Está en la página 1de 18

%XVFDU

,QLFLR
)RUR
4XpHV1HUJL]D"
&RQWDFWR
$KRUURHQHUJpWLFR
&OLPDWL]DFLyQ
&XULRVLGDGHV
(QHUJtDVUHQRYDEOHV
,OXPLQDFLyQ
5HYLVLRQHV
9HKtFXORV
%LFLFOHWDVHOpFWULFDV
&RFKHVHOpFWULFRV
FRPHQWDULRV


&yPREDMyODIDFWXUDHOpFWULFDGHPLJDUDMHDODPLWDG
+DFHSRFRFRQWDPRVHQ1HUJL]DFRQHOWHVWLPRQLRGH&DUORV&DVWLxHLUDVYHFLQRGHXQHGLILFLRFX\D
FRPXQLGDGJUDFLDVDODHILFLHQFLD\HODKRUURKDEtDUHEDMDGRODIDFWXUDHOpFWULFDDODPLWDGFRQ
XQDVVHQFLOODVDFWXDFLRQHV$KRUD&DUORVKDYXHOWRDODFDUJDFRQODIDFWXUDHOpFWULFDGHVXJDUDMH
FRQVLJXLHQGRUHVXOWDGRVPX\LQWHUHVDQWHV

$xRHOQRYDWR
(OSUHFLRGHODHOHFWULFLGDGVHHQFDUHFHDXQULWPRGHOVHPHVWUDO\SRUSULPHUDYH]PHFRQYLHUWR
HQ SURSLHWDULR GH XQD SOD]D GH DSDUFDPLHQWR HQ XQ JDUDMH FRPXQLWDULR 'D VHUYLFLR D  HGLILFLRV
GLVWLQWRV \ HVWi JHVWLRQDGR SRU XQD DGPLQLVWUDFLyQ GH ILQFDV UHDOLGDG GH OD TXH WRPR FRQVFLHQFLD
FXDQGR UHFLER OD FRQYRFDWRULD SDUD OD MXQWD GH YHFLQRV (Q HOOD H[SRQHQ XQD EUHYH PHPRULD \ ORV
PRYLPLHQWRVGHOEDQFRLQIRUPDFLyQGHODTXHQRSXHGRVDFDUPiVTXHGRVGHWDOOHVVXSHUILFLDOHVD HO
PDQWHQLPLHQWRHOpFWULFRGHYRUDFHUFDGHOGHOSUHVXSXHVWR\E KHPRVFHUUDGRHOHMHUFLFLRFRQ
XQGpILFLWGHPiVGH
$FXGR SRU SULPHUD YH] HQ PL YLGD D XQD MXQWD \ REVHUYR TXH HQ HO WHUUHQR HFRQyPLFR HO URO GHO
DGPLQLVWUDGRU HV HO GH SURSRQHU XQD VXELGD GH ODV FXRWDV SDUD PHMRUDU OD UHODFLyQ LQJUHVRV
JDVWRV DGHPiV GH SDUD FXEULU ODV VLJXLHQWHV VXELGDV GH OD HOHFWULFLGDG (Q HVH FRQWH[WR ODQ]R XQD
SHTXHxDSURSXHVWD\VLFDPELiVHPRVGHFRPSDxtDSDUDDKRUUDUDOJR"$WHQFLyQDODVHVRUDPLHQWRGHO
DGPLQLVWUDGRU
7HQJRXQDYHFLQDTXHFDPELyHOJDVD)HQRVD\UHVXOWDTXHFRPRHOJDVGH)HQRVDWLHQHPiVDLUH
QHFHVLWDEDFRQVXPLUPiVPHWURVF~ELFRVSDUDFDOHQWDUORPLVPR7RWDOTXHDOILQDOQRDKRUUyQDGD
:7) TXp HO JDV GH )HQRVD WLHQH PiV DLUH" \ TXp OOHJD SRU WXEHUtDV GLVWLQWDV D ODV GHO UHVWR GH
YHFLQRVTXHQRKDQFDPELDGRGHVXPLQLVWUDGRU"6XELGDDSUREDGDSURSXHVWDGHVHFKDGD\FRQFOXVLyQ
VREUHTXLHQEXVFDQRDWDFDUORVJDVWRVSDUDPHMRUDUODEDODQ]DLQJUHVRVJDVWRV

$xRHOSROtWLFR
(PSLH]RDSUHSDUDUODMXQWDGHHVHDxRFRQWLHPSR\SDUDHOORYR\KDEODQGRFRQORVYHFLQRVGHPL
HGLILFLR\ORVFRQWLJXRVTXHQRKDEtDQHVWDGRHODxRDQWHULRU$VtPHHQFXHQWURDXQDYHFLQDTXHPH
GHPXHVWUD FRQ FLIUDV TXH OD FRPXQLGDG DKRUUDUi VL FDPELD ORV IOXRUHVFHQWHV SRU /(' VL SRQH XQD
EDWHUtD GH FRQGHQVDGRUHV VL FRQWUDWD GLVFULPLQDFLyQ KRUDULD SDUD PL HV WRGR XQ PiVWHU HQ
HOHFWULFLGDG

(QWUHORVGRVFRQVHJXLPRVGHOHJDFLRQHV\DQLPDUDPiVYHFLQRVDLUDODMXQWDQRWHQHPRVPD\RUtD
SHURVLXQS~EOLFRUHFHSWLYR0LDOLDGDVXGDWLQWDSDUDLPSDUWLUVXFODVHDORVDVLVWHQWHV\FRQVHJXLUHO
PDJUR DFXHUGR GH VXVWLWXLU OD LOXPLQDFLyQ ILMD SRU/('V SDUD REVHUYDU OD HYROXFLyQ GHO JDVWR (O
DGPLQLVWUDGRUSUHVHQWDVXSURSLRSUHVXSXHVWRSDUDLQVWDODUORVUHVXOWDVHUGHOGREOHGHOTXHKDEXVFDGR
PLYHFLQD
7UDVODMXQWDWHQJRDFFHVRDXQDIDFWXUDGH,EHUGUROD\WUDVLUDUHSDVDUORTXHYR\DD\XGDUDKDFHUDO
HOHFWULFLVWDODQ]RXQQXHYR:7)

3DUDHVWDLQVWDODFLyQWHQHPRVXQDSRWHQFLDGHN:ORTXHDSDUWHGHVXFRVWHGHULYDHQSDJDUHO
N:DWDULIDTXHHVPiVFDUDWLHQHXQGLVSDUDWDGRFRVWHGHDOTXLOHUGHFRQWDGRUGHPHQVXDOHV
\DGHPiVQRVIDFWXUDFRPRH[WUDODHQHUJtDUHDFWLYD
'XUDQWHHOWUDEDMRVHUHXELFDQDOJXQDVOXPLQDULDVSDUDHOLPLQDUODV]RQDVRVFXUDV\GHVSXpVVHEDMDOD
SRWHQFLDDN:
&RVWH HQPHUFDGRUHJXODGR
$KRUURDQXDODFWXDOSRUN:UHGXFLGR


$xRHOWpFQLFR
(ODGPLQLVWUDGRUSUHVHQWDXQDVFXHQWDVFRQPiVGHGHVXSHUiYLWHQODVTXHHOPDQWHQLPLHQWR
HOpFWULFR RUGLQDULR VXSRQH HO  GHO SUHVXSXHVWR +DFH H[SRVLFLyQ GH HVWR \ H[SOLFD TXH VH KD
ORJUDGRVXSHUiYLWJUDFLDVDODEDMDGDHQHOJDVWRGHODHOHFWULFLGDGTXHPiVTXHSRUHODKRUURHQHO
FRQVXPR GH ORV /('V VH GHEH D XQD EDMDGD HQ OD SRWHQFLD FRQWUDWDGD 1RVRWURV SRU QXHVWUD SDUWH
SUHVHQWDPRVDORVYHFLQRVXQDGRFXPHQWDFLyQFRQORVWUDEDMRVUHDOL]DGRV\ORVDKRUURVREWHQLGRV\
ODQ]DPRVSURSXHVWDV FDPELDUD/('VHOUHVWRGHIOXRUHVFHQWHV FDPELDUGHVXPLQLVWUDGRUD
LQVWDODUGHWHFWRUHVGHSUHVHQFLDSDUDTXHODOX]GHOJDUDMHVHDSDJXHFXDQGRQRKD\QDGLH/DMXQWD
DSUXHEDODSULPHUDSURSXHVWDVLQSUiFWLFDPHQWHGHEDWHODVHJXQGDWUDVDFODUDUDOJXQDGXGDUHVSHFWRDO
VHUYLFLR\ODVDYHUtDV\UHFKD]DODWHUFHUDSRUQRSUHVHQWDUSUHVXSXHVWR

6HPDQDVGHVSXpVYXHOYRDD\XGDUDOHOHFWULFLVWDSDUDFRPSOHWDUODVXVWLWXFLyQGHOXPLQDULDV\WUDPLWR
HOFDPELRGHFRPSDxtD
$VtEDMDPRVHOSUHFLRGHON:FRQVXPLGRGHD


$xRHOUHVXOWDGLVWD

&OLFHQOD
LPDJHQSDUDDPSOLDU
3RU SULPHUD YH] HQ OD KLVWRULD GHO JDUDMH VH DSUXHED XQD UHEDMD HQ ODV FXRWDV RUGLQDULDV GHO 
$GLFLRQDOPHQWHSUHVXSXHVWDPRVODLQVWDODFLyQGHGHWHFWRUHVGHSUHVHQFLDHQODV]RQDVGHHQWUDGD\
VDOLGD SRUWyQ \ DFFHVR GH ORV SRUWDOHV  SDUD TXH OD LOXPLQDFLyQ ILMD QR SHUPDQH]FD HQFHQGLGD
PLHQWUDV QR KD\ QDGLH HQ HO JDUDMH HOOR ILQDQFLDGR FRQ HO VXSHUiYLW JHQHUDGR SRU HO DKRUUR
FRQVHJXLGR
,QYHUVLyQSUHVXSXHVWDGD
2EMHWLYRGHDKRUURHQWUH\KRUDVGLDULDVGHLOXPLQDFLyQ

&RQWLQXDUi

7DPELpQSXHGHLQWHUHVDUWH

&yPRFRQVHJXt

&yPREDMyDOD

$KRUURHQHUJpWLFR

/('VTXHVHTXHGDQ 4XpRFXUUHFXDQGR

EDMDUODIDFWXUDGHOD
OX]GHYLYLHQGDV

PLWDGODIDFWXUDGH
PLFRPXQLGDGGH

HQLOXPLQDFLyQGH
DVFHQVRUHVPXFKR

HQFHQGLGRVDO
DSDJDUORVXQ

YHFLQRV

FDPLQRSRUDQGDU

PLVWHULRQRWDQ

DEURODQHYHUD"
&XiQWRIUtRSLHUGH"

PLVWHULRVR
0HJXVWD



7ZLWWHDU

,QIRUPDFLyQGHOD(QWUDGD
&DWHJRUtD$KRUURHQHUJpWLFR
(WLTXHWDVHQHUJtDHOpFWULFDLOXPLQDFLyQ/('

FRPHQWDULRVHQ&yPREDMyODIDFWXUDHOpFWULFDGHPLJDUDMHDODPLWDG



0LTXHO)XHUWHVGLFH
DODV
(QKRUDEXHQDSRUODUHEDMD
<RFUHRTXHWRGDYtDSRGUtDVUHEDMDUODIDFWXUDSDVDQGRDODWDULIDFRQGLVFULPLQDFLyQKRUDULD
'+$ 

 
5HVSRQGHU

&DUORV&GLFH
DODV
(VWDPRVWUDEDMDQGRHQHOOR0LTXHO
6XFHGHTXHSUREDEOHPHQWHYD\DPRVDKDFHUXQ~OWLPRDMXVWHGHSRWHQFLDHQEUHYH\SRU
ODJHVWLyQQRVKDGLFKRODGLVWULEXLGRUDTXHFREUDORPLVPRLQGHSHQGLHQWHPHQWHGH
FXDQWDVVROLFLWXGHVKDJDPRVDODYH]3RUHOORHVSHUDUHPRVDWHQHUFODUDODSRWHQFLDSDUD
VLDFDVRSHGLUORMXQWRFRQODGLVFULPLQDFLyQ\VRORWHQHUHOJDVWRXQDYH]
 
5HVSRQGHU



LVPDHOGLFH
DODV
(QKRUDEXHQDHQPLJDUDMHWDPELpQVHKL]RDOJRSDUHFLGR\HODKRUURIXHDELVPDO(QPLFDVR
ORTXHQRVHKDWDQWHDGRHVHOWHPDGHODSRWHQFLD\GHOFDPELRGHFRPSDxtD0HORDSXQWRSDUD
GDUHOFRxD]RHQODUHXQLyQGHYHFLQRVSUy[LPD
/RTXHHO3UHVLGHQWHQRKDORJDGRHVGHMDUDSDJDGRHOJDUDMHFXDQGRQRKD\DQDGLH6HKD
ORJUDGRSRQHUGHWHFWRUHVHQORVDFFHVRVSHDWRQDOHVSHURDODJHQWHOHGDPLHGRTXHQRKD\DOX]
HQHOJDUDMH"""<RSHUVRQDOPHQWHQRORHQWLHQGRVLDOJXLHQVHTXHGDGHQWURTXHORFDOLFHXQ
GHWHFWRU\VHPXHYDVLHVSRUORVDPLJRVGHORVDMHQRWDQWRGD1RVSURSXVRSRQHUGHWHFWRUHV
GHSUHVHQFLDHQORVDFFHVRVSHDWRQDOHV\HQORVGHYHKLFXORV\PLHQWUDVQRKD\DPRYLPLHQWRQR
JDVWDUOX]SHURQDGDQRKXERPDQHUD
(OPXQGRGHORVOHGKDUHYROXFLRQDGRORVJDUDMHV\VXVJDVWRV
8QVDOXGR
 
5HVSRQGHU

$EQHU3pUH]GLFH
DODV
([LVWHQWXERV/('FRQGRVWLSRVGLVWLQWRVGHVHQVRUHVGHSUHVHQFLDSRULQIUDUURMRV\SRU
UDGDU6HVXSRQHTXHHVWH~OWLPRHVPiVPRGHUQR\HILFD]SXHVGHWHFWDQRVyORSHUVRQDV
VLQRFRFKHV\RWURVREMHWRVHQPRYLPLHQWRV1RORKHSUREDGRD~QDOJXQDH[SHULHQFLD"
 
5HVSRQGHU

'DYLGGLFH
DODV
%XHQDVVHJ~QQRUPDWLYDVHGHEHPDQWHQHUXQPtQLPRGHLOXPLQDFLyQD~QFXDQGRHQHO
JDUDJHQRKD\QDGLH
0DVLQIRKWWSVZZZ\RXWXEHFRPZDWFK"Y 6/IN(Y6ZEF
 
5HVSRQGHU



6RSRWDGLFH
DODV
(QKRUDEXHQDSRUHODKRUURVR\FRQVFLHQWHGHTXHKDVLGRXQDEDWDOODODUJD\DUGXD
+DFHXQWLHPSRSURSXVHHOFDPELRD/('GHODLOXPLQDFLyQHQQXHVWURJDUDMH\ODUHVSXHVWD
TXHUHFLEtHVTXHDOHVWDUVHOODGDVFRQWUDDJXDODVOXPLQDULDVORV/('VHFDOHQWDEDQHQH[FHVR\
VXIUtDQPiVDYHUtDV
0HSDUHFLyXQDFKRUUDGDPRQXPHQWDOSXHVWRTXHORV/('DSHQDVHPLWHQFDORUHQFRPSDUDFLyQ
FRQORVVLVWHPDVGHLOXPLQDFLyQWUDGLFLRQDO
3HURFODURFUHRTXHPHHQFXHQWURHQODIDVHGHODxR
 
5HVSRQGHU



0LTXHO)XHUWHVGLFH
DODV
<RHODxRSROtWLFRPHORVDOWpGLUHFWDPHQWH/HGLMHDOSUHVLGHQWHTXHLEDDKDFHUXQRV
FDPELRVGHIOXRUHVFHQWHV\HQODWDULIDHOpFWULFDTXHLEDQDUHEDMDUODIDFWXUD\TXHQDGLHLEDD
QRWDU0HGLRHO2.\PHHYLWpHVSHUDUXQDxRDODUHXQLyQGHYHFLQRV\WHQHUTXHFRQYHQFHUD
HVFpSWLFRVFUyQLFRV
7HQtDHOp[LWRDVHJXUDGRSRUTXHPLSDUNLQJWHQtDN:FRQWUDWDGRV FDVLHXURVPHVGH
WpUPLQRILMR \VyORFRQODUHEDMDGHSRWHQFLDHODKRUUR\DHUDEHVWLDO
&RQHODKRUURGHODUHEDMDGHSRWHQFLDGHOSULPHUPHVFDPELHORVIOXRUHVFHQWHVSHUPDQHQWHV
SRUOHGV<HQODUHXQLyQGHYHFLQRVVHKDQHQFRQWUDGRTXHODIDFWXUDPHQVXDOKDEDMDGRGH
DHXURV
(QODVLJXLHQWHUHXQLyQLJXDOPHDQLPRDSODQWHDUHOWHPDGHORVVHQVRUHVGHSUHVHQFLDTXH\D
VHUtDODRVWLD
 

5HVSRQGHU



;DUOLRGLFH
DODV
)HQRPHQRVTXHVRLVXQRVIHQRPHQRV<DHVSHURFRQDQVLDVODVHJXQGDSDUWH
(QKRUDEXHQD&DUORV
 
5HVSRQGHU



6ZDSSHUGLFH
DODV
%XHQWUDEDMR&DUORV
 
5HVSRQGHU



'DYLGGLFH
DODV
(QFLPDGHDSUHQGHUPHKHUHLGRFRQWXV:7)%XHQR\FRQORGHJDV)HQRVDTXHKD\
FDGDDGPLQLVWUDGRU
<RTXLHURFRJHUHOEDVWRQGHPLPLQLFRPXQLGDGSRUTXHTXLHURSRQHUGHWHFWRUHVGHSUHVHQFLD\
DOJXQDYH]KHLGRDUHXQLRQHVGHODGHPLVSDGUHV TXHHVGHODVJUDQGHV SHURKDFHUFDPELDU
GHRSLQLRQDSHUVRQDVTXHSLHQVDQWXFKDYDOTXHGLFHVDQGDFDOODTXHSRGULDVVHUPLKLMRWX
TXHVDEUDVSHUREXHQRDOJXQGLDFRQHVWDVH[SHULHQFLDVHQODPDQRLUHDYHUTXHWDO
 
5HVSRQGHU



-RUGLGLFH
DODV
%XHQDUWtFXORRWURDSXQWHTXHSXHGHVHULQWHUHVDQWHVLHOJDUDMHHVPX\JUDQGHTXHORV
LQWHUUXSWRUHVRVHQVRUHVGHSUHVHQFLDHQFLHQGDQODVOXFHVSRU]RQDVLPDJLQRTXHHVWR\DVHKDFH
DVt

 
5HVSRQGHU

&DUORV&GLFH
DODV
1RVHSXHGHKDFHUXQHQFHQGLGRGHODVOXFHVILMDVSRU]RQDVODQRUPDWLYDKDEODGHXQD
LOXPLQDFLyQKRPRJpQHDPHGLGDDUDVGHVXHOGRHQFXDOTXLHUSXQWRGHOJDUDMH
 
5HVSRQGHU



.LWVELFLVHOpFWULFDVGLFH
DODV
(QKRUDEXHQD
 
5HVSRQGHU



-XDQSDGLFH
DODV
+ROD&DUORV&
0LPDVFRUGLDOHQKRUDEXHQDQRVyORSRUORVUHVXOWDGRVVLQRSRUVXEUD\DUODLPSRUWDQFLDGHO
IDFWRUVLFROyJLFR\GHODDGHFXDGDSUHSDUDFLyQGHFXDOTXLHUUHXQLyQGHYHFLQRV
'HWRGDVIRUPDVHQHOWtWXORSHFDVSRUH[FHVRGHKXPLOGDGHQODOHFWXUDGHODWDEODGH
UHVXOWDGRVPHSDUHFHOHHUTXHHOFRQVXPRHVHOTXHVHGLYLGHDSUR[LPDGDPHQWHSRUGRVSHUR
/$)$&785$&,13$5(&(+$%(5%$-$'21$'$0(12648(81 ODPHGLD
PHQVXDOSDVDGHPHQVXDOHVDVyORHQVyORDxRV 7HUXHJRPHFRUULMDVVLPHKH
HTXLYRFDGR
(VWR\DQVLRVRVSDUDYHUKDVWDGRQGHFRQVHJXLUiVOOHJDUFXDQGRSXHGDVKDFHUHO~OWLPRDMXVWHGH
SRWHQFLDODVLQWURGXFFLRQHVGHOD'LVFULPLQDFLyQ+RUDULD\GHORV6HQVRUHVGH3UHVHQFLD
8QDSUHJXQWD4XpVLJQLILFDQODVVLJODV:7)"
6DOXGRV
 

5HVSRQGHU

.LWVELFLVHOpFWULFDVGLFH
DODV
:7) :KDWWKHIXFN" SHURTXpFRMRQHV"
 
5HVSRQGHU



MDLPHGLFH
DODV
KRODPHQFLRQDVTXHHOPDQWHQLPLHQWRHOHHFWULFRVHOOHYDHOGHOSUHVXSXHVWRWHUHILHUHVD
JDVWRHOHFWULFR"RLQFOX\HVODVXVWLWXFLRQGHWXERVIXQGLGRV"
KD\XQIDFWRUPX\LPSRUWDQWHSDUDFRQYHQFHUDORVYHFLQRVTXHVXPDDODKRUURHOHFWULFRPH
UHILHURDODVXVWLWXFLRQGHORVWXERVTXHVHIXQGHQPDVTXHORVGHOHGXQWXERIOXRUHVFHQWHGXUD
HQWUHKRUDV\XQWXEROHGHQHOIOXRUHVFHQWHVHDFRUWDODYLGDSRUORV
HQFHQGLGRVDSDUWHGHWHQHURWURHOHPHQWRFRPRHOFHEDGRUTXHWDPELHQVHIXQGH
HQUHVXPLGDVFXHQWDVODYLGDGHXQWXEROHGVHIXQGHQIOXRUHVFHQWHVSRUORTXHSDJDVFXDWUR
YHFHVPDQRGHREUD\WXERFHEDGRU
 
5HVSRQGHU

5LFDUGRGLFH
DODV
5HDOPHQWHQXQFDKHHQWHQGLGRSRUTXHHQORVJDUDMHVVHSRQHQWXERVIOXRUHVFHQWHV\DTXH
VHHVWiQHQFHQGLHQGRPXFKDVYHFHVDOGtDFDGDYH]TXHHQWUDXQYHFLQR
6LHOUDWLROXPHQHV:GHORVIOXRUHVFHQWHV\GHODVEDUUDVGH/('VQRMXVWLILFDHOFDPELR
GHORVSULPHURVVLTXHORKDFHVXGXUDFLyQVREUHWRGRFXDQGRQRYDQDHVWDUHQWUH\
KRUDVHQFHQGLGRVTXHHVFXDQGRDOFDQ]DQVXPi[LPDGXUDFLyQ
 
5HVSRQGHU



05,2GLFH
DODV
/DSRWHQFLDUHDFWLYDHVSHQDOL]DGDSRUODVFRPSDxtDV(QPLFRPXQLGDGKDFHWLHPSRTXHSHGt
YHUXQDIDFWXUDSDUDFRPSUREDUHVWHJDVWRSHURPHKDQGDGRODFDOODGDSRUUHVSXHVWD<RQRKH
YLVWREDWHUtDVGHFRQGHQVDGRUHV\VLQHPEDUJRWHQHPRVRFKRDVFHQVRUHVRFKRERPEDVGHDJXD
\XQJDUDMHFRQYHQWLODFLyQIRU]DGDLOXPLQDGRFRQIOXRUHVFHQWHV/DSHxDHVPX\
GHVFRQRFHGRUDGHHVWRVDVXQWRVSHURHQODSUy[LPDMXQWDPHYDQDRtU
 
5HVSRQGHU

0LTXHO)XHUWHVGLFH
DODV
8QDFRPXQLGDGWDQJUDQGHVHJXURTXHWLHQHDGPLQLVWUDGRUGHILQFDV3XHGHVGLULJLUWHDpO
GLUHFWDPHQWHSXHVFRPRVRQORVSDJDGRUHVGHORVUHFLERVVRQORVTXHWLHQHQODVIDFWXUDV
'LOHTXHHVWiVHVWXGLDQGRPHGLGDVSDUDUHEDMDUODVIDFWXUDV6yORFRQXQDIDFWXUDWH
SRGUiVUHJLVWUDUHQODZHEGHODHOpFWULFD\YHUODVGHORV~OWLPRVPHVHV
/DVEDWHUtDVGHFRQGHQVDGRUHVVXHOHQHVWDUHQORVFXDUWRVGHFRQWDGRUHV(QPL
FRPXQLGDGJDVWDPRVPiVUHDFWLYDTXHDFWLYD FRVIL  SHURQRSDJDPRV
VXSOHPHQWRVSRUTXHHVWDPRVHQWDULID
 
5HVSRQGHU



&DUORV*GLFH
DODV
<RPHVDOWpWDPELpQHODxRSROLWLFRORFRQVXOWHFRQYDULRVYHFLQRV\PHGLHURQHO2.SDUDOD
UHGXFFLyQGH3RWHQFLD
'HVSXpVGHKDFHUYDULDVPHGLFLRQHVGHFRQVXPRVSHGtODUHGXFFLyQGH.:TXHWHQtDPRV
FRQWUDWDGRVD.:SHURUHVXOWRTXHDOQRVHUXQDSRWHQFLDQRUPDOL]DGDODFRPSDxtDDSOLFR
SRUUHGRQGHRDODEDMD.:(OUHVXOWDGRIXHTXHVDOWRHO,&3GHOFRQWDGRUGHOSDUNLQJHQ
XQSDUGHRFDVLRQHV\GHFLGLPRVVXELUODSRWHQFLDD.:
3RUHVWDVXELGDGHSRWHQFLD~OWLPDFUHRUHFRUGDUXQFDUJRSRU'HUHFKRVGHFRQWUDWDFLyQGH
XQRV
(ODKRUURDODxRSRUEDMDUGH.:D.:HVGHDSUR[ .:GHPHQRV;
NZ DxR
(ODKRUURPHVHVDSUR[GHPHVHV PHV
(OVLJXLHQWHFDSLWXORVHUiODVXEVWLWXFLyQSURJUHVLYDGHIOXRUHVFHQWHVQRUPDOHVSRU/('V

(VWXSHQGRDUWLFXORJUDFLDVSRUFRPSDUWLU
 
5HVSRQGHU



0DODJDGLFH
DODV
6RSUHQGHQWH5HDOPHQWHVRSUHQGHHODKRUUR(VWiPX\ELHQDUJXPHQWDGRHODUWLFXORHQKRUD
EXHQD9R\DHVWXGLDUORXQSRFRPiV\YR\SHQVDUHQSURSRQHUORHQPLFRPXQLGDG
6DOXGRV
 
5HVSRQGHU

'HMDXQ&RPHQWDULR
1RPEUH REOLJDWRULR
0DLO QRVHUiSXEOLFDGR  REOLJDWRULR
3iJLQD:HE VLWLHQHV

(QYLDU&RPHQWDULR

1RWLILFDUPHORVQXHYRVFRPHQWDULRVSRUFRUUHRHOHFWUyQLFR7DPELpQSXHGHVVXVFULELUWHVLQ
FRPHQWDU

6tJXHQRV

(PDLO

)DFHERRN


6XEVFUtEHWH

1HUJL]D
0HJXVWD

0HJXVWDHVWDSiJLQD

&RPSDUWLU

6pHOSULPHURGHWXVDPLJRVHQLQGLFDUTXHOHJXVWDHVWR

/RPiVYLVWR
(VWXIDVGHSHOOHWVWRGRORTXHWLHQHVTXHVDEHU

5DGLDFLyQFRQGXFFLyQ\FRQYHFFLyQWUHVIRUPDVGHWUDQVIHUHQFLDGHFDORU

3LHUGHHOPLHGRDODHVWXIDGHEXWDQR

&XiOHVHOVLVWHPDGHFDOHIDFFLyQPiVEDUDWR"

5HGHVFXEULHQGRODOHxDHVWXIDV\FKLPHQHDV

6HFDGRUDVGHURSDHYDFXDFLyQFRQGHQVDFLyQRERPEDGHFDORU"

5DGLDGRUHVHOpFWULFRVGHEDMRFRQVXPR\HOLQYHQWRGHODLQHUFLDWpUPLFD

&RQVXOWRUtDHQHUJpWLFD

3XHGHVSODQWHDUQRVFXDOTXLHUFRQVXOWDHQHUJpWLFDGHVGH1HUJL]DWHSURSRQGUHPRVXQDVROXFLyQ

ORDQWHVSRVLEOHGHIRUPDFRPSOHWDPHQWHJUDWXLWD

(QFXHVWD
7LHQHVWDULIDHOpFWULFDGHGLVFLPLQDFLyQKRUDULD"
6t
1RHVRHVVRORSDUDORVTXHWLHQHQDFXPXODGRUHVGHFDOHIDFFLyQ
1RFRQVXPRPHQRVGHOHQKRUDULRYDOOH
1RVHORTXHHVHVRSHURD~QDVtVR\IHOL]
9RWDU

9HUUHVSXHVWDV

7RS1HUJL]RV
$EUDKDP 
$EQHU3pUH] 
0LTXHO)XHUWHV 
-HV~V 
$OEHUW 
PLJXHO 
$QWRQLR 
5LFDUGR 
-RVH 
6ZDSSHU 

OWLPRVFRPHQWDULRV
-RVp$QWRQLRHQ*DVQDWXUDOREXWDQR"&XiOHVPiVHFRQyPLFR"
0DODJDHQ&yPREDMyODIDFWXUDHOpFWULFDGHPLJDUDMHDODPLWDG
-RVHHQ&yPRKDFHUXQDLUHDFRQGLFLRQDGRFDVHURFRQXQDFpOXODGHSHOWLHU
-RVHHQ&yPRKDFHUXQDLUHDFRQGLFLRQDGRFDVHURFRQXQDFpOXODGHSHOWLHU
&DUORV*HQ&yPREDMyODIDFWXUDHOpFWULFDGHPLJDUDMHDODPLWDG
0LTXHO)XHUWHVHQ&yPREDMyODIDFWXUDHOpFWULFDGHPLJDUDMHDODPLWDG
05,2HQ&yPREDMyODIDFWXUDHOpFWULFDGHPLJDUDMHDODPLWDG
FDU\XQHQ(OPRWRUPDJQpWLFRHOPRYLPLHQWRSHUSHWXRTXHVROXFLRQDUiWRGRVQXHVWURV
SUREOHPDV
FDU\XQHQ(OPRWRUPDJQpWLFRHOPRYLPLHQWRSHUSHWXRTXHVROXFLRQDUiWRGRVQXHVWURV
SUREOHPDV
$1*(/HQ6LVWHPD:DWWLRORUHYLVDPRV
&DUORVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
PLJXHOHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR

.LWVELFLVHOpFWULFDVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
0LTXHO)XHUWHVHQ3XHGRSRQHUXQSDQHOVRODUHQPLFDVD"6LWXDFLyQOHJDOGHODHQHUJtD
IRWRYROWDLFD
0LTXHO)XHUWHVHQ&RQWDGRUHVLQWHOLJHQWHVWRGRORTXHWLHQHVTXHVDEHU
/DHQHUJtD
GHOGtDDGtD
$9,62/(*$/&217$&72

También podría gustarte