*$& UHDOL]y HO SURFHVR GH RU
WRUHFWLILFDFLyQ $ ODV LPiJHQHV JHRUUHIHUHQFLDGDV VH
OHVDSOLFDURQSUHSURFHVDPLHQWRVFRPRUHDOFHVILOWURV
PHMRUDPLHQWRV UDGLRPpWULFRV \ HVSHFWUDOHV FRUWHV \
PRVDLFRVFRQHOILQGHVXPLQLVWUDULPiJHQHVGHDOWD
FDOLGDGDORVLQWpUSUHWHV
5(9,67$&2/20%,$$0$=Ð1,&$
),*85$0$3$'(',675,%8&,Ð1'(,17(535(7$&,Ð1325(17,'$'
)XHQWHHODERUDFLyQSURSLD
(6758&785$&,Ð1'(/$%$6('(
'$726
,17(535(7$&,Ð1<',*,7$/,=$&,Ð1'(
&2%(5785$6
3DUDODJHVWLyQGHORVGDWRVFRQVXVUHVSHFWLYDVYHUVLR
QHVSURGXFWRVILQDOHV\RWUDVFDSDVEDVH\WHPiWLFDVGH
VRSRUWHVHHVWUXFWXUyXQDEDVHGHGDWRVJHRJUiILFRV
$UF*LV FRQ VXV UHVSHFWLYRV FRPSRQHQWHV OD
WDEODGHDWULEXWRVHVWiFRPSXHVWDSRUFXDWURFDPSRV
&2',*2&RGLILFDFLyQFRUUHVSRQGLHQWHDODFODVHWH
PiWLFDHQODOH\HQGDGHOPDSDGHFREHUWXUD
,16802,PDJHQIXHQWHFRQODFXDOVHUHDOL]yODLQ
WHUSUHWDFLyQFRQVXSDWKURZ\IHFKDFRUUHVSRQGLHQWH
$32<2KDFHUHIHUHQFLDDORVWLSRVGHGDWRVDX[LOLDUHV
XWLOL]DGRVSDUDODLQWHUSUHWDFLyQ
&21),$%,/,'$'*UDGRGHFRQILDELOLGDGGHOSROt
JRQRLQWHUSUHWDGRGRQGHVRQGXGDVHQODLQWHU
SUHWDFLyQ\VRQGXGDVHQODLQWHUSUHWDFLyQ\TXH
QHFHVDULDPHQWHQHFHVLWDQYHULILFDFLyQ
/DPHWRGRORJtD&RULQH/DQG&RYHUSUHYpTXHODLQ
WHUSUHWDFLyQ GHEH UHDOL]DUVH GH PDQHUD YLVXDO VREUH
SDQWDOODWRPDQGRFRPRUHIHUHQFLDODLPDJHQVDWHOLWDO
3DUDJDUDQWL]DULQIRUPDFLyQGHDOWDFDOLGDGVHFRQIRU
PyXQJUXSRGHLQWHUSUHWHVFRQH[SHULHQFLDHQHVWH
SURFHGLPLHQWRTXHVHVXVWHQWDHQODWpFQLFDGHQRPLQD
3,$23KRWR,QWHUSUpWDWLRQ$VVLVWpHSDU2UGLQDWHXU
SRUVXVVLJODVHQIUDQFpV
5(9,67$&2/20%,$$0$=Ð1,&$
(VWHSURFHGLPLHQWRFRQVLVWHHQLQWHUSUHWDUGLJLWDOL]DU
\FDSWXUDUODVFREHUWXUDVGHIRUPDYLVXDOVREUHSDQ
WDOODDSR\DGRVHQDOJXQDVRFDVLRQHVFRQLQIRUPDFLyQ
DGLFLRQDOGHIRWRJUDItDVDpUHDVLPiJHQHVGHDOWDUHVR
OXFLyQHQ*RRJOH(DUWKLQYHQWDULRV\HVWXGLRVIORUtV
WLFRVHODERUDGRVSRUHO6,1&+,\YLVLWDVGHFDPSR
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
)XHURQ XWLOL]DGDV UHJODV HVSHFtILFDV SDUD JHQHUDOL]D
FLyQ GH XQLGDGHV WHPiWLFDV VHJ~Q FULWHULRV HVWDEOH
FLGRVSDUDORFXDOVHXVDURQKHUUDPLHQWDVEiVLFDVGHO
VRIWZDUH$UF*,6FRPR&UHDWH1HZ)HDWXUH$X
WRFRPSOHWH3RO\JRQ&XW3RO\JRQ)HDWXUHHQDOJX
QDVRFDVLRQHVVHHPSOHDURQRWUDVKHUUDPLHQWDVFRPR
,/:,6\*HRPiWLFD
9(5,),&$&,Ð1(1&$032
6HHIHFWXDURQYDULDVVDOLGDVGHFDPSRSRUWLHUUD\VR
EUHYXHORVGHODVFXDOHVVHKLFLHURQREVHUYDFLRQHVHQ
WHUUHQRUHJLVWURVIRWRJUiILFRV\YLGHRVHVWRVVHUHOD
FLRQDURQFRQODVUHVSHFWLYDVFRRUGHQDGDVJHRJUiILFDV
(OPD\RUHVIXHU]RGHYHULILFDFLyQHQWHUUHQRVHKL]R
VREUHDTXHOODVFODVHVGHFREHUWXUDVTXHQRWHQtDQVXIL
FLHQWHLQIRUPDFLyQVHFXQGDULDSDUDVXFRUURERUDFLyQ
(OSURFHGLPLHQWRFRQVLVWLyHQXELFDUSUHYLDDODVD
OLGDODVXQLGDGHVDYHULILFDUOOHJDUKDVWDHOODV\ORFD
OL]DUVLWLRVUHSUHVHQWDWLYRVGHODFREHUWXUDHQGRQGH
VHKDFLDODYHULILFDFLyQGHOWLSRGHFREHUWXUDDOWXUD
GHQVLGDGFRQGLFLRQHVGHGUHQDMH
&21752/'(&$/,'$'
3RULQLFLDWLYDGHO,QVWLWXWR6,1&+,VHGLVHxDURQYD
ULRV SURWRFRORV SDUD HO FRQWURO GH FDOLGDG WHPiWLFR
JHRPpWULFR \ GH HPSDOPHV FRQ HO ILQ GH JDUDQWL]DU
ODFDOLGDGGHODLQIRUPDFLyQWDQWRGHSUHFLVLyQFRPR
GHH[DFWLWXG'XUDQWHFDGDIDVHGHOSURFHVRVHKL]RXQ
FRQWUROGHODFDOLGDGGHVGHODJHRUUHIHUHQFLDFLyQGH
LPiJHQHVKDVWDODREWHQFLyQGHOPDSDILQDO
3DUD FRQWURODU ORV SURFHVRV GH GLJLWDOL]DFLyQ \ FODVLIL
FDFLyQ GH ODV FREHUWXUDV VH DSOLFR XQ SURFHGLPLHQWR
TXHYHULILFDEDODLQWHUSUHWDFLyQLQLFLDOHVWRVHKL]RFRQ
PXHVWUHRDOHDWRULRDSDUWLUGHXQGHWHUPLQDGRQXEHGH
SXQWRVVREUHOD]RQDLQWHUSUHWDGDHOH[SHUWRHQFRQWURO
GH FDOLGDG YHULILFDED TXH OD LQWHUSUHWDFLyQ FXPSOLHUD
ORV HVWiQGDUHV DFRUGDGRV GH SUHFLVLyQ \ H[DFWLWXG WH
PiWLFDVLODLQWHUSUHWDFLyQSDVDEDHVWHILOWURVHKDFtD
XQFRQWUROGHLQWHUSUHWDFLyQGHOGHODVOtQHDV\
HWLTXHWDV PHGLDQWH YHULILFDFLyQ YLVXDO SROtJRQR D SR
OtJRQR LGHQWLILFDQGR \ VLVWHPDWL]DQGR PHGLDQWH XQD
FDSDGHGDWRVHQODEDVHGHGDWRVJHRJUiILFRVORVDMXVWHV
UHTXHULGRVORVFXDOHVVHGHYROYtDQDOLQWpUSUHWHSDUDORV
FDPELRVQHFHVDULRVKHFKRVHVWRVODLQWHUSUHWDFLyQHUD
VRPHWLGDDXQVHJXQGRFRQWUROSRUSDUWHGHOJUXSRGH
FRQWUROGHFDOLGDGKDVWDTXHVHDSUREDED
(ORWURFRQWUROVHDSOLFySDUDODHODERUDFLyQGHHP
SDOPHVHQWUHEORTXHVGHiUHDVLQWHUSUHWDGDV\SDUDORV
PRVDLFRVGHOPDSDILQDO(VWHFRQVLVWLyHQYHULILFDUOD
H[DFWLWXGWHPiWLFDHQWUHEORTXHVDHPSDOPDULGHQWL
ILFDQGRPHGLDQWHXQDVHULHGHSXQWRVILMRVHQFDGD
EORTXH ORV WLSRV GH FREHUWXUD DQWHV \ GHVSXpV GHO
SURFHVRGHHPSDOPHFRQHOILQGHDVHJXUDUODLQWHJUL
GDGGHODLQIRUPDFLyQRULJLQDO
/D~OWLPDIDVHGHOFRQWUROGHFDOLGDGVHDSOLFyVREUHHO
PDSDFRPSOHWRGHWRGDOD$PD]RQLDHVWRVHKL]RPH
GLDQWH XQD VHULH GH FRQVXOWDV JHRJUiILFDV SDUD XELFDU
WLSRVGHFREHUWXUDVTXHVHDQWHPDQRVHFRQRFHVXXEL
FDFLyQJHRJUiILFDLGHQWLILFDQGRGHHVWDPDQHUDODSUH
VHQFLDGHFREHUWXUDVXELFDGDVIXHUDGHVXFRQWH[WRUHDO
2%7(1&,Ð1'('$726<(67$'Ì67,&$6
8QDYH]JHQHUDGDODYHUVLyQGHODFDSDGHGDWRV
FXPSOLHQGRFRQWRGRVORVSURFHVRVGHFDOLGDG\FRQ
HO DSR\R GH ODV KHUUDPLHQWDV 6,* VH DSOLFDURQ XQD
VHULHGHDQiOLVLVHVSDFLDOHVWLSRFUXFHGHPDSDVSDUD
REWHQHUODLQIRUPDFLyQGHORVWLSRVGHFREHUWXUDVFRQ
VXVUHVSHFWLYDVHVWDGtVWLFDVGHiUHDQXPHURGHSROtJR
QRV\XELFDFLyQJHRJUiILFD
(VWRVDQiOLVLVSHUPLWLHURQREWHQHUGDWRVGHFDGDFR
EHUWXUDFRQUHIHUHQFLDDWRGDOD$PD]RQLDFRORPELD
QDRGHWHUPLQDUODViUHDVGHDOJXQDVFREHUWXUDVFRPR
ERVTXHVERVTXHVIUDJPHQWDGRVSDVWRVYHJHWDFLyQVH
FXQGDULD]RQDVGHIRUHVWDGDVHWFFRQUHIHUHQFLDDORV
JUDQGHVSDLVDMHVGHSODQLFLHRPRQWDxDRFRQUHODFLyQ
DORVGHSDUWDPHQWRVTXHFRQIRUPDQODUHJLyQ
7RGRHVWRKDVLGRSRVLEOHFRPRIUXWRGHOWUDEDMRGH
XQ HTXLSR WpFQLFR FRQ DPSOLD H[SHULHQFLD HQ OD LQ
WHUSUHWDFLyQ FODVLILFDFLyQ \ PDQHMR GH LPiJHQHV GH
VHQVRUHVUHPRWRVSDUDREWHQHULQIRUPDFLyQGHFREHU
WXUDVGHODWLHUUD
5(68/7$'26<',6&86,Ð1
8QR GH ORV SULQFLSDOHV UHVXOWDGRV DOFDQ]DGRV HV HO
PDSDGHFREHUWXUDVGHODWLHUUDGHWRGDODDPD]RQLD
5(9,67$&2/20%,$$0$=Ð1,&$
FRORPELDQDDHVFDODGHODxR)LJXUD
(VWHSURGXFWRDHVDHVFDODHVXQRGHORVSRFRVPD
SDVWHPiWLFDVTXHVHKDQJHQHUDGRGHWRGDOD$PD]R
QLDGHVSXpVGHOWUDEDMRGH3URUUDGDP,*$&
8QDSULPHUDDSUR[LPDFLyQDODVFREHUWXUDVGHODUH
JLyQ HYLGHQFLD TXH ORV ERVTXHV QDWXUDOHV FXEUtDQ HO
.P HO ERVTXH IUDJPHQWDGR
HUD HO .P ORV DUEXVWDOHV FXEUtDQ
HO.PODViUHDVFXELHUWDVFRQKHU
ED]DOHVQDWXUDOHVHUDQHO.PFRQ
YHJHWDFLyQ VHFXQGDULD HVWDED HO .PDODJUXSDUODV]RQDVTXHSUHVHQWDEDQXQFRP
ELQDFLyQ GH YDULDV FREHUWXUDV FRPR SDVWRV FXOWLYRV
\ HVSDFLRV QDWXUDOHV HVWiQ UHSUHVHQWDEDQ HO .PHQFXDQWRDODVFREHUWXUDVGHRULJHQ
DQWUySLFRFRPRORVSDVWRVPDQHMDGRVODUHJLyQWHQtD
HO .P HQ FXDQWR D YHJHWDFLyQ
VREUH FXHUSRV GH DJXD R HQ ]RQDV SDQWDQRVDV KDEtD
HO.PORVFXHUSRVGHDJXDWDQWR
ORVOHQWLFRVFRPRORVORWLFRVUHSUHVHQWDEDQHO
.PODViUHDVVLQYHJHWDFLyQ\DVHDSRUTXH
HUDQDUHQDOHVRiUHDVGHJUDGDGDVVRORUHSUHVHQWDEDQHO
.PORVFHQWURVXUEDQRVRFXSDEDQ
HO.P\ILQDOPHQWHTXHGyXQ
.PVLQLQIRUPDFLyQFRPRFRQVHFXHQFLD
GHODSUHVHQFLDGHQXEHVHQODVLPiJHQHV
',675,%8&,Ð1'(/$6&2%(5785$6
(VWD DSUR[LPDFLyQ SDUD ORFDOL]DU JHRJUiILFDPHQWH ODV
FREHUWXUDV VH KDFH WHQLHQGR WUHV FULWHULRV HO SULPHUR
SDUD WRGD OD $PD]RQLD HO VHJXQGR FULWHULR DSOLFD XQD
VXEGLYLVLyQGHODUHJLyQHQGRVJUDQGHVSDLVDMHVODOOD
QXUD R SODQLFLH \ OD SDUWH GH PRQWDxD TXH LQFOX\H OD
]RQD XELFDGD SRU HQFLPD GH ORV PHWURV VREUH HO
),*85$0$3$'(&2%(5785$6'(/$7,(55$'(/$$0$=21,$&2/20%,$1$
)XHQWHHODERUDFLyQSURSLD
5(9,67$&2/20%,$$0$=Ð1,&$
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
7$%/$7,326'(&2%(5785$6'(/$$0$=21,$6(*Ô1*5$1'(63$,6$-(6
&Ð',*2
1RPEUHGHODFREHUWXUD
ÉUHD.P
/ODQXUD
0RQWDxD
727$/
7HMLGRXUEDQRFRQWLQXR
7HMLGRXUEDQRGLVFRQWLQXR
$HURSXHUWRV
3DVWRVOLPSLRV
3DVWRVHQPDOH]DGRV
0RVDLFRGHFXOWLYRV
0RVDLFRGHSDVWRV\FXOWLYRV
0RVDLFRGHFXOWLYRVSDVWRV\HVSDFLRVQDWXUDOHV
0RVDLFRGHSDVWRVFRQHVSDFLRVQDWXUDOHV
%RVTXH'HQVR$OWRGH7LHUUD)LUPH
%RVTXH'HQVR$OWR,QXQGDEOH+HWHURJpQHR
3DOPDU
%RVTXH'HQVR%DMRGH7LHUUD)LUPH
%RVTXH'HQVR%DMR,QXQGDEOH
%RVTXH)UDJPHQWDGRFRQSDVWRV\FXOWLYRV
%RVTXH)UDJPHQWDGRFRQ9HJHWDFLyQ6HFXQGDULD
%RVTXHGHJDOHUtD\ULSDULR
+HUED]DOGHQVRGHWLHUUDILUPHQRDUERODGR
+HUED]DOGHQVRGHWLHUUDILUPHDUERODGR
+HUED]DOGHQVRGHWLHUUDILUPHFRQDUEXVWRV
+HUED]DOGHQVRLQXQGDEOHQRDUERODGR
+HUED]DOGHQVRLQXQGDEOHDUERODGR
+HUED]DODELHUWRDUHQRVR
+HUED]DODELHUWRURFRVR
$UEXVWDO'HQVR
$UEXVWDO$ELHUWRPHVyILOR
9HJHWDFLyQVHFXQGDULDRHQWUDQVLFLyQ
=RQDVDUHQRVDVQDWXUDOHV
$IORUDPLHQWRVURFRVRV
7LHUUDVGHVQXGDV\GHJUDGDGDV
=RQDVTXHPDGDV
=RQDV3DQWDQRVDV
9HJHWDFLyQDFXiWLFDVREUHFXHUSRVGHDJXD
5tRVP
/DJXQDVODJRV\FLpQDJDVQDWXUDOHV
6LQ,QIRUPDFLyQ
727$/(6
)XHQWHHODERUDFLyQSURSLD
5(9,67$&2/20%,$$0$=Ð1,&$
QLYHOGHOPDUKDVWDODGLYLVRULDGHDJXDVHQODFRUGLOOHUD
RULHQWDOGHORV$QGHVFRORPELDQRV\HOWHUFHURSRUGH
SDUWDPHQWRV(QSULPHUOXJDUVHKDFHXQDGLVWULEXFLyQ
GH ODV FREHUWXUDV HQ WRGD OD UHJLyQ GLVWULEX\pQGRODV
SRU JUDQGHV SDtVHV OXHJR VH KDFH XQ DQiOLVLV SDUD ORV
ERVTXHVIUDJPHQWDGRVODViUHDVGHIRUHVWDGDVORVSDVWRV
SODQWDGRV\ILQDOPHQWHSDUDODYHJHWDFLyQVHFXQGDULD
/DVFREHUWXUDVQDWXUDOHVTXHLQFOX\HQORVERVTXHVORV
KHUED]DOHV\DUEXVWDOHVVXPDQHOGHODUHJLyQ
PLHQWUDVTXHODViUHDVGHIRUHVWDGDVOOHJDEDQDO
(QODWDEODVHHYLGHQFLDQODVFLIUDVSDUDFDGDXQDGH
ODV FREHUWXUDV GLVWULEXLGDV HQ FDGD JUDQ SDLVDMH \ HO
WRWDOGHODUHJLyQ
/RVERVTXHVLQXQGDEOHVLQFOXLGRVORVSDOPDUHV\ORV
ERVTXHVEDMRVHVWiQHQWHUDPHQWHHQODSODQLFLHROOD
QXUD PLHQWUDV TXH ORV KHUED]DOHV HVWiQ GLVWULEXLGRV
HQORVGRVJUDQGHVSDLVDMHVFRQHOHQODOODQX
UD\HOHQOD]RQDPRQWDxRVDHQHVWHFDVRVH
HQWLHQGHTXHHVHSRUFHQWDMHHQPRQWDxDFRUUHVSRQ
GHFRQODViUHDVGHSiUDPRV$OJRLQWHUHVDQWHTXHVH
GHWHFWyHVTXHHOGHODViUHDVVLQLQIRUPDFLyQ
HVWiQHQHOiUHDPRQWDxRVDGHELGRDODFRQWLQXDSUH
VHQFLDGHQXEHVHQODV]RQDVDOWDVGHODPRQWDxD
%2648()5$*0(17$'2
(OiUHDGHHVWDFODVHIXHGHNPLQFOX\HODV
iUHDVGHERVTXHIUDJPHQWDGRSRUSDVWRV\FXOWLYRVFRQ
NP\HOIUDJPHQWDGRSRUYHJHWDFLyQVHFXQ
GDULDFRQXQiUHDGHNP&XDQGRVHGHWHU
PLQDODGLVWULEXFLyQSRUSDLVDMHVVHHQFXHQWUDTXHHQ
ODSODQLFLHKDEtDNPGHORVFXDOHVHO
VHGHEtDQDSDVWRV\FXOWLYRVPLHQWUDVTXHHOUHVWDQWH
HUDSRUYHJHWDFLyQVHFXQGDULDHQODPRQWDxD
KDEtDXQWRWDOGHNPFRQHOSRUIUDJ
PHQWDFLyQGHELGDDSDVWRV\FXOWLYRV\HOSRU
YHJHWDFLyQVHFXQGDULD
7RPDQGR FRPR UHIHUHQFLD ORV GDWRV SUHVHQWDGRV HQ
OD )LJXUD \ OD WDEOD VH HYLGHQFLD TXH HO GHSDU
WDPHQWR FRQ PD\RU iUHD GH ERVTXH IUDJPHQWDGR HV
*XDYLDUHFRQHOGHOWRWDONPVHJXLGR
SRUORVGHSDUWDPHQWRVGH&DTXHWiNP0HWD
NP \ 3XWXPD\R NP HVWD VLWXDFLyQ HYL
GHQFLD SURFHVRV DFWLYRV GH LQWHUYHQFLyQ VREUH iUHDV
QXHYDV GH ERVTXH /RV GHSDUWDPHQWRV FRQ PHQRUHV
iUHDV GH ERVTXH IUDJPHQWDGR VRQ 1DULxR 9LFKDGD
$PD]RQDV *XDLQtD 9DXSpV \ &DXFD FRQ PHQRV GH
NPFDGDXQR
),*85$',675,%8&,Ð1'(%2648()5$*0(17$'2
)XHQWHHODERUDFLyQSURSLD
5(9,67$&2/20%,$$0$=Ð1,&$
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
7$%/$É5($6'(%2648()5$*0(17$'2325'(3$57$0(172
%RVTXHIUDJPHQWDGR
'(3$57$0(172
3RUSDVWRV\FXOWLYRV
.P
$PD]RQDV
3RUYHJHWDFLyQVHFXQGDULD
.P
68%727$/
.P
&DXFD
*XDLQtD
*XDYLDUH
0HWD
9DXSpV
9LFKDGD
727$/
&DTXHWi
1DULxR
3XWXPD\R
)XHQWHHODERUDFLyQSURSLD
É5($6'()25(67$'$6
(QWRWDOSDUDHODxRVHGHWHFWDURQNP
GHIRUHVWDGRVUHSUHVHQWDQHOGHOD$PD]RQLDHO
FRQFHSWRGHiUHDGHIRUHVWDGDVHDVXPHFRPRDTXHOODV
]RQDVTXHSDUDHVHPRPHQWRHVWDEDQHQSDVWL]DOHVYH
JHWDFLyQVHFXQGDULDGHRULJHQDQWUySLFRHQHVWHFDVR
VHH[FHSW~DQODVFODVLILFDGDVFRPRFKDJUDVGHYLHQWR
\ODVRFDVLRQDGDVSRUGLQiPLFDVIOXYLDOHVWDPELpQVH
LQFOX\HQORVPRVDLFRVFRQSUHGRPLQLRGHFREHUWXUDV
GHRULJHQDQWUySLFRFRPRSDVWRVRFXOWLYRV)LJXUD
(O iUHD GHIRUHVWDGD VH GLVWULEX\H HQ OODQXUD NP\HQ0RQWDxDNP&RQ
UHVSHFWR WRGD OD UHJLyQ HVWDV FLIUDV UHSUHVHQWDQ HO
\UHVSHFWLYDPHQWH/DViUHDVGHIRUHVWDGDV
DOLQWHULRUGHFDGDJUDQSDLVDMHUHSUHVHQWDQHQODOOD
QXUD HO \ HQ OD 0RQWDxD HO HVWR LQGLFD
TXHHOSURFHVRGHGHIRUHVWDFLyQHVPiVLQWHQVRHQODV
iUHDVPRQWDxRVDV7DEOD
&XDQGRVHKDFHXQDDSUR[LPDFLyQGHHVWDVFLIUDVSRU
GHSDUWDPHQWRDSDUWLUGHODVHYLGHQFLDVGHOD)LJXUD
VHHQFXHQWUDTXH&DTXHWiSUHVHQWDODPD\RUVXSHU
ILFLH GHIRUHVWDGD NP HQ WpUPLQRV FRQ
FUHWRV SHUR TXH 3XWXPD\R HYLGHQFLD OD PD\RU SUR
SRUFLyQGHVXWHUULWRULRDIHFWDGRSRUGHIRUHVWDFLyQ
VHJXLGRSRU&DTXHWi\0HWD
3$6726
/DVXSHUILFLHWRWDOHQSDVWRVSDUDHOSHULRGRIXH
GHNPGHORVFXDOHVHQODFODVHSDVWRVOLP
SLRVKDEtDNPHQSDVWRVHQPDOH]DGRV
NPWDPELpQVHLQFOX\HQHQHVWDFDWHJRUtDGHSDVWL]D
OHVDTXHOODViUHDVTXHVHFODVLILFDURQFRPRPRVDLFRV
HVWRHV]RQDVTXHHYLGHQFLDQODSUHVHQFLDGHSDVWRV
HQDVRFLRFRQRWUDVFREHUWXUDVFRPRFXOWLYRV\HVSD
FLRVQDWXUDOHV\DVHDQERVTXHVDUEXVWDOHVKHUED]DOHV
FXHUSRVGHDJXDHQWUHRWURVHOiUHDGHHVWDFODVHGH
PRVDLFRVVXPyNP)LJXUD
&XDQGRVHREVHUYDQORVGDWRVGHODWDEODVHGHWHFWD
TXHHOSDLVDMHHQGRQGHSUHGRPLQDQORVSDVWRV\ODV
XQLGDGHVFRPSOHMDVFRQSUHGRPLQLRGHHVWRVHVODOOD
QXUDFRQHOPLHQWUDVTXHHQODPRQWDxDVROR
KDEtDHO
/RVGHSDUWDPHQWRVFRQPD\RUHVH[WHQVLRQHVGHSDVWL
]DOHVVRQ&DTXHWiFRQPiVGHOGHOWRWDOVHJXLGR
5(9,67$&2/20%,$$0$=Ð1,&$
),*85$É5($'()25(67$'$(1/$$0$=21,$&2/20%,$1$$/
)XHQWHHODERUDFLyQSURSLD
7$%/$É5($'()25(67$'$325'(3$57$0(172<3$,6$-(
ÉUHDGHIRUHVWDGD
'HSDUWDPHQWR
/ODQXUD
.P
0RQWDxD
.P
727$/'()25(67$'2
.P
&DXFD
*XDLQtD
$PD]RQDV
&DTXHWi
*XDYLDUH
0HWD
3XWXPD\R
9DXSpV
9LFKDGD
727$/
1DULxR
)XHQWHHODERUDFLyQSURSLD
5(9,67$&2/20%,$$0$=Ð1,&$
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
),*85$',675,%8&,Ð1'(É5($'()25(67$'$325'(3$57$0(172
)XHQWHHODERUDFLyQSURSLD
),*85$É5($'(3$6726<026$,&26&213$6726
!
"
!
"
)XHQWHHODERUDFLyQSURSLD
SRU0HWD\3XWXPD\RFRQSRUFHQWDMHVPX\VLPLODUHV
7DEOD
9(*(7$&,Ð16(&81'$5,$2(1
75$16,&,Ð1
6H GHWHFWDURQ NP EDMR HVWD GH FODVH GH
FREHUWXUDTXHLQFOX\HODViUHDVTXHKDQVLGRGHIR
UHVWDGDV\HVWiQHQSURFHVRVGHVXFHVLyQWDPELpQVH
LQFOX\HQODV]RQDVTXHKDQVXIULGRSpUGLGDGHERV
TXHV D FDXVD GH ORV YLHQWRV TXH JHQHUDQ ODV GHQR
PLQDGDVFKDJUDVGHYLHQWR\ODViUHDVTXHHVWiQHQ
SURFHVR GH VXFHVLyQ D SDUWLU GH OD FROPDWDFLyQ GH
FXHUSRVGHDJXD\VXFRUUHVSRQGLHQWHJHQHUDFLyQGH
YHJHWDFLyQ
/DLPSRUWDQFLDGHHVWDFREHUWXUDUDGLFDHQTXHFR
UUHVSRQGHDORVHVWDGRVWUDQVLFLRQDOHVGHWUDQVIRUPD
FLyQGHORVHFRVLVWHPDVDPD]yQLFRV\DVHDHVWDQDWX
5(9,67$&2/20%,$$0$=Ð1,&$
7$%/$É5($(13$6726',675,%8,'263253$,6$-(
'LVWULEXFLyQSRUSDLVDMHGHSDVWRV\PRVDLFRVGHSDVWRVFRQRWUDVFREHUWXUDVNP
3$,6$-(
3DVWR
OLPSLR
3DVWR
HQPDOH]DGR
0RVDLFRGH
SDVWRV\FXOWLYRV
0RVDLFRGHFXO
WLYRVSDVWRV\HV
SDFLRVQDWXUDOHV
0RVDLFRGHSDVWRV
FRQHVSDFLRV
QDWXUDOHV
727$/
/ODQXUD
0RQWDxD
727$/
)XHQWHHODERUDFLyQSURSLD
7$%/$3$6726',675,%8,'26325'(3$57$0(1726
'LVWULEXFLyQSRUGHSDUWDPHQWRVGHSDVWRV\PRVDLFRVGHSDVWRVFRQRWUDVFREHUWXUDVNP
'HSDUWDPHQWR
$PD]RQDV
&DTXHWi
&DXFD
*XDLQtD
3DVWR
OLPSLR
3DVWR
HQPDOH]DGR
0RVDLFR
GHSDVWRV
\FXOWLYRV
0RVDLFRGH
FXOWLYRVSDVWRV\
HVSDFLRVQDWXUDOHV
0RVDLFRGHSDV
WRVFRQHVSDFLRV
QDWXUDOHV
68%727$/
*XDYLDUH
0HWD
1DULxR
9DXSpV
9LFKDGD
727$/
3XWXPD\R
)XHQWHHODERUDFLyQSURSLD
UDORDQWUySLFD/RFDOPHQWHVHGHQRPLQDQUDVWURMRVR
FDxHURV\FXDQGRVXFDXVDHVLQWHUYHQFLyQDQWUySLFD
FDVL VLHPSUH HVWiQ ORFDOL]DGRV HQ ORV HVSDFLRV LQWHU
PHGLRVHQWUHORVSDVWRV\ORVERVTXHV3DUHFLHUDTXH
VLUYHQGHHVFXGRVSURWHFWRUHVGHORVERVTXHVQDWLYRV
FRQWUDORVHPEDWHVGHODRFXSDFLyQVLQHPEDUJRVLQR
VHKDFHXQDDGHFXDGDJHVWLyQSDUDTXHHVWDVFREHUWX
UDVVHPDQHMHQGHVGHRWUDSHUVSHFWLYDQRLPSRUWDUD
VXSUHVHQFLDVLHPSUHSHUGHUiQIUHQWHDODVDFFLRQHV
KXPDQDVGHDPSOLDUODViUHDVGHODVILQFDVFRQHO~QL
FRILQGHLQFUHPHQWDUORVSDVWL]DOHVTXHVRSRUWDQXQD
OiQJXLGDJDQDGHUtDSRFRSURGXFWLYD
8QD SULPHUD HYDOXDFLyQ SHUPLWLy GLIHUHQFLDU NP FRPR ]RQDV GHIRUHVWDGDV SRU FDXVDV DQWUySLFDV
5(9,67$&2/20%,$$0$=Ð1,&$
NPSRULQIOXHQFLDGHOYLHQWR\ORVUHVWDQWHV
NPHQiUHDVGHDQWLJXRVFXHUSRVGHDJXD7DEOD
&XDQGR VH HYDO~D OD GLVWULEXFLyQ GH HVWD FREHUWXUD
HQORVGRVJUDQGHVSDLVDMHVVHGHWHFWDTXHHQOODQXUD
KDEtD NP PLHQWUDV TXH HQ PRQWDxD VROR
NP 7DEOD (Q HO PLVPR VHQWLGR HQ OD
OODQXUDHOPD\RUSRUFHQWDMHGHHVWDFREHUWXUDHUDOD
GHRULJHQDQWUySLFRFRQNPSDUDHOFDVRGH
PRQWDxD VROR VH HYLGHQFLR OD GH RULJHQ DQWUySLFR
$OJRLQWHUHVDQWHTXHVHHVSHUDED\TXHIXHFRUURER
UDGRFRQORVGDWRVDOFDQ]DGRVIXHTXHODViUHDVFRQ
YHJHWDFLyQVHFXQGDULDRULJLQDGDSRUODDFFLyQGHORV
YLHQWRVVRORHVWiQSUHVHQWHVHQODV]RQDVSODQDVGH
ODOODQXUD
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
/RVGHSDUWDPHQWRVFRQPD\RUSURSRUFLyQGHYHJHWD
FLyQVHFXQGDULDVRQHQRUGHQGHVFHQGHQWH&DTXHWi
3XWXPD\R0HWD\*XDYLDUH&XDQGRVHKDFHHVWHPLV
PRDQiOLVLVSRURULJHQ\GHSDUWDPHQWRVHHQFXHQWUD
TXHSDUDODViUHDVSURYHQLHQWHVGHGHIRUHVWDFLyQDQ
WUySLFDHVWRVGHSDUWDPHQWRVFRQVHUYDQVXLPSRUWDQ
FLDHQODVPLVPDVSURSRUFLRQHVPLHQWUDVTXHSDUDODV
iUHDVSURYHQLHQWHVGHDFFLyQHyOLFDORVGHSDUWDPHQWRV
FRQPD\RUHVVXSHUILFLHVVRQ*XDYLDUH&DTXHWi$PD
]RQDV\9DXSpV7DEOD
OHV\HOWHUULWRULRRSDUDORVSURFHVRVGHLQYHVWLJDFLyQ
DPELHQWDOHQOD$PD]RQLD
&21&/86,21(6
/DPHWRGRORJtDOH\HQGD\EDVHGHGDWRVJHRUUHIHUHQ
FLDGDHPSOHDGDVSDUDJHQHUDUODLQIRUPDFLyQSHUPL
WHQKDFHUPHGLFLRQHVSHULyGLFDV\VLVWHPiWLFDV\VRQ
HOHPHQWRVEiVLFRVGHXQSURFHVRGHPRQLWRUHRGHORV
ERVTXHV\GHPiVFREHUWXUDV
(V SRVLEOH FRQVROLGDU XQ SURFHVR GH PRQLWRUHR GH
FREHUWXUDVGHODWLHUUDVREUHODEDVHGHXQWUDEDMRFR
ODERUDWLYRHQWUHODVHQWLGDGHVGHO6,1$UHJLRQDOHQHO
PDUFRGHLQLFLDWLYDVFRPRODGHO6LVWHPDGH,QIRUPD
FLyQ$PELHQWDO7HUULWRULDOGHOD$PD]RQLD&RORPELD
QD6,$7$&HQGRQGHHOLQVWLWXWR6LQFKLHVWiFRRUGL
QDQGRODVDFFLRQHV\\DVHWLHQHXQDLQIRUPDFLyQGH
OtQHDEDVHGHODxR
(O PDSD GH FREHUWXUDV GH OD WLHUUD D OD HVFDOD GH
UHSUHVHQWDXQDIXHQWHGHLQIRUPDFLyQTXH
GHEHVHUYLUSDUDDSR\DUODVDFFLRQHVGHWRPDGHGHFL
VLRQHVODJHVWLyQDPELHQWDOVREUHORVUHFXUVRVQDWXUD
7$%/$9(*(7$&,Ð16(&81'$5,$3253$,6$-(6
'LVWULEXFLyQSRUSDLVDMHGH9HJHWDFLyQVHFXQGDULDVHJ~QRULJHQ
3$,6$-(
$QWUySLFR
+tGULFR
NP
9LHQWR
NP
727$/
NP
/ODQXUD
0RQWDxD
727$/
NP
)XHQWHHODERUDFLyQSURSLD
7$%/$9(*(7$&,Ð16(&81'$5,$325'(3$57$0(1726
'LVWULEXFLyQSRUGHSDUWDPHQWRGH9HJHWDFLyQVHFXQGDULDVHJ~QRULJHQ
'(3$57$0(172
$QWUySLFR
.P
$PD]RQDV
+tGULFR
.P
(yOLFR
.P
68%727$/
.P
&DXFD
*XDLQtD
*XDYLDUH
&DTXHWi
0HWD
1DULxR
9DXSpV
9LFKDGD
727$/
3XWXPD\R
)XHQWHHODERUDFLyQSURSLD
5(9,67$&2/20%,$$0$=Ð1,&$
&DXFHDEDQGRQiGR5tR$WDEDSR*XDLQLD8ULHO0XUFLD
6HGHWHFWyXQDPSOLRQ~PHURGHFREHUWXUDVSDUDHO
SHULRGRHQWRWDOIXHURQFODVLILFDGDVFODVHV
(QWRWDOHOGHODUHJLyQSUHVHQWDEDFREHUWXUDV
QDWXUDOHV TXH LQFOX\HQ ERVTXHV KHUED]DOHV FXHUSRV
GHDJXDHQWUHRWUDV
/RVERVTXHVQDWXUDOHVLQFOXLGRVORVGHWLHUUDILUPH\ORV
LQXQGDEOHVRFXSDQHOGHWRGDOD$PD]RQLD/RV
SDVWRVFXEUtDQXQiUHDTXHUHSUHVHQWDEDHO\ODV
iUHDVGHPRVDLFRVFRQSUHVHQFLDGHSDVWRVHUDGH
(OWRWDOGHIRUHVWDGRDVFHQGtDDNP\
DXQFXDQGRODPD\RUVXSHUILFLHVHSUHVHQWDHQODOOD
QXUD HO SRUFHQWDMH GHO SDLVDMH GH PRQWDxD DIHFWDGR
SRUHVWHIHQyPHQRHVVXSHULRU
/RV ERVTXHV IUDJPHQWDGRV WHQtDQ XQD VXSHUILFLH GH
NP\HUD*XDYLDUHHOGHSDUWDPHQWRFRQPD\RU
H[WHQVLyQGHHVWDFREHUWXUDFRQHOVHJXLGR
GH&DTXHWiFRQHO
7HQLHQGRHQFXHQWDTXHSDUDKDFHUPRQLWRUHRVHSUH
FLVDQGDWRVGHYDULRVPRPHQWRVHVWHWUDEDMRHVODSUL
PHUDPHGLFLyQUHDOL]DGD\VHWRPDFRPRODOtQHDEDVH
GHUHIHUHQFLDGHGLFKRSURFHVR(QHVWHVHQWLGRDFWXDO
PHQWHHO6LQFKLHVWiSURGXFLHQGRODLQIRUPDFLyQGHO
PRPHQWRDFWXDOHQHOGHODUHJLyQHQDVR
FLRFRQOD8QLGDGGH3DUTXHVTXHODSURGXFHVREUHXQ
GHOWHUULWRULR\HODSR\RGHO,*$&\&RUPDFDUHQD
/DJHVWLyQGHORVGDWRVLQIRUPDFLyQ\SURGXFWRVGH
LQIRUPDFLyQTXHVHJHQHUDQVRQODEDVHGHOPRQL
5(9,67$&2/20%,$$0$=Ð1,&$
WRULR TXH SHUPLWH DSUR[LPDFLRQHV VLVWHPiWLFDV GHO
HVWDGR\GLQiPLFDVGHODVFREHUWXUDVSDUDORFXDOVH
KDFRQVROLGDGRXQDEDVHGHGDWRVJHRUUHIHUHQFLDGD
TXHSHUPLWHKDFHUPDQHMRGHHVWDLQIRUPDFLyQGH
PDQHUD PXOWLWHPSRUDO (VWD EDVH GH LQIRUPDFLyQ
HVIXQGDPHQWDOSDUDKDFHUODFXVWRGLDGHORVGDWRV
IXQFLyQTXHDVXPHHO,QVWLWXWR6LQFKLSDUDWRGDOD
$PD]RQLD
$*5$'(&,0,(1726
(VSHFLDOPHQWHDO%RWiQLFR'DLURQ&DUGHQDVGLUHFWRUGHO+HU
EDULR$PD]yQLFRFRORPELDQRSRUVXDSR\R\WRGDODLQIRUPD
FLyQGHFDPSRD)HUQDQGR6DOD]DU1pVWRU0DUWtQH]$QGUHV
)HOLSH *DUFLD -XDQ 3DEOR /DWRUUH SRU OD JHVWLyQ WpFQLFD \
DGPLQLVWUDWLYD,JXDOPHQWHDWRGRVORVLQWpUSUHWHVTXHSUR
GXMHURQODLQIRUPDFLyQDOSHUVRQDOTXHSRVLELOLWyORVWUDEDMRV
GHFDPSR(VSHFLDOPHQFLyQDWRGRVORVSURIHVLRQDOHVTXHQRV
DFRPSDxDURQGXUDQWHODVWDQWDVUHXQLRQHVGHOFRPLWpWpFQLFR
GHOPDSDGHFREHUWXUDV\TXHQRVDSR\DURQHQODUHVROXFLyQ
GHODVGXGDVHLQFHUWLGXPEUHV
3DUD ODV HQWLGDGHV TXH KDQ DSR\DGR HVWH WUDEDMR HQ
HVWDIDVHGHODxRFRPRHO,*$&SRULQWHUSUH
WDFLyQ SUHOLPLQDU VHFWRU SLHGHPRQWH &DTXHWi \ 3X
WXPD\RJHRUUHIHUHQFLDFLyQGHLPiJHQHV\FDUWRJUDItD
EDVH$O6,0&,SRUDOJXQDVLPiJHQHV\GDWRVGHiUHDV
FXOWLYDGDVHQFRFDDO,'($0SRUHOFRILQDQFLDPLHQ
WRSDUDSURGXFLUODLQIRUPDFLyQGHOVHFWRURULHQWDO\
ILQDOPHQWH DO 6,1&+, UHSUHVHQWDGR HQ VX SHUVRQDO
DGPLQLVWUDWLYR\WpFQLFR
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
%,%/,2*5$)Ì$
$QGUDGH$\(WWHU$/HYDQWDPLHQWRHFROyJLFRGHOiUHDGH
FRORQL]DFLyQGHO6DQ-RVpGHO*XDYLDUH3UR\HFWR'$,1&2
&$6$0&RUSRUDFLyQ$UDUDFXDUD&2$LQpGLWR%RJRWi
&iUGHQDV'/ySH]5$FRVWD/=RQLILFDFLyQIRUHVWDOGH
7DUDSDFi,QVWLWXWR$PD]yQLFRGH,QYHVWLJDFLRQHV&LHQWtIL
FDV6,1&+,%RJRWi
&(*$$PD]RQLD&RORPELDQDGLYHUVLGDG\&RQIOLFWR&R
PLVLyQ 1DFLRQDO GH ,QYHVWLJDFLRQHV $PD]yQLFDV &21,$
&2/&,(1&,$6&HQWURGH(VWXGLRV*DQDGHURV\$JUtFR
ODV&(*$%RJRWiS
(WWHU$&DUDFWHUL]DFLyQHFROyJLFDJHQHUDO\GHODLQWHUYHQ
FLyQ KXPDQD HQ OD $PD]RQLD FRORPELDQD (Q $QGUDGH
*+XUWDGR$7RUUHV5$PD]RQLD&RORPELDQD'LYHU
VLGDG \ &RQIOLFWR &RPLVLyQ 1DFLRQDO GH ,QYHVWLJDFLRQHV
$PD]yQLFDV&21,$&2/&,(1&,$6&HQWURGH(VWXGLRV
*DQDGHURV\$JUtFRODV&(*$%RJRWiS
(WWHU$3XLQDZDL\1XNDN&DUDFWHUL]DFLyQ(FROyJLFD*H
QHUDOGHGRV5HVHUYDV1DFLRQDOHV1DWXUDOHVGHOD$PD]RQLD
&RORPELDQD,'($'(
(WWHU$$QGUDGHÉ\0DUWtQH]-/HYDQWDPLHQWRHFR
OyJLFR JHQHUDO GHO EDMR UtR *XD\DEHUR /D 0DFDUHQD(O
5DXGDO 3UR\HFWR '$,1&2&$6$0 &RU
SRUDFLyQ$UDUDFXDUDLQpGLWR%RJRWi
)$26LWXDFLyQGHORVERVTXHVGHOPXQGR2UJDQL
]DFLyQGH/DV1DFLRQHV8QLGDVSDUDOD$JULFXOWXUD\OD$OL
PHQWDFLyQ5RPDS
*XWLpUUH])6DOD]DU&$FRVWD/3HUILOHVXUEDQRVHQOD
$PD]RQLDFRORPELDQDXQHQIRTXHSDUDHOGHVDUUROORVRV
WHQLEOH3UR\HFWR&ROFLHQFLDV,QVWLWXWR$PD]yQLFRGH,Q
YHVWLJDFLRQHV&LHQWtILFDV6,1&+,%RJRWi
,'($0,*$&6,1&+,81,'$''(3$548(6+80%2/
'7,19(0$5(QSUHQVD/H\HQGDGHOPDSDGHFREHUWX
UDVDHVFDOD'RFXPHQWRWpFQLFR&RQYHQLR
GH%RJRWi
,'($0,*$&\&250$*'$/(1$0DSDGHFREHUWXUD
GHODWLHUUD&XHQFD0DJGDOHQD&DXFD0HWRGRORJtD&RULQH
/DQG&RYHUDGDSWDGDSDUD&RORPELDDHVFDOD
,QVWLWXWRGH+LGURORJtD0HWHRURORJtD\(VWXGLRV$PELHQ
WDOHV,QVWLWXWR*HRJUiILFR$JXVWtQ&RGD]]L\&RUSRUDFLyQ
$XWyQRPD5HJLRQDOGHO5tR*UDQGHGH/D0DJGDOHQD%R
JRWi'&S
,'($0,*$&,$Y+,QYHPDU,6LQFKLH,,$3(FRVLVWHPDV
FRQWLQHQWDOHVFRVWHURV\PDULQRVGH&RORPELD,QVWLWXWRGH
+LGURORJtD0HWHRURORJtD\(VWXGLRV$PELHQWDOHV,QVWLWXWR
*HRJUiILFR $JXVWtQ &RGD]]L ,QVWLWXWR GH ,QYHVWLJDFLyQ GH
5HFXUVRV %LROyJLFRV $OH[DQGHU YRQ +XPEROGW ,QVWLWXWR
GH,QYHVWLJDFLRQHV$PELHQWDOHVGHO3DFtILFR-KRQYRQ1HX
PDQQ,QVWLWXWRGH,QYHVWLJDFLRQHV0DULQDV\&RVWHUDV-RVp
%HQLWR9LYHV'H$QGUpLVH,QVWLWXWR$PD]yQLFRGH,QYHVWLJD
FLRQHV&LHQWtILFDV6LQFKL%RJRWi'&SKRMDV
FDUWRJUiILFDV
,'($06,1&+,,$Y+,,$3,19(0$56LVWHPDGHLQ
IRUPDFLyQDPELHQWDOGH&RORPELD²6,$&7RPRV\
&RQFHSWRVGHILQLFLRQHVHLQVWUXPHQWRVGHODLQIRUPDFLyQ
DPELHQWDOGH&RORPELD%RJRWiS
,'($00HPRULDWpFQLFDPDSDGHFREHUWXUDVYHJHWDOHV
XVR \ RFXSDFLyQ GHO WHUULWRULR ,QVWLWXWR GH
+LGURORJtD0HWHRURORJtD\(VWXGLRV$PELHQWDOHV,'($0
%RJRWiS
,*$&$VSHFWRVDPELHQWDOHVSDUDHORUGHQDPLHQWRWHUUL
WRULDOGHORFFLGHQWHGHOGHSDUWDPHQWRGHO&DTXHWi,QYHV
WLJDFLRQHVSDUDOD$PD]RQLD,13$,,QVWLWXWR*HRJUiILFR
$JXVWtQ &RGD]]L ,*$& \ )XQGDFLyQ 7URSHQERV 6DQWD IH
GH%RJRWi
,*$&3UR\HFWR5DGDUJUDPpWULFRGHO$PD]RQDV&RORP
ELD/D$PD]RQLDFRORPELDQD\VXVUHFXUVRV3525$'$0
9ROV ILJXUDV IRWRJUDItDV \ PDSDV HVFDOD ,QVWLWXWR*HRJUiILFR$JXVWtQ&RGD]]L,*$&%RJRWi
,*$&$VSHFWRVDPELHQWDOHVSDUDHORUGHQDPLHQWRWHUUL
WRULDOGHOPXQLFLSLRGH0LW~GHSDUWDPHQWRGHO9DXSpV
,QVWLWXWR*HRJUiILFR$JXVWtQ&RGD]]L,*$&6XEGLUHFFLyQ
GH$JURORJtD%RJRWiWRPRVSS
,*$&=RQLILFDFLyQ$PELHQWDOSDUDHOSODQPRGHORFRORP
EREUDVLOHUR(MH$SDSRULV7DEDWLQJD3$7,QVWLWXWR*HR
JUiILFR$JXVWtQ&RGD]]L,*$&%RJRWiS
,*$&3UR\HFWR2ULQRTXLD$PD]RQLD25$03DLVDMHV)L
VLRJUiILFRV GH 2ULQRTXLD$PD]RQLD &RORPELD ,QVWLWXWR
*HRJUiILFR$JXVWtQ&RGD]]L%RJRWi
,*$&$VSHFWRV$PELHQWDOHVSDUDHORUGHQDPLHQWR7HUUL
WRULDO GHO 7UDSHFLR $PD]yQLFR ,13$ ,,, ,QVWLWXWR *HR
JUiILFR$JXVWtQ&RGD]]L,*$&6XEGLUHFFLyQGH$JURORJtD
%RJRWi&'
,*$&,1'(5(1$&21,) %RVTXHV GH &RORPELD 0H
PRULDH[SOLFDWLYD%RJRWi
/ySH] HW DO /LQHDPLHQWRV FRQFHSWXDOHV \ PHWRGROyJLFRV
GHO 6LVWHPD GH ,QGLFDGRUHV $PELHQWDOHV $PD]RQLD HQ HO
PDUFR GHO 3URJUDPD 5HJLRQDO GH 0RQLWRUHR $PELHQWDO
,QVWLWXWR $PD]yQLFR GH ,QYHVWLJDFLRQHV &LHQWtILFDV 6,1
&+,%RJRWiSS
0XUFLD*8*(GLWRU'LVHxRGHODOtQHDEDVHGHLQIRU
PDFLyQDPELHQWDOVREUHORVUHFXUVRVQDWXUDOHV\HOPHGLR
DPELHQWHHQOD$PD]RQLDFRORPELDQDEDVHVFRQFHSWXDOHV
\ PHWRGROyJLFDV ,QVWLWXWR $PD]yQLFR GH ,QYHVWLJDFLRQHV
&LHQWtILFDV6,1&+,%RJRWiSS
0XUFLD*8*=RQLILFDFLyQ\FDUDFWHUL]DFLyQHFROyJLFDGH
VHLVYHUHGDVGHOGHSDUWDPHQWRGHO0HWD,QVWLWXWR$PD]y
QLFRGH,QYHVWLJDFLRQHV&LHQWtILFDV6,1&+,\&RUSRUDFLyQ
&250$&$5(1$%RJRWiS,QIRUPHWpFQLFR
5(9,67$&2/20%,$$0$=Ð1,&$
WHUULWRULDO&RQYHQLR,QVWLWXWR6,1&+,*REHUQDFLyQGHO
*XDYLDUH%RJRWiS,QIRUPHWpFQLFR
0XUFLD85LFDXUWH/0HQGR]D<0D]RUUD$/ySH]5
&iUGHQDV'=XELHWD06DOD]DU&$FRVWD/0DUWt
QH] - 0DFUR]RQLILFDFLyQ DPELHQWDO GH OD FXHQFD
GHO 5tR 3XWXPD\R iUHD FRORPELDQD (Q 0DFUR]RQLILFD
FLyQ(FROyJLFD(FRQyPLFD3ODQ&ROXPER3HUXDQRSDUDHO
GHVDUUROORLQWHJUDOGHODFXHQFDGHO5tR3XWXPD\R6DQWDIH
GH%RJRWi,QVWLWXWR$PD]yQLFRGH,QYHVWLJDFLRQHV&LHQ
WtILFDV 6LQFKL ,QVWLWXWR 1DFLRQDO GH 'HVDUUROOR ,1$'(
&,',2($S
0XUFLD85LFDXUWH/0HQGR]D<0D]RUUD$/ySH]5
&iUGHQDV ' =XELHWD 0 6DOD]DU & $FRVWD / 0DU
WLQH]-2FDPSR5&RPSDWLELOL]DFLyQGHOD]R
QLILFDFLyQ HFROyJLFD HFRQyPLFD 3ODQ &RORPER3HUXDQR
SDUDHOGHVDUUROORLQWHJUDOGHODFXHQFDGHOUtR3XWXPD\R
6DQWDIHGH%RJRWi,QVWLWXWR$PD]yQLFRGH,QYHVWLJDFLRQHV
&LHQWtILFDV6,1&+,,QVWLWXWR1DFLRQDOGH'HVDUUROOR,1
$'(&,',2($S
5DLVJ0DSDGHÉUHDVSURWHJLGDV\WLHUUDVLQGtJHQDV5HG
$PD]yQLFDGH,QIRUPDFLRQHV6RFLRDPELHQWDOHV*HRUUHIH
UHQFLDGDV
6,1&+,%DODQFHDQXDOVREUHHOHVWDGRGHORVHFRVLVWHPDV
\HODPELHQWHGHOD$PD]RQLDFRORPELDQD,QVWLWXWR
$PD]yQLFRGH,QYHVWLJDFLRQHV&LHQWtILFDV6,1&+,SS
6,1&+,3UR\HFWR6LVWHPDGH,QIRUPDFLyQ$PELHQWDO7H
UULWRULDO GH OD $PD]RQLD FRORPELDQD 6,$7$& ,QVWLWXWR
$PD]yQLFRGH,QYHVWLJDFLRQHV&LHQWtILFDV6,1&+,%RJRWi
6,1&+,,QYHQWDULR\WLSLILFDFLyQGHKXPHGDOHVHQHOGH
SDUWDPHQWRGHO&DTXHWi,QVWLWXWR$PD]yQLFRGH,QYHVWL
JDFLRQHV&LHQWtILFDV6,1&+,%RJRWi,QIRUPHWpFQLFR
'$1((VWDGtVWLFDVGHOFHQVRZZZGDQHJRYFR
FRQVXOWDGDHOGHIHEUHURGH
6LVWHPD GH ,QIRUPDFLyQ $PELHQWDO 7HUULWRULDO GH OD $PD]RQLD
&RORPELDQD 6,$7$& 6LQFKL KWWSVLDWDFVLDF
QHWFR
&DPELRGHFREHUWXUDVERVTXHVEDMRV*XDLQtD8ULHO0XUFLD
0XUFLD*8*$QiOLVLVGHORVSURFHVRVGHGHIRUHVWDFLyQ\
SUDGHUL]DFLyQHQODV]RQDVGHFRORQL]DFLyQGHOD$PD]RQLD
FRORPELDQD(VWXGLRGHFDVRGHSDUWDPHQWRGHO*XDYLDUH
SHULRGR3RQWLILFLD8QLYHUVLGDG-DYHULDQD7H
VLVGHJUDGR06F%RJRWiS
0XUFLD82FDPSR5&iUGHQDV'0DUtQ&&DUGRQD*
&DVWUR:D=RQLILFDFLyQ\FDUDFWHUL]DFLyQHFROyJLFD
GHVHLVYHUHGDVGHOGHSDUWDPHQWRGHO0HWD,QVWLWXWR$PD
]yQLFRGH,QYHVWLJDFLRQHV&LHQWtILFDV6,1&+,\&RUSRUD
FLyQ&250$&$5(1$%RJRWiS,QIRUPHWpFQLFR
0XUFLD89LOOD/$0DUWtQH]-5HQGyQ0/DUD/5D
PtUH]-&DVWUR:0HQGR]D'E3URSXHVWDGH
]RQLILFDFLyQ DPELHQWDOSDUDRFXSDFLyQ \ XVRGHO WHUULWR
ULRÉUHDSDUDXVR\RFXSDFLyQKXPDQDVRVWHQLEOHGHILQL
GDHQHOSODQGHRUGHQDPLHQWRGHOWHUULWRULR\GHVDUUROOR
DOWHUQDWLYRGHOLQWHUIOXYLRGHORVUtRV/RVDGD\*XD\DEHUR
$6&$/*,QVWLWXWR$PD]yQLFRGH,QYHVWLJDFLRQHV&LHQ
WtILFDV6,1&+,%RJRWiS,QIRUPHWpFQLFR\PDSDV
0XUFLD 8 0DUtQ & $ORQVR - 6DOD]DU & *XWLpUUH] )
'RPtQJXH] & 7UXMLOOR ) $UJHOOHV - 5HQGyQ0
2FDPSR5&DVWUR:'LVHxRGHODOtQHDEDVH
GHLQIRUPDFLyQDPELHQWDOVREUHORVUHFXUVRVQDWXUDOHV
\HOPHGLRDPELHQWHHQOD$PD]RQLDFRORPELDQD%R
JRWi ,QVWLWXWR $PD]yQLFR GH ,QYHVWLJDFLRQHV &LHQWtILFDV
6,1&+,S
0XUFLD 8 0RQWHV - &DQR $ =RQLILFDFLyQ HFROyJLFD
GHOD]RQDSLORWR/D&KRUUHUD3UR\HFWR'LVHxRHLPSOH
PHQWDFLyQ GH XQ VLVWHPD GH LQGLFDGRUHV GH VHJXLPLHQWR
GHODSROtWLFDGHELRGLYHUVLGDGHQOD$PD]RQLDFRORPELDQD
+80%2/'7 6,1&+, '13 8($6331 &'$ &25
0$&$5(1$ &2532$0$=21,$ %RJRWi S ,QIRU
PHWpFQLFR
0XUFLD82FDPSR5$UJHOOHV-6DOD]DU&&iUGHQDV'
/ySH]59DUJDV**LUDOGR%3ODQGHRUGHQD
PLHQWR WHUULWRULDO 'HSDUWDPHQWR GHO *XDYLDUH $QiOLVLV
5(9,67$&2/20%,$$0$=Ð1,&$
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
1LYHO
1LYHO
1LYHO
1LYHO
1LYHO
=RQDVLQGXVWULDOHVRFRPHUFLDOHV\UHGHVGH
FRPXQLFDFLyQ
=RQDVGHH[WUDFFLyQPLQHUDV\HVFRPEUHUDV
=RQDVYHUGHVDUWLILFLDOL]DGDVQR
DJUtFRODV
7(55,725,26$57,),&,$/,=$'26
=RQDV
XUEDQL]DGDV
1LYHO
$1(;2/(<(1'$0$3$'(&2%(5785$6'(/$7,(55$
7HMLGRXUEDQR
FRQWLQXR
7HMLGRXUEDQR
GLVFRQWLQXR
=RQDVLQGXVWULDOHV
=RQDVFRPHUFLDOHV
5HGYLDO\WHUULWRULRVDVRFLDGRV
=RQDVSRUWXDULDVIOXYLDOHV
=RQDVSRUWXDULDVPDUtWLPDV
$HURSXHUWRFRQLQIUDHVWUXFWXUD
DVRFLDGD
$HURSXHUWRVLQLQIUDHVWUXFWXUD
DVRFLDGD
2WUDVH[SORWDFLRQHVPLQHUDV
([SORWDFLyQGHKLGURFDUEXURV
([SORWDFLyQGHFDUEyQ
([SORWDFLyQGHRUR
([SORWDFLyQGHPDWHULDOHVGH
FRQVWUXFFLyQ
2WURVVLWLRVGHGLVSRVLFLyQGH
UHVLGXRVDFLHORDELHUWR
(VFRPEUHUDV
9HUWHGHURV
5HOOHQRVDQLWDULR
2WUDV]RQDVYHUGHVXUEDQDV
3DUTXHVFHPHQWHULR
-DUGLQHVERWiQLFRV
=RROyJLFRV
3DUTXHVXUEDQRV
5RQGDVGHFXHUSRVGHDJXDGH
]RQDVXUEDQDV
ÉUHDVFXOWXUDOHV
ÉUHDVGHSRUWLYDV
ÉUHDVWXUtVWLFDV
=RQDVLQGXVWULDOHVR
FRPHUFLDOHV
5HGYLDOIHUURYLDULDV
5HGIHUURYLDULD\WHUUHQRV
\WHUUHQRVDVRFLDGRV
DVRFLDGRV
=RQDVSRUWXDULDV
$HURSXHUWRV
2EUDVKLGUiXOLFDV
=RQDVGHH[WUDFFLyQ
PLQHUD
([SORWDFLyQGHVDO
=RQDGHGLVSRVLFLyQ
GHUHVLGXRV
=RQDVYHUGHV
XUEDQDV
,QVWDODFLRQHVUH
FUHDWLYDV
5(9,67$&2/20%,$$0$=Ð1,&$
&XOWLYRVWUDQVLWRULRV
1LYHO
$UUR]
0Dt]
6RUJR
&HEDGD
7ULJR
$OJRGyQ
$MRQMROt
)UtMRO
6R\D
0DQt
&HEROOD
=DQDKRULD
5HPRODFKD
3DSD
<XFD
2WURVFXOWLYRVSHUPDQHQWHV
KHUEiFHRV
&DxDGHD]~FDU
&DxDSDQHOHUD
3OiWDQR\EDQDQR
7DEDFR
3DSD\D
$PDSROD
2WURVFXOWLYRVSHUPDQHQWHV
DUEXVWLYRV
&DIpFRQ
VRPEUtR
&DIpGHOLEUH
H[SRVLFLyQ
&DFDR
&RFD
9LxHGRV
2WURVFXOWLYRVSHUPDQHQWHV
DUEyUHRV
3DOPDGHDFHLWH
&tWULFRV
0DQJR
&XOWLYRVDJURIRUHV
WDOHV
3DVWRV\iUEROHVSODQWDGRV
&XOWLYRV\iUEROHVSODQWDGRV
&XOWLYRVFRQILQDGRV
2OHDJLQRVDV\OHJX
PLQRVDV
+RUWDOL]DV
7XEpUFXORV
&DxD
&XOWLYRVSHUPDQHQ
WHVKHUEiFHRV
&XOWLYRVSHUPDQHQWHV
1LYHO
&HUHDOHV
7(55,725,26$*5Ì&2/$6
1LYHO
1LYHO
1LYHO
1LYHO
2WURVFXOWLYRVWUDQ
VLWRULRV
&XOWLYRVSHUPDQHQ
WHVDUEXVWLYRV
&XOWLYRVSHUPDQHQ
WHVDUEyUHRV
5(9,67$&2/20%,$$0$=Ð1,&$
&DIp
1LYHO
1LYHO
1LYHO
1LYHO
1LYHO
ÉUHDVDJUtFRODVKHWHURJpQHDV
3DVWRV
1LYHO
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
3DVWRVOLPSLRV
3DVWRVDUERODGRV
3DVWRVHQPDOH
]DGRV
0RVDLFRGH
FXOWLYRV
0RVDLFRGHSDV
WRV\FXOWLYRV
0RVDLFRGHFXO
WLYRVSDVWRV\HVSDFLRV
QDWXUDOHV
0RVDLFRGH
SDVWRVFRQHVSDFLRV
QDWXUDOHV
0RVDLFRGH
FXOWLYRVFRQHVSDFLRV
QDWXUDOHV
%RVTXH'HQ
VR$OWRGH7LHUUD)LUPH
%RVTXH'HQVR$OWR
%RVTXH'HQVR
%RVTXH'HQVR
$OWR,QXQGDEOH
%RVTXH
'HQVR$OWR,QXQGD
EOH+HWHURJpQHR
0DQJODU
3DOPDU
%2648(6<$5($66(0,1$785$/(6
%RVTXH'HQVR%DMR
%RVTXH
$ELHUWR$OWRGH7LHUUD
)LUPH
%RVTXH
$ELHUWR$OWR,QXQGDEOH
%RVTXH
$ELHUWR%DMRGH7LHUUD
)LUPH
%RVTXH$ELHUWR
%DMR,QXQGDEOH
%RVTXH)UDJPHQWDGRFRQ
SDVWRV\FXOWLYRV
%RVTXH)UDJPHQWDGRFRQ
9HJHWDFLyQ6HFXQGDULD
3ODQWDFLyQGH&RQtIHUDV
3ODQWDFLyQGH/DWLIROLDGDV
%RVTXH$ELHUWR
%RVTXH$ELHUWR%DMR
%RVTXHV
%RVTXH'HQ
VR%DMR,QXQGDEOH
%RVTXH$ELHUWR$OWR
%RVTXHIUDJPHQWDGR
%RVTXHGHJDOHUtD
\ULSDULR
3ODQWDFLyQIRUHVWDO
%RVTXH'HQ
VR%DMRGH7LHUUD)LUPH
5(9,67$&2/20%,$$0$=Ð1,&$
1LYHO
1LYHO
1LYHO
1LYHO
1LYHO
1LYHO
+HUED]DO
GHQVRGHWLHUUDILUPH
QRDUERODGR
+HUED]DOGHQVR
GHWLHUUDILUPH
+HUED]DO
GHQVRGHWLHUUDILUPH
FRQDUEXVWRV
+HUED]DOGHQVR
+HUED]DO
+HUED]DO
GHQVRLQXQGDEOHQR
DUERODGR
+HUED]DO
GHQVRLQXQGDEOH
DUERODGR
$UUDFDFKDO
+HUED]DODELHUWR
$UEXVWDO'HQVR
$UEXVWDO$ELHUWR
+HUED]DO
DELHUWRURFRVR
$UEXVWDO$ELHUWR
HVFOHUyILOR
9HJHWDFLyQVHFXQGDULDDOWD
9HJHWDFLyQVHFXQGDULDEDMD
3OD\DV
$UHQDOHV
&DPSRVGHGXQDV
$IORUDPLHQWRV
URFRVRV
7LHUUDVGHVQXGDV
\GHJUDGDGDV
=RQDVTXHPDGDV
=RQDVJODFLDUHV\
QLYDOHV
=RQDV*ODFLDUHV
=RQDV1LYDOHV
=RQDV3DQWDQRVDV
7XUEHUDV
9HJHWDFLyQDFXiWLFD
VREUHFXHUSRVGHDJXD
3DQWDQRVFRVWHURV
6DOLWUDO
3OD\RQHVGHEDMDPDU
ÉUHDVDELHUWDVVLQRFRQSRFD
YHJHWDFLyQ
$UEXVWDO
$ELHUWRPHVyILOR
ÉUHDVK~PH
GDVFRQWLQHQWDOHV
$UEXVWDO
+HUED]DO
DELHUWRDUHQRVR
ÉUHDVK~
PHGDVFRVWHUDV
ÉUHDVDELHUWDVVLQRFRQSRFDYHJHWDFLyQ
+HUED]DOGHQVR
LQXQGDEOH
$5($6+80('$6
+HUED]DO
GHQVRGHWLHUUDILUPH
DUERODGR
9HJHWDFLyQVHFXQ
GDULDRHQWUDQVLFLyQ
=RQDVDUHQRVDV
QDWXUDOHV
5(9,67$&2/20%,$$0$=Ð1,&$
1LYHO
1LYHO
1LYHO
1LYHO
1LYHO
$JXDVFRQWLQHQWDOHV
$JXDV
PDUtWLPDV
683(5),&,(6'($*8$
1LYHO
021,725(2'(/26%2648(6'(/$$0$=21,$&2/20%,$1$
5tRVP
/DJXQDVODJRV\
FLpQDJDVQDWXUDOHV
&DQDOHV
(PEDOVHV
&XHUSRVGHDJXD
DUWLILFLDOHV
/DJXQDVGHR[LGDFLyQ
(VWDQTXHVSDUDDFXLFXOWXUD
FRQWLQHQWDO
/DJXQDVFRVWHUDV
0DUHV\RFpDQRV
(VWDQTXHVSDUD
DFXLFXOWXUDPDULQD
%RVTXHVGH]RQDPRQWDxRVD&DTXHWi8ULHO0XUFLD
)XHQWH,GHDPHWDOHQSUHQVD
5(9,67$&2/20%,$$0$=Ð1,&$
Descargar