Sie sind auf Seite 1von 14

Num. 9404 / 12.08.

2022 44064




*5,(*2,\,,

 3UHVHQWDFLyQ
/DVPDWHULDV*ULHJR,\,,GH%DFKLOOHUDWRVHSUHVHQWDQFRPRRSWDWLYDVSDUDHODOXPQDGR
GHž\žTXHFXUVHODPRGDOLGDG%DFKLOOHUDWRGH+XPDQLGDGHV\&LHQFLDV6RFLDOHV

(VWDVPDWHULDVWLHQHQFRPRREMHWLYRHOFRQRFLPLHQWREiVLFRGHORVSULQFLSDOHVDVSHFWRV
OLQJtVWLFRV\FXOWXUDOHVGHOPXQGRJULHJRDVtFRPR GHVFXEULUODLPSRUWDQFLD GHODFLYLOL]DFLyQ
KHOHQDHQHOQDFLPLHQWR\HYROXFLyQGHODLGHQWLGDGHXURSHD\VXSHUYLYHQFLDHQPDQLIHVWDFLRQHV
FXOWXUDOHV\DUWtVWLFDVGHODFXOWXUDRFFLGHQWDO

(OHVWXGLRGHODOHQJXDJULHJDFRQWULEX\HHQJUDQPHGLGDDODSUHQGL]DMHGHRWUDVOHQJXDV
\DTXHD\XGDDDGTXLULUGHVWUH]DVOLQJtVWLFDVTXHPHMRUDQODFRPSUHQVLyQ\UHIOH[LyQVREUHOD
OHQJXDSURSLDDGHPiVGHHQULTXHFHUHOUHSHUWRULROp[LFR(OORSURPXHYHHOUHVSHWRDODGLYHUVLGDG
OLQJtVWLFDLQFHQWLYDHODQiOLVLVFUtWLFR\D\XGDDODPDGXUH]SHUVRQDO\VRFLDOGHODOXPQDGR

$GHPiVGHOHVWXGLRGHODOHQJXDHQHVWDVPDWHULDVVHWUDEDMDQDVSHFWRVFXOWXUDOHVTXH
WLHQHQFRPRILQDOLGDGUHFRQRFHUORVUHIHUHQWHVGHODFLYLOL]DFLyQKHOHQDHQODH[SHULHQFLDFRWLGLDQD
GHO DOXPQDGR \ UHODFLRQDUORV FRQ RWURV VDEHUHV DSUHQGLGRV 'H HVWH PRGR VH GHVDUUROOD VX
FDSDFLGDG GH DQiOLVLV \ HVStULWX FUtWLFR VX DXWRQRPtD SHUVRQDO \ VX FRPSUHQVLyQ GHO PXQGR
DFWXDO

0HGLDQWH HO HVWXGLR GH DPEDV PDWHULDV VH IRPHQWDQ FRPSHWHQFLDV FODYH FRPR OD
FRPSHWHQFLD HQ FRPXQLFDFLyQ OLQJtVWLFD \ OD SOXULOLQJH SRUTXH HQ DPEDV SUHYDOHFH OD
H[SUHVLyQ RUDO \ HVFULWD HQ GLVWLQWDV OHQJXDV \ UHTXLHUHQ OD PRYLOL]DFLyQ GH ODV KDELOLGDGHV
QHFHVDULDVSDUDFRPSUHQGHULQWHUSUHWDU\SURGXFLUPHQVDMHVRUDOHVHVFULWRV\PXOWLPRGDOHV

(QHOPLVPRVHQWLGRVHDFWLYDODUHIOH[LyQVREUHFyPRIXQFLRQDODOHQJXDSURSLD\RWUDV
OHQJXDV DO HVWDEOHFHU UHODFLRQHV HQWUH HOODV GH PDQHUD TXH VH IDYRUHFH HO DSUHFLR SRU HO
FRQRFLPLHQWRGHOOHQJXDMH\ODFXOWXUDOLWHUDULD

$O PLVPR WLHPSR D WUDYpV GH OD FRPSUHQVLyQ GH FRQFHSWRV SROtWLFRV KLVWyULFRV
HFRQyPLFRV \ VRFLDOHV GHO PXQGR JULHJR \ VX OHJDGR HQ OD DFWXDOLGDG VH YDORUD \ UHVSHWD OD
GLYHUVLGDGFXOWXUDOFRQORTXHVHIRPHQWDODFRPSHWHQFLDFODYHFLXGDGDQD$VXYH]VHDFWLYDQ
DFWLWXGHVGHUHVSHWR\FRPSURPLVRSRUODSUHVHUYDFLyQGHHVDSDUWHGHODFXOWXUDKHOHQD

(Q ORUHIHUHQWH D ODFRPSHWHQFLDFODYHGLJLWDOHQODV PDWHULDV*ULHJR,\,,VHXWLOL]DQ


UHFXUVRV GLGiFWLFRV GLJLWDOHV WDQWR SDUD HO DSUHQGL]DMH FRPR SDUD OD FUHDFLyQ GH PDWHULDOHV
SURSLRV LQGLYLGXDOHV R HQ JUXSR 'H HVWD PDQHUD VH FRQWULEX\H D OD DOIDEHWL]DFLyQ GLJLWDO GHO
DOXPQDGR \D TXH VH OH RULHQWD SDUD DGTXLULU ODV KDELOLGDGHV QHFHVDULDV HQ HO PDQHMR \
WUDWDPLHQWRGHODLQIRUPDFLyQGHPDQHUDYHUD]\FRQWUDVWDGD

/DVFRPSHWHQFLDVFODYHSHUVRQDOVRFLDO\GHDSUHQGHUDDSUHQGHU\HPSUHQGHGRUDVH
SRWHQFLDQ WDPELpQ PHGLDQWH HO HVWXGLR GH OD OHQJXD \ FXOWXUD JULHJDV SXHVWR TXH DO FUHDU R
LQWHUSUHWDUWH[WRVHQJULHJRVHGHVDUUROODHQHODOXPQDGRODDFHSWDFLyQGHOHUURUFRPRPRWRUGH
DSUHQGL]DMHDOWLHPSRTXHVHDFWLYDHOJXVWRSRUDSUHQGHUFRPRPRGRGHVXSHUDFLyQ7DPELpQ
VHLPSXOVDODUHIOH[LyQHOGHVDUUROORSHUVRQDO\ODIDFXOWDGGHGLVFHUQLUFUtWLFDPHQWHODVIXHQWHV
GH LQIRUPDFLyQ DQDOyJLFDV R GLJLWDOHV HQ HO SURFHVR GH LQGDJDFLyQ WDQWR LQGLYLGXDO FRPR HQ
HTXLSR$VtPLVPRVHKDFHFRQVFLHQWHDODOXPQDGRGHODLPSRUWDQWHKHUHQFLDFXOWXUDOTXHGHVGH
HO SDVDGR QRV D\XGD D FRPSUHQGHU HO SUHVHQWH SURPRYLHQGR GH HVWH PRGR OD FDSDFLGDG GH
DFHSWDUORVFDPELRVTXHVXSRQHQXQSURJUHVRHQHOSURSLRDXWRFRQRFLPLHQWR7DPELpQLPSXOVD
XQDUHIOH[LyQFUtWLFD\FRQVWUXFWLYDDOWLHPSRTXHSURPRFLRQDODLPDJLQDFLyQ\ODFUHDWLYLGDGSDUD
DIURQWDUODLQFHUWLGXPEUH\GHFLGLUDSDUWLUGHOHVWXGLRGHORVGDWRV

&RQODUHIOH[LyQVREUHODOHQJXD\ODFXOWXUDJULHJDVVHGHVDUUROODWDPELpQODFRPSHWHQFLD
FODYHHQFRQFLHQFLD\H[SUHVLRQHVFXOWXUDOHVSRUPHGLRGHOFRQRFLPLHQWR\ODYDORUDFLyQGHODV
KXHOODVPDWHULDOHVHLQPDWHULDOHVGHOPXQGRKHOpQLFRHQQXHVWURSDtVDVtFRPRGHODQiOLVLVGH
ODLQIOXHQFLDGHHVWHSDVDGRHQGHWHUPLQDGDVH[SUHVLRQHVDUWtVWLFDVORTXHIDYRUHFHHOGHVDUUROOR



Num. 9404 / 12.08.2022 44065




GHODLGHQWLGDGSHUVRQDODWUDYpVGHOGLiORJRLQWHUFXOWXUDO(OHVWDEOHFLPLHQWRGHODUHODFLyQGHO
SDVDGRFRQHOSUHVHQWHSRWHQFLDHQHODOXPQDGRODFRPSUHQVLyQUD]RQDGDGHODVRFLHGDGHQOD
TXHYLYH

/D PDWHULD *ULHJR VH LPSDUWH HQ ORV GRV FXUVRV GH %DFKLOOHUDWR GH PDQHUD TXH VX
HVWXGLR KD GH VHU JUDGXDO \ SURJUHVLYR GH PHQRU D PD\RU GLILFXOWDG KDFLHQGR XVR GH XQD
PHWRGRORJtDDFWLYDHLQGXFWLYDHQODTXHHODOXPQDGRFRQODD\XGDGHOSURIHVRUDGRSXHGDLU
FRQVWUX\HQGRORVFRQFHSWRVJUDPDWLFDOHV3DUDOOHYDUDFDERHVWDPHWRGRORJtDVHSULRUL]DQORV
FULWHULRVGHIUHFXHQFLD\DSURYHFKDPLHQWRGHODVHVWUXFWXUDVOLQJtVWLFDVPiVXWLOL]DGDVHQWH[WRV
FOiVLFRV JULHJRV \ OD FRPSDUDFLyQ GH GLFKDV HVWUXFWXUDV FRQ RWUDV OHQJXDV GHO UHSHUWRULR
LQGLYLGXDO GHO DOXPQDGR FRQ OR FXDO VH SUHWHQGH FRQVHJXLU XQ SURFHVR GH DSUHQGL]DMH
SHUVRQDOL]DGR\DGDSWDGRDORVGLYHUVRVULWPRVGHODOXPQDGR

6H IRPHQWDQ ODV DFWLYLGDGHV OLQJtVWLFDV GH UHIOH[LyQ \ GH DQiOLVLV VREUH WHPDV
WUDQVYHUVDOHVTXHGHVSLHUWHQODFXULRVLGDGHOJXVWRSRUODOHFWXUD\D\XGHQDODFRPSUHQVLyQ\
H[SUHVLyQ RUDO \ HVFULWD &RQ WRGR HOOR VH SRWHQFLD OD FDSDFLGDG FUtWLFD \ OD DXWRHVWLPD GHO
DOXPQDGR

/DVPDWHULDV*ULHJR,\,,GHO%DFKLOOHUDWRVHUHODFLRQDQFRQODVPDWHULDVRSWDWLYDVGHOD
(GXFDFLyQ6HFXQGDULD2EOLJDWRULD&XOWXUD&OiVLFDHQž\/DWtQHQž$GHPiVHVWitQWLPDPHQWH
YLQFXODGRFRQODVPDWHULDV/DWtQ ,\,, GH %DFKLOOHUDWR\D TXHHQDPEDVPDWHULDVVHWUDEDMDQ
DVSHFWRVOLQJtVWLFRV\FXOWXUDOHVGHODFLYLOL]DFLyQJUHFRUURPDQD

(O FXUUtFXOXP GH DPEDV PDWHULDV *ULHJR , \ *ULHJR ,, LQFOX\H FLQFR FRPSHWHQFLDV
HVSHFtILFDVFRQVXGHVFULSFLyQFRUUHVSRQGLHQWHHQODTXHVHSURSRUFLRQDWDPELpQLQIRUPDFLyQ
VREUHODVFRQH[LRQHVFRQODVFRPSHWHQFLDVFODYHSULQFLSDOPHQWHODFRPSHWHQFLDSOXULOLQJH\OD
FLXGDGDQD TXH SUHVHQWD DO JULHJR FRPR KHUUDPLHQWD SDUD HO DSUHQGL]DMH \ OD FRPSUHQVLyQ GH
RWUDVOHQJXDV\GHODFXOWXUDHQJHQHUDO

/DVFRPSHWHQFLDVHVSHFtILFDVGH*ULHJRHQ%DFKLOOHUDWRVHHVWDEOHFHQHQWRUQRDGRV
HMHVSULQFLSDOHVHOSULPHURWLHQHFRPRREMHWLYRVLWXDUODOHFWXUDODLQWHUSUHWDFLyQ\ODWUDGXFFLyQ
GHWH[WRVGHGLIHUHQWHWLSRORJtDFRPRSXQWRGHSDUWLGDSDUDHODSUHQGL]DMHGHODVOHQJXDVDGHPiV
GHODFXOWXUD\FLYLOL]DFLyQDFWLYDQGRVLPXOWiQHDPHQWHORVVDEHUHVGHFDUiFWHUOLQJtVWLFR\QR
OLQJtVWLFR

(OVHJXQGRHMHFRPSRUWDHOGHVDUUROORGHSURFHGLPLHQWRVTXHSURPXHYDQXQDUHIOH[LyQ
UD]RQDGDFUtWLFDSHUVRQDO\FROHFWLYDHQWRUQRDORVWH[WRV\DOOHJDGRPDWHULDOHLQPDWHULDOGHOD
FLYLOL]DFLyQKHOHQD\VXFRQWULEXFLyQDODFXOWXUDODVRFLHGDGODSROtWLFD\ODLGHQWLGDGHXURSHD

7UDV ODV FRPSHWHQFLDV HVSHFtILFDV VH SUHVHQWDQ ORV VDEHUHV EiVLFRV RUJDQL]DGRV HQ
FXDWUR EORTXHV TXH VH SUHVHQWDQ GHVGH GRV SHUVSHFWLYDV GLIHUHQWHV OLQJtVWLFD \ FXOWXUDO (O
RUGHQGHORVEORTXHVQRUHVSRQGHDQLQJXQDMHUDUTXtDGHLPSRUWDQFLD/RVFXDWUREORTXHVVRQ
ORVVLJXLHQWHV

(OSULPHURWUDWDGHOVLVWHPDGHODOHQJXDJULHJDFRQHOHVWXGLRGHVXPRUIRORJtD\VLQWD[LV
GH PDQHUDVHFXHQFLDO\DFXPXODWLYDHQ ORV GRVFXUVRVHQORVTXHVH LPSDUWH 6X REMHWLYR HV
GHVFXEULUODOHQJXDJULHJDSRUPHGLRGHVXSDUDOHOLVPRJUDPDWLFDOFRQODOHQJXDODWLQD\FRQRWUDV
OHQJXDVFRQRFLGDVSRUHO DOXPQDGR (QHVWHEORTXHVHWUDEDMDODLQWHUSUHWDFLyQSURGXFFLyQ\
WUDGXFFLyQGHWH[WRVJULHJRVJUDGXDGRVDOQLYHOGHODOXPQDGR

(OVHJXQGRVHFHQWUDHQHOJULHJR\ HOSOXULOLQJLVPRFRQ ODILQDOLGDGGHGHVFXEULUVX


KXHOOD HQ RWUDV OHQJXDV PRGHUQDV (Q HVWH EORTXH VH WUDEDMDQ SULQFLSDOPHQWH ODV HWLPRORJtDV
JULHJDV PHGLDQWH OD FRPSDUDFLyQ GH ORV WpUPLQRV GH RULJHQ JULHJR FRQ RWUDV OHQJXDV GHO
UHSHUWRULRLQGLYLGXDOGHODOXPQDGRVLQROYLGDUVXLQWHUPHGLDFLyQFRQHOODWtQ'HHVWHPRGRVH
SUHWHQGH DPSOLDU VX FDXGDO Op[LFR \ KDFHU XQ XVR SUHFLVR HQ GLIHUHQWHV VLWXDFLRQHV
FRPXQLFDWLYDV

(OWHUFHUEORTXHHVWiGHGLFDGRDOD/LWHUDWXUDJULHJDFX\RREMHWLYRSULPRUGLDOHVGHVSHUWDU
HQHODOXPQDGRHOLQWHUpVSRUFRQRFHUODOLWHUDWXUDFOiVLFD\VXLQIOXHQFLD\SURPRYHUVXOHFWXUD
FRPRIXHQWHGHSODFHU\GHFRQRFLPLHQWRGHOPXQGR



Num. 9404 / 12.08.2022 44066




(QHOFXDUWREORTXHVHWUDEDMDQORVDVSHFWRVFXOWXUDOHV\SDWULPRQLDOHVGHOPXQGRJULHJR
VXLQIOXHQFLDHQHOPXQGRURPDQR\VXSHUYLYHQFLDKR\HQGtD6HHVWXGLDQFRQFHSWRVFRPROD
GHPRFUDFLDODRUDWRULDODPLWRORJtDODKLVWRULDODVRFLHGDGODYLGDFRWLGLDQDHQWUHRWURV\VX
LQIOXHQFLDHQODVPDQLIHVWDFLRQHVDUWtVWLFDV\FXOWXUDOHV7DPELpQVHWUDWDHOSDWULPRQLRPDWHULDO
HLQPDWHULDOGHODFXOWXUDKHOHQDTXHIDFLOLWDODFRPSUHQVLyQ\SXHVWDHQYDORUGHHVWDKHUHQFLD\
GHODVUDtFHVGHODFXOWXUDHXURSHD

/DVVLWXDFLRQHVGHDSUHQGL]DMHWLHQHQFRPRSULQFLSDOREMHWLYRSURPRYHUODDGTXLVLFLyQ\
GHVDUUROOR GH ODV GLVWLQWDV FRPSHWHQFLDV HVSHFtILFDV GH OD PDWHULD VL ELHQ VH UHFRPLHQGD
SODQWHDUODVDWHQGLHQGRDXQHQIRTXHLQWHUGLVFLSOLQDU\FRRUGLQDUODHQVHxDQ]DGHOJULHJRFRQHO
GHODOHQJXD\FXOWXUDODWLQDVVLHODOXPQDGRFXUVDDPEDVPDWHULDV

3RU~OWLPRVHHVWDEOHFHQORVFULWHULRVGHHYDOXDFLyQFRQORVTXHVHYDORUDHOSURJUHVR
GHODOXPQDGRFRQUHVSHFWRDODVFRPSHWHQFLDVHVSHFtILFDVGHODPDWHULD(QVXPDODVPDWHULDV
*ULHJR,\,,VHRULHQWDQHQIXQFLyQGHORVGHVFULSWRUHVRSHUDWLYRVSDUDDOFDQ]DUORVREMHWLYRVGHO
%DFKLOOHUDWR\SURPRYHUODDGTXLVLFLyQ\GHVDUUROORGHODVFRPSHWHQFLDVFODYHQHFHVDULDVSDUD
HQIUHQWDUORVUHWRV\GHVDItRVGHOVLJOR;;,

 &RPSHWHQFLDVHVSHFtILFDV
&RPSHWHQFLDHVSHFtILFD
$QDOL]DUORVHOHPHQWRVEiVLFRVGHODOHQJXDJULHJDLGHQWLILFDQGR\UHIOH[LRQDQGRVREUH
VXIXQFLRQDPLHQWROLQJtVWLFRDWUDYpVGHODFRPSDUDFLyQFRQHOODWtQ\FRQODVOHQJXDVFRQRFLGDV
SRUHODOXPQDGR

 'HVFULSFLyQGHODFRPSHWHQFLD
&RQ OD DGTXLVLFLyQ GH HVWD FRPSHWHQFLD VH SUHWHQGH TXH HO DOXPQDGR HQWLHQGD GH
PDQHUD SURJUHVLYD OD HVWUHFKD YLQFXODFLyQ HQ HO IXQFLRQDPLHQWR JUDPDWLFDO \ VLQWiFWLFR GH OD
OHQJXDJULHJDFRQ ODODWLQDGHPDQHUDTXHPHGLDQWHODDQDORJtD\FRPSDUDFLyQHQWUH DPEDV
SXHGD FRPSUHQGHU FRQ PiV IDFLOLGDG VX IXQFLRQDPLHQWR HO FRQFHSWR GH IOH[LyQ \ VXV
FRQVWUXFFLRQHVPiVFDUDFWHUtVWLFDVDVtFRPRDOFDQ]DUXQFRQRFLPLHQWRHVHQFLDOGHODIRQRORJtD
PRUIRORJtDVLQWD[LV\Op[LFRGHODOHQJXDJULHJD

'HHVWDPDQHUDHODOXPQDGRORJUDDFWLYDUHVWRVVDEHUHVEiVLFRVGHFDUiFWHUOLQJtVWLFR
FRPRKHUUDPLHQWDSDUDODFRPSUHQVLyQ\QRFRPRILQOOHJDQGRDHQWHQGHUODOHQJXDFRPRXQD
HQWLGDGYLYD\QRFRPRODVXPDDEVWUDFWDGHGLIHUHQWHVHOHPHQWRVFRPRVRQHOYRFDEXODULR\OD
JUDPiWLFD

&RQ OD SURIXQGL]DFLyQ HQ OD FRPSUHQVLyQ GHO IXQFLRQDPLHQWR JUDPDWLFDO GH OD OHQJXD
JULHJDHODOXPQDGRDOFDQ]DXQDUHIOH[LyQSHUVRQDOVREUHVXSURSLDOHQJXDDSUHQGHDPDQHMDU
WpUPLQRV PHWDOLQJtVWLFRV \ DPSOtD VX UHSHUWRULR Op[LFR OR TXH FRQOOHYD HO GHVDUUROOR GH VX
PDGXUH]\DXWRQRPtDSHUVRQDOIDYRUHFLHQGRODVFRPSHWHQFLDVFODYHHQFRPXQLFDFLyQOLQJtVWLFD
\SOXULOLQJH

3DUD HO SULPHU FXUVR VH FRQVLGHUD RSRUWXQR HO PDQHMR GH ORV HOHPHQWRV EiVLFRV GHO
VLVWHPDOLQJtVWLFRDQLYHOQRPLQDOSURQRPLQDOYHUEDO\RUDFLRQDOFRPSDUiQGRORFRQODOHQJXD
ODWLQD(QHOVHJXQGRFXUVRDGHPiVGHODFRQVROLGDFLyQGHWRGRORDQWHULRUVHUHFRPLHQGDOD
SURIXQGL]DFLyQ HQ ODV H[FHSFLRQHV GH OD IOH[LyQ QRPLQDO \ SURQRPLQDO HQ ORV DVSHFWRV PiV
FRPSOHMRVGHODFRQMXJDFLyQYHUEDOSHUVRQDO\QRSHUVRQDO\ORVGHODVLQWD[LVRUDFLRQDO$Vt
PHGLDQWH HVWD FRPSHWHQFLD VH SUHWHQGH TXH DO ILQDO GHO SULPHU FXUVR HO DOXPQDGR YDORUH OD
LPSRUWDQFLDGHOJULHJRFRPRPHGLRGHWUDQVPLVLyQGHFXOWXUDWDQWRRUDOFRPRHVFULWD<DOILQDO
GHOVHJXQGRTXHDSUHFLHODGLYHUVLGDGOLQJtVWLFD\VHLQWHUHVHSRUODDGTXLVLFLyQGHRWUDVOHQJXDV
H[WUDQMHUDVFRPRPHGLRGHHQULTXHFLPLHQWRSHUVRQDO\SURIHVLRQDO

(VWD FRPSHWHQFLD HVSHFtILFD VH FRQHFWD FRQ ORV VLJXLHQWHV GHVFULSWRUHV RSHUDWLYRV
&&/&&/&367(0




Num. 9404 / 12.08.2022 44067




 &RPSHWHQFLDHVSHFtILFD
,GHQWLILFDU\YDORUDUORVSULQFLSDOHVHOHPHQWRVOp[LFRVJULHJRVVXVFDPELRV\VXOHJDGR
HQ ODV OHQJXDV FRQRFLGDV SRU HO DOXPQDGR D WUDYpV GHO DSUHQGL]DMH GH OD HWLPRORJtD ORV
KHOHQLVPRVORVQHRORJLVPRVODFRPSRVLFLyQ\GHULYDFLyQWDQWRGHYRFDEXODULRFRWLGLDQRFRPR
HVSHFLDOL]DGR

 'HVFULSFLyQGHODFRPSHWHQFLD
(VWDFRPSHWHQFLDDSOLFDGDGHVGHXQHQIRTXHSOXULOLQJHD\XGDDODOXPQDGRDDPSOLDU
HO YRFDEXODULR GH ODV OHQJXDV TXH FRQRFH \D TXH ODV UHODFLRQD HQWUH Vt SRU PHGLR GH OD
LGHQWLILFDFLyQ GH ORV OH[HPDV SUHILMRV \ VXILMRV TXH FRQIRUPDQ ODV SDODEUDV \ D DQDOL]DU ORV
SRVLEOHVFDPELRVTXHVHKD\DQSURGXFLGRGHPDQHUDGLDFUyQLFDDQLYHOIRQpWLFRPRUIROyJLFRR
VHPiQWLFR

3RURWURODGRFRQWULEX\HDPHMRUDUODFRPSUHQVLyQOHFWRUD\ODH[SUHVLyQRUDO\HVFULWD
GHODOXPQDGRHQOHQJXDVURPiQLFDVRQRURPiQLFDVGHPRGRTXHSXHGHLGHQWLILFDU\H[SOLFDU
ODEDVHHWLPROyJLFDGHXQDSDODEUDGHGXFLUHOVLJQLILFDGRGHQHRORJLVPRVRWpUPLQRVGHOHQJXDMH
HVSHFLDOL]DGRDVtFRPRFUHDUIDPLOLDVOp[LFDV

'HHVWDPDQHUDVHLPSXOVDXQDSUHQGL]DMHLQWHUFRQHFWDGR\GHGXFWLYRGHVFXEULHQGR
\ YDORUDQGR HO SDSHO GH OD OHQJXD JULHJD HQ OD IRUPDFLyQ GH ODV OHQJXDV URPiQLFDV \ VX
FRQWULEXFLyQHQDTXHOODVPiVDOHMDGDVSRUPHGLRGHOYRFDEXODULRHVSHFtILFRGHGLYHUVRVFDPSRV
FLHQWtILFRV\WpFQLFRV

(VWDFRPSHWHQFLDIDYRUHFHHOUHVSHWRSRUODGLYHUVLGDGOLQJtVWLFD\SURPXHYHHOLQWHUpV
SRURWUDVFXOWXUDVSDUDFRQVWUXLUXQDLGHQWLGDGHXURSHDDGHPiVGHSURPRYHUODVFRPSHWHQFLDV
FODYHHQFRPXQLFDFLyQOLQJtVWLFD\SOXULOLQJH

$O ILQDO GHO SULPHU FXUVR VH SUHWHQGH TXH HO DOXPQDGR DSOLTXH ODV QRUPDV EiVLFDV GH
HYROXFLyQ IRQpWLFD TXH SHUPLWDQ HQFRQWUDU ODV UHODFLRQHV Op[LFDV GH ORV pWLPRV JULHJRV HQ ODV
OHQJXDVGHOUHSHUWRULRLQGLYLGXDO$OILQDOGHOVHJXQGRFXUVRGHEHKDEHUDOFDQ]DGRXQDPD\RU
VLVWHPDWL]DFLyQGHODIRUPDFLyQGHGHULYDGRVQRPLQDOHV\YHUEDOHVHQHOSURSLRJULHJR\HQODV
OHQJXDV TXH FRQRFH DWHQGLHQGR DO XVR GH OD FRPSRVLFLyQ SUHILMRV \ VXILMRV SDUD LQIHULU VX
VLJQLILFDGR

(VWD FRPSHWHQFLD HVSHFtILFD VH FRQHFWD FRQ ORV VLJXLHQWHV GHVFULSWRUHV &3 &3
67(0&36$$

 &RPSHWHQFLDHVSHFtILFD
$UJXPHQWDULQWHUSUHWDUWUDGXFLU\SURGXFLUWH[WRVJULHJRVHVFULWRV\RUDOHVGHGLILFXOWDG
JUDGXDGD D SDUWLU GH HVWUDWHJLDV GH GHGXFFLyQ H LQGXFFLyQ XWLOL]DQGR HO FRQWH[WR OLQJtVWLFR
KLVWyULFRVRFLDO\SROtWLFR

 'HVFULSFLyQGHODFRPSHWHQFLD
/DDGTXLVLFLyQGHHVWDFRPSHWHQFLDSHUPLWHDODOXPQDGRODFRPSUHQVLyQ\H[SUHVLyQRUDO
\HVFULWDHQOHQJXDJULHJDSDUWLHQGRGHWH[WRVGHGLILFXOWDGSURJUHVLYD\FRQWH[WXDOL]DGRVGHVGH
HOSXQWRGHYLVWDKLVWyULFRSROtWLFRVRFLDO\FXOWXUDO\DTXHODOHFWXUDGHWH[WRVJULHJRVLPSOLFDXQ
FRQWH[WRDOHMDGRGHODH[SHULHQFLDSHUVRQDO

3RU HVWH PRWLYR HV QHFHVDULR XVDU KHUUDPLHQWDV GH LQWHUSUHWDFLyQ TXH FRODERUHQ HQ
GHVDUUROODU OD DXWRQRPtD GHO DOXPQDGR D OD KRUD GH OHHU ORV WH[WRV WDQWR DGDSWDGRV FRPR
RULJLQDOHVKX\HQGRGHOH[FHVLYRLQWHUpVSRUHODQiOLVLV\GHVFLIUDGRGHXQLGDGHVJUDPDWLFDOHVHQ
OXJDUGHYDORUDUODFRPSUHQVLyQJOREDOGHOWH[WR

/DFRPSUHQVLyQ HLQWHUSUHWDFLyQ GH WH[WRVJULHJRVSHUPLWH DODOXPQDGRFRQVROLGDUORV


FRQRFLPLHQWRV DGTXLULGRV HQ RWUDV PDWHULDV \ UHODFLRQDUORV GH PDQHUD TXH YDORUH OD FXOWXUD
KHOpQLFDFRPRXQRGHORVSLODUHVGHODFLYLOL]DFLyQRFFLGHQWDO$VXYH]VHUFRQVFLHQWHVGHHVWD
YLQFXODFLyQLPSXOVDVXDXWRHVWLPD\OHSHUPLWHODHPLVLyQGHMXLFLRVGHYDORUDUJXPHQWDGRV



Num. 9404 / 12.08.2022 44068




0HGLDQWH HVWD FRPSHWHQFLD HVSHFtILFD VH YDORUD OD LPSRUWDQFLD GH OD E~VTXHGD GH
IXHQWHVSULPDULDVDGHFXDGDVSDUDREWHQHULQIRUPDFLyQ\VHGHVFXEUHODSHUYLYHQFLD\DGDSWDFLyQ
GH HOHPHQWRV OLQJtVWLFRV \ FXOWXUDOHV GHO PXQGR KHOHQR HQ QXHVWUR SUHVHQWH $ VX YH] VH
SRWHQFLDQODVFRPSHWHQFLDVFODYHHQFRPXQLFDFLyQOLQJtVWLFD\SOXULOLQJHDGHPiVGHODGLJLWDO
\ODFLXGDGDQDDOYDORUDU\UHVSHWDUODGLYHUVLGDGOLQJtVWLFD\FXOWXUDOGHODVRFLHGDG

(OGHVDUUROORFRPSHWHQFLDOGHHVWHDSDUWDGRKDGHREVHUYDUDWHQWDPHQWHXQDJUDGDFLyQ
\ SURJUHVR DGHFXDGRV (Q HO SULPHU FXUVR HO DOXPQDGR GHEHUtD FRQVHJXLU OHHU WUDGXFLU
FRPSUHQGHUWH[WRVVHQFLOORV\DGDSWDGRVTXHVHFRUUHVSRQGDQFRQORVHOHPHQWRVJUDPDWLFDOHV
WUDEDMDGRVHQODFRPSHWHQFLD\FRPSUHQGHU\SURGXFLUPHQVDMHVRUDOHVHQJULHJRFRPRIRUPD
GH UHIRU]DU HO DSUHQGL]DMH OLQJtVWLFR SRU PHGLR GH OD RUDOLGDG \ UHFRQRFHU OD LPSRUWDQFLD GHO
JULHJR FRPR YHKtFXOR GH WUDQVPLVLyQ GH FXOWXUD \ FRPXQLFDFLyQ (Q VHJXQGR LQWHUSUHWDU \
WUDGXFLUWH[WRVDGDSWDGRV\RULJLQDOHVGHGLIHUHQWHVJpQHURVOLWHUDULRVFRQXQDQiOLVLVYDORUDWLYR
GHODSURSLDYHUVLyQTXHSHUPLWDFRQVLGHUDUHOHUURUFRPRPRWRUGHVXDSUHQGL]DMH

(VWDFRPSHWHQFLDHVSHFtILFDVHFRQHFWDFRQORVVLJXLHQWHVGHVFULSWRUHV&&/&&(&
&&(&

 &RPSHWHQFLDHVSHFtILFD
,GHQWLILFDU\YDORUDUODVFRQWULEXFLRQHVGHOPXQGRJULHJRHQHORULJHQGHODGHPRFUDFLD\
GHODFLXGDGDQtDHXURSHDUHODFLRQDQGRFUtWLFDPHQWHHOSUHVHQWH\HOSDVDGR

 'HVFULSFLyQGHODFRPSHWHQFLD
/DVPDWHULDV*ULHJR,\,,QRVyORFRPSRUWDQHOHVWXGLRGHVXOHQJXDVLQRWDPELpQGHVX
FXOWXUD SDUD SRGHU FRQWH[WXDOL]DUOD SRU OR TXH FRQ HVWD FRPSHWHQFLD VH SUHWHQGH TXH HO
DOXPQDGR DQDOLFH ODV SULQFLSDOHV FDUDFWHUtVWLFDV GH OD FLYLOL]DFLyQ JULHJD ODV UHODFLRQH FRQ
QXHVWUD FXOWXUD DFWXDO \ YDORUH OD LPSRUWDQFLD GH OD KHUHQFLD KHOpQLFD HQ QXHVWUD FLXGDGDQtD
GHPRFUiWLFDHXURSHD

(VWH DQiOLVLV GHEH SURPRYHU HQ HO DOXPQDGR HVWUDWHJLDV GH UHIOH[LyQ H LQIHUHQFLD TXH
SRWHQFLHQVXGHVDUUROORSHUVRQDO\MXLFLRFUtWLFRSXHVWRTXHUHTXLHUHQGHXQDQiOLVLVYDORUDWLYR
VREUH HO OHJDGR JULHJR GH XQD LQYHVWLJDFLyQ DUJXPHQWDGD HQ IXHQWHV WDQWR DQDOyJLFDV FRPR
GLJLWDOHVGHXQGLiORJRUHVSHWXRVRDQWHDVSHFWRVKR\HQGtD\DVXSHUDGRV\GHXQDYDORUDFLyQ
DMHQDDOSUHVHQWLVPR

0HGLDQWHHOHVWXGLRGHWH[WRVJULHJRVHODOXPQDGRSRGUiSHUFLELUODUHIHUHQFLDFRQVWDQWH
DODFXOWXUDJULHJD\GHVFXEULUVXLQPHQVDDSRUWDFLyQDODLGHQWLGDGHXURSHD

$O ILQDO GHO SULPHU FXUVR HO DOXPQDGR VHUi FDSD] GH UHIOH[LRQDU VREUH OD LQIOXHQFLD \
OHJDGR GH OD FXOWXUD JULHJD HQ OD FLYLOL]DFLyQ URPDQD HQ OD RFFLGHQWDO \ HQ VX HQWRUQR PiV
SUy[LPR SUHVHQWDQGR ORV FRQWHQLGRV HQ GLYHUVRV IRUPDWRV $O ILQDO GHO VHJXQGR FXUVR
SURIXQGL]DUi HQ OD LPSRUWDQFLD GH ORV JpQHURV OLWHUDULRV HQ ODV PDQLIHVWDFLRQHV FXOWXUDOHV
SRVWHULRUHVSRUPHGLRGHVHQFLOODVLQYHVWLJDFLRQHVGHWHPDVPRQRJUiILFRV (Q DPERVFXUVRV
HVWDFRPSHWHQFLDIRPHQWDHOGHEDWHUHVSHWXRVRKDFLDRWUDVFXOWXUDV\PRGRVGHYLGD

(VWDFRPSHWHQFLDHVSHFtILFDVHFRQHFWDFRQORVVLJXLHQWHVGHVFULSWRUHV&&/&3
&'&36$$&&

 &RPSHWHQFLDHVSHFtILFD
,GHQWLILFDU \ YDORUDU HO SDWULPRQLR PDWHULDO H LQPDWHULDO GH OD FLYLOL]DFLyQ JULHJD
FRPRIXHQWHGHVDEHU\GHLQVSLUDFLyQGHGLIHUHQWHVPDQLIHVWDFLRQHVFXOWXUDOHV

 'HVFULSFLyQGHODFRPSHWHQFLD
0HGLDQWH HVWD FRPSHWHQFLD HO DOXPQDGR DSUHQGH D UHFRQRFHU \ YDORUDU OD SUHVHQFLD
JULHJDPDWHULDOHLQPDWHULDOFRPRSDUWHGHODVVHxDVGHLGHQWLGDGHXURSHDPHGLRWUDQVPLVRU
GH FRQRFLPLHQWR \ IXHQWH GH LQVSLUDFLyQ GH RWUDV PDQLIHVWDFLRQHV FXOWXUDOHV D OR ODUJR GH OD
KLVWRULD



Num. 9404 / 12.08.2022 44069




6HSUHWHQGHDVtGHVSHUWDUVXLQWHUpV\SUHRFXSDFLyQSRUODFRQVHUYDFLyQ\FRPSUHQVLyQ
GH HVH SDWULPRQLR SDUD SRGHU GLVIUXWDU GHO PLVPR WDQWR HQ HO SUHVHQWH FRPR HQ IXWXUDV
JHQHUDFLRQHVXWLOL]DQGRUHFXUVRVDQDOyJLFRV\GLJLWDOHV

(OHVWXGLR\HOFRQWDFWRGLUHFWRRYLUWXDOFRQHVRVHOHPHQWRVSDWULPRQLDOHVHQPXVHRV
\DFLPLHQWRVDUTXHROyJLFRVRYLDMHVFXOWXUDOHVFRQVWLWX\HSDUDHODOXPQDGRXQHMHUFLFLRGHDQiOLVLV
\UHIOH[LyQ TXHSHUPLWHHQWHQGHUPHMRUVXHQWRUQR KLVWyULFR\SDWULPRQLDOGHXQDPDQHUD PiV
FUtWLFD\SUHFLVD

'HHVWHPRGRHODOXPQDGRDGTXLHUH HOEDJDMHQHFHVDULRSDUDFRPSUHQGHU ODVUDtFHV


JULHJDVGHQXHVWURPRGRGHVHU\GHSHQVDU\ODVWRPDFRPRUHIHUHQFLDSDUDFRPSUHQGHUPHMRU
HOPXQGRDFWXDO

$OILQDOGHOSULPHUFXUVRVHHVSHUDTXHHODOXPQDGRLGHQWLILTXH\YDORUHODLQIOXHQFLDGHO
PXQGRJULHJRHQOD3HQtQVXOD,EpULFD\HQOD&RPXQLGDG9DOHQFLDQDSRUPHGLRGHDFWLYLGDGHV
TXH IRPHQWHQ HO UHVSHWR D OD FXOWXUD \ YDORUHV GH RWUDV FLYLOL]DFLRQHV $O ILQDO GHO VHJXQGR HO
DOXPQDGRUHFRQRFHUiDGHPiVODLPSRUWDQFLDGHODWUDGLFLyQJULHJDFRPRIXHQWHGHLQVSLUDFLyQ
HQODVPDQLIHVWDFLRQHVFXOWXUDOHV\DUWtVWLFDVSRVWHULRUHVSRUPHGLRGHVHQFLOODVLQYHVWLJDFLRQHV
GHFDUiFWHUFLHQWtILFR

(VWD FRPSHWHQFLD HVSHFtILFD VH FRQHFWD FRQ ORV VLJXLHQWHV GHVFULSWRUHV &&/ &'
&&&&&(&&(&&&(&


 6DEHUHVEiVLFRV
,QWURGXFFLyQ

/RV VDEHUHV EiVLFRV GH *ULHJR , \ ,, VH RULHQWDQ GHVGH OD SHUVSHFWLYD OLQJtVWLFD \
VRFLRFXOWXUDODODFRQVHFXFLyQGHODVFRPSHWHQFLDVHVSHFtILFDVHVSHUDGDVHQHOSODQROLQJtVWLFR
\GHOFRQRFLPLHQWRFUtWLFRGHXQSDVDGRTXHWLHQHXQDJUDQLPSURQWDHQODYLGDGLDULDGHQXHVWUD
VRFLHGDG

/RVVDEHUHVVHHVWUXFWXUDQHQFXDWUREORTXHVTXHVHGLVWULEX\HQHQWUHORVGRVFXUVRV
7UDWiQGRVHGHXQDOHQJXDHVHYLGHQWHTXHORVVDEHUHVDOLJXDOTXHVXFHGHFRQODVFRPSHWHQFLDV
HVSHFtILFDV HVWiQ LQWHUFRQHFWDGRV SRU OR TXH VX PRGR GH SUHVHQWDFLyQ QR SUHVXSRQH XQD
MHUDUTXtDXRUGHQSUHHVWDEOHFLGRVHQVXDERUGDMHVLQRTXHHVWiQDELHUWRVDODRUGHQDFLyQTXH
FDGDGRFHQWHFRQVLGHUHPiVRSRUWXQD

(VWRV VDEHUHV WDQWR HQ HO SODQR OLQJtVWLFR FRPR HQ HO FXOWXUDO VRQ FRPSDUWLGRV HQ
EXHQDPHGLGDFRQODVPDWHULDVGHOHQJXDVREUHWRGR9DOHQFLDQR\&DVWHOODQR\WDPELpQFRQ
ODVGH+LVWRULDGHO$UWH/LWHUDWXUD8QLYHUVDO)LORVRItDH+LVWRULDGHOD)LORVRItD

(OSULPHUEORTXH6LVWHPDGHODOHQJXDJULHJDVHGLYLGHHQGRVVXEJUXSRV(VWUXFWXUD
GHODOHQJXDJULHJD\7H[WRVJULHJRV\VXLQWHUSUHWDFLyQWUDGXFFLyQ\SURGXFFLyQ

(OSULPHUR(VWUXFWXUDGHODOHQJXDJULHJDUHFRJHWRGRVORVHOHPHQWRVQHFHVDULRVSDUD
DOFDQ]DUODFRPSHWHQFLDOLQJtVWLFDUHTXHULGD/RVVDEHUHVVHGLVWULEX\HQHQWUHORVGRVFXUVRV
WHQLHQGRHQFXHQWDODQHFHVDULDFRQWLQXLGDGGHDPERV/RVVDEHUHVGHOSULPHUFXUVRGRWDQDO
DOXPQDGRGHODVKHUUDPLHQWDVQHFHVDULDVSDUDDERUGDUWH[WRV\HQXQFLDGRVSURSLRVGHGLILFXOWDG
EiVLFD PLHQWUDV TXH ORV GHO VHJXQGR DxR SURIXQGL]DQ HQ ODV SHFXOLDULGDGHV \ FDUDFWHUtVWLFDV
HVSHFtILFDVGHQLYHOHVGHOHQJXDPiVHOHYDGRV\GHJpQHURVOLWHUDULRVHVSHFtILFRV

(O VHJXQGR 7H[WRV JULHJRV \ VX LQWHUSUHWDFLyQ WUDGXFFLyQ \ SURGXFFLyQ SUHVHQWD


VDEHUHV TXH DSR\iQGRVH HQ ORV GHO EORTXH DQWHULRU SURSRUFLRQDQ DO DOXPQDGR ODV GHVWUH]DV
QHFHVDULDVSDUDDFFHGHUDODWUDGXFFLyQFRPSUHQVLyQ\SURGXFFLyQGHWH[WRV\HQXQFLDGRVGH
PDQHUDRUDO\HVFULWD/DVHVWUDWHJLDVSDUDHODQiOLVLVWUDGXFFLyQFRPSUHQVLyQ\H[SUHVLyQGHO
JULHJR D ODV OHQJXDV GH XVR GHO DOXPQDGR \ YLFHYHUVD VH RULHQWDUiQ D OD DGTXLVLFLyQ GH ODV
FRPSHWHQFLDVHVSHFtILFDVGHFDUiFWHUOLQJtVWLFR'HEHUiQHVWDUFRQHFWDGDVQHFHVDULDPHQWHFRQ
ODVGHFDUiFWHUVRFLRFXOWXUDOHKLVWyULFRORTXHH[SUHVDGHIRUPDFODUDOD HVWUHFKDUHODFLyQGH



Num. 9404 / 12.08.2022 44070




WRGDVFRPSHWHQFLDV\WRGRVORVVDEHUHVTXHFRPSRQHQODPDWHULD3RUHOORHVWHDSDUWDGRHVWi
RULHQWDGRIXQGDPHQWDOPHQWHDORVVDEHUHVTXHGHVDUUROODQODVFRUUHVSRQGLHQWHVFRPSHWHQFLDV
HVSHFtILFDV

(O VHJXQGR EORTXH (O JULHJR \ HO SOXULOLQJLVPR pWLPRV GHULYDFLyQ FRPSRVLFLyQ \
KHOHQLVPRVWLHQHFRPRIRFRODUHODFLyQ\DQiOLVLVMXVWLILFDGRGHODOHQJXDJULHJDFRQUHVSHFWRDO
UHSHUWRULR OLQJtVWLFR GHO DOXPQDGR 'H HVWH PRGR HO DOXPQDGR SURIXQGL]D HQ ORV VDEHUHV \
DQiOLVLVPHWDOLQJtVWLFRVORFXDOSHUPLWHDVXYH]XQDPHMRUDVXVWDQFLDOHQODVOHQJXDVGHXVR
KDELWXDOHQHOYRFDEXODULR\VXFRPSUHQVLyQ(VHQHVWHEORTXHHQHOTXHVHHQFXHQWUDODPD\RU
LQWHUFRQH[LyQFRQODVFRPSHWHQFLDVHVSHFtILFDVGHRWUDVOHQJXDVGHXVRGHODOXPQDGR

(O EORTXH WHUFHUR /LWHUDWXUD JULHJD JpQHURV OLWHUDULRV \ REUDV DERUGD ODV REUDV GH
GLIHUHQWHV JpQHURV WDQWR GH DXWRUDV FRPR DXWRUHV TXH KDQ VXSXHVWR XQ KLWR HQ HO GHVDUUROOR
FXOWXUDO HXURSHR (Q XQ SULPHU PRPHQWR VH SUHVHQWDUiQ ODV SHFXOLDULGDGHV GH OD SURGXFFLyQ
OLWHUDULDFOiVLFDFRPRIRUPDGHH[SUHVLyQSURSLDGHODpSRFD\ODVFRQH[LRQHVGHODOLWHUDWXUD
JULHJDFRQODODWLQD$SDUWLUGHDTXtVHLUiSURIXQGL]DQGRHQFDGDXQRGHORVJpQHURV\pSRFDV
SRQLHQGR HO DFHQWR HQ DTXHOORV DXWRUHV \ DXWRUDV FX\DV REUDV KD\DQ WHQLGR XQD PD\RU
WUDVFHQGHQFLDSDUDODOLWHUDWXUDHXURSHD

(OFXDUWREORTXH*UHFLD\VXSHUYLYHQFLDVHFRPSRQHGHGRVVXEJUXSRVTXHHQJOREDQ
ORV VDEHUHV UHODFLRQDGRV FRQ ORV DVSHFWRV KLVWyULFRV VRFLRFXOWXUDOHV \ SDWULPRQLDOHV PiV
LPSRUWDQWHV\QHFHVDULRVSDUDODFRUUHFWDFRPSUHQVLyQGHODFXOWXUD\ODOHQJXDJULHJDV

(OSULPHUR*UHFLD\VXSHUYLYHQFLDVHFHQWUDHQORVFRQWHQLGRVJHRJUiILFRVKLVWyULFRV\
VRFLRFXOWXUDOHV PiV GHVWDFDGRV GHO PXQGR JULHJR QHFHVDULRV SDUD GRWDU DO DOXPQDGR GHO
FRQWH[WRQHFHVDULRTXHIDYRUH]FDODFRPSUHQVLyQGHORVWH[WRVTXHVHWUDEDMDQHQORVEORTXHV
DQWHULRUHV(QFXDOTXLHUFDVRVHGHEHUiWHQHUXQDYLVLyQGHFRQMXQWRIXQGDPHQWDO\FODUDGHOD
KLVWRULD\HYROXFLyQGHODVRFLHGDGKHOHQD

(O VHJXQGR *UHFLD \ VX OHJDGR WUDWD WRGDV ODV FXHVWLRQHV UHODWLYDV D OD KHUHQFLD GHO
PXQGRJULHJRTXHDEDUFDGHVGHODDUTXLWHFWXUDDODRUJDQL]DFLyQVRFLDO\ODKXHOODGHODFXOWXUD
JULHJDGHVGHOD$QWLJHGDGKDVWDQXHVWURVGtDVHQHOPXQGRRFFLGHQWDO3RUPHGLRGHWRGRHOOR
HO DOXPQDGRDGTXLHUH XQD FRQFLHQFLDFUtWLFDGHORVHOHPHQWRVTXHIRUPDQQXHVWURPRGHORGH
FRQYLYHQFLDDFWXDOEDVDGRHQHOUHVSHWRDRWUDVFXOWXUDV\PRGRVGHYLGDSHURVLQROYLGDUORV
HOHPHQWRVTXHOHVRQSURSLRV(VWHEORTXHSUHVHQWDXQDFODUDFRQH[LyQFRQODVFRPSHWHQFLDV
HVSHFtILFDV \ ORV VDEHUHV DVRFLDGRV GH PDWHULDV FRPR +LVWRULD GH (VSDxD +LVWRULD GHO $UWH
/LWHUDWXUD8QLYHUVDO/LWHUDWXUD8QLYHUVDO)LORVRItDH+LVWRULDGHOD)LORVRItD

%ORTXH6,67(0$/(1*8$*5,(*$

(6758&785$/(1*8$*5,(*$&(\&( ž%$&+ ž%$&+


$EHFHGDULRSURQXQFLDFLyQ\DFHQWXDFLyQGHODOHQJXDJULHJD ; 
7LSRVGHSDODEUDVYDULDEOHVHLQYDULDEOHV ; 
&RQFHSWRGHODOHQJXDIOH[LYDQRPLQDO\SURQRPLQDO ; 
3HFXOLDULGDGHVGHODGHFOLQDFLyQJULHJD  ;
&RQMXJDFLyQ(OYHUERJULHJR ; ;
/RVFDVRV\VXVXVRV ; 
/DFRQFRUGDQFLD\HORUGHQGHSDODEUDV ; 
/DRUDFLyQVLPSOHV\FRPSXHVWDV ; ;
)RUPDVQRPLQDOHVGHOYHUER ; ;



Num. 9404 / 12.08.2022 44071




7(;726*5,(*26<68,17(535(7$&,Ï175$'8&&,Ï1< ž%$&+ ž%$&+


352'8&&,Ï1&(&(\&(
(VWUDWHJLDV GH LQWHUSUHWDFLyQ \ WUDGXFFLyQ HUURUHV IUHFXHQWHV \ ; ;
WpFQLFDVSDUDHYLWDUORV
5HFXUVRVHVWLOtVWLFRVIUHFXHQWHV\VXUHODFLyQFRQHOFRQWHQLGRGHO  ;
WH[WR
(VWUDWHJLDV\KHUUDPLHQWDVDQDOyJLFDV\GLJLWDOHVLQGLYLGXDOHV\ ; ;
FRRSHUDWLYDVSDUDODDXWRHYDOXDFLyQODFRHYDOXDFLyQ\OD
DXWRUUHSDUDFLyQ
$FHSWDFLyQGHOHUURUFRPRSDUWHGHOSURFHVRGHDSUHQGL]DMH\ ; ;
DFWLWXGSRVLWLYDGHVXSHUDFLyQ
,PSRUWDQFLDGHODLQIOXHQFLDGHOJULHJRHQODVOHQJXDVGHOUHSHUWRULR ; 
LQGLYLGXDOGHODOXPQDGR
5HFXUVRVDQDOyJLFRV\GLJLWDOHVSDUDODDGTXLVLFLyQGHOHQJXDV ; ;
3RUWIROLR(XURSHRGHODV/HQJXDV 3(/ LPiJHQHVJORVDULRV
GLFFLRQDULRVHWF
(VWUDWHJLDVKHUUDPLHQWDV\WpFQLFDVGHUHWURYHUVLyQGHWH[WRV ; ;

%ORTXH(/*5,(*2<(/3/85,/,1*h,602

e7,026'(5,9$&,Ï1&20326,&,Ï1<+(/(1,6026&( ž%$&+ ž%$&+


2ULJHQ\HYROXFLyQGHORVVLVWHPDVGHHVFULWXUD(ODOIDEHWRJULHJR ; 
5HJODVGHWUDQVFULSFLyQGHODOIDEHWRJULHJRDODOHQJXDGH ; 
HQVHxDQ]D
)RUPDQWHVJULHJRV OH[HPDVVXILMRV\SUHILMRV HQSDODEUDVGHOD ; ;
OHQJXDGHHQVHxDQ]D\HQWpUPLQRVHVSHFtILFRVGHODVFLHQFLDV\OD
WpFQLFD
+HOHQLVPRV\WHFQLFLVPRVGHXVRIUHFXHQWHLQWHJUDGRVHQODV ; 
OHQJXDVPRGHUQDV\VXHPSOHRHQGLIHUHQWHVWLSRVGHWH[WRV
OLWHUDULRVSHULRGtVWLFRVSXEOLFLWDULRV 
,QIOXHQFLDGHOJULHJRHQODVOHQJXDVGHHQVHxDQ]D\GHOUHVWRGH ; ;
OHQJXDVTXHFRQIRUPDQHOUHSHUWRULROLQJtVWLFRLQGLYLGXDOGHO  
DOXPQDGR
/p[LFRHVSHFtILFREiVLFRSDUDODUHIOH[LyQVREUHODFRPXQLFDFLyQOD ; ;
OHQJXD\VXDSUHQGL]DMH
,QWHUpVSRUFRQRFHUHOVLJQLILFDGRHWLPROyJLFRGHODVSDODEUDV\OD ; ;
LPSRUWDQFLDGHOXVRDGHFXDGRGHOYRFDEXODULRFRPRLQVWUXPHQWR
EiVLFRHQODFRPXQLFDFLyQ
9DORUDFLyQGHODLPSRUWDQFLDGHOJULHJRSDUDODFRUUHFWD ; ;
FRPSUHQVLyQ\H[SUHVLyQHQODVGLVWLQWDVOHQJXDVGHVXUHSHUWRULR
OLQJtVWLFRLQGLYLGXDO
5HVSHWRSRUODGLYHUVLGDGOLQJtVWLFD ; ;
%LEOLRJUDItD\ZHEJUDItD OH[LFRJUDItDUHSHUWRULRV\JORVDULRV HQHO ; ;
HVWXGLR\DSUHQGL]DMHGHODOHQJXDJULHJDFRPREDVHHQOD
FRQVROLGDFLyQGHRWUDVOHQJXDVH[WUDQMHUDV



Num. 9404 / 12.08.2022 44072




%ORTXH/,7(5$785$*5,(*$

*e1(526/,7(5$5,26<2%5$6&(\&( ž%$&+ ž%$&+


3ULQFLSDOHVJpQHURVOLWHUDULRVREUDV\DXWRUHVJULHJRVWDQWR  ;
PXMHUHVFRPRKRPEUHVLPSRUWDQFLDHLQIOXHQFLDHQH[SUHVLRQHV
DUWtVWLFDVSRVWHULRUHV
/DOHQJXDJULHJDFRPRSULQFLSDOYtDGHWUDQVPLVLyQGHOPXQGR ; 
FOiVLFR
3HUYLYHQFLDGHORVWHPDVPRWLYRV\WUDGLFLRQHVGHODOLWHUDWXUD  ;
JULHJDHQODSURGXFFLyQFXOWXUDOHXURSHD
$QDORJtDV\GLIHUHQFLDVHQWUHORVJpQHURVOLWHUDULRVJULHJRV\ORVGH  ;
ODOLWHUDWXUDDFWXDO
,QWHUpVKDFLDODOLWHUDWXUD\VXOHFWXUDFRPRIXHQWHGHSODFHU\GH  ;
FRQRFLPLHQWRGHOPXQGR
5HVSHWRDODDXWRUtDGHODVIXHQWHVGHLQIRUPDFLyQFRQVXOWDGDV ; ;


%ORTXH*5(&,$<683(59,9(1&,$

*5(&,$<68&8/785$&(\&( ž%$&+ ž%$&+


3ULQFLSDOHVDVSHFWRVJHRJUiILFRV\HWDSDVKLVWyULFDVGHOPXQGR ; 
JULHJRUHODFLRQDGRVFRQODFRPSUHQVLyQGHODHYROXFLyQGH(XURSD
(OPXQGRJULHJR\HOPDU ; 
(YROXFLyQKLVWyULFDGHODRUJDQL]DFLyQVRFLDOGH*UHFLDFRPRSDUWH ; 
HVHQFLDOGHODKLVWRULD\FXOWXUDGHODVRFLHGDGDFWXDO
$VSHFWRVIXQGDPHQWDOHVGHODYLGDFRWLGLDQD\FXOWXUDJULHJDVHQOD ; 
FRQIRUPDFLyQGHQXHVWUDLGHQWLGDGFRPRVRFLHGDG\DQiOLVLVFUtWLFR
GHORVPLVPRV
5HVSHWRSRUODGLYHUVLGDGFXOWXUDO ; ;
,QWHUpVSRUFRQRFHUODHYROXFLyQFXOWXUDODWUDYpVGHOHVWXGLRGHOD ; ;
FLYLOL]DFLyQJULHJD
7pFQLFDVEiVLFDVGHE~VTXHGD\WUDWDPLHQWRGHODLQIRUPDFLyQ ; ;
KLVWyULFD\JHRJUiILFDPHGLDQWHODV7,&  
  
(VWUDWHJLDVGHFUHDFLyQSURSLDLQGLYLGXDOHVRHQJUXSRGH  
LQYHVWLJDFLyQVREUHDVSHFWRVGHODKLVWRULD\JHRJUDItDJULHJD ; ;
KDFLHQGRXVRGHIXHQWHVGHLQIRUPDFLyQILDEOHV\GHODVQXHYDV
WHFQRORJtDV
(VWUDWHJLDV\KHUUDPLHQWDV DQDOyJLFDV\GLJLWDOHV SDUDUHODFLRQDU ; ;
FRPHQWDU H LQWHUSUHWDU HO SDVDGR \ HO SUHVHQWH D SDUWLU GH ORV
FRQRFLPLHQWRVDGTXLULGRV\GHODSURSLDH[SHULHQFLD



Num. 9404 / 12.08.2022 44073




*5(&,$<68/(*$'2&(\&( ž%$&+ ž%$&+


5HODFLyQGH*UHFLDFRQFXOWXUDVDQWLJXDV\VXDSRUWDFLyQDOD ; 
FXOWXUD\DOSHQVDPLHQWRGHODVRFLHGDGRFFLGHQWDO
/DVUHSUHVHQWDFLRQHV\IHVWLYDOHVWHDWUDOHVVXHYROXFLyQ\ ; 
SHUYLYHQFLDHQODDFWXDOLGDG 
/DVFRPSHWLFLRQHVDWOpWLFDV\VXSHUYLYHQFLDHQODDFWXDOLGDG ;

/DHGXFDFLyQHQODDQWLJXD*UHFLDORVPRGHORVHGXFDWLYRVGH ; 
$WHQDV\(VSDUWD\VXFRPSDUDFLyQFRQORVVLVWHPDVDFWXDOHV 
/DVLQVWLWXFLRQHVSROtWLFDVJULHJDV\VXLQIOXHQFLD\SHUYLYHQFLDHQ ;
HOVLVWHPDSROtWLFRDFWXDO
(MHPSORVUHOHYDQWHVGHODLQIOXHQFLDGHODPLWRORJtDFOiVLFDHQ  ;
PDQLIHVWDFLRQHVDUWtVWLFDV\OLWHUDULDV
+XHOODVGHODSUHVHQFLDJULHJDHQOD3HQtQVXOD,EpULFD ; 
&RPSDUDFLyQ\DQiOLVLVFRQWH[WXDOL]DGRGHDVSHFWRVGHODVRFLHGDG ; 
JULHJDUHODFLRQDGRVFRQORVSULQFLSDOHVUHWRVGHOVLJOR;;,
/DLPSRUWDQFLDGHOGLVFXUVRS~EOLFRSDUDODYLGDSROtWLFD\VRFLDO  ;
,QWHUpVSRUFRQRFHUHORULJHQJULHJRGHPXFKDVGHQXHVWUDV  
WUDGLFLRQHVFRVWXPEUHV\PDQLIHVWDFLRQHVFXOWXUDOHV ; ;

(VWUDWHJLDVGHFUHDFLyQSURSLDLQGLYLGXDOHVRJUXSDOHVVREUHHO ; ;
OHJDGRGHODFXOWXUDJULHJDKDFLHQGRXVRGHIXHQWHVGH
LQIRUPDFLyQILDEOHV\GHODVQXHYDVWHFQRORJtDV

 6LWXDFLRQHVGHDSUHQGL]DMHSDUDHOFRQMXQWRGHODVFRPSHWHQFLDVGHODPDWHULD
/DVVLWXDFLRQHVGHDSUHQGL]DMHGHODVPDWHULDV*ULHJR,\,,YLQFXODQODVFRPSHWHQFLDV
HVSHFtILFDVGHODDVLJQDWXUDFRQODVFRPSHWHQFLDVFODYH\ORVGHVDItRVGHOVLJOR;;,GHVFXEULHQGR
ODSHUYLYHQFLDGHODOHQJXD\ODFXOWXUDJULHJDVHQODUHDOLGDGGHODOXPQDGR

/DWUDQVYHUVDOLGDGHOSDUDOHOLVPRFRQHOODWtQ\ODLQWHUGLVFLSOLQDULHGDGKDQGHVHUHMHV
SULPRUGLDOHV HQ HO SURFHVR GH DSUHQGL]DMH GHO JULHJR TXH YLQFXOHQ ORV FRQRFLPLHQWRV GHO
DOXPQDGR FRQ ODV FRPSHWHQFLDV HVSHFtILFDV GH OD PDWHULD  'H HVWD PDQHUD VH SRWHQFLD OD
FRQH[LyQGLUHFWDGHODOHQJXD\FXOWXUDKHOHQDVFRQRWUDVPDWHULDVOLQJtVWLFDVGHiPELWRKLVWyULFR
RFLHQWtILFR

3DUDVXHVWXGLRVHUHFRPLHQGDXQDHQVHxDQ]DDFWLYD\JUDGXDOTXHSURPXHYDHOXVRGH
HVWUDWHJLDVGHDSUHQGL]DMHTXHIDYRUH]FDQODSRVLELOLGDGGHDSUHQGHUGLVIUXWDQGRFRQDFWLYLGDGHV
MXHJRVWDOOHUHV\UHWRVGLGiFWLFRVTXHSRWHQFLHQODPRWLYDFLyQODFUHDWLYLGDGODFDSDFLGDGGH
VXSHUDFLyQ \ HO GHVDUUROOR SHUVRQDO GHO DOXPQDGR 6H DFRQVHMDQ DFWLYLGDGHV GLGiFWLFDV TXH
IRPHQWHQORVWUDEDMRVGHLQYHVWLJDFLyQLQGLYLGXDOHV\FRRSHUDWLYRVTXHD\XGHQDHVWLPXODUOD
UHIOH[LyQ \ OD DUJXPHQWDFLyQ GHO DOXPQDGR DGHPiV GH VX HVStULWX FUtWLFR $Vt PLVPR VH
UHFRPLHQGDQDFWLYLGDGHVGHUHIXHU]RGHUHFXSHUDFLyQ\GHDPSOLDFLyQTXHD\XGHQDDILDQ]DU
ODVFRPSHWHQFLDVHVSHFtILFDV

&RPRPDUFRJHQHUDOGHODVVLWXDFLRQHVGHDSUHQGL]DMHFRQHOREMHWLYRGHDWHQGHUDOD
GLYHUVLGDGGHLQWHUHVHV\QHFHVLGDGHVGHODOXPQDGRVHLQFRUSRUDUiQORVSULQFLSLRVGHOGLVHxR
XQLYHUVDOGHDSUHQGL]DMHDVHJXUDQGRTXHQRH[LVWHQEDUUHUDVTXHLPSLGDQODDFFHVLELOLGDGItVLFD
FRJQLWLYD VHQVRULDO \ HPRFLRQDO SDUD JDUDQWL]DU VX SDUWLFLSDFLyQ \ DSUHQGL]DMH SDUD HOOR HO
GRFHQWH WHQGUi HO SDSHO GH JXtD \ SURPRWRU GHO SURJUHVR SHUVRQDO GHO DOXPQDGR PHGLDQWH OD
VHOHFFLyQGHUHFXUVRVGLGiFWLFRVDGHFXDGRVTXHLQFLWHQDODUHIOH[LyQVREUHHOIXQFLRQDPLHQWRGH
ODOHQJXD\ODFXOWXUDJULHJDV&RQYLHQHTXHHVWRVUHFXUVRVVHDGDSWHQDORVGLIHUHQWHVULWPRVGH



Num. 9404 / 12.08.2022 44074




DSUHQGL]DMH UHVSHWDQGR OD GLYHUVLGDG GHO DOXPQDGR LQFHQWLYDQGR HO DIiQ GH VXSHUDFLyQ \
SURPRYLHQGRODFDSDFLGDGLQYHVWLJDGRUD\DUJXPHQWDWLYD

6H LQFRUSRUDUiQ DFWLYLGDGHV TXH HVWLPXOHQ HO LQWHUpV \ HO KiELWR GH OD OHFWXUD GH OD
H[SUHVLyQ RUDO \ HVFULWD FRQ H[SRVLFLRQHV RUDOHV UHFRPHQGDFLRQHV GH OLEURV DGHFXDGRV D VX
QLYHO\UHGDFFLyQGHWUDEDMRVLQGLYLGXDOHV\HQHTXLSR

3DUDHOHVWXGLRGHORVEORTXHVGHODOHQJXDJULHJDVHUHFRPLHQGDXQPpWRGRLQGXFWLYR
FRQWH[WXDODWUDYpVGHOFXDOHODOXPQDGR GHVFXEUDORVFRQWHQLGRVJUDPDWLFDOHVHPSOHDQGRHO
FULWHULRGHIUHFXHQFLDHOFRQWH[WR\ODFRPSDUDFLyQFRQRWUDVOHQJXDVSDUDFRPSUHQGHUORV$Vt
PLVPRSDUDGHVFXEULUHOVLJQLILFDGRGHSDODEUDVRGHpWLPRVVHXWLOL]DUiQLOXVWUDFLRQHVIDPLOLDV
Op[LFDVMXHJRV\GHQXHYRHOFRQWH[WR3RU~OWLPRVHUHFRPLHQGDODUHDOL]DFLyQGHHMHUFLFLRVTXH
VLUYDQSDUDFRQVROLGDUORVQXHYRVDVSHFWRVJUDPDWLFDOHVHVWXGLDGRV

(QHODSDUWDGRGHOVLVWHPDOLQJtVWLFRVHLQWHQWDUiUHODFLRQDUHOJULHJRFRQHOODWtQ\FRQ
HOUHSHUWRULROLQJtVWLFRGHODOXPQDGRGHPDQHUDTXHVHGHVFXEUDQODVDQDORJtDV\GLIHUHQFLDV
HQWUHODOHQJXDKDEODGDHQHOPXQGRKHOHQRFRQODVFRQRFLGDV\HPSOHDGDVSRUHOGLVFHQWH

(O0DUFR&RP~Q(XURSHRGH5HIHUHQFLDUHFRPLHQGDHQVXVFRPSHWHQFLDVOLQJtVWLFDV
TXHHODSUHQGL]DMHGHODVOHQJXDVSRWHQFLHORVFRQFHSWRVGHFRPSUHQVLyQ\H[SUHVLyQWDQWRRUDO
FRPRHVFULWDDVtFRPRODLQWHUSUHWDFLyQWUDGXFFLyQ\UHWURYHUVLyQGHWH[WRVDGDSWDGRV'HHVWD
PDQHUDVHIRPHQWDUiODVSUiFWLFDVRUDOHV\HVFULWDVHQJULHJRGHQWURHODXODKDFLHQGRXVRGH
IUDVHV H[SUHVLRQHV \ WH[WRV VHQFLOORV DGDSWDGRV X RULJLQDOHV $GHPiV VH SURPRYHUiQ
DFWLYLGDGHV GH FRPSUHQVLyQ DQiOLVLV \ GHVDUUROOR PHGLDQWH HMHUFLFLRV GH DXWRFRUUHFFLyQ TXH
VLUYDQSDUDFRQVROLGDUFRQRFLPLHQWRV\GHVWUH]DV

(Q FXDQWR DO EORTXH GH OLWHUDWXUD JULHJD SULQFLSDOPHQWH HQ VHJXQGR FXUVR GH
%DFKLOOHUDWR VHHVWXGLDUiODSURGXFFLyQOLWHUDULDGHOPXQGRKHOHQRPHGLDQWHODOHFWXUDGHSDVDMHV
HQOHQJXDRULJLQDORGHREUDVDGDSWDGDVSDUDTXHHODOXPQDGRSXHGDLQFUHPHQWDUVXLQWHUpVSRU
ODOHFWXUD7DPELpQVHSRQGUiGHUHOLHYHODLQIOXHQFLDGHODVREUDV\WySLFRVOLWHUDULRVJULHJRVHQ
ODOLWHUDWXUDFOiVLFDODWLQD\HQODVSURGXFFLRQHVGHODVOLWHUDWXUDVSRVWHULRUHV

3RU OR TXH UHVSHFWD DO EORTXH GH OD FXOWXUD JULHJD \ VX SHUYLYHQFLD VH WUDEDMDUi FRQ
DFWLYLGDGHVGHUHFRSLODFLyQ\VLVWHPDWL]DFLyQTXHHVWLPXOHQODUHIOH[LyQ\HOSHQVDPLHQWRFUtWLFR
3DUDHOORVHSDUWLUiGHORVFRQRFLPLHQWRVJHRJUiILFRVHKLVWyULFRVIXQGDPHQWDOHV\GHOOHJDGR
SDUD OOHJDU D XQD PD\RU FRPSUHQVLyQ GHO SDVDGR HYLWDQGR MXLFLRV GH YDORU EDVDGRV HQ HO
SUHVHQWLVPR

6H SURPRYHUi OD UHDOL]DFLyQ GH WDOOHUHV GLGiFWLFRV TXH D\XGHQ D DSOLFDU SURFHVRV GH
DQiOLVLV REVHUYDFLyQ \ H[SHULPHQWDFLyQ DGHFXDGRV D ORV FRQWHQLGRV SDUD SRQHU GH UHOLHYH OD
LPSRUWDQFLD GHO DSUHQGL]DMH HQ VX GHVDUUROOR SHUVRQDO  \ IDYRUHFHU HO GHVFXEULPLHQWR OD
LQYHVWLJDFLyQHOHVStULWXHPSUHQGHGRU\ODLQLFLDWLYDSHUVRQDO

(OHVWXGLRGHODOHQJXD\FXOWXUDJULHJDVGHVDUUROODHQHODOXPQDGRRSLQLRQHVSHUVRQDOHV
UHVSHWXRVDVVREUHODGLYHUVLGDGOLQJtVWLFD\HOPRGRGHYLGDHQRWURVWLHPSRV\FXOWXUDVTXH
DSUHQGH GH HVWH PRGR D UHODFLRQDU HO IXQFLRQDPLHQWR GH OD OHQJXD KDEODGD SRU ORV DQWLJXRV
JULHJRV FRQ HO ODWtQ \ FRQ ODV GHO UHSHUWRULR OLQJtVWLFR SHUVRQDO DGHPiV GH UHFRQRFHU TXH HO
FRQRFLPLHQWRGHOPXQGRKHOHQROHD\XGDDLQWHUSUHWDUHOPXQGRDFWXDO

 &ULWHULRVGHHYDOXDFLyQ
&($QDOL]DUORVHOHPHQWRVEiVLFRVGHODOHQJXDJULHJDLGHQWLILFDQGR\UHIOH[LRQDQGR
VREUHVX IXQFLRQDPLHQWR OLQJtVWLFRDWUDYpV GH ODFRPSDUDFLyQ FRQ HOODWtQ\FRQ ODV OHQJXDV
FRQRFLGDVSRUHODOXPQDGR

 



Num. 9404 / 12.08.2022 44075




ž%$&+ ž%$&+
,GHQWLILFDU\DQDOL]DUORVDVSHFWRV ,GHQWLILFDU\DQDOL]DUHQSURIXQGLGDGORV
PRUIROyJLFRVHOHPHQWDOHVGHOJULHJR DVSHFWRVPRUIROyJLFRVGHOJULHJR H[FHSFLRQHVH
GHFOLQDFLRQHV\FRQMXJDFLRQHV HQIUDVHV\ LUUHJXODULGDGHVGHODGHFOLQDFLyQ\FRQMXJDFLyQ 
WH[WRVGHGLILFXOWDGJUDGXDGDHQWH[WRV HQWH[WRVFOiVLFRVJULHJRV
FOiVLFRVJULHJRV
'LVWLQJXLU\DQDOL]DUORVDVSHFWRV 'LVWLQJXLU\DQDOL]DUHQSURIXQGLGDGORV
VLQWiFWLFRVIXQGDPHQWDOHVGHOJULHJRHQIUDVHV DVSHFWRVVLQWiFWLFRVGHOJULHJRHQWH[WRVFOiVLFRV
\WH[WRVGHGLILFXOWDGJUDGXDGD
5HFRQRFHU\DMXVWDUDGHFXDGDPHQWHORV 5HFRQRFHU\FODVLILFDUODVRUDFLRQHV\ODV
FDVRVGHFRQFRUGDQFLDPRUIROyJLFD\ FRQVWUXFFLRQHVVLQWiFWLFDVJULHJDVHQWH[WRV
VLQWiFWLFDWHQLHQGRHQFXHQWDVXFODVLILFDFLyQ\ FOiVLFRVKHOHQRV
HOFRQWH[WRRUDFLRQDO
,GHQWLILFDUORVWLHPSRVYHUEDOHVJULHJRV 8WLOL]DUGHPDQHUDSUHFLVDODIRUPDFLyQ\
PiVXVXDOHVHQORVWH[WRVWHQLHQGRHQFXHQWD IXQFLyQGHODVIRUPDVSHUVRQDOHV\QRSHUVRQDOHV
VXFODVLILFDFLyQ\HOFRQWH[WRRUDFLRQDO GHOYHUERJULHJRHQWH[WRVFOiVLFRV
9DORUDUODLPSRUWDQFLDGHOJULHJRFRPR 9DORUDUODOHQJXDJULHJDFRPRPHGLRSDUDOD
PHGLRGHWUDQVPLVLyQGHFXOWXUD\OD FRPSUHQVLyQ\FRQRFLPLHQWRGHORULJHQGH
FRPXQLFDFLyQHVFULWD\RUDO PXFKDVSDODEUDVGHOOp[LFRGHODOXPQDGR\FRPR
SXHUWDGHDFFHVRDXQYRFDEXODULRPiV
HVSHFtILFRGHQDWXUDOH]DILORVyILFDRFLHQWtILFD

&(,GHQWLILFDU\YDORUDUORVSULQFLSDOHVHOHPHQWRVOp[LFRVJULHJRVVXVFDPELRV\VX
OHJDGRHQODVOHQJXDVFRQRFLGDVSRUHODOXPQDGRDWUDYpVGHODSUHQGL]DMHGHODHWLPRORJtDORV
KHOHQLVPRVORVQHRORJLVPRVODFRPSRVLFLyQ\GHULYDFLyQWDQWRGHYRFDEXODULRFRWLGLDQRFRPR
HVSHFLDOL]DGR

ž%$&+ ž%$&+
+DFHUXQXVRSHUWLQHQWHGHORV &RQRFHU\DSOLFDUODVUHJODVGH
KHOHQLVPRV\ORVWHFQLFLVPRVPiVFRPXQHVHQ IXQGDPHQWDOHVSDUDGHGXFLUODHYROXFLyQGHODV
XQFRQWH[WRDGHFXDGRXWLOL]DQGROD SDODEUDVJULHJDVDODVOHQJXDVFRRILFLDOHVGHOD
WUDQVFULSFLyQIRQpWLFD &RPXQLGDG9DOHQFLDQD
,GHQWLILFDU\VLVWHPDWL]DUODSUHVHQFLDGH 0DQHMDUDGHFXDGDPHQWHORVPHFDQLVPRVGH
pWLPRVJULHJRVHQODVOHQJXDVURPDQFHV\ GHULYDFLyQ\FRPSRVLFLyQHQODVOHQJXDV
RWUDVOHQJXDVGHOUHSHUWRULROLQJtVWLFRGHO FRQRFLGDVSRUHODOXPQDGR
DOXPQDGR
'HGXFLUHOVLJQLILFDGRHWLPROyJLFRGHXQ ,QIHULUHOVLJQLILFDGRGHDOJXQRVWHFQLFLVPRV\
WpUPLQRVLUYLpQGRVHGHODFRPSDUDFLyQFRQ QHRORJLVPRVDSOLFDQGRORVSULQFLSDOHV
RWUDVOHQJXDVGHVXUHSHUWRULR IXQGDPHQWRVGHODGHULYDFLyQ\FRPSRVLFLyQFRQ
HOHPHQWRVJULHJRV
([SOLFDUODUHODFLyQGHOJULHJRFRQODV $GRSWDUXQDDFWLWXGGHUHVSHWRKDFLDOD
OHQJXDVPRGHUQDVXWLOL]DQGRORV GLYHUVLGDGFRPRULTXH]DFXOWXUDO\OLQJtVWLFD
FRQRFLPLHQWRVOLQJtVWLFRVGHOUHSHUWRULRGHO UHIOH[LRQDQGRVREUHORVHVWHUHRWLSRVOLQJtVWLFRV
DOXPQDGR



Num. 9404 / 12.08.2022 44076




&( $UJXPHQWDU LQWHUSUHWDU WUDGXFLU \ SURGXFLU WH[WRV JULHJRV HVFULWRV \ RUDOHV GH
GLILFXOWDG JUDGXDGD D SDUWLU GH HVWUDWHJLDV GH GHGXFFLyQ H LQGXFFLyQ XWLOL]DQGR HO FRQWH[WR
OLQJtVWLFRKLVWyULFRVRFLDO\SROtWLFR

ž%$&+ ž%$&+
$SOLFDUORVSULQFLSDOHVHOHPHQWRVGHO $SOLFDUORVFRQRFLPLHQWRVVREUHHOHPHQWRV\
VLVWHPDGHODOHQJXDJULHJDSDUDVX FRQVWUXFFLRQHVPRUIROyJLFDV\VLQWiFWLFDV
FRPSUHQVLyQ\H[SUHVLyQRUDO\HVFULWD UHJXODUHVHLUUHJXODUHVHQODLQWHUSUHWDFLyQ\
WUDGXFFLyQGHWH[WRVFOiVLFRV
/HHUWH[WRV\FRPSUHQGHUPHQVDMHV $MXVWDUHOVLJQLILFDGRGHORVWpUPLQRVJULHJRV
RUDOHV\HVFULWRV GHGLILFXOWDGJUDGXDGDHQ WHQLHQGRHQFXHQWDODLQIRUPDFLyQSURSRUFLRQDGD
JULHJR HQORVWH[WRV\XWLOL]DQGRORVVRSRUWHVQHFHVDULRV
SDUDVXWUDGXFFLyQ
3URGXFLUIUDVHVRWH[WRVVHQFLOORVHVFULWRV /HHUSDVDMHV\WH[WRVJULHJRVFOiVLFRV
\RUDOHVHQJULHJRLQGLYLGXDOPHQWHRHQJUXSR SRQLpQGRORVHQHOFRQWH[WRGHODOLWHUDWXUDJULHJD
XWLOL]DQGRODVHVWUXFWXUDV\HOOp[LFR
DSUHQGLGRV
,QWHUSUHWDU\WUDGXFLUIUDVHVRWH[WRV ,QWHUSUHWDU\WUDGXFLUWH[WRVKHOHQRV
JULHJRVDGDSWDGRV\GHGLILFXOWDGJUDGXDGD DGDSWDGRVXRULJLQDOHVGHGLIHUHQWHVJpQHURV
KDFLHQGRXVRGHWRGRVORVUHFXUVRV\ OLWHUDULRVDSUHFLDQGRODVVHPHMDQ]DV\
HVWUDWHJLDVDSUHQGLGDV FRLQFLGHQFLDVFRQRWUDVOHQJXDVFRQRFLGDV
9DORUDUODLPSRUWDQFLDGHOJULHJRFRPR 5HIOH[LRQDUVREUHODVSURSLDVWUDGXFFLRQHV
PHGLRGHWUDQVPLVLyQGHFXOWXUD\OD SURSRQLHQGR\DUJXPHQWDQGRORVFDPELRVDSDUWLU
FRPXQLFDFLyQHVFULWD\RUDO GHODUHIOH[LyQOLQJtVWLFD

&( ,GHQWLILFDU \ YDORUDU ODV FRQWULEXFLRQHV GHO PXQGR JULHJR HQ HO RULJHQ GH OD
GHPRFUDFLD\GHODFLXGDGDQtDHXURSHDUHODFLRQDQGRFUtWLFDPHQWHHOSUHVHQWH\HOSDVDGR

ž%$&+ ž%$&+
,GHQWLILFDU\GHEDWLUVREUHORVSULQFLSDOHV ,GHQWLILFDU\UHIOH[LRQDUVREUHORVHOHPHQWRV
DFRQWHFLPLHQWRVSROtWLFRVKLVWyULFRV\VRFLDOHV HVHQFLDOHVGHORVJpQHURVOLWHUDULRVJULHJRVFRQHO
GHODFLYLOL]DFLyQKHOHQD\UHODFLRQDUORVFRQOD ILQGHUHFRQRFHUVXVHVWUXFWXUDVEiVLFDV\
VLWXDFLyQVRFLRSROtWLFDHXURSHDDFWXDO FRQWUDVWDUORVFRQWH[WRVGHODOLWHUDWXUDDFWXDO
XWLOL]DQGRIXHQWHVFOiVLFDV\DFWXDOHV 
5HFRQRFHUODLQIOXHQFLDGHODPLWRORJtD 5HYLVDUODSUHVHQFLDGHHOHPHQWRVGHOD
FOiVLFDFRPRIXHQWHGHLQVSLUDFLyQGH PLWRORJtDFOiVLFDHQODOLWHUDWXUDDFWXDO
PDQLIHVWDFLRQHVOLWHUDULDV\DUWtVWLFDV
(ODERUDU\SUHVHQWDUFRQWHQLGRVSURSLRV 3ODQLILFDU\UHDOL]DUVHQFLOODVLQYHVWLJDFLRQHV
HQGLYHUVRVIRUPDWRVPHGLDQWHHOXVRGH HQIRUPDWRVDQDOyJLFRVRGLJLWDOHVVREUHODV
E~VTXHGDGHLQIRUPDFLyQDGHFXDGD FRQWULEXFLRQHVGHODFXOWXUDKHOHQDXWLOL]DQGR
GLYHUVDVIXHQWHVGHLQIRUPDFLyQ
([SUHVDUUHVSHWXRVDPHQWHRSLQLRQHV $UJXPHQWDU\GHEDWLUUHVSHWXRVDPHQWHVREUH
DUJXPHQWDGDVVREUHODLPSRUWDQFLDGHOD ODLPSRUWDQFLDGHODFXOWXUDJULHJDSDUDHO
PXOWLFXOWXUDOLGDGSDUDHOGHVDUUROORGHOD GHVDUUROORGHXQDVRFLHGDGGHPRFUiWLFD\JOREDO
VRFLHGDG



Num. 9404 / 12.08.2022 44077




&(,GHQWLILFDU\YDORUDUHOSDWULPRQLRPDWHULDOHLQPDWHULDOGHODFLYLOL]DFLyQJULHJD
FRPRIXHQWHGHVDEHU\GHLQVSLUDFLyQGHGLIHUHQWHVPDQLIHVWDFLRQHVFXOWXUDOHV

ž%$&+ ž%$&+
([SORUDUODSUHVHQFLDGHOOHJDGRJULHJRHQ ,QYHVWLJDUVREUHHOOHJDGRSDWULPRQLDOHQHO
HOHQWRUQR\ORFDOL]DUHMHPSORVGHOD DUWH\ODFXOWXUDKHUHGDGRGHODFLYLOL]DFLyQJULHJD
SHUYLYHQFLDGHODDQWLJHGDGFOiVLFDHQVX
YLGDFRWLGLDQD
9DORUDUODSUHVHQFLDGHUHIHUHQWHV ,GHQWLILFDU\H[SOLFDUODLPSRUWDQFLDGHOD
SDWULPRQLDOHVDUTXHROyJLFRVDUTXLWHFWyQLFRV\ WUDGLFLyQJULHJDFRPRIXHQWHGHLQVSLUDFLyQHQODV
DUWtVWLFRVJULHJRVHQOD&RPXQLGDG9DOHQFLDQD PDQLIHVWDFLRQHVFXOWXUDOHV\DUWtVWLFDV
\HQODSHQtQVXODLEpULFD SRVWHULRUHV
'LVHxDUSODQLILFDU\UHDOL]DUDFWLYLGDGHV 'LVHxDUSODQLILFDU\UHDOL]DUDFWLYLGDGHV
RULHQWDGDVDOFRQRFLPLHQWR\DSUHFLRGHODV VREUHHOOHJDGRGHODOLWHUDWXUDJULHJDSDUD
PDQLIHVWDFLRQHVFXOWXUDOHVGHOSDVDGRJULHJR SHUFLELUVXSUHVHQFLDHQQXHVWUDFXOWXUDDFWXDO
0RVWUDUUHVSHWRSRUODVH[SUHVLRQHV 0RVWUDULQWHUpV\UHVSHWRSRUHO
FXOWXUDOHV\ORVYDORUHVFtYLFRVGHQXHVWUR GHVFXEULPLHQWR\SXHVWDHQYDORUGHOOHJDGR
SDVDGRFRPRXQHOHPHQWRVLJQLILFDWLYRGH JULHJRSDUDLQGDJDUHQVXYLJHQFLDHQHOPXQGR
QXHVWUDLGHQWLGDG DFWXDO




Das könnte Ihnen auch gefallen