piezas dentales permanentes que se extraen

Anuncio
3,(=$6'(17$/(63(50$1(17(648(6((;75$(1&210$<25
)5(&8(1&,$</$6&$86$648(&2175,%8<(1$(//2(1(678',$17(6
&2035(1','26(175(/$6('$'(6'($$f26'(,167,78726'(
('8&$&,Ï1%È6,&$'(/$6(71,$6&$.&+,48(/'(/'(3$57$0(172
'(&+,0$/7(1$1*2*$5Ë)81$'(/'(3$57$0(172'(,=$%$/
.(.&+,'(/'(3$57$0(172'($/7$9(5$3$=0$0'(/
'(3$57$0(172'(6$10$5&26<7=878,/'(/'(3$57$0(172'(
62/2/È*8$7(0$/$
7(6,635(6(17$'$325
+(/'(5()5$Ë12&+2$5(,1$
$17((/75,%81$/'(/$)$&8/7$''(2'2172/2*Ë$'(/$81,9(56,'$'
'(6$1&$5/26'(*8$7(0$/$48(35$&7,&Ï(/(;$0(1*(1(5$/
3Ò%/,&235(9,2$237$5$/7Ë78/2'(
&,58-$12'(17,67$
*XDWHPDODMXOLRGH
'HFDQR
-817$',5(&7,9$'(/$)$&8/7$''(2'2172/2*Ë$
'U(GXDUGR$EULO*iOYH]
9RFDO3ULPHUR
'U6HUJLR$UPDQGR*DUFtD3LORxD
9RFDO6HJXQGR
'U-XDQ,JQDFLR$VHQVLR$Q]XHWR
9RFDO7HUFHUR
'U&pVDU0HQGL]iEDO*LUyQ
9RFDO&XDUWR %U-XDQ-RVp$OGDQD3DL]
9RFDO4XLQWR
%U/HRSROGR5D~O9HVFR/HLYD
6HFUHWDULD$FDGpPLFD
'UD&iQGLGD/X])UDQFR/HPXV
'HFDQR
75,%81$/48(35$&7,&Ï(/(;$0(1*(1(5$/3Ò%/,&2
'U(GXDUGR$EULO*iOYH]
9RFDO3ULPHUR
'U6HUJLR*DUFtD3LORxD
9RFDO6HJXQGR
'U,JQDFLR$VHQVLR$Q]XHWR
9RFDO7HUFHUR
'U'HQQLV&KHZ*RQ]iOH]
6HFUHWDULD$FDGpPLFD
'UD&iQGLGD/X])UDQFR/HPXV
,,
$',26
$0,3$'5(
$0,0$'5(
$0,6+(50$126
$0,6+(50$1$6
$0,6)$0,/,$5(6
$0,6$0,*26
$0,$6(625
<$867('
$&7248('(',&2
3RU GDUPH OD YLGD \ WRGR OR TXH WHQJR SRU DPDUPH FRPR VR\
SRU KDEHUPH SHUPLWLGR OOHJDU KDVWD DTXt SRU GHPRVWUDUPH TXH
QXQFD HVWR\ VROR SRUTXH eO VLHPSUH KD HVWDGR D PL ODGR SDUD
D\XGDUPHHQFXDOTXLHUVLWXDFLyQ\SRUTXHVLQeOQDGDGHORTXH
VR\KDVWDHOGtDGHKR\KXELHUDVLGRSRVLEOH
(IUDtQ $ 2FKRD /ySH] SRU VXV FRQVHMRV \ SRUTXH VLHPSUH KD
TXHULGRORPHMRUSDUDPtSRUTXHJUDFLDVDVXDSR\R\DPRUKH
DOFDQ]DGRHVWDPHWD4XH'LRVOROOHQHGHEHQGLFLRQHV
(OL]D +LOGDOLQD 5HLQD GH 2FKRD SRU DPDUPH WDQWR SRU QR
UHQGLUVHDQWHODVFLUFXQVWDQFLDV\SRUFUHHUHQPt\HQVHxDUPHD
GDUORPHMRUGHPtSRUTXHJUDFLDVDVXDPRU\DSR\RKHORJUDGR
FXOPLQDUPLVHVWXGLRV\DOFDQ]DUHVWDPHWD4XH'LRVODEHQGLJD
VLHPSUH
%LOO\ (VWXDUGR 0\QRU \ -RVp SRU DSR\DUPH HQ WRGR *UDFLDV
SRUVXVFRQVHMRV\SRUFRPSDUWLUFRQPLJRORVPRPHQWRVDOHJUHV
\ORVPRPHQWRVGLItFLOHV
$VWULG \ -D]PtQ SRU TXHUHUPH WDQWR *UDFLDV SRU DSR\DUPH \
DQLPDUPH
3RUWRGRHODSR\RTXHPHKDQEULQGDGR
$UPDQGR$QWyQ0DFR9LQLFLR'DYLG-RUJH&DQL]DOHV\(GJDU
6DOD]DUSRU FUHHU HQPLDPLV FRPSDxHURVGH ODXQLYHUVLGDG \
GHOD,JOHVLDJUDFLDVSRUVXDPLVWDG\DSR\R
'U'HQLV&KHZSRUVXWLHPSR\DSR\RLQFRQGLFLRQDO0XFKDV
JUDFLDV
,,,
$',26
7(6,648('(',&2
3RUKDEHUPHGDGRODRSRUWXQLGDGGHOOHJDUKDVWDDTXt
$0,3$75,$
*XDWHPDOD
$/$81,9(56,'$''(6$1
&$5/26'(*8$7(0$/$
3RUKDEHUPHSUHSDUDGRSDUDVHUYLUDPLSDtV
$/$)$&8/7$''(
2'2172/2*Ë$
$0,$6(625
$0,6&$7('5È7,&26
$0,63$'5,126'(
*5$'8$&,Ï1
$0,)$0,/,$
3RU KDEHUPH GDGR ORV FRQRFLPLHQWRV SDUD XWLOL]DUORV
FRPRSURIHVLRQDO
'U 'HQQLV &KHZ *RQ]iOH] SRU KDEHUPH DSR\DGR
LQFRQGLFLRQDOPHQWHHQODUHDOL]DFLyQGHHVWDWHVLV
'U .DUW 'DKLQWHQ 'U (VWXDUGR 3DOHQFLD 'U 'HQQLV
&KHZ'U(GXDUGR$EULO
'U )HUQDQGR $QFKHWD 'U 0DUFR 7XOLR )HUQiQGH]
'U-RVp$QWyQ\$UT(GXDUGR4XHPp
3RUVXDPRU\PRWLYDFLyQ
,9
+2125$%/(75,%81$/(;$0,1$'25
7HQJRHOKRQRUGHVRPHWHUDVXFRQVLGHUDFLyQPLWUDEDMRGHWHVLVLQWLWXODGR
³3,(=$6 '(17$/(6 3(50$1(17(6 48( 6( (;75$(1 &21 0$<25
)5(&8(1&,$ < /$6 &$86$6 48( &2175,%8<(1 $ (//2 (1 (678',$17(6
&2035(1','26 (175( /$6 ('$'(6 '( $ $f26 '( ,167,78726 '(
('8&$&,Ï1 %È6,&$ '( /$6 (71,$6 &$.&+,48(/ '(/ '(3$57$0(172 '(
&+,0$/7(1$1*2 *$5Ë)81$ '(/ '(3$57$0(172 '( ,=$%$/ .(.&+, '(/
'(3$57$0(172 '( $/7$ 9(5$3$= 0$0 '(/ '(3$57$0(172 '( 6$1
0$5&26<7=878,/'(/'(3$57$0(172'(62/2/È*8$7(0$/$´FRQIRUPH
OR GHPDQGDQ ORV (VWDWXWRV GH OD 8QLYHUVLGDG GH 6DQ &DUORV GH *XDWHPDOD SUHYLR D RSWDU DO
7tWXORGH
&,58-$12'(17,67$
4XLHUR H[SUHVDU PL DJUDGHFLPLHQWR D FDGD XQD GH ODV SHUVRQDV TXH FRQWULEX\HURQ SDUD OD
UHDOL]DFLyQGHHVWHWUDEDMRGHLQYHVWLJDFLyQDTXLHQHVPHEULQGDURQVXDSR\R\GHGLFDFLyQD
TXLHQHVPHPRWLYDURQDVHJXLUDGHODQWHHVSHFLDOPHQWHD'LRV
<XVWHGHVGLVWLQJXLGRVPLHPEURVGHO+RQRUDEOH7ULEXQDO([DPLQDGRUDFHSWHQODVPXHVWUDVGH
PLPiVDOWDFRQVLGHUDFLyQ\UHVSHWR
9
,1',&(
6XPDULR ,QWURGXFFLyQ 3ODQWHDPLHQWRGHO3UREOHPD -XVWLILFDFLyQ 5HYLVLyQGH/LWHUDWXUD 2EMHWLYRV +LSyWHVLV 9DULDEOHV\'HILQLFLyQGH9DULDEOHV 0DWHULDOHV\0pWRGRV 5HVXOWDGRV 'LVFXVLyQGH5HVXOWDGRV &RQFOXVLRQHV 5HFRPHQGDFLRQHV %LEOLRJUDItD $QH[RV 680$5,2
(OREMHWLYRSULQFLSDOGHHVWHHVWXGLRIXHGHWHUPLQDUTXpSLH]DGHQWDOSHUPDQHQWHVHSLHUGH
FRQPD\RUIUHFXHQFLDHQHVWXGLDQWHVGHODHWQLD7]XWXMLOVREUHTXpSLH]DVGHQWDOHVSHUPDQHQWHV
SUHVHQWDEDQPiVDXVHQFLD\ODVFDXVDVTXHFRQWULEX\HURQHQODSpUGLGDGHQWDULDHQORVHVWXGLDQWHV
GHDDxRVDEDUFiQGRVHORVVLJXLHQWHVHVWDEOHFLPLHQWRV&ROHJLR,QWHJUDO7ROLPiQ,QVWLWXWR
GH (GXFDFLyQ %iVLFD SRU &RRSHUDWLYD ³(GXDUGR 'tD] %DUULRV´ &ROHJLR 0L[WR ,QWHJUDO %HWKHO
,QVWLWXWRGH(GXFDFLyQ%iVLFD3DUURTXLDO0L[WR³6DQWD&UX]´\&ROHJLR3DUURTXLDO0L[WR³6DQ
/XFDV´GHODFDEHFHUDPXQLFLSDOGH6DQ/XFDV7ROLPiQGHSDUWDPHQWRGH6ROROi*XDWHPDOD
3DUD OOHYDU HOOR IXH QHFHVDULR UHDOL]DU XQ H[DPHQ LQWUDRUDO D FDGD HVWXGLDQWH HQ GLFKRV
HVWDEOHFLPLHQWRVHGXFDWLYRVHQHOFXDOVHREVHUYy\WRPyHQFXHQWDODVSLH]DVTXHHOHVWXGLDQWH
SHUGLy KDVWD HVH PRPHQWR \ VH OH SUHJXQWy FXiO IXH OD UD]yQ SRU OD FXiO SHUGLy GLFKDV SLH]DV
GHQWDOHV /RV UHVXOWDGRV REWHQLGRV VH DQRWDURQ HQ XQD ILFKD FOtQLFD HODERUDGD HVSHFtILFDPHQWH
SDUDWDOHIHFWR
6HRUGHQDURQWDEXODURQ\DJUXSDURQORVGDWRVREWHQLGRV\FRQEDVHDHOORVVHHODERUDURQ
FXDGURV\JUiILFDVSDUDODSUHVHQWDFLyQGHUHVXOWDGRVGLFKRVUHVXOWDGRVGHPRVWUDURQTXHODSLH]D
TXHPiVVHSLHUGHHQWUHORVHVWXGLDQWHVGHDDxRVHQODHWQLD7]XWXMLOHVODSULPHUDPRODU
LQIHULRUGHUHFKD\TXHGHSLH]DVTXHHVWDEDQDXVHQWHVHQHOHVWXGLRSHUWHQHFHQDOVHJPHQWR
SRVWHURLQIHULRU TXH WLHQGH D VHU HO TXH PiV IUHFXHQWHPHQWH PXHVWUD SpUGLGD GHQWDULD HQ ORV
HVFRODUHV$VtWDPELpQVHGHPRVWUyTXHHOGHSpUGLGDGHQWDULDVHGHEHDFDULHVGHQWDO$O
UHDOL]DU OD VXPDWRULD GH ORV FLQFR GHSDUWDPHQWRV VH REVHUYy TXH ORV KRPEUHV SUHVHQWDQ PD\RU
Q~PHURGHSLH]DVDXVHQWHVTXHODVPXMHUHV
(QEDVHDORVUHVXOWDGRVREWHQLGRVHQORVFLQFRGHSDUWDPHQWRVVHOOHJyDODFRQFOXVLyQGH
TXHODSULPHUDPRODULQIHULRUGHUHFKDHVODSLH]DTXHVHSLHUGHFRQPD\RUIUHFXHQFLD\ODFDXVD
TXHPD\RUPHQWHFRQWULEX\HDHOORHVODFDULHVGHQWDO
,1752'8&&,Ï1
/DVHQIHUPHGDGHVGHODFDYLGDGEXFDOTXHPiVDIHFWDQDODSREODFLyQJXDWHPDOWHFDVRQOD
FDULHVGHQWDO\ODHQIHUPHGDGSHULRGRQWDO 8QRGHORVWUDWDPLHQWRVGHPD\RUGHPDQGDHVOD
H[WUDFFLyQGHQWDOHVWRGHELGRDODSRFDHGXFDFLyQHVFDVH]GHUHFXUVRVHFRQyPLFRVGHILFLHQFLD
HQORVVHUYLFLRVGHVDOXGHQJHQHUDO\IDFWRUHVFXOWXUDOHV
(QHOVLJXLHQWHWUDEDMRVHGHWHUPLQyTXpSLH]DVGHQWDOHVVHH[WUDHQFRQPD\RUIUHFXHQFLD
\ODVFDXVDVTXHFRQWULEX\HQDODH[WUDFFLyQGHODVPLVPDVHQHVFRODUHVFRPSUHQGLGRVHQWUHODV
HGDGHV GH D DxRV HQ LQVWLWXWRV GH HGXFDFLyQ EiVLFD GH ODV HWQLDV .DTFKLNHO GHO
GHSDUWDPHQWR GH &KLPDOWHQDQJR *DUtIXQD GHO GHSDUWDPHQWR GH ,]DEDO 4¶HTFKL¶ GHO
GHSDUWDPHQWR GH $OWD 9HUDSD] 0DP GHO GHSDUWDPHQWR GH 6DQ 0DUFRV \ 7]¶XWXMLO GHO
GHSDUWDPHQWRGH6ROROi*XDWHPDODSDUDORFXDOVHXWLOL]DUiXQDILFKDLQVWUXPHQWRUHFROHFWRUGH
LQIRUPDFLyQ
$FRQWLQXDFLyQVHSUHVHQWDQORVUHVXOWDGRVTXHVHREWXYLHURQGHVSXpVGHKDEHUUHDOL]DGR
HOWUDEDMRGHFDPSRHQODVFLQFRHWQLDVLQFOXLGDVHQHVWDLQYHVWLJDFLyQDVtFRPRODVFRQFOXVLRQHV
DODVTXHVHOOHJDURQ\ODVUHFRPHQGDFLRQHVTXHVHVXJLHUHQSDUDD\XGDUDHUUDGLFDUGHXQDIRUPD
HILFD]HOSUREOHPDGHODSpUGLGDGHQWDOHQORVHVFRODUHV
3/$17($0,(172'(/352%/(0$
'HVGHORVLQLFLRVGHODRGRQWRORJtDHOWUDWDPLHQWRPiVFRP~QSDUDUHVROYHUORVSUREOHPDV
GHGRORUHLQIHFFLyQGHODFDYLGDGEXFDOKDVLGRODH[RGRQFLD
(Q *XDWHPDOD OD VDOXG GH OD SREODFLyQ HQ JHQHUDO VH HQFXHQWUD HQ XQD VLWXDFLyQ PX\
SUHFDULDHQODFXDOORVLQGLFDGRUHVTXHUHIOHMDQHOHVWDGRGHVDOXGGHODSREODFLyQGHODVFDSDV
PiVSREUHVGHODVRFLHGDGVRQUHDOPHQWHDODUPDQWHV
(VWDHVXQDUHDOLGDGTXHKDSHUPDQHFLGRLQYDULDEOHDWUDYpVGHPXFKRVDxRVFDVLGHVGHOD
FRQTXLVWDKDVWDQXHVWURVGtDV\FXDQGRKDYDULDGRKDVLGRSDUDHPSHRUDUHQODJUDQPD\RUtDGHOD
SREODFLyQ
$OJXQRVJUXSRVVRFLDOHVHVWiQPiVH[SXHVWRVTXHRWURV HQWUHHVWRVVHHQFXHQWUDQORV
GHO iUHD UXUDO GRQGH HQFRQWUDPRV HO PD\RU SRUFHQWDMH GH SREODFLyQ LQGtJHQD SHUWHQHFLHQWH D
GLIHUHQWHV HWQLDV H[LVWHQ HOHYDGDV WD]DV GH PRUELOLGDG \ PRUWDOLGDG GHQWDULD HVWR REHGHFH D
GLIHUHQWHV FDXVDV HQWUH ODV TXH SRGHPRV PHQFLRQDU D HVFDVR SHUVRQDO RGRQWROyJLFR E OD
FRQFHQWUDFLyQ GH ORV UHFXUVRV KXPDQRV FDOLILFDGRV HVWD PiV HQ OD FLXGDG FDSLWDO \ FDEHFHUDV
GHSDUWDPHQWDOHV\FEDMRQLYHOHGXFDFLRQDO\VRFLRHFRQyPLFR
(Q OD SREODFLyQ MXYHQLO H[LVWHQ GRV IRUPDV GH HQIHUPHGDG SHULRGRQWDO OD SHULRGRQWLWLV
SUHSXEHUDO TXH DIHFWD D OD GHQWLFLyQ PL[WD \ OD SHULRGRQWLWLV MXYHQLO TXH DIHFWD VROR SLH]DV
SHUPDQHQWHV HQ DPEDV H[LVWH XQD SpUGLGD GH KXHVR DOYHRODU GH ORV GLHQWHV DIHFWDGRV GH XQD
IRUPDDJUHVLYD(QODSHULRGRQWLWLVMXYHQLOHOSURJUHVRHVWDQUiSLGRTXHHQXQODSVRGHDDxRV
HODSDUDWRGHLQVHUFLyQGHORVGLHQWHVSXHGHHVWDUDIHFWDGRHQXQRORTXHFRQOOHYDDO
WUDWDPLHQWRGHH[RGRQFLDGHODVSLH]DVDIHFWDGDVHQHVWDIRUPD
(QFXDQWRDODFDULHVHQODSREODFLyQFHQWURDPHULFDQDDIHFWDFRQVLGHUDEOHPHQWHXQDJUDQ
FDQWLGDG GH GLHQWHV D WHPSUDQD HGDG PXFKRV GH ORV FXDOHV VRQ H[WUDtGRV /DV LQYHVWLJDFLRQHV
HSLGHPLROyJLFDV VREUH FDULHV GHQWDO HQ *XDWHPDOD PXHVWUDQ XQD DOWD SUHYDOHQFLD GH HVWD
HQIHUPHGDGHQODSREODFLyQHQJHQHUDO
(Q HO HO 'U -RUJH 0DUWtQH] 6RODUHV LQGLFD TXH HQ OD 5HS~EOLFD GH *XDWHPDOD VH
QHFHVLWD UHDOL]DU H[WUDFFLRQHV GHQWDULDV \ REWXUDFLRQHV GH DPDOJDPD
UHVLQDFRPSXHVWDHWFHVWDV~OWLPDVVLQRVHUHDOL]DQWULSOLFDUDQHOQ~PHURGHODVSLH]DVGHQWDULDV
LQGLFDGDV SDUD H[WUDFFLyQ \ TXH VH QHFHVLWD UHSRQHU SLH]DV GHQWDULDV PHGLDQWH
SUyWHVLVSDUDGDUXQWRWDOGHDFFLRQHVRGRQWROyJLFDVDUHDOL]DUFRQXQFRVWRPtQLPR
GHFLQFRPLOVHVHQWDPLOORQHVGHTXHW]DOHV4
3RUORWDQWR VHSURSXVRUHDOL]DU XQDLQYHVWLJDFLyQTXHHVWiGHWHUPLQDGD FRQ ODVLJXLHQWH
SUHJXQWD ¢TXp SLH]DV GHQWDULDV SHUPDQHQWHV VH SLHUGHQ FRQ PD\RU IUHFXHQFLD \ TXH FDXVDV
FRQWULEX\HQ D HOOR HQ HVWXGLDQWHV GH D DxRV HQ ODV HWQLDV .DTFKLNHO GHO GHSDUWDPHQWR GH
&KLPDOWHQDQJR*DUtIXQDGHOGHSDUWDPHQWRGH,]DEDO4¶HTFKL¶GHOGHSDUWDPHQWRGH$OWD9HUDSD]
0DPGHOGHSDUWDPHQWRGH6DQ0DUFRV\7]XWXMLOGHOGHSDUWDPHQWRGH6ROROi"
-867,),&$&,Ï1
(Q*XDWHPDODHOSUREOHPDGHSpUGLGDGHQWDOHVPX\ODWHQWH\VHREVHUYDHQORVHVFRODUHV
DSDUWLUGHTXHFDPELDQVXGHQWLFLyQSULPDULDDSHUPDQHQWH\HVHQHVWDHGDGHQGRQGHVHKDFH
QHFHVDULRHVWDEOHFHUFXiOHVODSLH]DGHQWDOTXHVHSLHUGHFRQPD\RUIUHFXHQFLDSDUDSRGHUFUHDU
PHGLGDVSUHYHQWLYDVRULHQWDGDVDSURWHJHUGLFKDSLH]DGHQWDO\HYLWDUDVtTXHVHSLHUGD
$OHVWDEOHFHUODSLH]DGHQWDOTXHVHSLHUGHFRQPD\RUIUHFXHQFLDVHGHWHUPLQDWDPELpQOD
HGDG HQ DxRV FXPSOLGRV HQ OD FXDO HV HVFRODU HV PiV SURSHQVR D SHUGHU VXV SLH]DV GHQWDOHV
SHUPDQHQWHV \ FRQ HOOR VH HVWDEOHFH OD SREODFLyQ HVFRODU SULRULWDULD SDUD LPSOHPHQWDU ORV
SURJUDPDV GH SUHYHQFLyQ WDOHV FRPR EXFKHV GH IO~RU EDUULGR GH VHOODQWHV GH IRVDV \ ILVXUDV \
FKDUODVGHVDOXGEXFDO
$OUHDOL]DUHVWXGLRVFRPRpVWHVHFRQWULEX\HDHQULTXHFHUODOLWHUDWXUDFRUUHVSRQGLHQWHDO
WHPDGHSpUGLGDGHQWDOHQHVFRODUHV\GHELGRDTXHVHWRPDURQFLQFRHWQLDVJXDWHPDOWHFDVHVWR
D\XGDDORVOHFWRUHVHQHOVHQWLGRGHTXHSXHGHQWHQHUXQDLGHDJHQHUDOGHFyPRODFDULHVGHQWDO
HQ HVSHFLDO \ RWUDV HQIHUPHGDGHV GH OD FDYLGDG EXFDO DIHFWDQ D ORV HVFRODUHV GHO iUHD UXUDO GH
*XDWHPDOD
5(9,6,Ï1'(/,7(5$785$
$17(&('(17(6+,67Ï5,&26
/$2'2172(6720$72/2*Ë$(1(/081'2
'LRFOHVGH&DULVWRJULHJRPLWDGGHOVLJOR,9DQWHVGHFULVWR'HFtDTXHDQWHVGHH[WUDHU
XQ GLHQWH IXHUWHPHQWH VXMHWR GHEtD VHU PRYLGR FRQ XQ FRPSXHVWR D EDVH GH D]DIUiQ \ JRPD
DUiELJD
/D RGRQWRHVWRPDWRORJtD HQ OD REUD GH &HOVR HQFLFORSHGLVWD URPDQR GHVFULEH OD
RGRQWRORJtD\ODGHILQHFRPRXQRGHORVGRORUHVPiVLQVXIULEOHVGHOFXHUSRKXPDQRWUDWiQGROD
EDViQGRVH HQ GLHWD HQMXDJXHV YLQR EDOHQR HQWUH RWURV HPSODVWHV RSLR SHOLWUH JDOYDQR HWF
(QFXDQWRDODVH[WUDFFLRQHVGHQWDOHVUHFRPLHQGDGHVFDO]DUODSLH]DPRYHUODSHUFXWDUOD\
VL HV SRVLEOH VDFDUOD FRQ ORV GHGRV VL QR XWLOL]DU LQVWUXPHQWRV FRPR OD UL]DJUD SDUD UDtFHV
7DPELpQDFRQVHMDILMDUORVGLHQWHVPRYLGRVFRQDWDGXUDVGHDODPEUHGHRUR
*5$1'(6&,9,/,=$&,21(6$17,*8$6
0(62327$0,$
(Q ODV WDEOLOODV GH 1tQLYH 0DUL (EOD FRQRFtDQ JUDQ Q~PHUR GH HQIHUPHGDGHV
EXFRGHQWDOHVORVGLHQWHVTXHVHPXHYHQSLRUUHDORVGLHQWHVDJXMHUHDGRVFDULHVLQIODPDFLyQGH
ODVHQFtDV6HGLRODSULPHUDDOXVLyQGHODWHRUtDIRFDOSRUPHGLRGHXQFDVRFOtQLFRGHLQIHFFLyQ
IRFDO GH RULJHQ GHQWDULR /R KL]R $UDG±QDQD PHGLFR GHO UH\ DVLULR $VDUKDGGyQ 7DPELpQ HQ
0HVRSRWDPLDWXYRVXRULJHQODWHRUtDGHOJXVDQRFRPRFDXVDGHOGRORUGHGLHQWHV
(Q (JLSWR OD PHGLFLQDVH GLYLGLy HQ HVSHFLDOLGDGHV XQD GH HOODV IXHOD RGRQWRORJtD /RV
HJLSFLRVSDGHFtDQGHXOFHUDVHQODERFDWXPRUHV\FDULHVGHQWDODFKDFDEDQHVWDVHQIHUPHGDGHVD
FRQIOLFWRV FRQ ORV GLRVHV R YHQJDQ]DV GH HVStULWXV OD WHUDSpXWLFD HUD SRU PHGLR GH RUDFLRQHV
LQYRFDQGRDORVGLRVHV
(OPpGLFRGHQWLVWDPiVDQWLJXRHVFRQRFLGRFRPR1\$QN6HNQHWGHOSDODFLRUHDO\MHIH
GHORVPpGLFRVKDFHDxRVDQWHVGH&ULVWR(OPiVIDPRVRGHORVGHQWLVWDVGHHVWRVWLHPSRV
IXH+HVL5HDF&RQRFLHURQHOHIHFWRQDUFyWLFR\DQDOJpVLFRGHOD0DQGUiJRUDHOFixDPR
\HORSLR3UDFWLFDURQDYXOVLRQHVTXHHQQXPHURVDVPRPLDVVHYHFRPRHYLGHQFLDQRVHVDEHVL
FRQILQDOLGDGPHGLFDRPiJLFDVHHQFRQWUDURQSUyWHVLVTXHHODERUDEDQFRPRDGRUQRVIXQHUDULRV
,1',$
686+587$ HO PiV JUDQGH PpGLFR GH DQWLJHGDG KLQG~ GHVFULEH HQIHUPHGDGHV EXFRGHQWDOHV
FRPR LQIODPDFLyQ GH HQFtDV HQFtDV VDQJUDQWHV GLHQWHV FRUURtGRV SRU JXVDQRV VHQVLELOLGDG DO
IUtR\FDORUVDUUR<UHPHGLRVFRQWUDHOGRORUGHGLHQWHVFRPLQRMHQJLEUHPRVWD]DSLPLHQWD\
YLQDJUH$FRQVHMDHOFDXWHULR\VDQJUtDSDUDHQIHUPHGDGHVGHQWDOHV\GHWHMLGRVEODQGRV
&+,1$
'HVFULELHURQ SXQWRV GH DFXSXQWXUD SDUD FXUDU JLQJLYLWLV ~OFHUDV GRORUHV GHQWDOHV
SDUD SURFXUDU DQHVWHVLD DQWHV GH ODV H[WUDFFLRQHV GHQWDOHV /RV GRV LQYHQWRV PiV QRWRULRV GH OD
RGRQWRORJtD IXHURQ OD SDVWD GH SODWD R DPDOJDPD GF \ HO FHSLOOR GH GLHQWHV FRQ FHUGDV D
ILQDOHV GHO VLJOR ;9 /RV FKLQRV DFKDFDURQ D ORV JXVDQRV OD FDULHV GHQWDO \ GRORUHV TXH
FRPEDWtDQFRQSROYRGHFXHUQRGHULQRFHURQWHWLHUUD\ODYDGRVGHRULQHVKXPDQRV)RUUDEDQORV
GLHQWHVFRQRUR\VLVHPRYtDQORVH[WUDtDQFRQORVGHGRV
2'2172(6720$72/2*Ë$35(&2/20%,1$
$=7(&$
/LPSLDEDQ VXV GLHQWHV GHVSXpV GH ODV FRPLGDV \ HYLWDEDQ FDPELRV EUXVFRV HQ OD
GHQWDGXUD&UHtDQTXHHOJXVDQRHUDODFDXVDGHODFDULHVTXHFRPEDWtDQFRQRWURVJXVDQRVGHO
HVWLpUFROSLPLHQWDFDOLHQWH\VDOSDUDTXLWDUVHHOVDUURXVDEDQSROYRGHFDUEyQSLPLHQWD\VDO
0$<$6
$GRUQDEDQVXVGLHQWHVGHGLIHUHQWHVPDQHUDVFRQLQFUXVWDFLRQHVXVDEDQODMDGHLWDSLULWD
WXUTXHVD FXDU]R \ VHUSHQWLQDV UHDOL]DEDQ PXWLODFLRQHV \ FDYLGDGHV PRYLHQGR XQ YiVWDJR GH
PDGHUD FRQ XQ DUFR GH FXHUGD OXHJR ORV SHJDEDQ FRQ HQJUXGR \ DQHVWHVLDEDQ FRQ EDUEDVFR \
SODQWDV HVWXSHIDFLHQWHV 6H OLPDEDQ ORV GLHQWHV FRQ XQD VLHUUD TXH HUD XQD SUiFWLFD GH ORV
DQFLDQRV
,1&$6
/RV ,QFDV FDXWHUL]DEDQ OD HQFtD SDUD ODV H[WUDFFLRQHV DIORMDEDQ HO GLHQWH FRQ FLHUWRV
SROYRV \ SODQWDV VH GHVJDVWDEDQ ORV GLHQWHV FRPR FRQVHFXHQFLD GH PDVWLFDU FRFD OLPDEDQ VXV
GLHQWHV\ORVDGRUQDEDQFRQSLHGUDVSUHFLRVDV
('$'0(',$&5,67,$1$
,6/È0,&$
0DKRPDLQFOX\yKiELWRVGHOLPSLH]DEXFDOHQHO&25$1XWLOL]DEDHOVLZDNRPLVZDN
FRQODTXHPXULyHQODPDQRVLHQGRHVWDXQDUDPLWDTXHPDVWLFDFRQYLUWLpQGRODHQXQDHVFRELOOD
FRQODTXHVHIURWDODGHQWDGXUD7DPELpQVHDWULEX\HD0DKRPDHOKiELWRGHOLPSLDUVHORVGLHQWHV
FRQ XQ SDOLOOR \ GDUVH PDVDMHV HQ ODV HQFtDV 5DEDQ DO 7DEDUL GHVFXEULy OD IRUPDFLyQ GH ORV
GLHQWHVGLRXQDDQWLFLSDFLyQGHODSURFHGHQFLDHFWRGpUPLFDGHORVGLHQWHVGLIHUHQFLRHOPDORORU
GHERFDSURFHGHQWHGHODERFDPLVPDGHOSURFHGHQWHGHPDODVGLJHVWLRQHV
5D]KHV'XGDPXFKRDQWHVGHKDFHUXQDH[WUDFFLyQVLSXHGHFDXWHUL]DODSLH]D
\WUDWDVLHVREOLJDGDODH[WUDFFLyQUHEODQGHFHODSLH]DFRQSHOLWUHJDOEDQRSURWHJLHQGRODHQFtD
FRQFHUDDOUHGHGRU
$YLFHQD'LFHTXHODVH[WUDFFLRQHVVHUHDOL]DQFRQSUHFDXFLyQVLODPXHODHVWD
ILUPHVHFRUUHHOULHVJRGHURPSHUKXHVRDOYHRODUOOHYDUODLQIHFFLyQDORVRMRVSULPHURKD\TXH
UHPRYHUODHPSOHDQGRFRUURVLYRVDODHQFtDSLUHWURJDOEDQRPLHOYLQDJUH\SURWHJHUFRQFHUDOD
HQFtD
('$'0(',$&5,67,$1$
%$-$('$'0(',$
0HGLFLQD0RQiVWLFD(QHODxRVHIXQGRHOPRQDVWHULR0RQWH&DVLQRTXHWHQLDFRPR
REMHWLYR SULPRUGLDO HO FXLGDGR GH ORV HQIHUPRV (Q GLFKR PRQDVWHULR VH DWHQGLy WDPELpQ OD
SDWRORJtD EXFRGHQWDULD \ QR GHVGHxDURQ HO HMHUFLFLR GH ODV H[WUDFFLRQHV GHQWDOHV VLJXLHQGR ODV
HQVHxDQ]DVGHORVFOiVLFRV%HGDHO9HQHUDEOHPHQFLRQDHO$QWLGRWDULXP$GULDQXPTXHHUDXQ
DQWtGRWRFRQWUDORVYHQHQRVXVDGRSRUHOHPSHUDGRUFRQWUDHOGRORUGHPXHODVPHWLpQGRORHQORV
DJXMHURVGHODVPLVPDV
6DQW*DOO\ORV+HUEDULRVXWLOL]DEDSDUDHOGRORUGHPXHODVODKLHUEDYHUyQLFDFRFLGDHQ
YLQDJUHODVDOYLDODUXGDORVHVSiUUDJRVODKLHGUD2GRQGH0HXQJUHFRPLHQGDHOOODQWpQFRQWUD
HOGRORUGHGLHQWHV\ODKLQFKD]yQGHHQFtDV\HOEHOHxRFRPRDQDOJpVLFRJDUJDUL]DGRFRQYLQDJUH
WLELR
$/7$('$'0(',$
'XUDQWHHOVLJOR;,9DXQTXHKD\HYLGHQFLDVGHTXH\DHQHOVLJOR;,,,KDEtDFRPHQ]DGR
VH SRSXODUL]D HO FXOWR GH 6DQWD 3RORQLD FRPR DERJDGD GH ORV RGRQWRSDWDV \ HQHPLJD GH ODV
HQIHUPHGDGHV EXFRGHQWDULDV $SRORQLD R 3RORQLD IXH XQD GLDFRQLVD GH $OHMDQGUtD TXH KDFLD HO
DxR IXH PDUWLUL]DGDGXUDQWHODSHUVHFXFLyQGHOHPSHUDGRU5RPDQR 'HFLRURPSLpQGROH ORV
GLHQWHV \ REOLJiQGROD D HVFRJHU OD PXHUWH YROXQWDULD \ HVSRQWiQHD HQ OD KRJXHUD DQWHV TXH
EODVIHPDU FRQWUD -HVXFULVWR SHUR KXELHUDQ GH SDVDU PXFKRV VLJORV KDVWD TXH OD VDQWD IXHUD
SURFODPDGDDERJDGDGHORVTXHVXIUtDQGHODGHQWDGXUD
%HUQDUGR GH *RUGRQLR DFKDFDED HO GRORU GH GLHQWHV DO H[FHVR GH IUtR \ GH
FDORU\SDUDFRPEDWLUORRUGHQDEDODSUiFWLFDGHVDQJUtDFRQWLQXDDFHSWDQGRODYLHMDWHRUtDGHORV
JXVDQRV FRPRODFDXVD GH ODFDULHV\ DQWHODVH[WUDFFLRQHVVHPXHVWUDPX\FDXWR VLJXLHQGRODV
DQWLJXDVSUHYHQFLRQHVDHVWHUHVSHFWR
*X\ GH &KDXOLDF VLJXH HO HVTXHPD GHO iUDEH $EDV FODVLILFDQGR ODV ³SDVLRQHV GH OD
GHQWDGXUD´ GRORU FRUURVLyQ DGRUPHFLPLHQWR OLPRVLGDG FDtGD \ PRYLPLHQWR $QWH ODV
H[WUDFFLRQHV UHFRPHQGDED FDXWHOD FRPR VLHPSUH \ TXH VH GHEtD GHVFDO]DU OD UDt] SUHYLDPHQWH
$FHSWDTXHHVWHFRPHWLGRIXHUDOOHYDGRDFDERSRUORVEDUEHURVORVLQVWUXPHQWRVXVDGRVHUDQORV
SHOtFDQRV UDVSDGRUHV HVSiWXODV SDODQFDV HWF *XLOOHUPR GH 6DOLFHWR HQVHxR HQ
%RORQLD\HVFULELyOD³&LUXJtD´GRQGHVHRFXSDGHOWHPDRGRQWROyJLFRVHRFXSDGHODOX[DFLyQ\
GHODVIUDFWXUDVODH[pJHVLVGHODUDQXODHOGRORUGHGLHQWHV³DOTXHWUDWDFRQRSLR\PDQGUiJRUD´
(QFXDQWRDODVH[WUDFFLRQHVUHFRPLHQGDSUHSDUDUDQWHVODSLH]DGHELOLWiQGRODFRQDUVpQLFROHFKH
GHORED\HOIDPRVRDFHLWHGHJUDVDGHUDQDV\DUHFRPHQGDGRSRU$O5D]L/DQIUDQFRGH0LODQR
HVFULELy VX ³&LUXJtD 0DJQD´ RUGHQDGD HQ FLQFR OLEURV (Q VX FDSLWXOR FXDUWR
GHVFULEHHOLVWPRGHODVIDXFHVOD~YXODODOHQJXDORVGLHQWHV\HOGRORUGHGLHQWHVORWUDWDVHJ~Q
VX HWLRORJtDVL HV GH FDXVD ORFDO FRQ DJXD IUtD \ DFHLWHV GLYHUVRV VL SURYLHQH GH ODFDEH]D FRQ
VDQJUtDVJDUJDULVPRVSXUJDVHWF7DPELpQDFRQVHMDFXDQGRHOGRORUHVLQWHQVRUHFXUULUDORSLR
HO YLQDJUH \ OD $OPiVWLJD $QWH ODV H[WUDFFLRQHV OR PLVPR TXH VXV FRQWHPSRUiQHRV PXFKD
SUXGHQFLD ³DEODQGDU´ ODV SLH]DV SUHYLDPHQWH FRQ SHOLWH SDUD DUUDQFDUODV ³VLQ LQVWUXPHQWR GH
KLHUUR´
/$2'2172(6720$72/2*Ë$'85$17((/5(1$&,0,(172
)5$1&,$
$PEURVLR 3DUH QDFLy HQ /DYDO HQ \ VH KL]R EDUEHURFLUXMDQR HQ HO +RWHO'LHX GH
3DULVKL]RXQDGHVFULSFLyQPX\FRPSOHWDGHORVGLHQWHV\GHVXVIXQFLRQHVDXQFXDQGRFRQVHUYD
FLHUWDVDSUHFLDFLRQHVGHOSDVDGRHYLGHQWHPHQWHHUUyQHDVFUHtDFRPR$ULVWyWHOHVTXHORVGLHQWHV
FUHFHQFRQWLQXDPHQWH\VHGHVJDVWDQFRQHOXVR
,1*/$7(55$
+DFLDDSDUHFHHOSULPHUOLEURGHFLUXJtDLQJOHVDHVFULWRSRU3HWHU/RZHFLUXMDQRGH
*ODVJRZ TXH UHFKD]D OD WHRUtD GH ORV JXVDQRV FRPR HWLRORJtD GH OD FDULHV \ GHVFULEH YDULRV
LQVWUXPHQWRVSDUDODH[WUDFFLyQGHQWDOSDUHFLGRVDORVGH$PEURVLR3DUHIyUFHSVSHOtFDQRV
,7$/,$
'HVWDFD *LURODPR )DEULFLR TXH IXH XQ JUDQ DQDWRPLVWD HVFULELy HQ VX ³2SHUD
4XLU~UJLFD´GRQGHQXPHUDHOWUDWDPLHQWRGHORVpSXOLV\SiUXOLVVHJ~Q&HOVR\3DEORGH(JLQD
GHODFDULHVOLPSLH]DGHOVDUURH[WUDFFLRQHV
(O $UW]QH\ %XFKOHLP 2S~VFXOR GH 0HGLFLQD (O WLWXOR FRPSOHWR HV ³2S~VFXOR GH
0HGLFLQDSDUDWRGRWLSRGHGHVDUUHJORV\HQIHUPHGDGHVGHORVGLHQWHV´(ODXWRUHVDQyQLPRQR
REVWDQWHVHHVSHFXODTXHIXHUDHVFULWRSRUXQGHQWLVWDRPpGLFRGHXQDSHTXHxDFLXGDGGH6DMRQLD
OODPDGD0LWWZHLGD
8UEDQR+HPDUGIXHGHQWLVWDGHO&DUGHQDOGH$UPDJQDFTXHSDGHFtDPXFKR
GHODGHQWDGXUD(VFULELy³%~VTXHGDGHODYHUGDGHUD$QDWRPtDGHORV'LHQWHV´5HVSHFWRDODV
H[WUDFFLRQHV GLFH TXH QR GHEH VHU KHFKD PiV TXH SRU KiELOHV FLUXMDQRV GDGD VX FRPSOHMLGDG \
SHOLJUR
/$2'2172(6720$72/2*Ë$'(/%$552&26,*/2;9,,
$QWRQ\9DQ/HHXZHQKRHNGHVFXEUHORVW~EXORVGHODGHQWLQD\ODVEDFWHULDVGHODPDWHULDDOED
TXHHVWiQDGKHULGDVDORVGLHQWHVORTXHRULJLQDHOILQGHODWHRUtD9HUPLFXODUHQODHWLRORJtDGHOD
FDULHVDEULHQGRSDVRDODWHRUtD%DFWHULDQD/HHXZHQKRHNGHVPLHQWHTXHVHDQJXVDQRVGHQWDOHV
ORVTXHFDXVDQODFDULHV\ORSUXHEDPLFURVFySLFDPHQWH
&RQUDG 9tFWRU 6KHQHLGHU GHPXHVWUD TXH HO PRFR VH IRUPD HQ OD PXFRVD QDVDO FRQ OR TXH
DFDED FRQ OD WHRUtD HWLROyJLFD GH OD FDULHV GH JDOHQR VHJ~Q OD FXDO HO PRFR VH IRUPDED HQ HO
FHUHEUR\VHILOWUDEDHQODERFDSURGXFLHQGRFDULHV
(/(-(5&,&,2'(/$352)(6,Ï1
7UHV WLSRV GH SURIHVLRQDOHV VH HQFDUJDEDQ GH XQD X RWUD IRUPD GHO HMHUFLFLR GH OD
RGRQWRORJtDHQHOVLJOR;9,,/RVPpGLFRVORVFLUXMDQRV\ORVGHQWLVWDV
/RV PpGLFRV GHVSUHFLDEDQ OD GHQWLVWHUtD \ QR VH UHEDMDEDQ D UHDOL]DU WUDWDPLHQWRV
PDQXDOHV SHUR VHUtDLQMXVWR GHFLUTXHGHVSUHFLDEDQODERFD SXHV HQ VXV REUDV GHGLFDQPXFKDV
SiJLQDV D HVWXGLDU HQIHUPHGDGHV EXFDOHV FRPR OD SDWRORJtD GH OD HUXSFLyQ GHQWDULD D OD TXH
DWULEX\HQJUDQGHVUHSHUFXVLRQHVVREUHHOHVWDGRJHQHUDOFRQSUREOHPDVGLJHVWLYRV\QHXUROyJLFRV
\XQDDOWDPRUWDOLGDGLQIDQWLO
/RVFLUXMDQRVQRVHGHGLFDEDQDODGHQWLVWHUtDSHURDOLJXDOTXHORVPpGLFRVVLWUDWDURQD
SURIXQGLGDGDOJXQRVSUREOHPDVEXFDOHVFRPRODUiQXODTXHWUDWDQFXDQGRLPSLGHDOQLxRPDPDU
R KDEODUODV KHULGDVEXFDOHV HO SDODGDU ILVXUDGR \ODELROHSRULQRHOpSXOLV \ODV GLVORFDFLRQHV
PDQGLEXODUHV
+XER WDPELpQ SURIHVLRQDOHV TXH GLVSRQtDQ GH VXV SURSLRV ORFDOHV \ SRU ODV SLQWXUDV
FRVWXPEULVWDVGHODpSRFDSRGHPRVGHGXFLUTXHUHDOL]DEDQRSHUDFLRQHVPDVFRPSOLFDGDVTXHOD
VLPSOHH[WUDFFLyQGHQWDULDUHYHQWDEDQDEVFHVRVSXOtDQ\OOHQDEDQPXHODVIUDFWXUDGDVTXLWDEDQHO
VDUUR
(VWHJUXSRGHSURIHVLRQDOHVHVLQGLFDWLYRGHXQDGHODVFDUDFWHUtVWLFDVGHOVLJOR;9,,HO
TXH VH SURGX]FD XQD VHSDUDFLyQ PDJQHWD HQWUH OD PHGLFLQD \ OD RGRQWRORJtD TXH \D FRPLHQ]D
PDQLIHVWDUVH FRPR XQD DXWpQWLFD HVSHFLDOLGDG 'H KHFKR D OR ODUJR GH HVWH VLJOR DOJXQRV
EDUEHURV HPSLH]DQ DQXQFLDUVH FRPR HVSHFLDOLVWDV HQ H[WUDFFLRQHV UHFLELHQGR GLYHUVRV QRPEUHV
=DKQEUHFKHU FDVFDGLHQWHV HQ $OHPDQLD &DYDGHQWL HQ ,WDOLD $UUDFKHXU GHV GHQWV
DUUDQFDGLHQWHVHQ)UDQFLD\RSHUDGRUHVGHORVGLHQWHVHQ,QJODWHUUD
-XDQ 6WUREHOJHEHUJ HQ UHFRPLHQGD FRQWUD OD RSLQLyQ FRQ WRGRV ORV DXWRUHV
SUHFHGHQWHVFRQVXOWDUFRQXQGHQWLVWDHQFDVRVGHGRORUHVGHGLHQWHVSXHVORVGHQWLVWDVSRVHHQOD
H[SHULHQFLD\ODKDELOLGDGPDQXDO\SUDFWLFDQODVRSHUDFLRQHVGHQWDOHVFRQPiVSURSLHGDGTXHORV
PpGLFRV$ILQDOHVGHOVLJORFRQODDSDULFLyQGHORVGLDULRVODGHQWLVWHUtDHPSH]yDDSDUHFHUHQ
ORVDQXQFLRVGHORVPLVPRV\HQDOPDQDTXHVGRQGHVHLQIRUPDEDDOS~EOLFRDFHUFDGHORVORFDOHV
\KRUDULRVGHFRQVXOWD\SRFRDSRFRIXHLQWURGXFLpQGRVHXQDPHQWDOLGDGPiVFRQVHUYDGRUDFRQ
UHVSHFWRDORVGLHQWHV
),*85$6'(67$&$'$6
&KDUOHV $OOHQ VXV SULPHUDV REUDV IXHURQ WLWXODGDV ³(O 2SHUDGRU GH ORV 'LHQWHV´ ³&XULRVDV
2EVHUYDFLRQHVHQHVDGLItFLOSDUWHGHODFLUXJtDUHODFLRQDGDFRQODVRSHUDFLRQHVDORVGLHQWHV´
/D]DUR 5LYLHU LQGLFD XQ WUDWDPLHQWR SDUD ORV GRORUHV GHQWDULRV LQWURGXFLHQGR HQ HO RtGR XQ
DOJRGyQ HPEHELGR HQ XQ PHGLFDPHQWR SXHV DGPLWH TXH ODV YHQDV QXWULFLDV GH ORV GLHQWHV
DWUDYLHVDQHORtGR
'XSRQWHQORVGRORUHVIXHUWHVUHFRPHQGDEDODH[WUDFFLyQGHOGLHQWHSDUDYROYHUDUHLPSODQWDUOR
LQPHGLDWDPHQWHFRQORTXHGHVDSDUHFtDHOGRORU
% 0DUWLQ SXEOLFD HQ HQ 3DULDV VX REUD ³'LVHUWDWLRQ VXU OHV GHQWV´ HVWXGLDQGR ODV
HQIHUPHGDGHVGHQWDULDV\VXWUDWDPLHQWR
$QWRQLR 1XFN DQDWRPLVWD HQ /H\GHQ HV HO SUHFXUVRU GH ORV IyUFHSV DFWXDOHV (YLWD UHDOL]DU
H[WUDFFLRQHV HQ PXMHUHV HPEDUD]DGDV VREUH WRGR HQ FDQLQR VXSHULRU SRUTXH SRGUtDQ DOWHUDUVH
ORVyUJDQRVYLVXDOHVGHOIHWR
0DUFR $XUHOLR 6HYHULQR WUDWy HO HSXOLV FRQ FDXWHULR OLPSLiQGROR OXHJR FRQ XQ DOJRGyQ
HPEHELGRHQRSLR
/$2'2172(6720$72/2*Ë$(1(/6,*/2;9,,,/$,/8675$&,Ï1
/RV PpGLFRV GH OD )DFXOWDG GH 0HGLFLQD VH HQIUHQWDQ D ORV &LUXMDQRV \ EDUEHURV GH OD
DQWLJXD&RIUDGtDGH6DQ&RVPH\6DQ'DPLiQSRUFXHVWLRQHVGHFRPSHWHQFLD\DWULEXFLRQHV(Q
/XLV ;,9 SDUD WHUPLQDU FRQ HO FRQIOLFWR SURPXOJy XQ (GLFWR FRQ ORV (VWDWXWRV GH OD
&RPXQLGDGGH0DHVWURV&LUXMDQRV±-XUDGRVGH3DUtV(QVXDUWtFXORVHKDEODSRUYH]SULPHUD
GHO ³([SHUWR SDUD ORV GLHQWHV´ ORV FXDOHV GHVGH HVH PRPHQWR SDUD SRGHU HMHUFHU GHEtDQ VHU
H[DPLQDGRVSRUHOSULPHUFLUXMDQRGHO5H\\FXDWURSUHERVWHVGHVLJQDGRVDOHIHFWR
3LHUUH )DXFKDUG VHxDOD OD GLIHUHQFLD HQWUH HO ³GHQWLVWD´ \ ORV FLUXMDQRV \ EDUEHURV \
H[SUHVDODHVSHUDQ]DGHTXHDOJ~QGtDORVGHQWLVWDVWHQJDQXQDIRUPDFLyQDGHFXDGDHVSHFtILFD\
³XQLYHUVLWDULD´
(Q )HGHULFR *XLOOHUPR 9 O ³5H\ 6ROGDGR´ UHJODPHQWD OD VDQLGDG GH 3UXVLD \
RILFLDOL]D HO WpUPLQR =DKQ$UW]WH PpGLFR GH ORV GLHQWHV GRQGH GLFH ³/RV DUUDQFDGRUHV GH
GLHQWHVYHQGHGRUHVGHGURJDV\RWURVFKDUODWDQHVTXHDFW~DQHQODVIHULDVQRVHUiQDXWRUL]DGRV
HQQXHVWUDVFLXGDGHVSDUDGHGLFDUVHS~EOLFDPHQWHDVXFRPHUFLRHQWDQWRQRVHOHKD\DDFRUGDGR
HVHSULYLOHJLR3HURLQFOXVRHQHVHFDVRQRSRGUiQYHQGHUS~EOLFDPHQWHPDVUHPHGLRVTXHORV
SURYHQLHQWHVGHODVERWLFDVGHORVDSRWLFDULRV´
+XQWHUGHVFULEHORVGLHQWHV\VXVIXQFLRQHVDVtFRPRODFRPSRVLFLyQHVPDOWH\GHQWLQD
QR FHPHQWR 5HFKD]D HO YLHMR FRQFHSWR GHO FUHFLPLHQWR FRQVWDQWH GH ORV GLHQWHV WDPELpQ IXH
SDUWLGDULRGHORVWUDVSODQWHVGHQWDULRVORTXHVDWLUL]yHOFDULFDWXULVWD5RZODQGVRQ
/$2'2172(6720$72/2*Ë$'(/6,*/2;,;
(O GH PDU]R GH 1DSROHyQ %RQDSDUWH ILUPD XQD OH\ VHJ~Q OD FXDO QDGLH SRGUtD
HMHUFHUQLODPHGLFLQDQLODFLUXJtDVLQHOWtWXORGHGRFWRUHQPHGLFLQDFLUXJtD(Q$OHPDQLDORV
GHQWLVWDVHPSLH]DQDVHSDUDUVHGHORVFXUDQGHURVHQOO/DFDULHVVHHOLPLQDEDUDVFiQGRODFRQ
OLPDV FXFKDULOODV R WDODGURV PDQXDOHV UHOOHQiQGROD FRQ SORPR HVWDxR \ RUR (Q XQ
GHQWLVWD+RUDFH:HOOVYDDVHUHOGHVFXEULGRUGHODDQHVWHVLD
(QHVWHVLJOR\JUDFLDVDORVWUDEDMRVGHPLFURELRORJtDEXFDOGH:LOORXJKE\'0LOODUVH
DOFDQ]RHOFRQRFLPLHQWREiVLFRGHODQDWXUDOH]DGHODVHQIHUPHGDGHVGHQWDOHVTXHKDUtDSRVLEOH
HOSURJUHVRGHODSUHYHQFLyQ
(Q HO VLJOR ;,; KD\ \D JUDQ FDQWLGDG GH SURIHVLRQDOHV TXH WUDEDMDQ OD RUWRGRQFLD $
SULQFLSLRV GH VLJOR -RVHSK )R[ LGHD HO SULPHU GLVSRVLWLYR SDUD OHYDQWDU OD RFOXVLyQ \ HPSOHD OD
PHQWRQHUDFRQDQFODMHFUDQHDOHQFDVRVGHOX[DFLRQHVPDQGLEXODUHV
(QHOVLJOR;,;VHSURGXFHODLQFRUSRUDFLyQGHODPXMHUHQHOHMHUFLFLRGHODRGRQWRORJtD
/D SULPHUD PXMHU GHQWLVWD HQ $PpULFD IXH (PHOLQH 5REHUWV TXH D\XGDED D VX PDULGR HQ OD
FRQVXOWDGHQWDO3HURHOKRQRUGHVHUODSULPHUDPXMHUJUDGXDGDHQXQ&ROHJLRGHQWDODPHULFDQR
FRUUHVSRQGH D OD GRFWRUD /XF\ % +REEV TXH VH JUDGXy HQ HO FROHJLR GH FLUXJtD GHQWDO HQ
&LQFLQQDWLHQ
/$2'2172(6720$72/2*Ë$'(/6,*/2;;
(VHOVLJORHQHOTXHVXUJHQWRGDVODVHVSHFLDOLGDGHVRGRQWROyJLFDVGHIRUPDSRUSULPHUD
YH] HQ OD KLVWRULD DSDUHFHQ GHQWLVWDV TXH VH GHGLFDQ HQ H[FOXVLYD D XQD SDUWH FRQFUHWD GH OD
GHQWLVWHUtD
(Q GRV DXWRUHV &KXUFKLOO \ 6PLWK FRQFOX\HURQ SRU VHSDUDGR TXH HO FDXVDQWH GHO
HVPDOWH YHWHDGR HUD HO IO~RU 'HVSXpV GH HVWDEOHFHUVH OD UHODFLyQ GHO IO~RU FRQ OD IOXRURVLV
HQGpPLFD IXH FXDQGR VH HVWDEOHFLy OD UHODFLyQ GH HVWH ROLJRHOHPHQWR FRQ OD FDULHV GHQWDO $O
ILQDOL]DUODJXHUUDVHWRPyFRPRREMHWLYRPHMRUDUODVDOXGGHQWDOGHODSREODFLyQVXUJLHQGRDVt
XQQXHYRFDPSRHOFDPSRGHODRGRQWRORJtDS~EOLFD
+,6725,$'(/$2'2172(6720$72/2*Ë$
/RV URPDQRV FXLGDURQ GH OD KLJLHQH EXFDO KDFLpQGRVH SUHSDUDU PXOWLWXG GH FROXWRULRV \
GHQWtIULFRVSDUDSUHFDYHUHOPDORORUGHODERFD\PDQWHQHUOLPSLRVORVGLHQWHV
(QODpSRFDGHORV*RGRVVREUHVDOHODREUDGH6DQ,VLGRURGH6HYLOODODV³(WLPRORJtDV´HQ
OD FXDO H[SRQH GLIHUHQWHV UHPHGLRV PpGLFRV WRPDGRV GH &HOVR $XUHOLDQR 6RUDQRV 9LQGLFLDQR
HWF
(Q FXDQWR DO HMHUFLFLR GH OD 2GRQWRORJtD GXUDQWH OD (GDG 0HGLD FDH HQ PDQRV GH ORV
EDUEHURV \ GH ORV VDFDPXHODV LWLQHUDQWHV SRUTXH OD ,JOHVLD HQ XQ PRPHQWR GDGR SURKtEH D ORV
FOpULJRVFRQFLOLRVGH&OHUPRQW5HLPV7RXUVHOHMHUFLFLRGHOD&LUXJtD
(Q DSDUHFH HQ )UDQFLD HO ³&LUXMDQR 'HQWLVWD´ OD JUDQ REUD GH 3LHUUH )DXFKDUG
FRQVLGHUDGR HO SDGUH GH OD RGRQWRORJtD PRGHUQD 'HVGH HVH PRPHQWR VH SRSXODUL]D OD
GHQRPLQDFLyQ³GHQWLVWD´SDODEUDGHRULJHQIUDQFpV
$SULQFLSLRGHOVLJOR;,;VRQORV&LUXMDQRVVDQJUDGRUHVPHUFHGDOD52GH0D\RGH
TXLHQHVRVWHQWDQODFDSDFLGDGOHJDOSDUDHMHUFHUODGHQWLVWHUtDHQ(VSDxD
(Q VH FUHD OD )HGHUDFLyQ 2GRQWROyJLFD (VSDxROD TXH DJOXWLQD ODV VRFLHGDGHV
H[LVWHQWHVHQ(VSDxD\TXHVHHQFDUJDGHRUJDQL]DUORV&RQJUHVRV1DFLRQDOHV\GHKDFHUOOHJDUD
ODVDXWRULGDGHVODVSHWLFLRQHVGHORVGHQWLVWDV
3RU5HDO2UGVHQGH0D\RGHVHFUHDQORV&ROHJLRV2ILFLDOHVGH2GRQWyORJRVWUDV
XQD ODUJD RSRVLFLyQ SRU SDUWH GH )ORUHVWiQ $JXLODU \ VXV ³RGRQWRORJLVWDV´ TXH GHIHQGtDQ OD
SHUPDQHQFLDGHODV6RFLHGDGHV2GRQWROyJLFDV
(;2'21&,$
(VODUDPDGHODRGRQWRORJtDTXHGHVFULEHODVWpFQLFDVGHOSURFHGLPLHQWRTXLU~UJLFRTXH
WUDWDGHODUHPRFLyQGHXQDRPiVSLH]DVGHQWDULDVGHVXDOYHRORHQORVKXHVRVPD[LODUHV
$QWHVGHHPSUHQGHUODH[WUDFFLyQGHXQGLHQWHHVQHFHVDULRKDFHUXQDHYDOXDFLyQGHWHQLGD
GHORVSUREOHPDVTXHVHSUHVHQWDQFRQVLGHUDUFXLGDGRVDPHQWHHOWLSRGHDQHVWHVLDTXHVHKDGH
XVDU\REWHQHUXQDEXHQDUDGLRJUDItD0XFKRVRGRQWyORJRVFUHHQTXHODUDSLGH]HVHVHQFLDOSDUD
H[WUDHUGLHQWHV(VWHHVXQOHJDGRGHODpSRFDHQTXHHO~QLFRDQHVWpVLFRJHQHUDOGLVSRQLEOHHUDHO
y[LGR QLWURVR \ D FDXVD GH ORV LQFRQYHQLHQWHV GH HVWH JDV KDEtD TXH DFWXDU D SULVD OD
SUHFLSLWDFLyQHVODFDXVDSULQFLSDOGHFRPSOLFDFLRQHV
1RVHGHEHVXEHVWLPDUODLPSRUWDQFLDGHXQGLHQWHVXSpUGLGDQRVyORHVODPHQWDEOHGHVGH
HO SXQWR GHYLVWD HVWpWLFR VLQR WDPELpQ SRU TXH ORV GLHQWHV VRQ FRPSRQHQWHV LPSRUWDQWHV HQ OD
GLJHVWLyQ\DVLPLODFLyQySWLPDGHORVDOLPHQWRVSHURHVWRQRHVREVWiFXORSDUDTXHPXFKDVYHFHV
KD\D TXH H[WUDHU GLHQWHV WHPSRUDULRV \ SHUPDQHQWHV (Q RFDVLRQHV VH VDFULILFDQ GLHQWHV
SHUIHFWDPHQWH QRUPDOHV SDUD PHMRUDU OD PDVWLFDFLyQ \ SUHYHQLU OD PDORFOXVLyQ SHUR HQ OD
PD\RUtD GH ORV FDVRV VH H[WUDHQ GLHQWHV SRUTXH HVWiQ DIHFWDGRV SRU HQIHUPHGDGHV TXH QR VROR
LPSLGHQVXXVRVDWLVIDFWRULRSDUDODPDVWLFDFLyQGHORVDOLPHQWRVVLQRTXHDWHQWDQFRQWUDODVDOXG
SRUTXHVRQIRFRVLQIHFFLRVRV
$OOHQHVWXGLyORVPRWLYRVGHODVH[WUDFFLRQHV\FRPSUREyTXHHOPiVFRP~QHVOD
FDULHV HQ HO GH ORV SDFLHQWHV HVWXGLDGRV HQ HIHFWR VH H[WUDMHURQ GLHQWHV SRU HVWD
HQIHUPHGDG /D VLJXLHQWH FDXVD PiV FRP~Q IXH OD HQIHUPHGDG SHULRGRQWDO TXH UHSUHVHQWy HO
GH ORV SDFLHQWHV TXH UHTXLULHURQ H[WUDFFLRQHV (Q SDFLHQWHV FRQ FDULHV KXER TXH H[WUDHU
GLHQWHV FRPR WpUPLQR PHGLR HQ WDQWR TXH HQ ORV TXH WHQtDQ HQIHUPHGDG SHULRGRQWDO VH
H[WUDMHURQGLHQWHV
2WUDV LQGLFDFLRQHV GH OD H[WUDFFLRQHV DGHPiV GH GLHQWHV TXH QR VH SUHVHQWDEDQ SDUD
WUDWDPLHQWRHQGRGyQWLFRTXHWLHQHQQHFURVLVSXOSDUHLQIHFFLRQHVSHULDSLFDOHVSRUFDULHVRGLHQWHV
FRQ HQIHUPHGDG SHULRGRQWDO LQWUDWDEOH FRPSUHQGHQ GLHQWHV WHPSRUDOHV VREUH UHWHQLGRV GLHQWHV
VDQRV SDUD FRUUHJLU PHMRU PDORFOXVLRQHV R SRU UD]RQHV HVWpWLFDV R SURVWRGyQWLFDV GLHQWHV QR
UHVWDXUDEOHV GLHQWHV UHWHQLGRV \ VXSHUQXPHUDULRV SULPHURV R VHJXQGRV PRODUHV PX\ FDULDGRV
SDUDSUHYHQLUODUHWHQFLyQGHWHUFHURVPRODUHVGLHQWHVDIHFWDGRVSRUIUDFWXUDVGHORVPD[LODUHV
GLHQWHV WRPDGRV GH PRGR GLUHFWR H LQGLUHFWR SRU TXLVWHV \ WXPRUHV GLHQWHV HQ iUHDV GH XQD
LUUDGLDFLyQWHUDSpXWLFDGLUHFWD\GLHQWHVTXHKDFHQODVYHFHVGHIRFRVLQIHFFLRVRV
,1',&$&,21(6'(/$(;2'21&,$
(VQHFHVDULRLQWHQWDUFRQVHUYDUODVSLH]DVGHQWDULDVKR\SRVHHPRVXQDUVHQDOWHUDSpXWLFR
DPSOLRSHURGHWRGDVIRUPDVKD\PXFKRVFDVRVTXHHVLQHYLWDEOHUHDOL]DUODH[WUDFFLyQGHQWDULD
FRPRHQORVVLJXLHQWHV
• 3LH]DVGHVWUXLGDVTXHQRHVSRVLEOHODDSOLFDFLyQGHODRGRQWRORJtDFRQVHUYDGRUD
• 5HVWRVUDGLFXODUHV
• 3LH]DVFRQIUDFWXUDVFRURQDULDVPX\VXEJLQJLYDOHV
• 3LH]DVFRQIUDFWXUDVRILVXUDVYHUWLFDOHV
• 3LH]DV FRQ SUREOHPDV IRFDOHV TXH GLVHPLQDQ EDFWHULDV TXH QR VH SXHGHQ VROXFLRQDU FRQ
WUDWDPLHQWRVHQGRGyQWLFRVVREUHWRGRHQHQIHUPRVFDUGLDFRV
• &DULHVUDGLFXODUHVPX\VXEJLQJLYDOHV\VREUHWRGRVXEyVHDV
• 3LH]DV FRQ HQIHUPHGDG SHULRGRQWDO FRQ JUDGRV GH PRYLOLGDG QR HVWDEOHV QR UHFXSHUDEOHV \
SURJUHVLYRV
• 3LH]DVVXSHUQXPHUDULDV
• 3LH]DVTXHLPSLGHQXQEXHQGLVHxRGHXQDSUyWHVLVHMHPSORHYLWDUSLODUHVGHSXHQWHHQSLH]DV
PX\HURVLRQDGDV\TXHQRKD\DSRVLELOLGDGGHUHFWLILFDFLyQRUWRGyQFLFD
• 3LH]DVWHPSRUDOHVTXHLQWHUILHUHQODHUXSFLyQGHOSHUPDQHQWH
• 7UDWDPLHQWRVRUWRGyQFLFRVHQORVTXHKD\XQDJUDQGLVFUHSDQFLDyVHRGHQWDULDVLQSRVLELOLGDG
GHFUHFLPLHQWRyVHR
• 3LH]DVHFWySLFDV
• 3LH]DV LQFOXLGDV TXH QRV GHQ SDWRORJtD TXtVWLFD SRVLEOHV UHDEVRUFLRQHV UDGLFXODUHV
GHVHTXLOLEULRGHODVDUFDGDV
• 3UREOHPDVWXPRUDOHV
• 3RU SUREOHPDV VRFLRHFRQyPLFRV GHO SDFLHQWH TXH QR SXHGD FRVWHDUVH OD RGRQWRORJtD
FRQVHUYDGRUD
(678',2'(/3$&,(17(<'(/$63,(=$6$(;75$(5
([SORUDFLyQRUDO
/D H[SORUDFLyQ GH OD FDYLGDG EXFDO \ GH OD SLH]D D H[WUDHU QRV SXHGH RULHQWDU VREUH OD
GLILFXOWDGGHODH[WUDFFLyQSRUHMHPSORVLWLHQHFDULHVFHUYLFDOHVSHOLJURGHIUDFWXUDDOUHDOL]DU
PDQLREUDV HVWDGR GH OD FRURQD VL HV SRVLEOH KDFHU SUHVD GH HOOD SUHVHQFLD GH LQIHFFLRQHV
GLILFXOWDG SDUD DQHVWHVLDU DSHUWXUD EXFDO GLILFXOWDG SDUD UHDOL]DU H[RGRQFLDV SRVWHULRUHV
SUHVHQFLDGHWXPRUDFLRQHVDQJLRPDVHVWDGRGHORVKXHVRVPD[LODUHVH[RVWRVLVyVHDVHWF
,QVWUXPHQWDO\0DWHULDOSDUDUHDOL]DU([RGRQFLDV
8VDPRVIXQGDPHQWDOPHQWHORVIyUFHSV\ORVHOHYDGRUHV(OIyUFHSVHVXQLQVWUXPHQWRTXH
HQ IRUPD GH SLQ]D \ DFWXDQGR FRPR XQD SDODQFD GH VHJXQGR JUDGR FRJH OD SLH]D GHQWDULD \
PHGLDQWHGLIHUHQWHVPRYLPLHQWRVTXHURPSHQHOOLJDPHQWRDOYHRORGHQWDULRH[SXOVDPRVODSLH]D
GHVXDOYpROR
3e5','$'(17$5,$5(/$&,21$'$$3$72/2*,$6
,QFLGHQFLD\ORFDOL]DFLyQ
(O WHUFHU PRODU WLHQH OD PD\RU LQFLGHQFLD GH LPSDFWDFLyQ GHQWDULD \ VX H[WLUSDFLyQ
TXLU~UJLFDHVODTXHFRQPiVIUHFXHQFLDSUDFWLFDQORVFLUXMDQRVPD[LORIDFLDOHV
(WLRORJtD
([LVWHQ GLIHUHQWHV FDXVDV HQWUH ODV TXH SRGHPRV PHQFLRQDU SUREOHPDV VLVWpPLFRV
JHQpWLFRVFRQJpQLWRVFDXVDVORFDOHV
/D H[RGRQFLD HVWD FODUDPHQWH LQGLFDGD HQ GLHQWHV LQFOXLGRV HO 4XLVWH R JUDQXORPD
SHULDSLFDO ORV FXDOHV VRQ SURGXFLGRV FRPR FRQVHFXHQFLD GH XQD SXOSLWLV TXLVWH SHULRGRQWDO
ODWHUDOTXLVWHGHQWtJHURTXLVWHyVHRWUDXPiWLFR
'HQWUR GH ORV WXPRUHV TXH DIHFWDQ ODV SLH]DV GHQWDULDV SRGHPRV PHQFLRQDU
$PHOREODVWRPD RVWHREODVWRPD ILEURPD RVFLILFDQWH RVWHRPD JUDQXORPD \ WXPRU GH FpOXODV
JLJDQWHV
2WUDVSDWRORJtDVFRPRODRVWHRPLHOLWLVFUyQLFD\ODVQHRSODVLDVPDOLJQDVTXHDIHFWDQDORV
GLHQWHV \ TXH QR UHVSRQGHQ D OD UDGLRWHUDSLD \ D OD TXLPLRWHUDSLD WLHQHQ TXH WUDWDUVH
TXLU~UJLFDPHQWHDEDUFDQGRODVSLH]DVGHQWDULDVTXHVHHQFXHQWUHQDVRFLDGDVDODSDWRORJtD
(;2'21&,$(1*8$7(0$/$
*XDWHPDODHVXQSDtVTXHVHHQFXHQWUDWRGDYtDHQYtDVGHGHVDUUROORODSRFDHGXFDFLyQOD
HVFDVH] GH UHFXUVRV HFRQyPLFRV \ OD GHILFLHQFLD HQ ORV VHUYLFLRV GH VDOXG OLPLWDQ HO GHVDUUROOR
QRUPDOGHODSREODFLyQ
'HVGHORVLQLFLRVGHODRGRQWRORJtDHOWUDWDPLHQWRPiVFRP~QSDUDUHVROYHUSDUDUHVROYHU
ORV SUREOHPDV GH GRORU H LQIHFFLyQ GH OD FDYLGDG EXFDO KD VLGR OD H[RGRQFLD $ SHVDU GH ORV
DYDQFHVTXH~OWLPDPHQWHVHKDQREWHQLGRHQODFLHQFLDGHQWDOWDQWRGHVGHHOSXQWRGHYLVWDGHO
FRQRFLPLHQWR GH OD HWLRORJtD GH ODV SULQFLSDOHV HQIHUPHGDGHV EXFDOHV FDULHV \ HQIHUPHGDG
SHULRGRQWDO FRPR DVSHFWRV WpFQLFR TXLU~UJLFRV OD H[RGRQFLD VLJXH VLHQGR FRPR HQ DQWDxR HO
WUDWDPLHQWR SDUD UHVROYHU ORV SUREOHPDV EXFDOHV VREUH WRGR HO GH ORV SDFLHQWHV GH HVFDVRV
UHFXUVRVHFRQyPLFRV
/DH[WUDFFLyQGHQWDOHVVHJXUDPHQWHHOSULPHUSURFHGLPLHQWRRGRQWROyJLFRHIHFWXDGRSRU
HOKRPEUH&RPRVHPHQFLRQRDQWHULRUPHQWHGRFXPHQWRVKLVWyULFRVTXHVHUHPRQWDQDODHUD3UH
FULVWLDQDQRVUHYHODQSURFHGLPLHQWRV\HTXLSRGHVWLQDGRSDUDWDOILQORFXDOQRHVGHH[WUDxDU
SRUFXDQWRHOGRORUGHQWDULRKDDFRPSDxDGRDOVHUKXPDQRGHVGHODpSRFDSUHKLVWyULFD1RIXHVLQ
HPEDUJR KDVWD PHGLDGRV GHO VLJOR ;,; FXDQGR OD FLHQFLD PpGLFD \ HQ SDUWLFXODU OD FLHQFLD
RGRQWROyJLFDSULQFLSLDUDDGDUDODH[WUDFFLyQGHQWDULDHOYDORUTXLU~UJLFRTXHOHFRUUHVSRQGH
3RU OR DQWHULRUPHQWH H[SXHVWR HO VHUYLFLR RGRQWROyJLFR TXH PiV GHPDQGD WLHQH HQ HO
PHGLR JXDWHPDOWHFR HV OD SUiFWLFD GH OD H[RGRQFLD SXHV ORV VHUYLFLRV GH WLSR UHVWDXUDWLYR
SUyWHVLV QR SXHGHQ VHU DGTXLULGRV SRU HVH JUXSR GH SREODFLyQ GHELGR DO DOWR FRVWR GH ORV
PLVPRV(VWRHVSDOSDEOHSRUORVHVWXGLDQWHVTXHUHDOL]DQHO(MHUFLFLRSURIHVLRQDOVXSHUYLVDGR\
SRUORVSURIHVLRQDOHVTXHHMHUFHQODRGRQWRORJtDHQHOiUHDUXUDO
&RQHOFRQRFLPLHQWR\ODFDSDFLGDGWpFQLFDFRQTXHFXHQWDDFWXDOPHQWHODRGRQWRORJtD
SXHGH VDOYDUVH FDVL FXDOTXLHU GLHQWH \ VX UHODFLyQ HV OR VXILFLHQWHPHQWH LPSRUWDQWH FRPR SDUD
JDUDQWL]DU HO SURFHGLPLHQWR QHFHVDULR 7RGRV ORV WLSRV GH WUDWDPLHQWR GHQWDO YDUtDQ
FRQVLGHUDEOHPHQWHFRQODHGDGGHOSDFLHQWH
&RQVHFXHQWHPHQWHDODJUDQGHPDQGDHQQXHVWURPHGLRGHHVWHWLSRGHWUDWDPLHQWRGHQWDO
HV QHFHVDULR TXH VH UHDOLFH GH XQD PDQHUD FRQVFLHQWH \ SDUD HOOR HV LPSRUWDQWH FRQWDU FRQ HO
FRQRFLPLHQWRGHODVFDXVDVGHGLFKDVH[WUDFFLRQHV(QODSUiFWLFDGLDULDRGRQWROyJLFDHQQXHVWUR
PHGLRQRVHVDEHKDVWDODIHFKDVLORVSURIHVLRQDOHVTXHSUDFWLFDQODH[RGRQFLDORKDFHQWHQLHQGR
HOFRQRFLPLHQWRGHODVLQGLFDFLRQHVSDUDH[RGRQFLDRVLPSOHPHQWHH[WUDHQODSLH]DGHQWDULDSRU
SHWLFLyQGHOSDFLHQWHVLQKDFHUOHVQRWDUHOHUURUHQHOWUDWDPLHQWR
/DH[WUDFFLyQGHQWDOHQRUWRGRQFLDHVXVDGDSULPRUGLDOPHQWHFRPRXQPpWRGRSDUDJDQDU
HVSDFLRHQODDUFDGDHQODFRUUHFFLyQGHOJUXSRGHGLHQWHV
&$5,(6'(17$/
/D FDULHV GHQWDO HV XQ SURFHVR SDWROyJLFR FDXVDGR SRU PLFURRUJDQLVPRV ODWtQ FDULHV
SRGUHGXPEUH6HKDQHQFRQWUDGRSRFRVFDVRVGHFDULHVHQGLHQWHVIRVLOL]DGRVGHGLQRVDXULRV\
UHSWLOHV SUHKLVWyULFRV DVt FRPR HQ PDPtIHURV SULPLWLYRV SDUHFH VHU TXH OD FDULHV H[LVWLy HQ HO
KRPRVDSLHQVGHVGHODHUDSDOHROtWLFDSHURVXLQFLGHQFLDDXPHQWRGXUDQWHHOSHUtRGRQHROtWLFR
6HKDHQFRQWUDGRUHJLVWURVFRQSUREOHPDVGHQWDOHVHQODDQWLJXD$VLDHQÈIULFD\$PpULFDORV
PiVDQWLJXRVVRQORVGHORVPXUDOHVGHOSHUtRGRFURPDJQRQKDFHDxRV(QHOKRPEUHGH
ODDQWLJHGDGODFDULHVHQJHQHUDOVHORFDOL]DEDHQODXQLyQDPHORFHPHQWDORHQHOFHPHQWR\HQ
HOKRPEUHPRGHUQRVHHQFXHQWUDVREUHWRGRHQORVVXUFRV\ILVXUDV
/D FDULHV GHQWDO HV XQD HQIHUPHGDG PXOWLIDFWRULDO HQ OD TXH H[LVWH LQWHUDFFLyQ GH WUHV
IDFWRUHVSULQFLSDOHVHOKXpVSHGVDOLYD\GLHQWHVODPLFURIORUD\HOVXEVWUDWRSRUHMHPSOROD
GLHWD\DGHPiVHOWLHPSR/DSUHYHQFLyQGHODFDULHVVHEDVDHQORVLQWHQWRVSDUDDXPHQWDUOD
UHVLVWHQFLDGHOKXpVSHGIOXRURWHUDSLDVHOODGRUHVGHILVXUDVLQPXQL]DFLyQUHGXFLUHOQ~PHURGH
PLFURRUJDQLVPRVHQFRQWDFWRFRQHOGLHQWHFRQWUROGHSODFDPRGLILFDUHOVXEVWUDWRPHGLDQWHOD
VHOHFFLyQGHSURGXFWRVDOLPHQWLFLRV\UHGXFLUHOWLHPSRTXHSHUPDQHFHHOVXEVWUDWRHQOERFDSRU
PHGLRGHXQDOLPLWDFLyQHQODIUHFXHQFLDFRQTXHVHLQJLHUHQDOLPHQWRV
(O 3+ GH OD SODFD GHQWDO GHVSXpV GH OD LQJHVWLyQ GH DOLPHQWRV VH FUHH TXH HV GH PXFKD
LPSRUWDQFLD HQ OD HWLRORJtD GH OD FDULHV (VWH S+ HVWi LQIOXHQFLDGR SRU HO S+ LQGLYLGXDO GH ORV
DOLPHQWRVVXFRQWHQLGRGHD]~FDU\HOIOXMRSURPHGLRGHVDOLYD
3RUVXSXHVWRWDPELpQH[LVWHQGLIHUHQFLDVPDUFDGDVHQUHWHQFLyQ\ODHOLPLQDFLyQRUDOHV
ODVFXDOHVGHSHQGHQGHODFODVHGHDOLPHQWRV/DJUDVDGHDOLPHQWRVUHGXFHVXWLHPSRUHWHQFLyQ
HQODERFDDOLPHQWRVOtTXLGRVVRQHOLPLQDGRVPXFKRPiVUiSLGRTXHDOLPHQWRVVyOLGRV(VWRV
SDUiPHWURVGHUHWHQFLyQGHDOLPHQWRV\ODIRUPDFLyQGHiFLGRVRQLPSRUWDQWHVHQODFDULHVSHUR
QRVRQXQDPHGLGDUHDOGHODSURGXFFLyQGHFDULHV3RUWDQWRKDVLGRSURSLHGDGItVLFDLQGLYLGXDO
WDO FRPR OD DGKHVLyQ FRKHVLyQ R VROXELOLGDG R XQD SURSLHGDG TXtPLFD LQGLYLGXDO WDO FRPR VX
FDSDFLGDGDPRUWLJXDGRUDRVXSURGXFFLyQGHiFLGR
/D FDULHV GHQWDO HV XQD HQIHUPHGDG PX\ FRPSOHMD TXH VH PDQLILHVWD HQ IXQFLyQ GH OD
DFFLyQVLPXOWiQHDGHWUHVIDFWRUHVSULQFLSDOHV±PLFURIORUDKXpVSHG\VXEVWUDWRGLHWDSRUORTXH
H[LVWHQSRFDVSUREDELOLGDGHVRQLQJXQDGHTXHKD\DXQPHGLRFDSD]GHSUHYHQLUOD\FRQWURODUOD
&RPEDWLU HO DJHQWH PLFURELDQR SRU HMHPSOR SURJUDPDV GH KLJLHQH EXFDO SHUVRQDO
$XPHQWDUODUHVLVWHQFLDGHORVGLHQWHVSRUHMHPSORPHGLDQWHHOXVRGHIOXRUXURVLVWpPLFR
HOLPLQDFLyQRFRQWUROGHODSODFD
\WySLFRRGHVHOODGRUHVRFOXVDOHV
0RGLILFDUODGLHWD
3(5,2'21&,$
6HUHILHUHDODSUHYHQFLyQ\WUDWDPLHQWRGHODHQIHUPHGDGSHULRGRQWDULDWUDWDORVWHMLGRV
EODQGRVTXHURGHDHOGLHQWHHQFtDOLEUHDGKHULGDOLJDPHQWRSHULRGRQWDOKXHVR\FHPHQWR
*,1*,9,7,6
/D*LQJLYLWLVLQIODPDFLyQGHODHQFtDHVODIRUPDPDVIUHFXHQWHGHHQIHUPHGDGJLQJLYDO
(QWRGDVVXVIRUPDVHVWDSUHVHQWHODLQIODPDFLyQSRUTXHODSODFDEDFWHULDQDTXHODSURGXFH\ORV
IDFWRUHVLUULWDQWHVTXHIDYRUHFHQVXDFXPXODFLyQVXHOHSUHVHQWDUVHHQHOPHGLRJLQJLYDO
/D VHFXHQFLD GH ORV KHFKRV \ HO GHVDUUROOR GH OD JLQJLYLWLV VH DQDOL]D HQ WUHV GLIHUHQWHV
HWDSDV
(WDSD 8QR &OtQLFDPHQWH /D UHDFFLyQ LQLFLDO GH OD HQFtD D OD SODFD EDFWHULDQD QR HV
HYLGHQWH(VWDUHDFFLyQYDVFXODUHVHQHVHQFLDGLODWDFLyQGHFDSLODUHVHLQFUHPHQWRGHOIOXMR
VDQJXtQHR (WDSDGRV&RQIRUPHSDVDHOWLHPSRDSDUHFHQVLJQRVFOtQLFRVGHHULWHPDWDPELpQSXHGHQ
SUHVHQWDUVHKHPRUUDJLDGXUDQWHHOVRQGHR
(WDSD WUHV (Q HVWD ORV YDVRV VDQJXtQHRV VH REVWUX\HQ \ FRQJHVWLRQDQ HO UHVXOWDGR HV
DQR[HPLDJLQJLYDOORFDOL]DGDODFXDOVXSHUSRQHXQPDWL]D]XORVRHQODHQFtDHQURMHFLGD
(O WLSR PiV IUHFXHQWH GH HQIHUPHGDG JLQJLYDO HV OD DIHFFLyQ LQIODPDWRULD VLPSOH TXH
SURYRFD OD SODFD EDFWHULDQD DO DGKHULUVH D OD VXSHUILFLH GHO GLHQWH (VWH WLSR GH JLQJLYLWLV HV
GHQRPLQDGD*LQJLYLWLVPDUJLQDO&UyQLFDRVLPSOH
3(5,2'217,7,6
(QIHUPHGDG LQIODPDWRULD GH ORV WHMLGRV GH VRSRUWH FDUDFWHUL]DGD SRU UHDEVRUFLyQ GH OD
FUHVWDtQWHUGHQWDULD\EROVDVSHULRGRQWDOHV(VHOWLSRGHHQIHUPHGDGPiVIUHFXHQWH\UHVXOWDGH
OD H[WHQVLyQ GHO SURFHVR LQIODPDWRULR LQLFLDQGR HQ OD HQFtD KDFLD ORV WHMLGRV SHULRGRQWDOHV GH
VRSRUWH /D VLJXLHQWH FODVLILFDFLyQ LQFOX\H WRGDV ODV IRUPDV GH HQIHUPHGDG SHULRGRQWDO
GHVWUXFWLYDFUyQLFD
3(5,2',17,7,60$5*,1$/
/DLQIODPDFLyQFUyQLFDGHODHQFtDODIRUPDFLyQGHEROVDV\SpUGLGDyVHDVRQXVXDOHVHQ
ODSHULRGRQWLWLVPDUJLQDO(QFDVRVJUDYHVKD\PRYLOLGDGGHQWDO\PLJUDFLyQSDWROyORJLFD
(WLRORJtDODSHULRGRQWLWLVPDUJLQDOHVFDXVDGDSRUODSODFDGHQWDO
/DVSHULRGRQWLWLVPDUJLQDOHVWLHQHQYDULRVJUDGRVGHLQWHQVLGDGTXHVRQORVVLJXLHQWHV
, /HYHSpUGLGDGHODLQVHUFLyQGHVLQOHVLyQGHIXUFD
,, 0RGHUDGDSpUGLGDGHODLQVHUFLyQGH\OHVLyQGHIXUFD,\,,
,,, *UDYHSpUGLGDGHODLQVHUFLyQPD\RUGHO\OHVLyQGHIXUFD,,,
/DV SHULRGRQWLWLV PDUJLQDOHV VH FODVLILFDQ GH DFXHUGR FRQ OD SURSRUFLyQ GHO WHMLGR
GHVWUXLGR \ FRQ DOJXQDV FDUDFWHUtVWLFDV HQ SHULRGRQWLWLV GH HYROXFLyQ OHQWD R SHULRGRQWLWLV GHO
DGXOWR SHULRGRQWLWLV GH HYROXFLyQ UiSLGD R SHULRGRQWLWLV MXYHQLO SHULRGRQWLWLV XOFHURQHFUyWLFD \
SHULRGRQWLWLVUHIUDFWDULD
3(5,2'217,7,6'(/$'8/72
/D SHULRGRQWLWLV GHO DGXOWR DSDUHFH D SDUWLU GH ORV DxRV \ SXHGH VHU ORFDOL]DGR HQ
GLHQWHV DLVODGRV R JHQHUDOL]DGRV DIHFWDQGR WRGD OD GHQWLFLyQ &OtQLFDPHQWH VH PDQLILHVWD SRU
EROVDVSHULRGRQWDOHVSpUGLGDGHODLQVHUFLyQ\GHOWHMLGRyVHRHULWHPD\WXPHIDFFLyQGHODHQFtD
TXHVDQJUDFRQIUHFXHQFLDFRQHOURFH
3(5,2'217,7,6-89(1,/
&RQVWLWX\HXQJUXSRHVSHFLDOGHOHVLRQHVDYDQ]DGDVHQDGROHVFHQWHV\DGXOWRVMyYHQHV/D
FXDOVHGLYLGHHQ
• *HQHUDOL]DGDDEDUFDWRGDODGHQWDGXUD\HVWiYLQFXODGDFRQHQIHUPHGDGHVVLVWpPLFDV
• /RFDOL]DGDV TXH VH FDUDFWHUL]DQ SRU OHVLRQHV DQJXODUHV SURIXQGDV HQ SULPHURV PRODUHV H
LQFLVLYRVHQDGROHVFHQWHVVDOXGDEOHV
/DV PDQLIHVWDFLRQHV FOtQLFDV JLQJLYDOHV VXHOHQ VHU PX\ SRFR OODPDWLYDV VL VH FRPSDUDQ
FRQODVOHVLRQHVSHULRGRQWDOHVGHORVMyYHQHVFRQODGHODGXOWRVHREVHUYDXQDFDQWLGDGPtQLPD
GHSODFD\FiOFXORGHQWDOHQODSHULRGRQWLWLVMXYHQLO
3(5,2'217,7,68/&(521(&527,&$
DJXGD
3RU OR JHQHUDO HV XQD VHFXHOD GHVWUXFWLYD DYDQ]DGD GH OD JLQJLYLWLV XOFHUR QHFURVDQWH
3(5,2'217,7,65()5$&7$5,$
(VWH WLSR GH SHULRGRQWLWLV HV DTXHOOD TXH QR UHDFFLRQD D OD WHUDSpXWLFD R TXH UHFXUUH
LQPHGLDWDPHQWHGHVSXpVGHOWUDWDPLHQWRDGHFXDGRSRUUD]RQHVGHVFRQRFLGDV
'2/25'(17$/
'RORUTXHVHSUHVHQWDHQXQRRPiVGLHQWHV\SXHGHRVFLODUHQWUHXQDOHYHVHQVDFLyQGH
PROHVWLD\WHUULEOHVVXIULPLHQWRVSXHGHSUHVHQWDUVHGHIRUPDHVSRQWiQHDRSURYRFDGD3XHGHVHU
GHRULJHQSXOSDUFDXVDGRSRUODVUDtFHVQHUYLRVDVVHQVLWLYDV\SURGXFLGRHQODV]RQDVLQHUYDGDV
SRU ODV UDtFHV DIHFWDGDV SXHGH VHU FDXVDGR SRU XQD OHVLyQ GH FDULHV HQIHUPHGDG SHULRGRQWDO R
WUDXPDGHQWDO
75$80$'(17$/
&RQVHFXHQFLDGHDFFLGHQWHVJROSHVFDtGDVFKRTXHVTXHDIHFWDQODPD\RUtDGHODVYHFHV
DODUFRGHQWDULRVXSHULRUHQSDUWLFXODUDORVLQFLVLYRVVXSHULRUHVTXHVRQORVPiVIUHFXHQWHPHQWH
OHVLRQDGRV /R KDELWXDO HV OD IUDFWXUD FRURQDULD \ RFDVLRQDOPHQWH SXHGH SURGXFLUVH OD OX[DFLyQ
WRWDOGHODSLH]D
(;326,&,Ï138/3$5325&$5,(6
6LWXDFLyQ HQ TXH OD SXOSD GHQWDULD TXHGD H[SXHVWD DO PHGLR H[WHUQR KDFLpQGRVH
VXVFHSWLEOHDODLQYDVLyQEDFWHULDQDSURGXFLGDSRUFDPELRVSDWROyJLFRVHQORVWHMLGRVGXURVGHO
GLHQWHFRQVHFXHQFLDGHXQDOHVLyQGHFDULHVH[WHQVD\SURIXQGD
(67e7,&$
(Q RGRQWRORJtD FREUD HVSHFLDO LPSRUWDQFLD SRUTXH UHSUHVHQWD XQD GH ODV IXQFLRQHV
IXQGDPHQWDOHVFXPSOLGDVSRUORVGLHQWHVWDQWRSRUVLPLVPRVFRPRWDPELpQSRUVXYDORUFRPR
VRVWpQGHORVWHMLGRVEODQGRVGHODFDUD
3527e6,&26
/DV SUyWHVLV SDUFLDOHV R FRPSOHWDV VRQ XWLOL]DGDV SRU ORV GHQWLVWDV SDUD UHHPSOD]DU OD
SpUGLGD GHXQ JUDQ Q~PHUR GH SLH]DV GHQWDOHV HVWiQ GLVHxDGDV D PHGLGD SDUD DGDSWDUVH D FDGD
SDFLHQWH
/D SURVWRGRQFLD DEDUFD ORV GLVWLQWRV PpWRGRV TXH H[LVWHQ SDUD SURSRUFLRQDU VXVWLWXWRV
DUWLILFLDOHV R GHQWDGXUDV SDUD ORV GLHQWHV TXH VH KDQ SHUGLGR FX\D UHSRVLFLyQ DVHJXUD OD
GLVWULEXFLyQXQLIRUPHGHODVIXHU]DVLPSOLFDGDVHQODPDVWLFDFLyQHYLWDQGRDVtODSpUGLGDGHRWURV
GLHQWHVFRPRUHVXOWDGRGHXQDSUHVLyQLQGHELGD
$62/,&,78''(/3$&,(17(
&XDQGRVHOOHJDDODSpUGLGDGHXQDSLH]DGHQWDOSRUVROLFLWXGGHOSDFLHQWH
$3,f$0,(172
&XDQGR ORV GLHQWHV VRQ GHPDVLDGR JUDQGHV SDUD HO WDPDxR GHO PD[LODU ODV SLH]DV
GHQWDULDVQRWLHQHQVLWLRSDUDVDOLU\VHVRODSDQHLPEULQFDQXQDVFRQRWUDVODV~OWLPDVSLH]DVHQ
VDOLUHQFDGDJUXSRLQFLVLYRVODWHUDOHVFDQLQRVVHJXQGRELF~VSLGHV\WHUFHURVPRODUHVVRQODV
TXHSUHVHQWDQHOPD\RUJUDGRGHDQRPDOtDSRVLFLRQDO/DDFRPRGDFLyQDODIDOWDGHHVSDFLRHV
GLVWLQWDHQOD]RQDDQWHULRUTXHHQORVVHJPHQWRVSRVWHULRUHV$QLYHOLQFLVLYRHODSLxDPLHQWRHV
FRQVHFXHQFLDGHODIDOWDGHHVSDFLR\OOHJDQDDIHFWDUDOFRQMXQWRGHODVVHLVSLH]DVDQWHULRUHV
$%6&(623(5,$3,&$/&21)Ë678/$26,1(//$
(V XQD LQIODPDFLyQ DSLFDO DJXGD FDUDFWHUL]DGD SRU OD IRUPDFLyQ GH XQD FROHFFLyQ
SXUXOHQWDHQOD]RQDDSLFDOGHXQGLHQWHDIHFWDGRSRUXQGRORUPX\DJXGR
6LVHSURGXFHHOGHWHULRURLUUHYHUVLEOHGHODSXOSDGHQWDULD\ODOHVLyQSURJUHVD\DIHFWDOD
]RQDSHULDSLFDOSXHGHQHQFRQWUDUVHPDQLIHVWDFLRQHVLQIHFFLRVDVGHORVWHMLGRVSHULDSLFDOHVeVWDV
VRQVLPLODUHVDODVTXHVHHQFXHQWUDQHQHODGXOWRSHURJHQHUDOPHQWHVRQPXFKRVPiVVLOHQWHV
(&2120Ë$
$OLJXDOTXHHQFXDOTXLHUVHUYLFLRODFDSDFLGDGHFRQyPLFDGHOSDFLHQWHSDUDKDFHUIUHQWH
DO WUDWDPLHQWR SXHGH LQIOXLU VLJQLILFDWLYDPHQWH HQ HO SODQ HVWDEOHFLGR $XQTXH HO FRVWH QR
GHELHUDLQIOXLUHQODHOHFFLyQGHOWUDWDPLHQWRGHKHFKRHVIUHFXHQWHTXHVtLQIOX\D+D\SDFLHQWHV
HQTXHVHUtDLQ~WLOXQDUHVWDXUDFLyQFRPSOHWDGHODGHQWDGXUDSHURTXHQRSXHGHDFFHGHUDHVWH
WUDWDPLHQWR
,1',&$&,Ï12572'Ï1&,&$
/D RUWRGRQFLD WLHQH FRPR IXQFLyQ OD UHFRORFDFLyQ GH OD SRVLFLyQ GH ORV GLHQWHV HQ OD
DUFDGD GHQWDO 6H RFXSD GHO GLDJQyVWLFR HVWXGLR SUHYHQFLyQ \ FRUUHFFLyQ GH ODV VLWXDFLRQHV
FRQRFLGDV FRPR PDORFOXVLyQ TXH FRQVLVWHQ HQ LUUHJXODULGDGHV HQ OD SRVLFLyQ GHO GLHQWH \ VXV
UHODFLRQHVPDQGLEXODUHVTXHSXHGHQFRQGXFLUDGHIRUPLGDGHVGHODPDQGtEXOD\GHODFDUD
0HGLDQWHODFRORFDFLyQGHDSDUDWRV\DFFHVRULRVHVSHFLDOHVHQORVGLHQWHVHQFRPELQDFLyQ
DYHFHVFRQODFLUXJtDHORUWRGRQFLVWDSXHGHFRQVHJXLUXQDRFOXVLyQFRUUHFWDGHORVGLHQWHV
2%-(7,926
2%-(7,92*(1(5$/
'HWHUPLQDU ODV SLH]DV GHQWDOHV SHUPDQHQWHV TXH VH H[WUDHQ FRQ PD\RU IUHFXHQFLD \ ODV
FDXVDVTXHFRQWULEX\HQDHOORHQHVWXGLDQWHVFRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGH
,QVWLWXWRV GH HGXFDFLyQ EiVLFD GH ODV HWQLDV .DTFKLNHO GHO GHSDUWDPHQWR GH &KLPDOWHQDQJR
*DUtIXQD GHO GHSDUWDPHQWR GH ,]DEDO 4¶HTFKL¶GHO GHSDUWDPHQWR GH $OWD 9HUDSD] 0DP GHO
GHSDUWDPHQWRGH6DQ0DUFRV\7]¶XWXMLOGHOGHSDUWDPHQWRGH6ROROi
2%-(7,926(63(&Ë),&26
'HWHUPLQDUFXiOHVODSLH]DTXHVHSLHUGHFRQPD\RUIUHFXHQFLD\ODVFDXVDVTXHFRQWULEX\HQ
DHOOR
'HWHUPLQDU FXiO HV OD SLH]D TXH FRQ PD\RU IUHFXHQFLD VH SLHUGH HQ HO VHJPHQWR DQWHUR
LQIHULRU
'HWHUPLQDU FXiO HV OD SLH]D TXH FRQ PD\RU IUHFXHQFLD VH SLHUGH HQ HO VHJPHQWR DQWHUR
VXSHULRU
'HWHUPLQDU FXiO HV OD SLH]D TXH FRQ PD\RU IUHFXHQFLD VH SLHUGH HQ HO VHJPHQWR SRVWHUR
VXSHULRU
'HWHUPLQDU FXiO HV OD SLH]D TXH FRQ PD\RU IUHFXHQFLD VH SLHUGH HQ HO VHJPHQWR SRVWHUR
LQIHULRU
'HWHUPLQDUFXiOHVODFDXVDSRUODFXDOVHSLHUGHQPiVSLH]DVGHQWDOHV
'HWHUPLQDUHOJpQHURTXHSLHUGHPiVSLH]DVGHQWDOHV
+,3Ï7(6,6
/DSLH]DGHQWDOSHUPDQHQWHTXHPiVVHSLHUGHHVODSULPHUDPRODULQIHULRU
/DFDXVDSRUODFXDOPiVVHH[WUDHQSLH]DVGHQWDOHVHVODFDULHVGHQWDO
'(),1,&,Ï1'(9$5,$%/(6
&DULHV 'HQWDO $IHFFLyQ GH ODV HVWUXFWXUDV GHQWDULDV SURGXFLGD SRU OD DFFLyQ GH OD iFLGRV
SURGXFWR GH OD GHJUDGDFLyQ GH ORV FDUERKLGUDWRV SUHVHQWHV HQ OD GLHWD SRU PLFURRUJDQLVPRV
FDULRJpQLFRV (V FRQVLGHUDGD XQD HQIHUPHGDG LQIHFFLRVD GH OD FDYLGDG EXFDO
PLFURELRORJLFDPHQWHHVSHFtILFD
'HQWLFLyQ SHUPDQHQWH &RQMXQWR GH GLHQWHV RFKR SRU FDGD KHPLDUFDGD TXH GHVGH OD OtQHD
PHGLD KDFLD GLVWDO VRQ LQFLVLYR FHQWUDO LQFLVLYR ODWHUDO FDQLQR SULPHU SUHPRODU VHJXQGR
SUHPRODUSULPHUPRODUVHJXQGRPRODU\WHUFHUPRODU
(GDG7LHPSRTXHXQDSHUVRQDKDYLYLGRDFRQWDUGHVGHTXHQDFLy
(QIHUPHGDG3HULRGRQWDO&XDOTXLHUDGHXQJUXSRGHHVWDGRVSDWROyJLFRVTXHDIHFWDQDORVWHMLGRV
TXHURGHDQ\VRSRUWDQDORVGLHQWHVFODVLILFDGRVJHQHUDOPHQWHFRPRLQIODPDWRULRVJLQJLYLWLV\
SHULRGRQWLWLVGLVWUyILFRVWUDXPDWLVPRSHULRGRQWDO\SHULRGRQWRVLV\DQRPDOtDV
(VSDFLR(GpQWXOR6LWLRGHODVDUFDGDVGRQGHKDFHIDOWDXQDRYDULDVSLH]DVGHQWDOHV
(WQLD $JUXSDFLyQ QDWXUDO GH LQGLYLGXRV GH LJXDO FXOWXUD TXH DGPLWH JUXSRV UDFLDOHV \
RUJDQL]DFLRQHVVRFLDOHVYDULDV
([RGRQFLD5DPDGHODRGRQWRORJtDODFXDOGHVFULEHODVWpFQLFDVGHOSURFHGLPLHQWRTXLU~UJLFR
TXHWUDWDGHODUHPRFLyQGHXQDSLH]DGHQWDULDGHVXDOYHRORHQORVKXHVRVPD[LODUHV
/XJDUGHQDFLPLHQWR6LWLRGHRULJHQSURFHGHQFLD
6H[R ELROyJLFR &RQGLFLyQ RUJiQLFD TXH GLVWLQJXH DO PDVFXOLQR GHO IHPHQLQR HQ ORV VHUHV
KXPDQRV
6HJPHQWR3DUWHFRUWDGDGHXQDFRVD
0$7(5,$/(6<0e72'26
(OHVWXGLRVHUHDOL]yGHODVLJXLHQWHIRUPD
'HILQLFLyQGHODSREODFLyQGHHVWXGLR
'HILQLFLyQGHORVFULWHULRVGHLQFOXVLyQ\H[FOXVLyQGHOHVWXGLR
3URFHVRGHFDOLEUDFLyQGHORVH[DPLQDGRUHV
5HDOL]DFLyQGHOWUDEDMRGHFDPSRTXHLQFOX\y
&RQVHQWLPLHQWRLQIRUPDGR
([DPHQ&OtQLFR
$QDPQHVLV
$QiOLVLVGHGDWRV
3UHVHQWDFLyQ\GLVFXVLyQGHUHVXOWDGRV
'(),1,&,Ï1'(/$32%/$&,Ï1'((678',2
/DSREODFLyQGHILQLGDHQHVWDSREODFLyQHVWXYRLQWHJUDGDSRUHVFRODUHVGHDPERVVH[RV
LQVFULWRVHQHOFLFORHVFRODUFRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHHVFXHODVH
LQVWLWXWRVS~EOLFRVGHOiUHDUXUDOGHORVGHSDUWDPHQWRVGH*XDWHPDOD
6HWRPRODSREODFLyQWRWDOHQGLFKRVHVWDEOHFLPLHQWRV
'(),1,&,Ï1'(/26&5,7(5,26'(,1&/86,Ï1<(;&/86,Ï1'(/(678',2
&ULWHULRVGH,QFOXVLyQ
• &RQVHQWLPLHQWRLQIRUPDGR\FRPSUHQGLGRSRUSDUWHGHORVSDGUHVGHOHVFRODUSDUDTXHSDUWLFLSHHQHO
HVWXGLR
• &RQVHQWLPLHQWRLQIRUPDGR\FRPSUHQGLGRSRUHOSDFLHQWHSDUDSDUWLFLSDUHQHOHVWXGLR
• 'LVSRVLFLyQSDUDSDUWLFLSDUHQHOHVWXGLR
&ULWHULRVGH([FOXVLyQ
‡(VWXGLDQWHVTXHQRSHUWHQH]FDQDODVHWQLDVTXHFRPSUHQGHHVWHHVWXGLR
‡)DOWDGHGLVSRVLFLyQSDUDSDUWLFLSDUHQHOHVWXGLRSRUSDUWHGHORVSDGUHVRGHOHVFRODU
&$/,%5$&,Ï1'(/26(;$0,1$'25(6
3UHYLRDUHDOL]DUHVHVWXGLRVHUHDOL]DURQYDULDVVHVLRQHVWHyULFRSUiFWLFDVFRQHOREMHWRGH
DGRSWDUFULWHULRVVLPLODUHVHQWUHORVLQYHVWLJDGRUHVFRQUHVSHFWRDODPHWRGRORJtDODVWpFQLFDVGH
H[DPHQFOtQLFRGHUHFROHFFLyQGHLQIRUPDFLyQ\DQiOLVLVGHODPLVPD
5($/,=$&,Ï1'(/75$%$-2'(&$032
6HHODERUyXQFURQRJUDPDGHDFWLYLGDGHVSDUDPDQHMDUDGHFXDGDPHQWHHOWLHPSR\HOHVSDFLH
&RQVHQWLPLHQWR,QIRUPDGR
6HOHH[SOLFyDO'LUHFWRUGHOHVWDEOHFLPLHQWRSDGUHVGHIDPLOLD\HVFRODUHVWRGRVORVDVSHFWRV
UHODFLRQDGRVFRQODSHUGLGDGHGLHQWHVDVtFRPRWRGDVODVSDUWHVGHOH[DPHQFOtQLFR8QDYH]UHDOL]DGROR
DQWHULRU VH OH VROLFLWR DO SDFLHQWH TXH OOHQDUD OD IRUPD GHQRPLQDGD &RQVHQWLPLHQWR ,QIRUPDGR \
&RPSUHQGLGRYHUDQH[RV1R\SDUDSRGHULQLFLDUFRQODHYDOXDFLyQFOtQLFD6HHODERUyXQDILFKD
LQVWUXPHQWRUHFROHFWRUGHLQIRUPDFLyQ
$QDPQHVLV
6HOOHQRXQDILFKDFOtQLFDYHUDQH[R1RPHGLDQWHODFXDOVHREWXYLHURQORVGDWRVJHQHUDOHV
GHOSDFLHQWHHVWDGRJHQHUDOGHVXVGLHQWHVSLH]DVTXHSHUGLy\ODFDXVDSRUODFXDOODVSHUGLy
([DPHQ&OtQLFR
3UHYLRDUHDOL]DUHOH[DPHQFOtQLFRVHOHSLGLyDOSDFLHQWHTXHVHHQMXDJDUDFRQDJXDSXUD
3DUDODUHDOL]DFLyQGHOH[DPHQFOtQLFRVHXWLOL]yXQVLOOyQGHFDPSDxDLQVWUXPHQWDOGHH[DPHQ
JXDQWHVEDQGHMDVSDUDHVWHULOL]DFLyQHQIUtRVROXFLyQJHUPLFLGDDJXDMDEyQOtTXLGRWRDOODHVFULWRULROX]
QDWXUDO\DUWLILFLDO
6HKL]RODHYDOXDFLyQFOtQLFDGHODFDYLGDGEXFDOGHOSDFLHQWHHQODFXDOVHREVHUYy\WRPy
HQFXHQWDODVSLH]DVTXHHOSDFLHQWHSHUGLyKDVWDHVHPRPHQWR\VHOHSUHJXQWyHOSDFLHQWHFXDO
IXHODUD]yQSRUODFXDOSHUGLyGLFKDVSLH]DVGHQWDOHV
/RVKDOOD]JRVGHOH[DPHQFOtQLFRIXHURQDQRWDGRVHQXQDILFKDFOtQLFDYHUDQH[R1R(Q
ODVHFXHQFLDGHOH[DPHQVHHVWDEOHFLySULPHURODDXVHQFLDGHODRODVSLH]DVGHQWDOHV\OXHJRODV
FDXVDVGHODH[WUDFFLyQ
$1È/,6,6'('$726 7DEXODFLyQ\DQiOLVLVHVWDGtVWLFRGHORVGDWRV\UHVXOWDGRVREWHQLGRVORVFXDOHVVHSUHVHQWDQ
HQWDEODV\FXDGURVGLVHxDGRVSDUDHOHIHFWR
',675,%8&,Ï1'(/75$%$-2'(*5832
(Q HO VLJXLHQWH FXDGUR VH HVSHFLILFD D TXp HVWXGLDQWH OH FRUUHVSRQGLy YLVLWDU FDGD
FRPXQLGDG
(678',$17(
(GJDUGR0D]DULHJRV
(PP\%HDWUL]*RQ]iOH]*DUFtD
+HOGHU(IUDtQ2FKRD5HLQD
0HUOH(VWKHU0DGULG&DUULOOR
6DQGUD(OL]DEHWK2UR]FR\2UR]FR
(71,$
*DUtIXQDV
4¶HTFKL¶
7]¶XWXMLO
.DTFKLNHO
0DP
,=$%$/
'(3$57$0(172
,]DEDO
$OWD9HUDSD]
6ROROi
&KLPDOWHQDQJR
6DQ0DUFRV
6HWRPDURQORVVLJXLHQWHVHVWDEOHFLPLHQWRV
38(572%$55,26
,QVWLWXWR1DFLRQDO³/XLV3DVWHXU´MRUQDGDV0DWXWLQD\9HVSHUWLQD,QVWLWXWR([SHULPHQWDO
,QVWLWXWR1DFLRQDO³'RPLQJR-XDUURV´-RUQDGDV0DWXWLQD\9HVSHUWLQD
/,9,1*6721
,QVWLWXWR1DFLRQDOGH(GXFDFLyQ%iVLFD³$XJXVWD%ODQFR5XELR´
$/7$9(5$3$=
6HWRPDURQORVVLJXLHQWHVHVWDEOHFLPLHQWRV,QVWLWXWRV1DFLRQDOHVGH(GXFDFLyQ%iVLFD
,QVWLWXWR 0L[WR ³1XHYRV +RUL]RQWHV´ ,QVWLWXWR 1DFLRQDO GH (GXFDFLyQ %iVLFD $GVFULWR D
,QVWLWXWR(PLOLR5RVDOHV3RQFH´
6$1/8&$672/,0È162/2/È
6H WRPDURQ ORV VLJXLHQWHV HVWDEOHFLPLHQWRV ,QVWLWXWR GH (GXFDFLyQ %iVLFD SRU
&RRSHUDWLYD GH (QVHxDQ]D ³(GXDUGR 'tD] %DUULRV´ ,QVWLWXWR GH (GXFDFLyQ %iVLFD 3DUURTXLDO
0L[WR ³6DQWD &UX]´ &ROHJLR ,QWHJUDO 7ROLPiQ ,QVWLWXWR GH (GXFDFLyQ %iVLFD 0D\D &ROHJLR
0L[WR,QWHJUDO³%HWKHO
&+,0$/7(1$1*2&+,0$/7(1$1*2
$TXt VH WRPDURQ ORV VLJXLHQWHV HVWDEOHFLPLHQWRV ,QVWLWXWR 3ULYDGR 0L[WR GH (GXFDFLyQ
%iVLFD ³-RVp 6LPHyQ &DYDV \ 9LOODFRUWD ,QVWLWXWR GH (GXFDFLyQ 0HGLD ³%LOLQJH &LHQWtILFR´
,QVWLWXWR ([SHULPHQWDO GH (GXFDFLyQ %iVLFD ³/HRQLGDV0HQFRV ÈYLOD´ ,QVWLWXWR 3ULYDGR 0L[WR
GH(GXFDFLyQ%iVLFD&ROHJLR³6DQWD$QD´
&20,7$1&,//26$10$5&26
$TXt VH WRPDURQ ORV VLJXLHQWHV HVWDEOHFLPLHQWRV ,QVWLWXWR GH (GXFDFLyQ %iVLFD ³/LFHR
&RPLWHFR´ (VFXHOD 2ILFLDO 8UEDQD 0L[WD ³5DIDHO /DQGLYDU´ ³&ROHJLR 3ULYDGR -XDQ 'LHJR´
(VFXHOD2ILFLDO5XUDO0L[WD³&DVHUtR/RV%XMHV´
5(68/7$'26
(71,$7=878-,/
(Q HO FXDGUR 1R VH SXHGH REVHUYDU XQ WRWDO GH SLH]DV H[WUDtGDV VLHQGR OD PiV
IUHFXHQWH OD SLH]D 1R (QWUH ODV FDXVDV TXH RFDVLRQDQ PD\RU SpUGLGD GH SLH]DV GHQWDOHV
HVWiQFDULHVWUDXPDGHQWDOLQGLFDFLyQRUWRGyQFLFDVLHQGRODFDULHVODPiVIUHFXHQWH
(QHOFXDGUR1RVHSXHGHREVHUYDUTXHHQHOVHJPHQWRDQWHURLQIHULRUODSLH]DHVOD
TXHPiVVHSLHUGH
(QHOFXDGUR1RSRGHPRVREVHUYDUTXHHQHOVHJPHQWRDQWHURVXSHULRUVHSUHVHQWyXQ
WRWDOGHSLH]DVH[WUDtGDVVLHQGRODVSLH]DV\ODVTXHVHSLHUGHQFRQPD\RUIUHFXHQFLD\ODV
SLH]DV\ODVTXHPHQRVVHSLHUGHQ
(Q HO FXDGUR 1R VH REVHUYD TXH HQ HO VHJPHQWR SRVWHURVXSHULRU KD\ XQ WRWDO GH SLH]DVH[WUDtGDVVLHQGRODSLH]DODTXHPiVVHSLHUGH\ODVTXHPHQRVVHSLHUGHQVRQOD\OD
(QHOFXDGUR1RVHSXHGHREVHUYDUTXHHQHOVHJPHQWRSRVWHURLQIHULRUKD\XQWRWDOGH
SLH]DVH[WUDtGDVVLHQGRODSLH]DODTXHSUHVHQWDPD\RUDXVHQFLD\ODODTXHPHQRVVH
SLHUGH
(Q HO FXDGUR 1R VH REVHUYD TXH HQWUH ODV FDXVDV HQFRQWUDGDV HQ HO HVWXGLR OD FDULHV
GHQWDOVHSUHVHQWDPiVIUHFXHQWHPHQWHYHFHV
(QHOFXDGUR1RSRGHPRVREVHUYDUTXHGHODVDXVHQFLDVGHSLH]DVGHQWDOHVHQWUHORV
KRPEUHV VH SUHVHQWDURQ DXVHQFLDV \ ODV PXMHUHV SUHVHQWDURQ SLH]DV H[WUDtGDV \ TXH ORV
KRPEUHVSUHVHQWDQPD\RUSpUGLGDGHODSLH]DQ~PHUR\ODVPXMHUHVODQ~PHUR\
5(68/7$'262%7(1,'26&203$5$1'2/$6&,1&2(71,$6
,1&/8,'$6(1/$,19(67,*$&,Ï1
(Q HO FXDGUR 1R VH REVHUYD TXH OD SLH]DV TXH VH SLHUGH FRQ PD\RU IUHFXHQFLD HQ ORV
GLIHUHQWHVGHSDUWDPHQWRVHVOD1RVLHQGRHOGHSDUWDPHQWRGH$OWD9HUDSD]HOTXHSUHVHQWDHO
PD\RUQ~PHURGHSLH]DVH[WUDtGDV\ODSLH]DTXHVHSLHUGHFRQPHQRUIUHFXHQFLDHVOD1RVLHQGR
ODSUHGRPLQDQWHGHSpUGLGDGHQWDOODFDULHVGHQWDOHQWRGRVORVGHSDUWDPHQWRV
(Q FXDGUR 1R VH REVHUYD TXH OD SLH]D TXH VH SLHUGH FRQ PD\RU IUHFXHQFLD HQ HO
VHJPHQWRDQWHURLQIHULRUHVOD1R\HOGHSDUWDPHQWRGH$OWD9HUDSD]HVHOTXHSUHVHQWDHOPD\RU
Q~PHUR GH SLH]DV DXVHQWHV SRU H[RGRQFLD PLHQWUDV TXH HQ ORV GHSDUWDPHQWRV GH ,]DEDO \ 6DQ
0DUFRVHQHVWHVHJPHQWRQRVHSUHVHQWDQLQJXQDSpUGLGDGHQWDO
(QHOFXDGUR1RVHREVHUYDTXHHQHOVHJPHQWRDQWHURVXSHULRUODSLH]DTXHVHSLHUGH
FRQ PD\RU IUHFXHQFLD HV OD 1R \ HO GHSDUWDPHQWR GH $OWD9HUDSD] HV HO TXH SUHVHQWD HO PD\RU
Q~PHUR GH SLH]DV DXVHQWHV SRU H[RGRQFLD \ HO GHSDUWDPHQWR GH 6DQ 0DUFRV HO TXH SUHVHQWD HO
PHQRUQ~PHURGHSLH]DVH[WUDtGDV
(QHOFXDGUR1RVHREVHUYDTXHHQHOVHJPHQWRSRVWHURVXSHULRUODSLH]DTXHVHSLHUGH
FRQ PD\RU IUHFXHQFLD HV OD 1R \ HO GHSDUWDPHQWR TXH SUHVHQWD HO PD\RU Q~PHUR GH SLH]DV
H[WUDtGDVHV$OWD9HUDSD]ODSLH]DTXHVHSLHUGHFRQPHQRUIUHFXHQFLDHVOD1R
(Q HO FXDGUR 1R VH REVHUYD TXH OD SLH]D TXH VH SLHUGH FRQ PD\RU IUHFXHQFLD HQ HO
VHJPHQWR SRVWHURLQIHULRUHVOD 1R VLHQGR HO GHSDUWDPHQWRGH $OWD 9HUDSD] HO TXHSUHVHQWD HO
PD\RUQ~PHURGH SLH]DVDXVHQWHVSRUH[RGRQFLD\ HO GHSDUWDPHQWRGH6ROROi HO TXH SUHVHQWDOD
PHQRUFDQWLGDGGHSLH]DVH[WUDtGDV
(QHOFXDGUR1RVHREVHUYDTXHODFDULHVGHQWDOHVODFDXVDSULQFLSDOGHSpUGLGDGHQWDO
VLHQGRHOGHSDUWDPHQWRGH$OWD9HUDSD]HOTXHSUHVHQWDHOPD\RUQ~PHURGHSLH]DVH[WUDtGDV\OD
FDXVDPHQRVIUHFXHQWHHVODHQIHUPHGDGSHULRGRQWDO
(Q HO FXDGUR 1R VH REVHUYD TXH ORV KRPEUHV SUHVHQWDQ PD\RU Q~PHUR GH SLH]DV
H[WUDtGDV TXH ODVPXMHUHV VLHQGRHOGHSDUWDPHQWRGH$OWD 9HUDSD]HVHOTXH SUHVHQWD HO PD\RU
Q~PHURGHSLH]DVH[WUDtGDV
&8$'521R
3LH]DV GHQWDOHV SHUPDQHQWHV DXVHQWHV \ FDXVDV TXH FRQWULEX\HQ D VX SpUGLGD VHJ~Q IyUPXOD
XQLYHUVDOHQRUGHQGHVFHQGHQWHGHIUHFXHQFLDGHSpUGLGDHQHVWXGLDQWHVSHUWHQHFLHQWHVDODHWQLD
*DUtIXQDFRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHLQVWLWXWRV\HVFXHODVGHODFDEHFHUD
PXQLFLSDOGH6DQ/XFDV7ROLPiQGHSDUWDPHQWRGH6ROROi*XDWHPDODDxR
3LH]D
&DXVD
)UHFXHQFLD
&DULHV
&DULHV
&DULHV
&DULHV
7UDXPDGHQWDO
,QGLFDFLyQ2UWRGRQFLFD
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
5HTXHULPLHQWRV3URWpVLFRV
&DULHV
727$/
&DULHV
&DULHV
&DULHV
)8(17(7UDEDMRGHFDPSR0D\R-XQLR
&8$'521R
3LH]DVGHQWDOHVSHUPDQHQWHVDXVHQWHVHQHOVHJPHQWRDQWHURVXSHULRUVHJ~QIyUPXODXQLYHUVDOHQ
RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV SHUWHQHFLHQWHV D OD HWQLD *DUtIXQD
FRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHLQVWLWXWRV\HVFXHODVGHODFDEHFHUDPXQLFLSDO
GH6DQ/XFDV7ROLPiQGHSDUWDPHQWRGH6ROROi*XDWHPDODDxR
3LH]D
)UHFXHQFLD
727$/
)8(17(7UDEDMRGHFDPSR0D\R-XQLR
&8$'521R
3LH]DVGHQWDOHVSHUPDQHQWHVDXVHQWHVHQHOVHJPHQWRDQWHURVXSHULRUVHJ~QIyUPXODXQLYHUVDOHQ
RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV SHUWHQHFLHQWHV D OD HWQLD *DUtIXQD
FRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHLQVWLWXWRV\HVFXHODVGHODFDEHFHUDPXQLFLSDO
GH6DQ/XFDV7ROLPiQGHSDUWDPHQWRGH6ROROi*XDWHPDODDxR
3LH]D
)UHFXHQFLD
727$/
)8(17(7UDEDMRGHFDPSR0D\R-XQLR
&8$'521R
3LH]DVGHQWDOHVSHUPDQHQWHVDXVHQWHVHQHOVHJPHQWRSRVWHURVXSHULRUVHJ~QIyUPXODXQLYHUVDOHQ
RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV SHUWHQHFLHQWHV D OD HWQLD *DUtIXQD
FRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHLQVWLWXWRV\HVFXHODVGHODFDEHFHUDPXQLFLSDO
GH6DQ/XFDV7ROLPiQGHSDUWDPHQWRGH6ROROi*XDWHPDODDxR
3LH]D
)UHFXHQFLD
727$/
)8(17(7UDEDMRGHFDPSR0D\R-XQLR
&8$'521R
3LH]DVGHQWDOHVSHUPDQHQWHVDXVHQWHVHQHOVHJPHQWRSRVWHURLQIHULRUVHJ~QIyUPXODXQLYHUVDOHQ
RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV SHUWHQHFLHQWHV D OD HWQLD *DUtIXQD
FRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHLQVWLWXWRV\HVFXHODVGHODFDEHFHUDPXQLFLSDO
GH6DQ/XFDV7ROLPiQGHSDUWDPHQWRGH6ROROi*XDWHPDODDxR
3LH]D
)UHFXHQFLD
727$/
)8(17(7UDEDMRGHFDPSR0D\R-XQLR
&8$'521R
&DXVDVTXHPRWLYDURQODH[WUDFFLyQGHSLH]DVGHQWDOHVSHUPDQHQWHVVHJ~QIyUPXODXQLYHUVDOHQ
RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV SHUWHQHFLHQWHV D OD HWQLD *DUtIXQD
FRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHLQVWLWXWRV\HVFXHODVGHODFDEHFHUDPXQLFLSDO
GH6DQ/XFDV7ROLPiQGHSDUWDPHQWRGH6ROROi*XDWHPDODDxR
&DXVDV
&DULHV
(QIHUPHGDG3HULRGRQWDO
7UDXPD'HQWDO
3URWpVLFRV
2WURV
$EVFHVRSHULDSLFDO
,QGLFDFLyQ2UWRGyQFLFD
)UHFXHQFLD
)8(17(7UDEDMRGHFDPSR0D\R-XQLR
&8$'521R
3LH]DV GHQWDOHV SHUPDQHQWHV TXH VH SLHUGHQ FRQ PD\RU IUHFXHQFLD SRU JpQHUR VHJ~Q IyUPXOD
XQLYHUVDOHQRUGHQGHVFHQGHQWHGHIUHFXHQFLDGHSpUGLGDHQHVWXGLDQWHVSHUWHQHFLHQWHVDODHWQLD
*DUtIXQDFRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHLQVWLWXWRV\HVFXHODVGHODFDEHFHUD
PXQLFLSDOGH6DQ/XFDV7ROLPiQGHSDUWDPHQWRGH6ROROi*XDWHPDODDxR
3LH]D
+RPEUHV
0XMHUHV
7RWDO
727$/
)8(17(7UDEDMRGHFDPSR0D\R-XQLR
&8$'521R
&RQVROLGDGRGHODVSLH]DVGHQWDOHVSHUPDQHQWHVDXVHQWHV\FDXVDVTXHFRQWULEX\HQDVXSpUGLGD
VHJ~Q IyUPXOD XQLYHUVDO HQ RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV
FRPSUHQGLGRV HQWUH ODV HGDGHV GH D DxRV GH ORV LQVWLWXWRV GH HGXFDFLyQ EiVLFD GH ORV
GHSDUWDPHQWRV GH &KLPDOWHQDQJR ,]DEDO $OWD 9HUDSD] 6DQ 0DUFRV \ 6ROROi *XDWHPDOD DxR
3LH]D
&DXVDV &+,0$/7(1$1*2 ,=$%$/
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
&DULHV
727$/
)8(17(7UDEDMRGHFDPSR0D\R±-XQLR
$/7$
6$1
62/2/$ 727$/
9(5$3$= 0$5&26
727$/
&+,0$/7(1$1*2
3LH]D
)XHQWH7UDEDMRGHFDPSR0D\R-XQLR
,=$%$/
9(5$3$=
$/7$
6$10$5&26
62/2/$
727$/
LQVWLWXWRVGHHGXFDFLyQEiVLFDGHORVGHSDUWDPHQWRVGH&KLPDOWHQDQJR,]DEDO$OWD9HUDSD]6DQ0DUFRV\6ROROi*XDWHPDODDxR
XQLYHUVDO HQ RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV FRPSUHQGLGRV HQWUH ODV HGDGHV GH D DxRV GH ORV
&RQVROLGDGR GH ODV SLH]DV GHQWDOHV SHUPDQHQWHV TXH VH SLHUGHQ FRQ PD\RU IUHFXHQFLD HQ HO VHJPHQWR DQWHURLQIHULRU VHJ~Q IyUPXOD
&8$'521R
&8$'521R
727$/
&+,0$/7(1$1*2
3LH]D
)XHQWH7UDEDMRGHFDPSR0D\R-XQLR
,=$%$/
9(5$3$=
$/7$
6$10$5&26
62/2/$
727$/
LQVWLWXWRVGHHGXFDFLyQEiVLFDGHORVGHSDUWDPHQWRVGH&KLPDOWHQDQJR,]DEDO$OWD9HUDSD]6DQ0DUFRV\6ROROi*XDWHPDODDxR
XQLYHUVDO HQ RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV FRPSUHQGLGRV HQWUH ODV HGDGHV GH D DxRV GH ORV
&RQVROLGDGRGHODVSLH]DVGHQWDOHVSHUPDQHQWHVTXHVHSLHUGHQFRQPD\RUIUHFXHQFLDHQHOVHJPHQWRDQWHURVXSHULRUVHJ~QIyUPXOD
&8$'521R
727$/
&+,0$/7(1$1*2
3LH]D
)XHQWH7UDEDMRGHFDPSR0D\R-XQLR
,=$%$/
9(5$3$=
$/7$
6$10$5&26
62/2/$
727$/
LQVWLWXWRVGHHGXFDFLyQEiVLFDGHORVGHSDUWDPHQWRVGH&KLPDOWHQDQJR,]DEDO$OWD9HUDSD]6DQ0DUFRV\6ROROi*XDWHPDODDxR
XQLYHUVDO HQ RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV FRPSUHQGLGRV HQWUH ODV HGDGHV GH D DxRV GH ORV
&RQVROLGDGRGHODVSLH]DVGHQWDOHVSHUPDQHQWHVTXHVHSLHUGHQFRQPD\RUIUHFXHQFLDHQHOVHJPHQWRSRVWHURVXSHULRUVHJ~QIyUPXOD
&8$'521R
)XHQWH7UDEDMRGHFDPSR0D\R-XQLR
727$/
&+,0$/7(1$1*2
3LH]D
,=$%$/
9(5$3$=
$/7$
6$10$5&26
62/2/$
727$/
&RQVROLGDGRGHODVSLH]DVGHQWDOHVSHUPDQHQWHVTXHVHSLHUGHQFRQPD\RUIUHFXHQFLDHQHOVHJPHQWRSRVWHURLQIHULRUVHJ~QIyUPXOD
XQLYHUVDO HQ RUGHQ GHVFHQGHQWH GH IUHFXHQFLD GH SpUGLGD HQ HVWXGLDQWHV FRPSUHQGLGRV HQWUH ODV HGDGHV GH D DxRV GH ORV
LQVWLWXWRVGHHGXFDFLyQEiVLFDGHORVGHSDUWDPHQWRVGH&KLPDOWHQDQJR,]DEDO$OWD9HUDSD]6DQ0DUFRV\6ROROi*XDWHPDODDxR
&8$'521R
)XHQWH7UDEDMRGHFDPSR0D\R-XQLR
727$/
(QIHUPHGDG3HULRGRQWDO
5D]yQ(FRQyPLFD
$EVFHVR3HULDSLFDO
(VWpWLFD
2WURV
7UDXPD'HQWDO
0DO3RVLFLyQ
3URWpVLFRV
&DULHV
,QGLFDFLyQ2UWRGRQFLFD
&+,0$/7(1$1*2
&DXVDV
,=$%$/ $/7$9(5$3$= 6$10$5&26
GHSDUWDPHQWRVGH&KLPDOWHQDQJR,]DEDO$OWD9HUDSD]6DQ0DUFRV\6ROROi*XDWHPDODDxR
62/2/$ 727$/
GHIUHFXHQFLDGHSpUGLGDHQHVWXGLDQWHVFRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHORVLQVWLWXWRVGHHGXFDFLyQEiVLFDGHORV
&RQVROLGDGRGHODVFDXVDVTXHPRWLYDURQODH[WUDFFLyQGHSLH]DVGHQWDOHVSHUPDQHQWHVVHJ~QIyUPXODXQLYHUVDOHQRUGHQGHVFHQGHQWH
&8$'521R
727$/
)XHQWH7UDEDMRGHFDPSR0D\R-XQLR
0$6&8/,12
)(0(1,12
&RQVROLGDGRGHODVSLH]DVGHQWDOHVSHUPDQHQWHVTXHVHSLHUGHQFRQPD\RUIUHFXHQFLDSRUJpQHURVHJ~QIyUPXODXQLYHUVDOHQRUGHQ
GHVFHQGHQWHGHIUHFXHQFLDGHSpUGLGDHQHVWXGLDQWHVFRPSUHQGLGRVHQWUHODVHGDGHVGHDDxRVGHORVLQVWLWXWRVGHHGXFDFLyQ
EiVLFDGHORVGHSDUWDPHQWRVGH&KLPDOWHQDQJR,]DEDO$OWD9HUDSD]6DQ0DUFRV\6ROROi*XDWHPDODDxR
*pQHUR
&+,0$/7(1$1*2
,=$%$/
$/7$9(5$3$=
6$10$5&26
62/2/$ 727$/
',6&86,Ï1'(5(68/7$'26'(/$(71,$7=878-,/
/RVUHVXOWDGRVREWHQLGRVHQHVWDHWQLDVHJ~QODIyUPXODXQLYHUVDOLQGLFDQORVLJXLHQWH
• /D SLH]D GHQWDO TXH PiV VH SLHUGH HV OD SLH]D Q~PHUR TXH FRUUHVSRQGH D OD SULPHUD
PRODULQIHULRUGHUHFKDVHJXLGDGHODSLH]DQ~PHURTXHFRUUHVSRQGHDODSULPHUDPRODU
LQIHULRUL]TXLHUGDODVSLH]DVPHQRVH[WUDtGDVVRQODVSLH]DV\TXHFRUUHVSRQGHQD
SULPHUDV\VHJXQGDVPRODUHVVXSHULRUHVGHUHFKDVDVtFRPRFDQLQRLQIHULRUL]TXLHUGR(VWR
VHGHEHDTXHODVSULPHUDVPRODUHVLQIHULRUHVVRQGHODVSULPHUDVSLH]DVSHUPDQHQWHVHQ
DSDUHFHUHQERFD\TXHODVDQDWRPtDGHHVWDVSLH]DVHQODFDUDRFOXVDO\VXXELFDFLyQHQOD
ERFDVRQODVPiVGLItFLOHVGHOLPSLDU\ODVPiVSURSHQVDVDVXIULUGHODVHQIHUPHGDGHVHQ
FDYLGDGRUDOTXHDIHFWDQORVWHMLGRVGXURVRGLHQWHV
• /DFDXVDTXHPiVDIHFWyDORVHVWXGLDQWHVGHHVWDHWQLDIXHODFDULHVGHQWDOFRQXQ
VHJXLGDGHODHQIHUPHGDGSHULRGRQWDOFRQ\ODVFDXVDVTXHPHQRVOOHYDURQDODSpUGLGD
GHQWDOIXHURQSRUDEVFHVRSHULDSLFDO\SRULQGLFDFLyQRUWRGyQFLFDFRQFDGDXQD/R
DQWHULRUGHELGRDTXHODGLHWDHQORVHVWXGLDQWHVGHHVWDVHGDGHVHVDOWDHQFDUERKLGUDWRV
D]~FDUHVH[WUtQVHFRVQROiFWHRVTXHORVKXpVSHGHVVRQPiVSURSHQVRVDVXIULUFDULHVTXH
QRVHWLHQHXQDDGHFXDGDOLPSLH]DGHORVGLHQWHVORFXDOOOHYDDTXHXQSHTXHxRSRUFHQWDMH
WDPELpQVHILyDIHFWDGRSRUHQIHUPHGDGSHULRGRQWDODIHFWDQGRKXHVR\HQFtDVSUHVHQWDQGR
PRYLOLGDGGHQWDULD
• (OVHJPHQWRSRVWHURLQIHULRUSUHVHQWySLH]DVH[WUDtGDVGHSLH]DV(VHOVHJPHQWRHQ
HOTXHPiVVHSHUGLHURQSLH]DVVLHQGRHODQWHURLQIHULRUHOTXHPHQRVSUHVHQWDEDDXVHQFLD
• /RVKRPEUHVSUHVHQWDURQPiVSLH]DVGHQWDOHVSHUGLGDV\ODVPXMHUHVGHXQWRWDOGH
SLH]DVGHQWDOHVSHUGLGDV
',6&86,Ï1'(5(68/7$'26&203$5$1'2/$6&,1&2(71,$6,1&/8,'$6
(1/$,19(67,*$&,Ï1
3DUDGHWHUPLQDUTXpSLH]DGHQWDOSHUPDQHQWHVHSLHUGHFRQPD\RUIUHFXHQFLD\ODFDXVD
TXHFRQWULEX\HDHOORHQDGROHVFHQWHVHVFRODUHVGHDDxRVGHODV(WQLDV.DTFKLNHOGHO
GHSDUWDPHQWR GH &KLPDOWHQDQJR *DULIXQD GHO GHSDUWDPHQWR GH ,]DEDO 4¶HTFKL¶ GHO
GHSDUWDPHQWR GH $OWD 9HUDSD] 0DP GHO GHSDUWDPHQWR GH 6DQ 0DUFRV \ 7]¶XWXMLO GHO
GHSDUWDPHQWRGH6ROROiVHUHDOL]yXQH[DPHQLQWUDRUDO/RVUHVXOWDGRVREWHQLGRVVHSUHVHQWDQ
DFRQWLQXDFLyQFRPSDUDQGRORVFLQFRGHSDUWDPHQWRV
• /D SULPHUD PRODU LQIHULRU GHUHFKD SLH]D Q~PHUR VH HQFRQWUy DXVHQWH HQ HVWXGLDQWHV PLHQWUDV TXH ODV SLH]DV 1R \ SUHVHQWDURQ ~QLFDPHQWH XQD SLH]D
DXVHQWHFDGDXQD(OGHSDUWDPHQWRGH$OWD9HUDSD]SUHVHQWyODPD\RUFDQWLGDGGHSLH]DV
H[WUDtGDV<ODFDXVDSUHGRPLQDQWHGHSpUGLGDGHQWDOIXHOD&DULHV'HQWDO
• (Q HO VHJPHQWRDQWHURLQIHULRU VHSUHVHQWy XQWRWDOGH SLH]DVH[WUDtGDV\ODSLH]D TXH
SUHVHQWy PD\RU IUHFXHQFLD GH SHUGLGD IXH OD 1R VLHQGR HO GHSDUWDPHQWR GH $OWD
9HUDSD] HO TXH SUHVHQWy HO PD\RU Q~PHUR GH SLH]DV H[WUDtGDV VRQ XQ WRWDO GH SLH]DV
DXVHQWHV
• (QHOVHJPHQWRDQWHURVXSHULRUVHSUHVHQWyXQWRWDOGHSLH]DVH[WUDtGDVVLHQGRODSLH]D
TXH SUHVHQWy PD\RU IUHFXHQFLD GH SpUGLGD OD 1R \ HO GHSDUWDPHQWR GH $OWD 9HUDSD]
SUHVHQWR HO PD\RU Q~PHUR GH SLH]DV H[WUDtGDV FRQ XQ WRWDO GH SLH]DV H[WUDtGDV HO
GHSDUWDPHQWRGH,]DEDOSUHVHQWyHOPHQRUQ~PHURGHSLH]DVH[WUDtGDV~QLFDPHQWH
• (QHOVHJPHQWRSRVWHURVXSHULRUVHSUHVHQWDURQXQWRWDOGHSLH]DVH[WUDtGDV\ODSLH]D
TXHSUHVHQWy PD\RU IUHFXHQFLD GHSpUGLGDIXHOD 1R\OD TXH PHQRV VHSLHUGHHQ HVWH
VHJPHQWR OD 1R VLHQGR HO GHSDUWDPHQWR GH $OWD 9HUDSD] HO TXH SUHVHQWy HO PD\RU
Q~PHURGHSLH]DVH[WUDtGDVFRQXQWRWDOGHSLH]DVH[WUDtGDV
• (Q HO VHJPHQWR SRVWHURLQIHULRU VH SUHVHQWy XQ WRWDO GH SLH]DV H[WUDtGDV HVWH IXH HO
VHJPHQWRTXHSUHVHQWRHOPD\RUQ~PHURGHSLH]DVH[WUDtGDVGHORVFXDWURVHJPHQWRV\OD
SLH]DTXHVHSHUGLyFRQPD\RUIUHFXHQFLDIXHOD1R\ODTXHPHQRVVHSHUGLyOD1R
VLHQGR HO GHSDUWDPHQWR GH $OWD 9HUDSD] HO TXH SUHVHQWy HO PD\RU Q~PHUR GH SLH]DV
H[WUDtGDVFRQXQWRWDOGHSLH]DVDXVHQWHV
• &RQUHVSHFWRDODSpUGLGDGHQWDOSRUVH[RVVHSXHGHREVHUYDUTXHHQORVGHSDUWDPHQWRVGH
&KLPDOWHQDQJR,]DEDO\6DQPDUFRVODVPXMHUHVSUHVHQWDURQPD\RUSpUGLGDGHQWDOTXHORV
KRPEUHV PLHQWUDV TXH HQ ORV GHSDUWDPHQWRV GH $OWD 9HUDSD] \ 6ROROD ORV KRPEUHV
SUHVHQWDURQ PD\RU SpUGLGD GHQWDO TXH ODV PXMHUHV DO UHDOL]DU OD VXPDWRULD GH ORV FLQFR
GHSDUWDPHQWRV VH REVHUYD TXH ORV KRPEUHV SUHVHQWDQ PD\RU Q~PHUR GH SLH]DV H[WUDtGDV
TXHODVPXMHUHVFRQXQDGLIHUHQFLDGHSLH]DV
&21&/86,21(6
$ FRQWLQXDFLyQ VH SUHVHQWDQ ODV FRQFOXVLRQHV D ODV TXH VH OOHJDURQ GHVSXpV GH KDEHU
UHDOL]DGRHOWUDEDMRGHFDPSRUHVSHFWRDODHWQLD*DUtIXQD
6HSXGRFRPSUREDUTXHODSLH]DTXHPiVVHSLHUGHHVODSULPHUDPRODULQIHULRUGHUHFKDHQ
ODHWQLD7]XWXMLO 4XHHO VHJPHQWR SRVWHURLQIHULRUWLHQGH D VHU HOTXHPiV IUHFXHQWHPHQWH PXHVWUD SpUGLGD
GHQWDULDHQORVHVFRODUHVGHDDxRVGHGLFKDHWQLD\DTXHGHSLH]DVTXHHVWDEDQ
DXVHQWHVHQHOHVWXGLRSHUWHQHFHQDHVWHVHJPHQWR (O GH SpUGLGD GHQWDULD HV SRU FDULHV GHQWDO HO SRU LQGLFDFLyQ RUWRGyQFLFD \
DEVFHVRSHULDSLFDO(VGHFLUTXHODPD\RUFDXVDGHSpUGLGDHVODFDULHVGHQWDO
4XHORVKRPEUHVSUHVHQWDURQPiVSLH]DVGHQWDOHVDXVHQWHVTXHODVPXMHUHVFRQXQPtQLPR
GHGLIHUHQFLD
5(&20(1'$&,21(6
$FRQWLQXDFLyQVHGDQDOJXQDVUHFRPHQGDFLRQHVTXHVHVXJLHUHQUHDOL]DUSDUDHYLWDUR
GLVPLQXLUODSpUGLGDGHQWDOHQORVHVFRODUHV
4XHVHGpFRQWLQXLGDG\VHLQFUHPHQWHQPiVSURJUDPDVGHHGXFDFLyQHQVDOXGEXFDOD
QLYHO GH SUHJUDGR SDUD GDU FKDUODV HQ ODV iUHDV GRQGH HVWiQ XELFDGDV ODV HWQLDV GH
*XDWHPDOD GHVGH ORV SULPHURV DxRV GH OD FDUUHUD SDUD TXH VH DEDUTXH XQD PD\RU
SREODFLyQ
4XHVHUHDOLFHQVHJXLPLHQWRVHQHVWHWLSRGHHVWXGLRVHQORVFXDOHVVHGHWHUPLQHHOQLYHO
GHVDOXGEXFDOHQORVMyYHQHVFRQORVHVWXGLDQWHVGHSUHJUDGR
+DFHU pQIDVLV HQ OD VDOXG RUDO SRU PHGLR GH OD FDSDFLWDFLyQ D PDHVWURV \ SDGUHV GH
IDPLOLDGHORVHVWDEOHFLPLHQWRVHGXFDWLYRVHQHVWXGLDQWHVGHQLYHOSUHSULPDULRSULPDULR
\EiVLFR
5()(5(1&,$6%,%/,2*5È),&$6
$PEURVLR /HLYD / 0 3UHYDOHQFLD GH FDULHV GHQWDO \ GHWHUPLQDFLyQ GH
QHFHVLGDGHV GH WUDWDPLHQWR GHQWDOHV HQ HO iUHD UXUDO GH *XDWHPDOD HQ ORV OXJDUHV
GRQGH VH UHDOL]y HO HMHUFLFLR SURIHVLRQDO VXSHUYLVDGR GXUDQWH ORV DxRV \
7HVLV /LF &LUXMDQR 'HQWLVWD *XDWHPDOD 8QLYHUVLGDG GH 6DQ &DUORV )DFXOWDG GH
2GRQWRORJtDSS
$QFKHWD 5RGUtJXH] ) $ (VWXGLR GH OD SUHYDOHQFLD GH FDULHV GH ODV SULPHUDV
PRODUHVSHUPDQHQWHVHQXQDPXHVWUDUHSUHVHQWDWLYDGHQLxRVHQWUHODVHGDGHVGH
D PHQRV GH DxRV HQ OD 9LOOD GH 6DQ -XDQ 2VWXQFDOFR 4XHW]DOWHQDQJR 7HVLV /LF
&LUXMDQR'HQWLVWD*XDWHPDOD8QLYHUVLGDGGH6DQ&DUORV)DFXOWDGGH2GRQWRORJtDSS
%DUEHUtD ( / /HVLRQHV WUDXPiWLFDV HQ RGRQWRSHGLDWULD GLHQWHV WHPSRUDOHV \
SHUPDQHQWHVMyYHQHV%DUFHORQD0DVVRQSS
%LEOLRWHFD GH &RQVXOWD 0LFURVRIW (QFDUWD &' 5220 0LFURVRIW &RUSRUDWLRQ
&DQXW %UXVROD - $ 2UWRGRQFLD FOtQLFD 0p[LFR 6DOYDW SS &DUUDQ]D ) $ 3HULRGRQWRORJtD FOtQLFD GH *OLFNPDQ 7UDG /DXUD (OtDV 8UGDSLOOHWD \
(QULTXHWD &HUyQ 5RVVDLQ] HG 0p[LFR ,QWHUDPHULFDQD 0F*UDZ +LOO SS (VFREHGR&DVWLOOR0-([RGRQFLDV\REWXUDFLRQHVUHTXHULGDVSRUODSREODFLyQ
GH *XDWHPDOD 7HVLV /LF &LUXMDQR 'HQWLVWD *XDWHPDOD 8QLYHUVLGDG GH 6DQ &DUORV
)DFXOWDGGH2GRQWRORJtDSS
(VPHQMDXG ( * 'HWHUPLQDFLyQ \ FRPSDUDFLyQ GH OD SUHYDOHQFLD GH FDULHV
GHQWDO QHFHVLGDGHV GH WUDWDPLHQWR HQ HVFRODUHV GHO iUHD UXUDO \ XUEDQD GH DxRV
FXPSOLGRV HQ HO PXQLFLSLR GH &LXGDG 9LHMD GHSDUWDPHQWR GH 6DFDWHSpTXH] \ GLVHxR
-8/ GH XQ SURJUDPD PRGHOR GH DWHQFLyQ GHQWDO 7HVLV /LF &LUXMDQR 'HQWLVWD *XDWHPDOD
8QLYHUVLGDGGH6DQ&DUORV)DFXOWDGGH2GRQWRORJtDSS
)HUUp)-([RGRQFLDGHQWDOHQOtQHD&RQVXOWDGRHOGHDEU'LVSRQLEOH
HQKWWSZZZRGRQWRFDWFRPHVSHVKWP
)ULHGHQWKDO 0 'LFFLRQDULR GH RGRQWRORJtD HG %XHQRV $LUHV 0pGLFD
3DQDPHULFDQDSS
*RQ]iOHV ,JOHVLDV - \ 5RPHUR 0DURWR 0 /D RGRQWRHVWRPDWRORJtD HQ OD
SUHKLVWRULD (Q 7UDWDGR GH RGRQWRORJtD %DVFRQHV 0DUWtQH] $ $XWRU HG 0DGULG
$YDQFHV0pGLFR'HQWDOHVYSS
+HUUHUD 6DQWt]R / & 'LDJQyVWLFR \ DWHQFLyQ GH VDOXG GH OD SREODFLyQ GHO
FDPSDPHQWR /RV %ODQFRV *XDQDJD]DSD (VFXLQWOD HQ OD IDVH GH GHVPRYLOL]DFLyQ H
LQFRUSRUDFLyQGHOD851*DODYLGDFLXGDGDQD7HVLV/LF&LUXMDQR'HQWLVWD*XDWHPDOD
8QLYHUVLGDGGH6DQ&DUORV)DFXOWDGGH2GRQWRORJtDSS
+RZH * ( /D H[WUDFFLyQ GHQWDO 7UDG SRU 3DWULFLD 5HTXHMR 3UHVD 0p[LFR (O
0DQXDO0RGHUQRSS
.UXJHU * &LUXJtD EXFDO \ PD[LORIDFLDO 7UDG SRU 5REHUWR -RUJH 3RUWHU HG
0p[LFR0pGLFD3DQDPHULFDQDSS
/DVNLQ ' 0 &LUXJtD EXFDO \ PD[LORIDFLDO 7UDG SRU 0DULR $ 0DULQR %XHQRV
$LUHV0pGLFD3DQDPHULFDQDSS
/LQGKH-3HULRGRQWRORJtDFOtQLFD7UDGSRU-RUJH)U\GPDQHG0DGULG0pGLFD
3DQDPHULFDQDSS
-8/ 0DUWtQH] 6RODUHV - /D SUiFWLFD RGRQWROyJLFD HQ *XDWHPDOD
8QLYHUVLGDG GH 6DQ &DUORV )DFXOWDG GH 2GRQWRORJtD ÈUHD GH 2GRQWRORJtD 6RFLR
3UHYHQWLYD*XDWHPDODSS$FWXDOL]DGRSRU'U'DQLOR$UUR\DYH
5LWWVFKHU
1HZEUXQ(&DULRORJLD7UDGSRU$QD3pUH]&DOGHUyQ0p[LFR/LPXVDSS
2NHVRQ - 3 7UDWDPLHQWR GH RFOXVLyQ \ DIHFFLRQHV WHPSRURPDQGLEXODUHV
0DGULG+DUFRXUW%UDFHSS
5DVSDOO * &LUXJtD RUDO 0DGULG 0pGLFD 3DQDPHULFDQD SS 5HJH]L - $ \ 6FLXEED - - 3DWRORJtD EXFDO 7UDG SRU -RVp 3pUH] *yPH] HG
0p[LFR0F*UDZ+LOO,QWHUDPHULFDQDSS
5HYHV(JXL]DEDO5-&DXVDVGHH[RGRQFLDHQOD)DFXOWDGGH2GRQWRORJtDGHOD
8QLYHUVLGDG GH 6DQ &DUORV GH *XDWHPDOD 7HVLV /LF &LUXMDQR 'HQWLVWD *XDWHPDOD
8QLYHUVLGDGGH6DQ&DUORV)DFXOWDGGH2GRQWRORJtDSS
8QLYHUVLGDG $XWyQRPD 0HWURSROLWDQD GH 0p[LFR ([RGRQFLD GHQWDO HQ OtQHD
&RQVXOWDGR
HO
GH
PDU
GHO
KWWSGHQWDOBWULSRGFRPP[RGRQWRORJLDHVWHWLFDLQGH[KWPO
'LVSRQLEOH
HQ
9DUJDV %HWDQFRXUWK ( 1HFHVLGDGHV SURWpVLFDV RUDOHV HQ SDFLHQWHV TXH DFXGHQ
QRUPDOPHQWH D OD FOtQLFD GHQWDO GHO SDUFHODPLHQWR 1DYDMRD GHO PXQLFLSLR GH 0RUDOHV
,]DEDO 7HVLV /LF &LUXMDQR 'HQWLVWD *XDWHPDOD 8QLYHUVLGDG GH 6DQ &DUORV )DFXOWDG GH
2GRQWRORJtDSS
-8/
$1(;26
,167580(1723$5$5(&2/(&&,Ï1'('$726),&+$&/Ë1,&$
3DUD OOHYDU D FDER OD LQYHVWLJDFLyQ VH GLVHxy XQD ILFKD FOtQLFD OD FXDO FRQWLHQH GDWRV
JHQHUDOHVGHOHVWXGLDQWHXQRGRQWRJUDPD\XQUHFROHFWRUGHLQIRUPDFLyQFRQVLGHUDGRDGHFXDGR
SDUDHOHVWXGLR
([SOLFDFLyQDGHWDOOHGHOLQVWUXPHQWR)LFKD&OtQLFD
1R'HILFKD1~PHURFRUUHODWLYRTXHIXHRWRUJDGRSRUHOH[DPLQDGRUGHDFXHUGRDOQ~PHURGH
HVWXGLDQWHVH[DPLQDGRV
,QYHVWLJDGRU6HDQRWyHOQRPEUHGHOLQYHVWLJDGRUUHVSRQVDEOHGHOHVWXGLRHQGHWHUPLQDGDUHJLyQ
DHVWXGLDU
)HFKDGHOH[DPHQ6HFRORFyHOGtDPHV\DxRHQTXHVHKL]RHOH[DPHQFOtQLFR
,QVWLWXWR6HDQRWyHOLQVWLWXWRGRQGHHVWXGLDHOSDFLHQWH
*UDGR6HDQRWyHOJUDGRTXHFXUVDHOSDFLHQWHHQQ~PHURRUGLQDOHV
6HFFLyQ6HFRORFyODVHFFLyQDODTXHSHUWHQHFHHOSDFLHQWH
1RPEUHGHOHVWXGLDQWH6HDQRWyHOQRPEUHFRPSOHWRGHOHVWXGLDQWH
6H[R6HFRORFyHOVH[RDOTXHSHUWHQHFHHOHVWXGLDQWHLGHQWLILFDQGRFRQXQD0VLSHUWHQHFHDO
VH[RPDVFXOLQR\FRQXQD)VLSHUWHQHFHDOVH[RIHPHQLQR
(GDG6HDQRWyHQQ~PHURVDUiELJRVODHGDGGHOSDFLHQWHHQDxRVFXPSOLGRV
(WQLD 6H DQRWy OD HWQLD D OD TXH SHUWHQHFH HO HVWXGLDQWH VHJ~Q ODV FDUDFWHUtVWLFDV TXH VH
REVHUYDURQFRPRORHVWUDMHWtSLFR\DXWRGHQRPLQDFLyQ
'RPLFLOLR6HDQRWyODGLUHFFLyQGRQGHYLYHHOHVWXGLDQWH
0XQLFLSLR6HFRORFyHOPXQLFLSLRHQHOTXHYLYHHOHVWXGLDQWH
'HSDUWDPHQWR6HDQRWyHOGHSDUWDPHQWRDOTXHSHUWHQHFHHOHVWXGLDQWH
2GRQWRJUDPD6HXWLOL]yODIyUPXODXQLYHUVDO
&DXVDVGHODH[WUDFFLyQ
(QIHUPHGDG3HULRGRQWDOPRYLOLGDGVDQJUDGRDEVFHVRSHULRGRQWDO
&DULHVGHQWDO'HVWUXFFLyQGHODSLH]D\GRORU
7UDXPDGHQWDO$YXOVLyQIUDFWXUD
(VWpWLFD &LHQFLD TXH WUDWD GH OD EHOOH]D HQ JHQHUDO \ GH ORV VHQWLPLHQWRV TXH VXVFLWD HQ HO
KRPEUH 3URWpVLFRV 3URFHGLPLHQWR PHGLDQWH HO FXDO VH VXVWLWX\H DUWLILFLDOPHQWH XQD R PiV SLH]DV
GHQWDOHV 6LPSOHJXVWRSRUTXpHOSDFLHQWHORVROLFLWD 0DOSRVLFLyQGHQWDULD6RQLUUHJXODULGDGHVHQODDOLQHDFLyQGHORVGLHQWHV $EVFHVRV SHULDSLFDOHV ,LQIODPDFLyQ DSLFDO DJXGD FDUDFWHUL]DGD SRU OD IRUPDFLyQ GH XQD
FROHFFLyQSXUXOHQWDHQOD]RQDDSLFDOGHXQGLHQWHDIHFWDGRSRUXQGRORUPX\DJXGR
5D]yQHFRQyPLFDSRUTXHHOSDFLHQWHQRSXHGHFRVWHDUHOWUDWDPLHQWRGHQWDO
,QGLFDFLyQRUWRGRQFLFDSDUDJDQDUHVSDFLRHQORVDUFRVPD[LODUHV 2WURV6HUHILHUHDRWUDVFDXVDVTXHQRVHPHQFLRQDQDQWHULRUPHQWH 5(68/7$'26
3LH]DV GHQWDOHV H[WUDtGDV 6H DQRWy HO Q~PHUR GH SLH]DV GHQWDOHV IDOWDQWHV HQ ORV DUFRV
PD[LODUHV
3LH]DV 'HQWDOHV ,QGLFDGDV 3DUD ([WUDFFLyQ 6H DQRWy HO WRWDO GH SLH]DV LQGLFDGDV SDUD
H[RGRQFLD
&DXVDRUD]yQTXHPRWLYRODH[WUDFFLyQ6HHVFULELyHOPRWLYRSRUHOFXDOIXHURQH[WUDtGDVODV
SLH]DVGHQWDULDVTXHVHHQFRQWUDURQH[WUDtGDVHQORVDUFRVPD[LODUHV
7LHPSR GHVGH FXDQGR VH UHDOL]y OD H[WUDFFLyQ 6H DQRWy HQ HVWH HVSDFLR HO DxR HQ HO FXDO
IXHURQUHDOL]DGDVODVH[RGRQFLDVVHJ~QUHFXHUGDHOSDFLHQWH
2EVHUYDFLRQHV (Q HVWH HVSDFLR VH DQRWy FXDOTXLHU DVSHFWR TXH VH FRQVLGHUy LPSRUWDQWH HO
H[DPLQDGRU\TXHQRHVWiFRQWHPSODGRHQODILFKD
&$57$'(&216(17,0,(172'(/',5(&725'(/,167,78722(6&8(/$
*XDWHPDODGH0D\RGHO
'LUHFWRU
(VFXHOD2ILFLDO5XUDO0L[WD³&DVHUtR/RV%XMHV´
5HVSHWDEOH'LUHFWRU
5HFLED XQ FRUGLDO VDOXGR GHSDUWH GH ORV DOXPQRV GH OD IDFXOWDG GH RGRQWRORJtD GH OD
8QLYHUVLGDGGH6DQ&DUORVGH*XDWHPDOD
(OPRWLYRGHODSUHVHQWHHVSDUDVROLFLWDUVXSHUPLVR\FRODERUDFLyQSDUDTXHQRVSHUPLWD
UHDOL]DU QXHVWUR WUDEDMR GH FDPSR HQ HVWH HVWDEOHFLPLHQWR HGXFDWLYR FRUUHVSRQGLHQWH D QXHVWUD
WHVLV WLWXODGD 3,(=$6 '(17$/(6 3(50$1(17(6 48( 6( (;75$(1 &21 0$<25
)5(&8(1&,$ < /$6 &$86$6 48( &2175,%8<(1 $ (//2 (1 (678',$17(6
&2035(1','26 (175( /$6 ('$'(6 '( $ $f26 '( ,167,78726 '(
('8&$&,Ï1 %$6,&$ '( /$6 (71,$6 .$4&+,.(/ '(/ '(3$57$0(172 '(
&+,0$/7(1$1*2 *$5,)81$ '(/ '(3$57$0(172 '( ,=$%$/ 4¶(4&+,¶ '(/
'(3$57$0(172 '( $/7$ 9(5$3$= 0$0 '(/ '(3$57$0(172 '( 6$1
0$5&26 < 7=¶878-,/ '(/ '(3$57$0(172 '( 62/2/$ *8$0$/$ 3RU OR TXH
KDUHPRV XQ H[DPHQ GH OD ERFD D ORV DOXPQRV GH HVWH HVWDEOHFLPLHQWR HO FXDO QR FDXVD QLQJ~Q
GDxR \ HV PX\ VHQFLOOR GH UHDOL]DU SDUD GHWHUPLQDU FXDQWDV SLH]DV WLHQHQ SUHVHQWHV ORV
DGROHVFHQWHV ORV UHVXOWDGRV TXH REWHQJDPRV VHUYLUiQ SDUD YHU FRPR HVWD OD GHQWLFLyQ GH ORV
QLxRVGHODHWQLDSUHGRPLQDQWHHQVXFRPXQLGDG
$JUDGHFLHQGRGHDQWHPDQRVXFRODERUDFLyQVHVXVFULEHQGHXVWHG
IBBBBBBBBBBBBBIBBBBBBBBBBBB IBBBBBBBBBBBBBB
6DQGUD2UR]FR
0HUOH0DGULG
(PP\*RQ]iOHV
IBBBBBBBBBBBBBBBBBIBBBBBBBBBBBBBBB
(GJDUGR0D]DULHJRV +HOGHU2FKRD
&$57$'(&216(17,0,(172'(/',5(&725'(/,167,78722(6&8(/$
*XDWHPDODGH0D\RGHO
6HxRUHV
3DGUHVGH)DPLOLD
(VWLPDGR3DGUHGHIDPLOLD
5HFLED XQ FRUGLDO VDOXGR GHSDUWH GH ORV DOXPQRV GH OD IDFXOWDG GH RGRQWRORJtD GH OD
8QLYHUVLGDGGH6DQ&DUORVGH*XDWHPDOD
/RV DEDMR ILUPDQWHV HVWDPRV UHDOL]DQGR XQ WUDEDMR GH LQYHVWLJDFLyQ FX\R WLWXOR HV
3,(=$6'(17$/(63(50$1(17(648(6((;75$(1&210$<25)5(&8(1&,$<
/$6 &$86$6 48( &2175,%8<(1 $ (//2 (1 (678',$17(6 &2035(1','26
(175(/$6('$'(6'($$f26'(,167,78726'(('8&$&,Ï1%$6,&$'(
/$6(71,$6.$4&+,.(/'(/'(3$57$0(172'(&+,0$/7(1$1*2*$5,)81$
'(/ '(3$57$0(172 '( ,=$%$/ 4¶(4&+,¶ '(/ '(3$57$0(172 '( $/7$
9(5$3$= 0$0 '(/ '(3$57$0(172 '( 6$1 0$5&26 < 7=¶878-,/ '(/
'(3$57$0(172'(62/2/$*8$0$/$3RUORWDQWRSHGLPRVTXHFRODERUHFRQQRVRWURV
GiQGROHSHUPLVRDVXKLMRSDUDTXHOHKDJDPRVXQH[DPHQGHODERFDHOFXDOHVPX\VHQFLOORGH
UHDOL]DU\QROHFDXVDUiQLQJ~QGDxRDVXKLMRSDUDYHUFRPRHVWiQORVGLHQWHV\ODVPXHODVGHVX
KLMR
$JUDGHFLHQGRGHDQWHPDQRVXFRODERUDFLyQVHVXVFULEHQGHXVWHGHV
IBBBBBBBBBBBBBIBBBBBBBBBBBB IBBBBBBBBBBBBBB
6DQGUD2UR]FR
0HUOH0DGULG
(PP\*RQ]iOHV
IBBBBBBBBBBBBBBBBB
IBBBBBBBBBBBBBBB
(GJDUGR0D]DULHJRV +HOGHU2FKRD
)LUPDRKXHOODGLJLWDOGHOSDGUH
GHIDPLOLD
1R'H&pGXOD
0212*5$)Ë$'(/26'(3$57$0(1726
&+,0$/7(1$1*2
120%5(
'(/
&+,0$/7(1$1*2
'(3$57$0(172
&DEHFHUD
GHSDUWDPHQWDO
&KLPDOWHQDQJR
0XQLFLSLRV
&KLPDOWHQDQJR6DQ-RVp3RDTXLO6DQ0DUWtQ-LORWHSHTXH&RPDODSD
6DQWD $SRORQLD 7HFSiQ *XDWHPDOD 3DW]~Q 3RFKXWD 3DW]LFtD 6DQWD
&UX] %DODQ\i $FDWHQDQJR <HSRFDSD 6DQ $QGUpV ,W]DSD 3DUUDPRV
=DUDJR]D\(O7HMDU
3REODFLyQ
&OLPD
,GLRPD
$OWLWXG
KDELWDQWHVDSUR[LPDGDPHQWH
'HWHPSODGRDIUtR
.DTFKLNHO\HVSDxRO
PHWURVVREUHHOQLYHOGHOPDU
/LPLWDDOQRUWHFRQORVGHSDUWDPHQWRVGH(O4XLFKp\%DMD9HUDSD]DO
/tPLWHVWHUULWRULDOHV HVWH FRQ *XDWHPDOD \ 6DFDWHSpTXH] DO VXU FRQ (VFXLQWOD \
6XFKLWHSpTXH]\DORHVWHFRQ6ROROi
([WHQVLyQWHUULWRULDO NLOyPHWURVFXDGUDGRV
&RUSXV&KULVWLHQ3DW]~QIHFKDPRYLEOH\GHMXOLRILHVWDGH6DQWD
$QD
)LHVWDWLWXODU
)XQGDFLyQ
7HPSHUDWXUD
0i[LPDFHQWtJUDGRV\PtQLPDFHQWtJUDGRV
/D KLVWRULD GH &KLPDOWHQDQJR R %
RNR
VH UHODFLRQD FRQ HO FHQWUR GH SRGHU NDTFKLNHO \
SRVWHULRUPHQWHFRQHOGHVDUUROORGHOYDOOHGHODFLXGDGHVSDxROD0LHQWUDVHVWDVWLHUUDVIXHURQGHO
GRPLQLR GHORV PD\DV OD SREODFLyQWHQtD XQD UHODFLyQ SHULIpULFD D ,[LPFKp $ ILQDOHV GHO VLJOR
;9,,)UDQFLVFR9iVTXH]HVFULELyTXHHOUH\$KSRW]RW]LOGLULJtDDTXHOUHLQR\DXQTXHQRHUDGHO
WDPDxR GHO UHLQR N
LFKH
WHQtD YDULRV SREODGRV (VWH UH\ IXQGy RWUR FHQWUR SDUD VX KHUPDQR
$KSR[DKLOHQ7HFSiQ$WLWOiQOXJDULGHQWLILFDGRFRPR.DKD\VLWXDGRHQWUH3DW]~Q\3DW]LFtD
/DUHGXFFLyQDSXHEORVFRORQLDOHV
&RPDODSD 6DQ $QGUpV ,W]DSD 3DUUDPRV 3DW]LFtD 3DW]~Q $FDWHQDQJR 6DQ $QWRQLR
1HMDSD 7HFSiQ 6DQWD $SRORQLD 6DQ 0DUWtQ -LORWHSHTXH %DODQ\i \ 3RDTXLO IXHURQ DOJXQRV
OXJDUHVDORVTXHODFRURQDHVSDxRODGRWyGHWLHUUDVFRPXQDOHVSDUDREWHQHUHOSDJRGHWULEXWRV(O
HPSDGURQDPLHQWRVHFRQYLUWLyHQHOPHFDQLVPRLQGLVSHQVDEOHSDUDHOFREURGHORVLPSXHVWRV\OD
RUJDQL]DFLyQGHODVHQFRPLHQGDVGHORVHVSDxROHV
$ SHVDU GH ODV IXQGDFLRQHV ORV PRYLPLHQWRV GH SREODFLyQQR FHVDURQ\ SHUVLVWLHURQ ORV
FRQIOLFWRVWHUULWRULDOHVHQWUHOLQDMHVSURGXFWRGHFRQVWDQWHVWUDVODGRV8QHMHPSORGHHOORIXHHO
GHOVLJOR;9,,SRUORV;SDQVD\OLQDMHKHUHGHURGHODVIDPLOLDVSUHVWLJLRVDVGH,[LPFKpFRQWUDORV
6DQyQGH3DW]LFtD
3DUD LGHQWLILFDU VXV WLHUUDV ODV IDPLOLDV XVDURQ DGYRFDFLRQHV FRPR OD 9LUJHQ GH
&RQFHSFLyQ 6DQWLDJR 6DQWD $QD R 6DQ $QGUpV (VWD DVRFLDFLyQ GH WLHUUDV IDPLOLD \ FUHHQFLDV
GRWy GH VXVWHQWR HFRQyPLFR \ RUJDQL]DWLYR D ODV FRIUDGtDV TXH VH HQFDUJDEDQ GH ODV ILHVWDV
SDWURQDOHV $ ILQDOHV GHO VLJOR ;9, RWUDV IDPLOLDV HVSDxRODV GH ORV FRQTXLVWDGRUHV VH
HVWDEOHFLHURQHQVXVHVWDQFLDVGHJDQDGRHQORVDOUHGHGRUHVGHDTXHOORVSXHEORV6XUXUDOL]DFLyQ\
HPSREUHFLPLHQWR ORV LQFRUSRUy D OD YLGD GH ODV FRPXQLGDGHV LQGtJHQDV D SHVDU TXH OD FRURQD
SURKLELyTXHVHDFHUFDUDQDHOODV'HHVDSUHVHQFLDWDQVyORVHIXQGy=DUDJR]DHQFRPR
YLOODGHHVSDxROHV
7UHVSODQRVWRSRJUiILFRV
'HELGRDTXHRFXSDWHUUHQRVGHODGLYLVRULDFRQWLQHQWDOGHDJXDVHVWHGHSDUWDPHQWRSRVHH
XQDODGHUDKDFLDHO2FpDQR$WOiQWLFR\RWUDKDFLDHO2FpDQR3DFtILFR(QPHGLRVHHQFXHQWUDOD
]RQDTXHDWDxHDOSDUWHDJXDV\HVODTXHIRUPDODVPHVHWDV&RPRHQPXFKRVRWURVSXQWRVGHOD
H[WHQVDODGHUDPHULGLRQDOGHODFRUGLOOHUDYROFiQLFDODVHFFLyQFKLPDOWHFDSUHVHQWDXQSRGHURVR
IUHQWH GH FRQWHQFLyQ SDUD ORV YLHQWRV FDUJDGRV GH KXPHGDG TXH YLHQHQ GHO VXU (Q HO RWUR
H[WUHPRHOOtPLWHHVHOUtR*UDQGHR0RWDJXD$KtVHDOFDQ]DQDOWXUDVFHUFDQDVDORVPHWURV
(VWDODGHUDUHFLEHROHDGDVGHYLHQWRVFiOLGRV\VHFRVJREHUQDGRVSRUHOVLVWHPDiULGRGHO
YDOOHGHO5tR0RWDJXD(QWUHDPERVGHFOLYHVHVWiODIUHVFDUHJLyQGHODGLYLVRULDGHDJXDVFRQVWD
GHGLODWDGDVPHVHWDVTXHSRUKDOODUVHFRUWDGDVSRUODFDUUHWHUDSULQFLSDOGHOGHSDUWDPHQWR&$
VRQODVTXHDSULPHUDYLVWDVHxDODQHOSODQRWRSRJUiILFRIXQGDPHQWDO$SDUWLUGHHVWHDOWLSODQRVH
GLVWULEX\HQORVGLVWLQWRVUtRV+DFLDHOQRUWHORVTXHGHVFDUJDQHQHO5tR*UDQGHKDFLDHOVXUOR
KDFHQGLUHFWDPHQWHDO2FpDQR3DFtILFR
,=$%$/
120%5(
'(/
,=$%$/
'(3$57$0(172
&DEHFHUD
GHSDUWDPHQWDO
3XHUWR%DUULRV
0XQLFLSLRV
3XHUWR%DUULRV/LYLQJVWRQ(O(VWRU0RUDOHV\/RV$PDWHV
3REODFLyQ
KDELWDQWHVDSUR[LPDGDPHQWH
&OLPD
&iOLGRWURSLFDO
,GLRPD
$OWLWXG
(VSDxROJDUtIXQD\T
HTFKL
PHWURVVREUHHOQLYHOGHOPDUGDWRGHODFDEHFHUD
$O QRUWH FRQ 3HWpQ %HOLFH \ 0DU &DULEH DO VXU FRQ =DFDSD \
+RQGXUDVDOHVWHFRQ+RQGXUDV\DORHVWHFRQ$OWD9HUDSD]
/tPLWHVWHUULWRULDOHV
([WHQVLyQWHUULWRULDO
NLOyPHWURVFXDGUDGRV
)LHVWDWLWXODU
(O(VWRUHOGHMXQLRFXDQGRVHFRQPHPRUDDO$SyVWRO6DQ3HGUR
/RV$PDWHVHOGHPD\R'tDGHOD6DQWD&UX]3XHUWR%DUULRVHO
GHMXOLRILHVWDHQKRQRUDO6DJUDGR&RUD]yQGH-HV~V/LYLQJVWRQHO
GHGLFLHPEUHIHFKDHQTXHVHFRQPHPRUDOD9LUJHQGHO5RVDULR
)XQGDFLyQ
7HPSHUDWXUD
0i[LPDJUDGRV
0tQLPDJUDGRV
+LVWRULDSREODFLyQ\FXOWXUD
/DSREODFLyQQHJUDFDULEHxDPiVLPSRUWDQWHGHOGHSDUWDPHQWR\OD~QLFDHQHOSDtVVRQORV
JDUtQDJXPiVFRQRFLGRVFRPRJDUtIXQD(VWHJUXSRpWQLFRTXHUHFLpQFXPSOLyGRVFLHQWRVDxRVGH
YLGDFHQWURDPHULFDQDGHILOLDFLyQOLQJtVWLFDFDULEHDUDZDNSHUPLWHDGHQWUDUQRVHQ
XQDKLVWRULD\FXOWXUDGLIHUHQWHVDODGHORVSXHEORVPD\DV
+HUQiQ &RUWpV HQ VX YLDMH D ODV +LJXHUDV HQ SDVy SRU HO SXHUWR GH 1LWR \ HQ VXV
FDUWDVDOUH\GLMRTXHHUDXQLPSRUWDQWHSXHUWRFRPHUFLDO(IHFWLYDPHQWHHOiUHDGHORTXHKR\
FRQVWLWX\H ,]DEDO IXH XQ WHUULWRULR SURSLFLR SDUD ODV UXWDV GH FRPHUFLR GDGR VXV FRUUHGRUHV
QDWXUDOHVFUHDGRVSRUODVUXWDVIOXYLDOHV\ODFXVWUHV
(O VLWLR PiV LPSRUWDQWH GHO GHSDUWDPHQWR OR FRQVWLWX\H 4XLULJXi TXH GDWD GHO SHUtRGR
&OiVLFR,QFLGHHQODUXWDFRPHUFLDOPDUFDGDSRUHOUtR0RWDJXD\HQODVRWUDVUXWDVTXHIXHURQ\
VLJXHQVLHQGRLPSRUWDQWHVKDVWDDKRUD5tR'XOFH/DJRGH,]DEDO3RORFKLF\5tR6DUVW~Q
(QODLQVWDXUDFLyQGHOSUR\HFWRFRORQLDOJUDQSDUWHGHODSREODFLyQLQGtJHQDIXHGLH]PDGD
SRU ODV HQIHUPHGDGHV R WUDVODGRV D RWUDV iUHDV 'XUDQWH OD FRORQLD IXH GpELO \ HQ OD FRVWD D
H[FHSFLyQ GHO SXHUWR GH 7UXMLOOR \ HO GH 2PRD OD SUHVHQFLD IXH SUiFWLFDPHQWH QXOD /R TXH
SHUPLWLyHOKRVWLJDPLHQWRGHORVLQJOHVHVTXHEXVFDEDQDEULUVHPHUFDGR\VHHQFRQWUDEDQDWUDtGRV
SRUODVULTXH]DVPDGHUHUDVGHODUHJLyQ
'H HVWD PDQHUD ODV DXWRULGDGHV FRORQLDOHV HGLILFDURQ OD IRUWDOH]D GH %XVWDPDQWH TXH
OXHJR VH OODPy &DVWLOOR GH 6DQ )HOLSH GH /DUD HQ KRQRU DO UH\ GH (VSDxD (VWD IRUWLILFDFLyQ
XELFDGDHQHOSXQWRHVWUDWpJLFRGHODFRQH[LyQGH5tR'XOFHFRQHO/DJRGH,]DEDOIXHDWDFDGD\
GHVWUR]DGDYDULDVYHFHV(VWRSHUPLWLyDORVSLUDWDVLQFXUVLRQDUKDVWDSXQWRVFRPR3DQ]yVHQHO
WHUULWRULRGHOD9HUDSD]
$ILQDOHVGHOVLJORSDVDGRODFRVWD&DULEHIXHLQWHQWRGHSROtWLFDVGHHPLJUDFLyQHXURSHD
SURPRYLGDV SRU ODV LGHDV GH OD pSRFD HQ HO JRELHUQR GH 0DULDQR *iOYH] $XQTXH OD SULPHUD
PLJUDFLyQEHOJDD6DQWR7RPiVGH&DVWLOODIXHXQIUDFDVRSRVWHULRUDHOORVHFRQVROLGDURQRWUDV
PLJUDFLRQHV IXQGDPHQWDOPHQWH OD DOHPDQD TXH VH LQVWDOy HQ OD 9HUDSD] \ HQ RWURV OXJDUHV
LPSRUWDQWHVGHOSXHUWRGH/LYLQJVWRQHOFXDOHQORV~OWLPRVDxRVGHOVLJOR;,;VHFDWDORJyFRPR
HOSXHUWRPiVLPSRUWDQWHGHO&DULEHJXDWHPDOWHFR
$/7$9(5$3$=
120%5(
'(/
$/7$9(5$3$=
'(3$57$0(172
&DEHFHUD
GHSDUWDPHQWDO
&REiQ
0XQLFLSLRV
&REiQ &DKDEyQ &KDKDO &KLVHF )UD\ %DUWRORPp GH ODV &DVDV
/DQTXtQ3DQ]yV6DQ&ULVWyEDO9HUDSD]6DQ3HGUR&DUFKi6DQ-XDQ
&KDPHOFR6DQWD&UX]9HUDSD]6HQDK~7DFWLF7DPDK~\7XFXU~
3REODFLyQ
&OLPD
,GLRPD
$OWLWXG
DSUR[LPDGDPHQWH
)UtR
(VSDxROT
HTFKL
\SRTRPFKL
PHWURVVREUHHOQLYHOGHOPDU
&ROLQGD DO QRUWH FRQ 3HWpQ DO VXU FRQ =DFDSD %DMD 9HUDSD] \ (O
3URJUHVRDOHVWHFRQ,]DEDO\DORHVWHFRQ4XLFKp
/tPLWHVWHUULWRULDOHV
([WHQVLyQWHUULWRULDO
NLOyPHWURVFXDGUDGRV
)LHVWDWLWXODU
GHDJRVWRHQKRQRUD6DQWR'RPLQJRGH*X]PiQ
)XQGDFLyQ
7HPSHUDWXUD
0i[LPDJUDGRVFHQWtJUDGRV
0tQLPDJUDGRVFHQWtJUDGRV
(WQRKLVWRULD
/D PD\RU SDUWH GH LQYHVWLJDGRUHV XELFDQ D ORV T
HTFKL
HV GHO VLJOR ;9, HQ HO WHUULWRULR
GRQGHVHHQFXHQWUDQORVUtRV&DKDEyQ\3RORFKLFHQORVDOUHGHGRUHVGH&REiQ3DUDHVRVHEDVDQ
HQ WUHV SXQWRV 3RU PHGLR GH ORV HVWXGLRV GH YRFDEXODULRV DQWLJXRV VH VDEH TXH HO T
HTFKL
VH
VHSDUyGHON
LFKH
PD\RUHQHODxRDQWHVGH&ULVWR
'HOD7LHUUDGH*XHUUDDOD9HUDSD]
$O PRPHQWR GH OD FRQTXLVWD HVWH WHUULWRULR IXH GHQRPLQDGR SRU ORV HVSDxROHV FRPR
7H]XOXWOiQ7LHUUDGH*XHUUDGHELGRDOREHOLFRVRGHVXVKDELWDQWHV*UDFLDVDODVLGHDVGH)UD\
%DUWRORPpGHODV&DVDVTXLHQDSR\DGRHQODEXOD6XEOLPXV'HXVORJUDGHOJREHUQDGRU$ORQVRGH
0DOGRQDGRODMXULVGLFFLyQGHOWHUULWRULRSDUDLQLFLDUDKtODFRQTXLVWDSDFtILFD$VtLQLFLDHO
SUR\HFWR GH ³/D 9HUGDGHUD 3D]´ GHO TXH VH GHULYDUD SRVWHULRUPHQWH HO QRPEUH GH ³9HUDSD]´
GDGRSRU&DUORV9HOGHRFWXEUHGH'HVGHORVPLVLRQHURV)UD\/XLVGH&iQFHU\
3HGUR$QJXORKDEtDQLQLFLDGRODERUHVGHFRQYHUVLyQHQ&REiQ
(O SULPHU FHQWUR GH FRQWURO GH ORV GRPLQLFRV IXH 5DELQDO XQ DxR GHVSXpV IXQGDURQ ODV
UHGXFFLRQHVGH6DQWR'RPLQJRGH&REiQ6DQ3HGUR&DUFKi6DQ-XDQ&KDPHOFR6DQ$JXVWtQ
/DQTXtQ\6DQWD0DUtD&DKDEyQ(QpVWDVVHSURORQJDUtDQSRUFDVLWUHVVLJORVPiV6LQHPEDUJR
VL ORV SULPHURV LQWHQWRV IXHURQ SDFtILFRV ORV ~OWLPRV GHELHURQ UHFXUULU D OD IXHU]D 'H HVWD
PDQHUDSUtQFLSHVLQGtJHQDVFRPR-XDQ0DWDOEDW]GLHURQWHQD]UHVLVWHQFLDDORVHVSDxROHV
(Q HO iUHD GH OD 9HUDSD] ORV LQWHQWRV GH RFXSDFLyQ KLVSiQLFD IXHURQ WHPSUDQRV FRQ OD
1XHYD 6HYLOOD SHURpVWD SURQWRIUDFDVy )XHKDVWD HQHOVLJOR;,;TXHGHQXHYR IORUHFLy HQ HO
iUHDHOSXHEORGH3DQ]yVTXHFRQVWLWXtDXQDLPSRUWDQWHUXWDKDFLDHO&DULEH\SRUHQGHKDFLDHO
H[WHULRU(VWHSXHEORQRHVFDSyGHODFRVRGHORVSLUDWDV\IXHDWDFDGRDSULQFLSLRVGHOVLJOR;,;
(OPXQGRT
HTFKL
GHOD9HUDSD]
(O PRQROLQJLVPR HV OD SULQFLSDO FDUDFWHUtVWLFD GH VXV SREODGRUHV TXH GXUDQWH DxRV
ORJUDURQ TXH ORV IRUiQHRV XWLOL]DUDQ HO T
HTFKL
FRPR XQD OHQJXD IUDQFD /RV T
HTFKL
HV GH KR\
FRQVHUYDQ VXV SUiFWLFDV \ FUHHQFLDV PiJLFDV /DV H[SUHVLRQHV FRPR ODV GDQ]DV GH 9HQDGRV GH
&RUWpVRGHORV9LHMLWRVGHVWDFDQHQPXFKDVGHODVSREODFLRQHV
6$10$5&26
120%5(
'(/
6$10$5&26
'(3$57$0(172
&DEHFHUD
GHSDUWDPHQWDO
6DQ0DUFRV
0XQLFLSLRV
6DQ 0DUFRV 6DQ 3HGUR 6DFDWHSpTXH] 6DQ $QWRQLR 6DFDWHSpTXH]
&RPLWDQFLOOR 6DQ 0LJXHO ,[WDKXDFiQ &RQFHSFLyQ 7XWXDSD 7DFDQi
6LELQDO 7DMXPXOFR 7HMXWOD 6DQ 5DIDHO 3LH GH /D &XHVWD 1XHYR
3URJUHVR (O 7XPEDGRU (O 5RGHR 0DODFDWiQ &DWDULQD $\XWOD
&LXGDG 7HF~Q 8PiQ 2FyV 6DQ 3DEOR (O 4XHW]DO /D 5HIRUPD
3DMDSLWD ,[FKLJXiQ 6DQ -RVp 2MHWHQDP 6DQ &ULVWyEDO &XFKR
6LSDFDSD(VTXLSXODV3DOR*RUGR5tR%ODQFR\6DQ/RUHQ]R
3REODFLyQ
&OLPD
,GLRPD
$OWLWXG
KDELWDQWHVDSUR[LPDGDPHQWH
)UtR
0DPVLSDNDSHQVH\HVSDxRO
PHWURVVREUHHOQLYHOGHOPDU
/LPLWDDOQRUWHFRQ+XHKXHWHQDQJRDOVXUFRQ5HWDOKXOHX\HO2FpDQR
3DFtILFRDOHVWHFRQ4XHW]DOWHQDQJR\DORHVWHFRQ0p[LFR
/tPLWHVWHUULWRULDOHV
([WHQVLyQWHUULWRULDO
NLOyPHWURVFXDGUDGRV
)LHVWDWLWXODU
GHDEULO6DQ0DUFRV
)XQGDFLyQ
7HPSHUDWXUD
0i[LPDJUDGRVFHQWtJUDGRV
0tQLPDJUDGRVFHQWtJUDGRV
+LVWRULDSREODFLyQ\FXOWXUD
'HFRQIRUPLGDGFRQORVDQiOLVLVGHOKLVWRULDGRU2VFDU*XWLpUUH]VHGLFHTXHODVWLHUUDVGHO
SXHEORPDPOOHJDURQKDVWDHO2FpDQR3DFtILFRDVFHQGLHQGRDOYDOOHGH4XHW]DOWHQDQJR\OXHJRDO
YDOOHGH+XHKXHWHQDQJRSHURTXHHOYDOOHGH4XHW]DOWHQDQJRHQWUyHQSRVHVLyQGHORVN
LFKH
HV
OXHJRGHODVOXFKDVTXHVHGLHURQHQWUHHVWRVGRVSXHEORVSUHKLVSiQLFRV
(QWUH ORV SXHEORV DFWXDOHV \ TXH VRQ XQD FRQWLQXLGDG GH HVRV DQWLJXRV DVHQWDPLHQWRV
KXPDQRV HQFRQWUDPRV &KDQFKLFXSH 7DOFKLFXSH 7RTXLiQ &KLFR \ &KDQi R 7RQi TXH HQWUH
RWURV KDQ GDGR RULJHQ DO PXQLFLSLR TXH KR\ FRQRFHPRV FRPR 7DMXPXOFR 6LELQDO \ 7DFDQi
HVWiQDVHQWDGRVVREUHORVVLWLRVDUTXHROyJLFRVGHQRPLQDGRV6LELQDO\&RDWiQUHVSHFWLYDPHQWH
/DVFLXGDGHVGH6DQ3HGUR6DFDWHSpTXH]\6DQ0DUFRVVHHQFXHQWUDQXELFDGDVGHQWURGHO
SHUtPHWURGHORVVLWLRV(O2UDWRULR&DVD&RORUDGD&KDPDTXHR&KDPDF\6DQ$QGUpV&KDSt
/DRFXSDFLyQHVSDxRODGH6DQ0DUFRVVHFRQVXPDKDFLDHOGH$EULOGHFXDQGRHO
FDSLWiQ-XDQGH/HyQ\&DUGRQDGHVWDFDGRDHVDUHJLyQSRU3HGURGH$OYDUDGRJXLDGRSRUORV
7OD[FDOWHFDVEDXWL]DQDOYDOOHFHQWUDOFRQHOQRPEUHGH³4XHW]DOOL´TXHVLJQLILFDUHVSODQGHFLHQWH
DOTXHOXHJROHDJUHJDQ6DFDWHSpTXH]FX\RVLJQLILFDGRHVFHUURFXELHUWRGHYHJHWDFLyQ'XUDQWH
OD pSRFD FRORQLDO OD ]RQD PDP VH UHRUJDQL]D D SDUWLU GHO VLVWHPD GH FXUDWRV DWHQGLHQGR D OD
HVWUDWHJLD HVSDxROD GH IXQGDU SXHEORV VREUH R FHUFDQRV D ORV FRQTXLVWDGRV GH HVWD FXHQWD VH
IXQGDQODVVLJXLHQWHV3DUURTXLDVHQORTXHKR\HVWHUULWRULRPDUTXHQVH
D 6DQ3HGUR6DFDWHSpTXH]
E 6DQWD$QD0DODFDWiQ
F 6DQWLDJR7H[XWOD
(O $FWXDO GHSDUWDPHQWR GH 6DQ 0DUFRV SHUWHQHFLy D OD SURYLQFLD GH 4XHW]DOWHQDQJR
GLVWULEX\pQGRVHODVWLHUUDVXUEDQDV\UXUDOHVPHGLDQWHHO%DQGROHtGRHOGHVHSWLHPEUHGH
RUGHQDGRSRUOD5HDO$XGLHQFLDGH*XDWHPDOD
62/2/$
120%5(
'(/
62/2/È
'(3$57$0(172
&DEHFHUD
GHSDUWDPHQWDO
6ROROi
0XQLFLSLRV
6ROROi6DQ-RVp&KDFD\i6DQWD0DUtD9LVLWDFLyQ6DQWD/XFtD8WDWOiQ
6DQ $QWRQLR 3DORSy 1DKXDOi 6DQWD &DWDULQD ,[WDKXDFiQ 6DQWD &ODUD
/D /DJXQD &RQFHSFLyQ 6DQ $QGUpV 6HPHWDEDM 3DQDMDFKHO 6DQWD
&DWDULQD3DORSy6DQ/XFDV7ROLPiQ6DQWD&UX]/D/DJXQD6DQ3DEOR
/D/DJXQD6DQ0DUFRV/D/DJXQD6DQ-XDQ/D/DJXQD6DQ3HGUR/D
/DJXQD\6DQWLDJR$WLWOiQ
3REODFLyQ
&OLPD
,GLRPD
$OWLWXG
KDELWDQWHVDSUR[LPDGDPHQWH
)UtR
.DTFKLNHON
LFKH
\W]
XWXMLO
PHWURVVREUHHOQLYHOGHOPDU
$OQRUWHFRQORVGHSDUWDPHQWRVGH7RWRQLFDSiQ\(O4XLFKpDOVXUFRQ
/tPLWHVWHUULWRULDOHV 6XFKLWHSpTXH] DO HVWH FRQ &KLPDOWHQDQJR \ DO RHVWH FRQ
4XHW]DOWHQDQJR
([WHQVLyQWHUULWRULDO NLOyPHWURVFXDGUDGRV
)LHVWDWLWXODU
GHDJRVWR9LUJHQGHOD$VXQFLyQ
)XQGDFLyQ
7HPSHUDWXUD
0i[LPDJUDGRVFHQWtJUDGRV
0tQLPDJUDGRVFHQWtJUDGRV
6RFLHGDG\FXOWXUD
+LVWyULFDPHQWHHVWDUHJLyQGXUDQWHODFRORQLDFRQIRUPyHOSDUWLGRGH6ROROiFRQWUHLQWD
SXHEORVHQVXMXULVGLFFLyQ\FRPRGHSDUWDPHQWRVHHULJLyFRPRWDOHOGHQRYLHPEUHGH
SRUGHFUHWRGHOD$VDPEOHD&RQVWLWX\HQWHGHHVDpSRFD$PHGLDGRVGHOVLJOR;,;IRUPySDUWH
GHO(VWDGRGHORV$OWRV\HQVHLQWHJUyQXHYDPHQWHDOD5HS~EOLFD
/DUHJLyQWLHQHGLYHUVRVDWUDFWLYRVHQWUHHVWRVWHQHPRVDO/DJRGH$WLWOiQ(VWHFXHUSRGH
DJXDFXHQWDFRQXQDH[WHQVLyQVXSHUILFLDOGHPiVGHNLOyPHWURVFXDGUDGRV\HVWiVLWXDGRD
XQD DOWXUD GH PHWURV VREUH HO QLYHO GHO PDU /D LPSRUWDQFLD GHO ODJR HV YLWDO SDUD ORV
KDELWDQWHV\DTXHHQVXDOUHGHGRUVHXELFDQGLYHUVRVSXHEORVTXHYLYHQGHORVUHFXUVRVQDWXUDOHV
D ORV FXDOHV WLHQHQ DFFHVR $GHPiV YDULDV FDUUHWHUDV FLUFXQGDQ HO OXJDU SURSRUFLRQDQGR XQ
PHGLRGHFRPXQLFDFLyQLPSRUWDQWHQRVyORSDUDHOLQWHUFDPELRFRPHUFLDOVLQRWDPELpQSDUDOD
DIOXHQFLDWXUtVWLFD
([LVWHQ WDPELpQ DOJXQDV FDWDUDWDV TXH SRU VX VLQJXODU EHOOH]D KDQ VLGR FRQVLGHUDGDV
FRPRDWUDFWLYRVWXUtVWLFRV8QDGHHOODVVHXELFDDLQPHGLDFLRQHVGH3DQDMDFKHOVREUHODFDUUHWHUD
TXHGDLQPHGLDWDPHQWHDOODJR2WUDPX\FRQRFLGDHVODOODPDGD7]DOiTXHWDPELpQVHHQFXHQWUD
HQ3DQDMDFKHO
(QWUHORVDFFLGHQWHVQDWXUDOHVGHLPSRUWDQFLDHQFRQWUDPRVORVYROFDQHV7ROLPiQ$WLWOiQ
\ 6DQ 3HGUR DGHPiV GHO OODPDGR SLFR GH 6DQWD &ODUD TXH VH HQFXHQWUD D LQPHGLDFLRQHV GH OD
ULEHUDGHOODJR
/RVJUXSRVOLQJtVWLFRVSUHGRPLQDQWHVHQWRGRHOGHSDUWDPHQWRVRQHONDTFKLNHOW]
XWXMLO
\N
LFKH
DOJXQRVGHORVFXDOHVVHKDEODQHQORVSXHEORVDVHQWDGRVDOUHGHGRUGHOODJR
/DHFRQRPtDGHODUHJLyQVHFDUDFWHUL]DSRUODSURGXFFLyQDUWHVDQDOFXOWLYRVGHKRUWDOL]DV
PDt]IULMROWULJRWRPDWHFDIp\FHEROODDVtFRPRODFUtDGHFHUGRVRYHMDV\FDEUDV3RUHOODGR
GHODFRVWDHVIUHFXHQWHREVHUYDUODSURGXFFLyQHQSHTXHxDHVFDODGHPDQJRDJXDFDWHEDQDQRV
\SOiWDQRV(QHODVSHFWRFXOWXUDOODSURGXFFLyQDUWHVDQDOHVYDULDGD\GLYHUVD
(OFRQWHQLGRGHHVWDWHVLVHV~QLFD\H[FOXVLYDPHQWHUHVSRQVDELOLGDGGHODXWRU
Descargar