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ÈUHDVHQVRULDO

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SDVDQSRUDOWR\DTXHFDGDDFWLYLGDGWRPDHQFXHQWDDOJXQDVFDUDFWHUtVWLFDVLPSRUWDQWHVGHORVREMHWRV
FRPR WDPDxR FRORU IRUPD WH[WXUD SHVR VRQLGR HWF $GHPiV HVWDV DFWLYLGDGHV GHVDUUROODQ OD
SVLFRPRWULFLGDG ILQD GH ODV PDQRV (Q HO iUHD VHQVRULDO VH HQWUHQDQ ORV VHQWLGRV YLVXDO WiFWLO ROIDWLYR
JXVWDWLYR DXGLWLYR /RV PDWHULDOHV VHQVRULDOHV TXH VH OH SURSRUFLRQDQ DO LQIDQWH SHUPLWHQ H[SORUDU HO
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GHVDUUROODUDQVXFDSDFLGDGGHFRQFHQWUDFLyQ\TXHKDOODUiQHQHOWUD\HFWRGHVXYLGDDGXOWD

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FRVWXPEUHV FRQWURO GHO PRYLPLHQWR GHVDUUROOR GH FRQFHQWUDFLyQ H LQGHSHQGHQFLD SHUVRQDO /DV
DFWLYLGDGHVGHYLGDSUiFWLFDHQORVLQIDQWHVVRQHOSULQFLSLRGHOIXWXURDSUHQGL]DMHQRVyORHQFXDQWRDOD
LQGHSHQGHQFLD\FDSDFLGDGGHFRQFHQWUDFLyQWDPELpQHQKDFHUTXHHOLQIDQWHVHVRUSUHQGDGHOPXQGRD
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PRWLYiQGRORVIRPHQWDQGRDVtODFXULRVLGDG
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GLVFULPLQDUVRQLGRV(ODSUHQGL]DMHGHODOHFWXUD\ODHVFULWXUDVHDOFDQ]DHQHOQLxRGHIRUPDHVSRQWiQHD
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HQ HO LQIDQWH HO GHVHR GH KDFHUOR LJXDOPHQWH 'H DFXHUGR D ODV KDELOLGDGHV H LQWHUHVHV SURSLRV GH VX
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FRQFUHWR SDUD VX UHIXHU]R (VWDV DFWLYLGDGHV SURSRQHQ HO DSUHQGL]DMH GH ODV IRUPDV \ VRQLGRV GH ODV
OHWUDVODSUiFWLFDGHODPRWULFLGDGILQDSRUHVFULWRGHVDUUROORGHYRFDEXODULRODSUiFWLFDGHODVSDUWHVGH
ODJUDPiWLFDSDUDODFUHDFLyQGHIUDVHV
ÈUHDPDWHPiWLFD

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FDQWLGDGHVPHGLDQWHHVWDVDFWLYLGDGHVORVQLxRVDSUHQGHQODFDQWLGDGTXHXQQ~PHURVLPEyOLFRVLJQLILFD
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SUHSDUDQGHPDQHUDLQGLYLGXDO\DTXHHOQLxRRQLxDLQWHQWDUi\UHDOL]DUiXQDDFWLYLGDGPDWHPiWLFDVYDULD
YHFHV KDVWD VHQWLU TXH GHEH FRPSOHPHQWDUOR FRQ XQ FRQFHSWR PiV GLILFXOWRVR 0RQWHVVRUL FUHtD TXH OD
PHQWH GH XQ LQIDQWH HUD PDWHPiWLFD FX\D EDVH HUD HO RUGHQ \ OD SHUFHSFLyQ HQ HO GHVDUUROOR GH ORV
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GHVGHOR FRQFUHWRKDVWD ORDEVWUDFWR WDPELpQGHVGHORVLPSOH DORFRPSOHMR8Q QLxRRQLxD SXHGHGDU
SDVR D ORV PDWHULDOHV GLGiFWLFRV GH PDWHPiWLFDV DO PDQHMDU FRQFHSWRV EiVLFRV GH ODV iUHDV GH YLGD
SUiFWLFD \ VHQVRULDO (Q ODV PDWHPiWLFDV TXH VH DSOLFDQ HQ HO 0pWRGR 0RQWHVVRUL VH LQWURGXFH HO
GHVDUUROOR GH FRQFHSWRV FRPR QXPHUDFLyQ FDQWLGDG RSHUDFLRQHV EiVLFDV HWF (Q HO iUHD GH
PDWHPiWLFDV VH WUDEDMDQ DFWLYLGDGHV FRPR FRQWHR VLVWHPD GHFLPDO WUDEDMR GH PHPRULD DEVWUDFFLyQ
FRQFUHWDRSHUDFLRQHVDULWPpWLFDV\JHRPHWUtDIRUPDV\SODQRV
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KDELWDQGRHQORVFRVPRV\HOVHQWLGRGHJUDWLWXGTXHSURFHGHGHODPLVPD

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URFDV PDUHV UtRV ODJRV ERVTXHV H LQFOXVR PROpFXODV GH SDUWtFXODV DWyPLFDV (VWD iUHD HQJORED
PDWHULDVFXOWXUDOHVFRPR*HRJUDItD]RRORJtDERWiQLFDFLHQFLDDUWHP~VLFDHLGLRPDV
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GHVFXEULU \H[SORUDU PiV OD QDWXUDOH]D\ HO PXQGR$ WUDYpVGH OD ERWiQLFD VHHQVHxD D ORVLQIDQWHV OD
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FRPHQFRPRFUHFHQHWF'HQWURGHO HVWXGLRGHODUWH\ ODP~VLFDOD TXHSHUPLWHDOLQIDQWH H[SUHVDUVH
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GH LPSRUWDQFLD SURSyVLWR \ UHVSRQVDELOLGDG TXH OOHYDUDQ D VX YLGD DGXOWD SHUPLWLpQGROHV HOHJLU XQD
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/RVFXDWURSODQRVGHGHVDUUROOR0RQWHVVRUL

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GHWHUPLQDGDV &RQVLGHUDQGR VX REVHUYDFLyQ OD GRFWRUD 0DUtD 0RQWHVVRUL RUJDQL]y VX GHVDUUROOR HQ 
SODQRVSULQFLSDOHVGHDGHDGHD\GHDDxRV(VWRVSODQRVWLHQHQVXEGLYLVLRQHV
GRQGH DJUXSDQ D QLxRV \ QLxDV FRQ FDUDFWHUtVWLFDV VHPHMDQWHV \ IXHURQ SODQWHDGDV GH OD VLJXLHQWH
PDQHUD

0HQWHDEVRUEHQWHGHOQLxRGHDDxRV

(QHVWDHWDSDRSODQRGHODLQIDQFLDUHVDOWDODFUHDWLYLGDG\ODWUDQVIRUPDFLyQ$OPLVPRWLHPSRHVWHSODQR
GHOGHVDUUROORLQIDQWLOVHGLYLGHHQGRVHWDSDV

Ɣ 0HQWHLQFRQVFLHQWHGHDDxRV

Ɣ 0HQWHFRQVFLHQWHGHDDxRV
0HQWHLQFRQVFLHQWHGHDDxRV

$ OR ODUJR GH HVWD HWDSD OD PHQWH DGTXLHUH LQFRQVFLHQWHPHQWH FRQRFLPLHQWRV GH DSUHQGL]DMHV TXH RIUHFH HO
DPELHQWHPiVDSUR[LPDGRDOQLxRRQLxD8QHMHPSORFRP~QHVODDGTXLVLFLyQGHOOHQJXDMHGXUDQWHORVSULPHURV
DxRV7DPELpQGXUDQWHHVWDHWDSDHOQLxRRQLxDOOHJDDGLIHUHQFLDUORUHDOGHORLUUHDO3RURWURODGRHOQLxRRQLxD
FRPLHQ]D D PDQHMDU ODV FRRUGLQDFLRQHV YLVRPRWRUDV ORV KiELWRV GH KLJLHQH SHUVRQDO H LQGHSHQGHQFLD &RPR
HOHPHQWRH[SORUDGRUGHHVWDDEVRUFLyQGHFRQRFLPLHQWRVORVQLxRV\QLxDVXWLOL]DQWRGRVVXVVHQWLGRV

0HQWHFRQVFLHQWHGHDDxRV

'XUDQWHHVWHSHULRGRGHWLHPSRODPHQWHGHOLQIDQWHVHWRUQDFRQVFLHQWH\HVORJUDGRPHGLDQWHHOPRYLPLHQWR
(VWRJHQHUDTXHODPHQWHVHVHQVLELOLFHDQWHFDGDDFFLyQ\GHORVDOFDQFHVTXHHVWHWLHQHHQHOHQWRUQRGRQGHVH
GDDKRUDODPHQWHHVFRQVFLHQWHGHVXVDFWRV$ORODUJRHVWDIDVHVHWUDEDMDKDELOLGDGHVFRPRODFRQFHQWUDFLyQ
ODYROXQWDGRODPHPRULD(QHVWDHWDSDHOQLxRRQLxDSRVHHHOFRQWUROGHODPELHQWH\QRHVHODPELHQWHORTXH
FRQWURODDOLQIDQWHFRPRVXFHGtDHQODIDVHDQWHULRU/RVVHQWLGRVVHYXHOYHQSULPRUGLDOHVHQHODSUHQGL]DMHHQ
HVWDHWDSDODVPDQRVVHWRUQDQHQXQDKHUUDPLHQWDFRQVFLHQWH\QRFRPRVLPSOHVUHFHSWRUHVGHHVWtPXORV
3HULRGRGHODQLxH]GHDDxRV

(VWH VHJXQGR SODQR WLHQH FRPR FDUDFWHUtVWLFD OD ILUPH]D \ VHJXULGDG SXHV HQ HVWD HWDSD ORV QLxRV \
QLxDV XWLOL]DQ OD LQIRUPDFLyQ DGTXLULGD FRQ DQWHULRULGDG DVt FRPR OD UHFLpQ REWHQLGD SDUD UHVSRQGHU D
VLWXDFLRQHV FRPR ³SRU TXp´ ³FyPR´ \ ³FXiQGR´ $O PLVPR WLHPSR VXUJH HO LQWHUpV SRU DVSHFWRV PiV
FRPSOLFDGRV\ODVUHODFLRQHVDXPHQWDQGHLJXDOPDQHUDORVFXHVWLRQDPLHQWRVGHWLSRPRUDO

$GROHVFHQFLDGHDDxRV

(OWHUFHUSODQRGHGHVDUUROOR0RQWHVVRULORGLYLGHSRUGRVIDVHVFRQWLJXDV

Ɣ 3XEHUWDGGHDDxRV

Ɣ $GROHVFHQFLDGHDDxRV
ā3XEHUWDGGHDDxRV

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JHQHUDQ GLVWLQWRV FDPELRV WDQWR ItVLFRV FRPR SVLFROyJLFRV (Q ORV FDPELRV SVLFROyJLFRV VREUHVDOHQ ORV
VHQWLPLHQWRVGHGXGDLQVHJXULGDGH[SORVLRQHVHPRFLRQDOHVHWF3DUD0RQWHVVRULHODVSHFWRDFDGpPLFR
GHEHUiFRQVLGHUDUHOGHVDUUROORVRFLDOGHFDGDVXMHWR

$GROHVFHQFLDGHDDxRV

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LQTXLHWXGHV\GXGDVSRUODSRVWXUD\UROTXHXQRWLHQHGHQWURGHOPXQGRDGXOWR\UHDO(VWDGXGDHVWDUi
UHODFLRQDGDFRQHODVXQWRGHODUHVSRQVDELOLGDGVRFLDO
0DGXUH]GHDDxRV

$O OOHJDUHO PRPHQWR HQHO TXH HOQLxR R QLxDHQWUH D ODVRFLHGDG DGXOWD \UHDO PDQWLHQHQXQD ILUPH]D
WDQWRVRFLDOFRPRHPRFLRQDO\FRPLHQ]DQXQGHVDUUROORHYROXWLYRHVWDEOH(VFRP~QHOLQWHUpVSRUWHQHU
XQDFDUUHUDSRVHHUXQHPSOHR\KDFHUXQDIDPLOLDSURSLD
/DLPSRUWDQFLDGHXWLOL]DUHOPpWRGR0RQWHVVRUL

8QD YH] LGHQWLILFDGDV ODV FDUDFWHUtVWLFDV PiV FRPXQHV GH OD LQIDQFLD 0RQWHVVRUL GHQRPLQD ORV SURSyVLWRV
SULPRUGLDOHVGHVXPpWRGR

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FRQ HO HQWRUQR TXH HO QLxR FRQVWUX\H VXV SHUVRQDOLGDG WRPDQGR HQ FXHQWD D XQD SHUVRQD FRPR XQ WRGR
LQWHJUDGRDSHVDUTXHFDGDQLxR\DQDFHFRQGLIHUHQWHVSXQWRVGHVXFDUiFWHU

ā2IUHFH ODVLWXDFLyQ SDUDREVHUYDU DFDGD LQIDQWHFRPHQ]DQGR DVtDQRWDU ODVKDELOLGDGHV PiVUHVDOWDQWHV GH


FDGDXQRDOLJXDOTXHODFRQH[LyQGHGLVWLQWDVLQWHOLJHQFLDV

ā (O PpWRGR0RQWHVVRUL RIUHFH DO QLxR RQLxD OD RSRUWXQLGDG GH DSUHQGHUFRQ DOHJUtD HO WLHPSR SDUDJR]DU GHO
WUD\HFWR GH HQVHxDQ]D \ DSUHQGL]DMH JDUDQWL]DQGR DVt HO GHVDUUROOR GHO DXWRHVWLPD SRU RWUR ODGR RIUHFH ODV
H[SHULHQFLDVSRUODVFXDOHVORVLQIDQWHVSURGXFHQVXVFRQRFLPLHQWRV\ORVGLVSRQHSDUDODVGLVWLQWDVVLWXDFLRQHV
GHODYLGDGLDULD
ā /D OLEHUWDG \ DXWRGLVFLSOLQD VRQ LPSRUWDQWHV SDUD PpWRGR 0RQWHVVRUL VLQ HPEDUJR HV QHFHVDULR
HQFRQWUDUXQOtPLWHSDUDHYLWDUVHUPX\VREUHSURWHFWRUHVDXWRULWDULRVRSHUPLVLYRV6HEXVFDHVWLPXODUDO
QLxRDSDUDFUHFHUIHOL]ItVLFDPHQWHGHVDUUROODGRDMXVWiQGRVHVRFLDO\HPRFLRQDOPHQWHSDUDDGDSWDUVHDO
PXQGR

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HQ ODVTXH ORV QLxRV\ QLxDV SXHGHQ DOFDQ]DUVX FDSDFLGDG LQWHOHFWXDOFRPR SHUPLWLHQGR TXHORV QLxRV
VHDQDFWLYRV SDUDDSUHQGHU GHXQD PDQHUDVHQVRULDO ODUHDOLGDG GHOPXQGR TXHORV URGHDWRPDQGR HQ
FXHQWDORVSHULRGRVVHQVLWLYRVSHUPLWLUOHV\PRWLYDUORVDUHSHWLUHVWDVDFWLYLGDGHVKDVWDSHUIHFFLRQDUORV\
UHFRUGDQGRTXHODPRWLYDFLyQHVXQIDFWRUUHVDOWDQWHDOPRPHQWRGHDSUHQGHU

ā(OPpWRGR0RQWHVVRULWLHQHFRPRREMHWLYRIRPHQWDUODDXWRQRPtDGHOQLxR\QLxDDOPRPHQWRGHHMHFXWDU
VXVDFWLYLGDGHVORFXDOSRVWHULRUPHQWHGHVDUUROODODSHUVRQDOLGDG6HGHEHORJUDUTXHHOQLxRRQLxDDFWXp
GHXQDPDQHUDPiVQDWXUDO\OLEUHVLQTXHHODGXOWRDFWXpVREUHSURWHFWRU
ā(OPDWHULDOGHEHVHU~QLFRDOPRPHQWRGHGHVDUUROODUODVFDSDFLGDGHVGHFDGDQLxRRQLxDGLVWULEXLGR
SRU iUHDV GH DSUHQGL]DMH VHQVRULDO YLGD GLDULD PDWHPiWLFD OHQJXDMH \ HGXFDFLyQ FyVPLFD HWF
RIUHFLHQGR PXFKD LPSRUWDQFLD DO GHVDUUROOR \ HO DSUHQGL]DMH PHGLDQWH GH ORV VHQWLGRV OR TXH
JHQHUDOPHQWH HQ OD HVFXHOD WUDGLFLRQDO QR VH WRPD HQ FXHQWD VLHQGR VLJQLILFDWLYR HQ HO SURFHVR GH
DSUHQGL]DMH/RLPSRUWDQWHHVTXHHOQLxRRQLxDHVFRMDHOiUHD\PDWHULDOSDUDWUDEDMDU
9HQWDMDVGHOPpWRGR0RQWHVVRUL

(OPpWRGR0RQWHVVRULSRVHHGHIDFLOLGDGHV\EHQHILFLRVWDQWRVSDUDODVPDHVWUDVFRPRHODOXPQDGR

ā/DPDHVWUDRHOPDHVWURQRLQWHUYLHQHQH[FHVLYDPHQWHHQHODXODWHQLHQGRDVtXQUROGLVFUHWR

ā6HSUHVHQWDQDORVQLxRV\QLxDVDFWLYLGDGHV\FRQVLGHUDQVXVLQWHUHVHVSHUVRQDOHVPLHQWUDVVHREVHUYD
HODYDQFH\HOSURJUHVRGHORVQLxRV

ā/RVPDHVWURVWUDEDMDQGHXQDPDQHUDSHUVRQDOHLQGLYLGXDOL]DGDFRQORVQLxRV\ODVQLxDVWRPDQGRHQ
FXHQWDODVGHELOLGDGHV\IRUWDOH]DVHOJUXSRGHQLxRVGHOTXHVHHQFXHQWUDDFDUJR

ā/RVODVQLxRVDVHOLJHQVXVSURSLDVH[SHULHQFLDV\DFWLYLGDGHVOXHJRGHTXHHOPDHVWURDH[SOLFDFyPR
UHDOL]DUXQDDFWLYLGDGHOQLxRDGHEHDSOLFDUORSRUVtVRORD
ā8QDXODSUHHVFRODUSXHGHDGPLWLUSRUORJHQHUDODQLxRV\QLxDVGHDDxRVSDUDTXHVXVGLIHUHQWHV
QLYHOHV GH DSWLWXG WUDEDMHQ MXQWRV \ GHVDUUROOHQ GLVWLQWRV QLYHOHV GH H[SHULHQFLD VL VHU OLPLWDGRV SRU OD
HGDG

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DSOLFDGR ODV DFWLYLGDGHV SXHGHQ FRPSDUWLU VXV H[SHULHQFLDV FRQ ORV RWURV QLxRV \ DVt IRPHQWDU HO
DSUHQGL]DMH

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KRUDULRVHVSHFtILFRV

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