0DQLSXODFLyQPDQXDOGHFDUJDV ,990$1,38/$&,Ï10$18$/'(&$5*$6 ,1752'8&&,Ï1 (Q HO 6HFWRU GH OD (OHFWUyQLFD \ ODV &RPXQLFDFLRQHV HV IUHFXHQWH OD PDQLSXODFLyQ \ HO PRYLPLHQWR GH FDUJDV SULQFLSDOPHQWH GXUDQWH ODV RSHUDFLRQHV GH LQVWDODFLyQ GH VLVWHPDV H LQIUDHVWUXFWXUDV DVt FRPR HQ ORVDOPDFHQHV8QHMHPSORFODURGHODPDQLSXODFLyQGHFDUJDVODUHDOL]DGDSDUDHOWUDQVSRUWHGHERELQDVGH FDEOH %RELQDVGHFDEOH 'HWDOOHGHHTXLSRSDUDVXWUDQVSRUWH /DV FDXVDV GH HVWRV VREUHHVIXHU]RV VRQ OD PDQLSXODFLyQ PDQXDO GH FDUJDV PRYLPLHQWRV EUXVFRV R LQDGHFXDGRVSRVWXUDVIRU]DGDVRLQFRUUHFWDVDOFODVLILFDURFRJHUHOPDWHULDOHWF /D PDQLSXODFLyQ PDQXDO GH FDUJDV SXHGH SURGXFLU WDQWR IDWLJD ItVLFD FRPR OHVLRQHV TXH VH SXHGHQ PDQLIHVWDU GH XQD IRUPD LQPHGLDWD R SRU OD DFXPXODFLyQ GH SHTXHxDV WUDXPDWLVPRV DSDUHQWHPHQWH VLQ LPSRUWDQFLD /DV OHVLRQHV PiV IUHFXHQWHV VRQ HQWUH RWUDV FRQWXVLRQHV FRUWHV KHULGDV IUDFWXUDV \ VREUH WRGR OHVLRQHV P~VFXORHVTXHOpWLFDV (VWDV VH SXHGHQ SURGXFLU HQ FXDOTXLHU ]RQD GHO FXHUSR SHUR VRQ PiV VHQVLEOHVORVPLHPEURVVXSHULRUHV\ODHVSDOGDHQHVSHFLDOOD]RQDGRUVROXPEDU 7DPELpQVHSXHGHQSURGXFLUOHVLRQHVHQORVPLHPEURVVXSHULRUHVWDOHVFRPRKRPEURVEUD]RV\PDQRV KHULGDV R DUDxD]RV SURGXFLGRV SRU HVTXLQDV GHPDVLDGR DILODGDV FRQWXVLRQHV SRU FDtGDV GH OD FDUJD SUREOHPDV FLUFXODWRULRV R KHUQLDV LQJXLQDOHV VHJ~Q LQGLFD OD *XtD 7pFQLFD SDUD OD HYDOXDFLyQ \SUHYHQFLyQ GHORVULHVJRVUHODWLYRVDODPDQLSXODFLyQPDQXDOGHFDUJDVGHO,16+7 0$5&21250$7,92 (Q QXHVWUR RUGHQDPLHQWR MXUtGLFR WHQHPRV HO 5HDO 'HFUHWR GH GH DEULO VREUH ODV GLVSRVLFLRQHV PtQLPDV GH VHJXULGDG \ VDOXG UHODWLYDV D OD PDQLSXODFLyQ PDQXDO GH FDUJDV TXH HQWUDxH ULHVJRVHQSDUWLFXODUGRUVROXPEDUHVSDUDORVWUDEDMDGRUHVTXHVXSRQHODWUDVSRVLFLyQDOGHUHFKRHVSDxRO GHOD'LUHFWLYD&((GHGHPD\R 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHO6HFWRUGH(OHFWUyQLFD\&RPXQLFDFLRQHV 0DQLSXODFLyQPDQXDOGHFDUJDV 3RU VX SDUWH HO FLWDGR 5HDO 'HFUHWR KD VLGR GHVDUUROODGR SRU OD *XtD 7pFQLFD SDUD OD HYDOXDFLyQ\SUHYHQFLyQGHORVULHVJRVUHODWLYRVDODPDQLSXODFLyQPDQXDOGHFDUJDVGHO,QVWLWXWR1DFLRQDO GH 6HJXULGDG H +LJLHQH HQ HO 7UDEDMR ,16+7 (Q HVWH 5HDO'HFUHWRVHGHILQHODPDQLSXODFLyQPDQXDOGH FDUJDVD³FXDOTXLHURSHUDFLyQGHWUDQVSRUWHRVXMHFLyQGHXQDFDUJDSRUSDUWHGHXQRRYDULRVWUDEDMDGRUHV FRPRHOOHYDQWDPLHQWRFRORFDFLyQHOHPSXMHODWUDFFLyQRHOGHVSOD]DPLHQWRTXHSRUVXVFDUDFWHUtVWLFDVR FRQGLFLRQHV HUJRQyPLFDV LQDGHFXDGDV HQWUDxH ULHVJRV SDUWLFXODUPHQWH GRUVROXPEDUHV SDUD ORV WUDEDMDGRUHV´ 3RUORWDQWRHQODPDQLSXODFLyQPDQXDOGHFDUJDVLQWHUYLHQHHOHVIXHU]RKXPDQRWDQWRGHIRUPDGLUHFWD OHYDQWDPLHQWR\FRORFDFLyQFRPRLQGLUHFWDHPSXMHWUDFFLyQGHVSOD]DPLHQWR7DPELpQHVPDQLSXODFLyQ PDQXDOWUDQVSRUWDURPDQWHQHUODFDUJDDO]DGD 3RU FDUJD WDPELpQ VH HQWLHQGHQ DTXHOORV PDWHULDOHV TXH VH PDQLSXODQ D WUDYpV GH XQD JU~D X RWUR PHGLRPHFiQLFRSHURTXHUHTXLHUDQGHOHVIXHU]RKXPDQRSDUDPRYHUORVRFRORFDUORV 'HVGH HO SXQWR GH YLVWD SUHYHQWLYR GHEH WUDWDUVH VLHPSUH GH HYLWDU OD PDQLSXODFLyQ PDQXDO GH ODV FDUJDVPHGLDQWHODDXWRPDWL]DFLyQGHORVSURFHVRVRHOXVRGHD\XGDVPHFiQLFDV (QHOFDVRGHTXHQRVHDSRVLEOHHYLWDUGLFKDPDQLSXODFLyQORVWUDEDMDGRUHVGHEHQFRQRFHUFXiOHVVRQ ORV ULHVJRV GHULYDGRV GH OD DFWLYLGDG \ ODV SDXWDV TXH GHEHQ VHJXLU SDUD OD FRUUHFWD PDQLSXODFLyQ GH ODV FDUJDV 3RU WDQWR VL QR HV SRVLEOH HOLPLQDU WRWDOPHQWH OD PDQLSXODFLyQ PDQXDO GH FDUJDV HO HPSUHVDULR GHEH HYDOXDU ORV ULHVJRV SDUD GHWHUPLQDU VL GLFKD PDQLSXODFLyQ JHQHUD XQD VLWXDFLyQ GH ULHVJR WROHUDEOH R QR WROHUDEOH (Q FDVR GH VLWXDFLyQ GH ULHVJR QR WROHUDEOH VH GHEHQ DGRSWDU ODV PHGLGDV GH FRUUHFFLyQ QHFHVDULDV SDUDODHOLPLQDFLyQRUHGXFFLyQGHOULHVJRDOQLYHOPiVEDMRTXHUD]RQDEOHPHQWHVHDSRVLEOH 3(626'(/$&$5*$ (QOD*XtD7pFQLFDSDUDODHYDOXDFLyQ\SUHYHQFLyQGHORVULHVJRVUHODWLYRVDODPDQLSXODFLyQPDQXDOGH FDUJDV GHO ,16+7 VH FRQVLGHUD TXH WRGD PDQLSXODFLyQ PDQXDO GH FDUJDV TXH SHVH PiV GH .J SXHGH HQWUDxDUXQSRWHQFLDOULHVJRGRUVROXPEDUQRWROHUDEOH\DTXHDSHVDUGHVHUXQDFDUJDEDVWDQWHOLJHUDVL VH PDQLSXOD HQ XQDV FRQGLFLRQHV HUJRQyPLFDV GHVIDYRUDEOHV DOHMDGDV GHO FXHUSR FRQ SRVWXUDV LQDGHFXDGDVPX\IUHFXHQWHPHQWHHQFRQGLFLRQHVDPELHQWDOHVGHVIDYRUDEOHVFRQVXHORVLQHVWDEOHVHWF SRGUtDJHQHUDUULHVJR /DV PDQLSXODFLRQHV PDQXDOHV GH FDUJDV LQIHULRUHV D NJ WDPELpQ SXHGHQ JHQHUDU ULHVJRV SHUR QR GRUVROXPEDUHV VLQR PXVFXORHVTXHOpWLFRV HQ ORV PLHPEURV VXSHULRUHV FRPR FRQVHFXHQFLD GH HVIXHU]RV UHSHWLWLYRV /RVSHVRVPi[LPRVUHFRPHQGDGRVSDUDPDQLSXODUXQDFDUJDHQFRQGLFLRQHVLGHDOHVGHOHYDQWDPLHQWR SRVWXUDLGHDO\FRQGLFLRQHVDPELHQWDOHVIDYRUDEOHVVHVHxDODQHQODVLJXLHQWHWDEOD 0$1,38/$&,Ï10$18$/'(&$5*$ 2&$6,21$/ )5(&8(17( PDVDHQ.J PDVDHQ.J +RPEUHV 0XMHUHV -Ï9(1(6 +RPEUHV DxRV 0XMHUHV $'8/726 6HJ~Q'LUHFWLYD&((\'LUHFWLYD& 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHO6HFWRUGH(OHFWUyQLFD\&RPXQLFDFLRQHV 0DQLSXODFLyQPDQXDOGHFDUJDV 3RUORWDQWRVLVHVREUHSDVDQORVYDORUHVGHSHVRVHKDQGHDGRSWDUPHGLGDVSUHYHQWLYDVSDUDHOLPLQDU RUHGXFLUHOULHVJR /RV SHVRV PHQFLRQDGRV VRQ ORV YDORUHV Pi[LPRV GH SHVR HQ FRQGLFLRQHV LGHDOHV SRU OR TXH VL QR VH GDQHVDVFRQGLFLRQHVLGHDOHVORVOtPLWHVGHSHVRVHUHGXFLUiQLJXDOPHQWH(QHOVLJXLHQWHSXQWRVHLQGLFDQ ODVFDXVDVGHORVIDFWRUHVGHULHVJRTXHVLQRVRQODVLGHDOHVUHGXFLUiQORVSHVRVPi[LPRVUHFRPHQGDGRV 5,(6*26/$%25$/(6'(/$0$1,38/$&,Ï10$18$/'(&$5*$6<&$86$6 /RV SULQFLSDOHV IDFWRUHV GH ULHVJRV HVSHFLILFDGRV HQ OD 'LUHFWLYD DQWHV PHQFLRQDGD \ TXH SXHGHQ FRQWULEXLUDODDSDULFLyQGHOHVLRQHVGRUVROXPEDUHVDSDUHFHQHQHOVLJXLHQWHFXDGUR • )$&725(6'( 5,(6*2 3RUODVFDUDFWHUtVWLFDVGHOD FDUJD • 3RUHOHVIXHU]RItVLFR QHFHVDULRSDUDVX PDQLSXODFLyQ • 3RUODVFDUDFWHUtVWLFDVGHO PHGLRROXJDUGHWUDEDMR • 3RUODVH[LJHQFLDVGHOD DFWLYLGDG • &$86$6 • • • • • • • • • • • • • • • • • • • • • • • &DUJDYROXPLQRVDRGLItFLOGHVXMHWDU 3HOLJURGHGHVSOD]DPLHQWRGHODFDUJDRVXFRQWHQLGR 1HFHVLGDGGHOHYDQWDURVRVWHQHUVHSDUDGDGHOFXHUSRODFDUJDSDUDVXPDQLSXODFLyQ /DIRUPDH[WHULRUGHODFDUJDSXHGHSURGXFLUOHVLRQHVDOWUDEDMDGRU /DVXSHUILFLHGHODFDUJDERUGHVFRUWDQWHVUHVEDODGL]DFDOLHQWHRIUtDHWF (VIXHU]RQHFHVDULRGHPDVLDGRLPSRUWDQWHSDUDOHYDQWDURPRYHUODFDUJD (OHVIXHU]RKDGHKDFHUVHQHFHVDULDPHQWHGREODQGRRJLUDQGRHOFXHUSR (OHVIXHU]RVHUHDOL]DPLHQWUDVHOFXHUSRHVWiHQSRVLFLyQLQHVWDEOH 3DUDOHYDQWDURGHVFHQGHUODFDUJDVHKDGHPRGLILFDUODVXMHFLyQGHpVWD (VSDFLRLQVXILFLHQWHSDUDPDQLSXODUODFDUJD 6XHORLQHVWDEOHRLUUHJXODUGDQGROXJDUDWURSH]RQHVRUHVEDORQHV ,PSRVLELOLGDGGHPDQLSXODFLyQDXQDDOWXUDVHJXUD\SRVWXUDFRUUHFWD ([LVWHQFLDGHGHVQLYHOHVHQHOVXHOR ,QDGHFXDGDVFRQGLFLRQHVGHWHPSHUDWXUDKXPHGDG\RFLUFXODFLyQGHODLUH ,OXPLQDFLyQLQVXILFLHQWH 9LEUDFLRQHV ([LJHQFLDVGHHVIXHU]RVItVLFRVIUHFXHQWHV\SURORQJDGRV 5LWPRGHDFWLYLGDGQRFRQWURODEOHSRUHOLQGLYLGXR 3HULRGRVGHGHVFDQVRLQVXILFLHQWHV 'LVWDQFLDVGHWUDQVSRUWHHOHYDFLyQRGHVFHQVRPX\ODUJDV &XDQGRHOWUDEDMDGRUFDUHFHGHODVXILFLHQWHFDSDFLGDGItVLFD &XDQGRHOWUDEDMDGRUQROOHYHXQDURSDDGHFXDGDSRUHMHPSORODVSUHQGDVGH SURWHFFLyQFRPSOHWDVSXHGHQHQWRUSHFHUPRYLPLHQWRVORVJXDQWHVSXHGHQDIHFWDUDOD 3RUORVIDFWRUHVGHULHVJR LQGLYLGXDOHVGHOWUDEDMDGRU &DUJDGHPDVLDGRJUDQGHRGHPDVLDGRSHVDGD FRUUHFWDVXMHFLyQODVJDIDVRPiVFDUDVSXHGHQDIHFWDUDODYLVLELOLGDGHWF • • &XDQGRQRSRVHDXQDIRUPDFLyQRH[SHULHQFLDVXILFLHQWH &XDQGRHOWUDEDMDGRUSDGH]FDDOJ~QWLSRGHOHVLyQGHHVSDOGDRHVWpHQSHULRGRGH FRQYDOHFHQFLDGHDOJ~QSURFHVRSDWROyJLFRDQWHULRU • • WUDQVSRUWDUODFDUJD (VSDOGDHQFRUYDGDHQHVWHFDVRODFROXPQDVHGHVYtDORVP~VFXORVTXHGDQVRPHWLGRV DXQDIXHUWHWUDFFLyQ\ODVYpUWHEUDV\ORVGLVFRVTXHGDQEDMRXQDVREUHSUHVLyQ 3RUODPDQHUDGH • &XDQGRODFDUJDVHFRJHGHIRUPDEUXVFDSXHGHKDEHUSpUGLGDGHHTXLOLEULR\ UHVEDORQHV • 3RUODGHVFDUJDGHFDUJDV • • &XDQGRHOWURQFRVHWRUVLRQDHQODGHVFDUJD &XDQGRORVPDWHULDOHVTXHVHWUDQVSRUWDQQRYDQVXMHWRVGHPDQHUDDGHFXDGD $GHPiV FRPR FRQVHFXHQFLD GH OD PDQLSXODFLyQ PDQXDO GH FDUJDV VH SXHGHQ GHVHQFDGHQDU ORV VLJXLHQWHVULHVJRV 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHO6HFWRUGH(OHFWUyQLFD\&RPXQLFDFLRQHV 0DQLSXODFLyQPDQXDOGHFDUJDV +HULGDVRDUDxD]RVSRUHVTXLQDVGHPDVLDGRDILODGDVHWF *ROSHV\FRQWXVLRQHVSRUFDtGDVGHODFDUJDGHELGRDVXSHUILFLHVUHVEDODGL]DVSRUDFHLWHVJUDVDVX RWUDVVXVWDQFLDV &DtGDV DO PLVPR \ GLVWLQWR QLYHO SRU IDOWD GH YLVLELOLGDG FRQ ODV FDUJDV WURSLH]RV IDOWD H RUGHQ \ OLPSLH]DHWF )DWLJDItVLFDSRUFDQVDQFLRPXVFXODUGHELGRDVREUHHVIXHU]RV\SRVWXUDVIRU]DGDVTXHSXHGHQGDU OXJDU D OHVLRQHV HQ OD FROXPQD YHUWHEUDO (Q SDUWLFXODU HQ ORV P~VFXORV GRUVDOHV \ ODV YpUWHEUDV OXPEDUHV $XQTXH ODV OHVLRQHV TXH VH SURGXFHQ QR VRQ PRUWDOHV VXHOHQ QHFHVLWDU XQ ODUJR SHULRGR GH UHKDELOLWDFLyQ FRQ XQ HOHYDGR FRVWH HFRQyPLFR \ KXPDQR SXHV SXHGH OOHJDU D RULJLQDU OD LQFDSDFLGDG ODERUDOGHOWUDEDMDGRUDVtFRPRDIHFWDUDVXFDOLGDGGHYLGD 0(','$635(9(17,9$6(1/$0$1,38/$&,Ï10$18$/'(&$5*$6 &RPR VH KD VHxDODGR OD SULPHUD PHGLGD FRQVLVWH HQ HOLPLQDU OD PDQLSXODFLyQ PDQXDO GH FDUJDV PHGLDQWH OD DXWRPDWL]DFLyQ GH ORV SURFHVRV R HO HPSOHR GH HTXLSRV PHFiQLFRV WUDQVSDOHWDV PDQXDOHV FDUUHWLOODV HOHYDGRUDV HWF 6L D~Q DVt H[LVWHQ WDUHDV HQ ODV TXH VH PDQLSXODQ FDUJDV VH DGRSWDUiQ ODV VLJXLHQWHVPHGLGDV $FWXDU VREUH OD RUJDQL]DFLyQ GHO WUDEDMR GLVHxR GHO SXHVWR GH WUDEDMR RUJDQL]DFLyQ GH WDUHDV $FWXDUVREUHHOSURSLRHQWRUQRGHWUDEDMRWHPSHUDWXUDVDGHFXDGDVHVSDFLRVVXILFLHQWHVVXHORVHQ 6LHVSRVLEOHVHUHGXFLUiRUHGLVHxDUiODFDUJD /HYDQWDPLHQWRGHFDUJDVHQWUHGRVSHUVRQDV (QFXDOTXLHUFDVRVHGHEHSURSRUFLRQDUDORVWUDEDMDGRUHVIRUPDFLyQHLQIRUPDFLyQVREUHODIRUPD URWDFLyQGHWUDEDMDGRUHVHWF EXHQHVWDGRLOXPLQDFLyQDGHFXDGD FRUUHFWD GH PDQLSXODUFDUJDVORVULHVJRVTXHFRQOOHYD\IRUPDGHSUHYHQLUORV6HFRPSUREDUiTXH ODVHQVHxDQ]DVLPSDUWLGDVVHOOHYDQDODSUiFWLFD 5HVSHFWRDHVWH~OWLPRSXQWRHOPpWRGRFRUUHFWRSDUDOHYDQWDUFDUJDVDGHFXDGDPHQWHVHEDVDHQ ORVSULQFLSLRVGHPHFiQLFDFRUSRUDO\UHDOL]DUPRYLPLHQWRV\HVIXHU]RVVHJ~QGLFKRVSULQFLSLRV /HYDQWDPLHQWRGHFDUJDV $VHQWDUGHIRUPDILUPHORVSLHV6HSDUDUORVSLHVOLJHUDPHQWHGHMDQGRXQDGLVWDQFLDGHXQRVFP HQWUHHOORV\OLJHUDPHQWHDGHODQWDGRXQRGHORWUR $JDFKDUVHGREODQGRODVURGLOODV &RJHUODFDUJDFRQODSDOPDGHODPDQR\ODEDVHGHORVGHGRVGHIRUPDTXHODVXSHUILFLHGHDJDUUH VHDPD\RU\VHUHGX]FDHOHVIXHU]R (QFXFOLOODVPDQWHQHUODHVSDOGDUHFWD /HYDQWDU OD FDUJD JUDGXDOPHQWH FRQ OD FROXPQD UHFWD \ DOLQHDGD \ FRQ ODV URGLOODV IOH[LRQDGDV XVDQGRORVP~VFXORVGHODVSLHUQDV\QRFRQORVGHODHVSDOGD 0DQWHQHUODFDUJDSUy[LPDDOFXHUSRFRQEUD]RV\FRGRVSHJDGRVDORVODGRVGHOFXHUSR 1RJLUDUHOFXHUSRPLHQWUDVVHKDFHHOHVIXHU]R &XDQGRKD\DTXHOHYDQWDUXQDFDUJD\DOPLVPRWLHPSRJLUDUHOWURQFRXQDYH]DO]DGDODFDUJDVH JLUDUiHOFXHUSRHQWHURPRYLHQGRORVSLHVHQODGLUHFFLyQTXHGHEDPRVGHSRVLWDUODFDUJD 1RVHOHYDQWDUiQFDUJDVSRUHQFLPDGHODFLQWXUDHQXQVRORPRYLPLHQWR 7UDQVSRUWHPDQXDOGHFDUJDV 0DQWHQHUODFDUJDHQSRVLFLyQLQFOLQDGD\FRQHOH[WUHPRGHODQWHUROHYDQWDGR 'LVWULEXLUODFDUJDGHIRUPDVLPpWULFD 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHO6HFWRUGH(OHFWUyQLFD\&RPXQLFDFLRQHV 0DQLSXODFLyQPDQXDOGHFDUJDV 7UDQVSRUWDUODFDUJDVXVSHQGLGDFRQORVEUD]RVHVWLUDGRVKDFLDDEDMRVLHPSUHTXHHOORVHDSRVLEOH $\XGDUVHGHHOHPHQWRVDX[LOLDUHV 7UDQVSRUWDUODFDUJDFRQHOFXHUSRHUJXLGR &RORFDUODVPDQRVHQHOFHQWURGHJUDYHGDGGHOREMHWR 'HSRVLWDUODFDUJD 1RJLUDUODHVSDOGDPLHQWUDVVHGHVFDUJD 'HVFDUJDUSULPHURORPiVVXSHUILFLDO\PDQHMDEOH 1XQFDWLUDUODFDUJDGHSRVLWDUOD 12 6Ë $GHPiVVHWHQGUiQHQFXHQWDXQDVHULHGHPHGLGDV 6HHYLWDUiQHVIXHU]RVLQ~WLOHV 6HHYLWDUiQHQORSRVLEOHSRVWXUDVIRU]DGDVHQFRUYDGRDUURGLOODGRHQFXFOLOODVHWF &XDQGR KD\D TXH DUUDVWUDU DFHUFDU R PRYHU FDUJDV HQ HVSDFLRV FRUWRV QR VH UHDOL]DUiQ PRYLPLHQWRVEUXVFRVQLVHDGRSWDUiQSRVWXUDVIRU]DGDV $OPRYHUMDXODVXRWURWLSRGHPDWHULDOHVHVSUHIHULEOHHPSXMDUHQOXJDUGHWLUDU6HDSURYHFKDUiHO SHVRGHOFXHUSRDOUHDOL]DUWDODFWLYLGDG 6LODVGLPHQVLRQHVGHODFDUJDORDFRQVHMDQVHSHGLUiD\XGDDXQFRPSDxHUR /DV EDUUDV GH ORQJLWXG VXSHULRU D PHWURV VH WUDQVSRUWDUiQ HQWUH HO Q~PHUR GH SHUVRQDV TXH VH HVWLPHQHFHVDULR 6HWHQGUiQSUHYLVWRVORVOXJDUHVGHSDVROLEUHVGHREVWiFXORV (48,326'(3527(&&,Ï1,1',9,'8$/ (48,326'(3527(&&,Ï1,1',9,'8$/ SUHFLVRVFXDQGRORVULHVJRVQRKDQSRGLGRHYLWDUVHROLPLWDUVHVXILFLHQWHPHQWHSRUPHGLRVWpFQLFRVSRU SURWHFFLyQFROHFWLYDRSRUODRUJDQL]DFLyQGHOWUDEDMR %27$6'(6(*85,'$' *8$17(6'(6(*85,'$' (1 (1 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHO6HFWRUGH(OHFWUyQLFD\&RPXQLFDFLRQHV 0DQLSXODFLyQPDQXDOGHFDUJDV (Q FXDOTXLHU FDVR SDUD VDEHU VL HV QHFHVDULR UHDOL]DU XQD HYDOXDFLyQ GH ULHVJRV GH ORV SXHVWRV GH WUDEDMR TXH PDQLSXODQ FDUJDV VH H[SRQH HO ',$*5$0$ '( '(&,6,21(6 GH OD *XtD 7pFQLFD SDUD OD HYDOXDFLyQ\SUHYHQFLyQGHORVULHVJRVUHODWLYRVDODPDQLSXODFLyQPDQXDOGHFDUJDVGHO,16+7 12 ¢,PSOLFDQODVWDUHDVXQDPDQLSXODFLyQPDQXDOGH FDUJDVTXHSXHGDQRFDVLRQDUOHVLRQHVSDUDHO WUDEDMDGRU"&DUJDVFRQSHVRVXSHULRUDNJ 6, 6, ¢(VUD]RQDEOHPHQWHSRVLEOHHOLPLQDUOD PDQLSXODFLyQ PDQXDOSRUPHGLRGHOD$8720$7,=$&,Ï1R 0(&$1,=$&,Ï1GHORVSURFHVRV" 12 ¢(VSRVLEOHXVDUD\XGDVPHFiQLFDV" FDUUHWLOODVHWF 12 6, 12 ¢4XHGDQDFWLYLGDGHVUHVLGXDOHV GH PDQHMRPDQXDOGHFDUJDV" 6, (9$/8$&,Ï1'(/265,(6*26 6, 5,(6*212 5,(6*2 72/(5$%/( 72/(5$%/( 5('8&&,Ï1'(/ 5,(6*2 12 6, ¢6HKDUHGXFLGRHOULHVJRDXQQLYHOWROHUDEOH" ),1'(/ 352&(62 5(9,6$53(5,Ï',&$0(17(26, &$0%,$1/$6&21',&,21(6'( 75$%$-2 3UHYHQFLyQGH5LHVJRV/DERUDOHVHQHO6HFWRUGH(OHFWUyQLFD\&RPXQLFDFLRQHV