You are on page 1of 5

 &203257$0,(17263(50,6,926<$&&,'(17(6


 ¢4XpVRQORV&RPSRUWDPLHQWRV3HUPLVLYRV"

/RV FRPSRUWDPLHQWRV SHUPLVLYRV GH HMHFXWLYRV VXSHUYLVRUHV \
WUDEDMDGRUHV ORV GHEHPRV HQWHQGHU FRPR DTXHOORV TXH VH GHEHQ RPLWLU \
SHUPLWLPRV TXH VH OOHYHQ D FDER \ DTXHOORV TXH GHEHPRV UHDOL]DU \ TXH
SHUPLWLPRVTXHQRVHUHDOLFHQ



 ¢4XpHVORTXHHVSHFtILFDPHQWHSHUPLWLPRV"

&RPSRUWDPLHQWRVGHHMHFXWLYRVVXSHUYLVRUHV\WUDEDMDGRUHVTXHSHUPLWHQ
ODJHQHUDFLyQ\UHSHWLFLyQGHDFWRVLQFRUUHFWRV

&RPSRUWDPLHQWRVGHHMHFXWLYRVVXSHUYLVRUHV\WUDEDMDGRUHVTXHSHUPLWHQ
ODJHQHUDFLyQ\SHUPDQHQFLDGHFRQGLFLRQHVSHOLJURVDV

(VWD SHUPLVLYLGDG HVWi SUHVHQWH HQ PD\RU R PHQRU JUDGR HQ WRGRV ORV
QLYHOHV GH OD RUJDQL]DFLyQ HMHFXWLYRV PDQGRV PHGLRV VXSHUYLVRUHV
WUDEDMDGRUHV FRPLWpV GH VHJXULGDG EULJDGDV GH UHVFDWH \ FRQWURO GH
LQFHQGLRV\H[SHUWRVHQSUHYHQFLyQGHULHVJRV

/RV HMHFXWLYRV SHUPLWHQ TXH VH GHVDUUROOH XQD JHVWLyQ GH SUHYHQFLyQ
LQVXILFLHQWHHQODRUJDQL]DFLyQ

/RVHMHFXWLYRV\VXSHUYLVRUHVSHUPLWHQTXHORVWUDEDMDGRUHVFRPHWDQDFWRV
LQFRUUHFWRV

/RV HMHFXWLYRV \ VXSHUYLVRUHV SHUPLWHQ TXH VH JHQHUHQ \ VH PDQWHQJDQ
FRQGLFLRQHVLQVHJXUDVHQORVOXJDUHVGHWUDEDMR

/RVWUDEDMDGRUHVSHUPLWHQTXHVXVFRPSDxHURVFRPHWDQDFWRVLQFRUUHFWRV
\VHDXWRSHUPLWHQFRPHWHUORVHOORVPLVPRV

/RV WUDEDMDGRUHV SHUPLWHQ TXH HQ VXV OXJDUHV GH WUDEDMR VH JHQHUHQ \
PDQWHQJDQFRQGLFLRQHVLQVHJXUDV

5

(VWRV FRPSRUWDPLHQWRV KDFHQ D OD RUJDQL]DFLyQ GpELO \ SURSHQVD D VXIULU
OHVLRQHV GDxRV \R GHWHULRURV GH WRGR WLSR \D TXH QDGLH VH SUHRFXSD OR
VXILFLHQWH

6LXQWUDEDMDGRUUHVEDOD\FDHHQVXOXJDUGHWUDEDMRDOSLVDUXQDPDQFKD
GH DFHLWH OD LQYHVWLJDFLyQ GHO DFFLGHQWH LQGLFDUi TXH OD FDXVD IXH OD
PDQFKD GH DFHLWH HQ HO SLVR \ FRPR PHGLGD FRUUHFWLYD OLPSLDUOD  (VWDV
FRQFOXVLRQHV GH OD LQYHVWLJDFLyQ QR QRV SHUPLWHQ UHVSRQGHU D ODV
SUHJXQWDV

¢3RU TXp VH JHQHUy OD PDQFKD GH DFHLWH HQ HO SDVLOOR" ¢3RU TXp
SHUPDQHFLyODPDQFKDHQHOSDVLOOR"

/DV UHVSXHVWDV D HVWDV SUHJXQWDV QRV SHUPLWLUiQ GHWHUPLQDU ORV
FRPSRUWDPLHQWRV SHUPLVLYRV TXH SHUPLWLHURQ TXH VH JHQHUDUD OD PDQFKD
GHDFHLWH\TXHSHUPLWLHURQTXHSHUPDQHFLHUDHQHOSDVLOOR






















6
 &RPSRUWDPLHQWRV3HUPLVLYRV&UtWLFRV

(Q ORV WUDEDMRV HQ HVSDFLRV FRQILQDGRV H[LVWH OD SRVLELOLGDG GH TXH VH
JHQHUHQ FRPSRUWDPLHQWRV SHUPLVLYRV FUtWLFRV HQWHQGLGRV FRPR DTXHOORV
TXH SHUPLWHQ OD UHSHWLFLyQ GH DFWRV LQFRUUHFWRV \ OD SHUPDQHQFLD GH
FRQGLFLRQHVLQVHJXUDVTXHWLHQHQHOSRWHQFLDOGHJHQHUDUDFFLGHQWHVJUDYHV
\IDWDOHV

6H GHEH LGHQWLILFDU SULRULWDULDPHQWH WRGDV DTXHOODV WDUHDV HQ HVSDFLRV
FRQILQDGRV TXH SXHGHQ JHQHUDU FRPSRUWDPLHQWRV FRQ FRQVHFXHQFLDV GH
DFFLGHQWHVJUDYHV\IDWDOHV


/RV FRPSRUWDPLHQWRV FUtWLFRV PiV FRPXQHV  HQ HO WUDEDMR HQ HVSDFLR
FRQILQDGRVRQORVVLJXLHQWHV


 7UDEDMDUHQDWPyVIHUDVWy[LFDV


 6ROGDUHQDWPyVIHUDVLQIODPDEOHV


 7UDEDMDUHQDWPyVIHUDVFRQGpILFLWGHR[tJHQR















7
 3UREDELOLGDGHQHO$FFLGHQWH


¢&8È/(6621/$6&216(&8(1&,$6352%$%/(6'(/$&&,'(17("
/DV FRQVHFXHQFLDV SUREDEOHV TXH SXHGH VXIULU XQ WUDEDMDGRU DO UHSHWLU XQ
FRPSRUWDPLHQWR SHUPLVLYR QR VH SXHGHQ SUHGHFLU SXHGH LU GH XQD
FRQWXVLyQOHYHDVXIULUXQDOHVLyQLQFDSDFLWDQWHJUDYHRODPXHUWH



¢48e75$%$-$'2538('(68)5,5(/$&&,'(17("
5HVSRQGHU D HVWD SUHJXQWD HV LPSRVLEOH \D TXH FXDOTXLHU WUDEDMDGRU TXH
UHSLWD XQ FRPSRUWDPLHQWR SHUPLVLYR SXHGH VXIULU XQ DFFLGHQWH FRQ
FRQVHFXHQFLDVJUDYHV\IDWDOHV



¢&8È1'22&855,5È(/$&&,'(17("
'HWHUPLQDU FXiQGR SXHGH RFXUULU XQ DFFLGHQWH HV LPSRVLEOH SXHGH VHU
KR\PDxDQDHQXQPHVHQXQDxRHQYDULRVDxRVODVSUREDELOLGDGHVVRQ
LQILQLWDV\QRVHSXHGHQSUHGHFLU
/RV WUDEDMDGRUHV GHEHQ WHQHU VLHPSUH SUHVHQWH TXH DO SHUPLWLU TXH VH
UHSLWDQ ORV DFWRV LQFRUUHFWRV \ VH PDQWHQJDQ ODV FRQGLFLRQHV LQVHJXUDV
HVWiQ JHQHUDQGR OD SRVLELOLGDG FLHUWD GH OD RFXUUHQFLD GH XQ DFFLGHQWH
FX\DVFRQVHFXHQFLDVQRVHSXHGHQSUHGHFLUSHURTXHVLVHSXHGHQHYLWDUDO
FRQWURODUHVWRVFRPSRUWDPLHQWRVSHUPLVLYRV













8
 &DUJDV6LFROyJLFDV\$FFLGHQWHV*UDYHV



/DV FDUJDV VLFROyJLFDV VRQ DTXHOORV HYHQWRV GHO GLDULR YLYLU TXH SXHGHQ
DOWHUDUQXHVWUDQRUPDOLGDGQXHVWUDVFDSDFLGDGHV\QXHVWUDVKDELOLGDGHV

3XHGHQVHUVLWXDFLRQHVIHOLFHVFRPRHOQDFLPLHQWRGHXQKLMRTXHHOHTXLSR
GH I~WERO IDYRULWR VDOLy FDPSHyQ HWF  7DPELpQ SXHGHQ VHU VLWXDFLRQHV
QHJDWLYDV FRPR OD PXHUWH GH XQ VHU TXHULGR OD KRVSLWDOL]DFLyQ GHO
FyQ\XJHHQWUHRWURV

/DV SHUVRQDV QRUPDOPHQWH FRQWURODQ ORV DVSHFWRV GDxLQRV GH VXV
FRPSRUWDPLHQWRV LQFRUUHFWRV FRQ VX KDELOLGDG SHUVRQDO &RPR VROGDU HQ
DWPyVIHUDVLQIODPDEOHVRWUDEDMDUHQXQDDWPyVIHUDFRQGpILFLWGHR[tJHQR

/D SHUVRQD TXH UHSLWH XQ DFWR LQFRUUHFWR DO HVWDU VRPHWLGD D XQD FDUJD
VLFROyJLFDSXHGHH[SHULPHQWDUXQDDOWHUDFLyQHQVXVKDELOLGDGHVSRUORTXH
SXHGHQ DXPHQWDU ODV SUREDELOLGDGHV GH VXIULU XQ DFFLGHQWH  'HEHPRV
WHQHUVLHPSUHSUHVHQWHTXHODVFDUJDVVLFROyJLFDVVRQSDUWHGHODYLGD\QR
VH SXHGHQ HYLWDU OR TXH Vt SRGHPRV HYLWDU VRQ ORV DFWRV LQFRUUHFWRV
UHSHWLGRV

3RUHVWDUD]yQSRGHPRVDILUPDUTXHXQDFWRLQFRUUHFWR UHSHWLGRPiVXQD
FDUJD VLFROyJLFD QRUPDOPHQWH JHQHUD XQ DFFLGHQWH JUDYH TXH LQFOXVR
SXHGHSURGXFLUODPXHUWH






You might also like