.

"/6"-
%&-

5&$/*$0

/&$3014*"%03
."/6"-
%&-

5 $/*$0

/&$3014*"%03

(VFXHODGHO0LQLVWHULR3~EOLFR
%3
+04 
"/50/*0
1&-˜&;
#"3%"-&4
'JTDBM
EF
MB
/BDJÊO

%3
&3/&450
-&$)6("
1*/0
(FSFOUF
EF
MB
&TDVFMB
EFM
.JOJTUFSJP
1ÑCMJDP

%3
.0*4 4
10/$&
."-"7&3
4VCHFSFOUF
EF
$BQBDJUBDJÊO
'PSFOTF
Z
"ENJOJTUSBUJWB

"6503&4
%S
$MFZCFS
/BWBSSP
4BOEPWBM
.ÀEJDP
-FHJTUB
%JWJTJÊO
$MÄOJDP
'PSFOTF

%S
4FHVOEP
:PWFSB
4BOEPWBM
.ÀEJDP
-FHJTUB
%JWJTJÊO
.ÀEJDP
-FHBM
$BÈFUF

%S

+PSHF
-VJT
7¸TRVF[
(VFSSFSP
.ÀEJDP
-FHJTUB
%JWJTJÊO
EF
5BOBUPMPHÄB
'PSFOTF

%S
"MGSFEP
5BOUBMF¸O
"SBVKP
.ÀEJDP
-FHJTUB
%JWJTJÊO
EF
5BOBUPMPHÄB
'PSFOTF

$0-"#03"%03&4
%S
&EHBS
"MFNBO
$SV[
.ÀEJDP
-FHJTUB
%JWJTJÊO
EF
5BOBUPMPHÄB
'PSFOTF

%S
3PHFS
7FM¸TRVF[
(VFWBSB
.ÀEJDP
3FTJEFOUF
***
.FEJDJOB
-FHBM

$003%*/"%03
%S
.PJTÀT
1PODF
.BMBWFS
.ÀEJDP
-FHJTUB
p
1TJRVJBUSB
4VCHFSFOUF
EF
$BQBDJUBDJÊO
'PSFOTF
Z
"ENJOJTUSBUJWB
,1',&(

13&4&/5"$*ª/
 
*/530%6$$*ª/
 

*
$0/$&1504
(&/&3"-&4
"VUPQTJB
.FEJDP
-FHBM
 
"OBUPNJB
UPQPHSBGJDB
 

**
#*04&(63*%"%
&/
&4$&/"
%&-
$3*.&/
-&7"/5".*&/50
%&

$"%˜7&3&4
:
4"-"
%&
/&$3014*"

7FTUJNFOUB




*OTUSVNFOUPT
/FDFTBSJPT


5PNB
EF
NVFTUSBT











,,,$87236,$0(',&2/(*$/
3PM
EFM
UÀDOJDP
OFDSPQTJBEPS
FO
MB
FTDFOB
EFM
IFDIP


Z
MFWBOUBNJFOUP
EF
DBE¸WFS

'VODJPOFT
FTQFDÄGJDBT
EFM
UÀDOJDP
OFDSPQTJBEPS
TFHÑO

.0'
EFM
JOTUJUVUP
EF
NFEJDJOB
MFHBM
 
&YBNFO
&YUFSOP
 
&YBNFO
*OUFSOP
 
5ÀDOJDBT
EF
BQFSUVSB
Z
EFTDSJQDJÊO

EF
MB
DBCF[B
EF
DBEBWFS
 
5ÀDOJDBT
EF
BQFSUVSB
Z
FWJTDFSBDJÉO
EF
UPSBY
Z
BCEPNFO
EF
DBEBWFS
 
5ÀDOJDBT
EF
&WJTDFSBDJÊO



,9(;É0(1(6&203/(0(17$5,262'($<8'$',$*1Ð67,&$
3BEJPMPHÄB
 
&DPHSBGÄB
GPSFOTF
P
FDPQTJB

 
7JSUPQTJB
 
.VFSUFT

PDVSSJEBT
FO
DVTUPEJB



9(175(*$'(&$'É9(5

0SBDJÊO
EFM
5ÀDOJDP
/FDSPQTJBEPS
 

%,%/,2*5$)Ì$
 
$1(;2
1SPUPDPMP
EF
.JOOFTPUB
 

'5-26e$1721,23(/É(=%$5'$/(6
)LVFDOGHOD1DFLyQ
÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ
35(6(17$&,Ð1
(
O WUDEDMR SUHVHQWDGR SRU ORV DXWR
UHVGRQGHVHGHVFULEHQGLIHUHQWHV
WpFQLFDV GH UHDOL]DU XQD QHFURS
VLDGHOH\UHÁHMDHOLQWHUpV\GRPLQLRGHO
WHPD SODVPDGR HQ WpUPLQRV VHQFLOORV \
FODURV HQWHQGLEOH SDUD ORV OHFWRUHV GH
ODV GLIHUHQWHV SURIHVLRQHV UHODFLRQDGDV
FRQ OD DGPLQLVWUDFLyQ GH MXVWLFLD \ HV
VLQGXGDDOJXQDXQDSRUWHYDOLRVRPH
WRGROyJLFR \ FLHQWtÀFR SUHVHQWDGR HQ
XQDIRUPDGLQiPLFDTXHLQYLWDDOOHFWRU
TXHVHGHVHPSHxDHQHOiPELWRIRUHQ
VHDGHQWUDUVHHQHOPXQGRGHODLQYHV
WLJDFLyQPpGLFROHJDOGHODPXHUWHGHV
GH XQ HQIRTXH LQWHJUDO FX\R SULQFLSDO
REMHWLYR HV OD E~VTXHGD GH OD YHUGDG
TXH WLHQH XQ LPSDFWR SRVLWLYR  QR VROR
HQ OD DGPLQLVWUDFLyQ GH OD MXVWLFLD VL QR
WDPELpQHQOD6DOXG3~EOLFD
'HVSXpVGHOHHUHOSUHVHQWHPDQXDOXQR
FRPSUHQGHHOWUDEDMRTXHUHDOL]DXQ7pF
QLFR1HFURSVLDGRUORVULHVJRVDTXHHVWi
H[SXHVWR\GHMDHQFODURODLPSRUWDQFLD
GHOSURFHVRGHLQYHVWLJDFLyQGHODPXHUWH

 KXPDQDGRQGHVHSXHGHPHMRUDUODUHFROHFFLyQGHGDWRVUHOHYDQWHVSDUD
HOHVFODUHFLPLHQWRGHXQDVLWXDFLyQOHJDOVROLFLWDGDSRUORVVHUYLFLRVGHDGPL
QLVWUDFLyQGHMXVWLFLD

(OSURSyVLWRGHHVWHWUDEDMRHVEXVFDUODPHMRUDFRQVWDQWHHQHOGHVHP
SHxR IXQFLRQDO GHO 7pFQLFR 1HFURSVLDGRU EULQGiQGROH KHUUDPLHQWDV \
SURFHGLPLHQWRV TXH KDJDQ PiV VHJXUR VX WUDEDMR \ UHOHYDQWH VX DSRUWH
DO HVWXGLR IRUHQVH GHO FDVR DVt FRPR HO UHVSHWR D ODV FRVWXPEUHV GH ORV
IDPLOLDUHVTXHHVSHUDQUHFLELUORVUHVWRVGHVXVHUTXHULGRGHXQDPDQHUD
TXHQRLQFUHPHQWHVXGRORU\VXSHVDU

/DGHVFULSFLyQGHODVGLIHUHQWHVWpFQLFDVGHQHFURSVLDIDFLOLWDUiHOWUDEDMR
GHOPpGLFROHJLVWD\GHORVÀVFDOHVTXLHQHVSUHVHQFLDQHVWHSURFHGLPLHQ
WRDOLUH[SRQLHQGRHQIRUPDVHFXHQFLDOSHURVREUHWRGRFLHQWtÀFDFDGD
XQDGHODVSDUWHVGHOVHUKXPDQRSDUDVXHVWXGLR\HYDOXDFLyQUHVSHFWLYD
\GHHVWHPRGROOHJDUDXQDFRQFOXVLyQFLHQWtÀFDPHQWHYiOLGD

(O0DQXDOGHO7pFQLFR1HFURSVLDGRUUH~QHFDUDFWHUtVWLFDVWpFQLFRFLHQWt
ÀFDVUHFRQRFLGDVLQWHUQDFLRQDOPHQWH\VXHVWXGLR\DSOLFDFLyQD\XGDUiD
PHMRUDUODVGHVWUH]DV\KDELOLGDGHVGHORVSURIHVLRQDOHVTXHVHGHGLFDQD
HVWDODERU

)HOLFLWDPRVDORVDXWRUHV\DOD(VFXHODGHO0LQLVWHULR3~EOLFRSRUHOHVIXHU]R
HQODHODERUDFLyQGHOSUHVHQWHPDQXDO

'5-26($1721,23(/É(=%$5'$/(6
)LVFDOGHOD1DFLyQ

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

,1752'8&&,Ð1
´+D\ TXH SHQVDU FRQ FODULGDG SDUD HVFULELU FRQ SUHFLVLyQµ GHFtD 1HULR
5RMDV HQ VX IDPRVR 'HFiORJR 0pGLFR /HJDO ORV DXWRUHV KHPRV WUDWDGR
GHSODVPDUHVWHSULQFLSLRHQHOSUHVHQWH0DQXDOGHO7pFQLFR1HFURSVLDGRU
TXHHVWDDODOFDQFHGHWRGRVORVSURIHVLRQDOHVGHODVFLHQFLDVGHODVDOXG
\GHOGHUHFKRSRUVHUFODURSUHFLVR\FRQFLVR

$OUHYLVDUHQIRUPDVXFLQWDODDQDWRPtDORVSODQRVDQDWyPLFRVODVOtQHDV
GH VHFFLyQ ORV SXQWRV GH UHIHUHQFLD SDUD ODV LQFLVLRQHV \ VREUH WRGR ORV
GLDJUDPDVHLOXVWUDFLRQHVTXHIDFLOLWDQODFRPSUHQVLyQGHODDUTXLWHFWXUD
KXPDQD\FRPRGHEHSURFHGHUVHSDUDDSUHFLDUODHQVXWRWDOLGDGVLQFDX
VDUPD\RUGDxRDOFDGiYHUGHVSRMRKXPDQRDOÀQ

8Q 7pFQLFR 1HFURSVLDGRU HVSHFLDOLVWD HQ IDFLOLWDU OD REVHUYDFLyQ GH OD
PXHUWH\ORVIHQyPHQRVTXHODURGHDQQHFHVLWDXQPDQXDOTXHOHSHUPL
WDUHFRUGDUDOJRTXHSRUODSUHPXUDGHOPRPHQWRSXHGHKDEHUROYLGDGR
HVWHPDQXDOHVXQDKHUUDPLHQWDTXHFXPSOLUiHVDPLVLyQ

/RVDXWRUHVHVSHFLDOLVWDVHQ0HGLFLQD/HJDOFRQHOtPSHWXGHODMXYHQWXG
HQHVWDGLVFLSOLQDDOFRQWULEXLUDOFRQRFLPLHQWRKXPDQRFRQHVWHDSRUWH
LQLFLDQ XQD ODERU WDQWR WLHPSR HVSHUDGD HVFULELU VREUH 0HGLFLQD /HJDO
GLIXQGLUORVFRQRFLPLHQWRVIRUHQVHV\FRPSDUWLUVXVH[SHULHQFLDV

(VSHUDPRVTXHHOSUHVHQWHPDQXDOFRQWULEX\DDOFRQRFLPLHQWRGHO7pFQL
FRQHFURSVLDGRU\DWRGRVORVLQWHUHVDGRV



/26$8725(6


 ,&21&(3726*(1(5$/(6

 $87236,$0(',&2/(*$/

/D DXWRSVLD 0pGLFR /HJDO HV HO H[DPHQ R LQVSHFFLyQ GH XQ FDGiYHU KX
PDQR UHDOL]DGR SRU HO (VSHFLDOLVWD HQ 0HGLFLQD /HJDO SDWyORJR y PpGLFR
/HJLVWDDSOLFDQGRODVWpFQLFDV\SURFHGLPLHQWRVGHOD0HGLFLQD/HJDO&ULPL
QDOtVWLFDFRQDSR\RHQOD3DWRORJtD)RUHQVH\ORVFRQRFLPLHQWRVGHODFLHQFLD
PpGLFDDGHPiVGHRWUDViUHDVGHODV&LHQFLDV)RUHQVHV/DDXWRSVLDHVXQ
FRPSRQHQWHHVHQFLDOHQODLQYHVWLJDFLyQPpGLFROHJDOGHODPXHUWH

/DDXWRSVLDPHGLFROHJDOFRQVWDGHWUHVSDUWHVSULQFLSDOHV
 /HYDQWDPLHQWRGHOFDGiYHU
 ([DPHQH[WHUQR
 ([DPHQ,QWHUQR

2%-(7,926'(/$$87236,$0(',&2/(*$/
‡ 'HWHUPLQDUODFDXVDGHODPXHUWH
‡ $\XGDUDHVWDEOHFHUODIRUPDGHODPXHUWH
‡ 'HWHUPLQDUODKRUDGHODPXHUWH
‡ $\XGDUDHVWDEOHFHUODLGHQWLGDGGHOFDGiYHU

,1',&$&,21(6'($87236,$0(',&2/(*$/
‡ 0XHUWHYLROHQWD
‡ 0XHUWHV~ELWD
‡ 0XHUWHUHSHQWLQD
‡ 0XHUWHVRVSHFKRVDGHFULPLQDOLGDG

0$5&2/(*$/62%5(/$1(&5236,$0(',&2/(*$/
%$6(/(*$/
 &RQVWLWXFLyQ3ROtWLFDGHO3HU~²$UWžQXPHUDO
 ´&RUUHVSRQGHDO0LQLVWHULR3XEOLFR²&RQGXFLUGHVGHVXLQLFLRODLQYHV
WLJDFLyQGHOGHOLWR&RQWDOSURSyVLWROD3ROLFtD1DFLRQDOHVWiDREOL
JDGDDFXPSOLUFRQORVPDQGDWRVGHO0LQLVWHULR3XEOLFRHQHOiPELWR
GHVXIXQFLyQµ
 /H\GH&UHDFLyQGH,QVWLWXWRGH0HGLFLQD/HJDOGHO3HU~/H\1ž
GHO²²
 'HFUHWR6XSUHPR1ž30GHO5HJODPHQWRGHO6HUYLFLRGH1HFURSVLDV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

 5HVROXFLyQGHOD)LVFDOtDGHOD1DFLyQ1ž03)1TXHDSUXH
EDHO783$GHO0LQLVWHULR3XEOLFRSDUDHODxRGHO²²
 &yGLJR3HQDO'/1ƒGHO²²
 &yGLJR&LYLO'/1žGHO²²
 1XHYR&yGLJR3URFHVDO3HQDO'/GHO²²
 &yGLJRGH3URFHGLPLHQWRV3HQDOHV/H\1žGHO²²
 /H\1ž/H\*HQHUDOGH6DOXGGHO²
 /H\1ž/H\GH3URFHGLPLHQWRV$GPLQLVWUDWLYR*HQHUDOGHO²²

,1)250$&,Ð11(&(6$5,$$17(6'(/$$87236,$0(',&2/(*$/

8QDDXWRSVLDFRPSOHWDUHTXLHUHODLQWHJUDFLyQGHLQIRUPDFLyQGHGLYHUVDV
IXHQWHVGHLQYHVWLJDFLyQTXHVHUHFRJHQHQXQDVHULHGHPRPHQWRVGHVD
UUROODGRVSURJUHVLYDPHQWHVyORGHHVWDPDQHUDSXHGHOOHJDUVHDFRQFOX
VLRQHVVDWLVIDFWRULDVFRQUHVSHFWRDODFDXVDGHODPXHUWHORVPHFDQLVPRV
ÀVLRSDWROyJLFRVRHYHQWRVTXHFRQGXFHQDODPXHUWH\ODHWLRORJtDPpGLFR
OHJDOGHODPXHUWHODPDQHUDGHPXHUWH\ODVFLUFXQVWDQFLDVGHPXHUWH

$QWHVGHODDXWRSVLDPpGLFROHJDOHOHTXLSRIRUHQVHDFDUJRGHEHVR
OLFLWDU LQIRUPDFLyQ GLVSRQLEOH HQ RWURV GRFXPHQWRV WpFQLFRV GH XWLOLGDG
SUiFWLFDWDOHVFRPRDFWDGHOHYDQWDPLHQWRGHFDGiYHUHVIRWRVFUR
TXLVGLDJUDPDV\SODQRVGHODHVFHQDGHOKHFKRKLVWRULDFOtQLFDHSLFULVLV
HWF

(O DQiOLVLV GH OD LQIRUPDFLyQ SRU SDUWH GHO SHULWR DQWHV GH OD DXWRSVLD
HQ GHWHUPLQDGDV VLWXDFLRQHV SXHGH VHU IXQGDPHQWDO QR VROR SDUD HO
DERUGDMHPHWRGROyJLFRGHODDXWRSVLDVLQRSDUDUHDOL]DUXQDFRUUHFWD
LQWHUSUHWDFLyQGHORVKDOOD]JRVTXHRULHQWHDODDXWRULGDGHQODLQYHVWLJD
FLyQGHODPXHUWH/DDXWRULGDGGHEHSRUORWDQWRSURYHHUODDOPRPHQWR
GHVROLFLWDUHOSURFHGLPLHQWRGHDXWRSVLDPpGLFROHJDOyORPiVSURQWR
SRVLEOH\QHFHVDULDPHQWHDQWHVGHLQLFLDUODDXWRSVLD

35272&2/2'($87236,$

(OSURWRFRORGHDXWRSVLDHVHOUHJLVWURHVFULWRGHODVREVHUYDFLRQHVUHDOL]D
GDVGXUDQWHODDXWRSVLDSRUHOPpGLFROHJLVWD(VWHUHJLVWURSXHGHFRQWHQHU
DGHPiVQRWDVGHDSR\RERFHWRVFRQGLDJUDPDVGHOFXHUSR\IRWRJUDItDV


 &$'(1$'(&8672',$

/D&DGHQDGH&XVWRGLDVHGHÀQHFRPRHOFRQMXQWRGHSURFHGLPLHQWRVTXH
SHUPLWHQHOVHJXLPLHQWR\FRQWUROGHORV(OHPHQWRVPDWHULDGH3UXHED\OD
,QIRUPDFLyQFRQHOÀQGHJDUDQWL]DUODLQWHJULGDGLGHQWLGDGSUHVHUYDFLyQ
VHJXULGDG\DSWLWXGGHORVPLVPRVDORODUJRGHOSURFHVRGHLQYHVWLJDFLyQ

/D&DGHQDGH&XVWRGLDVHPDWHULDOL]DHQHOUHJLVWURRGRFXPHQWDFLyQGH
ODV WUDQVIHUHQFLDV HQWUH FXVWRGLRV DVt FRPR GH ORV FDPELRV LQWURGXFLGRV
SRUFDGDXQRGHHOORVGHVGHHOPRPHQWRGHVXUHFROHFFLyQKDVWDODÀQDOL
]DFLyQGHODFDGHQDSRURUGHQGHODDXWRULGDGFRPSHWHQWH

,'(17,),&$&,Ð1

/DDXWRULGDGTXHUHDOL]DODGLOLJHQFLDGH,QVSHFFLyQXVXDOPHQWHVXPLQLVWUD
DOHTXLSRIRUHQVHODLQIRUPDFLyQQHFHVDULDVREUHODLGHQWLGDGGHOIDOOHFL
GR\UHJLVWUDHQODVROLFLWXGGHQHFURSVLDVLFRQVLGHUDQHFHVDULRHVWDEOHFHU
ODLGHQWLGDGWpFQLFDPHQWHRYHULÀFDUOD

(OSHULWR\HOWpFQLFRQHFURSVLDGRUGHEHQWHQHUHQFXHQWDHQOD$XWRSVLD

‡ 6LHOFXHUSRIXHLGHQWLÀFDGRWpFQLFDPHQWHGXUDQWHODGLOLJHQFLDGH/H
YDQWDPLHQWR GH &DGiYHU PHGLDQWH TXp WLSR GH SURFHGLPLHQWR \ VL
FRQVWDHQHODFWD

‡ 6LODDXWRULGDGGLVSRQHGHLQIRUPDFLyQDSRUWDGDSRUIDPLOLDUHV\RWHVWLJRV

‡6LODLGHQWLGDGVHLQÀHUHGHGRFXPHQWRVHQFRQWUDGRVHQHOFXHUSR\R
HQODHVFHQD

‡ 3UHFLVDUFXDQGROD$XWRULGDGQRVHKD\DPDQLIHVWDGRDOUHVSHFWR

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

$1$720,$7232*5É),&$

'(),1,&,Ð1

$QDWRPtD7RSRJUiÀFDyJHRJUiÀFDHVODGLVFLSOLQDGHODDQDWRPtDTXH
HVWXGLDODVUHJLRQHVHQTXHVHGLYLGHHOFXHUSRKXPDQRDSUHFLDQGRVREUH
WRGRODVUHODFLRQHVGHORVyUJDQRVTXHFRQWLHQHFDGDUHJLyQ2UJDQL]DHO
HVWXGLRGHOFXHUSRSRUUHJLRQHVVLJXLHQGRGLYHUVRVFULWHULRV

,03257$1&,$

&XDQGR VH UHFRQRFH R VH GHVFULEH XQD OHVLyQ HV QHFHVDULR VHxDODU HO
iUHD UHJLyQ R VHJPHQWR FRUSRUDO XWLOL]DQGR XQD QRPHQFODWXUD OyJLFD
FRPSUHQVLEOHSDUDORVGLYHUVRVSUDFWLFDQWHVGHODVFLHQFLDVIRUHQVHVPp
GLFRVMXULVWDVWpFQLFRVFULPLQDOLVWDVDJHQWHVSROLFtDOHVHWF

&XDQGRVHGHVFULEHXQDUHJLyQGHOFXHUSRHQXQGRFXPHQWRVHSDUWHGHO
SULQFLSLRGHTXHHORUJDQLVPRHVWiHQSRVLFLyQDQDWyPLFDGHPRGRTXH
UHVXOWDFODURORVWpUPLQRVGLUHFFLRQDOHV\VHSXHGHUHODFLRQDUDFXDOTXLHU
SDUWHGHOFXHUSRFRQODVUHVWDQWHV

/DDSOLFDFLyQGHODDQDWRPtDWRSRJUiÀFDHQODXELFDFLyQ\GHVFULSFLyQ
GHODVOHVLRQHVRKHULGDVSHUPLWHXQLÀFDUHOFULWHULRGHORVPpGLFRVOHJLVWDV
\RWURVSHULWRV(OPLVPRTXHGHEHVHUFODURFRQFLVR\HQWHQGLEOHSDUDOD
UHFRQVWUXFFLyQGHXQKHFKR

326,&,Ð1$1$7Ð0,&$

/DSRVLFLyQDQDWyPLFDHVODSRVLFLyQGHUHIHUHQFLDHQODTXHHOFXHUSR
VHHQFXHQWUDHQSRVWXUDHUHFWDRHQSLHFRQODVH[WUHPLGDGHVVXSHULRUHV
FROJDQGRDORVODGRVGHOWURQFR\ODVSDOPDVGHODVPDQRVKDFLDGHODQWH
/DFDEH]D\ORVSLHVPLUDQKDFLDGHODQWH

(VODSRVWXUDDGRSWDGD\UHFRQRFLGDXQLYHUVDOPHQWHSDUDHOHVWXGLRLQWHJUDO
GHOFXHUSR+XPDQRVXVUHODFLRQHVRUJiQLFDV\GHOPHGLRTXHORVURGHD


 7RPDGRGH3RFNHW$WODVRI+XPDQ$QDWRP\WKHGLWLRQ+HLQ])HQHLV :ROIJDQJ'DX
EHU(GLW7KLHPH1HZ<RUN

5(*,21(6'(/$&$%(=$ 5(*,21(6'(/&8(//2

5HJLyQIURQWDO 7ULiQJXORVXEPDQGLEXODUGLJiVWULFR

5HJLyQSDULHWDO 7ULiQJXORFDURWtGHR

5HJLyQ2FFLSLWDO 7ULiQJXORPXVFXODU

5HJLyQWHPSRUDO 7ULiQJXORVXEPHQWRQLDQR

5HJLyQ2UELWDULD 5HJLyQGHO(&0

5HJLyQQDVDO )RVDVXSUDFODYLFXODUPHQRU

5HJLyQEXFDO 7ULiQJXORRFFLSLWDORSRVWHULRU

5HJLyQPHQWRQLDQD 7ULiQJXORVXSUDFODYLFXODU

5HJLyQLQIUDRUELWDULD 5HJLyQSRVWHULRUGHOFXHOOR

5HJLyQPDVHWHULQDD\JHQLDQDE
 'HUHFKDHL]TXLHUGD
5HJLyQPDODUR]LJRPiWLFD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

$1$720,$7232*5$),&$'(/&8(//2

75,É1*8/26'(/&8(//2
3RVWHULRU (&0
/,0,7(6
$QWHULRU /tQHDPHGLD

$EDMRP~VFXOR
7ULiQJXOR GLJiVWULFR
GLJiVWULFR $UULEDFXHUSR
GHODPDQGtEXOD
75,É1*8/2
$17(5,25
&2167,78&,Ð1 /DWHUDOYLHQWUH
'LYLGLGRSRUHO 7ULiQJXOR DQWHULRUGHOGL
GLJiVWULFRHO VXEPHQWDO JiVWULFR0HGLDO
RPRKLRLGHR\ VXSUDKLRLGHR OtQHDPHGLD
HOKXHVRKLRLGHV ,QIHULRUKLRLGHV

7ULDQJXOR /DWHUDO(&0\
PXVFXODU RPRKLRLGHR
&DURWtGHR 0HGLDOOtQHD
LQIHULRU PHGLD

$WUiV %RUGHDQWHULRUGHO
WUDSHFLR

/,0,7(6 $GHODQWH %RUGHSRVWHULRUGHO

(&0

75,É1*8/2 $EDMR &ODYtFXOD

3267(5,25

7ULiQJXOR 3RUGHWUiVGHOYLHQWUH
RFFLSLWDO LQIHULRUGHORPRKLRLGHR
&2167,78&,Ð1
'LYLGLGRSRUHO
YLHQWUHLQIHULRU
GHORPRKLRGHR
7ULiQJXOR 3RUGHODQWHGHOYLHQWUH
VXSUDFODYLFXODU LQIHULRUGHORPRKLRLGHR


 3/$126'(/725$;

(OWyUD[SXHGHGLYLGLUVHSRUPHGLRGHSODQRVYHUWLFDOHV\KRUL]RQWDOHV/D
ORFDOL]DFLyQGHHVWRVSODQRVD\XGDDODORFDOL]DFLyQGHHVWUXFWXUDVDQDWy
PLFDVVXE\DFHQWHV

3/$1269(57,&$/(6

/tQHDPHGLD/DYHUGDGHUDOtQHDPHGLDGHOFXHUSR\DVHDSRUGHODQWHR
SRUGHWUiV

‡ /tQHDHVWHUQDOODWHUDO8QDOtQHDDORODUJRGHOERUGHODWHUDOGHOHVWHU
QyQ
‡ /tQHDSDUDHVWHUQDO8QDOtQHDYHUWLFDODODPLWDGGHGLVWDQFLDHQWUHOD
OtQHDHVWHUQDOODWHUDO\ODOtQHDPHGLRFODYLFXODU
‡ /tQHDPHGLRFODYLFXODU8QDOtQHDWUD]DGDSHUSHQGLFXODUPHQWHDQLYHO
GHOSXQWRPHGLRGHODFODYtFXOD(VWDOtQHDHVVLPLODUDODOtQHDPDPDULD
SHURQRHVLGpQWLFD
‡ /tQHDPDPDULD8QDOtQHDYHUWLFDOWUD]DGDDWUDYpVGHOSH]yQ(VXQD
EXHQDOtQHDGHUHIHUHQFLDHQHOKRPEUH\DTXHHVPX\HYLGHQWHVLQ
HPEDUJRQRHVXQDEXHQDOtQHDGHUHIHUHQFLDHQODPXMHU(VWRH[SOLFD
ODQHFHVLGDGGHODOtQHDPHGLRFODYLFXODU
‡ /tQHDD[LODUDQWHULRU8QDOtQHDYHUWLFDODORODUJRGHOERUGHD[LODUDQWH
ULRU6HxDODGHPDQHUDLQH[DFWDHOERUGHODWHUDOGHOP~VFXORSHFWRUDO
PD\RU
‡ /tQHDD[LODUPHGLD8QDOtQHDYHUWLFDODWUDYpVGHODUHJLyQD[LODUPHGLD
‡ /tQHDD[LODUSRVWHULRU8QDOtQHDYHUWLFDODORODUJRGHOERUGHD[LODUSRV
WHULRU0DUFDDSUR[LPDGDPHQWHHOERUGHODWHUDOGHOP~VFXORGRUVDODQ
FKR
‡ /tQHD HVFDSXODU /tQHD YHUWLFDO D WUDYpV GHO iQJXOR LQIHULRU GH OD HV
FiSXODFRQORVEUD]RVDORVODGRVGHOWURQFR

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

7RPDGR7HVWXG/\-DFRE2´7UDWDGRGH$QDWRPLDWRSRJUiÀFDµ2FWDYDHGLFLyQ0DGULG


 3/$126+25,=217$/(6

‡ 3ODQRGHOiQJXORHVWHUQDO8QDOtQHDKRUL]RQWDODQLYHOGHOiQJXORHVWHU
QDOGH/RXLV
‡ 3ODQRGHODHVSLQDGHODHVFiSXOD8QSODQRKRUL]RQWDODQLYHOGHODUDt]
GHODHVSLQDGHODHVFiSXODHVWDQGRORVPLHPEURVVXSHULRUHVDORVODGRV
GHOWURQFR(VWiDQLYHOGHOFXHUSRGHODWHUFHUDYpUWHEUDWRUiFLFD
‡ 3ODQRGHOiQJXORLQIHULRUGHODHVFiSXOD8QSODQRKRUL]RQWDODQLYHOGHO
iQJXORLQIHULRUGHODHVFiSXODHVWDQGRORVPLHPEURVVXSHULRUHVDORVOD
GRVGHOWURQFR(VWiDQLYHOGHOFXHUSRGHODVpSWLPDYpUWHEUDWRUiFLFD
‡ 3ODQR[LIRHVWHUQDO8QSODQRKRUL]RQWDODQLYHOGHODXQLyQ[LIRHVWHUQDO
(VWiDQLYHOGHOFXHUSRGHODQRYHQDYpUWHEUDWRUiFLFD
‡ $UWLFXODFLyQHVWHUQRFODYLFXODU3XQWRGHUHIHUHQFLDLPSRUWDQWH$FDGD
ODGRODSOHXUDFUX]DHVWHSXQWR/DYHQD\XJXODULQWHUQD\ODYHQDVXE
FODYLDVHXQHQSDUDIRUPDUDFDGDODGRODYHQDEUDTXLFHIiOLFD

7RPDGR7HVWXG/\-DFRE2´7UDWDGRGH$QDWRPLDWRSRJUiÀFDµ2FWDYDHGLFLyQ0DGULG

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

3/$126'(/$%'20(1

3/$1269(57,&$/(6

‡ /tQHDPHGLD$PHQXGRGHQRPLQDGDODOtQHDEODQFD
‡ /tQHDVHPLOXQDU8QSODQRYHUWLFDOFXUYRTXHFRUUHVSRQGHDOERUGHOD
WHUDOGHODYDLQDGHOP~VFXORUHFWRGHODEGRPHQ
‡ 3DUDFHQWUDO8QSODQRYHUWLFDODODPLWDGGHGLVWDQFLDHQWUHODHVSLQDLOLD
FDDQWHURVXSHULRU\ODOtQHDPHGLD(OSODQRSDUDFHQWUDOHVVLPLODUSHUR
QRH[DFWDPHQWHLJXDOTXHHOSODQRPHGLRFODYLFXODUGHOWyUD[(OSXQWR
SDUDFHQWUDO HV GRQGH OD OtQHD SDUDFHQWUDO FUX]D HO ERUGH FRVWDO GHO
ODGRGHUHFKRSRUORJHQHUDODQLYHOGHOQRYHQRFDUWtODJRFRVWDO(VHO
VLWLRGHORFDOL]DFLyQGHOIRQGRGHODYHVtFXODELOLDU

3/$126+25,=217$/(6

‡ 3ODQR [LIRHVWHUQDO 8Q SODQR KRUL]RQWDO HQ OD XQLyQ [LIRHVWHUQDO D QLYHO
GHOFXHUSRGHODQRYHQDYpUWHEUDWRUiFLFD(VWHSODQRSXHGHFRQVLGH
UDUVHSDUWHGHODEGRPHQRGHOWyUD[
‡ 3ODQRWUDQVSLOyULFR8QSODQRKRUL]RQWDOORFDOL]DGRDODPLWDGGHGLVWDQ
FLDHQWUHODSDUWHVXSHULRUGHODVtQÀVLVS~ELFD\ODLQFLVXUD\XJXODUGHO
PDQXEULRGHOHVWHUQyQ(VWiDQLYHOGHODSULPHUDYpUWHEUDOXPEDU/R
FDOL]DGRVVREUHHVWHSODQRVHHQFRQWUDUiQHOSiQFUHDVORVKLOLRVGHORV
ULxRQHVODDUWHULDPHVHQWpULFDVXSHULRU\HOIRQGRGHODYHVtFXODELOLDU
‡ 3ODQRVXEFRVWDO8QSODQRKRUL]RQWDODQLYHOGHORPEOLJR\QRUPDOPHQWH
DQLYHOGHOFXHUSRGHODFXDUWDYpUWHEUDOXPEDU
‡ 3ODQRXPELOLFDO8QSODQRKRUL]RQWDODQLYHOGHORPEOLJR\QRUPDOPHQWH
DQLYHOGHOFXHUSRGHODFXDUWDYpUWHEUDOXPEDU
‡ 3ODQRGHODFUHVWDLOLDFD$QLYHOGHOFXHUSRGHODFXDUWDYpUWHEUDOXP
EDU(VWDPELpQHOQLYHOGHORPEOLJRFXDQGRpVWHHVWiHQSRVLFLyQQRU
PDO/DDRUWDDEGRPLQDOWHUPLQD\ODVDUWHULDVLOLDFDVFRPXQHVVHLQL
FLDQDHVWHQLYHO
‡ 3ODQR WUDQVWXEHUDO 8Q SODQR KRUL]RQWDO D WUDYpV GH ODV WXEHURVLGDGHV
LOLDFDV6HHQFXHQWUDDQLYHOGHOFXHUSRGHODTXLQWDYpUWHEUDOXPEDU
/DOtQHDDUTXHDGDVHPLOXQDUGH'RXJODVHVWiWDPELpQDQLYHOGHHVWH
SODQR/DYHQDFDYDLQIHULRUVHLQLFLD\ODVYHQDVLOLDFDVFRPXQHVWHUPL
QDQDHVWHQLYHO
‡ /tQHDDUTXHDGDVHPLOXQDUGH'RXJODV8QDOtQHDVHPLFLUFXODUDQLYHOGHO
SODQRWUDQVWXEHUDOTXHVHH[WLHQGHGHODOtQHDPHGLDDOSODQRVHPLOXQDU


 /RV SODQRV DEGRPLQDOHV YHUWLFDOHV \ KRUL]RQWDOHV SXHGHQ XWLOL]DUVH SDUD
GLYLGLU HO DEGRPHQ HQ VHFFLRQHV (VWDV VHFFLRQHV R iUHDV SXHGHQ DSUR
YHFKDUVH SDUD ORFDOL]DU GLYHUVRV yUJDQRV DEGRPLQDOHV FXDQGR VRQ QRU
PDOHVHQWDPDxR\HQVXSRVLFLyQ*HQHUDOPHQWHVHXWLOL]DQGRVPDQHUDV
GLIHUHQWHVSDUDVXEGLYLGLUHODEGRPHQHQFXDWURFXDGUDQWHVRHQQXHYH
DUHDV OD SULPHUD HV GH XVR FOtQLFR \ OD ~OWLPD SRU OR FRP~Q VH UHÀHUH DO
SXQWRGHYLVWDDQDWyPLFR

&8$'5$17(6

/DV OtQHDV TXH GLYLGHQ VRQ OD OtQHD PHGLD \ HO SODQR XPELOLFDO /RV FXD
GUDQWHVVHQRPEUDQFRPRVXSHULRUHLQIHULRUGHUHFKRV\VXSHULRUHLQIHULRU
L]TXLHUGRV(QHOFXDGUDQWHVXSHULRUGHUHFKRVHHQFRQWUDUiHOOyEXORGHUH
FKRGHOKtJDGRODYHVtFXODELOLDUHOVLVWHPDGHFRQGXFWRVELOLDUHVHOULxyQ
GHUHFKRODJOiQGXODVXSUDUUHQDOGHUHFKDHOStORUR\ODUHJLyQSUHSLOyULFD
GHO HVWyPDJR ODV WUHV SULPHUDV SRUFLRQHV GHO GXRGHQR \ XQD SDUWH GHO
FRORQDVFHQGHQWH\FRORQWUDQVYHUVR(QHOFXDGUDQWHVXSHULRUL]TXLHUGR
VH HQFRQWUDUi HO OyEXOR L]TXLHUGR GHO KtJDGR HO ED]R HO ULxyQ L]TXLHUGR
ODJOiQGXODVXSUDUUHQDOL]TXLHUGDHOH[WUHPRLQIHULRUGHOHVyIDJRHOIRQGR
\HOFXHUSRGHOHVWyPDJRHOFRORQWUDQVYHUVRODSDUWHVXSHULRUGHOFRORQ
GHVFHQGHQWHODFXDUWDSRUFLyQGHOGXRGHQRODÁH[XUDGXRGHQR\H\XQDO
\ODSDUWHVXSHULRUGHO\H\XQR(QHOFXDGUDQWHLQIHULRUGHUHFKRVHORFDOL]D
UiHODSpQGLFHHOFLHJRSDUWHGHOFRORQDVFHQGHQWHHOXUpWHUHO\H\XQR
\HOtOHR(QHOFXDGUDQWHLQIHULRUL]TXLHUGRHVWDUiHOFRORQGHVFHQGHQWHHO
FRORQVLJPRLGHR\H\XQRtOHR\HOXUpWHUL]TXLHUGR

$5($6$%'20,1$/(6

/DV QXHYH iUHDV R VHFFLRQHV DEGRPLQDOHV VH GHWHUPLQDQ SRU PHGLR GH
GRV SODQRV YHUWLFDOHV ²ODV OtQHDV SDUDFHQWUDO GHUHFKD H L]TXLHUGD ² \ ORV
SODQRVWUDQVSLOyULFR\WUDQVWXEHUDO(VWRVSODQRVFUHDQQXHYHiUHDVDEGR
PLQDOHVHPSH]DQGRHQODVXSHULRUGHUHFKDKLSRFRQGULRGHUHFKRHSL
JDVWULR KLSRFRQGULR L]TXLHUGR ÁDQFR GHUHFKR XPELOLFDO PHVRJDVWULR
ÁDQFRL]TXLHUGDIRVDLOLDFDGHUHFKDKLSRJDVWULR\IRVDLOLDFDL]TXLHUGD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

7RPDGR7HVWXG/\-DFRE2´7UDWDGRGH$QDWRPLDWRSRJUiÀFDµ2FWDYDHGLFLyQ0DGULG

$1$720,$7232*5$),&$'(/$6(;75(0,'$'(6

',6326,&,21'(/26(/(0(1726$1$720,&26'(/$6(;75(0,'$'(6/DGLV
SRVLFLyQGHORVGLIHUHQWHVHOHPHQWRVDQDWyPLFRVHQODVH[WUHPLGDGHVHVEDV
WDQWHVLPSOH(QWRUQRDXQVRSRUWHFHQWUDOyVHRVHGLVSRQHQWUHVSODQRVDQD
WyPLFRV,(OSODQRVXSHUÀFLDOTXHLQFOX\HDODSLHO\ODIDVFLDVXSHUÀFLDOFRQ
VXVYDVRV\VXVQHUYLRV,,ODIDVFLDSURIXQGDÀUPH\UHVLVWHQWHTXHGHOLPLWD\
IRUPDORVFRPSDUWLPLHQWRVÁH[RU\H[WHQVRU\,,,HOSODQRP~VFXORHVTXHOp
WLFRTXHFRQWLHQHDORVYDVRV\QHUYLRVSURIXQGRVGHFDGDFRPSDUWLPLHQWR


 0,(0%52683(5,25

5(*,21'(/+20%525(*,21'(/72,'($<$;,/$5
(Q OD UHJLyQ GHO KRPEUR VH UHFRQRFHQ ODV VLJXLHQWHV UHJLRQHV
, OD UHJLyQ GHOWRLGHD ODWHUDO ,, OD UHJLyQ HVFDSXODU SRVWHULRU
,,,ODUHJLyQGHODD[LODDQWHULRU\,9XQDUHJLyQSURIXQGDTXH
FRPSUHQGHORVKXHVRV\ODVDUWLFXODFLRQHVGHOKRPEUR

5(*,21(6&$38/$5
'HIRUPDWULDQJXODUORVOLPLWHVGHHVWDUHJLyQVHFRUUHVSRQGHQFRQ
ORVERUGHVGHODHVFiSXODSUR\HFWDGDVREUHHOWyUD[VHH[WLHQGH
HQWUHHOSULPHU\HOVpSWLPRHVSDFLRLQWHUFRVWDO

%5$=2
(OEUD]RWLHQHFRPROtPLWHVSRUDUULEDXQDOtQHDTXHVHFRUUHVSRQGH
FRQERUGHLQIHULRUGHOSHFWRUDOPD\RU\GHOODWtVLPRGHOGRUVRSRU
DEDMR XQD OtQHD TXH SDVD LQPHGLDWDPHQWH SRU HQFLPD GH OD
HSLWUyFOHD \ GHO HSLFyQGLOR (VWH VHJPHQWR DEDUFD HQWRQFHV OD
UHJLyQFRPSUHQGLGDHQWUHHOKRPEUR\HOFRGR

&2'2<5(*,21$17(5,25'(/$17(%5$=2
)RVDFXELWDOFRUUHVSRQGHDOD]RQDGHWUDQVLFLyQHQWUHHOEUD]R\
HODQWHEUD]R6HORFDOL]DYHQWUDODODDUWLFXODFLyQGHOFRGR/DIRVD
FXELWDODSDUHFHFRPRXQDGHSUHVLyQWULDQJXODUHQWUHORVP~VFXORV
HSLFRQGtOHRV\HSLWURFOpDUHV

5(*,213267(5,25'($17(%5$=2<08f(&$
/DSLHOHVJUXHVDOLJHUDPHQWHFXELHUWDGHSHORV\VHGHVSOD]DIiFLO
VREUHHOSODQRVXE\DFHQWH

08f(&$
VLWXDGDHQWUHHODQWHEUD]R\ODPDQRODPXxHFDRUHJLyQFDUSLDQD
FRUUHVSRQGH D ODV SDUWHV EODQGDV TXH URGHDQ D OD DUWLFXODFLyQ
UDGLRFDUSLDQD FRPSUHQGH XQD UHJLyQ DQWHULRU XQD UHJLyQ
SRVWHULRU\ODDUWLFXODFLyQGHODPXxHFD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

0$12
&RUUHVSRQGH DO VHJPHQWR WHUPLQDO GHO PLHPEUR VXSHULRU \ VH
H[WLHQGHGHVGHHOSODQRKRUL]RQWDOTXHSDVDSRUHOSLVLIRUPH\HO
HVFDIRLGHVKDVWDORVGHGRV7RSRJUiÀFDPHQWHVHUHFRQRFHHQOD
PDQRODUHJLyQSDOPDUODUHJLyQGRUVDO\ORVGHGRV

5HJLyQ3DOPDU(VWDUHJLyQLQFOX\HHOFRQMXQWRGHSDUWHVEODQGDV
TXH VH VXSHUSRQHQ VREUH OD VHJXQGD ÀOD GHO FDUSR \ GH ORV
PHWDFDUSLDQRV6XSHUÀFLDOPHQWHSUHVHQWDWUHVSURPLQHQFLDVPX\
HYLGHQWHVODHPLQHQFLDWHQDUHQUHODFLyQFRQODEDVHGHOSXOJDU
ODHPLQHQFLDKLSRWHQDUHQUHODFLyQFRQODEDVHGHOGHGRPtQLPR

5HJLyQ 'RUVDO GH OD PDQR &RPSUHQGH WRGDV ODV SDUWHV EODQGDV
FRORFDGDV GHWUiV GH OD VHJXQGD ÀOD GHO FDUSR \ GH ORV FLQFR
PHWDFDUSLDQRV/DUHJLyQGRUVDOGHODPDQRGHIRUPDFXDGULOiWHUD
SUHVHQWD UHOLHYHV \ GHSUHVLRQHV IRUPDGRV ORV PHWDFDUSLDQRV TXH
DOWHUQDQFRQHVSDFLRVLQWHUyVHRV/DSLHOGHODUHJLyQHVGHOJDGD
PyYLO FRQ SHORV \ JOiQGXODV VHEiFHDV (Q HO SODQR FHOXODU
VXEFXWiQHR VH DSUHFLD XQD IDVFLD ODPLQDU GHVSURYLVWD GH JUDVD
GRQGHVHGLVSRQHXQDULFDUHGYHQRVDVXSHUÀFLDOVLHQGRODVDUWHULDV
ÀQDV\GHSRFDLPSRUWDQFLD

(;75(0,'$',1)(5,25

5HJLyQ'RUVROXPEDU(VWDUHJLyQFXDGULOiWHUDFRORFDGDDORVODGRV
GHODVDSyÀVLVHVSLQRVDVGHODVYpUWHEUDVWRUiFLFDV\OXPEDUHVWLHQH
OtPLWHVVXSHULRUXQSODQRDQLYHOGHOYpUWLFHGHODVpSWLPDFHUYLFDO
SURPLQHQWHLQIHULRUXQSODQRTXHYDGHOVDFURDODFUHVWDLOtDFD
ODWHUDOHOERUGHH[WHUQRGHORVP~VFXORVHVSLQDOHV

/DSLHOGHODUHJLyQFRPRWRGDODSLHOGHOGRUVRHVJUXHVD\ÀMD
DO SODQR SURIXQGR HVSHFLDOPHQWH HQ OD OtQHD PHGLD (O WHMLGR
VXEFXWiQHRHVGHQVRFRQXQDFDSDJUDVDYDULDEOH/RVP~VFXORV
GH OD UHJLyQ VH GLVSRQHQ HQ FXDWUR SODQRV D VDEHU , 8Q SULPHU
SODQR GRQGH VH HQFXHQWUDQ OD SRUFLyQ LQIHULRU GHO WUDSHFLR \ OD
SRUFLyQPHGLDOGHOODWtVLPRGHOGRUVR,,(OVHJXQGRSODQRFRORFDGR
GHEDMRGHOSUHFHGHQWHFRQWLHQHDORVURPERLGHVPHQRU\PD\RU


 P~VFXORVGHOJDGRVTXHYDQGHOERUGHHVSLQDOGHORPySODWRDODV
DSyÀVLVHVSLQRVDVGHODVpSWLPDFHUYLFDO\GHODVFXDWURSULPHUDV
YpUWHEUDV GRUVDOHV ,,, (Q HO WHUFHU SODQR VH XELFDQ ORV VHUUDWRV
SRVWHURVXSHULRU \ SRVWHURLQIHULRU HQWUH ORV FXDOHV VH H[WLHQGH OD
IDVFLDWyUDFROXPEDU

5HJLyQGHOD&DGHUD/DUHJLyQGHODFDGHUDFRUUHVSRQGHDODUDt]
GHOPLHPEURLQIHULRU\VXVOtPLWHVVRQSRUDUULEDODFUHVWDLOtDFD\HO
OLJDPHQWRLQJXLQDOSRUDEDMR\DWUiVHOSOLHJXHJO~WHRSRUDEDMR
\DGHODQWHXQSODQRTXHSDVDSRUHOYpUWLFHGHOWULiQJXORIHPRUDO
GH6FDUSD

5HJLyQ*O~WHD/DUHJLyQJO~WHDSURPLQHQWH\H[WHQVDRFXSDOD
SDUWH SRVWHULRU GH OD FDGHUD LUUHJXODUPHQWH FXDGULOiWHUD TXHGD
HQPDUFDGD SRU OD FUHVWD LOtDFD HO SOLHJXH JO~WHR OD FROXPQD
VDFURFRFFtJHD \ SRU XQD OtQHD H[WHQGLGD HQWUH OD HVSLQD LOtDFD
iQWHURVXSHULRU\HOSOLHJXHJO~WHR/DSLHOGHODUHJLyQHVJUXHVD
ÁH[LEOH\GLVWHQVLEOHFRQSHORV\DEXQGDQWHVJOiQGXODVVHEiFHDV
(OWHMLGRFHOXODUVXEFXWiQHRSUHVHQWDDEXQGDQWHJUDVD/RVYDVRV
VXSHUÀFLDOHVVRQGHFDOLEUHSHTXHxR/DIDVFLDSURIXQGDHVÀUPH
HVSHFLDOPHQWHHOOD]RQDODWHUDOGHODUHJLyQIRUPDQGRWDELTXHV
TXHVHSDUDQDORVP~VFXORVVXE\DFHQWHV

5HJLyQ GHO 0XVOR (O PXVOR WLHQH HO DVSHFWR GH XQ FRQR GH EDVH
VXSHULRULQFOLQDGRKDFLDDEDMR\DGHQWUR(QpOVHGLVWLQJXHQWUHV
FRPSDUWLPLHQWRV XQR DQWHULRU OD UHJLyQ IHPRUDO DQWHULRU XQR
SRVWHULRUODUHJLyQIHPRUDOSRVWHULRUXQRPHGLDOODUHJLyQPHGLDOR
DGXFWRUD6REUHODUHJLyQIHPRUDODQWHULRUVHGHVFULEHHOWULiQJXOR
IHPRUDO

7ULDQJXOR)HPRUDO(QODSDUWHDOWDGHODUHJLyQIHPRUDODQWHULRUVH
GHVFULEHXQD]RQDWRSRJUiÀFDUHOHYDQWHSRUVXFRQWHQLGR\SRUVX
LPSRUWDQFLD PpGLFRTXLU~UJLFD HO WULiQJXOR IHPRUDO GH 6FDUSD
6XVOtPLWHVVRQHOOLJDPHQWRLQJXLQDOSRUSUR[LPDOHOERUGHPHGLDO
GHO VDUWRULR SRU ODWHUDO HO ERUGH PHGLDO GHO DGXFWRU ODUJR SRU
PHGLDOHOSVRDVLOtDFR\HOSHFWtQHRTXHIRUPDQUHVSHFWLYDPHQWH
ODSRUFLyQODWHUDO\PHGLDOGHOSLVRGHOWULiQJXOR\ODIDVFLDSURIXQGD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

IDVFLD ODWD TXH IRUPD HO WHFKR (O YpUWLFH GH OD UHJLyQ DSXQWD
KDFLDDEDMR\VHFRQWLQ~DKDFLDGLVWDOFRQHOFDQDODGXFWRU/DSLHO
GHODUHJLyQHVGHOJDGD\PyYLOSUHVHQWDQGRWUDFWRVÀEURVRVTXH
WLHQGHQDÀMDUODKDFLDHOOLJDPHQWRLQJXLQDO

5HJLRQ IHPRUDO DQWHULRU &RORFDGD D FRQWLQXDFLyQ GHO WULiQJXOR

IHPRUDO OD UHJLyQ IHPRUDO DQWHULRU FRPSUHQGH HO FRQMXQWR
GH SDUWHV EODQGDV TXH VH GLVSRQHQ SRU GHODQWH GH OD GLiÀVLV
IHPRUDO 'LVWDOPHQWH VH H[WLHQGH KDVWD HO SODQR HSLFRQGtOHR /RV
OtPLWHV PHGLDO \ ODWHUDO GH OD UHJLyQ FRUUHVSRQGHQ D ORV WDELTXHV
LQWHUPXVFXODUPHGLDO\ODWHUDOGHOPXVOR

5HJLRQ0HGLDOGHO0XVOR6XSHUÀFLDOPHQWHFRUUHVSRQGHDODSDUWH
VXSHULRUGHODFDUDPHGLDOGHOPXVOR\HQSURIXQGLGDGVHH[WLHQGH
KDVWDHOIRUDPHQREWXUDGRU(VWDUHJLyQPHGLDORFRPSDUWLPLHQWR
DGXFWRU VH GLVSRQH GHWUiV GHO VHSWXP LQWHUPXVFXODU PHGLDO GHO
PXVOR\FRQWLHQHDORVP~VFXORVDGXFWRUHVDOSHFWtQHRDOJUDFLOLV\
DOREWXUDGRUH[WHUQRHOHPHQWRVLQHUYDGRVSRUHOQHUYLRREWXUDGRU
5HJLRQ SRVWHULRU GHO 0XVOR &RPSUHQGH WRGDV ODV SDUWHV EODQGDV
TXHVHGLVSRQHQSRUGHWUiVGHODGLiÀVLVIHPRUDO6XSHUÀFLDOPHQWH
VHH[WLHQGHGHVGHHOSOLHJXHJO~WHRDOSODQRHSLFRQGtOHR

5RGLOODFRPSUHQGHXQD]RQDDQWHULRUURWXOLDQDXQD]RQDSRVWHULRU
SRSOtWHD\XQDUHJLyQLQWHUPHGLDODDUWLFXODFLyQGHODURGLOOD
5HJLyQ URWXOLDQD /D UHJLyQ URWXOLDQD LQFOX\H D ORV WHMLGRV EODQGRV
GLVSXHVWRVSRUGHODQWHGHODDUWLFXODFLyQGHOPXVORFRQODSLHUQD
6XSHUÀFLDOPHQWH VH H[WLHQGH GHVGH HO SODQR HSLFRQGtOHR KDVWD
HO SODQR TXH SDVD SRU OD WXEHURVLGDG GH OD WLELD ODWHUDOPHQWH
OOHJDKDVWDHOSODQRFRQGtOHRSRVWHULRUTXHORVHSDUDGHODUHJLyQ
SRSOtWHD

5HJLyQ 3RSOtWHD /D UHJLyQ SRSOtWHD R KXHFR SRSOtWHR RFXSD OD

UHJLyQ SRVWHULRU GH OD DUWLFXODFLyQ GH OD URGLOOD 6XSHUÀFLDOPHQWH
VHH[WLHQGHGHVGHHOSODQRHSLFRQGtOHRKDVWDHOSODQRTXHSDVD
SRU OD WXEHURVLGDG GH OD WLELD YHQWUDOPHQWH OOHJD KDVWD HO SODQR
FRQGtOHRSRVWHULRUTXHORVHSDUDGHODUHJLyQURWXOLDQD


 3LHUQD (VWH VHJPHQWR GHO PLHPEUR LQIHULRU VH H[WLHQGH GHVGH HO
SODQRGHODWXEHURVLGDGWLELDOKDVWDHOSODQRLQWHUPDOHRODU3UHVHQWD
WUHVFRPSDUWLPLHQWRVXQDQWHULRUXQRODWHUDO\RWURSRVWHULRU
&RPSDUWLPLHQWR $QWHULRU GH OD SLHUQD 6XV OLPLWHV ODWHUDOHV
FRUUHVSRQGHQPHGLDODOERUGHDQWHULRUGHODWLELDFUHVWDWLELDO
ODWHUDODXQDGHSUHVLyQYHUWLFDOPDUFDGDSRUODVHSDUDFLyQHQWUHORV
P~VFXORVH[WHQVRUHV\ORVSHURQpRVHVWDGHSUHVLyQVHFRUUHVSRQGH
FRQODVLWXDFLyQGHOVHSWXPLQWHUPXVFXODUDQWHULRU(QSURIXQGLGDG
HVWHHVSDFLRVHSUR\HFWDKDVWDODPHPEUDQDLQWHUyVHD

&RPSDUWLPLHQWRODWHUDOGHODSLHUQD6XSHUÀFLDOPHQWHFRUUHVSRQGH
D XQD IUDQMD  GLVSXHVWD ODWHUDO DO SHURQp 6X OtPLWH DQWHULRU
FRUUHVSRQGHDXQDGHSUHVLyQYHUWLFDOPDUFDGDSRUODVHSDUDFLyQ
HQWUH ORV P~VFXORV H[WHQVRUHV \ ORV SHURQpRV HVWD GHSUHVLyQ VH
FRUUHVSRQGH FRQ OD VLWXDFLyQ GHO VHSWXP LQWHUPXVFXODU DQWHULRU
6XOtPLWHSRVWHULRUFRUUHVSRQGHDXQVXUFRYHUWLFDOJHQHUDOPHQWH
ELHQPDUFDGRHQORVVXMHWRVPXVFXORVRVTXHPDUFDODVHSDUDFLyQ
HQWUHHVWDFHOGD\HOP~VFXORVyOHR&RPSDUWLPLHQWR3RVWHULRUGH
ODSLHUQD6XOLPLWHPHGLDOFRUUHVSRQGHDOERUGHLQWHUQRGHODWLELD
VX OtPLWH ODWHUDO FRUUHVSRQGH D XQ VXUFR YHUWLFDO TXH PDUFD OD
VHSDUDFLyQHQWUHpVWDFHOGD\HOP~VFXORVyOHRGHSUHVLyQTXHVH
FRUUHVSRQGH FRQ OD VLWXDFLyQ GHO VHSWXP LQWHUPXVFXODU SRVWHULRU
(QSURIXQGLGDGVHH[WLHQGHKDVWDODPHPEUDQDLQWHUyVHD

72%,//2<3,(
5HJLyQGHO7RELOOR6LWXDGRHQWUHODSLHUQD\HOSLHWLHQHSRUOtPLWHV
SUR[LPDOXQSODQRKRUL]RQWDOTXHSDVDSRUODEDVHGHORVPDOpRORV
\ RWUR GLVWDO TXH SDVD SRU GHEDMR GH OD DUWLFXODFLyQ WDORFUXUDO
'RVOtQHDVYHUWLFDOHVWUD]DGDVDQLYHOGHOYpUWLFHGHORVPDOpRORV
OR GLYLGHQ XQD UHJLyQ DQWHULRU\ RWUDSRVWHULRUHQWUHODV FXDOHV VH
HQFXHQWUDVHSDUDGDVHOSODQRRVWHRDUWLFXODUGHOWRELOOR

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

3,(5HJLyQ'RUVDOGHOSLH/DUHJLyQGRUVDOLQFOX\HWRGDVORVWHMLGRV
EODQGRVFRORFDGRVSRUHQFLPDGHOWDUVR\GHOPHWDWDUVR/DSLHOHV
GHOJDGDPX\GLVWHQVLEOH\PyYLOVLHQGROHYDQWDGDSRUODVYHQDV
GHOGRUVR

5HJLyQ3ODQWDUGHOSLH&RPSUHQGHORVWHMLGRVTXHVHGLVSRQHQHQ
ODFDUDLQIHULRUGHOSLHH[WHQGLpQGRVHGHVGHODSLHOKDVWDHOSODQR
yVWHRDUWLFXODU/DSLHOHVGHOJDGDHQHOKXHFRSODQWDUSHURJUXHVD
\ÀUPHHQORVVLWLRVGHDSR\RFRPRHOWDOyQ'HVSURYLVWDGHSHORV\
GHJOiQGXODVVHEiFHDVFRQWLHQHHQFDPELRQXPHURVDVJOiQGXODV
VXGRUtSDUDV (O SODQR VXEFXWiQHR SUHVHQWD XQD FDSD DGLSRVD
WDELFDGDSRUWUDFWRVÀEURVRVUHVLVWHQWHV3UHVHQWDXQDEROVDVHURVD
SRVWHULRUVLWXDGDGHEDMRGHOWDOyQ\RWUDVGRVDQWHULRUHVHQUHODFLyQ
FRQODVFDEH]DVGHOSULPHU\GHOTXLQWRPHWDWDUVLDQR


 ,, %,26(*85,'$' (1 (6&(1$ '(/ &5,0(1 /(9$17$0,(172 '(
&$'É9(5(6<6$/$'(1(&5236,$

9(67,0(17$

'HEHUi XWLOL]DU ´YHVWLPHQWD FRPSOHWD SDUD QHFURSVLDµ 'H DFXHUGR D OR

GLVSXHVWRSRUOD'LUHFWLYD1žDSUREDGDFRQ5HVROXFLyQGH**1ž
GH%LRVHJXULGDGTXHFRQVWDGH

‡ 0DWHULDO HVWHULOL]DEOH R GHVFDUWDEOH FRQVLVWHQWH HQ JRUUD JDIDV SUR

WHFWRUDV\PDVFDULOODFRQÀOWURFRQFREHUWXUDYHUGHDQWLÁXLGRV3URWHF
WRUUHVSLUDWRULR11\15HFRPHQGDGRVSRUOD1,26+1DWLR
QDO,QVWLWXWHIRU2FFXSDWLRQDO6DIHW\DQG+HDOWK1,26+
‡ *XDQWHVTXLU~UJLFRVGHMHEHR$QWLFRUWH
‡ 0DQGLOGHSURWHFFLyQGHWHODPDQJDODUJD
‡ 0DQGLOLPSHUPHDEOH\SURWHFWRUHVGH]DSDWRV

35,1&,3,26'(35(&$8&,2181,9(56$/(6'(%,26(*85,'$'

 3UHYHQFLyQ GH SXQWXUDV KHULGDV FRUWDQWHV DEUDVLRQHV HWF PH

GLDQWHXQPDQHMRFXLGDGRVRGHDJXMDVREMHWRVSXQ]DQWHV\FRU
WDQWHV
 3URWHFFLyQGHKHULGDVH[LVWHQWHVOHVLRQHVFXWiQHDVFRQMXQWLYD\
PHPEUDQDVPXFRVDVFRQEDUUHUDVGHSURWHFFLyQDGHFXDGDV
 3UHYHQFLyQGHODFRQWDPLQDFLyQGHODSLHO\URSDGHORVWUDEDMD
GRUHVFRQEDUUHUDVDSURSLDGDV\ODYDGRFRQVWDQWHGHPDQRV
 &RQWURO GH ODV iUHDV GH WUDEDMR FRQWDPLQDGRV UHVWULQJLHQGR HO
DFFHVR\UHDOL]DQGRPHGLGDVGHGHVFRQWDPLQDFLyQ
 'LVSRVLFLyQVHJXUDGHPDWHULDOFRQWDPLQDGR

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

 ,167580(17261(&(6$5,26

‡ &XFKLOORV SDUD DXWRSVLDV FRQ KRMD GH  D  FPV GH ORQJLWXG SDUD
DEULUHOFXHUSR\H[WLUSDUORVyUJDQRV
‡ 9LVFHUyWRPRODUJRGHFPVSDUDVHFFLRQDUVXSHUÀFLHVXQLIRUPHVGH
FRUWHVGHSXOPyQKtJDGRED]RULxyQHWF
‡ %LVWXUtFRQKRMDGHVHFKDEOH
‡ 7LMHUDFRQSXQWDURPD\DJX]DGD0D\R'R\HQODSXQWDURPDVHHPSOHD
SDUDDEULUDUWHULDVFRURQDULDVYtDVELOLDUHV\SDQFUHiWLFDV\SHTXHxDVDUWHULDV
‡ 7LMHUD FRQ DPEDV SXQWDV URPDV SDUD H[WUDHU ODV DUWHULDV GHO FXHOOR \
SDUDGLVHFFLRQHVURPDV
‡ 7LMHUDVFRQDPEDVSXQWDVDJX]DGDVUHFWDV\FXUYDGDV+DOVWHDGPRVTXLWR
‡ 7LMHUDVGHKRMDVFXUYDVODUJDV0HW]HQEDXPKDFHQSRVLEOHODVHSDUDFLyQ
GHXQVHJPHQWRGHODPpGXODHVSLQDOFHUYLFDODOH[WLUSDUHOFHUHEUR
‡ &RVWRWyPR
‡ 6LHUUDGH$UFR6LHUUDHOpFWULFDYLEUDWRULD6WU\FNHU
‡ (VFRSOR\PDUWLOOR
‡ ,QVWUXPHQWRVSDUDKDFHUSUHVDFRPRFODPSVSLQ]DVGHGLHQWHGHUDWyQ
GHFPVGHORQJLWXG
‡ -HULQJDV$JXMDVUHFWDV\FXUYDVHKLORV
‡ ,QVWUXPHQWRVGHPHGLFLyQ&LQWDPpWULFD5HJODPHWiOLFD
‡ %DODQ]DVSDUDyUJDQRVSHTXHxRVPLOLJUDPRV
‡ %DODQ]DVSDUDyUJDQRVJUDQGHV
‡ &XFKDURQ\JUDGXDGRUHVGHYROXPHQ(VSRQMDV


 3DUD 5HJODJUDGXDGD
PHGLFLyQ %DODQ]DSDUDSHVDUFDGiYHUHV
%DODQ]DSDUDSHVDUyUJDQRV
UHFLSLHQWHV
&XEHWDVJUDGXDGDV
&XFKDURQHV*UDGXDGRV

3DUDODDSHUWXUD &XFKLOORVGHQHFURSVLDGHYDULRVWDPDxRV
GHOFDGiYHU %LVWXUL
6LHUUDPHFiQLFDRHOpFWULFD
&RVWyWRPR
7LMHUDVGHGLVHFFLyQ
6HSDUDGRUHV

3DUDGLVHFFLyQ 3LQ]DVGHGLVHFFLyQ
GHyUJDQRV 7LMHUDVGHGLVHFFLyQ
3LQ]DVGH.HOO\
9LFHUyWRPR
&HUHEUyWRPR

3DUDFLHUUH $JXMDJUXHVDUHFWD
GHFDGiYHU $JXMDJUXHVDFXUYD
3RUWDDJXMDV
+LORGHDOJRGRQGHOJDGR

$VSLUDGRU
GHOtTXLGRV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

720$'(08(675$6

/D0HGLFLQD/HJDODOLJXDOTXHRWUDVHVSHFLDOLGDGHVUHTXLHUHGHXQDVHULH
GH SUXHEDV FRPSOHPHQWDULDV TXH OH VLUYHQ SDUD FRQÀUPDU VXV KDOOD]JRV
PDFURVFySLFRVHQXQRVFDVRV\HQRWURVVRQHOHPHQWRHVHQFLDOSDUDDO
FDQ]DUHOGLDJQyVWLFRGHÀQLWLYR

/DPD\RUtDGHHVWRVH[iPHQHVFRPSOHPHQWDULRVFRQVLVWHQHQH[iPHQHV
TXtPLFRV WR[LFROyJLFRV ItVLFRV %LROyJLFRV \ GH DQDWRPtD SDWROyJLFD (O
p[LWRGHODVLQYHVWLJDFLRQHVGHOODERUDWRULRVHHQFXHQWUDHVWUHFKDPHQWHOL
JDGRDODFDOLGDGFDQWLGDG\JUDGRGHFRQVHUYDFLyQGHODVPXHVWUDVTXH
VHUHPLWDQSUREOHPDVpVWRVTXHVRQHVSHFtÀFRVGHFDGDFDVRFRQFUHWR
\ TXH UHTXLHUHQ XQ WUDWDPLHQWR HVSHFLDO SRU SDUWH GHO 0pGLFR /HJLVWD \
GHOSHUVRQDOUHVSRQVDEOHGHODWRPDGHPXHVWUDV7pFQLFR1HFURSVLDGRU
XRWURVSURIHVLRQDOHV

7RPDGHPXHVWUDVSDUDHVWXGLR+LVWRSDWROyJLFR

 'HEHQ SURFHGHU GH DTXHOORV VLWLRV HQ TXH HO SURFHVR SDWROyJLFR KD
GHMDGRKXHOODVUHSUHVHQWDWLYDV
 2WUDFDUDFWHUtVWLFDIXQGDPHQWDOHVODSUHFRFLGDGHQODWRPD\DTXH
OXHJRGHXQWLHPSRDYDQ]DGRGHSXWUHIDFFLyQVXXWLOLGDGVHUiPHQRU
 /DVPXHVWUDVGHEHQVHUHQYLDGDVHQIUDVFRVGHYLGULRKHUPpWLFDPHQWH
FHUUDGRVHYLWDQGRVXIULUPDQLSXODFLRQHVLQQHFHVDULDVKDVWDOOHJDUDOOD
ERUDWRULRHQFDVRFRQWUDULRDFRQVHMDQDOJXQRVDXWRUHVXWLOL]DFLyQGH
IUDVFRVGHSOiVWLFRODVPXHVWUDVGHEHQFRQVHUYDUVHHQ)RUPRODO
HLQFOXVRVHUHFRPLHQGDTXHORVWHMLGRVKHPRUUiJLFRVPX\YDVFXODUL]D
GRV\IHWDOHVVHHQYtHQHQ)RUPRODO
 7RPHPXHVWUDVUHSUHVHQWDWLYDVGHOyUJDQR\ODOHVLyQTXHLQFOX\DQWHML
GRVDQR\ODOHVLyQVRVSHFKDGDRHYLGHQWHSDUDSRGHUHVWDEOHFHUXQD
FRPSDUDFLyQ
 ,QFOX\DSDUWHVUHSUHVHQWDWLYDVGHWRGRHOyUJDQRSRUHMHPSORFRUWH]D
GHOULxyQPpGXOD\SDSLOD
 /RVWHMLGRVQRGHEHQWHQHUXQHVSHVRUPD\RUGHFP\VHFRORFDUiQ
HQIRUPRODOHQXQDSURSRUFLyQDSUR[LPDGDGHSDUWHVGHOtTXL
GRSRUXQDGHWHMLGRSDUDORJUDUXQDEXHQDÀMDFLyQ
 (QPXHUWHVV~ELWDVFXDQGRQRKD\FDXVDPRUIROyJLFDHYLGHQWH


  6LGHEHSHUSHWXDUHYLGHQFLDUHVSHFWRDXQGLDJQyVWLFR
 3DUDGRFLPDVLDPLFURVFySLFDGHOSXOPyQ
 3DUDIHFKDUOHVLRQHV
 3DUDGLIHUHQFLDUXQDOHVLyQDQWHPRUWHPGHXQDSRVWPRUWHP
 (QODVOHVLRQHVKLSy[LFDVLVTXpPLFDVFHUHEUDOHVHQYtHFRUWHVFRUUHVSRQ
GLHQWHVDORVVLWLRVPiVVHQVLEOHVDODKLSR[LD

7RPDGHPXHVWUDVSDUDH[iPHQHVTXtPLFRWR[LFROyJLFRV

 6HUHDOL]DODWRPDGHHVWRVHOHPHQWRVFXDQGRHOORVHDSRVLEOHGLUHFWD
PHQWHWLHUUDVH[LVWHQWHVHQODVXSHUÀFLHGHOFDGiYHUJUDVDVIUDJPHQWRV
GHKRQJRVLGHQWLÀFDGRVHQHOFRQWHQLGRHVWRPDFDOHWFHQORVGHPiV
FDVRV VH SURFHGHUi DO HQYtR GH yUJDQRV R GH VXV SDUWHV R GH OtTXLGRV
TXHSXHGDQFRQWHQHUORVFRPRHVFDVRGHOSODQFWRQVLOLFLR\TXHSXHGH
LGHQWLÀFDUVHHQODVDQJUHHQORVSXOPRQHVHQHOHVWyPDJRHWF

 (OHQYtRVHUHDOL]DHQIUDVFRVGHPDWHULDOLQHUWHYLGULRDGHFXDGDPHQWH

ODYDGRVVLHQGRFRQYHQLHQWHHQJHQHUDOODDGLFLyQGHDOJXQDVVXVWDQ
FLDVFRQVHUYDGRUDVTXHLQKLEDODSXWUHIDFFLyQ\SHUPLWDODFRQVHUYDFLyQ
GHODVHVWUXFWXUDV\PRUIRORJtDVGHORVHOHPHQWRVTXHVHSUHWHQGHQLGHQ
WLÀFDUORVIUDVFRVGHEHQVHUGHERFDDQFKD\WDSDHVPHULODGDGHSUH
IHUHQFLDTXHVHDQQXHYRVSHURHQWRGRFDVRELHQODYDGRV/RVIUDVFRV
VHSHVDUiQDQWHVGHFRORFDUVXFRQWHQLGR3RVWHULRUPHQWHVHYROYHUiQD
SHVDUORVIUDVFRVXQDYH]VHOODGRV\HOSHVRWRWDOVHDQRWDUiHQODHWLTXHWD

6DQJUH
‡ 'HEHUtDWRPDUVHGHVLWLRV
‡ &RUD]yQ&DYLGDGHVGHUHFKDVFRQMHULQJD\DJXMDPtQLPRPO
‡ 3HULIpULFR'HODYHQDIHPRUDOFRQMHULQJD\DJXMDPtQLPRP/
‡ 5RWXODUODPXHVWUDLQGLFDQGRGHGRQGHVHWRPy
‡ (QVDQJUHSHULIpULFDVHSUHÀHUHGHODSLHUQDGDGRTXHODVYHQDVSUH
VHQWDQYiOYXODV\HYLWDORVPRYLPLHQWRVGHVDQJUHGHVGHORVLQWHVWLQRV
1R´RUGHxDUµODSLHUQDHQODWRPDGHPXHVWUD

2ULQD
‡ 7RPDUODPXHVWUDGLUHFWDPHQWHGHODYHMLJDFRQMHULQJD\DJXMD
‡ &DQWLGDGDSURSLDGDP/
‡ 0tQLPRP/
‡ 6LQRKD\RULQDUHDOL]DUODYDGRFRQXQDPtQLPDFDQWLGDGGHDJXDHV
WpULORVROXFLyQVDOLQD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

%LOLV
‡ 7RPDUODPXHVWUDGLUHFWDPHQWHFRQMHULQJD\DJXMDVLVHGHVHDVDFDU
ORVyUJDQRVHQEORTXH\OXHJRWRPDUODPXHVWUDRH[LVWHSRVLELOLGDGGH
FRQWDPLQDFLyQDWDUODYHVtFXODDQWHVGHUHPRYHUHOEORTXH
‡ &DQWLGDGDSURSLDGDP/
‡ 5HFLSLHQWHGHYLGULRVHOODGR

&RQWHQLGR*iVWULFR
‡ 'DGRTXHHVKHWHURJpQHRVHGHEHUtDWRPDUHOWRWDOGHOFRQWHQLGR
‡ 6LVHGHVHDH[WUDHUHQEORTXHORVyUJDQRVVHGHEHDWDUDPERVH[WUH
PRVGHOHVWyPDJR
‡ /D WRPD VH GHEH UHDOL]DU DSDUWDGR GHO UHVWR GH yUJDQRV SDUD HYLWDU
FRQWDPLQDFLyQ

&DEHOOR
‡ 'HOYpUWH[SRVWHULRURGHODQXFDGDGRHOFUHFLPLHQWRPiVFRQVWDQWH
HQGLFKD]RQD
‡ /DFDQWLGDGGHSHQGHGHOSURSyVLWRGHODQiOLVLV
‡ /RXVXDOGHXQiUHDGH[FP4XHSURGXFHPJGHFDEHOORFP
‡ (VXVDGRJHQHUDOPHQWHSDUDFRQÀUPDURUHYHODUXVRSUHYLRGHGURJDV

7HMLGRV
‡ 0tQLPRGHJ
‡ &DGDPXHVWUDGHEHVHUFRORFDGDHQUHFLSLHQWHKHUPpWLFDPHQWHFH
UUDGR\URWXODGRDSURSLDGDPHQWH
‡ 6LVHVRVSHFKDGHLQKDODQWHVODPXHVWUDGHEHVHUWRPDGDHLQPHGLDWD
PHQWHVHOODGDHQHOUHFLSLHQWH

0XHVWUDVHVSHFLDOHV

‡ 3DUDHOGRVDMHGHDOFRKROHWtOLFRGHEHREWHQHUVHVDQJUHSHULIpULFDIH
PRUDOODSLHOQRVHGHEHUiGHVLQIHFWDUFRQDOFRKROWLQWXUDGH\RGR
XRWURVGLVROYHQWHVFRQIUDFFLyQYROiWLOVHDxDGLUiVXVWDQFLDFRQVHUYD
GRUDÁXRUXURVyGLFRVyOLGRHQXQDFDQWLGDGGHPLOLJUDPRVSDUDORV
FFGHVDQJUHTXHDSUR[LPDGDPHQWHGHEHWHQHUHOIUDVFRGHEHUi
HVWDUFRPSOHWDPHQWHOOHQR\WDSDGRDGHFXDGDPHQWH


 ‡ 6LVHVRVSHFKDQSVLFRIiUPDFRVVHUHFRPLHQGDHQYLDUFFGHVDQ
JUH YHQRVD 6L HO FXUVR GH OD LQWR[LFDFLyQ IXH PX\ UiSLGR HV FRQYH
QLHQWHHQYLDUVDQJUHGHODYHQDSRUWD(VDFRQVHMDEOHODDGLFLyQGH
PLOLJUDPRVGHÁXRUXURVyGLFRFRPRDJHQWHFRQVHUYDGRU$GHPiVVH
HQYLDUiODPD\RUFDQWLGDGSRVLEOHGH2ULQD
‡ (QHOFDVRGH0RQy[LGRGHFDUERQRVHHQYLDUiQFFGHVDQJUHGHODV
YHQDVVXEPD[LODUHVGHOFXHOORRGHODDUWHULDIHPRUDOHQWXERRIUDVFRFRP
SOHWDPHQWHOOHQR\VLQFiPDUDGHDLUH1RQHFHVLWDDJHQWHFRQVHUYDGRU
‡ 6LVHLQYHVWLJDQSODJXLFLGDVODVPXHVWUDVPiVDGHFXDGDVSDUDODLQYHV
WLJDFLyQVHUiQHOFRQWHQLGRHVWRPDFDOHQHOFDVRGHLQWR[LFDFLyQDJX
GD\VDQJUH\RULQDHQLQWR[LFDFLyQFUyQLFDSRUDVSLUDFLyQRDEVRUFLyQ
‡ 3DUDODLQYHVWLJDFLyQGHPHWDOHVSHVDGRV0HUFXULRODPXHVWUDLGHDO
HVODGHULxRQHV

,,,$87236,$0(',&2/(*$/

52/'(/7e&1,&21(&5236,$'25(1/$(6&(1$'(/+(&+2</(9$1
7$0,(172'(&$'É9(5

3UHVWDUDDSR\RWpFQLFRDOPpGLFROHJLVWDHQHOOHYDQWDPLHQWRGHOFDGi
YHUWHQLHQGRHQFXHQWDHQWRGRPRPHQWRQRFRQWDPLQDUODHVFHQDHQ
ODGHVFULSFLyQGHSUHQGDVE~VTXHGDGHREMHWRVSHUVRQDOHVGHOFDGiYHU
IHQyPHQRVFDGDYpULFRV\OHVLRQHVH[WHUQDVGHOFDGiYHU

‡ 6LHQHOOHYDQWDPLHQWRHOFDGiYHUSUHVHQWDUDSUHQGDVGHYHVWLUGHEH
VHUHQYLDGRYHVWLGRDPRUJXH
‡ ([DPHQFRQMXQWRGHOFXHUSR\SUHQGDV
‡ (QOXJDUGHOKHFKRGHVFULSFLyQFXLGDGRVDGHOHVWDGRFDUDFWHUtVWLFDV
\SRVLFLyQGHSUHQGDVVLHVWiVVHHQFXHQWUDQHQUROODGDVDORVODGRVR
EDMDGDVRFRQODSDUWHLQWHUQDKDFLDDIXHUDVROXFLRQHVGHFRQWLQXL
GDGURWDVRFRQPDQFKDV
‡ 5HJLVWUHEROVLOORVHQEXVFDGHHOHPHQWRVGHYDORUSDUDODLQYHVWLJDFLyQ
‡ 5HJLVWUHGHVSOD]DPLHQWRGHODVSUHQGDVGHVGHODSRVLFLyQQRUPDO
‡ 2EVHUYHVLDERWRQDGXUDVHVWiQFRUUHFWDPHQWHFHUUDGDVRFRORFDGRV
HQRMDOHVTXHQRFRUUHVSRQGDQVLKD\ERWRQHVURWRVHWF
‡ 9LVXDOL]DFLyQGHIHQyPHQRVFDGDYpULFRVORVFXDOHVVHUiQGHVFULWRVSRU
HOPpGLFROHJLVWD
‡ 'HVFULSFLyQGHOHVLRQHVH[WHUQDVGHOFDGiYHUGHPDQHUDRUGHQDGD
‡

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

 )81&,21(6 (63(&Ì),&$6 '(/ 7e&1,&2 1(&5236,$'25 6(*Ô1 02)

'(/,167,7872'(0(',&,1$/(*$/

6HJ~QHO0DQXDOGH2UJDQL]DFLyQ\)XQFLRQHVGHODxRODVIXQFLRQHV
HVSHFtÀFDVGHORVWpFQLFRVQHFURSVLDGRUHVVRQ

(1/$',9,6,21'(7$1$72/2*,$)25(16(

‡ 9HULÀFDUFRQVWDWDU\UHJLVWUDUORVFDGiYHUHVTXHLQJUHVDQDOD'LYLVLyQ
GH7DQDWRORJtD)RUHQVH
‡ ,QYHQWDULDU\UHJLVWUDUORVHQVHUHVFRQTXHLQJUHVDHOFDGiYHU
‡ 3UHSDUDUHOFDGiYHUSDUDODQHFURSVLDFRUUHVSRQGLHQWH
‡ $SR\DUDOPpGLFROHJLVWDHQODUHDOL]DFLyQGHODQHFURSVLDGHOH\
‡ 7RPDU\UHFROHFWDUPXHVWUDVSDUDHVWXGLRVHLQYHVWLJDFLyQLQGLFDGRSRU
HO0pGLFR/HJLVWDGXUDQWHODQHFURSVLDGHOH\\VXHQYtRDOODERUDWRULR
‡ /DYDUHOFDGiYHUOXHJRGHODQHFURSVLDSDUDVHUHQWUHJDGRDORVIDPL
OLDUHVRFRORFDGRVHQODFiPDUDUHIULJHUDQWH
‡ 3DUWLFLSDUHQHOOHYDQWDPLHQWRGHFDGiYHUHVFRQHOPpGLFROHJLVWD
‡ (IHFWXDUHOFRQWUROGHORVPDWHULDOHV\HTXLSRVGHODVDODGHQHFURSVLD
‡ (QWUHJDUODVyUGHQHVRVROLFLWXGHVGHORVH[iPHQHVDX[LOLDUHVWR[LFROR
JtDELRORJtDSDWRORJtD\RWURVDODViUHDVFRUUHVSRQGLHQWHV
‡ 3DUWLFLSDUHQODVH[KXPDFLRQHVGHFDGiYHUHVFXDQGRVHDGHVLJQDGR
SRUHO6XE*HUHQWHGHOD'LYLVLyQGH7DQDWRORJtD)RUHQVH
‡ $SOLFDUODVQRUPDVGHELRVHJXULGDGHQHOGHVDUUROORGHORVSURFHGLPLHQWRVWpFQLFRV
‡ /DYDUGHVLQIHFWDU\HVWHULOL]DUORVPDWHULDOHVXWLOL]DGRVHQODQHFURSVLD
‡ 0DQWHQHUHORUGHQ\OLPSLH]DGHODVDODGHQHFURSVLDV
‡ ,QIRUPDUGHOGHVDUUROORGHVXVDFWLYLGDGHVDO6XE*HUHQWHGHOD'LYLVLyQ
GH7DQDWRORJtD)RUHQVH
‡ 2WUDVIXQFLRQHVTXHOHDVLJQHHO6XE*HUHQWHGHOD'LYLVLyQGH7DQDWR
ORJtD)RUHQVH

(1/$6',9,6,21(60(',&2/(*$/(6,,,

‡9HULÀFDUFRQVWDWDU\UHJLVWUDUORVFDGiYHUHVTXHLQJUHVDQDODPRUJXH
‡,QYHQWDULDU\UHJLVWUDUORVHQVHUHVFRQTXHLQJUHVDHOFDGiYHU
‡ 3UHSDUDUHOFDGiYHUSDUDODQHFURSVLDFRUUHVSRQGLHQWH
‡3UHVHQWDUORVyUJDQRVSDUDTXHHOPpGLFRHIHFWXpORVFRUWHVUHSUHVHQ
WDWLYRVSDUDVHUUHPLWLGRVDDQDWRPtDSDWROyJLFD
‡ 7RPDU\UHFROHFWDUPXHVWUDVSDUDHVWXGLRVHLQYHVWLJDFLyQLQGLFDGRSRU
HOPpGLFROHJLVWD


 ‡ /DYDUHOFDGiYHUOXHJRGHODQHFURSVLDSDUDVHUHQWUHJDGRDORVIDPL
OLDUHVRVHUFRORFDGRVHQODFiPDUDUHIULJHUDQWH
‡ 3DUWLFLSDUHQHOOHYDQWDPLHQWRGHFDGiYHUHVFRQHOPpGLFROHJLVWD
‡ (IHFWXDUHOFRQWUROGHORVPDWHULDOHV\HTXLSRVGHODVDODGHQHFURSVLD
‡ (QWUHJDUODVyUGHQHVRVROLFLWXGHVGHORVH[iPHQHVDX[LOLDUHVWR[LFROR
JtDELRORJtDSDWRORJtD\RWURVDODViUHDVFRUUHVSRQGLHQWHV
‡ 3DUWLFLSDUHQODVH[KXPDFLRQHVGHFDGiYHUHVFXDQGRVHDGHVLJQDGR
SRUHOPpGLFRMHIH
‡ $SOLFDUODVQRUPDVGHELRVHJXULGDGHQHOGHVDUUROORGHORVSURFHGLPLHQ
WRVWpFQLFRV
‡ /DYDUGHVLQIHFWDU\HVWHULOL]DUORVPDWHULDOHVXWLOL]DGRVHQODQHFURSVLD
‡0DQWHQHUHORUGHQ\OLPSLH]DGHODVDODGHQHFURSVLDV
‡ ,QIRUPDU GHO GHVDUUROOR GH VXV DFWLYLGDGHV \ GHO XVR GH ORV HTXLSRV
UHDFWLYRVPDWHULDOHVHLQVXPRVDOPpGLFRMHIH
‡ 2WUDVIXQFLRQHVTXHOHDVLJQHHOPpGLFRMHIH

(1/$6'(9,6,21(60(',&2/(*$/(6,,

‡ 9HULÀFDUFRQVWDWDU\UHJLVWUDUORVFDGiYHUHVTXHLQJUHVDQDODPRUJXH
‡ ,QYHQWDULDU\UHJLVWUDUORVHQVHUHVFRQTXHLQJUHVDHOFDGiYHU
‡ 3UHSDUDUHOFDGiYHUSDUDODQHFURSVLDFRUUHVSRQGLHQWH
‡ 3UHVHQWDUORVyUJDQRVSDUDTXHHOPpGLFRHIHFWXpORVFRUWHVUHSUHVHQ
WDWLYRVSDUDVHUUHPLWLGRVDDQDWRPtDSDWROyJLFD
‡ 7RPDU\UHFROHFWDUPXHVWUDVSDUDHVWXGLRVHLQYHVWLJDFLyQLQGLFDGRSRU
HOPpGLFROHJLVWD
‡ /DYDUHOFDGiYHUOXHJRGHODQHFURSVLDSDUDVHUHQWUHJDGRDORVIDPL
OLDUHVRVHUFRORFDGRVHQODFiPDUDUHIULJHUDQWH
‡ 3DUWLFLSDUHQHOOHYDQWDPLHQWRGHFDGiYHUHVFRQHOPpGLFROHJLVWD
‡ (IHFWXDUHOFRQWUROGHORVPDWHULDOHV\HTXLSRVGHODVDODGHQHFURSVLD
‡ (QWUHJDU ODV yUGHQHV R VROLFLWXGHV GH ORV H[iPHQHV DX[LOLDUHV
WR[LFRORJtDELRORJtDSDWRORJtD\RWURVDODViUHDVFRUUHVSRQGLHQWHV
‡ 3DUWLFLSDUHQODVH[KXPDFLRQHVGHFDGiYHUHVFXDQGRVHDGHVLJQDGR
SRUHOPpGLFRMHIH
‡ $SOLFDUODVQRUPDVGHELRVHJXULGDGHQHOGHVDUUROORGHORVSURFHGLPLHQWRVWpFQLFRV
‡ /DYDUGHVLQIHFWDU\HVWHULOL]DUORVPDWHULDOHVXWLOL]DGRVHQODQHFURSVLD
‡ 0DQWHQHUHORUGHQ\OLPSLH]DGHODVDODGHQHFURSVLDV
‡ ,QIRUPDUGHOGHVDUUROORGHVXVDFWLYLGDGHVDOPpGLFRMHIH
‡ 2WUDVIXQFLRQHVTXHOHDVLJQHHOPpGLFRMHIH

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

(1/$6',9,6,21(60(',&2/(*$/(6,

‡ 9HULÀFDUFRQVWDWDU\UHJLVWUDUORVFDGiYHUHVTXHLQJUHVDQDODPRUJXH
‡ ,QYHQWDULDU\UHJLVWUDUORVHQVHUHVFRQTXHLQJUHVDHOFDGiYHU
‡ 3UHSDUDUHOFDGiYHUSDUDODQHFURSVLDFRUUHVSRQGLHQWH
‡ 3UHVHQWDUORVyUJDQRVSDUDTXHHOPpGLFRHIHFWXpORVFRUWHVUHSUHVHQ
WDWLYRVSDUDVHUUHPLWLGRVDDQDWRPtDSDWROyJLFD
‡ 7RPDU\UHFROHFWDUPXHVWUDVSDUDHVWXGLRVHLQYHVWLJDFLyQLQGLFDGRSRU
HOPpGLFROHJLVWD
‡ /DYDUHOFDGiYHUOXHJRGHODQHFURSVLDSDUDVHUHQWUHJDGRDORVIDPL
OLDUHVRVHUFRORFDGRVHQODFiPDUDUHIULJHUDQWH
‡ 3DUWLFLSDUHQHOOHYDQWDPLHQWRGHFDGiYHUHVFRQHOPpGLFROHJLVWD
‡ (IHFWXDUHOFRQWUROGHORVPDWHULDOHV\HTXLSRVGHODVDODGHQHFURSVLD
‡ (QWUHJDUODVyUGHQHVRVROLFLWXGHVGHORVH[iPHQHVDX[LOLDUHVWR[LFROR
JtDELRORJtDSDWRORJtD\RWURVDODViUHDVFRUUHVSRQGLHQWHV
‡ 3DUWLFLSDUHQODVH[KXPDFLRQHVGHFDGiYHUHVFXDQGRVHDGHVLJQDGR
SRUHOPpGLFRMHIH
‡ $SOLFDUODVQRUPDVGHELRVHJXULGDGHQHOGHVDUUROORGHORVSURFHGLPLHQ
WRVWpFQLFRV
‡ /DYDUGHVLQIHFWDU\HVWHULOL]DUORVPDWHULDOHVXWLOL]DGRVHQODQHFURSVLD
‡0DQWHQHUHORUGHQ\OLPSLH]DGHODVDODGHQHFURSVLDV
‡ ,QIRUPDUGHOGHVDUUROORGHVXVDFWLYLGDGHVDOPpGLFRMHIH
‡ 2WUDVIXQFLRQHVTXHOHDVLJQHHOPpGLFRMHIH

(;$0(1(;7(512

(OH[DPHQH[WHUQRLQFOX\H
‡ 'HVFULSFLyQGHODVFRQGLFLRQHVGHODHYLGHQFLDItVLFDDVRFLDGDDOFD
GiYHU5RSDV)OXLGRV)DXQD\)ORUDHWF
‡ 'HVFULSFLyQJHQHUDOGHOFXHUSR
‡ 'HVFULSFLyQ 7RSRJUiÀFD $GHPiV GH OD GHVFULSFLyQ SRU VHJPHQWRV VH
LQFOX\HODGHVFULSFLyQGHOHVLRQHV\GHORVVLJQRVGHLQWHUYHQFLyQPpGLFD
‡ 'HVFULSFLyQGHIHQyPHQRVFDGDYpULFRV

/RVKDOOD]JRVGHOH[DPHQH[WHUQRGHEHQFRQVLJQDUVHHQHO3URWRFRORGH
1HFURSVLD\GRFXPHQWDUVHPHGLDQWHGLDJUDPDVIRWRJUDItDVRYLGHRVVLVH
GLVSRQHGHHVWRVUHFXUVRV


  '(6&5,3&,Ð1 '( /$6 &21',&,21(6'( /$ (9,'(1&,$ )Ì6,&$ $62
&,$'$$/&$'É9(5

 (O(TXLSR)RUHQVHPHGLFROHJLVWDWpFQLFRQHFURSVLDGRUHWFGHEHDERUGDUHO

FDVRGHPDQHUDVLVWHPiWLFDUHDOL]DQGRWRGDVODVDFWLYLGDGHVQHFHVDULDVSDUDJD
UDQWL]DUHODGHFXDGRPDQHMRGHOFXHUSR\GHODHYLGHQFLDItVLFDDVRFLDGDPXHV
WUDVRHOHPHQWRVItVLFRVPDWHULDOHVGHSUXHEDSDUDORFXDOGHEH

 ([DPLQDUGHWDOODGDPHQWHODVSUHQGDVGHYHVWLU\FRQVLJQDUHQHO3URWR
FRORGH$XWRSVLDODGHVFULSFLyQGHODVPLVPDVLQFOX\HQGR
‡ 7LSRGHSUHQGDV
‡ /DIRUPDFRPRODVWHQtDSXHVWDVHOFDGiYHUXVXDORQR
‡ 7DOODPDUFDHVWDGRGHFRQVHUYDFLyQ\ROLPSLH]DFRPSDUDQGRFRQODV
FRQGLFLRQHVGHVFULWDVHQHO$FWDGHOHYDQWDPLHQWRGHFDGiYHU
‡ 6LHOFDGiYHUVHUHFLEHGHVQXGR\QRVHUHJLVWUDHQHO$FWDGHOHYDQWD
PLHQWRGHFDGiYHUTXHHVWDIXHODFRQGLFLyQHQODTXHVHHQFRQWUy
VHGHMDUiFRQVWDQFLDGHHOOR

&255(/$&,21$5 ,1)250$&,Ð1 '85$17( /$ ',/,*(1&,$ '(/ /(9$17$

0,(172'(&$'É9(5

&RQYHUVLRQHVGHWHVWLJRV
 5HJLVWUHGHVSOD]DPLHQWRGHODVSUHQGDVGHVGHODSRVLFLyQLQLFLDO
 2EVHUYHVLODVDERWRQDGXUDVHVWiQFRUUHFWDPHQWHFHUUDGDVRFRORFD
GRVHQRMDOHVTXHQRFRUUHVSRQGDQVLKD\ERWRQHVURWRVHWF´HOODUiSL
GDPHQWHVHEDMRXQSRFRHOSDQWDOyQµ
 3DQWDOyQWLSRMHDQGHERWDHVWUHFKDFRORUD]XOFODUREDMDGRKDVWDWHU
FLRPHGLRGHPXVORFPSRUGHEDMRGHFUHVWDVLOLDFDVFRQH[WUHPR
LQIHULRUFPSRUGHEDMRGHERWDVRFROJDQGRVXJLHUHTXHSDQWDORQHV
IXHURQMDODGRVGHODSDUWHLQIHULRU
 'LUHFFLyQGHORVSOLHJXHVKRUL]RQWDOHVRYHUWLFDOHVRDUUXJDPLHQWRGHV
RUGHQDGRGHODSUHQGDVLVHDUUDVWUDXQFXHUSROLPSLRVHQHOGREOHV\
VXFLRVHQODSHULIHULD
 6XIUHQFDPELRVFXDQGRXQFXHUSRHVFDUJDGRRMDODGRDVLpQGRORFRQODVPDQRV
 3DUWHOHYDQWDGDGHSOLHJXHPDQFKDGDGHVDQJUH\IRQGROLPSLRD\X
GDQDHVWDEOHFHUSRVLFLyQHQTXHVHHMHUFLyODYLROHQFLD
 6LODSUHQGDHVWDPDQFKDGDFRQVDQJUH\HQVXSDUWHLQWHUQDKD\iUHDV
OLPSLDVELHQGHOLPLWDGDVD\XGDUDDUHFRQVWUXLUORVSOLHJXHV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

 5HWLHQHUHVLGXRVGHGLVSDURTXHSHUPLWLUiQGLDJQRVWLFRGHGLVWDQFLDGHGLVSDUR
 'HVFULED FDUDFWHUtVWLFDV XELFDFLyQ IRUPD GLPHQVLRQHV ERUGHV GH
ORVRULÀFLRVSRU3$)HQSUHQGDV
 5HYLVDU HO GDxR FXLGDGRVDPHQWH  DSUHFLDFLRQHV GHWDOODGDV VREUH VX
FODVHIRUPDFDUDFWHUtVWLFDVGHORVERUGHVSRVLFLyQGLUHFFLyQWDPDxR
HWFODVFXDOHVRULHQWDQVREUHODPDQHUDFRPRRFXUULyHOGDxR'HEHVHU
FRPSDUDGRFRQOHVLRQHVFRUUHVSRQGLHQWHVHQHOFXHUSRGHHVWDIRUPD
VHREWHQGUiLQIRUPDFLyQVREUHODSRVLFLyQSDUWLFXODUGHOFXHUSRFXDQGR
IXHOHVLRQDGR
‡ /DV SUHQGDV SXHGHQ PRVWUDU PDQFKDV GH VDQJUH VHPHQ VDOLYD ÁHPD
YyPLWRFRWHMHFRQHOFRQWHQLGRJiVWULFRKHFHVRULQDXRWURVOtTXLGRVDVt
FRPRSROYRWLHUUDYHJHWDOHVDUHQDXRWURVFRQWDPLQDQWHV(VWDVPDQ
FKDVWDPELpQGHEHQGHVFULELUVHDVtFRPRHOWDPDxRWLSRORFDOL]DFLyQ
IRUPD\HQORVFDVRVSHUWLQHQWHVODGLUHFFLyQGHOÁXMR
‡ 0DQFKDVOLTXLGDVHQODVSUHQGDVGHEHGHWHUPLQDUVHGHTXpODGRSHQHWURHO
OtTXLGR3RUHMHPSORFXDQGRKD\YDULDVSUHQGDVVXSHUSXHVWDVODVPDQFKDV
VXHOHQVHUPD\RUHVHQODSDUWHTXHVHLPSUHJQySULPHURGLVPLQX\HQGRDPH
GLGDTXHVHGLVWDQFLDGHODVXSHUÀFLHGRQGHVHSURGXMRHOFRQWDFWRLQLFLDO
‡ 'HEHFRQFHGHUHVSHFLDODWHQFLyQD]DSDWRVVXVVXHODVSXHGHQSUHVHU
YDUHOHPHQWRVRGHPD\RUWDPDxRTXHLQGLTXHQSRUGyQGHFDPLQy
ODSHUVRQD\WHQHUPDQFKDVTXHLQFULPLQHQDDOJXLHQRVHUHODFLRQHQ
FRQ VHFXHQFLD GH KHFKRV )RUPD \ FDUDFWHUtVWLFDV GH ODV VXHODV VRQ
FODYHVSDUDFRPSDUDUFRQKXHOODVHQHVFHQDVVHFXQGDULDVRDVRFLD
GDVDOKHFKRHVIXQGDPHQWDOGRFXPHQWDUODVELHQ
‡ 3DUDHIHFWRVGHLGHQWLÀFDFLyQODVSUHQGDVGHYHVWLUGHEHQVHUGHVFULWDV
PLQXFLRVDPHQWH SUHFLVDQGR WDOOD PDUTXLOODV FRORU OHWUHURV FDUDFWH
UtVWLFDVGHDVHR\FXLGDGRSUHYLRDOLQFLGHQWHIDWDOUHODFLyQGHODWDOOD
FRQHOWDPDxRGHOFXHUSRVLVRQJUDQGHVRSHTXHxDVRMXVWDVSDUDpO
VLVRQSUHQGDVIHPHQLQDVRPDVFXOLQDVHWF
‡ 'HEHQVHUUHWLUDGDVFXLGDGRVDPHQWH/XHJRGHUHFXSHUDUODHYLGHQFLD
YLVLEOH'HVSXpVGHVXDQiOLVLVVLHVWiQHPSDSDGDVHQVDQJUHRÁXLGRV
GHEHQVHUVHFDGDVDODLUH\FRORFDGDVHQEROVDVGHSDSHO/DVGHSOiV
WLFRIDYRUHFHQIRUPDFLyQGHPRKR\HOFUHFLPLHQWRGHKRQJRV7RGDV
\ FDGD XQD GH ODV SUHQGDV LQFOXLGRV ORV ]DSDWRV GHEHQ HPSDFDUVH
SRUVHSDUDGR(QFDGDEROVDDQRWHHOOXJDUGHGRQGHIXHURQWRPDGDV
IHFKDKRUD\SHUVRQDUHVSRQVDEOHGHOHPEDODMH


 ‡ 0DQHMRGHSUHQGDVHQ$XWRSVLD0pGLFR/HJDO
 1RODYDUHOFXHUSRQLPRGLÀFDUGHQLQJXQDPDQHUDDQWHVGHOH[DPHQ
GHO0pGLFR/HJLVWD
 0DQWHQHUODPHVDGHDXWRSVLDOLPSLD\QXQFDFRORFDUXQFXHUSRHQ
HOODVLQTXHVHDSUHYLDPHQWHUHYLVDGDSRUHOPpGLFROHJLVWD
 %XVFDUGRFXPHQWDU\UHJLVWUDUVHJ~QVHDHOFDVRODSUHVHQFLDGHHYL
GHQFLDVHQODVSUHQGDVDQWHVGHUHWLUDUODVÀEUDVSHORVÀODPHQWRVVDQ
JUHRWURVÁXLGRVELROyJLFRVRWUDVVXVWDQFLDVPDUFDVGHLPSUHVLyQ
 (YDOXDU\UHJLVWUDUVLODVPDQRVHVWiQHPEDODGDVRQRVHxDODQGRIDFWR
UHVGHFRQWDPLQDFLyQSHWLQWDGHQHFURGDFWLORVFRStD
 ([DPLQDU\GHVFULELUHOHVWDGRGHODVXxDV\SUHVHUYDUIUDJPHQWRVSDUD
E~VTXHGDGHSRWHQFLDOHYLGHQFLD
 %XVFDUHYLGHQFLDVHQSDUWHVFRUSRUDOHVH[SXHVWDV\UHJLVWUDUHOGHVWLQR
GHODVPLVPDV
 'RFXPHQWDU\RSUHVHUYDUHOSDWUyQGHODVOHVLRQHVSDUDHYHQWXDOHVFRWH
MRVHQORVFDVRVSHUWLQHQWHVPHGLDQWHIRWRJUDItDVPROGHVHVTXHPDV\R
GLEXMRV\WRPDU\SUHVHUYDUHYLGHQFLDItVLFDUHODFLRQDGDSRUHMHPSORVD
OLYDHQKXHOODVGHPRUGHGXUDSHORVHQWUDXPDFUDQHRHQFHIiOLFRHWF
 7RPDUODVPXHVWUDVELROyJLFDVUHFRPHQGDGDVVHJ~QWLSRGHFDVRLQ
FOX\HQGRODVGHUHIHUHQFLDFXDQGRVHDSHUWLQHQWHFDEHOORVPXHVWUDV
FRQWUROHWF

'(6&5,3&,Ð1*(1(5$/'(/&8(532

&$5$&7(5Ì67,&$6'(,'(17,),&$&,Ð1

(OLQIRUPHGHEHLQFOXLUXQDHVWLPDFLyQGHODHGDG\ODORQJLWXGPHGLGD\
HOSHVRGHOFXHUSR
(QHVWDVHFFLyQVHGHEHLQFOXLUHOVH[RODFRPSOH[LyQWRQRGHSLHOFRORU
\WH[WXUDGHOFDEHOORYHOORIDFLDOODGHQWDGXUDPDPDVORVJHQLWDOHVHO
DQRFLFDWULFHVOXQDUHVGLVWLQWLYRVDPSXWDFLRQHVWDWXDMHV

(OLQIRUPHGHEHGHVFULELUODFRQVWLWXFLyQFRUSRUDOHQWpUPLQRVVLPSOHVSRU
HMHPSORPHGLDQDHVWDWXUDGHOJDGRFDTXH[LDREHVRHWF

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

6LHOFXHUSRHVFDTXpFWLFRHOLQIRUPHGHEHLQFOXLUDOJXQDVGHVFULSFLRQHV
DGLFLRQDOHVFRPRODVFRVWLOODVSURPLQHQWHV6LHOFXHUSRHVPDUFDGDPHQ
WHREHVRHOLQIRUPHGHEHLQGLFDUVLHOWHMLGRDGLSRVRH[WUDVHFRQFHQWUDHQ
XQDVSRFDV]RQDVFRPRHODEGRPHQRVHGLVWULEX\HSURSRUFLRQDOPHQWH
VREUHHOWRUVR\ODVH[WUHPLGDGHV

2MRV
(OH[DPHQGHORVRMRVGHEHLQFOXLUFRPRPtQLPRHOFRORUGHOLULV\ODSUHVHQ
FLDRDXVHQFLDGHSHWHTXLDVRKHPRUUDJLDVXEFRQMXQWLYDO

&XHURFDEHOOXGR
(V LPSRUWDQWH GHVFULELU HO FRORU \ OD WH[WXUD GHO FDEHOOR 3XHGH VHU GHVFULWR
FRPROLVRRQGXODGRUL]DGRRPX\UL]DGR\JUXHVRRÀQR&RQUHVSHFWRDOD
ORQJLWXGGHOFDEHOORHOVLJQLÀFDGRGHFRUWRPHGLDQR\ODUJRGHSHQGHGHOD
PRGDLPSHUDQWHHQHOPRPHQWRGHHIHFWXDUODGHVFULSFLyQHOPRGRGHGHV
FULSFLyQFRUUHFWDHVXQDHVWLPDFLyQGHODORQJLWXGGHOSHORHQFHQWtPHWURV

(QORVKRPEUHVODGLVWULEXFLyQGHOSHORGHOFXHURFDEHOOXGRSXHGHVHULQGLFDGD
FRPRFRPSOHWDFRQFDOYLFLHELIURQWDOFDOYLFLHIURQWDORFDOYLFLHGHOYpUWLFH

3HOR)DFLDO
(OSHORIDFLDOSXHGHVHUGHODVVLJXLHQWHVFRPELQDFLRQHVELJRWHEDUED
SDWLOODV(VLPSRUWDQWHVHxDODUODORQJLWXGGHODVPLVPDVSRUHMHPSORTXH
SXHGHLQGLFDUDIHLWDGRUHFLHQWH

'HQWLFLyQ
6LHVWiSUHVHQWHVHSXHGHPHQFLRQDUTXHHVWiHQEXHQHVWDGRUHJXODUR
PDOR\VLHVHGpQWXORFRQGHQWLFLyQLQFRPSOHWDRFRPSOHWD/DGHVFULS
FLyQGHEHPHQFLRQDUVLODVSUyWHVLVSXHQWHVRSODFDVHVWiQHQODERFD

&LFDWULFHV
(O LQIRUPH GHEH PHQFLRQDU VLHPSUH ODV FLFDWULFHV /DV FLFDWULFHV GHEHQ
PHGLUVH HVSHFLDOPHQWH HQ FXHUSRV FX\D LGHQWLGDG HV GHVFRQRFLGD /D
FLFDWUL]SXHGHVHUGHVFULWDFRPROLQHDOUHGRQGDRYDODGDLUUHJXODUSOD
QDHOHYDGDKLSHUFUyPLFDKLSRFUyPLFDKLSHUWUyÀFDKLSRWUyÀFDHWF


 /RQJLWXGYHUWH[WDOyQ /RQJLWXGYHUWH[FDXGDO

/RQJLWXGFpIDORWDOyQ7RPDGRGH(QLG*LOEHUW%DUQHVV'LDQH('HELFK6SLFHU+DQGERRNRI
3HGLDWULF$XWRSV\3DWKRORJ\:LOOLDPV :LONLQV,QF1HZ<RUN

/RQJLWXGFpIDORFDXGDO&RUWHVtD'U-RUJH9iVTXH]*

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

/RQJLWXGSODQWDU PHGLGDFDQWRLQWHUQRFDQWRH[WHUQR
PHGLGDLQWHUSXSLODUQDVRODELDO

/tQHDWUD]DGDGHVGHHPLQHQFLDRFFLSLWDOKDFLDiQJXORH[WHUQR
GHRMRGHEHGHSDVDUSRUODPLWDGGHOyEXORGHRUHMD

7RPDGRGH(QLG*LOEHUW%DUQHVV'LDQH('HELFK6SLFHU+DQGERRNRI3HGLDWULF$XWRS
V\3DWKRORJ\:LOOLDPV :LONLQV,QF1HZ<RUN


 $PSXWDFLRQHV
'HVFULELUODVDPSXWDFLRQHV\RSpUGLGDVWUDXPiWLFDVSRUHMHPSORODDP
SXWDFLyQ GHO SUHSXFLR TXH KDELWXDOPHQWH VH LQIRUPD FRPR FLUFXQFLVLyQ
GHORVJHQLWDOHVPDVFXOLQRV

7DWXDMHV
(QHOH[DPHQH[WHUQRGHEHGHVFULELUVHORVWDWXDMHV(QHOFDVRGHORVUHVWRV
QRLGHQWLÀFDGRVORVWDWXDMHVQRVyORGHEHQVHUPHQFLRQDGRVVLQRGHEHQ
VHU PHGLGRV GHVFULELU VX UHSUHVHQWDFLyQ FURPtD R SROLFURPtD  WDPELpQ
GHEHQVHUIRWRJUDÀDGRVSDUDTXHODVIRWRVVHSXHGDQXWLOL]DUSDUDÀQHVGH
LGHQWLÀFDFLyQ

6,*126'($7(1&,210e',&$
'HEH GHVFULELUVH VL SUHVHQWD VLJQRV GH SXQWXUD UHFLHQWH R DQWLJXD KDOR
HTXLPyWLFR/RVHOHFWURGRVFDUGtDFRVTXHVHHQFXHQWUHQ/RV7XERV\FD
WpWHUHV WDPELpQ GHEHQ VHU GHVFULWRV FRQ HO REMHWLYR GH SUHFLVDU VL HVWiQ
DGHFXDGDPHQWHFRORFDGRV\HQORSRVLEOHVHGHEHGHVFULELUHOVLWLRGH
HQWUDGD\HOVLWLRGHWHUPLQDFLyQHQDOJXQRVFDVRVpVWRVQRGHEHQUHWLUDUVH
GXUDQWHHOH[DPHQH[WHUQRSDUDYHULÀFDUVXFRUUHFWDXELFDFLyQGXUDQWH
ODGLVHFFLyQHLQVSHFFLyQGHOH[DPHQLQWHUQR

'(6&5,3&,Ð17232*5É),&$
6HGHEHKDFHUHOH[DPHQVLVWHPiWLFRGHDGHODQWHDDWUiVGHDUULEDDEDMR
GHDIXHUDDDGHQWUR\GHGHUHFKDDL]TXLHUGDGHODVUHJLRQHVFRUSRUDOHV
VHJ~Q WpFQLFDV XVXDOHV \ UHJLVWUDU VL ORV KDOOD]JRV VRQ QRUPDOHV R H[LVWHQ
DOWHUDFLRQHV

/DFDSDFLGDGGHO(TXLSRGHWUDEDMRSDUDREVHUYDUGRFXPHQWDUHLQWHUSUHWDU
HOVLJQLÀFDGRGHOHVLRQHVH[WHUQDVHVIXQGDPHQWDOSDUDODSUiFWLFDIRUHQVH

'HVFULSFLyQGH/HVLRQHV
/DGHVFULSFLyQGHODVOHVLRQHVVHUHDOL]DHQXQDVHFFLyQDSDUWH(VWDVHF
FLyQ HV XQD OLVWD PX\ ELHQ RUJDQL]DGD GH OD GHVFULSFLyQ GH ODV OHVLRQHV
H[WHUQDVHLQWHUQDVSRUUHJLRQHVGHOFXHUSRFDEH]D\FXHOORWURQFRH[
WUHPLGDGHVSRUHMHPSOR

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

3DUDFDGDUHJLyQGHOFXHUSRODGHVFULSFLyQVHRUJDQL]DSDUDFRPHQ]DU
FRQOHVLRQHVVXSHUÀFLDOHVVHJXLGDVGHODVOHVLRQHVPXVFXORHVTXHOpWLFDV\
DFRQWLQXDFLyQODVOHVLRQHVYLVFHUDOHV

 'HVFULELUVHJ~QHOWLSRGHOHVLyQWHQLHQGRHQFXHQWDDGHPiVODLQIRU
PDFLyQGLVSRQLEOH\ODVFLUFXQVWDQFLDVSDUWLFXODUHVGHFDGDFDVR
 &DUDFWHUHVGHORVDOUHGHGRUHVGHODOHVLyQGHVXVERUGHVOLVRVLUUHJX
ODUHV WUDQVYHUVDGRV GH VX SHULIHULD WDWXDMH TXHPDGXUD HTXLPRVLV
FDXWHUL]DFLRQHVGHORVOtTXLGRVTXHH[LVWDQVDQJUHH[XGDGRV
 5HJLVWUDUODSUHVHQFLDRDXVHQFLDGHOHVLRQHVGLIHUHQWHVDDTXHOODVTXH
H[SOLFDQGLUHFWDPHQWHODFDXVDGHPXHUWHSHURTXHSXHGHQRULHQWDU
VREUHODVFLUFXQVWDQFLDVHQTXHVXFHGLHURQORVKHFKRV
 6LXQDOHVLyQHVWULGLPHQVLRQDOVHSXHGHGDUPHGLFLRQHVHQWUHVGLPHQ
VLRQHV 1R GHEH OLPLWDUVH ODV PHGLFLRQHV D GRV GLPHQVLRQHV D PHQRV
TXHODOHVLyQVHDSODQD
 'LUHFFLyQGHODOHVLyQFXWiQHDHVGHFLUODFRUUHVSRQGLHQWHHQODVXSHU
ÀFLHDOHMHPD\RUGHODPLVPD6HLQGLFDVLHPSUHVXSRQLHQGRDOFDGi
YHUHQSRVLFLyQDQDWyPLFD
 'LVWDQFLDGHSXQWRVÀMRVUHOLHYHVyVHRVLQVHUFLRQHVGHyUJDQRVVXSHUÀ
FLDOHVRULÀFLRVPHGLGDH[DFWDPHQWHFRQODFLQWDPpWULFD
 (QPHGLGDVFXDQWLWDWLYDVGHEHHVSHFLÀFDUVHVLHOYDORUHVXQDPHGLGD
RXQDHVWLPDFLyQSRUHMHPSORHOSHVRGHOKtJDGRVHHVWLPDHQJU
yHOKtJDGRSHVDJU(OWpUPLQRDSUR[LPDGDPHQWHGHEHHYLWDUVH
HOOHFWRUQRWHQGUiPDQHUDGHVDEHUVLHVRVLJQLÀFDXQDPHGLGDDJUDQ
GHVUDVJRVHVWLPDGDRXQDPHGLGDVHPLFXDQWLWDWLYD
 (VIXQGDPHQWDOKDFHUXQDFRPSOHWDGHVFULSFLyQGHODVOHVLRQHVHQFXDQ
WR D FRORU IRUPD WDPDxR ORFDOL]DFLyQ SUHVHQFLD R QR GH KHPRUUDJLD
GLVFULPLQDUVLVRQYLWDOHVRQR\VXFRUUHODFLyQFRQOHVLRQHVHQHOH[DPHQ
LQWHUQR(VWRHVSDUWLFXODUPHQWHLPSRUWDQWHHQFDVRVGHLQYHVWLJDFLyQGH
KRPLFLGLRVHQORVFXDOHVODGHVFULSFLyQGHODVOHVLRQHV\ODLQWHUSUHWDFLyQ
GHODVPLVPDVGHEHSHUPLWLUUHVSRQGHUDODVVLJXLHQWHVSUHJXQWDV

‡ ¢+D\OHVLRQHVDQWHPRUWHP\SRVWPRUWHP"
‡ ¢+D\HYLGHQFLDGHLQPRYLOL]DFLyQIRU]DGD"
‡ ¢+D\HYLGHQFLDGHSHTXHxRVWUDXPDVFDSDFHVGHFDXVDUGRORU"
‡ ¢+D\VLJQRVGHOXFKDRGHIHQVD"


 ‡ ¢+XERDFWLYLGDGVH[XDOYLROHQWDRDJUHVLyQVH[XDOFRPRKHFKRDVRFLDGR"
‡ ¢+D\LQGLFLRVTXHLQGLTXHQDTXHVHRFXOWyHOFXHUSRRVHUHDOL]DURQ
DFWLYLGDGHVWHQGLHQWHVDLPSHGLUVXLGHQWLÀFDFLyQ"
 6LODKHULGDFRQWLQXDHQSURIXQGLGDGGHEHGLVHFDUVHSRUSODQRVSDUD
VHJXLUVXWUD\HFWRGHELHQGRSURVFULELUVHWRWDOPHQWHHOXVRGHVRQGDV
SDUDVHJXLUORVFDVLVLHPSUHVRQRULJHQGHIDOVDVYtDV

'(6&5,3&,Ð1'(/26)(1Ð0(126&$'$9e5,&26

6HGHEHKDFHUFRQHOGHWDOOH\SUHFLVLyQUHTXHULGDVHJ~QHOHVWDGRGHOFXHUSR
VLVHGLVSRQHGHWHUPyPHWURHV~WLOSUHFLVDUODWHPSHUDWXUDFRUSRUDO\ODKRUDHQ
TXHIXHWRPDGDDOLQJUHVDUHOFDGiYHUDOLQLFLRRGXUDQWHODDXWRSVLD

(Q FXDQWR D OD HVWLPDFLyQ GHO WLHPSR GH PXHUWH HV LPSRUWDQWH SUHFLVDU
TXHWpFQLFDPHQWHQRHVDGHFXDGREDVDUVH~QLFDPHQWHHQORVKDOOD]JRV
GHDXWRSVLDIHQyPHQRVFDGDYpULFRVFRQWHQLGRJiVWULFRVLQRTXHHVWRV
VHGHEHQLQWHUSUHWDUHQFRUUHODFLyQFRQ
‡ ODVFLUFXQVWDQFLDVGHODPXHUWH
‡ ODVFRQGLFLRQHVGHKDOOD]JRGHOFXHUSR
‡ OD´9HQWDQDGH0XHUWHµODSVRWUDQVFXUULGRHQWUHOD~OWLPDYH]TXHHO
IDOOHFLGRIXHYLVWRYLYR\HOPRPHQWRGHKDOOD]JRGHOFDGiYHUDPERV
PDQLIHVWDGRVSRUWHVWLJRVFRQÀDEOHV
‡ ,QIRUPDFLyQREWHQLGDPHGLDQWHLQYHVWLJDFLyQMXGLFLDOHQHOPRPHQWR
GHODGLOLJHQFLDGHLQVSHFFLyQMXGLFLDO\SRVWHULRU

3DUDHVWLPDUHOWLHPSRGHPXHUWHORVVLJQRVFDGDYpULFRVXVDGRVVRQHOULJRU
PRUWLVOLYRUPRUWLVFDPELRVGHWHPSHUDWXUDORVSURFHVRVGHGHVFRPSRVLFLyQ
FDGDYpULFD\HOYDFLDPLHQWRJiVWULFR2WURVSDUiPHWURVPHGLEOHVWDOHVFRPR
HO SRWDVLR HQ KXPRU YtWUHR VH YHQ DIHFWDGRV SRU QXPHURVDV YDULDEOHV SRU
HMHPSORFRQFHQWUDFLyQDQWHVGHODPXHUWHIXQFLyQUHQDOHWF

'LYHUVRV PDUFDGRUHV ELROyJLFRV XWLOL]DGRV SDUD HVWLPDU HO LQWHUYDOR SRVW

PRUWHP HVWiQ IXHUD GHO DOFDQFH GH OD SUiFWLFD KDELWXDO GH ODV FLHQFLDV
IRUHQVHVGHQXHVWURSDtV8QDFRPELQDFLyQGHHVWDVREVHUYDFLRQHVSXHGH
PHMRUDUODH[DFWLWXGGHODHVWLPDFLyQGHOWLHPSRGHPXHUWH

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

5,*250257,6
(OULJRUPRUWLVVHGHÀQHFRPRODFRQWUDFFLyQPXVFXODUSRVWPRUWHPGHEL
GRDOEORTXHRGHORVÀODPHQWRVGHDFWLQDPLRVLQDSRUODGLVPLQXFLyQGH
ODVtQWHVLVGH$73

(OULJRUPRUWLVVHGHVDUUROODGHPDQHUDVLPXOWiQHDHQWRGRVORVP~VFXORV
SHUR VX H[SUHVLyQ HYLGHQWH D QXHVWURV VHQWLGRV RFXUUH DQWHV HQ JUXSRV
PXVFXODUHVSHTXHxRV\FRQDOWRFRQWHQLGRGHPLRÀEULOODVURMDVWLSR,/D
HYROXFLyQGHOULJRUPRUWLVQRHVQHFHVDULDPHQWHFRQVWDQWHRVLPpWULFD(O
WLHPSRHQHOTXHHOULJRUHVWiSOHQDPHQWHHVWDEOHFLGDHQWRGDVODVDUWLFX
ODFLRQHVYDUtDGHDKPHGLD “K(OULJRUSHUVLVWHSRUDK
PHGLD “K

(OULJRUGLVPLQX\H\FRQHOWLHPSRGHVDSDUHFHSRUGHVQDWXUDOL]DFLyQGHO
FRPSOHMR GH SURWHtQDV DFWLQDPLRVLQD SURGXFWR GH OD GHVFRPSRVLFLyQ
WHPSUDQD/DGHVDSDULFLyQVHJXLUiHOPLVPRSDWUyQTXHODLQVWDODFLyQ(O
LQWHUYDORGHWLHPSRHVGHDKPHGLD “K

/,9250257,6
'HELGRDODLQWHUUXSFLyQGHOÁXMRVDQJXtQHRGHVSXpVGHODPXHUWHRFXUUH
XQDVHGLPHQWDFLyQJUDYLWDFLRQDOGHODVDQJUHTXHGLODWDORVFDSLODUHV\
YHQDVGDQGROXJDUDODFRORUDFLyQYLROiFHDRVFXUDGHODSLHOQRFRPSUL
PLGDHQODViUHDVSHQGLHQWHVGHOFXHUSR

/DVOLYLGHFHVVHSRQHQGHPDQLÀHVWRDORVPLQDKGHVSXpVGHODPXHU
WHHOFDPELRGHFRORUKDVWDXQDLQWHQVLGDGPi[LPDRFXUUHGHDK/DV
OLYLGHFHV VH HQFXHQWUDQ ÀMDGDV QR GHVDSDUHFHQ DO FDPELDU OD SRVLFLyQ
LQLFLDOGHOFXHUSRHQXQLQWHUYDORGHWLHPSR DKHOGHVSOD]DPLHQWR
FRPSOHWRGHODVOLYLGHFHVVHSURGXFHDODVDK\pVWHGHVSOD]DPLHQWR
SXHGHVHULQFRPSOHWDHQWUHODVDK

$/*250257,6
/DSpUGLGDGHFDORUHQHOSHULRGRSRVWPRUWHPVHSURGXFHSRUFXDWURPHFD
QLVPRVGHSHQGLHQGRGHODHVFHQDGHOGHOLWR\FLUFXQVWDQFLDVLQWHUYLQLHQWHV
(YDSRUDFLyQ5DGLDFLyQ&RQGXFFLyQ\SRUFRQYHFFLyQ


 'LYHUVDV HFXDFLRQHV DOJRULWPRV \ QRPRJUDPDV VH KDQ GHVDUUROODGR OD
WHPSHUDWXUD UHFWDO HV OD PiV HVWXGLDGD VLQ HPEDUJR VX UDQJR GH YD
ULDFLyQ HV DPSOLR \ WDO FRPR GHFODUy +HQVVJH ´,QFOXVR FRQ OD FUHFLHQ
WHFRPSOHMLGDGGHORVDOJRULWPRVHVWRVQRJDUDQWL]DQODH[DFWLWXGGHORV
WLHPSRVFDOFXODGRV

9$&,$0,(172*É675,&2
(QFRQGLFLRQHVQRUPDOHVHOYDFLDGRGHOFRQWHQLGRJiVWULFRRFXUUHDSUR[L
PDGDPHQWH GHQWUR GH  KRUDV VLQ HPEDUJR HO WLHPSR GH YDFLDPLHQWR
JiVWULFRSXHGHVHUUHWUDVDGRSRUODLQJHVWDGHFRPLGDVPiVHVSHVDVORV
WUDXPDWLVPRVFUDQHRHQFHIiOLFRVSXHGHQUHWUDVDUHOYDFLDGRJiVWULFRSRU
YDULRVGtDV

352&(626'('(6&20326,&,21&$'$9e5,&$
/DGHVFRPSRVLFLyQHVHOSURFHVRGHGLVROXFLyQSURJUHVLYDSRVWPRUWHP/D
GHVFRPSRVLFLyQHVHOUHVXOWDGRGHODDXWROLVLV\ODSXWUHIDFFLyQ$XWROLVLVHV
HODEODQGDPLHQWRGHWHMLGRV\OLFXHIDFFLyQHVXQSURFHVRFDXVDGRSRUOD
OLEHUDFLyQGHHQ]LPDVLQWUDFHOXODUHV/DSXWUHIDFFLyQHVODWUDQVIRUPDFLyQ
OtTXLGD\JDVHRVDGHORVWHMLGRV\yUJDQRVSRUGLIXVLyQORFDO\KHPDWyJHQD
GH ODV EDFWHULDV LQWHVWLQDOHV \ RWURV PLFURRUJDQLVPRV WDPELpQ SRU OD DF
FLyQGHLQVHFWRV\GHSUHGDFLyQGHDQLPDOHV

/DSXWUHIDFFLyQHVPiVDFHOHUDGDVLKD\KHULGDVHQODSLHO/DGHVFRPSR
VLFLyQVHUHWUDVDHQORVUHFLpQQDFLGRVSRUTXHHOPHFRQLRHVHVWpULO

 (;$0(1,17(512

(QHOFRQWH[WRGHODHYROXFLyQGHODVWpFQLFDVGH$XWRSVLDSRGHPRVPHQFLR
QDUODWpFQLFDGH0RUJDJQL2UÀOD5RGULJR0DWWD0DUFR9LUFKRZ/HWDPHQGL

$FWXDOPHQWHVHKDJHQHUDOL]DGRHOXVRGHOPpWRGRGH9LUFKRZFRQDOJX
QDVPRGLÀFDFLRQHVTXHSHUPLWHQGLVPLQXLUHOWLHPSRGHDXWRSVLD\DOPLV
PRWLHPSRIDFLOLWDHODFFHVRDODPD\RUtDGHHVWUXFWXUDV\yUJDQRVYLVFH
UDOHVpVWDWpFQLFDHVLGHDOHQDXWRSVLDVSRFRFRPSOHMDVFRPRORV6XFHVRV
GHWUiQVLWR\0XHUWHVQDWXUDOHV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

 &DEH]D6HVLJXHODWpFQLFDGH0DWWDVLQUDSDUQLFRUWDUHOSHORVHGD
XQFRUWHTXHYDGHVGHHOSDEHOOyQGHXQDRUHMDDORWURSDVDQGRSRUHO
YpUWLFHORPiVLQFOLQDGRTXHVHSXHGDKDFLDDWUiV
 &XHOOR6HXWLOL]DHOFRUWHGH5RGULJR,QFLVLyQPHGLDGHVGHHOPHQWyQ
KDVWDODKRUTXLOODHVWHUQDO8QDYH]GLVHFDGRVORVFROJDMRVFXWiQHRV
DPSOLDPHQWH KDVWD ODV DSyÀVLV PDVWRLGHV VH LQWURGXFH HO ELVWXUt HQ HO
iQJXORL]TXLHUGRGHOPD[LODULQIHULRU\VHFRUWDHQDUFRSRUGHQWURGHO
PD[LODUKDVWDOOHJDUDOiQJXORRSXHVWR6HFRUWDHOYHORGHOSDODGDUFRQ
ORTXHVHGHVSUHQGHODSDUHGIDUtQJHDHQVXSDUWHVXSHULRU6HHMHUFH
VREUHHOODXQDIXHUWHWUDFFLyQPLHQWUDVVHHMHFXWDQFRUWHVWUDQVYHUVDOHV
\ FDVL KRUL]RQWDOHV HQ OD FDUD DQWHULRU GH OD FROXPQD YHUWHEUDO FHUYL
FDOFRQORTXHVHYDGHVSUHQGLHQGRODIDULQJH\UHVWDQWHVYtVFHUDVGHO
FXHOORVHFFLRQDQGRODVFDUyWLGDVSRUHQFLPDGHODELIXUFDFLyQ\ODV
\XJXODUHV\YDJRVDODPD\RUDOWXUDSRVLEOH
 7yUD[ \ DEGRPHQ6HXWLOL]DHOFRUWHGH0DUFR(QHOWURQFRFRUWHPHGLR
GHVGHHOPDQJRHVWHUQDOKDVWDHOSXELVSDVDQGRDODL]TXLHUGDGHORPEOLJR

7e&1,&$6'($3(5785$<'(6&5,3&,Ð1'(/$&$%(=$'(&$'$9(5

‡ 6H HIHFW~D XQD LQFLVLyQ FRURQDO ELPDVWRLGHD HQ HO FXHUR FDEHOOXGR
UHVXOWDQGRGRVFROJDMRVTXHVHGLVHFDQKDFLDDGHODQWH\DWUiVUHVSHF
WLYDPHQWH
‡ /XHJRVHGHVLQVHUWDQORVP~VFXORVWHPSRUDOHV\VHOLEHUDHOKXHVRGHOD
DSRQHXURVLVHSLFUDQHDQD
‡ 6HFRUWDHOFUiQHRFRQ6LHUUDDQLYHOGHODEDVHGHODFDORWD/DSURIXQ
GLGDGGHOFRUWHQRGHEHUHEDVDUODGXUDPDGUH\VHGHEHWHQHUHVSH
FLDOFXLGDGRHQQRGHVJDUUDUODVGHPiVHVWUXFWXUDVLQWHUQDV
‡ 6HDEUHHOVHQRORQJLWXGLQDOVXSHULRUGHGHODQWHDDWUiV6HWRPDXQSH
OOL]FRGHODGXUDGHVGHODSDUWHDQWHULRU\VHYDFRUWDQGRODWHUDOPHQWH
KDVWDGHMDUDOGHVFXELHUWRHOFHUHEURUHFXELHUWRSRUODOHSWRPHQLQJH
‡ (OFHUHEURVHGHMDFDHUVREUHODPDQRGHORSHUDGRUVHFRQWLQ~DVHSD
UDQGRORVSRORVIURQWDOHVGHDPERVKHPLVIHULRVFRQORVGHGRVtQGLFH\
PHGLRWLUDQGRGHHOORVVXDYHPHQWHKDVWDH[SRQHUHOTXLDVPDySWLFR
FDUyWLGDLQWHUQD \ HO WDOOR SLWXLWDULRORV TXHOXHJRVH VHFFLRQDQTXH
GDQGRHOFHUHEUROLEUH\HOFHUHEHORRFXOWRSRUHOWHQWRULR


 ‡ 6HVHFFLRQDODWLHQGDGHOFHUHEHORHQVXSDUWHDQWHULRUHQDPERVODGRVVH
VHFFLRQDODPpGXODHVSLQDOSURFHGLHQGRDH[WUDHUHOHQFpIDORFRPSOHWR
XQDYH]OLEHUDGR6HOHOOHYDDODEDODQ]DVHSHVD\VHDQRWDGLFKRSHVR
‡ (Q VHJXLGD SRGUi REVHUYDUVH OD VLOOD WXUFD RFOXLGD SRU VX GLDIUDJPD
VHODUHQHOPHGLRGHOFXDOVHSXHGHYHUHOWDOORKLSRÀVDULRSDUDH[WUDHU
ODKLSyÀVLVSULPHURKDQGHURPSHUVHFRQHOHVFRSORODVDSyÀVLVFOLQRL
GHVSRVWHULRUHV\DPSOLDUODVLOODWXUFDDÀQGHIDYRUHFHUODPDQLREUDGH
H[WUDFFLyQ

$SHUWXUDGHFUDQHR

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

5(02&,21'(/&(5(%52

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

$EULUHOVHQRORQJLWXGLQDOVXSHULRU&RUWDUODGXUDPDGUHDQLYHOGHOD
OtQHDPHGLD\UHWUDHUORVFROJDMRVDDPERVODGRVREVHUYDUODVXSHUÀFLHGHO
FHUHEUR5HWUDHUORVOyEXORVIURQWDOHV\FRUWDUODVLQVHUFLRQHVDQWHULRUHV
GHODGXUDPDGUH(OHYDUORVEXOERVROIDWRULRVUHWUDHUHOFHUHEUR\FRUWDU
D(OQHUYLRySWLFRE$UWHULDFDUyWLGDF2WURVQHUYLRV5HWUDHUHOFHUH
EURKDFLDODDWUiV\DOPHGLR\FRUWDUHOWHQWRULRDQLYHOGHOERUGHGHOD
SRUFLyQSHWURVDGHOWHPSRUDO5HWUDHUHOFHUHEURKDFLDDWUiV\FRUWDUORV
QHUYLRVFUDQHDOHVORPiVSHJDGRSRVLEOHDOKXHVRODVDUWHULDVYHUWHEUDOHV
\ODPpGXODHVSLQDOGHEHQFRUWDUVHORPDVGLVWDOSRVLEOHGHQWURGHOFDQDO
UDTXtGHR FHUYLFDO  5HWUDHU HO FHUHEHOR \ HVWUXFWXUDV DVRFLDGDV KDFLD
DWUiV\PLHQWUDVVHVRVWLHQHFRQXQDPDQRHOFHUHEUR\PHQLQJHVWHUPL
QDUGHFRUWDUKDVWDOLEHUDUWRGDVODVHVWUXFWXUDVQHUYLRVDV


 7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

$EULUORVVHQRVGXUDOHV'HVSHJDUODGXUDEDVLODUPHGLDQWHHQURODPLHQWR
\WUDFFLyQFRQXQDSLQ]DODUJD(MHUFHUWUDFFLyQDQWHURSRVWHULRU\ODWHUDO
SDUDHYLGHQFLDUIUDFWXUDVGHEDVHGHFUiQHR6HH[WUDHODJOiQGXODKLSy
ÀVLVVLJXLHQGRODWpFQLFDGHD5HPRFLyQGHXQEORTXHTXHLQFOX\HHOQHU
YLRySWLFRVHQRVFDYHUQRVRV\VLOODWXUFDHVWDWpFQLFDSHUPLWHODLQVSHFFLyQ
SRVWHULRUGHORVVHQRVHVIHQRLGDOHV\QDVRIDULQJHSRVWHULRUE5HPRFLyQ
GHODJOiQGXODKLSyÀVLVVRODPHQWHL&RQD\XGDGHXQHVFRSORIUDFWXUDUODV
DSyÀVLVFOLQRLGHVSRVWHULRUHVLL(OHYDUKDFLDDUULEDLLLUHDOL]DUXQDGLVHFFLyQ
URPDSRUGHEDMRGHODJOiQGXODKLSyÀVLVLY&RUWDUODGXUDDQWHULRU(O
H[DPHQGHORtGRPHGLRSXHGHUHDOL]DUVHD$EULHQGRODFDYLGDGFRQXQ
HVFRSORRE5HPRYLHQGRXQEORTXHGHOSHWURVR3DUDUHPRYHUORVRMRV
VHUHDOL]DD8QDDSHUWXUDRYHQWDQDHQHOWHFKRGHODyUELWDFRQD\XGDGH
XQHVFRSOREUHDOL]DUXQDLQFLVLyQDQLYHOGHODFRQMXQWLYDOXHJRLGHQWLÀFDU
P~VFXORVRFXODUHV\QHUYLRySWLFR\FRUWDUORVFRQXQDWLMHUD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

(;$0(1(;7(512'(/&(5(%52

‡ (O SULPHU SDVR VHUi UHJLVWUDU HO SHVR \ PHGLGDV GHO FHUHEUR 3HUPLWH
PHQVXUDUHOFHUHEUR\YDORUDUVLKD\RQRHGHPDFHUHEUDO(QORVIHWRV
\ UHFLpQ QDFLGRV D WpUPLQR WLHQH LPSRUWDQFLD FDSLWDO SDUD FRPSDUDU
FRQORVSHUFHQWLOHVQRUPDOHVSDUDODHGDGJHVWDFLRQDOHQHOFDVRGHORV
IHWRV\FRQORVGHOSHVRFRUSRUDOHQORVQDFLGRVDWpUPLQR\SRVWHULRUHV
(QFXDOTXLHUDGHHVWRVFDVRVHOSHVRVHUHDOL]DUiHQEDODQ]DVGHSUH
FLVLyQTXHUHFRMDQJUDPRV

‡ 3DOSDFLyQ (O FHUHEUR VH GHEH SDOSDU HQ WRGD VX VXSHUÀFLH LQFOXLGR
FHUHEHOR \ WURQFR HQFHIiOLFR SDUD HYLGHQFLDU ]RQDV GH UHEODQGHFL
PLHQWR FRPR ODV GH XQ LQIDUWR UHFLHQWH R ODV GH DEVFHVRV \ WXPRUHV
SULPLWLYRVRPHWDVWiWLFRVTXHSRUVXVLWXDFLyQVXEFRUWLFDOSXHGHQRE
YLDUVHDODVLPSOHLQVSHFFLyQ

‡ ,QVSHFFLyQVHDSXQWDUiQORVVLJXLHQWHVGDWRV
² 6LPHWUtDGHDPERVKHPLVIHULRVFRQUHVSHFWRDODOtQHDPHGLD
² $VSHFWRGHODVOHSWRPHQLQJHV&RQJHVWLYRKHPRUUiJLFREODQTXH
FLQRDPDULOOHQWRPHQLQJLWLVSXUXOHQWDHWF
² $VSHFWRGHODVFLUFXQYROXFLRQHV

 $WUyÀFDV VXUFRV DQFKRV ERUGHV GH ODV FLUFXQYROXFLRQHV DÀOD
GRVRQRUPDOHV

 8QDRYDULDVFLUFXQYROXFLRQHVDQRUPDO\IRFDOPHQWHHQVDQFKD
GDVHQUHODFLyQDVXVYHFLQDVPLFURJLULD
² ([LVWHQFLDGHKHUQLDFLRQHV
² ([LVWHQFLDGHOHVLRQHVHVSHFtÀFDVUHFRQRFLEOHVPDFURVFySLFDPHQ
WH $EVFHVR 7XPRUHV +HPRUUDJLD VXEDUDFQRLGHD JHQHUDOL]DGD
PXOWLIRFDORIRFDO
² ([DPHQGHORVYDVRVGHOSROtJRQRGH:LOOLV$UWHULRVFOHURVLVHYDOXDU
VXJUDGRGHHVWHQRVLVOXPLQDO$QHXULVPDVXRWUDVPDOIRUPDFLRQHV


 (;$0(1,17(512'(/&(5(%52
$QWHVGHSURFHGHUDORVFRUWHVGHOFHUHEURVHVHSDUDHOWURQFR\FHUHEHOR
LQPHGLDWDPHQWHSRUGHEDMRGHORVFXHUSRVPDPLODUHV(YLWDUORVFRUWHVHQ
ELVHORiQJXORGLHGUR

&RUWHVFRURQDOHVGHOFHUHEUR
5HDOL]DGRVYHUWLFDOPHQWHDOFHUHEURSHUSHQGLFXODUHVDODFLVXUDLQWHUKH
PLVIpULFD3XHGHFRPHQ]DUVHGHGHODQWH²DWUiVHPSH]DQGRSRUHOOyEXOR
IURQWDORGHDWUiVDDGHODQWHHPSH]DQGRSRUHOOyEXORRFFLSLWDO/RVFRUWHV
VHKDUiQDSUR[LPDGDPHQWHGHXQRVFPGHHVSHVRUWHQLHQGRHQFXHQ
WDTXHHQFDVRQHFHVDULRGHE~VTXHGDHVSHFtÀFDGHXQDHVWUXFWXUDROHVLyQ
GHWHUPLQDGDSXHGHQKDFHUVHFRUWHVPiVÀQRV\SDUDOHORVGHFDGDURGDMD

(OFHUHEHOR\WURQFRHQFHIiOLFRVHSXHGHFRUWDUGHPDQHUDVLPXOWiQHD
GHHVWDIRUPDVHFRUWD´FRURQDOPHQWHµHOWURQFRSHUR´KRUL]RQWDOPHQWHµ
HOFHUHEHOR(OWURQFRHQFHIiOLFRVHFRUWDHQVXVSRUFLRQHVPHVHQFHIiOLFD
PtQLPRGRVFRUWHVSRQWLQDPtQLPRFXDWURFRUWHV\EXOEDUPtQLPRWUHV
FRUWHV6HFRORFDQVREUHODPHVDFRQHOWHJPHQWRKDFLDDGHODQWHKDFLD
DUULEDFRQVLGHUDQGRODSRVLFLyQGHOREVHUYDGRU

'(6&5,3&,Ð1'(/(6,21(6'(&5É1(2<'85$0$'5(
'HVFULELU ODV IUDFWXUDV GHO FUiQHR HQ WpUPLQRV GH HVWUXFWXUDV DIHFWDGDV
DGHPiVGHODVUHIHUHQFLDVDQDWyPLFDVFRPRODVIRVDVDJXMHURVSHxDV
FRVHQRVGXUDOHVHWF6LHPSUHTXHXQDIUDFWXUDGHFUiQHRVHDGHVFULWD
HOLQIRUPHWDPELpQGHEHLQGLFDUVLODUHJLyQFRUUHVSRQGLHQWHGHODGXUD
PDGUHHVWiLQWDFWDGHVSHJDGDRUDVJDGD

7Ë&1,&$6'($3(5785$<(9,6&(5$&,Ó1'(725$;<$%'20(1'(&$'$9(5

$3(5785$&29(1&,21$/(6'(725$;<$%'20(1
3DUDUHDOL]DUODDSHUWXUDGHODSDUHGGHOWyUD[\DEGRPHQVHWLHQHQYDULDV
WpFQLFDV JHQHUDOPHQWH VH UHDOL]D D WUDYpV GH XQD LQFLVLyQ TXH VLJXH OD
OtQHDPHGLDGHVGHODUHJLyQVXEPHQWRQLDQDKDVWDHOSXELVVLQHPEDUJR
HQRFDVLRQHVSXHGHDSHUWXUDUVHDWUDYpVGHXQDLQFLVLyQHQ78RHQ<OD
SLHOVHGHVSHJDODWHUDOPHQWHHQDPERVODGRVH[SRQLpQGRVHODVHVWUXFWX
UDVRVWHRFRQGUDOHVGHOWyUD[\VHUHFRPLHQGDDSHUWXUDUHQHVWHPRPHQWR
ODFDYLGDGDEGRPLQDODÀQGHUHDOL]DUXQDLQVSHFFLyQJHQHUDOGHODPLV
PD\HYLWDUHOSDVRGHÁXLGRVGHVGHHOWyUD[
(Q VHJXLGD \ FRQ HO XVR GHO FRVWyWRPR VH SURFHGH D FRUWDU ODV FRVWLOODV
DQLYHOGHODOtQHDD[LODUDQWHULRUGHVGHHOUHERUGHFRVWDOKDFLDDUULED6H
OHYDQWD HO SHWR HVWHUQDO GHVGH HO PDUFR GHO HVWHUQyQ GH HVWD PDQHUD
TXHGDH[SXHVWDODFDYLGDGSOHXUDO\PHGLDVWLQDOOXHJRHOSHWRVHH[WUDH

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

7RPDGRGH3RVWPRUWHPWHFKQLTXHKDQGERRNGD(GLWLRQ6SULQJHU/RQGRQ


 7RPDGRGH&RORUDWODVRIWKHDXWRSV\6FRWW$:DJQHU(GLW&5&3UHVV)ORULGD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

5HWUDHUORVIUDJPHQWRVFXWiQHRV9HULÀFDUODH[LVWHQFLDGHQHXPRWy
UD[SDUDHOORVHUH~QHXQDGHWHUPLQDGDFDQWLGDGGHDJXDHQODD[LOD\VH
SXQ]DFRQXQDWLMHUDFODPSDGDDWUDYpVGHXQPXVFXORLQWHUFRVWDOSDUD
HYLGHQFLDUODVDOLGDGHDLUH5HWLURGHOSHWRHVWHUQDOFRQD6LHUUDHOpF
WULFDE&RVWyWRPR3UHVHUYDUORVP~VFXORVTXHXQHQHOPDQXEULRFRQ
ODFDEH]DGHODVFODYtFXODV6HSDUDUHOGLDIUDJPDGHODSDUHGWRUi[LFD
HIHFWXDUODUHYLVLyQGHODFDYLGDGSOHXUDO\PHGLDVWLQR


 7RPDGRGH&RORUDWODVRIWKHDXWRSV\6FRWW$:DJQHU(GLW&5&3UHVV)ORULGD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

$3(5785$(63(&,$/(6'(725$;<$%'20(1

(QFDVRVHVSHFLDOHVFRPR$XWRSVLDVSRUSUHVXQWDUHVSRQVDELOLGDGPpGLFD
&LUXJtDGH7yUD[&LUXJtD$EGRPLQDO&LUXJtD3OiVWLFDHWFWRUWXUDVHWFVH
HPSOHDQWpFQLFDVGHLQFLVLyQ\DSHUWXUDHVSHFLDOHVFRPRODLQFLVLyQHVWpWLFD
RFXDUWDLQFLVLyQHLQFLVLRQHV\DSHUWXUDGHODVFXDWURH[WUHPLGDGHVDÀQGH
H[SORUDUORVSDTXHWHVPXVFXODUHVHQEXVFDGHOHVLRQHVFRQWXVDVSURIXQGDV

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

,QFLVLyQWRUDFRDEGRPLQDOHQ<,QFLVLyQGHURGLOOD,QFLVLyQVRORSDUD
DSHUWXUDGHO7yUD[,QFLVLyQSDUDDSHUWXUDVRORGHDEGRPHQ


 /$&8$57$,1&,6,Ð12,1&,6,21(6(67e7,&$6

,QFLVLyQHVWpWLFDFXDUWDLQFLVLyQ~WLOHQDXWRSVLDVGHPXHUWHVSRUSUHVXQWDUHVSRQVDELOLGDG
PpGLFDFLUXJtDSOiVWLFD&RUWHVtD'U&OH\EHU1DYDUUR6

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

0pWRGR´3HHO2IIµR´/pFRUFKDJHµR´3RU3ODQRVµ

/DGLVHFFLyQHQPXHUWHVEDMRFXVWRGLDRHQGHOLWRVFRQWUDODKXPDQLGDGGHEHLQ
FOXLUXQDH[SRVLFLyQFRPSOHWDGHORVWHMLGRVEODQGRV\GHODPXVFXODWXUDHOPLVPR
SURFHGLPLHQWRGHEHDSOLFDUVHDODVH[WUHPLGDGHVVLJXLHQGRHVWHPpWRGR

$SHUWXUDHQ7 ([SRVLFLyQGH7RUD[\$EGRPHQ

([SRVLFLyQGHYLVFHUDVGHODEGRPHQ $SHUWXUDGH'RUVR


 ,QFLVLyQGHPXVORV ,QFLVLyQGHFDGHUD

,QFLVLyQGHSLHUQDV 0XVOR\SLHUQDL]TXLHUGRV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

0~VFXORVGHSLHUQDGHUHFKD ,QFLVLyQGHEUD]R

([SRVLFLyQGHP~VFXORVGHEUD]R ([SRVLFLyQGHPXVXFORVGHEUD]R


 ,QFLVLyQGHDQWHEUD]R 0~VFXORVGHEUD]R

0~VFXORVGHDQWHEUD]R ([SRVLFLyQGHP~VFXORVGHEUD]R

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

(VWXGLRGHPXVFXORVLQWHUFRVWDOHV ([SRVLFLyQGHPXVFXORVGRUVROXPEDUHV

([SRVLFLyQGHP~VFXORVGRUVROXPEDUHV 3DUULOODFRVWDOL]TXLHUGD


([SRVLFLyQGHP~VFXORV\FRVWLOODVUHJLyQ 3DUULOODFRVWDOGHUHFKD

3DUULOODFRVWDOYLVWDLQWHUQD (VWXGLRGHP~VFXORVLQWHUFRVWDOHV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

([SRVLFLyQGHFROXPQDGRUVDO ,QFLVLyQGHQXFD

([SRVLFLyQGHP~VFXORVGHQXFD %yYHGDFUDQHDQD


 %DVHGHFUiQHRVLQPHQLQJHV &HUHEURLQVLWX

([WUDFFLyQGHFHUHEUR &HUHEUR

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

&HUHEURHQFRUWHV 3XOPRQHVHQFRUWHV

&RUD]yQHQFRUWHV %D]RHQFRUWHV


 3DQFUHDVHQFRUWHV +LJDGRHQFRUWHV

7HVWtFXORV 7HVWtFXORVYLVWDLQWHUQD

&RUWHVtD'U0RLVpV3RQFH0DODYHU1HFURSVLDHQ'HOLWRVFRQWUDOD+XPDQLGDG,&RQJUHVR
,QWHUQDFLRQDOGH3VLTXLDWUtD)RUHQVH\&ULPLQRORJtD%XHQRV$LUHV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

7(&1,&$6'((9,6&(5$&,Ð1

/D HYLVFHUDFLyQ SXHGH UHDOL]DUVH VLJXLHQGR ODV FXDWUR WpFQLFDV PiV IUH
FXHQWHPHQWHGHVFULWDV

(YLVFHUDFLyQHQPDVDWpFQLFDGHVFULWDLQLFLDOPHQWHSRU/HWXOOHHQpVWD
ORV yUJDQRV WRUi[LFRV FHUYLFDOHV DEGRPLQDOHV \ SpOYLFRV VRQ UHPRYLGRV
HQXQVROREORTXHWLHQHODYHQWDMDGHIDFLOLWDUODUHPRFLyQGHyUJDQRVGHO
FXHUSRFRQVHUYDODUHODFLyQDQDWyPLFDHQWUHORVGLIHUHQWHVyUJDQRV\HV
ODWpFQLFDLGHDOSDUDREVHUYDUODVUHODFLRQHVDQDWyPLFDV\SDWROyJLFDVHQ
WUHODVGLIHUHQWHVHVWUXFWXUDVDIHFWDGDVVLQHPEDUJRODGLVHFFLyQSRVWHULRU
GHFDGDXQRGHORVyUJDQRVSXHGHVHUPiVGLÀFXOWRVD\UHTXLHUHPD\RUHV
FRQRFLPLHQWRVWpFQLFRV

(YLVFHUDFLyQLQGLYLGXDOGHORVyUJDQRV'HVFULWDSRU9LUFKRZHQHVWDWpF
QLFDORVyUJDQRVVRQUHPRYLGRVGHPDQHUDLQGLYLGXDOHVXQDWpFQLFDUi
SLGDVLQHPEDUJRWLHQHODGHVYHQWDMDGHTXHVHGHVWUX\HQODVUHODFLRQHV
DQDWyPLFDVHQHQWLGDGHVTXHDIHFWDQDYDULRVyUJDQRV6LQHPEDUJRSRU
VXSUDFWLFLGDGHVODPiVXWLOL]DGDHQFDVRVSRFRFRPSOHMRV$FFLGHQWHV
GH7UiQVLWR0XHUWHV1DWXUDOHVHWF

'LVHFFLyQHQEORTXH'HVFULWDSRU*KRQ/RVyUJDQRVFHUYLFDOHVWRUi[LFRV
DEGRPLQDOHV \ GHO VLVWHPD XURJHQLWDO VRQ UHPRYLGRV HQ EORTXHV VHSDUD
GRV (V HO PpWRGR GH GLVHFFLyQ PiV DPSOLDPHQWH XVDGR HQ QHFURSVLDV
FOtQLFDV OD UHPRFLyQ GH yUJDQRV HV UHODWLYDPHQWH IiFLO \ UiSLGD \ FRQ
VHUYDODVUHODFLRQHVDQDWyPLFDV\HVWUXFWXUDOHVGHODPD\RUtDGHyUJDQRV
SULQFLSDOHV

'LVHFFLyQLQVLWXGHVFULWRSRU5RNLWDQVN\UDUDPHQWHHPSOHDGDVHXWLOL]DVR
EUHWRGRVLHVHVHQFLDOUHDOL]DUODQHFURSVLDHQPX\EUHYHWLHPSR\GRQGH
ODLQIRUPDFLyQDREWHQHUVHOLPLWDSRUDQWLFLSDGRHQXQDVSHFWRSXQWXDO
JHQHUDOPHQWHVXHOHXVDUVHHVWDWpFQLFDHQFDGiYHUHVFRQHQIHUPHGDGHV
PX\FRQWDJLRVDVGRQGHVHOLPLWDODH[WUDFFLyQGHWHMLGRVIXHUDGHOFXHUSR

/DVWpFQLFDVGHDXWRSVLDPRGHUQRVLQFOX\HPRGLÀFDFLRQHVGHODVWpFQL
FDVGH:LUFKRZ*KRQR/HWXOOHHOPpWRGRGH5RNLWDQVN\SUiFWLFDPHQWH
VHHQFXHQWUDHQGHVXVR


 7(&1,&$'((9,6&(5$&,Ð1'(9,5&+2:

(OPpWRGRGH9LUFKRZVLJXHVLHQGRODWpFQLFDGHDXWRSVLDGHHOHFFLyQ
SDUDPXFKRVSURIHVLRQDOHVVREUHWRGRDTXHOORVTXHKDFHQHOWUDEDMR
IRUHQVH

(O PpWRGR GH HYLVFHUDFLyQ GH 9LUFKRZ FRQVLVWH HQ OD H[WUDFFLyQ GH
yUJDQRV LQGLYLGXDOHV XQR SRU XQR FRQ GLVHFFLyQ SRVWHULRU GH GLFKR
yUJDQRGHIRUPDDLVODGD(VWRSRUVXSXHVWRHVUD]RQDEOHVLVRORLQWHUH
VDODHYDOXDFLyQGHFDGDyUJDQRSRUVHSDUDGR\HVXQDWpFQLFDPX\
UiSLGD\HIHFWLYD&RQIUHFXHQFLDVLQHPEDUJRVHGHWHFWDQDQRPD
OtDVSDWROyJLFDVHQYDULRVyUJDQRV\HQHVWHFDVRODVUHODFLRQHVVXHOHQ
VHUGLItFLOHVGHLQWHUSUHWDUSRUTXHVHGHVWUX\HQFRPSOHWDPHQWH

7DO FRPR VH KDEtD GHVFULWR RULJLQDOPHQWH OD WpFQLFD HO SULPHU SDVR
FRQVLVWtD HQ H[SRQHU OD FDYLGDG FUDQHDO SDUD HYDOXDU FRQ SUHFLVLyQ
OD FDQWLGDG GH VDQJUH HQ ORV YDVRV FHUHEUDOHV OXHJR VH SURFHGtD D
ODH[WUDFFLyQGHODPpGXODHVSLQDOVHJXLGDGHORVyUJDQRVWRUiFLFRV
FHUYLFDOHV\DEGRPLQDOHVHQHVHRUGHQ(OPpWRGRVHKDGHVDUUROODGR
DORODUJRGHORVDxRV\ODFDYLGDGFUDQHDOVHGHMDDKRUDSDUDHOILQDO

(OSULPHUSDVRHVLQVSHFFLRQDUODSDUHGDEGRPLQDOOXHJRLQVSHFFLR
QDUODFDYLGDGDEGRPLQDO\UHWLUDUHOOtTXLGR\HVWDEOHFHUVXFDQWLGDG
\DSDULHQFLD/RVyUJDQRVDEGRPLQDOHVVHH[DPLQDQ\VHSDOSDQDQWHV
GHTXHODGLVHFFLyQVHOOHYHDFDER6HVXJLHUHTXHHOWUDFWRJDVWURLQ
WHVWLQDOVHH[DPLQHHQSULPHUOXJDULQFOXLGRHODSpQGLFH\ORVJDQJOLRV
OLQIiWLFRVPHVHQWpULFRVOXHJRVHHYDO~DHOED]RHOKtJDGRORVULxRQHV
\ORVyUJDQRVSpOYLFRVHOSiQFUHDVSXHGHVHULQVSHFFLRQDGRDEULHQGR
HOHSLSOyQPHQRUPHGLDQWHXQGHVJDUURHQWUHHOHVWyPDJR\HOFRORQ

$O H[DPLQDU HO WyUD[ SULPHUR HV QHFHVDULR LQVSHFFLRQDU OD FDYLGDG
SOHXUDO \ UHFRJHU HO OtTXLGR D FRQWLQXDFLyQ GLVHFFLRQDU WRGDV ODV
DGKHUHQFLDVSOHXUDOHVSRUGLVHFFLyQURPDRFRQODKRMDGHOFXFKLOOR
&XDQGR VH WUDEDMD HQ HO WyUD[ VH GHEH WHQHU FXLGDGR GH ORV ERUGHV
DILODGRV HQ ORV H[WUHPRV GH ODV FRVWLOODV FRUWDGDV VH SXHGH FRORFDU
XQDWRDOODVREUHHOKXHVRH[SXHVWRRFXEULUORFRQODSLHO6HH[DPLQDOD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

SDUWHDQWHULRUGHOWHMLGREODQGRGHOPHGLDVWLQRHQXQDGXOWRQRUPDO
HOWLPRVHDWURILDSHURVHGHEHLQVSHFFLRQDUDILQGHGHVFDUWDUDOJXQD
SDWRORJtDSUHVHQWH(QVHJXLGDHOSHULFDUGLRWLHQHTXHVHULQVSHFFLR
QDGR DQWHV GH TXH VH DEUD VL HVWi SUHVHQWH XQ KHPRSHULFDUGLR OD
VXSHUILFLHH[WHULRUDPHQXGRDSDUHFHGHFRORUD]XOHQWRQFHVVHDEUH
HOSHULFDUGLR\ODVDQJUHFRDJXODGDROtTXLGRVHUHFRJHVHGHVFULEH\
VHFXDQWLILFDPHGLDQWHODPHGLFLyQGHVXYROXPHQHQXQDMDUUDPHGL
GRUDHOOtTXLGRSHULFiUGLFRQRUPDOHVGHFRORUDPDULOORSDML]R\WLHQH
XQYROXPHQGHDPOODIRUPDPiVVHQFLOODSDUDDEULUHOSHULFDUGLR
HVOHYDQWDUODPLWDGGHODSDUHGDQWHULRUFRQORVGHGRVRFRQSLQ]DV\
FRUWDUDVXWUDYpVSDUDFUHDUXQDSHTXHxDDEHUWXUDOXHJRVHFRQWLQ~D
OD LQFLVLyQVXSHULRUPHQWHDORODUJRGHOERUGHGHUHFKRGHORULJHQGH
ORVJUDQGHVYDVRVLQIHURODWHUDOPHQWHKDFLDHOiSLFH(OFRUD]yQVHH[
WUDHOHYDQWDQGRODSXQWD\FRUWDQGRDWUDYpVGHORVJUDQGHVYDVRVHQ
RUGHQ GH SUHVHQWDFLyQ HVWR LPSOLFD VHFFLRQDU OD YHQD FDYD LQIHULRU
OXHJRODVYHQDVSXOPRQDUHVHQDPERVODGRVVHJXLGDGHODYHQDFDYD
VXSHULRU OD DUWHULD SXOPRQDU \ SRU ~OWLPR OD DRUWD 6L H[LVWH OD VRVSH
FKDGHXQDHPEROLDSXOPRQDUHVLPSRUWDQWHDEULUHQSULPHUOXJDUODV
DUWHULDVSXOPRQDUHV

'HVSXpV GH TXH HO SXOPyQ L]TXLHUGR VH OLEHUD GH WRGDV VXV DGKHUHQ
FLDVSOHXUDOHVVHUHWUDHKDFLDDGHODQWH\IXHUDGHODFDYLGDGSOHXUDO
VRVWHQLHQGR HO KLOLR FRQ OD PDQR QR FRUWDQWH PLHQWUDV TXH OD PDQR
GRPLQDQWH VH XWLOL]D SDUD FRUWDU D WUDYpV GH ORV WHMLGRV KLOLDUHV SDUD
VHSDUDU HO SXOPyQ D WUDYpV GH OD VHFFLyQ GHO EURQTXLR SULQFLSDO ORV
YDVRV\ODSOHXUDXQPpWRGRLGpQWLFRVHXWLOL]DSDUDH[WLUSDUHOSXOPyQ
GHUHFKRVLORVSXOPRQHVVHYDQDLQVXIODUHVLPSRUWDQWHVHFFLRQDUHO
EURQTXLR SULQFLSDO SUR[LPDOPHQWH KDFLD OD FDULQD SDUD GHMDU XQ PX
xyQ VXILFLHQWH SDUD OD FDQDOL]DFLyQ 6L VH UHTXLHUH OD LQVSHFFLyQ GHO
FRQGXFWRWRUiFLFRGHEHKDFHUVHDOSULQFLSLRGHOH[DPHQGHORFRQ
WUDULRVHYXHOYHPX\GLItFLOGHLGHQWLILFDUHVWRSXHGHVHUQHFHVDULRHQ
SDFLHQWHVFRQWXEHUFXORVLVPLOLDURXQKLGURWyUD[TXLORVR

 3DUD HOOR VH LGHQWLILFD OD SOHXUD SDULHWDO \ VH LQFLGH D OR ODUJR GH ODV


 FDUDV VXSHULRUHV ODWHUDOHV GH ODV YpUWHEUDV WRUiFLFDV HO FRQGXFWR VH
LGHQWLILFD VH HQFXHQWUD D OD GHUHFKD \ SRVWHULRU D OD DRUWD \ VH HQ
FXHQWUDPHGLDQWHODGLVHFFLyQHQWUHODDRUWD\ODYHQDiFLJRVODSRU
FLyQPiVIiFLOGHLGHQWLILFDUHVWiDFPSRUHQFLPDGHOGLDIUDJPDD
PHQXGRHV~WLOUHDOL]DUXQDOLJDGXUDVXHOWDDVXDOUHGHGRU\FRQPXFKR
FXLGDGR GLVHFFLRQDU DUULED \ KDFLD DEDMR DQWHV GH UHWLUDUOD 6L HVWR
UHVXOWDGHPDVLDGRGLItFLOSXHGHVHUQHFHVDULRLGHQWLILFDUHQSULPHUOX
JDUODFLVWHUQDGHOTXLORTXHVHHQFXHQWUDHQHODEGRPHQHQHOWHMLGR
UHWURDyUWLFR SDUDYHUWHEUDO GHUHFKR D QLYHO GH // DQWHV GH SDVDU
DOWyUD[OXHJRHOSXOPyQGHUHFKRVHSXHGHTXLWDUFRPRVHGHVFULELy
DQWHULRUPHQWHSDUDHOSXOPyQL]TXLHUGR

0RYLHQGR HO FXHOOR VH GLVHFDQ ORV WHMLGRV EODQGRV DOUHGHGRU GH OD
FDUDODWHUDO\SRVWHULRUGHODSDUWHVXSHULRUGHOHVyIDJR\ODWUiTXHD
OXHJRVHUHWLUDQORVyUJDQRVGHOFXHOORRVHGLVHFDQLQVLWXVLVHUHTXLHUH
UHPRYHUORV OD WpFQLFD HV VLPLODU D OD GHVFULWD HQ OD WpFQLFD GH *KRQ
PRGLILFDGDHQEORTXHVTXHVHGHVFULEHPiVDGHODQWH

/RVyUJDQRVDEGRPLQDOHVVRQLQVSHFFLRQDGRVLQVLWX\WRGRHOOtTXLGR
LQWUDDEGRPLQDO VH UHFRJH GH XQD PDQHUD VLPLODU D OD XWLOL]DGD SDUD
ODVRWUDVFDYLGDGHVVHURVDV6LVHHQFXHQWUDSHULWRQLWLVODIXHQWHGHEH
VHU LGHQWLILFDGR SRU SDOSDFLyQ H LQVSHFFLyQ DQWHV GH OD GLVHFFLyQ VL
OD HQIHUPHGDG HV GLIXVD \ VH SUHVHQWD FRQ QXPHURVDV DGKHUHQFLDV
HQWRQFHVHVGHVHDEOHUHDOL]DUODHYLVFHUDFLyQXWLOL]DGRXQDWpFQLFDHQ
EORTXHFRQSRVWHULRUGLVHFFLyQ\DTXHDPHQXGRSURSRUFLRQDQPiV
LQIRUPDFLyQ \ XQD LQGLFDFLyQ PiV FODUD GH OD IXHQWH TXH HO PpWRGR
GH9LUFKRZHORUGHQGHHYLVFHUDFLyQGHOFRQWHQLGRDEGRPLQDOSXH
GH YDULDU GHSHQGLHQGR GH ODV FLUFXQVWDQFLDV OD SDWRORJtD HQFRQWUD
GR\ODVSUHIHUHQFLDVGHOSURVHFWRUKDELWXDOPHQWHHOED]RVHH[WUDH
HQ SULPHU OXJDU VHJXLGR SRU HO WUDFWR JDVWURLQWHVWLQDO HO KtJDGR \ HO
SiQFUHDVHOWUDFWRJHQLWRXULQDULR\SRU~OWLPRVHGLVHFDQLQVLWXODVHV
WUXFWXUDVYDVFXODUHVSRVWHULRUHV$OJXQRVDXWRUHVUHFRPLHQGDQH[WUDHU
SULPHURORVyUJDQRVQRUPDOHV\GHMDUORVSDWROyJLFRVDOILQDOSDUDWHQHU
XQHQIRTXHPiVDGHFXDGRGHDOJXQRVGHWDOOHV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

/DWpFQLFDGHHYLVFHUDFLyQGH9LUFKRZVHUHVXPHGHODVLJXLHQWHPDQHUD

 ,QVSHFFLRQHHOFRQWHQLGRDEGRPLQDO
 ,QVSHFFLRQHODFDYLGDGSOHXUDO
 $EULUHOSHULFDUGLR\TXLWDUHOFRUD]yQ
 5HWLUDUHOSXOPyQL]TXLHUGR\OXHJRHOGHUHFKR
 (YDOXDUODIDULQJHHOHVyIDJRODWUiTXHDODVJOiQGXODVSDUDWLURLGHV
\JOiQGXODWLURLGHV
 ([WLUSDUHOED]R
 (YDOXDUODSHUPHDELOLGDGGHODVYtDVELOLDUHV
 5HWLUDUORVLQWHVWLQRV
 $EULUHOHVWyPDJR
5HWLUDUHOKtJDGR
5HWLUDUHOSiQFUHDV
'HFDSVXODUORVULxRQHVGHUHFKRHL]TXLHUGR\ODVJOiQGXODVVXSUDUUHQDOHV
5HDOL]DUHOVHJXLPLHQWRGHORVXUpWHUHV
'LVHFDUODVHVWUXFWXUDVSpOYLFDV
,QVSHFFLRQDU\DEULUODVJUDQGHVDUWHULDV\YHQDV


 7(&1,&$'((9,6&(5$&,21(1%/248(*+2102',),&$'2
,163(&&,Ð1'((6758&785$6725É;,&$6

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

5HWUDHUHOHVWHUQyQKDFLDDUULED\DWUiVOLEHUDUGHVXVLQVHUFLRQHV\VH
SDUDUOR GH WDO PDQHUD TXH SHUPLWD REVHUYDU OD SDUWH LQIHULRU GH ODV HV
WUXFWXUDVGHOFXHOOR5HDOL]DUODGLVHFFLyQURPDDÀQGHVHSDUDUODJUDVD
WtPLFDGHOSHULFDUGLRUHWUDHUKDFLDDUULED\DWUiVGLVHFDUKDVWDYLVXDOL]DU
HO SROR LQIHULRU GHO WLURLGHV FRUWDU OD YHQD WLPLFD HQ HO SXQWR HQ TXH VH
DQDVWRPRVDFRQODYHQDLQQRPLQDGD&ODPSDUFRUWDU\UHWUDHUDORV
ODGRVORVH[WUHPRVGHODYHQDLQRPLQDGD$EULUHOSHULFDUGLR\FODPSDU
ORVSOLHJXHVUHDOL]DUODLQVSHFFLyQGHOFRQWHQLGRGHODFDYLGDGSHULFiUGL
FD\GHODVXSHUÀFLHGHOSHULFDUGLR([WHQGHUODLQFLVLyQGHOSHULFDUGLR
DWUDYpVGHODVUHÁH[LRQHVGHOPLVPRKDFLDDUULED,GHQWLÀFDUDLVODU\
SURFHGHU D OD OLJDGXUD GH ODV DUWHULDV FDUyWLGDV   5HWUDHU R HOHYDU OD
SXQWDGHOFRUD]yQ\HQHVWHSXQWRUHDOL]DUODWRPDGHPXHVWUDGHVDQJUH
GHOYHQWUtFXORL]TXLHUGR5HDOL]DUHOH[DPHQLQVLWXGHHVWUXFWXUDVWRUi[LFDV
([DPLQDUHOFRUD]yQHOHYDUSDOSDUHLQVSHFFLRQDUORVSXOPRQHV7RPDU
PXHVWUDVSDUDPLFURELRORJtDWR[LFRORJtDHWF

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

(9,6&(5$&,Ð1'(,17(67,126

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

5HDOL]DUHOH[DPHQLQVLWXLQVSHFFLRQDU\SDOSDUWRGRVORVyUJDQRV\VXSHUÀ
FLHVGHODVVHURVDVUHFROHFWDUPXHVWUDVSDUDPLFURELRORJtDWR[LFRORJtDHWF

 $EULU HO 2PHQWR PD\RU HQWUH HO HVWyPDJR \ HO FRORQ SDUD UHDOL]DU OD
LQVSHFFLyQ GHO SiQFUHDV   /RFDOL]DU HO OLJDPHQWR GH 7UHLW]  5HDOL]DU
XQD SHTXHxD LQFLVLyQ HQ HO PHVHQWHULR DG\DFHQWH \ SDUDOHOR DO ERUGH
PHVHQWpULFRGHOLQWHVWLQRGHOJDGR/LJDUHOLQWHVWLQRGHOJDGRSUR[LPDO
D OD XQLyQ GXRGHQR \H\XQDO  /LJDU R FODPSDU HO \H\XQR SUR[LPDO 
&RUWDUHOLQWHVWLQR6HSDUDUHOPHVHQWHULRGHODSDUHGLQWHVWLQDODWUDYpV
GHGRVWpFQLFDVD&RQXQELVWXUtPDQWHQLpQGRORSHUSHQGLFXODUPHQWHD
ODSDUHGGHOLQWHVWLQREFRQWLMHUDV5HPRYHUWRGRLQFOXLGRHOLQWHVWLQR
JUXHVRUHDOL]DQGRHOFRUWHDQLYHOGHODXQLyQUHFWRVLJPRLGHD


 (9,6&(5$&,Ð1'(,17(67,126

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

 2EWHQHU VHFFLRQHV WUDQVYHUVDV GH LQWHVWLQR QR DELHUWR D 'H \H\XQR

SUR[LPDOE'HÌOHRQGLVWDOF'HFRORQVLJPRLGHV$EULUHOLQWHVWLQRGHO
JDGRXWLOL]DQGRHOHQWHUyWRPRSRUHOERUGHPHVHQWpULFRRDG\DFHQWHD
pVWD$EULUHO&RORQ\HODSpQGLFHFHFDODWUDYpV\DORODUJRGHODWHQLD
DQWHULRU/DYDUVXDYH\GHOLFDGDPHQWH\DOPLVPRWLHPSRREVHUYDUOD
PXFRVDLQWHVWLQDO5HDOL]DUODWRPDGHODVPXHVWUDVTXHVHDQQHFHVD
ULDVFRORFDUODVPXHVWUDVVREUHXQIUDJPHQWRGHSDSHOFRQODVXSHUÀFLH
VHURVDSHJDGDDOSDSHOHLQWURGXFLUHQHO)RUPROXRWURÀMDGRU

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

(9,6&(5$&,Ð'((6758&785$63e/9,&$6

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

/LEHUDUORVyUJDQRVSpOYLFRVPDVFXOLQRVGHODSDUHGSpOYLFDDWUDYpVGH
XQDGLVHFFLyQURPDRFRQORVGHGRVDWUDYpVGHOHVSDFLRH[WUDSHULWRQHDO
,GHQWLÀFDU\FRUWDUODXUHWUDFRQXQELVWXUt\FRUWDUHOUHFWRFRQXQDWLMHUD
(PSXMDUORVWHVWtFXORVGHVGHHOHVFURWRGHQWURGHOFDQDOLQJXLQDO\OLEHUDUORV
PHGLDQWHXQFRUWHGHOFRUGyQHVSHUPiWLFR7UDFFLRQDU\H[SRQHUODSRU
FLyQSUR[LPDOGHOSHQHVLWXDGRSRUGHEDMRGHODVtQÀVLVGHOSXELV\UHPRYHUXQ
VHJPHQWRDWUDYpVGHXQFRUWH/LEHUDUORVyUJDQRVSpOYLFRVIHPHQLQRVSRU
GLVHFFLyQURPDDWUDYpVGHOHVSDFLRH[WUDSHULWRQHDO\VHFFLRQDUODXUHWUD
YDJLQD\UHFWRFRQXQFXFKLOOR

(OHYDUORVyUJDQRVSpOYLFRVVHSDUDUORV\OLEHUDUORVGHODVIDVFLDV\HVWUXFWXUDV
GHDGKHUHQFLDSDUDUHDOL]DUXQDLQVSHFFLyQDGHFXDGD


 (9,6&(5$&,21'(25*$1265(67$17(6'(/725$;

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

&ODPSDUODWUiTXHD\HVyIDJR\VHFFLRQDUORV5HWUDHUPHGLDOPHQWH
ORVyUJDQRVWRUi[LFRV\DEGRPLQDOHV\OLEHUDUORVFRQFRUWHVGHODVLQVHU
FLRQHVGHOGLDIUDJPDHQODSDUHGFRVWDO(OHYDUHOSXOPyQ\FRUWDUOD
SOHXUDFRQXQELVWXUtDWUDYpVGHODFDUDODWHUDOGHORVFXHUSRVYHUWHEUD
OHV5HWUDHUHOEORTXHtQWHJUR\FRQWLQXDUHOFRUWHGHODSOHXUDDWUDYpV
GHO FUXFHFRQHO GLDIUDJPDH[WHQGLHQGRHOFRUWHDWUDYpVGHORVSUR
FHVRVODWHUDOHVGHODVYpUWHEUDVOXPEDUHVHYLWDQGRHOPXVFXORSVRDV
8QDYH]UHDOL]DGRHOFRUWHHQDPERVODGRVHOHYDUODVYtVFHUDV\OLEHUDUORV
GHVXVOLJDPHQWRVGHODFROXPQDYHUWHEUDO

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

6(3$5$&,21'(/%/248(&25$=Ð138/021

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

5HDOL]DUODLQVSHFFLyQGHORVyUJDQRVHQHOFRQWH[WRGHVXVLQWHUUHODFLRQHV
DQDWyPLFDVUHDOL]DUGLVHFFLRQHVURPDVKDVWDGRQGHVHDSRVLEOHUHDOL]DU
ODLQVSHFFLyQGRFXPHQWDUORVKDOOD]JRVSHUHQQL]DU\UHDOL]DUODWRPDGH
PXHVWUDV3XHGHVHUQHFHVDULRHOHPSOHRGHWpFQLFDVPRGLÀFDGDV

'HVGHODSDUWHSRVWHULRULGHQWLÀFDU\UHDOL]DUODDSHUWXUDGHOFRQGXF
WRWRUi[LFR\GHODFLVWHUQD$EULUODDRUWDGHVGHODDUWHULDVXEFODYLD
L]TXLHUGD KDVWD OD DUWHULD LOLDFD H[WHUQD L]TXLHUGD  5RWDU \ UHWUDHU HO
SXOPyQL]TXLHUGRDEULUHODUFRDyUWLFR\VXVUDPDVGHVGHVXFDUDL]TXLHU
GD6HFFLRQDUODDRUWD5HWUDHUODDRUWD\HOHVyIDJRKDFLDDEDMR
6HSDUDUHOEORTXHFRUD]yQSXOPyQDWUDYpVGHXQFRUWHGHOGLDIUDJPD\
GHODYHQDFDYDLQIHULRU


 6(3$5$&,21'(&25$=Ð138/021(6

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

'HVGHODFDUDDQWHULRUURWDUORVSXOPRQHVODWHUDOPHQWHSDUDH[SR
QHUHOPHGLDVWLQR$EULUHOWURQFRSXOPRQDU\ORVEURQTXLRVPD\RUHV
VHFFLRQDUODYHQDFDYDVXSHULRU\YHULÀFDUODH[LVWHQFLDGHWURPERV
6HFFLRQDUODDUWHULDSXOPRQDU(OHYDUHOFRUD]yQ\VHFFLRQDUODVYHQDV
SXOPRQDUHV ORV UHSOLHJXHV GHO SHULFDUGLR \ DOJXQDV RWUDV DGKHUHQFLDV
DÀQGHUHPRYHUHOFRUD]yQ$EULUODYHQDFDYDVXSHULRU\VXVUDPDV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

',6(&&,21'(38/021(6

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

3HVDUORVSXOPRQHV'HVGHODFDUDSRVWHULRUURWDUODFDUDDQWHULRUGH
ORVSXOPRQHVPHGLDOPHQWH\KDFLDDEDMR$EULUODWUiTXHDEURQTXLRV
\EURQTXLRORV6HFFLRQDUHOSXOPyQSRUHOSODQRFRURQDO\SRUGHODQWH
GHODELIXUFDFLyQGHOEURQTXLRSULQFLSDO$EULUORVEURQTXLRVLQWUDSXO
PRQDUHV\YDVRVH[SXHVWRVHQODVXSHUÀFLHGHFRUWH5HDOL]DUFRUWHV
FRURQDOHVSDUDOHORVLQVSHFFLRQDU\PXHVWUHDU6HFFLRQDUODFDULQDHQ
HOPLVPRSODQRGHODSULPHUDVHFFLyQGHOSXOPyQDÀQGHREVHUYDUORV
JDQJOLRVOLQIiWLFRVSHULEURQTXLDOHV\SHULWUDTXHDOHV


 ',6(&&,Ð1'(/&25$=Ð1

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

 ,GHQWLÀFDU OD YHQD FDYD \ DEULU OD DXUtFXOD GHUHFKD  $EULU OD RUH
MXHODGHODDXUtFXODGHUHFKD&RUWDUODSDUHGGHOYHQWUtFXORGHUHFKR
SHJDGR DO VHSWXP  &RQWLQXDU HO FRUWH HQ HO VHQWLGR GHO ÁXMR GH OD
VDQJUHKDVWDVDOLUSRUODDUWHULDSXOPRQDU&RUWDUORVSLODUHVPD\RUHV
GHOYHQWUtFXORGHUHFKR$EULUODDXUtFXODL]TXLHUGDPHGLDQWHXQFRUWH
HQWUH ODV YHQDV SXOPRQDUHV VXSHULRUHV  H[WHQGHU HO FRUWH D ODV RWUDV
YHQDVSXOPRQDUHV$EULUODRUHMXHODGHODDXUtFXODL]TXLHUGD,QWURGX
FLUXQFXFKLOORDWUDYpVGHODYiOYXODPLWUDOKDVWDHOiSH[\VHFFLRQDUOD
SDUHGGHYHQWUtFXORL]TXLHUGRVLJXLHQGRXQPRYLPLHQWRSHUSHQGLFXODUDO
6HSWXPLQWHUYHQWULFXODU/LEHUDUHOWURQFRSXOPRQDUGHODDRUWD
&RUWDUODDRUWDKDFLDDEDMRDWUDYpVGHODVGRVRUtJHQHVGHODVFRURQD
ULDVKDFLDHOPLRFDUGLR6HFFLRQDUWUDQVYHUVDOPHQWHHOPLRFDUGLR\
OD DUWHULD FRURQDULD GHVFHQGHQWH DQWHULRU L]TXLHUGD  6HFFLRQDU ODV
DUWHULDVFRURQDULDVDLQWHUYDORVFRUWRVWUDQVYHUVDOHVSDUDOHORV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

6(3$5$&,Ð1'(/%/248(5(1$/<+(3É7,&2

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

 'HVGH OD FDUD SRVWHULRU UHWUDHU OD PLWDG GHUHFKD GHO GLDIUDJPD 
6HFFLRQDUODYHQDFDYDLQIHULRU0HGLDQWHGLVHFFLyQURPDOLEHUDUOD
JOiQGXODVXSUDUUHQDOGHUHFKDPHGLUSHVDUVHFFLRQDUWUDQVYHUVDOPHQWH
\WRPDUODVPXHVWUDVQHFHVDULDV5HWUDHUHOULxyQGHUHFKRKDFLDDWUiV
 5HWUDHU KDFLD DUULED OD PLWDG GHUHFKDGHO GLDIUDJPD  7UDFFLRQDU
HO HVyIDJR D WUDYpV GHO KLDWR  /LEHUDU LQVSHFFLRQDU \ WRPDU PXHV
WUDVGHOGLDIUDJPD/LEHUDUODJOiQGXODVXSUDUUHQDOL]TXLHUGDPHGLU
SHVDU VHFFLRQDU WUDQVYHUVDOPHQWH \ WRPDU ODV PXHVWUDV QHFHVDULDV 
6HFFLRQDUODYHQDFDYDLQIHULRUMXVWRSRUGHEDMRGHO+tJDGR$EULUHO
VHJPHQWR KHSiWLFR GH OD 9HQD FDYD LQIHULRU H LQVSHFFLRQDU ODV YHQDV
KHSiWLFDV,GHQWLÀFDU\VHFFLRQDUHOWURQFRFHOLDFR\ODPHVHQWpULFD
VXSHULRU SHJDGR D OD SDUHG DRUWLFD   5HWURWUDHU OD DRUWD \ OD YHQD
FDYDLQIHULRUMDODUOLEHUDUGHDOJXQDVDGKHUHQFLDVUHVWDQWHV\OLEHUDUHO
EORTXHUHQDOGHOEORTXHKHSiWLFR


 ',6(&&,Ð1'(/%/248(+(3É7,&2

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

7RPDU\VXMHWDUHOKtJDGRSRUVXSHGtFXOR\UHDOL]DUFRQHOYLVFHUyWRPR
GRV VHFFLRQHV D WUDYpV GHO HMH ORQJLWXGLQDO PD\RU TXH SDVD D DPERV
ODGRV GHO KLOLR  5HDOL]DU P~OWLSOHV VHFFLRQHV WUDQVYHUVDOHV \ SDUDOHODV
DORVGRVIUDJPHQWRVKHSiWLFRVOLEHUDGRV(PSOHDQGRXQDHVSRQMDX
RWURVLPLODUFRPRSURWHFFLyQFRJHUHOSiQFUHDVSRUVXSDUWHSRVWHULRU
\UHDOL]DUP~OWLSOHVFRUWHVWUDQVYHUVDOHV\SDUDOHORVLQVSHFFLRQDUWRPDU
PXHVWUDV6HFFLRQDUHOED]RGHODPLVPDPDQHUDTXHHOKtJDGR
5HDOL]DUODLQVSHFFLyQGHOKLOLRKHSiWLFRHVSOpQLFR\QyGXORVOLQIiWLFRV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

',6(&&,21'(/%/248(5(1$/

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

'HVGHODFDUDDQWHULRU\WHQLHQGRFXLGDGRFRQHOXUpWHUDEULUODYHQD
FDYDLQIHULRUYHQDVUHQDOHV\YHQDVLOLDFDVGHUHFKDV5RWDUHOEORTXH
LQIHULRU\DEULUODVYHQDVLOLDFDVUHVWDQWHV$EULUODVUDPDVGHODVDUWHULDV
LOLDFDVUHVWDQWHV'HVGHODFDUDSRVWHULRUDEULUODDUWHULDUHQDO3HVDU
ORVULxRQHV\VHFFLRQDUORQJLWXGLQDOPHQWHVHSDUDQGRHOIUDJPHQWRSRV
WHULRU$EULUHOVLVWHPDFROHFWRUUHQDO\ORVXUpWHUHVKDFLDDEDMRKDVWD
ODYHMLJD'HVSHJDUODFDSVXODGHODPLWDGDQWHULRUGHFDGDXQRGH
ORVULxRQHV5HDOL]DUP~OWLSOHVFRUWHVWUDQVYHUVDOHVSDUDOHORVGHODPL
WDGSRVWHULRUGHFDGDULxyQWRPDUPXHVWUDV


 ',6(&&,Ð1'(/26Ð5*$123e/9,&26

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

'HVGHODFDUDSRVWHULRUDEULUHOUHFWRDQLYHOGHVXOtQHDPHGLDSRVWH
ULRU5HWUDHUHOUHFWRDWUDYpVGHXQDGLVHFFLyQVHSDUDUGHORVyUJD
QRV SpOYLFRV OLPSLDU LQVSHFFLRQDU \ WRPDU PXHVWUDV  'HVGH OD FDUD
DQWHULRUDEULUODYHMLJDGHDUULEDDEDMRVRODPHQWHODSDUHGYHVLFDOQR
ODXUHWUDLQVSHFFLRQDU\WRPDUPXHVWUD
+RPEUHV'HVGHODFDUDSRVWHULRUUHDOL]DUVHFFLRQHVWUDQVYHUVDOHVP~O
WLSOHVSDUDOHODVGHODSUyVWDWD\VXFiSVXODLQVSHFFLRQDU\WRPDUPXHV
WUDUHDOL]DUP~OWLSOHVVHFFLRQHVGHODVYHVtFXODVVHPLQDOHVWUDQVYHUVD
OHVSDUDOHODVLQVSHFFLRQDUWRPDUPXHVWUD
0XMHUHV  'HVGH OD FDUD SRVWHULRU FRUWDU D WUDYpV GHO HMH FRURQDO OD
YDJLQDFpUYL[\~WHURLQVSHFFLRQDUWRPDUPXHVWUDV5HDOL]DUP~OWLSOHV
VHFFLRQHVWUDQVYHUVDOHV\SDUDOHODVGHRYDULRV\WURPSDVGH)DORSLRLQV
SHFFLRQDUWRPDUPXHVWUDV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

',6(&&,Ð1'(/$6(6758&785$6<Ð5*$126'(/&8(//2

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

 5HWUDHU ODWHUDOPHQWH ODV DUWHULDV FDUyWLGDV FODPSDU OD SDUWH LQIHULRU

GHODWUDTXHDWUDFFLRQDU\OLEHUDUORVyUJDQRVGHOFXHOORHQEORTXHPH
GLDQWH GLVHFFLyQ \ GLYXOVLyQ URPD  &RQ XQ FXFKLOOR ODUJR OLEHUDU ORV
yUJDQRVGHOFXHOORHQEORTXHVHFFLRQDQGRDQWHULRU\ODWHUDOPHQWHHQ
ODFDUDLQWHUQDGHOERUGHLQIHULRUGHODPDQGtEXOD'LVHFDU\UHWUDHUOD
IDULQJHKDFLDDUULED/RFDOL]DU\UHPRYHUODVSDUDWLURLGHV5HPRYHU
SHVDU\VHFFLRQDUWUDQVYHUVDOPHQWHODWLURLGHVFRUWDU\DEULUODIDULQJH
DQLYHOGHVXOtQHDPHGLDSRVWHULRU&RUWDUODODULQJH\SRUFLyQVXSHULRU
GHODWUDTXHDDQLYHOGHVXOtQHDPHGLDSRVWHULRU&RUWDUODOHQJXDFRQ
VHFFLRQHVVHULDGDVWUDQVYHUVDOHVKDVWDODVDPtJGDODV


 (9,6&(5$&,Ó1'(0e'8/$(63,1$/<5$,&(61(59,26$6

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

5HPRYHUHOP~VFXOR3VRDV&RQODVLHUUDRVFLODQWHH[SRQHUODPH
GXODHVSLQDOHQWUHO²V\GLVFRVLQWHUYHUWHEUDOHVFFD(QODUHJLyQ
OXPEDUFRUWDUDQLYHOGHORVSHGtFXORV\HYLWDUOHVLRQDUODPpGXODHVSLQDO
EHQHOWyUD[HV~WLOHOXVRGHRVWHyWRPRSDUDH[SRQHUODVFDEH]DVGHODV
FRVWLOODV\OXHJRFRUWDUDWUDYpVGHOFXHOORGHODVFRVWLOODV\HOSHGtFXORGH
ODVYpUWHEUDVF(QODUHJLyQFHUYLFDOFRUWDUDWUDYpVGHODFDUDODWHUDO
GHOFXHUSRYHUWHEUDO([SRQHUHOJDQJOLRSRVWHULRU\ODVULFHVQHUYLR
VDVODVTXHGHEHQVHUUHPRYLGDVHQFRQWLQXLGDGFRQODPHGXODHVSLQDO
LQVSHFFLRQDUHOSOH[RVDFURWUDFFLRQDQGR\OHYDQWDQGRFRQORVGHGRV
FRUWDUODVUDtFHVVDFUDVSHURPDQWHQLHQGRODVXQLRQHVDODPHGXODHVSL
QDOUHPRYHUODPHGXODHVSLQDOGHVGHDEDMRKDFLDDUULEDFRUWDQGRODV
XQLRQHVGHODGXUDKDODFDYLGDGUDTXtGHD\DOIRUDPHQPDJQR5HD
OL]DUHOH[DPHQGHODPHGXODHVSLQDOUHDOL]DQGRFRUWHVGHODGXUDPDGUH
DQLYHOGHODOLQHDOPHGLDDQWHULRU\OtQHDPHGLDSRVWHULRU8VXDOPHQWHVH
UHDOL]DFRQODPpGXODÀMDGD

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

+8(626<$57,&8/$&,21(6

7RPDGRGH&ROOLQV.LP$+XWFKLQV*URYHU$Q,QWURGXFWLRQ7R$XWRSV\7HFKQLTXH6WHSE\
6WHSGLDJUDPV&ROOHJHRI$PHULFDQ3DWKRORJLVWV‹

 2EWHQHU XQD PXHVWUD FRPSOHWD GH OD DUWLFXODFLyQ HVWHUQRFODYLFXODU

FRQ HO XVR GH OD VLHUUD  &RUWDU ORV FXHUSRV YHUWHEUDOHV HQ VHJPHQWRV
ORQJLWXGLQDOHVWRPDUODVPXHVWUDVQHFHVDULDV5HDOL]DUVHFFLRQHVORQJL
WXGLQDOHV\WRPDUODVPXHVWUDVUHVSHFWLYDVLQFOX\HQGRPXHVWUDGHODXQLyQ
FRVWRFRQGUDO7RPDUPXHVWUDVGHFUHVWDLOLDFDFRQXQWURFDU$EULU
ODDUWLFXODFLyQGHODURGLOODFRUWDU\UHWUDHUHOWHQGyQH[WHQVRU\ODUyWXOD
LQVSHFFLRQDUODVVXSHUÀFLHVDUWLFXODUHV\UHDOL]DUODVWRPDVGHPXHVWUDVUHV
SHFWLYDV5HDOL]DUGRVFRUWHVSDUDOHORVGHFPGHVHSDUDFLyQDQLYHOGHO
WHUFLRLQIHULRUGHOIpPXU\UHDOL]DUODWRPDGHPXHVWUDUHVSHFWLYD


 '(6&5,3&,Ð1'(/$6(6758&785$6<Ð5*$126'(/&8(//2

'HEHKDFHUVHPHQFLyQDODFROXPQDYHUWHEUDOP~VFXORVODULQJHOHQ
JXD \ HO FRQWHQLGR GH ODV YtDV UHVSLUDWRULDV DOWDV LQGLFDQGR VL OD OX]
HVWiOLEUHRVHHQFXHQWUDRFOXLGDSRUDOJ~QPDWHULDOH[WUDxR
/DGHVFULSFLyQGHORVFXHUSRVH[WUDxRVHQFRQWUDGRVHQYtDVUHVSLUDWR
ULDVDOWDVGHEHLQFOXLUXQHVWLPDGRGHOSRUFHQWDMHGHREVWUXFFLyQGHO
iUHDGHVHFFLyQGHODOX]DGHPiVGHVHxDODUVLHOPDWHULDOH[WUDxRVH
HQFXHQWUDILUPHPHQWHDGKHULGRRPLJUDFRQIDFLOLGDG

'(6&5,3&,21,17(51$'(Ð5*$126'(/$&$9,'$'725$&2$%'20,1$/

 *UDQGHV 9DVRV (Q HVWH DFiSLWH GHEH GHVFULELUVH OD DRUWD YHQDV
FDYDVDUWHULDVSXOPRQDUHVDVtFRPRODYHQDiFLJRV\KHPLiFLJRV
GHVHUQHFHVDULR

 $GHPiV GHEH LQGLFDUVH HO FRQWHQLGR GH ORV JUDQGHV YDVRV \ Fi
PDUDV FDUGLDFDV VDQJUH IOXLGD FRiJXORV JDV R PL[WR \ VL pVWRV
HVWiQGLVWHQGLGRKLSHUGLVWHQGLGRRFRODSVDGRHWF3DUDHVWHSUR
SyVLWRXVDUHOWpUPLQR´YDFLRµHVLQVXILFLHQWH\GHEHVHUHYLWDGRHQ
VXOXJDUGHEHXVDUVH´GLVWHQGLGRSRUJDVµy´FRODSVDGR\YDFLRµ

 $UWHULDVFRURQDULDV(OJUDGRGHREVWUXFFLyQGHXQDDUWHULDFRURQD
ULDXVXDOPHQWHHVGHVFULWRHQWpUPLQRVGHSRUFHQWDMHGHOiUHDGH
VHFFLyQVLQHPEDUJRHVPiVDGHFXDGRFRUUHODFLRQDUpVWHSRUFHQ
WDMHFRQORVGLiPHWURVOXPLQDOHV\DTXHHOJUDGRGHREVWUXFFLyQHV
GLIHUHQWHHQXQYDVRFRQXQGLiPHWURGHPPFRQRWURGHPP\
GHREVWUXFFLyQHQDPERV

 /DGHVFULSFLyQGHXQDSODFDDWHURHVFOHUyWLFDHQXQDDUWHULDFRUR
QDULD LQFOX\H OD GHVFULSFLyQ GHO FRORU FRQVLVWHQFLD FDOFLILFDFLyQ
GLVSRVLFLyQH[FpQWULFDFRQFpQWULFDHWF

 /D GHVFULSFLyQ GH XQ WURPER GHEH LQFOXLU OD ORQJLWXG GHO PLVPR
VLpVWDHVDGKHUHQWHVLGLVWLHQGHHOYDVRVLHVPXUDORFOXVLYRHWF
'HVFULELUHOFRORUJULVURVDGRRURMRQRVLQGLFDUiVLpVWHHVULFRHQ

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

SODTXHWDVRFpOXODVURMDVORFXDOQRVRULHQWDUiVLHOWURPERVHIRUPy
HQXQIOXMRDFWLYRROHQWRGHVDQJUH

 0LRFDUGLR\FiPDUDVFDUGtDFDV
 /DGHWHUPLQDFLyQGHKLSHUWURILDYHQWULFXODUGHEHUHDOL]DUVHHQUHOD
FLyQDOJURVRUGHODSDUHGYHQWULFXODU\HOSHVRGHOFRUD]yQ

 (Q OD GHVFULSFLyQ GHO LQIDUWR GH PLRFDUGLR GHEH SUHFLVDUVH VL SUH
VHQWD OHVLRQHV FLFDWUL]DOHV DQWLJXDV ÀEURVLV PLRFiUGLFDV R OHVLRQHV
QHFUyWLFDVUHFLHQWHVLpVWHHVDFRPSDxDGRGHXQDGLODWDFLyQDQHX
ULVPiWLFDRGHXQWURPERFDYLWDULRHWF,QGLFDUVLHOLQIDUWRHVVXEHQ
GRFiUGLFRRWUDQVPXUDOPiVGHOGHODSDUHGGHEHVHxDODUVH
VXORFDOL]DFLyQSRVWHUREDVDODQWHURVHSWDODSLFDOODWHUDOHWF\OD
PHGLGDGHODVXSHUÀFLH

 (QRFDVLRQHVHVLPSUHVFLQGLEOHVHxDODUVLHOLQIDUWRDIHFWDORVP~V
FXORV SDSLODUHV \D TXH HVWR RFDVLRQDGR LQVXILFLHQFLD YDOYXODU \
FRQVHFXHQWHLQVXILFLHQFLDFDUGLDFDFRQJHVWLYD

 9iOYXODV &DUGtDFDV /D GHVFULSFLyQ GH ODV YiOYXODV GHEH HVWDU UH
GDFWDGDGHIRUPDWDOTXHHOOHFWRUSXHGDWHQHUXQDLGHDFODUDGHO
JUDGRGHHVWHQRVLVRUHJXUJLWDFLyQYDOYXODUVLODYiOYXODHVWDHQJUR
VDGDGHEHVHxDODUVHVLHOFDPELRHVILEURVRPL[RLGHRGHRWURWLSR
$VLPLVPRGHEHGHVFULELUVHODIXVLyQGHODVYDOYDV\HOFRPSURPLVR
GHODVFRPLVXUDV

 3XOPRQHV (O FRQWHQLGR EURQTXLDO GHEH VHU GHVFULWR PRFR SXV

PRFR\SXVFRQWHQLGRJiVWULFRVDQJUHHVSXPDHWFGHEHLQFOXLU
VH HO FRORU GHO FRQWHQLGR OD XELFDFLyQ HQ HO iUERO EURQTXLDO VHJ
PHQWDULRVXEVHJPHQWDULRHWFVLHOPDWHULDOUHYLVWHHOOXPHQEURQ
TXLDORORRFOX\H

 (QODVXSHUILFLHGHFRUWHGHEHGHVFULELUVHHOJUDGRGHFUHSLWDFLyQ
\DLUHDFLyQHOFRORU\FRQVLVWHQFLDGHOSDUpQTXLPD
 $O FRUWH 'HEH GHVFULELUVH HO JUDGR GH DLUHDFLyQ \ FUHSLWDFLyQ HO
FRORU\ODFRQVLVWHQFLDGHODVXSHUILFLHGHFRUWH


  +tJDGR\YtDVELOLDUHV(QODGHVFULSFLyQGHOKtJDGRGHEHGHVFULELUVH
ODFDSVXODGH*OLVVRQ\ODVXSHUÀFLHGHOFRUWH'HVFULELUVLORVERUGHV
VRQUHGRQGHDGRVRDJXGRV

 'HEHH[SORUDUVHODVYtDVELOLDUHVVLIXHUDQHFHVDULR
 (QFDVRGHHQFRQWUDUVHFiOFXORVGHEHGHVFULELUVHHOWDPDxRFR
ORUIRUPDFRQVLVWHQFLDHLQGLFDUHOQ~PHURVLVRQYDULRV

 3iQFUHDV'HEHGHVFULELUVHODVXSHUILFLHFRORUFRQVLVWHQFLDDOFRU
WHODVFDUDFWHUtVWLFDVGHOSDUpQTXLPD\VLORVFRQGXFWRVVRQQRUPD
OHVRGLODWDGRV

 6LVWHPD5HWLFXORHQGRWHOLDO'HEHUHDOL]DUVHODGHVFULSFLyQGHOED]R
UHIHULGRDVXVXSHUILFLHFiSVXOD\ODVFDUDFWHUtVWLFDVGHOSDUpQTXL
PDDOFRUWH

 $GHPiV \ HQ FDVRV SXQWXDOHV SXHGH GHVFULELUVH OD PpGXOD yVHD

QRGRVOLQIiWLFRV\WLPR

 3UyVWDWD\JOiQGXODVVHPLQDOHV(QODGHVFULSFLyQGHODSUyVWDWDGH
EHPRV PHQFLRQDU VL pVWD VH HQFXHQWUD DXPHQWDGD GH WDPDxR VL
HV QRGXODU DVLPLVPR PHQFLRQDU ODV FDUDFWHUtVWLFDV GH ODV YHVtFXODV
VHPLQDOHV

 5LxRQHV'HEHGHVFULELUVHODVFDUDFWHUtVWLFDVGHODVXSHUÀFLHFRPR
OLVDJUDQXODUÀQDRJUXHVDFLFDWUL]DOHWF)DFLOLGDGGHGHFDSVXODFLyQ
$OFRUWHGHEHGHVFULELUVHHOFRORUGHOSDUpQTXLPDORVFDPELRVGHFR
ORUDFLyQHQODFRUWH]D\PHGXODFRQWUDVWHFDUDFWHUtVWLFDVGHODSHOYLV
UHQDOHWF

 6LVWHPDHQGRFULQR'HEHGHVFULELUVHODVFDUDFWHUtVWLFDVGHODVJOiQ
GXODVVXSUDUUHQDOHVWLURLGHV\JOiQGXODKLSyILVLV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

 6LVWHPD 'LJHVWLYR 'HEH GHVFULELUVH ODV FDUDFWHUtVWLFDV GH ODV VHUR
VDVVLQHPEDUJRQRGHEHFRQIXQGLUVHDODVHURVDFRQODDGYHQWLFLD
GHORVVHJPHQWRVLQWHVWLQDOHVTXHFDUHFHQGHVHURVDSRUHMHPSOR
HOHVyIDJRFDUHFHGHVHURVDDH[FHSFLyQGHODVSHUVRQDVHPDFLD
GDVPLHQWUDVTXHHOHVWyPDJRVLHPSUHSRVHHXQDVHURVD

 (O GXRGHQR HVWi SDUFLDOPHQWH UHFXELHUWR SRU VHURVD HO LQWHVWLQR

GHOJDGRWDPELpQHVWiUHFXELHUWRSRUVHURVDDH[FHSFLyQGHOERU
GHPHVHQWpULFR

 (QHVyIDJRHVWyPDJR\GXRGHQRGHEHKDFHUVHPHQFLyQDODSUH
VHQFLD R DXVHQFLD GH ~OFHUDV FUyQLFDV GH HQFRQWUDU XQD GHEH
PHGLUVHHOWDPDxRODSURIXQGLGDG\ODORFDOL]DFLyQGHODVPLVPDV
HQHOyUJDQRDVLPLVPRGHEHGHVFULELUVHVLpVWDVVRQSHQHWUDQWHVR
SHUIRUDQWHV

 /DVOHVLRQHVHQHOHVyIDJRGHEHQVHUGHVFULWDVHQUHODFLyQDODSRU
FLyQ DIHFWDGD WHUFLR SUR[LPDO PHGLR R GLVWDO HQ HO GXRGHQR ODV
]RQDV JHQHUDOPHQWH DIHFWDGDV VXHOHQ VHU OD UHJLyQ DG\DFHQWH DO
DQWURSHULDPSXODURGXRGHQRSRVWDPSXODU

 ,QWHVWLQRV'HEHGHVFULELUVHODVFDUDFWHUtVWLFDVGHOLQWHVWLQRGHOJDGR
\JUXHVRQRPEUDQGRODUHJLyQDODTXHFRUUHVSRQGHHQHVWHSXQWR
GHEHWHQHUVHHVSHFLDOFXLGDGRHQODGHVFULSFLyQGHORVPHVRVUH
FRUGDUTXHVRORHOLQWHVWLQRGHOJDGRSRVHHPHVHQWHULR\HOLQWHVWLQR
JUXHVRSRVHHGRVPHVRFRORQ

'(6&5,3&,Ð1'(/$6/(6,21(6'((6758&785$6<Ð5*$126'(/$&$
9,'$'725$&2$%'20,1$/

 6DQJUHH[WUDYDVDGDHQFDYLGDGHV /RV KHPDWRPDV HQ HO WHMLGR

EODQGR TXH QR SXHGH VHU YROXPpWULFDPHQWH PHGLGRV FRPR HQ IDV
FLDVP~VFXORV\WHMLGRFRQMXQWLYRGHEHQVHUHVWLPDGRVSDUDSHUPLWLU
FiOFXORVVXEVHFXHQWHVGHOSRUFHQWDMHGHOYROXPHQGHVDQJUHSHUGLGR


  %ULGDV\$GKHUHQFLDV3XHGHQVHUILEULQRVDVRILEURVDVGHSHQGLHQ
GRGHOWLHPSRGHHYROXFLyQ'HEHGHVFULELUVHFXiOHVVRQORVyUJD
QRVTXHVRQFRQHFWDGRVSRUODVDGKHUHQFLDV

 $XVHQFLDGHyUJDQRV'HEHHVSHFLILFDUVHVLODDXVHQFLDHVFRQJp
QLWDRSRUSURFHGLPLHQWRTXLU~UJLFR

 &RVWLOODV $GHPiV GH GHVFULELU OD IUDFWXUD FRVWDO GHEH GHVFULELUVH
VLODIUDFWXUDHVWiORFDOL]DGDDQLYHODQWHULRUODWHUDOSRVWHULRUFRV
WRHVWHUQDO y FRVWRYHUWHEUDO GH WyUD[ WDPELpQ GHEH GHWHUPLQDUVH
VLODSOHXUDSDULHWDOVREUHODIUDFWXUDHVWiUDVJDGD/DGHVFULSFLyQ
GHEHPHQFLRQDUHOYROXPHQHVWLPDGRRPHGLGRGHVDQJUHHQOD
IDVFLDHQGRWRUD[LFD\P~VFXORVLQWHUFRVWDOHV&XDQGRODVFRVWLOODV
HVWiQIUDFWXUDGDVHQVHULHHOLQIRUPHGHEHLQGLFDUVLORVP~VFXORV\HO
WHMLGREODQGRGHODSDUHGWRUi[LFDHVWiQODFHUDGRVHVWRSRGUtDFR
UUHVSRQGHUVHDGHPiVFRQXQODFHUDFLyQGHODVDUWHULDVLQWHUFRVWDOHV

 +XHVRVODUJRV\SHOYLV/DIUDFWXUDGHXQKXHVRODUJRGHEHVHUGHVFULWD
HQUHODFLyQDODSRUFLyQDQDWyPLFDFRPSURPHWLGDPHWiÀVLVSUR[LPDO
GLiÀVLVyPHWiÀVLVGLVWDOHQODVIUDFWXUDVGHSHOYLVGHEHGHVFULELUVHODV
HVWUXFWXUDVyVHDVTXHVHDIHFWDQSXELVLVTXLRQLOLRQRDFHWiEXORHWF

 (QHOFDVRGHXQSHDWyQJROSHDGRSRUXQYHKtFXORTXHKX\HGHODHVFHQDOD
GHVFULSFLyQGHXQDIUDFWXUDWLELDOGHEHLQGLFDUODVFDUDFWHUtVWLFDVGHODIUDF
WXUDDÀQGHSURSRUFLRQDUXQPHGLRSDUDHVWLPDUODGLUHFFLyQGHOLPSDFWR
DGHPiVGHEHVHUUHJLVWUDGDODGLVWDQFLDHQFHQWtPHWURVGHODIUDFWXUDDOD
SODQWDGHOSLHSXHVQRVLQGLFDODDOWXUDGHXQSDUDFKRTXHVHQHOLPSDFWR

 (QIUDFWXUDVDELHUWDVGHEHLQGLFDUVHODXELFDFLyQ\WDPDxRGHODOHVLyQFXWiQHD
 (Q IUDFWXUDV FHUUDGDV QR H[SXHVWDV GXUDQWH HO SURFHGLPLHQWR GH
DXWRSVLDFRPRHOKXHVRQDVDO\ORVKXHVRVODUJRVGHODVH[WUHPLGD
GHVKDEUtDTXHVHxDODUVLODGHWHUPLQDFLyQIXHKHFKDSRUUDGLRJUD
ItDSDOSDFLyQRH[DPHQGLUHFWRSRUGLVHFFLyQ

 9pUWHEUDV/DVOHVLRQHVDQLYHOYHUWHEUDOJHQHUDOPHQWHFRQVLVWHQHQ
OX[DFLRQHVVRODPHQWHDOJXQDVOOHJDQDIUDFWXUD'HEHGHVFULELUVH
ODV OHVLRQHV GH OLJDPHQWRV GLVFR LQWHUYHUWHEUDO GXUD \ KXHVR TXH

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

SHUPLWHQODOX[DFLyQHQFDVRVGHIUDFWXUDGHEHGHVFULELUVHORVHOH
PHQWRV YHUWHEUDOHV FRPSURPHWLGRV FXHUSR HOHPHQWRV ODWHUDOHV
SHGtFXORVOiPLQDV\SURFHVRVHVSLQRVRV$GHPiVGHODGHVFULSFLyQ
DQWHULRUGHEHPRVGHVFULELUODH[WHQVLyQ\ORFDOL]DFLyQGHH[WUDYD
VDFLRQHVVDQJXtQHDV

 /LJDPHQWRVDUWLFXODFLRQHV\P~VFXOR/DVH[WUDYDVDFLRQHVGHVDQ
JUH HQ P~VFXOR \ OLJDPHQWRV FXDQGR IXHURQ FDXVDGRV SRU XQD
IXHU]D H[WHQVLEOH H[FHVLYD PiV ELHQ TXH SRU LPSDFWR GLUHFWR VH
GHVFULEHQFRPRHVJXLQFHV

 $RUWD /DV ODFHUDFLRQHV DyUWLFDV WRUiFLFDV JHQHUDOPHQWH LPSOLFDQ

OHVLyQGHODVHURVDTXHODUHFXEUHQSURGXFLpQGRVHXQVDQJUDGRLQPH
GLDWR HQ FDYLGDGHV FRUSRUDOHV VLQ HPEDUJR DOJXQRV VRQ WDSRQDGRV
SRUODVHURVDLQWDFWDRULJLQiQGRVHFROHFFLRQHVORFDOL]DGDVGHVDQJUH

 (OLQIRUPHSHULFLDOGHEHLQGLFDUH[SOtFLWDPHQWHVLODODFHUDFLyQDyU
WLFDSHUPLWHODFRPXQLFDFLyQHQWUHHOOXPHQDyUWLFR\XQDFDYLGDG
FRUSRUDOVLODODFHUDFLyQLPSOLFDODFLUFXQIHUHQFLDHQWHUDRDOJXQD
IUDFFLyQ GH OD FLUFXQIHUHQFLD DyUWLFD \ VL OD ODFHUDFLyQ DIHFWD D
WRGDODSDUHGRVRODPHQWHDODtQWLPD

 2WURV YDVRV (Q ORV WUDXPDV D YHFHV RFXUUH XQD OHVLyQ SRU WRUVLyQ
GHODSRUFLyQLQWUDSHULFDUGLDOGHODYHQDFDYDLQIHULRUTXHVHPD
QLILHVWDFRPRXQDH[WUDYDVDFLyQVDQJXtQHDHQSHULFDUGLR\SDUHG
VLQODFHUDFLyQHYLGHQWH

 /X[DFLyQGHODVYpUWHEUDVWRUiFLFDVSXHGHFDXVDUOHVLyQGHODYHQD
iFLJRVTXHSDVDSRUHQFLPDGHOKLOLRSXOPRQDUGHUHFKR
 /DIUDFWXUDGHODVSULPHUDVFRVWLOODVDQWHURPHGLDOHVSXHGHFDXVDU
OHVLyQGHODDUWHULDPDPDULDLQWHUQD

 &RUD]yQ (Q OD GHVFULSFLyQ GH XQD ODFHUDFLyQ GHO FRUD]yQ GHEH
LQGLFDUVH TXp FiPDUD HVWi LPSOLFDGD VL OD ODFHUDFLyQ SHQHWUy R
SHUIRUyODSDUHGGHODFiPDUD\VLODODFHUDFLyQFUX]DXQDDUWHULD
HSLFDUGLDOSULQFLSDO


  6LVWHPDQHUYLRVRFHQWUDO/DPDJQLWXGGHXQDKHPRUUDJLDRKHPD
WRPD VXEGXUDO GHEH VHU PHGLGR VHJ~Q HO JURVRU Pi[LPR \R SRU
YROXPHQSHVR
 /DVKHPRUUDJLDVVXEDUDFQRLGHDVPXOWLIRFDOHVVRQGLItFLOHVGHFXDQ
WLILFDUSHURVHGHEHQGLVWLQJXLUGHORVKHPDWRPDVVXEDUDFQRLGHRV
PiVGHQVRVSRUUXSWXUDGHDQHXULVPDDUWHULDOyGHODVKHPRUUDJLDV
VXEDUDFQRLGHDVGHOJDGDV\ODPLQDUHVFDXVDGDVSRULPSDFWRWUDX
PiWLFRTXHSXHGHQDVXYH]VHUKHPRUUDJLDVIRFDOHVRFRQÁXHQWHV
 /DV FRQWXVLRQHV FHUHEUDOHV GHEHQ VHU ORFDOL]DGDV VHJ~Q HO OyEXOR
DIHFWDGR \ OD FDUD VXSHULRU ODWHUDO LQIHULRU HWF R SROR GHO OyEXOR
$VLPLVPRGHEHGHVFULELUVHVLDIHFWDVRODPHQWHDODFRUWH]DRDODVXV
WDQFLDEODQFD

 3XOPRQHV (Q FDVR GH FRQWXVLRQHV SXOPRQDUHV GHEH PHGLUVH OD
OHVLyQGHVFULELUVLHVWiDFRPSDxDGRSRUEXUEXMDVGHDLUHVXESOHX
UDO/DFRQWXVLyQHQORVyUJDQRVVHUHSUHVHQWDSRUODSUHVHQFLDGH
VDQJUHH[WUDYDVFXODUHQHOSXOPyQDODSUHVHQFLDGHVDQJUHH[WUD
YDVFXODUVHDJUHJDDGHPiVODSUHVHQFLDGHDLUHH[WUDDOYHRODU

 /DVODFHUDFLRQHVGHOSXOPyQGHEHQGHVFULELUVH\XELFDUVHVHJ~QORV
VHJPHQWRVSXOPRQDUHV(QHOLQIRUPHGHEHVHxDODUVHVLXQDODFHUD
FLyQHVSOHXUDOKLOLDURLQWUDSDUHQTXLPDO6LHVKLOLDUGHEHLQGLFDUVH
VLODVDUWHULDV\ORVEURQTXLRVHVWiQLPSOLFDGRV

  +tJDGR (Q FDVR GH ODFHUDFLRQHV P~OWLSOHV GH KtJDGR QR HV QH
FHVDULRPHGLU\FRQWDULQGLYLGXDOPHQWHSXHGHPHGLUVHXQWDPDxR
Pi[LPRMXQWRFRQXQDHVWLPDFLyQGHOSRUFHQWDMHGHOYROXPHQGH
KtJDGRDIHFWDGR6LODVODFHUDFLRQHVVRQH[WHQVDVGHEHDEULUVHODV
YHQDVKHSiWLFDVDQWHVGHFRUWDUHOKtJDGRSDUDGHWHUPLQDUVLDOJX
QDHVWiUDVJDGD6LODVODFHUDFLRQHVVRQSRFDVVHGHEHHVSHFLILFDU
VLVRQSULQFLSDOPHQWHVXEFDSVXODUHVRSURIXQGDV

 %D]R/DVOHVLRQHVGHOED]RGHEHQVHUFDWDORJDGDVFRPRVXEFDS
VXODUHVRLQWUDSDUHQTXLPDOHV\VLVRQVLPSOHVRP~OWLSOHV

 ïĝčğďĖċÊĎďĖÊ÷ēĘēĝĞďĜēęÊúƝČĖēčę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

,9(;É0(1(6&203/(0(17$5,262'($<8'$',$*1Ð67,&$

 $QWHVGHUHJLVWUDUODWHPSHUDWXUDRGLVHFDUSUHVHUYDUPXHVWUDVGHHOH
PHQWRVRVXVWDQFLDVSUHVHQWHVHQORVIRQGRVGHVDFRGHODFDYLGDGRUDO
\JHQLWDO\WRPDUIURWLVFRQHVFRELOORQHVGHODFDYLGDGRUDOHODQRHO
UHFWRODYDJLQD\ORVOXJDUHVGHODSLHOGRQGHVHREVHUYHQPDQFKDV
 5DVSDUODVXSHUILFLH\ERUGHLQWHUQRGHODVXxDV\SUHVHUYDUORVHOH
PHQWRVREWHQLGRVMXQWRFRQHOERUGHOLEUHGHODVPLVPDVSDUDEXV
FDUHYLGHQFLDWUD]D
 7R[LFRORJtD VHJ~Q ORV DVSHFWRV UHIHULGRV HQ 0XHUWHV DVRFLDGDV FRQ
GURJDVLOtFLWDV
 5DGLRORJtDFRUSRUDOWRWDO
 3URFHVH\SUHVHUYHODVSUHQGDVGHYHVWLU

5$',2/2*,$

/DUDGLRORJtDHQWDQDWRORJtDHVHOH[DPHQTXHVHUHDOL]DSHUPLWLHQGR
 ,GHQWLILFDFLyQGHOFDGiYHU
 'HWHUPLQDUSDWRORJtDSXOPRQDURFDUGLDFD
 'HWHUPLQDUIUDFWXUDVRDOWHUDFLRQHVyVHDV
 +DOOD]JRGHFXHUSRVH[WUDxRV
 5HDOL]DUGRFLPDVLDVUDGLROyJLFDV

'HQWURGHODVGLIHUHQWHVFDXVDVGHPXHUWHHQODVSURGXFLGDVSRUSUR\HF
WLOGHDUPDVGHIXHJRFXDQGRKDUHVXOWDGRLQIUXFWXRVDODE~VTXHGDVH
FRQVLGHUDODWRPDGHUDGLRJUDItDVGHODSDUWHFRUSRUDOLQGLFDGDHLQFOXVR
WRGRHOFXHUSR
(QODVDVÀ[LDVPHFiQLFDVFRQVLGHUDUUDGLRORJtDGHODODULQJH\GHOKLRLGHV
(Q ODV PXHUWHV SRU VXFHVR GH WUDQVLWR DXQTXH QR VH WRPD GH UXWLQD VH
WHQGUtDTXHFRQVLGHUDUODRSFLyQHQFDVRVSDUWLFXODUHV
(QPXHUWHVHQFXVWRGLDVHUHDOL]DH[DPHQUDGLROyJLFRFRUSRUDOWRWDO
(QQHFURSVLDVGHFXHUSRVGHVPHPEUDGRVRSDUWHVGHFXHUSRGRQGHVH
UHDOL]DUDGLRJUDItDGHODVSDUWHVFRQHVSHFLDOpQIDVLVHQORVH[WUHPRVGHOD
VHFFLyQSDUDEXVFDUVHxDOHVSDUWLFXODUHVHQKXHVR\FRWHMRFRQIUDJPHQ
WRVTXHSXHGDQDSDUHFHUSRVWHULRUPHQWH
(QPXHUWHVSHULSDUWRSXHGHGHVFDUWDUGLVWRFLDVPDWHUQDV
(Q PXHUWHV SHULQDWDOHV UDGLRJUDItD GH WyUD[ \ VLVWHPD QHUYLRVRV FHQWUDO
QHXPRWyUD[\SRVLEOHHPEROLVPRDpUHR


 (QFDVRVGHDEXVRLQIDQWLOUDGLRJUDItDFRUSRUDOWRWDOSDUDUHYHODUIUDFWXUDV
\DFLFDWUL]DGDV

(QPXHUWHSRUH[SORVLYRVUDGLRJUDItDFRUSRUDOWRWDOHQPXFKRVFDVRVSDUWt
FXODVUDGLRRSDFDVQRGHWHFWDGDVHQODLQVSHFFLyQYLVXDOSXHGHQFRUUHV
SRQGHU D SUR\HFWLOHV GH DUPD GH IXHJR R PHWUDOOD GH XQ DUWHIDFWR VROR
YLVLEOHVPHGLDQWHUDGLRJUDItD

(QFDVRGHFDGiYHUHVSXWUHIDFWRVFDUERQL]DGRVHQH[KXPDFLRQHVODUD
GLRORJtDSHUPLWHYLVXDOL]DUSUR\HFWLOHVKRMDVURWDVGHFXFKLOORVSUyWHVLVPH
WiOLFDVRFXDOTXLHURWURHOHPHQWRRSDFRDODUDGLRJUDItDGHLQWHUpVMXGLFLDO

5DGLRJUDÀDORFDOL]DGDGHODURGLOOD
L]TXLHUGDHQODTXHVHDSUHFLDQODV
IUDFWXUDVPHWDÀVDULDV´HQHVTXLQDµ
HQODPHWiÀVLVGLVWDOGHOIpPXU\OD
UHDFFLyQVXESHULyVWLFDHQ´DVDGH
FXEHWDµ GH OD PHWiÀVLV SUR[LPDO
GHWLELD

720$'2&XDGHUQRVGHPHGLFLQD
IRUHQVH ´'LDJQRVWLFR SRU OD LPD
JHQGHORVPDORVWUDWRVLQIDQWLOHVµ
(QHUR$EULO1ž6HYLOOD

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

(&2*5$),$)25(16(2(&236,$

(VXQDWpFQLFDTXHFRQVLVWHHQKDFHUXQDHFRJUDItDGHOFDGiYHU\H[WUDHU
SHTXHxDVPXHVWUDVGHWHMLGRV\OLTXLGRSDUDHVWXGLDUDOPLFURVFRSLRWRGRV
ORVyUJDQRV\ODVOHVLRQHVREVHUYDGDV/DHFRSVLDVHGLIHUHQFLDGHODDXWRS
VLDSRUTXH
1RDEUHHOFDGiYHU
(VPiVUiSLGD
(VPiVEDUDWD
(VPHMRUDFHSWDGDSRUORVIDPLOLDUHV

+LJDGRFRQWH[WXUDFDUDFWHUtVWLFDSRUDOWHUDFLRQHVSRVWPRUWHQ+/LWLD
VLV\FROHVLVWLWHVFUyQLFD9

7RPDGR-XDQD)DULxD*RQ]iOHV´/DHFRJUDItDHQORVHVWXGLRVSRVWPRUWHQµ
,,&RQJUHVRYLUWXDO+LVSDQRDPHULFDQRGH$QDWRPtD3DWROyJLFD


 9,57236,$

 0pWRGRVGHLPDJHQFRPROD7RPRJUDItDFRPSXWDGD\OD5HVRQDQFLD
0DJQpWLFD1XFOHDUSURSRUFLRQDQGDWRVUHDOHV\WULGLPHQVLRQDOHVGHOD
VXSHUÀFLH\ODVHVWUXFWXUDVLQWHUQDVFRUSRUDOHV
 (VWDLQIRUPDFLyQVHDOPDFHQDHQÀFKHURV',&20XQSURWRFRORHVWiQ
GDUHQDGTXLVLFLyQGHLPDJHQUDGLROyJLFD6REUHHVRVÀFKHURVSXHGHQ
UHDOL]DUVHPXFKRVSURFHGLPLHQWRVGHDQiOLVLVGHLPDJHQWDOHVFRPRYL
VXDOL]DFLyQLQWHUDFWLYDPRUIRPHWUtDUHFRQVWUXFFLRQHVWULGLPHQVLRQDOHVHWF
 +DQVLGRXWLOL]DGRVHQ7DQDWRORJtD3DWRORJtD\7UDXPDWRORJtD)RUHQVHV
 (Q+LVWRSDWRORJtDVXXWLOL]DFLyQVHKDH[WHQGLGRGHVGHODPRUIRPHWUtD
GHGLIHUHQWHVHVWUXFWXUDVKDVWDVRÀVWLFDGDVDSOLFDFLRQHVHQFLWRJHQpWLFD
 (QFULPLQDOtVWLFDDOJXQDVGHHVWDVWpFQLFDVKDQVLGRHPSOHDGDVSDUDHO
UHYHODGRGHKXHOODV\PDUFDVGH]DSDWRV
 (Q$QWURSRORJtDIRUHQVHHVWLPDFLyQGHODHGDGGHUHVWRVyVHRVDWUD
YpVGHORVGLHQWHVRORVHVWXGLRV

7RPDGR561$´)RUHQVLFUDGLRORJ\PDNHVYLUWXDODXWRSV\DUHDOLW\µ'HFHPEHU

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

08(57(62&855,'$6(1&8672',$

6HGHQRPLQDPXHUWHHQFXVWRGLDEDMRFXVWRGLDHQSULYDFLyQGHODOLEHU
WDG DTXHOOD TXH RFXUUH FXDQGR OD SHUVRQD HVWi SULYDGD GH OD OLEHUWDG
FRPLVDUtDFiUFHOFDUFHOHWDSRURUGHQGHDXWRULGDGFRPSHWHQWHLQFOX
\H DGHPiV HO IDOOHFLPLHQWR GH XQD SHUVRQD HQ LQVWLWXFLRQHV WDOHV FRPR
FXDUWHOHVJXDUGHUtDVKRVSLWDOHVDVLORVRFOtQLFDVSVLTXLiWULFDVHQFLUFXQV
WDQFLDVSRFRFODUDVRVRVSHFKRVDVODVTXHWLHQHQLPSOLFDQFLDVSROLFLDOHV
DFDSDUDQDWHQFLyQGHODSUHQVD\FRQOOHYDQPD\RUSUHVLyQVRFLDOFXHVWLR
QDQGRODIXQFLyQGHODSROLFtD\GHOHVWDGRDOJXQDVGHHVWDVPXHUWDVVRQ
SURGXFLGDVSRUFDXVDVQDWXUDOHV\RWUDVUHVSRQGHUiQGLUHFWDRLQGLUHFWD
PHQWHDODDFWXDFLyQGHORVDJHQWHVSROLFLDOHV$~QHQDTXHOODVGHFDXVDV
QDWXUDOHVODLQYHVWLJDFLyQPpGLFROHJDOGHODPXHUWHHVGHYLWDOLPSRUWDQ
FLDSRUTXHVLELHQHVFLHUWRSRUPXFKRPRWLYRVXQDSHUVRQDSXHGHHVWDU
SULYDGDGHVXOLEHUWDGQRVHOHSXHGHSULYDUGHOGHUHFKRIXQGDPHQWDODOD
VDOXGTXHGDSXHVLPSOtFLWRSDUDHOSHUVRQDOSROLFLDOHOGHEHUGHFXLGDGR
SDUDORFXDOPXFKRVGHHOORVQRHVWiQGHELGDPHQWHSUHSDUDGRV

7pFQLFDV FRPR HO XVR GH FRQWURO FHUYLFDO HQ VXMHWRV TXH VH UHVLVWHQ D OD
GHWHQFLyQGHEHVHUHYLWDGDVSRUTXHSRGUtDQSURGXFLUDVÀ[LDPHFiQLFD
SRUHVWUDQJXODFLyQODVDVÀ[LDVSRVLFLRQDOHV\HOXVRH[FHVLYRGHODIXHU]D
GHEHQ HYLWDUVH 6H UHFRPLHQGD TXH HO PpGLFR IRUHQVH R XQ GHOHJDGR
HQWUHQDGRDVLVWD D OD LQVSHFFLyQ GH OD HVFHQD GH OD PXHUWH\ DOOt DGH
PiVGHREVHUYDUODSRVLFLyQGHOFXHUSR\HOHPHQWRVDVRFLDGRVUHJLVWUHOD
WHPSHUDWXUDFRUSRUDO\DPELHQWDO\GHPiVDVSHFWRVTXHFRQWULEX\DQD
DFODUDUORVSXQWRVDQWHVPHQFLRQDGRV

(O UHJLVWUR IRWRJUiÀFR GHEH VHU H[KDXVWLYR 6L VH GD HVWD FLUFXQVWDQFLD HO
SHUVRQDOIRUHQVHVHUiSUXGHQWH\SDUFRHQODPDQLIHVWDFLyQGHVXVRSLQLR
QHVGXUDQWHHOSURFHGLPLHQWRWHQLHQGRHQFXHQWDVLODVH[SUHVDTXHVRQ
PHUDPHQWHSUHOLPLQDUHVKDVWDQRFRPSOHWDUHOHVWXGLR

(QHOOHYDQWDPLHQWRGHFDGiYHUGHEHUiUHFDEDUVHLQIRUPDFLyQUHVSHFWR
DOKHFKRVXFHGLGRSRQLHQGRpQIDVLVHQODFRQGXFWDGHORFFLVRGHELGRD
TXHODFDXVDGHPXHUWHHQPXFKRVGHHVWRVFDVRVVHHVWDEOHFHWHQLHQ
GRHQFXHQWDODFRUUHODFLyQFOtQLFDSDWROyJLFDVREUHWRGRHQVXMHWRVTXH
PRVWUDURQSUHYLDPHQWHFRQGXFWDEL]DUUDUHVLVWHQFLDItVLFD\YLROHQFLDGH
EHUiQDTXHOORVLQGDJDUVHSRUFRQVXPRGHGURJDVQHXUROpSWLFRVWUDVWRU
QRVSVLTXLiWULFRVFRQVLGHUDQGRFULWHULRVGHGHOLULR\H[FLWDFLyQ


 6HHQWLHQGHTXHWRGDPXHUWHRFXUULGDHQFRPLVDUtDVSUHVLGLRV\yUJDQRV
FRQJpQHUHVVRQGH´FDXVDVRVSHFKRVDµVLHQGRREOLJDWRULDODQHFURSVLD
GHOH\/RLGHDOVHUtDTXHHQORVFDVRVGHVRVSHFKDGHWRUWXUDRHMHFXFLyQ
VXPDULD HO SHULWDMH IXHVH UHDOL]DGR SRU SHULWRV HVSHFtÀFDPHQWH SUHSDUD
GRVSDUDH[iPHQHVHQHVWDVFLUFXQVWDQFLDV\FDSDFHVGHVHJXLUXQSURWR
FRORPtQLPRSDUDDVHJXUDUXQSHULWDMHVLVWHPiWLFRHQHOVHQWLGRGHIDFXOWDU
XQDLGHDSRVLWLYDRQHJDWLYDDOUHGHGRUGHOKHFKRTXHVHTXLHUHLQYHVWLJDU

&RPRWRGDPXHUWHGHFDXVDFRQWURYHUVLDOQHFHVLWDGHHVFODUHFLPLHQWRV
H[LJHTXHORVH[iPHQHVVHDQUHDOL]DGRVGHIRUPDPLQXFLRVD/DÀQDOLGDG
GHXQSHULWDMHKHFKDSDUDWDOHVÀQHVVRQUHXQLUHOPD\RUQ~PHURGHLQIRU
PDFLRQHVSDUDDVHJXUDUODLGHQWLÀFDFLyQGHOFDGiYHUODGHWHUPLQDFLyQ
QHFHVLWDGHODFDXVDPRUWLV\GHODFDXVDMXUtGLFDGHODPXHUWH\ODGHVFULS
FLyQ\FDUDFWHUL]DFLyQGHODVOHVLRQHVYLROHQWDV

6HUHFRPLHQGDTXHHQODVQHFURSVLDVPpGLFROHJDOHV

D$SXQWDUODKRUDGHOLQLFLR\GHOWpUPLQRGHORVSHULWDMHV
E3URWHJHUDQDOL]DU\HQFDPLQDUODVPXHVWUDVSDUDORVGHELGRVH[iPHQHV
HQODERUDWRULREDMRFXVWRGLDGHSHUVRQDUHVSRQVDEOH
F3RQHUHOFDGiYHUHQEROVDVDSURSLDGRV
G*XDUGDUHOFDGiYHUHQOXJDUUHIULJHUDGRSDUDHYLWDUDOWHUDFLRQHV\SR
VLEOHVFRPSURPLVRVGHODVSUXHEDV
H6LHOFDGiYHUHVWXYRKRVSLWDOL]DGRDQWHVGHVXPXHUWHVROLFLWDUORVGDWRV
GHUHJLVWURVUHODWLYRVDODDGPLVLyQHYROXFLyQPHGLFDFLyQDVXWUDWD
PLHQWRDQiOLVLVUDGLROyJLFRV\GHODERUDWRULRFRPSOHPHQWDULRV\GLDJ
QRVWLFRGHDOWD
I 3URWHJHUODVPDQRVFRQEROVDVGHSDSHORSOiVWLFRTXHVHDSXQWHOD
KRUDGHOLQLFLR\GHOWpUPLQRGHOSHULWDMH\TXHVHIRWRJUDItHHQFRORUHV
ODVOHVLRQHVPiVVLJQLÀFDWLYDV$GHPiVTXHVHIRWRJUDItHODVHFXHQFLD
GHO H[DPHQ LQWHUQR \ H[WHUQR WHQLHQGR HO FXLGDGR GH XVDU HVFDODV
Q~PHUR\QRPEUHVSDUDLGHQWLÀFDFLyQGHOFDVR)RWRJUDÀDUWDPELpQORV
GLHQWHVDXQTXHVHWHQJDODLGHQWLÀFDFLyQSRURWURVPpWRGRV
J9DORUL]DU HO H[DPHQ H[WHUQR GHO FDGiYHU TXH HQ PXFKRV FDVRV HV OD
SDUWH PiV LPSRUWDQWH 6HxDODQGR OD YDORUL]DFLyQ GH OD WHPSHUDWXUD
GHOHVWDGRGHSUHVHUYDFLyQGHODULJLGH]\GHORVOLYRUHVFDGDYpULFRV
K7HQLHQGRHQFXHQWDTXHODVHMHFXFLRQHVVXPDULDVVHDVRFLDQDORVFD
VRVGHWRUWXUDWRGDVODVKHULGDVLQFOX\HQGRODVKHULGDVSRUSUR\HFWLOGH
DUPDGHIXHJRGHEHQVHUELHQGHVFULWDVHQFXDQWRDODIRUPDGLUHF
FLyQWUD\HFWR\GLVWDQFLDGHOGLVSDUR

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

L 5HFRJHU PXHVWUDV GH YtVFHUDV SDUD H[DPHQ WR[LFROyJLFR \ JXDUGDU

SDUWH GH ODV PXHVWUDV SDUD SRVLEOH UHH[DPHQ 5HFRJHU PXHVWUDV GH
VDQJUHGHDOPHQRVPOGHXQWLHVWRVXEFODYLRRIHPRUDO
M 5HDOL]DULQFLVLRQHVDORODUJRGHODVUHJLRQHVGRUVDOHVOXPEDUHV\QDOJDV
HQODE~VTXHGDGHOHVLRQHVSURIXQGDV
O ([DPLQDUODVH[WUHPLGDGHVGHORVEUD]RV\GHODVSLHUQDVHQEXVFDGH
ORVOODPDPLHQWRV´OHVLRQHVGHGHIHQVDµ\GHODVOHVLRQHVSURGXFLGDVSRU
WRUWXUDHQORVSLHVHQODVPDQRVURGLOODV\SDUWHSRVWHULRUGHODVSLHUQDV
P([DPLQDUELHQODFDUDFRQGHVWDTXHSDUDORVRMRVQDUL]\RtGRV([DPL
QDUHOFXHOORH[WHUQDPHQWHHQWRGRVVXVDVSHFWRV
Q([DPLQDUORVJHQLWDOHV\HQFDVRVVRVSHFKRVRVGHYLROHQFLDVH[XDOH[D
PLQDUWRGRVORVRULÀFLRVUHFRJHUYHOORVSXELDQRV\UHDOL]DUHOKLVRSDGR
RUDOYDJLQDODQDOSDUDH[iPHQHVHQODERUDWRULR
R)RWRJUDÀDUHQFRORUHVGHODVOHVLRQHVVLJQLÀFDWLYDV$GHPiVTXHVHIR
WRJUDItHODVHFXHQFLDGHOH[DPHQLQWHUQR\H[WHUQRWHQLHQGRHOFXLGD
GR GH XVDU HVFDODV Q~PHUR \ QRPEUHV SDUD LGHQWLÀFDFLyQ GHO FDVR
)RWRJUDItHWDPELpQORVGLHQWHVDXQTXHVHWHQJDODLGHQWLÀFDFLyQSRU
RWURVPpWRGRV
S'HVFULELUHQGHWDOOHVORVSUR\HFWLOHVGHDUPDGHIXHJRFXDQWRDODIRU
PDSHVRSUHVHQFLDGHHVWUtDVKHOLFRLGDOHVGH[WUyJLURROHYyJLURPH
GLU ODV GLPHQVLRQHV GHVFULELU HO PDWHULDO GHO FXDO HVWi KHFKR VL HVWi
HQFDPLVHWDGRVLSUHVHQWDGHIRUPDFLRQHV
T&DPELDUHOPD\RUQ~PHURGHLQIRUPDFLRQHVFRQODFULPLQDOLVWD
U 5HDOL]DUSUXHEDGHDEVRUFLyQDWyPLFDSDUDPHWDOHVSHVDGRVSORPR
EDULR\DQWLPRQLRHQRULÀFLRGHHQWUDGDRULÀFLRGHVDOLGDPDQRGHUH
FKD\PDQRL]TXLHUGDGHORFFLVR
V ([WUDHUPXHVWUDVGHWHMLGRGHORULÀFLRGHHQWUDGDRULÀFLRGHVDOLGDWUD
\HFWRSDUDHVWXGLRDQDWRPRSDWROyJLFR


9(175(*$'(&$'$9(5

6HJ~QHO0DQXDOGHSURFHGLPLHQWRVWDQDWROyJLFRVIRUHQVHV\VHUYLFLRVFRPSOH
PHQWDULRVHQORTXHUHVSHFWDDORVSURFHGLPLHQWRVGHQHFURSVLDPpGLFROHJDO
HOWpFQLFRQHFURSVLDGRUVROLFLWDYHULÀFDFLyQYLVXDOGHLGHQWLGDGSRUHOIDPLOLDU
SDUDUHDOL]DUODHQWUHJDGHOFDGiYHU\VXVSHUWHQHQFLDVDOIDPLOLDUTXHUHDOL]DHO
WUiPLWHDGPLQLVWUDWLYRGHELHQGRYHULÀFDUODVDXWRUL]DFLRQHVFRUUHVSRQGLHQWHV


 25$&,21'(/7(&1,&21(&5236,$'25

£6HxRU

<RWDPELpQPRULUpHQHOOXJDUPRPHQWR
\IRUPDTXH7XORGHFLGDVSHURDQWHVTXH
OOHJXHHVHPRPHQWR\PLFXHUSRVHFRQ
YLHUWDHQSROYRDSURYHFKDUpHOUHVWRGH
PLVGtDVSDUDOXFKDUFRQWUDPLVGHIHFWRV
HLJQRUDQFLD\FUHHUpPiVHQWXDPRUUH
ÁHMDGRHQHOFRQRFLPLHQWRSDUDD\XGDU
DPLVVHPHMDQWHVHQHVWHGXURWUDQFHGHO
YLDMHKDFLDWXHQFXHQWUR

+R\ £6HxRU D\XGD D HVWRV IDPLOLDUHV D

DFHSWDU FRQ WUDQTXLOLGDG HO PLVWHULR GR
ORURVRGHODYLGDODHQIHUPHGDGHOGRORU
\ OD GHFDGHQFLD GHO FXHUSR \ KDV TXH
DFHSWHQ OD PXHUWH GH VX VHU TXHULGR VLQ
ODPHQWRVVLQOiJULPDVHQVLOHQFLR\HQSD]

<R WDPELpQ GHVFHQGHUp D OD WXPED

FXDQGRW~ORGHFLGDV£4XHVHDQFXPSOL
GRVWXVMXVWRVGHVLJQLRV

   $PpQ

%,%/,2*5$)Ì$

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

 *LOEHUW&DODEXLJ9LOODQXHYDFDxDGDV0HGLFLQD/HJDO\7R[LFRORJtD(GL
WRULDO0DVVRQWDHGLFLyQ(VSDxD
 0DQXDOSDUDODSUiFWLFDGHDXWRSVLDVPpGLFROHJDOHV,QVWLWXWR1DFLRQDOGH
0HGLFLQD/HJDO\&LHQFLDV)RUHQVHV5HS~EOLFDGH&RORPELD&DStWXOR
 6WHYHQ % .DUFK 3RVWPRUWHP WR[LFRORJ\ RI DEXVHG GUXJV &5& 3UHVV
7D\ORU )UDQFLV*URXS/RQGRQ1HZ<RUN
 3RXQGHU'=RSLFORQH3RLVRQLQJOHWWHUWRWKHHGLWRU-$QDO7R[LFRO
 &RH - 3RVWPRUWHP &KHPLVWU\ 8SGDWH (PSKDVLV RQ )RUHQVLF $SSOLFD
WLRQ$P-)RUHQVLF0HG3DWKRO²
 +XWFKHQV * $Q ,QWURGXFWLRQ WR $XWRSV\ 7HFKQLTXH &ROOHJH RI $PHUL
FDQ3DWKRORJLVWV1RUWKÀHOG,/
 )LVFDOtD*HQHUDOGHOD1DFLyQ²0DQXDOÔQLFRGH&ULPLQDOtVWLFD&RORPELD
 'ROLQDN)RUHQVLF3DWKRORJ\3ULQFLSOHVDQG3UDFWLFHUD(G&KLQD(OVHYLHU
 9LQFHQW - 0 'L 0DLR 0DQXDO GH 3DWRORJLD )RUHQVH (GLWRULDO 'tD] GH
6DQWRV0DGULG(VSDxD
,QVWLWXWR1DFLRQDOGH0HGLFLQD/HJDO\&LHQFLDV)RUHQVHV*XtDGHSUR
FHGLPLHQWRSDUDODUHDOL]DFLyQGHQHFURSVLDV0HGLFR/HJDOHV6HJXQGD
HGLFLyQ
0LQLVWHULR3~EOLFR,QVWLWXWRGH0HGLFLQD/HJDO0DQXDOGHSURFHGLPLHQWRV
7DQDWROyJLFRV)RUHQVHV\6HUYLFLRVFRPSOHPHQWDULRV1RYLHPEUH
7HVWXW/<-DFRE2´7UDWDGRGH$QDWRPtD7RSRJUiÀFDµ2FWDYD
(GLFLyQ6DOYDU(GLWRUHV6$0DGULG
5RXYLHUH+'HOPDV$$QDWRPtD+XPDQD(GLWRULDO0DVVRQ
3DWRZDU\$7KHIRXUWKLQFLVLRQDFRVPHWLFDXWRSV\LQFLVLRQWHFKQLTXH
$P-)RUHQVLF0HG3DWKRO0DU
(QLG*LOEHUW%DUQHVV'LDQH('HELFK6SLFHU+DQGERRNRI3HGLDWULF$X
WRSV\3DWKRORJ\+XPDQD3UHVV1HZ-HUVH\


 0$18$/62%5(/$35(9(1&,Ð1(,19(67,*$&,Ð1(),&$&(6'(/$6
(-(&8&,21(6(;75$/(*$/(6$5%,75$5,$62680$5,$61$&,21(681,
'$61XHYD<RUN3URWRFRORGH0LQQHVRWD

35272&2/202'(/2'($87236,$35238(672

 ,QYHVWLJDFLyQGHODHVFHQD

(OSURVHFWRURORVSURVHFWRUHV\ORVPpGLFRVIRUHQVHVGHEHQWHQHUHOGHUHFKR
DDFFHVRDODHVFHQDHQTXHVHKD\DHQFRQWUDGRHOFDGiYHU'HEHQRWL
ÀFDUVHLQPHGLDWDPHQWHDOSHUVRQDOPpGLFRSDUDDVHJXUDUVHGHTXHQRVH
SURGX]FDQDOWHUDFLRQHVGHOFDGiYHU6LVHQLHJDHODFFHVRDODHVFHQDVL
VHDOWHUDHOFDGiYHURVLVHUHWLHQHLQIRUPDFLyQGHEHGHMDUVHFRQVWDQFLDGH
HOORHQHOLQIRUPHGHOSURVHFWRU

'HEHHVWDEOHFHUVHXQVLVWHPDSDUDFRRUGLQDUODODERUGHLQYHVWLJDGRUHVPp
GLFRV\QRPpGLFRVSRUHMHPSORRUJDQLVPRVHQFDUJDGRVGHOFXPSOLPLHQWR
GHODOH\(QpOVHGHEHQUHVROYHUSUREOHPDVFRPRODIRUPDHQTXHVHQR
WLÀFDUiDOSURVHFWRU\TXLpQHVWDUiHQFDUJDGRGHGLULJLUODVDFWXDFLRQHV/D
REWHQFLyQGHFLHUWRVWLSRVGHSUXHEDVVXHOHVHUHOSDSHOGHORVLQYHVWLJDGR
UHVQRPpGLFRVSHURORVPpGLFRVIRUHQVHVTXHWLHQHDFFHVRDOFDGiYHUHQ
HOOXJDUGHODPXHUWHGHEHQWRPDUODVVLJXLHQWHVPHGLGDV

D )RWRJUDÀDUHOFDGiYHUHQODIRUPDHQTXHIXHKDOODGR\GHVSXpVGHKD
EHUVLGRPRYLGR
E'HMDU FRQVWDQFLD GH OD SRVLFLyQ \ FRQGLFLyQ GHO FDGiYHU LQFOXLGD VX
WHPSHUDWXUDOLYLGH]\ULJLGH]
F 3URWHJHUODVPDQRVGHORFFLVRSRUHMHPSORFRQEROVDVGHSDSHO
G 7RPDUQRWDGHODWHPSHUDWXUDDPELHQWH(QORVFDVRVHQTXHVHLJQRUH
HOPRPHQWRGHODPXHUWHGHEHGHMDUVHFRQVWDQFLDGHODWHPSHUDWXUD
UHFWDORVHGHEHQUHFRJHUORVLQVHFWRVSUHVHQWHVSDUDHVWXGLRHQWRPROy
JLFRIRUHQVH(OSURFHGLPLHQWRDSOLFDEOHGHSHQGHUiGHODH[WHQVLyQGHO
LQWHUYDORDSDUHQWHHQWUHODPXHUWH\ODDXWRSVLD
H([DPLQDUODHVFHQDHQEXVFDGHVDQJUH\DTXHHVWDSXHGHUHVXOWDU~WLO
SDUDLGHQWLÀFDUDORVVRVSHFKRVRV
I 'HMDUFRQVWDQFLDGHODLGHQWLGDGGHWRGDVODVSHUVRQDVTXHVHHQFXHQ
WUHHQHOOXJDU

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

J2EWHQHULQIRUPDFLyQGHORVWHVWLJRVTXHVHKDOOHQHQHOOXJDULQFOXLGRVORV
~OWLPRVHQYHUYLYRDORFFLVRODRSRUWXQLGDGHOOXJDU\HQTXpFLUFXQV

 WDQFLDVORKLFLHURQ(QWUHYLVWDUDWRGRHOSHUVRQDOPpGLFRGHHPHUJHQFLD
TXHSXHGDKDEHUWHQLGRFRQWDFWRFRQHOFDGiYHU
K2EWHQHUODLGHQWLÀFDFLyQGHOFDGiYHU\RWUDLQIRUPDFLyQSHUWLQHQWHGHDPL
JRVRSDULHQWHV2EWHQHUHOKLVWRULDOPpGLFRGHORFFLVRGHVXPpGLFR\ODGR
FXPHQWDFLyQGHKRVSLWDOHVLQFOXLGDFXDOTXLHULQWHUYHQFLyQTXLU~UJLFDDQWH
ULRUXVRGHDOFRKROPHGLFDPHQWRVRGURJDVLQWHQWRVGHVXLFLGLR\KiELWRV
L 3RQHUHOFDGiYHUHQXQDEROVDDSURSLDGDRVXHTXLYDOHQWH&RQVHUYDU
HVWDEROVDXQDYH]TXHVHH[WUDLJDHOFDGiYHUGHHOOD
M *XDUGDUHOFDGiYHUHQXQOXJDUUHIULJHUDGRVHJXURGHPDQHUDTXHQRVH
SXHGDLQWHUIHULUFRQHOFDGiYHUQLFRQODVSUXHEDV
N $VHJXUDUVHGHTXHORVSUR\HFWLOHVDUPDVGHIXHJRFXFKLOORV\FXDOTXLHU
RWURWLSRGHDUPDVVHHQFXHQWUHGLVSRQLEOHSDUDVXH[DPHQSRUHOSHUVR
QDOPpGLFRHQFDUJDGR
O 6LHORFFLVRHVWXYRKRVSLWDOL]DGRDQWHVGHODPXHUWHREWHQHUORVGDWRV
UHODWLYRVDVXDGPLVLyQRHVSHFtPHQHVGHVDQJUH\WRGDVODVUDGLRJUDItDV
\H[DPLQDURUHVXPLUORVUHJLVWURVGHOKRVSLWDO
P$QWHVGHLQLFLDUODDXWRSVLDIDPLOLDUL]DUVHFRQORVWLSRVGHWRUWXUDRGH
YLROHQFLDTXHSUHGRPLQDQHQHVHSDtVRORFDOLGDGYpDVHHODQH[R,,,

$XWRSVLD

'XUDQWHODDXWRSVLDGHEHVHJXLUVHHO3URWRFRORVLJXLHQWH
D'HMDUFRQVWDQFLDGHODIHFKDODKRUDGHLQLFLDFLyQ\WpUPLQR\HOOXJDUGHODDX
WRSVLDXQDDXWRSVLDFRPSOHMDSXHGHWDUGDUKDVWDXQGtDHQWHURGHWUDEDMR

E'HMDUFRQVWDQFLDGHOQRPEUHRORVQRPEUHVGHOSURVHFWRURGHORVSUR

VHFWRUHV HO R ORV DVLVWHQWHV SDUWLFLSDQWHV \ WRGDV ODV GHPiV SHUVRQDV
SUHVHQWHVGXUDQWHODDXWRSVLDLQFOXLGRVORVWtWXORVPpGLFRVRFLHQWtÀFRV
\ODVDÀOLDFLRQHVSURIHVLRQDOHVSROtWLFDVRDGPLQLVWUDWLYDVGHFDGDXQR
'HEHLQGLFDUVHODIXQFLyQGHFDGDSHUVRQDHQODDXWRSVLD\GHEHGH
VLJQDUVHDXQDSHUVRQDSDUDTXHRÀFLHGHSURVHFWRUSULQFLSDOTXLHQGL
ULJLUiODUHDOL]DFLyQGHODDXWRSVLD/RVREVHUYDGRUHV\GHPiVPLHPEURV
GHO HTXLSR HVWDUiQ VXMHWRV D OD GLUHFFLyQ GHO SURVHFWRU SULQFLSDO \ QR
GHEHUiQLQWHUIHULUHQVXVIXQFLRQHV'HEHGHMDUVHFRQVWDQFLDGHOWLHPSR


 HQTXHFDGDSHUVRQDVHHQFRQWUySUHVHQWHGXUDQWHODDXWRSVLD6HUH
FRPLHQGDHOXVRGHXQDKRMDHQTXHVHGHMHFRQVWDQFLDGHODSUHVHQFLD
PHGLDQWHODÀUPDGHFDGDSHUVRQD

F (V IXQGDPHQWDO FRQWDU FRQ IRWRJUDItDV DGHFXDGDV SDUD GRFXPHQWDU

GHWDOODGDPHQWHODVFRQFOXVLRQHVGHODDXWRSVLD

L/DVIRWRJUDItDVKDQGHVHUHQFRORUGLDSRVLWLYDVRQHJDWLYRVFRSLDV
HQIRFDGDV DGHFXDGDPHQWH LOXPLQDGDV \ WRPDGDV FRQ XQD FiPDUD
SURIHVLRQDO R GH FDOLGDG GH DÀFLRQDGR VHULR &DGD IRWRJUDItD GHEH
FRQWHQHUXQDLQGLFDFLyQGHODHVFDODXQQRPEUHRQ~PHURTXHLGHQWLÀ
TXHHOFDVR\XQDPXHVWUDGHOJULVQRUPDO'HEHLQFOXLUVHHQHOLQIRUPHGH
ODDXWRSVLDXQDGHVFULSFLyQGHODFiPDUDLQFOXLGRHO´Q~PHURGHIRFR
GHOOHQWHµ\ODORQJLWXGIRFDOODSHOtFXOD\HOVLVWHPDGHLOXPLQDFLyQ6LVH
XWLOL]DPiVGHXQDFiPDUDGHEHGHMDUVHFRQVWDQFLDGHODLQIRUPDFLyQ
TXHLGHQWLÀTXHFDGDXQDGHHOODV/DVIRWRJUDItDVGHEHQLQFOXLUDGHPiV
LQIRUPDFLyQ TXH LQGLTXH TXp FiPDUD WRPy FDGD IRWRJUDItD VL VH XVy
PiVGHXQDFiPDUD'HEHGHMDUVHFRQVWDQFLDGHODLGHQWLGDGHODSHU
VRQDTXHWRPyODVIRWRJUDItDV

LL'HEHQLQFOXLUVHIRWRJUDItDVHQVHULHTXHUHÁHMHQODSURJUHVLyQGHOH[D
PHQH[WHUQR6HGHEHIRWRJUDÀDUHOFDGiYHUDQWHV\GHVSXpVGHGHVYHV
WLUORODYDUORROLPSLDUOR\GHDIHLWDUOR

LLL&RPSOHPHQWDUODVIRWRJUDItDVGHSULPHUSODQRFRQIRWRJUDItDVGLVWDQ
WHVRGHGLVWDQFLDLQWHUPHGLDSDUDSHUPLWLUODRULHQWDFLyQHLGHQWLÀFDFLyQ
GHODVIRWRJUDItDVGHSULPHUSODQR

LY/DVIRWRJUDItDVGHEHQVHUGHDPSOLRDOFDQFH\FRQÀUPDUODSUHVHQFLD
GHWRGDVODVVHxDOHVGHPRVWUDEOHVGHOHVLRQHVRHQIHUPHGDGTXHVHFR
PHQWHQHQHOLQIRUPHGHODDXWRSVLD

Y 'HEHQ UHWUDWDUVH ODV FDUDFWHUtVWLFDV IDFLDOHV GH LGHQWLGDG GHVSXpV

GHODYDUROLPSLDUHOFDGiYHUFRQIRWRJUDItDVGHXQDVSHFWRIURQWDOSOH
QRGHODFDUD\SHUÀOHVGHUHFKRHL]TXLHUGRGHODFDUDFRQHOSHORHQ
SRVLFLyQQRUPDO\FRQHOSHORUHWUDtGRHQFDVRQHFHVDULRSDUDUHYHODU
ODVRUHMDV

G5DGLRJUDÀDUHOFDGiYHUDQWHVGHH[WUDHUORGHVXEROVDRHQYROWRULR'HEHQUH
SHWLUVHODVUDGLRJUDItDVWDQWRDQWHVFRPRGHVSXpVGHGHVYHVWLUHOFDGiYHU3XH

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

GHKDFHUVHWDPELpQÁXRURVFRSLD)RWRJUDÀDUWRGDVODVSHOtFXODVGHORVUD\RV;
L 2EWHQHU UDGLRJUDItDV GHQWDOHV DXQTXH VH KD\D KHFKR OD LGHQWLÀFD
FLyQGHRWUDPDQHUD

LL'RFXPHQWDUWRGDOHVLyQGHOVLVWHPDyVHR/DVUDGLRJUDItDVGHOHVTXH
OHWRSXHGHQWDPELpQGHMDUFRQVWDQFLDGHGHIHFWRVDQDWyPLFRVRLQWHU
YHQFLRQHVTXLU~UJLFDV&RPSUREDUHVSHFLDOPHQWHIUDFWXUDGHORVGHGRV
GHODVPDQRV\GHORVSLHV\GHRWURVKXHVRVGHPDQRV\SLHV/DVUDGLR
JUDItDVGHOHVTXHOHWRSXHGHQD\XGDUWDPELpQDLGHQWLÀFDUDORFFLVRSRU
VXVFDUDFWHUtVWLFDVFDOFXODQGRODHGDG\ODHVWDWXUD\GHWHUPLQDQGRHO
VH[R\ODUD]D'HEHQWRPDUVHWDPELpQUDGLRJUDItDVGHORVVLQXVIURQWDOHV
\DTXHSXHGHQVHUSDUWLFXODUPHQWH~WLOHVDORVHIHFWRVGHODLGHQWLÀFD
FLyQ

LLL 7RPDU UDGLRJUDItDV HQ FDVRV GH KHULGDV FRQ DUPDV GH IXHJR SDUD
XELFDUHOSUR\HFWLORSUR\HFWLOHV5HFXSHUDUIRWRJUDÀDU\JXDUGDUWRGR
SUR\HFWLORIUDJPHQWRLPSRUWDQWHGHSUR\HFWLOTXHVHYHDHQXQDUDGLR
JUDItD 7DPELpQ GHEHQ UHPRYHUVH IRWRJUDÀDUVH \ JXDUGDUVH WRGRV ORV
REMHWRVRSDFRVDODUDGLRJUDItDPDUFDSDVRVFR\XQWXUDVRYiOYXODVDUWL
ÀFLDOHVIUDJPHQWRVGHDUPDEODQFDHWF

LY/DVUDGLRJUDItDVGHOHVTXHOHWRVRQREOLJDWRULDVHQORVFDVRVGHQLxRV
SDUDD\XGDUDGHWHUPLQDUODHGDG\HOHVWDGRGHGHVDUUROOR

H $QWHV GH GHVYHVWLU DO FDGiYHU H[DPLQDU HO FDGiYHU \ ODV YHVWLPHQWDV
)RWRJUDÀDUHOFDGiYHUYHVWLGR'HMDUFRQVWDQFLDGHWRGDMR\D

I /D YHVWLPHQWD GHEH H[WUDHUVH FXLGDGRVDPHQWH \ GHSRVLWDUVH HQFLPD

GHXQDViEDQDREROVDGHFDGiYHUOLPSLD'HMDUTXHVHVHTXHODYHV
WLPHQWD VL HVWi HQVDQJUHQWDGD R K~PHGD 'HVFULELU OD YHVWLPHQWD TXH
VHVDTXH\SRQHUOHXQDHWLTXHWDSHUPDQHQWH&RORFDUODVYHVWLPHQWDV
EDMRODFXVWRGLDGHXQDSHUVRQDUHVSRQVDEOHRFRQVHUYDUODVSRUFXDQWR
SXHGHQVHU~WLOHVFRPRSUXHEDRDORVHIHFWRVGHODLGHQWLÀFDFLyQ

J (O H[DPHQ H[WHUQR FHQWUDGR HQ OD E~VTXHGD GH SUXHEDV H[WHUQDV GH
OHVLRQHVHVHQODPD\RUtDGHORVFDVRVODSDUWHPiVLPSRUWDQWHGHOD
DXWRSVLD

L)RWRJUDÀDUWRGDVODVVXSHUÀFLHVGHODVXSHUÀFLHGHOFDGiYHU7RPDUIR
WRJUDItDVHQFRORUGHEXHQDFDOLGDG\HQIRFDGDVFRQLOXPLQDFLyQDGHFXDGD


 LL'HVFULELU\GRFXPHQWDUORVPHGLRVXWLOL]DGRVHQODLGHQWLÀFDFLyQ([D
PLQDUHOFDGiYHU\GHMDUFRQVWDQFLDGHODHGDGHVWDWXUDSHVRVH[R
HVWLOR\ORQJLWXGGHOSHORGHODFDEH]DHVWDGRGHQXWULFLyQGHVDUUROOR
PXVFXODU\FRORUGHODSLHORMRV\SHORGHODFDEH]DIDFLDO\FRUSRUDO
DSDUHQWHVGHORFFLVR

LLL(QHOFDVRGHQLxRVPHGLUWDPELpQODFLUFXQIHUHQFLDGHODFDEH]DOD
ORQJLWXGGHODFRURQLOODDODVFDGHUDV\ORVWDORQHV

LY'HMDUFRQVWDQFLDGHOJUDGRXELFDFLyQ\ÀMDFLyQGHODULJLGH]FDGD
YpULFD

Y 7RPDU QRWD GH OD WHPSHUDWXUD FRUSRUDO \ GHO HVWDGR GH SUHVHUYD
FLyQWRPDUQRWDGHWRGRVORVFDPELRVGHODGHVFRPSRVLFLyQFRPRORV
GHVSOD]DPLHQWRVGHODSLHO(YDOXDUODFRQGLFLyQJHQHUDOGHOFXHUSR \
WRPDUQRWDGHODIRUPDFLyQDGLSRFLUDJXVDQRVKXHYRVRFXDOTXLHURWUR
HOHPHQWRTXHSXHGDVXJHULUHOPRPHQWRROHOXJDUGHODPXHUWH

YL'HMDUFRQVWDQFLDGHOWDPDxRODIRUPDHOSDWUyQODXELFDFLyQHQ
UHODFLyQFRQUDVJRVDQDWyPLFRVREYLRVHOFRORUHOFXUVRODGLUHFFLyQ
ODSURIXQGLGDG\ODHVWUXFWXUDGHODVOHVLRQHV7UDWDUGHGLVWLQJXLUHQWUHODV
OHVLRQHVGHULYDGDVGHPHGLGDVWHUDSpXWLFDV\ODVTXHQRVHUHODFLRQHQ
FRQWUDWDPLHQWRPpGLFR(QODGHVFULSFLyQGHODVKHULGDVGHSUR\HFWLO
WRPDUQRWDGHODSUHVHQFLDRDXVHQFLDGHKROOtQSyOYRUDRTXHPDGX
UD6LKD\SUHVHQWHVUHVLGXRVGHGLVSDURGRFXPHQWDUORJUiÀFDPHQWH\
JXDUGDUORSDUDHODQiOLVLV7UDWDUGHGHWHUPLQDUVLODKHULGDGHDUPDGH
IXHJRHVGHHQWUDGDRVDOLGD6LKD\XQDKHULGDGHHQWUDGD\QRODKD\
GHVDOLGDGHEHKDOODUVHHOSUR\HFWLO\JXDUGDUORRGDUFXHQWDGHORTXH
RFXUULy([WUDHUPXHVWUDVGHWHMLGRGHODWUD\HFWRULDGHODKHULGDSDUDHO
H[DPHQPLFURVFySLFR8QLUODVRULOODVGHODVKHULGDVGHDUPDEODQFDSDUD
HYDOXDUHOWDPDxR\ODVFDUDFWHUtVWLFDVGHODKRMD

YLL)RWRJUDÀDUWRGDVODVOHVLRQHVWRPDQGRGRVIRWRJUDItDVHQFRORUGH
FDGDXQDGHMDQGRHQODHWLTXHWDHOQ~PHURGHLGHQWLÀFDFLyQGHODDX
WRSVLDHQXQDHVFDODTXHHVWpRULHQWDGDHQIRUPDSDUDOHODRSHUSHQ
GLFXODU D OD OHVLyQ &XDQGR VHD QHFHVDULR DIHLWDU HO SHOR SDUD DFODUDU
XQDOHVLyQ\WRPDUIRWRJUDItDVDQWHV\GHVSXpVGHODYDUHOOXJDUGHODV
OHVLRQHV/DYDUHOFDGiYHUVyORGHVSXpVGHKDEHUUHFRJLGR\JXDUGDGR
WRGDPXHVWUDRPDWHULDOTXHSXGLHUDSURFHGHUGHXQDJUHVRU

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

YLLL ([DPLQDU OD SLHO 7RPDU QRWD GH WRGD FLFDWUL] ]RQD GH IRUPDFLyQ
TXHORLGH WDWXDMHV PRODV SURPLQHQWHV ]RQDV GH SLJPHQWDFLyQ HQ DX
PHQWR R GLVPLQXFLyQ \ WRGR DTXHOOR TXH VHD GLVWLQWLYR R ~QLFR FRPR
ODVPDUFDVGHQDFLPLHQWR7RPDUQRWDGHWRGDFRQWXVLyQ\KDFHUXQD
LQFLVLyQSDUDGHOLQHDUVXH[WHQVLyQ([WUDHUODVSDUDHOH[DPHQPLFURVFy
SLFR'HEHQUHYLVDUVHODFDEH]D\OD]RQDJHQLWDOFRQHVSHFLDOFXLGDGR
7RPDU QRWD GH WRGD PXHVWUD GH LQ\HFFLyQ R GH PDUFD GH SLQFKD]R \
H[WUDHUODVSDUDXWLOL]DUODVDORVÀQHVGHODHYDOXDFLyQWR[LFROyJLFD7RPDU
QRWD GH WRGD DEUDVLyQ \ H[WUDHUODV SXHGHQ XWLOL]DUVH VHFFLRQHV PLFURV
FySLFDVSDUDWUDWDUGHVLWXDUHQHOWLHPSRODOHVLyQ7RPDUQRWDGHWRGD
PDUFDGHPRUGHGXUDGHEHIRWRJUDÀDUVHSDUDGHMDUFRQVWDQFLDGHODIRU
PDFLyQGHQWDOOLPSLDUFRQSHGD]RVGHDOJRGyQSDUDKDFHUPXHVWUDVGH
VDOLYDDQWHVGHODYDUHOFDGiYHU\H[WUDHUODVSDUDHOH[DPHQPLFURVFySL
FR'HVHUSRVLEOHGHEHDQDOL]DUODVPDUFDVGHPRUGHGXUDXQRGRQWyORJR
IRUHQVH7RPDUQRWDGHWRGDPDUFDGHTXHPDGXUD\WUDWDUGHGHWHUPLQDU
ODFDXVDJRPDTXHPDGDFLJDUULOORHOHFWULFLGDGVRSOHWHiFLGRDFHLWH
FDOLHQWHHWF([WUDHUWRGDVODVVXSHUÀFLHVVRVSHFKRVDVSDUDHOH[DPHQ
PLFURVFySLFR\DTXHWDOYH]VHDSRVLEOHGLVWLQJXLUHQHOPLFURVFRSLRHQWUH
TXHPDGXUDVFDXVDGDVSRUHOHFWULFLGDG\ODVFDXVDGDVSRUHOFDORU

L[,GHQWLÀFDU\SRQHUHWLTXHWDDWRGRREMHWRH[WUDxRTXHVHUHFXSHUH
LQFOXLGDVXUHODFLyQFRQKHULGDVHVSHFtÀFDV1RUDVSDUORVFRVWDGRVRHO
H[WUHPRGHORVSUR\HFWLOHV)RWRJUDÀDUFDGDSUR\HFWLO\FDGDIUDJPHQ
WRJUDQGHGHSUR\HFWLOHV)RWRJUDÀDUFDGDSUR\HFWLO\FDGDIUDJPHQWR
JUDQGHGHSUR\HFWLOFRQXQDHWLTXHWDTXHORLGHQWLÀTXH\FRORFDUOROXH
JRHQXQUHFLSLHQWHVHOODGRIRUUDGR\FRQHWLTXHWDDÀQGHPDQWHQHUOD
FDGHQDGHFXVWRGLD

[5HFRJHUXQDPXHVWUDGHVDQJUHGHSRUORPHQRVFHGHXQYDVR
VXEFODYLRRIHPRUDO

[L([DPLQDUODFDEH]D\ODSDUWHH[WHUQDGHOFXHURFDEHOOXGRWHQLHQ
GRSUHVHQWHTXHODVKHULGDVSXHGHQHVWDURFXOWDVSRUHOSHOR$IHLWDUHO
SHORHQFDVRQHFHVDULR&RPSUREDUVLKD\SXOJDV\SLRMRV\DTXHHVWRV
SXHGHQLQGLFDUFRQGLFLRQHVLQVDOXEUHVDQWHVGHODPXHUWH7RPDUQRWD
GHWRGDDORSHFLD\DTXHpVWDSXHGHKDEHUVLGRSURYRFDGDSRUODPDO
QXWULFLyQPHWDOHVSHVDGRVSRUHMHPSORWDOLXPGURJDVRWUDFFLyQ7LUDU
QRFRUWDUSHORVUHSUHVHQWDWLYRVGHODFDEH]D\VDOYDUORV\DTXHHO
SHORSXHGHVHU~WLOSDUDGHWHFWDUDOJXQDVGURJDV\YHQHQRV


 [LL([DPLQDUODGHQWDGXUD\WRPDUQRWDGHVXFRQGLFLyQ'HMDUFRQVWDQ
FLDGHWRGDVODVSLH]DVDXVHQWHVVXHOWDVRGDxDGDV\GHMDUFRQVWDQFLD
GH WRGR WUDEDMR GHQWDO UHVWDXUDFLRQHV WDSDGXUDV HWF XWLOL]DQGR XQ
VLVWHPDGHLGHQWLÀFDFLyQGHQWDOSDUDGHWHUPLQDUFDGDSLH]D&RPSUR
EDUODSUHVHQFLDGHHQIHUPHGDGSHULRGRQWDOHQODVHQFtDV)RWRJUDÀDU
ODGHQWDGXUDSRVWL]DVLODKD\\JXDUGDUODVLVHGHVFRQRFHODLGHQWLGDG
GHO RFFLVR (Q FDVR QHFHVDULR H[WUDHU OD PDQGtEXOD \ HO PD[LODU SDUD
OD LGHQWLÀFDFLyQ ([DPLQD HO LQWHULRU GH OD ERFD \ WRPDU QRWD GH WRGD
HYLGHQFLDGHWUDXPDLQ\HFFLyQPDUFDVGHDJXMDRPRUGHGXUDGHORV
ODELRVODVPHMLOODVRODOHQJXD7RPDUQRWDGHWRGRDUWtFXORRVXEVWDQFLD
HQODERFD(QORVFDVRVHQTXHVHVRVSHFKHDJUHVLyQVH[XDOFRQVHUYDU
HOÁXLGRRUDORUHVWDxDUFRQDOJRGyQSDUDHYDOXDUODSUHVHQFLDGHHVSHU
PDWR]RLGHV\IRVIDWDVDDFLGD/DVPXHVWUDVWRPDGDVHQODMXQWXUDGHOD
GHQWDGXUD\ODVHQFtDV\ODVPXHVWUDVGHHQWUHORVGLHQWHVFRQVWLWX\HQORV
PHMRUHVHVSHFtPHQHVSDUDLGHQWLÀFDUHVSHUPDWR]RLGHV7RPDUPXHVWUDV
WDPELpQ GH OD FDYLGDG RUDO SDUD GHWHUPLQDU HO WLSR GH ÁXLGR VHPLQDO
6HFDUODVPXHVWUDVUiSLGDPHQWHFRQDLUHIUtRVRSODGRVLHVSRVLEOH\FRQ
VHUYDUODVHQVREUHOLPSLRVGHSDSHO6LODULJLGH]FDGDYpULFDLPSLGHXQ
H[DPHQDGHFXDGRGHEHQFRUWDUVHORVP~VFXORVPD[LODUHVSDUDSHUPLWLU
XQDPHMRUH[SRVLFLyQ

[LLL([DPLQDUODFDUD\WRPDUQRWDGHVLHVWiFLDQyWLFDRVLKD\SHWHTXLD
([DPLQDUORVRMRV\PLUDUODFRQMXQWLYDWDQWRGHOJORERFRPRGHORVSiU
SDGRV7RPDUQRWDGHSHWHTXLDHQHOSiUSDGRVXSHULRURLQIHULRU7RPDU
QRWDGHLFWHULFLDGHODHVFOHUyWLFD*XDUGDUORVOHQWHVGHFRQWDFWRVLORV
KD\5HFRJHUSRUORPHQRVPOGHKXPRVYLWUHRGHFDGDRMR

([DPLQDUODQDUL]\ODVRUHMDV\WRPDUQRWDGHWRGDSUXHEDGHWUDXPD
KHPRUUDJLDXRWUDDQRUPDOLGDG([DPLQDUODVPHPEUDQDVGHOWtPSDQR

 [LY ([DPLQDU HO FXHOOR H[WHUQDPHQWH HQ WRGRV VXV DVSHFWRV \ WRPDU
QRWDGHWRGDFRQWXVLyQDEUDVLyQRSHWHTXLD'HVFULELU\GRFXPHQWDUODV
IRUPDVGHODVOHVLRQHVSDUDGLIHUHQFLDUHQWUHODHVWUDQJXODFLyQPDQXDO
SRUOLJDGXUD\SRUFROJDGXUD([DPLQDUHOFXHOORDOFRQFOXLUODDXWRSVLD
FXDQGRODVDQJUHKD\DHYDFXDGROD]RQD\HVWpQVHFRVORVWHMLGRV

 [Y([DPLQDUWRGDVODVVXSHUÀFLHVGHODVH[WUHPLGDGHVEUD]RVDQWHEUD
]RVPXxHFDVPDQRVSLHUQDV\SLHV\WRPDUQRWDGHWRGDKHULGD´GH
GHIHQVDµ'LVHFFLRQDU\GHVFULELUWRGDVODVOHVLRQHV7RPDUQRWDGHWRGD
FRQWXVLyQDOUHGHGRUHODVPXxHFDV\WRELOORVTXHSXHGDQVXJHULUHOXVR

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

GH UHVWULFFLRQHV FRPR HVSRVDV R VXVSHQVLyQ ([DPLQDU ODV VXSHUÀFLHV

PHGLD\ODWHUDOGHORVGHGRVODVDQWHEUD]RVDQWHULRUHV\ODSDUWHSRVWHULRU
GHODVURGLOODVHQEXVFDGHFRQWXVLRQHV

 [YL7RPDUQRWDGHWRGDXxDTXHEUDGDRDXVHQWH7RPDUQRWDGHUHVL
GXRGHSyOYRUDHQODVPDQRVGRFXPHQWDUORVIRWRJUiÀFDPHQWH\JXDU
GDUORVSDUDHODQiOLVLV7RPDUKXHOODVGLJLWDOHVHQWRGRVORVFDVRV6LVHGHV
FRQRFHODLGHQWLGDGGHORFFLVR\QRVHSXHGHQREWHQHUKXHOODVGLJLWDOHV
H[WUDHUHO´JXDQWHµGHODSLHOVLORKD\*XDUGDUORVGHGRVVLQRKD\RWUR
PHGLR GH REWHQHU ODV KXHOODV GLJLWDOHV *XDUGDU UHFRUWHV GH XxD \ GH
WHMLGRGHODSDUWHLQIHULRUGHODVXxDVUDVSDGXUDVGHXxD([DPLQDUORV
OHFKRVGHODVXxDVGHPDQRV\SLHVHQEXVFDGHREMHWRVHPSXMDGRVSRU
GHEDMRGHODVXxDV3XHGHQH[WUDHUVHODVXxDVGLVHFFLRQDQGRORVPiUJH
QHVODWHUDOHV\EDVHSUy[LPDHLQVSHFFLRQDUDFRQWLQXDFLyQODVXSHUÀFLH
RFXOWD SRU ODV XxDV $O KDFHUOR GHEHQ IRWRJUDÀDUVH ODV PDQRV DQWHV \
GHVSXpVGHH[WUDHUODVXxDV([DPLQDUGHWHQLGDPHQWHODVSODQWDVGHORV
SLHVWRPDQGRQRWDGHWRGDPXHVWUDGHJROSHV+DFHULQFLVLRQHVHQODV
SODQWDVSDUDGHOLQHDUODH[WHQVLyQGHWRGDOHVLyQ([DPLQDUODVSDOPDV\
ODVURGLOODVEXVFDQGRHVSHFLDOPHQWHUHVWRVGHYLGULRVRODFHUDFLRQHV

 [YLL([DPLQDUODSDUWHH[WHUQDGHORVJHQLWDOHV\WRPDUQRWDGHODSUHVHQFLD
GHWRGRREMHWRH[WUDxRRVHPHQ7RPDUQRWDGHOWDPDxRODXELFDFLyQ\HO
Q~PHURGHWRGDDEUDVLyQRFRQWXVLyQ7RPDUQRWDGHWRGDOHVLyQHQODSDUWH
LQWHULRUGHORVPXVORVRHQOD]RQDSHULDQDO%XVFDUTXHPDGXUDVSHULDQDOHV

 [YLLL(QFDVRGHVRVSHFKDUVHDJUHVLyQVH[XDOH[DPLQDUWRGRVORVRULÀFLRV
SRWHQFLDOPHQWHDIHFWDGRV'HEHXWLOL]DUVHXQHVSpFXORSDUDH[DPLQDU
ODV SDUHGHV GH OD YDJLQD 5HFRJHU SHORV H[WUDxRV SHLQDQGR ORV SHORV
S~ELFRV7LUDU\JXDUGDUSRUORPHQRVGHORVSHORVS~ELFRVSURSLRVGHO
RFFLVRLQFOXLGDVODVUDtFHV$VSLUDUÁXLGRGHODYDJLQD\RGHOUHFWRHQ
EXVFDGHIRVIDWDVHDFLGDJUXSRVDQJXtQHR\HYDOXDFLyQGHHVSHUPD
WR]RLGHV7RPDUPXHVWUDVGHODVPLVPDV]RQDVSDUDGHWHUPLQDUHOWLSRGHO
ÁXLGRVHPLQDO6HFDUODVPXHVWUDVUiSLGDPHQWHFRQDLUHIUtRVRSODGRVLHV
SRVLEOH\FRQVHUYDUODHQVREUHVOLPSLRVGHSDSHO

 [L['HEHQKDFHUVHLQFLVLRQHVVLVWHPiWLFDVDORODUJRGHODHVSDOGDODV
QDOJDV\ODVH[WUHPLGDGHVLQFOXLGDVODVPXxHFDV\ORVWRELOORVSDUDEXV
FDUOHVLRQHVSURIXQGDV7DPELpQGHEHQKDFHUVHLQFLVLRQHVHQORVKRP
EURVORVFRGRVODVFDGHUDV\ODVFR\XQWXUDVGHODVURGLOODVSDUDEXVFDU
OHVLRQHVGHORVOLJDPHQWRV


 K(OH[DPHQLQWHUQRSDUDGHWHUPLQDUODSUHVHQFLDGHSUXHEDVLQWHUQDVGH
OHVLRQHVGHEHDFODUDU\DPSOLDUHOH[DPHQH[WHUQR

L6HUVLVWHPiWLFRHQHOH[DPHQLQWHUQR5HDOL]DUHOH[DPHQ\DVHDSRU
UHJLRQHVRVLVWHPDVGHOFXHUSRLQFOXLGRVORVVLVWHPDVFDUGLRYDVFXODUUHV
SLUDWRULR ELOLDU JDVWURLQWHVWLQDO UHWtFXORHQGRWHOLDO JHQLWRXULQDULR HQGR
FULQRPXVFXODU\QHUYLRVRFHQWUDO'HMDUFRQVWDQFLDGHOSHVRHOWDPDxR
ODIRUPDHOFRORU\ODFRQVLVWHQFLDGHFDGDyUJDQRDVtFRPRGHWRGD
QHRSODVLD LQÁDPDFLyQ DQRPDOtD KHPRUUDJLD LVTXHPLD LQIDUWR LQWHU
YHQFLyQTXLU~UJLFDROHVLyQ7RPDUVHFFLRQHVGH]RQDVQRUPDOHV\DQRU
PDOHVGHFDGDyUJDQRSDUDHOH[DPHQPLFURVFySLFR7RPDUPXHVWUDV
GHWRGRKXHVRIUDFWXUDGRSDUDODHVWLPDFLyQPLFURVFySLFDUDGLRJUiÀFD
GHODHGDGGHODIUDFWXUD

LL([DPLQDUHOSHFKR7RPDUQRWDGHWRGDDQRUPDOLGDGGHORVSHFKRV
'HMDUFRQVWDQFLDGHWRGDIUDFWXUDGHFRVWLOODWRPDQGRQRWDGHVLVHLQ
WHQWyODUHVXFLWDFLyQFDUGLRSXOPRQDU$QWHVGHDEULUFRPSUREDUODSUH
VHQFLDGHQHXPRWyUD['HMDUFRQVWDQFLDGHJURVRUGHODJUDVDVXEFXWi
QHD,QPHGLDWDPHQWHGHVSXpVGHDEULOHOSHFKRHYDOXDUODVFDYLGDGHV
SOHXUDOHV\HOVDFRGHOSHULFDUGLRSDUDGHWHFWDUODSUHVHQFLDGHVDQJUHR
GHRWURÁXLGR\GHVFULELU\FXDQWLÀFDUWRGRÁXLGRSUHVHQWH*XDUGDUWRGR
ÁXLGR SUHVHQWH KDVWD H[SOLFDU OD SUHVHQFLD GH REMHWRV H[WUDxRV 7RPDU
QRWDGHODSUHVHQFLDGHHPEROLVPRJDVHRVRFDUDFWHUL]DGRSRUVDQJUH
HVSXPRVDGHQWURGHODDXUtFXOD\HOYHQWUtFXORGHUHFKRV7UD]DUWRGDOH
VLyQDQWHVGHH[WUDHUORVyUJDQRV6LQRKD\VDQJUHHQRWURVVLWLRVWRPDUXQD
PXHVWUDGLUHFWDPHQWHGHOFRUD]yQ([DPLQDUHOFRUD]yQWRPDQGRQRWD
GHO JUDGR \ OD XELFDFLyQ GH HQIHUPHGDG DUWHULDO FRURQDULD R GH RWUDV
DQRPDOtDV([DPLQDUORVSXOPRQHVWRPDQGRQRWDGHWRGDDQRPDOtD

LLL ([DPLQDU HO DEGRPHQ \ GHMDU FRQVWDQFLD GH OD FDQWLGDG GH JUDVD
VXEFXWiQHD5HWHQHUJUDPRVGHWHMLGRDGLSRVRSDUDHYDOXDFLyQWR[L
FROyJLFD7RPDUQRWDGHODLQWHUUHODFLRQHVGHORVyUJDQRV7UD]DUWRGDV
ODV OHVLRQHV DQWHV GH H[WUDHU ORV yUJDQRV 7RPDU QRWD GH WRGR ÁXLGR R
VDQJUHSUHVHQWHHQODFDYLGDGSHULIRQHD\JXDUGDUODKDVWDH[SOLFDUOD
SUHVHQFLDGHREMHWRVH[WUDxRV*XDUGDUWRGDODRULQD\ELOLVSDUDH[DPHQ
OH[LFROyJLFR

LY ([WUDHU H[DPLQDU \ GHMDU FRQVWDQFLD GH OD LQIRUPDFLyQ FXDQWLWDWL

YDDFHUFDGHOKtJDGRED]RSiQFUHDVULxRQHV\JOiQGXODVDGUHQDOHV
*XDUGDUSRUORPHQRVJUDPRVGHFDGDXQRGHORVULxRQHV\HOKtJD

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

GRSDUDHYDOXDFLyQWR[LFROyJLFD([WUDHUHOWUDFWRJDVWURLQWHVWLQDO\H[D
PLQDUHOFRQWHQLGR7RPDUQRWDGHORVDOLPHQWRVSUHVHQWHV\GHVXJUDGR
GHGLJHVWLyQ*XDUGDUHOFRQWHQLGRGHOHVWyPDJR6LVHGHVHDKDFHUXQD
HYDOXDFLyQ OH[LFROyJLFD PiV GHWDOODGD GHEH JXDUGDUVH HO FRQWHQLGR
GHRWUDVUHJLRQHVGHOWUDFWRJDVWURLQWHVWLQDO([DPLQDUHOUHFWR\HODQR
SDUDKDOODUTXHPDGXUDVODFHUDFLRQHVXRWURWLSRGHOHVLRQHV8ELFDU\
UHWHQHUWRGRVORVREMHWRVH[WUDxRVSUHVHQWHV([DPLQDUODDRUWDODYHQD
FDYDLQIHULRU\ORVYDVRVLOtDFRV

Y([DPLQDUORVyUJDQRVGHODSHOYLVLQFOXLGRVORVRYDULRVODVWURPSDVGH
)DORSLRHO~WHURODYDJLQDORVWHVWHVODSUyVWDWDODVYHVtFXODVVHPLQD
OHVODXUHWUD\ODYHMLJD7UD]DUODVOHVLRQHVDQWHVGHH[WUDHUORVyUJDQRV
([WUDHUORVyUJDQRVFXLGDGRVDPHQWHDÀQGHQROHVLRQDUORV7RPDUQRWD
GHWRGDVHxDOGHHPEDUD]RDQWHULRURDFWXDODERUWRRSDUWR*XDUGDU
WRGRV ORV REMHWRV H[WUDxRV KDOODGRV HQ OD FHUYL] HO ~WHUR OD YDJLQD OD
XUHWUDRHOUHFWR

YL 3DOSDU OD FDEH]D \ H[DPLQDU ODV VXSHUÀFLHV H[WHUQDV H LQWHUQDV GHO

FXHURFDEHOOXGRWRPDQGRQRWDGHWRGRWUDXPDRKHPRUUDJLD7RPDU
QRWDGHWRGDIUDFWXUDFUDQHDQD([WUDHUODEyYHGDGHOFUiQHRFXLGDGR
VDPHQWH\WRPDUQRWDGHORVKHPDWRPDVHSLGXUDOHV\VXEGXUDOHV&XDQ
WLÀFDUSHVDU\JXDUGDUWRGRKHPDWRPDSUHVHQWH([WUDHUODGXUDDÀQGH
H[DPLQDUODVXSHUÀFLHLQWHUQDGHOFUiQHRSDUDGHWHUPLQDUODSUHVHQFLD
GHIUDFWXUDV([WUDHUHOFHUHEUR\WRPDUQRWDGHWRGDDQRPDOtD'LVHF
FLRQDU\GHVFULELUWRGDVODVOHVLRQHV'HEHFRPHQWDUVHHVSHFLDOPHQWHOD
DWURÀDGHODFRUWH]DFHUHEUDO\DVHDIRFDORJHQHUDOL]DGD

YLL (YDOXDU ORV YDVRV FHUHEUDOHV *XDUGDU SRU OR PHQRV  JUDPRV GH
WHMLGRGHOFHUHEURSDUDHYDOXDUORVGHVGHHOSXQWRGHYLVWDOH[LFROyJLFR
6XPHUJLUHOFHUHEURHQÀMDGRUDQWHVGHOH[DPHQVLHVORLQGLFDGR

YLLL([DPLQDUHOFXHOORXQDYH]H[WUDtGRVHOFRUD]yQ\HOFHUHEUR\GHV
SXpVGHKDEHUGUHQDGRORVYDVRVGHOFXHOOR([WUDHUORVyUJDQRVGHOFXH
OORWHQLHQGRFXLGDGRGHQRIUDFWXUDUHOKLRLGHV'LVHFFLRQDU\GHVFULELU
WRGDV ODV OHVLRQHV ([DPLQDU OD PXFRVD GH OD ODULQJH VLQXV SLULIRUPHV \
HVyIDJR\WRPDUQRWDGHSHWHTXLDHGHPDRTXHPDGXUDFDXVDGDVSRU
VXVWDQFLDFRUURVLYDV7RPDUQRWDGHWRGRDUWtFXORRVXVWDQFLDTXHVHHQ
FXHQWUHHQODO~PLQDGHHVDVHVWUXFWXUDV([DPLQDUODWLURLGHV6HSDUDU\
H[DPLQDUODVSDUDWLURLGHVVLHVIiFLOLGHQWLÀFDUODV


 L['LVHFFLRQDUORVP~VFXORVGHOFXHOORWRPDQGRQRWDGHODVKHPRUUD
JLDV([WUDHUWRGRVORVyUJDQRVLQFOXLGDODOHQJXD'LVHFFLRQDUORVP~V
FXORVGHORVKXHVRV\DQRWDUWRGDIUDFWXUDGHOKLRLGHVRGHORVFDUWtODJRV
WLURLGHVRFULFRLGHRV

[([DPLQDUODHVSLQDFHUYLFDOWRUi[LFD\OXPEDU([DPLQDUODVYpUWHEUDV
GHVGHVXVDVSHFWRVDQWHULRUHV\DQRWDUWRGDIUDFWXUDGLVORFDFLyQFRP
SUHVLyQRKHPRUUDJLD([DPLQDUODVYpUWHEUDV3XHGHREWHQHUVHÁXLGRFH
UHEURHVSLQDOVLHVLQGLFDGRKDFHUPiVHYDOXDFLRQHVWR[LFROyJLFDV

[L (Q ORV FDVRV HQ TXH VH VRVSHFKH TXH KD\ OHVLRQHV HVSLQDOHV GLVHF
FLRQDU\GHVFULELUODPpGXODHVSLQDO([DPLQDUODPpGXODFHUYLFDODQWH
ULRUPHQWH\WRPDUQRWDGHWRGDKHPRUUDJLDGHORVP~VFXORVSDUDYHUWH
EUDOHV(OH[DPHQSRVWHULRUHVPHMRUSDUDHYDOXDUODVOHVLRQHVFHUYLFDOHV
DOWDV$EULUHOFDQDOHVSLQDO\H[WUDHUODPpGXOD+DFHUFRUWHVWUDQVYHUVD
OHVFDGDFP\DQRWDUWRGDDQRUPDOLGDG

O 8QD YH] FRPSOHWDGD ODDXWRSVLDGHMDUFRQVWDQFLDGHORVHVSHFtPHQHV

TXHVHKD\DQJXDUGDGR3RQHUHWLTXHWDDWRGRVORVHVSHFtPHQHVFRQHO
QRPEUHTXHVHKD\DQJXDUGDGR3RQHUHWLTXHWDDWRGRVORVHVSHFtPHQHV
FRQHOQRPEUHGHORFFLVRHOQ~PHURGHLGHQWLÀFDFLyQGHODDXWRSVLDOD
IHFKD\ODKRUDHQTXHVHUHFRJLHURQHOQRPEUHGHOSURVHUWRU\HOFRQWH
QLGR&RQVHUYDUFXLGDGRVDPHQWHWRGDSUXHED\GHMDUFRQVWDQFLDGHOD
FDGHQDGHFXVWRGLDFRQORVIRUPXODULRVFRUUHVSRQGLHQWHVGHVDOLGD
L+DFHUWRGRVORVH[iPHQHVWR[LFROyJLFRV\JXDUGDUSDUWHGHODVPXHV
WUDVH[DPLQDGDVSDUDSHUPLWLUVXUHH[DPHQ

7HMLGRVFRPRFXHVWLyQGHUXWLQDJXDUGDUJUDPRVGHKtJDGR\UL
xyQ3XHGHQJXDUGDUVHPXHVWUDVFHUHEUDOHVGHSHOR\GHWHMLGRDGLSRVR
SDUDKDFHUQXHYRVHVWXGLRVHQORVFDVRVHQTXHVHVRVSHFKHHOXVRGH
GURJDVYHQHQRVXRWURVWy[LFRV

)OXLGRVFRPRFXHVWLyQGHUXWLQDGHEHQJXDUGDUVHFFVLHVSRVLEOH
GHVDQJUHJLUDU\JXDUGDUVXHURHQWRGDVRDOJXQDVGHODVSUREHWDV
WRGD OD RULQD GLVSRQLEOH KXPRU YtWUHR \ FRQWHQLGR HVWRPDFDO 'HEH
JXDUGDUVHELOLVFRQWHQLGRGHOWUDFWRJDVWURLQWHVWLQDOUHJLRQDO\ÁXLGRFH
UHEURHVSLQDOHQORVFDVRVHQTXHVHVRVSHFKHHOXVRGHGURJDVYHQHQRV
XRWURVWy[LFRV'HEHJXDUGDUVHÁXLGRRUDOYDJLQDO\UHFWDOHQORVFDVRV
HQTXHVHVRVSHFKHDJUHVLyQVH[XDO

 ï ĝ č ğ ď Ė ċ Ê Ď ď Ė Ê ÷ ē Ę ē ĝ Ğ ď Ĝ ē ę Ê ú Ɲ Č Ė ē č ę
 ÷ċĘğċĖÊîďĖÊþƌčĘēčęÊøďčĜęĚĝēċĎęĜ

'HEHQSURFHVDUVHKLVWROyJLFDPHQWHPXHVWUDVUHSUHVHQWDWLYDVGHWR
GRVORVyUJDQRVSULQFLSDOHVLQFOXLGRVODV]RQDVGHWHMLGRQRUPDO\WRGR
WHMLGRQRUPDO\GHEHQFRORFDUVHFRQKHPDWR[LOLQD\HRVLQD\ORVFROR
UDQWHVTXHUHVXOWHQLQGLFDGRV'HEHQPDQWHQHUVHLQGHÀQLGDPHQWHORV
SRUWDREMHWRVWHMLGRVK~PHGRV\EORTXHVGHSDUDÀQD

(QWUHODVSUXHEDVTXHGHEHQJXDUGDUVHÀJXUDQ
 7RGRREMHWRH[WUDxRLQFOXLGRVORVSUR\HFWLOHVIUDJPHQWRVGHSUR
\HFWLOHV SHUGLJRQHV FXFKLOORV \ ÀEUDV 'HEHQ VRPHWHUVH ORV SUR
\HFWLOHVDDQiOLVLVEDOtVWLFRV
 7RGDVODVYHVWLPHQWDV\ORVHIHFWRVSHUVRQDOHVGHORFFLVRTXHXVD
EDRVHKDOODEDQHQVXSRVHVLyQHQHOPRPHQWRGHVXPXHUWH
 /DVXxDV\ODVUDVSDGXUDVGHEDMRGHHOODV
 3HORVDMHQRV\GHOSXELVHQFDVRVHQTXHVHVRVSHFKHDJUHVLyQ
VH[XDO
 3HORVGHODFDEH]DHQORVFDVRVHQTXHVHDGLVFXWLEOHHOOXJDUGH
ODPXHUWHRODXELFDFLyQGHOFDGiYHUDQWHVGHVHUGHVFXELHUWR

- 'HVSXpVGHODDXWRSVLDGHEHQUHVWLWXLUVHHQHOFDGiYHUWRGRVORVyUJDQRV
TXHQRVHYD\DQDFRQVHUYDU\GHEHHPEDOVDPDUVHELHQHOFDGiYHUD
ÀQGHIDFLOLWDUXQDVHJXQGDDXWRSVLDVLVHGHVHDKDFHUHQDOJ~QPRPHQ
WRIXWXUR

N (OLQIRUPHHVFULWRGHODDXWRSVLDGHEHUHIHULUVHDWRGRVORVDVXQWRVTXHVH
GHVWDFDQHQQHJULOODVHQHOSURWRFROR$OFRQFOXLUHOLQIRUPHGHODDXWRS
VLDGHEHQUHVXPLUVHODVFRQFOXVLRQHV\ODFDXVDGHODPXHUWH(OORGHEH
LQFOXLU ODV REVHUYDFLRQHV GHO SURVHFWRU HQ TXH VH DWULEX\DQ ODV OHVLRQHV
DWUDXPDVH[WHUQRVLQWHUYHQFLRQHVWHUDSpXWLFDVFDPELRVSRVWHULRUHVDO
GHFHVRRDRWUDVFDXVDV'HEHKDFHUVHXQLQIRUPHFRPSOHWRDODVDXWR
ULGDGHVFRPSHWHQWHV\DODIDPLOLDGHORFFLVR