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34

6tPEROR

)XQFLyQ

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'HVFULSFLyQGHODPiTXLQD,QVWUXPHQWRV0DQGRV
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5HIULJHUDFLQ&RORTXHHOLQWHUUXSWRU  HQODSRVLFLQEDMDFRQ$&21SDUDDFWLYDUHO
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$MXVWHODWHPSHUDWXUDFRQHOFRQWUROGHWHUPRVWDWR  



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35

'HVFULSFLyQGHODPiTXLQD,QVWUXPHQWRV0DQGRV

36

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'HVFULSFLyQGHODPiTXLQD6LVWHPDHOpFWULFR
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IXQFLQGHORVIXVLEOHV7RGRVORVIXVLEOHVVRQGH
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37

'HVFULSFLyQGHODPiTXLQD6LVWHPDHOpFWULFR
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38

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'HVFULSFLyQGHODPiTXLQD6LVWHPDHOpFWULFR
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39

'HVFULSFLyQGHODPiTXLQD6LVWHPDHOpFWULFR

40

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2SHUDFLyQ(QFHQGLGR
2SHUDFLyQ(QFHQGLGR
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(OLQWHUUXSWRUSULQFLSDOGHODEDWHUDVHVLWDHQOD
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VXPLQLVWURHOFWULFRHQWRGDODPTXLQD


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0DQGRGHODOODYH

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6LFRQGXFHVREUHDVIDOWRFRPSUXHEHTXHORV
GHSVLWRVGHDJXDHVWQOOHQRV&RQVXOWHORV
PHGLGRUHVGHQLYHOFRUUHVSRQGLHQWHV  


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41

2SHUDFLyQ(QFHQGLGR
$VLHQWRGHFRQGXFFLyQ$MXVWH
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DOFDQFHIFLOPHQWH

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DVHJXUDGRDQWHVGHSRQHUODHQPDUFKD

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RSHUDULRVHOHYDQWHGHODVLHQWR
(OPRWRUVHSDUDUVLODSDODQFDGHDYDQFHPDUFKD
DWUVVHHQFXHQWUDHQODSRVLFLQQHXWUDORGHWUDFFLQ
(OPRWRUQRVHSDUDUVLHVWDFWLYDGRHOIUHQRGH
HVWDFLRQDPLHQWR
5HDOLFHWRGDVODVRSHUDFLRQHVVHQWDGR

42

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2SHUDFLyQ(QFHQGLGR
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/iPSDUDGHDGYHUWHQFLDFDUJD
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&RORTXHHOFRQPXWDGRUGHDUUDQTXH  HQODSRVLFLQ
,7RGRVORVWHVWLJRVGHDYLVRGHEHQSHUPDQHFHU
HQFHQGLGRVGXUDQWHXQRVVHJXQGRV\GHEHRUVHXQ
DYLVRVRQRUR'XUDQWHHVWHWLHPSRFRPSUXHEHTXH
ORVWHVWLJRVGHDYLVRHVWQHQFHQGLGRV

&RPSUXHEHODVOPSDUDVGHDGYHUWHQFLDSDUDYHUVL
VHHQFLHQGHQODVOXFHVGHFDUJD  SUHVLQGH
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DUUDQTXHHOPRWRUHQXQWHUUHQRLQFOLQDGR

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43

2SHUDFLyQ(QFHQGLGR
/LPLWDGRUGHYHORFLGDG


/DPTXLQDFXHQWDFRQXQOLPLWDGRUGHYHORFLGDG
UHJXODEOHTXHVHSXHGHGHVFRQHFWDUGXUDQWHOD
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$MXVWHODSDODQFDGHDYDQFHUHWURFHVRHQODYHORFLGDG
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9LVWD
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ORVHVSHMRVUHWURYLVRUHVKDEUQGHHVWDU
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44

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SODWDIRUPDVHHQFXHQWUDHQSHUIHFWDVFRQGLFLRQHV
&iPELHORSRUXQRQXHYRVLODIULFFLyQ
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45

2SHUDFLyQ(QFHQGLGR
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PDQXDODXWRPWLFDHQODSRVLFLQPHGLD SRVLFLQ 

   

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&RQPXWDGRUGHYLEUDFLyQ
/iPSDUDGHDGYHUWHQFLDIUHQRV
/iPSDUDGHDGYHUWHQFLDSUHVLyQ
GHODFHLWHGHOPRWRU
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*LUHHOFRQPXWDGRUGHDUUDQTXH  DODGHUHFKDDOD
SULPHUDSRVLFLQ6HHQFHQGHUODOPSDUDGHO
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LQPHGLDWDPHQWHFXDQGRDUUDQTXHHOPRWRU(VWRHV
HVSHFLDOPHQWHLPSRUWDQWHFXDQGRVHDUUDQTXHHO
PRWRUHQIUR
1RDFWLYHHOPRWRUGHDUUDQTXHGHPDVLDGR
WLHPSR6LHOPRWRUQRDUUDQFDGLUHFWDPHQWHHV
SUHIHULEOHKDFHUSDXVDVGHXQPLQXWR
DSUR[LPDGDPHQWH
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TXHVHFDOLHQWHGXUDQWHPVWLHPSRVLODWHPSHUDWXUD
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5LHVJRGHLQWR[LFDFLyQSRUPRQy[LGRGHFDUERQR

46

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2SHUDFLyQ(QFHQGLGR
0LHQWUDVHOPRWRUVHFDOLHQWDYHULILTXHTXHORV
WHVWLJRVGHDYLVRGHODSUHVLQGHODFHLWH  \GH
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/DOPSDUDGHDGYHUWHQFLDGHOIUHQRGH
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&XDQGRDUUDQTXH\FRQGX]FDXQDPiTXLQDTXH
HVWpIUtDUHFXHUGHTXHHOOtTXLGRKLGUiXOLFR
WDPELpQHVWiIUtR\TXHODVGLVWDQFLDVGHIUHQDGR
SXHGHQVHUPD\RUHVGHORQRUPDOKDVWDTXHOD
PiTXLQDDOFDQFHODWHPSHUDWXUDGHWUDEDMR



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47

2SHUDFLyQ(QFHQGLGR

48

,&&(6SGI



)XQFLRQDPLHQWR&RQGXFFLyQ
)XQFLRQDPLHQWR&RQGXFFLyQ
8WLOL]DFLyQGHODDSLVRQDGRUD
  

 



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PiTXLQDGHVGHHOVXHOR(ORSHUDULRGHEHUiHVWDU
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GHOXVR

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HVWDFLRQDPLHQWR
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0HGLGRUGHWHPSHUDWXUDOtTXLGR
KLGUiXOLFR
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3LORWRVGHGLDJQyVWLFR
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/iPSDUDGHDGYHUWHQFLDIUHQR

&RPSUXHEHTXHODGLUHFFLQIXQFLRQDFRUUHFWDPHQWH
JLUDQGRHOYRODQWHXQDYH]DODGHUHFKD\XQDYH]DOD
L]TXLHUGDFRQODDSLVRQDGRUDHVWDFLRQDULD
'XUDQWHODFRPSDFWDFLQGHDVIDOWRQRROYLGHDFWLYDU
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DJXD
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GHODDSLVRQDGRUDHVWiOLEUHGHREVWiFXORV

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OiPSDUDGHOIUHQRGHHVWDFLRQDPLHQWRVHKD
DSDJDGR7HQJDSUHVHQWHTXHODDSLVRQDGRUD
SXHGHHFKDUVHDDQGDUVLVHHQFXHQWUDHQXQD
SHQGLHQWH

0XHYDFXLGDGRVDPHQWHODSDODQFDGHDYDQFH
UHWURFHVR  KDFLDDGHODQWHRKDFLDDWUV
GHSHQGLHQGRGHODGLUHFFLQGHPDUFKDUHTXHULGD
/DYHORFLGDGVHLQFUHPHQWDUDPHGLGDTXHVHVHSDUH
ODSDODQFDGHODSRVLFLQQHXWUDO
/DYHORFLGDGGHEHUFRQWURODUVHVLHPSUH
XWLOL]DQGRODSDODQFDGHDYDQFHPDUFKDDWUV\
QXQFDFDPELDQGRODYHORFLGDGGHOPRWRU
&RPSUXHEHHOIUHQRGHUHVHUYDSXOVDQGRHOPDQGR
GHOIUHQRGHUHVHUYDHVWDFLRQDPLHQWR  PLHQWUDV
ODDSLVRQDGRUDDYDQ]DOHQWDPHQWH



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49

)XQFLRQDPLHQWR&RQGXFFLyQ
$QWHVGHVHJXLUFRQGXFLHQGRYXHOYDDFRORFDUOD
SDODQFDGHDYDQFHUHWURFHVRHQODSRVLFLQQHXWUDO
0LHQWUDVFRQGXFHFRPSUXHEHTXHORVPHGLGRUHV
LQGLFDQYDORUHVQRUPDOHV\TXHODVOPSDUDVGH
DGYHUWHQFLDQRHVWQHQFHQGLGDV6LKXELHUDYDORUHV
DQPDORVRVLVRQDVHODDODUPDGHWHQJDGHLQPHGLDWR
ODDSLVRQDGRUD\HOPRWRUGLHVHO&RPSUXHEH\UHSDUH
FXDOTXLHUIDOOR9DVHWDPELQHOFDSWXORVREUH
PDQWHQLPLHQWR\HOPDQXDOGHOPRWRU

50

,&&(6SGI



2SHUDFLyQ9LEUDFLyQ
2SHUDFLyQ9LEUDFLyQ
9LEUDFLyQPDQXDODXWRPiWLFD&&
 

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DXWRPWLFDVHVHOHFFLRQDSRUPHGLRGHOFRQPXWDGRU
 
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SDUWHLQIHULRUGHODHPSXDGXUDGHODSDODQFDGH
DYDQFHUHWURFHVR  


)LJ3DQHOGHLQVWUXPHQWRV
9LEUDFLyQDSDJDGDHQFHQGLGD
3DODQFDGHDYDQFHUHWURFHVR
,QWHUUXSWRU0DQ$XW

(QODSRVLFLQDXWRPWLFDODYLEUDFLQVHDFWLYD
FXDQGRVHDOFDQ]DODYHORFLGDGSUHGHWHUPLQDGD/D
YLEUDFLQVHGHVDFWLYDDXWRPWLFDPHQWHFXDQGRVH
DOFDQ]DODYHORFLGDGPQLPDSUHGHWHUPLQDGD

'RVPLFURLQWHUUXSWRUHVFRQWURODQODDFWLYDFLQGHOD
YLEUDFLQ6HDFFLRQDQJUDFLDVDXQDOHYDSURSLD
VLWXDGDHQHOHMHGHODSDODQFDGHDYDQFHUHWURFHVR
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UHJXODEOHV




/HYDVFHUFDQDV9LEUDFLQDFWLYDGDDYHORFLGDGVXDYH
/HYDVVHSDUDGDV9LEUDFLQDFWLYDGDDPD\RU
YHORFLGDG$VHJUHVHGHTXHODYLEUDFLQVHDFWLYDD
ODPLVPDYHORFLGDGHQHODYDQFH\HOUHWURFHVR


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3DQHOGHLQVWUXPHQWRV
$MXVWH
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9LEUDFLyQPDQXDO$FWLYDFLyQ


1RDFWLYHQXQFDODYLEUDFLQFXDQGROD
DSLVRQDGRUDHVWSDUDGD(VWRSRGUDGDDUWDQWR
ODVXSHUILFLHFRPRODPTXLQD

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FRQPXWDGRU  VLWXDGRHQODSDODQFDGHDYDQFH
UHWURFHVR
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9LEUDFLyQDSDJDGDHQFHQGLGD



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DSLVRQDGRUDHQXQDSRVLFLQGHUHSRVR
(OPRWRUQRVHSDUDUVLHVWDFWLYDGRHOIUHQRGH
HVWDFLRQDPLHQWR

,&&(6SGI

51

2SHUDFLyQ9LEUDFLyQ
$PSOLWXGIUHFXHQFLD&DPELR
([LVWHQGRVSDUPHWURVGHYLEUDFLQGHORVURGLOORV
8VHHOFRQPXWDGRU  SDUDDMXVWDUORV



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DPSOLWXGEDMDIUHFXHQFLD
1RVHGHEHFRQILJXUDUODDPSOLWXGPLHQWUDVOD
YLEUDFLQHVWIXQFLRQDQGR
3ULPHURDSDJXHODYLEUDFLQ\HVSHUHKDVWDTXH
VHGHWHQJD

)LJ3DQHOGHLQVWUXPHQWRV
6HFWRUGHDPSOLWXGEDMRDOWR

52

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2SHUDFLyQ3DUDGD
2SHUDFLyQ3DUDGD
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82

,&&(6SGI



0DQWHQLPLHQWRK
0DQWHQLPLHQWRK
$SDUTXHODDSLVRQDGRUDVREUHXQDVXSHUILFLH
QLYHODGD
&XDQGRUHDOLFHFRPSUREDFLRQHV\DMXVWHVHO
PRWRUGHEHUiHVWDUDSDJDGR\HOIUHQRGH
HPHUJHQFLDHVWDFLRQDPLHQWRDSOLFDGRDPHQRV
TXHVHHVSHFLILTXHORFRQWUDULR

$VHJ~UHVHGHTXHKD\DEXHQDYHQWLODFLyQ
H[WUDFFLyQGHDLUH VLHOPRWRUHVWiRSHUDQGRHQ
LQWHULRUHV5LHVJRGHHQYHQHQDPLHQWRSRU
PRQy[LGRGHFDUERQR

8QLGDGGHODERPEDQLYHOGHDFHLWH
FRPSUREDFLyQOOHQDGR


&RORTXHODDSLVRQDGRUDHQXQDVXSHUILFLHKRUL]RQWDO
$ODKRUDGHFRPSUREDUHOQLYHOGHDFHLWHDSDJXH
HOPRWRU\DVHJUHVHGHTXHHOIUHQRGH
HVWDFLRQDPLHQWRHVWDFFLRQDGR

$EUDODSXHUWDGHUHFKDGHOFRPSDUWLPHQWRGHOPRWRU\
GHVHQURVTXHODYDULOOD  
)LJ(QJUDQDMHGHODERPED
9DULOOD

(OQLYHOGHDFHLWHGHEHUDHQFRQWUDUVHHQWUHODVGRV
PDUFDVGHOH[WUHPRLQIHULRUGHODYDULOOD
5HOOHQHFRQDFHLWHGHWUDQVPLVLQVLIXHUDQHFHVDULR
&RQVXOWHODVHVSHFLILFDFLRQHVGHOOXEULFDQWH
$VHJUHVHGHTXHODMXQWDHVWDQFDGHFDXFKRHQWUHOD
YDULOOD\ODFDUFDVDGHOHQJUDQDMHHVWFRORFDGD
(QURVTXHODYDULOOD



,&&(6SGI

83

0DQWHQLPLHQWRK
8QLGDGGHOURGLOOR&RPSUREDFLyQGHOQLYHOGH
DFHLWH


&RORTXHODDSLVRQDGRUDHQXQDVXSHUILFLHKRUL]RQWDO
GHPRGRTXHHOWDSQGHUHOOHQR  HVWHQODSDUWH
VXSHULRU/LPSLHOD]RQDDOUHGHGRUGHORVWDSRQHV
(OQLYHOGHDFHLWHGHEHOOHJDUKDVWDHOWDSQGHQLYHO
 
6LIXHUDQHFHVDULRUHWLUHHOWDSQGHUHOOHQR\OOHQHGH
DFHLWHVHJQODVHVSHFLILFDFLRQHVGHOOXEULFDQWHVLQ
VXSHUDUHOWDSQGHQLYHO

)LJ8QLGDGGHOURGLOOR
7DSyQGHUHOOHQR
7DSyQGHGUHQDMH
7DSyQGHQLYHO

84

,&&(6SGI



0DQWHQLPLHQWRK
0DQWHQLPLHQWRK
$SDUTXHODDSLVRQDGRUDVREUHXQDVXSHUILFLH
QLYHODGD
&XDQGRUHDOLFHFRPSUREDFLRQHV\DMXVWHVHO
PRWRUGHEHUiHVWDUDSDJDGR\HOIUHQRGH
HPHUJHQFLDHVWDFLRQDPLHQWRDSOLFDGRDPHQRV
TXHVHHVSHFLILTXHORFRQWUDULR

$VHJ~UHVHGHTXHKD\DEXHQDYHQWLODFLyQ
H[WUDFFLyQGHDLUH VLHOPRWRUHVWiRSHUDQGRHQ
LQWHULRUHV5LHVJRGHHQYHQHQDPLHQWRSRU
PRQy[LGRGHFDUERQR

7DPERU&RPSUREDFLyQGHOQLYHOGHDFHLWH

$SDJXHHOPRWRUSXOVHHOPDQGRGHOIUHQRGH
HVWDFLRQDPLHQWR\GHVFRQHFWHHOVXPLQLVWUR

&RORTXHODDSLVRQDGRUDHQXQDVXSHUILFLHKRUL]RQWDO
SDUDTXHHOSDVDGRUGHQLYHO  TXHGHDOPLVPRQLYHO
TXHODSDUWHVXSHULRUGHOEDVWLGRUIURQWDO/LPSLHOD
]RQDDOUHGHGRUGHORVWDSRQHV

)LJ5RGLOOR
3DVDGRUGHQLYHO
7DSyQGHUHOOHQR0
7DSyQGHQLYHO0



(OQLYHOGHDFHLWHGHEHOOHJDUKDVWDHOWDSQGHQLYHO
 
6LIXHUDQHFHVDULRUHWLUHHOWDSQGHUHOOHQR  \OOHQH
GHDFHLWHVHJQODVHVSHFLILFDFLRQHVGHODFHLWHVLQ
VXSHUDUHOWDSQGHQLYHO

,&&(6SGI

85

0DQWHQLPLHQWRK
&RQWUROHV\MXQWDVPyYLOHV/XEULFDFLyQ

/XEULTXHFRQJUDVDVODVELVDJUDVGHODFXELHUWDODV
YHQWDQDVODWHUDOHV\ODVSXHUWDVGHODFDELQD/XEULTXH
WDPELQORVUDOHVGHVOL]DQWHVGHODVLHQWRGHO
FRQGXFWRU\HOFRMLQHWHGHOWDEOHURGHFRQWUROFRQ
JUDVD(OUHVWRGHMXQWDV\FRQWUROHVOXEUTXHORVFRQ
DFHLWH&RQVXOWHODVHVSHFLILFDFLRQHVGHOOXEULFDQWH

)LJ%LVDJUDGHODFXELHUWD
(QJUDVDGRU


)LJ&ROXPQDGHPDQGRV
(QJUDVDGRUHV

86

,&&(6SGI



0DQWHQLPLHQWRK
0DQWHQLPLHQWRK
$SDUTXHODDSLVRQDGRUDVREUHXQDVXSHUILFLH
QLYHODGD
&XDQGRUHDOLFHFRPSUREDFLRQHV\DMXVWHVHO
PRWRUGHEHUiHVWDUDSDJDGR\HOIUHQRGH
HPHUJHQFLDHVWDFLRQDPLHQWRDSOLFDGRDPHQRV
TXHVHHVSHFLILTXHORFRQWUDULR

$VHJ~UHVHGHTXHKD\DEXHQDYHQWLODFLyQ
H[WUDFFLyQGHDLUH VLHOPRWRUHVWiRSHUDQGRHQ
LQWHULRUHV5LHVJRGHHQYHQHQDPLHQWRSRU
PRQy[LGRGHFDUERQR

)LOWURGHOOtTXLGRKLGUiXOLFR6XVWLWXFLyQ
/LPSLHHOFRQWRUQRGHOILOWURGHOOTXLGR
5HWLUHORVILOWURVGHOTXLGR  \FXPSODODV
QRUPDWLYDVGHHOLPLQDFLQGHUHVLGXRV6HWUDWD
GHILOWURVGHXQQLFRXVR1RVHSXHGHQOLPSLDU

)LJ6LVWHPDKLGUiXOLFR
)LOWURGHOOtTXLGRKLGUiXOLFR
9HQWDQDGHREVHUYDFLyQ

$VHJUHVHGHTXHORVDQWLJXRVDQLOORVGHVHOODGR
QRSHUPDQHFHQHQORVVRSRUWHVGHOILOWURSRUTXH
SRGUDQSURGXFLUVHIXJDVGHDFHLWHHQWUHODV
MXQWDVQXHYDV\YLHMDV

/LPSLHFRPSOHWDPHQWHODVVXSHUILFLHVGHVHOODGRGH
ORVVRSRUWHVGHOILOWUR
$SOLTXHXQDILQDFDSDGHOTXLGRKLGUXOLFRQXHYRDORV
VHOORVGHFDXFKRGHORVQXHYRVILOWURV$SULHWHORV
ILOWURVPDQXDOPHQWH
3ULPHURDSULHWHHOILOWURKDVWDTXHHOVHOORHQWUHHQ
FRQWDFWRFRQHOILOWUR/XHJRGPHGLDYXHOWD
DGLFLRQDO1RDSUHWDUHOILOWURGHPDVLDGRIXHUWH\D
TXHHVWRSRGUDGDDUODMXQWDHVWDQFD

$UUDQTXHHOPRWRU\FRPSUXHEHTXHQRKD\DIXJDVGH
OTXLGRKLGUXOLFRHQORVILOWURV&RPSUXHEHHOQLYHOGH
OTXLGRHQHOFULVWDOWUDQVSDUHQWH  \UHOOHQHVLHV
QHFHVDULR
$VHJXUDUVHGHTXHKD\DXQDEXHQDYHQWLODFLyQ
H[WUDFFLyQGHDLUH VLHOPRWRUHVWiHQLQWHULRUHV
5LHVJRGHLQWR[LFDFLyQSRUPRQy[LGRGHFDUERQR



,&&(6SGI

87

0DQWHQLPLHQWRK
)LOWURGHDLUH6XVWLWXFLyQ


6XVWLWX\DHOILOWURSULQFLSDOGHOILOWURGHODLUH  LQFOXVR
VLQRORKDOLPSLDGRFLQFRYHFHV9DVHHOHQFDEH]DGR
&DGDKRUDVGHIXQFLRQDPLHQWRSDUDREWHQHU
LQIRUPDFLQVREUHHOFDPELRGHOILOWUR
6LQRVHFDPELDXQILOWUREORTXHDGRHOKXPRGH
HVFDSHVHUQHJUR\HOPRWRUSHUGHUSRWHQFLD
7DPELQH[LVWHHOULHVJRGHFDXVDUGDRVJUDYHV
DOPRWRU

)LJ)LOWURGHODLUH
)LOWURSULQFLSDO

'HSyVLWRGHFRPEXVWLEOH'UHQDMH

(ODJXD\ORVVHGLPHQWRVGHOWDQTXHGHFRPEXVWLEOH
VHHOLPLQDQSRUHOWDSQGHGUHQDMH  GHODSDUWH
LQIHULRUGHOWDQTXH
7HQJDFXLGDGRGXUDQWHHOGUHQDMH1RGHMHFDHU
HOWDSQQLFXDOTXLHURWUDFRVDRVHGHUUDPDUDHO
FRPEXVWLEOH


)LJ'HSyVLWRGHFRPEXVWLEOH
7DSyQGHGUHQDMH

(OGUHQDMHGHEHUHDOL]DUVHFXDQGRODDSLVRQDGRUDHVW
SDUDGDGXUDQWHXQODUJRSHULGRGHWLHPSRSRU
HMHPSORGHVSXVGHHVWDUSDUDGDWRGDODQRFKH(O
QLYHOGHFRPEXVWLEOHGHEHVHUORPVEDMRSRVLEOH
(VUHFRPHQGDEOHTXHHVWHODGRGHODDSLVRQDGRUD
SHUPDQH]FDOLJHUDPHQWHPVEDMRSDUDTXHHODJXD\
ORVVHGLPHQWRVVHGHSRVLWHQFHUFDGHOWDSQGH
GUHQDMH  
5HFRMDHOFRQGHQVDGR\ORVVHGLPHQWRV\
GHVFKHORVGHPDQHUDDSURSLDGD

'UHQHGHOVLJXLHQWH
PRGR
&RORTXHXQUHFLSLHQWHEDMRHOWDSQ  
5HWLUHHOWDSQ  
'UHQHHOFRQGHQVDGR\ORVVHGLPHQWRVKDVWDTXH
VDOJDVORFRPEXVWLEOHSXURSRUHOWDSQ
9XHOYDDHQURVFDUHOWDSQ

88

,&&(6SGI



0DQWHQLPLHQWRK
'HSyVLWRGHOtTXLGRKLGUiXOLFR'UHQDMH

(OFRQGHQVDGRGHOGHSVLWRKLGUXOLFRVHGUHQDD
WUDYVGHOWDSQ  
7HQJDFXLGDGRGXUDQWHHOGUHQDMH1RGHMHFDHU
HOWDSQQLFXDOTXLHURWUDFRVDRVHGHUUDPDUDHO
OTXLGRKLGUXOLFR



(OGUHQDMHGHEHUHDOL]DUVHFXDQGRODDSLVRQDGRUDHVW
SDUDGDGXUDQWHXQODUJRSHULGRGHWLHPSRSRU
HMHPSORGHVSXVGHHVWDUSDUDGDWRGDODQRFKH

)LJ'HSyVLWRKLGUiXOLFR
7DSyQGHGUHQDMH

'UHQHGHOVLJXLHQWH
PRGR
&RORTXHXQUHFLSLHQWHEDMRHOWDSQ  
5HWLUHHOWDSQ
'UHQHHOFRQGHQVDGRKDVWDTXHVORVDOJDOTXLGR
KLGUXOLFR
9XHOYDDFRORFDUHOWDSQGHQXHYR
5HFRMDHOFRQGHQVDGR\HOOTXLGRKLGUXOLFRTXH
ORDFRPSDD\GHVFKHORVGHPDQHUDDSURSLDGD



,&&(6SGI

89

0DQWHQLPLHQWRK

90

,&&(6SGI



0DQWHQLPLHQWRK
0DQWHQLPLHQWRK
$SDUTXHODDSLVRQDGRUDVREUHXQDVXSHUILFLH
QLYHODGD
&XDQGRUHDOLFHFRPSUREDFLRQHV\DMXVWHVHO
PRWRUGHEHUiHVWDUDSDJDGR\HOIUHQRGH
HPHUJHQFLDHVWDFLRQDPLHQWRDSOLFDGRDPHQRV
TXHVHHVSHFLILTXHORFRQWUDULR

$VHJ~UHVHGHTXHKD\DEXHQDYHQWLODFLyQ
H[WUDFFLyQGHDLUH VLHOPRWRUHVWiRSHUDQGRHQ
LQWHULRUHV5LHVJRGHHQYHQHQDPLHQWRSRU
PRQy[LGRGHFDUERQR

'HSyVLWRKLGUiXOLFRFDPELRGHOOtTXLGRILOWUR
$QWHVGHFDPELDUHOOTXLGRHVLPSRUWDQWHKDEHU
FDOHQWDGRODDSLVRQDGRUDGXUDQWHVXILFLHQWH
WLHPSRSDUDTXHHOOTXLGRVHKD\DFDOHQWDGR\
HVSHVDGRDQWHVGHOGUHQDMH$VVHIDFLOLWDTXH
ORVFRQWDPLQDQWHVVDOJDQGHOGHSVLWRMXQWRFRQ
HOOTXLGR3URFHGDGHIRUPDOLPSLD\VHJXUD
FXDQGRPDQLSXOHORVFRPSRQHQWHVKLGUXOLFRV


)LJ6LVWHPDKLGUiXOLFR
)LOWURGHOOtTXLGRKLGUiXOLFR
9HQWDQDGHREVHUYDFLyQ

7HQJDPXFKRFXLGDGRFXDQGRGHVDJHIOXLGRV\
DFHLWHFDOLHQWHV8WLOLFHJXDQWHV\JDIDVGH
SURWHFFLyQ

&RORTXHODDSLVRQDGRUDHQXQDVXSHUILFLHKRUL]RQWDO
6XVWLWX\DORVILOWURVGHOOTXLGRKLGUXOLFR\FRPSUXHEH
ODYHQWLODFLQGHOWDSQGHOGHSVLWR&RQVXOWHODV
LQVWUXFFLRQHVGHK
&RORTXHXQUHFLSLHQWHGHUHFRJLGDTXHFRUUHVSRQGD
FRQODFDQWLGDGHVSHUDGD\GUHQHHOOTXLGRKLGUXOLFR
5HOOHQHFRQOTXLGRKLGUXOLFRVHJQODV
HVSHFLILFDFLRQHVGHOOXEULFDQWH2EVHUYHHQODYHQWDQD
FXDQGRVHDOFDQ]DHOQLYHOFRUUHFWR
(QFLHQGDHOPRWRUFRQGX]FD\KDJDYLEUDUOD
DSLVRQDGRUD'HWHQJDHOPRWRUFRPSUXHEHHOQLYHO
GHOOTXLGR\UHYLVHTXHQRKD\DIXJDV5HOOHQHVLHV
QHFHVDULR
5HVSHWHODVQRUPDWLYDVGHHOLPLQDFLQGH
UHVLGXRV



,&&(6SGI

91

0DQWHQLPLHQWRK
5RGLOOR&DPELRGHDFHLWH
$SDJXHHOPRWRUSXOVHHOPDQGRGHOIUHQRGH
HVWDFLRQDPLHQWR\GHVFRQHFWHHOVXPLQLVWUR


5HFRMDHODFHLWHGUHQDGR&XPSODODVQRUPDWLYDV
GHHOLPLQDFLQGHUHVLGXRV



)LJ5RGLOOR
3DVDGRUGHQLYHO
7DSyQGHGUHQDMHUHOOHQR0
7DSyQGHQLYHO0

$DPERVODGRVGHOURGLOOR
7UDVHOFDOHQWDPLHQWRFRORTXHODDSLVRQDGRUDHQXQD
VXSHUILFLHSODQDSDUDTXHORVWDSRQHV  HVWQHQOD
SDUWHLQIHULRU/LPSLHOD]RQDDOUHGHGRUGHORVWDSRQHV
5HWLUHHOWDSQ  GHXQODGR\GUHQHHODFHLWHXQRV
OLWURV8WLOLFHXQUHFLSLHQWHDSURSLDGR
'UHQHHODFHLWHLJXDOTXHHQHORWURODGR/LPSLHORV
WDSRQHV\HVSHUHDTXHVHKD\DDJRWDGRHODFHLWH6L
KDGHUUDPDGRDFHLWHOPSLHOR
&RQGX]FDODDSLVRQDGRUDKDVWDTXHORVWDSRQHV 
HVWQHQODSDUWHVXSHULRU\HOSDVDGRUGHQLYHOHVWDO
PLVPRQLYHOTXHODSDUWHVXSHULRUGHOEDVWLGRUIURQWDO
5HOOHQHFRQDFHLWHVLJXLHQGRODVHVSHFLILFDFLRQHVGHO
OXEULFDQWHKDVWDTXHVHDOFDQFHHOQLYHOGHOWDSQ  
9XHOYDDFRORFDUORVWDSRQHV\OLPSLHHODFHLWHTXH
KD\DSRGLGRGHUUDPDU

92

,&&(6SGI



0DQWHQLPLHQWRK
8QLGDGGHOURGLOOR&DPELRGHDFHLWH



)LJ8QLGDGGHOURGLOOR
7DSyQGHUHOOHQR
7DSyQGHGUHQDMH
7DSyQGHQLYHO

3DUDDPERVURGLOORV
$QWHVGHFDPELDUHODFHLWHHVLPSRUWDQWHKDEHU
FDOHQWDGRODDSLVRQDGRUDGXUDQWHVXILFLHQWH
WLHPSRSDUDTXHHODFHLWHVHKD\DFDOHQWDGR\
HVSHVDGRDQWHVGHOGUHQDMH$VVHIDFLOLWDTXH
ORVFRQWDPLQDQWHVVDOJDQGHOGHSVLWRMXQWRFRQ
HOOTXLGR3URFHGDGHIRUPDOLPSLD\VHJXUD
FXDQGRPDQLSXOHORVFRPSRQHQWHVKLGUXOLFRV

7HQJDPXFKRFXLGDGRFXDQGRGHVDJHIOXLGRV\
DFHLWHFDOLHQWHV8WLOLFHJXDQWHV\JDIDVGH
SURWHFFLyQ

&RORTXHODDSLVRQDGRUDHQXQDVXSHUILFLHKRUL]RQWDO
SDUDTXHHOWDSQGHGUHQDMH  HVWHQODSDUWH
LQIHULRU/LPSLHOD]RQDDOUHGHGRUGHORVWDSRQHV
&RORTXHXQUHFLSLHQWHEDMRHOWDSQGHGUHQDMH\
GUHQHHODFHLWH(OUHFLSLHQWHGHEHWHQHUFDSDFLGDG
SDUDDOPHQRVOLWURV
5HWLUHHOWDSQGHUHOOHQR  \HOWDSQGHQLYHO  
(VSHUHKDVWDTXHKD\DVDOLGRWRGRHODFHLWH/LPSLH
ORVUHVLGXRVPHWOLFRVGHORVWDSRQHV9XHOYDD
FRORFDUHOWDSQGHGUHQDMH\OOHQHGHDFHLWHVHJQODV
HVSHFLILFDFLRQHVGHOOXEULFDQWHVLQVXSHUDUHOWDSQGH
QLYHO9XHOYDDDMXVWDUORVWDSRQHV6LKDGHUUDPDGR
DFHLWHOPSLHOR



,&&(6SGI

93

0DQWHQLPLHQWRK
8QLGDGGHODERPED&DPELRGHDFHLWH

6LODXQLGDGGHODERPEDKDDOFDQ]DGRODWHPSHUDWXUD
GHWUDEDMR&RORTXHODDSLVRQDGRUDHQXQDVXSHUILFLH
KRUL]RQWDO
$SDJXHHOPRWRUSXOVHHOPDQGRGHOIUHQRGH
HVWDFLRQDPLHQWR\GHVFRQHFWHHOVXPLQLVWUR

5HFRMDHODFHLWHHQXQFRQWHQHGRU5HVSHWHODV
QRUPDVGHHOLPLQDFLQGHUHVLGXLRV

)LJ(QJUDQDMHGHODERPED
9DULOODWDSyQGHUHOOHQR
7DSyQGHGUHQDMH

/LPSLHOD]RQDDOUHGHGRUGHORVWDSRQHV
'HVHQURVTXHODYDULOODWDSQGHUHOOHQR  \HOWDSQ
GHGUHQDMH  'UHQHHODFHLWHDSUR[OLWURV
/LPSLH\YXHOYDDDMXVWDUHOWDSQGHGUHQDMH
5HOOHQHFRQQXHYRDFHLWHGHWUDQVPLVLQVLJXLHQGRODV
HVSHFLILFDFLRQHVGHOOXEULFDQWH5HOOHQHOHQWDPHQWH
SDUDTXHVHSXHGDQLYHODUHODFHLWH
&RPSUXHEHODYDULOOD1ROOHQHHQH[FHVRHOGHSVLWR
$SULHWHODYDULOODWDSQGHUHOOHQR\OLPSLHHODFHLWH
TXHKD\DSRGLGRGHUUDPDU

94

,&&(6SGI



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