/(<1

/(<'('(',&,(0%5('(

&$5/26'0(6$*,6%(57
35(6,'(17(&2167,78&,21$/'(/$5(3%/,&$


3RU FXDQWRHO+RQRUDEOH&RQJUHVR1DFLRQDOKDVDQFLRQDGRODVLJXLHQWH
/H\
(O +2125$%/(&21*5(621$&,21$/
'(&5(7$

$57t&8/235,0(520RGLItTXHVHORV$UWtFXORV<GH
OD /H\GH5HJLVWUR&LYLOGHGHQRYLHPEUHGHHQODVLJXLHQWH
IRUPD

$UWtFXOR  /D UHFWLILFDFLyQ \ FRUUHFFLyQ GH HUURUHV GH OHWUDV GH
ORV QRPEUHV \ DSHOOLGRV GH ODV SHUVRQDV LQVFULWDV \ OD UHFWLILFDFLyQ \
FRPSOHPHQWDFLyQ GH GDWRV DVHQWDGRV HQ SDUWLGDV GH QDFLPLHQWR
PDWULPRQLR \ GHIXQFLyQ DVt FRPR HO FDPELR R DGLFLyQ GH QRPEUH R
DSHOOLGR \ OD UHFWLILFDFLyQ GH VH[R VH UHDOL]DUi PHGLDQWH WUiPLWH
DGPLQLVWUDWLYR VHJXLGR DQWH ODV 'LUHFFLRQHV 'HSDUWDPHQWDOHV GH
5HJLVWUR&LYLO

(VWH WUiPLWH DGPLQLVWUDWLYR VH FXPSOLUi VLQ PRGLILFDU OD LGHQWLGDG
IHFKD GH QDFLPLHQWR ILOLDFLyQ OXJDU GH QDFLPLHQWR RULJLQDOPHQWH
UHJLVWUDGRV

$UWtFXOR/DUHFWLILFDFLyQGHODIHFKDGHQDFLPLHQWRODILOLDFLyQ\
HO OXJDUGHQDFLPLHQWRVyORSRGUiQHIHFWXDUVHHQYLUWXGGHVHQWHQFLD
MXGLFLDOSDVDGDHQDXWRULGDGGHFRVDMX]JDGD

$UWtFXOR  7RGR 1LxR R QLxD VHUi LQVFULWR HQ HO 5HJLVWUR &LYLO
KDVWDVXVGRFHDxRV

(VWD LQVFULSFLyQ GHEH HIHFWXDUVH FRQ OD FRPSDUHFHQFLD SHUVRQDO GH
ORV SDGUHVELROyJLFRV\ODSUHVHQWDFLyQGHOFHUWLILFDGRGHQDFLGRYLYR
H[WHQGLGR SRU ORV FHQWURV PpGLFRV S~EOLFRV \ SULYDGRV \ HQ GHIHFWR
GH HVWRVSRUDXWRULGDGHVDGPLQLVWUDWLYDVPXQLFLSDOHVRHFOHVLiVWLFDV

(Q FDVRGHLQGRFXPHQWDFLyQGHORVSDGUHVELROyJLFRVODLGHQWLILFDFLyQ
GH ORV PLVPRV \ OD ILOLDFLyQ GHO UHFLpQ QDFLGR VHUiQ DFUHGLWDGDV
PHGLDQWH OD GHFODUDFLyQ GH GRV WHVWLJRV TXH GHEHUiQ WHQHU
FRQRFLPLHQWR SHUVRQDO GH DPERV KHFKRV \ GHEHUiQ VHU PD\RUHV GH
HGDG
/D LQVFULSFLyQ GH QLxRV GH SDGUHV GHVFRQRFLGRV TXHGD VXMHWD D OR
SUHYLVWR HQ HO $UWtFXOR  \ 'LVSRVLFLRQHV 7UDQVLWRULD 3ULPHUD GHO
&yGLJR1LxR1LxD \$GROHVFHQWHPRGLILFDGRSRUODSUHVHQWH/H\/D

LQVFULSFLyQ GH DGROHVFHQWHV R PD\RUHV VLQ OtPLWH GH HGDG TXHGDUi

VXMHWDDWUiPLWHDGPLQLVWUDWLYRHQODIRUPDHVWDEOHFLGD

$57t&8/2 6(*81'2 0RGLItTXHVH ORV $UWtFXORV  <  <
'LVSRVLFLyQ7UDQVLWRULD3ULPHUDGH OD/H\1GHGHRFWXEUH
GH  &yGLJR 1LxR 1LxD \ $GROHVFHQWHV ORV TXH TXHGDUiQ
UHGDFWDGRVGHODVLJXLHQWHPDQHUD

$UWtFXOR,GHQWLGDG(OGHUHFKRDODLGHQWLGDGGHOQLxRQLxD
\ DGROHVFHQWHFRPSUHQGHHOGHUHFKRDOQRPEUHSURSLRHLQGLYLGXDOD
OOHYDU WDQWRDSHOOLGRSDWHUQRFRPRPDWHUQR\HQVXGHIHFWRDOOHYDU
DSHOOLGRV FRQYHQFLRQDOHV D JR]DU GH OD QDFLRQDOLGDG EROLYLDQD \ D
FRQRFHU D VXV SDGUHV ELROyJLFRV \ HVWDU LQIRUPDGR GH VXV
DQWHFHGHQWHVIDPLOLDUHV

$UWtFXOR  ,QVFULSFLyQ JUDWXLWD 7RGR QLxR R QLxD KDVWD VXV
GRFH DxRV GHEH VHU LQVFULWR HQ HO 5HJLVWUR &LYLO \ UHFLELU HO SULPHU
&HUWLILFDGR HQ IRUPD WRWDOPHQWH JUDWXLWD \ OOHYDU XQ QRPEUH TXH QR
VHDPRWLYRGHGLVFULPLQDFLyQHQQLQJXQDFLUFXQVWDQFLD

(VWD LQVFULSFLyQ VH HIHFWXDUi VLQ FDUJR DOJXQR SRU FRQFHSWR GH
UHWULEXFLRQHV HVWDEOHFLGDV SRU HO $UDQFHO GH 'HUHFKRV SDUD RILFLDOHV
GH 5HJLVWUR &LYLO (O 0LQLVWHULR GH +DFLHQGD SURYHHUi ORV UHFXUVRV
QHFHVDULRV SDUD HVWH HIHFWR PHGLDQWH ODV FRUUHVSRQGLHQWHV
DVLJQDFLRQHVSUHVXSXHVWDULDVHQIDYRUGHOD&RUWH1DFLRQDO(OHFWRUDO

/D JUDWXLGDG HVWDEOHFLGD HQ HVWH $UWtFXOR QR DOFDQ]DUi OD REWHQFLyQ
GH FHUWLILFDGRV GXSOLFDGRV GH QDFLPLHQWR 3DUD HIHFWLYL]DU HO
FXPSOLPLHQWRGHODSUHVHQWH/H\OD&RUWH1DFLRQDO(OHFWRUDOUHFLELUi
GHO 0LQLVWHULR GH +DFLHQGD D SDUWLU GH OD SURPXOJDFLyQ GH HVWD
GLVSRVLFLyQ ODV QHFHVDULDV DVLJQDFLRQHV SUHVXSXHVWDULDV \ ORV
FRUUHVSRQGLHQWHV GHVHPEROVRV SDUD VXSOLU HO HIHFWR HFRQyPLFR TXH
HVWD PHGLGDRFDVLRQHHQORVLQJUHVRVSURSLRVGHORUJDQLVPRHOHFWRUDO
SRU FRQFHSWRGHYDORUHV

$UWtFXOR  1RPEUHV &RQYHQFLRQDOHV (Q HO FDVR GH QLxRV \
QLxDV GH ILOLDFLyQ GHVFRQRFLGD GHQWUR GH ORV WUHLQWD  GtDV GHO
LQJUHVR D LQVWLWXFLRQHV JXEHUQDPHQWDOHV R SULYDGDV GH DWHQFLyQ D OD
QLxH]ORV'LUHFWRUHVGHODVPLVPDVVROLFLWDUiQVXLQVFULSFLyQDQWHHO
-XH] FRPSHWHQWH \ D WDO ILQ FRQVLJQDUiQ ORV QRPEUHV \ DSHOOLGRV
FRQYHQFLRQDOHV GHO QLxR R QLxD \ ORV FRUUHVSRQGLHQWHV D ORV SDGUHV
ILFWLFLRVVREUHODEDVHGHFULWHULRVGHSHUWHQHQFLDJHRJUiILFDDOOXJDU
GH UHJLVWUR
(Q HO FDVR GH KLMRV QR UHFRQRFLGRV GH SDGUHV R PDGUHV VROWHURV OD
LQVFULSFLyQ SURFHGHUi FRQ XQ DSHOOLGR SDWHUQR R PDWHUQR
FRQYHQFLRQDO VHJ~Q FRUUHVSRQGD HQ YLUWXG GH 5HVROXFLyQ
$GPLQLVWUDWLYD (O DSHOOLGR FRQYHQFLRQDO GHEHUi SURYHQLU GH ORV
DSHOOLGRVGHODWUDGLFLyQIDPLOLDUGHOSDGUHRGHODPDGUHVHJ~QVHDHO

FDVR KDVWD HO FXDUWR JUDGR GH SDUHQWHVFR FRQVDQJXtQHR %DMR

QLQJXQDFLUFXQVWDQFLDWDODSHOOLGRSRGUiFRLQFLGLUFRQORVDSHOOLGRVGHO
SURJHQLWRUTXHUHDOLFHODLQVFULSFLyQ

(VWD VLWXDFLyQ TXHGDUi ~QLFDPHQWH UHJLVWUDGD HQ ODV QRWDV
PDUJLQDOHVGHODFRUUHVSRQGLHQWHSDUWLGD\QRGHEHUiVHUFRQVLJQDGD
HQ HO&HUWLILFDGRGH1DFLPLHQWR

'LVSRVLFLyQ7UDQVLWRULD3ULPHUD$ SDUWLUGHODSURPXOJDFLyQGHOD
SUHVHQWH /H\ \ SRU ODSVR GH WUHV DxRV WRGRV ORV DGROHVFHQWHV
FRPSUHQGLGRVHQWUHORVGRFH\ GLHFLRFKRDxRVTXHQRVHHQFXHQWUDQ
LQVFULWRVHQHO5HJLVWUR&LYLOVHEHQHILFLDUiQFRQORHVWDEOHFLGRSRUORV
$UWtFXORV  \  GH OD SUHVHQWH /H\ (O UHJLVWUR GH QDFLPLHQWR GH
ORV DGROHVFHQWHV SURFHGHUi SUHYLR WUiPLWH DGPLQLVWUDWLYR DQWH OD
&RUWH 'HSDUWDPHQWDO (OHFWRUDO FRQIRUPH D UHJODPHQWDFLyQ
HVWDEOHFLGDSRUOD&RUWH1DFLRQDO(OHFWRUDO

/D &RUWH1DFLRQDO(OHFWRUDO\ODV&RUWHV'HSDUWDPHQWDOHV(OHFWRUDOHV
UHDOL]DUiQ FDPSDxDV PDVLYDV GH LQIRUPDFLyQ \ HGXFDFLyQ SDUD HO
FXPSOLPLHQWRGHODVGLVSRVLFLRQHVUHODWLYDVDODLQVFULSFLyQREOLJDWRULD
\ REWHQFLyQ JUDWXLWD GHO SULPHU FHUWLILFDGR GH QDFLPLHQWR GH QLxRV
QLxDV\DGROHVFHQWHV

$57t&8/27(5&(526HDEURJDQ\GHURJDQWRGDVODVGLVSRVLFLRQHV
FRQWUDULDVDODSUHVHQWH/H\

5HPtWDVHDO3RGHU(MHFXWLYRSDUDILQHVFRQVWLWXFLRQDOHV

(V GDGD HQ OD 6DOD GH 6HVLRQHV GHO +RQRUDEOH &RQJUHVR 1DFLRQDO D
ORV RQFHGtDVGHOPHVGHGLFLHPEUHGHGRVPLOWUHVDxRV

)GR +RUPDQGR 9DFD 'LH] 9DFD 'LH] *RQ]DOR &KLUYHFKHV /HGH]PD
2VFDU $UUtHQ 6DQGRYDO (QULTXH 8UTXLGL +RGJNLVRQ )HUQDQGR
5RGUtJXH]&DOYR

3RU WDQWR OD SURPXOJR SDUD TXH VH WHQJD \ FXPSOD FRPR OH\
GH OD5HS~EOLFD

3DODFLR GH *RELHUQR GH OD FLXGDG GH /D 3D] D ORV GLHFLRFKR GtDV GHO
PHV GHGLFLHPEUHGHGRVPLOWUHVDxRV

)'2 &$5/26 ' 0(6$ *,6%(57 -RVp $QWRQLR *DOLQGR 1HGHU
$OIRQVR )HUUXILQR 9DOGHUUDPD -DYLHU *RQ]DOR &XHYDV $UJRWH -RUJH
&RUWpV5RGUtJXH]