Você está na página 1de 46

&XUVR%iVLFRGH+70/

,QWURGXFFLyQDOFXUVR

(VWH FXUVR KD QDFLGR FRQ OD LQWHQFLyQ GH FRPSOHPHQWDU ORV DQWHULRUHV FXUVRV GH
-DYD6FULSW \ +70/ GLQiPLFR $Vt SRGUiV WHUPLQDU FUHDQGR XQD SiJLQD GH FDOLGDG
HPSH]DQGRGHVGHFHUR

/RSULPHURTXHKD\TXHGHFLUHVTXHHVWHFXUVRQRH[SOLFDQLQJ~QHVWiQGDUHVSHFtILFR
QL H[DPLQD H[KDXVWLYDPHQWH WRGRV ORV SDUiPHWURV GH ODV HWLTXHWDV +70/ ,QWHQWD VHU
XQDJXtDSUiFWLFDGHPRGRTXHLQFOXLUiWRGDVODVFRVDVTXHVHFRQVLGHUHQLPSRUWDQWHV
\TXHKDQSURYRFDGRDOJ~QTXHEUDGHURGHFDEH]DPLHQWUDVVHUHDOL]DXQDSiJLQD

(O FXUVR \ VXV HMHPSORV KDQ VLGR SUREDGRV FRQ ([SORUHU  \ 1HWVFDSH  TXH VRQ ORV
QDYHJDGRUHVPiVHPSOHDGRV

5HTXLVLWRV

3DUDUHDOL]DUHVWHFXUVRHVQHFHVDULRFRQWDUFRQDOJ~QHGLWRUGHWH[WRFRPRHOQRWHSDG
DXQTXHSXHGHXDVDUVHFXDOTXLHUDLQFOXVLYHHOGH'26

3XHGHQ KDFHU SiJLQDV FRQ DOJ~Q HGLWRU HVSHFtILFR GH SiJLQDV ZHE SHUR QR HV
QHFHVDULR(VPiVDOJXQRVGHHVRVHGLWRUHVHVFRQGHQODVHWLTXHWDV+70/DOXVXDULRGH
PRGRTXHSRVLEOHPHQWHORTXHDSUHQGDVDTXtWHVHUtDGHSRFDXWLOLGDG

QGLFHGHOFXUVR
,QWURGXFFLyQDOFXUVR
5HTXLVLWRV
QGLFHGHOFXUVR
$JUDGHFLPLHQWRV

9HUVLRQHVGHO+70/

+70/
+70/\
+70/
(VWiQGDUHVHQHVWHFXUVR

0LSULPHUDSiJLQD

(OFyGLJR
/DH[SOLFDFLyQ
(OFXHUSRGHOGRFXPHQWR

)RUPDWHREiVLFR

)RUPDWRGHOSiUUDIR
/DVFDEHFHUDV
&DPELDQGRHOWLSRGHOHWUD
)RUPDWRGHIUDVH
2WURVHOHPHQWRV

&DUDFWHUHVHVSHFLDOHV

&DUDFWHUHVH[WHQGLGRVHQ+70/
&DUDFWHUHVGHFRQWURO

(QODFHV

/DHWLTXHWD$!
/DV85/V
$QFODV

/LVWDV

/LVWDVGHVRUGHQDGDV
/LVWDVRUGHQDGDV
/LVWDVGHGHILQLFLRQHV

,PiJHQHV

,PiJHQHV\HQODFHV
$OLQHDFLyQUHVSHFWRDOW H[WR

)RUPDWHRILQR

&DPELRGHFRORU
7DPDxRVGHO WH[WR
7LSRGHOHWUD

(VWUXFWXUDGHOGRFXPHQWR
/DFDEHFHUD
(OFXHUSR

)RUPXODULRV

&DMDVGHWH[WR
2SFLRQHV
%RWRQHVGHOIRUPXODULR
2WURVHOHPHQWRV

&RQWUROHVDYDQ]DGRVSDUDIRUPXODULRV
%RWRQHV
(WLTXHWDV
$JUXSDFLyQGHHOHPHQWRV
'HVDFWLYDFLyQGHHOHPHQWRV

0DSDV

0DSDVJHVWLRQDGRVSRUHOFOLHQ WH
&yPRXVDUXQPDSD

7DEODV

'HILQLUODVILODV
'HILQLUODVFHOGDV
7tWXORGHODWDEOD

0DUFRV

(WLTXHWD)5$0(6(7!
(WLTXHWD)5$0(!
$FFHVRDRWURVPDUFRV

+RMDVGHHVWLOR

&ODVHV
(WLTXHWDV63$1!\',9!

+RMDVGHHVWLORUHIHUHQFLD

3URSLHGDGHVGHEORTXH
3URSLHGDGHVGHWLSRGHOHWUD
3URSLHGDGHVGHIRUPDWRGHOWH[WR
3URSLHGDGHVGHFRORU\IRQGR
3URSLHGDGHVGHFODVLILFDFLyQ

/HQJXDMHVGHVFULSW
-DYDVFULSW

&DSDV

'HILQLFLyQ
3URSLHGDGHV

6RQLGR

6RQLGRDFWLYDGRSRUHO XVXDULR
6RQLGRGHIRQGR

*XtDGHHVWLOR

&RQWHQLGR
1DYHJDFLyQ
(VWUXFWXUDGHODVSiJLQDV
$FFHVLELOLGDG
'LVHxR
0DQWHQLPLHQWR\SUXHEDV

9HUVLRQHVGHO+70/
+70/ 

&XDQGR VH SURGXMR OD H[SORVLyQ GH ,QWHUQHW HO HVWiQGDU GH +70/ TXH FLUFXODED HUD HO
 HVWDEOHFLGR HQ QRYLHPEUH GHO   GH PRGR TXH FXDOTXLHU QDYHJDGRU TXH
HQFRQWUHPRV VHUi FDSD] GH LQWHUSUHWDUOR 3UiFWLFDPHQWH WRGR OR TXH YHDPRV HQ ORV
SUy[LPRVVHLVFDStWXORVHVWiFRQWHPSODGRSRUHVWHHVWiQGDU

+70/\

$XQTXH OD YHUVLyQ  FXPSOtD ELHQ HO REMHWLYR SDUD HO TXH VH FUHy FDUHFtD GH
KHUUDPLHQWDV SDUD WHQHU XQ FRQWURO PtQLPDPHQWH FRPSOHMR GH ORV GRFXPHQWRV 1R VH
FRQVLGHUy QHFHVDULR TXH OR WXYLHUD \D TXH SRU DTXHO HQWRQFHV ,QWHUQHW HUD XQ
IHQyPHQRPiVELHQFLUFXQVFULWRDODDFWLYLGDGDFDGpPLFD\HOFRQWHQLGRSULPDEDVREUH
HO GLVHxR 'HELGR D HOOR 1HWVFDSH OtGHU GHO PHUFDGR GH QDYHJDGRUHV SRU DTXHO
HQWRQFHV HPSH]yDLQFOXLUHWLTXHWDVQXHYDVQRLQFOXLGDVHQQLQJ~QHVWiQGDU

3RU HVWRV SUREOHPDV HO ,(7) HO FRPLWp TXH VXHOH GHFLGLU WRGRV ORV HVWiQGDUHV GHQWUR
GH,QWHUQHW FRPHQ]yDHODERUDUHOERUUDGRUGHO+70/TXHUHVXOWyVHUGHPDVLDGR
JUDQGHSDUDODpSRFDORTXHGLILFXOWyVXDFHSWDFLyQHQHOPHUFDGR

(VWROOHYyDXQDVHULHGHFRPSDxLDV HQWUHHOODV1HWVFDSH0LFURVRIW,%06XQHWF D


FUHDU XQ QXHYR FRPLWp OODPDGR :& TXH HV HO TXH DFWXDOPHQWH HODERUD ODV QXHYDV
YHUVLRQHVGHO+70/6XSULPHUWUDEDMRFRQVLVWLyHQFUHDUHOERUUDGRUGHO+70/TXH
LQFOXtD PXFKDV GH ODV PHMRUDV TXH ORV SULQFLSDOHV QDYHJDGRUHV 1HWVFDSH \ ([SORUHU 
KDEtDQLQWURGXFLGRHQ,QWHUQHWFRPRVRQODVWDEODVORVDSSOHWVHWF
(VWH ERUUDGRU IXH DSUREDGR HQ HQHUR GH  H LQPHGLDWDPHQWH HO :& VH SXVR D
WUDEDMDUHQODHODERUDFLyQGHOVLJXLHQWHHVWiQGDUHO

+70/

(Q MXOLR GH VHSUHVHQWDHOERUUDGRUGHHVWHHVWiQGDU3RUILQVHHVWDQGDUL]DQORV


PDUFRV IUDPHV ODVKRMDVGHHVWLOR\ORVVFULSWV HQWUHRWUDVFRVDV (OGHGLFLHPEUH
GHGLFKRERUUDGRUIXHILQDOPHQWHDSUREDGR

(VWiQGDUHVHQHVWHFXUVR

(QSULQFLSLRFXDOTXLHUQDYHJDGRUGHEHUtDVHUFDSD]GHLQWHUSUHWDUHO+70/SHURSRU
VL QHFHVLWiLV VDEHU SRU DOJXQD UD]yQ HO HVWiQGDU DO TXH SHUWHQHFH XQD HWLTXHWD R
SDUiPHWUR HQSDUWLFXODUVHLQFOXLUiXQDGHODVVLJXLHQWHVLQGLFDFLRQHV
,QWURGXFLGRFRQODYHUVLyQGHO+70/
,QWURGXFLGRFRQODYHUVLyQGHO+70/

(WLTXHWDRSDUiPHWURQRHVWiQGDUVRSRUWDGRVyORSRUHO1HWVFDSH
(WLTXHWDRSDUiPHWURQRHVWiQGDUVRSRUWDGRVyORSRUHO([SORUHU

0LSULPHUDSiJLQD
(OFyGLJR

+70/!
+($'!
7,7/(!0LSULPHUDSDJLQD7,7/(!
+($'!

%2'<!
&(17(5!+!0L3ULPHUDSDJLQD+!&(17(5!
+5!
3!(VWDHVPLSULPHUDSDJLQD FKLVSDV 3RUHO
PRPHQWRQRVHTXHWHQGUDSHURGHQWURGHSRFR
SRQGUHDTXLPXFKDVFRVDVLQWHUHVDQWHV
%2'<!
+70/!

3DUDYHUHOUHVXOWDGRGHHVWHHMHPSORWHFOHHHOFyGLJRHQXQHGLWRUGHWH[WRJXiUGHOR
FRQ H[WHQVLyQ KWPO \ OXHJR DEUD HO DUFKLYR FRQ XQ H[SORUDGRU:HESDUDYHUODSiJLQD
FUHDGD

/DH[SOLFDFLyQ

/RSULPHURTXHFRQYLHQHH[SOLFDUHVHQTXpFRQVLVWHQWRGRVHVRVVtPERORVGHPD\RU\
PHQRU TXH HVWiQ GLVWULEXLGRV SRU DKt (O OHQJXDMH +70/ VH EDVD HQ OD VLQWD[LV 6*0/
WRPD VLJODV  (VWR TXLHUH GHFLU TXH FXDOTXLHU FRVD TXH KDJDPRV HQ +70/ HVWDUi
HQFHUUDGDHQWUHGRVHWLTXHWDVGHHVWDPDQHUD
(7,48(7$SDUiPHWURV!(7,48(7$!
+D\RFDVLRQHVHQTXHQRHVQHFHVDULRFHUUDU ODHWLTXHWD0LUDQGRHOFyGLJRKDEUpLVYLVWR
XQSDUGHHMHPSORTXH\DH[SOLFDUpPiVDGHODQWH3HURFRPRORSULPHURTXHGHEHPRV
LQGLFDU HV TXH HO WH[WR TXH HVWDPRV FRPSRQLHQGR HV XQ GRFXPHQWR +70/ SXHV OR
LQGLFDPRVDVt
+70/!+70/!
8Q GRFXPHQWR +70/ WLHQH XQD HVWUXFWXUD TXH OR VHSDUD HQ GRV SDUWHV FXHUSR \
FDEHFHUD(QODSULPHUDHVWDUiODSiJLQDHQVtPLHQWUDVTXHHQODVHJXQGDLQFOXLUHPRV
DOJXQDVFRVDVTXHQRVHYHQDOSULQFLSLRSHURTXHSXHGHQOOHJDUDVHUPX\LPSRUWDQWHV
/RSULPHURTXHKD\TXHLQFOXLUHQHOFyGLJRHVODFDEHFHUD/DHVFULELPRV
+($'!
7,7/(!0LSULPHUDSDJLQD7,7/(!
+($'!
'HQWURGHODFDEHFHUDVyORKD\RWUDHWLTXHWD(VOD~QLFDLPSUHVFLQGLEOHHOWtWXORGHOD
SiJLQD (V OR TXH YHUHPRV FRPR WtWXOR GH OD YHQWDQD HQ ORV QDYHJDGRUHV TXH OR
SHUPLWDQ(VFRPRVHFRQRFHUiQXHVWUDSiJLQDHQDOJXQRVEXVFDGRUHV\HQODDJHQGD
GH GLUHFFLRQHV ERRNPDUNV  GH ORV XVXDULRV 3RU WDQWR SDUHFH LPSRUWDQWH SHQVDUQRV
ELHQFRPROODPDUOD

(OFXHUSRGHOGRFXPHQWR

$KRUDYDPRVDLQGLFDUHOFRQWHQLGR/RSULPHURVHUiLQGLFDUTXHHVWDPRVHQHOFXHUSR
GHOGRFXPHQWR

%2'<!%2'<!
/XHJRSRQGUHPRVHOWtWXORDOJRUHFDOFDGR
&(17(5!+!+!&(17(5!
&RQHVWRFRORFDUHPRVHOWH[WRFHQWUDGR &(17(5! \HQIRUPDWR+! FDEHFHUD 
TXHQRVDVHJXUDTXHDXPHQWDUiHOWDPDxRGHOWLSRGHOHWUDORVXILFLHQWHFRPRSDUDTXH
VHYHDEDVWDQWHUHVDOWDGR/XHJRVHSDUDPRVHVHWtWXORTXHOHKHPRVSXHVWRDODSiJLQD
GHOWH[WRSRUPHGLRGHXQDOtQHDKRUL]RQWDO
+5!

/D OtQHD KRUL]RQWDO FDUHFH GH HWLTXHWD GH FLHUUH (VWR HV QRUPDO HQ HWLTXHWDV TXH QR
YDUtDQ ORV DWULEXWRV GH XQ WH[WR VLQR TXH LQVHUWDQ XQ HOHPHQWR 3RU HMHPSOR SDUD
LQGLFDUOH TXH TXHUHPRV VHSDUDU HO WH[WR GH OD OtQHD KRUL]RQWDO FRQ XQ HVSDFLR YHUWLFDO
FRUUHVSRQGLHQWHDXQSiUUDIRQXHYROHGHFLPRV
3!(VWDHVPLSULPHUDSDJLQD FKLVSDV 3RUHO
PRPHQWRQRVpTXHWHQGUiSHURGHQWURGH
SRFRSRQGUpDTXtPXFKDVFRVDVLQWHUHVDQWHV
(Q HO VLJXLHQWH FDStWXOR YHUHPRV PXFKDV HWLTXHWDV TXH QRV SHUPLWLUiQ FDPELDU HO
DVSHFWRGHQXHVWURVWH[WRV

)RUPDWHREiVLFR

6HSXHGHQHVWDEOHFHUYDULDVFDWHJRUtDVGHQWURGHODVHWLTXHWDVXVDGDVSDUDIRUPDWHDUHO
WH[WR1RVRWURVODVGLYLGLUHPRVHQWUHDTXHOODVTXHVLUYHQSDUDFDPELDUSiUUDIRVHQWHURV
\ODVTXHVRQFDSDFHVGHIRUPDWHDUWLUDVGHFDUDFWHUHVGHQWURGHOSiUUDIR

)RUPDWRGHOSiUUDIR

(VWDV VRQ ODV HWLTXHWDV PiV LPSRUWDQWHV H[FOX\HQGR DOJXQDV TXH YHUHPRV PiV
DGHODQWH 
(WLTXHWD
3!
&(17(5!
&(17(5!

8WLOLGDG

5HVXOWDGR

6LUYH SDUD GHOLPLWDU XQ SiUUDIR


,QVHUWD XQD OtQHD HQ EODQFR DQWHV 6R\XQSiUUDIR
GHOWH[WR

 3HUPLWH FHQWUDU WRGR HO WH[WR GHO <RVR\QRUPDO


SiUUDIR
<RHVWR\FHQWUDGR

5HSUHVHQWD HO WH[WR HQFHUUDGR HQ


35( :,'7+ [!
HOOD FRQ XQ WLSR GH OHWUD GH SDVR (VWR\HQSDVRILMR
35(!
ILMR 0X\ ~WLO D OD KRUD GH

UHSUHVHQWDU FyGLJR IXHQWH (O


SDUiPHWUR :,'7+ HVSHFLILFD HO
Q~PHUR Pi[LPR GH FDUDFWHUHV HQ
XQDOtQHD

<RHVWR\DODL]TXLHUGD
3HUPLWH MXVWLILFDU HO WH[WR GHO <RDOFHQWUR
',9 $/,*1 [!  SiUUDIR D OD L]TXLHUGD $/,*1 /()7  <\RDODGHUHFKD UHFXHUGDD
GHUHFKD 5,*+7  DO FHQWUR &(17(5  ODSROtWLFDHVWRR\H
',9!
RDDPERVPiUJHQHV -867,)<
<R VR\ HO PiV OLQGR SRUTXH
HVWR\HQWRGRVORVODGRV
$''5(66!
$''5(66!



3DUD HVFULELU GLUHFFLRQHV GH HVDV 'DQLHO 5RGUtJXH] +HUUHUD


GRQGH YLYH OD JHQWH QR &(FXDGRU  % 
HOHFWUyQLFDV 
0DMDGDKRQGD

3DUD FLWDU XQ WH[WR DMHQR 6H VXHOH


LPSOHPHQWDU GHMDQGR PiUJHQHV
%/2&.4827(! 
WDQWR D L]TXLHUGD FRPR D GHUHFKD
%/2&.4827(!
UD]yQ SRU OD TXH VH XVD
KDELWXDOPHQWH

0H
JXVWDUtD
UHHQFDUQDUPH
HQODV\HPDVGH
ORV GHGRV GH
:DUUHQ %HDWW\
:RRG\$OOHQ

/DVFDEHFHUDV

(O+70/QRVRIUHFHVHLVHWLTXHWDVGLVWLQWDVSDUDPRVWUDUFDEHFHUDV6RQpVWDV
(WLTXHWD

5HVXOWDGR

+!
+!



+!
+!



+!
+!



+!
+!

+!
+!
+!
+!





&DEHFHUD GH QLYHO



&DEHFHUDGHQLYHO
&DEHFHUDGHQLYHO
&DEHFHUDGHQLYHO
&DEHFHUDGHQLYHO

 &DEHFHUDGHQLYHO

(VWDVHWLTXHWDVVHSXHGHQGHILQLUFRPRGHIRUPDWRGHSiUUDIRSHURSRUVXLPSRUWDQFLD
KH SUHILULGR WUDWDUODV DSDUWH 1R UHVXOWD UHFRPHQGDEOH XWLOL]DUODV SDUD DXPHQWDU R
GLVPLQXLU HO WDPDxR GHO WLSR GH OHWUD \D TXH FDGD QDYHJDGRU ORV PXHVWUD GH PDQHUD

GLIHUHQWH 6H XVDQ SDUDGLYLGLUFRUUHFWDPHQWHHQVHFFLRQHVQXHVWUDSiJLQDWDO\FRPR


VHKDFHHQXQGRFXPHQWRGHWH[WRQRUPDO

&DPELDQGRHOWLSRGHOHWUD

7RGDV HVWDV HWLTXHWDV QRVSHUPLWHQFDPELDUGHXQDPDQHUDXRWUDHODVSHFWRGHOWLSR


GH OHWUD TXH HVWHPRV XWLOL]DQGR \ VH SXHGHQ XWLOL]DU FRQ WLUDV GH FDUDFWHUHV GHQWUR GH
XQSiUUDIR
(WLTXHWD

8WLOLGDG

5HVXOWDGR

,!,!

5HSUHVHQWDHOWH[WRHQFXUVLYD

(VWR\ODGHDGR

%!%!

3RQHHOWH[WRHQQHJULWD

8!8!

3DUDVXEUD\DUDOJR
3DUDWDFKDU

6!6!

6R\ XQ WH[WR QHJUR


FRPRHOWL]yQ
&RPR VR\ PX\ LPSRUWDQWH
HVWR\VXEUD\DGR
$ Pt HQ FDPELR QDGLH PH
TXLHUH

77!77!

3HUPLWH UHSUHVHQWDU HO WH[WR HQ XQ


1RVR\YDULDEOH
WLSRGHOHWUDGHSDVRILMR

68%!68%!

/HWUDVXEtQGLFH

683!683!
%,*!

%,*!

60$//!

60$//!
%/,1.!

%/,1.!

/HWUDVXSHUtQGLFH

( PF

DLM ELM

 ,QFUHPHQWD HO WDPDxR GHO WLSR GH


6R\*5$1'(
OHWUD

 'LVPLQX\H HO WDPDxR GHO WLSR GH


&UHtYHUXQOLQGRJDWLWR
OHWUD
 +DFH SDUSDGHDU HO WH[WR 5HVXOWD
0ROHVWR"
DOJRLUULWDQWH

)RUPDWRGHIUDVH

(QHVWRVHOHPHQWRVLQGLFDVHOWLSRGHLQIRUPDFLyQTXHHQFLHUUDQODVHWLTXHWDVSHURQR
FRPRVHUHSUHVHQWDQ
(WLTXHWD

8WLOLGDG

5HVXOWDGR

3DUDHVFULELUFyGLJRIXHQWH

LQW[ 

&,7(!&,7(! 3DUDFLWDUXQWH[WRDMHQR
&2'(!
&2'(!

67521*!
67521*!

(0!(0!

.%'!.%'!





/DFRVDHVLPSRUWDQWH
3DUDGDUpQIDVLV

7H[WRWHFOHDGRSRUHOXVXDULR

(VWDIUDVH QRHVPtD

+D\FRVDVLPSRUWDQWHV

+D\ TXH SRQHU pQIDVLV HQ


DOJXQDVFRVDV
(O

XVXDULR

GHEH

WHFOHDU

9$5!9$5!
6$03!
6$03!
$%%5!

$%%5!

5HSUHVHQWDU
FyGLJR

YDULDEOHV

GH

0XOWLYDFHVHOPHMRU 

XQ /D YDULDEOH [


DQWHULRUPHQWH

GHILQLGD

 3DUD UHSUHVHQWDU XQD VHULH GH


(VWR\HQXQOLWHUDO
FDUDFWHUHVOLWHUDOPHQWH


/D ::: XVD HO SURWRFROR


KWWS

$EUHYLDWXUDV

1RVRQPX\XWLOL]DGRV\DTXHQRSHUPLWHQWHQHUXQFRQWUROH[DFWRGHODPDQHUDHQTXH
ODSiJLQDVHUHSUHVHQWDUi ILQDOPHQWH

2WURVHOHPHQWRV

3RU ~OWLPR GHEHPRV HVWXGLDU DOJXQDV FRVDV TXH QR VRQ WH[WR \ TXH SRGHPRV
LQFRUSRUDUDQXHVWUDSiJLQD
(WLTXHWD 8WLOLGDG

5HVXOWDGR

%5!

+D\
XQ
DQWHV
\
XQ
GHVSXpVGHVDOWDUDRWUDOtQHD

+5!

,QVHUWDXQDEDUUDKRUL]RQWDO
6DOWRGHOtQHD

 ! &RPHQWDULRV

(VWRVHHVFULEH\ HVWRQR!

&DUDFWHUHVHVSHFLDOHV

6LRVKDEHLVILMDGRHQORVHMHPSORVKDEUpLVYLVWRTXHHQORVWH[WRVGHORVPLVPRVQRKD\
DFHQWRVQLHxHVQLVtPERORVGHDEULULQWHUURJDFLyQRH[FODPDFLyQ(VWRHVGHELGRDORV
GLVWLQWRVMXHJRVGHFDUDFWHUHVTXHPDQHMDQORVRUGHQDGRUHV
/DV PiTXLQDV PDQHMDQ OD LQIRUPDFLyQ HQ IRUPDWR ELQDULR HV GHFLU HQ XQRV \ FHURV 
(VWRV D VX YH] IRUPDQ Q~PHURV ORV FXDOHV VH WUDGXFHQ HQ OHWUDV &yPR" 0HGLDQWH
WDEODV3RGHPRVDVLJQDUHOYDORUDODOHWUDDHODODEHWF

(OSUREOHPDHVWiHQTXHFDGDRUGHQDGRUHVGHXQIDEULFDQWHGLVWLQWR\SXHGHDGRSWDU
XQD WDEOD GLIHUHQWH DO UHVWR 3DUD HYLWDUOR H[LVWHQ GLYHUVRV HVWiQGDUHV \ HO PiV
H[WHQGLGR HV HO $6&,, 'H KHFKR DFWXDOPHQWH WRGRV ORV RUGHQDGRUHV WLHQHQ OD PLVPD
WDEOD $6&,, SDUD ORV SULPHURV  FDUDFWHUHV 3HUR HVD WDEOD QR FRQWLHQH YRFDOHV FRQ
DFHQWR QL HxHV QL VtPERORV GH DEULU LQWHUURJDFLyQ R H[FODPDFLyQ (VWR QRV SDVD SRU
GHMDUTXHORVQRUWHDPHULFDQRVVHDQTXLHQHVFRQVWUX\DQODVFRPSXWDGRUDV
(O +70/  HOLJLy FRPR WDEOD HVWiQGDU OD ,62/DWLQ TXH FRPSDUWH FRQ OD$6&,,ORV
FDUDFWHUHVHLQFOX\HXQRVFXDQWRVPiVKDVWDHOQ~PHUR

&DUDFWHUHVH[WHQGLGRVHQ+70/

/D PDQHUD GH LQFOXLU ORV FDUDFWHUHV H[WHQGLGRV FX\R Q~PHUR HVWi PiV DOOi GHO  
FRQVLVWHHQHQFHUUDUHOFyGLJRHQWUHORVFDUDFWHUHV  \$VtSXHVORVLJXLHQWH


QRV GHEHUtD GDU XQ PHGLR  7DPELp H[LVWH XQD VHULH GH VLQRQLPRV SDUD SRGHU
UHFRUGDUFRQPiVIDFLOLGDGHVWRVFDUDFWHUHV$VtSRUHMHPSOR  WDPELpQVHSXHGH
HVFULELUFRPR IUDF9DPRVDYHUDOJXQRVGHHVWRVFyGLJRVORVPiV~WLOHVDODKRUDGH
HVFULELUHQHVSDxRO
&yGLJR

DDFXWH
$DFXWH
(DFXWH

HDFXWH

QWLOGH\ 1WLOGH

LH[FO

RUGP
WUDGH
FRS\

ipety~\
x\f

LTXHVW
RUGI

5HVXOWDGR

R

R 

UHJ

HVSDFLRHQEODQFRTXHQRSXHGHVHUXVDGRSDUD
VDOWDUGH

QEVS

&DUDFWHUHVGHFRQWURO

(Q HO +70/ H[LVWHQ FXDWUR FDUDFWHUHV GH FRQWURO TXH VH XVDQ SDUD IRUPDU HWLTXHWDV
HVWDEOHFHU SDUiPHWURV HWF 3DUD SRGHU HPSOHDUORV VLQ ULHVJR GHEHUHPRV HVFULELU ORV
VLJXLHQWHFyGLJRV
&yGLJR 5HVXOWDGR
OW

JW


!

DPS
TXRW 

$KRUD SRGUHPRV YHU HO HMHPSOR DQWHULRU FRUUHJLGR SDUD LQFOXLU DFHQWRV \ GHPiV
7DPELpQWHQpLVDYXHVWUDGLVSRVLFLyQODWDEODFRPSOHWDGHFDUDFWHUHV GHO+70/

(QODFHV

/DV VLJODV +70/ VLJQLILFDQ +\SHU7H[W 0DUNXS /DQJXDJH OR TXH SDUD QRVRWURV TXLHUH
GHFLUTXHHVXQOHQJXDMHSDUDKLSHUWH[WR([LVWHQP~OWLSOHVIRUPDWRVGHKLSHUWH[WR SRU
HMHPSOR ORV ILFKHURV GH D\XGD GH :LQGRZV  \ OR TXH WLHQHQ HQ FRP~Q HV TXH WRGRV
SRVHHQHQODFHV

8QHQODFHHVXQD]RQDGHWH[WRRJUiILFRVTXHVLVRQVHOHFFLRQDGRVQRVWUDVODGDQDRWUR
GRFXPHQWRGHKLSHUWH[WRRDRWUDSRVLFLyQGHQWURGHOGRFXPHQWRDFWXDO6LHQGR+70/
HOOHQJXDMHGH,QWHUQHWODGLIHUHQFLDTXHSRVHHFRQUHVSHFWRDRWURVWLSRVGHKLSHUWH[WR
HV TXH HVH RWUR GRFXPHQWR SXHGH HVWDUItVLFDPHQWHHQODRWUDSXQWDGHOSODQHWD6RQ
ORVHQODFHVORTXHKDFHQGHODWHODUDxDR:RUOG:LGH:HE ORTXHHV

/DHWLTXHWD$!

3DUDLQFRUSRUDUXQHQODFHKD\TXHXWLOL]DUHVWDHWLTXHWD7RGRORTXHHQFHUUHPRVHQWUH
$! \ $! \D VHD WH[WR R LPiJHQHV VHUi FRQVLGHUDGR FRPR HQODFH \ VXIULUi GRV
PRGLILFDFLRQHV
 6HYLVXDOL]DUiGHPDQHUDGLVWLQWDHQHOQDYHJDGRU(OWH[WRDSDUHFHUiVXEUD\DGR
\GHXQFRORUGLVWLQWRDOKDELWXDO\ODVLPiJHQHVHVWDUiQURGHDGDVSRUXQERUGH
GHOPLVPRFRORUTXHHOGHOWH[WRGHOHQODFH
 $O SXOVDU VREUH HO HQODFH VHUHPRV HQYLDGRV DO GRFXPHQWR TXH DSXQWDED HO
HQODFH

3DUDTXHHOHQODFHVLUYDSDUDDOJRGHEHPRVHVSHFLILFDUOHXQDGLUHFFLyQ/RKDUHPRVGH
ODVLJXLHQWHPDQHUD
$+5() GLUHFFLRQ!3XOVDPH$!
/DGLUHFFLyQHVWDUiHQIRUPDWR85/ 8QLIRUP5HVRXUFH/RFDWRU 

/DV85/V

8QD85/QRVLQGLFDWDQWRXQDGLUHFFLyQGH,QWHUQHWFRPRHOVHUYLFLRTXHHVSHUDPRVQRV
RIUH]FDHOVHUYLGRUDOTXHFRUUHVSRQGHODGLUHFFLyQ7LHQHHOVLJXLHQWHIRUPDWR
VHUYLFLRPiTXLQDSXHUWRUXWDILFKHUR#XVXDULR
GRQGHHOVHUYLFLRSRGUiVHUXQRGHORVVLJXLHQWHV
KWWS
(V HO VHUYLFLR LQYRFDGR SDUD WUDQVPLWLU SiJLQDV ZHE \ HO TXH XVDUHPRV
QRUPDOPHQWHHQORVHQODFHV
KWWSV
(V XQD LQQRYDFLyQ VREUH HO DQWHULRU TXH QRV SHUPLWH DFFHGHU D VHUYLGRUHV
JHQHUDOPHQWH FRPHUFLDOHV  TXH QRV RIUHFHQ HO XVR GH WpFQLFDV GH HQFLSWDFLyQ
SDUDSURWHJHUORVGDWRVTXHLQWHUFDPELHPRVFRQpOGHWHUFHUDVSHUVRQDV
IWS

3HUPLWHWUDVPLWLUILFKHURVGHVGHVHUYLGRUHVGHIWS DQyQLPR6LQROHSHGLPRVXQ
ILFKHURVLQRXQGLUHFWRULRHQJHQHUDOHOQDYHJDGRUVHHQFDUJDUiGHPRVWUDUQRVHO
FRQWHQLGRGHOPLVPRSDUDTXHSRGDPRVHVFRJHUORFyPRGDPHQWH8WLOL]DQGROD#
SRGUHPRVDFFHGHUDVHUYLGRUHVSULYDGRV
PDLOWR
3DUD
SRGHU
PDQGDU
XQ
PHQVDMH
3RU
HMHPSOR
OD
85/
PDLOWRPXOWLYDF#LGHFQHWFRP PHPDQGDUtDXQPHQVDMHDPt
QHZV
3DUDSRGHUDFFHGHUDIRURVGHGLVFXVLyQ PDOWUDGXFLGRVDYHFHVFRPRJUXSRVGH
QRWLFLDV  6H LQGLFD HO VHUYLGRU \ HO JUXSR 3RU HMHPSOR
QHZVQHZVLEHUQHWHVHVFRPSGHPRV
QRV FRQHFWDUtD FRQ HO IRUR
HVFRPSGHPRV HQHOVHUYLGRUQDFLRQDOGH7HOHIyQLFD
WHOQHW
1R HV LPSOHPHQWDGR JHQHUDOPHQWH SRU ORV QDYHJDGRUHV TXH VXHOHQ LQYRFDU XQ
SURJUDPD H[WHUQR 1RV SHUPLWH FRQHFWDUQRV FRQ RWURV RUGHQDGRUHV \ HQWUDU HQ
HOORVFRPRVLQXHVWURRUGHQDGRUIXHVHXQDWHUPLQDOGHOPLVPR
/D GLUHFFLyQ GH OD PiTXLQD SXHGH VHU R ELHQ XQD VHULH GH FXDWUR Q~PHURV HQWUH  \
   R ELHQ DOJR PiV IDFLO GH UHFRUGDU FRPR HV XQD VHULH GH SDODEUDV
VHSDUDGDV SRU SXQWRV ZZZSURJUDPDFLRQQHW  (O SXHUWR JHQHUDOPHQWH QR VH LQGLFD
\DTXHHOVHUYLFLRSUHGHWHUPLQDXQR
/D UXWD HV XQD VHULH GH GLUHFWRULRV VHSDUDGRV SRU HO VtPEROR  TXH HV HO XWLOL]DGR HQ
81,; HOVLVWHPDRSHUDWLYRPiVH[WHQGLGRHQORVVHUYLGRUHVGH,QWHUQHW 
([LVWH RWUR IRUPDWR GH 85/ &XDQGR TXHUHPRV DFFHGHU D XQ ILFKHUR VLWXDGR HQ OD
PLVPDPiTXLQDTXHODSiJLQDZHETXHHVWDPRVFUHDQGRSRGHPRVXWLOL]DUHVWHIRUPDWR
UXWDBUHODWLYDILFKHUR

(QODUXWDUHODWLYDSRGUHPRVXWLOL]DUORVGRVSXQWRV  SDUDDFFHGHUDOGLUHFWRULRSDGUH
R FRPHQ]DU FRQ OD EDUUD GLDJRQDO   SDUD DFFHGHU D XQD UXWD DEVROXWD GHQWUR GH
QXHVWURRUGHQDGRU

$QFODV

&RPR GLMLPRV HV SRVLEOH DFFHGHU D XQD SRVLFLyQ GHO GRFXPHQWR +70/ 3DUD KDFHUOR
SULPHURGHEHPRVHVSHFLILFDUHOOXJDUGHOGRFXPHQWRDOTXHTXHUHPRVDFFHGHU
$1$0( DQFOD!
3DUDSRGHUYHUELHQFRPRIXQFLRQDKHFRORFDGRXQDQFODGHHMHPSORHQHOWtWXORGHOD
VHFFLyQ3DUDSRGHUDFFHGHUDHVHOXJDULQFOXLPRVHOHQODFHGHHVWDPDQHUD
$+5() DQFOD!9DPRVDGRQGHDQWHV$!
7DPELpQ SRGHPRV DFFHGHU D DQFODV VLWXDGDV HQ GRFXPHQWRV UHPRWRV 3DUD HOOR
DxDGLUHPRVHOQRPEUHGHODQFODDO85/DVt
$+5() HQODFHVKWPODQFOD!2WUDYH]$!

/LVWDV

([LVWHQ YDULRV WLSRV GH OLVWDV HQ +70/ 7RGDV HOODV VH SXHGHQ PHWHU XQDV GHQWUR GH
RWUDV IRUPDQGR iUEROHV PX\ ERQLWRV \ SUHFLRVRV 7RGRV ORV WLSRV VLJXHQ HO VLJXLHQWH
IRUPDWR

WLSRBOLVWD!
/,!3ULPHUHOHPHQWR
/,!6HJXQGRHOHPHQWR
WLSRBOLVWD!
WLSRBOLVWD SXHGHVHUXQDGHODVVLJXLHQWHV',5'/0(182/ \8/

/LVWDVGHVRUGHQDGDV

/D HWLTXHWD 8/! QRV SHUPLWH SUHVHQWDU OLVWDV GH HOHPHQWRV VLQ RUGHQ DOJXQR &DGD
HOHPHQWRGHODOLVWDLUiQRUPDOPHQWHSUHFHGLGRSRUXQFtUFXOR3RUHMHPSOR
8/!
/,!3ULPHUHOHPHQWR
/,!6HJXQGRHOHPHQWR
8/!
VHYHUiFRPR
x
x

3ULPHUHOHPHQWR
6HJXQGRHOHPHQWR

/DHWLTXHWD8/! DGPLWHHVWRVSDUiPHWURV
3DUiPHWUR

8WLOLGDG

&203$&7

,QGLFD DO QDYHJDGRU TXH GHEH UHSUHVHQWDU OD


OLVWDGHODPDQHUDPiVFRPSDFWDSRVLEOH

7<3( GLVF
FLUFOH
VTXDUH

,QGLFD DO QDYHJDGRU HO GLEXMR TXH SUHFHGHUi D


FDGD HOHPHQWR GH OD OLVWD 3DUD PD\RU
IOH[LELOLGDG VH DGPLWH WDPELpQ FRPR SDUiPHWUR
GH/,!

5HVXOWDGR
x
x
x
R

3ULPHU
HOHPHQWR
6HJXQGR
HOHPHQWR
7LSRGLVF
7LSRFLUFOH
7LSR
VTXDUH

7DPELpQVRQOLVWDVGHVRUGHQDGDVDTXHOODVTXHXWLOL]DQODVHWLTXHWDV',5! \0(18!(Q
SULQFLSLRWHQtDQFRPRSURSyVLWRUHSUHVHQWDUXQDOLVWDHVWLORGLUHFWRULR PXOWLFROXPQD R
WLSR PHQ~ XQD VROD FROXPQD  (Q OD SUiFWLFD ORV QDYHJDGRUHV OR KDQ LPSOHPHQWDGR
FRPRVLQRQLPRVGH8/!SRUORTXHQRORVHVWXGLDUHPRVDTXt

/LVWDVRUGHQDGDV

/D HWLTXHWD 2/! QRV SHUPLWH SUHVHQWDU OLVWDV GH HOHPHQWRV RUGHQDGRV GH PHQRU D
PD\RU 1RUPDOPHQWH FDGD HOHPHQWR GH OD OLVWD LUi SUHFHGLGR SRU VX Q~PHUR HQ HO
RUGHQ3RUHMHPSOR
2/!
/,!3ULPHUHOHPHQWR
/,!6HJXQGRHOHPHQWR
2/!
VHYHUiFRPR

 3ULPHUHOHPHQWR
 6HJXQGRHOHPHQWR

/DHWLTXHWD2/! DGPLWHHVWRVSDUiPHWURV
3DUiPHWUR

8WLOLGDG

&203$&7

,QGLFD DO QDYHJDGRU TXH GHEH UHSUHVHQWDU OD


OLVWDGHODPDQHUDPiVFRPSDFWDSRVLEOH

5HVXOWDGR

 3ULPHU
HOHPHQWR
 6HJXQGR
HOHPHQWR


,QGLFDDOQDYHJDGRUHOWLSRGHQXPHUDFLyQTXH
E
7<3(  D $ SUHFHGHUi D FDGD HOHPHQWR GH OD OLVWD 3DUD
&
PD\RU IOH[LELOLGDG VH DGPLWH WDPELpQ FRPR LY
L,
SDUiPHWURGH/,!
9

67$57 QXP

9$/8( QXP

,QGLFD DO QDYHJDGRU HO Q~PHUR SRU HO TXH VH


HPSH]DUiDFRQWDUORVHOHPHQWRVGHODOLVWD

$WULEXWR GH /,! DFW~D FRPR 67$57 SHUR D


SDUWLUGHXQHOHPHQWRSUHGHWHUPLQDGR

7LSR
7LSRD
7LSR$
7LSRL
7LSR,

 3ULPHU
HOHPHQWR
 6HJXQGR
HOHPHQWR
 3ULPHU
HOHPHQWR
 6HJXQGR
HOHPHQWR
 7HUFHU
HOHPHQWR

/LVWDVGHGHILQLFLRQHV

(VWH HV HO ~QLFR WLSR GH OLVWD TXH QR XWLOL]D OD HWLTXHWD /,! $O WHQHU FRPR REMHWLYR
SUHVHQWDU XQD OLVWD GH GHILQLFLRQHV GH PRGR TXH WLHQH TXH UHSUHVHQWDU GH PDQHUD
GLVWLQWDHOREMHWRGHILQLGR\ODGHILQLFLyQ(VWRVHKDFHSRUPHGLRGHODVHWLTXHWDV '7!
\''!
'/!
'7!3ULPHUHOHPHQWR''!(VXQHOHPHQWRPX\ERQLWR
'7!6HJXQGRHOHPHQWR''!(VWHHQFDPELRHVSHRU
'/!
VHYHUiFRPR
3ULPHUHOHPHQWR
(VXQHOHPHQWRPX\ERQLWR
6HJXQGRHOHPHQWR
(VWHHQFDPELRHVSHRU
/D HWLTXHWD '/! VyOR DGPLWH FRPR SDUiPHWUR HO \D FRQRFLGR &203$&7  TXH WLHQH HO
PLVPRFRPSRUWDPLHQWRTXHFRQORVRWURVGRVWLSRVGHOLVWDDQWHULRUHV

,PiJHQHV

3DUDLQFOXLUJUiILFRVHLPiJHQHVHQQXHVWUDVSiJLQDVXWLOL]DUHPRVODHWLTXHWD,0*!GH
HVWDPDQHUD
,0*65& ILFKHURBJUDILFR$/7 GHVFULSFLRQ!
(OSDUiPHWUR 65& HVSHFLILFDHOQRPEUHGHOILFKHURTXHFRQWLHQHHOJUiILFR/RVIRUPDWRV
HVWiQGDU HQ OD UHG VRQ HO *,) \ HO -3* /D ~OWLPDV YHUVLRQHV GH 1HWVFDSH \ ([SORUHU
DFHSWDQWDPELpQHOIRUPDWR31*
(O SDUiPHWUR $/7 HVSHFLILFD HO WH[WR TXH VH PRVWUDUi HQ OXJDU GHO JUiILFR HQ DTXHOORV
QDYHJDGRUHV TXH QR VHDQ FDSDFHV GH PRVWUDUORV FRPR HO /\Q[  \ HQ HO VXSXHVWR GH
TXHHOXVXDULRORVKD\DGHVDFWLYDGR$OJXQRVQDYHJDGRUHVORPXHVWUDQFXDQGRSDVDPRV
HO UDWyQ SRU HQFLPD GH OD LPDJHQ (V SRU HVR TXH DXQTXH DOJXQRV XVXDULRV QR OR
OOHJXHQDYHUQXQFDFRQYLHQHSRQHUORVLHPSUH'HKHFKRHOHVWiGDU+70/REOLJDD
KDFHUOR
([LVWHQ GRV DWULEXWRV TXH DXQTXH RSFLRQDOHV FRQYLHQH LQGLFDU VLHPSUH OD DOWXUD \ OD
DQFKXUDGHOJUiILFRHQSL[HOV'HHVWHPRGRHOQDYHJDGRUSXHGHPRVWUDUXQUHFXDGUR
GHOWDPDxRGHODLPDJHQPLHQWUDVODYDOH\HQGRGHODUHG\DVtSRGHUPRVWUDUHOUHVWR
GHODSiJLQDFRUUHFWDPHQWHPLHQWUDVWDQWR
,0*65& JUDILFRVGZQOGQVJLI$/7 1HWVFDSH:,'7+ +(,*+7 !
6HYHDVt
3DUDORVPHQRVDYH]DGRVHQLQJOpVGHFLUTXH:,'7+HVODDQFKXUD\+(,*+7ODDOWXUD

,PiJHQHV\HQODFHV

6XHOH VHU FRP~Q LQFOXLU HQODFHV GHQWUR GH XQ JUiILFR (Q HVH FDVR SRU GHIHFWR ORV
QDYHJDGRUHV OH SRQGUiQ XQ ERUGH DO JUiILFR SDUD LQGLFDU TXH HIHFWLYDPHQWH HV XQ
HQODFH 3UiFWLFR SHUR OD PD\RUtD GH ODV YHFHV EDVWDQWH SRFR HVWpWLFR 3RU PHGLR GHO
SDUiPHWUR %25'(5 SRGUHPRV DOWHUDU HO JURVRU GH HVH ERUGH R LQFOXVR HOLPLQDUOR
SRQLHQGRORDFHUR
$+5() KWWSZZZQHWVFDSHFRP!
,0*65& JUDILFRVGZQOGQVJLI$/7 1HWVFDSH:,'7+ +(,*+7 !
$!
6HYHDVt
6LQHPEDUJR
$+5() KWWSZZZQHWVFDSHFRP!
,0*65& JUDILFRVGZQOGQVJLI$/7 1HWVFDSH:,'7+ +(,*+7 
%25'(5 !
$!
6HYHDVt

$OLQHDFLyQUHVSHFWRDOWH[WR

3DUDSRGHUPDTXHWDUFRQMXQWDPHQWHWH[WR\JUiILFRVHO+70/SURSRUFLRQDSRUPHGLR
GHO SDUiPHWUR $/,*1  ODV VLJXLHQWHV PDQHUDV GH DOLQHDU XQD LPDJHQ UHVSHFWR GHO WH[WR
TXHODDFRPSDxD
9DORU
$/,*1

723
0,''/(

GH 8WLOLGDG

&RORFD HO SXQWR PiV DOWR GH OD LPDJHQ


FRLQFLGLHQGR FRQ PiV DOWR GH OD OtQHD GH
WH[WRDFWXDO

5HVXOWDGR
(VWHHVHOWH[WR

$OLQHD HO SXQWR PHGLR HQ DOWXUD  GH OD


LPDJHQFRQODEDVHGHOWH[WR

(VWHHVHOWH[WR

%27720 3RU $OLQHD HO SXQWR PiV EDMR GHODLPDJHQFRQ


GHIHFWR
ODEDVHGHOWH[WR
/()7

5,*+7

(VWHHVHOWH[WR

(VWHHVHOWH[WR

&RORFDODLPDJHQDODL]TXLHUGDGHOWH[WR

(VWHHVHOWH[WR

&RORFDODLPDJHQDODGHUHFKDGHOWH[WR

+D\TXHDFODUDUTXHODEDVHGHOWH[WRHVODOtQHDGRQGHGHVFDQVDQFDVLWRGDVODVOHWUDV
GHODOIDEHWRH[FHSWRDOJXQDVFRPRODSODJRODM

)RUPDWHRILQR

/RLGHDOFXDQGRWUDEDMDVFRQWH[WRVHUtDSRGHUFDPELDUORDOWDPDxRTXHWHYLQLHVHELHQ
SRQHUOR GH FRORULQHV \ FDPELDU HO WLSR GH OHWUD 7RGR HVWR SXHGHV KDFHUOR JUDFLDV D OD
HWLTXHWD)217!

&DPELRGHFRORU

3DUDKDFHUORYDPRVDXWLOL]DUHOSDUiPHWUR&2/25/DPDQHUDGHHVSHFLILFDUOHHOFRORUHV
FRP~QDWRGDVODVHWLTXHWDV+70/RELHQLQGLFDQGRHOQRPEUHVLHVXQFRORUQRUPDOR
ELHQ HVSHFLILFDQGR HO SRUFHQWDMH GH URMR YHUGH \ D]XO FyGLJR 5*%  GHO PLVPR /RV
FRORUHVUHFRQRFLGRVVRQORVVLJXLHQWHV
%ODFN 6LOYHU *UD\ :KLWH 0DURRQ 5HG 3XUSOH )XFKVLD
*UHHQ /LPH 2OLYH <HOORZ 1DY\
)217FRORU UHG!(VWR\HQURMR)217!
(OPRGRGHLQGLFDUHOFRORU5*%HVHOVLJXLHQWH

%OXH 7HDO

$TXD

)217&2/25 ))!')217!
)217&2/25 ()!()217!
)217&2/25 ')!*)217!
)217&2/25 &)!5)217!
)217&2/25 %)!$)217!
)217&2/25 $)!')217!
)217&2/25 )!$)217!
)217&2/25 )!')217!
)217&2/25 )!2)217!
/RTXHQRVPRVWUDUtDORVLJXLHQWH
'(*5$'$'2
/D SULPHUD FRPSRQHQWH HQKH[DGHFLPDOHVHOURMRODVHJXQGDHOYHUGH\ODWHUFHUDHO
D]XO 5HG*UHHQ%OXH5*% 

7DPDxRVGHOWH[WR

(O SDUiPHWUR XWLOL]DGR SDUD LQGLFDU HO WDPDxR HV 6,=( 3XHGH XWLOL]DUVH SDUD LQGLFDU
WDPDxRVDEVROXWRV

6,=( 

6,=( 

6,=( 6,=( 

6,=(  6,=(

 6,=(

(O WDPDxR SRU GHIHFWR HV  7DPELpQ VH SXHGH XWLOL]DU ORV PRGLILFDGRUHV  \  SDUD
LQGLFDU XQ LQFUHPHQWR R GHFUHPHQWR  UHODWLYR GHO WDPDxR GHO WLSR GH OHWUD $Vt SRU
HMHPSORVLLQGLFDPRVTXHTXHUHPRVXQWDPDxRGHHVWDUHPRVSLGLHQGRDOQDYHJDGRU
TXHQRVPXHVWUHHOWLSRGHOHWUDGRVYHFHVPiVSHTXHxR
)2176,=( !7DPDxR)2176,=( !

7DPDxR)217!)217!

7LSRGHOHWUD

3RU ~OWLPR SRGHPRV HVSHFLILFDU HO QRPEUH GHO WLSR GH OHWUD TXH TXHUHPRV XWLOL]DU
JUDFLDVDOSDUiPHWUR )$&(&RPRHQSULQFLSLRQRWHQHPRVPDQHUDGHVDEHUTXHWLSRGH
OHWUD WLHQH LQVWDODGR HO RUGHQDGRU GHO XVXDULR TXH HVWi YLHQGR QXHVWUDV SiJLQDV
SRGHPRV LQGLFDU PiV GH XQR VHSDUDGR SRU FRPDV 6L HO QDYHJDGRU QR HQFXHQWUD
QLQJXQRVHJXLUiXWLOL]DQGRHOTXHWLHQHSRUGHIHFWR
)217)$&( +HOYHWLFD$ULDO7LPHV! 1RVpFRPRYR\DVDOLUH[DFWDPHQWH )217!

'HWRGRVPRGRVHVUHFRPHQGDEOHQRXWLOL]DUFRQIHFLHJDHVWHDWULEXWRHQ,QWHUQHW\D
TXHLPSLGHTXHWRGRVSXHGDQYHUQXHVWUDVSiJLQDVFRPRQRVRWURV(,QWHUQHWVLHPSUH
TXHQRVORSHUPLWDQ0LFURVRIW\1HWVFDSHGHEHVHUORPiVHVWiQGDUSRVLEOH

(VWUXFWXUDGHOGRFXPHQWR
/DHVWUXFWXUDGHXQGRFXPHQWR+70/VHSXHGHUHVXPLUDVt
WLSRGHGRFXPHQWR

+70/!
+($'!
7,7/(!WLWXORGHODSiJLQD7,7/(!
FRVDVTXHDIHFWDQDODSiJLQD SHURQRDVXFRQWHQLGR
+($'!
%2'<SDUiPHWURV!
FRQWHQLGRGHODSiJLQD
%2'<!
+70/!
(Q HO WLSR GH GRFXPHQWR GHEHUHPRV HVSHFLILFDU D TXH HVWiQGDU GHO +70/ UHVSRQGH
QXHVWUDSiJLQDHQWUHXQDGHODVVLJXLHQWHVRSFLRQHV
'2&7<3(+70/38%/,&,(7)'7'+70/(1!

&XPSOHHOHVWiQGDU+70/

'2&7<3(+70/38%/,&:&'7'+70/)LQDO(1!

&XPSOHHOHVWiQGDU+70/

'2&7<3(+70/38%/,&:&'7'+70/7UDQVLWLRQDO(1
KWWSZRUJ755(&KWPOORRVHGWG!

&XPSOHHOHVWiQGDU+70/

'2&7<3(+70/38%/,&:&'7'+70/(1
KWWSZRUJ755(&KWPOVWULFWGWG!

&XPSOHHOHVWiQGDU+70/\QRFRQWLHQHDGHPiVHOHPHQWRVGHVDFRQVHMDEOHV

'2&7<3(+70/38%/,&:&'7'+70/)UDPHVHW(1
KWWSZRUJ755(&KWPOIUDPHVHWGWG!

(VXQDGHILQLFLyQGHPDUFRVTXHFXPSOHHOHVWiQGDU+70/
(O+70/FRQVLGHUDGHVDFRQVHMDEOHVDTXHOORVHOHPHQWRVTXHD~QVLHQGRVRSRUWDGRV
KDQVLGRVXVWLWXLGRVSRURWURVPiVSRWHQWHV\SRUHOORHVSRVLEOHTXHVHDQHOLPLQDGRV
GHOHVWiQGDU+70/HQHOIXWXUR

/DFDEHFHUD

6XHOH VHU HO OXJDU PiV LQGLFDGR SDUD FRORFDU DTXHOORV HOHPHQWRV GH OD SiJLQD TXH QR
DOWHUHQ HO FRQWHQLGR GH OD PLVPD DXQTXH VL OD IRUPD GH SUHVHQWDUOR \ VX
FRPSRUWDPLHQWR(VSRUHVRTXHHVHOOXJDUPiVUHFRPHQGDEOHSDUDFRORFDUORVVFULSWV
\ODVKRMDVGHHVWLORFRPRYHUHPRVHQORVFDStWXORVFRUUHVSRQGLHQWHV
$GHPiVGHOWtWXORGHODSiJLQDXQRGHORVHOHPHQWRVTXHVHSXHGHQLQFOXLUDTXtVRQORV
0(7$ (QWUHRWUDVFRVDVVLUYHQSDUDLQGLFDUSURSLHGDGHVGHODSiJLQDFRPRSXHGDVHUHO
QRPEUHGHVXDXWRU3RUHMHPSOR
0(7$1$0( *(1(5$725&217(17 0R]LOOD>HV@ :LQ, >1HWVFDSH@!

QRV LQGLFDUtD OD KHUUDPLHQWD FRQ TXH KHPRV FUHDGR OD SiJLQD HQ HVWH FDVR OD YHUVLyQ
 HQ HVSDxRO SDUD :LQGRZV  GHO &RPSRVHU GH 1HWVFDSH  (VWDV VRQ ODV
SURSLHGDGHVPiVFRPXQHV
3URSLHGDG

8WLOLGDG

*(1(5$725

+HUUDPLHQWDXWLOL]DGDSDUDKDFHUODSiJLQD

$87+25

&/$66,),&$7,21
.(<:25'6

'(6&5,37,21

$XWRUGHODSiJLQD

3DODEUDV TXH SHUPLWH FODVLILFDU OD SiJLQD GHQWUR GH XQ EXVFDGRU
MHUiUTXLFR FRPR<DKRR 
3DODEUDVFODYHSRUODVTXHHQFRQWUDUQODSiJLQDHQORVEXVFDGRUHV
'HVFULSFLyQGHOFRQWHQLGRGHODSiJLQD

+D\ WDPELpQ RWUR HOHPHQWR LQWHUHVDQWH TXH SRGUHPRV LQFOXLU HQ QXHVWUDV FDEHFHUDV
&XDQGR HVSHFLILFDPRV XQD 85/ UHODWLYD HQ XQ HQODFH HQ SULQFLSLR HV SDUD DFFHGHU D
XQDSiJLQDVLWXDGDHQQXHVWURPLVPRVHUYLGRU6LQHPEDUJRVLHVSHFLILFDPRV
%$6(+5() KWWSZZZKRUQHWRUJPXVLF!
$KRUDWRGDVQXHVWUDV85/VUHODWLYDVVHUHIHULUiQDOGLUHFWRULRPXVLF GHQWURGHOVHUYLGRU
KWWSZZZKRUQHWRUJ

(OFXHUSR

2EYLDPHQWHQRYR\DH[SOLFDUORTXHHQWUDGHQWURGHOFXHUSR SUiFWLFDPHQWHWRGRVORV
FDStWXORV GHO FXUVR LQWHQWDQ KDFHUOR  VLQR ORV SDUiPHWURV TXH DGPLWH OD HWLTXHWD
%2'<!
3DUiPHWUR

8WLOLGDG

%*&2/25

3HUPLWHGHILQLUHOFRORUGHIRQGRGHODSiJLQD

%$&.*5281'
%*3523(57,(6
7(;7
/,1.

9/,1.
$/,1.
/()70$5*,1
7230$5*,1

0$5*,1:,'7+

0$5*,1+(,*+7

3HUPLWHGHILQLUXQJUiILFRGHIRQGRSDUDODSiJLQD
&XDQGRHVLJXDOD ),;(' HOJUiILFRGHILQLGRFRPRIRQGRGHOD
SiJLQDSHUPDQHFHUiLQPyYLODXQTXHXWLOLFHPRVODVEDUUDVGH
GHVSOD]DPLHQWR
&DPELDHOFRORUGHOWH[WR

&DPELDHOFRORUGHXQHQODFHQRYLVLWDGR SRUGHIHFWRD]XO 

&DPELD HO FRORU GH XQ HQODFH \D YLVLWDGR SRU GHIHFWR
S~USXUD 
&DPELD HO FRORU TXH WRPD XQ HQODFH PLHQWUDV OR HVWDPRV
SXOVDQGR SRUGHIHFWRURMR 

\ (VSHFLILFDQHOQ~PHURGHSL[HOVTXHGHMDUiGHPDUJHQHQWUH
HOERUGHGHODYHQWDQD\HOFRQWHQLGRGHODSiJLQD6HVXHOHQ
XWLOL]DUSDUDGHMDUORVDFHUR
\ 0iV R PHQRV HTXLYDOHQWHV D ORV DQWHULRUHV SHUR pVWRV
IXQFLRQDQHQ1HWVFDSH

1R UHVXOWD UHFRPHQGDEOH FDPELDU ORV FRORUHV GHO WH[WR \ HQODFHV D QR VHU TXH H[LVWD
DOJXQDGLILFXOWDGDOOHHUORVSRUKDEHUFDPELDGRHOIRQGR\DTXHHQPXFKDVRFDVLRQHVHO
XVXDULRKDSRGLGRFDPELDUORVHQODVRSFLRQHVGHVXQDYHJDGRU\HVWDUiQ\DDVXJXVWR

)RUPXODULRV

8QDGHODV PD\RUHVYHQWDMDVGHODZHEHVTXHUHVXOWDWUHPHQGDPHQWHLQWHUDFWLYD/RV
XVXDULRV GH XQD SiJLQD QR WLHQHQ PiV TXH HVFULELU DO DXWRU GH OD PLVPD SDUD
FRPHQWDUOHFXDOTXLHUFRVDGHODPLVPD6LQHPEDUJRVLGHVHDPRVTXHQRVGLJDQVyOR
XQDVFRVDVFRQFUHWDV UHVSRQGHUDDOJXQDSUHJXQWDVHOHFFLRQDUHQWUHYDULDVRSFLRQHV
HWF GHEHUHPRVXWLOL]DUIRUPXODULRV3RUHMHPSOR
)250$&7,21 0(7+2' 3267!
1RPEUH%5!,13871$0( QRPEUH7<3( 7(;76,=( !
%5!&XDQWRVVRQGRV\GRV"%5!

,13871$0(
,13871$0(
,13871$0(
,13877<3(
)250!
VHYHUiDVt
1RPEUH
&XDQWRV


















5HVSXHVWD7<3( 5$',29$/8( PDO!%5!


5HVSXHVWD7<3( 5$',29$/8( ELHQ!%5!
5HVSXHVWD7<3( 5$',29$/8( PDO!%5!
6XEPLW9$/8( &RPSUREDU!

VRQ

GRV

\

GRV"

(QYLDU

(OERWyQQRKDFHQDGDSRUTXHQRKHPRVGHILQLGRTXpGHEHKDFHUDVtTXHVHGEXHQRV\
QRORSXOVpLV
7RGRVORVHOHPHQWRVGHXQIRUPXODULRGHEHQHVWDUHQFHUUDGRVHQWUH)250! \)250!
&RPR SDUiPHWURV FDEH GHVWDFDU WUHV $&7,21 GHILQH HO 85/ TXH GHEHUi JHVWLRQDU HO
IRUPXODULR3XHGHVHUXQDGLUHFFLyQGHFRUUHR SUHFHGLGDGHOLQHYLWDEOH PDLOWR HQFX\R
FDVR GHEHUHPRV DxDGLU HO SDUiPHWUR (1&7<3( WH[WSODLQ SDUD TXH OR TXH UHFLEDPRV
UHVXOWHOHJLEOH
3RU RWUR ODGR WHQHPRV HO SDUiPHWUR 0(7+2' GHILQH OD PDQHUD HQ TXH VH PDQGDUi HO
IRUPXODULR (V UHFRPHQGDEOH XWLOL]DU 3267 (Q HO FDVR GH TXH HVWHPRV PDQGDQGR HO
IRUPXODULRDQXHVWUDGLUHFFLyQGHFRUUHRHOHFWUyQLFRHVREOLJDGRXVDUOR
$KRUD YDPRV D YHU XQR D XQR WRGRV ORV HOHPHQWRV TXH SRGHPRV LQFOXLU HQ XQ
IRUPXODULR 9HUHPRV TXH WRGRV HOORV WLHQHQ DOJR HQ FRP~Q &RPR HO UHVXOWDGR GH
FXDOTXLHU IRUPXODULR HV XQD OLVWD GH YDULDEOHV \ YDORUHV DVLJQDGRV D ODV PLVPDV WRGRV
HOORV WHQGUiQ XQ DWULEXWR HQ FRP~Q HO QRPEUH GH VX YDULDEOH (O SDUiPHWUR WDPELpQ
VHUiFRP~QDWRGRV1$0( 

&DMDVGHWH[WR

([LVWHQ WUHV PDQHUDV GH FRQVHJXLU TXH HO XVXDULR LQWURGX]FD WH[WR HQ QXHVWUR
IRUPXODULR/DVGRVSULPHUDVVHREWLHQHQSRUPHGLRGHODHWLTXHWD,1387!
,13877<3( 7(;7!
,13877<3( 3$66:25'!

(OSULPHURQRVGLEXMDUiXQDFDMDGRQGHHVFULELUXQWH[WR GHXQDVRODOtQHD (OVHJXQGR


HV HTXLYDOHQWH SHUR QR YHUHPRV OR TXH WHFOHHPRV HQ pO (VWRV VRQ ORV DWULEXWRV SDUD
PRGLILFDUORV
3DUiPHWUR 8WLOLGDG
6,=(

7DPDxRGHODFDMDGHWH[WR

9$/8(

7H[WRSRUGHIHFWRTXHFRQWHQGUiODFDMD

0$;/(1*7+ 1~PHURPi[LPRGHFDUDFWHUHVTXHSXHGHLQWURGXFLUHOXVXDULR
3RURWURODGRSXHGHTXHQHFHVLWHPRVTXHHOXVXDULRSXHGDLQWURGXFLUPiVGHXQDOtQHD
(QHVHFDVRVHXWLOL]DUiODVLJXLHQWHHWLTXHWD

7(;7$5($!
3RU
7(;7$5($!

GHIHFWR
/R TXH LQFOX\DPRV HQWUH ODV
GRV HWLTXHWDV VHUi OR TXH VH
)LODVTXHRFXSDUiODFDMDGHWH[WR
PXHVWUH SRU GHIHFWR GHQWUR
&ROXPQDVTXHRFXSDUiODFDMDGHWH[WR GH
OD FDMD $GPLWH HVWRV

3DUiPHWUR 8WLOLGDG
52:6
&2/6

SDUiPHWURV

2SFLRQHV

6LORTXHGHVHDPRVHVTXHHOXVXDULRGHFLGDHQWUHYDULDVRSFLRQHVSRGUHPRVKDFHUORGH
GRVPRGRV(OSULPHURHVHOTXHYLPRVHQHOHMHPSORLQLFLDO
,1387
1$0( 5HVSXHVWD
7<3( 5$',2
9$/8( PDO!%5!
,1387
1$0( 5HVSXHVWD
7<3( 5$',2
9$/8( ELHQ!%5!
,13871$0( 5HVSXHVWD7<3( 5$',29$/8( PDO!%5!
3DUDDVRFLDUYDULRVERWRQHVGHUDGLRDXQDPLVPDYDULDEOHOHVSRQGUHPRVDWRGRVHOORV
HOPLVPR1$0( $SDUWHGHHVWRDFHSWDORVVLJXLHQWHVSDUiPHWURV
3DUiPHWUR 8WLOLGDG
9$/8(

&+(&.('

(VWHHVHOYDORUTXHDVLJQDUiDODYDULDEOH

6LORLQGLFDPRVHQXQDGHODVRSFLRQHVHVWDVHUiODTXHHVWpDFWLYDGDSRU
GHIHFWR

3HUR WDPELpQ WHQHPRV XQD SRVLELOLGDG TXH RFXSD EDVWDQWH PHQRV ODV OLVWDV
GHVSOHJDEOHV3DUDHPSOHDUODVGHEHUHPRVXWLOL]DUGRVHWLTXHWDV6(/(&7 \237,21 
6(/(&7
1$0( 1DYHJDGRU!
237,21!1HWVFDSH
237,21!([SORUHU
237,21!2SHUD
237,21!/\Q[
237,21!2WURV
6(/(&7!
/RVSDUiPHWURVTXHDGPLWH6(/(&7 VRQODVVLJXLHQWHV
3DUiPHWUR 8WLOLGDG
6,=(

08/7,3/(

(OQ~PHURGHRSFLRQHVTXHSRGUHPRVYHU6LHVPD\RUTXHYHUHPRVXQD
OLVWDGHVHOHFFLyQ\VLQRYHUHPRVXQDOLVWDGHVSOHJDEOH
6LORLQGLFDPRVSRGUHPRVHOHJLUPiVGHXQDRSFLyQ

<237,21 HVWRV

3DUiPHWUR 8WLOLGDG

9$/8(

6(/(&7('

(VWHHVHOYDORUTXHDVLJQDUiDODYDULDEOH

6L OR LQGLFDPRV HQ XQD GH ODV RSFLRQHV HVWD VHUi OD VHOHFFLRQDGD SRU
GHIHFWR

%RWRQHVGHOIRUPXODULR

([LVWHQGRVXQRTXHVHXWLOL]DSDUDPDQGDUHOIRUPXODULR\RWURTXHVLUYHSDUDOLPSLDU
WRGRORTXHKD\DUHOOHQDGRHOXVXDULR
,1387
7<3( 68%0,7!%5! (QYLDU
,13877<3( 5(6(7!
5HVWDEOHFHU

3RGHPRV FDPELDU HO WH[WR TXH HO QDYHJDGRU SRQH SRU GHIHFWR HQ HVRV ERWRQHV
XWLOL]DQGRHOSDUiPHWUR9$/8( 

2WURVHOHPHQWRV

3XHGH TXH QHFHVLWRV TXH HO XVXDULR VHQFLOODPHQWH QRV FRQILUPH R QLHJXH DOJR /R
SRGUHPRV FRQVHJXLUSRUPHGLRGHFRQWUROHVGHFRQILUPDFLyQ
,1387 1$0( %HOOH]D 7<3( &+(&.%2;!0H FRQVLGHUR 
 0H



FRQVLGHUR
JXDSRD
JXDSRD

6L TXHUHPRV TXH HO FRQWURO HVWp DFWLYDGR SRU GHIHFWR OH DxDGLUHPRV HO SDUiPHWUR
&+(&.(' (OIRUPXODULRDVLJQDUiDODYDULDEOH1$0( HOYDORURQ XRII
3RU ~OWLPR H[LVWH OD SRVLELOLGDG GH TXH QHFHVLWHPRV TXH HQ HO IRUPXODULR WHQJDPRV
DOJXQD YDULDEOH FRQ XQ YDORU SUHYLDPHQWH DVLJQDGR 3RU HMHPSOR HQ WRGRV ORV FXUVRV
TXH WHQJR HO IRUPXODULR HV HO PLVPR < GH DOJXQD PDQHUD WHQGUp TXH GLVWLQJXLUORV
FXDQGRPHOOHJXHQGLJR\R$VtTXHLQFOX\RDOJRFRPRHVWR
,13877<3( +,''(11$0( &XUVR9$/8( +70/!

'HHVWHPRGR\DVpGHTXHFXUVRPHHVWiQKDEODQGR

&RQWUROHVDYDQ]DGRVSDUD
IRUPXODULRV

(O HVWiQGDU +70/  KD WUDtGR YDULDV PHMRUDV D ORV IRUPXODULRV TXH DFHUFDQ ORV
PLVPRV D ODV FDUDFWHUtVWLFDV TXH WLHQHQ HQ OHQJXDMHV FRPR -DYD R 9LVXDO %DVLF
'HVDIRUWXQDGDPHQWH HO 1HWVFDSH  ODQ]DGR DO PHUFDGR DQWHV GH OD DSUREDFLyQ GHO
+70/  QR LPSOHPHQWD QLQJXQD GH HVWDV PHMRUDV SRU OR TXH ORV HMHPSORV GH HVWH
FDStWXORVyORVHUiQFRQWHPSODGRVFRUUHFWDPHQWHSRUORV XVXDULRVGH([SORUHU\\ORV
DUULHVJDGRVXVXDULRVGHODVYHUVLRQHVEHWDGHOIXWXUR1HWVFDSH

%RWRQHV

8QD GH ODV FRVDV TXH PiV KDQ PHMRUDGR VRQ ORV ERWRQHV $KRUD GLVSRQHQ GH XQD
HWLTXHWDSURSLDGHPRGRTXHVHSXHGDHQFHUUDUFRQHOODWRGRWLSRGHHOHPHQWRV+70/
FRPRJUiILFRVRLQFOXVRWDEODVHQWHUDV
&RPRQRSRGtDVHUGHRWUDPDQHUDODHWLTXHWDHQFXHVWLyQVHOODPD%87721
%87721
WDEOH
WU!
WK!6R\
WK!WDEODWK!
WU!
WU!
WG!TXH
WG!HQ
WU!
WDEOH!
%87721!

7<3( EXWWRQ!
ERUGHU !

XQDWK!

XQ

HVWiWG!
ERWyQWG!

6R\XQD WDEOD

TXHHVWi HQXQERWyQ

/RVSDUiPHWURVGHGLFKDHWLTXHWDVRQORVQRUPDOHV 7<3( TXHSRGUiWRPDUORVYDORUHV


68%0,7 SRUGHIHFWR 5(6(7 \%87721 1$0( \9$/8( 
3RU RWUR ODGR DKRUD SRGHPRV GHFODUDU XQ JUiILFR FRPR XQ HOHPHQWR PiV GH HQWUDGD
FRPRXQQXHYRWLSRGHQWURGHOHOHPHQWR,1387
,13877<3( LPDJH65& JUDILFRVQDYJLIDOW (OLMHQDYHJDGRU!

(VWH HOHPHQWR VH FRPSRUWDUi GH PLVPR PRGR TXH XQ ERWyQ GH WLSR 68%0,7 SHUR
DxDGLUi FRPR LQIRUPDFLyQ HQ HO IRUPXODULR ODV FRRUGHQDGDV [ H \ GRQGH HO XVXDULR OR
SXOVy

(WLTXHWDV

+DVWDKRUDHOWH[WRTXH DFRPSDxDEDDORVFDPSRVGHHQWUDGDQRHVWDEDDVRFLDGRDORV
PLVPRV GH QLQJXQD PDQHUD $Vt SRU HMHPSOR VL SXOViEDPRV HQ HO WH[WR TXH
DFRPSDxDED D XQ FRQWURO GH FRQILUPDFLyQ QR VXFHGtD QDGD $KRUD HQ FDPELR VL
XWLOL]DPRVODHWLTXHWD /$%(/HOFRQWUROFDPELDUiGHHVWDGR VyORGLVSRQLEOHHQ1HWVFDSH
 
/$%(/!
,1387
0H

1$0( %HOOH]D
FRQVLGHUR

 0HFRQVLGHURJXDSRD



7<3( &+(&.%2;! 
JXDSRD

/$%(/!
/REXHQRTXHWLHQHHVTXHVHSXHGHXVDUVLQSHOLJUR\DTXHQRDIHFWDUiDORVXVXDULRV
GHQDYHJDGRUHVDQWLJXRV

$JUXSDFLyQGHHOHPHQWRV

+DVWD DKRUD QR GLVSRQtDPRV GH QLQJXQD PDQHUD GH DJUXSDU YLVXDOPHQWH YDULRV
FRQWUROHVVLQRHFKiEDPRVPDQRGHHOHPHQWRVTXHQRVRQGHOIRUPXODULRFRPRWDEODV
RLPiJHQHV

$KRUD VL HQFHUUDPRV XQD SDUWH GH XQ IRUPXODULR GHQWUR GH OD HWLTXHWD ),(/'6(7 VH
PRVWUDUiXQUHFWiQJXORDOUHGHGRUGHORVPLVPRV6LDGHPiVOHLQGLFDPRVXQWtWXORSRU
PHGLR GH OD HWLTXHWD /(*(1' QXHVWURV IRUPXODULRV TXHGDUiQ KHFKRV XQ YHUGDGHUR
SULPRU
),(/'6(7!
/(*(1'!0L
IRUPXODULR/(*(1'!
/$%(/!
0L
,1387
/$%(/!
),(/'6(7!

KHUPRVR
WH[WR
7<3( WH[W!

0L

KHUPRVR

IRUPXODULR0L

WH[WR

DGPLWHFRPRSDUiPHWUR $/,*1 TXHLQGLFDUiHQTXpOXJDUVHFRORFDHOWtWXOR3RU


GHIHFWRHV 723 DUULED SXGLHQGRHVWDUWDPELpQDEDMR %27720 DODL]TXLHUGD /()7 R
DODGHUHFKD 5,*+7 
/(*(1'

'HVDFWLYDFLyQGHHOHPHQWRV

7RGRV ORV FRQWUROHV GH XQ IRUPXODULR VH SXHGHQ GHVDFWLYDU LPSLGLHQGR DVt DO XVXDULR
TXHORVXWLOLFH6HVHJXLUiQPRVWUDQGRHQSDQWDOODDXQTXHFRQXQDVSHFWRGLVWLQWRSDUD
LQGLFDUVXWULVWHHVWDGR3DUDHOORVyORWHQHPRVTXHLQGLFDUOHHOSDUiPHWUR',6$%/(' 
/$%(/
,1387
/$%(/!

7<3( 7(;7

',6$%/('!7H[WR
',6$%/('! 7H[WR

(VWR HQ SULQFLSLR QR SDUHFH GH GHPDVLDGD XWLOLGDG 3DUD TXp TXHUHPRV WHQHU
FRQWUROHV GHVDFWLYDGRV" 3DUD HVR QR ORV SRQHPRV QR" /R EXHQR TXH WLHQH HV TXH HO
HVWDGR GH DFWLYDFLyQ GH XQ FRQWURO HV DFFHVLEOH GHVGH -DYD6FULSW (VR QRV SHUPLWLUi
DFWLYDURGHVDFWLYDUXQDSDUWHGHQXHVWURIRUPXODULRGHSHQGLHQGRGHORTXHHOXVXDULR
KD\DLQWURGXFLGRSUHYLDPHQWHHQRWURVFRQWUROHVGHOPLVPR

0DSDV

+HPRV YLVWR TXH SRGHPRV KDFHU HQODFHV GH WH[WR \ GH JUiILFRV 3HUR WDPELpQ H[LVWH
RWUDSRVLELOLGDGTXHGHQWURGHXQDVRODLPDJHQSRGDPRVDFFHGHUDYDULRVHQODFHV6H
KDFH GHFODUDQGR ]RQDV GHQWUR GH OD LPDJHQ UHFWiQJXORV FtUFXORV HWF  VLHQGR FDGD
XQDGHHOODVXQHQODFHGLVWLQWR7UDGLFLRQDOPHQWHVLHPSUHKDQH[LVWLGRGRVPDQHUDVGH
KDFHUOR
x
x

0DSDVJHVWLRQDGRVSRUHOFOLHQWH HOQDYHJDGRU 
0DSDVJHVWLRQDGRVSRUHOVHUYLGRU

/RV VHJXQGRV IXHURQ ORV SULPHURV HQ GHVDUUROODUVH \ HVWDEDQ LQFOXLGRV GHQWUR GHO
HVWiQGDU +70/  6LQ HPEDUJR QXQFD KXER XQD PDQHUD FRP~Q GH JHVWLRQDU HVRV
PDSDV 'HELGR D HOOR 1HWVFDSH HODERUy XQ VLVWHPD SURSLR TXH IXH LQFOXLGR HQ HO
HVWiQGDUORVPDSDVJHVWLRQDGRVSRUHOQDYHJDGRU

0DSDVJHVWLRQDGRVSRUHOFOLHQWH

3DUD XWLOL]DUORV QHFHVLWDUHPRV GRV FRVDV GHFODUDU HO PDSD \ DVLJQDUOR D XQD LPDJHQ
9DPRVSULPHURDGHFODUDUQXHVWURPDSD
0$31$0( PLBPDSD!
$5($6+$3( &225'6 $/7 (QODFHD!

0$3!
'HQWUR GH OD HWLTXHWD 0$3 VyOR SRGUHPRV

GHILQLU HO QRPEUH GHO PDSD DOJR


LPSUHVFLQGLEOH SRU RWUD SDUWH  (V GHQWUR GH FDGD HOHPHQWR $5($ GRQGH SRGUHPRV
GHILQLUFRVDVPiVLQWHUHVDQWHV
3DUiPHWUR 8WLOLGDG
6+$3(

'HILQHODIRUPDGHOD]RQDTXHSRGUiVHUUHFWDQJXODUFLUFXODURSROLJRQDO

+5()

85/DGRQGHLUiHOXVXDULRVLSXOVDVREUHHVD]RQD

&225'6
12+5()
$/7

&RRUGHQDGDV VHSDUDGDV SRU FRPDV  TXH GHILQHQ OD ]RQD (O Q~PHUR \
VLJQLILFDGRGHHVDVFRRUGHQDGDVGHSHQGHUiGHOD]RQD
(VSHFLILFDTXHHVD]RQDQRWLHQHDVLJQDGRHQODFHDOJXQR

7H[WRTXHVHSUHVHQWDUiHQOXJDUGHODLPDJHQHQQDYHJDGRUHVQRJUiILFRV
SDUDDFFHGHUDOHQODFH

&RPRSRGHPRVYHUSDUDGHFODUDUFRUUHFWDPHQWHXQD]RQDQHFHVLWDPRVFRQRFHUFyPR
VHGHILQHQH[DFWDPHQWHODVIRUPDV\FRRUGHQDGDV
6+$3(

&225'6

&LUFXODU

&,5&

3ROtJRQR
LUUHJXODU

[\UDGLRVLHQGR [\ HOFHQWURGHOFtUFXOR\UDGLRVXHHKK


FyPRORGLUtD\R"6XUDGLR"

32/<

5HFWDQJXODU

7RGD
LPDJHQ

5(&7

OD

[\[\ VLHQGR [\  OD HVTXLQD VXSHULRU L]TXLHUGD \


[\ ODLQIHULRUGHUHFKD

[\[\[\ GHILQLHQGR FDGD SDUHMD [\  XQD


HVTXLQDGHOSROtJRQR /D~OWLPDSDUHMDGHFRRUGHQDGDVVHXQLUi
DODSULPHUDSDUDFHUUDUHOSROtJRQR

'()$8/7 1RVHLQGLFDQ

&yPRXVDUXQPDSD

$KRUDTXHKHPRVGHILQLGRXQPDSDVyORTXHGDDVLJQDUORDXQDLPDJHQ(VWRVHKDFH
GHOVLJXLHQWHPRGR
,0*65& 86(0$3 PLBPDSD!
6LHPSUHWHQHPRVTXHDxDGLUDOFRPLHQ]RGHOQRPEUHGHQXHVWURPDSDXQDDOPRKDGLOOD
 9DPRVDYHUXQHMHPSOR
0$31$0( QDYHJDGRUHV!
$5($6+$3( 5(&7&225'6 
+5() KWWSZZZQHWVFDSHFRP$/7 1HWVFDSH!
$5($6+$3( 5(&7&225'6 
+5() KWWSZZZPLFURVRIWFRP$/7 0LFURVRIW!
$5($6+$3( '()$8/712+5()$/7 1DGD!
0$3!
,0*65& QDYJLI:,'7+ +(,*+7 %25'(5 86(0$3 QDYHJDGRUHV!
6HYHWDOTXHDVt
+D\ TXH WHQHU HQ FXHQWD TXH FXDQGR GRV ]RQDV VH VRODSDQ OD TXH HVWp GHFODUDGD
SULPHUR HV OD TXH WLHQH SUHIHUHQFLD 3RU HVR GHFODUDPRV DO ILQDO XQD ]RQD TXH QR
FRQGXFHDQLQJ~Q85/SRUVLHOXVXDULRSXOVDFRQHOUDWyQGRQGHQRGHEH

7DEODV

/DVWDEODVVRQSRVLEOHPHQWHODPDQHUDPiVFODUDGHRUJDQL]DUODLQIRUPDFLyQ7DPELpQ
HV HO PRGR PiV DGHFXDGR GH PDTXHWDU WH[WR \ JUiILFRV GH XQD PDQHUD DOJR PiV
FRQWURODGDTXHFRQORVSDUiPHWURV$/,*1 

/DV WDEODV VH GHILQHQ GH OD VLJXLHQWH PDQHUD 3ULPHUR ODV FDUDFWHUtVWLFDV GH OD WDEOD
OXHJRODVGHFDGDILOD\GHQWURGHpVWDFDGDFHOGD$VtSXHVXQDWDEODFRQILODV\
FROXPQDVVHGHFODUDUiDVt

&yGLJR

5HVXOWDGR

7$%/(!
75!
7'!7'!
7'!7'!
7'!7'!
  
75!
75!
  
7'!7'!
7'!7'!
7'!7'!
75!
7$%/(!
&RPRSRGpLVYHU RPHMRUQRYHU ODWDEODQRWLHQHPXFKRDVSHFWRGHWDEOD4XHGDUtD
PHMRU FRQ XQRV ERUGHV QR" 3XHGH TXH WDPSRFR OH YLQLHVH PDO PD\RU HVSDFLR HQWUH
FHOGDVRPD\RUDQFKXUD(VWDVVRQODVFRVDVTXHSRGUHPRVFDPELDUFRQORVDWULEXWRVGH
7$%/( 
3DUiPHWUR

8WLOLGDG

(VSHFLILFD HO JURVRU GHO ERUGH TXH VH GLEXMDUi DOUHGHGRU GH ODV FHOGDV
3RUGHIHFWRHVFHURORTXHVLJQLILFDTXHQRGLEXMDUiERUGHDOJXQR

%25'(5

&(//63$&,1* 'HILQHHOQ~PHURGHSL[HOVTXHVHSDUDUiQODVFHOGDV
&(//3$'',1*
:,'7+
$/,*1

(VSHFLILFDHOQ~PHURGHSL[HOVTXHKDEUiHQWUHHOERUGHGHXQDFHOGD\
VXFRQWHQLGR

(VSHFLILFD OD DQFKXUD GH OD WDEOD 3XHGH HVWDU WDQWR HQ SL[HOV FRPR HQ
SRUFHQWDMHGHODDQFKXUDWRWDOGLVSRQLEOHSDUDpO SRQGUHPRVVL
TXHUHPRVTXHRFXSHWRGRHODQFKRGHOD YHQWDQDGHOQDYHJDGRU 
$OLQHDODWDEODDL]TXLHUGD /()7 GHUHFKD 5,*+7 RFHQWUR &(17(5 

6L DKRUD SRU HMHPSOR GHILQLPRV DKRUD OD WDEOD DQWHULRU FRPR 7$%/( %25'(5 
:,'7+ $/,*1 &(17(5! YHUHPRVORVLJXLHQWH









'HILQLUODVILODV

$KRUD TXH KHPRV GHILQLGR OD WDEOD QRV WRFD KDFHU OR PLVPR FRQ ODV ILODV &DGD ILOD VH
GHILQHFRQXQDHWLTXHWD75TXHWLHQHORVVLJXLHQWHVDWULEXWRV
3DUiPHWUR 8WLOLGDG
$/,*1

$OLQHD HO FRQWHQLGR GH ODV FHOGDV GH OD ILOD KRUL]RQWDOPHQWH D L]TXLHUGD
/()7 GHUHFKD 5,*+7 RFHQWUR &(17(5 

9$/,*1

$OLQHDHOFRQWHQLGRGHODVFHOGDVGHODILODYHUWLFDOPHQWHDUULED 723 DEDMR


%27720 RFHQWUR 0,''/( 

'HILQLUODVFHOGDV

3RU~OWLPRQRVTXHGDGHILQLUFDGDFHOGDJUDFLDVD ODHWLTXHWDV 7' \ 7+(VWDVHWLTXHWDV


VRQHTXLYDOHQWHVSHUROD~OWLPDVHXWLOL]DSDUDHQFDEH]DGRVGHPRGRTXHVXLQWHULRUVH
HVFULELUiSRUGHIHFWRHQQHJULWD\FHQWUDGR(VWRVVRQORVDWULEXWRVGHDPEDV
3DUiPHWUR 8WLOLGDG
$/,*1

9$/,*1
:,'7+
12:5$3
&2/63$1
52:63$1

$OLQHDHOFRQWHQLGRGHODFHOGDKRUL]RQWDOPHQWHDL]TXLHUGD /()7 GHUHFKD


5,*+7 RFHQWUR &(17(5 
$OLQHDHOFRQWHQLGRGHODFHOGDYHUWLFDOPHQWHDUULED 723 DEDMR %27720 
RFHQWUR 0,''/( 

(VSHFLILFD OD DQFKXUD GH OD FHOGD 7DPELpQ VH SXHGH HVSHFLILFDU WDQWR HQ
SL[HOV FRPR HQ SRUFHQWDMH WHQLHQGR HQ FXHQWD TXH HQ HVWH ~OWLPR FDVR
VHUiXQSRUFHQWDMHUHVSHFWRDODQFKRWRWDOGHODWDEOD QRGHODYHQWDQDGHO
QDYHJDGRU 
,PSLGHTXHHQHOLQWHULRUGHODFHOGDVHURPSDODOtQHDHQXQHVSDFLR

(VSHFLILFDHOQ~PHURGHFHOGDVGHODILODVLWXDGDVDODGHUHFKDGHODDFWXDO
TXH VH XQHQ D pVWD LQFOX\HQGR OD FHOGD HQ TXH VH GHFODUD HVWH
SDUiPHWUR  (V SRU GHIHFWR XQR 6L VH SRQH LJXDO D FHUR VH XQLUiQ WRGDV
ODVFHOGDVTXHTXHGHQDODGHUHFKD
(VSHFLILFDHOQ~PHURGHFHOGDVGHODFROXPQDVLWXDGDVGHEDMRGHODDFWXDO
TXHVHXQHQDpVWD

3RVLEOHPHQWH ORV GRV ~OWLPRV SDUiPHWURV QR SXHGDQ TXHGDU FODURV VLQ HMHPSORV 'H
KHFKRD~QHQWHQGLHQGRSHUIHFWDPHQWHVXIXQFLyQHVKDELWXDOTXHFRQIXQGDPRVD XQR
FRQRWUR3HUREXHQRYDPRVDYHUXQDWDEODGH[FRQXQDFHOGDTXHVHXQHDXQDGH
ODGHUHFKD\RWUDTXHVHXQHDRWUDGHGHEDMR
&yGLJR

5HVXOWDGR

7$%/(%25'(5 !
75!
7'&2/63$1 !\7'!
7'!7'!
75!
\

75!
 
7'52:63$1 !\7'!
\
7'!7'!
 
7'!7'!
75!
75!
7'!7'!
7'!7'!

75!
7$%/(!
&RPR SRGHPRV YHU FXDQGR GHFODUDPRV XQ FHOGD FRQ 52:63$1 R &2/63$1  QR
GHEHUHPRVGHFODUDU ODVFHOGDVDEVRUELGDVRODFUHDFLyQGHODWDEODVHQRVFRPSOLFDUi
GHKRUULEOHPDQHUD

7tWXORGHODWDEOD

3RU~OWLPRYDPRVDYHUFRPRGHILQLUXQWtWXORDODWDEOD(VWRVHKDFHSRUPHGLRGHOD
HWLTXHWD &$37,21  3DUD YHU FyPR IXQFLRQD YDPRV D LQFOXLUOR HQ OD GHFODUDFLyQ GH OD
WDEODDQWHULRU
&yGLJR

5HVXOWDGR

7$%/(%25'(5 !
(MHPSORGHWDEODV
&$37,21!

(MHPSORGHWDEODV \
&$37,21!
 
\

 
7$%/(!
(VWDHWLTXHWDDGPLWHVyORXQSDUiPHWUR $/,*1  TXHHVSRUGHIHFWR 7236LORGHILQLPRV
FRPR%27720 HOWtWXORVHFRORFDUiDOILQDOGHODWDEODHQOXJDUGHOFRPLHQ]R

0DUFRV

8Q PDUFR R IUDPH  HV XQD YHQWDQD LQGHSHQGLHQWH GHQWUR GH OD YHQWDQD JHQHUDO GHO
QDYHJDGRU&DGDPDUFRWHQGUiVXVERUGHV\VXVSURSLDVEDUUDVGHGHVSOD]DPLHQWR$Vt
FDGDSiJLQDVHGLYLGLUiHQODSUiFWLFDHQYDULDVSiJLQDVLQGHSHQGLHQWHV
3DUD FUHDUORV QHFHVLWDUHPRV XQ GRFXPHQWR +70/ HVSHFtILFR TXH OODPDUHPRV
GRFXPHQWRGHGHILQLFLyQGHPDUFRV(QpOHVSHFLILFDUHPRVHOWDPDxR\SRVLFLyQGHFDGD
PDUFR \ HO GRFXPHQWR +70/ TXH FRQWHQGUi 9DPRV D YHU XQHMHPSOR GHHVWHWLSRGH
GRFXPHQWR
+70/!
+($'!
7,7/(!0LSULPHUDSiJLQDFRQPDUFRV7,7/(!
+($'!
)5$0(6(7&2/6 !
)5$0(1$0( LQGLFH65& LQGLFHKWPO!
)5$0(1$0( SULQFLSDO65& LQWURGXFFLRQKWPO!
12)5$0(6!
3!/RVLHQWRSHURVyORSRGUiVYHUHVWDSiJLQD

VLWXQDYHJDGRUWLHQHODFDSDFLGDGGHYLVXDOL]DU
PDUFRV3!
12)5$0(6!
)5$0(6(7!
+70/!
9DPRV D H[SOLFDU GHWDOODGDPHQWH HVWH HMHPSOR DQWHV GH LQYHVWLJDU DOJR PiV D IRQGR
FDGD XQD GH ODV HWLTXHWDV 9HPRV TXH OD FDEHFHUD GH OD SiJLQD HV VLPLODU D XQ
GRFXPHQWR QRUPDO SHUR HO KDELWXDO %2'< HV VXVWLWXLGR SRU XQ )5$0(6(7  (Q FDGD
)5$0(6(7 VH GLYLGH OD YHQWDQD DFWXDO VHD OD JHQHUDO R XQ PDUFR  HQ YDULDV YHQWDQDV
GHILQLGDVRSRUHOSDUiPHWUR &2/6 RSRU 52:6(QpVWHVHSDUDGRSRUFRPDVVHGHILQH
HOQ~PHURGHPDUFRV\HOWDPDxRGHFDGDXQR
'HQWUR GHO )5$0(6(7! VH KDFHQ GRV FRVDV 3ULPHUR GHILQLU FDGD XQR GH ORV PDUFRV
SRQLHQGROHV XQ QRPEUH \ HVSHFLILFDQGR TXp ILFKHUR +70/ OH FRUUHVSRQGH PHGLDQWH OD
HWLTXHWD)5$0(!3RU~OWLPRHVSHFLILFDPRVORTXHYHUiHOXVXDULRHQHOVXSXHVWR FDGD
YH] PiV UDUR  GH TXH VX QDYHJDGRU QR VRSRUWH IUDPHV GHQWUR GH OD HWLTXHWD
12)5$0(6! $KRUDYHUHPRVWRGRVHVWRVHOHPHQWRVHQPD\RUGHWDOOH

(WLTXHWD)5$0(6(7!

6HJ~Q HO HVWiQGDU HVWD HWLTXHWD VyOR GHEHUtD FRQWHQHU HO Q~PHUR \ WDPDxR GH FDGD
PDUFR SHUR ODV H[WHQVLRQHV GH 1HWVFDSH \ ([SORUHU DO HVWiQGDU REOLJDQ D HVWXGLDU XQ
SDUGHSDUiPHWURVPiV
(Q JHQHUDO ORV QDYHJDGRUHV GLEXMDQ XQ ERUGH GH VHSDUDFLyQ HQWUH ORV PDUFRV 6L
GHVHDV HOLPLQDUOR SXHGHV KDFHUOR GH GRV PDQHUDV HQ ODV HWLTXHWDV )5$0(! GH FDGD
XQD GH ORV PDUFRV FRQWLJXRV DO ERUGH D HOLPLQDU R LQFOX\HQGR HO SDUiPHWUR
)5$0(%25'(5  HQHO)5$0(6(7!
&XDQGR HOLPLQDV HVH ERUGH SRGUiV YHU FyPR HO QDYHJDGRU GHMD D~Q XQ KXHFR HQWUH
PDUFRV(VWHVHHOLPLQDDxDGLHQGRORVSDUiPHWURV)5$0(63$&,1* %25'(5 
9DPRV D H[DPLQDU SRU ~OWLPR ORV SDUiPHWURV &2/6 \ 52:6 'HEHUHPRV DVLJQDUOHV XQD
OLVWDGHWDPDxRVVHSDUDGDSRUFRPDV6HDGPLWHQORVVLJXLHQWHVIRUPDWRVGHWDPDxR
x
x
x

&RQSRUFHQWDMHV $OLJXDOTXHFRQODVWDEODVSRGHPRVGHILQLUHOWDPDxRGHXQ
PDUFRFRPRXQSRUFHQWDMHGHOHVSDFLRWRWDOGLVSRQLEOH
$EVROXWRV 6LSRQHPRVXQQ~PHURDVHFDVHOPDUFRFRUUHVSRQGLHQWHWHQGUiHO
WDPDxRHVSHFLILFDGRHQSL[HOV
6REUHHOHVSDFLRVREUDQWH 6LFRORFDPRVXQDVWHULVFR HVWDUHPRVLQGLFDQGR
TXH TXHUHPRV WRGR HO HVSDFLR VREUDQWH SDUD HVH PDUFR 3RGHPRV SRQHU HVWH
VtPEROR HQ YDULRV PDUFRV TXH VH UHSDUWLUiQ HO HVSDFLR HTXLWDWLYDPHQWH FRPR
EXHQRV KHUPDQRV 6L TXHUHPRV TXH XQR WHQJD PiV GHEHUHPRV SRQHUOH DO
DVWHULVFRXQQ~PHURGHODQWH$VtXQPDUFRFRQXQHVSDFLRGH VHUiWUHVYHFHV
PiVJUDQGHTXHVXFRPSDxHURTXHWLHQHXQDVWHULVFRVyORHOSREUH

3RUHMHPSORHOVLJXLHQWHFyGLJRHVXQDPXHVWUDGHFyPRFRPELQDUORVWUHVPpWRGRV
)5$0(6(7&2/6   !
6XSRQJDPRVTXHHODQFKRWRWDOGHODYHQWDQDVRQSL[HOV(OSULPHUPDUFRRFXSDUi
HO  HV GHFLU  SL[HOV (O WHUFHUR QHFHVLWD  OXHJR QRV TXHGDQ  SDUD ORV
RWURV GRV &RPR HO FXDUWR GHEH WHQHU HO GREOH GH HVSDFLR TXH HO VHJXQGR WHQHPRV
DSUR[LPDGDPHQWHSL[HOVSDUDHVWH~OWLPR\SDUDHOFXDUWRPDUFR

+D\ TXH WHQHU FXLGDGR FXDQGR XVDPRV YDORUHV DEVROXWRV HQ OD GHILQLFLyQ GH PDUFRV
GHEHPRVDVHJXUDUQRVGHWHQHUDOPHQRVXQPDUFRFRQXQWDPDxRUHODWLYRVLTXHUHPRV
HVWDUVHJXURV GHODVSHFWRILQDOGHODSiJLQD
3RU ~OWLPR LQGLFDU TXH ODV HWLTXHWDV )5$0(6(7! VH SXHGHQ DQLGDU (VWR VH KDFH
SRQLHQGR RWUR )5$0(6(7! GRQGH QRUPDOPHQWH FRORFDPRV ODV HWLTXHWDV )5$0(! WDO
TXHDVt
)5$0(6(7&2/6 !
)5$0(1$0( LQGLFH65& LQGLFHKWPO!
)5$0(6(752:6  !
)5$0(1$0( SULQFLSDO65& LQWURGXFFLRQKWPO!
)5$0(1$0( HMHPSORV65& HMHPSORKWPO!
)5$0(6(7!
)5$0(6(7!
(OUHVXOWDGRGHODQLGDPLHQWRORSRGUpLVFRQWHPSODUDTXt

(WLTXHWD)5$0(!

(VWD HWLTXHWD GHILQH WDQ VyOR ODV FDUDFWHUtVWLFDV GH XQ PDUFR GHWHUPLQDGR QR GH XQ
FRQMXQWRGHHOORV(VWRVVRQORVSDUiPHWURVTXHDGPLWH
3DUiPHWUR

8WLOLGDG

65&

,QGLFDODGLUHFFLyQGHOGRFXPHQWR+70/TXHRFXSDUiHOPDUFR

1$0(

6&52//,1*
125(6,=(

$VLJQDXQQRPEUHDXQPDUFRSDUDTXHGHVSXpVSRGDPRVUHIHULUQRVD
pO
'HFLGHVLVHFRORFDQRQREDUUDVGHGHVSOD]DPLHQWRDOPDUFRSDUDTXH
SRGDPRV PRYHUQRV SRU VX FRQWHQLGR 6X YDORU HV SRU GHIHFWR $872
TXH GHMD DO QDYHJDGRU OD GHFLVLyQ /DV RWUDV RSFLRQHV TXH WHQHPRV
VRQ<(6 \12
6LORHVSHFLILFDPRVHOXVXDULRQRSRGUiFDPELDUGHWDPDxRHOPDUFR

$OLJXDOTXHVXKRPyQLPRHQODHWLTXHWD)5$0(6(7! VLORLJXDODPRVD
)5$0(%25'(5 FHURVHHOLPLQDUiHOERUGHFRQWRGRVORVPDUFRVFRQWLJXRVTXHWHQJDQ
WDPELpQHVWHYDORUDFHUR
0$5*,1:,'7+

3HUPLWH FDPELDU ORV PiUJHQHV KRUL]RQWDOHV GHQWUR GH XQ PDUFR 6H
UHSUHVHQWDHQSL[HOV

0$5*,1+(,*+7 ,JXDODODQWHULRUSHURFRQPiUJHQHVYHUWLFDOHV

$FFHVRDRWURVPDUFRV

3RU GHIHFWR FXDQGR SXOVDPRV VREUH XQ HQODFH VLWXDGR GHQWUR GH XQ PDUFR OD QXHYD
SiJLQD D OD TXH TXHUHPRV DFFHGHU OD YHUHPRV HQFHUUDGD HQ HVH PLVPR PDUFR (V
SRVLEOH TXH GHVHHPRV TXH HVWR QR RFXUUD 3RU HMHPSOR VL WHQHPRV XQ PDUFR TXH QR
VLUYH GH tQGLFH \ RWUR GRQGH PRVWUDPRV ORV FRQWHQLGRV VHUtD GHVHDEOH TXH ORV HQODFHV
GHO PDUFR tQGLFH VH DEULHUDQ HQ HO RWUR PDUFR (VWR HV SRVLEOH KDFHUOR JUDFLDV DO
SDUiPHWUR7$5*(7 
(VWH SDUiPHWUR VH SXHGH FRORFDU HQ WUHVHWLTXHWDV $! $5($! \ %$6(!(QODVGRV
SULPHUDV VLUYH SDUD LQGLFDU HO PDUFR HQ HOTXHDEULUHPRVHVHHQODFHHQSDUWLFXODU\HO

~OWLPR PRGLILFDUHPRV HO PDUFR HQ HO TXH SRU GHIHFWR VH QRV PXHVWUDQ WRGRV ORV
HQODFHV
3HURSDUDTXHXQSDUiPHWURIXQFLRQHHVKDELWXDOTXHOHDVLJQHPRVXQYDORU\ 7$5*(7
QRHVXQDH[FHSFLyQ3DUDLQGLFDUOHHOPDUFRTXHGHVHDPRVOHDVLJQDUHPRVHOQRPEUH
GHO PLVPR $Vt HQ ORV HMHPSORV DQWHULRUHV VL HQ HO PDUFR OODPDGR LQGLFH WHQHPRV XQ
HQODFHTXHTXHUHPRVVHDEUDHQHOPDUFRSULQFLSDO SRQGUHPRV
$ +5() SDJLQDKWPO7$5*(7 SULQFLSDO!
7DPELpQ H[LVWHQ FXDWUR QRPEUHV UHVHUYDGRV TXH SRGUHPRV XWLOL]DU HQ HO SDUiPHWUR
7$5*(7
BWRS
(OLPLQD WRGRV ORV PDUFRV H[LVWHQWH \ PXHVWUD OD QXHYD SiJLQD HQ OD YHQWDQD
RULJLQDOVLQPDUFRV
BEODQN
0XHVWUDODQXHYDSiJLQDHQXQDYHQWDQDQXHYD\VLQQRPEUHGHOQDYHJDGRU
BVHOI
0XHVWUDODQXHYDSiJLQDHQHOPDUFRGRQGHHVWiGHFODUDGRHOHQODFH
BSDUHQW
0XHVWUD OD QXHYD SiJLQD HQ HO )5$0(6(7! TXH FRQWLHQH DO PDUFR GRQGH VH
GHFODUD HO HQODFH (Q HO HMHPSOR TXH SXVLPRV GH )5$0(6(7! DQLGDGRV XQD
HQODFH VLWXDGR HQ HO PDUFR HMHPSOR FX\R SDUiPHWUR 7$5*(7 IXHVH LJXDO D BSDUHQW
HOLPLQDUtD OD VHSDUDFLyQ HQWUH ORV PDUFRV HMHPSOR \ SULQFLSDO \ PRVWUDUtD HQ HVH
QXHYRPDUFRODQXHYDSiJLQD

+RMDVGHHVWLOR

/DV KRMDV GH HVWLOR LQWHQWDQ VHSDUDU HO FRQWHQLGR GH XQ SiJLQD GH OD IRUPD GH
SUHVHQWDUORHQSDQWDOOD(VWRORKDFHQSHUVRQLILFDQGRORVFDPELRVTXHODVHWLTXHWDVGH
IRUPDWR +70/ UHDOL]DQ HQ QXHVWUR WH[WR 3RU HMHPSOR VDEHPRV TXH XVDQGR 3!
WHQGUHPRV XQD SiUUDIR QXHYR FRQ XQD VHSDUDFLyQ GHO DQWHULRU GHWHUPLQDGD HWF &RQ
ODVKRMDVGHHVWLORWDPELpQSRGUHPRVGHFLUOHDXQSiUUDIRTXHWRGRVXWH[WRVHDYHUGH\
TXHDGHPiVYDDWHQHUXQPDUJHQL]TXLHUGRGHSL[HOV3RUHMHPSOR

(O SULPHU QDYHJDGRU HQ VRSRUWDU KRMDV GH HVWLOR IXH HO ([SORUHU  8WLOL]D OD OODPDGD
VLQWD[LVHQFDVFDGD(O&RPPXQLFDWRUDFHSWDHVDVLQWD[LVHLQWURGXFHXQDQXHYDEDVDGD
HQ -DYD6FULSW 6LQ HPEDUJR FRPR HO HVWiQGDU PiV FRPXQPHQWH DFHSWDGR GH VLQWD[LV
GHKRMDVGHHVWLORHVHOGHFDVFDGDVHUiHVWHHO~QLFRTXHYHDPRV9DPRVDHPSH]DU
FRQXQHMHPSOR
67</(7<3( WH[WFVV!
3^FRORUJUHHQPDUJLQOHIW`
67</(!
9DPRV D GHWHQHUQRV HQ WRGRV ORV HOHPHQWRV 3DUD HPSH]DU OD HWLTXHWD +70/ FRQ OD
TXHGHEHUHPRVHQJOREDUODVKRMDVGHHVWLORVHUi 67</(! TXHVyORSRGUiHVWDUVLWXDGD
HQODFDEHFHUDGHODSiJLQD6XSDUiPHWUR7<3(LQGLFDODVLQWD[LVTXHXWLOL]DUHPRVSDUD
GHILQLUODV(QHOFDVRGHODVKRMDVHQ FDVFDGDGHEHUiVHUWH[WFVV 
$KRUDH[DPLQHPRVODKRMDGHHVWLORSURSLDPHQWHGLFKD,QGLFDUHPRVSULPHURODHWLTXHWD
TXH GHVHDPRV SHUVRQDOL]DU 6HUi 3! 'HVSXpV HQWUH OODYHV SRQGUHPRV XQD OLVWD GH
ODV FRVDV TXH TXHUHPRV PRGLILFDU (Q QXHVWUR FDVR VRQ GRV HO FRORU HQ HO IRUPDWR
KDELWXDO \HOPDUJHQTXHVHGHILQHHQSL[HOV

+D\TXHGHVWDFDUTXHDXQTXHPXFKDVYHFHVORVQDYHJDGRUHVWHQJDQXQDFLHUWDPDQJD
DQFKD OD VLQWD[LV &66 &DVFDGLQJ 6W\OH 6KHHW  HV VHQVLEOH D OD GLIHUHQFLD HQWUH
PD\iVFXODV\PLQ~VFXODV&RQYLHQHWHQHUFXLGDGR
(O +70/  SHUPLWH GHFODUDU IXHUD GH OD SiJLQD ODV KRMDV GH HVWLOR OOHYDQGR GH HVWH
PRGR DO H[WUHPRV VX ILORVRItD GH VHSDUDU IRUPD \ FRQWHQLGR 6L FRORFDPRV QXHVWUDV
KRMDVGHHVWLORHQXQILFKHUROODPDGR HVWLORVFVV VRORODVKRMDVQRODHWLTXHWD67</(! 
QR WHQGUHPRV PiV TXH LQFOXLU ODVLJXLHQWHOtQHDHQODFDEHFHUDGHQXHVWURGRFXPHQWR
+70/SDUDLQFOXLUODVHQQXHVWUDVSiJLQDV
/,1.5(/ VW\OHVKHHW+5() HVWLORVFVV7<3( WH[WFVV!

9DPRVDYHUFyPRTXHGDUtDXQSiUUDIRTXHVLJXLHVHODKRMDGHHVWLORDQWHULRU
6LODFRVDYDELHQHVWHSiUUDIRHVWDUiHVFULWRHQYHUGH\FRQXQPDUJHQL]TXLHUGR
GHSL[HOV3UHFLRVRQR"HPEDUJRHVWR\FRQYHQFLGRGHTXHORVPiVDYLVSDGRV
VHKDEUiQGDGRFXHQWDGHTXHOHVHVWR\RFXOWDQGRDOJR 3RUORTXHKHGLFKRKDVWD
DKRUDODSHUVRQDOL]DFLyQGHXQDHWLTXHWDGHEHUtDVHUJHQHUDO\HQHVWDSiJLQDVyOR
HVWHSiUUDIRHVWiPRGLILFDGR1RRVSUHRFXSpLVGHPDVLDGRDKRUDRVFXHQWRFRPR
VHKDFH

&ODVHV

+DVWD DKRUD KDEtDPRV GHILQLGR HVWLORV SDUD XQD HWLTXHWD GHWHUPLQDGD 3HUR WDPELpQ
SRGHPRV KDFHUOR SDUD XQD FODVH GHWHUPLQDGD (VWR TXH VLJQLILFD" 3XHV TXH VL SRU
HMHPSORGHILQLPRVODKRMDGHHVWLORGHODFODVHYHUGH GHODVLJXLHQWHPDQHUD
3YHUGH^FRORUJUHHQPDUJLQ OHIWS[`

VyORHVWDUiQ YHUGHV\FRQXQPDUJHQL]TXLHUGRGHSL[HOVDTXHOORVSiUUDIRVGHILQLGRV
FRQ3&/$66 YHUGH! $VtGHVHQFLOOR
$PSOLDQGRXQSRFRPiVODVSRVLELOLGDGHVGHODVFODVHVVHSXHGHQUHDOL]DUH[FHSFLRQHV
6XSRQJDPRV TXH WHQHPRV XQRV SiUUDIRV TXH TXHUHPRV TXH WHQJDQ XQRV PiUJHQHV
GHWHUPLQDGRV\FRORUYHUGH<GHVHDPRVTXHXQRVRORGHHVRVSiUUDIRVFRQORVPLVPR
PiUJHQHVVHDD]XO3RGUtDPRVGHILQLUGRVFODVHVGLVWLQWDVSHURKD\XQPpWRGRPHMRU
XVDUHOSDUiPHWUR,'3RUHMHPSOR
DOOYHUGH^FRORUJUHHQPDUJL QOHIWS[`
HM^FRORUEOXH`

$KRUDWRGRVORVSiUUDIRVGHFODVHYHUGH VHUtDQREYLDPHQWHYHUGHV\FRQXQPDUJHQGH
SL[HOV6LQHPEDUJRHOSiUUDIRGHILQLGRSRU3&/$66 YHUGH,' HM! VHUiD]XO
(VWHSiUUDIRHVPX\YHUGH
<DQGDTXHHVWH
6LQ HPEDUJRHVWHQRItMDWHTXHFXULRVR

(WLTXHWDV63$1!\',9!

3XHGH TXH D YHFHV QR TXHUDPRV PRGLILFDU HO FRPSRUWDPLHQWR GH XQ HOHPHQWR VLQR
TXHFUHHPRVXQHVWLORTXHTXHUHPRVDFW~HVyORXQHVWLORFRPSOHWRFUHDGRGHODQDGD
8QD HWLTXHWD QXHYD \ SURSLD (QWRQFHV TXp KDFHPRV" 8WLOL]DU ODV HWLTXHWD 63$1! \
',9!
(OPpWRGRHVVLPSOH'HILQLPRVXQDFODVHURMR TXHVLPSOHPHQWHPRGLILTXHHOFRORU TXH
VHUiURMR $KRUDVLTXHUHPRVTXHXQDVHFFLyQGHWH[WRHVWpHQURMRORHQFHUUDUHPRV
HQWUHODVHWLTXHWDV63$1&/$66 URMR! \63$1! RHQWUH',9&/$66 URMR! \',9!
/DGLIHUHQFLDHQWUHDPEDVHVTXHPLHQWUDV 63$1 UHDOPHQWHQRKDFHQDGDSRUVtPLVPD
',9 FRQYLHUWH D WRGR OR TXH HQFLHUUD HQ XQ EORTXH DSDUWH SRQLHQGR XQ VDOWR GH OtQHD

WDQWR DO FRPLHQ]R FRPR DO ILQDO  9HUHPRV HQ HOVLJXLHQWHFDStWXORTXHDODVHWLTXHWDV


TXH VH FRPSRUWDQ FRPR EORTXHV 3! +! ODV TXH GLMLPRV PRGLILFDQ XQ SiUUDIR
HQWHUR VHOHVSXHGHQGHILQLUDWULEXWRVSURSLRVGHVGHODVKRMDVGHHVWLOR3RUHMHPSORVL
GHILQLPRVODVVLJXLHQWHVKRMDV
DOOWLWXOR^
PDUJLQWRSS[
FRORUEOXH
IRQWVL]HS[
`
DOOVRPEUD^
PDUJLQWRSS[
PDUJLQOHIWS[
FRORUEODFN
IRQWVL]HS[
`
FX\RV DWULEXWRV H[SOLFDUHPRV HQ OD UHIHUHQFLD GH ODV KRMDV GH HVWLOR \ SRQHPRV HO
VLJXLHQWHFyGLJR+70/
',9$/,*1 &(17(5&/$66 VRPEUD!(OPDUDYLOORVRFXUVRGH+70/',9!
',9$/,*1 &(17(5&/$66 WLWXOR!(OPDUDYLOORVRFXUVRGH+70/',9!
REWHQGUHPRVHVWHEHOORHIHFWR

(OPDUDYLOORVRFXUVRGH+70/
(OPDUDYLOORVRFXUVRGH+ 70/

(Q HO VLJXLHQWH FDStWXOR WHQpLV XQD JXtD GH UHIHUHQFLD FRQ WRGRV R FDVL WRGRV  ORV
DWULEXWRVTXHVHSXHGHQPRGLILFDUFRQ&66

+RMDVGHHVWLORUHIHUHQFLD

(QHVWHFDStWXORYDPRVDYHUWRGDV RFDVLWRGDV ODVSURSLHGDGHVTXHVHSXHGHQDOWHUDU


SRUPHGLRGHODVKRMDVGHHVWLOR+D\TXHLQGLFDUTXHDOJXQRVGHHOORVQRORVVRSRUWDHO
([SORUHU\HQFDPELRRWURVQRORVHQWLHQGHHO&RPPXQLFDWRU$VtTXHHVUHFRPHQGDEOH
SUREDUORVHQDPERVH[SORUDGRUHVDQWHVGHLQFRUSRUDUORVDQXHVWUDVSiJLQDV

3URSLHGDGHVGHEORTXH

9DPRV D HPSH]DU FRQ ODV SURSLHGDGHV GH EORTXH TXH GHILQHQ FRVDV FRPR ORV
PiUJHQHVRODFRORFDFLyQGHEORTXHVGHFRQWHQLGR+70/
3URSLHGDG

'HVFULSFLyQ

3RVLEOHVYDORUHV

PDUJLQWRS PDUJLQULJKW
'LVWDQFLD PtQLPD HQWUH XQ EORTXH \ ORV
WDPDxR SRUFHQWDMH
PDUJLQERWWRP PDUJLQ
GHPiV HOHPHQWRV 7DQWR PDUJLQ FRPR
OHIW
R DXWR 3RU GHIHFWR
PDUJLQV VH XWLOL]DQ SDUD FDPELDU WRGRV
HVFHUR
PDUJLQ WRS ULJKW ERWWRP
HVWRVDWULEXWRVDODYH]
OHIW

SDGGLQJWRS
SDGGLQJ
ULJKW
SDGGLQJERWWRP
WDPDxR SRUFHQWDMH
'LVWDQFLD HQWUH HO ERUGH \ HO FRQWHQLGR
SDGGLQJOHIW
R DXWR 3RU GHIHFWR
GHXQEORTXH
SDGGLQJWRSULJKWERWWRP
HVFHUR
OHIW
ERUGHUWRSZLGWK ERUGHU
ULJKWZLGWK
ERUGHU
ERWWRPZLGWK
ERUGHU
$QFKXUDGHOERUGHGHXQEORTXH
OHIWZLGWK
ERUGHUZLGWK WRS ULJKW
ERWWRPOHIW
ERUGHUVW\OH

(VWLORGHOERUGHGHXQEORTXH

ERUGHUFRORU

&RORUGHOERUGHGHXQEORTXH

ZLGWKKHLJKW
IORDW

QXPpULFR
QRQH  VROLG

GHIHFWR
QRQH 

R ' SRU
QLQJXQR

FXDOTXLHUFRORU

7DPDxRGHXQEORTXH6XPD\RUXWLOLGDG WDPDxR SRUFHQWDMH


HVWi HQ VX DSOLFDFLyQ D XQ HOHPHQWR R DXWR DXWRPiWLFR
JUiILFR
SRUGHIHFWR
-XVWLILFDFLyQGHOFRQWHQLGRGHXQEORTXH

OHIW ULJKW

R QRQHSRU
GHIHFWRQLQJXQD

OHIW ULJKW  ERWK R


3HUPLVR SDUD TXH RWUR HOHPHQWR VH
QRQH  SRU GHIHFWR
SXHGDFRORFDUDVXL]TXLHUGDRGHUHFKD
QLQJXQR

FOHDU

3URSLHGDGHVGHWLSRGHOHWUD

$KRUDYDPRVDH[DPLQDUODVSURSLHGDGHVGHOWLSRGHOHWUDTXHHOXVXDULRYDDYHU6RQ
ODVVLJXLHQWHV
3URSLHGDG 'HVFULSFLyQ
IRQWIDPLO\

3RVLEOHVYDORUHV

7LSR GH OHWUD TXH SXHGH VHU OLVWD GH WLSRV \D VHDQ JHQpULFRV R QR
JHQpULFR TXHYDPRVDXVDU VHSDUDGRVSRUFRPDV

IRQWVL]H

7DPDxRGHOWLSRGHOHWUD

[[VPDOO  [VPDOO  VPDOO PHGLXP  ODUJH  [ODUJH  [[


ODUJH WDPDxRUHODWLYRRWDPDxRDEVROXWR3RU
GHIHFWRPHGLXP 

QRUPDO  EROG EROGHU  OLJKWHU R  GRQGH


*URVRU GHO WLSR GH OHWUD
IRQWZHLJKW
 HV OD QHJULWD PiV JUXHVD  3RU GHIHFWR
QHJULWD 
QRUPDO 

IRQWVW\OH

(VWLOR GHO WLSR GH OHWUD QRUPDO  LWDOLF LWDOLF VPDOOFDSV REOLTXH  REOLTXH
FXUVLYD 
VPDOOFDSV RVPDOOFDSV3RUGHIHFWRQRUPDO 

&DEH UHFRUGDU TXH ORV WLSRV JHQpULFRV VRQ VHULI VDQVVHULI FXUVLYH  IDQWDV\ \ PRQRVSDFH 
&DGD XQR GH HVWRV WLSRV VHUiQ HTXLYDOHQWHV D DOJXQR TXH SXHGD WHQHU LQVWDODGR HO

RUGHQDGRU GHO XVXDULR $Vt SRU HMHPSOR HQ XQ 3& FRQ :LQGRZV LQVWDODGR VHULI SXHGH
HTXLYDOHUD7LPHV1HZ5RPDQ\PRQRVSDFH D&RXULHU

3URSLHGDGHVGHIRUPDWRGHOWH[WR

1XHVWRVLJXLHQWHREMHWLYRYDQDVHUODVSURSLHGDGHVGHIRUPDWRGHOWH[WRTXHFXDOTXLHU
SURFHVDGRUGHWH[WRVQRVSHUPLWHFDPELDU
3URSLHGDG 'HVFULSFLyQ
OLQHKHLJKW
WH[W
GHFRUDWLRQ
YHUWLFDO
DOLJQ

3RVLEOHVYDORUHV

,QWHUOLQHDGR

Q~PHURRSRUFHQWDMH

VXEUD\DGR  RYHUOLQH FRPR


(IHFWRV YDULDGRV VREUH VXEUD\DGR SHUR SRU HQFLPD  OLQHWKURXJK
HOWH[WR
WDFKDGR  R EOLQN SDUSDGHDQWH  SRU GHIHFWR
QLQJXQR
3RVLFLyQ
WH[WR

YHUWLFDO

QRQH 

GHO

XQGHUOLQH

QRUPDO  VXE
VXEtQGLFH  VXSHU
VXSHUtQGLFH  WRS WH[WWRS PLGGOH  ERWWRP  WH[W
ERWWRP RXQSRUFHQWDMH3RUGHIHFWREDVHOLQH
EDVHOLQH

WH[W
WUDQVIRUP

7UDQVIRUPD HO WH[WR D FDSLWDOL]H SRQH OD SULPHUD OHWUD HQ PD\~VFXODV 
PD\~VFXODV
R XSSHUFDVH FRQYLHUWH WRGR D PD\~VFXODV  ORZHFDVH
PLQ~VFXODV
DPLQ~VFXODV RQRQHSRUGHIHFWRQRKDFH QDGD

WH[WLQGHQW

7DEXODFLyQ FRQ TXH


DSDUHFHODSULPHUDOtQHD WDPDxRRSRUFHQWDMHSRUGHIHFWRFHUR
GHOWH[WR

WH[WDOLJQ

-XVWLILFDFLyQGHOWH[WR

OHIWULJKW FHQWHU

RMXVWLI\

3URSLHGDGHVGHFRORU\IRQGR

7DPELpQHVSRVLEOHFDPELDUORVFRORUHV\HOJUiILFRGHIRQGRGHXQHOHPHQWR
3URSLHGDG 'HVFULSFLyQ
FRORU

EDFNJURXQG

&RORUGHOWH[WR

3RVLEOHVYDORUHV

XQFRORU HQHOIRUPDWRKDELWXDO 

0RGLILFD WDQWR HO JUiILFR HO FRORU GLUHFFLyQ GHO ILFKHUR TXH FRQWLHQH OD
GHIRQGR
LPDJHQRXQFRORU

+D\TXHGHFLUTXHHQODVLQWD[LVHQFDVFDGDODVGLUHFFLRQHVVHH[SUHVDQGHOVLJXLHQWH
PRGR

EDFNJURXQGXUO IRQGRERQLWRJLI 

3URSLHGDGHVGHFODVLILFDFLyQ

+DVWDDKRUDKDEtDPRVGLVWLQJXLGRDODKRUDGHYHUODVSURSLHGDGHVGHXQHOHPHQWRHQ
VLHVWRV HUDQWUDWDGRVFRPREORTXHVRQR3HURHOVHUEORTXHVRQRQRHVDFDVRRWUD
SURSLHGDG"(VWDV\RWUDVIRUPDVGHFODVLILFDUORVHOHPHQWRVVHSXHGHQFDPELDUXVDQGR
ODVVLJXLHQWHVSURSLHGDGHV
3URSLHGDG 'HVFULSFLyQ
GLVSOD\
OLVWVW\OH
ZKLWH
VSDFH

3RVLEOHVYDORUHV

'HFLGH VL XQ HOHPHQWR HV LQWHULRU


LQOLQH  EORFN  OLVW \ QRQH TXH
DSDJD
HO
FRPR ,!  XQ EORTXH 3!  R XQ
HOHPHQWR
HOHPHQWRGHXQDOLVWD /,! 
(VWLOR GH XQ HOHPHQWR GH XQD OLVWD GLVFFLUFOH VTXDUH GHFLPDO ORZHUURPDQ 
SXGLHQGR LQFOXLU XQ JUiILFR DO XSSHUURPDQ  ORZHUDOSKD  XSSHUDOSKD 
FRPLHQ]RGHOPLVPR
QRQH RODGLUHFFLyQGHXQJUiILFR
'HFLGHFRPRVHPDQHMDQORVHVSDFLRV
VL GH PDQHUD QRUPDO R FRPR VXFHGH QRUPDO \SUH
GHQWURGHODHWLTXHWD35(!

< DKRUD \D QR KD\ PiV SRU ItQ DFDEDPRV 'HMDGPH TXH UHVSLUH XQ SRFR \ DKRUD
FRQWLQXDPRV

/HQJXDMHVGHVFULSW

8QOHQJXDMHGHVFULSW HVXQSHTXHxROHQJXDMHGHSURJUDPDFLyQFX\RFyGLJRVHLQVHUWD
GHQWUR GHO GRFXPHQWR +70/ (VWH FyGLJR VH HMHFXWD HQ HO QDYHJDGRU GHO XVXDULR DO
FDUJDU OD SiJLQD R FXDQGR VXFHGH DOJR HVSHFLDO FRPR SXHGH VHU HO SXOVDU VREUH XQ
HQODFH

(VWRV OHQJXDMHV SHUPLWHQ YDULDU GLQiPLFDPHQWH HO FRQWHQLGR GHO GRFXPHQWR PRGLILFDU
HOFRPSRUWDPLHQWRQRUPDOGHOQDYHJDGRUYDOLGDUIRUPXODULRVUHDOL]DUSHTXHxRVWUXFRV
YLVXDOHV HWF 6LQ HPEDUJR FRQYLHQH UHFRUGDU TXH VH HMHFXWDQ HQ HO QDYHJDGRU GHO
XVXDULR\QRHQODPiTXLQDGRQGHHVWpQDORMDGDVSRUORTXHQRSRGUiQUHDOL]DUFRVDV
FRPR PDQHMDU EDVHV GH GDWRV (VWR KDFH TXH ORV FRQWDGRUHV SRU HMHPSOR  VH GHEDQ
UHDOL]DUGHRWUDPDQHUDXWLOL]DQGRSURJUDPDV&*,
(OSULPHUOHQJXDMHGHVFULSW TXHYLyODOX]IXHHO-DYD6FULSWGH1HWVFDSH1DFLGRFRQOD
YHUVLyQ  GH HVWH QDYHJDGRU \ EDVDGR HQ OD VLQWD[LV GH -DYD VX XWLOLGDG \ HO FDVL
DEVROXWR PRQRSROLR TXH HQWRQFHV HMHUFtD 1HWVFDSH HQ HO PHUFDGR GH QDYHJDGRUHV
SHUPLWLHURQTXHVHSRSXODUL]DUD\H[WHQGLHUDVXXVR

(O Pi[LPR ULYDO GHO 1HWVFDSH 1DYLJDWRU HO ,QWHUQHW ([SORUHU GH 0LFURVRIW FRPHQ]y D
VRSRUWDU HVWH OHQJXDMH HQ VX YHUVLyQ  )XH WDPELpQ HQWRQFHV FXDQGR LQWURGXMR HO
~QLFRULYDOVHULRTXHHO-DYD6FULSWKDWHQLGRHQHOPHUFDGRGHORVOHQJXDMHVGHVFULSWHO
9%6FULSW %DVDGR HQ HO OHQJXDMH %$6,& QR KD WHQLGR H[FHVLYD GLIXVLyQ HQ ,QWHUQHW
GHELGR D OD SUHYLD LPSODQWDFLyQ GHO -DYD6FULSW \ D TXH VRQ GH SDUHFLGD IXQFLRQDOLGDG
SHUR Vt HV XWLOL]DGR GHQWUR GH ,QWUDQHWV EDVDGDV HQ HO ([SORUHU \ GHQWUR GH RWUDV
DSOLFDFLRQHVGH0LFURVRIWFRPR,,6$FFHVV:RUGHWF

-DYDVFULSW

&RPRHVWHFXUVRHVWiRULHQWDGRD,QWHUQHWQRYDPRVDYHUQDGDGH9%6FULSWDTXtSRU
ODVUD]RQHVFRPHQWDGDVDQWHULRUPHQWH3HURSDUDLOXVWUDUODXWLOLGDGGHORVOHQJXDMHVGH
VFULSWYDPRVDUHDOL]DUXQDSHTXHxDLQWURGXFFLyQDO-DYDVFULSW
9DPRVDUHDOL]DUQXHVWURSULPHUSURJUDPDHQ-DYD6FULSW+DUHPRVVXUJLUXQDYHQWDQD
TXH QRV PXHVWUH HO IDPRVR PHQVDMH KROD PXQGR $Vt SRGUHPRV YHU ORV HOHPHQWRV
SULQFLSDOHVGHOOHQJXDMH(OVLJXLHQWHFyGLJRHVXQDSiJLQD:HEFRPSOHWDFRQXQERWyQ
TXHDOSXOVDUORPXHVWUDHOPHQVDMH

+70/!
+($'!
6&5,37/$1*8$*( -DYD6FULSW!

IXQFWLRQ+ROD0XQGR ^
DOHUW +RODPXQGR 
`
!
6&5,37!
+($'!
%2'<!
)250!
,13877<3( EXWWRQ1$0( %RWRQ9$/8( 3XOVDPHRQ&OLFN +ROD0XQGR !
)250!
%2'<!
+70/!
<DTXtHVWiQXHVWURHMHPSORIXQFLRQDQGR
$KRUD YDPRV D YHU SDVR SRU SDVR TXH VLJQLILFD FDGD XQR GH ORV HOHPHQWRV H[WUDxRV
TXHWLHQHODSiJLQDDQWHULRU
6&5,37/$1*8$*( -DYD6FULSW!
6&5,37!
'HQWUR GH HVWRV HOHPHQWRV VHUi GRQGH VH SXHGDQ SRQHU IXQFLRQHV HQ -DYD6FULSW
3XHGHVSRQHUFXDQWRVTXLHUDVDORODUJRGHOGRFXPHQWR\HQHOOXJDUTXHPiVWHJXVWH
6LXQQDYHJDGRUQRHQWLHQGHODHWLTXHWD 6&5,37! HVFULELUiORTXHKD\HQWUHPHGLDVGH
HVWRVHOHPHQWRVDVtTXHORHQFHUUDPRVHQWUHFRPHQWDULRVSRUVLODVPRVFDV
IXQFWLRQ+ROD0XQGR ^
DOHUW +RODPXQGR 
`
(VWD HV QXHVWUD SULPHUD IXQFLyQ HQ -DYD6FULSW (Q HO FyGLJR GH OD PLVPD YHPRV XQD
OODPDGD DO PpWRGR DOHUW TXH SHUWHQHFH DO REMHWR ZLQGRZ  TXH HV OD TXH VH HQFDUJD GH
PRVWUDU HO PHQVDMH HQ SDQWDOOD 3RU XQ IDOOR GHO 1HWVFDSH QR VH SXHGHQ SRQHU ODV
HWLTXHWDV +70/ GH FDUDFWHUHV HVSHFLDOHV HQ XQD IXQFLyQ QR ORV UHFRQRFH $Vt TXH
SRQGUHPRV GLUHFWDPHQWH  DUULHVJiQGRQRV D TXH VDOJD GH RWUD PDQHUD HQ
RUGHQDGRUHVFRQXQMXHJRGHFDUDFWHUHVGLVWLQWRDOGHOQXHVWUR
)250!

,13877<3( EXWWRQ1$0( %RWRQ9$/8( 3XOVDPHRQ&OLFN +ROD0XQGR !


)250!
'HQWURGHOHOHPHQWRTXHXVDPRVSDUDPRVWUDUXQERWyQYHPRVXQDFRVDQXHYDRQ&OLFN
(VXQHYHQWR&XDQGRHOXVXDULRSXOVDHOERWyQHOHYHQWRRQ&OLFNVHGLVSDUD\HMHFXWD
HOFyGLJRTXHWHQJDHQWUHFRPLOODVHQHVWHFDVRODOODPDGDDODIXQFLyQ+ROD0XQGR TXH
WHQGUHPRVTXHKDEHUGHILQLGRFRQDQWHULRULGDG

&DSDV

/DVFDSDVVHSXHGHQGHILQLUFRPRSiJLQDVTXHVHSXHGHQLQFUXVWDUGHQWURGHRWUDV/RV
DWULEXWRVGHXQDFDSD SRVLFLyQYLVLELOLGDGHWF FRPRORVGHFXDOTXLHURWURHOHPHQWR
+70/SXHGHQGHILQLUVHGHQWURGHXQDKRMDGHHVWLOR6XFRQWHQLGRHQFDPELRVLHPSUH
GHEHUiVHUHVSHFLILFDGRGHQWURGHODSDUWHSULQFLSDOGHODSiJLQD&RPRVHSXHGHYHU
GH QXHYR HVWDPRV VLJXLHQGR OD ILORVRItD GH VHSDUDU HO FRQWHQLGR \ OD IRUPD GH
UHSUHVHQWDUOR

(Q UHDOLGDG HO QRPEUH GH FDSDV QR HV QDGD RILFLDO HV XQ LQYHQWR GH 1HWVFDSH /D
GHQRPLQDFLyQ RILFLDO SRGUtD WUDGXFLUVH FRPR FRQWHQLGR +70/ SRVLFLRQDEOH
GLQiPLFDPHQWH7RPD\D7DPSRFRVHODVSXHGHFRQVLGHUDUGHQWURGHQLQJ~QHVWiQGDU
+70/ VLQR GH ORV HVWiQGDUHV &66 SHUR VRQ OD EDVH GH OR TXH VH KD GDGR HQ OODPDU
+70/GLQiPLFR
6LQ GXGD OR PiV LPSRUWDQWH GH ODV FDSDV HV OD SRVLELOLGDG TXH SUHVHQWDQ GH VHU
PRYLGDV \ PRGLILFDGDV GHVGH XQ OHQJXDMH GH VFULSW 'HVJUDFLDGDPHQWH ODV
LPSOHPHQWDFLRQHVGH1HWVFDSH\([SORUHUVRQLQFRPSDWLEOHVHQWUHVtSRUORTXHUHVXOWD
FRPSOLFDGRHVFULELUFyGLJRTXHIXQFLRQHHQDPEDVSODWDIRUPDV(VWRVWHPDVORVHVWXGLD
HQSURIXQGLGDGHOFXUVRGH+70/GLQiPLFR

'HILQLFLyQ

/D ~QLFD PDQHUD FRP~Q GH GHILQLU FDSDV HQ ([SORUHU \ 1HWVFDSH YHUVLRQHV  \
VXSHULRUHV FXDQGRV ODV KD\D  HV PHGLDQWH KRMDV GH HVWLOR HQ VLQWD[LV &66 SRU OR TXH
VHUiODTXHXVHPRVGHDTXtHQDGHODQWH
/DGHILQLFLyQGHXQDFDSDVLJXHODPLVPDHVWUXFWXUDTXHODTXHXVDEDPRVSDUDGHFLGLU
ODVFDUDFWHUtVWLFDVGHXQDHWLTXHWDFRQHOSDUiPHWUR,'

67</(7<3( WH[WFVV!
PLFDSD^SRVLWLRQDEVROXWHWRSS[OHIWS[`
67</(!
(VWRFRORFDUtDDODFDSDTXHKHPRVGHQRPLQDGR PLFDSD DSL[HOVGHODL]TXLHUGDGHOD
S QD \ D  GHO FRPLHQ]R GH OD PLVPD 0X\ ELHQ SHURGRQGHHVFULELPRVORTXH
TXHUHPRVTXHFRQWHQJDODFDSD"8WLOL]DUHPRVSDUDHOORODHWLTXHWD63$1!
',9,' PLFDSD!
+!(OWtWXORGHODFDSD+!

3!$TXtHVGRQGHLUtDHOWH[WR

',9!
/DVFDSDVTXHKHPRVGHILQLGRKDVWDDKRUDVHFRORFDQHQXQDSRVLFLyQGHWHUPLQDGDGH
OD SiJLQD 3HUR H[LVWH RWUR WLSR GH FDSDV OODPDGDV IORWDQWHV FX\D FRORFDFLyQ GHSHQGH
HQ FDPELR GH OD SRVLFLyQ GHQWUR GHO FyGLJR IXHQWH GH OD SiJLQD GRQGH ODV KD\DPRV
FRORFDGR6HGHILQHQDVt
67</(7<3( WH[WFVV!
IORWDQWH^SRVLWLRQUHODWLYHOHIWS[WRSS[`
67</(!
3XHGHV YHU XQ HMHPSOR TXH WH PRVWUDUi ODV GLIHUHQFLDV HQWUH FDSDV DEVROXWDV \
UHODWLYDV

3URSLHGDGHV

([LVWHQYDULDVSURSLHGDGHVGHODVFDSDVTXHSRGHPRVPRGLILFDUFRPRVRQODSRVLFLyQ
ODYLVLELOLGDGHORUGHQHQTXHVHSRQHQHQSDQWDOODHWF6RQHVWRV
3URSLHGDG
OHIW\WRS

ZLGWK\KHLJKW

FOLS

]LQGH[

'HVFULSFLyQ

3RVLEOHVYDORUHV

6LW~DQODHVTXLQDVXSHULRUL]TXLHUGDGHOD
FDSD UHVSHFWR D OD HVTXLQD VXSHULRU
L]TXLHUGD GH OD FDSD GRQGH HVWp PHWLGD GLVWDQFLD HQ SL[HOV SRU
+D\ TXH WHQHU HQ FXHQWD TXH HO GHIHFWRFHUR
GRFXPHQWR FRPSOHWR WDPELpQ VH
FRQVLGHUDXQDFDSD
'HWHUPLQDQ OD DQFKXUD \ DOWXUD GH OD
XQWDPDxRHQSL[HOV
FDSD
1RVSHUPLWHGHILQLUHOiUHDTXHVHSRGUi
YHU GHQWUR GH OD FDSD 3RU HMHPSOR
FOLSUHFW S[ S[ S[ S[  UHFRUWDUi OD
FDSD FUHDQGR XQ FXDGUR YLVLEOH FX\D
XQiUHD
HVTXLQD VXSHULRU L]TXLHUGD HVWi D 
SL[HOVSRUODL]TXLHUGD\SRUDUULEDGH
ODGHODFDSD\FX\RWDPDxRVHUtDGH
GHDQFKR\GHDOWR

/DV FDSDV FRQ XQ PD\RU ]LQGH[ VH


Q~PHURSRVLWLYRSRUGHIHFWR
FRORFDUiQ PiV DUULED VH GLEXMDUiQ DO
ODV FDSDV GHILQLGDV HQ HO
ILQDO HQFLPD GH ODV RWUDV  'HEH VHU XQ
FyGLJR +70/ PiV WDUGH
YDORU SRVLWLYR \ ~QLFR GRV FDSDV QR
HVWiQPiVDUULED
SXHGHQWHQHUHOPLVPR]LQGH[
YLVLEOH KLGGHQ

YLVLELOLW\

RFXOWD R LQKHULW


KHUHGD OD YLVLELOLGDG GH OD
FDSD SDGUH  (Q DTXHOODV
(VSHFLILFDQVLODFDSDGHEHYHUVHRHVWDU
FDSDV TXH VLPSOHPHQWH
RFXOWD
HVWpQ GHQWUR GH OD SiJLQD
SULQFLSDO HVWH YDORU HV
HTXLYDOHQWHDYLVLEOH 

EDFNJURXQG
LPDJH
EDFNJURXQG
FRORU
OD\HU
EDFNJURXQG

\

*UiILFRGHIRQGRGHODFDSD

XQDGLUHFFLyQ

&RORUGHIRQGRGHODFDSD

XQFRORU

FRORU

(VWR HV WRGR 6L TXLHUHV VDEHU DOJR VREUH PRGLILFDFLyQ GLQiPLFD GH FDSDV GHVGH
-DYD6FULSWYLVLWDPLFXUVR

6RQLGR

$~Q FXDQGR OHV SXHGD SDUHFHU LQFUHtEOH D DOJXQRV KRPEUHV GH SRFD IH HV SRVLEOH
HVFXFKDUVRQLGRV RP~VLFD GHVGHHOSURSLRQDYHJDGRU7DQWR1HWVFDSHFRPR([SORUHU
LQFRUSRUDQGHVGHKDFHWLHPSRODFDSDFLGDGGHUHSURGXFLUVRQLGR(O~QLFRSUREOHPDHV
TXHORVDUFKLYRVVXHOHQVHUJUDQGHV\VLHQGRDOJRLQQHFHVDULR\VXSHUIOXRSRFDJHQWH
LQFOX\HPHORGtDVHQVXVSiJLQDV

/RVIRUPDWRVTXHVHSXHGHDVHJXUDUTXHORVQDYHJDGRUHVUHSURGXFLUiQVRQORVDUFKLYRV
:$9 \ 0,' 3DUD SRGHU UHSURGXFLU RWURV QHFHVLWDUiQ HO SOXJLQ R DxDGLGR QHFHVDULR
FRPR SXHGH VHU HO 5HDO $XGLR SDUD ORV DUFKLYRV 5$ R HO 0RG3OXJ SDUD ORV 02' \
GHULYDGRV

6RQLGRDFWLYDGRSRUHOXVXDULR

/D PDQHUD PiV VHQFLOOD GH LQFOXLU VRQLGRV HV GHMDQGR DO XVXDULR OD GHFLVLyQ GH
HVFXFKDUORVRQR3DUDKDFHUORLQFOXLUHPRVHOVRQLGRHQHOSDUiPHWUR+5() GHXQHQODFH
FRPRVLIXHUDXQDSiJLQD+70/
$+5() KRODZDY!6LSXOVDVWHVDOXGR$!

6RQLGRGHIRQGR

/R GHO VRQLGR GH IRQGR \D HV PiV FRPSOLFDGR \D TXH 1HWVFDSH \ ([SORUHU RIUHFHQ
VROXFLRQHVSURSLHWDULDVGLVWLQWDVHLQFRPSDWLEOHVGHKDFHUVRQDUXQDUFKLYRGHIRQGR
(Q ([SORUHU GHVGH OD YHUVLyQ  VH SXHGHQ LQFOXLU IRQGRV VRQRURV XWLOL]DQGR OD
HWLTXHWD%*6281' 
%*6281'65& PXVLFDPLG!
(O SDUiPHWUR 65& LQGLFDUi HO DUFKLYR D UHSURGXFLU (VWD HWLTXHWD DGPLWH WDPELxHQ RWUR
SDUiPHWUR /223 TXHLQGLFDHOQ~PHURGHYHFHVFRQVHFXWLYDVTXHVRQDUiHOILFKHUR6L
VHLQGLFD /223 LQILQLWH HODUFKLYRVHUHSURGXFLUiLQGHILQLGDPHQWHPLHQWUDVHVWHPRVHQ

ODSiJLQD

1HWVFDSH XWLOL]D VX HWLTXHWD (0%('! 7HyULFDPHQWH HVWD HWLTXHWD GHEHUtD VHUYLU SDUD
XQLU REMHWRV GH YDULRV WLSRV D OD SiJLQD ZHE SHUR HQ OD SUiFWLFD VyOR VH XWLOL]D SDUD
HVWR(VWDHWLTXHWDWLHQHORVVLJXLHQWHSDUiPHWURV
3DUiPHWUR

8WLOLGDG

:,'7+\+(,*+7

(Q 1HWVFDSH DSDUHFH XQ SHTXHxR UHSURGXFWRU HVWRV SDUiPHWURV


HVSHFLILFDQVXWDPDxR

65&

&RQWLHQHHOQRPEUHGHDUFKLYRGHVRQLGRDUHSURGXFLU

$87267$57 WUXH $UUDQFDDXWRPiWLFDPHQWHODUHSURGXFFLyQ


/223 WUXH

+,''(1 WUXH

5HSURGXFHLQLQWHUUXPSLGDPHQWHHOILFKHURKDVWDTXHVDOLPRVGHOD
SiJLQD
2FXOWDHOUHSURGXFWRU

6LQHPEDUJR\GHELGRDDOJXQRVEXJVVLTXHUHPRVUHSURGXFLULQILQLWDPHQWHXQDUFKLYR
FRQHOUHSURGXFWRURFXOWRGHEHUHPRVLQFOXLUWRGRVORVSDUiPHWURVLQFOX\HQGR :,'7+ \
+(,*+7  $GHPiV VL HO XVXDULR WLHQH DOJ~Q SOXJLQ GH VRQLGR H[WUDxR HQ OXJDU GHO TXH
YLHQHFRQ1HWVFDSHHVSRVLEOHTXHGHMHGHIXQFLRQDUFRUUHFWDPHQWH
'DGR TXH DPEDV HWLTXHWDV VRQ LQFRPSDWLEOHV HQWUH Vt EDVWD FRQ LQFOXLU ODV GRV R
PHMRU GLFKR EDVWDED $KRUD HO ([SORUHU HV FDSD] GH LQWHUSUHWDU (0%('! SHUR QR
H[DFWDPHQWH GH OD PLVPD PDQHUD OR TXH SURYRFD TXH DSDUH]FD XQD YHQWDQD DSDUWH
FRQHOUHSURGXFWRU(QGHILQLWLYDODPHMRUPDQHUDGHPRVWUDUXQDP~VLFDGHIRQGRHV
XVDQGRXQSHTXHxRVFULSW TXHDYHULJXHHQTXpQDYHJDGRUHVWiLQVWDODGR\GLVFULPLQH
&RPRQRSRGtDVHUPHQRVHQHVWHHMHPSOR SRGpLVYHUFyPRVXHQDDOJRGHIRQGR\HO
FyGLJRQHFHVDULR

*XtDGHHVWLOR

$ORODUJRGHPLGHDPEXODUSRU,QWHUQHWKHLGRGHVDUUROODQGRSHTXHxDVPDQtDV\YLVWR
R FUHLGR YHU GHIHFWRV HQ ODV SiJLQDV ZHE 6LQ HPEDUJR GHVSXpV GH OHHU XQ SDU GH
FXUVRVGH+70/\DOJXQDTXHRWUDJXtDGHHVWLORPHKHGDGRFXHQWDGHTXHODPD\RUtD
GHODJHQWHSDUHFHSHQVDUFRPR\R
$Vt SXHV HVWH FDStWXOR FRQVLVWH HQ XQD VHULH GH FRQVHMRV TXH WH SXHGHQ VHUYLU SDUD
KDFHUWXSiJLQDPiVDWUDFWLYD\GHPD\RUFDOLGDG(VUHFRPHQGDEOHOHHUODDXQTXHOXHJR
QRODVLJDVDOSLHGHODOHWUDWHSXHGHQGDUXQDLGHDGHORTXHGHEHVHUXQDZHE

&RQWHQLGR

&XDOTXLHU SiJLQD VHUi YLVLWDGD VL VX FRQWHQLGR HV LQWHUHVDQWH &DVL GD OR PLVPR VX
HVWUXFWXUD \ GLVHxR VL OD LQIRUPDFLyQ HV OR VXILFLHQWHPHQWH LQWHUHVDQWH $Vt TXH TXL]i
VHDFRQYHQLHQWHGHWHQHUQRVXQSRFRHQTXpHVORTXHGHEHWHQHUQXHVWUDSiJLQDZHE
(Q ,QWHUQHW XQR YLVLWD OR TXH TXLHUH \ OD PD\RUtD GH ODV YHFHV OR TXH D OD JHQWH OH
LQWHUHVD\ORTXHDQRVRWURVQRVLQWHUHVDTXHYHDQQRHVORPLVPR$VtSXHVHOPHMRU
PRGRGHFRQVHJXLUTXHYHDQORTXHTXHUHPRVHVRIUHFHUOHVORTXHTXLHUHQ8QHMHPSOR
ORWLHQHVHQPLSiJLQDSHUVRQDO(QHOODSRQJRFRVDVTXHPHLQWHUHVDSRQHUDPtSHUR

TXHGHSRUVtVpTXHQRWHQGUtDQPXFKDGLIXVLyQPLVUHODWRVPLVFDQFLRQHVHWF3HUR
WDPELpQLQFOX\RHVWRVFXUVRVGHGLVHxRZHETXHVpTXHOHLQWHUHVDQDPXFKDJHQWH

'HWRGDVPDQHUDVQRKD\TXHHQJDxDUVHORVFRQWHQLGRVTXHWHLQWHUHVDTXHODJHQWH
FRQR]FD\TXH QRVHDQSRSXODUHVQRVHUiQYLVLWDGRVPiVTXHSRUXQDSHTXHxDSDUWH
GHORVLQWHUHVDGRVSRUORVFRQWHQLGRVSRSXODUHV3HURVLHPSUHORVHUiQPiVTXHVLQR
ORKXELpUDPRVKHFKR
(ODYHULJXDUTXpSRQHUHVIiFLO3UiFWLFDPHQWHWRGRHOPXQGRWLHQHDOJ~QKREE\DOJXQD
SDVLyQRGRPLQDDOJ~QWHPDEDVWDQWHSRUHQFLPDGHODPHGLD6REUHHVHWHPDGHEHUi
HVWDU HQIRFDGD VX SiJLQD 3RUTXH SDUD TXp HQJDxDUQRV D QDGLH OH LQWHUHVDQ HVDV
SiJLQDVSHUVRQDOHVTXHVyORFRQWLHQHQWUHVIRWRVGHODXWRUXQDGHVXQRYLD\RWUDGHVX
SHUURMXQWRFRQODKLVWRULDGHVXYLGD\XQFXUULFXOXP\XQDVHULHGHHQODFHVDSiJLQDV
GHVXVDPLJRV

&RQYLHQHWDPELpQVDELHQGRTXHHOXVXDULRKDDFXGLGRDWXSiJLQDSRUHOLQWHUpVKDFLD
XQWHPDHVSHFtILFRIDFLOLWDUOHHQODFHVDSiJLQDVVLPLODUHV 7HORDJUDGHFHUi

1DYHJDFLyQ

(V PX\ LPSRUWDQWH TXH VHD VHQFLOOD H LQWXLWLYD OD QDYHJDFLyQ SRU ODV SiJLQDV TXH
FRPSRQHQWXZHE'HSHQGLHQGRGHOWDPDxRGHODSiJLQDQRVHGHEHUtDWDUGDUPiVGH
WUHV WRTXHV GH UDWyQ HQ LU GH XQD SiJLQD D RWUD 6LQ HPEDUJR HVWR QR VH GHEH
FRQVHJXLUSRUPHGLRGHXQDVDWXUDFLyQGHHQODFHVSRUTXHHOXVXDULRSRGUtDSHUGHUVH
+D\PXFKDVPDQHUDVGHFRQVHJXLUOR/DSULPHUDHVXWLOL]DUXQPDUFRFRPRtQGLFHTXH
VLHPSUH QRV SHUPLWLUtD DFXGLU D ODV VHFLRQHV SULQFLSDOHV HQ QXHVWUD ZHE 7DPELpQ
UHVXOWD~WLOLQFOXLUHQODFHVDODSiJLQDSULQFLSDO\DODSiJLQDSULQFLSDOGHODVHFFLyQTXH
HOXVXDULRHVWiFRQVXOWDQGR

(QGHILQLWLYDQRKD\UHFHWD~QLFDSXHVHOp[LWRGHWXVLVWHPDGHQDYHJDFLyQGHSHQGH
HQ EXHQD PHGLGD GH ORV FRQWHQLGRV \ HVWUXFWXUD GH WX ZHE 5HVXOWD ~WLO YHU D DOJXLHQ
DMHQRDVXGHVDUUROORQDYHJDUSRUHOODVLQGDUOHQLQJXQDFODVHGHSLVWDVHQJHQHUDOVH
SXHGHQYHUFRQIDFLOLGDGORVPD\RUHVSUREOHPDVTXHSXHGDWHQHU
6LQHPEDUJRKD\DOJRTXHVLHPSUHLUULWDDOXVXDULRHQODFHVDSiJLQDVYDFtDVRFRQXQ
JUiILFR TXH VHxDOH TXH HVD SiJLQD HVWi HQ FRQVWUXFFLyQ 6L WH OOHYD WLHPSR GHVDUUROODU
XQDVHFFLyQSHURTXLHUHVTXHORVXVXDULRVVHSDQTXHHVWDUiDKtFRORFDODFRQODVGHPiV
HQODOLVWDGHHQODFHVSHURTXHHOODQRWHQJD 4XHVHYHDHOQRPEUHDXQTXHQROOHYHD
QLQJXQDSDUWH

(VWUXFWXUDGHODVSiJLQDV

(VIXQGDPHQWDODODKRUDGHSRQHUWHDFUHDUSiJLQDVHOSHQVDUHQXQDHVWUXFWXUDFRP~Q
\ FRQVLVWHQWH SRUTXH IDFLOLWD OD QDYHJDFLyQ \ OH FRQILHUH SHUVRQDOLGDG SURSLD (VD

HVWUXFWXUDSXHGHHVWDUGDGDSRUXQDPDQHUDFRP~QGHWLWXODUODVVHFFLRQHVXQIRQGR
XQ ORJR XQD PDQHUD FRP~Q GH FRORFDU JUiILFRV \ WH[WR R XQD FRPELQDFLyQ GH WRGR
HVWR
+D\ TXH FXLGDU OD ORQJLWXG GH ODV SiJLQDV TXH QR VHDQ QL GHPDVLDGR FRUWDV QL
GHPDVLDGR ODUJDV FRPR HVWD  /D SiJLQD GHEH FRQWHQHU LQIRUPDFLyQ VXILFLHQWH SDUD
UHVXOWDULQWHUHVDQWH\QRWDQWDFRPRSDUDGHVDQLPDUDOSRVLEOHOHFWRU

5HFXHUGD TXH HO WtWXOR TXH OH SRQHV D WX SiJLQD HV SRU OR TXH VH OD FRQRFHUi SRU HO
PXQGR (V OR TXH JXDUGD HO QDYHJDGRU HQ VX tQGLFH GH PDUFDGRUHV IDYRULWRV R
ERRNPDUNV3RUHOORHVFRQYHQLHQWHTXHVHDVLJQLILFDWLYR\SXHGDVHUHQWHQGLGRIXHUD
GHFRQWH[WR
&RQYLHQHTXHHOSULPHURSiUUDIRRODVSULPHUDVIUDVHVGHWRGDVODVSiJLQDVFRQWHQJDQ
XQUHVXPHQRLGHDGHOFRQWHQLGRGHOUHVWRGHODPLVPD(VRD\XGDDOXVXDULRDORFDOL]DU
PiVIiFLOPHQWHODLQIRUPDFLyQ
$ VX YH] UHVXOWD EDVWDQWH ~WLO LQGLFDU OD IHFKD GH OD ~OWLPD PRGLILFDFLyQ GH OD SiJLQD
DXQTXH HV D~Q PHMRU VL HVD IHFKD KDFH UHIHUHQFLD D OD ~OWLPD PRGLILFDFLyQ GHO
FRQWHQLGRTXHDOILQ\DOFDERHVORTXHOHLQWHUHVDHOXVXDULR

3RU~OWLPRXQRGHORVDVSHFWRVPiVLPSRUWDQWHVGH,QWHUQHWFRPRPHGLRHVODIDFLOLGDG
GHFRPXQLFDFLyQHQWUHFUHDGRUHV\XVXDULRVIDFLOLWDODLQFOX\HQGRWXGLUHFFLyQGHFRUUHR
6L FUHHV TXH SXHGH VHU LQWHUHVDQWH D\XGD \ DQLPD DO XVXDULR FRQ IRUPXODULRV R OLEURV
GHYLVLWD

$FFHVLELOLGDG

+D\ TXH WHQHU HQ FXHQWD TXH HQ JHQHUDO QR VDEHV FRQ TXp QDYHJDGRU YLVLWDUiQ WXV
SiJLQDV1LFyPRHVWDUiFRQILJXUDGR1LODUHVROXFLyQ GHOPRQLWRU1LODSRWHQFLDGHVX
&381LVLTXLHUDVLHOQDYHJDGRUHVFDSD]GHYHUJUiILFRV<FRPRVHVXSRQHTXHODUHG
HVDOJRGHORTXHGHEHSRGHUGLVIUXWDUWRGRHOPXQGRFRQYLHQHKDFHUODDFFHVLEOH
3DUD HOOR KD\ TXH WHQHU HQ FXHQWD DOJXQDV FRVDV 3DUD HPSH]DU TXH ODV SiJLQDV
VLHPSUH VH YHQ GLVWLQWDV GHSHQGLHQGR GHO QDYHJDGRU TXH XVHPRV &RQYLHQH QR XVDU
HOHPHQWRVTXHVyORIXQFLRQHQFRQXQQDYHJDGRUFRPRSXHGHVHUHOWH[WRSDUSDGHDQWH
RODVPDUTXHVLQDV<VLHPSUHVHUiEXHQRSUREDUFRQPiVGHXQQDYHJDGRUODVSiJLQDV
QRVLHPSUHUHSUHVHQWDQLJXDOODVPLVPDVHWLTXHWDV
+D\ JHQWH TXH YLDMD SRU OD UHG FRQ QDYHJDGRUHV HQ PRGR WH[WR R TXH GHELGR D OD
OHQWLWXGGHVXFRQH[LyQFRQILJXUDQVXQDYHJDGRUSDUDTXHQRFDUJXHORVJUiILFRV3RU
HOORFRQYLHQHDxDGLUVLHPSUHHOSDUiPHWUR $/7 DWRGDVQXHVWUDVLPiJHQHV7DPELpQ\
SRUODPLVPDFDXVDFRQYLHQHGDUXQDDOWHUQDWLYDHQWH[WRGHQXHVWURVPDSDV

(V DFRQVHMDEOH SUREDU QXHVWUDV SiJLQDV D OD UHVROXFLyQ PtQLPD GH [ \
FRPSUREDU TXH VH SXHGH YHU \ QDYHJDU FRQ UHODWLYD FRPRGLGDG (V GHVJUDFLDGDPHQWH

IUHFXHQWHYHUPDUFRVtQGLFHGLVHxDGRVSDUDYHUVHD[\TXHLPSLGHQFDPELDUORV
GHWDPDxR\VHKDQHOLPLQDGRODVEDUUDVGHGHVSOD]DPLHQWR
(V FRQYLHQLHQWH QR DEXVDU GH ORV DSSOHWV -DYD QL KDFHU GH HOORV XQ HOHPHQWR
LPSUHVFLQGLEOH HQ QXHVWUD ZHE $ JHQWH FRQ SRFRV UHFXUVRV HQ SRWHQFLD GH &38 R
XVXDULRVGH:LQGRZVQROHVUHVXOWDPX\DJUDGDEOHHVWDVDSOLFDFLRQHV
(Q GHILQLWLYD QR KDFHUOHV OD YLGD LPSRVLEOH D ORV PLQXVYiOLGRV GH OD UHG (OLPLQDU
EDUUHUDVDUTXLWHFWyQLFDV

'LVHxR

8QDSiJLQDDWUDFWLYDFRQJUiILFRVERQLWRV\ELHQHVFRJLGRV\FRORFDGRVHVDOJRVLHPSUH
UHFRPHQGDEOH3HURQRVLGHELGRDHOORODSiJLQDWDUGDGRVGtDV\PHGLRHQWHUPLQDU
GH FDUJDUVH +D\ TXH WHQHU HQ FXHQWD TXH HVWDPRV WUDEDMDQGR HQ XQ PHGLR OODPDGR
,QWHUQHW TXH DXQTXH GHQRPLQDGR DXWRSLVWD GH OD LQIRUPDFLyQ HQ UHDOLGDG VXHOH
SDUHFHUVH PiV ELHQ D XQD FDUUHWHUD FRPDUFDO $Vt SXHV D OD KRUDGHGLVHxDUQXHVWUDV
SiJLQDVGHEHUHPRVFXLGDUHOHTXLOLEULRHQWUHEHOOH]DJUiILFD\WLHPSRGHFDUJD
5HFXHUGD TXH HO JUiILFR GH IRQGR QR GHEH GLILFXOWDU OD OHFWXUD GHO WH[WR 6L XWLOL]DPRV
XQRRVFXURTXHHOFRORUGHOWH[WRVHDFODUR\YLFHYHUVD
/RV JUiILFRV DQLPDGRV HQ JHQHUDO UHVXOWDQ PX\ HQWUHWHQLGRVSDUDHODXWRUSHURSRFR
~WLOHVSDUDHO XVXDULR1RGHEHUtDQXVDUVHPiVTXHSDUDFRVDVVREUHODVTXHUHDOPHQWH
TXLHUHV OODPDU OD DWHQFLyQ FRPR HO XVR GHO WH[WR SDUSDGHDQWH  6L QR HV DVt SURFXUD
TXHVXWDPDxRQRVHDH[FHVLYR
0LHQWUDV SXHGDV HYLWD ORV JUiILFRV PHUDPHQWH RUQDPHQWDOHV 4XH WHQJDQ DOJR GH
XWLOLGDG VHD FRPR WtWXOR R HQODFH R OR TXH VHD /XHJR SURFXUD TXH DGHPiV VHDQ
ERQLWRV

3URFXUD HYLWDU HO H[FHVR GH OtQHDV KRUL]RQWDOHV GDQ OD VHQVDFLyQ GH XQD SiJLQD
LQFRQH[D\WURFHDGD

(YLWDODSUROLIHUDFLyQGHPDUFRV6LSRQHVPXFKRVHVSRVLEOHTXHHOXVXDULRVHSLHUGD\
QRVHSDHQFXiOHVWiFDGDFRVD5HFXHUGDTXHVyORSXHGHKDEHUXQRFRQLQIRUPDFLyQ\
WRGRV ORV GHPiV GHEHQ VHU DX[LOLDUHV GH HVWH (O PDUFR SULQFLSDO GHEH GHVWDFDU VREUH
ORVRWURVSRUVXPD\RUWDPDxR

0DQWHQLPLHQWR \SUXHEDV

5HVXOWD FRQYHQLHQWH TXH HO FyGLJR VHD FODUR \ IiFLOPHQWH FRPSUHQVLEOH DVt HYLWDV ORV
SUREOHPDV GH QR HQWHQGHU FyPR KLFLVWH XQD SiJLQD HQ XQ PRPHQWR GDGR R GH QR
HQFRQWUDUHVDSDUWHTXHWLHQHVTXHPRGLILFDUHQWUHWDQWRWH[WR

5HVXOWD FRQYHQLHQWH TXH RWUDV SHUVRQDV SUXHEHQ WXV SiJLQDV < TXH FXDQGR ODV
SUXHEHQ \D HVWiQ HQ OD UHGDXQTXHQRVHDQDFFHVLEOHVPiVTXHSDUDORVSUREDGRUHV
+D\TXHFXLGDUTXHHVWRVQRFRQR]FDQSUHYLDPHQWHODVSiJLQDVQLKD\DQWHQLGRTXHYHU
FRQVXGHVDUUROOR

Você também pode gostar