Metabolismo de Sodio y Agua

KWWSZZZHOSUDFWLFDQWHJDOHRQFRP
0HWDEROLVPRGH6RGLR\$JXD
'U)HOLSH0RWD+HUQiQGH]
'U-RVp&DUORV3HxD
/DFRPSRVLFLyQ\HOYROXPHQGHORVOtTXLGRVFRUSRUDOHVSHUPDQHFHFRQVWDQWHDSHVDUGH
JUDQGHVYDULDFLRQHVHQORVLQJUHVRVGLDULRVGHDJXD\VROXWRV$GHPiVGHORVOtTXLGRV
LQJHULGRVSRUHOHVWtPXORGHODVHGVHGHEHQWRPDUHQFXHQWDDTXHOORVSURSRUFLRQDGRV
SRUORVDOLPHQWRVVyOLGRVFX\RFRQWHQLGRDFXRVRHVYDULDEOHSHURTXHHQXQDGLHWD
QRUPDOGHODGXOWRHVGHDOUHGHGRUGHP/\HODJXDGHR[LGDFLyQGHORVDOLPHQWRV
JGHFDUERKLGUDWRVSURSRUFLRQDPOGHDJXDDOPHWDEROL]DUVHJGHSURWHtQD
SURSRUFLRQDP/\JGHJUDVDOLEHUDP/(VWDVFDQWLGDGHVWDQSHTXHxDVHQ
FRQGLFLRQHVQRUPDOHVGHEHQWRPDUVHHQFXHQWDHQHOEDODQFHKtGULFRFXDQGRHOULxyQQR
IXQFLRQDDGHFXDGDPHQWH
'HODVSpUGLGDVGHDJXDODLQVHQVLEOHHVODPiVFRQVWDQWHHQFRQGLFLRQHVGHVDOXG
$XPHQWDFRQODILHEUHFRQODWHPSHUDWXUDDPELHQWH\FRQODWDTXLSQHDSXHVHODLUH
H[KDODGRHVWiFDVLDVDWXUDFLyQFRQYDSRUGHDJXD6HKDHQFRQWUDGRTXHXQDSHUVRQD
VXMHWDDWUDEDMRSHVDGR\SHUPDQHFLHQGRHQXQDPELHQWHFDOLHQWHSXHGHSHUGHUKDVWD
P/SRUKRUDSRUSHUVSLUDFLyQ/DVSpUGLGDVSRUWXERGLJHVWLYRVRQPtQLPDVSXHVDXQ
FXDQGRODFDQWLGDGGHOtTXLGRVTXHVHYLHUWHQDWXERGLJHVWLYRHVPX\JUDQGHP/
DSUR[LPDGDPHQWHODUHDEVRUFLyQHVFDVLWRWDOH[FHSWRHQFRQGLFLRQHVSDWROyJLFDV
FRPRODGLDUUHDRHQDTXHOORVHQIHUPRVHQORVTXHVHLQVWDODVXFFLyQJiVWULFDR
LQWHVWLQDO
2UGLQDULDPHQWHORVULxRQHVH[FUHWDQPiVGHODPLWDGGHODJXDTXHVH
SLHUGH(OYROXPHQXULQDULRPtQLPRGHSHQGHGHODFDQWLGDGGH
PDWHULDOHVGHGHVHFKRTXHGHEHQVHUHOLPLQDGRV\GHODFDSDFLGDGGH
FRQFHQWUDFLyQGHOULxyQ$OUHGHGRUGHOGHORVUHFLpQQDFLGRV
VDQRVRULQDQSRUORPHQRVXQDYH]HQODVSULPHUDVKRUDVGHODYLGD
\HOGHORVQLxRVKDQRULQDGRDODVKRUDV(OYROXPHQXULQDULR
GXUDQWHORVSULPHURVGtDVGHODYLGDHQQLxRVDOLPHQWDGRVDOSHFKR
DXPHQWDUiSLGDPHQWHGHVSXpVGHODVKRUDV'XUDQWHODVSULPHUDV
VHPDQDVGHODYLGDHVFRP~QTXHHOQLxRRULQHDYHFHVSRUGtD
YDFLDQGRWRWDOPHQWHOD YHMLJDHQFDGDPLFFLyQ/DVSpUGLGDVSRURULQD
HQQLxRVPD\RUHVYDQGHDP/SRUGtDGHDFXHUGRFRQOD
HGDG&XDGUR
(OEDODQFHGH
DJXDHQ
FRQGLFLRQHVGH
VDOXGUHVXOWD
GHODVXPDGH
ORVLQJUHVRV
PHQRVORV
HJUHVRVSRU
RULQDKHFHV
SLHO\SpUGLGDV
LQVHQVLEOHV
/DRVPRODOLGDGHVXQRGHORVDVSHFWRVGHOPHGLRLQWHUQRTXHVHPDQWLHQHQFRQ
YDULDFLyQPtQLPDHQWUH\PRVPRO/JUDFLDVDOFRQWUROGHODVHGGHOD
KRUPRQDDQWLGLXUpWLFD+$'\GHODIXQFLyQUHQDO/DVHGVHUHJXODSULQFLSDOPHQWHSRU
HVWtPXORVRVPyWLFRV\HVPHQRUHQORVDQFLDQRV$SDUHFHFXDQGRODRVPRODOLGDGH[FHGH
PRVPRONJVLPXOWiQHDPHQWHVHOLEHUD+$'SDUDFRQFHQWUDUODRULQDDOPi[LPR\
DVtFRQVHUYDUHOEDODQFHKtGULFRGXUDQWHODGHSULYDFLyQGHDJXD
&XDGUR3URPHGLRGHSpUGLGDVGHOtTXLGRVHQQLxRV
25,1$
P/
+(&(6
P/
/$&7$17(6 NJ
1,f26NJ
3e5','$6
727$/
,16(16,%/(6
P/
)8(17(:LQWHUV5:7KHERG\IOXLGVLQSHGLDWULFV%RVWRQ/LWWOH
%URZQ&RS
)LJXUD%DODQFHGHVRGLRHQXQVXMHWRQRUPDO
8QDGLHWDDOWDHQVDOSURYRFDEDODQFHSRVLWLYRGH
VRGLRFRQDXPHQWRGHSHVRFDGDYH]PHQRUHVD
WUDYpVGHORVGtDVSRUDXPHQWRSURJUHVLYRGHVX
H[FUHFLyQUHQDOKDVWDORJUDUHOHTXLOLEULRHQWUHOR
TXHLQJUHVD\HJUHVD&RQODGLVPLQXFLyQGHOD
LQJHVWDGHVDORFXUUHORFRQWUDULRFRQEDODQFH
QHJDWLYRWUDQVLWRULRGHVRGLR
(O1D HVHOFDWLyQGHWHUPLQDQWHGHOYROXPHQGHOOtTXLGRH[WUDFHOXODU/(&(O
YROXPHQFLUFXODQWHDUWHULDOHIHFWLYR9$(VHUHILHUHDHVDSRUFLyQGHO/(&TXH
SHUIXQGHDGHFXDGDPHQWHORVWHMLGRV(QJHQHUDOHO9$(YDUtDGLUHFWDPHQWHFRQHO
YROXPHQGHO/(&\DTXHDPERVDXPHQWDQFRQODVFDUJDV\GLVPLQX\HQFRQODV
SpUGLGDVGH1D6HSXHGHFRQFOXLUTXHHOFRQWUROGHOEDODQFHGHVRGLR\GHO9$(VRQ
IXQFLRQHVtQWLPDPHQWHUHODFLRQDGDV
,QJHVWLyQ\EDODQFHGHVRGLR
(OULxyQHVHOUHJXODGRUPiVLPSRUWDQWHGHOEDODQFHGH1D\UHVSRQGHGHPRGR
FDUDFWHUtVWLFRDFDPELRVHQHO9$(&XDQGRVHSURGXFHXQDXPHQWRHQHOYROXPHQGHO
/(&FRPRRFXUUHGHVSXpVGHXQDFDUJDGH1DODH[FUHFLyQGHVDODXPHQWDHQXQ
LQWHQWRGHUHJUHVDUHOYROXPHQDORQRUPDO)LJ3RUHOFRQWUDULRHQSUHVHQFLDGH
GHSOHFLyQGHYROXPHQFRPRHQODUHVWULFFLyQGH1DGXUDQWHRUWRVWDWLVPRFLUURVLV
KHSiWLFDFRQDVFLWLVVtQGURPHQHIUyWLFRRLQVXILFLHQFLDFDUGLDFDHOULxyQUHWLHQH1D SDUDUHVWDEOHFHUHOYROXPHQFLUFXODWRULRHIHFWLYR/DVYDULDFLRQHVHQODLQJHVWLyQ
GLHWpWLFDGH1D VHDFRPSDxDQGHFDPELRVHQHOYROXPHQFLUFXODQWH\DOPLVPRWLHPSR
HQODH[FUHFLyQGH1D(VWDH[FUHFLyQGHVDOHVWiGHWHUPLQDGDPXOWLIDFWRULDOPHQWHD
VDEHUFDUJDILOWUDGDGH1DDFWLYLGDGPLQHUDORFRUWLFRLGH\FDPELRVHQODUHDEVRUFLyQ
WXEXODUSUR[LPDO\GLVWDOIDFWRUHVItVLFRVSHULWXEXODUHVIDFWRUHVQDWULXUpWLFRV
KRUPRQDOHVIDFWRUQDWULXUpWLFRDXULFXODUIDFWRULQKLELGRUGH1D.$73DVDDGHPiVVH
KDGHPRVWUDGRODSDUWLFLSDFLyQGHOVLVWHPDQHUYLRVRVLPSiWLFR\IDFWRUHV
YDVRGLODWDGRUHVFLQLQDV\SURVWDJODQGLQDV
5HJXODFLyQGHOYROXPHQH[WUDFHOXODU
/DGHSOHFLyQGHOYROXPHQLQWUDYDVFXODURODFDtGDGHOJDVWRFDUGtDFRVHDFRPSDxDQGH
GHVFHQVRHQHOOOHQDGRYDVFXODU\SRUHIHFWRGHYDVRVFRPXQLFDQWHVDIHFWDHOUHVWRGHORV
WHUULWRULRVGHOHVSDFLRH[WUDFHOXODUTXHLQFOX\HHOLQWHUVWLFLRGHORVyUJDQRV
IXQGDPHQWDOPHQWHHOULxyQ)LJ/DFDVFDGDGHHYHQWRVTXHVHVLJXHQDXQDSpUGLGD
GHYROXPHQFRUSRUDOSUHWHQGHFRUUHJLUHQIRUPDILQDOLVWDODSHUIXVLyQWLVXODUUHFXSHUDU
HOHTXLOLEULRHQWUHODGLVWHQVLELOLGDGYDVFXODU\HOYROXPHQGHOtTXLGRFLUFXODQWHHOULxyQ
UHGXFHVXH[FUHFLyQGHVDO\DJXDHQXQLQWHQWRGHUHSDUDUORVOtTXLGRVSHUGLGRV
)LJXUD5HVSXHVWDGHOYROXPHQH[WUDFHOXODUDGHSOHFLyQ
/DGLVPLQXFLyQGHOYROXPHQDUWHULDOHIHFWLYRSRUGLIHUHQWHV
FDXVDVDFWLYDUHFHSWRUHVDUWHULDOHV\YHQWULFXODUHVTXHD
WUDYpVGHGLIHUHQWHVVLVWHPDVKRUPRQDOHV\QHXURJpQLFRV
DXPHQWDQODUHDEVRUFLyQWXEXODUUHQDOGHVRGLR\DJXDFRQ
GLVPLQXFLyQGHVXH[FUHFLyQXULQDULDSDUDUHVWLWXLUHO
YROXPHQ
/RLQWHUHVDQWHHVTXHHOULxyQORTXHUHFLEHHVXQDLQIRUPDFLyQVLHPSUHLJXDOODGHXQ
YROXPHQFLUFXODQWHUHGXFLGRFDtGDGHOJDVWRFDUGtDFRGHSOHFLyQ GHYROXPHQR
YDVRGLODWDFLyQ6XSUHVLyQLQWHUVWLFLDOFDHEDMDODSUHVLyQGHSHUIXVLyQ\VHHVWLPXODQ
VXVPHFDQLVPRVUHWHQHGRUHVGHVRGLRDORODUJRGHOQHIUyQ(QFRQGLFLRQHVGH
H[SDQVLyQGHHVFDSHDDOGRVWHURQDRGHLQPHUVLyQHQDJXDKDVWDHOFXHOORHQVXMHWRV
VDQRV)LJODH[SDQVLyQVHDFRPSDxDGHDXPHQWRGHOJDVWRFDUGtDFR\OOHQXUDGHO
iUEROFLUFXODWRULRODFDVFDGDGHHYHQWRVVHUHYLHUWHGHVFLHQGHODDFWLYLGDGVLPSiWLFDOD
DFWLYLGDGGHOVLVWHPDUHQLQDDQJLRWHQVLQDDOGRVWHURQDOD+$'\DXPHQWDHOSpSWLGR
DXULFXODUQDWULXUpWLFR(QHVWDVFRQGLFLRQHVHOULxyQDFXVDODH[LVWHQFLDGHOOHQDGRGHO
iUEROFLUFXODWRULRVXSUHVLyQLQWHUVWLFLDO\GHSHUIXVLyQVHLQFUHPHQWDQ\ORV
PHFDQLVPRVGHWUDQVSRUWHWXEXODUGHVRGLRVHDEDWHQFRQORTXHDXPHQWDOD H[FUHFLyQGH
VDO\DJXDHQXQLQWHQWRGHFRUUHJLUHOH[FHVRGHYROXPHQ
)LJXUD5HVSXHVWDGHOYROXPHQH[WUDFHOXODUD
H[SDQVLyQ
&XDQGRDXPHQWDHOYROXPHQDUWHULDOHIHFWLYRVH
DFWLYDQORVUHFHSWRUHVGHYROXPHQ\SRUGLYHUVRV
PHFDQLVPRVVHSURGXFHGLVPLQXFLyQGHUHDEVRUFLyQ
WXEXODUGHVRGLR\DJXDFRQDXPHQWRGHVX
H[FUHFLyQXULQDULDHQXQLQWHQWRSRUFRUUHJLUHO
H[FHVRGHYROXPHQ
/RVVXMHWRVQRUPDOHVVHPDQWLHQHQHQXQHTXLOLEULRTXHGHSHQGHGHXQEDODQFHHQWUHOD
LQJHVWLyQ\ODH[FUHFLyQGHVRGLR(QDPEDVVLWXDFLRQHVVRQORVPHFDQLVPRV
LQWUDUUHQDOHVORVHQFDUJDGRVGHFRUUHJLUHOGpILFLWRHOH[FHVRGHYROXPHQDSHVDUGHTXH
HOFXHUSRUHGLVWULEX\HORVOtTXLGRVKDFLDORVHVSDFLRVPiVQHFHVLWDGRVHQXQDIiQGH
HYLWDUODKLSRWHQVLyQ\HOFKRTXHHQVLWXDFLRQHVGH GHSOHFLyQ\GHHOLPLQDUHOH[FHVRHQ
FRQGLFLRQHVGHH[SDQVLyQ/RVSDGHFLPLHQWRVTXHFXUVDQFRQ HGHPDVHDOHMDQGHHVWDV
UHJODV\ORVYHUHPRVHQRWURFDStWXOR
5HJXODFLyQGHODRVPRODULGDGSODVPiWLFD
/D3RVPVHPDQWLHQHFRQVWDQWHJUDFLDVDODLQJHVWLyQ\H[FUHFLyQGHDJXD(OEDODQFHGH
DJXDVHPDQWLHQHHQHTXLOLEULRJUDFLDVDGRVPHFDQLVPRVIXQGDPHQWDOHVGHUHJXODFLyQ
FHUHEUDOTXHVHLQWHJUDQHQHOKLSRWiODPRDQWHULRUODVHG\ODOLEHUDFLyQGH+$'R
YDVRSUHVLQD(VWRVGRVPHFDQLVPRVDOPDQWHQHUHOFRQWHQLGRGHDJXDFRUSRUDOGHQWUR
GHOtPLWHVHVWUHFKRVUHJXODQODUHODFLyQHQWUHVROXWRV\DJXDRVHDODRVPRODULGDGGHORV
OtTXLGRVFRUSRUDOHV)LJ
)LJXUD5HJXODFLyQGHODRVPRODULGDGSODVPiWLFD
(QHVWHHVTXHPDVHHMHPSOLILFDODUHVSXHVWDDOD
KLSHU\DODKLSRWRQLFLGDGGHORVOtTXLGRVFRUSRUDOHV
FRQLQKLELFLyQ\HVWLPXODFLyQGHORV
RVPRUUHFHSWRUHVTXHUHGXFHQRLQFUHPHQWDQODVHG\
ODOLEHUDFLyQGHKRUPRQDDQWLGLXUpWLFD+$'
/DLQJHVWLyQGHDJXDHVWiPHGLDGDSRUDMXVWHVHQHOPHFDQLVPRGHODVHG\ODH[FUHFLyQ
SRUXQDUHVSXHVWDQRUPDOGHOVLVWHPDKLSRWiODPRKLSRILVLDULRTXHOLEHUD+$'\UHJXODOD
UHVSXHVWDUHQDODHVWDKRUPRQDDWUDYpVGHPHFDQLVPRVGHFRQFHQWUDFLyQ\GLOXFLyQ GH
ODRULQD6LQHPEDUJRHQFDVRVGHGHVKLGUDWDFLyQHVHODJXDEHELGDODTXHHYLWDOD
KLSHURVPRODULGDGSODVPiWLFD3RUHMHPSORHQORVSDFLHQWHVFRQGLDEHWHVLQVtSLGDTXH
FXUVDQFRQDXVHQFLDGH+$'SHURXQPHFDQLVPRGHODVHGLQWDFWRPDQWLHQHQOD
RVPRODULGDG\ODFRQFHQWUDFLyQGH1D VpULFRGHQWURGHOtPLWHVQRUPDOHVDSHVDUGH
GLXUHVLVGHRPiVOLWURVSRUGtD(VSRUHVWRTXHSDFLHQWHVFRQXQPHFDQLVPRGHOD
VHGLQWDFWR\DFFHVRDODJXDGLILFLOPHQWHSUHVHQWDUiQKLSHUQDWUHPLDRKLSHURVPRODULGDG
VLQWRPiWLFD3RUHOFRQWUDULRXQDFDUJDDJXGDGHDJXDUHGXFHODRVPRODULGDG
SODVPiWLFDVXSULPHODVHFUHFLyQGH+$'HQGyJHQD\ODVHGIDYRUHFHODIRUPDFLyQGH
RULQDGLOXtGD\ODH[FUHFLyQGHDJXDOLEUHDFXDUHVLV(OULxyQHVFDSD]GHH[FUHWDUGH
DOLWURVGHRULQDHQKRUDV/DUHGXFFLyQHQODFDSDFLGDGUHQDOGHH[FUHWDURULQD
GHVSXpVGHXQDJUDQLQJHVWLyQGHDJXDVyORRFXUUHHQVLWXDFLRQHVPX\SDUWLFXODUHV
FRPRORVSDGHFLPLHQWRVTXHFXUVDQFRQHGHPDHQODLQVXILFLHQFLDUHQDO DYDQ]DGDRHQ
HOVtQGURPHGHVHFUHFLyQLQDGHFXDGDGH+$'
6XMHWRVKLSRWHQVRVRFRQGHSOHFLyQGHYROXPHQUHWLHQHQWRGDHODJXDTXHVHOHVRIUHFHD
SHVDUGHHPSHRUDUODKLSRWRQLFLGDG(QWpUPLQRVWHOHROyJLFRVHORUJDQLVPRVDFULILFDOD
WRQLFLGDGSDUDPDQWHQHUHOYROXPHQSODVPiWLFR\ODHVWDELOLGDGKHPRGLQiPLFDTXHVRQ
IXQFLRQHVYLWDOHV(VWHHVWtPXORGHVHQFDGHQDGRSRUODFRQWUDFFLyQGHOYROXPHQ
FLUFXODQWHQDFHHQORVEDURUUHFHSWRUHVGHODVDXUtFXODV\ORVJUDQGHVYDVRV\YLDMDHQODV
ILEUDVQHUYLRVDVGHORVSDUHVFUDQHDOHV,;\;DOKLSRWiODPR8QHVWtPXOR
KHPRGLQiPLFRLQWHQVRVREUHSDVDFRQPXFKRHOHVWtPXORRVPyWLFR<DXQTXHOD
OLEHUDFLyQGH+$'HVPiVVHQVLEOHDORVFDPELRVGHRVPRODULGDGODOLEHUDFLyQGH+$'
VHFXQGDULDDHVWtPXORVGHYROXPHQVREUHSDVDFRQPXFKRHOHIHFWRPXFKRPHQRV
SRWHQWHGHODKLSRRVPRODULGDG)LJ
)LJXUD5HODFLyQHQWUH$93\FDPELRVHQ
RVPRODULGDG\HQYROXPHQ
/DKRUPRQDDQWLGLXUpWLFDPHGLGDDWUDYpVGHOD
DFWLYLGDGGHYDVRSUHVLQD$93HQHOSODVPDVH
HOHYDPiVUDSLGDPHQWHFRQSHTXHxRVFDPELRVHQOD
RVPRODULGDGSHURVXLQFUHPHQWRHVPD\RUFXDQGR
KD\GHSOHFLyQLPSRUWDQWHGHYROXPHQ
2WUDJUDQYDULHGDGGHHVWtPXORVTXHDFW~DQHQORVFHQWURVQHUYLRVRVVXSHULRUHVWDPELpQ
IDYRUHFHQODOLEHUDFLyQGH+$'
(VWRVVHFUHWDJRJRVLQFOX\HQHOGRORUHVWUpVHPRFLRQDOPLHGRFRLWRHMHUFLFLRQiXVHD
KLSR[LDKLSRJOXFHPLDKLSRWHQVLyQDUWHULDO\GLYHUVDVGURJDVPRUILQDEDUELW~ULFRV
QLFRWLQDPHSHULGLQDKLVWDPLQDDJHQWHVFROLQpUJLFRVpWHU\DGUHQDOLQDDJUDQGHVGRVLV
3RUHOFRQWUDULRODLQJHVWLyQGHDOFRKROLQKLEHVXVHFUHFLyQ
/D
+RUPRQDDQWLGLXUpWLFD+$'
RVPRODULGDG
(VXQQRQDSpSWLGRVLQWHWL]DGRFRPRSURKRUPRQDHQODVQHXURQDVGHO GHOSODVPDVH
KLSRWiODPRDWUDYpVGHORVD[RQHVQHXURQDOHVOOHJDDODKLSyILVLV
PDQWLHQH
SRVWHULRUGRQGHVHDOPDFHQDSDUDVHUOLEHUDGDFRQDOJ~QHVWtPXOR
FRQVWDQWH
&RQVWLWX\HXQDGHODVSULQFLSDOHVOtQHDVGHGHIHQVDTXHWLHQHHO
JUDFLDVDO
RUJDQLVPRSDUDDKRUUDUDJXDHQORVPRPHQWRVGHQHFHVLGDGRSDUD
HTXLOLEULRHQWUH
GHVKDFHUVHGHHOODFXDQGRH[LVWHXQH[FHVR(VWRORKDFHDWUDYpVGH
ODLQJHVWLyQ\
SHUPLWLURQRTXHODRULQDTXHDOFDQ]DODSRUFLyQWHUPLQDOGHOQHIUyQ
ODH[FUHFLyQGH
W~EXORGLVWDO\W~EXORFROHFWRUVXIUDXQDUHDEVRUFLyQILQDOGHDJXDVL DJXD
KD\+$'RTXHVHHOLPLQHGLFKDRULQDHQIRUPDKLSRWyQLFDVLOD
KRUPRQDQRKDVLGROLEHUDGDRQRDFW~DHQORVUHFHSWRUHVWXEXODUHVUHQDOHV(O
IXQFLRQDPLHQWRUHQDOSHUPLWHVXFRQYHUVLyQHQXQRVFXDQWRVPLQXWRVGHXQyUJDQR
UHWHQHGRUDXQyUJDQRH[FUHWRUGHDJXD
$OLJXDOTXHODVHGVXUHVSXHVWDHVPiVVHQVLEOHDHVWtPXORVRVPyWLFRV/D+$'VHGHMD
GHOLEHUDUFXDQGRODRVPRODOLGDGGHOSODVPDVHHQFXHQWUDSRUGHEDMRGHPRVPRO/
3RUFDGDGHDXPHQWRGHRVPRODOLGDGVpULFDVHSURGXFHXQDXPHQWRDSUR[LPDGRGH
SJP/GH+$'HQSODVPDORTXHDXPHQWDODRVPRODOLGDGXULQDULDPRVPRONJ
2WURVHVWtPXORVFRPRODKLSRYROHPLDSXHGHQSURGXFLUOLEHUDFLyQGH+$'HQSUHVHQFLD
GHKLSRWRQLFLGDGDXQTXHVHUHTXLHUHODGLVPLQXFLyQGHOGHOYROXPHQSODVPiWLFR'H
ORVGRVPHFDQLVPRVSULQFLSDOHVGHUHJXODFLyQHOUHODFLRQDGRDRVPRODULGDG\HO
GHWHUPLQDGRSRUFDPELRVGHYROXPHQDXQFXDQGRDFW~DQVLPXOWiQHDPHQWHSDUHFH
KDEHUSUHGRPLQLRGHOSULPHURHQFRQGLFLRQHVGHVDOXG\GHOVHJXQGRHQFRQGLFLRQHV
SDWROyJLFDV(QVLWXDFLRQHVHQODVFXDOHVKD\GLVPLQXFLyQGHODRVPRODULGDGFRQ
KLSRQDWUHPLDFRPRHQODHQIHUPHGDGGH$GGLVRQHQODVQHIULWLVSHUGHGRUDVGH VDOR
HQODLQVXILFLHQFLDFDUGtDFDFRQJHVWLYDGHODUJDGXUDFLyQKDEUtDGHSOHFLyQGHDJXDPX\
JUDYHVLODUHJXODFLyQVHKLFLHUD~QLFDPHQWHEDVDGDHQODRVPRODULGDGORFXDOQR
VXFHGH(OVLWLRGHDFFLyQGHOD+$'HVHQORVW~EXORVGLVWDOHV\HQORVW~EXORV
FROHFWRUHVGHOULxyQ(VWDVSRUFLRQHVGHODQHIURQDLPSHUPHDEOHVDODJXDVHYXHOYHQ
SHUPHDEOHVDHOODSRUDFFLyQGHOD+$'
6HG
/DVIXHU]DVTXHHVWLPXODQ\VXSULPHQODVHGVRQDVRPEURVDPHQWHLGpQWLFDVDODVTXH
GHWHUPLQDQODOLEHUDFLyQGH+$'$VtWDQWRODKLSHUWRQLFLGDGFRPRODKLSRYROHPLD
IDYRUHFHQVXDSDULFLyQ(OHIHFWREHQpILFRGHOD LQJHVWLyQ\UHWHQFLyQGHDJXDHVREYLR
\DTXHUHHVWDEOHFHODRVPRODULGDG\ODYROHPLD/RVRVPRUUHFHSWRUHVHQFDUJDGRVGH
UHVSRQGHUDODVHGHVWiQORFDOL]DGRVHQODSDUWHDQWHULRUGHOKLSRWiODPRVREUHSXHVWRV
SHURDOPLVPRWLHPSRVHSDUDGRVGHORVTXHPHGLDQODOLEHUDFLyQGH+$'5HVSRQGHQD
FDPELRVUHDOHVHQODWRQLFLGDGFRPRORVLQGXFLGRVSRU1D RPDQLWROSHURQRSRUXUHD
TXHHVXQRVPROQRHIHFWLYR(OXPEUDOGHUHVSXHVWDSDUDODVHG\ODYDVRSUHVLQDHV
VHQVLEOHPHQWHLJXDO/DVHGVHGHVSLHUWDFRQFDPELRVRVPRODUHVSODVPiWLFRVGHQWURGH
ORVOtPLWHVQRUPDOHV/DKLSHUGLSVLDVHFXQGDULDDKLSRYROHPLDHVWiPHGLDGDSRUHO
VLVWHPDUHQLQDDQJLRWHQVLQD\SDUWLFXODUPHQWHSRU ODDQJLRWHQVLQD,,TXHHVXQDJHQWH
GLSVyJHQRPX\SRWHQWHTXHDFWLYDORVUHFHSWRUHVORFDOL]DGRVDEDMRGHOIyUQL[
5HJXODFLyQUHQDO
(OSULPHUSDVRHQODIRUPDFLyQGHODRULQDHVODILOWUDFLyQJORPHUXODU(VWDVHUHDOL]D
PHUFHGDODSUHVLyQKLGURVWiWLFDHQORVFDSLODUHVJORPHUXODUHVODFXDOGHEHYHQFHUOD
SUHVLyQRQFyWLFDGHODVSURWHtQDVSODVPiWLFDVODSUHVLyQGHODFiSVXODGH%RZPDQ\OD
SUHVLyQLQWUDWXEXODU
/DKRUPRQD
DQWLGLXUpWLFDHV
PiVVHQVLEOHD
FDPELRVHQOD
RVPRODULGDG
SHURWDPELpQ
VHUHJXODSRU
FDPELRVGH
YROXPHQ6X
VLWLRGHDFFLyQ
HVHQW~EXORV
GLVWDOHV\
FROHFWRUHV
(QFRQGLFLRQHVGHVDOXGVHILOWUDQSRUORVJORPpUXORVDOUHGHGRUGH
OLWURVSRUPHWURFXDGUDGRHQXQGtDUHDEVRUELpQGRVHHQORV
W~EXORVHOGHHVWHYROXPHQ'XUDQWHHOSDVRGHOOtTXLGRILOWUDGR
SRUORVW~EXORVSUR[LPDOHVVHUHDOL]DODUHDEVRUFLyQGHDJXDOODPDGD
REOLJDWRULD\DTXHVHOOHYDD
FDERLQGHSHQGLHQWHPHQWHGHOHVWDGRGHKLGUDWDFLyQ
GHOVXMHWRVLHQGRHOGHOWRWDOILOWUDGR(VWD
SULPHUDUHDEVRUFLyQVHKDFHHQIRUPDLVRVPyWLFDFRQ
HOSODVPDHVGHFLUVHUHDEVRUEHQHQSURSRUFLRQHV
LJXDOHVDJXD\VRGLRDGHPiVGHELFDUERQDWR\FORUR
$OILQDOGHODSRUFLyQJUXHVDGHODUDPDGHVFHQGHQWH
GHODVDGH+HQOHVHKDUHDEVRUELGRGHOOtTXLGRILOWUDGRTXHMXQWR
FRQORVLRQHVVRQH[WUDtGRVGHOLQWHUVWLFLRSRUODVDQJUHTXHSHUIXQGH
ORVFDSLODUHVFRUWLFDOHV(QODSRUFLyQGHVFHQGHQWHGHOJDGDGHODVDGH
'HOWRWDOGHO
OtTXLGRILOWUDGR
SRUORV
JORPpUXORVHO
VH
UHDEVRUEHHQ
ORVW~EXORVHQ
FRQGLFLRQHVGH
VDOXG
+HQOHFRQWLQ~DUHDEVRUELpQGRVHDJXDSHURDTXtKD\HQWUDGDGHVRGLRGHOHVSDFLR
LQWHUVWLFLDOKDFLDHOOtTXLGRWXEXODUORFXDOKDFHTXHHOOtTXLGRLQWUDWXEXODUDXPHQWH
SURJUHVLYDPHQWHVXFRQFHQWUDFLyQGHVROXWRVKDVWDDOFDQ]DUXQPi[LPRGH
P2VP/DOOOHJDUDODSDSLODUHQDO(QHVWHSXQWRHODVDGH+HQOHLQLFLDVXSRUFLyQ
DVFHQGHQWHODFXDOWLHQHODSDUWLFXODULGDGGHVHULPSHUPHDEOHDODJXDHQIRUPDDFWLYD
HVH[WUDtGRVRGLRGHOOtTXLGRWXEXODUFRQORFXDOODFRQFHQWUDFLyQGHVROXWRVGLPLQX\H
QXHYDPHQWHKDVWDOOHJDUDVHUKLSRRVPyWLFRDOLQLFLRGHOWXERFRQWRUQHDGRGLVWDO$
HVWHSURFHVRVHOHOODPDPHFDQLVPRGHPXOWLSOLFDFLyQGHFRQWUDFRUULHQWH/DDFFLyQGH
HVWHPHFDQLVPRGHSHQGHGHTXHKD\DXQDKLSHUWRQLFLGDGDGHFXDGDHQODPpGXODUHQDO
TXHHVWiGDGDSRUODFRQFHQWUDFLyQGHVRGLR\XUHD(OPHFDQLVPRPXOWLSOLFDGRUGH
FRQWUDFRUULHQWHWLHQHVXVXEVWUDWXPDQDWyPLFRHQODFRQILJXUDFLyQHQKRUTXLOODGHOD
UDPDDVFHQGHQWH\GHVFHQGHQWHGHODVDPHGXODUODFXDOHVFDSD]SRUVtVRODGHORJUDU
FDPELRVHQODRVPRODULGDGTXHYDQGHDP2VP/(ORWURSURFHVRTXH
FRPSOHPHQWDHOVLVWHPDHVHOPHFDQLVPRLQWHUFDPELDGRUGHFRQWUDFRUULHQWHHOFXDO
WLHQHVXVXEVWUDWXPDQDWyPLFRHQODVYDVDUHFWD TXHDFRPSDxDQDODVDVDVGH+HQOH(V
XQPHFDQLVPRSDVLYRTXHGHSHQGHGHODGLIXVLyQGHDJXD\VRGLRHQDPEDVGLUHFFLRQHV
DWUDYpVGHODVSDUHGHVGHGLFKRVFDSLODUHV3HUPLWHHOPDQWHQLPLHQWRGHOJUDGLHQWHGH
FRQFHQWUDFLyQFUHDGRSRUHOPHFDQLVPRPXOWLSOLFDGRUGHFRQWUDFRUULHQWH(VWRVGRV
PHFDQLVPRVKDFHQTXHHOOtTXLGRTXHDOFDQ]DORVW~EXORVGLVWDOHVVHDKLSRWyQLFR$HVWH
QLYHOVHUHDOL]DQXHYDPHQWHUHDEVRUFLyQGHDJXD\VRGLR'HOGHODFDUJDILOWUDGD
TXHOOHJDDOW~EXORGLVWDOVHUHGXFHD
0HFDQLVPRVLQWUDUUHQDOHVUHVSRQVDEOHVGHODUHWHQFLyQGHVRGLR
'XUDQWHGHSOHFLyQGHYROXPHQODUHGXFFLyQHQODILOWUDFLyQJORPHUXODUVHDVRFLDFRQ
DXPHQWRHQODUHDEVRUFLyQ
/DUHDEVRUFLyQ
GHVRGLRHQHOW~EXORSUR[LPDOODFDQWLGDGGHOtTXLGRTXHGHMDHOWXER WXEXODUGH
SUR[LPDOGLVPLQX\HDOOOHJDUDODSRUFLyQJUXHVDGHODUDPDDVFHQGHQWH VRGLRDXPHQWD
GHODVDGH +HQOH(QHVWHOXJDUODUHDEVRUFLyQGHFORUXURGHVRGLR
FXDQGRKD\
1D&OVHOOHYDDFDERSRUHOFRWUDQVSRUWDGRUGRVFORURVVRGLRSRWDVLR GHSOHFLyQGH
&O1D.(ORORVPHFDQLVPRVTXHSDUWLFLSDQHQHODXPHQWRGHOD
YROXPHQ\
UHDEVRUFLyQGHVRGLRHQHVWDSRUFLyQGHODVDUHGXFHQGUiVWLFDPHQWHOD GLVPLQX\H
OOHJDGDGHHVWHHOHPHQWRDORVVLWLRVPiVGLVWDOHVGHODQHIURQD
FXDQGRKD\
$OJXQRVGHHVWRVVHJPHQWRVGLVWDOHVGHOQHIUyQD~QFXDQGRGHEDMD
H[SDQVLyQ
FDSDFLGDGGHWUDQVSRUWHVRQFDSDFHVGHUHDEVRUEHUVRGLRHQFRQWUDGH
JUDGLHQWHVPX\JUDQGHV6RQHQIRUPDILQDOLVWDORVVHJPHQWRVTXHGHWHUPLQDQOD
H[FUHFLyQGHRULQDSUiFWLFDPHQWHOLEUHGHVRGLRTXHFDUDFWHUL]DDORVHVWDGRVGH
GHSOHFLyQSURIXQGDGHOYROXPHQFLUFXODQWH
/DFRQFHQWUDFLyQGHVRGLRSXHGHUHGXFLUVHKDVWDP(T/RPHQRVHQSUHVHQFLDGH
GHSOHFLyQGHYROXPHQRHQORVSDGHFLPLHQWRVTXHFXUVDQFRQHGHPD&LUURVLV
GHVFRPSHQVDGD\VtQGURPHQHIUyWLFR/DUHDEVRUFLyQGLVPLQX\HGXUDQWHH[SDQVLyQGH
YROXPHQHVWDUHVSXHVWDSDUHFHHVWDUPHGLDGDSRUXQDFDtGDHQODDOGRVWHURQDSHURD~Q
PiVSRUDXPHQWRHQHOSpSWLGRDXULFXODUQDWULXUpWLFR(VWDKRUPRQDIDYRUHFHOD
SURGXFFLyQGHJXDQLODWRFLFODVD\SRUHQGHODSURGXFFLyQGH*03FtFOLFRHVWH
FRPSXHVWRUHGXFHODUHDEVRUFLyQGHVRGLRDOUHGXFLUHOQ~PHURGHFDQDOHVGHVRGLRHQOD
SRUFLyQDSLFDOGHODPHPEUDQDWXEXODU
([FUHFLyQ\UHDEVRUFLyQUHQDOGHDJXD
(OKRPEUHUHTXLHUHGHFLHUWDFDQWLGDGGHDJXDSDUDH[FUHWDUORV
PDWHULDOHVGHGHVHFKRSURYHQLHQWHVGHODDOLPHQWDFLyQ\GHO
PHWDEROLVPRRUJiQLFR\DTXHpVWRVQRSXHGHQVHUHOLPLQDGRVHQ
IRUPDVHPLVyOLGDFRPRRWURVDQLPDOHVORKDFHQ(QWpUPLQRVGH
FRQVHUYDFLyQGHDJXDHOORJUDUXQDPi[LPDFRQFHQWUDFLyQXULQDULD
QRHVWDQLPSRUWDQWHFRPRORHVODRULQDLVRWyQLFD8QDGXOWR
SURPHGLRH[FUHWDDOUHGHGRUGHPRVPROGtD&RQXQDRULQD
GLOXtGDDOPi[LPRGHPRVPRO
NJVHUHTXHULUtDQDOUHGHGRUGHOLWURVSDUDH[FUHWDUODFDUJDGH
VROXWRV SHURVLODRULQDVHH[FUHWDHQIRUPDLVRWyQLFD
PRVPRONJVyORVHUHTXLHUHQOLWURV \VLODRULQD
VHFRQFHQWUDDOPi[LPRVyORVHUHTXLHUHQP/ $GHPiVHOULxyQFRQWULEX\HDPDQWHQHUODRVPRODULGDGSODVPiWLFDHVWDEOHDOH[FUHWDU\
UHDEVRUEHUDJXDVLQVROXWRVDJXDOLEUH(VWDIXQFLyQHVPHGLDGDSRUODSUHVHQFLDGH
+$'/D3RVP\HOYROXPHQLQWUDYDVFXODUHIHFWLYRFRQWURODQODVHFUHFLyQGH+$'\
SRUPHGLRGHHVWDKRUPRQDODRVPRODULGDGXULQDULD2RVP(O DXPHQWRHQOD
RVPRODULGDGSODVPiWLFDRODGHSOHFLyQGHOYROXPHQH[WUDFHOXODULQFUHPHQWDQOD
VHFUHFLyQGH+$'\ODRVPRODULGDGXULQDULDODFDtGDHQOD3RVPRODH[SDQVLyQGHO
YROXPHQH[WUDFHOXODUUHGXFHQODVHFUHFLyQGHOD+$'\ODRVPRODULGDG
GHODRULQD
/DHOLPLQDFLyQ
RUHDEVRUFLyQ
/DGHSXUDFLyQRVPRODU 'RVPHVODSRUFLyQGHODRULQDTXHVH
GHDJXDOLEUH
H[FUHWDHQIRUPDLVRWyQLFD\ODGHSXUDFLyQGHDJXDOLEUH '+2HVHO FRQVWLWX\HHO
YROXPHQGHRULQDTXHSXHGHVHUH[FUHWDGROLEUHGHVROXWRV3DUD
PHGLRSRUHO
FDOFXODUODGHSXUDFLyQRVPRODUVHXWLOL]DODPLVPDIyUPXODTXHSDUD
FXDOORV
FXDOTXLHURWUDGHSXUDFLyQ893HQGRQGH8HVODRVPRODULGDG
ULxRQHVUHJXODQ
XULQDULD9HVHOYROXPHQXULQDULRSRUPLQXWR\3HVODRVPRODULGDG
ODRVPRODULGDG
SODVPiWLFD/DGHSXUDFLyQGHDJXDOLEUHVHH[SUHVDFRPR9'RVP
GHORVOtTXLGRV
FRUSRUDOHV
/DH[FUHFLyQGHDJXDSXHGHYDULDUVLQTXHKD\DFDPELRVVXEVWDQFLDOHV
HQOD2RVPSRUHMHPSORXQDRULQDKLSRWyQLFDVyORLQGLFDODKDELOLGDGGHOULxyQSDUD
GLOXLUODRULQDSHURQRUHIOHMDVXFDSDFLGDGSDUDH[FUHWDUDJXD3DUDHVWLPDUVX
FDSDFLGDGGHH[FUHWDUDJXDOLEUHVHGHEHFDOFXODUORTXHVHGHILQHFRPRGHSXUDFLyQGH
DJXDOLEUH'+6LODRULQDHVKLSRRVPyWLFDDOSODVPDHOYROXPHQGHRULQD9HQ
POPLQRHQ/GtDVHSXHGHYLVXDOL]DUFRPRVLHVWXYLHUDFRQVWLWXLGRSRUGRV
FRPSRQHQWHVXQRGHHOORVTXHFRQWLHQHWRGRVORVVROXWRVXULQDULRVHQXQDVROXFLyQ
LVRVPyWLFDDOSODVPDGHSXUDFLyQGHRVPROHV'RVP\ODRWUDIUDFFLyQTXHFRQWLHQHHO
DJXDOLEUHGHVROXWRVGHSXUDFLyQGHDJXDOLEUH'+ 9HUILJXUD
/DH[FUHFLyQ\
ODUHDEVRUFLyQ
WXEXODUGHDJXD
VRQPHGLDGDV
SRUODKRUPRQD
DQWLGLXUpWLFD6X
HIHFWRVH
PDQLILHVWDSRUOD
IRUPDFLyQGH
RULQDKLSRWyQLFD
RKLSHUWyQLFD
UHVSHFWLYDPHQWH
)LJXUD5HODFLyQHQWUHGHSXUDFLyQGHRVPROHV
'RVP\YROXPHQXULQDULR9GXUDQWHDFXDUHVLV\
DQWLGLXUHVLV
/DGHSXUDFLyQRVPRODU'RVPHVODRULQDTXHVH
H[FUHWDHQIRUPDLVRWyQLFD\ODGHSXUDFLyQGHDJXD
OLEUH'+2HVHOYROXPHQGHRULQDTXHSXHGHVHU
H[FUHWDGROLEUHGHVROXWRVYHUH[SOLFDFLyQHQHO
WH[WR7F+2HTXLYDOHQWHDODUHDEVRUFLyQGHDJXD
OLEUHTXHVHUHTXLHUHSDUDKDFHUODRULQDKLSHUWyQLFD
FRQUHODFLyQDOSODVPD
/DIRUPDFLyQGHDJXDOLEUHRFXUUHSRUGRVPHFDQLVPRVHOSULPHURHVODJHQHUDFLyQGH
DJXDOLEUHGHVROXWRVKLSRWyQLFDDOSODVPD SRUODUHDEVRUFLyQGH1D VLQDJXDHQORV
VHJPHQWRVFRUWLFDO\PHGXODUGHODUDPDDVFHQGHQWHGHODVDGH+HQOHVHJXQGRHVWH
IOXLGRKLSRWyQLFRVHPDQWLHQHDVtDOIOXLUSRUHOW~EXORGLVWDO\FROHFWRUTXHHQDXVHQFLD
GH+$'VRQLPSHUPHDEOHVDOSDVRGHODJXD
6HLQGXFHGLXUHVLVDFXRVDVLQUHODFLyQFRQFDPELRVHQODRVPRODULGDGGHORVOtTXLGRV
FRUSRUDOHVSRUPHGLRGHODSRVLFLyQVXSLQDSRUODUHVSLUDFLyQFRQSUHVLyQQHJDWLYDSRU
ODGLVWHQVLyQ PHFiQLFDGHODDXUtFXODL]TXLHUGD\SRUODLQIXVLyQGHJUDQGHVYRO~PHQHV
GHVROXFLyQVDOLQDLVRWyQLFDRGHDOE~PLQDLVRRQFyWLFD$OFRQWUDULRGHORVHVWtPXORV
DQWHULRUHVODDQWLGLXUHVLVVLQFDPELRVHQODRVPRODULGDGGHORVOtTXLGRVVHHVWDEOHFHHQ
ODSRVLFLyQHUHFWDFRQODUHVSLUDFLyQFRQSUHVLyQSRVLWLYDSRUKHPRUUDJLD\SRU
VHFXHVWURGHVDQJUHHQODVH[WUHPLGDGHVFXDQGRVHDSOLFDQWRUQLTXHWHV7RGRVHVWRV
HVWtPXORVFRQGLFLRQDQGLVPLQXFLyQUHDORYLUWXDOGHOYROXPHQH[WUDFHOXODU
/DUHGXFFLyQGHOYROXPHQFLUFXODWRULRHIHFWLYRGHELGDDXQDGHSOHFLyQYHUGDGHUDGHORV
OtTXLGRVFRUSRUDOHVRFXUUHHQFRQGLFLRQHVWDOHVFRPRYyPLWRGLDUUHDHPSOHRGH
GLXUpWLFRVVHFXHVWURGHOtTXLGRFLUURVLVFRQDVFLWLVVtQGURPHQHIUyWLFRHLQVXILFLHQFLD
FDUGtDFDFRQFDtGDGHOJDVWRFDUGtDFR(QHVWDVFRQGLFLRQHVODUHGXFFLyQHQOD'+HV
VHFXQGDULDDGRVPHFDQLVPRVHOSULPHURDXPHQWRHQODVHFUHFLyQ\OLEHUDFLyQGH+$'
VHFXQGDULRDODGHSOHFLyQGHYROXPHQ\HOVHJXQGRGHVFHQVRHQODILOWUDFLyQ
JORPHUXODUHLQFUHPHQWRHQODUHDEVRUFLyQSUR[LPDOGH1D \+2/DOOHJDGDGH1D DO
VHJPHQWRGLOXLGRUUHQDOUDPDDVFHQGHQWHGHODVDGH+HQOHHVWiVXEVWDQFLDOPHQWH
UHGXFLGD\OLPLWDODIRUPDFLyQGHDJXDOLEUHGHVROXWRVDJXDOLEUH
6HGHQRPLQD
7F+2DOD
UHDEVRUFLyQGH
DJXDOLEUHTXH
VHWLHQHTXH
VXEVWUDHUSDUD
IRUPDURULQDV
KLSHUWyQLFDV
HQFDVRVGH
GHVKLGUDWDFLyQ
FRQHOILQGH
DXPHQWDUHO
YROXPHQ
YDVFXODU
HIHFWLYR
5HDEVRUFLyQWXEXODUGHDJXD\FRQFHQWUDFLyQXULQDULD
(OULxyQWDPELpQHVFDSD]GHIRUPDURULQDKLSHUWyQLFD(QHVWDV
FRQGLFLRQHVVHSXHGHFRQFHELUHOYROXPHQXULQDULRFRPRFRQVWLWXLGR
SRUGRVFRPSRQHQWHVXQRLVRWyQLFRTXHFRQWLHQHWRGRVORVVROXWRV\
RWURIRUPDGRSRUODFDQWLGDGGHDJXDOLEUHGHVROXWRVTXHVHWXYRTXH
VXVWUDHUD HVWDRULQDSDUDKDFHUODKLSHUWyQLFDDHVWHFRPSRQHQWH
UHDEVRUELGRUHDEVRUFLyQGHDJXDOLEUHVHOHGHQRPLQD7F+ \
DXPHQWDOD2RVPKDVWDKDFHUODKLSHUWyQLFDDOSODVPDDULWPpWLFDPHQWH
HVLJXDOD9 'RVP7F+7F+ 'RVP9
([SUHVDGRGHRWUDPDQHUDHVDIUDFFLyQGHDJXD
VXVWUDtGDDXQDRULQDLVRWyQLFDSDUDKDFHUOD
KLSHUWyQLFDVHOHGHQRPLQDUHDEVRUFLyQILQDOGH
DJXDR7F+2)LJ
/D
GHVKLGUDWDFLyQ
SRUGLDUUHDHVHO
GHVHTXLOLEULR
KLGURHOHFWUROtWLFR
PiVIUHFXHQWH
/RVIDFWRUHVTXHGHWHUPLQDQODIRUPDFLyQGH7F+ VRQODSUHVHQFLD
\PDQWHQLPLHQWRGHXQLQWHUVWLFLRPHGXODUKLSHUWyQLFR\HOHTXLOLEULRGHOOtTXLGRWXEXODU
FRQHOLQWHUVWLFLRPHGXODU/DKLSHUWRQLFLGDGGHODPpGXODODHVWDEOHFHODUHDEVRUFLyQGH
1D VLQDJXDDH[SHQVDVGHOFRWUDQVSRUWDGRUGH1D .&O ORFDOL]DGRHQODUDPD
DVFHQGHQWHGHODVDGH+HQOHDVtFRPRHOUHFLFODMHGHXUHDPHFDQLVPRGH
FRQWUDFRUULHQWH$OYLDMDUHOOtTXLGRSURYHQLHQWHGHOW~EXORGLVWDODWUDYpVGHOWXER
FROHFWRUURGHDGRGHXQLQWHUVWLFLR\XQHSLWHOLRDOWDPHQWHSHUPHDEOHDODJXDSRUHIHFWR
GHOD+$'VHLQFUHPHQWDUiSURJUHVLYDPHQWHVXRVPRODULGDGDH[SHQVDVGHUHDEVRUFLyQ
GHDJXD7F+TXHUHJUHVDUiDOHVSDFLRLQWUDYDVFXODUSRUORVYDVRVUHFWRVSDUD
GHVFHQGHUOD3RVP\DXPHQWDUHOYROXPHQLQWUDYDVFXODUHIHFWLYR(QIRUPDILQDOLVWD
FRUUHJLUiHOHUURUTXHGHVHQFDGHQyHOVHUYRPHFDQLVPRTXHFRQFHQWUDODRULQD
(OWUDQVSRUWH
OLJDGRGHVRGLR
\JOXFRVDHQHO
LQWHVWLQRHQ
FDVRVGH
GLDUUHDKDVLGR
FRQVLGHUDGRHO
DYDQFHPpGLFR
PiVLPSRUWDQWH
GHOVLJOR
6LODSHUVRQDVHHQFXHQWUDHQKLGURSHQLDOD+$'HVWiHOHYDGD\DO
DFWXDUVREUHORVW~EXORVGLVWDO\FROHFWRUORVSHUPHDELOL]DDODJXD
SHUPLWLHQGRVXGLIXVLyQSDVLYDPHUFHGDODKLSHUWRQLFLGDGGHOD
PpGXODHOYROXPHQXULQDULRGLVPLQX\H\VHH[FUHWDRULQDFRQFHQWUDGD
(QFDVRGHVREUHKLGUDWDFLyQKD\LQKLELFLyQGHOD+$'ORVW~EXORV
GLVWDO\FROHFWRUVRQLPSHUPHDEOHVDODJXD\HOXOWUDILOWUDGRQRVXIUH
PRGLILFDFLRQHVHQVXYROXPHQVLHQGRH[FUHWDGDODRULQDHQIRUPD
KLSRWyQLFD\DEXQGDQWH(ORUJDQLVPRSRUPHGLRGHOULxyQVH
GHILHQGHPHMRUFXDQGRKD\VREUHKLGUDWDFLyQTXHFXDQGRKD\
GHVKLGUDWDFLyQ
'(6+,'5$7$&,Ï1
(OWpUPLQRGHVKLGUDWDFLyQVHHPSOHDSDUDGHVLJQDUHOHVWDGRFOtQLFRFRQVHFXWLYRDOD
SpUGLGDGHDJXD\VROXWRV3RGUtDKDFHUVHODGLVWLQFLyQHQWUHGHSOHFLyQGHDJXDSpUGLGDV
SUHGRPLQDQWHVGHDJXD\GHVKLGUDWDFLyQFXDQGRODVSpUGLGDVVRQWDQWRGHDJXDFRPRGH
VROXWRV(VWRWLHQHXQLQWHUpVPD\RUTXHHOSXUDPHQWHVHPiQWLFRSXHVODSDWRJHQLDSDUD
XQD\RWUDHVGLVWLQWD(QWDQWRTXHODGHSOHFLyQGHDJXDVHREVHUYDHQFDVRVGHGLDEHWHV
LQVtSLGDRHQHQIHUPRVFRPDWRVRVTXHQRSXHGHQLQJHULUDJXDSRUVtPLVPRVOD
GHVKLGUDWDFLyQVHREVHUYDHQFDVRVGHGLDUUHDJUDYH\HQDTXHOORVFRQYyPLWRV
SHUVLVWHQWHV3RUODHOHYDGDLQFLGHQFLDGHODVGLDUUHDVHQQLxRVHQQXHVWURPHGLROD
GHVKLGUDWDFLyQSRUGLDUUHDHVODDOWHUDFLyQKLGURHOHFWUROtWLFDREVHUYDGDFRQPD\RU
IUHFXHQFLD /DSUHYHQFLyQ\HOWUDWDPLHQWRGHODPD\RUtDGHORVFDVRVGHGHVKLGUDWDFLyQ
VHKDFHSRUPHGLRGHODWHUDSLDGHKLGUDWDFLyQRUDO
%DVHVFLHQWtILFDVGHODWHUDSLDGHKLGUDWDFLyQRUDO
(QODGpFDGDGHORV
VVHHIHFWXDURQYDULRVHVWXGLRVTXHOOHYDURQDOGHVFXEULPLHQWR
GHOWUDQVSRUWHOLJDGRGHJOXFRVD\VRGLRHQHO LQWHVWLQRGHOJDGRTXHSHUVLVWtDHQFDVRV
GHGLDUUHD\VHFRQVLGHUyFRPRHOGHVFXEULPLHQWRPpGLFRPiVLPSRUWDQWHGHOVLJOR
(VWRVFRQRFLPLHQWRVOHGLHURQHOUHVSDOGRFLHQWtILFRDODWHUDSLDGHKLGUDWDFLyQRUDOOD
FXDOKDFRQWULEXtGRHQ0p[LFRDGLVPLQXLU ODVPXHUWHVSRUGLDUUHDHQQLxRVGH
HQDHQ
)yUPXODGHODVROXFLyQSDUD
KLGUDWDFLyQRUDO
/D2UJDQL]DFLyQ0XQGLDOGHOD6DOXG\HO81,&()UHFRPLHQGDQXQDIyUPXOD~QLFD
SDUDKLGUDWDFLyQRUDODEDVHGHDJXDHOHFWUROLWRV\JOXFRVDFRPRWUDQVSRUWDGRUSDUD
SUHYHQLU\WUDWDUODGHVKLGUDWDFLyQSRUGLDUUHDGHFXDOTXLHUHWLRORJtD\DFXDOTXLHUHGDG
&RQWLHQHHQJ/FORUXURGHVRGLRFLWUDWRWULVyGLFRGLKLGUDWDGRFORUXURGH
SRWDVLR\JOXFRVD$OVHUGLVXHOWDHQXQOLWURGHDJXDSURSRUFLRQDHQPPRO/
VRGLRFORURSRWDVLRFLWUDWR\JOXFRVDFRQS+HQWUH\/D
RVPRODOLGDGWRWDOGHODVROXFLyQHVGHPPRO/VHPHMDQWHDODGHOSODVPD/D
IyUPXODVHSUHVHQWDFRQFHQWUDGDHQSROYR\HQYDVDGDHQVREUHVSDUDGLVROYHUHQXQOLWUR
GHDJXDFRQHOQRPEUHRILFLDOHQ0p[LFRGH9LGD6XHUR2UDO(VWiWDPELpQ
GLVSRQLEOHFRQGLYHUVRVVDERUHVTXHQRPRGLILFDQODFRPSRVLFLyQQLODRVPRODULGDGGH
ODIyUPXOD
(YDOXDFLyQGHOHVWDGRGHKLGUDWDFLyQ
&RQORVSURFHGLPLHQWRVWHUDSpXWLFRVDFWXDOHV\DQRVHKDFHQHFHVDULDODFODVLILFDFLyQGHO
JUDGRRGHOWLSRGHGHVKLGUDWDFLyQ(VWDHUDLPSRUWDQWHFXDQGRODUHSRVLFLyQGHODV
SpUGLGDVVHKDFtDGLUHFWDPHQWHSRUYtDLQWUDYHQRVD'HDFXHUGRDORVVLJQRV\VtQWRPDV
SUHVHQWHVVHFODVLILFDUiDOQLxRFRPRKLGUDWDGRGHVKLGUDWDGRRFRQFKRTXH
KLSRYROpPLFRFRQODSUHVHQFLDGHGRVRPiVVLJQRVFDUDFWHUtVWLFRVGHFDGDVLWXDFLyQ
&XDGUR(OUHVXOWDGRGHODHYDOXDFLyQGHFLGLUiHOSODQGHWUDWDPLHQWRDVHJXLU
&XDGUR(YDOXDFLyQGHOHVWDGRGHKLGUDWDFLyQGHOQLxRFRQGLDUUHD
6LJQRV
%LHQ
'HVKLGUDWDGR
KLGUDWDGR RPiVVLJQRV
2EVHUYH
6HG
(VWDGRJHQHUDO
1RUPDO
$OHUWD
$XPHQWDGDEHEHFRQDYLGH]
,QTXLHWRRLUULWDEOH
&KRTXH
KLSRYROpPLFR
RPiV
VLJQRV
1RSXHGHEHEHU
,QFRQVFLHQWH
KLSRWyQLFR
2MRV
%RFD\OHQJXD
5HVSLUDFLyQ
([SORUH
1RUPDOHV +XQGLGRVOORUDVLQOiJULPDV
OORUDFRQ
OiJULPDV
+~PHGD
1RUPDO
5iSLGDSURIXQGD
(ODVWLFLGDGGH
ODSLHO
1RUPDO
/OHQDGR
FDSLODU
VHJ
3XOVR
'HFLGD
6HFDVVDOLYD
HVSHVD
)RQWDQHOD
ODFWDQWHV
3ODQGHWUDWDPLHQWR
1RUPDO
1RUPDO
$
(OSOLHJXHVHGHVKDFHFRQ
OHQWLWXG! VHJ
5iSLGR
DVHJXQGRV
'pELORDXVHQWH
!VHJXQGRV
+XQGLGD
%
&
&XDGUR3ODQHVGHWUDWDPLHQWRHQSDFLHQWHVFRQGLDUUHD
3/$1$'(75$7$0,(1723$5$75$7$5/$(1)(50('$'
',$55(,&$(1(/+2*$5
(/$%&'(/$6',$55($6
'DUVXILFLHQWHV$OLPHQWRVSDUDSUHYHQLUGHVQXWULFLyQ
'DUPiV%HELGDVGHORXVXDOSDUDSUHYHQLUGHVKLGUDWDFLyQ
/OHYDUDOSDFLHQWHD&RQVXOWDFRQHOWUDEDMDGRU GHVDOXGVLQRSDUHFHPHMRUDUHQ
GtDVRVLDQWHVSUHVHQWDDOJ~QVLJQRGHDODUPD
3/$1%'(75$7$0,(172 3$5$75$7$5/$'(6+,'5$7$&,Ï1325
9Ë$25$/
9LGD6XHUR2UDO
PONJGHSHVRHQKRUDVPONJKRUDRDGOLELWXP
/HQWDPHQWHFRQWD]D\FXFKDULWD
'HVSXpVGHKRUDVHYDOXDUDOSDFLHQWH
6LQRKD\VLJQRVGHGHVKLGUDWDFLyQXVH3ODQ$
6LFRQWLQ~DFRQGHVKLGUDWDFLyQUHSLWD3ODQ%SRUKRUDV\UHHYDO~H
6LHPSHRUyODGHVKLGUDWDFLyQFDPELHD3ODQ&
3/$1&'(75$7$0,(172 3$5$(/75$7$0,(1725È3,'2'(/
&+248(+,3292/e0,&2
6ROXFLyQGH+DUWPDQQLQWUDYHQRVD
PONJHQXQDKRUD
PONJKRUDSRUKRUDVPiV
$OSRGHUEHEHU9LGD6XHUR2UDOPONJKRUD
5HWLUDUYHQRFOLVLV\WHUPLQDUGHKLGUDWDUSRUYtDRUDO
3ODQHVGHWUDWDPLHQWR
/RVSURFHGLPLHQWRVSDUDWUDWDUHQIRUPDHIHFWLYDODHQIHUPHGDGGLDUUHLFDHQQLxRVVRQ
LJXDOPHQWHDSOLFDEOHVSDUDWUDWDUHOFyOHUD\RWUDVGLDUUHDVHQDGXOWRV&XDGUR
3ODQ$3DUDSUHYHQLUGHVKLGUDWDFLyQ\GHVQXWULFLyQ
6HFDSDFLWDDOUHVSRQVDEOHGHOFXLGDGRGHOSDFLHQWHFRQGLDUUHDSDUDFRQWLQXDUVX
WUDWDPLHQWRHQHOKRJDUVLJXLHQGRHO$%&GHODVGLDUUHDV$OLPHQWDFLyQFRQWLQXD
%HELGDVDEXQGDQWHV\&RQVXOWDVHIHFWLYDV
$OLPHQWDFLyQFRQWLQXDFRQVLVWHHQQRLQWHUUXPSLUODDOLPHQWDFLyQKDELWXDOHVWLPXODUDO
SDFLHQWHDTXHFRPDFRQPD\RUIUHFXHQFLDSDUDFRPSHQVDUODSpUGLGDGHDSHWLWR
DJUHJDUDFHLWHYHJHWDODORVDOLPHQWRVSDUDSURSRUFLRQDUHQHUJtDQRLQWURGXFLUQXHYRV
DOLPHQWRVPLHQWUDVSHUVLVWDODGLDUUHDVyORHYLWDUORVKLSHURVPRODUHVPX\D]XFDUDGRV
RORVPX\FRQGLPHQWDGRV
%HELGDVDEXQGDQWHV3DUDHYLWDUODGHVKLGUDWDFLyQVRQHIHFWLYRVORVOtTXLGRVEDVDGRVHQ
DOLPHQWRVFRPRHODWROHGHDUUR]RGHPDL]ODVVRSDVGH]DQDKRULDGHOHQWHMDRGH
SDSDORVFDOGRVGHVJUDVDGRVHO DJXDGHFRFRYHUGHRODVLQIXVLRQHVVXDYHVGHXVR
FRP~QHQHOKRJDU
/DVVROXFLRQHVFRPHUFLDOHVFRQDOWDFRQFHQWUDFLyQGHJOXFRVDFRPRHO3HGLDO\WH5
RHO(OHFWURO\WH5XRWURVOtTXLGRVPX\D]XFDUDGRVFRPRMXJRVHPERWHOODGRVR
HQODWDGRV\EHELGDVJDVHRVDVGDGDVXDOWDRVPRODULGDGDJUDYDQODGLDUUHDDODXPHQWDUOD
VHFUHFLyQLQWHVWLQDOGHDJXD\FRQGLFLRQDQKLSHUQDWUHPLD(OOtTXLGRPiVHIHFWLYRHVHO
9LGD6XHUR2UDOTXHHV~WLOWDQWRSDUDSUHYHQLUFRPRSDUDWUDWDUODGHVKLGUDWDFLyQ6H
RIUHFH DOSDFLHQWHGHPHGLDDXQDWD]DRWRGRORTXHDFHSWHGHVSXpVGHFDGDHYDFXDFLyQ
GLDUUHLFDDFXFKDUDGLWDVRDVRUERVSDUDTXHQRYRPLWH6LHOSDFLHQWHYRPLWDVHOHGDUi
PiVOHQWDPHQWHKDVWDTXHGHMHGHYRPLWDU
&RQVXOWDHIHFWLYDHVODTXHFDSDFLWDDOIDPLOLDUUHVSRQVDEOHGHOFXLGDGRGHOSDFLHQWH
SDUDVXWUDWDPLHQWRHQHOKRJDULQFOXLGRHOUHFRQRFLPLHQWRGHVLJQRVWHPSUDQRVGH
GHVKLGUDWDFLyQ\RWURVGDWRVGHDODUPDSDUDFRQVXOWDUHQIRUPDRSRUWXQD(OSDFLHQWH
GHEHUHJUHVDUDHYDOXDFLyQVLQRPHMRUDHQWUHVGtDVRVLDQWHVDSDUHFHVHGLQWHQVD
QXPHURVDVKHFHVOtTXLGDVPX\SRFDLQJHVWDGHOtTXLGRV\DOLPHQWRVYyPLWRV
IUHFXHQWHVILHEUHSRFDRULQDGHFRORURVFXURRVDQJUHHQODVHYDFXDFLRQHV
&XDGUR3ODQ&GHWUDWDPLHQWRHQFKRTXHKLSRYROpPLFR
3ODQ%3DUDWUDWDUODGHVKLGUDWDFLyQSRUYtDRUDO
6HKLGUDWDDOQLxRFRQ9LGD6XHUR2UDORVLPLODUDGRVLVGHP/SRUNJGHSHVR
HQFXDWURKRUDVRDOLEUHGHPDQGDOHQWDPHQWHFRQWD]D\FXFKDULWDSDUDGLVPLQXLUORV
YyPLWRV(OVXHURRUDOVHGDDODWHPSHUDWXUDDPELHQWH\DTXHIUtRUHWUDVDHO
YDFLDPLHQWRJiVWULFR\FDOLHQWHSXHGHSURYRFDUYyPLWR
3ODQ&3DUDWUDWDPLHQWRUiSLGRGHOFKRTXHKLSRYROpPLFR
/DH[SHULHQFLDFRQODWHUDSLDGHKLGUDWDFLyQRUDOKDVLGRODEDVHSDUDPRGLILFDUORV
HVTXHPDVGHKLGUDWDFLyQHQGRYHQRVD/DVROXFLyQGHODFWDWRGH5LQJHURVROXFLyQGH
+DUWPDQQHVODPiVUHFRPHQGDGDDGRVLVGHP/HQWUHVKRUDVODPLWDGHQOD
SULPHUDKRUD
(QHOFXDGURVHSUHVHQWDXQDJXtDSDUDHOPDQHMRGHSDFLHQWHVTXHUHTXLHUDQ
KLGUDWDFLyQLQWUDYHQRVDSRUFKRTXHKLSRYROpPLFR/RVYRO~PHQHVGHOtTXLGRVVXJHULGRV
\ODYHORFLGDGGHVXDGPLQLVWUDFLyQVHEDVDQHQSURPHGLRVGHQHFHVLGDGHVXVXDOHVVLQ
HPEDUJRSXHGHQLQFUHPHQWDUVHVLQREDVWDQSDUDFRUUHJLUODGHVKLGUDWDFLyQRUHGXFLUVH
VLODKLGUDWDFLyQVHFRQVLJXHDQWHVGHORSUHYLVWR
+,3(51$75(0,$
(OVRGLR\VXDQLyQDFRPSDxDQWHHOFORUR VRQORVGHWHUPLQDQWHVPiVLPSRUWDQWHVGHOD
RVPRODULGDGGHOOtTXLGRH[WUDFHOXODU8QDXPHQWRHQODFRQFHQWUDFLyQGHOVRGLR
H[WUDFHOXODUSURGXFHGHVKLGUDWDFLyQFHOXODUHVWDKLSHUQDWUHPLDHVHOUHVXOWDGRGH
SpUGLGDGHOtTXLGRKLSRWyQLFRSRUYtDUHQDORH[WUDUUHQDO6LQHPEDUJRHOPHFDQLVPRGH
ODVHGHVWDQVHQVLEOHDLQFUHPHQWRVPtQLPRVHQODRVPRODULGDGSODVPiWLFDTXHFDVL
QXQFDVHREVHUYDQKLSHUQDWUHPLDVJUDYHVDQRVHUTXHHOSDFLHQWHWHQJDXQDHQIHUPHGDG
QHXUROyJLFDDVRFLDGDDKLSRGLSVLDRTXHQRWHQJDDFFHVRDODJXD3RUORWDQWROD
KLSHUQDWUHPLDDIHFWDPiVFRP~QPHQWHDSDFLHQWHVFRPDWRVRVFRQWUDVWRUQRVSULPDULRV
GHODVHGRDQLxRV
(WLRSDWRJHQLD
/DKLSHUQDWUHPLDVHREVHUYDHQWUHVJUXSRVGHSDGHFLPLHQWRVDVDEHUDFRQGLFLRQHV
FRQSpUGLGDGHDJXDDJXDWRWDOFRUSRUDOEDMD\VRGLRFRUSRUDOQRUPDOEWUDVWRUQRVFRQ
SpUGLGDGHVRGLR\DJXDSHURPiVDJXDTXHVRGLRDJXDWRWDOEDMD\VRGLRWRWDOEDMRF
VLWXDFLRQHVHQODTXHHOVRGLRHQVXHURHVWiHOHYDGRSRUODDGPLQLVWUDFLyQLQGLVFULPLQDGD
GHVROXFLRQHVVDOLQDVKLSHUWyQLFDV)LJ
3pUGLGDGHDJXDVROD
(VWDIRUPDGHKLSHUQDWUHPLDRFXUUHSRUSpUGLGDH[WUDUUHQDORUHQDOGHDJXD$PHGLGD
TXHHODJXDVHHOLPLQDODFRQFHQWUDFLyQGHVRGLRVHHOHYD\VHGHVDUUROOD
KLSHURVPRODULGDGH[WUDFHOXODUTXHREOLJDDODVDOLGDGHDJXDGHOHVSDFLRLQWUDFHOXODU
SDUDUHFXSHUDUHOHTXLOLEULRRVPyWLFRORTXHFRQGLFLRQDGHVKLGUDWDFLyQFHOXODU
/DSpUGLGDGHDJXDDWUDYpVGHODVVXSHUILFLHVPXFRFXWiQHDVRFXUUHKDELWXDOPHQWHSRU
DXPHQWRGHODVSpUGLGDVLQVHQVLEOHVSRUSLHORSXOPRQHV(VWHWLSRGHWUDVWRUQRVH
SUHVHQWDFDVLVLHPSUHHQQLxRVSDFLHQWHVFRPDWRVRVRDQFLDQRV/RVQLxRVTXHSRVHHQ
XQDJUDQVXSHUILFLHFRUSRUDOSDUDVXSHVRHQFXDOTXLHUVLWXDFLyQKLSHUFDWDEyOLFDSXHGHQ
WHQHUJUDQGHVSpUGLGDVGHDJXDSRU WUDQVSLUDFLyQ/DGLXUHVLVH[FHVLYDHQSDFLHQWHVFRQ
GLDEHWHVLQVtSLGDHVHORULJHQGHODKLSHUQDWUHPLDHQHVWDHQIHUPHGDG
'LDEHWHVLQVtSLGDQHXUyJHQD
/DILVLRSDWRORJtDGHODGLDEHWHVLQVtSLGDQHXUyJHQDRFHQWUDO VHFDUDFWHUL]DSRUDXVHQFLD
HQODVtQWHVLVRHQODVHFUHFLyQGHOD+$'SRUORJHQHUDOVHFXQGDULDDOHVLRQHVHQORV
Q~FOHRVVXSUDySWLFR\SDUDYHQWULFXODUGHOKLSRWiODPR/DHQIHUPHGDGVHSUHVHQWD
FXDQGRKD\OHVLyQ\GHJHQHUDFLyQGHSRUORPHQRVHOGHODVQHXURQDVGHORV
Q~FOHRVVXSUDySWLFR\SDUDYHQWULFXODU
)LJXUD+LSHUQDWUHPLD(WLRSDWRJHQLD
/RVSDGHFLPLHQWRVDVRFLDGRVFRQPD\RUIUHFXHQFLDVRQWXPRUHVGHOD
UHJLyQGLHQFpIDORSLWXLWDULDPHQLQJLWLVEDVDORHQFHIDOLWLVFDVL
VLHPSUHWXEHUFXORVDVOHXFHPLDVDUFRLGRVLV\HOJUXSRGHODV
KLVWLRFLWRVLVSULQFLSDOPHQWHODHQIHUPHGDGGH+DQV6FKXOOHU
&KULVWLDQ/RVWXPRUHVHQGRFUDQHDOHVVRQJHQHUDOPHQWHGHODYDULHGDG
VXSUDVHODUHLQFOX\HQFUDQHRIDULQJLRPDVGLVJHUPLQRPDVSLQHDOHV
HFWySLFRVPHQLQJLRPDVJUDQXORPDVHRVLQRItOLFRV\TXLVWHV(OFiQFHU
PHWDVWiVLFRPiVFRP~QKDFLDODKLSyILVLVHVHOPDPDULR7RPDQGRHQ
FXHQWDTXHDOJXQRVGHORVWXPRUHVTXHFDXVDQHVWHVtQGURPH VRQ
UHVHFDEOHVGHEHKDFHUVHXQDE~VTXHGDFXLGDGRVDGHFXDOTXLHUWXPRU
2FDVLRQDOPHQWHVHREVHUYDGLDEHWHVLQVtSLGDVHFXQGDULDD
DQRUPDOLGDGHVYDVFXODUHVRDWUDXPDWLVPRVFUDQHRHQFHIiOLFRVFRQ
PDQLIHVWDFLRQHVFOtQLFDVGHFRUWDGXUDFLyQ
$SUR[LPDGDPHQWHGHORVFDVRVVRQLGLRSiWLFRV\HVWHJUXSR
XQLGRDOSURGXFLGRSRUWUDXPDWLVPRVFUDQHRHQFHIiOLFRVRDYDULDV
IRUPDVGHKLSRILVHFWRPtDVFRQVWLWX\HQHOPiVQXPHURVRGHODV
GLDEHWHVLQVtSLGDV
3XHGHKDEHU
KLSHUQDWUHPLD
SRUSpUGLGDGH
DJXDVROD
SpUGLGDGH
DJXDPD\RU
TXHGHVRGLRR
DGPLQLVWUDFLyQ
GHVROXFLRQHV
VDOLQDV
KLSHUWyQLFDV
(QODGLDEHWHV
LQVtSLGD
FHQWUDOR
QHXUyJHQDKD\
DXVHQFLDGH
KRUPRQD
DQWLGLXUpWLFD
(OYROXPHQXULQDULRSXHGHVHUGHDOLWURVRPiV/DRULQDHV
KLSRWyQLFDHLQFRORUDFRQRVPRODULGDGTXHRVFLODGHD
PRVPRO/ODGHQVLGDGYDUtDHQWUH\\QRH[FHGHGHH[FHSWRHQ
GHVKLGUDWDFLyQPX\JUDYH/DGLDEHWHVLQVtSLGDJHQHUDOPHQWHWLHQHXQSULQFLSLREUXVFR\
HOSDFLHQWHHVFDSD]GH GHWHUPLQDUFRQSUHFLVLyQH[DFWDHOWLHPSR\DXQODKRUDHQTXH
LQLFLyVXHQIHUPHGDG(VWRVSDFLHQWHVWLHQHQSUHGLOHFFLyQSRUHODJXDIUtDHQFRQWUDVWH
FRQORVHQIHUPRVGHSROLGLSVLDFRPSXOVLYDTXHEHEHQFXDOTXLHUWLSRGHOtTXLGR/DV
SUXHEDVGHIXQFLyQUHQDOVRQQRUPDOHVH[FHSWRODVXWLOL]DGDVSDUDPHGLUODFDSDFLGDGGH
FRQFHQWUDFLyQGHOULxyQ/DXURJUDItDH[FUHWRUDPXHVWUDGLODWDFLyQPRGHUDGDGHORV
FiOLFHV
/DIRUPDIDPLOLDUVHWUDQVPLWHFRQFDUiFWHUDXWRVyPLFRGRPLQDQWH0iVUDUDPHQWHVH
SXHGHWUDQVPLWLUFRQFDUiFWHUUHFHVLYRXQLGRDOFURPRVRPD;/DUHGXFFLyQGHOD+$'
SXHGHVHUUHODWLYDRDEVROXWD6HFDUDFWHUL]DSRUODH[FUHFLyQGHJUDQGHVFDQWLGDGHVGH
RULQDDFRPSDxDGDGHSROLGLSVLD\GHVKLGUDWDFLyQ/DGHSULYDFLyQGHDJXDQRRFDVLRQD
GLVPLQXFLyQGHOYROXPHQXULQDULRQLDXPHQWRGHODGHQVLGDG(OQLxRODFWDQWHOORUD
H[FHVLYDPHQWH\QRVHWUDQTXLOL]DFXDQGRVHOHRIUHFHOHFKHSHURVtDOEHEHUDJXD(Q
HVWDHGDGSXHGHREVHUYDUVHWDPELpQKLSHUWHUPLDSpUGLGDGHSHVR\FKRTXHSRU
GHVKLGUDWDFLyQHO FXDOSXHGHRFDVLRQDUGDxRFHUHEUDO\GHILFLHQFLDPHQWDO/DHQXUHVLV
SXHGHVHUHOSULPHUVtQWRPDGHOSDGHFLPLHQWRHQXQQLxRTXH\DKDEtDGHVDUUROODGRHO
FRQWUROGHOHVItQWHUYHVLFDO/DVHGLQWHQVDSXHGHLQWHUIHULUVHULDPHQWHFRQHOHVWXGLR
FRQHOMXHJR RFRQHOVXHxR
'LDEHWHVLQVtSLGDQHIURJpQLFD
(QOD
6HFDUDFWHUL]DSRUODUHVLVWHQFLDGHOULxyQDOD+$'(OSDGHFLPLHQWR
GLDEHWHV
SXHGHVHUFRQJpQLWRRDGTXLULGR/DIRUPDFRQJpQLWDVHKHUHGDFRQ
LQVtSLGD
FDUiFWHUUHFHVLYROLJDGRDOFURPRVRPD;(OWUDVWRUQRVHSUHVHQWDSRFR QHIURJpQLFD
WLHPSRGHVSXpVGHOQDFLPLHQWR\VHFDUDFWHUL]DSRUSROLXULDRULQD
QRKD\
KLSRWyQLFDGHVKLGUDWDFLyQKLSHUQDWUHPLDYyPLWRV \
UHVSXHVWDGHO
ILHEUH(OUHWDUGRPHQWDO\ItVLFRHVFRP~QHQHVWRVQLxRV\VHKD
ULxyQDOD
DWULEXLGRDORVHSLVRGLRVIUHFXHQWHVGHGHVKLGUDWDFLyQ/DRULQD
KRUPRQD
SHUPDQHFHKLSRWyQLFDD~QGHVSXpVGHODDGPLQLVWUDFLyQH[yJHQDGH
DQWLGLXUpWLFD
+$'1RVHFRQRFHODILVLRSDWRORJtDGHODHQIHUPHGDGSHURVHKD
VXJHULGRTXHVHDXQGHIHFWRHQODVHQVLELOLGDGGHODDGHQLOFLFODVDDOD+$'\XQD
LQVXILFLHQWHIRUPDFLyQGH$03FtFOLFR(OUHHPSOD]RDGHFXDGRGHODJXDSHUGLGD\XQ
WUDWDPLHQWRDEDVHGHGLXUpWLFRVFRQGLHWDSREUHHQVDOSHUPLWHXQFRQWUROVDWLVIDFWRULR
GHODSROLXULD
/DGLDEHWHVLQVtSLGDQHIURJpQLFDDGTXLULGDHVPX\IUHFXHQWHHQFRQWUDVWHFRQODUDUH]D
GHODIRUPDFRQJpQLWDSHURDIRUWXQDGDPHQWHQRHVWDQJUDYHODSROLXULDJHQHUDOPHQWH
RVFLODHQWUHD/GtD/DVQHIULWLVW~EXORLQWHUVWLFLDOHVFUyQLFDVTXHLQFOX\HQGLYHUVRV
WLSRVGHQHIURSDWtDVREVWUXFWLYDVOHVLyQUHQDOSRUGURJDVOHVLRQHVTXtVWLFDVKLSRSODVLDV
\GLVSODVLDVSXHGHQPDQLIHVWDUVHSRUSROLGLSVLD\SROLXULDFRQSURGXFFLyQGH
YRO~PHQHVDXPHQWDGRVGHRULQDGHEDMDGHQVLGDG\VLQDOWHUDFLRQHVHQHOVHGLPHQWR
XULQDULR([LVWHXQVLQQ~PHURGHGURJDVFDSDFHVGHSURGXFLUGLDEHWHVLQVtSLGD
QHIURJpQLFDWDOHVFRPRFDUERQDWRGHOLWLRGLPHWLOFORURWHWUDFLFOLQDPHWR[LIOXRUDQR
DQIRWHULFLQD%LVRIRVIDPLGDKH[DPLGDWROD]DPLGDJ\EXULGHFROFKLFLQD\DQDOJpVLFRV
(VWDVHQWLGDGHVKDQVLGRDJUXSDGDVFRPRFRUUHVSRQGLHQWHVDGLDEHWHVLQVtSLGD
QHIURJpQLFDVHFXQGDULD+DVLGRWDPELpQGHVFULWDHQSDFLHQWHVFRQKLSHUFDOFHPLDGH
GLYHUVDVHWLRORJtDV(OPHFDQLVPRGHHVWHGHIHFWRQRHVWiELHQGHILQLGRSHURLQFOX\H
YDULDVDOWHUDFLRQHVWDOHVFRPRFDtGDGHODILOWUDFLyQJORPHUXODUDVRFLDGDD
KLSHUFDOFHPLDGHSyVLWRGHFDOFLRHQHOLQWHUVWLFLRPHGXODU\IDOWDGHHTXLOLEULRRVPyWLFR
PHGXODUGHELGRDTXHHOFDOFLRFRPSLWHFRQOD+$'DQLYHOGHOWXERFROHFWRUHLPSLGH
HOIOXMRGHDJXDDWUDYpVGHOHSLWHOLRWXEXODU
(OPHFDQLVPRGHFRQFHQWUDFLyQXULQDULDWDPELpQHVWiDOWHUDGRHQSDFLHQWHVFRQ
KLSRNDOHPLDJUDYH\QHIURSDWtDNDOLRSpQLFD(VSUREDEOHTXHWUDVWRUQRVGHO
IXQFLRQDPLHQWRGHOPHFDQLVPRGHFRQWUDFRUULHQWH\GHSHUPHDELOLGDGHQHOWXER
FROHFWRUFRQWULEX\DQDHVWHWUDVWRUQR/DSROLXULDSXHGHHVWDUFRQGLFLRQDGDHQSDUWHSRU
XQDXPHQWRGHODVHG\DTXHODKLSRNDOHPLDHVWLPXODHVWHPHFDQLVPRDQLYHOFHQWUDO
3DUDLQYHVWLJDUHOVLWLRGHIXQFLyQGHILFLHQWHKLSRWiODPRRVPRUUHFHSWRUHVRW~EXORV
UHQDOHVVHVLJXHHOVLJXLHQWHSURFHGLPLHQWR6HGHMDDOSDFLHQWHHQUHVWULFFLyQGH
OtTXLGRVSRUKRUDVHQORVODFWDQWHV\QLxRVSHTXHxRVGHEHPDQWHQHUVHXQDYLJLODQFLD
FRQVWDQWH\QRSHUPLWLUTXHGLVPLQX\DVXSHVRPiVGH'HVSXpVGHHVWHSHULRGR
GHSULYDFLyQGHOtTXLGRVVHKLGUDWDDOSDFLHQWHGiQGROHDJXDDUD]yQGHP/NJGH
SHVRTXHGHEHDGPLQLVWUDUVHHQXQDKRUDSRUYtDRUDO7UHLQWDPLQXWRVGHVSXpVGH
LQLFLDGDODKLGUDWDFLyQRUDOVHFRORFDXQDVRQGDYHVLFDOVHFROHFWDRULQDSRUSHULRGRV
LQLFLDOHVGHPLQXWRVFDGDXQR'HVSXpVGHWHUPLQDGRVHVWRVSHULRGRVLQLFLDOHVHQ
ORVFXDOHVHOIOXMRGHEHVHUPD\RUDP/SRUPLQXWRVHDGPLQLVWUDVROXFLyQVDOLQD
KLSHUWyQLFDDGRVLVGHP/NJPLQHQXQSHULRGRGHPLQXWRV(QXQD
SHUVRQDQRUPDOVHREVHUYDDQWLGLXUHVLVDFHQWXDGDGXUDQWHODLQIXVLyQRHQORVVLJXLHQWHV
PLQXWRV(QORVSDFLHQWHVFRQGLDEHWHVLQVtSLGDFHQWUDORQHXUyJHQDODDQWLGLXUHVLV
QRVHSUHVHQWD\KD\DXPHQWR GHODGHSXUDFLyQGHDJXDOLEUHGHELGRDODXPHQWRGHOD
FDUJDGHVROXWRV(QORVSDFLHQWHVFRQSROLXULDSVLFRJpQLFDKD\DQWLGLXUHVLVQRUPDO(Q
FDVRGHQRKDEHUUHVSXHVWDDODVROXFLyQVDOLQDKLSHUWyQLFDVHDGPLQLVWUD3LWUHVtQHQ
VROXFLyQDFXRVDDUD]yQGH8HQGRYHQRVD/RVSDFLHQWHVFRQGLDEHWHVLQVtSLGD
QHXUyJHQDPXHVWUDQDQWLGLXUHVLVORVTXHSDGHFHQODIRUPDQHIURJpQLFDQRWLHQHQ
UHVSXHVWD
(OWUDWDPLHQWRGHODGLDEHWHVLQVtSLGDFHQWUDOVHHQIRFDHQGRVIDVHV&RUUHJLUHO
SUREOHPDKLSRWDOiPLFR\+DFHUWHUDSLDVXEVWLWXWLYDFRQDUJLQLQDYDVRSUHVLQDSLWUHVtQ
ROHRVDRDFXRVD(OSLWUHVtQDFXRVRVHXWLOL]DHQGLDEHWHVLQVtSLGDWUDQVLWRULDTXHVH
SUHVHQWDFRQIUHFXHQFLDGHVSXpVGHFLUXJtDGHODKLSyILVLV(OWDQDWRGHSLWUHVtQHQDFHLWH
VHHPSOHDHQHOPDQHMRFUyQLFRGHOHQIHUPR7DPELpQVHDSOLFDHOSLWUHVtQHQIRUPDGH
JRWDVQDVDOHVSHURHVWDVFDXVDQEDVWDQWHLUULWDFLyQ$FWXDOPHQWHKD\XQDQiORJRGH
YDVRSUHVLQDODGHDPLQR'DUJLQLQDYDVRSUHVLQDR''$93TXHSXHGHVHU
HPSOHDGRSRUYtDQDVDO2WUDVGURJDV~WLOHVSDUDHOFRQWUROGHODGLDEHWHVLQVtSLGDVRQ
ORVGLXUpWLFRVTXHDOSURGXFLUQDWULXUHVLVFRQWUDHQHOYROXPHQH[WUDFHOXODUDXPHQWDQOD
UHDEVRUFLyQWXEXODUSUR[LPDO\UHGXFHQODOOHJDGDGHVRGLR\DJXDDOW~EXORGLVWDOHVWD
VHFXHQFLDGHHYHQWRVUHGXFHGUiVWLFDPHQWHHOYROXPHQXULQDULRGHDODPD\RUtD
GHORVSDFLHQWHVUHTXLHUHQDGHPiVODD\XGDGHODYDVRSUHVLQD/DGRVLVHVGHD
JGtDSDUDODFORURWLD]LGD\SDUDKLGURFORURWLD]LGDGHDJGtD(VWHPHGLFDPHQWR
WLHQH XQDXWLOLGDGD~QPD\RUHQODGLDEHWHVLQVtSLGDQHIURJpQLFD/DFORURSURSDPLGDXQ
KLSRJOXFHPLDQWHWDPELpQKDVLGRHPSOHDGRHQHOFRQWUROGHODGLDEHWHVLQVtSLGD
([LVWHQRWURVIiUPDFRVTXHSURGXFHQDQWLGLXUHVLVFRPRHOFORILEUDWR\OD
FDUEDPH]DSLQD(OSURQyVWLFRGHSHQGHGHOSDGHFLPLHQWRSULPDULRSXHVVLpVWHVH
FRUULJHHOSDFLHQWHSXHGHOOHYDUXQDYLGDQRUPDOXWLOL]DQGRODWHUDSLDDGHFXDGD
3pUGLGDGHDJXDHQH[FHVRGHVRGLR
0XFKRVSDFLHQWHVSXHGHQSHUGHUDJXD\VRGLRSHURPiVGHODSULPHUDTXHGHOVHJXQGR
(VWDVSpUGLGDVSXHGHQRFXUULUSRUSLHOYtDVGLJHVWLYDVRULxyQ/RVSDFLHQWHVFXUVDQFRQ
VLJQRVGHKLSRYROHPLD/RVLQGLYLGXRVTXHODERUDQHQPHGLRVPX\FDOXURVRVWLURVGH
PLQDGHVLHUWRVSLHUGHQJUDQGHVFDQWLGDGHVGHOtTXLGRVKLSRWyQLFRVSRUODSHUVSLUDFLyQ
VLQRVHUHHPSOD]DVRGLR\DJXDDGHFXDGDPHQWHGHVDUUROODQKLSHUQDWUHPLD
'HODOGHQLxRVDGPLWLGRVDOKRVSLWDOFRQGHVKLGUDWDFLyQSRUGLDUUHD SUHVHQWDQ
KLSHUQDWUHPLDVRGLRVpULFR!P(T//DVFDXVDVVRQPXOWLIDFWRULDOHVHLQFOX\HQ
OtTXLGRLQWHVWLQDOKLSRWyQLFRVXGRUDFLyQH[FHVLYDSpUGLGDVLQVHQVLEOHVDXPHQWDGDV
LQFDSDFLGDGGHORVULxRQHVWRGDYtDLQPDGXURVSDUDFRQFHQWUDUPD[LPDPHQWHODRULQD\
ILQDOPHQWHHOWUDWDPLHQWRSUHYLRFRQVROXFLRQHVHQGRYHQRVDV\XRUDOHV
KLSHUWyQLFDV
(O
WUDWDPLHQWR
(QVXMHWRVFRQGLDEHWHVPHOOLWXVHKLSHUJOXFHPLDODJOXFRVXULDREOLJDD GHODGLDEHWHV
ODH[SXOVLyQGHRULQDKLSRVyGLFDGLXUHVLVRVPyWLFD\PXFKRVGHHVWRV LQVtSLGD
SDFLHQWHVSXHGHQFXUVDUFRQKLSHUQDWUHPLDORVSDFLHQWHVFRQFRPD
FHQWUDO
KLSHURVPRODUGLDEpWLFRQRFHWRJpQLFRWLHQHQDOWDLQFLGHQFLDGH
FRQVLVWHHQ
WURPERVLVDUWHULDORYHQRVDGHELGRDGHVKLGUDWDFLyQKHPRFRQFHQWUDFLyQ FRUUHJLUHO
HKLSRWHQVLyQ/DSREODFLyQJHULiWULFDDOLPHQWDGDSRUJDVWURFOLVLVFRQ
SUREOHPD
DOWRFRQWHQLGRSURWHLFRSXHGHGHVDUUROODUKLSHURVPRODULGDG\DTXHOD
KLSRWDOiPLFR
LQJHVWDSURWHLFDLQGXFHXQD FDUJDRVPyWLFDSRUODXUHD\WDPELpQ
\DSOLFDU
GLXUHVLVFRQEDMRFRQWHQLGRGHVRGLR0XFKRVGHHVWRVSDFLHQWHVSXHGHQ WHUDSLD
WHQHUDGHPiVWUDVWRUQRVHQODFDSDFLGDGGHFRQFHQWUDFLyQXULQDULD\
VXEVWLWXWLYD
HVWRFRQWULEXLUD~QPiVDODSpUGLGDGHDJXD\DODKLSHUQDWUHPLD
FRQSLWUHVtQ
UHVXOWDQWH
([FHVRGHVRGLRFRUSRUDO
/DKLSHUQDWUHPLDVHFXQGDULDDH[FHVRGHVRGLRFRUSRUDOWRWDOQRHVWDQ
FRP~QFRPRORVWUDVWRUQRVDQWHVPHQFLRQDGRV&RQH[FHSFLyQGHOD
GLVFUHWDKLSHUQDWUHPLDTXHVHGHVFULEHHQORVVtQGURPHVSRUH[FHVRGH
PLQHUDORFRUWLFRLGHVODPD\RUtDGHORVFDVRVLQIRUPDGRVHQODOLWHUDWXUD
VRQLDWURJpQLFRV/DDGPLQLVWUDFLyQH[FHVLYDGHELFDUERQDWRGHVRGLR
GXUDQWHUHVXFLWDFLyQFDUGtDFDRHQHOWUDWDPLHQWRGHODDFLGRVLVOiFWLFD
SXHGHQRULJLQDUKLSHUQDWUHPLD
/D
KLSHUQDWUHPLD
VHWUDWDFRQ
VROXFLRQHV
KLSRWyQLFDVR
LVRWyQLFDVGH
SUHIHUHQFLD
SRUYtDRUDO
/RVUHFLpQQDFLGRVDOLPHQWDGRVFRQIyUPXODOiFWHDHQODTXHSRUHUURUVHDJUHJDVDOHQ
YH]GHD]~FDUGHVHQFDGHQDQKLSHUQDWUHPLDJUDYHFRQIDVFLFXODFLRQHVFRQYXOVLRQHV
GLILFXOWDGUHVSLUDWRULD\FRPD/RVTXHIDOOHFHQWLHQHQKHPRUUDJLDVXEGXUDO
VXEDUDFQRLGHDLQWUDYHQWULFXODUHLQWUDFHUHEUDO/RVSDFLHQWHVKHPRGLDOL]DGRVFRQ
VROXFLRQHVHQTXHODFRQFHQWUDFLyQGHVRGLRHVWiPX\SRUHQFLPDGHORQRUPDOSRU
HUURUHQODPH]FODGHDJXD\FRQFHQWUDGRGHGLiOLVLVWDPELpQGHVDUUROODQ
KLSHUQDWUHPLD
6LJQRV\VtQWRPDV
/RVVLJQRV\VtQWRPDVGHKLSHUQDWUHPLDVRQHQVXPD\RUtDGHRULJHQFHUHEUDO\
JHQHUDOPHQWHFRUUHODFLRQDQFRQODUDSLGH]GHDXPHQWRHQHOVRGLRVpULFR(ODXPHQWRGH
FRQFHQWUDFLyQRVPRODUGHOOtTXLGRH[WUDFHOXODUSURGXFHVDOLGDGHDJXDGHODVFpOXODVOR
TXHFRQGLFLRQDGHVKLGUDWDFLyQFHOXODU\H[SOLFDODVLJQRORJtDQHXUROyJLFDGHHVWRV
HQIHUPRV$GHPiVGHORVVLJQRVGHKLSRYROHPLDPXHVWUDQKLSHUSQHDILHEUH
FRQYXOVLRQHV\FRPD/DJUDYHGDGHVWiHQUHODFLyQDOJUDGRGHGHVKLGUDWDFLyQ\GH
KLSHUQDWUHPLD/DPRUELPRUWDOLGDGHVHOHYDGD\FRQIUHFXHQFLDGHMDVHFXHODV
QHXUROyJLFDV
(QODKLSHUQDWUHPLDFUyQLFDVHSUHVHQWDLUULWDELOLGDGGHSUHVLyQGHOVHQVRULROHWDUJLDD
FRPDDXPHQWRGHOWRQRPXVFXODU\GHORVUHIOHMRVWHQGLQRVRVSURIXQGRV
IDVFLFXODFLRQHVFRQYXOVLRQHVDXPHQWRGH SURWHtQDVHQOtTXLGRFHIDORUUDTXtGHR
KLSHUJOXFHPLDKLSHUNDOHPLDDFLGRVLVPHWDEyOLFDHKLSRFDOFHPLD
0DQHMRGHODKLSHUQDWUHPLD
(OPDQHMRGHODKLSHUQDWUHPLDQRLPSRUWDODFDXVDGHEHVHUFRQVROXFLRQHVKLSRWyQLFDV
RLVRWyQLFDVSRUYtDRUDOVLHOSDFLHQWHSXHGHEHEHU(QHOFDVRGHSpUGLGDDFRVDSXUD
FRQVRGLRFRUSRUDOQRUPDOFRQUHSRQHUDJXDVRODHVVXILFLHQWHGLDEHWHVLQVtSLGD
FXDQGRKD\DGHPiVSpUGLGDGHVRGLRORLQGLFDGRVRQVROXFLRQHVVDOLQDVKLSRWyQLFDV(Q
HOFDVRGHSDFLHQWHVFRQVRGLRFRUSRUDOWRWDOHOHYDGRSRUODDGPLQLVWUDFLyQGHVROXFLRQHV
KLSHUWyQLFDVODWHUDSH~WLFDLQFOX\HODDGPLQLVWUDFLyQGHDJXDVRODXVRGHGLXUpWLFRV\
GLiOLVLV
/DFDXVDPiVIUHFXHQWHGHKLSHUQDWUHPLDHQQLxRVHVODGHVKLGUDWDFLyQSRUGLDUUHD\HO
WUDWDPLHQWRFRQVXHURRUDOTXHFRQWLHQHP(TGHVRGLRSRUOLWURKDPRVWUDGRVHU
HIHFWLYRSDUDUHSRQHUODVSpUGLGDVGHDJXD\UHGXFLUOHQWDPHQWH ODVFRQFHQWUDFLRQHVGH
VRGLRVpULFRHQSHULRGRVGHDKRUDV&XDQGRVHUHTXLHUHHOXVRGHVROXFLRQHV
LQWDYHQRVDVSRUKLSRWHQVLyQDUWHULDORKLSRYROHPLDLPSRUWDQWHGHEHLQLFLDUVHOD
KLGUDWDFLyQFRQVROXFLyQVDOLQDLVRWyQLFDSDUDHYLWDUFDtGDVEUXVFDVGHOVRGLRVpULFR\
UHFXSHUDUXQDEXHQDSHUIXVLyQWLVXODUFRPRHVWDVROXFLyQHVKLSRWyQLFDFRQUHVSHFWRDO
HVWDGRKLSHUQDWUpPLFRGHOSDFLHQWHHOVRGLRVpULFRWHQGHUiDEDMDU$FRQWLQXDFLyQOD
VROXFLyQGH+DUWPDQQHVODPiVUHFRPHQGDGDSDUDFRUUHJLUHOGHVHTXLOLEULRHQSHULRGRV
GHDKRUDV
/DYHORFLGDGDODTXHGHEHFRUUHJLUVHODKLSHUQDWUHPLDHQDGXOWRVQRKDVLGR HVWDEOHFLGD
D~QFXDQGRVHDFRQVHMDVHSUDFWLTXHHQXQWLHPSRQRPHQRUGHVHLVDKRUDVFXDQGR
VHKDFHSRUYtDRUDORGHKRUDVFXDQGRHVSRUYtDLQWUDYHQRVDSDUDHYLWDUHGHPDR
KHPRUUDJLDFHUHEUDOSRUFDtGDEUXVFDGHODRVPRODULGDGVpULFD(VLPSRUWDQWHYLJLODUDO
VXMHWRFRQODWRPDSHULyGLFDGHVRGLRSODVPiWLFR6LHOSDFLHQWHHVWiKLSRWHQVRVHLQLFLD
HOWUDWDPLHQWRFRQVROXFLyQVDOLQDLVRWyQLFD(ODJXDOLEUHSXHGHDGPLQLVWUDUVHSRUYtD
RUDORHQIRUPDGHGH[WURVDHQDJXDDOHQRFDVLRQHVODJOXFRVDTXHVHDGPLQLVWUD
SXHGHFRQGXFLUDKLSHUJOXFHPLDSRUORTXHHVLPSRUWDQWHVXFRQWUROSHULyGLFRFRQ
WRPDVGHJOXFHPLDV6LDGHPiVGHOGpILFLWGHDJXDKD\GpILFLWGHVRGLRVHSXHGH
FRQWLQXDUFRQVROXFLyQVDOLQDLVRWyQLFDGLOXtGDFRQDJXD6LVHDJUHJDSRWDVLRDOD
VROXFLyQHVWHGHEHFRQWDUVHFRPRRVPyWLFDPHQWHDFWLYRSRUHMHPSORP(THQXQD
VROXFLyQGHVDOLQDTXHFRQWLHQHP(TGHVRGLRODVROXFLyQUHVXOWDQWHVHUiGH
LVRWyQLFDFRQWHQGUiP(T/HQWUHHOVRGLR\HOSRWDVLRDOUHGHGRUGHPRVPRO/
/RVSDFLHQWHVFRQGLDEHWHVLQVtSLGDUHTXHULUiQDGHPiVGURJDVTXHFRQWUROHQODSROLXULD\
ODSROLGLSVLD$ORVSDFLHQWHVKLSRGtSVLFRVHVQHFHVDULRLQVWUXLUORVSDUDTXHLQJLHUDQXQD
FDQWLGDGILMDGHDJXD\HYLWHQODDSDULFLyQGHKLSHUQDWUHPLD
+,321$75(0,$
/DFRQFHQWUDFLyQVpULFDGHVRGLRPHQRUGHPPRO/HVHOGHVHTXLOLEULRHOHFWUROtWLFR
PiVIUHFXHQWHPHQWHREVHUYDGRHQSDFLHQWHVKRVSLWDOL]DGRV
+LSRQDWUHPLDILFWLFLDRSVHXGRKLSRQDWUHPLD
6HFRQVLGHUDSVHXGRKLSRQDWUHPLDFXDQGRODRVPRODULGDGGHOSODVPDHVQRUPDOR
HOHYDGD)LJ(VWRVFDVRVVHGHEHQDODSUHVHQFLDGHRWUDVVXEVWDQFLDV
RVPyWLFDPHQWHDFWLYDVSRUORTXHODPHGLFLyQGHOVRGLRQRUHIOHMDODRVPRODOLGDGGHO
SODVPD7DOHVHOFDVRGHODVSDUDSURWHLQHPLDVPLHORPDP~OWLSOHKLSHUOLSLGHPLDV
KLSHUJOXFHPLDRDGPLQLVWUDFLyQGHPDQLWRORJOLFLQD
(QVXMHWRVQRUPDOHVXQOLWURGHVXHURFRQWLHQHHQWUH\GHDJXDHOD
UHVWDQWHHVWiRFXSDGRSRUOtSLGRV\SURWHLQDV'HELGRD TXHHOVRGLRVHHQFXHQWUDGLOXLGR
VyORHQODIDVHDFXRVDHOFRQWHQLGRGHVRGLRHQXQOLWURGHVXHURVHSXHGHGHILQLUFRPR
HOSURGXFWRUHVXOWDQWHGHODFRQFHQWUDFLyQGHVRGLRHQHODJXDSRUHOSRUFLHQWRGHDJXD
HQFDGDOLWURGHVXHUR6LODFRQFHQWUDFLyQGH1D HVGHP(THQ/GHVXHUROD
FRQFHQWUDFLyQGHVRGLRVHUiLJXDOD[ P(T/
/DKLSHUWULJOLFHULGHPLDVXILFLHQWHPHQWHLQWHQVDSDUDSURGXFLUVXHUROLSpPLFRROD
KLSHUSURWHLQHPLDTXHVHREVHUYDHQHOPLHORPDP~OWLSOHRHQODVPDFURJOREXOLQHPLDV
UHGXFHQHOSRUFHQWDMHDFXRVRGHOSODVPD\DXPHQWDQORVVyOLGRVDH[SHQVDVGHGHVSOD]DU
HO1DVLQHPEDUJRODIUDFFLyQGHDJXDTXHUHVWDHQHOSODVPDWLHQHXQFRQWHQLGRGH
VRGLRQRUPDO(MHPSORVLODKLSHUOLSLGHPLDGHVSOD]DHOGHODJXDGHPOGH
SODVPDHVWHFRQWHQGUiVyORPOGHDJXD/DFRQFHQWUDFLyQGH1D HQHVHPOGH
VXHURVHUiLJXDODP(T/VLFRUUHJLPRVSDUDHOFRQWHQLGRUHDOGHDJXDHV
P(T//DFRQFHQWUDFLyQUHDOGHVRGLR\ODRVPRODULGDGVHUiQQRUPDOHV/D
GHWHUPLQDFLyQGHVRGLRGHVSXpVGHXOWUDFHQWULIXJDFLyQKDSUREDGRVHU~WLOSDUDFRQRFHU
VXYHUGDGHUDFRQFHQWUDFLyQ
/DHOHYDFLyQHQSODVPDGHVXEVWDQFLDVHQGyJHQDVRVPyWLFDPHQWHDFWLYDVFRPROD
JOXFRVDGLDEHWHVPHOOLWXVGHVFRQWURODGDDXPHQWDQODRVPRODULGDGTXHREOLJDDOD
VDOLGDGHDJXDLQWUDFHOXODUKDFLDHOHVSDFLRH[WUDFHOXODUGLOX\HORVLRQHV\SURGXFH
KLSRQDWUHPLD(VWDKLSRQDWUHPLDHVHQSDUWHILFWLFLD\DTXHVLODJOXFRVDUHJUHVDDOD
FpOXODGHVSXpVGHODDGPLQLVWUDFLyQGHLQVXOLQDODKLSRQDWUHPLDVHFRUULJHRVHHOHYDD
YDORUHVFDVLQRUPDOHV(MHPSORVLODFRQFHQWUDFLyQGHVRGLRHVP(T/FRQXQD
JOXFHPLDGHPJG/\DHVWDVHOHUHVWDHOYDORUQRUPDOGHODJOXFHPLDPJGO
ODIXHU]DRVPyWLFDGHHVWRVPJGOVHSXHGHHVWLPDUDOGLYLGLUPJGO[
PRVPRO/RPPR//HVHOSHVRPROHFXODUGHODJOXFRVD/DJOXFRVDDOVHU
PHWDEROL]DGDUHJUHVDHODJXDKDFLDODFpOXOD\HOHYDODFRQFHQWUDFLyQGHDQLRQHV\
FDWLRQHVDSDUWHVLJXDOHVP(TGHDQLRQHV\P(TGHFDWLRQHVSRUORWDQWRHO
VRGLRDVFHQGHUiGHDP(T//DFDUDFWHUtVWLFDGHHVWDIRUPDGHKLSRWRQLFLGDG
HVTXHFXUVDFRQKLSHURVPRODULGDG\DTXHODJOXFRVDHVXQRVPRODFWLYR
+LSRQDWUHPLDYHUGDGHUD
+D\TXHKDFHUQRWDUTXHSDUDTXHVHGHVHQFDGHQHKLSRQDWUHPLDGHEHQFRH[LVWLUGRV
FRQGLFLRQHVLQFDSDFLGDGGHOULxyQSDUDH[FUHWDUXQDFDUJDGHDJXDOLEUHHLQJHVWLyQ
DFXRVDHOHYDGD(QODPD\RUtDGHORVSDFLHQWHVKLSRQDWUpPLFRVHVWHWUDVWRUQRHV
LQGXFLGRLDWURJpQLFDPHQWHSRULQJHVWLyQH[DJHUDGDGHDJXDHQSUHVHQFLDGHXQGHIHFWR
SDUDH[FUHWDUDJXDOLEUH
&XDQGRHOLQGLYLGXRQRHVWiHQFRQGLFLRQHVGHOLPLWDUODFDQWLGDGGH
DJXDTXHLQJLHUHHVWDGRVFRPDWRVRVFRPRHQFDVRVGHDOLPHQWDFLyQ
SRUJDVWURFOLVLVFRQVROXFLRQHVKLSRWyQLFDVRFRQDJXDSXUDRELHQHQHO
WUDWDPLHQWRGHPDVLDGRHQWXVLDVWDGHODGHVKLGUDWDFLyQFRP~QFRQ
VROXFLRQHVGHVSURYLVWDVGHHOHFWUROLWRVRPX\KLSRWyQLFDVSXHGH
VREUHSDVDUVHODFDSDFLGDGGHGLOXFLyQUHQDO\VHGHVDUUROODKLSRQDWUHPLD
/DRWUDFLUFXQVWDQFLDDFRQVLGHUDUHVODLQFDSDFLGDGUHODWLYDRUHDOGHO
ULxyQSDUDGLOXLU\OLEHUDUVHGHXQDFDUJDDFXRVDFRPRVHUtDHOFDVRGHO
UHFLpQQDFLGR\GHOGHVQXWULGRJUDYH2WUDVFRQGLFLRQHVTXHFXUVDQFRQ
KLSRQDWUHPLDHVWiQUHVXPLGDVHQODILJXUD
3DUDKDEHU
KLSRQDWUHPLD
VHUHTXLHUHOD
DVRFLDFLyQ
GHOD
LQFDSDFLGDG
GHOULxyQ
SDUDH[FUHWDU
XQDFDUJDGH
DJXDOLEUH\
ODLQJHVWLyQ
GHDJXDHQ
H[FHVR
/DKLSRQDWUHPLDDJXGDVHSXHGHGHILQLUFRPRXQDFDtGDGHVRGLRVpULFR
GHRPiVP(T/SRUGtDGHGXUDFLyQPHQRUGHKRUDV+DVLGR
GHVFULWDHQPXMHUHVMRYHQHVSRUORTXHVHKDFRQFOXLGRTXHODVPXMHUHVHQODHGDG
UHSURGXFWLYDVRQPHQRVWROHUDQWHVDODKLSRQDWUHPLDTXHORVKRPEUHV
0DQLIHVWDFLRQHVFOtQLFDV
&XDQGRODKLSRQDWUHPLDVHGHVDUUROODPiVUiSLGRGHORTXHHO HQFpIDORVHDGDSWDDHVWH
FDPELRHOHGHPDFHUHEUDOUHVXOWDQWHGDOXJDUDXQVtQGURPHTXHVHFRQRFHFRPR
LQWR[LFDFLyQSRUDJXD/DVPDQLIHVWDFLRQHVQHXUROyJLFDVGHHVWHWUDVWRUQRGHVFULWDV
GHVGHLQFOX\HQFHIDOHDQiXVHDYyPLWRGHELOLGDGLQFRRUGLQDFLyQWHPEORUHV
GHOLULR\ILQDOPHQWHFRQYXOVLRQHV\SRVWXUDVGHGHFHUHEUDFLyQ/DWRPRJUDItD
FRPSXWDGDGHOFHUHEURSXHGHPRVWUDUHVWUHFKDPLHQWRGHORVYHQWUtFXORVODWHUDO\WHUFHUR
TXHLQGLFDHGHPDGLIXVRGHOHQFpIDOR(QFDVRVJUDYHVSXHGHFRQGXFLUD KHUQLDFLyQ
WUDQVWHQWRULDOGHODPDVDFHUHEUDOSDURUHVSLUDWRULR\PXHUWH
/DVPDQLIHVWDFLRQHVFOtQLFDVREVHUYDGDVHQKLSRQDWUHPLDDJXGDGHULYDQ
IXQGDPHQWDOPHQWHGHOOLEUHSDVRGHDJXDVLQVROXWRVGHOHVSDFLRH[WUDFHOXODUDO
LQWUDFHOXODU(OHGHPDLQWUDFHOXODUSURYRFDGLVIXQFLyQFHOXODUVREUHWRGRHQHOVLVWHPD
QHUYLRVRFHQWUDO/DVPDQLIHVWDFLRQHVKLVWRSDWROyJLFDVQHXURQDOHVVRQYDFXROL]DFLyQ
GHOFLWRSODVPDFRQOLFXHIDFFLyQHYHQWXDOGHORVQ~FOHRV\DOWHUDFLyQGLIXVDGHODFDSDGH
PLHOLQD
/RVVtQWRPDV GHKLSRQDWUHPLDFUyQLFDVRQPXFKRPiVVXWLOHVHLQHVSHFtILFRV\WLHQGHQD
SUHVHQWDUVHFRQQLYHOHVGHVRGLRVpULFRPXFKRPiVEDMRV6HPDQLILHVWDSRUDQRUH[LD
QiXVHDYyPLWRVGHELOLGDGPXVFXODU\FDODPEUHV/RVSDFLHQWHVSXHGHQYROYHUVH
LUULWDEOHV\PRVWUDUFDPELRVHQODSHUVRQDOLGDGFRPRLQGLVFLSOLQDFRQIXVLyQ\
KRVWLOLGDG&XDQGRODKLSRQDWUHPLDDOFDQ]DQLYHOHVPX\EDMRVDSDUHFHQWUDVWRUQRVHQOD
PDUFKDHVWXSRU\PX\UDUDYH]FULVLVFRQYXOVLYDV1RVHKDGHVFULWRODDSDULFLyQGH
HGHPDFHUHEUDOHQODKLSRQDWUHPLDFUyQLFDHVPiVODWRPRJUDItDFRPSXWDGDQRPXHVWUD
HYLGHQFLDVGHHGHPDFHUHEUDODSHVDUGHKLSRQDWUHPLDVD~QSRUDEDMRGHP(T/6LQ
HPEDUJRORVSDFLHQWHVFRQKLSRQDWUHPLDVGHFXUVRPX\SURORQJDGRVRQVXVFHSWLEOHVD
LDWURJHQLDVVHFXQGDULDVDODFRUUHFFLyQPX\UiSLGDGHOWUDVWRUQR
(YDOXDFLyQGHOSDFLHQWH
/RVGDWRVGHODERUDWRULRPXHVWUDQGLVPLQXFLyQGHODRVPRODULGDGVpULFD\GHOD
QDWUHPLDFRQUHGXFFLyQGHKHPRJORELQD\GHODVSURWHtQDVSODVPiWLFDVSRUGLOXFLyQORV
YDORUHVGHKHPDWRFULWRQRFDPELDQDSUHFLDEOHPHQWHORTXHLQGLFDTXHXQDSDUWHGHOD
VREUHFDUJDDFXRVDVHGLVWULEX\HHQODPDVDHULWURFLWDULD/DRULQDVHGLOX\HUiSLGDPHQWH
\DXPHQWDVXYROXPHQWDPELpQDXPHQWDODH[FUHFLyQGHVRGLR\FORURSRUXQLGDGGH
WLHPSR(VWDQDWULXUHVLVGHSHQGHSUREDEOHPHQWHGHXQDGLVPLQXFLyQHQODVHFUHFLyQGH
DOGRVWHURQDFDXVDGDSRUODH[SDQVLyQGHOYROXPHQ
(OSULPHUSDVRHQODHYDOXDFLyQGHXQSDFLHQWHFRQKLSRQDWUHPLDHVFRQRFHUVLHOULxyQ
HVWiH[FUHWDQGRDJXDOLEUHHQSUHVHQFLDGHKLSRWRQLFLGDGVpULFDVLODRVPRODOLGDG
XULQDULDHVPD\RUGHPRVPRO/VLJQLILFDTXHODKLSRQDWUHPLDHVGHELGDDTXHHO
ULxyQHVLQFDSD]GHGLOXLUODRULQD
(YDOXDGRHOPDQHMRGHDJXDDFRQWLQXDFLyQVHYDORUDODFDQWLGDGGHVRGLRWRWDO\HO
HVWDGRGHOYROXPHQH[WUDFHOXODU3XHGHKDEHUKLSRQDWUHPLDFRQVRGLRWRWDOQRUPDO
DXPHQWDGRRGLVPLQXtGR/DKLVWRULDFOtQLFDSHUPLWHLGHQWLILFDUIiFLOPHQWHDTXHOORV
FDVRVFRQVRGLRWRWDODXPHQWDGRFXDQGRKD\HGHPDRDVFLWLV(QHVWRVFDVRVKD\
H[SDQVLyQGHOYROXPHQH[WUDFHOXODUFRQH[FHVRGHDJXDPD\RUTXHGHVRGLR2WURV
SDFLHQWHVKLSRQDWUpPLFRVVLQHGHPDSXHGHQWHQHUH[SDQVLyQPRGHVWDGHOYROXPHQ
H[WUDFHOXODUSRUH[FHVRGHDJXDWRWDOVtQGURPHGHVHFUHFLyQLQDSURSLDGDGHKRUPRQD
DQWLGLXUpWLFDRGHSOHFLyQGHOYROXPHQH[WUDFHOXODUSRUSpUGLGDGHVRGLRPD\RUTXHGH
DJXD\DVHDSRUYtDUHQDORH[WUDUUHQDO)LJ
+LSRQDWUHPLDDVRFLDGDDH[FHVRGHVRGLR\DJXDFRQHGHPD
/RVSDFLHQWHVFRQHGHPDVHFXQGDULRDLQVXILFLHQFLDFDUGtDFDFLUURVLVKHSiWLFDR
VtQGURPHQHIUyWLFRVHFDUDFWHUL]DQSRUWHQHUDXPHQWRGHVSURSRUFLRQDGRGHODJXD
FRUSRUDOWRWDOFRQUHVSHFWRDOH[FHVRGHOVRGLRWRWDO/DSDWRJHQLDGHODLQFDSDFLGDGSDUD
GLOXLUODRULQDVHKDLQWHQWDGRH[SOLFDUFRPRVHFXQGDULDDXQGHVFHQVRHQHOYROXPHQ
LQWUDYDVFXODUHIHFWLYR TXHUHGXFHODILOWUDFLyQJORPHUXODUDXPHQWDODUHDEVRUFLyQ
WXEXODUSUR[LPDOUHGXFHODOOHJDGDGHVRGLRDODVSRUFLRQHVGLVWDOHVGHOQHIUyQ\
FRQVHFXHQWHPHQWHOLPLWDODGLOXFLyQXULQDULD5HFLHQWHPHQWHVHKDSODQWHDGROD
SRVLELOLGDGTXHOD+$'MXHJXHXQSDSHOLPSRUWDQWHHQODLQFDSDFLGDGSDUDGLOXLUOD
RULQDHQHVWRVSDFLHQWHVYHUFDStWXORGHHGHPD
)LJXUD3ULQFLSDOHVFDXVDVGHKLSRQDWUHPLDILFWLFLD\
YHUGDGHUDVHJ~QVLWXDFLyQGHOYROXPHQH[WUDFHOXODU9(&\
HORULJHQGHODVSpUGLGDVHQVXFDVR
,QVXILFLHQFLD5HQDO 2WURJUXSRGHSDFLHQWHVTXHSUHVHQWDQH[FHVRGHVRGLRWRWDOH
KLSRQDWUHPLDVRQDTXHOORVTXHFXUVDQFRQLQVXILFLHQFLDUHQDOFUyQLFDWHUPLQDORHQOD
IDVHROLJ~ULFDGHODLQVXILFLHQFLDUHQDODJXGD/RVSDFLHQWHVFRQLQVXILFLHQFLDUHQDO
FUyQLFDWLHQHQFDSDFLGDGQRUPDOSDUDGLOXLUODRULQDVXOLPLWDFLyQHVGHELGDDOGHVFHQVR
WDQLPSRUWDQWHHQODILOWUDFLyQJORPHUXODU(QXQHQIHUPRFRQXQDILOWUDFLyQJORPHUXODU
GHPOPLQ/GtDVHHVWLPDTXHVyORGHOILOWUDGRJORPHUXODUDOFDQ]DODV
SRUFLRQHVGLVWDOHVGHOQHIUyQ\SRUORWDQWRODFDQWLGDGPi[LPDGHDJXDOLEUHTXHSXHGH
H[FUHWDUHV/GtDFXDOTXLHUOtTXLGRLQJHULGRHQH[FHVRGHHVWDFLIUDGDUiOXJDUD
H[SDQVLyQ\GLOXFLyQGHOHVSDFLRH[WUDFHOXODU
(OGHORVSDFLHQWHVFRQLQVXILFLHQFLDUHQDODJXGDROLJ~ULFD
FXUVDQFRQKLSRQDWUHPLDHQHOFXUVRGHODIDVHROLJ~ULFD
6tQGURPHGHVHFUHFLyQLQDGHFXDGDGHKRUPRQDDQWLGLXUpWLFD
66,+$'
/DVHFUHFLyQGH+$'VHFRQVLGHUDLQDGHFXDGDFXDQGRSHUVLVWH
HQDXVHQFLDGHHVWtPXORVRVPyWLFRV\KHPRGLQiPLFRVSDUDVX
OLEHUDFLyQ/DVHFUHFLyQLQDGHFXDGDGH+$'LPSLGHODGLXUHVLV
DFXRVDQRUPDOSHURHOFRQWUROGHOEDODQFHGHVRGLRQRVHDOWHUD
'HKHFKRFXDQGRODKLSRQDWUHPLDVHSUHVHQWDFRPRUHVXOWDGRGH
ODUHWHQFLyQH[FHVLYDGHDJXDLQJHULGDRLQIXQGLGDODH[SDQVLyQ
GHOYROXPHQH[WUDFHOXODUGLVSDUDODQDWULXUHVLV(QHVWDV
FRQGLFLRQHVSDUWLFXODUHVODH[FUHFLyQGHVRGLRSXHGHH[FHGHUOD
LQJHVWLyQORTXHGDODIDOVDLPSUHVLyQGHWUDWDUVHGHXQDSpUGLGD
GHVDO(VWHEDODQFHQHJDWLYRGHVRGLRSXHGHH[DFHUEDUOD
KLSRQDWUHPLD/RVSDFLHQWHVFRQ66,+$'WLHQHQRULQD
FRQFHQWUDGDKLSHUWyQLFDHQSUHVHQFLDGHKLSRQDWUHPLDOD
FRQFHQWUDFLyQGHVRGLRHQRULQDHVWiSRUHQFLPDGHP(T/\
HQJHQHUDOODH[FUHFLyQGHVRGLRHVLJXDODODLQJHVWLyQ6LQ
HPEDUJRHQSUHVHQFLDGHKLSRYROHPLDRUHVWULFFLyQGHVRGLR
HVWRVSDFLHQWHVSXHGHQFRQVHUYDUVRGLR QRUPDOPHQWH
(QOD
SVHXGRKLSRQDWUHPLD
ODRVPRODULGDGGHO
SODVPDHVQRUPDOR
HOHYDGDSRUOD
SUHVHQFLDGHRWUDV
VXEVWDQFLDV
RVPyWLFDPHQWH
DFWLYDV
6HFRQVLGHUD
VHFUHFLyQ
LQDGHFXDGDGH
KRUPRQD
DQWLGLXUpWLFD
FXDQGRVHOLEHUDHQ
DXVHQFLDGH
HVWtPXORVRVPyWLFRV
RKHPRGLQiPLFRV
([LVWHQYDULDVFDXVDVTXHSXHGHQSURGXFLUDXPHQWRGHVHFUHFLyQGH+$'VLQ
DOWHUDFLRQHVRVPyWLFDVRKHPRGLQiPLFDV/DQLFRWLQDHVXQHVWLPXODQWHKLSRWDOiPLFRGH
ODVHFUHFLyQGH+$'/DDGPLQLVWUDFLyQDJXGDGHQDUFyWLFRVWDPELpQSXHGHSURGXFLU
DQWLGLXUHVLVODPRUILQDSRUHMHPSOROLEHUD+$'GHODQHXURKLSyILVLV/RVSDFLHQWHV
WUDWDGRVFRQFORURSURSDPLGDFDUEDPD]HSLQDRELJXDQLGDVGHVDUUROODQKLSRQDWUHPLDSRU
HIHFWRDQWLGLXUpWLFR(OFORILEUDWRGHVHQFDGHQDDQWLGLXUHVLVHQSDFLHQWHVFRQGLDEHWHV
LQVtSLGDSDUFLDOHOHIHFWRDQWLGLXUpWLFRGHHVWDGURJDFRPRODGHODFORURSURSDPLGDHV
PiVQRWDEOHHQSDFLHQWHVFRQGLDEHWHVLQVtSLGDTXHHQVXMHWRVQRUPDOHV/DYLQFULVWLQD\
ODFLFORIRVIDPLGDSURYRFDQXQVtQGURPHTXHUHFXHUGDHO66,+$'FRQKLSRQDWUHPLD
&LHUWRVDQDOJpVLFRVFRPRHODFHWDPLQRIpQ\ODGLSLURQDTXHGLVPLQX\HQODILOWUDFLyQ
JORPHUXODUVHKDQHPSOHDGRHQHOPDQHMRGHODGLDEHWHVLQVtSLGD'URJDVFRPROD
LQGRPHWDFLQD\HOLEXSURIHQRSURGXFHQWDPELpQDQWLGLXUHVLV(VWDVREVHUYDFLRQHV
VXJLHUHQODSRVLELOLGDGGHTXHODLQKLELFLyQGHODVtQWHVLVGHSURVWDJODQGLQDVSRUHVWDV
GURJDVVHDFDSD]GHIDYRUHFHUDQWLGLXUHVLV
7RGRVORVIiUPDFRVGLXUpWLFRVDWUDYpVGHLQGXFLUGHSOHFLyQGHYROXPHQ\UHDEVRUFLyQ
WXEXODUSUR[LPDOH[FHVLYDFRQOLPLWDFLyQHQODH[FUHFLyQGHXQDFDUJDGHDJXD
SURGXFHQDQWLGLXUHVLV\HQDOJXQRVFDVRVKLSRQDWUHPLD/RVSDFLHQWHVKDELWXDOPHQWH
DQFLDQRVKLSHUWHQVRVRFRQLQVXILFLHQFLDFDUGtDFDTXHUHFLEHQGLXUpWLFRVGHULYDGRVGH
WLD]LGDVGHVDUUROODQKLSRQDWUHPLD(OGLDJQyVWLFRVHHVWDEOHFHSRUTXHDOVXVSHQGHUOD
WLD]LGDGHVDSDUHFHODKLSRQDWUHPLD/DH[LVWHQFLDGHXQ66,+$'GHEHVRVSHFKDUVHVL
GHVSXpVGHGRVRWUHVVHPDQDVSHUVLVWHFLHUWRJUDGRGHKLSRQDWUHPLD\DTXHODVWLD]LGDV
H[DFHUEDQODKLSRQDWUHPLDHQHVWHVtQGURPH
/DFRPELQDFLyQGHGLXUpWLFRV\FORUSURSDPLGDIDYRUHFHPD\RUUHWHQFLyQGHDJXDOR
TXHVXJLHUHXQHIHFWRVLQpUJLFRGHDPEDVGURJDV/DDVRFLDFLyQGHXQGLXUpWLFRWLD]tGLFR
FRQXQDQDOJpVLFRFRPRODGLSLURQDKDVLGRXWLOL]DGDSDUDHOPDQHMRGHODGLDEHWHV
LQVtSLGD/DGLSLURQDUHGXFHODILOWUDFLyQJORPHUXODU\DOVXPDUVHFRQHOHIHFWRGH
GHSOHFLyQGHOGLXUpWLFRIDYRUHFHDQWLGLXUHVLVHKLSRQDWUHPLD
/DVGURJDVSVLFRWUySLFDVWDPELpQVHKDQLPSOLFDGR/DUHODFLyQFDXVDHIHFWR
GHPRVWUDGDPiVFODUDPHQWHKD VLGRFRQORVGHULYDGRVWULFtFOLFRV6LQHPEDUJRGHEH
HQIDWL]DUVHTXHHQSDFLHQWHVSVLFyWLFRVFRQJUDYHVWUDVWRUQRVHPRFLRQDOHVH
KLSRQDWUHPLDHVWD~OWLPDSXHGHUHVXOWDUSRURWUDFDXVDSROLGLVSLDSVLFRJpQLFDSRU
HMHPSOR
(OQLYHOGH+$'LQYDULDEOHPHQWHVHLQFUHPHQWDHQUHVSXHVWDDODDQHVWHVLD\DODFLUXJtD
UHVSXHVWDQRUPDODODFWRTXLU~UJLFR\SXHGHSHUPDQHFHUHOHYDGRKDVWDSRUFLQFRGtDV
(VWRVSDFLHQWHVVHVRPHWHQDWRGRXQHVSHFWURGHHVWtPXORVQRRVPyWLFRVVREUHOD
VHFUHFLyQGH+$'KLSR[LDGRORUQiXVHDKLSRWHQVLyQQDUFyWLFRVHKLSRJOXFHPLD\
GHEHDOHUWDUFRQWUDHOXVRLQGLVFULPLQDGRGHVROXFLRQHVOLEUHVGHHOHFWUROLWRVGHVSXpVGH
FLUXJtD/RVDOFRKyOLFRVHQVXSUHVLyQVRQLQFDSDFHVGHHOLPLQDUXQDFDUJDDJXGDGH
DJXD\DTXHFXUVDQFRQQLYHOHVPiVDOWRVGH+$'TXHODSREODFLyQQRUPDODSHVDUGH
FRQFHQWUDFLRQHVGHVRGLRVpULFREDMDVHVWDVLWXDFLyQRFXUUHHQDXVHQFLDGHKLSRYROHPLD
/DGHILFLHQFLDHQJOXFRFRUWLFRLGHVFRPRRFXUUHHQODHQIHUPHGDGGH$GGLVRQRSRU
WUDVWRUQRVGHODSLWXLWDULDDQWHULRUFRQGHILFLHQFLDHQKRUPRQDDGUHQRFRUWLFRWUySLFDVH
DFRPSDxDIUHFXHQWHPHQWHGHKLSRQDWUHPLD(QODHQIHUPHGDGGH$GGLVRQKD\DGHPiV
KLSRYROHPLDSRUORTXHUHFXHUGDDO66,+$'\DTXHORVQLYHOHVGH+$'VHHQFXHQWUDQ
HOHYDGRVUHVSRQGHQUiSLGDPHQWHDODDGPLQLVWUDFLyQGHJOXFRFRUWLFRLGHV
/DFDSDFLGDGGHHOLPLQDUDJXDHVWiLPSHGLGDHQSDFLHQWHVFRQKLSRWLURLGLVPRHQSDUWH
GHELGRDGHVFHQVRHQHOJDVWRFDUGtDFRODUHGXFFLyQGHOIOXMRVDQJXtQHRUHQDO\GHOD
ILOWUDFLyQJORPHUXODUWDPELpQFRQWULEX\HQDHVWHWUDVWRUQR+DELWXDOPHQWHHVWRV
SDFLHQWHVQRFXUVDQFRQHGHPD\VHFRPSRUWDQ\UHVSRQGHQHQIRUPDVLPLODUDORV
SDFLHQWHVFRQ66,+$'
/DKLSRQDWUHPLDHVHQFLDOWDPELpQGHQRPLQDGDUHDMXVWHGHRVPRVWDWRKDVLGR
LQIRUPDGDHQPX\SRFRVSDFLHQWHVVHFDUDFWHUL]DSRUKLSRQDWUHPLDILMDFRQUHVSXHVWD
DGHFXDGDDODFDUJD\DODUHVWULFFLyQGHVRGLR\DJXD(OPHFDQLVPRGHHVWDHQWLGDGQR
HVFODUR\SXHGHVHUGHELGRDUHDMXVWHGHOXPEUDOGHUHVSXHVWDRVPRODUDXQQLYHOPHQRU
RELpQDXQDIRUPDLQFRPSOHWDGHO VtQGURPHGHVHFUHFLyQLQDGHFXDGDGH+$'
8QDYH]TXHWRGDVODVFDXVDVGHKLSRQDWUHPLDGLOXFLRQDOKDQVLGRHOLPLQDGDV
KLSRWLURLGLVPRHQIHUPHGDGGH$GGLVRQ\XVRGHGURJDVDQWLGLXUpWLFDVGHEHSHQVDUVHHQ
HO66,+$'GHVFULWRSRU6FKZDUW]%HQQHWW&XUHORS\%DUWWHUHQO(VWHVtQGURPH
KDVLGRUHFRQRFLGRHQP~OWLSHVHQIHUPHGDGHVSULQFLSDOPHQWHWUDVWRUQRVGHOVLVWHPD
QHUYLRVRFHQWUDOFRPRSVLFRVLVWUDXPDWLVPRVFUDQHRHQFHIiOLFRVQHRSODVLDSULPDULD\
PHWDVWiVLFDDFFLGHQWHVYDVFXODUHVKHPRUUDJLDLQIDUWRRYDVFXOLWLVLQIHFFLRQHV
PHQLQJLWLVDEVFHVRFHUHEUDO\HQFHIDOLWLV\RWUDVVtQGURPHGH*XLOODLQ%DUUp
HVFOHURVLVP~OWLSOHKLGURFHIDOLDHQIHUPHGDGHVSXOPRQDUHVLQIHFFLRVDVYLUDO
EDFHULDQDRSRUKRQJRVIXQFLRQDOHVDVPDLQVXILFLHQFLDUHVSLUDWRULDDJXGDR
YHQWLODFLyQPHFiQLFDRWXPRUDOHVWXPRUEURQFRJpQLFRGHFpOXODVSHTXHxDVRWURV
WXPRUHVSiQFUHDVGXGRGHQRXUpWHUQDVRIDULQJHOHXFHPLDOLQIRPD\WLPRPD\
VtQGURPHGHLQPXQRGHILFLHQFLDDGTXLULGD
(OWUDWDPLHQWRGHSDFLHQWHVFRQVtQGURPHGH66,+$'GHSHQGHGHODJUDYHGDGH
LQWHQVLGDGGHODKLSRQDWUHPLD
5HVWULFFLyQGH+HQHO66,+$'PRGHUDGRFRQSHOLJURGHKLSHUYROHPLD
8VRGHSHTXHxDVFDQWLGDGHVGHVROXFLyQVDOLQDKLSHUWyQLFDSRUSHOLJURGH
KLSHUQDWUHPLDHQHO66,+$'JUDYH
)XURVHPLGDFRQUHSRVLFLyQGHOVRGLR\HOSRWDVLRSHUGLGRVHPSOHDUWDPELpQVROXFLyQ
VDOLQDKLSHUWyQLFD
8VRGHFRUWLFRLGHVHQODGHILFLHQFLDGHJOXFRFRUWLFRLGHV
8VRGHKRUPRQDVWLURLGHDVHQHOPL[HGHPD
7UDWDPLHQWRGHODVLQIHFFLRQHVSXOPRQDUHVODLQVXILFLHQFLDFDUGtDFD\UHVHFFLyQ
UDGLDFLyQRTXLPLRWHUDSLDGHOWXPRUSURGXFWRUGH+$'
(PSOHRGHVDOHVGHOLWLRSRWHQFLDOPHQWHWy[LFDVRGHGHPHFORFLFOLQDHVWH~OWLPR
PHGLFDPHQWRHVPiVSURPHWHGRU
3URPHWHGRUHVHOXVRGHXQDQWDJRQLVWDGHOUHFHSWRU9GHDUJLQLQDYDVRSUHVLQDHQ
WXERFROHFWRUHO23&TXHLQGXFHGLXUHVLVDFXRVDHQKXPDQRV6XHPSOHRVH
LQLFLyHQ-DSyQHQ
'HODGHORVSDFLHQWHVKRVSLWDOL]DGRVFRQVtQGURPHGHLQPXQRGHILFLHQFLD
DGTXLULGDSUHVHQWDQKLSRQDWUHPLD/DPD\RUtDUHXQHQORVFULWHULRVGHO66,+$'\HVWiQ
DVRFLDGRVDLQIHFFLRQHVRSRUWXQLVWDVQHXPRQtDVRPHQLQJLWLV2WURVFXUVDQFRQVLJQRV
GHGHSOHFLyQGHYROXPHQ\QDWULXUHVLVTXHSXHGHDVRFLDUVHDHQIHUPHGDGUHQDORD
LQVXILFLHQFLDVXSUDUUHQDO7DPELpQKD\KLSRQDWUHPLDGHVSXpVGHODDGPLQLVWUDFLyQGH
DQWLELyWLFRVHQVROXFLRQHVKLSRWyQLFDVHQGRYHQRVDVSUiFWLFDTXHGHEHHYLWDUVHHQHVWD
SREODFLyQ
3ROLGLSVLDFRPSXOVLYDRSVLFyWLFD
/DSROLGLSVLDHVFRP~QHQSDFLHQWHVSVLTXLiWULFRV\HQDOJXQRVFDVRVVHSXHGH
FRPSOLFDUFRQVtQWRPDVJUDYHVGHKLSRQDWUHPLD/DPD\RUtDGHORVFDVRVHVWXGLDGRV
FXUVDQFRQRULQDVGLOXtGDVDOPi[LPRRVPRODULGDGHVSRUDEDMRGHPRVPRO/$O
UHGXFLUODLQJHVWDGHDJXDSHUVLVWHGLXUHVLVHOHYDGD TXHUHWRUQDHO1D VpULFRDORQRUPDO
RDFLIUDVFHUFDQDVDORQRUPDO/RTXHHVVRUSUHQGHQWHHVTXHHVWRVSDFLHQWHVTXH
SXHGHQGLOXLUODRULQDDOPi[LPRGHVDUUROOHQKLSRQDWUHPLD
6LDVXPLPRVXQDH[FUHFLyQGHPRVPROGHVROXWRSRUGtDHVSRVLEOHH[FUHWDUGHD
OLWURVGHRULQDGLDULDPHQWHDPOKRUDRVHDRULQDVGLOXtGDVDR
PRVPRO/HVWRVSDFLHQWHVSXHGHQHQXQPRPHQWRLQJHULUPiVGHPOKRUDGHDJXD
\GHHVWDPDQHUDVREUHSDVDQODFDSDFLGDGPi[LPDGHOULxyQSDUDH[FUHWDURULQDGLOXtGD\
GHVDUUROODQKLSRQDWUHPLD3XHGHQRREVHUYDUVHGLOXFLyQXULQDULDPi[LPDGHELGRD
SURGXFFLyQLQDSURSLDGDGH+$'TXHVHDJUDYDVLVRQIXPDGRUHVRFRQHOXVRGH
WLD]LGDVSDUDWUDWDPLHQWRGHKLSHUWHQVLyQDUWHULDO/DOLEHUDFLyQGH+$'SXHGHRFXUULU
SRUODSVLFRVLVPLVPDSRUODQiXVHDDVRFLDGDDODH[FHVLYDLQJHVWDGHOtTXLGRRSRUHO
HGHPDFHUHEUDOVHFXQGDULRDKLSRWRQLFLGDG(QODPD\RUtDGHORVFDVRVHO~QLFR
WUDWDPLHQWRUHTXHULGRHVODGLVPLQXFLyQGHODLQJHVWDGHDJXD
'HSOHFLyQGHYROXPHQDVRFLDGDDKLSRQDWUHPLD
/DVSULQFLSDOHVFDXVDVGHKLSRQDWUHPLDFRQGHSOHFLyQGHYROXPHQVHOLVWDQHQODILJXUD
/DVSpUGLGDVGHOtTXLGRSXHGHQRFXUULUSRUYtDUHQDORH[WUDUUHQDO/DVSpUGLGDV
H[WUDUUHQDOHVVRQKDELWXDOPHQWHJDVWURLQWHVWLQDOHVYyPLWRRGLDUUHDSHURSXHGHQRFXUULU
SRUDFXPXODFLyQGHOtTXLGRHQXQWHUFHUHVSDFLRTXHPDGXUDVWUDXPDWLVPRV
SHULWRQLWLVSDQFUHDWLWLVFLUXJtDDEGRPLQDOPD\RU(OULxyQVDQRUHVSRQGH
KDELWXDOPHQWHDHVWDKLSRYROHPLDFRQUHWHQFLyQGHVRGLR\DJXDODRULQDHQHVWD
VLWXDFLyQHVKLSHUWyQLFDRVPRODULGDGGHPRVPRO/\ODFRQFHQWUDFLyQGH
VRGLRXULQDULRVHHQFXHQWUDSRUGHEDMRGHP(T/3RUHOFRQWUDULRVLODIXHQWHGH
SpUGLGDVDOLQDHVHOULxyQWDOFRPRRFXUUHHQOHVLRQHVUHQDOHVSDUHQTXLPDWRVDVQHIULWLV
W~EXORLQWHUVWLFLDOQHIURQRSWLVLVULxyQSROLTXtVWLFRGHODGXOWRXURSDWtDREVWUXFWLYD
SDUFLDOFRQHOXVRLQGLVFULPLQDGRGHGLXUpWLFRVRHQODLQVXILFLHQFLDVXSUDUUHQDO
HQIHUPHGDGGH$GGLVRQODFRQFHQWUDFLyQGHVRGLRXULQDULRSXHGHVREUHSDVDU P(T/8QSDFLHQWHKLSRQDWUpPLFRKLSRYROpPLFRFRQVRGLRXULQDULRDUULEDP(T/
HKLSHUNDOHPLDFRQHOHYDFLyQGHXUHDVXJLHUHHOGLDJQyVWLFRGHLQVXILFLHQFLDVXSUDUUHQDO
RLQVXILFLHQFLDUHQDO
/DVHFUHFLyQH[FHVLYDGHOSpSWLGRDXULFXODUQDWULXUpWLFRXRWUDVKRUPRQDVQDWULXUpWLFDV
SXHGHQSURGXFLUSpUGLGDUHQDOGHVDOHKLSRQDWUHPLD/DOLEHUDFLyQFHUHEUDOGHDOJXQDV
GHHVWDVKRUPRQDVSXHGHVHUHORULJHQGHDOJXQRVFDVRVGHSpUGLGDFHUHEUDOGHVDO/D
OLEHUDFLyQLQDGHFXDGDGH+$'VHYHFRP~QPHQWHHQWUDVWRUQRVFHUHEUDOHVSRUORTXHOD
GLVWLQFLyQHQWUHQDWULXUHVLVLQDGHFXDGD\DQWLGLXUHVLVLQDGHFXDGDSXHGHVHUGLItFLO(Q
DPEDVFRQGLFLRQHVODH[FUHFLyQGHVRGLRHVWiHOHYDGD\HQDPERVFDVRVVHSXHGHQ
HQFRQWUDUQLYHOHVDOWRVGHOSpSWLGRDXULFXODUQDWULXUpWLFR/DFODUDGRFXPHQWDFLyQGHTXH
ODSpUGLGDUHQDOGHVDOSUHFHGLyDODUHWHQFLyQGHDJXDODH[LVWHQFLDGHKLSRYROHPLD\HO
GHVFHQVRGHODVHFUHFLyQGH+$'FRQODH[SDQVLyQVDOLQDVRQHOHPHQWRVQHFHVDULRV
SDUDHVWDEOHFHUHOGLDJQyVWLFRGHVDIRUWXQDGDPHQWHHQODPD\RUSDUWHGHORVFDVRV
LQIRUPDGRVGHSpUGLGDFHUHEUDOGHVDOIDOWDQHVWRVGHWDOOHVFOtQLFRV/DKLSRYROHPLD
SXHGHUHGXFLUHOIOXMRVDQJXtQHRFHUHEUDOHQSDFLHQWHVFRQKHPRUUDJLDVXEDUDFQRLGHD
VREUHWRGRVLVHDFRPSDxDGHYDVRHVSDVPRSRUORTXHQXPHURVRVDXWRUHVDFRQVHMDQOD
H[SDQVLyQGHYROXPHQPiVTXHODUHVWULFFLyQFXDQGRODKLSRQDWUHPLDFRPSOLFDXQ
FXDGURGHKHPRUUDJLDVXEDUDFQRLGHD
7UDWDPLHQWR
/DDSDULFLyQGHFRQYXOVLRQHVFRPD\PXHUWHFHUHEUDOSXHGHQVHUODVFRQVHFXHQFLDVGH
QR WUDWDUSURQWDPHQWHODKLSRQDWUHPLD6LQGXGDHQHVWHWUDVWRUQRHOHFWUROtWLFRWDQ
FRP~Q\WDQJUDYHHVLPSHUDWLYRXQGLDJQyVWLFRWHPSUDQR\XQDWHUDSpXWLFDHILFD]3RU
RWUDSDUWHODFRUUUHFFLyQGHPDVLDGRUiSLGDSXHGHWHQHUWDPELpQVHFXHODVQHXUROyJLFDV
GHYDVWDGRUDV'HEHVLHPSUHWUDWDUVHGHVHUSRVLEOHODFDXVDGHODKLSRQDWUHPLD(Q
SDFLHQWHVKLSRYROpPLFRVHOWUDWDPLHQWRHVFRQVXHURRUDORFRQVROXFLRQHVVDOLQDV
LQWUDYHQRVDV\HQHQIHUPRVFRQHGHPDXWLOL]DUGLXUpWLFRVUHVWULFLyQVDOLQD\GLJLWiOLFRV
VLHVQHFHVDULR
&DVLWRGRVORVSDFLHQWHVFRQKLSRQDWUHPLDGHEHQPDQHMDUVHFRQUHVWULFFLyQDFXRVD
GUiVWLFDJHQHUDOPHQWHPHQRVGHPOP GHVXSHUILFLHFRUSRUDOGtDH[FHSWRORV
GHVKLGUDWDGRV&XDQGRODKLSRQDWUHPLDHVOHYHRPRGHUDGD\HOSDFLHQWHHVWi
DVLQWRPiWLFRRQRWLHQHPDQLIHVWDFLRQHVQHXUROyJLFDVLPSRUWDQWHVSXHGHVHUVXILFLHQWH
ODUHVWULFFLyQDFXRVD(QSUHVHQFLDGHKLSRQDWUHPLDJUDYH\VLQWRPiWLFDODXWLOL]DFLyQ
GHVROXFLRQHVLVRWyQLFDVRKLSHUWyQLFDVHVWiMXVWLILFDGDHQSDFLHQWHVVLQHGHPD(Q
SDFLHQWHVFRQHO66,+$'ODDGPLQLVWUDFLyQGHVROXFLRQHVVDOLQDVSURGXFHQDWULXUHVLV\
ODFRUUHFFLyQGHODKLSRQDWUHPLDHVSDVDMHUD(QHVWHWLSRGHFDVRVHVDFRQVHMDEOHHO
HPSOHRGHGLXUpWLFRVGHDVDGHWLSRGHODIXURVHPLGD\ODGLXUHVLVSURGXFLGDUHFXSHUDUVH
FRQVROXFLyQVDOLQDDOHVWHWLSRGHWHUDSpXWLFDFRUULJHFRQFLHUWDUDSLGH]OD
KLSRQDWUHPLD(QSDFLHQWHVFRQ66,+$'VHFXQGDULDDWXPRUHVSURGXFWRUHVGH+$'VH
KDXWLOL]DGRODFORURWHWUDFLFOLQDTXHDXPHQWDODH[FUHFLyQGHDJXDOLEUH(OHPSOHRGH
VROXFLRQHVVDOLQDVHQSDFLHQWHVFRQHGHPDHKLSRQDWUHPLDHVWiFRQWUDLQGLFDGR(QFDVRV
H[WUHPRVGHSDFLHQWHVHGHPDWRVRVFRQKLSRQDWUHPLD\VtQWRPDVQHXUROyJLFRVVHXWLOL]D
ODXOWUDILOWUDFLyQFRQKHPRGLiOLVLVRFRQGLiOLVLVSHULWRQHDOSDUDFRUUHJLUOD
KLSRVPRODULGDG\GLVPLQXLUHOHGHPD
(QORV~OWLPRVDxRVHOHPSOHRGHDFXDUpWLFRVVXVWDQFLDVTXHDXPHQWDQODH[FUHFLyQGH
DJXDOLEUHDXQTXHDQLYHOH[SHULPHQWDOSURPHWHQVHUXQWUDWDPLHQWRFRQJUDQIXWXUR6H
WUDWDGHEORTXHDGRUHVGHORVUHFHSWRUHV 9GHODDUJLQLQDYDVRSUHVLQDHQHOW~EXORGLVWDO
\FROHFWRU
&RUUHFFLyQUiSLGDGHODKLSRQDWUHPLD\GHVPLHOLQL]DFLyQRVPyWLFD
/DFRUUHFFLyQ
&XDQGRODFRQFHQWUDFLyQGHVRGLRVHFRUULJHDYDORUHVQRUPDOHVHO
GHPDVLDGR
HQFpIDORGHEHUHFXSHUDUORVVROXWRVSHUGLGRVHQHOSURFHVRGH
UiSLGDGHOD
DGDSWDFLyQDODKLSRQDWUHPLD6LHVWHSURFHVRGHFRUUHFFLyQQRRFXUUHD KLSRQDWUHPLD
ODPLVPDYHORFLGDGTXHHODXPHQWRSURJUHVLYRHQODFRQFHQWUDFLyQGH SXHGH
VRGLRVpULFRHOUHVXOWDGRSXHGHVHUGHVKLGUDWDFLyQ\GDxRFHUHEUDO3RU RFDVLRQDU
UD]RQHVQRELHQFRQRFLGDVODVOHVLRQHVUHVXOWDQWHVDSDUHFHQXQRR
FRPSOLFDFLRQHV
YDULRVGtDVGHVSXpVGHOWUDWDPLHQWRHQXQDIRUPDPX\FDUDFWHUtVWLFD
QHXUROyJLFDV
TXHVHFRQRFHFRPRVtQGURPHGHGHVPLHOLQL]DFLyQRVPyWLFD(QHVWRV JUDYHV
FDVRVSXHGHQDSDUHFHUVLJQRVQHXUROyJLFRVGLIHUHQWHVDORVGHVFULWRV
SDUDODKLSRQDWUHPLD
(QORVFDVRVPRGHUDGRVODVPDQLIHVWDFLRQHVVRQWUDVWRUQRVGHOFRPSRUWDPLHQWR
FRQYXOVLRQHVPRYLPLHQWRVGHVRUGHQDGRV\PXWLVPRDFLQpWLFR(QODVIRUPDVPiV
JUDYHVSXHGHQDSDUHFHUWUDVWRUQRVEXOEDUHVFRPRSDUiOLVLVEXOEDU\FXDGULSDUHVLD(QVX
IRUPDPiVGUDPiWLFDORVSDFLHQWHVHVWiQGHVSLHUWRVSHURVRQLQFDSDFHVGHFRPXQLFDUVH
\SXHGHQUHTXHULUDSR\RYHQWLODWRULR'HVSXpVGHYDULDVVHPDQDVGHHYROXFLyQVHSXHGH
REVHUYDUXQDPHMRUtDLPSRUWDQWHSHURDOJXQRVSDFLHQWHVSXHGHQTXHGDUFRQVHFXHODV
QHXUROyJLFDVLUUHYHUVLEOHV
(QORVFDVRVPRUWDOHVGHHVWHVtQGURPHORVKDOOD]JRVSDWROyJLFRVPXHVWUDQ
GHVPLHOLQL]DFLyQHQHOSXHQWH\HQHOEXOERUDTXtGHRDOWHUQDQGRFRQ]RQDVGHQHXURQDV
\D[RQHVVDQRVTXHVHFRQRFHQFRPRPLHOLQRVLVSRQWLQDFHQWUDO,PiJHQHVREWHQLGDV
FRQUHVRQDQFLDPDJQpWLFDVHPDQDVGHVSXpVGHOLQLFLRGHODVPDQLIHVWDFLRQHV
FOtQLFDVSXHGHQPRVWUDUODSUHVHQFLDGHGHVPLHOLQL]DFLyQ
(QKXPDQRVODDSDULFLyQGHOVtQGURPHHVPiVIUHFXHQWHGHVSXpVGHGRVGtDVGH
KLSRQDWUHPLDKDELWXDOPHQWHPHQRURLJXDODP(T/,QYDULDEOHPHQWHRFXUUHVLOD
FRUUHFFLyQKDH[FHGLGRP(T/SRUGtDP(T/KRUD/DPD\RUtDGHORV
SDFLHQWHVLQIRUPDGRVHQODOLWHUDWXUDKDQVXIULGRFRUUHFFLRQHVGHP(T/HQXQRDGRV
GtDV/DKLSRQDWUHPLDDJXGDPHQRVGHKRUDVSXGLHUDVHUFRUUHJLGDUiSLGDPHQWHVLQ
HOSHOLJURGHVHFXHODVDXQTXHDXQHQHVWDVFRQGLFLRQHVHOVtQGURPHSRVWUDWDPLHQWRKD
VLGRGHVFULWR