Está en la página 1de 33

0$18$/'(81

785,6023$5$
72'26

',5(&&,Ï1'(
'(6$552//2'(
785,60262&,$/


$17(&('(17(6

(OWXULVPRGHQRPLQDGRVRFLDOQDFHFRPRXQGHUHFKRD
ODV YDFDFLRQHV SDJDGDV HQ )UDQFLD DO ILQDOL]DU OD
6HJXQGD *XHUUD 0XQGLDO &RQTXLVWD ODERUDO TXH
FRQHFWD SURGXFWLYLGDG FRQ HVSDFLRV GH RFLR \
GHVFDQVR (O REMHWLYR IXH FRQVWUXLU XQD LQIUDHVWUXFWXUD
RSHUDWLYD OR VXILFLHQWHPHQWH LPSRUWDQWH TXH SHUPLWLHUD
DORVIUDQFHVHVDFFHGHUDODDFWLYLGDGWXUtVWLFD

(Q FRQFUHWR JHQHUDU HVWUDWHJLDV GLULJLGDV DO WXULVWD GH


FDVDIXHHOSXQWRGHSDUWLGDHQHOGLVHxRGHSURJUDPDV
\DFWLYLGDGHVTXHIXHURQFRQJUHJDGDVEDMRHOUXEURGH
WXULVPRVRFLDO(QODFRQVHFXFLyQGHHVWDPHWDVHFUHy
XQ SURJUDPD TXH DEULy UXWDV KRWHOHV \ KRVSHGDMHV
UHVWDXUDQWHV\%LVWUyGHVWLQRV\IHULDV


6HRWRUJDURQD\XGDVHQGRVGLUHFFLRQHV

D $ OD SLHGUD FRQ ILQDQFLDPLHQWRV \ RWRUJDPLHQWR GH


FUpGLWRV
E $ OD SHUVRQD D WUDYpV GH GHVFXHQWRV YDOHV WXUtVWLFRV
FKHTXHVYDFDFLRQDOHVHQWUHRWURV
&DEH VHxDODUTXHGHQWURGHHVWDFRQFHSFLyQHO WXULVPR VRFLDO
QXQFDIXHQLORHVDFWLYLGDGDVLVWHQFLDOVLQRWRGRORFRQWUDULRHV
XQiPELWRTXHDWUDHLQYHUVLyQSULYDGD\GHVDUUROORHTXLWDWLYRGH
ODV UHJLRQHV $FWXDOPHQWH HQ )UDQFLD HO  GH OD SREODFLyQ
YLDMD 9LVWR GH HVWD IRUPD SDUD )UDQFLD HO WXULVPR VH KD
FRQYHUWLGR HQ IDFWRU FHQWUDO GH OD DFWLYLGDG HFRQyPLFD SDJR GH
LPSXHVWRVHLPSXOVRDHPSUHVDV\VHUYLFLRVGHDOWDFDOLGDG


ƒ $WUDYpVGHHVWDPLUDGDDODDFWLYLGDGWXUtVWLFDHO(VWDGRIRPHQWD
ODFRQVROLGDFLyQ\FUHDFLyQGHODOODPDGDHFRQRPtDVRFLDOVHFWRU
SULQFLSDOPHQWH LQWHJUDGR SRU PLFURHPSUHVDULRV PLVPRV TXH
SURPXHYHQXQWXULVPRYLQFXODGRDODVSROtWLFDVGHVDOXGFXOWXUD\
HGXFDFLyQ

ƒ (Q FRQJUXHQFLDFRQHVWDOtQHDGHSHQVDPLHQWRHOWXULVPRVRFLDO
VH DSOLFD GHVGH HO 0LQLVWHULR GH &XOWXUD QR GHO FRUUHVSRQGLHQWH
GH7XULVPR

ƒ &RQ HOOR VH OH DVHJXUD D WRGD OD SREODFLyQ ODV YDFDFLRQHV
SDJDGDV\HOGHUHFKRDOYLDMHVXPDQGRXQYDORUDJUHJDGRHOGH
OD IRUPDFLyQ GHO TXH UHDOL]D OD YLVLWD DGHPiV GH HVFDORQDU OD
YDFDFLyQTXHFRQWUDUUHVWDODWHPSRUDOLGDGHQORVGHVWLQRV


(Q 0p[LFR HO WXULVPR VRFLDO VH LQFOX\H HQ ODV SROtWLFDV
JXEHUQDPHQWDOHVDSDUWLUGHORVDxRVVHWHQWD \VH OH FRQFLEH
FRPR DFWLYLGDG FDULWDWLYD DVLVWHQFLDO R UHWULEXWLYD D JUXSRV
VLQGLFDOHV FRQ YtQFXORV SROtWLFRV LPSRUWDQWHV (VWD SRVLFLyQ
OOHYD D VXEVLGLDU HO YLDMH D HVRV JUXSRV OR TXH OR KDFH
H[FOXVLYRGHVYLUWXiQGRVHHOVHQWLGR\ODLPDJHQRULJLQDO

&RQHOVXUJLPLHQWRGH ODVSURIXQGDVFULVLVHFRQyPLFDVGHORV
DxRV RFKHQWD \ OD FRQVHFXHQWH IDOWD GH UHFXUVRV SDUD HO
VXEVLGLRKDFHTXHHOQDFLHQWH\PDOFRQFHELGRWXULVPRVRFLDO
TXHGH HQ WRWDO DEDQGRQR R HQ VX FDVR VHD XWLOL]DGR FRPR
SDUWHGHODUHWyULFDSRSXOLVWD


ƒ $O GHVDSDUHFHU ODV SROtWLFDV GH DSR\RV HO WXULVPR
VRFLDO VH RUJDQL]D GH PDQHUD LPSURYLVDGD SHUGLHQGR
WHUUHQRODHFRQRPtDVRFLDO\VXLPSRUWDQFLDHQODVDOXG
\HQODFRQIRUPDFLyQGHXQDFXOWXUDWXUtVWLFD

ƒ /DV SURSXHVWDV GH XQ WXULVPR VRFLDO VRQ UHFRJLGDV HQ


ORV DxRV QRYHQWD SRU ORV VHFWRUHV SULYDGRV \
DVRFLDWLYRV QR VLQGLFDOHV  \ SRQHQ HQ PDUFKD
DFWLYLGDGHV GH HFRWXULVPR GHSRUWH VDOXG FXOWXUD
UHFUHDWLYRV EDMR QXHYDV UHJODV GHO PHUFDGR \ FRQ
DSHJRDQXHYRVSULQFLSLRVDFFHVLELOLGDGVROLGDULGDG\
VXVWHQWDELOLGDG YHUWLGRV VREUH HO GHVDUUROOR GH ODV
FRPXQLGDGHV

ƒ /DHFRQRPtDVRFLDOWDQWRIRUPDOHLQIRUPDOHPSLH]DD
JHVWDUVH H LQWHQWD DJUXSDU QXPHURVDV HPSUHVDV \
RUJDQL]DFLRQHVQRJXEHUQDPHQWDOHVDORODUJR\DQFKR
GHOSDtVEXVFDQGRDWHQGHUDOVHFWRUPiVQXPHURVRGH
YLDMHURVHO7XULVPR'RPpVWLFR

7XULVPR FRQVLGHUDGR SRU PXFKRV FRPR HO PHQRV LQWHUHVDQWH
FDOLILFDGRGHHVWDIRUPDGHVGHODSHUVSHFWLYDGHODVSROtWLFDVTXHKDQ
GDGR UHDOFH \ PD\RU DWHQFLyQ DO WXULVWD UHFHSWLYR (O WXULVPR VRFLDO
GHVJDVWDGR SRU VX HUUyQHD DSOLFDFLyQ FRPR WDO VH YXHOYH DFWLYLGDG
UHFKD]DGDGHQWURGHODVDJHQGDVWXUtVWLFDVHVWDWDOHV

3RU WDO PRWLYR FRQYLHQH UHSRVLFLRQDUOR FRQ XQD GHQRPLQDFLyQ TXH


DEDUTXH PiV VHJPHQWRV GH OD SREODFLyQ \ TXH OR OOHYH D VHU
FRQVLGHUDGRFRPR8Q7XULVPRSDUD7RGRV%DMRHVWHQXHYRUXEUR
VHHPSLH]DDGRWDUOHGHQXHYDLPDJHQ\IRUPDGHDSOLFDFLyQ


5HDFWLYDUOR\GHYROYHUOHVXVHQWLGRSULPLJHQLRKDVLGRWDUHDTXH VHYLHQH
UHDOL]DQGRGHVGHYDULDVYHUWLHQWHV

ƒ 'HQWURGHO3URJUDPD1DFLRQDOGH7XULVPR TXHVHUi
VXVWLWXLGR HQ EUHYH SRU HO 3URJUDPD 1DFLRQDO GH 7XULVPR 
  FRQVWUXLU XQ HVTXHPD GH WXULVPR VRFLDO TXH VHD EDVH \
VXVWHQWRGHODDFWLYLGDGWXUtVWLFDQDFLRQDO
ƒ ,PSXOVDUHO&RQVHMR1DFLRQDOGH7XULVPR6RFLDOHOFXDOFXPSOH
FRQ ODV WDUHDV GH UHSUHVHQWDWLYLGDG HVWDWDO DVHVRUtD
VHxDODPLHQWRGHREVWiFXORV\RSLQLyQIXQGDPHQWDGDUHVSHFWRDOD
DSOLFDFLyQGHPHMRUHVHVWUDWHJLDV
ƒ &UHDFLyQ GH ORV &RQVHMRV (VWDWDOHV GH 7XULVPR SDUD 7RGRV \
GH ORV (QFXHQWURV GH OD 5HG GH 7XULVPR 6RFLDO DVt FRPR
0XHVWUDV1DFLRQDOHVTXHKDFHQOOHJDUHQIRUPDGLUHFWDODRIHUWD
WXUtVWLFDDOFOLHQWH


&21&(3726<'(),1,&,21(6

'HVGH KDFH YDULRV PHVHV OD 'LUHFFLyQ GH 'HVDUUROOR


GH7XULVPR6RFLDOGHOD6HFUHWDUtDVHDYRFDDODWDUHD
GHIRUWDOHFHUORVHQODFHVGHWUDEDMRHQWUHORV(VWDGRV\
0XQLFLSLRVGHPDQHUDTXHODSURSXHVWDGH8Q7XULVPR
SDUD 7RGRV TXHGH LQWHJUDGD HQ ORV SURJUDPDV \
DFFLRQHV UHJLRQDOHV $VLPLVPR VH KD GLUHFFLRQDGR OD
DFWXDFLyQ KDFLD OD FUHDFLyQ GH XQ OHQJXDMH FRP~Q \
PHWDVFRPSDUWLGDV

&RQ HVWDV DFFLRQHV VH UHFDOFD OD LPSRUWDQFLD GH


XQLILFDUHOWUDEDMRWXUtVWLFRHQSURGHOYLDMDQWHQDFLRQDO


&21&(372 )81'$17( ³7RGD HPSUHVD GH WXULVPR FX\R DFWR GH
IXQGDFLyQRFX\RREMHWLYRSULQFLSDOLQGLTXHFODUDPHQWHTXHSHUVLJXHXQ
SUR\HFWR GH LQWHUpV JHQHUDO \ TXH EXVFD OD DFFHVLELOLGDG GHO PD\RU
Q~PHUR SRVLEOH GH SHUVRQDV D ODV DFWLYLGDGHV GH RFLR WXUtVWLFR 
GLIHUHQFLiQGRVH DVt GH OD VROD PD[LPL]DFLyQ GH XWLOLGDGHV SXHGH
UHLYLQGLFDU VX SHUWHQHQFLD DO WXULVPR VRFLDO /D SDODEUD VRFLDO VLJQLILFD
GHHQWUDGDVROLGDULGDGIUDWHUQLGDG\HVSHUDQ]DSDUDWRGRVDTXpOORV
WDQQXPHURVRVHQHOPXQGR TXHHVSHUDQWRGDYtDHMHUFHUVXGHUHFKRD
ODVYDFDFLRQHV´ DUWGHOD'HFODUDFLyQGH0RQWUHDO 

'(),1,&,Ï1(16(17,'2(675,&72 3RUWXULVPRVRFLDOGHEH
HQWHQGHUVH FRPR ³HO FRQMXQWR GH DFWLYLGDGHV \ IHQyPHQRV
UHVXOWDQWHVGHODSDUWLFLSDFLyQHQHOWXULVPRGHORVDFWRUHVGHOD
HFRQRPtDVRFLDOELHQGHILQLGRV´>@

(VWDWXWRVGHO%,76GHDFXHUGRDODPRGLILFDFLyQGHODDVDPEOHDJHQHUDOGHO&RQJUHVRGH0p[LFR PD\R

'(),1,&,Ï1(16(17,'2/$72

&RQMXQWR GH SURJUDPDV SUR\HFWRV \ DFWLYLGDGHV TXH


EXVFDQ KDFHU HIHFWLYR HO GHUHFKR D ODV YDFDFLRQHV \
KDFHU DFFHVLEOHV ORV YLDMHV D WRGRV ORV JUXSRV GH OD
SREODFLyQ« SHURWDPELpQFRQVLVWHHQXQDE~VTXHGD
GH PHMRUDPLHQWRV HQ OD FDOLGDG GH UHODFLyQ HQWUH ORV
YLVLWDQWHV\ODVFRPXQLGDGHVTXHORVUHFLEHQ>@

([WUDFWRGHOGRFXPHQWR/D$PELFLyQGHO7XULVPR6RFLDO8Q7XULVPRSDUD7RGRVVXVWHQWDEOH\VROLGDULR/RXLV-ROLQSURIHVRUGHO'HSDUWDPHQWR

GH(VWXGLRV8UEDQRV\7XUtVWLFRV(VFXHODGH&LHQFLDVGHOD$GPLQLVWUDFLyQGHOD84$0IHEUHUR
5(&21&(378$/,=$&,Ï1

'HVHUXQDDFWLYLGDGWXUtVWLFDPDUJLQDOGHGLFDGDDGDUDWHQFLyQD
JUXSRVYXOQHUDEOHVDKRUDVHSUHRFXSDSRUWRGRVORVVHJPHQWRV
GHODSREODFLyQVLQLPSRUWDUHOQLYHOHFRQyPLFRGHVHUDFWLYLGDG
DVLVWHQFLDODFWXDOPHQWHSURPXHYHODLQYHUVLyQSULYDGD\SDUWHGH
ODUHQWDELOLGDGGHODHPSUHVDTXHSDUWLFLSDHQODRUJDQL]DFLyQGH
ORV YLDMHV GH VHU DFWLYLGDG SUHSRQGHUDQWHPHQWH JUXSDO \ VLQ
REMHWLYRV KR\ SRU KR\ VDWLVIDFH OD UHFUHDFLyQ \ HO HVSDUFLPLHQWR
DxDGLpQGRVH FXOWXUD VDOXG GHSRUWH \ HVSDFLR SDUD HO
IRUWDOHFLPLHQWR GH ODV UHODFLRQHV IDPLOLDUHV GH SUHRFXSDUVH SRU
SHTXHxRVJUXSRVGHWUDEDMDGRUHVHQHVWHPRPHQWRGDDWHQFLyQ
D QLxRV MyYHQHV HVWXGLDQWHV DGXOWRV PD\RUHV SHUVRQDV FRQ
GLVFDSDFLGDGHLQPLJUDQWHV


'HGHGLFDUVHSULQFLSDOPHQWH D FHQWURV GH UHFUHDFLyQ\ EDOQHDULRV
HQ QXHVWURV GtDV VH LQVHUWD HQ HO WXULVPR GHSRUWLYR GH VDOXG
HFRWXULVPR\FXOWXUDO'HVHUDFWLYLGDGPHQRVSUHFLDGDH[FOX\HQWH
SDVy D SHUFLELUVH FRPR LQFOX\HQWH VROLGDULD \ VXVWHQWDEOH HV
GHFLU HVSDFLR TXH VH DEUH SHUPLWLHQGR TXH HO WXULVPR VH KDJD
SRVLEOHSDUDWRGRV

'H DTXt TXH HO 7XULVPR SDUD 7RGRV VHD HO HMH SULQFLSDO GRQGH VH
VXVWHQWDHOLPSXOVRGHOWXULVPRQDFLRQDO


785,6023$5$72'26

'(6$552//2'(/785,602 785,602'('(6$552//2
0RGHOR 0RGHOR
ƒ /D FRPXQLGDG DO VHUYLFLR GHO ƒ (O WXULVPR DO VHUYLFLR GH OD
WXULVPR FRPXQLGDG
ƒ 2EMHWLYRV GH GHVDUUROOR ƒ 2EMHWLYRVGHGHVDUUROORLQWHJUDOHV
PDFURHFRQyPLFR ƒ (OWXULVWDDSUHQGH\VHUHFUHD
ƒ (OWXULVWDFRQVXPH ƒ 0HGLDQD PLFUR \ SHTXHxD
ƒ &RUSRUDWLYRV WUDVQDFLRQDOHV H HPSUHVDV
LQWHUQDFLRQDOHV ƒ 7XULVPR VROLGDULR VXVWHQWDEOH \
ƒ 7XULVPR GH PDVDV GHVWUXFWRU GHO UHVSHWXRVR
PHGLRDPELHQWH ƒ 9LVLyQKXPDQLVWDVRFLDO\PHUFDQWLO
ƒ 9LVLyQ ~QLFDPHQWH PHUFDQWLO GHO GHOWXULVPR
WXULVWD ƒ 7XULVPROLJDGR\UHODFLRQDGRFRQ OD
ƒ 7XULVPROLJDGR\UHODFLRQDGRFRQOD FDOLGDG
FDQWLGDG ƒ 3ULRULGDG %LHQHVWDU ItVLFR
ƒ 3ULRULGDG'LYLVDV HFRQyPLFR\VRFLDO


785,6023$5$72'26

785,60262&,$/ 785,6023$5$72'26
$FWLYLGDG7XUtVWLFD $FWLYLGDG7XUtVWLFD
ƒ 0DUJLQDO ƒ 4XHQRGLVWLQJXHQLYHOHVHFRQyPLFRV
ƒ $WHQFLyQDJUXSRVYXOQHUDEOHV ƒ 7RGRVORVVHJPHQWRVGHODSREODFLyQ
ƒ $VLVWHQFLDO ƒ 3URPXHYHODLQYHUVLyQSULYDGD
ƒ *UXSDOVLQREMHWLYRV ƒ 5HFUHDFLyQVDOXG\FXOWXUD
ƒ &HQWURVUHFUHDWLYRV\EDOQHDULRV ƒ 'LYHUVLILFDFLyQGHSURGXFWRVWXUtVWLFRV
ƒ /LJDGRDOFRQFHSWRFXDQWLWDWLYR ƒ /LJDGRDOFRQFHSWRFXDOLWDWLYR
ƒ ([FOX\HQWH\PHQRVSUHFLDGR ƒ ,QFOX\HQWHVROLGDULRVXVWHQWDEOH


35,1&,3,26<9$/25(6

'H DFXHUGR FRQ HO %XUy ,QWHUQDFLRQDO GH 7XULVPR 6RFLDO %,76  HO WXULVPR
VRFLDO KR\7XULVPRSDUD7RGRV VHIXQGDPHQWDHQORVVLJXLHQWHVSULQFLSLRV

ƒ $FFHVLELOLGDG TXH GD RULJHQ DO FRQFHSWR GH WXULVPR SDUD WRGRV FRPR  XQ
GHUHFKRTXHWRGRVGHEHQHMHUFHUSDUDPHMRUDUVXFDOLGDGGHYLGD

ƒ 6XVWHQWDELOLGDG TXH GD RULJHQ DO FRQFHSWR GH WXULVPR VROLGDULR \


VXVWHQWDEOHHVGHFLUXQWXULVPRUHVSHWXRVRGHOPHGLRDPELHQWHItVLFRVRFLDO
\FXOWXUDOTXHGHEHLPSXOVDUVHFRPRKHUUDPLHQWDGHGHVDUUROOR

(VDVt TXHHO WXULVPR VRFLDO HV XQ WXULVPRVRFLDOPHQWH UHVSRQVDEOH VROLGDULR


\VXVWHQWDEOH ODVWUHV6¶V VHJ~QORVHxDODGRHQHOHVWXGLRGH&(6785
/DEDVHGHHVWRVSULQFLSLRVHVHOKXPDQLVPRFX\RVYDORUHVSRQHQ DOKRPEUH
HQHOFHQWURGHODGLVFXVLyQHLPSOHPHQWDSULQFLSLRVGHOGHVDUUROOR(OREMHWLYR
QRHVWHQHUXQGHVDUUROORGHOWXULVPRVLQR8Q7XULVPRSDUDHO'HVDUUROOR


6Ë17(6,6

$&&(6,%,/,'$'

('8&$&,Ï1
6(17,'262&,$/ 785,602'(
'(/785,602 '(6$552//2
6867(17$%,/,'$'

5(17$%,/,'$'


3523Ï6,726'(/352*5$0$
785,6023$5$72'26
 +DFHUDFFHVLEOHVORVYLDMHV DOPD\RUQ~PHURGHSHUVRQDV
 ,QLFLDWLYDV WXUtVWLFDV TXH SHUPLWDQ OD UHDOL]DFLyQ SOHQD GH ODV
SRWHQFLDOLGDGHVGHFDGDLQGLYLGXRFRPRSHUVRQD\FRPRFLXGDGDQR
 1RVyORVHEXVFDXQEHQHILFLRHFRQyPLFRVLQRXQYDORUDJUHJDGR TXH
UHSRUWHEHQHILFLRVVRFLDOHVHGXFDWLYRVGHSRUWLYRVGHVDOXGHWF

ƒ (OUHVSHWRDODUHJLyQ
ƒ /DQRGLVFULPLQDFLyQ
)20(17$1'2 ƒ 3UHFLRVDFFHVLEOHV\MXVWRV
ƒ (OGHVDUUROORGHODSHUVRQD\GH
ODV&RPXQLGDGHV

35,1&,3,26
ƒ 9ROXQWDGGHLQVHUFLyQ
ƒ 5HVSHWRDODVOHJLVODFLRQHV
ƒ $OLHQWRDODSURPRFLyQSHUVRQDO
352&85$1'2 ƒ )RUPDFLyQSHUPDQHQWHPHQWHGHO
WXULVWD
ƒ 5HQWDELOLGDGGHORVVHUYLFLRV

&,)5$6

(Q WpUPLQRV JHQHUDOHV HO WXULVPR VRFLDO HV HO VXVWHQWR \


DOLPHQWR GHO WXULVPR GRPpVWLFR 6X SULQFLSDO YDORU
HFRQyPLFRUHVLGHHQODFRQWULEXFLyQDOWDPHQWHHIHFWLYDDOD
GLVWULEXFLyQGHOLQJUHVRSHUVRQDO\UHJLRQDO (Q 0p[LFR VHJ~Q FLIUDV GHO
,1(*,>@ HO JDVWR WRWDO SRU
WXULVPR GHQWUR GHO SDtV VH
FRPSRQHGHODVLJXLHQWHIRUPD

 



7XULVPR'RPpVWLFR 7XULVPR5HFHSWLYR

7XULVPR(JUHVLYR

,1(*,&XHQWD6DWpOLWHGH7XULVPRUHVXOWDGRVFRPXQLFDGRGHSUHQVDGHDEULOGHQR $JXDVFDOLHQWHV$JV

(Q VX FRQMXQWR HO JDVWR GHO WXULVPR GRPpVWLFR HV VXSHULRU DO
JDVWR GHO WXULVPR UHFHSWLYR SRU OR TXH OD RSRUWXQLGDG GH QHJRFLR
GHO7XULVPRSDUD7RGRV HVPXFKRPD\RU
3RU RWUD SDUWH ODV HVWLPDFLRQHV GH 6(&785 UHVSHFWR DO Q~PHUR
GH QDFLRQDOHV TXH YLDMD HV ~QLFDPHQWH HO  GHO WRWDO GH
PH[LFDQRV OR TXH KDFH TXH HO PHUFDGR SRWHQFLDO  QR
GHVDUUROODGR  GH YLDMHURV VHD GH PiV GH  PLOORQHV GH
SHUVRQDV
/D PD\RU FDSWDFLyQ GH HVRV LQJUHVRV VH KDFH HQ ORV QLYHOHV GH
PLFUR \ SHTXHxDV HPSUHVDV DVt FRPR HQ ORV iPELWRV SHUVRQDO \
UHJLRQDO D GLIHUHQFLD GH OD LQGXVWULD WUDGLFLRQDO TXH FRQFHQWUD HO
LQJUHVRHQORVFHQWURVHPLVRUHV\HQODVFRUSRUDFLRQHV


(Q OR TXH UHVSHFWD DO WXULVPR
LQWHUQDFLRQDO HO WXULVPR VRFLDO FRQVWLWX\H
XQ SRUFHQWDMH LPSRUWDQWH GHO PLVPR 6H 7XULVPR6RFLDOGHQWURGHO7XULVPR
HVWLPD TXH HO WXULVPR MXYHQLO TXH VH ,QWHUQDFLRQDO
GHVSOD]DLQWHUQDFLRQDOPHQWHUHSUHVHQWDHO 
>@ GHO WRWDO GH OOHJDGDV
LQWHUQDFLRQDOHV\HOWXULVPRGHMXELODGRV
UHSUHVHQWDXQ>@ 



7XULVPR-XYHQLO

7XULVPRGH-XELODGRV

7XULVPR,QWHUQDFLRQDO

%pODQJHU&KDUOHV(OWXULVPRVRFLDOXQDRSRUWXQLGDGSDUD0p[LFR%,760RQWUHDO 
%pODQJHU&KDUOHVRSFtW
6HJ~Q ODV FLIUDV FRQWHQLGDV HQ HO 3URJUDPD 1DFLRQDO GH 7XULVPR 
 VH UHDILUPD OD WHQGHQFLD DSHQDV VHxDODGD VREUH HO PRYLPLHQWR GHO
WXULVWDQDFLRQDO³GHOD(QFXHVWDGH7XULVPRHQ+RJDUHV,1(*,6HFUHWDUtD
GH 7XULVPR  DOUHGHGRU GHO  GH ORV WXULVWDV QDFLRQDOHV
XWLOL]DQ SDUD VXV GHVSOD]DPLHQWRV WXUtVWLFRV HO DXWRE~V VHJXLGR SRU ORV
YLDMHVHQDXWRPyYLOSDUWLFXODUFRQXQ
(Q FXDQWR DO WLSR GH DORMDPLHQWR XWLOL]DGR VH SULYLOHJLDQ ODV FDVDV GH
IDPLOLDUHV\DPLJRVSRUHQFLPDGHRWUDVPRGDOLGDGHV1RREVWDQWHORFXDO
GH DFXHUGR D OR TXH VHxDOD HO &RPSHQGLR (VWDGtVWLFR GHO 7XULVPR HQ
0p[LFRORVWXULVWDVQDFLRQDOHVFRQVWLWX\HQDOUHGHGRUGHO GHODV
OOHJDGDVGHWXULVWDVDFXDUWRVGHKRWHOHQFHQWURVWXUtVWLFRVVHOHFFLRQDGRV´


(OWXULVWDQDFLRQDOHVHOTXHPiVJDVWDGXUDQWHHOYLDMH\SRUORWDQWRVRQHOORV
HOIDFWRUTXHSURPXHYHHOGHVDUUROORHFRQyPLFRGHODVUHJLRQHV

  






'RPpVWLFR
 5HFHSWLYR


  (JUHVLYR
  

 

&LIUDVGHOHVWXGLR³+iELWRVGHFRQVXPRGHOWXULVWDQDFLRQDOGXUDQWHHO´ GHO&(6785

&216802785Ë67,&2

'RPpVWLFR

 0LOORQHVGHGyODUHV

,QWHUQDFLRQDO

 0LOORQHVGHGyODUHV

3RUFHQWDMHGHSDUWLFLSDFLyQHQODVYDFDFLRQHV


0p[LFRKDGHVDUUROODGRFRQp[LWRXQDSROtWLFDHFRQyPLFDGHOWXULVPRPLVPDTXH
VH KD LGR FRQVROLGDQGR D WUDYpV GHO HVTXHPD GH VRO \ SOD\D FRPR SURGXFWR
SULQFLSDO (VWH PRGHOR KD FRORFDGR DO SDtV HQWUH ORV SULQFLSDOHV GHVWLQRV GHO
PXQGR \ KD KHFKR GH OD DFWLYLGDG WXUtVWLFD XQ VHFWRU TXH FRQWULEX\H FRQ FDVL HO
GHO3,%QDFLRQDOSHUFLELpQGRVHPLOPLOORQHVGHGyODUHVDODxR

6LQHPEDUJRHQODDFWXDOLGDGORVPRGHORVDOWHUQDWLYRVGHOWXULVPRGHEHQFRQYLYLU
\ FRPSOHPHQWDUVH 'H DTXt OD LPSRUWDQFLD GH DEULU HVSDFLRV SDUD FRQVROLGDU
OD SROtWLFD VRFLDO SDWULPRQLDO \ DPELHQWDO GHO WXULVPR TXH DVHJXUD HO
ELHQHVWDU D ORV SDUWLFLSDQWHV OD FRQVHUYDFLyQ GHO HQWRUQR \ OD SXHVWD HQ
YDORUGHOSDWULPRQLRWDQJLEOHHLQWDQJLEOH

(OGHVDUUROORGHOWXULVPRQRWLHQHVHQWLGRVLSLHUGHVXFXDOLGDG KXPDQD \HVSRU


HOORTXHDFWXDOPHQWHVHFRQFLEH DO 7XULVPR GH 'HVDUUROOR FRPR XQD IRUPD
H[LWRVDSDUDODUHFRQYHUVLyQGHODLQGXVWULD\VXKXPDQL]DFLyQ


$&&,21(6<(675$7(*,$6

/D LGHD FHQWUDO HQ HVWD HVFHQRJUDItD VH GLULJH


KDFLDGRVHVWUDWHJLDV
D 'DUOHXQDPHMRUDWHQFLyQDOWXULVWDQDFLRQDO
VLQ GHMDU GH DWHQGHU ORV GHVWLQRV PiV
SUHVWLJLRVRVGHVRO\SOD\DTXHDWUDHQDOWXULVWD
UHFHSWLYR
E +DFHU TXH HO WXULVPR VH YXHOYD XQ YHUGDGHUR
LQVWUXPHQWR DO VHUYLFLR GH OD KXPDQLGDG \
PHGLR HILFD] HQ OD FRQVWUXFFLyQ GH XQ PXQGR
PiVDELHUWR\VROLGDULR

'(6$552//2'(/785,602 785,602'('(6$552//2
0RGHOR 0RGHOR
/DFRPXQLGDGDOVHUYLFLRGHOWXULVPR (OWXULVPRDOVHUYLFLRGHODFRPXQLGDG
2EMHWLYRVGHGHVDUUROORPDFURHFRQyPLFR 2EMHWLYRVGHGHVDUUROORLQWHJUDOHV
(OWXULVWDFRQVXPH (OWXULVWDDSUHQGH\VHUHFUHD
&RUSRUDWLYRVWUDVQDFLRQDOHVHLQWHUQDFLRQDOHV 0HGLDQDPLFUR\SHTXHxDHPSUHVDV
7XULVPRGHPDVDVGHVWUXFWRUGHOPHGLR 7XULVPRVROLGDULRVXVWHQWDEOH\UHVSHWXRVR
DPELHQWH 9LVLyQKXPDQLVWDVRFLDO\PHUFDQWLOGHOWXULVPR
9LVLyQ~QLFDPHQWHPHUFDQWLOGHOWXULVWD 7XULVPROLJDGR\UHODFLRQDGRFRQODFDOLGDG
7XULVPROLJDGR\UHODFLRQDGRFRQODFDQWLGDG 3ULRULGDG%LHQHVWDUItVLFRHFRQyPLFR\VRFLDO
3ULRULGDG'LYLVDV

(QFRQFOXVLyQHO7XULVPR6RFLDO
7XULVPRSDUD7RGRV
« HVHOSULQFLSDOPHUFDGRGHOSDtV
« HVXQEXHQQHJRFLR
« HVXQDKHUUDPLHQWDGHLQFOXVLyQVRFLDO
« VHUHODFLRQDFRQWRGDVODVPRGDOLGDGHVGHOWXULVPR
« HVSDUDWRGDVODVFODVHVVRFLDOHV
3RUORTXHVHUHTXLHUHDWHQFLyQHLPSXOVRSRUSDUWHGH
WRGRVORVVHFWRUHVGHODVRFLHGDG


+$&,$81$32/Ë7,&$62&,$/
<+80$1,67$'(/785,602

6LQ TXH VH GHED FDQFHODU HO PRGHOR FRUSRUDWLYR


WUDGLFLRQDO SXHV WLHQH XQD IXQFLyQ FRQFUHWD \ FODUD HV
SUHFLVR GHVDUUROODU SDUDOHODPHQWH XQ PRGHOR VRFLDO GHO
WXULVPR

3UHRFXSDGRVSRUJHQHUDUHVSDFLRVYDULDGRVGHVWLQDGRVD
ODV YDFDFLRQHV GH ORV PH[LFDQRV KD VLGR HODERUDGD \
SXEOLFDGD OD SROtWLFD  VRFLDO GHO WXULVPR SURGXFWR GHO
FRQVHQVR GHO %,76 GHO &RQVHMR 1DFLRQDO GH 7XULVPR
6RFLDO \ GH ORV LQWHJUDQWHV GHO VHFWRU S~EOLFR SULYDGR
VRFLDO \ DFDGpPLFR GHO SDtV /RV SXQWRV UHOHYDQWHV D
GHVWDFDUGHOGRFXPHQWRVRQORVVLJXLHQWHV

9LYHKR\YLYHORWX\R 
 5HFRQRFH DO WXULVPR VRFLDO 7XULVPR SDUD 7RGRV FRPR
XQ GHUHFKR KXPDQR \ GHILQH DFFLRQHV S~EOLFDV
HQFDPLQDGDV D IDFLOLWDU HO HMHUFLFLR GH ODV YDFDFLRQHV GH
ORVPH[LFDQRV

 $SOLFD ODV OHJLVODFLRQHV DFWXDOHV HQ PDWHULD GH WXULVPR


WUDEDMR VDOXG \ UHFDXGDFLyQ ILVFDO SDUD DVHJXUDU OD
IRUPDFLyQ GH XQD HFRQRPtD VRFLDO UHQWDEOH \
UHVSRQVDEOH HQHOFDPSRGHOWXULVPR

 'LVHxD HVWUDWHJLDV GRQGH HO WXULVPR VHD OD DFWLYLGDG H


LQVWUXPHQWRTXHLPSXOVHHOGHVDUUROOR GHODVSHUVRQDVGH
ODVHPSUHVDV\GHODVUHJLRQHV

 'HILQH FULWHULRV GH XQLILFDFLyQ UHVSHFWR DO FRQFHSWR GH


WXULVPR VRFLDO 7XULVPR SDUD 7RGRV  SDUD VHU
FRPSDUWLGRV HQWUH ORV DFWRUHV GH ORV VHFWRUHV WXUtVWLFRV
S~EOLFRSULYDGR\VRFLDO 
 (VWDEOHFH PHFDQLVPRV GH SURPRFLyQ GHVDUUROOR \ ILQDQFLDPLHQWR GH
SUR\HFWRV GH WXULVPR VRFLDO FRQ ORV VHFWRUHV S~EOLFRV GHO 7XULVPR
)21$785\&370

 9LQFXODODSURPRFLyQHOGHVDUUROOR\HOILQDQFLDPLHQWRGHSUR\HFWRV FRQ
ORV VHFWRUHV HQFDUJDGRV GHO GHVDUUROOR VRFLDO FRPR VRQ OD VDOXG OD
FXOWXUDODHGXFDFLyQODUHFUHDFLyQ\HOGHSRUWH

 3URPXHYH OD HODERUDFLyQ GH  PDQXDOHV GH VHQVLELOL]DFLyQ \ IRUPDFLyQ


SDUD HO YLDMHUR TXH LQFOX\DQ DFFHVLELOLGDG RULHQWDFLyQ VREUH ODV UXWDV
FRQVHMRV GH YLDMH SDUD FDGD XQR GH ORV VHJPHQWRV \ ODV QRUPDV GH
FRPSRUWDPLHQWR SDUD FDGD RFDVLyQ HV GHFLU DEDUFD WRGRV DTXHOORV
DVSHFWRV TXH RULHQWDQ JXtDQ H LQFXOFDQ OD UHVSRQVDELOLGDG VRFLDO GHO
WXULVWD\GHOHPSUHVDULR

9LYHKR\YLYHORWX\R 
 3URPXHYHIyUPXODVGHLQFHQWLYRVILVFDOHV DODLQYHUVLyQHQHFRQRPtDVRFLDO
SDUD0,3<0(6\21*¶VYLQFXODGDVFRQHOWXULVPR FDMDVGHDKRUURSDUDHO
WXULVPR FKHTXHV GH YLDMHUR R YDOHV HTXLYDOHQWHV  \ DUPD XQD 5HG GH
7XULVPR SDUD HO 'HVDUUROOR TXH SHUPLWD D VXV LQWHJUDQWHV DFFHGHU D
VLVWHPDVGHILQDQFLDPLHQWRVHQLJXDOGDGGHRSRUWXQLGDGHV

 &RQVLGHUD TXH HO VHJPHQWR GHO 7XULVPR ,QWHUQR R HO WHPD GH 8Q 7XULVPR
SDUD7RGRV GHEHHVWDUHQODDJHQGDGHSURPRFLyQ GHO&370

 &RPEDWH ODV SUiFWLFDV GLVFULPLQDWRULDV DSOLFDGDV D ORV WXULVWDV QDFLRQDOHV


FXDQGRDFFHGHQDORVVHUYLFLRVWXUtVWLFRV\EXVFDVHQVLELOL]DUDOVHFWRUHQOD
PHMRUD GH ODV  WDULIDV \ GH ORV SUHFLRV VLHPSUH EDMR HO HVTXHPD GH
FRQVHUYDFLyQ\RPHMRUDPLHQWRGHORVHVWiQGDUHVGHFDOLGDG

9LYHKR\YLYHORWX\R 
 3URSXJQD SRU OD DGHFXDFLyQ GH HVSDFLRV HQ ORV FHQWURV
WXUtVWLFRV\KRVSHGDMHVFDSDFHVGHUHFLELUDSHUVRQDVFRQ
GLVFDSDFLGDG

 &RPEDWHDORVRUJDQL]DGRUHVWXUtVWLFRVLQIRUPDOHV

 3DUWLFLSD UHOHYDQWH HQ HYHQWRV FRPR WLDQJXLV WXUtVWLFRV


RUJDQL]DFLyQ GH FDUDYDQDV \ HQFXHQWURV IRUPDOHV HQWUH
IXQFLRQDULRV HVWDWDOHV \ RSHUDGRUHV WXUtVWLFRV GH PDQHUD
TXHVHFRQFHUWHQDOLDQ]DV\QHJRFLRV

 3URFXUD GRWDU GH UHFXUVRV DO iUHD GHO *RELHUQR )HGHUDO
HQFDUJDGD GH  LPSXOVDU XQ 7XULVPR SDUD 7RGRV SDUD
PXOWLSOLFDUGHVWLQRV \ HVSDFLRV GH GHVFDQVR GLULJLGRV D ORV
QDFLRQDOHVFRORFiQGRORVHQHOPHUFDGR


0(7$

+$&(548((/'(0(;,&$1269,$-(1(-(5&,(1'268
'(5(&+2$/2&,2<$/'(6&$162



También podría gustarte