Está en la página 1de 16

%XVFDU

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


)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
'HVSXpVGHPXFKRWLHPSRGHDQGDGXUDFRQHOEORJ\GHPXFKDVGXGDVVREUHVLKDFHUORRQRDOILQQRV
KHPRVGHFLGLGRKR\VHLQDXJXUDHO)RUR1HUJL]D(QHVWHSRVWRVH[SOLFDUHPRVHOIXQFLRQDPLHQWR
GHOIRUR\GHOVRUWHRGHXQPRQLWRUGHHQHUJtDTXHKHPRVSUHSDUDGRSDUDODLQDXJXUDFLyQ

3RUTXpXQ1HUJLIRUR"
$XQTXHVDEHPRVTXHKD\GHWUDFWRUHVGHOIRURTXHFUHHQTXHFRQORVFRPHQWDULRVGHODVHQWUDGDVHV
VXILFLHQWHSHQVDPRVTXHXQIRURGDUiXQVHUYLFLRDGLFLRQDOPX\~WLOSRUORVVLJXLHQWHVPRWLYRV
&RQVXOWRUtDHQHUJpWLFDJUDWXLWD
+DVWDDKRUDHVWHVHUYLFLRVHGDEDSRUGRVYtDVHOPDLO\ORVFRPHQWDULRVGHORVSRVWV(QHOSULPHU
FDVR WDQWR ODV SUHJXQWDV FRPR ODV UHVSXHVWDV HUDQ LQYLVLEOHV SDUD ORV 1HUJL]RV SRU OR WDQWR QR VH
SRGtDQ EHQHILFLDU GH HVWD LQIRUPDFLyQ QL KDFHU DSRUWHV DGLFLRQDOHV (Q FXDQWR D ODV FRQVXOWDV HQ
FRPHQWDULRVGHSRVWVUHODFLRQDGRVSXHGHTXHVtH[LVWLHUDDOJRPiVGHYLVLELOLGDGSHURVRORSDUDORV
1HUJL]RVTXHHVWXYLHUDQVLJXLHQGRHVHSRVWHQFRQFUHWR
3RUORWDQWRDKRUDODVFRQVXOWDVHQHUJpWLFDVVHKDUiQSUHIHULEOHPHQWHHQHOIRUR DXQTXH SRGUiQ
VHJXLU KDFLpQGRVH HQ ORV FRPHQWDULRV GH XQ SRVW VL HVWi GLUHFWDPHQWH UHODFLRQDGR FRQ HO WHPD GH OD
SUHJXQWD
/D LGHD HV TXH ODV FRQVXOWDV WHQJDQ OD PD\RU GLYHUVLGDG GH UHVSXHVWDV SRVLEOHV DVt TXH WH
QHFHVLWDPRV1HUJL]R
1XHYRVWHPDV
(OIRURSHUPLWLUiDFXDOTXLHU1HUJL]RDEULUXQKLORGHFRQYHUVDFLyQGHFXDOTXLHUFRVDTXHOHURQGHSRU
OD FDEH]D LQFOXVR VL QR WLHQH UHODFLyQ FRQ OD HQHUJtD SXHGH KDFHUOR HQ HO VXEIRUR RIIWRSLF (VWR
SHUPLWLUiSRUHMHPSORFRPSDUWLUSODQRV\HVTXHPDVGHOPyYLOHVSHUSHWXRVFRQPiVIDFLOLGDG

1RWLFLDV
(VSRVLEOHTXHVXUMDQQRWLFLDVHQHOPXQGRGHODHQHUJtDTXHTXL]iVQRYHQJDDFXHQWRGHGLFDUOHVXQ
SRVW SHUR Vt TXHUHPRV TXH OD FRPXQLGDG 1HUJL]D VH HQWHUH DVt TXH ODV SXEOLFDUHPRV HQ HO IRUR \
DQLPDPRVDFXDOTXLHU1HUJL]R \)XOJHQFLR DKDFHUORWDPELpQ
6RUWHRV\RWUDVYHQWDMDVSDUD1HUJL]RV
(OIRURWDPELpQQRVGDUiODSRVLELOLGDGGHKDFHUVRUWHRVGHPDWHULDOUHODFLRQDGRFRQODHQHUJtDFRPR
HQHVWHFDVR PRQLWRUGHHQHUJtD RLQFOXVRFRQVHJXLUYHQWDMDVLQWHUHVDQWHVSDUD1HUJL]RV


4XpWLHQHGHPDORHOIRUR"
&XDOTXLHU1HUJL]RTXHOOHYHXQWLHPSRFRQQRVRWURVVHKDEUiGDGRFXHQWDTXHGHFLUODSDODEUDIRURHV
VLQyQLPRGH+RODFDEDOOHURVYHUGHVD]XOHVURMRVSDVDU\SRQHURVFyPRGRV63$063$0\PiV
63$0
6LQRVDEHVTXHHVXQFDEDOOHURGHFRORUHVVHWUDWDVLPSOHPHQWHGHXQYHQGHGRUIDEULFDQWHGHDOJ~Q
SURGXFWRTXHVHKDFHSDVDUSRUXQIHOL]XVXDULRGHOPLVPRKHPRVWHQLGRPXFKRVFDVRVHQHOEORJ\
ORVWHQGUHPRVHQHOIRURDXQTXHQRHVIiFLOHQJDxDUDXQ1HUJL]RGHODSULPHUDILOD

&yPRIXQFLRQDHOIRUR"
6L KDV OOHJDGR KDVWD DTXt FRQ WX 'H/RUHDQ GHVGH  \ QR VDEHV FyPR IXQFLRQD XQ IRUR TXL]iV WH
UHVXOWH XQ SRFR FRPSOLFDGR SHUR VL QR HV HO FDVR VHJXUR TXH QR WLHQHV PXFKRV SUREOHPDV DXQTXH
KD\DOJXQDVFRVDVTXHFRQYLHQHGHVWDFDU
+HPRVFUHDGRHVWRVUDQJRVGHXVXDULR
,QYLWDGR6LQRWHUHJLVWUDVVHUiVVLPSOHPHQWHXQLQYLWDGR\VRODPHQWHSRGUiVOHHUORVSRVWV6t
OR VLHQWR SHUR KD\ TXH UHJLVWUDUVH QR WHQGUiV TXH LQWURGXFLU PLOHV GH GDWRV QL VH WH HQYLDUi
63$0ORSURPHWR
)XOJHQFLR8QDYH]UHJLVWUDGRWRGDYtDHUHVXQ)XOJHQFLR\WHQGUiVDOJXQDVUHVWULFFLRQHVFRPR
SRUHMHPSORQRSRGHUSRQHUWHXQDILUPDSHUVRQDOL]DGD
1HUJL]R &XDQGR KD\DV HVFULWR  PHQVDMHV \D SXHGHV FRQVLGHUDUWH 1HUJL]R DVt TXH WHQGUiV
DOJXQDVYHQWDMDVVREUHORV)XOJHQFLRV
1HUJL]R*ROG &XDQGR VXSHUHV ORV PHQVDMHV \ PHJXVWD WHQGUiVHO KRQRU GHVHUXQ
1HUJL]R*ROG
/RVHGLWRUHVGHODZHE\ORVTXHHVWiLVHQHOWRS1HUJL]RV $EUDKDP$EQHU$OEHUW0LTXHO-HV~V
PLJXHO $QWRQLR 5LFDUGR -RVH \ HGX  DYLVDUPH YtD PDLO R PHQVDMH SULYDGR FXDQGR RV UHJLVWUpLV \
SDVDUpLVGLUHFWDPHQWHDUDQJR1HUJL]R
3RFRDSRFRVHLUiQDxDGLHQGRPiVUDQJRV\PiVYHQWDMDVDORVDVLGXRV
(OIRURVHFRPSRQHGHYDULDVFDWHJRUtDVIRURV\VXEIRURVODPD\RUtDVRQDSDUWDGRVGHVWLQDGRVDORV
GLIHUHQWHVWHPDVUHODFLRQDGRVFRQODHQHUJtD HQHUJtDVRODUFOLPDWL]DFLyQYHKtFXORV SHURWDPELpQ
WHQHPRVXQVXEIRUROODPDGRFRPXQLGDG1HUJL]DGRQGHSRGUHPRVKDEODUGHWRGRORUHODFLRQDGRFRQ
ODZHE EORJ\IRUR SUHVHQWDFLRQHVGHXVXDULRVGXGDVVREUHHOIXQFLRQDPLHQWRVXJHUHQFLDVHWF


6RUWHR
3DUD LQDXJXUDU HO IRUR KHPRV RUJDQL]DGR XQ VRUWHR SRU HOOR KHPRV SHGLGR D %DQJJRRG TXH OR
SDWURFLQHFRQXQ0HGLGRUGHHQHUJtD0,(2+$3RGpLVYHUODIRUPDGHSDUWLFLSDUHQHOKLORTXH
KHPRVFUHDGRSDUDHOOR

7DPELpQ QRV JXVWDUtD SHGLU DO


JDQDGRU GHO VRUWHR TXH XQD YH] UHFLELGR HO PRQLWRU GH HQHUJtD UHDOLFH XQD SHTXHxD UHYLHZ HQ HO
SURSLRIRURSDUDTXHHOUHVWRSRGDPRVVDEHUTXHWDOYD

7DPELpQSXHGHLQWHUHVDUWH

%LHQYHQLGRVD

1XHYRVHUYLFLR

/RPHMRUGHO

&XiQWRSDJDQHQ

-XJXHWHVHGXFDWLYRV

1HUJL]D

1HUJL]D

HQ1HUJL]DFRP

(XURSDGHWpUPLQR

HQHUJpWLFRVDOJR

ILMRGHODOX]"

PiVTXHGLYHUVLyQ

&RQVXOWRUtD
HQHUJpWLFDJUDWXLWD
0HJXVWD



7ZLWWHDU

,QIRUPDFLyQGHOD(QWUDGD
&DWHJRUtD9DULRV
(WLTXHWDV

FRPHQWDULRVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR



-RUGLGLFH
DODV
7RGRHOPXQGRSDOIRUR\DQRGHMDQQLXQWULVWHFRPHQWDULR
 
5HVSRQGHU



SHGURGtD]GLFH
DODV
3HUR"DTXHHVSHUDLV\DGHEHUtDHVWDUKLUYLHQGRHOIRURFRQYXHVWUDVQXHVWUDVSUHJXQWDVTXH
OXHJRFRPHQWDLVTXHQRWHQHLVFODURHVWRRORRWURYHQJDDYHUGRQGHHVWiHVDSULPHUD
FXHVWLyQ
 
5HVSRQGHU



]DKRULQGLFH

DODV
1RPHIXQFLRQDHODFFHVRDOIRURQLFRQHOFRUUHRTXHWHQJRDTXtQLVROLFLWDQGRHQWUDUFRQ
FRUUHRJRRJOH6HSURGXFHXQHUURU
 
5HVSRQGHU

6ZDSSHUGLFH
DODV
<RWDPELpQUHFLERXQHUURUDOLQWHQWDUPHUHJLVWUDUFRQODFXHQWDGH*RRJOH
7KDWVDQHUURU
(UURULQYDOLGBFOLHQW
7KH2$XWKFOLHQWZDVQRWIRXQG
5HTXHVW'HWDLOV
7KDWVDOOZHNQRZ
 
5HVSRQGHU

&DUORVGLFH
DODV
+ROD=DKRUtQ
(OUHJLVWURHQHOIRURHVLQGHSHQGLHQWHGHOFRUUHRTXHXVHVHQORVFRPHQWDULRVGHOEORJ
WLHQHVTXHUHJLVWUDUWHHQHOIRUR
/RGHODLQWHJUDFLyQFRQ*RRJOHORFRPSUREDUp
8QVDOXGR
 
5HVSRQGHU

&DUORVGLFH
DODV
6ROXFLRQDGRORGHODLQWHJUDFLyQFRQ*RRJOHTXHQRWHUPLQDEDGHIXQFLRQDUELHQ
 

5HVSRQGHU



PLJXHOGLFH
DODV
1RHQFXHQWURHOHQODFHDOIRURGHVGHHOPHQ~SULQFLSDO
 
5HVSRQGHU

&DUORVGLFH
DODV
3DFLHQFLD1HUJL]RHVWDPRVWUDEDMDQGRHQHOOR
0LHQWUDVWDQWRWLHQHVXQHQODFHHQODEDUUDODWHUDOGHUHFKD
 
5HVSRQGHU



5LFDUGRGLFH
DODV
GRQGHHVWiHOHQODFHSDUDHVFULELUWHORV9,3V"
 
5HVSRQGHU

&DUORVGLFH
DODV
3DUHFHTXH\DORKDVHQFRQWUDGRMHMHMHH\DHUHV1HUJL]R
 
5HVSRQGHU



$EUDKDPGLFH
DODV
%LHQSRUHOIRUR$KRUDVyORWHIDOWDSRQHUXQDFFHVRDOIRURGHVGHODSiJLQDSULQFLSDO
 
5HVSRQGHU

&DUORVGLFH
DODV
/RWLHQHVHQHOVLGHEDUGHUHFKRDXQTXHWHQJRSHQGLHQWHSRQHUORHQHOPHQ~VXSHULRUD~Q
 
5HVSRQGHU



.LWVELFLVHOpFWULFDVGLFH
DODV
3XHVDOOiTXHYDPRV%XHQDLQLFLDWLYDSHURSUpDSDUDWHSDUDFXUURH[WUD\RVR\DGPLQLVWUDGRU
GHXQR\HVXQQRSDUDU
 
5HVSRQGHU

PLJXHOGLFH
DODV
$FDEDGHHPSH]DU\\DWLHQHGHEHUHV(OHQODFHHQHOPHQ~LQWHJUDFLyQFRQJRRJOH
GHQWURGHSRFRTXHVLODILUPDTXHVLORVGHOFDORUPRUDGRJULVRD]XO
9HUiVTXHULVDVMDMDMD
VXHUWHDOIRUHWH
 
5HVSRQGHU

&DUORVGLFH
DODV
<HVRHVORTXHVHYHORTXHQRVHYHQLWHFXHQWR7RGRVHDSRUODFDXVD
1HUJL]D
 
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
&DUORVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
PLJXHOHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
.LWVELFLVHOpFWULFDVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
0LTXHO)XHUWHVHQ3XHGRSRQHUXQSDQHOVRODUHQPLFDVD"6LWXDFLyQOHJDOGHODHQHUJtD
IRWRYROWDLFD
0LTXHO)XHUWHVHQ&RQWDGRUHVLQWHOLJHQWHVWRGRORTXHWLHQHVTXHVDEHU
$QWRQLRHQ5HGHVFXEULHQGRODOHxDHVWXIDV\FKLPHQHDV
&DUORVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
&DUORVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
$EUDKDPHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
5RGULJRHQ&XiOHVHOVLVWHPDGHFDOHIDFFLyQPiVEDUDWR"$FWXDOL]DFLyQ
5RGULJRHQ&XiOHVHOVLVWHPDGHFDOHIDFFLyQPiVEDUDWR"$FWXDOL]DFLyQ
&DUORVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
&DUORVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR

&DUORVHQ)2521HUJL]DLQDXJXUDFLyQ\VRUWHR
&DUORVHQ&yPRFRQRFHUHOFRQVXPRGHODLUHDFRQGLFLRQDGR
/DHQHUJtD
GHOGtDDGtD
$9,62/(*$/&217$&72