Cantabria 2012-2016 - Consejería de Sanidad de Cantabria

Anuncio
P
Cantabria 2012-2016
LAN DE PREVENCIÓN
Y CONTROL
DEL TABAQUISMO
GOBIERNO
de
CANTABRIA
CONSEJERÍA DE SANIDAD
Y SERVICIOS SOCIALES
Dirección General de Salud Pública
*
8EK89I@8Ù
@5BÛ89ÛDF9J9B7=B
MÛ7CBHFC@
89@ÛH565EI=GAC
(GLWD
*RELHUQRGH&DQWDEULD
&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV
'LUHFFLyQ*HQHUDOGH6DOXG3~EOLFD
0DTXHWDFLyQH,PSUHVLyQ
,PSUHQWD5HJLRQDOGH&DQWDEULD
'HSyVLWR/HJDO
6$
*
F9G9BH57=B
35(6(17$&,Ð1
(
/ WDEDFR HV XQD GH ODV PD\RUHV DPHQD]DV SDUD OD VDOXG S~EOLFD TXH
WLHQHTXHDIURQWDUQXHVWUD&RPXQLGDG(VUHVSRQVDEOHGHODPXHUWHGH
GRVSHUVRQDVFDGDGtDHQQXHVWUDUHJLyQ\KDVWDODPLWDGGHORVIXPD
GRUHVDFDEDUiQIDOOHFLHQGRSRUXQDHQIHUPHGDGUHODFLRQDGDFRQHOWDEDFR
$HVWHHVFHQDULRKD\TXHDxDGLUOHHOJUDQQ~PHURGHSDWRORJtDVTXHVHSURGX
FHQSRUODH[SRVLFLyQLQYROXQWDULDDOKXPRDPELHQWDOGHWDEDFR
&DGDGtDHVPD\RUODHYLGHQFLDFLHQWtÀFDGHOGDxRSDUDODVDOXG\GHOFRVWH
HFRQyPLFRTXHFRQOOHYDHOFRQVXPRGHWDEDFR'DxDODVDOXGGHTXLHQHVOR
IXPDQ\GDxDODVDOXGGHTXLHQHVQRORKDFHQSHURHVWiQFHUFDHVSHFLDOPHQ
WHGHORVQLxRV<VDEHPRVTXHVXFRQVXPRQRHVXQDHOHFFLyQHVXQDSRGHUR
VDGHSHQGHQFLD/DYHUGDGHUDHOHFFLyQHVHQWUHHOWDEDFR\ODVDOXG
7HQHPRVHYLGHQFLDLQFXHVWLRQDEOHGHHVWHSUREOHPD\WHQHPRVLQVWUXPHQWRV
GHSUREDGDHÀFDFLDSDUDOXFKDUFRQWUDpO1DFLRQHV8QLGDVKDGHFODUDGRUH
FLHQWHPHQWHTXHUHGXFLUHOFRQVXPRGHWDEDFRWLHQHFRQVLGHUDEOHVEHQHÀFLRV
VDQLWDULRVWDQWRSDUDHOLQGLYLGXRFRPRSDUDHOSDtV
(QHOPRPHQWRDFWXDOFRQXQPXQGRHQSOHQDFULVLVHFRQyPLFDFRQHOHQYH
MHFLPLHQWRGHODSREODFLyQHQSDtVHVFRPRHOQXHVWURHODXPHQWRGHODVHQ
IHUPHGDGHVFUyQLFDV\HODO]DGHORVFRVWHVGHODDVLVWHQFLDVDQLWDULDDERUGDU
XQDFDXVDGHHQIHUPHGDG\PXHUWHWDQHQRUPHFRPRWRWDOPHQWHSUHYHQLEOH
VHKDFHLPSHUDWLYR
&DQWDEULDHVWiFRPSURPHWLGDGHVGHKDFH\DPXFKRVDxRVFRQHODERUGDMH
GHOWDEDTXLVPRFRQVFLHQWHVFRPRVRPRVODVLQVWLWXFLRQHVS~EOLFDVGHTXHSR
GHPRV \ GHEHPRV LPSOHPHQWDU PHGLGDV QHFHVDULDV \ HÀFDFHV SDUD UHGXFLU
HVWHSUREOHPDGHVDOXG(VWH,,,3ODQGH3UHYHQFLyQ\&RQWUROGHO7DEDTXLVPR
WLHQHFRPRREMHWLYRFRQWLQXDUFRQODODERULQLFLDGDWDQWRHQHOiPELWRGHOD
SUHYHQFLyQ FRPR HQ HO DVLVWHQFLDO UHIRU]DQGR \ DPSOLDQGR OD H[FHOHQWH WD
UHDTXHYLHQHQGHVDUUROODQGRORVGLIHUHQWHVSURIHVLRQDOHVLPSOLFDGRVDORVTXH
TXLHURWUDQVPLWLUPLDJUDGHFLPLHQWRSRUVXVHQVLELOLGDG\FRQVWDQFLD
7
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
(OSUREOHPDHVHQRUPH\ORVHVIXHU]RVSDUDUHVROYHUORGHEHQVHUÀUPHV\SHUVH
YHUDQWHVDXQDQGRHOWUDEDMRGHWRGRVORVSURIHVLRQDOHVVRFLHGDGHVFLHQWtÀFDV
VLQGLFDWRV RUJDQL]DFLRQHV QR JXEHUQDPHQWDOHV \ OR PiV LPSRUWDQWH FRQ HO
DSR\R\UHVSDOGRGHWRGRVORVFLXGDGDQRV3RUTXHODSURWHFFLyQGHODVDOXG
HVDGHPiVGHQXHVWUDREOLJDFLyQXQJUDQEHQHÀFLRSDUDHOSUHVHQWH\SDUDHO
IXWXURGHQXHVWUDVRFLHGDG
0-RVp6iHQ]GH%XUXDJD*yPH]
&216(-(5$'(6$1,'$'<6(59,&,2662&,$/(6
8
B8=79
-867,),&$&,Ð1
$1É/,6,6'(/$6,78$&,Ð1$&78$/
(OLQLFLR
(OFRQVXPR
/DH[SRVLFLyQDOKXPRDPELHQWDOGHWDEDFR
0$5&21250$7,92
/Ì1($675$169(56$/(6
É5($6'($&78$&,Ð1
3UHYHQFLyQ
+XPRDPELHQWDOGHWDEDFR
$ERUGDMHGHOFRQVXPRGHWDEDFR
)RUPDFLyQ
,QYHVWLJDFLyQ
(9$/8$&,Ð1
),1$1&,$&,Ð1
%,%/,2*5$)Ì$
3$57,&,3$17(6(1/$(/$%25$&,Ð1
…
IGH=:=757=B
-867,),&$&,Ð1
(OWDEDFRHVODFDXVDDLVODGDGHPRUWDOLGDGPiVSUHYHQLEOHHQHOPXQGR(Q
ODDFWXDOLGDGPiVGHPLOORQHVGHSHUVRQDVIXPDQWDEDFRDSUR[LPDGD
PHQWHODFXDUWDSDUWHGHODSREODFLyQDGXOWD(VWHFRQVXPRHVUHVSRQVDEOHGH
PiVGHFLQFRPLOORQHVGHPXHUWHVFDGDDxR
(OFRQVXPRGHWDEDFRFRQVWLWX\HXQIDFWRUGHULHVJRGHVHLVGHODVRFKRSULQ
FLSDOHVFDXVDVGHPRUWDOLGDGHQHOPXQGR)XPDUSURGXFHFDUGLRSDWtDLVTXp
PLFDDQJLQDGHSHFKRHLQIDUWRGHPLRFDUGLRHQIHUPHGDGFHUHEURYDVFXODU
FiQFHUGHSXOPyQODULQJHULxyQYHMLJDHVWyPDJRFRORQFDYLGDGRUDO\HVy
IDJRDVtFRPROHXFHPLDEURQTXLWLVFUyQLFDHQIHUPHGDGSXOPRQDUREVWUXFWL
YD FUyQLFD DERUWR \ SDUWR SUHPDWXUR GHIHFWRV GH QDFLPLHQWR H LQIHUWLOLGDG
HQWUHRWUDVHQIHUPHGDGHV(OFRQVXPRGHWDEDFRSURGXFHWDPELpQSHUMXLFLRV
HFRQyPLFRV SDUD ODV IDPLOLDV \ ORV SDtVHV GHELGR D ORV VDODULRV TXH GHMDQ GH
SHUFLELUVHODUHGXFFLyQGHODSURGXFWLYLGDG\HODXPHQWRHQORVFRVWHVGHOD
DVLVWHQFLDVDQLWDULD
(OQ~PHURGHSHUVRQDVTXHPXHUHFDGDDxRHQ(VSDxDFRPRFRQVHFXHQFLD
GHOFRQVXPRGHWDEDFRUHSUHVHQWDHOGHWRGDVODVPXHUWHVRFXUULGDVHQOD
SREODFLyQPD\RUGHWUHLQWD\FLQFRDxRV(Q&DQWDEULDHQHODxRDOFDQ]y
HOGHOWRWDOGHODVPXHUWHVGHPXMHUHV\GHODVGHKRPEUHV(V
GHUHVDOWDUTXHGHHVWDVPXHUWHVHOHQKRPEUHV\HOHQPXMHUHVVH
SURGXFHQHQWUHORV\ORVDxRVORTXHLPSOLFDXQLPSRUWDQWHQ~PHURGH
DxRVSRWHQFLDOHVGHYLGDSHUGLGRV
$VLPLVPRKD\HYLGHQFLDFLHQWtÀFDGHTXHODH[SRVLFLyQDOKXPRDPELHQWDOGH
WDEDFR+$7HVFDXVDGHPRUWDOLGDGHQIHUPHGDG\GLVFDSDFLGDG/D$JHQ
FLD,QWHUQDFLRQDOGH,QYHVWLJDFLyQGHO&iQFHUGHOD2UJDQL]DFLyQ0XQGLDOGHOD
6DOXG206KDGHWHUPLQDGRTXHODH[SRVLFLyQDODLUHFRQWDPLQDGRSRUKXPR
GHWDEDFRHVFDUFLQRJpQLFDHQORVVHUHVKXPDQRV
&RQIUHFXHQFLD\GHIRUPDHTXLYRFDGDVHFRQVLGHUDTXHHOFRQVXPRGHWD
EDFRHVXQDRSFLyQH[FOXVLYDPHQWHSHUVRQDO&RQWUDGLFHHVWDSHUFHSFLyQHO
KHFKRGHTXHODPD\RUtDGHORVIXPDGRUHVGHVHDDEDQGRQDUVXKiELWRFXDQ
GRDGTXLHUHSOHQDFRQFLHQFLDGHORVHIHFWRVGHOWDEDFRHQVXVDOXGDXQTXH
OHVUHVXOWHGLItFLOGHMDUORGHELGRDTXHODQLFRWLQDHVPX\DGLFWLYD$GHPiVXQD
LQGXVWULDSRGHURVDDQLYHOPXQGLDOJDVWDGHFHQDVGHPLOHVGHPLOORQHVGHHXURV
DQXDOPHQWHHQVXFRPHUFLDOL]DFLyQ\VHVLUYHGHJUXSRVGHSUHVLyQ\SXEOLFLVWDV
PX\FXDOLÀFDGRVSDUDPDQWHQHUHLQFUHPHQWDUHOFRQVXPRGHWDEDFR
6HKDGHPRVWUDGRTXHKD\HVWUDWHJLDVHÀFDFHVSDUDUHGXFLUHOWDEDTXLVPR6LQ
HPEDUJRPiVGHDxRVGHVSXpVGHTXHORVSHOLJURVGHOWDEDFRSDUDODVDOXG
TXHGDUDQGHPRVWUDGRVFLHQWtÀFDPHQWH\PiVGHDxRVGHVSXpVGHTXHOD
15
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
HYLGHQFLD FRQÀUPDUD ORV ULHVJRV TXH HQWUDxD HO KXPR DPELHQWDO GH WDEDFR
VRQPX\SRFRVORVSDtVHVTXHKDQDSOLFDGRHVWUDWHJLDVHÀFDFHV\UHFRQRFLGDV
SDUDFRQWURODUHVWDHSLGHPLD
(VWDVHVWUDWHJLDVHVWiQUHFRJLGDVHQHOSODQGHPHGLGDV032:(5EDVDGRHQ
ODVGLVSRVLFLRQHVHVWDEOHFLGDVSRUHO&RQYHQLR0DUFRSDUDHO&RQWUROGHO7DED
FR&0&7UDWLÀFDGRSRU(VSDxDHOGHGLFLHPEUHGH(VWHFRQYHQLRHV
HOGRFXPHQWRFODYHGHVDOXGS~EOLFDLQWHUQDFLRQDOSDUDHOFRQWUROGHOWDEDFR
/DVSDUWHVTXHORUDWLÀFDQVHFRPSURPHWHQDSURWHJHUODVDOXGGHVXVFLXGDGD
QRVLPSODQWDQGRODVPHGLGDVGHFRQWUROQHFHVDULDV
/DVHVWUDWHJLDVTXHSURSRQHHO032:(5\TXHKDQGHPRVWUDGRUHGXFLUHOFRQ
VXPRGHWDEDFRVRQ
0RQLWRUYLJLODUHOFRQVXPRGHWDEDFR
3URWHFWSURWHJHUDODSREODFLyQGHOKXPRGHWDEDFR
2IIHURIUHFHUD\XGDSDUDHODEDQGRQRGHOWDEDFR
:DUQDGYHUWLUGHORVSHOLJURVGHOWDEDFR
(QIRUFH KDFHU FXPSOLU ODV SURKLELFLRQHV VREUH SXEOLFLGDG SURPRFLyQ \
SDWURFLQLR
5DLVHDXPHQWDUORVLPSXHVWRVDOWDEDFR
(O SDTXHWH GH PHGLGDV 032:(5 HV SDUWH LQWHJUDQWH GHO 3ODQ GH $FFLyQ GH
OD2UJDQL]DFLyQ0XQGLDOGHOD6DOXGSDUDOD3UHYHQFLyQ\HO&RQWUROGHODV(Q
IHUPHGDGHV1R7UDQVPLVLEOHV(17(VWDVVRQODSULQFLSDOFDXVDGHPXHUWHHQ
IHUPHGDG \ GLVFDSDFLGDG HQ OD 5HJLyQ (XURSHD GH OD 206 +D\ XQ UHFRQR
FLPLHQWRFDGDYH]PD\RUGHHVWDFDUJD\GHODOFDQFHGHODSUHYHQFLyQ\HO
FRQWUROGHODV(17MXQWRFRQXQFUHFLHQWHHQWHQGLPLHQWRGHODLPSRUWDQFLDGH
XQ DERUGDMH LQWHUVHFWRULDO (O 3ODQ GH $FFLyQ SDUD LPSOHPHQWDU OD (VWUDWHJLD
(XURSHDSDUDOD3UHYHQFLyQ\HO&RQWUROGHODV(QIHUPHGDGHV1R7UDQVPLVLEOHV
WLHQHFRPRREMHWLYRHYLWDUODPXHUWHSUHPDWXUD\UHGXFLUVLJQLÀFDWL
YDPHQWHODFDUJDGHHQIHUPHGDGGHELGDD(17PHGLDQWHXQDDFFLyQLQWHJUDO
PHMRUDQGRODFDOLGDGGHYLGD\KDFLHQGRODHVSHUDQ]DGHYLGDVDOXGDEOHPiV
HTXLWDWLYDHQ\HQWUHORV(VWDGRVPLHPEURV(Q(XURSDODV(17VRQUHVSRQVDEOHV
GHO GH ODV PXHUWHV \ GHO GH OD FDUJD GH HQIHUPHGDG DXPHQWDQGR
OD SUHVLyQ VREUH ORV VLVWHPDV VDQLWDULRV HO GHVDUUROOR HFRQyPLFR \ HO ELHQHVWDU
GHDPSOLRVVHFWRUHVGHSREODFLyQHQSDUWLFXODUGHODSREODFLyQPD\RUGH
DxRV
16
-867,),&$&,Ð1
$OPLVPRWLHPSRODV(17VRQUHVSRQVDEOHVGHXQDJUDQSDUWHGHODVFUHFLHQWHV
GHVLJXDOGDGHVHQVDOXGTXHVHKDQREVHUYDGRHQPXFKRVSDtVHVPRVWUDQGR
XQIXHUWHJUDGLHQWHVRFLHFRQyPLFR\GLIHUHQFLDVGHJpQHUR$GHPiVUHFLHQ
WHPHQWHKDKDELGRJUDQSUHRFXSDFLyQSRUTXHORVIDFWRUHVGHULHVJRGHODV(17
DIHFWDQFDGDYH]PiVDORVJUXSRVGHSREODFLyQPiVMyYHQHVFRQFRQVLGHUD
EOHVFRQVHFXHQFLDVVREUHODVWHQGHQFLDVGHVDOXGS~EOLFDHQ(XURSDHQHOIXWXUR
$XQTXH PXFKDV (17 FUyQLFDV PHUHFHQ DWHQFLyQ XQ JUXSR GH FXDWUR HQIHU
PHGDGHVHQIHUPHGDGHVFDUGLRYDVFXODUHVFiQFHUGLDEHWHV\HQIHUPHGDGHV
UHVSLUDWRULDVFUyQLFDV\VXVIDFWRUHVGHULHVJRFRPSDUWLGRVFRQVXPRGHWDED
FRFRQVXPRSHUMXGLFLDOGHDOFRKROLQDFWLYLGDGItVLFD\GLHWDSRFRVDOXGDEOH
VRQUHVSRQVDEOHVGHODPD\RUtDGHODHQIHUPHGDG\PRUWDOLGDGSUHYHQLEOHHQ
OD5HJLyQ(XURSHDGHOD206(VWRVFXDWURJUXSRVWDPELpQFRPSDUWHQGHWHU
PLQDQWHVFRPXQHVTXHVRQLQÁXHQFLDGRVSRUSROtWLFDVHQXQUDQJRGHVHFWRUHV
GHVGHODDJULFXOWXUD\ODLQGXVWULDGHODDOLPHQWDFLyQDODHGXFDFLyQHOPHGLR
DPELHQWH\ODSODQLÀFDFLyQXUEDQtVWLFD
([LVWHQLQWHUYHQFLRQHVFRVWHHIHFWLYDV\EDVDGDVHQODHYLGHQFLDSDUDSUHYHQLU
\FRQWURODUODV(17DQLYHOORFDOUHJLRQDO\QDFLRQDO(VWDVSRGUiQWHQHUSURIXQ
GRVEHQHÀFLRVHFRQyPLFRVVRFLDOHV\VDQLWDULRV(O3ODQGH$FFLyQSRQHFRPR
HMHPSORGHLQWHUYHQFLRQHVFRVWHHIHFWLYDVSDUDUHGXFLUHOULHVJRGH(17TXH
VRQDVHTXLEOHV\SXHGHQSUHYHQLUPLOORQHVGHPXHUWHVSUHPDWXUDVFDGDDxR
ODVPHGLGDVSDUDHOFRQWUROGHOFRQVXPRGHWDEDFR\GHOFRQVXPRSHUMXGLFLDO
GHDOFRKRO\ODUHGXFFLyQGHODLQJHVWDGHVDO
(Q &DQWDEULD OD EDVH SDUD OD SUHYHQFLyQ \ HO FRQWURO GHO WDEDTXLVPR IXH OD
FUHDFLyQHQHODxRGHO3ODQ$XWRQyPLFRVREUH'URJDV\ODSRVWHULRUSXEOL
FDFLyQGHOD/H\GHGHRFWXEUHGH3UHYHQFLyQ$VLVWHQFLDH,QFRUSR
UDFLyQ6RFLDOHQ0DWHULDGH'URJRGHSHQGHQFLDV6REUHHVWHPDUFRQRUPDWLYR
HQ HO DxR VH SXEOLFD HO , 3ODQ GH 3UHYHQFLyQ \ &RQWURO GHO 7DEDTXLVPR
TXHHVWDEOHFHFRPRSULQFLSDOHVREMHWLYRVODUHGXFFLyQGHODSUHYDOHQFLDGHO
FRQVXPRGHWDEDFR\ODSURWHFFLyQGHODSREODFLyQGHOKXPRDPELHQWDOGH
WDEDFR(VWH3ODQVHGHVDUUROOyHQWUHORVDxRV\&RQWLQXDQGRHOFD
PLQR LQLFLDGR VH DSUREy HO ,, 3ODQ GH 3UHYHQFLyQ \ &RQWURO GHO 7DEDTXLVPR
GHVDUUROODQGR RWUDV PHGLGDV GH SUREDGD HÀFDFLD UHFRPHQGDGDV
SRUHOSDTXHWH032:(5
'XUDQWH HVWRV DxRV XQR GH ORV DYDQFHV PiV VLJQLÀFDWLYRV KD VLGR HO FDPELR
QRUPDWLYRUHIHUHQWHDODUHVWULFFLyQGHODYHQWDSURKLELFLyQWRWDOGHODSXEOL
FLGDG\HOSDWURFLQLRGHORVSURGXFWRVGHOWDEDFR\SURKLELFLyQGHIXPDUHQ
WRGRVORVHVSDFLRVS~EOLFRVFHUUDGRVPHGLDQWHOD/H\\VXPRGLÀFDFLyQ
/H\$OJXQRVDVSHFWRVGHHVWDVOH\HVKDQGLÀFXOWDGRVXLQWHUSUHWDFLyQ
17
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
\SRUWDQWRVXGHVDUUROOR\REVHUYDQFLD$~QDVt&DQWDEULDKDFRQVHJXLGRXQ
JUDQDYDQFHHQVXFXPSOLPLHQWRJUDFLDVDXQDLPSRUWDQWHODERULQVSHFWRUD
\DODVGLYHUVDVDFWXDFLRQHVGHLQIRUPDFLyQ\VHQVLELOL]DFLyQGHODFLXGDGDQtD
VREUHORVULHVJRVWDQWRGHOFRQVXPRGHWDEDFRFRPRGHODH[SRVLFLyQDOKXPR
DPELHQWDO
(OSULQFLSDOREMHWLYRGHHVWDQRUPDWLYDUHGXFLUODH[SRVLFLyQGHODSREODFLyQDO
KXPRDPELHQWDOGHWDEDFRVHFRUUHVSRQGHFRQXQRGHORVREMHWLYRVJHQHUD
OHVGHORVSODQHVGH&DQWDEULD&XDQWLÀFDUORHVFRPSOLFDGRSHURVHJ~QXQD
HQFXHVWDGHRSLQLyQUHDOL]DGDSRUOD&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV
HQ FHQWURV VDQLWDULRV GH WRGD OD &RPXQLGDG GXUDQWH OD FHOHEUDFLyQ GHO 'tD
0XQGLDO6LQ7DEDFRORVDxRV\HOSRUFHQWDMHGHSHUVRQDVTXH
QRHVWiQH[SXHVWDVDO+$7KDDXPHQWDGRXQHQHOOXJDUGHOWUDEDMR\XQ
HQRWURVOXJDUHVS~EOLFRVUHÁHMRVLQGXGDGHODPRGLÀFDFLyQGHODOH\TXH
H[WLHQGHODSURKLELFLyQGHIXPDUDORVHVWDEOHFLPLHQWRVGHKRVWHOHUtD
(VGLItFLOVDEHUHQTXpJUDGRFRPRUHVXOWDGRGHODVDFWXDFLRQHVGHVHQVLELOL]D
FLyQUHDOL]DGDV\HQFXiOFRPRHIHFWRGHODQRUPDWLYDTXHGHVQRUPDOL]DOD
FRQGXFWD GH IXPDU VH KD SURGXFLGR XQ GHVFHQVR WDQWR GH OD H[SRVLFLyQ DO
+$7HQHOKRJDUGHODVSHUVRQDVHQFXHVWDGDVFRPRGHTXLHQHVIXPDQHQFDVD
HQSUHVHQFLDGHPHQRUHVGHDxRV$GHPiVHOGHORVHQWUHYLVWDGRVHQHO
DxRFRQVLGHUDTXHUHVSLUDUKXPRDPELHQWDOGHWDEDFRHVSHUMXGLFLDOSDUD
ODVDOXG\TXHWLHQHTXHKDEHUPHGLGDVSDUDUHGXFLUHOFRQVXPR
5HVSHFWRDOREMHWLYRGHUHGXFLUODSUHYDOHQFLDGHOFRQVXPRGHWDEDFRHQQXHV
WUD5HJLyQHOGHVDUUROORGHODVGLVWLQWDVOtQHDVGHDFWXDFLyQKDVLGRGHVLJXDO
3UHYHQLUHOFRQVXPRGHWDEDFRHQODLQIDQFLD\ODMXYHQWXGHVLPSUHVFLQGLEOH
SDUDUHGXFLUODSUHYDOHQFLD\DFDEDUFRQHVWDHSLGHPLD/RVGRVREMHWLYRVIXQ
GDPHQWDOHVVRQFRQVHJXLUTXHORVPHQRUHVQRSUXHEHQHOWDEDFR\TXHORVTXH
OR SUXHEDQ OR KDJDQ OR PiV WDUGH SRVLEOH (QWUH ODV PHGLGDV GH GHPRVWUDGD
HÀFDFLDSDUDORJUDUHVWRVREMHWLYRVDOJXQDVVRQGHFDUiFWHUQDFLRQDOFRPRHO
DXPHQWRGHOSUHFLRGHOWDEDFRODSURKLELFLyQGHODSXEOLFLGDG\HOSDWURFLQLR
GH ORV SURGXFWRV GHO WDEDFR HO HVWDEOHFLPLHQWR GH HVSDFLRV OLEUHV GH KXPR
RODVDGYHUWHQFLDVVDQLWDULDVHQODVFDMHWLOODV(QHVWRV~OWLPRVDxRV(VSDxDKD
GDGRXQJUDQSDVRFRQXQDVPHGLGDVOHJLVODWLYDVTXHFRORFDQDQXHVWURSDtV
HQWUHORVPiVDYDQ]DGRVDQLYHOPXQGLDOHQODFUHDFLyQGHHVSDFLRVOLEUHVGH
KXPR<DXQTXHVHKDDYDQ]DGRHQHODXPHQWRGHOSUHFLRGHORVSURGXFWRV
GHOWDEDFRD~QVRPRVXQRGHORVSDtVHVGHQXHVWURHQWRUQRFRQSUHFLRVPiV
EDMRV(QFXDQWRDODVPHGLGDVTXHHVSRVLEOHOOHYDUDFDERDQLYHOFRPXQLWDULR
ODSULQFLSDOHVWUDWHJLDTXHVHKDOOHYDGRDFDERHQ&DQWDEULDKDVLGRODSUR
PRFLyQGHHVWLORVGHYLGDVDOXGDEOHVSRWHQFLDQGRODSUHYHQFLyQGHOFRQVXPR
18
-867,),&$&,Ð1
GH WDEDFR WDQWR FRQ SURJUDPDV HVSHFtÀFRV FRPR ´&ODVH VLQ KXPRµ FRPR
JHQHUDOHVFRPR´ÐUGDJRµR´(QIDPLOLDµ(VWRVSURJUDPDVHVFRODUHVMXQWRFRQ
DFWLYLGDGHVGHVHQVLELOL]DFLyQUHDOL]DGDVHQHOWLHPSRGHRFLRKDQFRQVHJXLGR
TXHODHGDGGHLQLFLRHQHOFRQVXPRVHKD\DUHWUDVDGRGHORVDxRVHQD
ORVDxRVHQVHJ~QGDWRVGHOD(QFXHVWD(VFRODU1RVHKDFRQVHJXLGR
UHWUDVDUODHGDGGHLQLFLRHQHOFRQVXPRGLDULRTXHVLJXHHVWDQGRSRUGHEDMR
GHORVDxRVPDUFDGRVFRPRREMHWLYRSHURVtVHKDSURGXFLGRXQLPSRUWDQWH
GHVFHQVR HQ OD SUHYDOHQFLD GH HVWXGLDQWHV GH D DxRV TXH LQLFLDQ HVWH
FRQVXPRGLVPLQX\HQGRGHOHQHODOHQHO
'XUDQWHORV~OWLPRVRFKRDxRVVHKDQUHDOL]DGRLPSRUWDQWHVHVIXHU]RVSDUDSUR
PRYHUHQODSREODFLyQIXPDGRUDGH&DQWDEULDHODEDQGRQRGHOFRQVXPRGH
WDEDFR $XQTXH VX UHSHUFXVLyQ HQ ODV FLIUDV GH SUHYDOHQFLD GH FRQVXPR HV
SHTXHxDVXLPSRUWDQFLDHQUHGXFFLyQGHODPRUELPRUWDOLGDGDFRUWR\PHGLR
SOD]RHVPX\LPSRUWDQWH3RUHVWHPRWLYRFDGDXQDGHODVDFWXDFLRQHVUHD
OL]DGDVGHVGHHO3ODQWUDEDMDHQHVWDGLUHFFLyQWDQWRDSRUWDQGRLQIRUPDFLyQ
FRPRWUDWDQGRGHDXPHQWDUHOQ~PHURGHUHFXUVRV\PHMRUDUVXHÀFDFLD\VX
HÀFLHQFLD
/DDWHQFLyQVDQLWDULDDODSHUVRQDIXPDGRUDGHVGHHO6HUYLFLR&iQWDEURGH6D
OXGVHKDHVWDEOHFLGR\UHIRU]DGRHODERUGDMHGHOWDEDTXLVPRIXHLQFOXLGRHQ
OD&DUWHUDGH6HUYLFLRVHQ\HQORVFHQWURVGHVDOXGVHKDQWUDWDGRGHVGH
HQWRQFHVDPiVGHSHUVRQDVRIUHFLpQGRVHHQODDFWXDOLGDGGHVKDELWXD
FLyQHQPRGDOLGDGLQGLYLGXDO\JUXSDO$VLPLVPROD8QLGDGGH'HVKDELWXDFLyQ
7DEiTXLFD FUHDGD SDUD GDU UHVSXHVWD D ODV QHFHVLGDGHV GH DTXHOORV IXPD
GRUHVTXHSUHFLVDQXQDDWHQFLyQPiVHVSHFtÀFDHVSHFLDOL]DGDHLQWHQVLYDDVt
FRPR SDUD VHUYLU GH LQVWUXPHQWR GH IRUPDFLyQ \ GH LQYHVWLJDFLyQ HQ WRGR OR
UHODFLRQDGRFRQODGHSHQGHQFLDDOWDEDFRKDDWHQGLGRGHVGHVXFUHDFLyQ
HQ HO DxR D FDVL SHUVRQDV $GHPiV XQ FRQMXQWR GH DFWXDFLRQHV
FRPRODRUJDQL]DFLyQGHJUXSRVSDUDGHMDUGHIXPDUGLULJLGDDSREODFLRQHV
PRGpOLFDVSURIHVLRQDOHVVDQLWDULRVGRFHQWHVSHUVRQDOGHOD$GPLQLVWUDFLyQ«
UHDOL]DGRVSRUODSURSLD&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHVODUHDOL]D
FLyQGHSURJUDPDVUDGLRIyQLFRVHODSR\RDORVVLQGLFDWRVODVFKDUODVGLULJLGDVD
SREODFLRQHVHVSHFLDOHVHWFKDGDGRFRPRUHVXOWDGRXQLPSRUWDQWHDXPHQWR
HQHOQ~PHURGHSHUVRQDVTXHGHMDQGHIXPDUHQQXHVWUD&RPXQLGDGVXSH
UDQGRODVH[SHFWDWLYDVSODQWHDGDV
(O3ODQVHKDFRQYHUWLGRHQODUHIHUHQFLDSDUDHOWUDWDPLHQWRHQ&DQWDEULDDO
UHDOL]DUDFWXDFLRQHVFRPRIRUPDFLyQGHGLIHUHQWHLQWHQVLGDGSDUDORVSURIHVLR
QDOHVGHVDUUROOR\GLVWULEXFLyQGHOPDWHULDOWDQWRGHDSR\RSDUDGHMDUGHIXPDU
FRPRGHVHQVLELOL]DFLyQDORVFHQWURVGHVDOXG\DVHVRUDPLHQWRWpFQLFR
19
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
/DDVLJQDWXUDSHQGLHQWHHVHOUHJLVWUR\FRQVHMRSDUDGHMDUGHIXPDUHQWRGDOD
DWHQFLyQHVSHFLDOL]DGD\HOWUDWDPLHQWRGHORVSDFLHQWHVKRVSLWDOL]DGRV(QHO
DxRVHVHQWDURQODVEDVHVSDUDHODERUGDMHKRVSLWDODULRGHOFRQVXPRGH
WDEDFRFRQODUHDOL]DFLyQGHXQ(VWXGLRSLORWRHQHO6HUYLFLRGH1HXPRORJtDGHO
+RVSLWDO8QLYHUVLWDULR0DUTXpVGH9DOGHFLOOD
7DQWR SDUD OOHYDU D FDER ODV DFWXDFLRQHV PHQFLRQDGDV FRPR SDUD UHIRU]DU
HOSDSHOPRGpOLFRHGXFDGRU\VRFLDOGHORVFROHFWLYRVLPSOLFDGRVVHKDGH
VDUUROODGRXQDIRUPDFLyQDFUHGLWDGDHVSHFtÀFDSDUDFDGDFROHFWLYRTXHVH
RUJDQL]DFRQFDUiFWHUDQXDO&XUVRVWDOOHUHV\MRUQDGDVGHLQWHUFDPELRGLULJL
GDVDSURIHVLRQDOHVVDQLWDULRVFXUVRVGHPRGDOLGDGPL[WDSUHVHQFLDO\RQOLQH
GLULJLGRVDGRFHQWHV\DJHQWHVHGXFDWLYRVGHOWLHPSROLEUHGLVHxR\HGLFLyQGH
PDQXDOHVIRUPDWLYRV\RUJDQL]DFLyQGHFRQJUHVRV\MRUQDGDVKDQWHQLGRXQD
DPSOLDSDUWLFLSDFLyQ\PDQWLHQHQHOQLYHOGHFDOLGDGFRQVHJXLGRSRUORVGLVWLQ
WRVSURJUDPDVDOSRVLELOLWDUXQDDFWXDOL]DFLyQFRQVWDQWH
3RU~OWLPRFRQVFLHQWHVGHODQHFHVLGDGGHFRQVHJXLULQIRUPDFLyQ\UHDOL]DUWUD
EDMRVGHLQYHVWLJDFLyQSDUDSRGHUHYDOXDUHOLPSDFWRGHODVPHGLGDVLPSODQ
WDGDV H LQWURGXFLU ORV DMXVWHV RSRUWXQRV DVt FRPR SDUD SRGHU WUDQVPLWLU D OD
SREODFLyQODPDJQLWXGGHOSUREOHPDGHIRUPDFODUD\YHUD]VHKDQUHDOL]DGR
HQFXHVWDV\HVWXGLRVWDQWRVREUHHOFRQVXPRGHWDEDFRFRPRGHODH[SRVLFLyQ
DOKXPRDPELHQWDOGHWDEDFR
/D H[SHULHQFLD DGTXLULGD GXUDQWH HVWRV DxRV UHIUHQGD ODV PHGLGDV SDXWDGDV
SRUORVRUJDQLVPRVLQWHUQDFLRQDOHV+HPRVDSUHQGLGRTXHSDUDIUHQDUHVWDHSL
GHPLDVHUHTXLHUHXQÀUPHFRPSURPLVRSROtWLFR\ODSDUWLFLSDFLyQGHODVRFLH
GDGFLYLOTXHKD\TXHDSOLFDUSROtWLFDVHLQWHUYHQFLRQHVGHFRQWUROGHOWDEDFR
GHHÀFDFLDGHPRVWUDGDEDVDGDVHQGDWRVUHFRJLGRVHQHQFXHVWDVVLVWHPiWL
FDVFRQXQDULJXURVDYLJLODQFLDDÀQGHHYDOXDUVXLPSDFWR\TXHODVPHGLGDV
GHEHQDSOLFDUVHFRQXQDOWRQLYHOGHFREHUWXUDSRUTXHODDSOLFDFLyQSDUFLDO
VXHOHVHULQVXÀFLHQWHSDUDUHGXFLUHOFRQVXPRGHWDEDFRHQWUHODSREODFLyQ
&RQHOÀQGHHVWDEOHFHUXQRVREMHWLYRVDFRUWRSOD]RUHDOLVWDV\IDFWLEOHVVHSX
EOLFDHVWH3ODQGH3UHYHQFLyQ\&RQWUROGHO7DEDTXLVPRGH&DQWDEULD
FRQYHQFLGRVGHTXHODGLVPLQXFLyQGHOFRQVXPRGHWDEDFRHQQXHVWUD&RPX
QLGDGDxDGLUiDxRVGHYLGD\FDOLGDGGHYLGDDQXHVWURVFLXGDGDQRV
20
Bº@=G=G
89Û@5ÛG=HI57=B
57HI5@
$1É/,6,6'(/$6,78$&,Ð1$&78$/
3DUDDQDOL]DUODVLWXDFLyQWDQWRGHOFRQVXPRGHWDEDFRFRPRGHODH[SRVLFLyQ
DOKXPRDPELHQWDOGHWDEDFR+$7VHKDQXWLOL]DGRODVVLJXLHQWHVIXHQWHV
‡ (QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU(678'(6TXHDQDOL
]DHOFRQVXPRHQSREODFLyQHVFRODUGHDDxRV
‡ (QFXHVWD'RPLFLOLDULDVREUHOD,QFLGHQFLDGHO&RQVXPRGH'URJDV
('$'(6UHDOL]DGDHQSREODFLyQJHQHUDOGHDDxRV
7DQWROD'RPLFLOLDULDFRPROD(VFRODUVRQHQFXHVWDVUHDOL]DGDVSRUHO3ODQ1D
FLRQDO 6REUH 'URJDV DPEDV GH FDUiFWHU ELHQDO HQ DxRV DOWHUQDWLYRV FRQ HO
ÀQ GH REWHQHU LQIRUPDFLyQ VREUH HO FRQVXPR GH GURJDV WDQWR LOHJDOHV FRPR
OHJDOHV
(Q&DQWDEULDFRQODÀQDOLGDGGHSODQLÀFDU\HYDOXDUODVHVWUDWHJLDVDOOHYDUD
FDER OD &RQVHMHUtD GH 6DQLGDG \ 6HUYLFLRV 6RFLDOHV D WUDYpV GH OD 'LUHFFLyQ
*HQHUDOGH6DOXG3~EOLFDDXPHQWDODVPXHVWUDVGHHVWDVHQFXHVWDVSDUDTXH
ORVUHVXOWDGRVVHDQUHSUHVHQWDWLYRV
‡ (QFXHVWD6RFLDOGH&DQWDEULDTXHVHUHDOL]DHQSREODFLyQPD\RUGH
DxRV'HFODUDGDHVWDGtVWLFDRÀFLDOGH&DQWDEULDHQOD/H\GH&DQ
WDEULDGHGHQRYLHPEUHGHO3ODQ(VWDGtVWLFR
‡ (QFXHVWD(XURSHDGH6DOXGUHDOL]DGDHQSREODFLyQGH\
PiV DxRV (V XQD LQYHVWLJDFLyQ GH SHULRGLFLGDG TXLQTXHQDO FX\R
REMHWLYRSULQFLSDOHVREWHQHUGDWRVVREUHHOHVWDGRGHVDOXGORVHV
WLORVGHYLGD\ODXWLOL]DFLyQGHORVVHUYLFLRVVDQLWDULRVGHPDQHUDDU
PRQL]DGD\FRPSDUDEOHDQLYHOHXURSHR/D(QFXHVWD(XURSHDGH
6DOXGVHKDOOHYDGRDFDERHQSDtVHVGHOD8QLyQ(XURSHD(QHO
FDVRGH(VSDxDODKDUHDOL]DGRHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD
,1(HQYLUWXGGHO&RQYHQLRGH&RODERUDFLyQHVWDEOHFLGRHQWUHHO
,1(\HO0LQLVWHULRGH6DQLGDG3ROtWLFD6RFLDOH,JXDOGDG
‡ (VWXGLRGHRSLQLyQGHO'tD0XQGLDO6LQ7DEDFRUHDOL]DGRSRUOD&RQ
VHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHVGHO*RELHUQRGH&DQWDEULD
DSREODFLyQTXHDFXGHDFHQWURVVDQLWDULRVGHODUHJLyQ
‡ %DUyPHWUR 6DQLWDULR (VWXGLR GH RSLQLyQ TXH GHVGH UHDOL]D
FDGDDxRHO0LQLVWHULRGH6DQLGDG3ROtWLFD6RFLDOH,JXDOGDGPH
GLDQWHXQFRQYHQLRGHFRODERUDFLyQFRQHO&HQWURGH,QYHVWLJDFLR
QHV6RFLROyJLFDV>&,6@'HVGHHODxRVHSUHJXQWDSRUHOJUDGR
23
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
GHDFXHUGRFRQFXDWURDVSHFWRVGLUHFWDPHQWHUHODFLRQDGRVFRQ
OD/H\GHGHGLFLHPEUHGHPHGLGDVVDQLWDULDVIUHQWHDO
WDEDTXLVPR\UHJXODGRUDGHODYHQWDHOVXPLQLVWURHOFRQVXPR\OD
SXEOLFLGDGGHORVSURGXFWRVGHOWDEDFR
‡ %DVHGHGDWRVGHO&RPLVLRQDGRSDUDHO0HUFDGRGH7DEDFRVGHO
0LQLVWHULR GH +DFLHQGD \ $GPLQLVWUDFLRQHV 3~EOLFDV GHO *RELHUQR
GH(VSDxD
(OLQLFLR
(QHODxRHOGHORVHVWXGLDQWHVHQWUH\DxRVKDEtDQSUREDGR
HO WDEDFR KDELpQGRVH SURGXFLGR XQD GLVPLQXFLyQ SURJUHVLYD GHVGH HO DxR
HQTXHHOSRUFHQWDMHGHDGROHVFHQWHVGHHVWDHGDGTXHKDEtDQIXPDGR
DOJXQDYH]HUDGHO(VWDGLVPLQXFLyQWDPELpQVHKDSURGXFLGRHQHOSRU
FHQWDMHTXHKDFRQVXPLGRWDEDFRHQHO~OWLPRPHVFRQXQGHVFHQVRGHFDVL
SXQWRV\HQHOFRQVXPRGLDULRFRQXQGHVFHQVRGHSXQWRV*UiÀFD
$OJXQDYH]
ÔOWLPRVGtDV
'LDULR
*UiÀFD(YROXFLyQGHOFRQVXPRGHWDEDFR&DQWDEULD
(QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU
&RPRSRGHPRVREVHUYDUHQOD*UiÀFDHQORVWUHVWLSRVGHFRQVXPR&DQ
WDEULDSUHVHQWDSUHYDOHQFLDVDOJRVXSHULRUHVTXHDQLYHOQDFLRQDO
24
$1É/,6,6'(/$6,78$&,Ð1$&78$/
$OJXQDYH]
ÔOWLPRVGtDV
&DQWDEULD
'LDULR
(VSDxD
*UiÀFD &RQVXPRGHWDEDFR&DQWDEULD(VSDxD
(QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU
(OFRQVXPRDXPHQWDDPHGLGDTXHORKDFHODHGDGKDVWDORVDxRVHQTXH
VHDOFDQ]DQODVPi[LPDVSUHYDOHQFLDVSDUDODH[SHULPHQWDFLyQDOJXQDYH]\
HOFRQVXPRRFDVLRQDOPLHQWUDVTXHHQHOFDVRGHOFRQVXPRGLDULRODPi[LPD
SUHYDOHQFLDVHSURGXFHDORVDxRV7DEOD
(GDG
$OJXQDYH]
2FDVLRQDO
'LDULR
7DEOD3UHYDOHQFLDVGHFRQVXPRGHWDEDFRVHJ~QHGDG&DQWDEULD
(QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU
3RUVH[RODVFKLFDVHQHODxRDOLJXDOTXHHQSUHVHQWDQPD\RUHV
SUHYDOHQFLDV GH FRQVXPR TXH ORV FKLFRV DXQTXH ODV GLIHUHQFLDV HQWUH VH[RV
GLVPLQX\HQDPHGLGDTXHHOFRQVXPRVHKDFHPiVIUHFXHQWH*UiÀFD
25
$OJXQDYH] ÔOWLPRVGtDV
'LDULR
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
&KLFRV
&KLFDV
*UiÀFD&RQVXPRGHWDEDFRVHJ~QVH[R&DQWDEULD
(QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU
2WURGHORVIDFWRUHVTXHLQWURGXFHGLIHUHQFLDVHQFXDQWRDODVSUHYDOHQFLDVGH
FRQVXPRHVHOWLSRGHHVWXGLRV\ODWLWXODULGDGGHOFHQWURHQHOTXHHVWiPDWUL
FXODGRHODOXPQDGR(VWDVVRQVXSHULRUHVHQORVFHQWURVGHWLWXODULGDGS~EOLFD
\HQWUHHODOXPQDGRGHFLFORVIRUPDWLYRVGHJUDGRVXSHULRUTXHSUHVHQWDXQD
PD\RUSUHYDOHQFLDGHFRQVXPRHQORVWUHVLQGLFDGRUHV(ODOXPQDGRGH(62HV
HOTXHPXHVWUDXQDSUHYDOHQFLDPHQRU
/DHGDGPHGLDGHFRQVXPRGHWDEDFRSRUSULPHUDYH]HVGHDxRVHPSH
]DQGRODVFKLFDVXQSRFRPiVWDUGHDxRV(VWDHGDGVHKDLGRUHWUDVDQGR
GHVGHHODxRHQTXHHUDGHDxRV
(Q FXDQWR D OD HGDG GH LQLFLR HQ HO FRQVXPR GLDULR HV GH DxRV VLHQGR
LJXDO SDUD FKLFRV TXH SDUD FKLFDV KDELpQGRVH SURGXFLGR XQ SHTXHxR GHV
FHQVRGHVGHHODxRDxRV*UiÀFD
26
$1É/,6,6'(/$6,78$&,Ð1$&78$/
&RQVXPRSRUSULPHUDYH]
&RQVXPRGLDULR
*UiÀFD(GDGGHLQLFLRHQHOFRQVXPRGHWDEDFR&DQWDEULD
(QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU
6LDQDOL]DPRVFXDQGRVHSURGXFHHOFRQVXPRH[SHULPHQWDOHQSREODFLyQJH
QHUDOVHJ~QOD(QFXHVWD'RPLFLOLDULDVREUHOD,QFLGHQFLDGHO&RQVXPRGH'UR
JDVHQ&DQWDEULDHOSUXHEDHOWDEDFRHQWUHORV\ORVDxRV/D
FRQWLQXLGDGHQHOFRQVXPRHVHOHYDGD\DTXHVLJXHIXPDQGRHOGHORV
TXHORSUXHEDQ
8QDGHODVYDULDEOHVTXHLQÁX\HQHQHOKHFKRGHTXHORVMyYHQHVGHFLGDQIXPDU
RQRHVODDFWLWXGGHORVSDGUHVDQWHHOFRQVXPR6LDQDOL]DPRVODUHODFLyQHQ
WUHHOFRQVXPRGHWDEDFRDFWXDO\HOSHUPLVRSDWHUQRRPDWHUQRSDUDIXPDU
VHREVHUYDTXHKDIXPDGRHQORV~OWLPRVGtDVXQGHODOXPQDGRTXH
FXHQWDFRQSHUPLVRSDWHUQRSDUDIXPDUHQFXDOTXLHUVLWLR\HOGHTXLHQHV
ORWLHQHQGHVXPDGUH7DEOD
9HPRVTXHWDQWRHOSDGUHFRPRODPDGUHSUHVHQWDQSDWURQHVPX\SDUHFLGRV
DXQTXH KD\ XQD PD\RU SHUPLVLYLGDG SRU SDUWH GH ODV PDGUHV HQWUH TXLHQHV
FRQVXPHQ
27
0$'5(
3$'5(
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
1R
FRQVXPH
&RQVXPH
1RPHORSHUPLWHHQDEVROXWR
0HORSHUPLWHHQFXDOTXLHUVLWLR
0HORSHUPLWHSHURQRHQFDVD
1RPHORSHUPLWHHQDEVROXWR
0HORSHUPLWHHQFXDOTXLHUVLWLR
0HORSHUPLWHSHURQRHQFDVD
7DEOD &RQVXPR GH WDEDFR HQ ORV ~OWLPRV GtDV VHJ~Q HO SHUPLVR GH ORV SDGUHV SDUD IXPDU
&DQWDEULD
(QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU
$ODQDOL]DUVLH[LVWHRQRUHODFLyQHQWUHHOKHFKRGHTXHIXPHDOJXQDGHODVSHU
VRQDVFRQODVTXHFRQYLYHQORVHVWXGLDQWHV\HOFRQVXPRGHWDEDFRTXHHVWRV
SUHVHQWDQVHDGYLHUWHTXHFXDQGRFRQYLYHQFRQSHUVRQDVIXPDGRUDVHO
IXPDPLHQWUDVTXHVLQLQJXQDGHODVSHUVRQDVFRQODVTXHFRQYLYHQIXPDQVROR
IXPDHO7DEOD
1RFRQVXPH
&RQVXPH
1R
6t
9LYHVHQXQFHQWURHGXFDWLYR
9LYHVVRORD
7DEOD &RQVXPR GH WDEDFR HQ ORV ~OWLPRV GtDV VHJ~Q HO SHUPLVR GH ORV SDGUHV SDUD IXPDU
&DQWDEULD
(QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU
(OFRQVXPRGHWDEDFRTXHUHDOL]DHOJUXSRGHLJXDOHVHVRWUDLQÁXHQFLDLPSRU
WDQWH$VtHQWUHORVMyYHQHVFX\RVDPLJRVQRKDQIXPDGRHQORV~OWLPRVGtDV
RORKDQKHFKRVyORXQRVSRFRVHOQRIXPDDFWXDOPHQWHPLHQWUDVTXHHO
UHFRQRFHKDEHUIXPDGRHQHO~OWLPRPHV(VWHSRUFHQWDMHGHIXPDGRUHV
DVFLHQGHKDVWDHOHQWUHORVHVWXGLDQWHVFX\RVDPLJRVIXPDQFDVLWRGRVR
ODPD\RUtD7DEOD
1RFRQVXPH
&RQVXPH
1LQJXQRDOJXQRXQRVSRFRV
/DPD\RUtDFDVLWRGRV
7DEOD&RQVXPRGHWDEDFRHQORV~OWLPRVGtDVVHJ~QHOFRQVXPRGHWDEDFRGHORVDPLJRV
&DQWDEULD
(QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU
28
$1É/,6,6'(/$6,78$&,Ð1$&78$/
(OFRQVXPR
)UHFXHQFLD
(Q &DQWDEULD VHJ~Q GDWRV UHFRJLGRV SRU OD (QFXHVWD 6RFLDO HQ HO DxR IXPDEDDGLDULRHOGHODSREODFLyQXQPDQWHQtDXQFRQVXPRRFD
VLRQDO \ QXQFD KDEtD IXPDGR HO $O DQDOL]DU OD HYROXFLyQ GHVGH HO DxR
VHREVHUYDXQDXPHQWRGHOFRQVXPRGLDULRHQHODxRTXHVHKDLGR
UHGXFLHQGRHQDxRVSRVWHULRUHVPLHQWUDVTXHHOFRQVXPRRFDVLRQDOVHUHGXMR
KDVWDHODxRLQFUHPHQWiQGRVHHQ7DPELpQHVGHGHVWDFDUTXHHO
FRQWLQXR LQFUHPHQWR GH ODV SHUVRQDV TXH QXQFD KDEtDQ IXPDGR GD XQ JLUR
HQHODxRGLVPLQX\HQGRFDVLSXQWRVGHOHQHODOHQHO
*UiÀFD
1XQFDKDQIXPDGR
([IXPDGRUHV
&RQVXPRGLDULR
&RQVXPRRFDVLRQDO
*UiÀFD(YROXFLyQGHOFRQVXPRGHWDEDFR&DQWDEULD
(QFXHVWD6RFLDOGH&DQWDEULD
6LDQDOL]DPRVHVWRVUHVXOWDGRVSRUVH[RODSUHYDOHQFLDGHFRQVXPRGHWDEDFR
HVVXSHULRUHQYDURQHVTXHHQPXMHUHVSHURVHREVHUYDTXHHOGHVFHQVRHQHO
FRQVXPRVHSURGXFHIXQGDPHQWDOPHQWHSRUODGLVPLQXFLyQGHORVYDURQHVIX
PDGRUHV\DTXHHOFRQVXPRHQODVPXMHUHVKDGLVPLQXLGRPHQRVHQWUHORVDxRV
\DXPHQWDQGROLJHUDPHQWHHQ*UiÀFD
29
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
+RPEUHV
0XMHUHV
*UiÀFD(YROXFLyQGHOFRQVXPRGHWDEDFRVHJ~QVH[R&DQWDEULD
(QFXHVWD6RFLDOGH&DQWDEULD
(QFXDQWRDOFRQVXPRSRUJUXSRVGHHGDGODVPD\RUHVSUHYDOHQFLDVGHFRQVX
PRGLDULRVHSURGXFHQHQWUHORV\ORVDxRVGHVFHQGLHQGRSRVWHULRUPHQWH
GHPDQHUDLPSRUWDQWH*UiÀFD
DxRV
DDxRV
DDxRV
&RQVXPRRFDVLRQDO
DDxRV
DDxRV
&RQVXPRGLDULR
*UiÀFD&RQVXPRGHWDEDFRVHJ~QJUXSRVGHHGDG&DQWDEULD
(QFXHVWD6RFLDOGH&DQWDEULD
30
\PiV
$1É/,6,6'(/$6,78$&,Ð1$&78$/
,QWHQVLGDG
(QQXHVWUD&RPXQLGDGVHJ~QOD(QFXHVWD(XURSHDGH6DOXGHOGH
ORVIXPDGRUHVGLDULRVFRQVXPHQPHQRVGHFLJDUULOORVDOGtD\HOPiVGH
WDQWRPDQXIDFWXUDGRVFRPRHODERUDGRVFRQWDEDFRGHOLDUFRQXQDOLJHUD
WHQGHQFLDDFRQVXPLUXQPHQRUQ~PHURGHFLJDUULOORVODVPXMHUHV*UiÀFD
(QWUH\XQLGDGHV
(QWUH\XQLGDGHV
7RWDO
+RPEUHV
RPiVXQLGDGHV
0XMHUHV
*UiÀFD1~PHURGHFLJDUULOORVFRQVXPLGRVDOGtDSRUORVIXPDGRUHVGLDULRV&DQWDEULD
(QFXHVWD(XURSHDGH6DOXG
(QUHVXOWDGRVGHODHQFXHVWDQRGLVJUHJDGRVSRUFRPXQLGDGHVORVGDWRVUHYH
ODQTXHFXDQWRPD\RUHVHOQLYHOHGXFDWLYRPHQRUSURSRUFLyQGHIXPDGRUHV
FRQVXPHQSRUHQFLPDGHFLJDUULOORVDOGtD7DPELpQUHVXOWDGHVWDFDEOHTXH
IXPDQHOGHODVSHUVRQDVHQVLWXDFLyQGHGHVHPSOHRHOGHDTXHOODV
FRQXQDLQFDSDFLGDGODERUDO\HOGHTXLHQHVHVWiQWUDEDMDQGR'HHVWD
PDQHUDHOWDEDFRDJUDYDODVLWXDFLyQGHGHVLJXDOGDGGHPDQHUDLQPHGLDWD
SRUHOFRVWHGHOWDEDTXLVPRSXHVWRTXHHOGLQHURTXHVHJDVWDHQWDEDFRQR
VHHPSOHDHQQHFHVLGDGHVEiVLFDVFRPRODFRPLGDODHGXFDFLyQRODVDQL
GDG\SRUTXHTXLHQHVWLHQHQPHQRUQLYHOHGXFDWLYR\SHRUVLWXDFLyQODERUDO
DGHPiVWLHQHQPD\RUULHVJRGHHQIHUPDU\PRULUSUHPDWXUDPHQWH\DTXHIX
PDQHQPD\RUSURSRUFLyQ\PiVFDQWLGDG
31
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
(QFXDQWRDODHYROXFLyQTXHKDVXIULGRODLQWHQVLGDGGHOFRQVXPRHQORV~O
WLPRV DxRV HQ SREODFLyQ GH D DxRV VH KD SURGXFLGR XQD GLVPLQXFLyQ
GHODPHGLDGHOQ~PHURGHFLJDUULOORVIXPDGRVDOGtDHQUHVSHFWRD
DXQTXHVHSURGXMRXQDXPHQWRLPSRUWDQWHGHOFRQVXPRHQKRPEUHVHQHODxR
*UiÀFD
+RPEUHV
7RWDO
0XMHUHV
*UiÀFD(YROXFLyQGHOQ~PHURGHFLJDUULOORVIXPDGRVDOGtD&DQWDEULD
(QFXHVWD'RPLFLOLDULDVREUHOD,QFLGHQFLDGHO&RQVXPRGH'URJDV
8QDPHGLGDLQGLUHFWDGHODLQWHQVLGDGGHOFRQVXPRHVODVFLIUDVGHYHQWDVGH
WDEDFRTXHSXEOLFDHO&RPLVLRQDGRSDUDHO0HUFDGRGH7DEDFRVGHO0LQLVWH
ULRGH+DFLHQGD\$GPLQLVWUDFLRQHV3~EOLFDV
(Q&DQWDEULDHQWUH\VHKDSURGXFLGRXQDGLVPLQXFLyQHQODVYHQ
WDVGHFDMHWLOODVGHFLJDUULOORVGHO\HQDxRVVXFHVLYRV6HKD
FRQVWDWDGRPHGLDQWHHYLGHQFLDHPStULFDTXHH[LVWHVXVWLWXFLyQGHOFRQVXPR
GHFLJDUULOORVPDQXIDFWXUDGRVSRURWURVSURGXFWRVGHOWDEDFR/DYHQWDGHSL
FDGXUDGHOLDUKDDXPHQWDGRHQWUHHO\HOXQXQ\XQ
LQFOXVRDSHVDUGHODFULVLVHFRQyPLFD7DEOD
W\\\U
&LJDUULOORV
FDMHWLOODVGH
3LFDGXUDGHOLDU
EROVDVRODWDV
7DEOD (YROXFLyQGHODVYHQWDVGHWDEDFR(VSDxD
&RPLVLRQDGRSDUDHO0HUFDGRGH7DEDFRV
32
$1É/,6,6'(/$6,78$&,Ð1$&78$/
3RU RWUD SDUWH HQ QXHVWUD UHJLyQ ODV YHQWDV WUDQVIURQWHUL]DV VRQ XQ SUREOHPD
SRUHOGLIHUHQFLDOGHSUHFLRHVSHFLDOPHQWHFRQHO5HLQR8QLGR6HJ~QGDWRVGH
OD'LUHFFLyQ*HQHUDOGH9LJLODQFLD$GXDQHUDHQ(VSDxDHQHOHOGHO
WDEDFRYHQGLGRVHGHVWLQyDWXULVWDV\YLVLWDQWHV
(QSREODFLyQGHDDxRVHODÀUPDOOHYDUPiVGHXQPHVVLQIXPDU
XQSUHVHQWDXQDDEVWLQHQFLDSRUXQSHULRGRVXSHULRUDXQDxR\XQ
OOHYDPiVGHXQPHVSHURPHQRVGHXQDxRVLQIXPDU
/D SURSRUFLyQ GH ORV TXH OOHYDQ VLQ IXPDU PiV GH XQ DxR HV PD\RU HQWUH ORV
KRPEUHVTXHHQWUHODVPXMHUHVLJXDOPHQWHHVPD\RUHOSRUFHQWD
MHGHKRPEUHVTXHOOHYDQVLQIXPDUPiVGHXQPHVSHURPHQRVGHGRFH
IUHQWHD
6LWHQHPRVHQFXHQWDODHGDGHOSRUFHQWDMHGHTXLHQHVOOHYDQVLQIXPDUPiV
GHXQPHVSHURPHQRVGHXQDxRHVPD\RUHQWUHTXLHQHVWLHQHQHQWUH\
DxRVPLHQWUDVTXHHVPiVIUHFXHQWHOOHYDUXQDxRVLQIXPDUHQSREOD
FLyQHQWUH\DxRV
(OSRUFHQWDMHGHSHUVRQDVTXHKDQGHMDGRGHIXPDUHQQXHVWUD&RPXQLGDGVH
KDGXSOLFDGRGHODxRDOSDVDQGRGHODO*UiÀFD
*UiÀFD(YROXFLyQGHOSRUFHQWDMHGHH[IXPDGRUHV0iVGHDxRVLQIXPDU
&DQWDEULD
(QFXHVWD'RPLFLOLDULDVREUHOD,QFLGHQFLDGHO&RQVXPRGH'URJDV
0LHQWUDVTXHHQHODxRIXHVHPHMDQWHHOSRUFHQWDMHGHKRPEUHV\GHPX
MHUHVTXHGHMDURQGHIXPDU\HQDxRVSRVWHULRUHVORVKRPEUHVKDQ
GHMDGRGHIXPDUPiVTXHODVPXMHUHVVLHQGRHQHOGHORVKRPEUHV
IUHQWHDOGHODVPXMHUHV
33
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
/DH[SRVLFLyQDOKXPRDPELHQWDOGHWDEDFR
$OPHQRVXQGHODSREODFLyQGH&DQWDEULDHVWiH[SXHVWDDOKXPRDPELHQWDO
GHWDEDFR+$7\DVHDHQHOKRJDUHQPHGLRVGHWUDQVSRUWHRHQOXJDUHVS~EOL
FRVFHUUDGRVVHJ~QGDWRVGHOD(QFXHVWD(XURSHDGH6DOXG/DH[SRVLFLyQ
HQHOOXJDUGHWUDEDMRPXHVWUDFLIUDVPX\LQIHULRUHVDOUHGHGRUGHO(VWRHVGH
ELGRDOD/H\TXHSURKtEHIXPDUHQORVOXJDUHVGHWUDEDMRKDFLHQGRXQD
H[FHSFLyQFRQORVHVWDEOHFLPLHQWRVGHKRVWHOHUtD/RVUHVXOWDGRVGHODUHIRUPD
GHODOH\UHDOL]DGDHQHODxRXQRGHFX\RVÀQHVHVSURWHJHUODVDOXGGHORV
WUDEDMDGRUHVGHKRVWHOHUtDSUREDEOHPHQWHVHUHÁHMHQHQHQFXHVWDVSRVWHULRUHV
FRQXQDGLVPLQXFLyQD~QPD\RUGHODH[SRVLFLyQDO+$7HQORVOXJDUHVGHWUDEDMR
6LDQDOL]DPRVORVGDWRVSRUVH[RVHREVHUYDTXHHVWiQPiVH[SXHVWRVORVKRP
EUHVTXHODVPXMHUHVHQWRGRVORVOXJDUHV\HQWLHPSRGHH[SRVLFLyQ7DEOD
08-(5(6
+20%5(6
$0%266(;26
1XQFDR KRUD 'HD !KRUDV
FDVLQXQFD DOGtD KRUDVDOGtD
DOGtD
+RJDU
/XJDUGHWUDEDMR
+RJDU
7UDQVSRUWHV\OXJDUHV
S~EOLFRVFHUUDGRV
/XJDUGHWUDEDMR
+RJDU
7UDQVSRUWHV\OXJDUHV
S~EOLFRVFHUUDGRV
/XJDUGHWUDEDMR
7UDQVSRUWHV\OXJDUHV
S~EOLFRVFHUUDGRV
7DEOD([SRVLFLyQDO+XPR$PELHQWDOGH7DEDFR&DQWDEULD
(QFXHVWD(XURSHDGH6DOXG
$FWLWXGGHODSREODFLyQGH&DQWDEULDDQWHOD/H\
/D/H\GHGHGLFLHPEUHGHPHGLGDVVDQLWDULDVIUHQWHDOWDEDTXLVPR
\UHJXODGRUDGHODYHQWDHOVXPLQLVWURHOFRQVXPR\ODSXEOLFLGDGGHORVSUR
GXFWRVGHOWDEDFRKDWHQLGRGLVWLQWRVJUDGRVGHDFHSWDFLyQHQQXHVWUDUHJLyQ
6HJ~QHO%DUyPHWUR6DQLWDULRKDGLVPLQXLGRODSHUFHSFLyQTXHWLHQHODFLXGD
GDQtDGHTXHVHDXQDQRUPDWLYDUHVSHWDGDHQHOGHORVHQFXHVWD
34
$1É/,6,6'(/$6,78$&,Ð1$&78$/
GRVSHQVDEDTXHVHUHVSHWDEDODOH\GHVFHQGLHQGRDOHQHODxR
'HDFXHUGRFRQHVWDSHUFHSFLyQPLHQWUDVTXHHQHODxRVRODPHQWHXQ
RSLQDEDTXHKDEUtDTXHHQGXUHFHUODOH\HQHVWDFLIUDKDDVFHQGL
GRDO*UiÀFDV\
/DPD\RUtDGHORVIXPDGRUHVUHVSHWDOD/H\GHO7DEDFR
0XFKRREDVWDQWH
*UiÀFD9DORUDFLyQGHOD/H\&DQWDEULD
%DUyPHWUR6DQLWDULR
/RVQRIXPDGRUHVVXIUHQDKRUDPHQRVPROHVWLDVTXHDQWHVGHH[LVWLUOD/H\
0XFKRREDVWDQWH
*UiÀFD9DORUDFLyQGHOD/H\&DQWDEULD
%DUyPHWUR6DQLWDULR
35
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
&RQOD/H\GHO7DEDFRVHIXPDPHQRVHQWRGRVORVVLWLRV
0XFKRREDVWDQWH
*UiÀFD9DORUDFLyQGHOD/H\&DQWDEULD
%DUyPHWUR6DQLWDULR
+DEUtDTXHHQGXUHFHUPiVOD/H\
0XFKRREDVWDQWH
*UiÀFD9DORUDFLyQGHOD/H\&DQWDEULD
%DUyPHWUR6DQLWDULR
36
Š
5F7C
BCFA5H=JC
0$5&21250$7,92
(OPDUFROHJDOGHUHIHUHQFLDHQODVDFWXDFLRQHVGHVDUUROODGDVSDUDHOFRQWURO
GHOWDEDTXLVPRHQORVSDtVHVGHOD8QLyQ(XURSHD8(ORFRPSRQHQODVUHFR
PHQGDFLRQHVHVWUDWpJLFDVSURSXHVWDVSRUOD2UJDQL]DFLyQ0XQGLDOGHOD6DOXG
206\SRUODSURSLD8(DVtFRPRHOFRQMXQWRGHGLVSRVLFLRQHVOHJDOHVWDQWR
HXURSHDVFRPRQDFLRQDOHV\DXWRQyPLFDV
(Q OD  $VDPEOHD 0XQGLDO GH OD 6DOXG FHOHEUDGD HQ *LQHEUD HQ PD\R GH
ORV SDtVHV PLHPEURV GH OD 206 HQ DTXHO PRPHQWR DSUREDURQ SRU
XQDQLPLGDGHO&RQYHQLR0DUFRSDUDHO&RQWUROGHO7DEDFR&0&7)XHHOSUL
PHU WUDWDGR LQWHUQDFLRQDO GH 6DOXG 3~EOLFD SURPRYLGR SRU OD 206 \ VXSXVR
XQPRPHQWRKLVWyULFRHQODOXFKDFRQWUDHOWDEDTXLVPRVLHQGRHOSULPHULQV
WUXPHQWRMXUtGLFRGHVWLQDGRDUHGXFLUODPRUWDOLGDG\ODPRUELOLGDGDVRFLDGDV
DOFRQVXPRGHWDEDFRHQWRGRHOPXQGR(QWUyHQYLJRUHOGHIHEUHURGH
FRQYLUWLpQGRVHHQOH\LQWHUQDFLRQDOYLQFXODQWHSDUDVXV3DUWHV&RQWUDWDQ
WHVHVWDQGRREOLJDGDVDDSOLFDUPHGLGDVGHFRQWUROGHOWDEDFRFRQIRUPHDODV
GLVSRVLFLRQHVGHOFRQYHQLR
$IHFKDGHSXEOLFDFLyQGHHVWH3ODQKDQUDWLÀFDGRHO&0&7SDtVHV(VSD
xDORÀUPyHOGHMXQLRGH\ORUDWLÀFyHOGHGLFLHPEUHGH
/DVSDUWHVFODYHGHOWH[WRVRQ
‡ 5HFRQRFHTXHODVPHGLGDVUHODFLRQDGDVFRQHODXPHQWRGHSUHFLRV
HLPSXHVWRVVRQXQPHFDQLVPRLPSRUWDQWHSDUDUHGXFLUHOFRQVXPR
GHWDEDFRVREUHWRGRHQODMXYHQWXG
‡ ([LJHTXHHOSHURSUHIHULEOHPHQWHHOGHODVXSHUÀFLHH[SXHV
WDHQORVHQYDVHVGHORVSURGXFWRVGHOWDEDFRHVWpRFXSDGDSRUDG
YHUWHQFLDVVDQLWDULDVFODUDVHQIRUPDGHWH[WRLPiJHQHVRFRPELQD
FLRQHV
‡ 3URKtEHXVDUWpUPLQRVFRQIXVRVTXHGHQODIDOVDLPSUHVLyQGHVHUPH
QRVQRFLYRVTXHRWURVOLJHURVXDYHEDMRHQDOTXLWUiQHWF
‡ 3LGHTXHVHKDJDQSURJUHVRVHQODGLUHFFLyQGHODSURKLELFLyQWRWDOGH
ODSXEOLFLGDGVREUHWDEDFR
‡ ([LJH TXH ORV SDtVHV SURPXHYDQ SURJUDPDV TXH D\XGHQ D TXLHQHV
IXPDQDGHMDUHOFRQVXPR\SURJUDPDVGHHGXFDFLyQTXHHYLWHQHO
LQLFLR
‡ 3URKtEHODYHQWDGHSURGXFWRVGHWDEDFRDPHQRUHV\OLPLWDODH[SR
VLFLyQGHODVSHUVRQDVDOKXPRDMHQR
‡ 6ROLFLWDDODV3DUWHVTXHSURSRUFLRQHQDSR\RÀQDQFLHURDORVSURJUD
PDVGHFRQWUROGHOWDEDFR
39
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
$GHPiVGHOÀUPHDSR\RDODVSROtWLFDVGHOD206OD8(SURPXHYHDFFLRQHV
GHSURWHFFLyQGHODVDOXG\FRQWUROGHOWDEDTXLVPRPHGLDQWHODSURPXOJDFLyQ
GH'LUHFWLYDV\5HFRPHQGDFLRQHVFX\DLQWHQFLyQHVSURPRYHUDYDQFHVQRU
PDWLYRV \ OHJLVODWLYRV HQWUH VXV PLHPEURV /DV PiV VLJQLÀFDWLYDV VH GHWDOODQ D
FRQWLQXDFLyQ
'LUHFWLYD8(GHOD&RPLVLyQGHGHPDU]RGHSRUODTXHVHPRGL
ÀFDHODQH[R,GHOD'LUHFWLYD&(GHO3DUODPHQWR(XURSHR\GHO&RQVH
MRUHODWLYDDODDSUR[LPDFLyQGHODVGLVSRVLFLRQHVOHJDOHVUHJODPHQWDULDV\DG
PLQLVWUDWLYDVGHORV(VWDGRVPLHPEURVHQPDWHULDGHIDEULFDFLyQSUHVHQWDFLyQ
\YHQWDGHORVSURGXFWRVGHOWDEDFR
'LUHFWLYD8(GHO&RQVHMRGHGHMXQLRGHUHODWLYDDODHVWUXFWX
UD\ORVWLSRVGHOLPSXHVWRHVSHFLDOTXHJUDYDODVODERUHVGHOWDEDFR
'LUHFWLYD 8( GHO &RQVHMR GH GH IHEUHUR GH SRU OD TXH VH
PRGLÀFDQODV'LUHFWLYDV&((&((\&(HQORUHIHUHQWHDOD
HVWUXFWXUD\DORVWLSRVGHOLPSXHVWRHVSHFLDOTXHJUDYDODVODERUHVGHOWDEDFR
\OD'LUHFWLYD&(
5HFRPHQGDFLyQGHO&RQVHMRGHGHQRYLHPEUHGHVREUHORVHQWRUQRVOL
EUHVGHKXPR/ODPDDORV(VWDGRVPLHPEURVDDFWXDUHQWUHVIUHQWHVSULQFLSDOHV
‡ $GRSWDUHLPSOHPHQWDUOH\HVTXHSURWHMDQWRWDOPHQWHDVXVFLXGDGD
QRVGHODH[SRVLFLyQDOKXPRGHWDEDFRHQOXJDUHVS~EOLFRVFHUUDGRV
OXJDUHVGHWUDEDMR\WUDQVSRUWHVS~EOLFRVGHDFXHUGRFRQHODUWtFXOR
GHO&0&7HQHOSOD]RGHWUHVDxRVGHODDGRSFLyQGHODUHFRPHQGD
FLyQ
‡ 0HMRUDU ODV OH\HV GH HVSDFLRV VLQ KXPR GH WDEDFR FRQ PHGLGDV GH
SURWHFFLyQGHODLQIDQFLDDOHQWDQGRHODEDQGRQRGHOFRQVXPRGH
WDEDFR\XWLOL]DQGRODVDGYHUWHQFLDVVDQLWDULDVHQLPiJHQHVHQORVSD
TXHWHVGHWDEDFR
‡ 5HIRU]DUODFRRSHUDFLyQDQLYHOGHOD8(FUHDQGRXQDUHGSDUDHOFRQ
WUROGHOWDEDFR
'LUHFWLYD&(GHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHGLFLHP
EUH GH TXH PRGLÀFD OD 'LUHFWLYD &(( VREUH OD FRRUGLQDFLyQ GH
GHWHUPLQDGDVGLVSRVLFLRQHVOHJDOHVUHJODPHQWDULDV\DGPLQLVWUDWLYDVGHORV(V
WDGRV PLHPEURV UHODWLYDV DO HMHUFLFLR GH DFWLYLGDGHV GH UDGLRGLIXVLyQ WHOHYLVL
YD (VWD GLUHFWLYD H[WLHQGH ODV SURKLELFLRQHV DQWHULRUHV D WRGDV ODV IRUPDV GH
FRPXQLFDFLyQDXGLRYLVXDOGHXVRFRPHUFLDOLQFOX\HQGRHOHPSOD]DPLHQWRGH
SURGXFWR
40
0$5&21250$7,92
'HFLVLyQGHOD&RPLVLyQGH,9SRUODTXHVHPRGLÀFDOD'HFLVLyQ&
ÀQDOGHOD&RPLVLyQGHGHPD\RGHVREUHODELEOLRWHFDGHGR
FXPHQWRVIXHQWHVHOHFFLRQDGRVTXHFRQWLHQHQIRWRJUDItDVXRWUDVLOXVWUDFLRQHV
SDUDFDGDXQDGHODVDGYHUWHQFLDVDGLFLRQDOHVHQXPHUDGDVHQHODQH[R,GH
OD'LUHFWLYD&(GHO3DUODPHQWR(XURSHR\GHO&RQVHMR
'HFLVLyQGHOD&RPLVLyQ&(GHGHVHSWLHPEUHGHVREUHHOXVR
GHIRWRJUDItDVHQFRORUXRWUDVLOXVWUDFLRQHVFRPRDGYHUWHQFLDVVDQLWDULDVHQORV
HQYDVHVGHWDEDFR
'LUHFWLYD&(GHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHPD\R
GHUHODWLYDDODDSUR[LPDFLyQGHODVGLVSRVLFLRQHVOHJDOHVUHJODPHQWDULDV
\DGPLQLVWUDWLYDVGHORV(VWDGRVPLHPEURVHQPDWHULDGHSXEOLFLGDG\GHSDWUR
FLQLRGHORVSURGXFWRVGHOWDEDFR
'LUHFWLYD&(GHO3DUODPHQWR(XURSHR\GHO&RQVHMRGHGHMXQLRGH
UHODWLYDDODDSUR[LPDFLyQGHODVGLVSRVLFLRQHVOHJDOHVUHJODPHQWDULDV\
DGPLQLVWUDWLYDVGHORV(VWDGRVPLHPEURVHQPDWHULDGHIDEULFDFLyQSUHVHQWD
FLyQ\YHQWDGHORVSURGXFWRVGHOWDEDFR
(QFXDQWRDOPDUFROHJDOYLJHQWHDFWXDOPHQWHHQ(VSDxDOD&RQVWLWXFLyQ(V
SDxROD HQ VX $UWtFXOR UHFRQRFH HO GHUHFKR D OD SURWHFFLyQ GH OD VDOXG
HVWDEOHFLHQGRFRPRFRPSHWHQFLDGHORVSRGHUHVS~EOLFRVODRUJDQL]DFLyQ\
WXWHOD GH OD VDOXG S~EOLFD D WUDYpV GH PHGLGDV SUHYHQWLYDV \ GH ORV VHUYLFLRV
QHFHVDULRV/DOHJLVODFLyQQDFLRQDOHQPDWHULDGHWDEDFRHV
5HDO'HFUHWROH\GHGHVHSWLHPEUHGHPHGLGDVFRPSOHPHQWDULDV
HQPDWHULDGHSROtWLFDVGHHPSOHR\GHUHJXODFLyQGHOUpJLPHQGHDFWLYLGDG
GH ODV )XHU]DV \ &XHUSRV GH 6HJXULGDG GHO (VWDGR 'LVSRVLFLyQ $GLFLRQDO 6H
JXQGD6HLQFOX\HODDFWLYLGDGGHYHQWDGHWDEDFRSDUDWRGDVODVWLHQGDVGH
FRQYHQLHQFLD
/H\GHGHGLFLHPEUHSRUODTXHVHPRGLÀFDOD/H\GH
GHGLFLHPEUHGHPHGLGDVVDQLWDULDVIUHQWHDOWDEDTXLVPR\UHJXODGRUDGHOD
YHQWDHOVXPLQLVWURHOFRQVXPR\ODSXEOLFLGDGGHORVSURGXFWRVGHOWDEDFR(Q
YLJRUGHVGHHOGHHQHURGHO
5HDO'HFUHWRGHGHPD\RSRUHOTXHVHPRGLÀFDHO5HDO'HFUHWR
GHGHRFWXEUHSRUHOTXHVHUHJXODQORVFRQWHQLGRVPi[LPRVGH
QLFRWLQDDOTXLWUiQ\PRQy[LGRGHFDUERQRGHORVFLJDUULOORVHOHWLTXHWDGRGH
ORVSURGXFWRVGHOWDEDFRDVtFRPRODVPHGLGDVUHODWLYDVDLQJUHGLHQWHV\GH
QRPLQDFLRQHVGHORVSURGXFWRVGHOWDEDFR\ODFRUUHFFLyQGHHUURUHVGHO5HDO
'HFUHWRGHGHPD\R
41
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
/H\GHGHPDU]RGHUHIRUPDGHOD/H\GHGHHQHURGH2U
GHQDFLyQGHO&RPHUFLR0LQRULVWD'LVSRVLFLyQ)LQDO7HUFHUD(QHOODVHPRGLÀFD
ODXELFDFLyQGHODVPiTXLQDVH[SHQGHGRUDVGHWDEDFR
5HDO'HFUHWRGHGHHQHURSRUHOTXHVHGHURJDOD'LVSRVLFLyQWUDQ
VLWRULD TXLQWD GH OD /H\ SRU HQWHQGHU TXH OD H[FHSFLyQ UHVSHFWR DO
SDWURFLQLRLQFOXLGDHQHVWD'LVSRVLFLyQLPSLGHDMXVWDUVHDOFRQWHQLGRGHOD'L
UHFWLYD&(FRQVWLWX\HQGRHVWHKHFKRXQDLQIUDFFLyQ
5HVROXFLyQGHGHVHSWLHPEUHGHGHO&RPLVLRQDGRSDUDHO0HUFDGRGH
7DEDFRVUHIHULGDDORVPHFDQLVPRVWpFQLFRVDGHFXDGRVSDUDJDUDQWL]DUTXH
ODV PiTXLQDV H[SHQGHGRUDV GH WDEDFR HQ HO PHUFDGR LPSLGDQ HO DFFHVR D
PHQRUHVWDOFRPRHVWDEOHFHHODUWtFXORGHOD/H\
5HDO'HFUHWRGHGHIHEUHURSRUHOTXHVHPRGLÀFDOD/H\
SHUPLWLHQGRODXELFDFLyQGHPiTXLQDVH[SHQGHGRUDVGHSURGXFWRVGHOWDED
FRHQHOLQWHULRUGHTXLRVFRVXELFDGRVHQODYtDS~EOLFD
5HVROXFLyQGHGHGLFLHPEUHGHGHOD6HFUHWDUtD*HQHUDOSDUDOD$GPL
QLVWUDFLyQ3~EOLFDSRUODTXHVHGLFWDQLQVWUXFFLRQHVHQUHODFLyQFRQODDSOLFD
FLyQHQORVFHQWURVGHWUDEDMRGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR\GHORV
2UJDQLVPRV3~EOLFRVGHSHQGLHQWHVRYLQFXODGRVGHOD/H\
/H\GHGHGLFLHPEUHGHPHGLGDVVDQLWDULDVIUHQWHDOWDEDTXLVPR
\UHJXODGRUDGHODYHQWDHOVXPLQLVWURHOFRQVXPR\ODSXEOLFLGDGGHORVSUR
GXFWRVGHWDEDFRTXHWLHQHSRUREMHWRSURPRYHUORVPHFDQLVPRVQHFHVDULRV
SDUDODSUHYHQFLyQ\HOFRQWUROGHOWDEDTXLVPRDGHPiVGHHVWDEOHFHUODVOLPL
WDFLRQHVVLHPSUHTXHVHWUDWHGHRSHUDFLRQHVDOSRUPHQRUHQODYHQWDVXPL
QLVWUR\FRQVXPRGHORVSURGXFWRVGHOWDEDFRDVtFRPRUHJXODUODSXEOLFLGDG
ODSURPRFLyQ\HOSDWURFLQLRGHGLFKRVSURGXFWRVSDUDSURWHJHUODVDOXGGHOD
SREODFLyQ
2UGHQ6&2GHGHHQHURSRUODTXHVHGHVDUUROODQORVDUWtFXORV\
GHO5HDO'HFUHWRGHGHRFWXEUHSRUHOTXHVHUHJXODQORVFRQWH
QLGRVPi[LPRVGHQLFRWLQDDOTXLWUiQ\PRQy[LGRGHFDUERQRGHORVFLJDUULOORV
HO HWLTXHWDGR GH ORV SURGXFWRV GH WDEDFR DVt FRPR ODV PHGLGDV UHODWLYDV D
LQJUHGLHQWHV\GHQRPLQDFLRQHVGHORVSURGXFWRVGHOWDEDFR
5HDO'HFUHWRGHGHPD\RSRUHOTXHVHFUHDOD&RPLVLyQ,QWHUVHF
WRULDOGH'LUHFFLyQ\HO&RPLWp(MHFXWLYRSDUDHOGHVDUUROORGHO3ODQ1DFLRQDOGH
3UHYHQFLyQ\&RQWUROGHO7DEDTXLVPR
42
0$5&21250$7,92
5HDO'HFUHWRGHGHRFWXEUHSRUHOTXHVHUHJXODQORVFRQWHQLGRV
Pi[LPRVGHQLFRWLQDDOTXLWUiQ\PRQy[LGRGHFDUERQRGHORVFLJDUULOORVHOHWL
TXHWDGRGHORVSURGXFWRVGHOWDEDFRDVtFRPRODVPHGLGDVUHODWLYDVDLQJUH
GLHQWHV\GHQRPLQDFLRQHVGHORVSURGXFWRVGHOWDEDFR(VXQDDGDSWDFLyQGH
QXHVWUDOHJLVODFLyQDOD'LUHFWLYD&(
5HDO'HFUHWRGHGHMXOLRSRUHOTXHVHPRGLÀFDHO5HDO'HFUHWR
GHGHPDU]RVREUHOLPLWDFLRQHVHQODYHQWD\XVRGHOWDEDFRSDUD
SURWHFFLyQGHODVDOXGGHODSREODFLyQ
5HDO'HFUHWRGHGHMXOLRSRUHOTXHVHGHVDUUROODOD/H\
GHGHPD\RGH2UGHQDFLyQGHO0HUFDGRGH7DEDFRV\1RUPDWLYD7ULEXWDULD
\VHUHJXODHO(VWDWXWR&RQFHVLRQDOGHOD5HGGH([SHQGHGXUtDVGH7DEDFR\
7LPEUH
/H\GHGHMXQLRGHPRGLÀFDFLyQGHOD/H\GHGHMXOLRSRU
ODTXHVHLQFRUSRUDDO2UGHQDPLHQWR-XUtGLFR(VSDxROOD'LUHFWLYD&((
VREUHODFRRUGLQDFLyQGHGLVSRVLFLRQHVOHJDOHVUHJODPHQWDULDV\DGPLQLVWUDWLYDV
GHORV(VWDGRVPLHPEURVUHODWLYDVDOHMHUFLFLRGHDFWLYLGDGHVGHUDGLRGLIXVLyQ
WHOHYLVLYD
5HDO'HFUHWRGHGHGLFLHPEUHSRUHOTXHVHDSUXHEDHO(VWDWXWR
GHO2UJDQLVPR$XWyQRPR&RPLVLRQDGRSDUDHO0HUFDGRGH7DEDFRV
/H\GHGHPD\RGH2UGHQDFLyQGHO0HUFDGRGH7DEDFRV\1RUPD
WLYD7ULEXWDULD
/H\GHGHMXOLRGHUDGLRGLIXVLyQWHOHYLVLYDSRUODTXHVHLQFRUSRUD
OD'LUHFWLYD&(((QVXDUWtFXORVHSURKtEHODSXEOLFLGDGSRUWHOHYLVLyQ
GH FXDOTXLHU IRUPD GLUHFWD R LQGLUHFWD GH FLJDUULOORV \ GHPiV SURGXFWRV GHO
WDEDFR
5HDO'HFUHWRGHGHMXQLRVREUHHWLTXHWDGRGHSURGXFWRVGHOWD
EDFRGLVWLQWRVGHORVFLJDUULOORV\SRUHOTXHVHSURKtEHGHWHUPLQDGRVWDEDFRV
GHXVRRUDO\VHDFWXDOL]DHOUpJLPHQVDQFLRQDGRUHQPDWHULDGHWDEDFR
5HDO'HFUHWRGHGHPD\RSRUHOTXHVHUHJXODHOHWLTXHWDGRGH
ORVSURGXFWRVGHOWDEDFR\VHHVWDEOHFHQGHWHUPLQDGDVOLPLWDFLRQHVHQDHUR
QDYHVFRPHUFLDOHV
5HDO'HFUHWRGHGHPDU]RVREUHOLPLWDFLRQHVHQODYHQWD\XVRGHO
WDEDFRSDUDSURWHFFLyQGHODVDOXGGHODSREODFLyQ
43
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
/H\GHGHQRYLHPEUH*HQHUDOGH3XEOLFLGDG(VWDEOHFHHQVXDUWt
FXORODSURKLELFLyQGHSXEOLFLGDGGHWDEDFRSRUPHGLRGHODWHOHYLVLyQ\HQ
DTXHOORVOXJDUHVGRQGHHVWiSURKLELGDVXYHQWDRFRQVXPR
/H\GHGHDEULO*HQHUDOGH6DQLGDGTXHHQVXDUWtFXORGHFODUD
DOWDEDFRVXVWDQFLDQRFLYDSDUDODVDOXGGHODVSHUVRQDV
(QFXDQWRDOD&RPXQLGDG$XWyQRPDGH&DQWDEULDODOHJLVODFLyQHQPDWHULD
GHWDEDFRHVODVLJXLHQWH
2UGHQ6$1GHGHHQHURSRUODTXHVHHVWDEOHFHQODVFDUDFWHUtVWLFDV
\FRQGLFLRQHVGHORVFDUWHOHVLQIRUPDWLYRVHQUHODFLyQFRQODYHQWDHOVXPLQLV
WURHOFRQVXPR\ODSXEOLFLGDGGHORVSURGXFWRVGHOWDEDFR
/H\GH&DQWDEULDGHGHGLFLHPEUHGH0HGLGDV$GPLQLVWUDWLYDV\)LV
FDOHVTXHHQDUWtFXORPRGLÀFDOD/H\GH&DQWDEULDGHGHRFWXEUH
GH3UHYHQFLyQ$VLVWHQFLDH,QFRUSRUDFLyQ6RFLDOHQ0DWHULDGH'URJRGHSHQ
GHQFLDV
/H\GH&DQWDEULDGHGHRFWXEUHGH3UHYHQFLyQ$VLVWHQFLDH,QFRU
SRUDFLyQ6RFLDOHQ0DWHULDGH'URJRGHSHQGHQFLDV(QHOODVHHVWDEOHFHQOLPL
WDFLRQHVDODSXEOLFLGDG\SURPRFLyQGHORVSURGXFWRVGHWDEDFRODYHQWD\
HOFRQVXPR
44
‡
ÀB95G
H
HF5BGJ9FG5@9G
/Ì1($675$169(56$/(6
(O3ODQGH3UHYHQFLyQ\&RQWUROGHO7DEDTXLVPRFRQVLGHUDFLQFROt
QHDV GH DSOLFDFLyQ WUDQVYHUVDO OD ,QWHUGLVFLSOLQDULHGDG OD 6XSHUDFLyQ GH ODV
'HVLJXDOGDGHVOD(ÀFLHQFLD\6RVWHQLELOLGDGGHOD$WHQFLyQDO7DEDTXLVPROD
&RRUGLQDFLyQ\OD(YDOXDFLyQ&RQWLQXDTXHWHQGUiQFDELGDHQFDGDiUHDGH
DFWXDFLyQLPSUHJQDQGRDVtODWRWDOLGDGGHO3ODQ
,QWHUGLVFLSOLQDULHGDG
(OWDEDTXLVPRQRHVXQFRQMXQWRGHSUREOHPDVFRQP~OWLSOHVDERUGDMHVVLQRXQ
SUREOHPDFRQSRVLELOLGDGGHVHUDERUGDGRGHVGHGLVWLQWDVGLVFLSOLQDVFRPSOH
PHQWDULDV
3RU HOOR HVWH 3ODQ SUHWHQGH TXH WRGRV ORV FROHFWLYRV SURIHVLRQDOHV LPSOLFDGRV
D~QHQHVIXHU]RVFRQHOÀQGHFRQVHJXLUXQDERUGDMHJOREDOLQWHJUDGRSRUODV
DSRUWDFLRQHV GH FDGD GLVFLSOLQD FRPSDUWLHQGR HO WUDEDMR GH FDGD iPELWR
SURIHVLRQDOPDQWHQLHQGRXQDDFWLWXGGHUHVSHWRKDFLDODVWDUHDVGHFDGDXQR
\SRWHQFLDQGRODLQFRUSRUDFLyQGHSURIHVLRQDOHVTXHWLHQHQHVFDVDSUHVHQFLD
HQHOVLVWHPDVDQLWDULRS~EOLFR
(OJDUDQWL]DUHVWDDFFLyQFRQMXQWDLQWHJUDGD\PXOWLGLUHFFLRQDOGHQXPHURVRV
SURIHVLRQDOHV VDQLWDULRV HQ FRODERUDFLyQ FRQ RWUDV IXHU]DV VRFLDOHV \ SRWHQ
FLDQGR OD SDUWLFLSDFLyQ GH OD FRPXQLGDG WLHQH FRPR REMHWLYR FRQVHJXLU XQ
FDPELRVRFLDOFRQUHVSHFWRDOWDEDTXLVPR
(O 3ODQ DUWLFXOD ODV GLVWLQWDV LQWHUYHQFLRQHV SDUD TXH QR VH SURGX]FDQ FRQWUD
GLFFLRQHVRGXSOLFLGDGHVLQQHFHVDULDVHQODFRQVHFXFLyQGHORVREMHWLYRVQR
ROYLGDQGRODQHFHVLGDGGHFRQVHQVXDUODVOtQHDVGHDFWXDFLyQHQWUHORVFROD
ERUDGRUHV GH WDO PDQHUD TXH VHD FXDO VHD OD GLVFLSOLQD GHO SURIHVLRQDO TXH
LQWHUYHQJDH[LVWDKRPRJHQHLGDGGHSODQWHDPLHQWRVFRQUHVSHWRDOPRGRGH
DFWXDUGHFDGDSDUWHLPSOLFDGDFODULÀFDQGRIXQFLRQHV\UHVSRQVDELOLGDGHVHQ
ODUHDOL]DFLyQGHORVGLVWLQWRVSUR\HFWRV
6XSHUDFLyQGHODVGHVLJXDOGDGHV
(O WDEDTXLVPR LQFUHPHQWD ODV GHVLJXDOGDGHV VRFLDOHV HQ VDOXG 'LYHUVRV HVWX
GLRVPXHVWUDQTXHDFWXDOPHQWHODVWDVDVGHDEDQGRQRGHOFRQVXPRGHWDED
FRVRQPiVDOWDVHQORVJUXSRVVRFLRHFRQyPLFRVPiVIDYRUHFLGRV7DPELpQOD
WDVDGHLQLFLRDOFRQVXPRGHWDEDFRHQODDGROHVFHQFLDSUHVHQWDXQPDUFDGR
47
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
JUDGLHQWHVRFLDOWDQWRHQKRPEUHVFRPRHQPXMHUHV\DTXHODSUHYDOHQFLDGHO
WDEDTXLVPRPiVDOWDVHHQFXHQWUDHQORVLQGLYLGXRVFRQPHQRUQLYHOGHHVWX
GLRV\ODPiVEDMDHQDTXHOORVFRQHVWXGLRVXQLYHUVLWDULRV/RVGDWRVGLVSRQLEOHV
HQHVWHVHQWLGRLQGLFDQTXHVLODSUREDELOLGDGGHDEDQGRQRGHOWDEDTXLVPRVLQ
D\XGDHVEDMDHQODSREODFLyQIXPDGRUDHQJHQHUDOGHMDUGHIXPDUHVPiV
GLItFLOSDUDDTXHOODVSHUVRQDVTXHYLYHQHQFRQGLFLRQHVHFRQyPLFDVDGYHUVDV
\R TXH WLHQHQ TXH KDFHU IUHQWH D DFRQWHFLPLHQWRV HVWUHVDQWHV 7DPELpQ VH
KDQREVHUYDGRPD\RUHVQLYHOHVGHGHSHQGHQFLDGHODQLFRWLQDHQHVWRVJUXSRV
GH SREODFLyQ 3RU HMHPSOR VHJ~Q OD (QFXHVWD (XURSHD GH 6DOXG HQ (VSDxD
HOGHODVSHUVRQDVTXHHVWDEDQWUDEDMDQGRHUDQH[IXPDGRUDV\VROR
HOGHDTXHOODVHQVLWXDFLyQGHGHVHPSOHR
/DUHOHYDQFLDGHHVWHKHFKRUDGLFDHQODFRQWULEXFLyQGHOWDEDTXLVPRDODX
PHQWR GH ODV GHVLJXDOGDGHV HQ VDOXG GHELGR D TXH HO FRQVXPR GH WDEDFR
LQFUHPHQWD VLJQLÀFDWLYDPHQWH HO ULHVJR GH SDGHFHU P~OWLSOHV HQIHUPHGDGHV
(VWHDXPHQWRWDQWRHQODLQFLGHQFLDGHODVHQIHUPHGDGHVFRPRGHODPRUWD
OLGDGSUHPDWXUDUHODFLRQDGDFRQHOWDEDFRHVDOJRTXH\DVHKDSURGXFLGR
HQKRPEUHV\WRGDVODVHYLGHQFLDVVHxDODQDTXHHQXQSOD]RFRUWRGHWLHPSR
WDPELpQORKDUiHQPXMHUHV
/RVHVWXGLRVHVWiQDSRUWDQGRFRQWLQXDPHQWHGDWRVTXHUHIXHU]DQHOKHFKRGH
TXHHOWDEDTXLVPRLQFUHPHQWDODVGHVLJXDOGDGHVGHJpQHURHQVDOXG3UHVHQWD
FDUDFWHUtVWLFDVHVSHFtÀFDVTXHKDQGHWRPDUVHHQFXHQWDHQODSUHYHQFLyQ\
HQODDVLVWHQFLDSDUDGHMDUGHIXPDU/DVPXMHUHVSXHGHQUHTXHULUXQDERUGDMH
HVSHFtÀFRTXHWHQJDHQFXHQWDGHIRUPDGLIHUHQFLDGDVXVQHFHVLGDGHV\H[
SHFWDWLYDV
2WURGHORVFROHFWLYRVFRQFDUDFWHUtVWLFDVVRFLRVDQLWDULDVHVSHFLDOPHQWHYXOQH
UDEOHV HV HO GH ODV SHUVRQDV FRQ GLVFDSDFLGDG WLHQHQ SHRU VDOXG UHVXOWDGRV
DFDGpPLFRVPiVEDMRVSDUWLFLSDQPHQRVHQODHFRQRPtD\UHJLVWUDQWDVDVGH
SREUH]DPiVDOWDVTXHODVSHUVRQDVVLQGLVFDSDFLGDG3RUHOORHO3ODQSUHWHQGH
DVHJXUDUVXLQFOXVLyQHQWRGDVODViUHDVGHDFWXDFLyQDGDSWDQGRODVDFWLYLGD
GHVDODVGLVWLQWDVQHFHVLGDGHVQRVRORSDUDIRPHQWDUVXVDOXGVLQRSDUDSURPR
YHUVXSDUWLFLSDFLyQVRFLDO
(ÀFLHQFLD\VRVWHQLELOLGDGGHODDWHQFLyQ
DOWDEDTXLVPR
/DVEDVHVGHODDVLVWHQFLDHQWDEDTXLVPRKDQVLGRHVWDEOHFLGDVHQ&DQWDEULD
HQ ORV ~OWLPRV DxRV HQ HO QLYHO GH $WHQFLyQ 3ULPDULD WDQWR HQ ORV FHQWURV GH
48
/Ì1($675$169(56$/(6
VDOXGFRPRHQOD8QLGDGGH'HVKDELWXDFLyQ7DEiTXLFD$KRUDHVQHFHVDULR
GHVDUUROODUHOWUDWDPLHQWRGHOIXPDGRUHQ$WHQFLyQ(VSHFLDOL]DGDIXQGDPHQ
WDOPHQWHGXUDQWHHOLQJUHVRKRVSLWDODULRSRUVXDOWRFRVWHHIHFWLYLGDGPDQWH
QLHQGRODRIHUWDDVLVWHQFLDOH[LVWHQWHWDQWRHQFXDQWRDODFRQVHFXFLyQGHRE
MHWLYRVFRPRHQVXFRQWLQXLGDG3DUDHOORHQWUHRWUDVFXHVWLRQHVHVQHFHVDULR
PHMRUDUODFRRUGLQDFLyQHQWUHQLYHOHVDVLVWHQFLDOHVDGHFXDUORVWUDWDPLHQWRVD
ORVUHVXOWDGRVGHODHYDOXDFLyQ\GHVDUUROODUSODQHVGHIRUPDFLyQFRQWLQXDGD
DFUHGLWDGDGLULJLGDDORVSURIHVLRQDOHVGHODVDOXG
&RRUGLQDFLyQ
(ODERUGDMHGHODHSLGHPLDWDEiTXLFDUHTXLHUHXQFRPSURPLVRSROtWLFRÀUPH
TXHUHVSDOGHPHGLGDVPXOWLVHFWRULDOHVLQWHJUDOHVTXHJHQHUHQUHVSXHVWDVFRRU
GLQDGDV
'HVGHHVWDSHUVSHFWLYDOD'LUHFFLyQ*HQHUDOGH6DOXG3~EOLFDGHOD&RQVHMHUtD
GH6DQLGDG\6HUYLFLRV6RFLDOHVGHO*RELHUQRGH&DQWDEULDKDHODERUDGRHVWH
3ODQGH3UHYHQFLyQ\&RQWUROGHO7DEDTXLVPRWHQLHQGRHQFXHQWDODVDSRUWD
FLRQHVUHDOL]DGDVSRUGLIHUHQWHVVHFWRUHV\GDQGRFDELGDDWRGDVODVUHFRPHQ
GDFLRQHV\FRQWULEXFLRQHVGHORVPLHPEURVGHO&RQVHMR$VHVRUHQ0DWHULDGH
'URJRGHSHQGHQFLDVHOFXDODJOXWLQDDUHVSRQVDEOHVGHGLVWLQWRViPELWRVGHOD
$GPLQLVWUDFLyQS~EOLFDJHQHUDO\ORFDO&ROHJLRV3URIHVLRQDOHV2UJDQL]DFLRQHV
1R*XEHUQDPHQWDOHV21*DVRFLDFLRQHVVLQGLFDOHVHPSUHVDULDOHVYHFLQDOHV
\GHFRQVXPLGRUHV
&RQHVWH3ODQVHSUHWHQGHSURPRYHU\SRWHQFLDUODSDUWLFLSDFLyQGHODVGLVWLQWDV
LQVWLWXFLRQHV\HQWLGDGHVGH&DQWDEULDLQYROXFUDGDVHQODSUHYHQFLyQ\FRQWURO
GHO WDEDTXLVPR SUHVWDQGR HVSHFLDO DSR\R D OD LPSOLFDFLyQ GH OD SREODFLyQ
JHQHUDO7HQLHQGRHQFXHQWDHVWDSUHWHQVLyQHO3ODQDFRPHWHVXVREMHWLYRVUHV
SHFWRDOWDEDTXLVPRVXVWHQWiQGRVHHQHOSLODUGHFRQFHUWDUHVIXHU]RVSDUDXQD
DFFLyQFRP~QTXHPHMRUHODVLQWHUYHQFLRQHVOOHYDGDVDFDERSRUODWRWDOLGDG
GHDJHQWHVS~EOLFRV\SULYDGRV\RSWLPLFHHODSURYHFKDPLHQWRGHORVUHFXUVRV
KXPDQRV\PDWHULDOHVH[LVWHQWHV
3DUDVXFRUUHFWRGHVDUUROOROD&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHVDERJD
SRUXQDFRRUGLQDFLyQGHFDUiFWHUWUDQVYHUVDOQRVRORLQWHUQDVLQRWDPELpQHQ
WUHODV&RPXQLGDGHV$XWyQRPDVLQWHUFDPELDQGRLQIRUPDFLyQ\H[SHULHQFLDV
SDUDXQDPHMRUDGHODHÀFDFLDGHODVDFWXDFLRQHV
49
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
(YDOXDFLyQFRQWLQXD
/DHYDOXDFLyQFRQWLQXDHVXQSURFHVRTXHVHOOHYDUiDFDERGXUDQWHODHMH
FXFLyQ GHO 3ODQ 6X SURSyVLWR EiVLFR HV DSRUWDU LQIRUPDFLyQ SDUD PHMRUDU OD
HÀFDFLDGHODVDFWXDFLRQHVHQUHODFLyQFRQHOORJURGHORVREMHWLYRVPDUFDGRV
FRQ XQD DGHFXDGD XWLOL]DFLyQ GH ORV PHGLRV SUHYLVWRV SDUD VX UHDOL]DFLyQ (O
3ODQFRQWHPSODHVWDHYDOXDFLyQFRPRXQSURFHVRHVHQFLDOSDUDH[DPLQDUORV
DYDQFHVGHORVSURJUDPDVPHMRUDUVXFDOLGDGDGRSWDUSURSXHVWDVGHPRGLÀ
FDFLyQSDUDFRUUHJLUHUURUHVSRWHQFLDUDFWXDFLRQHVTXHSURGX]FDQHOPD\RU
LPSDFWRDOPtQLPRFRVWH\SUHSDUDUODVHYDOXDFLRQHVLQWHUPHGLDV\ÀQDOHV
50
F95G
89Û57HI57=B
É5($6'($&78$&,Ð1
/RVREMHWLYRVJHQHUDOHVGHHVWH3ODQVRQ
‡ 'LVPLQXLUODSUHYDOHQFLDGHWDEDTXLVPRHQOD&RPXQLGDG$XWyQRPD
GH&DQWDEULD
‡ 3URWHJHUDODSREODFLyQGHODH[SRVLFLyQDO+XPR$PELHQWDOGH7DED
FR+$7
3DUDDOFDQ]DUORVPLVPRVVHKDQHVWUXFWXUDGRODVDFWXDFLRQHVHQFLQFRiUHDV
EiVLFDV3UHYHQFLyQ+XPR$PELHQWDOGH7DEDFR$ERUGDMHGHO&RQVXPRGH
7DEDFR)RUPDFLyQH,QYHVWLJDFLyQFDGDXQDGHHOODVFRQXQFRQMXQWRGHRE
MHWLYRVDFWXDFLRQHVHLQGLFDGRUHVTXHSHUPLWHQVXVHJXLPLHQWR\HYDOXDFLyQ
3UHYHQFLyQ
(OFRQVXPRGHWDEDFRHVXQDHSLGHPLDSHGLiWULFDWDQWRDQLYHOPXQGLDOFRPR
HQQXHVWURSDtV/DPD\RUtDGHORVFRQVXPLGRUHVVHLQLFLDQGXUDQWHODDGROHV
FHQFLDRMXYHQWXG6HJ~QODVHQFXHVWDVUHDOL]DGDVHQ&DQWDEULDODPD\RUtDGH
ORVTXHDOJXQDYH]KDQIXPDGRWDQWRKRPEUHVFRPRPXMHUHVVHLQLFLDQDQWHV
GHORVDxRV\ODSUiFWLFDWRWDOLGDGDQWHVGHORVDxRV$GH
PiVHOFRQVXPRRFDVLRQDOSDVDDVHUGLDULRGXUDQWHHVWHSHUtRGR3RUORWDQWR
FRQVHJXLUTXHQRVHIXPHGXUDQWHHVWRVDxRVOOHYDUtDDXQHQRUPHGHVFHQVRHQ
ODSUHYDOHQFLDGHIXPDGRUHV
'HFDGDWUHVMyYHQHVIXPDGRUHVVRORXQRGHMDUiGHIXPDU\XQRGHORVTXH
FRQWLQ~DQIXPDQGRPRULUiSRUFDXVDVUHODFLRQDGDVFRQHOWDEDFR/DPD\RUtD
GHHVWDVSHUVRQDVMyYHQHVQXQFDFRQVLGHUDURQODVFRQVHFXHQFLDVDODUJRSOD]R
VREUHODVDOXGDVRFLDGDVDOWDEDFRFXDQGRHPSH]DURQDIXPDU(VGHGHVWD
FDUTXHPLHQWUDVHOGHORVHVWXGLDQWHVFRQVLGHUDTXHIXPDUXQSDTXHWH
GLDULRGHWDEDFRSXHGHRFDVLRQDUEDVWDQWHVRPXFKRVSUREOHPDVHVWRVRORHV
DVtHQHOFXDQGRVHWUDWDGHFRQVXPRRFDVLRQDODSHVDUGHTXHODHYL
GHQFLDFLHQWtÀFDKDHVWDEOHFLGRTXHQRKD\QLQJ~QQLYHOGHFRQVXPRVHJXUR
(OLQIRUPH´3UHYHQWLQJ7REDFFR8VH$PRQJ<RXWKDQG<RXQJ$GXOWV$5HSRUW
RIWKH6XUJHRQ*HQHUDOµ3UHYHQLUHOFRQVXPRGHWDEDFRHQWUHODMXYHQ
WXG\DGXOWRVMyYHQHV8QLQIRUPHGHO&LUXMDQR*HQHUDOSXEOLFDGRHQORV
(VWDGRV8QLGRVHVWDEOHFHTXHHOWDEDTXLVPRHQORVMyYHQHV\DGXOWRVMyYHQHV
FDXVD GDxRV WDQWR LQPHGLDWRV FRPR D ODUJR SOD]R 8QR GH ORV HIHFWRV HQ OD
VDOXGPiVJUDYHHVODDGLFFLyQDODQLFRWLQD&XDQWRPiVMRYHQVHHPSLH]DD
IXPDU PD\RU HV OD SUREDELOLGDG GH VHU GHSHQGLHQWH \D TXH ORV MyYHQHV VRQ
53
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
PiVVHQVLEOHVTXHORVDGXOWRVDODQLFRWLQD7UHVGHFDGDFXDWURDGROHVFHQWHV
IXPDGRUHVFRQWLQ~DQIXPDQGRHQODHGDGDGXOWDDXQTXHWUDWHQGHGHMDUGH
IXPDUGHVSXpVGHXQRVSRFRVDxRV/DFHVDFLyQFRQVWLWX\HXQGHVDItRHQSDU
WLFXODUODFHVDFLyQWHPSUDQD(Q&DQWDEULDVHJ~QOD(QFXHVWD(VFRODUHO
GHORVMyYHQHVIXPDGRUHVDFWXDOHVVHKDSODQWHDGRHQDOJ~QPRPHQWR
GHMDUGHIXPDUFLIUDVXSHULRUDODGHODHQFXHVWDDQWHULRU'HHOORVHO
ORKDQLQWHQWDGRUHDOPHQWH([LVWHQGLIHUHQFLDVHQWUHFKLFRV\FKLFDV\D
TXHHOGHODVFKLFDVVHORKDSODQWHDGRIUHQWHDOGHORVFKLFRV(Q
FXDQWRDODHGDGORVTXHPiVVHKDQSODQWHDGRGHMDUGHIXPDUVRQORVTXH
WLHQHQDxRV
/DDGLFFLyQDODQLFRWLQDHQORVMyYHQHVSXHGHOOHYDUDFRQVHFXHQFLDVJUDYHV
HQODVDOXG
‡ (QODPD\RUtDGHORVIXPDGRUHVMyYHQHVVHREVHUYDQGDxRVFDUGLRYDV
FXODUHVWHPSUDQRV\TXLHQHVVRQPiVVHQVLEOHVDORVHIHFWRVPXHUHQ
PX\MyYHQHV
‡ )XPDUUHGXFHHOIXQFLRQDPLHQWRSXOPRQDU\UHWDUGDVXGHVDUUROOR/RV
DGROHVFHQWHVTXHIXPDQQRVRORWLHQHQGLÀFXOWDGSDUDUHVSLUDUHQOD
DFWXDOLGDGVLQRTXHOOHJDUiQDDGXOWRVFRQSXOPRQHVTXHQRVHKD
EUiQGHVDUUROODGRQLDOFDQ]DGRVXFDSDFLGDGWRWDO(VHGDxRHVSHU
PDQHQWH\DXPHQWDHOULHVJRGHHQIHUPHGDGSXOPRQDUREVWUXFWLYD
FUyQLFD
‡ 0XFKDV GH ODV HQIHUPHGDGHV D ODUJR SOD]R DVRFLDGDV FRQ HO FRQ
VXPRGHWDEDFRFRPRHOFiQFHUGHSXOPyQVRQPiVSUREDEOHVHQ
DTXHOORV TXH HPSLH]DQ D IXPDU D HGDG WHPSUDQD 'ROO DQG 3HWR
3HWR86'++6
/RVDGROHVFHQWHVVRQYXOQHUDEOHVDODVLQÁXHQFLDVVRFLDOHV\DPELHQWDOHVSDUD
TXHFRQVXPDQWDEDFR\HVWiQH[SXHVWRVFRQVWDQWHPHQWHDPHQVDMHVHLPi
JHQHVTXHKDFHQHOFRQVXPRGHWDEDFRDWUDFWLYRSDUDHOORV
‡ 4XLHUHQVHUDFHSWDGRVSRUVXVFRPSDxHURV/DVLPiJHQHVGHODSX
EOLFLGDGGHOWDEDFRKDFHQTXHHOFRQVXPRGHWDEDFRVHYHDFRPR
DOJRDWUDFWLYRSDUDHVWHJUXSRGHHGDGXQRGHORVPRWLYRVSRUORV
TXHODSXEOLFLGDGHVWiSURKLELGDHQQXHVWURSDtV
‡ 2EVHUYDQDSHUVRQDVTXHIXPDQHQVXFtUFXORVRFLDOHQODVSHOtFXODV
HQORVYLGHRMXHJRVRHQODVSiJLQDVGH,QWHUQHW&RQIUHFXHQFLDIX
PDUVHPXHVWUDFRPRXQDQRUPDVRFLDO\ORVMyYHQHVH[SXHVWRVDHVDV
LPiJHQHVWLHQHQPiVSUREDELOLGDGGHIXPDU&DEHVHxDODUODLPSRU
54
É5($6'($&78$&,Ð1
WDQFLDGHOSDSHOPRGpOLFRGHORVSURIHVLRQDOHVGRFHQWHV\VDQLWDULRV
HQ VX ODERU HGXFDWLYD GH VHQVLELOL]DFLyQ FRQFLHQFLDFLyQ \ SUHYHQ
FLyQIRPHQWDQGRPRGRVGHYLGDVLQWDEDFR
‡ 6HLGHQWLÀFDQFRQFRPSDxHURVTXHYHQFRPROtGHUHVVRFLDOHV\SXH
GHQLPLWDUVXFRPSRUWDPLHQWRDTXHOORVTXHWLHQHQDPLJRVRKHUPD
QRV TXH IXPDQ WLHQHQ PiV SUREDELOLGDG GH IXPDU (Q &DQWDEULD HO
SRUFHQWDMHGHIXPDGRUHVDVFLHQGHKDVWDHOHQWUHORVHVWXGLDQ
WHVFX\RVDPLJRVIXPDQFDVLWRGRVRODPD\RUtDPLHQWUDVTXHHQWUH
ORV MyYHQHV FX\RV DPLJRV QR KDQ IXPDGR HQ ORV ~OWLPRV GtDV R OR
KDQKHFKRVyORXQRVSRFRVHOQRIXPDDFWXDOPHQWH\VyORHO
UHFRQRFHKDEHUIXPDGRHQHO~OWLPRPHV
‡ &XDQGR HVWiQ H[SXHVWRV D LPiJHQHV GH SHUVRQDV IXPDQGR HQ OD
SDQWDOODWLHQHQPiVSUREDELOLGDGGHIXPDUVLORVFRPSDUDPRVFRQORV
TXHWLHQHQXQDH[SRVLFLyQPHQRU/DVLPiJHQHVGHSHUVRQDVIXPDQ
GRHQODVSHOtFXODVKDQGLVPLQXLGRHQOD~OWLPDGpFDGDVLQHPEDUJR
HQ HO FDVL XQ WHUFLR GH ODV SHOtFXODV PiV WDTXLOOHUDV GLULJLGDV D
QLxRVFRQWHQtDQLPiJHQHVGHSHUVRQDVIXPDQGR
‡ (Q(VSDxDGHVGHODHQWUDGDHQYLJRUGHOD/H\VHSURKtEH
YHQGHURHQWUHJDUDSHUVRQDVPHQRUHVGHGLHFLRFKRDxRVSURGXFWRV
GHOWDEDFRDVtFRPRFXDOTXLHURWURSURGXFWRTXHOHLPLWHHLQGX]FD
DIXPDU6LQHPEDUJRVHJ~QOD(QFXHVWD(VFRODUHOGHORV
MyYHQHVGHDDxRVSLHQVDTXHVHUtDIiFLORPX\IiFLOFRQVHJXLU
WDEDFR SRUFHQWDMH TXH KD DXPHQWDGR GHVGH HO DxR HQ TXH
HUDXQ(VWHDXPHQWRGHODGLVSRQLELOLGDGSHUFLELGDGHPDQGD
WDQWRJDUDQWL]DUHOFXPSOLPLHQWRGHODQRUPDWLYDFRPRVHQVLELOL]DUD
ODSREODFLyQDGXOWDSDUDTXHQRSURSRUFLRQHWDEDFRDORVPHQRUHV
$QWHODVHYLGHQFLDVDQWHULRUHVORVSURJUDPDVLQWHJUDOHVVRVWHQLEOHV\PXOWLFRP
SRQHQWHSXHGHQUHGXFLUODSUHYDOHQFLDGHWDEDTXLVPRHQORVMyYHQHV
‡ (VWRVSURJUDPDVSUHYLHQHQTXHORVMyYHQHVHPSLHFHQDFRQVXPLUWD
EDFR\VXFRVWHHVWiPiVTXHMXVWLÀFDGRSRUODVYLGDVTXHVDOYDQ\HO
GLQHURTXHVHDKRUUDHQDWHQFLyQPpGLFD
‡ (QWUHODVHVWUDWHJLDVTXHFRPSRQHQORVSURJUDPDVLQWHJUDOHVGHFRQ
WUROGHOWDEDTXLVPRTXHVRQHÀFDFHVHVWiQFDPSDxDVPDVLYDVHQORV
PHGLRVGHFRPXQLFDFLyQSUHFLRVPiVDOWRVSDUDORVSURGXFWRVGHOWD
EDFROH\HV\SROtWLFDVSURJUDPDVHVFRODUHVEDVDGRVHQODHYLGHQFLD
\HVIXHU]RVVRVWHQLEOHVGHDPSOLRDOFDQFHHQODFRPXQLGDG
55
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
‡ /RVSURJUDPDVLQWHJUDOHVGHFRQWUROGHOWDEDTXLVPRVRQPiVHÀFDFHV
VLVXÀQDQFLDFLyQVHPDQWLHQH\DTXHHQDTXHOORVOXJDUHVHQTXHVH
KDYLVWRGLVPLQXLGDODHÀFDFLDGHODVLQWHUYHQFLRQHVWDPELpQKDGLV
PLQXLGR
2EMHWLYRJHQHUDO
‡ 3RWHQFLDUODSUHYHQFLyQGHOWDEDTXLVPRPHGLDQWHODSURPRFLyQGH
HVWLORVGHYLGDVDOXGDEOHV
2EMHWLYRVHVSHFtÀFRV
‡ 5HWUDVDUODHGDGPHGLDGHLQLFLRGHFRQVXPRGHWDEDFR
‡ 5HWUDVDUODHGDGPHGLDGHLQLFLRDOFRQVXPRGLDULR
‡ 'LVPLQXLUHOSRUFHQWDMHGHMyYHQHVTXHSUXHEDQHOWDEDFR
‡ 'LVPLQXLUHOSRUFHQWDMHGHSHUVRQDVTXHLQLFLDQXQFRQVXPRGLDULRGH
WDEDFR
‡ 6HQVLELOL]DUDODFRPXQLGDGHGXFDWLYDGHVXLPSRUWDQFLDHQHODERU
GDMHGHOWDEDTXLVPR
‡ 3URPRYHUHQWUHODMXYHQWXGHORFLRVLQWDEDFR
‡ 6HQVLELOL]DUDORVDGXOWRVVREUHODLPSRUWDQFLDGHQRSURSRUFLRQDUWD
EDFRDPHQRUHV
$FWXDFLRQHV
‡ 2UJDQL]DU\GHVDUUROODUSURJUDPDVSUHYHQWLYRVGLULJLGRVDODOXPQDGR
GH3ULPDULD
‡ 2UJDQL]DU\GHVDUUROODUSURJUDPDVSUHYHQWLYRVGLULJLGRVDODOXPQDGR
GH6HFXQGDULD
‡ 2UJDQL]DU\GHVDUUROODUSURJUDPDVGHSUHYHQFLyQGLULJLGRVDODVIDPL
OLDV
56
É5($6'($&78$&,Ð1
‡ 3URPRYHU OD FHOHEUDFLyQ GHO 'tD 0XQGLDO 6LQ 7DEDFR HQ HO iPELWR
HGXFDWLYR
‡ 5HDOL]DUDFXHUGRV\FRQYHQLRVHQWUHODVLQVWLWXFLRQHV\RUJDQL]DFLRQHV
UHJLRQDOHVTXHIDFLOLWHQHOGHVDUUROOR\ODH[WHQVLyQGHORVSURJUDPDV
GHSUHYHQFLyQ
‡ 5HVSRQGHUDODVGHPDQGDVGHLQIRUPDFLyQ\IRUPDFLyQUHDOL]DGDVSRU
DVRFLDFLRQHVMXYHQLOHV
‡ 'HVDUUROODUFDPSDxDVGHVHQVLELOL]DFLyQGHRFLRVLQWDEDFRGLULJLGDVD
ODMXYHQWXG
‡ 5HDOL]DUDFWLYLGDGHVGHVHQVLELOL]DFLyQSDUDSDGUHV\PDGUHVFRRUGL
QDGDVFRQODV$03$\$\XQWDPLHQWRV
‡ 2UJDQL]DU DFWLYLGDGHV SDUD SURPRYHU HQ ORV DGXOWRV OD LPSRUWDQFLD
GHQRSURSRUFLRQDUWDEDFRDORVPHQRUHV
‡ 'HVDUUROODU HQ ODV 2ÀFLQDV GH )DUPDFLD FDPSDxDV GH LQIRUPDFLyQ
VHQVLELOL]DFLyQ\SUHYHQFLyQGHOWDEDTXLVPRGLULJLGDVDODSREODFLyQ
JHQHUDO
+XPRDPELHQWDOGHWDEDFR
/RVHIHFWRVSHUMXGLFLDOHVGHOKXPRGHWDEDFRQRVHOLPLWDQDOIXPDGRU&DGD
DxRPLOHVGHSHUVRQDVQRIXPDGRUDVPXHUHQSRUHQIHUPHGDGHVFDUGLDFDV\
FiQFHUGHSXOPyQ\FLHQWRVGHPLOHVGHQLxRVSDGHFHQLQIHFFLRQHVUHVSLUDWR
ULDVSRUH[SRVLFLyQDKXPRDPELHQWDOGHWDEDFR+$7
(O+$7FRQWLHQHPiVGHVXVWDQFLDVTXtPLFDVLQFOXLGRVPiVGHFLQFXHQWD
FDUFLQyJHQRVFRQRFLGRV\PXFKRVDJHQWHVWy[LFRV/DLQYHVWLJDFLyQQRKDGHV
FXELHUWRQLQJ~QQLYHOGHH[SRVLFLyQFDUHQWHGHSHOLJUR
8Q HVWXGLR UHDOL]DGR SRU HO &HQWUR ,QWHUQDFLRQDO GH ,QYHVWLJDFLRQHV VREUH HO
&iQFHUGHOD206KDGHPRVWUDGRTXHHOULHVJRGHGHVDUUROODUFiQFHUGHSXO
PyQHVHQWUHXQ\XQVXSHULRUHQORVQRIXPDGRUHVTXHYLYHQFRQXQ
IXPDGRU\HQWUHXQ\XQPD\RUHQODVSHUVRQDVTXHUHFLEHQHOKXPR
DMHQRHQHOOXJDUGHWUDEDMR7DPELpQH[LVWHUHODFLyQHQWUHODH[SRVLFLyQDO+$7
\RWURVWLSRVGHFiQFHU
57
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
(OULHVJRGHFDUGLRSDWtDFRURQDULDHVHQWUHXQ\XQPD\RUHQORVQR
IXPDGRUHVTXHYLYHQFRQXQIXPDGRU$GHPiVXQFUHFLHQWHQ~PHURGHGDWRV
SDUHFHLQGLFDUODH[LVWHQFLDGHXQYtQFXORFDXVDOHQWUHHOWDEDTXLVPRSDVLYR\
ORVDFFLGHQWHVFHUHEURYDVFXODUHVHQORVQRIXPDGRUHV
(OWDEDTXLVPRSDVLYRHVWiUHODFLRQDGRFRQODVHQIHUPHGDGHVUHVSLUDWRULDV\HV
XQLPSRUWDQWHHOHPHQWRH[DFHUEDQWHSDUDODVSHUVRQDVDVPiWLFDVFRQDOHU
JLDV\HQIHUPHGDGSXOPRQDUREVWUXFWLYDFUyQLFD8QDHQFXHVWDHXURSHDUHD
OL]DGDUHFLHQWHPHQWHFRQSHUVRQDVTXHSUHVHQWDQVtQWRPDVDVPiWLFRVDJXGRV
KDGHPRVWUDGRTXHXQRGHORVSULQFLSDOHVGHVHRVGHORVHQFXHVWDGRVHUDSR
GHUUHVSLUDUXQDLUHVDQR
/DVLQYHVWLJDFLRQHVPiVUHFLHQWHVLQGLFDQTXHODH[SRVLFLyQDO+$7FDVLGXSOLFD
HOULHVJRGHGHVDUUROORGHGHJHQHUDFLyQPDFXODUDVRFLDGDFRQODHGDGSULQFL
SDOFDXVDGHSpUGLGDGHYLVLyQHQOD8QLyQ(XURSHD8(
/DH[SRVLFLyQDOKXPRDPELHQWDOGHWDEDFRHVHVSHFLDOPHQWHSHOLJURVDSDUD
QLxRV\EHEpVHVWDQGRUHODFLRQDGDFRQODPXHUWHV~ELWDGHOODFWDQWHODQHX
PRQtDODEURQTXLWLVHODVPD\VtQWRPDVUHVSLUDWRULRVDVtFRPRFRQHQIHUPHGD
GHVGHORtGRPHGLR(QODVHPEDUD]DGDVODH[SRVLFLyQDO+$7SXHGHSURYRFDU
EDMRSHVRGHOUHFLpQQDFLGRPXHUWHIHWDORSDUWRSUHPDWXUR
/DPD\RUtDGHORVHIHFWRVQHJDWLYRVSDUDODVDOXGGHODH[SRVLFLyQDO+$7VH
FDUDFWHUL]DQSRUXQDUHODFLyQOLQHDOHQWUHGRVLV\UHVSXHVWD(QRWUDVSDODEUDV
HOULHVJRDXPHQWDSURSRUFLRQDOPHQWHFRQODH[SRVLFLyQ&RQUHVSHFWRDOWD
EDTXLVPR DFWLYRHOQLYHO GHULHVJRLQGLYLGXDO HVPHQRVHOHYDGR IUHQWHD
SDUDHOFiQFHUGHSXOPyQSRUHMHPSOR1RREVWDQWHGDGRTXHPXFKDV
SHUVRQDVHVWiQH[SXHVWDVODFDUJDGHODHQIHUPHGDGHVVXVWDQFLDO
6LQHPEDUJRHQHOFDVRGHODVFDUGLRSDWtDVODUHODFLyQGRVLVUHVSXHVWDQRHV
OLQHDO(OULHVJRGHHQIHUPHGDGGHOFRUD]yQSRUHOKXPRDMHQRFDVLDOFDQ]DHO
GHOULHVJRSDUDXQIXPDGRUTXHFRQVXPHYHLQWHFLJDUULOORVGLDULRV,QFOXVR
HVFDVDVFDQWLGDGHVGHKXPRGHWDEDFRSXHGHQWHQHUHIHFWRVLQPHGLDWRVHQ
ODFRDJXODFLyQ\IRUPDFLyQGHWURPERV\HIHFWRVDODUJRSOD]RHQHOGHVDUUROOR
GHDUWHULRVFOHURVLVIDFWRUHVLPSRUWDQWHVSDUDODVFDUGLRSDWtDV(VWRWLHQHFRQ
VHFXHQFLDV FRQVLGHUDEOHV ODV HQIHUPHGDGHV FRURQDULDV FRQVWLWX\HQ OD FDXVD
PiVIUHFXHQWHGHPRUWDOLGDGHQOD8QLyQ(XURSHD
6HJ~QODVHVWLPDFLRQHVPiVUHFLHQWHVGHOD6RFLHGDG5HVSLUDWRULD(XURSHDHO
&DQFHU5HVHDUFKGHO5HLQR8QLGR\HO,QVWLWXW1DWLRQDOGX&DQFHUGH)UDQFLDHO
WDEDTXLVPRSDVLYRPDWDFRPRPtQLPRDDGXOWRVFDGDDxRHQORVYHLQ
WLFLQFRSDtVHVGHOD8(SRUH[SRVLFLyQHQHOWUDEDMR\HQHOKRJDU
58
É5($6'($&78$&,Ð1
(VWDVHVWLPDFLRQHVLQFOX\HQODVPXHUWHVSRUFDUGLRSDWtDVDFFLGHQWHVFHUHEUR
YDVFXODUHVFiQFHUGHSXOPyQ\GHWHUPLQDGDVHQIHUPHGDGHVUHVSLUDWRULDV1R
REVWDQWHQRLQFOX\HQODVPXHUWHVGHDGXOWRVSRURWUDVHQIHUPHGDGHVGHULYDGDV
GHODH[SRVLFLyQDO+$7FRPRODVQHXPRQtDVODVPXHUWHVLQIDQWLOHVQLODLPSRU
WDQWHPRUELOLGDGDJXGD\FUyQLFDFDXVDGDSRUHOWDEDTXLVPRSDVLYRWDQWR
HQWUHIXPDGRUHVFRPRHQWUHQRIXPDGRUHV
(Q(VSDxDFRQODHQWUDGDHQYLJRUGHOD/H\\VXPRGLÀFDFLyQPHGLDQ
WHOD/H\ODSREODFLyQHVWiSURWHJLGDGHOKXPRDPELHQWDOGHWDEDFR
HQORVFHQWURVGHWUDEDMR\HQORVOXJDUHVS~EOLFRVFHUUDGRV(VWDQRUPDWLYDQR
VyOR SURWHJH D ORV FLXGDGDQRV FRQWUD ORV HIHFWRV QRFLYRV GH OD H[SRVLFLyQ DO
+$7VLQRTXHWDPELpQD\XGDDUHGXFLUHOFRQVXPRGHWDEDFR$QLYHOGHVDOXG
ODGLVPLQXFLyQGHOWDEDTXLVPRSDVLYR\DFWLYRFRQGXFHDXQDUHGXFFLyQGH
ODVHQIHUPHGDGHV\GHODPRUWDOLGDGDFDXVDGHGHWHUPLQDGDVHQIHUPHGDGHV
LPSRUWDQWHV HQ SDUWLFXODU HO FiQFHU GH SXOPyQ ODV FDUGLRSDWtDV FRURQDULDV
ODVHQIHUPHGDGHVUHVSLUDWRULDV\ORVDFFLGHQWHVFHUHEURYDVFXODUHV\DXPHQWD
OD HVSHUDQ]D GH YLGD $XQTXH ORV HIHFWRV EHQHÀFLRVRV SDUD OD VDOXG SRGUtDQ
WDUGDUKDVWDWUHLQWDDxRVSDUDVHUFRPSOHWDPHQWHYLVLEOHVFDEHSUHYHUPHMR
UDVLPSRUWDQWHVHQXQSOD]RGHXQRDFLQFRDxRVHVSHFLDOPHQWHHQORTXHVH
UHÀHUHDODVDOXGUHVSLUDWRULD\FDUGLRYDVFXODU
/DVSROtWLFDVHQIDYRUGHOGHVDUUROORGHDPELHQWHVVLQWDEDFRWLHQHQFRPRLP
SRUWDQWH YHQWDMD LQGLUHFWD VHQVLELOL]DU D ORV FLXGDGDQRV VREUH ORV SHOLJURV GHO
WDEDTXLVPRDFWLYR\SDVLYR\FRQWULEXLUGHHVWHPRGRDOD©GHVQRUPDOL]DFLyQª
GHOWDEDFRHQODVRFLHGDG(VSUHYLVLEOHTXHHVWDHYROXFLyQGHODPDQHUDGH
YHUODVFRVDVPRGLÀTXHORVKiELWRVGHIXPDU\HQSDUWLFXODU
‡ )DFLOLWHTXHORVIXPDGRUHVUHGX]FDQVXFRQVXPRRGHMHQGHIXPDU\
VHPDQWHQJDQDEVWLQHQWHV
‡ 'LVXDGDDORVQLxRV\MyYHQHVGHFRPHQ]DUDIXPDU/DVSURKLELFLRQHV
GHIXPDUHQORVOXJDUHVGHRFLRGRQGHORVMyYHQHVVXHOHQGDUVXVSUL
PHUDVFDODGDVGHEHUtDWHQHUORVHIHFWRVPiVLPSRUWDQWHV
‡ ,PSLGD D ORV IXPDGRUHV KDFHUOR HQ SUHVHQFLD GH QR IXPDGRUHV HV
SHFLDOPHQWHGHQLxRV\PXMHUHVHPEDUD]DGDVDXQTXHQRVHDSOLTXH
QLQJXQDUHVWULFFLyQUHJODPHQWDULDSRUHMHPSORHQORVKRJDUHV\FR
FKHVSULYDGRV
6HKDYLVWRTXHODVOH\HVVREUHDPELHQWHVOLEUHVGHKXPRGHWDEDFRDOLHQWDQD
ODVIDPLOLDVDHOLPLQDUHOWDEDFRWDPELpQHQVXVFDVDVORTXHSURWHJHDORVQLxRV
\GHPiVPLHPEURVGHODIDPLOLDFRQWUDORVSHOLJURVDVRFLDGRVDO+$7(VWRUHYLVWH
59
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
HVSHFLDOLPSRUWDQFLDSXHVWRTXHORVSULQFLSDOHVGDxRVDIHFWDQDORVQLxRVH[
SXHVWRVDOKXPRDMHQRHQVXKRJDUSUREOHPDTXHQRSXHGHUHVROYHUODUHJOD
PHQWDFLyQ$GHPiVORVDGROHVFHQWHVTXHYLYHQHQKRJDUHVGRQGHHVWiSHU
PLWLGRIXPDUWLHQHQSUiFWLFDPHQWHHOGREOHGHSUREDELOLGDGHVGHFRPHQ]DUD
FRQVXPLUWDEDFRTXHORVSHUWHQHFLHQWHVDKRJDUHVHQORVTXHHVWiSURKLELGR
/DVSROtWLFDVGHFRQWUROGHOWDEDTXLVPRWDPELpQSXHGHQFRQWULEXLUDUHGXFLUODV
GHVLJXDOGDGHVVRFLRHFRQyPLFDVHQHOiPELWRVDQLWDULR'DGRTXHODSUREDEL
OLGDGGHVHUIXPDGRU\HVWDUH[SXHVWRDOKXPRDMHQRHVPXFKRPiVHOHYDGD
SDUDODVSHUVRQDVFRQXQHVFDVRQLYHOGHHVWXGLRVFRQEDMRVLQJUHVRV\SHUWH
QHFLHQWHV D XQD FDWHJRUtD SURIHVLRQDO LQIHULRU HV SUHYLVLEOH TXH HVWRV JUXSRV
PiVGHVIDYRUHFLGRVGHODVRFLHGDGVHDQORVPiVEHQHÀFLDGRVGHXQDDFFLyQ
HQIDYRUGHHVSDFLRVVLQKXPR
/D H[SHULHQFLD GHPXHVWUD GH IRUPD VLVWHPiWLFD TXH ODV OH\HV VREUH HVSDFLRV
VLQKXPRGHWDEDFRVRQSUiFWLFDVSRSXODUHV²LQFOXVRHQWUHORVIXPDGRUHV²\
HÀFDFHVSRUPXFKRTXHODLQGXVWULDVHHPSHxHHQDÀUPDUORFRQWUDULR6HJ~Q
XQDHQFXHVWDUHDOL]DGDHQFHQWURVGHVDOXGGHWRGRHOSDtVHQHODxRSRU
OD6RFLHGDG(VSDxRODGH0HGLFLQD)DPLOLDU\&RPXQLWDULDWDQWRDIXPDGRUHV
FRPRDQRIXPDGRUHVHOFRQVLGHUDDFHUWDGDODSURKLELFLyQGHIXPDUHQ
OXJDUHVS~EOLFRVFHUUDGRV
(ODSR\RGHODFLXGDGDQtDHVFUXFLDOSDUDHOp[LWRGHODVOH\HVVREUHDPELHQWHV
OLEUHV GH KXPR GH WDEDFR (VWH DSR\R SXHGH REWHQHUVH RUJDQL]DQGR LQLFLD
WLYDV HGXFDWLYDV HÀFDFHV VREUH ORV HIHFWRV QRFLYRV GH OD H[SRVLFLyQ DO +$7 \
H[SOLFDQGRFODUDPHQWHHOSURSyVLWRGHODOH\HQFXHVWLyQ3DUDHOORHVLPSUHV
FLQGLEOHODLPSOLFDFLyQGHORVSURIHVLRQDOHV\RUJDQL]DFLRQHVGHGLFDGDVDOD
VDOXGODHGXFDFLyQODSURWHFFLyQGHORVQLxRVODVFXHVWLRQHVUHODFLRQDGDVFRQ
ODPXMHU\ORVGHUHFKRVKXPDQRVDVtFRPRHOUHVSDOGRGHORVVLQGLFDWRV\RWUDV
DJUXSDFLRQHVGHWUDEDMDGRUHV
+D\TXHYHODUSRUTXHXQDYH] SURPXOJDGDVODVOH\HVVREUHODFUHDFLyQGH
OXJDUHVOLEUHVGHKXPRVHFXPSODQGHELGDPHQWH$XQTXHDODODUJDWLHQGHQD
FXPSOLUVHGHIRUPDDXWRPiWLFDHVQHFHVDULRPDQWHQHUXQDVXSHUYLVLyQVLVWH
PiWLFD
2EMHWLYRJHQHUDO
‡ 3URWHJHUDODSREODFLyQGHODH[SRVLFLyQDO+XPR$PELHQWDOGH7DED
FR+$7
60
É5($6'($&78$&,Ð1
2EMHWLYRVHVSHFtÀFRV
‡ 9LJLODUIRPHQWDU\FRQVROLGDUHOFXPSOLPLHQWRGHODQRUPDWLYDYLJHQWH
HQPDWHULDGHWDEDFR
‡ *HQHUDOL]DUODSHUFHSFLyQGHODH[SRVLFLyQDO+$7FRPRULHVJRSDUD
ODVDOXG
‡ 5HGXFLUODH[SRVLFLyQDO+$7HQORVHVSDFLRVFHUUDGRVGHFDUiFWHUSUL
YDGRWDOHVFRPRKRJDUHV\YHKtFXORV
$FWXDFLRQHV
‡ 5HDOL]DU FXUVRV GH IRUPDFLyQ VREUH OD QRUPDWLYD YLJHQWH HQ PDWHULD
GH WDEDFR GLULJLGRV D &XHUSRV \ )XHU]DV GH 6HJXULGDG GHO (VWDGR
SDUDFRODERUDUHQVXFXPSOLPLHQWR
‡ &RRUGLQDU DFWXDFLRQHV GH VHQVLELOL]DFLyQ D WUDYpV GH OD )HGHUDFLyQ
GH0XQLFLSLRVGH&DQWDEULD
‡ 3URJUDPDUYLVLWDVLQIRUPDWLYDVDORVFHQWURVHGXFDWLYRV
‡ 5HDOL]DULQVSHFFLRQHVVHJ~QODQRUPDWLYDYLJHQWHHQPDWHULDGHWD
EDFR
‡ 3URPRYHUUHXQLRQHVFRQUHVSRQVDEOHVGHFHQWURVVDQLWDULRVS~EOLFRV\
SULYDGRV
‡ 2UJDQL]DUFDPSDxDVGHVHQVLELOL]DFLyQVREUHHVSDFLRVSULYDGRVOLEUHV
GHKXPRGHWDEDFR
‡ 'LIXQGLUODPDJQLWXGGHOSUREOHPDGHOWDEDTXLVPRHQWUHODVGLIHUHQWHV
DVRFLDFLRQHVFLXGDGDQDVSDUDFRQVHJXLUVXLPSOLFDFLyQ\SDUWLFLSD
FLyQ
‡ 2UJDQL]DUDFWLYLGDGHVSDUDFRQPHPRUDUHOGHPD\R'tD0XQGLDO
6LQ7DEDFR
‡ 'LIXQGLULQIRUPDFLyQFLHQWtÀFDDWUDYpVGHODSiJLQDZHEGHOD&RQVH
MHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHVGHO*RELHUQRGH&DQWDEULD
‡ (GLWDUPDWHULDOLQIRUPDWLYRVREUHORVULHVJRVGHODH[SRVLFLyQDO+$7
61
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
‡ 2IHUWDUXQVHUYLFLRJUDWXLWRGHDWHQFLyQWHOHIyQLFDRXQVHUYLFLRRQOLQH
SDUDIDFLOLWDULQIRUPDFLyQVREUHWDEDTXLVPR
‡ 'LVHxDUPHQVDMHVGLULJLGRVDODVSHUVRQDVIXPDGRUDVFRQFLHQFLDQGR
VREUHORTXHUHSUHVHQWDUHVSLUDU+$7SDUDODVDOXGGHTXLHQHVOHVUR
GHDQ
‡ 'LIXQGLU GHVGH ODV 2ÀFLQDV GH )DUPDFLD PHQVDMHV GH VHQVLELOL]DFLyQ
VREUHKXPRDPELHQWDOGHWDEDFRGLULJLGRVDODSREODFLyQJHQHUDO
$ERUGDMHGHOFRQVXPRGHWDEDFR
&RPRKDRFXUULGRFRQRWURVIDFWRUHVGHULHVJRGHHQIHUPHGDGKDVWDTXHQR
VHKDFRQRFLGRODYHUGDGHUDGLPHQVLyQGHORVEHQHÀFLRVTXHVHREWLHQHQDO
WUDWDUHOWDEDTXLVPRQRVHKDORJUDGRXQDFRQFLHQFLDFLyQDWRGRVORVQLYHOHV
GH OD LPSRUWDQFLD GH OD LPSOHPHQWDFLyQ GH XQD SROtWLFD GH WUDWDPLHQWR GHO
SUREOHPD
/DPHMRUPDQHUDGHUHGXFLUODHQRUPHPRUELPRUWDOLGDGDWULEXLEOHDOFRQVXPR
GHOWDEDFRVHEDVDHQHOUHFRQRFLPLHQWRGHOWDEDTXLVPRFRPRXQDHQIHUPH
GDGFUyQLFD\HQFRQVHJXLUTXHWRGRVORVSURIHVLRQDOHVVDQLWDULRVXWLOLFHQORVWUD
WDPLHQWRVTXHKDQGHPRVWUDGRVXHÀFDFLDGHVGHXQSXQWRGHYLVWDFLHQWtÀFR
(QHOWDEDTXLVPRFRQÁX\HQH[WUDxDV\GLIHUHQWHVFLUFXQVWDQFLDVDOWDFDSDFL
GDGSDUDGDxDUODVDOXGDXVHQFLDGHLQWHUYHQFLyQKRPRJpQHDSRUSDUWHGH
ORVSURIHVLRQDOHVVDQLWDULRV\HOKHFKRGHTXHH[LVWDQXQDVHULHGHLQWHUYHQFLR
QHVTXHSRUVXDOWDHIHFWLYLGDG\HÀFLHQFLDVRQFRQVLGHUDGDVKR\HQGtDXQ
´SDWUyQGHRURµIUHQWHDOTXHVHFRPSDUDQHOUHVWRGHLQWHUYHQFLRQHVSUHYHQWL
YDV\WHUDSpXWLFDV(O~OWLPRSXQWRVHFRQÀUPDFRQGDWRVTXHLQGLFDQTXHODV
LQWHUYHQFLRQHVGLULJLGDVDWUDWDUHOWDEDTXLVPRFXDQGRVHUHDOL]DQGHPDQHUD
RSRUWXQD\HÀFD]SXHGHQUHGXFLUUiSLGDPHQWHHOULHVJRGHVXIULUHQIHUPHGD
GHVGHELGDVDOFRQVXPRGHWDEDFR(VGLItFLOLGHQWLÀFDURWUDHQIHUPHGDGTXH
SUHVHQWHDODYH]WDOFRPELQDFLyQGHOHWDOLGDGSUHYDOHQFLD\GHVDWHQFLyQD
SHVDUGHGLVSRQHUVHGHLQWHUYHQFLRQHVVHJXUDV\HÀFDFHV
(VHVHQFLDOTXHORVSURIHVLRQDOHVVDQLWDULRV\ORVVLVWHPDVVDQLWDULRVLGHQWLÀTXHQ
\GRFXPHQWHQGHIRUPDFRQVLVWHQWHHOHVWDGRGHFRQVXPRGHWDEDFR\WUD
WHQDWRGRIXPDGRUYLVWRHQHOHQWRUQRGHODDWHQFLyQVDQLWDULD6HJ~QHO(XUR
62
É5($6'($&78$&,Ð1
EDUyPHWURHOGHORVIXPDGRUHVHVSDxROHVKDUHDOL]DGRXQLQWHQWR
SDUDGHMDUGHIXPDUGHWRGRVHOORVODPLWDGPRULUiSUHPDWXUDPHQWHSRUXQD
HQIHUPHGDGGLUHFWDPHQWHFDXVDGDSRUHOFRQVXPRGHWDEDFRORFXDOFRQ
YLHUWH D HVWDV HVWUDWHJLDV HQ OD PHMRU RSRUWXQLGDG SDUD PHMRUDU OD VDOXG GH
ODSREODFLyQSDUDORVSURIHVLRQDOHVGHODPHGLFLQD\GHODVDOXGS~EOLFDGH
QXHVWURWLHPSR
6HVDEHTXHPiVGHOGHORVIXPDGRUHVYLVLWDQDVXPpGLFRGHIDPLOLDFDGD
DxR3RUHOORHQ&DQWDEULDVHKDHVWDEOHFLGROD$WHQFLyQ3ULPDULDFRPRQLYHO
EiVLFR \ HVHQFLDO HQ HO DERUGDMH GHO WDEDTXLVPR *UDFLDV D ODV DFWXDFLRQHV
GHVDUUROODGDVGXUDQWHORVDQWHULRUHVSODQHVGHSUHYHQFLyQ\FRQWUROGHOWDED
TXLVPRWDQWRHOUHJLVWURFRPRHOFRQVHMRDXPHQWDURQGHVGHHODxRKDVWD
HODxRDXQTXHHQVHDSUHFLDXQDGLVPLQXFLyQTXHKDFHQHFHVDULR
LQVLVWLUHQVXLPSRUWDQFLD6HJ~QXQLQIRUPHWLWXODGR¶)XPDU/D2SLQLyQGHORV
(VSHFLDOLVWDV· UHDOL]DGR HQ OD PD\RUtD GH ORV PpGLFRV HVSDxROHV FRQVL
GHUDTXHMXQWRFRQODREHVLGDGHOWDEDTXLVPRHVHOIDFWRUGHULHVJRPiVGLIt
FLOGHWUDWDU$XQTXHPXFKRVSURIHVLRQDOHVVDQLWDULRVVHVLHQWHQFyPRGRVDOD
KRUDGHDFRQVHMDUDVXVSDFLHQWHVVREUHRWUDVHQIHUPHGDGHVFUyQLFDVFRPROD
GLDEHWHVODKLSHUWHQVLyQDUWHULDORODKLSHUWULJOLFHULGHPLDPXFKRVSLHQVDQTXH
VXVLQWHUYHQFLRQHVVRQPHQRVHÀFDFHVVREUHODGHSHQGHQFLDWDEiTXLFD(VWR
VHUHÁHMDHQHOHVWXGLR\DTXHPLHQWUDVHOGHORVPpGLFRVFRQVLGHUDTXH
HVSDUWHGHVXWUDEDMRD\XGDUDORVIXPDGRUHVXQUHFRQRFHEDUUHUDVDOD
KRUDGHRIUHFHUHVWHDSR\RFRPRODIDOWDGHWLHPSRIRUPDFLyQLQVXÀFLHQWHR
ODDXVHQFLDGHPRWLYDFLyQ\ODSUHVLyQVRFLDOTXHSXHGHQGLÀFXOWDUHOFHVHGHO
FRQVXPR3RUWRGRORDQWHULRUVLJXHVLQHYDOXDUVHQLLQWHUYHQLUGHPDQHUDKRPR
JpQHD7DPELpQHOXVRGHPHGLFDFLRQHVHÀFDFHVHVEDMR(Q(VSDxDVHJ~Q
HO (XUREDUyPHWUR GH ORV IXPDGRUHV KDELWXDOHV TXH LQWHQWDURQ GHMDU GH
IXPDUHQORVPHVHVSUHYLRVDODHQFXHVWDHOORKL]RVLQQLQJXQDD\XGD\
VRORXQDFXGLyDXQSURIHVLRQDOVDQLWDULR
&RPRHQRWUDVHQIHUPHGDGHVFUyQLFDVVHGHEHVHJXLUDQLPDQGRDORVSURIH
VLRQDOHVVDQLWDULRVDTXHGHQDORVIXPDGRUHVFRQVHMREUHYHSDUDGHMDUGHIX
PDUWHUDSLDFRQGXFWXDO\PHGLFDFLRQHVDSURSLDGDV(VLPSRUWDQWHTXHHVWRV
SURIHVLRQDOHVVHSDQTXHODYDORUDFLyQ\HOWUDWDPLHQWRGHOFRQVXPRGHWDEDFR
JHQHUDOPHQWHOOHYDQDXQDPD\RUVDWLVIDFFLyQGHORVSDFLHQWHVFRQODDVLVWHQ
FLDVDQLWDULD0iVD~QORVFDPELRVGHSROtWLFDVFRPRHODXPHQWRGHLPSXHVWRV
RODVOH\HVVREUHHVSDFLRVOLEUHVGHKXPROOHYDQIUHFXHQWHPHQWHDORVIXPDGR
UHVDEXVFDUD\XGDSDUDGHMDUGHIXPDU
6LHQGRHOFHQWURGHVDOXGHOOXJDUPiVDSURSLDGRSDUDDERUGDUODGHSHQGHQFLD
WDEiTXLFDHQSREODFLyQJHQHUDOHQSDFLHQWHVFRQSDWRORJtDVTXHUHTXLHUHQ
KRVSLWDOL]DFLyQHODERUGDMHGHEHUHDOL]DUVHGXUDQWHHOLQJUHVR/RVUHVXOWDGRVGH
63
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
YDULDVUHYLVLRQHVVXJLHUHQTXHODVLQWHUYHQFLRQHVSDUDGHMDUGHIXPDUUHDOL]DGDV
GXUDQWH HO SHULRGR GH KRVSLWDOL]DFLyQ FRQ VHJXLPLHQWR GH DO PHQRV XQ PHV
GHVSXpVGHODOWDKRVSLWDODULDDXPHQWDQORVtQGLFHVGHFHVDFLyQ8QDUHYLVLyQ
SXEOLFDGD SRU 5LJRWWL \ FRODERUDGRUHV HQ FRQFOX\H TXH LQFUHPHQWD ORV
tQGLFHVGHDEVWLQHQFLDHQXQDORV\DORVPHVHV
$VtDSURYHFKDUHOLQJUHVRHQXQKRVSLWDOGHODSHUVRQDIXPDGRUDSDUDRIUHFHU
OHD\XGDSDUDGHMDUGHIXPDUHVHVSHFLDOPHQWHFRQYHQLHQWHSRU
‡ /DYXOQHUDELOLGDGTXHJHQHUDOPHQWHSHUFLEHQORVSDFLHQWHVHQHVRV
PRPHQWRVDORVULHVJRVGHIXPDUHVWDQGRPiVPRWLYDGRVSDUDKDFHU
XQLQWHQWRGHFHVDFLyQ
‡ 4XH HQ DOJXQDV RFDVLRQHV ODV HQIHUPHGDGHV TXH KDQ OOHYDGR D OD
KRVSLWDOL]DFLyQVRQFDXVDGDVRH[DFHUEDGDVSRUHOFRQVXPRGHWD
EDFRSRQLHQGRGHUHOLHYHORVULHVJRVGHVHJXLUIXPDQGR
‡ 4XHODSURKLELFLyQGHIXPDUHQORVKRVSLWDOHVUHTXLHUHXQDDEVWLQHQ
FLDWHPSRUDOTXHSXHGHDXPHQWDUODPRWLYDFLyQ
3RU WRGDV HVWDV UD]RQHV OD KRVSLWDOL]DFLyQ HV XQD RSRUWXQLGDG H[FHSFLRQDO
SDUDSURPRYHUHODEDQGRQRGHOFRQVXPRGHWDEDFRSRUORTXHHOSUHVHQWH
3ODQFRQWHPSODODLPSOHPHQWDFLyQGHXQSURJUDPDGHDERUGDMHGHOWDEDTXLV
PRHQORVKRVSLWDOHVGHOD&RPXQLGDG
/RVWUDWDPLHQWRVGHOWDEDTXLVPRGHVGHHOFRQVHMRDORVSURJUDPDVIDUPDFROy
JLFRVLQWHQVLYRVUHDOL]DGRVSRUHVSHFLDOLVWDVVRQFRVWHHIHFWLYRVHQUHODFLyQFRQ
RWUDV LQWHUYHQFLRQHV PpGLFDV WDOHV FRPR HO WUDWDPLHQWR GH OD KLSHUWHQVLyQ R
GHODKLSHUOLSHPLD\GHRWUDVLQWHUYHQFLRQHVSUHYHQWLYDVFRPRODPDPRJUDItD
SHULyGLFD'HKHFKRVHKDFRQVLGHUDGRTXHHOWUDWDPLHQWRGHOWDEDTXLVPRHV
HOSDWUyQGHUHIHUHQFLDGHFRVWHHIHFWLYLGDGGHODDVLVWHQFLDVDQLWDULDLQFOXVR
DXQTXHODDSOLFDFLyQGHFXDOTXLHUWUDWDPLHQWRHIHFWLYRGHOWDEDTXLVPRSUR
GX]FDODDEVWLQHQFLDHQVyORXQDSHTXHxDSURSRUFLyQGHIXPDGRUHV$GHPiV
SURGXFHQXQDUHVWLWXFLyQIDYRUDEOHGHODLQYHUVLyQGHVGHODSHUVSHFWLYDWDQWR
GHORVHPSUHVDULRVFRPRGHORVSODQHVVDQLWDULRVGHELGRDXQDUHGXFFLyQGHO
FRQVXPR\GHORVFRVWHVVDQLWDULRV
$ SHVDU GH WRGR OR H[SXHVWR H[LVWH OD QHFHVLGDG GH GLVSRQHU GH HVWUDWHJLDV
GHDVHVRUDPLHQWRLQQRYDGRUDV\PiVHÀFDFHV(VWRDGTXLHUHHVSHFLDOUHOHYDQ
FLDHQORVDGROHVFHQWHVTXHDXQTXHSDUHFHQEHQHÀFLDUVHGHODVHVRUDPLHQWR
QHFHVLWDQLQWHUYHQFLRQHV\RSFLRQHVPiVKRPRJpQHDV\HÀFDFHV7DPELpQHV
QHFHVDULR DKRQGDU HQ QXHYDV HVWUDWHJLDV GLULJLGDV D SREODFLRQHV HQ TXH OD
SUHYDOHQFLDGHOWDEDTXLVPRVLJXHVLHQGRSDUWLFXODUPHQWHDOWDFRPRHVWUDWRV
VRFLRHFRQyPLFRVEDMRVEDMRQLYHOVRFLRFXOWXUDO\HGXFDWLYR\SDFLHQWHVFRQ
64
É5($6'($&78$&,Ð1
HQIHUPHGDGHV SVLTXLiWULFDV LQFOX\HQGR WUDVWRUQRV SRU FRQVXPR GH RWUDV VXV
WDQFLDV
1XHYDVLQYHVWLJDFLRQHV\HVIXHU]RVGHFRPXQLFDFLyQGHEHQWUDVPLWLUPiVHVSH
UDQ]D\FRQÀDQ]D\DXPHQWDUHODFFHVRDORVWUDWDPLHQWRVSDUDTXHORVIXPD
GRUHVFDGDYH]HQPD\RUQ~PHURLQWHQWHQGHMDUOR\FRQVLJDQODDEVWLQHQFLD
)LQDOPHQWHFDGDYH]KD\PiVGDWRVGHTXHSDUDREWHQHUXQPi[LPREHQHÀ
FLRSDUDODVDOXGS~EOLFDVHGHEHUtDDXPHQWDUHODFFHVRDWUDWDPLHQWRVHÀFD
FHVGXUDQWHODDSOLFDFLyQGHPHGLGDVSDUDHOFRQWUROGHOWDEDTXLVPRDQLYHO
SREODFLRQDO\GHVSXpVGHGLFKDDSOLFDFLyQSHMLQFUHPHQWRGHORVLPSXHVWRV
VREUHHOWDEDFR\OH\HVSDUDPDQWHQHUOXJDUHVOLEUHVGHKXPRTXHLQFUHPHQ
WHQODPRWLYDFLyQ\HODSR\RHQORVLQWHQWRVGHDEDQGRQR
([LVWHQYDULDVSROtWLFDVLQVWLWXFLRQDOHVTXHSXHGHQIDFLOLWDUHVWDVLQWHUYHQFLRQHV
HQWUHODVTXHVHLQFOX\HQ
‡ ,PSODQWDUXQVLVWHPDGHLGHQWLÀFDFLyQGHORVFRQVXPLGRUHVGHWDED
FRHQWRGRVORVFHQWURVVDQLWDULRV(QORVFHQWURVGHVDOXGODDFWXDOL]D
FLyQGHOSURJUDPD20,$3IDFLOLWDUiHODERUGDMHGHOWDEDTXLVPR\OD
HYDOXDFLyQGHODVDFWXDFLRQHV
‡ 3URSRUFLRQDUIRUPDFLyQDGHFXDGDUHFXUVRVHLQIRUPDFLyQSDUDDVH
JXUDU TXH ORV SURIHVLRQDOHV VDQLWDULRV XWLOLFHQ GH IRUPD KRPRJpQHD
WUDWDPLHQWRVHIHFWLYRV
‡ 'HGLFDUSHUVRQDODSURSRUFLRQDUWUDWDPLHQWRVGHOWDEDTXLVPR\HYD
OXDUODSUHVWDFLyQGHHVWHWUDWDPLHQWR
‡ 3URPRYHUSROtWLFDVKRVSLWDODULDVTXHDSR\HQ\SURSRUFLRQHQVHUYLFLRV
SDUDHOWUDWDPLHQWRGHOWDEDTXLVPR
/D&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHVGXUDQWHORVGRVSODQHVGHSUH
YHQFLyQ \ FRQWURO GHO WDEDTXLVPR SUHFHGHQWHV VH SXVR FRPR REMHWLYR TXH
$WHQFLyQ3ULPDULDOLGHUDVHODDWHQFLyQDODSHUVRQDIXPDGRUD\TXHWDQWRHQ
ORVFHQWURVGHVDOXGFRPRHQOD8QLGDGGH'HVKDELWXDFLyQ7DEiTXLFDVHRIUH
FLHVHWUDWDPLHQWRSDUDGHMDUGHIXPDUDWRGDSHUVRQDTXHORVROLFLWDUD6HKD
DYDQ]DGRPXFKRSHURQRKD\TXHGLVPLQXLUHOHVIXHU]R<HVPRPHQWRGHTXH
WRGRVORVSURIHVLRQDOHVVDQLWDULRVVHLQYROXFUHQDFWLYDPHQWHHQHODERUGDMHGHO
WDEDTXLVPRGHVGHORVGLVWLQWRViPELWRVGHODDWHQFLyQHVSHFLDOL]DGDDODVRÀ
FLQDVGHIDUPDFLDRODVFRQVXOWDVGHSVLFRORJtD
65
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
2EMHWLYRJHQHUDO
‡ 3URPRYHU HQ OD SREODFLyQ IXPDGRUD HO DEDQGRQR GHO FRQVXPR GH
WDEDFR
2EMHWLYRVHVSHFtÀFRV
‡ $XPHQWDUHOQ~PHURGHSHUVRQDVH[IXPDGRUDV
‡ 'LVPLQXLUODSUHYDOHQFLDGHSHUVRQDVIXPDGRUDV
‡ 'LVPLQXLUODSUHYDOHQFLDHQFROHFWLYRVPRGpOLFRV
‡ 5HIRU]DUHODERUGDMHGHJpQHURHQORVSURJUDPDVGHDWHQFLyQ\GHV
KDELWXDFLyQ
‡ 3URPRYHUHODEDQGRQRGHOFRQVXPRGHWDEDFRHQSHUVRQDVFRQGLV
FDSDFLGDG
‡ 3RWHQFLDUODDWHQFLyQDODSHUVRQDIXPDGRUDHQ$WHQFLyQ3ULPDULDGHO
6HUYLFLR&iQWDEURGH6DOXG
‡ *DUDQWL]DU OD DWHQFLyQ D OD SHUVRQD IXPDGRUD GHVGH OD 8QLGDG GH
'HVKDELWXDFLyQ7DEiTXLFDGHO6HUYLFLR&iQWDEURGH6DOXG
‡ ,PSOHPHQWDUXQ3URJUDPDGH$ERUGDMHGHO7DEDTXLVPRSDUDSHUVR
QDVLQJUHVDGDVHQORV+RVSLWDOHVGHO6HUYLFLR&iQWDEURGH6DOXG
‡ &RQVHJXLUTXHORVSURIHVLRQDOHVVDQLWDULRVGH$WHQFLyQ(VSHFLDOL]DGD
FRQVLGHUHQHOWDEDTXLVPRFRPRXQDSULRULGDGHQVXSUiFWLFDGLDULD
‡ 3RWHQFLDUODDWHQFLyQDODSHUVRQDIXPDGRUDGHVGHOD2ÀFLQDGH)DU
PDFLD
$FWXDFLRQHV
‡ 2IHUWDUWUDWDPLHQWRGHOWDEDTXLVPRHQJUXSRSDUDSHUVRQDVFRQGLV
FDSDFLGDG
‡ ,PSOHPHQWDUXQ3URJUDPDGH$ERUGDMHGHO7DEDTXLVPRSDUDSHUVR
QDVLQJUHVDGDVHQORV+RVSLWDOHVGHO6HUYLFLR&iQWDEURGH6DOXG
66
É5($6'($&78$&,Ð1
‡ 'LVHxDUHGLWDU\GLVWULEXLUIROOHWRVLQIRUPDWLYRVVREUHSDWRORJtDV\VLWXD
FLRQHVHVSHFtÀFDV
‡ (GLWDU \ GLVWULEXLU HO PDWHULDO GH D\XGD SDUD GHMDU GH IXPDU ´$SUHQ
GLHQGRDYLYLUVLQWDEDFRµFRQKHUUDPLHQWDVHVSHFtÀFDVSDUDSDFLHQ
WHV
‡ )DFLOLWDUORVUHFXUVRVQHFHVDULRVSDUDODUHDOL]DFLyQGHJUXSRVSDUDGH
MDUGHIXPDUHQORVFHQWURVGHVDOXG
‡ 'LVWULEXLUPDWHULDOLQIRUPDWLYR\JXtDVSDUDGHMDUGHIXPDU
‡ $FWXDOL]DU HO SURJUDPD GH DERUGDMH GHO WDEDTXLVPR HQ 20,$3 H
LPSODQWDUORHQWRGDODUHGGH$WHQFLyQ3ULPDULD
‡ 'LIXQGLUHQWUHSURIHVLRQDOHVVDQLWDULRVGH$WHQFLyQ(VSHFLDOL]DGDODLP
SRUWDQFLDGHDFRQVHMDUDVXVSDFLHQWHVSDUDTXHGHMHQGHIXPDU
‡ 5HDOL]DUORVWUiPLWHV\DFWLYLGDGHVQHFHVDULDVSDUDLQFOXLUDORVKRVSLWD
OHVGHO6HUYLFLR&iQWDEURGH6DOXGHQOD5HG(XURSHDGH+RVSLWDOHV6LQ
+XPR
‡ 5HDOL]DUXQDHYDOXDFLyQFRQWLQXDGHDFWXDFLRQHV\SURWRFRORVSDUD
RSWLPL]DUHODERUGDMHGHOWDEDTXLVPR
‡ 'LVHxDU XQ SURJUDPD LQIRUPiWLFR SDUD VHJXLPLHQWR GHO WUDWDPLHQ
WRSDUDGHMDUGHIXPDUHQOD8QLGDGGH'HVKDELWXDFLyQ7DEiTXLFD
8'(67$
‡ 5HDOL]DUGHVKDELWXDFLyQWDEiTXLFDGLULJLGDDFROHFWLYRVPRGpOLFRV
‡ ,PSXOVDU\FRODERUDUFRQORV&ROHJLRV3URIHVLRQDOHVGH&DQWDEULDSDUD
ODUHDOL]DFLyQGHDFWLYLGDGHV\SURJUDPDVGHDERUGDMHGHODSHUVRQD
IXPDGRUD
)RUPDFLyQ
&XDOTXLHUSURIHVLRQDOGHODVDOXGGHEHDGTXLULU²PHGLDQWHIRUPDFLyQUHJODGDR
GHRWURWLSRXQPtQLPRGHFRQRFLPLHQWRV\KDELOLGDGHVTXHOHSHUPLWDQDERU
GDUDGHFXDGDPHQWHHOFRQVXPR\ODGHSHQGHQFLDGHOWDEDFR
67
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
/RVIXPDGRUHVWLHQHQPXFKDVPiVSRVLELOLGDGHVGHp[LWRVLXWLOL]DQDVHVRUDPLHQ
WRRWUDWDPLHQWRIDUPDFROyJLFRGHEDVHFLHQWtÀFDTXHVLORLQWHQWDQVLQHVWDV
D\XGDV3RUHOORHVLPSRUWDQWHDVHJXUDUVHGHTXHWDQWRORVSURIHVLRQDOHVFRPR
ORV VLVWHPDV VDQLWDULRV GLVSRQJDQ GH LQIRUPDFLyQ H[DFWD VREUH OD HÀFDFLD GH
ODVGLVWLQWDVLQWHUYHQFLRQHVWHUDSpXWLFDV(VWHHVXQDVXQWRGHYLWDOLPSRUWDQFLD
HQVDOXGS~EOLFDSRUTXHORVFRVWHVGHOIUDFDVRVRQPX\HOHYDGRV/DVUHFDtGDV
SHUSHW~DQODH[SRVLFLyQDOWDEDFRORTXHVHWUDGXFHHQXQPD\RUULHVJRGH
HQIHUPHGDG\PXHUWH6HGHEHPHMRUDUODIRUPDFLyQGHORVSURIHVLRQDOHVVDQL
WDULRVVREUHODHÀFDFLDGHORVWUDWDPLHQWRVGHOWDEDTXLVPR\FRQVHJXLUTXHORV
WUDWDPLHQWRVHVWpQGLVSRQLEOHV\VHDQDWUDFWLYRVSDUDORVIXPDGRUHV
/RVSURIHVLRQDOHVVDQLWDULRVMXHJDQXQSDSHOLPSRUWDQWHDOHVWDULPSOLFDGRVHQ
HOSURFHVRGHHQWUHQDPLHQWRGHORVHVWXGLDQWHVWDQWRSUHFRPRSRVWJUDGXD
GRV SUiFWLFDV KRVSLWDODULDV IRUPDFLyQ FRQWLQXD LQYHVWLJDFLyQ \ HYDOXDFLyQ
'HDFXHUGRFRQORVHVWXGLRVUHDOL]DGRVHOHQWUHQDPLHQWRGHORVSURIHVLRQDOHV
VDQLWDULRVHVHÀFD]SDUDFDPELDUVXSUiFWLFDFOtQLFD6LQHPEDUJRORVHVWXGLRV
WDPELpQFRQFOX\HQTXHORVFRQWHQLGRVWDQWRWHyULFRVFRPRSUiFWLFRVVREUHHO
FRQWUROGHOWDEDTXLVPRHQODVHVFXHODVGHPHGLFLQDVRQLQDGHFXDGRVGHVGH
ORVDVSHFWRVUHODFLRQDGRVFRQODVDOXGS~EOLFDKDVWDHOWUDWDPLHQWRFOtQLFRGHO
WDEDTXLVPR7RGDVODVYHUWLHQWHVGHOFRQWUROGHOWDEDTXLVPRQHFHVLWDQVHULQ
FRUSRUDGDVGHQWURGHORVFXUUtFXORVH[LVWHQWHV
6HJ~QOD*XtDGHWUDWDPLHQWRGHOWDEDTXLVPRGHO1DWLRQDO+HDOWK6HUYLFH)LR
UH HW DO ´HO WUDWDPLHQWR SDUD OD GHSHQGHQFLD GHO WDEDFR SXHGH VHU
RIUHFLGR SRU FXDOTXLHU FOtQLFR DGHFXDGDPHQWH HQWUHQDGR \ QR KD\ UD]RQHV
GH HIHFWLYLGDG QL FRVWH HIHFWLYLGDG SDUD OLPLWDUODV D XQ FROHFWLYR SURIHVLRQDO
FRQFUHWRµ
(VSULPRUGLDOLQFUHPHQWDUODIRUPDFLyQHQWDEDTXLVPRHQORVSURIHVLRQDOHVVR
FLRVDQLWDULRVHVSHFLDOPHQWHVDQLWDULRV\GRFHQWHVHQODSUHYHQFLyQ\FRQWURO
GHOWDEDTXLVPRWDQWRSRUVXSDSHOPRGpOLFRFRPRSRUVXQHFHVDULDLPSOLFD
FLyQHQODD\XGDDODSHUVRQDIXPDGRUD\HQODSUHYHQFLyQDOLQLFLRGHOFRQ
VXPRGHWDEDFR3RUHOORVHKDFHQHFHVDULRLPSOHPHQWDUDFFLRQHVIRUPDWLYDV
SDUDSURSRUFLRQDUKDELOLGDGHV\KHUUDPLHQWDVGHSUHYHQFLyQ\FRQWUROGHOWD
EDTXLVPRDORVSURIHVLRQDOHVVDQLWDULRV\GRFHQWHVTXHDVHJXUHQODSUHYHQFLyQ
DOLQLFLRGHOFRQVXPRGHWDEDFRWDQWRHQHOHQWRUQRHVFRODUFRPRHQHOVDQL
WDULR\XQEXHQDERUGDMHGHOFRQVXPRGHWDEDFRHQODVSHUVRQDVIXPDGRUDV
FRPRXQGHUHFKRDODVDOXGGHORVLQGLYLGXRV
(O &RQYHQLR 0DUFR HQ VX DUWtFXOR UHVDOWD OD QHFHVLGDG GH SURPRYHU SUR
JUDPDVHÀFDFHV\DSURSLDGRVGHIRUPDFLyQRVHQVLELOL]DFLyQ\FRQFLHQFLDFLyQ
VREUH HO FRQWURO GHO WDEDFR GLULJLGRV D SHUVRQDV WDOHV FRPR SURIHVLRQDOHV GH
68
É5($6'($&78$&,Ð1
OD VDOXG WUDEDMDGRUHV GH OD FRPXQLGDG DVLVWHQWHV VRFLDOHV SURIHVLRQDOHV GH
ODFRPXQLFDFLyQHGXFDGRUHVUHVSRQVDEOHVGHODVSROtWLFDVDGPLQLVWUDGRUHV\
RWUDVSHUVRQDVLQWHUHVDGDV
2EMHWLYRJHQHUDO
‡ )DFLOLWDU\UHIRU]DUODIRUPDFLyQHQHODERUGDMHGHOWDEDTXLVPR
2EMHWLYRVHVSHFtÀFRV
‡ )RUPDUHQWDEDTXLVPRDORVSURIHVLRQDOHVVDQLWDULRVGHORVGLIHUHQWHV
QLYHOHVGHDWHQFLyQGHO6HUYLFLR&iQWDEURGH6DOXG
‡ 2IUHFHUIRUPDFLyQHQWDEDTXLVPRDORVSURIHVLRQDOHVGHORV6HUYLFLRV
GH3UHYHQFLyQGH5LHVJRV/DERUDOHV\0HGLFLQD3UHYHQWLYD
‡ ,PSXOVDUODIRUPDFLyQHQWDEDTXLVPRGHVGHORV&ROHJLRV3URIHVLRQDOHV
GH&LHQFLDVGHOD6DOXG
‡ 5HDOL]DUFXUVRVGHIRUPDFLyQHQWDEDTXLVPRGLULJLGRVDORV&XHUSRV\
)XHU]DVGH6HJXULGDGGHO(VWDGR
‡ )DFLOLWDU\UHIRU]DUODIRUPDFLyQHQWDEDTXLVPRDÀDQ]DQGRODPRGDOL
GDGRQOLQH
‡ ,QFOXLUHOWDEDTXLVPRHQODIRUPDFLyQXQLYHUVLWDULD
‡ )RUPDUHQWDEDTXLVPRDSURIHVLRQDOHVGHODHGXFDFLyQ
‡ &RQVHJXLUTXHHOGHORVFXUVRVGLULJLGRVDSURIHVLRQDOHVVDQLWDULRV
HVWpDFUHGLWDGRSRUOD&RPLVLyQGH)RUPDFLyQ&RQWLQXDGDGHODV3UR
IHVLRQHV6DQLWDULDVGHOD&RPXQLGDG$XWyQRPDGH&DQWDEULD
‡ &RQVHJXLUTXHHOGHORVFXUVRVGLULJLGRVDGRFHQWHVHVWpDFUHGL
WDGRSRUOD&RQVHMHUtDGH(GXFDFLyQ&XOWXUD\'HSRUWH
$FWXDFLRQHV
‡ $FWXDOL]DUHOSURJUDPDGHIRUPDFLyQHQWDEDTXLVPRHVWUXFWXUDGRHQ
QLYHOHVGLULJLGRDSURIHVLRQDOHVVDQLWDULRVGH$WHQFLyQ3ULPDULD
69
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
‡ 2UJDQL]DUOD,,-RUQDGDGH$ERUGDMHGHO7DEDTXLVPRHQ$WHQFLyQ3UL
PDULDSDUDHVWDEOHFHUYtQFXORVHQWUHGLIHUHQWHVSURIHVLRQDOHV\FRP
SDUWLUH[SHULHQFLDV
‡ 'LVHxDU\UHDOL]DUFXUVRVEiVLFRVGHIRUPDFLyQHQWDEDTXLVPRGLULJLGRV
DSURIHVLRQDOHVGHORV6HUYLFLRVGH3UHYHQFLyQGH5LHVJRV/DERUDOHV\
0HGLFLQD3UHYHQWLYD
‡ 'LVHxDU\SURJUDPDUFXUVRV\WDOOHUHVGHIRUPDFLyQHQWDEDTXLVPRHQ
FRODERUDFLyQFRQORVFROHJLRVSURIHVLRQDOHVGH&DQWDEULD
‡ &RODERUDU FRQ HO 3ODQ GH )RUPDFLyQ GH 6HJXULGDG &LXGDGDQD GHO
*RELHUQRGH&DQWDEULDDWUDYpVGHOD(VFXHOD5HJLRQDOGH3ROLFtD/R
FDO
‡ 'LVHxDUXQ&XUVREiVLFRGHIRUPDFLyQHQWDEDTXLVPRSDUDSURIHVLR
QDOHVGH$WHQFLyQ3ULPDULDHQPRGDOLGDGRQOLQH
‡ 3URJUDPDU \ GLVHxDU FXUVRV GLULJLGRV D $WHQFLyQ (VSHFLDOL]DGD FRQ
FRQWHQLGRVDGDSWDGRVDFDGDHVSHFLDOLGDG
‡ 3URJUDPDU \ GLVHxDU FXUVRV GLULJLGRV D UHVLGHQWHV GH &LHQFLDV GH OD
6DOXG
‡ (VWDEOHFHUOD8'(67$FRPRFHQWURGHURWDFLyQGHSURIHVLRQDOHVVDQL
WDULRV
‡ ,QFOXLUHODERUGDMHGHOWDEDTXLVPRHQORVFXUVRVGH([WHQVLyQ8QLYHUVL
WDULDGHOD8QLYHUVLGDGGH&DQWDEULD
‡ 5HDOL]DUFXUVRVDFUHGLWDGRVGHIRUPDFLyQEiVLFDHQWDEDTXLVPRHQ
PRGDOLGDGPL[WDSUHVHQFLDO\RQOLQHSDUDSURIHVLRQDOHVTXHWUDEDMDQ
FRQPHQRUHV
‡ )RPHQWDUODLPSOLFDFLyQGHORVFHQWURVGH$WHQFLyQ3ULPDULDHQODIRU
PDFLyQSUiFWLFDHQWDEDTXLVPRGHFROHFWLYRVVDQLWDULRV
,QYHVWLJDFLyQ
(O FRPSURPLVR TXH (VSDxD FRQWUDMR FRQ OD ÀUPD GHO &RQYHQLR 0DUFR SDUD
HO&RQWUROGHO7DEDFRWLHQHVXEDVHHQTXHSDUDWHQHUp[LWRHQHOFRQWUROGHO
WDEDFRHVIXQGDPHQWDOTXHODVPHGLGDVDGRSWDGDVHVWpQEDVDGDVHQKHFKRV
70
É5($6'($&78$&,Ð1
\HYLGHQFLDV/DLQYHVWLJDFLyQFOtQLFDHSLGHPLROyJLFD\GHODVSROtWLFDVGHFRQ
WURODVtFRPRVXHYDOXDFLyQVRQFRPSRQHQWHVLPSRUWDQWHVDWHQHUHQFXHQWD
FXDQGR VH LPSOHPHQWDQ PHGLGDV FRQ HO REMHWLYR GH UHGXFLU HO FRQVXPR GH
WDEDFR /D LQYHVWLJDFLyQ DSRUWD LQIRUPDFLyQ UHOHYDQWH \ ÀGHGLJQD SDUD HQ
WHQGHUYHULÀFDUFRUUHJLURDSOLFDUHOFRQRFLPLHQWR)XHODLQYHVWLJDFLyQODTXH
FHQWUyODDWHQFLyQPXQGLDOHQORVULHVJRVSDUDODVDOXGGHOFRQVXPRGHWDEDFR
\HQODHQRUPHH[WHQVLyQGHODHSLGHPLD\IXHODLQYHVWLJDFLyQTXLHQOODPyOD
DWHQFLyQ VREUH OD WDVD GH PRUWDOLGDG TXH HVWDED FDXVDQGR SULPHUR HQ ORV
SDtVHV GHVDUUROODGRV \ GHVSXpV HQ HO UHVWR GHO PXQGR 6LQ HPEDUJR KD\ XQD
FUHHQFLDFUHFLHQWHGHTXH\DQRHVQHFHVDULRVHJXLULQYHVWLJDQGR\TXHKD\
TXHFHQWUDUVHHQDSOLFDUORTXHVHKDDSUHQGLGR$XQTXHHVWDSRVLFLyQHVHQ
WHQGLEOH QR KDELHQGR GXGD GH TXH ORV HVIXHU]RV SDUD HO FRQWURO GHO WDEDFR
QHFHVLWDQFHQWUDUVHHQDSOLFDUORTXHVHVDEHTXHIXQFLRQDTXHGDPXFKRSRU
DSUHQGHUVREUHHOFRQWUROGHOFRQVXPRORVFRPSRQHQWHVGHORVSURGXFWRVGHO
WDEDFRODVUHVSXHVWDVPiVHÀFDFHVDQWHODVHVWUDWHJLDVGHODLQGXVWULDWDED
FDOHUD\TXpHVWUDWHJLDVXWLOL]DGDVHQXQRVSDtVHVIXQFLRQDQHQDTXHOORVTXH
FXHQWDQFRQPHQRVUHFXUVRV$XQTXHWUDGLFLRQDOPHQWHORVHVWXGLRVVHKD\DQ
FHQWUDGRHQHOWDEDFR\VXVHIHFWRVVREUHODVDOXGVHGHEHUHIRU]DUODLQYHVWL
JDFLyQHQiUHDVFRPRODLPSOHPHQWDFLyQ\HYDOXDFLyQGHORVSURJUDPDV\SR
OtWLFDV(VHVSHFLDOPHQWHLPSRUWDQWHLQYHVWLJDUHQQXHYDVWpFQLFDV\HVWUDWHJLDV
WHUDSpXWLFDVGLULJLGDVDJUXSRVHQVLWXDFLyQGHGHVLJXDOGDG$GHPiVPXFKRV
GHORVGDWRVGLVSRQLEOHVVREUHHOWUDWDPLHQWRGHOWDEDTXLVPRSURYLHQHQGHHV
WXGLRVFOtQLFRVHQHQWRUQRVGHLQYHVWLJDFLyQSRUORTXHVHUHTXLHUHH[DPLQDUOD
LPSOHPHQWDFLyQGHORVWUDWDPLHQWRVHIHFWLYRVHQHQWRUQRVFOtQLFRVGHOPXQGR
UHDO'DGRTXHHOWDEDTXLVPRDIHFWDDPXFKDViUHDVGHVDOXGODLQYHVWLJD
FLyQVREUHHOFRQVXPRGHWDEDFRGHEHUtDLQFOXLUVHHQRWURVFDPSRVFRPRORV
HVWXGLRVFOtQLFRVVREUHHOFiQFHUORVSURJUDPDVGHVDOXGPDWHUQRLQIDQWLO\ORV
HVWXGLRVGHHQIHUPHGDGHVFDUGLRYDVFXODUHV
(QVXSDSHOFRPRFLHQWtÀFRVORVSURIHVLRQDOHVVDQLWDULRVWLHQHQHOGHEHUGHHGX
FDU\VHQVLELOL]DUDORVRUJDQLVPRVGHLQYHVWLJDFLyQVREUHHOLPSDFWRGHOFRQVX
PRGHWDEDFRHQWRGRVORVDVSHFWRVGHODVDOXGLQGLYLGXDOFRPXQLWDULD\VRFLDO
SDUDTXHORVUHFXUVRVDGHFXDGRVSDUDHYDOXDUHVWDHSLGHPLDVHPDQWHQJDQ
RPHMRUHQ(VSRUHVWRTXHWRGRVORVVDQLWDULRVGHEHQFRQRFHUODLQIRUPDFLyQ
FLHQWtÀFDDFHUFDGHODVPHGLGDVGHFRQWUROGHOWDEDTXLVPRTXHSXHGHQVHU
LPSOHPHQWDGDVHQVXiUHDGHDFWXDFLyQ8QRGHORVIDFWRUHVPiVLPSRUWDQWHV
GH OD LQYHVWLJDFLyQ HV TXH VXV UHVXOWDGRV VH DFHUTXHQ D ORV DFWRUHV VRFLDOHV
LQLFLDQGRXQSURFHVRGHUHHGXFDFLyQHQULTXHFHGRU
/D QHFHVLGDG GH DXPHQWDU WDQWR HO Q~PHUR FRPR OD SUHFLVLyQ GH ORV GDWRV
HSLGHPLROyJLFRV\GHPRQLWRUL]DFLyQYDQPDQRDPDQRFRQODQHFHVLGDGGH
71
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
UHDOL]DU LQYHVWLJDFLyQ &RPR SXQWXDOL]D HO SUR\HFWR 032:(5 GH OD 206 VLQ
XQ VHJXLPLHQWR FXLGDGRVR ODV RWUDV PHGLGDV GHO 032:(5 QR SXHGHQ WHQHU
p[LWR6RQQHFHVDULRVGDWRVH[DFWRV\REMHWLYRVSDUDVHJXLUODSUHYDOHQFLDGHO
FRQVXPRGHWDEDFRGHWHUPLQDUHOLPSDFWRGHODVLQWHUYHQFLRQHV\PRQLWRUL]DU
ODVDFWLYLGDGHV\HVWUDWHJLDVGHODLQGXVWULDWDEDTXHUD
(Q &DQWDEULD VH KDQ UHDOL]DGR HVWXGLRV XQRV HVSHFtÀFRV HQ QXHVWUD &RPX
QLGDG\RWURVHQFRODERUDFLyQFRQRWUDVHQUHODFLyQDODH[SRVLFLyQDOKXPR
DPELHQWDOGHWDEDFRDOFRQVXPR\DODHÀFDFLDGHGLVWLQWDVPRGDOLGDGHVGH
WUDWDPLHQWR
(OREMHWLYRGHO3ODQDFWXDOHVFRQWLQXDUHQHVWDOtQHDFRODERUDQGRFRQDGPLQLV
WUDFLRQHVDQLYHOQDFLRQDO\HXURSHRSDUDFRQRFHUODPDJQLWXGGHOSUREOHPD
SRGHUGHIHQGHU\MXVWLÀFDUDQWHODSREODFLyQODVSROtWLFDVUHVWULFWLYDV\HYDOXDUVL
ODVPHGLGDVXWLOL]DGDVVRQHIHFWLYDVRHVQHFHVDULRPRGLÀFDUODV
2EMHWLYRJHQHUDO
‡ 3RWHQFLDUODLQYHVWLJDFLyQUHODFLRQDGDFRQHOFRQVXPRGHWDEDFR\
ODH[SRVLFLyQDOKXPRDPELHQWDOGHWDEDFR+$7
2EMHWLYRVHVSHFtÀFRV
‡ 2EWHQHULQIRUPDFLyQVREUHFUHHQFLDVDFWLWXGHVFRPSRUWDPLHQWRV\
FRQVHFXHQFLDVWDQWRGHOFRQVXPRGHWDEDFRFRPRGHODH[SRVLFLyQ
DOKXPRDPELHQWDO
‡ 9DORUDUODDFHSWDFLyQGHODQRUPDWLYDYLJHQWHHQPDWHULDGHWDED
TXLVPRHQHOFROHFWLYRKRVWHOHUR
‡ 2EWHQHU LQIRUPDFLyQ VREUH HO FRQVXPR GH WDEDFR HQ SURIHVLRQDOHV
VDQLWDULRV\GRFHQWHV
$FWXDFLRQHV
‡ 5HDOL]DUXQDHQFXHVWDGHRSLQLyQVREUHOD/H\GHGHGL
FLHPEUHSRUODTXHVHPRGLÀFDOD/H\GHGHGLFLHPEUH
GHPHGLGDVVDQLWDULDVIUHQWHDOWDEDTXLVPR\UHJXODGRUDGHODYHQWD
HOVXPLQLVWURHOFRQVXPR\ODSXEOLFLGDGGHORVSURGXFWRVGHOWDEDFR
HQWUHSURIHVLRQDOHVGHODKRVWHOHUtD
72
É5($6'($&78$&,Ð1
‡ 5HDOL]DUXQHVWXGLRVREUHSUHYDOHQFLDGHOFRQVXPRGHWDEDFRHQSUR
IHVLRQDOHVVDQLWDULRVGHO6HUYLFLR&iQWDEURGH6DOXG
‡ 5HDOL]DUXQHVWXGLRVREUHSUHYDOHQFLDGHOFRQVXPRGHWDEDFRHQGR
FHQWHV
‡ (VWXGLDUODHYROXFLyQGHODPRUWDOLGDGDWULEXLEOHDOFRQVXPRGHWDED
FRHQ&DQWDEULD
‡ &RQ0RWLYRGHO'tD0XQGLDO6LQ7DEDFRHIHFWXDUXQHVWXGLRVREUHOD
SUHYDOHQFLD GH IXPDGRUHV \ ORV LQWHQWRV SDUD GHMDU GH IXPDU HQ OD
SREODFLyQGH&DQWDEULD
‡ 5HDOL]DUOD´(QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODUµHQWUHPH
QRUHVGHDDxRVFDGDGRVDxRV
‡ 5HDOL]DU OD HQFXHVWD ´,QFLGHQFLD GHO &RQVXPR GH 'URJDV HQ &DQ
WDEULDµHQSREODFLyQGHDDxRVGHIRUPDELHQDO
‡ 9DORUDU OD DFWXDOL]DFLyQ GHO SURWRFROR GH DERUGDMH GHO WDEDTXLVPR
HQ20,$3
‡ (VWXGLDUODHÀFDFLDGHOWUDWDPLHQWRGHOWDEDTXLVPRHQ$WHQFLyQ3UL
PDULDHQPRGDOLGDGLQGLYLGXDO\JUXSDO
73
J5@I57=B
(9$/8$&,Ð1
6HUHDOL]DUiQHYDOXDFLRQHVDQXDOHVSDUDGHWHUPLQDUHOJUDGRGHFXPSOLPLHQWR
GHORVREMHWLYRVHVSHFtÀFRVGHFDGDiUHDYDORUDQGRHOGHVDUUROORGHODVGLVWLQ
WDVDFWXDFLRQHV\SURSRQLHQGRODVPHMRUDVFRUUHVSRQGLHQWHV
/RVREMHWLYRVGHO3ODQVHUiQHYDOXDGRVDOÀQDOL]DUHOPLVPRPHGLDQWHORVLQGLFD
GRUHVFRUUHVSRQGLHQWHVSDUDHVWLPDUHOFXPSOLPLHQWRGHORVREMHWLYRVJHQHUDOHV
\HVSHFtÀFRVDQDOL]DUDFLHUWRV\GHELOLGDGHVSDUDHOGHVDUUROORGH3ODQHVSRV
WHULRUHV
/RVGDWRVGHORVLQGLFDGRUHVVHUiQUHFRSLODGRVGHIXHQWHVJHVWLRQDGDVSRUOD
&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV\GHRWUDV$GPLQLVWUDFLRQHVORFDOHV
DXWRQyPLFDVQDFLRQDOHV\HXURSHDV
)XHQWHVGHGDWRV
‡ 5HJLVWURLQIRUPDWL]DGRGHGDWRVGHOD6HFFLyQGH,QVSHFFLyQGH6DOXG
3~EOLFD&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV*RELHUQRGH&DQ
WDEULD
‡ (QFXHVWD VREUH ,QFLGHQFLD GHO &RQVXPR GH 'URJDV HQ &DQWDEULD
&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV*RELHUQRGH&DQWDEULD
‡ (QFXHVWDVREUH'URJDVDOD3REODFLyQ(VFRODU&RQVHMHUtDGH6DQLGDG
\6HUYLFLRV6RFLDOHV*RELHUQRGH&DQWDEULD
‡ (QFXHVWD1DFLRQDOGH6DOXG0LQLVWHULRGH6DQLGDG6HUYLFLRV6RFLDOHV
H,JXDOGDG*RELHUQRGH(VSDxD
‡ (QFXHVWD(XURSHDGH6DOXGHQ(VSDxD,QVWLWXWR1DFLRQDOGH(VWDGtV
WLFD\0LQLVWHULRGH6DQLGDG3ROtWLFD6RFLDOH,JXDOGDG*RELHUQRGH
(VSDxD
‡ (QFXHVWD6RFLDOGH&DQWDEULD,QVWLWXWR&iQWDEURGH(VWDGtVWLFD&RQ
VHMHUtDGH(FRQRPtD+DFLHQGD\(PSOHR*RELHUQRGH&DQWDEULD
‡ $SOLFDFLyQ20,$36HUYLFLR&iQWDEURGH6DOXG&RQVHMHUtDGH6DQL
GDG\6HUYLFLRV6RFLDOHV*RELHUQRGH&DQWDEULD
‡ 5HJLVWUR GH SURIHVLRQDOHV VDQLWDULRV GHO 6HUYLFLR &iQWDEUR GH 6DOXG
6HUYLFLR&iQWDEURGH6DOXG&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLD
OHV*RELHUQRGH&DQWDEULD
‡ 5HJLVWUR GH GRFHQWHV &RQVHMHUtD GH (GXFDFLyQ &XOWXUD \ 'HSRUWH
*RELHUQRGH&DQWDEULD
77
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
‡ 5HJLVWURGH$03$GH&DQWDEULD&RQVHMHUtDGH(GXFDFLyQ&XOWXUD\
'HSRUWH*RELHUQRGH&DQWDEULD
‡ 5HJLVWURGHDOXPQRVGHORVGLVWLQWRVQLYHOHVIRUPDWLYRV&RQVHMHUtDGH
(GXFDFLyQ&XOWXUD\'HSRUWH*RELHUQRGH&DQWDEULD
‡ 5HJLVWUR GH SURIHVLRQDOHV VDQLWDULRV TXH WUDEDMDQ HQ ORV 6HUYLFLRV GH
3UHYHQFLyQDXWRUL]DGRVHQ&DQWDEULD&RQVHMHUtDGH6DQLGDG\6HUYL
FLRV6RFLDOHV*RELHUQRGH&DQWDEULD
‡ 5HJLVWURGHPRQLWRUHVGHWLHPSROLEUH&RQVHMHUtDGH3UHVLGHQFLD\-XV
WLFLD*RELHUQRGH&DQWDEULD
‡ 5HJLVWURGH OD 'LUHFFLyQ*HQHUDOGH 6DOXG 3~EOLFD GH SHUVRQDV DVLV
WHQWHVDODVGLIHUHQWHVDFWLYLGDGHVUHDOL]DGDV&RQVHMHUtDGH6DQLGDG
\6HUYLFLRV6RFLDOHV*RELHUQRGH&DQWDEULD
‡ 5HJLVWURGHOD'LUHFFLyQ*HQHUDOGH6DOXG3~EOLFDGHSHUVRQDVWUDWD
GDVSDUDGHMDUGHIXPDU&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV
*RELHUQRGH&DQWDEULD
‡ 5HVXOWDGRVGHODVGLIHUHQWHVLQYHVWLJDFLRQHVOOHYDGDVDFDERHQHOGH
VDUUROORGHO3ODQ&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV*RELHUQR
GH&DQWDEULD
‡ 5HJLVWUR GH SDFLHQWHV GH OD 8QLGDG GH 'HVKDELWXDFLyQ 7DEiTXLFD
6HUYLFLR&iQWDEURGH6DOXG&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLD
OHV*RELHUQRGH&DQWDEULD
‡ 6SHFLDO(XUREDURPHWHU$WWLWXGHVRI(XURSHDQVWRZDUGVWREDFFR
5HSRUW(XURSHDQ&RPPLVVLRQPD\
,QGLFDGRUHV
3UHYHQFLyQ
2EMHWLYRV
,QGLFDGRUHV
5HWUDVDU OD HGDG PHGLD GH LQLFLR GH ‡(GDG PHGLD GH LQLFLR GH FRQVXPR
FRQVXPRGHWDEDFR
GHWDEDFRHQ&DQWDEULD
5HWUDVDU OD HGDG PHGLD GH LQLFLR DO ‡(GDG PHGLD GH LQLFLR GH FRQVXPR
FRQVXPRGLDULR
GLDULRGHWDEDFRHQ&DQWDEULD
78
(9$/8$&,Ð1
2EMHWLYRV
,QGLFDGRUHV
'LVPLQXLU HO SRUFHQWDMH GH MyYHQHV ‡3RUFHQWDMHGHSREODFLyQGHD
TXHSUXHEDQHOWDEDFR
DxRVTXHGHFODUDKDEHUFRQVXPLGR
WDEDFRHQDOJXQDRFDVLyQ
'LVPLQXLU HO SRUFHQWDMH GH SHUVRQDV ‡3RUFHQWDMHGHSREODFLyQGHD
TXHLQLFLDQXQFRQVXPRGLDULRGHWD
EDFR
DxRVTXHIXPDDGLDULR
‡3RUFHQWDMHGHSHUVRQDVDGXOWDVTXH
FRQVXPHQWDEDFRDGLDULR
6HQVLELOL]DUDODFRPXQLGDGHGXFDWLYD ‡1ž GH FHQWURV HGXFDWLYRV TXH SDU
GHVXLPSRUWDQFLDHQHODERUGDMHGHO
WLFLSDQ HQ SURJUDPDV SUHYHQWLYRV
WDEDTXLVPR
GLULJLGRVDDOXPQDGRGH3ULPDULD
‡1žGHFHQWURVHGXFDWLYRVTXHSDUWL
FLSDQHQSURJUDPDVSUHYHQWLYRVGL
ULJLGRVDDOXPQDGRGH6HFXQGDULD
‡1ž GH SDUWLFLSDQWHV HQ SURJUDPDV
SUHYHQWLYRV GLULJLGRV D DOXPQDGR
GH3ULPDULD
‡1ž GH SDUWLFLSDQWHV HQ SURJUDPDV
SUHYHQWLYRV GLULJLGRV D DOXPQDGR
GH6HFXQGDULD
‡$FWLYLGDGHV UHDOL]DGDV HQ FHQWURV
HGXFDWLYRV FRQ PRWLYR GH OD FHOH
EUDFLyQGHO'tD0XQGLDO6LQ7DEDFR
3URPRYHUHQWUHODMXYHQWXGHORFLRVLQ ‡1žGHPDWHULDOHVGLVWULEXLGRVHQDFWL
WDEDFR
YLGDGHVGHRFLR
‡1ž GH SDUWLFLSDQWHV HQ DFWLYLGDGHV
GHRFLRTXHVROLFLWDQLQIRUPDFLyQ
6HQVLELOL]DU D ORV DGXOWRV VREUH OD LP ‡3RUFHQWDMH GH MyYHQHV GH D SRUWDQFLD GH QR SURSRUFLRQDU WDED
DxRV TXH SLHQVDQ TXH VHUtD IiFLO R
FRDPHQRUHV
PX\IiFLOFRQVHJXLUWDEDFR
79
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
+XPRDPELHQWDOGHWDEDFR
2EMHWLYRV
,QGLFDGRUHV
9LJLODUIRPHQWDU\FRQVROLGDUHOFXP ‡1~PHURGHGHQXQFLDVVREUHOD/H\
SOLPLHQWRGHODQRUPDWLYDYLJHQWHHQ UHVSRQGLGDV
PDWHULDGHWDEDFR
‡1~PHUR GH HVWDEOHFLPLHQWRV LQV
SHFFLRQDGRVDQXDOPHQWH
‡3RUFHQWDMH GH HVWDEOHFLPLHQWRV
GH KRVWHOHUtD LQVSHFFLRQDGRV TXH
FXPSOHQODQRUPDWLYDYLJHQWH
‡3RUFHQWDMHGHHVWDEOHFLPLHQWRVGH
KRVWHOHUtDLQVSHFFLRQDGRVOLEUHVGH
KXPRGHWDEDFR
‡1~PHURGH FXUVRV UHDOL]DGRV GLULJL
GRVD&XHUSRV\)XHU]DVGH6HJXUL
GDGGHO(VWDGR
‡1~PHUR GH SHUVRQDV DVLVWHQWHV D
ORVFXUVRVUHDOL]DGRV
*HQHUDOL]DU OD SHUFHSFLyQ GH OD H[ ‡1~PHURGHSHUVRQDVTXHYLVLWDQORV
SRVLFLyQ DO +$7 FRPR ULHVJR SDUD OD UHFXUVRV LQIRUPDWLYRV VREUH H[SRVL
VDOXG
FLyQ DO +$7 GH OD SiJLQD ZHE GH
OD&RQVHMHUtDGH6DQLGDG\6HUYLFLRV
6RFLDOHV
‡1~PHUR GH PDWHULDOHV GH VHQVLELOL
]DFLyQGLVWULEXLGRV
5HGXFLUODH[SRVLFLyQDO+$7HQORVHV ‡3RUFHQWDMHGHSHUFHSFLyQGHOULHV
SDFLRVFHUUDGRVGHFDUiFWHUSULYDGR JRGHH[SRVLFLyQDO+$7
WDOHVFRPRKRJDUHV\YHKtFXORV
‡1~PHURGHSHUVRQDVTXHIXPDQHQ
HOKRJDU
‡)UHFXHQFLDFRQTXHDOJXQDSHUVR
QDIXPDHQODYLYLHQGDGHODQWHGH
ORVQLxRV
‡)UHFXHQFLDFRQTXHDOJXQDSHUVR
QD IXPD HQ YHKtFXORV GHODQWH GH
ORVQLxRV
‡1~PHUR GH SHUVRQDV LQIRUPDGDV
VREUH OD H[SRVLFLyQ DO +$7 HQ YH
KtFXORVSULYDGRV
80
(9$/8$&,Ð1
$ERUGDMHGHOFRQVXPRGHWDEDFR
2EMHWLYRV
,QGLFDGRUHV
$XPHQWDU HO Q~PHUR GH SHUVRQDV ‡3RUFHQWDMHGHSHUVRQDVH[IXPDGR
H[IXPDGRUDV
UDVGHDDxRV
‡3RUFHQWDMHGHSHUVRQDVH[IXPDGR
UDVGH\PiVDxRV
'LVPLQXLU OD SUHYDOHQFLD GH SHUVRQDV ‡3RUFHQWDMHGHSHUVRQDVIXPDGRUDV
IXPDGRUDV
GHDDxRV
‡3RUFHQWDMHGHSHUVRQDVIXPDGRUDV
GH\PiVDxRV
'LVPLQXLUODSUHYDOHQFLDHQFROHFWLYRV ‡3RUFHQWDMHGHSURIHVLRQDOHVGHPH
PRGpOLFRV
GLFLQDGHO6HUYLFLR&iQWDEURGH6D
OXGTXHIXPDQ
‡3RUFHQWDMHGHSURIHVLRQDOHVGHHQ
IHUPHUtD GHO 6HUYLFLR &iQWDEUR GH
6DOXGTXHIXPDQ
‡3RUFHQWDMHGHGRFHQWHVQRXQLYHU
VLWDULRVTXHIXPDQ
‡ 3RUFHQWDMHGHGRFHQWHVXQLYHUVLWD
ULRVTXHIXPDQ
‡1ž GH JUXSRV GH GHVKDELWXDFLyQ
WDEiTXLFD GLULJLGD D FROHFWLYRV
PRGpOLFRVUHDOL]DGRV
‡1ž GH SHUVRQDV SHUWHQHFLHQWHV D
FROHFWLYRVPRGpOLFRVWUDWDGDVSDUD
GHMDUGHIXPDU
‡3RUFHQWDMH GH DEVWLQHQFLD D ORV PHVHVGHSHUVRQDVSHUWHQHFLHQWHV
D FROHFWLYRV PRGpOLFRV WUDWDGDV
SDUDGHMDUGHIXPDU
5HIRU]DUHODERUGDMHGHJpQHURHQORV ‡1~PHURGHIROOHWRVHGLWDGRV\GLVWUL
SURJUDPDVGHDWHQFLyQ\GHVKDELWXD
EXLGRVVREUHWDEDTXLVPR\SDWROR
FLyQ
JtDHVSHFtÀFDDVRFLDGDDKRPEUH
\RPXMHU
3URPRYHU HO DEDQGRQR GHO FRQVXPR ‡1žGHDFWXDFLRQHVUHDOL]DGDV
GHWDEDFRHQSHUVRQDVFRQGLVFDSD
‡1~PHURGHPDWHULDOHVLQIRUPDWLYRV
FLGDG
GLVWULEXLGRVHQFROHFWLYRVGHSHUVR
QDVFRQGLVFDSDFLGDG
81
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
2EMHWLYRV
,QGLFDGRUHV
3RWHQFLDUODDWHQFLyQDODSHUVRQDIX ‡3RUFHQWDMH GH KLVWRULDV GH SDFLHQ
PDGRUDHQ$WHQFLyQ3ULPDULDGHO6HU
WHVPD\RUHVGHDxRVTXHWLHQHQ
YLFLR&iQWDEURGH6DOXG
UHJLVWUDGRHOFRQVXPRGHWDEDFR
‡3RUFHQWDMH GH KLVWRULDV GH SDFLHQ
WHV HQWUH \ DxRV TXH WLHQHQ
UHJLVWUDGRHOFRQVXPRGHWDEDFR
‡3RUFHQWDMHGHPXMHUHVLQFOXLGDVHQ
HOSURJUDPDGHHPEDUD]RTXHWLH
QHQ UHJLVWUDGR HO FRQVXPR GH WD
EDFR
‡3RUFHQWDMH GH KLVWRULDV TXH WLHQHQ
UHJLVWUDGRHOFRQVHMRVDQLWDULRSDUD
GHMDUGHIXPDUHQSDFLHQWHVIXPD
GRUHVPD\RUHVGHDxRV
‡3RUFHQWDMH GH KLVWRULDV TXH WLHQHQ
UHJLVWUDGRHOFRQVHMRVDQLWDULRSDUD
GHMDUGHIXPDUHQSDFLHQWHVIXPD
GRUHVGHDDxRV
‡3RUFHQWDMHGHSHUVRQDVIXPDGRUDV
WUDWDGDV SDUD GHMDU GH IXPDU HQ
$WHQFLyQ3ULPDULDHQPRGDOLGDGLQ
GLYLGXDO
‡3RUFHQWDMHGHSHUVRQDVIXPDGRUDV
WUDWDGDV SDUD GHMDU GH IXPDU HQ
$WHQFLyQ 3ULPDULD HQ PRGDOLGDG
JUXSDO
‡1~PHUR GH SDFLHQWHV GHULYDGRV D
OD8'(67$
*DUDQWL]DU OD DWHQFLyQ D OD SHUVRQD ‡3RUFHQWDMH GH SDFLHQWHV TXH LQL
IXPDGRUD GHVGH OD 8QLGDG GH 'HV
FLDQWUDWDPLHQWRHQOD8'(67$
KDELWXDFLyQ 7DEiTXLFD 8'(67$ GHO
‡3RUFHQWDMH GH SDFLHQWHV DEVWLQHQ
6HUYLFLR&iQWDEURGH6DOXG
WHVDODOWDVHLVPHVHVHQOD8'(67$
‡3RUFHQWDMH GH SDFLHQWHV DEVWLQHQ
WHVWUDVXQDxRGHWUDWDPLHQWRHQOD
8'(67$
‡1~PHURPi[LPRGHGtDVGHOLVWDGH
HVSHUDHQOD8'(67$
82
(9$/8$&,Ð1
2EMHWLYRV
,QGLFDGRUHV
,PSOHPHQWDU XQ 3URJUDPD GH $ERU
GDMH GHO 7DEDTXLVPR SDUD SHUVRQDV
‡0HPRULDGHDFWLYLGDGHV
LQJUHVDGDVHQORV+RVSLWDOHVGHO6HUYL
FLR&iQWDEURGH6DOXG
&RQVHJXLU TXH ORV SURIHVLRQDOHV VDQL ‡1~PHUR GH SDFLHQWHV GHULYDGRV D
WDULRVGH$WHQFLyQ(VSHFLDOL]DGDFRQ
OD8'(67$GHVGH$WHQFLyQ(VSHFLD
VLGHUHQHOWDEDTXLVPRFRPRXQDSULR
OL]DGD
ULGDGHQVXSUiFWLFDGLDULD
‡1~PHUR GH SURIHVLRQDOHV VDQLWD
ULRVGH$WHQFLyQ(VSHFLDOL]DGDTXH
SDUWLFLSDQ HQ DFWLYLGDGHV IRUPDWL
YDV
3RWHQFLDUODDWHQFLyQDODSHUVRQDIX ‡1~PHUR GH RÀFLQDV GH IDUPDFLD
PDGRUD GHVGH OD 2ÀFLQD GH )DUPD
TXH VH DGKLHUHQ DO ´3URJUDPD IDU
FLD
PDFpXWLFR GH DERUGDMH GHO WDED
TXLVPRGHVGHOD2ÀFLQDGH)DUPD
FLDµ
‡1~PHURGHSHUVRQDVLQVFULWDVHQHO
3URJUDPD
‡3RUFHQWDMH GH DEVWLQHQFLD D ORV PHVHVGHORVIXPDGRUHVLQVFULWRVHQ
HO3URJUDPD
‡1~PHURGHJXtDVSDUDGHMDUGHIX
PDU \ IROOHWRV LQIRUPDWLYRV GLVWULEXL
GRV
)RUPDFLyQ
2EMHWLYRV
,QGLFDGRUHV
)RUPDUHQWDEDTXLVPRDORVSURIHVLR ‡1~PHURGHFXUVRVUHDOL]DGRV
QDOHVVDQLWDULRVGHORVGLIHUHQWHVQLYH
‡1~PHURGH SURIHVLRQDOHV VDQLWDULRV
OHVGHDWHQFLyQGHO6HUYLFLR&iQWDEUR
GHO6&6IRUPDGRV
GH6DOXG6&6
‡*UDGRGHVDWLVIDFFLyQGHODOXPQD
GRHQFDGDFXUVR
83
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
2EMHWLYRV
,QGLFDGRUHV
2IUHFHU IRUPDFLyQ HQ WDEDTXLVPR D ‡1~PHURGHFXUVRVUHDOL]DGRV
ORV SURIHVLRQDOHV GH ORV 6HUYLFLRV GH
‡1~PHURGHSURIHVLRQDOHVGHORV6HU
3UHYHQFLyQ GH 5LHVJRV /DERUDOHV \
YLFLRVGH3UHYHQFLyQGH5LHVJRV/D
0HGLFLQD3UHYHQWLYD
ERUDOHV \ 0HGLFLQD 3UHYHQWLYD IRU
PDGRV
‡*UDGRGHVDWLVIDFFLyQGHODOXPQD
GRHQFDGDFXUVR
,PSXOVDUODIRUPDFLyQHQWDEDTXLVPR ‡1~PHURGHFXUVRVUHDOL]DGRV
GHVGH ORV &ROHJLRV 3URIHVLRQDOHV GH
‡1~PHURGHSURIHVLRQDOHVIRUPDGRV
&LHQFLDVGHOD6DOXG
DWUDYpVGHORV&ROHJLRV3URIHVLRQD
OHVGH&LHQFLDVGHOD6DOXG
‡*UDGRGHVDWLVIDFFLyQGHODOXPQD
GRHQFDGDFXUVR
5HDOL]DUFXUVRVGHIRUPDFLyQHQWDED ‡1~PHURGHFXUVRVUHDOL]DGRV
TXLVPRGLULJLGRVDORV&XHUSRV\)XHU
‡1~PHUR GH PLHPEURV GH ORV &XHU
]DVGH6HJXULGDGGHO(VWDGR
SRV \ )XHU]DV GH 6HJXULGDG GHO (V
WDGRIRUPDGRVHQ7DEDTXLVPR
‡*UDGRGHVDWLVIDFFLyQGHODOXPQD
GRHQFDGDFXUVR
)DFLOLWDU\UHIRU]DUODIRUPDFLyQHQWD ‡(ODERUDFLyQ \ GLVHxR GH QXHYRV
EDTXLVPR DÀDQ]DQGR OD PRGDOLGDG FXUVRVRQOLQH
RQOLQH
‡1~PHUR GH FXUVRV RQOLQH RIHUWD
GRV
‡1~PHURGHDOXPQRVIRUPDGRV
‡*UDGRGHVDWLVIDFFLyQGHODOXPQD
GRHQFDGDFXUVR
,QFOXLUHOWDEDTXLVPRHQODIRUPDFLyQ ‡1~PHURGHFXUVRVUHDOL]DGRV
XQLYHUVLWDULD
‡1~PHURGHSDUWLFLSDQWHV
)RUPDU HQ WDEDTXLVPR D SURIHVLRQD ‡1~PHURGHFXUVRVGLULJLGRVDSURIH
OHVGHODHGXFDFLyQ
VLRQDOHVGHODHGXFDFLyQ
‡1~PHURGHSURIHVLRQDOHVGHODHGX
FDFLyQIRUPDGRVHQWDEDTXLVPR
‡*UDGRGHVDWLVIDFFLyQGHODOXPQD
GRHQFDGDFXUVR
84
(9$/8$&,Ð1
2EMHWLYRV
,QGLFDGRUHV
&RQVHJXLU TXH HO GH ORV FXUVRV ‡3RUFHQWDMH GH FXUVRV RUJDQL]DGRV
RUJDQL]DGRVGLULJLGRVDSURIHVLRQDOHV GLULJLGRV D SURIHVLRQDOHV VDQLWDULRV
VDQLWDULRV HVWp DFUHGLWDGR SRU OD &R
DFUHGLWDGRVSRUOD&RPLVLyQGH)RU
PLVLyQGH)RUPDFLyQ&RQWLQXDGD
PDFLyQ&RQWLQXDGD
&RQVHJXLU TXH HO GH ORV FXUVRV ‡3RUFHQWDMH GH FXUVRV RUJDQL]DGRV
RUJDQL]DGRVGLULJLGRVDGRFHQWHVHVWp GLULJLGRV D GRFHQWHV DFUHGLWDGRV
DFUHGLWDGRSRUOD&RQVHMHUtDGH(GX
SRU OD &RQVHMHUtD GH (GXFDFLyQ
FDFLyQ&XOWXUD\'HSRUWH
&XOWXUD\'HSRUWH
‡*UDGR GH VDWLVIDFFLyQ GHO DOXPQD
GRHQFDGDFXUVR
,QYHVWLJDFLyQ
2EMHWLYRV
,QGLFDGRUHV
2EWHQHULQIRUPDFLyQVREUHFUHHQFLDV ‡5HDOL]DFLyQGHXQDHQFXHVWDVREUH
DFWLWXGHVFRPSRUWDPLHQWRV\FRQVH
FUHHQFLDV DFWLWXGHV FRPSRUWD
FXHQFLDV WDQWR GHO FRQVXPR GH WD
PLHQWRV\FRQVHFXHQFLDVWDQWRGHO
EDFRFRPRGHODH[SRVLFLyQDO+XPR FRQVXPR GH WDEDFR FRPR GH OD
$PELHQWDOGH7DEDFR+$7
H[SRVLFLyQDO+$7
‡1~PHURGHFRPXQLFDFLRQHVFLHQWt
ÀFDVUHDOL]DGDVHQFRQJUHVRV\MRU
QDGDV
9DORUDUODDFHSWDFLyQGHODQRUPDWL ‡(QFXHVWDGHDFHSWDFLyQGHODQRU
YDYLJHQWHHQPDWHULDGHWDEDTXLVPR PDWLYD YLJHQWH HQ PDWHULD GH WD
HQHOFROHFWLYRKRVWHOHUR
EDTXLVPRHQHOFROHFWLYRKRVWHOHUR
2EWHQHU LQIRUPDFLyQ VREUH HO FRQVX ‡(VWXGLRVREUHSUHYDOHQFLDGHOFRQ
PRGHWDEDFRHQSURIHVLRQDOHVVDQL
VXPR GH WDEDFR HQ SURIHVLRQDOHV
WDULRV\GRFHQWHV
VDQLWDULRVGHO6HUYLFLR&iQWDEURGH
6DOXG
‡(VWXGLRVREUHSUHYDOHQFLDGHOFRQ
VXPRGHWDEDFRHQGRFHQWHV
85
=B5B7=57=B
),1$1&,$&,Ð1
(OGHVDUUROORGHO3ODQGH3UHYHQFLyQ\&RQWUROGHO7DEDTXLVPRGH&DQWDEULDVH
UHDOL]DUiPHGLDQWH
)LQDQFLDFLyQHVSHFtÀFDUHFRJLGDHQORV3UHVXSXHVWRV*HQHUDOHVGH&DQWDEULD
DVLJQDGRVDOD&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHVGXUDQWHORVDxRVGH
YLJHQFLDGHHVWH3ODQ
89
=6@=C;F5:À5
%,%/,2*5$)Ì$
‡ $FWLRQSODQIRULPSOHPHQWDWLRQRIWKH(XURSHDQ6WUDWHJ\IRUWKH3UH
YHQWLRQDQG&RQWURORI1RQFRPPXQLFDEOH'LVHDVHV²:RUOG
+HDOWK2UJDQL]DWLRQ5HJLRQDO&RPPLWWHHIRU(XURSH²6HSWHP
EHU'LVSRQLEOHHQKWWSZZZHXURZKRLQWBBGDWDDVVHWVSGIB
ÀOHZG(B1&'VBBUHYLVLRQSGI
‡ ÉOYDUH]6$PR0GHO%HQLWR%0&DVWLOOR(GHO*XWLpUUH]//ySH]0(
0DUWtQ)$SUHQGLHQGRD9LYLUVLQ7DEDFR0DWHULDOGHD\XGDSDUDGH
MDUGHIXPDU&RQVHMHUtDGH6DQLGDG*RELHUQRGH&DQWDEULD
‡ ÉOYDUH]6$PR0GHO%HQLWR%0&DVWLOOR(GHO*XWLpUUH]//ySH]0(
HWDO0DQXDOGHDERUGDMHGHOWDEDTXLVPRHQ$WHQFLyQ3ULPDULD'L
UHFFLyQ*HQHUDOGH6DOXG3~EOLFD&RQVHMHUtDGH6DQLGDG*RELHUQR
GH&DQWDEULD
‡ ÉOYDUH] 6 %HQLWR %0 &DVWLOOR ( GHO /ySH] 0( 9LDGHUR / )RUPDFLyQ
HQ7DEDTXLVPRSDUD3HUVRQDO(GXFDWLYR&RQVHMHUtDGH6DQLGDGGHO
*RELHUQRGH&DQWDEULD
‡ $WWLWXGHV RI (XURSHDQV WRZDUGV 7REDFFR 5HSRUW 6SHFLDO (XUREDUR
PHWHU(XURSHDQ&RPPLVVLRQ
‡ $\HVWD)-/RU]D--7DEDTXLVPRSDVLYRLPSRUWDQFLD7UDVWRUQRV$GLF
WLYRV
‡ %DOD06WU]HV]\QVNL/&DKLOO.,QWHUYHQFLRQHVSRUORVPHGLRVPDVLYRV
GHFRPXQLFDFLyQSDUDHODEDQGRQRGHOKiELWRGHIXPDUHQDGXOWRV
5HYLVLyQ&RFKUDQHWUDGXFLGD(Q/D%LEOLRWHFD&RFKUDQH3OXV
1~PHUR 2[IRUG 8SGDWH 6RIWZDUH /WG 'LVSRQLEOH HQ KWWSZZZ
XSGDWHVRIWZDUHFRP7UDGXFLGDGH7KH&RFKUDQH/LEUDU\,VVXH
&KLFKHVWHU8.-RKQ:LOH\6RQV/WG
‡ %DQFR0XQGLDO/DHSLGHPLDGHOWDEDTXLVPRORVJRELHUQRV\ORVDV
SHFWRV HFRQyPLFRV GHO FRQWURO GHO WDEDFR :DVKLQJWRQ '& %0
‡ %DQHJDV-5HWDO/DPRUWDOLGDGDWULEXLEOHDOWDEDTXLVPRFRPLHQ]DD
GHVFHQGHUHQ(VSDxD0HG&OLQ%DUFHORQD
‡ &DVWDQHGR-$6DOLGR$6DtQ]17RUUHV-,0XxR]39LOODQXHYD$3UH
YDOHQFLDGHOFRQVXPRGHWDEDFRHQWUHORVSURIHVLRQDOHVVDQLWDULRVGHO
+RVSLWDO0DUTXpVGH9DOGHFLOOD6DQWDQGHU$WHQ3ULPDULD
93
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
‡ &RQFLHQWL]DUDOS~EOLFRVREUHORVSHOLJURVGHOKXPRGHWDEDFRGHORV
GHPiV2UJDQL]DFLyQ3DQDPHULFDQDGHOD6DOXG
‡ &RQYHQLR0DUFRGHOD206SDUDHOFRQWUROGHOWDEDFR2UJDQL]DFLyQ
0XQGLDOGHOD6DOXG
‡ 'RFXPHQWRWpFQLFRGHFRQVHQVRVREUHODDWHQFLyQVDQLWDULDGHOWD
EDTXLVPRHQ(VSDxD2EVHUYDWRULRSDUDOD3UHYHQFLyQGHO7DEDTXLV
PR&137\0LQLVWHULRGH6DQLGDG
‡ (OWDEDFR\ODSREUH]DXQFtUFXORYLFLRVR2UJDQL]DFLyQ0XQGLDOGHOD
6DOXG
‡ (QFXHVWDGH6DOXGGH&DQWDEULD&RQVHMHUtDGH6DQLGDGGHO*RELHU
QRGH&DQWDEULD
‡ (QFXHVWD1DFLRQDOGH6DOXGGH(VSDxD0LQLVWHULRGH6DQLGDG\
&RQVXPR
‡ (QFXHVWD1DFLRQDOGH6DOXGGH(VSDxD0LQLVWHULRGH6DQLGDG\
&RQVXPR
‡ (QFXHVWDVREUHFRQRFLPLHQWRVDFWLWXGHVFUHHQFLDV\FRQGXFWDVHQ
UHODFLyQDOFRQVXPRGHWDEDFR&RPLWp1DFLRQDOSDUDOD3UHYHQFLyQ
GHO7DEDTXLVPR\*OD[R6PLWK.OLQH&
‡ (QFXHVWDVREUHGURJDVDODSREODFLyQHVFRODU&RQVHMHUtDGH6D
QLGDGGHO*RELHUQRGH&DQWDEULD
‡ (QFXHVWDVREUHGURJDVDODSREODFLyQHVFRODU&RQVHMHUtDGH6D
QLGDGGHO*RELHUQRGH&DQWDEULD
‡ (QFXHVWDVREUHGURJDVDODSREODFLyQHVFRODU&RQVHMHUtDGH6D
QLGDGGHO*RELHUQRGH&DQWDEULD
‡ (QFXHVWDVREUHGURJDVDODSREODFLyQHVFRODU&RQVHMHUtDGH6D
QLGDGGHO*RELHUQRGH&DQWDEULD
‡ )HOWUDFFR$*XWLpUUH].3DTXHWHGHKHUUDPLHQWDVSDUDHOGHVDUUROOR
GHFDPSDxDV8QDJXtDLQWHUQDFLRQDOSDUDSODQLÀFDUHLPSOHPHQWDU
FDPSDxDVSDUDGHMDUGHIXPDU%UDQWIRUG21'LiORJR*OREDOSDUD
&DPSDxDV(IHFWLYDVSDUD'HMDUGH)XPDU
‡ )LFKWHQEHUJ&0*ODQW]6$(IIHFWRIVPRNHIUHHZRUNSODFHVRQVPR
NLQJEHKDYLRXUV\VWHPDWLFUHYLHZ%0-
94
%,%/,2*5$)Ì$
‡ )LRUH0&-DHQ&5%DNHU7%HWDO7UHDWLQJ7REDFFR8VHDQG'HSHQ
GHQFH 8SGDWH &OLQLFDO 3UDFWLFH *XLGHOLQH 5RFNYLOOH 0' 86
'HSDUWPHQW RI +HDOWK DQG +XPDQ 6HUYLFHV 3XEOLF +HDOWK 6HUYLFH
0D\
‡ *OREDO VWDWXV UHSRUW RQ QRQFRPPXQLFDEOH GLVHDVHV *HQHYD
:RUOG+HDOWK2UJDQL]DWLRQ'LVSRQLEOHHQKWWSZZZZKRLQW
QPKSXEOLFDWLRQVQFGBUHSRUWBIXOOBHQSGI
‡ *ULPVKDZ*06WDQWRQ$,QWHUYHQFLRQHVSDUDHODEDQGRQRGHOKiEL
WRGHIXPDUHQSHUVRQDVMyYHQHV5HYLVLyQ&RFKUDQHWUDGXFLGD(Q
/D%LEOLRWHFD&RFKUDQH3OXV1~PHUR2[IRUG8SGDWH6RIWZDUH
/WG 'LVSRQLEOH HQ KWWSZZZXSGDWHVRIWZDUHFRP 7UDGXFLGD GH
7KH&RFKUDQH/LEUDU\,VVXH&KLFKHVWHU8.-RKQ:LOH\6RQV
/WG
‡ +HDOWKSURIHVVLRQDOVDQGVPRNLQJFHVVDWLRQLQDODUJHU(XURSH&RXQWU\
5HSRUW(QJODQG3DXO+RRSHUIRU'HSDUWPHQWRI+HDOWK
‡ ,QFLGHQFLDGHOFRQVXPRGHGURJDVHQ&DQWDEULD&RQVHMHUtDGH
6DQLGDGGHO*RELHUQRGH&DQWDEULD
‡ ,QFLGHQFLDGHOFRQVXPRGHGURJDVHQ&DQWDEULD&RQVHMHUtDGH
6DQLGDGGHO*RELHUQRGH&DQWDEULD
‡ ,QFLGHQFLDGHOFRQVXPRGHGURJDVHQ&DQWDEULD&RQVHMHUtDGH
6DQLGDGGHO*RELHUQRGH&DQWDEULD
‡ ,QFLGHQFLDGHOFRQVXPRGHGURJDVHQ&DQWDEULD&RQVHMHUtDGH
6DQLGDGGHO*RELHUQRGH&DQWDEULD
‡ ,QIRUPHGHOD&RPLVLyQDO3DUODPHQWR(XURSHRDO&RQVHMR\DO&RPLWp
(FRQyPLFR\6RFLDO(XURSHR6HJXQGRLQIRUPHUHODWLYRDODDSOLFDFLyQ
GHOD'LUHFWLYDVREUHSURGXFWRVGHOWDEDFR&RPLVLyQGHODV&RPXQL
GDGHV(XURSHDVÀQDO
‡ -DQp00XMHUHV\WDEDFR$VSHFWRVSULQFLSDOHVHVSHFtÀFRVGHJpQH
UR$GLFFLRQHV9RO6XSO
‡ -RRVHQV//DLJXDOGDGVHYDFRQHOKXPR/DVPXMHUHV\HOWDEDFRHQ
OD8QLyQ(XURSHD%UXVHODV(XURSHDQ1HWZRUNIRU6PRNLQJ3UHYHQWLRQ
95
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
‡ 2UJDQL]DFLyQ3DQDPHULFDQDGHOD6DOXG/DIXQFLyQGHORVSURIHVLR
QDOHVGHODVDOXGHQHOFRQWUROGHOWDEDFR:DVKLQJWRQ236
‡ /DYLROHWWH 65 /DX]RQ 10 %LVKRS 6) 6XQ 1 7DQ + 'RSDPLQH VLJQD
OLQJWKURXJK'OLNHYHUVXV'OLNHUHFHSWRUVLQWKHQXFOHXVDFFXPEHQV
FRUHYHUVXVVKHOOGLIIHUHQWLDOO\PRGXODWHVQLFRWLQHUHZDUGVHQVLWLYLW\7KH
-RXUQDORI1HXURVFLHQFH$XJXVW
‡ /HYDQWDQGRODFRUWLQDGHKXPR(XURSHDQ5HVSLUDWRU\6RFLHW\
‡ /LEUREODQFRVREUHPXMHUHV\WDEDFRDERUGDMHGHVGHXQDSHUVSHFWL
YDGHJpQHUR&RRUGLQDFLyQ,VDEHO1HUyQGHOD3XHUWD0DUHLD-DQp
&KHFD0DGULG&RPLWp1DFLRQDOSDUDOD3UHYHQFLyQGHO7DEDTXLVPR
0LQLVWHULRGH6DQLGDG\&RQVXPR
‡ /LEURYHUGH+DFLDXQD(XURSDVLQKXPRGHWDEDFRRSFLRQHVSROtWLFDV
DHVFDODGHOD8(&RPLVLyQGHODV&RPXQLGDGHV(XURSHDV
ÀQDO
‡ /ySH]0-3HUH]5LRV06FKLDIÀQR$1HERW00RQWHV$$UL]D&HW
DO 0RUWDOLW\ DWWULEXWDEOH WR SDVVLYH VPRNLQJ LQ 6SDLQ 7REDFFR
&RQWURO>@'HFHPEHU
‡ /ySH]1LFROiV$7DEDTXLVPR\HFRQRPtDS~EOLFDÉQJHO/ySH]1LFR
OiV 7DEDTXLVPR \ (FRQRPtD 3~EOLFD (Q &$ -LPpQH] .DUO 2ORY )D
JHUVWU|P(GV7UDWDGRGH7DEDTXLVPR(GLWRULDO$XOD0pGLFD
0DGULG
‡ /XVKFKHQNRYD2HWDO([SRVLFLyQDOKXPRDPELHQWDOGHOWDEDFRHQ
(VSDxD5HY(VS&DUGLRO
‡ 0DUWtQH]-0*XUSHJXL0'tD])-GH/HyQ-7DEDFR\HVTXL]RIUHQLD
$GLFFLRQHV9RO6XSO
‡ 0H\HUV'*HWDO&DUGLRYDVFXODUHIIHFWRIEDQVRQVPRNLQJLQSXEOLF
SODFHV D V\VWHPDWLF UHYLHZ DQG PHWDDQDO\VLV - $P &ROO &DUGLRO
‡ 0RVFRZ 'HFODUDWLRQ 7KH )LUVW *OREDO 0LQLVWHULDO &RQIHUHQFH RQ
+HDOWK\ /LIHVW\OHV DQG 1RQFRPPXQLFDEOH 'LVHDVH &RQWURO 0RVFRZ
²$SULO*HQHYD:RUOG+HDOWK2UJDQL]DWLRQ'LVSRQLEOH
HQ KWWSZZZZKRLQWQPKHYHQWVPRVFRZBQFGVBFRQIHUHQ
FHBGRFXPHQWVPRVFRZBGHFODUDWLRQBHQSGI
96
%,%/,2*5$)Ì$
‡ 032:(5XQSODQGHPHGLGDVSDUDKDFHUUHWURFHGHUODHSLGHPLDGH
WDEDTXLVPR2UJDQL]DFLyQ0XQGLDOGHOD6DOXG
‡ 2UJDQL]DFLyQ 3DQDPHULFDQD GH OD 6DOXG ,PSOLFDU D ORV PpGLFRV HQ
HO FRQWURO GHO WDEDFR 3ODQLÀFDFLyQ (VWUDWpJLFD SDUD HO &RQWURO GHO
7DEDFRJXtDFRPSOHPHQWDULD:DVKLQJWRQ'&236
‡ 3HOO-HWDO6PRNHIUHH/HJLVODWLRQDQG+RVSLWDOL]DWLRQVIRU$FXWH&R
URQDU\6\QGURPH7KH1HZ(QJODQG-RXUQDORI0HGLFLQH
-XO\
‡ 3HWR5/RSH]$'%RUHKDP-7KXQ0DQG+HDWK-U&0RUWDOLW\IURP
6PRNLQJ LQ 'HYHORSHG &RXQWULHV 2[IRUG 8QLYHUVLW\ 3UHVV
2[IRUG
‡ 3LHUFH-3/HyQ0(IIHFWLYHQHVVRIVPRNHIUHHSROLFLHV/DQFHW2QFR
ORJ\²
‡ 3ODQGHSUHYHQFLyQ\FRQWUROGHOWDEDTXLVPRGH&DQWDEULD
'LUHFFLyQ*HQHUDOGH6DOXG3~EOLFDGHO*RELHUQRGH&DQWDEULD
‡ 3ODQGHSUHYHQFLyQ\FRQWUROGHOWDEDTXLVPRGH&DQWDEULD
'LUHFFLyQ*HQHUDOGH6DOXG3~EOLFDGHO*RELHUQRGH&DQWDEULD
‡ 3UHYHQWLQJ WREDFFR XVH DPRQJ \RXWK DQG \RXQJ DGXOWV D UHSRUW
RIWKH6XUJHRQ*HQHUDO²$WODQWD*$'HSWRI+HDOWKDQG+XPDQ
6HUYLFHV&HQWHUVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ1DWLRQDO&HQWHU
IRU&KURQLF'LVHDVH3UHYHQWLRQDQG+HDOWK3URPRWLRQ2IÀFHRQ6PR
NLQJDQG+HDOWK:DVKLQJWRQ'&)RUVDOHE\WKH6XSWRI'RFV86
*32
‡ 5LFKLDUGL / HW DO &DUGLRYDVFXODU EHQHÀWV RI VPRNLQJ UHJXODWLRQV 7KH
HIIHFWRIGHFUHDVHGH[SRVXUHWRSDVVLYHVPRNLQJ3UHYHQWLYH0HGLFL
QH²
‡ 5LJRWWL10XQDIR06WHDG/6PRNLQJ&HVVDWLRQ,QWHUYHQWLRQVIRU+RV
SLWDOL]HG6PRNHUV$6\VWHPDWLF5HYLHZ06F$UFK,QWHUQ0HG
‡ 5LJRWWL 1$ 0XQDIR 05 6WHDG /) ,QWHUYHQFLRQHV SDUD HO DEDQGRQR
GHOKiELWRGHIXPDUHQSDFLHQWHVKRVSLWDOL]DGRV5HYLVLyQ&RFKUDQH
WUDGXFLGD(Q/D%LEOLRWHFD&RFKUDQH3OXV1~PHUR2[IRUG
8SGDWH 6RIWZDUH /WG 'LVSRQLEOH HQ KWWSZZZXSGDWHVRIWZDUH
97
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
FRP 7UDGXFLGD GH 7KH &RFKUDQH /LEUDU\ ,VVXH &KLFKHVWHU
8.-RKQ:LOH\6RQV/WG
‡ 5RKOIV , %RUUHOO & )RQVHFD 0 GR & *pQHUR GHVLJXDOGDGHV \ VDOXG
S~EOLFDFRQRFLPLHQWRV\GHVFRQRFLPLHQWRV*DF6DQLW6XSO
‡ 6iQFKH]0DUWtQH])/ySH]0-1HERW0$UL]D&\*UXSRGH(YDOXD
FLyQGHOD/H\([SRVLFLyQDOKXPRDPELHQWDOGHWDEDFRHQ
FHQWURV GH WUDEDMR DQWHV GH OD HQWUDGD HQ YLJRU GH OD /H\ GHPHGLGDVVDQLWDULDVIUHQWHDOWDEDTXLVPR0HGLFLQD&OtQLFD%DUF
‡ 6KDIH\2'ROZLFN6*XLQGRQ*(HGV7REDFFR&RQWURO&RXQWU\3UR
ÀOHV$PHULFDQ&DQFHU6RFLHW\$WODQWD*$
‡ 6LHJHO0$OEHUV$%&KHQJ'0+DPLOWRQ:/%LHQHU//RFDO5HVWDX
UDQW6PRNLQJ5HJXODWLRQVDQGWKH$GROHVFHQW6PRNLQJ,QLWLDWLRQ3UR
FHVV5HVXOWVRID0XOWLOHYHO&RQWH[WXDO$QDO\VLV$PRQJ0DVVDFKXVHWWV
<RXWK$UFK3HGLDWU$GROHVF0HG0D\
‡ 6PRNH)UHH3DUWQHUVKLS/HYDQWDUODFRUWLQDGHKXPRUD]RQHVSDUD
XQD(XURSDVLQKXPRGHOWDEDFR(56-/WG
‡ 6REUDGLHO 1 *DUFtD9LFHQW 9 &RQVXPR GH WDEDFR \ SDWRORJtD SVL
TXLiWULFD7UDVWRUQRVDGLFWLYRV
‡ 6WURQJ.HWDO3UHYHQWLQJFDQFHUWKURXJKWREDFFRDQGLQIHFWLRQFRQ
WUROKRZPDQ\OLYHVFDQZHVDYHLQWKHQH[W\HDUV"(XURSHDQ-RXUQDO
RI&DQFHU3UHYHQWLRQ
‡ 7DEDTXLVPR\QXHYDQRUPDWLYDDQWLWDEDFR(VWXGLR&,6
‡ 7KH (XURSHDQ 7REDFFR &RQWURO 5HSRUW :RUOG +HDOWK 2UJDQL]DWLRQ
‡ 7KHKHDOWKFRQVHTXHQFHVRILQYROXQWDU\H[SRVXUHWRWREDFFRVPRNH
DUHSRUWRIWKH6XUJHRQ*HQHUDO²>$WODQWD*D@86'HSWRI+HDOWK
DQG+XPDQ6HUYLFHV&HQWHUVIRU'LVHDVH&RQWURODQG3UHYHQWLRQ&R
RUGLQDWLQJ &HQWHU IRU +HDOWK 3URPRWLRQ 1DWLRQDO &HQWHU IRU &KURQLF
'LVHDVH 3UHYHQWLRQ DQG +HDOWK 3URPRWLRQ 2IÀFH RQ 6PRNLQJ DQG
+HDOWK
98
%,%/,2*5$)Ì$
‡ 7KRPDV5(%DNHU3/RUHQ]HWWL'3URJUDPDVIDPLOLDUHVSDUDODSUHYHQ
FLyQGHOKiELWRGHIXPDUHQQLxRV\DGROHVFHQWHV5HYLVLyQ&RFKUDQH
WUDGXFLGD(Q/D%LEOLRWHFD&RFKUDQH3OXV1~PHUR2[IRUG
8SGDWH 6RIWZDUH /WG 'LVSRQLEOH HQ KWWSZZZXSGDWHVRIWZDUH
FRP 7UDGXFLGD GH 7KH &RFKUDQH /LEUDU\ ,VVXH &KLFKHVWHU
8.-RKQ:LOH\6RQV/WG
‡ 7REDFFR RU +HDOWK LQ WKH (XURSHDQ 8QLRQ 3DVW SUHVHQW DQG )XWXUH
7KH$63(&7&RQVRUWLXP(XURSHDQ&RPPLVVLRQ
‡ :+2)UDPHZRUN&RQYHQWLRQRQ7REDFFR&RQWURO*XLGHOLQHVIRULP
SOHPHQWDWLRQ$UWLFOH$UWLFOH$UWLFOH$UWLFOH*HQHYD:RUOG
+HDOWK2UJDQL]DWLRQ
‡ :+2 5HSRUW RQ WKH *OREDO 7REDFFR (SLGHPLF 7KH 032:(5
SDFNDJH*HQHYD:RUOG+HDOWK2UJDQL]DWLRQ
‡ :+2 5HSRUW RQ WKH *OREDO 7REDFFR (SLGHPLF ,PSOHPHQWLQJ
VPRNHIUHHHQYLURQPHQWV032:(5:RUOG+HDOWK2UJDQL]DWLRQ
‡ :+25HSRUWRQWKH*OREDO7REDFFR(SLGHPLF:DUQLQJDERXW
WKHGDQJHUVRIWREDFFR032:(5:RUOG+HDOWK2UJDQL]DWLRQ
‡ 86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV+RZ7REDFFR6PRNH
&DXVHV'LVHDVH7KH%LRORJ\DQG%HKDYLRUDO%DVLVIRU6PRNLQJ$WWULEX
WDEOH'LVHDVH$5HSRUWRIWKH6XUJHRQ*HQHUDO$WODQWD*$86'H
SDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV&HQWHUVIRU'LVHDVH&RQWURO
DQG3UHYHQWLRQ1DWLRQDO&HQWHUIRU&KURQLF'LVHDVH3UHYHQWLRQDQG
+HDOWK3URPRWLRQ2IÀFHRQ6PRNLQJDQG+HDOWK
‡ 3UHYHQFLyQ \ FRQWURO GH ODV HQIHUPHGDGHV QR WUDQVPLVLEOHV $SOLFD
FLyQGHODHVWUDWHJLDPXQGLDOSDUDODSUHYHQFLyQ\HOFRQWUROGHODV
HQIHUPHGDGHV QR WUDQVPLVLEOHV \ GHO SODQ GH DFFLyQ ,QIRUPH GH OD
6HFUHWDUtD$VDPEOHD0XQGLDOGHOD6DOXG3XQWRGHORUGHQ
GHOGtDSURYLVLRQDO2UJDQL]DFLyQ0XQGLDOGHOD6DOXGGHPDU]RGH
'LVSRQLEOHHQKWWSDSSVZKRLQWJEHEZKDSGIBÀOHV:+$
$BVSSGI
99
*
5FH=7=D5BH9G
9BÛ@5Û9@56CF57=B
3$57,&,3$17(6(1/$(/$%25$&,Ð1
&RPLVLyQ7pFQLFD
‡ %ODQFD0%HQLWR)HUQiQGH]3VLFyORJD3ODQGH3UHYHQFLyQ\&RQWURO
GHO7DEDTXLVPRGH&DQWDEULD)XQGDFLyQ&iQWDEUDSDUDOD6DOXG\HO
%LHQHVWDU6RFLDO
‡ 0(PPDGHO&DVWLOOR6HGDQR0pGLFD3ODQGH3UHYHQFLyQ\&RQWURO
GHO7DEDTXLVPRGH&DQWDEULD)XQGDFLyQ&iQWDEUDSDUDOD6DOXG\HO
%LHQHVWDU6RFLDO
‡ ,QpV5XL]/OHUDQGL3VLFyORJD-HIDGH6HUYLFLRGH'URJRGHSHQGHQFLDV
&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV
&RODERUDFLRQHV
6HUYLFLRGH'URJRGHSHQGHQFLDV
&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV
‡ $QGUHD$EDVFDO*DUFtD%HFDULD
‡ $XULVWHOD$OYDUDGR$ORQVR7pFQLFRGHJUDGRPHGLR
‡ ,VDEHO ÉOYDUH] 6DOFLQHV -HID GH 1HJRFLDGR GH 7UDPLWDFLyQ $GPLQLV
WUDWLYD
‡ 0&DUPHQ'LHJR6DQWDPDUtD7pFQLFRVXSHULRU
‡ ÉQJHOD+LJXHUD6ROGHYLOOD-HIDGH6HFFLyQGH3UHYHQFLyQ)RUPDFLyQ
H,QYHVWLJDFLyQ
‡ 0-RVp3LQLOORV%RODGR7pFQLFRGHJUDGRPHGLR
‡ 0$QWRQLD5XHGD*XWLpUUH]-HIDGH6HFFLyQGH3URJUDPDV&RRUGL
QDFLyQ\(YDOXDFLyQ
‡ 5DPyQ6RODQD(ORU]D$GPLQLVWUDWLYR
‡ $OHMDQGUD8JDUWH6DQWRV7pFQLFRVXSHULRU
103
3/$1'(35(9(1&,Ð1<&21752/'(/7$%$48,602
6HUYLFLRGH6DOXG3~EOLFD
&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV
‡ <RODQGD(FKDYH5XL]-HIDGH6HFFLyQGH,QVSHFFLyQ
‡ 0DQXHO*DOiQ&XHVWD-HIHGH6HUYLFLR
‡ 0DUtD+HUUHUtD3RUUDV,QVSHFWRUD
‡ ,VDEHO0XxR]GH-XDQD,QVSHFWRUD
‡ 0DUWD0DUtD3HxDOYHU)HUQiQGH]7pFQLFRGHJUDGRPHGLR
6HUYLFLR&iQWDEURGH6DOXG
&RQVHMHUtDGH6DQLGDG\6HUYLFLRV6RFLDOHV
‡ 0 ÉQJHOHV *DUFtD *XWLpUUH] 3VLFyORJD FOtQLFD 8QLGDG GH 'HVKDEL
WXDFLyQ7DEiTXLFD
‡ )HUQDQGR 0DUWtQ )XHQWH 0pGLFR 8QLGDG GH 'HVKDELWXDFLyQ 7DEi
TXLFD
8QLYHUVLGDGGH&DQWDEULD
‡ )UDQFLVFR -DYLHU $\HVWD $\HVWD 3URIHVRU GH )DUPDFRORJtD 'LUHFWRU
GHO0iVWHU,QWHUXQLYHUVLWDULRHQ7DEDTXLVPR
0LHPEURVGHO&RQVHMR$VHVRUHQPDWHULD
GH'URJRGHSHQGHQFLDV
104
GOBIERNO
de
CANTABRIA
CONSEJERÍA DE SANIDAD
Y SERVICIOS SOCIALES
Dirección General de Salud Pública
Descargar