D IRUPDFLyQ UHIHUHQWH HQ OD HVWUDWHJLD GHO

)
RUPDFLyQ
/DIRUPDFLyQUHIHUHQWH
HQODHVWUDWHJLD
GHO*UXSR%DQFR3RSXODU
/D)RUPDFLyQQRVyORFRQVWLWX\H
XQDSR\RFODURSDUDDFRPHWHU
ORVSUR\HFWRVGHSUHVHQWH\IXWXUR
GHO*UXSR%DQFR3RSXODUVLQR
TXHWDPELpQHVXQDGHODVSULQFLSDOHV
KHUUDPLHQWDVGHQWURGHODSROtWLFD
GHJHVWLyQGHORV5HFXUVRV+XPDQRV
TXHFXPSOHFRQGLVWLQWRVREMHWLYRV
7UDQVPLWLUORVYDORUHV\FXOWXUD
),&+$7e&1,&$
$XWRU2576-RVp/XLV\(*8,*85(10DU
FRV
7tWXOR/DIRUPDFLyQUHIHUHQWHHQODHVWUDWH
JLDGHO*UXSR%DQFR3RSXODU
)XHQWH&DSLWDO+XPDQRQžSiJ
6HSWLHPEUH
5HVXPHQ/RVSODQHVGHIRUPDFLyQ\GHVD
UUROORHQHO*UXSR%DQFR3RSXODUWLHQHQ
WUHVPHWDVEiVLFDVODRULHQWDFLyQKDFLDHO
FOLHQWHFRPRHOHPHQWREiVLFRGHOQHJR
FLRGHOEDQFRRSWLPL]DQGRODUHODFLyQ\
ODFHUFDQtDFRQpOHOGHVDUUROORGHXQD
FXOWXUDSURSLDGHO*UXSRTXHKDYHQLGR
PDWL]iQGRVHDORODUJRGHWRGDVXWUD
\HFWRULD\TXHHVHOHPHQWRFODYHGHQXHV
WUDLGHQWLGDG\HOLPSXOVRGHODPRWLYD
FLyQ GH ODV SHUVRQDV TXH LQWHJUDQ OD
SODQWLOODLQGHSHQGLHQWHPHQWHGHOOXJDUTXH
RFXSHQHQHOHVFDODIyQMHUiUTXLFR(Q~O
WLPDLQVWDQFLDORVGHVWLQDWDULRVILQDOHVGHO
LPSDFWRGHHVWDSROtWLFDGHIRUPDFLyQVRQ
ORVFOLHQWHVYHUGDGHURWHUPyPHWURGHOD
FDOLGDGGHVHUYLFLRRIUHFLGD\SRUORWDQ
WRGHOYDORUGHODLQYHUVLyQUHDOL]DGD
'HVFULSWRUHV)RUPDFLyQ6HFWRUEDQFDULR
GHO*UXSRDGHFXDUODVSHUVRQDV
DOSXHVWRGHWUDEDMRPRWLYDU
DODSODQWLOODVHUYLUGHEDVH
SDUDDIURQWDUHOGHVDUUROORGHFDUUHUDV
SURIHVLRQDOHV\PHMRUDUODVKDELOLGDGHV
GLUHFWLYDV
-RVp/XLV2UWV\0DUFRV(JXLJXUHQ VRFLRVGLUHFWRUHVGH*UXSR1HWZRUN
*
UXSR%DQFR3RSXODUHVSUR
EDEOHPHQWHXQDGHODVHP
SUHVDV PiV DGPLUDGDV GH
QXHVWURSDtV\KDILJXUDGRGHIRUPD
UHFXUUHQWHHQWUHORVEDQFRVPiVUHQ
WDEOHV\PHMRUJHVWLRQDGRVGHWRGR
HOPXQGR9DORUVyOLGRHQODEDQFD
HXURSHDKDFRQVHJXLGRFDSHDUORV
WHPSRUDOHVTXHKDQVDFXGLGRORVFL
PLHQWRVGHOVHFWRUILQDQFLHURHQORV
~OWLPRVDxRVFRQVWLWX\pQGRVHHQXQ
UHIHUHQWHGHHVWDELOLGDG\EXHQKD
FHUHQODEDQFDQDFLRQDO
&RPRHQWRGDJUDQHPSUHVDOD
SROtWLFDGHJHVWLyQGHSHUVRQDV\
PiVHQFRQFUHWRODSROtWLFDGHWRGR
ORUHODFLRQDGRFRQODIRUPDFLyQWLH
QHPXFKRTXHYHUFRQHOp[LWRGHVX
JHVWLyQHPSUHVDULDO&DSLWDO+X
PDQRTXLHUHKR\SXEOLFDUXQUHSRU
WDMHTXHQRVGpDFRQRFHUODVFODYHV
GHODSROtWLFDGHIRUPDFLyQGHXQD
HPSUHVDGHODFDWHJRUtDGH*UXSR
%DQFR3RSXODU
(OUHSRUWDMHVHFRQVWUX\HDOUH
GHGRUGHXQDHQWUHYLVWDUHDOL]DGD
SRU-RVp/XLV2UWV\0DUFRV(JXL
JXUHQVRFLRVGLUHFWRUHVGH*UXSR
1HWZRUND$QJHO5LYHUD\$QJHO
&HUYDQWHV'LUHFWRUGH5HFXUVRV
+XPDQRV\'LUHFWRUGH)RUPDFLyQ
‡
UHVSHFWLYDPHQWHGH*UXSR%DQFR
3RSXODU
-RVp/
/XLV2
2UWV-/2¢(QWWpUPL
QRVJJHQHUDOHVFFyPRHHQWLHQGHHHO*
*UX
SR%
%DQFR3
3RSXODUOOD)
)RUPDFLyQ"
$QJHO5
5LYHUD$5/D)RUPDFLyQ
QRVyORFRQVWLWX\HXQDSR\RFODURSD
UDDFRPHWHUORVSUR\HFWRVGHSUH
VHQWH\IXWXURGHO*UXSR%DQFR3R
SXODUVLQRTXHWDPELpQHVXQDGH
ODVSULQFLSDOHVKHUUDPLHQWDVGHQWUR
GHODSROtWLFDGHJHVWLyQGHORV5H
FXUVRV+XPDQRVTXHFXPSOHFRQGLV
WLQWRVREMHWLYRV
‡ 7UDQVPLVLyQGHORVYDORUHV\FXO
WXUDGHO*UXSR
‡ $GHFXDFLyQ GH ODV SHUVRQDV DO
SXHVWRGHWUDEDMR
‡ 0RWLYDFLyQGHODSODQWLOOD
‡ %DVHSDUDDIURQWDUHOGHVDUUROOR
GHFDUUHUDVSURIHVLRQDOHV\
‡ (OHPHQWRGHPHMRUDGHODVKDEL
OLGDGHVGLUHFWLYDV
/DIRUPDFLyQHVDVtHQWHQGLGDSRU
HO%DQFRFRPR)RUPDFLyQ(VWUDWp
JLFD\ORHVSRUTXHHVWiPX\SUy[L
PDDODOtQHDGH*HVWLyQGHORV5H
1ž‡6HSWLHPEUHGH
FXUVRV+XPDQRVFXHQWDFRQODLP
SOLFDFLyQGLUHFWDGHOD$OWD'LUHFFLyQ
TXHLPSXOVDGHVDUUROORV\DSXHVWD
SRU HO FUHFLPLHQWR \ SHUIHFFLRQD
PLHQWRGHODVDFFLRQHVIRUPDWLYDV
TXHVHSODQWHDQ\SRUTXHGHVGH5H
FXUVRV+XPDQRVVHHQWLHQGHTXHOD
)RUPDFLyQ\HO'HVDUUROORVRQKH
UUDPLHQWDVLQHOXGLEOHVGH*HVWLyQ
GHODV3HUVRQDV
-/2 'HQWURG
GHHHVHFFRQWH[WRG
GH
IRUPDFLyQFFRPRK
KHUUDPLHQWDG
GHOOD
SROtWLFDG
GH5
5HFXUVRV+
+XPDQRV¢¢FXiO
HVOODRRULHQWDFLyQG
GHOORVS
SODQHVG
GHIIRU
PDFLyQHHQHHO*
*UXSR%
%DQFR3
3RSXODU"
$&(QOtQHDVJHQHUDOHVSRGUtD
PRVDILUPDUTXHORV3ODQHVGH)RU
PDFLyQ\'HVDUUROORWLHQHQFRPRHMHV
IXQGDPHQWDOHV
&XDGUR2
2ULHQWDFLyQGGHOORVSSODQHVGGHIIRUPDFLyQ
'HVDUUROOR
(QWUHQDPLHQWR&RDFKLQJ
)RUPDFLyQ$XWRGLULJLGD
5HFXUVRV+
+XPDQRV
)RUPDFLyQFRPRKHUUDPLHQWD
GH*HVWLyQGH55++
'HVDUUROOR&
&RPSHWHQFLDO
(OHPHQWR(
(VWUDWpJLFR
$EVROXWDLPSOLFDFLyQ
FRQODHVWUDWHJLD
GHOD2UJDQL]DFLyQ
)RUPDFLyQ0
0XOWLFDQDO
%OHQGHG/HDUQLQJ
&DPELR
&DPELRFRPRFRQVHFXHQFLD
GH3URFHVRV)RUPDWLYRV
‡ 3RWHQFLDUODLPSOLFDFLyQFRQORV
FULWHULRVGHJHVWLyQGHO*UXSR
‡ 0HMRUDUODVKDELOLGDGHVGHUHOD
FLyQSHUVRQDO
‡ 0HMRUDUODVKDELOLGDGHVGHUHOD
FLyQFROHFWLYD
‡ 3RWHQFLDUORVSURFHVRVGHJHVWLyQGH
SHUVRQDVEDVDGRVHQHOOLGHUD]JR
‡ 0HMRUDUODVFDSDFLGDGHVRSHUDWL
YDV\GHFRQWDFWRFRQORVFOLHQWHV
‡ 3RWHQFLDUHOHTXLSRFRPRXQLGDG
GHWUDEDMR
‡ 9HUWHEUDUODVFDUUHUDVSURIHVLR
QDOHV
7RGRHOORGHQWURGHWUHVDPSOLDV
PHWDVJHQpULFDV
‡ /DRULHQWDFLyQKDFLDHOFOLHQWHFR
PRHOHPHQWREiVLFRGHOQHJRFLR
GHOEDQFRRSWLPL]DQGRODUHODFLyQ
\ODFHUFDQtDFRQpO
‡ (OGHVDUUROORGHXQDFXOWXUDSUR
SLDGHO*UXSRTXHKDYHQLGRPD
WL]iQGRVHDORODUJRGHWRGDVXWUD
\HFWRULD\TXHHVHOHPHQWRFODYH
GHQXHVWUDLGHQWLGDG
‡ (OLPSXOVRGHODPRWLYDFLyQGHODV
SHUVRQDVTXHLQWHJUDQODSODQWL
OODLQGHSHQGLHQWHPHQWHGHOOXJDU
TXHRFXSHQHQHOHVFDODIyQMHUiU
TXLFR
1ž‡6HSWLHPEUHGH
)XHQWH*UXSR%DQFR3RSXODU
,QWURGXFFLyQJJHQHUDODDO*
*UXSR%
%DQFR3
3RSXODU
² )XQGDGRHQ
² 7HUFHUJUXSREDQFDULRGH(VSDxD
² &RQXQDUHGGHPiVGHVXFXUVDOHVHPSOHDGRV\PiVGHPLOORQHV\PHGLRGH
FOLHQWHVHOJUXSREDQFDULRHVWiIRUPDGRSRU
‡ 8QEDQFRFRQSUHVHQFLDQDFLRQDO
%DQFR3
3RSXODU(
(VSDxRO
‡ &LQFREDQFRVUHJLRQDOHV
%DQFRG
GH$
$QGDOXFtD
%DQFRG
GH&
&DVWLOOD
%DQFRG
GH&
&UpGLWR%
%DOHDU
%DQFRG
GH*
*DOLFLD
%DQFR9
9DVFRQLD
‡ 8QEDQFRHQ)UDQFLD
%DQFR3RSXODU)UDQFH
‡ 8QEDQFRKLSRWHFDULR
%DQFR3RSXODU+LSRWHFDULR
‡ 8QEDQFRGHJHVWLyQGHSDWULPRQLRV
3RSXODU%DQFD3ULYDGD
‡ 8QEDQFRHQ,QWHUQHW
EDQFRSRSXODUHFRP
5HFLHQWHPHQWHKDDGTXLULGRHO%DQFR1DFLRQDOGH&UpGLWR,QPRELOLDULRGH3RUWXJDO$GHPiVSR
VHH\SDUWLFLSDHQRWUDVHQWLGDGHVILQDQFLHUDV\GHVHUYLFLRVHVSHFLDOL]DGRVHQIDFWRULQJUHQWLQJ
JHVWLyQGHIRQGRVGHLQYHUVLyQ\DGPLQLVWUDFLyQGHFDUWHUDVJHVWLyQGHIRQGRV\SODQHVGHSHQ
VLRQHVVHJXURVGHYLGDLQWHUPHGLDFLyQHQORVPHUFDGRVGHYDORUHV\XQDVRFLHGDGGHFDSLWDOULHV
JR/DVVHxDVGHLGHQWLGDGGHO*UXSRVHGHILQHQHQVXSUHIHUHQFLDSRUHOPHUFDGRGRPpVWLFRPL
QRULVWDXQDHVWUDWHJLDFRPHUFLDORULHQWDGDDODEDQFDGHFOLHQWHVEDVDGDHQODYHQWDFUX]DGD\
FRPSHWLUEDViQGRVHHQODFDOLGDGDJLOLGDG\SHUVRQDOL]DFLyQGHOVHUYLFLR
(QHVWHPDUFRHO*UXSR%DQFR3RSXODUWLHQHDVXPLGRHOSDSHOHVWUDWpJLFRTXHOD)RUPDFLyQ
MXHJDHQXQHQWRUQRGHQHJRFLRWDQVXPDPHQWHFRPSHWLWLYR\VREUHWRGRWDQFDPELDQWHFRPR
HODFWXDO
(VWHSODQWHDPLHQWRVHKDYHQLGRPDQWHQLHQGRGHVGHODJpQHVLVGHO%DQFROOHYDQGRDFDERXQD
OtQHDGHDFWXDFLyQSURDFWLYDHQHOiPELWRGHODIRUPDFLyQ$VtGHVGHPHGLDGRVGHORVDxRVVH
WUDEDMDFRQXQDHVWUXFWXUDGHILQLGD&HQWURGH)RUPDFLyQORTXHKDSHUPLWLGRPDQWHQHUXQD
HQVHxDQ]DEDQFDULDGHFDOLGDGSRVLELOLWDQGRWHQHUSURIHVLRQDOHVGHSULPHUQLYHO
)XHQWH*UXSR%DQFR3RSXODU
ZZZFDSLWDOKXPDQRHV
‡
)
RUPDFLyQ
'HVGHHVWDSHUVSHFWLYDHVIiFLO
HQIRFDUORVFRQWHQLGRVJOREDOHVGHOD
)RUPDFLyQSDUDHO*UXSReVWRVGHV
FDQVDQHQXQSODQWHDPLHQWRTXHHV
WLPDPRVGHH[WUHPDVHQFLOOH]SHUR
TXHQRVHVGHPXFKDHILFDFLDDODKR
UDGHGLIHUHQFLDUODVDFFLRQHVIRU
PDWLYDVRGHHVWUXFWXUDUGHQWURGH
XQPLVPRWLSRGHDFFLyQIRUPDWLYD
VXVGLIHUHQWHVFRQWHQLGRV
‡ +DELOLGDGHV
‡ &RQRFLPLHQWRV
SUHIHUHQ
0(¢&XiOHVVVHUtDQOODVS
FLDVHHQFFXDQWRD
DP
PHWRGRORJtDVIIRU
PDWLYDVX
XWLOL]DGDVHHQHHOG
GHSDUWD
PHQWRG
GHIIRUPDFLyQG
GHO*
*UXSR%
%DQFR
3RSXODU"
$&3DUDHO*UXSRODLPSRUWDQ
FLDGHO3ODQGHIRUPDFLyQ\VXSRVL
EOHHILFDFLDUDGLFDGHPRGRVLJQLIL
FDWLYRHQODPHWRGRORJtDDSOLFDGD
SDUDHOGHVDUUROORGHOPLVPR$VtHO
*UXSRVHKDHVIRU]DGRSRULQFRUSR
UDUPHWRGRORJtDVTXHPDUTXHQXQD
HYROXFLyQ\TXHYDQGHVGHHOGHVD
UUROORGHDFWLYLGDGHVSUHVHQFLDOHVD
QLYHOFROHFWLYRFRQDSR\RGHH/HDU
QLQJDWUDYpVGH)RUPDQRYDODSOD
WDIRUPD GH HOHDUQLQJ SURSLD GHO
%DQFRTXHUHIXHU]D\GDDSR\RD
ODVDFFLRQHVSUHVHQFLDOHVDXQHQ
IRTXH LQGLYLGXDOL]DGR GHO FRQRFL
PLHQWR\GHVDUUROORGHODVKDELOLGD
GHV
(QHVWHSXQWRVLQHPEDUJRHV
SUHFLVRKDFHUXQDDFRWDFLyQ(O*UX
SRVLQGHVPHUHFHUODDSRUWDFLyQLP
SRUWDQWHGHODVQXHYDVWHFQROyJLFDV
QRFUHHHQSURFHVRVGHIRUPDFLyQGHV
GH\VyORGHVGHIRUPDFLyQRQOLQH
&UHHPRV\GDPRVLPSRUWDQFLDDORV
VRSRUWHVWHFQROyJLFRVORVFXDOHVID
FLOLWDQ\DPSOtDQODVSRVLELOLGDGHV
GHODIRUPDFLyQSHURVHJXLPRVHVWL
PDQGRTXHODIRUPDFLyQHQDXODHV
HVHQFLDO<ORHVSRUTXHFUHHPRVHQ
HOFRQWDFWRGLUHFWRFRQHODOXPQR
SRUTXHHVWLPDPRVTXHODWUDQVPL
VLyQGHYDORUHV\HOGHVDUUROORGHOD
FXOWXUDGHO*UXSR%DQFR3RSXODUGL
ItFLOPHQWHSXHGHFDODU\WUDQVIHULU
VHDWUDYpVGHODSDQWDOODGHXQRU
GHQDGRU3RUHOORORVSURFHVRVGH
IRUPDFLyQGHJUXSRVVRQGLVHxDGRV
FDGDYH]PiVFRQHOSULQFLSLRGHO
‡
&XDGUR2
2EMHWLYRVGGHOODIIRUPDFLyQ
2EMHWLYRV*HQHUDOHV
UL
VF
OR
Q
R
QF
FLy UXSR
D
LyQ
OLF HOJ
ODF
S
H
U
P G
DL Q
GH
UO HVWLy
HV
D
G
L
F J
LyQ
GD
ODF
WHQ VGH
LOL
H
R
E
U
3 ULR
H
KD
WH
VG
DV
UO
GH
D
D
U O
G
LOL
HMR D
DE
0 UVRQ
K
H
S
DV
UO
UD D
R
M
Y
H
0 OHFWL
FR
3R
SH WHQ
UVR FLD
QD UOR
VE VS
0
DV UR
H
DG FHV
\G MRU
D
RV RV
HF UO
HQ G
RQ DV
OLG HJH
W
F
DF DS
3R
HU VWL
W
D
R
W
D] yQ
FR FLG
WUD HQ
JR GH
QO DG
ED FLDU
RV HV
MR H
OH
RS
F
O
LHQ HU
TX
LSR
WHV DWLY
FR
DV
PR
XQ
LGD
GG
H
)XHQWH*UXSR%DQFR3RSXODU
%OHQGHG/HDUQLQJLQWHJUDQGRIRU
L
PDFLyQSUHVHQFLDODSR\RGHVGHH
/HDUQLQJ\GHVGHDFFLRQHVDGLVWDQ
FLDHQSDSHO$VtODFODYHHVWiHQOD
FUHDFLyQGHSURFHVRVRLWLQHUDULRV
IRUPDWLYRVTXHSHUPLWDQDOFDQ]DU
ORVREMHWLYRVSODQWHDGRVFRQODDGH
FXDGDPH]FODGHORVWUHVFDQDOHVLQ
GLFDGRV
-/2 ¢4XpOOXJDURRFXSDOODHHYD
OXDFLyQG
GHOODIIRUPDFLyQHHQHHOS
SURFH
VRG
GHS
SODQLILFDFLyQG
GHOODP
PLVPD"
$5(QQXHVWUR*UXSRQRVJXVWD
FRQRFHUGRQGHLQYHUWLPRVQXHVWURV
UHFXUVRV\HOUHWRUQRTXHREWHQHPRV
GHODLQYHUVLyQUHDOL]DGD3RUWDQWR
FRQVLGHUDPRVQHFHVDULRHYDOXDUHO
SURFHVRIRUPDWLYRHQWRGDVVXVIDVHV
\WDPELpQDODVSHUVRQDVTXHORFRP
SRQHQ²IRUPDGRUHVLQWHUQRVRH[
WHUQRV\DOXPQRV²0HGLUQRVSHU
PLWH QR VyOR FRQWURODU OR TXH
KDFHPRVVLQRPHMRUDUHQDTXHOORV
DVSHFWRVGRQGHQRVHVSRVLEOH
(QHVHVHQWLGRVRPRVFRQVFLHQWHV
GHTXHKHPRVHVWDEOHFLGRXQ3ODQGH
)RUPDFLyQVHQFLOORSHURPX\FODUR
\IiFLOPHQWHDVXPLEOHSRUODVSHU
VRQDVTXHFRPSRQHQQXHVWUD2UJD
QL]DFLyQ&RQVFLHQWHPHQWHKHPRV
KXLGRGHSODQWHDPLHQWRVIRUPDWLYRV
TXHYD\DQPiVDOOiGHODVQHFHVLGD
GHVGHQXHVWURVFOLHQWHV\GHODVQH
FHVLGDGHVGHO*UXSR(VWRQRVKD
SHUPLWLGRKDFHUKLQFDSLpHQHOHV
WDEOHFLPLHQWRGHFDQDOHVTXHQRV
SHUPLWHQXQDIOXLGDFRPXQLFDFLyQ
LQWHUQDGHVGHGRQGHSRGHPRVGH
WHFWDUFRQPD\RUIDFLOLGDGODVQHFH
VLGDGHVGHO*UXSR
GHOODVP
PD\RUHVG
GLILFXO
0( 8QDG
WDGHVD
DOODK
KRUDG
GHG
GLVHxDUX
XQE
EXHQ
SODQG
GHIIRUPDFLyQHHVOODFFRUUHFWDD
DFR
WDFLyQ\\VVHOHFFLyQG
GHOORVFFROHFWLYRV
SURIHVLRQDOHVD
DOORVT
TXHYYDG
GLULJLGR
¢&XiOHHVOODUUHODFLyQHHQWUHOORVS
SODQHV
GHIIRUPDFLyQ\\OORVFFROHFWLYRVS
SURIH
VLRQDOHVHHQHHO*
*UXSR%
%DQFR3
3RSXODU"
$5&DEHVHxDODUTXHXQRGHORV
REMHWLYRVTXHHOGHSDUWDPHQWRGH
)RUPDFLyQDVXPHHVTXHWRGDVOODV
SHUVRQDVG
GHO*
*UXSRWWRPHQS
SDUWHHHQ
DFFLRQHVIIRUPDWLYDV
6LQHPEDUJRHO*UXSRGLVHxDVXV
3ODQHVGH)RUPDFLyQWHQLHQGRHQ
FXHQWDHOFROHFWLYRDOTXHYDGLULJL
GReVWHFRQGLFLRQDORVFRQWHQLGRV
\ODHVWUXFWXUDGHODVDFFLRQHVIRU
PDWLYDVSURSRQLpQGRVHREMHWLYRVHV
SHFtILFRVSDUDFDGDFROHFWLYR
1ž‡6HSWLHPEUHGH
(VWHKHFKRQRVSHUPLWHHVWDEOH
FHUXQDIRUPDFLyQGLIHUHQFLDGDTXH
DXQTXHHVWiEDMRHOSDUDJXDVGHXQD
ILORVRItDGHIRUPDFLyQ~QLFDSDUDWR
GRHOJUXSRFXHQWDFRQODLQGLYL
GXDOLGDGGHODVSHUVRQDVTXHLQWH
JUDQFDGDXQRGHORVFROHFWLYRVD
IRUPDU
(VWDSROtWLFDQRVH[LJHFRQRFHU
ELHQDODVSHUVRQDVTXHIRUPDQSDU
WHGHFDGDSURFHVRGHIRUPDFLyQVXV
FDUDFWHUtVWLFDVSHUVRQDOHVSURIHVLR
QDOHV\HOGHVHPSHxRDFWXDOIXWXUR
GHFDGDXQRGHHOORV3RUORWDQWROD
FRQILJXUDFLyQGHFDGDFROHFWLYRHV
FUtWLFDSDUDODULTXH]DGHOSURFHVR
IRUPDWLYRORTXHHVWiVLHQGRFODYH
SDUDODHILFDFLDGHOVLVWHPD
DOJ~QWWLSRG
GHS
SULR
-/2 ¢([LVWHD
ULGDGD
DOODK
KRUDG
GHG
GHVDUUROODUWWHPDV
FRQFUHWRVG
GHQWURG
GHOORVS
SURJUDPDV
GHIIRUPDFLyQLLPSXOVDGRVS
SRUHHO*
*UX
SR%
%DQFR3
3RSXODU\\HHQVVXFFDVRT
TXp
LPSDFWRWWLHQHQOODVK
KLSRWpWLFDVS
SULR
ULGDGHVHHQOODHHOHFFLyQG
GHP
PHWRGROR
JtDV"
$&/DVSULRULGDGHVHQQXHVWUR
*UXSRODVPDUFDHOQHJRFLRDXQTXH
OD)RUPDFLyQWDPELpQWLHQHFRPR
REMHWLYRHOIRPHQWDUODHPSOHDELOL
GDGGHODVSHUVRQDVTXHFRPSRQHQ
QXHVWUD2UJDQL]DFLyQPHGLDQWHOD
DGHFXDGDPH]FODGHIRUPDFLyQHQ
FRQRFLPLHQWRV\KDELOLGDGHVTXH
GHVFDQVDQHQFLQFRSLODUHVYHUJUi
ILFR/DIRUPDFLyQHQFRQRFLPLHQWRV
SHUPLWHQRVyORODDGDSWDFLyQDFXDO
TXLHUFDPELRGHIXQFLRQHVVLQRSR
GHUHVWDUDOGtDHQODVGLIHUHQWHViUH
DVGHQXHVWURQHJRFLR/DIRUPDFLyQ
HQKDELOLGDGHVD\XGDDTXHVHYD\DQ
DGTXLULHQGR GHWHUPLQDGR WLSR GH
GHVWUH]DVTXHVLUYDQGHVRSRUWHSD
UDHOGHVDUUROORIXWXURGHUHVSRQVD
ELOLGDGHV(QHVWHVHQWLGRPiVTXH
GHSULRULGDGHVSRGUtDPRVKDEODUGH
TXHHOKLORFRQGXFWRUGHOSODQGHIRU
PDFLyQHVWiFRPSXHVWRSRUHOIR
PHQWRGHODVKDELOLGDGHVFFRPHUFLD
OHV\
\G
GHOODVG
GLUHFWLYDV DGLIHUHQWHV
QLYHOHVFRPSHWHQFLDOHV
'HVGHXQSXQWRGHYLVWDPHWRGR
OyJLFRFRPR\DKHFRPHQWDGRDQWHV
ODRULHQWDFLyQHVWiPDUFDGDSRUXQ
LPSRUWDQWHSHVRHQODIRUPDFLyQSUH
VHQFLDOFRQXQDSR\RHQRWURVFDQD
1ž‡6HSWLHPEUHGH
&XDGUR3
3LODUHVGGHOODIIRUPDFLyQ
3LODUHVGHO([LWR
0
$
1
$
*
(
0
(
1
7
&
2
0
(
5
&
,
$
/
)
,
1
$
1
&
,
(
5
2
7
(
&
1
2
/
2
*
,
&
2
,
'
,
2
0
$
6
)XHQWH*UXSR%DQFR3RSXODU
OHVFRPRODIRUPDFLyQDGLVWDQFLDHQ
VRSRUWHSDSHO\HOHOHDUQLQJ(Q
WHQGHPRVTXHHOSHVRFUtWLFRGHOD
IRUPDFLyQSUHVHQFLDOHVHOTXHQRV
SHUPLWHDVHJXUDUHOFXPSOLPLHQWR
GHORVREMHWLYRVGHODIRUPDFLyQFR
PRWUDQVPLVRUDGHODFXOWXUDGHOD
RUJDQL]DFLyQLPSXOVRUDGHODRULHQ
WDFLyQDOFOLHQWHFRPRYDORUIXQGD
PHQWDOGHQXHVWUD(QWLGDG\FRPR
HOHPHQWR PRWLYDGRU GH QXHVWURV
HTXLSRVKXPDQRV
$GHPiVHVLPSRUWDQWHGHVWDFDU
ODXWLOL]DFLyQGHODILORVRItDGHSUR
FHVRVIRUPDWLYRVHQOXJDUGHDFFLR
&XDGUR,,PSDFWRGGHOODIIRUPDFLyQ
$SRUWD9DORU
)RUPDFLyQ
&OLHQWH
,QWHUQR
6HUYLFLR
&OLHQWH
)XHQWH*UXSR%DQFR3RSXODU
ZZZFDSLWDOKXPDQRHV
‡
)
RUPDFLyQ
3URJUDPDGGH'
'HVDUUROORGGH'
'LUHFWLYRV
GH'
'HVDUUROORG
GH'
'LUHFWLYRV3'' HVXQSURJUDPDHVSHFtILFRTXHHVWiRULHQWDGRD
(O3URJUDPDG
DTXHOORVGLUHFWLYRVGHQXHVWUD2UJDQL]DFLyQFRQXQDSUREDGDFRPSHWHQFLDSURIHVLRQDO\FRQSR
WHQFLDOGHGHVDUUROOR\UHFRUULGRKDFLDUHVSRQVDELOLGDGHVIXWXUDVHQGLIHUHQWHViUHDVGHOQHJR
FLRRELHQTXHGHIRUPDUHFLHQWHKD\DQDFFHGLGRDHOODV
6HGHVDUUROODGXUDQWHQXHYHPHVHV\HVWiGLYLGLGRHQWUHVEORTXHV'HVDUUROOR&RPHUFLDO'H
VDUUROOR7pFQLFR)LQDQFLHUR\'HVDUUROOR'LUHFWLYR
/RVREMHWLYRVTXHSHUVLJXHHO3''VRQORVVLJXLHQWHV
‡ 3RWHQFLDUODVFRPSHWHQFLDV\KDELOLGDGHVHQORViPELWRVFRPHUFLDOWpFQLFRILQDQFLHUR\KX
PDQR
‡ 7UDQVPLWLUXQDOtQHDGHJHVWLyQGLUHFWLYDHQFRQVRQDQFLDFRQODHVWUDWHJLD\ODFXOWXUDGHO
*UXSR
‡ 3URSLFLDUVLQHUJLDVSDUDDXQDUHVIXHU]RVLQGLYLGXDOHVRULHQWDGRVDILQHVFRPXQHVGHQXHV
WUD2UJDQL]DFLyQ
‡ $SRUWDUYDORUDxDGLGRDODJHVWLyQLQGLYLGXDOPHGLDQWHVLVWHPDVGHSODQLILFDFLyQ\D\XGDD
ODWRPDGHGHFLVLRQHV
‡ 0HMRUDUHOFRQRFLPLHQWRHQGHWHUPLQDGDViUHDVQHFHVDULDVSDUDXQDFRPSUHQVLyQJOREDOGH
QXHVWURQHJRFLR
‡ $QDOL]DUODLQIOXHQFLDGHOIDFWRUKXPDQRHQOD2UJDQL]DFLyQGRWDQGRGHKHUUDPLHQWDVGH
JHVWLyQSDUDPHMRUDUODJHVWLyQGHHTXLSRV
‡ 3RWHQFLDUODVFRPSHWHQFLDVGHOLGHUD]JR\WUDEDMRHQHTXLSRFRPRHVWUDWHJLDSDUDODFRQVH
FXFLyQGHREMHWLYRV
)XHQWH*UXSR%DQFR3RSXODU
3UR\HFWR&
&HQLW
3UR\HFWR&HQLWHVXQSURJUDPDGHIRUPDFLyQGLULJLGRDGLUHFWRUHVGHVXFXUVDOFRQPiVGHGLH]
DxRVGHH[SHULHQFLD\TXHHVWiIRUPDGREiVLFDPHQWHSRUYDULDVDFFLRQHVSUHVHQFLDOHVFX\RV
REMHWLYRVJHQpULFRVVRQORVVLJXLHQWHV
‡ 7RPDUFRQFLHQFLDGHODQHFHVLGDGHVWUDWpJLFDGHDSR\DU\SURPRYHUHOGHVDUUROORGHODVSHU
VRQDVTXHHVWiQEDMRVXUHVSRQVDELOLGDG
‡ 2SWLPL]DUVXVKDELOLGDGHVGLUHFWLYDVPHGLDQWHHOWUDEDMR\SXHVWDHQSUiFWLFDGHDFFLRQHV
TXHFRQVROLGHQPRGRVGHDFWXDFLyQHILFLHQWHV
‡ 'RWDUOHVGHKHUUDPLHQWDVTXHSHUPLWDQRSWLPL]DUODVWDUHDVGHGLUHFFLyQ\HOHMHUFLFLRGHXQ
OLGHUD]JRHILFD]
‡ 'HVDUUROODUGHVWUH]DVGHFRPXQLFDFLyQ\SDUWLFLSDFLyQSDUDVXDSOLFDFLyQHQHOGtDDGtD
/DHGDGPHGLDGHORVSDUWLFLSDQWHVHQHO3UR\HFWR&pQLWVHVLW~DHQORVDxRV\HOWLHPSRPH
GLRGHSHUPDQHQFLDFRPRGLUHFWRUGHVXFXUVDOGHGLFKRVSDUWLFLSDQWHVHVGHDxRV
(OSURJUDPDVHUHDOL]DDWUDYpVGHODFRPELQDFLyQGHVHVLRQHVSUHVHQFLDOHV\DFWLYLGDGHVGH
GHVDUUROORHQHOGtDDGtD
(QHOLQWHUYDORWHPSRUDOHQWUHXQDVHVLyQSUHVHQFLDO\ODVLJXLHQWHVHSODQWHDODDSOLFDFLyQGH
ORVFRQWHQLGRVDSUHQGLGRVORVFXDOHVVRQUHYLVDGRV\DPSOLDGRVHQVHVLRQHVSRVWHULRUHVKDVWD
ODILQDOL]DFLyQGHO3UR\HFWRVLHQGROD´DSOLFDFLyQSUiFWLFDµODFDUDFWHUtVWLFDTXHJXtDODHMHFX
FLyQGHODVVHVLRQHVSUHVHQFLDOHV
(OGHVDUUROORPHWRGROyJLFRGHSUR\HFWRFXHQWDPX\HVSHFLDOPHQWH\GHPRGRGHFLVLYRFRQODVy
OLGDH[SHULHQFLDTXHFDGDXQRGHORVSDUWLFLSDQWHVSRVHHGHO*UXSR%DQFR3RSXODU
)XHQWH*UXSR%DQFR3RSXODU
SUR
QHVIRUPDWLYDVDLVODGDVPHMRUS
JUDPDVT
TXHFFXUVRV \XQDDSXHVWD
GHFLGLGDSRUODFDOLGDG6yORODXWL
OL]DFLyQGHSURFHVRVIRUPDWLYRVJD
UDQWL]DXQDDGHFXDGDWUDQVIHUHQ
FLD GH OD IRUPDFLyQ DO SXHVWR GH
WUDEDMR
'XUDQWHHO~OWLPRDxRVHKDGX
SOLFDGRODLQYHUVLyQHQIRUPDFLyQ
DVtFRPRHOQ~PHURGHKRUDVSUH
VHQFLDOHVSRUHPSOHDGR$VLPLVPR
ODLQDXJXUDFLyQGHXQQXHYR&HQWUR
GH)RUPDFLyQKDSHUPLWLGRPDQWH
QHUXQDOtQHDGHGHVDUUROORDGHFXD
‡
GD\KDGRWDGRDO*UXSRGHLQIUDHV
WUXFWXUDVTXHSRVLELOLWDQDFRJHUEXH
QDSDUWHGHODVDFFLRQHVIRUPDWLYDV
YH]
0( /DFFRPSHWHQFLDHHVFFDGDY
PD\RUHHQHHOVVHFWRUIILQDQFLHUR\\HHO
FOLHQWHHHVHHOFFHQWURG
GHWWRGDVOODVG
GH
FLVLRQHVG
GHX
XQ%
%DQFR¢¢4XpLLPSRU
WDQFLDWWLHQHQHHOFFOLHQWHHHQOODHHVWUXF
WXUDG
GHOODVD
DFFLRQHVG
GHIIRUPDFLyQG
GHO
*UXSR%
%DQFR3
3RSXODU"
$5(IHFWLYDPHQWHHQHO3RSXODU
HOFOLHQWHHVWiHQODFLPDGHODSLUi
PLGH\WRGDVQXHVWUDVDFFLRQHVHV
WiQHQFDPLQDGDVDVHUYLUOHGHODPH
MRUIRUPDSRVLEOH8QDGHQXHVWUDV
VHxDVGHLGHQWLGDGHVODH[FHOHQFLD
HQODFDOLGDGGHVHUYLFLR
3RUWDQWRORVGHVWLQDWDULRVILQD
OHVGHOLPSDFWRGHODIRUPDFLyQVRQ
HOORVHVQXHVWURPHMRUWHUPyPHWUR
1XHVWUDPD\RUUHFRPSHQVDHVSHU
FLELU\GHWHFWDUODVDWLVIDFFLyQGHO
FOLHQWHILQDOHO&/,(17(FRQPD
\~VFXODVVDWLVIDFFLyQDODTXHFRQ
WULEXLPRVGHVGHHO'HSDUWDPHQWRGH
IRUPDFLyQFDSDFLWDQGRDODVSHUVR
QDVTXHOHVDWLHQGHQGLDULDPHQWH
XQDHHPSUHVDG
GHO
-/2$XQTXHHHQX
WDPDxR\\G
GHOODFFRPSOHMLGDGG
GH*
*UX
SR%
%DQFR3
3RSXODUS
SXHGHVVHUG
GLItFLO
¢SRGUtDVUUHVXPLUQRVFFXiOHVVVRQOODV
SULQFLSDOHVWWLSRORJtDVG
GHS
SURJUDPDV
GHIIRUPDFLyQT
TXHHHQHHVWRVP
PRPHQ
WRVG
GHVDUUROODHHO*
*UXSR%
%DQFR3
3R
SXODU"
$&'HDOJXQDIRUPDORVSURJUD
PDVGHIRUPDFLyQGHPD\RULPSRU
WDQFLDHVWUDWpJLFDWLHQHQUHODFLyQ
FRQORVWHPDVTXHKHPRVFRPHQWD
GRFRQDQWHULRULGDG3RGUtDPRVGH
FLUTXHHQHVWRVPRPHQWRVHOGHVD
UUROORGHOD)RUPDFLyQGHQWURGHO
*UXSR%DQFR3RSXODUGHVFDQVDHQ
WUHRWUDVHQWUHVSLODUHVGLIHUHQFLD
GRVORVSODQHVGHIRUPDFLyQHVWUXF
WXUDGRVODIRUPDFLyQGHGHVDUUROOR
GLUHFWLYR\ODIRUPDFLyQGHGHVDUUR
OORGHQHJRFLR,QWHQWDUpUHVXPLUEUH
YHPHQWHTXpLPSOLFDFDGDXQRGH
HOORV
3/$1(6'
'()
)250$&,Ð1
(6758&785$'26
(VWiQGLULJLGRVELHQDORVQXHYRV
HPSOHDGRVFRQXQDGXUDFLyQJOREDO
GHPHVHVELHQDDTXHOODVSHUVR
QDVTXHDFFHGHQDQXHYDVIXQFLRQHV
GLUHFWRUHVLQWHUYHQWRUHV\DSRGH
UDGRVHQHVWHFDVRFRQXQDGXUD
FLyQGHWUHVDxRV
8QRGHORVREMHWLYRVIXQGDPHQ
WDOHVGHORVSODQHVHVWUXFWXUDGRVHV
YHUWHEUDUHOGHVDUUROORSURIHVLRQDO
SDUDORTXHVHUHDOL]DXQVHJXLPLHQWR
LQGLYLGXDOL]DGRGHODHYROXFLyQGHO
3ODQ
1ž‡6HSWLHPEUHGH
/DIIRUPDFLyQH
HVH
HQWHQGLGDS
SRUH
HO%%DQFRF
FRPR))RUPDFLyQ
(VWUDWpJLFDS
SRUTXHH
HVWiP
PX\S
SUy[LPDD
DOODOOtQHDG
GH*
*HVWLyQ
GHOORV55HFXUVRV+
+XPDQRV\\F
FXHQWDF
FRQOODLLPSOLFDFLyQ
GLUHFWDG
GHOOD$
$OWD'
'LUHFFLyQ
&DGDXQRGHORV3ODQHVLQFRUSRUD
GLIHUHQWHVFDQDOHVIRUPDWLYRVSUH
VHQFLDGLVWDQFLDHOHDUQLQJORTXH
SHUPLWHGRWDUGHIOH[LELOLGDGDOGH
VDUUROORGHORVPLVPRV
)250$&,Ð1'
'('
'(6$552
//2'
',5(&7,92
(VWDVDFFLRQHVYDQGLULJLGDVD
GLIHUHQWHV FROHFWLYRV GHO *UXSR
%DQFR3RSXODUTXHH[LJHQXQDUHV
SXHVWDIRUPDWLYDGHFDOLGDGPX\
DPHGLGD\GHHVWUXFWXUDFLyQPX\
GHILQLGD
$VtORVGLUHFWLYRVFFODYH GHQXHV
WUR*UXSRGHVDUUROODQSURJUDPDVGH
GLUHFFLyQQRUPDOPHQWHHQFRODER
UDFLyQFRQ,(6(FRQXQGREOHREMH
WLYR
²3RWHQFLDUODVEDVHVQHFHVDULDV
SDUDOLGHUDUODJHVWLyQGHQXHVWUD
2UJDQL]DFLyQGHPDQHUDFRKHUHQWH
²/DFRODERUDFLyQFRQODV(VFXH
ODVGH1HJRFLRPiVSUHVWLJLRVDVQRV
SHUPLWHFRQWDUFRQODVPiVUHFLHQ
WHV DSRUWDFLRQHV FLHQWtILFDV HQ HO
FDPSRGHODGLUHFFLyQ
3UREDEOHPHQWHXQRGHORVSUR
JUDPDVPiVLPSRUWDQWHVGHQWURGHO
DSDUWDGRGHIRUPDFLyQGHGLUHFWLYRV
GH'
'HVDUUROORG
GH'
'L
HVHO3URJUDPDG
UHFWLYRV3''YHUUHFXDGUR(O
3'' SUHWHQGH IRUPDU HQ FRQRFL
PLHQWRV\KDELOLGDGHVDGLUHFWLYRV
FRQDOWRSRWHQFLDOGHGHVDUUROOR
/DH[LVWHQFLDGHSURJUDPDVFRPR
HO3''HVGHXQDLPSRUWDQFLDFDSL
WDO\DTXHSHUPLWHGLVSRQHUGHSUR
IHVLRQDOHVIRUPDGRVDQWHQXHYDVVL
WXDFLRQHV\FRQWH[WRVDODYH]TXH
D\XGDQDXQDUDFLRQDOL]DFLyQGHORV
SURFHVRVGHURWDFLyQ\DFRQVHJXLUOD
WDQQHFHVDULD´ILGHOL]DFLyQGHOWD
OHQWRµ
8QRGHORVFROHFWLYRVPiVLP
SRUWDQWHVTXHHVWiSDUWLFLSDQGRHQ
DFFLRQHVGHGHVDUUROORGLUHFWLYRVRQ
ORVGLUHFWRUHVGHVXFXUVDOFRQPiV
GHGLH]DxRVGHH[SHULHQFLD$VtD
SULQFLSLRV GH HVWH DxR FR
&H
PHQ]yHOGHQRPLQDGR3UR\HFWR&
QLW TXHVHGHVDUUROODUiKDVWDILQD
OHVGHYHUUHFXDGUR(VWH
SURJUDPDQRVSHUPLWLUiFRQWDUFRQ
XQQXWULGRJUXSRGHSURIHVLRQDOHV
FRQFDSDFLGDGSDUDGHVDUUROODUOD
IXQFLyQGH7XWRUtD\HQPXFKRVFD
VRVODGH0HQWRUGHSURIHVLRQDOHV
PiVMyYHQHVTXHHOORV\GHPHQRU
H[SHULHQFLDHQSXHVWRVGHGLUHFFLyQ
/DGLQiPLFDTXHDVtVHHVWDEOHFHHV
GREOHSRUXQDSDUWHVHORJUDXQ
PD\RUJUDGRGHLPSOLFDFLyQHQOD
OtQHDGHQHJRFLR\SRURWUDVHFXHQ
)
RUPDFLyQ
3URJUDPDGGH)
)RUPDFLyQSSDUD*
*HVWRUHVGGH%
%DQFD3
3HUVRQDO
3URJUDPDGH)RUPDFLyQSDUD*HVWRUHVGH%DQFD3HUVRQDO
&RQVWDGHGLYHUVRVPyGXORVSUHVHQFLDOHVVREUHILVFDOLGDGPHUFDGRVILQDQFLHURVVROXFLRQHVGH
LQYHUVLyQ\SODQFRPHUFLDOFRQDFWLYLGDGHVGHWUDQVIHUHQFLDDOSXHVWRGHWUDEDMRSDUDFDGDPy
GXORVLVWHPDGHWXWRUtDV\UHDOL]DFLyQFRQVHJXLPLHQWRGHOSODQFRPHUFLDOILQDO
(OSURJUDPDWLHQHORVVLJXLHQWHVREMHWLYRV
‡ 0HMRUDUODVDSWLWXGHV\DFWLWXGHVFRPHUFLDOHVHQXQHQWRUQRSUiFWLFRUHODFLRQDGRFRQVLWXD
FLRQHVUHDOHVGHDWHQFLyQH[SHUWDDOFOLHQWHGH%DQFD3HUVRQDO
‡ &RPSUHQGHU\FRPSDUWLUHOSRUTXpGH%DQFD3HUVRQDO\VXVHQWLGRGHQWURGHODSROtWLFDGHO
*UXSR\HQHOHQWRUQRFRPSHWLWLYRGHODDFWXDOEDQFDHVSDxROD
‡ 0DQHMDUODVKHUUDPLHQWDVFRQFHSWXDOHVTXHOHVSHUPLWDQGDUUHVSXHVWDDVLWXDFLRQHVFRQ
FUHWDVGHFOLHQWHV
‡ 7HQHUXQDYLVLyQVXILFLHQWHGHODVSDUWLFXODULGDGHVGHOHQWRUQRHFRQyPLFRHQJHQHUDO\GH
ODVLPSOLFDFLRQHVTXHODHYROXFLyQGHOPLVPRWLHQHHQHOQHJRFLREDQFDULR\HQODVUHODFLR
QHVFRQORVFOLHQWHV
‡ 2EWHQHUXQDYLVLyQJHQHUDOGHOIXQFLRQDPLHQWRGHORVGLIHUHQWHVWLSRVGHPHUFDGRVILQDQ
FLHURVTXHOHVSHUPLWDJDQDUHQVHJXULGDGHQVXIXQFLyQGHVHUYLFLRGHODFOLHQWHODGH%DQ
FD3HUVRQDO
‡ &RQRFHUODJpQHVLV\DUTXLWHFWXUDGHORVSULQFLSDOHVSURGXFWRVGHLQYHUVLyQFROHFWLYDDVtFR
PRHOWUDWDPLHQWRILVFDOTXHUHFLEHFDGDXQRGHHOORV
‡ $SUHQGHUDEXVFDU\DSURFHVDUODLQIRUPDFLyQPiVDGHFXDGDSDUDGDUXQVHUYLFLRGHH[FH
OHQFLDDODFOLHQWHODGH%DQFD3HUVRQDO
(O3URJUDPDGH)RUPDFLyQSDUD*HVWRUHVGH%DQFD3HUVRQDOHVXQH[FHOHQWHHMHPSORGHODIL
ORVRItDIRUPDWLYDGHOJUXSR%DQFR3RSXODU$VtHQFDGDXQRGHVXVPyGXORVVHFRPELQDQGHXQD
IRUPDQDWXUDOFRQRFLPLHQWRV FRQKDELOLGDGHV
(QFDGDXQRGHORVPyGXORVORVSDUWLFLSDQWHVXWLOL]DQGRPHWRGRORJtDVGHVLPXODFLyQ\GHUROH
SOD\SRQHQHQSUiFWLFDORVFRQFHSWRVDSUHQGLGRVDQWHHQWRUQRV\VLWXDFLRQHVVLPXODGDVGHFOLHQ
WH\OXHJRGHEDWHQWDQWRODLGRQHLGDGGHORVDUJXPHQWRVWpFQLFRVHVJULPLGRVDQWHHOFOLHQWHFR
PRODXWLOL]DFLyQGHUHFXUVRVGHLQWHUUHODFLyQSHUVRQDOFRQHOPLVPR
(OSHULRGRGHGRV²WUHVPHVHVGHODSVRTXHVHSURGXFHHQWUHODUHDOL]DFLyQGHFDGDXQRGHORV
PyGXORVIRUPDWLYRVGHOSURJUDPDHVWDPELpQSDUWHGHOSURSLRSURJUDPD/RVSDUWLFLSDQWHVGH
GHWWUDQVIH
UHJUHVRDVXVSXHVWRVGHWUDEDMRHQODVRILFLQDVUHDOL]DQXQDVHULHGH´DFWLYLGDGHVG
UHQFLDµ TXHVHDQDOL]DQ\GLVFXWHQDOILQDOGHFDGDXQRGHORVPyGXORV
(QHVDVDFWLYLGDGHVGHWUDQVIHUHQFLDGHEHUiQDSOLFDUDQWHFROHFWLYRVGHFOLHQWHVFRQFUHWRV\SUR
SLRVGHVXVRILFLQDVODVKDELOLGDGHV\FRQRFLPLHQWRVDGTXLULGRVDILQGHPHMRUDUHOVHUYLFLRTXHUH
FLEHHOFOLHQWHILQDO3DUDODUHDOL]DFLyQGHHVDVDFWLYLGDGHVORVSDUWLFLSDQWHVFXHQWDQFRQODWX
WRUtDH[SHUWD\HOVHJXLPLHQWRGHSHUVRQDOFXDOLILFDGRGHODVGLUHFFLRQHVUHJLRQDOHVGHO%DQFR
(O~OWLPRPyGXORGHOSURJUDPDFXHQWDFRQODUHDOL]DFLyQGHXQSODQFRPHUFLDOLQGLYLGXDOL]DGR
TXHHVHOTXHHMHFXWDUiQORVSDUWLFLSDQWHVFRPRJXtDGHVXDFFLyQFRPHUFLDO\GHILGHOL]DFLyQGH
FOLHQWHV\TXHFRQWDUiDVLPLVPRFRQODWXWRUtD\VHJXLPLHQWRGHODVGLUHFFLRQHVUHJLRQDOHV
)XHQWH*UXSR%DQFR3RSXODU
WDFRQSURIHVLRQDOHVFRQFDSDFLGDG
PDQLILHVWDSDUDFUHDUHTXLSRVGH
DOWRUHQGLPLHQWRIDFLOLWDQGRHOFUH
FLPLHQWR\PDGXUH]GHVXVFRODER
UDGRUHVWUDQVILULHQGRFRQRFLPLHQ
WRVTXHLPSXOVHQHOQHJRFLRGHODV
RILFLQDV\ORTXHHVPiVLPSRUWDQ
WHVLHQGRFDSDFHVGHWUDQVPLWLUOD
FXOWXUDGHO*UXSR%DQFR3RSXODU
)250$&,Ð1(
(1'
'(6$552
//2'
'(1
1(*2&,2
3RU~OWLPRHOWHUFHUJUDQSLODUHV
ODIRUPDFLyQSHUPDQHQWHHQODViUH
DVGHQHJRFLREDQFDULRTXHKDVLGR
XQDGHODVFRQVWDQWHVGHQWURGHODED
QLFRIRUPDWLYRGHO3RSXODU/DIRU
PDFLyQHQ5LHVJRV0RURVLGDG1H
JRFLR,QWHUQDFLRQDO3URGXFWRVGH
3UHYLVLyQHVDVXPLGDGHIRUPDFRQ
WLQXDLQWHJUiQGRVHGHQWURGHORV
3ODQHVGH)RUPDFLyQ(VWUXFWXUDGRV
‡
RPHGLDQWHDFFLRQHVGHFDUiFWHUOR
FDOTXHSHUPLWHQGDUUHVSXHVWDDQH
FHVLGDGHVFRQFUHWDV
(O*UXSRVLHPSUHKDVLGRVHQ
VLEOH D VXV FOLHQWHV \ KD HVWDGR
DWHQWRDORVPRYLPLHQWRV\RULHQ
WDFLRQHVGHOPHUFDGR(OSURFHVR
FRQWLQXDGRGHFDPELRHQODVQHFH
VLGDGHVGHQXHVWURVFOLHQWHVQRV
REOLJDDDFWXDUFRQODIOH[LELOLGDG
QHFHVDULDSDUDDSRUWDUYDORUDxD
GLGRDORVFRQRFLPLHQWRV\KDELOL
GDGHVGHODVSHUVRQDVTXHFRPSR
QHQODUHGFRPHUFLDO
(QHVWHVHQWLGR\FRPRSULQFL
SDOHMHPSORVHHVWiOOHYDQGRDFD
ERXQ3URJUDPDGH)RUPDFLyQSD
UD*HVWRUHVGH%DQFD3HUVRQDOYHU
UHFXDGUR&RQVWDGHFXDWURPyGX
ORV\HQpOSDUWLFLSDUiQPiVGH
SHUVRQDVGHWRGDODUHG
0( 3RU ~ OWLPR ¢ 3XHGH D ILU
PDUVHT
TXHK
KDK
KDELGRX
XQFFDPELRHHQ
ORVS
SODQWHDPLHQWRVG
GHOOD)
)RUPDFLyQ
GHQWURG
GHO%
%DQFR"
$5$XQTXHHO*UXSRFXHQWD
FRQXQGHSDUWDPHQWRGHIRUPDFLyQ
GHVGHPHGLDGRVGHORV\GHV
GHHQWRQFHVKDLGRDGDSWDQGRORV
PRGRVGHKDFHUIRUPDFLyQDODUH
DOLGDGGHOHQWRUQRHQTXHVHHQ
FRQWUDEDGXUDQWHHO~OWLPRDxR
KHPRVKHFKRKLQFDSLpHQDVSHFWRV
IXQGDPHQWDOHVFRPRODFDOLGDG\
YDULHGDGGHORVFRQWHQLGRVODFD
OLGDGGHORVIRUPDGRUHVODVLQVWD
ODFLRQHV\HOUHGLVHxRGHQXHVWUR
3RUWDOGH)RUPDFLyQ
/D'LUHFFLyQ(MHFXWLYDGHQXHV
WUR*UXSRKDKHFKRXQDDSXHVWD
FODUDSRUODIRUPDFLyQ\GHVDUUR
OORGHODVSHUVRQDVFRQVLGHUiQGROR
FRPRSDUWHGHOp[LWRSUHVHQWH\IX
WXURGHODJHVWLyQ
(QQXHVWUDRSLQLyQODDFWLYLGDG
IRUPDWLYDGHEHVHUSUiFWLFDUHQ
WDEOHTXHDSR\HDOQHJRFLR\TXH
HVWpYLQFXODGDFRQHOGHVDUUROORGH
ODVFDUUHUDVSURIHVLRQDOHV
'HVGHXQSXQWRGHYLVWDLQWHUQR
HOULJRUHHQHHOVVHJXLPLHQWRGHODVDF
FLRQHVIRUPDWLYDVODIOH[LELOLGDG
HQVVXG
GHVDUUROOR\ODPHMRUDFFRQV
WDQWHG
GHVVXFFDOLGDGFRQVWLWXLUiQFUL
WHULRVLUUHQXQFLDEOHVGHDFWXDFLyQ
SDUDHOGHSDUWDPHQWRGH)RUPD
FLyQ
6DEHPRVTXHKD\XQDSHUFHSFLyQ
PX\FODUDGHQWURGHOFROHFWLYRGH
SURIHVLRQDOHVGHO%DQFRUHVSHFWR
GHODVSRVLELOLGDGHVGHGHVDUUROOR\
SODQGHFDUUHUDSURIHVLRQDOTXHHO
*UXSROHVRIUHFHORTXHQRGHMDGH
WHQHUDWUDFWLYR\VHUXQHOHPHQWR
PX\LPSRUWDQWHGHDSR\RSDUDOD
LQWHJUDFLyQGHODVSHUVRQDVFRQHO
%DQFR
3DUDWRGRVORVSURIHVLRQDOHVTXH
WUDEDMDPRVHQHO3RSXODUODPHMRUD
SHUPDQHQWHGHFRQRFLPLHQWRV\KD
ELOLGDGHVUHSUHVHQWDXQJUDQHVWt
PXOR\DTXHQRVSHUPLWHVHJXLUFRQ
WDQGRFRQORVPHMRUHV\VHUYLUFRQXQ
DOWR JUDGR GH FDOLGDG D QXHVWURV
FOLHQWHVˆ
1ž‡6HSWLHPEUHGH