Professional Documents
Culture Documents
,',6326,&,21(6*(1(5$/(6
-()$785$'(/(67$'2
5HDO 'HFUHWROH\ GH GH RFWXEUH SRU HO TXH VH DGRSWDQ PHGLGDV
XUJHQWHV GH DSR\R SDUD OD UHSDUDFLyQ GH ORV GDxRV RFDVLRQDGRV SRU ODV
HUXSFLRQHVYROFiQLFDV\SDUDODUHFRQVWUXFFLyQHFRQyPLFD\VRFLDOGHODLVOD
GH/D3DOPD
GHFODUDGRWDPELpQODLVODGH/D3DOPD]RQDDIHFWDGDJUDYHPHQWHSRUXQDHPHUJHQFLDGH
SURWHFFLyQ FLYLO =$(3& GHELGR D OD HUXSFLyQ GHO YROFiQ KDELOLWDQGR DVt D WRGRV ORV
FYH%2($
$UWtFXOR )RUPD\SOD]RVSDUDHOHMHUFLFLRGHGHUHFKRV
(O HMHUFLFLR GH ORV GHUHFKRV FRQWHPSODGRV HQ HO FDStWXOR SULPHUR GH HVWH WtWXOR
SRUSDUWHGHODVSHUVRQDVFRQVXPLGRUDV\XVXDULDVDIHFWDGDVVHOOHYDUiDFDERPHGLDQWH
VROLFLWXGGLULJLGDDOHPSUHVDULRHQODTXHVHLQGLTXHQODVFDXVDVTXHPRWLYDQODVROLFLWXG
(OHPSUHVDULRGHEHUiFRPSUREDUODDGHFXDFLyQGHODVROLFLWXGSUHVHQWDGDDORV
VXSXHVWRV FRQWHPSODGRV HQ HO FDStWXOR GH HVWH WtWXOR PHGLDQWH OD FRQVXOWD GH ORV
UHJLVWURVREDVHVGHGDWRVHVWDEOHFLGRVDOHIHFWRSRUODVDXWRULGDGHVFRPSHWHQWHVHQORV
TXH VH GHWHUPLQDUDQ ODV ]RQDV FyGLJRV SRVWDOHV YtDV R YLYLHQGDV DIHFWDGDV HQ FDGD
PRPHQWRSRUODHUXSFLyQGHO9ROFiQ&XPEUH9LHMDHQODLVODGH/D3DOPDDVtFRPRVX
JUDGR GH DIHFWDFLyQ 6H FRQVLGHUDUi FRPR IHFKD GH QDFLPLHQWR GHO FRUUHVSRQGLHQWH
GHUHFKR OD IHFKD GH DIHFWDFLyQ TXH FRQVWH HQ GLFKRV UHJLVWURV R EDVHV GH GDWRV TXH
KDEUiQGHPDQWHQHUVHFRQWLQXDPHQWHDFWXDOL]DGRV
(Q HO FDVR GH FRQWUDWRV HPSDTXHWDGRV TXH LQFOX\DQ OD SUHVWDFLyQ GH GLYHUVRV
VHUYLFLRV R OD SURYLVLyQ GH ELHQHV MXQWR D OD SUHVWDFLyQ GH VHUYLFLRV ORV GHUHFKRV
FRQWHPSODGRVHQHOFDStWXORGHHVWHWtWXORSRGUiQHMHUFHUVH~QLFDPHQWHHQUHODFLyQ
FRQDTXHOORVHOHPHQWRVGHOFRQWUDWRTXHUHVXOWHQGHLPSRVLEOHFXPSOLPLHQWRUHFHSFLyQR
GLVIUXWHSRUSDUWHGHODVSHUVRQDVFRQVXPLGRUDV\XVXDULDVDIHFWDGDVGHIRUPDGHILQLWLYD
RWHPSRUDOFRPRFRQVHFXHQFLDGHODHUXSFLyQGHOYROFiQ&XPEUH9LHMDHQODLVODGH/D
3DOPD R GH ODV PHGLGDV DGRSWDGDV DO HIHFWR SRU ODV DXWRULGDGHV FRPSHWHQWHV
TXHGDQGR HQ VX FDVR ODV WDULIDV FRQYHUJHQWHV VRPHWLGDV DO FRUUHVSRQGLHQWH DFXHUGR
HQWUHODVSDUWHV
/D DFFLyQ SDUD HMHUFHU ORV GHUHFKRV UHFRJLGRV HQ FDStWXOR GH HVWH WtWXOR
SUHVFULELUi D ORV FLQFR PHVHV GHVGH HO QDFLPLHQWR GHO GHUHFKR R HQ HO FDVR GH TXH
KXELHVHQDFLGRDQWHVGHODHQWUDGDHQYLJRUGHHVWHUHDO'HFUHWROH\DORVFLQFRPHVHV
GHVXHQWUDGDHQYLJRU
&$3Ë78/2
0HGLGDVGHVXVSHQVLyQGHREOLJDFLRQHVGHSDJRGHLQWHUHVHV\SULQFLSDOSDUD
SUpVWDPRV\FUpGLWRVFRQ\VLQJDUDQWtDKLSRWHFDULD
$UWtFXOR 2EMHWR
(VWHFDStWXORWLHQHSRUREMHWRHVWDEOHFHUODVXVSHQVLyQGHODVREOLJDFLRQHVGHSDJR
GHLQWHUHVHV\SULQFLSDOSDUDSUpVWDPRV\FUpGLWRVLQGHSHQGLHQWHPHQWHGHVLHVWiQRQR
DO FRUULHQWH GH SDJR FRQ \ VLQ JDUDQWtD KLSRWHFDULD FRQFHGLGRV D DIHFWDGRV SRU ORV
PRYLPLHQWRVVtVPLFRV\HUXSFLRQHVYROFiQLFDVDFDHFLGRVHQODLVODGHOD3DOPDGHVGHHO
SDVDGRGtDGHVHSWLHPEUHGH
$UWtFXOR ÈPELWRGHDSOLFDFLyQ
3RGUiQ VHU EHQHILFLDULRV GH OD VXVSHQVLyQ GH ODV REOLJDFLRQHV GH SDJR GH
LQWHUHVHV \ SULQFLSDO GH SUpVWDPRV \ FUpGLWRV FX\D JDUDQWtD KLSRWHFDULD VH KD\D
FRQVWLWXLGRVREUHLQPXHEOHVVLWXDGRVHQOD]RQDDIHFWDGDSRUORVPRYLPLHQWRVVtVPLFRV\
ODVHUXSFLRQHVYROFiQLFDVODVSHUVRQDVItVLFDVRMXUtGLFDVSUHVWDWDULDVRDFUHGLWDGDVGH
GLFKRVSUpVWDPRV\FUpGLWRV
$ ORV HIHFWRV GH HVWH FDStWXOR VH FRQVLGHUDUi ]RQD DIHFWDGD SRU ORV PRYLPLHQWRV
VtVPLFRV\ODVHUXSFLRQHVYROFiQLFDVDOD]RQDGHFODUDGDFRPRDIHFWDGDJUDYHPHQWHSRU
9HULILFDEOHHQKWWSVZZZERHHV
XQDHPHUJHQFLDGHSURWHFFLyQFLYLOFRQIRUPHDO$FXHUGRGH&RQVHMRGH0LQLVWURVGH
GH VHSWLHPEUH GH SRU HO TXH VH GHFODUD OD LVOD GH /D 3DOPD 6DQWD &UX] GH
FYH%2($
7HQHULIH ©=RQD DIHFWDGD JUDYHPHQWH SRU XQD HPHUJHQFLD GH SURWHFFLyQ FLYLOª \ VH
LPSXOVDQPHGLGDVXUJHQWHVSDUDPLWLJDUORVGDxRVSURYRFDGRVSRUODHUXSFLyQYROFiQLFD
HQOD]RQDGH0RQWDxD5DMDGDWpUPLQRPXQLFLSDOGH(O3DVR
%2/(7Ë12),&,$/'(/(67$'2
1~P 0LpUFROHVGHRFWXEUHGH 6HF,3iJ
$VLPLVPRSRGUiQVHUEHQHILFLDULRVGHODVXVSHQVLyQGHODVREOLJDFLRQHVGHSDJR
GHLQWHUHVHV\SULQFLSDOGHSUpVWDPRV\FUpGLWRVVLQJDUDQWtDKLSRWHFDULDFRQFHGLGRVFRQ
DQWHULRULGDGDODSXEOLFDFLyQGHHVWHUHDOGHFUHWROH\
D /DV SHUVRQDV ItVLFDV UHVLGHQWHV HQ OD ]RQD D OD TXH VH UHILHUH HO DSDUWDGR
DQWHULRU
E /DVSHUVRQDVItVLFDVRMXUtGLFDVFX\DDFWLYLGDGHFRQyPLFDSULQFLSDOVHHQFXHQWUH
VLWXDGD HQ GLFKD ]RQD FRPSUHQGLHQGR H[SORWDFLRQHV DJUDULDV SHVTXHUDV PDULQDV R
IRUHVWDOHVHVWDEOHFLPLHQWRVPHUFDQWLOHVLQGXVWULDOHV\GHVHUYLFLRV
(QWRGRFDVRORVFRQWUDWRVGHDUUHQGDPLHQWRILQDQFLHURVHHQWHQGHUiQLQFOXLGRV
GHQWUR GHO iPELWR GH DSOLFDFLyQ REMHWLYR GH OD VXVSHQVLyQ WHPSRUDO D TXH VH UHILHUH HO
SiUUDIRDQWHULRU
$UWtFXOR )LDGRUHVDYDOLVWDVHKLSRWHFDQWHVQRGHXGRUHV
/RVILDGRUHVDYDOLVWDVHKLSRWHFDQWHVQRGHXGRUHVDORVTXHOHVUHVXOWHGHDSOLFDFLyQ
DOJXQDGHODVVXVSHQVLRQHVGHODVREOLJDFLRQHVGHULYDGDVGHORVFRQWUDWRVGHFUpGLWRFRQ
\ VLQ JDUDQWtD KLSRWHFDULD FRQIRUPH DO DUWtFXOR SRGUiQ H[LJLU GXUDQWH HO SHULRGR GH
YLJHQFLD GH OD VXVSHQVLyQ SUHYLVWD HQ HO SUHVHQWH FDSLWXOR TXH HO DFUHHGRU DJRWH HO
SDWULPRQLRGHOGHXGRUSULQFLSDODQWHVGHUHFODPDUOHVODGHXGDJDUDQWL]DGDDXQFXDQGR
HQHOFRQWUDWRKXELHUDQUHQXQFLDGRH[SUHVDPHQWHDOEHQHILFLRGHH[FXVLyQ
$UWtFXOR $FUHGLWDFLyQGHODVFRQGLFLRQHVGHSHUWHQHQFLDDOiPELWRGHDSOLFDFLyQ
/DFRQFXUUHQFLDGHODVFLUFXQVWDQFLDVTXHGHWHUPLQDQODFRQGLFLyQGHEHQHILFLDULRHQ
FDGDXQRGHORVVXSXHVWRVUHFRJLGRVHQHODUWtFXORGHEHUiVHUDFUHGLWDGD
D (QHOFDVRGHRSHUDFLRQHVFRQJDUDQWtDKLSRWHFDULDFRQXQDPHUDVROLFLWXG
E (Q HO FDVR GH RSHUDFLRQHV VLQ JDUDQWtD KLSRWHFDULD GH SHUVRQDV ItVLFDV
UHVLGHQWHV HQ OD ]RQD DIHFWDGD SRU ORV PRYLPLHQWRV VtVPLFRV \ ODV HUXSFLRQHV
YROFiQLFDVFRQXQFHUWLILFDGRGHHPSDGURQDPLHQWR
F (Q HO FDVR GH RSHUDFLRQHV VLQ JDUDQWtD KLSRWHFDULD GH SHUVRQDV ItVLFDV R
MXUtGLFDV WLWXODUHV GH H[SORWDFLRQHV HQ OD ]RQD SRU ORV PRYLPLHQWRV VtVPLFRV \ ODV
HUXSFLRQHVYROFiQLFDVPHGLDQWHFXDOTXLHUGRFXPHQWRTXHDFUHGLWHGLFKDFLUFXQVWDQFLDR
HQVXFDVRPHGLDQWHGHFODUDFLyQUHVSRQVDEOH
$UWtFXOR 6ROLFLWXGGHODVPRUDWRULDV
/RV GHXGRUHV FRPSUHQGLGRV HQ HO iPELWR GH DSOLFDFLyQ GH OD VXVSHQVLyQ GH ODV
REOLJDFLRQHV GHULYDGDV GH ORV FRQWUDWRV GH SUpVWDPR R FUpGLWR FRQ R VLQ JDUDQWtD
KLSRWHFDULD GH FRQIRUPLGDG FRQ HO DUWtFXOR SRGUiQ VROLFLWDU GHO DFUHHGRU KDVWD VHLV
PHVHVGHVGHODHQWUDGDHQYLJRUGHOUHDOGHFUHWROH\ODVXVSHQVLyQGHVXVREOLJDFLRQHV
/RV GHXGRUHV DFRPSDxDUiQ MXQWR D OD VROLFLWXG GH VXVSHQVLyQ OD GRFXPHQWDFLyQ
SUHYLVWDHQHODUWtFXORTXHUHVXOWHGHDSOLFDFLyQ\HVSHFLILFDUiQVLVRQDVDODULDGRVR
DXWyQRPRV\VXDFWLYLGDGHFRQyPLFD
$UWtFXOR &RQFHVLyQGHODVPRUDWRULDV
8QD YH] UHDOL]DGD OD VROLFLWXG GH OD VXVSHQVLyQ D OD TXH VH UHILHUH HO DUWtFXOR
9HULILFDEOHHQKWWSVZZZERHHV
DQWHULRU GH HVWH UHDO GHFUHWROH\ HO DFUHHGRU SURFHGHUi GH IRUPD DXWRPiWLFD D OD
VXVSHQVLyQ GH ODV REOLJDFLRQHV GHULYDGDV GHO FRQWUDWR GH SUpVWDPR R FUpGLWR FRQ ORV
FYH%2($
HIHFWRVHVWDEOHFLGRVHQHODUWtFXOR
8QDYH]FRQFHGLGDODVXVSHQVLyQODHQWLGDGDFUHHGRUDORFRPXQLFDUiDO%DQFR
GH (VSDxD HQ HO PDUFR GH OD FRPXQLFDFLyQ D OD TXH VH UHILHUH HO DUWtFXOR /RV
LPSRUWHVTXHVHUtDQH[LJLEOHVDOGHXGRUGHQRDSOLFDUVHODPRUDWRULDQRVHFRQVLGHUDUiQ
YHQFLGRV'XUDQWHHOSHUtRGRGHVXVSHQVLyQQRVHGHYHQJDUiLQWHUpVDOJXQR
%2/(7Ë12),&,$/'(/(67$'2
1~P 0LpUFROHVGHRFWXEUHGH 6HF,3iJ
/DDSOLFDFLyQGHODVXVSHQVLyQQRUHTXHULUiDFXHUGRHQWUHODVSDUWHVQLQRYDFLyQ
FRQWUDFWXDODOJXQDSDUDTXHVXUWDHIHFWRV&XDQGRHOSUpVWDPRREMHWRGHODVXVSHQVLyQ
FXHQWHFRQJDUDQWtDKLSRWHFDULDODVXVSHQVLyQGHEHUiIRUPDOL]DUVHHQHVFULWXUDS~EOLFDH
LQVFULELUVH HQ HO 5HJLVWUR GH OD 3URSLHGDG HQ OD IRUPD SUHYLVWD HQ HO DUWtFXOR /D
LQVFULSFLyQGHODDPSOLDFLyQGHOSOD]RLQLFLDOWHQGUiSOHQRVHIHFWRVHQVXFDVRIUHQWHD
ORV DFUHHGRUHV LQWHUPHGLRV LQVFULWRV DXQTXH QR FXHQWH FRQ HO FRQVHQWLPLHQWR GH HVWRV
&XDQGRHOFUpGLWRRSUpVWDPRREMHWRGHODVXVSHQVLyQQRFXHQWHFRQJDUDQWtDKLSRWHFDULD
SHURHVWpJDUDQWL]DGRPHGLDQWHDOJ~QGHUHFKRLQVFULELEOHGLVWLQWRGHODKLSRWHFDRKD\D
DFFHGLGRDO5HJLVWURGH9HQWDD3OD]RVGH%LHQHV0XHEOHVDORVHIHFWRVSUHYLVWRVHQHO
DSDUWDGRGHODUWtFXORGHOD/H\GHGHMXOLRGH9HQWDD3OD]RVGH%LHQHV
0XHEOHV VHUi QHFHVDULD OD LQVFULSFLyQ GH OD DPSOLDFLyQ GH SOD]R TXH VXSRQJD OD
VXVSHQVLyQGHDFXHUGRFRQODVQRUPDVJHQHUDOHVDSOLFDEOHV$VLPLVPRODVJDUDQWtDVGH
ORV SUpVWDPRV REMHWR GH OD VXVSHQVLyQ LQFOXLGDV ODV SUHQGDV \ ODV ILDQ]DV \ DYDOHV VH
PDQWLHQHQLQDOWHUDGDVIUHQWHDWHUFHURVVLQQHFHVLGDGGHFRQVHQWLPLHQWRGHSLJQRUDQWHV
\DYDOLVWDV
&XDQGR SUHVWDPLVWD \ SUHVWDWDULR EHQHILFLDULR GH OD PRUDWRULD DFXHUGHQ XQD
QRYDFLyQFRPRFRQVHFXHQFLDGHODPRGLILFDFLyQGHOFODXVXODGRGHOFRQWUDWRHQWpUPLQRV
R FRQGLFLRQHV FRQWUDFWXDOHV TXH YD\DQ PiV DOOi GH OD PHUD VXVSHQVLyQ LQFRUSRUDUiQ
DGHPiV GH DTXHOORV RWURV DVSHFWRV TXH ODV SDUWHV SDFWHQ OD VXVSHQVLyQ GH ODV
REOLJDFLRQHVFRQWUDFWXDOHVLPSXHVWDSRUHVWHUHDOGHFUHWROH\\VROLFLWDGDSRUHOGHXGRU
DVtFRPRHOQRGHYHQJRGHLQWHUHVHVGXUDQWHODYLJHQFLDGHODVXVSHQVLyQ
/RVGHUHFKRVDUDQFHODULRVQRWDULDOHV\UHJLVWUDOHVGHULYDGRVGHODIRUPDOL]DFLyQH
LQVFULSFLyQ GH OD VXVSHQVLyQ GH SUpVWDPRV \ FUpGLWRV FRQ JDUDQWtD KLSRWHFDULD HQ ORV
WpUPLQRVGHODSDUWDGR\GHODIRUPDOL]DFLyQHLQVFULSFLyQGHODQRYDFLyQGHORVPLVPRV
HQ ORV VXSXHVWRV GHO DSDUWDGR VHUiQ VDWLVIHFKRV HQ WRGR FDVR SRU HO DFUHHGRU \ VH
ERQLILFDUiQHQXQSRUFLHQWRHQORVVLJXLHQWHVWpUPLQRV
D 3RUHORWRUJDPLHQWRGHODHVFULWXUDVHGHYHQJDUiHODUDQFHOFRUUHVSRQGLHQWHDODV
HVFULWXUDVGHQRYDFLyQKLSRWHFDULDSUHYLVWRHQODOHWUDIGHODSDUWDGRGHOQ~PHURGHO
DQH[R , GHO 5HDO 'HFUHWR GH GH QRYLHPEUH SRU HO TXH VH DSUXHED HO
DUDQFHOGHORV1RWDULRVUHGXFLGRVDOSRUFLHQWRVLQTXHVHGHYHQJXHFDQWLGDGDOJXQD
D SDUWLU GHO TXLQWR IROLR GH PDWUL] \ GH FRSLD VHD FRSLD DXWRUL]DGD R FRSLD VLPSOH (O
DUDQFHOPtQLPRSUHYLVWRVHUiGHHXURV\HOPi[LPRGHHXURV
E 3RU OD SUiFWLFD GH OD LQVFULSFLyQ VH DSOLFDUi HO DUDQFHO SUHYLVWR SDUD ODV
QRYDFLRQHV PRGLILFDWLYDV HQ DUWtFXOR J GHO DQH[R , GHO 5HDO 'HFUHWR
GHGHQRYLHPEUHSRUHOTXHVHDSUXHEDHO$UDQFHOGHORV5HJLVWUDGRUHV$OUHVXOWDGR
VHOHDSOLFDUiXQDERQLILFDFLyQGHOSRUFLHQWR(ODUDQFHOPtQLPRSUHYLVWRVHUiGH
HXURV\HOPi[LPRGHHXURV
/RVGHUHFKRVDUDQFHODULRVQRWDULDOHVGHULYDGRVGHODLQWHUYHQFLyQGHSyOL]DVHQ
TXHVHIRUPDOLFHHQVXFDVRODVXVSHQVLyQWHPSRUDOGHODVREOLJDFLRQHVFRQWUDFWXDOHV
GHULYDGDVGHSUpVWDPRVRFUpGLWRVVLQJDUDQWtDKLSRWHFDULDVHUiQORVHVWDEOHFLGRVHQHO
'HFUHWRGHGHGLFLHPEUHGH\VHERQLILFDUiQHQXQFRQXQOtPLWHPtQLPR
GH HXURV \ Pi[LPR GH HXURV SRU WRGRV ORV FRQFHSWRV LQFOX\HQGR VXV FRSLDV \
WUDVODGRV
/RVGHUHFKRVDUDQFHODULRVGHORVUHJLVWUDGRUHVGHULYDGRVGHODFRQVWDQFLDUHJLVWUDO
HQVXFDVRGHODVXVSHQVLyQWHPSRUDOGHODVREOLJDFLRQHVFRQWUDFWXDOHVVHPLQXWDUiQGH
FRQIRUPLGDG FRQ HO DUWtFXOR J GH OD 2UGHQDQ]D DSUREDGD SRU 2UGHQ GH GH
9HULILFDEOHHQKWWSVZZZERHHV
MXOLRSRUODFDQWLGDGILMDGHHXURV
/RV GHUHFKRV DUDQFHODULRV QRWDULDOHV \ UHJLVWUDOHV GHULYDGRV GH OD IRUPDOL]DFLyQ H
FYH%2($
LQVFULSFLyQSUHYLVWRVHQHVWHDSDUWDGRVHUiQVDWLVIHFKRVHQWRGRFDVRSRUHODFUHHGRU
$UWtFXOR (IHFWRVGHODVPRUDWRULDV
/D VROLFLWXG GH OD PRUDWRULD D OD TXH VH UHILHUH HO DUWtFXOR FRQOOHYDUi SDUD
WRGRV ORV SUpVWDPRV \ FUpGLWRV REMHWR GH OD PLVPD FXHQWHQ R QR FRQ JDUDQWtD
%2/(7Ë12),&,$/'(/(67$'2
1~P 0LpUFROHVGHRFWXEUHGH 6HF,3iJ
KLSRWHFDULD OD VXVSHQVLyQ GH OD GHXGD GXUDQWH HO SOD]R GH VHLV PHVHV LQFOX\HQGR OD
GHXGD LPSDJDGD /D GXUDFLyQ GH OD VXVSHQVLyQ SRGUi VHU DPSOLDGD HQ VHLV PHVHV
DGLFLRQDOHVSRU$FXHUGRGHO&RQVHMRGH0LQLVWURV
'XUDQWHHOSHULRGRGHYLJHQFLDGHODVXVSHQVLyQ
D (ODFUHHGRUQRSRGUiH[LJLUHOSDJRGHODFXRWDQLGHQLQJXQRGHORVFRQFHSWRV
TXH OD LQWHJUDQ DPRUWL]DFLyQ GHO FDSLWDO R SDJR GH LQWHUHVHV QL tQWHJUDPHQWH QL
SDUFLDOPHQWH
E 1RVHGHYHQJDUiQQLQJ~QWLSRGHLQWHUHVHVQLRUGLQDULRVQLGHGHPRUD
F 6H LQDSOLFDUi FXDOTXLHU FOiXVXOD GH YHQFLPLHQWR DQWLFLSDGR TXH HQ VX FDVR
FRQVWHHQHOFRQWUDWRGHSUpVWDPRRFUpGLWR
3DUDDTXHOORVSUpVWDPRV\FUpGLWRVTXHQRFXHQWHQFRQJDUDQWtDKLSRWHFDULDOD
IHFKD GHO YHQFLPLHQWR DFRUGDGD HQ HO FRQWUDWR VH DPSOLDUi FRPR FRQVHFXHQFLD GH OD
VXVSHQVLyQSRUHOWLHPSRGHGXUDFLyQGHHVWDVLQPRGLILFDFLyQDOJXQDGHOUHVWRGHODV
FRQGLFLRQHV SDFWDGDV 7UDWiQGRVH GH ELHQHV R GHUHFKRV LQVFULELEOHV VH DMXVWDUiQ D VX
SURSLD QRUPDWLYD GH DFXHUGR FRQ ODV UHJODV JHQHUDOHV \ FRQ OR GLVSXHVWR HQ HO
DSDUWDGRGHODUWtFXOR
/DVXVSHQVLyQHQHOSDJRGHLQWHUHVHVQRVHUiDSOLFDEOHDGHXGRUHVRFRQWUDWRV
GLVWLQWRVGHORVUHJXODGRVHQHOSUHVHQWHUHDOGHFUHWROH\
$UWtFXOR &RQVHFXHQFLDVGHODDSOLFDFLyQLQGHELGDSRUHOGHXGRU
(OGHXGRUGHXQFUpGLWRRSUpVWDPRFRQRVLQJDUDQWtDKLSRWHFDULDTXHVHKXELHVH
EHQHILFLDGRGHODVPHGLGDVGHPRUDWRULDHQHVWHUHDOGHFUHWROH\VLQODFRQFXUUHQFLDGH
ODV FRQGLFLRQHV GH SHUWHQHQFLD DO iPELWR GH DSOLFDFLyQ SUHYLVWDV HQ HO DUWtFXOR VHUi
UHVSRQVDEOHGHORVGDxRV\SHUMXLFLRVTXHVHKD\DQSRGLGRSURGXFLUDVtFRPRGHWRGRV
ORVJDVWRVJHQHUDGRVSRUODDSOLFDFLyQGHHVWDVPHGLGDVGHIOH[LELOL]DFLyQVLQSHUMXLFLR
GHODVUHVSRQVDELOLGDGHVGHRWURRUGHQDTXHODFRQGXFWDGHOGHXGRUSXGLHUDGDUOXJDU
(QSDUWLFXODUVHFRQVLGHUDUiQYHQFLGDVODVFXRWDVVXVSHQGLGDVGHVGHODIHFKDHQODTXH
KXELHUDQVLGRH[LJLEOHVGHQRDSOLFDUVHODPRUDWRULD
(OLPSRUWHGHORVGDxRVSHUMXLFLRV\JDVWRVQRSXHGHUHVXOWDULQIHULRUDOEHQHILFLR
LQGHELGDPHQWHREWHQLGRSRUHOGHXGRUSRUODDSOLFDFLyQGHODQRUPD
$UWtFXOR 5pJLPHQGHVXSHUYLVLyQ\VDQFLyQ
/DV HQWLGDGHV SUHVWDPLVWDV VXSHUYLVDGDV SRU HO %DQFR GH (VSDxD OH UHPLWLUiQ
PHQVXDOPHQWH GHQWUR GH ORV SULPHURV FLQFR GtDV KiELOHV GH FDGD PHV OD VLJXLHQWH
LQIRUPDFLyQUHIHULGDDORVGDWRVDFXPXODGRVKDVWDHOILQGHOPHVDQWHULRUUHIHUHQWHD
D 1~PHURGHVROLFLWXGHVGHVXVSHQVLyQSUHVHQWDGDVSRUGHXGRUHV
E 1~PHURGHVXVSHQVLRQHVFRQFHGLGDV
F 1~PHURGHVROLFLWXGHVGHVXVSHQVLyQGHQHJDGDV
G 1~PHUR GH EHQHILFLDURV GH OD VXVSHQVLyQ GHVDJUHJDGRV SRU XQ ODGR HQ
GHXGRUHV\DYDOLVWDV\SRURWURODGRHQDVDODULDGRVWUDEDMDGRUHVDXWyQRPRV\SHUVRQDV
MXUtGLFDV
H 1~PHURGHSUpVWDPRVFX\RSDJRVHKDVXVSHQGLGR
I 6DOGR YLYR SHQGLHQWH GH DPRUWL]DFLyQ FX\R SDJR VH VXVSHQGH D OD IHFKD GH OD
VXVSHQVLyQ
9HULILFDEOHHQKWWSVZZZERHHV
J &1$(GHODDFWLYLGDGTXHYHQtDUHDOL]DQGRHOGHXGRU
K 1~PHUR GH SUpVWDPRV HQ ORV TXH HO GHXGRU VROLFLWD TXH VH GRFXPHQWH OD
FYH%2($
PRUDWRULDHQHVFULWXUDQRWDULDO
/RV DUWtFXORV D \ HO DSDUWDGR SULPHUR GH HVWH DUWtFXOR WHQGUiQ OD
FRQVLGHUDFLyQGHQRUPDVGHRUGHQDFLyQ\GLVFLSOLQDDODVTXHVHUHILHUHHODUWtFXORGHOD
/H\ GH GH MXQLR GH RUGHQDFLyQ VXSHUYLVLyQ \ VROYHQFLD GH HQWLGDGHV GH
FUpGLWR
%2/(7Ë12),&,$/'(/(67$'2
1~P 0LpUFROHVGHRFWXEUHGH 6HF,3iJ
$UWtFXOR 2WRUJDPLHQWR XQLODWHUDO SRU HO DFUHHGRU GH ORV LQVWUXPHQWRV QRWDULDOHV HQ
TXH VH IRUPDOL]D OD DPSOLDFLyQ GH SOD]R GHULYDGD GH OD PRUDWRULD OHJDO GH ORV
SUpVWDPRVRFUpGLWRVJDUDQWL]DGRVFRQKLSRWHFDRPHGLDQWHRWURGHUHFKRLQVFULELEOH
GLVWLQWR
(O UHFRQRFLPLHQWR GH OD DSOLFDFLyQ GH OD VXVSHQVLyQ GH OD GHXGD KLSRWHFDULD
GXUDQWH HO SOD]R GH VHLV PHVHV SUHYLVWD HQ HVWH UHDO GHFUHWROH\ QR HVWDUi VXMHWD D OR
GLVSXHVWRHQOD/H\GHGHPDU]RGHFUpGLWRLQPRELOLDULR
6HUiREOLJDFLyQXQLODWHUDOGHODHQWLGDGDFUHHGRUDODHOHYDFLyQDHVFULWXUDS~EOLFD
GHO UHFRQRFLPLHQWR GH OD VXVSHQVLyQ D ORV HIHFWRV GH TXH SXHGD SURFHGHUVH D OD
LQVFULSFLyQGHODDPSOLDFLyQGHOSOD]RLQLFLDOHQHO5HJLVWURGHOD3URSLHGDG
,JXDOPHQWH VHUi REOLJDFLyQ XQLODWHUDO GH OD HQWLGDG DFUHHGRUD SURPRYHU OD
IRUPDOL]DFLyQGHODSyOL]DRHVFULWXUDS~EOLFDHQODTXHVHGRFXPHQWHHOUHFRQRFLPLHQWR
GH OD VXVSHQVLyQ SUHYLVWD HQ HVWH UHDO GHFUHWROH\ \ OD LQVFULSFLyQ HQ VX FDVR HQ HO
5HJLVWUR GH %LHQHV 0XHEOHV VLHPSUH TXH HO FUpGLWR R SUpVWDPR HVWXYLHUD JDUDQWL]DGR
PHGLDQWHDOJ~QGHUHFKRLQVFULELEOHGLVWLQWRGHODKLSRWHFDRKXELHUDDFFHGLGRDO5HJLVWUR
/RGLVSXHVWRHQORVDSDUWDGRVDQWHULRUHVVHUiGHDSOLFDFLyQDFXDOTXLHUVROLFLWXG
GHPRUDWRULDSUHVHQWDGDDODPSDURGHHVWHUHDOGHFUHWROH\DXQFXDQGRODVROLFLWXGGHO
DFUHHGRU R LQFOXVR VX DFHSWDFLyQ SRU OD HQWLGDG DFUHHGRUD VH KXELHUDQ SURGXFLGR FRQ
DQWHULRULGDGDODHQWUDGDHQYLJRUGHOSUHVHQWHUHDOGHFUHWROH\
7Ë78/29
0HGLGDVWULEXWDULDV
$UWtFXOR %HQHILFLRVILVFDOHV
6H FRQFHGH OD H[HQFLyQ GH ODV FXRWDV GHO ,PSXHVWR VREUH %LHQHV ,QPXHEOHV
FRUUHVSRQGLHQWHVDOHMHUFLFLRTXHDIHFWHQDYLYLHQGDVHVWDEOHFLPLHQWRVLQGXVWULDOHV
WXUtVWLFRV PHUFDQWLOHV PDUtWLPRSHVTXHURV \ SURIHVLRQDOHV H[SORWDFLRQHV DJUDULDV \
IRUHVWDOHV ORFDOHV GH WUDEDMR \ VLPLODUHV GDxDGRV FRPR FRQVHFXHQFLD GLUHFWD GH ORV
VLQLHVWURVDTXHVHUHILHUHHODUWtFXORGHHVWHUHDOGHFUHWROH\FXDQGRVHDFUHGLWHTXH
WDQWR ODV SHUVRQDV FRPR ORV ELHQHV HQ HOORV XELFDGRV KD\DQ WHQLGR TXH VHU REMHWR GH
UHDORMDPLHQWRWRWDORSDUFLDOHQRWUDVYLYLHQGDVRORFDOHVGLIHUHQWHVKDVWDODUHSDUDFLyQGH
ORV GDxRV VXIULGRV R SpUGLGDV HQ ODV SURGXFFLRQHV DJUtFRODV \ JDQDGHUDV TXH
FRQVWLWX\DQ VLQLHVWURV FX\D FREHUWXUD QR UHVXOWH SRVLEOH PHGLDQWH IRUPXOD DOJXQD GH
DVHJXUDPLHQWRS~EOLFRRSULYDGR
6H FRQFHGH XQD UHGXFFLyQ HQ HO ,PSXHVWR VREUH $FWLYLGDGHV (FRQyPLFDV
FRUUHVSRQGLHQWH DO HMHUFLFLR D ODV LQGXVWULDV GH FXDOTXLHU QDWXUDOH]D
HVWDEOHFLPLHQWRV PHUFDQWLOHV PDUtWLPRSHVTXHURV WXUtVWLFRV \ SURIHVLRQDOHV FX\RV
ORFDOHV GH QHJRFLR R ELHQHV DIHFWRV D HVD DFWLYLGDG KD\DQ VLGR GDxDGRV FRPR
FRQVHFXHQFLDGLUHFWDGHORVVLQLHVWURVDTXHVHUHILHUHHODUWtFXORGHHVWHUHDOGHFUHWR
OH\VLHPSUHTXHKXELHUDQWHQLGRTXHVHUREMHWRGHUHDORMDPLHQWRRVHKD\DQSURGXFLGR
GDxRV TXH REOLJXHQ DO FLHUUH WHPSRUDO GH OD DFWLYLGDG /D LQGLFDGD UHGXFFLyQ VHUi
SURSRUFLRQDODOWLHPSRWUDQVFXUULGRGHVGHHOGtDHQTXHVHKD\DSURGXFLGRHOFHVHGHOD
DFWLYLGDGKDVWDVXUHLQLFLRHQFRQGLFLRQHVGHQRUPDOLGDG\DVHDHQORVPLVPRVORFDOHV
\DVHDHQRWURVKDELOLWDGRVDOHIHFWRVLQSHUMXLFLRGHFRQVLGHUDUFXDQGRODJUDYHGDGGH
ORVGDxRVSURGXFLGRVGpRULJHQDHOORHOVXSXHVWRGHFHVHHQHOHMHUFLFLRGHDTXHOODTXH
9HULILFDEOHHQKWWSVZZZERHHV
VXUWLUiHIHFWRVGHVGHHOGtDGHGLFLHPEUHGH
/DV H[HQFLRQHV \ UHGXFFLRQHV GH FXRWDV HQ ORV WULEXWRV SUHYLVWDV HQ ORV
DSDUWDGRVDQWHULRUHVFRPSUHQGHUiQODVGHORVUHFDUJRVOHJDOPHQWHDXWRUL]DGRVVREUHORV
FYH%2($
PLVPRV
/RV FRQWULEX\HQWHV TXH WHQLHQGR GHUHFKR D ORV EHQHILFLRV HVWDEOHFLGRV HQ ORV
DSDUWDGRVDQWHULRUHVKXELHUDQVDWLVIHFKRORVUHFLERVFRUUHVSRQGLHQWHVDGLFKRHMHUFLFLR
ILVFDOSRGUiQSHGLUODGHYROXFLyQGHODVFDQWLGDGHVLQJUHVDGDV