Corel Ventura - CONTA.CHP - Instituto de Contabilidad y Auditoría

Anuncio
Premio para trabajos cortos de investigación
en Contabilidad “Carlos Cubillo Valverde”
(V Edición)
DIFERENCIACIÓN ENTRE
FONDOS PROPIOS Y AJENOS
Miguel Ángel Villacorta Hernández
q
',)(5(1&,$&,Ð1(175(
)21'263523,26<$-(126
0LJXHOÉQJHO9LOODFRUWD+HUQiQGH]
3UHPLRSDUD7UDEDMRV&RUWRVGH,QYHVWLJDFLyQHQ&RQWDELOLGDG
©&DUORV&XELOOR9DOYHUGHª9(GLFLyQ0RGDOLGDGE
1,32
,6%1
'/
0
,1',&(
$8725
3iJLQDV
,QWURGXFFLyQ 'LIHUHQFLDFLyQSULPDULDGHODPDVDGHSDVLYR
'LIHUHQFLDFLyQFOiVLFD
$WHQGHUDODQDWXUDOH]DGHODVDFFLRQHV
&ULWHULRILVFDO
&RQVLGHUDUHOQHWRFRPRYDORUUHVLGXDO
$WHQGHUDOFULWHULRGHSHUPDQHQFLD
$FHSWDUHOQHWRJDUDQWtDIUHQWHDWHUFHURV
$FHSWDUHOQHWRFRPRLQVWUXPHQWRGHOGHUHFKRPHU FDQWLOSDUDDOFDQ]DUVXVREMHWLYRV
3URSXHVWDSDUDHVWUXFWXUDUODPDVDGHSDVLYR
$SOLFDFLyQGHOFULWHULRHFRQyPLFRVREUHODVDFFLRQHV
SULYLOHJLDGDV
$FFLRQHVSULYLOHJLDGDVHQHOUHVFDWH
$FFLRQHVSULYLOHJLDGDVHQHOGHUHFKRDSDUWLFLSDUGHODV
JDQDQFLDV
&RQFOXVLRQHV
5HIHUHQFLDV%LEOLRJUiILFDV ³³
0LJXHOÉQJHO9LOODFRUWD+HUQiQGH]KDWUDEDMDGRFRPRFRQWDEOH
HQYDULDVHPSUHVDV\GHVDUUROODGRVXDFWLYLGDGGRFHQWHHQGLYHUVRVFHQ WURVS~EOLFRV\SULYDGRV
$FWXDOPHQWHUHDOL]DVXODERULQYHVWLJDGRUDEDMRODVXSHUYLVLyQ\GLUHFFLyQ
GH&DUPHQ1RUYHUWR/DERUGDHQHO'HSDUWDPHQWRGH(FRQRPtD)LQDQ FLHUD\&RQWDELOLGDG,,GHOD8QLYHUVLGDG&RPSOXWHQVHGH0DGULG
,1752'8&&,Ð1
/DFRQWDELOLGDGQRUPDOL]DGDHVWDEOHFHXQDGLIHUHQFLDFLyQHQWUHHOSDVLYRH[LJL
EOH\HOQHWRPX\LQIOXHQFLDGDSRUFRQGLFLRQDQWHVMXUtGLFRVWDQWRPHUFDQWLOHVFRPR
ILVFDOHV/DWRPDGHGHFLVLRQHVUHTXLHUHXQDFRQFHSFLyQPiVFHUFDQDDORVFULWHULRV
HFRQyPLFRV(QHVWHWUDEDMRLQWHQWDUHPRVRIUHFHUXQFULWHULRGLIHUHQFLDGRUDOWHUQD
WLYRDFRUGHFRQHVWDLGHDGHIRUPDTXHD\XGHDVROXFLRQDUDOJXQRVSUREOHPDVTXH
HOWUDWDPLHQWRDFWXDOQRUHVXHOYHFRPRODVDFFLRQHVSULYLOHJLDGDV
(VWDLQYHVWLJDFLyQSURSRQHDXPHQWDUODXWLOLGDGGHODLQIRUPDFLyQFRQWDEOHSRU
PHGLRGHODGLIHUHQFLDFLyQHFRQyPLFDGHODPDVDGHSDVLYR\GHODFRQVLGHUDFLyQGH
ODVDFFLRQHVSULYLOHJLDGDVFRPRLQVWUXPHQWRVILQDQFLHURV
'LIHUHQFLDFLyQSULPDULDGHODPDVDGHSDVLYR
/DFLHQFLDFRQWDEOHSUHFLVDGLIHUHQFLDUODVIXHQWHVGHILQDQFLDFLyQGHODHPSUHVD
WUDGLFLRQDOPHQWHXWLOL]DXQFULWHULREDVDGRHQSUHFHSWRVMXUtGLFRVSDUDGLIHUHQFLDUHO
SDVLYRH[LJLEOHGHOQHWR$VtGLIHUHQFLDGRVSDUWLGDVIRQGRVSURSLRV\IRQGRVDMH
QRVGHWDOIRUPDTXHODGHILQLFLyQGHIRQGRVSURSLRVVHIXQGDPHQWDHQODH[LVWHQFLD
GHXQRVSURSLHWDULRVGHODHQWLGDGWpUPLQRGHQDWXUDOH]DFODUDPHQWHMXUtGLFD(Q
WHQGHUTXHORVIRQGRVSURSLRVVRQODVSDUWLGDVSURSLHGDGGHORVDFFLRQLVWDVHVDGPL
WLGRSRUHO)$6%´HOQHWRHVHOUHIOHMRGHORVGHUHFKRV\ULHVJRVGHORV
SURSLHWDULRVµHO,$6%´ORVIRQGRVSURSLRVVLUYHQSDUDUHIOHMDUORVGHUH
FKRVGHORVDFFLRQLVWDVSDUDUHFLELUGLYLGHQGRVRHOUHHPEROVRGHOFDSLWDOµ\$(&$
´ORVUHFXUVRVSURSLRVFRQVWLWX\HQODSDUWLFLSDFLyQGHORVSURSLHWDULRVHQ
ODILQDQFLDFLyQGHODHPSUHVDµ
³³
/DGLIHUHQFLDFLyQGHOSDVLYREDVDGDHQHOFULWHULRMXUtGLFRGHSURSLHGDGHVLQ
FRQVLVWHQWHFRQODWHRUtDFRQWDEOHGHHQWLGDGGHVYLUW~DVXVLJQLILFDFLyQHFRQyPL
FDQRUHFRQRFHHOFUHFLHQWHSRGHUGHORVDGPLQLVWUDGRUHVHQODVHPSUHVDV\QR
VDWLVIDFHDGHFXDGDPHQWHODUHVROXFLyQGHFLHUWRVSUREOHPDVFRPRODVDFFLRQHV
SULYLOHJLDGDV
/DVROXFLyQSURSXHVWDHQHVWDLQYHVWLJDFLyQHVDEDQGRQDUHOFULWHULRMXUtGLFRGH
SURSLHGDGSDUDGLIHUHQFLDUHOSDVLYRDFHSWDQGRHOFULWHULRHFRQyPLFRGHH[LJLELOL
GDG6HJ~QHVWRXQSDVLYRQRH[LJLEOHVHUiODILQDQFLDFLyQTXHQRREOLJDDODHPSUHVD
DHQWUHJDUULTXH]DKDVWDHOPRPHQWRGHODOLTXLGDFLyQ\XQDIXHQWHGHILQDQFLDFLyQ
VHUiSDVLYRH[LJLEOHVLODHPSUHVDHVWiREOLJDGDDHQWUHJDUULTXH]DDQWHVGHODIHFKD
GHOLTXLGDFLyQGHODVRFLHGDG
(OQHWRHVXQWpUPLQRFRQWDEOHPLHQWUDVTXHORVFRQFHSWRVIRQGRVSURSLRV
UHFXUVRVSURSLRVQHWRSDWULPRQLDORSDWULPRQLRQHWRVRQLQWHUSUHWDFLRQHV
GHOQHWRFRQVLGHUDGDVEDMRFULWHULRVPHUFDQWLOHVRILVFDOHV/DVLQWHUSUHWDFLR
QHVGHOQHWRTXHUHDOL]DODOHJLVODFLyQPHUFDQWLOVRQWRWDOPHQWHYiOLGDVSDUD
DOFDQ]DUVXVREMHWLYRVSHURQRSDUDDOFDQ]DUORVREMHWLYRVFRQWDEOHVTXHQRU
PDOPHQWHVRQGLIHUHQWHV7UDGLFLRQDOPHQWHVHHTXLSDUDHOWpUPLQRMXUtGLFRIRQ
GRVSURSLRVDOWpUPLQRFRQWDEOHQHWRPLHQWUDVTXHFRQHODFHUFDPLHQWRD
FULWHULRVHFRQyPLFRVVHLJXDODHOWpUPLQRFRQWDEOHQHWRDOUHTXLVLWRHFRQyPLFR
GHQRH[LJLELOLGDG
$FRQWLQXDFLyQVRQHQXPHUDGDVODVSURSXHVWDVSDUDGLIHUHQFLDUHOSDVLYR
'LIHUHQFLDFLyQFOiVLFD
'HQWURGHORVFULWHULRVPHUFDQWLOHVODSURSXHVWDFOiVLFDGLIHUHQFLDHQWUHODV
HPLVLRQHVGHDFFLRQHV\GHGHXGDSHUIHFWDPHQWHLGHQWLILFDEOHVHQWUHVtSRUHOFRQ
MXQWRGHVXVFDUDFWHUtVWLFDV
(VWDGLIHUHQFLDFLyQFRQVLVWHHQUHJLVWUDUFRPRSURSLHWDULRVDORVWLWXODUHVGHODV
HPLVLRQHVGHDFFLRQHVWHQLHQGRVXVUHFXUVRVODFRQVLGHUDFLyQFRQWDEOHGHIRQGRV
SURSLRVSDVLYRQRH[LJLEOHRQHWR3RURWURODGRORVWLWXODUHVGHODVHPLVLRQHVGH
GHXGDVRQFRQVLGHUDGRVDFUHHGRUHVSUHVWDPLVWDV\QRSURSLHWDULRVHVWDQGRUHJLV
WUDGRVGHQWURGHOSDVLYRH[LJLEOHRUHFXUVRVDMHQRV
/DVFDUDFWHUtVWLFDVTXHGLIHUHQFLDQORVIRQGRVSURSLRVGHODVGHXGDVTXHGDQUH
IOHMDGDVHQHOFXDGURQ~PHUR
³³
&XDGUR&DUDFWHUtVWLFDVGLIHUHQFLDGRUDVFOiVLFDVHQWUHSDVLYR\QHWR
6,*1,),&$'2
5(35(6(17$&,Ð1
/(*$/
5(75,%8&,Ð1
*2%,(512
+$%(5/Ì48,'2
5(68/7$17('(/$
/,48,'$&,Ð1
326,&,Ð1$17(/$6
3e5','$6
'85$&,Ð1
*$5$17Ì$6
3$6,9212(;,*,%/(
$SRUWDFLyQGHORVSURSLHWDULRVDOD
VRFLHGDGTXHDXPHQWDGRVR
GLVPLQXLGRVDORODUJRGHODYLGDGH
ODHPSUHVDVHUiQORVUHFXUVRVGH
ORVTXHVHEHQHILFLDUiQORV
DFFLRQLVWDVVHDFRPRGLYLGHQGRVR
FRPRFXRWDGHOLTXLGDFLyQ
$FFLRQHV
3$6,92(;,*,%/(
$SRUWDFLyQGHORVDFUHHGRUHVR
SUHVWDPLVWDVGHODHQWLGDG
3XHGHYHUVHDIHFWDGRSRUODV
SpUGLGDV
6XUJHSDUDTXHSHUGXUHHQHO
WLHPSRGXUDFLyQLQGHWHUPLQDGD
1RWLHQHJDUDQWtDV
1RVHYHDIHFWDGRSRUODVSpUGLGDV
VDOYRORVWUDVSDVRVDOQHWR
6XUJHSDUDVHUDPRUWL]DGR
7tWXORVGHGHXGDHQWUHHOORVORV
HPSUpVWLWRV
&RQFHGHXQUHQGLPLHQWRHQ
&RQFHGHXQUHQGLPLHQWRSUHILMDGRHQOD
IXQFLyQGHOUHVXOWDGRGHODHPSUHVD HPLVLyQLQGHSHQGLHQWHGHODH[LVWHQFLD
RQRGHUHVXOWDGRV
3HUPLWHDVXWLWXODUSDUWLFLSDUHQOD 1RSHUPLWHDVXWLWXODUSDUWLFLSDUHQOD
JHVWLyQGHODHPSUHVDPHGLDQWHHO
JHVWLyQGHODHPSUHVD~QLFDPHQWHWLHQH
HMHUFLFLRGHVXVGHUHFKRVSROtWLFRV
GHUHFKRDHVWDULQWHJUDGRHQXQD
DVRFLDFLyQGHGHIHQVD
(QFDVRGHOLTXLGDFLyQFREUDQ
(QFDVRGHOLTXLGDFLyQVRQORVSULPHURV
GHVSXpVGHORVDFUHHGRUHV
HQFREUDU
3XHGHWHQHUJDUDQWtDV
)XHQWH(ODERUDFLyQSURSLD
/DFODVLILFDFLyQDQWHULRUHV~WLOSDUDODPD\RUtDGHODVHPLVLRQHVGHODHPSUHVD
SHURHQFLHUWRVUHFXUVRVILQDQFLHURVVXUJHQGXGDVVREUHVXQDWXUDOH]D$XQTXHODOt
QHDWHyULFDHQWUHSDVLYRH[LJLEOH\QHWRHVWpFODUDHQODSUiFWLFDQRVHHQFXHQWUD
ELHQGHILQLGDDORTXHKD\TXHDxDGLUTXH´HOQRPEUHFRQFHGLGRDXQLQVWUXPHQWR
SXHGHQRFRLQFLGLUFRQODHVHQFLDGHVXVFDUDFWHUtVWLFDVµ%HUOH\0HDQV
)$6%/DHVWULFWDGLIHUHQFLDFLyQFOiVLFDVHKDTXHGDGRREVROHWDSXHVTXH
GDQVLQRUGHQDFLyQOyJLFDODVREOLJDFLRQHVFRQYHUWLEOHVVLQRSFLyQGHUHHPEROVRODV
REOLJDFLRQHVSHUSHWXDVODILQDQFLDFLyQVXERUGLQDGD\ODVDFFLRQHVUHVFDWDEOHV
$WHQGHUDODQDWXUDOH]DGHODVDFFLRQHV
(VWDDOWHUQDWLYDFRQVLVWHHQUHJLVWUDUWRGDVODVDFFLRQHVFRPRQHWRVHDQRUGL
QDULDVRSULYLOHJLDGDV)$6%
(VWHFULWHULRQRSDUHFHDGHFXDGRSDUDGLIHUHQFLDUODPDVDGHSDVLYRGHOQHWR
SRUWHQHUFDUiFWHUSDUFLDO\DTXHHOQHWRQRVyORYDDHVWDUFRQVWLWXLGRSRUDFFLR
³³
QHVDGHPiVFLHUWDVDFFLRQHVSULYLOHJLDGDVWLHQHQODVPLVPDVFDUDFWHUtVWLFDVTXHODV
GHXGDV\VHUtDPX\GLItFLOFRQVLGHUDUODVQHWR
(O)$6%LQWHQWDFRQIHFFLRQDUXQDHVSHFLILFDFLyQGHORVGHUHFKRV
TXHGHEHWHQHUXQDDFFLyQSDUDVHUFRQVLGHUDGDQHWRFRQFOX\HQGRTXHHVWRVGHUH
FKRVVRQHOGHYRWR\HOGHUHFKRDUHFLELUXQLQWHUpVUHVLGXDO$ORVLQFRQYHQLHQWHV
DQWHULRUHVKD\TXHDxDGLUTXHHVWDFODVLILFDFLyQQRUHFRJHUtDFRPRQHWRQLQJXQDDF
FLyQVLQYRWRQLUHVFDWDEOHWHQJDODVFDUDFWHUtVWLFDVHFRQyPLFDVTXHWHQJD
&ULWHULRILVFDO
(VWHFULWHULRDSR\DGRSRU+DUWPDQHWDO\(SVWHLQ\0LU]D
FRQVLVWHHQLGHQWLILFDUODVFXDOLGDGHVILVFDOHVFRQODVFRQWDEOHV6HJ~QHVWRORV
LQWHUHVHVGHODVGHXGDVVRQJDVWRVILVFDOHVGHGXFLEOHVILVFDOPHQWH\SRUWDQWRJDV
WRVFRQWDEOHVGHGXFLEOHVGHORVLQJUHVRVSDUDFDOFXODUHOEHQHILFLRFRQWDEOHPLHQ
WUDVTXHORVGLYLGHQGRVGHODVDFFLRQHVVRQGHGXFLEOHVILVFDOPHQWH\SRUWDQWRQR
UHGXFHQORVLQJUHVRVFRQWDEOHV
$GHPiVGHVHUSDUFLDOODGLIHUHQFLDFLyQQRHVUHSUHVHQWDWLYDDHIHFWRVFRQWD
EOHV\DTXHODVOH\HVILVFDOHVVRQXQWLSRGHUHJXODFLyQFRQREMHWLYRV\ILQDOLGDGHV
SURSLDVGLIHUHQWHVGHODVFRQWDEOHV
/DSULQFLSDOQRUPDWLYDGRQGHVHDSOLFDODGLIHUHQFLDFLyQGHOQHWRHQIXQFLyQGH
FULWHULRVILVFDOHVHVODUHDOL]DGDSRU7KH'HSDUWPHQWRIWKH7UHDVXU\F
HVWDGRXQLGHQVHTXHFRQVLGHUDIRQGRVSURSLRVDODV'XFWFKDXFWLRQUDWHSUHIHUUHGVWRFN
DFFLRQHVSULYLOHJLDGDVFRQXQDUHPXQHUDFLyQSRUPHGLRGHXQD´VXEDVWD+RODQGHVDµR
´VXEDVWDDODEDMDµEDViQGRVHH[FOXVLYDPHQWHHQFRQVLGHUDFLRQHVILVFDOHV
&RQVLGHUDUHOQHWRFRPRYDORUUHVLGXDO
2WUDDOWHUQDWLYDSDUDGLIHUHQFLDUODVSDUWLGDVGHOQHWRHVFRQVLGHUDUDpVWHFRPR
XQUHVLGXRXQDYH]GHGXFLGRVORVSDVLYRVGHORVDFWLYRV(VWHFULWHULRHVDSR\DGR
SRUJUDQSDUWHGHODV3URSXHVWDVGH0DUFR&RQFHSWXDODFWXDOPHQWHHVWDEOHFLGDV
$,&3$,$6%F)$6%1=6$$6%
2(&)\$(&$
3RUHMHPSORSDUDHO)$6%´ORVIRQGRVSURSLRVVRQXQLQWHUpVUHVL
GXDOGHVSXpVGHGHGXFLUODVGHXGDVGHORVDFWLYRVµHO,$6%FGHILQHHOQHWR
FRPR´ODSDUWHUHVLGXDOGHORVDFWLYRVGHODHPSUHVDXQDYH]GHGXFLGDVWRGDVVXV
REOLJDFLRQHVµ\$(&$ORFRQVLGHUDFRPROD´GLIHUHQFLDHQWUHHOYDORU
GHORVDFWLYRV\SDVLYRVH[LJLEOHVµ
³³
'HILQLUXQWpUPLQRHQIXQFLyQGHRWURQRHVXQFULWHULRGHFODVLILFDFLyQFRQVLV
WHQWH$QWKRQ\FRPSDUWHVXLQDGHFXDFLyQFXDQGRVHxDODTXH´ODGHILQL
FLyQGHQHWRFRPRYDORUUHVLGXDOHVSRFRUHSUHVHQWDWLYDµ
$WHQGHUDOFULWHULRGHSHUPDQHQFLD
(VWHHQIRTXHSURSRQHODSHUPDQHQFLDFRPRFDUDFWHUtVWLFDGLIHUHQFLDGRUDHQWUH
SDVLYRH[LJLEOH\QHWR$ODVSDUWLGDVGHQHWRVHOHVVXSRQHXQFDUiFWHUGHSHUPD
QHQFLDHVGHFLUQDFHQFRQODLQWHQFLyQGHSHUGXUDUHQODHQWLGDGKDVWDTXHVHGL
VXHOYD3RURWUDSDUWHHOSDVLYRH[LJLEOHQDFHSDUDVHUH[LJLGRHQXQSOD]RVHDD
FRUWRRDODUJRSOD]RHVWRHVVHILMDXQPRPHQWRDQWHULRURSRVWHULRUSHURVLQFRQ
FHGHUODFDOLILFDFLyQGHSHUPDQHQWH
/DDFHSWDFLyQGHHVWHFULWHULRREOLJDDFRQVLGHUDUSDVLYRH[LJLEOHDWRGDVODVPRGD
OLGDGHVGHDFFLRQHVUHVFDWDEOHV\DTXHQRSRVHHQXQFDUiFWHUGHSHUPDQHQFLDDOQDFHU
FRQHOFODURGHVWLQRGHVHUDPRUWL]DGDV3RUHOFRQWUDULRODGHXGDSHUSHWXDGHEHUtDHQ
WHQGHUVHFRPRSDUWHGHORVIRQGRVSURSLRVGHELGRDVXFDUiFWHUGHSHUPDQHQFLD
8QHMHPSORGHGLIHUHQFLDFLyQHQWUHIRQGRVSURSLRV\DMHQRVHQYLUWXGGHODGX
UDFLyQHVODOHJLVODFLyQEDQFDULDHVSDxRODGHOD´/H\GHGHPD\RVREUHFRH
ILFLHQWHVGHLQYHUVLyQUHFXUVRVSURSLRV\REOLJDFLRQHVGHLQIRUPDFLyQµODFXDO
SUHVHQWDFRPRUHFXUVRVSURSLRVDUWHDODILQDQFLDFLyQVXERUGLQDGD
(OFULWHULRGLIHUHQFLDGRUGHSHUPDQHQFLDQRHVYiOLGRSXHVFLHUWDVHPLVLRQHVGH
DFFLRQHVUHVFDWDEOHV\ODWRWDOLGDGGHODVGHXGDVSHUSHWXDVGHVYLUW~DQODFODVLILFD
FLyQ\DTXHWUDVHODQiOLVLVGHODVFDUDFWHUtVWLFDVGHODVHPLVLRQHVQRSDUHFHDGHFXD
GRFRQVLGHUDUDWRGDVODVDFFLRQHVUHVFDWDEOHVFRPRGHXGD\DWRGDODGHXGD
SHUSHWXDFRPRQHWR
$FHSWDUHOQHWRFRPRJDUDQWtDIUHQWHDWHUFHURV
6HJ~QHVWHHQIRTXHHOQHWRUHFRJHODVSDUWLGDVTXHSXHGHQVHUYLUGHJDUDQWtDD
ORVDFUHHGRUHV(OHMHPSORPiVFODURHVODUHJXODFLyQHVWDEOHFLGDHQ7KH2IILFHRIWKH
&RPSWUROOHURIWKH&XUUHQF\HVWDGRXQLGHQVH'HSDUWPHQWRIWKH7UHDVXU\D
GRQGHVHLGHQWLILFDQFRPRQHWRODVSDUWLGDVTXHSXHGHQVHUJDUDQWtDIUHQWHDWHUFH
URV\FRPRSDVLYRH[LJLEOHODVTXHQRSXHGHQVHUYLUFRPRWDOJDUDQWtD
/DLQDGHFXDFLyQGHHVWHFULWHULRSDUDODFRQWDELOLGDGVHGHULYDGHWUHVUD]RQHV
ODVSDUWLGDVTXHFRQFHGHQJDUDQWtDDODVRFLHGDGQRVRQWRGDVODVTXHFRPSRQHQHO
³³
QHWRVLQRGHHOODVODVTXHVRQLQGLVSRQLEOHVSRVHHORVPLVPRVSUREOHPDVTXHHO
FULWHULRGHYDORUUHVLGXDO\DTXHGHSHQGHGHODGHILQLFLyQGHOFRQFHSWRGHDFUHHGR
UHV\SRU~OWLPRODVPRWLYDFLRQHVGHSURWHFFLyQGHORVDFUHHGRUHVVRQPHUFDQWL
OHVSHURQRFRQWDEOHV
$FHSWDUHOQHWRFRPRLQVWUXPHQWRGHOGHUHFKRPHUFDQWLOSDUDDOFDQ]DUVXV
REMHWLYRV
6HJ~QHVWDSURSXHVWDGHDFHSWDFLyQJHQHUDOL]DGDHOQHWRHVHOFRQMXQWRGHUH
FXUVRVSURSLHGDGGHORVGXHxRVGHODHPSUHVDTXHSHUPLWHQFRQVHJXLUHOREMHWLYR
GHSURPRYHUODVHJXULGDGHQHOWUiILFRPHUFDQWLO
/DOHJLVODFLyQPHUFDQWLOGHEHUHJXODUPHGLGDVGHOQHWRSDUDORVLQFUHPHQWRVGH
FDSLWDOFRQFDUJRDUHVHUYDVDUW75/6$UHGXFFLyQSRUFRPSHQVDFLyQGHSpU
GLGDVDUW75/6$\IXVLRQHVDUW75/6$$QWHHVWDVLWXDFLyQODVGLIHUHQ
WHVOHJLVODFLRQHVUHDOL]DQXQDLQWHUSUHWDFLyQGHOQHWRFRQWDEOHGHODHPSUHVDEDVDGD
HQXQRVFULWHULRV\REMHWLYRVTXHSHUPLWDFRQVHJXLUODVHJXULGDGHQHOWUiILFRPHU
FDQWLO
(VWDVSURSXHVWDVLQGHSHQGLHQWHPHQWHGHVXGHQRPLQDFLyQLQWHQWDQGHILQLU
XQDDXQDODVSDUWLGDVLQWHJUDQWHVGHOQHWRHQIXQFLyQGHOQLYHOGHVHJXULGDGHOHJLGR
(VWHFULWHULRHVLQDGHFXDGR\DTXHDQWHSRQHODILQDOLGDGGHVHJXULGDGMXUtGLFD
SRUHQFLPDGHODUDFLRQDOLGDG\ODFRKHUHQFLDSRUHMHPSORQRH[LVWHUD]yQOyJLFDSDUD
FRQVLGHUDUORVSUpVWDPRVSDUWLFLSDWLYRVFRPRUHFXUVRVSURSLHGDGGHODFFLRQLVWD
$FRQWLQXDFLyQVHDQDOL]DQODVGLIHUHQWHVLQWHUSUHWDFLRQHVGHOFRQFHSWRFRQWD
EOHGHQHWRGHILQLGDVSRUODOHJLVODFLyQPHUFDQWLORSRUODFRQWDELOLGDGDFRJLpQGRVHDFUL
WHULRVPHUFDQWLOHV(VWDVGHILQLFLRQHVHQFXDOTXLHUDGHORVGRVFDVRVSHUPLWHQREWHQHU
XQRVREMHWLYRVPHUFDQWLOHVSHURSXHGHQLPSHGLUDOFDQ]DUXQUHIOHMRGHODUHDOLGDGHFR
QyPLFDGHODHPSUHVD\DTXHpVWHQRHVVXREMHWLYRDODKRUDGHGHILQLUOR
(O3*&LQFOX\HODVVLJXLHQWHVSDUWLGDVHQHOWpUPLQRIRQGRVSURSLRV6XEJUXSR
&DSLWDO6XVFULWR6XEJUXSR5HVHUYDV5HPDQHQWH$SRUWDFLyQGHVRFLRV
SDUDFRPSHQVDFLyQGHSpUGLGDV%HQHILFLRGHHMHUFLFLRVDQWHULRUHV²5HVXOWDGRVQH
JDWLYRGHHMHUFLFLRVDQWHULRUHV²'LYLGHQGRDFWLYRDFXHQWDHQWUHJDGRHQHOHMHUFLFLR²
$FFLRQHVSURSLDVSDUDUHGXFFLyQGHFDSLWDO3pUGLGDV\*DQDQFLDVGHOHMHUFLFLR
3RUVXSDUWH$(&$DFRQVLGHUD
FRPRWpUPLQRVVLQyQLPRVORVIRQGRVSURSLRVUHFXUVRVSURSLRV\QHWRSDWULPRQLDO
³³
´/RVUHFXUVRVSURSLRVIRUPDGRVSRUHOFDSLWDOODVUHVHUYDV\RWUDVSDUWLGDVDVLPLODGDV
DpVWDVFRQVWLWX\HQODSDUWLFLSDFLyQGHORVSURSLHWDULRVHQODILQDQFLDFLyQGHOD
HPSUHVD7DPELpQSXHGHQGHILQLUVHFRPRODGLIHUHQFLDHQWUHHOYDORUGHORVDF
WLYRV\SDVLYRVH[LJLEOHV\FRPRWDOGLIHUHQFLDUHFLEHQHOQRPEUHGHQHWRSDWULPRQLDO
RIRQGRVSURSLRVµ
3DUD$(&$ORVUHFXUVRVSURSLRVVHUiQODVXPDGHOFDSLWDOVRFLDOSULPDGHHPL
VLyQUHVHUYDVEHQHILFLRVGHHMHUFLFLRVDQWHULRUHVUHPDQHQWHDSRUWDFLRQHVSDUD
FRPSHQVDUSpUGLGDV\HOEHQHILFLRGHOHMHUFLFLRPLQRUDGRSRUHOFDSLWDOQRGHVHP
EROVDGRDFFLRQHVSURSLDVSHUGLGDVGHHMHUFLFLRVDQWHULRUHVGLYLGHQGRDFWLYRD
FXHQWD\ODVSpUGLGDVGHOHMHUFLFLR
(YLGHQWHPHQWHODPDJQLWXGGHQRPLQDGDSRU$(&$FRPRIRQGRVSURSLRV
UHFXUVRVSURSLRVRQHWRSDWULPRQLDOQRFRLQFLGHFRQHOPRQWDQWHGHIRQGRVSUR
SLRVGHOPRGHORGHEDODQFHSURSXHVWRSRUHO3*&\DTXHODVSDUWLGDVDLQFOXLUHQ
DPERVFDVRVVRQGLIHUHQWHV3DUDREWHQHUODPDJQLWXG´)RQGRVSURSLRVµGH$(&$
GHEHPRVUHVWDUGHORV´)RQGRV3URSLRVµGHO3*&ODVSDUWLGDV$FFLRQLVWDVSRUGH
VHPEROVRVQRH[LJLGRV$FFLRQLVWDVSRUGHVHPEROVRVH[LJLGRV$FFLRQLVWDVSRU
DSRUWDFLRQHVQRGLQHUDULDVSHQGLHQWHV$FFLRQHVSURSLDV\$FFLRQHVSURSLDVDFRU
WRSOD]R
(O75/6$GHILQHODHVWUXFWXUDGHODRUGHQDFLyQHQHOEDODQFHLQFOX\HQGRHQHO
WpUPLQRIRQGRVSURSLRVODVPLVPDVSDUWLGDVTXHHO3*&SHURDGHPiVXWLOL]DHOWpU
PLQR´KDEHUVRFLDOµGHIRUPDHTXLYDOHQWHDOFRQFHSWR´SDWULPRQLRQHWRµDUWtFXORV
\GHO75/6$
/D/H\GH6RFLHGDGHVGH5HVSRQVDELOLGDG/LPLWDGDDUWtFXORV\GHQRPLQD
DOQHWR´SDWULPRQLRFRQWDEOHµSHURHQHODQWHSUR\HFWRGHOD/65/DUWtFXORV\
XWLOL]DEDFRPRVLQyQLPRGH´SDWULPRQLRFRQWDEOHµORVWpUPLQRV´SDWULPRQLR
VRFLDOµ´SDWULPRQLRQHWRFRQWDEOHµ\´KDEHUVRFLDOµ
(O,&$&ILMDHOYDORUGHOSDWULPRQLRQHWRSDUDUHVROYHUODFRPSD
UDFLyQSDUDILQHVPHUFDQWLOHVGHHVWDSDUWLGDFRQHOFDSLWDOVRFLDOHQGRVRSH
UDFLRQHVHQODGLVROXFLyQGHVRFLHGDGHVPHUFDQWLOHV\HQODUHGXFFLyQ
REOLJDWRULDGHFDSLWDOVRFLDO/DILQDOLGDGGHHVWDQRUPDQRHVFRUUHJLUHOFRQ
FHSWRGHOSDWULPRQLRQHWRVLQRHVWDEOHFHUVXFiOFXORSDUDXQDVRSHUDFLRQHVGH
WHUPLQDGDVIXHUDGHOiPELWRFRQWDEOHRUGLQDULRSRUORTXHVHDxDGHQRWUDV
SDUWLGDVDORVIRQGRVSURSLRV/DVSDUWLGDVDLQFOXLUDWDOHIHFWRSXHGHQREVHUYDU
VHHQHOFXDGURQ~PHUR
³³
&XDGUR)LMDFLyQGHOYDORUGHOSDWULPRQLRQHWRSRUSDUWHGHO,&$&DHIHFWRV
GHODGLVROXFLyQGHVRFLHGDGHVPHUFDQWLOHV\ODUHGXFFLyQREOLJDWRULD
GHFDSLWDOVRFLDO
1RUPDVGHO,&$&SDUDFDOFXODUHOSDWULPRQLRFRQWDEOHDHIHFWRVGHGLVPLQXLUFDSLWDOVRFLDO\
GLVROXFLyQ
&DSLWDO6XVFULWR
3ULPDGHHPLVLyQ
5HVHUYDGHUHYDORUL]DFLyQ
5HVHUYD/HJDO
5HVHUYDSDUDDFFLRQHVSURSLDV
5HVHUYDSDUDDFFLRQHVGHODVRFLHGDGGRPLQDQWH
5HVHUYDHVWDWXWDULD
2WUDVUHVHUYDV
5HPDQHQWH
$SRUWDFLRQHVGHVRFLRVSDUDFRPSHQVDUSpUGLGDV
5HVXOWDGRVQHJDWLYRVGHHMHUFLFLRVDQWHULRUHV
3pUGLGDV\JDQDQFLDVGHOHMHUFLFLR
'LYLGHQGRVDFXHQWDHQWUHJDGRVHQHOHMHUFLFLR
$FFLRQHVSURSLDVSDUDUHGXFFLyQGHFDSLWDO
6XEYHQFLRQHVGHFDSLWDO
'LIHUHQFLDVSRVLWLYDVGHFDPELR
,QJUHVRVILVFDOHVSRUGLIHUHQFLDVSHUPDQHQWHVDGLVWULEXLUHQYDULRVHMHUFLFLRV
,QJUHVRVILVFDOHVSRUGHGXFFLRQHV\ERQLILFDFLRQHVDGLVWULEXLUHQYDULRVHMHUFLFLRV
3UpVWDPRVSDUWLFLSDWLYRV
$FFLRQHVSURSLDV
$FFLRQHVSURSLDVDFRUWRSOD]R
)XHQWH(ODERUDFLyQSURSLD
(O,$6%GHILQHHOFRQFHSWRGHSDWULPRQLRQHWRGHXQDIRUPDGLIHUHQWHDO3*&
75/6$\$(&$3DUDGHWHUPLQDUHOSDWULPRQLRQHWRGHO,$6%SDUWLHQGRGHODLQIRU
PDFLyQVXPLQLVWUDGDSRUHOPRGHORGHEDODQFHUHFRJLGRHQHO3*&KDEUtDTXHGH
GXFLUGHODDJUXSDFLyQGHOSDVLYR´$)RQGRVSURSLRVµODVSDUWLGDV´%9$FFLRQHV
SURSLDVµ\´&9$FFLRQHVSURSLDVDFRUWRSOD]Rµ
(O)$6%SRUVXSDUWHUHDOL]DXQDGHILQLFLyQPX\DPSOLDGHVXFRQVLGH
UDFLyQGHQHWRORTXHLPSLGHDFRPHWHUXQDFRPSDUDFLyQ´EHQHILFLRVQRGLVWUL
EXLGRVUHYDORUL]DFLRQHVGHDFWLYRVDMXVWHVSRUPDQWHQLPLHQWRGHOSRGHU
DGTXLVLWLYRGHOFDSLWDOODVVXEYHQFLRQHVGHOFDSLWDO\FRPRHOHPHQWRSULQFLSDOOD
DSRUWDFLyQGHORVSURSLHWDULRVµ
/DVGHILQLFLRQHVGHO,$6%3*&$(&$\75/6$GHEHQHQWHQGHUVHFRPRXQD
LQWHUSUHWDFLyQHQWpUPLQRVMXUtGLFRVGHODYDORUDFLyQGHODULTXH]DTXHSHUWHQHFHD
ORVSURSLHWDULRV(QHVWHFDVRORVWpUPLQRVSDWULPRQLRQHWRUHFXUVRVSURSLRVQHWR
SDWULPRQLDOIRQGRVSURSLRVSDWULPRQLRVRFLDOSDWULPRQLRQHWRFRQWDEOH\KDEHU
³³
VRFLDOLQFOX\HQODULTXH]DGHODHPSUHVDTXHSHUWHQHFHDORVSURSLHWDULRVYDORUDGD
GHDFXHUGRDXQDVQRUPDVFRQFUHWDVGLFWDGDVSRUFDGDRUJDQLVPRSDUDFRQVHJXLU
XQDVILQDOLGDGHVPHUFDQWLOHV/DVGLIHUHQWHVLQWHUSUHWDFLRQHVGHOQHWRSXHGHQREVHU
YDUVHHQORVFXDGURVVLJXLHQWHVGRQGHDSDUHFHQODVGHQRPLQDFLRQHVRIUHFLGDVSRU
ORVGLIHUHQWHVRUJDQLVPRVDODVLQWHUSUHWDFLRQHVGHOQHWRFXDGURQ~PHUR\ODVGL
IHUHQWHVSDUWLGDVDLQFOXLUSRUFDGDXQRGHHOORVFXDGURQ~PHUR
&XDGUR'HQRPLQDFLyQXWLOL]DGDHQFDGDLQWHUSUHWDFLyQPHUFDQWLOGHOQHWR
25*$1,602
120(1&/$785$
,&$&
,$6%
3*&
$(&$
75/6$
/65/
3DWULPRQLRFRQWDEOH
3DWULPRQLRQHWR
)RQGRVSURSLRV
5HFXUVRVSURSLRV\1HWRSDWULPRQLDO
+DEHUVRFLDO\3DWULPRQLR
3DWULPRQLRFRQWDEOH
)XHQWH(ODERUDFLyQSURSLD
&XDGUR3DUWLGDVDLQFOXLUHQFDGDLQWHUSUHWDFLyQPHUFDQWLOGHOQHWR
&21&(372
,&$&
6t
&DSLWDO6XVFULWR
3ULPDGHHPLVLyQ
5HVHUYDGHUHYDORUL]DFLyQ
5HVHUYD/HJDO
5HVHUYDSDUDDFFLRQHVSURSLDV
5HVHUYDSDUDDFFLRQHVGHODVRFLHGDGGRPLQDQWH
5HVHUYDHVWDWXWDULD
2WUDVUHVHUYDV
5HPDQHQWH
$SRUWDFLRQHVGHVRFLRVSDUDFRPSHQVDUSpUGLGDV
5HVXOWDGRVQHJDWLYRVGHHMHUFLFLRVDQWHULRUHV
3pUGLGDV\JDQDQFLDVGHOHMHUFLFLR
'LYLGHQGRVDFXHQWDHQWUHJDGRVHQHOHMHUFLFLR
$FFLRQHVSURSLDVSDUDUHGXFFLyQGHFDSLWDO
6XEYHQFLRQHVGHFDSLWDO
'LIHUHQFLDVSRVLWLYDVGHFDPELR
,QJUHVRVILVFDOHVSRUGLIHUHQFLDVSHUPDQHQWHVD
GLVWULEXLUHQYDULRVHMHUFLFLRV
,QJUHVRVILVFDOHVSRUGHGXFFLRQHV\ERQLILFDFLRQHVD
GLVWULEXLUHQYDULRVHMHUFLFLRV
3UpVWDPRVSDUWLFLSDWLYRV
$FFLRQHVSURSLDV
$FFLRQHVSURSLDVDFRUWRSOD]R
&DSLWDOQRGHVHPEROVDGR
)XHQWH(ODERUDFLyQSURSLD
³³
,$6%
6t
3*&
6t
$(&$
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
1R
1R
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
1R
1R
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
6t
1R
1R
6t
1R
1R
1R
6t
6t
6t
6t
1R
1R
1R
6t
6t
1R
1R
1R
1R
1R
1R
1R
1R
6t
6t
6t
7RGDVODVSURSXHVWDVDQWHULRUHVSRVHHQLQFRKHUHQFLDVFRQFHSWXDOHVSXHVQR
SUHVHQWDQXQFULWHULRFODURSDUDGLIHUHQFLDUODVSDUWLGDVGHODPDVDGHSDVLYR
3URSXHVWDSDUDHVWUXFWXUDUODPDVDGHSDVLYR
/DLQWHUSUHWDFLyQGHOQHWRQRSXHGHFRQVLGHUDUVHXQWHPD]DQMDGR´SX
GLHQGRH[LVWLURWURVSXQWRVGHYLVWDDOWHUQDWLYRVTXHGHQOXJDUDXQGHEDWHDELHUWRµ&D
xLEDQR
/DFRQWDELOLGDGGHEHSUHVFLQGLUGHORVWpUPLQRVSDWULPRQLRIRQGRVSURSLRVUH
FXUVRVSURSLRV\ODFRQVLGHUDFLyQGHORVDFFLRQLVWDVFRPRSURSLHWDULRVGHODHPSUH
VD\DTXHUHIOHMDQXQDFRQFHSFLyQMXUtGLFDGHOQHWR(O'LFFLRQDULRGHODOHQJXD
HVSDxROD\ODWRWDOLGDGGHWUDWDGRVGH'HUHFKR&LYLO\0HUFDQWLOFRQFHGHQDOWpUPL
QRSDWULPRQLRXQFULWHULRMXUtGLFRGHUHFXUVRVSURSLHGDGGHXQVXMHWRRVXMHWRV3R
GHPRVGHILQLUHOSDWULPRQLRFRPR´HOWpUPLQRMXUtGLFRTXHUHIOHMDHOFRQMXQWRGH
GHUHFKRV\REOLJDFLRQHVDGHFXDGDPHQWHYDORUDGRV\H[SUHVDGRVFRQVLJXLHQWHPHQWHHQ
WpUPLQRVFXDQWLWDWLYRVµ)HUQiQGH]3LUOD'HODPLVPDIRUPDORVWpUPLQRV
´IRQGRVSURSLRVµ\´UHFXUVRVSURSLRVµHVWiQFODUDPHQWHLQIOXHQFLDGRVSRUHOFULWH
ULRMXUtGLFRGHSURSLHGDGGHORVDFFLRQLVWDV
'HVGHHOSXQWRGHYLVWDHFRQyPLFRQRHVQHFHVDULRUHFRQRFHUVLORVELHQHVVRQ
SURSLHGDGGHORVDFFLRQLVWDVRGHWHUFHURVVLQRTXHODILQDQFLDFLyQGHODHPSUHVDVH
HQFXHQWUDGLYLGLGDHQUHFXUVRVH[LJLEOHVIUHQWHDODHQWLGDGHPLVRUD\HQUHFXUVRVQR
H[LJLEOHVIUHQWHDHOORVVLHQGRHVWRV~OWLPRVHQORVTXHODVRFLHGDGQRWLHQHREOLJD
FLyQGHHQWUHJDUULTXH]DKDVWDHOPRPHQWRGHODOLTXLGDFLyQ(VWHFULWHULRFRQVLVWH
SRUWDQWRHQLJXDODUHOFRQFHSWRFRQWDEOH´QHWRµFRQHOHFRQyPLFR´QRH[LJL
EOHµ
&RQODDSOLFDFLyQGHOFULWHULRHFRQyPLFRGHH[LJLELOLGDGDODFODVLILFDFLyQGHODV
SDUWLGDVGHSDVLYRODFRQWDELOLGDGFRQVHJXLUiQRUPDVFRQVLVWHQWHVTXHSHUPLWDQUH
VROYHUODVGXGDVVREUHODQDWXUDOH]DGHODVSDUWLGDV\VXFRQVLJXLHQWHUHJLVWUR
(OSDVLYRQRH[LJLEOHHVWDUtDIRUPDGRSRUODVIXHQWHVGHILQDQFLDFLyQTXHQR
REOLJDQDODHPSUHVDDHQWUHJDUULTXH]DKDVWDHOPRPHQWRGHODH[WLQFLyQ'HQWUR
GHORVSDVLYRVQRH[LJLEOHVVHLQFOXLUiQODVVLJXLHQWHVDSRUWDFLRQHVGHORVWLWXODUHVGH
LQVWUXPHQWRVILQDQFLHURVQRH[LJLEOHVODVSULPDVGHHPLVLyQORVEHQHILFLRVQRGLVWUL
EXLGRVHQFDGDHMHUFLFLRVHDQUHJLVWUDGRVHQUHVHUYDVRUHPDQHQWHODVGRQDFLR
QHVLQJUHVRVGLIHULGRV\VXEYHQFLRQHVQRUHLQWHJUDEOHV
³³
(QORVSDVLYRVQRH[LJLEOHVQRVHLQFOXLUtDQODVDSRUWDFLRQHVGHDFFLRQLVWDVFX\DV
FDUDFWHUtVWLFDVFRQWUDFWXDOHVFRQYLHUWDQHOWtWXORHQXQDIXHQWHGHILQDQFLDFLyQH[LJL
EOHDODVRFLHGDGDQWHVGHOPRPHQWRGHODOLTXLGDFLyQLQGHSHQGLHQWHPHQWHGHTXH
SRVHDQQDWXUDOH]DMXUtGLFDGHDFFLRQHV
(QWUHODVSDUWLGDVTXHPLQRUDQHOSDVLYRQRH[LJLEOHGHEHPRVVLWXDUODVSpUGLGDV
GHHVWHHMHUFLFLR\ODVSpUGLGDVDFXPXODGDVORVDFFLRQLVWDVSRUGHVHPEROVRVH[LJL
GRV\QRH[LJLGRVORVGLYLGHQGRVDFXHQWDGHODUHPXQHUDFLyQGHORVWtWXORVFRQVL
GHUDGRVQRH[LJLEOHV\ODVDFFLRQHVSURSLDVDFRUWR\ODUJRSOD]R
/RVEHQHILFLRVVRQUHFXUVRVJHQHUDGRVSRUODVRFLHGDGTXHQRSXHGHQVHUFRQ
VLGHUDGRVH[LJLEOHVSRUORTXHGHEHUHPRVUHJLVWUDUORVDXPHQWDQGRORVSDVLYRVQR
H[LJLEOHV3RUHOFRQWUDULRODVSpUGLGDVGHEHUiQVHUFRQVLGHUDGDVGLVPLQXFLyQGH
ORVSDVLYRVQRH[LJLEOHV/DDSOLFDFLyQGHHVWHFULWHULRWLHQHFRPRFRQVHFXHQFLDUH
FKD]DUWRGDVODVRSLQLRQHVTXHEDViQGRVHHQFULWHULRVMXUtGLFRVSURSRQHQQR
UHJLVWUDUODVSpUGLGDVGLVPLQX\HQGRHOQHWRSRUHMHPSOR0DUWtQH]\3UDGR
/DFXDUWDGLUHFWLYDSHUPLWHTXHODVDFFLRQHVSURSLDVVHLQFOX\DQRHQHODFWLYR
RFRQVLJQRQHJDWLYRHQHOSDVLYRQRH[LJLEOH'LIHUHQWHVSDtVHVHQWUHHOORV$OHPD
QLD(VSDxD)UDQFLD\HO5HLQR8QLGRKDQRSWDGRSRUUHJLVWUDUORVFRPRVLIXHVHQDF
WLYRV3DUHFHPiVDGHFXDGRUHIOHMDUODVDFFLRQHVSURSLDVFRQVLJQRQHJDWLYRHQHO
SDVLYRQRH[LJLEOHSRUTXH´LQFOXLUORVHQHODFWLYRFRQVWLWX\HDQWHSRQHUHOHQIRTXH
MXUtGLFRDOHQIRTXHHFRQyPLFRµ&HD0DUWtQH]&RQHVD
$WHQGLHQGRDVXVXVWDQFLDODVDFFLRQHVSURSLDVQRSXHGHQVHUDFHSWDGDVFRPR
XQDSDUWLGDGHDFWLYR\DTXHQRVRQXQPHGLRGHJHQHUDUULTXH]D/DVRFDVLRQHVHQ
TXHKDQVLGRFRQVLGHUDGDVDFWLYRVVHKDQLQFOXLGRHQXQDDJUXSDFLyQGHQRPLQDGD
DFWLYRVQRIXQFLRQDOHVSRUTXHQRD\XGDQDJHQHUDULQJUHVRV1RUYHUWR\%HUQDEHX
SHURHOWpUPLQRDFWLYRGHEHLUXQLGRREOLJDWRULDPHQWHFRQODFRQVLGHUD
FLyQGHLQYHUVLyQSDUDREWHQHUULTXH]DHQXQIXWXUR\ODVDFFLRQHVSURSLDVQRSR
VHHQWDOFRQGLFLyQ
/DYHUGDGHUDHVHQFLDHFRQyPLFDGHODVDFFLRQHVFRQWURODGDVSRUODHPSUHVDHV
XQDPHQRUFXDQWtDGHORVSDVLYRVQRH[LJLEOHVSXHVFXDQGRVHOLTXLGHODHPSUHVDORV
SRVHHGRUHVGHWtWXORVGHSDVLYRQRH[LJLEOHQRSRGUiQSDUWLFLSDUGHORVUHFXUVRVGH
WRGDVODVDFFLRQHVVXVFULWDVVLQR~QLFDPHQWHGHODVVXVFULWDVHQPDQRVGHWHUFHURV
/DVDFFLRQHVSURSLDVGHEHQVHUFRQVLGHUDGDVPHQRUYDORUGHOQHWRSRUTXHODDSRU
WDFLyQHIHFWLYDTXHHQVXGtDVHUHDOL]ySRVWHULRUPHQWHVHKDYLVWRDQXODGDDOSDVDU
DOFRQWUROGHODHPSUHVD
³³
/DSUHIHUHQFLDGHH[SRQHUODVDFFLRQHVSURSLDVFRPRPHQRUYDORUGHORVSDVL
YRVQRH[LJLEOHVHVFRPSDUWLGDSRUGLYHUVRVDXWRUHV\RUJDQLVPRVHQWUHHOORV&HD
(VWHR*DUFtD'tH]$(&$5LYHUR
7RUUH6,&\*R[HQV\*D\3DUD$(&$
´GHVGHXQSXQWRGHYLVWDHVWULFWDPHQWHILQDQFLHURVRQFRPSRQHQWHVQHJDWLYRVGHORVUH
FXUVRVSURSLRVSXHVWRTXHUHSUHVHQWDQXQDPHUPDGHILQDQFLDFLyQGHORVSURSLHWDULRV
DOWLHPSRTXHSRURWURODGRQRFRQVWLWX\HQXQDLQYHUVLyQRDFWLYRUHQWDEOHDOFDUHFHUGH
GHUHFKRVSDUDVXWLWXODUµ
(QFRQFOXVLyQDWHQGLHQGRDOFULWHULRHFRQyPLFRWRGDVODVDFFLRQHVSURSLDVGH
EHQUHJLVWUDUVHFRPRSDUWLGDVPLQRUDGRUDVGHORVSDVLYRVQRH[LJLEOHVDOLJXDOTXH
HOWUDWDPLHQWRFRQFHGLGRHQHORUGHQDPLHQWRFRQWDEOHHVSDxRODODVDFFLRQHVSUR
SLDVDGTXLULGDVHQHMHFXFLyQGHXQDFXHUGRGHUHGXFFLyQGHFDSLWDODFRUGDGRSRUOD
-XQWD*HQHUDOGH$FFLRQLVWDV\UHJXODGRHQHODUWtFXORGHO75/6$FXHQWD
GHO3*&
5HVSHFWRDOFDSLWDOVXVFULWRQRGHVHPEROVDGRGHLJXDOIRUPDTXHHQODVDF
FLRQHVSURSLDVH[LVWHQGRVDOWHUQDWLYDVSDUDPRVWUDUORVGLYLGHQGRVSDVLYRVDFWLYRV
RGLVPLQXFLyQGHOYDORUGHORVSDVLYRVQRH[LJLEOHV&RQVLGHUDUDORVGLYLGHQGRVSD
VLYRVFRPRDFWLYRVFRPRUHDOL]DHO3*&HVSDxRO´HVDQWHSRQHUHOHQIRTXHMX
UtGLFRDOHQIRTXHHFRQyPLFRµ&HD0DUWtQH]&RQHVD
*R[HQV\*D\6LQHPEDUJRDFHSWDQGRORVFULWHULRVHFRQyPLFRVQRGH
EHQVHUFRQFHSWXDGRVFRPRDFWLYRVSRUTXHQRSXHGHQVHUFRQVLGHUDGRVLQYHUVLR
QHVDOQRVHUHVIXHU]RVUHDOL]DGRVSRUODHPSUHVDSDUDFRQVHJXLUXQDXPHQWRGH
ULTXH]DIXWXUD
$SOLFDQGRORVFULWHULRVHFRQyPLFRVVHGHEHQUHJLVWUDUODVDSRUWDFLRQHVHIHFWL
YDVGHDFFLRQLVWDV\QRVXYDORUVXVFULWRSRUORTXHODVFXHQWDVGHGHVHPEROVRVSHQ
GLHQWHVGHORVDFFLRQLVWDVGHEHQWRPDUVHFRPRSDUWLGDVPLQRUDGRUDVGHORVSDVLYRVQR
H[LJLEOHVSXHVVRQPHQRUDSRUWDFLyQHIHFWLYDGHODULTXH]DUHFLELGD'HHVWDIRUPDVH
UHJLVWUDUtDODDSRUWDFLyQGHVHPEROVDGDFRPRSURSRQHHO%DQFRGH(VSDxD\
$(&$HQYH]GHODFLIUDQRPLQDOTXHSRVWXODHO3*&HVSDxRO
3RUVXSDUWHIRUPDUiQSDUWHGHOSDVLYRH[LJLEOHODVSDUWLGDVFX\RVWtWXORVFRQ
WUDFWXDOPHQWHFRQFHGDQDVXVWLWXODUHVHOGHUHFKRGHSRGHUH[LJLUULTXH]DGHODHP
SUHVDDQWHVGHODIHFKDGHH[WLQFLyQGHODVRFLHGDG(QWUHHOODVVHVLW~DQFLHUWDV
DFFLRQHVSULYLOHJLDGDVSURYLVLRQHVGHULHVJRV\JDVWRVGHXGDVXERUGLQDGDREOLJD
FLRQHVSHUSHWXDVGHVHPEROVRVSHQGLHQWHVGHDFFLRQHV\SDUWLFLSDFLRQHV\SRU~OWL
PRSUpVWDPRVSDUWLFLSDWLYRV
³³
$WHQGLHQGRDODVFDUDFWHUtVWLFDVFRQWUDFWXDOHVGHOWtWXORFLHUWDVFODVHVGHDF
FLRQHVSULYLOHJLDGDVSXHGHQVHUH[LJLEOHV\DTXHDXQTXHWHQJDQQDWXUDOH]DMXUtGL
FDGHDFFLRQHVODHPSUHVDHPLVRUDSXHGHHVWDUREOLJDGDDHQWUHJDUULTXH]DDORV
DFFLRQLVWDVDQWHVGHVXH[WLQFLyQ
5HVSHFWRDODVSURYLVLRQHVGHULHVJRV\JDVWRVODFODVLILFDFLyQHFRQyPLFDGHO
SDVLYRQRVHEDVDHQLGHQWLILFDUVXGLIHUHQWHQDWXUDOH]DMXUtGLFDQLVXFRQVLGHUDFLyQ
\UHVWULFFLRQHVOHJDOHVVLHQGRORIXQGDPHQWDODQDOL]DUVLODVFXHQWDVVRQH[LJLEOHVR
QRH[LJLEOHVSRUHVWDUD]yQODVSURYLVLRQHVGHULHVJRV\JDVWRVVRQSDVLYRVH[LJLEOHV
\DTXHODHPSUHVDWLHQHODREOLJDFLyQGHXWLOL]DUODVVLVHSURGXFHODVLWXDFLyQTXHREOL
JyDHVWDEOHFHUOD
8QDGHXGDHVVXERUGLQDGDVLOOHJDGDODOLTXLGDFLyQVHUiHQWUHJDGDDORVDFUHH
GRUHVHQXQPRPHQWRSRVWHULRUDOUHVWRGHODVGHXGDV/DQRUPDWLYDGHOD8(HQ
PDWHULDGHHQWLGDGHVGHFUpGLWR'LUHFWLYDFRQWHPSODDODILQDQFLDFLyQVX
ERUGLQDGDGHQWURGHORVIRQGRVSURSLRV6LQHPEDUJRORVWLWXODUHVGHHVWDVGHXGDV
SRVHHQHOGHUHFKRFRQWUDFWXDODH[LJLUODUHPXQHUDFLyQSHULyGLFDSRUORTXHFRQWD
EOHPHQWHGHEHQVHUFRQVLGHUDGRVSDVLYRVH[LJLEOHV
/DVREOLJDFLRQHVSHUSHWXDVVRQXWLOL]DGDVSULQFLSDOPHQWHSRUORVEDQFRVHVWD
GRXQLGHQVHVDXQTXHHVSRVLEOHHQFRQWUDUVXXWLOL]DFLyQHQRWURWLSRGHHPSUHVDV
$%1%HOOVRXWK&RFD&ROD&ROXPELD3HSVLFR6FDQGLQDYLDQ$LUOLQHV:DOW'LVQH\/D
SUiFWLFDJHQHUDOL]DGDHVUHJLVWUDUODVREOLJDFLRQHVSHUSHWXDVMXQWRDODVDFFLRQHVRU
GLQDULDVIRUPDQGRSDUWHGHORVIRQGRVSURSLRV&RRSHU\)UDVHU.RFK
:KLWHHWDO6LHOWLWXODUQRWXYLHUDHOGHUHFKRGHH[LJLUDODVR
FLHGDGHPLVRUDODUHPXQHUDFLyQQLHOUHHPEROVRILQDOGHVXDSRUWDFLyQKDVWDODOLTXL
GDFLyQODGHXGDGHEHUtDVHUUHJLVWUDGDFRPRSDVLYRQRH[LJLEOHSHURODV
REOLJDFLRQHVSHUSHWXDVFRQFHGHQHOGHUHFKRFRQWUDFWXDODVXVWLWXODUHVGHH[LJLUOD
UHPXQHUDFLyQSHULyGLFDTXHOHFRUUHVSRQGHSRUHVWDUD]yQGHEHVHUFRQWDELOL]DGD
FRPRSDVLYRH[LJLEOH
7RGRVORVGHVHPEROVRVSHQGLHQWHVVREUHDFFLRQHVVHDQDFRUWRSOD]RRD
ODUJRSOD]RGHEHQVHUUHJLVWUDGRVFRPRSDVLYRVH[LJLEOHV\DTXHODHPSUHVDHVWi
REOLJDGDDHQWUHJDUULTXH]DOOHJDGRHOPRPHQWRGHOUHLQWHJUR(VWDRSLQLyQGLVFUHSD
GHODOHJLVODFLyQHVSDxRODODFXDOREOLJDDUHJLVWUDUORVGHVHPEROVRVSHQGLHQWHVGH
DFFLRQHV\SDUWLFLSDFLRQHVDODUJRSOD]RHQHOHStJUDIH'9GHOSDVLYRPLHQWUDVTXH
VLVRQGHFRUWRSOD]RDSDUHFHQGLVPLQX\HQGRHODFWLYR$FWLYR',9HStJUDIHV\
/RVSUpVWDPRVSDUWLFLSDWLYRVDSDUHFHQUHJXODGRVHQ(VSDxDHQHODUWtFXOR
GHO´5'/GHGHMXQLRVREUHPHGLGDVXUJHQWHVGHFDUiFWHUILVFDO\GHIR
PHQWR\OLEHUDOL]DFLyQGHODDFWLYLGDGHFRQyPLFDµHOFXDOHVPRGLILFDGRSRUODGLV
³³
SRVLFLyQDGLFLRQDOVHJXQGDGHOD´/H\GHGHGLFLHPEUHGHPHGLGDVILV
FDOHVXUJHQWHVVREUHFRUUHFFLyQGHODGREOHLPSRVLFLyQLQWHUQDLQWHUVRFLHWDULD\VR
EUHLQFHQWLYRVDODLQWHUQDFLRQDOL]DFLyQGHODVHPSUHVDVµ(VWDILJXUDUHSUHVHQWDORV
SUpVWDPRVHQORVTXHODHQWLGDGSUHVWDPLVWDSHUFLEHXQLQWHUpVYDULDEOHGHWHUPLQD
GRHQIXQFLyQGHODHYROXFLyQGHODHPSUHVDEHQHILFLRQHWRYROXPHQGHQHJRFLR
SDWULPRQLRWRWDOGHODHPSUHVDSUHVWDWDULDRGHFXDOTXLHURWURHOHPHQWRTXHDFXHU
GHQODVSDUWHV$GHPiVGHOLQWHUpVYDULDEOHODVSDUWHVSXHGHQDFRUGDUXQLQWHUpVILMR
LQGHSHQGLHQWHGHODHYROXFLyQGHODDFWLYLGDGGHODHQWLGDGSUHVWDWDULD
/DOHJLVODFLyQPHUFDQWLOHVSDxRODFRQVLGHUDORVFUpGLWRVSDUWLFLSDWLYRVFRPRIRQ
GRVSURSLRVHQODPD\RUtDGHODVFLUFXQVWDQFLDVVHJ~QDSDUHFHHQVXUHGDFFLyQHQ
IXQFLyQGHODJDUDQWtDTXHFRQFHGHQDWHUFHURV
(O3*&QRFRQWLHQHQLQJXQDDOXVLyQDORVSUpVWDPRVSDUWLFLSDWLYRV~QLFDPHQWH
TXHGHEHDWHQGHUVHDODVFRQGLFLRQHVSDFWDGDVHQHOFRQWUDWR3*&0HPRULDDSW
GR/DUHJXODFLyQFRQWDEOHHVSDxRODVHUHFRJHHQHO,&$&HO
FXDOEDViQGRVHHQODOHJLVODFLyQPHUFDQWLOGHO5HDO'HFUHWR/H\GHGHMX
QLRFRQVLGHUDORVSUpVWDPRVSDUWLFLSDWLYRVFRPRIRQGRVSURSLRVORTXHVXSRQH
TXHODOHJLVODFLyQFRQWDEOHHVSDxRODVHIXQGDPHQWDHQORVFRQFHSWRVMXUtGLFRVSDUD
UHSUHVHQWDUHVWDILJXUD
%DMRFULWHULRVHFRQyPLFRVVLVHFXPSOHQXQDVHULHGHUHTXLVLWRVODHPSUHVDSR
VHHODREOLJDFLyQFRQWUDFWXDOGHUHVWLWXLUORVSUpVWDPRVSDUWLFLSDWLYRVSRUORTXHVX
QDWXUDOH]DHFRQyPLFDHVGHSDVLYRVH[LJLEOHV'HHVWDRSLQLyQSDUWLFLSDQ&HD
/DUULED\$(&$3RVHHQODPLVPDQDWXUDOH]DHFRQyPLFD
TXHXQDREOLJDFLyQFRQYHUWLEOHDXQTXHOHJDOPHQWHVRQGLIHUHQWHVSRUORTXHODFRQ
WDELOL]DFLyQGHEHVHUHQDPERVFDVRVLGpQWLFD
(QWUHODVSDUWLGDVTXHPLQRUDQHOSDVLYRH[LJLEOHVHHQFXHQWUDQORVJDVWRVD
GLVWULEXLUHQYDULRVHMHUFLFLRV(OYDORUHFRQyPLFRGHXQDGHXGDHVHOYDORUGH
UHHPEROVRPHQRVORVJDVWRVDGLVWULEXLUHQYDULRVHMHUFLFLRVQRVDQHDGRVSRUORTXH
HVWRVJDVWRVGHEHUtDQFRUUHJLUFRQVDOGRQHJDWLYRHOYDORUGHODVGHXGDVFRUUHVSRQ
GLHQWHV/RVJDVWRVGLIHULGRVSRUVHUXQDUHPXQHUDFLyQGHXQDGHXGDQRDOFDQ]D
UtDQODFRQVLGHUDFLyQGHDFWLYRVEDMRFULWHULRVHFRQyPLFRV(VWDRSLQLyQHV
FRPSDUWLGDSRU.ULSNH%HOORVWDV\*DOOHJRHWDO
\DVtVHLQFOX\HHQODV3URSXHVWDVGH0DUFR&RQFHSWXDOGHO,$6%1=6$
\$$5)
/DGLIHUHQFLDFLyQGHOSDVLYRHQSDVLYRH[LJLEOH\QRH[LJLEOHUHSRUWDUtDODVVL
JXLHQWHVYHQWDMDV
³³
• 7UDGLFLRQDOPHQWHHOYDORUWHyULFRGHODVDFFLRQHVQRWLHQHQLQJ~QVHQWLGR
HFRQyPLFR\DTXHHVWiYLFLDGRSRUFULWHULRVMXUtGLFRV$GHPiVH[LVWHQ
GXGDVVREUHODVSDUWLGDVDLQFOXLUHQORVSDWULPRQLRVQHWRVVREUHWRGRORV
LQJUHVRVDGLVWULEXLUHQYDULRVHMHUFLFLRV6iQFKH])HUQiQGH]GH9DOGHUUD
PD$QGLFRHFKHD\=XELDXUUH/DGLIHUHQFLDFLyQ
HFRQyPLFDGHOSDVLYRSHUPLWHFDOFXODUHOYDORUWHyULFRFRPRHOFRFLHQWH
HQWUHORVSDVLYRVQRH[LJLEOHV\HOQ~PHURGHDFFLRQHVFRQQDWXUDOH]DGH
SDVLYRQRH[LJLEOHPLQRUDGRSRUODVDFFLRQHVSURSLDV(VWHFULWHULRSHUPL
WHLGHQWLILFDUVLQGXGDVODVSDUWLGDVDLQFOXLUHQHOQXPHUDGRU\DGHPiVHOL
PLQDGHOFiOFXORODVDFFLRQHVFRQQDWXUDOH]DGHSDVLYRH[LJLEOH&RQHVWH
YDORUWHyULFRVHSXHGHFRQRFHUVLHVQHFHVDULRH[LJLUWHyULFDPHQWHXQD
SULPDGHHPLVLyQRHOGHUHFKRSUHIHUHQWHGHVXVFULSFLyQHQXQDDPSOLD
FLyQGHFDSLWDO\SHUPLWLUODYDORUDFLyQGHODXGLWRUHQODH[FOXVLyQGHOGH
UHFKRSUHIHUHQWHGHVXVFULSFLyQDUW75/6$
• $SUR[LPDUHOQHWRDOSDVLYRQRH[LJLEOHFRQOOHYDTXHODGLIHUHQFLDFLyQGH
ODPDVDGHSDVLYRVHDYiOLGDWDQWRSDUDHPSUHVDVOXFUDWLYDVFRPRQROX
FUDWLYDVHVWRKDFHLQQHFHVDULRODGLIHUHQFLDFLyQGHOQHWRSDUDDPERVWLSRV
GHHQWLGDGHVTXHUHDOL]DQFLHUWRVRUJDQLVPRVHQWUHHOORV1=6$
$HIHFWRVGHHVWDLQYHVWLJDFLyQORIXQGDPHQWDOHVTXHGHULYDGRGHOFULWHULRGH
H[LJLELOLGDGHVSRVLEOHUHFRQRFHUDOJXQDVHPLVLRQHVGHDFFLRQHVTXHWLHQHQQDWXUD
OH]DGHSDVLYRH[LJLEOHGHMDQGRGHVHUHQWRGRVORVFDVRVQHWR/DLGHQWLILFDFLyQFOD
VLILFDFLyQ\FRQWDELOL]DFLyQGHHVWDVHPLVLRQHVHVXQDPDWHULDSHQGLHQWHGHUHVROYHU
SRUODV3URSXHVWDVDFWXDOHVGH0DUFR&RQFHSWXDO
$SOLFDFLyQGHOFULWHULRHFRQyPLFRVREUHODVDFFLRQHVSULYLOHJLDGDV
$XQTXHHORULJHQGHODVDFFLRQHVSULYLOHJLDGDVHVPX\DQWHULRUDWpUPLQRVFRPR
LQQRYDFLyQILQDQFLHUDLQJHQLHUtDILQDQFLHUD\PDUNHWLQJILQDQFLHURSRGHPRVFRQVL
GHUDUTXHGHVGHHOSXQWRGHYLVWDHFRQyPLFRODHPLVLyQDFWXDOGHODVDFFLRQHVSUL
YLOHJLDGDVHVUHVXOWDGRGHODLQQRYDFLyQILQDQFLHUDHQWHQGLGDFRPRHOSURFHVR
LQWHJUDGRSRUGRVVXESURFHVRVODLQJHQLHUtDILQDQFLHUD\HOPDUNHWLQJILQDQFLHUR(O
SURFHVRGHLQJHQLHUtDILQDQFLHUDFRQVLVWHHQODFRQVWUXFFLyQ\HODERUDFLyQGHSUR
GXFWRVILQDQFLHURVHQORVTXHVHPDWHULDOL]DQHVDVLQQRYDFLRQHVGHVDUUROODQGRXQD
JUDQYDULHGDGGHQXHYDVIyUPXODVGHILQDQFLDFLyQLQYHUVLyQ\GHFREHUWXUDGHULHV
JRV3RUVXSDUWHHOPDUNHWLQJILQDQFLHURHVHOSURFHVRGHRIUHFHUDORVFOLHQWHVHO
FRQMXQWRGHLQQRYDFLRQHVILQDQFLHUDV
³³
/RVSURGXFWRVUHVXOWDQWHVGHODLQQRYDFLyQILQDQFLHUDQDFHQGHORVSULQFLSLRVGHO
GHUHFKRLQWHUQDFLRQDOGHORVTXHVHGHULYDODDXWRQRPtDGHODYROXQWDG\ODOLEUH
FUHDFLyQGHYDORUHV
'HHQWUHWRGRVORVPHGLRVGHLQQRYDFLyQILQDQFLHUDVRQHVSHFLDOPHQWHUHOHYDQ
WHVORVDFWLYRVILQDQFLHURVJHQHUDGRVHQXQDSRVLFLyQILQDQFLHUDLQWHUPHGLDHQWUH
GHXGD\DFFLyQGHQRPLQDGRVWUDGLFLRQDOPHQWH´KtEULGRVµ(OPHUFDGRILQDQFLHUR
PXHVWUDXQDFODUDWHQGHQFLDDODFHUFDPLHQWRHQWUHODHPLVLyQGHGHXGD\ODSDUWLFL
SDFLyQHQIRQGRVSURSLRVVLQGXGDSDUDDSURYHFKDUODVYHQWDMDVGHODRWUDFDWHJRUtD
LQWHQWDQGRVHUPiVDWUDFWLYDSDUDODSRVLEOHHOHFFLyQFRPRLQYHUVLyQ(VDSHUPHDEL
OLGDGRSHUDHQODPD\RUtDGHORVQLYHOHVGHGLVWLQFLyQSHUPLWLHQGRHQFRQWUDUXQD
DSUR[LPDFLyQHQODVFDUDFWHUtVWLFDVGHODUHWULEXFLyQ\GXUDFLyQGHOGHUHFKRSURGX
FLHQGRXQGHELOLWDPLHQWRGHODIURQWHUDTXHVHSDUDORVFRQFHSWRVGHDFFLyQ\GHXGD
(YLGHQWHPHQWHQRHVOD~QLFDIRUPDGHLQQRYDFLyQILQDQFLHUDSHURJUDQSDUWHGH
ORVSURGXFWRVTXHRULJLQDSXHGHQHQJOREDUVHGHQWURGHXQDPH]FODGHODVGRVSRV
WXUDVFOiVLFDVGHLQYHUVLyQDODUJRSOD]R
/DVILQDOLGDGHVSDUDJHQHUDUXQKtEULGRVRQODVVLJXLHQWHV
• &RQMXJDUORVPiVYHQWDMRVRVDVSHFWRVGHODVDFFLRQHV\GHODGHXGDSDUD
UHVXOWDUPiVDWUDFWLYRVHQHOPHUFDGRGHFDSLWDOHVRIUHFLHQGRDORVLQYHU
VRUHVSRWHQFLDOHVFRQMXQWDPHQWHVHJXULGDG\EHQHILFLR
• $WUDHUDORVDFFLRQLVWDV\DFUHHGRUHVKDFLDVXSURGXFWR/RVDFFLRQLVWDV
EXVFDQHVRVWtWXORVFRQODHVSHUDQ]DGHUHFLELUGLYLGHQGRVORVEHQHILFLRV
GHODVDPSOLDFLRQHVGHFDSLWDO\HODXPHQWRGHFRWL]DFLyQGHODVDFFLRQHV
3RUHOFRQWUDULRORVSUHVWDPLVWDVHVSHUDQHOSDJRGHXQLQWHUpVSRUODFH
VLyQWHPSRUDOGHORVIRQGRV\DGHPiVODGHYROXFLyQGHOSULQFLSDOHQORV
SOD]RVILMDGRVHQHOFRQWUDWR
• &RQVHJXLUSHUILOHVGHUHQGLPLHQWRULHVJRLJXDOHVDORVLQVWUXPHQWRVWUDGL
FLRQDOHVSHURFRQDOJXQDYHQWDMDFRPSDUDWLYDPHQRUHVFRVWHVGHWUDQV
DFFLyQPD\RUOLTXLGH]RPD\RUDSDODQFDPLHQWR
• ,QWHQWDUPHMRUDUODUHQWDELOLGDGDFDPELRGHSHUGHUGHUHFKRVSROtWLFRVR
JDQDUHQOLTXLGH]\GLVPLQXLUHOULHVJR
• ,QWHQWDUDFHUFDUVHDODSRVLFLyQHQYLGLDEOHGHFRQIHFFLRQDUXQWtWXORFRQ
ODVFDUDFWHUtVWLFDVGHORVIRQGRVSURSLRVSHURFRQODFDOLILFDFLyQILVFDOGH
XQDGHXGD
³³
/DVFDWHJRUtDVPiVIUHFXHQWHVGHKtEULGRVVHHQFXHQWUDQHQFXDGUDGDVHQODVL
JXLHQWHFODVLILFDFLyQ
+tEULGRVGHULYDGRVGHODSRWHVWDGGHWUDQVIRUPDFLyQ(OSULPHUFDVRHVHO
GHXQYDORUILQDQFLHURSRWHQFLDOPHQWHFRQYHUWLEOHHQRWUR/RVHMHPSORVPiV
UHSUHVHQWDWLYRVVRQODVREOLJDFLRQHVFRQYHUWLEOHVHQDFFLRQHV\ORVGHUHFKRVDX
WyQRPRVGHVXVFULELUDFFLRQHVGHODPLVPDVRFLHGDGRGHRWUDZDUUDQWV
+tEULGRVGHLQWHUFDPELR([LVWHODSRVLELOLGDGGHODHPLVLyQGHWtWXORVHQ
ORVTXHORVWLWXODUHVGHORVUHFXUVRVSURSLRVUHFLEDQXQGHUHFKRDFDPELRGH
QRWHQHUDOJ~QGHUHFKRGHLQWHUYHQFLyQHQODJHVWLyQHPSUHVDULDODFFLRQHV
VLQYRWR
+tEULGRVGHGXUDFLyQ(VWDFDWHJRUtDVHSURGXFHDODODUJDUORVSOD]RVGH
DPRUWL]DFLyQGHODGHXGDKDVWDFRQYHUWLUVHHQLQGHILQLGRVREOLJDFLRQHVSHU
SHWXDV\HQVHQWLGRFRQWUDULRFXDQGRVHFRQWHPSODODDPRUWL]DFLyQGHORV
UHFXUVRVSURSLRVDFFLRQHVUHVFDWDEOHV/DVREOLJDFLRQHVSHUSHWXDVVRQODV
TXHFDUHFHQGHXQSOD]RHVWDEOHFLGRGHDPRUWL]DFLyQ(QVXFDUiFWHUSXURQR
KDQVLGRXWLOL]DGDVPDVLYDPHQWHSRUTXHODLQFHUWLGXPEUHODLQIODFLyQ\ODYR
ODWLOLGDGGHORVWLSRVGHLQWHUpVODVFRQYLHUWHHQXQDLQYHUVLyQXQWDQWRSHOLJUR
VDVLQHPEDUJRVtSXHGHQVHULQWHUHVDQWHVHQORVFDVRVTXHVHDQDFWXDOL]DEOHV
RUHYLVDEOHVRDXQPHMRUTXHFRQFHGDQXQDRSFLyQGHDPRUWL]DFLyQSDUD
DPEDVSDUWHV5HVSHFWRDODVDFFLRQHVUHVFDWDEOHVYLHQHQVLHQGRXWLOL]DGDVHQ
PXFKRVSDtVHVDXQTXHHQ(VSDxDQRKDH[LVWLGRUHJXODFLyQKDVWDODUHIRUPD
GHO75/6$HQQRYLHPEUHGH
+tEULGRVGHUHWULEXFLyQ([LVWHQP~OWLSOHVIyUPXODVGHLQWHUHVDUDOSUHVWD
PLVWDHQODJHVWLyQSRUXQODGRYLQFXODQGRVXUHWULEXFLyQDODPDUFKDSUyV
SHUDRDGYHUVDGHOSUHVWDWDULRDVXQFLyQGHULHVJRGHFLHUWRVDFUHHGRUHV
FRPRODVREOLJDFLRQHVSDUWLFLSDWLYDV\SRUHORWURLQFOX\HQGRPHGLRVSDUD
JDUDQWL]DUXQSULYLOHJLRUHWULEXWLYRPtQLPRGHOVRFLRSDUFLDOH[RQHUDFLyQGHO
ULHVJRHPSUHVDULDOSURGXFLGRHQORVGLYLGHQGRVSUHIHUHQWHV
/DVSRVLELOLGDGHVGHODHPLVLyQGHWtWXORVGHULYDGRVGHODLQQRYDFLyQILQDQFLHUD
QRKDQVLGRDXQOLPLWDGDV\YDQFUHFLHQGRFDGDGtDDXQTXHSRGHPRVLGHQWLILFDUJUDQ
SDUWHGHORVWtWXORVUHVXOWDQWHVGHHVWHSURFHVRFRPRKtEULGRV/DVREOLJDFLRQHVSHU
SHWXDVSDUWLFLSDWLYDV\FRQYHUWLEOHVVRQHPSUpVWLWRVTXHLQFRUSRUDQDVSHFWRVEiVL
FRVGHODVDFFLRQHV/DVDFFLRQHVVLQYRWR\ODVSUHIHUHQWHVVRQIRQGRVSURSLRVHQORV
TXHVHSXHGHQLQWXLUFDUDFWHUtVWLFDVGHXQDHPLVLyQGHREOLJDFLRQHV
³³
$QWHHVWDVLWXDFLyQHVWDLQYHVWLJDFLyQSUHWHQGHUHVROYHUHOSUREOHPDGHLGHQWL
ILFDFLyQGHORVWtWXORVFODVLILFiQGRORVHQIXQFLyQGHOFULWHULRHFRQyPLFRHQYH]GHHQ
HOFULWHULRMXUtGLFR3DUDHOORHVQHFHVDULRDLQWHUSUHWDUODVDSRUWDFLRQHVGHORVDF
FLRQLVWDVHQIXQFLyQGHORVDFXHUGRVFRQWUDFWXDOHVEHQWHQGHUORVFRPRUHFXUVRV
H[WHUQRVDODVRFLHGDG\FFRQVLGHUDUDODVDFFLRQHVSULYLOHJLDGDVFRPRLQVWUXPHQ
WRVILQDQFLHURV
(OFRQFHSWRMXUtGLFRXWLOL]DGRKDELWXDOPHQWHSDUDGLIHUHQFLDUODPDVDGHSDVLYR
VHGHULYDGHOFULWHULRGHSURSLHGDGDVtXQRVUHFXUVRVVHFRQVLGHUDQHQWUHJDGRVSRU
VXMHWRVSURSLHWDULRVGHODHPSUHVD\RWURVSRUDJHQWHVH[WHUQRVDHOOD(OFRQFHSWR
HFRQyPLFRVHGHEHDOHMDUGHOFRQFHSWRGHSURSLHWDULRGHODVRFLHGDGDFHUFiQ
GRVHDXQDGLIHUHQFLDFLyQEDVDGDHQORVDFXHUGRVFRQWUDFWXDOHV
$WHQGLHQGRDODSUHYDOHQFLDGHORVFULWHULRVHFRQyPLFRVORVDFFLRQLVWDVRUGLQD
ULRVWLHQHQGHUHFKRDUHFLELUVXUHPXQHUDFLyQQRSRUTXHVHDQORVSURSLHWDULRVGHOD
HPSUHVDVLQRSRUTXHVRQORVWLWXODUHVGHXQLQVWUXPHQWRFRQWUDFWXDOGHGHWHUPLQD
GDVFDUDFWHUtVWLFDV/DHPSUHVDHVXQDXQLGDGFRQSHUVRQDOLGDGSURSLD\GLIHUHQWH
GHORVVXMHWRVTXHODLQWHJUDQ\DTXHDXQTXHORVLQWHUHVHVGHDOJXQRGHHOORVSXH
GDQFRLQFLGLUHQDOJ~QPRPHQWRGHOWLHPSRFRQORVGHODHPSUHVDQRVRQVLHPSUH
QHFHVDULDPHQWHORVPLVPRV/DHPSUHVDFRPRHQWLGDGLQGHSHQGLHQWHGHORVDFUHH
GRUHVSURYHHGRUHVDFFLRQLVWDVRUGLQDULRV\DFFLRQLVWDVSULYLOHJLDGRVQHFHVLWDUH
JLVWUDUORVGHUHFKRV\REOLJDFLRQHVTXHVHJHQHUDQ/DVDSRUWDFLRQHVGHHVWRV
VXMHWRVQRGHEHQHVWDUGLYLGLGDVHQUHFXUVRVSHUWHQHFLHQWHVDOLQWHULRUGHODHPSUH
VDDFFLRQHV\RWURVGHIXHUDGHODHPSUHVDGHXGDVVLQRTXHWRGDVGHEHUiQVHU
FRQFHELGDVFRPRSDUWLGDVREWHQLGDVH[WHUQDPHQWHDODXQLGDGHPSUHVDULDO
8QDYH]DEDQGRQDGRVORVFULWHULRVMXUtGLFRVFRPRODSURSLHGDG\DFHSWDGDVWR
GDVODVIRUPDVGHILQDQFLDUODHPSUHVDFRPRH[WHUQDVDHOODSURSRQHPRVFRQVLGH
UDUDFDGDXQDGHODVIXHQWHVGHILQDQFLDFLyQGHODVRFLHGDGFRPRXQ
LQVWUXPHQWRILQDQFLHUR(O)$6%GHILQHORVLQVWUXPHQWRVILQDQFLHURV
FRPRWHVRUHUtDRXQDHYLGHQFLDGHLQWHUpVGHSURSLHWDULRHQXQDHQWLGDGRXQFRQ
WUDWRTXHFXPSODXQDGHHVWDVGRVFRQGLFLRQHV
•
,PSRQHDXQDHQWLGDGODREOLJDFLyQGHHQWUHJDUWHVRUHUtDRXQLQVWUXPHQWR
ILQDQFLHURDXQDVHJXQGDHQWLGDGRFDPELDULQVWUXPHQWRVILQDQFLHURVHQWpU
PLQRVSRWHQFLDOPHQWHGHVIDYRUDEOHVFRQODVHJXQGDHQWLGDG
•
$WULEX\HDHVWDVHJXQGDHQWLGDGXQGHUHFKRFRQWUDFWXDODUHFLELUWHVRUHUtD
RXQLQVWUXPHQWRILQDQFLHURGHODSULPHUDHQWLGDGRLQWHUFDPELDULQVWUX
PHQWRVILQDQFLHURVHQXQRVWpUPLQRVSRWHQFLDOPHQWHIDYRUDEOHVFRQODSUL
PHUDHQWLGDG
³³
3RUVXSDUWHHO,$6%\HO$6%GHILQHQXQLQVWUX
PHQWRILQDQFLHURFRPRFXDOTXLHUFRQWUDWRTXHRULJLQDFRQMXQWDPHQWHXQDFWLYRIL
QDQFLHURSDUDXQDHPSUHVD\XQSDVLYRILQDQFLHURRXQLQVWUXPHQWRSDWULPRQLDOSDUD
RWUDHPSUHVD3DUDHVWRVRUJDQLVPRVXQDFWLYRILQDQFLHURHVFXDOTXLHUDGHHVWDVFXD
WURSRVLELOLGDGHV
D 7HVRUHUtD
E 8QGHUHFKRFRQWUDFWXDOGHUHFLELUHIHFWLYRXRWURDFWLYRILQDQFLHURGHRWUD
HPSUHVD
F 8QGHUHFKRFRQWUDFWXDOGHLQWHUFDPELDULQVWUXPHQWRVILQDQFLHURVFRQRWUD
HPSUHVDEDMRFRQGLFLRQHVTXHVRQSRWHQFLDOPHQWHIDYRUDEOHV
G 8QLQVWUXPHQWRSDWULPRQLDOGHRWUDHPSUHVD
3RUVXSDUWHXQSDVLYRILQDQFLHURHVFXDOTXLHUSDVLYRTXHFRQVWLWX\DXQDGHHV
WDVGRVREOLJDFLRQHVFRQWUDFWXDOHV
D(QWUHJDUHIHFWLYRXRWURDFWLYRILQDQFLHURDRWUDHPSUHVD
E,QWHUFDPELDULQVWUXPHQWRVILQDQFLHURVFRQRWUDHPSUHVDHQFRQGLFLRQHVTXH
VRQSRWHQFLDOPHQWHGHVIDYRUDEOHV
<SRU~OWLPRHVWRVRUJDQLVPRVHVWDEOHFHQTXHXQLQVWUXPHQWRSDWULPRQLDOHV
FXDOTXLHUFRQWUDWRTXHUHSUHVHQWDXQDSDUWLFLSDFLyQUHVLGXDOHQORVDFWLYRVGHXQD
HPSUHVDGHVSXpVGHGHGXFLUWRGRVVXVSDVLYRV
'HODGHILQLFLyQGHLQVWUXPHQWRVILQDQFLHURVSRGHPRVFRQFOXLUTXHODVDFFLRQHV
GHXGDV\DFFLRQHVSULYLOHJLDGDVSXHGHQVHUFRQVLGHUDGDVLQVWUXPHQWRVILQDQFLHURV
\DTXHUHSUHVHQWDQODREOLJDFLyQGHXQHPLVRUDHQWUHJDUULTXH]DXRWURLQVWUXPHQ
WRILQDQFLHURDRWURVXMHWRFXPSOLHQGRXQDVHULHGHFRQGLFLRQHVFRQWUDFWXDOHV$QD
OL]DQGRODVGHILQLFLRQHVGHORVLQVWUXPHQWRVILQDQFLHURVHVLQGXGDEOHLGHQWLILFDUTXH
H[LVWHQWUHVILJXUDVSRUXQODGRHODFWLYRILQDQFLHUR\FRPRFRQWUDSDUWLGDDHVWHXQ
SDVLYRILQDQFLHURRXQLQVWUXPHQWRGHSDUWLFLSDFLyQHQHOSDVLYRQRH[LJLEOHGHODVR
FLHGDGHPLVRUDTXHSRUGHGXFFLyQGHEHUtDGHQRPLQDUVHQHWRILQDQFLHUR
(VWDVGHILQLFLRQHVVHxDODQLQWUtQVHFDPHQWHXQDFODVLILFDFLyQGHORVLQVWUXPHQWRV
ILQDQFLHURVEDVDGDHQORVGHUHFKRVTXHFRQFHGHQDOWLWXODU$VtGLIHUHQFLDPRVORV
LQVWUXPHQWRVGHSDVLYRILQDQFLHURGHORVLQVWUXPHQWRVGHQHWRILQDQFLHUR/RVLQV
WUXPHQWRVGHSDVLYRILQDQFLHURVRQODUHSUHVHQWDFLyQHQHOSDVLYRGHODVRFLHGDG
HPLVRUDGHODDSRUWDFLyQGHXQDFWLYRILQDQFLHURTXHFRQFHGHDVXWLWXODUXQGHUHFKR
³³
DUHFLELUULTXH]DGHOHPLVRUVHJ~QORHVWDEOHFLGRHQHOFRQWUDWRVLHPSUHTXHQRVHD
XQGHUHFKRVREUHHOSDVLYRQRH[LJLEOHGHODVRFLHGDGHPLVRUD3RUHOFRQWUDULRORV
QHWRVILQDQFLHURVVRQODUHSUHVHQWDFLyQHQHOSDVLYRGHODVRFLHGDGHPLVRUDGHOD
DSRUWDFLyQGHXQDFWLYRILQDQFLHURTXHFRQWUDFWXDOPHQWHFRQFHGHDOWLWXODUXQGHUH
FKRVREUHORVSDVLYRVQRH[LJLEOHVGHODVRFLHGDGHPLVRUD
3UHIHULPRVGHQRPLQDUQHWRILQDQFLHURDORTXHHO)$6%GHQRPLQDHYLGHQFLDGHO
LQWHUpVGHSURSLHWDULR\HO,$6%LQVWUXPHQWRGHQHWRSDWULPRQLDOSDUDHOLPLQDUVX
FRQQRWDFLyQGHSURSLHGDGMXUtGLFDRWRUJiQGROHXQVLJQLILFDGRILQDQFLHUR
3DUDGLIHUHQFLDUXQSDVLYRILQDQFLHURGHXQLQVWUXPHQWRGHQHWRILQDQFLHUROD
FDUDFWHUtVWLFDFODYHHVODH[LVWHQFLDGHXQDREOLJDFLyQFRQWUDFWXDOTXHUHFDHVREUH
XQDGHODVSDUWHVLPSOLFDGDVHQHOLQVWUXPHQWRILQDQFLHURHOHPLVRUFRQVLVWHQWHHQ
HQWUHJDUGLQHURXRWURLQVWUXPHQWRILQDQFLHURDODRWUDSDUWHHOWHQHGRUEDMRFRQ
GLFLRQHVTXHVRQSRWHQFLDOPHQWHGHVIDYRUDEOHVSDUDHOHPLVRU&XDQGRWDOREOLJD
FLyQFRQWUDFWXDOH[LVWHHOLQVWUXPHQWRFXPSOHODGHILQLFLyQGHSDVLYRILQDQFLHUR
)$6%,$6%\&,&$,$6%,QJUDP\%DOGZLQ
&RQVLGHUDPRVTXHXQLQVWUXPHQWRGHQHWRILQDQFLHURHVXQLQVWUXPHQ
WRILQDQFLHURTXHQRJHQHUDSDUDHOHPLVRUODREOLJDFLyQFRQWUDFWXDOGHHQWUHJDUGL
QHURXRWURDFWLYRILQDQFLHURRLQWHUFDPELDUORSRURWURLQVWUXPHQWRILQDQFLHURHQ
FRQGLFLRQHVTXHOHVRQSRWHQFLDOPHQWHGHVIDYRUDEOHVHQWUHJDUULTXH]DKDVWDHO
PRPHQWRGHODH[WLQFLyQGRQGHVHHMHUFHUiHOGHUHFKRGHSDUWLFLSDFLyQVREUHORVSD
VLYRVQRH[LJLEOHV(QHOQHWRILQDQFLHURDXQTXHHOFRPSUDGRUGHXQLQVWUXPHQWRGH
QHWRSXHGHWHQHUGHUHFKRDUHFLELUXQDSURSRUFLyQGHORVHYHQWXDOHVGLYLGHQGRVX
RWUDVGLVWULEXFLRQHVGHSDUWLGDVGHOSDVLYRQRH[LJLEOHHOHPLVRUQRWLHQHODREOLJDFLyQ
FRQWUDFWXDOGHHQWUHJDUOHULTXH]DKDVWDHOPRPHQWRGHODOLTXLGDFLyQGHODHPSUHVD
8QDYH]HVWDEOHFLGRORVFRQFHSWRVHFRQyPLFRVGHSDVLYRILQDQFLHUR\QHWRIL
QDQFLHURKHPRVGHVLJQLILFDUVXUHODFLyQFRQORVFULWHULRVFRQWDEOHV(OSDVLYRFRQ
WDEOHHVWiGLYLGLGRHQSDVLYRH[LJLEOH\QRH[LJLEOHHQHOSULPHURGHEHQ
FRQWHPSODUVHODVIXHQWHVGHILQDQFLDFLyQTXHREOLJDQDODVRFLHGDGHPLVRUDDHQWUH
JDUULTXH]DDQWHVGHODILQDOL]DFLyQGHODYLGDGHODHPSUHVDPLHQWUDVTXHHQHOQR
H[LJLEOHVHHQFRQWUDUiQODVIXHQWHVGHILQDQFLDFLyQTXHQRREOLJDQDODHPSUHVDHPL
VRUDDHQWUHJDUULTXH]DKDVWDHOPRPHQWRGHODOLTXLGDFLyQ(VWDFODVLILFDFLyQSHUPL
WHGHVWLQDUORVSDVLYRVILQDQFLHURVDOSDVLYRH[LJLEOHPLHQWUDVTXHHOQHWR
ILQDQFLHURGHEHDSDUHFHUHQHOSDVLYRQRH[LJLEOH6HJ~QHVWDLGHDHOSDVLYRQRH[L
JLEOHHVWDUiFRQVWLWXLGRHQXQSULPHUPRPHQWRSRUODVDSRUWDFLRQHVGHORVWLWXOD
UHVGHDFWLYRVILQDQFLHURVTXHSDUWLFLSDQFRQWUDFWXDOPHQWHHQHOSDVLYRQRH[LJLEOH
GHODVRFLHGDGHPLVRUDODFXDOODVUHJLVWUDUiFRPRXQLQVWUXPHQWRGHQHWRILQDQFLH
URSDUDSRVWHULRUPHQWHLUVHPRGLILFDQGRFRQODVYDULDFLRQHVGHOSDVLYRQRH[LJLEOH
³³
7UDVODXQLyQHQWUHORVFRQFHSWRVFRQWDEOHV\HFRQyPLFRVSDUDUHJLVWUDUODV
IXHQWHVGHILQDQFLDFLyQHVQHFHVDULRFRPSDUDUHVWDFRQFHSFLyQFRQODMXUtGLFD(QOD
PD\RUtDGHODVVLWXDFLRQHVODFRQFHSFLyQMXUtGLFD\HFRQyPLFDFRLQFLGHHVGHFLUODV
GHXGDVVRQSDVLYRVILQDQFLHURV\ODVDFFLRQHVRUGLQDULDVVRQQHWRVILQDQFLHURVSHUR
HVWDJHQHUDOLGDGVHURPSHFRQFLHUWDVDFFLRQHVSULYLOHJLDGDV
(VWDLQYHVWLJDFLyQSUHWHQGHLGHQWLILFDUORVGLIHUHQWHVGHUHFKRVTXHGHILQHQODV
DFFLRQHVSULYLOHJLDGDV\REVHUYDUORVTXHSXHGHQJHQHUDUGLIHUHQFLDVHQWUHHOFULWH
ULRMXUtGLFR\HFRQyPLFR(VWXGLDGRVWRGRVORVGHUHFKRVGHODVDFFLRQHVSULYLOHJLD
GDVREVHUYDPRVTXH~QLFDPHQWHH[LVWHQGLIHUHQFLDVHQGRVGHUHFKRVUHVFDWH\
UHSDUWRGHEHQHILFLRV
(QSULPHUOXJDUDQDOL]DPRVHOGHUHFKRGHUHVFDWH\SRVWHULRUPHQWHHOGHUHFKR
DUHFLELUJDQDQFLDVSRUTXHSHUPLWHFRQVHJXLUXQDOtQHDDUJXPHQWDOOyJLFDDVtORKD
HQWHQGLGRHO,$6%$´FXDQGRODVDFFLRQHVSUHIHUHQWHVVHDQGHOWLSRQR
UHVFDWDEOHODFODVLILFDFLyQDSURSLDGDVHGHWHUPLQDFRQVLGHUDQGRRWURVGHUHFKRVTXH
SXHGDQOOHYDULQFRUSRUDGRVHOPiVFRQFOX\HQWHHVHOSULYLOHJLRHQHOGHUHFKRDSDUWLFLSDU
GHODVJDQDQFLDVµ
$FFLRQHVSULYLOHJLDGDVHQHOUHVFDWH
(OFULWHULRGHH[LJLELOLGDGGHEHVHUDSOLFDGRDODVDFFLRQHVSULYLOHJLDGDVUHVSHFWR
DOGHUHFKRGHUHVFDWH/DFRQGLFLyQTXHGHEHFXPSOLUXQLQVWUXPHQWRILQDQFLHUR
SDUDVHUFRQVLGHUDGRSDVLYRILQDQFLHURHVTXHHOHPLVRUWHQJDODREOLJDFLyQGHWUDQV
IHULUULTXH]DDOWHQHGRUGHODDFFLyQHQXQPRPHQWRDQWHULRUDODOLTXLGDFLyQGHOD
VRFLHGDGHQHVWHFDVRVLVHFXPSOHXQDVHULHGHFRQGLFLRQHVODHPSUHVDHPLVRUD
QRSXHGHQHJDUVHDWUDQVIHULUUHFXUVRV\DVHDSRUUHPXQHUDFLyQWHPSRUDORSRU
H[WLQFLyQGHOWtWXOR(QHORWURH[WUHPRODVDFFLRQHVFX\RHPLVRUQRWLHQHODREOLJD
FLyQFRQWUDFWXDOGHWUDQVIHULUULTXH]DDORVWLWXODUHVGHODVDFFLRQHVDQWHVGHOPR
PHQWRGHODOLTXLGDFLyQVHUiQQHWRILQDQFLHUR
3DUDUHDOL]DUXQDFODVLILFDFLyQHILFLHQWHGHODVDFFLRQHVUHVFDWDEOHVGHEHPRVXWL
OL]DUGRVFULWHULRVDVHJ~QHOVXMHWRRVLWXDFLyQTXHKDFHQDFHUHOSULYLOHJLR\E
VHJ~QODIRUPDSUHILMDGDGHUHVFDWH
3DUDDSOLFDUHOFULWHULRGHH[LJLELOLGDGVREUHODVDFFLRQHVUHVFDWDEOHVDWHQGLHQGR
DOVXMHWRRVLWXDFLyQTXHKDFHVXUJLUHOSULYLOHJLRHVQHFHVDULRHYDOXDUODVREOLJD
FLRQHVFRQWUDFWXDOHVHQFDGDXQDGHODVVLWXDFLRQHV
³³
/DVDFFLRQHVUHVFDWDEOHVDRSFLyQGHOHPLVRUVRQXQLQVWUXPHQWRGHQHWRIL
QDQFLHURSRUTXHODHPSUHVDHPLVRUDWLHQHODSRWHVWDGSHURQRODREOLJDFLyQGHHQ
WUHJDUUHFXUVRVDORVWLWXODUHVPLHQWUDVTXHORVWLWXODUHVQRWLHQHQGHUHFKRDH[LJLU
UHFXUVRVDODHPSUHVDHPLVRUDKDVWDHOPRPHQWRGHODOLTXLGDFLyQ6RODPHQWHVXU
JLUiXQDREOLJDFLyQGHWUDQVIHULUDFWLYRVILQDQFLHURV\SRUWDQWRFRQVWLWXLUiXQSDVL
YRILQDQFLHURFXDQGRHOHPLVRUGHODVDFFLRQHVHMHUFLWHODRSFLyQFRPXQLFDQGR
IRUPDOPHQWHDORVDFFLRQLVWDVVXLQWHQFLyQGHSURFHGHUDOUHVFDWHGHODVDFFLRQHV
/DVDFFLRQHVUHVFDWDEOHVDRSFLyQGHOLQYHUVRUVRQXQLQVWUXPHQWRGHSDVLYRIL
QDQFLHURWHQLHQGRODFRQGLFLyQGHH[LJLEOHV\DTXHHOWLWXODUSXHGHREOLJDUDODHP
SUHVDHPLVRUDDHQWUHJDUOHUHFXUVRVDQWHVGHODIHFKDGHUHVFDWH8QDHYHQWXDO
LPSRVLELOLGDGSRUSDUWHGHOHPLVRUGHVDWLVIDFHUODGHXGDFRUUHVSRQGLHQWHDOUHVFDWH
GHODDFFLyQSUHIHUHQWHFXDQGRVHDUHTXHULGRFRQWUDFWXDOPHQWHSDUDHOOR\DVHD
SRUPRWLYRVGHIDOWDGHIRQGRVRSRUUHVWULFFLRQHVOHJDOHVQRQLHJDHOFDUiFWHUGH
SDVLYRILQDQFLHURGHODREOLJDFLyQFRQWUDtGD
/DVDFFLRQHVUHVFDWDEOHVDRSFLyQGHDPERVFRQFHGHQODRSFLyQGHUHVFDWH
WDQWRDOHPLVRUFRPRDOWLWXODUVLHQGRXQFDVRPL[WRHQWUHORVGRVDQWHULRUPHQWHFL
WDGRV6HJ~QHOFULWHULRGHH[LJLELOLGDGGHEHUtDVHUUHJLVWUDGRFRPRSDVLYRILQDQFLH
UR\DTXHODHPSUHVDHVWiREOLJDGDDHQWUHJDUUHFXUVRVVLHOWLWXODUVHORH[LJHSHUR
SXHGHQH[LVWLUGXGDVGHULYDGDVGHTXHHOWtWXORHVXQLQVWUXPHQWRILQDQFLHURFRP
SXHVWRTXHFRPSDUWHFDUDFWHUtVWLFDVGHSDVLYRILQDQFLHUR\GHQHWRILQDQFLHUR
3DUDUHFRQRFHUODQDWXUDOH]DGHORVLQVWUXPHQWRVILQDQFLHURVFRPSXHVWRVWHQH
PRVYDULDVDOWHUQDWLYDVDFRQVLGHUDUVXQDWXUDOH]DSRUVHSDUDGREFRQVLGHUDUVX
QDWXUDOH]DVHJ~QODPD\RUSUREDELOLGDGGHDFDHFLPLHQWR\FFRQVLGHUDUVXQDWXUD
OH]DVHJ~QODFDUDFWHUtVWLFDSUHGRPLQDQWH
(QSULPHUOXJDUVHVLW~DQ$,&3$&KDQW)$6%,$6%\
&,&$H,$6%ETXHVRQSDUWLGDULRVGHODFRQWD
ELOL]DFLyQVHSDUDGDSDUDGLYHUVDVILJXUDVFRQWDEOHVFRPSXHVWDV(O,$6%
DOHVWXGLDUODVDFFLRQHVUHVFDWDEOHVDRSFLyQGHDPERVH[KRUWDDTXH´HOHPLVRU
GHXQLQVWUXPHQWRILQDQFLHURTXHFRQWHQJDVLPXOWiQHDPHQWHXQHOHPHQWRGHSDVLYR\
RWURGHQHWRFRQWDELOLFHFDGDSDUWHGHOLQVWUXPHQWRSRUVHSDUDGRµ
(QVHJXQGROXJDUHVSRVLEOHFRQWDELOL]DUXQLQVWUXPHQWRILQDQFLHURFRPSXHVWR
VHJ~QODSUREDELOLGDGGHTXHRFXUUDXQKHFKR(VWDRSFLyQWLHQHVXVDQWHFHGHQWHV
HQHO)$6%SDUDFRQWDELOL]DUODVRSFLRQHV\HQHO)$6%GRQGHVH
UHIOHMDTXH´XQDREOLJDFLyQFRQYHUWLEOHGHEHVHUUHFRQRFLGDFRPSOHWDPHQWHFRPR
XQSDVLYRVLHOYHQFLPLHQWRHVPiVSUREDEOHTXHHOUHVFDWHµ
³³
/DWHUFHUDSRVLELOLGDGHVREVHUYDUHOUDVJRSUHGRPLQDQWHRSFLyQTXHSDUHFH
PiVDGHFXDGDFRQODOtQHDDUJXPHQWDOVHJXLGD$FHSWDQGRHVWDRSFLyQODVDFFLRQHV
UHVFDWDEOHVDRSFLyQGHDPERVGHEHQVHUFRQVLGHUDGDVSDVLYRILQDQFLHUR\DTXHDO
VHUHQSDUWHH[LJLEOHV\QRH[LJLEOHVODHPSUHVDHPLVRUDSRVHHODREOLJDFLyQGHHQ
WUHJDUUHFXUVRVDOWLWXODUHQHOVXSXHVWRTXHHVWHHMHUFLWHVXGHUHFKR
(QODVDFFLRQHVUHVFDWDEOHVHQXQDIHFKDILMDGDODHPSUHVDHPLVRUDHVWiREOL
JDGDDHQWUHJDUUHFXUVRVDORVWLWXODUHVOOHJDGRHOPRPHQWRGHOUHVFDWH\SRUVHU
pVWHXQPRPHQWRDQWHULRUDODOLTXLGDFLyQGHODHPSUHVDHOWtWXORGHEHVHUFRQVL
GHUDGRSDVLYRILQDQFLHUR(QHVWHFDVRWDPSRFRGHMDGHWHQHUHOFDUiFWHUGHSDVLYRIL
QDQFLHURDQWHODHYHQWXDOLPSRVLELOLGDGSRUSDUWHGHOHPLVRUGHVDWLVIDFHUODGHXGD
FRUUHVSRQGLHQWHDOUHVFDWHGHODDFFLyQSUHIHUHQWHFXDQGRVHDUHTXHULGRFRQWUDFWXDO
PHQWHSDUDHOOR\DVHDSRUPRWLYRVGHIDOWDGHIRQGRVRSRUUHVWULFFLRQHVOHJDOHV
8QDDFFLyQFRQUHVFDWHVXSHGLWDGRDTXHVHSURGX]FDXQHYHQWRHVXQSDVLYR
ILQDQFLHUR\DTXHVLVXFHGHHOKHFKRODHPSUHVDHPLVRUDHVWiREOLJDGDDHQWUHJDU
UHFXUVRVDOWLWXODUDQWHVGHODIHFKDGHOLTXLGDFLyQ(VWHWUDWDPLHQWRHVFRQWUDULRDO
SURSXHVWRSRUHO,$6%DOSURSRQHUUHJLVWUDUODDFFLyQSULYLOHJLDGDDWHQ
GLHQGRDODSUREDELOLGDGGHFRQFXUUHQFLDGHOKHFKR6HJ~QHVWHRUJDQLVPRVLOD
SUREDELOLGDGGHTXHRFXUUDHOKHFKRHVPHGLDRDOWDGHEHPRVFRQVLGHUDUORXQSD
VLYRILQDQFLHUR6LSRUHOFRQWUDULRHOKHFKRFX\RFXPSOLPLHQWRKDUtDREOLJDWRULRHO
UHVFDWHRSRWHVWDWLYRSDUDHOWLWXODUWXYLHVHSUREDELOLGDGEDMDVHGHEHUtDFRQWDELOL
]DUFRPRVLIXHVHXQLQVWUXPHQWRGHQHWRSDWULPRQLDO
(OFXDGURQ~PHURVHxDODODFODVLILFDFLyQGHODVDFFLRQHVUHVFDWDEOHVDWHQGLHQ
GRDOVXMHWRRVLWXDFLyQTXHKDFHVXUJLUHOSULYLOHJLR
&XDGUR&ODVLILFDFLyQGHODVDFFLRQHVUHVFDWDEOHVDWHQGLHQGRDOVXMHWR
RVLWXDFLyQTXHKDFHVXUJLUHOSULYLOHJLR
7,32/2*Ì$
5HVFDWDEOHVDRSFLyQGHOHPLVRU
5HVFDWDEOHVDRSFLyQGHOLQYHUVRU
5HVFDWDEOHVDRSFLyQGHDPERV
5HVFDWDEOHVHQXQDIHFKDILMDGD
5HVFDWDEOHVFXDQGRVHSURGX]FDXQHYHQWR
)XHQWH(ODERUDFLyQSURSLD
³³
&216,'(5$&,Ð1
(&21Ð0,&$
3DVLYRQRH[LJLEOH
3DVLYRH[LJLEOH
3DVLYRH[LJLEOH
3DVLYRH[LJLEOH
3DVLYRH[LJLEOH
/DVHJXQGDFODVLILFDFLyQFRQVLVWHHQGLIHUHQFLDUODVDFFLRQHVSULYLOHJLDGDVDWHQ
GLHQGRDODIRUPDGHUHVFDWDUSUHILMDGD
(QHOVXSXHVWRGHTXHODVDFFLRQHVUHVFDWDEOHVWHQJDQSUHILMDGRTXHHOUHVFDWH
VHDILQDQFLDGR~QLFDPHQWHFRQXQDQXHYDHPLVLyQODFRQVLGHUDFLyQGHOLQVWUXPHQWR
ILQDQFLHURFRPRSDVLYRILQDQFLHURRQHWRILQDQFLHURGHSHQGHGHODQDWXUDOH]DHFR
QyPLFDGHODHPLVLyQFRQODTXHVHILQDQFLDUiHOUHVFDWH6LODQXHYDREOLJDWRULDHPL
VLyQHVXQQHWRILQDQFLHURGHEHPRVFRQVLGHUDUDODHPLVLyQRULJLQDOFRPRXQQHWR
ILQDQFLHURSRUHOFRQWUDULRVLODQXHYDHPLVLyQHVXQSDVLYRILQDQFLHURHOLQVWUX
PHQWRILQDQFLHURWHQGUtDODPLVPDQDWXUDOH]D
/DRWUDSRVLELOLGDGHVTXHHQODVDFFLRQHVUHVFDWDEOHVVHHVWDEOH]FDTXHHOUHVFD
WHVHDILQDQFLDGR~QLFDPHQWHFRQORVUHFXUVRVSURSLRVGHODHPSUHVDWDQWRVLVXSR
QHSDUDODVRFLHGDGHPLVRUDUHGXFFLRQHVGHFDSLWDOFRPRDPRUWL]DFLRQHVGHFDSLWDO
(QHVWHFDVRHODFFLRQLVWDUHFLEHUHFXUVRVGHODSURSLDHPSUHVDVLQUHFXUULUDILQDQ
FLDFLyQH[WHUQDSRUORTXHGHEHPRVDFXGLUDOFULWHULRGHOKHFKRTXHSURYRTXHHO
UHVFDWHSDUDFRQRFHUODQDWXUDOH]DGHODHPLVLyQGHUHVFDWDEOHV
(O~QLFRVXSXHVWRHQHOTXHSXHGHQRFXUULUGHVDYHQHQFLDVHQWUHDPERVFULWHULRV
FODVLILFDWRULRVHVXQDHPLVLyQHQODTXHVHREOLJXHDILQDQFLDUODRSHUDFLyQFRQRWUD
HPLVLyQ\REWHQJDPRVXQDFRQFOXVLyQGHODQDWXUDOH]DHQVHQWLGRFRQWUDULRVHJ~QOD
VLWXDFLyQTXHKDFHVXUJLUHOUHVFDWH(VWDVLWXDFLyQGHEHUHJLVWUDUVHFRPRXQSDVLYR
ILQDQFLHUR\DTXHDWHQGLHQGRDODFDUDFWHUtVWLFDSUHGRPLQDQWHFRQVLGHUDPRVDWR
GDVODVDFFLRQHVFRPRLQVWUXPHQWRVGHQHWRILQDQFLHURKDVWDTXHREWHQJDPRVDOJX
QDHYLGHQFLDGHTXHODHPSUHVDHVWDUiREOLJDGDDHQWUHJDUULTXH]DDOWLWXODUDQWHVGH
ODIHFKDGHOLTXLGDFLyQ
$FFLRQHVSULYLOHJLDGDVHQHOGHUHFKRDSDUWLFLSDUGHODVJDQDQFLDV
3DUDHVWXGLDUODQDWXUDOH]DMXUtGLFDOHJDOGHORVSULYLOHJLRVSRUGLIHUHQFLDFLyQGHOGH
UHFKRDSDUWLFLSDUHQHOUHSDUWRGHODVJDQDQFLDVVRFLDOHVGHODVDFFLRQHVQRVFHQWUDUH
PRVHQHOFDVRHVSDxROSDUDSRVWHULRUPHQWHH[DPLQDUODVGLIHUHQFLDVFRQHOPRGHOR
MXUtGLFRHVWDGRXQLGHQVH\DTXHHQHVWHSDtVODLPSRUWDQFLDGHHVWHWLSRGHDFFLRQHVSUL
YLOHJLDGDVHVVREUHVDOLHQWH\DGHPiVHVODEDVHGHODUHJXODFLyQGHO,$6%\GHO)$6%
/DSULPHUDUHVWULFFLyQPHUFDQWLOTXHGHEHFXPSOLUXQDHPSUHVDDOHPLWLUDFFLR
QHVSULYLOHJLDGDVHVODSURKLELFLyQGHFUHDUDFFLRQHVFRQGHUHFKRDXQLQWHUpVFXDO
TXLHUDTXHVHDODIRUPDGHVXGHWHUPLQDFLyQDUWtFXORGHO75/6$3RUORWDQWR
DXQTXHHQORV(VWDWXWRVVRFLDOHVHVWXYLHUDUHFRJLGROD/H\LPSLGHHORWRUJDPLHQWR
GHXQLQWHUpVDXQDDFFLyQ
³³
8QDYH]LGHQWLILFDGDHVWDSURKLELFLyQHVQHFHVDULRGHILQLUHOFRQFHSWRGHLQWH
UpVSDUDHO7H[WR5HIXQGLGR/DLGHDFOiVLFDHVFRQVLGHUDUFRPRLQWHUpVXQDUHPXQH
UDFLyQLQGHSHQGLHQWHGHODH[LVWHQFLDGHEHQHILFLRV/DSURKLELFLyQGHODHPLVLyQGH
DFFLRQHVFRQXQLQWHUpVSUHWHQGHHYLWDUTXHDOJXQRVDFFLRQLVWDVSULYLOHJLDGRVDFDSD
UHQHOEHQHILFLRVRFLDOSRUODYtDLQGLUHFWDGHWHQHUDVHJXUDGRXQLQWHUpVILMRLQGH
SHQGLHQWHGHORVUHVXOWDGRVFRPRSXHGHRFXUULUFRQODUHPXQHUDFLyQGHODV
GHXGDV/RVWLWXODUHVGHXQDGHXGDSRVHHQXQLQWHUpVHQWHQGLGRFRPRHOGHUHFKR
GHFUpGLWRIUHQWHDODVRFLHGDGTXHFRQLQGHSHQGHQFLDGHORVUHVXOWDGRVVRFLDOHVKDUi
HIHFWLYRFRQODJDUDQWtDH[SOtFLWDGHOSDWULPRQLRSUHVHQWHRIXWXURGHODVRFLHGDGDUWt
FXORGHO&&(OLQWHUpVDOQRUHVSHWDUODFRQFXUUHQFLDGHEHQHILFLRDWHQWDFRQ
WUDODVROYHQFLDSDWULPRQLDOGHODVRFLHGDGSHUPLWLHQGRHOGHVYtRGHIRQGRVDORVVRFLRV
VLQVRPHWHUVHSUHYLDPHQWHDODGLVFLSOLQDUHJXODGRUDGHOSDJRGHGLYLGHQGRV
(VWDLGHDJHQHUDOGHEHUHYLVDUVHDOHVWXGLDUODUHPXQHUDFLyQGHFLHUWDVDFFLRQHV
FRQLQWHUpVSHUPLWLGDVSRUOD/H\\DFHSWDGDVOHJDOPHQWHFRPRDFFLRQHV(QHOiP
ELWRILQDQFLHURFOiVLFRGHVWDFDODGLVWLQFLyQHQWUHWtWXORVGHGHXGD\DFFLRQHVWRPDQ
GRFRPRUHIHUHQFLDVXVUHWULEXFLRQHVWtSLFDVHOLQWHUpV\HOGLYLGHQGR(QOD
DFWXDOLGDGHOPHUFDGRILQDQFLHURKDGHVDUUROODGRSURGXFWRVTXHLQWHQWDQREWHQHU
ODVYHQWDMDVGHODVDFFLRQHV\GHODVGHXGDVHQPDWHULDGHUHWULEXFLyQSURSRQLpQGR
VHSRUXQODGRIyUPXODVGHYLQFXODUODUHWULEXFLyQGHOSUHVWDPLVWDDODPDUFKDSUyV
SHUDRDGYHUVDGHODHPSUHVDSUHVWDWDULD\GHORWURPHGLRVSDUDJDUDQWL]DUXQ
SULYLOHJLRUHWULEXWLYRPtQLPRDOVRFLR
'HVGHHOSXQWRGHYLVWDHFRQyPLFRHOHVWXGLRFRQMXQWRGHODOHJLVODFLyQ\GHO
PHUFDGRHVSDxROQRVOOHYDDDILUPDUTXHHQODSUiFWLFDVHSHUPLWHODUHPXQHUDFLyQ
GHFLHUWDVDFFLRQHVLQGHSHQGLHQWHPHQWHGHODH[LVWHQFLDGHEHQHILFLRVHVGHFLUSRU
PHGLRGHLQWHUpVDXQTXHMXUtGLFDPHQWHVHOHRWRUJXHODGHQRPLQDFLyQGHGLYLGHQ
GR(VWRHVGHELGRDTXHODOHJLVODFLyQHVSDxRODSDUWHGHXQDPH]FODGHFRQFHSWRV
MXUtGLFRV\HFRQyPLFRV\DTXHFRQVLGHUDFRPRGLYLGHQGRDWRGDUHWULEXFLyQGHODVDF
FLRQHVSRUORWDQWRMXUtGLFDPHQWHVHUiGLYLGHQGR\QRLQWHUpVODUHPXQHUDFLyQFRQ
FHGLGDDWRGDVODVILJXUDVFRQVLGHUDGDVFRPRDFFLRQHVHQODOHJLVODFLyQHVSDxROD$Vt
QXQFDXQDDFFLyQFRQFHGHUiXQLQWHUpVHQWpUPLQRVMXUtGLFRVSRUTXHHQFDVRFRQWUDULR
HOWtWXORSDVDUtDDVHUGHXGDDEDQGRQDQGRODFRQVLGHUDFLyQGHDFFLyQ
/DFODYHGHHVWDLQWHUSUHWDFLyQVHHQFXHQWUDHQHODUWtFXORD\GGHOD,,
'LUHFWLYDFRPXQLWDULDGRQGHDSHVDUGHTXHVHUHFKD]DQODVILJXUDVUHWULEXWLYDVGH
ORVVRFLRVTXHDWHQWHQFRQWUDODVROYHQFLDSDWULPRQLDOGHODVRFLHGDGFRQLQGH
SHQGHQFLDGHODGHQRPLQDFLyQUHFLELGD´VHSHUPLWHODUHWULEXFLyQGHODVDFFLRQHV
PHGLDQWHHOSDJRGHLQWHUHVHVSDJRTXHHQWRGRFDVRTXHGDVRPHWLGRDODVPLVPDV
FRQGLFLRQHVTXHODHQWUHJDGHGLYLGHQGRVµ
³³
(QGHILQLWLYDGHVGHHOSXQWRGHYLVWDMXUtGLFROHJDOVHGHEHFRQVLGHUDUGLYLGHQGR
WRGDUHWULEXFLyQGHORVDFFLRQLVWDVHLQWHUpVWRGDUHWULEXFLyQGHXQDGHXGDGHWDO
IRUPDTXHVLHOWtWXORHVXQDDFFLyQ\OD/H\SHUPLWHVXUHPXQHUDFLyQQRVHUiOHJDO
PHQWHLQWHUpVSRUTXHVLQRFRQWUDGLUtDHODUWtFXORGHO75/6$$VtTXHMXUtGLFD
PHQWHODILJXUDTXHOD/H\HVSDxRODHQFDGDPRPHQWRFRQVLGHUHDFFLyQWHQGUiXQD
UHPXQHUDFLyQGHQRPLQDGDGLYLGHQGR
(FRQyPLFDPHQWHVHUiQSDVLYRQRH[LJLEOHWRGDVODVDFFLRQHVTXHHQVXHPLVLyQ
QRSRVHDQSULYLOHJLRVVREUHORVEHQHILFLRV(QHOFDVRGHTXHVtORVSRVHDQGHEHPRV
DQDOL]DUFDGDGHUHFKRSDUDSRGHUGLVFHUQLUVLHOWtWXORWLHQHQDWXUDOH]DHFRQyPLFDGH
SDVLYRH[LJLEOH
/RVSULYLOHJLRVVREUHHOEHQHILFLRDGPLWLGRVMXUtGLFDPHQWHHQ(VSDxDVRQORVVL
JXLHQWHV
3UHIHUHQFLD/DVDFFLRQHVSUHIHUHQWHVHVWDEOHFHQXQDMHUDUTXtDHVGHFLUVRQ
XQDFODVHGHDFFLRQHVFRQXQDSUHIHUHQFLDHQHOUHSDUWRGHGLYLGHQGRVVREUHRWUDV
(OGLYLGHQGRSUHIHUHQWHRIUHFHXQSULYLOHJLRHQODUHPXQHUDFLyQGHFDUiFWHUWHPSR
UDODXQTXHQRFXDQWLWDWLYR
/DGLVSRVLFLyQDGLFLRQDOGHFLPRTXLQWDGHOD/H\GHGHQRYLHPEUH
GH5HIRUPDGHOD/H\GHGHMXOLRGHO0HUFDGRGH9DORUHVDGLFLRQDHO
DSDUWDGRDODUWtFXORGHO75/6$´&XDQGRHOSULYLOHJLRFRQVLVWDHQHOGHUHFKRDRE
WHQHUXQGLYLGHQGRSUHIHUHQWHODVRFLHGDGHVWDUiREOLJDGDDDFRUGDUHOUHSDUWRGHOGLYL
GHQGRVLH[LVWLHUDQEHQHILFLRVGLVWULEXLEOHV/RV(VWDWXWRVKDEUiQGHHVWDEOHFHUODV
FRQVHFXHQFLDVGHODIDOWDGHSDJRWRWDORSDUFLDOGHOGLYLGHQGRSUHIHUHQWHVLHVWHWLHQHR
QRFDUiFWHUDFXPXODWLYRFRQUHODFLyQDORVGLYLGHQGRVQRVDWLVIHFKRVDVtFRPRORVHYHQ
WXDOHVGHUHFKRVGHORVWLWXODUHVGHHVWDVDFFLRQHVSULYLOHJLDGDVFRQUHODFLyQDORVGLYLGHQ
GRVTXHSXHGDQFRUUHVSRQGHUDODVDFFLRQHVRUGLQDULDV(VWDVQRSRGUiQHQQLQJ~QFDVR
UHFLELUGLYLGHQGRVFRQFDUJRDORVEHQHILFLRVGHXQHMHUFLFLRPLHQWUDVQRKD\DVLGRVDWLV
IHFKRHOGLYLGHQGRSULYLOHJLDGRFRUUHVSRQGLHQWHDOPLVPRHMHUFLFLR(OPLVPRUpJLPHQHV
WDEOHFLGRHQHOSiUUDIRSULPHURGHOSUHVHQWHDSDUWDGRVHUiDSOLFDEOHDODVVRFLHGDGHVQR
FRWL]DGDVVDOYRTXHVXV(VWDWXWRVGLVSRQJDQRWUDFRVDµ
(ODUWtFXORGHO75/6$REOLJDDODHPSUHVDHPLVRUDGHDFFLRQHVFRQGLYLGHQ
GRSUHIHUHQWHVLHQGRFRWL]DGDRQRFRWL]DGDVLQPHQFLyQHQFRQWUDDFRQFHGHU
HVWHGLYLGHQGRDORVDFFLRQLVWDVSULYLOHJLDGRVHQHOSULPHUHMHUFLFLRTXHH[LVWDQEH
QHILFLRVGLVWULEXLEOHV
/DLQFOXVLyQGHOFRQFHSWRGHGLVWULEXLEOHWLHQHGRVFRQVHFXHQFLDV/DSULPHUDHV
TXHSDUDUHWULEXLUDORVDFFLRQLVWDVQRVyORWHQHPRVTXHHVSHUDUDWHQHUEHQHILFLRV
³³
VLQRTXHDGHPiVGHEHPRVHVSHUDUDWHQHUEHQHILFLRVXQDYH]GHGXFLGDVXQDVHULH
GHREOLJDFLRQHVTXHWLHQHODVRFLHGDGUHVHUYDVOHJDOHV\HVWDWXWDULDVHQWUHRWUDV/D
VHJXQGDHVTXHSDUDFDOFXODUHOGLYLGHQGRDHQWUHJDUVLHPSUHTXHH[LVWDQEHQHILFLRV
GLVWULEXLEOHVGHEHQWHQHUVHHQFXHQWDODVUHVHUYDVGLVSRQLEOHVSRUODHPSUHVDLQGH
SHQGLHQWHPHQWHGHVXRULJHQVHDQEHQHILFLRVGHHVWHHMHUFLFLRRGHDQWHULRUHVSRU
VXSXHVWRFXPSOLHQGRODVUHVWULFFLRQHVVREUHHOUHSDUWRTXHHVWDEOHFHHO75/6$
SDUDFXDOTXLHUGLYLGHQGR
(QORV(VWDWXWRVGHEHQFRQVWDUODVFRQVHFXHQFLDVGHODIDOWDGHSDJRGHOGLYLGHQ
GRSUHIHUHQWH\HQWUHHOODVVLHOLPSRUWHLPSDJDGRHVRQRDFXPXODWLYRDORVHMHU
FLFLRVVLJXLHQWHV
8QDYH]WRGRVORVDFFLRQLVWDVFRQGLYLGHQGRVSUHIHUHQWHVORVKD\DQUHFLELGRORV
DFFLRQLVWDVRUGLQDULRVSRGUiQH[LJLUHOFREURGHVXGLYLGHQGRSHURQXQFDVHSRGUiQ
GLVWULEXLUGLYLGHQGRVDODVDFFLRQHVRUGLQDULDVHQXQHMHUFLFLRVLQKDEHUVDWLVIHFKR
FRQDQWHULRULGDGHOGLYLGHQGRSUHIHUHQWH
/DUHGDFFLyQSXHGHRIUHFHUGXGDVVREUHVLODREOLJDWRULHGDGGHOUHSDUWRHQ
FXDQWRH[LVWDQEHQHILFLRVUHSDUWLEOHVHVVyORDSOLFDEOHDODVDFFLRQHVSUHIHUHQWHVR
DOUHVWRGHDFFLRQHVSULYLOHJLDGDV1RREVWDQWHODUHGDFFLyQGHOD&RPLVLyQGH([
SHUWRV\ODHQPLHQGDQžGHO*UXSR3DUODPHQWDULR&DWDOiQGHMDQFODURTXHGHEH
VHUDSOLFDGDDWRGDVODVFODVHVGHDFFLRQHVTXHUHFRQR]FDQXQDSUHIHUHQFLDHQ
HOFREURGHODUHPXQHUDFLyQ7LHQHQSUHIHUHQFLDHQHOFREURODVDFFLRQHVSUHIH
UHQWHVODVTXHSRVHDQXQGLYLGHQGRDGLFLRQDO\ODVDFFLRQHVVLQYRWRFRQGLYLGHQGR
DGLFLRQDODFXPXODWLYR
'LYLGHQGRDGLFLRQDO&RQVLVWHHQHOUHSDUWRGHXQDSDUWHGHORVEHQHILFLRV
GLVWULEXLEOHVHQWUHXQDRYDULDVFODVHVGHDFFLRQHV8QDYH]UHFLELGRHVWHGLYLGHQGR
VHHQFXHQWUDQHQLJXDOGDGGHFRQGLFLRQHVFRQODVRWUDVFODVHVGHDFFLRQHVSDUDUHFL
ELUHOUHVWRGHOEHQHILFLRUHSDUWLEOH
/DGLIHUHQFLDHQWUHODVDFFLRQHVSUHIHUHQWHV\ODVTXHSRVHDQGLYLGHQGRDGLFLR
QDOHVTXHHVWDV~OWLPDVVHEHQHILFLDQGHOGLYLGHQGRSULYLOHJLDGR\SRVWHULRUPHQWH
WLHQHQGHUHFKRDUHFLELUHOGLYLGHQGRUHVWDQWHFRPRHOUHVWRGHDFFLRQHVRUGLQDULDV
VLQHPEDUJRODVDFFLRQHVSUHIHUHQWHVUHFLEHQORVGLYLGHQGRVHQXQPRPHQWRDQWH
ULRUDODVRUGLQDULDVSHURSRVWHULRUPHQWHQRWLHQHGHUHFKRDQLQJ~QGLYLGHQGRDGL
FLRQDO
(OGLYLGHQGRDGLFLRQDOUHJXODGRH[SOtFLWDPHQWHHQHO75/6$HVHOWUDWDPLHQWRGH
ODVDFFLRQHVVLQYRWRGRQGHVXVWLWXODUHVWLHQHQHOGHUHFKRDSHUFLELUHOGLYLGHQGR
DQXDOPtQLPRILMRRYDULDEOHTXHHVWDEOH]FDQORV(VWDWXWRVVRFLDOHVXQDYH]FRQFHGL
³³
GRHOGLYLGHQGRPtQLPRWHQGUiQGHUHFKRDOPLVPRGLYLGHQGRTXHFRUUHVSRQGDDODV
DFFLRQHVRUGLQDULDV([LVWLHQGREHQHILFLRVGLVWULEXLEOHVODVRFLHGDGHVWiREOLJDGDD
DFRUGDUHOUHSDUWRGHOGLYLGHQGRPtQLPR/DSHFXOLDULGDGGHDOJXQDVDFFLRQHVVLQ
YRWRHVTXHVXVWLWXODUHVVRQEHQHILFLDULRVGHGRVGHUHFKRVGLYLGHQGRDGLFLRQDO\
DFXPXODFLyQ
/D~QLFDHPLVLyQGHDFFLRQHVUHDOL]DGDHQ(VSDxDFRQXQGLYLGHQGRDGLFLRQDOVLQ
VHUXQDDFFLyQVLQYRWRHVODHPLWLGDSRUODVRFLHGDG´(VSDxRODGH9LYLHQGDVGH$O
TXLOHU&(9$6$µ\DTXHFXDQGRVHHPLWLHURQHQQRHVWDEDQUHJXODGDVODVDF
FLRQHVVLQYRWRHQQXHVWUDOHJLVODFLyQ/DVDFFLRQHVGH&(9$6$VRQSUHIHUHQWHVFRQ
GHUHFKRDSHUFLELUXQGLYLGHQGRGHKDVWDHOGHVXYDORUQRPLQDOFRQFDUiFWHU
ILMRSUHIHUHQWHDODVRUGLQDULDV\DGHPiVGHOGLYLGHQGRSUHIHUHQWHWDPELpQWLHQHQ
GHUHFKRDUHFLELUHOGLYLGHQGRGHODVDFFLRQHVRUGLQDULDV
'HUHFKRDODDFXPXODFLyQ(QHVWHFDVRHOGHUHFKRDUHFLELUUHPXQHUDFLyQ
QRGHVDSDUHFHVLQRH[LVWHQEHQHILFLRVQRGLVWULEXLEOHVHQHVHHMHUFLFLRVLQRTXHVH
H[WLHQGHDSRVWHULRUHVHVWRHVVLQRH[LVWHQEHQHILFLRVUHSDUWLEOHVHVWHHMHUFLFLRVH
DFXPXODQDORVVLJXLHQWHVKDVWDTXHH[LVWDQEHQHILFLRVUHSDUWLEOHV\VHFREUHQWRGRV
ORVQRUHDOL]DGRVKDVWDHVHPRPHQWR/DLQFOXVLyQGHHVWHGHUHFKRSURWHJHDODFFLR
QLVWDGHWRGDVODVSRVLEOHVDFWXDFLRQHVGHODHPSUHVDSDUDLQIUDYDORUDUORVEHQHILFLRV
GHOHMHUFLFLR
(OGHUHFKRGHDFXPXODFLyQVHSXHGHDxDGLUDFXDOTXLHURWURSULYLOHJLRVREUHODV
JDQDQFLDVGLYLGHQGRSUHIHUHQWHGLYLGHQGRDGLFLRQDODXQTXHODOHJLVODFLyQHVSD
xROD~QLFDPHQWHUHJXODH[SOtFLWDPHQWHHVWHGHUHFKRHQHODUWtFXORGHO75/6$
SDUDDOJXQDVDFFLRQHVVLQYRWRODVFXDOHVVRQEHQHILFLDULDVGHGRVGHUHFKRVGLYL
GHQGRDGLFLRQDO\DFXPXODFLyQ
'HUHFKRDXQSRUFHQWDMHGHODEDVHUHSDUWLEOH/DEDVHGHUHSDUWRVHGL
YLGHHQWUHORVDFFLRQLVWDVSHURXQDHPLVLyQVHDVHJXUDXQSRUFHQWDMHVREUHODEDVH
UHSDUWLEOHRVREUHORVEHQHILFLRVGHHVWHHMHUFLFLRFDGDYH]TXHODVRFLHGDGWRPHOD
GHFLVLyQGHUHSDUWLUGLYLGHQGRV
'HUHFKRGHXQGLYLGHQGRPtQLPRVXSHULRU(OGLYLGHQGRPtQLPRDSDUHFH
UHJXODGRHQHODUWtFXORGHO75/6$GRQGHVHJDUDQWL]DXQGLYLGHQGRGHOGH
ORVEHQHILFLRVRXQSRUFHQWDMHVXSHULRUVLDVtORHVWDEOHFHQORV(VWDWXWRVDHQWUHJDU
DORVDFFLRQLVWDVDQWHVGHUHWULEXLUDORVDGPLQLVWUDGRUHV/DUHJXODFLyQHVWDWXWDULD
TXHFRQFHGDXQGLYLGHQGRPtQLPRVXSHULRUHVJHQHUDGRUDGHFODVHSRUTXHHVWDEOH
FHXQSULYLOHJLRVREUHODVHPLVLRQHVTXHQRSRVHDQHVHGHUHFKR
³³
8QDYH]DQDOL]DGRVORVFULWHULRVMXUtGLFRVDGPLWLGRVHQ(VSDxDREVHUYDPRVTXH
DXQTXHHQODPD\RUtDGHORVFDVRVORVFULWHULRVMXUtGLFRV\HFRQyPLFRVFRLQFLGHQ
H[LVWHXQDUXSWXUDHQWUHDPERVHQHOHVWXGLRGHODUHPXQHUDFLyQGHDOJXQRVWtWXORV
(QHOSODQRHFRQyPLFRQRGHEHPRVWHQHUHQFXHQWDVXGHQRPLQDFLyQLQWHUpV
GLYLGHQGRILMRJDUDQWL]DGRRLQWHUFDODULRVLQRODYHUGDGHUDQDWXUDOH]DHFRQyPLFD
GHODUHPXQHUDFLyQHVGHFLUODGHSHQGHQFLDGHODJHVWLyQGHODVRFLHGDG\GHODYR
OXQWDGGHpVWD
(QHOSODQRMXUtGLFRXQWtWXORHVXQDGHXGDVLUHFLEHXQDUHPXQHUDFLyQLQGH
SHQGLHQWHPHQWHGHODH[LVWHQFLDGHUHVXOWDGRVVLHQGRFRQVLGHUDGRXQJDVWRILQDQ
FLHURDHIHFWRVOHJDOHV\ILVFDOHV3RUHOFRQWUDULRXQWtWXORHVXQDDFFLyQVLVX
UHPXQHUDFLyQVHHVWDEOHFHGHVSXpVGHOFiOFXORGHOEHQHILFLRWLHQHODFRQVLGHUDFLyQ
MXUtGLFDGHGLYLGHQGRV\QRHVQLJDVWRILQDQFLHURQLJDVWRILVFDOPHQWHGHGXFLEOH
(FRQyPLFDPHQWHQRHVDGHFXDGRGLIHUHQFLDUXQWtWXORHQIXQFLyQGHVLVXUHPX
QHUDFLyQVHUHDOL]DDQWHVRGHVSXpVGHOFiOFXORGHOEHQHILFLRRVLHVXQJDVWRILQDQ
FLHURRXQGLYLGHQGRDHIHFWRVILVFDOHVROHJDOHV(OFULWHULRHFRQyPLFRFRQVLVWHHQ
FRQVLGHUDUTXHXQLQVWUXPHQWRGHSDVLYRILQDQFLHURWHQGUiXQDUHPXQHUDFLyQLQGH
SHQGLHQWHGHODYROXQWDGGHOHPLVRU\GHORVUHVXOWDGRVGHODHPSUHVD\TXHXQLQV
WUXPHQWRGHQHWRILQDQFLHURUHWULEXLUiHQIXQFLyQGHODJHVWLyQGHODVRFLHGDG\
VHJ~QVXSURSLDGLVFUHFLRQDOLGDG/DSUXHEDPiVFODUDGHTXHXQDUHPXQHUDFLyQHV
QHWRILQDQFLHURHVTXHVLQRH[LVWHQEHQHILFLRVUHSDUWLEOHVQRVHSXHGHUHSDUWLU\
DXQH[LVWLHQGREHQHILFLRVUHSDUWLEOHVODHPSUHVDSRVHHODSRWHVWDGSDUDQRKDFHUOR
(VWHUD]RQDPLHQWRGHULYDGRGHODH[LJLELOLGDGFRPRFULWHULRSULPDULRGHODGL
IHUHQFLDFLyQHFRQyPLFDGHODPDVDGHSDVLYRRIUHFHXQFULWHULRHFRQyPLFRSDUDGL
IHUHQFLDUORVLQVWUXPHQWRVGHQHWRILQDQFLHURGHORVLQVWUXPHQWRVGHSDVLYR
ILQDQFLHURUHVSHFWRDOGHUHFKRGHUHFLELUJDQDQFLD6HJ~QHVWHFULWHULRXQLQVWUX
PHQWRGHQHWRILQDQFLHURWLHQHXQDUHPXQHUDFLyQTXHQHFHVLWDODH[LVWHQFLDGHQH
WRVUHSDUWLEOHVEHQHILFLRVRUHVHUYDVGLVSRQLEOHV\TXHHOUHSDUWRVHDGHFLGLGRSRU
HOyUJDQRJHUHQFLDOSRUHOFRQWUDULRXQLQVWUXPHQWRGHSDVLYRILQDQFLHURWLHQHXQD
UHPXQHUDFLyQTXHQRGHSHQGHGHQLQJXQRGHHVWRVIDFWRUHV
(OHPLVRUGHLQVWUXPHQWRVGHQHWRILQDQFLHURVRODPHQWHHVWiREOLJDGRDHQWUH
JDUULTXH]DDORVWLWXODUHVFXDQGRODGLUHFFLyQWRPHXQDFXHUGRGHGLVWULEXFLyQR
KD\DOOHJDGRHOPRPHQWRGHODOLTXLGDFLyQSRUHVWDUD]yQHQXQQHWRILQDQFLHUR
DXQTXHH[LVWDQEHQHILFLRVUHSDUWLEOHVHODGPLQLVWUDGRUGHODHPSUHVDHPLVRUDSXHGH
WRPDUODGHFLVLyQGHQRUHPXQHUDU
³³
&RPRFULWHULRJHQHUDOGHEHUiQVHUFRQVLGHUDGRVSDVLYRVILQDQFLHURVORVSUR
GXFWRVTXHFRQFHGDQXQDUHPXQHUDFLyQSUHILMDGDLQGHSHQGLHQWHGHODYROXQWDGGHO
HPLVRU\GHORVUHVXOWDGRVGHODHPSUHVD3RURWURODGRVRQLQVWUXPHQWRVGHQHWR
ILQDQFLHURODVHPLVLRQHVTXHFRQFHGDQXQPD\RUSRUFHQWDMHHQHOUHSDUWRTXHDO
UHVWRGHORVDFFLRQLVWDVVLHPSUHTXHDOUHSDUWRGHOGLYLGHQGRVHDQWHSRQJDODQHFH
VLGDGGHXQEHQHILFLRUHSDUWLEOH\ODYROXQWDGGHODGPLQLVWUDGRUHQUHSDUWLUOR
(VWHFULWHULRFODVLILFDWRULRHVWiEDVDGRHQHOFRQFHSWRFOiVLFR\WHyULFRGHSDUWL
FLSDFLyQHQHOSDWULPRQLRQHWRGHODVRFLHGDGHOFXDOVXSRQHTXHHQORVLQVWUXPHQ
WRVTXHSDUWLFLSDQHQODQRWDOLTXLGDWLYDGHODVRFLHGDGODSDUWHQRUHFLELGDFRPR
UHPXQHUDFLyQGXUDQWHODYLGDGHODVRFLHGDGVHUiUHFLELGDDOILQDOGHODYLGDGHpVWD
\TXHDXQTXHORVWLWXODUHVGHHVWHWLSRGHLQVWUXPHQWRVSUHIHULUtDQUHFLELUORVORPiV
SURQWRSRVLEOHQDGDREOLJDDODVRFLHGDGDHQWUHJDUORVDORODUJRGHVXYLGD3RUHVWD
UD]yQODVGHFLVLRQHVMXGLFLDOHVROHJLVODWLYDVTXHREOLJDVHQDOUHSDUWRGHODVDFFLRQHV
RUGLQDULDVTXHSDUWLFLSDQHQHOSDVLYRQRH[LJLEOHGHODVRFLHGDGLUtDQHQFRQWUDGH
ODSURSLDQDWXUDOH]DGHOWtWXOR
/RVWLWXODUHVGHXQLQVWUXPHQWRGHQHWRILQDQFLHURSRVHHQXQDUHPXQHUDFLyQ
PHQRVVHJXUDTXHODGHXQSDVLYRILQDQFLHURHQFDPELRHOUHQGLPLHQWRGHXQLQV
WUXPHQWRGHQHWRILQDQFLHURQRWLHQHOtPLWHPi[LPRFRPRRFXUUHFRQHOGHXQSD
VLYRILQDQFLHUR
/DUHPXQHUDFLyQGHXQQHWRILQDQFLHURQRHVXQDREOLJDFLyQFRQWUDFWXDOGHOD
HPSUHVDVLQRTXHHVSDJDGHUDDGLVFUHFLyQGHOHPLVRUTXLHQWLHQHSOHQRSRGHU
SDUDRPLWLUOD/DRPLVLyQGHODUHWULEXFLyQGHXQLQVWUXPHQWRGHQHWRILQDQFLHURQR
HVXQLQFXPSOLPLHQWRGHODREOLJDFLyQGHODHPSUHVDFRQVXVLQYHUVRUHVVLQHPEDU
JRWRGDHPSUHVDHVWiREOLJDGDDSDJDUODUHPXQHUDFLyQGHORVSDVLYRVILQDQFLHURVVL
VHFXPSOHQXQDVHULHGHFRQGLFLRQHV\SOD]RV
/DSULQFLSDOUXSWXUDHQWUHHOFRQFHSWRMXUtGLFR\HFRQyPLFRHQ(VSDxDHVODLQ
FOXVLyQHQODGLVSRVLFLyQDGLFLRQDOGHFLPRTXLQWDGHOD/H\GHGHQR
YLHPEUHGHODREOLJDWRULHGDGGHHQWUHJDUHOGLYLGHQGRSUHIHUHQWHHQHOHMHUFLFLR
TXHSRVHDEHQHILFLRVVLWXDFLyQTXHVHKDFHH[WHQVLEOHDOUHVWRGHSULYLOHJLRVGHOGH
UHFKRDUHFLELUJDQDQFLDV7UDVHVWDPRGLILFDFLyQHVQHFHVDULRHVWDEOHFHUXQDQiOLVLV
HFRQyPLFRGHFDGDXQRGHORVSULYLOHJLRVMXUtGLFRVGHORVGLYLGHQGRVSDUDHOFDVRHV
SDxRO
3UHIHUHQFLD8QLQVWUXPHQWRGHSULYLOHJLRSUHIHUHQWHHVHOTXHXQDYH]ODVR
FLHGDGHPLVRUDGHFLGHFRQFHGHUGLYLGHQGRVDVXVWLWXODUHVOHVUHPXQHUDHQXQPR
PHQWRDQWHULRUHQHOWLHPSRTXHDORVDFFLRQLVWDVGHODVFODVHVRUGLQDULDV(VWRV
WtWXORVQRREOLJDQDOHPLVRUDUHSDUWLUORVVLQRTXHVLHOHPLVRUDFXHUGDUHSDUWLUORV
³³
GHEHUiUHPXQHUDUDQWHVDORVWLWXODUHVGHDFFLRQHVSUHIHUHQWHV'HHVWDPDQHUDXQ
WtWXORVHUtDQHWRILQDQFLHURVLODHPSUHVDHPLVRUDGHFLGHQRUHPXQHUDUDORVWLWXODUHV
DXQTXHSRVHDEHQHILFLRV
&RQODOHJLVODFLyQHVSDxRODDQWHULRUDXQDSUHIHUHQFLDHQHOUHSDUWRGHGL
YLGHQGRVGHEHUtDVHUUHJLVWUDGDFRPRQHWRILQDQFLHUR3HURHVWDLGHDTXHGDPRGLIL
FDGDFRQOD/H\GH5HIRUPDGHOD/H\GHO0HUFDGRGH9DORUHVTXHREOLJDDODV
VRFLHGDGHVFRWL]DGDV\DODVQRFRWL]DGDVVLQPHQFLyQHVWDWXWDULDHQFRQWUDDFRQ
FHGHUGLYLGHQGRVHQHOSULPHUHMHUFLFLRTXHWXYLHUDQEHQHILFLRVGLVWULEXLEOHVHVWDVL
WXDFLyQDQXODODYROXQWDGGHOyUJDQRJHVWRUGHODVRFLHGDGHPLVRUDSRUORTXH
GHEHUtDQVHUUHJLVWUDGRVFRPRLQVWUXPHQWRVGHSDVLYRILQDQFLHUR
6LXQDHPSUHVDQRFRWL]DGDHVWDEOHFHHQVXV(VWDWXWRVTXHQRHVREOLJDWRULR
FRQFHGHUHOGLYLGHQGRSULYLOHJLDGRHQHOSULPHUHMHUFLFLRTXHWXYLHUDEHQHILFLRVGLV
WULEXLEOHVHOWtWXORGHEHUtDVHUUHJLVWUDGRFRPRXQLQVWUXPHQWRGHQHWRILQDQFLHUR
&RPRSRGHPRVREVHUYDUHQHOFXDGURHQODOHJLVODFLyQHVSDxRODDFWXDOODVVR
FLHGDGHVFRWL]DGDV\ODVQRFRWL]DGDVVLQPHQFLyQHVWDWXWDULDHQFRQWUDHVWiQREOLJD
GDVDFRQFHGHUUHPXQHUDFLyQHQHOSULPHUHMHUFLFLRHQHOTXHWXYLHUDQEHQHILFLRV
GLVWULEXLEOHVSRUORTXHGHEHUtDQUHJLVWUDUHVDVIXHQWHVGHILQDQFLDFLyQFRPRLQVWUX
PHQWRVGHSDVLYRILQDQFLHURVLQHPEDUJRODVHPSUHVDVQRFRWL]DGDVTXHHVWDEOH]
FDQHQVXV(VWDWXWRVODQRREOLJDWRULHGDGGHFRQFHGHUHOGLYLGHQGRSULYLOHJLDGRHQHO
SULPHUHMHUFLFLRHQHOTXHWHQJDQEHQHILFLRVGLVWULEXLEOHVWHQLHQGRODSRWHVWDGGH
QRFRQFHGHUORGHEHUiQUHJLVWUDUHVDIXHQWHGHILQDQFLDFLyQFRPRXQLQVWUXPHQWR
GHQHWRILQDQFLHUR
&XDGUR&RQVLGHUDFLyQHFRQyPLFDGHODVDFFLRQHVSUHIHUHQWHV
/DHPSUHVDHVWiREOLJDGDHVWDWXWDULDPHQWHD
UHSDUWLUHOGLYLGHQGRHQFXDQWRDSDUH]FDXQ
EHQHILFLRGLVWULEXLEOH
/DHPSUHVDUHFKD]DHVWDWXWDULDPHQWHOD
REOLJDFLyQGHUHSDUWLUHOGLYLGHQGRHQFXDQWR
DSDUH]FDXQEHQHILFLRGLVWULEXLEOH
(035(6$6
&27,=$'$6
(035(6$612
&27,=$'$6
3DVLYR([LJLEOH
3DVLYR([LJLEOH
3DVLYR([LJLEOH
3DVLYR1R([LJLEOH
)XHQWH(ODERUDFLyQSURSLD
³³
'LYLGHQGRDGLFLRQDO/DUHJXODFLyQWUDGLFLRQDOGHHVWHSULYLOHJLRQRFRQOOHYD
ODH[LJLELOLGDGGHUHFXUVRVSRUSDUWHGHOWLWXODUSRUORTXHHOHPLVRUGHEHUtDFRQVL
GHUDUODFRQWUDSDUWLGDGHOWtWXORFRPRXQLQVWUXPHQWRGHQHWRILQDQFLHUR3RUHO
FRQWUDULRFRQODGLVSRVLFLyQDGLFLRQDOGHFLPRTXLQWDGHOD/H\GHGHQR
YLHPEUH\VXSRQLHQGRXQDKRPRJHQHLGDGHQOD/H\ODHQWUHJDGHULTXH]DHVREOL
JDWRULDFXDQGRH[LVWDQUHFXUVRVUHSDUWLEOHVSRUORTXHODDFFLyQWHQGUiGHUHFKRGH
H[LJLELOLGDG\ODHPSUHVDHPLVRUDGHEHFRQVLGHUDUODSDVLYRILQDQFLHUR
'HUHFKRDODDFXPXODFLyQ(OSULYLOHJLRDFXPXODWLYRFRQFHGHXQGHUHFKRD
TXHVHDFXPXOHQORVGLYLGHQGRVHQORVHMHUFLFLRVHQORVTXHQRVHFRQFHGDHOUHSDU
WR/DVRFLHGDGHPLVRUDHVWiREOLJDGDDDERQDUORVGLYLGHQGRVDWUDVDGRVGHVXVLQV
WUXPHQWRVFRQSULYLOHJLRGHGLYLGHQGRDFXPXODGRDQWHVGHUHPXQHUDUVXVDFFLRQHV
RUGLQDULDV3DUDTXHXQDUHWULEXFLyQDFXPXODWLYDWXYLHVHODFRQVLGHUDFLyQGHUHPX
QHUDFLyQGHQHWRILQDQFLHURODHPSUHVDHPLVRUDGHEHUtDWHQHUODIDFXOWDGGHSRGHU
GHFLGLUVLHQWUHJDUODUHPXQHUDFLyQRQRHQHOHMHUFLFLRTXHSRVHDEHQHILFLRVUHSDU
WLEOHV6LQHPEDUJRHOWUDWDPLHQWRGHODOHJLVODFLyQHVSDxRODFRQYLHUWHDOWtWXORHQXQ
LQVWUXPHQWRGHSDVLYRILQDQFLHURSXHVH[LVWHODREOLJDFLyQGHHQWUHJDUORHQFXDQWR
JHQHUHEHQHILFLRV
3DUDDQDOL]DUODDFWXDOUHJXODFLyQGHOGHUHFKRGHDFXPXODFLyQSDUWLPRVGHXQD
KLSyWHVLVHQHOSULPHUHMHUFLFLRTXHH[LVWDQEHQHILFLRVGLVWULEXLEOHVHVREOLJDGRFRQ
FHGHUHOGLYLGHQGRDFXPXODGRLQGHSHQGLHQWHPHQWHGHODYROXQWDGGHOHPSUHVDULR
7UDVODUHIRUPDGHOD/H\HO75/6$DUWtFXORREOLJDDTXHORVGLYLGHQ
GRVSUHIHUHQWHVVHHQWUHJXHQLQGHSHQGLHQWHPHQWHGHODYROXQWDGGHOHPSUHVDULR
,JXDORFXUUHFRQODVDFFLRQHVVLQYRWRDUWtFXORGHO75/6$TXHSRVHHQXQGL
YLGHQGRDGLFLRQDO\XQGHUHFKRDODDFXPXODFLyQ\TXHWDPELpQOD/H\REOLJDDTXH
FXDQGRH[LVWDQEHQHILFLRVVHFRQFHGDQORVGLYLGHQGRVDGLFLRQDOHV\DFXPXODWLYRV
3RUHVWDUD]yQVXSRQLHQGRXQDKRPRJHQHLGDGHQOD/H\XQGLYLGHQGRDFXPXODWLYR
GHEHVHUFRQFHGLGRHQFXDQWRODHPSUHVDSRVHDEHQHILFLRV
$FHSWDQGRHVWHUD]RQDPLHQWRHOGHUHFKRDODDFXPXODFLyQHQ(VSDxDFRQYLHUWHD
ORVLQVWUXPHQWRVILQDQFLHURVTXHORSRVHDQHQSDVLYRVILQDQFLHURV\DTXHFRQFHGHQD
VXVWLWXODUHVXQDUHPXQHUDFLyQLQGHSHQGLHQWHGHODYROXQWDGGHOHPSUHVDULR/DHPSUH
VDWLHQHODREOLJDFLyQGHDERQDUORVGLYLGHQGRVSULYLOHJLDGRVHQFRQVHFXHQFLDGHEHUtDQ
VHUFRQVLGHUDGRVSDVLYRVH[LJLEOHVWDQWRORVGLYLGHQGRVGHFLGLGRVSRUOD-XQWDFRPRORV
QRGHFLGLGRVHQHVWHHMHUFLFLR\DFXPXODGRVGHHMHUFLFLRVDQWHULRUHV
/RVWtWXORVTXHHVWiQREOLJDGRVDDFXPXODUORVGLYLGHQGRVHQORVSHULRGRVTXH
KD\DSpUGLGDVKDVWDHOSULPHUHMHUFLFLRHQTXHH[LVWDQEHQHILFLRVGLVWULEXLEOHVGHEH
UiQFRQVLGHUDUVHSDVLYRILQDQFLHURSRUTXHQRUPDOPHQWHJHQHUDUiQEHQHILFLRVUH
³³
SDUWLEOHVHQDOJ~QHMHUFLFLR&RQFDUiFWHUH[FHSFLRQDOVLODHPSUHVDOOHJDDODILQDOL
]DFLyQGHVXYLGDFRQDQWHULRULGDGDTXHDOJ~QHMHUFLFLRWHQJDEHQHILFLRVVHGHEHUtD
SURGXFLUXQLQJUHVRH[WUDRUGLQDULRDOFRPSHQVDUHVHSDVLYR
3DUDHO,$6%DODDFXPXODFLyQQRHVUHSUHVHQWDWLYDDODKRUDGHLGHQWLILFDU
ODQDWXUDOH]DHFRQyPLFDGHXQLQVWUXPHQWRILQDQFLHUR(VWDPRVGHDFXHUGRFRQVX
UD]RQDPLHQWR\DTXHHVWHSURQXQFLDPLHQWRVHUHILHUHDODDFXPXODFLyQWDOFRPROR
GHILQHODOHJLVODFLyQHVWDGRXQLGHQVHGRQGHODDFFLyQFRQSULYLOHJLRGHDFXPXODFLyQ
QRHVWiREOLJDGDDODFRQFHVLyQGHOGLYLGHQGRFXDQGRODHPSUHVDSRVHHEHQHILFLR
SRUORTXHHVXQLQVWUXPHQWRGHQHWRILQDQFLHUR7RGRORFRQWUDULRRFXUUHHQQXHV
WURSDtVGRQGHVLQRVHFRQFHGHGLYLGHQGRSRUTXHH[LVWHQSpUGLGDVVHDFXPXOD
KDVWDHOSULPHUHMHUFLFLRHQTXHH[LVWDQEHQHILFLRVUHSDUWLEOHV
'HUHFKRDXQSRUFHQWDMHGHODEDVHUHSDUWLEOH(QHVWHFDVRODEDVHGH
UHSDUWRVHGLYLGHHQWUHORVDFFLRQLVWDVSHURXQDFODVHGHDFFLRQHVVHDVHJXUDXQ
SRUFHQWDMHVREUHODEDVHUHSDUWLEOHRVREUHORVEHQHILFLRVGHHVWHHMHUFLFLRFDGDYH]
TXHODVRFLHGDGWRPHODGHFLVLyQGHUHSDUWLUGLYLGHQGRV3RUHVWDUD]yQHOUHSDUWRGHO
GLYLGHQGRGHSHQGHGHODFRQVHFXFLyQGHXQEHQHILFLRUHSDUWLEOH\GHODYROXQWDGGHOD
JHUHQFLDSDUDHQWUHJDUORGHELHQGRVHUFRQVLGHUDGRHFRQyPLFDPHQWHQHWRILQDQFLHUR
'HUHFKRGHXQGLYLGHQGRPtQLPRVXSHULRU8QSULYLOHJLRGHDXPHQWDUHO
GLYLGHQGRPtQLPRGHODUWtFXORGHO75/6$VyORVHUiFRQFHGLGRVLH[LVWHQEHQH
ILFLRV\H[LVWHODYROXQWDGGHODHPSUHVDHPLVRUDSRUORTXHGHEHVHUFRQVLGHUDGR
XQLQVWUXPHQWRGHQHWRILQDQFLHUR
$FFLRQHVVLQYRWR/RVWLWXODUHVGHODVDFFLRQHVVLQYRWRSXHGHQVHUEHQHIL
FLDULRVGHGRVGHUHFKRVGLYLGHQGRDGLFLRQDO\DFXPXODFLyQ/DOHJLVODFLyQPHUFDQWLO
HVSDxRODFRQYLHUWHDWRGDVODVDFFLRQHVVLQYRWRTXHWHQJDQFXDOTXLHUDGHORVGRV
GHUHFKRVHQSDVLYRVILQDQFLHURVSRUTXHDPERVSULYLOHJLRVGHEHQOOHYDUDFXDOTXLHU
WtWXORDVHUFRQVLGHUDGRXQSDVLYRILQDQFLHUR
(ODQiOLVLVHFRQyPLFRGHFDGDXQRGHORVSULYLOHJLRVGHORVGLYLGHQGRVDGPLWLGRV
MXUtGLFDPHQWHHQ(VSDxDGHEHVHUFRPSDUDGRFRQHOWUDWDPLHQWRHQ(VWDGRV8QLGRV
0LHQWUDVTXHHODQiOLVLVHFRQyPLFRGHODOHJLVODFLyQQRUWHDPHULFDQDUHVSHFWRDO
GHUHFKRGHUHVFDWHHVDQiORJRDOHVSDxROHQHODQiOLVLVSDUDHOGHUHFKRDUHFLELUEH
QHILFLRVH[LVWHQGLIHUHQFLDVSURYRFDGDVSRUILJXUDVTXHVRODPHQWHUHFRQRFHXQDOH
JLVODFLyQ\SRUILJXUDVUHFRQRFLGDVHQDPERVRUGHQDPLHQWRVSHURFRQHVHQFLD
HFRQyPLFDGLIHUHQWH
³³
/DVGLIHUHQFLDVHQWUHODVILJXUDVUHFRQRFLGDVHQDPEDVOHJLVODFLRQHVVHGHULYDQGH
TXHODQRUPDOL]DFLyQHVSDxRODREOLJDDODVHPSUHVDVTXHHPLWHQDOJXQDVDFFLRQHVFRQ
SULYLOHJLRVVREUHODUHPXQHUDFLyQDHQWUHJDUGLYLGHQGRVHQFXDQWRREWHQJDQEHQHIL
FLRVORTXHFRQOOHYDFRQFHSWXDUDOJXQRVWtWXORVSULYLOHJLDGRVHQHOGHUHFKRDOEHQHILFLR
FRPRSDVLYRILQDQFLHUR$OFRQWUDULRHQ(VWDGRV8QLGRVQLQJXQDGHODVDFFLRQHVSULYL
OHJLDGDVFRQSULYLOHJLRVVREUHHOGHUHFKRGHORVEHQHILFLRVRIUHFHQJDUDQWtDFRQWUDFWXDO
GHFREUDUORVGLYLGHQGRV\DTXHQRDVHJXUDQTXHORVGLYLGHQGRVVHUiQSDJDGRVVLPSOH
PHQWHDVHJXUDQTXHOHVVHUiQDERQDGRVORVGLYLGHQGRVFRUUHVSRQGLHQWHVDQWHVTXHD
ORVDFFLRQLVWDVRUGLQDULRV&RPRODOHJLVODFLyQQRUWHDPHULFDQDUHVSHWDODYROXQWDGGHO
HPLVRUSDUDGLVWULEXLUUHPXQHUDFLyQGHEHUiQVHUFRQVLGHUDGDVQHWRILQDQFLHUR
(QODQRUPDWLYDQRUWHDPHULFDQDODVDFFLRQHVFRQSULYLOHJLRVHQORVGHUHFKRVDO
EHQHILFLRDOLJXDOTXHRFXUUHHQODVDFFLRQHVRUGLQDULDVOOHJDQDVHUGHXGDVVROD
PHQWHFXDQGRODHQWUHJDGHUHPXQHUDFLyQVHDGHFLGLGDSRUODHPSUHVDHPLVRUD
+XQWHWDO6FKDOO\+DOH\7XQF0F&XOOHUV\
9DQ'DQLNHU+HLQNHO\=HFKQHU6FKDOO\+DOH\
,QJUDP\%DOGZLQ(SVWHLQ\0LU]D.LHV\:H\JDQGW
/D~QLFDRSLQLyQFRQWUDULDODDSRUWD&RRNHOFXDOUHFRQRFHODH[
LVWHQFLDGH´FLHUWDVHPLVLRQHVGHDFFLRQHVFRQXQDHVWLSXODFLyQFRQWUDFWXDOSDUD
HQWUHJDUGLYLGHQGRVDVXVWLWXODUHVµVLHVWHH[FHSFLRQDOFDVRDFDHFLHUHGHEHUtDQVHU
FRQVLGHUDGDVSDVLYRILQDQFLHUR
/DSRVLEOHMXVWLILFDFLyQGHODDVLPHWUtDGHOWUDWDPLHQWRMXUtGLFRGHOSULYLOHJLRVR
EUHHOEHQHILFLRHQ(VSDxD\HQ(VWDGRV8QLGRVSXHGHGHEHUVHDODGLIHUHQWHPRWL
YDFLyQTXHSRVHHQODVHPSUHVDVGHFDGDSDtVDODKRUDGHGHFLGLUHOUHSDUWR(QOD
PD\RUtDGHORVSDtVHVLQFOXLGR(VWDGRV8QLGRVHOUHSDUWRVHFRQVLGHUDXQDFXHVWLyQ
GHLPDJHQ\FXDQGRPXFKDVVRFLHGDGHVQHFHVLWDQUHFXUVRVSUHILHUHQSHGLUORVDO
PHUFDGRPDQWHQLHQGRVXVSDJRVGHGLYLGHQGRVHQIXQFLyQGHORVEHQHILFLRVDGH
PiVODVFRPSDxtDVWHPHQVXSULPLUGLYLGHQGRVVLQPRWLYRSRUTXHODQHJDWLYDDOUH
SDUWRSXHGHGLVPLQXLUODFRWL]DFLyQ(OLQWHUpVLQWHUQDFLRQDOGHRIUHFHU
UHPXQHUDFLyQDORVDFFLRQLVWDVQRWLHQHVXUHIOHMRHQ(VSDxD/DWHQGHQFLDDFWXDOGH
ODVHPSUHVDVHVSDxRODVHVUHGXFLURVXSULPLUHOUHSDUWRREOLJDQGRDODKRUUDGRUD
HVSHUDUSOXVYDOtDV~QLFDPHQWHGHODYHQWDGHORVWtWXORV3DUD$SDULFLRHQORV
QXHYHSULPHURVPHVHVGHODVVRFLHGDGHVHVSDxRODVUHSDUWLHURQPLOOR
QHVGHSHVHWDVORTXHVLJQLILFDXQDUHEDMDGHXQUHVSHFWRDOPLVPRSHULRGR
DQWHULRU6LODVHPSUHVDVH[WUDQMHUDVQRVRQWDQUHDFLDVFRPRODVHVSDxRODVDUHSDU
WLUFRQFHGHUDORVDFFLRQLVWDVXQSRUFHQWDMHPD\RUVREUHHOUHSDUWRSDUHFHXQFRQ
VLGHUDEOHSULYLOHJLRHOPLVPRSULYLOHJLRFRQFHGLGRHQ(VSDxDSDUHFHHVFDVRSRUOR
TXHQXHVWUROHJLVODGRUHVWDEOHFHTXHXQDYH]VHREWHQJDEHQHILFLRVHFRQFHGDHOGL
YLGHQGRREOLJDWRULDPHQWH
³³
/DFRVWXPEUHDGPLWLGDJHQHUDOPHQWHHQ(VWDGRV8QLGRVGHHQWUHJDUEHQHILFLRV
UHSDUWLEOHVGHIRUPDRUGLQDULDQRVLJQLILFDTXHGHEDDVXPLUVHTXHVLHPSUHVHUHDOL
]DUiVLQRTXHGHEHDWHQGHUVHDORVGHUHFKRV\REOLJDFLRQHVGHULYDGRVGHORVDFXHU
GRVFRQWUDFWXDOHV3RUHVWDUD]yQQRWHQGUtDVHQWLGRODDILUPDFLyQUHDOL]DGDSRUHO
)$6%+RXVWRQ\+RXVWRQ\%UHDO\HWDOTXH
FRQVLGHUDQDODVDFFLRQHVSULYLOHJLDGDVFRQIORDWLQJGLYLGHQGUDWHVHQWRGRVORVFD
VRVFRPRLQVWUXPHQWRVVLPLODUHVDXQDGHXGDWHQJDODHPSUHVDHPLVRUDREOLJDFLyQ
GHHQWUHJDUUHFXUVRVDQWHODVYDULDFLRQHVHQHOLQWHUpVYDULDEOHRSXHGDHYLWDUVXHQ
WUHJD
(QWUHODVILJXUDVMXUtGLFDVHVSDxRODVQRUHFRQRFLGDVHQHOGHUHFKRDPHULFDQRVH
HQFXHQWUDHO´GLYLGHQGRDGLFLRQDOµ(OGLYLGHQGRGHODVDFFLRQHVSULYLOHJLDGDVQRUWHD
PHULFDQDVFRQVLVWHHQXQDFDQWLGDGILMDFRQVWDQWHHLQGHSHQGLHQWHGHORVUHVXOWDGRV
GHODVRFLHGDGSRUORTXHSXHGHGDUVHHOFDVRTXHODVDFFLRQHVRUGLQDULDVFRQFHGDQ
PD\RUGLYLGHQGRTXHHOODV/DVDFFLRQHVSULYLOHJLDGDVQRUWHDPHULFDQDVWLHQHQPD\R
UHVSUREDELOLGDGHVGHUHFLELUGLYLGHQGRVFRQUHJXODULGDGTXHODVDFFLRQHVRUGLQDULDV
SHURODVRUGLQDULDVWLHQHQPD\RUHVRSRUWXQLGDGHVGHUHFLELUPiVFXDQWLRVRVGLYL
GHQGRV'HHVWDIRUPDORVDFFLRQLVWDVSULYLOHJLDGRVHVWiQSURWHJLGRVHQ(VWDGRV
8QLGRVGHODVSpUGLGDVHQODHPSUHVDSHURHQODPD\RUtDGHORVFDVRVODVpSRFDVGH
DXPHQWRGHULTXH]DQROHVDIHFWDSRVLWLYDPHQWH
/D~QLFDILJXUDTXHSRGUtDDVHPHMDUVHDOGLYLGHQGRDGLFLRQDOHVSDxROHVODSDUWL
FLSDWLQJSUHIHUUHGVWRFNHQODTXHVHREWLHQHXQDFDQWLGDGILMDGHGLYLGHQGRV\VLVH
DOFDQ]DQXQDVGHWHUPLQDGDVFRQGLFLRQHVHQWUDQHQHOUHSDUWRMXQWRGHODVRUGLQDULDV
GHOH[FHVRVREUHHOOtPLWHSODQWHDGR6LQHPEDUJRHOGLYLGHQGRDGLFLRQDOFRQFHGH
XQGHUHFKRDXQSRUFHQWDMH\GHVGHHOSULQFLSLRHQWUDHQODEDVHGHUHSDUWRGHOUHV
WRGHORVEHQHILFLRVMXQWRFRQORVDFFLRQLVWDVRUGLQDULRV
$ODVSDUWLFLSDWLQJSUHIHUUHGVWRFNVOHVFRUUHVSRQGHXQDFDQWLGDGSRUVHUDFFLR
QHVSUHIHUHQWHV\DGHPiVHQWUDUtDQHQHOUHSDUWRGHODVFDQWLGDGHVTXHVXSHUHQHV
WDVFRQGLFLRQHVGHODPLVPDIRUPDTXHODVDFFLRQHVRUGLQDULDVSHURVLQTXHHO
HPLVRUHVWpREOLJDGRDHQWUHJDUORVHQFXDQWRWHQJDUHVXOWDGRVSRVLWLYRVSRUHVWDUD
]yQVXQDWXUDOH]DHFRQyPLFDHVGHQHWRILQDQFLHUR
3RUVXSDUWHVLHOGLYLGHQGRDGLFLRQDOIXHVHUHFRJLGRSRUODQRUPDWLYDHQ(VWD
GRV8QLGRVGHEHUtDVHUUHJLVWUDGRFRPRQHWRILQDQFLHUR
2WUDVILJXUDVMXUtGLFDVDPHULFDQDVQRUHFRQRFLGDVHQHOGHUHFKRPHUFDQWLOHVSD
xROVRQODV$GMXVWDEOHSUHIHUUHGVWRFN\ODV'XFWFKDXFWLRQUDWHSUHIHUUHGVWRFN/DQD
WXUDOH]DHFRQyPLFDGHDPEDVGHEHSDUWLUGHODVFRQGLFLRQHVGHILQLGDVHQHO
FRQWUDWRVLHOHPLVRUGHEHHQWUHJDUODUHPXQHUDFLyQHQIXQFLyQGHXQtQGLFHQRHV
³³
WDQGRODHQWUHJDVXSHGLWDGDDODYROXQWDGGHOHPLVRUHOWtWXORHVSDVLYRILQDQFLHUR
SRUHOFRQWUDULRVLQRHVWiREOLJDGDDHQWUHJDUODHQFXDQWRWHQJDEHQHILFLRVHVXQ
LQVWUXPHQWRGHQHWRILQDQFLHUR(Q(VWDGRV8QLGRVGHEHUtDQFRQWDELOL]DUORVL
JXLHQGRHVWDVGLUHFWULFHVDOLJXDOTXHVLDOJXQDYH]VRQLQFOXLGDVHQQXHVWURRU
GHQDPLHQWR
&RQFOXVLRQHV
/DGLIHUHQFLDFLyQGHODPDVDGHSDVLYRSXHGHUHDOL]DUVHHQIXQFLyQGHOD
H[LJLELOLGDGRQRH[LJLELOLGDGGHODVIXHQWHVGHILQDQFLDFLyQHQYH]GHDWHQ
GHUDORVFULWHULRVMXUtGLFRVHQYLUWXGGHVLVRQUHFXUVRVSURSLRVRDMHQRV%D
ViQGRQRVHQHVWDFODVLILFDFLyQODVDFFLRQHVSULYLOHJLDGDVWDPELpQSRGUtDQ
GLIHUHQFLDUVHSRUHOFULWHULRHFRQyPLFRGHH[LJLELOLGDGVLQQHFHVLGDGGHED
VDUVHHQFULWHULRVMXUtGLFRV
/DFRQVLGHUDFLyQMXUtGLFDGHXQLQVWUXPHQWRILQDQFLHURHVODTXHSHUPLWH
REVHUYDUVXVUHVWULFFLRQHV\OLPLWDFLRQHVPHUFDQWLOHV\ILVFDOHVSRUHMHPSORXQ
LQVWUXPHQWRGHSDVLYRILQDQFLHURSRGUiHPLWLUVHDXQYDORULQIHULRUDOQRPLQDO
VLVXFRQVLGHUDFLyQOHJDOHVGHGHXGDVLWXDFLyQQRSHUPLWLGDVLWLHQHQDWXUDOH]D
GHDFFLyQ
/DVDFFLRQHVSULYLOHJLDGDVVRQMXUtGLFDPHQWHDFFLRQHV\FRPRWDOHVVLHPSUH
FRQFHGHQGLYLGHQGRV
/DOHJLVODFLyQPHUFDQWLOGHEHUHFRJHUODVUHVWULFFLRQHVOHJDOHVTXHQHFHVLWDSDUDUHJX
ODUODVDFFLRQHVSRUHVWDUD]yQVHDFXDOVHDVXQDWXUDOH]DHFRQyPLFDDSOLFDUiDWRGDVODV
DFFLRQHVODQRUPDWLYDGHORVDFFLRQLVWDVPRURVRV\ODVDSRUWDFLRQHVQRGLQHUDULDV
/DGLIHUHQFLDFLyQMXUtGLFDPHQWHHVYiOLGDSDUDHOFXPSOLPLHQWRGHQRUPDVILV
FDOHV\UHVWULFFLRQHVPHUFDQWLOHVSHURQRSDUDHOUHJLVWURFRQWDEOH/DFODVLILFDFLyQ
IXQGDPHQWDOSDUDFRQWDELOL]DUXQLQVWUXPHQWRILQDQFLHURHVODHFRQyPLFDHVGHFLU
UHJLVWUDUORVQHWRVILQDQFLHURVFRPRSDVLYRQRH[LJLEOH\ORVSDVLYRVILQDQFLHURV
FRPRSDVLYRH[LJLEOH
/DGLIHUHQFLDFLyQFRQWDEOHGHODVHPLVLRQHVQRGHEHUHDOL]DUVHWHQLHQGRHQ
FXHQWDVLVRQYDORUHVGHUHQWDILMDRGHUHQWDYDULDEOHQLVLODILQDQFLDFLyQHVGHORV
SURSLHWDULRVRGHSHUVRQDVDMHQDV(QSULPHUOXJDUODVDFFLRQHVSULYLOHJLDGDVVRQDF
FLRQHV\SXHGHQHVWDEOHFHUXQDUHPXQHUDFLyQILMDHQIXQFLyQGHOYDORUQRPLQDORGH
HPLVLyQGHOPLVPRPRGRTXHODVGHXGDVSXHGHQHVWDEOHFHUXQDUHPXQHUDFLyQYD
ULDEOH3RURWURODGRSDUDDOJXQDVDFFLRQHVSULYLOHJLDGDVFRPRODVUHVFDWDEOHVHVGL
³³
ItFLOLGHQWLILFDUVLVRQSURSLHGDGGHODHPSUHVD3RUWRGRHOORHOFULWHULRPiVUHOHYDQ
WHDHIHFWRVFRQWDEOHVHVODGLIHUHQFLDFLyQHQWUHHPLVLRQHVH[LJLEOHV\QRH[LJLEOHV
8QWtWXORHVXQLQVWUXPHQWRILQDQFLHURGHSDVLYRILQDQFLHURFXDQGRHVWiREOL
JDGRDHQWUHJDUUHFXUVRVLQGHSHQGLHQWHPHQWHGHODYROXQWDGGHODHPSUHVD\GHORV
UHVXOWDGRVGHODPLVPDPLHQWUDVTXHXQLQVWUXPHQWRHVGHQHWRILQDQFLHURVLQRUH
PXQHUDHQHOFDVRTXHODVRFLHGDGWHQJDSpUGLGDV\QRHVWiREOLJDGDDUHPXQHUDU
DXQWHQLHQGREHQHILFLRV
8QLQVWUXPHQWRILQDQFLHURFRQVLGHUDGRMXUtGLFDPHQWHHQ(VSDxDFRPRDF
FLyQHVSDVLYRILQDQFLHURVLSRVHHXQRGHORVVLJXLHQWHVSULYLOHJLRV
•
$FFLRQHVFRQGLYLGHQGRSUHIHUHQWHHQDFFLRQHVFRWL]DGDVRQRFRWL]DGDV
VLQPHQFLyQHVWDWXWDULDHQFRQWUD
•
$FFLRQHVFRQGHUHFKRDODDFXPXODFLyQ
•
$FFLRQHVFRQGLYLGHQGRDGLFLRQDO
•
$FFLRQHVVLQYRWR
•
$FFLRQHVUHVFDWDEOHVDRSFLyQGHOLQYHUVRU
•
$FFLRQHVUHVFDWDEOHVDRSFLyQGHLQYHUVRU\HPLVRU
•
$FFLRQHVUHVFDWDEOHVDIHFKDILMDGD
•
$FFLRQHVUHVFDWDEOHVFXDQGRVHFXPSODXQKHFKR
•
$FFLRQHVUHVFDWDEOHVFRQODREOLJDFLyQSRUSDUWHGHODHPSUHVDGHHPLWLUR
HQWUHJDULQVWUXPHQWRVGHSDVLYRILQDQFLHUR
6XSRQLHQGRODH[LVWHQFLDGHDFFLRQHVTXHHFRQyPLFDPHQWHVRQSDVLYRH[LJL
EOHGHEHUtDQVHUYDORUDGDVLJXDOTXHHOUHVWRGHSDVLYRVH[LJLEOHV3RUHOFRQWUDULR
ORVLQVWUXPHQWRVGHQHWRILQDQFLHURGHEHQVHUYDORUDGRVSRUVXQRPLQDOGHELGRD
TXHSRVHHQXQDQDWXUDOH]DGLIHUHQWHDOUHVWRGHODPDVDSDWULPRQLDOGHSDVLYR\D
TXHORVWLWXODUHVGHQHWRILQDQFLHURQRSDUWLFLSDUiQGHORTXHDSRUWDURQVLQRGHORV
UHFXUVRVQRH[LJLGRVHQODHPSUHVDHQHOPRPHQWRGHVXOLTXLGDFLyQ
5HJLVWUDUODVDFFLRQHVSULYLOHJLDGDVDWHQGLHQGRDFULWHULRVHFRQyPLFRVFRQWD
ELOL]DQGRORVQHWRVILQDQFLHURVFRPRVLIXHVHQSDVLYRVQRH[LJLEOHV\ORVSDVLYRVIL
QDQFLHURVFRPRSDVLYRVH[LJLEOHVUHTXLHUHHVWDEOHFHUXQDVHULHGHFXHQWDVSDUD
DEVRUEHUHVRVFRQFHSWRV
³³
/DVDFFLRQHVSULYLOHJLDGDVSRUHOGHUHFKRGHUHFLELUODVJDQDQFLDVRGHUHVFDWHTXH
WHQJDQQDWXUDOH]DHFRQyPLFDGHQHWRILQDQFLHURGHEHUtDQVHUUHJLVWUDGDVHQHOSDVLYR
QRH[LJLEOHGHODVRFLHGDG3RUHMHPSORHQODFXHQWD´&DSLWDOVRFLDOSULYLOHJLDGRµSHU
WHQHFLHQWHDOWtWXOR$GHODFWXDOPRGHORGHSUHVHQWDFLyQGH&XHQWDV$QXDOHV
/DVDFFLRQHVSULYLOHJLDGDVSRUHOGHUHFKRDUHFLELUODVJDQDQFLDVFRQQDWXUDOH]D
HFRQyPLFDGHSDVLYRILQDQFLHURGHEHUtDQVHUUHJLVWUDGDVHQHOSDVLYRH[LJLEOHGHOD
VRFLHGDGHPLVRUD3RUHMHPSORHQODFXHQWD´$FFLRQHVSULYLOHJLDGDVFRQQDWXUDOH]D
GHSDVLYRILQDQFLHURµTXHWHQGUtDVXFRUUHVSRQGHQFLDHQHODFWXDOPRGHORGHSUH
VHQWDFLyQGH&XHQWDV$QXDOHVHQHOWtWXOR'VLHVDODUJRSOD]R\(VLHVDFRUWR
/DVDFFLRQHVUHVFDWDEOHVFRQQDWXUDOH]DHFRQyPLFDGHSDVLYRILQDQFLHURGHEHUtDQ
VHUUHJLVWUDGDVHQHOSDVLYRH[LJLEOHGHODVRFLHGDGHPLVRUDSRUHMHPSORHQODFXHQWD
´$FFLRQHVUHVFDWDEOHVFRQQDWXUDOH]DGHSDVLYRILQDQFLHURµTXHSRGUtDSUHVHQWDUVH
HQHOWtWXOR'GHODV&XHQWDV$QXDOHVVLHVDODUJRSOD]R\(VLHVDFRUWR
3RUWRGRHOORSURSRQHPRVODLQFOXVLyQGHODVVLJXLHQWHVFXHQWDV
•
´&DSLWDOVRFLDOSULYLOHJLDGRµ
•
´$FFLRQHVSULYLOHJLDGDVD/3FRQQDWXUDOH]DGHSDVLYRILQDQFLHURµ
•
´$FFLRQHVUHVFDWDEOHVD/3FRQQDWXUDOH]DGHSDVLYRILQDQFLHURµ
•
´$FFLRQHVSULYLOHJLDGDVD&3FRQQDWXUDOH]DGHSDVLYRILQDQFLHURµ
•
´$FFLRQHVUHVFDWDEOHVD&3FRQQDWXUDOH]DGHSDVLYRILQDQFLHURµ
(O3ODQ*HQHUDO&RQWDEOHUHFRPLHQGDHOWUDVSDVRGHORVVDOGRVGHODVFXHQWDVGH
ODPDVDSDWULPRQLDOGHSDVLYRGHODUJRDFRUWRSOD]RFXDQGRUHVWHXQDxRSDUDVX
YHQFLPLHQWR/DVDFFLRQHVTXHSRUUD]RQHVFRQWUDFWXDOHVYD\DQDDPRUWL]DUVHHQ
PHQRVGHXQDxRVHGHEHUtDQWUDVSDVDUDOSXQWR(´$FUHHGRUHVD&RUWR3OD]Rµ(VWR
~QLFDPHQWHSXHGHSURGXFLUVHFXDQGRHOUHVFDWHVHHQFXHQWUHILMDGRGHDQWHPDQR
HQHOFRQWUDWRELHQSRUHVWDUILMDGDODIHFKDSRUHVWDUFRQGLFLRQDGRDOFXPSOLPLHQWR
GHXQKHFKRRFXDQGRHOUHVFDWHVHDVROLFLWDGRFRQVXILFLHQWHDQWHODFLyQ
³³
REFERENCIAS BIBLIOGRAFICAS
ACCOUNTING STANDARDS BOARD (ASB) (1996): Discussion Paper: Derivatives and other financial
instruments, ASB, july, London.
— (1995): Presentation of financial information, Statement of principles, ASB, London.
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) (1966): APB Opinion nº 10,
Omnibus Opinion, AICPA, December, New York.
— (1953): Committe on Terminology, Accounting Terminology Bulletin nº 1; Review and Resume, AICPA,
New York.
ANDICOECHEA ARONDO, L. / ZUBIAURRE ARTOLA, M.A. (2000): “Participaciones no admitidas a
cotización: Correcciones de valor”, Partida Doble, nº 111, mayo, 4-17.
ANTHONY, ROBERT N. (1987): “We don’t have the accounting concepts we need”, Harvard Business
Review, january-february, 75-83.
APARICIO, L. (1999): “Menos dividendos para el accionista”, Periódico El País 26 de septiembre de 1999,
Los negocios, pág. 28.
ASOCIACIÓN ESPAÑOLA DE CONTABILIDAD Y ADMINISTRACIÓN DE EMPRESAS (AECA)
(1999): Marco conceptual para la información financiera, Serie principios contables, septiembre, AECA, Madrid.
— (1998): Recursos propios, Serie principios contables, documento nº 10 revisado, enero, AECA, Madrid.
AUSTRALIAN ACCOUNTING RESEARCH FOUNDATION (AARF) (1992): Definition and recognition
of the elements of financial statements, Statements of accounting concepts (SAC), nº 4 march, AARF,
Caulfield.
BANCO DE ESPAÑA (1985): Ley 13/1985 de 25 de mayo sobre coeficientes de inversión, recursos propios
y obligación de información de los intermediarios financieros, Banco de España, Madrid.
BELLOSTAS PÉREZ-GRUESO, A. J. (1997): La herramienta de normalización contable del siglo XXI: El
marco conceptual en España, ICAC, Madrid.
BERLE, ADOLPH A. / MEANS, GARDINER C. (1932): The modern corporation and private property, The
Mac Milliam Company, New York.
BREALY, RICHARD A. / MYERS, STEWART C. / MARUS, ALAN J. (1996): Fundamentals of Corporate
Finance, Mc Graw-Hill, New York.
CAÑIBANO CALVO, L. (1997): “Contabilidad e información sobre los fondos propios”, en Estudios de
contabilidad y auditoria en homenaje a Carlos Cubillo Valverde, ICAC, Madrid.
CEA GARCIA, J. L. (1994): El resultado contable. Análisis crítico de la medición del excedente económico
empresarial. AECA, monografía nº 22, Madrid.
— (1990): “Las cuentas anuales y la imagen fiel”, Partida Doble, nº 4, Septiembre, 24-31.
CHANT, PETER D. (1989): The Financial Statement Presentation of Corporate Financing Activities, CICA
Research Study, CICA, Toronto.
COOPER, S.K. / FRASER, D.R. (1983): “The boom in bank preferred stock issues”, The Banker Magazine, nº 166, 73-77.
EPSTEIN, B.J. / MIRZA, A.A. (1998): Interpretation and application of International Accounting Standards,
John Whiley & Sons, Inc., New York.
ESTEO SÁNCHEZ, F. (1995): Análisis de Estados Financieros: Planificación y Control, 3ª edición, CEF,
Madrid.
FERNÁNDEZ PIRLA, J.M. (1970): Teoría económica de la contabilidad, ICE, Madrid.
– 43 –
FINANCIAL ACCOUNTING STANDARD BOARD (FASB) (1990) Discussion Memorandum nº 94,
Distinguishing between liability and equity instruments with characteristics of both, Stanford, Connecticut.
— (1989): EITF Issue Nº. 85-40, Comprehensive Review of Sales of Marketable Securities with Put Arrangements, FASB, Norwalk, Connecticut.
— (1985): Concepts Statement Nº. 6, Elements of Financial Statements, FASB, december, Stanford,
Connecticut.
GALLEGO DÍEZ, E. / GONZÁLEZ SÁNCHEZ, M. / RÚA ALONSO DE CORRALES, E. (2000): Contabilidad de Sociedades, Pirámide, Madrid.
GARCÍA DÍEZ, J. (1996): “El balance”, en AA.VV.: Contabilidad Financiera Superior, Civitas, Madrid.
GOXENS ORENSANZ, M. A. / GAY SALUDAS, J.M. (1999): Análisis de Estados Contables, Prentice
Hall, Madrid.
HARTMAN, B.P. / HARPER, R.M. / KNOBLET, J.A. / RECKERS, P.M. (1997): Intermediate accounting,
South-Western College Publishing, Cincinnati.
HEINKEL, R / ZECHNER, J. (1990): “The role of debt and preferred stock as a solution to adverrse investment incentives”, Journal of Financial and Quantitative Analysis, vol. 25, nº 1, march, 1-24.
HOUSTON, ARTHUR L./HOUSTON, CAROL O. (1991): “The Changing use of preferred stock”,
Management Accounting, december, 47-48.
HUNT, P. / WILLIAMS, C.M. / DONALDSON, G. (1972): Basic Business Finance. Test and Cases, Richard D. Irwing Inc., Homewood, Illinois.
INGRAM, ROBERT W. Y BALDWIN, B.A. (1998): Financial Accounting, South-western College Publising, Cincinnati, Ohio.
INTERNATIONAL ACCOUNTING STANDARD BOARD (IASB): (1997): Accounting for financial assets and financial liabilities, A discussion Paper issued for comment by Steering Committee on Financial
Instruments, IASB, march.
— (1995): International Accounting Standard nº 32, Financial instruments: Disclosures and presentation,
june, London.
— (1991): Exposure draft E40, Financial Instrument, september, IASB, London.
— (1989): Framework for the preparation and presentation of financial statements (NIC M), july, IASB,
London.
INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE AND THE CANADIAN INSTITUTE OF CHARTERED ACCOUNTANTS (IASB/CICA) (1990.a): Draft Statement of Principles on Financial Instruments CICA, February 2, Toronto.
KIES DONALD E. / WEYGANDT, JERRY J. (1998): Intermediate Accounting, 9ª ed., John Wiley & Son,
New York.
KOCH, T. W. (1988): Bank Management, Dryden Press, New York.
KRIPKE, H. (1989): “Reflections on the FASBs Conceptual Framework for accounting and on auditing”,
Journal of Accounting, Auditing and Finance, vol 4, nº 1, winter, 3-66.
LARRIBA DIAZ-ZORITA, A. (1997): “Determinación contable del patrimonio”, Revista de Contabilidad
y Tributación, nº 29, 187-206.
MC CULLERS, LEVIS D. / VAN DANIKER, RELMOND P. (1985): Introduction to financial accounting,
John Wiley & Sons, Inc., New York.
MARTÍNEZ ARIAS, A. / PRADO LORENZO, J.M. (1991): Nuevo P.G.C., Pirámide, Madrid.
– 44 –
MARTÍNEZ CONESA, I. (1996): Marco conceptual de la contabilidad financiera en España: Comparabilidad internacional, ICAC, Madrid.
NEW ZEALAND SOCIETY OF ACCOUNTANTS (NZSA) (1993). Statements of concepts for general
purpose financial reporting, NZSA, june, Wellington.
— (1991): Exposure Draft nº 60: Concepts for general purpose external financial reporting, NZSA, Wellington.
NORVERTO, M. C. / BERNABEU, D. (1997): “El cálculo del patrimonio neto, su incidencia en el
TRLSA”, Partida Doble, nº 79, junio, 5-10.
ORDRE DES EXPERTS COMPTABLES (OECF) (1996): “Cadre Conceptuel de la comptabilité”, Comité Professionnel de Doctrine Comptable, Revue Française de comptabilité, nº 278, mai, 17-51.
RIVERO TORRE, P. (1998): Análisis por ratios de los estados contables financieros, Civitas, Madrid.
SÁNCHEZ FERNÁNDEZ DE VALDERRAMA, J. L. (1997): “Participaciones en el capital y otras inversiones financieras, en Dudas y ejemplos y soluciones del Plan General de Contabilidad, nº 3, Manual II,
Expansión, 31-57
SCHALL, LAWRENCE D. / HALEY, CHARLES W. (1980): Introduction to Financial Management, Mc
Graw-Hill.
STANDING INTERPRETATIONS COMMITTE (SIC) (1998): Share capital. Presentation of reacquired
own equity (Treasury shares), SIC 16, Connecticut.
TUNC, ANDRÉ (1985): Le droit American des Sociétés Anonymes, Presses Universitaires de France, Paris.
U.S. DEPARTMENT OF THE TREASURY (1989.a): “Office of the Comptroller of the Currency: Rules,
Policies, and Procedures for Corporate Activities, Receivership and Conservatorship, Federal Register, November 28, 48851-48856, Commerce Clearing House, Inc., Chicago.
— (1989.b): “Office of the Comptroller of the Currency. Risk-Based Capital Guidelines" Federal Register, January 27, 4168-4184, Commerce Clearing House, Inc., Chicago.
— (1989.c): “Internal Revenue Code. Section 385: Treatment of Certain Interests in Corporations as
Stock or Indebtedness”, en Federal Tax Guide, vol. 1, Commerce Clearing House, Inc., Chicago.
WHITE, GERALD I. / SONDHI, ASHWIN PAUL C. / DOV, FRIED (1997): The Analysis and use of financial statements, John Wiley & Sons, New York.
– 45 –
Descargar