Documento principal - Universidad Tecnológica de Pereira
Anuncio
',6(f2<&216758&&,Ð1'(81$&É0$5$'(1,(%/$6$/,1$3$5$
(16$<26'(&25526,Ð1
&$5/26$1'5e6$5,$6&Ð5'2%$
(5:,1&$/92+(1$2
-26(,*1$&,22&+2$-$5$0,//2
81,9(56,'$'7(&12/Ð*,&$'(3(5(,5$
)$&8/7$''(,1*(1,(5Ì$0(&É1,&$
3(5(,5$
',6(f2<&216758&&,Ð1'(81$&É0$5$'(1,(%/$6$/,1$3$5$
(16$<26'(&25526,Ð1
&$5/26$1'5e6$5,$6&Ð5'2%$
(5:,1&$/92+(1$2
-26(,*1$&,22&+2$-$5$0,//2
7UDEDMRGHJUDGRSDUDRSWDUDOWtWXORGH,QJHQLHUR0HFiQLFR
'LUHFWRU
0$18(/3,1=Ð1&$1'(/$5,2
,QJHQLHUR0HWDO~UJLFR\GH0DWHULDOHV
81,9(56,'$'7(&12/Ð*,&$'(3(5(,5$
)$&8/7$''(,1*(1,(5Ì$0(&É1,&$
3(5(,5$
1RWDGHDFHSWDFLyQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LUPDGHOSUHVLGHQWHGHOMXUDGR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LUPDGHOMXUDGR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LUPDGHOMXUDGR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&LXGDG\IHFKD
$*5$'(&,0,(1726
3DUD OD FXOPLQDFLyQ VDWLVIDFWRULD GH HVWH SUR\HFWR HVWXYLHURQ LQYROXFUDGDV
PXFKDV SHUVRQDV TXH FRQ VX D\XGD GHVLQWHUHVDGD FRODERUDURQ GH PXFKDV
PDQHUDVDTXHVHFXPSOLHUDQORVREMHWLYRV
,QJ0DQXHO3LQ]yQ&DQGHODULR'RFHQWH8QLYHUVLGDG7HFQROyJLFDGH3HUHLUDSRU
VXDVHVRUtD\GLUHFFLyQGHOSUR\HFWR
,QJ&DUORV0RQWLOOD'RFHQWH8QLYHUVLGDG7HFQROyJLFDGH3HUHLUDSRUVXDVHVRUtD
HQHOiUHDGHLQVWUXPHQWDFLyQ
,QJ -RVp /XtV 7ULVWDQFKR 'RFHQWH 8QLYHUVLGDG 7HFQROyJLFD GH 3HUHLUD SRU
FRPSDUWLUVXH[SHULHQFLDHQFiPDUDVGHQLHEODVDOLQD
6HxRU /XtV )HUQDQGR /ySH] UHSUHVHQWDQWH OHJDO GH 'LVWUL5HVLQDV GH OD FLXGDG
GH 3HUHLUD SRU VX FRODERUDFLyQ LQFRQGLFLRQDO \ VX DVHVRUtD HQ HO iUHD GH ORV
SOiVWLFRVUHIRU]DGRV
&LUR $OHMDQGUR )LJXHURD GH $LUHV $VRFLDGRV SRU VX FRODERUDFLyQ FRQ HTXLSRV
SRUEULQGDUQRVPX\EXHQDVLGHDVSDUDODVROXFLyQGHGLIHUHQWHVSUREOHPDV\SRU
VXDVHVRUtDHQHOiUHDGHODLUHFRPSULPLGR
$ ODV IDPLOLDV 2FKRD &DOYR \ $ULDV SRU DSR\DUQRV WDQWR DQtPLFDPHQWH FRPR
ILQDQFLHUDPHQWH\SRUFHGHUQRVSDUWHGHOWLHPSRIDPLOLDUSDUDWUDEDMDUHQHVWH
SUR\HFWR
$OD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUDSRUVXDSR\RHQHODVSHFWRPRQHWDULR\
GHLQIUDHVWUXFWXUD
$ORVGRFHQWHVGHOD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUDTXHGHDOJXQDPDQHUD
FRODERUDURQFRQHOSUR\HFWR
$ORVFRPSDxHURVGHFDUUHUD\DPLJRVTXHVHLQYROXFUDURQGHDOJXQDIRUPDHQ
HOSURFHVR
$O 6(1$ VHGH 'RVTXHEUDGDV SRU IDFLOLWDUQRV OD DVHVRUtD GH LQVWUXFWRUHV \ VXV
ODERUDWRULRV
7$%/$'(&217(1,'2
SiJ
,1752'8&&,Ð1
*(1(5$/,'$'(662%5(&25526,Ð1
&25526,Ð1(/(&75248Ì0,&$
0$1,)(67$&,21(6'(/$&25526,Ð1
&$86$6&2081(6'(/$&25526,Ð1
7,326'(&25526,Ð1
(16$<26'(&25526,Ð1
(QVD\RVQDWXUDOHV
(QVD\RVGHODERUDWRULR
2EWHQFLyQGHORVUHVXOWDGRVHQHQVD\RVGHFRUURVLyQ
3527(&&,Ð1&2175$/$&25526,Ð1
,1)250$&,Ð1*(1(5$/
5(6(f$+,67Ð5,&$'(/(16$<2'(1,(%/$6$/,1$
5(680(1'(/$1250$$670%´6$/7635$<7(67µ
&$5$&7(5Ì67,&$6&2081(6'(/(48,32(03/($'2(1/$5($/,=$&,Ð1
'(/(16$<2'(&25526,Ð13251,(%/$6$/,1$
5(6,1$632/,e67(55()25=$'$6
3OiVWLFRUHIRU]DGR
)LEUDVGHYLGULR
5HVLQDSROLpVWHU
&DWDOL]DGRUHV\DFHOHUDGRUHV
5HVLQDVSUHDFHOHUDGDV
5HDFFLyQGHFXUDGR
02/'(6<02/'(2325&217$&72
0ROGHV\0ROGHRSRUFRQWDFWR
$JHQWHVGHVPROGHDQWHV\GHFLHUUHGHOPROGH
0ROGHRGHO*HOFRDW
&RQGLFLRQHVGHWUDEDMR
0ROGHRDPDQR
5HIXHU]RV
'HVPROGHR
5HFRUWDGR\DFDEDGR
',6(f2'(/$&É0$5$'(1,(%/$6$/,1$<6(/(&&,Ð1'((48,326
&216,'(5$&,21(6*(1(5$/(6
',6(f2'(/$&É0$5$
6,67(0$(/e&75,&2<'(&21752/
,GHQWLILFDFLyQGHYDULDEOHV
(VTXHPDGHFRQWUROHOpFWULFR
'HVFULSFLyQGHOIXQFLRQDPLHQWR
'LDJUDPDHOpFWULFRGHOVLVWHPDGHFRQWURO\SRWHQFLD
&216758&&,Ð1<(16$0%/('(/$&É0$5$'(1,(%/$6$/,1$
358(%$635(/,0,1$5(6&21/$5(6,1$5()25=$'$
&É0$5$,17(51$
&RQVWUXFFLyQGHOPROGHPDFKR
0ROGHRDPDQRGHODFiPDUDLQWHUQD
,QVWDODFLyQGHOGHVDJHVLIyQGHODFiPDUD
&216758&&,Ð1'(/$7$3$
0ROGHRGHOYLVRUGHODWDSDGHODFiPDUD
0ROGHRGHODVOiPLQDVSDUDODWDSD
(QVDPEOHGHODWDSD
,QVWDODFLyQGHODWDSD
,167$/$&,Ð1'(/$658('$6
&8%,(57$6(;7(5,25(6<$,6/$0,(1727e50,&2
&216758&&,Ð1'(/3$1(/'(&21752/
6,67(0$'(*(1(5$&,Ð1'(1,(%/$
680,1,6752'(62/8&,Ð16$/,1$
3257$352%(7$6
3RUWDSUREHWDVUDQXUDGR
3RUWDSUREHWDVGHS~DV
&21(;,21(6(,167$/$&,Ð1'($&&(625,26
,QVWDODFLyQGHOFRPSUHVRUGHDLUHHQODEDVHGHOSDQHOGHFRQWURO
,QVWDODFLyQGHODVRQGDGHWHPSHUDWXUD37
,QVWDODFLyQGHODUHVLVWHQFLDFDOHIDFWRUGHODFiPDUD
,QVWDODFLyQGHOVLVWHPDGHSURWHFFLyQGHOHTXLSR
&RQH[LyQHOpFWULFDGHORVVHQVRUHV\ORVLQVWUXPHQWRVGHFRQWURO
38(67$$38172'(/$&É0$5$'(1,(%/$6$/,1$
&$/,%5$&,Ð1'(/$621'$'(7(03(5$785$
&21),*85$&,Ð1'(/&21752/$'25'(7(03(5$785$
&21),*85$&,Ð1'(/7(0325,=$'25
9(5,),&$&,Ð1'(/&21752/'(35(6,Ð1'(/&2035(625'($,5(
6(/(&&,Ð1'(/$35(6,Ð1'(75$%$-2'(/38/9(5,=$'25
$-867(6(1/$7255('($63(56,Ð1
&216802'(327(1&,$
5($/,=$&,Ð1'(/$358(%$3,/272
&26726'(&216758&&,Ð1'(/$&É0$5$'(1,(%/$6$/,1$
&21&/86,21(6<5(&20(1'$&,21(6
%,%/,2*5$)Ì$
/,67$'(7$%/$6
SiJ
7DEOD&DSDFLGDGHVFRPXQHVGHWDQTXHVGHVROXFLyQ
7DEOD3URSLHGDGHVWtSLFDVGHODUHVLQDGHSROLpVWHUYDFLDGDVLQFDUJD
7DEOD3URSLHGDGHVItVLFDVWtSLFDVGHORVSOiVWLFRVUHIRU]DGRVFRQGLVWLQWRV
WLSRVGHILEUDGHYLGULR
7DEOD'LPHQVLRQHVQRUPDOHVGHODVSODFDVGHVXSHUERDUG
7DEOD &RQVXPRV GH OtTXLGR \ DLUH GH OD ERTXLOOD GH SXOYHUL]DFLyQ OD
DOWXUDGHOVLIyQSDUDHOFRQVXPRGHOtTXLGRVHPDQWXYRGXUDQWHODVSUXHEDV
DSUR[LPDGDPHQWHHQFP
7DEOD/LVWDGRGHORVFRPSRQHQWHVGHOHVTXHPDGHFRQWURO
7DEOD/LVWDGHSDUWHVGHOFLUFXLWRHOpFWULFR
7DEOD3DUiPHWURVSDUDODSUXHEDSLORWRGHODFiPDUDGHQLHEODVDOLQD
7DEOD'LVFULPLQDFLyQ\YDORUGHORVPDWHULDOHVGLUHFWRV
7DEOD 'LVFULPLQDFLyQ \ YDORUHV GH ORV HTXLSRV \ DFFHVRULRV SDUD
LQVWUXPHQWDFLyQGHODFiPDUD
/,67$'((648(0$6
SiJ
(VTXHPD 8ELFDFLyQ GHO FHQWUR GH PDVD GH OD WDSD 0HGLGDV HQ
FHQWtPHWURV
(VTXHPD0HFDQLVPRGHVRSRUWHGHODWDSD
(VTXHPD'LIHUHQWHVSRVLFLRQHVGHOPHFDQLVPRGHODWDSDGHVGHTXHpVWD
VHHQFXHQWUDFHUUDGDKDVWDTXHVHDEUHFRPSOHWDPHQWH
(VTXHPD 3RVLFLyQ FUtWLFD GHO PHFDQLVPR GH VRSRUWH GH OD WDSD FXDQGR
pVWDVHHQFXHQWUDWRWDOPHQWHDELHUWD
(VTXHPD'LDJUDPDGHIXHU]DVUHVXOWDQWH
(VTXHPD)XHU]DVHQHOHOHPHQWR
(VTXHPD)XHU]DVHQHOHOHPHQWR
(VTXHPD*HRPHWUtDGHODJRPDEODQGDUHFWDQJXODU
(VTXHPD3HUILOGHOHPSDTXHXWLOL]DGRSDUDHOERUGHGHODWDSD
(VTXHPD )XQFLRQDPLHQWR GHO VLIyQ HO FRQGHQVDGR VH HYDFXD SRU HO
FRQGXFWRFRQHFWDGRHQODSDUWHLQIHULRUGHODGHULYDFLyQ\SRUHOVXSHULRUVH
HYDFXDHOH[FHVRGHQLHEODDWUDYpVGHRWURFRQGXFWRKDFLDHOH[WHULRUGHO
UHFLQWR
(VTXHPD6LVWHPDGHFRQWUROHOpFWULFR
(VTXHPD&LUFXLWRHOpFWULFRVLPSOLILFDGRGHOVLVWHPDGHFRQWURO
(VTXHPD(VTXHOHWRGHOPROGHHQPDGHUDXQLGDGHVHQFP
(VTXHPD 'LPHQVLRQHV GH ORV FRUWHV SDUD ODV OiPLQDV GHO PROGH HQ
KDUGERDUGGLPHQVLRQHVHQFP
(VTXHPD 3ODQRV SDUD OD FRQVWUXFFLyQ GH ORV PROGHV GLPHQVLRQHV HQ
FP
(VTXHPD (QVDPEOH GH OD WXEHUtD \ ORV DFFHVRULRV GHO VXPLQLVWUR GH
VROXFLyQVDOLQDFRQHOFRQWUROGHQLYHOGHOtTXLGR
(VTXHPD (QVDPEOH FRPSOHWR GHO UHVHUYRULR HO FRQWURO GH QLYHO GH
OtTXLGRHOVXPLQLVWURGHOtTXLGRDOUHVHUYRULRFRQODFiPDUDLQWHUQD
(VTXHPD 3ODQRV SDUD OD FRQVWUXFFLyQ GHO SRUWD SUREHWDV UDQXUDGR
GLPHQVLRQHVHQFP
(VTXHPD3ODQRVSDUDODFRQVWUXFFLyQGHOSRUWDSUREHWDVGHS~DV
(VTXHPD &RQH[LyQ HOpFWULFD GH ORV VHQVRUHV \ ORV LQVWUXPHQWRV GH
FRQWURO
(VTXHPD 'LDJUDPD GH IOXMR GH OD FRQILJXUDFLyQ GHO FRQWURODGRU GH
WHPSHUDWXUDPRGHOR;07
(VTXHPD (VTXHPD GH FRQH[LyQ GHO PHGLGRU GH SRWHQFLD HOpFWULFD DO
SDQHOGHFRQWUROGHODFiPDUDGHQLHEOD
/,67$'(,0É*(1(6
SiJ
,PDJHQ 37 FRQ HQFDSVXODGR GH DFHUR LQR[LGDEOH \ FRQHFWRU SDUD
LQVWDODFLyQ137GHòµFP
,PDJHQ&XUYDFDUDFWHUtVWLFDGHXQD37
,PDJHQ%RTXLOODGHSXOYHUL]DFLyQGHXQIXPLJDGRUPDQXDOWLSRIO\
,PDJHQ'LVSRVLFLyQ\SDUWHVGHODWRUUHGHDVSHUVLyQGLVHxDGD
,PDJHQ 3URFHVR GH SUHSDUDFLyQ GH OD UHVLQD D 5HVLQD SUHDFHOHUDGD E
&DUERQDWR GH FDOFLR \ HVWLUHQR F 5HFLSLHQWH FRQ OD PH]FOD GH UHVLQD HVWLUHQR FDUJD G DJLWDFLyQ GH OD PH]FOD H UHVLQD \D SLJPHQWDGD GH
EODQFR\SURFHVRGHDGLFLyQGHFDWDOL]DGRU
,PDJHQ D 0ROGH GH OD FiPDUD WHUPLQDGR \ HQFHUDGR E GHWDOOH GH ORV
ERUGHVGHORVHVFDORQHVKHFKRVFRQSODVWLOLQD
,PDJHQDFiPDUDFRPSOHWDPHQWHPROGHDGDEDSOLFDFLyQGHOUHIXHU]RD
ORVHVFDORQHVFHPSOHRGHOPDGHURFRPRD\XGDHQHOPROGHRGHOHVFDOyQ
GFiPDUDGHVPROGDGDFXUDGD\FRQXQPDVLOODGRLQLFLDO
,PDJHQD5HIXHU]RVSDUDODVUXHGDVEUHIXHU]RVSDUDODVELVDJUDV
,PDJHQ3HUIRUDFLyQSDUDHOVLIyQGHODFiPDUD
,PDJHQ ,QVWDODFLyQ GHO GHVDJH D GHWDOOH GHO UHIXHU]R FRQ UHVLQD E
WXEHUtDLQVWDODGD
£(UURU0DUFDGRUQRGHILQLGR
,PDJHQD0ROGHFRQVWUXLGRHQEDOVR\DSOLFDFLyQGHODUHVLQDFDWDOL]DGD
SRUYDFLDGRE UHVLQD HVSDUFLGD SDUFLDOPHQWHFHPSOHRGH HVSiWXODVSDUD
HVSDUFLU OD UHVLQD G SURFHVR GH KRPRJHQL]DFLyQ GH OD FDSD GH UHVLQD FDVL
FRPSOHWDGR
,PDJHQ $SOLFDFLyQ FRQ EURFKD GH OD FDSD GH UHVLQD UHIRU]DGD GHO
ODPLQDGR
,PDJHQ $SOLFDFLyQ GH OD WHUFHUD \ ~OWLPD FDSD GH UHVLQD GHO ODPLQDGR
PHGLDQWHODWpFQLFDGHYDFLDGR
,PDJHQ(QVDPEOHGHODWDSDDDOLQHDPLHQWRGHODXQLyQGHODSULPHUD
VHFFLyQ E DSOLFDFLyQ GHO UHIXHU]R GH OD XQLyQ F DOLQHDFLyQ GH GRV
VHFFLRQHVGHODWDSDSDUDVHUXQLGDVGXQLyQGHODVGRVVHFFLRQHVLQLFLDOHV
H DOLQHDPLHQWR GH OD OiPLQD PiV JUDQGH SDUD VHU HQVDPEODGD I WDSD
HQVDPEODGDDQWHVGHDGLFLRQDUHOYLVRU
,PDJHQDSUHSDUDFLyQGHORVPDUFRVGHOYLVRUFRQFLQWDGHHQPDVFDUDU
EYLVRUDOLQHDGR\DSOLFDFLyQGHODUHVLQDUHIRU]DGDSRUODSDUWHLQWHUQDF
DFDEDGRORJUDGRGHVSXpVGHUHPRYHUODFLQWD
,PDJHQ8QLyQGHODVEDUUDVFRQHOSHUILOGHWRSH
,PDJHQ ,QVWDODFLyQ GH ORV VRSRUWHV GH OD WDSD D 8QLyQ HQWUH HO
PHFDQLVPR\ODFiPDUDEXQLyQHQWUHHOPHFDQLVPR\ODWDSDFYLVWDGHOD
XQLyQFRQODWDSDSRUVXFDUDLQWHUQDGVHSDUDFLyQHQWUHHOPHFDQLVPR\OD
WDSD
,PDJHQ 6RSRUWHV GH OD WDSD LQVWDODGRV \ HQ IXQFLRQDPLHQWR D YLVWD
ODWHUDO GH OD WDSD DELHUWD \ EORTXHDGD E YLVWD ODWHUDOGH OD WDSD DELHUWD \
EORTXHDGD F YLVWD GHO VRSRUWH GHUHFKR LQVWDODGR G YLVWD GHO VRSRUWH
L]TXLHUGRLQVWDODGR
,PDJHQ0DQLMDGHODWDSDDYLVWDH[WHULRUEYLVWDLQWHULRU
,PDJHQ &RQHFWRUHV GH HQHUJtD SDUWH LQIHULRU \ FDEOH GH OD VRQGD GH
WHPSHUDWXUD
,PDJHQ 6RSRUWH SDUD OD XQLGDG GH PDQWHQLPLHQWR GH DLUH D YLVWD
IURQWDOEYLVWDVXSHULRU
,PDJHQ9LVWDLQIHULRUGHOSDQHOGHFRQWUROVXMHWDGRDVXEDVHPHWiOLFD ,PDJHQ 3DUWH WUDVHUD GH OD WDSD GHO SDQHO GH FRQWURO ODV IOHFKDV URMDV
LQGLFDQORVOXJDUHVGRQGHVHSHJDURQVRSRUWHVSDUDVXMHWDUORVWRUQLOORV
,PDJHQ &RQH[LyQ GH ORV GRV UDFRUHV HQ OD EDVH GHO UHVHUYRULR UDFRU
SDVDPXURVGHóµFPGHDFRSOHUiSLGRURVFDGRSDUDHOVXPLQLVWURGH
DLUHFRPSULPLGRDGDSWDGRUPDFKRGHòµFPURVFDGRGH&39&SDUD
HOVXPLQLVWURGHVROXFLyQVDOLQD
,PDJHQ $FRQGLFLRQDPLHQWR GH OD WDSD GHO UHVHUYRULR FRQ XQ YDFLDGR GH
UHVLQD
,PDJHQ 3HUIRUDFLRQHV HQ OD WDSD GHO UHVHUYRULR FHQWUDO òµ FP
RULILFLRGHµFPDFPGHUDGLR
,PDJHQ(QVDPEOHGHODWRUUHGHDVSHUVLyQ
,PDJHQ%RTXLOODGHSXOYHUL]DFLyQGHXQHTXLSRGHIXPLJDFLyQPDQXDO
,PDJHQ D FXHUSR GHO VLVWHPD GH ERPEHR E YiVWDJR FRQ URVFD F
DGDSWDGRUPDFKRòµFPFRQHOVXSOHPHQWR
,PDJHQ(QVDPEOHGHOFXHUSRGHODERTXLOODGHSXOYHUL]DFLyQ
,PDJHQ ,QVWDODFLyQ GHO UHVHUYRULR HO FRQWURO GH QLYHO GH OtTXLGR \ ODV
FRQH[LRQHVGHODLUHFRPSULPLGR\GHODVROXFLyQVDOLQDDYLVWDVXSHULRUE
YLVWDGHODVFRQH[LRQHVGHOUHVHUYRULRSRUODSDUWHLQIHULRUGHODFiPDUD
,PDJHQ(QVDPEOHGHOFXHUSRGHODERTXLOODGHSXOYHUL]DFLyQFRQODWDSD
GHOUHVHUYRULRD9LVWDLQIHULRUEYLVWDVXSHULRU
,PDJHQ,QVWDODFLyQGHOVXPLQLVWURGHDLUH\OtTXLGRDOUHVHUYRULRDSDUWH
LQIHULRUGHODFiPDUDEFRQH[LyQGHOtTXLGRHQODFXELHUWDH[WHUQD
,PDJHQ(QVDPEOHGHODWRUUHGHDVSHUVLyQ
,PDJHQ'HSRVLWRGHVROXFLyQVDOLQD
,PDJHQ$SDULHQFLDGHOSRUWDSUREHWDVUDQXUDGRWHUPLQDGR
,PDJHQ5HSUHVHQWDFLyQGHOSRUWDSUREHWDVGHS~DVWHUPLQDGR
,PDJHQ ,QVWDODFLyQ GH ORV DFFHVRULRV GHO SDQHO GH FRQWURO D YLVWD
LQWHUQDEYLVWDIURQWDO
,PDJHQ,QVWDODFLyQGHODUHJOHWDGHFRQH[LRQHVHOpFWULFDV\ORVUHOpV
,PDJHQ,QVWDODFLyQGHOFRPSUHVRUHQODEDVHGHOSDQHOGHFRQWURO
,PDJHQ,QVWDODFLyQGHODVRQGDGHWHPSHUDWXUD37DYLVWDH[WHULRU
EYLVWDLQWHULRU
,PDJHQ,QVWDODFLyQGHOFDOHQWDGRUHQODFiPDUD(QODSDUWHVXSHULRUHO
GHWDOOH GH ORV VRSRUWHV SRU OD SDUWH H[WHUQD GH OD FiPDUD \ HQ OD SDUWH
LQIHULRUVHYHFRPRTXHGDLQVWDODGDODUHVLVWHQFLD\HOGHWDOOHGHODGDSWDGRU
GHFRQH[LyQDODFiPDUD
,PDJHQ,QVWDODFLyQGHOVHQVRUGHQLYHOGHOtTXLGRGHOGHSyVLWRSULQFLSDO /,67$'(),*85$6
SiJ
)LJXUD'LUHFFLyQGHOIOXMRGHFRUULHQWHHQWUHXQiQRGR\XQFiWRGRHQXQD
FHOGDGHFRUURVLyQ
)LJXUD$WDTXHSURGXFLGRSRUXQDJRWDGHDJXDVDODGD
)LJXUD 6HQWLGR GHO IOXMR GH HOHFWURQHV \ GHO IOXMR FRQYHQFLRQDO GH OD
FRUULHQWHHOpFWULFDHQXQDFHOGDGHFRUURVLyQ
)LJXUD&RUURVLyQIRUPDGDSRUILVXUDV
)LJXUD(YROXFLyQGHODQRUPDWLYLGDGGHORVHQVD\RVGHFRUURVLyQ
)LJXUD(VTXHPDGHXQDFiPDUDGHQLHEODVDOLQD
)LJXUD3DUWHVGHODWRUUHGHDVSHUVLyQ
)LJXUD(VTXHPDEiVLFRGHXQVSUD\
/,67$'($1(;26
$QH[R$3ODQRVGHODFiPDUDGHQLHEODVDOLQD
$QH[R%1RUPD$670%\VXWUDGXFFLyQDOHVSDxRO
$QH[R&0DQXDOGHLQVWUXFFLRQHVGHOFRQWURODGRUGHWHPSHUDWXUD;07
$QH[R' ,QVWUXFFLRQHVGHLQVWDODFLyQGHODYiOYXODGHHQWUDGDODWHUDO8.
GH)/8,'0$67(5SDUDFLVWHUQDGHVHUYLFLRVDQLWDULR
$QH[R(*XtDGHRSHUDFLyQGHOWHPSRUL]DGRUHOHFWUyQLFRGLDULR\VHPDQDO
$QH[R)'DWRVWpFQLFRVGHODUHVLQD&5,67$/$1
$QH[R*/LWHUDWXUDWpFQLFDGHODUHVLQD&5,67$/$1
$QH[R+/LWHUDWXUDWpFQLFDGHOFDWDOL]DGRUPHFNSHUR[LGR
$QH[R,0DQXDOGHSURFHGLPLHQWRV
$QH[R - *XtD SDUD OD UHDOL]DFLyQ GH XQ HQVD\R GH FRUURVLyQ HQ OD FiPDUD GH
QLHEODVDOLQD
$QH[R.&DWiORJR125*5(1SDUDODVHOHFFLyQGHODXQLGDGGHPDQWHQLPLHQWRGH
DLUHFRPSULPLGR
*/26$5,2
$,5($&,Ð13DVRGHDLUHDWUDYpVGHXQFXHUSR
&$9,7$&,Ð1)RUPDFLyQGHEXUEXMDVGHYDSRURGHJDVHQHOVHQRGHXQOtTXLGR
FDXVDGDSRUODVYDULDFLRQHVTXHHVWHH[SHULPHQWDHQVXSUHVLyQ
&2/'52//('(67,5$'2(1)5Ì2(VHOSURFHVRGHIRUPDFLyQGHXQPDWHULDO
HQOiPLQDVDOKDFHUORSDVDUSRUXQDVHULHGHURGLOORVDWHPSHUDWXUDDPELHQWH
'(602/'($17( $JHQWH TXH IDFLOLWD HO GHVPROGH GH ODV SLH]DV GH VX PROGH
PDWUL]HOFXDOHVXQDVXVWDQFLDTXHFRQWLHQHJUDVDVRDFHLWHVTXHSURSRUFLRQDQ
XQDFDSDGHOJDGDHQWUHODVVXSHUILFLHVGHODSLH]D \HOPROGHHYLWDQGRODXQLyQ
GHHVWDVVXSHUILFLHVHQHOFXUDGR
',)86,Ð1 3URFHVR GH WUDQVSRUWH GH PDWHULD PHGLDQWH PRYLPLHQWRV DWyPLFRV R
PROHFXODUHVTXHWLHQGHDLJXDODUODVFRQFHQWUDFLRQHV
(/(&752/,728QHOHFWUROLWRHVXQDVXVWDQFLDTXHDOGLVROYHUVHHQDJXDGDOXJDU
D OD IRUPDFLyQ GH LRQHV /RV HOHFWUROLWRV SXHGHQ VHU GpELOHV R IXHUWHV VHJ~Q
HVWpQ SDUFLDO R WRWDOPHQWH LRQL]DGRV R GLVRFLDGRV HQ PHGLR DFXRVR 8Q
HOHFWUROLWR IXHUWH HV WRGD VXVWDQFLD TXH DO GLVROYHUVH HQ DJXD SURYRFD
H[FOXVLYDPHQWH OD IRUPDFLyQ GH LRQHV FRQ XQD UHDFFLyQ GH GLVROXFLyQ
SUiFWLFDPHQWH LUUHYHUVLEOH 8Q HOHFWUROLWR GpELO HV XQD VXVWDQFLD TXH DO
GLVROYHUVHHQDJXDSURGXFHLRQHVSDUFLDOHVFRQUHDFFLRQHVGHWLSRUHYHUVLEOH
*(/ (VXQVLVWHPDFRORLGDOGRQGHODIDVHFRQWLQXDHVVyOLGD\ODGLVFRQWLQXDHV
OtTXLGD /RV JHOHV SUHVHQWDQ XQD GHQVLGDG VLPLODU D ORV OtTXLGRV SHUR VLQ
HPEDUJRVXHVWUXFWXUDVHDVHPHMDPiVDODGHXQVyOLGR(OHMHPSORPiVFRP~Q
GHJHOHVODJHODWLQDFRPHVWLEOH
*(/,),&$&,Ð13URFHVRGHVROLGLILFDFLyQRHQGXUHFLPLHQWRGHXQJHO
7$&7262 (WDSD GHO SURFHVR GH JHOLILFDFLyQ HQ OD FXDO OD VXVWDQFLD SRVHH HQ
PD\RU SURSRUFLyQ OD HWDSD VyOLGD TXH OD OLTXLGD \ HQ OD TXH DO WDFWR QR KD\
GHVSUHQGLPLHQWRGHPDWHULDO
5(680(1
/D FiPDUD GH QLHEOD VDOLQD HV XQ HTXLSR SODQWHDGR SDUD UHDOL]DU HQVD\RV GH
FRUURVLyQ GH IRUPD DFHOHUDGD HQ HVWH WUDEDMR VH GLVHxy XQD GH HOODV EDVDGD HQ
HTXLSRV GHO PLVPR WLSR GLVSRQLEOHV HQ HO PHUFDGR \ FXPSOLHQGR FRQ ORV
SDUiPHWURVHVWDEOHFLGRVHQODQRUPD$670%´6DOW6SUD\IRJ7HVWµ
/D%KDVLGRJHQHUDOPHQWHDFHSWDGDFRPRHOPpWRGRHVWiQGDUSDUDHQVD\RGH
FRUURVLyQ\HVWRGDYtDH[WHQVDPHQWHHPSOHDGRSDUDSUREDUDFDEDGRVFRQSLQWXUD
\SODWHDGRVFRPSRQHQWHVPLOLWDUHV\FRPSRQHQWHVHOpFWULFRVVLQHPEDUJRHVGH
DFODUDUTXHHVWHPpWRGRQRHVDSOLFDEOHDWRGRWLSRGHPDWHULDOHVHQODQRUPD
VHHVSHFLILFDQDOJXQRVGHORVPDWHULDOHVSDUDORVTXHORVUHVXOWDGRVREWHQLGRVSRU
HVWH PpWRGR QR VRQ DGHFXDGRV *HQHUDOPHQWH HO UHTXHULPLHQWR SDUD ORV
UHVXOWDGRV GH XQD SUXHED VH HVSHFLILFD HQ Q~PHUR GH KRUDV D OD IDOOD HQ OD
SUXHEDGHOVSUD\GHVDO
(O IXQFLRQDPLHQWR EiVLFR GHO HTXLSR HV XQD VROXFLyQ FRUURVLYD GH DJXD
GHVLRQL]DGD \ DO GH VDO VH DWRPL]DFRQ DLUH FRPSULPLGROLPSLR XVXDOPHQWH
HQWUHSVL.3D\SVL.3DHQXQDQHEOLQDILQD/DVROXFLyQVDOLQD
VH PXHYH FRQ XQ VLVWHPD GH DOLPHQWDFLyQ SRU JUDYHGDG GHVGH XQ WDQTXH GH
DOPDFHQDPLHQWRKDVWDXQUHVHUYRULRDX[LOLDUXELFDGRHQHOLQWHULRUGHODFiPDUD
TXH SRVHH XQ FRQWURO GH QLYHO FRQ XQD YiOYXOD FRQWURODGD SRU XQ IORWDGRU \ GH
HVWHDODERTXLOODGHSXOYHUL]DFLyQSRUHIHFWR´9HQWXU\µ8VXDOPHQWHODFiPDUD
VH FDOLHQWD D & HPSOHDQGR FDOHQWDGRUHV HOpFWULFRV \ VH PDQWLHQH D HVWD
WHPSHUDWXUDGXUDQWHODGXUDFLyQGHODSUXHEDGHQWURGHXQUDQJRGHPi[LPRGH
&ODWHPSHUDWXUDGHUHIHUHQFLD/DWHPSHUDWXUDGHODFiPDUDVHILMDSRUHO
XVXDULR \ VH FRQWUROD PHGLDQWH XQ &RQWURODGRU /yJLFR 3URJUDPDEOH /D
GLVWULEXFLyQ GH OD QLHEOD GHQWUR GH OD FiPDUD VH FRQWUROD FRQ XQ VLVWHPD GH
GLVSHUVLyQGHQRPLQDGRWRUUHGHGLVSHUVLyQ\VHGHEHJDUDQWL]DUXQDUHFROHFFLyQ
GHFRQGHQVDGRHQWUHPOK\POKSRUXQiUHDGHFP
3DODEUDVFODYH
$670%
6DOWVSUD\IRJWHVW
(QVD\RVGHFRUURVLyQDFHOHUDGD
3ODVWLFRVUHIRU]DGRV
)LEUDGHYLGULR
1LHEODVDOLQD
,1752'8&&,Ð1
$ORVPDWHULDOHVVHOHVUHDOL]DQGLIHUHQWHVHVWXGLRV\DQiOLVLVSDUDGHWHUPLQDUVXV
FDUDFWHUtVWLFDV \ SURSLHGDGHV \ DVt HVWDEOHFHU Vt VRQ DSURSLDGRV R QR SDUD XQD
DSOLFDFLyQ HVSHFtILFD (Q HOORV OD UHVLVWHQFLD D OD FRUURVLyQ HV XQD SURSLHGDG GH
PXFKD LPSRUWDQFLD TXH VH GHEH WHQHU HQ FXHQWD \D TXH GHELGR D HOOD VH
SUHVHQWDQ PXFKDV IDOODV FRPR LQLFLRV GH IUDFWXUDV IXJDV HQ WDQTXHV R
FRQGXFFLRQHVGLVPLQXFLyQGHUHVLVWHQFLDPHFiQLFDHQHVWUXFWXUDVRHQSDUWHVGH
PiTXLQDV GHVYLDFLRQHV GHO IXQFLRQDPLHQWR QRUPDO GH HTXLSRV FRQWDPLQDFLyQ
GHELGD D ORV SURGXFWRV GHULYDGRVGH ODFRUURVLyQHQWUH RWUDV (V DTXt GRQGH VH
KDFH QHFHVDULR XQ HVWXGLR VREUH pVWH IHQyPHQR SDUD GHWHUPLQDU FXiO PDWHULDO
FXPSOH FRQ ODV H[LJHQFLDV GH GLVHxR \ UHVLVWHQFLD D OD DWPyVIHUD R PHGLR
DPELHQWHGHWUDEDMRTXHSURGXFHQ\DFHOHUDQVXGHJUDGDFLyQGHVJDVWHFDPELRV
HQ VX HVWUXFWXUD \ SURSLHGDGHV PHFiQLFDV DIHFWDQGR VX FDOLGDG \ GHVHPSHxR
3DUD ORJUDUOR VH KDQ GHVDUUROODGR GXUDQWH PXFKRV DxRV JUDQ YDULHGDG GH
SURFHGLPLHQWRV SDUD HVWXGLDU HO FRPSRUWDPLHQWR GH ORV PDWHULDOHV IUHQWH D OD
FRUURVLyQ VLHQGR XQR GH ORV PiV GLIXQGLGRV HO HQVD\R GHQRPLQDGR ´6DOW 6SUD\
)RJ7HVWµRSUXHEDGHOVSUD\GHVDO
(VWHHVXQHQVD\RDPSOLDPHQWHHPSOHDGRSDUDHVWLPDUEDMRFLHUWDVFRQGLFLRQHV
HVSHFtILFDV OD YLGD ~WLO GH GLIHUHQWHV WLSRV GH PDWHULDOHV \ UHFXEULPLHQWRV
GHWHUPLQDQGR HO FRPSRUWDPLHQWR GH ORV PLVPRV DQWH XQD DWPyVIHUD VDOLQD \
WDPELpQSRUVXDSOLFDFLyQHQSURFHVRVGHFRQWUROGHFDOLGDGGHPDWHULDVSULPDV\
SURGXFWRVWHUPLQDGRV
(O ´6DOW 6SUD\ )RJ 7HVWµ FRQVLVWH HQ OD H[SRVLFLyQ GH ORV PHWDOHV R
HVSHFLPHQHVGHSUXHEDDXQDDWPyVIHUDTXHH[DJHUDODVFRQGLFLRQHVTXHVHGDQ
HQODVSUR[LPLGDGHVGHOPDU&RQVLVWHHQH[SRQHUSUREHWDVGHQWURGHXQDFiPDUD
GRQGH ODV FRQGLFLRQHV ILVLFRTXtPLFDV TXH GHEHQ UHLQDU HQ HO DPELHQWH HVWiQ
GDGDVSRUODQRUPD$670%ODVVROLFLWXGHVGHODQRUPDVHSXHGHQUHVXPLUDVt
$ XQD WHPSHUDWXUD GH & \ KXPHGDG UHODWLYD PD\RU GHO GHQWUR GH XQD
FiPDUD VHOODGD VH LQ\HFWD DLUH D SUHVLyQ SDUD SXOYHUL]DU XQD VROXFLyQ \ IRUPDU
XQDQLHEODODVROXFLyQVDOLQDGHEHWHQHUXQDFRPSRVLFLyQGHODOHQSHVR
HQ DJXD GHVWLODGD OD FDQWLGDG HQ QLHEOD GHEH VHU WDO TXH HQ XQ iUHD FROHFWRUD
KRUL]RQWDO GH FP VH SURGX]FD XQD GHSRVLFLyQ GH POK D POK GH
SXOYHUL]DFLyQFRQWLQXD
&RQHVWHSUR\HFWRVHEXVFDHOPHMRUDPLHQWRGHORVODERUDWRULRVGHOD)DFXOWDGGH
,QJHQLHUtD 0HFiQLFD GH OD 8QLYHUVLGDG 7HFQROyJLFD GH 3HUHLUD GRWiQGROD GH XQ
HTXLSR TXH SHUPLWD IRUWDOHFHU ODV IXQFLRQHV GH GRFHQFLD LQYHVWLJDFLyQ \
H[WHQVLyQ SHUPLWLpQGROH HQ HO IXWXUR RIUHFHU HO VHUYLFLR D OD LQGXVWULD UHJLRQDO
SUHYLDDFUHGLWDFLyQGHOODERUDWRULRGHPHWDORJUDItD\DVtFRQWULEXLUDOLQFUHPHQWR
GHODVIXHQWHVGHLQJUHVRGHOD8QLYHUVLGDG
/RVREMHWLYRVTXHVHHVSHUDQDOFDQ]DUHQHOGHVDUUROORGHHVWHWUDEDMRVRQ
2EMHWLYRJHQHUDO'LVHxDU\FRQVWUXLUXQDFiPDUDGHQLHEODVDOLQDSDUDHQVD\RV
GH FRUURVLyQ FRQ EDVH HQ ORV SDUiPHWURV HVWDEOHFLGRV HQ OD QRUPD $670%
2EMHWLYRVHVSHFtILFRV
•
,GHQWLILFDU PHGLU \ FRQWURODU ODV SULQFLSDOHV YDULDEOHV TXH LQWHUYLHQHQ HQ HO
SURFHVRFRPRWHPSHUDWXUDSUHVLyQFDXGDOGHODLUH\QLYHOGHOtTXLGR
•
'LVHxDUXQDFiPDUDSDUDHQVD\RVGHQLHEODVDOLQD
•
&RQVWUXLUXQDFiPDUDSDUDHQVD\RVGHQLHEODVDOLQD
•
3XHVWDDSXQWRGHODFiPDUDGHQLHEODVDOLQD
•
(VWUXFWXUDU XQ PDQXDO GH SURFHGLPLHQWRV SDUD HO IXQFLRQDPLHQWR GH OD
FiPDUDGHQLHEODVDOLQDSDUDHQVD\RVGHFRUURVLyQ
*(1(5$/,'$'(662%5(&25526,Ð1
/RV PHWDOHV VH HQFXHQWUDQ HQ OD QDWXUDOH]D HQ IRUPD GH FRPELQDFLRQHV GH
PLQHUDOHV(OUHILQDPLHQWRGHHVWRVPLQHUDOHVPHWiOLFRVSDUDODREWHQFLyQGHORV
PHWDOHV SXURV LQYROXFUD HO XVR GH FDQWLGDGHV JUDQGHV GH HQHUJtD WpUPLFD TXH
VHJ~Q OD HVWUXFWXUD PROHFXODU GHO PHWDO SUHYDOHFH HQ IRUPD GH XQ SRWHQFLDO
HOpFWULFRSURSLRFRPRXQDFXDOLGDGTXHOHSHUPLWHDODUJRSOD]RHOUHWRUQRDVX
HVWDGRQDWXUDOy[LGRPHWiOLFR
+DELWXDOPHQWH OD FRUURVLyQ DWDFD D ORV FXHUSRV VyOLGRV FRPR ORV PHWDOHV ORV
FHUiPLFRV ORV SROtPHWURV DUWLILFLDOHV ORV DJUHJDGRV \ ORV PLQHUDOHV ILEURVRV GH
RULJHQ QDWXUDO SHUR VXV HIHFWRV PiV DPSOLDPHQWH DQDOL]DGRV VH GDQ HQ ORV
PDWHULDOHVPHWiOLFRV
/DFRUURVLyQHVGHILQLGDFRPRHOGHWHULRURGHXQPDWHULDODFRQVHFXHQFLDGHXQ
DWDTXHTXtPLFRSRUVXHQWRUQR6LHPSUHTXHODFRUURVLyQHVWpRULJLQDGDSRUXQD
UHDFFLyQTXtPLFDODYHORFLGDGDODTXHWLHQHOXJDUGHSHQGHUiHQDOJXQDPHGLGD
GH OD WHPSHUDWXUD OD VDOLQLGDG GHO IOXLGR \ ODV SURSLHGDGHV GH ORV PHWDOHV HQ
FXHVWLyQ
/DFRUURVLyQPiVIUHFXHQWHHVWRGDGHQDWXUDOH]DHOHFWURTXtPLFD\UHVXOWDGHOD
IRUPDFLyQ GH PXOWLWXG GH ]RQDV DQyGLFDV \ FDWyGLFDV VREUH OD VXSHUILFLH
PHWiOLFD VLHQGR HO HOHFWUROLWR HQ FDVR GH QR HVWDU HO PHWDO VXPHUJLGR R
HQWHUUDGRHODJXDGHFRQGHQVDFLyQGHODDWPyVIHUDSDUDORFXDOVHQHFHVLWDTXH
ODKXPHGDGUHODWLYDGHODLUHVHDGHORUGHQGHORVXSHULRU
&25526,Ð1(/(&75248Ì0,&$
(VWH WLSR GH FRUURVLyQ UHTXLHUH TXH HVWpQ SUHVHQWHV WUHV HOHPHQWRV SDUD
GHVDUUROODUVH iQRGR FiWRGR \ HOHFWUROLWR \ OD IDOWD GH DOJXQR GHWHQGUtD HO
SURFHVRDGLFLRQDOPHQWHVHUHTXLHUHTXHH[LVWDXQDGLIHUHQFLDGHSRWHQFLDOSDUD
JHQHUDU XQD FRUULHQWH HOpFWULFD (VWRV WUHV HOHPHQWRV FRQVWLWX\HQ OR TXH VH
FRQRFHFRPRSLODJDOYiQLFDRHOHFWURTXtPLFDGRQGHODFRUURVLyQVHGHVDUUROODHQ
BBBBBBBBBBB
&RUURVLyQ 5HPDQGR FRQWUD OD FRUULHQWH >2QOLQH@ 'LVSRQLEOH HQ ,QWHUQHW
85/KWWSZZZLRQLVFRPDUDJXD!
*HQHVFi/ORQJXHUDV-RDQ\ÉYLOD0HQGR]D-DYLHU¢32548e(;,67(O$&25526,Ð1"0iVDOOi
GH
OD
KHUUXPEUH
>2QOLQH@
&DSLWXOR
'LVSRQLEOH
HQ
,QWHUQHW
85/
KWWSRPHJDLOFHHGXP[VLWHVFLHQFLDYROXPHQFLHQFLDKWPVHFBKWPO!
ODV]RQDVDQyGLFDVPLHQWUDVTXHODVFDWyGLFDVSHUPDQHFHQVLHPSUHLQDOWHUDGDV
/DFRUURVLyQVHUiWDQWRPD\RUFXDQWRPD\RUVHDODFRQGXFWLYLGDGGHOHOHFWUROLWR
VROXFLyQDFXRVDHOpFWULFDPHQWHFRQGXFWRUD
(Q XQD VROXFLyQ VDOLQD TXH WLHQH XQD DOWD FRQGXFWLYLGDG HOpFWULFD FXDOTXLHU
SURFHVRFRUURVLYRVHYHUiLQFUHPHQWDGRHQDFWLYLGDG\HQYHORFLGDGPLHQWUDVTXH
HODJXDGXOFHVHUiSRFRFRQGXFWRUDSRUORTXHODFRUURVLyQVHGDUiPiVOHQWD\
PHQRVDFWLYD8QHOHFWUROLWRHVXQDVROXFLyQTXHFRQGXFHODHOHFWULFLGDG\HVWD
FXDOLGDGVHGHEHDODSUHVHQFLDGHLRQHVeVWRVVRQiWRPRVFDUJDGRVSRVLWLYDR
QHJDWLYDPHQWHRELHQDJUXSDFLRQHVGHiWRPRVFRQXQDFLHUWDFDUJDHOpFWULFDHQ
VROXFLyQ 8Q HOHFWUROLWR FDSD] GH IRUPDU XQ DPELHQWH FRUURVLYR SXHGH VHU HQ
SULQFLSLRFXDOTXLHUVROXFLyQOOXYLDRLQFOXVRODKXPHGDGFRQGHQVDGDGHODLUH\
SXHGHDEDUFDUGHVGHHODJXDGXUDRVDODGDKDVWDORViFLGRV\iOFDOLVIXHUWHV
(OWpUPLQRiQRGRVHHPSOHDSDUDGHVFULELUDTXHOODSRUFLyQGHXQDVXSHUILFLHHQ
ODTXHWLHQHOXJDUODFRUURVLyQR[LGDFLyQ\HQODFXDOVHOLEHUDQHOHFWURQHVFRPR
FRQVHFXHQFLDGHOSDVRGHOPHWDOHQIRUPDGHLRQHVDOHOHFWUROLWR
&RPRORVHOHFWURQHVHQXQFRQGXFWRUPHWiOLFRVHPXHYHQHQVHQWLGRRSXHVWRDO
FRQYHQFLRQDOHQHOiQRGRODFRUULHQWHHOpFWULFDVDOHGHOPHWDOSDUDHQWUDUDOD
VROXFLyQ )LJXUD (O WpUPLQR FiWRGR VH DSOLFD D OD SRUFLyQ GH XQD VXSHUILFLH
PHWiOLFD HQ OD FXDO ORV HOHFWURQHV SURGXFLGRV HQ HO iQRGR VH FRPELQDQ FRQ
GHWHUPLQDGRVLRQHVSUHVHQWHVHQHOHOHFWUROLWR
/DVUHDFFLRQHVPiVFRPXQHVHQSUHVHQFLDGHDJXDVRQ
•
5HDFFLyQHQHOiQRGRR[LGDFLyQ
•
5HDFFLyQHQHOFiWRGRUHGXFFLyQ
(Q HO FiWRGR OD FRUULHQWH HOpFWULFD VDOH GHO HOHFWUROLWR SDUD HQWUDU DO PHWDO
)LJXUD FHUUiQGRVH HO FLUFXLWR HOpFWULFR D WUDYpV GH XQ FRQGXFWRU PHWiOLFR
H[WHUQR
)LJXUD'LUHFFLyQGHOIOXMRGHFRUULHQWHHQWUHXQiQRGR\XQFiWRGRHQXQDFHOGDGH
FRUURVLyQ
)XHQWHKWWSRPHJDLOFHHGXP[VLWHVFLHQFLDYROXPHQFLHQFLDKWPVHFBKWPO
/RVFRPSRQHQWHVHVHQFLDOHVVHSUHVHQWDQHQOD)LJXUDODVIOHFKDVUHSUHVHQWDQ
FRUULHQWHVHOpFWULFDVQRHOHFWURQHVIOX\HQGRDODVROXFLyQGHVGHHOiQRGR³DO
FiWRGR \ UHJUHVDQGR GHVGH HO FiWRGR DO iQRGR D WUDYpV GH XQ KLOR PHWiOLFR
FRQGXFWRUFREUHSRUHMHPSOR
0$1,)(67$&,21(6'(/$&25526,Ð1
/D SUHVHQFLD GH OD KHUUXPEUH HV XQD PDQLIHVWDFLyQ FODUD GH OD H[LVWHQFLD GH
FRUURVLyQSDUDHOFDVRGHOKLHUUR\VXVDOHDFLRQHVDFHURV(OSURGXFWRSULPDULR
GHODR[LGDFLyQGHOKLHUURHVHOKLGUy[LGRIHUURVREODQFR)H2+TXHDVXYH]
VHR[LGDDKLGUy[LGRIpUULFRGHFRORUURML]R)H2+
(Q OD )LJXUD VH UHSUHVHQWD HO DWDTXH SURGXFLGR SRU XQD JRWD GH DJXD VDODGD
(YDQV XQR GH ORV LQYHVWLJDGRUHV TXH PiV KD FRQWULEXLGR DO FRQRFLPLHQWRGH OD
FRUURVLyQ GHPRVWUy TXH HQ HO FDVR GH XQD JRWD GH DJXD VDODGD ODV GLIHUHQFLDV
HQ OD FDQWLGDG GH R[tJHQR GLVXHOWR HQ HO OtTXLGR HQ FRQWDFWR FRQ OD VXSHUILFLH
PHWiOLFDORTXHVHFRQRFHFRPRDLUHDFLyQGLIHUHQFLDOFUHDQSLODVGHFRUURVLyQ
HQODVTXHHODWDTXHGHOPHWDORFXUUHHQODViUHDVPHQRVR[LJHQDGDVSURYRFDQGR
XQD FRUURVLyQ UiSLGD H LQWHQVD 6L VH GHSRVLWD XQD JRWD GH DJXD VDODGD DJXD \
FORUXUR GH VRGLR VREUH OD VXSHUILFLH KRUL]RQWDO GH XQD OiPLQD GH DFHUR
SHUIHFWDPHQWH OLPSLD \ GHVHQJUDVDGD FRPR HQ OD )LJXUD VH SXHGH REVHUYDU
SRUHMHPSORGHVSXpVGHXQRVPLQXWRVXQSUHFLSLWDGRHQHOPHGLRGHODJRWD
)LJXUD$WDTXHSURGXFLGRSRUXQDJRWDGHDJXDVDODGD
)XHQWHKWWSRPHJDLOFHHGXP[VLWHVFLHQFLDYROXPHQFLHQFLDKWPVHFBKWPO
BBBBBBBBBBB
*HQHVFi/ORQJXHUDV2S&LWS
´8OLFN5LFKDUGVRQ(YDQVIXHGHVFULWRHQODVPHPRULDVELRJUiILFDVGHFRPSDxHURV
GHODVRFLHGDGUHDOFRPRHO´SDGUHGHODFLHQFLDPRGHUQDGHODFRUURVLyQ\GHODSURWHFFLyQGH
PHWDOHVµ6XLPSRUWDQWHFRQWULEXFLyQDOWHPDLPSOLFyHOSRQHUXQDVEDVHVILUPHVGHODQDWXUDOH]D
HOHFWURTXtPLFDGHODFRUURVLyQ6XSULPHUGRFXPHQWRHQHVWDiUHDIXHSXEOLFDGRHQTXHIXH
VHJXLGRHQSRUVXOLEUR´FRUURVLyQGHPHWDOHVµHOSULPHUOLEURGHWH[WRGHGLFDGRDOWHPDeO
FRQWLQXy SXEOLFDQGR ORV GRFXPHQWRV GH LQYHVWLJDFLyQ GXUDQWH ORV VLJXLHQWHV DxRVµ
KWWSZZZFRUURVLRQGRFWRUVRUJ%LRJUDSKLHV(YDQV%LRKWP!
/D SDUWH SHULIpULFD R PiV H[WHULRU GH OD JRWD PiV DLUHDGD FRQ XQ PiV IiFLO
DFFHVRSDUDHOR[tJHQRTXHHOFHQWURMXHJDHOSDSHOGHORTXHKHPRVOODPDGR
FiWRGRFRQUHODFLyQDOFHQWURTXHDVXYH]VHFRQYLHUWHHQiQRGR(QWUHHVWDV
GRV ]RQDV VH IRUPD XQD PHPEUDQD GH KLGUy[LGR GH KLHUUR KHUUXPEUH &RQ
D\XGD GH XQ WXER FDSLODU VH SXHGH DWUDYHVDU OD PHPEUDQD \ FRPSUREDU OD
IRUPDFLyQHQHOFHQWURGHODJRWDGHXQDVDOIHUURVD)H&OFORUXURIHUURVR
/RTXHRFXUUHHQHOHMHPSORGHODJUDILFDDQWHULRU)LJXUDHVORTXHVHFRQRFH
FRPRXQDFHOGDHOHFWUROtWLFDHQHOODODGLIHUHQFLDGHSRWHQFLDOFUHDGRHQWUHHO
iQRGR\HOFiWRGRSURYRFDXQDPLJUDFLyQGHHOHFWURQHVGHVGHHOiQRGRDOFiWRGR
DORODUJRGHOFRQGXFWRUPHWiOLFRH[WHUQRXQDODPEUHGHFREUHFRPRVHLQGLFD
HQOD)LJXUD
(QHOiQRGRDOSHUGHUHOHFWURQHVTXHGDQLRQHVKLHUURFDUJDGRVSRVLWLYDPHQWH
)HORVFXDOHVSXHGHQFRPELQDUVHFRQLRQHVFDUJDGRVQHJDWLYDPHQWH2+³TXH
VH HQFXHQWUDQ HQ ODV LQPHGLDFLRQHV GHO iQRGR IRUPiQGRVH DVt OD FRQRFLGD
KHUUXPEUHTXHSXHGHVHUHOKLGUy[LGRIHUURVR)H2+HOFXDOSXHGHUHDFFLRQDU
FRQSRVWHULRULGDGSDUDIRUPDUKLGUy[LGRIpUULFR)H2+XRWURVy[LGRVGHKLHUUR
)LJXUD6HQWLGRGHOIOXMRGHHOHFWURQHV\GHOIOXMRFRQYHQFLRQDOGHODFRUULHQWHHOpFWULFDHQ
XQDFHOGDGHFRUURVLyQ
)XHQWHKWWSRPHJDLOFHHGXP[VLWHVFLHQFLDYROXPHQFLHQFLDKWPVHFBKWPO
(Q HO FiWRGR \ SURFHGHQWHV GHO iQRGR YDQ OOHJDQGR D WUDYpV GHO FRQGXFWRU
PHWiOLFRH[WHUQRHOHFWURQHV(VWRVHOHFWURQHVFDUJDGRVQHJDWLYDPHQWHDOOOHJDU
D OD LQWHUIDVH FiWRGRVROXFLyQ VH FRPELQDQ FRQ ORV LRQHV KLGUyJHQR FDUJDGRV
SRVLWLYDPHQWH+SDUDIRUPDUKLGUyJHQRJDV+&XDQGRORVLRQHVKLGUyJHQRVH
FRQYLHUWHQ HQ KLGUyJHQRJDVHRVR DOFRPELQDUVH FRQ ORV HOHFWURQHV SURFHGHQWHV
GHOiQRGRVHFUHDXQH[FHVRGHLRQHV2+³HQODVLQPHGLDFLRQHVGHOFiWRGR(VWH
H[FHVRGHLRQHV2+³KDFHTXHDXPHQWHODDOFDOLQLGDGGHOHOHFWUROLWRDG\DFHQWH
DOFiWRGR
&$86$6&2081(6'(/$&25526,Ð1
'HIRUPDFLyQ GHO PHWDO FDPELRV HQ OD HVWUXFWXUD FULVWDOLQD GHO PHWDO
FDXVDGRVSRUFDORUEUXVFDVGLIHUHQFLDVWpUPLFDVHIHFWRVPHFiQLFRVJULHWDV\
ILVXUDV SRU IDWLJD WHQVLRQHV GH WUDFFLyQ HQWUH RWUDV /D VHFFLyQ GHIRUPDGD
WLHQGH D VHU FRUURtGD ]RQD DQyGLFD IUHQWH D ODV ]RQDV LQWDFWDV TXH QR VH
FRUURHQ /D FRUULHQWH JDOYiQLFD SURGXFLGD HQWUH DPERV VH LQFUHPHQWD R
GLVPLQX\H SURSRUFLRQDOPHQWH GH DFXHUGR D OD VDOLQLGDG GHO IOXLGR TXH ORV
URGHD
3RU DLUHDFLyQ GLIHUHQFLDO FXDQGR XQD SDUWH GH XQD SLH]D PHWiOLFD VH
HQFXHQWUDHQFRQWDFWRFRQXQDFRQFHQWUDFLyQGHR[tJHQRPD\RUTXHODTXHKD\
HQ RWUD ]RQD GH OD PLVPD SLH]D VLHPSUH VH FXPSOH TXH HQ OD ]RQD ULFD GH
R[tJHQRWLHQGHDSURGXFLUVHODUHGXFFLyQGHGLFKRJDVPLHQWUDVTXHHQOD]RQD
PiV SREUH HQ R[tJHQR WLHQGH D SURGXFLUVH OD R[LGDFLyQ GHO PHWDO (Q RWUDV
SDODEUDV OD ]RQD ULFD HQ R[tJHQR DFW~D FRPR FiWRGR \ OD SREUH HQ R[tJHQR
FRPRiQRGR(VWDFDXVDGHFRUURVLyQSRQHHQHYLGHQFLDTXHXQPHWDOQRVROR
VH SXHGHFRUURHU VL VH HQFXHQWUD HQ XQ PHGLR DFXRVR \ TXH HO R[tJHQR MXHJD
WDPELpQXQSDSHOPX\LPSRUWDQWHHQODFRUURVLyQ
&RQWDFWRGHGRVPHWDOHVGLIHUHQWHVGHELGRDGLIHUHQFLDVHQVXVSRWHQFLDOHV
GHUHGXFFLyQHOPHWDOPiVDFWLYRVXIULUiFRUURVLyQIUHQWHDOPHWDOPiVQREOH
TXHVHPDQWLHQHLQWDFWR
,QIOXHQFLD GH LQFUXVWDFLRQHV XQ VHGLPHQWR VREUH XQD VXSHUILFLH PHWiOLFD
RULJLQD XQD ]RQD DQyGLFD MXVWDPHQWH GHEDMR GHO GHSyVLWR GRQGH OD
FRQFHQWUDFLyQ GH R[tJHQR HV PX\ SHTXHxD HQ FRPSDUDFLyQ FRQ OD SHULIHULD
(VWDV GLIHUHQFLDV HQ ODV FRQFHQWUDFLRQHV GH R[tJHQR VH RULJLQDQ FRQ JUDQ
IDFLOLGDG FXDQGR WLHQHQ OXJDU SURFHVRV GH LQFUXVWDFLyQ GH VDOHV 7DQWR OD
SUHVHQFLDGHVDOHVGLVXHOWDVHQHOIOXLGRFRPRODIRUPDFLyQGHLQFUXVWDFLRQHV
VyOLGDVVREUHVXSHUILFLHVPHWiOLFDVVRQIDFWRUHVTXHLQFUHPHQWDQODYHORFLGDG
HLQWHQVLGDGGHORVSURFHVRVFRUURVLYRV
BBBBBBBBBBB
8+/,* +HUEHUW + \ 5(9,( :LQVWRQ &RUURVLRQ DQG &RUURVLRQ &RQWURO $Q ,QWURGXFWLRQ WR
&RUURVLRQ6FLHQFHDQG(QJLQHHULQJHG(VWDGRV8QLGRV-RKQ:LOOH\S
7,326'(&25526,Ð1
(VFRQYHQLHQWHFODVLILFDUODFRUURVLyQSRUODVIRUPDVHQTXHVHPDQLILHVWDRVHD
FRQ EDVH HQ OD DSDULHQFLD GHO PDWHULDO FRUURtGR &DGD IRUPD SXHGH VHU
LGHQWLILFDGD SRU OD PHUD REVHUYDFLyQ YLVXDO D YHFHV D VLPSOH YLVWD \ RWUDV VH
UHTXLHUHPDJQLILFDFLyQ
&RUURVLyQXQLIRUPHFRUURVLyQHOHFWURTXtPLFDTXHDFW~DXQLIRUPHPHQWHVREUH
WRGD OD VXSHUILFLH H[SXHVWD GHO PHWDO FRQ VRODPHQWH YDULDFLRQHV PtQLPDV HQ
ODSURIXQGLGDGGHOGDxR
&RUURVLyQ JDOYiQLFD RFXUUH FXDQGR PHWDOHV GLIHUHQWHV VH HQFXHQWUDQ HQ
FRQWDFWR DPERV PHWDOHV SRVHHQ SRWHQFLDOHV HOpFWULFRV GLIHUHQWHV OR FXDO
IDYRUHFH OD DSDULFLyQ GH XQ PHWDO FRPR iQRGR \ RWUR FRPR FiWRGR
JHQHUiQGRVHXQIOXMRGHFRUULHQWHHQWUHHOORVDPD\RUGLIHUHQFLDGHSRWHQFLDO
HO PHWDO PiV DFWLYR VXIULUi XQD FRUURVLyQ PiV DFHOHUDGD PLHQWUDV TXH OD
FRUURVLyQHQORVPHWDOHVPHQRVDFWLYRVHQFRQWDFWRVHUHWDUGDRVHHOLPLQD
&RUURVLyQSRUSLFDGXUDVHVXQDIRUPDORFDOL]DGDGHFRUURVLyQTXHVHSURGXFH
HQSHTXHxDVFDYLGDGHVRDJXMHURVHQODVXSHUILFLHGHOPHWDO*HQHUDQPXFKDV
IDOODV HQ PHWDOHV VRPHWLGRV D JUDQGHV HVIXHU]RV (Q OD SUiFWLFD SXHGH
SUHVHQWDUVH FRPR SHUIRUDFLyQ GH FDxHUtDV R WDQTXHV 8QD YDULDFLyQ GH OD
FRUURVLyQ SRU SLFDGR HV OD GHQRPLQDGD FRUURVLyQ HQ UHQGLMD 6H SUHVHQWD HQ
XQLRQHV LQWHUVWLFLRV GRQGH OD UHQRYDFLyQ GHO PHGLR FRUURVLYR VROR SXHGH
SURGXFLUVHSRUGLIXVLyQ
&RUURVLyQ tQWHUJUDQXODU HVWi GLUHFWDPHQWH UHODFLRQDGD FRQ OD PLFUR
HVWUXFWXUD GHO PDWHULDO ORV PHWDOHV R DOHDFLRQHV HVWiQ IRUPDGRV SRU JUDQRV
HQHVWHWLSRGHFRUURVLyQVHSUHVHQWDXQDWDTXHORFDOL]DGRHQODVIURQWHUDVGH
JUDQR RULJLQDQGR SpUGLGDV HQ OD UHVLVWHQFLD GHO PHWDO HVWi JHQHUDOPHQWH
DVRFLDGRDLPSXUH]DVTXHWLHQGHQDDFXPXODUVHHQGLFKDVIURQWHUDV
3DUDXQDPHMRUFRPSUHQVLyQVHFLWDODGHILQLFLyQGHOtPLWHGHJUDQR
/Ì0,7(6'(*5$12DFWXDOPHQWHHQODPHWDOXUJLDHVLPSRVLEOHFRQVHJXLU
TXH XQ PHWDO WHQJD WRGRV VXV iWRPRV RULHQWDGRV HQ OD PLVPD GLUHFFLyQ
PRQRFULVWDOHV /RV PpWRGRV LQGXVWULDOHV FRPXQHV GH SURGXFFLyQ GH
PHWDOHVOOHYDQLQHYLWDEOHPHQWHDTXHWRGRVORVPHWDOHV\DOHDFLRQHVHVWpQ
IRUPDGRV SRU DJUXSDPLHQWRV GH SHTXHxDV FRORQLDV GH HVWUXFWXUDV
FULVWDOLQDV FDVL SHUIHFWDV SHUR VLQ RULHQWDFLyQ GHWHUPLQDGD GHQRPLQDGDV
JUDQRV 6X WDPDxR GHSHQGH GH OD FRPSRVLFLyQ GH OD DOHDFLyQ \ GH OD
WpFQLFDGHIDEULFDFLyQYDULDQGRGHVGHFHQWpVLPRVGHPPGHGLiPHWUR
BBBBBBBBBBB
8+/,*2S&LWS
KDVWD GLiPHWURV GH YDULRV PP /D XQLyQ GH GRV JUDQRV KDFH LQHYLWDEOH
TXHHQODLQWHUIDVHGHORVPLVPRVORViWRPRVSUHVHQWHVXQDGLVWULEXFLyQ
PHQRV FRPSDFWD TXH HQ HO VHQR GH ORV JUDQRV (VWR KDFH TXH HVWDV
LQWHUIDVHV R OtPLWHV GH JUDQR SRVHDQ SURSLHGDGHV GLIHUHQWHV GH ODV GHO
UHVWRGHORVJUDQRV3RUHMHPSORODPRYLOLGDGGHORViWRPRVHQORVOtPLWHV
GHJUDQRSXHGHVHUYDULRVyUGHQHVGHPDJQLWXGPD\RUTXHHQHOUHVWRGHO
JUDQR6HWLHQHDVtHQHOPHWDOXQDKHWHURJHQHLGDGTXHSXHGHUHVXOWDUHQ
OD DSDULFLyQ GH XQD IRUPD GH DWDTXH ORFDOL]DGR OODPDGD FRUURVLyQ
LQWHUJUDQXODU
6tODFRPSRVLFLyQTXtPLFDGHOPHWDOHQHOOtPLWHGHJUDQRHVPX\GLVWLQWDD
OD GHO UHVWR GHO JUDQR WDPELpQ VHUiQ PX\ GLIHUHQWHV VXV SURSLHGDGHV
HOHFWURTXtPLFDV 6L HO PDWHULDO HQ HO OtPLWH GHO JUDQR HV DWDFDGR PiV
UiSLGDPHQWH TXH GHO UHVWR GHO JUDQR SXHGHQ VXUJLU VHULRV SUREOHPDV /D
]RQDGHLQIOXHQFLDGHOOtPLWHGHJUDQRSHQHWUDXQDVSRFDVFDSDVDWyPLFDV
6L HVWH PDWHULDOVH GLVXHOYH SUHIHUHQFLDOPHQWHORVJUDQRV VH VHSDUDUiQ \
FRQ XQD FRUURVLyQ PX\ SHTXHxD SXHGH GHVWUXLUVH OD UHVLVWHQFLD PHFiQLFD
GHXQPHWDO
&RUURVLyQSRU)ULFFLyQHVODTXHVHSURGXFHSRUHOPRYLPLHQWRUHODWLYDPHQWH
SHTXHxRFRPRXQDYLEUDFLyQGHGRVVXVWDQFLDVHQFRQWDFWRGHODVTXHXQDR
DPEDV VRQ PHWDOHV (VWH PRYLPLHQWR JHQHUD XQD VHULH GH SLFDGXUDV HQ OD
VXSHUILFLHGHOPHWDOODVTXHVRQRFXOWDGDVSRUORVSURGXFWRVGHODFRUURVLyQ\
VyORVRQYLVLEOHVFXDQGRpVWDHVUHPRYLGD
&RUURVLyQ SRU FDYLWDFLyQ HV OD SURGXFLGD SRU OD IRUPDFLyQ \ FRODSVR GH
EXUEXMDV HQ OD VXSHUILFLH GHO PHWDO HQ FRQWDFWR FRQ XQ OtTXLGR (V XQ
IHQyPHQRVHPHMDQWHDOTXHOHRFXUUHDODVFDUDVSRVWHULRUHVGHODVKpOLFHVGH
ORVEDUFRV*HQHUDXQDVHULHGHSLFDGXUDVHQIRUPDGHSDQDOGHDEHMDV
&RUURVLyQ PLFURELROyJLFD 0,& HV DTXHOOD FRUURVLyQ HQ OD FXDO RUJDQLVPRV
ELROyJLFRV VRQ OD FDXVD ~QLFD GH OD IDOOD R DFW~DQ FRPR DFHOHUDGRUHV GHO
SURFHVR FRUURVLYR ORFDOL]DGR /D 0,& VH SURGXFH JHQHUDOPHQWH HQ PHGLRV
DFXRVRV HQ GRQGHORV PHWDOHV HVWiQ VXPHUJLGRV RIORWDQWHV 3RU OR PLVPR HV
XQDFODVHFRP~QGHFRUURVLyQ/RVRUJDQLVPRVELROyJLFRVSUHVHQWHVHQHODJXD
DFW~DQ HQ OD VXSHUILFLH GHO PHWDO DFHOHUDQGR HO WUDQVSRUWH GHO R[tJHQR D OD
VXSHUILFLHGHOPHWDODFHOHUDQGRRSURGXFLHQGRHQVXGHIHFWRHOSURFHVRGH
ODFRUURVLyQ
BBBBBBBBBBB
0(7$/85*,$ < (/(&75248Ì0,&$ &25526,Ð1 (/(&75248Ì0,&$ (QFLFORSHGLD HQ OtQHD
'LVSRQLEOHHQOD:RUG:LGH:HEKWWSZZZZLNLSHGLDFRP!
&RUURVLyQ SRU ILVXUDV OD FRUURVLyQ SRU ILVXUDV HV OD TXH VH SURGXFH HQ
SHTXHxDV FDYLGDGHV R KXHFRV IRUPDGRV SRU HO FRQWDFWR HQWUH XQD SLH]D GH
PHWDOLJXDORGLIHUHQWHDODSULPHUDRPiVFRP~QPHQWHFRQXQHOHPHQWRQR
PHWiOLFR (Q ODV ILVXUDV GH DPERV PHWDOHV TXH WDPELpQ SXHGHQ VHU HVSDFLRV
HQODIRUPDGHOREMHWRVHGHSRVLWDODVROXFLyQTXHIDFLOLWDODFRUURVLyQGHOD
SLH]DYHU)LJXUD
6HGLFHHQHVWRVFDVRVTXHHVXQDFRUURVLyQFRQiQRGRHVWDQFDGR\DTXHHVD
VROXFLyQ D PHQRV TXH VHD UHPRYLGD QXQFD SRGUi VDOLU GH OD ILVXUD $GHPiV
HVWD FDYLGDG VH SXHGH JHQHUDU GH IRUPD QDWXUDO SURGXFWR GH OD LQWHUDFFLyQ
LyQLFDHQWUHODVSDUWHVTXHFRQVWLWX\HQODSLH]D
)LJXUD&RUURVLyQIRUPDGDSRUILVXUDV
)XHQWHKWWSZZZILVLFDQHWFRPDUTXLPLFDFRUURVLRQDSBFRUURVLRQSKS
)LVXUDFLyQ LQGXFLGD SRU HO PHGLR HQ pVWD VH IRUPDQ JULHWDV HQ XQ
FRPSRQHQWH EDMR OD DFFLyQ FRPELQDGD GH HVIXHU]RV PHFiQLFRV WHQVLyQ
IDWLJD ILVXUDFLyQLQGXFLGD SRU KLGUyJHQR \ XQ PHGLR DPELHQWH DJUHVLYR TXH
MXQWRVSXHGHQFDXVDUXQDIDOODV~ELWD
0HWDOHV OtTXLGRV OD FRUURVLyQ FRQ PHWDOHV OtTXLGRV FRUUHVSRQGH D XQD
GHJUDGDFLyQ GH ORV PHWDOHV HQ SUHVHQFLD GH FLHUWRV PHWDOHV OtTXLGRV FRPR HO
=LQF 0HUFXULR &DGPLR HQWUH RWURV (MHPSORV GHO DWDTXH SRU PHWDO OtTXLGR
LQFOX\HQ D ODV GLVROXFLRQHV TXtPLFDV DOHDFLRQHV PHWDODPHWDO SRU HMHPSOR
HODPDOJDPDPLHQWR\RWUDVIRUPDV
(16$<26'(&25526,Ð1
(Q HO PHGLR SUiFWLFR GH ORV PDWHULDOHV VH SUHVHQWDQ GDxRV GH PD\RU R PHQRU
LPSRUWDQFLD FDXVDGRV SRU DFFLRQHV TXtPLFDV EDMR FRQGLFLRQHV IUHFXHQWHPHQWH
LQFRQWURODEOHV GH GLIHUHQWH QDWXUDOH]D \ JUDQ PXOWLSOLFLGDG GH DVSHFWRV 3DUD
H[SOLFDU ODV FDXVDV GH ORV GDxRV VRQ DSURSLDGRV ORV HQVD\RV GH FRUURVLyQ EDMR
FRQGLFLRQHV H[DFWDPHQWH FRQRFLGDV \ UHSURGXFLEOHV FRQ XQD HOHFFLyQ ELHQ
GHWHUPLQDGD H LQWHQFLRQDOPHQWH OLPLWDGD GH ORV IDFWRUHV GHFLVLYRV GHO SURFHVR
GHFRUURVLyQ
(QJHQHUDOORVHQVD\RVSXHGHQVHUQDWXUDOHVRGHODERUDWRULR/RVSULPHURVVRQ
DTXHOORV HQ ORV TXH OD SLH]D D HQVD\DU HVWiQ VRPHWLGRV GLUHFWDPHQWH D ODV
FRQGLFLRQHVGHDWDTXHTXHVHHQFXHQWUDQQDWXUDOPHQWHHQODSUiFWLFD
/RV HQVD\RV GH ODERUDWRULR VRQ HQVD\RV UHDOL]DGRV EDMR FRQGLFLRQHV GH DWDTXH
UHJXODEOHV\ORJUDGDVDUWLILFLDOPHQWH6HGLIHUHQFLDQGHORVQDWXUDOHVHQWUHRWUDV
FRVDV HQ TXH HQ ORV GH ODERUDWRULR VH HPSOHDQ SUREHWDV SHTXHxDV ELHQ
GHILQLGDV$GHPiVODFRPSRVLFLyQ\ODFDOLGDGGHOPHGLRDJUHVLYRVHSXHGHQILMDU
H[DFWDPHQWH
/RVUHVXOWDGRVGHORVHQVD\RVQDWXUDOHVVRORVHREWLHQHQHQJHQHUDOGHVSXpVGH
ODUJRVSHUtRGRVGHWLHPSR/DVFRQGLFLRQHVGHDWDTXHVRQPXFKDVYHFHVYDULDEOHV
\ QR FRQWURODEOHV 3RU VX ODUJD GXUDFLyQ QR VLHPSUH HV SRVLEOH DFXGLU D HVWRV
HQVD\RV
(QVD\RVQDWXUDOHV
6RQ ORV TXH SHUPLWHQ HO HQMXLFLDPLHQWR PiV VHJXUR GH XQ PDWHULDO R HO HIHFWR
SURWHFWRU GH XQD PHGLGD GHWHUPLQDGD 6RQ OD EDVH GH WRGRV ORV HQVD\RV GH
FRUURVLyQ (Q ORV HQVD\RV QDWXUDOHV VROR VH REWHQGUiQ UHVXOWDGRV FODURV GHVSXpV
GHODUJRVSHUtRGRVGHWLHPSRHVGHFLUFXDQGRKD\DQSRGLGRHQWUDUHQMXHJRORV
IDFWRUHVDFHOHUDQWHVHLQKLELGRUHV
(QVD\RVHQODDWPyVIHUDSDUDHOFRQRFLPLHQWRIXQGDPHQWDOGHODDWPyVIHUD
SRGHPRVFLWDUODQHFHVLGDGGHDSUHFLDUORVVLJXLHQWHVDJHQWHVPRGLILFDWLYRV
LUUDGLDFLyQ VRODU UDGLDFLyQ GHO VXHOR WHPSHUDWXUD GHO DLUH KXPHGDG
SUHFLSLWDFLRQHV YLHQWR LPSXUH]DV HQWUH RWUDV $~Q KD\ TXH DxDGLU ODV
YDULDFLRQHVFRQODVHVWDFLRQHVGHODxR\ODVLWXDFLyQGHOOXJDUGHHQVD\R
+D\ TXH HOHJLU HO VLWLR GH WDO IRUPD TXH H[LVWDQ HQ WRGRV ORV SXQWRV LJXDOHV
FRQGLFLRQHVDWPRVIpULFDV\TXHQRVHHQFXHQWUHQSHUWXUEDFLRQHVGHELGDVD
BBBBBBBBBBB
*HQHVFi/ORQJXHUDV2S&LWS
KXPRV JDVHV UHVLGXDOHV HQWUH RWUDV (V PX\ LPSRUWDQWH OD IRUPD GH
FRORFDFLyQ GH ODV SUREHWDV QR GHEHQ HVWDU HQ FRQWDFWR FRQ FODYRV X RWUDV
SLH]DV PHWiOLFDV OR FRQYHQLHQWH HV ILMDU ODV SUREHWDV SRU XQ VROR SXQWR \
GHMDUODVFROJDQGROLEUHPHQWH
3DUDSRGHUFRPSDUDUORVUHVXOWDGRVGHORVHQVD\RVHVWDPELpQFRQYHQLHQWHQR
VROR UHDOL]DU HO HQVD\R GHFRUURVLyQVLQRFRQWURODUORV IDFWRUHV LPSRUWDQWHV
VLJXLHQGR FRQWLQXDPHQWH SRU HMHPSOR KXPHGDG UHODWLYD WHPSHUDWXUD
FRQWHQLGRGHJDVHVDJUHVLYRVHQWUHRWUDV
(QVD\RV HQ HO DJXD \ HQ HO PDU VRQ PHQRV ORV IDFWRUHV PRGLILFDWLYRV (Q
HVWDV FRQGLFLRQHV SXHGH WHQHU PXFKD LPSRUWDQFLD OD GLVSRVLFLyQ GH ODV
SUREHWDVSXHVPXFKDVYHFHVKD\TXHFRQWDUFRQFRUULHQWHVLQWHQVDVGHDJXD
TXH SXHGHQ DUUDVWUDUODV R SHUGHUODV (Q OD H[SRVLFLyQ DO DJXD GH PDU WLHQH
LPSRUWDQFLD HO VHFDGR \ KXPHGHFLPLHQWR DOWHUQDWLYR GH ODV SUREHWDV SRU HO
IOXMR\UHIOXMRGHODPDUHD
(QVD\RV HQ HO VXHOR VyOR VH SXHGH IRUPDU XQ MXLFLR GHFLVLYR VREUH OD
FRUURVLyQ GH ORV PDWHULDOHV PHWiOLFRV HQWHUUDGRV FXDQGR ORV HQVD\RV VH
HMHFXWDQEDMRODVPLVPDVFLUFXQVWDQFLDVGHODSUiFWLFDHVGHFLUDMXVWDQGROD
FDOLGDGGHORVPDWHULDOHV\HOPHGLRDJUHVLYRDODVFRQGLFLRQHVGHVHUYLFLR
3DUDHYLWDUGLVSHUVLRQHVHVQHFHVDULRQRHQVD\DUQLWXERVQLFDEOHVGHPHQRV
GHPGHORQJLWXG/RVFXHUSRVKXHFRVGHEHQWDSRQDUVHSRUDPERVH[WUHPRV
3DUD SRGHU WHQHU HQ FXHQWD HO FXUVR WHPSRUDO GHO DWDTXH HV QHFHVDULR
HPSOHDUXQJUDQQ~PHURGHSUREHWDVDQiORJDVODVFXDOHVVHYDQHQWHUUDQGR
GHWLHPSRHQWLHPSR\GRVSRUORPHQRVFDGDYH]3DUDHQWHUUDUODVSUREHWDV
HV LQHYLWDEOH OD UHPRFLyQ GHO VXHOR &RQ HOOR VH SURYRFD XQD DOWHUDFLyQ TXH
GHEHPDQWHQHUVHORPiVSHTXHxDSRVLEOH(VGHJUDQLPSRUWDQFLDHOFRQWDFWR
GHODJXDGHOVXHORFRQODSUREHWDSRUORTXHHVFRQYHQLHQWHTXHXQDVHULHGH
SUREHWDV VH HQFXHQWUHQ VREUH HO VXHOR \ RWUD VHJXQGD VXPHUJLGD
FRQWLQXDPHQWHHQODPLVPD
(QVD\RVGHODERUDWRULR
8QRGHORVILQHVPiVLPSRUWDQWHVGHORVHQVD\RVGHFRUURVLyQHQHOODERUDWRULRHV
OD LPLWDFLyQ GH ODV DFFLRQHV DWPRVIpULFDV SXHVWR TXH VRQ ODV TXH H[LVWHQ FRQ
Pi[LPD IUHFXHQFLD HQ HO HPSOHR GH ORV PDWHULDOHV DXQTXH WDPELpQ FRQ ODV
YDULDFLRQHVPiVQRWDEOHV(QHOODERUDWRULRQRHVSRVLEOHWHQHUHQFXHQWDWRGDV
ODVYDULDFLRQHVSXHVHOORH[LJLUtDXQQ~PHURHQRUPHGHHQVD\RV
(QVD\RV GH QLHEOD SDUD UHSURGXFLU HQ HO ODERUDWRULR OD KXPHFWDFLyQ GH ORV
REMHWRVSRUODQLHEODVHHPSOHDQORVGLVSRVLWLYRVGHSXOYHUL]DFLyQFRQDLUHD
SUHVLyQ\XQDWREHUDSDUDSXOYHUL]DUODVROXFLyQDJUHVLYDGHIRUPDTXHDFW~H
VREUHODVSUREHWDVHQIRUPDGHILQtVLPDVJRWDV
(QVD\RVGHLQPHUVLyQDOWHUQDORVHIHFWRVGHKXPHGHFLPLHQWR\VHFDGRTXH
HQODDWPyVIHUDSXHGHQGDUVHSRUHMHPSORDFDXVDGHODOOXYLDVHSURGXFHQ
HQ HO ODERUDWRULR PHGLDQWH HQVD\RV GH LQPHUVLyQ DOWHUQD ODV SUREHWDV VH
VRPHWHQHQHOORVGXUDQWHXQFLHUWRWLHPSRHOHIHFWRGHODLQPHUVLyQHQDJXD
RHQDOJXQDVROXFLyQDFXRVD\OXHJRDXQDH[WUDFFLyQOHQWDSDUDTXHSXHGDQ
VHFDUVHHQHODLUH6HJ~QODVDFFLRQHVTXHVHGHVHDLPLWDUVHHPSOHDQFRPR
PHGLRVDJUHVLYRVHODJXDGHVWLODGDDJXDGHJULIRRVROXFLRQHVDOGH1D&O
ODVSpUGLGDVSRUHYDSRUDFLyQVHFRPSHQVDQFRQODDGLFLyQGHDJXDGHVWLODGD
(QVD\RV GH LQPHUVLyQ FRQWLQXD SDUD HVWDEOHFHU HO FRPSRUWDPLHQWR GH ORV
PDWHULDOHV IUHQWH D ODV VROXFLRQHV DFXRVDV VH HPSOHDQ HQ HO ODERUDWRULR ORV
HQVD\RV GH LQPHUVLyQ FRQWLQXD ODV VROXFLRQHV DJUHVLYDV VXHOHQ HVWDU
FRQWHQLGDV HQ YDVLMDV GH YLGULR \ ODV SUREHWDV VH PDQWLHQHQ VXVSHQGLGDV
GHQWUR GH GLFKDV YDVLMDV 6ROR FXDQGR HV QHFHVDULR HYLWDU HO HIHFWR GHO
R[tJHQRFRQWHQLGRHQHODLUHVHHQVD\DFRQYDVLMDVFHUUDGDV
/RPiVVHQFLOORHVFROJDUODVSUREHWDVGHKRUTXLOODVGHYLGULRRGHSOiVWLFR(Q
ORVHQVD\RVQRUPDOHVODVPXHVWUDVHVWiQWRWDOPHQWHVXPHUJLGDVGHWDOIRUPD
TXH HO QLYHO GH OtTXLGR HVWH DSUR[LPDGDPHQWH PP SRU HQFLPD GHO ERUGH
VXSHULRU GH OD SUREHWD (VWR HV QHFHVDULR SDUD JDUDQWL]DU HQ XQ OtTXLGR HQ
UHSRVRXQDGLVWULEXFLyQKRPRJpQHDGHOR[tJHQR
(Q FLHUWRV FDVRV WDPELpQ HV GHVHDEOH FRPSUREDU OD FRUURVLyQ HQ OD OtQHD GH
FRQWDFWR VROXFLyQ DLUH (Q HVWH FDVR VH UHFRPLHQGD HMHFXWDU XQD VHULH
HVSHFLDO GH HQVD\RV HQ ORV TXH SRU OD DLUHDFLyQ GLIHUHQFLDO VH IRUPHQ SLODV
ORFDOHVVREUHODVXSHUILFLHGHODSLOD
0pWRGRV HOHFWURTXtPLFRV OD FRUURVLyQ HQ VROXFLRQHV DFXRVDV HV XQ SURFHVR
HOHFWURTXtPLFR &RPR FRQVHFXHQFLD GH HVWR VH QRWD OD LPSRUWDQFLD GH OD
HOHFWURTXtPLFD HQ ORV SURFHVRV GH FRUURVLyQ (V OyJLFR TXH SRU HOOR VH
HPSOHHQ FRQ IUHFXHQFLD DGHPiV WLHQHQ OD YHQWDMD GH SHUPLWLU REWHQHU
UHVXOWDGRV HQ HO ODERUDWRULR HQ SHULRGRV GH WLHPSR FRUWR \ TXH DILQDQGR ORV
PpWRGRVDPHGLGDVHSXHGHQVLPXODUH[SOLFDU\FRPSUREDUPXFKDVYHFHVORV
SURFHVRVGHFRUURVLyQ
'HORVUHVXOWDGRVGHWDOHVHQVD\RVKDQUHVXOWDGRPXFKDVYHFHVSURFHGLPLHQWRV
GH SURWHFFLyQ HILFDFHV +D\ TXH WHQHU HQ FXHQWD TXH HVWRV HQVD\RV H[LJHQ
XQD DSOLFDFLyQ PX\ FRUUHFWD HMHFXFLyQ HVSHFLDOL]DGD \ TXH SDUD TXH VXV
UHVXOWDGRV SXHGDQ DSOLFDUVH FRQ XWLOLGDG HV UHTXLVLWR SRVHHU FRQRFLPLHQWRV
HVSHFLDOL]DGRV(QWUHORVHQVD\RVTXHVHUHDOL]DQSXHGHQFLWDUVH
0HGLGDVGHSRWHQFLDOFRQWUDWLHPSR
0HGLGDVGHODLQWHQVLGDGGHFRUULHQWHFRQWUDWLHPSR
0HGLGDVGHSRWHQFLDOFRUULHQWHFRQWUDWLHPSR
2EWHQFLyQGHORVUHVXOWDGRVHQHQVD\RVGHFRUURVLyQ
/RVUHVXOWDGRVGHHQVD\RVGHFRUURVLyQVHHYLGHQFLDQDSDUWLUGHODVYDULDFLRQHV
GH OD VXSHUILFLH GHO PDWHULDO \ HO DJHQWH FRUURVLYR $GHPiV PXFKDV YHFHV HV
GHVHDEOHFRQRFHUODFRPSRVLFLyQ\FDOLGDGGHORVSURGXFWRVGHFRUURVLyQ
/D VXSHUILFLH GHO PHWDO OD REVHUYDFLyQ D VLPSOH YLVWD GH OD VXSHUILFLH GHO
PHWDO TXH VH FRUURH HV HO PpWRGR PiV UDFLRQDO \ VHQFLOOR SRU WDQWR HO PiV
IUHFXHQWHPHQWHHPSOHDGRSDUDMX]JDUVREUHODFRUURVLyQ&RQWDOREVHUYDFLyQ
VH SUHVWD DWHQFLyQ D OD IRUPD \ OD FDQWLGDG HQ TXH ORV SURGXFWRV GH OD
FRUURVLyQVHKDQGHSRVLWDGRVREUHODVXSHUILFLHVLODFRUURVLyQWUDQVFXUUHVLQ
IRUPDFLyQ GH SURGXFWRV VyOLGRV R VL ORV GDxRV SURGXFLGRV VREUH OD VXSHUILFLH
VRQJULHWDVILVXUDV&RPRHVQDWXUDOKD\TXHILMDUVHVLHODWDTXHHVXQLIRUPH
R ORFDOL]DGR FRQ SLFDGXUDV &XDQGR OD FRUURVLyQ HV ORFDOL]DGD HV SRVLEOH
HVWLPDU HO JUDGR GH FRUURVLyQ SRU OD PDJQLWXG \ GLVWULEXFLyQ GH ORV OXJDUHV
FRUURtGRV
,QYHVWLJDFLRQHV PLFURVFySLFDV GH OD VXSHUILFLH HQ ODV LQYHVWLJDFLRQHV
PRGHUQDV VH KDQ HPSOHDGR ODV REVHUYDFLRQHV HQ FDPSR FODUR \ HQ FDPSR
RVFXUR OD LOXPLQDFLyQ REOLFXD \ HO FRQWUDVWH GH IDVH 3XHGH VHU GH PXFKD
XWLOLGDGHOHPSOHRGHOX]SRODUL]DGDRXOWUDYLROHWD
,QYHVWLJDFLyQGHODVVXSHUILFLHVFRQPLFURVFRSLRHOHFWUyQLFRHOPLFURVFRSLR
HOHFWUyQLFRVHKDHPSOHDGRFRQp[LWRHVSHFLDOSDUDHOHVWXGLRGHORVSURFHVRV
GH R[LGDFLyQ \ HV GH JUDQ XWLOLGDG SDUD FDVRV GH H[LJHQFLDV JUDQGHV \ SDUD
UHFRQRFHUODVPiVSHTXHxDVGLIHUHQFLDVORFDOHVGHODFDOLGDGVXSHUILFLDO
5HFRQRFLPLHQWR GH GHIHFWRV VXSHUILFLDOHV JULHWDV HQ OD FRUURVLyQ VH
SURGXFHQ FRQ IUHFXHQFLD GHIHFWRV VXSHUILFLDOHV FX\R UHFRQRFLPLHQWR HV
LPSRUWDQWH SDUD MX]JDU HO SURFHVR GH DWDTXH /RV GHIHFWRV UHVXOWDQ PiV
SHUMXGLFLDOHVHQHOXVRSRUORTXHUHVSHFWDDODVVROLFLWDFLRQHVPHFiQLFDVODV
JULHWDVTXHPXFKDVYHFHVQRVHGHVFXEUHQDVLPSOHYLVWD
3DUD FRPSUREDU VX H[LVWHQFLD VH KDQ GHVDUUROODGR XQD VHULH GH HQVD\RV QR
GHVWUXFWLYRV&RPRORVPiVFRQRFLGRVVHSXHGHQFLWDU
+XPHFWDFLyQFRQOtTXLGRVYROiWLOHV
(OHPSOHRGHPDWHULDOHVIOXRUHVFHQWHV
(OHPSOHRGHSROYRVPDJQpWLFRV
,QGLFDGRUHVUDGLDFWLYRV\ORVXOWUDVyQLFRV
'HWHUPLQDFLyQGHODVYDULDFLRQHVGHSHVRHQODPD\RUtDGHORVHQVD\RVGH
FRUURVLyQ VH PLGH OD PDJQLWXG SRU ODV YDULDFLRQHV GH SHVR HQ ODV SUREHWDV
3DUD HOOR HV QHFHVDULR FRQRFHU HO SHVR \ ODV GLPHQVLRQHV GH ODV SUREHWDV
FXELHUWDVSRUORVSURGXFWRVGHFRUURVLyQ\SXHGHVHUGHLPSRUWDQFLDFRQRFHU
HO SHVR GH OD SUREHWD FRQ HVWRV SURGXFWRV DGKHULGRV 3DUD HQFRQWUDUOR VH
VHFDQ ODV SUREHWDV D & \ VH HQIUtDQ GHVSXpV VH SHVDQ 6ROR XQD YH]
KHFKR HVWR VH HOLPLQD OD FDSD GH ORV SURGXFWRV GH FRUURVLyQ (Q HVWH
GHVSUHQGLPLHQWR KD\ TXH WHQHU FXLGDGR TXH QR VH DWDTXH HO PHWDO \ FRPR
FRQWUROVHVRPHWHQDOPLVPRWUDWDPLHQWRODVSUREHWDVTXHVXIULHURQHOHQVD\R
GH FRUURVLyQ \ RWUDV QR FRUURtGDV 3DUD HOLPLQDU OD FDSD GH SURGXFWRV GH
FRUURVLyQVHSXHGHQHPSOHDUYDULRVPpWRGRV
•
•
•
/LPSLH]D PDQXDO PHFiQLFD OD UHPRFLyQ VH KDFH FRQ OD VLPSOH
DSOLFDFLyQ GH XQ SDxR HPEHELGR HQ DOJ~Q VROYHQWH PiV OD
XWLOL]DFLyQ GH DOJ~Q LQVWUXPHQWR DEUDVLYR FRPR XQD HVFRELOOD GH
DFHUR R SDSHO GH OLMD GH FDOLEUH DGHFXDGR SDUD OD FDQWLGDG GH
LPSXUH]DV
'HFDSDGR PHFiQLFR VH UHDOL]D PHGLDQWH FKRUUR GH DUHQD GH
FXDU]R PHGLDQWH JUDQDOOD FKRUURV GH SHTXHxRV HOHPHQWRV
PHWiOLFRVXRWURVVLPLODUHV
'HFDSDGRTXtPLFRFRQVLVWHHQUHPRYHUPHGLDQWHODXWLOL]DFLyQGH
VXVWDQFLDV TXtPLFDV QRUPDOPHQWH iFLGR FORUKtGULFR HO y[LGR \
RWUDVLPSXUH]DV
'HWHUPLQDFLyQGHODGLVPLQXFLyQGHOHVSHVRUODFDUDFWHUtVWLFDPiVVHQFLOOD
GHGHWHUPLQDUHVODGLVPLQXFLyQGHOHVSHVRU(QHOFDVRGHDWDTXHXQLIRUPHOD
GLVPLQXFLyQGHOHVSHVRUVHSXHGHFDOFXODUDSDUWLUGHODSpUGLGDGHSHVR/D
WDEODVHFRQVWUX\HFRQODVUHODFLRQHVHQWUHODSpUGLGDGHSHVRHQ>JP@SRU
GtD\GLVPLQXFLyQGHHVSHVRUHQ>PPDxR@
'HWHUPLQDFLyQ GH OD QDWXUDOH]D SURIXQGLGDG GHO DWDTXH \ GH ODV
YDULDFLRQHVGHHVWUXFWXUDHOH[DPHQPHWDORJUiILFRGHODVSUREHWDVSXOLGDV
FRUWDGDV QRUPDOPHQWH D OD VXSHUILFLH FRUURtGD GH OD SLH]D SHUPLWHQ XQD
REVHUYDFLyQ PX\ EXHQD GHO SURFHVR FRUURVLYR 3DUD HYLWDU TXH HQ OD
SUHSDUDFLyQ VH DOWHUH HO ERUGH FRUUHVSRQGLHQWH D OD VXSHUILFLH VXHOH VHU
QHFHVDULRHOPRQWDMHGHODSUREHWDHQUHVLQDVDUWLILFLDOHV$FWXDOPHQWHVHKD
DFUHGLWDGRHOHPSOHRGHSROYRGHGLDPDQWHSDUDSXOLUPXHVWUDVGHDOHDFLRQHV
FRUURtGDVRFRQFDVFDULOOD
3527(&&,Ð1&2175$/$&25526,Ð1
1RHVQHFHVDULRLQVLVWLUSDUWLFXODUPHQWHVREUHODLPSRUWDQFLDGHODVPHGLGDVGH
SURWHFFLyQ (V ELHQ VDELGR TXH D FDXVD GH OD FRUURVLyQ VH SLHUGHQ JUDQGHV
FDQWLGDGHVGHGLQHURSHURTXHWDPELpQVHLQYLHUWHQVXPDVH[WUDRUGLQDULDVSDUD
HYLWDUODVGHVWUXFFLRQHVQDWXUDOHVSRUFRUURVLyQ
/RVPHGLRVGHSURWHFFLyQFRQWUDODFRUURVLyQVHSXHGHQFDWDORJDUGHODVLJXLHQWH
IRUPD
•
5HFXEULPLHQWRV ORV UHFXEULPLHQWRV DFW~DQ FRPR XQD EDUUHUD IUHQWH D OD
GLIXVLyQ GH ORV DJHQWHV R[LGDQWHV DLVODQGR HO PHWDO \ HYLWDQGR VX
DFXPXODFLyQ VREUH OD VXSHUILFLH 6LQ HPEDUJR ODV SLQWXUDV VH GHJUDGDQ
WDPELpQ VXIUHQ SURFHVRV GH R[LGDFLyQ \ HV XVXDO TXH UHTXLHUDQ TXL]iV FRQ
PiVIUHFXHQFLDTXHRWURVPpWRGRVSODQHVGHLQVSHFFLyQ\PDQWHQLPLHQWR
•
3URWHFFLyQFDWyGLFDRFXUUHFXDQGRXQPHWDOHVIRU]DGRDVHUHOFiWRGRGHOD
FHOGD FRUURVLYD DGKLULpQGROH DFRSOiQGROR R UHFXEULpQGROR GH XQ PHWDO TXH
VH FRUURD PiV IiFLOPHQWH TXH pO GH IRUPD WDO TXH HVD FDSD SURWHFWRUD GH
PHWDOVHFRUURDDQWHVTXHHOPHWDOTXHHVWiVLHQGRSURWHJLGR\DVtVHHYLWHOD
UHDFFLyQ FRUURVLYD 8QD IRUPD FRQRFLGD GH SURWHFFLyQ FDWyGLFD HV HO
JDOYDQL]DGRTXHFRQVLVWHHQFXEULUXQPHWDOFRQ=LQFSDUDTXHpVWHVHFRUURD
SULPHUR/RTXHVHKDFHHVFRQYHUWLUDO=LQFHQXQiQRGRGHVDFULILFLRSRUTXH
pOKDGHFRUURHUVHDQWHVTXHODSLH]DPHWiOLFDSURWHJLGD
•
3URWHFFLyQ DQyGLFDHV XQPpWRGR VLPLODU TXHFRQVLVWH HQ UHFXEULU HOPHWDO
FRQ XQD ILQD FDSD GH y[LGR SDUD TXH QR VH FRUURD ([LVWHQ PHWDOHV FRPR HO
$OXPLQLR TXH DO FRQWDFWR FRQ HO DLUH VRQ FDSDFHV GH JHQHUDU
HVSRQWiQHDPHQWHXQDFDSDGHy[LGR\SRUORWDQWRVHKDFHQUHVLVWHQWHVDOD
FRUURVLyQ $~Q DVt OD FDSD GH y[LGR TXH UHFXEUH DO PHWDO QR SXHGH VHU
FXDOTXLHUD7LHQHTXHVHUDGKHUHQWH\PX\ILUPH\DTXHGHORFRQWUDULRQR
VHUYLUtDSDUDQDGD3RUHMHPSORHOy[LGRGHKLHUURQRHVFDSD]GHSURWHJHUDO
KLHUURSRUTXHQRVHDGTXLHUHDpOHQODIRUPDUHTXHULGD
•
5HFXEULPLHQWRV PHWiOLFRV ORV UHFXEULPLHQWRV VH DSOLFDQ PHGLDQWH FDSDV
ILQDVTXHVHSDUHQHODPELHQWHFRUURVLYRGHOPHWDOHVGHFLUTXHSXHGDQVHUYLU
FRPR iQRGRV VDFULILFDEOHV TXH SXHGDQ VHU FRUURtGRV HQ OXJDU GHO PHWDO
VXE\DFHQWH 3XHGHQ ORJUDUVH UHFXEULPLHQWRV PHWiOLFRV PHGLDQWH OD HOHFWUR
GHSRVLFLyQ GH PHWDOHV FRPR HO QtTXHO =LQF FREUH FDGPLR HVWDxR FURPR
HQWUHRWURV
BBBBBBBBBBB
8+/,*2S&LWS
•
5HFXEULPLHQWRV LQRUJiQLFRV HQ DOJXQRV FDVRV HV QHFHVDULR KDFHU
UHFXEULPLHQWRV FRQ PDWHULDO LQRUJiQLFR ORV PiV XVDGRV VRQ HO YLGULR \ ORV
FHUiPLFRV HVWRV UHFXEULPLHQWRV SURSRUFLRQDQ DFDEDGRV WHUVRV \ GXUDGHURV
$XQTXHVLVHH[SRQHXQSHTXHxROXJDUDQyGLFRVHH[SHULPHQWDXQDFRUURVLyQ
UiSLGDSHURIiFLOGHORFDOL]DU
•
5HFXEULPLHQWRV RUJiQLFRV HO XVR GH SLQWXUDV ODFDV EDUQLFHV \ PXFKRV
PDWHULDOHV RUJiQLFRV SROLPpULFRV KDQ GDGR PX\ EXHQ UHVXOWDGR FRPR
SURWHFFLyQ FRQWUD OD FRUURVLyQ (VWRV PDWHULDOHV SURYHHQ EDUUHUDV ILQDV
WHQDFHV\GXUDGHUDVSDUDSURWHJHUHOVXVWUDWRPHWiOLFRGHPHGLRVFRUURVLYRV
(O XVR GH FDSDV RUJiQLFDV SURWHJH PiV HO PHWDO GH OD FRUURVLyQ TXH PXFKRV
RWURV PpWRGRV $XQTXH GHEH HVFRJHUVH PX\ ELHQ \D TXH KD\ SURFHVRV TXH
LQFOX\HQ WUDWDPLHQWRV FRQ DOFRKROHV TXH HQ DOJ~Q PRPHQWR SXHGHQ GLVROYHU
ORVPDWHULDOHVRUJiQLFRV
,1)250$&,Ð1*(1(5$/
5(6(f$+,67Ð5,&$'(/(16$<2'(1,(%/$6$/,1$
/D FRUURVLyQ GH ORV PHWDOHV HV XQ IHQyPHQR TXH FDXVD FXDQWLRVDV SpUGLGDV
PRQHWDULDVDQXDOPHQWHHQHOPXQGR3RUHVRHVFRP~QTXHSDUDGHWHUPLQDUORV
PDWHULDOHV PiV UHQWDEOHV D XVDU HQ XQ DPELHQWH FRUURVLYR ORV IDEULFDQWHV
UXWLQDULDPHQWH SUXHEHQ PDWHULDV SULPDV HQVDPEOHV SDUFLDOHV DUWtFXORV
WHUPLQDGRV\DQDOLFHQDOD]DUPXHVWUDVGHSURGXFFLyQ
/DSUXHEDGHQLHEODVDOLQDIXHLQYHQWDGDHQSRUHOHQWRQFHVGLUHFWRUGHOD
´1DWLRQDO %XUHDX RI 6WDQGDUGVµ HO LQJHQLHUR - $ &DSS TXLHQ EXVFDQGR XQD
SUXHED TXH UHSURGXMHUD ORV HIHFWRV GH ODV FRQGLFLRQHV GHO PXQGR UHDO SHUR GH
IRUPD DFHOHUDGD \ FRQ YDULDEOHV FRQWURODGDV VH SHUFDWy TXH HO DJXD GH PDU
SXOYHUL]DGDFRUURtDPiVUiSLGRGHORQRUPDOHOUHVXOWDGRGHVSXpVGHYDULDFLRQHV
\PRGLILFDFLRQHVDOHQVD\RRULJLQDOGHQLHEODVDOLQDIXHODFUHDFLyQGHODQRUPD
$670%²'XUDQWHODGpFDGDGHORVFXDUHQWDODV FiPDUDVSDUDUHDOL]DU
HVWRV HQVD\RV IXHURQ PX\ HPSOHDGDV \ VH SUHVHQWDURQ QXPHURVRV SUREOHPDV
0XFKRVGHORVXVXDULRVGHFtDQTXHODRSHUDFLyQGHHVWDVFiPDUDVHVWDEDVXMHWDD
OD LQWHUSUHWDFLyQ GHO XVXDULR \ TXH YDULRV IDFWRUHV FUtWLFRV QR IXHURQ GHILQLGRV
HQ OD QRUPD 'HVSXpV GH OD ILQDOL]DFLyQ GH OD SULPHUD JXHUUD PXQGLDO \ HO
VXUJLPLHQWRGHODVRFLHGDGGHFRQVXPRVHHPSH]yDGHPDQGDUXQDPHMRUFDOLGDG
GHORVSURGXFWRVH[WHQGLpQGRVHHOHPSOHRGHHVWHWLSRGHHQVD\RV
/XHJR GH HVWR OD SUXHED VXIULy QXPHURVDV FRUUHFFLRQHV PRGLILFDFLRQHV \
HVWDQGDUL]DFLRQHV KDVWD TXH HYHQWXDOPHQWH HQ IXH UHILQDGD KDVWD GRQGH
HUDSRVLEOH
0XFKRV DUWtFXORV \ HVWXGLRV VXUJLHURQ GXUDQWH OD GpFDGD GHO \ OD SULQFLSDO
GLVFXVLyQVHFHQWUDEDHQTXHHOHQVD\RQRHUDUHSURGXFLEOH\TXHORVUHVXOWDGRV
HUDQ LQFRQVLVWHQWHV /D $670 ´$0(5,&$1 62&,(7< )25 7(67,1* $1'
0$7(5,$/6µ6RFLHGDG$PHULFDQD3DUD3UXHEDV\0DWHULDOHV\QXPHURVRVJUXSRV
LQGXVWULDOHV VH GHGLFDURQ D WUDEDMDU HQ OD VROXFLyQ GHO SUREOHPD SHUR
QXHYDPHQWHRWURLQFRQYHQLHQWHKL]RUHWURFHGHUODLQYHVWLJDFLyQGHWHFWiQGRVH
BBBBBBBBBBB
$6709ROS´$5DWLRQDO7HVWIRU0HWDOOLF3URWHFWLYH&RDWLQJVµ&LUFXODU1RGH/D
1DWLRQDO%XUHDXRI6WDQGDUGVSXEOLFDGRHQHQ´3URWHFWLYH0HWDOOLF&RDWLQJVIRUWKH5XVW
3URRILQJRI,URQDQG6WHHOµ
'RSSNH7KRPDV)DVWHQHU)LWV DQG)LQLVKHV>2QOLQH@*DUGQHU3XEOLFDWLRQV,QFGLVSRQLEOH
HQ,QWHUQHW85/KWWSZZZSIRQOLQHFRP!
FRQWUDULHGDGHV HQ SUXHEDV UHDOL]DGDV D SDUDFKRTXHV \ SDUWHV SODWHDGDV GH
FURPRKDOODQGRGLIHUHQFLDVGHDKRUDVHQSUHVHQWDUFRUURVLyQSDUDSDUWHV
SODWHDGDV GH LJXDOHV FDUDFWHUtVWLFDV LQYHVWLJDFLyQ UHDOL]DGD SRU JUXSRV
DXVWUDOLDQRV
'HELGR D HVWRV UHVXOWDGRV VH GHWHUPLQy TXH OD SUXHED GH QLHEOD VDOLQD HUD
LQHILFD] HQ SDUWHV FURPDGDV KDFLHQGR TXH OD LGHD GH OD FRUURVLyQ DFHOHUDGD
IXHUD QXHYDPHQWH UHYLVDGD 3RU HVH WLHPSR XQD QXHYD SUXHED OD ´&RSSHU
$FFHOHUDWHG 6DOW 6SUD\ 7HVW &$$6µ SUXHED GH URFLDGR VDOLQR DFHOHUDGR GH
FREUH IXHGHVDUUROODGD \ DGRSWDGDSRU OD $670SDUD HQVD\RVGH SDUWHV FURPR
SODWHDGDVGHDOHDFLRQHVGH]LQFILQDOPHQWHVHGLRFRPRUHVXOWDGRTXHODSUXHED
GHQLHEODVDOLQDQRHVXQHQVD\RUHSURGXFLEOHSDUDHVWHWLSRGHUHFXEULPLHQWRV
GHELGRDTXHODVROXFLyQVDOLQDHPSOHDGDQRDIHFWD GHODPLVPDIRUPDDYDULDV
FDSDV GHO PLVPR PRGR /RV UHFXEULPLHQWRV GH VDFULILFLR FRPR HO GH ]LQF VRQ
FDSDFHVGHVHUFRUUHODFLRQDGDVFRQKRUDVHQODSUXHEDGHOVSUD\GHVDOPLHQWUDV
ODV SHOtFXODV RUJiQLFDV SHUPDQHFHQ LPSHQHWUDEOHV GXUDQWH FLHQWRV GH KRUDV \
IDOODQGHVDVWURVDPHQWHSRFRGHVSXpVGHTXHODEDUUHUDVXSHUILFLDOHVYXOQHUDGD
2WURVHVWXGLRVKDQOOHJDGRDODFRQFOXVLyQTXHOD$670%QRSURSRUFLRQDXQD
SUXHEDEXHQD SDUD ORV UHFXEULPLHQWRV FRQ DOHDFLRQHV GH DOXPLQLR R IDOOD HQ OD
SUHGLFFLyQGHORVHIHFWRVGHODFRPSRVLFLyQHQUHFXEULPLHQWRVGHDOHDFLRQHVGH
]LQFDOXPLQLRVREUHHODFHUR&ROGUROOHG
2WUD QHFHVLGDG FUHFLHQWH GH HQVD\RV GH FRUURVLyQ IXH SRU SDUWH GH OD LQGXVWULD
DXWRPRWUL]SDUDSUREDUODVVXSHUILFLHVSLQWDGDVGHORVDXWRPyYLOHV
(QODHMHFXFLyQGHODVSUXHEDVXQRGHORVSUREOHPDVUHSRUWDGRVIXHTXHFXDQGR
XQ PDWHULDO SLQWDGR HV HYDOXDGR XVDQGR OD SUXHED GHO VSUD\ GH VDO QR KD\
QLQJXQDH[SRVLFLyQDODOX]XOWUDYLROHWDTXHHVXQDFDXVDFRP~QGHOGHWHULRURGH
ODV SLQWXUDV \ EDVHV (VWD HV XQD RPLVLyQ VHULD \D TXH ORV PHFDQLVPRV GH IDOOD
TXH ILQDOPHQWH KDFHQ TXH OD KRMD GH DFHUR SLQWDGD VH GHWHULRUH QR VRQ
WtSLFDPHQWHLQFOXLGRVFRPRFRQGLFLRQHVHQODSUXHEDGHVSUD\GHVDO
6HSRGUtDQOLVWDUPXFKRVPRWLYRVSRUORVFXDOHVQRVHJXDUGDXQDUHODFLyQHQWUH
ORV UHVXOWDGRV REWHQLGRV SRU OD SUXHED GHO VSUD\ GH VDO FRQ ODV FRQGLFLRQHV GH
H[SRVLFLyQHQFRQGLFLRQHVUHDOHV
9DULDVGHODVFXHVWLRQHVPiVVLJQLILFDWLYDVFRQODSUXHEDVRQ
•
/DVXSHUILFLHGHORVHVSHFLPHQHVGHSUXHEDVRQFRQVWDQWHPHQWHPRMDGRVVLQ
SDVDUSRUFLFORVVHFRV\HVWRQRSDVDHQHOFDPSR
•
•
•
OD WHPSHUDWXUD GH OD FiPDUD GH SUXHED HVWi D XQD WHPSHUDWXUD HOHYDGD \
FRQVWDQWH&TXHDXPHQWDHODJXDHOR[tJHQR\HOWUDQVSRUWHGHLRQHV
HQFRPSDUDFLyQFRQORRFXUULGRHQHOFDPSR
(O FRQWHQLGR GH FORUXUR HV PX\ DOWR LPSLGLHQGR DO ]LQF IRUPDU XQD
SHOtFXODSDVLYDTXHHVORTXHRFXUUHHQHOFDPSR
/DV FRQGLFLRQHV GH OD FiPDUD VRQ FRQGLFLRQHV LQVyOLWDV \ VHYHUDV TXH
UDUDPHQWHRFXUUHQVLDOJXQDYH]RFXUUHQGXUDQWHODLQWHPSHULHQDWXUDO
0XFKRV XVXDULRV GHELGR D PD\RUHV H[LJHQFLDV R UHTXHULPLHQWRV SDUD VXV
SURGXFWRV R PDWHULDV SULPDV VH KDQ FDPELDGR GH OD QRUPD $670% D RWUDV
QRUPDVGHHQVD\RVTXHFXPSOHQFRQVXVFDUDFWHUtVWLFDVSHURFRQPRGLILFDFLRQHV
SDUDKDFHUODVPiVDGHFXDGDVDQHFHVLGDGHVHVSHFLILFDV
(QOD)LJXUDVHUHSUHVHQWDODHYROXFLyQHQHOWLHPSRGHODQRUPD $670KDFLD
ODVSUXHEDVFtFOLFDVSDUDHQVD\RVGHFRUURVLyQ
)LJXUD(YROXFLyQGHODQRUPDWLYLGDGGHORVHQVD\RVGHFRUURVLyQ
)XHQWH 'RSSNH 7KRPDV )DVWHQHU )LWV DQG )LQLVKHV >2QOLQH@ *DUGQHU 3XEOLFDWLRQV ,QF
GLVSRQLEOHHQ,QWHUQHWHQ85/KWWSZZZSIRQOLQHFRP!
/DV SUXHEDV GH FRUURVLyQ FtFOLFDV SDUHFHQ UHIOHMDU HO PXQGR UHDO PXFKR PHMRU
TXH OD SUXHED GH QLHEOD GH VDO ODV LQYHVWLJDFLRQHV SDUHFHQ LQGLFDU TXH OD
FRUURVLyQ QR SXHGH VHU DFHOHUDGD D XQD UHODFLyQ PD\RU GH VLQ SHUGHU
UHVXOWDGRV VLJQLILFDWLYRV (VWR VLJQLILFD HQ RWUDV SDODEUDV TXH XQD SUXHED GH
FRUURVLyQGHDxRVQRSRGUtDVHUKHFKDHQPHQRVGHPHVHV/RDQWHULRUHVXQD
FRQWUDGLFFLyQ D ORV HVTXHPDV SURGXFWLYRV DFWXDOHV GH PiV UiSLGR \ DKRUD TXH
GHPDQGDQORVIDEULFDQWHV
(O GHVDUUROOR UHFLHQWH HQ HO LQWHQWR GH UHSURGXFLU ODV YHUGDGHUDV SUXHEDV
PXQGLDOHV GH PHVHV HQ FRQGLFLRQHV GH ODERUDWRULR KD SURGXFLGR UHVXOWDGRV
UD]RQDEOHV\ODLQYHVWLJDFLyQVLJXHHOPHMRUDPLHQWRGHHVWDLGHD9DULRVWLSRV\
ODVFRQGLFLRQHVGH SUXHEDVGH FRUURVLyQFtFOLFDVHVWiQ VLHQGR SUREDGRV KR\/DV
PXHVWUDV SDVDQ D WUDYpV GH FLFORV GH FDOLHQWHIUtR VHFRPRMDGR VDODJXD \
OXHJR VRQ HYDOXDGRV VX FDPELR GH DVSHFWR \ SHVR SDUD OOHJDU D FRUUHODFLRQHV
HQWUHWLHPSR\FRQGLFLRQHVGHH[SRVLFLyQFRQQLYHOHVGHFRUURVLyQ
$ SHVDU GH ORV LQQXPHUDEOHV HVWXGLRV HIHFWXDGRV FRQ RWUDV SUXHEDV \ PHMRUDV
UHDOL]DGDV DO HQVD\R GH VSUD\ GH VDO GHVFULWR SRU OD QRUPD % ORV UHVXOWDGRV
REWHQLGRVVLJXHQDUURMDQGRGDWRVPX\FODURVGHJUDQD\XGDDOVHFWRULQGXVWULDO\
FLHQWtILFR GHWHUPLQDQGR GH FLHUWD IRUPD HO FRPSRUWDPLHQWR GH ORV PHWDOHV HQ
DWPyVIHUDV FRUURVLYDV R HQ VX DPELHQWH GH VHUYLFLR ORJUiQGRVH GH XQD PDQHUD
UiSLGD\DSUR[LPDGDFXDQWLILFDUVXUHVLVWHQFLDDODIDOODIUHQWHDOIHQyPHQRGHOD
FRUURVLyQ
(QHOGHVDUUROORFLHQWtILFRGHODSUXHEDGHVSUD\GHVDOVHKDORJUDGRLGHQWLILFDU
FODUDPHQWH ODV DSOLFDFLRQHV SDUD ODV FXDOHV VH SXHGH HPSOHDU FRQ UHVXOWDGRV
VDWLVIDFWRULRV \ FRQILDEOHV DVt FRPR iUHDV HQ ODV FXDOHV HVWH HQVD\R QR HV
DSOLFDEOH
/D FDOLGDG \ OD UHSURGXFLELOLGDG GH ODV SUXHEDV GH VSUD\ GH VDO GHSHQGHQ
GLUHFWDPHQWH GH XQ UHVSHWR ULJXURVR GH ORV SDUiPHWURV GH HQVD\R GHVFULWRV HQ
SDUWLFXODUSRUODQRUPD$670%
/DSUXHEDGHOVSUD\GHVDOVHJ~QHOHVWiQGDU$670%VHSXHGHHPSOHDU
•
6L XQ SURGXFWR R HVSpFLPHQ GH SUXHED UHTXLHUH SDVDU XQD FLHUWD
HVSHFLILFDFLyQ
•
6LVHGHVHDDXPHQWDUVXFUHGLELOLGDGWHQLHQGRORVUHVXOWDGRVGHODSUXHED
•
6L VH UHTXLHUH FRPSUHQGHU FRPR VH FRPSRUWD HO SURGXFWR HQ XQ DPELHQWH
FRUURVLYRSDUDGHWHUPLQDUDTXHUDQJRGHOPHUFDGRVHUiPiVDSURSLDGR
•
6LUHTXLHUHSUREDUHOSURGXFWRSDUDVDEHUVLORWLHQHTXHPHMRUDUSDUDSRGHU
VDWLVIDFHUODVQHFHVLGDGHVGHOPHUFDGR\GHFLHUWDVLQGXVWULDV
•
6L VH UHTXLHUH SUREDU GLVWLQWDV FDSDV GH UHFXEULPLHQWRV SDUD VHOHFFLRQDU OD
PiVDGHFXDGDSDUDXQDDSOLFDFLyQ
•
6L VH UHTXLHUH PHGLU OD UHVLVWHQFLD GH FRUURVLyQ UHODWLYD GH PDWHULDOHV
HVWUHFKDPHQWHUHODFLRQDGRVSUXHEDFRPSDUDWLYD
•
3DUDFDOLILFDFLyQGHSURFHVR\DFHSWDFLyQGHFDOLGDG
•
3RUTXH HV DSOLFDEOH D PHWDOHVDOHDFLRQHV \ VXV UHFXEULPLHQWRV KD\ DOJXQDV
H[FHSFLRQHVLPSRUWDQWHVYHUODQRUPD$670%
•
•
6L VH UHTXLHUH SURYHHU XQ DPELHQWH FRUURVLYR FRQWURODGR TXH UHSUHVHQWD HO
WLSR GH FRQGLFLRQHV DWPRVIpULFDV PDULQDV DFHOHUDGDV SDUD OD DFHOHUDFLyQ
SUHGRPLQDODWHPSHUDWXUD\RHOJUDGRGHODKXPHGDGGHODSUXHED
/D UHSURGXFLELOLGDG GH UHVXOWDGRV SXHGH VHU DIHFWDGD SRU HO WLSR GH
HVSpFLPHQ SRU GHWDOOHV HQ OD FRQGLFLyQ GH VXSHUILFLH FLUFXQGDQWH GHO
HVSpFLPHQ FULWHULRV GH HYDOXDFLyQ YDULDEOHV GH RSHUDFLRQHV \ HO WLSR GH OD
FiPDUDGHSUXHED
•
•
/DFRUUHODFLyQGHORVUHVXOWDGRVGHOD SUXHEDFRQ HOGHVHPSHxR HQVHUYLFLR
VyOR SXHGH VHU FRQVLGHUDGR VL HV DSR\DGR SRU UHVXOWDGRV GH H[SRVLFLRQHV
DWPRVIpULFDVHQFRQGLFLRQHVGHVHUYLFLRDODUJRSOD]R
/RVUHVXOWDGRVGHUHVLVWHQFLDDODFRUURVLyQGHOVSUD\GHVDOWLHQGHQDGLIHULU
GHODUHVLVWHQFLDDRWURVPHGLRV\SDUDHOORVVHGLVHxDQSUXHEDVDOWHUQDWLYDV
(QHOPXQGRGHODLQGXVWULDORVSURGXFWRVTXHUHTXLHUHQGHODSUXHEDGHVSUD\GH
VDOVHSXHGHQFODVLILFDUVHJ~QHOiUHDGHODVLJXLHQWHIRUPD
0DWHULDOHVDUTXLWHFWyQLFRV\DFDEDGRV
•
3LQWXUDVLQWHULRUHVH[WHULRUHV\%DUQLFHV
•
$FDEDGRVRUJiQLFRVH,QRUJiQLFRV
•
0DWHULDOHVGHFRQVWUXFFLyQ
0DWHULDOHVDXWRPRWRUHV0DWHULDOHVGHWUDQVSRUWH\DFDEDGRV
•
3LQWXUDV\EDUQLFHV
•
$FDEDGRVEULOODQWHV
6XSHUILFLHVUHVLVWHQWHVDODFRUURVLyQ
•
&DSDVSURWHFWRUDV\UHYHVWLPLHQWRV
•
$FDEDGRVSODWHDGRV\SLQWDGRV
0DWHULDOHVDHURHVSDFLDOHVPLOLWDUHV\DFDEDGRV
•
3LQWXUDV\FDSDV
•
0DWHULDOHVGHFRQVWUXFFLyQ
•
+HUUDPLHQWD\&RPSRQHQWHV
0DWHULDOHVPDUtWLPRV\DFDEDGRV
•
3LQWXUDV\UHFXEULPLHQWRV
•
$FDEDGRVJDOYDQL]DGRV
6LVWHPDVHOpFWULFRVHOHFWUyQLFRV\FRPSRQHQWHV
•
0RWRUHV,QWHUUXSWRUHV\5HOHYRV
•
7UDQVIRUPDGRUHV\VXPLQLVWURVGH(QHUJtD
•
7DUMHWDVGHFLUFXLWRVLPSUHVRV\HQVDPEOHV
5(680(1'(/$1250$$670%´6$/7635$<7(67µ
/DVLJXLHQWHQRUPDGHVFULEHODVSDUWHVSURFHGLPLHQWRV\FRQGLFLRQHVUHTXHULGDV
SDUD FUHDU \ PDQWHQHU XQ DPELHQWH GH QLHEOD VDOLQD 3RU FRQVLJXLHQWH QR
SUHVFULEHHOWLSRGHHVSpFLPHQGHSUXHEDRSHUtRGRVGHH[SRVLFLyQDVHUXVDGRV
SDUDXQSURGXFWRHVSHFtILFRQLODLQWHUSUHWDFLyQTXHVHOHGDUiDORVUHVXOWDGRV
$FRQWLQXDFLyQVHSUHVHQWDQORVSDUiPHWURVSULQFLSDOHVTXHH[LJHODQRUPDSDUD
ODFRQVWUXFFLyQGHOHTXLSR
•
(ODSDUDWRUHTXHULGRSDUDODH[SRVLFLyQDOVSUD\QLHEODGHVDOFRQVLVWHHQ
XQDFiPDUDVHOODGDTXHFRQWHQJDODQLHEODXQHPEDOVHGRQGHDOPDFHQDU
OD VROXFLyQ VDOLQD XQ VXPLQLVWUR GH DLUH FRPSULPLGR DSURSLDGDPHQWH
DFRQGLFLRQDGR OLEUH GH DFHLWH \ SDUWtFXODV XQR R YDULRV LQ\HFWRUHV TXH
DWRPL]DQ OD VROXFLyQ VDOLQD DSR\RV SDUD ORV HVSHFLPHQHV GH SUXHED
HOHPHQWRV FDOHIDFWRUHV SDUD OD FiPDUD \ PHGLRV QHFHVDULRV SDUD HO
FRQWUROGHODWHPSHUDWXUD
•
1RVHSHUPLWHTXHHOFRQGHQVDGRIRUPDGRHQODVXSHUILFLHGHODWDSDGHOD
FiPDUDFDLJDQVREUHORVHVSHFLPHQHVGHSUXHED
•
/DV JRWDV GH OD VROXFLyQ TXH VH FDHQ GH ORV HVSHFLPHQHV QR VHUiQ
GHYXHOWDVDOGHSyVLWRGHVROXFLyQSDUDVHUURFLDGDGHQXHYR
•
(O PDWHULDO GH FRQVWUXFFLyQ VHUi WDO TXH QR VHD DIHFWDGR SRU OD QLHEOD
FRUURVLYD
•
7RGD HO DJXDXVDGD SDUD HQOD SUiFWLFDGHEHUi FXPSOLU FRQ HO WLSR ,9 GH
DJXD VHJ~Q OD HVSHFLILFDFLyQ $670 ' (VWH QR VH DSOLFD DO DJXD
FRUULHQWHGHOJULIR
•
$PHQRVTXHVHHVSHFLILTXHORFRQWUDULRORVHVSHFLPHQHVVHUiQDSR\DGRV
RVXVSHQGLGRVHQWUH\GHODYHUWLFDO\SUHIHUHQWHPHQWHSDUDOHODD
ODGLUHFFLyQSULQFLSDOGHOIOXMRGHODQLHEODSRUODFiPDUDEDVDGDVREUHOD
VXSHUILFLHGRPLQDQWHTXHVHUiSUREDGD
•
/RV HVSHFLPHQHV QR VH SRQGUiQ HQ FRQWDFWR HO XQR FRQ HO RWUR R QL FRQ
FXDOTXLHUPDWHULDOPHWiOLFRRFXDOTXLHUPDWHULDOFDSD]GHDFWXDUFRPRXQ
ILHOWUR
•
&DGD HVSpFLPHQ VHUi FRORFDGR SDUD SHUPLWLU OD FLUFXODFLyQ OLEUH GH OD
QLHEODVREUHWRGRVORVHVSHFLPHQHV
BBBBBBBBBBB
$670%²´6WDQGDUG3UDFWLFHIRU2SHUDWLQJ6DOW6SUD\)RJ$SSDUDWXVµ(GLFLyQGH
•
/D VROXFLyQ GH VDO GH XQ HVSpFLPHQ QR GHEH JRWHDU VREUH ORV RWURV
HVSHFLPHQHV
•
•
•
•
•
•
•
(O DEDVWHFLPLHQWR GH DLUH FRPSULPLGR DO LQ\HFWRU R LQ\HFWRUHV SDUD
DWRPL]DU OD VROXFLyQ GH VDO GHEHUi HVWDU OLEUH GH DFHLWH \ VXFLHGDG \
PDQWHQLGRHQWUHSVL\SVL.3DP\.3DP
/DWHPSHUDWXUDHQOD]RQDGHH[SRVLFLyQGHODFiPDUDGHVSUD\GHVDOVHUi
PDQWHQLGD HQ ) ) & & (O YDORU GH OD
WHPSHUDWXUDVHGHEHSRGHUYHUVLQTXHODFiPDUDVHDDELHUWDSDUDHYLWDU
OHFWXUDVIDOVDV
6H GHEHQ FRORFDU DO PHQRV GRV FROHFWRUHV GH QLHEOD OLPSLD GHQWUR GH OD
]RQDGHH[SRVLFLyQGHWDOIRUPDTXHQRFDLJDQJRWDVGHORVHVSHFLPHQHVR
GH RWUD IXHQWH GHQWUR GHO iUHD GH FROHFFLyQ ORV FROHFWRUHV GHEHQ VHU
FRORFDGRVHQODSUR[LPLGDGGHORVHVSHFLPHQHVGHSUXHEDXQRFHUFDQRD
FXDOTXLHU LQ\HFWRU \ RWUR PiV DSDUWDGR GH ORV LQ\HFWRUHV OD QLHEOD GHEH
VHU WDO TXH SDUD FDGD FP GH iUHD GH UHFROHFFLyQ KRUL]RQWDO VHUi
FROHFWDGRHQFDGDXQRGHPODPOGHODVROXFLyQSRUKRUDEDVDGD
HQXQSURPHGLRGHIXQFLRQDPLHQWRGHODFiPDUDGHDOPHQRVKRUDVOD
FRQFHQWUDFLyQGHFORUXURGHVRGLRGHODVROXFLyQFROHFWDGDVHUiGH
PDVD(OS+GHODVROXFLyQFROHFWDGDVHUiD
(OLQ\HFWRURORVLQ\HFWRUHVGHEHQVHUGLULJLGRVGHWDOPDQHUDTXHODQLHEOD
VHD GLVSHUVDGD GH IRUPD TXH QLQJXQD SDUWtFXOD SXOYHUL]DGD LPSUHJQH
GLUHFWDPHQWHDORVHVSHFLPHQHVGHSUXHED
6H GHEH FXLGDU TXH HQ OD OtQHD GH VROXFLyQ TXH DOLPHQWD ODV ERTXLOODV
WHQJDILOWURVDGHFXDGRVSDUDHYLWDUTXHVHREVWUX\DQ
/D FiPDUD GHEH HVWDU FRQVWUXLGD GH IRUPD TXH GXUDQWH ODV SUXHEDV
SHUPDQH]FDVHOODGDSDUDTXHQRVHDIHFWHQRWURVHTXLSRV\PXHEOHVFRQ
ODQLHEOD
(O IOXMR GH DLUH KDFLD ODV ERTXLOODV GHEH SHUPDQHFHU FRQVWDQWH GXUDQWH
WRGD OD SUXHED D H[FHSFLyQ GH LQWHUUXSFLRQHV FRUWDV HVSRUiGLFDV SDUD
LQVSHFFLRQDU UHDMXVWDU R TXLWDU HVSHFLPHQHV GH SUXHED FRPSUREDU \
UHOOHQDUODVROXFLyQHQHOHPEDOVH
1RWD /D QRUPD $670% \ VX WUDGXFFLyQ DO HVSDxRO VH HQFXHQWUDQ HQ HO
$QH[R%
&$5$&7(5Ì67,&$6&2081(6'(/(48,32(03/($'2(1/$5($/,=$&,Ð1
'(/(16$<2'(&25526,Ð13251,(%/$6$/,1$
(O HTXLSR HPSOHDGR SDUD HVWH SURSyVLWR VH OH FRQRFH FRPR ´6DOW VSUD\ IRJ
FKDPEHUµ R FiPDUD GH QLHEOD VDOLQD $ FRQWLQXDFLyQ VH GHVFULELUiQ ORV
FRPSRQHQWHVFRP~QPHQWHHQFRQWUDGRVHQHVWHWLSRGHHTXLSR(QOD)LJXUDVH
UHSUHVHQWDXQHVTXHPDEiVLFRGHODFiPDUD
(O3DQHOGHLQVWUXPHQWRVHQODFRQVRODVHFHQWUDOL]DQWRGDVODVRSHUDFLRQHV
LQVWUXFFLRQHV DMXVWHV FRQWUROHV \ VLVWHPDV GH VHJXULGDG TXH VRQ
FRQWURODGRV SRU XQ PLFURSURFHVDGRU GLJLWDO \ VH PXHVWUDQ VREUH HO SDQHO OD
LQIRUPDFLyQ GH ODV YDULDEOHV \ FRQILJXUDFLRQHV +DFLpQGROH PiV IiFLO DO
XVXDULR HO PDQHMR GHO HTXLSR \ HO FRQWURO GH ODV YDULDEOHV (VWH WLSR GH
LQVWUXPHQWRVSXHGHQVHUPiVRPHQRVVRILVWLFDGRVGHSHQGLHQGRGHODFDOLGDG
GHOHTXLSR\SRUVXSXHVWRGHOSUHFLRGHOPLVPR
'HQWUR GH ODV YDULDEOHV TXH SXHGHQ PDQHMDU ORV LQVWUXPHQWRV GH FRQWURO
SXHGHQVHU
•
+XPHGDG
•
S+
•
7HPSHUDWXUD
•
3UHVLyQ
•
&DXGDO
•
1LYHO
•
7LHPSR
7DQTXHGH6ROXFLyQVXIXQFLyQHVFRQWHQHUODVROXFLyQFRUURVLYDFRQODTXH
VHJHQHUDODQLHEOD\GHVXFDSDFLGDGGHDOPDFHQDPLHQWRGHSHQGHHOWLHPSR
Pi[LPR TXH SXHGH GXUDU HO HQVD\R VLQ UHTXHULU OD SUHSDUDFLyQ GH PiV
VROXFLyQ 8Q SDUiPHWUR EiVLFR HV TXH SDUD SUXHEDV GH FRUWD GXUDFLyQ VH
LQVWDODQWDQTXHVLQFRUSRUDGRVDODFiPDUDFRQXQDFDSDFLGDGPi[LPDGH
JDORQHVOSDUDKRUDVGHRSHUDFLyQ3DUDSUXHEDVGHPD\RUGXUDFLyQ
QRUPDOPHQWH VH HPSOHDQ WDQTXHV DX[LOLDUHV H[WHUQRV DOJXQDV FDSDFLGDGHV
SDUD HVWRV WDQTXHV HPSOHDGRV FRP~QPHQWH VH DQRWDQ HQ OD 7DEOD FRP~QPHQWH HVWRV GHSyVLWRV VH HTXLSDQ FRQ XQ VLVWHPD GH FRQWURO GH QLYHO
TXH DYLVD DO RSHUDULR FXDQGR HO QLYHO GH VROXFLyQ HV EDMR SDUD TXH VHD
UHDEDVWHFLGRGHVROXFLyQ
Fuente: Fabricantes de equipos de laboratorio, cámara de niebla serie MX,
<http://www.lre.com/aa/Associated/salt_spray_chambers.htm>.
=RQDGHH[SRVLFLyQ
&iPDUDGHH[SRVLFLyQ
)LJXUD(VTXHPDGHXQDFiPDUDGHQLHEODVDOLQD&RQVRODGHFRQWUROWDQTXHGHVROXFLyQWRUUHGHGLVSHUVLyQVDWXUDGRU
PDQyPHWUR
7DEOD&DSDFLGDGHVFRPXQHVGHWDQTXHVGHVROXFLyQ
&$3$&,'$'
>86*DO@
&$3$&,'$'
>/,7526@
)XHQWH )DEULFDQWHV GH HTXLSRV GH ODERUDWRULR FiPDUD GH QLHEOD VHULH 0;
KWWSZZZOUHFRPDD$VVRFLDWHGVDOWBVSUD\BFKDPEHUVKWP
7RUUH GH GLVSHUVLyQ FHQWUDO OD VROXFLyQ HV ILOWUDGD HQ OD EDVH GH OD WRUUH
SDUD HYLWDU ORV VyOLGRV FRQWHQLGRV \ OXHJR HV OOHYDGD SRU XQ FRQGXFWR D XQ
SXOYHUL]DGRU VSUD\ SRU XQ IOXMR GH DLUH DMXVWDEOH (O GLIXVRU TXH VH
HQFXHQWUD HQ OD SDUWH VXSHULRU TXH HV GH DOWXUD DMXVWDEOH DVHJXUD TXH OD
QLHEODVHGLVWULEX\DKRPRJpQHDPHQWH\HOFXHUSRGHODWRUUHVHHQFDUJDGH
HYLWDUTXHODVJRWDVJUDQGHVFDLJDQVREUHODVSUREHWDVYHU
)LJXUD(QODEDVHGHODWRUUHKD\XQUHVHUYRULRDX[LOLDUGHVROXFLyQTXH
HVDOLPHQWDGRGHVGHHOWDQTXHSULQFLSDO\HVWHSRVHHXQDYiOYXODFRQFRQWURO
GHQLYHO\DTXHHVGHPXFKDLPSRUWDQFLDSDUDHOIXQFLRQDPLHQWRGHOHTXLSR
TXHpVWHSHUPDQH]FDFRQVWDQWH
)LJXUD3DUWHVGHODWRUUHGHDVSHUVLyQ
)XHQWH)DEULFDQWHGHHTXLSRVGHODERUDWRULRFiPDUDGHQLHEODVHULH0;
KWWSZZZOUHFRPDD$VVRFLDWHGVDOWBVSUD\BFKDPEHUVKWP!
6SUD\ R DWRPL]DGRU GH GRV IOXLGRV HQ HVWH WLSR GH VSUD\ OD HQHUJtD GH XQ
JDVHQHVWHFDVRDLUHVHXWLOL]DSDUDODGHVLQWHJUDFLyQGHODVROXFLyQVDOLQD
(O SULQFLSLR GH IXQFLRQDPLHQWR GH HVWH WLSR GH DWRPL]DGRUHV VH EDVD HQ ORV
HVIXHU]RVGHFRUWHTXHVHGHVDUUROODQHQODLQWHUID]HQWUHHOJDV\HOOtTXLGR
/DDWRPL]DFLyQHQXQDWRPL]DGRUGHOWLSR<MHWVHOOHYDDFDERDOLPHQWDQGR
HO OtTXLGR MXQWR FRQ XQD FRUULHQWH GH DLUH D DOWD YHORFLGDG GHQWUR GH XQ
HVSDFLR FLUFXODU OODPDGR FiPDUD GH PH]FODGR (O RULILFLR GH VDOLGD GH OD
FiPDUD GH PH]FODGR HV FRQRFLGR FRPR RULILFLR GH GHVFDUJD (O IOXMR HQ GRV
IDVHV TXH VH IRUPD FXDQGR ORV GRV IOXLGRV LQYROXFUDGRV HQ OD DWRPL]DFLyQ
LQWHUDFW~DQGHQWURGHODFiPDUDGHPH]FODGRVHFRQGXFHKDFLDHORULILFLRGH
GHVFDUJD8QDSRUFLyQGHOOtTXLGRVHGHVLQWHJUDHQSHTXHxDVJRWDVGHQWURGH
ODFiPDUDGHPH]FODGR\ODRWUDSDUWHVDOHGHORULILFLRGHGHVFDUJDHQIRUPD
GHXQDOiPLQDGHOJDGDGHOtTXLGRODFXDOVHURPSH HQSHTXHxDVSDUWHVTXH
SRVWHULRUPHQWHIRUPDQJRWDVGHYDULRVWDPDxRVFUHDQGRHOVSUD\
)LJXUD(VTXHPDEiVLFRGHXQVSUD\
)XHQWH1RUPD$670%)LJXUD;7\SLFDO6SUD\1R]]OH
6DWXUDGRUKXPLGLILFDGRUHOREMHWLYRGHHVWHGLVSRVLWLYRHVLQFUHPHQWDUOD
KXPHGDG GHO DLUH FRPSULPLGR D QLYHOHV GH KDVWD HO \ VXELUOH OD
WHPSHUDWXUD (VWR VH ORJUD KDFLHQGR SDVDU HO DLUH OLPSLR SUHYLDPHQWH
ILOWUDGR D WUDYpV GH XQ YROXPHQ GH DJXD FDOLHQWH EXUEXMHR TXLWiQGROH
KXPHGDG\FDORUDODPLVPD(OVDWXUDGRUGHEHSHUPDQHFHUFRQXQQLYHOGH
DJXD GHVPLQHUDOL]DGD FRQVWDQWH DVt TXH VH OH SURYHH GH XQ VLVWHPD GH
FRQWURO GH QLYHO DXWRPiWLFR \ DGHPiV VH OH DGLFLRQD XQ GLVSRVLWLYR GH
VHJXULGDG TXH VXVSHQGH HO FDOHQWDPLHQWR FXDQGR HVWH H[FHGH ORV OtPLWHV GH
WHPSHUDWXUD
(OPDQyPHWUR pVWH PXHVWUD SHUPDQHQWHPHQWH OD PHGLGD GH OD SUHVLyQ GHO
DLUHFRPSULPLGRTXHVHVXPLQLVWUDDOVSUD\
&XELHUWD PXFKRV GH ORV HTXLSRV TXH VH HQFXHQWUDQ HQ HO PHUFDGR SRVHHQ
XQDFXELHUWDWDSDWUDQVSDUHQWHSDUDSRGHUWHQHUXQDLQVSHFFLyQYLVXDOGHOR
TXH RFXUUH GHQWUR GH OD FiPDUD \ HO SURJUHVR GH OD FRUURVLyQ HQ ODV
PXHVWUDV /D FXELHUWD GHEH HVWDU SURYLVWD GH XQ VHOOR KHUPpWLFR TXH SXHGH
VHUK~PHGRRVHFRSDUDHYLWDUORVHVFDSHV
&RQGXFWRGHDLUHDFLyQpVWHSHUPLWHODHYDFXDFLyQGHODQLHEODFRUURVLYDDO
H[WHULRUGHOODERUDWRULRRGHOVLWLRGRQGHVHWHQJDHOHTXLSRSDUDHYLWDUTXH
VHDIHFWHQORVHTXLSRVDOHGDxRV
&RQGXFWRGHGHVDJHVLIyQVXIXQFLyQHVHYDFXDUHOFRQGHQVDGR\HODJXD
GHOODYDGRGHODFiPDUD
&iPDUD GH H[SRVLFLyQ FRP~QPHQWH VH IDEULFD GH UHVLQD SROLpVWHU FRQ XQ
DFDEDGR VXDYH \ UHIRU]DGR FRQ ILEUD GH YLGULR 7DPELpQ VRQ IDEULFDGDV GH
RWURV PDWHULDOHVSHUR WRGRVHOORV GHEHQFXPSOLUFRQ ODFDUDFWHUtVWLFDGHQR
FRUURHUVH IiFLOPHQWH \ SRGHU UHVLVWLU YDULDFLRQHV UHSHWLGDV GH KXPHGDG \
WHPSHUDWXUDODFiPDUDGHEHSRVHHUXQVLVWHPDGHFDOHIDFFLyQFRQXQFRQWURO
GHWHPSHUDWXUDTXHSHUPLWDPDQWHQHUXQDWHPSHUDWXUDFRQVWDQWHXQLIRUPH
\FRQVLVWHPDGHVHJXULGDG/DFiPDUDGHEHSRVHHUXQDLVODPLHQWRWpUPLFRHQ
VXVSDUHGHVTXHPLQLPLFHODVSpUGLGDVGHFDORUKDFLDHOH[WHULRUHOSLVRGHOD
FiPDUDGHEHWHQHUXQDLQFOLQDFLyQSDUDHYLWDUTXHVHIRUPHQFKDUFRV\TXH
HOFRQGHQVDGRSXHGDVHUHYDFXDGRSRUHOVLIyQ
5(6,1$632/,e67(55()25=$'$6
3OiVWLFR UHIRU]DGR $XQTXH FRP~QPHQWH VH OHV FRQRFH FRPR ILEUD GH
YLGULR HV PiV DGHFXDGR OODPDUOHV SOiVWLFR UHIRU]DGR FRQ ILEUD GH YLGULR R
SROLpVWHU UHIRU]DGD FRQ ILEUD GH YLGULR (O SOiVWLFR UHIRU]DGR HV XQ PDWHULDO
FRPSXHVWRSRUXQDUHVLQDUHVLOLHQWH\GXUDGHUDFRPELQDGDFRQXQYLGULRILEURVR
H[WUDRUGLQDULDPHQWH IXHUWH DXQTXH D YHFHV VH SXHGHQ HPSOHDU RWUR WLSR GH
ILEUDV (VWH HV XQ PDWHULDO GH FRQVWUXFFLyQ OLJHUR GXUDGHUR \
H[WUDRUGLQDULDPHQWH GXUR FRQ pO SXHGHQ FRQVWUXLUVH WRGD FODVH GH SURGXFWRV
SXHGHVHUWUDVO~FLGRRSDFRRGHFRORUSODQRRFRQFXDOTXLHUWLSRGHIRUPDVGH
HVSHVRUGHOJDGRRJUXHVR\SUiFWLFDPHQWHGHFXDOTXLHUWDPDxRTXHVHGHVHH
)LEUDV GH YLGULR 6H SURGXFH HVWLUDQGR \ HQIULDQGR UiSLGDPHQWH YLGULR
GHUUHWLGR&RP~QPHQWHVHIDEULFDILEUDGHYLGULRJUXHVR\FRUWRSDUDXWLOL]DFLyQ
BBBBBBBBBBB
0RQRJUDItD&U\VWLF1R6FRWW%DGHU&RPSDQ\/LPLWHG
FRPR DLVODQWH WpUPLFR SHUR pVWH QR VLUYH SDUD UHIRU]DU SOiVWLFRV /D TXH VH
HPSOHDHVODTXHFRQVLVWHHQILODPHQWRVFRQWLQXRVTXHLQPHGLDWDPHQWHGHVSXpV
GHOHVWLUDGRVHDJUXSDQIRUPDQGRKHEUDVFRQODVFXDOHVVHIRUPDQDVXYH]KLORV
SDUDWHMHUORVHQIRUPDGHWHODRELHQPHFKDVGHILEUDVWHODPDW
5HVLQD SROLpVWHU 1RUPDOPHQWH FXDQGR VH KDEOD GH UHVLQD SROLpVWHU VH
KDFH UHIHUHQFLD D ODV QR VDWXUDGDV 1R VDWXUDGDV VLJQLILFD TXH VRQ UHVLQDV TXH
SXHGHQHQGXUHFHUVHSDVDQGRGHOHVWDGROtTXLGRDOVyOLGRFXDQGRVHODVRPHWHD
ODV FRQGLFLRQHV DGHFXDGDV /D UHVLQD VH SUHVHQWD FRPR XQ OtTXLGR YLVFRVR TXH
FRQVLVWH HQ XQD VROXFLyQ GH XQ SROLpVWHU HQ PRQyPHUR TXH JHQHUDOPHQWH HV
HVWLUHQR(OHVWLUHQRGHVHPSHxDODIXQFLyQYLWDOGHSHUPLWLUDODUHVLQDSDVDUGHO
HVWDGROtTXLGRDOVyOLGRVLQODJHQHUDFLyQGHVXESURGXFWRVGHELGRDHVRSXHGHQ
PROGHDUVH VLQ HO XVR GH SUHVLyQ DVt TXH VRQ UHVLQDV GH PROGHR SRU FRQWDFWR D
EDMD SUHVLyQ (O HVWLUHQR WDPELpQ VH HPSOHD FRPR DJHQWH DGHOJD]DQWH GH OD
UHVLQD GLVPLQX\HQGR VX YLVFRVLGDG SHUR QR VH GHEHQ H[FHGHU FLHUWDV
FRQFHQWUDFLRQHV \D TXH VH DIHFWDUtDQ ODV FDUDFWHUtVWLFDV ItVLFDV GH OD UHVLQD
FXDQGRHVWHFXUDGD
3DUD TXH OD UHVLQD SDVH GH VX HVWDGR OtTXLGR DO VyOLGR VH UHTXLHUH GH XQD
UHDFFLyQTXtPLFDGHSROLPHUL]DFLyQTXHHVLUUHYHUVLEOH\SDUDTXHHOODVHGpVH
UHTXLHUHGHODSUHVHQFLDGH
•
5HVLQDSROLpVWHU
•
(VWLUHQR
•
8QDJHQWHDFHOHUDGRU
•
8QFDWDOL]DGRU
&XDQGR GLFKD UHDFFLyQ VH KD GDGR \ TXHGD XQD PDWHULD VyOLGD VH GLFH TXH OD
UHVLQDKDIUDJXDGRRFXUDGR/DUHVLQDFRP~QPHQWHVHGLVWULEX\HHQIRUPDGHXQ
OtTXLGRWUDVOXFLGRSHURVLVHUHTXLHUHHVSRVLEOHSLQWDUODPHGLDQWHODDGLFLyQGH
WLQWHV HVSHFLDOHV R DJUHJiQGROH ´FDUJDµ WDOFR FDUERQDWR RWURV PDWHULDOHV HQ
SROYRRHQSDUWtFXODVGHSHQGLHQGRODDSOLFDFLyQTXHVHGHVHHSDUDDXPHQWDUVX
YROXPHQRGDUOHDSDULHQFLDVGLYHUVDV
/DVUHVLQDVWLHQHQXQWLHPSRGHDOPDFHQDPLHQWRTXHSXHGHVHUGHYDULRVPHVHV
RDxRVORVFXDOHVSXHGHQGLVPLQXLUVLVHDOPDFHQDDWHPSHUDWXUDVVXSHULRUHVD
&RVLVHGHMDQH[SXHVWDVDODOX]3DVDGRGLFKRWLHPSRDFDEDQFRDJXOiQGRVH
IRUPDQGRXQJHOJRPRVR
&DWDOL]DGRUHV \ DFHOHUDGRUHV 3DUD SURGXFLU XQ REMHWR PROGHDGR R
ODPLQDGR FRQ UHVLQD SROLpVWHU pVWD WLHQH TXH SDVDU SRU XQ SURFHVR GH
JHOLILFDFLyQ \ HQGXUHFLPLHQWR 6H FRQVLJXH HVWR PHGLDQWH HO XVR GH XQ
FDWDOL]DGRU\FDORURDODWHPSHUDWXUDQRUPDOGHOFXDUWRGHWUDEDMRHPSOHDQGR
XQ FDWDOL]DGRU \ XQ DJHQWH DFHOHUDQWH /RV FDWDOL]DGRUHV SXURV VRQ LQHVWDEOHV \
VH GHVFRPSRQHQ FRQ YLROHQFLD H[SORVLYD HV SRU HOOR TXH QRUPDOPHQWH VH
VXPLQLVWUDQ HQ IRUPD GH GLVSHUVLyQ HQ SDVWD R OtTXLGD HQ XQ SODVWLILFDQWH R HQ
IRUPDGHSROYRHQXQDFDUJDLQHUWH
/RV FDWDOL]DGRUHV PiV XWLOL]DGRV VRQ HO PHWLO HWLO FHWRQD SHUy[LGR R PHN
SHUy[LGR pVWH VH FRQVLJXH QRUPDOPHQWH HQ XQD VROXFLyQ DO HQ GLPHWLO
IWDODWR \ HO EHQ]RLO SHUy[LGR R %32 TXH VH SXHGH DGTXLULU SXUR R HQ
VROXFLyQDOHQGLEXWLOIWDODWR(OPHNSHUy[LGRQRSRVHHXQDIyUPXODTXtPLFD
GHILQLGDSRUORTXHKD\GLIHUHQFLDVGHDFWLYLGDGHQWUHFDWDOL]DGRUHVGHIXHQWHV
GLIHUHQWHV
+D\ PXFKRV FRPSXHVWRV TXtPLFRV TXH SXHGHQ DFWXDU FRPR DFHOHUDGRUHV
KDFLHQGRSRVLEOHTXHODUHVLQDTXHFRQWLHQHXQFDWDOL]DGRUSXHGDIUDJXDUVLQHO
XVR GH FDORU /RV PiV LPSRUWDQWHV VRQ ORV EDVDGRV HQ VDO GH FREDOWR FRPR HO
RFWDWRGHFREDOWR\HQQDIWHQDWRGHFREDOWR6(&$1\UHVSHFWLYDPHQWH
TXHVRQORVTXHQRUPDOPHQWHVHHPSOHDQMXQWRFRQHOPHNSHUy[LGR\ODVDPLQDV
WHUFLDULDV
(VHVHQFLDOHOHJLUHOWLSRFRUUHFWRGHFDWDOL]DGRU\DFHOHUDGRUDVtFRPRHPSOHDU
ODFDQWLGDGFRUUHFWDVLKDQGHREWHQHUVHODVSURSLHGDGHVySWLPDVGHODUHVLQDR
GHO ODPLQDGR ILQDOPHQWH FXUDGRV (VWDV UHODFLRQHV VH FRQVLJXHQ GHVSXpV GH XQ
ODUJRSURFHVRLQYHVWLJDWLYRGHHQVD\R\HUURU&RP~QPHQWHORVIDEULFDQWHVGHODV
PDWHULDVSULPDVSURSRUFLRQDQ\UHFRPLHQGDQVXVIyUPXODV
/RVFDWDOL]DGRUHV\DFHOHUDGRUHVQXQFDGHEHQPH]FODUVHGLUHFWDPHQWHHOXQRFRQ
HORWURGHELGRDTXHODUHDFFLyQTXtPLFDUHVXOWDQWHHVH[SORVLYD
5HVLQDVSUHDFHOHUDGDV+D\UHVLQDVTXHVHVXPLQLVWUDQFRQXQVLVWHPDGH
DFHOHUDGRU SUHYLDPHQWH LQFRUSRUDGR FRQWURODGR GH PRGR TXH SURGX]FD ODV
FDUDFWHUtVWLFDV GH JHOLILFDFLyQ \ HQGXUHFLPLHQWR PiV DGHFXDGDV SDUD HO
IDEULFDQWH (VWDV UHVLQDV VROR QHFHVLWDQ OD DGLFLyQ GH XQ FDWDOL]DGRU SDUD TXH
FRPLHQFHODUHDFFLyQGHIUDJXDGRDODWHPSHUDWXUDDPELHQWH/DVUHVLQDVGHHVWH
WLSR VRQ LGyQHDV SDUD SURGXFFLRQHV HQ FDQWLGDG EDMR FRQGLFLRQHV GH WUDEDMR
FRQWURODGDVRFRQSLVWRODSDUDLQ\HFFLyQGHOFDWDOL]DGRUSRUDVSHUVLyQ
5HDFFLyQ GH FXUDGR (O FXUDGR GH XQD UHVLQD GH SROLpVWHU FRPLHQ]D HQ
FXDQWR VH OH DJUHJD XQ FDWDOL]DGRU DGHFXDGR /D YHORFLGDG GH OD UHDFFLyQ
GHSHQGH GH OD UHVLQD \ GH OD DFWLYLGDG GHO FDWDOL]DGRU 6LQ OD DGLFLyQ GH XQ
DFHOHUDGRU FDORU R UDGLDFLyQ XOWUDYLROHWD OD UHVLQD WLHQH XQD GXUDFLyQ HQ HO
HQYDVH GH KRUDV R D YHFHV GtDV (VWD YHORFLGDG GH FXUDFLyQ HV GHPDVLDGR OHQWD
SDUDORVILQHVSUiFWLFRVDVtTXHHQFRQGLFLRQHVGHWHPSHUDWXUDDPELHQWHHVFR
UULHQWH DxDGLUXQ DFHOHUDGRU SDUD TXHOD UHDFFLyQVH GHVHQYXHOYDPiVGHSULVD
/D FDQWLGDG GH DFHOHUDGRU TXH VH DxDGH GHWHUPLQD HO WLHPSR TXH WDUGD HQ
JHOLILFDUVHODUHVLQD\ODYHORFLGDGGHHQGXUHFLPLHQWR
3DUDPXFKRVSURFHVRVSXHGHUHVXOWDULQGHVHDEOHODGXUDFLyQOLPLWDGDGHODUHVLQD
FDWDOL]DGD HQ HO UHFLSLHQWH \ HQ HVDV FRQGLFLRQHV HV FRQYHQLHQWH DxDGLU OD
FDQWLGDGGHWHUPLQDGDGHDFHOHUDGRUDODUHVLQDDQWHVTXHQDGD/DUHVLQDFRQHO
DFHOHUDGRU LQFRUSRUDGR VH FRQVHUYD XWLOL]DEOH GXUDQWH PXFKRV GtDV R KDVWD
VHPDQDV3XHGHQFDWDOL]DUVHHQWRQFHVSHTXHxDVFDQWLGDGHVGHPH]FODDPHGLGD
TXHVHQHFHVLWH/RVFDWDOL]DGRUHVOtTXLGRVVRQJHQHUDOPHQWHORVPiVDGHFXDGRV
([LVWHQWUHVIDVHVELHQGLIHUHQFLDGDVHQODUHDFFLyQGHFXUDGR
•
7LHPSR GH JHOLILFDFLyQ (V HO WLHPSR TXH WUDQVFXUUH GHVGH OD DGLFLyQ GHO
FDWDOL]DGRU KDVWDTXH ODUHVLQD FXDMDIRUPDQGR XQJHO EODQGR 1RUPDOPHQWH
HQ ODV UHVLQDV SUHDFHOHUDGDV GHVSXpV GH FDWDOL]DUODV SHUPDQHFHQ OtTXLGDV
GXUDQWHXQODSVRGHWLHPSRQRUPDOPHQWHSDUDVHFDGRHQWUH\PLQXWRV
GXUDQWHHOTXHVHSXHGHQDSOLFDU3DVDGRHVWHSHUtRGRODUHVLQDJHQHUDFDORU
\VHYXHOYHVyOLGD
(O WLHPSR GH JHO SXHGH VHU DMXVWDGR D WUDYpV GH XQD GRVLV DGHFXDGD GH
FDWDOL]DGRUHV\DFHOHUDGRUHVDGHPiVGHEHVHUPD\RUSDUDODPLQDGRVJUDQGHV
TXH SDUD ODPLQDGRV SHTXHxRV \ GHEH VHU VXILFLHQWH SDUD SHUPLWLU OD
KXPHFWDFLyQ\HODVHQWDPLHQWRGHODILEUDGHYLGULRHQHOPROGH
•
7LHPSRGHHQGXUHFLPLHQWR(VHOWLHPSRTXHWUDQVFXUUHGHVGHTXHIUDJXDOD
UHVLQD KDVWD HO SXQWR HQ TXH HVWi OR EDVWDQWH GXUD SDUD TXH HO REMHWR
PROGHDGRRHOODPLQDGRSXHGDUHWLUDUVHGHOPROGH
•
7LHPSRGHPDGXUDFLyQ(VWHWLHPSRSXHGHVHUGHKRUDVYDULRVGtDVRKDVWD
VHPDQDVGHSHQGLHQGRGHODUHVLQD\GHOVLVWHPDGHFXUDGR(VHOWLHPSRTXH
WDUGDHOREMHWRPROGHDGRRODPLQDGRHQDGTXLULUVXSOHQDGXUH]DUHVLVWHQFLD
TXtPLFD\HVWDELOLGDG/DPDGXUDFLyQVHSXHGHGDUDWHPSHUDWXUDDPELHQWHR
SXHGHDFHOHUDUVHPHGLDQWHSRVWFXUDGRFRQWHPSHUDWXUDVVXSHULRUHV
/RVVLJXLHQWHVIDFWRUHVLQIOX\HQHQHOWLHPSRGHJHOLILFDFLyQGHODVUHVLQDV\SRU
HQGHHQHOHVWDGRILQDOGHOFXUDGR
•
&RQWHQLGR GH FDWDOL]DGRU &XDQWR PHQRV FDWDOL]DGRU VH XVH PiV WLHPSR
WDUGDUiODUHVLQDHQVROLGLILFDUVH(OXVRGHLQVXILFLHQWHFDWDOL]DGRUFRQGXFHD
TXHORVREMHWRVPROGHDGRVVDOJDQLQVXILFLHQWHPHQWHFXUDGRV
•
&RQWHQLGRGHDFHOHUDGRU&XDQWRPHQRVDFHOHUDGRUVHHPSOHHPiVWDUGDHQ
VROLGLILFDUVH OD UHVLQD &XDQGR KD\ LQVXILFLHQWH DFHOHUDGRU SDUD DFWLYDU HO
FDWDOL]DGRU OD UHVLQD SXHGH TXHGDU VLQ FXUDU R SXHGH HQGXUHFHUVH FRQ
GHPDVLDGDOHQWLWXG
•
7HPSHUDWXUD DPELHQWH &XDQWR PHQRU VHD OD WHPSHUDWXUD PD\RU HV HO
WLHPSRTXHWDUGDHQVROLGLILFDUVHODUHVLQD(OFXUDGRDPHQRVGH&SXHGH
GDUOXJDUDTXHTXHGHLQVXILFLHQWHPHQWHFXUDGD
•
9ROXPHQ GH UHVLQD (QWUH PD\RU VHD HO YROXPHQ GH OD UHVLQD PHQRU HV HO
WLHPSRGHJHOLILFDFLyQ3RUHMHPSORXQFXERYDFLDGRGHPPVHVROLGLILFD
PiVUiSLGDPHQWHTXHXQODPLQDGRGHPPXVDQGRODPLVPDIRUPXODFLyQ
•
3pUGLGDGHPRQyPHURRHVWLUHQRSRUHYDSRUDFLyQ(VLPSUHVFLQGLEOHWHQHU
VXILFLHQWH PRQyPHUR HQ OD UHVLQD SDUD TXH VH SURGX]FD XQD SROLPHUL]DFLyQ
DGHFXDGD &XDQGR KD\D TXH IRUPDU ODPLQDGRV GH JUDQGHV VXSHUILFLHV VH
UHFRPLHQGDTXHVHKDJDJHOLILFDUODUHVLQDUiSLGDPHQWH
•
(OHFFLyQ GH FDUJDV FXDQGR VH XVHQ 6H OH GHQRPLQD FDUJD D WRGR PDWHULDO
VyOLGRSDUWLFXODGRTXHVHOHDGLFLRQHDODUHVLQDSRUHMHPSORSROYRVFRPRHO
FDUERQDWR GH FDOFLR /D PD\RUtD GH ODV FDUJDV SURORQJDQ HO WLHPSR GH
JHOLILFDFLyQ \ VL QR VH VHOHFFLRQDQ FRQ FXLGDGR OD FDQWLGDG \ HO WLSR VH
SXHGHQDIHFWDUDGYHUVDPHQWHODVSURSLHGDGHVGHODUHVLQD*HQHUDOPHQWHVH
HPSOHDQ SDUD EDMDU FRVWRV (O FRQWHQLGR GH FDUJD SUHIHULEOHPHQWH QR GHEH
H[FHGHUHOHQSHVRGHODUHVLQD
•
&RQWHQLGR GH SLJPHQWRV $OJXQRV SLJPHQWRV SURORQJDQ HO WLHPSR GH
JHOLILFDFLyQPLHQWUDVTXHRWURVORDFRUWDQ(OHIHFWRGHORVSLJPHQWRVTXHQR
VH KD\DQ UHFRPHQGDGR HVSHFtILFDPHQWH SDUD UHVLQDV GH SROLpVWHUHV GHEH
FRQVWDWDUVH DQWHV GH XVDUORV 3XHGH DSOLFDUVH XQD FDQWLGDG GH SLJPHQWR GH
KDVWDHOHQSHVRGHODUHVLQDXWLOL]DGD
•
3UHVHQFLD GH LQKLELGRUHV /RV LQKLELGRUHV VRQ FRPSXHVWRV TXH HQ SHTXHxDV
FDQWLGDGHV EDVWDQ SDUD FRQWDPLQDU OD UHDFFLyQ GH SROLPHUL]DFLyQ \ SXHGHQ
LPSHGLU TXH FRQVLJD FXUDU GHO WRGR OD SLH]D /D PD\RUtD GH ORV LQKLELGRUHV
FRPXQHVVRQIHQROHVSROYRGHUHVLQDGHIHQROIRUPDOGHKtGRD]XIUHFDXFKR
FREUH \ VDOHV GHO FREUH OD PD\RUtD GH ODV IRUPDV GHO QHJUR GH KXPR \ HO
PHWDQRO
•
0H]FOD7RGRVORVPDWHULDOHVTXHHQWUDQHQODFRPSRVLFLyQGHEHQGLVSHUVDUVH
ELHQ HQ OD UHVLQD \D TXH XQD PH]FOD LQDGHFXDGD SXHGH FRQGXFLU D OD
REWHQFLyQ GH DUWtFXORV GHIHFWXRVRV (O RUGHQ GH PH]FOD GHO FDWDOL]DGRU \
DFHOHUDGRUGHSHQGHGHODDSOLFDFLyQSDUWLFXODU\GHOVLVWHPDGHFXUDGRTXHVH
HPSOHH
•
3RVWFXUDGR/RVODPLQDGRVGHSOiVWLFRUHIRU]DGRSXHGHQWDUGDUYDULRVGtDVHQ
DOFDQ]DU VX SOHQD PDGXUH] HVWH WLHPSR SXHGH UHGXFLUVH PHGLDQWH HO
SRVWFXUDGRTXHFRQVLVWHHQVRPHWHUODSLH]DGHVPROGDGDGXUDQWHWUHVKRUDVD
&RGXUDQWHXQWLHPSRPiVODUJRHPSOHDQGRXQDWHPSHUDWXUDPiVEDMD
/RV EXHQRV UHVXOWDGRV VH REWLHQHQ GHMDQGR HO REMHWR PROGHDGR TXH VH
HVWDELOLFHDODWHPSHUDWXUDGHOFXDUWRGHWUDEDMRGXUDQWHXQGtDRGRVDQWHV
GHSDVDUDOSRVWFXUDGR
02/'(6<02/'(2325&217$&72
0ROGHV\0ROGHRSRUFRQWDFWR(QHOWUDEDMRFRQUHVLQDVGHSROLpVWHUQR
VDWXUDGDV VH HPSOHD FRP~QPHQWH HO PROGHR SRU FRQWDFWR SDUD HOOR VROR VH
QHFHVLWD XQ PROGH TXH SXHGH VHU PDFKR R KHPEUD GHSHQGLHQGR FXiO GH ODV
FDUDV GHO REMHWR PROGHDGR GHEH TXHGDU OLVD /RV PROGHV VH SXHGHQ UHDOL]DU GH
JUDQ YDULHGDG GH PDWHULDOHV LQFOX\HQGR OD PLVPD UHVLQD SROLpVWHU UHIRU]DGD
\HVR\PDGHUDHQWUHRWUDVODVHOHFFLyQGHOPDWHULDODHPSOHDUGHSHQGHGHTXH
WDQWDVSLH]DVVHTXLHUDQPROGHDUODKDELOLGDGGHODSHUVRQDTXHORFRQVWUXLUi\
HO IDFWRU HFRQyPLFR /R QRUPDO HV TXH SDUD FUHDU XQD SLH]D VH GHEH WHQHU XQ
PRGHORDOTXHVHOHVDFDXQPROGH\GHOFXDOOXHJRVHVDFDODSLH]DGHVHDGD
/RVPRGHORV\ORVPROGHVWLHQHQHQFRP~QTXHGHEHQWHUPLQDUVHFRQSUHFLVLyQ\
SXOLUVH ELHQ SDUD DVHJXUDUVH TXH ODV VXSHUILFLHV TXHGHQ OLVDV HQ PDWHULDOHV
SRURVRV GHEH DSOLFDUVH VROXFLyQ WDSD SRURV GH JRPD ODFD R DFHWDWR GH FHOXORVD
DQWHV GH HQFHUDUORV \ SXOLUORV 2WUD FRQVLGHUDFLyQ PX\ LPSRUWDQWH HV OD
SODQHDFLyQ GHO GHVPROGHR \D TXH VL QR VH SUHYp OXHJR VHUi SUiFWLFDPHQWH
LPSRVLEOH H[WUDHU OD SLH]D HQ HVWp SXQWR VH GHEHQ DSUHFLDU RSFLRQHV FRPR HO
HPSOHRGHPROGHVSDUWLGRVGHVDUPDEOHV\VHFFLRQDGRV
$JHQWHVGHVPROGHDQWHV\GHFLHUUHGHOPROGH/DVUHVLQDVGHSROLpVWHU
SRVHHQ PX\ EXHQDV SURSLHGDGHV DGKHVLYDV \ FRKHVLYDV HV SRU HOOR TXH GHEHQ
HPSOHDUVHPpWRGRVSDUDHYLWDUTXHHOSURGXFWRPROGHDGRTXHGHXQLGRGHIRUPD
SHUPDQHQWHDOPROGHVREUHHOTXHKDVLGRIDEULFDGR\SDUDORJUDUORVHHPSOHDQ
ORVGHQRPLQDGRVDJHQWHVGHGHVPROGHR(VWRVVHGHILQHQFRPRXQPDWHULDORXQD
VXVWDQFLD TXH FUHD XQ iQJXOR GH FRQWDFWR HOHYDGR FRQ OD VXSHUILFLH FXDQGR VH
DSOLFD D XQ VXVWUDWR FRQ OR TXH HYLWD HO PRMDGR GHO VXVWUDWR SRU FXDOTXLHU
PDWHULDOTXHVHDSOLTXHVREUHpO
6HFODVLILFDQGRVWLSRVGHGHVPROGHDQWHVXQRVRQORVDJHQWHVGHGHVPROGHDQWHV
H[WHUQRVTXHVHDSOLFDQVREUHHOPROGH\HQWUHORVPiVXWLOL]DGRVHVWiQHODOFRKRO
BBBBBBBBBBB
0RQRJUDItD&U\VWLF1R6FRWW%DGHU&RPSDQ\/LPLWHG
SROLYLQtOLFR \ ODV FHUDV FDUQDXEDGDV R VLOLFRQDV ORV RWURV VRQ ORV DJHQWHV
GHVPROGHDQWHVLQWHUQRVTXHVHDGLFLRQDQDODUHVLQD\VRQH[SXOVDGRVGXUDQWHHO
FXUDGRIDFLOLWDQGRODVHSDUDFLyQVLHQGRHOPiVFRP~QHOHVWHUDWRGH]LQF
&XDQGR VH DSOLFDQ FHUDV VH GHEH VDFDU EULOOR DO PROGH SDUD HYLWDU TXH OD FHUD
OLEUHHPHUMDVREUHHOODPLQDGR\SRQJDQHQFRQWDFWRDHVWHFRQHOPROGH(QWUH
WUDEDMR \ WUDEDMR GH PROGHR VH GHEHQ DSOLFDU GHVPROGHDQWHV UHSLWLHQGR HO
SURFHVRHVGHLPSRUWDQFLDTXHSDUDORVSULPHURVPROGHRVVHDSOLTXHQYDULDV
FDSDV VXFHVLYDV GH GHVPROGHDQWH &XDQGR VH XWLOL]DQ PDWHULDOHV SRURVRV SRU
HMHPSOR PDGHUD R \HVR SDUD IDEULFDU HO PROGH OD VXSHUILFLH WLHQH TXH VHU
FHUUDGD WRWDOPHQWH DQWHV GH DSOLFDU HO DJHQWH GHO GHVPROGHR 8Q PDWHULDO GH
FLHUUH DGHFXDGR GHEH SHQHWUDU SURIXQGDPHQWH HQ OD VXSHUILFLH GHO PROGH \
OOHQDU WRGRV ORV SRURV VLQ TXH VH DFXPXOH HQ OD VXSHUILFLH /DFD JRPD ODFD \
EDUQLFHV VH XWLOL]DQ DPSOLDPHQWH FRPR DJHQWHV GH FLHUUH 6LQ HPEDUJR GHEH
WHQHUVHFXLGDGRHQODVHOHFFLyQ\DSOLFDFLyQGHHVWRVPDWHULDOHV\DTXHPXFKRV
GHHOORVVHGHJUDGDQLQWHQVDPHQWHDODWHPSHUDWXUDGHPROGHRTXHSXHGHOODJDU
DPi[LPRVHQWUH&\&
0ROGHR GHO *HO FRDW /D FDOLGDG GH XQ REMHWR PROGHDGR GH SOiVWLFR
UHIRU]DGR GHSHQGH SULQFLSDOPHQWH GH OD FDOLGDG GH OD VXSHUILFLH H[SXHVWD 6H
GHEHHYLWDUDOPi[LPRTXHODVILEUDVOOHJXHQPX\FHUFDGHODVXSHUILFLHGRQGH
SXHGHQ VHU VXVFHSWLEOHV GH VHU DWDFDGDV SRU OD KXPHGDG HVWR VH FRQVLJXH
IRUPDQGRXQDFDSDULFDHQUHVLQDHQODVXSHUILFLHGHWUDEDMRGHOODPLQDGRTXH
HV OR TXH VH OODPD ´JHO FRDWµ (VWH SXHGH DSOLFDUVH PHGLDQWH EURFKD URGLOOR R
DVSHUVLyQ FRQ SLVWROD HVSHFLDO HO HVSHVRU GH OD FDSD GHEH UHJXODUVH HQWUH ORV
PP\ORVPPDH[FHSFLyQGHSURGXFWRVTXHSHUPDQH]FDQVXPHUJLGRV
HQDJXDVLODFDSDHVPX\GHOJDGDSXHGHQRFXUDUGHOWRGR\HQWRQFHVVHYHUiD
WUDYpV GHO ODPLQDGR GH EDVH HO GLEXMR TXH IRUPDQ ODV ILEUDV 6L HV GHPDVLDGR
JUXHVD SXHGH DJULHWDUVH R FXDUWHDUVH UHVXOWDQGR PDV VHQVLEOHV DO LPSDFWR /D
FDSD GHEH VHU SDUHMD SDUD TXH QR VH SUHVHQWHQ WHQVLRQHV LQWHUQDV GXUDQWH HO
VHFDGRSURGXFLHQGRTXHVHFXDUWHH(OJHOFRDWVHSXHGHUHIRU]DUFRQODDGLFLyQ
GHILEUDGHYLGULRDXQTXHVXDFDEDGRQRVHUiWDQEXHQRVXDGLFLyQGHSHQGHGH
ORVUHTXHULPLHQWRVGHODDSOLFDFLyQ
/D DSOLFDFLyQ GHO JHO FRDW VH UHDOL]D GLUHFWDPHQWH VREUH OD FDSD GHO
GHVPROGHDQWH 6L VH YD D UHIRU]DU FRQ ILEUD GH YLGULR pVWD VH GHEH DSOLFDU
VHJXLGDPHQWH VREUH HO JHO FRDW FXDQGR VH HQFXHQWUH HQ HVWDGR WDFWRVR HQ
VHJXLGDVHVLW~DHQFLPDHOUHIXHU]RGHWHODPDW\VHSUHVLRQDSRUHQFLPDGHOD
UHVLQDKDVWDTXHTXHGHELHQLPSUHJQDGD\VLQEXUEXMDV&XDQGRODUHVLQDHVWHHQ
HO SXQWR GH JHO VH FRPLHQ]D D DSOLFDU VXFHVLYDPHQWH ODV FDSDV KDVWD ORJUDU
ODPLQDGR GH OD PLVPD IRUPD KDVWD TXH VH ORJUH HO HVSHVRU GHVHDGR (V
LPSRUWDQWHKDFHUQRWDUTXHVLHPSUHTXHVHDSOLTXHQVXFHVLYDVFDSDV\DVHDGH
OD UHVLQD SDUD HO JHO FRDW R GH OD UHVLQD SDUD HO ODPLQDGR HQWUH FDSDV VH GHEH
HVSHUDU D TXH OD DQWHULRU HVWH HQ HO SXQWR GH JHO R WDFWRVD GH IRUPD TXH DO
WRFDUOD VH VLHQWD SHJDMRVD SHUR TXH HO GHGR QR TXHGH LPSUHJQDGR GH UHVLQD
GDQGR OXJDU D XQD XQLyQ SHUIHFWD HQWUH ODV FDSDV VLQ TXH HO GLVROYHQWH GH XQD
FDSD DIHFWH D OD DQWHULRU 1XQFD VH GHEH GHMDU TXH HO JHO FRDW VH VHTXH
GHPDVLDGRDQWHVGHFRORFDUODVGHPiVFDSDV
&RQGLFLRQHVGHWUDEDMR(OUHFLQWRHQGRQGHVHYD\DDWUDEDMDUQRGHEH
VHU K~PHGR \ GHEHUi HVWDU DGHFXDGDPHQWH WHPSODGR HQWUH & \ & \
YHQWLODGR SHUR HYLWDQGR ODV FRUULHQWHV GH DLUH \ ODV IOXFWXDFLRQHV GH
WHPSHUDWXUD&RQYLHQHTXHKD\DEDVWDQWHDOWXUDOLEUH\TXHVHGLVSRQJDHVSDFLR
VXILFLHQWHSDUDWUDEDMDUWRGDVODVRSHUDFLRQHVVH UHFRPLHQGDGLYLGLUHOiUHDHQ
VHFFLRQHV SUHSDUDFLyQ GHO UHIXHU]R PH]FOD GH UHVLQDV PROGHDGR UHFRUWDGR \
DFDEDGR
/DUHVLQD\ORVGHPiVFRPSXHVWRVGHEHQJXDUGDUVHDOHMDGRVGHOVLWLRGHWUDEDMR
HQXQOXJDUDLUHDGR\DWHPSHUDWXUDDPELHQWH
/DILEUDGHYLGULRGHEHJXDUGDUVH\FRUWDUVHHQFRQGLFLRQHVOLPSLDVVHFDV\HQXQ
OXJDUVHSDUDGRGHOVLWLRGRQGHVHUHDOL]DHOPROGHR
(V SUHIHULEOH TXH HO OXJDU GH WUDEDMR HVWp LOXPLQDGR FRQ OX] GLXUQD GLIXVD
VLHPSUH TXH QR VH SHUPLWD TXH ORV UD\RV VRODUHV FDLJDQ GLUHFWDPHQWH VREUH OD
VHFFLyQ GH PH]FOD R PROGHR \D TXH HOOR SXHGH GDU OXJDU D OD JHOLILFDFLyQ
SUHPDWXUDGHODUHVLQD/DVOXFHVIOXRUHVFHQWHVGHEHQLQVWDODUVHVLHPSUHHQFLPD
GHORVPROGHVSXHVWDPELpQSXHGHQDIHFWDUHOHQGXUHFLPLHQWRGHODUHVLQD
0ROGHRDPDQR/DWHODPDWHVHOUHIXHU]RPiVXVDGRSDUDHOPROGHRRU
FRQWDFWR DXQTXH WDPELpQ SXHGHQ XVDUVH PHFKDV WHMLGDV GH ILEUD (O UHIXHU]R
GHEHSUHSDUDUVHDQWHVGHTXHFRPLHQFHODODPLQDFLyQSXHGHFRORFDUVHHQWUR]RV
RHQODVIRUPDVTXHVHDQHFHVDULRVLUYLpQGRVHGHXQDVWLMHUDVRFRQXQDFXFKLOOD
DILODGD
/DFDQWLGDGGHUHVLQDTXHVHQHFHVLWDSXHGHFDOFXODUVHSHVDQGRODILEUDGHYLGULR
TXHVHYD\DXVDUSDUDHOPROGHR7UDWiQGRVHGHODWHODPDWODSURSRUFLyQHQWUH
UHVLQD\ILEUDGHYLGULRGHEHVHUGHHQWUH\HQSHVRILEUDGH
YLGULRHQSHVRSRUHMHPSORSDUD.JGHWHODPDWVHQHFHVLWDQ.JGHUHVLQD
6HDSOLFDFRQXQDEURFKDXQDFDSDDEXQGDQWHGHUHVLQDSRUHQFLPDGHOJHOFRDW
OR PiV XQLIRUPH SRVLEOH VH SUHVLRQD ILUPHPHQWH OD ILEUD FRQWUD OD UHVLQD \ VH
FRQVROLGD SDVDQGR XQ SLQFHO R URGLOOR HVSHFLDO GH DUDQGHODV R GH SDOHWDV SDUD
VDFDU ODV EXUEXMDV GH DLUH TXH TXHGHQ DWUDSDGDV /D UHVLQD VXELUi SRU HQWUH OD
ILEUDHQWUHWHMLGDFRQEDVWDQWHIDFLOLGDG\GLVROYHUiHODJOXWLQDQWHTXHPDQWLHQH
XQLGDV ODV ILEUDV (O WHMLGR SLHUGH HQWRQFHV LGHQWLGDG \ VH FRQYLHUWH HQ XQD
GLVWULEXFLyQ DOHDWRULD GH ILEUDV TXH VH DPROGDQ IiFLOPHQWH D ORV FRQWRUQRV GHO
PROGH$QRVHUTXHVHDDEVROXWDPHQWHQHFHVDULRQR GHEHDSOLFDUVHPiVUHVLQD
HQFLPD GH OD FDSD GH ILEUD GH YLGULR KDVWD TXH VH KD\D LPSUHJQDGR GHO WRGR
SXHV DO KDFHUOR SXHGH GDU OXJDU D TXH TXHGHQ DWUDSDGDV EXUEXMDV GH DLUH
LQPHGLDWDPHQWH GHWUiV GHO JHO FRDW (V LPSRUWDQWH DVHJXUDUVH TXH OD SULPHUD
FDSDGHILEUDGHYLGULRVHKDLPSUHJQDGRPX\ELHQSXHVWRGRHODLUHTXHTXHGD
FHUFD GHO JHO FRDW SXHGH RFDVLRQDU OD IRUPDFLyQ GH YHMLJDV VL VH H[SRQH HO
ODPLQDGRDOFDORUGXUDQWHVXYLGD~WLO
&XDQGR VH SUHVHQWHQ WUR]RV DG\DFHQWHV GH ILEUD SXHGHQ XQLUVH D WRSH R
VXSHUSRQHUVH/DVXQLRQHVDWRSHGHEHQKDFHUVHFRQFXLGDGRSDUDTXHQRTXHGH
QLQJ~Q HVSDFLR HQWUH ORV GRV ERUGHV PLHQWUDV TXH ODVXQLRQHV VRODSDGDV SXHGHQ
UHVXOWDUDQWLHVWpWLFDV\DQRVHUTXHVHUHTXLHUDSDUDSUHVWDUUHIXHU]RQRGHEH
VXSHUSRQHUVHPiVGHPP&XDQGRODILEUDVHKDLPSUHJQDGRODXQLyQSXHGH
KDFHUVH PHQRV YLVLEOH HVSDUFLHQGR HO H[FHVR GH PDWHULDO D XQR X RWUR ODGR
SDVDQGRODEURFKDFRQXQPRYLPLHQWRURWDWLYRHQSHTXHxRVFtUFXORVDORODUJRGH
OD OtQHD GH OD XQLyQ &XDQGR VH SUHFLVH XQ ODPLQDGR JUXHVR QR GHEHQ DSOLFDUVH
PiVGHFXDWURFDSDVGHUHVLQD\ILEUDVLQGHMDUTXHODUHVLQDDOFDQFHXQHVWDGR
GHJHOLILFDFLyQ(VWRWLHQHODILQDOLGDGGHHYLWDUXQDDFXPXODFLyQH[RWpUPLFDTXH
SXHGHGDUOXJDUDTXHVHSURGX]FDQJULHWDVHQODVXSHUILFLHGHOJHOFRDW3RURWUD
SDUWH HV LJXDOPHQWH LPSRUWDQWH HYLWDU GHPRUDV SURORQJDGDV HQWUH FDSDV D QR
VHU TXH VH XWLOLFH XQD UHVLQD TXH WDUGH PXFKR HQ FXUDU &XDQGR VH QHFHVLWD XQ
DFDEDGR OLVR SRU HO UHYHUVR GHO DUWtFXOR PROGHDGR SXHGH XVDUVH FRPR OD FDSD
ILQDOGHOUHIXHU]RXQWHMLGRGHILEUDGHYLGULRTXHVHDDGHFXDGR6HFRQVLJXHDVt
XQDFDEDGRTXHQRHVWDQYDVWRFRPRHOGHODWHODPDW\SXHGHUHVXOWDUHVWpWLFR
GHVSXpVGHSLQWDUOR
$YHFHVHV QHFHVDULRHPSOHDU UHIXHU]RVPHWiOLFRVVREUH WRGRFXDQGR HO REMHWR
TXHVHWUDWDGHPROGHDUWLHQHTXHILMDUVHDDOJXQDRWUDVXSHUILFLHXREMHWRFRPR
ELVDJUDV \ VRSRUWHV (VWRV HOHPHQWRV SXHGHQ SRQHUVH HQ SRVLFLyQ GXUDQWH OD
RSHUDFLyQGHODPLQDFLyQ6LHOUHIXHU]RYDDHVWDUVRPHWLGRDXQDIXHUWHFDUJD
HO HVSHVRU GHO REMHWR PROGHDGR GHEH WHQHU VHFFLyQ FyQLFD HQ HO VHQWLGR GH
DORMDPLHQWRGHOUHIXHU]RSDUDTXHVHUHSDUWDODFDUJD(OUHIXHU]RVHGHEHXELFDU
ORPiVFHUFDGHOPHGLRGHODPLQDGRTXHVHDSRVLEOH
(O iUHD GH FRQWDFWR HQWUH HO UHIXHU]R \ HO ODPLQDGR GHEH VHU OR PiV JUDQGH
SRVLEOH\GHIRUPDTXHHOiUHDGHOODPLQDGRVHDPD\RUTXHODGHOUHIXHU]R
6LVHQHFHVLWDXQDXQLyQIXHUWHVHGHEHQSUHSDUDUODVVXSHUILFLHVGHXQDPDQHUD
HVSHFLDOUHDOL]iQGROHDOUHIXHU]RSHUIRUDFLRQHVSDUDTXHODUHVLQDVHLQFUXVWHHQ
HOODV\SURSRUFLRQiQGROHXQDVXSHUILFLHFRQXQDFDEDGRiVSHUR
5HIXHU]RV &XDQGR VH UHTXLHUH GDUOH PD\RU HVWDELOLGDG R ULJLGH] D XQD
SLH]D PROGHDGD VH SXHGH UHIRU]DU HPSOHDQGR SODFDV DOPDV R FRVWLOODV GH
GLVWLQWRV PDWHULDOHV FRPR PDGHUD PHWDO WXERV SOiVWLFRV HQWUH RWURV \
UHFXEULpQGRORV FRQ WHOD \ UHVLQD /D ~QLFD UHFRPHQGDFLyQ SDUD VX DSOLFDFLyQ HV
TXH FXDQGR VH KDJD OD VXSHUILFLH VREUH OD TXH YD XELFDGD \D HVWp HQGXUHFLGD
SDUDHYLWDUGHIRUPDFLRQHVGHVSXpVGHTXHVHVHTXHODUHVLQDGHOUHIXHU]R
'HVPROGHR $ QR VHU TXH HO REMHWR PROGHDGR VHD GH XQD IRUPD
FRPSOHMD HO GHVSUHQGLPLHQWR GHO PROGH VHUi VHQFLOOR FRQ WDO TXH VH KD\D
DSOLFDGR FRUUHFWDPHQWH HO DJHQWH GH GHVPROGHR (O ERUGH ODPLQDGR GHEH
VHSDUDUVH FRQ FXLGDGR GHO PROGH \ OXHJR GDQGR XQ WLUyQ VH GHVSUHQGHUi
WRWDOPHQWH
7UDWiQGRVH GH IRUPDV PiV FRPSOHMDV HO XVR GH DLUH FRPSULPLGR R FXxDV GH
SOiVWLFR R PDGHUD EODQGD HQWUH HO PROGH \ HO REMHWR PROGHDGR D\XGDUi D
GHVSUHQGHUORV /RV SXQWRV SDUD OD DSOLFDFLyQ GHO DLUH FRPSULPLGR WDPELpQ
SXHGHQ LQFRUSRUDUVH GXUDQWH OD FRQVWUXFFLyQ GHO PROGH /RV FDVFRV GH
HPEDUFDFLRQHV X REMHWRV GH IRUPD SDUHFLGD SXHGHQ VHSDUDUVH GHMDQGR FRUUHU
DJXDGHVSDFLRHQWUHHOREMHWR\HOPROGHVLHPSUHTXHVHKD\DXVDGRXQDJHQWH
GHGHVPROGHRTXHVHDVROXEOHHQDJXD(QHOFDVRGHORVPROGHGHJUDQHVSHVRU
DPHQXGRVHD\XGDUiDOGHVSUHQGLPLHQWRGDQGRXQRVFXDQWRVJROSHVDOH[WHULRU
GHOPROGHFRQXQPD]RUHFXELHUWRGHJRPD
5HFRUWDGR\DFDEDGR(VUHFRPHQGDEOHFRUWDUODUHVLQDFXDQGRD~QHVWi
EODQGD \D TXH VH SXHGH FRUWDU FRQ XQD FXFKLOOD DILODGD R FRQ WLMHUDV WHQLHQGR
PXFKR FXLGDGR GH QR GHIRUPDU QL PRYHU HO REMHWR PROGHDGR DO KDFHU HVWR
&XDQGR OD UHVLQD \D KD VROLGLILFDGR HV PX\ GLItFLO GH FRUWDU OD PD\RUtD GH ORV
~WLOHV GH DFHUR FRUULHQWHV WHUPLQDQ SRU IDOODU 6LHPSUH TXH VHD SRVLEOH VH
UHFRPLHQGD HPSOHDU GLVFRV DEUDVLYRV HV OD PHMRU IRUPD GH FRUWDU HO SOiVWLFR
UHIRU]DGR 3DUD WRGDV ODV GHPiV RSHUDFLRQHV GH PHFDQL]DGRV GHEHQ XWLOL]DUVH
~WLOHVGHDFHURFRQSDVWLOODVGHFDUEXUR
3XHGHQWDODGUDUVHFRQEURFDVFRQFXFKLOODGHFDUEXURGHWXQJVWHQRDJXMHURVGH
KDVWD DOUHGHGRU GH PP SRU HQFLPD D HVH WDPDxR VH UHFRPLHQGD HPSOHDU
IUHVDV PHMRU TXH EURFDV 3XHGH HYLWDUVH TXH VH SURGX]FDQ JULHWDV XVDQGR OD
PHQRU SUHVLyQ SRVLEOH \ HPSH]DQGR OD RSHUDFLyQ GH SHUIRUDFLyQ HQ HO ODGR
DFDEDGR GHO REMHWR PROGHDGR HV GHFLU SRU HO ODGR TXH WLHQH HO JHO FRDW /RV
ODPLQDGRVGHEHQUHVSDOGDUVHFRQPDGHUDGXUDPLHQWUDVVHHVWiQWDODGUDQGRSDUD
LPSHGLUTXHLUUXPSDODEURFD\HYLWDUODIRUPDFLyQGHERUGHVPHOODGRV
(V HVHQFLDO TXH OD UHVLQD KD\D FXUDGR GHO WRGR DQWHV GH HPSUHQGHU DOJXQD
RSHUDFLyQ GH DFDEDGR ,QFOXVR FXDQGR VH IRUPD XQ JHO FRDW SLJPHQWDGR \ QR
KDFH IDOWD SLQWDU OXHJR HV SUHFLVR GHVDORMDU SRU FRPSOHWR HO DJHQWH GH
GHVPROGHRODYiQGRORELHQ
$QWHVGHSLQWDUHOREMHWRPROGHDGRHVSUHFLVRSURFXUDUGHVDORMDUWRGDVODVWUD]DV
GHODJHQWHGHGHVPROGHR/RVEDVDGRVHQHODOFRKROGHSROLYLQLORSXHGHQODYDUVH
IiFLOPHQWH FRQ GHWHUJHQWH \ DEXQGDQWH FDQWLGDG GH DJXD WLELD 3XHGH
H[SHULPHQWDUVHGLILFXOWDGFXDQGRKDQHQWUDGRHQFRQWDFWRGLUHFWRFRQHOREMHWR
PROGHDGR FHUDV R VLOLFRQDV (Q HVDV FLUFXQVWDQFLDV VHUi QHFHVDULR IURWDU OD
VXSHUILFLHFRQSDSHOGHOLMDK~PHGRRVHFRSDUDGHVDORMDUHILFD]PHQWHHODJHQWH
GH GHVPROGHR &XDQGR VH VDEH TXH ORV REMHWRV PROGHDGRV YDQ D SLQWDUVH HV
FRQYHQLHQWHHYLWDUHQSULPHUOXJDUHOXVRGHFHUDV\VLOLFRQDV
0XFKRVIDEULFDQWHVSURGXFHQSLQWXUDVHVSHFLDOHVGHLPSULPDFLyQTXHWLHQHQXQD
DGKHUHQFLDSDUWLFXODUPHQWHEXHQDDODVXSHUILFLHGHSOiVWLFRUHIRU]DGRVXXVRVH
UHFRPLHQGDFXDQGRVHGHVHDREWHQHUXQDFDEDGRYHUGDGHUDPHQWHGXUDGHUR
6LHPSUH TXH OD VXSHUILFLH HVWH OLPSLD \ VHFD SXHGHQ DSOLFDUVH SLQWXUDV GH
LPSULPDFLyQ VLQ SUHSDUDFLyQ SUHYLD &XDQGR VH XVDQ SLQWXUDV GH LPSULPDFLyQ
QRUPDOHV HV DFRQVHMDEOH IURWDU SULPHUR OD VXSHUILFLH FRQ XQ DEUDVLYR ILQR SDUD
TXHODSLQWXUDDJDUUHELHQ
3DUD DFDEDGR DO HVPDOWH HO REMHWR PROGHDGR GHEH VRPHWHUVH D SRVWFXUDGR D
& DQWHV GH DSOLFDU OD SLQWXUD HQ JHQHUDO ODV SLQWXUDV GH VHFDGR DO DLUH
SXHGHQ DSOLFDUVH VLQ SRVWFXUDGR 6H GHEH FRQVWDWDU TXH OD UHVLQD KD FXUDGR
FRPSOHWDPHQWHSDUDLPSHGLUTXHORVGLVROYHQWHVDWDTXHQDODUHVLQDTXHQRKD\D
FXUDGR
',6(f2'(/$&É0$5$'(1,(%/$6$/,1$<6(/(&&,Ð1'((48,326
&216,'(5$&,21(6*(1(5$/(6
/DVFRQVLGHUDFLRQHVLQLFLDOHVSDUDHOGLVHxRGHODFiPDUDIXHURQ
•
(OGLVHxRGHEHVHUUHJLGRSRUORVSDUiPHWURVHVWDEOHFLGRVSRUODQRUPD$670
%´6$/7635$<)2*7(67µ
•
/D DXWRQRPtD GH GXUDFLyQ Pi[LPD GH IXQFLRQDPLHQWR GHO HTXLSR VHUi GH GtDVSDUiPHWURVHOHFFLRQDGRSRUORVDXWRUHVGHOSUR\HFWR
•
'LVSRQLELOLGDGGHVXPLQLVWURHOpFWULFR\DOFDQWDULOODGR
•
'LVSRQLELOLGDGGHOtQHDVGHVXPLQLVWURGHDLUHFRPSULPLGR
•
(Q OD FRQVWUXFFLyQ GHO HTXLSR VH GHEHQ HPSOHDU OD PHQRU FDQWLGDG SRVLEOH
GHPDWHULDOHVPHWiOLFRVTXHQRVHDQUHVLVWHQWHVDODFRUURVLyQ
•
(OHTXLSRGHEHWHQHUEXHQDSUHVHQWDFLyQHVWpWLFD
•
(O HTXLSR GHEH VHU FDSD] GH WUDEDMDU VLQ DVLVWHQFLD GXUDQWH HO WLHPSR
SURJUDPDGRGHOHQVD\R
•
/DVGLPHQVLRQHVGHODFiPDUD
',6(f2'(/$&É0$5$
•
&iPDUD LQWHUQD pVWD HV OD SDUWH GHO HTXLSR TXH YD D HVWDU GLUHFWDPHQWH
H[SXHVWD D OD QLHEOD FRUURVLYD OD KXPHGDG \ OD WHPSHUDWXUD ODV
FRQVLGHUDFLRQHV D WHQHU HQ FXHQWD SDUD OD VHOHFFLyQ GHO PDWHULDO GH
FRQVWUXFFLyQGHODVHFFLyQGHODFiPDUDVRQUHVLVWHQFLDDODFRUURVLyQTXHQR
VHD KLJURVFySLFR HV GHFLU TXH SRVHD XQ EDMR tQGLFH GH DEVRUFLyQ GH DJXD
WHQHUXQDFDEDGRVXSHUILFLDOOLVRVHUUHVLVWHQWHDORVLPSDFWRVSDUDVRSRUWDU
JROSHV RFDVLRQDGRV SRU DFFLGHQWHV GHQWUR GH OD FiPDUD \ TXH SHUPDQH]FD
HVWDEOH HQ XQ UDQJR DPSOLR GH WHPSHUDWXUDV WHQLHQGR HQ FXHQWD TXH OD
WHPSHUDWXUDPi[LPDGHQWURGHODFiPDUDVHUiGH&\TXHODWHPSHUDWXUD
QRUPDOGHWUDEDMRVHUiGH&
7RPDQGR FRPR UHIHUHQFLD HO PDWHULDO GH IDEULFDFLyQ GH YDULRV PRGHORV GH
FiPDUDV GHO PHUFDGR OD GLVSRQLELOLGDG GH SURYHHGRUHV \ FRVWRV GH ORV
PLVPRV VH RSWy SRU HPSOHDU OD UHVLQD SROLpVWHU RUWRIWiOLFD SUHDFHOHUDGD
UHIRU]DGD FRQ WHOD PDW GH ILEUD GH YLGULR VHOHFFLRQDQGR OD UHIHUHQFLD
&5,67$/$1 GH ODHPSUHVD $1'(5&2/6$ (QOD 7DEOD VHHQFXHQWUDQ
GDWRV DSUR[LPDGRV VREUH ODV SURSLHGDGHV GH ODV UHVLQDV SROLpVWHU \ HQ OD
7DEOD VH HQFXHQWUDQ ODV SURSLHGDGHV FRPXQHV GH ODV UHVLQDV SROLpVWHU
UHIRU]DGRFRQGLIHUHQWHVWLSRVGHWHODVGHILEUDGHYLGULRHOWLSRGHUHIXHU]R
VHOHFFLRQDGRSDUDHVWHSUR\HFWRIXHODWHODPDWUHVDOWDGDHQOD7DEOD
1RWD(QHODQH[R)VHHQFXHQWUDODOLWHUDWXUDWpFQLFDHVSHFtILFDGHODUHVLQD
&5,67$/$1 \ HQ HO DQH[R + OD OLWHUDWXUD WpFQLFD GHO FDWDOL]DGRU
HPSOHDGR
6HHPSOHyXQUHFXEULPLHQWRSDUDODVSDUHGHVLQWHUQDVGHODUHFiPDUDDEDVH
GHSLQWXUDGHSROLXUHWDQREODQFDSDUDGDUXQDSURWHFFLyQDGLFLRQDOFRQWUDOD
FRUURVLyQ\XQPHMRUDFDEDGR
7DEOD3URSLHGDGHVWtSLFDVGHODUHVLQDGHSROLpVWHUYDFLDGDVLQFDUJD01P§3VL
3HVRHVSHFtILFR
'XUH]D5RFNZHOOHVFDOD0
'XUH]D%DUFRO*<=-
5HVLVWHQFLDDODWUDFFLyQ
5HVLVWHQFLDDODFRPSUHVLyQ
5HVLVWHQFLDDOLPSDFWR,]RG
0yGXORGH<RXQJ
$ODUJDPLHQWRDODURWXUD
&DORUHVSHFtILFR
&RQGXFWLYLGDGWpUPLFD
&RHILFLHQWHGHGLODWDFLyQOLQHDO
$EVRUFLyQGHDJXDKD&
&RHILFLHQWHGHIULFFLyQHVWiWLFD
[
)XHQWH0RQRJUDItD&U\VWLF1R6FRWW%DGHU&RPSDQ\OLPLWHG
JFP
01P
01P
N-P
*1P
N-.J&
:P&
&
7DEOD3URSLHGDGHVItVLFDVWtSLFDVGHORVSOiVWLFRVUHIRU]DGRVFRQGLVWLQWRVWLSRVGHILEUDGH
YLGULR
3URSLHGDGHV
8QLGDG
0DQWDGH
KHEUDV
WURFHDGDV
RPDW
&RQWHQLGRGHYLGULR
SHVR
3HVRHVSHFtILFR
5HVLVWHQFLDDODWUDFFLyQ
5HVLVWHQFLDDOD
FRPSUHVLyQ
5HVLVWHQFLDDODIOH[LyQ
JFP 0HFKDV
WHMLGDVR
7HOD
ZRYHQ VDWLQDGD
URYLQJ
0HFKDV
FRQWLQXDVR
URYLQJ
01P
01P
01P
0yGXORHQIOH[LyQ
*1P
5HVLVWHQFLDDOLPSDFWR
N-P
,]RGVLQHQWDOOD
&RHILFLHQWHGH
; &
GLODWDFLyQOLQHDO
&RQGXFWLYLGDGWpUPLFD :P&
)XHQWH0RQRJUDItD&U\VWLF1R6FRWW%DGHU&RPSDQ\OLPLWHG
3DUDHOGLPHQVLRQDGRGHODFiPDUDVHWXYLHURQHQFXHQWDIDFWRUHVFRPR
•
5HIHUHQWHV VREUH ODV GLPHQVLRQHV GH OD FiPDUD LQWHUQD GH HTXLSRV
H[LVWHQWHVHQHOPHUFDGR
•
7DPDxR Pi[LPR GH ORV HOHPHQWRV D HQVD\DU SRU HMHPSOR XQ ULQ SDUD
DXWRPyYLOXQDVHFFLyQGHOHVFDSHGHXQDXWRPyYLO
•
(OWLSRGHVHOORGHODFiPDUDK~PHGRRVHFR\ORVDSR\RVSDUDORVSRUWD
SUREHWDV 6H GHFLGLy IRUPDUOH XQ PDUFR FRQ WUHV HVFDORQHV (O SULPHU
HVFDOyQ VLUYH FRPR DSR\R D ORV SRUWD SUREHWDV HO VHJXQGR HV VREUH HO
FXDO VH DSR\D OD WDSD \ HQ GRQGH VH SXHGH LQVWDODU XQ HPSDTXH SDUD
GDUOHXQFLHUUHKHUPpWLFR\HOWHUFHURHVSDUDGDUOHXQDIRUPDHVWpWLFD\
DGLFLRQDOPHQWHSRGHUXELFDUORVPHFDQLVPRVGHVRSRUWHSDUDODWDSD
•
/DHYDFXDFLyQGHFRQGHQVDGR6HGHWHUPLQyGDUOHXQDSHQGLHQWHDOIRQGR
GHODFiPDUDSDUDSHUPLWLUODHYDFXDFLyQGHORVFRQGHQVDGRV\HYLWDUOD
IRUPDFLyQGHFKDUFRV
•
/D LQWHJULGDG HVWUXFWXUDO GH OD FiPDUD 7HQLHQGR HQ FXHQWD TXH VH
UHTXLHUH OD LQVWDODFLyQ GH UXHGDV SDUD IDFLOLWDU OD PRYLOLGDG GHO HTXLSR
ELVDJUDV D ODV FXDOHV YD VXMHWD OD WDSD \ OD VXMHFLyQ GH ODV FXELHUWDV
H[WHUQDV\DTXHHVWRVDFFHVRULRVQRVHSXHGHQVXMHWDUGLUHFWDPHQWHDODV
SDUHGHV \ PXFKR PHQRV GHMDU HOHPHQWRV GH VXMHFLyQ H[SXHVWRV HQ HO
LQWHULRU VH FRQFOX\H HPSOHDU UHIXHU]RV \ VRSRUWHV HQ FXDUWRQHV GH
PDGHUD UHFXELHUWRV FRQ UHVLQD UHIRU]DGD FRQ WHOD PDW 'RV GH HVWRV
UHIXHU]RVVHXELFDQHQODFDUDLQIHULRU\SRVHHQODSDUWLFXODULGDGGHWHQHU
HQODFDUDTXHTXHGDFRQWUDODFiPDUDODPLVPDSHQGLHQWHTXHWLHQHHO
SLVR HQ FDGD XQR VH DWRUQLOODQ GRV UXHGDV (Q OD SDUWH WUDVHUD GH OD
FiPDUD VH XELFDQ GRV VRSRUWHV PiV SDUD OD SRVWHULRU ILMDFLyQ GH ODV
ELVDJUDV (Q ODV SDUHGHV ODWHUDOHV H[WHUQDV GH OD FiPDUD VH SHJDQ
VRSRUWHVGHPDGHUDTXHVLUYHQFRPRDSR\RVSDUDDWRUQLOODUODVFXELHUWDV
H[WHUQDVVLUYLHQGRFRPRVHSDUDFLyQHQWUHpVWDV\ODFiPDUDSDUDYDFLDU
HODLVODQWHWpUPLFRHVSXPDGHSROLXUHWDQR
1RWDSDUDYHUORVSODQRVGHODFiPDUDUHPtWDVHDODQH[R$SODQR
&XELHUWDH[WHUQDGHODFiPDUDHOPDWHULDOVHOHFFLRQDGRSDUDODFXELHUWDIXH
HOGHQRPLQDGR6XSHU%RDUGHVWHPDWHULDOHVHPSOHDGRHQODFRQVWUXFFLyQGH
IDFKDGDV FLHORUUDVRV \ HQWUHSLVRV (V EiVLFDPHQWH XQD SODFD FRPSXHVWD SRU
XQDPH]FODKRPRJpQHDGHFHPHQWRFXDU]R\ILEUDVGHFHOXORVDQRFRQWLHQH
DVEHVWRV 6XSHU%RDUG HV XQ PDWHULDO LQDOWHUDEOH UHVLVWHQWH D JROSHV H
LPSDFWRV LPSHUPHDEOH SRVHH LQPXQLGDG D KRQJRV SODJDV \ URHGRUHV
UHVLVWHQFLDDODKXPHGDGQRVHSXGUHQLVHR[LGDHVGHEDMRFRVWRGHIiFLO
PDQLSXODFLyQHLQFRPEXVWLEOHVXSHVRHVEDMR\WLHQHEXHQDVFDUDFWHUtVWLFDV
GHDLVODQWHWpUPLFRDGHPiVVHSXHGHFRUWDUWDODGUDUSHUIRUDU\OLMDUFRQODV
PLVPDV KHUUDPLHQWDV GH OD FDUSLQWHUtD WUDGLFLRQDO FRQ DFFHVRULRV FRPR
VLHUUDV R GLVFRV UHFRPHQGDGRV SDUD WUDEDMR FRQ SURGXFWRV DEUDVLYRV /RV
DFDEDGRVFRPRORVRQODVSLQWXUDVSXHGHQVHUIiFLOPHQWHDSOLFDGRVVREUHODV
SODFDV /DV GLPHQVLRQHV QRUPDOHV HQ ODV TXH VH HQFXHQWUD HVWH SURGXFWR
ODPLQDGR VH PXHVWUDQ HQ OD 7DEOD GH HVWDV VH VHOHFFLRQy OD OiPLQD GH PPGHHVSHVRU
•
7DEOD'LPHQVLRQHVQRUPDOHVGHODVSODFDVGH6XSHU%RDUG
)XHQWH/RVDXWRUHV
(Q ODV XQLRQHV HQWUH ODV OiPLQDV GH OD FXELHUWD H[WHUQD VH HPSOHDUi XQ
SHUILOSOiVWLFRHQiQJXORDSDUDPHMRUDUHODFDEDGRGHODXQLyQ
•
7DSD GH OD FiPDUD VH VHOHFFLRQy HO PLVPR PDWHULDO GH FRQVWUXFFLyQ GH OD
FiPDUDODUHVLQD&5,67$/$1UHIRU]DGDFRQWHODGHILEUDGHYLGULRWHOD
PDW\SLJPHQWDGDGHFRORUEODQFR(QHOYLVRUTXHSHUPLWHYHUHOLQWHULRUGH
OD FiPDUD \ TXH HVWDUi XELFDGR HQ OD SDUWH IURQWDO GH OD WDSD VH GHFLGLy
HPSOHDU RWUD UHIHUHQFLD GH UHVLQD OD &5,67$/$1 TXH HV PiV FODUD
DGHPiVQRVHOHDGLFLRQDFRORUDQWH\WDPSRFRHOUHIXHU]RGHILEUDGHYLGULR
ORJUDQGR DVt REWHQHU ODPLQDGRV WUDQVSDUHQWHV OD ILFKD WpFQLFD VH HQFXHQWUD
HQHODQH[R*
/DV GLPHQVLRQHV GH OD WDSD WLHQHQ FRPR SDUiPHWURV HO iUHD GHO VHJXQGR
HVFDOyQGHODFiPDUDGHDOOtVHVHOHFFLRQDHOODUJR\HODQFKR\ODDOWXUDHV
UHVWULQJLGD SRU HO UDQJR SDUD HO iQJXOR SURSXHVWR SRU OD QRUPD $670%
SDUDODWDSDTXHGHEHHVWDUHQWUH\HQWUHODVFDUDVVXSHULRUHVGHOD
WDSDSDUDHYLWDUHOJRWHRVREUHODVPXHVWUDV
$FFHVRULRVSDUDODWDSD
•
0DQLMD OD WDSD QHFHVLWD XQD PDQLMD R DJDUUDGHUD SDUD SRGHU DEULUOD FRQ
FRPRGLGDG3DUDVXVHOHFFLyQVHWXYRHQFXHQWDTXHVXDFDEDGRVXSHUILFLDO
IXHUD HVWpWLFR PDWHULDO VLQWpWLFR VHU FyPRGD SDUD HO XVXDULR WHQHU XQ
VLVWHPDGHVRSRUWHTXHVHDFRPRGHDODJHRPHWUtDGHODWDSD
•
%LVDJUD SRU HO WLSR GH FDUJD TXH VRSRUWDUi HVWH HOHPHQWR VH SUHILULy
HPSOHDUGRVELVDJUDVGHµFPIDEULFDGDVHQDFHURJDOYDQL]DGR
FRQ HVSHVRU GH PP /D YHQWDMD GH HVWH WLSR GH ELVDJUD VREUH RWUDV
RSFLRQHV HV TXH SRVHHQ XQ iUHD GH DSR\R EDVWDQWH JUDQGH
SURSRUFLRQDQGR XQ VRSRUWH PiV HVWDEOH D OD WDSD /D VXMHFLyQ GH ODV
ELVDJUDV D OD WDSD VH ORJUy SHJiQGRODFRQUHVLQD \ WHODPDW \ D OD SDUWH
XQLGDDORVVRSRUWHVLQVWDODGRVHQODFiPDUDPHGLDQWHWRUQLOORVDFHUDGRV
GHFPGHORQJLWXG
•
0HFDQLVPRGHEORTXHR\WRSHODWDSDGHODFiPDUDUHTXLHUHXQVLVWHPD
TXH OH SHUPLWD SHUPDQHFHU DELHUWD PLHQWUDV HO XVXDULR WUDEDMD HQ VX
LQWHULRU 3DUD WDO ILQ VH XELFDURQ XQRV VRSRUWHV TXH VRVWLHQHQ OD WDSD
PLHQWUDVpVWD SHUPDQHFHDELHUWDHQ XQ iQJXORWDOTXH HORSHUDULRSXHGD
DFFHGHU FRQ FRPRGLGDG DO LQWHULRU GH OD FiPDUD (O PDWHULDO GH
FRQVWUXFFLyQGHEHUiVHUUHVLVWHQWHDODFRUURVLyQ\VXILFLHQWHPHQWHIXHUWH
\ UtJLGR SDUD VRSRUWDU HO SHVR GH OD WDSD VLQ IOH[LRQDUVH QL UHYHQWDUVH
GLFKR VRSRUWH GHEH DVHJXUDU OD LQWHJULGDG GH ORV RSHUDULRV FRQ XQ
PHFDQLVPRGHEORTXHRSDUDHYLWDUTXHVHFLHUUHDFFLGHQWDOPHQWH
6H RSWy SRU FRQVWUXLU GRV PHFDQLVPRV SDUD VRSRUWDU OD WDSD HVWRV VHUiQ
FRQVWUXLGRV FRQ GRV EDUUDV HPSOHDQGR SDUD VX IDEULFDFLyQ GRV WLSRV GH
SHUILOHV GH DOXPLQLR HQ iQJXOR GH µ [ µ [ µ FP [ FP [
•
FP \ XQD EDUUD GH µ [ µ FP [ FP &RPR
HOHPHQWRGHXQLyQHQWUHODVEDUUDV\HQORVDSR\RVWHUFHUHVFDOyQGHOD
FiPDUD \ ODV FXELHUWDV ODWHUDOHV GH OD WDSD UHPDFKHV GH DOXPLQLR
HVWUXFWXUDO HO VLVWHPD GH EORTXHR HPSOHDGR SDUD HVWH PHFDQLVPR HV
VLPLODU DO TXH VH XVD HQ ODV HVFDOHUDV GH DOXPLQLR GH WLSR WLMHUD 9HU HO
SODQRHQHODQH[R$
$QiOLVLV GH IXHU]DV GHO PHFDQLVPR DQWHV GH HPSH]DU D DQDOL]DU HO
PHFDQLVPRGHVRSRUWHGHODWDSDHVQHFHVDULRKDOODUHOFHQWURGHPDVDGH
ODWDSD\DVtFRQRFHUHOSXQWRHQHOFXDOVHSXHGHFRQVLGHUDUFRQFHQWUDGD
WRGD OD PDVD FRPR VH YH HQ HO (VTXHPD HVWR D\XGD D HQFRQWUDU HO
SXQWRHQTXHQRKD\WRUTXHDOJXQRSRUSDUWHGHOVLVWHPD
(VTXHPD8ELFDFLyQGHOFHQWURGHPDVDGHODWDSD0HGLGDVHQFHQWtPHWURV
)XHQWH/RVDXWRUHV
5HSUHVHQWDFLyQJUiILFDGHOPHFDQLVPRGHVRSRUWHGHODWDSDFXDQGRpVWDVH
HQFXHQWUDFHUUDGD
(VTXHPD0HFDQLVPRGHVRSRUWHGHODWDSD
)XHQWH/RVDXWRUHV
(VTXHPD 'LIHUHQWHV SRVLFLRQHV GHO PHFDQLVPR GH OD WDSD GHVGH TXH pVWD VH HQFXHQWUD
FHUUDGDKDVWDTXHVHDEUHFRPSOHWDPHQWH
)XHQWH/RVDXWRUHV
(VTXHPD3RVLFLyQFUtWLFDGHOPHFDQLVPRGHVRSRUWHGHODWDSDFXDQGRpVWDVHHQFXHQWUD
WRWDOPHQWHDELHUWD
)XHQWH/RVDXWRUHV
/DPDVDGHODWDSDHV
0DVD.J
3RUORWDQWRHOSHVRGHODWDSDHV
:7 1≈
≈1
&RPRODWDSDVHHQFXHQWUDDSR\DGDHQGRVPHFDQLVPRVGHVRSRUWHHOSHVR
VHGLYLGHHQWUHGRVFRPRORPXHVWUDODIRUPXOD
: :7 1
: SHVRTXHVRSRUWDFDGDODGRGHODWDSD
:7 SHVRWRWDOGHODWDSD
3DUD UHDOL]DU HO DQiOLVLV GH IXHU]DV VH XWLOL]D HO PpWRGR JUDILFR 6H
UHSUHVHQWDQ ODV PDJQLWXGHV GH ODV IXHU]DV PHGLDQWH GLVWDQFLDV XWLOL]DQGR
XQIDFWRUGHFRQYHUVLyQ
) 8FDG1
) IDFWRUGHFRQYHUVLyQ
8FDG XQLGDGGLPHQVLRQDOTXHXWLOL]DHOSURJUDPD$XWRFDG
:HVHOSHVRGHODWDSD)HVODUHDFFLyQHQHOPHFDQLVPRGHVRSRUWHGHOD
WDSD\)HVODUHDFFLyQHQODELVDJUD&RPRVHFRQRFHQODVGLUHFFLRQHVGH
)\)VHKDFHXQDVXPDWRULDGHIXHU]D
ő) ) IXHU]DV
(QFRQWUDQGRDVtHOWULiQJXORGHIXHU]DV(VTXHPD6HUHDOL]DPHGLFLRQHV
GHODVIXHU]DVUHVXOWDQWHV\VHGLYLGHQSRU)DUURMDQGRFRPRUHVXOWDGROR
VLJXLHQWH
) 1 ) 1
(VTXHPD'LDJUDPDGHIXHU]DVUHVXOWDQWH
)XHQWH/RVDXWRUHV
$ODQDOL]DUHOHOHPHQWR
) )
) 1
+DFLHQGRő) ) )
) 1
(VTXHPD)XHU]DVHQHOHOHPHQWR
)XHQWH/RVDXWRUHV
$KRUDVHDQDOL]DHOHOHPHQWR
) )SHURHQVHQWLGRFRQWUDULR
) 1
+DFLHQGRő) ) )
) 1
$OUHDOL]DUő0$VHFRPSUXHEDTXHHOHOHPHQWRGRVQRJLUDGHELGRDTXHOD
VXPDWRULDGHPRPHQWRVHQHVWHSXQWRHVLJXDODFHUR
(VTXHPD)XHU]DVHQHOHOHPHQWR
)XHQWH/RVDXWRUHV
&RQ HVWR VH H[DPLQD HO PHFDQLVPR GH VRSRUWH GH OD WDSD HO FXDO VH
HQFXHQWUD HQ HTXLOLEULR FRPSUREDQGR DVt TXH WRGR VX SHVR VH WUDQVILHUH
D[LDOPHQWHSRUORVHOHPHQWRVGHOPHFDQLVPRTXHODVRSRUWDQ
$LVODQWH WpUPLFR HVWH DLVODQWH VH GLVSRQGUi HQWUH OD FiPDUD LQWHUQD \ ODV
FXELHUWDV SDUD PLQLPL]DU ODV SpUGLGDV GH FDORU D WUDYpV GH ODV SDUHGHV (O
PDWHULDOVHOHFFLRQDGRSDUDHVWHILQHVODHVSXPDUtJLGDGHSROLXUHWDQRHVWH
HV XQ SURGXFWR TXH FRQVWD GH GRV FRPSRQHQWHV OtTXLGRV SROLRO H LVRFLDQDWR
TXHPHGLDQWHXQDUHDFFLyQTXtPLFDHQWUHHOORVDOPH]FODUVHLQFUHPHQWDQVX
YROXPHQ LQLFLDO HQ DSUR[LPDGDPHQWH XQDV YHFHV \ IRUPDQ OD HVSXPD GH
SROLXUHWDQR+DELWXDOPHQWHSDUDHODLVODPLHQWRWpUPLFRODHVSXPDFRQWLHQH
VRODPHQWH XQD SHTXHxD SDUWH GHO YROXPHQ GH PDWHULD VyOLGD FRQ XQD
GHQVLGDGGH.JPVyORDSUR[LPDGDPHQWHHOGHOYROXPHQHVPDWHULD
VyOLGD$OJXQDVGHODVSURSLHGDGHVGHHVWHPDWHULDOVRQ
•
•
•
5HVLVWHQWH HQ JUDQ PHGLGD D ORV GLVROYHQWHV QRUPDOPHQWH XWLOL]DGRV HQ
DGKHVLYRVSLQWXUDVSDVWDVELWXPLQRVDVHQFRQVHUYDQWHVSDUDODPDGHUD\
HQPDVLOODVVHOODQWHV
5HVLVWHQWH DO HQYHMHFLPLHQWR LQHUWH ELRTXtPLFDPHQWH SRU HMHPSOR
IUHQWHDORVPRKRV
•
%DMDFRQGXFWLYLGDGWpUPLFD
•
(VWDEOH IUHQWH D ORV FDUEXUDQWHV DFHLWH PLQHUDO \ ORV iFLGRV \ iOFDOLV
GLOXLGRV
•
1R VH SXGUH HV LQRGRUD TXtPLFDPHQWH QHXWUD \ ILVLROyJLFDPHQWH QR
SUHVHQWDLQFRQYHQLHQWHV
(O PpWRGR HPSOHDGR SDUD VX DSOLFDFLyQ FRQVLVWH HQ YDFLDU OD PH]FOD OtTXLGD
GHORVGRVFRPSRQHQWHVFRQXQDUHDFWLYLGDGDMXVWDGDSDUDHVWHSURFHVRHQ
ODFDYLGDGDDLVODU(QFRUWRWLHPSRODPH]FODH[SDQGHUHOOHQDODFDYLGDG\
VHHQGXUHFH
3DUDKDOODUODFDQWLGDGGHSURGXFWRUHTXHULGRSDUD OOHQDUHOHVSDFLRDDLVODU
VHHPSOHDURQORVVLJXLHQWHVFiOFXORV
&iOFXORGHOYROXPHQGHODFDYLGDGDOOHQDUFRQHOSROLXUHWDQR
9 9²9
9 YROXPHQGHODFDYLGDGDOOHQDU
9 YROXPHQWRWDOGHODFiPDUDFRQODVFXELHUWDVH[WHUQDV
9 YROXPHQGHODFiPDUDLQWHUQD²HOYROXPHQGHODVFXELHUWDV
&iOFXORGHOYROXPHQGHSROLXUHWDQR7HQLHQGRHQFXHQWDTXHODSURSLHGDG
IXQGDPHQWDOGHOSROLXUHWDQRHVTXHDOUHDFFLRQDU\VROLGLILFDUVHVXYROXPHQ
DXPHQWDYHFHV
/DFDQWLGDGGHSROLXUHWDQRVHFDOFXODGHODVLJXLHQWHIRUPD
93 9
9S YROXPHQWRWDOGHODPH]FODGHSROLXUHWDQR
7HQLHQGR SUHVHQWH TXH ODV FDQWLGDGHV GHO SROLRO \ HO LVRFLDQDWR GHEHQ VHU
LJXDOHVVHFDOFXODQGHODVLJXLHQWHIRUPD
9SROL 9LVR 9S
9SROL YROXPHQGHOSROLRO
9,VR YROXPHQGHOLVRFLDQDWR
6HOORVHFRVXIXQFLyQHVHYLWDUTXHODQLHEODVDOJDGHOLQWHULRUGHODFiPDUD
FRQ XQ FLHUUH KHUPpWLFR TXH SURSRUFLRQDQ ORV HPSDTXHV GH JRPD 6H
VHOHFFLRQDURQGRVHPSDTXHV
•
3DUD OD SDUWH GHO VHJXQGR HVFDOyQ GH OD FiPDUD VH LQVWDODUi XQR GH JRPD
EODQGD GH IRUPD UHFWDQJXODU FRQ HO SHUILO \ ODV GLPHQVLRQHV GH OD VXSHUILFLH
GHOHVFDOyQ
(VTXHPD*HRPHWUtDGHODJRPDEODQGDUHFWDQJXODU
)XHQWH/RVDXWRUHV
(O VHJXQGR HV GH FDXFKR \ WLHQH HO SHUILO \ ODV GLPHQVLRQHV GHO ERUGH GH OD
WDSD
(VTXHPD3HUILOGHOHPSDTXHXWLOL]DGRSDUDHOERUGHGHODWDSD
)XHQWH/RVDXWRUHV
•
(OHPHQWR FDOHIDFWRU VH WLHQH FRPR HOHPHQWR FDOHIDFWRU XQD UHVLVWHQFLD
HOpFWULFD(VWDWLHQHIRUPDGH´8µ\HVWDUiXELFDGDHQODSDUWHLQIHULRUGHOD
FiPDUD 6X YDORU QRPLQDO HV GH 9DWLRV D 9 \ SRVHH XQD FXELHUWD
H[WHUQD HV GH DFHUR LQR[LGDEOH TXH OH SURYHH XQD PD\RU GXUDELOLGDG GHQWUR
GHODPELHQWHFRUURVLYRGHODFiPDUD/DUHVLVWHQFLDSRVHH]RQDVPXHUWDVHQ
VXVH[WUHPRVHVGHFLUTXHQRJHQHUDQFDORU\DVtIDFLOLWDUVXLQVWDODFLyQHQ
ORVVRSRUWHVTXHGHEHQVHUSOiVWLFRVSDUDHYLWDUODFRUURVLyQ(VWDUHVLVWHQFLD
SRUWHQHUFPDFW~DFRPRXQDYLJDHPSRWUDGDJHQHUiQGRVHXQWRUTXHTXH
IOH[LRQDODFDUDGHODFiPDUDHQODTXHVHHQFXHQWUDLQVWDODGDSDUDHOLPLQDU
HVWHHIHFWRVHRSWySRUIDEULFDUXQDSR\RHQOiPLQDGHUHVLQDUHIRU]DGD9HU
SODQRVHQHODQH[R$SODQRJHQHUDO(VUHFRPHQGDEOHPLHQWUDVVHDSRVLEOH
UHHPSOD]DUHOHOHPHQWRFDOHIDFWRUSRUXQRGHFDUDFWHUtVWLFDVVLPLODUHV\TXH
DGHPiVSRVHDXQUHFXEULPLHQWRGHOJDGRGHPDWHULDOFHUiPLFRSDUDDXPHQWDU
VXGXUDELOLGDGGHQWURGHODPELHQWHFRUURVLYR
•
6HQVRU\FRQWUROGHWHPSHUDWXUDSDUDODVHOHFFLyQGHOHOHPHQWRVHQVRUGH
WHPSHUDWXUDVHWXYLHURQHQFXHQWDGRVDVSHFWRV
(OUDQJRGHWHPSHUDWXUDGHRSHUDFLyQGHOHTXLSR
4XH HO PDWHULDO VHD UHVLVWHQWH D OD DWPyVIHUD FRUURVLYD 6H RSWy SRU
XQD37HQFDSVXODGDHQDFHURLQR[LGDEOHYHU,PDJHQTXHHVWDUi
LQVWDODGDHQODSDUWHLQIHULRUGHODWDSDGHODFiPDUD
,PDJHQ37FRQHQFDSVXODGRGHDFHURLQR[LGDEOH\FRQHFWRUSDUDLQVWDODFLyQ137GHòµ
FP
)XHQWH/RVDXWRUHV
8QD 37 HV XQ WLSR SDUWLFXODU GH 57' 'LVSRVLWLYR 7HUPR 5HVLVWLYR TXH
FHQVDWHPSHUDWXUD&RQVLVWHHQXQDODPEUHGHSODWLQRTXHD&WLHQHö
\ TXH DO DXPHQWDU OD WHPSHUDWXUD DXPHQWD VX UHVLVWHQFLD HOpFWULFD (O
LQFUHPHQWR GHO YDORU GH OD UHVLVWHQFLD QR HV OLQHDO SHUR VL FUHFLHQWH \
FDUDFWHUtVWLFR GHO SODWLQR GH WDO IRUPD TXH PHGLDQWH WDEODV R JUiILFDV HV
SRVLEOHHQFRQWUDUODWHPSHUDWXUDDODTXHFRUUHVSRQGH,PDJHQ
,PDJHQ&XUYDFDUDFWHUtVWLFDGHXQD37
)XHQWHKWWSZZZVDSLHQVPDQFRPPHGLFLRQBGHBWHPSHUDWXUDWHUPRFXSODVKWP
1RUPDOPHQWHODV37LQGXVWULDOHVVHFRQVLJXHQHQFDSVXODGDVGHQWURGHXQ
WXER GH DFHUR LQR[LGDEOH X RWUR PDWHULDO YDLQD HQ XQ H[WUHPR HVWi HO
HOHPHQWRVHQVLEOHDODPEUHGHSODWLQR\HQHORWURHVWiHOWHUPLQDOHOpFWULFR
GH ORV FDEOHV SURWHJLGRV GHQWUR GH XQD FDUFDVD UHGRQGD GH DOXPLQLR
FDEH]DODHVWRVHQFDSVXODGRVVHOHVFRQRFHFRPR7(50232=26TXHHVXQ
HOHPHQWR GH FRQH[LyQ D SURFHVR TXH SURWHJHUi DO HOHPHQWR SULPDULR GH
WHPSHUDWXUD GH ORV DJHQWHV FRUURVLYRV DEUDVLYRV TXH HVWH HOHPHQWR QR
SRGUtD UHVLVWLU SRU Vt PLVPR (O WHUPRSR]R SXHGH DGRSWDU YDULDV
FRQILJXUDFLRQHV SDUD VX PRQWDMH ODV FXDOHV SXHGHQ VHU HQ IRUPD UHFWD
FyQLFDUHGXFFLyQFRQEULGDVROGDGD\HVSDFLRVUHGXFLGRV
/RV 37 VLHQGR OHYHPHQWH PiV FRVWRVRV \ PHFiQLFDPHQWH QR WDQ UtJLGRV
FRPR ODV WHUPRFXSODV ODV VXSHUDQ HVSHFLDOPHQWH HQ DSOLFDFLRQHV GH EDMDV
WHPSHUDWXUDV&D&SXHGHQIiFLOPHQWHHQWUHJDUSUHFLVLRQHVGH
XQD GpFLPD GH JUDGR FRQ OD YHQWDMD TXH OD 37 QR VH GHVFRPSRQH
JUDGXDOPHQWHHQWUHJDQGROHFWXUDVHUUyQHDVVLQRTXHQRUPDOPHQWHVHDEUH
FRQORFXDOHOGLVSRVLWLYRPHGLGRUGHWHFWDLQPHGLDWDPHQWHODIDOODGHOVHQVRU
\GDDYLVR
/DVFRQVLGHUDFLRQHVSDUDODVHOHFFLyQGHOFRQWURODGRUGHWHPSHUDWXUDIXHURQ
• (OWLSRGHVHQVRUXWLOL]DGR37FRQH[LyQSDUDWUHVFRQWDFWRV
•
6XPLQLVWURHOpFWULFRGLVSRQLEOH9
•
3RWHQFLDGHOHOHPHQWRFDOHIDFWRUKDVWD:9
•
5DQJR GH WHPSHUDWXUD H[DFWLWXG GHO FRQWURO GH & SDUiPHWUR
H[LJLGRSRUODQRUPD$670%
•
(QWUDGDV \ VDOLGDV GH FRQWURO XQD HQWUDGD \ XQD VDOLGD FRQ FRQWDFWR
QRUPDOPHQWHDELHUWR\RWURQRUPDOPHQWHFHUUDGR
•
4XHVHDGLJLWDO
•
&RPSDFWR\GHIiFLOFRQILJXUDFLyQ
•
4XHSRVHDYDULRVPRGRVGHFRQWUROLQFOX\HQGRHO3,'
•
/DFDSDFLGDGGHOUHOpGHVDOLGD
6HVHOHFFLRQyILQDOPHQWHXQFRQWURODGRUXQLYHUVDOGHWHPSHUDWXUDEDVDGRHQ
XQ PLFURFRPSXWDGRU FRQ LQGLFDFLyQ GLJLWDO PRGHOR ;07* TXH FXPSOH
FRQORVUHTXHULPLHQWRVEiVLFRV\WUDHFDUDFWHUtVWLFDVDGLFLRQDOHV
(O UHOp GH OD VDOLGD GH HVWH FRQWURODGRU VRSRUWD Pi[LPR FDUJDV GH $ DVt
TXH HV QHFHVDULR DFRSODU XQ FRQWDFWRU WHUPLQDOHV TXH VH DFWLYH FRQ OD
VHxDO GH FRQWURO \ SHUPLWD HO HQFHQGLGR R DSDJDGR GH OD UHVLVWHQFLD
FDOHIDFWRUD9$FDUJDUHVLVWLYD
1RWD3DUDYHUODVFDUDFWHUtVWLFDVGHHVWHPRGHORGHFRQWURODGRUGHWHPSHUDWXUD
\HOPDQXDOUHPLWLUVHDODQH[R&
•
&RQWURO GH WLHPSR WHQLHQGR HQ FXHQWD HO WLHPSR GH DXWRQRPtD Pi[LPD
GHILQLGRSDUDHOHTXLSRGtDVVHVHOHFFLRQyXQWHPSRUL]DGRUFRQXQUDQJR
Pi[LPR GH WLHPSR SDUD HYHQWRV GH GtDV 6H EXVFy XQR TXH IXQFLRQDUD D
9\TXHSXGLHUDPDQHMDUXQDFRUULHQWHGHFRQVXPRGHKDVWD$DGHPiV
TXHIXHUDGLJLWDOFRQGLVSOD\/&'\GHIiFLOFRQILJXUDFLyQ
1RWD ODV FDUDFWHUtVWLFDV GHO WHPSRUL]DGRU VHOHFFLRQDGR VH HQFXHQWUDQ HQ HO
DQH[R(
•
6XPLQLVWURGHDLUHVHWXYLHURQHQFXHQWDGRVUHTXHULPLHQWRVHOSULPHURIXH
HOFRQWUROGHODFDOLGDGGHODLUH\ODUHJXODFLyQGHVXSUHVLyQHOVHJXQGRIXH
ODVHOHFFLyQGHOWLSRGHFRPSUHVRUPDVDGHFXDGRSDUDODDSOLFDFLyQ\SDUDHO
WLSRGHWUDEDMRDOTXHYDDHVWDUVRPHWLGRWUDEDMRSHVDGR
•
&DOLGDGGHODLUH\UHJXODFLyQGHSUHVLyQHODLUHGHEHHVWDUOLPSLROLEUH
GHSDUWtFXODV\OLEUHGHDFHLWHSRUHVWRVUHTXLVLWRVVHGHFLGLyHPSOHDUXQD
XQLGDGGHPDQWHQLPLHQWRGHDLUHTXHFRQVWDGHXQDXQLGDGFRQILOWURGH
SDUWtFXODV XQ UHJXODGRU GH SUHVLyQ XQ PDQyPHWUR GH D SVL D
.3D FRQ XQ PRGXOR FRQ XQ ILOWUR FRDOHVFHQWH SDUD OD OLPSLH]D GHO
DFHLWH HQ HO DLUH VH VHOHFFLRQy HO PRGHOR )&*'432 GHO ILOWUR GH
DFHLWH HO PRGHOR )**.43501 GH XQLGDG ILOWUR UHJXODGRUD GH OD
HPSUHVD125*5(1YHU$QH[R.
&RPSUHVRUGHDLUHHQODVHOHFFLyQGHOFRPSUHVRUVHWXYLHURQHQFXHQWD
•
•
•
•
•
•
•
6XPLQLVWURHOpFWULFR9$&IDVH
3RWHQFLDGHOPRWRU(QWUH+3N:\+3
N:
7LSRGHWUDQVPLVLyQ&RUUHD
&DXGDOGHHQWUDGD1RPHQRUGHFIPPPLQ
&DSDFLGDGGHOGHSyVLWR1RPHQRUDO
(VLPSRUWDQWHKDFHUQRWDUTXHSRUORFRQWLQXRGHOWUDEDMRGHOHTXLSR
HOFRPSUHVRUHVVRPHWLGRDXQWUDEDMRSHVDGRSRUORTXHODYLGD~WLO
GHXQFRPSUHVRUSHTXHxRVHYHUiUHGXFLGDFRQVLGHUDEOHPHQWHHVSRU
HOORTXHVHUHFRPLHQGDFRQHFWDUHOHTXLSRDODVOtQHDVSULQFLSDOHVGH
VXPLQLVWUR GH DLUH FRPSULPLGR GHO HGLILFLR HQ GRQGH VH LQVWDOH HO
HTXLSRHQFDVRTXHH[LVWDQ
/DVFDUDFWHUtVWLFDVGHOFRPSUHVRUVHOHFFLRQDGRVRQODVVLJXLHQWHV
•
0RWRUPRQRIiVLFR0DUFD6,(0(16USP+39
+]
•
&REH]RWH GHO FRPSUHVRU FLOLQGUR UHIULJHUDGR SRU DLUH
DFFLRQDGR SRU WUDQVPLVLyQ FRQ FRUUHD FDXGDO GH DLUH HQ OD
VXFFLyQGHFIPPPLQ
•
&LOLQGUR GH DOPDFHQDPLHQWR &RQ FDSDFLGDG GH O SUHVLyQ
Pi[LPDGHWUDEDMRGHSVLD.3D
•
9iOYXODGHVHJXULGDG
•
3UHVyVWDWR
•
9iOYXODGHSXUJD
•
0DQyPHWUR
•
/ODYHGHERODSDUDODGHVFDUJD
*HQHUDFLyQ GH OD QLHEOD VDOLQD HO VLVWHPD GH JHQHUDFLyQ GH QLHEOD HVWD
FRPSXHVWRSRUYDULRVHOHPHQWRVTXHVHGHVFULEHQDFRQWLQXDFLyQ
•
%RTXLOODGHSXOYHUL]DFLyQSDUDVXVHOHFFLyQVHWXYLHURQHQFXHQWD
•
•
4XH HO WDPDxR GH SDUWtFXOD HVWXYLHUD HQ HO UDQJR GH QLHEOD
GLiPHWURVHQWUHP\P
4XH PDQHMDUD FDXGDOHV GH OtTXLGR LQIHULRUHV D O SRU KRUD D
SUHVLRQHVHQWUHSVL.3D\SVL.3DFDXGDOHVEDMRV
(VWRSDUDHPSOHDUXQUHVHUYRULRGHPHQRVGHOSDUDODGXUDFLyQ
GHODSUXHEDGXUDQWHXQDVHPDQD
•
(VSHFWURGHSXOYHUL]DFLyQGHFRQROOHQR
•
$QJXORGHSXOYHUL]DFLyQHQWUH\
•
7REHUDGHDWRPL]DFLyQGHDLUHGHPH]FODHQFiPDUDLQWHUQD
•
0DWHULDOGHFRQVWUXFFLyQSUHIHULEOHPHQWHGHSOiVWLFREURQFHQDYDO
RDFHURLQR[LGDEOH
)LQDOPHQWH VH GHFLGLy HPSOHDU XQD ERTXLOOD GH SXOYHUL]DFLyQ GH XQ
HTXLSRGHIXPLJDFLyQPDQXDOWLSR)O\\GHELGRDTXHQRVHFRQRFHQORV
GDWRVWpFQLFRVGHHVWDERTXLOODIXHQHFHVDULRVRPHWHUODDYDULDVSUXHEDV
SDUD REWHQHU DOJXQRV GDWRV LPSRUWDQWHV VREUH VXV FDUDFWHUtVWLFDV
DUURMDQGRORVVLJXLHQWHVUHVXOWDGRVYHU,PDJHQ
•
&DEH]DGHVXFFLyQGHOtTXLGRPi[LPDFP
•
$QJXORGHSXOYHUL]DFLyQDSUR[LPDGDPHQWH
•
(VSHFWURGHSXOYHUL]DFLyQGHFRQROOHQR
•
0DWHULDOGHFRQVWUXFFLyQSROLSURSLOHQR
,PDJHQ%RTXLOODGHSXOYHUL]DFLyQGHXQIXPLJDGRUPDQXDOWLSRIO\
)XHQWH/RVDXWRUHV
/RV GDWRV REWHQLGRV GH ODV SUXHEDV \ ODV PHGLFLRQHV D OD ERTXLOOD GH
SXOYHUL]DFLyQ VH SUHVHQWDQ D FRQWLQXDFLyQ HQ OD 7DEOD UHIOHMDQGR HO
FRPSRUWDPLHQWRFDUDFWHUtVWLFRHQRSHUDFLyQ
7DEOD&RQVXPRVGHOtTXLGR\DLUHGHODERTXLOODGHSXOYHUL]DFLyQODDOWXUDGHOVLIyQSDUDHO
FRQVXPRGHOtTXLGRVHPDQWXYRGXUDQWHODVSUXHEDVDSUR[LPDGDPHQWHHQFP
$LUH
3UHVLyQ &DXGDO
>EDU@
>PK@
/tTXLGR
&DXGDO
>OK@
$LUH
3UHVLyQ &DXGDO
>36,@
>&)0@
/tTXLGR
&DXGDO
>*3+@
)XHQWH/RVDXWRUHV
$ SHVDU GH TXH HO FRQVXPR GH VROXFLyQ HV PX\ DOWR SDUD ORV UHTXLVLWRV
QHFHVDULRVGHVSXpVGHUHDOL]DUODVSUXHEDVFRQODWRUUHGHDVSHUVLyQTXH
SHUPLWH TXH VDOJDQ GH HOOD VROR ODV SDUWtFXODV ILQDV \ HQWUHQ HQ HO
GHSRVLWR GH VROXFLyQ QXHYDPHQWH ODV TXH QR OR ORJUDQ VH OOHJR D
GHWHUPLQDUTXHSDUDXQFRQVXPRGHDLUHFRPSULPLGRDSVL.3D
VLQODWRUUHVHWLHQHXQFRQVXPRDSUR[LPDGRGHVROXFLyQGHOK\FRQ
HOODOKDVtTXHVRORHVWiVDOLHQGRGHOtTXLGRDWRPL]DGRSRUODWRUUH
GH DVSHUVLyQ DSUR[LPDGDPHQWH HO GH OD VROXFLyQ SXOYHUL]DGD TXH
ILQDOPHQWHVLUYHSDUDHOIXQFLRQDPLHQWRGHOHTXLSR
/DERTXLOODYDLQVWDODGDFRQXQDFRSOHURVFDGRVREUHODSDUWHFHQWUDOGHO
UHVHUYRULRGHVROXFLyQGHODWRUUHGHDVSHUVLyQVHFRQHFWDDOVXPLQLVWUR
GH DLUH FRPSULPLGR PHGLDQWH XQD PDQJXHUD IOH[LEOH GH PP \ SDUD OD
VXFFLyQGHODVROXFLyQVDOLQDFRQXQDWXEHUtDIOH[LEOHGHPP
D 7RUUH GH DVSHUVLyQ FRQVLVWH HQ XQ FRQGXFWR GH VHFFLyQ FLUFXODU GHQWUR
GHOTXHVHVLW~DHQXQRVGHVXVH[WUHPRVODERTXLOODGHSXOYHUL]DFLyQVX
IXQFLyQ HV FRQGXFLU OD QLHEOD KDFLD OD ]RQD GRQGH HVWiQ ODV SUREHWDV \
HYLWDUTXHODVJRWDVGHOtTXLGRTXHQRVHSXOYHUL]DQFDLJDQGLUHFWDPHQWH
VREUH ORV HVSHFLPHQHV GH SUXHED HO VLVWHPD GH OD WRUUH GH DVSHUVLyQ
WLHQHODVVLJXLHQWHVFDUDFWHUtVWLFDV
•
•
8Q FRQGXFWR GH VHFFLyQ FLUFXODU GH PDWHULDO UHVLVWHQWH D OD
FRUURVLyQ
8Q FRQR GLIXVRU GH DOWXUD YDULDEOH TXH HVWi XELFDGR HQ OD SDUWH
VXSHULRU GHO FRQGXFWR \ HV HO UHVSRQVDEOH GH GLVSHUVDU
KRPRJpQHDPHQWH OD QLHEOD HQ OD FiPDUD FRQVWUXLGR GH PDWHULDO
UHVLVWHQWHDODFRUURVLyQ
•
•
8Q VLVWHPD GH EORTXHR HQ OD EDVH GHO FRQGXFWR SDUD DVHJXUDUOR DO
UHVHUYRULRGHVROXFLyQDX[LOLDU
8QDV SHUIRUDFLRQHV IRVDV GH DLUHDFLyQ FHUFD GH OD EDVH GHO
FRQGXFWR DSUR[LPDGDPHQWH D OD PLVPD DOWXUD GH OD ERTXLOOD TXH
SHUPLWHQTXHLQJUHVHDLUHGHQWURSDUDTXHODQLHEODSXHGDVDOLUGHO
FRQGXFWR
6H GHFLGLy HPSOHDU FRPR FRQGXFWR XQD WXEHUtD GH 39& SDUD FDEOHDGR
HOpFWULFR GH µ FP \ SDUD OD FRQVWUXFFLyQ GHO FRQR GLIXVRU XQ
FLOLQGURGHDFUtOLFRGHòµFPTXHVHUiWRUQHDGR/RVSODQRVGH
FRQVWUXFFLyQGHODWRUUHGHDVSHUVLyQVHHQFXHQWUDQHQHODQH[R$HQHO
SODQR OD ,PDJHQ PXHVWUD XQD UHSUHVHQWDFLyQ EiVLFD GH FyPR HV OD
WRUUHGHDVSHUVLyQ
,PDJHQ'LVSRVLFLyQ\SDUWHVGHODWRUUHGHDVSHUVLyQGLVHxDGD
)XHQWHORVDXWRUHV
6XPLQLVWUR GH OD VROXFLyQ VDOLQD HO VXPLQLVWUR GH OD VROXFLyQ HVWD
FRQIRUPDGR SRU XQ WDQTXH GH DOPDFHQDPLHQWR FRQ VXILFLHQWH FDSDFLGDG GH
VROXFLyQSDUDODGXUDFLyQPi[LPDGHODSUXHEDGtDVXQUHVHUYRULRDX[LOLDU
TXHVHXELFyGHQWURGHODFiPDUD\SRVHHXQFRQWUROGHQLYHOGHOtTXLGRSDUD
PDQWHQHUXQDDOWXUDGHVLIyQFRQVWDQWHSDUDHOSXOYHUL]DGRU\SRUXQVLVWHPD
GHWXEHUtDVTXHFRPXQLFDWRGRVHVWRVHOHPHQWRV
•
(QHOVLVWHPDGHVXPLQLVWURVHGHFLGLyHPSOHDUXQPpWRGRGHFDEH]DHVWiWLFD
HYLWDQGRDVtWHQHUTXHHPSOHDUXQDERPEDSDUDKDFHUOOHJDUOHOtTXLGRKDVWD
HOUHVHUYRULRDX[LOLDUVHRSWySRUGLVHxDUXQSHGHVWDOHQSHUILOGHKLHUURFRQ
XQD DOWXUD GH FP GHVGH HO SLVR SDUD SRQHU VREUH HVWH HO GHSRVLWR
SULQFLSDOORVSODQRVSDUDVXFRQVWUXFFLyQVHHQFXHQWUDQHQHOSODQRHQHO
$QH[R$
/DV WXEHUtDV PDQJXHUDV \ DFFHVRULRV VHOHFFLRQDGRV SDUD OD FRQGXFFLyQ GHO
OtTXLGR VRQ GH òµ FP FRQ XQ WUDPR GH PDQJXHUD GHVGH HO GHSyVLWR
SULQFLSDOKDVWDXQDFRQH[LyQURVFDGDHQODSDUWHLQIHULRUGHODSDUHGODWHUDO
GHUHFKDGH OD FiPDUD \ GHVGHHVWH SXQWR KDVWD HO UHVHUYRULR HQ WXEHUtD GH
&39&GHòµFP
•
•
'HSyVLWRGHVROXFLyQSULQFLSDOSDUDVXVHOHFFLyQVHWXYLHURQHQFXHQWDORV
VLJXLHQWHVSDUiPHWURV
• 0DWHULDOUHVLVWHQWHDODFRUURVLyQ
•
5HFLSLHQWHFRQWDSD
•
'HOPLVPRFRORUGHOHTXLSRD]XOEODQFRRWUDQVSDUHQWH
•
0DWHULDOUHVLVWHQWHDLPSDFWRV\DODSUHVLyQGHOOtTXLGRTXHFRQWHQGUi
•
'HOGHFDSDFLGDGVHJ~QORV GDWRV DUURMDGRV SRU ODVSUXHEDV D OD
ERTXLOODGHSXOYHUL]DFLyQ
)LQDOPHQWHVHVHOHFFLRQyXQFRQWHQHGRUFLOtQGULFRGHOFRQWDSDHQ
SROLSURSLOHQR UHFLFODGR \ XQD OODYH GH SDVR HQ 39& FRQ ORV DFFHVRULRV
QHFHVDULRVSDUDVXLQVWDODFLyQHQHOFRQWHQHGRU
5HVHUYRULR DX[LOLDU SDUD VX VHOHFFLyQ VH WXYLHURQ HQ FXHQWD ORV VLJXLHQWHV
SDUiPHWURV
• 7HQHUIRUPDFLOtQGULFD
•
0DWHULDOUHVLVWHQWHDODFRUURVLyQSUHIHULEOHPHQWHGHSOiVWLFR
•
5HVLVWHQWH D XQD WHPSHUDWXUD GH WUDEDMR GH DSUR[LPDGDPHQWH &
VLQGHIRUPDFLyQ
•
&RQXQGLiPHWURPHQRUGHFPSDUDHYLWDUTXHWRTXHHOFDOHQWDGRUR
TXHGH GHPDVLDGR FHUFD D HO SHUR TXH VHD VXILFLHQWHPHQWH JUDQGH
FRPR SDUD SRGHU LQVWDODU HQ VX LQWHULRU XQD YiOYXOD FRQ IORWDGRU GHO
WLSR HPSOHDGR HQ ORV WDQTXHV VDQLWDULRV SDUD FRQWURODU HO QLYHO GH
OtTXLGR
•
&RORUHVDILQHVDODHVWpWLFDGHOHTXLSREODQFRD]XORWUDQVSDUHQWH
•
3RVHHUXQDWDSDTXHSURSRUFLRQHXQVHOORKHUPpWLFR
(O UHFLSLHQWH VHOHFFLRQDGR SDUD HVWD IXQFLyQ HV GH IRUPD FLOtQGULFD FRQ
XQ GLiPHWUR GH FP \ XQD DOWXUD GH FP WUDQVSDUHQWH \ FRQ WDSD
D]XOHQSROLXUHWDQR
&RQWUROGHQLYHOGHOtTXLGRSDUDHOUHVHUYRULRDX[LOLDUSDUDVXVHOHFFLyQVH
WXYLHURQHQFXHQWDORVVLJXLHQWHVSDUiPHWURV
•
•
4XHVXFXHUSRQRH[FHGLHUDORVFPGHDOWXUDQLFPGHGLiPHWUR
•
'HEHVHUXQFRQWUROFRPSOHWDPHQWHPHFiQLFR
•
1RGHEHFRQWHQHUSLH]DVVXVFHSWLEOHVDVHUFRUURtGDV
•
3UHIHULEOHPHQWHTXHVHDGHFRORUHVTXHHVWpQGHDFXHUGRDODHVWpWLFD
GHOHTXLSR
•
'HEHVHUGHIiFLOLQVWDODFLyQ\PDQWHQLPLHQWR
•
&RQH[LRQHVDODUHGGHòµFP
6HVHOHFFLRQyXQDYiOYXODGHHQWUDGDODWHUDO8.SDUDFLVWHUQDGH
VHUYLFLRVDQLWDULRGHODHPSUHVD)/8,'0$67(5,1&6XVFDUDFWHUtVWLFDVVH
HQFXHQWUDQHQHODQH[R'
•
6ROXFLyQ VDOLQD SDUD OD VROXFLyQ VDOLQD VH UHTXLHUHQ VHJ~Q OD QRUPD $670
%
•
•
$JXD GHVLRQL]DGD HO DJXD QR SXHGH FRQWHQHU PiV GH SSP SDUWHV
SRU PLOOyQ GH VyOLGRV WRWDOHV SXGLHQGR HPSOHDUVH DJXD GHVWLODGD
SURSRUFLRQDGDSRUHOODERUDWRULRGHOD)DFXOWDGGH4XtPLFD,QGXVWULDOGH
OD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD
6DOODVDOHPSOHDGDHVFORUXURGHVRGLRFRQQRPiVGHGHPDVDGH
LPSXUH]DV WRWDOHV \ QR PiV GH GH \RGR 6H VHOHFFLRQy OD VDO SDUD
FRQVXPR KXPDQR VDO FRP~Q OD FXDO FXPSOH FRQ ORV SDUiPHWURV
HVWDEOHFLGRV
•
3UHSDUDFLyQGHODVROXFLyQ
/DFDQWLGDGGHVDOQHFHVDULDVHKDOODFRQODVLJXLHQWHUHODFLyQ
;0DVDGHDJXD 0DVDGHVDOUHTXHULGD>@
/D UHODFLyQ GH PDVD D YROXPHQ GHO DJXD HV J PO SDUD FDOFXODU OD
PDVDGHVDOUHTXHULGDHQJUDPRVTXHVHGHEHPH]FODUHQXQDVROXFLyQGH
ODOGHVDOVHPXOWLSOLFDSRUJR]ODPDVDGHO
GHDJXD(VWDIyUPXODGDFRPRUHVXOWDGRJR]GHVDOUHTXHULGD
•
SDUDOGHDJXDSDUDWHQHUXQDUHODFLyQHQODVROXFLyQGHOGHVDOSRU
PDVD
3RU HMHPSOR 3DUD PH]FODU HO HTXLYDOHQWH D O JDO HQ XQD
VROXFLyQDOGHVDOVHPH]FOD.JGHVDOHQOGHDJXDOGH
DJXDSHVDQ.JGHDJXD[ .JGHVDO
'HVDJH\GXFWRGHDLUHDFLyQ
(OGHVDJHVHHQFXHQWUDXELFDGRHQXQDGHODVHVTXLQDVKDFLDHOODGRGRQGH
FDHODSHQGLHQWHTXHSRVHHHOSLVRGHODFDPDUDHOGLiPHWURGHOGHVDJXHHV
GH òµ FP $ HVWD SHUIRUDFLyQ VH XQH XQ WUDPR GH WXEHUtD 39& TXH
WLHQHIRUPDGH´/µODFXDOVHSUR\HFWDKDVWDODFXELHUWDH[WHUQD
(VTXHPD)XQFLRQDPLHQWRGHOVLIyQHOFRQGHQVDGRVHHYDFXDSRUHOFRQGXFWRFRQHFWDGR
HQODSDUWHLQIHULRUGHODGHULYDFLyQ\SRUHOVXSHULRUVHHYDFXDHOH[FHVRGHQLHEODDWUDYpV
GHRWURFRQGXFWRKDFLDHOH[WHULRUGHOUHFLQWR
)XHQWH/RVDXWRUHV
(O GHVDJH FXPSOH FRQ XQD GREOH IXQFLyQ TXH HV OD GH OOHYDU DO VLIyQ HO
FRQGHQVDGRTXHKDUHVXOWDGRFRPRSURGXFWRGHOIXQFLRQDPLHQWRGHOHTXLSR\
DO PLVPR WLHPSR VHUYLU SDUD DOLYLDU HO H[FHVR GH SUHVLyQ DO LQWHULRU GH OD
FiPDUD SHUPDQHFLHQGR pVWD D SUHVLyQ DWPRVIpULFD 3DUD ORJUDU OR
DQWHULRUPHQWH GHVFULWR HV QHFHVDULR HPSOHDU XQD GHULYDFLyQ H LQVWDODUOD
FRPR VH PXHVWUD HQ HO HVTXHPD FRQVLJXLHQGR DVt TXH HO FRQGHQVDGR VH
HYDFXHSRUHOFRQGXFWRFRQHFWDGRHQODSDUWHLQIHULRUGHODGHULYDFLyQ\SRU
HO VXSHULRU HYDFXDU HO H[FHVR GH QLHEOD D WUDYpV GH RWUR FRQGXFWR KDFLD HO
H[WHULRUGHOUHFLQWR
7DEOHURGHLQVWUXPHQWRVHQVXGLVHxRVHWXYRHQFRQVLGHUDFLyQ
•
•
•
/DVGLPHQVLRQHVGHORVHOHPHQWRVTXHVHLQVWDODUDQHQHOODFRQWURODGRUGH
WHPSHUDWXUD WHPSRUL]DGRU LQWHUUXSWRU GH HQFHQGLGR \ DSDJDGR
PDQyPHWURGHDOWD\PDQyPHWURGHEDMD
/DV GLPHQVLRQHV GH ORV HOHPHQWRV TXH YDQ LQVWDODGRV HQ HO LQWHULRU GHO
SDQHO FRPR VRQ OD UHJOD GH FRQH[LyQ ORV UHOHYRV \ HO WUDQVIRUPDGRU GH
YROWDMH
•
(OPDWHULDOGHFRQVWUXFFLyQVHDLJXDODOGHODFiPDUD
•
/DSRVLFLyQGHORVLQVWUXPHQWRVVHDHVWpWLFD\IXQFLRQDO
7HQLHQGR HQ FXHQWD HVWDV FRQVLGHUDFLRQHV VH GLVHxy HO WDEOHUR GH
LQVWUXPHQWRVGHOTXHVHSUHVHQWDQVXVSODQRVHQHODQH[R$SODQR
3RUWDSUREHWDV\VRSRUWHVSDUDORVHVSHFLPHQHVGHSUXHED
•
6HGHFLGLyFRQVWUXLUGRVSRUWDSUREHWDVXQRGHUDQXUDVSDUDODVSUREHWDVGH
ODPLQDGRVHORWURGHS~DVSDUDVRSRUWDUHOHPHQWRVPiVJUDQGHVTXHVHGHEDQ
FROJDU/DVFRQVLGHUDFLRQHVSDUDVXVUHVSHFWLYRVGLVHxRVIXHURQ
•
3RUWDSUREHWDVUDQXUDGR
•
/DQRUPDGHUHIHUHQFLDGLFHTXHVHGHEHHPSOHDUXQiQJXORHQWUH\
•
4XHODVUDQXUDVGHEHQHVWDUVXILFLHQWHPHQWHHVSDFLDGDVSDUDTXHQRVH
FRQWDPLQHQODVSUREHWDVHQWUHVLFRQHOFRQGHQVDGRTXHFDHGHHOODV
•
6HUGHPDWHULDOUHVLVWHQWHDODFRUURVLyQ\TXHGHMHQIOXLUOLEUHPHQWHHO
OtTXLGRFRQGHQVDGRVLQIRUPDUGHSyVLWRV
•
/DXELFDFLyQDORDQFKRGHODFiPDUD
6H GHFLGLy IDEULFDUOR HPSOHDQGR XQD WXEHUtD GH 39& GH µ FP GH
GLiPHWUR HPSOHDQGR ODV GLPHQVLRQHV \ OD IRUPD TXH VH SUHVHQWDQ HQ OD
VHFFLyQ
•
3RUWDSUREHWDVGHS~DV
•
6HUGHPDWHULDOUHVLVWHQWHDODFRUURVLyQ
•
4XHVHDSDUDSRQHUDORDQFKRGHODFiPDUD
•
4XHVHDHVWDEOH
6H GHFLGLy IDEULFDUOR HPSOHDQGR WXEHUtD FXDGUDGD GH 39& \ WXEHUtD GH
&39&ORVSODQRVSDUDVXFRQVWUXFFLyQVHSUHVHQWDQHQODVHFFLyQ
6,67(0$(/e&75,&2<'(&21752/
,GHQWLILFDFLyQGHYDULDEOHV
(Q HO GLVHxR GHO VLVWHPD GH FRQWURO VH WLHQHQ HQ FXHQWD ODV YDULDEOHV TXH VH
GHEHQFRQWURODUTXHVRQ
•
7LHPSR VH HPSOHy XQ WHPSRUL]DGRU HQ HO TXH VH SXGLHUD FRQWURODU HO
HQFHQGLGR\DSDJDGRGHOHTXLSRHQSHULRGRVGHPi[LPRGtDV\PtQLPR
KRUDV
•
7HPSHUDWXUD SDUD FHQVDUOD VH HPSOHy XQD VRQGD 57' 37 \ SDUD OD
PHGLFLyQ \ FRQWURO VH HPSOHDUi XQ FRQWURODGRU XQLYHUVDO /D YDULDEOH VH
GHEH FRQWURODU SDUD XQD WHPSHUDWXUD QRUPDO GH WUDEDMR GH & \ XQ
WHUPRVWDWRFDOLEUDGRSDUDDFWLYDUVHD&\DVtSURWHJHUODLQWHJULGDGGH
ORVHOHPHQWRVGHQWURGHODFiPDUD
•
&RQWURO GH QLYHO GH OtTXLGR GHO UHVHUYRULR HQ HO UHVHUYRULR DX[LOLDU VH
UHTXLHUHXQQLYHOFRQVWDQWHGHOtTXLGRSDUDHOTXHVHGHFLGLyHPSOHDUXQ
FRQWUROPHFiQLFRFRQXQDYiOYXODFRQIORWDGRU\XQVHQVRUFRQIORWDGRUSDUD
FHQVDUHOQLYHOEDMRGHOtTXLGR
•
3UHVLyQVHUHTXLHUHFRQWURODUODSUHVLyQGHWUDEDMRTXHVHVXPLQLVWUDDOD
ERTXLOOD GH SXOYHUL]DFLyQ SDUD HOOR VH HPSOHD XQD XQLGDG UHJXODGRUD GH
SUHVLyQGHFRQWUROPDQXDO\VXPHGLFLyQVHUHDOL]DFRQXQPDQyPHWURGH
FDUiWXOD /D SUHVLyQ GHO GHSyVLWR GH DLUH FRPSULPLGR WDPELpQ VH GHEH
FRQWURODU\SDUDHOORVHHPSOHDXQSUHVyVWDWRFDOLEUDGRTXHYLHQHLQFOXLGR
GHIiEULFDHQHOFRPSUHVRUGHDLUH
(VTXHPDGHFRQWUROHOpFWULFR
/DUHSUHVHQWDFLyQGHOVLVWHPDGHFRQWUROVHPXHVWUDHQHO
(VTXHPD\HQOD7DEODVHOLVWDQVXVFRPSRQHQWHV
(VTXHPD6LVWHPDGHFRQWUROHOpFWULFR
)XHQWH/RVDXWRUHV
7DEOD/LVWDGRGHORVFRPSRQHQWHVGHOHVTXHPDGHFRQWURO
5HIHUHQFLD
6:
6
6
6
7
.
.
.
0
'HVFULSFLyQ
,QWHUUXSWRUSULQFLSDO212))
&RQWDFWRDODUPDGHOFRQWURODGRUGHWHPSHUDWXUD
6HQVRUGHQLYHOGHOtTXLGRGHOUHVHUYRULRDX[LOLDU
3UHVRVWDWRGHOFRPSUHVRU
5HOpGHO7HPSRUL]DGRU
5HOpGHODVDOLGDGHOFRQWURODGRUGHWHPSHUDWXUD
5HOpGHFRQWUROSDUDHOFDOHQWDGRU
5HOpSDUDODGHVFRQH[LyQGHOFDOHQWDGRU\HOPRWRUGHOFRPSUHVRU
0RWRUGHOFRPSUHVRUGHDLUH
)XHQWH/RVDXWRUHV
'HVFULSFLyQGHOIXQFLRQDPLHQWR
&RQEDVHHQHO
(VTXHPD \ OD 7DEOD VH UHDOL]DUi XQD GHVFULSFLyQ GHO IXQFLRQDPLHQWR GHO
VLVWHPDGHFRQWUROGHODFiPDUD
•
6H SUHVLRQD HO 6:,7&+ 212)) 6: SDUD HQHUJL]DU HO PRWRU 0 GHO
FRPSUHVRU\HOWHPSRUL]DGRU
•
6L OD SUHVLyQ GHO GHSyVLWR GH DLUH HVWi SRU GHEDMR GHO OtPLWH LQIHULRU HO
SUHVyVWDWR6HQHUJL]DHOPRWRUKDVWDTXHVHOOHJXHDODSUHVLyQPi[LPDVL
HO GHSyVLWR GH DLUH VH HQFXHQWUD D XQD SUHVLyQ VXSHULRU D OD PtQLPD HO
FRPSUHVRUHVWDUiDSDJDGR
•
'HVSXpVGHSURJUDPDUORVSHULRGRVGHHQFHQGLGR\DSDJDGRFXDQGRVHLQLFLD
HOGHHQFHQGLGR7HOWHPSRUL]DGRUHQHUJL]DHOFRQWURODGRUGHWHPSHUDWXUD
\ODHQWUDGDGHOUHOpTXHDOLPHQWDDOFDOHQWDGRU
•
(O FRQWURODGRU GH WHPSHUDWXUD PLGH OD VHxDO TXH OH HQYtD HO VHQVRU GH
WHPSHUDWXUD 37 &XDQGR OD WHPSHUDWXUD FHQVDGD HV PHQRU R LJXDO DO
OLPLWH LQIHULRU GH OD WHPSHUDWXUD GH UHIHUHQFLD HO UHOp GH OD VDOLGD GHO
FRQWURODGRU GH WHPSHUDWXUD . FLHUUD HO FRQWDFWR QRUPDOPHQWH DELHUWR \
pVWHDVXYH]HQHUJL]DODERELQDGHOUHOp.HQHUJL]DQGRHOFDOHIDFWRUKDVWD
TXHODWHPSHUDWXUDFHQVDGDDOFDQFHHOOLPLWHVXSHULRUGHODWHPSHUDWXUDGH
UHIHUHQFLD FXDQGR HVWR VXFHGH HO UHOp GH VDOLGD GHO FRQWURODGRU GH
WHPSHUDWXUD.VHGHVHQHUJL]DGDQGRFRPRUHVXOWDGRHOFRUWHGHHQHUJtDD
ODERELQDGHOUHOp.TXHGHVFRQHFWDHOFDOHQWDGRUFRQWLQXDQGRHVWHFLFOR
GHHQFHQGLGR\DSDJDGRGHOFDOHQWDGRUKDVWDTXH
D 6HDSDJXHHOLQWHUUXSWRUSULQFLSDO6:
E 6HFXPSODHOWLHPSRGHDSDJDGRSURJUDPDGRHQHOWHPSRUL]DGRU7
F (OQLYHOGHOtTXLGR6HQHOUHVHUYRULRDX[LOLDUHVWpHQVXOtPLWHLQIHULRU
G (O WHUPRVWDWR VH GLVSDUH SRU XQ QLYHO H[FHVLYR GH WHPSHUDWXUD HQ OD
FiPDUD GHELGR D XQ PDO IXQFLRQDPLHQWR R PDOD FRQILJXUDFLyQ GHO
FRQWURODGRUGHWHPSHUDWXUD
'LDJUDPDHOpFWULFRGHOVLVWHPDGHFRQWURO\SRWHQFLD
(OGLDJUDPDHOpFWULFRGHOVLVWHPDGHFRQWUROVHSUHVHQWDHQHO(VTXHPD\HQ
OD7DEODVHSUHVHQWDODOLVWDGHORVFRPSRQHQWHV
(VTXHPD&LUFXLWRHOpFWULFRVLPSOLILFDGRGHOVLVWHPDGHFRQWURO
)XHQWH/RVDXWRUHV
7DEOD/LVWDGHSDUWHVGHOFLUFXLWRHOpFWULFR
'HVFULSFLyQ
5HIHUHQFLD
6:
6
6
6
7
.
.
.
0
)
5
5
,QWHUUXSWRUSULQFLSDO212))
&RQWDFWRDODUPDGHOFRQWURODGRUGHWHPSHUDWXUD
6HQVRUGHQLYHOGHOtTXLGRGHOUHVHUYRULRDX[LOLDU
3UHVyVWDWRGHOFRPSUHVRU
5HOpGHO7HPSRUL]DGRU
5HOpGHODVDOLGDGHOFRQWURODGRUGHWHPSHUDWXUD
5HOpGHFRQWUROSDUDHOFDOHQWDGRU
5HOpSDUDODGHVFRQH[LyQGHOFDOHQWDGRU\HOPRWRUGHOFRPSUHVRU
0RWRUGHOFRPSUHVRUGHDLUH
)XVLEOHGH$SDUDSURWHJHUHOFRQWURODGRUGHWHPSHUDWXUD
6HQVRUWHUPRUHVLVWLYR37
5HVLVWHQFLDFDOHIDFWRUD
)XHQWH/RVDXWRUHV
&216758&&,Ð1<(16$0%/('(/$&É0$5$'(1,(%/$6$/,1$
(QODFRQVWUXFFLyQGHHVWHHTXLSRHOSULPHUSDVRDVHJXLUIXHODIDEULFDFLyQGH
ODFiPDUDLQWHUQDHQUHVLQDSROLpVWHUUHIRU]DGDFRQILEUDGHYLGULR(OSULQFLSDO
LQFRQYHQLHQWHHQFRQWUDGRHQHVWHSXQWRGHOSUR\HFWRIXHURQORVDOWRVFRVWRVTXH
YLQFXODEDODFRQWUDWDFLyQGHODIDEULFDFLyQGHODFiPDUD'HELGRDHVWRVHRSWy
SRUFRQVWUXLUSRUFXHQWDGHORVDXWRUHVGHHVWHSUR\HFWRWRGRVORVFRPSRQHQWHV
SDUDDVtDPLQRUDUORVFRVWRV\DGTXLULUODH[SHULHQFLD\ORVFRQRFLPLHQWRVHQHVWD
iUHD
(OWUDEDMRFRQHVWRVPDWHULDOHVUHTXLHUHPXFKRHQVD\R\HUURUORFXDOLPSOLFD
XQD LQYHUVLyQ HQ PDWHULDO LQLFLDO SDUD H[SHULPHQWDU PLHQWUDV VH DGTXLHUH
SUiFWLFD \ WpFQLFD VXILFLHQWH SDUD XQ SUR\HFWR PD\RU FRPR HV HO TXH VH
GHVDUUROOyHQHVWHWUDEDMR
358(%$635(/,0,1$5(6&21/$5(6,1$5()25=$'$
(OSULPHUSDVRIXHDGTXLULUFRQRFLPLHQWRVVREUHODFRQVWUXFFLyQGHPROGHV\HO
WUDEDMR FRQ ORV SOiVWLFRV UHIRU]DGRV ODV EDVHV VREUH VX PDQHMR \ OD OLWHUDWXUD
HPSOHDGD
&RQ HVWRV FRQRFLPLHQWRV VH UHDOL]DURQ ODV SULPHUDV SUXHEDV TXH FRQVLVWLHURQ
LQLFLDOPHQWH HQHQFRQWUDUODUHODFLyQ HQWUH OD FDQWLGDGGH UHVLQD SUHDFHOHUDGD
HQWUH \ PLQXWRV HOHVWLUHQR GLVROYHQWHRDGHOJD]DQWH \ FDWDOL]DGRUD
HPSOHDUGHWHUPLQDQGRDVtFXDQWRWLHPSRVHSXHGHPDQLSXODUODUHVLQDDQWHVGH
TXHOOHJXHDOSXQWRGHJHO\FRQHOORSRGHUHVWLPDUHOYROXPHQGHWUDEDMRGHO
SURGXFWRTXHVHYDDXWLOL]DUGXUDQWHHOPROGHR(VWRHVGHPXFKDLPSRUWDQFLD
GHELGRDTXHDOFDWDOL]DUYRO~PHQHVJUDQGHVORPiVSUREDEOHHVTXHVHSLHUGDOD
PD\RUtDGHOSURGXFWRDOQRDOFDQ]DUVXDSOLFDFLyQPDQXDOPHQWHLPSUHJQDFLyQ
FRQEURFKDDQWHVGHTXHJHOH(VWHYROXPHQGHWUDEDMRHVPX\~WLO\DTXHDO
HVWDU FDWDOL]DQGR FRQWLQXDPHQWH SHTXHxDV FDQWLGDGHV GH UHVLQD SUHSDUDGD VH
DJLOL]D HO SURFHVR VL VH WLHQH XQD PHGLGD HVWiQGDU \ DVt VROR VHUi QHFHVDULR
DGLFLRQDUOHODFDQWLGDGGHFDWDOL]DGRUDGLFKRYROXPHQ
/D VLJXLHQWH SUXHED IXH DGLFLRQDU D OD PH]FOD OD FDUJD WDOFR R FDUERQDWR GH
FDOFLR HQ SROYR \ HO WLQWH R SLJPHQWR SDUD YHU FRPR DIHFWDED HQ GLIHUHQWHV
SURSRUFLRQHV ODVFDUDFWHUtVWLFDV GH OD UHVLQD VXPDQLSXODFLyQ \ORV WLHPSRV GH
JHO
)LQDOPHQWH FRQ ORV UHVXOWDGRV REWHQLGRV GH HVWDV H[SHULHQFLDV \ GHVSXpV GH
KDEHUKDOODGRODVSURSRUFLRQHVDGHFXDGDVGHFDGDXQRGHORVFRPSRQHQWHVVH
SURFHGLyDH[SHULPHQWDUFRQORVUHIXHU]RVGHILEUDGHYLGULRKDFLHQGRSHTXHxRV
ODPLQDGRVVREUHXQDVXSHUILFLHGHPDGHUD\RWUDGHYLGULRSUHSDUDGDVFRQFHUD
FRPR GHVPROGHDQWH \ DSOLFDQGR OD UHVLQD PHGLDQWH OD WpFQLFD GHO PROGHR D
PDQRFRQDSOLFDFLyQFRQEURFKD
/RVUHVXOWDGRVREWHQLGRVGHVSXpVGHODH[SHULPHQWDFLyQIXHURQ
•
6H GHEH SUHSDUDU OD UHVLQD HQ XQ UHFLSLHQWH SHTXHxR GH ERFD DQFKD TXH
IDFLOLWHHOHPSOHRGHODEURFKDTXHVHDFyPRGD\IiFLOGHPDQLSXODUKD\
TXHYHULILFDUTXHHOUHFLSLHQWHQRVHGHJUDGHFRQHOGLVROYHQWH
•
'HSHQGLHQGRGHOWUDEDMRDUHDOL]DUVHSXHGHQHPSOHDUGLIHUHQWHVWDPDxRV
GH EURFKD SHUR OR LQGLVSHQVDEOH HV TXH QR VHD GH PDWHULDO VLQWpWLFR \D
TXHHOGLVROYHQWHODGHJUDGDUi,QPHGLDWDPHQWHGHVSXpVGHFDGDDSOLFDFLyQ
VH GHEH OLPSLDU PX\ ELHQ ODEURFKDFRQ HO HVWLUHQR SDUD TXH ORV UHVLGXRV
HQHOODQRDIHFWHQODFDOLGDGGHODVVLJXLHQWHVDSOLFDFLRQHV
•
+D\ TXH DGTXLULU XQD EXHQD WpFQLFD FRQ OD EURFKD SDUD TXH OD ILEUD GH
YLGULR TXHGH ELHQ LPSUHJQDGD GH UHVLQD \ QR VH JHQHUHQ HVSDFLRV YDFtRV
HQWUHODWHOD\HOPROGH
•
'HSHQGLHQGRGHODSRVLFLyQGHODVXSHUILFLHHQGRQGHVHDSOLTXHODUHVLQD
VH SXHGH WUDEDMDU PiV R PHQRV IOXLGD SDUD HYLWDU TXH VH HVFXUUD (VWR VH
ORJUDYDULDQGRHOFRQWHQLGRGHHVWLUHQR
•
&XDQGR KD\ HPSDOPHV HQWUH VHFFLRQHV GH WHOD GH ILEUD VH VXDYL]DQ
PHGLDQWH OD DSOLFDFLyQ GH ILEUD GHVPHFKDGD VXHOWD R GHVPHFKDQGR ORV
ERUGHVGHOHPSDOPHHQWUHODXQLyQ
•
$ SHVDU GH TXH HO IDEULFDQWH GH UHVLQD GD XQD FDQWLGDG GH FDWDOL]DGRU GH
HQWUH \ HQ SHVR GH UHVLQD SDUD VX SURGXFWR HVWD SURSRUFLyQ
GHSHQGHPXFKRGHODDSUHFLDFLyQGHIDFWRUHVFRPRVRQODWHPSHUDWXUDOD
KXPHGDGHOWDPDxRIRUPD\SRVLFLyQGHODVXSHUILFLH\SULQFLSDOPHQWHOD
H[SHULHQFLDGHORSHUDULR
•
&RORFDUHVSHFLDOFXLGDGRDODSUHSDUDFLyQGHODVXSHUILFLHGHOPROGHHQOD
FDQWLGDGGHFHUDDSOLFDGD\GHVXSXOLGRFXDQGRQRVHKDFHELHQVHSXHGH
GDxDU OD VXSHUILFLH GH OD SLH]D R GHVWUR]DU HO PROGH LQFOXVR GDxDU
VHULDPHQWHODSLH]DDOWUDWDUGHGHVPROGHDU
•
/DFDQWLGDGGHFDWDOL]DGRUTXHVHDGLFLRQDDODUHVLQDGHEHVHUPHGLGRFRQ
SUHFLVLyQ SDUD REWHQHU EXHQRV UHVXOWDGRV HVWR VH ORJUD HPSOHDQGR XQD
MHULQJDRXQJRWHURFRQHVFDODJUDGXDGDHQPLOLOLWURV
•
•
•
•
•
•
&XDQGRVHDSOLFDJHOFRDWHOPROGHGHEHHVWDUPX\ELHQSUHSDUDGR\OLEUH
GH JUDVD SDUD GDU XQ DFDEDGR VDWLVIDFWRULR QR VH SXHGH GHMDU HQGXUHFHU
DQWHV GH DSOLFDU ODV FDSDV GH OD UHVLQD GH ODPLQDGR GHELGR D TXH VH
JHQHUDUtDSRFDDGKHUHQFLDHQWUHpVWDVRFDVLRQDQGRTXHVHGHVSUHQGDQFRQ
IDFLOLGDG
/DDSOLFDFLyQGHOJHOFRDWFRQEURFKDVHGHEHUHDOL]DUHQXQVRORVHQWLGRHQ
FDGD LPSUHJQDFLyQ GHO PROGH SDUD HYLWDU UHWLUDU OD FDSD DQWHULRU GH JHO
FRDWFXDQGRVHSLQWDHQGLUHFFLyQFRQWUDULD
1R VH UHFRPLHQGDQ HPSDOPHV GH WHOD PDW HQ ODV HVTXLQDV GH OD SLH]D
SRUTXHHVWDXQLyQQRWHQGUtDODPLVPDUHVLVWHQFLDORVHPSDOPHVVHGHEHQ
UHDOL]DUVREUHODVFDUDVRVXSHUILFLHVSODQDV
(O iUHD GH WUDEDMR GRQGH VH DOPDFHQD \ VH FRUWD OD WHOD GHEH HVWDU PX\
OLPSLD\DTXHODVXFLHGDGVHOHDGKLHUHFRQIDFLOLGDGODPLVPDSUHFDXFLyQ
VHGHEHWHQHUFRQORVFRQWHQHGRUHVGHORVTXtPLFRV
6H SXHGHQ DGTXLULU UHVLQDV SUHDFHOHUDGDV R SDUD VHU DFHOHUDGDV DO JXVWR
SURSLRWHQLHQGRFXLGDGRGHQRPH]FODUHODFHOHUDQWHGLUHFWDPHQWHFRQHO
FDWDOL]DGRU 3DUD pVWH WUDEDMR VH RSWy SRU ODV UHVLQDV SUHDFHOHUDGDV HQWUH
\PLQXWRV
(ORUGHQSDUDUHDOL]DUODPH]FODGHEHVHUUHVLQDSUHDFHOHUDGDHVWLUHQR
FDUJD SLJPHQWR VL VH HPSOHD FDWDOL]DGRU FRPR VH PXHVWUD HQ OD
,PDJHQ
•
/DVSURSRUFLRQHVTXHVHPDQHMDURQSDUDHOYROXPHQGHWUDEDMRIXHURQ
•
5HVLQD&5,67$/$1JU
•
(VWLUHQR
POSDUDWUDEDMDUHQVXSHUILFLHVYHUWLFDOHV
POSDUDWUDEDMDUHQVXSHUILFLHVKRUL]RQWDOHV
•
&DUJDFDUERQDWRGHFDOFLRJU
•
&DWDOL]DGRU0HNSHUy[LGRPO
•
3LJPHQWRFRORUEODQFRPO
,PDJHQ3URFHVRGHSUHSDUDFLyQGHODUHVLQDD5HVLQDSUHDFHOHUDGDE&DUERQDWRGH
FDOFLR\HVWLUHQRF5HFLSLHQWHFRQODPH]FODGHUHVLQDHVWLUHQRFDUJDGDJLWDFLyQGHOD
PH]FODHUHVLQD\DSLJPHQWDGDGHEODQFR\SURFHVRGHDGLFLyQGHFDWDOL]DGRU
a)
b)
c)
d)
e)
)XHQWH/RVDXWRUHV
•
•
•
•
6HGHEHSUHSDUDUXQDPH]FODGH UHVLQDFDUJD \RSLJPHQWR HVWLUHQR
VROR GH OD FDQWLGDG TXH VH YD\D D HPSOHDU HO PLVPR GtD (VWD VH GHEH
PH]FODU PX\ ELHQ DQWHV GH OD DGLFLyQ GHO FDWDOL]DGRU DVt VH DJLOL]D HO
SURFHVR GH PROGHDGR SRUTXH VROR VH UHTXLHUH YDFLDU HQ HO UHFLSLHQWH GH
WUDEDMR OD FDQWLGDG GH PH]FOD HVWiQGDU TXH VH HVWDEOHFLy DSOLFDU HO
FDWDOL]DGRUPH]FODUPX\ELHQ\DSOLFDUODVREUHHOPROGH
(QWUHFDSD\FDSDVHGHEHHVSHUDUDTXHODUHVLQDGHODSULPHUDVHVLHQWD
WDFWRVD\QRVHSHJXHDOGHGRDQWHVGHDSOLFDUODVLJXLHQWH
$O ODPLQDU VREUH XQD VXSHUILFLH GH YLGULR SODQD FRPR PROGH VLHPSUH VH
GHEHDSOLFDUFHUDRFXDOTXLHUWLSRGHDJHQWHGHVPROGHDQWHGHELGRDTXH
DXQTXHODVXSHUILFLHGHOYLGULRVHDOLVDODUHVLQDVHOHDGKLHUH\GXUDQWHHO
SURFHVRGHGHVPROGHRHVPX\SUREDEOHTXHHOYLGULRVHIUDFWXUH
&XDQGRVHTXLHUHUHDOL]DUXQYDFLDGRGHUHVLQDVLQUHIXHU]R\VLQFRORUDQWH
SDUD IDEULFDU XQD OiPLQD WUDQVSDUHQWH VH XWLOL]D XQ PROGH GH YLGULR TXH
FRQVLVWH HQ GRV OiPLQDV VHSDUDGDV \ VHOODGDV HQWUH VL GHMDQGR XQD
DEHUWXUD DPSOLD SDUD HO YDFLDGR FRQ HOOR VH REWLHQH XQ DFDEDGR
VXSHUILFLDOOLVRSRUDPEDVFDUDVGHOODPLQDGR
6HGHEHWHQHUHQFRQVLGHUDFLyQSDUDHOPROGHRGHXQDOiPLQDWUDQVSDUHQWH
•
/D UHVLQD GHEH FRQWHQHU OD FDQWLGDG Pi[LPD DGPLVLEOH GH HVWLUHQR SDUD
KDFHUODORPDVIOXLGDSRVLEOH
•
•
•
•
(OHVSHVRUGHODVSDUHGHVGHYLGULRGHEHQVHUPD\RUHVDPPSDUDHYLWDU
TXH VH IUDFWXUHQ GHELGR D ODV DOWDV WHPSHUDWXUDV TXH VH JHQHUDQ HQ OD
JHOLILFDFLyQ\ORVHVIXHU]RVGXUDQWHHOGHVPROGHR
6H GHEH FDOFXODU HO YROXPHQ H[DFWR GH OD SLH]D \ FDWDOL]DUOR WRGR SDUD
UHDOL]DUHOYDFLDGRGHIRUPDFRQWLQXDHYLWDQGRDVtGLVFRQWLQXLGDGHVHQOD
SLH]D
/RVXWHQVLOLRVHOPROGH\HOOXJDUGHWUDEDMRGHEHQHVWDUPX\OLPSLRVSDUD
HYLWDUTXHVHLQFRUSRUHQLPSXUH]DVHQHOYDFLDGR
3DUD GLVPLQXLU OD WHPSHUDWXUD TXH VH JHQHUD GXUDQWH HO SURFHVR D FDXVD
GHODUHDFFLyQH[RWpUPLFDVHSXHGHUHGXFLUODFDQWLGDGGHDFHOHUDQWHROD
GH FDWDOL]DGRU GDQGR FRPR UHVXOWDGR DGLFLRQDO OD GLVPLQXFLyQ HQ OD
YHORFLGDGGHODUHDFFLyQ
•
(OPROGHGHEHOOHYDUUHIXHU]RVHQODPLWDGGHODVVXSHUILFLHV
•
(OODPLQDGRVHGHEHGHMDUFXUDUSRUORPHQRVXQGtDDQWHVGHOGHVPROGHR
•
'XUDQWH HO GHVPROGHR VH UHFRPLHQGD HPSOHDU FXxDV SOiVWLFDV R GH
PDWHULDOHVVXDYHVHYLWDQGRUD\DUODVXSHUILFLHGHODSLH]D
•
6HGHEHQHQFHUDU\EULOODUODVVXSHUILFLHVGHPROGHFRQHVSHFLDOFXLGDGR
&É0$5$,17(51$
&RQVWUXFFLyQGHOPROGHPDFKR
+HUUDPLHQWDV
• 0DUWLOOR
•
6LHUUDFDODGRUDRVHUUXFKR
•
'HVWRUQLOODGRUGHSDOD\GHHVWUtD
•
(VSiWXODSOiVWLFD
•
%LVWXUt
•
0HWUR
•
(VFXDGUD
•
7DODGURFRQMXHJRGHEURFDVSDUDPDGHUD
•
EURFKDGHòµFPGHILEUDVQDWXUDOHV
0DWHULDOHV
•
JUGHPDVLOODSDUDPDGHUD
•
JUGHSHJDQWHEODQFRFROEyQSDUDPDGHUD
•
WRUQLOORVSDUDDJORPHUDGRGHµFP
•
SXQWLOODVVLQFDEH]DGHóµFP
•
WRUQLOORVGHóµFPGHFDEH]DSODQD
•
ODPLQDGHKDUGERDUGP[P
•
OLEUDGHSODVWLOLQDLQGXVWULDO
•
OLVWRQHV GH PDGHUD GH P GH ODUJR \ FP [ FP SDUD HO
DUPD]yQLQWHUQR
•
OLVWRQHVUHFWDQJXODUHVGHFP[FPSDUDORVHVFDORQHV
•
ERWHOODGHLPSULPDQWHSDUDPDGHUD
•
JUGHFHUDFDUQDXEDGD
•
KRMDVGHSDSHOOLMDSDUDDJXD\
3URFHGLPLHQWRV
•
6HFRQVWUX\yFRQORVOLVWRQHVGHPDGHUDGHFP[FPXQDUPD]yQR
HVTXHOHWR HQ IRUPD GH XQ UHFWiQJXOR FRQ ODV GLPHQVLRQHV H[WHUQDV
TXH VH PXHVWUDQ HQ HO (VTXHPD /DV XQLRQHV VH HIHFWXDURQ FRQ
WRUQLOORVòµFPGHIRUPDTXHSXHGDQVHUUHPRYLGRVGHVGHOD
SDUWHLQWHULRUGHOPROGH
(VTXHPD(VTXHOHWRGHOPROGHHQPDGHUDXQLGDGHVHQFP
)XHQWH/RVDXWRUHV
6REUHHOHVTXHOHWRGHPDGHUDVHSHJDURQODVOiPLQDVGHKDUGERDUG
FRQ SXQWLOODV VLQ FDEH]D \ WRUQLOORV GH óµ FP GRQGH VHD
QHFHVDULR/DVGLPHQVLRQHVGHORVFRUWHVVHPXHVWUDQHQHO(VTXHPD
/DVSDUHGHVH[WHUQDVGHOPROGHGHEHQWHQHUODVXSHUILFLHOLVDGH
ODOiPLQD
(VTXHPD'LPHQVLRQHVGHORVFRUWHVSDUDODVOiPLQDVGHOPROGHHQKDUGERDUG
GLPHQVLRQHVHQFP
)XHQWH/RVDXWRUHV
6HUHFRUWDURQORVERUGHVH[FHGHQWHVVHJXLGDPHQWHVHUHVDQDURQFRQ
PDVLOOD WRGDV ODV XQLRQHV \ ORV LPSHUIHFWRV GHMiQGROR VHFDU SRU XQ
GtD\GiQGROHILQDOPHQWHDFDEDGRHPSOHDQGRSDSHOGHOLMD
/RV HVFDORQHV VH IDEULFDURQ VHSDUDGDPHQWH FRQ ORV OLVWRQHV
UHFWDQJXODUHV FRPR PXHVWUD HO HVTXHPD \ OXHJR VH XQLHURQ DO
HVTXHOHWRFRQORVWRUQLOORVGHòµFP
/RV UHGRQGHRV GH ORV HVFDORQHV VH UHDOL]DURQ DSOLFDQGR SODVWLOLQD \
UHWLUDQGRORVH[FHVRVFRQXQDDUDQGHODYHU,PDJHQ
6H DSOLFDURQ FDSDV GH LPSULPDQWH SDUD PDGHUDV VREUH WRGD OD
VXSHUILFLHGHOPROGH
3RU~OWLPRVHHQFHUy\SXOLyFRQVHFXWLYDPHQWHWRGRODVXSHUILFLHGHO
PROGHFRQFDSDV
(OPROGHWHUPLQDGR\HQFHUDGROLVWRSDUDHOPROGHRVHPXHVWUDHQOD,PDJHQ
,PDJHQD0ROGHGHODFiPDUDWHUPLQDGR\HQFHUDGREGHWDOOHGHORVERUGHVGHORV
HVFDORQHVKHFKRVFRQSODVWLOLQD
a)
b)
)XHQWH/RVDXWRUHV
0ROGHRDPDQRGHODFiPDUDLQWHUQD
•
+HUUDPLHQWDV
•
EURFKDGHòµFPGHILEUDVQDWXUDOHV
•
%LVWXUt
•
7LMHUDV
•
PDGHURSDUDHMHUFHUSUHVLyQ
•
5HFLSLHQWHV SOiVWLFRV GRV SDUD FDWDOL]DU OD PH]FOD GH UHVLQD
UHFLSLHQWHGHWUDEDMR\RWURSDUDODYDUODEURFKD
•
MHULQJDRJRWHURFRQHVFDOD
0DWHULDOHV
•
•
.JGHWHODGHILEUDGHYLGULRWHODPDW.JGHWHODWLHQH
DSUR[LPDGDPHQWHP
•
.JGHUHVLQD&5,67$/$1SUHDFHOHUDGD
•
.JGHHVWLUHQR
•
JUGHFDWDOL]DGRUPHNSHUy[LGR
•
.JGHFDUERQDWRGHFDOFLR
3URFHGLPLHQWR
•
6HSUHSDUyODWHODPDWHQVHFFLRQHVSDUDFXEULUWRGDODVXSHUILFLHGHO
PROGH KDFLHQGR ORV FRUWHV QHFHVDULRV SDUD TXH VH DGDSWDUD GH OD
PHMRUIRUPDSRVLEOH6HLQLFLyDSOLFDQGRODWHOD\ODUHVLQDSRUODSDUWH
VXSHULRU FXDQGR VH WUDEDMy VREUH ODV SDUHGHV ODWHUDOHV SRU
FRPRGLGDG VH YROWHy HO PROGH GH IRUPD TXH OD SDUHG TXHGDUD HQ
SRVLFLyQKRUL]RQWDO
6HPH]FODURQLQLFLDOPHQWH.JGHUHVLQDFRQ.JGH HVWLUHQR\.J
GH FDUERQDWR GH FDOFLR \ VH GHEHQ PH]FODU PX\ ELHQ HVWD PH]FOD VH
GHEHUHYROYHUFRQFLHUWDIUHFXHQFLD
'H ORV .J GH OD UHVLQD TXH VH SUHSDUy SUHYLDPHQWH VH VDFDURQ
SHTXHxDVFDQWLGDGHVXQRVJUDOUHFLSLHQWHGHWUDEDMRHQGRQGHVH
DGLFLRQDURQ PO GH FDWDOL]DGRU PH]FOiQGRORV PX\ ELHQ DQWHV GH
DSOLFDUODVREUHODWHODPDW
/D DSOLFDFLyQ FRQ OD EURFKD VH UHDOL]y GH IRUPD ILUPH \ FRQ XQ
PRYLPLHQWR RVFLODQWH HQ GLUHFFLyQ YHUWLFDO D OD VXSHUILFLH FRQ XQD
LQFOLQDFLyQ GH OD EURFKD GH DSUR[LPDGDPHQWH FRQ UHVSHFWR D OD
GLUHFFLyQGHODDSOLFDFLyQGHODUHVLQD6LJXLHQGRHVWHSURFHGLPLHQWRVH
UHGXFHFRQVLGHUDEOHPHQWHODIRUPDFLyQGHHVSDFLRVYDFtRVHQWUHODWHOD
\HOPROGHSURFXUDQGRTXHWRGDODWHODTXHGHLPSUHJQDGD\FRQXQD
YHORFLGDGGHDSOLFDFLyQVXILFLHQWHSDUDSRGHUXWLOL]DUODFDQWLGDGUHVLQD
SUHSDUDGD DQWHV GH TXH VH JHOH HQ HO UHFLSLHQWH GH WUDEDMR &RPR VH
GHILQLyTXHVRORVHHPSOHDUtDXQDFDSDGHUHIXHU]RGHWHODPDWHQHO
PRPHQWR GH OD DSOLFDFLyQ GH OD UHVLQD VH SURFXUy TXH OD FDSD IXHUD
DEXQGDQWH
/DDSOLFDFLyQGHODUHVLQDVHLQLFLySRUODVHVTXLQDVGHVGHXQRGHORV
H[WUHPRVGHODVXSHUILFLHVXSHULRUGHOPROGH
'HVSXpVGHFDGDDSOLFDFLyQVHOLPSLyPX\ELHQODEURFKDDQWHVGHTXH
VHHQGXUHFLHUDODUHVLQDHQHOODSDUDSRGHUVHJXLUHPSOHiQGROD
(VWH SURFHGLPLHQWR VH UHSLWLy KDVWD TXH VH FXEULy WRGD OD VXSHUILFLH
GHO PROGH ,PDJHQ FRQ XQD FDSD DEXQGDQWH GH UHVLQD \ VROR XQD
FDSDGHUHIXHU]RGHWHODPDW
(Q HO PROGHR GH ORV HVFDORQHV VH SXVR HVSHFLDO FXLGDGR SRU VHU OD
SDUWHPiVFRPSOLFDGDSDUDTXHODWHODPDWVHPDQWXYLHUDDGKHULGDD
HOORVVHSUHVLRQyODILEUDGHYLGULRFRQXQPDGHURFRQWUDORVHVFDORQHV
PLHQWUDVVHDSOLFDEDUHVLQDDOVLJXLHQWHHVFDOyQ/RVHVFDORQHVGHEHQ
LUUHIRU]DGRVDVtTXHDHOORVVHOHVDSOLFyXQDFDSDDGLFLRQDOGHUHVLQD
\WHODPDWFXEULHQGRKDVWDFPGHODVSDUHGHVODWHUDOHVYHU,PDJHQ
EFG7RGRHOSURFHVRGHPROGHRVHUHDOL]yHOPLVPRGtD
,PDJHQDFiPDUDFRPSOHWDPHQWHPROGHDGDEDSOLFDFLyQGHOUHIXHU]RDORVHVFDORQHVF
HPSOHRGHOPDGHURFRPRD\XGDHQHOPROGHRGHOHVFDOyQGFiPDUDGHVPROGDGDFXUDGD\
FRQXQPDVLOODGRLQLFLDO
a)
b)
c)
)XHQWH/RVDXWRUHV
d)
6H GHMy FXUDU OD SLH]D HQ HO PROGH D WHPSHUDWXUD DPELHQWH GXUDQWH
XQDVHPDQD
3DUD HO GHVPROGHR VH UHWLUDURQ ORV WRUQLOORV GHO DUPD]yQ \ VH
UHPRYLHURQ ORV PDGHURV OXHJR JROSHDQGR ODV SDUHGHV GHO PROGH
HPSOHDQGRFXxDV\HVSiWXODVVHSURFHGLyDUHWLUDUODVOiPLQDVGHKDUG
ERDUG FRPR KXER GHILFLHQFLDV HQ OD SUHSDUDFLyQ GHO PROGH HVWDV
GHELHURQVHUGHVSUHQGLGDVGDxDQGRHOPROGH
)LQDOPHQWH VH SHJDURQ ORV UHIXHU]RV GH PDGHUD VREUH OD VXSHUILFLH
H[WHUQDGHODFiPDUDLQWHUQD$QWHVGHSHJDUORVUHIXHU]RVVHOLPSLy
ODVXSHUILFLH\VHUD\yFRQXQDFXFKLOODSDUDPHMRUDUODXQLyQ
/RVUHIXHU]RVHPSOHDGRVIXHURQ
D 5HIXHU]RVSDUDODVFXDWURUXHGDVODIRUPD\ODVGLPHQVLRQHVGHHVWRVGRV
UHIXHU]RV VH SXHGHQ HQFRQWUDU HQ HO SODQR GH FRQMXQWR DQH[R $ SDUD
XQDPHMRULQWHUSUHWDFLyQVHPXHVWUDQHQOD´,PDJHQ Dµ\DLQVWDODGRV
(Q VX IDEULFDFLyQVHHPSOHyXQFXDUWyQ GH FHGUR VHFRGHFP[ FP
SDUDGDUOHVVXVGLPHQVLRQHVVHXVyXQFHSLOORHOpFWULFRSDUDPDGHUD
/RVUHIXHU]RVVHILMDURQSULPHURDOWDQTXHHPSOHDQGRUHVLQDFDWDOL]DGD\
OXHJRVHFXEULHURQFRQWHODPDWLPSUHJQDGDGHUHVLQDODWHODVHUHFRUWy
GHIRUPDTXHTXHGDUDXQiUHDGHFRQWDFWRFRQODFiPDUDGHXQRVFP
,PDJHQD5HIXHU]RVSDUDODVUXHGDVEUHIXHU]RVSDUDODVELVDJUDV
a)
b)
)XHQWH/RVDXWRUHV
E 5HIXHU]RV SDUD OD LQVWDODFLyQ GH ODV GRV ELVDJUDV HQ VX IDEULFDFLyQ VH
HPSOHy XQ FXDUWyQ GH FHGUR VHFR GH FP [ FP [ FP HO FXDO VH
UHFRUWyHQVHFFLRQHVGHFPHQXQLRQHVWUDVODSDGDVYHUSODQRHQHO
DQH[R$FRQWRUQLOORVGHµFP\VHUHGRQGHDURQODVHVTXLQDVFRQ
XQD UXWHDGRUD (Q OD LQVWDODFLyQ GH ORV VRSRUWHV VH YROWHR HO WDQTXH GH
IRUPDTXHODVXSHUILFLHDODTXHYDQXQLGRVTXHGDUDKRUL]RQWDOSHJDQGR
ORV VRSRUWHV D OD FiPDUD LQLFLDOPHQWH FRQ UHVLQD SLJPHQWDGD GH D]XO \
FDWDOL]DGDVREUHODVGRVVXSHUILFLHVDXQLUOXHJR VHSUHVLRQyILUPHPHQWH
SRUXQRVPLQXWRVVHJXLGDPHQWHVHSURFHGLyDUHFRUWDUWHODPDWSDUD
UHFXEULU ORV UHIXHU]RV GHMDQGR XQ iUHD GH FP GH FRQWDFWR FRQ OD
VXSHUILFLHGHOWDQTXHOXHJRVHDSOLFyODUHVLQDDODWHODPDWFXEULHQGRHO
UHIXHU]RFRPSOHWDPHQWHYHU,PDJHQ
F 6RSRUWHV SDUD OD LQVWDODFLyQ GH ODV FXELHUWDV H[WHUQDV VH ILMDURQ FRQ
UHVLQDVREUHODVSDUHGHVODWHUDOHVWDFRVGHPDGHUDGHFP[FPFRQ
XQHVSHVRUGHFPGLVWULEX\pQGRVHGHWDOPDQHUDTXHSURSRUFLRQDUDQ
HO PHMRU DSR\R D ODV FXELHUWDV (Q ORV HVFDORQHV VH UHDOL]y HO PLVPR
SURFHGLPLHQWRSHURFRQXQRVWDFRVGHPHQRUGLPHQVLyQ
,QVWDODFLyQGHOGHVDJHVLIyQGHODFiPDUD
0DWHULDOHV
• FRGRVDGH&39&GHòµFP
•
DGDSWDGRUPDFKRGHòµFP&39&
•
XQLyQ&39&GHòµFP
•
FPGHWXEHUtD&39&GHòµFP
(OVLIyQVHLQVWDOyHQODHVTXLQDGHOODGRL]TXLHUGRGHODFiPDUD\KDFLDODSDUWH
GH DWUiV \D TXH KDFLD HVWH ODGR HVWD HO GHVQLYHO GHO SLVR VH UHDOL]y XQD
SHUIRUDFLyQDODFiPDUDGHòµFPFRPRVHSXHGHDSUHFLDUHQOD,PDJHQ
,PDJHQ3HUIRUDFLyQSDUDHOVLIyQGHODFiPDUD
)XHQWH/RVDXWRUHV
6H DSOLFy XQ UHIXHU]R SRU OD SDUWH LQIHULRU GH OD FiPDUD SRU OR TXH IXH
QHFHVDULR GDUOH OD YXHOWD VH FRORFy OD XQLyQ GH &39& VREUH HO DJXMHUR GH OD
FiPDUD \ FRQ SODVWLOLQD VH VHOOy OD XQLyQ \ VH IDEULFy XQ PROGH HQ IRUPD GH
DQLOORDVXDOUHGHGRUFRQXQDDOWXUDGHFPSDUDKDFHUOHXQYDFLDGRGHUHVLQD
SLJPHQWDGD GH D]XO 'HVSXpV GH VHFDGD OD UHVLQD VH UHWLUy HO PROGH \ OD
SODVWLOLQDHVWHUHIXHU]RVHPXHVWUDHQOD,PDJHQDFRQODIOHFKDURMD
,PDJHQ,QVWDODFLyQGHOGHVDJHDGHWDOOHGHOUHIXHU]RFRQUHVLQDEWXEHUtDLQVWDODGD
D
E
)XHQWH/RV$XWRUHV
3DUDHOWUDPRGHWXEHUtDVHSURFHGLyDHQVDPEODUORVWUHVFRGRV\HODGDSWDGRU
PDFKR URVFDGR FRQ VHFFLRQHV GH WXEHUtD DSOLFDQGR SHJDQWH SDUD &39& HQ ODV
XQLRQHVHOHQVDPEOHTXHGyFRPRVHREVHUYDHQOD,PDJHQ$QWHVGHSHJDUHO
FRQMXQWRDODFRSOHTXHHVWiHQHOUHIXHU]RGHUHVLQDVHUHDOL]yXQDSHUIRUDFLyQ
GH òµ FP HQ OD FXELHUWD H[WHUQD SDUD SDVDU SRU HOOD HO DGDSWDGRU
URVFDGRWHQLHQGRHQFXHQWDDSOLFDUHOSHJDQWHDODWXEHUtD\DOHPSDOPHDQWHV
GH KDFHUOR \ OXHJR VH XELFy UiSLGDPHQWH HQ VX SRVLFLyQ PLHQWUDV HO SHJDQWH
HVWDEDD~QOtTXLGR
&216758&&,Ð1'(/$7$3$
0ROGHRGHOYLVRUGHODWDSDGHODFiPDUD
•
0DWHULDOHVQHFHVDULRV
•
'RVYLGULRVGHFP[FPGHPPGHHVSHVRU
•
0DGHUDEDOVRGHPPGHHVSHVRU
•
.JPOGHUHVLQD&5,67$/$1SUHDFHOHUDGD
•
.JGHHVWLUHQR
•
POGHFDWDOL]DGRU
•
3UHSDUDFLyQGHOPROGH
6HOLPSLDURQODVVXSHUILFLHVGHORVYLGULRVHPSOHDQGRWKLQQHU
&RQ ODV YDULOODV GH EDOVR VH IRUPy XQ PDUFR GH WUHV ODGRV FRQ ODV
GLPHQVLRQHV GHO ODPLQDGR \ VH SHJy FRQ FROEyQ VREUH XQR GH ORV
YLGULRVDVHJXUDQGRTXHQRVHSUHVHQWDUDQILOWUDFLRQHVHQODVXQLRQHVSRU
HOODGRTXHTXHGDVLQPDUFRSDUWHVXSHULRUGHOPROGHHVSRUGRQGHVH
YDFLDUiODUHVLQDHQHOPROGH
/DV VXSHUILFLHV GH ORV GRV YLGULRV VH SUHSDUDURQ FRQ GRV FDSDV GH FHUD
GHVPROGHDQWHSXOLHQGRHQWUHFDSD\FDSD
6HSHJyHORWURYLGULRDOPDUFR
&XDQGR ORV YLGULRV HVWDEDQ ILUPHPHQWH XQLGRV DO PDUFR VH FRORFy HO
FRQMXQWR HQ SRVLFLyQ SHUSHQGLFXODU D XQD VXSHUILFLH KRUL]RQWDO \
QLYHODGD
•
0ROGHR
6H SUHSDUy WRGD OD UHVLQD .J PH]FOiQGROD FRQ HO HVWLUHQR HQ XQ
UHFLSLHQWHDQFKR
6HFDWDOL]yODPH]FODDOFRQHOILQGHREWHQHUXQDPHQRUYHORFLGDGGH
VHVHFDGR\VHYHUWLyHQHOPROGHGHIRUPDUiSLGD\FRQWLQXDKDVWDOOHQDU
WRGRHOPROGH
6H GHMy FXUDU OD OiPLQD SRU XQ GtD \ OXHJR VH GHVPROGy HO ODPLQDGR FRQ
FXxDVSOiVWLFDVSDUDQRUD\DUODVXSHUILFLH\GHVSDFLRSDUDQRTXHEUDUORV
YLGULRVGHOPROGH
0ROGHRGHODVOiPLQDVSDUDODWDSD
•
0DWHULDOHVQHFHVDULRV
• 8QYLGULRGHFP[FPGHPPGHHVSHVRU
• 0DGHUDEDOVRGHPPGHHVSHVRU
• .JGHWHODPDW
• .JPOGHUHVLQD&5,67$/$1SUHDFHOHUDGD
• .JGHHVWLUHQR
• .JGHFDUERQDWRGHFDOFLR
• POGHFDWDOL]DGRU
• JUGHSLJPHQWREODQFR
3UHSDUDFLyQGHOPROGH
•
6HOLPSLyPX\ELHQODVXSHUILFLHGHOYLGULRFRQWKLQQHU
&RQODVYDULOODVGHEDOVRWUR]RVGHPDGHUDVHIRUPDURQ\SHJDURQVREUH
ORV YLGULRV ORV PDUFRV TXH IRUPDQ ORV WUHV PROGHV FRQ ODV GLPHQVLRQHV
TXH VH PXHVWUDQ HQ HO (VTXHPD VHOODQGR ORV HPSDOPHV FRQ OD
SODVWLOLQDSDUDTXHQRVHSUHVHQWDUDQIXJDV
(VTXHPD3ODQRVSDUDODFRQVWUXFFLyQGHORVPROGHVGLPHQVLRQHVHQFP
)XHQWH/RVDXWRUHV
6HDSOLFDQYDULDVFDSDVGHGHVPROGHDQWHDORVYLGULRVWHQLHQGRHQFXHQWD
SXOLUHQWUHFDSD\FDSD
/RV PROGHV GHEHQ XELFDUVH HQ XQD VXSHUILFLH QLYHODGD HQ SRVLFLyQ
KRUL]RQWDO
0ROGHR
•
6H SUHSDUy WRGD OD UHVLQD FRQ HO HVWLUHQR OD FDUJD \ HO SLJPHQWR GH OD
VLJXLHQWHPDQHUD
•
.JPOGHUHVLQD&5,67$/$1
•
.JGHHVWLUHQR
•
.JGHFDUERQDWRGHFDOFLR
•
JUGHSLJPHQWREODQFR
6HYHUWLyHQXQUHFLSLHQWH.JGHODUHVLQDSUHSDUDGD\VHOHDGLFLRQy
POGHFDWDOL]DGRUYDFLDQGRHVWDFDQWLGDGVREUHHOPROGH\HVSDUFLHQGROD
UHVLQDFRQHVSiWXODVSOiVWLFDVKDVWDIRUPDUXQDFDSDXQLIRUPHFRPRVH
PXHVWUDHQOD,PDJHQ
,PDJHQD0ROGHFRQVWUXLGRHQEDOVR\DSOLFDFLyQGHODUHVLQDFDWDOL]DGDSRUYDFLDGRE
UHVLQD HVSDUFLGD SDUFLDOPHQWH F HPSOHR GH HVSiWXODV SDUD HVSDUFLU OD UHVLQD G
KRPRJHQL]DFLyQGHODFDSDGHUHVLQD
a)
b)
c)
d)
)XHQWH/RVDXWRUHV
&XDQGRODSULPHUDFDSDHVWDEDHQSXQWRGHJHOVHSXVRVREUHHOODODWHOD
PDW FRUWDGD D OD PHGLGD GHO PROGH \ VH SURFHGLy D LPSUHJQDU WRGD OD
VXSHUILFLH FRQ UHVLQD DSOLFDGD FRQ EURFKD (VWD LPSUHJQDFLyQ FRQVXPH
XQRVJUGHUHVLQDYHULPDJHQ
,PDJHQ$SOLFDFLyQFRQEURFKDGHODFDSDGHUHVLQDUHIRU]DGDGHOODPLQDGR
)XHQWH/RVDXWRUHV
&XDQGRODVHJXQGDFDSDHVWDEDHQSXQWRGHJHOVHSUHSDUDURQJUGH
UHVLQD \ VH UHDOL]y XQ YDFLDGR VREUH pVWD HVSDUFLHQGR OD UHVLQD FRQ
HVSiWXODVSOiVWLFDVKDVWDIRUPDUXQDVXSHUILFLHXQLIRUPHYHU,PDJHQ
,PDJHQ$SOLFDFLyQGHODWHUFHUD\~OWLPDFDSDGHUHVLQDGHOODPLQDGRPHGLDQWHODWpFQLFD
GHYDFLDGR
)XHQWH/RVDXWRUHV
'HVSXpVGHOPROGHRVHGHMyFXUDUODOiPLQDSRUKRUDVDQWHVGHSURFHGHUD
GHVPROGHDUOD
(VWH PLVPR SURFHGLPLHQWR VH UHSLWLy SDUD PROGHDU ODV OiPLQDV UHIRU]DGDV
TXHFRPSRQHQODWDSD
3DUDODVOiPLQDVPHGLDQDVRWULDQJXODUHVVHHPSOHDODPLWDGGHPDWHULDOTXH
VHHPSOHySDUDODOiPLQDJUDQGHHQFDGDXQD
(QVDPEOHGHODWDSD
•
/D WDSD GH OD FiPDUD HVWD FRQVWLWXLGD SRU =LQFR OiPLQDV EODQFDV UHIRU]DGDV
FRQWHODPDW\XQDWUDQVSDUHQWHVLQUHIXHU]R/DXQLyQGHHVWDVOiPLQDVVH
UHDOL]ySRUODSDUWHLQWHUQDGHODWDSDHPSOHDQGRWHODPDW\UHVLQDXVDQGR
ODV WpFQLFDV GH PROGHR GHVFULWDV DQWHULRUPHQWH 6H XQLHURQ SRU VHFFLRQHV
SHUPLWLHQGR XQ VHFDGR VXILFLHQWH HQWUH SURFHGLPLHQWRV SDUD HYLWDU TXH VH
GHVSUHQGLHUDQODVXQLRQHVGXUDQWHVXPDQLSXODFLyQHVWHSURFHVRVHPXHVWUD
HQOD,PDJHQ
,PDJHQ(QVDPEOHGHODWDSDDDOLQHDPLHQWRGHODXQLyQGHODSULPHUDVHFFLyQE
DSOLFDFLyQGHOUHIXHU]RGHODXQLyQFDOLQHDFLyQGHGRVVHFFLRQHVGHODWDSDSDUDVHUXQLGDV
GXQLyQGHODVGRVVHFFLRQHVLQLFLDOHVHDOLQHDPLHQWRGHODOiPLQDPiVJUDQGHSDUDVHU
HQVDPEODGDIWDSDHQVDPEODGDDQWHVGHDGLFLRQDUHOYLVRU
a)
d)
)XHQWH/RVDXWRUHV
•
b)
c)
e)
f)
/D OiPLQD WUDQVSDUHQWH IXH OD ~OWLPD HQ VHU HQVDPEODGD SDUD TXH OD XQLyQ
IXHUDPiVHVWpWLFDVHUHDOL]yGHODVLJXLHQWHPDQHUD
6HFUHyXQPDUFRFRQFLQWDGHHQPDVFDUDUSRUODVGRVFDUDVGHODOiPLQD
WUDQVSDUHQWH,PDJHQD
/XHJRVHXELFyODOiPLQDVREUHXQDVXSHUILFLHKRUL]RQWDODOLQHiQGRODFRQHO
PDUFRGHODHVWUXFWXUD\DHQVDPEODGD
6HSHJDURQORVUHFRUWHVGHWHODPDWWLUDVGHFPGHDQFKRFRQODUHVLQD
SLJPHQWDGD GH EODQFR HQ ODV XQLRQHV GH OD SDUWH LQWHUQD FRORFDQGR
HVSHFLDOFXLGDGRHQQRXQWDUHQH[FHVRODFLQWDGHHQPDVFDUDU,PDJHQ
F
6H SURFHGLy D DSOLFDU WUHV FDSDV GH UHVLQD FRQ SLJPHQWR EODQFR FRQ OD
EURFKD FRPR VL IXHUD SLQWXUD SRU WRGDV ODV XQLRQHV LQWHUQDV \ VREUH HO
iUHDGHPDUFDGDSRUODFLQWDGHHQPDVFDUDUGHODFDUDH[WHUQDGHOYLVRUGH
ODWDSD,PDJHQFGH
/DFLQWDGHHQPDVFDUDUIXHUHPRYLGDGHVSXpVGHDSOLFDUOD~OWLPDFDSDGH
UHVLQD
(QOD,PDJHQVHPXHVWUDHOSURFHVRGHXQLyQGHOYLVRUDODWDSDSDVRDSDVR
UHSUHVHQWDQGRODVSDUWHVFODYHVGHODDSOLFDFLyQGHODUHVLQDHQODVXQLRQHV
• 3DUD TXHQR VH QRWHQ ORV HPSDOPHVSRUODSDUWH H[WHUQD VHDSOLFy UHVLQD
SLJPHQWDGDGHEODQFRFRQXQDOWRFRQWHQLGRGHFDUERQDWRGHFDOFLRSDUD
ORJUDUXQDFRQVLVWHQFLDSDVWRVD\DSOLFDUORFRPRVLIXHUDXQDPDVLOODHQORV
HPSDOPHV
• 'HVSXpV GH GHMDU VHFDU OD UHVLQD XQDV KRUDV VH OLMDURQ PX\ ELHQ WRGDV
ODVLUUHJXODULGDGHVTXHTXHGDURQHQODVODPLQDV\ODVXQLRQHVKDVWDTXHVH
ORJUyXQDFDEDGRORPDVOLVR\FRQWLQXRSRVLEOH
,QVWDODFLyQGHODWDSD
•
)LMDFLyQ GH ODV ELVDJUDV OD WDSD VH ILMy D OD FiPDUD HPSOHDQGR GRV
ELVDJUDV GH DFHUR JDOYDQL]DGR GH µ FP DWRUQLOODGDV HQ ORV GRV
VRSRUWHV FRQVWUXLGRV SDUD HVWH ILQ HQ OD SDUWH SRVWHULRU GH OD FiPDUD
LQWHUQD(OH[WUHPRGHODELVDJUDTXHVHDSR\DVREUHODWDSDVHXQLyDHOOD
HPSOHDQGRUHVLQD\WHODPDWODXQLyQSHUPLWHXQPHMRUDFDEDGRHYLWDQGR
DWUDYHVDUODVOiPLQDVFRQWRUQLOORVRUHPDFKHVSDUDILMDUOR3DUDPHMRUDUOD
UHVLVWHQFLDGHODXQLyQVHOLMyODVXSHUILFLHGHODELVDJUD\VHOHUHDOL]DURQ
YDULDVSHUIRUDFLRQHVDGLFLRQDOHV
,PDJHQDSUHSDUDFLyQGHORVPDUFRVGHOYLVRUFRQFLQWDGHHQPDVFDUDUEYLVRUDOLQHDGR
\DSOLFDFLyQGHODUHVLQDUHIRU]DGDSRUODSDUWHLQWHUQDFDFDEDGRORJUDGRGHVSXpVGH
UHPRYHUODFLQWD
a)
d)
b)
e)
c)
f)
)XHQWH/RVDXWRUHV
$QWHVGHSHJDUODVELVDJUDVVHVLWXDURQGHIRUPDWHPSRUDOORVHPSDTXHV
TXHVHYDQDHPSOHDUSDUDHOVHOODGRGHODFiPDUD\VHXELFyODWDSDHQHO
HVFDOyQ FRPR TXHGDUtD GHILQLWLYDPHQWH OXHJR VH DMXVWDURQ \ DVHJXUDURQ
ODVELVDJUDVHQVXVVLWLRV\VHSURFHGLyDSHJDUODVFRQUHVLQD\WHODPDW
/DUHVLQDVHGHMyFXUDUSRUGRVGtDVSDUDDVHJXUDUTXHQRVHGHVSUHQGDOD
XQLyQFRQODIXHU]DTXHVHJHQHUDVREUHHOODFXDQGRVHDEUHODWDSD/D
XQLyQ D ORV VRSRUWHV GH OD FiPDUD VH KL]R FRQ WRUQLOORV GH DFHUR GH
òµFPHQFDGDELVDJUD
•
&RQVWUXFFLyQ HQVDPEOH H LQVWDODFLyQ GH ORV PHFDQLVPRV GH VRSRUWH
SDUD OD WDSD VH FRQVWUX\HURQ GRV PHFDQLVPRV SDUD XELFDUORV D DPERV
ODGRVGHODWDSDHQVXFRQVWUXFFLyQVHHPSOHDURQGRVWLSRVGLIHUHQWHVGH
SHUILOGHDOXPLQLRHVWUXFWXUDOXQRGHHOORVIXHXQSHUILOD\HORWURHQ
IRUPD GH EDUUD SODQD /RV SODQRV FRQ ODV GLPHQVLRQHV SDUD UHDOL]DU ORV
FRUWHVDORVSHUILOHV\ODVSHUIRUDFLRQHVSDUDVXHQVDPEOHHLQVWDODFLyQVH
HQFXHQWUDQHQHOSODQRGHODQH[R$
•
3DUDODXQLyQGHODVSDUWHVGHORVPHFDQLVPRVVHHPSOHDURQUHPDFKHVGH
DOXPLQLRGHµ;µFP[FPSDUDXQLUODVGRVEDUUDV\
HOWRSHXQUHPDFKHGHµ;µFP[FPSDUDDVHJXUDUHO
SHUILO GH WRSH VHxDODGRV HQ OD ,PDJHQ FRQ IOHFKDV URMDV \ YHUGHV
UHVSHFWLYDPHQWH
,PDJHQ8QLyQGHODVEDUUDVFRQHOSHUILOGHWRSH
)XHQWH/RVDXWRUHV
3DUDODVXMHFLyQDODFiPDUD\DODWDSDVHHPSOHDURQUHPDFKHVGHDOXPLQLRGH
µ [ µ FP [ FP µ [ µ FP [ FP
UHVSHFWLYDPHQWHVHPXHVWUDQHQOD,PDJHQDFRQODVIOHFKDVURMDV\YHUGHV
UHVSHFWLYDPHQWH HQ OD XQLyQ HQWUH ORV PHFDQLVPRV \ OD WDSD VH XELFDURQ
VHSDUDGRUHVGHEURQFHFRQXQDDUDQGHOD,PDJHQE
/XHJR GH UHPDFKDGR HOPHFDQLVPR D OD WDSD VH PDVLOOR \ SXOLy OD XQLyQ SRU OD
FDUDLQWHUQDGHODWDSD,PDJHQF
,PDJHQ,QVWDODFLyQGHORVVRSRUWHVGHODWDSDD8QLyQHQWUHHOPHFDQLVPR\ODFiPDUD
EXQLyQHQWUHHOPHFDQLVPR\ODWDSDFYLVWDGHODXQLyQFRQODWDSDSRUVXFDUDLQWHUQDG
VHSDUDFLyQHQWUHHOPHFDQLVPR\ODWDSD
a)
b)
c)
d)
)XHQWH/RVDXWRUHV
(Q OD ,PDJHQ D E F G VH PXHVWUD FRPR TXHGDURQ ORV PHFDQLVPRV \D
LQVWDODGRV\HQIXQFLRQDPLHQWR
,PDJHQ6RSRUWHVGHODWDSDLQVWDODGRV\HQIXQFLRQDPLHQWRDYLVWDODWHUDOGHODWDSD
DELHUWD\EORTXHDGDEYLVWDODWHUDOGHODWDSDDELHUWD\EORTXHDGDFYLVWDGHOVRSRUWH
GHUHFKRLQVWDODGRGYLVWDGHOVRSRUWHL]TXLHUGRLQVWDODGR
a)
b)
c)
d)
)XHQWH/RVDXWRUHV
•
)LMDFLyQGHODPDQLMDODPDQLMDVHLQVWDOyFHQWUDGDHQODSDUWHIURQWDOGH
ODWDSDSDUDVXVXMHFLyQVHHPSOHDURQFXDWURWRUQLOORVGHFDEH]DUHGRQGD
FRQWXHUFD\DUDQGHOD6HSURFHGLyLQLFLDOPHQWHSRVLFLRQDQGRODPDQLMDHQ
GRQGH TXHGDUtD \SHUIRUDQGRORV FXDWURKXHFRVHQODWDSDFRQXQD EURFD
GHµFPOXHJRVHFRORFDURQORVSHUQRVGHVGHODSDUWHLQWHUQD
GHODWDSDGHVSXpVGHDSUHWDUORVWRGRVVHSURFHGLyDFRUWDUFRQXQGLVFR
GHFRUWHORVH[FHVRVGHORVWRUQLOORVTXHVREUHVDOtDQSDUDGHMDUORVDOUDVGH
ODPDQLMD\SRUXOWLPRVHPDVLOODURQSRUGHQWUR\SRUIXHUDGHODWDSDORV
WRUQLOORV GH IRUPD TXH QR TXHGDUD H[SXHVWR VX FXHUSR SXOLpQGRORV FRQ
SDSHOOLMD(QOD,PDJHQVHPXHVWUDODPDQLMD\DLQVWDODGDPDVLOODGD\
SLQWDGDDYLVWDH[WHULRUEYLVWDLQWHULRU
,PDJHQ0DQLMDGHODWDSDDYLVWDH[WHULRUEYLVWDLQWHULRU
D
E
)XHQWH/RVDXWRUHV
,167$/$&,Ð1'(/$658('$6
6HLQVWDODURQODVFXDWURUXHGDVGRVILMDV\GRVPyYLOHVHQORVVRSRUWHVDFP
GH ORV H[WUHPRV FRQ WRUQLOORV SDUD PDGHUD GH òµ FP ODV GRV UXHGDV
HVWiWLFDVHQHOODGRGHUHFKR\ODVRWUDVGRVTXHVRQPyYLOHVHQHOODGRL]TXLHUGR
GHODFiPDUD
&8%,(57$6(;7(5,25(6<$,6/$0,(1727e50,&2
•
&XELHUWDVH[WHULRUHVODVFXELHUWDVH[WHULRUHVVRQGHOiPLQDVGHOPDWHULDO
6XSHU %RDUG GH HOODV VH FRUWDURQ GRV OiPLQDV GH FP [ FP \ GRV
OiPLQDV GH FP [ FP /RV FRUWHV VH UHDOL]DURQ HPSOHDQGR XQD
FDODGRUD FRQ FXFKLOOD SDUD PDWHULDOHV DEUDVLYRV SDUD UHDOL]DU HVWH
SURFHGLPLHQWRVHHPSOHDURQPDVFDUD\JDIDVGHSURWHFFLyQ
'HVSXpV GH UHFRUWDGDV ODV OiPLQDV VH SURFHGLy D VX LQVWDODFLyQ SDUD OR
FXDO VH SHUIRUDURQ DJXMHURV HQ ODV OiPLQDV HQ ORV SXQWRV GRQGH HVWiQ ORV
DSR\RVHQODSDUHGGHODFiPDUD\VHVXMHWDURQDHOORVFRQWRUQLOORVGHóµ
FP GH FDEH]D SODQD GHVSXpV GH LQVWDODGDV ODV FXDWUR OiPLQDV VH
PDVLOODURQ\SXOLHURQFRQOLMDODVXQLRQHV\ORVVLWLRVGRQGHHVWiQXELFDGRV
ORVWRUQLOORV
/DVLJXLHQWHFXELHUWDH[WHUQDTXHVHLQVWDOyHVODTXHFXEUHORVHVFDORQHV
GH OD FiPDUD SDUD HOOD VH HPSOHy XQD WXEHUtD GH 39& OLVD GH
µ FP FRUWDGD HQ FXDWUR VHFFLRQHV LJXDOHV VREUH VX HMH GH
VLPHWUtD (VWDV VHFFLRQHV GH WXEHUtD VH LQVWDODURQ HQ ORV HVFDORQHV
DWRUQLOOiQGRODVVREUHORVVRSRUWHVGHPDGHUDTXHSUHYLDPHQWHVHSHJDURQ
HQ HOORV 3DUD TXH ORV HPSDOPHV GH ODV HVTXLQDV IXHUDQ DGHFXDGRV VH
SXOLHURQXQRDXQRHPSOHDQGRXQPRWRUWRROFRQXQGLVFRGHFRUWHKDVWD
ORJUDUXQDFRSOHDFHSWDEOH
)LQDOPHQWH VH LQVWDODURQ FRPR DFDEDGRV SDUD ORV ERUGHV \ ODV HVTXLQDV
SHUILOHVGHSOiVWLFRDHVWRVVHXELFDURQHQODVFXDWURHVTXLQDVGHODV
SDUHGHVH[WHUQDVGHODFiPDUD\IRUPDQGRXQPDUFRHQHOWHUFHUHVFDOyQ
&XDQGRVHFRUWDURQORVSHUILOHVDSDUDHOHPSDOPHGHODVHVTXLQDVGHO
PDUFR TXH VH SHJD HQ HO HVFDOyQ HVWH FRUWH VH HMHFXWy WHQLHQGR HQ
FXHQWD KDFHUOR VROR SRU XQD GH ODV FDUDV GHO SHUILO SDUD VX ILMDFLyQ VH
HPSOHD SHJDQWH DPDULOOR FHPHQWR GH FDXFKR GHO WLSR HPSOHDGR HQ
]DSDWHUtD
•
$LVODPLHQWR WpUPLFR SDUD UHDOL]DU OD DSOLFDFLyQ GHO SROLXUHWDQR ODV
XQLRQHVGHODVFXELHUWDVGH6XSHU%RDUG\ODVSDUHGHVGHODFiPDUDGHEHQ
HVWDUOLEUHVGHIXJDVHVWRVHORJUDFXEULHQGRODVXQLRQHVFRQPDVLOODELHQ
DSOLFDGD
3DUD IRUPDU HO DLVODQWH GH SROLXUHWDQR VH HPSOHDQ GRV OtTXLGRV TXH DO
PH]FODUVH UHDFFLRQDQ LQFUHPHQWDQGR VX YROXPHQ LQLFLDO IRUPDQGR XQD
HVSXPDTXHOXHJRGHVHFDUVHDGTXLHUHXQDGXUH]D(QODHWDSDGHGLVHxR
VHFDOFXOyHOYROXPHQDDLVODU\HOYROXPHQGHSROLXUHWDQRUHTXHULGR
3DUD OD DSOLFDFLyQ GHO DLVODQWH VH SUHSDUy WRGR HO YROXPHQ FDOFXODGR
FRPELQDQGRH[DFWDPHQWHODPLVPDFDQWLGDGGHDPERVOtTXLGRV$QWHVGHO
YDFLDGR VH PH]FODURQ PX\ ELHQ ORV GRV FRPSRQHQWHV HVWD RSHUDFLyQ VH
GHEHUHDOL]DUUiSLGDPHQWH\FHUFDGHOOXJDUGHODDSOLFDFLyQGHELGRDTXH
HO WLHPSR GLVSRQLEOH HV GH VROR XQRV FXDQWRV VHJXQGRV DQWHV GH TXH
FRPLHQFHODUHDFFLyQ
&216758&&,Ð1'(/3$1(/'(&21752/
(O SDQHO GH FRQWURO VH FRQVWUX\y D SDUWLU GH UHFRUWHV VDFDGRV GH ODPLQDGRV GH
UHVLQDUHIRU]DGDSLJPHQWDGDGHEODQFRIDEULFDGDVGHODPLVPDPDQHUDTXHVH
GHVFULELy HQ QXPHUDO 0ROGHR GH ODV ODPLQDV SDUD OD WDSD ORV FRUWHV VH
UHDOL]DURQ HPSOHDQGR XQD VLHUUD FDODGRUD FRQ ODV GLPHQVLRQHV \ IRUPDV
UHSUHVHQWDGDVHQHOSODQRGHODQH[R$HPSOHDQGRORVPLVPRVSURFHGLPLHQWRV
GH XQLyQ SDUD ODV ODPLQDV \ ORV DFDEDGRV GHVFULWRV HQ HO QXPHUDO ´(QVDPEOHGHODWDSDµ
(OSDQHOSRVHHXQDFXELHUWDIURQWDOSURYLVWDGHXQDELVDJUDWLSRSLDQRTXHOHGD
PRYLOLGDG HQ HOOD YDQ LQVWDODGRV ORV LQVWUXPHQWRV GH PHGLFLyQ \ FRQWURO /D
ELVDJUDVHLQVWDOyVXMHWiQGRODDODFDUFDVDFRQUHVLQD\WHODPDW\DODFXELHUWD
GHO SDQHO HPSOHDQGR UHPDFKHV GH DOXPLQLR 6H WRPDURQ WRGDV ODV
SUHFDXFLRQHV SUHOLPLQDUHV SDUD HYLWDU TXH OD WDSD TXHGH GHVDOLQHDGD R
GHVDMXVWDGD
(QHOSODQRHQHODQH[R$VHHQFXHQWUDODXELFDFLyQ\ODVGLPHQVLRQHVGHODV
SHUIRUDFLRQHVGRQGHVHLQVWDODURQORVLQVWUXPHQWRV$QWHVGHFRUWDUODOiPLQDVH
GLEXMDURQ ODV VLOXHWDV GH ORV HTXLSRV HQ HO OXJDU GH VX LQVWDODFLyQ OXHJR GH
UHFRUWDGDV ODV VLOXHWDV VH H[SDQGLHURQ ORV DJXMHURV XQRV PP SDUD SRGHU
LQVWDODUXQHPSDTXHDOUHGHGRUGHFDGDSHUIRUDFLyQORV~QLFRVDJXMHURVTXHQR
VH H[SDQGHQ VRQ GRQGH YD LQVWDODGR HO FRQWURODGRU GH WHPSHUDWXUD \ OD GHO
FHUURMRSDUDHOSDQHO
6REUHODFDUDWUDVHUDGHODFDUFDVDVHUHDOL]DURQGRVSHUIRUDFLRQHVFRQEDVHHQ
HO SODQR HQ HO DQH[R $ HQ ODV TXH VH LQVWDODURQ XQD FRQH[LyQ SDUD HQFKXIH
WHOHIyQLFR \ XQD FRQH[LyQ SDUD HO FDEOH GH DOLPHQWDFLyQ GH HQHUJtD ORV GRV
FRQHFWRUHV VH VXMHWDURQ HPSOHDQGR UHPDFKHV GH DOXPLQLR /D ,PDJHQ PXHVWUDORVFRQHFWRUHVGHVSXpVGHLQVWDODGRV
,PDJHQ&RQHFWRUHVGHHQHUJtDSDUWHLQIHULRU\FDEOHGHODVRQGDGHWHPSHUDWXUD
)XHQWH/RVDXWRUHV
(QODSDUWHGHODQWHUDGHOSDQHOVHHQFXHQWUDXQVDOLHQWHTXHDOEHUJDODXQLGDG
GHPDQWHQLPLHQWRGHDLUHFRPSULPLGR(QHVWHVDOLHQWHVHWUD]yODVLOXHWDGHOD
SDUWHLQIHULRUGHODXQLGDGGHPDQWHQLPLHQWRODFXDOVHUHFRUWy6HVXDYL]DURQ\
UHGRQGHDURQ ORV ERUGHV \ ODV HVTXLQDV GH OD OiPLQD HPSOHDQGR SDSHO OLMD /D
,PDJHQDPXHVWUDXQDYLVWDIURQWDOGHODXQLGDGGHPDQWHQLPLHQWRGHDLUH
\DLQVWDODGD
,PDJHQ6RSRUWHSDUDODXQLGDGGHPDQWHQLPLHQWRGHDLUHDYLVWDIURQWDOEYLVWD
VXSHULRU
a)
b)
)XHQWH/RVDXWRUHV
(Q OD SDUWH IURQWDO GHO SDQHO VH UHDOL]y XQD SHUIRUDFLyQ GH òµ FP SDUD
SDVDUODFRQH[LyQGHOPDQyPHWURGHEDMDGHVGHODXQLGDGGHPDQWHQLPLHQWRGH
DLUHKDVWDODWDSDGHOSDQHOHVWDSHUIRUDFLyQVHVHxDODHQOD,PDJHQEFRQ
XQDIOHFKDURMD
(OVRSRUWHRSHGHVWDOGHOSDQHOGHFRQWUROVHFRQVWUX\yHQHVWUXFWXUDGHDFHUR
FRQiQJXORVGHòµFP\óµFPFRQXQLRQHVVROGDGDVSRUSDUWH
GHXQWHUFHUR/RVSODQRVGHHVWHVRSRUWHVHHQFXHQWUDQHQHODQH[R$SODQR
3DUD OD VXMHFLyQ GH OD FDUFDVD GHO SDQHO GH FRQWURO DO VRSRUWH R SHGHVWDO VH
HIHFWXDURQSHUIRUDFLRQHVSDVDQWHVDWUDYpVGHODOiPLQD\GHOSHUILOPHWiOLFR
GHOVRSRUWHLQVWDODQGRXQSHUQRGHVSXpVGHFDGDSHUIRUDFLyQ(QOD,PDJHQ
VHSHGHYHUFRPRTXHGDURQGHVSXpVGHVHULQVWDODGRVODVIOHFKDVURMDVLQGLFDQ
ODXELFDFLyQGHGRVGHORVWRUQLOORV
3DUDODVXMHFLyQGHORVLQVWUXPHQWRVFRQWRUQLOORVDODWDSDIURQWDOVHDGKLULHURQ
VXSOHPHQWRV UHFWDQJXODUHV GH OiPLQD FRQ UHVLQD SRU OD SDUWH SRVWHULRU GH OD
WDSD OD XELFDFLyQ GH GLFKRV UHIXHU]RV VH PDUFDQ FRQ ODV IOHFKDV URMDV HQ OD
,PDJHQ
,PDJHQ9LVWDLQIHULRUGHOSDQHOGHFRQWUROVXMHWDGRDVXEDVHPHWiOLFD
)XHQWH/RVDXWRUHV
,PDJHQ3DUWHWUDVHUDGHODWDSDGHOSDQHOGHFRQWUROODVIOHFKDVURMDVLQGLFDQORVOXJDUHV
GRQGHVHSHJDURQVRSRUWHVSDUDVXMHWDUORVWRUQLOORV
)XHQWH/RVDXWRUHV
6,67(0$'(*(1(5$&,Ð1'(1,(%/$
•
0DWHULDOHVQHFHVDULRV
•
5HFLSLHQWHSOiVWLFRFLOtQGULFRGHFPGHGLiPHWUR[FPGHDOWXUDFRQ
WDSDUHVHUYRULR
•
•
FP GH WXEHUtD GH 39& SDUD FDEOHDGR HOpFWULFRV GH µ FP GH
GLiPHWUR
•
%RTXLOOD GH DWRPL]DFLyQ GH XQ HTXLSR GH IXPLJDFLyQ PDQXDO FRQRFLGRV
FRPR´IO\µ
•
FPGHWXEHUtDGH&39&òµFPWXEHUtDGHDJXDFDOLHQWH
•
$FRSOHVWUDQVLFLyQ&39&PHWDOòµFP
•
$GDSWDGRUHVPDFKRòµFP&39&
•
DGDSWDGRUPDFKRòµFP39&
•
7XEHUtDIOH[LEOHHTXLSRGHPHGLFR
•
&RGRDGHòµFP
•
5HVLQD&5,67$/$1
•
(VWLUHQR
•
3LJPHQWRD]XO\EODQFR
•
&DUERQDWRGHFDOFLR
•
&DWDOL]DGRU0HNSHUR[LGR
•
FPGHWXEHUtD39&GHµFPSDUDDJXDOOXYLD
•
3DVDPXURGHDFRSOHUiSLGRURVFDGRSDUDWXEHUtDIOH[LEOHGHPPUDFRU
PDUFD)(672UHI
•
&RQWUROGHQLYHOSDUDGHSyVLWRVGHOtTXLGRV)O8,'0$67(58.FRQ
HQWUDGDODWHUDO
•
FPWXEHUtDFLOtQGULFDVSDUDDJXDOOXYLDGH39&µFP
(QVDPEOHV
/DVSDUWHVTXHFRPSRQHQHOVLVWHPDGHJHQHUDFLyQGHQLHEODVHHQVDPEODURQGH
ODVLJXLHQWHPDQHUD
•
5HVHUYRULR VH OH UHDOL]DURQ GRV SHUIRUDFLRQHV HQ VX EDVH XQD HQ VX
FHQWUR GH óµ FP GLiPHWUR SDUD HO UDFRU SDVDPXURV \ OD RWUD GH
òµFPGHGLiPHWURDXQUDGLRGHFPSDUDHODFFHVRULRGHWXEHUtD
GH &39& FRPR VH PXHVWUD HQ OD ,PDJHQ HQ OD WDSD GHO UHVHUYRULR VH
UHDOL]yXQYDFLDGRFRQUHVLQDSDUDHYLWDUTXHVHIRUPDUDXQFKDUFRHQOD
GHSUHVLyQ GH OD WDSD ,PDJHQ D (Q OD ,PDJHQ VH PXHVWUD HO
SURFHGLPLHQWR OD ,PDJHQ E PXHVWUD FRPR VH IRUPDURQ ORV FRQWRUQRV
GHO YDFLDGR FRQ SODVWLOLQD \ OD ,PDJHQ F FRPR TXHGD ILQDOPHQWH DO
KDEHUVHFDGRODUHVLQD\UHWLUDGRODSODVWLOLQDDFRQWLQXDFLyQVHSXOLHURQ
ORV ERUGHV FRQ SDSHO OLMD 3RVWHULRUPHQWH VH UHDOL]DURQ FXDWUR
SHUIRUDFLRQHV XQD GH òµ FP GLiPHWUR HQ VX SDUWH FHQWUDO SDUD OD
EDVH GH OD ERTXLOOD GH DVSHUVLyQ RWUD GH µ FP SDUD OD
WXEHUtDIOH[LEOHGHVXFFLyQGHOtTXLGRDFPGHVXFHQWUR\GRVUDQXUDV
VLPpWULFDVVREUHHOGLiPHWURH[WHUQRGHODFLUFXQIHUHQFLDHQHOFHQWURGH
ODWDSDHQORVTXHHQFDMDQ\VHGHVOL]DQORVGRVDSR\RVGHOFRQGXFWRGH
DVSHUVLyQ,PDJHQ
,PDJHQ&RQH[LyQGHORVGRVUDFRUHVHQODEDVHGHOUHVHUYRULRUDFRUSDVDPXURVGHóµ
FP GH DFRSOH UiSLGR URVFDGR SDUD HO VXPLQLVWUR GH DLUH FRPSULPLGR DGDSWDGRU
PDFKRGHòµFPURVFDGRGH&39&SDUDHOVXPLQLVWURGHVROXFLyQVDOLQD
2
1
)XHQWH/RVDXWRUHV
,PDJHQ$FRQGLFLRQDPLHQWRGHODWDSDGHOUHVHUYRULRFRQXQYDFLDGRGHUHVLQD
a)
b)
c)
)XHQWH/RVDXWRUHV
,PDJHQ3HUIRUDFLRQHVHQODWDSDGHOUHVHUYRULRFHQWUDOòµFPRULILFLRGHµ
FPDFPGHUDGLR
)XHQWH/RVDXWRUHV
•
&RQWURO GH QLYHO \ VXPLQLVWUR GH DJXD VH HQVDPEOy HO WUDPR GH
WXEHUtD FRPR VH PXHVWUD HQ HO HVTXHPD WUDPR WUDQVLFLyQ &39&
PHWDO òµ FP FP WXEHUtD &39& FRGR FP WXEHUtD
&39&DGDSWDGRUPDFKRòµFPHPSOHDQGRSHJDQWHSDUD&39&\
URVFiQGRORDOFRQWUROGHQLYHO
•
3DUD HO WUDPR VH XQLHURQ ORV VLJXLHQWHV DFFHVRULRV FRQ VROGDGXUD SDUD
&39& WUDQVLFLyQ &39& PHWDO òµ FP FP WXEHUtD &39& FRGR
FPWXEHUtD&39&WUDQVLFLyQ&39&PHWDOòµFP
(VTXHPD(QVDPEOHGHODWXEHUtD\ORVDFFHVRULRVGHOVXPLQLVWURGHVROXFLyQVDOLQDFRQHO
FRQWUROGHQLYHOGHOtTXLGR
Tramo 1
Tramo 2
)XHQWH/RVDXWRUHV
•
7RUUHGHDVSHUVLyQVHFRQVWUX\HURQODVVLJXLHQWHVSDUWHV
&RQGXFWR VH HPSOHy XQD VHFFLyQ GH WXEHUtD GH 39& SDUD FDEOHDGR
HOpFWULFRGHµFPGHFPDOTXHVHOHUHFRUWyFRQODD\XGD
GHXQPRWRUWRROHTXLSDGRFRQXQGLVFRGHFRUWHVREUHHOSULPHUDQLOOR
GH XQR VXV H[WUHPRV GRV SHVWDxDV TXH VHUYLUtDQ FRPR VHJXURV SDUD
DFRSODUORDODWDSDGHOUHVHUYRULR$ODDOWXUDGHOWHUFHUDQLOORGHVGHVX
EDVH VH UHFRUWDURQ WUHV VHFFLRQHV VREUH OD SHULIHULD TXH VLUYHQ FRPR
FRQGXFWRVGHDLUHDFLyQSDUDSHUPLWLUTXHODQLHEODVDOJDGHOFRQGXFWR
&RQR GLIXVRU VH UHDOL]y XQ YDFLDGR GH UHVLQD HQ XQ PROGH FRQ ODV
GLPHQVLRQHV\JHRPHWUtDUHTXHULGDVµFPGHGLiPHWUR\FP
GHDOWXUDSXOLHQGRFRQOLMD1SDUDXQDFDEDGRHVWpWLFR
6RSRUWHVSDUDHOFRQRGLIXVRUVHUHFRUWDFPGHODEDUUDFLOtQGULFD
GH µ FP UHFRUWDQGR VHFFLRQHV HQ VX VXSHUILFLH SDUD TXH OD
QLHEODVDOJD
/XHJR GH UHDOL]DU ORV HQVDPEOHV GH ODV DQWHULRUHV SDUWHV VH XQLHURQ FRPR VH
UHSUHVHQWDHQOD,PDJHQ
,PDJHQ(QVDPEOHGHODWRUUHGHDVSHUVLyQ
)XHQWH/RVDXWRUHV
•
&XHUSR GH OD ERTXLOOD GH SXOYHUL]DFLyQ VH GLYLGLy HQ ODV VLJXLHQWHV
SDUWHV
%RTXLOOD GH DVSHUVLyQ VH WRPy GHO HTXLSR GH IXPLJDFLyQ PDQXDO OD
ERTXLOODGHDVSHUVLyQFRPRVHPXHVWUDHQHOGHWDOOHGHOD,PDJHQ
,PDJHQ%RTXLOODGHSXOYHUL]DFLyQGHXQHTXLSRGHIXPLJDFLyQPDQXDO
)XHQWHORVDXWRUHV
&RQHFWRURDGDSWDGRUDOUHVHUYRULRVHVHFFLRQyHOFXHUSRGHOVLVWHPD
GH ERPEHR GH DLUH GHO HTXLSR GH IXPLJDFLyQ SRU HO SXQWR GRQGH VH
HQFXHQWUDXQFDPELRGHGLiPHWUR,PDJHQD6HHPSOHyODVHFFLyQ
URVFDGD GRQGH VH ILMD OD ERTXLOOD ,PDJHQ E \ VH HQVDPEOy OD
VHFFLyQFRQHODGDSWDGRUPDFKRGH39&òµFPHPSOHDQGRHQWUH
HOORV XQ VXSOHPHQWR GH WXEHUtD GH 39& òµ FP GH FP GH
ORQJLWXGDOTXHVHOHHIHFWXyXQDUDQXUDGHDSUR[LPDGDPHQWHFP[
FPFRPRJXtD\WRSHSDUDHODFRSOH,PDJHQF
,PDJHQD&XHUSRGHOVLVWHPDGHERPEHREYiVWDJRFRQURVFDFDGDSWDGRUPDFKRòµ
FPFRQHOVXSOHPHQWR
a)
b)
c)
)XHQWH/RVDXWRUHV
)LQDOPHQWH VH XQLHURQ WRGRV ORV HOHPHQWRV TXH FRPSRQHQ HO FXHUSR GH OD
ERTXLOOD GH SXOYHUL]DFLyQ DFRSOH PDFKR WXEHUtD GH 39& òµ FP
VXSOHPHQWR GH 39& VHFFLyQ GH WXEHUtD URVFDGD ERTXLOOD GH SXOYHUL]DFLyQ
WXEHUtD SDUD VXPLQLVWUR GH DJXD \ WXEHUtD SDUD HO VXPLQLVWUR GHO DLUH
FRPSULPLGRFRPRVHREVHUYDHQOD,PDJHQ
,PDJHQ(QVDPEOHGHOFXHUSRGHODERTXLOODGHSXOYHUL]DFLyQ
)XHQWHORVDXWRUHV
,QVWDODFLyQ
6HSURFHGLyDLQVWDODUORVHQVDPEOHVUHDOL]DGRVDQWHULRUPHQWHGHODVLJXLHQWH
IRUPD
•
(OFRQWUROGHQLYHO\HOVXPLQLVWURGHDJXDVHXQLHURQDOUHVHUYRULR\DOD
FiPDUDSRUPHGLRGHOUDFRUSDVDPXURVSRUHORULILFLRFHQWUDOGHóµ
FP \ FRQ HO DFFHVRULR GH WUDQVLFLyQ PHWDO òµ FP GHO
WUDPRHVTXHPDDORULILFLRGHòµFPFRPRPXHVWUDOD,PDJHQ
D\E
,PDJHQ,QVWDODFLyQGHOUHVHUYRULRHOFRQWUROGHQLYHOGHOtTXLGR\ODVFRQH[LRQHVGHODLUH
FRPSULPLGR\GHODVROXFLyQVDOLQDDYLVWDVXSHULRUEYLVWDGHODVFRQH[LRQHVGHOUHVHUYRULR
SRUODSDUWHLQIHULRUGHODFiPDUD
1
a)
2
b)
)XHQWHORVDXWRUHV
6H DFRSOy HO HQVDPEOH GHO DVSHUVRU D OD WDSD GHO UHVHUYRULR URVFDQGR OD
SDUWHGHODGDSWDGRUPDFKRGH39&òµFP\SDVDQGRODPDQJXHUD
GHVXFFLyQGHVROXFLyQSRUODSHUIRUDFLyQHQODWDSDFRPRVHDSUHFLDHQ
OD,PDJHQ
,PDJHQ(QVDPEOHGHOFXHUSRGHODERTXLOODGHSXOYHUL]DFLyQFRQODWDSDGHOUHVHUYRULRD
9LVWDLQIHULRUEYLVWDVXSHULRU
)XHQWHORVDXWRUHV
6H HPSDOPDURQ ODV SDUWHV DQWHULRUHV FRPR PXHVWUD HO (VTXHPD \ VH
XQLy HO WUDPR GH WXEHUtD YHU (VTXHPD DFRSODQGR SRU OD SDUWH
H[WHULRU GHO SLVR XQ WHUFHU WUDPR GH WXEHUtD FP GH WXEHUtD &39&
DGDSWDGRUPDFKRòµFPGH&39&
(VTXHPD(QVDPEOHFRPSOHWRGHOUHVHUYRULRHOFRQWUROGHQLYHOGHOtTXLGRHOVXPLQLVWUR
GHOtTXLGRDOUHVHUYRULRFRQODFiPDUDLQWHUQD
Control
de nivel
de líquido
Racor para el aire
Cámara
interna
Cubierta
externa
Reservorio
Capa de
aislante
Soporte de las ruedas
Soporte
cubierta
externa
Tubería
CPVC ½”
)XHQWHORVDXWRUHV
Adaptador
CPVC
macho ½”
(Q OD ,PDJHQ VH PXHVWUD FRPR TXHGD OD LQVWDODFLyQ SRU OD SDUWH
LQIHULRUGHODFiPDUD\ODFRQH[LyQHQODFXELHUWDH[WHULRU
,PDJHQ,QVWDODFLyQGHOVXPLQLVWURGHDLUH\OtTXLGRDOUHVHUYRULRDSDUWHLQIHULRUGHOD
FiPDUDEFRQH[LyQGHOtTXLGRHQODFXELHUWDH[WHUQD
a)
b)
)XHQWH/RVDXWRUHV
6HLQVWDOyODWRUUHGHDVSHUVLyQGHODVLJXLHQWHIRUPD
•
•
6HFRQHFWDODPDQJXHUDGHODLUHGHOSXOYHUL]DGRUDOUDFRUXELFDGRHQ
ODEDVHGHOUHVHUYRULR\VHSRQHODWDSDDOUHVHUYRULR
6H LQVWDOy HO FRQGXFWR GH OD WRUUH GH DVSHUVLyQ LQVHUWDQGR ODV
SHVWDxDV HQ ODV SHUIRUDFLRQHV GH OD WDSD GHO UHVHUYRULR \ OXHJR VH
JLUD HO FRQGXFWR HQ VHQWLGR KRUDULR SDUD DVHJXUDUOR 6H LQVWDOD HO
FRQRGLIXVRUFRQVXVVRSRUWHVHQODSDUWHVXSHULRUGHOFRQGXFWR(QOD
,PDJHQVHPXHVWUDQODVSDUWHVGHODWRUUHGHDVSHUVLyQ
,PDJHQ(QVDPEOHGHODWRUUHGHDVSHUVLyQ
)XHQWH/RVDXWRUHV
680,1,6752'(62/8&,Ð16$/,1$
•
0DWHULDOHV
• 'HSyVLWRFLOtQGULFRGHSOiVWLFRGHOFRQWDSD
•
9iOYXODGHERODSDUDWXEHUtDGHòµFPFRQFXHUSRSOiVWLFR
•
PGHPDQJXHUDIOH[LEOHGHòµFP
•
FRQHFWRUHVKHPEUDSDUDPDQJXHUDGHòµFP
•
FRGRV PDFKR D SOiVWLFRV R GH DFHUR LQR[LGDEOH FRQ DFRSOH UiSLGR\
URVFD%63FyQLFDGHµFP
•
FPGHWXEHUtDWUDQVSDUHQWHIOH[LEOHGHµFP
3DUD HO VXPLQLVWUR GH DJXD VH DFRQGLFLRQy XQ UHFLSLHQWH SOiVWLFR UHDOL]iQGROH
XQD SHUIRUDFLyQ GH òµ FP OR PDV FHUFD GH VX EDVH SDUD DFRSODUOH XQD
YiOYXODGHERODHOFXHUSRGHODYiOYXODVHDVHJXUDHPSOHDQGRHOYiVWDJRURVFDGR
TXH HQWUD HQ OD SHUIRUDFLyQ GHO GHSRVLWR HPSOHDQGR XQD WXHUFD GH SOiVWLFR \
HPSDTXHVGHJRPDSDUDHYLWDUIXJDVGHELGDVDOODFXUYDWXUDGHOUHFLSLHQWH
6HUHDOL]DQGRVSHUIRUDFLRQHVGHóµFPDOLQHDGDVXQDFHUFDGHODEDVH
GHO GHSyVLWR \ RWUD HQ OD SDUWH VXSHULRU HQ HOODV VH LQVWDODQ ORV GRV FRGRV FRQ
DFRSOH UiSLGR \ XQD VHFFLyQ GH WXEHUtD IOH[LEOH WUDQVSDUHQWH GH óµ FP
TXHFRQVWLWX\HQHOVLVWHPDGHOYLVRUGHQLYHOGHOtTXLGRGHOGHSyVLWR
6H OH LQVWDODQ ORV FRQHFWRUHV KHPEUD D OD WXEHUtD \ OXHJR VH FRQHFWDQ VXV
H[WUHPRVDOFRQHFWRUURVFDGRXELFDGRHQODSDUWHODWHUDOGHUHFKDGHODFiPDUD\
DODYiOYXODGHERODGHOGHSyVLWR(QOD,PDJHQVHSXHGHDSUHFLDUFRPRTXHGD
HOGHSyVLWRFRQORVDFFHVRULRV\DLQVWDODGRV
,PDJHQ'HSRVLWRGHVROXFLyQVDOLQD
)XHQWH/RVDXWRUHV
(O GHSyVLWR GH OtTXLGR HVWH XELFDGR VREUH XQ SHGHVWDO TXH OH SURSRUFLRQD XQD
FDEH]DHVWiWLFDGHSUHVLyQDOOtTXLGR3DUDHVWHILQVHFRQVWUX\yXQSHGHVWDOHQ
SHUILOGHDFHURFRQORVSODQRVTXHVHHQFXHQWUDQHQHOSODQRHQHODQH[R$
3257$352%(7$6
6H GHFLGLy FRQVWUXLU GRV WLSRV GLVWLQWRV GH SRUWD SUREHWDV XQR UDQXUDGR SDUD
SUREHWDVGHODPLQDGRV\RWURGHS~DVSDUDSUREHWDVGHIRUPDVFRPSOHMDVTXHVH
UHTXLHUDQFROJDUDVtTXHVHGHVFULELUiVXIDEULFDFLyQGHIRUPDVHSDUDGD
3RUWDSUREHWDVUDQXUDGR
•
0DWHULDOHV
• FPGHWXEHUtDGH39&GHµFPSDUDDJXDOOXYLD
•
3URFHGLPLHQWR
D 6HOHUHDOL]DURQDODWXEHUtDGRVFRUWHVHQVXVH[WUHPRVKDVWDODPLWDGGHVX
HVSHVRU HQ HVWRV H[WUHPRV HV GRQGH VH DSR\D VREUH HO HVFDOyQ HO SRUWD
SUREHWDV
E /XHJRVHUHDOL]DQUDQXUDVGHPPGHHVSHVRUFDGDXQD\VHSDUDGDVHQWUH
VL FP ODV PHGLGDV SDUD SRGHU UHDOL]DU ORV FRUWHV GH ODV UDQXUDV SDUD TXH
FXPSODQFRQHOUHTXLVLWRGHXQiQJXORGHFRPRORHVWDEOHFHODQRUPDVH
PXHVWUDQHQHO(VTXHPD
(VTXHPD3ODQRVSDUDODFRQVWUXFFLyQGHOSRUWDSUREHWDVUDQXUDGRGLPHQVLRQHVHQFP
)XHQWH/RVDXWRUHV
)LQDOPHQWH VH UHGRQGHDQ ODV HVTXLQDV SDUD HOLPLQDU ORV FRQFHQWUDGRUHV GH
HVIXHU]RV/D,PDJHQPXHVWUDFRPRGHEHTXHGDUILQDOPHQWH
,PDJHQ$SDULHQFLDGHOSRUWDSUREHWDVUDQXUDGRWHUPLQDGR
)XHQWH/RVDXWRUHV
3RUWDSUREHWDVGHS~DV
•
0DWHULDOHV
•
FPGHWXEHUtD39&FXDGUDGDEODQFDSDUDDJXDVOOXYLDV
•
PGHWXEHUtD&39&GHòµFP
•
ERWHOODGHPOGHSHJDQWHSDUD&39&
3URFHGLPLHQWRV
D 6HOHUHDOL]DURQDODWXEHUtDGHµFPGRVFRUWHVHQVXVH[WUHPRVKDVWD
ODPLWDGGHVXHVSHVRUHQHVWRVH[WUHPRVHVGRQGHVHDSR\DVREUHHOHVFDOyQ
HOSRUWDSUREHWDV
E $ OD WXEHUtD GH µ FP VH OH UHDOL]DURQ SHUIRUDFLRQHV SDVDQWHV GH
òµFPDORODUJRFRQXQDVHSDUDFLyQGHFPHQWUHSHUIRUDFLRQHV
F /XHJR VH FRUWDURQ VHFFLRQHV GH FP GH OD WXEHUtD GH &39& GH
òµFP
G 6H LQWURGXMHURQ ODV VHFFLRQHV HQ ORV DJXMHURV GH OD WXEHUtD GH µ FP\VHDOLQHDURQGHIRUPDTXHTXHGDUDQORVEUD]RVDODGR\ODGRGHLJXDO
WDPDxR
H )LQDOPHQWHVHDSOLFySHJDQWHSDUD39&HQODVXQLRQHV
/RV SODQRV SDUD OD FRQVWUXFFLyQ GH pVWH SRUWD SUREHWDV VH PXHVWUDQ HQ HO
(VTXHPD\XQDUHSUHVHQWDFLyQGHFyPRTXHGDILQDOPHQWHHQOD,PDJHQ
(VTXHPD3ODQRVSDUDODFRQVWUXFFLyQGHOSRUWDSUREHWDVGHS~DV
)XHQWHORVDXWRUHV
,PDJHQ5HSUHVHQWDFLyQGHOSRUWDSUREHWDVGHS~DVWHUPLQDGR
)XHQWHORVDXWRUHV
&21(;,21(6(,167$/$&,Ð1'($&&(625,26
•
,QVWDODFLyQGHORVDFFHVRULRVGHOSDQHOGHFRQWURO
6H VXMHWDURQ D OD FXELHUWD GHO SDQHO GH FRQWURO HO FRQWURODGRU GH
WHPSHUDWXUDHOWHPSRUL]DGRUHOPDQyPHWURGHEDMDHOPDQyPHWURGH
DOWD\HOLQWHUUXSWRU212))GHOHTXLSRHPSOHDQGRFRQVXVUHVSHFWLYRV
VRSRUWHVOD,PDJHQPXHVWUDFRPRTXHGDQXELFDGRV
,PDJHQ,QVWDODFLyQGHORVDFFHVRULRVGHOSDQHOGHFRQWURODYLVWDLQWHUQDEYLVWD
IURQWDO
a)
b)
)XHQWH/RVDXWRUHV
6H DGKLULHURQ FRQ SHJD DPDULOOD HVSHFLDO SDUD SOiVWLFRV ORV HPSDTXHV
DOUHGHGRUGHORVPDQyPHWURVHOWHPSRUL]DGRU\HOLQWHUUXSWRU212))
(QODEDVHGHOSDQHOGHFRQWUROVHLQVWDODURQXQDUHJOHWDGHFRQH[LRQHV
HOpFWULFDV\ORVUHOpVHPSOHDQGRWRUQLOORVFRQWXHUFDYHU,PDJHQ
,PDJHQ,QVWDODFLyQGHODUHJOHWDGHFRQH[LRQHVHOpFWULFDV\ORVUHOpV
)XHQWH/RVDXWRUHV
,QVWDODFLyQGHOFRPSUHVRUGHDLUHHQODEDVHGHOSDQHOGHFRQWURO
(OFRPSUHVRUGHDLUHVHLQVWDOyHQODEDVHTXHVRSRUWDDOSDQHOGHFRQWUROSDUD
VXILMDFLyQVHHPSOHDURQDPDUUDVGHQ\ORQ\HQORVDSR\RVVHFRORFDURQVHFFLRQHV
GH JRPD HVSXPD SDUD DPRUWLJXDU ODV YLEUDFLRQHV HQ OD ,PDJHQ VH SXHGH
DSUHFLDUFRPRTXHGDGHVSXpVGHLQVWDODGR
,PDJHQ,QVWDODFLyQGHOFRPSUHVRUHQODEDVHGHOSDQHOGHFRQWURO
)XHQWH/RVDXWRUHV
,QVWDODFLyQGHODVRQGDGHWHPSHUDWXUD37
6H UHDOL]y XQD SHUIRUDFLyQ GH òµ FP HQ OD SDUHG ODWHUDO L]TXLHUGD GH OD
WDSD GH OD FiPDUD \ KDFLD OD SDUWH WUDVHUD OXHJR VH LQWURGXMR OD VRQGD SRU HO
DJXMHUROXHJRVHDVHJXURDODWDSDHPSOHDQGRXQHPSDTXHGHJRPDHQODURVFD
\XQDWXHUFDGH39&9HU,PDJHQ
,PDJHQ,QVWDODFLyQGHODVRQGDGHWHPSHUDWXUD37DYLVWDH[WHULRUEYLVWDLQWHULRU
a)
b)
)XHQWH/RVDXWRUHV
,QVWDODFLyQGHODUHVLVWHQFLDFDOHIDFWRUGHODFiPDUD
3DUD VX LQVWDODFLyQ VREUH OD SDUHG ODWHUDO L]TXLHUGD VH UHDOL]DURQ GRV
SHUIRUDFLRQHV GH òµ FP VHSDUDGDV HQWUH VL FP \ D FP GH OD
EDVHGHODFiPDUD
6H DPSOLDURQ ORV GRV DJXMHURV GH OD FXELHUWD H[WHUQD GHVGH òµ FP
KDVWDµFP
&RPR OD UHVLVWHQFLD QR WUDtD GH IiEULFD DSR\RV IXH QHFHVDULR IDEULFDUOH
XQRV 3DUD HOOR VH HPSOHDURQ GRV DGDSWDGRUHV PDFKR GH òµ FP
&39& TXH WLHQHQ XQR GH VXV H[WUHPRV URVFDGRV VH FRORFDURQ HQ ORV
H[WUHPRVGHODUHVLVWHQFLDGHMDQGRODSDUWHURVFDGDDSXQWDGRKDFLDGRQGH
VREUHVDOHQ ORV FDEOHV GH FRQH[LyQ \ VH VHOOR HVWH H[WUHPR HPSOHDQGR
SODVWLOLQD VH DOLQHDURQ FRQFHQWULFDPHQWH HO FXHUSR GHO DGDSWDGRU FRQ HO
GH OD UHVLVWHQFLD \ VH SURFHGLy D YDFLDU UHVLQD HQ HO HVSDFLR YDFtR TXH
TXHGDED HQWUH ORV GRV HOHPHQWRV VH GHMy VHFDU SRU KRUDV DQWHV GH
PDQLSXODUOR
/RVDGDSWDGRUHVGHFRQH[LyQSHJDGRVDODUHVLVWHQFLDVHLQWURGXMHURQHQORV
RULILFLRVGHVGHODSDUWHLQWHUQDGHODFiPDUD\VH DVHJXUDURQSRUODSDUWH
H[WHUQDHPSOHDQGRWXHUFDVGH39&GHòµFP
/D ,PDJHQ PXHVWUD HQ GHWDOOH FRPR YD LQVWDODGR HO FDOHQWDGRU \ HO
GHWDOOHGHODDGDSWDFLyQGHOFRQHFWRU
,PDJHQ,QVWDODFLyQGHOFDOHQWDGRUHQODFiPDUD(QODSDUWHVXSHULRUHOGHWDOOHGHORV
VRSRUWHVSRUODSDUWHH[WHUQDGHODFiPDUD\HQODSDUWHLQIHULRUVHYHFRPRTXHGDLQVWDODGD
ODUHVLVWHQFLD\HOGHWDOOHGHODGDSWDGRUGHFRQH[LyQDODFiPDUD
)XHQWH/RVDXWRUHV
,QVWDODFLyQGHOVLVWHPDGHSURWHFFLyQGHOHTXLSR
(VWHVLVWHPDGHSURWHFFLyQFRQVLVWHEiVLFDPHQWHHQXQVHQVRUGHQLYHOGHOtTXLGR
\ XQ VHQVRU GH WHPSHUDWXUD TXH FRUWDQ HO VXPLQLVWUR HOpFWULFR DO HOHPHQWR
FDOHIDFWRUSDUDHYLWDUTXHODFiPDUDVHFDOLHQWHSRUHQFLPDGHORVOtPLWHV3DUD
FRPSOHPHQWDU HVWH FRQWURO VH OH DGLFLRQR DO VLVWHPD XQ LQGLFDGRU OXPLQRVR
FRQHFWDGR HQWUH ODV WHUPLQDOHV GHO UHOp GH FRQWURO SDUD DYLVDUOH DO RSHUDULR
QRUPDOPHQWH TXH KD\ XQ EDMR QLYHO GH VROXFLyQ SDUD TXH SXHGD UHDEDVWHFHU HO
GHSyVLWRSULQFLSDO\HQDOJXQDVRFDVLRQHVOHLQGLFDUiTXHODWHPSHUDWXUDGHQWUR
GHODFiPDUDHVFULWLFD
•
&RQWUROGHWHPSHUDWXUDDOWDHVWHFRQWUROVHUHDOL]yDSURYHFKDQGRODVRQGD
GH WHPSHUDWXUD 37 \ OD VDOLGD GH OD DODUPD GHO FRQWURODGRU GH
WHPSHUDWXUD TXH HV XQ FRQWDFWR QRUPDOPHQWH DELHUWR \ FRQILJXUDQGR OD
VDOLGD HQ HO FRQWURODGRU FRQ XQ YDORU GH DFWLYDFLyQ GH & TXH HV OD
Pi[LPDWHPSHUDWXUDGHWUDEDMRDODTXHVHSHUPLWLUiRSHUDUDOHTXLSR\DVt
HYLWDUVXGHWHULRURDFHOHUDGR
•
6HQVRUQLYHOGHOtTXLGRHVXQVHQVRULQGXFWLYRWLSRER\DTXHVHLQVWDOyGH
PRGR TXHFHQVDUiFXDQGR HO QLYHOGHOtTXLGRHVGHPDVLDGREDMRVHLQVWDOy
UHDOL]DQGR XQD SHUIRUDFLyQ GH µ FP HQ OD EDVH GHO UHVHUYRULR
SDVDQWHDWUDYpVGHODSDUHGGHOSLVRGHODFiPDUD/XHJRVHLQWURGXMRSRUOD
SHUIRUDFLyQ HO FRQHFWRU URVFDGR GHO VHQVRU FRQ HO FDEH \ XQ HPSDTXH GH
JRPD DVHJXUiQGROR SRU OD SDUWH H[WHUQD GHO WDQTXH FRQ XQD WXHUFD GH
PDWHULDOSOiVWLFRTXHVHVXPLQLVWUDFRQHOFHQVRU(QOD,PDJHQVHSXHGH
DSUHFLDUFRPRTXHGDHOVHQVRUGHQLYHO\DLQVWDODGRHQHOUHVHUYRULRDX[LOLDU
,PDJHQ,QVWDODFLyQGHOVHQVRUGHQLYHOGHOtTXLGRGHOGHSyVLWRSULQFLSDO
)XHQWH/RV$XWRUHV
&RQH[LyQHOpFWULFDGHORVVHQVRUHV\ORVLQVWUXPHQWRVGHFRQWURO
(OGLDJUDPDGHODVFRQH[LRQHVHOpFWULFDVVHPXHVWUDHQHO(VTXHPD
(VTXHPD&RQH[LyQHOpFWULFDGHORVVHQVRUHV\ORVLQVWUXPHQWRVGHFRQWURO
)XHQWH/RVDXWRUHV
38(67$$38172'(/$&É0$5$'(1,(%/$6$/,1$
/DSXHVWDDSXQWRGHHVWHHTXLSRFRQVLVWHEiVLFDPHQWHHQODFDOLEUDFLyQGHORV
LQVWUXPHQWRV GH PHGLFLyQ \ GH ORV HTXLSRV GH FRQWURO \ OD UHDOL]DFLyQ GH XQD
SUXHED SLORWR (O SURFHGLPLHQWR TXH VH VLJXLy VH GHVFULEH HQ ORV VLJXLHQWHV
QXPHUDOHV
&$/,%5$&,Ð1'(/$621'$'(7(03(5$785$
(Q HVWH SURFHGLPLHQWR VH YHULILFy HO HVWDGR GH OD PHGLFLyQ GH OD WHPSHUDWXUD
FHQVDGD SRU OD 37 SDUD ORJUDUOR VH HIHFWXy XQD YHULILFDFLyQ HQ IRUPD
FRPSDUDWLYD FRQ RWUD VRQGD 37 GH XQ HTXLSR FDOLEUDGR ODERUDWRULRV GH
FRQWUROGHSURFHVRVLQGXVWULDOHV6(1$6HUYLFLR1DFLRQDOGH$SUHQGL]DMHXELFDGD
HQ HO FHQWUR LQGXVWULD UHJLRQDO GH 5LVDUDOGD /D PHGLFLyQ GH WHPSHUDWXUD VH
UHDOL]yLQWURGXFLHQGRODVGRVVRQGDV37GHIRUPDSDUDOHOD\ORPiVFHUFDQDV
SRVLEOH XQD GH OD RWUDHQ XQSHTXHxR KRUQRFHUUDGR \FRPSDUDQGRODV PHGLGDV
GHWHPSHUDWXUDGHVGHODDPELHQWHDQWHVGHHQFHQGHUHOKRUQRKDVWDDOFDQ]DU
XQDWHPSHUDWXUDGH&PHGLGDSRUOD37GHUHIHUHQFLD&RPRUHVXOWDGR
GH HVWD SUXHED VH GHWHUPLQy TXH OD VRQGD TXH VH HVWDED YHULILFDQGR WLHQH XQD
GHVYLDFLyQ GH & SRU HQFLPD GH OD WHPSHUDWXUD FHQVDGD SRU OD VRQGD GH
UHIHUHQFLD DVt TXH HVWH HV HO YDORU GH FRUUHFFLyQ TXH VH GHEH DMXVWDU HQ HO
FRQWURODGRU&SDUDTXHODPHGLFLyQGHODVRQGDVHDODFRUUHFWD
&21),*85$&,Ð1'(/&21752/$'25'(7(03(5$785$
(PSOHDQGRFRPRJXtDHOPDQXDOGHRSHUDFLyQVXPLQLVWUDGRSRUHOIDEULFDQWHGHO
HTXLSR VH SURFHGLy D LGHQWLILFDU ODV YDULDEOHV QHFHVDULDV SDUD FRQILJXUDUOR \
REWHQHUHOFRQWUROGHVHDGRORVSDUiPHWURVHPSOHDGRVIXHURQ
•
7HPSHUDWXUDGHUHIHUHQFLD&
•
7LSRGHHOHPHQWRVHQVRUGHWHPSHUDWXUD37
•
%DQGDPXHUWD&
•
'HVYLDFLyQSRVLWLYD&
•
'HVYLDFLyQQHJDWLYD&
•
0RGRGHFRQWURO212))
•
3RVLFLyQGHOSXQWRGHFLPDOSXQWRGHFLPDO
•
$ODUPDVXSHULRU&
•
'HVYLDFLyQGHODHQWUDGD&
(QHOGLDJUDPDGHIOXMRTXHVHPXHVWUDHQOD(VTXHPDHVWiODVHFXHQFLD\ORV
YDORUHVHPSOHDGRVSDUDODFRQILJXUDFLyQGHODVYDULDEOHVHQHOFRQWURODGRUSDUD
DFFHGHU D ODV RSFLRQHV GH FRQILJXUDFLyQ GHO HTXLSR ;07 VH GHEH GHMDU
SUHVLRQDGRSRUWUHVVHJXQGRVHOERWyQ6(7
(VTXHPD'LDJUDPDGHIOXMRGHODFRQILJXUDFLyQGHOFRQWURODGRUGHWHPSHUDWXUDPRGHOR
;07
)XHQWH/RVDXWRUHV
&21),*85$&,Ð1'(/7(0325,=$'25
(O SULPHU SDVR IXH FRQHFWDU D OD OtQHD GH 9 HO GLVSRVLWLYR GXUDQWH KRUDV
SDUD FDUJDU OD EDWHUtD LQWHUQD GHVSXpV GH FDUJDGD OD EDWHUtD VH UHVHWHy HO
GLVSRVLWLYRSUHVLRQDQGRHOERWyQUHVHWTXHVHHQFXHQWUDHQVXSDUWHSRVWHULRUFRQ
ODD\XGDGHXQODSLFHURVHJXLGDPHQWHVHDFWXDOL]yODKRUD\HOGtDGHODVHPDQD
HPSOHDQGRORVERWRQHVFRPRORGHVFULEHHOPDQXDOGHRSHUDFLyQGHOGLVSRVLWLYR
TXHVHSUHVHQWDHQHODQH[R(6HFRQILJXUyHOSULPHUSURJUDPDSURJUDPD21
\2))SDUDYHULILFDUVLHOHTXLSRIXQFLRQDEDFRUUHFWDPHQWH/DSURJUDPDFLyQ
GHO GLVSRVLWLYR FRQVLVWLy HQ FRQILJXUDU HO PLVPR GtD HQ TXH HVWDED HO UHORM
PDUWHVFRQODKRUDGHHQFHQGLGRDODV\ODGHDSDJDGRHOPLVPRGtDGHOD
VHPDQDDODV\YHULILFDQGRFRQXQYROWtPHWURODVDOLGDGHOWHPSRUL]DGRUVL
IXQFLRQDUDFXPSOLpQGRVHVDWLVIDFWRULDPHQWHODSUXHED
9(5,),&$&,Ð1'(/&21752/'(35(6,Ð1'(/&2035(625'($,5(
(OFRPSUHVRUYLHQHGHIiEULFDFRQXQSUHVyVWDWRTXHFRQWURODODSUHVLyQPtQLPDD
OD TXH VH GHEH HQFHQGHU HO FRPSUHVRU \ OD SUHVLyQ Pi[LPD D OD TXH VH GHEH
DSDJDU *HQHUDOPHQWH OD GLIHUHQFLD HQWUH HVWDV GRV SUHVLRQHV HV GH SVL D
SVL.3DD.3DGHSHQGLHQGRHOIDEULFDQWH6HYHULILFDTXHODSUHVLyQ
PtQLPDQRVHDLQIHULRUDORVSVL.3D\TXHODPD\RUQRH[FHGDORVSVL
.3DHVWRVHKDFHUHYLVDQGRODPHGLFLyQPRVWUDGDHQHOPDQyPHWURGHDOWD
HQHOSDQHOGHFRQWUROGXUDQWHHOFLFORGHFDUJD\GHVFDUJDGHOWDQTXH
6(/(&&,Ð1'(/$35(6,Ð1'(75$%$-2'(/38/9(5,=$'25
/DGHWHUPLQDFLyQGHOYDORUSDUDHVWDYDULDEOHIXHODGHPD\RUGLILFXOWDGGHELGRD
TXHHOFRQVXPRGHVROXFLyQVDOLQD\ODFDOLGDGGHODQLHEODJHQHUDGDDVtFRPROD
FDQWLGDG GH VROXFLyQ GHSRVLWDGD HQ ORV FROHFWRUHV GH QLHEOD GHSHQGHQ
GLUHFWDPHQWH GH HVWD YDULDEOH VH GHFLGLy HQWRQFHV UHDOL]DU YDULDV SUXHEDV TXH
FRQVLVWLHURQ HQ SRQHU HQ IXQFLRQDPLHQWR HO HTXLSR SRU SHULRGRV GH KRUD FRQ
ORVFRQGXFWRVGHDLUHDFLyQGHODWRUUHGHDVSHUVLyQDOGHDEHUWXUD\HOFRQR
GLIXVRU HQ VX SRVLFLyQ PDV DOWD GHSRVLWDQGR O GH VROXFLyQ HQ HO UHVHUYRULR
DX[LOLDU \ YDULDQGR OD SUHVLyQ GH VXPLQLVWUR DO VSUD\ HPSOHDQGR OD YiOYXOD GH
UHJXODFLyQGHODXQLGDGILOWURUHJXODGRUDGHVGHSVLKDVWDSVL.3DKDVWD
.3DHQLQFUHPHQWRVGHSVL.3DPLGLHQGRFDGDKRUDDQWHVGHYDULDU
OD SUHVLyQ HO FRQVXPR GH VROXFLyQ GLIHUHQFLD GH YROXPHQ LQLFLDO \ ILQDO HQ HO
UHVHUYRULR OD FDQWLGDG GH FRQGHQVDGR ORV WLHPSRV GH WUDEDMR \ GHVFDQVR GHO
FRPSUHVRU\YLVXDOL]DQGRODFDQWLGDG\FDOLGDGGHODQLHEODTXHVDOHGHODWRUUH
GHDVSHUVLyQ
'HVSXpVGHDQDOL]DUORVGDWRVVHFRQFOX\yTXHODPHMRUSUHVLyQGHWUDEDMRHVOD
GH SVL .3D \D TXH FRQ HOOD VH JHQHUD XQD QLHEOD VDWLVIDFWRULD SDUD OD
SUXHED \ DXQTXH VH H[FHGH XQ SRFR OD FDQWLGDG GH FROHFWDGR POK HQ
FRPSDUDFLyQ FRQ HO UDQJR GDGR SRU OD QRUPD HQWUH POK \ POK (VWD
FDQWLGDGVHSXHGHGLVPLQXLUDMXVWDQGRODDEHUWXUDGHORVFRQGXFWRVGHDLUHDFLyQ
GHODWRUUHGHDVSHUVLyQ7DPELpQVHQRWyTXHHOQ~PHURGHFLFORVGHOFRPSUHVRU
HVPHQRUTXHFRQSUHVLRQHVVXSHULRUHVORTXHDODUJDODYLGDGHOPLVPR
$-867(6(1/$7255('($63(56,Ð1
/DWRUUHGHDVSHUVLyQWLHQHGRVYDULDEOHVSDUDDMXVWDUXQDGHHOODVHVODDEHUWXUD
GHORVFRQGXFWRVGHDLUHDFLyQFRQORVTXHVHFRQWURODODFDQWLGDGGHQLHEODTXH
VDOHGHOFRQGXFWRGHDVSHUVLyQ\ODRWUDYDULDEOHHVODDOWXUDGHOFRQRGLIXVRUTXH
HVHOUHVSRQVDEOHGHKDFHUTXHODQLHEODVHGLVWULEX\DGHIRUPDXQLIRUPHVREUHHO
iUHDGHH[SRVLFLyQ3DUDDMXVWDUHVWDVYDULDEOHVVHUHDOL]DURQFXDWURSUXHEDVGH
PLQXWRVFDGDXQDFRQODFiPDUDHQIXQFLRQDPLHQWR\FHUUDGDFRQXQDSUHVLyQ
GH SXOYHUL]DFLyQ GH SVL .3D SDUD FXDWUR SRUFHQWDMHV GH DEHUWXUD
GLIHUHQWHV GH ORV FRQGXFWRV PLGLHQGR OD FDQWLGDG GH FRQGHQVDGR HQ ORV
FROHFWRUHVSDUDFDGDSUXHED'HVSXpVGHDQDOL]DUORVUHVXOWDGRVREWHQLGRVGHOD
SUXHEDVHHQFRQWUyHOSRUFHQWDMHGHDEHUWXUDDGHFXDGRSDUDORJUDUODFDQWLGDG
GHQLHEODHQHOUDQJRHQWUHPOK\POK
3DUDHODMXVWHGHOFRQRGLIXVRUVHSURFHGLyYDULDQGRVXDOWXUDFRQHOSXOYHUL]DGRU
HQ IXQFLRQDPLHQWR KDVWD TXH VH YLVXDOL]y TXH OD QLHEOD VH GLVSHUVDED
XQLIRUPHPHQWH
&216802'(327(1&,$
(VWH YDORU HV LPSRUWDQWH SDUD HVWLPDU ORV FRVWRV SRU FRQFHSWR GHO FRQVXPR
HOpFWULFR .:K GHO HTXLSR SDUD VHU DQH[DGRV D ORV FRVWRV GH RSHUDFLyQGH OD
FiPDUD3DUDREWHQHUHVWHYDORUVHSURFHGLyUHDOL]DQGRXQDSUXHEDGHKRUDV
FRQWRGRHOHTXLSR\DFDOLEUDGR\OLVWRSDUDVXRSHUDFLyQQRUPDOODPHGLFLyQVH
UHDOL]y HPSOHDQGR XQ PHGLGRU GH SRWHQFLD HOpFWULFD ELIiVLFR DO VXPLQLVWUR GH
HQHUJtD 9 $& \ GH pO FRQHFWDQGR HO FDEOH GH DOLPHQWDFLyQ GH OD FiPDUD
FRPRVHUHSUHVHQWDHQOD(VTXHPD
(VTXHPD(VTXHPDGHFRQH[LyQGHOPHGLGRUGHSRWHQFLDHOpFWULFDDOSDQHOGHFRQWUROGH
ODFiPDUDGHQLHEOD
)XHQWH/RVDXWRUHV
5($/,=$&,Ð1'(/$358(%$3,/272
6HGHWHUPLQyUHDOL]DUXQDSUXHEDGHIXQFLRQDPLHQWREDMRORVSDUiPHWURVTXHVH
PXHVWUDQHQOD7DEOD
7DEOD3DUiPHWURVSDUDODSUXHEDSLORWRGHODFiPDUDGHQLHEODVDOLQD
9DULDEOH
7LHPSR
7HPSHUDWXUD
3UREHWD OiPLQD GH DFHUR $,6, VLQ
UHFXEULPLHQWR
3UREHWD OiPLQD GH DFHUR $,6, SLQWDGD
FRQDHURVRO
5DQJRGHFROHFWDGRGHQLHEOD
S+GHODVROXFLyQ
3UHVLyQGHSXOYHUL]DFLyQ
6ROXFLyQVDOLQDDOHQPDVD
9DORU
KRUDV
&
FP;FP
FP;FP
POKDPOK
SVL.3D
O
)XHQWH/RVDXWRUHV
/D SUXHED VH UHDOL]y VLJXLHQGR ORV SURFHGLPLHQWRV GHVFULWRV HQ HO PDQXDO GH
RSHUDFLyQGHOODFiPDUDGHQLHEODVDOLQDGHVFULWRVHQHODQH[R,
/RVREMHWLYRVGHHVWDSUXHEDIXHURQYHULILFDU
•
4XH HO VLVWHPD GH JHQHUDFLyQ GH QLHEOD SXOYHUL]DUD DGHFXDGDPHQWH
GXUDQWHHOSHULRGRGHODSUXHED\QRVHREVWUX\HUD
•
4XHHOVHQVRUGHQLYHOEDMRGHOtTXLGRFXPSOLHUDFRQVXIXQFLyQ
•
4XH HO VXPLQLVWUR GH DJXD GHVGH HO GHSyVLWR DO UHVHUYRULR VH GLHUD VLQ
QLQJ~QSUREOHPD
•
4XHHOFRQWUROGHQLYHOGHOUHVHUYRULRFXPSOLHUDVXIXQFLyQ
•
4XHODVGHVYLDFLRQHVGHODWHPSHUDWXUDGHQWURGHODFiPDUDFRQHOPRGR
GHFRQWUROHPSOHDGR212))VHPDQWXYLHUDQGHQWURGHORSHUPLWLGRSRU
ODQRUPDGHUHIHUHQFLDUHYLVDQGRODWHPSHUDWXUDFDGDPLQXWRVGXUDQWH
ODVSULPHUDVKRUDV\OXHJRFDGDKRUDVKDVWDDFDEDUODSUXHED
•
9HULILFDU VL OD QLHEOD VDOLQD VH GHSRVLWD FRUUHFWDPHQWH R GH OD IRUPD
HVSHUDGDHQORVHVSHFLPHQHVGHSUXHED
•
4XHQRVHSUHVHQWHQIXJDVGHQLHEODSRUHOVHOORVHFRGHODFiPDUD
•
4XH HO PDWHULDO GHO FXDO HVWD FRQVWUXLGR OD UHVLVWHQFLD FDOHIDFWRUD \ OD
VRQGDGHWHPSHUDWXUDQRVHDIHFWDUDQFRQODQLHEODFRUURVLYD
•
4XHVHFXPSODHOUHTXLVLWRGHODFDQWLGDGGHQLHEODFROHFWDGDGHQWURGHO
UDQJRH[LJLGRSRUODQRUPDGHUHIHUHQFLD
(O UHVXOWDGR GH HVWD SUXHED IXH TXH VH FXPSOLHURQ WRGRV ORV REMHWLYRV
VDWLVIDFWRULDPHQWH
&26726'(&216758&&,Ð1'(/$&É0$5$'(1,(%/$6$/,1$
/RVYDORUHVGHORVPDWHULDOHVXWLOL]DGRVVHUHFRSLODQ\VHGLVFULPLQDQHQOD7DEOD
PRVWUDGRVGHXQDIRUPDJOREDOODVFDQWLGDGHVHPSOHDGDVHQODFRQVWUXFFLyQGH
WRGR HO FRQMXQWR TXH FRPSUHQGH OD FiPDUD SDUD HQVD\RV GH QLHEOD VDOLQD TXH
FRQVWDQGHODVVLJXLHQWHVSDUWHV
•
0ROGH
•
9LVRUWUDVOXFLGR
•
7DSDGHODFiPDUD
•
&iPDUD
•
&XELHUWDVH[WHULRUHV
•
$LVODQWHWpUPLFR
•
0HFDQLVPRVGHVXMHFLyQ\WRSHGHODWDSD
•
$FDEDGRVVXSHUILFLDOHV
•
6XPLQLVWUR\GHSyVLWRVGHODVROXFLyQVDOLQD
•
6HOORVHFR
•
7DEOHURGHFRQWURO
•
3RUWDSUREHWDV
7DEOD'LVFULPLQDFLyQ\YDORUGHORVPDWHULDOHVGLUHFWRV
'(6&5,3&,Ð1'(0$7(5,$/(6
5HVLQD&5,67$/$1
9$/25(1
3(626
&$17,'$'
&2/20%,$126
.J
5HVLQD&5,67$/$1
.J
(VWLUHQR
.J
&DWDOL]DGRUPHFNSHUR[LGR
PP
&DUERQDWRGHFDOFLR
.J
7HODPDWILEUDGHYLGULR
.J
3LJPHQWRVD]XO\EODQFR
PP
'HVPROGHDQWH
8WHQVLOLRVEURFKDVFXxDVUHFLSLHQWHV
SOiVWLFRVELVWXUtVFLQWDGHHQPDVFDUDU
0DVLOOD
/LMDV
3LQWXUDDEDVHGHSROLXUHWDQREODQFD
3LQWXUDEDVHURMD
3LQWXUDDEDVHDFHLWHD]XO
3ROLXUHWDQRSDUDDLVODQWHWpUPLFR
3LQWXUDDEDVHDFHLWHEODQFD
/DPLQDVXSHUERDUGP[P
/DPLQDKDUGERDUWP[P
0DGHUDXWLOL]DGD
(OHPHQWRVGHVXMHFLyQSXQWLOODVòOE
WRUQLOORVXQLGDGHVUHPDFKHV
XQLGDGHV
3HUILOHV\EDUUDVGHDOXPLQLR
OE
.J
ó*DO
O
*DO
O
*DO
O
.J
*DO
O
XQLGDG
XQLGDG
XQLGDGHV
XQLGDGHV
P
XQLGDG
XQLGDGHV
%LVDJUDVGHµGHDFHURJDOYDQL]DGR
5RGDFKLQHV
(PSDTXHVGHJRPDSDUDHOVHOORVHFR
0DQLMDRDJDUUDGHUDSOiVWLFD
3HUILOHVDSOiVWLFRV[P
7XEHUtDSDUDDJXDVOOXYLDVµFP
<µFP
2WURV
727$/
P
)XHQWH/RVDXWRUHV
(QOD7DEODVHSUHVHQWDQORVFRVWRVUHODFLRQDGRVGLUHFWDPHQWHFRQORVHTXLSRV
HOpFWULFRV GLVSRVLWLYRV HOHFWUyQLFRV \ DFFHVRULRV TXH VH XWLOL]DURQ HQ OD FiPDUD
SDUDVXDGHFXDFLyQ\IXQFLRQDPLHQWR
7DEOD'LVFULPLQDFLyQ\YDORUHVGHORVHTXLSRV\DFFHVRULRVSDUDLQVWUXPHQWDFLyQGHOD
FiPDUD
9$/253(626
&$17,'$' &2/20%,$126
'(6&5,3&,Ð1
&RPSUHVRU6XFFLyQFIPPPLQPRWRU+3
N:GHSRVLWRGHO
8QLGDGGHPDQWHQLPLHQWRSDUDDLUHFRPSULPLGRILOWUR
UHJXODGRUILOWURFRDOHVFHQWHPDQyPHWURFRQH[LRQHVGH
òµFP
&RQWURODGRUXQLYHUVDOGHWHPSHUDWXUD
XQLGDG
XQLGDG
XQLGDG
7HUPRFXSOD37
XQLGDG
7HPSRUL]DGRUGLDULR\VHPDQDO
XQLGDG
0DQyPHWURUDQJRDSVLD.3D
XQLGDG
,QWHUUXSWRU212))9
XQLGDG
5HVLVWHQFLDHOpFWULFD:9
XQLGDG
6HQVRUFRQWUROGHQLYHO
XQLGDG
%RTXLOODGHDVSHUVLyQ
XQLGDG
7RUUHGHDVSHUVLyQFXHUSR\FRQRGLIXVRU
XQLGDG
XQLGDG
&RQWDFWRUHV
$FFHVRULRVHOpFWULFRVFDEOHDGRHOpFWULFRWXEHUtDIOH[LEOH
SDUDDLUHFRQHFWRUHVUHJOHWDWRPDVHOpFWULFRV\RWURV
$FFHVRULRVSDUDHOVXPLQLVWURGHDJXDOODYHGHSDVRGHEROD
XQLGDGWXEHUtDIOH[LEOHGHòµFPPHWURVPGH
WXEHUtD&39&GHòµFP\DFFHVRULRVXQLRQHVGHòµ
FP\RWURV
$FFHVRULRVSDUDHOVXPLQLVWURGHDLUHFRPSULPLGRWXEHUtD
IOH[LEOHSDUDDLUHGHòµFPUDFRUHVGHòµFP
\óµ\RWURV
&RQWUROGHQLYHOGHDJXD8.)O8,'0$67(5
5DFRUSDVDPXURVSDUDDLUH)(672UHIHUHQFLD
XQLGDG
'HSyVLWRVSDUDVROXFLyQVDOLQDGHSRVLWRGHDJXDGHO
XQLGDGHV
UHVHUYRULRFRQFDSDFLGDGGHO
3HGHVWDOHVWUXFWXUDPHWiOLFDFRQiQJXORVòµFP\
XQLGDG
µFP
2WURV
727$/
)XHQWH/RVDXWRUHV
127$/RVtWHPVTXHHVWiQGHPDUFDGRVFRQDVWHULVFRIXHURQSURSRUFLRQDGRVSRU
OD8QLYHUVLGDG7HFQROyJLFDGH3HUHLUD
(OFRVWRWRWDOGHODFRQVWUXFFLyQGHODFiPDUDGHQLHEODVDOLQD
&21&/86,21(6<5(&20(1'$&,21(6
&21&/86,21(6
/D FiPDUD GH QLHEOD VDOLQD SDUD UHDOL]DU HQVD\RV GH FRUURVLyQ TXH VH GLVHxy \
FRQVWUX\yHQHVWHWUDEDMRSRVHHXQDDXWRQRPtDGHGtDV\XQVLVWHPDGHFRQWURO
HOFXDOUHJXODORVSDUiPHWURVRSHUDWLYRVHQORVUDQJRVSHUPLVLEOHVGHVFULWRVSRUOD
QRUPD $670% $GHPiV HO VLVWHPD GH FRQWURO SRVHH ORV PHFDQLVPRV GH
VHJXULGDG QHFHVDULRV SDUD HYLWDU GDxRV DO VLVWHPD HOpFWULFR \ D OD LQWHJULGDG
HVWUXFWXUDOGHOHTXLSR
(Q HO GHVDUUROOR GH HVWH SUR\HFWR VH FXPSOLy FRQ ORV SDUiPHWURV HVWDEOHFLGRV
ORJUDQGRODVVLJXLHQWHVFDUDFWHUtVWLFDVSDUDHOHTXLSR
•
6LVWHPDGHFRQWUROGLJLWDOSDUDODWHPSHUDWXUD
•
&RQWUROGHQLYHOGHOtTXLGRSDUDODFDEH]DGHVXFFLyQGHOSXOYHUL]DGRU
•
0DWHULDOHVGHFRQVWUXFFLyQUHVLVWHQWHVDOORVLPSDFWRV\DODPELHQWHFRUURVLYR
HQWRGDVODViUHDV\DFFHVRULRVH[SXHVWRVDODJHQWHFRUURVLYR
•
&RQWUROGHWLHPSRGLJLWDOTXHSHUPLWHDSDJDUHOHTXLSRGHVSXpVGHFXPSOLGR
HOSHULRGRGHSUXHED
•
6LVWHPDGHSURWHFFLyQFRQWUDWHPSHUDWXUDVDOWDVHQOD]RQDGHH[SRVLFLyQ
•
6XVSHQVLyQDXWRPiWLFDGHODSUXHEDFXDQGRQRKD\OtTXLGR
•
7RUUHGHDVSHUVLyQFRQFRQRGLIXVRU\FRQGXFWRVGHDLUHDFLyQ
•
7DSDFRQVHOORVHFRTXHHYLWDODVIXJDVGHQLHEOD
•
0HFDQLVPR GH VXVSHQVLyQ SDUD OD WDSD GH OD FiPDUD TXH SHUPLWH XQD
PDQLSXODFLyQFyPRGD GHORVREMHWRV HQ VX LQWHULRU\SURWHJHDORVRSHUDULRV
GHOHVLRQHVRFDVLRQDGRVSRUVXFDtGDDFFLGHQWDO
•
/DFiPDUDSRVHHUXHGDVSDUDXQIiFLOGHVSOD]DPLHQWR
•
3UiFWLFDDJDUUDGHUDHQODWDSDTXHIDFLOLWDVXPDQLSXODFLyQ
•
'HSyVLWR GH DOPDFHQDPLHQWR FRQ FDSDFLGDG GH O TXH SHUPLWH XQD
DXWRQRPtDGHDSUR[LPDGDPHQWHGtDV
•
)iFLOFRQILJXUDFLyQGHODVYDULDEOHVHQXQFyPRGRSDQHOGHFRQWURO
•
$FDEDGRVHVWpWLFRV\XQDEXHQDDSDULHQFLD
•
8QVLVWHPDFRPSDFWRSDUDUHJXODUSUHVLyQ\ORJUDUODHOLPLQDFLyQGHDFHLWH\
SDUWtFXODVSUHVHQWHVHQHODLUHFRPSULPLGR
•
8Q YLVRU DPSOLR LQVWDODGR HQ OD WDSD GH OD FiPDUD SDUD SRGHU YHU KDFLD HO
LQWHULRUVLQQHFHVLGDGGHDEULUOD
•
6LVWHPD GH DOLYLR GH SUHVLyQ \ GH HVFDSH GH FRQGHQVDGR ORJUDGRV FRQ XQ
VLVWHPDGHVLIyQFRQ´VHOORGHDJXDµ
•
$LVODPLHQWRWpUPLFRHQODVSDUHGHVFRQHVSXPDGHSROLXUHWDQRTXHPLQLPL]D
ODVSpUGLGDVGHFDORU
•
(OHPHQWR FDOHIDFWRU FRQ JUDQ iUHD GH WUDQVIHUHQFLD TXH DJLOL]D OD
KRPRJHQL]DFLyQGHODWHPSHUDWXUDGHQWURGHODFiPDUDGHH[SRVLFLyQ
•
•
6LVWHPDGHVXPLQLVWURGHVROXFLyQVDOLQDHPSOHDQGRFDEH]DHVWiWLFDHYLWDQGR
HO HPSOHR GH ERPED \ ORV JDVWRV RFDVLRQDGRV SRU FRQVXPRV HOpFWULFRV \ SRU
FRVWRVGHPDQWHQLPLHQWR
(OHTXLSRSRVHHXQSUiFWLFRPDQXDOGHRSHUDFLRQHV\VHDQH[DQORVPDQXDOHV
GH RSHUDFLyQ GH ORV HTXLSRV FRPSOHPHQWDULRV FRQWURODGRU GH WHPSHUDWXUD
WHPSRUL]DGRUFRPSUHVRU
•
)DFLOLGDGGHPDQWHQLPLHQWROLPSLH]D\DFFHVLELOLGDGDWRGRVORVHTXLSRVTXH
ODFRPSRQHQ
•
%DMRVFRVWRVHQORVVXPLQLVWURV
•
'RVSRUWDSUREHWDVXQRSDUDSUREHWDVGHODPLQDGRV\RWURSDUDSUREHWDVTXH
GHEHQVHUFROJDGDV
•
1RSRVHHQLQJ~QHOHPHQWRGHVXMHFLyQPHWiOLFRH[SXHVWRHQHOLQWHULRUGHOD
FiPDUDGHH[SRVLFLyQ
'HODH[SHULHQFLDORJUDGDGXUDQWHODHMHFXFLyQGHHVWHSUR\HFWRVHDGTXLULHURQ
FRQRFLPLHQWRVGHJUDQYDORUWHyULFRV\SUiFWLFRVFRPRIXHURQ
•
(OiUHDGHPDWHULDOHVHQFRQRFHUODVSURSLHGDGHVGHORVGLIHUHQWHVPDWHULDOHV
XWLOL]DGRV HQ OD FRQVWUXFFLyQ GH OD FiPDUD OD LQIOXHQFLD \ DSOLFDFLyQ GH ORV
HQVD\RVGHQLHEODVDOLQD
•
(QFRUURVLyQHOHFWURTXtPLFDSURGXFLGDSRUXQDDWPyVIHUDFRUURVLYD
•
(OWUDEDMRFRQORVSOiVWLFRVUHIRU]DGRV\VXVDSOLFDFLRQHV
•
(QODVHOHFFLyQ\DSOLFDFLyQGHGLIHUHQWHVWLSRVGHSLQWXUDV
•
•
(QHOPDQHMRGHFDWiORJRVSDUD ODFRUUHFWD VHOHFFLyQ GH HTXLSRV WDOHVFRPR
FRPSUHVRUFRQWURODGRUHVGLJLWDOHVGHWHPSHUDWXUDXQLGDGGHPDQWHQLPLHQWR
GHDLUHFRPSULPLGRPDQyPHWURVUDFRUHV\HOUHVWRGHORVGLIHUHQWHVHTXLSRV
TXHLQWHJUDURQODFiPDUDGHQLHEODVDOLQD
(QHOGLVHxR\PRQWDMHGHVLVWHPDVGHFRQWUROGHODVGLIHUHQWHVYDULDEOHVTXH
HQWUDQHQHOSURFHVR
•
,QWHUSUHWDFLyQ\PDQHMRGHQRUPDVFRPR,&217(&$670\RWUDV
•
(ODERUDFLyQ GH SODQRV GLDJUDPDV \ HVTXHPDV SRU PHGLR GH ORV GLIHUHQWHV
SURJUDPDVFRPSXWDFLRQDOHV
•
7RGR OR UHODFLRQDGR FRQ VDOXG RFXSDFLRQDO PDQHMR GH SHUVRQDO UHODFLRQHV
LQWHUSHUVRQDOHVVHJXULGDGLQGXVWULDO
•
0DQHMRGHFRVWRV\SUHVXSXHVWRV
•
(ODERUDFLyQGHLQVWUXFWLYRVFRPRPDQXDOHVGHRSHUDFLyQVHJXULGDG\JXtDVGH
ODERUDWRULRV
6HDSUHFLyHQHOGHVDUUROORGHpVWHWUDEDMRODGLILFXOWDGTXHVHSUHVHQWDSDUDOD
LQLFLDFLyQGHXQSUR\HFWRFRQWRGDVXLQYHVWLJDFLyQ\SUHSDUDFLyQSUHOLPLQDU\
ODV JUDQGHV GLIHUHQFLDV TXH VH HQFXHQWUDQ FXDQGR VH SDVD GHO GLVHxR D OD
FRQVWUXFFLyQDVtFRPRODIOH[LELOLGDGTXHVHGHEH WHQHUSDUDSRGHUDMXVWDUVHD
ODVVLWXDFLRQHVLPSUHYLVWDVTXHVHSUHVHQWDQFRPRVRQODVGHtQGROHHFRQyPLFD
GH LQJHQLHUtD GH GLVHxR WRPD GH GHFLVLRQHV IDOWD GH LQIRUPDFLyQ \ D ORV
HUURUHVTXHVHYDQSUHVHQWDQGRGHELGRDODLQH[SHULHQFLDRDOGHVFXLGR
5(&20(1'$&,21(6
(OHTXLSRFRQVWUXLGRSXHGHVHUDPSOLDGRHQHOIXWXURKDELOLWiQGRORSDUDUHDOL]DU
SUXHEDVFtFOLFDV\HQVD\RVFRPRSXHGHQVHU
•
&LFORVGHLQPHUVLyQVHFDGRUDGLDFLyQXOWUDYLROHWDKXPHGDGFRQWURODGDDOWD
KXPHGDG
•
5HDOL]DUHQVD\RVFRQHOVSUD\GHQLHEODXWLOL]DQGRRWUDVVROXFLRQHVFRUURVLYDV
WHQLHQGR FXLGDGR HQ YHULILFDU TXH HVWDV QR DIHFWHQ ORV PDWHULDOHV GH
FRQVWUXFFLyQGHOHTXLSR
•
)DEULFDU RWURV WLSRV GH SRUWD SUREHWDV GHSHQGLHQGR GH OD QHFHVLGDG TXH VH
WHQJD VLHPSUH \ FXDQGR FXPSODQ FRQ ORV UHTXLVLWRV PtQLPRV SURSXHVWRV SRU
ODQRUPDGHUHIHUHQFLDDGHPiVGHODYLDELOLGDGGHDGDSWDFLyQDOHTXLSR
•
6L VH GHVHD PD\RU DXWRQRPtD GH IXQFLRQDPLHQWR VH SXHGH DGLFLRQDU RWUR
GHSyVLWR GH VROXFLyQ FRQILJXUDQGR DGHFXDGDPHQWH HO WHPSRUL]DGRU TXH VH
SURYHHFRQHOHTXLSRDGHPiVWHQHUHQFXHQWDHOLQFUHPHQWRHQHOGHVJDVWH
VXIULGR SRU ORV GLIHUHQWHV DFFHVRULRV \ HTXLSRV TXH FRPSRQHQ OD FiPDUD
HVSHFLDOPHQWH DO GLVSRVLWLYR TXH SURSRUFLRQD HO DLUH FRPSULPLGR HO FXDO
DXQTXH HV XQ FRPSUHVRU SDUD WUDEDMR SHVDGR 1R VH UHFRPLHQGD VX XVR
FRQWLQXRPiVGHGtDVSRUORWDQWRORPiVDSURSLDGRHVFRQHFWDUORDXQDUHG
GHDLUHFRPSULPLGR
•
&XDQGR VH UHTXLHUD FDPELDUOD UHVLVWHQFLD FDOHIDFWRUD TXH VH VXPLQLVWUD FRQ
HOHTXLSRVHGHEHFDPELDUSRUXQDGHVLPLODUHVFDUDFWHUtVWLFDV\VLHVSRVLEOH
SURFXUDUTXHWHQJDXQUHFXEULPLHQWRFHUiPLFRHQWRGDOD]RQDH[SXHVWDSDUD
REWHQHUXQDPD\RUGXUDELOLGDGGHOHOHPHQWRFDOHIDFWRU
%,%/,2*5$)Ì$
$670%6WDQGDUG3UDFWLFHIRU2SHUDWLQJ6DOW6SUD\)RJ$SSDUDWXV(GLFLyQ
GH$PHULFDQVRFLHW\IRUWHVWLQJDQGPDWHULDOV
%HUDUGR&DUORV0(7$/85*,$<(/(&75248Ì0,&$&25526,Ð1(/(&75248Ì0,&$
>2QOLQH@S7UDEDMRXQLYHUVLWDULRS'LVSRQLEOHHQ
KWWSSGIULQFRQGHOYDJRFRPPHWDOXUJLD\HOHFWURTXLPLFDBFRUURVLRQKWPO!
S7UDEDMRXQLYHUVLWDULRS'LVSRQLEOHHQ
KWWSSGIULQFRQGHOYDJRFRPPHWDOXUJLD\HOHFWURTXLPLFDBFRUURVLRQKWPO!
%ODQFR0DULD&DUROLQD/$&25526,Ð1(1/$6/,1($6$(5($6>2QOLQH@
8QLYHUVLGDG([SHULPHQWDO3ROLWpFQLFD´$QWRQLR-RVp'H6XFUHµ'LVSRQLEOHHQ
KWWSZZZHZKLHHHRUJUSDQDPDSHVDOWDHDUFKLYRV&RUURVLRQSGI!
&RUQHUVWRQH&RDWLQJV,QWHUQDFLRQDO,QF6$/7635$<&25526,217(676$670
%'LVSRQLEOHHQKWWSZZZFRUQHUVWRQHFRDWLQJVFRP6DOWVSUD\BWHVWKWPO!
'RSSNH7KRPDV)DVWHQHU)LWVDQG)LQLVKHV>2QOLQH@*DUGQHU3XEOLFDWLRQV
,QF'LVSRQLEOH2QOLQHKWWSZZZSIRQOLQHFRP!
*HQHVFi/ORQJXHUDV-RDQ\ÉYLOD0HQGR]D-DYLHU¢32548e(;,67(O$
&25526,Ð1">2QOLQH@0iVDOOiGHODKHUUXPEUHFDSLWXOR'LVSRQLEOHHQ
KWWSRPHJDLOFHHGXP[VLWHVFLHQFLDYROXPHQFLHQFLDKWPVHFB
KWPO!
,21,6 &RUURVLyQ UHPDQGR FRQWUD OD FRUULHQWH >2QOLQH@ 'LVSRQLEOH HQ ,QWHUQHW
HQKWWSZZZLRQLVFRPDUDJXDFRUURVLRQKWP!
-HIIUH\ *XWKULH %ULJLWWH \ *UHWKOHLQ &KULV $&&(/(5$7(' &25526,21 7(67,1*
>2QOLQH@7KH$037,$&4XDUWHUO\0DWHULDO($6(6WDWHRIWKH$UW5HSRUW$037
5RPH1<'LVSRQLEOHHQ
KWWSZZZSSD\VRUJUHISGI!
0RQRJUDItD &U\VWLF 1R 6FRWW %DGHU &RPSDQ\ OLPLWHG (GLWDGD SRU $1'(5&2/
6$&RORPELD
1DXJKWRQ 7RP 8QGHUVWDQGLQJ DQG 8VLQJ WKH 6DOW 6SUD\ )RJ 7HVW >2QOLQH@
'LVSRQLEOHHQKWWSZZZFRQIRUPLW\FRPXQGHUVWDQGLQJKWPO!
7HUHVD&RUWpV0DUtD0\2UWL]3DEOR&RUURVLyQ>2QOLQH@+,3Ð7(6,6$3817(6
&,(17Ì),&26 81,$1',126 1R 'LF 'LVSRQLEOH HQ ,QWHUQHW HQ
KWWSFLHQFLDVXQLDQGHVHGXFRSGIFRUURVLRQSGI!
7RZQVHQG + ( DQG %RU]LOOR $ 5 ´7KLUW\<HDU $WPRVSKHULF &RUURVLyQ
3HUIRUPDQFH RI $OXPLQXP=LQF $OOR\&RDWHG 6KHHW 6WHHOµ 3URF *DOYDWHFK
¶SS,URQDQG6WHHO6RFLHW\:DUUHQGDOH3$
<$148( 0 -XVWR ¢&202 ,1&,'( /$ $*5(6,9,'$' '(/ 68(/2 (1 O26
(/(&752'26
'(
$7(55$0,(172"
>2QOLQH@
'LVSRQLEOH
HQ
ZZZSURFREUHSHUXRUJSXEBUHGBHOHFKWP! 352&2%5( 3(5Ô &HQWUR GH
3URPRFLyQGHO&REUH/LPDDJRVWRGH
8+/,* +HUEHUW + \ 5(9,( :LQVWRQ &RUURVLRQ $QG &RUURVLRQ &RQWURO $Q
,QWURGXFWLRQ7R&RUURVLRQ6FLHQFH$QG(QJLQHHULQJUDHGLFLyQ(VWDGRV8QLGRV
-RKQ:LOOH\S
:LNLSHGLD FRQWULEXWRUV &RUURVLRQ >2QOLQH@ :LNLSHGLD 7KH )UHH (QF\FORSHGLD
>FLWHG-XO@'LVSRQLEOHHQ
KWWSHQZLNLSHGLDRUJZLQGH[SKS"WLWOH &RUURVLRQROGLG !
