documento - Colegio Oficial de Graduados e Ingenieros Tecnicos

5HJODPHQWR2UJiQLFR
GHO&ROHJLR2ILFLDO
GH3HULWRVH,QJHQLHURV
7pFQLFRV,QGXVWULDOHV
GH9DOODGROLG
$SUREDGRHQ-XQWD*HQHUDOGHGH$EULOGH
5HJODPHQWR2UJiQLFRGHO&ROHJLR2ILFLDOGH3HULWRVH
,QJHQLHURV7pFQLFRV,QGXVWULDOHVGH9DOODGROLG
,1752'8&&,Ï1
3DUWLHQGR GHODEVROXWRUHVSHWRGHODVQRUPDVUHJXODGRUDVGH ORV &ROHJLRV 3URIHVLRQDOHV
FRQWHQLGDVHQODOH\GHGHIHEUHUR\GHORV(VWDWXWRV*HQHUDOHVGHORV&ROHJLRV
2ILFLDOHV GH 3HULWRV H ,QJHQLHURV 7pFQLFRV ,QGXVWULDOHV DSUREDGRV SRU 5HDO 'HFUHWR
GHGHHQHURHOSUHVHQWHUHJODPHQWRWLHQHSRUILQDOLGDGHODGDSWDUODFLWDGD
QRUPDWLYDDODVSHFXOLDULGDGHVSURSLDVGHO&ROHJLR9DOOLVROHWDQRFROPDQGRGHWHUPLQDGDV
ODJXQDV GH DTXHOOD JHQHUDO UHJXODFLyQ OHJDO \ HVWDWXWDULD H LQWHJUDQGR HQ HO PLVPR
PDWHULDVFRQWHQLGDVHQRWUDVGLVSRVLFLRQHVGLVSHUVDV
%DMR HOSULVPDGHUHIHUHQFLDVHYHUWHEUDHOSUHVHQWHUHJODPHQWRFROHJLDOTXHVHHVWUXFWXUD
HQ ORVFDStWXORVTXHDFRQWLQXDFLyQVHUHVHxDQ
&DSLWXOR,'LVSRVLFLRQHVGH&DUiFWHU*HQHUDO
$UWtFXOR ž (O SUHVHQWH 5HJODPHQWR VH UHPLWH DO UHVSHFWR D ODV DQWHULRUPHQWH
PHQFLRQDGDVQRUPDVUHJXODGRUDVGHORV&ROHJLRV3URIHVLRQDOHV
/H\ GH GH IHEUHUR GH &ROHJLRV 3URIHVLRQDOHV PRGLILFDGD SRU OH\ GH 5HDO'HFUHWRGHGHHQHURSRUHOTXHVHDSUXHEDQORV(VWDWXWRV*HQHUDOHV
GH ORV &ROHJLRV 2ILFLDOHV GH 3HULWRV H ,QJHQLHURV 7pFQLFRV ,QGXVWULDOHV R HO HQ TXH HQ
FDGD PRPHQWRHVWXYLHUHHQYLJRUWRGRHOORHQHYLWDFLyQGHLQ~WLOHVUHLWHUDFLRQHV
&DSLWXOR,,'HOHJDFLRQHV
$UWtFXORž 'HDFXHUGRFRQORHVWDEOHFLGRHQORV(VWDWXWRV*HQHUDOHVSRGUiQFUHDUVH
ODV 'HOHJDFLRQHV GHO &ROHJLR TXH VH HVWLPHQ FRQYHQLHQWHV DWHQGLHQGR D ODV
FDUDFWHUtVWLFDV\Q~PHURGHFROHJLDGRVH[LVWHQWHVHQODVSURYLQFLDVGHVXGHPDUFDFLyQ
(Q FDGDSURYLQFLDQRSRGUiKDEHUPiVGHXQDGHOHJDFLyQVLQSHUMXLFLRGHORGLVSXHVWRHQ
HO DUWtFXORSiUUDIRVHJXQGRGHORV(VWDWXWRV*HQHUDOHVGHORV&ROHJLRV
$UWtFXORž$ ORVILQHVVHxDODGRVHQHODUWtFXORDQWHULRUORVFROHJLDGRVTXHUDGLTXHQHQ
ODV ORFDOLGDGHV FRPSUHQGLGDV HQ HO iPELWR SURYLQFLDO GHO &ROHJLR SRGUiQ VROLFLWDU VL OR
GHVHDQHOHVWDEOHFLPLHQWRGHODFRUUHVSRQGLHQWHGHOHJDFLyQPHGLDQWHHVFULWRGLULJLGRDOD
-XQWD GH *RELHUQR ILUPDGR DO PHQRV SRU OD PLWDG PiV XQR GH ORV GRPLFLOLDGRV HQ OD
SURYLQFLD GH TXH VH WUDWH DFRPSDxDQGR XQD PHPRULD H[SOLFDWLYD GH ODV UD]RQHV TXH OR
DFRQVHMDQDVtFRPRXQHVWXGLRGHORVPHGLRVHFRQyPLFRVFRQTXHOD'HOHJDFLyQFRQWDUtD
SDUD VXGHVHQYROYLPLHQWR
$UWtFXOR ž 9LVWD OD VROLFLWXG \ SUHYLRV ORV LQIRUPHV \ HVWXGLRV TXH VH FRQVLGHUHQ
QHFHVDULRVOD-XQWDGH*RELHUQRGHO&ROHJLRGHFLGLUiORSURFHGHQWHTXHQHFHVDULDPHQWH
KDEUi GHVHUHQHOVHQWLGRGHFUHDUOD'HOHJDFLyQVLODVROLFLWXGHVWXYLHUDIRUPXODGDSRUOD
PD\RUtDGHORVFROHJLDGRVGHXQDORFDOLGDGHQODTXHH[LVWDQDOPHQRVFLHQFROHJLDGRV
$UWtFXORž6L HODFXHUGRGHOD-XQWDGH*RELHUQRIXHVHIDYRUDEOHQRPEUDUiXQD-XQWD
'LUHFWLYD3URYLVLRQDO\IRUPXODUiODRSRUWXQDSURSXHVWDDOD-XQWD*HQHUDOGH&ROHJLDGRV
HQ ODSULPHUDUHXQLyQTXHVHFHOHEUHFRQLQFOXVLyQGHHVHDVXQWRHQHORUGHQGHOGtDDILQ
GH TXHSRUODPLVPDVHDSUXHEHRUHFKDFHODFUHDFLyQGHODGHOHJDFLyQGHTXHVHWUDWH
$UWtFXORž(QHOFDVRGHTXHHODFXHUGRGHOD-XQWDGH*RELHUQRIXHUDGHVIDYRUDEOHDOD
SHWLFLyQVHORFRPXQLFDUiDOSULPHUILUPDQWHGHODVROLFLWXGFRQH[SUHVLyQGHODVUD]RQHV
TXH OR PRWLYDQ SXGLHQGR ORV SHWLFLRQDULRV VL DVt OR GHVHDQ UHFXUULU HQ DO]DGD DQWH HO
&RQVHMR*HQHUDOGH&ROHJLRV2ILFLDOHVGH3HULWRVH,QJHQLHURV7pFQLFRV,QGXVWULDOHVHQHO
SOD]R GHGtDVKiELOHVFRQWDGRVDSDUWLUGHOVLJXLHQWHDODQRWLILFDFLyQ
$UWtFXORž/DVGHOHJDFLRQHVHVWDUiQUHJLGDVSRUXQD-XQWDGH*RELHUQRGHOHJDGDGHOD
-XQWD GH *RELHUQR GHO &ROHJLR \ FRQVWLWXLGD SRU XQ 3UHVLGHQWH XQ 6HFUHWDULR XQ
9LFHVHFUHWDULRXQ7HVRUHURFRQWDGRU\YRFDOHV
(Q FDVR GH HQIHUPHGDG DXVHQFLD R YDFDQWH GH FXDOTXLHUD GH ORV WUHV FDUJRV
SULPHUDPHQWHFLWDGRVVXVIXQFLRQHVVHUiQDVXPLGDVSRUHOYRFDOGHPiVHGDG
$UWtFXOR ž /D GHVLJQDFLyQ GH ORV FRPSRQHQWHV GH OD -XQWD GLUHFWLYD GHOHJDGD VH
HIHFWXDUiPHGLDQWHVXIUDJLRGLUHFWR\VHFUHWRVLHQGRHOHFWRUHV\HOHJLEOHVORVFROHJLDGRV
LQVFULWRVHQODGHOHJDFLyQ
/D -XQWDGH*RELHUQRGHOHJDGDVHUHQRYDUiSRUPLWDGFDGDGRVDxRV\HOSURFHGLPLHQWR
HOHFWRUDOSDUDVXGHVLJQDFLyQVHUiHOPLVPRTXHULMDSDUDHOQRPEUDPLHQWRGHOD-XQWDGH
*RELHUQR GHO &ROHJLR FRQ ODV QDWXUDOHV DGDSWDFLRQHV DO iPELWR \ SHFXOLDULGDGHV GH OD
GHOHJDFLyQ
/DV IDFXOWDGHV TXH HO UHJODPHQWR GHO &ROHJLR UHFRQRFH DO &RQVHMR *HQHUDO HQ HVWD
PDWHULDHOHFWRUDOVHHQWHQGHUiQUHIHULGDVDOD-XQWDGH*RELHUQRGHO&ROHJLRGH9DOODGROLG
$UWtFXORž(O3UHVLGHQWHGHOD'HOHJDFLyQGHEHUiUHVLGLUSUHIHUHQWHPHQWHHQODORFDOLGDG
GRQGHpVWDWHQJDVXVHGH
(O 6HFUHWDULRGHOD'HOHJDFLyQGHEHUiUHVLGLUQHFHVDULDPHQWHHQODORFDOLGDGGRQGHpVWD
WHQJDVXVHGH
$UWtFXOR ž /D 'HOHJDFLyQ LQWHJUDUi D ORV FROHJLDGRV GRPLFLOLDGRV HQ VX GHPDUFDFLyQ
TXHORGHVHHQDFX\RHIHFWRGHEHUiQFRPXQLFDUORSRUHVFULWRDO3UHVLGHQWHGHODPLVPD
KDFLpQGROHVDEHUVXH[SUHVRGHVHRGHTXHGDULQFRUSRUDGRVDHOOD
$UWtFXOR ž (Q ODV 'HOHJDFLRQHV VH OOHYDUi DO GtD XQ OLEUR GH UHJLVWUR GH FROHJLDGRV
LQFRUSRUDGRVDHOODVFRQHOTXHVHFRQIHFFLRQDUiXQDUHODFLyQQRPLQDOTXHVHUiHQYLDGDD
OD -XQWD GH *RELHUQR GHO &ROHJLR SDUD VX FRQVWDQFLD HQ HO PLVPR GHELHQGR GDU FXHQWD
LQPHGLDWDGHODVDOWDV\EDMDVTXHVHSURGX]FDQ
$UWtFXORž(OFREURGHODVFXRWDVGHORVFROHJLDGRVDGVFULWRVDOD'HOHJDFLyQVHKDUi
SRUHVWDXWLOL]DQGRSDUDHOORORVUHFLERVRILFLDOHVTXHOHHQYtHHO&ROHJLRTXHGDQGRHQVX
SRGHUSDUDFRQWULEXLUDORVSURSLRVJDVWRV
/RV SRUFHQWDMHVDDSOLFDUSRUGHUHFKRVGHYLVDGR\JHVWLyQGHFREURHQVXFDVRGHORV
SUR\HFWRV \ GHPiV WUDEDMRV VHUiQ LGpQWLFRV D ORV HVWDEOHFLGRV SDUD HO &ROHJLR GH
9DOODGROLG
$UWtFXOR ž /DV 'HOHJDFLRQHV UHPLWLUiQ PHQVXDOPHQWH DO &ROHJLR XQ HVWDGR GH
VLWXDFLyQ GH FXHQWDV DVt FRPR XQD QRWD LQIRUPDWLYD VREUH VXV DFWLYLGDGHV HQ HO PHV
SUHFHGHQWH
(Q HO SULPHU WULPHVWUH GH FDGD DxR HQYLDUiQ DGHPiV XQD PHPRULD FRPSUHQVLYD GH VX
DFWXDFLyQ \ UHDOL]DGD HQ HO HMHUFLFLR GH TXH VH WUDWH MXQWDPHQWH FRQ OD OLTXLGDFLyQ GH
LQJUHVRV\JDVWRVKDELGRVHQHODxRDQWHULRU\ODSURSXHVWDGHSUHVXSXHVWRSDUDHODxRHQ
FXUVR XQDYH]DSUREDGDSRUOD-XQWDGH*RELHUQRGHOHJDGD$VLPLVPRUHPLWLUiDO&ROHJLR
HO SUHVXSXHVWRXQDYH]DSUREDGRSRUODDVDPEOHD*HQHUDOGHOD'HOHJDFLyQ
$UWtFXORž/DV'HOHJDFLRQHVSRGUiQDVXPLUGHQWURGHVXGHPDUFDFLyQODVIXQFLRQHV
TXHFRQFDUiFWHUJHQHUDOWLHQHVHxDODGDVHO&ROHJLR\RVWHQWDUiQVXUHSUHVHQWDFLyQHQODV
SURYLQFLDV GRQGHDTXpOODVUDGLTXHQ
$UWtFXORž/D-XQWDGH*RELHUQRGHO&ROHJLRGH9DOODGROLGSRGUiQRPEUDUXQ'HOHJDGR
GHODPLVPDHQDTXHOODVORFDOLGDGHVHQTXHVXLPSRUWDQFLDORUHTXLHUDFRQODVIDFXOWDGHV
TXH H[SUHVDPHQWHVHVHxDOHQ
$UWtFXORž(QWRGRORQRSUHYLVWRHQHVWHUHJODPHQWRODV'HOHJDFLRQHVVHDMXVWDUiQD
ORTXHHQFDGDFDVRFRQFUHWRGHWHUPLQHOD-XQWDGH*RELHUQRGHO&ROHJLRTXLHQDGHPiV
UHVROYHUi ODV GXGDV TXH SXGLHUDQ SUHVHQWDUVH HQ VX DSOLFDFLyQ VLQ SHUMXLFLR GH TXH VH
FRQVLGHUH VXSOHWRULR \ FRPSOHPHQWDULR HO UHJODPHQWR SRU HO TXH VH ULJH DFWXDOPHQWH HO
&ROHJLRGH9DOODGROLG
$UWtFXOR ž /D 'HOHJDFLyQ DFWXDOPHQWH H[LVWHQWH HQ 3DOHQFLD QR QHFHVLWD UHDOL]DU
WUiPLWH DOJXQR SDUD VX UHFRQRFLPLHQWR FRPR WDO Vt ELHQ GHEHUi DMXVWDU VX
GHVHQYROYLPLHQWR\DFWXDFLyQDODVSUHVFULSFLRQHVHVWDEOHFLGDVHQHVWHUHJODPHQWR
1R REVWDQWH OR DQWHULRU VH UHFRQRFH TXH OD GHOHJDFLyQ GH 3DOHQFLD YLHQH IXQFLRQDQGR
GHVGHODFUHDFLyQGHHVWH&ROHJLRFRQXQJUDGRGHDXWRQRPtDHOHYDGRTXHOHSHUPLWHOD
DXWRJHVWLyQ HQ VX iPELWR WHUULWRULDO \ TXH DVt FRQWLQXDUi HQ HO IXWXUR VLQ SHUMXLFLR GH OD
QHFHVDULDFRRUGLQDFLyQFRQHO&ROHJLRGH9DOODGROLGTXHHVHQGHILQLWLYDTXLHQRVWHQWDOD
SOHQD SHUVRQDOLGDGMXUtGLFDHQUHSUHVHQWDFLyQGHORVFROHJLDGRVGHDTXHOODSURYLQFLD
&DSLWXOR,,,6HFFLRQHVR&RPLVLRQHV
$UWtFXOR
$&RQGHSHQGHQFLDGHOD-XQWDGH*RELHUQR\SDUDVXDVHVRUDPLHQWRHQGHWHUPLQDGRV
DVXQWRVHVSHFtILFRVVHRUJDQL]DUiQODV6HFFLRQHVTXHHQFDGDPRPHQWRVHHVWLPHQ
QHFHVDULDV/D3UHVLGHQFLDGHODVPLVPDVUHFDHUiSUHIHUHQWHPHQWHHQFROHJLDGRVTXH
UHSUHVHQWHQ ODV SULQFLSDOHV DFWLYLGDGHV GH OD SURIHVLyQ WDOHV FRPR HQVHxDQ]D
HMHUFLFLROLEUHDOVHUYLFLRGHHPSUHVDVHPSUHVDULRV\2UJDQLVPRV2ILFLDOHVHWF
/RV 3UHVLGHQWHV GH ODV 6HFFLRQHV TXH QR IXHUDQ PLHPEURV QDWRV GH OD -XQWD GH
*RELHUQRDVLVWLUiQDVXVVHVLRQHVVLDVtIXHUDQUHTXHULGRVSDUDHOORHQUHODFLyQDORV
DVXQWRVUHODFLRQDGRVFRQVXVUHVSHFWLYDVVHFFLRQHVHQFX\RFDVRVXDVLVWHQFLDVHUi
FRQYR]SHURVLQYRWR
% /DVVHFFLRQHVRFRPLVLRQHVVHUHJLUiQSRUODVQRUPDVTXHDOHIHFWRUHGDFWH\DSUXHEH
OD -XQWDGH*RELHUQR
$UWtFXORž&RPLVLyQ-XQWD(MHFXWLYDGHOD-XQWDGH*RELHUQR
([LVWLUi XQD &RPLVLyQ (MHFXWLYD GHOHJDGD GH OD -XQWD GH *RELHUQR SDUD TXH HQWLHQGD
WDQWR GH DVXQWRV XUJHQWHV FRPR GH DTXHOORV RWURV TXH HVSHFtILFDPHQWH SXGLHUDQ VHUOH
HQFRPHQGDGRV(VWDUiFRPSXHVWDSRU'HFDQRR9LFHGHFDQR6HFUHWDULRR9LFHVHFUHWDULR
7HVRUHURHLQWHUYHQWRU\GRV9RFDOHVGHOD-XQWDGH*RELHUQR
3DUD OD YDOLGH] GH VXV UHXQLRQHV \ DFXHUGRV VH H[LJLUi OD DVLVWHQFLD GH XQ PtQLPR GH
FXDWURPLHPEURVDGRSWiQGRVHVXVDFXHUGRVSRUPD\RUtD
'H VXV DFXHUGRV VH GDUi FXHQWD D OD -XQWD GH *RELHUQR HQ OD SULPHUD UHXQLyQ TXH OD
PLVPDFHOHEUH
$UWtFXORž6HFUHWDULR7pFQLFR
/D-XQWDGH*RELHUQRSRGUiGHFLGLUHOQRPEUDPLHQWRGHXQVHFUHWDULRWpFQLFRTXHEDMROD
GHSHQGHQFLDGHOVHFUHWDULRGHO&ROHJLROOHYHDFDERODVWDUHDV\WUDEDMRVWpFQLFRVTXHVH
OHHQFRPLHQGHQ
$VLVWLUi DODVUHXQLRQHVGHOD-XQWDGH*RELHUQRFRQYR]SHURVLQYRWR
$UWtFXORž5HYLVLyQGH&XHQWDV
&RPLVLyQ5HYLVRUD
([LVWLUi XQD &RPLVLyQ 5HYLVRUD GH FXHQWDV TXH FRQVWDUi GH WUHV PLHPEURV TXH VH
UHQRYDUiQ DQXDOPHQWH /D GHVLJQDFLyQ GH ORV FRPSRQHQWHV GH OD FLWDGD FRPLVLyQ VH
UHDOL]DUDHQOD-XQWD*HQHUDOSRUPD\RUtDVLPSOHGHORVDVLVWHQWHV
(VWDFRPLVLyQWHQGUiXQDYLJHQFLDGHXQDxRVtELHQVXVPLHPEURVSRGUiQVHUUHHOHJLGRV
SRU DFXHUGRGHOD-XQWD*HQHUDOHQODIRUPDHVWDEOHFLGD
&DSLWXOR,97UDPLWDFLyQGH'RFXPHQWRV
$UWtFXORž/DVGRFXPHQWDFLRQHVWpFQLFRVRIDFXOWDWLYDVUHODWLYDVDODFRPSHWHQFLDGH
ORV 3HULWRV H ,QJHQLHURV 7pFQLFRV ,QGXVWULDOHV TXH VH H[WLHQGDQ DO iPELWR GHO LQWHUpV
S~EOLFR RSULYDGR\SDUDFX\DILUPDVHUHTXLHUDODGHWpFQLFRFRPSHWHQWHGHEHUiQ HVWDU
YLVDGDVSRUHVWH,OXVWUH&ROHJLR2ILFLDO
$UWLFXORž1RUPDWLYDGH)XQFLRQDPLHQWR$GPLQLVWUDWLYR,QWHUQRGHO&ROHJLR
'HVGH HQHUR GH OD $GPLQLVWUDFLyQ GHO &ROHJLR VH ULMH SRU XQD VHULH GH QRUPDV
JHQHUDOHVGHIXQFLRQDPLHQWRDSUREDGDVSRUOD-XQWDGH*RELHUQR\GHVJORVDGDVHQORV
VLJXLHQWHVFDStWXORV
D 1RUPDWLYDFRQWDEOH
E 1RUPDWLYDGHYLVDGRVGHSUR\HFWRV
F 1RUPDWLYDILVFDO
G 1RUPDWLYDGHIXQFLRQDPLHQWRGHVHFUHWDUtD
&DSLWXOR92EUDVGH&DUiFWHU6RFLDO%HFDVGH(VWXGLR
1RUPDV*HQHUDOHV
$UWtFXORž&RQGLFLRQHVGHO%HQHILFLDULR
(QFRQWUDUVHHQDOJXQDGHODVVLJXLHQWHVFLUFXQVWDQFLDV
D 6HUKLMRKLMDKXpUIDQRGHSDGUHRPDGUHFROHJLDGR
E 6HUKLMRKLMDGHSDGUH\RPDGUHFROHJLDGRHQVLWXDFLyQGHLQYDOLGH]SHUPDQHQWHWRWDO
SDUD HMHUFHUODSURIHVLyQKDELWXDO\FX\RVLQJUHVRV QR VXSHUHQ ORVPtQLPRV HVWDEOHFLGRV
SRU OD-XQWDGH*RELHUQR
F 6HU KLMRKLMD GH SDGUH R PDGUH FROHJLDGR FX\RV LQJUHVRV GH OD XQLGDG IDPLOLDU QR
VXSHUHQORVPtQLPRVHVWDEOHFLGRVDOHIHFWRSRUOD-XQWDGH*RELHUQR
$UWtFXORž5HTXLVLWRVGH&DUiFWHU(FRQyPLFR
$$ ORV HIHFWRV GH SRGHU UHFLELU EHFD R D\XGD DO HVWXGLR VH HVWDEOHFHUiQ HQ FDGD
FRQYRFDWRULDORV XPEUDOHV GH UHQWD GLVSRQLEOHIDPLOLDU SHU FiSLWD TXH QR SRGUiQ VHU
VXSHUDGRVSDUDSRGHUREWHQHUWDOHVEHQHILFLRV
(VWRV XPEUDOHV VRQ ORV HVWLSXODGRV HQ ORV %2( SRU HO 0LQLVWHULR GH (GXFDFLyQ \
&LHQFLDFRUUHVSRQGLHQWHVDFDGDFRQYRFDWRULDDQXDO
%3UHVHQWDFLyQGHODGHFODUDFLyQGHUHQWDIDPLOLDUFRUUHVSRQGLHQWHDOHMHUFLFLRDQWHULRUD
OD VROLFLWXG GH EHFD (Q FDVR GH TXH QR VH KD\D GHFODUDGR SRU WUDEDMR SRU FXHQWD
SURSLDFHUWLILFDGRGHQRHVWDUGDGRGHDOWDHQHOLPSXHVWRGHDFWLYLGDGHVHFRQyPLFDV
,$(
&(Q FDVR GH SHUFLELU SUHVWDFLRQHV R SHQVLRQHV GH LQYDOLGH] GHVHPSOHR YLXGHGDG
RUIDQGDGHWFFHUWLILFDFLyQGHOD66GHODVSHUFHSFLRQHVUHFLELGDV\FHUWLILFDGRGHQR
HVWDUVXMHWRVDO,$(
$UWtFXORž5HTXLVLWRVGH1DWXUDOH]D$FDGpPLFD
$3DUDGLVIUXWDUGHEHFDRD\XGDDOHVWXGLRGHEHUiQORVVROLFLWDQWHVFXPSOLUORVUHTXLVLWRV
GHQDWXUDOH]DDFDGpPLFDHQFDGDPRPHQWRHQYLJRUHVWDEOHFLGRVSRUHOPLQLVWHULRGH
HGXFDFLyQ\FLHQFLD
%3DUDREWHQHUEHFDVHUiSUHFLVRTXHHOVROLFLWDQWHVHPDWULFXOHHQHOFXUVRSDUDHOTXH
VROLFLWDODEHFD\HQHOQ~PHUR GH DVLJQDWXUDV TXHHVSHFLILTXH OD FRQYRFDWRULD SDUD
FDGDQLYHODFDGpPLFR\FDUUHUD
&/DV FDOLILFDFLRQHV DFDGpPLFDV REWHQLGDV HQ EDFKLOOHUDWR %83 FXUVR GH RULHQWDFLyQ
XQLYHUVLWDULD &28 IRUPDFLyQ SURIHVLRQDO \ RWURV HVWXGLRV VH YDORUDUiQ VHJ~Q ORV
EDUHPRV HVWDEOHFLGRV SDUD ODV FRQFHVLRQHV GH EHFDV HVWDWDOHV SRU HO 0LQLVWHULR GH
(GXFDFLyQ\&LHQFLD
$UWtFXORž$GMXGLFDFLyQGHODV%HFDV
$ &RPLVLyQ FDOLILFDGRUD /D -XQWD GH JRELHUQR GHOHJD HQ OD -XQWD (MHFXWLYD \ DVHVRUtD
MXUtGLFD SDUD HMHUFHU OD IXQFLyQ FDOLILFDGRUD DVt FRPR OD GH LQVSHFFLyQ YHULILFDFLyQ
FRQWURO \ FHQWUDOL]DFLyQ GH OD LQIRUPDFLyQ VREUH HVWH SDUWLFXODU SXGLHQGR UHFDEDU GH
ORV VROLFLWDQWHVODGRFXPHQWDFLyQTXHMX]JXHQRSRUWXQD
7DPELpQHVWD-XQWDHODERUDUiODVOLVWDVGHILQLWLYDVGHDVSLUDQWHVFRQGHUHFKRDEHFD
TXH H[SRQGUiDOD-XQWDGH*RELHUQRSDUDVXDSUREDFLyQ\DGMXGLFDFLyQ
% )RUPXOD5HDO'HFUHWRGHMXOLRGHQž%2(GHDJRVWRGH
SiJDUWž
/D SRQGHUDFLyQ GH OD QRWD PHGLD DFDGpPLFD \ GH OD UHQWD IDPLOLDU SHU FiSLWD VH
UHDOL]DUiPHGLDQWHODVLJXLHQWHIyUPXODPDWHPiWLFD
5
'= S¼1 + . 8 HQODFXDO
' &RHILFLHQWHGHSUHODFLyQGHOVROLFLWDQWH
1 1RWDPHGLDDFDGpPLFD
S3DUiPHWURUHGXFWRUGHOSHVRHVSHFtILFRGH1´(OYDORUFRQVLJQDGR³S´GHEHUiHVWDU
FRPSUHQGLGRHQWUH\
.SDUiPHWURGHHTXLOLEUDFLyQVXILQDOLGDGHVTXHHQQLQJ~QFDVRHOYDORUREWHQLGRSRU
³'´VHDQXORRQHJDWLYR
8 8PEUDOGHUHQWDIDPLOLDUSHUFiSLWDHVWDEOHFLGRHQFDGDFRQYRFDWRULDDQXDO
&%HFDVSRUXQLGDGIDPLOLDU
6H FRQFHGHUi XQD VROD EHFD SRU XQLGDG IDPLOLDU VDOYR HQ FDVRV HQ TXH SRU IDOWD GH
VROLFLWXGHV GH UHTXLVLWRV DFDGpPLFRV R HFRQyPLFRV TXHGHQ EHFDV VLQ DGMXGLFDFLyQ
WRWDOSUHYLVWDHQHOSUHVXSXHVWR
(QHVWH~OWLPRFDVRQRVHSRGUiQUHFLELUPiVGHGRVEHFDVSRUIDPLOLDVROLFLWDQWH
6L OD -XQWD GH *RELHUQR GHFLGH FRQFHGHU WRGD OD DSRUWDFLyQ SUHYLVWD ODV EHFDV QR
DGMXGLFDV VH SRGUiQ LQFUHPHQWDU DO PLVPR WLSR GH HVWXGLRV R D RWURV GLVWLQWRV GH
GLIHUHQWHQLYHODFDGpPLFR\IUDFFLRQDUODVVXEYHQFLRQHVVLHPSUHWHQLHQGRHQFXHQWD
HOFRHILFLHQWHGHSUHODFLyQGHWHUPLQDGRSRUHOPLQLVWHULRGHHGXFDFLyQ\FLHQFLD
$UWtFXORž6HUYLFLRGH%LEOLRWHFD
$/DELEOLRWHFDHVXQVHUYLFLRFUHDGRSDUDORVFROHJLDGRVGHHVWH&ROHJLR2ILFLDO\SDUD
ORV DOXPQRV GHO ~OWLPR FXUVR GH ODV HVFXHODV GH ,QJHQLHUtD 7pFQLFD ,QGXVWULDO (VWRV
~OWLPRV GHEHUiQSURYHHUVHGHXQDWDUMHWDGHOHFWRUHQODVHFUHWDUtDGHO&ROHJLR
% (VWDUi GRWDGD GH FXDQWD LQIRUPDFLyQ WpFQLFD VHD QHFHVDULD SDUD SRGHU SUHVWDU XQ
HILFD]VHUYLFLRGHGRFXPHQWDFLyQ\FRQVXOWD
&/DDFWXDOL]DFLyQGHVXFRQWHQLGRHQFXDOTXLHUPDWHULDWpFQLFDHVXQDREOLJDFLyQGHORV
VHUYLFLRV GH OD PLVPD FRQ FRODERUDFLyQ GH ORV FROHJLDGRV SDUD OD SURSRVLFLyQ GH
DGTXLVLFLyQ GH FXDOTXLHU WH[WR R HQ JHQHUDO SDUD FXDOHVTXLHUD LQIRUPDFLyQ GH LQWHUpV
FRP~Q
'/RVOLEURVQRUPDVUHYLVWDVHLQIRUPDFLyQGHGLYHUVRWLSRH[LVWHQWHVHQHVWDELEOLRWHFD
VRQ SDUDFRQVXOWD\VXXVRWHQGUiOXJDUSUHIHUHQWHPHQWHHQORVORFDOHVGHO&ROHJLR
( /D SRVLELOLGDG GH GLVSRVLFLyQ GH FXDOTXLHU OLEUR R GRFXPHQWR SDUD VX FRQVXOWD IXHUD
GHO &ROHJLR HVWi OLPLWDGD D ORV FROHJLDGRV \ FRQGLFLRQDGD D OD DFHSWDFLyQ SRU SDUWH GHO
VROLFLWDQWH GHO FRPSURPLVR GH GHYROXFLyQ HQ XQ SOD]R Pi[LPR GH GtDV 7UDQVFXUULGRV
ORV FXDOHV VLQ KDEHUVH SURGXFLGR OD GHYROXFLyQ HO SHWLFLRQDULR GHEHUi VROLFLWDU OD
UHQRYDFLyQGHOSOD]RSRURWURSHULRGRPi[LPRGH GtDV )LQDOL]DGR HO VHJXQGRSHUtRGR
HQ HO VXSXHVWR GH TXH QR VH KXELHVH SURGXFLGR OD GHYROXFLyQ HVWH VHUYLFLR TXHGD
DXWRUL]DGR H[SUHVDPHQWH SRU HO VROLFLWDQWH D SDVDUOH XQ FDUJR SRU HO FRVWH GHO WH[WR
XWLOL]DGR
)(OKRUDULRGHHVWHVHUYLFLRVHUiHOQRUPDOGHODRILFLQDGHO&ROHJLR
$UWtFXORž'LVWLQFLRQHV+RQRUtILFDV
/D-XQWDGH*RELHUQRSRGUiRWRUJDU'LVWLQFLRQHV+RQRUtILFDVDDTXHOORVFROHJLDGRVTXHD
VX MXLFLR UH~QDQVXILFLHQWHVPpULWRVSRUGHVWDFDUHQODSURIHVLyQRUHDOL]DUDFWRV TXH OD
SUHVWLJLHQ
/D 'LVWLQFLyQ+RQRUtILFDGH&ROHJLDGRGH+RQRUSXHGHVHUFRQFHGLGDLQFOXVRDSHUVRQD
QR SHUWHQHFLHQWHDO&ROHJLRVLHPSUHTXHDMXLFLRGHOD-XQWDGH*RELHUQRUH~QD PpULWRV
VXILFLHQWHVSDUDVHUKRQUDGRFRQWDOGLVWLQFLyQ
&DSLWXOR9,(OHFFLRQHV&RUSRUDWLYDV
$UWtFXOR ž (O SUHVHQWH UHJODPHQWR UHJLUi SDUD WRGR OR UHODWLYR D OD HOHFFLyQ GH ORV
FDUJRV UHSUHVHQWDWLYRV HQ HO iPELWR WHUULWRULDO GHO ,OXVWUH &ROHJLR 2ILFLDO GH 3HULWRV H
,QJHQLHURV7pFQLFRV,QGXVWULDOHVGH9DOODGROLG
6HFFLyQGHODHOHFFLyQGHOD-XQWDGH*RELHUQR
$UWtFXORž/D-XQWDGH*RELHUQRVHUHQRYDUiSRUPLWDGFDGDGRVDxRVSXGLHQGRVHU
VXVPLHPEURVUHHOHJLGRV
/D SULPHUD PLWDG HVWDUi FRPSXHVWD SRU HO 'HFDQR 6HFUHWDULR 7HVRUHUR \ ORV 9RFDOHV
LPSDUHV /D VHJXQGD PLWDG OD LQWHJUDUi HO 9LFHGHFDQR 9LFHVHFUHWDULR ,QWHUYHQWRU \ ORV
9RFDOHVSDUHV
6HUiQ REMHWR GH HOHFFLyQ ORV FDUJRV TXH KD\DQ GH UHQRYDUVH FRQ DUUHJOR D ORV WXUQRV
HVWDEOHFLGRV \ ORV TXH HVWXYLHVHQ GHVHPSHxDGRV SURYLVLRQDOPHQWH HQ OD IHFKD GH OD
FRQYRFDWRULDVLJXLHQWH
$UWtFXOR ž /DV HOHFFLRQHV SDUD OD UHQRYDFLyQ SHULyGLFD QRUPDO VH UHDOL]DUiQ HQ HO
PHVGHIHEUHURGHODxRTXHFRUUHVSRQGD/D-XQWDGH*RELHUQRHVWDEOHFHUiHOFDOHQGDULR
GH HOHFFLRQHVHQHOFXDOVHREVHUYDUDQORVVLJXLHQWHVSOD]RV
D GtDVSDUDSUHVHQWDFLyQGHFDQGLGDWXUDV
E /D -XQWD GH *RELHUQR GHEHUi UHVROYHU VREUH OD SURFODPDFLyQ GH FDQGLGDWRV XQD YH]
WHUPLQDGRHOSOD]RGHSUHVHQWDFLyQ
F GtDVSDUDSURSDJDQGDHOHFWRUDOGHORVFDQGLGDWRVSURFODPDGRV
G GtDSDUDHIHFWXDUODYRWDFLyQ\HOHVFUXWLQLR
$UWtFXOR ž 6L GLPLWLHUD HQ SOHQR OD -XQWD GH *RELHUQR R TXHGDUD YDFDQWH PiV GH OD
PLWDG GH ORV SXHVWRV GH OD PLVPD HO &RQVHMR *HQHUDO DGRSWDUi LQPHGLDWDPHQWH ODV
PHGLGDV SUHYLVWDV HQ HO DUWtFXOR V GH ORV (VWDWXWRV *HQHUDOHV FRQWLQXDQGR
SURYLVLRQDOPHQWHHQWUHWDQWRHQHOGHVHPSHxRGHVXVIXQFLRQHVOD-XQWDGLPLVLRQDULDRORV
PLHPEURV GH OD PLVPD TXH SHUPDQH]FDQ HQ DFWLYR /D -XQWD GHVLJQDGD SRU HO &RQVHMR
FRQIRUPHDOSUHFHSWRHVWDWXWDULRFLWDGRSURFHGHUiXQDYH]WRPHSRVHVLyQDODLQPHGLDWD
FRQYRFDWRULDGHHOHFFLRQHV
$UWtFXORž3RGUiQVHUHOHJLEOHVWRGRVORVFROHJLDGRVTXHOOHYHQFRPRPtQLPRXQDxR
LQFRUSRUDGRV DO &ROHJLR HVWpQ DO FRUULHQWH GH VXV REOLJDFLRQHV FROHJLDOHV \ KD\DQ VLGR
SURFODPDGRV FDQGLGDWRV HQ YLUWXG GH VROLFLWXG LQGLYLGXDO \ SRU FDUJR HQ OD TXH FRQVWH
)LUPDQRPEUHDSHOOLGRV'1,\Q~PHURGHFROHJLDGRGHFDGDVROLFLWDQWH
$UWtFXORž&DGDVROLFLWXGGHEHUiLUDYDODGDSRUPLHPEURVGHO&ROHJLRHQSOHQRXVR
GHVXVGHUHFKRVFROHJLDOHV\ODDFHSWDFLyQGHOFDQGLGDWRSURSXHVWR
(O SURSLRFDQGLGDWRSXHGHVHUXQRGHORVVROLFLWDQWHV
$UWtFXOR ž /D SURFODPDFLyQ OD HIHFWXDUi OD -XQWD GH *RELHUQR DO ILQDOL]DU ORV SOD]RV
VHxDODGRVHQHODUWtFXORžEGHVSXpVGHFRPSUREDUTXHFRQFXUUHQHQORV6ROLFLWDQWHV
ORVUHTXLVLWRVH[LJLGRV
$UWLFXORž6LDDOJXQRGHORVSUHVHQWDGRVQROHIXHUDDGPLWLGDVXFDQGLGDWXUD SRU OD
-XQWDGH*RELHUQRpVWDVHORFRPXQLFDUiSRUHVFULWRHQHOSOD]RGHFXDWURGtDVSXGLHQGR
HO FDQGLGDWRQRSURFODPDGRUHFXUULUFRQWUDODGHFLVLyQGHOD-XQWDDQWHHO&RQVHMR*HQHUDO
GH &ROHJLRVDWUDYpVGHOD-XQWDGHO&ROHJLRHQHOSOD]RGHGtDVVLJXLHQWHV
(O &RQVHMR *HQHUDO GH &ROHJLRV UHVROYHUi VREUH HO UHFXUVR SUHVHQWDGR \ FRQWUD GLFKD
UHVROXFLyQQRFDEUiUHFXUVRDOJXQR
$UWtFXORž/RVSOD]RVVHxDODGRVVHHQWHQGHUiQHQWRGRVORVFDVRVFRPRGtDVKiELOHV
$UWtFXOR ž /DV FRQYRFDWRULDV \ SURFODPDFLRQHV GHEHUiQ FRPXQLFDUVH D WRGRV ORV
FROHJLDGRVVHKDUiQS~EOLFDVHQHOWDEOyQGHDQXQFLRVGHO&ROHJLR\SRURWURVPHGLRVGH
LQIRUPDFLyQVtVHHVWLPDVHRSRUWXQRSRUOD-XQWDGH*RELHUQR
$UWtFXORž/RVSOD]RVWHUPLQDUiQDODKRUDHQTXHQRUPDOPHQWHFHVHQODVDFWLYLGDGHV
EXURFUiWLFDV GHO &ROHJLR \ ~QLFDPHQWH VH SRGUiQ SURUURJDU D HIHFWRV GH UHDOL]DU HO
HVFUXWLQLR
$UWtFXORž&DGDFROHJLDGR~QLFDPHQWHSRGUiILUPDUSURSXHVWDVSDUDXQFDQGLGDWRSRU
FDGDFDUJRFRQVLGHUiQGRVHQXODODILUPDDHIHFWRVGHOFyPSXWRHQWRGDVODVSURSXHVWDV
TXH DSDUH]FDQGXSOLFDGDV
$UWtFXOR ž 6L SDUD DOJ~Q FDUJR VyOR VH SUHVHQWDUD XQ FDQGLGDWR pVWH TXHGDUtD
SURFODPDGRDXWRPiWLFDPHQWHVLQILJXUDU\DHQODVFDQGLGDWXUDV
6L SDUD DOJ~Q SXHVWR QR VHSUHVHQWDUD FDQGLGDWR DOJXQR WHUPLQDGR HO SURFHVR HOHFWRU \
GHVSXpV GH OD WRPD GH SRVHVLyQ GH ORV QXHYRV PLHPEURV OD -XQWD GH *RELHUQR SRGUi
GHVLJQDU VL OR HVWLPD RSRUWXQR D XQ FROHJLDGR FXDOTXLHUD GDQGR FXHQWD GH WDO
GHVLJQDFLyQDOD-XQWD*HQHUDOHQODSULPHUDRFDVLyQSDUDVXFRQRFLPLHQWR\UDWLILFDFLyQ
VL SURFHGH(OPDQGDWRGHHVWHPLHPEURVHUiGHODPLVPDGXUDFLyQTXHHOGHORVHOHJLGRV
HQ DTXHOODFRQYRFDWRULD
6HFFLyQGHO3HULRGR(OHFWRUDO
$UWtFXORž/RVFDQGLGDWRVSURSXHVWRVSRGUiQLQWHJUDUVHHQXQDFDQGLGDWXUD
$UWtFXORž/D-XQWDGH*RELHUQRIDFLOLWDUiDORVFDQGLGDWRVUHODFLyQGHORVFROHJLDGRV
FRQVXVGRPLFLOLRVFRQHOILQGHTXHVHDXWLOL]DGDODPLVPDSDUDODFDPSDxDHOHFWRUDO
6HFFLyQGHOD0HVD(OHFWRUDO
$UWtFXORž(QODVHGHGHO&ROHJLRKDEUiXQD0HVDHQFDUJDGDGHSUHVLGLUODYRWDFLyQ
FRQVHUYDUHORUGHQUHDOL]DUHOHVFUXWLQLR\YHODUSRUODSXUH]DGHOVXIUDJLR
$UWtFXOR ž /D 0HVD (OHFWRUDO HVWDUi IRUPDGD SRU XQ SUHVLGHQWH \ GRV YRFDOHV TXH
UH~QDQODFRQGLFLyQGHHOHFWRUHV\QRVHDQFDQGLGDWRVGHVLJQDGRVSRUVRUWHRHQVHVLyQ
S~EOLFD GHOD-XQWDGH*RELHUQRGHOPLVPRPRGRVHGHVLJQDUiQGRFHVXSOHQWHVSRUFDGD
FDQGLGDWXUDSRGUiKDEHUXQLQWHUYHQWRUGHOD0HVD
$FWXDUiFRPRVHFUHWDULRHOYRFDOPiVMRYHQGHHQWUHORVGRVGHVLJQDGRV
$UWtFXOR ž $ OD KRUD VHxDODGD HO SUHVLGHQWH GH OD 0HVD (OHFWRUDO DQXQFLDUi HO
FRPLHQ]RGHODYRWDFLyQ\ORVHOHFWRUHVVHDFHUFDUiQXQRDXQRDODVXUQDVPDQLIHVWDQGR
VX QRPEUH \ DSHOOLGRV FRQ H[KLELFLyQ GHO GRFXPHQWR QDFLRQDO GH LGHQWLGDG R FDUQHW GH
FROHJLDGR
8QD YH] FRPSUREDGD VX LQFOXVLyQ HQ HO FHQVR GH HOHFWRUHV GHO &ROHJLR HO YRWDQWH
HQWUHJDUiVXSDSHOHWDGREODGDDO3UHVLGHQWHGHOD0HVDHOFXDOODGHSRVLWDUiHQODXUQD
DQRWiQGRVHHOQRPEUH\DSHOOLGRVGHOFROHJLDGRHQODOLVWDQXPHUDGDGHHOHFWRUHVSRUHO
RUGHQ HQTXHORHIHFW~HQ
6L HO HOHFWRU QR SUHVHQWDUD VX GRFXPHQWR QDFLRQDO GH LGHQWLGDG R FDUQHW GH FROHJLDGR
SRGUi H[KLELURWURGRFXPHQWRRILFLDODFUHGLWDWLYRGHVXSHUVRQDOLGDG\VtQRVHHVWLPDVH
VXILFLHQWHDMXLFLRGHOD0HVDQRSRGUiHPLWLUVXYRWR
6HFFLyQ&DPSDxDGH3URSDJDQGD(OHFWRUDO
$UWtFXOR ž 6H HQWLHQGH SRU FDPSDxD GH SURSDJDQGD HOHFWRUDO HO FRQMXQWR GH
DFWLYLGDGHVOtFLWDVRUJDQL]DGDVRGHVDUUROODGDVSRUORVFDQGLGDWRVHQRUGHQDODFDSWDFLyQ
GH VXIUDJLRV
$UWtFXORž/DFDPSDxDVHJ~QORVHxDODGRHQHODUWtFXORFGXUDUDGtDV\GHEHUi
WHUPLQDUDODVFHURKRUDVGHOGtDGHODHOHFFLyQ
6HFFLyQ3URFHGLPLHQWR(OHFWRUDO
$ &RQVWLWXFLyQGHOD0HVD(OHFWRUDO
$UWtFXORž(OSUHVLGHQWHORV$GMXQWRV\ORV6XSOHQWHVGHOD0HVD(OHFWRUDOVHUHXQLUiQ
XQD KRUD DQWHV GHO FRPLHQ]R GH OD YRWDFLyQ HO GtD ILMDGR SDUD OD PLVPD HQ HO ORFDO
FRUUHVSRQGLHQWHDHIHFWRVGHFRQVWLWXFLyQGHOD0HVD(OHFWRUDO
$UWtFXORž&RQVWLWXLGDOD0HVDUHFLELUiQODVFUHGHQFLDOHVGHORVLQWHUYHQWRUHVHQFX\R
PRPHQWRHOSUHVLGHQWHH[WHQGHUiHODFWDGHFRQVWLWXFLyQGHOD0HVDILUPDGDSRUHOPLVPR
ORV YRFDOHV \ ORV LQWHUYHQWRUHV HQ HO DFWD KDEUi GH H[SUHVDUVH QHFHVDULDPHQWH FRQ TXp
SHUVRQDV TXHGD FRQVWLWXLGD OD 0HVD HQ FRQFHSWR GH PLHPEURV GH OD PLVPD \ UHODFLyQ
QRPLQDOGHORVLQWHUYHQWRUHVFRQLQGLFDFLyQGHODFDQGLGDWXUDTXHOHVKXELHUDGHVLJQDGR
6HFFLyQ9RWDFLyQ
$UWtFXOR ž ([WHQGLGD HO DFWD GH FRQVWLWXFLyQ GH OD 0HVD VH LQLFLDUi OD YRWDFLyQ TXH
FRQWLQXDUiVLQLQWHUUXSFLyQKDVWDODKRUDTXHSUHYLDPHQWHKD\DVLGRILMDGDHQTXHVHGDUi
SRU WHUPLQDGRHODFWR6RODPHQWHSRUFDXVDGHIXHU]DPD\RU\EDMRODUHVSRQVDELOLGDGGH
OD 0HVD (OHFWRUDO SRGUi GLIHULUVH HO DFWR GH OD YRWDFLyQ R VXVSHQGHUVH GHVSXpV GH
FRPHQ]DGR
$UWtFXORž(OGHUHFKRDYRWDUVHDFUHGLWDUiSRUODLQVFULSFLyQHQODVOLVWDVGHOFHQVR\
SRU OD LGHQWLGDG GHO HOHFWRU (O FHQVR KDEUi VLGR IDFLOLWDGR SRU OD -XQWD GH *RELHUQR DO
SUHVLGHQWHGHOD0HVDDQWHVGHFRQVWLWXLUVHpVWD
$UWtFXOR ž (Q OD 0HVD (OHFWRUDO H[LVWLUi XQD XUQD GHVWLQDGD D UHFLELU ORV YRWRV
HPLWLGRV
/D YRWDFLyQVHUiVHFUHWD
$UWtFXORž/DSDSHOHWDGHYRWDFLyQDMXVWDGDDOPRGHORTXHVHVHxDOHSRUOD-XQWDGH
*RELHUQRSUHYLDPHQWHVHGHSRVLWDUiHQODXUQDKDELOLWDGDDOHIHFWR
$UWtFXORž(QODSDSHOHWDVHH[SUHVDUiQORVGDWRVVLJXLHQWHV
1RPEUHV\DSHOOLGRVGHORVFDQGLGDWRVDTXLHQHVVHYRWD\FDUJRSDUDHOFXDOVHHPLWHHO
YRWRQRSXGLHQGRILJXUDUXQPLVPRQRPEUHSDUDGRVRPiVFDUJRV&DGDHOHFWRUYRWDUi
FRPRPi[LPRWDQWRVQRPEUHVFRPRFDUJRVKD\DQGHFXEULUVH
$UWtFXOR ž /D 0HVD GLVSRQGUi GH OD /,67$ '( (/(&725(6 SDUD FRPSUREDU TXH
TXLHQHVVHDFHUFDQDYRWDUWLHQHQGHUHFKRDHOOR\DQRWDUDTXLHQHVHMHUFHQHOGHUHFKRDO
YRWR
/RV HOHFWRUHVVHDFHUFDUiQDOD0HVD \ SUHYLD FRPSUREDFLyQSRU pVWD GH VX LGHQWLGDG \
FRQGLFLyQ GHHOHFWRUHQWUHJDUiQODSDSHOHWDGHYRWDFLyQGREODGDDOSUHVLGHQWHGHOD0HVD
TXH ODLQWURGXFLUiHQODXUQD\DQXQFLDUiS~EOLFDPHQWHODHPLVLyQGHOYRWR
7HUPLQDGD OD YRWDFLyQ SHUVRQDO OD 0HVD SURFHGHUi D LQWURGXFLU HQ OD XUQD /$6
3$3(/(7$6(0,7,'$6325&255(2
$UWtFXORž/RVFRPSRQHQWHVGHOD0HVD(OHFWRUDOYHODUiQSRUHOEXHQRUGHQ\SXUH]D
GHODHOHFFLyQUHVROYLHQGRSRUPD\RUtDODVLQFLGHQFLDVTXHSXGLHUDQSUHVHQWDUVH(QFDVR
GH HPSDWHGHFLGLUiHOSUHVLGHQWHGHOD0HVDFRQVXYRWRGHFDOLGDG
6HFFLyQ9RWRSRU&RUUHR
$UWtFXORž/RVFROHJLDGRVTXHORGHVHHQSRGUiQHPLWLUVXYRWRSRUFRUUHRFRQDUUHJOR
D ODVVLJXLHQWHVQRUPDV
$ /D-XQWDGH*RELHUQRGHO&ROHJLRDOUHPLWLUDORVFROHJLDGRVODVOLVWDGHFDQGLGDWRVOHV
HQYLDUiXQDFDUWDH[SOLFDWLYDDFRPSDxDGDGHXQDSDSHOHWDHQEODQFR\GRVVREUHVGH
GLVWLQWRWDPDxRGHVWLQDGRVHOPiVSHTXHxRDGHSRVLWDUHQpOODSDSHOHWDGHYRWDFLyQ\
HO PD\RUDLQWURGXFLUHQpOHORWURVREUH
(O VREUHPD\RUGHEHUiHVWDUILUPDGRSRUHOHOHFWRUGHELHQGRHVWDUDXWHQWLFDGDODILUPD
SRU GLOLJHQFLD GHO 6HFUHWDULR GHO &ROHJLR QRWDULDOPHQWH R ELHQ LQWURGXFLHQGR HQ HO
VREUHPD\RUIRWRFRSLDSRUDPERVODGRVGHOGRFXPHQWRQDFLRQDOGHLGHQWLGDGRFDUQHW
GH FROHJLDGR(VWRVVREUHVFHUUDGRVVHHQYLDUiQSRUFRUUHRDO&ROHJLRRVHHQWUHJDUiQ
HQ pOHQODIRUPDLQGLFDGDGHELHQGRREUDUHQHO&ROHJLRDQWHVGHODKRUDGHFRPLHQ]R
GH ODYRWDFLyQ
% (O6HFUHWDULRGHO&ROHJLRFRQVHUYDUi\FXVWRGLDUiORVVREUHVGHYRWRSRUFRUUHRKDVWD
TXH HPSLHFH OD YRWDFLyQ \ ORV HQWUHJDUi DO SUHVLGHQWH GH OD 0HVD DQWHV GH TXH
FRPLHQFHODYRWDFLyQ
& (QHOPRPHQWRGHFHUUDUVHODYRWDFLyQHO3UHVLGHQWHGHOD0HVDSURFHGHUiDLQWURGXFLU
HQ ODVXUQDVODVSDSHOHWDVUHPLWLGDVSRUFRUUHRORVVREUHVVHDEULUiQSRUHO3UHVLGHQWH
GH OD 0HVD TXH PDQWHQLHQGR HO VHFUHWR GHO YRWR FRPSUREDUi HO FRQWHQLGR GH ODV
PLVPDV\ILVFDOL]DUiTXHHOYRWDQWHQRKXELHUDHMHUFLGRSHUVRQDOPHQWHVXGHUHFKR
$UWtFXOR ž$ODKRUDVHxDODGDHQODFRQYRFDWRULDHO3UHVLGHQWHGH OD 0HVDGDUi SRU
WHUPLQDGDODYRWDFLyQSURFHGLHQGRDHPLWLUVXYRWRORVTXH\DVHHQFRQWUDUHQHQHOORFDO
\VHJXLGDPHQWHORVPLHPEURVGHOD0HVDHLQWHUYHQWRUHV
6HFFLyQ(VFUXWLQLR
$UWtFXORž/OHJDGDODKRUDVHxDODGDSDUDHOILQDOGHODYRWDFLyQOD0HVDSURFHGHUiD
UHDOL]DUHOHVFUXWLQLRTXHVHUiS~EOLFR
6HUiQ QXODV ODV SDSHOHWDV TXH FRQWHQJDQ YRWRV D IDYRU GH TXLHQHV QR KD\DQ VLGR
SURFODPDGRVFDQGLGDWRVODVTXHQRH[SUHVHQFRQFODULGDG\SUHFLVLyQORVQRPEUHVGHORV
FDQGLGDWRVYRWDGRVORVYRWRVRWRUJDGRVSDUDXQGHWHUPLQDGRFDUJRDTXLHQVHDFDQGLGDWR
D RWURGLVWLQWR\ORVTXHSURSRQJDQDPiVGHXQDSHUVRQDSDUDXQVRORSXHVWR
$UWtFXOR ž 6HUiQ YiOLGDV ODV SDSHOHWDV DXQTXH QR RWRUJXHQ HO YRWR SDUD WRGRV ORV
FDUJRV HOHJLEOHV 6L OD SDSHOHWD HVWi LPSUHVD SRGUiQ WDFKDUVH XQR R YDULRV QRPEUHV \
DxDGLUVHORVQRPEUHVGHRWURVFDQGLGDWRVHQVXVWLWXFLyQGHORVWDFKDGRVFRPSXWiQGRVH
ORVYRWRVDIDYRUGHORVQRWDFKDGRV\GHORVDxDGLGRV
/D 0HVD (OHFWRUDO UHVROYHUi HQ HO DFWR VREUH FXDOTXLHU UHFODPDFLyQ TXH DQWH HOOD VH
SUHVHQWHSRUFXDOTXLHUHOHFWRUFRQWUDVXVDFXHUGRVQRFDEUDUHFXUVRDOJXQRVLQSHUMXLFLR
GH ORHVWDEOHFLGRHQHODUWtFXORž
$UWtFXOR ž 'HO UHVXOWDGR GHO HVFUXWLQLR \ GH ODV LQFLGHQFLDV SURGXFLGDV GXUDQWH HO
WUDQVFXUVR GH OD YRWDFLyQ VH OHYDQWDUi DFWD SRU WULSOLFDGR TXH ILUPDUiQ WRGRV ORV
FRPSRQHQWHVGHOD0HVD\HQODTXHVHH[SUHVDUDVLVRQFRLQFLGHQWHVRQRHOQ~PHURGH
YRWDQWHV\HOGHSDSHOHWDVHQODVXUQDV
,JXDOPHQWH VH FRQVLJQDUiQ WRGDV ODV SURWHVWDV REMHFLRQHV R UHFODPDFLRQHV TXH VH
KXELHUDQIRUPXODGRSRUORVHOHFWRUHVRODFLUFXQVWDQFLDGHQRKDEHUVHSURGXFLGRQLQJXQD
8QRGHORVHMHPSODUHVGHODFWDVHUHPLWLUiDO&RQVHMR*HQHUDOGH&ROHJLRVGHQWURGHORV
GRV GtDVKiELOHVVLJXLHQWHVDODYRWDFLyQ
/RV ,QWHUYHQWRUHVWHQGUiQGHUHFKRDREWHQHUGHOD0HVDFRSLDOLWHUDOFHUWLILFDGDGHODFWD
$UWtFXORž(O3UHVLGHQWHGHOD0HVDDQXQFLDUiHQYR]DOWDHOUHVXOWDGRGHODHOHFFLyQ
HVSHFLILFDQGRHOQ~PHURGHYRWDQWHVHOGHYRWRVHPLWLGRVHQIDYRUGHFDGDFDQGLGDWRHO
GH YRWRV HQ EODQFR \ HO GH YRWRV QXORV SURFHGLHQGR D FRQWLQXDFLyQ D GHVWUXLU ODV
SDSHOHWDV H[WUDtGDV GH ODV XUQDV H[FHSWR ODV GHFODUDGDV QXODV \ ODV TXH KD\DQ VLGR
REMHWRGHFXDOTXLHULPSXJQDFLyQRUHFODPDFLyQODVFXDOHVVHUHPLWLUiQHQVREUHILUPDGR
SRU WRGRV ORV PLHPEURV GH OD 0HVD \ ORV LQWHUYHQWRUHV D OD -XQWD GH *RELHUQR TXH
FRQVHUYDUi HO VREUH FHUUDGR KDVWD TXH OD SURFODPDFLyQ GHO UHVXOWDGR HOHFWRUDO DGTXLHUD
ILUPH]DVLVHSUHVHQWDVHDOJ~QUHFXUVRUHPLWLUiHOVREUHVLQDEULUORDOFRQVHMR*HQHUDO
$UWtFXOR ž /D 0HVD (OHFWRUDO HQWUHJDUi D OD -XQWD GH *RELHUQR OD VLJXLHQWH
GRFXPHQWDFLyQ
D $FWDGHFRQVWLWXFLyQGHOD0HVD
E /LVWDGHHOHFWRUHV
F /LVWDGHYRWDQWHV
G /LVWDGHH[FOXLGRVSRUQRKDEHUDFUHGLWDGRVXSHUVRQDOLGDG
H &UHGHQFLDOHVGHORV,QWHUYHQWRUHV\PLHPEURVGHOD0HVD
I $FWDGHODVHVLyQFRQORVUHVXOWDGRVGHODYRWDFLyQ\SRVLEOHVLQFLGHQFLDV
$UWtFXOR ž 'HFODUDGD OD YDOLGH] GHO HVFUXWLQLR \ UHVXHOWDV ODV LPSXJQDFLRQHV TXH VH
KXELHUDQSUHVHQWDGRDQWHOD0HVD(VWDSURFODPDUiORVFDQGLGDWRVHOHFWRVTXHWRPDUiQ
SRVHVLyQGHVXVFDUJRVHQHOSOD]RPi[LPRGHTXLQFHGtDV
$UWtFXOR ž /RV UHVXOWDGRV GH OD HOHFFLyQ VHUiQ GDGRV D FRQRFHU PHGLDQWH VX
SXEOLFDFLyQHQHOWDEOyQGHDQXQFLRVGHO&ROHJLR\HQVXFDVRHQHO%ROHWtQ,QIRUPDWLYRR
ORVPHGLRVGHFRPXQLFDFLyQTXHDVLPLVPRHQVXFDVRGLVSRQJDHO&ROHJLR
$UWtFXORž(ODFXHUGRGHOD0HVDVREUHSURFODPDFLyQGHHOHFWRVVHUiUHFXUULEOHDQWHHO
&RQVHMR*HQHUDO
(VWRVUHFXUVRVVHLQWHUSRQGUiQDQWHOD-XQWDGH*RELHUQRGHO&ROHJLRHQHOSOD]R GH GtDV GHVGH TXH WHQJD OXJDU ODSURFODPDFLyQ PHGLDQWH HVFULWR FRPSUHQVLYR GH WRGDV ODV
DOHJDFLRQHV \ DFRPSDxDGR GH FXDQWDV SUXHEDV GRFXPHQWDOHV FRQVLGHUH SUHFHGHQWHV HO
UHFXUUHQWH GHQWUR GH ORV FLQFR GtDV VLJXLHQWHV D OD UHFHSFLyQ GHO UHFXUVR OD -XQWD GH
*RELHUQRORUHPLWLUiFRQVXLQIRUPHDO&RQVHMR*HQHUDOTXLHQUHVROYHUi\FX\RDFXHUGR
VHUi VXVFHSWLEOHGHUHFXUVR&RQWHQFLRVR$GPLQLVWUDWLYR
$UWtFXOR ž /DV HOHFFLRQHV GH ORV FDUJRV GH ODV 'HOHJDFLRQHV VH DMXVWDUiQ D ODV
PLVPDVQRUPDVHVWDEOHFLGDVHQHVWHFDSLWXOR
6HFFLyQ%DMDVHQOD-XQWD
$UWtFXOR ž 6L GXUDQWH HO SHULRGR HQWUH ODV HOHFFLRQHV UHJODPHQWDULDV VH SURGXMHUD
DOJXQD EDMD HQWUH ORV FRPSRQHQWHV GH OD -XQWD GH *RELHUQR SRU DXVHQFLD GLPLVLyQ
IDOOHFLPLHQWRHWFpVWDTXHGDUiIDFXOWDGDSDUDFXEULUGLFKDYDFDQWHFRQHOFROHJLDGRTXH
VH HVWLPH PiV LGyQHR SDUD HO SXHVWR QRPEUDPLHQWR TXH HQ WRGR FDVR KDEUi GH VHU
UHIUHQGDGRSRUORVFROHJLDGRVHQODSULPHUD-XQWD*HQHUDOTXHVHFHOHEUH
&DSLWXOR9,,,QWHUSUHWDFLyQ\0RGLILFDFLyQGHHVWH5HJODPHQWR
$UWtFXORž3URSXHVWDVGH0RGLILFDFLyQ
/DV SURSXHVWDV GH PRGLILFDFLyQ GH HVWH UHJODPHQWR SRGUiQ KDFHUVH SRU OD -XQWD GH
*RELHUQR R SRU SHWLFLyQ HVFULWD GH DO PHQRV HO SRU GH ORV FROHJLDGRV ILMDQGR
FRQFUHWDPHQWH HO DUWtFXOR R DUWtFXORV REMHWR GH UHYLVLyQ VX HVWXGLR \ DSUREDFLyQ VL
SURFHGH GHEHUi HIHFWXDUVH HQ XQD -XQWD *HQHUDO RUGLQDULD R H[WUDRUGLQDULD SUHYLD VX
LQFOXVLyQHQHORUGHQGHOGtD
/DV PRGLILFDFLRQHVDFRUGDGDVSDUDSRGHUVHULQFRUSRUDGDVDHVWHUHJODPHQWROOHYDUiQOD
PLVPD WUDPLWDFLyQ DQWH HO &RQVHMR *HQHUDO GH &ROHJLRV TXH OD H[LJLGD SDUD HO SUHVHQWH
UHJODPHQWR SRU HO DUWtFXOR GH ORV (VWDWXWRV *HQHUDOHV GH ORV &ROHJLRV 2ILFLDOHV GH
3HULWRVH,QJHQLHURV7pFQLFRV,QGXVWULDOHV
$UWtFXORž,QWHUSUHWDFLyQGH(VWH5HJODPHQWR
'HQWURGHODV)XQFLRQHV*HQHUDOHVLQWHUSUHWDWLYDVFRQIHULGDVSRUORVDSDUWDGRV,\-GH
ORV(VWDWXWRV*HQHUDOHVOD-XQWDGH*RELHUQRTXHGDDXWRUL]DGDSDUDODUHGDFFLyQGHODV
QRUPDVHLQVWUXFFLRQHVDVHJXLUSDUDODDSOLFDFLyQGHHVWHUHJODPHQWR
&DSLWXOR9,,,'LVSRVLFLyQ)LQDO
(VWHUHJODPHQWRHQWUDUiHQYLJRUHOPLVPRGtDGHVXDSUREDFLyQSRUOD-XQWD*HQHUDO