Está en la página 1de 6

&XUVRGH6XUIHUHQLPiJHQHV

3ULPHUDYHUVLyQGHOPDQXDOGH6XUIHUHQLPiJHQHVSRU5DIDHO$UFH0HVpQ
7(0$%$55$'(0(1
0HQ~)LOH
0HQ~(GLW
0HQ~9LHZ
0HQ~'UDZ
0HQ~$UUDQJH
0HQ~*ULG
0HQ~0DS
7(0$&20$1'26),/('5$:<*5,'
:RUNVKHHW
'UDZ
*ULG
*ULG'DWD
*ULG)XQFWLRQ
*ULG0DWK
*ULG&DOFXOXV
*ULGB8WLOLW\B([WUDFW
*ULGB0DWUL[6PRRWK
*ULGB6SOLQH6PRRWK
&iOFXORGH9RO~PHQHV
*ULG9ROXPH
*ULG&DOFXOXV'LIIHUHQWLDDQG,QWHJUDO2SHUDWRUV
&iOFXORGHSHUILOHVWRSRJUiILFRV
*ULG6OLFH
*ULG1RGH(GLWRU
*ULG5HVLGXDOV
*ULG8WLOLW\&RQYHUW 0DS3ORW 
7(0$&20$1'260$3<$<8'$
0DS
0DS/RDG%DVH0DSD
0DS3RVW
0DS&RXQWRXU
0DS6KDGHG5HOLHI
0DS'9LHZ
0DS2YHUOD\0DSV
$\XGD

0HQ~)LOH
/DRSFLyQ)LOH1HZ HVXWLOL]DGDSDUDDEULUXQDSDQWDOODGHHGLFLyQFDUWRJUiILFD
1HZ3ORW XQDKRMDGHFiOFXOR 1HZ:RUNVKHHW RXQDKRMDSDUDHGLFLyQGHWH[WR
1HZ(GLWRU 
(Q685)(5DGLIHUHQFLDGHPXFKRVRWURVSURJUDPDVGHWUDWDPLHQWRGHLQIRUPD
FLyQHVSDFLDOODRSFLyQ)LOH2SHQ QRVXHOHVHUODYtDSULQFLSDOGHDFFHVR)LOH
2SHQ VHXVDFXDQGR\DVHKDKHFKRXQDFRPSRVLFLyQFDUWRJUiILFDODFXDOSXHGH
LQFOXLUXQDLPDJHQGHOWHUUHQR 2SFLyQ0DS,PDJHDVtFRPRXQDLPDJHQGHFRQ
WRUQRVFUHDGDFRQ0DS&RQWRXU\XQPDSDGHFDUUHWHUDVLPSRUWDGRFRPRXQ
';) FRQODRSFLyQ0DS/RDG%DVH0DS
685)(5SHUPLWHLPSRUWDU\H[SRUWDUDUFKLYRVHQGLYHUVRVIRUPDWRVYHFWRULDOHV\
PDWULFLDOHV 3&;%03-3*';)%1$%/1 /DRSFLyQ0DS/RDG%DVH0DS
KDFHXQDLPSRUWDFLyQDQiORJDDODRSFLyQ)LOH,PSRUW/RVREMHWRVLPSRUWDGRV
SXHGHQHGLWDUVHSRUVHSDUDGRFRQODRSFLyQ$UUDQJH%UHDN$SDUWPLHQWUDVTXH
HVWRQRVHSXHGHKDFHUFRQORVREMHWRVWUDtGRVFRQ0DS/RDG%DVH0DS
0HQ~(GLW
(OPHQ~GH(GLFLyQGH685)(5RIUHFHORVFRPDQGRVXVXDOHVGHUHYHUWLUOD~OWLPD
RSHUDFLyQ (GLW8QGR  GH UHHMHFXWDU OD ~OWLPD RSHUDFLyQ UHYHUWLGD (GLW5HGR 
GHFRSLDUHQPHPRULD\ERUUDUGHODYHQWDQDDFWLYDXQREMHWR (GLW&XW GHFRSLDU
XQREMHWRHQPHPRULD (GLW&RS\  GHSHJDUHQ OD YHQWDQD GH WUDEDMR XQ REMHWR
JXDUGDGRHQPHPRULD (GLW3DVWH \GHERUUDUXQREMHWRGHODYHQWDQDGHWUDEDMR
(GLW'HOHWH  8Q REMHWR ERUUDGR FRQ (GLW&XW SXHGH VHU WUDtGR D OD YHQWDQD GH
WUDEDMRHQFXDOTXLHUPRPHQWR\DTXHHOUHVLGHHQPHPRULD FODURVLHPSUHTXHQR
ORKDOODPRVSHUGLGRSRUKDFHUXQDVHJXQGDHMHFXFLyQGH(GLW&XW 
/DRSFLyQ6HOHFW$OO HVPX\LPSRUWDQWH(OODGHEHVHUXVDGDFXDQGRVHGHVHHKD
FHUXQDLQWHJUDFLyQGHGLYHUVDVLPiJHQHVSRUHMHPSORPHGLDQWHHOFRPDQGR0DS
2YHUOD\0DSV(GLW2EMHFW,' SHUPLWHSRQHUXQLGHQWLILFDGRU,'DXQ REMHWRGLEX
MDGRFRQ'UDZ OtQHDSROtJRQRWH[WRHWF (GLW5HVKDSH SHUPLWHHGLWDUORVYpUWL
FHVGHXQDILJXUDYHFWRULDOGLEXMDGDFRQ'UDZ
0HQ~9LHZ
(O FRPDQGR9LHZ GHO PHQ~SULQFLSDOGH685)(5 HVPX\ XWLOL]DGR 9LHZ)LW WR :LQGRZ
SHUPLWH YHU OD LPDJHQ HQWHUD 3ORW  XWLOL]DQGR HO WDPDxR WRWDO GH OD YHQWDQD GH WUDEDMR
9LHZ3DJH GHVSOLHJDODYHQWDQDGHWUDEDMRHQWHUD9LHZ$FWXDO6L]H GHVSOLHJDODLPDJHQ
VHOHFFLRQDGDDOWDPDxRGHODYHQWDQDGHWUDEDMR9LHZ)XOO6FUHHQ GHVSOLHJDVyORHOGLEX
MRHOLPLQDQGRWHPSRUDOPHQWHODVEDUUDVGHPHQX&RQ9LHZ=RRP VHFDPELDDJXVWRHO
WDPDxR\VHFWRUGHVSOHJDGRHQSDQWDOOD
9LHZ5HGUDZ R ) SHUPLWHQ UHGLEXMDU ODV LPiJHQHV GHVSOHJDGDV VREUH OD SDQWDOOD 3RU
GHIHFWR 685)(5 YLHQH SURJUDPDGR FRQ $XWR5HGUDZ OR TXH D YHFHV KDFH OHQWRV ORV
SURFHVRV

0HQ~'UDZ
'UDZ VHXVDSDUDHVFULELU\GLEXMDUWH[WRSROtJRQRV SROLOtQHDVVtPERORV UHFWiQJXORV
UHFWiQJXORVFRQHVTXLQDVUHGRQGHDGDV\HOLSVHV

$QWHVGHSURFHGHUDKDFHUVXVGLEXMRVXVWHGSXHGHGHILQLUORVDWULEXWRVFRUUHVSRQGLHQ
WHV FRORU WDPDxR HVWLOR UHOOHQR HWF XVDQGR ODV FXDWUR RSFLRQHV GH DEDMR /LQH
$WWULEXWHVHWF 
$O GLEXMDU SROLOtQHDV 'UDZ3RO\OLQH  XVWHGSXHGHDSUHWDU\DUUDVWUDUHOUDWyQ PRXVH 
FRQORFXDOSXHGHGLEXMDUXQDSROLOtQHDHQWUD]RFRQWtQXR7HQJDSUHVHQWHTXHHVWRFUHD
XQDSROLOtQHDPX\VDWXUDGDGHYpUWLFHV
0HQ~$UUDQJH
$UUDQJH HVHOPyGXORTXHSHUPLWHRUJDQL]DUODVGLYHUVDVLPiJHQHVGHVSOHJDGDVHQOD
SDQWDOOD(QJHQHUDO685)(5QRSHUPLWHODPDQLSXODFLyQGHORVHOHPHQWRVLQGLYLGXDOHV
VLQRGHODVLPiJHQHVSRUHQWHUR/DH[FHSFLyQDHVWDUHJODVRQODVILJXUDV\WH[WRVGL
EXMDGRV FRQ 'UDZ /DV LPiJHQHV FRQ UHOOHQR VyOLGR WDO FRPR ODV FUDGDV FRQ 0DS
,PDJH R0DS6KDGHG5HOLHIRFXOWDQDODVLPiJHQHVGHOtQHDVFRPRXQPDSDGHFXU
YDVGHQLYHOFUHDGRFRQ0DS&RQWRXU(QWDOFDVRVHOHFFLRQHODLPDJHQVyOLGD XQ FOLF
FRQHOPRXVH \HMHFXWH$UUDQJH0RYHWR%DFN$UUDQJH&RPELQH SHUPLWHFRPELQDU
GRVLPiJHQHVHQXQDVROD(VWRSXHGHVHUGHVHFKRFRQ$UUDQJH%UHDN$SDUW/DLPD
JHQSXHGHVHUURWDGDFRQ5RWDWH R)UHH5RWDWH\GRVRPiVLPiJHQHVVHOHFFLRQDGDV
SXHGHQVHUDOLQHDGDVFRQ$OLJQ2EMHFWV
0HQ~*ULG

685)(5HVHVHQFLDOPHQWHXQSURJUDPDSDUDODLQWHUSRODFLyQ\ODFDUWRJUDItDHQ'\
'HQPRGR5$67(5R,0$*(1/DFDUWRJUDItD\DQiOLVLVVHKDFHQSRUORHVHQFLDOVR
EUHXQDPDWUL]RUHWtFXODGHDKtTXHHOPyGXOR*ULG VHDXQRGHORVPiVLPSRUWDQWHV
*ULG'DWD OHH XQ DUFKLYR $6&,, FRQ IRUPDWR ;<== =Q  H LQWHUSROD XQ DUFKLYR
LPDJHQ *5' XWLOL]DQGRHODOJRULWPR GHLQWHUSRODFLyQHVSHFLILFDGR SH,QYHUVRGH
OD'LVWDQFLD5HJUHVLyQ3ROLQRPLDO0tQLPD&XUYDWXUDHWF )XQWLRQ SHUPLWHLQWHUSRODU
XQDLPDJHQDSDUWLUGHXQD IXQFLyQPDWHPiWLFDGHWLSR= I ;< 0DWK VHXVDSDUDRSH
UDFLRQDUGRVDUFKLYRVLPDJHQ*5'RXQDUFKLYR*5'FRQXQDFRQVWDQWH&DOFXOXV FDO
FXOD GLYHUVDV GHULYDGDV HVSDFLDOHV GH XQD LPDJHQ HQ IRUPDWR *5' SH SHQGLHQWH
RULHQWDFLyQGHUHOLHYHFXUYDWXUDHWF 
0DWUL[ 6PRRWK \ 6SOLQH 6PRRWK VH XVDQ SDUD JHQHUDOL]DU XQD PDWUL] DUFKLYR *5'
H[LVWHQWH %ODQN VHXVDSDUDEODQTXHDUORVYDORUHVGHXQD PDWUL]TXHVHKDOOHQGHQWUR
RIXHUDGHODVIURQWHUDVGHXQD UHJLyQGHILQLGDSRUXQDUFKLYR%/18WLOLW\ HVXQJUXSR
GHKHUUDPLHQWDVSDUDFRYHUWLUHQWUHGLYHUVRVIRUPDWRVGHXQDPDWUL]FRQYHUWLUXQDPD
WUL]HQXQ DUFKLYR$6&,,H[WUDHUSDUWHGHXQDPDWUL]\KDFHULQYHUVLyQGHORVHMHVGHXQD
PDWUL]
9ROXPH HIHFW~DFiOFXORVGHYROXPHQHQWUHGRVPDWULFHVRHQWUHXQDPDWUL]\XQQLYHO
FRQVWDQWH 6OLFH SHUPLWH FUHDU XQ DUFKLYR $6&,, TXH SXHGH VHU XVDGR SDUD KDFHU XQ
SHUILOWRSRJUiILFR5HVLGXDOV SHUPLWHFDOFXODUORVUHVLGXRVHQWUHODPDWUL]*5'\ORVYD
ORUHV$6&,,XVDGRVSDUDVXLQWHUSRODFLyQ*ULG1RGH(GLWRU SHUPLWHHGLWDU PRGLILFDU HO
YDORU =GHFDGDQRGRGHODUHWtFXOD

0HQ~0DS

0DS HV HO PyGXOR GHVWLQDGR D KDFHU OD FDUWRJUDItD HQ 685)(5 0DS/RDG %DVH 0DS
SHUPLWH LPSRUWDU XQD LPDJHQ 7,)%033&;HWF  R XQ DUFKLYR $6&,, %1$';)HWF  \
GHVSOHJDUOR FRPR XQD LPDJHQ GH IRQGR /RV DUFKLYRV ';) SXHGHQ VHU GHVSOHJDGRV HQ
'PLHQWUDVTXHORVJHQHUDGRVSRU0DS,PDJH \6KDGHG5HOLHI QRSXHGHQVHUGHVSOH
JDGRVHQ'&RQWRXU SHUPLWHFUHDUXQDLPDJHQGHLVRSOHWDVDSDUWLUGHXQDUFKLYR*5'
HVWRVHKDFHSRULQWHUSRODFLyQ 3RVW VHXVDSDUDFUHDUXQDUFKLYRGHREMHWRVSXQWXDOHV
FXDGUDGRV IOHFKDV HWF  DVRFLDGR FRQ XQ DUFKLYR $6&,, GH WLSR ;<=  JHQHUDOPHQWH
FRQH[WHQVLyQ '$7&ODVVHG3RVW KDFHXQDIXQFLyQVLPLODUD3RVW SHURVHXVDFXDQGRHO
YDORU=GHODUFKLYR '$7KDVLGRFODVLILFDGR(VWRSHUPLWHSHFUHDUXQDUFKLYRGHVLP
ERORVJUDGXDGRV,PDJH GHVSOLHJDODPDWUL]*5'FRPRXQDLPDJHQ HOQRGRGHODPDWUL]
HVXVDGRFRPRHOFHQWURGHO3,;(/ 6KDGHG5HOLHI SHUPLWHFUHDUXQDLPDJHQVRPEUHDGD
SVHXGR WULGLPHQVLRQDO  GHO UHOLHYH GHVFULWR SRU XQD PDWUL] *5' 6XUIDFH VH XVD SDUD
FUHDUXQDLPDJHQ'REORTXHGLDJUDPD$[LV VHXVDSDUDPRGLILFDUORVDWULEXWRVGHORV
HMHV WLSROHWUDHWF 6FDOH%DU VHXVDSDUDDJUHJDUXQDHVFDODJUiILFDDOPDSDVHOHFFLR
QDGR%DFNJURXQG SHUPLWHGHVSOHJDUXQDWUDPDRXQUHOOHQREDMRXQDLPDJHQ''LJL
WL]H HVXWLOL]DGRSDUDFUHDUXQDUFKLYR$6&,, ;< SXQWHDQGRODLPDJHQFRQHOPRXVH'
9LHZ SHUPLWHPDQLSXODUODURWDFLyQHQ;<=GHXQ DUFKLYRLPDJHQ*5'6FDOH FDPELDOD
HVFDODGHOPDSDVHOHFFLRQDGR/LPLWV SHUPLWHFDPELDUORVOtPLWHVGHOPDSDVHOHFFLRQDGR
6WDFN0DSV DOLQHDGRVRPiVPDSDVVHOHFFLRQDGRVHOXQRGLUHFWDPHQWHHQFLPDGHORWUR
2YHUOD\0DSV SHUPLWH VREUHSRQHU GLYHUVRV PDSDV VHOHFFLRQDGRV XVH (GLW6HOHFW $OO 
8VHHVWDRSFLyQVLGHVHDVREUHSRQHUXQPDSDFUHDGRFRQ&RQWRXU DXQRGHOPLVPRVLWLR
FUHDGRFRQ6XUIDFH(GLW2YHUOD\V VHXVDSDUDHGLWDU\PRGLILFDUSRUVHSDUDGRFDGDXQR
GHORVPDSDVFRPELQDGRVFRQ2YHUOD\

0DS

0DS/RDG%DVH0DSD
0DS/RDG%DVH0DSD SHUPLWHLPSRUWDU XQPDSDEDVH XQ';)FRQFXUYDVGH
QLYHOURMDV\DPDULOODVHQHVWHFDVR DOFXDOVHVXSHUSRQH ODLPDJHQLQWHUSRODGD
\ODVFXUYDVGHQLYHOLQWHUSRODGDV HQD]XO 2EVpUYHQVHORVLPSRUWDQWHVSUREOH
PDVGHLQWHUSRODFLyQTXHH[SHULPHQWDHVWDLPDJHQ
0DS3RVW
0DS3RVW SHUPLWHGHVSOHJDUODVGLUHFFLRQHVGH
IOXMRPHGLDQWHXQDFRPELQDFLyQGHODRULHQWDFLyQ
GHODYHUWLHQWH $VSHFW \ODOtQHDGHPi[LPDSHQ
GLHQWH 6ORSH 

(OGDWRGHRULHQWDFLyQ\GHSHQGLHQWHGHEHQKD
OODUVHHQXQDUFKLYR'$7MXQWRFRQODFRRUGHQDGD
(VWH\ODFRRUGHQDGD1RUWH

0DS&RQWRXU

0DS&RQWRXU GDYDULDVSRVLELOLGDGHVSDUDHOGHVSOLHJXHGHLVROt
QHDV GHODYDULDEOHFRQVLGHUDGD LVRWHUPDV FXUYDV GH QLYHO LVR
\HWDVLVyEDUDV 

0DS6KDGHG5HOLHI
0DS6KDGHG5HOLHI SHUPLWHFRQVWUXLU
LPiJHQHVSVHXGRHVWHUHRVFySLFDVGH
XQUHOLHYHFXDOTXLHUDPHGLDQWHHOFiO
FXOR GHO JUDGR GH VRPEUD H LOXPLQD
FLyQ TXH DIHFWD FDGD 3,;(/ GH OD
LPDJHQ
3DUDHVWHPRGHORHOVROVHVXSXVRD
JUDGRVGHHOHYDFLyQ\FRQD]LPXW
GHJUDGRV

$OVRPEUHDGRSOiVWLFRVHKDDGMXQWD
GR HO PDSD GH FXUYDV GH QLYHO GHV
SOHJDGRFRQ0DS&RQWRXUV
0DS'9LHZ

0DS'9LHZ SHUPLWHURWDUDFRQYHQLHQFLDORVPRGHORV'\
ORVDUFKLYRV*5'HQJHQHUDO+DFLHQGRXVRGH(GLW&RS\ \
(GLW3DVWH VHSXHGHQFUHDUGLYHUVDVLPiJHQHVGHXQPLVPR
UHOLHYH

0DS2YHUOD\0DSV

0DS2YHUOD\0DSV/DLPDJHQVXSHULRUHVHO&RUUHORJUDPDDVRFLD
GRFRQODWRSRJUDItDHQFXHVWLyQ

$\XGD

685)(5FRPRFDVLWRGRVORVSURJUDPDVTXHIXQFLRQDQHQDPELHQWH
:LQGRZVHVDFRPSDxDGRGHXQULFRPHQ~GHD\XGDV +HOS TXHHVWDQ
EXHQRFRPRHOPDQXDO5HILpUDVHDpOVLHPSUHTXHTXLHUDDSUHQGHUHOXVRGH
QXHYDVIXQFLRQHV

También podría gustarte