$7(1&,21'('(6$675(6<&$7$6752)(6

$7(1&,21'('(6$675(6<&$7$6752)(6

2ILFLQDGH5HFXUVRV(GXFDFLRQDOHV )(3$)(0

,1752'8&&
'8&&,,21

/DIRUPDFLäQTXHORVPÚGLFRV\HOSHUVRQDOGHVDOXGUHFLEHQHQ
DXODV\KRVSLWDOHVUHVXOWDLQVXILFLHQWHSDUDODDGHFXDGDDWHQFLäQ
GHXQDFDWÒVWURIH3RUIRUWXQDSDUDODFRPXQLGDGODVDXWRULGDGHV
\WRGRHOFXHUSRPÚGLFRÚVWDVVRQSRFRIUHFXHQWHV6LQHPEDUJR
GDGDODGHOLFDGDFRPELQDFLäQTXHUHSUHVHQWDODPDJQLWXGGHVXV
FRQVHFXHQFLDV\HOHVFDVRUHFXUVRGLVSRQLEOHSDUDVXDWHQFLäQ
UHVXOWDQHFHVDULDODGLIXVLäQGHOFRQRFLPLHQWRVREUHODVFRUUHFWDV
SDXWDVGHDERUGDMH\PDQHMRWDQWRDQLYHOJHQHUDOFRPRHQOR
TXHFRQFLHUQHDFDGDÒUHDJHRJUÒILFD\DVXHQJUDQDMHGHQWURGHO
VLVWHPDQDFLRQDO\ORFDOGHDWHQFLäQGHVDOXG

&$7$67
$6752)(

(VXQIHQäPHQRRVXFHVRLQIDXVWRTXHDOWHUDJUDYHPHQWHHO
RUGHQQDWXUDOGHODPELHQWHFDXVDQGRGHVWUR]RVPDWHULDOHV\
VHYHUDDIHFFLäQGHODVDOXGGHODVSHUVRQDV\GHVWUXFFLäQGHORV
VHUYLFLRVORVELHQHV\HOHQWRUQRHQIRUPDLPSUHYLVWD\VëELWD\
GHWDOPDJQLWXGTXHUHTXLHUHDVLVWHQFLDH[WHUQD6XDWHQFLäQ
UHTXLHUHDFFLRQHVLQPHGLDWDVELHQSODQLILFDGDV\TXH
JHQHUDOPHQWHH[FHGHQHQIRUPDFRQVLGHUDEOHODVFDSDFLGDGHVGH
UHVSXHVWDWDQWRKXPDQDVFRPRHFRQäPLFDVGHODFRPXQLGDG
DIHFWDGD

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

/DVFDWÒVWURIHVSXHGHQFODVLILFDUVHGHODVLJXLHQWHPDQHUDGH
DFXHUGRFRQVXWLHPSRGHHYROXFLäQGXUDFLäQDJHQWHFDXVDO\OD
SUHYLDGHWHUPLQDFLäQGHOQLYHOGHULHVJRGHODFRPXQLGDG

&ODVLILFDFLäQ

x 'HJHVWDFLäQOHQWDUHSHQWLQDVRODUJD

x 1DWXUDOHVRSURYRFDGDVSRUHOKRPEUH
x 3UHYLVLEOHVRLPSUHYLVLEOHV

3DUDHOGHVDUUROORGHHVWD*XÞDVHHPSOHDHVWDëOWLPDIRUPDGH
FODVLILFDFLäQ

(QHOFDVRGHORVGHVDVWUHVSUHYLVLEOHVH[LVWHODRSRUWXQLGDGGH
XQDLQWHUYHQFLäQSUHYLDGLULJLGDDXQLILFDUHVIXHU]RV\JHQHUDU
DFFLRQHVTXHGLVPLQX\DQHOLPSDFWRVREUHODFRPXQLGDG/D
WUDVFHQGHQFLD\HILFDFLDGHHVWDVPHGLGDVGHSHQGHUÒQGHORV
UHFXUVRV\HOWLHPSRGLVSRQLEOHV(VLPSRUWDQWHDGRSWDUXQD
WHUPLQRORJÞDXQLYHUVDOUHVSHFWRDODHPLVLäQGHDOHUWDVDILQGH
HVWDEOHFHUPHGLGDVHVSHFÞILFDVSUHYHQWLYDV\GHRUJDQL]DFLäQ

(QHOHVFHQDULRGHXQGHVDVWUHLPSUHYLVLEOHQRKD\RSRUWXQLGDG
DOJXQDGHDOLVWDPLHQWR3RUFRQVLJXLHQWHORVëQLFRVLQVWUXPHQWRV
SDUDDWHQXDUODPDJQLWXGGHOLPSDFWRVRQGHFDUÒFWHUSUHYHQWLYR\
FRQVLVWHQHQODDGHFXDGDSODQLILFDFLäQGHORVDVHQWDPLHQWRV
KXPDQRV\GHPÒVSUR\HFWRVVRFLDOHVTXHWHQJDQHOSRWHQFLDOGH
HYLWDUGHVDVWUHVLQYLUWLHQGRUHFXUVRVVXILFLHQWHVHQLQYHVWLJDFLäQ
\IRPHQWRGHODSUHYHQFLäQ

$ / ( 57 $

(VHODYLVRRDQXQFLRTXHVHHPLWHGXUDQWHHOSHUÞRGRGHWLHPSR
SUHYLRDODFDWÒVWURIHGXUDQWHHOFXDOVHDFWLYDQORVSODQHVGH
DFFLäQSUHHVWDEOHFLGRVGHDFXHUGRFRQHOQLYHOGHULHVJRSDUDOD
FRPXQLGDG\VHJëQODVFRQGLFLRQHVGHOPRPHQWR'HSHQGLHQGR

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

GHOQLYHOGHSUHGLFFLäQGHODFHUWH]DGHRFXUUHQFLDGHOHYHQWRVH
GHILQHQORVHVWDGRVGHDOHUWD

$OHUWD9
D9HUGH
GH,PSOLFDTXHWRGRHOSHUVRQDOGHXUJHQFLDVGHXQRR
YDULRVKRVSLWDOHVORFDOHV\GHODUHJLäQVHDOLVWHSDUDODSRVLEOH
DWHQFLäQHOSHUVRQDOTXHQRHVWÒGHWXUQRGHEHSHUPDQHFHUHQ
GLVSRQLELOLGDGFRQWLQXDDODOFDQFHGHXQDOODPDGDWHOHIäQLFD(O
KRVSLWDOGHEHDFRPRGDUVHDHVWDVLWXDFLäQWRPDQGRPHGLGDV
WDOHVFRPRHYDFXDFLäQGHSDFLHQWHVSDUDWHQHUGLVSRQLELOLGDGGH
FDPDVVXVSHQVLäQGHSURFHGLPLHQWRVHOHFWLYRVWUDVODGRVHWF

$OHUWD$
D$PDULOO
LOODD&RQGLFLRQDODSUHVHQFLDIÞVLFDGHWRGRHOJUXSRGH
XUJHQFLDVDORFXDOVHVXPDQORVUHIXHU]RVIÞVLFRV\KXPDQRV
TXHFRQDQWHULRULGDGKD\DQVLGRFRQYHQLGRV6HFRQWLQëD
DWHQGLHQGRODGHPDQGDTXHVHSUHVHQWDHQODPHGLGDTXHQR
VREUHSDVHODFDSDFLGDGLQVWDODGDH[LVWHQWHHVGHFLUTXHVH
PDQWLHQHQORVQLYHO,\,,GHSUHVWDFLäQ

(QHVWHHVWDGRVHSXHGHQSUHVHQWDUFRQGLFLRQHVTXHLQGLFDQ
PD\RUSHOLJURVLQTXHHOGHVDVWUHKD\DRFXUULGRDëQ(VWD
FRQGLFLäQVHGHQRPLQDD
DOHUWDQDU
DQDUDQM
DQMD \SUHVXSRQHXQPÒ[LPR
ULHVJR\ODDFWLYDFLäQGHWRGRVORV VLVWHPDVGHSURWHFFLäQ\
DWHQFLäQSDUDGLVSRQLELOLGDGLQPHGLDWD7DPELÚQSUHVXSRQH
LQPLQHQWHHYDFXDFLäQ

$OHUWD5
D5RMD&XDQGR\DKDVXFHGLGRODFDWÒVWURIHODGHPDQGDHV
PDVLYD\JHQHUDOPHQWHVREUHSDVDODFDSDFLGDGGHDWHQFLäQGHO
QLYHO,,,(QHVWHPRPHQWRGHVDSDUHFHODHVWUXFWXUDIRUPDOGH
IXQFLRQDPLHQWR\VHGHFODUDHQHVWDGRGHHPHUJHQFLDWRGRHO
KRVSLWDOORFXDOLPSOLFDXQDQRUPDWL]DFLäQPX\HVSHFLDO

/RVHYHQWRVLPSUHYLVLEOHVQRSHUPLWHQXQDHWDSDGHSUHSDUDFLäQ
SUHYLDVLHQGRLPSRVLEOHFRQVLGHUDUODVDOHUWDVYHUGH\DPDULOODGH
GHVDVWUHORFXDOFRQGXFHGHKHFKRDOHVWDGRGHDODUPDURMD\D
LPSODQWDUDFFLRQHVGHFXPSOLPLHQWRLQPHGLDWR

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

$WHQF
HQFLäQ

/DDWHQFLäQGHFDWÒVWURIHVH[WHUQDVDOKRVSLWDOVHHMHFXWDHQ
GLIHUHQWHVHWDSDVELHQGHILQLGDV

)DVH,3ODQSUHKRVSLWDODULR

)DVH,,3ODQKRVSLWDODULR

)DVH,,,3ODQLQWHUKRVSLWDODULR

)DVH
H,
,3
3ODQ
DQ33UHKRV
HKRVSLWDODULR

(VWDSXHGHVHUODPÒVLPSRUWDQWHGHODVIDVHVGHDWHQFLäQ'HVX
DGHFXDGDRUJDQL]DFLäQGHSHQGHUÒHOFRUUHFWRLQYHQWDULRGHORV
UHFXUVRVGLVSRQLEOHVODRSHUDFLäQGHORVSXHVWRVGHDYDQ]DGDOD
PRYLOL]DFLäQGHSHUVRQDOODHYDFXDFLäQGHKHULGRVHOQRJHQHUDU
PD\RUQëPHURGHYÞFWLPDVHQHOÒUHDGHOVLQLHVWURODEXHQD
DGPLQLVWUDFLäQGHOUHFXUVRKRVSLWDODULRGHDFXHUGRDVXQLYHOGH
DWHQFLäQ\HOFRUUHFWRPDQHMRGHORVFDGÒYHUHV

(QHVWHSODQHOPÚGLFRSXHGHYHUVHOLPLWDGRHQVXLQWHUYHQFLäQ
\DVHDSRUGHVFRQRFLPLHQWRRSRUFDUHQFLDGHDXWRULGDG(VWD
IDVHGHSUHSDUDFLäQHVIXQGDPHQWDOSDUDGHILQLUFRQFODULGDGODV
UHVSRQVDELOLGDGHV\IXQFLRQHVGHODVHQWLGDGHVSëEOLFDV
DXWRULGDGHVSHUWLQHQWHVRUJDQLVPRVSULYDGRVFRPXQLWDULRV\GH
VRFRUUR

7RGRHOSURFHVRGHVGHVXPLVPDLQLFLDFLäQGHEHHVWDUDSR\DGR
SRUXQHILFLHQWHVLVWHPDGHFRPXQLFDFLRQHVHOFXDOGHEHVHU
ULJXURVDPHQWHFRQWURODGRSDUDSHUPLWLUODDGHFXDGDLQWHUDFFLäQ
HQWUHORVGLIHUHQWHVLQWHJUDQWHV(VUHVSRQVDELOLGDGGHODV
DXWRULGDGHVSHUWLQHQWHVFRQRFHUHOGHVDVWUH\RUJDQL]DUODV
SULPHUDVDFFLRQHV

x 2UJDQL]DUHO3XHVWRGH0DQGR8QLILFDGR308

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

x 0RQWDUHO3XHVWRGH&RPDQGRGH6DOXGR&HQWURGH$WHQFLyQ\
&ODVLILFDFLyQGH+HULGRV&$&+EDMRODVXSHUYLVLyQGHXQ
FRRUGLQDGRUPpGLFR
x 1RPEUDUSXHVWRVGHDYDQ]DGDTXHGHOLPLWHQOD]RQDGHOLPSDFWR
HVWDEOH]FDQODOtQHDGHVHJXULGDG\GLYLGDQHOiUHDHQORV
GLIHUHQWHVVHFWRUHVGRQGHFDGDJUXSRDGHODQWDUiVXVDFWLYLGDGHV
x 'HVLJQDUXQFRRUGLQDGRUGHORVRSHUDWLYRVGHVDOYDPHQWRFRQ
H[SHULHQFLDHQODGLVWULEXFLyQGHUHFXUVRV\SHUVRQDO\PDQWHQHU
FRPXQLFDFLyQSHUPDQHQWHFRQHO3XHVWRGH0DQGR8QLILFDGR
308
x 1RPEUDUXQHQFDUJDGRGHWULDJH HQOD]RQDGHLPSDFWR
x 'HVLJQDUXQHQFDUJDGRGHVHJXULGDGTXHGHWHUPLQHODVYtDVGH
DFFHVRORVWLHPSRVGHSHUPDQHQFLDHOQ~PHURGHSHUVRQDO
LQYROXFUDGR\HOFRQWUROGHORVDFWRVYDQGiOLFRV
x 1RPEUDUFRRUGLQDGRUPpGLFRFRQH[SHULHQFLDHQPDQHMRGH
GHVDVWUHVWULDJHPDQHMRDYDQ]DGRGHOWUDXPD\DGPLQLVWUDFLyQ
GHUHFXUVRV

&22
225'
5',,1$'25
500(',&2

(OPÚGLFRFRRUGLQDGRUGHEHHVWDUGRWDGRGHDXWRULGDGVXILFLHQWH
SDUDRUGHQDU\GLULJLUHOGHVHPSHâRGHWRGRHOSHUVRQDOGHVDOXG

6RQUHVSRQVDELOLGDGHVPÚGLFDV

x &RQRFLPLHQWRGHOLQYHQWDULRGHSHUVRQDOPHGLFDPHQWRV
FDPDV\DPEXODQFLDV
x 0DQWHQHUFRQWDFWRFRQGHPiVFRRUGLQDGRUHV\SXHVWRVGHPDQGR
SDUDRSWLPL]DUORVUHFXUVRV
x (MHFXWDUODFODVLILFDFLyQGHFDPSRGHORVSDFLHQWHV\VX
UHFODVLILFDFLyQHQHO&$&+
x 2UJDQL]DU\FRRUGLQDUODDWHQFLyQPpGLFDGHHPHUJHQFLDGH
DFXHUGRDOEDODQFHHQWUHSULRULGDGGHODDWHQFLyQGHOSDFLHQWH\
ORVUHFXUVRVGLVSRQLEOHV
x 'HWHUPLQDUVREUHWUDVODGRVDKRVSLWDOHVXRWUDVIDFLOLGDGHVHQHO
iUHDRIXHUDGHHOOD/RVFHQWURVDORVTXHVH UHPLWDSDFLHQWHV
GHEHQVHUORVGHDWHQFLyQGHILQLWLYDGHDFXHUGRFRQODJUDYHGDG
GHVXFRQGLFLyQ/DUHPLVLyQQRGHEHVHUDDOJ~QKRVSLWDOVLQRD
DTXHOFHQWURGHOQLYHODGHFXDGRSDUDDWHQGHUODVFRQGLFLRQHV
HVSHFLDOHVGHOSDFLHQWH\HOPHGLRGHWUDQVSRUWHGHEHDVHJXUDUHO
FXLGDGRFRQWLQXRGXUDQWHVXWUiQVLWR

& $  & +

/DVYÞFWLPDVUHVFDWDGDVVRQFRQGXFLGDVDO&HQWURGH$WHQFLäQ\
&ODVLILFDFLäQGH+HULGRV&$&+$OOÞVHHVWDEOHFHHOQLYHOGH

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

SULRULGDGVHUHYLVDHOWULDJH GHFDPSRVHVXPLQLVWUDDWHQFLäQ
PÚGLFDDYDQ]DGD\VLQHFHVDULRVHDVLJQDDODVXQLGDGHVGH
FXLGDGRLQWHQVLYRPäYLOHVRILMDV

/DVWDUHDVGHWULDJH GHEHQHVWDUDFDUJRGHPÚGLFRVLGäQHRV
GHELGDPHQWHSUHSDUDGRVSDUDHVWDDFWLYLGDG(OSURFHVRGHEHVHU
UÒSLGRGDGRHOYROXPHQGH SDFLHQWHV\GLQÒPLFRSXHVWRTXHHQ
XQPRPHQWRGHWHUPLQDGRSXHGHFDPELDUODFDWHJRUL]DFLäQ
LQLFLDOPHQWHDVLJQDGD6HGLVSRQHGHYDULRVPÚWRGRV
HVWDQGDUL]DGRV\PX\FRQRFLGRVXQRGHHOORVHO576HV
GLVFXWLGRPÒVDGHODQWH'HOUHVXOWDGRGHHVWDYDORUDFLäQVH
DVLJQDXQDWDUMHWDGHWULDJHDFDGDSDFLHQWHTXHDGHPÒVGH
LQFOXLULGHQWLILFDFLäQSRUFRORUHV\QëPHURVFRQWLHQHQ
GHVSUHQGLEOHVSDUDVHUXWLOL]DGRVSRUHOVRFRUULVWD\HO
WUDQVSRUWDGRUDILQGHHYLWDUFRQIXVLäQGHORVSDFLHQWHV

/RVFäGLJRVSRUFRORUHVVHDVLJQDQVHJëQODVSULRULGDGHV

5RMR HVXQSDFLHQWHHQHVWDGRFUÞWLFRSHURUHFXSHUDEOH\GHVGH
OXHJRHVHOGHSULPHUDSULRULGDGVLVHFXHQWDFRQORVUHFXUVRV
SDUDVXDWHQFLäQ

$PDULOO
LOORR HVXQSDFLHQWHGLIHULEOHGHVHJXQGDSULRULGDG

9HUGH
GHHVXQSDFLHQWHOHYHPHQWHOHVLRQDGRGHWHUFHUDSULRULGDG
TXHSXHGHVHUWUDVODGDGRDXQTXHQRQHFHVDULDPHQWHHQXQ
PHGLRGHWUDQVSRUWHHVSHFLDO

1HJ
HJUUR HVHOSDFLHQWHHQHVWDGRPX\FUÞWLFRQRUHFXSHUDEOH
DJäQLFR

%ODQ
DQFFR HOIDOOHFLGRTXHQRFRQVWLWX\HQLQJXQDSULRULGDGGHQWURGHO
HVTXHPDGHDWHQFLäQPÚGLFDGHXUJHQFLDVSHURVÞUHVXOWDFUXFLDO
GHQWURGHODHVWUXFWXUDGHDWHQFLäQGHOGHVDVWUHVXDGHFXDGR
PDQHMRHVIXQGDPHQWDO

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

/RVKHULGRVGHEHQVHUFRORFDGRVHQVLWLRVGHVLJQDGRVSDUDFDGD
SULRULGDG(O&$&+GHEHVHURUJDQL]DGRHQIRUPDSUÒFWLFDSDUD
SHUPLWLUODDGHFXDGDFLUFXODFLäQGHSDFLHQWHV\GHSHUVRQDOFRQ
HQWUDGDV\VDOLGDVGHELGDPHQWHVHâDOL]DGDV\FRQXQD]RQD
HVSHFLDOSDUDODDWHQFLäQGHSDFLHQWHVHQHVWDGRFUÞWLFR

/RVSURFHVRVGHUHHYDOXDFLäQ\HVWDELOL]DFLäQGHEHQVHU
SHUPDQHQWHV8QDYH]DVHJXUDGDODHVWDELOL]DFLäQGHOSDFLHQWH
VHLQLFLDHOWUDVODGRSRUFDWHJRUÞDV\GHDFXHUGRDORVVLWLRVGRQGH
VHUÒUHFLELGRSDUDWUDWDPLHQWRGHQLYHOVXSHULRU

3DUDODFDSDFLWDFLäQDGHFXDGDGHOSHUVRQDOPÚGLFR\GHVDOXGVH
DSOLFDQORVHVTXHPDVTXHGHWHUPLQDQODVHFXHQFLDGHSULRULGDGHV
\PHGLGDVWHUDSÚXWLFDV6HGLVSRQHDFWXDOPHQWHGHO67$57
6LPSOH7ULDJHDQG5DSLG7UHDWPHQW\GHO$7/6$GYDQFHG
7UDXPD/LIH6XSSRUWORVFXDOHVFRQWLHQHQÞQGLFHVGH
FODVLILFDFLäQVHQFLOORV\HVWDEOHFHQREMHWLYRVHQHOPDUFRGHXQ
IOXMRJUDPDGHDFXHUGRFRQODSDWRORJÞD\HOQLYHOGHFRPSURPLVR
RUJÒQLFR6XDSOLFDFLäQKDORJUDGRGLVPLQXLUODVPXHUWHVSRU
LPSURYLVDFLäQHLJQRUDQFLD

/DFRQGXFWDDSURSLDGDSDUDHO PDQHMRLQGLYLGXDOHVWÒFRQVWLWXLGD
SRUDYDORUDFLäQSULPDULDEYDORUDFLäQVHFXQGDULD\FäUGHQHV
PÚGLFDVLQPHGLDWDV

(QODYDORUDFLäQSULPDULDVHVLJXHHOPÚWRGR$%&GHOLQJOÚV
$LUZD\%UHDWKLQJ&LUFXODWLRQR$5&TXHHVWDEOHFHDWHQFLäQ
LQPHGLDWDDODVOHVLRQHVTXHFRPSURPHWHQODYÞDDÚUHD\FROXPQD
FHUYLFDO$ODUHVSLUDFLäQ%R5\HOYROXPHQVDQJXÞQHR
FLUFXODQWH&

/DYDORUDFLäQVHFXQGDULDLQFOX\HORVGHPÒVVLVWHPDVRUJÒQLFRV\
VHGHEHFRQVXOWDULQGHSHQGLHQWHPHQWHHQODV*XÞDVSDUDHO
0DQHMRGHO7UDXPD

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

(O7
O75,$*(

(OWULDJH XWLOL]DORVÞQGLFHVGHVHYHULGDGGHOWUDXPDTXHVRQ
SUÒFWLFRVUÒSLGRVGHIÒFLOXWLOL]DFLäQ\UHSURGXFLEOHV

/DHVFDODUHYLVDGDGHWUDXPD576GDXQDH[FHOHQWH

DSUR[LPDFLäQGHOHVWDGRILVLRSDWROäJLFRUHDOGHOSDFLHQWH\GHVX
SURQäVWLFR(VWÒEDVDGDHQORVVLJXLHQWHVSDUÒPHWURV

*/$6*2
$6*2:: 7$
66 , 6 7 )
55(6
(6 95
(6
(6&
&$ / $

 !  

  ! 

   

   

   

&RQHVWDHVFDOD\VXPDQGRORVYDORUHVGH*ODVJRZWHQVLäQ
DUWHULDOVLVWäOLFD\IUHFXHQFLDUHVSLUDWRULDVHREWHQGUÒXQDVXPD
GHSDUDHOSDFLHQWHPHQRVOHVLRQDGR9HUGH/DPD\RU
XWLOLGDGGHHVWDWDEODUDGLFDHQTXHWRGRSDFLHQWHFRQXQD
FDOLILFDFLäQLQIHULRURLJXDODGHEHUHFLELUDWHQFLäQDYDQ]DGD

)DVH
H,,
,,3
3ODQ
DQ++RVSLWDODULR

/DUHDOLGDGGHODDOHUWDURMDSUHVXSRQHFRQIRUPDUHO&
&RPLWÚGH
(PHUJHQ
JHQFFLDFX\DIXQFLäQSULQFLSDOHVPRGLILFDUODRUJDQL]DFLäQ
KDELWXDOGHOVHUYLFLRGHXUJHQFLDV\GHFODUDUHOSODQKRVSLWDODULR
GHHPHUJHQFLDTXHGHEHRSHUDUPLHQWUDV SHUVLVWDODDOHUWD/RV
LQWHJUDQWHVGHO&RPLWÚGH(PHUJHQFLDGHEHUÒQVHUGHVLJQDGRV

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

SUHYLDPHQWH6XQëPHUR\SHUILOGHSHQGHUÒQGHODV
FDUDFWHUÞVWLFDVGHFDGDLQVWLWXFLäQSHURLQFOX\HQGRVLHPSUH
SHUVRQDOGHDWHQFLäQPÚGLFD\GHDSR\RDGPLQLVWUDWLYR

3DUDOHODPHQWHVHHVWDEOHFHQ(
(TX
TXLLSR
SRV
VGH
GHWWULDJH TXHGHEHQHVWDU
LQWHJUDGRVSRUXQPÚGLFRLGäQHRXQDHQIHUPHUDSURIHVLRQDOXQ
IXQFLRQDULRGHLQVFULSFLäQ\GRVFDPLOOHURV

(O WULDJH VHOHFFLRQDORVSDFLHQWHVDODVÒUHDVURMDDPDULOODR
YHUGH$ORVSULPHURVVHOHVFRPSOHWDHOSURFHVRGHUHDQLPDFLäQ
\VHFRQGXFHQDOTXLUäIDQRRDXQDXQLGDGGHFXLGDGRLQWHQVLYR
VHJëQFRUUHVSRQGD/RVVHJXQGRVGHEHQVHUWUDWDGRV
LQPHGLDWDPHQWHHQXUJHQFLDVRPDQWHQLGRVHQREVHUYDFLäQSRU
ëOWLPRORVDVLJQDGRVDOÒUHDYHUGHVRQFRQYRFDGRVSDUDDVLVWLUD
FRQVXOWDH[WHUQD

(VIXQGDPHQWDOUHFRUGDUTXHHQODREVHUYDFLäQHVXQUHTXLVLWROD
UHHYDOXDFLäQGDGRVORVSRVLEOHVFDPELRVHQODFRQGLFLäQGH
LQJUHVRGHOSDFLHQWH

6HGHEHGLVSRQHUGHXQDPRUJXHTXHSHUPLWDODDGHFXDGD
GLVSRVLFLäQGHORVFDGÒYHUHVSDUDVXPDQHMRSRUSDUWHGHODV
DXWRULGDGHVGH0HGLFLQD/HJDO

7RGDLQVWLWXFLäQGHVDOXGGHEHWHQHUSUHHVWDEOHFLGRXQ3ODQ
+RVSLWDODULRGH
RGH((PHUJHQ
JHQFFLDVGHDFXHUGRFRQVXVUHFXUVRV
HFRQäPLFRV\KXPDQRVHOVHFWRUDOFXDOSHUWHQHFHRILFLDOR
SULYDGRHOÒUHDGHLQIOXHQFLD\HODQÒOLVLVGHYXOQHUDELOLGDGGHOD
]RQD(VWH3ODQGH(PHUJHQFLDVGHEHLQFOXLUODHVWUXFWXUD
OLPLWDFLRQHVUHVSRQVDELOLGDGHV\IXQFLRQHVHVSHFLDOHVGHO&RPLWÚ
GH(PHUJHQFLDDVÞFRPRHOOLVWDGRGHWRGRHOSHUVRQDOGHOD
LQVWLWXFLäQ/RDQWHULRUSDUDHYLWDUTXHVHFUXFHQVREUHSRQJDQR
HQWUHQHQFRQIOLFWRODVGLIHUHQWHVDXWRULGDGHV\SHUPLWLUXQD
UHVSXHVWDÒJLOFRQDFFLRQHVLQPHGLDWDV\GHILQLWLYDV(V

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

FRQYHQLHQWHUHDOL]DUSHULäGLFDPHQWHVLPXODFURVSDUDPDQWHQHUD
WRGRVORVTXHSDUWLFLSDQGHELGDPHQWHFDSDFLWDGRV

)DVH
H,,,
,,,3
3ODQ
DQ,,QWHUKR
KRVVSLWDODULR

7HUPLQDGDODDOHUWDURMD\UHFXSHUDGDODFDOPDHQODDWHQFLäQGH
ODXUJHQFLDVHFRPSOHWDQODVWUDQVIHUHQFLDVSHQGLHQWHVRDKRUD
SHUWLQHQWHVGHDFXHUGRFRQODQHFHVLGDGGHXQDDWHQFLäQ
VXSHULRU\DVHDSRUODVHYHULGDGGHODVOHVLRQHVRSRUODDSDULFLäQ
GHFRPSOLFDFLRQHV+DFHQSDUWHGHHVWDIDVHORVDVSHFWRV
PÚGLFROHJDOHVSHUWLQHQWHVDOPDQHMRGHFDGÒYHUHV\ORVSODQHV
GHSUHYHQFLäQ\SURPRFLäQGHODVDOXGHQORVFDPSDPHQWRV X
RWURVDVHQWDPLHQWRVWHPSRUDOHVGHGDPQLILFDGRV

&21&
1&//86,21(6

(OPDQHMRGHORVGHVDVWUHVHVXQHVFHQDULRGRQGHFRQIOX\DQORV
HVIXHU]RVGHWRGRVORVFRPSRQHQWHVGHXQDVRFLHGDGGRQGH
FDGDXQRUHFRQR]FDVXVIXQFLRQHV\FDSDFLGDGHV\GHDFXHUGRD
HOODVHQFXHQWUHVXOXJDUGHSDUWLFLSDFLäQ/RVDOJRULWPRV
HVSHFÞILFRVGHFDGDLQVWLWXFLäQ\GHFDGDUHJLäQGHEHQVHUGHO
FRQRFLPLHQWRGHOSHUVRQDOGHVDOXGTXHDOOÞWUDEDMD\GHEHQVHU
SXHVWRVHQSUÒFWLFD\VRPHWLGRVDUHYLVLäQSHULäGLFDSDUDORJUDU
VXPÒ[LPDHILFLHQFLD\HIHFWLYLGDG

/(&785
85$6
$65
5(&20(1'$
1'$'$6

'ÞD](QULTXH*XÞDVSDUDOD$WHQFLäQGH'HVDVWUHVR&DWÒVWURIH
0DQXDOGH8UJHQFLDVHQ0HGLFLQD,QWHUQD$VRFLDFLäQ
&RORPELDQDGH0HGLFLQD,QWHUQD(GLFLRQHV$FWD0ÚGLFD
&RORPELDQD6DQWDIÚGH%RJRWÒ

0DQXDOGH8UJHQFLDVHQ0HGLFLQD,QWHUQD$VRFLDFLäQ
&RORPELDQDGH0HGLFLQD,QWHUQD(GLFLRQHV$FWD0ÚGLFD
&RORPELDQD

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

&KDPSLRQ+6DFFRHWDO5HYLVLRQRIWKHWUDXPDVFRUH-
7UDXPD

6DUPLHQWR-33ODQKRVSLWDODULRGHHPHUJHQFLD1R0LQLVWHULR
GH6DOXGGH&RORPELD

$QÒOLVLVGHYXOQHUDELOLGDG\SODQHVKRVSLWDODULRVGHHPHUJHQFLDV
6HFUHWDULDGH6DOXG6DQWDIÚGH%RJRWÒ

$WHQF
HQFLäQP
äQPÚG
ÚGLLFD

 0HFDQ
DQLLVPR
VVOOHVLRQD
RQDOOHV
3DUDTXHH[LVWDQXQDVPtQLPDVSRVLELOLGDGHVGHVXSHUYLYHQFLDHQHOLQWHULRUGH
XQDDHURQDYHTXHVXIUHXQDFFLGHQWHUHVXOWDQHFHVDULRTXHODHVWUXFWXUD
H[WHULRUGHODPLVPDIXVHODMHVHFRQVHUYHDOPHQRVSDUFLDOPHQWH'HRWUD
IRUPDHOIXHJRRVHQFLOODPHQWHORVLPSDFWRVFRQWUDHOVXHOR\HVWUXFWXUDV
GHVSUHQGLGDVGHODSDUDWRYDQDGLVPLQXLUFDVLSRUFRPSOHWRHVWDV
SRVLELOLGDGHV$QHFGyWLFDPHQWHVHKDQGHVFULWRFDVRVGHSDVDMHURVR
WULSXODQWHVTXHSXGLHURQVDOYDUVXYLGDJUDFLDVKDKDEHUUHVXOWDGRGHVSHGLGRV
GHODSDUDWR

&XDQGRODHVWUXFWXUDGHODDHURQDYHRIUHFHXQDFLHUWDSURWHFFLyQFRQWUD
LPSDFWRVGLUHFWRVODVOHVLRQHVTXHVHYDQDSURGXFLUHVWiQHQUHODFLyQFRQODV
IXHU]DVGHGHFHOHUDFLyQTXHVHSURGXFHQSRUHOYLROHQWRIUHQDGRGHODSDUDWR
DOFDQ]DQGRDFHOHUDFLRQHVGHKDVWD*HQHOHMH*[$SDUWLUGHHVWD
GHFHOHUDFLyQODVSRVLELOLGDGHVGHVXSHUYLYHQFLDVRQPX\HVFDVDV

$QWHHVWHWLSRGHVLQLHVWURVFDEHHVSHUDUTXHVHSURGX]FDQOHVLRQHV
WUDXPiWLFDVP~OWLSOHVIXQGDPHQWDOPHQWHDQLYHOGHODFDEH]DFROXPQD
YHUWHEUDOSHOYLV\H[WUHPLGDGHVLQIHULRUHV

2WURVPHFDQLVPRV OHVLRQDOHVFRPRLPSDFWRVGLUHFWRVGHPDWHULDOHV
SUR\HFWDGRVRLPSDFWRVFRQRWUDVHVWUXFWXUDVGHODFDELQDGHSDVDMHURV
SXHGHQRFDVLRQDUOHVLRQHVPX\GLYHUVDVHQODViUHDVPDV
H[SXHVWDVIXQGDPHQWDOPHQWHFDEH]D\HVSDOGD

$xDGLGDPHQWHHQODPD\RUtDGHORV DFFLGHQWHVDpUHRVVXHOHH[LVWLUXQPD\RUR
PHQRULQFHQGLRTXHYDSURYRFDUODDSDULFLyQTXHPDGXUDV\FXDGURVDVIL[LDQWHV
SRULQKDODFLyQGHKXPRGHWRGRWLSRGHVHYHULGDG

(QFRQFRUGDQFLDFRQHVWRVUD]RQDPLHQWRVORVDQiOLVLVGHODVOHVLRQHVVXIULGDV
SRUORVVXSHUYLYLHQWHV\SRUORVIDOOHFLGRVHQDFFLGHQWHVDpUHRVUHDOHVPXHVWUDQ
XQDGLVWULEXFLyQFRQVHFXHQWHGHODVOHVLRQHV

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

 1HFHVLGDGH
GDGHV
VEÒ
EÒVVLFD
VVGHH
GHHVVWR
VVKÚ
KÚUULGR
GRVV
/D2$&,UHFRPLHQGDDWRGRVORVDHURSXHUWRVODSURYLVLyQGHXQDVHULHGH
PDWHULDOHVGHHPHUJHQFLDHVWDEOHFLHQGRXQDVJXtDVSDUDVXGLPHQVLRQDPLHQWR
VHJ~QODDHURQDYHGHPD\RUFDSDFLGDGGHODVTXHRSHUDHQFDGDDHURSXHUWR
'DGRTXHODVWpFQLFDVGHSULPHUDDWHQFLyQ\HVWDELOL]DFLyQGHKHULGRVDQLYHO
SUHKRVSLWDODULRKDQYDULDGRVXVWDQFLDOPHQWHHQORV~OWLPRVDxRVHVWDVJXtDV
QRUHFRJHQODGLVSRVLFLyQGHGLYHUVRVPDWHULDOHVQXHYRV7DPELpQKDQYDULDGR
GHWHUPLQDGDVHVWUDWHJLDVIUHQWHDHVWRVKHULGRVVLHQGRDFWXDOPHQWHODVSDXWDV
PDVUHFRQRFLGDVDQLYHOPXQGLDOODVHVWDEOHFLGDVSRUHO&RPLWpGH7UDXPD
6XEFRPLWpGH6RSRUWH9LWDO$YDQ]DGRHQ7UDXPDWRORJtDGHO&ROHJLR
$PHULFDQRGH&LUXMDQRV

'HQWURGHODFODVLILFDFLyQGHKHULGRVTXHKDELWXDOPHQWHVHXWLOL]DHQHOPXQGR
DHURQiXWLFRORVKHULGRVGHODVSULRULGDGHV,\,,VRQVXEVLGLDULRVGHODDWHQFLyQ
PpGLFDTXHVHUHILHUH0LHQWUDVTXHORVKHULGRVGHSULRULGDG,,,OHYHVRLOHVRV
QRVHUtDQFRQVLGHUDGRVHQHVWHFDStWXOR

'HHVWDIRUPDODVPHGLGDVEiVLFDVTXHHVQHFHVDULRWRPDUDQWHWRGRSDFLHQWH
SROLWUDXPDWL]DGRDQLYHOSUHKRVSLWDODULRVRQODVVLJXLHQWHV

&21752/'(/$9Ë$$e5($

(O&RQWUROGHOD9tD$pUHDHQSDFLHQWHVLQFRQVFLHQWHVFRQVWLWX\HODSULPHUD
SULRULGDGGHWUDWDPLHQWRSDUDHOORV/DQHFHVLGDGGHHYDFXDUVHFUHFLRQHV
DFXPXODGDVDQLYHOGHODIDULQJHUHTXLHUHODGLVSRVLFLyQGHDVSLUDGRUHV/RV
HTXLSRVPDQXDOHVVRQPDVHFRQyPLFRVQRSUHFLVDQIXHQWHGHHQHUJtD\VH
KDQPRVWUDGRVXPDPHQWHHILFDFHV/DFRORFDFLyQGHXQWXERGH*XHGHOTXH
HYLWHHOGHVSOD]DPLHQWRSRVWHULRUGHODOHQJXD\ODLQWXEDFLyQHQGRWUDTXHDOHQ
SDFLHQWHVFRQXQ*ODVJRZLQIHULRUDUHTXLHUHQDVLPLVPRODGLVSRVLFLyQGH
HVWRVHOHPHQWRV3RU~OWLPR\HQORVSDFLHQWHVTXHKD\DVLGRSUHFLVROD
UHDQLPDFLyQUHVSLUDWRULDHVWiLQGLFDGRODLQVHUFLyQGHXQDVRQGDQDVRJiVWULFD
TXHGHVFRPSULPDHODLUHDFXPXODGRHQHOHVWyPDJR

/DPDVFDULOODODUtQJHDGHUHFLHQWHLQFRUSRUDFLyQDQXHVWURDUVHQDOWHUDSpXWLFR
VHKDPRVWUDGRVXPDPHQWHHILFD]HQHOPHGLRH[WUDKRVSLWDODULRFRQODYHQWDMD
GHXQPtQLPRDGLHVWUDPLHQWR\XQDOWRSRUFHQWDMHGHp[LWR6X~OWLPDYHUVLyQ
SHUPLWHDGHPiVODFRORFDFLyQGHXQWXERHQGRWUDTXHDOKDVWDGHOQžD
WUDYpVGHODPLVPDVLQQHFHVLGDGGHUHWLUDUODSUHYLDPHQWHFRQXQSRUFHQWDMH
GHp[LWRVXSHULRUDO6XPD\RULQFRQYHQLHQWHVXSUHFLR

$32<25(63,5$725,2

/DVSUHFDULDVFRQGLFLRQHVHQTXHVHSURGXFHHOLQWHUFDPELRJDVHRVRHQXQ
SDFLHQWHSROLWUDXPDWL]DGRKDFHQTXHVLHPSUHHVWHLQGLFDGRHQORVPLVPRVOD
DGPLQLVWUDFLyQGHR[tJHQRDDOWRIOXMROLWURVPLQXWR6LODDGPLQLVWUDFLyQ

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

GHR[tJHQRVHUHDOL]DPHGLDQWHXQDPDVFDULOODTXHGLVSRQJDGHUHVHUYRULROD
PH]FODTXHDOFDQ]DHOSXOPyQWHQGUiXQDULTXH]DGHR[tJHQRGHDOUHGHGRUGHO
DOIDYRUHFLHQGRHODSRUWHGHR[tJHQRDORVWHMLGRV6HUiQQHFHVDULRV
HTXLSRVGHR[tJHQRSRUWiWLOHV\ILMRV/RVSULPHURVVRQIDFLOHVGHDFHUFDUDO
KHULGRSHURVHDJRWDQUiSLGDPHQWHDHVWHUpJLPHQGHVXPLQLVWUR/RV
VHJXQGRVSHUPLWHQVXPLQLVWURGHR[tJHQRSRUODUJRVSHULRGRVHLQFOXVRHO
VXPLQLVWURVLPXOWiQHRDYDULRVKHULGRVDWUDYpVGHDSDUDWRVGHGLVWULEXFLyQ

$GHPiVSXHGHQVHUQHFHVDULRVHTXLSRVSDUDODUHDOL]DFLyQGHUHVSLUDFLyQ
DVLVWLGDUHVSLUDGRUHVPHFiQLFRVRPDQXDOHV\ODDWHQFLyQDWUDXPDWL]DGRV
FRQ1HXPRWyUD[D7HQVLyQ7yUD[$ELHUWRR+HPRWyUD[LPSRUWDQWHTXH
UHTXLHUHQODGLVSRVLFLyQGHPDWHULDOHVHVSHFtILFRVSDUDXQDSULPHUDUHVROXFLyQ
GHOSUREOHPD$VtHO1HXPRWyUD[D7HQVLyQSXHGHVHULQLFLDOPHQWHUHVXHOWR
PHGLDQWHXQ$QJLRFiWHWHUGHJUXHVRFDOLEUHRPHMRUD~QPHGLDQWHXQVLVWHPD
GHHYDFXDFLyQGRWDGRGHXQDYiOYXODXQLGLUHFFLRQDO3HXU&DWK7XER7RUiFLFR
9iOYXODGH+HLPOLFK(OWyUD[DELHUWRSXHGHVHU UHVXHOWRSURYLVLRQDOPHQWH
PHGLDQWHHOXVRGHXQ3DUFKHGH$VKHUPDQHOFXDOHVWiGRWDGRWDPELpQGH
XQDYiOYXODGHHVWDVFDUDFWHUtVWLFDV

+(0267$6,$<75$7$0,(172'(/6+2&.

(O&RQWUROGHODV+HPRUUDJLDVHVXQDGHODVSULPHUDVSULRULGDGHVGHOD
DWHQFLyQPpGLFDHQHOOXJDUSXHVWRTXHORVSDFLHQWHVTXHVDQJUDQHQDXVHQFLD
GHOHVLRQHVPD\RUHVWLHQHQJUDQGHVSRVLELOLGDGHVGHVREUHYLYLUVLVHSUDFWLFD
XQDSURQWD\DGHFXDGDKHPRVWDVLD(QHVWHVHQWLGRVHKDQPRVWUDGR
HVSHFLDOPHQWHDGHFXDGDVODV$OPRKDGLOODV+HPRVWiWLFDVORVYHQGDMHV
FRPSUHVLYRVHLQFOXVRODVIpUXODVKLQFKDEOHVXQDYH]TXHVHKDFRQVHJXLGR
FRQWURODUODKHPRUUDJLDPHGLDQWHFRPSUHVLyQPDQXDO(QQXHVWURSDtVQRVH
XWLOL]DHOSDQWDOyQDQWLVKRFN\DGHPiVSDUHFHTXHHQHOPRPHQWRDFWXDOVX
XVRHQ ORV(VWDGRV8QLGRVHPSLH]DDGHFDHU(VWHWLSRGHGLVSRVLWLYRWLHQHVX
XWLOLGDGHQHOWUDWDPLHQWRGHO6KRFN\GHODV+HPRUUDJLDVGH0LHPEURV
,QIHULRUHV\$EGRPHQ

6HKDHVWLPDGRTXHORVKHULGRVGHXQDFFLGHQWHDpUHRTXHKDQVXIULGR
LPSRUWDQWHVWUDXPDWLVPRVUHTXLHUHQFRQVXPDIUHFXHQFLDHVWHWLSRGH
PDWHULDOHVTXHSRURWURODGRVRQHFRQyPLFRV\IiFLOHVGHDGTXLULU

(OWUDWDPLHQWRGHOVKRFNVHJ~QODVUHFRPHQGDFLRQHVGHO&RPLWpGH7UDXPDGHO
&ROHJLR$PHULFDQRGH&LUXMDQRVLQGLFDODFRQYHQLHQFLDGHHVWDEOHFHUGRVYtDV
YHQRVDVGHJUXHVRFDOLEUH**DQWHWRGRSDFLHQWHSROLWUDXPDWL]DGR
LQIXQGLpQGRVHGRVOLWURVGH5LQJHU/DFWDWRHQDSUR[LPDGDPHQWHPLQXWRV
GHSHQGLHQGRGHFULWHULRVKHPRGLQiPLFRV/DDGPLQLVWUDFLyQGHH[SDQVRUHV
SODVPiWLFRVWLSR+HPRFHVHHVWDEOHFHUtDHQXQVHJXQGRQLYHODQWHOD
SUHVHQFLDGHXQFXDGURGH6KRFNTXHUHTXLHUDODUHSRVLFLyQGHJUDQGHV
FDQWLGDGHVGHYROXPHQ

(OPDQWHQLPLHQWRHQDOWRGHODVEROVDVGHVXHURHVXQSUREOHPDQRUHVXHOWR
\DTXHSDUHFHLPSHQVDEOHGLVSRQHUXQD SHUVRQDSDUDVXVXMHFLyQRHOTXHVH
GHEDGLVSRQHUGHXQVRSRUWHGHVXHURSRUSHUVRQD/DVROXFLyQDHVWH
SUREOHPDGHEHYHQLUGHODPDQRGHODORJtVWLFDGHO3ODQGH(PHUJHQFLD

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

PHGLDQWHHOGLVHxRGHDOJ~QVLVWHPDGHFDEOHSDUDFROJDURGHRWURWLSRGH
VXMHFLRQHV$VLPLVPRHOSUHFDOHQWDPLHQWRGHORVVXHURVTXHHYLWHQOD
KLSRWHUPLD\HOVKRFNHQORVSDFLHQWHVWUDXPDWL]DGRVDORVTXHVHOHVYD\DD
WUDQVIXQGLUHVWRVWLHQHGLItFLOVROXFLyQGHELGRDODJUDQFDQWLGDGGHVXHURVD
FDOHQWDU/RVKRUQRVPLFURRQGDVKDQVLGRXWLOL]DGRVHQHVWHVHQWLGRFRQ
EXHQRVUHVXOWDGRVSHURUHTXLHUHQTXHODVEROVDVGHVXHURQRFRQWHQJDQ
SDUWHVPHWiOLFDV

(48,326'(,1029,/,=$&,Ï1

(QODDFWXDOLGDGVHWLHQGHDLQPRYLOL]DUHOFXHOORGHWRGRVDTXHOORVKHULGRVTXH
KD\DQVXIULGRXQWUDXPDWLVPRSRUHQFLPDGHOSODQRGHODVFODYtFXODV(OOR
VXSRQHODXWLOL]DFLyQGHO&ROODU&HUYLFDODGHFXDGRGHOTXHHQODDFWXDOLGDGVH
HQFXHQWUDQHQHOPHUFDGRWDPDxRV*UDQGH0HGLDQR3HTXHxR&XHOOR
&RUWR3HGLiWULFR\/DFWDQWH/DXWLOL]DFLyQGHXQ&ROODU&HUYLFDOQRLQPRYLOL]D
FRPSOHWDPHQWHHOFXHOORGHODYtFWLPDSRUORTXHVHUHFRPLHQGDHOXVR
VXSOHWRULRGHXQ(VWDELOL]DGRU&HUYLFDODGRVDGRDODFDPLOODGHWUDQVSRUWH

'HVGHKDFHDOJ~QWLHPSRGLVSRQHPRVHQHOPHUFDGRGHXQFROODUFHUYLFDO
~QLFR SDUDODVFXDWURWDOODVGHDGXOWRHOFXDOHVWiGRWDGRGHXQPHFDQLVPRTXH
SHUPLWHODVHOHFFLyQGHODWDOODGHOSDFLHQWH

/DVRVSHFKDGHOHVLyQYHUWHEUDODQLYHOWRUiFLFRROXPEDUUHTXLHUHHOXVRGHO
DGHFXDGRVLVWHPDLQPRYLOL]DGRU(OHPSOHRGHXQVLVWHPDRGHRWURYDD
GHSHQGHUGHODSRVLFLyQLQLFLDOGHOKHULGR$VtVLHVWHVHHQFXHQWUDUDHQHO
VXHORORPDVSUiFWLFRVHUiFRORFDUORGLUHFWDPHQWHVREUHXQ7DEOHUR(VSLQDO
/DUJRPHGLDQWHXQDFRUUHFWDPDQLREUDGHHOHYDFLyQSODQDRSXHQWHKRODQGpV
ILMiQGRORSRVWHULRUPHQWHDODFDPLOODPHGLDQWHXQPtQLPRGHWUHVFRUUHDV\HO
XVRGHFXxDVODWHUDOHVTXHHYLWHQORVPRYLPLHQWRVGHEDODQFHRGHOFXHUSRGHO
KHULGR(QHOFDVRGHTXHODYtFWLPDVHKDOOHD~QVHQWDGDHQVXDVLHQWR\VH
YD\DDSURFHGHUDVXUHVFDWHVHUHFRPLHQGDODXWLOL]DFLyQGHXQ&KDOHFRGH
,QPRYLOL]DFLyQ9HUWHEUDOGHSUHIHUHQFLDRXQWDEOHURHVSLQDOFRUWR(OFKDOHFR
GHLQPRYLOL]DFLyQFRQVLJXHXQDPD\RUILMDFLyQGHODFROXPQD\SHUPLWHWLUDUGH
pOSDUDHOUHVFDWHGHOKHULGR3RUFRQWUDHOWDEOHURHVSLQDOFRUWRFRQVLJXHXQD
PHQRULQPRYLOL]DFLyQGHODFROXPQDQRGHELpQGRVHWLUDUGHpOSDUDUHVFDWDUDO
KHULGR/DVYHQWDMDVTXHSUHVHQWDHVWHWDEOHURVREUHHOFKDOHFRLQPRYLOL]DGRU
VRQVXHFRQRPtDODSRVLELOLGDGGHXWLOL]DFLyQFRPRWDEOHURGH5&3\VXPDV
VHQFLOORPDQHMR

/DVIUDFWXUDVGHODVH[WUHPLGDGHVUHTXLHUHQODLQPRYLOL]DFLyQGHODVPLVPDV
PHGLDQWHHOXVRGHIpUXODVHVSHFtILFDV/DVIpUXODVKLQFKDEOHVVRQODVPDV
HFRQyPLFDV\SHUPLWHQDOPLVPRWLHPSRFRQWULEXLUDODKHPRVWDVLDGHKHULGDV
HQORVPLHPEURV(QWUHVXVLQFRQYHQLHQWHVVHFLWDQODVPROHVWLDVTXHSXHGHQ
SURYRFDUDFRQVHFXHQFLDGHODFRPSUHVLyQGHODOHVLyQ/DVIpUXODVGHYDFtR
PXFKRPDVFDUDVWLHQHQODYHQWDMDGHQRFRPSULPLUHOPLHPEUR\HQRFDVLRQHV
QRVSHUPLWHQLQPRYLOL]DUOX[DFLRQHVPDQWHQLHQGRVXSRVLFLyQLQLFLDO/DVIpUXODV
GHWUDFFLyQVRQODV~QLFDVTXHSHUPLWHQLQPRYLOL]DUDGHFXDGDPHQWHODV
IUDFWXUDVIHPRUDOHV\DTXHHOUHVWRQRFRQVLJXHLQPRYLOL]DUODDUWLFXODFLyQGHOD
FDGHUD

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

48(0$'85$6

/DVTXHPDGXUDVH[WHQVDV\JUDYHVVROR SRGUiQVHUWUDWDGDVDQLYHOGHO
VLQLHVWURDWUHVQLYHOHV(YLWDUVXFRQWDPLQDFLyQ\SHUGLGDSODVPiWLFDSDUD
HVWHPHQHVWHUVRQDGHFXDGDVODVPDQWDVHPEHELGDVHQJHODQWLVpSWLFR
GHVWLQDGDVDOWUDWDPLHQWRGHJUDQGHVTXHPDGRV5HSRVLFLyQGH
YROXPHQGHODPLVPDPDQHUDTXHORHVWDEOHFLGRSDUDORVWUDXPDWLVPRV
&RQWUROGHO'RORU\$JLWDFLyQPHGLDQWHHOXVRGHPHGLFDFLyQDQDOJpVLFD\
VHGDQWH

&21752/+(02',1È0,&2<0(',&$&,Ï1

/RVPHGLFDPHQWRVGHVWLQDGRVDOFRQWUROGHOGRORUDQVLHGDGKHPRGLQiPLFD\
VHGDFLyQSUHSDUDWRULDSDUDPDQLREUDVPpGLFRTXLU~UJLFDVLQWXEDFLyQ
RSHUDFLRQHVGHH[FDUFHUDFLyQHWFVHKDFHQQHFHVDULRVHQODPD\RUSDUWHGH
ORVSDFLHQWHVWUDXPDWL]DGRV\RTXHPDGRV

$,6/$0,(1727e50,&2

(QHVWHPLVPRVHQWLGRFRQREMHWRGHHYLWDUODKLSRWHUPLDGHHVWRVSDFLHQWHVD
ODVTXHSRURWURODGRVRQWDQSURSHQVRVHVSUHFLVRDLVODUORVGHOIULRGHOVXHOR
PHGLDQWHXQDFROFKRQHWDDLVODQWHRXQDFDPLOOD\FXEULUORVFRQXQDPDQWD
LPSHUPHDEOHODVPDQWDVGHDOXPLQLRVRQHFRQyPLFDVLPSHUPHDEOHVRFXSDQ
SRFRHVSDFLRGHDOPDFHQDPLHQWR\QRFRQWDPLQDQKHULGDV\TXHPDGXUDV
H[SXHVWDV

 3URWRFRORGHDF
RGHDFWXDF
XDFLäQ
äQ
(O&RPLWpGH7UDXPDWRORJtDGHO&ROHJLR$PHULFDQRGH&LUXMDQRVHODERUyKDFH
\DEDVWDQWHVDxRVXQSURWRFRORGHDVLVWHQFLDDOSDFLHQWHSROLWUDXPDWL]DGR
(VWHSURWRFRORKDLGRVLHQGRUHYLVDGR\PHMRUDGRFRQHOWUDQVFXUVRGHORV
DxRV6LHQGRDGRSWDGRGHPDQHUDFDVLXQLYHUVDOSRUVXVHQFLOOH]\HILFDFLD
(VWiEDVDGRHQODUHDOL]DFLyQGHGRVYDORUDFLRQHVFRQVHFXWLYDVOD9DORUDFLyQ
3ULPDULD TXHWUDWDGHGLDJQRVWLFDU\WUDWDUWRGDVODVOHVLRQHVPRUWDOHV
LQPHGLDWDV/D9DORUDFLyQ6HFXQGDULDWUDWDGHYDORUDUWRGDVODVOHVLRQHVGHO
KHULGR

9$/25$&,Ï135,0$5,$

$,5:$<$VHJXUDUOD9tD$pUHDFRQ&RQWURO&HUYLFDO

%5($7+,1*9DORUDUODPRYLOLGDGGHDPERVKHPLWyUD[GHODLQJXUJRWDFLyQ
KLSRYHQWLODFLyQ1HXPRWyUD[D7HQVLyQ\RWUDVDOWHUDFLRQHVLPSRUWDQWHVGHOD
YHQWLODFLyQ

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

 &,5&8/$7,219DORUDU\WUDWDUODV+HPRUUDJLDV\HO6KRFN7RPDU9tDV
9HQRVDV\0RQLWRUL]DU

 ',6$%,/,7<9DORUDUHO (VWDGR1HXUROyJLFRVHJ~QOD(VFDODGH*ODVJRZOD

5HDFFLyQ3XSLODU\ORV6LJQRVGH)RFDOLGDG1HXUROyJLFDSDUDGHWHFWDUFRQ
SURWLWXGWUDVWRUQRVQHXUROyJLFRVGHLPSRUWDQFLD

 (;32685((19,520(17$/&21752/'HVYHVWLUDOKHULGRSURWHJHUOR
GHODKLSRWHUPLD \FRORFDUVRQGDVQDVRJiVWULFD\XULQDULD

9$/25$&,Ï16(&81'$5,$25(&212&,0,(172&$%(=$3,(6

 &$%(=$<&8(//2

 7Ï5$;

$%'20(1<3(/9,6

 (;75(0,'$'(6<(63$/'$

 352),/$;,6$17,7(7$1,&$

(YDFXDF
XDFäQ
LäQ\V
\VHJXQGR
HJXQGRWWULDJH

 6HJXQGRW
HJXQGRWULDJH
DJH
/DSDODEUD7ULDJHSURFHGHGHXQYRFDEORIUDQFpVTXHTXLHUHGHFLUHOHJLUR
FODVLILFDU\TXHVHKDDFHSWDGRXQLYHUVDOPHQWHSDUDGHILQLUODVWDUHDVGH
FODVLILFDFLyQGHKHULGRV'HVGHKDFHDOJ~QWLHPSRVHLQFOX\HGHQWURGHO
FRQFHSWRGH7ULDJHDOJXQDVSDXWDVGHDWHQFLyQPpGLFD0DQWHQLPLHQWRGHOD
9tD$pUHD\&RQWUROGH+HPRUUDJLDV([WHUQDV

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

(OFRQFHSWRGHž7ULDJHTXHWLHQHGLIHUHQWHVDFHSFLRQHVVHJ~QORVGLVGWLQWRV
DXWRUHVHVFXHODVRSDtVHV/DVGRVDFHSFLRQHVTXHFRQPDVIUHFXHQFLDVH
GDQDO6HJXQGR7ULDJHVRQ/XJDUUHODWLYDPHQWHGLVWDQWHGHOOXJDUGHO
DFFLGHQWHDOTXHGHEHQVHUWUDVODGDGRVORVKHULGRVSDUDSRGHUGLVSHQVDUOHV
DOJ~QWLSRGHDWHQFLyQPpGLFD1RUPDOPHQWHVHWUDWDGHXQOXJDUSURWHJLGRGH
ODVLQFOHPHQFLDVGHOWLHPSR\GRWDGRGHOX]DUWLILFLDOFDOHIDFFLyQ\VXPLQLVWUR
GHDJXD(VWHFRQFHSWRGHžWULDJHWLHQHLQWHUpVHQFDWiVWURIHVFRQXQJUDQ
Q~PHURGHKHULGRVRHQFLUFXQVWDQFLDVHQTXHODVLQFOHPHQFLDVGHOWLHPSR\
RWURVIDFWRUHVDPELHQWDOHVLPSLGHQODGLVSHQVDFLyQGHXQDSULPHUDDVLVWHQFLD
HQOXJDU/DRWUDDFHSFLyQGHžWULDJHTXHVHXWLOL]DFRQXQDFLHUWD
DVLGXLGDGHVODGHODYDORUDFLyQTXHVHUHDOL]DGHFDGDKHULGRXQDYH]
HVWDELOL]DGR\GLVSXHVWRSDUDVXWUDVODGR\TXHYDDSHUPLWLUHVWDEOHFHUHO
RUGHQGHHYDFXDFLyQDVtFRPRHOGHVWLQRGHFDGDKHULGR(VWDHVODDFHSFLyQ
TXHQRVRWURVKHPRVXWLOL]DGRHQHOSUHVHQWHDUWtFXOR

'LIHUHQFLDVHQWUHHO3ULPHU\HO6HJXQGR7ULDJH

/DFODVLILFDFLyQGHODVYtFWLPDVGHXQDFDWiVWURIHRDFFLGHQWHFRQP~OWLSOHV
YtFWLPDVHVXQSURFHVRFRQWLQXRSXHVWRTXHODVYtFWLPDVPHMRUDQRHPSHRUDQ
FRQHOWUDQVFXUVRGHOWLHPSR\ODDSOLFDFLyQGHPHGLGDVWHUDSpXWLFDV(Q
FXDOTXLHUFDVRH[LVWHQGRVPRPHQWRVFUtWLFRVHQTXHODFODVLILFDFLyQGHORV
KHULGRVREHGHFHDILQDOLGDGHVGLVWLQWDV6HWUDWDGHOž\ž7ULDJHRORTXHHVOR
PLVPRODFODVLILFDFLyQHQIXQFLyQGHODQHFHVLGDGGHWUDWDPLHQWRPpGLFR
LQPHGLDWRž7ULDJH\ODFODVLILFDFLyQGHORVKHULGRVXQDYH]HVWDELOL]DGRVHQ
IXQFLyQGHODXUJHQFLDGHHYDFXDFLyQDXQFHQWURKRVSLWDODULRSDUDTXHUHFLEDQ
FXLGDGRVHVSHFLDOL]DGRV

(VWDPHUDGLVWLQFLyQFRQOOHYDSURIXQGDVGLIHUHQFLDVHQORVVLVWHPDVXWLOL]DGRV
SDUDVXUHDOL]DFLyQ

$VtHOSULPHUWULDJHGHEHVHUUiSLGR\VHQFLOOR$FDPELRQRYDDVHU
H[FHVLYDPHQWHSUHFLVRSHUPLWLHQGRFODVLILFDFLRQHVSRUH[FHVRDXPHQWRGHOD
JUDYHGDGSHURQXQFDSRUGHIHFWRGLVPLQXFLyQGHODJUDYHGDG'HEHSHUPLWLU
TXHORVKHULGRVPiVJUDYHVTXHPRULUiQHQORVSUy[LPRVPLQXWRVSUREOHPDV
GHODYtDDpUHDKHPRUUDJLDVGLILFXOWDGHVUHVSLUDWRULDVHWFVHDQUiSLGDPHQWH
DWHQGLGRV6HWUDWDGHPpWRGRVIXQFLRQDOHVTXHVRORWLHQHQHQFXHQWDODV
IXQFLRQHVYLWDOHV5HVSLUDFLyQ3XOVR\&RQFLHQFLDEiVLFDPHQWHVLQFRQVLGHUDU
ODVOHVLRQHV6HGHEHUHDOL]DU\DHQ]RQDVHJXUDDODHQWUDGDGHOD]RQDGH
DWHQFLyQVDQLWDULD(VPHMRU DOHMDUSURQWRDODYtFWLPDGHOD]RQDGHOVLQLHVWUR
XQDVFXDQWDVGHFHQDVGHPHWURVSRQLHQGRDVDOYRWDQWRDODYtFWLPDFRPRDO
SURSLRHTXLSRGHFDPLOOHURVTXHSRQHUHQULHVJRDODSURSLDYtFWLPDDORV
FDPLOOHURV\DOFODVLILFDGRULQWHUILULHQGRPXFKDVYHFHVHOWUDEDMRGHORVHTXLSRV
GHVDOYDPHQWR\H[WLQFLyQGHLQFHQGLRV

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

&8$'52'(',)(5(1&,$6(175((/ž<(/ž75,$*(

35,0(575,$*( 6(*81'275,$*(
2EMHWLYR 2UGHQGH$WHQFLyQ 2UGHQGH(YDFXDFLyQ
0pGLFD
)XQGDPHQWR )XQFLRQDO /HVLRQDOR0L[WR
&RPSOHMLGDG 6HQFLOOR &RPSOHMR
7LHPSR 0LQXWR !0LQXWR
5HVSRQVDEOH 3HUVRQDO$GLHVWUDGR 0pGLFR
3UHFLVLyQ )DOODSRU([FHVR *UDQ3UHFLVLyQ
/XJDU (QWUDGDDOÈUHDGH 6DOLGDGHOÈUHDGH
$WHQFLyQ $WHQFLyQ

(QFDPELRHOVHJXQGRWULDJHPXFKRPiVFRPSOHMRLQWHQWDHVWLPDUHO
SURQyVWLFR\ODQHFHVLGDGLQPHGLDWDGHFXLGDGRVKRVSLWDODULRVWUDWDPLHQWRGHO
6KRFNHYDFXDFLyQGH+HPDWRPDV,QWUDFUDQHDOHVYtFWLPDVLQHVWDEOHVHWF(Q
HVWHFDVRHOPpWRGRHVOHVLRQDORPL[WRYDORUDQGRODVOHVLRQHVTXHWLHQHOD
YtFWLPDVXVSRVLELOLGDGHVGHVXSHUYLYHQFLD\ODQHFHVLGDGLPSHULRVDGH
WUDWDPLHQWRKRVSLWDODULR6HUHDOL]DHQXQD]RQDLQWHUPHGLDHQWUHOD]RQDGH
DWHQFLyQVDQLWDULD\HOOXJDUGHDFFHVRGHODVDPEXODQFLDV3RU~OWLPRHVWD
FODVLILFDFLyQGHEHVHUUHDOL]DGDSRUPpGLFRV\VLHVSRVLEOHSRUPpGLFRV
DGLHVWUDGRVHQHVWRVPpWRGRV

3DUDODUHDOL]DFLyQGHOSULPHUWULDJHQRVRWURVQRVGHFDQWDPRVSRUODXWLOL]DFLyQ
GHO0pWRGR5iSLGRGH&ODVLILFDFLyQHQ&DWiVWURIHV*RLWLD=XULWD\0LOOiQ
SRUSDUWHGH%RPEHURV\SHUVRQDODGLHVWUDGRXWLOL]DQGRHO7UDXPD6FRUH
UHYLVLDGRSDUDODYDORUDFLyQGHORVKHULGRVDQWHVGHVXHYDFXDFLyQžWULDJH

7UDXPD6FRUH\UHYLVHGWUDXPDVFRUH

(O7UDXPD6FRUH76IXHGLVHxDGRSRU&KDPSLRQ\RWURVDXWRUHVHQSDUD
ODFODVLILFDFLyQGH KHULGRV6HWUDWDGHXQPpWRGRTXHUHTXLHUHGHIRUPDFLyQ
PpGLFDSDUDVXDSOLFDFLyQVLHQGRPiVFRPSOHMR\ODERULRVRGHUHDOL]DUTXHORV
DQWHULRUHV(O0pWRGRIXHSDUFLDOPHQWHVLPSOLILFDGR\FRUUHJLGRSRUORVPLVPRV
DXWRUHVHQ576

6HWUDWDGHXQ PpWRGRIXQFLRQDOTXHEDVDVXIXQFLRQDPLHQWRHQODYDORUDFLyQ
GHFLQFRSDUiPHWURVUHODFLRQDGRVFRQODVFRQVWDQWHVYLWDOHVOD)UHFXHQFLD
5HVSLUDWRULDOD([SDQVLyQ7RUiFLFDOD7HQVLyQ$UWHULDOHO5HOOHQR&DSLODU\OD
(VFDODGH&RPDGH*ODVJRZTXHKDVLGRGHVFULWRHQHODSDUWDGRGHVWLQDGRD
OD&ODVLILFDFLyQGH+HULGRV

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

6XLPSRUWDQFLDGHHVWHPpWRGRUDGLFDHQVXSRGHUSUHGLFWLYRVREUHOD
PRUWDOLGDGGHODVYtFWLPDV'HHVWDIRUPD\VHJ~QUHFRJHQVXVSURSLRV
DXWRUHVODSUREDELOLGDGGHVXSHUYLYHQFLDGHXQ KHULGRYDUtDGHVGHHOSDUD
YDORUDFLRQHVGHSXQWRVKDVWDHOSDUDYDORUDFLRQHVGHSXQWRV

(O5HYLVHG7UDXPD6FRUHSRUVXVFDUDFWHUtVWLFDVSURQRVWLFDV\SRUOD
FRPSOHMLGDGGHVXDSOLFDFLyQSHUPLWHVXXWLOL]DFLyQHQODVWDUHDVGHHYDFXDFLyQ
GHKHULGRVSRUSDUWHGHSHUVRQDOPpGLFR

 (YDFXD
XDFFLäQGHKHU
äQGHKHULGR
GRVV
/DHYDFXDFLyQGHKHULGRVGHVGHHOiUHDGHODFFLGHQWHDFDGDXQRGHORV
FHQWURVKRVSLWDODULRVVHGHEHKDFHUUHVSHWDQGRODQHFHVLGDGLQPHGLDWDGH
WUDWDPLHQWRTXLU~UJLFR3DUDHOORHVLPSUHVFLQGLEOHTXHHO5HVSRQVDEOHGHOD
WRPDGHHVWDVGHFLVLRQHVFRQR]FDSRUXQODGRODVOHVLRQHVGHFDGDXQRGHORV
KHULGRVTXHHVSHUDQSDUDVHUHYDFXDGRV<SRURWURODVSRVLELOLGDGHV
TXLU~UJLFDVGHORVFHQWURVKRVSLWDODULRV(VWH~OWLPRSXQWRHVPDVIiFLOGH
FRQVHJXLUFRQODD\XGDGHXQD&HQWUDOGH(PHUJHQFLDVTXHHVTXLpQUHDOPHQWH
HVWiHQFRQWDFWRFRQORVKRVSLWDOHVHVWDEOHFLpQGRVHODFRQH[LyQGHVGHHOOXJDU
GHODFFLGHQWHFRQHVWD&HQWUDOGH(PHUJHQFLDVYtDUDGLRRPHMRUD~QPHGLDQWH
WHOHIRQtDPyYLO

'HHVWDIRUPDHVWHUHDVSRQVDEOHUHFLELUiSDXODWLQDPHQWHORVLQIRUPHVGHODV
YtFWLPDVTXHWUDVVXHVWDELOL]DFLyQHVWiQDODHVSHUDGHVHUWUDVODGDGRV/D
SULRUL]DFLyQGHODHYDFXDFLyQDWHQGHUiHQSULPHUOXJDUDDTXHOODVYtFWLPDV
LQHVWDEOHVTXHUHTXLHUHQFLUXJtDKHPRUUDJLDVLQWHUQDVTXHVLJXHQVDQJUDQGR
SUREOHPDVYHQWLODWRULRVVRORSDUFLDOPHQWHUHVXHOWRVHWFRDTXHOORVFXDGURV
SUHVXPLEOHPHQWHHYROXWLYRVTXHYDQDSUHFLVDULJXDOPHQWHGHOFRQFXUVRGHOD
FLUXJtDSUREOHPDVH[SDQVLYRVLQWUDFUDQHDOHVHWF

(O SXQWXDOFRQRFLPLHQWRSRUSDUWHGHOD&HQWUDOGH(PHUJHQFLDGHODV
HVSHFLDOLGDGHVTXLU~UJLFDVGHFDGDFHQWURKRVSLWDODULRDVtFRPRVXGLVSRVLFLyQ
HQFDGDPRPHQWRSHUPLWLUiVHOHFFLRQDUDGHFXDGDPHQWHHOGHVWLQRGHFDGD
KHULGRHYLWDQGRWUDVODGRVVHFXQGDULRVGHDOWRFRVWHSHUVRQDO\PDWHULDOHQ
HVWDVFLUFXQVWDQFLDV/DVHVSHFLDOLGDGHVTXLU~UJLFDVHVSHFLDOHV1HXURFLUXJtD
FLUXJtDWRUiFLFDHWFGHEHQVHUELHQDGPLQLVWUDGDVGHVGHHOFRPLHQ]RGHOD
HPHUJHQFLD

6RQWDPELpQLPSRUWDQWHVODGLVSRVLFLyQGH8QLGDGHV GH*UDQGHV4XHPDGRV\
8QLGDGHVGH9LJLODQFLD,QWHQVLYD

+D\TXHHYLWDUDQWHWRGRHOWUDVODGRLQGLVFULPLQDGRHYLWDQGRTXHKHULGRVFRQ
OHVLRQHVPHQRUHVSXHGDQEORTXHDUODVFDPDVTXLU~UJLFDVGHXQKRVSLWDOHQ
WDQWRSDFLHQWHVHQVLWXDFLyQFUtWLFDQRSXHGDQDFFHGHUDTXLUyIDQRVDGHFXDGRV

-RVp 5DPyQ $JXLODU

$7(1&,21'('(6$675(6<&$7$6752)(6

-RVp 5DPyQ $JXLODU