Está en la página 1de 12

/DVKHPHURWHFDV

/$6+(0(527(&$6






QGLFH


/$+(0(527(&$ 

$&21&(372 
%(92/8&,1+,675,&$ 
&)81&,21(6 
'6(59,&,26  

/26)21'26'(/$+(0(527(&$ 
$/$638%/,&$&,21(63(5,',&$66(5,$'$6  
%+,6725,$ 
&,03257$1&,$  
'352%/(0$6%6,&2648(3/$17($1(67$638%/,&$&,21(6 
G,GHQWLILFDFLyQ 
G/RFDOL]DFLyQ 

%,%/,2*5$)$ 




3iJLQDGH

3iJLQDGH

/DVKHPHURWHFDV

/$+(0(527(&$
$&21&(372

/DV KHPHURWHFDV HQWHQGLGDV FRPR ELEOLRWHFDV HVSHFLDOL]DGDV HQ UHXQLU FRQVHUYDU \ GL
IXQGLUFROHFFLRQHVGHSHULyGLFRV\UHYLVWDVEULOODQSRUVXQ~PHURUHGXFLGR\SRUHOGHVFRQR
FLPLHQWRJHQHUDOGHVXVDFWLYLGDGHVSRUSDUWHGHOS~EOLFRHLQFOXVRGHODPD\RUtDGHORVSUR
IHVLRQDOHVGHODLQIRUPDFLyQ&RPRPXHVWUDGHHOORFLWHPRVHOKHFKRGHTXHGLFKRWpUPLQR
QRDSDUHFHHQODJUDQPD\RUtDGHORVGLFFLRQDULRVSURIHVLRQDOHVFRPRSRUHMHPSORHO'LF
FLRQDULRGHLQIRUPDFLyQ\GRFXPHQWDFLyQHODERUDGRSRUOD)HGHUDFLyQ ,QWHUQDFLRQDO GH 'R
FXPHQWDFLyQ ),'  HQ VX YHUVLyQ SUHOLPLQDU HVSDxROD GHO ,&<7 GH  3RU IRUWXQD QR
VLHPSUH HV XQ WpUPLQR ROYLGDGR \ DVt 'RPLQJR %XRQRFXRUH OR LQFOX\H HQ VX'LFFLRQDULR GH
ELEOLRWHFRORJtD

(OWpUPLQRIXHSURSXHVWRSRUSULPHUDYH]SRU(QULTXH0DUWtQFRQVHUYDGRUGHODELEOLRWHFD
GHO $UVHQDO GH 3DUtV DO &RQJUHVR ,QWHUQDFLRQDO GH %LEOLRWHFDV UHDOL]DGR HQ HVD FDSLWDO HQ
 $XQTXH VHJ~Q DOJXQRV FRPR )XPDJDOOL HVWD SDODEUD HVWi PDO IRUPDGD VLHQGR PiV
DGHFXDGR HO WpUPLQR HIHPHURWHFD R HIHPHULWHFD SXHV KHPHURWHFD GHO JU +(0(5$ GtD\
7+(.(FDMDGHSyVLWR HQVHQWLGRHVWULFWRTXLHUHGHFLUELEOLRWHFDGHGtDV\QRELEOLRWHFD
GHSHULyGLFRV
3RUVXSDUWHHO'LFFLRQDULRGHOD5$(HQVXYLJpVLPRSULPHUDHGLFLyQGHILQHODKHPHUR
WHFDFRPRHOORFDOGRQGHVHJXDUGDQ\FROHFFLRQDQSHULyGLFRVGLDULRV\UHYLVWDVPLHQWUDV
TXHHO'LFFLRQDULRLGHROyJLFRGH-XOLR&DVDUHVODGHILQHFRPRXQDELEOLRWHFDGRQGHSULQFL
SDOPHQWHVHJXDUGDQ\VLUYHQGLDULRV\RWUDVSXEOLFDFLRQHVSHULyGLFDV(O'LFFLRQDULRGH%L
EOLRORJtD\FLHQFLDVDILQHVGH-RVp0DUWtQH]GH6RXVDSRUVXSDUWHDGHPiVGHORVFRQFHSWRV
DQWHULRUPHQWHH[SXHVWRVFRQVLGHUDWDPELpQKHPHURWHFDDOGHSDUWDPHQWRGHXQDELEOLRWHFD
GRQGHVHFRQVHUYDQ\VLUYHQDOS~EOLFRSXEOLFDFLRQHVSHULyGLFDV

(QHVWDVGHILQLFLRQHVVHSXHGHYHUTXHHQWpUPLQRVJHQHUDOHVVHWUDWDDODKHPHURWHFD
ELHQ FRPR XQD SDUWH R VHFFLyQ GH XQD ELEOLRWHFD R ELHQ FRPR XQD ELEOLRWHFD HVSHFLDOL]DGD
GHGLFDGD D FRQVHUYDU R\ GLIXQGLU SXEOLFDFLRQHV SHULyGLFDV 5HDOPHQWH OR HV HQ IXQFLyQ GHO
WLSRGHPDWHULDOHVTXHLQWHJUDQVXIRQGR7HQLHQGRHQFXHQWDHVWHSXQWRVHSXHGHGHFLUTXH
ODVKHPHURWHFDVUHDOL]DQODVPLVPDVIXQFLRQHVGHIRUPDFLyQGHODFROHFFLyQRUJDQL]DFLyQGH
ODPLVPD\SXHVWDDGLVSRVLFLyQGHORVXVXDULRVGHORVIRQGRVTXHFXDOTXLHURWUDELEOLRWHFD
HVWULEDQGRVXGLIHUHQFLDHQODVFDUDFWHUtVWLFDVHVHQFLDOHVGHODVSXEOLFDFLRQHVSHULyGLFDVTXH
FRQGLFLRQDQORVWUDEDMRV\JHVWLyQGHODVFROHFFLRQHVKHPHURWHFDULDV
%(92/8&,1+,675,&$

/DKLVWRULDGHODVKHPHURWHFDVFRUUHSDUDOHODDODDSDULFLyQ\GHVDUUROORGHODVSXEOLFDFLR
QHVSHULyGLFDV'HVGHHOVLJOR;9,,HVWHWLSRGHSXEOLFDFLRQHVVHFRQVHUYDHQVHFFLRQHVLQWH
JUDGDVHQODHVWUXFWXUDGHODVELEOLRWHFDV\DUFKLYRVH[LVWHQWHV+DEUiTXHHVSHUDUDFRPLHQ
]RV GH QXHVWUR VLJOR SDUD TXH DSDUH]FDQ ODV SULPHUDV KHPHURWHFDV FRPR FHQWURV LQGHSHQ
GLHQWHV GHGLFDGRV D OD IRUPDFLyQ \ JHVWLyQ GH ODV FROHFFLRQHV GH SXEOLFDFLRQHV SHULyGLFDV
%XHQDSUXHEDGHHOORVRQOD+HPHURWHFD0XQLFLSDOGH0DGULGIXQGDGDHQFHQWURSLR
QHUR \ HMHPSODU HQ HVWH FDPSR HQ HO iPELWRQDFLRQDO H LQWHUQDFLRQDO\OD+HPHURWHFD1D
FLRQDOFUHDGDHQ\DELHUWDDOS~EOLFRHQFX\DFROHFFLyQHVWiIRUPDGDIXQGDPHQ
WDOPHQWH SRU HMHPSODUHV SURYHQLHQWHV GHO GHSyVLWR DGPLQLVWUDWLYR SUHYLR \ GHO 'HSyVLWR
/HJDO
&)81&,21(6

/D VHFFLyQ GH OD ELEOLRWHFD HVSHFLDOL]DGD HQ SXEOLFDFLRQHV SHULyGLFDV KD GH FXPSOLU XQDV
IXQFLRQHVEiVLFDV(QWUHODVPiVGHVWDFDGDVVHxDODPRVODVVLJXLHQWHV

 &RRUGLQDFLyQGHODIRUPDFLyQ\JHVWLyQGHODFROHFFLyQGHSXEOLFDFLRQHVSHULyGL
FDV/DFROHFFLyQHVWDUiIRUPDGDSULQFLSDOPHQWHSRUUHYLVWDVQDFLRQDOHVHLQWHUQDFLRQD
OHVGHFDUiFWHUFLHQWtILFRHQVRSRUWHLPSUHVRRPLFURIRUPD\EDVHVGHGDWRVGLVWULEXLGDV
HQVRSRUWHVySWLFRVWDQWRDTXHOODVTXHFRQWLHQHQLQIRUPDFLyQGHUHIHUHQFLDVELEOLRJUiIL
FDV FRPR ODV TXH DOEHUJXHQ LQIRUPDFLyQ HQ WH[WR FRPSOHWR (VWD IXQFLyQ VH UHDOL]DUtD
PHGLDQWHODFHQWUDOL]DFLyQGHODDGTXLVLFLyQGHSXEOLFDFLRQHVSHULyGLFDVQXHYDV(QHVWH
VHQWLGRVHUtDGHHQRUPHXWLOLGDGODSXHVWDHQPDUFKDGHOPyGXORDXWRPDWL]DGRGHDGTXL
VLFLRQHVFRQORTXHVHDSURYHFKDUtDDOPi[LPRHOSUHVXSXHVWRDVLJQDGRSDUDODFRPSUD
GHUHYLVWDV\OLEURV\VHFRQWDUtDFRQGDWRVILDEOHVSDUDODWRPDGHGHFLVLRQHVDGHFXDGDV
SDUDHOHVWDEOHFLPLHQWRGHFULWHULRVGHIRUPDFLyQGHFROHFFLRQHV
 &RQVXOWD GH OD SUHQVD QDFLRQDO \ H[WUDQMHUD DFWXDO DVt FRPR GH ODV SXEOLFDFLR
QHV SHULyGLFDV RILFLDOHV &XPSOHQ XQD IXQFLyQ PHUDPHQWH LQIRUPDWLYD /RV GLDULRV


3iJLQDGH









WUDQVPLWHQ LQIRUPDFLyQ TXH VL ELHQ QR UHYLVWH XQ FDUiFWHU HVSHFLDOL]DGR QL H[KDXVWLYR
DEDUFDiPELWRVWDQWRJHRJUiILFRVFRPRWHPiWLFRVTXHQRVRQREMHWRGHODVSXEOLFDFLRQHV
FLHQWtILFDV3RURWUDSDUWHODLPSRUWDQFLDGHO%ROHWtQ2ILFLDOGHO(VWDGR\GHORVEROHWLQHV
\ GLDULRV RILFLDOHV GH ODV GLIHUHQWHV DGPLQLVWUDFLRQHV WDQWR DXWRQyPLFDV FRPR ORFDOHV \
GH LQVWLWXFLRQHV VXSUDQDFLRQDOHV FRPR ODV &RPXQLGDGHV (XURSHDV  HV YLWDO GH FDUD D
FRQRFHU OD OHJLVODFLyQ \ QRUPDWLYD TXH ULJHQ WRGRV ORV iPELWRV GH OD DFWLYLGDG SROtWLFD
VRFLDO DFDGpPLFD FLHQWtILFD HWF $VLPLVPR VRQ VLQ GXGD HO PHMRU PHGLR GH LQIRUPD
FLyQVREUHRSRVLFLRQHV\FRQFXUVRVEHFDV\D\XGDVSDUDODUHDOL]DFLyQGHHVWXGLRV\SUR
\HFWRVGHLQYHVWLJDFLyQ
&RQVHUYDFLyQGHODFROHFFLyQWUDQVIHULGDeVWDHVXQDGHODVIXQFLRQHVIXQGDPHQWD
OHVGHODKHPHURWHFD6HSXHGHOOHYDUDFDERPHGLDQWHWUHVDFFLRQHVEiVLFDV
D /DHQFXDGHUQDFLyQH[KDXVWLYDGHORVQ~PHURVWUDQVIHULGRVDO&HQWUR&RQHOORVHHYL
WDODSpUGLGD\VHIDFLOLWDODFRQVHUYDFLyQGHWRGRVORVQ~PHURVGHFDGDWtWXORDSDUH
FLGRVGXUDQWHFDGDDxR
E /DPLFURILOPDFLyQVLVWHPiWLFDGHOIRQGRDQWLJXR\ODPLFURILOPDFLyQVHOHFWLYDGHOIRQ
GR FRQWHPSRUiQHR (Q FXDQWRDO IRQGRDQWLJXRVH GHEHUtDHVWDEOHFHUXQSODQ GHVWL
QDGRDPLFURIRWRJUDILDUWRGRVORVHMHPSODUHVGHPRGRTXHVHDVHJXUDUDHODFFHVRD
OD LQIRUPDFLyQ FRQVHUYDGD HQ HVWRV PDWHULDOHV DO WLHPSR TXH VH SURFXUDUtD VXFRQ
VHUYDFLyQDOQRWHQHUTXHVHUPDQHMDGRVGLUHFWDPHQWHORVRULJLQDOHV(VWHSODQGHEH
UtD FRQWHPSODU HO LQLFLR GH ORV WUDEDMRV GH PLFURILOPDFLyQ SRU ODV SXEOLFDFLRQHV PiV
YDOLRVDV\PiVDQWLJXDVWHQLHQGRHQFXHQWDDGHPiVHOHVWDGRGHFRQVHUYDFLyQGH
ODV PLVPDV 3DUD HO IRQGR DQWLJXR SRGUtD HVWXGLDUVH OD SRVLELOLGDG GH VX DOPDFHQD
PLHQWRHQVRSRUWHVySWLFRVPHGLDQWHVXGLJLWDOL]DFLyQDXQTXHKDEUtDTXHVRSHVDUODV
SRVLELOLGDGHV GH UHQWDELOL]DU HO FRVWH GH HVWD RSHUDFLyQ SRU HMHPSOR PHGLDQWH VX
FRPHUFLDOL]DFLyQ(QFXDQWRDODVSXEOLFDFLRQHVFRQWHPSRUiQHDVVHSRGUtDHVWDEOHFHU
XQSODQVHOHFWLYRGHPLFURILOPDFLyQHQIXQFLyQGHOXVRHLQWHUpVTXHORVGLIHUHQWHVWt
WXORVSXGLHUDQWHQHUSDUDORVXVXDULRV
F 5HVWDXUDFLyQGHODFROHFFLyQSDUDORTXHVHSRGUtDFUHDUXQVHUYLFLRGHUHVWDXUDFLyQ
SURSLR
&RQWURO ELEOLRJUiILFR GH OD FROHFFLyQ )XQFLyQ TXH VH OOHYDUtD D FDER D WUDYpV GH OD
HODERUDFLyQ\PDQWHQLPLHQWRGHOFDWiORJRFROHFWLYR
,QGL]DFLyQVHOHFWLYD5HDOL]DFLyQGHWUDEDMRVGHLQGL]DFLyQVHOHFWLYDHQUD]yQGHOXVR
GHWtWXORVDVtFRPRSRUHOLQWHUpVWHPiWLFR(VLQGXGDEOHTXHORGHVHDEOHVHUtDODLQGL]D
FLyQH[KDXVWLYDGHWRGDODFROHFFLyQSHURHVWRVHUtDXQDODERUWLWiQLFDTXHSUHFLVDUtDGH
XQDJUDQFDQWLGDGGHUHFXUVRVKXPDQRVGHGLFDGRVH[FOXVLYDPHQWHDHVWDWDUHDDVtFR
PRGHJUDQGHVUHFXUVRVPDWHULDOHV\FRQVLJXLHQWHPHQWHSUHVXSXHVWDULRV3RURWUDSDU
WH OD JUDQ FDQWLGDG GH EDVHV GH GDWRV VREUH SXEOLFDFLRQHV VHULDGDV DFFHVLEOHV DFWXDO
PHQWHHQOtQHD\VXVHGLFLRQHVHQ&'520VXSOLUtDQHQEXHQDPHGLGDHVWDODERUFRQFD
UiFWHUH[KDXVWLYR
,QIRUPDFLyQ \ UHIHUHQFLD 'HQWUR GH OD ILORVRItD GH VHUYLFLR DO XVXDULR TXH GHEH LP
SUHJQDU OD ODERU GH WRGRV ORV yUJDQRV TXH FRPSRQHQ ODELEOLRWHFDHVWDIXQFLyQ VH GHV
DUUROODUtDHQFXDWURQLYHOHVEiVLFDPHQWH
D $WHQFLyQ D ORV XVXDULRV HQ VXV FRQVXOWDV RFDVLRQDOHV VREUH DFFHVR D OD FROHFFLyQ \
SHWLFLyQGHLQIRUPDFLyQKHPHURJUiILFD(VWHVHUYLFLRVHSUHVWDUtDWDQWRSHUVRQDOPHQ
WHFRPRDWUDYpVGHOODPDGDVWHOHIyQLFDV\RWURVPHGLRVGHFRPXQLFDFLyQ$EDUFDUtD
ORVVLJXLHQWHVSXQWRV
L RULHQWDFLyQ VREUH ORV GLIHUHQWHV VHUYLFLRV RIUHFLGRV SRU OD KHPHURWHFD \ VREUH
FyPRDFFHGHUDHOORV
LL LQIRUPDFLyQSXQWXDOSHUVRQDOL]DGD
LLL LQIRUPDFLyQ ELEOLRJUiILFD GHVGH OD PHUD RULHQWDFLyQ KDVWD ODV E~VTXHGDV ELEOLR
JUiILFDVVHOHFWLYDV\H[KDXVWLYDV
3DUD FXEULU VDWLVIDFWRULDPHQWH HVWRV VHUYLFLRV GHEHUtD FRQWDU FRQ SHUVRQDO FXDOLIL
FDGRVXILFLHQWH\XQDLPSRUWDQWHFROHFFLyQELEOLRJUiILFD\GHUHIHUHQFLDTXHLQFOX\HUD
ORVLQVWUXPHQWRVELEOLRJUiILFRVDGHFXDGRVHQVRSRUWHVySWLFRV
E ,QIRUPDFLyQDFROHFWLYRVVREUHGHWHUPLQDGDVSDUWHVGHODFROHFFLyQPHGLDQWHODHOD
ERUDFLyQGHEROHWLQHVKHPHURJUiILFRVSRUPDWHULDVtQGLFHVGHUHV~PHQHVRSXEOLFD
FLRQHVVREUHQXHYRVLQJUHVRV
F )RUPDFLyQGHXVXDULRV(VWDODERUVHSRGUtDUHDOL]DUDJUXSDQGRDORVLQWHUHVDGRVHQ
HVWH VHUYLFLR HQ GRV JUXSRV XQR GHGLFDGR D XVXDULRV VLQ FRQRFLPLHQWRV SUHYLRV GHO
IXQFLRQDPLHQWR \ RUJDQL]DFLyQ GH OD KHPHURWHFD \ ODV FROHFFLRQHV GH SXEOLFDFLRQHV
SHULyGLFDV\RWURPiVDYDQ]DGRSDUDXVXDULRVFRQFRQRFLPLHQWRVSUHYLRV
G 3UHVWDFLyQGHOVHUYLFLRGH'LIXVLyQ6HOHFWLYDGHOD,QIRUPDFLyQ '6, DDTXHOORVXVXD
ULRVTXHORVROLFLWHQ


3iJLQDGH

/DVKHPHURWHFDV

 6HUYLUFRPRFHQWURGHLQIRUPDFLyQ3DUDORVHVWXGLRVRVHLQYHVWLJDGRUHVGHODKLVWRULD
GH ODV SXEOLFDFLRQHV SHULyGLFDV HQ JHQHUDO \ GH OD SUHQVD HQ SDUWLFXODU &RPR FROHFFLyQ
GHDSR\RQRVyORH[FOXVLYDPHQWHSDUDODVLQYHVWLJDFLRQHVKLVWyULFDVHQHVWDPDWHULDVLQR
WDPELpQSDUDHOGHVDUUROORGHODVWDUHDVLQIRUPDWLYDV\RWURVFRPHWLGRVGHORVELEOLRWHFD
ULRVGHOSURSLRFHQWURVHUtDQHFHVDULDODFUHDFLyQGHXQDELEOLRWHFDHVSHFLDOL]DGDHQ+LV
WRULDGHOD3UHQVD
'6(59,&,26

&RPRWRGDXQLGDGELEOLRWHFDULDODELEOLRWHFDRIUHFHXQDVHULHGHVHUYLFLRVHVHQFLDOHVDVXV
XVXDULRV

 &RQVXOWD HQ VDOD GHO IRQGR LPSUHVR \ PLFURILOPDGR (VWH VHUYLFLR SXHGH GDUVH HQ
WUHVVDODV
D 6DODGHFRQVXOWDGHIRQGRVHQFXDGHUQDGRVSURFHGHQWHVGHOGHSyVLWRFHUUDGR
E 6DOD GH FRQVXOWD GH IRQGR PLFURILOPDGR HTXLSDGD FRQ DSDUDWRV OHFWRUHV
UHSURGXFWRUHVSDUDUROORVGHSHOtFXOD\PLFURILFKDV(ODFFHVRDHVWRVIRQGRVFRQVHU
YDGRV\RUJDQL]DGRVHQODSURSLDVDODVHUHDOL]DUiDWUDYpVGHOSHUVRQDOGHOD+HPH
URWHFD DFFHVRFRQWURODGR 
F 6DODGHSUHQVDGLDULD\RILFLDOFX\RIRQGRVHUiGHOLEUHDFFHVR
/yJLFDPHQWHQRWRGDVODVELEOLRWHFDVFXHQWDQFRQWRGDVHVWDVVDODV(QODPD\RUtDGH
ELEOLRWHFDVS~EOLFDVHOVHUYLFLRGHKHPHURWHFDFXHQWD~QLFDPHQWHFRQXQDVDODGHOLEUH
DFFHVRSDUDODFRQVXOWDGHSUHQVDGLDULD\RILFLDO
 3UpVWDPRLQWHUELEOLRWHFDULR6HUHDOL]DUiHQODVVLJXLHQWHVPRGDOLGDGHV
D 2ULJLQDOLPSUHVR3DUWLHQGRGHOFULWHULRGHFRQVHUYDFLyQGHODFROHFFLyQHOSUpVWDPR
LQWHUELEOLRWHFDULR GHO IRQGR LPSUHVR VH HIHFWXDUi HQ FDVRV H[FHSFLRQDOHV HQ TXH OD
FRQVXOWD GHO RULJLQDO IXHUD LPSUHVFLQGLEOH SDUD XQ LQYHVWLJDGRU UHDOL]DFLyQ GH HVWX
GLRVVREUHDVSHFWRVItVLFRVGHODVSXEOLFDFLRQHV 
E 5HSURGXFFLyQSRUIRWRFRSLDRPLFURILOPGHOGRFXPHQWRVROLFLWDGRGHSHQGLHQGRGHODV
SUHIHUHQFLDVGHORVVROLFLWDQWHV(VWDVHJXQGDPRGDOLGDGHVODKDELWXDO\PiVFRQYH
QLHQWHDORVSURSyVLWRVHVWDEOHFLGRVGHFRQVHUYDFLyQGHODFROHFFLyQ/RVFRVWHVGHUL
YDGRV GH HVWH VHUYLFLR UHSURJUDItD GH ORV GRFXPHQWRV IRWRFRSLDV WDULIDV GH HQYtR
HWF FRUUHUiQQDWXUDOPHQWHSRUFXHQWDGHODLQVWLWXFLyQSHWLFLRQDULDELHQHQPHWi
OLFRELHQPHGLDQWHFRQYHQLRVGHFRRSHUDFLyQHQWUHpVWRV\ODKHPHURWHFDHQORVTXH
VHHVWDEOH]FDQFRQGLFLRQHVHTXLWDWLYDVGHLQWHUFDPELRGHGRFXPHQWRV
 3UpVWDPRLQWHUQDFLRQDO6HUHDOL]DUtDGHOPLVPRPRGRTXHHOSUpVWDPRLQWHUELEOLRWHFD
ULRVLUYLHQGRORVGRFXPHQWRVIRWRFRSLDGRVRPLFURILOPDGRV(VXQVHUYLFLRTXHVyORVHGD
HQGHWHUPLQDGDVELEOLRWHFDV XQLYHUVLWDULDVHVSHFLDOL]DGDVQDFLRQDO SHURUDUDYH]HQODV
ELEOLRWHFDVS~EOLFDV
 5HSURGXFFLyQGHGRFXPHQWRV5HDOL]DFLyQGHWUDEDMRVGHIRWRFRSLDPLFURILOP\IRWR
JUDItDVROLFLWDGRVSRUORVXVXDULRV/RLGHDOHVWHQGHUDTXHODVWDULIDVGHHVWRVVHUYLFLRV
VHDQORPiVHFRQyPLFDVSRVLEOHV
 5HIHUHQFLDHLQIRUPDFLyQELEOLRJUiILFD
 )RUPDFLyQGHXVXDULRV
 '6,\EROHWLQHVLQIRUPDWLYRV
/26)21'26'(/$+(0(527(&$

$/$638%/,&$&,21(63(5,',&$66(5,$'$6

&RPRKHPRVYLVWRXQDKHPHURWHFDHVXQDELEOLRWHFDRVHFFLyQGHQWURGHXQDELEOLRWHFD
GRQGH VH UH~QHQ \SRQHQ DGLVSRVLFLyQ GHO S~EOLFRSXEOLFDFLRQHVSHULyGLFDV$KRUDELHQQR
GHEHQFRQIXQGLUVHSXEOLFDFLRQHVSHULyGLFDVFRQSXEOLFDFLRQHVVHULDGDV
 3XEOLFDFLyQVHULDGD3DUDILMDUHO FRQFHSWRGH SXEOLFDFLyQ VHULDGDVHSXHGHUHFXUULUD
ODQRUPD,62VREUHHO,6613XEOLFDFLyQLPSUHVDRQRTXHDSDUHFHHQYR
O~PHQHVRIDVFtFXORVVXFHVLYRVOLJDGRVSRUORJHQHUDOQXPpULFDRFURQROyJLFDPHQWHGX
UDQWH XQ WLHPSR QR OLPLWDGR GH DQWHPDQR /DV SXEOLFDFLRQHV VHULDGDV FRPSUHQGHQ ODV
SXEOLFDFLRQHVSHULyGLFDVORVGLDULRVODVSXEOLFDFLRQHVDQXDOHV LQIRUPHVDQXDULRVHWF 
ORVEDODQFHVPHPRULDVDFWDVHWFGHVRFLHGDGHV\ODVFROHFFLRQHVPRQRJUiILFDV6H
J~Q0DUWtQH] GH 6RX]DVRQVHULDGRVXQFRQMXQWRGHOLEURVUHODFLRQDGRVHQWHVLTXHVH
VXFHGHQXQRVDRWURV&RQODVSXEOLFDFLRQHVSHULyGLFDVFRPSDUWLUtDQVXSHULRGLFLGDG\OD
FRUUHODFLyQQXPHUDWLYDHQVXDSDULFLyQ
 3XEOLFDFLyQSHULyGLFD6HJ~Q0DOFOpVODVSXEOLFDFLRQHVSHULyGLFDVVRQREUDVFROHFWLYDV
FRQXQWtWXOROHJDOPHQWHUHFRQRFLGRTXHDSDUHFHDLQWHUYDORVUHJXODUHVSUHYLDPHQWHILMD
GRVGXUDQWHXQSHULRGRGHWLHPSRLOLPLWDGRFX\RVIDVFtFXORVHQFDGHQDGRVFURQROyJLFD\
QXPpULFDPHQWH SXHGHQ DJUXSDUVH FRQVWLWX\HQGR YRO~PHQHV 0DUWtQH] GH 6RX]D GHILQH


3iJLQDGH

HVWDVSXEOLFDFLRQHVFRPRDTXpOODVTXHDSDUHFHQHQIHFKDILMDFRQXQFRQWHQLGRLQIRUPD
WLYRRGHRSLQLyQQRUPDOPHQWHKHWHURJpQHDVTXHDSDUHFHQLPSUHVDVEDMRXQ~QLFRWtWXOR
OHJDOQXPpULFDPHQWHFRUUHODWLYDV\FRQXQRVSURSyVLWRVGHGXUDFLyQLQGHILQLGRV(VGH
FLU TXH OR TXH GHILQLUtD D ODV SXEOLFDFLRQHV SHULyGLFDV VHUtD VX WtWXOR OHJDO VX FDUiFWHU
FROHFWLYR HVWR HV TXH FRQWLHQHQ XQD GLYHUVLGDG GH DUWtFXORV GH GLYHUVRV HVFULWRUHV VX
DSDULFLyQUHJXODU\VXFDUiFWHUGHREUDVDELHUWDVVLQDFRWDFLyQFURQROyJLFDSDUDVXILQ

$VtSXHVSRGUtDGHFLUVHTXHODVSXEOLFDFLRQHVSHULyGLFDVVRQXQWLSRGHSXEOLFDFLRQHVVH
ULDGDV6HJ~Q0DUWtQH]GH6RX]DODVGLIHUHQFLDVHQWUHDPEDVVHUtDQ


38%/,&$&,13(5,',&$
7LHQHQFDUiFWHUFROHFWLYR
7LHQHQSHULRGLFLGDGUHJXODU
6X GXUDFLyQ HV HQ SULQFLSLRLOLPLWD
GD
7LHQHQXQVRORQGH,661

38%/,&$&,16(5,$'$
6XHOHQVHUGHXQVRORDXWRU
7LHQHQSHULRGLFLGDGLUUHJXODU
6X GXUDFLyQ HVWi OLPLWDGD SRU HO Q
GH HMHPSODUHV TXH YD D FRQVWLWXLU OD
VHULH
3RVHHQ XQ VROR ,661 SDUD WRGD OD
FROHFFLyQ \ XQ ,6%1 SDUD FDGD
HMHPSODU

'HQWURGHODVSXEOLFDFLRQHVSHULyGLFDVSXHGHQLQFOXLUVHODVVLJXLHQWHVSXEOLFDFLRQHV

 3HULyGLFRV3XEOLFDFLRQHVSHULyGLFDVGHLQIRUPDFLyQLQPHGLDWDTXHUHFRJHQQRWLFLDVUH
FLHQWHVFX\DQDWXUDOH]DSRVHHXQDOWRJUDGRGHREVROHVFHQFLD/DVFDUDFWHUtVWLFDVGHVX
IRUPDWRGLVWULEXFLyQGHQRWLFLDV\WLSRJUDItDVRQGLIHUHQWHVGHOUHVWRGHODVSXEOLFDFLRQHV
SHULyGLFDV
3RUVXFRQWHQLGRSXHGHQVHU

'HLQIRUPDFLyQJHQHUDO

(VSHFLDOL]DGRVVLQSHUGHUVXFDUiFWHUGHLQIRUPDWLYRVJHQHUDOHVSRVHHQPD\RUpQ
IDVLVHQDOJXQDVGHVXVVHFFLRQHV1RUPDOPHQWHVRQELHQSROtWLFRVRHFRQyPLFRV
3RUVXiUHDGHLPSODQWDFLyQSXHGHQVHU

/RFDOHV

5HJLRQDOHV

1DFLRQDOHV

,QWHUQDFLRQDOHV
 5HYLVWDV3RVHHQFDUDFWHUtVWLFDVTXHODVDSUR[LPDQDORVSHULyGLFRV\DORVOLEURV3RUVX
DSDULHQFLDH[WHUQDHQPXFKDVRFDVLRQHVDGTXLHUHQHOIRUPDWRGHORVOLEURV,JXDOPHQWH
SRVHHQXQVXPDULRTXHHVVLPLODUDOtQGLFHGHHVWRV/DVLPLOLWXGFRQORVSHULyGLFRVSUR
YLHQH GH OD UHJXODULGDG GH DSDULFLyQ DXQTXH KD\ XQ DPSOLR ODSVR GH WLHPSR HQWUH TXH
DSDUHFHQGRVQ~PHURVGHODUHYLVWDODVQRWLFLDVVRQWDPELpQGHPD\RUDPSOLWXG\PHQRU
DFWXDOLGDG
3RUVXFRQWHQLGRVRQ

*HQHUDOHV

(VSHFLDOL]DGDV
6HJ~QHQS~EOLFRDOTXHVHGLULJHQ

7pFQLFDV

'H GLYXOJDFLyQ 3DUD IDFLOLWDU VX PDQHMR VH DJUXSDQ HQ YRO~PHQHV TXH UHFRJHQ ORV
Q~PHURVDSDUHFLGRVHQXQVHPHVWUHRDxRFRQtQGLFHVGHWDOODGRVTXHSHUPLWHQDF
FHGHUUiSLGDPHQWHDORVDUWtFXORV
 %ROHWLQHV3HULRGLFLGDGQRUPDOPHQWHDQXDOHODERUDGRVSRUDVRFLDFLRQHV\DFDGHPLDVGH
FDUiFWHUFLHQWtILFRRFXOWXUDOTXHUHFRJHQODVDFWLYLGDGHVGHHVWRVRUJDQLVPRVLQFOX\HQGR
DUWtFXORVUHODWLYRV~QLFDPHQWHDODVHQWLGDGHVGHODVTXHHPDQDQ
%+,6725,$

6XVDQWHFHGHQWHVVHUHPRQWDQDOVLJOR;,,,FXDQGRDSDUHFHQORV$YLVRVR1RWLFLDVDPD
QRTXHHUDQFRPXQLFDFLRQHVUHGDFWDGDVSRUXQDHQWLGDGRXQSDUWLFXODUTXHFRQWHQtDQLQ
IRUPDFLRQHVTXHLQWHUHVDEDQDODFRPXQLGDG\TXHVHFRPSRQtDQGHYDULDVKRMDVDOILQDOGH
ODVFXDOHVVHGDEDODIHFKDGHODUHGDFFLyQGHODYLVR
$SDUWLUGHO;9,FRPLHQ]DQDGHVDUUROODUVHUHDOPHQWHODVSXEOLFDFLRQHVSHULyGLFDV$SDUH
FHQHQHVWDpSRFDORVDYLVRVLPSUHVRVTXHWLHQHQDOFRPLHQ]RFRPRQRYHGDGXQDGRUQR\
XQWtWXORJHQpULFRSDUDODQRWLFLDTXHVHSXHGHFRQVLGHUDUFRPRHODQWHFHGHQWHGHOHQFDEH


3iJLQDGH

/DVKHPHURWHFDV

]DPLHQWR(QHVWHVLJORDSDUHFHQWDPELpQODVKRMDVYRODQWHVTXHHUDQSXEOLFDFLRQHVGHFD
UiFWHU RILFLDO HQ FX\D FDEHFHUD DSDUHFtD HO DGRUQR HO HGLWRU \ VX IHFKD GH LPSUHVLyQ 6X
DSDULFLyQHUDPX\LUUHJXODU/DSULPHUDSXEOLFDFLyQFRQFDUiFWHUVHPDQDOHQ(XURSDVRQODV
*DFHWDVTXHFRPLHQ]DQDSXEOLFDUVHHQ)UDQFLD\TXHFRQWHQtDQLQIRUPDFLyQGHSROtWLFDH[
WHULRU'HVGHVXVFRPLHQ]RVORVGLDULRV\JDFHWDVKDQHVWDGRSUHVHQWHVHQODELEOLRWHFD

(Q HO ;9,, DSDUHFHQ ODV KRMDV SHULyGLFDV FRQVWLWXLGDV SRU SOLHJRV JUDQGHV GH SDSHO LP
SUHVRVSRUXQDVRODFDUDGHDSDULFLyQVHPDQDORTXLQFHQDO\TXHWHQtDQXQDLQIRUPDFLyQGH
FDUiFWHU PLVFHOiQHR 7DPELpQ GH HVWD pSRFD VRQ ORV 0HUFXULRV TXH DSDUHFHQ SRU SULPHUD
YH]HQ,QJODWHUUDHQFRPRHO0HUFXULXV%ULWDQLFXVHO0HUFXULXV$XOLFXV\HO0HUFXULXV
&LYLOLVTXH FRQWHQtDQ LQIRUPDFLyQ GHWLSRVDWtULFR\FUtWLFDSROtWLFD(QODVHJXQGDPLWDGGHO
;9,,DSDUHFHQHQ)UDQFLDH,WDOLDORVSHULyGLFRVOLWHUDULRVTXHDOFDQ]DUiQXQJUDQGHVDUUROOR
DSDUWLUGHO;9,,,
(QHO;9,,,DSDUHFHQWDPELpQORVSHULyGLFRVFLHQWtILFRV\ORVSROtWLFRVTXHVRQORVSULPH
URV HQ WHQHU XQD SHULRGLFLGDG GLDULD (O QDFLPLHQWR GH ODV VRFLHGDGHV FLHQWtILFDV HQ HO VLJOR
;9,,, KL]R EURWDU ODV SXEOLFDFLRQHV HVSHFLDOL]DGDV TXH HQ HO VLJOR ;,; FRQ OD DOIDEHWL]DFLyQ
FUHFLHQWH\ODVQXHYDVWpFQLFDVGHLPSUHVLyQVHXQLUtDQDODPXOWLSOLFDFLyQGHODVGHFDUiFWHU
JHQHUDO$SDUWLUGHOVLJOR;,;DSDUHFHQORVSHULyGLFRVLOXVWUDGRV\ODVUHYLVWDVHVSHFLDOL]DGDV
TXHYDQDPDUFDUODVFDUDFWHUtVWLFDVGHODVSXEOLFDFLRQHVSHULyGLFDVFRQWHPSRUiQHDV

(Q HO VLJOR ;; FRQ OD QHFHVLGDG FUHFLHQWH GH LQIRUPDFLyQ VHJXUD \ UiSLGD HQ FXDOTXLHU
FDPSRGHOFRQRFLPLHQWRHVWHWLSRGHSXEOLFDFLRQHVVHKDFRQYHUWLGRHQXQDYHUGDGHUDDYD
ODQFKDHQODYDQJXDUGLDGHOWRUUHQWHLQIRUPDWLYR'HVGHFRPLHQ]RVGHOVLJOR;9,,KDVWDQXHV
WURVGtDVODVSXEOLFDFLRQHVSHULyGLFDVKDQFUHFLGRGHFHURDXQPLOOyQ\PHGLRGHWtWXORV
&,03257$1&,$

/D LPSRUWDQFLD GH ODV SXEOLFDFLRQHV SHULyGLFDV SURYLHQH GH OD HYLGHQFLD GH TXH VRQ LQV
WUXPHQWRVLPSUHVFLQGLEOHVGHDFWXDOL]DFLyQWHPiWLFDGHPDQHUDTXHWRGDLQYHVWLJDFLyQSDVD
QHFHVDULDPHQWHSRUODUHYLVLyQGHOPDWHULDOTXHFRQWLHQHQ(QHOFDPSRLQIRUPDWLYRVREUHSD
VDQDORVOLEURVHQDFWXDOLGDG\DTXHWRGRQXHYRWHPDUHFLEHXQDSULPHUDDSUR[LPDFLyQHQ
ODV SXEOLFDFLRQHV SHULyGLFDV HQ ODV TXH VH HVWDEOHFHQ SODQWHDPLHQWRV EiVLFRV VH IRUPXODQ
KLSyWHVLV \ VH DGHODQWDQ FRQFOXVLRQHV TXH VL ELHQ WHQGUiQ HQ OD PD\RUtD GH ORV FDVRV XQ
GHVDUUROORSRVWHULRUHQORVOLEURVORKDUiQFRPRWUDEDMRWHUPLQDO/DVSXEOLFDFLRQHVSHULyGL
FDVVRQWDPELpQHOFRPSOHPHQWRLPSUHVFLQGLEOHGHODOLWHUDWXUDVREUHFXDOTXLHUWHPD\DTXH
SHUPLWHQVHJXLUODVFRUULHQWHVGHRSLQLyQ\SHQVDPLHQWRHQXQPRPHQWRGDGR

3UXHEDGHODLPSRUWDQFLDGHHVWHWLSRGHSXEOLFDFLRQHVHVVXFRQVWDQWHFUHFLPLHQWR\DSD
ULFLyQ GH QXHYRV WtWXORV DVt FRPR VX SDSHO FDGD YH] PiV UHOHYDQWH HQ OR UHIHUHQWH D OD
WUDQVPLVLyQ GH LQIRUPDFLyQ FLHQWtILFD HVSHFLDOPHQWH GHVGH HO ILQDO GH OD 6HJXQGD *XHUUD
0XQGLDOGHVEDQFDQGRDODVSXEOLFDFLRQHVPRQRJUiILFDVHQODVSUHIHUHQFLDVGHORVLQYHVWLJD
GRUHVGDGDODFRQVWDQWHDFWXDOLGDGGHODVLQIRUPDFLRQHVTXHHVWDVSXEOLFDFLRQHVDOEHUJDQHQ
FXDOTXLHUDGHORVFDPSRVGHOFRQRFLPLHQWRKXPDQR
5HVSHFWRDHVWHSXQWRHVUHYHODGRUDODRSLQLyQGH3DXO2OOXP'HVGHHOSXQWRGHYLVWDGH
ODVUHYLVWDVHQFXUVRSLHQVRTXHODPHMRUDFWLWXGDWRPDUWRFDQWHDODELEOLRWHFDHVTXHHV
XQDHVSHFLHGHLQWHUFDPELRSRVWDO$ORVTXHKDFHPRVWUDEDMRVGHLQYHVWLJDFLyQQRVJXVWDUtD
HVFULELUDORVGHPiVSDUDFRQWDUOHVQXHVWURVUHVXOWDGRVRORJURVSDUFLDOHV1RSRGHPRVSHU
PLWLUQRVHOHVFULELUFDUWDVDFXDOTXLHUDGHORVTXHWUDEDMDQHQHOPLVPRFDPSRHQUHDOLGDG
QL VLTXLHUD VDEHPRV TXLHQHV VRQ WRGRV HOORV GH PDQHUD TXH HVFULELPRV QXHVWUDV FDUWDV HQ
IRUPD GH DUWtFXORV GH UHYLVWD SDUD QXHVWURV FROHJDV \ HOORV D VX YH] QRV FRQWHVWDQ GH OD
PLVPDPDQHUD

'HRWUDIRUPD&KDUOHV%2VEXUQKDDQDOL]DGRFRQSURIXQGLGDGHOSDSHOGHODVSXEOLFDFLR
QHV VHULDGDV HQ HO VLVWHPD GH FRPXQLFDFLRQHV GH ORV LQYHVWLJDGRUHV (V PX\ FRPSOHMR QR
VyORSRUODUiSLGDFRPXQLFDFLyQGHODLQIRUPDFLyQVLQRWDPELpQSRUODQHFHVLGDGIXQGDPHQ
WDOGHLQWHUFDPELDULGHDVGHQWURGHODFRPXQLFDFLyQHUXGLWD\FLHQWtILFDGHDSUHQGHUGHOWUD
EDMRHQFXUVRGHHVWDEOHFHUODSULRULGDGGHODUHLYLQGLFDFLyQGHDSUREDU\DVHVRUDUXQWUDED
MRLQGLYLGXDO\FUHDUFRQILDQ]DHQORVUHVXOWDGRVPHGLDQWHODHYDOXDFLyQKHFKDSRUXQJUXSR
GHFRPSDxHURV
'352%/(0$6%6,&2648(3/$17($1(67$638%/,&$&,21(6

(VWDV SXEOLFDFLRQHV SODQWHDQ SUREOHPDV GH LGHQWLILFDFLyQ \ ORFDOL]DFLyQ GDGRTXH VH VR
PHWHQDFRQWLQXRVFDPELRVTXHDIHFWDQDOWtWXORIRUPDWR\SHULRGLFLGDGDODGLUHFFLyQHGLWR
ULDODOHTXLSRGHUHGDFFLyQDVXFHVHUHDQXGDFLyQRDODLQWHJULGDGGHODSXEOLFDFLyQ(VWRV
FDPELRVODVFRQYLHUWHQHQHOHPHQWRVFRPSOHMRVHLQHVWDEOHVTXHGLILFXOWDQODHODERUDFLyQGH


3iJLQDGH

UHSHUWRULRVFRQXQDYDOLGH]GXUDGHUD$SHVDUGHHOORKD\QXPHURVRVUHSHUWRULRVELEOLRJUiIL
FRV GH SXEOLFDFLRQHV SHULyGLFDV RUGHQDGDV WDQWR VLVWHPiWLFD FRPR DOIDEpWLFDPHQWH \ FRQ
REMHWLYRVGLVWLQWRV
&DGDXQRGHHVWRVGRVSUREOHPDVSODQWHDQXQDVHULHGHGXGDV

 ,GHQWLILFDFLyQ/DLGHQWLILFDFLyQSODQWHDORVVLJXLHQWHVLQWHUURJDQWHV
D &XiOHVHOWtWXORGHXQDSXEOLFDFLyQ"
E &XiOHVODIHFKDGHDSDULFLyQGHVXSULPHUQ~PHUR"
F &XiOHVODIHFKDGHFRQFOXVLyQ"
G (QFDVRGHUHDQXGDFLyQFDPELDHOWtWXORRQR"
H 'yQGH\TXLHQORHGLWD"
I 'LUHFFLyQHGLWRULDO
 /RFDOL]DFLyQ/DORFDOL]DFLyQSODQWHDODVVLJXLHQWHVSUHJXQWDV
D 'yQGHVHHQFXHQWUDXQQ~PHURFXDOTXLHUD"
E 4XpELEOLRWHFDSRVHHODFROHFFLyQHQWHUD"

3RVWHULRUPHQWH SRGUtDPRV SUHJXQWDUQRV TXp SXEOLFDFLRQHV KD\ GLVSRQLEOHV VREUH XQD


UDPDGHOFRQRFLPLHQWRRFXiOHVH[LVWHQHQXQDOHQJXDGHWHUPLQDGDRGHXQSDtVFRQFUHWR

6HJ~QVHHIHFW~HXQDE~VTXHGDGHXQRXRWURWLSRVHUHFXUUHDGLYHUVRVLQVWUXPHQWRVEL
EOLRJUiILFRV $Vt SDUD ODV E~VTXHGDV GH LGHQWLILFDFLyQ TXH UHVSRQGHQ D ODV FXHVWLRQHV GHO
WtWXOR SHULRGLFLGDG HGLWRULDO HWF VH SXHGHQ XWLOL]DU ODV ELEOLRJUDItDV QDFLRQDOHV TXH
SXHGHQLQFOXLUODVSXEOLFDFLRQHVSHULyGLFDVHQODPLVPDVHFXHQFLDDOIDEpWLFDTXHODPRQRJUD
ItD R HQ XQD WLUDGD DSDUWH 3RU RWUD SDUWH VH SXHGH UHFXUULU D ORVUHSHUWRULRV JHQHUDOHV
QDFLRQDOHV ORV LQWHUQDFLRQDOHV \ ORV HVSHFLDOL]DGRV WDQWR QDFLRQDOHV FRPR
LQWHUQDFLRQDOHV /RV GRV SULPHURV VXHOHQ LQFOXLU ODV SXEOLFDFLRQHV SHULyGLFDV RUGHQDGDV
VLVWHPiWLFDPHQWHRDOIDEpWLFDPHQWHSRUPDWHULDVFRQXQtQGLFHGHWtWXORV/RVHVSHFLDOL]DGRV
VHRUGHQDQDOIDEpWLFDPHQWHSRUWtWXORVRJHRJUiILFDPHQWHFRQXQDVXEFODVLILFDFLyQDOIDEpWLFD
GHWtWXORV
/RVSULQFLSDOHVLQVWUXPHQWRVGHORFDOL]DFLyQSRURWURODGRVRQORVFDWiORJRV\VREUHWR
GR ORV FROHFWLYRV GH SXEOLFDFLRQHV SHULyGLFDV (QWUH HOORV WHQGUtDPRV ORV FDWiORJRV
FROHFWLYRVJHQHUDOHVHQORVTXHQRKD\OLPLWDFLyQWHPiWLFDQLFURQROyJLFDORVFDWiORJRV
FROHFWLYRVGHSXEOLFDFLRQHVFLHQWtILFDV\WpFQLFDVHQORVTXHVtVXHOHKDEHUOLPLWDFLRQHV
FURQROyJLFDV \ ILQDOPHQWH ORVFDWiORJRV FROHFWLYRV GH SXEOLFDFLRQHV H[WUDQMHUDV /RV
GRVSULPHURVVLUYHQSDUDLGHQWLILFDFLyQ\ORFDOL]DFLyQHO~OWLPRVyORSDUDORFDOL]DFLyQ\DTXH
ODVGHVFULSFLRQHVVRQPX\HVTXHPiWLFDV

$FWXDOPHQWH OD ),$% SURPRFLRQD OD FRQVWLWXFLyQ GH FDWiORJRV FROHFWLYRVGH SXEOLFDFLRQHV
SHULyGLFDVFRQHOILQGHFRQVWLWXLUXQFDWiORJRFROHFWLYRXQLYHUVDO$QWHODIDOWDGHUHSHUWRULRV
XQLYHUVDOHVGHFDWiORJRVFROHFWLYRVHVWDIXQFLyQODGHVHPSHxDQORVOODPDGRV8QLRQ/LVWTXH
VRQ FDWiORJRV FROHFWLYRV GH SXEOLFDFLRQHV SHULyGLFDV GH LPSRUWDQWHV ELEOLRWHFDV TXH SRQHQ
HQFRP~QVXVUHFXUVRVUHFRJLGRVGHFDVLWRGDODSXEOLFDFLyQPXQGLDOGHSXEOLFDFLRQHVSHULy
GLFDV
G,GHQWLILFDFLyQ

&RPRKHPRVVHxDODGRSDUDODLGHQWLILFDFLyQSXHGHQXWLOL]DUVHODVVLJXLHQWHVREUDV

 %LEOLRJUDItDV QDFLRQDOHV 8QD EXHQD ELEOLRJUDItD HV OD GH 'XSUDW /LXWRYD \ %RVVXDW
%LEORJUDSKLH GHV UHSHUWRLUHV QDWLRQDX[ GH SHULRGLTXHV HQ FRXUV (VWD REUD DSDUHFLy HQ
HGLWDGDSRUOD81(6&2(QHOODVHHVWXGLDQODVELEOLRJUDItDVQDFLRQDOHVGHSXEOLFD
FLRQHVSHULyGLFDVGHSDtVHV6HHVWXGLDHOSODQGHFODVLILFDFLyQ\ODRUGHQDFLyQGHFD
GDXQDGHHVWDVELEOLRJUDItDVLQGLFDQGRVXFREHUWXUDWHPiWLFD\HOQ~PHURGHSXEOLFDFLR
QHVTXHFRQWLHQH
 5HSHUWRULRVJHQHUDOHVQDFLRQDOHV3XHGHQVHxDODUVHORVVLJXLHQWHV
D (Q(VSDxDVHSXEOLFDHQWUH\HO$QXDULRGHOD3UHQVDHVSDxRODTXHHV
XQDSXEOLFDFLyQGHOD'LUHFFLyQ*HQHUDOGHOD3UHQVD\TXHDSHVDUGHVXSUHWHQVLyQ
GHVDOLUFRQFDUiFWHUDQXDOYDDWHQHUXQDSHULRGLFLGDGLUUHJXODU(QHVWDSXEOLFDFLyQ
VHLQFOX\HQWRGRWLSRGHREUDVSHULyGLFDVLQFOX\HQGRGLDULRVDOPDQDTXHV\DQXDULRV


 3DUDPD\RULQIRUPDFLyQVREUHHVWHDSDUWDGR\HOVLJXLHQWHFRQV~OWHVHHOWHPD,,,7LSRVGH%LEOLR
JUDItDVDSDUWDGR,,,%LEOLRJUDItDVGH3XEOLFDFLRQHV3HULyGLFDVSiJV\VVGHPLSURSLRWHPD
ULRGHRSRVLFLRQHV KWWSZZZLHVSDQDHVEUDGRPLQYDULRVWHPDULRKWP 



3iJLQDGH

/DVKHPHURWHFDV

6HGDHOWtWXOROXJDUGHSXEOLFDFLyQHGLWRUIHFKDGHOSULPHUQ~PHURGLUHFWRUHTXLSR
GHUHGDFFLyQ\VHFFLRQHVGHTXHFRQVWDFDGDSXEOLFDFLyQ
E (QHO,QVWLWXWRELEOLRJUiILFR+LVSiQLFRSXEOLFD5HYLVWDV(VSDxRODV  
HQODTXHUHFRJHQFODVLILFDGDVSRURUGHQDOIDEpWLFRGHWtWXORVPiVGHSXEOLFD
FLRQHV3DUDHOSHULRGRDxDGtDXQVXSOHPHQWRGHSXEOLFDFLRQHVPiV
F (QDSDUHFH5HYLVWDV(VSDxRODVFRQ,661(VWDREUDVHUHDOL]DHQOD%LEOLRWHFD
1DFLRQDOSRUHO&HQWUR1DFLRQDOGHO,6'6 ,QWHUQDWLRQDO6HULDOV'DWD6LVWHP \UHFRJH
ODVSXEOLFDFLRQHVSHULyGLFDVGHLQWHUpVHQORVFDPSRVFLHQWtILFRVWpFQLFRV\KXPDQtV
WLFRV LGHQWLILFDGDV \ FRQWURODGDV GHVGH ILQHV GH  KDVWD GLFLHPEUH GH  (V
XQDSXEOLFDFLyQGHFDUiFWHUVHOHFWLYR\DTXHUHFRJHVyORODVSXEOLFDFLRQHVGHHVWRV
FDPSRV\VHSXEOLFDGHPDQHUDLUUHJXODUFRQFDUiFWHUDFXPXODWLYRHQFDGDXQDGH
VXV HGLFLRQHV /D SULPHUD GH  RIUHFH XQDV  QRWLFLDV \ OD ~OWLPD HV OD GH
FRQXQDV7LHQHXQDRUGHQDFLyQVLVWHPiWLFDDWHQLpQGRVHDOD&'8FRQ
XQD VXEFODVLILFDFLyQ DOIDEpWLFD GH WtWXORV HQ FDGD PDWHULD /D FODVLILFDFLyQ FRPSOH
PHQWDULDHVXQtQGLFHDOIDEpWLFRGHWtWXORVRWURGHHQWLGDGHVHGLWRULDOHV\XQtQGLFH
GHQ~PHURV,661RUGHQDGRVGHPHQRUDPD\RU(QFDGDUHIHUHQFLDRIUHFHHOWtWXOR
OXJDUGHHGLFLyQHGLWRUIHFKDGHOSULPHUQ~PHUR\VLKDFHVDGRGHO~OWLPRSHULRGL
FLGDGYDULDQWHVGHO WtWXORWtWXORVDQWHULRUHVFRQ,661WtWXORVSRVWHULRUHVFRQ,661
WtWXORVDEUHYLDGRVVHJ~QODVQRUPDVQGHDEUHYLDWXUDV\&'8
G (Q  DSDUHFH ,QIRUPH GH SXEOLFDFLRQHV SHULyGLFDV %DUFHORQD 'LVHS  (Q
HOODVHUHFRJHQWRGRWLSRGHSXEOLFDFLRQHVSHULyGLFDVGHHQWLGDGHVILQDQFLHUDVSDUWL
GRVSROtWLFRV\DVRFLDFLRQHVFXOWXUDOHV\SURIHVLRQDOHV6HLQFOX\HQREUDVGHLQIRUPD
FLyQ JHQHUDO \ HVSHFLDOL]DGD FLHQWtILFD \ GH GLYXOJDFLyQ LQGHSHQGLHQWHPHQWH GH VX
WLUDGD SHULRGLFLGDG R iPELWR GH GLIXVLyQ 6H HVWUXFWXUD HQ GRV SDUWHV )LFKHUR GH
SXEOLFDFLRQHVRFXHUSRSULQFLSDO\7DULIDVGHSXEOLFLGDGIRUPDWRWLUDGD\GLIXVLyQ
(Q ODSULPHUD SDUWH VH LQFOX\HQ ODV REUDV FODVLILFDGDV VLVWHPiWLFDPHQWH VLJXLHQGR
OD&'8DXQTXHPRGLILFDGDHQDOJXQRVHStJUDIHVFRQXQDVXEFODVLILDFLyQDOIDEpWLFDGH
WtWXORV 6H GLYLGH HQ GRV SDUWHV XQD GH LQIRUPDFLyQ JHQHUDO \ RWUD GH LQIRUPDFLyQ
HVSHFLDOL]DGD FRQ VHFFLRQHV GH SVLFRORJtD ILORVRItD WHRORJtD \ UHOLJLyQ FLHQFLDV
VRFLDOHV SXUDV \ QDWXUDOHV DSOLFDGDV FXOWXUD DUWH RFLR \ GHSRUWH ILORORJtD
OLQJtVWLFD \ OLWHUDWXUD \ JHRJUDItD H KLVWRULD (Q FDGD UHIHUHQFLD GD HO WtWXOR \ HO
VXEWtWXOR HO HGLWRU FRQ OD GLUHFFLyQ HGLWRULDO FRPSOHWD OD SHULRGLFLGDG SUHFLR GH
VXVFULSFLyQ\XQDVHULHGHLQIRUPDFLRQHVVREUHHOFRQWHQLGRGHODREUDWDOHVFRPRVX
FREHUWXUD WHPiWLFD QLYHO GH DXGLHQFLD \ HQ RFDVLRQHV VHFFLRQHV GH ODV TXH FRQVWD
(QODFODVLILFDFLyQFRPSOHPHQWDULDSUHVHQWDXQtQGLFHDOIDEpWLFRGHWtWXORVXQDWDEOD
VLVWHPiWLFD FRQ OD HVWDGtVWLFD LQWHUQD GH OD REUD /D VHJXQGD SDUWH WLHQH OD
SDUWLFXODULGDG GH TXH GD HO SRUFHQWDMH GH LPSODQWDFLyQ GH OD REUD JHRJUiILFDPHQWH
3RVHH WDPELpQ OR TXH GHQRPLQDQ tQGLFH DX[LOLDU GH ORFDOL]DFLyQ TXH HV XQ tQGLFH
H DOIDEpWLFRGHPDWHULDV
(Q)UDQFLDVHSXEOLFDXQUHSHUWRULRGHSXEOLFDFLRQHVSHULyGLFDVFRQHOWtWXOR5HSHUWRL
UHGHODSUHVVHHWGHSHULRGLTXHVIUDQoDLVHV(QpOVHUHFRJHQODVSXEOLFDFLRQHVSHULy
GLFDVIUDQFHVDVH[LVWHQWHVKDVWDODIHFKDGHSXEOLFDFLyQGHOUHSHUWRULR6HUHDOL]DVR
EUHODEDVHGHORVHMHPSODUHVUHFRJLGRVHQHO'HSyVLWR/HJDOGHOD%LEOLRWHFD1DFLR
QDO7LHQHXQDFODVLILFDFLyQVLVWHPiWLFDTXHVLJXHOD&'8\XQDVXEFODVLILFDFLyQDOID
EpWLFDGHWtWXORV3RVHHXQtQGLFHDOIDEpWLFRGHWtWXORV\RWURGHHQWLGDGHV/DVSXEOL
FDFLRQHVGHVDSDUHFLGDVHQWUHGRVHGLFLRQHVGHODREUDVHUHFRJHQHQXQDOLVWDDX[L
OLDUGyQGHVHLQGLFDHO~OWLPRQ~PHURGHSRVLWDGRHQOD%LEOLRWHFD1DFLRQDO(VWDSX
EOLFDFLyQVHFRPSOHWDFRQ3XEOLFDWLRQVHQVHLUHGHODELEOLRJUDSKLHGHOD)UDQFH(OUH
SHUWRULRVHSXEOLFDUHJXODUPHQWH
 5HSHUWRULRV JHQHUDOHV LQWHUQDFLRQDOHV 'HVWDFD HO 8OULFKV LQWHUQDWLRQDO SHULRGLFDO
GLUHFWRU\ SXEOLFDGR SRU OD FDVD %RZNHU GHVGH  FRQ FDUiFWHU ELDQXDO DQXDO GHVGH
(VXQUHSHUWRULRGHFDUiFWHUVHOHFWLYRFRQPiVGHSXEOLFDFLRQHVSHULyGLFDV
TXHUHFRJHDQXDOPHQWHGHOFDPSRGHODVWpFQLFDVKXPDQLGDGHVFLHQFLDVVRFLDOHVFLHQ
FLDV\GHWLSRJHQHUDOGHFXDOTXLHUOHQJXDRSDtVFXDQGRDSDUH]FDSRUORPHQRVXQDYH]
DO DxR ([FOX\H ODV SXEOLFDFLRQHV DGPLQLVWUDWLYDV ODV SXEOLFDFLRQHV RILFLDOHV GH FDUiFWHU
ORFDO\ORVGLDULRV
6XFODVLILFDFLyQSULQFLSDOHVDOIDEpWLFDGHPDWHULDVHLQFOX\HXQDVXEFODVLILFDFLyQDOID
EpWLFD GH WtWXORV &RPR FODVLILFDFLyQ FRPSOHPHQWDULD WLHQH XQD WDEOD GH PDWHULDV TXH
DSDUHFHHQHOFXHUSRSULQFLSDOGHOUHSHUWRULRXQtQGLFHGHUHIHUHQFLDVFUX]DGDVXQtQGLFH
GHRUJDQLVPRVLQWHUQDFLRQDOHVXQtQGLFHDOIDEpWLFRGHWtWXORV\XQtQGLFHGHODVSXEOLFD
FLRQHV TXH GHMDURQ GH DSDUHFHU HQWUH GRV HGLFLRQHV GHO UHSHUWRULR (Q FDGD UHIHUHQFLD
SURSRUFLRQD HO FyGLJR GH OD FODVLILFDFLyQ 'HZH\ HO GHO SDtV DO TXH SHUWHQHFH ODSXEOLFD
FLyQHO,661WtWXORVXEWtWXORHGLWRULDOFRQODGLUHFFLyQFRPSOHWDSHULRGLFLGDGSUHFLRGH
VXVFULSFLyQUHIHUHQFLDGHUHV~PHQHVtQGLFHVFREHUWXUDWHPiWLFD\WtWXORVDQWHULRUHVGH
ODSXEOLFDFLyQ FRQ VX,661(OUHSHUWRULRHVHVHQFLDOSDUDODLGHQWLILFDFLyQIDFLOLWDQGROD


3iJLQDGH


DGTXLVLFLyQGHODREUDSXHVSURSRUFLRQDODGLUHFFLyQGHODHGLWRULDOHOSUHFLR\GLVSRQLEL
OLGDGGHODVFROHFFLRQHVVREUHSDSHO\RWURVRSRUWH
6H FRPSOHWDFRQ,UUHJXODU6HULDOVDQGDQXDO'LUHFWRU\GH%RZNHUTXHUHFRJHWRGDV
ODV SXEOLFDFLRQHV FRQ SHULRGLFLGDG LUUHJXODU LQIRUPHV DFWDV FRQIHUHQFLDV MXQWR FRQ
ORVDQXDULRV
$PEDVSXEOLFDFLRQHVVHUiQFRPSOHWDGDVKDVWDRFWXEUHGHSRUHO8OULFKVTXDUWH
O\TXHDGTXLHUHHOQRPEUHGH7KH%RZNHULQWHUQDWLRQDO6HULDOGDWDEDVHXSGDWHTXHFRQ
SHULRGLFLGDG WULPHVWUDO UHFRJH WRGDV ODV QXHYDV SXEOLFDFLRQHV SHULyGLFDV TXH DSDUHFHQ
HQHVHSOD]RLQFRUSRUDQGRWRGRVORVFDPELRVTXHVHGDQHQWUHXQD\RWUDHGLFLyQWDQWR
GHO 8OULFKV FRPR GHO ,UUHJXODU 6HULDOV 5HFRJH XQDV  SXEOLFDFLRQHV QXHYDV FDGD
WUHVPHVHV
3DUDORVDXWRUHV\HGLWRUHVODFDVD%RZNHUSXEOLFDWDPELpQ6RXUFHVRI6HULDODQGLQ
WHUQDFLRQDOSXEOLVKHUVDQGFRUSRUDWHDXWKRUGLUHFWRU\WR8OULFKVDQG,UUHJXODU6HULDOVHQ
HO TXH VH UHFRJHQ  HGLWRUHV HQ PiV GH  SXEOLFDFLRQHV SHULyGLFDV FRUUHV
SRQGLHQWHVDSDtVHV6HFODVLILFDJHRJUiILFDPHQWH\HVWiVXEFODVLILFDGDSRUHQWLGDGHV
HGLWRUDV
G/RFDOL]DFLyQ

&RPRKHPRVVHxDODGRSDUDODORFDOL]DFLyQSXHGHDFXGLUVHDODVVLJXLHQWHVREUDV

 &DWiORJRV FROHFWLYRV LQWHUQDFLRQDOHV GH SXEOLFDFLRQHV SHULyGLFDV (VWRV LQVWUX


PHQWRV GH ORFDOL]DFLyQ SHUPLWHQ FRQRFHU OD XELFDFLyQ GH ODV SXEOLFDFLRQHV HO HVWDGRGH
ODVPLVPDVHQ ODVELEOLRWHFDV\VLUYHQ WDPELpQ FRPRLQVWUXPHQWRVGHLGHQWLILFDFLyQ$O
JXQRVGHORVPiVLPSRUWDQWHVVRQORVVLJXLHQWHV
D 8QD ELEOLRJUDItD GH FDWiORJRV FROHFWLYRV GH SXEOLFDFLRQHV SHULyGLFDV HV8QLRQ OLVW RI
6HULDOV$ELEOLRJUDSK\  5HFRJHFDWiORJRVFROHFWLYRVGHSDtVHVFODVL
ILFDGRVJHRJUiILFDPHQWHFRQtQGLFHVGHDXWRUHVHQWLGDGHVPDWHULDVOXJDUHV5H
FRJHOLVWDVLQGHSHQGLHQWHV\SDUWHVGHOLEURVRGHDUWtFXORVGHUHYLVWDVTXHKDJDQUH
IHUHQFLDDFDWiORJRVFROHFWLYRVGHSXEOLFDFLRQHVSHULyGLFDV
E 8QRGHORVFDWiORJRVFROHFWLYRVPiVLPSRUWDQWHVHV8QLRQ/LVWRIVHULDOVLQOLEUDULHVRI
WKH8QLWHG6WDWHVDQG&DQDGDSRUHOQ~PHURGHELEOLRWHFDVTXHSRQHQHQFRP~QVXV
UHFXUVRV PiVGH TXHDGHPiVVRQGHODVPiVLPSRUWDQWHVGH(8$\&DQDGi
\ SRU OD FDOLGDG GH ODV GHVFULSFLRQHV ELEOLRJUiILFDV TXH OR FRQYLHUWHQ HQ XQ FHQWUR
LPSRUWDQWH GH LGHQWLILFDFLyQ 5HFRJH  SXEOLFDFLRQHV SHULyGLFDV GH WRGRV ORV
SDtVHV\OHQJXDVHLQJUHVDGRVDQWHVGHHQODVELEOLRWHFDVGH(8$\&DQDGi(V
WiQ FODVLILFDGDV DOIDEpWLFDPHQWH SRU WtWXORV ([FOX\HQ LQIRUPHV DFWDV GH FRQJUHVRV
FRQIHUHQFLDV GLDULRV \ SXEOLFDFLRQHV DGPLQLVWUDWLYDV GH FDUiFWHU ORFDO 3DUD DFWXDOL
]DUOROD%LEOLRWHFDGHO&RQJUHVRSXEOLFDPHQVXDOPHQWH1HZV6HULDOV7LWOHVFRQGRV
VHULHVLQGHSHQGLHQWHV1HZ6HULDO QXHYDVSXEOLFDFLRQHVLQJUHVDGDV \&KDQJHVLQWL
WOHV FDPELRV HQWUH GRV HGLFLRQHV   (Q  SXEOLFDQ HO 1HZ 6HULDO 7LWOHV 
FXPXODWLYHTXHUHFRJHSXEOLFDFLRQHVSHULyGLFDVLQJUHVDGDVFRQSRVWH
ULRULGDGDOFODVLILFDGDVDOIDEpWLFDPHQWHSRUWtWXORV\RIUHFLHQGRGHFDGD
XQDGHHOODVHOWtWXOROXJDUGHSXEOLFDFLyQHGLWRULDOIHFKDGHDSDULFLyQGHOSULPHU\
~OWLPRQ~PHUR VLKDFHVDGR ,661ELEOLRWHFDVTXHORSRVHHQ\HVWDGRGHODVFROHF
FLRQHV
F (Q HO 58 VH SXEOLFD HQWUH  HO %ULWLVK 8QLRQ &DWDORJXH RI SHULRGLFDO FRQ
 SXEOLFDFLRQHV SHULyGLFDV GH  ELEOLRWHFDV LQJOHVDV LQJUHVDGDV DQWHV GH
(OFDWiORJRVHFRPSOHWDFRQORVVXSOHPHQWRV\
FRQORVYRO~PHQHVDQXDOHVGHODSXEOLFDFLyQWULPHVWUDO%ULWLVK8QLRQ&DWDORJXHRI3H
ULRGLFDO,QFRSRUDWLQJZRUOGOLVWRIVFLHQWLILFSHULRGLFDO3RVHHGRVVHULHVLQGHSHQGLHQ
WHV3DUDQXHYDVSXEOLFDFLRQHVLQJUHVDGDV\3DUDODVSXEOLFDFLRQHVGHFDUiFWHUFLHQWt
ILFR /RV WtWXORV VH FODVLILFDQ DOIDEpWLFDPHQWH \ UHFRJHQ WRGR WLSR GH SXEOLFDFLRQHV
LQFOXLGRVLQIRUPHVDFWDVGHFRQIHUHQFLDV\FRQJUHVRVH[FOX\HODVSXEOLFDFLRQHVDG
PLQLVWUDWLYDV GH HQWLGDG ORFDO 'HVGH  VH KDFH GH PDQHUD DXWRPDWL]DGD FRQ HO
QRPEUH GH 6HULDO
V LQ WKH %ULWLVK /LEUDU\ VLUYLHQGR FRPR LQVWUXPHQWR GH LGHQWLILFD
FLyQ \ORFDOL]DFLyQ SDUDODVELEOLRWHFDVH[LVWHQWHVHQ*UDQ%UHWDxDH,UODQGD2IUHFH
HOHVWDGRGHODVFROHFFLRQHV\ODVSRVLELOLGDGHVGHREWHQFLyQGHORVGRFXPHQWRVSRU
SUpVWDPRRSRUORVVHUYLFLRVGHOD%ULWLVK/LEUDU\3RVHHFyGLJRVSDUDLQGLFDUHOHVWD
GR GH ODV FROHFFLRQHV FRPR LQGLFDU SRU HMHPSOR HO SRUFHQWDMH TXH VH SRVHH GH OD
SXEOLFDFLyQ HWF 
G (Q )UDQFLD VH SXEOLFD &DWDORJXH &ROOHFWLI GHV SHULRGLTXHV GX GHEXW HPH VLqFOH D
 FRQVHUYpV GDQV OHV ELEOLRWKpTXHV GH 3DULV   FRQ XQ DSpQGLFH HQ
5HFRJHSXEOLFDFLRQHVSHULyGLFDVIUDQFHVDV\H[WUDQMHUDVLQJUHVDGDVHQ
ODVELEOLRWHFDVIUDQFHVDVDQWHVGH(VDOWDPHQWHVHOHFWLYDSXHVH[FOX\HODVSX




3iJLQDGH

/DVKHPHURWHFDV

EOLFDFLRQHVIUDJPHQWDULDVORVGLDULRVFUHDGRVGHVSXpVGHODVSXEOLFDFLRQHVGH
FDUiFWHUDGPLQLVWUDWLYRLQIRUPHVGHOSULPHU\~OWLPRWtWXOR\GHOHVWDGRGHODVFROHF
FLRQHV
H /D ORFDOL]DFLyQ GH ODV SXEOLFDFLRQHV PHMRUD HQ )UDQFLD GHVGH  HQ TXH VH SRQH
HQSUiFWLFDHOVLVWHPDGHJHVWLyQDXWRPDWL]DGDFRQORVVLJXLHQWHVHOHPHQWRV
L &&3, &DWDORJXHFROOHFWLIGHSHULRGLTXHVLQWHUUHJLRQDO 6XRULJHQHVWiHQHOFDWi
ORJRTXHHODERUDHQOD2UJDQL]DWLRQ,QWHUELEOLRWHFDLUHGH*UHQREOHTXHUHD
OL]DXQFDWiORJRFROHFWLYRHQHOTXHSDUWLFLSDQELEOLRWHFDVUHFRJLHQGR
SXEOLFDFLRQHV SHULyGLFDV (VWD H[SHULHQFLD GD OXJDU D OD FUHDFLyQ GH XQ FDWiORJR
FROHFWLYRLQWHUUHJLRQDOTXHDSDUHFHHQ3DUWLFLSDQXQDVELEOLRWHFDVFRQ
SXEOLFDFLRQHVSHULyGLFDV/DJHVWLyQGHOFDWiORJRHVGHFDUiFWHUFHQWUDOL
]DGR FRQ XQDUFKLYRFHQWUDO HQ ODELEOLRWHFDGH *UHQREOHDO FXDO UHPLWHQ ODLQ
IRUPDFLyQGHODVQXHYDVSXEOLFDFLRQHVODVELEOLRWHFDVLQWHJUDGDVHQHOVLVWHPD
LL $*$3( $SOLFDWLRQV GH OD *HVWLRQ $XWRPDWLVpH DX[ SXEOLFDWLRQV SHULRGLTXHV  (V
XQ VLVWHPD DXWRPDWL]DGR GH JHVWLyQ GHVFHQWUDOL]DGD HQ HO TXH ORV GLVWLQWRV
PyGXORV SDUWLFLSDQWHV UHDOL]DQ LQGHSHQGLHQWHPHQWH HO UHJLVWUR GH ODV
SXEOLFDFLRQHVKDFLHQGROXHJRLQWHUFDPELRHQWUHODVGLVWLQWDVELEOLRWHFDV
LLL ,33(& ,QYHQWDLUHV GHV SXEOLFDWLRQV SHULRGLTXHV HWUDQJqUHV HQ FRXUV  'HVGH
HOLQYHQWDULRDQWHULRUVHUHDOL]DGHPDQHUDDXWRPDWL]DGDVLHQGRHOSULPHU
UHSHUWRULRDXWRPDWL]DGRSXEOLFDGRHQ)UDQFLD
$ SDUWLU GH  OD GLUHFFLyQ GH ELEOLRWHFDV FUHD XQ VyOR FDWiORJR FROHFWLYR HQ HO
TXHVHLQFOX\HQWRGDVODVSXEOLFDFLRQHVYLYDVRPXHUWDVGHELEOLRWHFDVIUDQFHVDVS~
EOLFDVRSULYDGDV(QVHLQWHJUDQODVEDVHVGHGDWRVGH&&3,$*$3(\,33(&
FUHDQGRHO&DWDORJXH&ROHFWLI1DWLRQDOTXHUHFRJHSXEOLFDFLRQHVSHULyGLFDV
\DOFXDOHVSRVLEOHDFFHGHUSRUORVWHUPLQDOHVLQVWDODGRVHQWRGDVODVELEOLRWHFDVDQ
WLJXDVLQWHJUDQWHVGHOVLVWHPD
 &DWiORJRVFROHFWLYRVQDFLRQDOHVGHSXEOLFDFLRQHVSHULyGLFDV3XHGHQVHxDODUVHORV
VLJXLHQWHV
D 6H SXEOLFD HQWH  HO FRUUHVSRQGLHQWH D ODV ELEOLRWHFDV HVSDxRODV 6LUYH WDQWR
FRPR LQVWUXPHQWR GH LGHQWLILFDFLyQ FRPR GH ORFDOL]DFLyQ 'HQWUR GH FDGD YROXPHQ
WHPiWLFRSUHVHQWDXQDFODVLILFDFLyQDOIDEpWLFDGHWtWXORV(QVHSXEOLFDHOYROX
PHQ GH GHUHFKR \ DGPLQLVWUDFLyQ HQ  GH PHGLFLQD HQ  GH DJULFXOWXUD \
YHWHULQDULDHQGHFLHQFLDVGHODHGXFDFLyQHQGHFLHQFLDVKLVWyULFDV\HQ
GHOHQJXD\OLWHUDWXUD
E &iWiORJRGHSXEOLFDFLRQHVSHULyGLFDVGHODVELEOLRWHFDVGHO&6,&&XHQWDFRQXQDFOD
VLILFDFLyQDOIDEpWLFD\XQDVHULHGHtQGLFHVXQRFRQODVVLJODVGHFDGDELEOLRWHFDTXH
SDUWLFLSDRWURVLVWHPiWLFRGHPDWHULDVHQHOTXHGHEDMRGHFDGDQ~PHURGHOD&'8
VH GD OD UHODFLyQ GH SXEOLFDFLRQHV SHULyGLFDV FRUUHVSRQGLHQWHV D pO \ XQ WHUFHUR GH
PDWHULDVHQHOTXHVHGDODFRUUHVSRQGHQFLDHQWUHHOQ~PHURGHOD&'8\VXVPDWH
ULDVUHVSHFWLYDVeVWHSRVHHGRVVHFFLRQHVXQDRUGHQDGDSRUQ~PHURVFRQODPDWH
ULDFRUUHVSRQGLHQWH\RWUDRUGHQDGDDOIDEpWLFDPHQWHSRUPDWHULDVFRQVXQ~PHURFR
UUHVSRQGLHQWH(VWHFDWiORJRSRVHHXQDSDUWHOODPDGD)RQGRGHOD%LEOLRWHFDGRQGH
DSDUHFH EDMR HO QRPEUH GH FDGD ELEOLRWHFD HO WtWXOR GH ODV FROHFFLRQHV TXH SRVHH
UHPLWLHQGR SDUD OD GHVFULSFLyQ HQ H[WHQVR GH pVWDV D OD SiJLQD GH OD FODVLILFDFLyQ
SULQFLSDO GRQGH VH HQFXHQWUH (VWH FDWiORJR VH UHDOL]D HQ  DxDGLHQGR D ODVEL
EOLRWHFDVTXHSDUWLFLSDEDQHQpOQXPHURVRVFHQWURVFRRSHUDQWHVUHFRJLHQGR
SXEOLFDFLRQHVSHULyGLFDVGHODVTXHVRQFRUULHQWHV
F ([LVWHQRWUDVHULHGHFDWiORJRVUHDOL]DGRVSRUXQLYHUVLGDGHV
L (O&58& GHOD8QLYHUVLGDGHV&DWDODQDV UHFRJHSXEOLFDFLRQHVGHOD8QL
YHUVLGDG$XWyQRPD\3ROLWpFQLFD7LHQHXQDRUGHQDFLyQDOIDEpWLFDGHWtWXORVHtQ
GLFHVGHHQWLGDGHVDOIDEpWLFRGHPDWHULDV\&'8
LL /D8QLYHUVLGDGGH6HYLOOD  UHFRJHWtWXORVGHFHQWURV
LLL 3DtV9DVFR 8QLYHUVLGDGGHO3DtV9DVFR DEDUFDSRFRVFHQWURV\HQ
ODWRWDOLGDGGHHOORV
LY 6DODPDQFDVHHGLWDHQFRQWUHVSDUWHVVLJODVGHODVELEOLRWHFDVSDUWLFLSDQ
WHVSXEOLFDFLRQHVFODVLILFDGDVDOIDEpWLFDPHQWH SRUWtWXORV\SXEOLFDFLRQHVFODVLIL
FDGDVEDMRFDGDFHQWURDOTXHSHUWHQHFHQ
G ([LVWHWDPELpQXQFDWiORJRFROHFWLYRGHELEOLRWHFDVGHFHQWURVHFOHVLiVWLFRVTXHDXQ
TXH QR HV HVSHFtILFDPHQWH GH SXEOLFDFLRQHV SHULyGLFDV WLHQH XQ YROXPHQ GRQGH VH
UHFRJHQpVWDV
 &RPSOHPHQWRV+D\XQRVUHSHUWRULRVTXHVLUYHQGHFRPSOHPHQWRVWDQWRDSXEOLFDFLR
QHV SHULyGLFDV FRPR D FDWiORJRV UHSHUWRULRV GH DEUHYLDWXUDV TXH UHVWLWX\HQ HO QRPEUH
FRPSOHWRGHODSXEOLFDFLyQSHULyGLFD8QRGHORVPiVLPSRUWDQWHVHVHO$FWLYH3HULRGLFDO
7LWOHV$EUHYLDWLRQV'HWURLW*DOHV5HVHDUFKTXHUHFRJHDEUHYLDWXUDVGHSX




3iJLQDGH


EOLFDFLRQHVSHULyGLFDVHQGRVSDUWHVD HQXQDDSDUHFHQDEUHYLDWXUDVRUGHQDGDVDOIDEp
WLFDPHQWHFRQHOQRPEUHFRPSOHWRGHODSXEOLFDFLyQSHULyGLFDE HQRWUDDSDUHFHQRUGH
QDGRV DOIDEpWLFDPHQWH ORV WtWXORV FRPSOHWRV GH ODV SXEOLFDFLRQHV FRQ VXV DEUHYLDWXUDV
UHVSHFWLYDV

%,%/,2*5$)$

$$99 7HPDULR GH RSRVLFLRQHV >HQ OtQHD@ 6DODPDQFD 8QLYHUVLGDG GH 6DODPDQFD )DFXOWDG
GH7UDGXFFLyQ\'RFXPHQWDFLyQKWWSZHEXVDOHVaDODU%LEZHE7HPDULRVKWP!>&RQVXO
WDDEULO@
*0(=/3(=-DYLHU/DKHPHURWHFDGHOD%8&XQDVROXFLyQGHIXWXUR>HQOtQHD@8QLYHUVL
GDG &RPSOXWHQVH  KWWSZZZXFPHV%8&0KWPO! >&RQVXOWD  VHSWLHPEUH
@



3iJLQDGH

También podría gustarte