Diferenciacion Entre Fondos Propios y Ajenos V Premio

Premio para trabajos cortos de investigación
en Contabilidad “Carlos Cubillo Valverde”

(V Edición)
DIFERENCIACIÓN ENTRE
FONDOS PROPIOS Y AJENOS
Miguel Ángel Villacorta Hernández

q
',)(5(1&,$&,Ð1(175(
)21'263523,26<$-(126
0LJXHOÉQJHO9LOODFRUWD+HUQiQGH]
3UHPLRSDUD7UDEDMRV&RUWRVGH,QYHVWLJDFLyQHQ&RQWDELOLGDG
©&DUORV&XELOOR9DOYHUGHª9(GLFLyQ0RGDOLGDGE
1,32
,6%1
'/ 0
,1',&(
3iJLQDV
$8725
,QWURGXFFLyQ
'LIHUHQFLDFLyQSULPDULDGHODPDVDGHSDVLYR
'LIHUHQFLDFLyQFOiVLFD
$WHQGHUDODQDWXUDOH]DGHODVDFFLRQHV
&ULWHULRILVFDO
&RQVLGHUDUHOQHWRFRPRYDORUUHVLGXDO
$WHQGHUDOFULWHULRGHSHUPDQHQFLD
$FHSWDUHOQHWRJDUDQWtDIUHQWHDWHUFHURV
$FHSWDUHOQHWRFRPRLQVWUXPHQWRGHOGHUHFKRPHU
FDQWLOSDUDDOFDQ]DUVXVREMHWLYRV
3URSXHVWDSDUDHVWUXFWXUDUODPDVDGHSDVLYR
$SOLFDFLyQGHOFULWHULRHFRQyPLFRVREUHODVDFFLRQHV
SULYLOHJLDGDV
$FFLRQHVSULYLOHJLDGDVHQHOUHVFDWH
$FFLRQHVSULYLOHJLDGDVHQHOGHUHFKRDSDUWLFLSDUGHODV
JDQDQFLDV
&RQFOXVLRQHV
5HIHUHQFLDV%LEOLRJUiILFDV
³³
0LJXHOÉQJHO9LOODFRUWD+HUQiQGH]KDWUDEDMDGRFRPRFRQWDEOH
HQYDULDVHPSUHVDV\GHVDUUROODGRVXDFWLYLGDGGRFHQWHHQGLYHUVRVFHQ
WURVS~EOLFRV\SULYDGRV
$FWXDOPHQWHUHDOL]DVXODERULQYHVWLJDGRUDEDMRODVXSHUYLVLyQ\GLUHFFLyQ
GH&DUPHQ1RUYHUWR/DERUGDHQHO'HSDUWDPHQWRGH(FRQRPtD)LQDQ
FLHUD\&RQWDELOLGDG,,GHOD8QLYHUVLGDG&RPSOXWHQVHGH0DGULG
,1752'8&&,Ð1
/DFRQWDELOLGDGQRUPDOL]DGDHVWDEOHFHXQDGLIHUHQFLDFLyQHQWUHHOSDVLYRH[LJL
EOH\HOQHWRPX\LQIOXHQFLDGDSRUFRQGLFLRQDQWHVMXUtGLFRVWDQWRPHUFDQWLOHVFRPR
ILVFDOHV/DWRPDGHGHFLVLRQHVUHTXLHUHXQDFRQFHSFLyQPiVFHUFDQDDORVFULWHULRV
HFRQyPLFRV(QHVWHWUDEDMRLQWHQWDUHPRVRIUHFHUXQFULWHULRGLIHUHQFLDGRUDOWHUQD
WLYRDFRUGHFRQHVWDLGHDGHIRUPDTXHD\XGHDVROXFLRQDUDOJXQRVSUREOHPDVTXH
HOWUDWDPLHQWRDFWXDOQRUHVXHOYHFRPRODVDFFLRQHVSULYLOHJLDGDV
(VWDLQYHVWLJDFLyQSURSRQHDXPHQWDUODXWLOLGDGGHODLQIRUPDFLyQFRQWDEOHSRU
PHGLRGHODGLIHUHQFLDFLyQHFRQyPLFDGHODPDVDGHSDVLYR\GHODFRQVLGHUDFLyQGH
ODVDFFLRQHVSULYLOHJLDGDVFRPRLQVWUXPHQWRVILQDQFLHURV
'LIHUHQFLDFLyQSULPDULDGHODPDVDGHSDVLYR
/DFLHQFLDFRQWDEOHSUHFLVDGLIHUHQFLDUODVIXHQWHVGHILQDQFLDFLyQGHODHPSUHVD
WUDGLFLRQDOPHQWHXWLOL]DXQFULWHULREDVDGRHQSUHFHSWRVMXUtGLFRVSDUDGLIHUHQFLDUHO
SDVLYRH[LJLEOHGHOQHWR$VtGLIHUHQFLDGRVSDUWLGDVIRQGRVSURSLRV\IRQGRVDMH
QRVGHWDOIRUPDTXHODGHILQLFLyQGHIRQGRVSURSLRVVHIXQGDPHQWDHQODH[LVWHQFLD
GHXQRVSURSLHWDULRVGHODHQWLGDGWpUPLQRGHQDWXUDOH]DFODUDPHQWHMXUtGLFD(Q
WHQGHUTXHORVIRQGRVSURSLRVVRQODVSDUWLGDVSURSLHGDGGHORVDFFLRQLVWDVHVDGPL
WLGRSRUHO)$6%´HOQHWRHVHOUHIOHMRGHORVGHUHFKRV\ULHVJRVGHORV
SURSLHWDULRVµHO,$6%ÓRVIRQGRVSURSLRVVLUYHQSDUDUHIOHMDUORVGHUH
FKRVGHORVDFFLRQLVWDVSDUDUHFLELUGLYLGHQGRVRHOUHHPEROVRGHOFDSLWDOµ\$(&$
ÓRVUHFXUVRVSURSLRVFRQVWLWX\HQODSDUWLFLSDFLyQGHORVSURSLHWDULRVHQ
ODILQDQFLDFLyQGHODHPSUHVDµ
³³
/DGLIHUHQFLDFLyQGHOSDVLYREDVDGDHQHOFULWHULRMXUtGLFRGHSURSLHGDGHVLQ
FRQVLVWHQWHFRQODWHRUtDFRQWDEOHGHHQWLGDGGHVYLUW~DVXVLJQLILFDFLyQHFRQyPL
FDQRUHFRQRFHHOFUHFLHQWHSRGHUGHORVDGPLQLVWUDGRUHVHQODVHPSUHVDV\QR
VDWLVIDFHDGHFXDGDPHQWHODUHVROXFLyQGHFLHUWRVSUREOHPDVFRPRODVDFFLRQHV
SULYLOHJLDGDV
/DVROXFLyQSURSXHVWDHQHVWDLQYHVWLJDFLyQHVDEDQGRQDUHOFULWHULRMXUtGLFRGH
SURSLHGDGSDUDGLIHUHQFLDUHOSDVLYRDFHSWDQGRHOFULWHULRHFRQyPLFRGHH[LJLELOL
GDG6HJ~QHVWRXQSDVLYRQRH[LJLEOHVHUiODILQDQFLDFLyQTXHQRREOLJDDODHPSUHVD
DHQWUHJDUULTXH]DKDVWDHOPRPHQWRGHODOLTXLGDFLyQ\XQDIXHQWHGHILQDQFLDFLyQ
VHUiSDVLYRH[LJLEOHVLODHPSUHVDHVWiREOLJDGDDHQWUHJDUULTXH]DDQWHVGHODIHFKD
GHOLTXLGDFLyQGHODVRFLHGDG
(OQHWRHVXQWpUPLQRFRQWDEOHPLHQWUDVTXHORVFRQFHSWRVIRQGRVSURSLRV
UHFXUVRVSURSLRVQHWRSDWULPRQLDORSDWULPRQLRQHWRVRQLQWHUSUHWDFLRQHV
GHOQHWRFRQVLGHUDGDVEDMRFULWHULRVPHUFDQWLOHVRILVFDOHV/DVLQWHUSUHWDFLR
QHVGHOQHWRTXHUHDOL]DODOHJLVODFLyQPHUFDQWLOVRQWRWDOPHQWHYiOLGDVSDUD
DOFDQ]DUVXVREMHWLYRVSHURQRSDUDDOFDQ]DUORVREMHWLYRVFRQWDEOHVTXHQRU
PDOPHQWHVRQGLIHUHQWHV7UDGLFLRQDOPHQWHVHHTXLSDUDHOWpUPLQRMXUtGLFRIRQ
GRVSURSLRVDOWpUPLQRFRQWDEOHQHWRPLHQWUDVTXHFRQHODFHUFDPLHQWRD
FULWHULRVHFRQyPLFRVVHLJXDODHOWpUPLQRFRQWDEOHQHWRDOUHTXLVLWRHFRQyPLFR
GHQRH[LJLELOLGDG
$FRQWLQXDFLyQVRQHQXPHUDGDVODVSURSXHVWDVSDUDGLIHUHQFLDUHOSDVLYR
'LIHUHQFLDFLyQFOiVLFD
'HQWURGHORVFULWHULRVPHUFDQWLOHVODSURSXHVWDFOiVLFDGLIHUHQFLDHQWUHODV
HPLVLRQHVGHDFFLRQHV\GHGHXGDSHUIHFWDPHQWHLGHQWLILFDEOHVHQWUHVtSRUHOFRQ
MXQWRGHVXVFDUDFWHUtVWLFDV
(VWDGLIHUHQFLDFLyQFRQVLVWHHQUHJLVWUDUFRPRSURSLHWDULRVDORVWLWXODUHVGHODV
HPLVLRQHVGHDFFLRQHVWHQLHQGRVXVUHFXUVRVODFRQVLGHUDFLyQFRQWDEOHGHIRQGRV
SURSLRVSDVLYRQRH[LJLEOHRQHWR3RURWURODGRORVWLWXODUHVGHODVHPLVLRQHVGH
GHXGDVRQFRQVLGHUDGRVDFUHHGRUHVSUHVWDPLVWDV\QRSURSLHWDULRVHVWDQGRUHJLV
WUDGRVGHQWURGHOSDVLYRH[LJLEOHRUHFXUVRVDMHQRV
/DVFDUDFWHUtVWLFDVTXHGLIHUHQFLDQORVIRQGRVSURSLRVGHODVGHXGDVTXHGDQUH
IOHMDGDVHQHOFXDGURQ~PHUR
³³
&XDGUR&DUDFWHUtVWLFDVGLIHUHQFLDGRUDVFOiVLFDVHQWUHSDVLYR\QHWR
3$6,9212(;,*,%/( 3$6,92(;,*,%/(
6,*1,),&$'2 $SRUWDFLyQGHORVSURSLHWDULRVDOD $SRUWDFLyQGHORVDFUHHGRUHVR
VRFLHGDGTXHDXPHQWDGRVR SUHVWDPLVWDVGHODHQWLGDG
GLVPLQXLGRVDORODUJRGHODYLGDGH
ODHPSUHVDVHUiQORVUHFXUVRVGH
ORVTXHVHEHQHILFLDUiQORV
DFFLRQLVWDVVHDFRPRGLYLGHQGRVR
FRPRFXRWDGHOLTXLGDFLyQ
5(35(6(17$&,Ð1 $FFLRQHV 7tWXORVGHGHXGDHQWUHHOORVORV
/(*$/ HPSUpVWLWRV
5(75,%8&,Ð1 &RQFHGHXQUHQGLPLHQWRHQ &RQFHGHXQUHQGLPLHQWRSUHILMDGRHQOD
IXQFLyQGHOUHVXOWDGRGHODHPSUHVD HPLVLyQLQGHSHQGLHQWHGHODH[LVWHQFLD
RQRGHUHVXOWDGRV
*2%,(512 3HUPLWHDVXWLWXODUSDUWLFLSDUHQOD 1RSHUPLWHDVXWLWXODUSDUWLFLSDUHQOD
JHVWLyQGHODHPSUHVDPHGLDQWHHO JHVWLyQGHODHPSUHVD~QLFDPHQWHWLHQH
HMHUFLFLRGHVXVGHUHFKRVSROtWLFRV GHUHFKRDHVWDULQWHJUDGRHQXQD
DVRFLDFLyQGHGHIHQVD
+$%(5/Ì48,'2 (QFDVRGHOLTXLGDFLyQFREUDQ (QFDVRGHOLTXLGDFLyQVRQORVSULPHURV
5(68/7$17('(/$ GHVSXpVGHORVDFUHHGRUHV HQFREUDU
/,48,'$&,Ð1
326,&,Ð1$17(/$6 3XHGHYHUVHDIHFWDGRSRUODV 1RVHYHDIHFWDGRSRUODVSpUGLGDV
3e5','$6 SpUGLGDV VDOYRORVWUDVSDVRVDOQHWR
'85$&,Ð1 6XUJHSDUDTXHSHUGXUHHQHO 6XUJHSDUDVHUDPRUWL]DGR
WLHPSRGXUDFLyQLQGHWHUPLQDGD
*$5$17Ì$6 1RWLHQHJDUDQWtDV 3XHGHWHQHUJDUDQWtDV
)XHQWH(ODERUDFLyQSURSLD
/DFODVLILFDFLyQDQWHULRUHV~WLOSDUDODPD\RUtDGHODVHPLVLRQHVGHODHPSUHVD
SHURHQFLHUWRVUHFXUVRVILQDQFLHURVVXUJHQGXGDVVREUHVXQDWXUDOH]D$XQTXHODOt
QHDWHyULFDHQWUHSDVLYRH[LJLEOH\QHWRHVWpFODUDHQODSUiFWLFDQRVHHQFXHQWUD
ELHQGHILQLGDDORTXHKD\TXHDxDGLUTXH´HOQRPEUHFRQFHGLGRDXQLQVWUXPHQWR
SXHGHQRFRLQFLGLUFRQODHVHQFLDGHVXVFDUDFWHUtVWLFDVµ%HUOH\0HDQV
)$6%/DHVWULFWDGLIHUHQFLDFLyQFOiVLFDVHKDTXHGDGRREVROHWDSXHVTXH
GDQVLQRUGHQDFLyQOyJLFDODVREOLJDFLRQHVFRQYHUWLEOHVVLQRSFLyQGHUHHPEROVRODV
REOLJDFLRQHVSHUSHWXDVODILQDQFLDFLyQVXERUGLQDGD\ODVDFFLRQHVUHVFDWDEOHV
$WHQGHUDODQDWXUDOH]DGHODVDFFLRQHV
(VWDDOWHUQDWLYDFRQVLVWHHQUHJLVWUDUWRGDVODVDFFLRQHVFRPRQHWRVHDQRUGL
QDULDVRSULYLOHJLDGDV)$6%
(VWHFULWHULRQRSDUHFHDGHFXDGRSDUDGLIHUHQFLDUODPDVDGHSDVLYRGHOQHWR
SRUWHQHUFDUiFWHUSDUFLDO\DTXHHOQHWRQRVyORYDDHVWDUFRQVWLWXLGRSRUDFFLR
³³
QHVDGHPiVFLHUWDVDFFLRQHVSULYLOHJLDGDVWLHQHQODVPLVPDVFDUDFWHUtVWLFDVTXHODV
GHXGDV\VHUtDPX\GLItFLOFRQVLGHUDUODVQHWR
(O)$6%LQWHQWDFRQIHFFLRQDUXQDHVSHFLILFDFLyQGHORVGHUHFKRV

TXHGHEHWHQHUXQDDFFLyQSDUDVHUFRQVLGHUDGDQHWRFRQFOX\HQGRTXHHVWRVGHUH
FKRVVRQHOGHYRWR\HOGHUHFKRDUHFLELUXQLQWHUpVUHVLGXDO$ORVLQFRQYHQLHQWHV
DQWHULRUHVKD\TXHDxDGLUTXHHVWDFODVLILFDFLyQQRUHFRJHUtDFRPRQHWRQLQJXQDDF
FLyQVLQYRWRQLUHVFDWDEOHWHQJDODVFDUDFWHUtVWLFDVHFRQyPLFDVTXHWHQJD
&ULWHULRILVFDO
(VWHFULWHULRDSR\DGRSRU+DUWPDQHWDO\(SVWHLQ\0LU]D

FRQVLVWHHQLGHQWLILFDUODVFXDOLGDGHVILVFDOHVFRQODVFRQWDEOHV6HJ~QHVWRORV
LQWHUHVHVGHODVGHXGDVVRQJDVWRVILVFDOHVGHGXFLEOHVILVFDOPHQWH\SRUWDQWRJDV
WRVFRQWDEOHVGHGXFLEOHVGHORVLQJUHVRVSDUDFDOFXODUHOEHQHILFLRFRQWDEOHPLHQ
WUDVTXHORVGLYLGHQGRVGHODVDFFLRQHVVRQGHGXFLEOHVILVFDOPHQWH\SRUWDQWRQR
UHGXFHQORVLQJUHVRVFRQWDEOHV
$GHPiVGHVHUSDUFLDOODGLIHUHQFLDFLyQQRHVUHSUHVHQWDWLYDDHIHFWRVFRQWD
EOHV\DTXHODVOH\HVILVFDOHVVRQXQWLSRGHUHJXODFLyQFRQREMHWLYRV\ILQDOLGDGHV
SURSLDVGLIHUHQWHVGHODVFRQWDEOHV
/DSULQFLSDOQRUPDWLYDGRQGHVHDSOLFDODGLIHUHQFLDFLyQGHOQHWRHQIXQFLyQGH
FULWHULRVILVFDOHVHVODUHDOL]DGDSRU7KH'HSDUWPHQWRIWKH7UHDVXU\F
HVWDGRXQLGHQVHTXHFRQVLGHUDIRQGRVSURSLRVDODV'XFWFKDXFWLRQUDWHSUHIHUUHGVWRFN
DFFLRQHVSULYLOHJLDGDVFRQXQDUHPXQHUDFLyQSRUPHGLRGHXQD´VXEDVWD+RODQGHVDµR
´VXEDVWDDODEDMDµEDViQGRVHH[FOXVLYDPHQWHHQFRQVLGHUDFLRQHVILVFDOHV
&RQVLGHUDUHOQHWRFRPRYDORUUHVLGXDO
2WUDDOWHUQDWLYDSDUDGLIHUHQFLDUODVSDUWLGDVGHOQHWRHVFRQVLGHUDUDpVWHFRPR
XQUHVLGXRXQDYH]GHGXFLGRVORVSDVLYRVGHORVDFWLYRV(VWHFULWHULRHVDSR\DGR
SRUJUDQSDUWHGHODV3URSXHVWDVGH0DUFR&RQFHSWXDODFWXDOPHQWHHVWDEOHFLGDV
$,&3$,$6%F)$6%1=6$$6%
2(&)\$(&$
3RUHMHPSORSDUDHO)$6%ÓRVIRQGRVSURSLRVVRQXQLQWHUpVUHVL

GXDOGHVSXpVGHGHGXFLUODVGHXGDVGHORVDFWLYRVµHO,$6%FGHILQHHOQHWR
FRPRÓDSDUWHUHVLGXDOGHORVDFWLYRVGHODHPSUHVDXQDYH]GHGXFLGDVWRGDVVXV
REOLJDFLRQHVµ\$(&$ORFRQVLGHUDFRPROD´GLIHUHQFLDHQWUHHOYDORU
GHORVDFWLYRV\SDVLYRVH[LJLEOHVµ
³³
'HILQLUXQWpUPLQRHQIXQFLyQGHRWURQRHVXQFULWHULRGHFODVLILFDFLyQFRQVLV
WHQWH$QWKRQ\FRPSDUWHVXLQDGHFXDFLyQFXDQGRVHxDODTXHÓDGHILQL
FLyQGHQHWRFRPRYDORUUHVLGXDOHVSRFRUHSUHVHQWDWLYDµ
$WHQGHUDOFULWHULRGHSHUPDQHQFLD
(VWHHQIRTXHSURSRQHODSHUPDQHQFLDFRPRFDUDFWHUtVWLFDGLIHUHQFLDGRUDHQWUH
SDVLYRH[LJLEOH\QHWR$ODVSDUWLGDVGHQHWRVHOHVVXSRQHXQFDUiFWHUGHSHUPD
QHQFLDHVGHFLUQDFHQFRQODLQWHQFLyQGHSHUGXUDUHQODHQWLGDGKDVWDTXHVHGL
VXHOYD3RURWUDSDUWHHOSDVLYRH[LJLEOHQDFHSDUDVHUH[LJLGRHQXQSOD]RVHDD
FRUWRRDODUJRSOD]RHVWRHVVHILMDXQPRPHQWRDQWHULRURSRVWHULRUSHURVLQFRQ
FHGHUODFDOLILFDFLyQGHSHUPDQHQWH
/DDFHSWDFLyQGHHVWHFULWHULRREOLJDDFRQVLGHUDUSDVLYRH[LJLEOHDWRGDVODVPRGD
OLGDGHVGHDFFLRQHVUHVFDWDEOHV\DTXHQRSRVHHQXQFDUiFWHUGHSHUPDQHQFLDDOQDFHU
FRQHOFODURGHVWLQRGHVHUDPRUWL]DGDV3RUHOFRQWUDULRODGHXGDSHUSHWXDGHEHUtDHQ
WHQGHUVHFRPRSDUWHGHORVIRQGRVSURSLRVGHELGRDVXFDUiFWHUGHSHUPDQHQFLD
8QHMHPSORGHGLIHUHQFLDFLyQHQWUHIRQGRVSURSLRV\DMHQRVHQYLUWXGGHODGX
UDFLyQHVODOHJLVODFLyQEDQFDULDHVSDxRODGHOD´/H\GHGHPD\RVREUHFRH
ILFLHQWHVGHLQYHUVLyQUHFXUVRVSURSLRV\REOLJDFLRQHVGHLQIRUPDFLyQµODFXDO
SUHVHQWDFRPRUHFXUVRVSURSLRVDUWHDODILQDQFLDFLyQVXERUGLQDGD
(OFULWHULRGLIHUHQFLDGRUGHSHUPDQHQFLDQRHVYiOLGRSXHVFLHUWDVHPLVLRQHVGH
DFFLRQHVUHVFDWDEOHV\ODWRWDOLGDGGHODVGHXGDVSHUSHWXDVGHVYLUW~DQODFODVLILFD
FLyQ\DTXHWUDVHODQiOLVLVGHODVFDUDFWHUtVWLFDVGHODVHPLVLRQHVQRSDUHFHDGHFXD
GRFRQVLGHUDUDWRGDVODVDFFLRQHVUHVFDWDEOHVFRPRGHXGD\DWRGDODGHXGD
SHUSHWXDFRPRQHWR
$FHSWDUHOQHWRFRPRJDUDQWtDIUHQWHDWHUFHURV
6HJ~QHVWHHQIRTXHHOQHWRUHFRJHODVSDUWLGDVTXHSXHGHQVHUYLUGHJDUDQWtDD
ORVDFUHHGRUHV(OHMHPSORPiVFODURHVODUHJXODFLyQHVWDEOHFLGDHQ7KH2IILFHRIWKH
&RPSWUROOHURIWKH&XUUHQF\HVWDGRXQLGHQVH'HSDUWPHQWRIWKH7UHDVXU\D
GRQGHVHLGHQWLILFDQFRPRQHWRODVSDUWLGDVTXHSXHGHQVHUJDUDQWtDIUHQWHDWHUFH
URV\FRPRSDVLYRH[LJLEOHODVTXHQRSXHGHQVHUYLUFRPRWDOJDUDQWtD
/DLQDGHFXDFLyQGHHVWHFULWHULRSDUDODFRQWDELOLGDGVHGHULYDGHWUHVUD]RQHV
ODVSDUWLGDVTXHFRQFHGHQJDUDQWtDDODVRFLHGDGQRVRQWRGDVODVTXHFRPSRQHQHO
³³
QHWRVLQRGHHOODVODVTXHVRQLQGLVSRQLEOHVSRVHHORVPLVPRVSUREOHPDVTXHHO
FULWHULRGHYDORUUHVLGXDO\DTXHGHSHQGHGHODGHILQLFLyQGHOFRQFHSWRGHDFUHHGR
UHV\SRU~OWLPRODVPRWLYDFLRQHVGHSURWHFFLyQGHORVDFUHHGRUHVVRQPHUFDQWL
OHVSHURQRFRQWDEOHV
$FHSWDUHOQHWRFRPRLQVWUXPHQWRGHOGHUHFKRPHUFDQWLOSDUDDOFDQ]DUVXV
REMHWLYRV
6HJ~QHVWDSURSXHVWDGHDFHSWDFLyQJHQHUDOL]DGDHOQHWRHVHOFRQMXQWRGHUH
FXUVRVSURSLHGDGGHORVGXHxRVGHODHPSUHVDTXHSHUPLWHQFRQVHJXLUHOREMHWLYR
GHSURPRYHUODVHJXULGDGHQHOWUiILFRPHUFDQWLO
/DOHJLVODFLyQPHUFDQWLOGHEHUHJXODUPHGLGDVGHOQHWRSDUDORVLQFUHPHQWRVGH
FDSLWDOFRQFDUJRDUHVHUYDVDUW75/6$UHGXFFLyQSRUFRPSHQVDFLyQGHSpU
GLGDVDUW75/6$\IXVLRQHVDUW75/6$$QWHHVWDVLWXDFLyQODVGLIHUHQ
WHVOHJLVODFLRQHVUHDOL]DQXQDLQWHUSUHWDFLyQGHOQHWRFRQWDEOHGHODHPSUHVDEDVDGD
HQXQRVFULWHULRV\REMHWLYRVTXHSHUPLWDFRQVHJXLUODVHJXULGDGHQHOWUiILFRPHU
FDQWLO
(VWDVSURSXHVWDVLQGHSHQGLHQWHPHQWHGHVXGHQRPLQDFLyQLQWHQWDQGHILQLU
XQDDXQDODVSDUWLGDVLQWHJUDQWHVGHOQHWRHQIXQFLyQGHOQLYHOGHVHJXULGDGHOHJLGR
(VWHFULWHULRHVLQDGHFXDGR\DTXHDQWHSRQHODILQDOLGDGGHVHJXULGDGMXUtGLFD
SRUHQFLPDGHODUDFLRQDOLGDG\ODFRKHUHQFLDSRUHMHPSORQRH[LVWHUD]yQOyJLFDSDUD
FRQVLGHUDUORVSUpVWDPRVSDUWLFLSDWLYRVFRPRUHFXUVRVSURSLHGDGGHODFFLRQLVWD
$FRQWLQXDFLyQVHDQDOL]DQODVGLIHUHQWHVLQWHUSUHWDFLRQHVGHOFRQFHSWRFRQWD
EOHGHQHWRGHILQLGDVSRUODOHJLVODFLyQPHUFDQWLORSRUODFRQWDELOLGDGDFRJLpQGRVHDFUL
WHULRVPHUFDQWLOHV(VWDVGHILQLFLRQHVHQFXDOTXLHUDGHORVGRVFDVRVSHUPLWHQREWHQHU
XQRVREMHWLYRVPHUFDQWLOHVSHURSXHGHQLPSHGLUDOFDQ]DUXQUHIOHMRGHODUHDOLGDGHFR
QyPLFDGHODHPSUHVD\DTXHpVWHQRHVVXREMHWLYRDODKRUDGHGHILQLUOR
(O3*&LQFOX\HODVVLJXLHQWHVSDUWLGDVHQHOWpUPLQRIRQGRVSURSLRV6XEJUXSR
&DSLWDO6XVFULWR6XEJUXSR5HVHUYDV5HPDQHQWH$SRUWDFLyQGHVRFLRV
SDUDFRPSHQVDFLyQGHSpUGLGDV%HQHILFLRGHHMHUFLFLRVDQWHULRUHV²5HVXOWDGRVQH
JDWLYRGHHMHUFLFLRVDQWHULRUHV²'LYLGHQGRDFWLYRDFXHQWDHQWUHJDGRHQHOHMHUFLFLR²
$FFLRQHVSURSLDVSDUDUHGXFFLyQGHFDSLWDO3pUGLGDV\*DQDQFLDVGHOHMHUFLFLR
3RUVXSDUWH$(&$DFRQVLGHUD

FRPRWpUPLQRVVLQyQLPRVORVIRQGRVSURSLRVUHFXUVRVSURSLRV\QHWRSDWULPRQLDO
³³
´/RVUHFXUVRVSURSLRVIRUPDGRVSRUHOFDSLWDOODVUHVHUYDV\RWUDVSDUWLGDVDVLPLODGDV
DpVWDVFRQVWLWX\HQODSDUWLFLSDFLyQGHORVSURSLHWDULRVHQODILQDQFLDFLyQGHOD
HPSUHVD7DPELpQSXHGHQGHILQLUVHFRPRODGLIHUHQFLDHQWUHHOYDORUGHORVDF
WLYRV\SDVLYRVH[LJLEOHV\FRPRWDOGLIHUHQFLDUHFLEHQHOQRPEUHGHQHWRSDWULPRQLDO
RIRQGRVSURSLRVµ
3DUD$(&$ORVUHFXUVRVSURSLRVVHUiQODVXPDGHOFDSLWDOVRFLDOSULPDGHHPL
VLyQUHVHUYDVEHQHILFLRVGHHMHUFLFLRVDQWHULRUHVUHPDQHQWHDSRUWDFLRQHVSDUD
FRPSHQVDUSpUGLGDV\HOEHQHILFLRGHOHMHUFLFLRPLQRUDGRSRUHOFDSLWDOQRGHVHP
EROVDGRDFFLRQHVSURSLDVSHUGLGDVGHHMHUFLFLRVDQWHULRUHVGLYLGHQGRDFWLYRD
FXHQWD\ODVSpUGLGDVGHOHMHUFLFLR
(YLGHQWHPHQWHODPDJQLWXGGHQRPLQDGDSRU$(&$FRPRIRQGRVSURSLRV
UHFXUVRVSURSLRVRQHWRSDWULPRQLDOQRFRLQFLGHFRQHOPRQWDQWHGHIRQGRVSUR
SLRVGHOPRGHORGHEDODQFHSURSXHVWRSRUHO3*&\DTXHODVSDUWLGDVDLQFOXLUHQ
DPERVFDVRVVRQGLIHUHQWHV3DUDREWHQHUODPDJQLWXG´)RQGRVSURSLRVµGH$(&$
GHEHPRVUHVWDUGHORV´)RQGRV3URSLRVµGHO3*&ODVSDUWLGDV$FFLRQLVWDVSRUGH
VHPEROVRVQRH[LJLGRV$FFLRQLVWDVSRUGHVHPEROVRVH[LJLGRV$FFLRQLVWDVSRU
DSRUWDFLRQHVQRGLQHUDULDVSHQGLHQWHV$FFLRQHVSURSLDV\$FFLRQHVSURSLDVDFRU
WRSOD]R
(O75/6$GHILQHODHVWUXFWXUDGHODRUGHQDFLyQHQHOEDODQFHLQFOX\HQGRHQHO
WpUPLQRIRQGRVSURSLRVODVPLVPDVSDUWLGDVTXHHO3*&SHURDGHPiVXWLOL]DHOWpU
PLQR´KDEHUVRFLDOµGHIRUPDHTXLYDOHQWHDOFRQFHSWR´SDWULPRQLRQHWRµDUWtFXORV
\GHO75/6$
/D/H\GH6RFLHGDGHVGH5HVSRQVDELOLGDG/LPLWDGDDUWtFXORV\GHQRPLQD

DOQHWR´SDWULPRQLRFRQWDEOHµSHURHQHODQWHSUR\HFWRGHOD/65/DUWtFXORV\
XWLOL]DEDFRPRVLQyQLPRGH´SDWULPRQLRFRQWDEOHµORVWpUPLQRV´SDWULPRQLR
VRFLDOµ´SDWULPRQLRQHWRFRQWDEOHµ\´KDEHUVRFLDOµ
(O,&$&ILMDHOYDORUGHOSDWULPRQLRQHWRSDUDUHVROYHUODFRPSD

UDFLyQSDUDILQHVPHUFDQWLOHVGHHVWDSDUWLGDFRQHOFDSLWDOVRFLDOHQGRVRSH
UDFLRQHVHQODGLVROXFLyQGHVRFLHGDGHVPHUFDQWLOHV\HQODUHGXFFLyQ
REOLJDWRULDGHFDSLWDOVRFLDO/DILQDOLGDGGHHVWDQRUPDQRHVFRUUHJLUHOFRQ
FHSWRGHOSDWULPRQLRQHWRVLQRHVWDEOHFHUVXFiOFXORSDUDXQDVRSHUDFLRQHVGH
WHUPLQDGDVIXHUDGHOiPELWRFRQWDEOHRUGLQDULRSRUORTXHVHDxDGHQRWUDV
SDUWLGDVDORVIRQGRVSURSLRV/DVSDUWLGDVDLQFOXLUDWDOHIHFWRSXHGHQREVHUYDU
VHHQHOFXDGURQ~PHUR
³³
&XDGUR)LMDFLyQGHOYDORUGHOSDWULPRQLRQHWRSRUSDUWHGHO,&$&DHIHFWRV
GHODGLVROXFLyQGHVRFLHGDGHVPHUFDQWLOHV\ODUHGXFFLyQREOLJDWRULD
GHFDSLWDOVRFLDO
1RUPDVGHO,&$&SDUDFDOFXODUHOSDWULPRQLRFRQWDEOHDHIHFWRVGHGLVPLQXLUFDSLWDOVRFLDO\
GLVROXFLyQ
&DSLWDO6XVFULWR
3ULPDGHHPLVLyQ
5HVHUYDGHUHYDORUL]DFLyQ
5HVHUYD/HJDO
5HVHUYDSDUDDFFLRQHVSURSLDV
5HVHUYDSDUDDFFLRQHVGHODVRFLHGDGGRPLQDQWH
5HVHUYDHVWDWXWDULD
2WUDVUHVHUYDV
5HPDQHQWH
$SRUWDFLRQHVGHVRFLRVSDUDFRPSHQVDUSpUGLGDV
5HVXOWDGRVQHJDWLYRVGHHMHUFLFLRVDQWHULRUHV
3pUGLGDV\JDQDQFLDVGHOHMHUFLFLR
'LYLGHQGRVDFXHQWDHQWUHJDGRVHQHOHMHUFLFLR
$FFLRQHVSURSLDVSDUDUHGXFFLyQGHFDSLWDO
6XEYHQFLRQHVGHFDSLWDO
'LIHUHQFLDVSRVLWLYDVGHFDPELR
,QJUHVRVILVFDOHVSRUGLIHUHQFLDVSHUPDQHQWHVDGLVWULEXLUHQYDULRVHMHUFLFLRV
,QJUHVRVILVFDOHVSRUGHGXFFLRQHV\ERQLILFDFLRQHVDGLVWULEXLUHQYDULRVHMHUFLFLRV
3UpVWDPRVSDUWLFLSDWLYRV
$FFLRQHVSURSLDV
$FFLRQHVSURSLDVDFRUWRSOD]R
(O,$6%GHILQHHOFRQFHSWRGHSDWULPRQLRQHWRGHXQDIRUPDGLIHUHQWHDO3*&
75/6$\$(&$3DUDGHWHUPLQDUHOSDWULPRQLRQHWRGHO,$6%SDUWLHQGRGHODLQIRU
PDFLyQVXPLQLVWUDGDSRUHOPRGHORGHEDODQFHUHFRJLGRHQHO3*&KDEUtDTXHGH
GXFLUGHODDJUXSDFLyQGHOSDVLYR´$)RQGRVSURSLRVµODVSDUWLGDV´%9$FFLRQHV
SURSLDVµ\´&9$FFLRQHVSURSLDVDFRUWRSOD]Rµ
(O)$6%SRUVXSDUWHUHDOL]DXQDGHILQLFLyQPX\DPSOLDGHVXFRQVLGH

UDFLyQGHQHWRORTXHLPSLGHDFRPHWHUXQDFRPSDUDFLyQÉHQHILFLRVQRGLVWUL
EXLGRVUHYDORUL]DFLRQHVGHDFWLYRVDMXVWHVSRUPDQWHQLPLHQWRGHOSRGHU
DGTXLVLWLYRGHOFDSLWDOODVVXEYHQFLRQHVGHOFDSLWDO\FRPRHOHPHQWRSULQFLSDOOD
DSRUWDFLyQGHORVSURSLHWDULRVµ
/DVGHILQLFLRQHVGHO,$6%3*&$(&$\75/6$GHEHQHQWHQGHUVHFRPRXQD
LQWHUSUHWDFLyQHQWpUPLQRVMXUtGLFRVGHODYDORUDFLyQGHODULTXH]DTXHSHUWHQHFHD
ORVSURSLHWDULRV(QHVWHFDVRORVWpUPLQRVSDWULPRQLRQHWRUHFXUVRVSURSLRVQHWR
SDWULPRQLDOIRQGRVSURSLRVSDWULPRQLRVRFLDOSDWULPRQLRQHWRFRQWDEOH\KDEHU
³³
VRFLDOLQFOX\HQODULTXH]DGHODHPSUHVDTXHSHUWHQHFHDORVSURSLHWDULRVYDORUDGD
GHDFXHUGRDXQDVQRUPDVFRQFUHWDVGLFWDGDVSRUFDGDRUJDQLVPRSDUDFRQVHJXLU
XQDVILQDOLGDGHVPHUFDQWLOHV/DVGLIHUHQWHVLQWHUSUHWDFLRQHVGHOQHWRSXHGHQREVHU
YDUVHHQORVFXDGURVVLJXLHQWHVGRQGHDSDUHFHQODVGHQRPLQDFLRQHVRIUHFLGDVSRU
ORVGLIHUHQWHVRUJDQLVPRVDODVLQWHUSUHWDFLRQHVGHOQHWRFXDGURQ~PHUR\ODVGL
IHUHQWHVSDUWLGDVDLQFOXLUSRUFDGDXQRGHHOORVFXDGURQ~PHUR
&XDGUR'HQRPLQDFLyQXWLOL]DGDHQFDGDLQWHUSUHWDFLyQPHUFDQWLOGHOQHWR
25*$1,602 120(1&/$785$
,&$& 3DWULPRQLRFRQWDEOH
,$6% 3DWULPRQLRQHWR
3*& )RQGRVSURSLRV
$(&$ 5HFXUVRVSURSLRV\1HWRSDWULPRQLDO
75/6$ +DEHUVRFLDO\3DWULPRQLR
/65/ 3DWULPRQLRFRQWDEOH
&XDGUR3DUWLGDVDLQFOXLUHQFDGDLQWHUSUHWDFLyQPHUFDQWLOGHOQHWR
&21&(372 ,&$& ,$6% 3*& $(&$

6t 6t 6t 6t
&DSLWDO6XVFULWR
3ULPDGHHPLVLyQ 6t 6t 6t 6t
5HVHUYDGHUHYDORUL]DFLyQ 6t 6t 6t 6t
5HVHUYD/HJDO 6t 6t 6t 6t
5HVHUYDSDUDDFFLRQHVSURSLDV 6t 6t 6t 6t
5HVHUYDSDUDDFFLRQHVGHODVRFLHGDGGRPLQDQWH 6t 6t 6t 6t
5HVHUYDHVWDWXWDULD 6t 6t 6t 6t
2WUDVUHVHUYDV 6t 6t 6t 6t
5HPDQHQWH 6t 6t 6t 6t
$SRUWDFLRQHVGHVRFLRVSDUDFRPSHQVDUSpUGLGDV 6t 6t 6t 6t
5HVXOWDGRVQHJDWLYRVGHHMHUFLFLRVDQWHULRUHV 6t 6t 6t 6t
3pUGLGDV\JDQDQFLDVGHOHMHUFLFLR 6t 6t 6t 6t
'LYLGHQGRVDFXHQWDHQWUHJDGRVHQHOHMHUFLFLR 6t 6t 6t 6t
$FFLRQHVSURSLDVSDUDUHGXFFLyQGHFDSLWDO 6t 6t 6t 6t
6XEYHQFLRQHVGHFDSLWDO 6t 1R 1R 1R
'LIHUHQFLDVSRVLWLYDVGHFDPELR 6t 1R 1R 1R
,QJUHVRVILVFDOHVSRUGLIHUHQFLDVSHUPDQHQWHVD
GLVWULEXLUHQYDULRVHMHUFLFLRV 6t 1R 1R 1R
,QJUHVRVILVFDOHVSRUGHGXFFLRQHV\ERQLILFDFLRQHVD
GLVWULEXLUHQYDULRVHMHUFLFLRV 6t 1R 1R 1R
3UpVWDPRVSDUWLFLSDWLYRV 6t 1R 1R 1R
$FFLRQHVSURSLDV 6t 6t 1R 6t
$FFLRQHVSURSLDVDFRUWRSOD]R 6t 6t 1R 6t
&DSLWDOQRGHVHPEROVDGR 1R 1R 1R 6t
³³
7RGDVODVSURSXHVWDVDQWHULRUHVSRVHHQLQFRKHUHQFLDVFRQFHSWXDOHVSXHVQR
SUHVHQWDQXQFULWHULRFODURSDUDGLIHUHQFLDUODVSDUWLGDVGHODPDVDGHSDVLYR
3URSXHVWDSDUDHVWUXFWXUDUODPDVDGHSDVLYR
/DLQWHUSUHWDFLyQGHOQHWRQRSXHGHFRQVLGHUDUVHXQWHPD]DQMDGR´SX

GLHQGRH[LVWLURWURVSXQWRVGHYLVWDDOWHUQDWLYRVTXHGHQOXJDUDXQGHEDWHDELHUWRµ&D
xLEDQR
/DFRQWDELOLGDGGHEHSUHVFLQGLUGHORVWpUPLQRVSDWULPRQLRIRQGRVSURSLRVUH
FXUVRVSURSLRV\ODFRQVLGHUDFLyQGHORVDFFLRQLVWDVFRPRSURSLHWDULRVGHODHPSUH
VD\DTXHUHIOHMDQXQDFRQFHSFLyQMXUtGLFDGHOQHWR(O'LFFLRQDULRGHODOHQJXD
HVSDxROD\ODWRWDOLGDGGHWUDWDGRVGH'HUHFKR&LYLO\0HUFDQWLOFRQFHGHQDOWpUPL
QRSDWULPRQLRXQFULWHULRMXUtGLFRGHUHFXUVRVSURSLHGDGGHXQVXMHWRRVXMHWRV3R
GHPRVGHILQLUHOSDWULPRQLRFRPR´HOWpUPLQRMXUtGLFRTXHUHIOHMDHOFRQMXQWRGH
GHUHFKRV\REOLJDFLRQHVDGHFXDGDPHQWHYDORUDGRV\H[SUHVDGRVFRQVLJXLHQWHPHQWHHQ
WpUPLQRVFXDQWLWDWLYRVµ)HUQiQGH]3LUOD'HODPLVPDIRUPDORVWpUPLQRV
ÍRQGRVSURSLRVµ\ÚHFXUVRVSURSLRVµHVWiQFODUDPHQWHLQIOXHQFLDGRVSRUHOFULWH
ULRMXUtGLFRGHSURSLHGDGGHORVDFFLRQLVWDV
'HVGHHOSXQWRGHYLVWDHFRQyPLFRQRHVQHFHVDULRUHFRQRFHUVLORVELHQHVVRQ
SURSLHGDGGHORVDFFLRQLVWDVRGHWHUFHURVVLQRTXHODILQDQFLDFLyQGHODHPSUHVDVH
HQFXHQWUDGLYLGLGDHQUHFXUVRVH[LJLEOHVIUHQWHDODHQWLGDGHPLVRUD\HQUHFXUVRVQR
H[LJLEOHVIUHQWHDHOORVVLHQGRHVWRV~OWLPRVHQORVTXHODVRFLHGDGQRWLHQHREOLJD
FLyQGHHQWUHJDUULTXH]DKDVWDHOPRPHQWRGHODOLTXLGDFLyQ(VWHFULWHULRFRQVLVWH
SRUWDQWRHQLJXDODUHOFRQFHSWRFRQWDEOH´QHWRµFRQHOHFRQyPLFR´QRH[LJL
EOHµ
&RQODDSOLFDFLyQGHOFULWHULRHFRQyPLFRGHH[LJLELOLGDGDODFODVLILFDFLyQGHODV
SDUWLGDVGHSDVLYRODFRQWDELOLGDGFRQVHJXLUiQRUPDVFRQVLVWHQWHVTXHSHUPLWDQUH
VROYHUODVGXGDVVREUHODQDWXUDOH]DGHODVSDUWLGDV\VXFRQVLJXLHQWHUHJLVWUR
(OSDVLYRQRH[LJLEOHHVWDUtDIRUPDGRSRUODVIXHQWHVGHILQDQFLDFLyQTXHQR
REOLJDQDODHPSUHVDDHQWUHJDUULTXH]DKDVWDHOPRPHQWRGHODH[WLQFLyQ'HQWUR
GHORVSDVLYRVQRH[LJLEOHVVHLQFOXLUiQODVVLJXLHQWHVDSRUWDFLRQHVGHORVWLWXODUHVGH
LQVWUXPHQWRVILQDQFLHURVQRH[LJLEOHVODVSULPDVGHHPLVLyQORVEHQHILFLRVQRGLVWUL
EXLGRVHQFDGDHMHUFLFLRVHDQUHJLVWUDGRVHQUHVHUYDVRUHPDQHQWHODVGRQDFLR
QHVLQJUHVRVGLIHULGRV\VXEYHQFLRQHVQRUHLQWHJUDEOHV
³³
(QORVSDVLYRVQRH[LJLEOHVQRVHLQFOXLUtDQODVDSRUWDFLRQHVGHDFFLRQLVWDVFX\DV
FDUDFWHUtVWLFDVFRQWUDFWXDOHVFRQYLHUWDQHOWtWXORHQXQDIXHQWHGHILQDQFLDFLyQH[LJL
EOHDODVRFLHGDGDQWHVGHOPRPHQWRGHODOLTXLGDFLyQLQGHSHQGLHQWHPHQWHGHTXH
SRVHDQQDWXUDOH]DMXUtGLFDGHDFFLRQHV
(QWUHODVSDUWLGDVTXHPLQRUDQHOSDVLYRQRH[LJLEOHGHEHPRVVLWXDUODVSpUGLGDV
GHHVWHHMHUFLFLR\ODVSpUGLGDVDFXPXODGDVORVDFFLRQLVWDVSRUGHVHPEROVRVH[LJL
GRV\QRH[LJLGRVORVGLYLGHQGRVDFXHQWDGHODUHPXQHUDFLyQGHORVWtWXORVFRQVL
GHUDGRVQRH[LJLEOHV\ODVDFFLRQHVSURSLDVDFRUWR\ODUJRSOD]R
/RVEHQHILFLRVVRQUHFXUVRVJHQHUDGRVSRUODVRFLHGDGTXHQRSXHGHQVHUFRQ
VLGHUDGRVH[LJLEOHVSRUORTXHGHEHUHPRVUHJLVWUDUORVDXPHQWDQGRORVSDVLYRVQR
H[LJLEOHV3RUHOFRQWUDULRODVSpUGLGDVGHEHUiQVHUFRQVLGHUDGDVGLVPLQXFLyQGH
ORVSDVLYRVQRH[LJLEOHV/DDSOLFDFLyQGHHVWHFULWHULRWLHQHFRPRFRQVHFXHQFLDUH
FKD]DUWRGDVODVRSLQLRQHVTXHEDViQGRVHHQFULWHULRVMXUtGLFRVSURSRQHQQR
UHJLVWUDUODVSpUGLGDVGLVPLQX\HQGRHOQHWRSRUHMHPSOR0DUWtQH]\3UDGR
/DFXDUWDGLUHFWLYDSHUPLWHTXHODVDFFLRQHVSURSLDVVHLQFOX\DQRHQHODFWLYR
RFRQVLJQRQHJDWLYRHQHOSDVLYRQRH[LJLEOH'LIHUHQWHVSDtVHVHQWUHHOORV$OHPD
QLD(VSDxD)UDQFLD\HO5HLQR8QLGRKDQRSWDGRSRUUHJLVWUDUORVFRPRVLIXHVHQDF
WLYRV3DUHFHPiVDGHFXDGRUHIOHMDUODVDFFLRQHVSURSLDVFRQVLJQRQHJDWLYRHQHO
SDVLYRQRH[LJLEOHSRUTXH´LQFOXLUORVHQHODFWLYRFRQVWLWX\HDQWHSRQHUHOHQIRTXH
MXUtGLFRDOHQIRTXHHFRQyPLFRµ&HD0DUWtQH]&RQHVD
$WHQGLHQGRDVXVXVWDQFLDODVDFFLRQHVSURSLDVQRSXHGHQVHUDFHSWDGDVFRPR
XQDSDUWLGDGHDFWLYR\DTXHQRVRQXQPHGLRGHJHQHUDUULTXH]D/DVRFDVLRQHVHQ
TXHKDQVLGRFRQVLGHUDGDVDFWLYRVVHKDQLQFOXLGRHQXQDDJUXSDFLyQGHQRPLQDGD
DFWLYRVQRIXQFLRQDOHVSRUTXHQRD\XGDQDJHQHUDULQJUHVRV1RUYHUWR\%HUQDEHX
SHURHOWpUPLQRDFWLYRGHEHLUXQLGRREOLJDWRULDPHQWHFRQODFRQVLGHUD
FLyQGHLQYHUVLyQSDUDREWHQHUULTXH]DHQXQIXWXUR\ODVDFFLRQHVSURSLDVQRSR
VHHQWDOFRQGLFLyQ
/DYHUGDGHUDHVHQFLDHFRQyPLFDGHODVDFFLRQHVFRQWURODGDVSRUODHPSUHVDHV
XQDPHQRUFXDQWtDGHORVSDVLYRVQRH[LJLEOHVSXHVFXDQGRVHOLTXLGHODHPSUHVDORV
SRVHHGRUHVGHWtWXORVGHSDVLYRQRH[LJLEOHQRSRGUiQSDUWLFLSDUGHORVUHFXUVRVGH
WRGDVODVDFFLRQHVVXVFULWDVVLQR~QLFDPHQWHGHODVVXVFULWDVHQPDQRVGHWHUFHURV
/DVDFFLRQHVSURSLDVGHEHQVHUFRQVLGHUDGDVPHQRUYDORUGHOQHWRSRUTXHODDSRU
WDFLyQHIHFWLYDTXHHQVXGtDVHUHDOL]ySRVWHULRUPHQWHVHKDYLVWRDQXODGDDOSDVDU
DOFRQWUROGHODHPSUHVD
³³
/DSUHIHUHQFLDGHH[SRQHUODVDFFLRQHVSURSLDVFRPRPHQRUYDORUGHORVSDVL
YRVQRH[LJLEOHVHVFRPSDUWLGDSRUGLYHUVRVDXWRUHV\RUJDQLVPRVHQWUHHOORV&HD
(VWHR*DUFtD'tH]$(&$5LYHUR
7RUUH6,&\*R[HQV\*D\3DUD$(&$
´GHVGHXQSXQWRGHYLVWDHVWULFWDPHQWHILQDQFLHURVRQFRPSRQHQWHVQHJDWLYRVGHORVUH
FXUVRVSURSLRVSXHVWRTXHUHSUHVHQWDQXQDPHUPDGHILQDQFLDFLyQGHORVSURSLHWDULRV
DOWLHPSRTXHSRURWURODGRQRFRQVWLWX\HQXQDLQYHUVLyQRDFWLYRUHQWDEOHDOFDUHFHUGH
GHUHFKRVSDUDVXWLWXODUµ
(QFRQFOXVLyQDWHQGLHQGRDOFULWHULRHFRQyPLFRWRGDVODVDFFLRQHVSURSLDVGH
EHQUHJLVWUDUVHFRPRSDUWLGDVPLQRUDGRUDVGHORVSDVLYRVQRH[LJLEOHVDOLJXDOTXH
HOWUDWDPLHQWRFRQFHGLGRHQHORUGHQDPLHQWRFRQWDEOHHVSDxRODODVDFFLRQHVSUR
SLDVDGTXLULGDVHQHMHFXFLyQGHXQDFXHUGRGHUHGXFFLyQGHFDSLWDODFRUGDGRSRUOD
-XQWD*HQHUDOGH$FFLRQLVWDV\UHJXODGRHQHODUWtFXORGHO75/6$FXHQWD
GHO3*&
5HVSHFWRDOFDSLWDOVXVFULWRQRGHVHPEROVDGRGHLJXDOIRUPDTXHHQODVDF
FLRQHVSURSLDVH[LVWHQGRVDOWHUQDWLYDVSDUDPRVWUDUORVGLYLGHQGRVSDVLYRVDFWLYRV
RGLVPLQXFLyQGHOYDORUGHORVSDVLYRVQRH[LJLEOHV&RQVLGHUDUDORVGLYLGHQGRVSD
VLYRVFRPRDFWLYRVFRPRUHDOL]DHO3*&HVSDxRO´HVDQWHSRQHUHOHQIRTXHMX
UtGLFRDOHQIRTXHHFRQyPLFRµ&HD0DUWtQH]&RQHVD
*R[HQV\*D\6LQHPEDUJRDFHSWDQGRORVFULWHULRVHFRQyPLFRVQRGH
EHQVHUFRQFHSWXDGRVFRPRDFWLYRVSRUTXHQRSXHGHQVHUFRQVLGHUDGRVLQYHUVLR
QHVDOQRVHUHVIXHU]RVUHDOL]DGRVSRUODHPSUHVDSDUDFRQVHJXLUXQDXPHQWRGH
ULTXH]DIXWXUD
$SOLFDQGRORVFULWHULRVHFRQyPLFRVVHGHEHQUHJLVWUDUODVDSRUWDFLRQHVHIHFWL
YDVGHDFFLRQLVWDV\QRVXYDORUVXVFULWRSRUORTXHODVFXHQWDVGHGHVHPEROVRVSHQ
GLHQWHVGHORVDFFLRQLVWDVGHEHQWRPDUVHFRPRSDUWLGDVPLQRUDGRUDVGHORVSDVLYRVQR
H[LJLEOHVSXHVVRQPHQRUDSRUWDFLyQHIHFWLYDGHODULTXH]DUHFLELGD'HHVWDIRUPDVH
UHJLVWUDUtDODDSRUWDFLyQGHVHPEROVDGDFRPRSURSRQHHO%DQFRGH(VSDxD\
$(&$HQYH]GHODFLIUDQRPLQDOTXHSRVWXODHO3*&HVSDxRO
3RUVXSDUWHIRUPDUiQSDUWHGHOSDVLYRH[LJLEOHODVSDUWLGDVFX\RVWtWXORVFRQ
WUDFWXDOPHQWHFRQFHGDQDVXVWLWXODUHVHOGHUHFKRGHSRGHUH[LJLUULTXH]DGHODHP
SUHVDDQWHVGHODIHFKDGHH[WLQFLyQGHODVRFLHGDG(QWUHHOODVVHVLW~DQFLHUWDV
DFFLRQHVSULYLOHJLDGDVSURYLVLRQHVGHULHVJRV\JDVWRVGHXGDVXERUGLQDGDREOLJD
FLRQHVSHUSHWXDVGHVHPEROVRVSHQGLHQWHVGHDFFLRQHV\SDUWLFLSDFLRQHV\SRU~OWL
PRSUpVWDPRVSDUWLFLSDWLYRV
³³
$WHQGLHQGRDODVFDUDFWHUtVWLFDVFRQWUDFWXDOHVGHOWtWXORFLHUWDVFODVHVGHDF
FLRQHVSULYLOHJLDGDVSXHGHQVHUH[LJLEOHV\DTXHDXQTXHWHQJDQQDWXUDOH]DMXUtGL
FDGHDFFLRQHVODHPSUHVDHPLVRUDSXHGHHVWDUREOLJDGDDHQWUHJDUULTXH]DDORV
DFFLRQLVWDVDQWHVGHVXH[WLQFLyQ
5HVSHFWRDODVSURYLVLRQHVGHULHVJRV\JDVWRVODFODVLILFDFLyQHFRQyPLFDGHO
SDVLYRQRVHEDVDHQLGHQWLILFDUVXGLIHUHQWHQDWXUDOH]DMXUtGLFDQLVXFRQVLGHUDFLyQ
\UHVWULFFLRQHVOHJDOHVVLHQGRORIXQGDPHQWDODQDOL]DUVLODVFXHQWDVVRQH[LJLEOHVR
QRH[LJLEOHVSRUHVWDUD]yQODVSURYLVLRQHVGHULHVJRV\JDVWRVVRQSDVLYRVH[LJLEOHV
\DTXHODHPSUHVDWLHQHODREOLJDFLyQGHXWLOL]DUODVVLVHSURGXFHODVLWXDFLyQTXHREOL
JyDHVWDEOHFHUOD
8QDGHXGDHVVXERUGLQDGDVLOOHJDGDODOLTXLGDFLyQVHUiHQWUHJDGDDORVDFUHH
GRUHVHQXQPRPHQWRSRVWHULRUDOUHVWRGHODVGHXGDV/DQRUPDWLYDGHOD8(HQ
PDWHULDGHHQWLGDGHVGHFUpGLWR'LUHFWLYDFRQWHPSODDODILQDQFLDFLyQVX
ERUGLQDGDGHQWURGHORVIRQGRVSURSLRV6LQHPEDUJRORVWLWXODUHVGHHVWDVGHXGDV
SRVHHQHOGHUHFKRFRQWUDFWXDODH[LJLUODUHPXQHUDFLyQSHULyGLFDSRUORTXHFRQWD
EOHPHQWHGHEHQVHUFRQVLGHUDGRVSDVLYRVH[LJLEOHV
/DVREOLJDFLRQHVSHUSHWXDVVRQXWLOL]DGDVSULQFLSDOPHQWHSRUORVEDQFRVHVWD
GRXQLGHQVHVDXQTXHHVSRVLEOHHQFRQWUDUVXXWLOL]DFLyQHQRWURWLSRGHHPSUHVDV
$%1%HOOVRXWK&RFD&ROD&ROXPELD3HSVLFR6FDQGLQDYLDQ$LUOLQHV:DOW'LVQH\/D
SUiFWLFDJHQHUDOL]DGDHVUHJLVWUDUODVREOLJDFLRQHVSHUSHWXDVMXQWRDODVDFFLRQHVRU
GLQDULDVIRUPDQGRSDUWHGHORVIRQGRVSURSLRV&RRSHU\)UDVHU.RFK
:KLWHHWDO6LHOWLWXODUQRWXYLHUDHOGHUHFKRGHH[LJLUDODVR
FLHGDGHPLVRUDODUHPXQHUDFLyQQLHOUHHPEROVRILQDOGHVXDSRUWDFLyQKDVWDODOLTXL
GDFLyQODGHXGDGHEHUtDVHUUHJLVWUDGDFRPRSDVLYRQRH[LJLEOHSHURODV
REOLJDFLRQHVSHUSHWXDVFRQFHGHQHOGHUHFKRFRQWUDFWXDODVXVWLWXODUHVGHH[LJLUOD
UHPXQHUDFLyQSHULyGLFDTXHOHFRUUHVSRQGHSRUHVWDUD]yQGHEHVHUFRQWDELOL]DGD
FRPRSDVLYRH[LJLEOH
7RGRVORVGHVHPEROVRVSHQGLHQWHVVREUHDFFLRQHVVHDQDFRUWRSOD]RRD
ODUJRSOD]RGHEHQVHUUHJLVWUDGRVFRPRSDVLYRVH[LJLEOHV\DTXHODHPSUHVDHVWi
REOLJDGDDHQWUHJDUULTXH]DOOHJDGRHOPRPHQWRGHOUHLQWHJUR(VWDRSLQLyQGLVFUHSD
GHODOHJLVODFLyQHVSDxRODODFXDOREOLJDDUHJLVWUDUORVGHVHPEROVRVSHQGLHQWHVGH
DFFLRQHV\SDUWLFLSDFLRQHVDODUJRSOD]RHQHOHStJUDIH'9GHOSDVLYRPLHQWUDVTXH
VLVRQGHFRUWRSOD]RDSDUHFHQGLVPLQX\HQGRHODFWLYR$FWLYR',9HStJUDIHV\
/RVSUpVWDPRVSDUWLFLSDWLYRVDSDUHFHQUHJXODGRVHQ(VSDxDHQHODUWtFXOR
GHO´5'/GHGHMXQLRVREUHPHGLGDVXUJHQWHVGHFDUiFWHUILVFDO\GHIR
PHQWR\OLEHUDOL]DFLyQGHODDFWLYLGDGHFRQyPLFDµHOFXDOHVPRGLILFDGRSRUODGLV
³³
SRVLFLyQDGLFLRQDOVHJXQGDGHOD´/H\GHGHGLFLHPEUHGHPHGLGDVILV
FDOHVXUJHQWHVVREUHFRUUHFFLyQGHODGREOHLPSRVLFLyQLQWHUQDLQWHUVRFLHWDULD\VR
EUHLQFHQWLYRVDODLQWHUQDFLRQDOL]DFLyQGHODVHPSUHVDVµ(VWDILJXUDUHSUHVHQWDORV
SUpVWDPRVHQORVTXHODHQWLGDGSUHVWDPLVWDSHUFLEHXQLQWHUpVYDULDEOHGHWHUPLQD
GRHQIXQFLyQGHODHYROXFLyQGHODHPSUHVDEHQHILFLRQHWRYROXPHQGHQHJRFLR
SDWULPRQLRWRWDOGHODHPSUHVDSUHVWDWDULDRGHFXDOTXLHURWURHOHPHQWRTXHDFXHU
GHQODVSDUWHV$GHPiVGHOLQWHUpVYDULDEOHODVSDUWHVSXHGHQDFRUGDUXQLQWHUpVILMR
LQGHSHQGLHQWHGHODHYROXFLyQGHODDFWLYLGDGGHODHQWLGDGSUHVWDWDULD
/DOHJLVODFLyQPHUFDQWLOHVSDxRODFRQVLGHUDORVFUpGLWRVSDUWLFLSDWLYRVFRPRIRQ
GRVSURSLRVHQODPD\RUtDGHODVFLUFXQVWDQFLDVVHJ~QDSDUHFHHQVXUHGDFFLyQHQ
IXQFLyQGHODJDUDQWtDTXHFRQFHGHQDWHUFHURV
(O3*&QRFRQWLHQHQLQJXQDDOXVLyQDORVSUpVWDPRVSDUWLFLSDWLYRV~QLFDPHQWH
TXHGHEHDWHQGHUVHDODVFRQGLFLRQHVSDFWDGDVHQHOFRQWUDWR3*&0HPRULDDSW
GR/DUHJXODFLyQFRQWDEOHHVSDxRODVHUHFRJHHQHO,&$&HO
FXDOEDViQGRVHHQODOHJLVODFLyQPHUFDQWLOGHO5HDO'HFUHWR/H\GHGHMX
QLRFRQVLGHUDORVSUpVWDPRVSDUWLFLSDWLYRVFRPRIRQGRVSURSLRVORTXHVXSRQH
TXHODOHJLVODFLyQFRQWDEOHHVSDxRODVHIXQGDPHQWDHQORVFRQFHSWRVMXUtGLFRVSDUD
UHSUHVHQWDUHVWDILJXUD
%DMRFULWHULRVHFRQyPLFRVVLVHFXPSOHQXQDVHULHGHUHTXLVLWRVODHPSUHVDSR
VHHODREOLJDFLyQFRQWUDFWXDOGHUHVWLWXLUORVSUpVWDPRVSDUWLFLSDWLYRVSRUORTXHVX
QDWXUDOH]DHFRQyPLFDHVGHSDVLYRVH[LJLEOHV'HHVWDRSLQLyQSDUWLFLSDQ&HD
/DUULED\$(&$3RVHHQODPLVPDQDWXUDOH]DHFRQyPLFD
TXHXQDREOLJDFLyQFRQYHUWLEOHDXQTXHOHJDOPHQWHVRQGLIHUHQWHVSRUORTXHODFRQ
WDELOL]DFLyQGHEHVHUHQDPERVFDVRVLGpQWLFD
(QWUHODVSDUWLGDVTXHPLQRUDQHOSDVLYRH[LJLEOHVHHQFXHQWUDQORVJDVWRVD
GLVWULEXLUHQYDULRVHMHUFLFLRV(OYDORUHFRQyPLFRGHXQDGHXGDHVHOYDORUGH
UHHPEROVRPHQRVORVJDVWRVDGLVWULEXLUHQYDULRVHMHUFLFLRVQRVDQHDGRVSRUORTXH
HVWRVJDVWRVGHEHUtDQFRUUHJLUFRQVDOGRQHJDWLYRHOYDORUGHODVGHXGDVFRUUHVSRQ
GLHQWHV/RVJDVWRVGLIHULGRVSRUVHUXQDUHPXQHUDFLyQGHXQDGHXGDQRDOFDQ]D
UtDQODFRQVLGHUDFLyQGHDFWLYRVEDMRFULWHULRVHFRQyPLFRV(VWDRSLQLyQHV
FRPSDUWLGDSRU.ULSNH%HOORVWDV\*DOOHJRHWDO
\DVtVHLQFOX\HHQODV3URSXHVWDVGH0DUFR&RQFHSWXDOGHO,$6%1=6$
\$$5)
/DGLIHUHQFLDFLyQGHOSDVLYRHQSDVLYRH[LJLEOH\QRH[LJLEOHUHSRUWDUtDODVVL
JXLHQWHVYHQWDMDV
³³
• 7UDGLFLRQDOPHQWHHOYDORUWHyULFRGHODVDFFLRQHVQRWLHQHQLQJ~QVHQWLGR
HFRQyPLFR\DTXHHVWiYLFLDGRSRUFULWHULRVMXUtGLFRV$GHPiVH[LVWHQ
GXGDVVREUHODVSDUWLGDVDLQFOXLUHQORVSDWULPRQLRVQHWRVVREUHWRGRORV
LQJUHVRVDGLVWULEXLUHQYDULRVHMHUFLFLRV6iQFKH])HUQiQGH]GH9DOGHUUD
PD$QGLFRHFKHD\=XELDXUUH/DGLIHUHQFLDFLyQ
HFRQyPLFDGHOSDVLYRSHUPLWHFDOFXODUHOYDORUWHyULFRFRPRHOFRFLHQWH
HQWUHORVSDVLYRVQRH[LJLEOHV\HOQ~PHURGHDFFLRQHVFRQQDWXUDOH]DGH
SDVLYRQRH[LJLEOHPLQRUDGRSRUODVDFFLRQHVSURSLDV(VWHFULWHULRSHUPL
WHLGHQWLILFDUVLQGXGDVODVSDUWLGDVDLQFOXLUHQHOQXPHUDGRU\DGHPiVHOL
PLQDGHOFiOFXORODVDFFLRQHVFRQQDWXUDOH]DGHSDVLYRH[LJLEOH&RQHVWH
YDORUWHyULFRVHSXHGHFRQRFHUVLHVQHFHVDULRH[LJLUWHyULFDPHQWHXQD
SULPDGHHPLVLyQRHOGHUHFKRSUHIHUHQWHGHVXVFULSFLyQHQXQDDPSOLD
FLyQGHFDSLWDO\SHUPLWLUODYDORUDFLyQGHODXGLWRUHQODH[FOXVLyQGHOGH
UHFKRSUHIHUHQWHGHVXVFULSFLyQDUW75/6$
• $SUR[LPDUHOQHWRDOSDVLYRQRH[LJLEOHFRQOOHYDTXHODGLIHUHQFLDFLyQGH
ODPDVDGHSDVLYRVHDYiOLGDWDQWRSDUDHPSUHVDVOXFUDWLYDVFRPRQROX
FUDWLYDVHVWRKDFHLQQHFHVDULRODGLIHUHQFLDFLyQGHOQHWRSDUDDPERVWLSRV
GHHQWLGDGHVTXHUHDOL]DQFLHUWRVRUJDQLVPRVHQWUHHOORV1=6$
$HIHFWRVGHHVWDLQYHVWLJDFLyQORIXQGDPHQWDOHVTXHGHULYDGRGHOFULWHULRGH
H[LJLELOLGDGHVSRVLEOHUHFRQRFHUDOJXQDVHPLVLRQHVGHDFFLRQHVTXHWLHQHQQDWXUD
OH]DGHSDVLYRH[LJLEOHGHMDQGRGHVHUHQWRGRVORVFDVRVQHWR/DLGHQWLILFDFLyQFOD
VLILFDFLyQ\FRQWDELOL]DFLyQGHHVWDVHPLVLRQHVHVXQDPDWHULDSHQGLHQWHGHUHVROYHU
SRUODV3URSXHVWDVDFWXDOHVGH0DUFR&RQFHSWXDO
$SOLFDFLyQGHOFULWHULRHFRQyPLFRVREUHODVDFFLRQHVSULYLOHJLDGDV
$XQTXHHORULJHQGHODVDFFLRQHVSULYLOHJLDGDVHVPX\DQWHULRUDWpUPLQRVFRPR
LQQRYDFLyQILQDQFLHUDLQJHQLHUtDILQDQFLHUD\PDUNHWLQJILQDQFLHURSRGHPRVFRQVL
GHUDUTXHGHVGHHOSXQWRGHYLVWDHFRQyPLFRODHPLVLyQDFWXDOGHODVDFFLRQHVSUL
YLOHJLDGDVHVUHVXOWDGRGHODLQQRYDFLyQILQDQFLHUDHQWHQGLGDFRPRHOSURFHVR
LQWHJUDGRSRUGRVVXESURFHVRVODLQJHQLHUtDILQDQFLHUD\HOPDUNHWLQJILQDQFLHUR(O
SURFHVRGHLQJHQLHUtDILQDQFLHUDFRQVLVWHHQODFRQVWUXFFLyQ\HODERUDFLyQGHSUR
GXFWRVILQDQFLHURVHQORVTXHVHPDWHULDOL]DQHVDVLQQRYDFLRQHVGHVDUUROODQGRXQD
JUDQYDULHGDGGHQXHYDVIyUPXODVGHILQDQFLDFLyQLQYHUVLyQ\GHFREHUWXUDGHULHV
JRV3RUVXSDUWHHOPDUNHWLQJILQDQFLHURHVHOSURFHVRGHRIUHFHUDORVFOLHQWHVHO
FRQMXQWRGHLQQRYDFLRQHVILQDQFLHUDV
³³
/RVSURGXFWRVUHVXOWDQWHVGHODLQQRYDFLyQILQDQFLHUDQDFHQGHORVSULQFLSLRVGHO
GHUHFKRLQWHUQDFLRQDOGHORVTXHVHGHULYDODDXWRQRPtDGHODYROXQWDG\ODOLEUH
FUHDFLyQGHYDORUHV
'HHQWUHWRGRVORVPHGLRVGHLQQRYDFLyQILQDQFLHUDVRQHVSHFLDOPHQWHUHOHYDQ
WHVORVDFWLYRVILQDQFLHURVJHQHUDGRVHQXQDSRVLFLyQILQDQFLHUDLQWHUPHGLDHQWUH
GHXGD\DFFLyQGHQRPLQDGRVWUDGLFLRQDOPHQWH´KtEULGRVµ(OPHUFDGRILQDQFLHUR
PXHVWUDXQDFODUDWHQGHQFLDDODFHUFDPLHQWRHQWUHODHPLVLyQGHGHXGD\ODSDUWLFL
SDFLyQHQIRQGRVSURSLRVVLQGXGDSDUDDSURYHFKDUODVYHQWDMDVGHODRWUDFDWHJRUtD
LQWHQWDQGRVHUPiVDWUDFWLYDSDUDODSRVLEOHHOHFFLyQFRPRLQYHUVLyQ(VDSHUPHDEL
OLGDGRSHUDHQODPD\RUtDGHORVQLYHOHVGHGLVWLQFLyQSHUPLWLHQGRHQFRQWUDUXQD
DSUR[LPDFLyQHQODVFDUDFWHUtVWLFDVGHODUHWULEXFLyQ\GXUDFLyQGHOGHUHFKRSURGX
FLHQGRXQGHELOLWDPLHQWRGHODIURQWHUDTXHVHSDUDORVFRQFHSWRVGHDFFLyQ\GHXGD
(YLGHQWHPHQWHQRHVOD~QLFDIRUPDGHLQQRYDFLyQILQDQFLHUDSHURJUDQSDUWHGH
ORVSURGXFWRVTXHRULJLQDSXHGHQHQJOREDUVHGHQWURGHXQDPH]FODGHODVGRVSRV
WXUDVFOiVLFDVGHLQYHUVLyQDODUJRSOD]R
/DVILQDOLGDGHVSDUDJHQHUDUXQKtEULGRVRQODVVLJXLHQWHV
• &RQMXJDUORVPiVYHQWDMRVRVDVSHFWRVGHODVDFFLRQHV\GHODGHXGDSDUD
UHVXOWDUPiVDWUDFWLYRVHQHOPHUFDGRGHFDSLWDOHVRIUHFLHQGRDORVLQYHU
VRUHVSRWHQFLDOHVFRQMXQWDPHQWHVHJXULGDG\EHQHILFLR
• $WUDHUDORVDFFLRQLVWDV\DFUHHGRUHVKDFLDVXSURGXFWR/RVDFFLRQLVWDV
EXVFDQHVRVWtWXORVFRQODHVSHUDQ]DGHUHFLELUGLYLGHQGRVORVEHQHILFLRV
GHODVDPSOLDFLRQHVGHFDSLWDO\HODXPHQWRGHFRWL]DFLyQGHODVDFFLRQHV
3RUHOFRQWUDULRORVSUHVWDPLVWDVHVSHUDQHOSDJRGHXQLQWHUpVSRUODFH
VLyQWHPSRUDOGHORVIRQGRV\DGHPiVODGHYROXFLyQGHOSULQFLSDOHQORV
SOD]RVILMDGRVHQHOFRQWUDWR
• &RQVHJXLUSHUILOHVGHUHQGLPLHQWRULHVJRLJXDOHVDORVLQVWUXPHQWRVWUDGL
FLRQDOHVSHURFRQDOJXQDYHQWDMDFRPSDUDWLYDPHQRUHVFRVWHVGHWUDQV
DFFLyQPD\RUOLTXLGH]RPD\RUDSDODQFDPLHQWR
• ,QWHQWDUPHMRUDUODUHQWDELOLGDGDFDPELRGHSHUGHUGHUHFKRVSROtWLFRVR
JDQDUHQOLTXLGH]\GLVPLQXLUHOULHVJR
• ,QWHQWDUDFHUFDUVHDODSRVLFLyQHQYLGLDEOHGHFRQIHFFLRQDUXQWtWXORFRQ
ODVFDUDFWHUtVWLFDVGHORVIRQGRVSURSLRVSHURFRQODFDOLILFDFLyQILVFDOGH
XQDGHXGD
³³
/DVFDWHJRUtDVPiVIUHFXHQWHVGHKtEULGRVVHHQFXHQWUDQHQFXDGUDGDVHQODVL
JXLHQWHFODVLILFDFLyQ
+tEULGRVGHULYDGRVGHODSRWHVWDGGHWUDQVIRUPDFLyQ(OSULPHUFDVRHVHO
GHXQYDORUILQDQFLHURSRWHQFLDOPHQWHFRQYHUWLEOHHQRWUR/RVHMHPSORVPiV
UHSUHVHQWDWLYRVVRQODVREOLJDFLRQHVFRQYHUWLEOHVHQDFFLRQHV\ORVGHUHFKRVDX
WyQRPRVGHVXVFULELUDFFLRQHVGHODPLVPDVRFLHGDGRGHRWUDZDUUDQWV
+tEULGRVGHLQWHUFDPELR([LVWHODSRVLELOLGDGGHODHPLVLyQGHWtWXORVHQ
ORVTXHORVWLWXODUHVGHORVUHFXUVRVSURSLRVUHFLEDQXQGHUHFKRDFDPELRGH
QRWHQHUDOJ~QGHUHFKRGHLQWHUYHQFLyQHQODJHVWLyQHPSUHVDULDODFFLRQHV
VLQYRWR
+tEULGRVGHGXUDFLyQ(VWDFDWHJRUtDVHSURGXFHDODODUJDUORVSOD]RVGH
DPRUWL]DFLyQGHODGHXGDKDVWDFRQYHUWLUVHHQLQGHILQLGRVREOLJDFLRQHVSHU
SHWXDV\HQVHQWLGRFRQWUDULRFXDQGRVHFRQWHPSODODDPRUWL]DFLyQGHORV
UHFXUVRVSURSLRVDFFLRQHVUHVFDWDEOHV/DVREOLJDFLRQHVSHUSHWXDVVRQODV
TXHFDUHFHQGHXQSOD]RHVWDEOHFLGRGHDPRUWL]DFLyQ(QVXFDUiFWHUSXURQR
KDQVLGRXWLOL]DGDVPDVLYDPHQWHSRUTXHODLQFHUWLGXPEUHODLQIODFLyQ\ODYR
ODWLOLGDGGHORVWLSRVGHLQWHUpVODVFRQYLHUWHHQXQDLQYHUVLyQXQWDQWRSHOLJUR
VDVLQHPEDUJRVtSXHGHQVHULQWHUHVDQWHVHQORVFDVRVTXHVHDQDFWXDOL]DEOHV
RUHYLVDEOHVRDXQPHMRUTXHFRQFHGDQXQDRSFLyQGHDPRUWL]DFLyQSDUD
DPEDVSDUWHV5HVSHFWRDODVDFFLRQHVUHVFDWDEOHVYLHQHQVLHQGRXWLOL]DGDVHQ
PXFKRVSDtVHVDXQTXHHQ(VSDxDQRKDH[LVWLGRUHJXODFLyQKDVWDODUHIRUPD
GHO75/6$HQQRYLHPEUHGH
+tEULGRVGHUHWULEXFLyQ([LVWHQP~OWLSOHVIyUPXODVGHLQWHUHVDUDOSUHVWD
PLVWDHQODJHVWLyQSRUXQODGRYLQFXODQGRVXUHWULEXFLyQDODPDUFKDSUyV
SHUDRDGYHUVDGHOSUHVWDWDULRDVXQFLyQGHULHVJRGHFLHUWRVDFUHHGRUHV
FRPRODVREOLJDFLRQHVSDUWLFLSDWLYDV\SRUHORWURLQFOX\HQGRPHGLRVSDUD
JDUDQWL]DUXQSULYLOHJLRUHWULEXWLYRPtQLPRGHOVRFLRSDUFLDOH[RQHUDFLyQGHO
ULHVJRHPSUHVDULDOSURGXFLGRHQORVGLYLGHQGRVSUHIHUHQWHV
/DVSRVLELOLGDGHVGHODHPLVLyQGHWtWXORVGHULYDGRVGHODLQQRYDFLyQILQDQFLHUD
QRKDQVLGRDXQOLPLWDGDV\YDQFUHFLHQGRFDGDGtDDXQTXHSRGHPRVLGHQWLILFDUJUDQ
SDUWHGHORVWtWXORVUHVXOWDQWHVGHHVWHSURFHVRFRPRKtEULGRV/DVREOLJDFLRQHVSHU
SHWXDVSDUWLFLSDWLYDV\FRQYHUWLEOHVVRQHPSUpVWLWRVTXHLQFRUSRUDQDVSHFWRVEiVL
FRVGHODVDFFLRQHV/DVDFFLRQHVVLQYRWR\ODVSUHIHUHQWHVVRQIRQGRVSURSLRVHQORV
TXHVHSXHGHQLQWXLUFDUDFWHUtVWLFDVGHXQDHPLVLyQGHREOLJDFLRQHV
³³
$QWHHVWDVLWXDFLyQHVWDLQYHVWLJDFLyQSUHWHQGHUHVROYHUHOSUREOHPDGHLGHQWL
ILFDFLyQGHORVWtWXORVFODVLILFiQGRORVHQIXQFLyQGHOFULWHULRHFRQyPLFRHQYH]GHHQ
HOFULWHULRMXUtGLFR3DUDHOORHVQHFHVDULRDLQWHUSUHWDUODVDSRUWDFLRQHVGHORVDF
FLRQLVWDVHQIXQFLyQGHORVDFXHUGRVFRQWUDFWXDOHVEHQWHQGHUORVFRPRUHFXUVRV
H[WHUQRVDODVRFLHGDG\FFRQVLGHUDUDODVDFFLRQHVSULYLOHJLDGDVFRPRLQVWUXPHQ
WRVILQDQFLHURV
(OFRQFHSWRMXUtGLFRXWLOL]DGRKDELWXDOPHQWHSDUDGLIHUHQFLDUODPDVDGHSDVLYR
VHGHULYDGHOFULWHULRGHSURSLHGDGDVtXQRVUHFXUVRVVHFRQVLGHUDQHQWUHJDGRVSRU
VXMHWRVSURSLHWDULRVGHODHPSUHVD\RWURVSRUDJHQWHVH[WHUQRVDHOOD(OFRQFHSWR
HFRQyPLFRVHGHEHDOHMDUGHOFRQFHSWRGHSURSLHWDULRGHODVRFLHGDGDFHUFiQ
GRVHDXQDGLIHUHQFLDFLyQEDVDGDHQORVDFXHUGRVFRQWUDFWXDOHV
$WHQGLHQGRDODSUHYDOHQFLDGHORVFULWHULRVHFRQyPLFRVORVDFFLRQLVWDVRUGLQD
ULRVWLHQHQGHUHFKRDUHFLELUVXUHPXQHUDFLyQQRSRUTXHVHDQORVSURSLHWDULRVGHOD
HPSUHVDVLQRSRUTXHVRQORVWLWXODUHVGHXQLQVWUXPHQWRFRQWUDFWXDOGHGHWHUPLQD
GDVFDUDFWHUtVWLFDV/DHPSUHVDHVXQDXQLGDGFRQSHUVRQDOLGDGSURSLD\GLIHUHQWH
GHORVVXMHWRVTXHODLQWHJUDQ\DTXHDXQTXHORVLQWHUHVHVGHDOJXQRGHHOORVSXH
GDQFRLQFLGLUHQDOJ~QPRPHQWRGHOWLHPSRFRQORVGHODHPSUHVDQRVRQVLHPSUH
QHFHVDULDPHQWHORVPLVPRV/DHPSUHVDFRPRHQWLGDGLQGHSHQGLHQWHGHORVDFUHH
GRUHVSURYHHGRUHVDFFLRQLVWDVRUGLQDULRV\DFFLRQLVWDVSULYLOHJLDGRVQHFHVLWDUH
JLVWUDUORVGHUHFKRV\REOLJDFLRQHVTXHVHJHQHUDQ/DVDSRUWDFLRQHVGHHVWRV
VXMHWRVQRGHEHQHVWDUGLYLGLGDVHQUHFXUVRVSHUWHQHFLHQWHVDOLQWHULRUGHODHPSUH
VDDFFLRQHV\RWURVGHIXHUDGHODHPSUHVDGHXGDVVLQRTXHWRGDVGHEHUiQVHU
FRQFHELGDVFRPRSDUWLGDVREWHQLGDVH[WHUQDPHQWHDODXQLGDGHPSUHVDULDO
8QDYH]DEDQGRQDGRVORVFULWHULRVMXUtGLFRVFRPRODSURSLHGDG\DFHSWDGDVWR
GDVODVIRUPDVGHILQDQFLDUODHPSUHVDFRPRH[WHUQDVDHOODSURSRQHPRVFRQVLGH
UDUDFDGDXQDGHODVIXHQWHVGHILQDQFLDFLyQGHODVRFLHGDGFRPRXQ
LQVWUXPHQWRILQDQFLHUR(O)$6%GHILQHORVLQVWUXPHQWRVILQDQFLHURV
FRPRWHVRUHUtDRXQDHYLGHQFLDGHLQWHUpVGHSURSLHWDULRHQXQDHQWLGDGRXQFRQ
WUDWRTXHFXPSODXQDGHHVWDVGRVFRQGLFLRQHV
• ,PSRQHDXQDHQWLGDGODREOLJDFLyQGHHQWUHJDUWHVRUHUtDRXQLQVWUXPHQWR
ILQDQFLHURDXQDVHJXQGDHQWLGDGRFDPELDULQVWUXPHQWRVILQDQFLHURVHQWpU
PLQRVSRWHQFLDOPHQWHGHVIDYRUDEOHVFRQODVHJXQGDHQWLGDG
• $WULEX\HDHVWDVHJXQGDHQWLGDGXQGHUHFKRFRQWUDFWXDODUHFLELUWHVRUHUtD
RXQLQVWUXPHQWRILQDQFLHURGHODSULPHUDHQWLGDGRLQWHUFDPELDULQVWUX
PHQWRVILQDQFLHURVHQXQRVWpUPLQRVSRWHQFLDOPHQWHIDYRUDEOHVFRQODSUL
PHUDHQWLGDG
³³
3RUVXSDUWHHO,$6%\HO$6%GHILQHQXQLQVWUX
PHQWRILQDQFLHURFRPRFXDOTXLHUFRQWUDWRTXHRULJLQDFRQMXQWDPHQWHXQDFWLYRIL
QDQFLHURSDUDXQDHPSUHVD\XQSDVLYRILQDQFLHURRXQLQVWUXPHQWRSDWULPRQLDOSDUD
RWUDHPSUHVD3DUDHVWRVRUJDQLVPRVXQDFWLYRILQDQFLHURHVFXDOTXLHUDGHHVWDVFXD
WURSRVLELOLGDGHV
D 7HVRUHUtD
E 8QGHUHFKRFRQWUDFWXDOGHUHFLELUHIHFWLYRXRWURDFWLYRILQDQFLHURGHRWUD
HPSUHVD
F 8QGHUHFKRFRQWUDFWXDOGHLQWHUFDPELDULQVWUXPHQWRVILQDQFLHURVFRQRWUD
HPSUHVDEDMRFRQGLFLRQHVTXHVRQSRWHQFLDOPHQWHIDYRUDEOHV
G 8QLQVWUXPHQWRSDWULPRQLDOGHRWUDHPSUHVD
3RUVXSDUWHXQSDVLYRILQDQFLHURHVFXDOTXLHUSDVLYRTXHFRQVWLWX\DXQDGHHV
WDVGRVREOLJDFLRQHVFRQWUDFWXDOHV
D(QWUHJDUHIHFWLYRXRWURDFWLYRILQDQFLHURDRWUDHPSUHVD
E,QWHUFDPELDULQVWUXPHQWRVILQDQFLHURVFRQRWUDHPSUHVDHQFRQGLFLRQHVTXH
VRQSRWHQFLDOPHQWHGHVIDYRUDEOHV
<SRU~OWLPRHVWRVRUJDQLVPRVHVWDEOHFHQTXHXQLQVWUXPHQWRSDWULPRQLDOHV
FXDOTXLHUFRQWUDWRTXHUHSUHVHQWDXQDSDUWLFLSDFLyQUHVLGXDOHQORVDFWLYRVGHXQD
HPSUHVDGHVSXpVGHGHGXFLUWRGRVVXVSDVLYRV
'HODGHILQLFLyQGHLQVWUXPHQWRVILQDQFLHURVSRGHPRVFRQFOXLUTXHODVDFFLRQHV
GHXGDV\DFFLRQHVSULYLOHJLDGDVSXHGHQVHUFRQVLGHUDGDVLQVWUXPHQWRVILQDQFLHURV
\DTXHUHSUHVHQWDQODREOLJDFLyQGHXQHPLVRUDHQWUHJDUULTXH]DXRWURLQVWUXPHQ
WRILQDQFLHURDRWURVXMHWRFXPSOLHQGRXQDVHULHGHFRQGLFLRQHVFRQWUDFWXDOHV$QD
OL]DQGRODVGHILQLFLRQHVGHORVLQVWUXPHQWRVILQDQFLHURVHVLQGXGDEOHLGHQWLILFDUTXH
H[LVWHQWUHVILJXUDVSRUXQODGRHODFWLYRILQDQFLHUR\FRPRFRQWUDSDUWLGDDHVWHXQ
SDVLYRILQDQFLHURRXQLQVWUXPHQWRGHSDUWLFLSDFLyQHQHOSDVLYRQRH[LJLEOHGHODVR
FLHGDGHPLVRUDTXHSRUGHGXFFLyQGHEHUtDGHQRPLQDUVHQHWRILQDQFLHUR
(VWDVGHILQLFLRQHVVHxDODQLQWUtQVHFDPHQWHXQDFODVLILFDFLyQGHORVLQVWUXPHQWRV
ILQDQFLHURVEDVDGDHQORVGHUHFKRVTXHFRQFHGHQDOWLWXODU$VtGLIHUHQFLDPRVORV
LQVWUXPHQWRVGHSDVLYRILQDQFLHURGHORVLQVWUXPHQWRVGHQHWRILQDQFLHUR/RVLQV
WUXPHQWRVGHSDVLYRILQDQFLHURVRQODUHSUHVHQWDFLyQHQHOSDVLYRGHODVRFLHGDG
HPLVRUDGHODDSRUWDFLyQGHXQDFWLYRILQDQFLHURTXHFRQFHGHDVXWLWXODUXQGHUHFKR
³³
DUHFLELUULTXH]DGHOHPLVRUVHJ~QORHVWDEOHFLGRHQHOFRQWUDWRVLHPSUHTXHQRVHD
XQGHUHFKRVREUHHOSDVLYRQRH[LJLEOHGHODVRFLHGDGHPLVRUD3RUHOFRQWUDULRORV
QHWRVILQDQFLHURVVRQODUHSUHVHQWDFLyQHQHOSDVLYRGHODVRFLHGDGHPLVRUDGHOD
DSRUWDFLyQGHXQDFWLYRILQDQFLHURTXHFRQWUDFWXDOPHQWHFRQFHGHDOWLWXODUXQGHUH
FKRVREUHORVSDVLYRVQRH[LJLEOHVGHODVRFLHGDGHPLVRUD
3UHIHULPRVGHQRPLQDUQHWRILQDQFLHURDORTXHHO)$6%GHQRPLQDHYLGHQFLDGHO
LQWHUpVGHSURSLHWDULR\HO,$6%LQVWUXPHQWRGHQHWRSDWULPRQLDOSDUDHOLPLQDUVX
FRQQRWDFLyQGHSURSLHGDGMXUtGLFDRWRUJiQGROHXQVLJQLILFDGRILQDQFLHUR
3DUDGLIHUHQFLDUXQSDVLYRILQDQFLHURGHXQLQVWUXPHQWRGHQHWRILQDQFLHUROD
FDUDFWHUtVWLFDFODYHHVODH[LVWHQFLDGHXQDREOLJDFLyQFRQWUDFWXDOTXHUHFDHVREUH
XQDGHODVSDUWHVLPSOLFDGDVHQHOLQVWUXPHQWRILQDQFLHURHOHPLVRUFRQVLVWHQWHHQ
HQWUHJDUGLQHURXRWURLQVWUXPHQWRILQDQFLHURDODRWUDSDUWHHOWHQHGRUEDMRFRQ
GLFLRQHVTXHVRQSRWHQFLDOPHQWHGHVIDYRUDEOHVSDUDHOHPLVRU&XDQGRWDOREOLJD
FLyQFRQWUDFWXDOH[LVWHHOLQVWUXPHQWRFXPSOHODGHILQLFLyQGHSDVLYRILQDQFLHUR
)$6%,$6%\&,&$,$6%,QJUDP\%DOGZLQ
&RQVLGHUDPRVTXHXQLQVWUXPHQWRGHQHWRILQDQFLHURHVXQLQVWUXPHQ
WRILQDQFLHURTXHQRJHQHUDSDUDHOHPLVRUODREOLJDFLyQFRQWUDFWXDOGHHQWUHJDUGL
QHURXRWURDFWLYRILQDQFLHURRLQWHUFDPELDUORSRURWURLQVWUXPHQWRILQDQFLHURHQ
FRQGLFLRQHVTXHOHVRQSRWHQFLDOPHQWHGHVIDYRUDEOHVHQWUHJDUULTXH]DKDVWDHO
PRPHQWRGHODH[WLQFLyQGRQGHVHHMHUFHUiHOGHUHFKRGHSDUWLFLSDFLyQVREUHORVSD
VLYRVQRH[LJLEOHV(QHOQHWRILQDQFLHURDXQTXHHOFRPSUDGRUGHXQLQVWUXPHQWRGH
QHWRSXHGHWHQHUGHUHFKRDUHFLELUXQDSURSRUFLyQGHORVHYHQWXDOHVGLYLGHQGRVX
RWUDVGLVWULEXFLRQHVGHSDUWLGDVGHOSDVLYRQRH[LJLEOHHOHPLVRUQRWLHQHODREOLJDFLyQ
FRQWUDFWXDOGHHQWUHJDUOHULTXH]DKDVWDHOPRPHQWRGHODOLTXLGDFLyQGHODHPSUHVD
8QDYH]HVWDEOHFLGRORVFRQFHSWRVHFRQyPLFRVGHSDVLYRILQDQFLHUR\QHWRIL
QDQFLHURKHPRVGHVLJQLILFDUVXUHODFLyQFRQORVFULWHULRVFRQWDEOHV(OSDVLYRFRQ
WDEOHHVWiGLYLGLGRHQSDVLYRH[LJLEOH\QRH[LJLEOHHQHOSULPHURGHEHQ
FRQWHPSODUVHODVIXHQWHVGHILQDQFLDFLyQTXHREOLJDQDODVRFLHGDGHPLVRUDDHQWUH
JDUULTXH]DDQWHVGHODILQDOL]DFLyQGHODYLGDGHODHPSUHVDPLHQWUDVTXHHQHOQR
H[LJLEOHVHHQFRQWUDUiQODVIXHQWHVGHILQDQFLDFLyQTXHQRREOLJDQDODHPSUHVDHPL
VRUDDHQWUHJDUULTXH]DKDVWDHOPRPHQWRGHODOLTXLGDFLyQ(VWDFODVLILFDFLyQSHUPL
WHGHVWLQDUORVSDVLYRVILQDQFLHURVDOSDVLYRH[LJLEOHPLHQWUDVTXHHOQHWR
ILQDQFLHURGHEHDSDUHFHUHQHOSDVLYRQRH[LJLEOH6HJ~QHVWDLGHDHOSDVLYRQRH[L
JLEOHHVWDUiFRQVWLWXLGRHQXQSULPHUPRPHQWRSRUODVDSRUWDFLRQHVGHORVWLWXOD
UHVGHDFWLYRVILQDQFLHURVTXHSDUWLFLSDQFRQWUDFWXDOPHQWHHQHOSDVLYRQRH[LJLEOH
GHODVRFLHGDGHPLVRUDODFXDOODVUHJLVWUDUiFRPRXQLQVWUXPHQWRGHQHWRILQDQFLH
URSDUDSRVWHULRUPHQWHLUVHPRGLILFDQGRFRQODVYDULDFLRQHVGHOSDVLYRQRH[LJLEOH
³³
7UDVODXQLyQHQWUHORVFRQFHSWRVFRQWDEOHV\HFRQyPLFRVSDUDUHJLVWUDUODV
IXHQWHVGHILQDQFLDFLyQHVQHFHVDULRFRPSDUDUHVWDFRQFHSFLyQFRQODMXUtGLFD(QOD
PD\RUtDGHODVVLWXDFLRQHVODFRQFHSFLyQMXUtGLFD\HFRQyPLFDFRLQFLGHHVGHFLUODV
GHXGDVVRQSDVLYRVILQDQFLHURV\ODVDFFLRQHVRUGLQDULDVVRQQHWRVILQDQFLHURVSHUR
HVWDJHQHUDOLGDGVHURPSHFRQFLHUWDVDFFLRQHVSULYLOHJLDGDV
(VWDLQYHVWLJDFLyQSUHWHQGHLGHQWLILFDUORVGLIHUHQWHVGHUHFKRVTXHGHILQHQODV
DFFLRQHVSULYLOHJLDGDV\REVHUYDUORVTXHSXHGHQJHQHUDUGLIHUHQFLDVHQWUHHOFULWH
ULRMXUtGLFR\HFRQyPLFR(VWXGLDGRVWRGRVORVGHUHFKRVGHODVDFFLRQHVSULYLOHJLD
GDVREVHUYDPRVTXH~QLFDPHQWHH[LVWHQGLIHUHQFLDVHQGRVGHUHFKRVUHVFDWH\
UHSDUWRGHEHQHILFLRV
(QSULPHUOXJDUDQDOL]DPRVHOGHUHFKRGHUHVFDWH\SRVWHULRUPHQWHHOGHUHFKR
DUHFLELUJDQDQFLDVSRUTXHSHUPLWHFRQVHJXLUXQDOtQHDDUJXPHQWDOOyJLFDDVtORKD
HQWHQGLGRHO,$6%$´FXDQGRODVDFFLRQHVSUHIHUHQWHVVHDQGHOWLSRQR
UHVFDWDEOHODFODVLILFDFLyQDSURSLDGDVHGHWHUPLQDFRQVLGHUDQGRRWURVGHUHFKRVTXH
SXHGDQOOHYDULQFRUSRUDGRVHOPiVFRQFOX\HQWHHVHOSULYLOHJLRHQHOGHUHFKRDSDUWLFLSDU
GHODVJDQDQFLDVµ
$FFLRQHVSULYLOHJLDGDVHQHOUHVFDWH
(OFULWHULRGHH[LJLELOLGDGGHEHVHUDSOLFDGRDODVDFFLRQHVSULYLOHJLDGDVUHVSHFWR
DOGHUHFKRGHUHVFDWH/DFRQGLFLyQTXHGHEHFXPSOLUXQLQVWUXPHQWRILQDQFLHUR
SDUDVHUFRQVLGHUDGRSDVLYRILQDQFLHURHVTXHHOHPLVRUWHQJDODREOLJDFLyQGHWUDQV
IHULUULTXH]DDOWHQHGRUGHODDFFLyQHQXQPRPHQWRDQWHULRUDODOLTXLGDFLyQGHOD
VRFLHGDGHQHVWHFDVRVLVHFXPSOHXQDVHULHGHFRQGLFLRQHVODHPSUHVDHPLVRUD
QRSXHGHQHJDUVHDWUDQVIHULUUHFXUVRV\DVHDSRUUHPXQHUDFLyQWHPSRUDORSRU
H[WLQFLyQGHOWtWXOR(QHORWURH[WUHPRODVDFFLRQHVFX\RHPLVRUQRWLHQHODREOLJD
FLyQFRQWUDFWXDOGHWUDQVIHULUULTXH]DDORVWLWXODUHVGHODVDFFLRQHVDQWHVGHOPR
PHQWRGHODOLTXLGDFLyQVHUiQQHWRILQDQFLHUR
3DUDUHDOL]DUXQDFODVLILFDFLyQHILFLHQWHGHODVDFFLRQHVUHVFDWDEOHVGHEHPRVXWL
OL]DUGRVFULWHULRVDVHJ~QHOVXMHWRRVLWXDFLyQTXHKDFHQDFHUHOSULYLOHJLR\E
VHJ~QODIRUPDSUHILMDGDGHUHVFDWH
3DUDDSOLFDUHOFULWHULRGHH[LJLELOLGDGVREUHODVDFFLRQHVUHVFDWDEOHVDWHQGLHQGR
DOVXMHWRRVLWXDFLyQTXHKDFHVXUJLUHOSULYLOHJLRHVQHFHVDULRHYDOXDUODVREOLJD
FLRQHVFRQWUDFWXDOHVHQFDGDXQDGHODVVLWXDFLRQHV
³³
/DVDFFLRQHVUHVFDWDEOHVDRSFLyQGHOHPLVRUVRQXQLQVWUXPHQWRGHQHWRIL
QDQFLHURSRUTXHODHPSUHVDHPLVRUDWLHQHODSRWHVWDGSHURQRODREOLJDFLyQGHHQ
WUHJDUUHFXUVRVDORVWLWXODUHVPLHQWUDVTXHORVWLWXODUHVQRWLHQHQGHUHFKRDH[LJLU
UHFXUVRVDODHPSUHVDHPLVRUDKDVWDHOPRPHQWRGHODOLTXLGDFLyQ6RODPHQWHVXU
JLUiXQDREOLJDFLyQGHWUDQVIHULUDFWLYRVILQDQFLHURV\SRUWDQWRFRQVWLWXLUiXQSDVL
YRILQDQFLHURFXDQGRHOHPLVRUGHODVDFFLRQHVHMHUFLWHODRSFLyQFRPXQLFDQGR
IRUPDOPHQWHDORVDFFLRQLVWDVVXLQWHQFLyQGHSURFHGHUDOUHVFDWHGHODVDFFLRQHV
/DVDFFLRQHVUHVFDWDEOHVDRSFLyQGHOLQYHUVRUVRQXQLQVWUXPHQWRGHSDVLYRIL
QDQFLHURWHQLHQGRODFRQGLFLyQGHH[LJLEOHV\DTXHHOWLWXODUSXHGHREOLJDUDODHP
SUHVDHPLVRUDDHQWUHJDUOHUHFXUVRVDQWHVGHODIHFKDGHUHVFDWH8QDHYHQWXDO
LPSRVLELOLGDGSRUSDUWHGHOHPLVRUGHVDWLVIDFHUODGHXGDFRUUHVSRQGLHQWHDOUHVFDWH
GHODDFFLyQSUHIHUHQWHFXDQGRVHDUHTXHULGRFRQWUDFWXDOPHQWHSDUDHOOR\DVHD
SRUPRWLYRVGHIDOWDGHIRQGRVRSRUUHVWULFFLRQHVOHJDOHVQRQLHJDHOFDUiFWHUGH
SDVLYRILQDQFLHURGHODREOLJDFLyQFRQWUDtGD
/DVDFFLRQHVUHVFDWDEOHVDRSFLyQGHDPERVFRQFHGHQODRSFLyQGHUHVFDWH
WDQWRDOHPLVRUFRPRDOWLWXODUVLHQGRXQFDVRPL[WRHQWUHORVGRVDQWHULRUPHQWHFL
WDGRV6HJ~QHOFULWHULRGHH[LJLELOLGDGGHEHUtDVHUUHJLVWUDGRFRPRSDVLYRILQDQFLH
UR\DTXHODHPSUHVDHVWiREOLJDGDDHQWUHJDUUHFXUVRVVLHOWLWXODUVHORH[LJHSHUR
SXHGHQH[LVWLUGXGDVGHULYDGDVGHTXHHOWtWXORHVXQLQVWUXPHQWRILQDQFLHURFRP
SXHVWRTXHFRPSDUWHFDUDFWHUtVWLFDVGHSDVLYRILQDQFLHUR\GHQHWRILQDQFLHUR
3DUDUHFRQRFHUODQDWXUDOH]DGHORVLQVWUXPHQWRVILQDQFLHURVFRPSXHVWRVWHQH
PRVYDULDVDOWHUQDWLYDVDFRQVLGHUDUVXQDWXUDOH]DSRUVHSDUDGREFRQVLGHUDUVX
QDWXUDOH]DVHJ~QODPD\RUSUREDELOLGDGGHDFDHFLPLHQWR\FFRQVLGHUDUVXQDWXUD
OH]DVHJ~QODFDUDFWHUtVWLFDSUHGRPLQDQWH
(QSULPHUOXJDUVHVLW~DQ$,&3$&KDQW)$6%,$6%\

&,&$H,$6%ETXHVRQSDUWLGDULRVGHODFRQWD
ELOL]DFLyQVHSDUDGDSDUDGLYHUVDVILJXUDVFRQWDEOHVFRPSXHVWDV(O,$6%
DOHVWXGLDUODVDFFLRQHVUHVFDWDEOHVDRSFLyQGHDPERVH[KRUWDDTXH´HOHPLVRU
GHXQLQVWUXPHQWRILQDQFLHURTXHFRQWHQJDVLPXOWiQHDPHQWHXQHOHPHQWRGHSDVLYR\
RWURGHQHWRFRQWDELOLFHFDGDSDUWHGHOLQVWUXPHQWRSRUVHSDUDGRµ
(QVHJXQGROXJDUHVSRVLEOHFRQWDELOL]DUXQLQVWUXPHQWRILQDQFLHURFRPSXHVWR
VHJ~QODSUREDELOLGDGGHTXHRFXUUDXQKHFKR(VWDRSFLyQWLHQHVXVDQWHFHGHQWHV
HQHO)$6%SDUDFRQWDELOL]DUODVRSFLRQHV\HQHO)$6%GRQGHVH
UHIOHMDTXH´XQDREOLJDFLyQFRQYHUWLEOHGHEHVHUUHFRQRFLGDFRPSOHWDPHQWHFRPR
XQSDVLYRVLHOYHQFLPLHQWRHVPiVSUREDEOHTXHHOUHVFDWHµ
³³
/DWHUFHUDSRVLELOLGDGHVREVHUYDUHOUDVJRSUHGRPLQDQWHRSFLyQTXHSDUHFH
PiVDGHFXDGDFRQODOtQHDDUJXPHQWDOVHJXLGD$FHSWDQGRHVWDRSFLyQODVDFFLRQHV
UHVFDWDEOHVDRSFLyQGHDPERVGHEHQVHUFRQVLGHUDGDVSDVLYRILQDQFLHUR\DTXHDO
VHUHQSDUWHH[LJLEOHV\QRH[LJLEOHVODHPSUHVDHPLVRUDSRVHHODREOLJDFLyQGHHQ
WUHJDUUHFXUVRVDOWLWXODUHQHOVXSXHVWRTXHHVWHHMHUFLWHVXGHUHFKR
(QODVDFFLRQHVUHVFDWDEOHVHQXQDIHFKDILMDGDODHPSUHVDHPLVRUDHVWiREOL
JDGDDHQWUHJDUUHFXUVRVDORVWLWXODUHVOOHJDGRHOPRPHQWRGHOUHVFDWH\SRUVHU
pVWHXQPRPHQWRDQWHULRUDODOLTXLGDFLyQGHODHPSUHVDHOWtWXORGHEHVHUFRQVL
GHUDGRSDVLYRILQDQFLHUR(QHVWHFDVRWDPSRFRGHMDGHWHQHUHOFDUiFWHUGHSDVLYRIL
QDQFLHURDQWHODHYHQWXDOLPSRVLELOLGDGSRUSDUWHGHOHPLVRUGHVDWLVIDFHUODGHXGD
FRUUHVSRQGLHQWHDOUHVFDWHGHODDFFLyQSUHIHUHQWHFXDQGRVHDUHTXHULGRFRQWUDFWXDO
PHQWHSDUDHOOR\DVHDSRUPRWLYRVGHIDOWDGHIRQGRVRSRUUHVWULFFLRQHVOHJDOHV
8QDDFFLyQFRQUHVFDWHVXSHGLWDGRDTXHVHSURGX]FDXQHYHQWRHVXQSDVLYR
ILQDQFLHUR\DTXHVLVXFHGHHOKHFKRODHPSUHVDHPLVRUDHVWiREOLJDGDDHQWUHJDU
UHFXUVRVDOWLWXODUDQWHVGHODIHFKDGHOLTXLGDFLyQ(VWHWUDWDPLHQWRHVFRQWUDULRDO
SURSXHVWRSRUHO,$6%DOSURSRQHUUHJLVWUDUODDFFLyQSULYLOHJLDGDDWHQ
GLHQGRDODSUREDELOLGDGGHFRQFXUUHQFLDGHOKHFKR6HJ~QHVWHRUJDQLVPRVLOD
SUREDELOLGDGGHTXHRFXUUDHOKHFKRHVPHGLDRDOWDGHEHPRVFRQVLGHUDUORXQSD
VLYRILQDQFLHUR6LSRUHOFRQWUDULRHOKHFKRFX\RFXPSOLPLHQWRKDUtDREOLJDWRULRHO
UHVFDWHRSRWHVWDWLYRSDUDHOWLWXODUWXYLHVHSUREDELOLGDGEDMDVHGHEHUtDFRQWDELOL
]DUFRPRVLIXHVHXQLQVWUXPHQWRGHQHWRSDWULPRQLDO
(OFXDGURQ~PHURVHxDODODFODVLILFDFLyQGHODVDFFLRQHVUHVFDWDEOHVDWHQGLHQ
GRDOVXMHWRRVLWXDFLyQTXHKDFHVXUJLUHOSULYLOHJLR
&XDGUR&ODVLILFDFLyQGHODVDFFLRQHVUHVFDWDEOHVDWHQGLHQGRDOVXMHWR
RVLWXDFLyQTXHKDFHVXUJLUHOSULYLOHJLR
7,32/2*Ì$ &216,'(5$&,Ð1
(&21Ð0,&$
5HVFDWDEOHVDRSFLyQGHOHPLVRU 3DVLYRQRH[LJLEOH
5HVFDWDEOHVDRSFLyQGHOLQYHUVRU 3DVLYRH[LJLEOH
5HVFDWDEOHVDRSFLyQGHDPERV 3DVLYRH[LJLEOH
5HVFDWDEOHVHQXQDIHFKDILMDGD 3DVLYRH[LJLEOH
5HVFDWDEOHVFXDQGRVHSURGX]FDXQHYHQWR 3DVLYRH[LJLEOH
³³
/DVHJXQGDFODVLILFDFLyQFRQVLVWHHQGLIHUHQFLDUODVDFFLRQHVSULYLOHJLDGDVDWHQ
GLHQGRDODIRUPDGHUHVFDWDUSUHILMDGD
(QHOVXSXHVWRGHTXHODVDFFLRQHVUHVFDWDEOHVWHQJDQSUHILMDGRTXHHOUHVFDWH
VHDILQDQFLDGR~QLFDPHQWHFRQXQDQXHYDHPLVLyQODFRQVLGHUDFLyQGHOLQVWUXPHQWR
ILQDQFLHURFRPRSDVLYRILQDQFLHURRQHWRILQDQFLHURGHSHQGHGHODQDWXUDOH]DHFR
QyPLFDGHODHPLVLyQFRQODTXHVHILQDQFLDUiHOUHVFDWH6LODQXHYDREOLJDWRULDHPL
VLyQHVXQQHWRILQDQFLHURGHEHPRVFRQVLGHUDUDODHPLVLyQRULJLQDOFRPRXQQHWR
ILQDQFLHURSRUHOFRQWUDULRVLODQXHYDHPLVLyQHVXQSDVLYRILQDQFLHURHOLQVWUX
PHQWRILQDQFLHURWHQGUtDODPLVPDQDWXUDOH]D
/DRWUDSRVLELOLGDGHVTXHHQODVDFFLRQHVUHVFDWDEOHVVHHVWDEOH]FDTXHHOUHVFD
WHVHDILQDQFLDGR~QLFDPHQWHFRQORVUHFXUVRVSURSLRVGHODHPSUHVDWDQWRVLVXSR
QHSDUDODVRFLHGDGHPLVRUDUHGXFFLRQHVGHFDSLWDOFRPRDPRUWL]DFLRQHVGHFDSLWDO
(QHVWHFDVRHODFFLRQLVWDUHFLEHUHFXUVRVGHODSURSLDHPSUHVDVLQUHFXUULUDILQDQ
FLDFLyQH[WHUQDSRUORTXHGHEHPRVDFXGLUDOFULWHULRGHOKHFKRTXHSURYRTXHHO
UHVFDWHSDUDFRQRFHUODQDWXUDOH]DGHODHPLVLyQGHUHVFDWDEOHV
(O~QLFRVXSXHVWRHQHOTXHSXHGHQRFXUULUGHVDYHQHQFLDVHQWUHDPERVFULWHULRV
FODVLILFDWRULRVHVXQDHPLVLyQHQODTXHVHREOLJXHDILQDQFLDUODRSHUDFLyQFRQRWUD
HPLVLyQ\REWHQJDPRVXQDFRQFOXVLyQGHODQDWXUDOH]DHQVHQWLGRFRQWUDULRVHJ~QOD
VLWXDFLyQTXHKDFHVXUJLUHOUHVFDWH(VWDVLWXDFLyQGHEHUHJLVWUDUVHFRPRXQSDVLYR
ILQDQFLHUR\DTXHDWHQGLHQGRDODFDUDFWHUtVWLFDSUHGRPLQDQWHFRQVLGHUDPRVDWR
GDVODVDFFLRQHVFRPRLQVWUXPHQWRVGHQHWRILQDQFLHURKDVWDTXHREWHQJDPRVDOJX
QDHYLGHQFLDGHTXHODHPSUHVDHVWDUiREOLJDGDDHQWUHJDUULTXH]DDOWLWXODUDQWHVGH
ODIHFKDGHOLTXLGDFLyQ
$FFLRQHVSULYLOHJLDGDVHQHOGHUHFKRDSDUWLFLSDUGHODVJDQDQFLDV
3DUDHVWXGLDUODQDWXUDOH]DMXUtGLFDOHJDOGHORVSULYLOHJLRVSRUGLIHUHQFLDFLyQGHOGH
UHFKRDSDUWLFLSDUHQHOUHSDUWRGHODVJDQDQFLDVVRFLDOHVGHODVDFFLRQHVQRVFHQWUDUH
PRVHQHOFDVRHVSDxROSDUDSRVWHULRUPHQWHH[DPLQDUODVGLIHUHQFLDVFRQHOPRGHOR
MXUtGLFRHVWDGRXQLGHQVH\DTXHHQHVWHSDtVODLPSRUWDQFLDGHHVWHWLSRGHDFFLRQHVSUL
YLOHJLDGDVHVVREUHVDOLHQWH\DGHPiVHVODEDVHGHODUHJXODFLyQGHO,$6%\GHO)$6%
/DSULPHUDUHVWULFFLyQPHUFDQWLOTXHGHEHFXPSOLUXQDHPSUHVDDOHPLWLUDFFLR
QHVSULYLOHJLDGDVHVODSURKLELFLyQGHFUHDUDFFLRQHVFRQGHUHFKRDXQLQWHUpVFXDO
TXLHUDTXHVHDODIRUPDGHVXGHWHUPLQDFLyQDUWtFXORGHO75/6$3RUORWDQWR
DXQTXHHQORV(VWDWXWRVVRFLDOHVHVWXYLHUDUHFRJLGROD/H\LPSLGHHORWRUJDPLHQWR
GHXQLQWHUpVDXQDDFFLyQ
³³
8QDYH]LGHQWLILFDGDHVWDSURKLELFLyQHVQHFHVDULRGHILQLUHOFRQFHSWRGHLQWH
UpVSDUDHO7H[WR5HIXQGLGR/DLGHDFOiVLFDHVFRQVLGHUDUFRPRLQWHUpVXQDUHPXQH
UDFLyQLQGHSHQGLHQWHGHODH[LVWHQFLDGHEHQHILFLRV/DSURKLELFLyQGHODHPLVLyQGH
DFFLRQHVFRQXQLQWHUpVSUHWHQGHHYLWDUTXHDOJXQRVDFFLRQLVWDVSULYLOHJLDGRVDFDSD
UHQHOEHQHILFLRVRFLDOSRUODYtDLQGLUHFWDGHWHQHUDVHJXUDGRXQLQWHUpVILMRLQGH
SHQGLHQWHGHORVUHVXOWDGRVFRPRSXHGHRFXUULUFRQODUHPXQHUDFLyQGHODV
GHXGDV/RVWLWXODUHVGHXQDGHXGDSRVHHQXQLQWHUpVHQWHQGLGRFRPRHOGHUHFKR
GHFUpGLWRIUHQWHDODVRFLHGDGTXHFRQLQGHSHQGHQFLDGHORVUHVXOWDGRVVRFLDOHVKDUi
HIHFWLYRFRQODJDUDQWtDH[SOtFLWDGHOSDWULPRQLRSUHVHQWHRIXWXURGHODVRFLHGDGDUWt
FXORGHO&&(OLQWHUpVDOQRUHVSHWDUODFRQFXUUHQFLDGHEHQHILFLRDWHQWDFRQ
WUDODVROYHQFLDSDWULPRQLDOGHODVRFLHGDGSHUPLWLHQGRHOGHVYtRGHIRQGRVDORVVRFLRV
VLQVRPHWHUVHSUHYLDPHQWHDODGLVFLSOLQDUHJXODGRUDGHOSDJRGHGLYLGHQGRV
(VWDLGHDJHQHUDOGHEHUHYLVDUVHDOHVWXGLDUODUHPXQHUDFLyQGHFLHUWDVDFFLRQHV
FRQLQWHUpVSHUPLWLGDVSRUOD/H\\DFHSWDGDVOHJDOPHQWHFRPRDFFLRQHV(QHOiP
ELWRILQDQFLHURFOiVLFRGHVWDFDODGLVWLQFLyQHQWUHWtWXORVGHGHXGD\DFFLRQHVWRPDQ
GRFRPRUHIHUHQFLDVXVUHWULEXFLRQHVWtSLFDVHOLQWHUpV\HOGLYLGHQGR(QOD
DFWXDOLGDGHOPHUFDGRILQDQFLHURKDGHVDUUROODGRSURGXFWRVTXHLQWHQWDQREWHQHU
ODVYHQWDMDVGHODVDFFLRQHV\GHODVGHXGDVHQPDWHULDGHUHWULEXFLyQSURSRQLpQGR
VHSRUXQODGRIyUPXODVGHYLQFXODUODUHWULEXFLyQGHOSUHVWDPLVWDDODPDUFKDSUyV
SHUDRDGYHUVDGHODHPSUHVDSUHVWDWDULD\GHORWURPHGLRVSDUDJDUDQWL]DUXQ
SULYLOHJLRUHWULEXWLYRPtQLPRDOVRFLR
'HVGHHOSXQWRGHYLVWDHFRQyPLFRHOHVWXGLRFRQMXQWRGHODOHJLVODFLyQ\GHO
PHUFDGRHVSDxROQRVOOHYDDDILUPDUTXHHQODSUiFWLFDVHSHUPLWHODUHPXQHUDFLyQ
GHFLHUWDVDFFLRQHVLQGHSHQGLHQWHPHQWHGHODH[LVWHQFLDGHEHQHILFLRVHVGHFLUSRU
PHGLRGHLQWHUpVDXQTXHMXUtGLFDPHQWHVHOHRWRUJXHODGHQRPLQDFLyQGHGLYLGHQ
GR(VWRHVGHELGRDTXHODOHJLVODFLyQHVSDxRODSDUWHGHXQDPH]FODGHFRQFHSWRV
MXUtGLFRV\HFRQyPLFRV\DTXHFRQVLGHUDFRPRGLYLGHQGRDWRGDUHWULEXFLyQGHODVDF
FLRQHVSRUORWDQWRMXUtGLFDPHQWHVHUiGLYLGHQGR\QRLQWHUpVODUHPXQHUDFLyQFRQ
FHGLGDDWRGDVODVILJXUDVFRQVLGHUDGDVFRPRDFFLRQHVHQODOHJLVODFLyQHVSDxROD$Vt
QXQFDXQDDFFLyQFRQFHGHUiXQLQWHUpVHQWpUPLQRVMXUtGLFRVSRUTXHHQFDVRFRQWUDULR
HOWtWXORSDVDUtDDVHUGHXGDDEDQGRQDQGRODFRQVLGHUDFLyQGHDFFLyQ
/DFODYHGHHVWDLQWHUSUHWDFLyQVHHQFXHQWUDHQHODUWtFXORD\GGHOD,,

'LUHFWLYDFRPXQLWDULDGRQGHDSHVDUGHTXHVHUHFKD]DQODVILJXUDVUHWULEXWLYDVGH
ORVVRFLRVTXHDWHQWHQFRQWUDODVROYHQFLDSDWULPRQLDOGHODVRFLHGDGFRQLQGH
SHQGHQFLDGHODGHQRPLQDFLyQUHFLELGD´VHSHUPLWHODUHWULEXFLyQGHODVDFFLRQHV
PHGLDQWHHOSDJRGHLQWHUHVHVSDJRTXHHQWRGRFDVRTXHGDVRPHWLGRDODVPLVPDV
FRQGLFLRQHVTXHODHQWUHJDGHGLYLGHQGRVµ
³³
(QGHILQLWLYDGHVGHHOSXQWRGHYLVWDMXUtGLFROHJDOVHGHEHFRQVLGHUDUGLYLGHQGR
WRGDUHWULEXFLyQGHORVDFFLRQLVWDVHLQWHUpVWRGDUHWULEXFLyQGHXQDGHXGDGHWDO
IRUPDTXHVLHOWtWXORHVXQDDFFLyQ\OD/H\SHUPLWHVXUHPXQHUDFLyQQRVHUiOHJDO
PHQWHLQWHUpVSRUTXHVLQRFRQWUDGLUtDHODUWtFXORGHO75/6$$VtTXHMXUtGLFD
PHQWHODILJXUDTXHOD/H\HVSDxRODHQFDGDPRPHQWRFRQVLGHUHDFFLyQWHQGUiXQD
UHPXQHUDFLyQGHQRPLQDGDGLYLGHQGR
(FRQyPLFDPHQWHVHUiQSDVLYRQRH[LJLEOHWRGDVODVDFFLRQHVTXHHQVXHPLVLyQ
QRSRVHDQSULYLOHJLRVVREUHORVEHQHILFLRV(QHOFDVRGHTXHVtORVSRVHDQGHEHPRV
DQDOL]DUFDGDGHUHFKRSDUDSRGHUGLVFHUQLUVLHOWtWXORWLHQHQDWXUDOH]DHFRQyPLFDGH
SDVLYRH[LJLEOH
/RVSULYLOHJLRVVREUHHOEHQHILFLRDGPLWLGRVMXUtGLFDPHQWHHQ(VSDxDVRQORVVL
JXLHQWHV
3UHIHUHQFLD/DVDFFLRQHVSUHIHUHQWHVHVWDEOHFHQXQDMHUDUTXtDHVGHFLUVRQ
XQDFODVHGHDFFLRQHVFRQXQDSUHIHUHQFLDHQHOUHSDUWRGHGLYLGHQGRVVREUHRWUDV
(OGLYLGHQGRSUHIHUHQWHRIUHFHXQSULYLOHJLRHQODUHPXQHUDFLyQGHFDUiFWHUWHPSR
UDODXQTXHQRFXDQWLWDWLYR
/DGLVSRVLFLyQDGLFLRQDOGHFLPRTXLQWDGHOD/H\GHGHQRYLHPEUH
GH5HIRUPDGHOD/H\GHGHMXOLRGHO0HUFDGRGH9DORUHVDGLFLRQDHO
DSDUWDGRDODUWtFXORGHO75/6$´&XDQGRHOSULYLOHJLRFRQVLVWDHQHOGHUHFKRDRE
WHQHUXQGLYLGHQGRSUHIHUHQWHODVRFLHGDGHVWDUiREOLJDGDDDFRUGDUHOUHSDUWRGHOGLYL
GHQGRVLH[LVWLHUDQEHQHILFLRVGLVWULEXLEOHV/RV(VWDWXWRVKDEUiQGHHVWDEOHFHUODV
FRQVHFXHQFLDVGHODIDOWDGHSDJRWRWDORSDUFLDOGHOGLYLGHQGRSUHIHUHQWHVLHVWHWLHQHR
QRFDUiFWHUDFXPXODWLYRFRQUHODFLyQDORVGLYLGHQGRVQRVDWLVIHFKRVDVtFRPRORVHYHQ
WXDOHVGHUHFKRVGHORVWLWXODUHVGHHVWDVDFFLRQHVSULYLOHJLDGDVFRQUHODFLyQDORVGLYLGHQ
GRVTXHSXHGDQFRUUHVSRQGHUDODVDFFLRQHVRUGLQDULDV(VWDVQRSRGUiQHQQLQJ~QFDVR
UHFLELUGLYLGHQGRVFRQFDUJRDORVEHQHILFLRVGHXQHMHUFLFLRPLHQWUDVQRKD\DVLGRVDWLV
IHFKRHOGLYLGHQGRSULYLOHJLDGRFRUUHVSRQGLHQWHDOPLVPRHMHUFLFLR(OPLVPRUpJLPHQHV
WDEOHFLGRHQHOSiUUDIRSULPHURGHOSUHVHQWHDSDUWDGRVHUiDSOLFDEOHDODVVRFLHGDGHVQR
FRWL]DGDVVDOYRTXHVXV(VWDWXWRVGLVSRQJDQRWUDFRVDµ
(ODUWtFXORGHO75/6$REOLJDDODHPSUHVDHPLVRUDGHDFFLRQHVFRQGLYLGHQ
GRSUHIHUHQWHVLHQGRFRWL]DGDRQRFRWL]DGDVLQPHQFLyQHQFRQWUDDFRQFHGHU
HVWHGLYLGHQGRDORVDFFLRQLVWDVSULYLOHJLDGRVHQHOSULPHUHMHUFLFLRTXHH[LVWDQEH
QHILFLRVGLVWULEXLEOHV
/DLQFOXVLyQGHOFRQFHSWRGHGLVWULEXLEOHWLHQHGRVFRQVHFXHQFLDV/DSULPHUDHV
TXHSDUDUHWULEXLUDORVDFFLRQLVWDVQRVyORWHQHPRVTXHHVSHUDUDWHQHUEHQHILFLRV
³³
VLQRTXHDGHPiVGHEHPRVHVSHUDUDWHQHUEHQHILFLRVXQDYH]GHGXFLGDVXQDVHULH
GHREOLJDFLRQHVTXHWLHQHODVRFLHGDGUHVHUYDVOHJDOHV\HVWDWXWDULDVHQWUHRWUDV/D
VHJXQGDHVTXHSDUDFDOFXODUHOGLYLGHQGRDHQWUHJDUVLHPSUHTXHH[LVWDQEHQHILFLRV
GLVWULEXLEOHVGHEHQWHQHUVHHQFXHQWDODVUHVHUYDVGLVSRQLEOHVSRUODHPSUHVDLQGH
SHQGLHQWHPHQWHGHVXRULJHQVHDQEHQHILFLRVGHHVWHHMHUFLFLRRGHDQWHULRUHVSRU
VXSXHVWRFXPSOLHQGRODVUHVWULFFLRQHVVREUHHOUHSDUWRTXHHVWDEOHFHHO75/6$
SDUDFXDOTXLHUGLYLGHQGR
(QORV(VWDWXWRVGHEHQFRQVWDUODVFRQVHFXHQFLDVGHODIDOWDGHSDJRGHOGLYLGHQ
GRSUHIHUHQWH\HQWUHHOODVVLHOLPSRUWHLPSDJDGRHVRQRDFXPXODWLYRDORVHMHU
FLFLRVVLJXLHQWHV
8QDYH]WRGRVORVDFFLRQLVWDVFRQGLYLGHQGRVSUHIHUHQWHVORVKD\DQUHFLELGRORV
DFFLRQLVWDVRUGLQDULRVSRGUiQH[LJLUHOFREURGHVXGLYLGHQGRSHURQXQFDVHSRGUiQ
GLVWULEXLUGLYLGHQGRVDODVDFFLRQHVRUGLQDULDVHQXQHMHUFLFLRVLQKDEHUVDWLVIHFKR
FRQDQWHULRULGDGHOGLYLGHQGRSUHIHUHQWH
/DUHGDFFLyQSXHGHRIUHFHUGXGDVVREUHVLODREOLJDWRULHGDGGHOUHSDUWRHQ
FXDQWRH[LVWDQEHQHILFLRVUHSDUWLEOHVHVVyORDSOLFDEOHDODVDFFLRQHVSUHIHUHQWHVR
DOUHVWRGHDFFLRQHVSULYLOHJLDGDV1RREVWDQWHODUHGDFFLyQGHOD&RPLVLyQGH([
SHUWRV\ODHQPLHQGDQGHO*UXSR3DUODPHQWDULR&DWDOiQGHMDQFODURTXHGHEH
VHUDSOLFDGDDWRGDVODVFODVHVGHDFFLRQHVTXHUHFRQR]FDQXQDSUHIHUHQFLDHQ
HOFREURGHODUHPXQHUDFLyQ7LHQHQSUHIHUHQFLDHQHOFREURODVDFFLRQHVSUHIH
UHQWHVODVTXHSRVHDQXQGLYLGHQGRDGLFLRQDO\ODVDFFLRQHVVLQYRWRFRQGLYLGHQGR
DGLFLRQDODFXPXODWLYR
'LYLGHQGRDGLFLRQDO&RQVLVWHHQHOUHSDUWRGHXQDSDUWHGHORVEHQHILFLRV
GLVWULEXLEOHVHQWUHXQDRYDULDVFODVHVGHDFFLRQHV8QDYH]UHFLELGRHVWHGLYLGHQGR
VHHQFXHQWUDQHQLJXDOGDGGHFRQGLFLRQHVFRQODVRWUDVFODVHVGHDFFLRQHVSDUDUHFL
ELUHOUHVWRGHOEHQHILFLRUHSDUWLEOH
/DGLIHUHQFLDHQWUHODVDFFLRQHVSUHIHUHQWHV\ODVTXHSRVHDQGLYLGHQGRDGLFLR
QDOHVTXHHVWDV~OWLPDVVHEHQHILFLDQGHOGLYLGHQGRSULYLOHJLDGR\SRVWHULRUPHQWH
WLHQHQGHUHFKRDUHFLELUHOGLYLGHQGRUHVWDQWHFRPRHOUHVWRGHDFFLRQHVRUGLQDULDV
VLQHPEDUJRODVDFFLRQHVSUHIHUHQWHVUHFLEHQORVGLYLGHQGRVHQXQPRPHQWRDQWH
ULRUDODVRUGLQDULDVSHURSRVWHULRUPHQWHQRWLHQHGHUHFKRDQLQJ~QGLYLGHQGRDGL
FLRQDO
(OGLYLGHQGRDGLFLRQDOUHJXODGRH[SOtFLWDPHQWHHQHO75/6$HVHOWUDWDPLHQWRGH
ODVDFFLRQHVVLQYRWRGRQGHVXVWLWXODUHVWLHQHQHOGHUHFKRDSHUFLELUHOGLYLGHQGR
DQXDOPtQLPRILMRRYDULDEOHTXHHVWDEOH]FDQORV(VWDWXWRVVRFLDOHVXQDYH]FRQFHGL
³³
GRHOGLYLGHQGRPtQLPRWHQGUiQGHUHFKRDOPLVPRGLYLGHQGRTXHFRUUHVSRQGDDODV
DFFLRQHVRUGLQDULDV([LVWLHQGREHQHILFLRVGLVWULEXLEOHVODVRFLHGDGHVWiREOLJDGDD
DFRUGDUHOUHSDUWRGHOGLYLGHQGRPtQLPR/DSHFXOLDULGDGGHDOJXQDVDFFLRQHVVLQ
YRWRHVTXHVXVWLWXODUHVVRQEHQHILFLDULRVGHGRVGHUHFKRVGLYLGHQGRDGLFLRQDO\
DFXPXODFLyQ
/D~QLFDHPLVLyQGHDFFLRQHVUHDOL]DGDHQ(VSDxDFRQXQGLYLGHQGRDGLFLRQDOVLQ
VHUXQDDFFLyQVLQYRWRHVODHPLWLGDSRUODVRFLHGDG´(VSDxRODGH9LYLHQGDVGH$O
TXLOHU&(9$6$µ\DTXHFXDQGRVHHPLWLHURQHQQRHVWDEDQUHJXODGDVODVDF
FLRQHVVLQYRWRHQQXHVWUDOHJLVODFLyQ/DVDFFLRQHVGH&(9$6$VRQSUHIHUHQWHVFRQ
GHUHFKRDSHUFLELUXQGLYLGHQGRGHKDVWDHOGHVXYDORUQRPLQDOFRQFDUiFWHU
ILMRSUHIHUHQWHDODVRUGLQDULDV\DGHPiVGHOGLYLGHQGRSUHIHUHQWHWDPELpQWLHQHQ
GHUHFKRDUHFLELUHOGLYLGHQGRGHODVDFFLRQHVRUGLQDULDV
'HUHFKRDODDFXPXODFLyQ(QHVWHFDVRHOGHUHFKRDUHFLELUUHPXQHUDFLyQ
QRGHVDSDUHFHVLQRH[LVWHQEHQHILFLRVQRGLVWULEXLEOHVHQHVHHMHUFLFLRVLQRTXHVH
H[WLHQGHDSRVWHULRUHVHVWRHVVLQRH[LVWHQEHQHILFLRVUHSDUWLEOHVHVWHHMHUFLFLRVH
DFXPXODQDORVVLJXLHQWHVKDVWDTXHH[LVWDQEHQHILFLRVUHSDUWLEOHV\VHFREUHQWRGRV
ORVQRUHDOL]DGRVKDVWDHVHPRPHQWR/DLQFOXVLyQGHHVWHGHUHFKRSURWHJHDODFFLR
QLVWDGHWRGDVODVSRVLEOHVDFWXDFLRQHVGHODHPSUHVDSDUDLQIUDYDORUDUORVEHQHILFLRV
GHOHMHUFLFLR
(OGHUHFKRGHDFXPXODFLyQVHSXHGHDxDGLUDFXDOTXLHURWURSULYLOHJLRVREUHODV
JDQDQFLDVGLYLGHQGRSUHIHUHQWHGLYLGHQGRDGLFLRQDODXQTXHODOHJLVODFLyQHVSD
xROD~QLFDPHQWHUHJXODH[SOtFLWDPHQWHHVWHGHUHFKRHQHODUWtFXORGHO75/6$
SDUDDOJXQDVDFFLRQHVVLQYRWRODVFXDOHVVRQEHQHILFLDULDVGHGRVGHUHFKRVGLYL
GHQGRDGLFLRQDO\DFXPXODFLyQ
'HUHFKRDXQSRUFHQWDMHGHODEDVHUHSDUWLEOH/DEDVHGHUHSDUWRVHGL
YLGHHQWUHORVDFFLRQLVWDVSHURXQDHPLVLyQVHDVHJXUDXQSRUFHQWDMHVREUHODEDVH
UHSDUWLEOHRVREUHORVEHQHILFLRVGHHVWHHMHUFLFLRFDGDYH]TXHODVRFLHGDGWRPHOD
GHFLVLyQGHUHSDUWLUGLYLGHQGRV
'HUHFKRGHXQGLYLGHQGRPtQLPRVXSHULRU(OGLYLGHQGRPtQLPRDSDUHFH
UHJXODGRHQHODUWtFXORGHO75/6$GRQGHVHJDUDQWL]DXQGLYLGHQGRGHOGH
ORVEHQHILFLRVRXQSRUFHQWDMHVXSHULRUVLDVtORHVWDEOHFHQORV(VWDWXWRVDHQWUHJDU
DORVDFFLRQLVWDVDQWHVGHUHWULEXLUDORVDGPLQLVWUDGRUHV/DUHJXODFLyQHVWDWXWDULD
TXHFRQFHGDXQGLYLGHQGRPtQLPRVXSHULRUHVJHQHUDGRUDGHFODVHSRUTXHHVWDEOH
FHXQSULYLOHJLRVREUHODVHPLVLRQHVTXHQRSRVHDQHVHGHUHFKR
³³
8QDYH]DQDOL]DGRVORVFULWHULRVMXUtGLFRVDGPLWLGRVHQ(VSDxDREVHUYDPRVTXH
DXQTXHHQODPD\RUtDGHORVFDVRVORVFULWHULRVMXUtGLFRV\HFRQyPLFRVFRLQFLGHQ
H[LVWHXQDUXSWXUDHQWUHDPERVHQHOHVWXGLRGHODUHPXQHUDFLyQGHDOJXQRVWtWXORV
(QHOSODQRHFRQyPLFRQRGHEHPRVWHQHUHQFXHQWDVXGHQRPLQDFLyQLQWHUpV
GLYLGHQGRILMRJDUDQWL]DGRRLQWHUFDODULRVLQRODYHUGDGHUDQDWXUDOH]DHFRQyPLFD
GHODUHPXQHUDFLyQHVGHFLUODGHSHQGHQFLDGHODJHVWLyQGHODVRFLHGDG\GHODYR
OXQWDGGHpVWD
(QHOSODQRMXUtGLFRXQWtWXORHVXQDGHXGDVLUHFLEHXQDUHPXQHUDFLyQLQGH
SHQGLHQWHPHQWHGHODH[LVWHQFLDGHUHVXOWDGRVVLHQGRFRQVLGHUDGRXQJDVWRILQDQ
FLHURDHIHFWRVOHJDOHV\ILVFDOHV3RUHOFRQWUDULRXQWtWXORHVXQDDFFLyQVLVX
UHPXQHUDFLyQVHHVWDEOHFHGHVSXpVGHOFiOFXORGHOEHQHILFLRWLHQHODFRQVLGHUDFLyQ
MXUtGLFDGHGLYLGHQGRV\QRHVQLJDVWRILQDQFLHURQLJDVWRILVFDOPHQWHGHGXFLEOH
(FRQyPLFDPHQWHQRHVDGHFXDGRGLIHUHQFLDUXQWtWXORHQIXQFLyQGHVLVXUHPX
QHUDFLyQVHUHDOL]DDQWHVRGHVSXpVGHOFiOFXORGHOEHQHILFLRRVLHVXQJDVWRILQDQ
FLHURRXQGLYLGHQGRDHIHFWRVILVFDOHVROHJDOHV(OFULWHULRHFRQyPLFRFRQVLVWHHQ
FRQVLGHUDUTXHXQLQVWUXPHQWRGHSDVLYRILQDQFLHURWHQGUiXQDUHPXQHUDFLyQLQGH
SHQGLHQWHGHODYROXQWDGGHOHPLVRU\GHORVUHVXOWDGRVGHODHPSUHVD\TXHXQLQV
WUXPHQWRGHQHWRILQDQFLHURUHWULEXLUiHQIXQFLyQGHODJHVWLyQGHODVRFLHGDG\
VHJ~QVXSURSLDGLVFUHFLRQDOLGDG/DSUXHEDPiVFODUDGHTXHXQDUHPXQHUDFLyQHV
QHWRILQDQFLHURHVTXHVLQRH[LVWHQEHQHILFLRVUHSDUWLEOHVQRVHSXHGHUHSDUWLU\
DXQH[LVWLHQGREHQHILFLRVUHSDUWLEOHVODHPSUHVDSRVHHODSRWHVWDGSDUDQRKDFHUOR
(VWHUD]RQDPLHQWRGHULYDGRGHODH[LJLELOLGDGFRPRFULWHULRSULPDULRGHODGL
IHUHQFLDFLyQHFRQyPLFDGHODPDVDGHSDVLYRRIUHFHXQFULWHULRHFRQyPLFRSDUDGL
IHUHQFLDUORVLQVWUXPHQWRVGHQHWRILQDQFLHURGHORVLQVWUXPHQWRVGHSDVLYR
ILQDQFLHURUHVSHFWRDOGHUHFKRGHUHFLELUJDQDQFLD6HJ~QHVWHFULWHULRXQLQVWUX
PHQWRGHQHWRILQDQFLHURWLHQHXQDUHPXQHUDFLyQTXHQHFHVLWDODH[LVWHQFLDGHQH
WRVUHSDUWLEOHVEHQHILFLRVRUHVHUYDVGLVSRQLEOHV\TXHHOUHSDUWRVHDGHFLGLGRSRU
HOyUJDQRJHUHQFLDOSRUHOFRQWUDULRXQLQVWUXPHQWRGHSDVLYRILQDQFLHURWLHQHXQD
UHPXQHUDFLyQTXHQRGHSHQGHGHQLQJXQRGHHVWRVIDFWRUHV
(OHPLVRUGHLQVWUXPHQWRVGHQHWRILQDQFLHURVRODPHQWHHVWiREOLJDGRDHQWUH
JDUULTXH]DDORVWLWXODUHVFXDQGRODGLUHFFLyQWRPHXQDFXHUGRGHGLVWULEXFLyQR
KD\DOOHJDGRHOPRPHQWRGHODOLTXLGDFLyQSRUHVWDUD]yQHQXQQHWRILQDQFLHUR
DXQTXHH[LVWDQEHQHILFLRVUHSDUWLEOHVHODGPLQLVWUDGRUGHODHPSUHVDHPLVRUDSXHGH
WRPDUODGHFLVLyQGHQRUHPXQHUDU
³³
&RPRFULWHULRJHQHUDOGHEHUiQVHUFRQVLGHUDGRVSDVLYRVILQDQFLHURVORVSUR
GXFWRVTXHFRQFHGDQXQDUHPXQHUDFLyQSUHILMDGDLQGHSHQGLHQWHGHODYROXQWDGGHO
HPLVRU\GHORVUHVXOWDGRVGHODHPSUHVD3RURWURODGRVRQLQVWUXPHQWRVGHQHWR
ILQDQFLHURODVHPLVLRQHVTXHFRQFHGDQXQPD\RUSRUFHQWDMHHQHOUHSDUWRTXHDO
UHVWRGHORVDFFLRQLVWDVVLHPSUHTXHDOUHSDUWRGHOGLYLGHQGRVHDQWHSRQJDODQHFH
VLGDGGHXQEHQHILFLRUHSDUWLEOH\ODYROXQWDGGHODGPLQLVWUDGRUHQUHSDUWLUOR
(VWHFULWHULRFODVLILFDWRULRHVWiEDVDGRHQHOFRQFHSWRFOiVLFR\WHyULFRGHSDUWL
FLSDFLyQHQHOSDWULPRQLRQHWRGHODVRFLHGDGHOFXDOVXSRQHTXHHQORVLQVWUXPHQ
WRVTXHSDUWLFLSDQHQODQRWDOLTXLGDWLYDGHODVRFLHGDGODSDUWHQRUHFLELGDFRPR
UHPXQHUDFLyQGXUDQWHODYLGDGHODVRFLHGDGVHUiUHFLELGDDOILQDOGHODYLGDGHpVWD
\TXHDXQTXHORVWLWXODUHVGHHVWHWLSRGHLQVWUXPHQWRVSUHIHULUtDQUHFLELUORVORPiV
SURQWRSRVLEOHQDGDREOLJDDODVRFLHGDGDHQWUHJDUORVDORODUJRGHVXYLGD3RUHVWD
UD]yQODVGHFLVLRQHVMXGLFLDOHVROHJLVODWLYDVTXHREOLJDVHQDOUHSDUWRGHODVDFFLRQHV
RUGLQDULDVTXHSDUWLFLSDQHQHOSDVLYRQRH[LJLEOHGHODVRFLHGDGLUtDQHQFRQWUDGH
ODSURSLDQDWXUDOH]DGHOWtWXOR
/RVWLWXODUHVGHXQLQVWUXPHQWRGHQHWRILQDQFLHURSRVHHQXQDUHPXQHUDFLyQ
PHQRVVHJXUDTXHODGHXQSDVLYRILQDQFLHURHQFDPELRHOUHQGLPLHQWRGHXQLQV
WUXPHQWRGHQHWRILQDQFLHURQRWLHQHOtPLWHPi[LPRFRPRRFXUUHFRQHOGHXQSD
VLYRILQDQFLHUR
/DUHPXQHUDFLyQGHXQQHWRILQDQFLHURQRHVXQDREOLJDFLyQFRQWUDFWXDOGHOD
HPSUHVDVLQRTXHHVSDJDGHUDDGLVFUHFLyQGHOHPLVRUTXLHQWLHQHSOHQRSRGHU
SDUDRPLWLUOD/DRPLVLyQGHODUHWULEXFLyQGHXQLQVWUXPHQWRGHQHWRILQDQFLHURQR
HVXQLQFXPSOLPLHQWRGHODREOLJDFLyQGHODHPSUHVDFRQVXVLQYHUVRUHVVLQHPEDU
JRWRGDHPSUHVDHVWiREOLJDGDDSDJDUODUHPXQHUDFLyQGHORVSDVLYRVILQDQFLHURVVL
VHFXPSOHQXQDVHULHGHFRQGLFLRQHV\SOD]RV
/DSULQFLSDOUXSWXUDHQWUHHOFRQFHSWRMXUtGLFR\HFRQyPLFRHQ(VSDxDHVODLQ
FOXVLyQHQODGLVSRVLFLyQDGLFLRQDOGHFLPRTXLQWDGHOD/H\GHGHQR
YLHPEUHGHODREOLJDWRULHGDGGHHQWUHJDUHOGLYLGHQGRSUHIHUHQWHHQHOHMHUFLFLR
TXHSRVHDEHQHILFLRVVLWXDFLyQTXHVHKDFHH[WHQVLEOHDOUHVWRGHSULYLOHJLRVGHOGH
UHFKRDUHFLELUJDQDQFLDV7UDVHVWDPRGLILFDFLyQHVQHFHVDULRHVWDEOHFHUXQDQiOLVLV
HFRQyPLFRGHFDGDXQRGHORVSULYLOHJLRVMXUtGLFRVGHORVGLYLGHQGRVSDUDHOFDVRHV
SDxRO
3UHIHUHQFLD8QLQVWUXPHQWRGHSULYLOHJLRSUHIHUHQWHHVHOTXHXQDYH]ODVR
FLHGDGHPLVRUDGHFLGHFRQFHGHUGLYLGHQGRVDVXVWLWXODUHVOHVUHPXQHUDHQXQPR
PHQWRDQWHULRUHQHOWLHPSRTXHDORVDFFLRQLVWDVGHODVFODVHVRUGLQDULDV(VWRV
WtWXORVQRREOLJDQDOHPLVRUDUHSDUWLUORVVLQRTXHVLHOHPLVRUDFXHUGDUHSDUWLUORV
³³
GHEHUiUHPXQHUDUDQWHVDORVWLWXODUHVGHDFFLRQHVSUHIHUHQWHV'HHVWDPDQHUDXQ
WtWXORVHUtDQHWRILQDQFLHURVLODHPSUHVDHPLVRUDGHFLGHQRUHPXQHUDUDORVWLWXODUHV
DXQTXHSRVHDEHQHILFLRV
&RQODOHJLVODFLyQHVSDxRODDQWHULRUDXQDSUHIHUHQFLDHQHOUHSDUWRGHGL
YLGHQGRVGHEHUtDVHUUHJLVWUDGDFRPRQHWRILQDQFLHUR3HURHVWDLGHDTXHGDPRGLIL
FDGDFRQOD/H\GH5HIRUPDGHOD/H\GHO0HUFDGRGH9DORUHVTXHREOLJDDODV
VRFLHGDGHVFRWL]DGDV\DODVQRFRWL]DGDVVLQPHQFLyQHVWDWXWDULDHQFRQWUDDFRQ
FHGHUGLYLGHQGRVHQHOSULPHUHMHUFLFLRTXHWXYLHUDQEHQHILFLRVGLVWULEXLEOHVHVWDVL
WXDFLyQDQXODODYROXQWDGGHOyUJDQRJHVWRUGHODVRFLHGDGHPLVRUDSRUORTXH
GHEHUtDQVHUUHJLVWUDGRVFRPRLQVWUXPHQWRVGHSDVLYRILQDQFLHUR
6LXQDHPSUHVDQRFRWL]DGDHVWDEOHFHHQVXV(VWDWXWRVTXHQRHVREOLJDWRULR
FRQFHGHUHOGLYLGHQGRSULYLOHJLDGRHQHOSULPHUHMHUFLFLRTXHWXYLHUDEHQHILFLRVGLV
WULEXLEOHVHOWtWXORGHEHUtDVHUUHJLVWUDGRFRPRXQLQVWUXPHQWRGHQHWRILQDQFLHUR
&RPRSRGHPRVREVHUYDUHQHOFXDGURHQODOHJLVODFLyQHVSDxRODDFWXDOODVVR
FLHGDGHVFRWL]DGDV\ODVQRFRWL]DGDVVLQPHQFLyQHVWDWXWDULDHQFRQWUDHVWiQREOLJD
GDVDFRQFHGHUUHPXQHUDFLyQHQHOSULPHUHMHUFLFLRHQHOTXHWXYLHUDQEHQHILFLRV
GLVWULEXLEOHVSRUORTXHGHEHUtDQUHJLVWUDUHVDVIXHQWHVGHILQDQFLDFLyQFRPRLQVWUX
PHQWRVGHSDVLYRILQDQFLHURVLQHPEDUJRODVHPSUHVDVQRFRWL]DGDVTXHHVWDEOH]
FDQHQVXV(VWDWXWRVODQRREOLJDWRULHGDGGHFRQFHGHUHOGLYLGHQGRSULYLOHJLDGRHQHO
SULPHUHMHUFLFLRHQHOTXHWHQJDQEHQHILFLRVGLVWULEXLEOHVWHQLHQGRODSRWHVWDGGH
QRFRQFHGHUORGHEHUiQUHJLVWUDUHVDIXHQWHGHILQDQFLDFLyQFRPRXQLQVWUXPHQWR
GHQHWRILQDQFLHUR
&XDGUR&RQVLGHUDFLyQHFRQyPLFDGHODVDFFLRQHVSUHIHUHQWHV
(035(6$6 (035(6$612
&27,=$'$6 &27,=$'$6
/DHPSUHVDHVWiREOLJDGDHVWDWXWDULDPHQWHD
UHSDUWLUHOGLYLGHQGRHQFXDQWRDSDUH]FDXQ 3DVLYR([LJLEOH 3DVLYR([LJLEOH
EHQHILFLRGLVWULEXLEOH
/DHPSUHVDUHFKD]DHVWDWXWDULDPHQWHOD
REOLJDFLyQGHUHSDUWLUHOGLYLGHQGRHQFXDQWR 3DVLYR([LJLEOH 3DVLYR1R([LJLEOH
DSDUH]FDXQEHQHILFLRGLVWULEXLEOH
³³
'LYLGHQGRDGLFLRQDO/DUHJXODFLyQWUDGLFLRQDOGHHVWHSULYLOHJLRQRFRQOOHYD
ODH[LJLELOLGDGGHUHFXUVRVSRUSDUWHGHOWLWXODUSRUORTXHHOHPLVRUGHEHUtDFRQVL
GHUDUODFRQWUDSDUWLGDGHOWtWXORFRPRXQLQVWUXPHQWRGHQHWRILQDQFLHUR3RUHO
FRQWUDULRFRQODGLVSRVLFLyQDGLFLRQDOGHFLPRTXLQWDGHOD/H\GHGHQR
YLHPEUH\VXSRQLHQGRXQDKRPRJHQHLGDGHQOD/H\ODHQWUHJDGHULTXH]DHVREOL
JDWRULDFXDQGRH[LVWDQUHFXUVRVUHSDUWLEOHVSRUORTXHODDFFLyQWHQGUiGHUHFKRGH
H[LJLELOLGDG\ODHPSUHVDHPLVRUDGHEHFRQVLGHUDUODSDVLYRILQDQFLHUR
'HUHFKRDODDFXPXODFLyQ(OSULYLOHJLRDFXPXODWLYRFRQFHGHXQGHUHFKRD
TXHVHDFXPXOHQORVGLYLGHQGRVHQORVHMHUFLFLRVHQORVTXHQRVHFRQFHGDHOUHSDU
WR/DVRFLHGDGHPLVRUDHVWiREOLJDGDDDERQDUORVGLYLGHQGRVDWUDVDGRVGHVXVLQV
WUXPHQWRVFRQSULYLOHJLRGHGLYLGHQGRDFXPXODGRDQWHVGHUHPXQHUDUVXVDFFLRQHV
RUGLQDULDV3DUDTXHXQDUHWULEXFLyQDFXPXODWLYDWXYLHVHODFRQVLGHUDFLyQGHUHPX
QHUDFLyQGHQHWRILQDQFLHURODHPSUHVDHPLVRUDGHEHUtDWHQHUODIDFXOWDGGHSRGHU
GHFLGLUVLHQWUHJDUODUHPXQHUDFLyQRQRHQHOHMHUFLFLRTXHSRVHDEHQHILFLRVUHSDU
WLEOHV6LQHPEDUJRHOWUDWDPLHQWRGHODOHJLVODFLyQHVSDxRODFRQYLHUWHDOWtWXORHQXQ
LQVWUXPHQWRGHSDVLYRILQDQFLHURSXHVH[LVWHODREOLJDFLyQGHHQWUHJDUORHQFXDQWR
JHQHUHEHQHILFLRV
3DUDDQDOL]DUODDFWXDOUHJXODFLyQGHOGHUHFKRGHDFXPXODFLyQSDUWLPRVGHXQD
KLSyWHVLVHQHOSULPHUHMHUFLFLRTXHH[LVWDQEHQHILFLRVGLVWULEXLEOHVHVREOLJDGRFRQ
FHGHUHOGLYLGHQGRDFXPXODGRLQGHSHQGLHQWHPHQWHGHODYROXQWDGGHOHPSUHVDULR
7UDVODUHIRUPDGHOD/H\HO75/6$DUWtFXORREOLJDDTXHORVGLYLGHQ
GRVSUHIHUHQWHVVHHQWUHJXHQLQGHSHQGLHQWHPHQWHGHODYROXQWDGGHOHPSUHVDULR
,JXDORFXUUHFRQODVDFFLRQHVVLQYRWRDUWtFXORGHO75/6$TXHSRVHHQXQGL
YLGHQGRDGLFLRQDO\XQGHUHFKRDODDFXPXODFLyQ\TXHWDPELpQOD/H\REOLJDDTXH
FXDQGRH[LVWDQEHQHILFLRVVHFRQFHGDQORVGLYLGHQGRVDGLFLRQDOHV\DFXPXODWLYRV
3RUHVWDUD]yQVXSRQLHQGRXQDKRPRJHQHLGDGHQOD/H\XQGLYLGHQGRDFXPXODWLYR
GHEHVHUFRQFHGLGRHQFXDQWRODHPSUHVDSRVHDEHQHILFLRV
$FHSWDQGRHVWHUD]RQDPLHQWRHOGHUHFKRDODDFXPXODFLyQHQ(VSDxDFRQYLHUWHD
ORVLQVWUXPHQWRVILQDQFLHURVTXHORSRVHDQHQSDVLYRVILQDQFLHURV\DTXHFRQFHGHQD
VXVWLWXODUHVXQDUHPXQHUDFLyQLQGHSHQGLHQWHGHODYROXQWDGGHOHPSUHVDULR/DHPSUH
VDWLHQHODREOLJDFLyQGHDERQDUORVGLYLGHQGRVSULYLOHJLDGRVHQFRQVHFXHQFLDGHEHUtDQ
VHUFRQVLGHUDGRVSDVLYRVH[LJLEOHVWDQWRORVGLYLGHQGRVGHFLGLGRVSRUOD-XQWDFRPRORV
QRGHFLGLGRVHQHVWHHMHUFLFLR\DFXPXODGRVGHHMHUFLFLRVDQWHULRUHV
/RVWtWXORVTXHHVWiQREOLJDGRVDDFXPXODUORVGLYLGHQGRVHQORVSHULRGRVTXH
KD\DSpUGLGDVKDVWDHOSULPHUHMHUFLFLRHQTXHH[LVWDQEHQHILFLRVGLVWULEXLEOHVGHEH
UiQFRQVLGHUDUVHSDVLYRILQDQFLHURSRUTXHQRUPDOPHQWHJHQHUDUiQEHQHILFLRVUH
³³
SDUWLEOHVHQDOJ~QHMHUFLFLR&RQFDUiFWHUH[FHSFLRQDOVLODHPSUHVDOOHJDDODILQDOL
]DFLyQGHVXYLGDFRQDQWHULRULGDGDTXHDOJ~QHMHUFLFLRWHQJDEHQHILFLRVVHGHEHUtD
SURGXFLUXQLQJUHVRH[WUDRUGLQDULRDOFRPSHQVDUHVHSDVLYR
3DUDHO,$6%DODDFXPXODFLyQQRHVUHSUHVHQWDWLYDDODKRUDGHLGHQWLILFDU

ODQDWXUDOH]DHFRQyPLFDGHXQLQVWUXPHQWRILQDQFLHUR(VWDPRVGHDFXHUGRFRQVX
UD]RQDPLHQWR\DTXHHVWHSURQXQFLDPLHQWRVHUHILHUHDODDFXPXODFLyQWDOFRPROR
GHILQHODOHJLVODFLyQHVWDGRXQLGHQVHGRQGHODDFFLyQFRQSULYLOHJLRGHDFXPXODFLyQ
QRHVWiREOLJDGDDODFRQFHVLyQGHOGLYLGHQGRFXDQGRODHPSUHVDSRVHHEHQHILFLR
SRUORTXHHVXQLQVWUXPHQWRGHQHWRILQDQFLHUR7RGRORFRQWUDULRRFXUUHHQQXHV
WURSDtVGRQGHVLQRVHFRQFHGHGLYLGHQGRSRUTXHH[LVWHQSpUGLGDVVHDFXPXOD
KDVWDHOSULPHUHMHUFLFLRHQTXHH[LVWDQEHQHILFLRVUHSDUWLEOHV
'HUHFKRDXQSRUFHQWDMHGHODEDVHUHSDUWLEOH(QHVWHFDVRODEDVHGH
UHSDUWRVHGLYLGHHQWUHORVDFFLRQLVWDVSHURXQDFODVHGHDFFLRQHVVHDVHJXUDXQ
SRUFHQWDMHVREUHODEDVHUHSDUWLEOHRVREUHORVEHQHILFLRVGHHVWHHMHUFLFLRFDGDYH]
TXHODVRFLHGDGWRPHODGHFLVLyQGHUHSDUWLUGLYLGHQGRV3RUHVWDUD]yQHOUHSDUWRGHO
GLYLGHQGRGHSHQGHGHODFRQVHFXFLyQGHXQEHQHILFLRUHSDUWLEOH\GHODYROXQWDGGHOD
JHUHQFLDSDUDHQWUHJDUORGHELHQGRVHUFRQVLGHUDGRHFRQyPLFDPHQWHQHWRILQDQFLHUR
'HUHFKRGHXQGLYLGHQGRPtQLPRVXSHULRU8QSULYLOHJLRGHDXPHQWDUHO
GLYLGHQGRPtQLPRGHODUWtFXORGHO75/6$VyORVHUiFRQFHGLGRVLH[LVWHQEHQH
ILFLRV\H[LVWHODYROXQWDGGHODHPSUHVDHPLVRUDSRUORTXHGHEHVHUFRQVLGHUDGR
XQLQVWUXPHQWRGHQHWRILQDQFLHUR
$FFLRQHVVLQYRWR/RVWLWXODUHVGHODVDFFLRQHVVLQYRWRSXHGHQVHUEHQHIL
FLDULRVGHGRVGHUHFKRVGLYLGHQGRDGLFLRQDO\DFXPXODFLyQ/DOHJLVODFLyQPHUFDQWLO
HVSDxRODFRQYLHUWHDWRGDVODVDFFLRQHVVLQYRWRTXHWHQJDQFXDOTXLHUDGHORVGRV
GHUHFKRVHQSDVLYRVILQDQFLHURVSRUTXHDPERVSULYLOHJLRVGHEHQOOHYDUDFXDOTXLHU
WtWXORDVHUFRQVLGHUDGRXQSDVLYRILQDQFLHUR
(ODQiOLVLVHFRQyPLFRGHFDGDXQRGHORVSULYLOHJLRVGHORVGLYLGHQGRVDGPLWLGRV
MXUtGLFDPHQWHHQ(VSDxDGHEHVHUFRPSDUDGRFRQHOWUDWDPLHQWRHQ(VWDGRV8QLGRV
0LHQWUDVTXHHODQiOLVLVHFRQyPLFRGHODOHJLVODFLyQQRUWHDPHULFDQDUHVSHFWRDO
GHUHFKRGHUHVFDWHHVDQiORJRDOHVSDxROHQHODQiOLVLVSDUDHOGHUHFKRDUHFLELUEH
QHILFLRVH[LVWHQGLIHUHQFLDVSURYRFDGDVSRUILJXUDVTXHVRODPHQWHUHFRQRFHXQDOH
JLVODFLyQ\SRUILJXUDVUHFRQRFLGDVHQDPERVRUGHQDPLHQWRVSHURFRQHVHQFLD
HFRQyPLFDGLIHUHQWH
³³
/DVGLIHUHQFLDVHQWUHODVILJXUDVUHFRQRFLGDVHQDPEDVOHJLVODFLRQHVVHGHULYDQGH
TXHODQRUPDOL]DFLyQHVSDxRODREOLJDDODVHPSUHVDVTXHHPLWHQDOJXQDVDFFLRQHVFRQ
SULYLOHJLRVVREUHODUHPXQHUDFLyQDHQWUHJDUGLYLGHQGRVHQFXDQWRREWHQJDQEHQHIL
FLRVORTXHFRQOOHYDFRQFHSWXDUDOJXQRVWtWXORVSULYLOHJLDGRVHQHOGHUHFKRDOEHQHILFLR
FRPRSDVLYRILQDQFLHUR$OFRQWUDULRHQ(VWDGRV8QLGRVQLQJXQDGHODVDFFLRQHVSULYL
OHJLDGDVFRQSULYLOHJLRVVREUHHOGHUHFKRGHORVEHQHILFLRVRIUHFHQJDUDQWtDFRQWUDFWXDO
GHFREUDUORVGLYLGHQGRV\DTXHQRDVHJXUDQTXHORVGLYLGHQGRVVHUiQSDJDGRVVLPSOH
PHQWHDVHJXUDQTXHOHVVHUiQDERQDGRVORVGLYLGHQGRVFRUUHVSRQGLHQWHVDQWHVTXHD
ORVDFFLRQLVWDVRUGLQDULRV&RPRODOHJLVODFLyQQRUWHDPHULFDQDUHVSHWDODYROXQWDGGHO
HPLVRUSDUDGLVWULEXLUUHPXQHUDFLyQGHEHUiQVHUFRQVLGHUDGDVQHWRILQDQFLHUR
(QODQRUPDWLYDQRUWHDPHULFDQDODVDFFLRQHVFRQSULYLOHJLRVHQORVGHUHFKRVDO
EHQHILFLRDOLJXDOTXHRFXUUHHQODVDFFLRQHVRUGLQDULDVOOHJDQDVHUGHXGDVVROD
PHQWHFXDQGRODHQWUHJDGHUHPXQHUDFLyQVHDGHFLGLGDSRUODHPSUHVDHPLVRUD
+XQWHWDO6FKDOO\+DOH\7XQF0F&XOOHUV\
9DQ'DQLNHU+HLQNHO\=HFKQHU6FKDOO\+DOH\
,QJUDP\%DOGZLQ(SVWHLQ\0LU]D.LHV\:H\JDQGW
/D~QLFDRSLQLyQFRQWUDULDODDSRUWD&RRNHOFXDOUHFRQRFHODH[
LVWHQFLDGH´FLHUWDVHPLVLRQHVGHDFFLRQHVFRQXQDHVWLSXODFLyQFRQWUDFWXDOSDUD
HQWUHJDUGLYLGHQGRVDVXVWLWXODUHVµVLHVWHH[FHSFLRQDOFDVRDFDHFLHUHGHEHUtDQVHU
FRQVLGHUDGDVSDVLYRILQDQFLHUR
/DSRVLEOHMXVWLILFDFLyQGHODDVLPHWUtDGHOWUDWDPLHQWRMXUtGLFRGHOSULYLOHJLRVR
EUHHOEHQHILFLRHQ(VSDxD\HQ(VWDGRV8QLGRVSXHGHGHEHUVHDODGLIHUHQWHPRWL
YDFLyQTXHSRVHHQODVHPSUHVDVGHFDGDSDtVDODKRUDGHGHFLGLUHOUHSDUWR(QOD
PD\RUtDGHORVSDtVHVLQFOXLGR(VWDGRV8QLGRVHOUHSDUWRVHFRQVLGHUDXQDFXHVWLyQ
GHLPDJHQ\FXDQGRPXFKDVVRFLHGDGHVQHFHVLWDQUHFXUVRVSUHILHUHQSHGLUORVDO
PHUFDGRPDQWHQLHQGRVXVSDJRVGHGLYLGHQGRVHQIXQFLyQGHORVEHQHILFLRVDGH
PiVODVFRPSDxtDVWHPHQVXSULPLUGLYLGHQGRVVLQPRWLYRSRUTXHODQHJDWLYDDOUH
SDUWRSXHGHGLVPLQXLUODFRWL]DFLyQ(OLQWHUpVLQWHUQDFLRQDOGHRIUHFHU
UHPXQHUDFLyQDORVDFFLRQLVWDVQRWLHQHVXUHIOHMRHQ(VSDxD/DWHQGHQFLDDFWXDOGH
ODVHPSUHVDVHVSDxRODVHVUHGXFLURVXSULPLUHOUHSDUWRREOLJDQGRDODKRUUDGRUD
HVSHUDUSOXVYDOtDV~QLFDPHQWHGHODYHQWDGHORVWtWXORV3DUD$SDULFLRHQORV
QXHYHSULPHURVPHVHVGHODVVRFLHGDGHVHVSDxRODVUHSDUWLHURQPLOOR
QHVGHSHVHWDVORTXHVLJQLILFDXQDUHEDMDGHXQUHVSHFWRDOPLVPRSHULRGR
DQWHULRU6LODVHPSUHVDVH[WUDQMHUDVQRVRQWDQUHDFLDVFRPRODVHVSDxRODVDUHSDU
WLUFRQFHGHUDORVDFFLRQLVWDVXQSRUFHQWDMHPD\RUVREUHHOUHSDUWRSDUHFHXQFRQ
VLGHUDEOHSULYLOHJLRHOPLVPRSULYLOHJLRFRQFHGLGRHQ(VSDxDSDUHFHHVFDVRSRUOR
TXHQXHVWUROHJLVODGRUHVWDEOHFHTXHXQDYH]VHREWHQJDEHQHILFLRVHFRQFHGDHOGL
YLGHQGRREOLJDWRULDPHQWH
³³
/DFRVWXPEUHDGPLWLGDJHQHUDOPHQWHHQ(VWDGRV8QLGRVGHHQWUHJDUEHQHILFLRV
UHSDUWLEOHVGHIRUPDRUGLQDULDQRVLJQLILFDTXHGHEDDVXPLUVHTXHVLHPSUHVHUHDOL
]DUiVLQRTXHGHEHDWHQGHUVHDORVGHUHFKRV\REOLJDFLRQHVGHULYDGRVGHORVDFXHU
GRVFRQWUDFWXDOHV3RUHVWDUD]yQQRWHQGUtDVHQWLGRODDILUPDFLyQUHDOL]DGDSRUHO
)$6%+RXVWRQ\+RXVWRQ\%UHDO\HWDOTXH
FRQVLGHUDQDODVDFFLRQHVSULYLOHJLDGDVFRQIORDWLQJGLYLGHQGUDWHVHQWRGRVORVFD
VRVFRPRLQVWUXPHQWRVVLPLODUHVDXQDGHXGDWHQJDODHPSUHVDHPLVRUDREOLJDFLyQ
GHHQWUHJDUUHFXUVRVDQWHODVYDULDFLRQHVHQHOLQWHUpVYDULDEOHRSXHGDHYLWDUVXHQ
WUHJD
(QWUHODVILJXUDVMXUtGLFDVHVSDxRODVQRUHFRQRFLGDVHQHOGHUHFKRDPHULFDQRVH
HQFXHQWUDHO´GLYLGHQGRDGLFLRQDOµ(OGLYLGHQGRGHODVDFFLRQHVSULYLOHJLDGDVQRUWHD
PHULFDQDVFRQVLVWHHQXQDFDQWLGDGILMDFRQVWDQWHHLQGHSHQGLHQWHGHORVUHVXOWDGRV
GHODVRFLHGDGSRUORTXHSXHGHGDUVHHOFDVRTXHODVDFFLRQHVRUGLQDULDVFRQFHGDQ
PD\RUGLYLGHQGRTXHHOODV/DVDFFLRQHVSULYLOHJLDGDVQRUWHDPHULFDQDVWLHQHQPD\R
UHVSUREDELOLGDGHVGHUHFLELUGLYLGHQGRVFRQUHJXODULGDGTXHODVDFFLRQHVRUGLQDULDV
SHURODVRUGLQDULDVWLHQHQPD\RUHVRSRUWXQLGDGHVGHUHFLELUPiVFXDQWLRVRVGLYL
GHQGRV'HHVWDIRUPDORVDFFLRQLVWDVSULYLOHJLDGRVHVWiQSURWHJLGRVHQ(VWDGRV
8QLGRVGHODVSpUGLGDVHQODHPSUHVDSHURHQODPD\RUtDGHORVFDVRVODVpSRFDVGH
DXPHQWRGHULTXH]DQROHVDIHFWDSRVLWLYDPHQWH
/D~QLFDILJXUDTXHSRGUtDDVHPHMDUVHDOGLYLGHQGRDGLFLRQDOHVSDxROHVODSDUWL
FLSDWLQJSUHIHUUHGVWRFNHQODTXHVHREWLHQHXQDFDQWLGDGILMDGHGLYLGHQGRV\VLVH
DOFDQ]DQXQDVGHWHUPLQDGDVFRQGLFLRQHVHQWUDQHQHOUHSDUWRMXQWRGHODVRUGLQDULDV
GHOH[FHVRVREUHHOOtPLWHSODQWHDGR6LQHPEDUJRHOGLYLGHQGRDGLFLRQDOFRQFHGH
XQGHUHFKRDXQSRUFHQWDMH\GHVGHHOSULQFLSLRHQWUDHQODEDVHGHUHSDUWRGHOUHV
WRGHORVEHQHILFLRVMXQWRFRQORVDFFLRQLVWDVRUGLQDULRV
$ODVSDUWLFLSDWLQJSUHIHUUHGVWRFNVOHVFRUUHVSRQGHXQDFDQWLGDGSRUVHUDFFLR
QHVSUHIHUHQWHV\DGHPiVHQWUDUtDQHQHOUHSDUWRGHODVFDQWLGDGHVTXHVXSHUHQHV
WDVFRQGLFLRQHVGHODPLVPDIRUPDTXHODVDFFLRQHVRUGLQDULDVSHURVLQTXHHO
HPLVRUHVWpREOLJDGRDHQWUHJDUORVHQFXDQWRWHQJDUHVXOWDGRVSRVLWLYRVSRUHVWDUD
]yQVXQDWXUDOH]DHFRQyPLFDHVGHQHWRILQDQFLHUR
3RUVXSDUWHVLHOGLYLGHQGRDGLFLRQDOIXHVHUHFRJLGRSRUODQRUPDWLYDHQ(VWD
GRV8QLGRVGHEHUtDVHUUHJLVWUDGRFRPRQHWRILQDQFLHUR
2WUDVILJXUDVMXUtGLFDVDPHULFDQDVQRUHFRQRFLGDVHQHOGHUHFKRPHUFDQWLOHVSD
xROVRQODV$GMXVWDEOHSUHIHUUHGVWRFN\ODV'XFWFKDXFWLRQUDWHSUHIHUUHGVWRFN/DQD
WXUDOH]DHFRQyPLFDGHDPEDVGHEHSDUWLUGHODVFRQGLFLRQHVGHILQLGDVHQHO
FRQWUDWRVLHOHPLVRUGHEHHQWUHJDUODUHPXQHUDFLyQHQIXQFLyQGHXQtQGLFHQRHV
³³
WDQGRODHQWUHJDVXSHGLWDGDDODYROXQWDGGHOHPLVRUHOWtWXORHVSDVLYRILQDQFLHUR
SRUHOFRQWUDULRVLQRHVWiREOLJDGDDHQWUHJDUODHQFXDQWRWHQJDEHQHILFLRVHVXQ
LQVWUXPHQWRGHQHWRILQDQFLHUR(Q(VWDGRV8QLGRVGHEHUtDQFRQWDELOL]DUORVL
JXLHQGRHVWDVGLUHFWULFHVDOLJXDOTXHVLDOJXQDYH]VRQLQFOXLGDVHQQXHVWURRU
GHQDPLHQWR
&RQFOXVLRQHV
/DGLIHUHQFLDFLyQGHODPDVDGHSDVLYRSXHGHUHDOL]DUVHHQIXQFLyQGHOD
H[LJLELOLGDGRQRH[LJLELOLGDGGHODVIXHQWHVGHILQDQFLDFLyQHQYH]GHDWHQ
GHUDORVFULWHULRVMXUtGLFRVHQYLUWXGGHVLVRQUHFXUVRVSURSLRVRDMHQRV%D
ViQGRQRVHQHVWDFODVLILFDFLyQODVDFFLRQHVSULYLOHJLDGDVWDPELpQSRGUtDQ
GLIHUHQFLDUVHSRUHOFULWHULRHFRQyPLFRGHH[LJLELOLGDGVLQQHFHVLGDGGHED
VDUVHHQFULWHULRVMXUtGLFRV
/DFRQVLGHUDFLyQMXUtGLFDGHXQLQVWUXPHQWRILQDQFLHURHVODTXHSHUPLWH
REVHUYDUVXVUHVWULFFLRQHV\OLPLWDFLRQHVPHUFDQWLOHV\ILVFDOHVSRUHMHPSORXQ
LQVWUXPHQWRGHSDVLYRILQDQFLHURSRGUiHPLWLUVHDXQYDORULQIHULRUDOQRPLQDO
VLVXFRQVLGHUDFLyQOHJDOHVGHGHXGDVLWXDFLyQQRSHUPLWLGDVLWLHQHQDWXUDOH]D
GHDFFLyQ
/DVDFFLRQHVSULYLOHJLDGDVVRQMXUtGLFDPHQWHDFFLRQHV\FRPRWDOHVVLHPSUH
FRQFHGHQGLYLGHQGRV
/DOHJLVODFLyQPHUFDQWLOGHEHUHFRJHUODVUHVWULFFLRQHVOHJDOHVTXHQHFHVLWDSDUDUHJX
ODUODVDFFLRQHVSRUHVWDUD]yQVHDFXDOVHDVXQDWXUDOH]DHFRQyPLFDDSOLFDUiDWRGDVODV
DFFLRQHVODQRUPDWLYDGHORVDFFLRQLVWDVPRURVRV\ODVDSRUWDFLRQHVQRGLQHUDULDV
/DGLIHUHQFLDFLyQMXUtGLFDPHQWHHVYiOLGDSDUDHOFXPSOLPLHQWRGHQRUPDVILV
FDOHV\UHVWULFFLRQHVPHUFDQWLOHVSHURQRSDUDHOUHJLVWURFRQWDEOH/DFODVLILFDFLyQ
IXQGDPHQWDOSDUDFRQWDELOL]DUXQLQVWUXPHQWRILQDQFLHURHVODHFRQyPLFDHVGHFLU
UHJLVWUDUORVQHWRVILQDQFLHURVFRPRSDVLYRQRH[LJLEOH\ORVSDVLYRVILQDQFLHURV
FRPRSDVLYRH[LJLEOH
/DGLIHUHQFLDFLyQFRQWDEOHGHODVHPLVLRQHVQRGHEHUHDOL]DUVHWHQLHQGRHQ
FXHQWDVLVRQYDORUHVGHUHQWDILMDRGHUHQWDYDULDEOHQLVLODILQDQFLDFLyQHVGHORV
SURSLHWDULRVRGHSHUVRQDVDMHQDV(QSULPHUOXJDUODVDFFLRQHVSULYLOHJLDGDVVRQDF
FLRQHV\SXHGHQHVWDEOHFHUXQDUHPXQHUDFLyQILMDHQIXQFLyQGHOYDORUQRPLQDORGH
HPLVLyQGHOPLVPRPRGRTXHODVGHXGDVSXHGHQHVWDEOHFHUXQDUHPXQHUDFLyQYD
ULDEOH3RURWURODGRSDUDDOJXQDVDFFLRQHVSULYLOHJLDGDVFRPRODVUHVFDWDEOHVHVGL
³³
ItFLOLGHQWLILFDUVLVRQSURSLHGDGGHODHPSUHVD3RUWRGRHOORHOFULWHULRPiVUHOHYDQ
WHDHIHFWRVFRQWDEOHVHVODGLIHUHQFLDFLyQHQWUHHPLVLRQHVH[LJLEOHV\QRH[LJLEOHV
8QWtWXORHVXQLQVWUXPHQWRILQDQFLHURGHSDVLYRILQDQFLHURFXDQGRHVWiREOL
JDGRDHQWUHJDUUHFXUVRVLQGHSHQGLHQWHPHQWHGHODYROXQWDGGHODHPSUHVD\GHORV
UHVXOWDGRVGHODPLVPDPLHQWUDVTXHXQLQVWUXPHQWRHVGHQHWRILQDQFLHURVLQRUH
PXQHUDHQHOFDVRTXHODVRFLHGDGWHQJDSpUGLGDV\QRHVWiREOLJDGDDUHPXQHUDU
DXQWHQLHQGREHQHILFLRV
8QLQVWUXPHQWRILQDQFLHURFRQVLGHUDGRMXUtGLFDPHQWHHQ(VSDxDFRPRDF
FLyQHVSDVLYRILQDQFLHURVLSRVHHXQRGHORVVLJXLHQWHVSULYLOHJLRV
• $FFLRQHVFRQGLYLGHQGRSUHIHUHQWHHQDFFLRQHVFRWL]DGDVRQRFRWL]DGDV
VLQPHQFLyQHVWDWXWDULDHQFRQWUD
• $FFLRQHVFRQGHUHFKRDODDFXPXODFLyQ
• $FFLRQHVFRQGLYLGHQGRDGLFLRQDO
• $FFLRQHVVLQYRWR
• $FFLRQHVUHVFDWDEOHVDRSFLyQGHOLQYHUVRU
• $FFLRQHVUHVFDWDEOHVDRSFLyQGHLQYHUVRU\HPLVRU
• $FFLRQHVUHVFDWDEOHVDIHFKDILMDGD
• $FFLRQHVUHVFDWDEOHVFXDQGRVHFXPSODXQKHFKR
• $FFLRQHVUHVFDWDEOHVFRQODREOLJDFLyQSRUSDUWHGHODHPSUHVDGHHPLWLUR
HQWUHJDULQVWUXPHQWRVGHSDVLYRILQDQFLHUR
6XSRQLHQGRODH[LVWHQFLDGHDFFLRQHVTXHHFRQyPLFDPHQWHVRQSDVLYRH[LJL
EOHGHEHUtDQVHUYDORUDGDVLJXDOTXHHOUHVWRGHSDVLYRVH[LJLEOHV3RUHOFRQWUDULR
ORVLQVWUXPHQWRVGHQHWRILQDQFLHURGHEHQVHUYDORUDGRVSRUVXQRPLQDOGHELGRD
TXHSRVHHQXQDQDWXUDOH]DGLIHUHQWHDOUHVWRGHODPDVDSDWULPRQLDOGHSDVLYR\D
TXHORVWLWXODUHVGHQHWRILQDQFLHURQRSDUWLFLSDUiQGHORTXHDSRUWDURQVLQRGHORV
UHFXUVRVQRH[LJLGRVHQODHPSUHVDHQHOPRPHQWRGHVXOLTXLGDFLyQ
5HJLVWUDUODVDFFLRQHVSULYLOHJLDGDVDWHQGLHQGRDFULWHULRVHFRQyPLFRVFRQWD
ELOL]DQGRORVQHWRVILQDQFLHURVFRPRVLIXHVHQSDVLYRVQRH[LJLEOHV\ORVSDVLYRVIL
QDQFLHURVFRPRSDVLYRVH[LJLEOHVUHTXLHUHHVWDEOHFHUXQDVHULHGHFXHQWDVSDUD
DEVRUEHUHVRVFRQFHSWRV
³³
/DVDFFLRQHVSULYLOHJLDGDVSRUHOGHUHFKRGHUHFLELUODVJDQDQFLDVRGHUHVFDWHTXH
WHQJDQQDWXUDOH]DHFRQyPLFDGHQHWRILQDQFLHURGHEHUtDQVHUUHJLVWUDGDVHQHOSDVLYR
QRH[LJLEOHGHODVRFLHGDG3RUHMHPSORHQODFXHQWD´&DSLWDOVRFLDOSULYLOHJLDGRµSHU
WHQHFLHQWHDOWtWXOR$GHODFWXDOPRGHORGHSUHVHQWDFLyQGH&XHQWDV$QXDOHV
/DVDFFLRQHVSULYLOHJLDGDVSRUHOGHUHFKRDUHFLELUODVJDQDQFLDVFRQQDWXUDOH]D
HFRQyPLFDGHSDVLYRILQDQFLHURGHEHUtDQVHUUHJLVWUDGDVHQHOSDVLYRH[LJLEOHGHOD
VRFLHGDGHPLVRUD3RUHMHPSORHQODFXHQWD´$FFLRQHVSULYLOHJLDGDVFRQQDWXUDOH]D
GHSDVLYRILQDQFLHURµTXHWHQGUtDVXFRUUHVSRQGHQFLDHQHODFWXDOPRGHORGHSUH
VHQWDFLyQGH&XHQWDV$QXDOHVHQHOWtWXOR'VLHVDODUJRSOD]R\(VLHVDFRUWR
/DVDFFLRQHVUHVFDWDEOHVFRQQDWXUDOH]DHFRQyPLFDGHSDVLYRILQDQFLHURGHEHUtDQ
VHUUHJLVWUDGDVHQHOSDVLYRH[LJLEOHGHODVRFLHGDGHPLVRUDSRUHMHPSORHQODFXHQWD
´$FFLRQHVUHVFDWDEOHVFRQQDWXUDOH]DGHSDVLYRILQDQFLHURµTXHSRGUtDSUHVHQWDUVH
HQHOWtWXOR'GHODV&XHQWDV$QXDOHVVLHVDODUJRSOD]R\(VLHVDFRUWR
3RUWRGRHOORSURSRQHPRVODLQFOXVLyQGHODVVLJXLHQWHVFXHQWDV
• ´&DSLWDOVRFLDOSULYLOHJLDGRµ
• ´$FFLRQHVSULYLOHJLDGDVD/3FRQQDWXUDOH]DGHSDVLYRILQDQFLHURµ
• ´$FFLRQHVUHVFDWDEOHVD/3FRQQDWXUDOH]DGHSDVLYRILQDQFLHURµ
• ´$FFLRQHVSULYLOHJLDGDVD&3FRQQDWXUDOH]DGHSDVLYRILQDQFLHURµ
• ´$FFLRQHVUHVFDWDEOHVD&3FRQQDWXUDOH]DGHSDVLYRILQDQFLHURµ
(O3ODQ*HQHUDO&RQWDEOHUHFRPLHQGDHOWUDVSDVRGHORVVDOGRVGHODVFXHQWDVGH
ODPDVDSDWULPRQLDOGHSDVLYRGHODUJRDFRUWRSOD]RFXDQGRUHVWHXQDxRSDUDVX
YHQFLPLHQWR/DVDFFLRQHVTXHSRUUD]RQHVFRQWUDFWXDOHVYD\DQDDPRUWL]DUVHHQ
PHQRVGHXQDxRVHGHEHUtDQWUDVSDVDUDOSXQWR(´$FUHHGRUHVD&RUWR3OD]Rµ(VWR
~QLFDPHQWHSXHGHSURGXFLUVHFXDQGRHOUHVFDWHVHHQFXHQWUHILMDGRGHDQWHPDQR
HQHOFRQWUDWRELHQSRUHVWDUILMDGDODIHFKDSRUHVWDUFRQGLFLRQDGRDOFXPSOLPLHQWR
GHXQKHFKRRFXDQGRHOUHVFDWHVHDVROLFLWDGRFRQVXILFLHQWHDQWHODFLyQ
³³
REFERENCIAS BIBLIOGRAFICAS
ACCOUNTING STANDARDS BOARD (ASB) (1996): Discussion Paper: Derivatives and other financial
instruments, ASB, july, London.
(1995): Presentation of financial information, Statement of principles, ASB, London.
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) (1966): APB Opinion nº 10,
Omnibus Opinion, AICPA, December, New York.
(1953): Committe on Terminology, Accounting Terminology Bulletin nº 1; Review and Resume, AICPA,
New York.
ANDICOECHEA ARONDO, L. / ZUBIAURRE ARTOLA, M.A. (2000): Participaciones no admitidas a
cotización: Correcciones de valor, Partida Doble, nº 111, mayo, 4-17.
ANTHONY, ROBERT N. (1987): We dont have the accounting concepts we need, Harvard Business
Review, january-february, 75-83.
APARICIO, L. (1999): Menos dividendos para el accionista, Periódico El País 26 de septiembre de 1999,
Los negocios, pág. 28.
ASOCIACIÓN ESPAÑOLA DE CONTABILIDAD Y ADMINISTRACIÓN DE EMPRESAS (AECA)
(1999): Marco conceptual para la información financiera, Serie principios contables, septiembre, AE-
CA, Madrid.
(1998): Recursos propios, Serie principios contables, documento nº 10 revisado, enero, AECA, Madrid.
AUSTRALIAN ACCOUNTING RESEARCH FOUNDATION (AARF) (1992): Definition and recognition
of the elements of financial statements, Statements of accounting concepts (SAC), nº 4 march, AARF,
Caulfield.
BANCO DE ESPAÑA (1985): Ley 13/1985 de 25 de mayo sobre coeficientes de inversión, recursos propios
y obligación de información de los intermediarios financieros, Banco de España, Madrid.
BELLOSTAS PÉREZ-GRUESO, A. J. (1997): La herramienta de normalización contable del siglo XXI: El
marco conceptual en España, ICAC, Madrid.
BERLE, ADOLPH A. / MEANS, GARDINER C. (1932): The modern corporation and private property, The
Mac Milliam Company, New York.
BREALY, RICHARD A. / MYERS, STEWART C. / MARUS, ALAN J. (1996): Fundamentals of Corporate
Finance, Mc Graw-Hill, New York.
CAÑIBANO CALVO, L. (1997): Contabilidad e información sobre los fondos propios, en Estudios de
contabilidad y auditoria en homenaje a Carlos Cubillo Valverde, ICAC, Madrid.
CEA GARCIA, J. L. (1994): El resultado contable. Análisis crítico de la medición del excedente económico
empresarial. AECA, monografía nº 22, Madrid.
(1990): Las cuentas anuales y la imagen fiel, Partida Doble, nº 4, Septiembre, 24-31.
CHANT, PETER D. (1989): The Financial Statement Presentation of Corporate Financing Activities, CICA
Research Study, CICA, Toronto.
COOPER, S.K. / FRASER, D.R. (1983): The boom in bank preferred stock issues, The Banker Maga-
zine, nº 166, 73-77.
EPSTEIN, B.J. / MIRZA, A.A. (1998): Interpretation and application of International Accounting Standards,
John Whiley & Sons, Inc., New York.
ESTEO SÁNCHEZ, F. (1995): Análisis de Estados Financieros: Planificación y Control, 3ª edición, CEF,
Madrid.
FERNÁNDEZ PIRLA, J.M. (1970): Teoría económica de la contabilidad, ICE, Madrid.
43
FINANCIAL ACCOUNTING STANDARD BOARD (FASB) (1990) Discussion Memorandum nº 94,
Distinguishing between liability and equity instruments with characteristics of both, Stanford, Connec-
ticut.
(1989): EITF Issue Nº. 85-40, Comprehensive Review of Sales of Marketable Securities with Put Arran-
gements, FASB, Norwalk, Connecticut.
(1985): Concepts Statement Nº. 6, Elements of Financial Statements, FASB, december, Stanford,
Connecticut.
GALLEGO DÍEZ, E. / GONZÁLEZ SÁNCHEZ, M. / RÚA ALONSO DE CORRALES, E. (2000): Conta-
bilidad de Sociedades, Pirámide, Madrid.
GARCÍA DÍEZ, J. (1996): El balance, en AA.VV.: Contabilidad Financiera Superior, Civitas, Madrid.
GOXENS ORENSANZ, M. A. / GAY SALUDAS, J.M. (1999): Análisis de Estados Contables, Prentice
Hall, Madrid.
HARTMAN, B.P. / HARPER, R.M. / KNOBLET, J.A. / RECKERS, P.M. (1997): Intermediate accounting,
South-Western College Publishing, Cincinnati.
HEINKEL, R / ZECHNER, J. (1990): The role of debt and preferred stock as a solution to adverrse in-
vestment incentives, Journal of Financial and Quantitative Analysis, vol. 25, nº 1, march, 1-24.
HOUSTON, ARTHUR L./HOUSTON, CAROL O. (1991): The Changing use of preferred stock,
Management Accounting, december, 47-48.
HUNT, P. / WILLIAMS, C.M. / DONALDSON, G. (1972): Basic Business Finance. Test and Cases, Ri-
chard D. Irwing Inc., Homewood, Illinois.
INGRAM, ROBERT W. Y BALDWIN, B.A. (1998): Financial Accounting, South-western College Publi-
sing, Cincinnati, Ohio.
INTERNATIONAL ACCOUNTING STANDARD BOARD (IASB): (1997): Accounting for financial as-
sets and financial liabilities, A discussion Paper issued for comment by Steering Committee on Financial
Instruments, IASB, march.
(1995): International Accounting Standard nº 32, Financial instruments: Disclosures and presentation,
june, London.
(1991): Exposure draft E40, Financial Instrument, september, IASB, London.
(1989): Framework for the preparation and presentation of financial statements (NIC M), july, IASB,
London.
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE AND THE CANADIAN INSTITU-
TE OF CHARTERED ACCOUNTANTS (IASB/CICA) (1990.a): Draft Statement of Principles on Fi-
nancial Instruments CICA, February 2, Toronto.
KIES DONALD E. / WEYGANDT, JERRY J. (1998): Intermediate Accounting, 9ª ed., John Wiley & Son,
New York.
KOCH, T. W. (1988): Bank Management, Dryden Press, New York.
KRIPKE, H. (1989): Reflections on the FASBs Conceptual Framework for accounting and on auditing,
Journal of Accounting, Auditing and Finance, vol 4, nº 1, winter, 3-66.
LARRIBA DIAZ-ZORITA, A. (1997): Determinación contable del patrimonio, Revista de Contabilidad
y Tributación, nº 29, 187-206.
MC CULLERS, LEVIS D. / VAN DANIKER, RELMOND P. (1985): Introduction to financial accounting,
John Wiley & Sons, Inc., New York.
MARTÍNEZ ARIAS, A. / PRADO LORENZO, J.M. (1991): Nuevo P.G.C., Pirámide, Madrid.
44
MARTÍNEZ CONESA, I. (1996): Marco conceptual de la contabilidad financiera en España: Comparabili-
dad internacional, ICAC, Madrid.
NEW ZEALAND SOCIETY OF ACCOUNTANTS (NZSA) (1993). Statements of concepts for general
purpose financial reporting, NZSA, june, Wellington.
(1991): Exposure Draft nº 60: Concepts for general purpose external financial reporting, NZSA, Wellington.
NORVERTO, M. C. / BERNABEU, D. (1997): El cálculo del patrimonio neto, su incidencia en el
TRLSA, Partida Doble, nº 79, junio, 5-10.
ORDRE DES EXPERTS COMPTABLES (OECF) (1996): Cadre Conceptuel de la comptabilité, Co-
mité Professionnel de Doctrine Comptable, Revue Française de comptabilité, nº 278, mai, 17-51.
RIVERO TORRE, P. (1998): Análisis por ratios de los estados contables financieros, Civitas, Madrid.
SÁNCHEZ FERNÁNDEZ DE VALDERRAMA, J. L. (1997): Participaciones en el capital y otras inver-
siones financieras, en Dudas y ejemplos y soluciones del Plan General de Contabilidad, nº 3, Manual II,
Expansión, 31-57
SCHALL, LAWRENCE D. / HALEY, CHARLES W. (1980): Introduction to Financial Management, Mc
Graw-Hill.
STANDING INTERPRETATIONS COMMITTE (SIC) (1998): Share capital. Presentation of reacquired
own equity (Treasury shares), SIC 16, Connecticut.
TUNC, ANDRÉ (1985): Le droit American des Sociétés Anonymes, Presses Universitaires de France, Paris.
U.S. DEPARTMENT OF THE TREASURY (1989.a): Office of the Comptroller of the Currency: Rules,
Policies, and Procedures for Corporate Activities, Receivership and Conservatorship, Federal Re-
gister, November 28, 48851-48856, Commerce Clearing House, Inc., Chicago.
(1989.b): Office of the Comptroller of the Currency. Risk-Based Capital Guidelines" Federal Regis-
ter, January 27, 4168-4184, Commerce Clearing House, Inc., Chicago.
(1989.c): Internal Revenue Code. Section 385: Treatment of Certain Interests in Corporations as
Stock or Indebtedness, en Federal Tax Guide, vol. 1, Commerce Clearing House, Inc., Chicago.
WHITE, GERALD I. / SONDHI, ASHWIN PAUL C. / DOV, FRIED (1997): The Analysis and use of finan-
cial statements, John Wiley & Sons, New York.
45

Diferenciacion Entre Fondos Propios y Ajenos V Premio

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Diferenciacion Entre Fondos Propios y Ajenos V Premio

Uploaded by

Copyright:

Available Formats

Premio para trabajos cortos de investigación

en Contabilidad “Carlos Cubillo Valverde”

Miguel Ángel Villacorta Hernández

(O)$6%LQWHQWDFRQIHFFLRQDUXQDHVSHFLILFDFLyQGHORVGHUHFKRV

(VWHFULWHULRDSR\DGRSRU+DUWPDQHWDO\(SVWHLQ\0LU]D

3RUHMHPSORSDUDHO)$6%´ORVIRQGRVSURSLRVVRQXQLQWHUpVUHVL

3RUVXSDUWH$(&$DFRQVLGHUD

/D/H\GH6RFLHGDGHVGH5HVSRQVDELOLGDG/LPLWDGDDUWtFXORV\GHQRPLQD

(O,&$&ILMDHOYDORUGHOSDWULPRQLRQHWRSDUDUHVROYHUODFRPSD

(O)$6%SRUVXSDUWHUHDOL]DXQDGHILQLFLyQPX\DPSOLDGHVXFRQVLGH

&21&(372 ,&$& ,$6% 3*& $(&$

/DLQWHUSUHWDFLyQGHOQHWRQRSXHGHFRQVLGHUDUVHXQWHPD]DQMDGR´SX

(QSULPHUOXJDUVHVLW~DQ$,&3$&KDQW)$6%,$6%\

/DFODYHGHHVWDLQWHUSUHWDFLyQVHHQFXHQWUDHQHODUWtFXORD\GGHOD,,

3DUDHO,$6%DODDFXPXODFLyQQRHVUHSUHVHQWDWLYDDODKRUDGHLGHQWLILFDU

You might also like

Diferenciacion Entre Fondos Propios y Ajenos V Premio

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Diferenciacion Entre Fondos Propios y Ajenos V Premio

Uploaded by

Copyright:

Available Formats

Premio para trabajos cortos de investigación

en Contabilidad “Carlos Cubillo Valverde”

Miguel Ángel Villacorta Hernández

(O)$6%  LQWHQWDFRQIHFFLRQDUXQDHVSHFLILFDFLyQGHORVGHUHFKRV

(VWHFULWHULRDSR\DGRSRU+DUWPDQHWDO  \(SVWHLQ\0LU]D 

3RUHMHPSORSDUDHO)$6%  ´  ORVIRQGRVSURSLRVVRQXQLQWHUpVUHVL

3RUVXSDUWH$(&$  D   FRQVLGHUD

/D/H\GH6RFLHGDGHVGH5HVSRQVDELOLGDG/LPLWDGD DUWtFXORV\ GHQRPLQD

(O,&$&  ILMDHOYDORUGHOSDWULPRQLRQHWRSDUDUHVROYHUODFRPSD

(O)$6%  SRUVXSDUWHUHDOL]DXQDGHILQLFLyQPX\DPSOLDGHVXFRQVLGH

&21&(372 ,&$& ,$6% 3*& $(&$

/DLQWHUSUHWDFLyQGHOQHWRQRSXHGHFRQVLGHUDUVHXQWHPD]DQMDGR´  SX

(QSULPHUOXJDUVHVLW~DQ$,&3$  &KDQW  )$6%  ,$6%\

/DFODYHGHHVWDLQWHUSUHWDFLyQVHHQFXHQWUDHQHODUWtFXORD \G GHOD,,

3DUDHO,$6% D ODDFXPXODFLyQQRHVUHSUHVHQWDWLYDDODKRUDGHLGHQWLILFDU

You might also like

(O)$6%LQWHQWDFRQIHFFLRQDUXQDHVSHFLILFDFLyQGHORVGHUHFKRV

(VWHFULWHULRDSR\DGRSRU+DUWPDQHWDO\(SVWHLQ\0LU]D

3RUHMHPSORSDUDHO)$6%´ORVIRQGRVSURSLRVVRQXQLQWHUpVUHVL

3RUVXSDUWH$(&$DFRQVLGHUD

/D/H\GH6RFLHGDGHVGH5HVSRQVDELOLGDG/LPLWDGDDUWtFXORV\GHQRPLQD

(O,&$&ILMDHOYDORUGHOSDWULPRQLRQHWRSDUDUHVROYHUODFRPSD

(O)$6%SRUVXSDUWHUHDOL]DXQDGHILQLFLyQPX\DPSOLDGHVXFRQVLGH

/DLQWHUSUHWDFLyQGHOQHWRQRSXHGHFRQVLGHUDUVHXQWHPD]DQMDGR´SX

(QSULPHUOXJDUVHVLW~DQ$,&3$&KDQW)$6%,$6%\

/DFODYHGHHVWDLQWHUSUHWDFLyQVHHQFXHQWUDHQHODUWtFXORD\GGHOD,,

3DUDHO,$6%DODDFXPXODFLyQQRHVUHSUHVHQWDWLYDDODKRUDGHLGHQWLILFDU