$35(1',=$-(

/$(16(f$1=$<(/$35(1',=$-('(/$
&2035(16,1/(&725$
7(5(6$&2/20(5 

/DLGHDGHTXHVDEHUOHHU\HVFULELUUHSUHVHQWDODOODYHGHDFFHVRD

ODFXOWXUD\DOFRQRFLPLHQWRHVWiSURIXQGDPHQWHHQUDL]DGDHQ
QXHVWUDVRFLHGDG(VXQDLPDJHQTXHUHVSRQGHDODLGHDGH
DOIDEHWL]DFLyQTXHVHJHVWRDORODUJRGHOVLJOR;,;\TXHHQOD]D
WDQWRFRQODUHLYLQGLFDFLyQGHHVFRODUL]DFLyQREOLJDWRULDYLVWDFRPRXQ
HOHPHQWRLJXDODGRUHQWUHWRGRVORVKRPEUHV\PXMHUHVFRPRFRQOD
QHFHVLGDGGHXQDHGXFDFLyQDGHFXDGDDOGHVDUUROORLQGXVWULDO&RQ
WRGRVORVPDWLFHVTXHODFRPSOHMLGDGGHQXHVWUDVVRFLHGDGHVSXHGD
DSRUWDUDODVLPSOLFLGDGGHHVWHHQXQFLDGRODLPSRUWDQFLDGHOD
DOIDEHWL]DFLyQKDLGRDXPHQWDQGRFRQODFRQVWDQWHH[WHQVLyQ\
GLYHUVLILFDFLyQGHORVXVRVGHOWH[WRHVFULWRSURGXFLGRVSRUXQD
VRFLHGDGTXHFXHQWD\DFRQWDQWRVVLJORVGHH[LVWHQFLDGHOD
HVFULWXUD

3RUHOORODOHFWXUD\VXDSUHQGL]DMHVRQXQWHPDGHXQLQWHUpVVRFLDOSHUPDQHQWH\
QRFLUFXQVFULWRH[FOXVLYDPHQWHDORViPELWRVHVFRODUHVWDOFRPRXQDVLPSOHRMHDGD
DQXHVWURDOUHGHGRUSHUPLWHREVHUYDU$VtSRUHMHPSORHOLQWHUpVGHORVSDGUHVSRU
HVWHDSUHQGL]DMHKDSHUPLWLGRGHVDUUROODUSURJUDPDVGHFRRSHUDFLyQHQWUHODV
IDPLOLDV\ODHVFXHODHQORVTXHODVIDPLOLDVVHFRPSURPHWtDQSRUHMHPSORDOHHU
GLDULDPHQWHHQYR]DOWDMXQWDPHQWHFRQVXVKLMRV\DVHJXLUXQDVHULHGHSDXWDV
IDFLOLWDGDVSRUODHVFXHOD7DPELpQFRODERUDQGRFRQHOHVSDFLRHVFRODUKDQ
DSDUHFLGR~OWLPDPHQWHQXHYRVSURIHVLRQDOHV\QXHYRVSURJUDPDVGHDSUHQGL]DMH
TXHVHRIUHFHQLQVWLWXFLRQDOPHQWHRVLPSOHPHQWHDWUDYpVGHDQXQFLRVSDUDOD
UHFXSHUDFLyQOHFWRUDGHTXLHQHVQRKDQDOFDQ]DGRORVQLYHOHVGHFRPSHWHQFLD
HVSHUDEOHVDORODUJRGHVXHVFRODULGDG/DVELEOLRWHFDVSRURWUDSDUWHVHHVIXHU]DQ
SRUOOHJDUDVXVOHFWRUHVSRWHQFLDOHVDWUDYpVGHLQLFLDWLYDVDXGDFHVFRPROD
LQVWDODFLyQGHSXQWRVGHSUpVWDPRHQPHUFDGRVRSLVFLQDV<ODDOIDEHWL]DFLyQIRUPD
SDUWHWDPELpQGHODVGLVFXVLRQHV\GHFLVLRQHVSROtWLFDVDWUDYpVGHODVFDPSDxDVGH
DOIDEHWL]DFLyQLPSXOVDGDVSRUORVJRELHUQRVGHPXFKRVSDtVHVRGHORVPLVPRV
REMHWLYRVIXQGDPHQWDOHVGHLQVWLWXFLRQHVLQWHUQDFLRQDOHVFRPROD81(6&2

$SDUWHGHHVWRVHMHPSORVHVFRJLGRVDOD]DUVREUHHOLQWHUpVVRFLDOSRUODOHFWXUDHV
ELHQFRQRFLGRTXHODLQYHVWLJDFLyQHQHVWHFDPSRKDVLGRXQDVSHFWRSULYLOHJLDGR
SRUSDUWHGHYDULDVGLVFLSOLQDVGXUDQWHODVSDVDGDVGpFDGDV/RVHVWXGLRV
SVLFROyJLFRVVREUHHOGHVDUUROORLQWHOHFWXDOFRQVROLGDURQXQHQIRTXHFRJQLWLYRGHO
SURFHVDPLHQWRGHODLQIRUPDFLyQFRPRWHRUtDKHJHPyQLFDHQHOVHQRGHOD
SVLFRORJtDHYROXWLYD6XVDYDQFHVHQHOHVWXGLRVREUHFyPRVHFRPSUHQGHIXHURQD
HQFRQWUDUVHFRQORVQXHYDVLQWHUHVHVGHODVWHRUtDVOLQJtVWLFDVSRUFyPRVHXVDHO
OHQJXDMHHQODVGLVWLQWDVVLWXDFLRQHVFRPXQLFDWLYDV\SRUTXpFRQILJXUDXQWH[WRHQ
WDQWRTXHXQLGDGVXSHULRUDODIUDVH/RVHVWXGLRVVREUHODOHFWXUDVHEHQHILFLDURQGH
HVWDFRQIOXHQFLDDWUDYpVGHODGHILQLFLyQGHODFWRGHOHFWXUDFRPRXQDFWRGH
FRPSUHQVLyQGHXQPHQVDMHHQXQDVLWXDFLyQGHFRPXQLFDFLyQGLIHULGDDWUDYpVGH
WH[WRVHVFULWRV/DSVLFROLQJtVWLFDHVWDEOHFLySXHQWHVHQWUHDPEDVGLVFLSOLQDV\
PXFKRVRWURVFDPSRVFLHQWtILFRVODVRFLROLQJtVWLFDODSUDJPiWLFDODWHRUtDGHOD
FRPXQLFDFLyQORVHVWXGLRVVREUHLQWHOLJHQFLDDUWLILFLDOFRQODDSDULFLyQGHOD
LQIRUPiWLFDODVWHRUtDVOHODUHFHSFLyQOLWHUDULDHWFLQWHUUHODFLRQDURQVXVDYDQFHV
GHWDOIRUPDTXHHOFRQMXQWRUHVXOWDQWHRIUHFHDFWXDOPHQWHXQDGHVFULSFLyQ
LQFRPSDUDEOHPHQWHPiVSURIXQGDTXHODGHKDFHDOJ~QWLHPSRVREUHTXHVLJQLILFD
OHHUXQWH[WR
/HHUHQQXHVWUDVRFLHGDG

3RUTXHWDQWRLQWHUpVVRFLDOHLQYHVWLJDGRUVREUHOHFWXUD"+DFHXQRVDxRVOD
DSDULFLyQGHORVPHGLRVDXGLRYLVXDOHVGHFRPXQLFDFLyQSHUPLWLySUHYHHUVX
GHVDSDULFLyQFRPRXQDWHFQRORJtDVXSHUDGDKR\SDUHFH\DHYLGHQWHTXHHOSURJUHVR
VRFLDOTXHVXSHUDGD3HURLQYHQFLyQGHODOHQJXDHVFULWDQRKDKHFKRVLQR
DFHOHUDUVHFRQODDVXQFLyQGHQXHYRVFyGLJRVGHUHSUHVHQWDFLyQGHODUHDOLGDGTXH
OHMRVGHGHVEDQFDUVHXQRVRWURVGLYHUVLILFDQORVXVRV\VHLQWHUUHODFLRQDQ
IXHUWHPHQWHHQWUHHOORV/DVUHODFLRQHVHQWUHORVFRQWHQLGDGHOPHQVDMHHOFyGLJR
RUDOHVFULWRYLVXDOHQTXHHOPHGLRGHFRPXQLFDFLyQTXHORVWUDQVPLWHVRQPX\
YDULDGDV\WRGRVORVVLVWHPDVGHUHSUHVHQWDFLyQVLPEyOLFDFRODERUDQHQODVYHQWDMDV
SURSRUFLRQDGDVSRUODOHQJXDHVFULWDHQHOPRPHQWRGHVXLQYHQFLyQODSRVLELOLGDG
GHFRQVWLWXLUXQDPHPRULDFROHFWLYD\XQDFRPXQLFDFLyQPD\RUJUDFLDVDOD
VXSHUDFLyQGHORVOtPLWHVLPSXHVWRVSRUODQHFHVLGDGGHSUHVHQFLDItVLFDGHORV
LQWHUORFXWRUHV/DVQXHYDVSRVLELOLGDGHVGHFRQVHUYDFLyQ\GLVWDQFLDKLFLHURQ
SRVLEOHVXQRVQLYHOHVGHDQiOLVLV\DEVWUDFFLyQGHOOHQJXDMHTXHGHWHUPLQDURQXQ
JUDQSURJUHVRGHOFRQRFLPLHQWR\TXHVHKDOODQHQODEDVHGHOGHVDUUROORFLHQWtILFR\
FXOWXUDOGHQXHVWUDVVRFLHGDGHV/DHYROXFLyQVRFLDOSRURWUDSDUWHKDFRQGXFLGRD
XQDGLYLVLyQPX\FRPSOHMDGHOWUDEDMRTXHSUHFLVDPHQWHH[LJHSRGHURSHUDUVREUH
UHSUHVHQWDFLRQHVVLPEyOLFDVGHODUHDOLGDG(OORVXSRQHODQHFHVLGDGGHTXHORV
FLXGDGDQRVDGTXLHUDQHVWHGRPLQLRDWUDYpVGHVXVHWDSDVGHIRUPDFLyQ/D
GHVFULSFLyQGHOSURFHVRGHDOIDEHWL]DFLyQGHQXHVWURPXQGR\GHVXWUDGXFFLyQDODV
IRUPDVGHHQVHxDQ]DFDHODOHFWXUDHVXQWHQtDDPSOLDPHQWHWUDWDGRHQOD
ELEOLRJUDItDDFWXDO'DUQWRQ&KDUWLHU\+pEUDUGHQWUHRWURVTXH
D\XGDDVLWXDUHOSURFHVRGHLQQRYDFLyQHQHOTXHVHKDOODHVWHWHPD

6DEHPRVSRURWUDSDUWHTXHHODFFHVRDODOHQJXDHVFULWDWLHQHWDPELpQ
FRQVHFXHQFLDVSDUDHOGHVDUUROORLQWHOHFWXDOGHORVLQGLYLGXRV/RVPHQVDMHV
HVFULWRVWLHQHQODSRVLELOLGDGGHVHUDQDOL]DGRV\FRQIURQWDGRVFRQQXHVWUDVLGHDVR
ODVGHRWURVWH[WRV(OORIDYRUHFHODDSURSLDFLyQGHODH[SHULHQFLD\HOFRQRFLPLHQWR
KXPDQR\DTXHSHUPLWHFRQYHUWLUODVLQWHUSUHWDFLRQHVGHODUHDOLGDGKHFKDVSRUORV
GHPiVRLQFOXVRSRUQRVRWURVPLVPRVHQDOJRPDWHULDO\DUWLFXODGRTXHSXHGHVHU
JR]DGRFRQWUDVWDGRFRQFHSWXDOL]DGRHLQWHJUDGRHQQXHVWURFRQRFLPLHQWRGHO
PXQGR/DOHQJXDHVFULWDVXSRQHSXHVXQDDPSOLDFLyQFRQVLGHUDEOHGHODV
SRVLELOLGDGHVGHFRPXQLFDFLyQ\GHVDUUROORSHUVRQDOTXHODDGTXLVLFLyQGHOOHQJXDMH
RUDOLQLFLDHQODYLGDGHFXDOTXLHUSHUVRQD$PHQXGRHOGLVFXUVRVREUHODOHFWXUD
SDUHFHPX\FRPSOHMRSRUTXHVHHVWDKDEODQGRHQUHDOLGDGGHFyPRORVKXPDQRV
LQWHUSUHWDPRVODUHDOLGDG<HIHFWLYDPHQWHXQDJUDQSDUWHGHODGHVFULSFLyQSRGUtD
DSOLFDUVHWDQWRDODIRUPDGHHQWHQGHUXQWH[WRFRPRDODIRUPDGHHQWHQGHUOD
H[SOLFDFLyQRUDOGHOSURIHVRU3HURDGLIHUHQFLDGHORVXVRVSULPHURVGHODOHQJXD
RUDOSDUDODDGTXLVLFLyQGHODVFRPSHWHQFLDVOHFWRUDVVHQHFHVLWDXQVRSRUWHGH
LQVWUXFFLyQTXHVHHQFXHQWUDGHOHJDGRHQODHVFXHOD(VWDLQVWLWXFLyQVHHQFDUJDGH
IDFLOLWDUDWRGRVORVLQGLYLGXRVODFDSDFLGDGGHXWLOL]DUODOHFWXUDSDUDWRGDVVXV
IXQFLRQHVVRFLDOHVIXQFLRQHVTXHSRGHPRVVLQWHWL]DUHQORVWUHVXVRVGHODOHFWXUD
SUHVHQWHVHQODHVFXHOD7ROFKLQVN\ODDGDSWDFLyQDXQDVRFLHGDGXUEDQD\
SRVWLQGXVWULDOTXHH[LJHVXXVRFRQVWDQWHHQODYLGDFRWLGLDQDODSRWHQFLDFLyQGHO
FRQRFLPLHQWR\HODFFHVRDODH[SHULHQFLDOLWHUDULD

/RVFDPELRVHQODSODQLILFDFLyQGHODOHFWXUD

/DSULPHUDFRQVHFXHQFLDGHOFDPELRGHSHUVSHFWLYDHQODIRUPDGHFRQWHPSODUOD
OHFWXUDHVODGHOFDPELRHQVXSODQLILFDFLyQHVFRODU

$SUHQGHUDORODUJRGHOWLHPSR
(VHYLGHQWHHQSULPHUOXJDUTXH\DQRSRGHPRVHQWHQGHUODOHFWXUDFRPRXQ
DSUHQGL]DMHUHVWULQJLGRDORVSULPHURVQLYHOHVGHHVFRODULGDG\FHQWUDGR
VLPSOHPHQWHHQODVKDELOLGDGHVGHGHVFRGLILFDFLyQ(OSURFHVRHVXQFRQWLQXRTXH
HPSLH]DDQWHVGHODHVFRODUL]DFLyQSXHVWRTXHDWUDYpVGHODSUHVHQFLDVRFLDOGHO
HVFULWRORVQLxRV\QLxDVOOHJDQDODHVFXHODFRQPXFKRVFRQRFLPLHQWRVVREUHHVWH
WHPD8QDSDUWHGHODLQYHVWLJDFLyQVREUHOHFWXUDVHKDGLULJLGRHIHFWLYDPHQWHD
HVWDHWDSDSDUDGHVFULELUORVLQLFLRVGHODFXOWXUDHVFULWD3DUDGHVFULELUSRU
HMHPSORHOSDSHOGHODVQDUUDFLRQHVRGHODOLWHUDWXUDRUDOHQHOGHVDUUROORGHO
SDSHOGHHVSHFWDGRUQHFHVDULRSDUDFRQWHPSODUHOOHQJXDMHFRPRREMHWRH[WHUQR\
SRGHUDGTXLULUORHQODVSULPHUDVHGDGHV$SSOHEHH2SDUDGHVFULELU
)HUUHLUR\7HEHURVN\:HOOVFyPRDQWHVGHDFXGLUDODHVFXHODORV
QLxRV\QLxDVVDEHQSRUHMHPSORTXHHOHVFULWRHYRFDUHDOLGDGHVTXHQRHVWiQ
SUHVHQWHVFRQRFHQIRUPDVGHWHUPLQDGDVGHODVJUDItDVRGHWLSRVGHHVFULWRVR
ELHQWLHQHQH[SHULHQFLDVREUHFXiQGR\FyPRVHOHHVRFLDOPHQWH<HOSURFHVRGH
DSUHQGL]DMHOHFWRUVHDODUJDDWRGDODHVFRODULGDG\PiVDOOiVLODHQWHQGHPRVFRPR
XQDKDELOLGDGLQWHUSUHWDWLYD

$SUHQGHUDORDQFKRGHODVPDWHULDV

/DHQVHxDQ]DGHODOHFWXUDKDSDVDGRDVHUFRQWHPSODGDFRPRXQDWDUHDSURSLDGH
ORVSURIHVRUHVGHWRGDVODViUHDVGHFRQRFLPLHQWR(QUHDOLGDGXQDSDUWHPX\
LPSRUWDQWHGHODSUHQGL]DMHHVFRODUFRQVLVWHHQODDPSOLDFLyQGHOGRPLQLROLQJtVWLFR
GHVGHODPHUDFRQYHUVDFLyQKDVWDIRUPDVFDGDYH]PiVIRUPDOL]DGDV\DEVWUDFWDV
(QODHVFXHODORVDOXPQRVUHFLEHQPXFKDLQIRUPDFLyQVREUHFyPRLQWHUSUHWDVX
VRFLHGDGODUHDOLGDGItVLFD\VRFLDODWUDYpVGHORVFRQWHQLGRVGHWRGDVODVGLVFLSOLQDV
FXUULFXODUHV(VWDVLQWHUSUHWDFLRQHVVRQLQGLVRFLDEOHVGHODPDQHUDGHKDEODUVREUH
HOODVGHODPDQHUDFRPRHOOHQJXDMHLQWHUSUHWDHOPXQGR(VSRUHOORTXHOD
SRVLELOLGDGGHp[LWRDFDGpPLFRYDHVWUHFKDPHQWHOLJDGDDODH[LJHQFLDGHXQD
PD\RUFDSDFLGDGGHVLPEROL]DFLyQH[LJHQFLDFDGDYH]PiVDOWDFXDQWRPiVVH
DVFLHQGHHQHOFXUULFXOXPHVFRODU

/DDODUPDDQWHHOIUDFDVRDFDGpPLFRLGHQWLILFDGRFRPRXQIUDFDVRHQODFDSDFLGDG
GHOHFWXUDQRVHSURGXMRMXVWDPHQWHHQHOiUHDGH/HQJXDFHQWUDGD
KDELWXDOPHQWHHQHOWH[WROLWHUDULRVLQRHQODVUHVWDQWHViUHDVGHOFXUULFXOXP/RV
SULPHURVSURJUDPDVGHDSUHQGL]DMHOHFWRUHQORVFXUVRVDYDQ]DGRVVHFHQWUDURQHQ
ODOHFWXUDGHORVWH[WRVH[SRVLWLYRV\JHQHUDURQPpWRGRVGHHVWXGLRSUiFWLFDVGH
WpFQLFDVGHHVWXGLRFRPRVHKDQYHQLGRGHQRPLQDQGRDTXt(QORV~OWLPRV
WLHPSRVKDHPSH]DGRDVHQWLUVHODQHFHVLGDGWDQWRGHLQWHJUDUHVWDVWpFQLFDVHQODV
SUiFWLFDVQRUPDOHVGHDXODGHODVGLVWLQWDVPDWHULDVFRPRGHLQWHUHVDUDWRGRVORV
HQVHxDQWHVHQHOFRQRFLPLHQWRGHTXpVLJQLILFDHQWHQGHUORVWH[WRVTXHSURSRQHQ
TXpFDSDFLGDGHV\FRQRFLPLHQWRVUHTXLHUHQGHOOHFWRU\TXpFDUDFWHUtVWLFDV
WH[WXDOHVIDYRUHFHQRGLILFXOWDQVXFRPSUHQVLyQ&RORPHU

8VDUDQDOL]DU\HMHUFLWDU

/DHQVHxDQ]DGHODOHFWXUDKDLQLFLDGRXQPRYLPLHQWRGHLQWHJUDFLyQ\DUWLFXODFLyQ
HQWUHORVDSUHQGL]DMHVVREUHODIRUPDGHOHVFULWR\VREUHVXIXQFLyQHQWUHODV
KDELOLGDGHVTXHVHSRQHQHQMXHJR\HOVHQWLGRTXHODOHFWXUDWLHQHSDUDORV
OHFWRUHV/RVHVWXGLRVVREUHODDGTXLVLFLyQGHOOHQJXDMHRUDOKDQGHPRVWUDGR
FODUDPHQWHTXHORVQLxRV\QLxDVDPSOtDQVXOHQJXDMHDEDVHGHDWHQGHUDODYH]D
ODIRUPDHOVLJQLILFDGR\ODIXQFLyQ\WRGRFRQGXFHDSHQVDUTXHHODFFHVRDOD
OHQJXDHVFULWDGHEHEDVDUVHHQXQSURFHVRDQiORJR

/DIXVLyQHQWUHIRUPD\IXQFLyQVHLQLFLyHQORVDSUHQGL]DMHVGHORVSULPHURV
QLYHOHV)XHXQDGLVFXVLyQSUHVHQWH\DHQODVDFHUDGDVSROpPLFDVHQWUHORVPpWRGRV
JOREDOHV\DQDOtWLFRVGHODGHVFRGLILFDFLyQ$ORODUJRGHQXHVWURVLJORODUHIOH[LyQ
SHGDJyJLFDIXHKDFLHQGRDSRUWDFLRQHVLPSRUWDQWHVVREUHHVWDFXHVWLyQ3RU
HMHPSORGHVWDFyODLPSRUWDQFLDGHOHHUWH[WRVFRQVLJQLILFDGRGHXWLOL]DUODOHFWXUD
FRPRXQLQVWUXPHQWRLQWHJUDGRHQODVWDUHDVHGXFDWLYDVRGHDWHQGHUODV
GLIHUHQWHVKDELOLGDGHVGHEDVHSHUFHSFLyQPHPRULDHWFLPSOLFDGDVHQHO
DSUHQGL]DMHPiVDOOiGHOVLPSOHWUDEDMRVREUHHOGHVFLIUDGR/RVPpWRGRVGH
'HFURO\)UHLQHWR0RQWHVVRULUHQRYDURQDVtPXFKRVDVSHFWRVGHODVDFWLYLGDGHV
HVFRODUHVGHOHFWXUD/DSROpPLFDVREUHODHGXFDFLyQOLWHUDULDGHVDWDGDDSDUWLUGH
ORVDxRVVHVHQWDWDPELpQUHVSRQGHHQSDUWHDHVWHPLVPRPRYLPLHQWR(O
DSUHQGL]DMHIRUPDOHKLVWyULFRGHODOLWHUDWXUDVHFRQWUDSXVRDODFFHVRDOWH[WRDO
SODFHUGHODOHFWXUDHVGHFLUFRQVHQWLGRLQPHGLDWRSDUDHOOHFWRU

/RVSULPHURVUHVXOWDGRVVREUHODGHVFULSFLyQGHODFWROHFWRUSDUHFLHURQRIUHFHUDOD
HVFXHODODSRVLELOLGDGGHHVWDEOHFHUXQQXHYRWLSRGHHMHUFLFLRVTXHYHQtDQDYDODGRV
SRUVXFLHQWLILFLGDG3URYHQtDQGHORVHVWXGLRVVREUHODSHUFHSFLyQVHQVRULDO
UHDOL]DGRVSRUODSVLFRORJtDH[SHULPHQWDO\FDPELDURQODVLGHDVYLJHQWHVVREUH
DVSHFWRVWDOHVFRPRODPDQHUDGHPLUDUHOWH[WRFXDQGRVHOHHRVREUHODUHODFLyQ
H[LVWHQWHHQWUHYLVLyQRUDOLGDG\YHORFLGDGOHFWRUD3RURWUDSDUWHORVHVWXGLRV
VREUHODOHJLELOLGDGGHORVWH[WRV5LFKDGHDXRIUHFLHURQIyUPXODV
FRQFUHWDVSDUDPHGLUVXGLILFXOWDGSRUFHQWDMHVGHWLSRVGHSDODEUDVORQJLWXGGHODV
IUDVHVHWFIyUPXODVTXHIXHURQXWLOL]DGDVSRUHMHPSORHQODFRQIHFFLyQGHOLEURV
LQIDQWLOHVRHQORVWHVWVGHHYDOXDFLyQOHFWRUD$PEDVQRYHGDGHVIXHURQDGRSWDGDV
FRQHQWXVLDVPRSRUPXFKRVHQVHxDQWHVGHVHRVRVGHLQFLGLUHQXQDSUHQGL]DMHGHOD
OHFWXUDTXHSHUFLEtDQFRPRDEDQGRQDGRDODHVSRQWDQHLGDGGHODELEOLRWHFDR
SHUGLGRHQHOQLYHOLPSOtFLWRGHORVWUDEDMRVGHDXOD/RVFXHQWRV\WH[WRVRIUHFLGRV
DORVQLxRV\QLxDVIXHURQUHYLVDGRVFRQFLHQ]XGDPHQWHSDUDGHWHFWDUSDODEUDVTXH
QRSHUWHQHFLHUDQDOYRFDEXODULRPtQLPRRTXHQRUHODFLRQDUDQFRQYHQLHQWHPHQWH
ODVLQWD[LVGHODVIUDVHVFRQODFRPSDJLQDFLyQGHODVSiJLQDV/DUHDOL]DFLyQGH
HMHUFLFLRVGHYHORFLGDGOHFWRUDGHSHUFHSFLyQGHDPSOLDFLyQGHOFDPSRYLVXDOHWF
VHXQLyDODSURJUDPDFLyQGHWpFQLFDVGHHVWXGLRFXDOVLGHXQDQXHYDDVLJQDWXUDVH
WUDWDUD

$SUHQGHUDOHHUDWUDYpVGHODSURJUDPDFLyQGHHMHUFLFLRVRDSUHQGHUDOHHUOH\HQGR
FRQVWLWX\HURQDVtGRVWHQGHQFLDVGLGiFWLFDVGHUHODFLyQYDULDEOH\GHWHFWDEOHVD~Q
KR\VREUHWRGRHQODHVFXHODSULPDULD6LQHPEDUJRORVDYDQFHVGHOD
LQYHVWLJDFLyQHGXFDWLYDKDQLGRLQVLVWLGRKDVWDODVDFLHGDGHQODQHFHVLGDGGH
UHODFLRQDUHOXVRGHODOHFWXUDGRWDGDGHREMHWLYRVFRQODHQVHxDQ]DGHIRUPDVGH
DIURQWDUODFRPSUHQVLyQGHWRGRWLSRGHWH[WRV\FRQHOHQWUHQDPLHQWRGH
KDELOLGDGHVHVSHFtILFDVGHIRUPDTXHVXSODQLILFDFLyQUHVXOWDKR\SHUIHFWDPHQWH
DERUGDEOHHQODSUiFWLFDHVFRODU

/DHQVHxDQ]DGHODFRPSUHQVLyQOHFWRUD

(QVHxDUDHQWHQGHUXQWH[WRKDLGRFRQYLUWLpQGRVHHQHOREMHWLYRUHDOGHODV
SUiFWLFDVHVFRODUHV\KDSHUPLWLGRH[SHULPHQWDU\DUWLFXODUQXHYDVSUiFWLFDVSDUD
FRQVHJXLUOR3DUWLPRVGHODLGHDGHTXHOHHUHVXQDFWRLQWHUSUHWDWLYRTXHFRQVLVWH
HQVDEHUJXLDUXQDVHULHGHUD]RQDPLHQWRVKDFLDODFRQVWUXFFLyQGHXQD
LQWHUSUHWDFLyQGHOPHQVDMHHVFULWRDSDUWLUWDQWRGHODLQIRUPDFLyQTXHSURSRUFLRQD
HOWH[WRFRPRGHORVFRQRFLPLHQWRVGHOOHFWRU$ODYH]OHHULPSOLFDLQLFLDURWUDVHULH
GHUD]RQDPLHQWRVSDUDFRQWURODUHOSURJUHVRGHHVDLQWHUSUHWDFLyQGHWDOIRUPDTXH
VHSXHGDQGHWHFWDUODVSRVLEOHVLQFRPSUHQVLRQHVSURGXFLGDVGXUDQWHODOHFWXUD

(OQXHYRPRGHORGHOHFWXUDHVWDEOHFLGRSRUODLQYHVWLJDFLyQHQHVWHFDPSRVXSRQH
ODLQWHUUHODFLyQGHWUHVIDFWRUHV,UZLQTXHGHEHQWHQHUVHHQFXHQWDWDPELpQ
HQODSURJUDPDFLyQGHVXHQVHxDQ]DHOOHFWRUHOWH[WR\HOFRQWH[WRGHODOHFWXUD
 (OOHFWRULQFOX\HORVFRQRFLPLHQWRVTXHpVWHSRVHHHQXQVHQWLGRDPSOLR
HVGHFLUWRGRORTXHHV\VDEHVREUHHOPXQGRDVtFRPRWRGRORTXHKDFH
GXUDQWHODOHFWXUDSDUDHQWHQGHUHOWH[WR

(OWH[WRVHUHILHUHDODLQWHQFLyQGHODXWRUDOFRQWHQLGRGHORTXHGLFH\D
ODIRUPDHQTXHKDRUJDQL]DGRVXPHQVDMH

(OFRQWH[WRFRPSUHQGHODVFRQGLFLRQHVGHODOHFWXUDWDQWRODVTXHVHILMD
HOSURSLROHFWRUVXLQWHQFLyQVXLQWHUpVSRUHOWH[WRHWFFRPRODV
GHULYDGDVGHOHQWRUQRVRFLDOTXHHQHOFDVRGHODOHFWXUDHVFRODUVRQ
QRUPDOPHQWHODVTXHILMDHOHQVHxDQWHXQDOHFWXUDFRPSDUWLGDRQR
VLOHQFLRVDRHQYR]DOWDHOWLHPSRTXHVHOHGHVWLQDHWF

/DUHODFLyQHQWUHHVWDVWUHVYDULDEOHVLQIOX\HHQRUPHPHQWHHQODSRVLELOLGDGGH
FRPSUHQVLyQGHOWH[WR\SRUORWDQWRHQODVDFWLYLGDGHVHVFRODUHVGHEHYHODUVHSRU
VXFRPSDJLQDFLyQ8QDOXPQRHQIUHQWDGRDXQWH[WRGHPDVLDGRGLItFLOSDUDpO
PXHVWUDXQGLYRUFLRHQWUHODVYDULDEOHVGHWH[WROHFWRUGHODPLVPDPDQHUDTXHXQ
DOXPQRTXHOHHXQWH[WRSHUWLQHQWHSHURHQYR]DOWDPXHVWUDXQGHVDMXVWHHQWUH
ODVYDULDEOHVGHWH[WRFRQWH[WRTXHKDFHQPiVGLItFLOODFRPSUHQVLyQ

/DVHSDUDFLyQWRWDOHQWUHORVWUHVFRPSRQHQWHVSXHGHFRQWHPSODUVHSRUHMHPSOR
HQODOHFWXUDGHXQDOXPQRDFRVWXPEUDGRDIUDFDVDUHQHVWDDFWLYLGDGFDVL
VLHPSUHVHKDOODDQWHWH[WRVH[FHVLYDPHQWHGLItFLOHVSDUDpOWH[WROHFWRU\QRORV
DERUGDFRQXQDLQWHQFLyQDGHFXDGDOHFWRUFRQWH[WRSRUTXHVHKDDFRVWXPEUDGRD
QREXVFDURWURVHQWLGRDVXOHFWXUDTXHHOGHFXPSOLUPHFiQLFDPHQWHODRUGHQGHO
SURIHVRU

/DLQYHVWLJDFLyQVREUHOHFWXUDVHKDHQFDPLQDGRIXQGDPHQWDOPHQWHDODGHVFULSFLyQ
SRUPHQRUL]DGDGHORTXHHOOHFWRUWLHQHTXHVDEHUKDFHUSDUDOHHUXQWH[WR

/DGHVFULSFLyQGHHVWRVDVSHFWRVRIUHFHSUHFLVDPHQWHHOREMHWLYRGHODHQVHxDQ]D
GHODOHFWXUD\DTXHODHVFXHODHVODHQFDUJDGDGHGHVDUUROODUHVWRVVDEHUHVHQ
WRGDODSREODFLyQ(OFXDGURTXHVHUHSURGXFHHQHVWHDUWtFXOR,UZLQRIUHFH
XQHVTXHPDGHODGHVFULSFLyQGHORVFRQRFLPLHQWRV\SURFHVRVLPSOLFDGRVHQHODFWR
GHOHFWXUD/DVHVWUXFWXUDVVRQODVFDUDFWHUtVWLFDVGHOOHFWRUFRQLQGHSHQGHQFLDGH
VXOHFWXUDPLHQWUDVTXHORVSURFHVRVVHUHILHUHQDOGHVDUUROORGHDFWLYLGDGHV
FRJQLWLYDVGXUDQWHODOHFWXUD(VWUXFWXUDV\SURFHVRVSXHGHQFDUDFWHUL]DUVHGHO
PRGRVLJXLHQWH

/DVHVWUXFWXUDVFRJQLWLYDVVHUHILHUHQDORVFRQRFLPLHQWRVVREUHODOHQJXD
IRQROyJLFRVVLQWiFWLFRVVHPiQWLFRVSUDJPiWLFRV\DORVFRQRFLPLHQWRV
VREUHHOPXQGRRUJDQL]DGRVHQIRUPDGHHVTXHPDVPHQWDOHV

/DVHVWUXFWXUDVDIHFWLYDVLQFOX\HQODDFWLWXGGHOOHFWRUDQWHODOHFWXUD\
VXVLQWHUHVHVFRQFUHWRVDQWHXQWH[WR6XDXWRLPDJHQFRPROHFWRUVX
FDSDFLGDGGHDUULHVJDUVHRVXPLHGRDOIUDFDVRHWFVRQDVSHFWRVDIHFWLYRV
LJXDOPHQWHLPSOLFDGRVHQFXDOTXLHUOHFWXUD

/RVPLFURSURFHVRVDOXGHQDODFRPSUHQVLyQGHODLQIRUPDFLyQFRQWHQLGD
HQXQDIUDVHHLQFOX\HQHOUHFRQRFLPLHQWRGHODVSDODEUDVODOHFWXUD
DJUXSDGDSRUVLQWDJPDV\ODPLFURVHOHFFLyQGHODLQIRUPDFLyQTXHGHEHVHU
UHWHQLGD

/RVSURFHVRVGHLQWHUDFFLyQVHGLULJHQDHQOD]DUODVIUDVHVRODV
SURSRVLFLRQHVHLQFOX\HQODXWLOL]DFLyQGHORVUHIHUHQWHV\FRQHFWRUHVDVt
 FRPRODVLQIHUHQFLDVIXQGDGDVVREUHHOWH[WR\VREUHORVFRQRFLPLHQWRVGHO
OHFWRUVLQDSDUWDUVHGHOWH[WR

/RVPDFURSURFHVRVVHRULHQWDQKDFLDODFRPSUHQVLyQJOREDOGHOWH[WR
KDFLDODVUHODFLRQHVHQWUHODVLGHDVTXHORFRQYLHUWHQHQXQWRGRFRKHUHQWH
,QFOX\HQODLGHQWLILFDFLyQGHODVLGHDVSULQFLSDOHVHOUHVXPHQ\ODXWLOL]DFLyQ
GHODHVWUXFWXUDWH[WXDO

/RVSURFHVRVGHHODERUDFLyQOOHYDQDOOHFWRUPiVDOOiGHOWH[WRDWUDYpVGH
LQIHUHQFLDV\UD]RQDPLHQWRVQRSUHYLVWRVSRUHODXWRU6HVLW~DQDTXtODV
SUHGLFFLRQHVODFRQVWUXFFLyQGHLPiJHQHVPHQWDOHVODUHVSXHVWDDIHFWLYDOD
LQWHJUDFLyQGHODLQIRUPDFLyQFRQORVFRQRFLPLHQWRVGHOOHFWRU\HO
UD]RQDPLHQWRFUtWLFR

/RVSURFHVRVPHWDFRJQLWLYRVFRQWURODQODFRPSUHQVLyQREWHQLGD\
SHUPLWHQDMXVWDUVHDOWH[WR\DODVLWXDFLyQGHOHFWXUD,QFOX\HQOD
LGHQWLILFDFLyQGHODSpUGLGDGHFRPSUHQVLyQ\VXUHSDUDFLyQ

7RGDVHVWDVHVWUXFWXUDV\SURFHVRVKDQVLGRREMHWRGHQXPHURVDVLQYHVWLJDFLRQHV
/DFRPSDUDFLyQGHODVGLIHUHQFLDVHQWUHORVOHFWRUHVH[SHUWRVHLQH[SHUWRVVLUYLy
SDUDGHVFULELUHODFWRGHOHFWXUD\SDUDGHWHFWDUHOWLSR\ODJUDGDFLyQGHODV
GLILFXOWDGHVTXHUHTXLHUHQVHUVXSHUDGDVSRUORVDSUHQGLFHVGHOHFWRUSDUDGRPLQDU
ORVGLVWLQWRVDVSHFWRVGHODOHFWXUD/DLQYHVWLJDFLyQOHFWRUDVHDSOLFyGHVSXpVDOD
HQVHxDQ]DSDUDLQYHVWLJDUODVGLVWLQWDVPDQHUDVGHD\XGDUDORVDOXPQRVHQHVWH
FDPLQR

$OJXQRVGHHVWRVDVSHFWRVKDQVLGRPiVLQYHVWLJDGRVTXHRWURVVHJ~QVX
FRPSOHMLGDGRVHJ~QODSRVLELOLGDGGHGLVSRQHUGHLQVWUXPHQWRVDGHFXDGRVSDUD
KDFHUOR$VtSRUHMHPSORODGHVFULSFLyQGHOUHODWRRIUHFLGDSRUODQDUUDWRORJtDHQOD
GpFDGDGHORVVHWHQWDIXHPX\~WLOSDUDHVWXGLDUHOXVRTXHHOOHFWRUKDFHGHVX
FRQRFLPLHQWRGHORVGLVWLQWRVHOHPHQWRVQDUUDWLYRVHQHOPRPHQWRGHODOHFWXUD(Q
FDPELRORVSURFHVRVGHHODERUDFLyQKDQVLGRDERUGDGRVPiVUHFLHQWHPHQWHD
FDXVDGHOGHVFRQRFLPLHQWRGHPXFKRVGHORVPHFDQLVPRVFRJQLWLYRVTXHORV
FRQIRUPDQFRPRHQHOFDVRGHODHODERUDFLyQGHLPiJHQHVPHQWDOHV

7DPELpQVXWUDVSDVRDODHQVHxDQ]DSUHVHQWDJUDQGHVGLIHUHQFLDV(QSDUWHSRUTXH
ODHVFXHODKDVHQWLGRXQDPD\RUQHFHVLGDGGHFHQWUDUVHHQXQRVDVSHFWRVTXHHQ
RWURV3RUHMHPSORORVSURIHVRUHVVHVLHQWHQPiVSUHRFXSDGRVSRUODQHFHVLGDGGH
HQVHxDUDUHVXPLUTXHSRUODSURPRFLyQGHOUD]RQDPLHQWRFUtWLFRRLQIHUHQFLDO<HQ
SDUWHWDPELpQSRUODSRVLELOLGDGGHWUDGXFLUORVDYDQFHVLQYHVWLJDGRUHVHQ
DFWLYLGDGHVSURJUDPDV\HMHUFLFLRVGHIiFLODSOLFDFLyQHQODVDXODV

(QOD~OWLPDGpFDGDKDQDSDUHFLGREDVWDQWHVSURSXHVWDVHQFDPLQDGDVDHVWDEOHFHU
HOSXHQWHHQWUHORVUHVXOWDGRVGHODLQYHVWLJDFLyQKDVWDHOPRPHQWR\ODHQVHxDQ]D
GHODFRPSUHQVLyQOHFWRUDHQODHVFXHOD(QQXHVWURSDtVKDQDSDUHFLGRRVHKDQ
WUDGXFLGRGLYHUVDVREUDV&RORPHU\&DPSV6iQFKH]0LJXHO6ROp
&DLUQH\&RRSHUHWFTXHDXQTXHHVWiQFHQWUDGDVHQDVSHFWRV
GLVWLQWRVRVXSHUSXHVWRVWDOHVFRPRODSODQLILFDFLyQGHODOHFWXUDODHQVHxDQ]DGH
HVWUDWHJLDVRHOWH[WRH[SRVLWLYRYLHQHQDFRLQFLGLUWDQWRHQVXVSODQWHDPLHQWRV
VREUHODOHFWXUD\ODHGXFDFLyQFRPRHQODSRVLELOLGDGGHLQFRUSRUDUUHDOPHQWHVXV
SURSXHVWDVHQODHVFXHOD

1RHVSRVLEOHUHDOL]DUDTXtXQEDODQFHDTXtGHORVUHVXOWDGRVREWHQLGRVWDQWRHQOD
GHVFULSFLyQGHORVGLVWLQWRVPHFDQLVPRVGHODOHFWXUDFRPRGHODVPHMRUHVPDQHUDV
GHLQFLGLUHQVXDSUHQGL]DMH$QWHODJUDQFDQWLGDGGHLQYHVWLJDFLRQHVUHDOL]DGDV
HQDPERVDVSHFWRVQRGHMDGHVHUVRUSUHQGHQWHFRQVWDWDUODOHQWLWXGFRQTXH
PXFKRVGHHVWRVDYDQFHVVRQFDSDFHVGHWUDGXFLUVHHQUXWLQDVHVFRODUHVHQHO
EXHQVHQWLGRGHODSDODEUD\RIUHFHUDORVHQVHxDQWHVSURJUDPDFLRQHV\SUiFWLFDV
HQODVTXHVHVLHQWDQVHJXURV$FRQWLQXDFLyQQRVOLPLWDUHPRVDFRPHQWDU
EUHYHPHQWHDOJXQDVGHODVSUiFWLFDVTXHPiVVHKDQLQFRUSRUDGRRVHHVWiQ
LQFRUSRUDQGRDODHQVHxDQ]DHVFRODU3DUDHOORODVGLYLGLUHPRVHQWUHODVTXHVH
UHILHUHQDODUHODFLyQHQWUHHOWH[WR\HOOHFWRU\ODVTXHDERUGDQODUHODFLyQHQWUHODV
YDULDEOHVGHOOHFWRU\HOFRQWH[WRHVFRODUGHOHFWXUD





(OWH[WR\HOOHFWRU

/DLQWHUDFFLyQHQWUHHOWH[WR\HOOHFWRULQFOX\HODLQIOXHQFLDGHOFRQRFLPLHQWRSUHYLR
DODOHFWXUDHOGRPLQLRGHORVPLFURSURFHVRV\SURFHVRVLQIHUHQFLDOHVHQORVQLYHOHV
LQIHULRUHVGHOWH[WRODFDSDFLGDGGHHQWHQGHUJOREDOPHQWHHOWH[WRODFDSDFLGDGGH
LQWHUSUHWDUORPiVDOOiGHVXLQIRUPDFLyQHVWULFWD\ODSRVLELOLGDGGHFRQWURODUOD
OHFWXUDTXHVHUHDOL]D

&RQRFHUSUHYLDPHQWHVLQGLYDJDU

8QDGHODVDFWLYLGDGHVTXHPiVVHHVWiLQFRUSRUDQGRDODVUXWLQDVHVFRODUHVHVOD
GHH[SORUDUORVFRQRFLPLHQWRVSUHYLRVGHORVDOXPQRVDQWHVGHVXOHFWXUD

GHORVWH[WRVSURSXHVWRV(QUHDOLGDGUHODFLRQDUORTXHVHVDEHFRQODLQIRUPDFLyQ
TXHVHTXLHUHDERUGDUHVXQDSUiFWLFDWDQDQWLJXDFRPRODHQVHxDQ]DPLVPD\
WRGRVORVEXHQRVSURIHVLRQDOHVUHFXUUHQDHOOD(QHVWHPRPHQWRVLQHPEDUJRHVWD
HVWUDWHJLDGHHQVHxDQ]DSXHGHEHQHILFLDUVHGHORVPRGHORVRIUHFLGRVSRUOD
LQYHVWLJDFLyQOHFWRUD\SRUODUHIOH[LyQSVLFRSHGDJyJLFDTXHKDWUDQVIRUPDGROD
DXWRLQWHUURJDFLyQWUDGLFLRQDOGHOSURIHVRUTXpQRVDEHQORVDOXPQRV\FyPR
SXHGRHQVHxiUVHOR"SRUODPiVDGHFXDGDDODVIRUPDVGHDSUHQGL]DMHTXp
VDEHQORVDOXPQRV\FyPRSXHGRDPSOLDUORRSUHFLVDUOR"/RVSUREOHPDVGHORV
DOXPQRVHQHVWHDVSHFWRVHUHILHUHQWDQWRDXQDFDQWLGDGGHFRQRFLPLHQWRV
VXILFLHQWHVSDUDHQWHQGHUHOWH[WRXQGHODLQIRUPDFLyQGHOWH[WRSDUDSRGHU
HQWHQGHUXQGHLQIRUPDFLyQQXHYDVHJ~Q,UZLQFRPRDODGLVWRUVLyQ
LQWHUSUHWDWLYDLQWURGXFLGDSRUFRQFHSFLRQHVHUUyQHDVVREUHHOWHPD

8QDPDQHUDGHLQWHQWDUVROXFLRQDUHVWH~OWLPRSUREOHPDHVHOGHFRPELQDUOD
OHFWXUDFRQDFWLYLGDGHVVREUHHOWHPDTXHREOLJXHQDORVDOXPQRVDFRPSDUDU\D
GLVWLQJXLUHQWUHORVFRQRFLPLHQWRVSURSLRV\ODLQIRUPDFLyQGHOWH[WRWDOFRPR
SURSRQHQ*RUGRQ\5HQQLH2WUDHVODGLVFXVLyQSUHYLDHQHODXOD\pVWDHV
ODDFWLYLGDGTXHVHHVWiJHQHUDOL]DQGRHQODHVFXHOD6LQHPEDUJRDPHQXGRVX
HILFDFLDTXHGDDQXODGDRELHQSRUTXHODLQFLWDFLyQGHORVHQVHxDQWHVHV
H[FHVLYDPHQWHJHQHUDO\GHULYDKDFLDXQGLOXYLRGLVSHUVRGHLGHDV\RSLQLRQHVR
ELHQSRUTXHVHGHVYtDKDFLDDVSHFWRVGHOWHPDTXHVRQVHFXQGDULRVHQHOWH[WR
SURSXHVWR$XQTXHHVWRVDVSHFWRVSXHGDQVHUPiVPRWLYDGRUHVSDUDORVDOXPQRV
HQUHDOLGDGFUHDQXQDVH[SHFWDWLYDVTXHQRVHUiQVDWLVIHFKDVHQODOHFWXUDSRVWHULRU
GHOWH[WR(VLPSRUWDQWHSXHVFHQWUDUVHHQORVDVSHFWRVHVHQFLDOHV\QROLPLWDUVHD
XQDVLPSOHLQWHUURJDFLyQDELHUWD/DPHMRUUXWLQDGHLQWHUYHQFLyQSDUHFHVHUODTXH
LQFOX\HODVWUHVIDVHVVLJXLHQWHV

(VWLPXODUODH[SOLFLWDFLyQGHFRQRFLPLHQWRVSHUWLQHQWHV

$\XGDUDRUJDQL]DUORVDJUXSiQGRORVSRUVXEWHPDVLQWHUURJDQWHV
VXVFLWDGRVHWF

&RQGXFLUFDGDXQRGHORVDSDUWDGRVFUHDGRVDODOHFWXUDGHOWH[WR
FRQVWDWDQGRVLKDQREWHQLGRPiVLQIRUPDFLyQRUHVSXHVWD

/DSUHSDUDFLyQWDPELpQYDUtDHQIXQFLyQGHOWLSRGHWH[WR(QORVQDUUDWLYRVOD
SUHSDUDFLyQPiVHIHFWLYDHVODXWLOL]DFLyQGHWpFQLFDVRUDOHVTXHVXVFLWHQLQWULJD
RIUH]FDQXQDEUHYHVLQRSVLVGHODKLVWRULD\PRWLYHQODSUHGLFFLyQ(QORV
LQIRUPDWLYRVSDUHFHPiVDGHFXDGDODH[SORUDFLyQGHODVSDODEUDVFODYHVOD
IRUPXODFLyQGHKLSyWHVLVVREUHORVIHQyPHQRVWUDWDGRV\ODDGYHUWHQFLDVREUHODV
SRVLEOHVGLVFUHSDQFLDVFRQORVFRQRFLPLHQWRVSURSLRV

&XULRVDPHQWHHOWUDEDMRSUHYLRVREUHHOYRFDEXODULRGHOWH[WRQRSDUHFHKDEHUVLGR
LQIOXLGRSRUORVDYDQFHVGHODLQYHVWLJDFLyQDSHVDUGHVXFXDOLGDGGHFRQRFLPLHQWR
SUHYLR/RVHQVHxDQWHVUHFRQRFHQVLQGXGDODLPSRUWDQFLDGHODOHFWXUDHQOD
DGTXLVLFLyQGHOOp[LFRSHURHOORQRSDUHFHXWLOL]DUVHFRPRXQDUJXPHQWRSDUD
IRPHQWDUODOHFWXUDLQGLYLGXDO3RURWUDSDUWHORVSURIHVRUHVFRQWLQ~DQUHVROYLHQGR
ODVSDODEUDVTXHOHVSDUHFHQGLItFLOHVVLQFRQVLGHUDUVLHOFRQWH[WRHQTXHDSDUHFHQ
HVORVXILFLHQWHPHQWHULFRFRPRSDUDTXHORVDOXPQRVODVGHGX]FDQGHGLFDQODV
FODVHVGHOp[LFRDODHQVHxDQ]DGLUHFWDGHSDODEUDV\QRDODHQVHxDQ]DGH
HVWUDWHJLDV~WLOHVFRPRODGHGXFFLyQSRUHOFRQWH[WRRHODQiOLVLVPRUIROyJLFR\
FXDQGRSODQWHDQHMHUFLFLRVVREUHGHILQLFLyQpVWRVVHGLULJHQDODSUHQGL]DMHIRUPDO\
QRDVXXVRSDUDODFRPSUHQVLyQGHSDODEUDVHQODOHFWXUDUHDOGHORVWH[WRV

'HVFRGLILFDUXQDUHQRYDFLyQSHUSOHMD

(OSULPHUDSUHQGL]DMHGHODOHFWXUDKDVXIULGRJUDQGHVFDPELRV/RVFULWHULRVTXH
KDEtDQDSR\DGRODHQVHxDQ]DDSDUWLUGHORVPpWRGRVJOREDOHV6PLWK
)RXFDPEHOWVREUHORVFRQRFLPLHQWRVFRQORVTXHORVQLxRV\QLxDVLQLFLDQ
HVWHDSUHQGL]DMH\VREUHODLPSRUWDQFLDGHOVHQWLGRGHODOHFWXUD3HURODIRUPDGH
HQVHxDUODGHVFRGLILFDFLyQGHORVVLJQRVJUiILFRVFRQWLQXyVXPLGDHQXQFLHUWR
GHVFRQFLHUWRPD\RUD~QFXDQGRODLQYHVWLJDFLyQSDVyDGHPRVWUDU6WDQRYLFK
TXHORVOHFWRUHVSURFHVDQUHDOPHQWHODPD\RUtDGHVLJQRV\QRVyORORV
LPSUHVFLQGLEOHV0F/HDQ\RWURVDXWRUHVKDQVHxDODGRTXHODHQVHxDQ]DGHO
GHVFLIUDGRSRGUtDRIUHFHUXQDUHSUHVHQWDFLyQDUWLILFLDOSHURQHFHVDULDSDUD
FRPSUHQGHUODUHODFLyQHQWUHHOFyGLJRRUDO\HOHVFULWR(QFXDOTXLHUFDVROD
FRPSDJLQDFLyQHQWUHODLQPHUVLyQGHORVQLxRV\QLxDVHQXQPXQGRHVFULWR\ORV
DSUHQGL]DMHVIRUPDOHVQRKDKDOODGRD~QVXPHMRUHQFDMH

(QWHQGHUHOJUDQSDVRKDFLDGHODQWH
(QFDPELRODLQYHVWLJDFLyQVREUHORVPDFURSURFHVRVHVHOFDPSRTXHPiV
WUDGXFFLyQKDWHQLGRHQODUHQRYDFLyQGHORVHMHUFLFLRVVREUHFRPSUHQVLyQGHOWH[WR
/DGHVFULSFLyQGHODVFDUDFWHUtVWLFDVGHORVWH[WRVSRUSDUWHGHODOLQJtVWLFDKD
VXSXHVWRXQDHQRUPHD\XGDDHVWDVLQYHVWLJDFLRQHV\KDGHVHPERFDGRLQFOXVRHQ
ODSURJUDPDFLyQHVFRODUDSDUWLUGHWLSRORJtDVWH[WXDOHVHQXQWUDVSODQWHDOJR
GLVFXWLEOH(QORTXHDODFRPSUHQVLyQVHUHILHUHVHKDQGHVDUUROODGRPXFKDV
DFWLYLGDGHVVREUHODLGHQWLILFDFLyQGHODVLGHDVSULQFLSDOHVODFRPSUHQVLyQJOREDOGHO
WH[WRDWUDYpVGHOUHVXPHQ\HOXVRGHODVXSHUHVWUXFWXUDWH[WXDO(QWUHHOODV
SRGHPRVGHVWDFDUORVSURJUDPDVJUDGXDGRVSDUDDSUHQGHUDIRUPXODUODLGHD
SULQFLSDOGHOWH[WRFRPRHOGHWDOODGRSRU%DXPDQQ\RWURVDXWRUHVGHORV
OODPDGRVPpWRGRVGHHQVHxDQ]DH[SOtFLWDODHQVHxDQ]DGHODVHVWUDWHJLDV
SURSLDVGHOUHVXPHQODVHQVLELOL]DFLyQVREUHORVRUJDQL]DGRUHVWH[WXDOHV
UHIHUHQWHVFRQHFWRUHVLQIRUPDFLRQHVPHWDWH[WXDOHVHWF\HOGHVSOLHJXHGH
GLVWLQWRVDVSHFWRVWH[WXDOHVODDUWLFXODFLyQGHODVLGHDVDWUDYpVGHJUiILFRV\
HVTXHPDVFRPRVXSHUDFLyQGHODVGLILFXOWDGHVSURGXFLGDVSRUODOLQHDOLGDGGHOWH[WR
RODH[SDQVLyQVHPiQWLFDGHQRPLQDOL]DFLRQHVFRQFHSWRVVLQWpWLFRVHWF$SHVDUGH
WUDWDUVHGHXQSURFHVRGHHODERUDFLyQODVSUHGLFFLRQHVVHKDQLQFRUSRUDGRDHVWH
EORTXHGHDFWLYLGDGHVPiVGHVDUUROODGDVDFDXVDGHVXUHODFLyQFRQODXWLOL]DFLyQGH
ODVHVWUXFWXUDVWH[WXDOHVSRUSDUWHGHOOHFWRU

,QWHUSUHWDUXQPXQGRLQFRQWURODGR

1RHVH[WUDxRSRURWUDSDUWHTXHODVDFWLYLGDGHVLQWHUSUHWDWLYDVVLWXDGDVHQORV
SURFHVRVGHHODERUDFLyQKD\DQWHQLGRSRFDWUDGXFFLyQHQPRGHORVGHDFWLYLGDGHV
HVFRODUHV\DTXHHOGHVDUUROORGHVXGHVFULSFLyQWHyULFDWDPELpQKDVLGRHVFDVR
$GHPiVODLQWHUSUHWDFLyQDERFDDODFRQVWDWDFLyQGHODGLYHUVLGDG\PXOWLSOLFLGDG
GHODVUHSXHVWDVSHUVRQDOHVDQWHORVWH[WRVXQDVSHFWRTXHODOHFWXUDJXLDGDHQOD
HVFXHODQRKDSRWHQFLDGRQLLQFOXVRDFHSWDGRKDVWDDKRUD6LQHPEDUJROD
UHVSXHVWDGHOOHFWRUHVXQDVSHFWRPX\DWHQGLGRHQODWUDGLFLyQHGXFDWLYD
DQJORVDMRQD\HOUD]RQDPLHQWRFUtWLFRGLVWLQJXLUHQWUHGDWRV\RSLQLRQHVGHODXWRU
MX]JDUODFUHGLELOLGDGDSOLFDUODLQIRUPDFLyQGHIRUPDFUHDWLYDHWFHPSLH]DD
UHFLELUDWHQFLyQDFDXVDGHODLQWURGXFFLyQGHQXHYRVWLSRVGHWH[WRVFRPRHO
DUJXPHQWDWLYRRHOSXEOLFLWDULRHQODHQVHxDQ]DHVFRODU

&RQWURODUXQDLQWURGXFFLyQVLQXRVD

(ODXWRFRQWUROGHODFRPSUHQVLyQSUHVHQWDPXFKDVLUUHJXODULGDGHVHQVX
LQFRUSRUDFLyQHVFRODU$OJXQRVGHVXVDVSHFWRVKDQKDOODGRUHIXJLRHQHOXVR
FUHFLHQWHGHODHYDOXDFLyQIRUPDWLYDRHQHOFULWHULRFDGDYH]PiVH[WHQGLGRGH
GRWDUGHVHQWLGRDODOHFWXUDFRPRFRQGLFLyQQHFHVDULDSDUDODDGTXLVLFLyQGHO
DXWRFRQWURO(IHFWLYDPHQWHODLQWHJUDFLyQGHODDFWLYLGDGOHFWRUDHQFRQWH[WRV
UHDOHVFRPSRUWDLPSOtFLWDPHQWHODFRQFLHQFLDSRUSDUWHGHOOHFWRUGHORVREMHWLYRV\
GHODLQWHQFLyQGHVXOHFWXUD(ODOXPQRVDEHTXHGHEHOHHUXQWH[WRSDUD
PHPRUL]DUXQSRHPDSUHSDUDUXQDH[SRVLFLyQRFRPSUREDUXQRVGDWRV$
UHSUHVHQWDUVHPHQWDOPHQWHODDFWLYLGDGTXHVHSURSRQHUHDOL]DUHOOHFWRUSXHGH
FRRUGLQDUVXFDSDFLGDGGHVDEHUOHHUFRQVXFDSDFLGDGGHVDEHUFyPRKDGHKDFHUOR
SDUDDTXHOODILQDOLGDGFRQFUHWDGHIRUPDGHWHQLGD\UHSHWLGDSDUDODPHPRUL]DFLyQ
VHOHFWLYD\UiSLGDSDUDODFRPSUREDFLyQHWF\DODYH]HVDUHSUHVHQWDFLyQ
PHQWDOOHVLUYHWDPELpQGHSDWUyQSDUDGHFLGLUFXiQGRKDOHtGRGHIRUPD
VDWLVIDFWRULDSDUDVXLQWHQFLyQ

(QXQIXWXURLQPHGLDWRSXHGHHVSHUDUVHXQGHVDUUROORPiVLQWHQVR\SRUPHQRUL]DGR
GHODVDFWLYLGDGHVGHDSUHQGL]DMHGHOFRQWUROGHODOHFWXUD/DPHWDFRJQLFLyQROD
PHWDFRPSUHQVLyQHQHVWHFDVRHVXQFDPSRHQDXJHHQODLQYHVWLJDFLyQHGXFDWLYD
\DTXHODUHODFLyQHQWUHHOFRQRFLPLHQWRLPSOtFLWR\H[SOtFLWRHQWUHHOXVRGHODV
KDELOLGDGHVOLQJtVWLFDV\VXDSUHQGL]DMHIRUPDOHVXQWHPDHVHQFLDOSDUDOD
GHILQLFLyQ\SURJUDPDFLyQGHWRGRHOSURFHVRGHHQVHxDQ]D\DSUHQGL]DMH

(OOHFWRU\HOFRQWH[WR

/RVHVWXGLRVVREUHODOHFWXUDKDQFDPELDGRHIHFWLYDPHQWHODLGHDVREUHTXpHV
OHHU\KDQSHUPLWLGRODFUHDFLyQGHDFWLYLGDGHVTXHD\XGHQDOGHVDUUROORGHWRGRV
ORVPHFDQLVPRVLPSOLFDGRV3HURHOKHFKRGHTXHORVDSUHQGL]DMHVVHSURGX]FDQHQ
HOiPELWRHVFRODUKDFHTXHODLQYHVWLJDFLyQHGXFDWLYDVHKD\DGLULJLGRWDPELpQD
REVHUYDUTXpFRQGLFLRQHVFRQWH[WXDOHVIDYRUHFHQHOGRPLQLROHFWRU(QHVWHVHQWLGR
ORVSURJUHVRVGHODVGLVFLSOLQDVSVLFRSHGDJyJLFDVKDQRIUHFLGRGDWRVUHOHYDQWHVSDUD
HVWHDSUHQGL]DMHHVSHFtILFRHQWUHORVTXHSXHGHQGHVWDFDUVHORVVLJXLHQWHV

4XHUHUOHHU

/DFRQGLFLyQIXQGDPHQWDOSDUDXQDEXHQDHQVHxDQ]DGHODOHFWXUDHVODGH
RWRUJDUOHHOVHQWLGRGHSUiFWLFDVRFLDO\FXOWXUDOTXHSRVHHGHWDOPDQHUDTXHORV
DOXPQRVHQWLHQGDQVXDSUHQGL]DMHFRPRXQPHGLRGHDPSOLDUODVSRVLELOLGDGHVGH
FRPXQLFDFLyQIUXLFLyQ\DFFHVRDOFRQRFLPLHQWR(VWDH[SHULHQFLDLQWHUQDHVOD
~QLFDPRWLYDFLyQUHDOGHORVDOXPQRVTXHHQPXFKRVFDVRVFRPRQRVUHFXHUGD
0HHNQRGHVHDQUHDOPHQWHVDEHUOHHU9DOHODSHQDUHIOH[LRQDUVREUHHOOR
DQWHODLQYDVLyQGHSURSXHVWDVGHDQLPDFLyQDODOHFWXUDTXHDPHQXGRDJRWDQVX
HQHUJtDHQDFWLYLGDGHVWDQH[WUDRUGLQDULDV\SRFRSHUHQQHVFRPRORVIXHJRVGH
DUWLILFLR

(QHVWHVHQWLGRHQVHxDUDXWLOL]DUODELEOLRWHFDGHOFHQWURVXSRQHDEULUXQFDPLQR
HVHQFLDOSDUDHODFFHVRDOFRQRFLPLHQWR\DODOHFWXUDGHILFFLyQ/RVDSUHQGLFHVGH
OHFWRUSXHGHQH[SHULPHQWDUDOOtODOHFWXUDFRPRXQLQVWUXPHQWRTXHOHVSURSRUFLRQD
ODOODYHGHHQWUDGDDXQDPSOLRPXQGRGHSRVLELOLGDGHVGHOVDEHU&LHUWDPHQWHOD
HVFXHODKDVLGREDVWDQWHUHDFLDDODXWOL]DFLyQGHHVWHHVSDFLRFRPRFHQWURGH
DSUHQGL]DMHHVFRODU/DOHFWXUDHVFRODUKDVLGRWUDGLFLRQDOPHQWHXQDOHFWXUDJXLDGD
\SURJUDPDGDTXHVHFRQWUDSRQHDODLGHDGHXQDOHFWXUDH[SORUDWRULD\DXWyQRPD
SRUSDUWHGHORVDOXPQRV&KDOWLHU\+pEUDUGGHVFULEHQMXVWDPHQWHHOSXOVR
GHIXHUDSURGXFLGRHQWUHORVGLVFXUVRVVRFLDOHVVREUHODOHFWXUDHQFDUQDGRV
UHVSHFWLYDPHQWHSRUODLJOHVLD\ODHVFXHODSRUXQDSDUWH\ODVELEOLRWHFDVSRU
RWUD1RSRUFDVXDOLGDGODREOLJDFLyQGHLQVWDODUELEOLRWHFDVHQODVHVFXHODVVH
LQVWDXUDHQQXHVWURSDtVFRQOD/H\GH(GXFDFLyQGHFXDQGRVHSURGXFHHO
WULXQIRGHOGLVFXUVRVREUHXQDOHFWXUDOLEUH\GHJUDWLILFDFLyQLQPHGLDWDTXHORV
FDPELRVWHFQROyJLFRVGHORV~OWLPRVWLHPSRVQRKDQKHFKRVLQRDKRQGDU6LQ
HPEDUJRDPERVGLVFXUVRVKDQHYROXFLRQDGRKDFLDIRUPDVGHFRPSURPLVRTXH
SHUPLWHQHQHVWRVPRPHQWRVXQDFRPSDJLQDFLyQHQULTXHFLGDGHDPEDV
H[SHULHQFLDVGHDSUHQGL]DMH(OSODQGHSRWHQFLDFLyQGHODVELEOLRWHFDVHVFRODUHV
HPSUHQGLGRUHFLHQWHPHQWHSRUHO0LQLVWHULRGH(GXFDFLyQVXSRQHDVtXQDQXHYD
HVSHUDQ]DGHODLQFRUSRUDFLyQGHILQLWLYDGHOXVRGHODELEOLRWHFDHQODVSUiFWLFDV
HVFRODUHV

/HHUGLVFXWLU\HVFULELU

0XFKDVGHODVDFWLYLGDGHVTXHKDQGHPRVWUDGRVXYDOtDHQHODSUHQGL]DMHGHOD
FRPSUHQVLyQGHWH[WRVUHODFLRQDQODOHFWXUDFRQDORUDOLGDG\ODHVFULWXUD
$OYHUPHQQ3RUXQDSDUWHODGLVFXVLyQFROHFWLYDRHQSHTXHxRVJUXSRV
HQULTXHFHODFRPSUHQVLyQDORIUHFHUODVLQWHUSUHWDFLRQHVUHDOL]DGDVSRUORVGHPiV
UHIXHU]DODPHPRULDDODUJRSOD]R\DTXHORVDOXPQRVGHEHQUHFRUGDUOD
LQIRUPDFLyQSDUDH[SOLFDUORTXHKDQHQWHQGLGR\FRQWULEX\HDPHMRUDUOD
FRPSUHQVLyQHQSURIXQGLGDG\HOSHQVDPLHQWRFUtWLFRVLVHYHQREOLJDGRVD
DUJXPHQWDUVREUHODVRSLQLRQHVHPLWLGDV\KDQGHHOLPLQDUODVLQFRQVLVWHQFLDV\
FRQWUDGLFFLRQHVOyJLFDVGHVXSURSLRSHQVDPLHQWRHQUHODFLyQFRQHOWH[WR3RURWUD
SDUWHODSURGXFFLyQGHWH[WRVD\XGDDDQDOL]DU\DHQWHQGHUPXFKRVDVSHFWRV
WH[WXDOHVWDOHVFRPRODVHVWUXFWXUDVXWLOL]DGDVRODLPSRUWDQFLDGHORVFRQHFWRUHV
$PHQXGRODHVFXHODHVWDEOHFHXQDGLFRWRPtDLQFOXVRWHPSRUDOHQWUHOHHUSDUD
DSUHQGHUODLQIRUPDFLyQ\HVFULELUSDUDGDUFXHQWDGHORDSUHQGLGR3HURVHKD
GHPRVWUDGRTXHUHODFLRQDUDPEDVDFWLYLGDGHVUHSHUFXWHFODUDPHQWHHQVXSURJUHVR
\HVXQDYtDPX\H[SORUDGDHQODDFWXDOLGDGDWUDYpVGHODSURJUDPDFLyQSRU
SUR\HFWRVGHWUDEDMRSRUHMHPSOR

9HUOHHU

(QORVLQLFLRVGHODLQYHVWLJDFLyQHGXFDWLYDVREUHODOHFWXUDFXDQGRORV
LQYHVWLJDGRUHVFRQVWDWDURQODQXODGHGLFDFLyQHVFRODUDODHQVHxDQ]DGHOD
FRPSUHQVLyQ'XUNKHLP6ROp\DVHDGYLUWLyTXHORVHQVHxDQWHV
SURSLFLDEDQHVWHDSUHQGL]DMHGHIRUPDLQFRQVFLHQWHDWUDYpVGHVXDFWLYLGDGFRPR
OHFWRUHVDQWHORVDOXPQRV5RFNZHOOGHVFULELySRUHMHPSORFyPROD
H[SOLFDFLyQGHODVOHFFLRQHVGHOOLEURGHWH[WRVHFRQYHUWtDHQXQPRGHOR
HVFHQLILFDGRGHODIRUPDGHH[SORUDU\FRPSUHQGHUODLQIRUPDFLyQDOOtFRQWHQLGD/D
LGHDGHHVFHQLILFDUDQWHORVDOXPQRVORVSURFHVRVVHJXLGRVSRUORVOHFWRUHVH[SHUWRV
SDUDREWHQHUXQDEXHQDFRPSUHQVLyQGHOWH[WRVHFRQYLUWLyPiVWDUGHHQXQRGHORV
FDPLQRVSULYLOHJLDGRVSRUODLQYHVWLJDFLyQHGXFDWLYDSDUDHQVHxDUDFWLYDPHQWHD
FRPSUHQGHU$VtORVPpWRGRVGHHQVHxDQ]DH[SOtFLWDDGRSWDURQHVWHSURFHGLPLHQWR
SDUDODVHVWUDWHJLDVGHLGHQWLILFDFLyQGHODVLGHDVSULQFLSDOHVRGHUHVXPHQ
%DXPDQQDVtFRPRSDUDODVHVWUDWHJLDVGHFRQWURO\VXSHUDFLyQGHODV
GLILFXOWDGHVGHOHFWXUDGHWHFWDGDV&ROOLQV\6PLWK

(QRWUDVH[SHULHQFLDVIDYRUHFHUODYLVLyQGHIRUPDVGHSURFHGHUQRVHKD
FLUFXQVFULWRDODILJXUDGHOHQVHxDQWHVLQRTXHVHKDXWLOL]DGRSRUHMHPSORHQ
WDUHDVFROHFWLYDVHQWUHLJXDOHV7ROFKLQVN\\3LSNLQSRUHMHPSORGHVFULEHQ
XQDOHFWXUDHQJUXSRHQODTXHVHKDHVWDEOHFLGRXQUHSDUWRGHSDSHOHVHQHOTXH
FDGDDOXPQRVHHQFDUJDGHHMHUFHUXQRGHORVPHFDQLVPRVGHODOHFWXUDDQWLFLSDU
IRUPXODUVHSUHJXQWDVUHODFLRQDUODLQIRUPDFLyQQXHYDFRQODTXH\DVDEHQHWF<
HQJHQHUDOWRGRHOWUDEDMRFRRSHUDWLYRHQWUHDOXPQRVSHUPLWHSHUFLELUFyPRRSHUDQ
ORVGHPiV'LYHUVRVDXWRUHV'DQVHUDXSRUHMHPSORKDQHVWDEOHFLGRTXHORV
DOXPQRVHQWLHQGHQPiVXQWH[WR\UHWLHQHQPHMRUODLQIRUPDFLyQFXDQGRHOWH[WRKD
VLGRDQDOL]DGRHQJUXSRTXHFXDQGR~QLFDPHQWHVHKDWUDEDMDGRLQGLYLGXDOPHQWH

/DOHFWXUDHQHOVLJOR;;,

/DVIRUPDVGHFRPXQLFDFLyQGHQXHVWUDVRFLHGDGFDPELDQDXQDYHORFLGDGWDOTXH
ODHVFXHODVHKDOODDERFDGDDXQDVLWXDFLyQGHFDPELRSHUPDQHQWH6LQHPEDUJRHO
REMHWLYREiVLFRGHD\XGDUDORVQLxRV\QLxDVDGRPLQDUORVLQVWUXPHQWRVGH
LQWHUSUHWDFLyQFXOWXUDOTXHWLHQHQDVXDOFDQFHRIUHFHXQDSODWDIRUPD~OWLPDGH
VHJXULGDGDORVHQVHxDQWHV(VWRVSXHGHQDSR\DUVHHQODLQYHVWLJDFLyQHGXFDWLYD
SDUDHQFRQWUDUDFWLYLGDGHV\IRUPDV~WLOHVSDUDKDFHUORHQFDGDPRPHQWR
GHWHUPLQDGRVDELHQGRHQHOFDVRGHODOHFWXUDTXHHVWiVLJXHVLHQGRXQ
LQVWUXPHQWRLPSUHVFLQGLEOHSDUDLQFRUSRUDUVHDOGLDORJRSHUPDQHQWHGHORV
LQGLYLGXRVFRQVXFXOWXUDVHDDWUDYpVGHODVIRUPDVYHUWLJLQRVDVGHODLQIRUPiWLFD
VHDDWUDYpVGHODUHIOH[LyQLQWURVSHFWLYDGHXQOHFWRUDQWHXQOLEUR

1RWDV

(OOHFWRULQWHUHVDGRSXHGHKDOODUXQEDODQFHVLQWpWLFRHQHODUWLFXORGH
7&RORPHU/DHQVHxDQ]DGHODOHFWXUD(VWDGRGHODFXHVWLyQDQWHV
DOXGLGRRHQHOGH,6ROp/OHJLUOHFWXUDFRPSUHQVLyVHPSUHKHPSDUODW
GHOPDWHL["HQ$UWLFOHVGHGLGiFWLFDGHODOOHQJXDLODOLWHUDWXUD
 $OJXQDVGHODVLGHDVGHHVWHDUWLFXORKDQWHQLGRXQDSULPHUDYHUVLyQHQOD
LQWURGXFFLyQGH&RORPHUFRRUG$MXGDUDOOHJLU%DUFHORQD%DUFDQRYD\
HQ&RORPHU/DHQVHxDQ]DGHODOHFWXUD(VWDGRGHODFXHVWLyQ&XDGHUQRV
GH3HGDJRJtD

 7HUHVD&RORPHUSHUWHQHFHDO'HSDUWDPHQWRGH'LGiFWLFDGHOD/HQJXD\OD
/LWHUDWXUDGHOD8QLYHUVLWDW$XWyQRPDGH%DUFHORQDWHOpIRQRGHFRQWDFWR
WHUHVDFRORPHU#XDEHV

5HIHUHQFLDVELEOLRJUiILFDV

&223(5&K5HG-,PSURYLQJ5HDGLQJ&RPSUHKHQVLRQ+RXJWKRQ0LIIOLQ

&RPSDQ\7UDGXFFLyQFDVWHOODQD&yPRPHMRUDUODFRPSUHQVLyQOHFWRUD0DGULG
9LVRU0(&

&+$57,(5$0-+(%5$5''LVFRXUVVXUODOHFWXUD3DULV

%3,&HQWUH*HRUJHV3RPSLGRX7UDGXFFLyQFDVWHOODQD'LVFXUVRVVREUHODOHFWXUD
%DUFHORQD*HGLVD

'$16(5($8'7UDQVIHUIURP&RRSHUDWLYDWR,QGLYLGXDO6WXGLQJ-RXUQDO

RI5HDGLQJ

'$517215+LVWRULDGHODOHFWXUD(Q3%85.(HG)RUPDVGHKDFHU

KLVWRULD0DGULG$OLDQ]D8QLYHUVLGDG

'85.,1':KDWFODVVURRPREVHPDWLRQVUHYHDODERXWUHDGLQJ

FRPSUHKHQVLRQLQVWUXFWLRQ5HDGLQJ5HVHDUFK4XDUWHUO\

)(55(,52($7(%(526.</RVVLVWHPDVGHHVFULWXUDHQHOGHVDUUROORGHO

QLxR0DGULG6LJOR;;,

)28&$0%(570&yPRVHUOHFWRU/DLD%DUFHORQD

*25'21&%5(11,(5HVWUXFWXULQJ&RQWHQW6FKHPDWD$Q,QWHUYHQWLRQ

6WXG\5HDGLQJ5HVHDUFKDQG,QVWUXFWLRQ

,5:,1-7HDFKLQJ5HDGLQJ&RPSUHKHQVLRQ3URFHVVHV(QJOHZRRG1-

3UHQWLFH+DOO

0((.0$MXGDQWHOVOHFWRUV(Q7&2/20(5$MXGDU

$/21627$3,$-/DHYDOXDFLyQGHODFRPSUHQVLyQOHFWRUD(Q7H[WRVGH

'LGiFWLFDGHODOHQJXD\ODOLWHUDWXUD

$/9(50$11'(HWDO8VLQJGLVFXVVLRQWRSURPRWHUHDGLQJ

FRPSUHKHQVLRQ,QWHUQDWLRQDO5HDGLQJ$VVRFLDWLRQ1HZDUN7UDGXFFLyQFDVWHOODQD
'LVFXWLUSDUDFRPSUHQGHU0DGULG9LVRU$SUHQGL]DMH

$33/(%(($17KH&KLOG

V&RQFHSWRI6WRU\$JHV7ZRWR6HYHQWHHQ
&KLFDJR,,,8QLYHUVLW\RI&KLFDJR3UHVV

%$80$11/DFRPSUHQVLyQOHFWRUD0DGULG$SUHQGL]DMH9LVRU0(&

&$,51(,
7+7HDFKLQJ5HDGLQJ&RPSUHKHQVLRQ0HDQLQJ0DNHUVDW
:RUN2SHQ8QLYHUVLW\3UHVV7UDGXFFLyQFDVWHOODQD(QVHxDQ]DGHODFRPSUHQVLyQ
OHFWRUD0DGULG0RUDWD

&2/20(574XpWpDYHXUHODOOHQJXDDPEOHVDOWUHViUHDVGH

FRQHL[HPHQW"(Q*XL[HOHPHQWVG
DFFLyHGXFDWLYD0RQRJUiILFR/DOOHQJXD
FRPDHLQDLQWHUGLVFLSOLQiULD

&2/20(57$&$036(QVHQ\DUDOOHJLUHQVHQ\DUDFRPSUHQGUH5RVD

6HQVDW(GLFLRQV7UDGXFFLyQFDVWHOODQD(QVHxDUDOHHUHQVHxDUDFRPSUHQGHU
0DGULG&HOHVWH0(&

&2//,16$\(60,7+7HDFKLQJWKHSURFHVVRIUHDGLQJFRPSUHKHQVLRQ

7HFKQLFDO5HSRQQ8UEDQD,OOLQRLV&HQWHUIRUWKH6WXG\RIUHDGLQJ

5,&+$8'($8(/DOLVLELOLWp3DULV5HW]

5,&+$8'($8(HG-/DOHJLELOLGDG,QYHVWLJDFLRQHVDFWXDOHV0DGULG

)XQGDFLyQ*HUPiQ6iQFKH]5XLSpUH]3LUiPLGH

52&.:(//(/RVXVRVHVFRODUHVGHODOHQJXDHVFULWDHQ()(55(,52

0*20(=3$/$&,2FRPS1XHYDVSHUVSHFWLYDVVREUHORVSURFHVRVGHOHFWXUD\
HVFULWXUD0p[LFR6LJOR;;,

61&+(=0,*8(/(ORVWH[WRVH[SRVLWLYRV0DGULG6DQWLOODQD

60,7+)&RPSUHQVLyQGHODOHFWXUD0p[LFR7ULOODV

62/e,(VWUDWHJLDVGHODOHFWXUD%DUFHORQD,&(*UDy

62/e,/

HQVHQ\DPHQWGHODFRPSUHQVLyQOHFWRUD%DUFHORQD&($&

72/&+,16.<//RSUiFWLFRORFLHQWtILFR\OROLWHUDULR7UHVFRPSRQHQWHV

HQODQRFLyQGHDOIDEHWLVPR(Q&RPXQLFDFLyQ/HQJXDMH\(GXFDFLyQ

72/&+,16.</03,3.,16HLVOHFWRUHVHQEXVFDGHXQWH[WR(Q$XOD

GH,QQRYDFLyQ(GXFDWLYD

:(//6*7KHPHDQLQJPDUNHUV/RQGRQ+HLQHPDQQ7UDGXFFLyQ

FDVWHOODQD$SUHQGHUDOHHU\HVFULELU%DUFHORQD/DLD