3ULQFLSDOHV FDUDFWHUtVWLFDV GH OD ILJXUD GH OD

OLTXLGDFLyQ GH XQD FRRSHUDWLYD IUHQWH D OD

ILJXUDGHOFRQFXUVRGHDFUHHGRUHV


¢&XiOHVVXiPELWROHJDO"

/DILJXUDGHODGLVROXFLyQ\OLTXLGDFLyQVHHQFXHQWUDHVWDEOHFLGDHQOD
/H\ GH &RRSHUDWLYDV GH OD &RPXQLGDG GH 0DGULG /H\  GH 
GH0DU]R&DStWXOR,;6HFFLRQHV,\,,DUWtFXORVDLQFOXVLYH

(Q ORV HVWDWXWRV GH VXV FRRSHUDWLYDV VH UHJXOD HQ HO &DStWXOR 9,
6HFFLRQHV 3ULPHUD \ 6HJXQGD DUWtFXORV  D  LQFOXVLYH &DEH
GHVWDFDU TXH HQ OtQHDV JHQHUDOHV ORV DUWtFXORV GH ORV HVWDWXWRV
UHFRJHQORTXH\DUHJXODODOH\

(O &RQFXUVR GH DFUHHGRUHV DQWHV 6XVSHQVLyQ GH 3DJRV R 4XLHEUD
YLHQHUHJXODGRHQOD/H\&RQFXUVDO/H\GHGH-XOLR


¢6HSXHGHRSWDUSRUXQDILJXUDXRWUDLQGLVWLQWDPHQWH"


1R 6RQ ODV FLUFXQVWDQFLDV HVSHFtILFDV GH OD FRRSHUDWLYD ODV TXH
GHWHUPLQDQ HVWDU HQ XQ FDVR X RWUR DXQTXH SXHGHQ GDUVH
FLUFXQVWDQFLDVHQODVTXHFRQYHUMDQODVGRVRSFLRQHV

/D FLUFXQVWDQFLD TXH GHWHUPLQD TXH ODV FRRSHUDWLYDV VH KDOOHQ HQ
FDXVD GH OLTXLGDFLyQ HVWiQ HVWDEOHFLGDV HQ HO DUWtFXOR  GH ORV
HVWDWXWRV

$UWtFXOR&DXVDVGHGLVROXFLyQ
/D&RRSHUDWLYDTXHGDUiGLVXHOWDSRUODVFDXVDVVLJXLHQWHV
D 3RUODUHDOL]DFLyQGHVXREMHWRVRFLDO
E 3RUODLPSRVLELOLGDGPDQLILHVWDGHGHVDUUROODUODDFWLYLGDGFRRSHUDWLYL]DGD
F 3RUODSDUDOL]DFLyQRLQDFWLYLGDGGHDOJXQRGHORVyUJDQRVVRFLDOHVQHFHVDULRVGXUDQWH
GRVDxRVFRQVHFXWLYRV
G 3RUODSDUDOL]DFLyQGHODDFWLYLGDGFRRSHUDWLYL]DGDGXUDQWHGRVDxRVFRQVHFXWLYRVVLQ
FDXVDMXVWLILFDGD
H 3RUODUHGXFFLyQGHOQ~PHURGHVRFLRVSRUGHEDMRGHOPtQLPRHVWDEOHFLGRSRUOD/&&0
SDUDFRQVWLWXLUXQD&RRSHUDWLYDVLQTXHVHUHVWDEOH]FDHQHOSOD]RGHXQDxR
I 3RU UHGXFFLyQ GHO FDSLWDO VRFLDO GHVHPEROVDGR SRU GHEDMR GH  PLO RFKRFLHQWRV WUHV
HXURV\FXDWURFpQWLPRVVLQRVHUHFRQVWLWX\HHQHOSOD]RGHXQDxR
J 3RU FRQVHFXHQFLD GH SpUGLGDV TXH GHMHQ UHGXFLGR HO SDWULPRQLR D XQD FDQWLGDG
LQIHULRUDODPLWDGGHOFDSLWDOVRFLDOPtQLPRHVWDWXWDULRDQRVHUTXHpVWHVHDXPHQWH
RUHGX]FDHQODPHGLGDVXILFLHQWH
K 3RUODIXVLyQRHVFLVLyQWRWDOGHOD&RRSHUDWLYD
 L 3RU ODTXLHEUD GH OD 6RFLHGDG VL VH DFXHUGD H[SUHVDPHQWH FRPR FRQVHFXHQFLD GHOD
UHVROXFLyQMXGLFLDOTXHODGHFODUH
M 3RUDFXHUGRGHOD$VDPEOHD*HQHUDODGRSWDGRSRUODPD\RUtDGHGRVWHUFLRVGHORV
YRWRVSUHVHQWHV\UHSUHVHQWDGRV
N 3RUFXPSOLPLHQWRGHOWpUPLQRGHGXUDFLyQILMDGRHQHODUWtFXORGHHVWRV(VWDWXWRVD
QR VHU TXH FRQ DQWHULRULGDG KXELHVH VLGR SURUURJDGD H LQVFULWD OD SUyUURJD HQ HO
5HJLVWURGH&RRSHUDWLYDV(QGLFKRFDVRHOVRFLRGLVFRQIRUPHFRQODSUyUURJDSRGUi
FDXVDU EDMD TXH WHQGUi HQ WRGR FDVR OD FRQVLGHUDFLyQ GH MXVWLILFDGD TXH GHEHUi
HMHUFLWDUVHHQODIRUPDSUHYLVWDHQHODUWtFXORGHHVWRV(VWDWXWRV
O 3RUFXDOTXLHURWUDFDXVDHVWDEOHFLGDHQODVGLVSRVLFLRQHVFRQUDQJROHJDORHQHVWRV
(VWDWXWRV


0LHQWUDV TXH OD VLWXDFLyQ GH FRQFXUVR VH SURGXFH HQ FDVR GH
LQVROYHQFLD GHO GHXGRU FRP~Q \ VH HQFXHQWUD HQ HVWDGR GH
LQVROYHQFLD HO GHXGRU TXH QR SXHGH FXPSOLU UHJXODUPHQWH FRQ VXV
REOLJDFLRQHVH[LJLEOHVDUWGHOD/H\&RQFXUVDO

$WHQRUGHODLQIRUPDFLyQTXHGLVSRQHPRVSRGHPRVFRQFOXLUTXHHQ
HVWH FDVR VH GDQ FDXVDV GH OLTXLGDFLyQ DO H[LVWLU XQD LPSRVLELOLGDG
PDQLILHVWD GH GHVDUUROODU OD DFWLYLGDG FRRSHUDWLYL]DGD \ FDXVD GH
FRQFXUVR DO H[LVWLU XQD GHXGD FRQ H[FRRSHUDWLYLVWDV VXSHULRU D OD
WHVRUHUtDTXHGLVSRQHQHQHVWHPRPHQWRDPEDVFRRSHUDWLYDV

3RUHOORHVFRQYHQLHQWHHVWXGLDUFXDOHVGHDPEDVRSFLRQHVHVPHMRU
R FRQYLHQH PiV D ORV LQWHUHVHV GH ORV FRRSHUDWLYLVWDV \ DFUHHGRUHV
H[FRRSHUDWLYLVWDV


¢6RQGRVRSFLRQHVH[FOX\HQWHV"

+HPRV GH GHFLU TXH DPEDV RSFLRQHV QR VRQ H[FOX\HQWHV KDVWD HO
SXQWR GH TXH XQD HPSUHVD SXHGH HVWDU HQ GHFODUDGD HQ FRQFXUVR \
ILQDOL]DUFRQODOLTXLGDFLyQGHODPLVPD\YLFHYHUVD


 ¢6H VXVSHQGHQ ORV SDJRV D ORV DFUHHGRUHV HQ OD
OLTXLGDFLyQ"

1R (VD RSFLyQ VyOR VH SURGXFH HQ HO FDVR GH OD GHFODUDFLyQ GH
FRQFXUVR

$O FRQWUDULR XQD YH] DSUREDGD OD GLVROXFLyQ GH OD FRRSHUDWLYD H
LQLFLDGRHOSURFHVRGHOLTXLGDFLyQORVOLTXLGDGRUHVWLHQHQFRPRXQDGH
VXVIXQFLRQHVSDJDUODVGHXGDV$UWDSDUWDGRFGHORVHVWDWXWRV
\ GH KHFKR QR VH SXHGH UHSDUWLU HO KDEHU VRFLDO HQWUH ORV VRFLRV
KDVWD TXH QR VH KD\D FRQFOXLGR HVWH SURFHVR (Q HO FDVR GH ODV
FRRSHUDWLYDVODDSHUWXUDGHODOLTXLGDFLyQVXSRQHTXHORVOLTXLGDGRUHV
GHEHUiQ FRPHQ]DU D DERQDU D ORV H[FRRSHUDWLYLVWDV VXV VDOGRV
SHQGLHQWHV GH SHUFLELU \ QR UHSDUWLU QLQJ~Q GLQHUR D FXHQWD D ORV
VRFLRVKDVWDTXHHVHSURFHVRKD\DILQDOL]DGRFRPSOHWDPHQWH

(Q HO FRQFXUVR SRU HO FRQWUDULR VH SDUDOL]DQ WRGRV ORV SDJRV
SHQGLHQWHV KDVWD TXH SRU SDUWH GH ORV DGPLQLVWUDGRUHV VH KDJD XQD
SURSXHVWD GH FRQYHQLR R XQD SURSXHVWD GH OLTXLGDFLyQ \ HVWD VH
DSUXHEHSRUODMXQWDGHDFUHHGRUHV


 ¢6H SDUDOL]DQ ODV GHPDQGDV FRQWUD OD FRRSHUDWLYD HQ
DPERVFDVRV"

1R/DGLVROXFLyQQRHVWDEOHFHHVDRSFLyQOHJDO(QHOFDVRGHTXHVH
YD\D SRU HVWD YtD ODV GHPDQGDV SUHVHQWDGDV FRQWUD ODV FRRSHUDWLYDV
VHJXLUiQ VX FXUVR \ OD FRRSHUDWLYD SRGUi VHU REMHWR GH QXHYDV
GHPDQGDVTXHGHEHUiQVHUDWHQGLGDVPHGLDQWHDERJDGR\SURFXUDGRU
H[DFWDPHQWH LJXDO TXH HQ OD VLWXDFLyQ QRUPDO DQWHULRU 'H SHUGHUVH
HVDVGHPDQGDVUHVXOWDUtDQREOLJDGDVDFXPSOLUFRQORHVWDEOHFLGRSRU
ODVVHQWHQFLDVGHLJXDOIRUPD

(Q HO FDVR GH OD GHFODUDFLyQ GH FRQFXUVR ORV MXLFLRV GHFODUDWLYRV TXH
HVWpQ \D HQ PDUFKD FRQWLQXDUiQ KDVWD TXH VH GLFWH VHQWHQFLD SHUR
pVWD QR SRGUi VHU HMHFXWDGD DUW  GH OD /& \ QR VH SRGUiQ
LQWHUSRQHUQXHYRVMXLFLRVGHFODUDWLYRVDUWGHOD/&

 ¢6L VH DSUXHED OD OLTXLGDFLyQ GHVDSDUHFH LQPHGLDWDPHQWH
ODFRRSHUDWLYD"

1RVLVHDSUXHED ODGLVROXFLyQGH ODFRRSHUDWLYDVHLQLFLDHOSURFHVR
GH OLTXLGDFLyQ  DUW  GH ORV HVWDWXWRV \ pVWH VyOR WHUPLQD HQ HO
PRPHQWR TXH VH KDQ SRGLGR KDFHU HIHFWLYRV WRGRV ORV FUpGLWRV \
GHXGDVGHODFRRSHUDWLYD\UHSDUWLGRHOKDEHUVRFLDOHQWUHORVVRFLRV
(V GHFLU PLHQWUDV TXHGHQ FDQWLGDGHV SHQGLHQWHV GH UHFLELU R
SHQGLHQWHVGHDERQDUODFRRSHUDWLYDVLJXHYLYDKDVWDTXHKDJDIUHQWH
DORVPLVPRV

8QD YH] ILQDOL]DGR HO SURFHVR GH FREURV \ SDJRV ORV OLTXLGDGRUHV
GHEHQSUHVHQWDUXQEDODQFHGHOLTXLGDFLyQTXHGHEHVHUDSUREDGRSRU
ODDVDPEOHDJHQHUDODUWGHORVHVWDWXWRVPLHQWUDVQRVHKD\DQ
VDWLVIHFKR tQWHJUDPHQWH ODV GHXGDV VRFLDOHV QR VH SRGUi UHSDUWLU HO
UHPDQHQWH HQWUH ORV VRFLRV DUW  GH ORV HVWDWXWRV (V GHFLU ORV
VRFLRV HQ DFWLYR QR SXHGHQ FREUDU QLQJXQD FDQWLGDG PLHQWUDV KD\D
FDQWLGDGHV SHQGLHQWHV GH VDWLVIDFHU D ORV DFUHHGRUHV TXH HQ HVWH
FDVRVHFRUUHVSRQGHQPD\RULWDULDPHQWHFRQORVH[FRRSHUDWLYLVWDV




¢4XLpQVHHQFDUJDGHODOLTXLGDFLyQRGHOFRQFXUVR"

(Q HO FDVR GH OD OLTXLGDFLyQ GHEHQ QRPEUDVH HQ DVDPEOHD JHQHUDO
QXHYH OLTXLGDGRUHV TXH GHEHQ VHU VRFLRV GH OD FRRSHUDWLYD \ VH OHV
SXHGH ILMDU XQD UHWULEXFLyQ FRPSHQVDWRULD VLQ GHWHUPLQDU SRU VX
IXQFLyQ$UWGHORVHVWDWXWRV
(QHOFDVRGHOFRQFXUVRGHDFUHHGRUHVVXQ~PHURSXHGHVHUGHXQRD
WUHVGHSHQGLHQGRGHODFRPSOHMLGDG\GHOYROXPHQGHOFRQFXUVRVRQ
QRPEUDGRVSRUHOMXH]HQFDUJDGRGHOFRQFXUVRHQWUHORVSURIHVLRQDOHV
KDELOLWDGRV SDUD HOOR \ VX IXQFLyQ HV UHPXQHUDGD HVSHFtILFDPHQWH
GHWHUPLQDGD SRU XQ DUDQFHO UHJXODGR HQ HO 5HDO 'HFUHWR 
GHGHVHSWLHPEUH

¢&yPRVHKDUtDODOLTXLGDFLyQHQHOFDVRGHOFRQFXUVR"

3UHYLDPHQWH KD\ TXH GHFLU TXH ORV FRQFXUVRV GH DFUHHGRUHV SXHGHQ
VHUGHGRVFODVHVHQIXQFLyQGHVXILQDO6LODHPSUHVDHVYLDEOHHOR
ORV DGPLQLVWUDGRUHV GH FRQFXUVR SUHVHQWDUiQ XQD SURSXHVWD GH
FRQYHQLR D ORV DFUHHGRUHV \ VL pVWD VH OOHYD D EXHQ WpUPLQR
FRQVHJXLUiUHIORWDUVHODHPSUHVD6LQHPEDUJRVL QRKD\ SRVLELOLGDG
GH HQFRQWUDU XQD YLDELOLGDG DO SUR\HFWR GH OD FRRSHUDWLYD FRPR
SDUHFH VHU HO FDVR HO DGPLQLVWUDGRU SUHVHQWDUi XQD SURSXHVWD GH
OLTXLGDFLyQTXHGHEHUiVHUDSUREDGDSRUODMXQWDGHDFUHHGRUHV

(Q HO FDVR TXH QRV RFXSD \ SXHVWR TXH QR KD\ SRVLELOLGDG GH
FRQVWUXLU QLQJXQD YLYLHQGD SDUHFH UD]RQDEOH TXH WRGRV ORV FRQWUDWRV
GH DGTXLVLFLRQHV GH YLYLHQGD YLJHQWHV VH UHVROYLHVHQ \ SRU WDQWR
WRGRV ORV FRRSHUDWLYLVWDV SDVDVHQ WDPELpQ D VHU FRQVLGHUDGRV
DFUHHGRUHV GH LJXDO IRUPD TXH ORV H[FRRSHUDWLYLVWDV 6H SUHVHQWDUtD
XQD SURSXHVWD GH OLTXLGDFLyQ HQ OD TXH VH UHSDUWLHVH WRGR HO KDEHU
VRFLDO HQWUH WRGRV ORV DFUHHGRUHV DSOLFDQGR XQD TXLWD \ XQD HVSHUD
GH WDO IRUPD TXH WRGRV FREUDVHQ OD PLVPD FDQWLGDG \ HQ HO PLVPR
PRPHQWR SXGLHQGR SURGXFLUVH SDJRV D FXHQWD VL HO UHPDQHQWH OR
SHUPLWH (VD SURSXHVWD GH OLTXLGDFLyQ GHEHUtD VHU DSUREDGD SRU OD
MXQWD GH DFUHHGRUHV HQ OD TXH HVWDUtDQ SUHVHQWHV WDQWR ORV
FRRSHUDWLYLVWDVFRPRORVH[FRRSHUDWLYLVWDV

7RGR HVWH SURFHVR HVWDUtD VLHPSUH \ HQ WRGR PRPHQWR VXSHUYLVDGR
SRUHOMXH]HQFDUJDGRGHOFRQFXUVR

/D IDVH GH OLTXLGDFLyQ GHQWUR GHO SURFHVR FRQFXUVDO VH HQFXHQWUD
UHJXODGDDSDUWLUGHODUWtFXORGHOD/H\&RQFXUVDO

(O DGPLQLVWUDGRU FRQFXUVDO FRPHQ]DUtD SRU GLVWULEXLU HO KDEHU VRFLDO
DFWXDO \ GDGR TXH H[LVWHQ MXLFLRV SHQGLHQWHV UHODWLYRV DO YDORU GH
XQDV H[SURSLDFLRQHV XQD YH] UHVXHOWRV ORV PLVPRV FRQWLQXDUtD
GLVWULEX\HQGR HVH UHVXOWDGR VLHPSUH HQ HO PLVPR PRPHQWR \ OD
PLVPDSURSRUFLyQHQWUHODPLVPDFODVHGHDFUHHGRUHV

 ¢4Xp SDVD FRQ ORV &RQVHMRV 5HFWRUHV VL HPSH]DPRV D
OLTXLGDU"

(O$UWtFXORGHORVHVWDWXWRVHVWDEOHFHTXHHQHOPRPHQWRHQTXH
VH QRPEUHQ ORV OLTXLGDGRUHV \ DFHSWHQ HO FDUJR HO yUJDQR GH
DGPLQLVWUDFLyQHVWRHVHO&RQVHMR5HFWRUFHVDUiHQVXVIXQFLRQHVGH
JRELHUQRJHVWLyQ\UHSUHVHQWDFLyQGHODHQWLGDG

¢6HFRQYLHUWHQORV&RQVHMRV5HFWRUHVHQOLTXLGDGRUHV"

(O DUWtFXOR  HVWDEOHFH TXH HO FDUJR GH OLTXLGDGRU HV LQFRPSDWLEOH
FRQFXDOTXLHUFDUJRVRFLDOYLJHQWHHQHOPRPHQWRGHODDFHSWDFLyQGHO
/LTXLGDGRU OXHJR QR SXHGHQ VHU  OLTXLGDGRUHV ORV TXH RFXSHQ HVH
FDUJR HQ HO PRPHQWR GH OD DSUREDFLyQ GH OD OLTXLGDFLyQ QL WDPSRFR
ORVSDULHQWHVKDVWDHOVHJXQGRJUDGRGHpVWRV

¢6LJXHQOOHYDQGRHOEXHQJRELHUQRGHODVFRRSHUDWLYDV"

1XHYDPHQWHHODUWtFXORGLVSRQHTXHODVIXQFLRQHVGHJRELHUQRVH
WUDQVILHUHQ D ORV OLTXLGDGRUHV DXQTXH ORV &RQVHMRV 5HFWRUHV VLJXHQ
WHQLHQGRVXFDUJR\GHEHUiQSUHVWDUVXFRQFXUVRSDUDODSUiFWLFDGH
ODV RSHUDFLRQHV GH OLTXLGDFLyQ VL IXHUDQ UHTXHULGRV SDUD HOOR
VXVFULELHQGRHQWRGRFDVRFRQORVPLVPRVHOLQYHQWDULR\EDODQFHGH
OD FRRSHUDWLYD FRQ UHIHUHQFLD DO GtD HQ TXH IXH GLVXHOWD \ DQWHV GH
TXHORVOLTXLGDGRUHVFRPLHQFHQVXVRSHUDFLRQHV'HWDOIRUPDTXHVH
KDFHQ UHVSRQVDEOHV GH ORV HVWDGRV FRQWDEOHV KDVWD HO PLVPR
PRPHQWRHQTXHHPSLH]DVXWUDEDMRORVOLTXLGDGRUHV

 ¢6L ORV OLTXLGDGRUHV RSWDQ SRU HO FRQFXUVR TXp SDVD FRQ
ORV&RQVHMRV5HFWRUHV"

/DV IXQFLRQHV \D HVWDUtDQ WUDQVIHULGDV D ORV OLTXLGDGRUHV OXHJR ORV
FRQVHMRVUHFWRUHVQRWHQGUtDQQLQJXQDIXQFLyQ(OMXH]HQFDUJDGRGHO
FRQFXUVR D OD KRUD GH DFRUGDUOR SXHGH GHWHUPLQDU VL PDQWLHQH ODV
IDFXOWDGHVGHORVyUJDQRVGHDGPLQLVWUDFLyQHVWDQGRLQWHUYHQLGRVSRU
ORV DGPLQLVWUDGRUHV FRQFXUVDOHV R VL OHV SULYD GH HOODV \ VH ODV
WUDQVILHUHDORVDGPLQLVWUDGRUHVFRQFXUVDOHVSHURHVWDVLWXDFLyQVHUtD
VREUH ORV OLTXLGDGRUHV \D TXH HOORV VHUtDQ ORV TXH RVWHQWDVHQ HVDV
IDFXOWDGHVHQHVHPRPHQWR

 ¢&yPR VH SXHGH REOLJDU D ORV &RQVHMRV 5HFWRUHV D
VROLFLWDUHOFRQFXUVR"

7DQWR ORV HVWDWXWRV FRPR OD /H\ GH &RRSHUDWLYDV GLVSRQHQ TXH ORV
FRQVHMRV UHFWRUHV HVWiQ REOLJDGRV D FRQYRFDU XQD DVDPEOHD JHQHUDO
SDUD VRPHWHU D YRWDFLyQ OD DSUREDFLyQ GH OD OLTXLGDFLyQ R QR (V HQ
HVH PRPHQWR FXDQGR OD DVDPEOHD SXHGH SURSRQHU DOWHUQDWLYDV D OD
OLTXLGDFLyQ \ VRPHWHUODV D YRWDFLyQ \ REYLDPHQWHXQD DOWHUQDWLYD D
ODOLTXLGDFLyQHVODGHFODUDFLyQGHFRQFXUVR

¢6HSXHGHKDFHUXQDDVDPEOHDSDUDHFKDUDORVFRQVHMRV
UHFWRUHV"

/RVHVWDWXWRV\OD/H\GH&RRSHUDWLYDVHVWDEOHFHQTXHXQQ~PHURGH
 VRFLRV SXHGH VROLFLWDU OD FRQYRFDWRULD GH XQD DVDPEOHD
H[WUDRUGLQDULD \ HVWDEOHFHU HO RUGHQ GHO GtD TXH TXLHUDQ (VH RUGHQ
GHO GtD SXHGH LQFOXLU OD UHPRFLyQ GH ORV FDUJRV GH ORV &RQVHMRV
5HFWRUHVDXQTXHUHVXOWDPiVSUiFWLFRGDGDODVFLUFXQVWDQFLDVGHODV
FRRSHUDWLYDVHOSURSRQHUODOLTXLGDFLyQRHOFRQFXUVRTXHODUHPRFLyQ
GH ORV FDUJRV 'H HVWD IRUPD VH DYDQ]D HQ OD PDUFKD GH ODV
FRRSHUDWLYDVPLHQWUDVTXHODUHPRFLyQ\VXVWLWXFLyQSRURWURVQXHYRV
FRQVHMRVUHFWRUHVQRGHVEORTXHDODVLWXDFLyQDFWXDO

 ¢+DFH IDOWD XQD DVDPEOHD JHQHUDO SDUD GHFODUDU HO
FRQFXUVR"¢<SDUDDSUREDUODGLVROXFLyQ"

/D GHFODUDFLyQ GH FRQFXUVR HV XQD REOLJDFLyQ TXH LPSRQH OD /H\
&RQFXUVDO D ORV DGPLQLVWUDGRUHV GH OD VRFLHGDG R HO &RQVHMR 5HFWRU
HQHOFDVRGHXQDFRRSHUDWLYDHQFXDQWRODHPSUHVDVHHQFXHQWUDHQ
VLWXDFLyQ REMHWLYD GH LQVROYHQFLD DUW  /& (O GHXGRU GHEHUi
VROLFLWDU OD GHFODUDFLyQ GH FRQFXUVR GHQWUR GH ORV GRV PHVHV
VLJXLHQWHV D OD IHFKD HQ TXH KXELHUD FRQRFLGR R GHELGR FRQRFHU VX
HVWDGR GH LQVROYHQFLD DUW  /& (V GHFLU SDUD OD GHFODUDFLyQ GH
FRQFXUVRQRKD\TXHFRQYRFDUXQDDVDPEOHD\DTXHHVREOLJDFLyQGH
ORV &RQVHMRV 5HFWRUHV HO LQVWDUOR SRU YtD MXGLFLDO HQ HO SOD]R Pi[LPR
GH GRV PHVHV GHVGH TXH FRQRFHQ WDO VLWXDFLyQ 1L VLTXLHUD XQD
DVDPEOHD HQ OD TXH HO UHVXOWDGR GH OD YRWDFLyQ IXHUD QHJDWLYR OHV
H[RQHUDUtD GH WDO REOLJDFLyQ KDVWD HO SXQWR GH LQFXUULU HQ
UHVSRQVDELOLGDGHVSHUVRQDOHVGHLQFXPSOLUVXFRPHWLGR$UW/&

/D GLVROXFLyQ GH OD FRRSHUDWLYD HQ FDPELR YLHQH UHJXODGD HQ ORV
HVWDWXWRV GH OD FRRSHUDWLYD DUWtFXORV  \ VLJXLHQWHV \ HQ OD /H\ GH
&RRSHUDWLYDVDUWtFXORV\VLJXLHQWHV(ODUWtFXORGHORVHVWDWXWRV
HVWDEOHFHODVFDXVDVREMHWLYDVGHGLVROXFLyQ\HODUWtFXORHVWDEOHFH
TXH WDO DFXHUGR GHEH VHU WRPDGR HQ DVDPEOHD \ TXH HO &RQVHMR
5HFWRUHVWiREOLJDGRDFRQYRFDUODHQHOSOD]RGHXQPHVGHVGHTXHVH
GDQ ODV FLUFXQVWDQFLDV R GHVGH TXH DOJXLHQ OR VROLFLWH VL QR OD KDQ
FRQYRFDGRHOORV6LHO&RQVHMR5HFWRUQRFRQYRFDHQHOSOD]RRGHVR\H
OD SHWLFLyQ VH SRGUi VROLFLWDU OD GLVROXFLyQ SRU YtD MXGLFLDO \ ORV
&RQVHMRV 5HFWRUHV UHVSRQGHUiQ SHUVRQDOPHQWH FRQ VX SDWULPRQLR
$UWHVWDWXWRV