Está en la página 1de 3



'(&5(726835(021()1RUPD/HJDO'LDULR2ILFLDO(O3HUXDQR

(O3HUXDQR

 0LpUFROHVGHHQHURGH

'(/$

1250$6/(*$/(6

(Q6ROHV

6(&&,2135,0(5$
3/,(*2

*RELHUQR&HQWUDO
0LQLVWHULRGH(FRQRPtD\)LQDQ]DV

81,'$'(-(&8725$$GPLQLVWUDFLyQ*HQHUDO

$GPLQLVWUDFLyQGHO3URFHVR
3UHVXSXHVWDULRGHO6HFWRU3~EOLFR

)8(17('(
),1$1&,$0,(172

5HFXUVRV2UGLQDULRV

*$6726&255,(17(6
5HVHUYDGH&RQWLQJHQFLD





727$/(*5(626

2//$17$+80$/$7$662
3UHVLGHQWHGHOD5HS~EOLFD
$/21626(*85$9$6,
0LQLVWURGH(FRQRPtD\)LQDQ]DV

$6,*1$&,21(635(6838(67$5,$6
48(125(68/7$1(1352'8&726
$&7,9,'$'



'DGRHQOD&DVDGH*RELHUQRHQ/LPDDORVGLHFLQXHYH
GtDVGHOPHVGHHQHURGHODxRGRVPLOGLHFLVpLV



'LVSRQHQUHDMXVWHGHSHQVLRQHVSHUFLELGDV
SRUSHQVLRQLVWDVGHOUpJLPHQGHO
'HFUHWR/H\1GHDFXHUGRDODV
GLVSRVLFLRQHVGHOD/H\1\/H\1
\DXWRUL]DQWUDQVIHUHQFLDGHSDUWLGDV
'(&5(726835(02
1()

$/$
6(&&,2135,0(5$
3/,(*2

*RELHUQR&HQWUDO
2IFLQD
GH1RUPDOL]DFLyQ
3UHYLVLRQDO
81,'$'(-(&8725$2IFLQD
GH1RUPDOL]DFLyQ
3UHYLVLRQDO
$6,*1$&,21(635(6838(67$5,$6
48(125(68/7$1(1352'8&726
2EOLJDFLRQHV3UHYLVLRQDOHV

$&7,9,'$'
)8(17('(
),1$1&,$0,(172

5HFXUVRV2UGLQDULRV
(Q6ROHV

*$672&255,(17(
3HQVLRQHV\2WUDV3UHVWDFLRQHV6RFLDOHV



6XEWRWDO8(
727$/3/,(*2



727$/(*5(626



$UWtFXOR3URFHGLPLHQWRSDUDOD$SUREDFLyQ
,QVWLWXFLRQDO
(O7LWXODUGHOSOLHJRKDELOLWDGRHQODSUHVHQWH
7UDQVIHUHQFLDGH3DUWLGDVDSUXHEDPHGLDQWH
5HVROXFLyQODGHVDJUHJDFLyQGHORVUHFXUVRV
DXWRUL]DGRVHQHODUWtFXORGHODSUHVHQWHQRUPD
DQLYHOSURJUDPiWLFRGHQWURGHORVFLQFR  GtDV
FDOHQGDULRGHODYLJHQFLDGHOSUHVHQWHGLVSRVLWLYROHJDO
&RSLDGHOD5HVROXFLyQVHUiUHPLWLGDGHQWURGHORVFLQFR
 GtDVGHDSUREDGDDORVRUJDQLVPRVVHxDODGRVHQHO
QXPHUDOGHODUWtFXORGHO7H[WRQLFR2UGHQDGR
GHOD/H\1/H\*HQHUDOGHO6LVWHPD1DFLRQDO
GH3UHVXSXHVWRDSUREDGRPHGLDQWH'HFUHWR6XSUHPR
1()
/D2ILFLQDGH3UHVXSXHVWRRODTXHKDJDVXV
YHFHVHQHOSOLHJRLQYROXFUDGRVROLFLWDUiDOD'LUHFFLyQ
*HQHUDOGH3UHVXSXHVWR3~EOLFRODVFRGLILFDFLRQHVTXH
VHUHTXLHUDQFRPRFRQVHFXHQFLDGHODLQFRUSRUDFLyQGH
QXHYDV3DUWLGDVGH,QJUHVRV)LQDOLGDGHV\8QLGDGHV
GH0HGLGD
/D2ILFLQDGH3UHVXSXHVWRRODTXHKDJDVXV
YHFHVHQHOSOLHJRLQYROXFUDGRLQVWUXLUiDOD8QLGDG
(MHFXWRUDSDUDTXHHODERUHODVFRUUHVSRQGLHQWHV1RWDV
SDUD0RGLILFDFLyQ3UHVXSXHVWDULDTXHVHUHTXLHUD
FRPRFRQVHFXHQFLDGHORGLVSXHVWRHQODSUHVHQWH
QRUPD
$UWtFXOR/LPLWDFLyQDOXVRGHORVUHFXUVRV
/RVUHFXUVRVGHOD7UDQVIHUHQFLDGH3DUWLGDVDTXH
KDFHUHIHUHQFLDHODUWtFXORGHOSUHVHQWH'HFUHWR6XSUHPR

KWWSZZZHOSHUXDQRFRPSH1RUPDV(OSHUXDQRKWPO

(/35(6,'(17('(/$5(3%/,&$
&216,'(5$1'2
4XHHOOLWHUDOD GHODUWtFXORGHOD/H\1/H\
TXHHVWDEOHFHODVQXHYDVUHJODVGHOUpJLPHQGHSHQVLRQHV
GHO'HFUHWR/H\1GLVSRQHTXHODVSHQVLRQHV
SHUFLELGDVSRUEHQHILFLDULRVTXHKD\DQFXPSOLGRVHVHQWD
\FLQFR  DxRVRPiVGHHGDG\FX\RYDORUQRH[FHGD
HOLPSRUWHGHGRV  8QLGDGHV,PSRVLWLYDV7ULEXWDULDV
YLJHQWHVHQFDGDRSRUWXQLGDGVHUiQUHDMXVWDGDVDOLQLFLR
GHFDGDDxRPHGLDQWHGHFUHWRVXSUHPRFRQHOYRWR
DSUREDWRULRGHO&RQVHMRGH0LQLVWURV\DSURSXHVWDGHO
0LQLVWHULRGH(FRQRPtD\)LQDQ]DVWHQLHQGRHQFXHQWD
ODVYDULDFLRQHVHQHOFRVWRGHYLGDDQXDO\ODFDSDFLGDG
ILQDQFLHUDGHO(VWDGR
4XHGHDFXHUGRDOWHUFHUSiUUDIRGHODUWtFXORGH
OD/H\1/H\TXHSUHFLVDODWHUFHUDGLVSRVLFLyQ
WUDQVLWRULDGHOD/H\1OH\TXHHVWDEOHFHQXHYDV
UHJODVGHOUpJLPHQGHSHQVLRQHVGHO'HFUHWR/H\
1VHGLVSRQHTXHHOYDORUDQXDOL]DGRGHODV
SHQVLRQHVSDUDHIHFWRGHGHWHUPLQDUHOPRQWRPi[LPR
PHQVXDO\GHOUHDMXVWHGHSHQVLRQHVGHFHVDQWtD
LQYDOLGH]\VREUHYLYHQFLDGHOUpJLPHQGHSHQVLRQHV
UHJXODGRSRUHO'HFUHWR/H\1HVGHYHLQWLRFKR
 8QLGDGHV,PSRVLWLYDV7ULEXWDULDV 8,7 YLJHQWHVD
ODIHFKDHQTXHFRUUHVSRQGDHOSDJRGHODSHQVLyQ
4XHGHFRQIRUPLGDGFRQHO'HFUHWR6XSUHPR1
()GXUDQWHHODxRHOYDORUGHOD8QLGDG,PSRVLWLYD
7ULEXWDULD 8,7 VHUiGH75(60,/129(&,(1726
&,1&8(17$<62/(6 6 
4XHHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD
KDSXEOLFDGRHOSRUFHQWDMHGHLQIODFLyQDQXDODFXPXODGDD
GLFLHPEUHGHVLHQGRHVWHGH
4XHWRPDQGRHQFXHQWDODFDSDFLGDGILQDQFLHUDGHO
(VWDGRVHKDHVWDEOHFLGRODSRVLELOLGDGGHRWRUJDUXQ
UHDMXVWHHQODVSHQVLRQHVHTXLYDOHQWHD75(,17$<2&+2
<62/(6 6 
4XHHO3UHVXSXHVWRGHO6HFWRU3~EOLFRSDUDHO$xR
)LVFDODSUREDGRPHGLDQWHOD/H\1KD
SUHYLVWRHQOD5HVHUYDGH&RQWLQJHQFLDORVUHFXUVRV
QHFHVDULRVSDUDODDWHQFLyQGHOUHDMXVWHGHODV
SHQVLRQHVSHUFLELGDVSRUORVSHQVLRQLVWDVGHOUpJLPHQ
GHO'HFUHWR/H\1GHDTXHOODVHQWLGDGHV
FX\DVSODQLOODVVHILQDQFLDQFRQIRQGRVGHO7HVRUR
3~EOLFRSRUORTXHUHVXOWDQHFHVDULRDXWRUL]DUXQD
7UDQVIHUHQFLDGH3DUWLGDVHQHO3UHVXSXHVWRGHO6HFWRU
3~EOLFRSDUDHO$xR)LVFDODIDYRUGHGLYHUVRV
SOLHJRVKDVWDSRUODVXPDGH2&+(17$<75(6
0,//21(66(7(&,(1726&8$5(17$<&8$752
0,/2&+2&,(1726&,1&8(17$<6(,6<
62/(6 6 
(QXVRGHODVIDFXOWDGHVFRQIHULGDVHQHOQXPHUDO
GHODUWtFXORGHOD&RQVWLWXFLyQ3ROtWLFDGHO3HU~OD/H\
1/H\2UJiQLFDGHO3RGHU(MHFXWLYRHODUWtFXOR
GHO7H[WRQLFR2UGHQDGRGHOD/H\1/H\
*HQHUDOGHO6LVWHPD1DFLRQDOGH3UHVXSXHVWRDSUREDGR
PHGLDQWH'HFUHWR6XSUHPR1()OD/H\1





'(&5(726835(021()1RUPD/HJDO'LDULR2ILFLDO(O3HUXDQR
QRSRGUiQVHUGHVWLQDGRVEDMRUHVSRQVDELOLGDGDILQHV
GLVWLQWRVSDUDORVFXDOHVVRQWUDQVIHULGRV

/H\TXHHVWDEOHFHODVQXHYDVUHJODVGHOUpJLPHQ
GHSHQVLRQHVGHO'HFUHWR/H\1\OD/H\1
/H\TXHSUHFLVDODWHUFHUDGLVSRVLFLyQWUDQVLWRULD
GHOD/H\1OH\TXHHVWDEOHFHQXHYDVUHJODVGHO
UpJLPHQGHSHQVLRQHVGHO'HFUHWR/H\1
&RQHOYRWRDSUREDWRULRGHO&RQVHMRGH0LQLVWURV

$UWtFXOR5HIUHQGR
(OSUHVHQWH'HFUHWR6XSUHPRHVUHIUHQGDGRSRUHO
0LQLVWURGH(FRQRPtD\)LQDQ]DV



1250$6/(*$/(6

'(&5(7$

$UWtFXOR3URFHGLPLHQWRSDUDODDSUREDFLyQ
LQVWLWXFLRQDO
/RV7LWXODUHVGHORV3OLHJRVKDELOLWDGRVHQOD
SUHVHQWH7UDQVIHUHQFLDGH3DUWLGDVDSUXHEDQPHGLDQWH
5HVROXFLyQODGHVDJUHJDFLyQGHORVUHFXUVRVDXWRUL]DGRV
HQHOQXPHUDOGHODUWtFXORGHODSUHVHQWHQRUPDD
QLYHOSURJUDPiWLFRGHQWURGHORVFLQFR  GtDVFDOHQGDULR
GHODYLJHQFLDGHOSUHVHQWHGLVSRVLWLYROHJDO&RSLDGHOD
5HVROXFLyQVHUiUHPLWLGDGHQWURGHORVFLQFR  GtDVGH
DSUREDGDDORVRUJDQLVPRVVHxDODGRVHQHOQXPHUDO
GHODUWtFXORGHO7H[WRQLFR2UGHQDGRGHOD/H\1
/H\*HQHUDOGHO6LVWHPD1DFLRQDOGH3UHVXSXHVWR
DSUREDGRSRU'HFUHWR6XSUHPR1()
/D2ILFLQDGH3UHVXSXHVWRRODTXHKDJDVXVYHFHV
HQORVSOLHJRVLQYROXFUDGRVVROLFLWDUiDOD'LUHFFLyQ*HQHUDO
GH3UHVXSXHVWR3~EOLFRODVFRGLILFDFLRQHVTXHVHUHTXLHUDQ
FRPRFRQVHFXHQFLDGHODLQFRUSRUDFLyQGHQXHYDV3DUWLGDV
GH,QJUHVRV)LQDOLGDGHV\8QLGDGHVGH0HGLGD
/D2ILFLQDGH3UHVXSXHVWRRODTXHKDJDVXVYHFHV
HQORVSOLHJRVLQYROXFUDGRVLQVWUXLUiQDODV8QLGDGHV
(MHFXWRUDVSDUDTXHHODERUHQODVFRUUHVSRQGLHQWHV1RWDV
SDUD0RGLILFDFLyQ3UHVXSXHVWDULDTXHVHUHTXLHUDQFRPR
FRQVHFXHQFLDGHORGLVSXHVWRHQODSUHVHQWHQRUPD

$UWtFXOR7UDQVIHUHQFLDGHSDUWLGDV
$XWRUt]DVHXQD7UDQVIHUHQFLDGH3DUWLGDVHQ
HO3UHVXSXHVWRGHO6HFWRU3~EOLFRSDUDHO$xR)LVFDO
KDVWDSRUODVXPDGH2&+(17$<75(6
0,//21(66(7(&,(1726&8$5(17$<&8$7520,/
2&+2&,(1726&,1&8(17$<6(,6<62/(6 6
 SDUDDWHQGHUHOILQDQFLDPLHQWRGHOUHDMXVWH
GHODVSHQVLRQHVGLVSXHVWRHQHODUWtFXORGHODSUHVHQWH
QRUPDGHDFXHUGRDOGHWDOOHVLJXLHQWH
(Q6ROHV

6(&&,135,0(5$
3/,(*2
81,'$'(-(&8725$

*2%,(512&(175$/
0LQLVWHULRGH(FRQRPtD\)LQDQ]DV
$GPLQLVWUDFLyQ*HQHUDO

$6,*1$&,21(635(6838(67$5,$6
48(125(68/7$1(1352'8&726

$UWtFXOR/LPLWDFLyQDOXVRGHORVUHFXUVRV
/RVUHFXUVRVGHOD7UDQVIHUHQFLDGH3DUWLGDVDTXH
KDFHUHIHUHQFLDHODUWtFXORGHOSUHVHQWH'HFUHWR6XSUHPR
QRSRGUiQVHUGHVWLQDGRVEDMRUHVSRQVDELOLGDGDILQHV
GLVWLQWRVSDUDORVFXDOHVIXHURQDXWRUL]DGRV
$UWtFXOR5HIUHQGR
(OSUHVHQWH'HFUHWR6XSUHPRHVUHIUHQGDGRSRUHO
0LQLVWURGH(FRQRPtD\)LQDQ]DV
',6326,&,1&203/(0(17$5,$),1$/

$&7,9,'$'

$GPLQLVWUDFLyQ
GHO3URFHVR
3UHVXSXHVWDULRGHO6HFWRU3~EOLFR
)8(17('(),1$1&,$0,(1725HFXUVRV2UGLQDULRV
*$6726&255,(17(6
5HVHUYDGH&RQWLQJHQFLD



727$/



$/$
6(&&,135,0(5$
3/,(*26

(O3HUXDQR

(QHOFDVRGHODVHQWLGDGHVTXHQRSHUFLEHQ
UHFXUVRVGHO7HVRUR3~EOLFRSDUDHOSDJRGHSHQVLRQHVHO
JDVWRTXHLUURJXHODDSOLFDFLyQGHORGLVSXHVWRHQHODUWtFXOR
GHOSUHVHQWH'HFUHWR6XSUHPRVHUiILQDQFLDGRFRQFDUJR
DVXVUHVSHFWLYRVSUHVXSXHVWRVLQVWLWXFLRQDOHV

$UWtFXOR5HDMXVWHGHSHQVLRQHV
5HDMXVWDUDSDUWLUGHHQHURGHODVSHQVLRQHV
SHUFLELGDVSRUORVEHQHILFLDULRVGHOUpJLPHQGHO'HFUHWR
/H\1TXHKD\DQFXPSOLGRVHVHQWD\FLQFR 
DxRVRPiVGHHGDGDOGHGLFLHPEUHGHFX\R
YDORUDQXDOL]DGRQRH[FHGDHOLPSRUWHGHYHLQWLRFKR 
8QLGDGHV,PSRVLWLYDV7ULEXWDULDV
(OPRQWRGHGLFKRUHDMXVWHDVFHQGHUiD75(,17$<2&+2
<62/(6 6 SDUDORVSHQVLRQLVWDVTXHFXPSODQ
ODVFRQGLFLRQHVGHVFULWDVHQHOSiUUDIRDQWHULRU
(QQLQJ~QFDVRHOYDORUDQXDOL]DGRGHODVSHQVLRQHV
GHVSXpVGHHIHFWXDGRHOUHDMXVWHTXHVHGHILQHFRPROD
VXPDGHODVSHQVLRQHVUHDMXVWDGDVSHQVLRQHVDGLFLRQDOHV
JUDWLILFDFLRQHVRDJXLQDOGRVERQLILFDFLyQSRUHVFRODULGDG\
FXDOTXLHURWURFRQFHSWRTXHVHDSXHVWRDGLVSRVLFLyQGHO
SHQVLRQLVWDHQHODxRSRGUiVXSHUDUHOWRSHGHYHLQWLRFKR
 8QLGDGHV,PSRVLWLYDV7ULEXWDULDVDQXDOHV$VLPLVPR
HQFDVRGHSHUFLELUVHPiVGHXQDSHQVLyQHOUHDMXVWHVH
KDUiVREUHODSHQVLyQGHPD\RUPRQWR

'(/$

0LpUFROHVGHHQHURGH

(Q6ROHV
*2%,(512&(175$/
*RELHUQR1DFLRQDO

)8(17('(),1$1&,$0,(1725HFXUVRV2UGLQDULRV



727$/*2%,(512&(175$/



3/,(*26

'(6&(175$/,=$'$6
*RELHUQRV5HJLRQDOHV

('8&$&,21
'HMDQVLQHIHFWROD1RUPD7pFQLFD
1RUPDVSDUDHOIRUWDOHFLPLHQWRGHOD
HGXFDFLyQItVLFD\HOGHSRUWHHVFRODUHQODV
LQVWLWXFLRQHVHGXFDWLYDVS~EOLFDVGHORV
QLYHOHVGHHGXFDFLyQSULPDULD\VHFXQGDULD
GHHGXFDFLyQEiVLFDUHJXODU

$6,*1$&,21(635(6838(67$5,$6
48(125(68/7$1(1352'8&726
)8(17('(),1$1&,$0,(1725HFXUVRV2UGLQDULRV
*$6726&255,(17(6
3HQVLRQHV\2WUDV3UHVWDFLRQHV6RFLDOHV

2//$17$+80$/$7$662
3UHVLGHQWHGHOD5HS~EOLFD



*$6726&255,(17(6
3HQVLRQHV\2WUDV3UHVWDFLRQHV6RFLDOHV

,167$1&,$6

'DGRHQOD&DVDGH*RELHUQRHQ/LPDDORVGLHFLQXHYH
GtDVGHOPHVGHHQHURGHODxRGRVPLOGLHFLVpLV

$/21626(*85$9$6,
0LQLVWURGH(FRQRPtD\)LQDQ]DV

$6,*1$&,21(635(6838(67$5,$6
48(125(68/7$1(1352'8&726

6(&&,16(*81'$

QLFD5HJXODUL]DFLyQGHODERQRGHOUHDMXVWH
/DVHQWLGDGHVTXHDODIHFKDGHHQWUDGDHQYLJHQFLD
GHOSUHVHQWH'HFUHWR6XSUHPRKD\DQSDJDGRSHQVLRQHV
FRUUHVSRQGLHQWHVDODxRUHJXODUL]DUiQHODERQRGHO
UHDMXVWHTXHGLVSRQHHODUWtFXORGHODSUHVHQWHQRUPDHQ
HOSDJRFRUUHVSRQGLHQWHDOPHVVLJXLHQWH



5(62/8&,1'(6(&5(7$5$*(1(5$/

KWWSZZZHOSHUXDQRFRPSH1RUPDV(OSHUXDQRKWPO





'(&5(726835(021()1RUPD/HJDO'LDULR2ILFLDO(O3HUXDQR
727$/,167$1&,$6'(6&(175$/,=$'$6
727$/

10,1('8





/RV3OLHJRVKDELOLWDGRVHQOD6HFFLyQ3ULPHUD\
6HFFLyQ6HJXQGDGHOSUHVHQWHDUWtFXORVHGHWDOODQHQHO
$QH[R7UDQVIHUHQFLDGH3DUWLGDV3OLHJRV+DELOLWDGRV
TXHIRUPDSDUWHGHOSUHVHQWH'HFUHWR6XSUHPRHOFXDOVH
SXEOLFDHQHOSRUWDOLQVWLWXFLRQDOGHO0LQLVWHULRGH(FRQRPtD
\)LQDQ]DV
ZZZPHIJRESH
HQODPLVPDIHFKDGH
SXEOLFDFLyQGHODSUHVHQWHQRUPDHQHO'LDULR2ILFLDO(O
3HUXDQR

KWWSZZZHOSHUXDQRFRPSH1RUPDV(OSHUXDQRKWPO

/LPDGHHQHURGH
9LVWRVHO([SHGLHQWH1HO,QIRUPH
10,1('890*3',*(%5'(),'GHOD
'LUHFFLyQGH(GXFDFLyQ)tVLFD\'HSRUWH\HO,QIRUPH1
0,(1'86*2*$-GHOD2ILFLQD*HQHUDOGH
$VHVRUtD-XUtGLFD\
&216,'(5$1'2
4XHHODUWtFXORGHOD5HVROXFLyQGH6HFUHWDUtD
*HQHUDO10,1('8DSUREyOD1RUPD7pFQLFD



También podría gustarte