Reformas Fiscales y Regulatorias en La Gestión y Manejo de Residuos Sólidos

estudios del cambio
climático en américa latina
Reformas fiscales y
regulatorias en la gestión
y manejo de residuos sólidos
América Latina frente
al cambio climático
Eduardo Uribe Botero
'RFXPHQWRGH3UR\HFWR
5HIRUPDVILVFDOHV\UHJXODWRULDVHQODJHVWLyQ
\PDQHMRGHUHVLGXRVVyOLGRV
$PpULFD/DWLQD
IUHQWHDOFDPELRFOLPiWLFR
(GXDUGR8ULEH%RWHUR

&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH&(3$/

(VWHGRFXPHQWRIXHSUHSDUDGRSRU(GXDUGR8ULEH%RWHUR&RQVXOWRUGHOD8QLGDGGH&DPELR&OLPiWLFRGHOD'LYLVLyQGH
'HVDUUROOR6RVWHQLEOH\$VHQWDPLHQWRV+XPDQRVGHOD&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH&(3$/
HQHOPDUFRGHODVDFWLYLGDGHVGHOSUR\HFWR3ROtWLFDILVFDO\FDPELRFOLPiWLFR*(5HMHFXWDGRSRUOD&(3$/HQ
FRQMXQWRFRQOD'HXWVFKH*HVHOOVFKDIWIU,QWHUQDWLRQDOH=XVDPPHQDUEHLW*,=\ILQDQFLDGRSRUHO0LQLVWHULR)HGHUDOGH
&RRSHUDFLyQ(FRQyPLFD\'HVDUUROORGH$OHPDQLD%0=

/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHODXWRU\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ

/&:
&RS\ULJKW1DFLRQHV8QLGDVQRYLHPEUHGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH

&(3$/±&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR 5HIRUPDVILVFDOHV\UHJXODWRULDV«
ËQGLFH
5HVXPHQHMHFXWLYR
,QWURGXFFLyQ
, 0HWRGRORJtD
,, 'LDJQyVWLFRGHOVHFWRUGHUHVLGXRVVyOLGRV
$ &RORPELD
*HQHUDOLGDGHVGHOVHUYLFLRGHJHVWLyQ\PDQHMRGHUHVLGXRVVyOLGRV
0DUFRILVFDO\UHJXODWRULRDSOLFDGRDOVHFWRUGHUHVLGXRVVyOLGRV
% &KLOH
7UDWDGRV,QWHUQDFLRQDOHV
(VWDGtVWLFDVGHJHQHUDFLyQGHGHVHFKRV
,PSXHVWRVVXEVLGLRV\H[HQFLRQHV
(PLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
& 3HU~
' 8UXJXD\
7DULIDV\FRVWRV
,,, $QiOLVLVGHORVSULQFLSDOHVUHVXOWDGRV
,9 &RQFOXVLRQHV\UHFRPHQGDFLRQHVJHQHUDOHV
9 &RQFOXVLRQHV\UHFRPHQGDFLRQHVSRUSDtV
$ &RORPELD
% &KLOH
& 3HU~
' 8UXJXD\

%LEOLRJUDItD
$QH[RV
*ORVDULR

&XDGURV

&XDGUR 7LSRVGHOXJDUHVGHGLVSRVLFLyQILQDOFODVLILFDGRVSRUFDQWLGDGGHUHVLGXRV
\SRUQ~PHURGHPXQLFLSLRVHQ&RORPELD
&XDGUR 7LSRVGHUHVLGXRVFRPHUFLDOL]DGRVSRUUHFLFODGRUHVLQIRUPDOHVHQ&RORPELD
&XDGUR 3RUFHQWDMHGHDILOLDFLyQDOVLVWHPDGHVHJXULGDGVRFLDOGHUHFLFODGRUHV
LQIRUPDOHVHQ&RORPELD
&XDGUR &RVWRXQLWDULRGHORVVHUYLFLRVHQ&RORPELD
&XDGUR 1RUPDWLYLGDGSRUHOWLSRGHUHVLGXRVVyOLGRVHQ&KLOH
&XDGUR &RVWR8QLWDULRGHORVVHUYLFLRVHQ&KLOH
&XDGUR *HQHUDFLyQGHUHVLGXRVVyOLGRVPXQLFLSDOHVGH3HU~
&XDGUR 3URPHGLRJHQHUDFLyQGHUHVLGXRVVyOLGRVSRUKDELWDQWHHQ3HU~
&XDGUR 'HVWLQRILQDOGHORVUHVLGXRVVyOLGRVJHQHUDGRVHQ3HU~
&XDGUR 7LSRGHUHVLGXRVyOLGR\SUHFLRVSRUPHWURFXELFR\WRQHODGDHQ/LPD
&XDGUR &RVWRXQLWDULRGHORVVHUYLFLRVHQ3HU~
&XDGUR 1RUPDWLYLGDGHQ8UXJXD\VHJ~QHOWLSRGHUHVLGXRVVyOLGRV
&XDGUR 5HVXPHQJHQHUDFLyQUHVLGXRVVyOLGRVHQ0RQWHYLGHR
&XDGUR *HQHUDFLyQSHUFiSLWDGHUHVLGXRVVyOLGRV
&XDGUR &RVWRVGLUHFWRVUHFROHFFLyQGHSDUWDPHQWRVVLQWHUFHUL]DFLyQ
\FRQWHUFHUL]DFLyQ
&XDGUR &RVWRVGLUHFWRVGLVSRVLFLyQILQDOVLQWHUFHUL]DFLyQ\FRQWHUFHUL]DFLyQ
&XDGUR &RVWRXQLWDULRGHORVVHUYLFLRVHQ8UXJXD\
&XDGUR 7DVDVGH,PSXHVWRHQ8UXJXD\
&XDGUR *HQHUDFLyQSHUFiSLWDGH5HVLGXRV6yOLGRV'RPLFLOLDULRV\8UEDQRV
&XDGUR 0RGDOLGDGGHSUHVWDFLyQGHOVHUYLFLRGHUHFROHFFLyQ
&XDGUR 0RGDOLGDGGHSUHVWDFLyQGHOVHUYLFLRGHEDUULGR
&XDGUR &RVWRVXQLWDULRVGHORVVHUYLFLRVGHPDQHMRGHUHVLGXRVVyOLGRV
HQORVSDtVHVDQDOL]DGRV
&XDGUR &REHUWXUDGHUHFROHFFLyQHQORVSDtVHVDQDOL]DGRV
&XDGUR (PLVLRQHVWRWDOHVSRUGLVSRVLFLyQGHUHVLGXRV
&XDGUR 3RUFHQWDMHGHHPLVLRQHVHYLWDGDVSRUSDtVJUDFLDVDSUR\HFWRV
0'/HQHOVHFWRUUHVLGXRV
&XDGUR *HQHUDFLyQGH5HVLGXRV6yOLGRV8UEDQRVHQDOJXQRVSDtVHVGH(XURSD
&XDGUR 3DtVHVGH(XURSDFRQLPSXHVWRVDOH[FHVRGHHPSDTXHV

*UiILFRV

*UiILFR 'LIHUHQFLDHQUHFLFODEOHVHQWUHRIHUWD\GHPDQGDSRUWLSRGHPDWHULDOHQ&RORPELD
*UiILFR 'LVWULEXFLyQGHPDQHMRVGHUHVLGXRVSHOLJURVRVHQ&RORPELDGXUDQWHHO
*UiILFR 3RUFHQWDMHGHFDGDFRPSRQHQWHGHOVHUYLFLRHQ&RORPELD
*UiILFR 7DULIDUHVLGHQFLDOSRU'HSDUWDPHQWRHQ&RORPELDHQHO
*UiILFR (PLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURGHELGDVDODGLVSRVLFLyQ
GHUHVLGXRVHQ&RORPELD
*UiILFR 3RUWDIROLRGHSUR\HFWRV0'/HQ&RORPELDSRUVHFWRU
*UiILFR &DQWLGDGGHUHVLGXRVVHJ~QGHVWLQRSDUD&KLOH
*UiILFR *HQHUDFLyQGHUHVLGXRVVyOLGRVHQ&KLOH
*UiILFR 5HVLGXRV,QGXVWULDOHVSRUXQLGDGGH3,%
*UiILFR &DQWLGDGGHUHVLGXRVDSURYHFKDGRVHJ~QGHVWLQRSDUDHODxR
*UiILFR *DVWRVYV,QJUHVRV0XQLFLSDOHVSRUFRQFHSWRVGHDVHR
GHUHVLGXRVHQ&KLOH

GHUHVLGXRVHQ3HU~
GHUHVLGXRVHQ8UXJXD\
*UiILFR &RPSDUDWLYRGHODJHQHUDFLyQGHUHVLGXRVVyOLGRV\3,%SHUFiSLWD
*UiILFR &RPSDUDWLYRGHORVFRVWRVGHUHFROHFFLyQ\GLVSRVLFLyQILQDO
*UiILFR )RUPDVGHGLVSRVLFLyQILQDOSRUSREODFLyQHQORVSDtVHVDQDOL]DGRV
*UiILFR &RPSDUDWLYRGHODFRPSRVLFLyQGHORVUHVLGXRVVyOLGRV
*UiILFR 3URGXFFLyQGHJDVHVGHHIHFWRLQYHUQDGHURSRUGLVSRVLFLyQ
GHUHVLGXRVVHJ~QHOWLSRGHGLVSRVLFLyQWRQ&2H
*UiILFR 3URGXFFLyQGHJDVHVGHHIHFWRLQYHUQDGHURSHUFiSLWD
SRUGLVSRVLFLyQGHUHVLGXRV
*UiILFR (PLVLRQHVJHQHUDGDVSRUGLVSRVLFLyQGHUHVLGXRV
FRQVLGHUDQGRSUR\HFWRV0'/
*UiILFR (PLVLRQHVJHQHUDGDVSHUFiSLWDSRUGLVSRVLFLyQGHUHVLGXRV
FRQVLGHUDQGRSUR\HFWRV0'/

'LDJUDPDV

'LDJUDPD (VTXHPDGHODVGRVUDPDVOHJDOHVTXHUHJXODQHOPDQHMR
GHUHVLGXRVVyOLGRVHQ&RORPELD\GHODVSULQFLSDOHVDXWRULGDGHV
'LDJUDPD ,QVWLWXFLyQ\DFWRUHVLQYROXFUDGRVHQODFDGHQDGHPDQHMR
GH5HVLGXRV6yOLGRV

5HVXPHQHMHFXWLYR
(O REMHWLYR GH HVWH HVWXGLR HV UHDOL]DU XQ GLDJQyVWLFR GHO VHFWRU GH UHVLGXRV VyOLGRV HQ &RORPELD
&KLOH3HU~\8UXJXD\\FRQWULEXLUDODLGHQWLILFDFLyQGHRSRUWXQLGDGHVGHLQFRUSRUDUUHIRUPDVHQHO
PDUFR UHJXODWRULR GHO VHFWRU GH JHVWLyQ \ PDQHMR GH GLFKRV UHVLGXRV $VLPLVPR VH DQDOL]DQ ORV
SRVLEOHV HIHFWRV GH GLIHUHQWHV RSFLRQHV GH SROtWLFD S~EOLFD HQ OD JHVWLyQ \ PDQHMR GH ORV UHVLGXRV
VyOLGRV \ VXV SRWHQFLDOHV HIHFWRV VREUH ODV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR 'H PDQHUD
SDUWLFXODUVHGHVWDFDHOSDSHOTXHSXHGHQWHQHUORVLQFHQWLYRVHFRQyPLFRVSDUDFRQWULEXLUDRSWLPL]DU
HO VHUYLFLR GH JHVWLyQ \ PDQHMR GH UHVLGXRV VyOLGRV \ UHGXFLU ORV LPSDFWRV DPELHQWDOHV DVRFLDGRV
KDFLHQGRHVSHFLDOpQIDVLVHQODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR'HLJXDOPDQHUDVHGLVFXWH
OD YLDELOLGDG GH ORV LQVWUXPHQWRV SURSXHVWRV HQ IXQFLyQ GH ODV FDSDFLGDGHV GH JHVWLyQ \ PDUFRV
LQVWLWXFLRQDOHVH[LVWHQWHVHQFDGDSDtVDQDOL]DGR
&RQEDVHHQHOGLDJQyVWLFRGHODVLWXDFLyQDFWXDOHQFDGDSDtVUHVSHFWRDOVHUYLFLRGHJHVWLyQ\
PDQHMRGHUHVLGXRVVyOLGRVVHGLVFXWHQ\DQDOL]DQSURSXHVWDVJHQHUDOHV\HVSHFtILFDVSRUFDGDSDtV
'LFKDVSURSXHVWDVFRQVLVWHQHQFDPELRVHQHOPDUFRUHJXODWRULRODSROtWLFDILVFDO\HOHVWDEOHFLPLHQWR
GHLQFHQWLYRVGHPHUFDGRSDUDTXHORVDJHQWHVHFRQyPLFRVDGRSWHQQXHYRVSURFHVRV\WHFQRORJtDV
'HQWUR GH ODV SURSXHVWDV TXH VH GLVFXWHQ HVWiQ HQWUH RWUDV OD FUHDFLyQ GH XQ PDUFR
UHJXODWRULR H LQVWLWXFLRQDO TXH IDYRUH]FD OD OLEUHFRPSHWHQFLD HQ ORV FDVRV HQ ORV TXH pVWD QR VH KD
YHQLGRGDQGRGHPDQHUDHILFLHQWHVLPSOLILFDUORVSURFHVRVGHDSUREDFLyQQDFLRQDOSDUDHOGHVDUUROOR
GHSUR\HFWRVHQFDPLQDGRVDUHGXFLUODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURGHOVHFWRUUHVLGXRV
FUHDULQFHQWLYRVHFRQyPLFRVSDUDTXHORVXVXDULRVGHORVVHUYLFLRVGHDVHRGLVPLQX\DQODFDQWLGDGGH
UHVLGXRV JHQHUDGRV HVWDEOHFHU FRQGLFLRQHV GH PHUFDGR \ GH ORJtVWLFD TXH SHUPLWDQ DXPHQWDU OD
FDQWLGDG GH UHVLGXRV UHFLFODGRV UHXWLOL]DGRV \ DSURYHFKDGRV GHVDFWLYDU ORV LQFHQWLYRV SHUYHUVRV
SUHVHQWHVHQHOVHFWRUORTXHLQFOX\HODPRGLILFDFLyQ\RUHGLUHFFLRQDPLHQWRGHDOJXQRVVXEVLGLRV\
FUHDUPHFDQLVPRVSDUDFRQWURODUODSURGXFFLyQ\XWLOL]DFLyQGHHPSDTXHVH[FHVLYRVHLQQHFHVDULRV

,QWURGXFFLyQ
(OFDPELRFOLPiWLFRGHVGHXQDySWLFDHFRQyPLFDHVXQDH[WHUQDOLGDGQHJDWLYDFRQHIHFWRVDGYHUVRVD
QLYHOJOREDO$UDt]GHORDQWHULRUODVROXFLyQGHEHVHUJOREDO\ODUHVSRQVDELOLGDGFRPSDUWLGDHQWUH
SDtVHV 7HQLHQGR HQ FXHQWD TXH $PpULFD /DWLQD \ HO &DULEH DSRUWD HO GHO WRWDO GH HPLVLRQHV
PXQGLDOFRQXQWRWDOGHPLOORQHVGHWRQHODGDV&2HFRQXQFUHFLPLHQWRFHUFDQRDOHQWUH
\\TXHHOGHOWRWDOGHHPLVLRQHVHQODUHJLyQVRQGHELGRDORVUHVLGXRVVyOLGRV\RWURV
UHVLGXRV &(3$/ HV HVHQFLDO GLVHxDU H LPSOHPHQWDU XQD HVWUDWHJLD GH PLWLJDFLyQ D QLYHO
UHJLRQDO FRQ IXQGDPHQWRV HFRQyPLFRV VyOLGRV FRQ HO ILQ GH GLVPLQXLU ODV HPLVLRQHV GH JDVHV GH
HIHFWR LQYHUQDGHUR GHO VHFWRU (VWH GRFXPHQWR LQWHQWD H[SORUDU SRVLEOHV UHIRUPDV ILVFDOHV \
UHJXODWRULDVHQODJHVWLyQ\PDQHMRGHORVUHVLGXRVVyOLGRVHQ&RORPELD&KLOH3HU~\8UXJXD\SDUD
HQIUHQWDUHOFDPELRFOLPiWLFR
3DUD HO GHVDUUROOR GHO SUHVHQWH HVWXGLR VH UHFRSLOy LQIRUPDFLyQ UHVSHFWR D OD JHVWLyQ GHO
PDQHMRGHUHVLGXRVVyOLGRVSDUD&RORPELD8UXJXD\&KLOH\3HU~(QSULPHUOXJDUVHPRVWUDUiXQD
UHFRSLODFLyQ\DQiOLVLVGHOPDUFRMXUtGLFRGHODQRUPDWLYLGDGUHOHYDQWHGHFDGDSDtVUHVSHFWRDOVHFWRU
GH UHVLGXRV VyOLGRV \ VH HVWXGLDUi HO VHUYLFLR GH JHVWLyQ \ PDQHMR GH UHVLGXRV VyOLGRV \ HO PDUFR
ILVFDO\UHJXODWRULRDSOLFDGRDOVHFWRUHQFDGDXQRGHORVSDtVHVDQDOL]DGRV/XHJRGHHVWRVHPRVWUDUi
XQD FRPSLODFLyQ GH ORV GDWRV HVWDGtVWLFRV GH JHQHUDFLyQ GH GHVHFKRV WDULIDV SUHFLRV LPSXHVWRV
VXEVLGLRV \ H[HQFLRQHV REWHQLGRV D SDUWLU GH ORV GDWRV SXEOLFDGRV SRU ODV LQVWLWXFLRQHV HQFDUJDGDV \
DXWRUL]DGDV HQ FDGD SDtV \ HQ ODV GHPiV IXHQWHV GH LQIRUPDFLyQ GLVSRQLEOHV 3RVWHULRUPHQWH VH
PRVWUDUDQODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURDVRFLDGDVDODGHVFRPSRVLFLyQGHORVUHVLGXRV
&RQ HO ILQ GH LGHQWLILFDU SDWURQHV WHQGHQFLDV HTXLOLEULRV \ GpILFLWV HQWUH ORV SDtVHV DQDOL]DGRV VH
DQDOL]DUiODLQIRUPDFLyQFRPSLODGDHQWDEODV\JUiILFDV3RU~OWLPRDSDUWLUGHORDQDOL]DGRDORODUJR
GHOGHVDUUROORGHOHVWXGLRVHSODQWHDUiQXQDVHULHGHFRQFOXVLRQHV\UHFRPHQGDFLRQHVSUHOLPLQDUHV

,0HWRGRORJtD
3DUD HO GHVDUUROOR GHO SUHVHQWH HVWXGLR VH UHFRSLOy LQIRUPDFLyQ UHVSHFWR D OD JHVWLyQ GHO PDQHMR GH
UHVLGXRVVyOLGRVSDUDORVFDVRVGH&RORPELD8UXJXD\&KLOH\3HU~(QSULPHUOXJDUVHUHDOL]yXQD
UHFRSLODFLyQ\DQiOLVLVGHOPDUFRMXUtGLFRGHODQRUPDWLYLGDGUHOHYDQWHGHFDGDSDtVUHVSHFWRDOVHFWRU
GHUHVLGXRVVyOLGRV3RVWHULRUPHQWHVHUHYLVyHOVHUYLFLRGHJHVWLyQ\PDQHMRGHUHVLGXRVVyOLGRVDVt
FRPRHOPDUFRILVFDO\UHJXODWRULRDSOLFDGRDOVHFWRUHQFDGDXQRGHORVSDtVHVDQDOL]DGRV(QVHJXQGR
OXJDUVHOOHYyDFDERXQDFRPSLODFLyQGHORVGDWRVHVWDGtVWLFRVGHJHQHUDFLyQGHGHVHFKRVDSDUWLUGH
ORV GDWRV SXEOLFDGRV SRU ODV LQVWLWXFLRQHV HQFDUJDGDV \ DXWRUL]DGDV HQ FDGD SDtV \ VH SURFHGLy D
UHYLVDU \ UHFRSLODU GDWRV HVWDGtVWLFRV VREUH ODV WDULIDVSUHFLRVLPSXHVWRV VXEVLGLRV \ H[HQFLRQHV HQ
ODV IXHQWHV GH LQIRUPDFLyQ GLVSRQLEOHV /XHJR GH HVWR VH HODERUDURQ JUiILFRV \ ILJXUDV FRQ OD
LQIRUPDFLyQUHFRSLODGDTXHVHXWLOL]DURQSDUDFDOFXODUODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
DVRFLDGDVDODGHVFRPSRVLFLyQGHORVUHVLGXRV\SDUDLGHQWLILFDUSDWURQHVWHQGHQFLDVHTXLOLEULRV\
GpILFLWVHQWUHORVSDtVHV DQDOL]DGRV 3RU~OWLPR D SDUWLU GH OR DQDOL]DGRD ORODUJRGHO GHVDUUROOR GHO
HVWXGLRVHSURFHGLyDSODQWHDUXQDVHULHGHFRQFOXVLRQHV\UHFRPHQGDFLRQHVSUHOLPLQDUHVSDUDHOVHFWRU
GHUHVLGXRVVyOLGRVHQ&RORPELD8UXJXD\&KLOH\3HU~

,,'LDJQyVWLFRGHOVHFWRUGHUHVLGXRVVyOLGRV
$&RORPELD
*HQHUDOLGDGHVGHOVHUYLFLRGHJHVWLyQ
\PDQHMRGHUHVLGXRVVyOLGRV
(O VHFWRU S~EOLFR HQ &RORPELD GXUDQWH OD GpFDGD GH ORV UHRULHQWy VX SDUWLFLSDFLyQ \ DVXPLy HO
SDSHO GH XQD HQWLGDG VXSHUYLVRUD \ UHJXODGRUD /D QXHYD HVWUDWHJLD SDUD OD SURYLVLyQ GH VHUYLFLRV
S~EOLFRVIXHIRUPDOL]DGDDWUDYpVGHOD&RQVWLWXFLyQ3ROtWLFD&RORPELDQD&3&HQ(O$UWtFXOR
GHOD&3&HVWDEOHFHTXHORVVHUYLFLRVS~EOLFRVVRQLQKHUHQWHVDOREMHWLYRVRFLDOGHO(VWDGRDVtTXH
VX UHVSRQVDELOLGDG HV JDUDQWL]DU XQ VXPLQLVWUR HILFLHQWH SDUD WRGD OD SREODFLyQ 'HQWUR GH HVWH
FRQWH[WRORVVHUYLFLRVS~EOLFRVSXHGHQVHUSURYLVLRQDGRVGLUHFWDRLQGLUHFWDPHQWHSRUHOHVWDGRSRU
XQDFRPXQLGDGRUJDQL]DGDRSRUFRPSDxtDVSULYDGDV(QWRGRFDVRHO(VWDGRUHVHUYDSDUDVtPLVPRHO
GHUHFKRSDUDODLQWHUYHQFLyQ\RVXSHUYLVLyQGHORVVHUYLFLRVFRQHOILQGHJDUDQWL]DUTXHFXDOTXLHUDGH
HVWDVPRGDOLGDGHVGHRSHUDFLyQVHDFRPSDWLEOHFRQHOSURSyVLWRVRFLDOGHORVVHUYLFLRVS~EOLFRV
(Q OD /H\ UHGHILQLy FRPSOHWDPHQWH HO PDUFR LQVWLWXFLRQDO QDFLRQDO GHO VHFWRU GH
VHUYLFLRVS~EOLFRVGRPLFLOLDULRV(OSULQFLSDOSURSyVLWRGHHVWDOH\HUDIRUWDOHFHUODVGLIHUHQWHVPDQHUDV
GH PDQHMDU D ORV SURYHHGRUHV GH VHUYLFLRV S~EOLFRV SDUD DVHJXUDU OD HILFLHQFLD RSHUDFLRQDO \
HFRQyPLFDGHHVDVFRPSDxtDV
3RURWUDSDUWHHOPDQHMRGHUHVLGXRVHVXQDSUHRFXSDFLyQDPELHQWDOSDUDHO(VWDGRSRUORTXH
HOPDQHMRGHUHVLGXRVWDPELpQHVWiLQFOXLGRHQHOPDUFRGHODOHJLVODFLyQDPELHQWDOFRQVXFHQWURGH
UHJXODFLyQHQOD/H\GH(VWD/H\GHILQLy\HVWDEOHFLyHO6LVWHPD1DFLRQDO$PELHQWDO6,1$
FRPRHOSULQFLSDODFXHUGRLQVWLWXFLRQDOHQ&RORPELDFX\RREMHWRFHQWUDOHVODDUWLFXODFLyQHQWUHODV
DXWRULGDGHV QDFLRQDOHV UHJLRQDOHV \ PXQLFLSDOHV FRQ HO ILQ GH SUHVHUYDU HO FDSLWDO DPELHQWDO GHO
WHUULWRULR FRORPELDQR 'H LJXDO PDQHUD VH FUHD GH PDQHUD RILFLDO HO 0LQLVWHULR GH $PELHQWH
DFWXDOPHQWH 0LQLVWHULR GH $PELHQWH \ 'HVDUUROOR 6RVWHQLEOH 0$'6 (O 6,1$ HV XQ VLVWHPD
FRPSOHMR HQ GyQGH FRQYHUJHQ PXFKRV DFWRUHV (VWD FRPSOHMLGDG WDPELpQ HV UHVDOWDGD SRU XQD
H[FHSFLyQ OHJDO HVSHFLDO WRGD OH\ HQ &RORPELD WLHQH TXH FXPSOLU FRQ HO 3ULQFLSLR GH 5LJRU
6XEVLGLDULRTXHLPSOLFDTXHQLQJXQDQRUPDORFDOGHEHVHUPiVHVWULFWDTXHVXHTXLYDOHQWHQDFLRQDO
6LQHPEDUJROD/H\HVSHFLILFDTXHHQFXDQWRDDVXQWRVDPELHQWDOHVODUHJXODFLyQORFDOSXHGHVHU
PiVVHYHUDSHURQRSXHGHVHUPHQRVH[LJHQWHTXHORVHVWiQGDUHVQDFLRQDOHV/RDQWHULRUFRQVWLWX\H
XQD YHQWDMD GHELGR DO FRQWH[WR GHO SDtV \D TXH ORV SUREOHPDV DPELHQWDOHV HQ GLYHUVDV UHJLRQHV
GLILHUHQGHSHQGLHQGRGHOD]RQDJHRJUiILFDFOLPD\FRQGLFLRQHVVRFLRHFRQyPLFDV(QHVWHHVFHQDULR

WRGDV ODV PXQLFLSDOLGDGHV GH &RORPELD SXHGHQ PDQHMDU VX PDUFR GH UHJXODFLyQ DPELHQWDO
GHSHQGLHQGRGHVXVSDUWLFXODULGDGHVHVSHFLDOHV
&RQVHFXHQWHPHQWHHOWUDWDPLHQWRGHUHVLGXRVHQ&RORPELDWUDWDFRQGRVPDUFRVUHJXODWRULRV
SULQFLSDOHV(OSULPHURWLHQHFRPRREMHWLYRSUHYHQLUHOULHVJRHQODVDOXG\HQHODPELHQWHGHELGRDORV
PDORV VLVWHPDV GH PDQHMR GH UHVLGXRV (O VHJXQGR DVHJXUD OD VRVWHQLELOLGDG ILQDQFLHUD GH ODV
FRPSDxtDVTXHVRQUHVSRQVDEOHVSRUHOPDQHMRGHGLFKRVUHVLGXRV(OGLDJUDPDPXHVWUDXQDYLVWD
JHQHUDOGHOPDUFRLQVWLWXFLRQDOGHOPDQHMRGHUHVLGXRVLQFOX\HQGRODVDXWRULGDGHVLQYROXFUDGDVPiV
VLJQLILFDWLYDVHQFDGDUDPDLQVWLWXFLRQDO
',$*5$0$
(648(0$'(/$6'265$0$6/(*$/(648(5(*8/$1(/0$1(-2'(5(6,'826
6Ï/,'26(1&2/20%,$<'(/$635,1&,3$/(6$8725,'$'(6

)XHQWH(ODERUDFLyQHQEDVHDOPDQHMRLQVWLWXFLRQDOGHUHVLGXRVVyOLGRVGH&RORPELD

&RPR VH PXHVWUD HQ OD DQWHULRU ILJXUD H[LVWHQ GRV DUUHJORV LQVWLWXFLRQDOHV TXH UHJXODQ ODV
DFWLYLGDGHVGHPDQHMRGHUHVLGXRVDQLYHOQDFLRQDO\ORFDOODUDPDDPELHQWDO\ODUDPDGHVHUYLFLRV
S~EOLFRVGRPLFLOLDULRV&DGDXQDGHHOODVWLHQHGLIHUHQWHVDFWRUHVLQYROXFUDGRVHQHOSURFHVRGHWRPD
GH GHFLVLRQHV FRQ UHVSHFWR D DVXQWRV GH LQYHUVLRQHV UHJXODWRULRV \ GH YLJLODQFLD /D GLYLVLyQ GH
VHUYLFLRV S~EOLFRV GRPLFLOLDULRV WLHQH GRV DFWRUHV SULQFLSDOHV LQYROXFUDGRV HQ ODV DFWLYLGDGHV GH
UHJXODFLyQ\FRQWUROGHPDQHMRGHUHVLGXRV(VWDVLQVWLWXFLRQHVVRQOD6XSHULQWHQGHQFLDGH6HUYLFLRV
3~EOLFRV'RPLFLOLDULRV663'\OD&RPLVLyQGH5HJXODFLyQGH$JXD3RWDEOH\6DQHDPLHQWR%iVLFR
&5$(OGLDJUDPDUHFDSLWXODHOPDUFRGHOPDQHMRGHUHVLGXRVVyOLGRVLQVWLWXFLRQDOHQ&RORPELD\
HOSDSHOGHFDGDXQRGHORVSDUWLFLSDQWHVHQHOSURFHVR
$ QLYHO UHJLRQDO ODV &RUSRUDFLRQHV $XWyQRPDV 5HJLRQDOHV &$5 VRQ ODV Pi[LPDV
DXWRULGDGHVDPELHQWDOHV6RQHQWLGDGHVDXWyQRPDVTXHVHHQFDUJDQGHHMHFXWDUODSROtWLFDDPELHQWDO
DGPLQLVWUDU ORV UHFXUVRV QDWXUDOHV UHQRYDEOHV SURPRYHU HO GHVDUUROOR VRVWHQLEOH DVHVRUDU
WpFQLFDPHQWH D ORV HQWHV WHUULWRULDOHV \ HMHFXWDU SODQHV GH JHVWLyQ H LQYHUVLRQHV HQ PHGLR DPELHQWH
*yPH]
/D &5$ IXH FUHDGD FRQ HO SURSyVLWR SULQFLSDO GH UHJXODU ORV PRQRSROLRV IXQGDPHQWDOHV
SURPRYHU OD FRPSHWHQFLD HQWUH RSHUDGRUHV GH VHUYLFLRV PHMRUDU OD VRVWHQLELOLGDG GHO DJXD SRWDEOH \
VDQHDPLHQWREiVLFR\DVHJXUDUODSURYLVLyQGHVHUYLFLRVGHFDOLGDGDSUHFLRVUD]RQDEOHV(QODSUiFWLFDOD
&5$ GHEH GHILQLU ODV IyUPXODV WDULIDULDV \ ORV SURFHGLPLHQWRV SDUD SUHYHQLU FRVWRV H[WUD SDUD ORV
XVXDULRVGHORVVHUYLFLRVS~EOLFRV/D663'HVODDJHQFLDUHVSRQVDEOHGHODVXSHUYLVLyQ\FRQWUROGHORV

RSHUDGRUHV GH VHUYLFLRV ORFDOHV /RV GHEHUHV GH OD 663' LQFOX\HQ OD UHFRSLODFLyQ GH LQIRUPDFLyQ
RSHUDFLRQDOGHHVWRVRSHUDGRUHVSDUDDVtJDUDQWL]DUODFDOLGDGGHOVHUYLFLR\VXVRVWHQLELOLGDGILQDQFLHUD
/D &5$ WDPELpQ SXEOLFy HO 5HJODPHQWR 7pFQLFR SDUD HO 6HFWRU GH $JXD 3RWDEOH \
6DQHDPLHQWR %iVLFR 5$6 /D 5HVROXFLyQ GH FRPSOHPHQWD D OD /H\ GH
HVWDEOHFLHQGRHO5$6FRPRSULQFLSDOGLUHFWUL]HQFXDQWRDODUHFROHFFLyQWUDQVSRUWHWUDWDPLHQWRUH
XVR\GLVSRVLFLyQILQDOGHUHVLGXRVVyOLGRVYHUHO$UWtFXOR/H\/DMXQWDGHOD&5$
HVWi FRPSXHVWD SRU HO 0LQLVWHULR GHO $PELHQWH HO 0LQLVWHULR GH 3URWHFFLyQ 6RFLDO OD 663' HO
GLUHFWRUGHO'HSDUWDPHQWR1DFLRQDOGH3ODQHDFLyQ'13\XQJUXSRH[WHUQRGHH[SHUWRV
',$*5$0$
,167,78&,Ï1<$&725(6,192/8&5$'26(1/$&$'(1$'(0$1(-2
'(5(6,'8266Ï/,'26
)XHQWH(ODERUDFLyQHQEDVHDOPDQHMRLQVWLWXFLRQDOGHUHVLGXRVVyOLGRVGH&RORPELD
8QRGHORVVXFHVRVPiVLPSRUWDQWHVHQFXDQWRDOPDQHMRGHUHVLGXRVVyOLGRVDQLYHOQDFLRQDO
HVHO'HFUHWRGH(VWDJXtDHVWDEOHFHTXHODSROtWLFDGHPDQHMRGHUHVLGXRVVyOLGRVWLHQHTXH
FXPSOLUFRQORVVLJXLHQWHVSULQFLSLRV
D *DUDQWL]DUODFDOLGDG\ODFREHUWXUDFRPSOHWDGHOVHUYLFLRGHOLPSLH]DFRQXQDRSHUDFLyQ
LQLQWHUUXPSLGD\HILFLHQWH
E 2EWHQHUHFRQRPtDVGHHVFDOD
F 'HILQLUORVPHFDQLVPRVSDUDJDUDQWL]DUHODFFHVRSDUDWRGRVORVXVXDULRV\SDUDDVHJXUDU
VXSDUWLFLSDFLyQHQHOPDQHMRGHOVHUYLFLR\HOSURFHVRGHDXGLWRUtD
G 'HVDUUROODU XQD FXOWXUD GH QR GHVHFKRV SURPRYLHQGR OD YDORUL]DFLyQ \ OD PLQLPL]DFLyQ GH
UHVLGXRVSDUDPLWLJDULPSDFWRVHQODVDOXG\HOPHGLRDPELHQWHGHODJHQHUDFLyQGHUHVLGXRV

2WURLQVWUXPHQWROHJDOUHOHYDQWHIXHHVWDEOHFLGRSRUHO3ODQGH'HVDUUROOR1DFLRQDOHQHO
/H\ GH (VWD /H\ HVWDEOHFLy TXH HO *RELHUQR SURYHHUtD UHFXUVRV D ODV DXWRULGDGHV
UHJLRQDOHVSDUDSURJUDPDVVDQLWDULRVLQFOX\HQGRHOPDQHMRGHUHVLGXRVVyOLGRV(QHO&RQFHMR
1DFLRQDOGH3ROtWLFD(FRQyPLFD\6RFLDO&213(6SXEOLFyHOGRFXPHQWR&213(6FRPRXQ
VXSOHPHQWR GHO 3ODQ 1DFLRQDO GH 'HVDUUROOR (VWH &213(6 HVWDEOHFH OD GLUHFWUL] SDUD SULRUL]DU \
RUJDQL]DUDFFLRQHV\SROtWLFDVSDUDPHMRUDUHOPDQHMRGHUHVLGXRVVyOLGRVHQ&RORPELD
$QLYHOPXQLFLSDOODKHUUDPLHQWDSULQFLSDOSDUDDVHJXUDUXQGHVHPSHxRDGHFXDGRGHOVLVWHPD
GHPDQHMRGHUHVLGXRVHVHO3ODQGH*HVWLyQ,QWHJUDOGH5HVLGXRV6yOLGRV3*,56(VWHLQVWUXPHQWR
IXH FUHDGR SRU HO 'HFUHWR GH \ SXEOLFDGR SRU HO 0LQLVWHULR GH 'HVDUUROOR (FRQyPLFR
SUHGHFHVRUGHO0$'6'HDFXHUGRDHVWDDFWDHOFRQWHQLGRJHQHUDOGHO3*,56GHEHUtDLQFOXLU
D 8QD GHVFULSFLyQ GH OD RUJDQL]DFLyQ PXQLFLSDO UHVSRQVDEOH SRU OD GHILQLFLyQ H
LPSOHPHQWDFLyQGHO3*,56
E 8Q GLDJQyVWLFR DFWXDO LQFOX\HQGR ODV FRQGLFLRQHV WpFQLFDV HFRQyPLFDV LQVWLWXFLRQDOHV
DPELHQWDOHV\VRFLDOHVUHODFLRQDGDVDODJHQHUDFLyQ\PDQHMRGHUHVLGXRVVyOLGRVPXQLFLSDOHV
F ,QIRUPDFLyQ GHPRJUiILFD LQGLFDGRUHV GH JHQHUDFLyQ GH UHVLGXRV WDVD GH FUHFLPLHQWR
XUEDQR\GHVFULSFLyQGHXVRVGHODWLHUUD
G 0HWDVJHQHUDOHV\HVSHFtILFDVeVWDVWLHQHQTXHHVWDUHQFRQFRUGDQFLDFRQORVREMHWLYRVGH
ODVSROtWLFDVQDFLRQDOHV
H 0HWDVJHQHUDOHV\HVSHFtILFDVTXHVHUiQORJUDGDVXVDQGRSURJUDPDVRLQLFLDWLYDV
I ,GHQWLILFDFLyQ GH VROXFLRQHV DOWHUQDWLYDV DO PDQHMR GH UHVLGXRV VyOLGRV 'HILQLFLyQ GH
SURJUDPDV HQIRFDGRV HVSHFLDOPHQWH D VHSDUDFLyQ HQ OD IXHQWH DOPDFHQDPLHQWR
WUDWDPLHQWRUHFROHFFLyQWUDQVSRUWHUHXWLOL]DFLyQ\GLVSRVLFLyQILQDO
J (VWXGLRV GH IDFWLELOLGDG SDUD GHWHUPLQDU OD YLDELOLGDG GH ORV SURJUDPDV DOWHUQRV
SURSXHVWRV HQ HO SXQWR DQWHULRU (VWRV HVWXGLRV GHEHQ LQFOXLU SRU PDQGDWR GHO 'HFUHWR
GHXQDHYDOXDFLyQGHODLQFOXVLyQGHUHFLFODGRUHVLQIRUPDOHV\GHODHFRQRPtD
GHOVHFWRU
K (VWUXFWXUDGHOSODQ
x 3UR\HFWRV HVSHFtILFRV LQFOX\H XQD GHVFULSFLyQ GH ORV UHVXOWDGRV DFWLYLGDGHV TXH VH
GHVDUUROODUiQFURQRJUDPDSUHVXSXHVWRWLHPSRWRWDOGHHMHFXFLyQ\UHVSRQVDELOLGDGHVGH
FDGDDFWRU
x $FWLYLGDGHVGHHGXFDFLyQDPELHQWDORULHQWDGDVDODFRPXQLGDGHQJHQHUDO\DDFWRUHVFODYH
x 3UHVXSXHVWR\SODQGHLQYHUVLyQGHFDGDXQDGHODVIDVHVGHO3*,56
x 3ODQGHSURVSHFWLYDHFRQyPLFD
D 3ODQGHFRQWLQJHQFLD
E (VWiQGDUHVSDUDODLPSOHPHQWDFLyQDFWXDOL]DFLyQ\FRQWUROGH3*,56
&DEH UHVDOWDUTXH SDUD HO WRGRV ORV PXQLFLSLRV HQ &RORPELD GHEHUtDQWHQHUXQ 3*,56
VDQFLRQDGRSRUODDOFDOGtDGHOPXQLFLSLRFRQXQSURJUDPDFODURGHLPSOHPHQWDFLyQ(VWRLPSOLFDTXH
SDUD FLXGDGHV \ SXHEORV SHTXHxRV ORV 3*,56 VRQ HVWiQGDUHV ORFDOHV PDQGDWRULRV 6LQ HPEDUJR OD
HVWUXFWXUDFLyQ H LPSOHPHQWDFLyQ GH ORV 3*,56 D QLYHO ORFDO KD VLGR SREUH \ ODV HVWUDWHJLDV GH
UHFXSHUDFLyQGHUHVLGXRVHVSHFLILFDGDVHQpVWRVQRKDQVLGRHMHFXWDGDV8QDGHODVUD]RQHVSRUODVTXH
HVWRKDRFXUULGRHVSRUTXHQRHVFODURTXpHQWHWLHQHTXHDVXPLUORVFRVWRVDGLFLRQDOHVGHLPSOHPHQWDU
XQSODQGHPDQHMRLQWHJUDGR\ORVRSHUDGRUHVGHVHUYLFLRHVWiQOLPLWDGRVSRUHOPDUFRWDULIDULRDFWXDO
3RUHVWDUD]yQORV3*,56VHKDQFRQYHUWLGRHQFRPSURPLVRVHQHOSDSHOTXHGLItFLOPHQWHUHSUHVHQWDQ
XQDLQYHUVLyQFRQFUHWDHQORVSUR\HFWRVVRVWHQLEOHVGHJHVWLyQGHUHVLGXRVVyOLGRV

(O(VWXGLR6HFWRULDOGHO6HUYLFLR3~EOLFRGH*HVWLyQGH5HVLGXRVOOHYDGRDFDERSRUOD

'LUHFFLyQ 7pFQLFD GH *HVWLyQ GH 5HVLGXRV GH OD 663' SUHVHQWD XQ DQiOLVLV GHWDOODGR GH OD
LQIRUPDFLyQILQDQFLHUDDGPLQLVWUDWLYDFRPHUFLDO\WpFQLFDHQWUHJDGDSRUORVSURYHHGRUHVGHVHUYLFLRV
S~EOLFRVDOFDOGHVPXQLFLSDOHV\&$5VDXQ6LVWHPDÒQLFRGH,QIRUPDFLyQ68,
8QSXQWRTXHYDOHODSHQDUHVDOWDUGHOVHUYLFLRGHJHVWLyQGHUHVLGXRVVyOLGRVHQ&RORPELDHV
OD JUDQ SDUWLFLSDFLyQ GH FRPSDxtDV SULYDGDV 'HVGH OD HQWUDGD HQ YLJHQFLD GHO UpJLPHQ GH VHUYLFLRV
S~EOLFRVHQHODxR/H\HOVHUYLFLRS~EOLFRGHPDQHMRGHUHVLGXRVKDWHQLGRXQDHYROXFLyQ
LPSRUWDQWHHQODQDWXUDOH]DGHORVSURYHHGRUHVFRPRHQORVHVTXHPDVGHODHQWUHJD(QSDUWLFXODUHQ
OD~OWLPDGpFDGDKDKDELGRXQLQFUHPHQWRVLJQLILFDWLYRHQODSDUWLFLSDFLyQSULYDGDHVSHFLDOPHQWHHQ
PXQLFLSLRVFRQPiVGHVXVFULSWRUHVSURYH\HQGRXQRRPiVGHORVFRPSRQHQWHVGHOVHUYLFLR
UHFROHFFLyQWUDQVSRUWHGLVSRVLFLyQEDUULGR\OLPSLH]D(VWRKDLPSXOVDGRODSURYLVLyQGHOVHUYLFLR
HQODPLVPDFLXGDGSRUGRVRPiVSURYHHGRUHVSDUWLFXODUPHQWHHQORVFRPSRQHQWHVGHUHFROHFFLyQ\
WUDQVSRUWHDJORPHUDFLyQGHOPHUFDGRGHGLVSRVLFLyQDWUDYpVGHHVTXHPDVUHJLRQDOHVORTXHTXLHUH
GHFLU TXH YDULRV SURYHHGRUHV GH UHFROHFFLyQ \ WUDQVSRUWH TXH VLUYHQ D PHUFDGRV GLIHUHQWHV
PXQLFLSLRV\UHDOL]DQODGLVSRVLFLyQILQDOHQHOPLVPRUHOOHQRVDQLWDULR(VWHHVFHQDULRKDOOHYDGRD
ODIRUPDFLyQGHJUXSRVGHQHJRFLRVIXHUWHV\FRQJORPHUDGRVHVSHFLDOL]DGRVPRYLHQGRHOPHUFDGRGH
DFXHUGRDODVRSRUWXQLGDGHVGHQHJRFLR
(OVHFWRUGHSURYHHGRUHVGHVDQLGDGEiVLFDHVWiFDUDFWHUL]DGRSRUVXKHWHURJHQHLGDG\SRUOD
DOWDGLVSHUVLyQGHFRPSDxtDVTXHORFRPSRQHQ/D663'FODVLILFDORVSURYHHGRUHVGHVHUYLFLRVHQODV
VLJXLHQWHVFDWHJRUtDV
x 5DQJR,3URYHHGRUHVVLUYLHQGRDPDVGHVXVFULSWRUHV
x 5DQJR,,3URYHHGRUHVVLUYLHQGRHQWUH\VXVFULSWRUHV
x 5DQJR,,,3URYHHGRUHVVLUYLHQGRHQWUH\VXVFULSWRUHV
x 5DQJR,93URYHHGRUHVVLUYLHQGRPiVGHVXVFULSWRUHV
,QGHSHQGLHQWHPHQWH GHO Q~PHUR GH VXVFULSWRUHV VHUYLGRV SRU XQ SURYHHGRU OD FDUDFWHUtVWLFD
PiV LPSRUWDQWH HV TXH HO VHUYLFLR HV SURYHtGR D WUDYpV GH FRPSDxtDV FRQVWLWXLGDV FRPR S~EOLFDV
SULYDGDVRGHFDSLWDOPL[WRRFRPRXQDLQGXVWULDGHO(VWDGR\HPSUHVDFRPHUFLDO(,&6
'HQWUR GHO JUXSR GH SURYHHGRUHV GH VHUYLFLR FRQVLGHUDGRV HQ OD PXHVWUD GH HVRV
UHJLVWUDGRV HQ HO HVWiQ FRQVWLWXLGRV FRPR FRPSDxtDV /RV ³PXQLFLSLRV FRPR SURYHHGRUHV
GLUHFWRV´ UHSUHVHQWDQ HO &RQVLGHUDQGR OD GLVWULEXFLyQ GH ORV SURYHHGRUHV SRU VX QDWXUDOH]D
OHJDOGHVGHODVIRUPDVPiVIUHFXHQWHVVRQODVFRPSDxtDVLQGXVWULDOHV\FRPHUFLDOHVGHO(VWDGR
(,&(\FRQFDSLWDOFRPSDUWLGRFRQFDSLWDOSULYDGR(VWDVHPSUHVDVUHSUHVHQWDQFHUFDGHOGHODV
FRPSDxtDVGHVHUYLFLRVGHUHVLGXRV
(Q &RORPELD HO VHUYLFLR GH PDQHMR GH UHVLGXRV HV XQ QHJRFLR TXH HVWi FUHFLHQGR FRQ
JUDQGHV LQFHQWLYRV SDUD OD SDUWLFLSDFLyQ H[WUDQMHUD \ OD FUHDFLyQ GH JUXSRV GH QHJRFLR GHGLFDGRV D
H[SORUDUGHQWURGHHVWHQHJRFLRDXQQLYHOQDFLRQDOHLQWHUQDFLRQDO

(O SDtV KD SURGXFLGR GHVGH ORV DxRV XQ Q~PHUR LPSRUWDQWH GH QRUPDV OHJDOHV PXFKDV GH HOODV
VLJXHQYLJHQWHV/DVQRUPDVGHPD\RUMHUDUTXtDHLPSRUWDQFLDSDUDODJHVWLyQDPELHQWDOHQ&RORPELD
VRQ OD &RQVWLWXFLyQ 1DFLRQDO GH HO &yGLJR GH 5HFXUVRV 1DWXUDOHV \ VXV GHFUHWRV
UHJODPHQWDULRV\OD/H\GHPHGLDQWHODFXDOVHUHRUJDQL]DWRGRHOPDUFRLQVWLWXFLRQDO\GH
ILQDQ]DV GH ODV HQWLGDGHV GHO 6,1$ FHQWUDQGR VX PLVLyQ HQ HO PDQHMR DPELHQWDO DGRSWDQGR OD
GHILQLFLyQ GH GHVDUUROOR VRVWHQLEOH FRPR HO ILQ GH OD SROtWLFD H LQVWLWXFLRQDOLGDG DPELHQWDO HQ
&RORPELD*yPH]

(O &yGLJR 1DFLRQDO GH ORV 5HFXUVRV 1DWXUDOHV 5HQRYDEOHV \ GH 3URWHFFLyQ DO 0HGLR
$PELHQWHGHFUHWRGHIXHFDOLILFDGRHQVXPRPHQWRFRPRHO PiVDYDQ]DGRGH$PpULFD
/DWLQD *UDQSDUWH GHO&yGLJR HVWiD~Q YLJHQWH \ HVWDEOHFH QRUPDV SDUD OD DGPLQLVWUDFLyQ \ XVRGHO
DJXDHOVXHORODIORUDODIDXQD\HODLUHDVtFRPRHOPDQHMRGHODVDJXDVUHVLGXDOHVORVGHVHFKRV\
ORV SURGXFWRV Wy[LFRV 'H KHFKR ORV LQVWUXPHQWRV HFRQyPLFRV TXH DFWXDOPHQWH VH DSOLFDQ HQ
&RORPELDWLHQHQVXRULJHQHQHVWH&yGLJRLQFOXLGDVODVGLIHUHQWHVWDVDVDPELHQWDOHV*yPH]
/RVIRQGRVFRQORVTXHFXHQWDFDGDXQDGHODVLQVWLWXFLRQHVDPELHQWDOHVVHLQGLFDQHQOD/H\
GHTXHHVWDEOHFHORVLQVWUXPHQWRVHFRQyPLFRVSDUDHOGHVDUUROORGHSROtWLFDDPELHQWDO\FX\R
SULQFLSDODSRUWHYDGLULJLGRDODV&$53DUDODV&$5ORVLQJUHVRVGHPD\RULPSRUWDQFLDSURYLHQHQGH
*yPH]
x (OSRUFHQWDMHRVREUHWDVDDPELHQWDOVREUHODSURSLHGDGLQPXHEOH
x /DVWUDQVIHUHQFLDVGHOVHFWRUHOpFWULFR
x 5HFXUVRVGHFDSLWDOTXHLQFOX\HQORVH[FHGHQWHVFRPRORVUHQGLPLHQWRVILQDQFLHURV
x 7DVDVUHWULEXWLYDV\FRPSHQVDWRULDV
x 7DVDVSRUXWLOL]DFLyQGHODJXD
x /LFHQFLDV\SHUPLVRVDPELHQWDOHV
x 0XOWDV\VDQFLRQHV
x 9HQWDGHELHQHV\VHUYLFLRV
x &RQYHQLRVLQWHULQVWLWXFLRQDOHV
(ODSRUWHQDFLRQDOLQFOX\HGRVFDWHJRUtDV
x (OUHFXUVRRUGLQDULRTXHILQDQFLDLIXQFLRQDPLHQWRGHODVHQWLGDGHV\LLODLQYHUVLyQHQ
SUR\HFWRV TXH UHVSRQGHQ D ODV IXQFLRQHV EiVLFDV GH ODV HQWLGDGHV TXH KDFHQ SDUWH GH OD
DGPLQLVWUDFLyQ FRQWUDSDUWLGDV D ORV FUpGLWRV H[WHUQRV \ FRQWUDSDUWLGDV D OD FRRSHUDFLyQ
WpFQLFDLQWHUQDFLRQDO
x /D LQYHUVLyQ HVSHFtILFD TXH FRUUHVSRQGH D ORV SUR\HFWRV ILQDQFLDGRV FRQ UHFXUVRV
H[WHUQRVFRPRODEDQFDPXOWLODWHUDO
D 5HVLGXRVHVSHFLDOHV
/DOHJLVODFLyQFRORPELDQDFRQVLGHUDFRPRUHVLGXRVHVSHFLDOHVORVUHVLGXRVGHFRQVWUXFFLyQ\
PDWHULDOHV GH GHPROLFLyQ DVt FRPR UHVLGXRV SHOLJURVRV \ KRVSLWDODULRV 'H DFXHUGR D HVWD GLUHFWUL]
HVWHWLSRGHPDWHULDOHVGHEHVHUPDQHMDGRVHSDUDGDPHQWH
E 0DWHULDOHVGH&RQVWUXFFLyQ\'HPROLFLyQ
/D5HVROXFLyQGHHVODUHJXODFLyQSULQFLSDOHQFXDQGRDHVWHWLSRGHPDWHULDOHVHQ
&RORPELD$GLFLRQDOPHQWHHO'HFUHWRGHHQVX$UWtFXORHVWDEOHFHTXHORVJHQHUDGRUHV
GHEDVXUDVVRQUHVSRQVDEOHVGHODUHFROHFFLyQWUDQVSRUWH\GLVSRVLFLyQGHHVWRVPDWHULDOHVHQOXJDUHV
DXWRUL]DGRV /DV DXWRULGDGHV ORFDOHV R UHJLRQDOHV \ FRPSDxtDV GH VHUYLFLR S~EOLFR WLHQHQ TXH
FRRUGLQDU HO FRQWURO GH HVDV DFWLYLGDGHV XVDQGR ORV 3*,56 FRPR JXtDV (O 'HFUHWR GH
PRGLILFD HO 7tWXOR 9,, GHO'HFUHWR \ HVWDEOHFH OD SROtWLFD DFWXDO DFHUFD GH ODGLVSRVLFLyQ
ILQDOGHORVUHVLGXRVVyOLGRV8QDVSHFWRLPSRUWDQWHHQHVWHSXQWRHVTXHOD/H\GH\OD/H\
GH FUHDURQ XQ LQVWUXPHQWR OHJDO SDUD VDQFLRQDU LQGLYLGXRV R FRPSDxtDV TXH QR FXPSODQ
FRQORVHVWiQGDUHVQDFLRQDOHV

F 5HVLGXRV3HOLJURVRV
/D/H\GHHVODOHJLVODFLyQPiVUHFLHQWHDFHUFDGHUHVLGXRVSHOLJURVRV'HDFXHUGR
DHVWD$FWDHOJHQHUDGRUGHHVWHWLSRGHUHVLGXRHVHOUHVSRQVDEOHSRUXQPDQHMRLQWHJUDGRGHHVWRV
PDWHULDOHV /D GLVSRVLFLyQ \ WUDWDPLHQWR GH UHVLGXRV SHOLJURVRV QR HV XQD REOLJDFLyQ GH QLQJXQD
DXWRULGDG DPELHQWDO R QLQJXQD FRPSDxtD GH VHUYLFLRV S~EOLFRV 2WUDV UHJXODFLRQHV UHODFLRQDGDV FRQ
UHVLGXRVSHOLJURVRVVRQHO'HFUHWRGHTXHSURYHHXQDOLVWDGHORVPDWHULDOHVSHOLJURVRVOD
5HVROXFLyQ GH TXH HVWDEOHFH ORV UHTXHULPLHQWRV HQ WpUPLQRV GH FDUDFWHUL]DFLyQ
PLFURELROyJLFDItVLFD\TXtPLFDGHORVUHVLGXRVSHOLJURVRV\HO'HFUHWRTXHGHVFULEHORV
UHTXHULPLHQWRVGHWUDQVSRUWHGHORVUHVLGXRVSHOLJURVRV
G 5HVLGXRV+RVSLWDODULRV
/D5HVROXFLyQGHILQHHOPDQXDOSDUDORVSURFHGLPLHQWRVLQWHJUDGRVGHPDQHMRGH
UHVLGXRV KRVSLWDODULRV (VWH GRFXPHQWR GHVFULEH ORV SURFHGLPLHQWRV ODV DFWLYLGDGHV \ ORV HVWiQGDUHV
SDUD DVHJXUDU OD GLVSRVLFLyQ FRUUHFWD GH HVWH WLSR GH UHVLGXRV $GLFLRQDOPHQWH OD /H\
HVWDEOHFHTXHHOGRFXPHQWRGHO5$6WDPELpQGHEHFRQWHQHUSURWRFRORVWpFQLFRV\UHJXODFLyQSDUDOD
UHFROHFFLyQH[WHUQDGHUHVLGXRVKRVSLWDODULRV
H (VWDGtVWLFDVGHJHQHUDFLyQGHGHVHFKRV
/RVPXQLFLSLRVFRORPELDQRVSURGXFHQPiVGHWRQHODGDVGHUHVLGXRVVyOLGRVSRU
GtD&HUFDGHOGHHVWRVUHVLGXRVVRQJHQHUDGRVHQVyORGHORVFHQWURVXUEDQRVPiVJUDQGHVHQ
&RORPELD%RJRWi&DOL0HGHOOtQ\%DUUDQTXLOOD3DUDXQDFLXGDGGHWDPDxR
PHGLRODSURGXFFLyQSHUFiSLWDGHUHVLGXRVVyOLGRVPXQLFLSDOHVVHHQFXHQWUDHQWUH\NJGtD(Q
XQDFLXGDGJUDQGHFRPR%RJRWiODJHQHUDFLyQSHUFiSLWDRVFLODHQWUH\NJGtD
(QHOSDVDGRFHUFDQRODPD\RUtDGHFLXGDGHVHQ&RORPELDHVWDEDQGLVSRQLHQGRVXVUHVLGXRV
VyOLGRVHQOXJDUHVLQDGHFXDGRVVLQFRQGLFLRQHVWpFQLFDVGHRSHUDFLyQ$GLFLRQDOPHQWHODFDGHQDGH
PDQHMR GH UHVLGXRV ORFDO HUD FRQWURODGD SRU FRPSDxtDV VLQ QLQJXQD DFUHGLWDFLyQ GH FDOLGDG \ VLQ
SUiFWLFDV GH PHMRUDPLHQWR 6LQ HPEDUJR GHVGH OD H[SHGLFLyQ GH OD 5HVROXFLyQ GH ODV
DXWRULGDGHVQDFLRQDOHVSLGLHURQDODV&RUSRUDFLRQHV$XWyQRPDV5HJLRQDOHV&$5VLGHQWLILFDU\WDSDU
ERWDGHURV DELHUWRV \ RWUR WLSR GH OXJDUHV QR DGHFXDGRV SDUD OD GLVSRVLFLyQ SDUD SUHYHQLU ODV
H[WHUQDOLGDGHV GHULYDGDV GH ODV DFWLYLGDGHV GHO PDQHMR LQDSURSLDGR GH UHVLGXRV 'LFKD 5HVROXFLyQ
WDPELpQ LQFOX\y LQFHQWLYRV HVSHFLDOHV SDUD SURPRYHU OD UHJLRQDOL]DFLyQ GH UHOOHQRV VDQLWDULRV (VWD
FRQGLFLyQKDFUHDGRXQEXHQHVFHQDULRGHQHJRFLRVSDUDFRPSDxtDVFRQH[SHULHQFLDHQODRSHUDFLyQGH
UHOOHQRVVDQLWDULRV'HKHFKRGXUDQWHHOODVDFWLYLGDGHVGHUHJLRQDOL]DFLyQGHUHOOHQRVFUHFLHURQ
FHUFDGHOIUHQWHDODxR
'H DFXHUGR D OD 663' HQ &RORPELD FHUFD GHO GH ORV UHVLGXRV VyOLGRV HV GLVSXHVWR
DSURSLDGDPHQWH HQ XQ UHOOHQR VDQLWDULR RSHUDGR WpFQLFDPHQWH R HQ XQD SODQWD GH PDQHMR GH UHVLGXRV
LQWHJUDGD,6:08QWRWDOGHGHORVUHOOHQRVVDQLWDULRVUHSRUWDGRVVRQSDUDXVRUHJLRQDOORTXH
LQGLFDTXHFHUFDGHOGHORVPXQLFLSLRVHVWiGLVSRQLHQGRVXVUHVLGXRVVyOLGRVHQXQVLWLRFRP~Q/D
7DEODUHVXPHHOHVFHQDULRGHGLVSRVLFLyQILQDODXQDHVFDODQDFLRQDOSDUDORVGRV~OWLPRVDxRV
/DLQIRUPDFLyQSUHVHQWDGDHQOD7DEODKDVLGRFXHVWLRQDGDSRUHVWDUEDVDGDHQLQIRUPDFLyQ
HQWUHJDGDGLUHFWDPHQWHSRURSHUDGRUHVGHUHOOHQRVVDQLWDULRV$SHVDUGHWRGROD663'LQGLFDTXH
PXQLFLSLRV WLHQHQ UHJLVWURV GLVSRQLEOHV DFHUFD GH OD GLVSRVLFLyQ \ FDUDFWHUL]DFLyQ 3DUD ORV
UHVWDQWHVODFDQWLGDGGHUHVLGXRVSURGXFLGDHVFDOFXODGDXVDQGRLQIRUPDFLyQWHyULFD

&8$'52
7,326'(/8*$5(6'(',6326,&,Ï1),1$/&/$6,),&$'26325&$17,'$''(
5(6,'826<3251Ò0(52'(081,&,3,26(1&2/20%,$

7RQHODGDVGtD 1~PHURWRWDOGH 1~PHURWRWDOGHOXJDUHV
/XJDUGH'LVSRVLFLyQ PXQLFLSLRV GHGLVSRVLFLyQ

5HOOHQR6DQLWDULR
&HOGDV7UDQVLWRULDV
%RWDGHURVDELHUWRV
3ODQWDVGH7UDWDPLHQWR
,QWHJUDO
(QWLHUUR
5LDFKXHORV
4XHPDDODLUHOLEUH
7RWDO
)XHQWH663'

$FWXDOPHQWHH[LVWHFLHUWDLQFHUWLGXPEUHDFHUFDGHORVDVXQWRVRSHUDFLRQDOHVGHORVUHOOHQRV\
RWUDVIDFLOLGDGHVSDUDHOPDQHMRGHUHVLGXRV(VWDFRQGLFLyQVHGHEHDTXHHOXVRGHO6LVWHPDÒQLFRGH
,QIRUPDFLyQGH6HUYLFLRV3~EOLFRV'RPLFLOLDULRV68,D~QWLHQHIDOODVDXQTXHSDUHFHVHUHOFDQDOGH
FRPXQLFDFLyQRILFLDOSULPDULRHQWUHHOHVWDGR\ODVHPSUHVDVGHPDQHMRGHUHVLGXRV
I 5HFLFODMH\UHFXSHUDFLyQGHUHVLGXRV
&RORPELDSURGXFHPLOORQHVGHWRQHODGDVGHUHVLGXRVSRUDxR/RVUHFLFODGRUHVLQIRUPDOHV
UHFXSHUDQ PLOORQHV GH WRQHODGDV SRU DxR OR TXH HTXLYDOH DO PLHQWUDV TXH ODV FRPSDxtDV
SULYDGDVUHFXSHUDQPLOORQHVGHWRQHODGDVSRUDxRORJUDQGRXQDWDVDGHUHFXSHUDFLyQGH
GHWRGRVORVUHVLGXRVHQHOSDtV/RVUHFLFODGRUHVLQIRUPDOHVSXHGHQPDQHMDUGHWRGRV
ORV UHVLGXRV UHFXSHUDGRV \ODV FRPSDxtDV HO (VWRVSRUFHQWDMHV LQGLFDQ TXHH[LVWHXQ PDUJHQ
VLJQLILFDWLYRSDUDH[SDQGLUHOPHUFDGRSDUDUHFLFODMH
(OYROXPHQWRWDOGHGHVHFKRVGHSRVLWDGRVHQUHOOHQRVVDQLWDULRV\OXJDUHVGHGLVSRVLFLyQSDUD
ODVFLXGDGHVSULQFLSDOHVDOFDQ]yODVWRQHODGDVSRUGtDSDUDXQWRWDODQXDOGHPLOORQHV
GHWRQHODGDVSRUDxR/RVUHFLFODGRUHVLQIRUPDOHVPDQHMDQWRQHODGDVSRUGtDUHSUHVHQWDQGR
HOGHWRGRVORVUHVLGXRVUHFXSHUDGRVTXHWRWDOL]DQ(VWRLQGLFDTXHODVFRPSDxtDVGH
UHFLFODMH LQIRUPDO UHFXSHUDQ GLUHFWDPHQWH XQ WRWDO GH WRQHODGDV HO RWUR GH GHVHFKRV
UHFXSHUDGRV\DOJXQDSDUWHTXHGDQFRPRUHVLGXDO/DWDVDGHUHFXSHUDFLyQDOFDQ]yHOHQODV
FLXGDGHV DQDOL]DGDV GRQGH VH FRQFHQWUD OD DFWLYLGDG HFRQyPLFD GHO SDtV GH DFXHUGR DO '$1(
GRQGHHOGHODVFRPSDxtDVHVWiQORFDOL]DGDV\DSUR[LPDGDPHQWHYLYHHOGHODSREODFLyQ
&RORPELD WLHQH DSUR[LPDGDPHQWH IDPLOLDV GH ODV TXH VX LQJUHVR GHSHQGH GH OD
DFWLYLGDG GH UHFROHFFLyQ LQIRUPDO GH UHVLGXRV VyOLGRV ,QIRUPHFRQGHQVDGR GHO (VWXGLR 1DFLRQDO GH
5HFLFODMH(QXQDRUJDQL]DFLyQQRJXEHUQDPHQWDOFUHyXQSURJUDPDSDUDRUJDQL]DUDORV
³UHFLFODGRUHV´ HQ DVRFLDFLRQHV ORFDOHV $VRFLDFLyQ 1DFLRQDO GH 5HFLFODGRUHV $15 (O SULQFLSDO
SURSyVLWRGHHVWDDVRFLDFLyQHUDD\XGDUDORV³UHFLFODGRUHV´DPHMRUDUVXVFRQGLFLRQHVGHWUDEDMR\GH
YLGD UHIRU]DQGR VXV VLVWHPDV GH WUDQVSRUWH \ HVWDEOHFLHQGR XQ SURFHVR GH FRQWURO GH FDOLGDG SDUD
UHVLGXRVVHOHFFLRQDGRV
(OSURJUDPDWDPELpQHVWDEDHQIRFDGRDODVQHFHVLGDGHVVRFLDOHVGHODIDPLOLDGHOUHFLFODGRU
FRPRODHGXFDFLyQHQODQLxH]WHPSUDQDDFFHVRDOVLVWHPDGHVHJXULGDGVRFLDO\DVXQWRVUHODFLRQDGRV
FRQ ORV GHUHFKRV GH OD PXMHU 'HVGH OD $15 KD D\XGDGR D PiV GH IDPLOLDV HQ
PXQLFLSLRVHQHOSDtV(OSURJUDPDWDPELpQKDFUHDGRIDFLOLGDGHVSDUDHODOPDFHQDPLHQWRGHUHVLGXRV

\ KD GHVDUUROODGR VLVWHPDV GH PDQHMR MXQWR FRQ ODV FRPXQLGDGHV (O SURFHVR FRPSOHWR LQFOX\H OD
RUJDQL]DFLyQGHOUHFLFODGRUSURYLVLyQGHHTXLSR\XVRDSURSLDGRGHODVWHFQRORJtDV(VWDVDFWLYLGDGHV
UHVXOWDURQHQXQDXPHQWRGHOHQHOLQJUHVRSDUDODIDPLOLDGHOUHFLFODGRU,QIRUPHFRQGHQVDGRGHO
(VWXGLR1DFLRQDOGH5HFLFODMH
J &DQWLGDGHVFRPHUFLDOL]DGDVLQWHUPHGLDFLyQ\YHQWDDOSRUPHQRU
(O&(035(UHDOL]yXQDDSUR[LPDFLyQDFHUFDGHOPHUFDGRGHORVUHFLFODEOHVDXQQLYHO
QDFLRQDO SDUD ORV SULQFLSDOHV PDWHULDOHV UHFLFODEOHV HQ &RORPELD HVSHFtILFDPHQWH FDUWyQ PHWDO
YLGULR SDSHO \ SOiVWLFRV /RV VLVWHPDV GH UHFLFODMH FRPHUFLDOHV HQ YDULDV UHJLRQHV GH &RORPELD VRQ
UHODWLYDPHQWHVLPLODUHVVRORGLIHUHQFLDGRVSRUHOWDPDxRGHODSREODFLyQGHFDGDFLXGDG(OHVWXGLR
XVy LQIRUPDFLyQ VHFXQGDULD EDVDGD SULQFLSDOPHQWH HQ SODQHV GH PDQHMR GH UHVLGXRV VyOLGRV GH
PXQLFLSLRV YLVLWDV D ORV PXQLFLSLRV HVWXGLRV SRU VHFWRUHV GHO 0LQLVWHULR GHO 0HGLRDPELHQWH
9LYLHQGD \ 'HVDUUROOR 7HUULWRULDO 0$9'7 \ JUHPLRV GH UHFLFODGRUHV H LQIRUPDFLyQ LQGXVWULDO /D
LQIRUPDFLyQSULPDULDHVWiEDVDGDHQVRQGHRVHQWUHYLVWDV\YLVLWDVDORVGLIHUHQWHVDFWRUHVLQYROXFUDGRV
HQ HO UHFLFODMH HQ ODV FLXGDGHV VLHQGR ODV PD\RUHV IXHQWHV GH LQIRUPDFLyQ ODV RUJDQL]DFLRQHV GH
UHFLFODMHGXHxRVGHERGHJDV\UHSUHVHQWDQWHVGHXQLRQHVGHLQGXVWULDV\FRPSDxtDVGHWUDQVIRUPDFLyQ
\FRPSUDGRUHVILQDOHV
6HREVHUYDHQWRQFHVTXHORVHQODFHVHQWUHJUXSRVGHUHFLFODGRUHVRSHUDQDWUDYpVGHXQJUXSR
FHQWUDO GH UHFROHFWRUHV ERGHJDV DOPDFHQDPLHQWR HVSHFLDOL]DGR \ FRPSDxtDV SURFHVDGRUDV /RV
SULPHURVWUHVVHJPHQWRVRSHUDQHQODPD\RUtDGHODVFLXGDGHVGHOSDtVPLHQWUDVTXHHQRWUDVSDUWHV
HVWRVVRQFRPSOHPHQWDGRVSRUPLFUR\SHTXHxDVLQGXVWULDVPDQXIDFWXUHUDVTXHGHPDQGDQPDWHULDOHV
UHODFLRQDGRV FRQ HO SOiVWLFR OD IXQGLFLyQ \ SHGD]RV GH PHWDOHV SULQFLSDOPHQWH 3DUD HO PHWDO
IUDJPHQWDGR YLGULR FDUWyQ \ SDSHO OD WUDQVIRUPDFLyQ GHO PDWHULDO VH HQIRFD HQ ODV LQGXVWULDOHV
JUDQGHVTXHVRQHOREMHWLYRILQDOGHORVELHQHVUHFLFODEOHVSDUDREWHQHUSURGXFWRVILQDOHV
/D $15 SUHVHQWy XQD YDORUDFLyQ GH ODV FDQWLGDGHV FRPHUFLDOL]DGDV 'H DFXHUGR D HVWD
HYDOXDFLyQFHUFDGHWRQHODGDVGHPDWHULDOHVUHFLFODEOHVVRQFRPHUFLDOL]DGRVPHQVXDOPHQWH$Vt
GHHVWHPDWHULDOHUDLQWHUFDPELDGRFRQERGHJDVLQWHUPHGLDULDV\HOUHVWDQWHHUDFRPHUFLDOL]DGR
FRQODLQGXVWULD(OGRFXPHQWRSUR\HFWDEDXQDFDSDFLGDGGHUHFLFODMHGHUHVLGXRVGHWRQHODGDV
SRUDxRFRQXQSUHFLRSURPHGLRGHSRUWRQHODGD9LGULRSOiVWLFRV\SDSHOVRQORVPDWHULDOHV
UHFLFODGRVPiVFRPXQHV(OFXDGURPXHVWUDODGLVWULEXFLyQGHPDWHULDOUHFLFODEOHFRPHUFLDOL]DEOH
&8$'52
7,326'(5(6,'826&20(5&,$/,=$'263255(&,&/$'25(6

,1)250$/(6(1&2/20%,$
7LSRGH0DWHULDO 3RUFHQWDMH
9LGULR
3OiVWLFRV
3DSHO
&DUWyQ
7UR]RV
0HWDOHVQRIpUULFRV
2WURV
7RWDO
)XHQWH&(035(FRQEDVHHQGDWRVGHOD$VRFLDFLyQ1DFLRQDOGHO5HFLFODGRUHV

8QDGHODVSUREOHPiWLFDVPiVVHULDVDVRFLDGDVDODVDFWLYLGDGHVGHOUHFLFODMHLQIRUPDOHVVX
IDOWDGHDFFHVRDODVHJXULGDGVRFLDOSHQVLyQ\VHUYLFLRVGHVDOXGYpDVHHOFXDGUR(VWDFRQGLFLyQ
HV XQ DVXQWR GH LQWHUpV SDUD HO SDtV SRUTXH WLHQH LPSRUWDQFLDV LPSOLFDFLRQHV VRFLDOHV DO DIHFWDU OD
FDOLGDGGHYLGDGHPiVGHIDPLOLDV
&8$'52
325&(17$-('($),/,$&,Ï1$/6,67(0$'(6(*85,'$'62&,$/
'(5(&,&/$'25(6,1)250$/(6(1&2/20%,$

7LSRGH$ILOLDFLyQ 3RUFHQWDMH$ILOLDGRV
D
6,6%(1
E
(36
3HQVLyQ
F
$53
G
&DMDGH&RPSHQVDFLyQ)DPLOLDU

)XHQWH&(035(FRQEDVHHQGDWRVGHOD$VRFLDFLyQ1DFLRQDOGHO5HFLFODGRUHV
D
6,6%(16LVWHPDGH,GHQWLILFDFLyQGH%HQHILFLDULRVGH6XEVLGLRV6RFLDOHV,QGLFDTXHHODILOLDGRUHFLEHVHUYLFLRVGH
VDOXGVXEVLGLDGRV
E
(36(QWLGDG3URPRWRUDGH6DOXG,QGLFDTXHHODILOLDGRUHFLEHVHUYLFLRVGHVDOXGFRQWULEXWLYRV
F
$53$GPLQLVWUDFLyQGH5LHVJRV3URIHVLRQDOHV,QGLFDTXHHODILOLDGRWLHQHVHJXURHQFDVRGHDFFLGHQWHVODERUDOHV
G
&DMDGH&RPSHQVDFLyQ)DPLOLDU,QGLFDTXHHODILOLDGRWLHQHDFFHVRDXQDDPSOLDJDPDGHEHQHILFLRVHQPDWHULDGH
VHJXULGDGVRFLDOWDOHVFRPRODUHFUHDFLyQHOGHVDUUROORSHUVRQDOFUpGLWRVYLYLHQGDFXOWXUDIRUPDFLyQVDQLGDG
2WUR GH ORV JUDQGHV SUREOHPDV TXH HQIUHQWD &RORPELD HQ HVWH WHPD HV TXH OD GHPDQGD GH
PDWHULDOHV UHFLFODEOHV QR HVWi VLHQGR DFRSODGD FRQ OD RIHUWD YpDVH HO JUiILFR 3RU HVWD UD]yQ ODV
LPSRUWDFLRQHVGHHVWHWLSRGHPDWHULDOHVKDQFUHFLGRHQWUHHO\HOFRQXQWRWDOGH
PLOORQHVGHGyODUHVUHIOHMDQGRODLQHILFLHQFLDGHOPHUFDGRQDFLRQDOSDUDDOFDQ]DUORVUHTXHULPLHQWRV
GHODLQGXVWULD
*5È),&2
',)(5(1&,$(15(&,&/$%/(6(175(2)(57$<'(0$1'$
3257,32'(0$7(5,$/(1&2/20%,$

7RQHODGDDxR

9LGULR 3DSHO\FDUWyQ 0HWDOHV 3OiVWLFR
)XHQWH&iOFXORVSURSLRVFRQEDVHHQORUHSRUWDGRHQHO(VWXGLR1DFLRQDOGH5HFLFODEOHV\5HFLFODGRUHV
SDUD&(035(

K )XHQWHVGHUHVLGXRVSHOLJURVRV\RWUDVJHQHUDOLGDGHV
/D LQIRUPDFLyQ VREUH ORV UHVLGXRV SHOLJURVRV EDVDGD HQ HO 5HJLVWUR GH *HQHUDGRUHV GH
5HVLGXRV3HOLJURVRV,'($0LQGLFDTXHORVJHQHUDGRUHVGHUHVLGXRVSHOLJURVRVSURGXMHURQXQ
WRWDOGHWRQHODGDVHQHOSDtVGXUDQWHHODxR(OSRUFHQWDMHGHUHVLGXRVSHOLJURVRVJHQHUDGR
HQIDVHVHPLVyOLGDHVHOHQIDVHOtTXLGDHO\HQIDVHJDVHRVDFHUFDGHO/DPD\RU
FDQWLGDG GH UHVLGXRV VyOLGRV JHQHUDGRV IXHURQ ODV PH]FODV \ HPXOVLRQHV GH DJXD H KLGURFDUEXURV R
DFHLWHV\DJXDTXHUHSUHVHQWDQHOGHOPDWHULDOWRWDOHOUHVLGXRKRVSLWDODULRRUHVLGXRVVLPLODUHV
UHSUHVHQWDQHOORVDFHLWHVFRQHOGHOWRWDOGHORVPDWHULDOHVUHVLGXDOHV\HOUHVLGXROLTXLGR
GHPHWDODQyGLFRTXHUHSUHVHQWDHO
L *HVWLyQGH5HVLGXRV3HOLJURVRVHQ&RORPELD
/D LQIRUPDFLyQ FRQWHQLGD HQ HO 5HJLVWUR GH *HQHUDFLyQ GH 5HVLGXRV 3HOLJURVR ,'($0
VREUH ORV JHQHUDGRUHV GH UHVLGXRV SHOLJURVRV LQGLFD TXH UHSRUWDURQ XQ WRWDO GH
WRQHODGDV GH PDWHULDO PDQHMDGR GXUDQWH HO 'H HVWH WRWDO WRQHODGDV IXHURQ XWLOL]DGDV R
YDORUL]DGDVWRQHODGDVIXHURQWUDWDGDV\WRQHODGDVIXHURQOOHYDGDVDGLVSRVLFLyQILQDO
$O ILQDO GHO DxR WRQHODGDV GH UHVLGXRV SHOLJURVRV WRGDYtD VH HQFRQWUDEDQ DOPDFHQDGDV
YpDVH HO JUiILFR (VWD FDQWLGDG IXHSUREDEOHPHQWHSURJUDPDGD SDUD VHU PDQHMDGDGXUDQWHHO DxR
RVHUiPDQHMDGDHQHOFRUWRRPHGLDQRSOD]R
*5È),&2
',675,%8&,Ï1'(0$1(-26'(5(6,'8263(/,*52626
(1&2/20%,$'85$17((/

&DQWLGDGWUDWDGDHQWRQHODGDV

8WLOL]DWLRQ
8WLOL]DFLyQ 7UHDWPHQW
7UDWDPWR )LQDOGLVSRVDO
'LVSRVLFLyQ ,QVWRUDJHDWWKHHQGRI
(QDOPDFHQWDPLHQWR

)XHQWH,QVWLWXWRGH+LGURORJtD0HWHRURORJtD\(VWXGLRV$PELHQWDOHVGH&RORPELD,'($0

)LQDOPHQWH OD SROtWLFD GH PDQHMR GH UHVLGXRV SHOLJURVRV VH KD LQFUHPHQWDGR JUDGXDOPHQWH
FRQ KHUUDPLHQWDV GH LQIRUPDFLyQ DVt FRPR FRQ XQD PD\RU VXILFLHQFLD WpFQLFD HQ FRPSDxtDV
HVSHFLDOL]DGDV 7DPELpQ OD QDFLHQWH UHJXODFLyQ DFHUFD GH ORV SODQHV GH FRQVXPR SRVWHULRU SDUD ODV
EDWHUtDV \ OODQWDV SXHGH VHU HQWHQGLGD FRPR ORV SULPHURV SDVRV KDFLD XQ PDUFR LQVWLWXFLRQDO GH
UHVSRQVDELOLGDGH[WHQGLGDDOSURGXFWRU
M 7DULIDV\FRVWRV
(Q&RORPELDODSUHVWDFLyQGHOVHUYLFLRGHDVHRVHUHDOL]DGHPDQHUDGHVFHQWUDOL]DGDDWUDYpV
GH HPSUHVDV PXQLFLSDOHV GH HPSUHVDV GH HFRQRPtD PL[WD R GH RSHUDGRUHV SULYDGRV TXH SUHVWDQ HO
VHUYLFLRDQLYHOPXQLFLSDO/DDFWXDOHVWUXFWXUDWDULIDULDGHOVHUYLFLRGHDVHRVHEDVDHQHOUpJLPHQGH

/LEHUWDG5HJXODGD(VWHUpJLPHQFRQVLVWHHQODILMDFLyQGHORVFULWHULRV\ODPHWRGRORJtDGHFiOFXORGH
ODVWDULIDVORUHDOL]DODFRPLVLyQGHUHJXODFLyQUHVSHFWLYD(VWRVFULWHULRVGHEHQVHUXWLOL]DGRVSRUODV
HPSUHVDV GH VHUYLFLRV S~EOLFRV GRPLFLOLDULRV SDUD GHWHUPLQDU ORV SUHFLRV Pi[LPRV GH VHUYLFLRV
RIUHFLGRV DO XVXDULR 8ULEH \ 'RPtQJXH] (O FRVWR XQLWDULR GH ORV VHUYLFLRV GH DVHR SDUD
&RORPELDHQHODxRVHSUHVHQWDHQOD7DEOD'HVWDFDTXHORVFRVWRVSRUGLVSRVLFLyQGHUHVLGXRV
HQ&RORPELDVRQPD\RUHVDORVGHODPD\RUtDGHORVGHPiVSDtVHVDQDOL]DGRV
&8$'52
&267281,7$5,2'(/266(59,&,26(1&2/20%,$

6HUYLFLR &RVWR
%DUULGR86.P
5HFROHFFLyQ867RQ
D
7UDQVIHUHQFLD867RQ
'LVSRVLFLyQ)LQDO867RQ
7RWDO
)XHQWH%,'(YDOXDFLyQ5HJLRQDOGHO0DQHMRGH5HVLGXRV6yOLGRV8UEDQRVHQ$/&
D
,QIRUPDFLyQQRGLVSRQLEOH
/D663'UHDOL]yHQHOXQHVWXGLRVREUHODVWDULIDVEDVDGRHQODLQIRUPDFLyQUHSRUWDGD
SRURSHUDGRUHVGHVHUYLFLRVGHUHVLGXRVVyOLGRVHQHOSDtV663'/D663'FDOFXOyHOFRVWR
GH FDGD FRPSRQHQWH GH OD WDULID GHO VHUYLFLR GH UHVLGXRV VyOLGRV GLYLGLy GH DFXHUGR DO YDORU GHO
VHUYLFLR GH OD FDGHQD HQ FXDWUR SDUWHV L EDUULGR \ OLPSLH]D GH iUHDV S~EOLFDV LL UHFROHFFLyQ \
WUDQVSRUWHLLLGLVSRVLFLyQLYFRVWRVGHFREUR(OFRPSRQHQWHGHUHFROHFFLyQ\WUDQVSRUWHWLHQHXQ
FRVWR PD\RU HQ OD FXHQWD VHJXLGR SRU HO EDUULGR \ OLPSLH]D GH iUHDV S~EOLFDV \
GLVSRVLFLyQ)LQDOPHQWHHOFRPSRQHQWHGHFRVWRVGHFREURWLHQHHOPHQRUSRUFHQWDMHHQHOYDORU
FRQHO663'YpDVHHOJUiILFR

*5È),&2
325&(17$-('(&$'$&20321(17('(/6(59,&,2(1&2/20%,$

'LVSRVLFLyQ &XHQWDGH&RVWRV

5HFROHFFLyQ\ %DUULGR\/LPSLH]D
7UDQSRUWH

)XHQWH6XSHUWLQWHQGHQFLDGH6HUYLFLRV3~EOLFRVGRPLFLOLDULR663'

'H DFXHUGR D ODV FRPSDxtDV GH FRPSUHQGHQ HO HVWXGLR ODV WDULIDV SDUD HO HVWUDWR FXDWUR SRU
GHSDUWDPHQWRHVWiQHQHOUDQJRGHHQWUH\GyODUHVSRUXVXDULR(OGHSDUWDPHQWRGHO$WOiQWLFR
WLHQHODVWDULIDVPiVDOWDV\HOGHSDUWDPHQWRGHO+XLODODVSURPHGLRPiVEDMDVYpDVHHOJUiILFR

*5È),&2
7$5,)$5(6,'(1&,$/325'(3$57$0(172(1&2/20%,$(1(/

7DULID86'

$WOiQWLFR
&XQGLQDPDUFD
+XLOD
&DXFD
$QWLRTXLD
&DTXHWi
&yUGRED
6XFUH
6DQWDQGHU
5LVDUDOGD
4XLQGtR
$UDXFD
0HWD
1DULxR
&HVDU
0DJGDOHQD
%R\DFi
&DOGDV
%RJRWi'&
9DOOHGHO&DXFD
7ROLPD
/D*XDMLUD
1RUWHGH6DQWDQGHU
&DVDQDUH
%ROtYDU
)XHQWH6XSHUWLQWHQGHQFLDGH6HUYLFLRV3~EOLFRVGRPLFLOLDULR663'
/RV FRVWRV TXH VH LQFRUSRUDQ HQ OD WDULID GH DVHR VRQ ORV DVRFLDGRV D OD UHFROHFFLyQ \
WUDQVSRUWHGHUHVLGXRVRUGLQDULRVDOEDUULGR\OLPSLH]DGHYtDV\iUHDVS~EOLFDV\DODGLVSRVLFLyQILQDO
GHORVUHVLGXRVVyOLGRV&RPRVHSXHGHYHUODUHJXODFLyQWDULIDUtDH[LVWHQWHQRJHQHUDLQFHQWLYRVSDUD
OD GLVPLQXFLyQ GH OD SURGXFFLyQ GH GHVHFKRV GH ORV KRJDUHV \ SDUD OD VHSDUDFLyQ HQ OD IXHQWH /D
FDUHQFLDGHLQFHQWLYRVSDUDODVHSDUDFLyQGHGHVHFKRVHQODIXHQWHVLJQLILFDXQDSpUGLGDGHOSRWHQFLDO
GH XWLOL]DFLyQ GH ORV PDWHULDOHV DSURYHFKDEOHV $VLPLVPR OD FDUHQFLD GH LQFHQWLYRV SDUD UHGXFLU OD
SURGXFFLyQ GH GHVHFKRV FRQGXFH DO DXPHQWR GH ORV FRVWRV GH UHFROHFFLyQ WUDQVSRUWH \ GLVSRVLFLyQ
ILQDOGHUHVLGXRVVyOLGRV8ULEH\'RPtQJXH]
$OJXQRV DXWRUHV 8ULEH \ 'RPtQJXH] KDQ LGHQWLILFDGR SUREOHPDV HQ ODV WDULIDV GHO
VHFWRUGHUHVLGXRVHQ&RORPELDGHELGRVSULQFLSDOPHQWHDODIDOWDGHXQtQGLFHGHSUHFLRVSURSLRSDUD
OD DFWXDOL]DFLyQ GH WDULIDV $FWXDOPHQWH GLFKD DFWXDOL]DFLyQ VH UHDOL]D GH DFXHUGR FRQ HO ËQGLFH GH
3UHFLRVDO&RQVXPLGRU,3&SRUORTXHVHJHQHUDQEUHFKDVHQWUHHODMXVWHDGRSWDGR\HOUHDOPHQWH
UHTXHULGRSRUFRQFHSWRGHFUHFLPLHQWRGHSUHFLRV8ULEH\'RPtQJXH]
N,PSXHVWRVVXEVLGLRV\H[HQFLRQHV
(Q &RORPELD VRQ GH UHVDOWDU GRV WLSRV GH LQVWUXPHQWRV ILVFDOHV HQ HO VHFWRU GH UHVLGXRV
VyOLGRV ORV VXEVLGLRV FUX]DGRV \ OD H[HQFLyQ HQ HO ,PSXHVWR DO 9DORU $JUHJDGR ,9$ SDUD ORV
GHVDUUROODGRUHVGHSUR\HFWRVDVRFLDGRVDLPSRUWDQWHVEHQHILFLRVDPELHQWDOHV
6XEVLGLRVFUX]DGRV
'H OD PDQR GH OD VXILFLHQFLD ILQDQFLHUD \ WHQLHQGR HQ FXHQWD TXH XQR GH ORV ILQHV
FRQVWLWXFLRQDOHVHVOOHYDUORVVHUYLFLRVS~EOLFRVDWRGRVORVXVXDULRVOD/H\GHFRQWHPSOyHO
SULQFLSLRGHVROLGDULGDG'HDFXHUGRFRQHVWHSULQFLSLRHODUWtFXORHVWDEOHFHTXHHOIDFWRUDOXGLGR
QXQFDSRGUiVHUVXSHULRUDOHTXLYDOHQWHGHOGHOYDORUGHOVHUYLFLR\QRSRGUiQLQFOXLUVHIDFWRUHV
DGLFLRQDOHVSRUFRQFHSWRGHYHQWDVRFRQVXPRSDUDORVXVXDULRVGHORVHVWUDWRV\\ORVGHFDUiFWHU
FRPHUFLDOHLQGXVWULDOSRUORWDQWRVHKDFHXQDFRQWULEXFLyQDGLFLRQDOVREUHHOYDORUGHOVHUYLFLRFRQHO
ILQ GH VXEVLGLDU D ORV HVWUDWRV \ $ WUDYpV GHO 'HFUHWR GH VH UHJODPHQWy HQ
IXQFLRQDPLHQWR GH ORV )RQGRV GH 6ROLGDULGDG \ 5HGLVWULEXFLyQ GH ,QJUHVRV SDUD ORV VHUYLFLRV GH
DFXHGXFWR DOFDQWDULOODGR \ DVHR 8ULEH \ 'RPtQJXH] 6REUH HO DFXHUGR GH VH

HVWDEOHFHTXHORVIDFWRUHVGHVXEVLGLRSDUDORVVXVFULSWRUHVGHORVVHUYLFLRVS~EOLFRVGRPLFLOLDULRVGH
DVHRSDUDHOHVWUDWRQLYHOVRFLRHFRQyPLFRPiVEDMRHQHOSDtVHVGHOHVWUDWRHVGHO\
HVWUDWRHVGHO(ODUWtFXORHVWDEOHFHTXHORVIDFWRUHVGHDSRUWHVROLGDULRSDUDORVVXVFULSWRUHV
GHOVHUYLFLRS~EOLFRGHDVHRHQ%RJRWi'&HQODFODVHGHXVRUHVLGHQFLDOGHHVWUDWRV\VRQ\
UHVSHFWLYDPHQWHHOHVWUDWRFRUUHVSRQGHDOQLYHOVRFLRHFRQyPLFRPiVDOWRHQHOSDtV
([HQFLyQDO,9$\YHQWDMDWULEXWDULDVREUHHOLPSXHVWRGHUHQWD
(O 0LQLVWHULR GHO PHGLR DPELHQWH HV HO HQFDUJDGR GH RWRUJDU OD YHQWDMD WULEXWDULD VREUH HO
,9$3DUDHOORKDHVWDEOHFLGRXQGHVDUUROORUHJODPHQWDULRFRQHOTXHEXVFDHVWDEOHFHUFULWHULRVSDUD
RWRUJDUHOLQFHQWLYRDORVHVIXHU]RVGHOVHFWRUSURGXFWLYRGRQGHVHHQFXHQWUHQORVPD\RUHVEHQHILFLRV
DPELHQWDOHV 'H RWUD SDUWH VH HVWDEOHFLy XQ FRPLWp WpFQLFR HQFDUJDGR GH HVWXGLDU \ RWRUJDU ODV
VROLFLWXGHV \ GHILQLFLRQHV PiV SUHFLVDV VREUH VLVWHPDV GH FRQWURO \ PRQLWRUHR DPELHQWDO 7RGD OD
UHJODPHQWDFLyQ OH LPSULPLy XQ PD\RU ULJRU D ODV HYDOXDFLRQHV \ VH HVWDEOHFLHURQ FRQWUROHV SDUD
LGHQWLILFDUODVLQYHUVLRQHVTXHSXHGHQFODVLILFDUSDUDHVWDYHQWDMDWULEXWDULD*yPH]
/DVYHQWDMDVWULEXWDULDVVREUHHOLPSXHVWRDODUHQWDVRQGHDSOLFDFLyQLQPHGLDWDSRUSDUWHGHO
FRQWULEX\HQWHTXLHQODVGHFODUDDQXDOPHQWHGHQWURGHOUXEURGHGHVFXHQWRVRHQODGLVPLQXFLyQGHOD
EDVHJUDYDEOH(VWHLQFHQWLYRQRWLHQHXQSURFHVRGHHYDOXDFLyQSUHYLRDVXRWRUJDPLHQWR\HVPX\
GLItFLOFRQRFHUHOHVIXHU]RILVFDOTXHKDUHDOL]DGRHOSDtVSRUHVWHFRQFHSWRGHELGRDTXHQRH[LVWHXQ
UHJLVWUR LQGLYLGXDO HQ OD DGPLQLVWUDFLyQ GH LPSXHVWRV QDFLRQDOHV VREUH ODV VXPDV GHVFRQWDGDV (VWD
FRQGLFLyQSRGUtDHVWDUHVWDEOHFLHQGRXQFDPLQRSDUDSHUPLWLUTXHVHGHFODUHQGHQWURGHORVEHQHILFLRV
LQYHUVLRQHVTXHHQUHDOLGDGQRWLHQHQXQLPSDFWRDPELHQWDOSRVLWLYRFRQVLGHUDEOH*yPH]
1XHYRV LQFHQWLYRV IXHURQ DSUREDGRV HQ OD ~OWLPD UHIRUPD WULEXWDULD VREUH HO LPSXHVWR D OD
UHQWD FRQ HO ILQ GH DSR\DU DFWLYLGDGHV FRPR OD JHQHUDFLyQ GH HQHUJtD UHQRYDEOH TXH WHQJD XQD
YHQWDQD KDFLD HO 3URWRFROR GH .LRWR 0HFDQLVPR GH 'HVDUUROOR 6RVWHQLEOH FRQ FODURV EHQHILFLRV
VRFLDOHVDVtFRPRODDFWLYLGDGHFRWXUtVWLFDHODSURYHFKDPLHQWRGHSODQWDFLRQHVIRUHVWDOHVQXHYDVORV
VHUYLFLRV S~EOLFRV GH DFXHGXFWR \ DOFDQWDULOODGR \ ORV SURGXFWRV PHGLFLQDOHV GHVDUUROODGRV HQ HO
WHUULWRULR QDFLRQDO 3DUD HVWDV QXHYDV RSFLRQHV VH HVWDEOHFH XQD DSUREDFLyQ SUHYLD VHJ~Q OD
UHJODPHQWDFLyQ TXH H[SLGD HO JRELHUQR QDFLRQDO EXVFDQGR DGRSWDU FULWHULRV FODURV SDUD RWRUJDU HO
EHQHILFLR*yPH]
(Q QLQJXQDGH ODV RSFLRQHV WULEXWDULDV TXH H[LVWHQ DFWXDOPHQWH VH HVWDEOHFH XQ VHJXLPLHQWR
SRVWHULRUVREUHHOEHQHILFLRTXHFDXVDHOLQFHQWLYR\WDPSRFRH[LVWHQYHULILFDFLRQHVHQFDPSRH[±DQWH
DTXLHQHVDSOLFDQORTXHGLILFXOWDHYDOXDUHOFRVWREHQHILFLRGHHVWRVLQVWUXPHQWR*yPH]
6HJ~QODVFDQWLGDGHVGHUHVLGXRVJHQHUDGDVSRUHOSDtVODFRPSRVLFLyQGHpVWRV\HOWLSRGH
WUDWDPLHQWRTXHUHFLEHQVHKDHVWLPDGRHOWRWDOGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURGHELGDVD
OD GLVSRVLFLyQ GH UHVLGXRV HQ &RORPELD &RPR VH SXHGH REVHUYDU OD PD\RUtD GH ODV HPLVLRQHV VH
GHEHQDODGHVFRPSRVLFLyQGHORVUHVLGXRVHQORVUHOOHQRVVDQLWDULRV

*5È),&2
(0,6,21(6'(*$6(6'(()(&72,19(51$'(52'(%,'$6
$/$',6326,&,Ï1'(5(6,'826(1&2/20%,$

5HOOHQR 9HUWHGHUR 9HUWHGHURD 4XHPDDFLHOR 2WUDVIRUPDV
6DQLWDULR FRQWURODGR FLHORDELHUWR DELHUWR
)XHQWH&iOFXORVSURSLRV
(Q FXDQWR D OD UHGXFFLyQ GH HPLVLRQHV HV SRVLEOH DILUPDU TXH OD H[SHULHQFLD GHO 0'/ HQ
&RORPELDQRHVGHOWRGRVDWLVIDFWRULD\DTXHODPD\RUtDGHORVSUR\HFWRVKDWHQLGRGLILFXOWDGHVHQHO
SURFHVR \ QRSXHGHHQFRQWUDU VX FDPLQRD OD UHJLVWUDFLyQ&RORPELD FRPR VH SXHGH REVHUYDU HQ HO
*UiILFRWLHQHXQWRWDOGHSUR\HFWRV0'/HQVXSRUWDIROLRQDFLRQDOWHQLHQGRHQFXHQWDVWRGRV
ORV VHFWRUHV FRQ XQ SRWHQFLDO DQXDO GH UHGXFFLyQ GH HPLVLRQHV GH JDVHV HIHFWR GH LQYHUQDGHUR GH
7RQ&2HDxR 0$'6 'H HVWH SRUWDIROLR SUR\HFWRV FXHQWDQ FRQ DSUREDFLyQ
QDFLRQDOSUR\HFWRVKDQVLGRUHJLVWUDGRVDQWHOD1DFLRQHV8QLGDV\VRORSUR\HFWRVKDQREWHQLGR
VDWLVIDFWRULDPHQWH HO &HUWLILFDGR GH 5HGXFFLyQ GH (PLVLRQHV &(5¶V SRU VXV VLJODV HQ LQJOpV 'H
DFXHUGRFRQHO0LQLVWHULRGH$PELHQWH\'HVDUUROOR6RVWHQLEOHHVWRVSUR\HFWRVREWXYLHURQXQWRWDO
GH PLOORQHV GH GyODUHV SRU OD YHQWD VXV &(5¶V HQWUH \ 0$'6 /RV
SUR\HFWRV0'/UHJLVWUDGRVIRUPDOPHQWH\DSUREDGRVSRUOD0$'6WLHQHQXQSRWHQFLDOGHUHGXFFLyQ
GHHPLVLRQHVGH*(,GHPLOORQHVGH7RQGH&2HTXLYDOHQWHDODxR0$'6
/RDQWHULRUWDPELpQHVFLHUWRSDUDHOVHFWRUGHUHVLGXRVFX\RVSRUWDIROLRVGH0'/LQFOX\HQ
SUR\HFWRVYpDVHHOJUiILFRODJUDQPD\RUtDKDQVLGRGHVDUUROODGRVHQUHOOHQRVVDQLWDULRV
SRU TXHPDU &+ 7DPELpQ H[LVWHQ SUR\HFWRV HQ FRPSRVWDMH \ JHQHUDFLyQ GH HQHUJtD
6RORSUR\HFWRV0'/GHUHVLGXRVTXHKDQHPSH]DGRHOSURFHVRGHYDOLGDFLyQKDQVLGRUHJLVWUDGRV
H[LWRVDPHQWHHQODV81)&&&$~QPiVVyORKDQREWHQLGRHIHFWLYDPHQWHHO&(5¶V0$'6
/RVSUR\HFWRVH[LWRVRVHVWiQUHODFLRQDGRVFRQUHOOHQRVVDQLWDULRV\QLQJXQRGHORVSUR\HFWRVGHORV
GHDJXDVUHVLGXDOHVFRPSRVWDMHRJHQHUDFLyQGHHQHUJtDKDQORJUDGRREWHQHUXQ&(5¶V

*5È),&2
3257$)2/,2'(352<(&7260'/(1&2/20%,$3256(&725

1~PHURGHSUR\HFWRV0'/

(QHUJtD )RUHVWDO ,QGXVWULDO 5HVLGXRV 7UDQVSRUWH 7RWDO

)XHQWH0LQLVWHULRGH$PELHQWH\'HVDUUROOR6RVWHQLEOH0$'6
$GLFLRQDOPHQWHORVSUR\HFWRV0'/HQ&RORPELDQRVRORHQIUHQWDQODGLILFXOWDGGHWHQHUHVFDVD
SUREDELOLGDG GH p[LWR HQ HO UHJLVWUR SRU ODV 1DFLRQHV 8QLGDV \ VX HPLVLyQ GHO &(5¶V VLQR WDPELpQ
HQIUHQWDQODGLILFXOWDGGHWHQHUTXHHVSHUDUODUJRVSHULRGRVGHWLHPSRDQWHVGHTXHORVSXHGDQREWHQHU
8QHMHPSORGHHVWRHVHO~OWLPRSUR\HFWRTXHREWXYRHO&(5¶V%LRQHUVLV/)*SURMHFW&RORPELDTXH
HPSH]yODIDVHGHYDOLGDFLyQHQPD\RGH6*6&OLPDWH&KDQJH3URJUDPPH
8QDGHORVREVWiFXORVPiVLPSRUWDQWHVSDUDHOp[LWRHVHOGHVHPSHxRGHODDXWRULGDGQDFLRQDO
GHVLJQDGD SDUD ORV 0'/ FRORPELDQRV HVSHFtILFDPHQWH HO 0LQLVWHULR GH $PELHQWH \ 'HVDUUROOR
6RVWHQLEOHGH&RORPELD'HVDIRUWXQDGDPHQWHODV5HVROXFLRQHV\GHTXHUHJXODQOD
DSUREDFLyQ QDFLRQDO GH SUR\HFWRV 0'/ VRQ SHVDGDV FRPSOHMDV \ GLItFLOHV GH SURFHVDU 6XV
LQWHUSUHWDFLRQHV GH ODV UHVROXFLRQHV KDQ UHVXOWDGR HQ ODUJRV SURFHGLPLHQWRV VLQ OD VXILFLHQWH
WUDQVSDUHQFLD QRLQIRUPDQGR DO SURSRQHQWHDFHUFD GHUHWUDVRV LQQHFHVDULRV (VWR UHVXOWD HQ SURFHVRV
FDURV H LQIOH[LEOHV SDUD HO DSOLFDQWH \ SRU OR WDQWR SDUD OD DSUREDFLyQ GH ORV SUR\HFWRV 0'/ 3RU
HMHPSORSURFHVRVTXHGHEHUtDQWDUGDUGRVPHVHVSXHGHQWDUGDUKDVWDXQDxR
%&KLOH
*HQHUDOLGDGHVGHOVHUYLFLRGHJHVWLyQ\PDQHMR
GHUHVLGXRVVyOLGRV
/D JHVWLyQ \ PDQHMR GH UHVLGXRV VyOLGRV HQ &KLOH KD DGTXLULGR XQD FUHFLHQWH LPSRUWDQFLD
$FWXDOPHQWH QR H[LVWHQ OH\HV H[FOXVLYDV SDUD HO PDQHMR GH ORV UHVLGXRV VyOLGRV VLQ HPEDUJR HO
SODQWHDPLHQWRGHXQPDUFROHJLVODWLYRTXHUHJXOHHOVHFWRUGHUHVLGXRVVyOLGRVVHKDSUHVHQWDGRFRPR
XQD QHFHVLGDG SULRULWDULD 3RU HOOR VH KDQ YHQLGR GHVDUUROODQGR LQLFLDWLYDV FRPR HO DQWHSUR\HFWR GH
/H\ GH 5HVLGXRV 6yOLGRV $FWXDOPHQWH OD UHJXODFLyQ FRQFHUQLHQWH D HVWH WHPD VH HQFXHQWUD
UHJODPHQWDGDEDMRGLIHUHQWHVOH\HVTXHYDQGHVGHDUWtFXORVGHOD&RQVWLWXFLyQ3ROtWLFD&KLOHQDKDVWD
5HJODPHQWRVSDUDHOPDQHMRGHWLSRVGHUHVLGXRVFRPRSHOLJURVRV\KRVSLWDODULRV3RURWURODGR&KLOH
FRPR SULPHU SDtV GH 6XGDPpULFD PLHPEUR GH OD 2(&' D SDUWLU GH PD\R GH DGTXLHUH FLHUWRV
FRPSURPLVRVDPELHQWDOHVTXHOHH[LJHQHQWUHRWURVHOPDQHMRVRVWHQLEOHGHORVUHVLGXRVVyOLGRV(Q
&KLOH HO DXPHQWR GH OD SURGXFFLyQ GH UHVLGXRV GXUDQWH ORV ~OWLPRV DxRV HV HYLGHQWH FRQ XQ
LQFUHPHQWRGHOHQWUHHODxR\(QHVWHFRQWH[WRHODSURYHFKDPLHQWRRYDORUDFLyQGH
ORV UHVLGXRV HV OLPLWDGR DXQ GHOWRWDO GH UHVLGXRVJHQHUDGRV D QLYHO QDFLRQDO3RU RWUD SDUWH HO

DXPHQWR HQ HO Q~PHUR GH LQVWDODFLRQHV SDUD UHFLFODMH SURSRUFLRQD XQ SDQRUDPD DOHQWDGRU SDUD ORV
SUy[LPRVDxRV
(QHOPDUFRWULEXWDULRFRPROH\UHJXODGRUDGHWHUPLQDQWHHVWDODOH\GH5HQWDV0XQLFLSDOHV
GRQGHVHHVWDEOHFHTXHODUHVSRQVDELOLGDGGHOPDQHMRGHUHVLGXRVVyOLGRVUHFDHVREUHFDGDXQDGHODV
PXQLFLSDOLGDGHV &DGD XQD GH HOODV UHJXODQ OD UHFROHFFLyQ GH ORV UHVLGXRV WDQWR GRPLFLOLDULRV FRPR
LQGXVWULDOHV HVWDEOHFLHQGR WDULIDV \ H[HQFLRQHV H[SOtFLWDPHQWH SHUR EDMR XQ GLFWDPHQ JHQHUDO
HVWDEOHFLGRSRUGLFKDOH\
'HPDQHUDPX\VLPLODUDORTXHRFXUUHHQ&RORPELDODVPXQLFLSDOLGDGHVVRQUHVSRQVDEOHVGH
ODUHFROHFFLyQ\GLVSRVLFLyQGHVXVSURSLRVUHVLGXRVVHJ~QVXSURSLRFULWHULRODPD\RUtDGHODVFXDOHV
DGMXGLFDFRQWUDWRVDFRQWUDWLVWDVSULYDGRVTXHWUDVODGDQODEDVXUDDUHOOHQRVVDQLWDULRVDGPLQLVWUDGRVGH
PDQHUD SULYDGD (Q DOJXQRV FDVRV H[FHSFLRQDOHV HO WUDWDPLHQWR \ GLVSRVLFLyQ GH ORV UHVLGXRV HV
UHDOL]DGRSRUHOSURSLRPXQLFLSLR0RQUHDO
$FWXDOPHQWH&KLOHQRFXHQWDFRQXQDOH\RUpJLPHQTXHHVWDEOH]FDODUHJXODFLyQJHQHUDOSDUDHOWHPD
GHUHVLGXRVVyOLGRV6LQHPEDUJRVHKDLGHQWLILFDGRODQHFHVLGDGGHFRQWDUFRQXQPDUFRUHJXODWRULR
SDUDHOWHPDHQHOSDtVSRUORTXHVHKDLGHQWLILFDGRODQHFHVLGDGGHXQD/H\GH5HVLGXRV6yOLGRVTXH
VH HQFXHQWUDHQ HVWH PRPHQWRHQ IDVH GH $QWHSUR\HFWR GH /H\ &RQHVWD QXHYD QRUPDWLYD VH EXVFD
IRPHQWDUHLPSOHPHQWDUPHGLGDVDVRFLDGDVDODUHGXFFLyQUHFLFODMH\UHXWLOL]DFLyQGHUHVLGXRV
(ODQWHSUR\HFWRGHOH\FRQWLHQHSXQWRVFUXFLDOHVSDUDODUHJODPHQWDFLyQGHODJHVWLyQLQWHJUDO
GHORVUHVLGXRVGHILQHODFODVLILFDFLyQSUHYHQFLyQHQODJHQHUDFLyQYDORUL]DFLyQ\PDQHMR'HWHUPLQD
ODV REOLJDFLRQHV SDUD ORV JHQHUDGRUHV JHVWRUHV LPSRUWDGRUHV \ H[SRUWDGRUHV GH UHVLGXRV 5HJXOD OD
JHVWLyQ GH ORV UHVLGXRV PXQLFLSDOHV OD UHVSRQVDELOLGDG GH ODV PXQLFLSDOLGDGHV \ HO RWRUJDPLHQWR GH
VXEVLGLRVSDUDHOVHUYLFLRGHDVHR,QFRUSRUDHOWHPDGHSURGXFWRVSULRULWDULRV\GHODUHVSRQVDELOLGDG
H[WHQGLGD GH ORV SURYHHGRUHV GH HVWRV SURGXFWRV \ VXV FRQVXPLGRUHV ,QVFULEH OD REOLJDWRULHGDG GHO
UHJLVWUR GH LQIRUPDFLyQ UHIHUHQWH D UHVLGXRV \ HVWDEOHFH HO PDUFR UHJXODWRULR FRQFHUQLHQWH D
SURKLELFLRQHV LQIUDFFLRQHV ILVFDOL]DFLyQ VDQFLRQHV \ SURFHGLPLHQWR 3UHVHQWDFLyQ 'LIXVLyQ /H\
5HVLGXRV 6yOLGRV 'LYLVLyQ 3ROtWLFD \ 5HJXODFLyQ $PELHQWDO 0LQLVWHULR GHO 0HGLR $PELHQWH GHO
*RELHUQRGH&KLOH
$FWXDOPHQWHOD OH\ D~QQRKDHQWUDGR DGHEDWH HQHOFRQJUHVRFKLOHQR VLQ HPEDUJR HO GH
RFWXEUHGHIXHJHQHUDGRXQ3UR\HFWRGH$FXHUGRHQGRQGHVHVROLFLWDDO3UHVLGHQWHTXHLQGLTXH
FXiOHVVRQODVIDFWLELOLGDGHVWpFQLFDVDGPLQLVWUDWLYDV\SUHVXSXHVWDULDVSDUDKDFHUHOHQYtRLQPHGLDWR
GHO SUR\HFWR GH /H\ *HQHUDO GH 5HVLGXRV TXH FRQWHPSOD GHQWUR GH VXV SULQFLSLRV VLJQLILFDWLYRV OD
5HVSRQVDELOLGDG([WHQGLGDGHO3URGXFWRU5(3
$FWXDOPHQWHHOPDUFRQRUPDWLYRFKLOHQRUHIHUHQWHDORVUHVLGXRVVyOLGRV
x &RQVWLWXFLyQ3ROtWLFDGHOD5HS~EOLFDGH&KLOH
(Q VX DUWtFXOR 1R OD &RQVWLWXFLyQ DVHJXUD D WRGDV ODV SHUVRQDV HO GHUHFKR D YLYLU HQ XQ
PHGLR DPELHQWH OLEUHGHFRQWDPLQDFLyQ&RPR GHEHUGHO(VWDGR VHHQFXHQWUD HOYHODU SDUDTXHHVWH
GHUHFKRQRVHDDIHFWDGR\WXWHODUODSUHVHUYDFLyQGHODQDWXUDOH]D/DOH\SRGUiHVWDEOHFHUUHVWULFFLRQHV
HVSHFtILFDVDOHMHUFLFLRGHGHWHUPLQDGRVGHUHFKRVROLEHUWDGHVSDUDSURWHJHUHOPHGLRDPELHQWH

3URGXFWRSULRULWDULR(VDTXHOTXHSUHVHQWDEHQHILFLRDVRFLDGRDVXYDORUL]DFLyQ\RSXHGHSUHVHQWDUULHVJRSDUDHO
PHGLRDPELHQWHTXHKD\DVLGRGHFODUDGRFRPRWDOHQYLUWXGGHORHVWDEOHFLGRHQHO7LWXOR,9GHODSUHVHQWHOH\\DO
FXDOVHOHDSOLFDODUHVSRQVDELOLGDGH[WHQGLGDGHOSURYHHGRU

3UR\HFWRGH$FXHUGR(VODSURSRVLFLyQTXHFLQFRRPiVGLSXWDGRVSUHVHQWDQSRUHVFULWRDOD6DODFRQHOREMHWRGH
DGRSWDUDFXHUGRVRVXJHULUREVHUYDFLRQHVVREUHORVDFWRVGHO*RELHUQRRELHQREWHQHUXQSURQXQFLDPLHQWRGHOD
&RUSRUDFLyQVREUHWHPDVGHLQWHUpVJHQHUDOKWWSZZZFDPDUDFOSUHJXQWDVDVS[$U


x &yGLJR6DQLWDULR
3XEOLFDGRHOGtDGHHQHURGHHO'HFUHWRFRQIXHU]DGHOH\SDXWDHORULJHQGHO
PDUFR QRUPDWLYR FKLOHQR DVRFLDGR D UHVLGXRV VyOLGRV 5LJH WRGDV ODV FXHVWLRQHV UHODFLRQDGDV FRQ HO
IRPHQWR SURWHFFLyQ \ UHFXSHUDFLyQ GH OD VDOXG GH ORV KDELWDQWHV \ UHJXOD DVSHFWRV HVSHFtILFRV
DVRFLDGRVDKLJLHQH\VHJXULGDGGHODPELHQWH\GHORVOXJDUHVGHWUDEDMR
x (VWDEOHFLPLHQWRGH%DVHV*HQHUDOHVGHO0HGLR$PELHQWH
/DOH\GHTXHPRGLILFDODOH\SXEOLFDGDHOGHPDU]RGHHVWDEOHFH
XQPDUFRHQHOFXDOVHGHEHGHVDUUROODUHODFWXDUGHOVHFWRUS~EOLFR\SULYDGR\XQGHVDUUROORMXUtGLFR
DGHFXDGRDODJDUDQWtDFRQVWLWXFLRQDOTXHDVHJXUDDWRGDVODVSHUVRQDVHOGHUHFKRDYLYLUHQXQPHGLR
DPELHQWHOLEUHGHFRQWDPLQDFLyQODSURWHFFLyQGHOPHGLRDPELHQWHODSUHVHUYDFLyQGHODQDWXUDOH]D\
ODFRQVHUYDFLyQGHOSDWULPRQLRDPELHQWDO
$VtHVWiHQWUDPLWDFLyQHOSUR\HFWRGHOH\SDUDODLQFRUSRUDFLyQGHXQQXHYRDUWtFXORELV
HQ OD /H\ TXH HVWDEOHFHOD UHVSRQVDELOLGDG GHORV SURGXFWRUHV SDUD HYLWDU ODSURSDJDFLyQGH
UHVLGXRVRGHVHFKRVJHQHUDGRVHQHOGHVDUUROORGHVXDFWLYLGDGHFRQyPLFD3DUD HOORVHSURSRQHXQ
UHJODPHQWRSDUDDGRSWDUWRGDVODVPHGLGDVQHFHVDULDVSDUDTXHVHHIHFW~HFRQHOPHQRULPSDFWRPHGLR
DPELHQWDOSRVLEOH
x &UHDFLyQ GHO PLQLVWHULR HO VHUYLFLR GH (YDOXDFLyQ DPELHQWDO \ OD VXSHULQWHQGHQFLD GHO
0HGLR$PELHQWH
/D/H\FRQIHFKDGHSXEOLFDFLyQHOGtDGHHQHURGH
x /H\GH5HQWDVPXQLFLSDOHV
(O GHFUHWR /H\ GH VREUH UHQWDV PXQLFLSDOHV PRGLILFDGR SRU OD /H\ 1
FRQ IHFKD GH SXEOLFDFLyQ HO GtD GH MXOLR GH PHQFLRQD TXH ODV 0XQLFLSDOLGDGHV HVWDEOHFHQ
DQXDOPHQWHODVWDULIDVGHORVVHUYLFLRVGHDVHRGHDFXHUGRDODVGLUHFWULFHVTXHVHGLFWDQGHQWURGHOD
OH\(VWDOH\IDFXOWDDFDGDPXQLFLSDOLGDGODGHILQLFLyQDQXDOGHODVWDULIDVGHDVHRHQVXMXULVGLFFLyQ
GH DFXHUGR DO FRVWR UHDO GH VXV VHUYLFLRV GH DVHR GRPLFLOLDULR OH FRQFHGH OD IDFXOWDG GH GHILQLU ODV
WDULIDV GLIHUHQFLDGDV GH DFXHUGR D OD IUHFXHQFLD GH H[WUDFFLyQ GH EDVXUDV TXH UHTXLHUD HO XVXDULR OD
UHEDMD GH WDULIDV R ODV H[HQFLRQHV GH SDJR D XVXDULRV VHJ~Q GLVSRVLFLRQHV EDVDGDV HQ FRQGLFLRQHV
VRFLRHFRQyPLFDV (Q WRGR FDVR ODV WDULIDV TXH VH GHILQDQ VRQ GH FDUiFWHU S~EOLFR 6LQ HPEDUJR
HVWDEOHFHH[SOtFLWDPHQWHTXHTXHGDUiQH[HQWRVDXWRPiWLFDPHQWHGHGLFKRSDJRDTXHOORVXVXDULRVFX\D
YLYLHQGDRXQLGDGKDELWDFLRQDODODTXHVHRWRUJDHOVHUYLFLRWHQJDXQDYDO~RILVFDOLJXDORLQIHULRUD
XQLGDGHV WULEXWDULDV PHQVXDOHV 'HWHUPLQD GLUHFWULFHV JHQHUDOHV VREUH HO PRGR GH FREUR SRU HO
VHUYLFLRHQPHQFLyQDVtFRPRODGLIHUHQFLDFLyQGHUHVLGXRVGRPLFLOLDURVHLQGXVWULDOHV
x 5HVROXFLyQ11RUPDVVDQLWDULDVPtQLPDVSDUDODRSHUDFLyQGHEDVXUDOHV
(VWD UHVROXFLyQ SXEOLFDGD HO GH MXOLR GH HVWDEOHFH ODV QRUPDV VDQLWDULDV PtQLPDV
SDUDODRSHUDFLyQGHEDVXUDOHVGHILQLHQGRFDUDFWHUtVWLFDVGHOOXJDUODGRWDFLyQQHFHVDULDHOSHUVRQDO
QHFHVDULRFRQGLFLRQHVSDUDODRSHUDFLyQGHOEDVXUDO\ODILVFDOL]DFLyQSRUSDUWHGHODVDXWRULGDGHV
x '616REUHFRQGLFLRQHVVDQLWDULDV\DPELHQWDOHVEiVLFDVHQORVOXJDUHVGHWUDEDMR
&RQIHFKDGHSXEOLFDFLyQGHVHSWLHPEUHGH\SURYHQLHQWHGHO'6GHODxR
HVWDEOHFHGLUHFWULFHVSDUDOD'LVSRVLFLyQGH5HVLGXRV,QGXVWULDOHV/tTXLGRV\6yOLGRV
x '611RUPDGHHPLVLyQSDUDODLQFLQHUDFLyQ\FRLQFLQHUDFLyQ
(VWD QRUPD SXEOLFDGD HO GH RFWXEUH GH UHJXOD OD LQFLQHUDFLyQ \ FRLQFLQHUDFLyQ GH
VXVWDQFLDV\PDWHULDOHVGHGLVWLQWRRULJHQ\WLSRTXHUHTXLHUHQGHXQPDQHMRWpFQLFRDSURSLDGRSDUD
TXHVXHOLPLQDFLyQQRJHQHUHLPSDFWRVQHJDWLYRVHQHOPHGLRDPELHQWH
x '61&RQGLFLRQHVVDQLWDULDV\GHVHJXULGDGEiVLFDVHQORVUHOOHQRVVDQLWDULRV

3XEOLFDGR HO GH HQHUR GH UHJXOD HO PDQHMR GH ORV 5HOOHQRV 6DQLWDULRV GHO SDtV VHDQ
HVWRVRSHUDGRVSRUSHUVRQDVGHGHUHFKRS~EOLFRRSULYDGRSDUDDVHJXUDUODSUHVWDFLyQGHXQVHUYLFLRGH
GLVSRVLFLyQ ILQDO GH 5HVLGXRV 6yOLGRV 'RPLFLOLDULRV \ $VLPLODEOHV FRQ XQD FDOLGDG FRQVWDQFLD \
VHJXULGDG DGHFXDGDV SDUD HO QRUPDO GHVDUUROOR GH ODV DFWLYLGDGHV GH ODV ORFDOLGDGHV FRPXQDV R
UHJLRQHVTXHFRQFXUUDQDGLVSRQHUWDOHVUHVLGXRVHQHVWRVHVWDEOHFLPLHQWRV
(Q HO DxR VH GHVDUUROOD OD 3ROtWLFD GH *HVWLyQ ,QWHJUDO GH 5HVLGXRV 6yOLGRV OD FXDO
HVWDEOHFHFRPRREMHWLYR³/RJUDUTXHHOPDQHMRGHUHVLGXRVVyOLGRVVHUHDOLFHFRQHOPtQLPRGHULHVJR
SDUD OD VDOXG GH OD SREODFLyQ \ SDUD HO PHGLR DPELHQWH SURSLFLDQGR XQD YLVLyQ LQWHJUDO GH ORV
UHVLGXRVTXHDVHJXUHXQGHVDUUROORVXVWHQWDEOH\HILFLHQWHGHOVHFWRU´
/D 3ROtWLFD GH *HVWLyQ ,QWHJUDO GH 5HVLGXRV 6yOLGRV HV XQ GRFXPHQWR GH GLDJQyVWLFR
HYDOXDFLyQ LGHQWLILFDFLyQ GH OtQHDV GH DFFLyQ \ HVWDEOHFLPLHQWR GH REMHWLYRV HQ UHODFLyQ FRQ OD
*HVWLyQ,QWHJUDOGH5HVLGXRV6yOLGRV6XFRQIHFFLyQIXHUHVSRQVDELOLGDGGHO*UXSR,QWHUPLQLVWHULDOGH
7UDEDMRLQWHJUDGRSRUOD6HFUHWDUtD*HQHUDOGHOD3UHVLGHQFLDHO0LQLVWHULRGH6DOXGHO0LQLVWHULRGH
(FRQRPtDHO6HUYLFLRGH6DOXG0HWURSROLWDQRGHO$PELHQWHOD6XEVHFUHWDUtDGH'HVDUUROOR5HJLRQDO
\OD&RPLVLyQ1DFLRQDOGHO0HGLR$PELHQWH

&8$'52
1250$7,9,'$'325(/7,32'(5(6,'8266Ï/,'26(1&+,/(

7LSRGHUHVLGXRVVyOLGRV 1RUPDWLYLGDG
'RPLFLOLDULRV\XUEDQRV (QHODxR3ROtWLFDGH*HVWLyQ,QWHJUDOGH5HVLGXRV'RPLFLOLDULRV
3HOLJURVRV '615HJODPHQWR6DQLWDULR6REUH0DQHMRGH5HVLGXRV3HOLJURVRV
3XEOLFDGRHOGHMXQLRGH
+RVSLWDODULRVRVDQLWDULRV '6GH5HJODPHQWRVREUHPDQHMRGHUHVLGXRVGHHVWDEOHFLPLHQWRVGHDWHQFLyQDOD
VDOXG3XEOLFDGRHOGHGLFLHPEUHGH

1RUPDVHQWUDPLWDFLyQ
x /H\ *HQHUDO GH 5HVLGXRV (QIRTXH HQ ODV 5 3UHYHQFLyQ \ 9DORUL]DFLyQ GH 5HVLGXRV
5HVSRQVDELOLGDG([WHQGLGDGHO3URGXFWRU5HVLGXRV6yOLGRV0XQLFLSDOHV
x $FWXDOL]DFLyQ5HJODPHQWR5HVLGXRV3HOLJURVRV'6
x $FWXDOL]DFLyQQRUPDGHLQFLQHUDFLyQ'6
x 5HJODPHQWRORGRVGHDJURLQGXVWULD
x 5HJODPHQWRLPSRUWDFLyQ\H[SRUWDFLyQGHUHVLGXRV
x 1RUPDWpFQLFDGHFDUDFWHUL]DFLyQGHUHVLGXRVVyOLGRVPXQLFLSDOHV
7UDWDGRVLQWHUQDFLRQDOHV
D &RQYHQLRGH%DVLOHD
(OGHFUHWRVXSUHPR1RSXEOLFDGRHOGHRFWXEUHGHUDWLILFDHOFRQYHQLRVREUHHO
&RQWUROGHORV0RYLPLHQWRV7UDQVIURQWHUL]RVGHORV'HVHFKRV3HOLJURVRV\VX(OLPLQDFLyQ

E ,QJUHVRGH&KLOHDOD2&'(
(QHOPHVGHPD\RGHODxR&KLOHSDVyDVHUHOSULPHUPLHPEURHQ$PpULFDGHO6XUGH
OD2UJDQL]DFLyQSDUDOD&RRSHUDFLyQ\HO'HVDUUROOR(FRQyPLFR2&'(HVWDFRQGLFLyQOHLPSRQHXQ
HOHYDGR HVWiQGDU D ODV SROtWLFDV S~EOLFDV HQ PDWHULD DPELHQWDO (QWUH ORV FRPSURPLVRV GH &KLOH VH
HQFXHQWUD HO GHVDUUROODU VHULHV GH WLHPSR DVRFLDGDV SULQFLSDOPHQWH D JHQHUDFLyQ YDORUL]DFLyQ \
HOLPLQDFLyQGHUHVLGXRVTXHIDFLOLWHQODREWHQFLyQGHLQGLFDGRUHV$GLFLRQDOPHQWHUHTXLHUHLQIRUPDUD
ODSREODFLyQVREUHHOPDQHMRGHORVUHVLGXRV
F 2UJDQLVPRVGHUHJXODFLyQ
x 0LQLVWHULRGHO0HGLR$PELHQWH0i[LPRyUJDQRUHJXODGRUHQHOiPELWRDPELHQWDOEDMR
OD/H\1RWLHQHDVXFDUJRHOGHVDUUROOR\DSOLFDFLyQGHYDULDGRVLQVWUXPHQWRVGH
JHVWLyQDPELHQWDOHQPDWHULDQRUPDWLYDSURWHFFLyQGHORVUHFXUVRVQDWXUDOHVHGXFDFLyQ
DPELHQWDO\FRQWUROGHODFRQWDPLQDFLyQHQWUHRWUDVPDWHULDV
x 0LQLVWHULRGH6DOXG$FWXDOPHQWHWLHQHODFRPSHWHQFLDH[FOXVLYDHQWRGDVODVHWDSDVGHO
PDQHMR GH UHVLGXRV 6H HQFDUJD GH HODERUDU UHJODPHQWRV \ QRUPDV \ ILVFDOL]DU
VXFXPSOLPLHQWR
x 6XEVHFUHWDUtDGH'HVDUUROOR5HJLRQDO\$GPLQLVWUDWLYR68%'(5(&RRUGLQDFLyQGHORV
*RELHUQRV 5HJLRQDOHV \ 0XQLFLSDOLGDGHV 6H HQFDUJD GHO 3URJUDPD 1DFLRQDO GH 5HVLGXRV
6yOLGRV\GHOPDQHMRGHORVIRQGRV)1'5)RQGR1DFLRQDOGH'HVDUUROOR5HJLRQDO
x 0XQLFLSLRV ÏUJDQRV UHVSRQVDEOHV GH OD JHVWLyQ GH ORV 5HVLGXRV 6yOLGRV 0XQLFLSDOHV
)XQFLyQSULYDWLYD\GHODRSHUDFLyQGLUHFWDRSRUWHUFHURV
x 0LQLVWHULRVVHFWRULDOHV(FRQRPtD±$JULFXOWXUD±0LQHUtD±9LYLHQGD±2EUDV3~EOLFDV
HQWUHRWURV
$SDUWLUGH&KLOHFXHQWDFRQXQDQXHYDLQVWLWXFLRQDOLGDGDPELHQWDOFRQVWLWXLGDSRUHO
0LQLVWHULR GH 0HGLR $PELHQWH OD 6XSHULQWHQGHQFLD GH )LVFDOL]DFLyQ \ HO 6HUYLFLR GH (YDOXDFLyQ
$PELHQWDODGHPiVGHO7ULEXQDO$PELHQWDOTXHHVWiHQSURFHVRGHJHVWDFLyQ
$SDUWLUGHO3ULPHU5HSRUWHGHO0DQHMRGH5HVLGXRV6yOLGRVHQ&KLOHOOHYDGRDFDERSRUOD&RPLVLyQ
1DFLRQDOGHO0HGLR$PELHQWHGHO*RELHUQRGH&KLOHHQHODxRODFDQWLGDGJHQHUDGDGHUHVLGXRV
VyOLGRVHQHOSHUtRGRKDH[SHULPHQWDGRXQFUHFLPLHQWRHVWLPDGRGHOH[SUHVDGRHQHO
LQFUHPHQWR GH PLOORQHV GH WRQHODGDV HQ HO DxR D PLOORQHV GH WRQHODGDV SDUD HO DxR
3ULPHU5HSRUWHGH0DQHMRGH5HVLGXRV6yOLGRVHQ&KLOH6HJ~QORVGDWRVUHFRJLGRVHQ
HVWH HVWXGLR SDUD HO DxR OD JHQHUDFLyQ HVWLPDGD GH UHVLGXRV PXQLFLSDOHV FRUUHVSRQGH D
PLOORQHV GH WRQHODGDV GHO WRWDO GH UHVLGXRV VyOLGRV 'XUDQWH HO PLVPR DxR ORV UHVLGXRV
VyOLGRVJHQHUDGRVSRUORVGLIHUHQWHVVHFWRUHVLQGXVWULDOHVGHOSDtVIXHURQHVWLPDGRVHQPLOORQHV
GHWRQHODGDVGHOWRWDOGHUHVLGXRVVyOLGRV3ULPHU5HSRUWHGH0DQHMRGH5HVLGXRV6yOLGRVHQ
&KLOH
(QFXDQWRDODVIRUPDVGHGLVSRVLFLyQILQDOGHORVUHVLGXRVHQ&KLOHSDUDHODxRXQWRWDO
GHWRQHODGDVDOUHGHGRUGHOGHORVUHVLGXRVWRWDOHVWXYLHURQFRPRGHVWLQRORVUHOOHQRV
VDQLWDULRV YHUWHGHURV \ EDVXUDOHV GH ORV FXDOHV QR VH UHFXSHUy QLQJ~Q PDWHULDO FRQ GHVWLQR
DSURYHFKDEOH (O UHVWDQWH 7RQ IXH GHVWLQDGR D DFWLYLGDGHV GH DSURYHFKDPLHQWR FRPR
FRPSRVWDMH UHFLFODMH LQFLQHUDFLyQ FRQ UHFXSHUDFLyQ GH HQHUJtD \ RWUDV FRPR ORPEULFXOWXUD 3ULPHU
5HSRUWHGH0DQHMRGH5HVLGXRV6yOLGRVHQ&KLOH

*5È),&2
&$17,'$''(5(6,'8266(*Ò1'(67,123$5$&+,/(

7RQHODGDVGHUHVLGXRV

5HOOHQRV %DVXUDOHV ,QFLQHUDFLyQVLQ $SURYHFKDPLHQWR
6DQLWDULRV\ UHFXSHUDFLyQGH
9HUWHGHURV HQHUJtD
)XHQWH3ULPHUUHSRUWHGHOPDQHMRGHUHVLGXRVVyOLGRVHQ&KLOH

3DUDHODxRHOGHORVUHVLGXRVQDFLRQDOHVIXHURQGLVSXHVWRVHQUHOOHQRVVDQLWDULRV
HO HQ YHUWHGHURV FRQWURODGRV HO HQ YHUWHGHURV D FLHOR DELHUWR HO VH GLVSXVR HQ RWUD
IRUPDFRPRFXHUSRVGHDJXDRDOLPHQWRGHDQLPDOHV\XQIXHGHVWLQDGRDTXHPDVDFLHORDELHUWR
,QIRUPHGHOD(YDOXDFLyQ5HJLRQDOGHO0DQHMRGH5HVLGXRV6yOLGRV8UEDQRVHQ$/&
(QWpUPLQRVGHSURGXFFLyQGHUHVLGXRVSHUFiSLWDHQSURPHGLRVHJHQHUDURQXQWRWDOGH
NJ GH UHVLGXRV VyOLGRV GRPLFLOLDULRV \ NJ GH UHVLGXRV VyOLGRV XUEDQRV DO GtD HQ HO DxR
,QIRUPH GH OD (YDOXDFLyQ 5HJLRQDO GHO 0DQHMR GH 5HVLGXRV 6yOLGRV 8UEDQRV HQ $/& /D
LQIRUPDFLyQVREUHHOWLSRGHUHVLGXRGRPLFLOLDULRRLQGXVWULDOVHSUHVHQWDHQHOJUiILFR
*5È),&2
*(1(5$&,Ï1'(5(6,'8266Ï/,'26(1&+,/(

0LOORQHVGHWRQHODGDV

5HVLGXRVVyOLGRVLQGXVWULDOHV 5HVLGXRVVyOLGRVPXQLFLSDOHV 5HVLGXRVVyOLGRVWRWDOHV

)XHQWH3ULPHU5HSRUWHGHO0DQHMRGH5HVLGXRV6yOLGRVHQ&KLOH

3DUDHOFDVRGHORVUHVLGXRVVyOLGRVLQGXVWULDOHVFRPRVHDSUHFLDHQHOJUiILFRODJHQHUDFLyQ
GH UHVLGXRV LQGXVWULDOHV SRU 3URGXFWR ,QWHUQR %UXWR SDUD &KLOH HQ HO DxR FRUUHVSRQGH D
NJ GyODUHV &DEH KDFHU QRWDU TXH HQWUH ORV DxRV \ HO SURPHGLR HVWLPDGR HV GH
NJGyODUHV3ULPHU5HSRUWHGH0DQHMRGH5HVLGXRV6yOLGRVHQ&KLOH
*5È),&2
5(6,'826,1'8675,$/(632581,'$''(3,%

NJPLOGRODUHVGH3,%

)XHQWH3ULPHUUHSRUWHGHOPDQHMRGHUHVLGXRVVyOLGRVHQ&KLOH%DQFR&HQWUDOGH&KLOH,1()0,_/DV

FLIUDVGH3,%GHVGHVRQHVWLPDFLRQHVGHO%DQFR&HQWUDOGH&KLOH\)0,3ULPHU5HSRUWHGH0DQHMRGH5HVLGXRV
6yOLGRVHQ&KLOH
D 5HFLFODMH
(Q &KLOH WDQ VROR HO GH UHVLGXRV HV GHVWLQDGR SDUD DOJ~Q WLSR GH DSURYHFKDPLHQWR R
YDORUDFLyQGHORVUHVLGXRVVHJ~QHO3ULPHU5HSRUWHGH0DQHMRGH5HVLGXRV6yOLGRVHQ&KLOH
([LVWH XQD WHQGHQFLD DO DXPHQWR GRQGH ORV SULQFLSDOHV UHVLGXRV GHVWLQDGRV D HVWH ILQ VRQ HO
SDSHOFRQYDORUHVHQWUHDPLOWRQDxR\ODFKDWDUUDGHILHUURFRQYDORUHVGHDPLO
WRQDxR 6H SUHVHQWy XQ LQFUHPHQWR SRUFHQWXDO GHO \ UHVSHFWLYDPHQWH SDUD HO SDSHO \ OD
FKDWDUUDGHILHUURSDUDHODxRFRPSDUDWLYDPHQWHFRQHODxR3ULPHU5HSRUWHGH0DQHMRGH
5HVLGXRV6yOLGRVHQ&KLOH(VLPSRUWDQWHUHVDOWDUTXHH[LVWHODLQIRUPDOLGDGHQODUHFROHFFLyQ
GH PDWHULDOHV UHFLFODEOHV SHUR QR VH FXHQWD FRQ QLQJ~Q UHJLVWUR TXH LQGLTXH HO YROXPHQ GH HVWD
DFWLYLGDG
(OJUiILFRPXHVWUDODFDQWLGDGGHUHVLGXRVVHJ~QGHVWLQRGHDSURYHFKDPLHQWRRYDORUDFLyQ
SDUDHODxR
$SHVDUGHOUHGXFLGRDSURYHFKDPLHQWRRYDORUDFLyQTXHVHEULQGDDORVUHVLGXRVHQ&KLOHVH
KDYHQLGRHYLGHQFLDQGRXQLQFUHPHQWRHQHOQ~PHURGHLQVWDODFLRQHVGHVWLQDGDVDODSURYHFKDPLHQWR
GH UHVLGXRV SDUD UHFLFODMH FRQ XQ FUHFLPLHQWR GHO SDUD HO SHULRGR (VWH KHFKR
SURSRUFLRQDXQSDQRUDPDDOHQWDGRU\ PXHVWUDTXHHVSRVLEOHHVSHUDUXQ PD\RUDSURYHFKDPLHQWRGH
UHVLGXRVKDFLDHOIXWXUR3ULPHU5HSRUWHGH0DQHMRGH5HVLGXRV6yOLGRVHQ&KLOH

*5È),&2
&$17,'$''(5(6,'826$3529(&+$'26(*Ò1'(67,12
3$5$(/$f2

7RQHODGDV

5HFLFODMH &RPSRVWDMH ,QFLQHUDFLyQFRQ 2WUDVRSHUDFLRQHV
UHFXSHUDFLyQGH GHYDORUL]DFLyQ
HQHUJtD ORPEULFXOWXUD

)XHQWH3ULPHUUHSRUWHGHOPDQHMRGHUHVLGXRVVyOLGRVHQ&KLOH
E 7DULIDV\FRVWRV
(OFREURGHOGHUHFKRGHDVHRSRUUHWLURGHUHVLGXRVVHUHDOL]DPHGLDQWHODILMDFLyQGHWDULIDVR
PRQWRV TXH ODV PXQLFLSDOLGDGHV FREUDQ GH DFXHUGR D /H\ GH 5HQWDV 0XQLFLSDOHV '/ \ VXV
PRGLILFDFLRQHV/DVPXQLFLSDOLGDGHVWLHQHQODIDFXOWDGGHILMDUODWDULIDGHOVHUYLFLRVHxDODGRVREUHOD
EDVHGHXQFiOFXORTXHFRQVLGHUHH[FOXVLYDPHQWHWDQWRORVFRVWRVILMRVFRPRORVFRVWRVYDULDEOHV(VWH
GHUHFKR VH FREUD WDQWR SRU UHWLUR GH UHVLGXRV GRPLFLOLDULRV FRPR WDPELpQ HQ HVWDEOHFLPLHQWRV
LQGXVWULDOHV \ FRPHUFLDOHV (O GHFUHWR OH\ HVWDEOHFH JHQHUDOLGDGHV SDUD HO HVWDEOHFLPLHQWR GH WDULIDV
GLIHUHQFLDGDVSDUDHOSDJRSRUVHUYLFLRVGHDVHR
)LQDQFLDPLHQWRGHOVHUYLFLRGHDVHR
0HGLDQWH OD /H\ GH $UW TXH PRGLILFD OD /H\ GH 5HQWDV 0XQLFLSDOHV VH
IDFXOWDDOD PXQLFLSDOLGDGSDUDORJUDUHOILQDQFLDPLHQWRGHOVHUYLFLRDFREUDUXQDWDULIDWULPHVWUDOD
FDGDYLYLHQGDRXQLGDGKDELWDFLRQDOORFDOTXLRVFRRILFLQD\VLWLRHULD]R(VWDWDULIDFRUUHVSRQGHDXQ
FDUJRILMRDSOLFDGRD
x 8VXDULRV TXH QR JHQHUHQ XQ YROXPHQ GH EDVXUD PD\RU D OLWURV SURPHGLR GLDULR
DSUR[LPDGDPHQWH.JGtDXQPD\RUYROXPHQDGPLWHXQDWDULIDGLIHUHQFLDGD
x 9LYLHQGDV TXH WHQJDQ XQD DYDO~R ILVFDO VXSHULRU D 8QLGDGHV 7ULEXWDULDV 0HQVXDOHV
DOUHGHGRUGH86'(VWHFDUJRILMRHVGHORUGHQGH86'PHQVXDOHVSDUDHO
DxR6LVWHPD1DFLRQDOGH,QIRUPDFLyQ0XQLFLSDO6,1,0
(O FREUR VH UHDOL]D D WUDYpV GH OD FXHQWD GH ODV FRQWULEXFLRQHV GHO 6HUYLFLR GH ,PSXHVWRV
,QWHUQRV6,,GHELHQHVUDtFHV\DODVHPSUHVDV\RILFLQDVDWUDYpVGHODSDWHQWHFRPHUFLDO

&RVWRVGHOVHUYLFLR
/RVJDVWRVHQ6HUYLFLRVGH$VHR5HFROHFFLyQGH%DVXUD\9HUWHGHURVKDQLQFUHPHQWDGRXQ
HQ HO SHULRGR FRPSUHQGLGR HQWUH HO DxR \ &RPSDUDWLYDPHQWH HO LQFUHPHQWR HQ
LQJUHVRV,QJUHVRSRU'HUHFKRVGH$VHR&REUR'LUHFWR\GH3DWHQWHV&RPHUFLDOHV\'HUHFKRVGH$VHR
SRU ,PSXHVWR 7HUULWRULDO IXH GH XQ GXUDQWH HO PLVPR SHULRGR (V HYLGHQWH TXH SDUD WRGRV ORV
DxRVFRPSUHQGLGRVHQWUHHO\HOODGLIHUHQFLDHQWUHORVLQJUHVRV\ORVJDVWRVPXQLFLSDOHV
UHODFLRQDGRVDODVHRHVPX\PDUFDGDHLQFUHPHQWDVXVWDQFLDOPHQWHDORODUJRGHOSHULRGRHQHVWXGLR
(OORVHYHUHIOHMDGRHQXQDGLIHUHQFLDGHOSDUDHODxR\XQSDUDHODxRFRPRVH
PXHVWUDHQHOJUiILFR
*5È),&2
*$672696,1*5(626081,&,3$/(6325&21&(3726'($6(2
(QGyODUHV

,1*5(626 *$6726

)XHQWH6LVWHPD1DFLRQDOGH,QIRUPDFLyQ0XQLFLSDO6,1,0
1RWD/RVLQJUHVRVFRUUHVSRQGHQD,QJUHVR'HUHFKRVGH$VHR&REUR'LUHFWR\GH3DWHQWHV&RPHUFLDOHV\'HUHFKRVGH
$VHRSRU,PSXHVWR7HUULWRULDO/RVJDVWRVFRUUHVSRQGHQD6HUYLFLRVGH$VHR5HFROHFFLyQGH%DVXUD\9HUWHGHURV
/DPDUFDGDGLIHUHQFLDHVDVXPLGDSRUSDUWHGHODVPXQLFLSDOLGDGHV\HOGpILFLWHVFXELHUWRSRU
ORVLQJUHVRVSURSLRVGHFDGDPXQLFLSLR'HHVWDPDQHUDHOXVRGHIRQGRVSDUDFXEULUHOGpILFLWLPSOLFD
PHQRUGLVSRQLELOLGDGSDUDRWURVSURJUDPDVGHLQYHUVLyQRDSR\RVRFLDO3RURWURODGRHOWUDQVSRUWHHV
XQ IDFWRU UHOHYDQWH SDUD HO PDQHMR GH ORV UHVLGXRV VyOLGRV GRPLFLOLDULRV )RUPD SDUWH LQWHJUDQWH GH
FDGDXQDGHODVHWDSDVGHOSURFHVR\UHSUHVHQWDHQWUHXQDGHOFRVWRWRWDOGHPDQHMRGHORV
UHVLGXRV/DPD\RUSDUWHGHOWUDQVSRUWHHVHIHFWXDGRSRUHPSUHVDVSULYDGDVHQFDPLRQHVUHFROHFWRUHV
HVSHFLDOPHQWH DFRQGLFLRQDGRV 3DUD GLVPLQXLU HVWRV FRVWRV HVSHFLDOPHQWH HQ ORFDOLGDGHV OHMDQDV DO
UHOOHQRVDQLWDULRVXUJHQODVGHQRPLQDGDVHVWDFLRQHVGHWUDQVIHUHQFLDLQVWDODFLRQHVGRQGHVHUHFLEHQ
ORVUHVLGXRVSDUDVHUFRPSDFWDGRV\OXHJRWUDQVSRUWDGRVDVXGHVWLQRILQDO(YDOXDFLyQ5HJLRQDOGHORV
6HUYLFLRVGH0DQHMRGH5HVLGXRV6yOLGRV0XQLFLSDOHV
(Q UHIHUHQFLD DO 3UHVXSXHVWR $QXDO 7RQ SDUD ORV 6HUYLFLRV GH EDUULGR UHFROHFFLyQ
WUDQVSRUWH\GLVSRVLFLyQILQDOVHFRQFOX\HTXHHQODVFLXGDGHVJUDQGHVORVFRVWRVERUGHDQORV
86' SRU WRQHODGD \ FRUUHVSRQGH DO GHO SUHVXSXHVWR PXQLFLSDO HQ ODV &LXGDGHV 0HGLDQDV HO
FRVWR HV DOUHGHGRU GH ORV 86' SRU WRQHODGD FRUUHVSRQGLHQGR D DSUR[LPDGDPHQWH GHO
SUHVXSXHVWRPXQLFLSDO\SDUDHOFDVRGHODV3HTXHxDVHVDOUHGHGRUGHORV86'SRUWRQHODGD
FRUUHVSRQGLHQGR D XQ GHO SUHVXSXHVWR WRWDO PXQLFLSDO (YDOXDFLyQ 5HJLRQDO GH ORV 6HUYLFLRV GH
0DQHMRGH5HVLGXRV6yOLGRV0XQLFLSDOHV$VtHOFRVWRXQLWDULRGHORVVHUYLFLRVGHDVHRSDUD
&KLOHHQHODxRVHSUHVHQWDHQHOFXDGUR

&8$'52
&267281,7$5,2'(/266(59,&,26(1&+,/(

6HUYLFLRV &RVWRXQLWDULR
%DUULGR86.P
5HFROHFFLyQ867RQ
D
7UDQVIHUHQFLD867RQ
'LVSRVLFLyQILQDO867RQ
)XHQWH ,QIRUPH GH OD (YDOXDFLyQ 5HJLRQDO GHO 0DQHMR GH 5HVLGXRV 6yOLGRV 8UEDQRV HQ $PpULFD /DWLQD \ HO
&DULEH
D
'DWRVLQVXILFLHQWHVSDUDFDOFXODUODYDULDEOHDJUHJDGDDQLYHOSDtV
(V LPSRUWDQWH GHVWDFDU TXH DOWHUQR DO VHUYLFLR GH DVHR HVWDEOHFLGR SRU ODV PXQLFLSDOLGDGHV
H[LVWH XQ VLVWHPD GH UHFROHFFLyQ GH UHVLGXRV VyOLGRV PXQLFLSDOHV QR WUDGLFLRQDO TXH FRQVLVWH HQ VX
WUDVODGR GHVGH ORV VLWLRV GH JHQHUDFLyQ KDFLD PLFUREDVXUDOHV YHUWHGHURV LOHJDOHV GH UHVLGXRV VyOLGRV
9,56RHVWDEOHFLPLHQWRVSDUWtFLSHVGHSURFHVRVGHUHXWLOL]DFLyQRUHFLFODMH/DUHFROHFFLyQGH560
KDFLD PLFURYHUWHGHURV \ 9,56 HV UHDOL]DGD SRU PLFURHPSUHVDV LOHJDOHV VHUYLFLRV DPEXODQWHV R OD
SURSLD SREODFLyQ /D LQIRUPDFLyQ VREUH ORV FRVWRV DVRFLDGRV FRQ HVWRV VHUYLFLRV LOHJDOHV HV HVFDVD
SHURVHHVWLPDHQWUH86'\86'SRUWRQHODGDWUDQVSRUWDGD5XQJUXDQJVDNRUQ
/D H[HQFLyQ DXWRPiWLFD GHO SDJR GH GHUHFKR GH DVHR UHFDH D WRGRV DTXHOORV XVXDULRV FX\D YLYLHQGD R
XQLGDGKDELWDFLRQDODODTXHVHRWRUJDHOVHUYLFLRWHQJDXQDYDO~RILVFDOLJXDORLQIHULRUDXQLGDGHV
WULEXWDULDVPHQVXDOHV(VWHEHQHILFLROLEHUDGHOSDJRGHDVHRDXQDVPLOSURSLHGDGHVKDELWDFLRQDOHV
(YDOXDFLyQ 5HJLRQDO GH ORV 6HUYLFLRV GH 0DQHMR GH 5HVLGXRV 6yOLGRV 0XQLFLSDOHV 7DPELpQ
SRGUiQ RSWDU D H[HQFLyQ R VXEVLGLRV SUHYLD VROLFLWXG ORV XVXDULRV HQ DWHQFLyQ D FRQGLFLRQHV
VRFLRHFRQyPLFDV GH SREUH]D R GLILFXOWDG GHWHUPLQDGDV SRU ODV PXQLFLSDOLGDGHV (Q HO FDVR GH ODV
UHVLGHQFLDVSDUWLFXODUHVORKDFHQFRQMXQWDPHQWHFRQHOLPSXHVWRWHUULWRULDOSRUHVWDUD]yQHOSDJRGHO
VHUYLFLRGHDVHRWLHQHHOFDUiFWHUGHLPSXHVWRPiVTXHGHUHQWDSRUODSUHVWDFLyQGHOVHUYLFLR
6HJ~Q ODV FDQWLGDGHV GH UHVLGXRV JHQHUDGDV SRU HO SDtV OD FRPSRVLFLyQ GH pVWRV \ HO WLSR GH
ODGLVSRVLFLyQGHUHVLGXRVHQ&KLOH&RPRVHSXHGHREVHUYDUODPD\RUtDGHODVHPLVLRQHVVHGHEHQD
ODGHVFRPSRVLFLyQGHORVUHVLGXRVHQORVUHOOHQRVVDQLWDULRV\GRQGHVHREVHUYDTXHODVHPLVLRQHVGH
&KLOHVRQOLJHUDPHQWHPHQRUHVDODVGH&RORPELD

*5È),&2
(0,6,21(6'(*$6(6'(()(&72,19(51$'(52'(%,'$6$/$',6326,&,Ï1'(
5(6,'826(1&+,/(


&3HU~
GHUHVLGXRVVyOLGRV
(Q 3HU~ OD JHVWLyQ GH UHVLGXRV VyOLGRV SXHGH HVWDU DGPLQLVWUDGD \ EULQGDGD GLUHFWDPHQWH SRU OD
PXQLFLSDOLGDG SHUR WDPELpQ SXHGH VHU RIUHFLGD D WUDYpV GH XQD (PSUHVD 3UHVWDGRUD GH 6HUYLFLR GH
5HVLGXRV 6yOLGRV 6HJ~Q HO ,QIRUPH 1DFLRQDO GHO (VWDGR GHO $PELHQWH GH 3HU~ OD JUDQ
PD\RUtDGHORVGHSDUWDPHQWRVJHVWLRQDD~QODGLVSRVLFLyQILQDOGHORVUHVLGXRVFRQFHQWUiQGRVHPiVHQ
OD HOLPLQDFLyQ TXH HQ FRQVLGHUDU HVWUDWHJLDV GH PLQLPL]DFLyQ GH VX JHQHUDFLyQ R VX SRWHQFLDO
YDORUL]DFLyQUHXVR\UHFLFODMH
(O(VWDGRGH3HU~\HO0LQLVWHULRGH0HGLR$PELHQWH0,1$0KDQVLGRORVGLUHFWDPHQWH
UHVSRQVDEOHV HQ UHJXODU HO VHUYLFLR GH JHVWLyQ \ PDQHMR GH UHVLGXRV VyOLGRV /D 5HS~EOLFD GH 3HU~
FXHQWD HQ OD DFWXDOLGDG FRQ XQD SREODFLyQ GH PLOORQHV GH KDELWDQWHV \ JHQHUD
DSUR[LPDGDPHQWH .J+DE'tD OR TXH VLJQLILFD TXH HV XQ SDtV TXH JHQHUD XQD FDQWLGDG
LPSRUWDQWHGHUHVLGXRVVyOLGRVGLDULRVSRUORWDQWRGHEHWHQHUXQDEXHQD\DGHFXDGDUHJXODFLyQGHO
WHPDHQEHQHILFLRGHODVDOXGS~EOLFD\HOPHGLRDPELHQWH
/D OH\ 2UJiQLFD SDUD HO $SURYHFKDPLHQWR 6RVWHQLEOH GH ORV 5HFXUVRV 1DWXUDOHV SRU XQ ODGR
HVWDEOHFHHOSULQFLSLRGHTXHWRGRXVXDULRGHFXDOTXLHUUHFXUVRQDWXUDOWLHQHODREOLJDFLyQGHSDJDUSRUVX
XWLOL]DFLyQ(QHVWHVHQWLGRHO*RELHUQRWLHQHODRSRUWXQLGDGGHHVWDEOHFHUSROtWLFDVGHSUHFLRVDPRGRGH
VXVWHQWDUEXHQRVSULQFLSLRVHFRQyPLFRVSDUDORVVHFWRUHVTXHH[SORWDQUHFXUVRVQDWXUDOHV(VWHSULQFLSLR
HV GHQRPLQDGR ³XVXDULRSDJDGRU´ 3RU RWUR ODGR VH DSOLFD RWUR SULQFLSLR GH ³FRQWDPLQDGRUSDJDGRU´
TXHVHXVDFRPRSROtWLFDSDUDFRQWURODU\SUHYHQLUODFRQWDPLQDFLyQ*ODYH
8QR GH ORV SUREOHPDV PiV GHVWDFDGRV HV OD IDOWD GH LQWHJUDFLyQ HQWUH ODV SROtWLFDV GH
GHVDUUROOR \ ODV SROtWLFDV DPELHQWDOHV HVWR GHELGR D OD IDOWD GH LQIRUPDFLyQ VREUH JHVWLRQHV
DPELHQWDOHVHQHO3HU~$GHPiVVHUHTXLHUHPD\RUFDSDFLWDFLyQ\HTXLSRVSDUDPHMRUDUODFDSDFLGDG
GHVXSHUYLVLyQ\GHOSURFHVDPLHQWRGHLQIRUPDFLyQDQLYHOUHJLRQDO*ODYH/RVFRVWRVVRFLDOHV
\ DPELHQWDOHV QR VRQ YLVWRV R FRQFHSWXDOL]DGRV FRPR FRVWRV TXH GLFKDV DFWLYLGDGHV HFRQyPLFDV

JHQHUDQ \ GHEHQ VHU FRQWDELOL]DGDV 6LQR TXH SRU HO FRQWUDULR VH KDFH YHU FRPR XQ VREUHFRVWR SRU
SDUWH GHO JRELHUQR 3RU OR DQWHULRU HO FiOFXOR GH GHUHFKRV \ FRVWRV QR VRQ GHO WRGR WUDQVSDUHQWHV \
DSDUHQWDQVXEYDOXDUVLJQLILFDWLYDPHQWHORVFRVWRVGHOPDQHMRGHORVUHFXUVRVDPELHQWDOHV\VXYDORU
HFRQyPLFR*ODYH
/DQRUPDWLYDSHUXDQDPiVUHOHYDQWHUHIHUHQWHDOWHPDGHUHVLGXRVVyOLGRVVHSXHGHVLQWHWL]DU
HQORVVLJXLHQWHVDVSHFWRV
x &yGLJRGHO0HGLR$PELHQWH\ORV5HFXUVRV1DWXUDOHV
(O FyGLJR GHO 0HGLR $PELHQWH \ 5HFXUVRV 1DWXUDOHV FRQ IHFKD GH SXEOLFDFLyQ HQ HO DxR
HVWDEOHFHTXHWRGRFLXGDGDQRWLHQHHOGHUHFKRGHJR]DUGHXQDPELHQWHVDQRHFROyJLFDPHQWH
HTXLOLEUDGR \ DGHFXDGR SDUD HO GHVDUUROOR GH YLGD 3RU OR WDQWR HV GHEHU GHO (VWDGR PDQWHQHU OD
FDOLGDGGHYLGDGHODVSHUVRQDVOHFRUUHVSRQGHDVtSUHYHQLU\FRQWURODUODFRQWDPLQDFLyQDPELHQWDO\
FXDOTXLHUDFFLyQGHGHWHULRURRGHSUHGDFLyQGHORVUHFXUVRVQDWXUDOHV
5HVSHFWRDORVUHVLGXRVVyOLGRVHVWDEOHFHHQVXDUWtFXORODSURKLELFLyQGHYHUWHURHPLWLU
UHVLGXRVVyOLGRVOtTXLGRVRJDVHRVRVXRWUDVIRUPDVGHPDWHULDRGHHQHUJtDTXHDOWHUHQODVDJXDVHQ
SURSRUFLyQ FDSD] GH KDFHU SHOLJURVD VX XWLOL]DFLyQ /D DXWRULGDG FRPSHWHQWH HIHFWXDUi PXHVWUHRV
SHULyGLFRVGHODVDJXDVSDUDYHODUSRUHOFXPSOLPLHQWRGHHVWDQRUPD
$GHPiVHQVXDUWtFXORHVWDEOHFHODVVDQFLRQHVDGPLQLVWUDWLYDVHQWUHODVTXHVHHQFXHQWUD
TXHORVLQIUDFWRUHVGHODVQRUPDVDPELHQWDOHVDTXHVHUHILHUHHOSUHVHQWHDUWtFXORVRQVXMHWRVSDVLEOHV
D XQD PXOWD QR PHQRU GH PHGLD XQLGDG LPSRVLWLYD WULEXWDULD QL PD\RU GH XQLGDGHV LPSRVLWLYDV
WULEXWDULDVYLJHQWHVDODIHFKDTXHVHFXPSODHOSDJR(QFDVRGHLQWHUQDPLHQWRVGHUHVLGXRVWy[LFRVR
SHOLJURVRVODPXOWDQRVHUiLQIHULRUDOPRQWRWRWDOGHORLQWHUQDGR
3RVWHULRUPHQWHHQHODUWtFXORVHHVWDEOHFHTXHHOLQWHUQDPLHQWRGHUHVLGXRVGHVSHUGLFLRV
R FXDOTXLHU RWUR WLSR GH PDWHULDO GH GHVHFKR UHVXOWDQWH GH XQ SURFHVR GH UHGXFFLyQ H[WUDFFLyQ
WUDQVIRUPDFLyQXWLOL]DFLyQRFRQVXPRHQHOWHUULWRULRQDFLRQDOVHUiVDQFLRQDGRFRQSULVLyQQRPHQRU
GHXQRQLPD\RUGHFXDWURDxRV\PXOWDGHODUHQWDHQWUHDGtDV6HUiXQDJUDYDQWHFRPROR
HVWDEOHFHHODUWtFXORGHOFyGLJRHQHOFDVRHQTXHSDUDHOLQWHUQDPLHQWRGHUHVLGXRVRGHVHFKRVVH
YDOLHUDGHGRFXPHQWRVFHUWLILFDGRVRGHFODUDFLRQHVIDOVDVUHIHUHQWHVDODFDOLGDGFDQWLGDGRGHVWLQRGH
ORVPLVPRV(OUHVSRQVDEOHVHUiVDQFLRQDGRFRQSHQDGHSULVLyQQRPHQRUGHFXDWURDxRVQLPD\RUGH
RFKRDGHPiVGHEHUiSDJDUXQDPXOWDGHUHQWDHQWUHDGtDV
'HELGR D OD IDOWD GH UHJXODFLyQ HQ PDWHULD GH UHVLGXRV VyOLGRV VH FUHy XQD OH\ JHQHUDO GH
UHVLGXRVVyOLGRV
x /H\/H\*HQHUDOVREUH5HVLGXRV6yOLGRV
/D/H\*HQHUDOGH5HVLGXRV6yOLGRV1FRQIHFKDGHSXEOLFDFLyQHOGtDGHOPHVGH
QRYLHPEUH GHO DxR VHxDOD FRPR REMHWR HVWDEOHFHU GHUHFKRV REOLJDFLRQHV DWULEXFLRQHV \
UHVSRQVDELOLGDGHV GH OD VRFLHGDG SDUD DVHJXUDU XQD DGHFXDGD JHVWLyQ \ PDQHMR GH ORV UHVLGXRV
VyOLGRVFRQVXMHFLyQDORVSULQFLSLRVGHPLQLPL]DFLyQSUHYHQFLyQGHULHVJRVDPELHQWDOHV\SURWHFFLyQ
GHODVDOXG\HOELHQHVWDUGHODVRFLHGDG(QVXVDUWtFXORVHVWDEOHFHODVUHJODVDVHJXLU(QSULPHU
OXJDUIXQGDTXHHOiPELWRGHDSOLFDFLyQGHODOH\HVHQODVDFWLYLGDGHVSURFHVRV\RSHUDFLRQHVGHOD
JHVWLyQ\PDQHMRGHUHVLGXRVVyOLGRVGHVGHVXJHQHUDFLyQKDVWDVXGLVSRVLFLyQILQDO1RVHLQFOX\HQ
HQHOiPELWRGHODSUHVHQWHOH\ORVUHVLGXRVVyOLGRVGHQDWXUDOH]DUDGLRDFWLYD7DPELpQHVWDEOHFHTXH
OD ILQDOLGDG GH GLFKD OH\ HV IRPHQWDU XQ PDQHMR LQWHJUDO \ VRVWHQLEOH PHGLDQWH OD DUWLFXODFLyQ
LQWHJUDFLyQ \ FRPSDWLELOL]DFLyQ GH SROtWLFDV SODQHV SURJUDPDV \ DFFLRQHV HVWUDWpJLFDV UHODFLRQDGDV
FRQ OD JHVWLyQ \ HO PDQHMR GH UHVLGXRV VyOLGRV $GHPiV VH DFODUD TXH OD SUHVHQWH OH\ VH HQPDUFD

3RUHO'HFUHWR/HJLVODWLYR1R

/R GLVSXHVWR HQ HO SUHVHQWH OLWHUDO VyOR VHUi DSOLFDEOH SDUD ODV DFWLYLGDGHV TXH QR VH HQFXHQWUHQ LQFOXLGDV EDMR
UpJLPHQOHJDO

$UWtFXOR

GHQWUR GH OD SROtWLFD QDFLRQDO DPELHQWDO \ EDMR ORV SULQFLSLRV HVWDEOHFLGRV HQ HO &yGLJR GHO 0HGLR
$PELHQWH\ORV5HFXUVRV1DWXUDOHV(QWUHXQDVHULHGHDOLQHDPLHQWRVSROtWLFRVFRPRHOGHVDUUROORGH
DFFLRQHV GH HGXFDFLyQ FDSDFLWDFLyQ \ DGRSFLyQ GH PHGLGDV SDUD PHMRUDU OD JHVWLyQ GH ORV UHVLGXRV
VyOLGRV VH GHVWDFD HO HVWDEOHFHU XQ VLVWHPD GH UHVSRQVDELOLGDG FRPSDUWLGD \ PDQHMR LQWHJUDO GH ORV
UHVLGXRV VyOLGRV HO GHVDUUROOR GH WHFQRORJtDV PpWRGRV \ SUiFWLFDV HQ SURFHVRV GH FRPHUFLDOL]DFLyQ
TXH IDYRUHFHQ D OD VRFLHGDG $GLFLRQDOPHQWH SURPRYHU LQLFLDWLYDV \ SDUWLFLSDFLyQ DFWLYD GH OD
SREODFLyQ OD VRFLHGDG RUJDQL]DGD \ HO VHFWRU SULYDGR 'H LJXDO IRUPD EXVFD GHILQLU SODQHV
SURJUDPDV HVWUDWHJLDV \ DFFLRQHV WUDQVHFWRULDOHV SDUD OD JHVWLyQ GH UHVLGXRV VyOLGRV FRQMXJDQGR ODV
YDULDEOHV HFRQyPLFDV VRFLDOHV FXOWXUDOHV WpFQLFDV \ VDQLWDULDV DPELHQWDOHV (Q HVSHFLDO VH RUGHQD
DVHJXUDUTXHODVWDVDVRWDULIDVTXHVHFREUHQSRUODSUHVWDFLyQGHVHUYLFLRVGHUHVLGXRVVyOLGRVVHILMDQ
HQIXQFLyQGHVXFRVWRUHDOFDOLGDG\HILFLHQFLDHVWDEOHFLHQGRDGHPiVDFFLRQHVGHVWLQDGDVDHYLWDUOD
FRQWDPLQDFLyQGHOPHGLRDPELHQWH
(Q VHJXQGR OXJDU IXQGD ORV SDUiPHWURV \ FRPSHWHQFLDV GH ODV HQWLGDGHV TXH UHJXODQ OD
JHVWLyQGHUHVLGXRVVyOLGRV(QWUHGLFKDVHQWLGDGHVVHHQFXHQWUDHO&20$1&RQVHMR1DFLRQDOGHO
$PELHQWHHVWDHQWLGDGVHHQFDUJDGHFRRUGLQDUODVDXWRULGDGHVVHFWRULDOHV\PXQLFLSDOHVSURPRYHU
ODDSOLFDFLyQGHORVSODQHVLQWHJUDOHVHODERUDUXQLQIRUPH1DFLRQDOVREUHHO(VWDGRGHO$PELHQWHHQHO
3HU~ LQFOX\HQGR HO DQiOLVLV GH ORV SURFHVRV \ UHVXOWDGRV DUPRQL]DU ORV FULWHULRV GH HYDOXDFLyQ GH
LPSDFWR DPELHQWDO FRQ ORV OLQHDPLHQWRV GH SROtWLFD \ UHVROYHU FRPR ~OWLPD LQVWDQFLD DGPLQLVWUDWLYD
ORV UHFXUVRV LPSXJQDWLYRV LQWHUSXHVWRV FRQ UHODFLyQ D FRQIOLFWRV HQWUH UHVROXFLRQHV R DFWRV
DGPLQLVWUDWLYRVUHODFLRQDGRVFRQHOPDQHMRGHORVUHVLGXRVVyOLGRV
(QVHJXLGDHQODOH\VHHQFXHQWUDVODVIXQFLRQHVGHODVDXWRULGDGHVVHFWRULDOHVSRUXQODGR
HO0LQLVWHULRGH6DOXGTXHUHJXODDWUDYpVGHOD'LUHFFLyQ*HQHUDOGH6DOXG$PELHQWDO',*(6$ORV
DVSHFWRVWpFQLFRVDQLWDULRVGHUHVLGXRVVyOLGRVLQFOX\HQGRODVDFWLYLGDGHVGHUHFLFODMHUHXWLOL]DFLyQ\
UHFXSHUDFLyQ7DPELpQUHJXODHOPDQHMRGHORVUHVLGXRVVyOLGRVGHHVWDEOHFLPLHQWRVGHDWHQFLyQDOD
VDOXGGHFODUD]RQDVHQHVWDGRGHHPHUJHQFLDVDQLWDULDDGPLQLVWUD\PDQWLHQHDFWXDOL]DGRHOUHJLVWUR
GH ODV HPSUHVDV SUHVWDGRUDV GH VHUYLFLR GH UHVLGXRV VyOLGRV (Q JHQHUDO YLJLOD HO PDQHMR GH ORV
UHVLGXRV VyOLGRV DGRSWDQGR PHGLGDV GH LQVSHFFLyQ \ FRPXQLFDFLyQ D OD DXWRULGDG VHFWRULDO
FRPSHWHQWH GH LQIUDFFLRQHV GHWHFWDGDV 3RU VX SDUWH HO 0LQLVWHULR GH 7UDQVSRUWHV &RPXQLFDFLRQHV
9LYLHQGD \ &RQVWUXFFLyQ TXH UHJXODQ OD JHVWLyQ GH ORV UHVLGXRV VyOLGRV GH OD DFWLYLGDG GH OD
FRQVWUXFFLyQ\HOWUDQVSRUWHGHORVPLVPRVDXWRUL]D\ILVFDOL]DHOWUDQVSRUWHGHORVUHVLGXRVSHOLJURVRV
HQHOWHUULWRULRQDFLRQDO
/DV DXWRULGDGHV PXQLFLSDOHV VRQ UHVSRQVDEOHV GH OD JHVWLyQ GH ORV UHVLGXRV VyOLGRV GH RULJHQ
GRPLFLOLDULR\FRPHUFLDO(QWUHVXVIXQFLRQHVVHGHVWDFDQSODQLILFDUODJHVWLyQLQWHJUDOGHORVUHVLGXRV
VyOLGRV UHJXODU \ ILVFDOL]DU HO PDQHMR \ OD SUHVWDFLyQ GH ORV VHUYLFLRV GH UHVLGXRV VyOLGRV GH VX
MXULVGLFFLyQ 7DPELpQ DVHJXUDU OD DGHFXDGD OLPSLH]D GH YtDV HVSDFLRV \ PRQXPHQWRV S~EOLFRV OD
UHFROHFFLyQ \ WUDQVSRUWH GH ORV PLVPRV HQ HO GLVWULWR GHO &HUFDGR GH ODV FLXGDGHV FDSLWDOHV
FRUUHVSRQGLHQWHV/RVUHVLGXRVVyOLGRVHQVXWRWDOLGDGGHEHUiQVHUFRQGXFLGRVGLUHFWDPHQWHDODSODQWDGH
WUDWDPLHQWRWUDQVIHUHQFLDRDOOXJDUGHGLVSRVLFLyQILQDODXWRUL]DGRSRUOD0XQLFLSDOLGDG3URYLQFLDO
(Q WHUFHU OXJDU IXQGD ODV GLVSRVLFLRQHV JHQHUDOHV SDUD HO PDQHMR GH UHVLGXRV VyOLGRV
GHILQLpQGRORV\FODVLILFiQGRORV(QFXDUWROXJDUSUHVHQWDODSUHVWDFLyQGHORVVHUYLFLRVGHUHVLGXRV
VyOLGRV IRPHQWDQGR OD SDUWLFLSDFLyQ DFWLYD GH HQWLGDGHV SULYDGDV \ S~EOLFDV /DV HPSUHVDV

$SUREDGRPHGLDQWH'HFUHWR/HJLVODWLYR1

$UWtFXOR

(QWLGDG SDUWH GHO 0LQLVWHULR 'HO $PELHQWH 0,1$0 FUHDGR HO GH PD\R GH PHGLDQWH'HFUHWR
/HJLVODWLYR1R(ODUWtFXORLQFLVRNHVWDEOHFHTXHHVIXQFLyQGH³SURPRYHU\FRRUGLQDUODDGHFXDGDJHVWLyQ
GHUHVLGXRVVyOLGRVODSURWHFFLyQGHODFDOLGDGGHODLUH\HOFRQWUROGHOUXLGR\GHODVUDGLDFLRQHVQRLRQL]DQWHV\
VDQFLRQDUVXLQFXPSOLPLHQWR´

7tWXOR,,&DStWXOR,,

7tWXOR,,,

7tWXOR,9

SUHVWDGRUDVGHVHUYLFLRVGHUHVLGXRVVyOLGRV(3656VRQODVHQFDUJDGDVGLUHFWDPHQWHGHSUHVWDUHO

VHUYLFLRSULQFLSDO/DV(3656GHEHQHVWDUUHJLVWUDGDVHQHO0LQLVWHULRGH6DOXG\GHEHUiQFRQWDUFRQ
XQ LQJHQLHUR VDQLWDULR FROHJLDGR SDUD KDFHUVH FDUJR GH OD GLUHFFLyQ WpFQLFD GH ODV SUHVWDFLRQHV
$GHPiVGHEHQHMHUFHUSHUPDQHQWHPHQWHHODVHJXUDPLHQWRGHODFDOLGDGGHORVVHUYLFLRVTXHSUHVWD(O
PDQHMR GH UHVLGXRV VyOLGRV HV SDUWH DGLFLRQDO GH OD (YDOXDFLyQ GH ,PSDFWR $PELHQWDO (,$ \ ORV
3URJUDPDVGH$GHFXDFLyQ\0DQHMR$PELHQWDO3$0$
(Q TXLQWR OXJDU VH HVWDEOHFH OD LQIRUPDFLyQ JHQHUDO VREUH HO PDQHMR GH UHVLGXRV VyOLGRV
UHVSHFWRDODLQIRUPDFLyQSURSRUFLRQDGDSRUODVDXWRULGDGHVVHFWRULDOHVDO&21$0FX\RGHVWLQRVHUi
HO 6LVWHPD 1DFLRQDO GH ,QIRUPDFLyQ $PELHQWDO 6,1,$ \ SRGUi VHU VROLFLWDGD \ FRQVXOWDGD SRU
FXDOTXLHUDXWRULGDGFRPSHWHQWH3RVWHULRUPHQWHHVWDEOHFHORVGHUHFKRV\GHEHUHVGHODFLXGDGDQtD
(Q VH[WR OXJDU IXQGD ORV LQVWUXPHQWRV HFRQyPLFRV HQWUH HOORV HO HVWDEOHFLPLHQWR GH
LQFHQWLYRV 3DUD HOOR ODV DXWRULGDGHV VHFWRULDOHV \ PXQLFLSDOHV HVWDEOHFHUiQ FRQGLFLRQHV IDYRUDEOHV
TXHGLUHFWDRLQGLUHFWDPHQWHJHQHUHQXQEHQHILFLRHFRQyPLFRDIDYRUGHODVSHUVRQDVRHQWLGDGHVTXH
GHVDUUROOHQ DFFLRQHV GH PLQLPL]DFLyQ VHJUHJDFLyQ GH PDWHULDOHV HQ OD IXHQWH SDUD VX
UHDSURYHFKDPLHQWR R GH LQYHUVLyQ HQ WHFQRORJtD\ XWLOL]DFLyQ GH SUiFWLFDV PpWRGRV R SURFHVRV TXH
FRDG\XYHQ D PHMRUDU HO PDQHMR GH UHVLGXRV VyOLGRV HQ ORV VHFWRUHV HFRQyPLFRV \ DFWLYLGDGHV
YLQFXODGDVFRQVXJHQHUDFLyQ
x 5HIRUPDVDOD/H\*HQHUDOGH5HVLGXRV6yOLGRV
(O 'HFUHWR /HJLVODWLYR GHO HVWDEOHFH QXHYRV OLQHDPLHQWRV SDUD HO GHVDUUROOR GH
SROtWLFDV\SURJUDPDVTXHSHUPLWDQXQDPHMRUHMHFXFLyQDODDQWHULRU/H\HQWUHODVTXHVHLQFOX\HOD
DGHFXDGDFRRUGLQDFLyQGHHQWLGDGHVGHVFHQWUDOL]DGDVGHO(VWDGRODSURPRFLyQGHODJHVWLyQLQWHJUDO
GHUHVLGXRVVyOLGRV\SURPXHYHODLQYHUVLyQHQLQIUDHVWUXFWXUDDGHFXDGDSDUDODGLVSRVLFLyQILQDOGH
ORVUHVLGXRVVyOLGRV
x &RQVWLWXFLyQ3ROtWLFDGHO3HU~GH
'H OD FRQVWLWXFLyQ QDFLRQDO VH SXHGH GHVWDFDU HO $UWtFXOR UHVSHFWR D UHVLGXRV VyOLGRV HQ
YLUWXGGHORVWULEXWRVTXHVHFUHDQPRGLILFDQRGHURJDQRVHHVWDEOHFHXQDH[RQHUDFLyQH[FOXVLYDPHQWH
SRU OH\ R GHFUHWR OHJLVODWLYR HQ FDVR GH GHOHJDFLyQ GH IDFXOWDGHV VDOYR ORV DUDQFHOHV \ ODV WDVDV ORV
FXDOHVVHUHJXODQPHGLDQWHGHFUHWRVXSUHPR$GHPiVORVJRELHUQRVORFDOHVSXHGHQFUHDUPRGLILFDU\
VXSULPLU FRQWULEXFLRQHV \ WDVDV R H[RQHUDU GH pVWDV GHQWUR GH VX MXULVGLFFLyQ \ FRQ ORV OtPLWHV TXH
VHxDODODOH\(O(VWDGRDOHMHUFHUODSRWHVWDGWULEXWDULDGHEHUHVSHWDUORVSULQFLSLRVGHUHVHUYDGHODOH\
\ ORV GH LJXDOGDG \ UHVSHWR GH ORV GHUHFKRV IXQGDPHQWDOHV GH OD SHUVRQD 1LQJ~Q WULEXWR SXHGH WHQHU
HIHFWRFRQILVFDWRULR/RVGHFUHWRVGHXUJHQFLDQRSXHGHQFRQWHQHUPDWHULDWULEXWDULD/DVOH\HVUHODWLYDV
DWULEXWRVGHSHULRGLFLGDGDQXDOULJHQDSDUWLUGHOSULPHURGHHQHURGHODxRVLJXLHQWHDVXSURPXOJDFLyQ
/DVOH\HVGHSUHVXSXHVWRQRSXHGHQFRQWHQHUQRUPDVVREUHPDWHULDWULEXWDULD
x /H\/H\*HQHUDO'HO$PELHQWH
(VWD OH\ SXEOLFDGD HO GH QRYLHPEUH GHO DxR WLHQH FRPR REMHWLYR EULQGDUOH D OD
FRPXQLGDGHOGHUHFKRDXQDPELHQWHVDQRUHJXOD\HVWDEOHFHQRUPDVHQIXQFLyQGHORJDUORHLQFOX\H
ODLPSRUWDQFLDGHOPDQHMRGHORVUHVLGXRVVyOLGRV3DUDHOORIXQGDPHQWDHQHODUWtFXORTXH³/D
JHVWLyQ GH ORV UHVLGXRV VyOLGRV GH RULJHQ GRPpVWLFR FRPHUFLDO R TXH VLHQGR GH RULJHQ GLVWLQWR
SUHVHQWHQ FDUDFWHUtVWLFDV VLPLODUHV D DTXHOORV VRQ GH UHVSRQVDELOLGDG GH ORV JRELHUQRV ORFDOHV
7DPELpQVHHVWDEOHFHTXHODJHVWLyQGHORVUHVLGXRVVyOLGRVGLVWLQWRVDORVVHxDODGRVDQWHULRUPHQWHHV

7tWXOR9

7tWXOR9,

7tWXOR9,,

$UWtFXOR

7tWXOR9,,

GHUHVSRQVDELOLGDGGHOJHQHUDGRUKDVWDVXDGHFXDGDGLVSRVLFLyQILQDOEDMRODVFRQGLFLRQHVGHFRQWURO\
VXSHUYLVLyQHVWDEOHFLGDVHQODOHJLVODFLyQYLJHQWH´
x /H\GHO6LVWHPD1DFLRQDOGH(YDOXDFLyQ\)LVFDOL]DFLyQ$PELHQWDO
/D OH\ SXEOLFDGD HQ HO DxR FUHD HO 6LVWHPD 1DFLRQDO GH (YDOXDFLyQ \ )LVFDOL]DFLyQ
$PELHQWDO (O 6LVWHPD FX\R HQWH UHFWRU HV HO 2UJDQLVPR GH (YDOXDFLyQ \ )LVFDOL]DFLyQ $PELHQWDO
2()$ $GHPiV WUDWD GH TXLHQHV HVWiQ D FDUJR FRPR HQWLGDGHV FRPSHWHQWHV HQWUH HOODV HO
0,1$0 HO RUJDQLVPR GH (YDOXDFLyQ \ )LVFDOL]DFLyQ $PELHQWDO 2()$ \ ODV HQWLGDGHV GH
)LVFDOL]DFLyQ $PELHQWDO 1DFLRQDO 5HJLRQDO R /RFDO ([LVWHQ WDPELpQ ORV FRQVHMRV GLUHFWLYRV \ HO
WULEXQDOGH)LVFDOL]DFLyQ$PELHQWDOTXLHQHVVXSHUYLVDQHLQVSHFFLRQDQ
5HVSHFWR D UHJODV JHQHUDOHV VH HQFXHQWUDQ ODV LQIUDFFLRQHV \ VDQFLRQHV FRQ VX GHELGD
FODVLILFDFLyQ $GHPiV SDUD WHQHU HQ FXHQWD ODV PHGLGDV FDXWHODUHV FRUUHFWLYDV \ GH UHVWDXUDFLyQ
UHKDELOLWDFLyQUHSDUDFLyQFRPSHQVDFLyQ\GHUHFXSHUDFLyQGHO3DWULPRQLR1DWXUDOGHOD1DFLyQ
D 5HJXODGRUHV
0LQLVWHULR 'HO $PELHQWH 0,1$0 FUHDGR HO GH PD\R GH PHGLDQWH'HFUHWR
/HJLVODWLYR1R(ODUWtFXORLQFLVRNHVWDEOHFHTXHWLHQHODIXQFLyQGH³SURPRYHU\FRRUGLQDU
ODDGHFXDGDJHVWLyQGHUHVLGXRVVyOLGRVODSURWHFFLyQGHODFDOLGDGGHODLUH\HOFRQWUROGHOUXLGR\GH
ODVUDGLDFLRQHVQRLRQL]DQWHV\VDQFLRQDUVXLQFXPSOLPLHQWR´
(O &RQVHMR 1DFLRQDO GHO $PELHQWH &20$1 VH HQFDUJD GH FRRUGLQDU ODV DXWRULGDGHV
VHFWRULDOHV \ PXQLFLSDOHV SURPRYHU OD DSOLFDFLyQ GH ORV SODQHV LQWHJUDOHV \ HODERUDU XQ LQIRUPH
1DFLRQDOVREUHHO(VWDGRGHO$PELHQWHHQHO3HU~
(O0LQLVWHULRGH6DOXGHVHOTXHUHJXODDWUDYpVGHOD'LUHFFLyQ*HQHUDOGH6DOXG$PELHQWDO
',*(6$ORVDVSHFWRVWpFQLFRVDQLWDULRVGHUHVLGXRVVyOLGRVLQFOX\HQGRODVDFWLYLGDGHVGHUHFLFODMH
UHXWLOL]DFLyQ\UHFXSHUDFLyQ
/D *XtD SDUD OD UHJXODFLyQ GH ORV VHUYLFLRV GH OLPSLH]D XUEDQD WLHQH FRPR REMHWLYR FHQWUDO
JDUDQWL]DUTXHODVWDULIDVUHIOHMHQHOFRVWRHILFLHQWHGHODSUHVWDFLyQGHOVHUYLFLR3HURHVWHFRVWRHVWi
GHWHUPLQDGRSRUODVFRQGLFLRQHVGHODSUHVWDFLyQ\ODFDOLGDGGHOVHUYLFLRIUHFXHQFLDGHUHFROHFFLyQ\
EDUULGRFDOLGDGGHODGLVSRVLFLyQILQDOFRQGLFLRQHVGHORVYHKtFXORVGHUHFROHFFLyQHWF
/DSUREOHPiWLFDLQVWLWXFLRQDOHQHO3HU~KDVLGRUHVXPLGDHQORVVLJXLHQWHVSXQWRV*ODYH
x (O &21$0 QR WLHQH OD FDSDFLGDG HIHFWLYD GH KDFHU FXPSOLU VX PDQGDWR OHJDO GDGD OD
PD\RUIXHU]DSROtWLFDGHODVXQLGDGHVDPELHQWDOHVGHORVPLQLVWHULRV
x 6XSHUSRVLFLyQ \ DPELJHGDG GH FRPSHWHQFLDV DPELHQWDOHV HQWUH ODV LQVWLWXFLRQHV
S~EOLFDV
x &RQIOLFWRGHLQWHUHVHVGHQWURGHODVXQLGDGHVDPELHQWDOHVGHORVPLQLVWHULRV
x 5HJODVIOH[LELOL]DGDV
x )DOWDLQIRUPDFLyQEiVLFDVREUHDVSHFWRVDPELHQWDOHV
x 3RFRSHUVRQDODXQFRQSUREOHPDVGHUHPXQHUDFLyQH[SHULHQFLD\FDSDFLWDFLyQ
x )DOWDGHHVWiQGDUHVGHFDOLGDGQDFLRQDOHVSDUDDJXD\DLUH
x )DOWDGHHYDOXDFLyQGHSURJUDPDVGHPLWLJDFLyQDPELHQWDOHQHOFDPSR

&UHDGR SRU 'HFUHWR /HJLVODWLYR 1 \ FX\R 5HJODPHQWR GH 2UJDQL]DFLyQ \ )XQFLRQHV VH DSUREy PHGLDQWH
'HFUHWR6XSUHPR10,1$0

$UWtFXORHQDGHODQWH

x /DOHJLVODFLyQQRSURSRUFLRQDXQPHFDQLVPRILQDQFLHURSDUDODJHVWLyQDPELHQWDO
x ,QJUHVRVDPELHQWDOHVSRUGHEDMRGHORVFRVWRV
x 9LVLyQGLVWRUVLRQDGDVREUHORVFRVWRVDPELHQWDOHVVREUHFRVWRV
x ,QDGHFXDGRPRQLWRUHR
E (VWDGtVWLFDVGHJHQHUDFLyQGHGHVHFKRV
/D JHQHUDFLyQ GH UHVLGXRV VyOLGRV WRWDO \ SHU FiSLWD HQ HO 3HU~ GH ORV ~OWLPRV DxRV VH
SUHVHQWDHQORVFXDGURV\GRQGHVHREVHUYDTXHODJHQHUDFLyQGHUHVLGXRVSHUFiSLWDHQHOSDtVHV
PHQRUDODHQFRQWUDGDHQ&KLOHSHURPD\RUDODTXHH[LVWHHQ&RORPELD
&8$'52
*(1(5$&,Ï1'(5(6,'8266Ï/,'26081,&,3$/(6'(3(5Ò

$xR

7RQHODGDV

)XHQWH6LVWHPD1DFLRQDOGH,QIRUPDFLyQ$PELHQWDO\FRQVWUXLGRSRUHO0,1$0
&8$'52
3520(',2*(1(5$&,Ï1'(5(6,'8266Ï/,'26325+$%,7$17((13(5Ò

$xR
7RWDO.J+DE'tD
)XHQWH6LVWHPD1DFLRQDOGH,QIRUPDFLyQ$PELHQWDO\FRQVWUXLGRSRUHO0,1$0
(QHOFXDGURPXHVWUDHOWUDWDPLHQWRTXHUHFLEHQORVUHVLGXRVVyOLGRVHQHO3HU~$SHVDU
GH VX PD\RU GHVDUUROOR QRUPDWLYR VH REVHUYD TXH D GLIHUHQFLD GH &RORPELD \ &KLOH TXH KDQ
ORJUDGRXQSRUFHQWDMHFHUFDQRDOHQHOODGLVSRVLFLyQDGHFXDGDGHVXVUHVLGXRV3HU~UHTXLHUH
DYDQ]DUHQHVWDGLUHFFLyQ
0iV D~Q HQHO FLHUUH GHODxR ORVGDWRV UHFROHFWDGRV \ VHJ~QHO LQIRUPH GH OD DJHQGD
QDFLRQDOGHDFFLyQDPELHQWDOVHDILUPDTXHGHORVUHVLGXRVVyOLGRVVyORVHGLVSRQHHQUHOOHQRV
VDQLWDULRVDSUR[LPDGDPHQWHHOVHUHFLFODHO\VHYLHUWHDODPELHQWHHOGHOYROXPHQ
GHORVUHVLGXRVJHQHUDGRV$FWXDOPHQWHVyORH[LVWHQRFKRUHOOHQRVVDQLWDULRVDXWRUL]DGRVHQHOSDtV
SRUORTXHODPD\RUtDGHFLXGDGHVHQHOSDtVWUDVODGDVXVUHVLGXRVDERWDGHURV$GHPiVVHSHUVLVWHHQ
SUiFWLFDVLQDGHFXDGDVFRPRODTXHPDGHORVUHVLGXRVVyOLGRVFRQODILQDOLGDGGHGLVPLQXLUHOYROXPHQ
\ HO XVR GH iUHDV SDUD ERWDGHURV DVLPLVPR HQ pVWRV OXJDUHV VH UHDOL]D OD VHJUHJDFLyQ LQIRUPDO GH
UHVLGXRVVyOLGRV\ODFULDQ]DGHFHUGRVTXHVRQDOLPHQWDGRVFRQUHVWRVGHDOLPHQWRVJHQHUiQGRVHXQ
JUDYHULHVJRDODVDOXGGHODSREODFLyQ0,1$0
(QHOPXQLFLSDOLGDGHVSURYLQFLDOHVGHOWRWDOFRQWDEDQFRQXQ3ODQ,QWHJUDOGH
*HVWLyQGH5HVLGXRV6yOLGRV$GLFLRQDOPHQWHH[LVWHXQDOLPLWDGDRIHUWDGHVHUYLFLRVGHGLVSRVLFLyQ
ILQDOGHUHVLGXRVVyOLGRVSXHVVRORH[LVWHQUHOOHQRVVDQLWDULRVHQHOSDtVHQ/LPDHQÈQFDVK
HQ-XQtQ\HQ&DMDPDUFD6,1,$

&8$'52
'(67,12),1$/'(/265(6,'8266Ï/,'26*(1(5$'26(13(5Ò

&DQWLGDGGHUHVLGXRV
'LVSRVLFLyQILQDO 3RUFHQWDMH
7RQGtD
5HOOHQRV6DQLWDULRVUHVWRGHOSDtV
5HOOHQRV6DQLWDULRV/LPD
%RWDGHUR&RQWURODGR
$UURMDGRDOPHGLRDPELHQWH%RWDGHURDFLHOR

DELHUWR
5HDSURYHFKDPLHQWR
7RWDO*HQHUDGR
)XHQWH2SHUDGRUHV(3656\',6$
F 5HFLFODMH
$FWXDOPHQWHH[LVWHQYDULRVSUR\HFWRVHLQLFLDWLYDVTXHIRPHQWDQHOUHFLFODMH'HQWURGHHOODV
HVWiODLPSOHPHQWDFLyQGHODVWUHV55HGXFLU5HXVDU\5HFLFODU
x 5HGXFLU FRQVLVWH HQ UHDOL]DU FDPELRV HQ OD FRQGXFWD FRWLGLDQD SDUD JHQHUDU PHQRUHV
FDQWLGDGHVGHUHVLGXRVVyOLGRVXWLOL]DQGREROVDVGHSDMDSDUDLUDOPHUFDGRHYLWDUFRPSUDU
SURGXFWRV GHVHFKDEOHV FRPSUDU SURGXFWRV GH YLGD ~WLO ODUJD FRPR SLODV DOFDOLQDV R
UHFDUJDEOHVHYLWDUHOJDVWRLQQHFHVDULRGHSDSHOKLJLpQLFR
x 5HXVDU VLJQLILFD GDUOH OD Pi[LPD XWLOLGDG D ODV FRVDV VLQ QHFHVLGDG GH GHVWUXLUODV R
GHVHFKDUODV(QHVWHVHQWLGRGDUOHRWURVXVRVDORVREMHWRVTXHVHDGTXLHUHQSDUDDODUJDU
VX WLHPSR GH YLGD \ HYLWDU TXH VH FRQYLHUWDQ HQ UHVLGXRV 3RU HMHPSOR VH SXHGH XVDU
SURGXFWRV FRQ HQYDVHV UHWRUQDEOHV XWLOL]DU KRMDV SRU DPERV ODGRV HQWUH PXFKDV RWUDV
DFFLRQHV
x 5HFLFODUHVXVDUHOPDWHULDOGHOELHQRSURGXFWRXQD\RWUDYH]OXHJRGHVHUWUDQVIRUPDGR
HQXQSURGXFWRVLPLODURXQRSDUHFLGRTXHSXHGDYROYHUVHDXVDUFDUWyQSDSHOSOiVWLFR
YLGULRHQWUHRWURV
x /H\UHJXODODDFWLYLGDGGHORVUHFLFODGRUHV
/D OH\ TXH UHJXOD OD DFWLYLGDG GH ORV UHFLFODGRUHV WLHQH SRU REMHWR HVWDEOHFHU HO PDUFR
QRUPDWLYR SDUD OD UHJXODFLyQ GH ODV DFWLYLGDGHV GH ORV WUDEDMDGRUHV GHO UHFLFODMH FX\R SURSyVLWR HV
RULHQWDUODSURWHFFLyQFDSDFLWDFLyQ\SURPRFLyQGHOGHVDUUROORVRFLDO\ODERUDOEDMRHOPDUFRGHORV
REMHWLYRV \ SULQFLSLRV GH OD /H\ *HQHUDO GH 5HVLGXRV 6yOLGRV \ OD /H\ JHQHUDO GHO $PELHQWH (O
iPELWR GH DSOLFDFLyQ GH HVWD OH\ VRQ ODV SHUVRQDV TXH GH PDQHUD GHSHQGLHQWH R LQGHSHQGLHQWH VH
GHGLFDQ D ODV DFWLYLGDGHV GH UHFROHFFLyQ VHOHFWLYD GH UHVLGXRV VyOLGRV QR SHOLJURVRV SDUD GDUOHV XQD
PHMRUDGHFXDFLyQRUHXWLOL]DFLyQ(OHVWDGRSURPXHYHGLFKDDFWLYLGDGHQWRGDVODVFLXGDGHVGHOSDtVD
WUDYpVGHOD'LUHFFLyQ*HQHUDOGH6DOXG$PELHQWDO'LJHVD/RVHQFDUJDGRVDQLYHOQDFLRQDOVRQHO
0LQLVWHULR GH $PELHQWH HO 0LQLVWHULR GH 6DOXG ORV JRELHUQRV ORFDOHV SURYLQFLDOHV \ GLVWULWDOHV ODV
DVRFLDFLRQHV GH UHFLFODGRUHV FRPR ODV DJUHPLDFLRQHV PiV UHSUHVHQWDWLYDV GHO VHFWRU \ ODV HPSUHVDV
SUHVWDGRUDV GH UHVLGXRV GH UHVLGXRV VyOLGRV 6LQ HPEDUJR FDGD JRELHUQR ORFDO HV HO GLUHFWDPHQWH
HQFDUJDGR GH UHJXODU ODV DFWLYLGDGHV GH ORV UHFLFODGRUHV HQ FDGD XQD GH ODV FLXGDGHV &DGD XQR GH
HVWRV JRELHUQRV ORFDOHV PDQWLHQH XQ UHJLVWUR GH ODV LQVFULSFLRQHV GH ODV DVRFLDFLRQHV GH ORV
UHFLFODGRUHV (V LPSRUWDQWH UHVDOWDU TXH OD OH\ HVWDEOHFH TXH FDGD XQR GH ORV JRELHUQRV ORFDOHV
LPSOHPHQWD SURJUDPDV GH LQFHQWLYRV D OD VHJUHJDFLyQ HQ OD IXHQWH ORV FXDOHV SXHGHQ LQFOXLU
FRPSHQVDFLyQ D ORV FRQWULEX\HQWHV D WUDYpV GH OD UHGXFFLyQ GHO SDJR HQ WDULIDV R HQ OD HQWUHJD GH
ELHQHV R VHUYLFLRV D PHQRUHV FRVWRV R HQ RFDVLRQHV GH IRUPD JUDWXLWD 7DPELpQ VH HVWDEOHFHQ
SURJUDPDVGHFDSDFLWDFLyQ\ODSURWHFFLyQDORVVHFWRUHV\SHUVRQDVYXOQHUDEOHVTXHVHYHDQH[SXHVWDV
DWUDEDMDUHQHVWRVFDPSRV3RU~OWLPRVHHVWDEOHFHXQIRQGRGHSURPRFLyQGHOUHFLFODMHEDMRHO)RQGR

1DFLRQDOGHO$PELHQWH)21$0HQFRRUGLQDFLyQFRQLQVWLWXFLRQHVSULYDGDVRULHQWDQGRDIDFLOLWDUHO

DFFHVRDOFUpGLWRDORVUHFLFODGRUHVFRQILQHVYLQFXODGRVVGLFKDDFWLYLGDG
G 7DULIDV\FRVWRV
/RV FRVWRV SRU WLSR GH UHVLGXRV VyOLGR HQ /LPD \ ORV FRVWRV XQLWDULRV D QLYHO QDFLRQDO VH
SUHVHQWDQHQORVFXDGURV\&RPRVHSXHGHDSUHFLDUORVFRVWRVSRUGLVSRVLFLyQGHUHVLGXRVHQHO
3HU~DOUHGHGRUGH86SRUWRQHODGDGLVSXHVWDVRQVLJQLILFDWLYDPHQWHPHQRUHVDORVTXHSUHVHQWDQ
&KLOH\&RORPELDDOUHGHGRUGH86SRUWRQHODGDGLVSXHVWD
&8$'52
7,32'(5(6,'826Ï/,'2<35(&,263250(752&8%,&2<721(/$'$(1/,0$

7LSRGH5HVLGXR 3UHFLR86P 3UHFLR86WRQ
3HOLJURVRV
1RSHOLJURVRV
7RWDO
)XHQWH *XtD GH ,GHQWLILFDFLyQ )RUPXODFLyQ \ (YDOXDFLyQ 6RFLDO GH 3UR\HFWRV GH 5HVLGXRV 6yOLGRV 0XQLFLSDOHV D
1LYHOGH3HUILO(ODERUDFLyQ\SXEOLFDFLyQSRUHO3UR\HFWR67(0GHO0,1$1\ODDJHQFLDGHORV(VWDGRV8QLGRVSDUD
HO'HVDUUROOR,QWHUQDFLRQDO86$,'3HU~

&8$'52
&267281,7$5,2'(/266(59,&,26(13(5Ò

6HUYLFLR &RVWR
%DUULGR86.P
5HFROHFFLyQ867RQ
D
7UDQVIHUHQFLD867RQ
7RWDO
D
H ,PSXHVWRVVXEVLGLRV\H[HQFLRQHV
(Q3HU~HOLPSXHVWRRWULEXWRHVOODPDGRHO³DUELWULRGHOLPSLH]D´6HHQFXHQWUDSUHYLVWRFRPR
LQVWUXPHQWR GH JHVWLyQ WULEXWDULD HQ OD &RQVWLWXFLyQ HQ VXV DUWtFXORV \ Q~P HQ HO &yGLJR
7ULEXWDULR1RUPD,,HQOD/H\*HQHUDOGH$PELHQWHHQVXVDUWtFXORV\HQOD/H\*HQHUDOGH
5HVLGXRV6yOLGRVHQVXDUWtFXORQ~PHURGRQGHVHHVWDEOHFHTXHODVPXQLFLSDOLGDGHVSURYLQFLDOHVVRQ
ODVUHVSRQVDEOHVSRUODJHVWLyQGHORVUHVLGXRVVyOLGRVGHRULJHQGRPLFLOLDULRFRPHUFLDO\GHDTXHOODV
DFWLYLGDGHVTXHJHQHUHQUHVLGXRVVLPLODUHVDpVWRVHQWRGRHOiPELWRGHVXMXULVGLFFLyQ
$VLPLVPR GHEHQ HPLWLU RSLQLyQ IXQGDPHQWDGD VREUH ORV SUR\HFWRV GH RUGHQDQ]D GLVWULWDOHV
UHIHULGDV DO PDQHMR GH UHVLGXRV VyOLGRV LQFOX\HQGR OD FREUDQ]D GH DUELWULRV FRUUHVSRQGLHQWHV /D
LQFRUSRUDFLyQ GH LQFHQWLYRV HVWi D FDUJR GH ODV DXWRULGDGHV VHFWRULDOHV \ PXQLFLSDOHV TXH GLUHFWD R

&RPRGLVSRVLFLRQHVFRPSOHPHQWDULDVVHHVWDEOHFHTXHHO'tD1DFLRQDOGHO5HFLFODGRUHVHOGHMXQLRGHFDGDDxR
7DPELpQVHFUHDHO3UHPLR1DFLRQDOGHO5HFLFODMHDFDUJRGHO0LQLVWHULRGHO$PELHQWH

LQGLUHFWDPHQWHJHQHUDQXQEHQHILFLRHFRQyPLFRDODVSHUVRQDVRHQWLGDGHVTXHGHVDUUROOHQDFWLYLGDGHV
GH PLQLPL]DFLyQ VHJUHJDFLyQ GH PDWHULDOHV HQ OD IXHQWH SDUD VX UHDSURYHFKDPLHQWR WDPELpQ VH
LQFOX\HODLQYHUVLyQWHFQROyJLFD\XWLOL]DFLyQGHSUiFWLFDVPpWRGRVRSURFHVRVTXHD\XGHQDPHMRUDU
DOPDQHMRGHUHVLGXRVVyOLGRV(O(VWDGRDGHPiVSURPXHYHODSDUWLFLSDFLyQGHOVHFWRUSULYDGRHQOD
LQYHVWLJDFLyQGHVDUUROORWHFQROyJLFR\DGTXLVLFLyQGHHTXLSRVSDUDODFRQVWUXFFLyQGHLQIUDHVWUXFWXUD
GHWUDWDPLHQWRWUDQVIHUHQFLDRGLVSRVLFLyQILQDOGHUHVLGXRVVyOLGRV(VREOLJDFLyQGHODVDXWRULGDGHV
FRPSHWHQWHV DGRSWDU PHGLGDV \ GLVSRVLFLRQHV TXH LQFHQWLYHQ OD LQYHUVLyQ SULYDGD GH GLFKDV
DFWLYLGDGHV ,JXDOPHQWH VH GHEH SURPRYHU OD FUHDFLyQ GH PHUFDGRV GH VXESURGXFWRV \ TXH ORV
IDEULFDQWHV QDFLRQDOHV \ GLVWULEXLGRUHV GH SURGXFWRV LPSRUWDGRV HVWDEOH]FDQ PHFDQLVPRV TXH
LQYROXFUHQ OD SDUWLFLSDFLyQ GH ORV FRQVXPLGRUHV HQ OD UHFXSHUDFLyQ GH HQYDVHV \ HPEDODMHV UH
DSURYHFKDEOHV R SHOLJURVRV LQFOX\HQGR LQFHQWLYRV HFRQyPLFRV X GH RWUDV PRGDOLGDGHV $VL ORV
LQJUHVRVUHFDXGDGRVVHGHVWLQDQSRUXQODGRDXQIRQGRUHFDXGDGRDILQDQFLDUHOPDQHMRGHUHVLGXRV
VyOLGRV PXQLFLSDOHV ILQDOLGDG ILVFDO \ SRU RWUR VH GLULJHQ D OD FRQWHQFLyQ GHO GDxR DPELHQWDO
ILQDOLGDGH[WUDILVFDO
(ODUELWULRGHOLPSLH]DWLHQHFRPRVXIXHQWHVGLUHFWLYDVDOD2UGHQDQ]DHQOD&RQVWLWXFLyQHO
DUWtFXORQ~PSRUOD/H\2UJiQLFD0XQLFLSDODUWtFXORSRUHO&yGLJR7ULEXWDULR1RUPD,9
/D&RPLVLyQ$PELHQWDO0XQLFLSDODVXPHODUHVSRQVDELOLGDGGHDSUREDUSUHOLPLQDUPHQWHHODUELWULRGH
OLPSLH]D 6X SDUWLFLSDFLyQ HV LPSRUWDQWH \D TXH YLJLOD TXH JXDUGH FRQFRUGDQFLD FRQ ODV 3ROtWLFDV
$PELHQWDOHV/RFDO5HJLRQDO\1DFLRQDO\FRQORVLQVWUXPHQWRVGHVDUUROODGRVHQEDVHDpVWDV
/D2UGHQDQ]DUHJXODHODUELWULRGHOLPSLH]DYLQFXOiQGRORDOVHUYLFLRGHOLPSLH]DS~EOLFD(Q
VXWH[WRVHxDODTXHHOSDJRLQFOX\HJHQHUDOPHQWHGRVFRQFHSWRVHOEDUULGRGHORVHVSDFLRVS~EOLFRV\
OD UHFROHFFLyQ GRPLFLOLDULD (VWRV FRQFHSWRV VRQ XVDGRV VyOR SDUD RUGHQDU OD H[SOLFDFLyQ \ OD
GLIHUHQFLD HQOD GLVWULEXFLyQ GH ORV FRVWRV (O SDJRGHO DUELWULR GHOLPSLH]D FXEUH OD UHFROHFFLyQ OD
WUDQVIHUHQFLDHOWUDQVSRUWHHOWUDWDPLHQWR\ODGLVSRVLFLyQILQDOGHORVUHVLGXRVVyOLGRV(QFDGDXQDGH
HVWDVDFWLYLGDGHVFRQVLGHUDGDVHWDSDVGHOPDQHMRGHUHVLGXRVVyOLGRVSDUWLFLSDSHUVRQDOHVSHFLDOL]DGR
\ VH XWLOL]D YHKtFXORV H LQIUDHVWUXFWXUD D FDUJR GH ORV *RELHUQRV /RFDOHV (O FRQWULEX\HQWH VHUi HO
EHQHILFLDULR\YHUiODPDQLIHVWDFLyQPDWHULDOHQODSUHVWDFLyQGHOVHUYLFLRGHOLPSLH]D
'HHVWHPRGRHO*RELHUQR/RFDODVXPHXQGREOHSDSHOSRUXQODGRHVODDXWRULGDGWULEXWDULD
HQHOPRPHQWRHQTXHUHFDXGDHODUELWULRGHOLPSLH]D\SRURWURODGRHVODDXWRULGDGDPELHQWDOFXDQGR
UHDOL]DHOPDQHMRGHORVUHVLGXRVVyOLGRV&RPRDXWRULGDGWULEXWDULDGLFWDQRUPDVHVSHFtILFDVFUHDQGR
HODUELWULRGHOLPSLH]DGRQGHH[LVWHXQDH[LJHQFLDDOFRQWULEX\HQWHGHOSDJRGHOWULEXWRDFDPELRGHOD
SUHVWDFLyQ GHO PDQHMR GH UHVLGXRV VyOLGRV &RPR DXWRULGDG DPELHQWDO EXVFD OD SDUWLFLSDFLyQ GH VX
YHFLQGDULR OR KDFH UHVSRQVDEOH GH OD EDVXUD TXH SURGXFH \ VH REOLJD D FRQFUHWL]DU HO DGHFXDGR
PDQHMRGHUHVLGXRVVyOLGRV
(ODUELWULRGHOLPSLH]DHVHQWRQFHVXQLQVWUXPHQWRHQPDQRVGHXQDDXWRULGDG~WLOSDUDILQHV
DPELHQWDOHV SHUR TXH DXQ HV QHFHVDULR GHVDUUROODU SDUD HO PDQHMR DGHFXDGR GH UHVLGXRV VyOLGRV
&RDTXLUD6)
I (PLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
'HDFXHUGRDODVFDQWLGDGHVGHUHVLGXRVJHQHUDGDVSRUHOSDtVODFRPSRVLFLyQGHpVWRV\HO
WLSRGHWUDWDPLHQWRTXHUHFLEHQVHKDHVWLPDGRHOWRWDOGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR
GHELGDVDODGLVSRVLFLyQGHUHVLGXRVHQ3HU~&RPRVHSXHGHREVHUYDUODPD\RUtDGHODVHPLVLRQHVVH
GHEHQDODGHVFRPSRVLFLyQGHORVUHVLGXRVHQORVYHUWHGHURVDFLHORDELHUWR\GRQGHVHREVHUYDTXHODV
HPLVLRQHVGH3HU~VRQOLJHUDPHQWHPD\RUHVDODVGH&KLOH\PHQRUHVTXHODVGH&RORPELD

*5È),&2
(0,6,21(6'(*$6(6'(()(&72,19(51$'(52'(%,'$6
$/$',6326,&,Ï1'(5(6,'826(13(5Ò


'8UXJXD\
GHUHVLGXRVVyOLGRV
(O VHUYLFLR GH JHVWLyQ \ PDQHMR GH UHVLGXR VyOLGRV HQ OD 5HS~EOLFD GH 8UXJXD\ HVWi OHJDOPHQWH
UHJXODGDEDMRXQDQRUPDWLYLGDGOHJDO\ILVFDOSRUPHGLRGHOFyGLJRGHOPHGLRDPELHQWH\GHOH\HV\
GHFUHWRV1RH[LVWHXQDOH\JHQHUDO\HVSHFtILFDGHUHVLGXRVVyOLGRVDXQTXH\DH[LVWHXQDQWHSUR\HFWR
GHOH\JHQHUDOGHUHVLGXRVVyOLGRV
(O (VWDGR GH 8UXJXD\ \ HO 0LQLVWHULR GH 9LYLHQGD 2UGHQDPLHQWR 7HUULWRULDO \ 0HGLR
$PELHQWH 09270$ KDQ VLGR ORV GLUHFWDPHQWH UHVSRQVDEOHV HQ UHJXODU HO VHUYLFLR GH JHVWLyQ \
PDQHMRGHUHVLGXRVVyOLGRVSDUDDVtREWHQHUXQEXHQPDQHMR\D\XGDUDOPHGLRDPELHQWH
8UXJXD\FXHQWDFRQXQDSREODFLyQGHPLOORQHVGHKDELWDQWHV\DSUR[LPDGDPHQWH
HVWi JHQHUDQGR XQ SURPHGLR GH .JKDEGtD 6L ELHQ ODV WDULIDV \ FRVWRV GHO VHUYLFLR HVWiQ
FODUDPHQWH GHILQLGDV HV PX\ GLItFLO UHJXODU HQ WRGDV ODV iUHDV GHO SDtV OD GHELGD FODVLILFDFLyQ GH
UHVLGXRVVXUHFROHFFLyQ\GLVSRVLFLyQDGHFXDGD
0DUFRILVFDO\UHJXODWRULRDSOLFDGRDOVHFWRU
GHUHVLGXRVVyOLGRV
(QODOHJLVODFLyQXUXJXD\DQRH[LVWHXQUpJLPHQROH\JHQHUDOVLQHPEDUJRH[LVWHXQDVHULHGHOH\HV\
GHFUHWRVUHOHYDQWHVSDUDHOWHPD
x &RQVWLWXFLyQGHOD5HS~EOLFDGH8UXJXD\
'HODFRQVWLWXFLyQQDFLRQDOVHSXHGHGHVWDFDUHO$UWtFXORUHVSHFWRDORVUHVLGXRVVyOLGRV
HQ GRQGH VH GHFODUD TXH OD SURWHFFLyQ GHO PHGLR DPELHQWH HV GH LQWHUpV JHQHUDO \ SRU OR WDQWR ODV
SHUVRQDV GHEHUiQ DEVWHQHUVH GH FXDOTXLHU DFWR TXH FDXVH GHSUHGDFLyQ GHVWUXFFLyQ R FRQWDPLQDFLyQ

JUDYHV DO PHGLR DPELHQWH/D OH\ UHJODPHQWDUi HVWD GLVSRVLFLyQ \ SRGUi SUHYHU VDQFLRQHV SDUD ORV
WUDQVJUHVRUHV(QHVSHFtILFRVHGHFODUDSRVWHULRUPHQWHXQDOH\JHQHUDOGH0HGLR$PELHQWH
x /H\/H\*HQHUDOGH0HGLR$PELHQWH
/D OH\ JHQHUDO GH SURWHFFLyQ GHO 0HGLR $PELHQWHSXEOLFDGD HO GH GLFLHPEUH GHO DxR
EULQGD XQ PDUFR OHJDO GHILQLGR TXH GHPDQGD HO FUHFLPLHQWR GHO SDtV HQ HO PDUFR GH XQ GHVDUUROOR
VXVWHQWDEOH\HVWDEOHFLHQGRFRPRFULWHULRSULRULWDULRODSUHYHQFLyQ\SUHYLVLyQHQODJHVWLyQDPELHQWDOHQ
HVSHFLDOGHFODUDHOLQWHUpVJHQHUDOFRQWUDWRGDDIHFWDFLyQTXHSXHGDGHULYDUVHGHOPDQHMR\GLVSRVLFLyQHQ
PDWHULD GH UHVLGXRV VyOLGRV 6H GHVWDFD HO SULPHU DUWtFXOR HVWDEOHFLHQGR TXH VH GHEH DSOLFDU XQD DOWD
UHGXFFLyQ\HODGHFXDGRPDQHMRGHODVVXVWDQFLDVWy[LFDVRSHOLJURVDV\GHORVGHVHFKRVFXDOTXLHUDVHDVX
WLSR7DPELpQHODUWtFXORUHVSHFWRDUHVLGXRVTXHHVWDEOHFHTXHHVGHLQWHUpVJHQHUDOODSURWHFFLyQGHO
DPELHQWHFRQWUDWRGDDIHFWDFLyQTXHSXGLHUDGHULYDUVHGHOPDQHMR\GLVSRVLFLyQGHORVUHVLGXRVFXDOTXLHUD
VHD VX WLSR 3RU OR WDQWR HO 0LQLVWHULR GH 9LYLHQGD 2UGHQDPLHQWR 7HUULWRULDO \ 0HGLR $PELHQWH
09270$ HQ DFXHUGR FRQ ORV *RELHUQRV 'HSDUWDPHQWDOHV GLFWDUi ODV SURYLGHQFLDV \ DSOLFDUi ODV
PHGLGDVQHFHVDULDVSDUDUHJXODUODJHQHUDFLyQUHFROHFFLyQWUDQVSRUWHDOPDFHQDPLHQWRFRPHUFLDOL]DFLyQ
WUDWDPLHQWR\GLVSRVLFLyQILQDOGHORVUHVLGXRV
x 'HFUHWR5HJODPHQWDOD/H\GH(YDOXDFLyQGH,PSDFWR$PELHQWDO
(OGHFUHWRSXEOLFDGRHOGHVHSWLHPEUHGHODxRGHWHUPLQDTXHORVHPSUHQGLPLHQWRV
GHEHUiQ FRQWDU FRQ OD $XWRUL]DFLyQ $PELHQWDO 3UHYLD VH LQFOX\H DGHPiV ORV HPSUHQGLPLHQWRV
DVRFLDGRVDODLQVWDODFLyQGHSODQWDVGHWUDWDPLHQWRGHUHVLGXRVVyOLGRV\ODDSHUWXUDGHQXHYRVVLWLRV
SDUDXQDDGHFXDGDGLVSRVLFLyQILQDO
x 5HVROXFLyQ1
/DUHVROXFLyQDSUREDGDHOGtDGHOPHVGHQRYLHPEUHGHODxRWLHQHSRUREMHWRHVWDEOHFHU
ORVUHTXLVLWRVQHFHVDULRV\REOLJDWRULRVFRQHOILQGHTXHORVJHQHUDGRUHVS~EOLFRVRSULYDGRVGHUHVLGXRV
LQGXVWULDVFRPHUFLRVVHUYLFLRVSXHGDQREWHQHUDXWRUL]DFLyQRWRUJDGDSRUHO6HUYLFLR/DERUDWRULRGH
&DOLGDG $PELHQWDO 6/&$ SDUD OD GLVSRVLFLyQ ILQDO GH ORV PLVPRV HQ HO 6HUYLFLR GH 'LVSRVLFLyQ
)LQDO GH 5HVLGXRV 6')5 GH OD ,QWHQGHQFLD GH 0RQWHYLGHR (Q OD SULPHUD VHFFLyQ VH H[SRQH ORV
UHTXHULPLHQWRV\HOSURWRFRORDVHJXLUSDUDORVWUiPLWHVFODVLILFDFLyQ\GHVWLQDFLyQGHUHVLGXRVVyOLGRV
(QODVHJXQGDVHFFLyQVHH[SRQHHOSODQGHJHVWLyQGHUHVLGXRVVyOLGRVDVLJQDQGRTXHWRGRJHQHUDGRU
VHUi UHVSRQVDEOH GH FRQWDU FRQ XQ 3ODQ GH *HVWLyQ GH 5HVLGXRV 6yOLGRV TXH GHEH VHU SUHVHQWDGR \
DSUREDGR SRU OD DXWRULGDG FRPSHWHQWH GHSDUWDPHQWDO ,0 \R QDFLRQDO 09270$ (O SODQ GHEHUi
FRPSUHQGHU HO PDQHMR LQWHUQR UHFLFODGR YDORUL]DGR WUDQVSRUWH WUDWDPLHQWR \R GLVSRVLFLyQ ILQDO H
LQFOXLUODWRWDOLGDGGHUHVLGXRVTXHJHQHUHQODVDFWLYLGDGHV(OSODQWDPELpQGHEHGHVDUUROODUHQGHWDOOHHO
SURFHVRGRQGHVHJHQHUDQUHVLGXRVVXFRPSRVLFLyQ\XQDSURSXHVWDGHFODVLILFDFLyQHLGHQWLILFDFLyQDVt
FRPRODVSURSXHVWDVVREUHODVHJXULGDGHQHOPDQHMRGHORVPLVPRV(QODWHUFHUDVHFFLyQUHVSHFWRDODV
SURKLELFLRQHV\VDQFLRQHVVHHVWDEOHFHTXHQRHVSHUPLWLGR
/DTXHPDGHUHVLGXRVFXDOTXLHUDVHDVXFDUDFWHUtVWLFDDFLHORDELHUWR\HQLQVWDODFLRQHV
TXHQRHVWpQDXWRUL]DGDVSRUHO09270$ROD,0
/DFODVLILFDFLyQ\RGLVSRVLFLyQILQDOGHUHVLGXRVFXDOTXLHUDVHDVXFDUDFWHUtVWLFDHQOXJDUHV
QR DXWRUL]DGRV SRU OD ,QWHQGHQFLD GH 0RQWHYLGHR \R 09270$',1$0$ 'LFKD
UHVSRQVDELOLGDGDEDUFDDOJHQHUDGRUDOWUDQVSRUWLVWD\DOORVSURSLHWDULRVGHOOXJDU

(QORTXHFRUUHVSRQGD\GHFRQIRUPLGDGFRQHODUWtFXORGHODSUHVHQWHOH\TXHWUDWDGHODFRRUGLQDFLyQ\UHVSHFWR
D OD GHVLJQDFLyQ GH IXQFLRQHV HVWDEOHFH TXH ³'LFKR 0LQLVWHULR 09270$ SRGUi GHOHJDU HQ DXWRULGDGHV
GHSDUWDPHQWDOHV R ORFDOHV HO FXPSOLPLHQWR GH ORV FRPHWLGRV GH JHVWLyQ DPELHQWDO SUHYLR DFXHUGR FRQ HO MHUDUFD
UHVSHFWLYR\HQODVFRQGLFLRQHVTXHHQFDGDFDVRVHGHWHUPLQHQ´

3RUODFXDOVHDSUXHEDHO3URWRFRORGH$XWRUL]DFLyQTXHRWRUJDHO6HUYLFLR/DERUDWRULRGH&DOLGDG$PELHQWDOSDUDOD
GLVSRVLFLyQILQDOGHORVUHVLGXRVGHJHQHUDGRUHVS~EOLFRV\SULYDGRVSURYHQLHQWHVGHLQGXVWULDVFRPHUFLRV\VHUYLFLRV

6HHVWDEOHFHDGHPiVTXHVHUiQVDQFLRQDGDVODVVLJXLHQWHVFRQGXFWDV
&XDQGR OD HPSUHVD QR VH HQFXHQWUH LQVFULSWD HQ HO 6HFWRU &RQWUDORU GH 6HUYLFLRV GH
9ROTXHWDV'LYLVLyQ/LPSLH]D
1RFRQWDUFRQOD$XWRUL]DFLyQFRUUHVSRQGLHQWHH[SHGLGDSRUHO6/&$
/D'HFODUDFLyQIDOVDSUHVHQWDGDDQWHHO6/&$VLQSHUMXLFLRGHOGHOLWRFRQVDJUDGRHQHO
&yGLJR3HQDO
&XDQGRORVUHVXOWDGRVREWHQLGRVGHODVPXHVWUDVGHORVUHVLGXRVQRVHFRUUHVSRQGDQFRQ
ORGHFODUDGRDO6/&$
&XDQGRVHWUDQVSRUWHQUHVLGXRVQRDXWRUL]DGRV
4XHPDGHUHVLGXRVDFLHORDELHUWRHLQVWDODFLRQHVQRDXWRUL]DGDV
/DFODVLILFDFLyQ\RGLVSRVLFLyQILQDOGHUHVLGXRVHQOXJDUHVQRDXWRUL]DGRV
&XDOTXLHU RWUD FRQGXFWD TXH FRQWUDUtH OD 1RUPDWLYD DSOLFDEOH 3RVWHULRUPHQWH VH
SUHVHQWDQ ODV GHILQLFLRQHV PiV UHOHYDQWHV UHVSHFWR DO WHPD \ SRU ~OWLPR VH H[SRQH OD
QRUPDWLYLGDGDSOLFDEOH
x 5HVROXFLyQ1
(VWDUHVROXFLyQDSUREDGDHOGtDGHGLFLHPEUHGHOWLHQHSRUREMHWRUHJODPHQWDUQXHYDV
QRUPDWLYDVSDUDUHVLGXRVQRGRPLFLOLDULRVHQDVSHFWRVGHODUHFROHFFLyQWUDQVSRUWH\GLIXVLyQILQDOGHORV
UHVLGXRV(QHOODVHHVWDEOHFHTXHODVSHUVRQDVTXHJHQHUHQUHVLGXRVQRGRPLFLOLDULRVK~PHGRVKDVWDGH
GRVEROVDVGHWDPDxRFPSRUFPORHTXLYDOHQWHDOLWURVSRUEROVDRPHWURVF~ELFRVSRU
EROVD SRU GtD \ QR HVWpQ DJUXSDGRV HQ HVSDFLRV FRPR HVWDEOHFLPLHQWRV SRGUiQ XWLOL]DU HO VLVWHPD GH
UHFROHFFLyQGRPLFLOLDULD(OUHTXLVLWRHVTXHODVEROVDVVHDQGHFRORUQHJURFRQGREOHQXGRV\FRORFDGDV
GHQWUR GHO FRQWHQGRU /D WDULID XQLWDULD SRU UHFROHFFLyQ GHO FRQWHQLGR GH UHVLGXRV HQ XQ FRQWHQGRU GH
KDVWDOLWURVVHUiGH85\SDUDORVFRQWHQHGRUHVGHKDVWDOLWURVGH85
x 5HJXODGRUHV
0LQLVWHULR GH 9LYLHQGD 2UGHQDPLHQWR 7HUULWRULDO \ 0HGLR $PELHQWH 09270$ IXH
FUHDGRSRUOD/H\GHOGHPD\RGHFRPRHOGRFHDYRPLQLVWHULRLQWHJUDQWHGHO3RGHU
(MHFXWLYRHQODyUELWDGHOD$GPLQLVWUDFLyQ&HQWUDOGHO*RELHUQR1DFLRQDO
/D 'LUHFFLyQ 1DFLRQDO GH 0HGLR $PELHQWH ',1$0$ SURPXHYH VLVWHPDV GH SURGXFFLyQ
DPELHQWDOPHQWHVRVWHQLEOHV\HVWLPXODODLPSODQWDFLyQGHVLVWHPDVGHJHVWLyQDPELHQWDOTXHDVHJXUHQ
ODSUHYHQFLyQGHODFRQWDPLQDFLyQ
/D &RPLVLyQ $VHVRUD GH 0HGLR $PELHQWH &27$0$ GHVDUUROOD SURSXHVWDV WpFQLFDV SDUD
PRGLILFDU HO 'HFUHWR QRUPD SDUD SUHYHQLU OD FRQWDPLQDFLyQ GH ODV DJXDV SDUD HVWDEOHFHU
HVSHFtILFDPHQWH ORV HVWiQGDUHV GH FDOLGDG GH DLUH \ ILMDFLyQ GH OD UHJODPHQWDFLyQ SDUD OD JHVWLyQ
LQWHJUDOGHUHVLGXRVVyOLGRVLQGXVWULDOHV

&8$'52
1250$7,9,'$'(1858*8$<6(*Ò1(/7,32'(5(6,'8266Ï/,'26

7LSRGH
1RUPDWLYLGDG
UHVLGXR
/H\GH6HUYLFLRS~EOLFRGHSDUWDPHQWDOGHUHFROHFFLyQWUDQVSRUWH\GLVSRVLFLyQILQDO
'RPLFLOLDULRV /H\GH\UHJODPHQWR'HFUHWR6RPHWHDDXWRUL]DFLyQ\HYDOXDFLyQGHLPSDFWR
\XUEDQRV DPELHQWDOWRGDSODQWDGHWUDWDPLHQWRRVLWLRGHGLVSRVLFLyQILQDOTXHVXSHUHWRQGtDLQFOX\HQGRSODQWDVGH
UHFLFODGR\JHQHUDFLyQGHHQHUJtD
/H\GH5HJXODHOPRYLPLHQWRWUDQVIURQWHUL]R\SURKtEHHOLQJUHVRGHORVJHQHUDGRVIXHUDGHO
WHUULWRULRQDFLRQDO
3HOLJURVRV
/H\GH\UHJODPHQWR'HFUHWRVRPHWHDDXWRUL]DFLyQ\HYDOXDFLyQGHLPSDFWR
DPELHQWDOWRGDSODQWDGHWUDWDPLHQWRRVLWLRGHGLVSRVLFLyQILQDO
+RVSLWDODULRV 'HFUHWRUHJXODORVUHVLGXRVVyOLGRVJHQHUDGRVHQORVFHQWURVRVHUYLFLRVGHDWHQFLyQKXPDQDR
RVDQLWDULRV DQLPDOHQVXPDQHMRLQWUDJHQHUDGRUWUDQVSRUWH\GLVSRVLFLyQILQDO
'HFUHWRHQHOPDUFRGHOD/H\*HQHUDOGH3URWHFFLyQGHO$PELHQWHOXHJRWDPELpQOD/H\
%DWHUtDV
GHGHSUHYHQFLyQ\FRQWUROGHODFRQWDPLQDFLyQSRUSORPRUHJXODODJHVWLyQGHEDWHUtDVSORPRDFLGR
SORPRiFLGR
XVDGDVRDVHUGHVHFKDGDVHVWDEOHFLHQGRODUHVSRQVDELOLGDGH[WHQGLGDGHOIDEULFDQWHRLPSRUWDGRU
/H\GH\UHJODPHQWR'HFUHWR5HJXODORVUHVLGXRVGHHQYDVHVSULPDULRVGHSURGXFWRV

(QYDVHV GHFRQVXPRDH[FHSFLyQGHORVHQYDVHVGHXVRH[FOXVLYRLQGXVWULDOFRPHUFLDO\DJURSHFXDULRHVWDEOHFLHQGR
ODUHVSRQVDELOLGDGH[WHQGLGDGHOIDEULFDQWHRLPSRUWDGRU
/DLQIRUPDFLyQVREUHODJHQHUDFLyQGHUHVLGXRVVyOLGRVWRWDO\SHUFiSLWDHQ0RQWHYLGHR\DQLYHOQDFLRQDO
HQ8UXJXD\VHVLQWHWL]DHQHOFXDGURGRQGHVHREVHUYDTXHODJHQHUDFLyQGHUHVLGXRVSHUFiSLWDHQHO
SDtVHVPHQRUDODHQFRQWUDGDHQ&KLOHSHURPD\RUDODTXHH[LVWHHQ&RORPELD\HQ3HU~

&8$'52
5(680(1*(1(5$&,Ï15(6,'8266Ï/,'26(10217(9,'(2

7DVDGHJHQHUDFLyQNJKDEGtD
7RWDO*HQHUDGRWRQGtD
'HSDUWDPHQWR 3REODFLyQXUEDQD
56' 568 56' 568
0RQWHYLGHR
)XHQWH 5HVXPHQ HMHFXWLYR GHO ,QIRUPH GHO SURJUDPD GH VDQHDPLHQWR GH 0RQWHYLGHR \ iUHD PHWURSROLWDQD GHO SODQ
GLUHFWRGHUHVLGXRVVyOLGRV

&8$'52

*(1(5$&,Ï13(5&È3,7$'(5(6,'8266Ï/,'26
*HQHUDFLyQ
7LSRGHUHVLGXRV
NJKDEGtD
56'
568

7DULIDV\FRVWRV
/RVFRVWRVSRUWLSRGHUHVLGXRVVyOLGR\ORVFRVWRVXQLWDULRVDQLYHOQDFLRQDOVHSUHVHQWDQODV7DEODV
\ &RPR VH SXHGH DSUHFLDU ORV FRVWRV SRU GLVSRVLFLyQ GH UHVLGXRV HQ HO 8UXJXD\
DOUHGHGRU GH 86 SRU WRQHODGD GLVSXHVWD VRQ VLJQLILFDWLYDPHQWH PD\RUHV D ORV TXH SUHVHQWDQ
&KLOH \&RORPELDDOUHGHGRUGH86SRUWRQHODGDGLVSXHVWD\DORVGH3HU~DOUHGHGRUGH86
SRU WRQHODGD GLVSXHVWD /D LQIRUPDFLyQ VH SUHVHQWD GLIHUHQFLDGD HQWUH ORV GHSDUWDPHQWRV TXH
KDQ FHGLGR OD SUHVWDFLyQ GHO VHUYLFLR D WHUFHURV GHO WRWDO \ ODV TXH SUHVWDQ HO VHUYLFLR
GLUHFWDPHQWHGHOWRWDO
&8$'52
&26726',5(&7265(&2/(&&,Ï1'(3$57$0(17266,1
7(5&(5,=$&,Ï1<&217(5&(5,=$&,Ï1

D 3URPHGLR&RVWR5HFROHFFLyQSRUWRQHODGD
'HSDUWDPHQWRV
HQGyODUHV
'HSDUWDPHQWRVVLQWHUFHUL]DFLyQ
'HSDUWDPHQWRVFRQWHUFHUL]DFLyQ
)XHQWH&6,,QJHQLHURV±(VWXGLR3LWWDPLJOLRPDU]RGH
D
/DFLXGDGGH0RQWHYLGHRQRHVWRPDGDHQFXHQWDHQHOHVWXGLR
&8$'52
&26726',5(&726',6326,&,Ï1),1$/6,17(5&(5,=$&,Ï1
<&217(5&(5,=$&,Ï1
3URPHGLR'LVSRVLFLyQ)LQDOSRUWRQHODGD
'HSDUWDPHQWRV
HQGyODUHV
'HSDUWDPHQWRVVLQWHUFHUL]DFLyQ
'HSDUWDPHQWRVFRQ

WHUFHUL]DFLyQ
)XHQWH&6,,QJHQLHURV±(VWXGLR3LWWDPLJOLRPDU]RGH
&8$'52
&267281,7$5,2'(/266(59,&,26(1858*8$<

6HUYLFLR &RVWR
%DUULGR86.P
5HFROHFFLyQ867RQ
D
7UDQVIHUHQFLD867RQ
727$/
D

(Q8UXJXD\HOVLVWHPDWULEXWDULRHVWDEOHFHTXHORVLPSXHVWRVVHOLTXLGDQ\VHSDJDQPHQVXDOPHQWH
1R H[LVWH HO LPSXHVWR D OD UHQWD SHUVRQDO SHUR H[LVWH HO LPSXHVWR D ODV 5HQWDV GH OD ,QGXVWULD \
&RPHUFLR,5,&HLPSXHVWRDO3DWULPRQLR,3
/DV 6RFLHGDGHV $QyQLPDV ODV 6RFLHGDGHV HQ &RPDQGLWD SRU $FFLRQHV \ ODV 6XFXUVDOHV GH
VRFLHGDGHV GHO H[WHULRU OLTXLGDQ HO LPSXHVWR SRU WRGDV VXV UHQWDV D~Q FXDQGR SURYHQJDQ
SUHGRPLQDQWHPHQWHGHOFDSLWDORGHOWUDEDMRHQVXFDVR/DVSHTXHxDVHPSUHVDVWULEXWDQSRUFRQFHSWR
GH,PSXHVWRDOD5HQWDXQPtQLPRPHQVXDOGHORUGHQGHORV86/DVSHUVRQDVItVLFDVSXHGHQVHU
VXMHWRVSDVLYRVGH,PSXHVWRDOD5HQWDGH,QGXVWULD\&RPHUFLR,5,&\GHO,PSXHVWRDODV5HQWDV
$JURSHFXDULDV ,5$ VRODPHQWH HQ OD PHGLGD HQ TXH GLFKDV SHUVRQDV ItVLFDV VHDQ WLWXODUHV GH
HPSUHVDV LQGXVWULDOHV FRPHUFLDOHV R UXUDOHV (O ~QLFR LPSXHVWR GLUHFWR D ODV SHUVRQDV ItVLFDV HV HO
,PSXHVWRDO3DWULPRQLRTXHVHILMDXQPRQWRPtQLPRQRLPSRQLEOHUHODWLYDPHQWHDOWR
3DUDKDFHUHOFiOFXORGHOPRQWRGHORVLPSXHVWRV\WULEXWRVSDUDORVVHUYLFLRVHODUWtFXOR
GHO &yGLJR 7ULEXWDULR GH OD 5HS~EOLFD GH 8UXJXD\ HVWDEOHFH TXH ³/DV DFWXDFLRQHV DGPLQLVWUDWLYDV
WHQGLHQWHV D OD GHWHUPLQDFLyQ GHO WULEXWR GHEHUiQ GLULJLUVH DO FRQRFLPLHQWR FLHUWR \ GLUHFWR GH ORV
KHFKRVSUHYLVWRVHQODOH\FRPRJHQHUDGRUHVGHODREOLJDFLyQ6LQRIXHUDSRVLEOHFRQRFHUGHPDQHUD
FLHUWD\GLUHFWDDTXHOORVKHFKRVHORUJDQLVPRUHFDXGDGRUGHEHUiLQGXFLUODH[LVWHQFLD\FXDQWtDGHOD
REOLJDFLyQPHGLDQWHXQDRPiVGHODVSUHVXQFLRQHVDTXHVHUHILHUHHVWHDUWtFXOREDVDGDVHQKHFKRV\
FLUFXQVWDQFLDVGHELGDPHQWHFRPSUREDGRVTXHQRUPDOPHQWHHVWpQYLQFXODGRVRWHQJDQFRQH[LyQFRQHO
KHFKR JHQHUDGRU \ TXH VyOR GHMDUiQ GH DSOLFDUVH VL PHGLDUH SUXHED HQ FRQWUDULR UHODWLYD DO
FRQRFLPLHQWRFLHUWR\GLUHFWRGHODREOLJDFLyQWULEXWDULD´/DGHWHUPLQDFLyQDGPLQLVWUDWLYDVREUHEDVH
SUHVXQWDSRGUiIXQGDUVHSURPHGLDQGRHOPRQWRGHODVRSHUDFLRQHVFRQWURODGDVFRQEDVHHQFLQFRGtDV
GH XQ PLVPR PHV PXOWLSOLFDGRV SRU HO WRWDO GH GtDV KiELOHV FRPHUFLDOHV TXH UHSUHVHQWDUiQ ODV
RSHUDFLRQHV SUHVXQWDV GHO VXMHWR SDVLYR EDMR FRQWURO GXUDQWH HVH PHV 6L HO PHQFLRQDGR FRQWURO VH
HIHFWXDUD HQ FXDWUR PHVHV GH XQ PLVPR HMHUFLFLR ILVFDO GH ORV FXDOHV WUHV DO PHQRV GHEHQ VHU
DOWHUQDGRV HO SURPHGLR VH FRQVLGHUDUi VXILFLHQWHPHQWH UHSUHVHQWDWLYR \ SRGUi DSOLFDUVH D ORV GHPiV
PHVHVQRFRQWURODGRVGHOPLVPRHMHUFLFLRILVFDO
/DVWDVDVGHOLPSXHVWRVRQODVVLJXLHQWHV
&8$'52
7$6$6'(,038(672(1858*8$<

D 7DVD
,QJUHVR0HQVXDO86
SURJUHVLYD
+DVWD
(QWUH
(QWUH±
(QWUH±
(QWUH±
0iVGH
)XHQWH(ODERUDFLyQSURSLDFRQEDVHHQHO&yGLJR7ULEXWDULRGHOD5HS~EOLFDGH8UXJXD\
D
/DV GHGXFFLRQHV SUHYLVWDV VRQ PX\ SRFR VLJQLILFDWLYDV \ VH OLPLWDQ D ORV JDVWRV GH VDOXG GH ORV KLMRV \ ODV
FRQWULEXFLRQHVGHVHJXULGDGVRFLDOHQDPERVFDVRVFRQXQOtPLWHPi[LPR

'H DFXHUGR DODV FDQWLGDGHV GH UHVLGXRVJHQHUDGDVSRUHO SDtV OD FRPSRVLFLyQGHpVWRV \ HO WLSR GH
ODGLVSRVLFLyQGHUHVLGXRVHQ8UXJXD\&RPRVHSXHGHREVHUYDUODPD\RUtDGHODVHPLVLRQHVVHGHEHQ
DODGHVFRPSRVLFLyQGHORVUHVLGXRVHQORVYHUWHGHURVFRQWURODGRV\VHREVHUYDTXHODVHPLVLRQHVGH
8UXJXD\ VRQ EDVWDQWH PHQRUHV D ODV GHO UHVWR GH SDtVHV HVWR GHELGR SULQFLSDOPHQWH D OD PHQRU
SREODFLyQGHOSDtV
*5È),&2
(0,6,21(6'(*$6(6'(()(&72,19(51$'(52'(%,'$6$/$',6326,&,Ï1
'(5(6,'826(1858*8$<


,,,$QiOLVLVGHORVSULQFLSDOHVUHVXOWDGRV
(Q HO FXDGUR PXHVWUD XQD FRPSDUDFLyQ GH OD JHQHUDFLyQ SHU FiSLWD GH 5HVLGXRV 6yOLGRV
'RPLFLOLDULRV \ 8UEDQRV 7DPELpQ VH PXHVWUD XQ JUiILFR FRPSDUDWLYR GH OD JHQHUDFLyQ GH UHVLGXRV
VyOLGRV SHU FiSLWD HQWUH ORVSDtVHV DQDOL]DGRV MXQWR FRQ HO 3URGXFWR ,QWHUQR %UXWR 3,%SHU FiSLWD
SDUDFDGDSDtV&RPRHVGHHVSHUDUHVSRVLEOHDSUHFLDUTXHXQPD\RUQLYHOHFRQyPLFRHVWiDVRFLDGRD
XQD PD\RU JHQHUDFLyQ GH UHVLGXRV SHU FiSLWD &KLOH \ 8UXJXD\ DO WHQHU XQ 3,% SHU FiSLWD TXH
SUiFWLFDPHQWH GXSOLFD ORV GH &RORPELD \ 3HU~ WDPELpQ WLHQHQ XQD JHQHUDFLyQ GH UHVLGXRV
VLJQLILFDWLYDPHQWHPD\RU
&8$'52
*(1(5$&,Ï13(5&È3,7$'(5(6,'8266Ï/,'26'20,&,/,$5,26<85%$126

56'D 568E
3DtV
NJKDEGtD NJKDEGtD
&KLOH
&RORPELD
3HU~
8UXJXD\
&,$:RUOG)DFWERRN%DVHGHGDWRVGH,QGH[PXQGR
D
56'5HVLGXRVVyOLGRVGRPLFLOLDULRV
E
56'5HVLGXRVVyOLGRVXUEDQRVRPXQLFLSDOHV
(Q HO FXDGUR PXHVWUD XQD FRPSDUDFLyQ GH OD PRGDOLGDG GH SUHVWDFLyQ GHO VHUYLFLR GH
UHFROHFFLyQ GH UHVLGXRV VyOLGRV (V LPSRUWDQWH GHVWDFDU OD JUDQ SDUWLFLSDFLyQ TXH WLHQH HO VHUYLFLR
GLUHFWR SUHVWDGR SRU OD PXQLFLSDOLGDG HQ 3HU~ \ HQ 8UXJXD\ PLHQWUDV TXH HQ &RORPELD \ &KLOH HV
SRVLEOHDSUHFLDUXQDLPSRUWDQWHSHQHWUDFLyQGHHPSUHVDVGHOVHFWRUSULYDGRHQODUHFROHFFLyQ

*5È),&2
&203$5$7,92'(/$*(1(5$&,Ï1'(5(6,'8266Ï/,'26
<3,%3(5&È3,7$

*HQHUDFLyQGH5HVLGXRV6yOLGRV\3,%SHUFiSLWD

3,%SHUFDStWDPLOHVGHGyODUHVGH

*HQHUDFLyQNJ+DE'tD

&KLOH &RORPELD
3HU~ 8UXJXD\
3,%SHUFiSLWD

*HQHUDFLyQSHUFiSLWD

)XHQWHV%,'(YDOXDFLyQ5HJLRQDOGHO0DQHMRGH5HVLGXRV6yOLGRV8UEDQRVHQ$/&
1RWD%DQFR0XQGLDO:RUOG'HYHORSPHQW,QGLFDWRUV:',

&8$'52
02'$/,'$''(35(67$&,Ï1'(/6(59,&,2'(5(&2/(&&,Ï1
(QSRUFHQWDMHGHSREODFLyQFXELHUWD
6HUYLFLR &RQWUDWRGH 7RWDOGHRWUDV
3DtV &RRSHUDWLYDV 2WUDV3~EOLFDV
0XQLFLSDOGLUHFWR VHUYLFLRV PRGDOLGDGHV
&KLOH
&RORPELD
3HU~
8UXJXD\
$OLJXDODFRPRRFXUUHFRQODSUHVWDFLyQGHOVHUYLFLRGHUHFROHFFLyQGHUHVLGXRVVyOLGRVHQ
3HU~\HQ8UXJXD\ODPD\RUSDUWHGHOEDUULGRGHODViUHDVS~EOLFDVHVSUHVWDGRSRUODPXQLFLSDOLGDGGH
PDQHUD GLUHFWD PLHQWUDV TXH HQ &RORPELD \ &KLOH HV SUHVWDGR SULQFLSDOPHQWH D WUDYpV GH WHUFHURV
YpDVHHOFXDGUR

(OJUiILFRPXHVWUDORVFRVWRVXQLWDULRVGHUHFROHFFLyQWUDQVSRUWH\GLVSRVLFLyQILQDOHQORV
SDtVHVDQDOL]DGRV(VSRVLEOHDSUHFLDUTXHQRH[LVWHQLQJXQDUHODFLyQHQWUHODQDWXUDOH]DGHOSURYHHGRU
\ ORV FRVWRV GHO VHUYLFLR SXHV ORV PHQRUHV FRVWRV ORV SUHVHQWDQ 3HU~ \ &KLOH HO SULPHUR FRQ XQD
PD\RU SDUWLFLSDFLyQ GH SURYHHGRUHV S~EOLFRV \ HO VHJXQGR PD\RULWDULDPHQWH FRQ SURYHHGRUHV
SULYDGRV $VLPLVPR ORV PD\RUHV FRVWRV ORV SUHVHQWDQ &RORPELD \ 8UXJXD\ TXH WDPELpQ WLHQHQ
QDWXUDOH]DVGHSURYHHGRUHVGLIHUHQWHV

&8$'52
02'$/,'$''(35(67$&,Ï1'(/6(59,&,2'(%$55,'2
(QSRUFHQWDMHGHODSREODFLyQTXHFXHQWDFRQHOVHUYLFLR
3DtV 6HUYLFLRPXQLFLSDOGLUHFWR 2WUD
&KLOH
&RORPELD
3HU~
8UXJXD\
/RVFRVWRVXQLWDULRVGHORVVHUYLFLRVGHPDQHMRGHUHVLGXRVVyOLGRVHQORVSDtVHVDQDOL]DGRVVH
LQFOX\HQHQHOFXDGUR&RPRVHSXHGHREVHUYDUORVPHQRUHVFRVWRVGHUHFROHFFLyQ\GLVSRVLFLyQ
ILQDOORVSUHVHQWDQ3HU~\&KLOH

&8$'52
&2672681,7$5,26'(/266(59,&,26'(0$1(-2'(5(6,'8266Ï/,'26
(1/263$Ë6(6$1$/,=$'26

%DUULGR 5HFROHFFLyQ 7UDQVIHUHQFLD 'LVSRVLFLyQILQDO
3DtV
86.P 867RQ 867RQ 867RQ
&KLOH
&RORPELDD
3HU~
8UXJXD\
D
(QHOFDVRGH&RORPELDORVFRVWRVXQLWDULRVFRUUHVSRQGHQDFRVWRVWHFKRDGDSWDGRVDORVGLVWLQWRVPXQLFLSLRV(QHO
FDVRGHGLVSRVLFLyQILQDOWDPELpQLQFOX\HQHOFRVWRGHWUDWDPLHQWR
*5È),&2
&203$5$7,92'(/26&26726'(5(&2/(&&,Ï1<',6326,&,Ï1),1$/
(QGyODUHV

&KLOH &RORPELD 3HU~ 8UXJXD\



&8$'52
&2%(5785$'(5(&2/(&&,Ï1(1/263$Ë6(6$1$/,=$'26
(QSRUFHQWDMH
3DtV 3RUFHQWDMH
&KLOH
&RORPELD
3HU~
8UXJXD\
/D FREHUWXUD GH UHFROHFFLyQ HQ ORV SDtVHV DQDOL]DGRV VH SUHVHQWD HQ HO FXDGUR (V GH
UHVDOWDUODEDMDFREHUWXUDTXHSUHVHQWD3HU~IUHQWHDORVGHPiVSDtVHVDQDOL]DGRV
/DV IRUPDV GH GLVSRVLFLyQ ILQDO YpDVH HO JUiILFR PXHVWUDQ TXH H[LVWH XQD JUDQ EUHFKD
HQWUH&RORPELD\&KLOHIUHQWHD3HU~\8UXJXD\0LHQWUDVHQORVSULPHURVHOSRUFHQWDMHGHUHVLGXRV
VyOLGRVGLVSXHVWRVDGHFXDGDPHQWHHQUHOOHQRVVDQLWDULRVVXSHUDHO3HU~DSHQDVVXSHUDHO\
8UXJXD\ QR DOFDQ]D HO (Q pVWH ~OWLPR FDVR HO PD\RU SRUFHQWDMH GH UHVLGXRV VH GLVSRQHQ HQ
YHUWHGHURV FRQWURODGRV OXJDUHV TXH FXHQWDQ FRQ DOJXQDV PHGLGDV GH FRQWURO SHUR QR FRQ OD
LQIUDHVWUXFWXUDDMXVWDGDDXQUHOOHQRVDQLWDULR
*5È),&2
)250$6'(',6326,&,Ï1),1$/32532%/$&,Ï1(1/263$Ë6(6$1$/,=$'26
(QSRUFHQWDMH

(QSRUFHQWDMHV

5HOOHQR6DQLWDULR 9HUWHGHUR&RQWURODGR 9HUWHGHURDFLHORDELHUWR
A
4XHPDDFLHORDELHUWR 2WUDV

D
&RUUHVSRQGHDGLVSRVLFLyQHQFXHUSRVGHDJXDDOLPHQWRGHDQLPDOHVHWF

/DFRPSRVLFLyQGHORVUHVLGXRVHVPX\VLPLODUHQWUHORVSDtVHVDQDOL]DGRVFRPRVHREVHUYD
HQ HO *UiILFR (V GH UHVDOWDU TXH HO SRUFHQWDMH GH UHVLGXRVRUJiQLFRV HV FHUFDQR DO SDUD ORV
FXDWUR SDtVHV (OOR WLHQH LPSOLFDFLRQHV LPSRUWDQWHV HQ WpUPLQRV GH HPLVLyQ GH JDVHV GH HIHFWR
LQYHUQDGHUR SXHV HVWH WLSR GH UHVLGXRV JHQHUDQ JDV PHWDQR DO GHJUDGDUVH HQ DXVHQFLD GH R[tJHQR
FRQGLFLyQSURSLDGHORVUHOOHQRVVDQLWDULRV\YHUWHGHURV

*5È),&2
&203$5$7,92'(/$&20326,&,Ï1'(/265(6,'8266Ï/,'26

(QSRUFHQWDMH

ŚŝůĞ / ϭϵϵϮ ŽůŽŵďŝĂ / ϭϵϵϵ WĞrú / ϭϵϵϱ hƌƵŐƵĂy / ϮϬϬϰ
&DUWyQ\SDSHO 0HWDO 9LGULR 7H[WLO 3OiVWLFR 2UJiQLFR 2WURV
)XHQWH 5HVXPHQ HMHFXWLYR GHO ,QIRUPH GHO SURJUDPD GH VDQHDPLHQWR GH 0RQWHYLGHR \ iUHD PHWURSROLWDQD GHO SODQ
GLUHFWRGHUHVLGXRVVyOLGRV
$SDUWLUGHODLQIRUPDFLyQUHFRSLODGDGHJHQHUDFLyQGHUHVLGXRV\GHOWLSRGHWUDWDPLHQWRTXH
UHFLEHQ VH KDQ FDOFXODGR OD SURGXFFLyQ GH JDVHV GH HIHFWR LQYHUQDGHUR GH DFXHUGR DO WLSR GH
GLVSRVLFLyQSDUDFDGDXQRGHORVSDtVHVLQFOXLGRVHQHODQiOLVLV&RPRVHREVHUYDHQHOJUiILFROD
PD\RUSDUWHGHODVHPLVLRQHVHQ&RORPELD\&KLOHVHJHQHUDQHQUHOOHQRVVDQLWDULRVPLHQWUDVTXHHQ
3HU~\8UXJXD\ODPD\RUSDUWHVHRULJLQDHQORVYHUWHGHURVWDQWRFRQWURODGRVFRPRDFLHORDELHUWR

*5È),&2
352'8&&,Ï1'(*$6(6'(()(&72,19(51$'(52325',6326,&,Ï1'(5(6,'826
6(*Ò1(/7,32'(',6326,&,Ï1
(QWRQ&2H

&KLOH &RORPELD
3HU~ 8UXJXD\
5HOOHQR6DQLWDULR
9HUWHGHURFRQWURODGR 9HUWHGHURDFLHORDELHUWR
4XHPDDFLHORDELHUWR 2WUDVIRUPDV


(QHOFXDGURFRPSDUDODVHPLVLRQHVWRWDOHVGHELGDVDODGLVSRVLFLyQGHORVUHVLGXRVHQFDGD
SDtV&RPRVHREVHUYD&RORPELDWLHQHHPLVLRQHVOLJHUDPHQWHVXSHULRUHVDODVGH&KLOH\3HU~FRPR
FRQVHFXHQFLD GH VX WDPDxR HFRQyPLFR R SREODFLyQ 3RU HMHPSOR ODV HPLVLRQHV GH 8UXJXD\ DSHQDV
UHSUHVHQWDQHOGHORVGHPiVSDtVHV
&8$'52
(0,6,21(6727$/(6325',6326,&,Ï1'(5(6,'826

(PLVLRQHV
3DtV
(QWRQ&2H
&KLOH
&RORPELD
3HU~
8UXJXD\

/DV HPLVLRQHV DVRFLDGDV DOD GLVSRVLFLyQGH ORV UHVLGXRV SHU FiSLWD VRQ PD\RUHV HQ &KLOH \
8UXJXD\TXHDTXHOODVGH&RORPELD\3HU~YpDVHHOJUiILFR

*5È),&2
352'8&&,Ï1'(*$6(6'(()(&72,19(51$'(523(5&È3,7$
325',6326,&,Ï1'(5(6,'826
(QWRQ&2HKDEDxR



$XQTXH&RORPELD\&KLOHWLHQHQHPLVLRQHVTXHVXSHUDQODVGH3HU~\8UXJXD\FDEHUHVDOWDU
TXH ODV HPLVLRQHV JHQHUDGDV HQ UHOOHQRV VDQLWDULRV WLHQHQ HO SRWHQFLDO GH VHU FRQWURODGDV D WUDYpV GH
VLVWHPDVGHFDSWXUD\TXHPDGHPHWDQRDOJRTXHVHGLILFXOWDHQORVYHUWHGHURVTXHQRFXHQWHQFRQODV
PHGLGDVGHFRQWURODSURSLDGDV
(OJUiILFRPXHVWUDODVHPLVLRQHVDVRFLDGDVDODGLVSRVLFLyQGHUHVLGXRVGHVSXpVGHUHVWDU
ODVHPLVLRQHVHYLWDGDVJUDFLDVDSUR\HFWRV0'/HQFDGDSDtV&RPRVHSXHGHREVHUYDU3HU~HVHOSDtV
TXHPiVHPLVLRQHVJHQHUDGHELGRHQSDUWHDOUH]DJRHQHOPDQHMRGHVXVUHVLGXRV\HQHOGHVDUUROORGH
SUR\HFWRV0'/HQUHIHUHQFLDDORVGHPiVSDtVHVDQDOL]DGRV
*5È),&2
(0,6,21(6*(1(5$'$6325',6326,&,Ï1'(5(6,'826&216,'(5$1'2
352<(&7260'/
(QWRQ&2H

5HOOHQR6DQLWDULR 9HUWHGHURFRQWURODGR 9HUWHGHURDFLHORDELHUWR 4XHPDDFLHORDELHUWR 2WUDVIRUPDV


(OFXDGURPXHVWUDHOSRUFHQWDMHGHHPLVLRQHVHYLWDGDVSRUSDtVJUDFLDVDSUR\HFWRV0'/
HQHOVHFWRUUHVLGXRV0LHQWUDV&KLOH\8UXJXD\ORJUDQHYLWDUPiVGHODPLWDGGHVXVHPLVLRQHV3HU~
HYLWD VyOR HO &RQVLGHUDQGR TXH &RORPELD GLVSRQH PiV GHO GH VXV UHVLGXRV HQ UHOOHQRV
VDQLWDULRV HQ ORV TXH HV SRVLEOH FDSWXUDU \ TXHPDU HO PHWDQR HV SRVLEOH LQIHULU TXH HO SDtV HVWi
GHVDSURYHFKDQGRXQDJUDQRSRUWXQLGDG
&8$'52
325&(17$-('((0,6,21(6(9,7$'$63253$Ë6*5$&,$6$352<(&726
0'/(1(/6(&7255(6,'826

3DtV (PLVLRQHVHYLWDGDV(PLVLRQHVJHQHUDGDV
&KLOH
&RORPELD
3HU~
8UXJXD\

$O UHFDOFXODU ODV HPLVLRQHV SHU FiSLWD OXHJR GH FRQVLGHUDU ODV HPLVLRQHV HYLWDGDV FRQ
SUR\HFWRV0'/&KLOHVHFRQYLHUWHHQHOSDtVFRQPHQRUHVHPLVLRQHV'HELGRDTXHJUDQSDUWHDTXH
ORVUHVLGXRVHQ3HU~VHGLVSRQHQHQYHUWHGHURVDFLHORDELHUWRGRQGHQRH[LVWHSRVLELOLGDGGHFRQWURODU
ODV HPLVLRQHV HVWH SDtV DOFDQ]D D GXSOLFDU \ WULSOLFDU D ORV GHPiV SDtVHV HQ WpUPLQRV GH HPLVLRQHV
GHELGDVDODGLVSRVLFLyQGHORVUHVLGXRVSHUFiSLWD

*5È),&2
(0,6,21(6*(1(5$'$63(5&È3,7$325',6326,&,Ï1'(5(6,'826
&216,'(5$1'2352<(&7260'/
(QWRQ&2HKDEDxR

(QSRUFHQWDMHV

ŚŝůĞ ŽůŽŵďŝĂ WĞƌƷ hƌƵŐƵĂǇ


,9&RQFOXVLRQHV\UHFRPHQGDFLRQHVJHQHUDOHV
/D HYLGHQFLD SUHVHQWDGD HQ HVWH HVWXGLR PXHVWUD TXH ORV FXDWUR SDtVHV HVWXGLDGRV SUHVHQWDQ WDVDV
UHODWLYDPHQWH EDMDV GH UHFLFODMH \ DSURYHFKDPLHQWR GH UHVLGXRV (YLGHQWHPHQWH ODV
HPSUHVDVSUHVWDGRUDVGHOVHUYLFLRS~EOLFRGHDVHRQRHQFXHQWUDQLQFHQWLYRVVXILFLHQWHVSDUDSURPRYHU
HOUHFLFODMH(QFDVRVDLVODGRVORVXVXDULRVWLHQHQHOLQFHQWLYRGHXQDSRVLEOHUHGXFFLyQHQODWDULID
SHURJHQHUDOPHQWHQRHQFXHQWUDQQLQJ~QLQFHQWLYRHQDEVROXWR3DUDGDUVROXFLyQDHVWDSUREOHPiWLFD
VHSURSRQHJHQHUDULQFHQWLYRVHFRQyPLFRVTXHPRWLYHQDORVXVXDULRVDUHFLFODU\FUHDUFRQGLFLRQHV
GHPHUFDGR\GHORJtVWLFDTXHSHUPLWDQDORVXVXDULRVPD[LPL]DUODFDQWLGDGGHUHVLGXRVUHFLFODGRV
UHXWLOL]DGRV\DSURYHFKDGRVHQORVFDVRVGRQGHVHDILQDQFLHUD\ORJtVWLFDPHQWHIDFWLEOH(VWRLQFOX\H
ODRSHUDFLyQGHFHQWURVGHDFRSLRGHFLHUWRVPDWHULDOHVODSURPRFLyQGHODRUJDQL]DFLyQGHFDGHQDVGH
VXPLQLVWURGHPDWHULDOHVUHFLFODEOHVSRUSDUWHGHOVHFWRUSULYDGRIDFLOLWDQGRSURFHVRVDGPLQLVWUDWLYRV
WDOHVFRPRHOOLFHQFLDPLHQWRDPELHQWDOODHPLVLyQGHSHUPLVRVOLFHQFLDVHWF(QHVWHFDVRSDUWLFXODU
VHSURSRQHUHJXODUHVWRVSURFHVRVDGPLQLVWUDWLYRVDSR\DGRHQLQFHQWLYRVHFRQyPLFRV6HUHFRPLHQGD
HVWXGLDUGLVWLQWDVRSFLRQHVSDUDLQFHQWLYDUHOUHFLFODMHPHGLDQWHLQVWUXPHQWRVWDOHVFRPRDMXVWHVHQOD
HVWUXFWXUDWDULIDULDHOHVWDEOHFLPLHQWR\IRPHQWRGHPHUFDGRVGHUHVLGXRV\HOGHVDUUROORGHVLVWHPDV
RUJDQL]DGRV \ HILFLHQWHV TXH JDUDQWLFHQ XQD UHFROHFFLyQ RSRUWXQD GH ORV PDWHULDOHV D UHFLFODU
5HVSHFWRDORVEHQHILFLRVDPELHQWDOHVTXHHVWHWLSRGHPHGLGDVWHQGUtDHQHOSUHVHQWHHVWXGLRVHKD
FDOFXODGR TXH XQ DXPHQWR GHO HQ ODV WDVDV GH UHFLFODMH HQ ORV FXDWUR SDtVHV DQDOL]DGRV SRGUtD
FRQOOHYDU XQD UHGXFFLyQ GH JDVHV GH HIHFWR LQYHUQDGHUR LQFOXVR GHO RUGHQ GH DOUHGHGRU GH
WRQHODGDVGHJDVHVGHHIHFWRLQYHUQDGHURW&2HDODxR
2WUDSRVLELOLGDGFRQODTXHFXHQWDQORVJRELHUQRVGHODUHJLyQSDUDGLVPLQXLUODVHPLVLRQHVGH
JDVHVGHHIHFWRLQYHUQDGHURDVRFLDGDVDODJHVWLyQ\PDQHMRGHUHVLGXRVVyOLGRVHVHOHVWDEOHFLPLHQWRGH
LQFHQWLYRVHFRQyPLFRVSDUDTXHORVXVXDULRVGHORVVHUYLFLRVGHDVHRGLVPLQX\DQODFDQWLGDGGHUHVLGXRV
JHQHUDGRV3DUDODFUHDFLyQGHGLFKRVLQFHQWLYRVVHSURSRQHSRUXQDSDUWHSRQHUXQOtPLWHPi[LPRDOD
SURGXFFLyQGHGHVHFKRVSRUXVXDULRDSDUWLUGHOFXDOVHH[LJLUtDHOSDJRGHXQDWDULIDVLJQLILFDWLYDPHQWH
PiVDOWD(VWHUHFDXGRDGLFLRQDOLUtDGLULJLGRDOWUDQVSRUWDGRUGHORVUHVLGXRV\DORSHUDGRUGHOVLWLRGH
GLVSRVLFLyQ ILQDO SDUD UHFRQRFHU ORV PD\RUHV FRVWRV HQ ORV TXH pVWRV GHEHQ LQFXUULU SRU WUDQVSRUWDU \
GLVSRQHUPD\RUFDQWLGDGGHUHVLGXRV3RURWUDSDUWHVHSURSRQHHVWDEOHFHUPHGLGDVGHSROtWLFDILVFDOHQ
ODVTXHORVSUHFLRVGHORVELHQHVFRQHPSDTXHVH[FHVLYRV\RUHGXQGDQWHVVHDQDOWRVHLQFOX\DQWRGRVORV
FRVWRVDVRFLDGRVDVXSURGXFFLyQJHVWLyQWUDQVSRUWH\GLVSRVLFLyQ/DSURSXHVWDDQWHULRULPSOLFDHYLWDU
VXEVLGLRV D PDWHULDV SULPDV \ D ORV SURFHVRV GH SURGXFFLyQ GH HPSDTXHV 'H PDQHUD VLPLODU DO FDVR
DQWHULRUHQHOSUHVHQWHHVWXGLRVHKDFDOFXODGRTXHXQDUHGXFFLyQGHOHQODJHQHUDFLyQGHUHVLGXRVHQ
ORVFXDWURSDtVHVDQDOL]DGRVFRQOOHYDUtDXQDUHGXFFLyQLQFOXVRGHORUGHQGHPiVGHWRQHODGDVGH
JDVHVGHHIHFWRLQYHUQDGHURW&2HDODxR

/D GLVPLQXFLyQ GH OD SURGXFFLyQ GH UHVLGXRV UHTXLHUH QR VRODPHQWH TXH H[LVWD XQ PHUFDGR
GLQiPLFR GH PDWHULDOHV UHFLFODEOHV VLQR WDPELpQ TXH ODV WDULIDV GH GLVSRVLFLyQ SDUD HO XVXDULR
LQWHUQDOLFHQ WRGRV ORV FRVWRV 'HELGR D ODV GLILFXOWDGHV TXH H[LVWHQ SDUD FRQWDELOL]DU OD FDQWLGDG GH
UHVLGXRVJHQHUDGRVSRUFDGDXVXDULRVHSURSRQHFRQVLGHUDUDOWHUQDWLYDVFRPRODXWLOL]DFLyQGHXQWLSR
~QLFR GH EROVD UHJXODGD SDUD OD GLVSRVLFLyQ GH UHVLGXRV (VWD DOWHUQDWLYD FRQVLVWH HQ SHUPLWLU D ORV
XVXDULRVGLVSRQHUVXVUHVLGXRVHQXQ~QLFRWLSRGHEROVDSURYLVWDSRUHOSUHVWDGRUGHOVHUYLFLRSDUDWDO
ILQODFXDOVHUiOD~QLFDTXHODHPSUHVDGHUHFROHFFLyQHVWDUtDDXWRUL]DGDDUHFRJHU'HHVWDPDQHUD
DXPHQWDUtDHOFRVWRSDUDHOXVXDULRHQODPHGLGDHQTXHJHQHUHXQDFDQWLGDGPD\RUGHUHVLGXRV\VHD
QHFHVDULR XWLOL]DU PiV EROVDV R EROVDV GH PD\RU WDPDxR (V LPSRUWDQWH GHVWDFDU TXH VL HVWH WLSR GH
PHGLGDVVRQHVWDEOHFLGDVVHUtDQHFHVDULRGHVDUUROODUWDPELpQXQVLVWHPDGHVDQFLRQHV\PXOWDVSRUOD
GLVSRVLFLyQ LOHJDO GH UHVLGXRV (VWR QDWXUDOPHQWH UHTXHULUtD GH XQD VXILFLHQWH FDSDFLGDG GH
VHJXLPLHQWR\PRQLWRUHR
5HGXFLU ODV FDQWLGDGHV GH UHVLGXRV VyOLGRV WLHQH HO SRWHQFLDO GH IRPHQWDU ORV SULQFLSLRV \
EDVHVSDUDXQGHVDUUROORVRVWHQLEOHSDUDFDGDXQRGHORVSDtVHV/RDQWHULRUVHGHEHDTXHSUHYHQLUOD
JHQHUDFLyQGHUHVLGXRVWLHQHXQDVHULHGHEHQHILFLRVDPELHQWDOHV\VRFLDOHV3RUXQDSDUWHGLVPLQX\H
HO FRQVXPR GH PDWHULDV SULPDV \ IRPHQWD FDPELRV DPELHQWDOPHQWH IDYRUDEOHV HQ FXDQWR D ORV
SDWURQHVGHSURGXFFLyQ\FRQVXPR$GHPiVLQGXFHDODOLEHUDFLyQGHUHFXUVRVILQDQFLHURVSDUDRWUDV
DFWLYLGDGHV SXHV VH UHGXFHQ ORV FRVWRV GH JHVWLyQ GH UHVLGXRV $VLPLVPR HVWLPXOD OD GHPDQGD GHO
PHUFDGRGHSURGXFWRV\VHUYLFLRVPHMRUDGRV\FRQQXHYDVWHFQRORJtDVDPELHQWDOHV\VHUHGXFHQORV
ULHVJRVSDUDODVDOXGKXPDQD
([LVWHQP~OWLSOHVHMHPSORVGHSDtVHVTXHKDQRSWDGRSRUH[LJLUHOSDJRGHWDULIDVPiVDOWDVD
PHGLGD TXH DXPHQWD OD SURGXFFLyQ GH UHVLGXRV 3DtVHV FRPR $XVWULD 'LQDPDUFD )LQODQGLD ,WDOLD
+RODQGD 1RUXHJD 6XHFLD \ HO 5HLQR 8QLGR WLHQHQ HVWH WLSR GH PHGLGDV 'H ORV DQWHULRUHV FDEH
UHVDOWDUHOFDVRGH+RODQGDSDtVTXHQRVRODPHQWHKDORJUDGRGLVPLQXLUHQJUDQPHGLGDODJHQHUDFLyQ
GH UHVLGXRV GHELGR D XQ VLVWHPD TXH FREUD SRU OD FDQWLGDG JHQHUDGD H LGHQWLILFD OD GLIHUHQFLD HQWUH
GHVSHUGLFLRV \ HQYDVHV UHFLFODEOHV $Vt HVH SDtV MXQWR FRQ $OHPDQLD KDQ ORJUDGR GLVPLQXLU ORV
UHVLGXRVTXHVHGLVSRQHQHQUHOOHQRVVDQLWDULRV

&8$'52
*(1(5$&,Ï1'(5(6,'8266Ï/,'2685%$126(1$/*81263$Ë6(6'((8523$
(QPLOHVGHWRQHODGDV
3DtVHV
D
$OHPDQLD
D
$XVWULD
D
)UDQFLD 1'
+RODQGD D
3RUWXJDO 1' 1' D
)XHQWH(ODERUDFLyQSURSLD'DWRVREWHQLGRVGHOD2(&'
D
$xRVHQORVTXHVHKDQLPSOHPHQWDGRSROtWLFDVILVFDOHVGHGLVPLQXFLyQRUHFLFODMHGHUHVLGXHV

/D JHVWLyQ GH ORV UHVLGXRV VyOLGRV HV SRU OR JHQHUDO PHQRV HILFLHQWH HQ ODV FLXGDGHV \
PXQLFLSLRV SHTXHxRV (VWR VH GHEH D TXH HQ RFDVLRQHV OD FDQWLGDG GH UHVLGXRV JHQHUDGRV HV PX\
SHTXHxD\QRKDFHYLDEOHHFRQyPLFDPHQWHODGLVSRVLFLyQHQUHOOHQRVVDQLWDULRV6HSURSRQHFRQVLGHUDU
HQWRQFHV OD LPSOHPHQWDFLyQ GH LQFHQWLYRV PiV IXHUWHV HQ HVWRV FDVRV SDUD JDUDQWL]DU XQD JHVWLyQ
DGHFXDGDGHORVUHVLGXRV\XQPD\RUFRQWURODODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR(QHVWRV
FDVRV FRQYHQGUtD FRQVLGHUDU VXEVLGLRV D ODV WDULIDV 3DUD ORV FDVRV HVSHFtILFRV GH 3HU~ \ &KLOH TXH
FRPRVHPRVWUyVRQSDtVHVHQGRQGHODVWDULIDVFREUDGDVDORVXVXDULRVVRQVLJQLILFDWLYDPHQWHPHQRUHV
DORVFRVWRVGHOVHUYLFLRVHSURSRQHHVWXGLDUDOWHUQDWLYDVFRPRHOUHGLUHFFLRQDPLHQWRGHORVVXEVLGLRV

GHVGH ODV JUDQGHV FLXGDGHV KDFLD ODV SHTXHxDV FLXGDGHV \ PXQLFLSLRV \ R HO HVWDEOHFLPLHQWR GH
VXEVLGLRVFUX]DGRVHQORVTXHORVHVWUDWRVVRFLRHFRQyPLFRVDOWRVFXEUDQSDUFLDOPHQWHORVFRVWRVGHO
VHUYLFLRVSDUDORVPiVSREUHVGHODSREODFLyQ
(QJHQHUDOVHKDHQFRQWUDGRTXHHQHOVHFWRUGHJHVWLyQ\PDQHMRGHUHVLGXRVVyOLGRVSDtVHV
FRPR 3HU~ WLHQHQ HVWUXFWXUDV WDULIDULDV TXH QR SDUHFLHUDQ UHIOHMDU DGHFXDGDPHQWH ORV FRVWRV
UHODFLRQDGRVFRQODJHVWLyQPDQHMR\GLVSRVLFLyQILQDO\PXFKRPHQRVHOFRVWRDPELHQWDODVRFLDGR
/RDQWHULRULQGLFDODQHFHVLGDGGHFRQWDUFRQLQVWUXPHQWRVHFRQyPLFRVHILFDFHV\HVTXHPDVWDULIDULRV
TXHSURPXHYDQHOFRQWURODPELHQWDO\HOFRQWUROGHHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURFRQHO
SRWHQFLDO GH VHU HYLWDGDV 7HQLHQGR HQ FXHQWD TXH ORV LQVWUXPHQWRV HFRQyPLFRV VRQ XQD PDQHUD
HILFLHQWH SDUD HPLWLU VHxDOHV FRUUHFWDV DO PHUFDGR UHGXFLU ODV GLVWRUVLRQHV H LQWHUQDOL]DU ODV
H[WHUQDOLGDGHVXQDPLJUDFLyQGHOHVTXHPDDFWXDOGRQGHSULPDQORVVXEVLGLRVDXQRHQHOTXHSULPHQ
ORV LQFHQWLYRV HFRQyPLFRV WHQGUtD HO SRWHQFLDO QR VRODPHQWH GH UHGXFLU ODV H[WHUQDOLGDGHV QHJDWLYDV
VREUH HO PHGLR DPELHQWH LQFOX\HQGR OD SUREOHPiWLFD GH FDPELR FOLPiWLFR JOREDO VLQR TXH SRGUtD
IRPHQWDUHOHPSOHR\GLVPLQXLUODVLQHTXLGDGHVUHJLRQDOHV
$O LJXDO D OR TXH KDQ YHQLGR KDFLHQGR DOJXQRV SDtVHV GH (XURSD VH UHFRPLHQGD DGRSWDU
HVTXHPDV ILVFDOHV HQ ORV VH GHVHVWLPXOH OD SURGXFFLyQ \ H[FHVR GH HPSDTXHV SRU SDUWH GH ODV
HPSUHVDV(VWDSUiFWLFDSHUPLWHFRQVHUYDUUHFXUVRVDODYH]TXHUHGXFHODFRQWDPLQDFLyQ\ORVFRVWRV
GHGLVSRVLFLyQ\PDQHMRGHORVUHVLGXRVVyOLGRV(OFXDGURPXHVWUDDOJXQRVGHORVSDtVHVHXURSHRV
TXHWLHQHQLPSXHVWRVDPELHQWDOHVDORVHPSDTXHV
&8$'52
3$Ë6(6'((8523$&21,038(6726$/(;&(62'((03$48(6

3DtV (PEDODMHHQYDVDGR %ROVDVGHSOiVWLFR
$XVWULD ;
%pOJLFD ;
'LQDPDUFD ; ;
)LQODQGLD ;
1RUXHJD ;
3RORQLD ;
)XHQWH6DQGRYDO
(VLPSRUWDQWHUHVDOWDUTXHWHQLHQGRHQFXHQWDTXH$PpULFD/DWLQD\HO&DULEHDSRUWDHO
GHOWRWDOGHHPLVLRQHVPXQGLDOFRQXQWRWDOGHPLOORQHVGHWRQHODGDV&2HFRQXQFUHFLPLHQWR
FHUFDQRDOHQWUH\\TXHHOGHOWRWDOGHHPLVLRQHVHQODUHJLyQVRQGHELGRDORV
UHVLGXRVVyOLGRV\RWURVUHVLGXRV&(3$/HVHVHQFLDOGLVHxDUHLPSOHPHQWDUXQDHVWUDWHJLDGH
PLWLJDFLyQ D QLYHO UHJLRQDO FRQ IXQGDPHQWRV HFRQyPLFRV VyOLGRV FRQ HO ILQ GH GLVPLQXLU ODV
HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR GHO VHFWRU /R DQWHULRU FREUD HVSHFLDO LPSRUWDQFLD
FRQVLGHUDQGR TXH OD LQDFFLyQ IUHQWH D ORV UHWRV TXH HQIUHQWDQ ORV SDtVHV GH OD UHJLyQ WLHQH
LQGLVFXWLEOHPHQWHFRQVHFXHQFLDVDPELHQWDOHVORFDOHV\JOREDOHV\VRFLDOHVQHJDWLYDV1RFRQVLGHUDU
ORV SRVLEOHV HIHFWRV VREUH HO PHGLR DPELHQWH ORFDO \ HO FOLPD JOREDO HV XQD HOHFFLyQ DUULHVJDGD \
SRWHQFLDOPHQWHFRVWRVD(VLPSRUWDQWHWHQHUHQFXHQWDDGHPiVTXHXQDGLVSRVLFLyQWULEXWDULDFRQHO
REMHWLYRGHSURGXFLUEHQHILFLRVDPELHQWDOHVUHVXOWDVHUVRFLDOPHQWHPiVDFHSWDEOHTXHRWUDV

9&RQFOXVLRQHV\UHFRPHQGDFLRQHVSRUSDtV
$ FRQWLQXDFLyQ VH SUHVHQWDUiQ ODV UHFRPHQGDFLRQHVSURSXHVWDV SDUD HO VHFWRU GH UHVLGXRV VyOLGRVGH
&RORPELD &KLOH 3HU~ \ 8UXJXD\ ODV FXDOHV KDQ VXUJLGR GH DFXHUGR D OR DQDOL]DGR D OR ODUJR GHO
GHVDUUROORGHOHVWXGLR'HLJXDOPDQHUDVHLQFOX\HXQEUHYHDQiOLVLVGHODYLDELOLGDGGHODSURSXHVWD
SDUD HO SDtV HQ FXHVWLyQ DVt FRPR OD FRUUHVSRQGLHQWH VLPXODFLyQ GH ORV SRVLEOHV LPSDFWRV VREUH ODV
ILQDQ]DVS~EOLFDV\ODFRQWDPLQDFLyQGHOPHGLRDPELHQWH
$&RORPELD
3DUDHOFDVRGH&RORPELDDOLJXDOTXH&KLOHVHSURSRQHFUHDUXQPDUFRUHJXODWRULRHLQVWLWXFLRQDOTXH
LQFHQWLYH OD HILFLHQFLD \ HO PHMRUDPLHQWR FRQWLQXR XQD YH] HO RSHUDGRU HQWUD DO PHUFDGR 3XHGH
LQFOXVR FRQVLGHUDUVH XQD PD\RU FRPSHWHQFLD GRQGH VH EXVFD TXH FDGD XVXDULR GHO VHUYLFLR SXHGD
HVFRJHU OD HPSUHVD TXH GHVHH SDUD OD UHFROHFFLyQ GH ORV UHVLGXRV VyOLGRV FRQ HO ILQ GH LQFHQWLYDU
PHMRUDV HQ OD HILFLHQFLD SRU SDUWH GH ORV SUHVWDGRUHV GHO VHUYLFLR 'HO PLVPR PRGR HV LPSRUWDQWH
UHVDOWDUTXHHVDSURSXHVWDQRYDHQFRQWUDYtDGHODVGLVSRVLFLRQHVHVWDEOHFLGDVSRUHO'HFUHWRGH
SRU HO FXDO VH UHJODPHQWD OD /H\ GH OD /H\ GH \ OD /H\ GH HQ
UHODFLyQFRQODSUHVWDFLyQGHOVHUYLFLRS~EOLFRGHDVHRQLFRQHO'HFUHWR/H\GH\OD/H\
GHHQUHODFLyQFRQOD*HVWLyQ,QWHJUDOGH5HVLGXRV6yOLGRV
3RU RWUR ODGR VH KD YLVWR TXH HQ &RORPELD KDFH IDOWD IDFLOLWDU \ SURPRYHU HO GHVDUUROOR GH
SUR\HFWRV0'/DVtFRPRRWURVSUR\HFWRVGHILQDQFLDFLyQGHUHGXFFLyQGHHPLVLRQHVHQORVPHUFDGRV
DOWHUQDWLYRV \R YROXQWDULRV GH FDUERQR 6H KD PRVWUDGR TXH HVWRV SUR\HFWRV WLHQHQ HO SRWHQFLDO GH
UHGXFLUHQJUDQPHGLGDODVHPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURDVRFLDGDVDODGLVSRVLFLyQGHORV
UHVLGXRV (Q &RORPELD H[LVWHQ LQFHQWLYRV WULEXWDULRV \ H[HQFLRQHV GH LPSXHVWRV SDUD ORV
GHVDUUROODGRUHV GH SUR\HFWRV 0'/ /RV SUR\HFWRV GH HVWH WLSR HQ HO SDtV UHJLVWUDGRV DQWH 1DFLRQHV
8QLGDV VROR FRQWURODQ HO GHO WRWDO GH ODV HPLVLRQHV GHO VHFWRU GH ORV UHVLGXRV /R DQWHULRU
SRVLEOHPHQWH LQGLTXH TXH ORV SURFHVRV DGPLQLVWUDWLYRV DQWH HO 0LQLVWHULR GH $PELHQWH QR HV HO
ySWLPRSRUHOORVHUHFRPLHQGDVLPSOLILFDUORVSURFHVRVGHDSUREDFLyQQDFLRQDOSDUDHOGHVDUUROORGH
SUR\HFWRV 0'/ (V LPSRUWDQWH GHVWDFDU TXH &KLOH D SHVDU GH QR WHQHU HVWH WLSR GH LQFHQWLYRV KD
GHVDUUROODGRPXFKRVPiVSUR\HFWRV0'/TXH&RORPELDKDVWDHOSXQWRGHORJUDUHQHOFRQWURODU
HO GH ODV HPLVLRQHV DVRFLDGDV D OD GLVSRVLFLyQ GH ORV UHVLGXRV 5HVSHFWR D ORV EHQHILFLRV
DPELHQWDOHV TXH FRQOOHYDUtD OD SURSXHVWD DQWHULRU GXUDQWH HO GHVDUUROOR GHO SUHVHQWH HVWXGLR VH KD
FDOFXODGRTXHHQFDVRGHTXH&RORPELDORJUHDXPHQWDUHQXQODVHPLVLRQHVHYLWDGDVJUDFLDVD

SUR\HFWRV 0'/ R D RWURV PHUFDGRV TXH ILQDQFLHQ UHGXFFLRQHV GH HPLVLRQHV VH SRGUtD ORJUDU XQD
UHGXFFLyQGHPiVGHWRQHODGDVGHJDVHVGHHIHFWRLQYHUQDGHURW&2HDODxR
'XUDQWH HO GHVDUUROOR GHO SUHVHQWH HVWXGLR VH GHWHFWy TXH ORV SUHVWDGRUHV GHO VHUYLFLR GH
UHFROHFFLyQ\ORVRSHUDGRUHVGHUHOOHQRVVDQLWDULRVSHUFLEHQPD\RUHVLQJUHVRVDPHGLGDTXHDXPHQWD
ODFDQWLGDGGHSURGXFFLyQGHGHVHFKRV(OORGHELGRDTXHHOSDJRTXHUHFLEHQGHSHQGHGLUHFWDPHQWHGH
ODFDQWLGDGGHGHVHFKRVWUDQVSRUWDGD\RGLVSXHVWD(VWRREHGHFHDTXHORVFRVWRVSDUDHORSHUDGRUVRQ
PD\RUHVDPHGLGDTXHDXPHQWDODFDQWLGDGGHGHVHFKRVDWUDQVSRUWDU\RGLVSRQHUORTXHFRQVWLWX\H
XQLQFHQWLYRSHUYHUVRFRQWDUXQDPD\RUHILFLHQFLD\UHGXFFLyQGHORVGHVHFKRV6HSURSRQHHQWRQFHV
TXH HO SDJR VHD IXQFLyQ GH XQD VHULH GH YDULDEOHV QR ~QLFDPHQWH GHO YROXPHQ GLVSXHVWR 8QD
SRVLELOLGDG HV TXH VH LQFOX\D HO Q~PHUR GH FOLHQWHV HO SRUFHQWDMH GH UHVLGXRV DSURYHFKDGRV SRU HO
SUHVWDGRUGHOVHUYLFLR\HOQ~PHURGHWRQHODGDVWUDQVSRUWDGDV\GLVSXHVWDV'HHVWDPDQHUDHQHOFDVR
HQTXHODFDQWLGDGGHUHVLGXRVJHQHUDGDSRUXVXDULRGLVPLQX\HRHOSRUFHQWDMHGHUHVLGXRVUHFLFODGRV\
DSURYHFKDGRV DXPHQWD HQWRQFHV ORV SUHVWDGRUHV GHO VHUYLFLR GH UHFROHFFLyQ \ ORV RSHUDGRUHV GH
UHOOHQRVQRYHUtDQDIHFWDGRVVXVLQJUHVRV
'HLJXDOPDQHUDVHKDREVHUYDGRTXHORVFRQWUDWRVGHFRQFHVLyQSDUDODRSHUDFLyQGHUHOOHQRV
VDQLWDULRVHQHOSDtVHQODPD\RUtDGHORVFDVRVFRUUHVSRQGHQDFRQWUDWRVGHPHGLDQRSOD]RDOUHGHGRU
GHDxRV6HSURSRQHFRQWUDWRVGHODUJRSOD]RTXHJHQHUHQLQFHQWLYRVGHPDQHUDTXHDOGXHxRGHO
UHOOHQROHLQWHUHVHODSURORQJDFLyQGHVXYLGD~WLO3DUDDXPHQWDUORVLQFHQWLYRVDODH[WHQVLyQGHOD
YLGD ~WLO GHO UHOOHQR VH SURSRQH H[LJLU TXH ORV FRVWRV GHO ORWH GHO UHOOHQR VHDQ GHO FRQFHVLRQDULR D
FDUJRGHVXRSHUDFLyQQRGHOPXQLFLSLRRGHODQDFLyQ
%&KLOH
(Q &KLOH HV SRVLEOH LQFHQWLYDU OD HILFLHQFLD \ HO PHMRUDPLHQWR FRQWLQXR XQD YH] HO RSHUDGRU HQWUD DO
PHUFDGR 3RU HMHPSOR HO SURFHVR GH OLFLWDFLyQ TXH OOHYH D FDER FDGD PXQLFLSDOLGDG GHEH LQYROXFUDU HO
FULWHULRGHHOHFFLyQGHOSUHVWDGRUGHOVHUYLFLRSRUSDUWHGHOXVXDULR'HHVWHPRGRODOLEUHFRPSHWHQFLDSRU
HOPHUFDGRLQFOXLUiH[LJHQFLDVHVWDEOHFLGDVSRUHOXVXDULR\QRVROREDMRHOFULWHULRGHOJRELHUQRPXQLFLSDO
&RPR VH KD PRVWUDGR HO VHFWRU GH JHVWLyQ \ PDQHMR GH UHVLGXRV VyOLGRV HQ &KLOH WLHQH
HVWUXFWXUDVGHSUHFLRVTXHQRUHIOHMDDGHFXDGDPHQWHORVFRVWRVUHODFLRQDGRVFRQODJHVWLyQPDQHMR\
GLVSRVLFLyQILQDO\PXFKRPHQRVHOFRVWRDPELHQWDODVRFLDGR/RDQWHULRUVHGHEHDODH[LVWHQFLDGH
VXEVLGLRVQDFLRQDOHVTXHFXEUHQSDUWHGHORVFRVWRVDOXVXDULR(VWRLQGLFDODQHFHVLGDGGHFRQWDUFRQ
LQVWUXPHQWRV HFRQyPLFRV HILFDFHV \ HVTXHPDV WDULIDULRV TXH SURPXHYDQ HO FRQWURO DPELHQWDO \ GH
HPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHUR7HQLHQGRHQFXHQWDTXHORVLQVWUXPHQWRVHFRQyPLFRVVRQ
XQD PDQHUD HILFLHQWH SDUDHPLWLU VHxDOHV FRUUHFWDVDOPHUFDGR UHGXFLU ODV GLVWRUVLRQHV HLQWHUQDOL]DU
ODV H[WHUQDOLGDGHV XQD PLJUDFLyQ GHO HVTXHPD DFWXDO GRQGH SULPDQ ORV VXEVLGLRV D XQR HQ HO TXH
SULPHQ ORV LQFHQWLYRV HFRQyPLFRV WHQGUtD HO SRWHQFLDO QR VRODPHQWH GH UHGXFLU ODV H[WHUQDOLGDGHV
QHJDWLYDVVREUHHOPHGLRDPELHQWHLQFOX\HQGRODSUREOHPiWLFDGHFDPELRFOLPiWLFRJOREDOVLQRTXH
SRGUtDIRPHQWDUHOHPSOHR\GLVPLQXLUODVLQHTXLGDGHVUHJLRQDOHV6HUHFRPLHQGDHQWRQFHVSURSRQHU
WDULIDVHVWUDWLILFDGDVFRQVXEVLGLRVFUX]DGRVHQODVTXHORVVHFWRUHVFRQLQJUHVRVDOWRVGHODSREODFLyQ
FXEUDQ SDUWH GH OD WDULID GH DTXHOORV FRQ PHQRUHV LQJUHVRV 8Q HMHPSOR H[LWRVR GH OD SURSXHVWD
DQWHULRU HV HO FDVR GH &RORPELD HQ GRQGH H[LVWH XQ VLVWHPD GH VXEVLGLRV FUX]DGRV TXH GHVGH
SHUPLWHTXHORVKRJDUHVGHLQJUHVRVDOWRVILQDQFLHQXQDSDUWHGHOFRQVXPRGHORVKRJDUHVGHLQJUHVRV
EDMRV &RQHVWR VH JDUDQWL]D HO DFFHVR \ FRQVXPR FRQWLQXR D ORV VHUYLFLRV EiVLFRVD ORVXVXDULRV GH
PHQRULQJUHVR(VWHREMHWLYRVRFLDOEXVFDORJUDUVHUYLFLRVXQLYHUVDOHV\HQSDUWLFXODUSHUPLWLUTXHWRGD
ODSREODFLyQSXHGDDFFHGHUDVHUYLFLRVEiVLFRVFRPRORVGHDJXDSRWDEOH\VDQHDPLHQWR<HSHV
(VUHFRPHQGDEOHTXHOHVXEVLGLRQRVHDWRWDOVLQRSDUFLDO(VWRHVFRQWUDULRDORTXHRFXUUHHQHVWH
PRPHQWRHQ&KLOHGRQGHDTXHOORVSUHGLRVFRQXQYDORULQIHULRUD8QLGDGHV7ULEXWDULDV0HQVXDOHV
DOUHGHGRUGH86'HVWiQH[HQWRVGHOSDJRGHGHUHFKRVGHDVHRSRUODOH\GHPXQLFLSDOLGDGHV

&3HU~
(Q HVWH HVWXGLR VH KD GHWHFWDGR TXH QR H[LVWH QLQJXQD UHODFLyQ HYLGHQWH HQWUH OD QDWXUDOH]D GHO
SURYHHGRU\ORVFRVWRVGHOVHUYLFLRGHJHVWLyQ\PDQHMRGHORVUHVLGXRVVyOLGRVHQ3HU~0LHQWUDVHQ
&RORPELD\&KLOHODSULYDWL]DFLyQGHOVHUYLFLRKDWHQLGRXQDPD\RUSHQHWUDFLyQHQ3HU~\8UXJXD\OD
PD\RUSDUWHHVSUHVWDGDD~QSRUORVPXQLFLSLRV\GHSDUWDPHQWRVGLUHFWDPHQWH$GLFLRQDOPHQWHVHKD
HQFRQWUDGRTXH&RORPELD\&KLOHVRQORVSDtVHVTXHSUHVHQWDQORVPD\RUHVSRUFHQWDMHVGHGLVSRVLFLyQ
DGHFXDGDGHVXVUHVLGXRV\ODVPHQRUHVHPLVLRQHVSHUFiSLWDGHJDVHVGHHIHFWRLQYHUQDGHURDVRFLDGDV
D OD GLVSRVLFLyQ GH GLFKRV UHVLGXRV &RQ EDVH HQ OR DQWHULRU VH SURSRQH TXH HQ 3HU~ VH HYDO~HQ
PHGLGDV HQFDPLQDGDV D DXPHQWDU OD SDUWLFLSDFLyQ SULYDGD HQ OD SUHVWDFLyQ GH ORV VHUYLFLRV GH DVHR
PHMRUDUODHILFLHQFLDGHVXVVLVWHPDVGHWUDWDPLHQWR\YHODUSRUXQDUHJXODFLyQTXHKDJDPiVHILFLHQWH
OD SDUWLFLSDFLyQ S~EOLFD (VSHFtILFDPHQWH VH UHFRPLHQGD FRQVWUXLU HQ 3HU~ XQ PDUFR UHJXODWRULR H
LQVWLWXFLRQDO TXH IDYRUH]FD OD OLEUHFRPSHWHQFLD HQWUH JHQWHV SULYDGRV HQ DTXHOORV FDVRV HQ GRQGH
HVWDUHVXOWHVHUILQDQFLHUDPHQWHVRVWHQLEOHGHSHQGHGHOWDPDxRGHODVFLXGDGHV\GHODFDSDFLGDGGH
SDJR GH OD SREODFLyQ DXQTXH HV LPSRUWDQWH UHVDOWDU TXH QR VH GHEH FHUUDU OD SXHUWD DO JRELHUQR
FXDQGR QR H[LVWD RSFLyQ SULYDGD &KLOH \ &RORPELD PXHVWUDQ XQD IXHUWH SDUWLFLSDFLyQ SULYDGD VLQ
HPEDUJRHQHVWRVSDtVHVODSUHVWDFLyQSRUSDUWHGHOHVWDGRRFXUUHFXDQGRHOWDPDxRGHOPHUFDGRHV
SHTXHxRRODGLVSRQLELOLGDGGHSDJRHVEDMD\HQFRQVHFXHQFLDQRVHGDQFRQGLFLRQHVDGHFXDGDVSDUD
ODHQWUDGDGHRSHUDGRUHVSULYDGRV
3RURWUDSDUWHDOLJXDOTXHHQHOFDVRFRORPELDQRVHKDYLVWRTXHHQ3HU~KDFHIDOWDIDFLOLWDU\
SURPRYHUHOGHVDUUROORGHSUR\HFWRV0'/DVtFRPRRWURVSUR\HFWRVGHILQDQFLDFLyQGHUHGXFFLyQGH
HPLVLRQHVHQORVPHUFDGRVDOWHUQDWLYRV\RYROXQWDULRVGHFDUERQR6HKDPRVWUDGRTXHHVWRWLHQHHO
SRWHQFLDO GH UHGXFLU HQ JUDQ PHGLGD ODV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR DVRFLDGDV D OD
GLVSRVLFLyQGHORVUHVLGXRV&RPRVHKDPRVWUDGRORVSUR\HFWRVGHHVWHWLSRHQHOSDtVUHJLVWUDGRVDQWH
1DFLRQHV 8QLGDV DSHQDV FRQWURODQ HO GHO WRWDO GH ODV HPLVLRQHV GHO VHFWRU /R DQWHULRU
SRVLEOHPHQWH LQGLTXH TXH ORV SURFHVRV DGPLQLVWUDWLYRV DQWH HO 0LQLVWHULR GH $PELHQWH QR VRQ
ySWLPRV (V LPSRUWDQWH UHVDOWDU TXH &KLOH KD GHVDUUROODGR PXFKRV PiV SUR\HFWRV 0'/ TXH 3HU~
KDVWDHOSXQWRGHORJUDUHQHOFRQWURODUHOGHVXVHPLVLRQHVDVRFLDGDVDODGLVSRVLFLyQGHORV
UHVLGXRV 'H PDQHUD VLPLODU DO FDVR FRORPELDQR GXUDQWH HO GHVDUUROOR GHO SUHVHQWH HVWXGLR VH KD
FDOFXODGR TXH HQ HO FDVR HQ TXH 3HU~ ORJUH DXPHQWDU HQ XQ ODV HPLVLRQHV HYLWDGDV JUDFLDV D
SUR\HFWRV 0'/ R D RWURV PHUFDGRV TXH ILQDQFLHQ UHGXFFLRQHV GH HPLVLRQHV VH SRGUtD ORJUDU XQD
UHGXFFLyQGHPiVGHWRQHODGDVGHJDVHVGHHIHFWRLQYHUQDGHURW&2HDODxR
/DVH[WHUQDOLGDGHVQHJDWLYDVVREUHHOPHGLRDPELHQWHFRPRODFRQWDPLQDFLyQGHODVDJXDV\
GHORVVXHORVODJHQHUDFLyQGHPDORVRORUHVODSUROLIHUDFLyQGHYHFWRUHVORVULHVJRVDODVDOXGKXPDQD
\ ODV H[WHUQDOLGDGHV DVRFLDGDV D OD SUREOHPiWLFD GH FDPELR FOLPiWLFR JOREDO VH SXHGHQ FRQWURODU \
PLQLPL]DU FRQ UHOOHQRV VDQLWDULRV DGHFXDGDPHQWH GLVHxDGRV \ RSHUDGRV (Q ORV ERWDGHURV D FLHOR
DELHUWR\YHUWHGHURVHVWDVH[WHUQDOLGDGHVVRQPXFKRPiVJUDYHV\GLItFLOHVGHFRQWURODU7HQLHQGRHQ
FXHQWDORDQWHULRU\FRQVLGHUDQGRTXHHQ3HU~ODPD\RUtDGHORVUHVLGXRVVyOLGRVVHGLVSRQHD~QHQ
YHUWHGHURVDFLHORDELHUWRVHSURSRQHJHQHUDULQFHQWLYRVDIDYRUGHORVUHOOHQRVVDQLWDULRV\HQFRQWUD
GHORVYHUWHGHURVDFLHORDELHUWR8QDSRVLELOLGDGHVHOHVWDEOHFLPLHQWRGHLQFHQWLYRVHQIDYRUGHORV
RSHUDGRUHV GH UHOOHQRV VDQLWDULRV (QWUH HVWRV LQFHQWLYRV SRGUtDQ FRQVLGHUDUVH PD\RUHV WDULIDV SDUD
TXLHQHV GLVSRQHQ HQ YHUWHGHURV D FLHOR DELHUWR HO HVWtPXOR D ORV RSHUDGRUHV GH UHOOHQRV GH EXHQ
GHVHPSHxR DPELHQWDO \ VRFLDO HQ ODV QXHYDV OLFLWDFLRQHV OD LPSOHPHQWDFLyQ GH VDQFLRQHV SDUD ORV
RSHUDGRUHV GH UHOOHQRV \YHUWHGRUHV GH PDO GHVHPSHxR 3DUD PD[LPL]DU HOEHQHILFLRGH HVWHWLSR GH
PHGLGDV VH SRGUtD FRQVLGHUDU OD WUDQVIHUHQFLD GH OD VREUH WDULID \ GH ODV VDQFLRQHV DSOLFDGDV D ORV
YHUWHGHURVD FLHOR DELHUWRKDFLD ORVRSHUDGRUHV \ HQ XOWLPDV KDFLDORV XVXDULRVGH ORV UHOOHQRVELHQ
RSHUDGRV(QFXDQWRDORVEHQHILFLRVDPELHQWDOHVGHHVWDPHGLGDVHFDOFXODTXHHQHOFDVRHQTXH3HU~
ORJUH DXPHQWDU HQ XQ OD GLVSRVLFLyQ ILQDO GH UHVLGXRV HQ UHOOHQRV VDQLWDULRV \ GLVPLQX\H OD
GLVSRVLFLyQHQYHUWHGHURVDFLHORDELHUWRVHSRGUtDQHYLWDUDOUHGHGRUGHWRQHODGDVGHJDVHVGH
HIHFWRLQYHUQDGHURW&2HDODxRFRQVLVWHPDVGHFDSWXUD\TXHPDGHPHWDQR

(QHOFDPSRQRUPDWLYRH[LVWHQYDULRVLQWHQWRVHQ3HU~SRUHOLPLQDUORVERWDGRUHV\GDUSDVR
D ORV UHOOHQRV VDQLWDULRV 3RU HMHPSOR HO 'HFUHWR 1R GHO PRGLILFD ODV GLVSRVLFLRQHV
UHVSHFWR D ORV 3ODQHV ,QWHJUDOHV GH *HVWLyQ $PELHQWDO GH 5HVLGXRV 6yOLGRV HQ GRQGH ODV
PXQLFLSDOLGDGHV GHEHQ LQFOXLU SUHVXSXHVWR SDUD OD HUUDGLFDFLyQ GH ORV ERWDGHURV H[LVWHQWHV R VX
DGHFXDFLyQ GH DFXHUGR D ORV PDQGDWRV HVWDEOHFLGRV HQ OD SUHVHQWH /H\ /RV SOD]RV SDUD FXPSOLU OD
QRUPD HVWDUiQ D FULWHULR GH FDGD DXWRULGDG PXQLFLSDO &RPR VH SXHGH DSUHFLDU HQ HVWH FDVR QR HV
QHFHVDULRLPSXOVDUFDPELRVHQODQRUPDWLYDROHJLVODFLyQ3HUXDQDVLQRYHODUSRUHOFXPSOLPLHQWRGH
ORGLVSXHVWRSRUODQRUPDWLYDH[LVWHQWH
$OLJXDOTXHRFXUUHHQ&KLOHHOVHFWRUGHJHVWLyQ\PDQHMRGHUHVLGXRVVyOLGRVHQ3HU~WLHQH
HVWUXFWXUDVGHWDULIDVTXHQRUHIOHMDDGHFXDGDPHQWHORVFRVWRVUHODFLRQDGRVFRQODJHVWLyQPDQHMR\
GLVSRVLFLyQILQDO\PXFKRPHQRVHOFRVWRDPELHQWDODVRFLDGR/RDQWHULRUVHGHEHDODH[LVWHQFLDGH
VXEVLGLRV QDFLRQDOHV TXH FXEUHQ SDUWH GH ORV FRVWRV (VWR LQGLFD OD QHFHVLGDG GH FRQWDU FRQ
LQVWUXPHQWRVHFRQyPLFRVHILFDFHV\HVTXHPDVWDULIDULRVTXHSURPXHYDQHOFRQWURODPELHQWDO\GHODV
HPLVLRQHVGHJDVHVGHHIHFWRLQYHUQDGHURFRQHOSRWHQFLDOGHVHUHYLWDGDV7HQLHQGRHQFXHQWDTXHORV
LQVWUXPHQWRVHFRQyPLFRVVRQXQDPDQHUDHILFLHQWHSDUDHPLWLUVHxDOHVFRUUHFWDVDOPHUFDGRUHGXFLU
ODVGLVWRUVLRQHVHLQWHUQDOL]DUODVH[WHUQDOLGDGHVXQDPLJUDFLyQGHOHVTXHPDDFWXDOGRQGHSULPDQORV
VXEVLGLRV D XQR HQ HO TXH SULPHQ ORV LQFHQWLYRV HFRQyPLFRV WHQGUtD HO SRWHQFLDO QR VRODPHQWH GH
UHGXFLUODVH[WHUQDOLGDGHVQHJDWLYDVVREUHHOPHGLRDPELHQWHLQFOX\HQGRODSUREOHPiWLFDGHFDPELR
FOLPiWLFRJOREDOVLQRTXHSRGUtDIRPHQWDUHOHPSOHR\GLVPLQXLUODVLQHTXLGDGHVUHJLRQDOHV(QYH]
GH FRQWDU FRQ HVWRV VXEVLGLRV QDFLRQDOHV VH UHFRPLHQGD SURSHQGHU SRU WDULIDV HVWUDWLILFDGDV FRQ
VXEVLGLRVFUX]DGRVHQODVTXHORVVHFWRUHVFRQLQJUHVRVDOWRVGHODSREODFLyQFXEUDQSDUWHGHODWDULID
GHDTXHOORVFRQPHQRUHVLQJUHVRV
'8UXJXD\
(Q3HU~\8UXJXD\DGLIHUHQFLDGH&RORPELD\&KLOHODPD\RUSDUWHGHOVHUYLFLRHVSUHVWDGDSRUORV
PXQLFLSLRV\GHSDUWDPHQWRVGLUHFWDPHQWH6LQHPEDUJRSHUVLVWHQODVH[WHUQDOLGDGHVQHJDWLYDVVREUH
HOPHGLRDPELHQWHFRPRODFRQWDPLQDFLyQGHODVDJXDV\GHORVVXHORVODJHQHUDFLyQGHPDORVRORUHV
OD SUROLIHUDFLyQ GH YHFWRUHV ORV ULHVJRV D OD VDOXG KXPDQD \ ODV H[WHUQDOLGDGHV DVRFLDGDV D OD
SUREOHPiWLFDGHFDPELRFOLPiWLFRJOREDO(OORVHSXHGHFRQWURODU\PLQLPL]DUFRQUHOOHQRVVDQLWDULRV
DGHFXDGDPHQWH GLVHxDGRV \ RSHUDGRV (Q ORV ERWDGHURV D FLHOR DELHUWR \ YHUWHGHURV HVWDV
H[WHUQDOLGDGHV VRQ PXFKR PiV JUDYHV \ GLItFLOHV GH FRQWURODU 7HQLHQGR HQ FXHQWD OR DQWHULRU \
FRQVLGHUDQGRTXHHQ8UXJXD\GHPDQHUDVLPLODUD3HU~ODPD\RUtDGHORVUHVLGXRVVyOLGRVVHGLVSRQH
HQYHUWHGHURVFRQWURODGRVHQWRQFHVVHSURSRQHJHQHUDULQFHQWLYRVDIDYRUGHORVUHOOHQRVVDQLWDULRV\
HQ FRQWUD GH ORV YHUWHGHURV FRQWURODGRV \ D FLHOR DELHUWR 8QD SRVLELOLGDG HV HO HVWDEOHFLPLHQWR GH
LQFHQWLYRVSDUDORVRSHUDGRUHVGHUHOOHQRVVDQLWDULRVFRPRHOIDYRUHFLPLHQWRHQODWDULIDDORVUHOOHQRV
IUHQWH D ORV YHUWHGHURV R HO HVWtPXOR D ORV RSHUDGRUHV GH UHOOHQRV GH EXHQ GHVHPSHxR DPELHQWDO \
VRFLDOHQODVQXHYDVOLFLWDFLRQHV\ODLPSOHPHQWDFLyQGHVDQFLRQHVSDUDORVRSHUDGRUHVGHUHOOHQRV\
YHUWHGRUHV GH PDO GHVHPSHxR 3DUD PD[LPL]DU HO EHQHILFLR GH HVWH WLSR GH PHGLGDV VH SRGUtD
FRQVLGHUDU OD WUDQVIHUHQFLD GH OD VREUH WDULID \ GH ODV VDQFLRQHV DSOLFDGDV D ORV YHUWHGHURV D FLHOR
DELHUWR KDFLD ORV RSHUDGRUHV \ HQ XOWLPDV KDFLD ORV XVXDULRV GH ORV UHOOHQRV ELHQ RSHUDGRV 3DUD
WHUPLQDU HV LPSRUWDQWH UHVDOWDU TXH UHVSHFWR ORV EHQHILFLRV DPELHQWDOHV GH HVWD PHGLGD HQ HVWH
HVWXGLRVHKDFDOFXODGRTXHHQHOFDVRHQTXH8UXJXD\ORJUHDXPHQWDUHQXQODGLVSRVLFLyQILQDO
GHUHVLGXRVHQUHOOHQRVVDQLWDULRV\GLVPLQX\HODGLVSRVLFLyQHQYHUWHGHURVDFLHORDELHUWRDOUHGHGRU
GHWRQHODGDVGHJDVHVGHHIHFWRLQYHUQDGHURW&2HDODxRVHUtDQVXVFHSWLEOHVGHVHUHYLWDGDV
FRQVLVWHPDVGHFDSWXUD\TXHPDGHPHWDQR

%LEOLRJUDItD
$FTXDWHOOD - %iUFHQD $ 3ROtWLFD ILVFDO \ PHGLR DPELHQWH %DVHV SDUD XQD DJHQGD FRP~Q
1DFLRQHV8QLGDV&(3$/6DQWLDJRGH&KLOH
&(3$//DHFRQRPtDGHOFDPELRFOLPiWLFRHQ$PpULFD/DWLQD\HO&DULEH6tQWHVLV6DQWLDJR
GH&KLOH
3ROtWLFDV $PELHQWDOHV \ 'HVDUUROOR 6XVWHQWDEOH GHO VLWLR ZHE GH OD &(3$/
KWWSZZZFHSDORUJSXEOLFDFLRQHV[POGXUDQKWP
&KLOH 3ULPHU 5HSRUWH GHO 0DQHMR GH 5HVLGXRV 6yOLGRV HQ &KLOH &RPLVLyQ 1DFLRQDO GHO 0HGLR
$PELHQWH&KLOH
3ROtWLFDGH*HVWLyQ,QWHJUDOGH5HVLGXRV6yOLGRV&RPLVLyQ1DFLRQDOGHO0HGLR$PELHQWH
&KLOH
*HVWLyQ ,QWHJUDO GH 5HVLGXRV 6yOLGRV 'RPLFLOLDULRV &RPLWp GH 0LQLVWURV GH 'HVDUUROOR
3URGXFWLYR*RELHUQRGH&KLOH
&KLOH&yGLJR6DQLWDULR'HFUHWR&RQ)XHU]D'H/H\1GH
&RQVWLWXFLyQ3ROtWLFDGHOD5HS~EOLFDGH&KLOHGH
'HFUHWR 6XSUHPR 1 GH &RQYHQLR GH %DVLOHD VREUH HO FRQWURO GH ORV PRYLPLHQWRV
WUDQVIURQWHUL]RVGHORVGHVHFKRVSHOLJURVRV\VXHOLPLQDFLyQ
'HFUHWR6XSUHPR15HJODPHQWR6DQLWDULR6REUH0DQHMRGH5HVLGXRV3HOLJURVRVGH
'HFUHWR6XSUHPR1&RQGLFLRQHVVDQLWDULDV\GHVHJXULGDGEiVLFDVHQORVUHOOHQRVVDQLWDULRV
GH
'HFUHWR6XSUHPR11RUPDGHHPLVLyQSDUDODLQFLQHUDFLyQ\FRLQFLQHUDFLyQGH
'HFUHWR 6XSUHPR 1 VREUH FRQGLFLRQHV VDQLWDULDV \ DPELHQWDOHV EiVLFDV HQ ORV OXJDUHV GH
WUDEDMRGH
'HFUHWR 6XSUHPR 1 5HJODPHQWR VREUH PDQHMR GH UHVLGXRV GH HVWDEOHFLPLHQWRV GH DWHQFLyQ D OD VDOXG
3XEOLFDGRGH
)LVFDOtD1DFLRQDO(FRQyPLFD'HIHQVD/LEUH&RPSHWHQFLD5HVLGXRV6yOLGRV'RPLFLOLDULRV
5HFXSHUDGR HO GtD GHO PHV GH IHEUHUR GHO DxR GHO VLWLR :HE GH /D )LVFDOtD 1DFLRQDO
(FRQyPLFDGH&KLOHKWWSZZZIQHJREFOGHIHQVDGHODOLEUHFRPSHWHQFLDUHVLGXRVVROLGRV
/H\GHO(VWDEOHFLPLHQWRGH%DVHV*HQHUDOHVGHO0HGLR$PELHQWHGH\VXVPRGLILFDFLRQHV
/H\ GH OD &UHDFLyQ GHO PLQLVWHULR HO VHUYLFLR GH (YDOXDFLyQ DPELHQWDO \ OD
VXSHULQWHQGHQFLDGHO0HGLR$PELHQWHGH
/H\GH5HQWDV0XQLFLSDOHV'/GH\VXVPRGLILFDFLRQHV
0LQLVWHULR GH 0HGLR $PELHQWH *RELHUQR GH &KLOH ,QIRUPH GHO (VWDGR GHO 0HGLR
$PELHQWH 5HFXSHUDGR HO GtD GHO PHV GH IHEUHUR GHO DxR GHO VLWLR :HE GHO
0LQLVWHULRGH0HGLR$PELHQWHKWWSZZZPPDJREFOZDUWLFOHKWPO

3UR\HFWR GH DFXHUGR GHOD &iPDUD GH 'LSXWDGRVSRU HO FXDO VH DFXHUGD OD 5HVSRQVDELOLGDG
([WHQGLGDGHO3URGXFWRU5(3GHOGHRFWXEUHGH
5HVROXFLyQ11RUPDVVDQLWDULDVPtQLPDVSDUDODRSHUDFLyQGHEDVXUDOHVGH
6XEVHFUHWDUtDGH'HVDUUROOR5HJLRQDO\$GPLQLVWUDWLYR6LVWHPD1DFLRQDOGH,QIRUPDFLyQ
0XQLFLSDO 6,1,0 5HFXSHUDGR HO GH GLFLHPEUH GH GHO VLWLR :HE GHO 6,1,0
KWWSZZZVLQLPJRYFOLQGLFDGRUHVEXVTBJHQHUDOSKS
0LQLVWHULR GH 0HGLR $PELHQWH *RELHUQR GH &KLOH 5HSRUWH DVRFLDGR D JHQHUDFLyQ GH
UHVLGXRVVyOLGRVGH&KLOH,QGLFDGRUHV1DFLRQDOHVGH5HVLGXRV5HFXSHUDGRHOGHGLFLHPEUHGH
GHO VLWLR :HE GHO 0LQLVWHULR GH 0HGLR $PELHQWH KWWSRFGHHVSVWIO
HVSDVS
&RDTXLUD:6)/DILQDOLGDGH[WUDILVFDOGHOiUELWURGHOLPSLH]D8QLYHUVLGDG1DFLRQDOGHO$OWLSODQR3HU~
&RORPELD&RQVWLWXFLyQ3ROtWLFDGH
/H\WDGH/H\GH'HFUHWRGH'HFUHWRGH'HFUHWR
GH'HFUHWRGH5HVROXFLyQGH
0$'6>0LQLVWHULRGH$PELHQWH\'HVDUUROOR6RVWHQLEOH@,QIRUPHGH*HVWLyQDO&RQJUHVR
&(035(>&RPSURPLVR(PSUHVDULDO3DUD(O5HFLFODMH@$SUR[LPDFLyQDO0HUFDGRGH5HFLFODEOHV
\ OD ([SHULHQFLDV 6LJQLILFDWLYDV (VWXGLR 1DFLRQDO GH 5HFLFODMH \ ORV 5HFLFODGRUHV &(035(
%RJRWi&RORPELD
'$1((OUHFLFODMHHQ%RJRWi$FWRUHVSURFHVRV\SHUVSHFWLYDV
*ODYH 0DQXHO &RRUGLQDFLyQ HQWUH ODV SROtWLFDV ILVFDO \ DPELHQWDO HQ HO 3HU~ 6HULH 0HGLR
$PELHQWH\'HVDUUROOR&(3$/6DQWLDJRGH&KLOH
*yPH]0DU\3ROtWLFDILVFDOSDUDODJHVWLyQDPELHQWDOHQ&RORPELD&(3$/6DQWLDJRGH&KLOH
,'($0*HQHUDFLyQ\*HVWLyQGH5HVLGXRV3HOLJURVRVHQ&RORPELD$xR
0$9'7 3ROtWLFD $PELHQWDO SDUD OD *HVWLyQ ,QWHJUDO GH 5HVLGXRV 3HOLJURVRV PHGLR DPELHQWH \
HQYDVHV 5HFXSHUDGR HO GH IHEUHURGH KWWSZZZLQHJREP[SXEOLFDFLRQHVOLEURV
PDUFRKWPO
0RQUHDO -XOLR & /D 5HFXSHUDFLyQ GH ELRJiV GH UHOOHQRV VDQLWDULRV HQ 6DQWLDJR GH &KLOH
0LQLVWHULR GH 6DOXG 'HSWR 3URJUDPDV VREUH $PELHQWH 0LQLVWHULR GH 6DOXG (Q ³6HPLQDULR
,QWHUQDFLRQDO*HVWLyQ,QWHJUDOGH5HVLGXRV6yOLGRV\3HOLJURVRV6LJOR;;,´
2&'(3HUVSHFWLYDV2&'(0p[LFR5HIRUPDVSDUDHO&DPELR
³6WDWHPHQWE\WKHJRYHUQPHQWRIWKH5HSXEOLFRI&KLOHFRQFHUQLQJWKHDFFHSWDQFHE\WKH
UHSXEOLF RI &KLOH RI WKH REOLJDWLRQV RI PHPEHUVKLS LQ WKH 2UJDQLVDWLRQ IRU (FRQRPLF &R
2SHUDWLRQDQG'HYHORSPHQW´
2UJDQL]DFLyQ3DQDPHULFDQDGHOD6DOXG2363HU~$JHQGD1DFLRQDOGH$FFLyQ$PELHQWDO
&RQVXOWDS~EOLFDGHO0,1$0
,QIRUPHGHOD(YDOXDFLyQ5HJLRQDOGHO0DQHMRGH5HVLGXRV6yOLGRV8UEDQRVHQ$PpULFD/DWLQD\HO
&DULEH5HFXSHUDGRHOGHHQHURGHGHOVLWLR:HEGHO%,'KWWSZZZLDGERUJ5HVLGXRV
ELHQYHQLGD,QLFLRELG
&LIUDV$PELHQWDOHVGHO6,1,$6LVWHPD1DFLRQDOGH,QIRUPDFLyQ$PELHQWDO
'HFUHWR 6XSUHPR 1R $* 3RU HO FXDO DSUXHEDQ UHJODPHQWR GH 0DQHMR GH ORV
5HVLGXRV6yOLGRVGHO6HFWRU$JUDULR(Q1RUPDV/HJDOHV(/3HUXDQR
*XtDGH,GHQWLILFDFLyQIRUPXODFLyQ\HYDOXDFLyQVRFLDOGHSUR\HFWRVGHUHVLGXRVVyOLGRV
PXQLFLSDOHVDQLYHOGHSHUILO0,1$0<0LQLVWHULRGH(FRQRPtD\)LQDQ]DV
(YDOXDFLyQ5HJLRQDOGHORV6HUYLFLRVGH0DQHMRGH5HVLGXRV6yOLGRV0XQLFLSDOHV
,QIRUPH1DFLRQDOGHO(VWDGRGHO$PELHQWH0,1$0
3HU~&yGLJRGHO0HGLR$PELHQWH\ORV5HFXUVRV1DWXUDOHVGH(VWDEOHFLGRSRUHO'HFUHWR/HJLVODWLYR
1R 5HFXSHUDGR HO GH GLFLHPEUH GH KWWSZZZHVWUXFSODQFRPDU3URGXFFLRQHV
HQWUHJDDVS",G(QWUHJD 2UGHQDQ]D 1R 'HFUHWR $OFDOGtD 1R /D /H\
SXEOLFDGD HQ HO DxR GH FUHD XQD FRPLVLyQ UHYLVRUD GHO &yGLJR GHO 0HGLR $PELHQWH \ ORV
5HFXUVRV1DWXDOHV
&RQVWLWXFLyQGHOD5HS~EOLFDGHO3HU~GH
/H\ GHO 6LVWHPD 1DFLRQDO GH (YDOXDFLyQ \ )LVFDOL]DFLyQ $PELHQWDO 1R $FWXDOL]DGD D PD\R GH
KWWSZZZOHJLVODFLRQDPELHQWDOVSGDRUJSHLPDJHVVWRULHVQRUPDV3LRQHU,
0DUFR*HQHUDO/H\HV/H\SGI
/H\*HQHUDOGH5HVLGXRV6yOLGRV1RGHGHQRYLHPEUHGH
/H\JHQHUDOGHO$PELHQWHGHGHQRYLHPEUHGH

0LQLVWHULR GH 0HGLR $PELHQWH 0,1$0 5HFXSHUDGR HO GH GLFLHPEUH GH
ZZZPLQDPJRESH
3UHVLGHQFLD GHO &RQVHMR GH 0LQLVWURV ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD H ,QIRUPiWLFD ,1(,
5HFXSHUDGRHOGHGLFLHPEUHGHKWWSZZZLQHLJRESH
5XXQJUXDQJVDNRUQ & 5HVLGXRV VyOLGRV DXPHQWDQ HQ 6DQWLDJR PLFUR EDVXUDOHV \ YHUWHGHURV
LOHJDOHV (FRDPpULFD (Q 9iVTXH] ÏVFDU & *HVWLyQ GH ORV 5HVLGXRV 6yOLGRV
0XQLFLSDOHV HQ OD &LXGDG GHO *UDQ 6DQWLDJR GH &KLOH 'HVDItRV < 2SRUWXQLGDGHV 5HY ,QW
&RQWDP$PELH
6DQGRYDO3DEOR$QiOLVLVFRPSDUDWLYRGHODILVFDOLGDGDPELHQWDOHQ0p[LFR\HQ(XURSD2SFLRQHVGH
FRRSHUDFLyQHQHOPDUFRGHODFXHUGRGHDVRFLDFLyQHFRQyPLFD5HYLVWD(OHFWUyQLFD,EHURDPHULFDQD
663''LDJQRVHRI)LQDOGLVSRVDOVLWHVLQ&RORPELD
%ROHWtQ7DULIDULRGHO6HUYLFLR3~EOLFRGH$VHR'RPLFLOLDULRHQ&RORPELD
'LDJQRVHRI,6:03ODQWV
6*6 &OLPDWH &KDQJH 3URJUDPPH 9DOLGDWLRQ 5HSRUW /$ *OREDO &DUERQ 7UDGLQJ &R /WG
%LRHQHUVLV/)*3URMHFW&RORPELD
8ULEH(\&'RPtQJXH](YROXWLRQRIWKHFOHDQLQJGRPLFLOLDU\SXEOLFVHUYLFHLQWKHODVWGHFDGH
&HQWHU IRU (FRQRPLF 'HYHORSPHQW 6WXGLHV &('( 8QLYHUVLGDG GH ORV $QGHV 'LVSRQLEOH HQ
KWWSVHFRQRPLDXQLDQGHVHGXFRSXEOLFDFLRQHVGSGI
8UXJXD\,QIRUPDFLyQGHEDVHSDUDHOGLVHxRGHXQSODQHVWUDWpJLFRGHUHVLGXRVVyOLGRV7RPR,\
,,(VWXGLRGH&6,,QJHQLHURV\(VWXGLR3LWWDPLJOLR,QJHQLHUtD+LGUiXOLFD\$PELHQWDO
3UR\HFWR 6ROXFLyQ QDFLRQDO SDUD OD YDORUL]DFLyQ \ GLVSRVLFLyQ ILQDO GH UHVLGXRV
&RQVWUXFFLyQ\ILQDQFLDPLHQWRGHUHOOHQRVVDQLWDULRVHQHOLQWHULRUGHOSDtV
3ODQ 'LUHFWRU GH 5HVLGXRV 6yOLGRV GH 0RQWHYLGHR \ ÈUHD 0HWURSROLWDQD 3URJUDPD GH
VDQHDPLHQWR GH 0RQWHYLGHR \ ÈUHD PHWURSROLWDQD WHUFHUD HWDSD 2ILFLQD GH SODQHDPLHQWR \
SUHVXSXHVWRGLUHFFLyQGHSUR\HFWRVGHGHVDUUROOR)LFKWQHUDVRFLDFLyQ
$QiOLVLV VHFWRULDO GH 5HVLGXRV 6yOLGRV HQ 8UXJXD\ 3ODQ 5HJLRQDO GH ,QYHUVLRQHV HQ
$PELHQWH\6DOXG
8UXJXD\&RQVWLWXFLyQGHOD5HS~EOLFDGH8UXJXD\GH
&RQVWLWXFLyQ3ROtWLFDGH
'HFUHWRHOFXDOUHJODPHQWHOD/H\GH(YDOXDFLyQGH,PSDFWR$PELHQWDO1RGHOGH
VHSWLHPEUHGH
/H\*HQHUDOGH0HGLR$PELHQWH1RGHGHGLFLHPEUHGH
0LQLVWHULRGH9LYLHQGD2UGHQDPLHQWR7HUULWRULDO\0HGLR$PELHQWH09270$5HFXSHUDGRHO
GHGLFLHPEUHGHKWWSZZZPYRWPDJXEX\
3RUWDO GH 0RQWHYLGHR 0RQWHYLGHR VRPRV WRGRV 5HFXSHUDGR HO GH IHEUHUR GH
KWWSZZZPRQWHYLGHRJXEX\QRWLFLDVQXHYDQRUPDWLYDSDUDUHVLGXRVQRGRPLFLOLDULRV
858 $SR\R D OD LPSOHPHQWDFLyQ GHO SURJUDPD GH PRGHUQL]DFLyQ GH OD LQVWLWXFLRQDOLGDG SDUD OD
JHVWLyQ\SODQLILFDFLyQDPELHQWDO3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO'HVDUUROOR
<HSHV*/RV6XEVLGLRV&UX]DGRVHQORV6HUYLFLRVGH$JXD3RWDEOH\6DQHDPLHQWR'RFXPHQWR
%DQFR,QWHUDPHULFDQRGH'HVDUUROOR5HFXSHUDGRHOGHHQHURGHKWWSLGEGRFLDGERUJ
ZVGRFVJHWGRFXPHQWDVS["GRFQXP

$QH[R

*ORVDULR
x 'LVSRVLFLyQILQDO
(V OD RSHUDFLyQ GH GHSRVLWDU R FRORFDU SHUPDQHQWHPHQWH UHVLGXRV HQ iUHDV \ HVSDFLRV
HVSHFtILFRV\DGHFXDGRVSDUDORVPLVPRV
x (QWLGDGDFDUJRGHOVHUYLFLR
(PSUHVDRLQVWLWXFLyQHVSHFLDOLVWDHQHOVHUYLFLRGHPDQHMRGHUHVLGXRV
x (VWDFLyQGHWUDQVIHUHQFLD
8QD HVWDFLyQ GH WUDQVIHUHQFLD GH UHVLGXRV VyOLGRV VH GHILQH FRPR HO FRQMXQWR GH HTXLSRV H
LQVWDODFLRQHV GRQGH VH OOHYD D FDER HO WUDVERUGR GH GLFKRV UHVLGXRV GH YHKtFXORV UHFROHFWRUHV R GH
FDUJDHQJUDQWRQHODMHSDUDWUDQVSRUWDUORVKDVWDORVVLWLRVGHGLVSRVLFLyQILQDO
x ,QFLQHUDFLyQ
6H GHQRPLQD DVt D FXDOTXLHU SURFHVR TXH UHGXFH HO YROXPHQ \ GHVFRPSRQH R FDPELD OD
FRPSRVLFLyQItVLFDTXtPLFDRELROyJLFDGHXQUHVLGXRVyOLGROtTXLGRRJDVHRVRPHGLDQWHR[LGDFLyQ
WpUPLFDSRUPHGLRGHODFXDOORVIDFWRUHVGHFRPEXVWLyQFRPRODWHPSHUDWXUDHOWLHPSRGHUHWHQFLyQ
\ OD WXUEXOHQFLD SXHGHQ OOHJDU D VHU FRQWURODGRV FRQ HO ILQ GH DOFDQ]DU OD HILFLHQFLD HILFDFLD \ ORV
SDUiPHWURV DPELHQWDOHV SUHYLDPHQWH HVWDEOHFLGRV $GHPiV VH LQFOX\H OD SLUyOLVLV OD JDVLILFDFLyQ \
SODVPD VyOR FXDQGR ORV VXESURGXFWRV FRPEXVWLEOHV JHQHUDGRV HQ HVWRV SURFHVRV VHDQ VRPHWLGRV D
FRPEXVWLyQHQXQDPELHQWHFRQEDVWDQWHSUHVHQFLDGHR[tJHQR
x 5HFLFODMH
$FWLYLGDG SRU OD FXDO GHWHUPLQDGRV UHVLGXRV VyOLGRV GHULYDGRV GH ORV VHUYLFLRV GH DVHR
XUEDQRVRQVHSDUDGRVUHFRJLGRVFODVLILFDGRV\SURFHVDGRVGHELGDPHQWHSDUDVHUUHLQFRUSRUDGRVDXQ
FLFORGRPpVWLFRFRPHUFLDORLQGXVWULDO
x 5HOOHQRVDQLWDULR
6H SHUFLEH FRPR HO iUHD R HVSDFLR GHO HVSDUFLPLHQWR DFRPRGDFLyQ \ FRPSDFWDFLyQ GH ORV
UHVLGXRV\DVHDEDMRFREHUWXUDFRQWLHUUDXRWURPDWHULDOLQHUWHVREUHXQDVXSHUILFLHLPSHUPHDEOHDO
PHQRV GLDULDPHQWH 'HEHQ WHQHU HO GHELGR FRQWURO GH OD SUROLIHUDFLyQ GH YHFWRUHV \ HO PDQHMR
DGHFXDGRGHJDVHV\OL[LYLDGRV\GHHVWDPDQHUDVHSUHYLHQHODFRQWDPLQDFLyQGHOPHGLRDPELHQWH\
VHSURWHJHODVDOXGGHODSREODFLyQ(QXQUHOOHQRVDQLWDULRVHFUHDDSDUWLUGHXQDWpFQLFDGHLQJHQLHUtD
\QRGHEHQH[LVWLUUHFROHFWRUHVLQIRUPDOHVGHUHVLGXRVVyOLGRVHQHVWRVOXJDUHV
x 5HVLGXRVVyOLGRVGRPLFLOLDULRV
6RQ ORV UHVLGXRV VyOLGRV R VHPLVyOLGRV GHULYDGRV H[FOXVLYDPHQWH GH ODV UHVLGHQFLDV
GRPpVWLFDV HVWRV VH JHQHUDQ D SDUWLU GH ODV DFWLYLGDGHV KXPDQDV GHQWUR GH FDGD XQD GH ODV
UHVLGHQFLDV
x 5HVLGXRVVyOLGRVXUEDQRVRPXQLFLSDOHV
6RQ ORV UHVLGXRV VyOLGRV R VHPLVyOLGRV GHULYDGRV GH ODV DFWLYLGDGHV H[FOXVLYDV GH ORV Q~FOHRV
SREODFLRQDOHVHQJHQHUDOSDUDORVFXDOHVVHLQFOX\HQORVUHVLGXRVVLPLODUHVDORVUHVLGXRVGRPLFLOLDULRV
FRPR ORV GH RULJHQ FRPHUFLDO GH VHUYLFLRV LQVWLWXFLRQDOHV GH PHUFDGRV KRVSLWDODULRV FRPXQHV R QR
SHOLJURVRVGHRILFLQDVGHODVLQGXVWULDVGHOEDUULGR\GHODOLPSLH]DGHFDOOHV\iUHDVS~EOLFDV

x 5HVLGXRVHVSHFLDOHV
6RQ ORV UHVLGXRV VyOLGRV FUHDGRV HQ ORV SURFHVRV SURGXFWLYRV TXH QR UH~QHQ ODV
FDUDFWHUtVWLFDVSDUDVHUFRQVLGHUDGRVD~QFRPRSHOLJURVRVRFRPRUHVLGXRVVyOLGRVXUEDQRVWDPSRFR
VRQFUHDGRVSRUJUDQGHVJHQHUDGRUHVGHUHVLGXRVVyOLGRVXUEDQRV(QHVWRVVHLQFOX\HQDORVORGRVQR
SHOLJURVRV UHVLGXRV YROXPLQRVRV R SHVDGRV FRPR SRU HMHPSOR ORV PXHEOHV FROFKRQHV DUWHIDFWRV
HOHFWURGRPpVWLFRVDXWRVDEDQGRQDGRVDVIDOWR\QHXPiWLFRVHQWUHRWURV
x 5HVLGXRVGHODFRQVWUXFFLyQ
6RQ ORV UHVLGXRV SURGXFLGRV HQ HO WUDQVFXUVR GH XQD FRQVWUXFFLyQ (VWiQ FRPSXHVWRV SRU
PDWHULDOHVGHPDGHUDXVDGDSLH]DVPHWiOLFDVGLYHUVDVPDWHULDOHVGHHPEDODMHVODWDVFDMDVDODPEUH
SODFDVPHWiOLFDVKRUPLJyQVREUDQWH\ODGULOORVURWRVHQWUHRWURV
x 7DULID
(V HO PRQWR HFRQyPLFR DVLJQDGR SDUD SDJDU SRU HO VHUYLFLR SUHVWDGR HQ HVWH FDVR SDUD OD
JHVWLyQGHUHVLGXRVVyOLGRV
x 7DVD
(V HO YDORU ILMR TXH VH OH KD VLGR DSOLFDGR D ORV LQPXHEOHV GHO Q~FOHR SREODFLRQDO R
GLIHUHQFLDGRSDUDSDJDUSRUODXWLOL]DFLyQHIHFWLYD\VHJXUDGHOVHUYLFLRSDUDODJHVWLyQGHOPDQHMRGH
UHVLGXRVVLQLPSRUWDUHOQLYHOGHXVRGHGLFKRVVHUYLFLRV
x 9HUWHGHURFRQWURODGR
5HSUHVHQWDHOiUHDROXJDUSDUDODGLVSRVLFLyQILQDOGHORVUHVLGXRVVyOLGRVpVWHDXQTXHFXHQWD
FRQDOJXQDVPHGLGDVGHFRQWUROQRFXHQWDFRQXQDLQIUDHVWUXFWXUDDMXVWDGDDXQUHOOHQRVDQLWDULR
x 9HUWHGHURDFLHORDELHUWR
5HSUHVHQWD HO iUHD HQ GRQGH VH GHSRVLWDQ ORV UHVLGXRV D FLHOR DELHUWR GH PDQHUD
LQGLVFULPLQDGD VLQ UHFLELU QLQJ~Q WUDWDPLHQWR VDQLWDULR 3XHGH VHU FRQVLGHUDGR FRPR VLQyQLPR GH
ERWDGHURYDFLDGHURWLUDGHURREDVXUHUR

Reformas Fiscales y Regulatorias en La Gestión y Manejo de Residuos Sólidos

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

Reformas Fiscales y Regulatorias en La Gestión y Manejo de Residuos Sólidos

Uploaded by

Copyright:

Available Formats

estudios del cambio

climático en américa latina

(O(VWXGLR6HFWRULDOGHO6HUYLFLR3~EOLFRGH*HVWLyQGH5HVLGXRVOOHYDGRDFDERSRUOD

)XHQWH&(035(FRQEDVHHQGDWRVGHOD$VRFLDFLyQ1DFLRQDOGHO5HFLFODGRUHV

)XHQWH3ULPHUUHSRUWHGHOPDQHMRGHUHVLGXRVVyOLGRVHQ&KLOH%DQFR&HQWUDOGH&KLOH,1()0,_/DV

SUHVWDGRUDVGHVHUYLFLRVGHUHVLGXRVVyOLGRV(3656VRQODVHQFDUJDGDVGLUHFWDPHQWHGHSUHVWDUHO

1DFLRQDOGHO$PELHQWH)21$0HQFRRUGLQDFLyQFRQLQVWLWXFLRQHVSULYDGDVRULHQWDQGRDIDFLOLWDUHO

/H\GH\UHJODPHQWR'HFUHWR5HJXODORVUHVLGXRVGHHQYDVHVSULPDULRVGHSURGXFWRV

0RQWHYLGHR

&DUWyQ\SDSHO 0HWDO 9LGULR 7H[WLO 3OiVWLFR 2UJiQLFR 2WURV

5HOOHQR6DQLWDULR 9HUWHGHURFRQWURODGR 9HUWHGHURDFLHORDELHUWR 4XHPDDFLHORDELHUWR 2WUDVIRUPDV

You might also like

Reformas Fiscales y Regulatorias en La Gestión y Manejo de Residuos Sólidos

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

Reformas Fiscales y Regulatorias en La Gestión y Manejo de Residuos Sólidos

Uploaded by

Copyright:

Available Formats

estudios del cambio

climático en américa latina

(O(VWXGLR6HFWRULDOGHO6HUYLFLR3~EOLFRGH*HVWLyQGH5HVLGXRV  OOHYDGRDFDERSRUOD

)XHQWH&(035(  FRQEDVHHQGDWRVGHOD$VRFLDFLyQ1DFLRQDOGHO5HFLFODGRUHV

  

)XHQWH3ULPHUUHSRUWHGHOPDQHMRGHUHVLGXRVVyOLGRVHQ&KLOH  %DQFR&HQWUDOGH&KLOH,1()0,_/DV

SUHVWDGRUDVGHVHUYLFLRVGHUHVLGXRVVyOLGRV (3656 VRQODVHQFDUJDGDVGLUHFWDPHQWHGHSUHVWDUHO

1DFLRQDOGHO$PELHQWH )21$0 HQFRRUGLQDFLyQFRQLQVWLWXFLRQHVSULYDGDVRULHQWDQGRDIDFLOLWDUHO

/H\GH\UHJODPHQWR 'HFUHWR 5HJXODORVUHVLGXRVGHHQYDVHVSULPDULRVGHSURGXFWRV

0RQWHYLGHR     

&DUWyQ\SDSHO 0HWDO 9LGULR 7H[WLO 3OiVWLFR 2UJiQLFR 2WURV

5HOOHQR6DQLWDULR 9HUWHGHURFRQWURODGR 9HUWHGHURDFLHORDELHUWR 4XHPDDFLHORDELHUWR 2WUDVIRUPDV

You might also like

(O(VWXGLR6HFWRULDOGHO6HUYLFLR3~EOLFRGH*HVWLyQGH5HVLGXRVOOHYDGRDFDERSRUOD

)XHQWH&(035(FRQEDVHHQGDWRVGHOD$VRFLDFLyQ1DFLRQDOGHO5HFLFODGRUHV

)XHQWH3ULPHUUHSRUWHGHOPDQHMRGHUHVLGXRVVyOLGRVHQ&KLOH%DQFR&HQWUDOGH&KLOH,1()0,_/DV

SUHVWDGRUDVGHVHUYLFLRVGHUHVLGXRVVyOLGRV(3656VRQODVHQFDUJDGDVGLUHFWDPHQWHGHSUHVWDUHO

1DFLRQDOGHO$PELHQWH)21$0HQFRRUGLQDFLyQFRQLQVWLWXFLRQHVSULYDGDVRULHQWDQGRDIDFLOLWDUHO

/H\GH\UHJODPHQWR'HFUHWR5HJXODORVUHVLGXRVGHHQYDVHVSULPDULRVGHSURGXFWRV

0RQWHYLGHR