Está en la página 1de 16

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

S

(MHUFLFLRVGH%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD
GXSOLFDGRGHORVH[LVWHQWHVHQODSiJLQDZHE

7HPD&LFORFHOXODU

7HPDVD\D

(VWXGLRGHOFURPRVRPDPHWDIiVLFR'RWDFLyQJHQpWLFDHQHXFDULRWDV/DFURPDWLQDHQOD
LQWHUIDVH'LYLVLyQGHFpOXODVVRPiWLFDVSRUPLWRVLV'LYLVLyQGHFpOXODVJHUPLQDOHV
SULPDULDVSRUPHLRVLV8QLyQGHORVJDPHWRVKDSORLGHVGXUDQWHODIHFXQGDFLyQ5HVXPHQ
LQWHJUDGRGHOFLFORFHOXODU
+D\HMHUFLFLRVGHDXWRHYDOXDFLyQHQLQWHUQHW(O3UR\HFWR%LROyJLFR 8QLY$UL]RQD
KWWSZZZELRORJLDDUL]RQDHGXFHOOWXWRUPLWRVLVPLWRVLVKWPO

1HFHVLWDVFRQH[LyQSDUDUHDOL]DUORVSXHVDOHOHJLUFDGDSUHJXQWDVHSURSRUFLRQDOD
UHVSXHVWD
6HDMXVWDQELHQDODDVLJQDWXUD'HEHVVHUFDSD]GHFRQWHVWDUDORVQ \ 
\FRQUHSDURV 
RV

(MHUFLFLRVORFDOHVFRQVXVROXFLyQDTXt

 &XiOGHHVWRVKHFKRVRFXUUHHQODIDVH*GHODLQWHUIDVHGHOFLFORFHOXODU"
D /DFRQGHQVDFLyQJUDGXDOGHODFURPDWLQD
E (ODXPHQWRGHOQ~PHURGHFURPRVRPDVGHVGHQDQ
F (ODXPHQWRHQFRQWHQLGRHQ'1$GHODFpOXODGHVGH&D&
G /DGLYLVLyQPHLyWLFD

  6HxDOHODUHVSXHVWDFRUUHFWD /DVHJUHJDFLyQLQGHSHQGLHQWHGHORVFURPRVRPDVGXUDQWH


ODPHLRVLV
D $IHFWDDODHVSHUPDWRJpQHVLVSHURQRDODRYRJpQHVLV
E 2FXUUHGXUDQWHODIHFXQGDFLyQ
F (VXQSURFHVRFDUDFWHUtVWLFRGHODIDVH*GHOFLFORFHOXODU
G (VODSULQFLSDOUHVSRQVDEOHMXQWRDODUHFRPELQDFLyQGHOSROLPRUILVPR
JHQpWLFR
  6HxDOHODUHVSXHVWDFRUUHFWD /DUHFRPELQDFLyQPHLyWLFD XKRPyORJD 
D 6LHPSUHRFXUUHHQWUHFURPiWLGDVGHORVGRVFURPRVRPDVKRPyORJRVGHXQ
SDU
E (VXQSURFHVRFDUDFWHUtVWLFRGHODLQWHUIDVHGHOFLFORFHOXODU
F 6XSRQHHOLQWHUFDPELRGHXQVRORQXFOHyWLGRHQWUHGLVWLQWRVFURPRVRPDV
G 1RDIHFWDHQDEVROXWRDOJHQRWLSRGHORVJDPHWRVIRUPDGRV

7HPD2UJDQL]DFLyQGHOJHQRPDHXFDULyWLFR

&RPSOHMLGDGGHOJHQRPD'1$GHFRSLD~QLFD'1$UHSHWLWLYR

 'LIHUHQFLHHQWUHORVVLJXLHQWHVWpUPLQRVVDWpOLWHFURPRVyPLFR'1$VDWpOLWH'1$
PLQLVDWpOLWH'1$PLFURVDWpOLWH 127$QRVHWUDWDGHGHILQLUFDGDXQRSRUVHSDUDGRVLQRGH
H[SOLFDUODVGLIHUHQFLDV

FROHFFLyQ

SUHJXQWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

S

 ,QGLTXHDTXpFDWHJRUtD V GH'1$HQHOJHQRPDKXPDQRFRUUHVSRQGHFDGDXQRGH


ORVVLJXLHQWHV VLORFUHHQHFHVDULRDFODUHRMXVWLILTXHODUHVSXHVWD
FRGLILFDQWH

JHQHV
LQWURQHV
H[RQHV
'1$VDWpOLWH
'1$
PLFURVDWpOLWH
'1$
WHORPpULFR
IDPLOLD
JpQLFDGH
JORELQDDOID
IDPLOLD
JpQLFDGH
KLVWRQDV

QR
GHFRSLD UHSHWLWLYR DOWDPHQWH PRGHUDGDPHQWH UHSHWLWLYR UHSHWLWLYR
FRGLILFDQWH ~QLFD
UHSHWLWLYR
UHSHWLWLYR
DJUXSDGR GLVSHUVR

 (QFDGDXQDGHODVGRVVHFXHQFLDVGH'1$VLJXLHQWHVLGHQWLILTXH SRUVLPSOLFLGDG


VHHVFULEHVyORXQDKHEUD 
 XQLGDGGHUHSHWLFLyQ
 Q~PHURGHUHSHWLFLRQHV
 EORTXHGHUHSHWLFLRQHV
 UHSHWLFLRQHVHQWiQGHP
 UHSHWLFLRQHVGLVSHUVDV
 WDPDxRGHOEORTXHGHUHSHWLFLyQ
 GLVWDQFLDHQWUHUHSHWLFLRQHV
D &&7**&$&7*&&77$&$7&$7**&77&$*7&**77**&77*&$
E $$&*7$*7**&7**&7**&7**&**77$*&$7$*7**&7**&7**&77*$&&7*$
 'HQWURGHO'1$UHSHWLWLYRH[SOLTXHODGLIHUHQFLDHQWUHORVEORTXHVGLVSHUVRV\ODV
UHSHWLFLRQHVGLVSHUVDV
127$QRVHWUDWDGHGHILQLUFDGDXQRVLQRGHH[SOLFDUODVGLIHUHQFLDV

7HPD3UHSDUDFLyQGHPXHVWUDVSDUDODH[WUDFFLyQ\DQiOLVLVGHiFLGRV
QXFOHLFRV
2EWHQFLyQ\SUHSDUDFLyQSUHOLPLQDU'LVRFLDFLyQWLVXODU6HSDUDFLyQGHFpOXODV
&DUDFWHUL]DFLyQFHOXODU\PHGLGDVGHYLDELOLGDG/LVLVGHODVFpOXODV3UHSDUDFLyQGH
IUDFFLRQHVVXEFHOXODUHV7UDWDPLHQWRVDGLFLRQDOHVRFRPSOHPHQWDULRV5HFRJLGD\
FRQVHUYDFLyQGHODVPXHVWUDV([WUDFFLyQRDQiOLVLVGLUHFWRVGHO'1$

 ([SOLTXHOD V GLIHUHQFLD V SUHYLVLEOHVHQXQFDVRJHQHUDOHQFXDQWRDOD


SUHSDUDFLyQGHXQDPXHVWUDELROyJLFD SRUHMHPSORSDUDH[WUDHUVX'1$ 
GHSHQGLHQGRGHTXHVHSDUWDGH D XQWHMLGRVyOLGRR E XQDVXVSHQVLyQFHOXODU

 &XiOGHODVVLJXLHQWHVWpFQLFDVHPSOHDUtDSDUDVHSDUDUFpOXODVHQIDVH*GH
FpOXODVHQIDVH*"-XVWLILTXHODUHVSXHVWD
D FHQWULIXJDFLyQ]RQDO
E FHQWULIXJDFLyQLVRStFQLFD
F  HOHFWURIRUHVLVHQDJDURVD
G FLWRPHWUtDGHIOXMRWUDVWUDWDUODVFpOXODVFRQ\RGXURGHSURSLGLR IOXRURFURPRTXH
VHXQHDO'1$

FROHFFLyQ

SUHJXQWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

S

H VHSDUDFLyQFRQPLFURHVIHUDVPDJQpWLFDV

 3DUDHOHVWXGLRGHYLDELOLGDGGHXQDPXHVWUDGHFpOXODVVHWLxHQpVWDVFRQ\RGXURGH
SURSLGLR IOXRURFURPRFRQFDUJDHOpFWULFD\FRQSURSLHGDGHVGHDJHQWHLQWHUFDODQWH 
5D]RQDUFXiOVHUiHODVSHFWRGHODWLQFLyQ\VLSHUPLWLUiGLVWLQJXLU
D /DVFpOXODVFRQODPHPEUDQDGDxDGD URWDV
E /DVFpOXODVFRQODPHPEUDQDLQWDFWDSHURVLQDFWLYLGDGPHWDEyOLFD PXHUWDV
F  /DVFpOXODVLQWDFWDV\PHWDEyOLFDPHQWHDFWLYDV YLYDV
4XpHQVD\RUHDOL]DUtDSDUDGLVWLQJXLUORVWLSRVGHFpOXODVTXHHOHQVD\RDQWHULRU
QRSHUPLWHGLIHUHQFLDU"

7HPD3UHSDUDFLyQ\PDUFDMHGHVRQGDVSDUDKLEULGDFLyQ

3UHSDUDFLyQGHVRQGDVJHQpWLFDVFRQYHQFLRQDOHV\VLQWpWLFDV0DUFDMHGHVRQGDV\
GHWHFFLyQ
 6HxDOHFRPR9HUGDGHURR)DOVRWRGDVODVIUDVHVVLJXLHQWHVMXVWLFiQGRORVLHV
SUHFLVR
3DUDODVtQWHVLVTXtPLFDGHXQROLJRQXFOHyWLGR
D  *HQHUDOPHQWHVHFRPLHQ]DSRUHOH[WUHPR
E  6HXWLOL]DQ1'3VFRPRUHDFWLYRVGHSDUWLGD
F  6HXWLOL]DQIRVIDWRVFtFOLFRVGHQXFOHyVLGR SRUHMF$03
G  6HOLEHUDSLURIRVIDWR
H  6HDxDGHXQD'1$SROLPHUDVDWHUPRUUHVLVWHQWH
I  6HFRQVXPHQPROpFXODVGH$73HQFDGDHWDSDSDUDDSRUWDUODHQHUJtD
QHFHVDULDSDUDODVtQWHVLV
J  6HXWLOL]DXQDUHVLQDRVRSRUWHVyOLGR
K  +DFHIDOWDSURWHJHUWRGRVORVJUXSRVKLGUR[LORGHORVQXFOHyWLGRV
L  +DFHIDOWDSURWHJHUORVJUXSRVIRVIDWRGHORVQXFOHyWLGRV
M  +DFHIDOWDSURWHJHUORVJUXSRVIXQFLRQDOHVGHODVEDVHVQLWURJHQDGDV
N  /DVHFXHQFLDREWHQLGDGHSHQGHGHODVHFXHQFLDGHODKHEUDPROGH
O  /DVHFXHQFLDREWHQLGDGHSHQGHGHORUGHQGHDGLFLyQGHORVUHDFWLYRV
P /DVHFXHQFLDREWHQLGDGHSHQGHGHODVSURSRUFLRQHVUHODWLYDVTXHVHDxDGHQ
GHFDGDQXFOHyWLGR
Q  /DVVRQGDVTXHVHSXHGHQFRQVHJXLUVRQPiVFRUWDVTXHODVREWHQLGDVSRU
FORQDFLyQ
 (QHOHVTXHPDVLJXLHQWH

D 4XpHVODPROpFXOD;"
E $TXpSURFHVRFRUUHVSRQGHHOHVTXHPD"
F &yPRVHOODPDHVWHWLSRGHPpWRGRGHPDUFDMH"

FROHFFLyQ

SUHJXQWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

S

7HPD*HQyPLFD2EWHQFLyQGHORVPDSDVJHQpWLFR\ItVLFRGHOJHQRPD
0DSDVJHQpWLFRV0DSDVItVLFRVGHEDMD\DOWDUHVROXFLyQ,QWURGXFFLyQDO3UR\HFWR
*HQRPD

 8QDPROpFXODOLQHDOGH'1$GHSEGHORQJLWXGVHGLJLHUHFRQODVVLJXLHQWHV
HQ]LPDVGHUHVWULFFLyQREWHQLpQGRVHORVUHVXOWDGRVLQGLFDGRV
(Q]LPDVGHUHVWULFFLyQ
)UDJPHQWRVGHUHVWULFFLyQ
(FR5,
SESE
%JO,,
SESE
(FR5,%JO,,
SESESE
'LEXMDHOPDSDGHUHVWULFFLyQTXHVHSXHGHGHGXFLUGHHVWRVUHVXOWDGRV

 6HxDOHODUHVSXHVWDFRUUHFWD 8QPDSDJHQpWLFRSXHGHGHILQLUVHFRPR


D /DUHSUHVHQWDFLyQJUiILFDGHODRUGHQDFLyQ\XELFDFLyQGHORVJHQHVHQFDGD
FURPRVRPD
E /DVHFXHQFLDGHORVQXFOHyWLGRVHQHO'1$GHFDGDFURPRVRPD
F /DSRVLFLyQGHORVPDUFDGRUHVHQXQFURPRVRPD
G /DWRWDOLGDGGHO'1$SUHVHQWHHQXQFURPRVRPD

  6HxDOHODUHVSXHVWDFRUUHFWD /DREWHQFLyQGHORVOODPDGRVPDSDVItVLFRV


D 6yORSXHGHFRQVHJXLUVHSRUSURFHGLPLHQWRVGHKLEULGDFLyQLQVLWX
E 1RSHUPLWHFRQRFHUODGLVWDQFLDHQSDUHVGHEDVHVHQWUHJHQHVRUHJLRQHVGHO
'1$
F 6LHPSUHH[LJHHOHPSOHRGHFURPRVRPDVPHWDIiVLFRVFRPRPXHVWUDGH
SDUWLGD
G 3XHGHQREWHQHUVHPHGLDQWHHVWUDWHJLDVPHWRGROyJLFDVPX\GLYHUVDV

  6HxDOHODUHVSXHVWDFRUUHFWD /DREWHQFLyQGHPDSDVItVLFRVPHGLDQWHHQ]LPDVGH


UHVWULFFLyQ PDSDVGHUHVWULFFLyQ 
D 1RH[LJHSURFHGLPLHQWRDOJXQRGHLQFXEDFLyQFRQGLFKDVHQ]LPDV
E (OJUDGRGHUHVROXFLyQGHOPDSDREWHQLGRHVLQGHSHQGLHQWHGHOWDPDxRGHOD
VHFXHQFLDGLDQD
F 3HUPLWHFRQRFHUODSRVLFLyQGHXQJHQRGHFXDOTXLHURWUDVHFXHQFLDGHQWUR
GHXQJHQRPD
G 1XQFDKDFHXVRGHODVWpFQLFDVGHVHSDUDFLyQHOHFWURIRUpWLFD
  6HxDOHODUHVSXHVWDFRUUHFWD (OGHQRPLQDGR3UR\HFWR*HQRPD+XPDQR 3*+ 
D &RQVLVWHHQODVHFXHQFLDFLyQGHORVJHQHV
E &RQVLVWHHQODVHFXHQFLDFLyQGHWRGRHOJHQRPD
F +DVLGROOHYDGRDFDERSRUXQVRORJUXSRGHLQYHVWLJDFLyQ
G 6XSRQHHOFRQRFLPLHQWRGHODVSURWHtQDVFRGLILFDGDV

FROHFFLyQ

SUHJXQWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

S

7HPD'LYHUVLGDGGHOJHQRPDSROLPRUILVPRV

,QWURGXFFLyQ'LYHUVLGDGJHQpWLFDGHQWURGHXQDHVSHFLH0HFDQLVPRVLPSOLFDGRVHQOD
YDULDELOLGDGJHQpWLFD&RQVHFXHQFLDVIXQFLRQDOHVGHOSROLPRUILVPR'HWHFFLyQGHO
SROLPRUILVPRGHVHFXHQFLDGH'1$5)/3\9175
$SDUWLUGHOFXUVRVyORH[SOLFDPRVODVHFXHQFLDFLyQHQ]LPiWLFDTXHHVODGHXVRKDELWXDOKR\HQGtD

 (OHVTXHPDTXHVHUHSUHVHQWDFRUUHVSRQGHDXQJHOGHVHFXHQFLDFLyQSRUHOPpWRGR
GHOGLGHVR[L&XiOHVODVHFXHQFLDGHO'1$REMHWRGHHVWXGLR"

 8QIUDJPHQWRGH$'1WLHQHODVHFXHQFLD
&&*&$7$$*

6HKDVHFXHQFLDGRPHGLDQWHODWpFQLFDGHOGLGHVR[L&XiQWDVEDQGDVVHREVHUYDQ
HQHOJHO"&XiQWDVEDQGDV\GHTXpWDPDxRVHHQFXHQWUDQSDUDFDGDPH]FODGH
UHDFFLyQ"

 6HxDOHODUHVSXHVWDFRUUHFWD (OPpWRGRHQ]LPiWLFRGH6DQJHUSDUDODVHFXHQFLDFLyQGHO


'1$
D 6XSRQHODGHJUDGDFLyQtQWHJUDGHODPROpFXODGH'1$GHSDUWLGD
E 5HTXLHUHXQFHEDGRUTXHKLEULGHFRQHOH[WUHPR
GHOD]RQDDVHFXHQFLDU
F 5HTXLHUHHOXVRGHXQD51$SROLPHUDVD
G /DVHSDUDFLyQ\DQiOLVLVGHORVIUDJPHQWRVQRSXHGHKDFHUVHSRUPpWRGRV
HOHFWURIRUpWLFRV
 'HVFULEDHOIXQGDPHQWRGHODVHSDUDFLyQGHORVIUDJPHQWRVGH'1$ VHJ~QVX
WDPDxR HQODVFXDWURPH]FODVTXHUHVXOWDQDODSOLFDUHOPpWRGRHQ]LPiWLFRGH
6DQJHUDODVHFXHQFLDFLyQGHXQ'1$

FROHFFLyQ

SUHJXQWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

S

7HPD6HFXHQFLDFLyQGHOJHQRPD

0pWRGRTXtPLFRGHVHFXHQFLDFLyQGHO'1$0pWRGRHQ]LPiWLFRGHVHFXHQFLDFLyQGHO'1$
 8QDSDUHMDWLHQHXQKLMRFRQHOVtQGURPHGH'RZQ
WULVRPtDGHOFURPRVRPD 6HUHDOL]DXQDQiOLVLV
GH5)/3FRQXQDVRQGDSDUDHOFURPRVRPDD
ORVWUHVLQGLYLGXRV SDGUHVHKLMR \HOUHVXOWDGRGHO
JHOHVHOTXHVHPXHVWUDHQODILJXUD4XpVH
SXHGHFRQFOXLUDFHUFDGHORULJHQGHODHQIHUPHGDG
GHOQLxR"

 6HxDOHODUHVSXHVWDFRUUHFWD (OFRQFHSWRGHSROLPRUILVPRJHQpWLFR


D $IHFWDDOJHQRPDFRPSOHWRGHXQVRORLQGLYLGXR
E $IHFWDDOJHQRPDFRPSOHWRGHWRGRVORVLQGLYLGXRVGHXQDSREODFLyQ
F $IHFWDDGLVWLQWRVDOHORVHQXQORFXVGHWHUPLQDGR
G $IHFWDDLQGLYLGXRVKRPRFLJyWLFRV

7HPD&RPSRVLFLyQ\PHWDEROLVPRGHOLSRSURWHtQDVSODVPiWLFDV

4XLORPLFURQHV9/'/,'//'/\+'/5HODFLyQFRQODDWHURHVFOHURVLV&ROHVWHURO
)DFWRUHVGHULHVJR/LSLGRJUDPD+LSHUOLSRSURWHLQHPLDV+LSROLSRSURWHLQHPLDV0pWRGRV
DQDOtWLFRV
 4XpGLIHUHQFLDDODV9/'//'/\+'/"

 ([SOLTXHHOVLJQLILFDGRGHORVWpUPLQRVFLFORH[yJHQR\FLFORHQGyJHQRSDUDHO
PHWDEROLVPRGHOLSRSURWHtQDVDVtFRPRTXpWLSRVGHOLSRSURWHtQDVHVWiQLPSOLFDGDV
HQFDGDXQR
 ,QGLTXHODGLIHUHQFLDHQWUHORVTXLORPLFURQHVQDFLHQWHV\ORVTXLORPLFURQHV
UHVLGXDOHV
 ,QGLTXHHQUHODFLyQFRQODOLSDVDSDQFUHiWLFD
D 6XXELFDFLyQ
E /DUHDFFLyQTXHFDWDOL]D
F 6XIXQFLyQ

 ,QGLTXHHQUHODFLyQFRQODOLSRSURWHtQDOLSDVD
D 6XXELFDFLyQ
E /DUHDFFLyQTXHFDWDOL]D
F 6XIXQFLyQ
FROHFFLyQ

SUHJXQWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

S

 ,QGLTXHHQUHODFLyQFRQODDEHWDOLSRSURWHLQHPLD
D &yPRVHGHILQH
E 6HWUDWDGHXQDKLSHURXQDKLSROLSRSURWHLQHPLD"
F &yPRDIHFWDDODFRQFHQWUDFLyQSODVPiWLFDGHORVGLVWLQWRVWLSRVGH
OLSRSURWHtQDV"
G &yPRDIHFWDDODFRQFHQWUDFLyQSODVPiWLFDGHWULDFLOJOLFHUROHVFROHVWHURO\
IRVIROtSLGRV"
H 3RUTXpHVHILFD]HOWUDWDPLHQWRFRQXQDGLHWDULFDHQWULDFLOJOLFHUROHVGHFDGHQD
PHGLD"

 /DPXWDFLyQGHOJHQGHOUHFHSWRUDSR%(FDXVDXQDHOHYDFLyQGHODFRQFHQWUDFLyQ
SODVPiWLFDGHFROHVWHURO FRQRFLGDFRPRKLSHUFROHVWHUROHPLDIDPLOLDU -XVWLILTXHSRU
TXp6HHOHYDUiPiVHOFROHVWHURO/'/RHOFROHVWHURO+'/"

 (QXQHQVD\RFOtQLFRVHHQFRQWUyTXHODDGPLQLVWUDFLyQGH=RFRU PDUFDUHJLVWUDGD


GH0HUFNFX\RSULQFLSLRDFWLYRHVVLPYDVWDWLQDXQLQKLELGRUGHOD+0*&R$
UHGXFWDVD DXQDPXHVWUDSREODFLRQDOGHSDFLHQWHVFRQHQIHUPHGDGFRURQDULD
HKLSHUFROHVWHUROHPLDUHGXMRHQXQODPRUWDOLGDG\ORVDFFLGHQWHVFRURQDULRV$O
GHWHUPLQDUODFRQFHQWUDFLyQGHFROHVWHUROHQVXHURVHREVHUYyXQDGLVPLQXFLyQGH
XQHQHOFROHVWHUROWRWDO\XQHQHOFROHVWHURO/'/\XQDXPHQWRGHOHQ
HOFROHVWHURO+'/
([SOLTXHHVWRVKHFKRVD /RVUHVXOWDGRVDQDOtWLFRVE /DUHGXFFLyQGHOULHVJR
FDUGLRYDVFXODUF &XiOGHORVVLJXLHQWHVHVHOPHFDQLVPRSRUHOTXHHO=RFRUKD
FDXVDGRHVWRVUHVXOWDGRV
D /DFRQGHQVDFLyQJUDGXDOGHODFURPDWLQD
E (ODXPHQWRGHOQ~PHURGHFURPRVRPDVGHVGHQDQ
F (ODXPHQWRHQFRQWHQLGRHQ'1$GHODFpOXODGHVGH&D&
G /DGLYLVLyQPHLyWLFD

7HPD$VSHFWRVSDWROyJLFRVGHOPHWDEROLVPROLStGLFR

/tSLGRVFRPSOHMRV(VWUXFWXUD\PHWDEROLVPRGHHVILQJROtSLGRV/LSLGRVLV

0DWHULDODX[LOLDUUXWDVPHWDEyOLFDVGHIRVIROtSLGRV\HVILQJROtSLGRV
ILJXUDVGHFODVHRGHOLEURVSRUHM0DWKHZVSS

 /DJDQJOLRVLGRVLVJHQHUDOL]DGDHVXQDHQIHUPHGDGRULJLQDGDSRUODPXWDFLyQGHOJHQ
GHEHWDJDODFWRVLGDVDVLWXDGRHQS&RQWHVWHUD]RQDGDPHQWH
D4XpVLJQLILFDS"
E&XiOVHUiODPDQLIHVWDFLyQSULPDULDELRTXtPLFDRPHWDEyOLFDGHHVWD
HQIHUPHGDG"
F3RUTXpVHODFODVLILFDFRPRJDQJOLRVLGRVLV*0"
G4XpWLSRGHKHUHQFLDFUHHTXHPRVWUDUiODHQIHUPHGDG"
$XWRVyPLFDGRPLQDQWH
$XWRVyPLFDUHFHVLYD
/LJDGDD;
/LJDGDD<
H6HUYLUiQODVUHDFFLRQHVVLJXLHQWHVSDUDHOGLDJQyVWLFRGHHVWDHQIHUPHGDG HO
R1)SUHVHQWDDEVRUFLyQDQP "
RQLWURIHQLO'JDODFWRVD!'JDODFWRVDRQLWURIHQRO
FHUDPLGDRQLWURIHQLO'JDODFWRVD!'JDODFWRVLOFHUDPLGDRQLWURIHQRO
FROHFFLyQ

SUHJXQWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

S

 (OVtQGURPHGH=HOOZHJHUHVXQDHQIHUPHGDGFDXVDGDSRUXQIDOORHQODVtQWHVLVGH
SODVPDOyJHQRV
D,QGLTXHSRUTXpVHSXHGHHPSOHDUXQHQVD\RGH'+$3DFLOWUDQVIHUDVDSDUDHO
GLDJQyVWLFRGHHVWDHQIHUPHGDG
E6HSXHGHFODVLILFDUHVWDHQIHUPHGDGGHQWURGHOJUXSRGHODVHVILQJROLSLGRVLV"
 'HILQDHQIHUPHGDGGHDOPDFHQDPLHQWROLVRVyPLFR

FROHFFLyQ

SUHJXQWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

5HVSXHVWDV

S

5HVSXHVWDVDORV(MHUFLFLRVGH%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD
GXSOLFDGRGHORVH[LVWHQWHVHQODSiJLQDZHE

7HPD&LFORFHOXODU

 /DUHVSXHVWDFRUUHFWDHVOD D SXHV


D (QODIDVH*ODFURPDWLQDVHFRQGHQVDORTXHHVQHFHVDULRSDUDTXHGXUDQWHOD
GLYLVLyQFHOXODUVHVHSDUHQODVFURPiWLGDVKHUPDQDV PLWRVLV\PHLRVLV,, RORV
FURPRVRPDVKRPyORJRV PHLRVLV, 
E (OQ~PHURGHFURPRVRPDVQXQFDYDUtDHQODLQWHUIDVHVyORHQODPHLRVLV,
GLVPLQX\HGHQDQ 
F (ODXPHQWRHQFRQWHQLGRGH'1$HVFRQVHFXHQFLDGHODUHSOLFDFLyQTXHRFXUUH
HQODIDVH6
G /DIDVH*HVSDUWHGHODLQWHUIDVH\pVWDHVSUHFLVDPHQWHHOSHULRGRHQWUH
GLYLVLRQHVFHOXODUHV

 /DUHVSXHVWDFRUUHFWDHVOD G SXHVHQHIHFWRODVHJUHJDFLyQWLHQHOXJDUGXUDQWHOD


PHLRVLV\
D /RVGRVWLSRVGHJDPHWRJpQHVLVVRQLJXDOHVHQFXDQWRDOUHSDUWRGHOPDWHULDO
JHQpWLFR
E /DIHFXQGDFLyQHVODXQLyQGHJDPHWRV\ODPHLRVLVHVODGLYLVLyQTXHIRUPDORV
JDPHWRV
F /DIDVH*HVSDUWHGHODLQWHUIDVH\pVWDHVSUHFLVDPHQWHHOSHULRGRHQWUH
GLYLVLRQHVFHOXODUHV
G (OFDUiFWHULQGHSHQGLHQWHGHODVHJUHJDFLyQKDFHTXHFDGDJDPHWRFRQVHUYHXQD
FRPELQDFLyQGLIHUHQWHGHFURPiWLGDVGHODFpOXODJHUPLQDORULJLQDO

 /DUHVSXHVWDFRUUHFWDHVOD D SXHV


D /RVGRVFURPRVRPDVKRPyORJRVLQWHUDFFLRQDQHQWUHVt\VXIUHQ
VREUHFUX]DPLHQWRGHXQDGHVXVFURPiWLGDVORTXHFRQGXFHDOLQWHUFDPELRGHSDUWH
GHHOODV
E /DPHLRVLVHVSUHFLVDPHQWHXQDGLYLVLyQ\ODLQWHUIDVHHOSHULRGRHQWUH
GLYLVLRQHV
F 6HLQWHUFDPELDQIUDJPHQWRVGHFURPiWLGDGHWDPDxRPXFKRPD\RUDXQ
QXFOHyWLGR
G /DUHFRPELQDFLyQHVIXHQWHGHJUDQGLYHUVLILFDFLyQJHQpWLFDSRUTXHVXSRQHOD
DSDULFLyQGHQXHYDVFRPELQDFLRQHVGHPDWHULDOJHQpWLFRHQORVJDPHWRV

7HPD2UJDQL]DFLyQGHOJHQRPDHXFDULyWLFR

 (OVDWpOLWHFURPRVyPLFRHVXQDSDUWHGHFLHUWRVFURPRVRPDV ORVDFURFpQWULFRV 


PLHQWUDVTXHORVGHPiVVRQWLSRVGH'1$UHSHWLWLYR PRUIRORJtDGHOFURPRVRPD
IUHQWHDLGHQWLGDGRVHFXHQFLDGHO'1$ 
(O'1$VDWpOLWHHVDJUXSDGR\DOWDPHQWHUHSHWLWLWYRORVPLQL\PLFURVDWpOLWHVVRQ
GLVSHUVR\PRGHUDGDPHQWHUHSHWLWLYR
0LQL\PLFURVDWpOLWHVVHGLIHUHQFLDQHQHOWDPDxRGHODXQLGDGGHUHSHWLFLyQ 
IUHQWHDSE 

FROHFFLyQ

UHVSXHVWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

5HVSXHVWDV

S

 [ Vt [  FRQPDWLFHVRGXGRVR


FRGLILFDQWH

JHQHV
LQWURQHV
H[RQHV

'1$VDWpOLWH 
'1$

PLFURVDWpOLWH
'1$

WHORPpULFR
IDPLOLD
JpQLFDGH
JORELQDDOID
IDPLOLD
JpQLFDGH
KLVWRQDV

QR

GHFRSLD

UHSHWLWLYR

[
[

[
[DOJXQRV 
PD\RUtD
[


[


PD\RUtD

[

[


FRGLILFDQWH

~QLFD

DOWDPHQWH

PRGHUDGDPHQWH

UHSHWLWLYR

UHSHWLWLYR



[

UHSHWLWLYR



[

UHSHWLWLYR

DJUXSDGR

GLVSHUVR



[

[
[

 D 6ROXFLyQ
&&7**&$&7*&&77$&$7&$7**&77&$*7&**77**&77*&$
8QLGDG7**&UHSHWLFLRQHVGLVSHUVDVVHSDUDGDV\SE
6ROXFLyQ
&&7**&$&7*&&77$&$7&$7**&77&$*7&**77**&77*&$
8QLGDG7**&77UHSHWLFLRQHVGLVSHUVDVVHSDUDGDVSE
E 6ROXFLyQ
$$&*7$*7**&7**&7**&7**&**77$*&$7$*7**&7**&7**&77*$&&7*$

8QLGDG7**&UHSHWLFLRQHVDJUXSDGDVHQEORTXHV  HQWiQGHPFDGDEORTXH
EORTXHVGH\UHSHWLFLRQHVGLVWDQFLDHQWUHEORTXHVSE
6ROXFLyQ
$$&*7$*7**&7**&7**&7**&**77$*&$7$*7**&7**&7**&77*$&&7*$

8QLGDG&7**UHSHWLFLRQHVDJUXSDGDVHQEORTXHV  HQWiQGHPHQFDGDEORTXH
EORTXHVGH\UHSHWLFLRQHVGLVWDQFLDHQWUHEORTXHVSE
6ROXFLyQ
$$&*7$*7**&7**&7**&7**&**77$*&$7$*7**&7**&7**&77*$&&7*$
8QLGDG7$*7**&7**&7**&7UHSHWLFLRQHVGLVSHUVDVVHSDUDGDVSE
 (OEORTXHHVWiIRUPDGRSRUUHSHWLFLRQHVDJUXSDGDVDG\DFHQWHVHQWiQGHP
PLHQWUDVTXHODVRWUDVHVWiQWRGDVVHSDUDGDV/RVEORTXHVHVWiQGLVSHUVRVHQWUHVt

7HPD3UHSDUDFLyQGHPXHVWUDVSDUDODH[WUDFFLyQ\DQiOLVLVGHiFLGRV
QXFOHLFRV
 /DPXHVWUDGHWHMLGRQHFHVLWDXQWUDWDPLHQWRGHGLVRFLDFLyQRGLVJUHJDFLyQ
PHFiQLFDTXtPLFDHQ]LPiWLFD SDUDVHSDUDUVXVFpOXODV

 /D G FLWRPHWUtDSXHVODVFpOXODVHQ*WLHQHQHOGREOHGH'1$PiVIOXRUHVFHQFLD


 (Q D HOSURSLGLRHQWUDOLEUHPHQWH\WLxHHOQ~FOHRFpOXODVIOXRUHVFHQWHVHQ E \ F
QRHQWUDFpOXODVQRIOXRUHVFHQWHV
3DUDGLVWLQJXLUODVPXHUWDV E GHODVYLYDV F KDUtDXQHQVD\RPHWDEyOLFRFRPR
XQRGHGHVKLGURJHQDVDV 077WHWUD]ROLR RGHHVWHUDVDVFLWRSODVPiWLFDV GLDFHWDWR
FROHFFLyQ

UHVSXHVWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

5HVSXHVWDV

S

GHFDUER[LIOXRUHVFHtQD GHVtQWHVLVSURWHLFD > 6@0HW GHVtQWHVLVGH'1$ WLPLGLQD


WULWLDGD 


7HPD3UHSDUDFLyQ\PDUFDMHGHVRQGDVSDUDKLEULGDFLyQ

















9 PpWRGRGHVtQWHVLVGH.KRUDQD
)VRQ
103V
)
)
)
)
9XQLGDDO
GHOSULPHUQXFOHyWLGR 
WHUPLQDO
)VyORORV

)DFWLYDUORV HQIRUPDGHIRVIRUDPLGLWD
9\VHGHVSURWHJHQDOILQDO
)QRKD\PROGH
9\GHODSURWHFFLyQDFWLYDFLyQ
)GHSHQGHGHORUGHQGHDGLFLyQ VHDxDGHQVHSDUDGRVXQRFDGDYH]
9ODORQJLWXGHVWiOLPLWDGDSRUODHILFDFLDGHODVUHDFFLRQHV

 D ;HVXQLQGLFDGRU UHSRUWHU PROpFXODGHWHFWDEOHSRUVXXQLyQHVSHFtILFDD


RWUD JHQHUDOPHQWHXQDSURWHtQD 3XHGHVHUELRWLQDGLJR[LJHQLQDIOXRUHVFHtQD X
RWUDPROpFXODSDUDODTXHVHGLVSRQJDGHDQWLFXHUSR 
E 0DUFDMH\GHWHFFLyQGHXQDVRQGD
F 0pWRGRLQGLUHFWRSRUTXHQRVHGHWHFWDGLUHFWDPHQWHORTXHVHXQHDODVRQGD

7HPD*HQyPLFD2EWHQFLyQGHORVPDSDVJHQpWLFR\ItVLFRGHOJHQRPD
 +D\TXHUHFRQVWUXLUHOURPSHFDEH]DV

PROpFXODGHSDUWLGD XQJXLyQSRUFDGDSE  

(FR5,FRUWDHQGRV   OXHJRKD\XQDGLDQD


SXHVODPROpFXODHUDOLQHDO 
%JO,,FRUWDHQGRV   OXHJRKD\XQDGLDQD

RELHQ

RELHQ


3HURQRVDEHPRVODRULHQWDFLyQUHODWLYDGHDPERVFRUWHV
/DFODYHHVWiHQFRPSDUDUHOUHVXOWDGRGHODGLJHVWLyQ
(FR5,
GREOHFRQODVVHQFLOODVVHFRQVHUYDHOIUDJPHQWRGH %JO,,
GH(FROXHJR%JOGHEHWHQHUVXGLDQDHQHOGH(VWR
QRVLQGLFDFyPRVHGHEHQFRPELQDUDPERVPDSDV
6HQRVSRGUtDRFXUULURWUDVROXFLyQ
3HURQRHVYiOLGDSXHVVHJ~QHOOD%JO,,VRODGHEHUtDGDU 

(YLGHQWHPHQWHDWRGRORDQWHULRUVHOHSXHGHGDUODYXHOWDSHURHVWRQRVXSRQH
GLIHUHQFLDHQFXDQWRDOPDSDSXHVQRWHQHPRVQLQJXQDIRUPDGHGLVWLQJXLUXQH[WUHPR
GHODPROpFXODGH'1$GHORWUR




/DUHVSXHVWDGHEHGDUVHDVt

SE

__
(FR%JO

FROHFFLyQ

UHVSXHVWDV

RVXHTXLYDOHQWH

SE

__
%JO(FR

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

5HVSXHVWDV

S

 /DUHVSXHVWDFRUUHFWDHV F SXHV


D (OPDSDQRWLHQHSRUTXpHVWDUVHxDODGRVyORSRUJHQHV HVRVHUtDXQPDSD
JpQLFR 
E /DVHFXHQFLDFLyQFRPSOHWDVHSXHGHFRQVLGHUDUFRPRXQPDSDGHUHVROXFLyQ
Pi[LPDSHURQRHVGHWLSRJHQpWLFR
F (IHFWLYDPHQWHXQPDSDVHHODERUDLQGLFDQGRODSRVLFLyQGHGHWHUPLQDGRV
PDUFDGRUHVTXHSXHGHQVHUJHQHVRVHFXHQFLDVQRJpQLFDVGHFXDOTXLHUWLSR
VLHPSUHTXHVHDQUHFRQRFLEOHV(OWpUPLQRPDSDJHQpWLFRDOXGHDODPHWRGRORJtDGH
VXREWHQFLyQQRDOWLSRGHPDUFDGRU(OPDSDSXHGHFRUUHVSRQGHUDXQFURPRVRPD
DXQDSDUWHGHpORDWRGRVORVFURPRVRPDV
G (VDGHILQLFLyQQRWLHQHUHODFLyQFRQORVPDSDVFRUUHVSRQGHUtDDJHQRPD
 /DUHVSXHVWDFRUUHFWDHV G SXHV
D +D\DGHPiVRWURVPpWRGRVTXHWDPELpQGDQPDSDVItVLFRVFpOXODVKtEULGDV
UHVWULFFLyQ
E 3RUGHILQLFLyQXQPDSDItVLFRHVDTXpOTXHVHHVWDEOHFHPHGLDQWHGLVWQDFLDVHQ
SDUHVGHEDVHV
F 3XHGHWDPELpQKDFHUVHFRQFpOXODVFRPSOHWDVFRQFURPRVRPDVLQWHUIiVLFRVFRQ
'1$GHVSOHJDGR
G (VFLHUWROtQHDVFHOXODUHVVRPiWLFDVKtEULGDV),6+FURPRVyPLFDFLWRPHWUtDGH
IOXMR),6+GHDOWDUHVROXFLyQUHVWULFFLyQ
 /DUHVSXHVWDFRUUHFWDHV F SXHV
D 3RUVXSXHVWRTXHH[LJHODGLJHVWLyQGHO'1$FRQHQ]LPDVGHUHVWULFFLyQ
E &XDQWRPD\RUHVODGLDQDFRQPHQRUIUHFXHQFLDFDEHHQFRQWUDUODHQHOJHQRPD
SRUORTXHODGLVWDQFLDHQWUHORVPDUFDGRUHVHVPD\RU\ODUHVROXFLyQGHOPDSDHV
PHQRU
F (VSRVLEOHVLHPSUHTXHVHSXHGDUHODFLRQDUHVHJHQRVHFXHQFLDFRQODVGLDQDV
TXHIRUPDQHOPDSD
G 6LHPSUHKD\TXHKDFHUHOHFWURIRUHVLVSDUDDQDOL]DUHO'1$UHVXOWDGRGHOD
GLJHVWLyQHQ]LPiWLFD\DVtREWHQHUHOWDPDxRGHORVIUDJPHQWRVTXHFRUUHVSRQGHD
ODGLVWDQFLDHQWUHGRVPDUFDGRUHVHQHOPDSD

 /DUHVSXHVWDFRUUHFWDHV E SXHV


D (O3*+DEDUFDWRGRHOJHQRPDQRVyORORVJHQHVR'1$FRGLILFDQWH
E &RUUHFWD(QODVSULPHUDVHWDSDVVHKDFHQPDSDVGHUHVROXFLyQFDGDYH]PD\RU
\ILQDOPHQWHVHSHUVLJXHREWHQHUODVHFXHQFLDFRPSOHWDGHWRGRHOJHQRPD WDQWRGH
'1$FRGLILFDQWHFRPRQRFRGLILFDQWH 
F 1RHQHOSUR\HFWRS~EOLFRKDQSDUWLFLSDGRQXPHURVRVFHQWURVTXHVHKDQ
UHSDUWLGRHOWUDEDMR(OSUR\HFWRSULYDGR &HOHUD KDHVWDGRPiVFHQWUDGRHQXQVROR
FHQWUR RHPSUHVD 
G /DVSURWHtQDVQRIRUPDQSDUWHGHO3*+DXQTXHVXFRQRFLPLHQWRVHDXQD
FRQVHFXHQFLDOyJLFD\GHVHDEOH

FROHFFLyQ

UHVSXHVWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

5HVSXHVWDV

S

7HPD'LYHUVLGDGGHOJHQRPDSROLPRUILVPRV

 0pWRGRGHVHFXHQFLDFLyQGLGHVR[L HPSOHDQGRGLGHVR[LQXFOHyWLGRV PpWRGR


HQ]LPiWLFR PpWRGRGH6DQJHU PpWRGRGHWHUPLQDFLyQGHODFDGHQD
+D\TXHOHHUODVHFXHQFLDGHVGHDEDMR IUDJPHQWRVPiVSHTXHxRVHQHOJHO SRU
WDQWR
&$$7$**&*$**77&$$7**  
&$$7$**&*$**77&$$7** 

(VWDHVODVHFXHQFLDGHODKHEUDFRPSOHPHQWDULDDODTXHVHSUHWHQGHVHFXHQFLDU
SRUWDQWRODUHVSXHVWDHV

&&$77*$$&&7&*&&7$77* 

3XHGHVHUPiVIiFLOVLOHHPRVHOJHOGHVGHDUULED
 **7$$&77**$*&**$7$$& 

\GLUHFWDPHQWHSRGHPRVHVFULELUOD

 &&$77*$$&&7&*&&7$77* 

FRPSOHPHQWDULD

 3XHVWRTXHWLHQHXQWDPDxRGHQXFOHyWLGRV HVXQQRQDQXFOHyWLGR GDUiEDQGDV


HQHOJHO(QpVWHVHUHYHODODVHFXHQFLDGHODKHEUDFRPSOHPHQWDULDHVGHFLU 

**&*7$77& 
TXHVHPRVWUDUiDVt 
DEDMR
DUULED 
5HDFFLyQGG$73EDQGDQW
5HDFFLyQGG*73EDQGDV\QW
5HDFFLyQGG&73EDQGDV\QW
5HDFFLyQGG773EDQGDV\QW

 /DUHVSXHVWDFRUUHFWDHVOD E SXHV


D 1RODPROpFXODGHSDUWLGDVLUYHGHPROGHSDUDOD'1$SROLPHUDVDQRVHGHJUDGD
QLIUDJPHQWD
E &RUUHFWRHOH[WUHPR
GHOFHEDGRUHVOXHJRHORQJDGRSRUOD'1$SROLPHUDVD
VLQWHWL]iQGRVHXQDFDGHQDTXHYDDTXHGDUPDUFDGDSDUDVXDQiOLVLVSRVWHULRU
F 1RHVXQD'1$SROLPHUDVD
G 3RUVXSXHVWRTXHVHKDFHSRUPpWRGRVHOHFWURIRUpWLFRVSDUDDQDOL]DUVXWDPDxR

 &DGDPH]FODHVWiIRUPDGDSRUPROpFXODVGH'1$GHKHEUDVHQFLOODTXHWHUPLQDQHQ
XQPLVPRQXFOHyVLGR DTXpOFX\DYHUVLyQGLGHVR[LVHKD\DDxDGLGRHQHVHWXER (Q
ODHOHFWURIRUHVLVVHVHSDUDQSRUWDPDxRFRQORTXHORVWDPDxRVREVHUYDGRVHQHO
JHOFRUUHVSRQGHQDODVSRVLFLRQHVRFXSDGDVSRUHVHQXFOHyVLGRHQODVHFXHQFLDGH
ODKHEUDVLQWHWL]DGD FRPSOHPHQWDULD\DQWLSDUDOHODDODTXHVHTXLHUHVHFXHQFLDU 
3RUHMHPSORVLHQODUHDFFLyQFRQGG773VHREWLHQHQPROpFXODVGH\
QXFOHyWLGRVGHORQJLWXGVLJQLILFDTXHODVHFXHQFLDFRPSOHPHQWDULDHV
BB77BB
7
\ODVHFXHQFLDGHO'1$SUREOHPDVHUi
$BB$$BB

6LDGHPiVHQODUHDFFLyQFRQGG*73VHREWLHQHQPROpFXODVGH\QWSRGHPRV
FRPSOHWDUODVHFXHQFLDDVt

B*77*B7
 
$B&$$&B

\VXFHVLYDPHQWHSDUDGG&73\GG$73

7HPD6HFXHQFLDFLyQGHOJHQRPD

 1RHVQHFHVDULRFRQRFHUHOPHFDQLVPRGHJHQHUDFLyQGHODWULVRPtDEDVWDFRQ
VDEHUTXHFRQVLVWHHQODSUHVHQFLDGHFURPRVRPDVKRPyORJRVHQOXJDUGH
FRPRHVORQRUPDO 
6HSXHGHYHUTXHHOKLMRFRQVHUYDODVEDQGDVGHODPDGUH\WDPELpQODVGHOSDGUH
SHURpVWDVVRQPiVLQWHQVDVLQGLFDQGRTXHKD\PiVFDQWLGDGGH'1$SDWHUQR

FROHFFLyQ

UHVSXHVWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

5HVSXHVWDV

S

'HEHPRVLQWHUSUHWDUHVWRDVtGHORVWUHVFURPRVRPDVGHOKLMRXQRHVGHRULJHQ
PDWHUQR\GRVVRQGHRULJHQSDWHUQR ODDQRPDOtDFURPRVyPLFDVHKDSURGXFLGRSRU
ODKHUHQFLDGHORVGRVFURPRVRPDVSDWHUQRVHQOXJDUGHXQRTXHVHUtDOR
QRUPDO 
3RURWUDSDUWHODFRLQFLGHQFLDGHEDQGDVFRQILUPDTXHORV VXSXHVWRV SDGUHVORVRQ
HQUHDOLGDG

 /DUHVSXHVWDFRUUHFWDHVOD F SXHV


D 6yORVHSXHGHKDEODUSURSLDPHQWHGHSROLPRUILVPR YDULDVIRUPDV FXDQGRVH
FRQVLGHUDQWRGRVORVLQGLYLGXRVGHXQDSREODFLyQ$GHPiVVHDSOLFDHOFRPHQWDULR
GH E 
E %DVWDFRQVLGHUDUXQORFXVSDUDDQDOL]DUVXSROLPRUILVPRQRHVQHFHVDULR
FRQVLGHUDUHOJHQRPDFRPSOHWR
F &RUUHFWDHOSROLPRUILVPRVHRULJLQDSRUODH[LVWHQFLDGHDOHORVGLYHUVRVSDUDXQ
ORFXVFRQORTXHFDGDLQGLYLGXRGHXQDSREODFLyQSXHGHWHQHUGLIHUHQWHV
FRPELQDFLRQHVGHHOORV
G $OWHQHUORVKRPRFLJyWLFRVVXVGRVDOHORVLJXDOHVQRKD\HYLGHQFLDGH
SROLPRUILVPR DXQTXHSXHGDH[LVWLUHQODSREODFLyQFRPSOHWD $PD\RUJUDGRGH
SROLPRUILVPRPD\RUDEXQGDQFLDGHLQGLYLGXRVKHWHURFLJyWLFRVHQODSREODFLyQ

7HPD&RPSRVLFLyQ\PHWDEROLVPRGHOLSRSURWHtQDVSODVPiWLFDV

 6RQGLVWLQWRVWLSRVGHOLSRSURWHtQDVTXHVHFODVLILFDQDVtHQIXQFLyQGHVXGHQVLGDG
9/'/ PX\EDMD/'/ EDMD+'/ DOWD
>$PSOLDFLyQWDPELpQH[LVWHQODV,'/GHGHQVLGDGLQWHUPHGLD@
$GHPiVGHVXGHQVLGDGVHGLIHUHQFLDQHQVXFRPSRVLFLyQ
3URSRUFLyQHQWUHSURWHtQDV\OtSLGRVPiVSURWHtQDVHQODV+'/PHQRVHQODV
9/'/
,GHQWLGDGGHODVSURWHtQDV VHODVOODPDDSRSURWHtQDV 
,GHQWLGDG\FDQWLGDGGHORVGLVWLQWRVWLSRVGHOtSLGRVSRUHM9/'/ULFDVHQ
OtSLGRVQHXWURV WULDFLOJOLFHUROHV\pVWHUHVGHFROHVWHURO 
<WLHQHQGLVWLQWDVSURSLHGDGHVILVLFRTXtPLFDVWDPDxRFDUJDHOpFWULFD PLJUDFLyQ
HQHOHFWURIRUHVLV 
)LQDOPHQWHVXSDSHOPHWDEyOLFRHVGLIHUHQWHODV9/'/UHFRJHQOtSLGRVGHO
KtJDGRUHSDUWHQ7$*DORVWHMLGRV\FHGHQHOFROHVWHUROHVWHULILFDGRDODV/'/TXHD
VXYH]ORHQWUHJDQDORVWHMLGRV/DV+'/UHFRJHQOtSLGRV HQSDUWLFXODUFROHVWHURO
GHORVWHMLGRV\GHODVRWUDVOLSRSURWHtQDVWUDQVSRUWiQGRORDOKtJDGR GHVGHGRQGHVH
SXHGHH[FUHWDUSRUODELOLV 
 (OFLFORH[yJHQRKDFHUHIHUHQFLDDOPHWDEROLVPRGHOtSLGRVGHRULJHQH[yJHQRHV
GHFLUSURFHGHQWHVGHODDEVRUFLyQLQWHVWLQDO\FRUUHVSRQGHDVXSDVRDODPXFRVD
LQWHVWLQDODODOLQIDDODVDQJUHDOKtJDGR\UHJUHVRDOLQWHVWLQRSRUODVHFUHFLyQ
ELOLDU(QpOSDUWLFLSDQORVTXLORPLFURPHV
/DUXWDHQGyJHQDVXSRQHHOPHWDEROLVPRGHOtSLGRVVLQWHWL]DGRVHQHOKtJDGRTXH
SDVDQDODVDQJUHDORVWHMLGRV PHGLDQWH9/'/\/'/ \GHHOORVUHJUHVDQDOKtJDGR
PHGLDQWHODV+'/ 

 (OWpUPLQRQDFLHQWHVHUHILHUHDUHFLpQIRUPDGRFRUUHVSRQGHDORV40FRQVWLWXLGRV
HQODPXFRVDLQWHVWLQDOFRQOtSLGRVQHXWURVH[yJHQRVIRVIROtSLGRVFROHVWHURO\
DSROLSRSURWHtQDV %$,\$,, (VRV40VHYLHUWHQDODOLQID\GHHOODDODVDQJUH
'XUDQWHHVDFLUFXODFLyQYDQFDSWDQGRGHODV+'/RWUDVDSROLSRSURWHtQDV &\( 
FRQYLUWLpQGRVHHQ40PDGXURV)LQDOPHQWHORV40UHVLGXDOHVRUHPDQHQWHVVRQHO

FROHFFLyQ

UHVSXHVWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

5HVSXHVWDV

S

UHVXOWDGRGHKDEHUFHGLGRODPD\RUSDUWHGHVXVWULDFLOJOLFHUROHVDORVWHMLGRVJUDFLDV
DODOLSRSURWHtQDOLSDVDGHOHQGRWHOLRYDVFXODUGHORVFDSLODUHVTXHULHJDQHVRV
WHMLGRV/RV40UHVLGXDOHVDGLIHUHQFLDGHORVRWURVVRQUHFRQRFLGRVSRUORV
UHFHSWRUHVGHDSR(HQHOKtJDGR\DVtUHWLUDGRV

 >(VWDHQ]LPDVHOODPDWDPELpQWULDFLOJOLFHUROOLSDVD@
D 6HFUHWDGDSRUHOSiQFUHDVDOLQWHVWLQRGHOJDGR GXRGHQR
E &DWDOL]DODKLGUyOLVLVGHORVWULDFLOJOLFHUROHVSDUFLDORFRPSOHWDFRQFUHWDPHQWH
GHOHQODFHpVWHUHQWUHJOLFHURO\iFLGRJUDVRSUHIHUHQWHPHQWHHQSRVLFLyQRGHO
JOLFHURO6yORDFW~DHQODLQWHUIDVHOtSLGRDJXDHVGHFLUVREUHODVPLFHODVTXHIRUPD
ODJUDVDGHODGLHWDJUDFLDVDODVHFUHFLyQELOLDU/DUHDFFLyQHV
7$*! y '$*$*'$*!0$*$*
F +LGUROL]DSDUFLDOPHQWHODVJUDVDVGHODGLHWDSHUPLWLHQGRDVtVXDEVRUFLyQ
LQWHVWLQDO GLIXVLyQSDVLYDGHJOLFHURO0$*\$*DWUDYpVGHODPHPEUDQDGHODV
FpOXODVGHODPXFRVD 
 D (VWDHQ]LPD /3/ ODVLQWHWL]DQODVFpOXODVGHOSDUpQTXLPDGHGLYHUVRVWHMLGRV\
GLIXQGHKDVWDHOHQGRWHOLRYDVFXODUTXHGDQGRILMDGDDODFDUDH[WHUQDGHOD
PHPEUDQDFHOXODUHQGRWHOLDO PHGLDQWHXQDPROpFXODGHKHSDUiQVXOIDWRXQ
JOLFRVDPLQRJOLFDQR 
E &DWDOL]DODKLGUyOLVLVGHWULDFLOJOLFHUROHVTXHFLUFXODQIRUPDQGRSDUWHGH
TXLORPLFURQHVPDGXURV\GH9/'/PDGXUDVOLEHUDQGRVXViFLGRVJUDVRVTXHVRQ
FDSWDGRVSRUODVFpOXODVGHOWHMLGRVXE\DFHQWHDOFDSLODUVDQJXtQHR/DUHDFFLyQHV
7$*!'$*$*'$*!0$*$*
/DDSR&,,FRPSRQHQWHGHHVDVOLSRSURWHtQDVHVXQFRIDFWRUQHFHVDULRSDUDOD
DFWXDFLyQGH/3/
F 7UDQVILHUHiFLGRVJUDVRVGHODVOLSRSURWHtQDVFLUFXODQWHVDORVWHMLGRV

 D 6HWUDWDGHXQDFDUHQFLDWRWDOGHEHWDOLSRSURWHtQDVHVGHFLUGH/'/VHGHEHD
XQDGHILFLHQFLDHQODVtQWHVLVGHDSR%
E $OVHUXQDDXVHQFLD PHQRUFDQWLGDGGHODOLSRSURWHtQD HVXQD
KLSROLSRSURWHLQHPLD
F 6HHQFXHQWUDQGLVPLQXLGDVODVOLSRSURWHtQDVGHWLSREHWDDVtFRPRWRGDVODVTXH
FRQWLHQHQDSR%FRPRFRPSRQHQWH
/'/9/'/\TXLORPLFURQHV1RVHYHQDIHFWDGDVODV+'/SXHVQRFRQWLHQHQDSR%\
VRQGHWLSRDOID PRYLOLGDGHOHFWURIRUpWLFDGHDOIDJOREXOLQDV 
G 'HDFXHUGRFRQHOWLSRGHOtSLGRVWUDQVSRUWDGRVSRU9/'//'/\40KDEUi
FRQFHQWUDFLRQHVUHGXFLGDVGHFROHVWHURO\WULDFLOJOLFHUROHV/RVIRVIROtSLGRVQRWLHQHQ
HQSULQFLSLRSRUTXpYHUVHDIHFWDGRV
H /RV7$*FRQiFLGRVJUDVRVGHFDGHQDPHGLDVHDEVRUEHQHQHOLQWHVWLQR
GLUHFWDPHQWHVLQVHUKLGUROL]DGRV\SDVDQDODVFpOXODVGHODPXFRVDGRQGHVH
OLEHUDQVXViFLGRVJUDVRVTXHSDVDQDODVDQJUH YHQDSRUWD HYLWDQGRODUXWDGHORV
TXLORPLFURQHV OLQID (VRViFLGRVJUDVRVVHWUDQVSRUWDQXQLGRVDODVHURDOE~PLQD
TXHORVHQWUHJDDORVWHMLGRV(QUHVXPHQVHHYLWDODUXWDGH409/'/\/'/SRUOR
TXHHVDGLHWDSHUPLWHTXHODVFpOXODVSXHGDQUHFLELUHOVXPLQLVWURGHiFLGRVJUDVRVD
SHVDUGHODGHILFLHQFLDHQODVOLSRSURWHtQDV
 (OUHFHSWRUDSR%( RUHFHSWRUGH/'/ HVUHVSRQVDEOHGHODFDSWDFLyQGHODV/'/
SRUORVWHMLGRVHVDV/'/FRQWLHQHQSULQFLSDOPHQWHpVWHUHVGHFROHVWHURO$OVHU
GHIHFWXRVRHOUHFHSWRUODV/'/VHDFXPXODUiQHQVDQJUH\VHHOHYDUiOD
FRQFHQWUDFLyQGHFROHVWHUROHQSDUWLFXODUHOFROHVWHURODVRFLDGRD/'/
$OVHUXQGHIHFWRJHQpWLFRHVKHUHGLWDULRGHDKtTXHVHOODPHKLSHUFROHVWHUROHPLD
IDPLOLDU

FROHFFLyQ

UHVSXHVWDV

(MHUFLFLRVSDUD%LRTXtPLFD&OtQLFD\3DWRORJtD0ROHFXODU+XPDQD

5HVSXHVWDV

S

 /DKLGUR[LPHWLOJOXWDULO&R$UHGXFWDVDHVODHQ]LPDUHJXODGRUDGHODUXWDGH
ELRVtQWHVLVGHFROHVWHURO$OLQKLELUVHSRUODVLPYDVWDWLQDVHUHGXFHODVtQWHVLVGH
FROHVWHUROHQODVFpOXODV KtJDGRHQHVSHFLDO (VRD\XGDDUHGXFLUODFRQFHQWUDFLyQ
GHFROHVWHUROHQSODVPDHVSHFLDOPHQWHHODVRFLDGRD/'/TXHVRQODVOLSRSURWHtQDV
TXHOROOHYDQGHOKtJDGRDORVWHMLGRV3RUFRPSHQVDFLyQODV+'/VXEHQXQSRFR
WUDQVSRUWDQHOFROHVWHUROGHORVWHMLGRVKDFLDHOKtJDGR (VKDELWXDOTXHORVIDFWRUHV
TXHUHGX]FDQHO&RO/'/DXPHQWHQHO&RO+'/
/DGLVPLQXFLyQGHFROHVWHUROHPLD\HQSDUWLFXODUODGH&RO/'/DVtFRPROD
HOHYDFLyQGH+'/VRQFRQRFLGRVIDFWRUHVUHGXFWRUHVGHOULHVJRFDUGLRYDVFXODUDO
GLILFXOWDUODIRUPDFLyQGHORVGHSyVLWRVOLStGLFRVFRQVWLWX\HQWHVGHODVSODFDVGH
DWHURPD

7HPD$VSHFWRVSDWROyJLFRVGHOPHWDEROLVPROLStGLFR

 D (VODSRVLFLyQGHOJHQHQHOJHQRPDGHDFXHUGRFRQHOEDQGHDGRGHORV
FURPRVRPDVPHWDIiVLFRVHQHOFURPRVRPDEUD]RFRUWR S EDQGD
VXEEDQGD
E /DEHWDJDODFWRVLGDVDFDWDOL]DODUHDFFLyQGHGHJUDGDFLyQGHOJDQJOLyVLGR*0D
JDQJOLyVLGR*0 UXWDGHGHJUDGDFLyQOLVRVyPLFDGHORVJOXFRHVILQJROtSLGRV 3RUOR
WDQWRODGHILFLHQFLDHQHVWDHQ]LPDSURGXFLUiXQDDFXPXODFLyQGH*0HQODV
FpOXODV
F 3RUTXHHV*0HOTXHVHDFXPXOD
G 3XHVWRTXHHOJHQHVWiHQHOFURPRVRPDHVDXWRVyPLFD\SXHVWRTXHHVXQD
GHILFLHQFLDGHODHQ]LPD RSpUGLGDGHIXQFLyQ ODHQ]LPDFRGLILFDGDSRUHODOHOR
QRUPDOSRGUiVXSOLUODIXQFLyQHOHIHFWRGHODPXWDFLyQQRVHUiJUDYHDQRVHUTXH
DPERVDOHORVHVWpQPXWDGRVHVGHFLUVHUiSUREDEOHPHQWHUHFHVLYD
H /DSULPHUDVtSXHGHVHUYLUSXHVHVODUXSWXUDGHXQJDODFWyVLGRDSDUWLUGHXQ
VXVWUDWRDUWLILFLDOFRQOLEHUDFLyQGHXQSURGXFWRFRORUHDGR$PD\RULQWHQVLGDGGH
FRORU DEVRUEDQFLDDQP PD\RUDFWLYLGDGHQ]LPiWLFD(QHOHQVD\RVHGHEHUiQ
DxDGLUDODPXHVWUDXQPHGLRWDPSyQDGHFXDGR\HOVXVWUDWR RQLWURIHQLO'
JDODFWRVD /DDFWLYLGDGHQ]LPiWLFDUHGXFLGD FRQUHVSHFWRDFRQWUROHVVDQRV VHUi
LQGLFDWLYDGHSRVLEOHHQIHUPHGDG/DVHJXQGDUHDFFLyQQRFRUUHVSRQGHDORTXH
FDWDOL]DHVWDHQ]LPD HVXQDWUDQVIHUHQFLDGHJDODFWRVLORQRXQDKLGUyOLVLVGHO
JDODFWyVLGR SRUORWDQWRQRVLUYH

 D /D'+$3DFLOWUDQVIHUDVD GLKLGUR[LDFHWRQDIRVIDWRDFLOWUDQVIHUDVD FDWDOL]DXQD


UHDFFLyQGHODUXWDGHELRVtQWHVLVGHpWHUIRVIROtSLGRVTXHHVVLQyQLPRGH
SODVPDOyJHQRV(VWHVtQGURPHVHGHEHDODIRUPDFLyQLQFRUUHFWDGHORVSHUR[LVRPDV
IDOORSHUR[LVyPLFRJHQHUDOL]DGR SRUORTXHIDOODQWRGDVODVUHDFFLRQHVGHOD
ELRVtQWHVLVGHSODVPDOyJHQRVHQWUHHOODVODFDWDOL]DGDSRUOD'+$3DFLOWUDQVIHUDVD
DOTXLOJOLFHURO3$FLO6&R$!&R$6+DOTXLODFLOJOLFHURO3 
E 1RSXHVQRDIHFWDDORVHVILQJROtSLGRVVLQRDJOLFHURIRVIROtSLGRV ORV
SODVPDOyJHQRV 
 6HDSOLFDHVWHQRPEUHDODVSDWRORJtDVRFDVLRQDGDVSRUXQGHIHFWRHQXQD RYDULDV
HQ]LPDUHVSRQVDEOHGHDOJXQDHWDSDGHODGHJUDGDFLyQGHORVJOXFRHVILQJROtSLGRV
HVWDUXWDWLHQHOXJDUHQORVOLVRVRPDV\ODGHILFLHQFLDHQ]LPiWLFDSURYRFDOD
GHJUDGDFLyQLQFRPSOHWDGHHVRVOtSLGRVFRQDFXPXODFLyQGHOLQWHUPHGLDULRTXHVHD
VXVWUDWRGHODHQ]LPD(VXQWLSRGHHVILQJROLSLGRVLVGHKHFKRLQFOX\HODPD\RUtDGH
HOODV HMHPSORVHQIHUPHGDGHVGH)DEU\7D\6DFKV*DXFKHU6DQGKRII1LHPDQQ
3LFNJDQJOLRVLGRVLV*0\*0 
FROHFFLyQ

UHVSXHVWDV

También podría gustarte