Академический Документы
Профессиональный Документы
Культура Документы
Orientacin
Laboral
Derecho del Trabajo:
Bruno Jess Garca Gonzlez
Prevencin de Riesgos Laborales:
Bruno Jess Garca Gonzlez
M Carmen De Fez Solaz
Orientacin Laboral y Equipos de Trabajo:
David Tena Cornelles
TuLibrodeFP
Cada maestrillo tiene su librillo. Nosotros le ponemos ISBN.
'LUtMDVHD&('52&HQWUR(VSDxROGH'HUHFKRV5HSURJUiFRVZZZFHGURRUJVLQHFHVLWD
!
"#$!
%"&'()*+',.#
#
/
,)012
$OERUD\D9DOHQFLD
!"#$ '+(0(20'2-2+3010'
% 4011'*0*-1,
&
!
"#$!
'( &
56
76889
:;
9"8$8
(
<
$8
)*(
&
56
7688<
$8
%+, "
!
"#$!
!(
-
/
%
$
=
>
8
!
?!@/:/
!)-.&"
&$&"-'/'0-.!$1&!$"-'!$
#
A
+>
)2/HQORVFLFORVIRUPDWLYRVGH
"
#
A
"B!
2
34
0
8
A
OLEURH[LEOH
"B!
>
"#
A
C
A2
5
"B!
'3
8
>
D9
7
9
0&
HOOLEURSUHVHQWDQRWLFLDVGHSUHQVDGHODUHDOLGDGGHOPXQGRODERUDOSDUDTXHORVDOXPQRVUHH[LRQHQVREUH
C
>
/
C
>
7
H
0&(
(
VRQQRWLFLDVGHSUHQVDPiVHQFDPLQDGDVDSUHVHQWDUXQFRQLFWRGHYDORUHV\
7
7
#
H
8
F
>
GF
G F.
>
.G
F.
.G
8
>
CA
8
8
I
<&19
1=
9
>(
*!
(
,"
9
>129
12
)A
13
3!
1+
/
1(
(OFRQWUDWRGHWUDEDMR
1A
>*2
*:
*+
,!
>
,2
1XHYDVIRUPDVH[LEOHVGHRUJDQL]DFLyQGHOWUDEDMR,)
/
,+
/DMRUQDGDGHWUDEDMR
1!>
22
*A
>2)
,!
C
23
2D
>
2+
)!
2(
3!2'
/RVSODQHVGHLJXDOGDG)/
)1
(OVDODULR\ODQyPLQD
1A
)(
/DVJDUDQWtDVGHOVDODULR3,!31
/
+1
0RGLFDFLyQVXVSHQVLyQ\H[WLQFLyQGHOFRQWUDWR
0RGLFDFLyQGHOFRQWUDWR+3
*!
+'
,!C
(*
(OQLTXLWR('
/
'*
66
I
3DUWLFLSDFLyQGHORVWUDEDMDGRUHV
1!
1-*!
1-1
,!
1-2
2A1-3
/RVFRQLFWRVFROHFWLYRV1-+
3A
1-'
/
11-
6HJXULGDG6RFLDO\GHVHPSOHR
/D6HJXULGDG6RFLDO 113
3UHVWDFLRQHVGHOD6HJXULGDG6RFLDO1*,9 1*)
/
1*(
/DSUHYHQFLyQGHULHVJRVFRQFHSWRVEiVLFRV
1
1,2
)DFWRUHVGHULHVJRODERUDO1,)
,9H
>
1,3
0HGLGDVGHSUHYHQFLyQ\SURWHFFLyQGHULHVJRVODERUDOHV12,
/
12+
/DSUHYHQFLyQGHULHVJRVOHJLVODFLyQ\RUJDQL]DFLyQ
/HJLVODFLyQVREUHSUHYHQFLyQGHULHVJRVODERUDOHV1)*
/DRUJDQL]DFLyQGHODSUHYHQFLyQHQODHPSUHVD1)(
3DUWLFLSDFLyQGHORVWUDEDMDGRUHVHQODSUHYHQFLyQGHULHVJRV1)'
/DJHVWLyQGHODSUHYHQFLyQHQODHPSUHVD13/
132
)DFWRUHVGHULHVJR\VXSUHYHQFLyQ
/RVIDFWRUHVGHULHVJRODERUDO1+)DFWRUHVGHULHVJRGHULYDGRVGHODVFRQGLFLRQHVGHVHJXULGDG1+)DFWRUHVGHULHVJRGHULYDGRVGHODVFRQGLFLRQHVPHGLRDPELHQWDOHV1+)
)DFWRUHVGHULHVJRGHULYDGRVGHODFDUJDGHWUDEDMR1(1
)DFWRUHVGHULHVJRGHULYDGRVGHODRUJDQL]DFLyQGHOWUDEDMR1(,
/
1((
I
(PHUJHQFLDV\SULPHURVDX[LOLRV
1A
1'2
*#
C 1'3
,$
1'(
$FWXDFLyQIUHQWHDRWUDVHPHUJHQFLDV *-1
)
*-'
%RWLTXtQGHSULPHURVDX[LOLRV *-'
/
*1-
2ULHQWDFLyQODERUDO
1
*13
*/
*1(
,WLQHUDULRVIRUPDWLYRV\SURIHVLRQDOL]DGRUHV **1
/DE~VTXHGDGHHPSOHR **,
)B
A
**)
3!
**(
(OFXUUtFXOXPYLWDH **'
(!
> *,/DPDUFDSHUVRQDORSHUVRQDOEUDQGLQJ *,)
/
*,3
(TXLSRVGHWUDEDMR
(TXLSRGHWUDEDMR *2*
)RUPDFLyQGHORVHTXLSRV *2,
7LSRVGHHTXLSRGHWUDEDMR *22
(FDFLD\HFLHQFLDHQHOWUDEDMRHQHTXLSR *2)
3DUWLFLSDFLyQHQORVHTXLSRVORVUROHV *)1
/RVSURFHVRVGHLQXHQFLDGHOJUXSR *)*
(OOLGHUD]JR *),
'LQiPLFDVGHWUDEDMRHQHTXLSR *),
/
*)2
&RQLFWR\QHJRFLDFLyQ
(OFRQLFWR *3*
(ORULJHQGHORVFRQLFWRVODERUDOHV *3*
7LSRVGHFRQLFWR *3,
5HVROXFLyQGHFRQLFWRVODERUDOHV *32
&yPRSUHYHQLUHOFRQLFWR" *33
/DUHVROXFLyQGHFRQLFWRVGHVGHODQHJRFLDFLyQ *33
)DVHVGHODQHJRFLDFLyQ *3(
&RQVHMRVSDUDQHJRFLDU *+7iFWLFDVQHJRFLDGRUDV *+/
*+1
44
?
A9
>
:
$1&$!
"
1=
9
>
*!
,"
9
>
29
)A
3!
#>&1!?
"
04
8C
9
>
0$
0
0D
>
0$
0
>
?91A!9ADA=B9A! D/&/5B
#
.
%
'
&
'
7
89
:
6HSURKLEtDHOWUDEDMRDPHQR
&
6H HVWDEOHFtD XQD MRUQDGD
(2
5
&
8
3
(
%
;
&
2
(
<
*
'
.(
!
(
+!,,,-+,+
.
%
&
'
.
'(
/
0
TXHVHUPDEDOLEUHPHQWHHQWUHORVWUDEDMDGRUHV\ORVHPSUHVDULRV6LQHPEDUJRHOFRQWHQLGR
0
1
#
#
,
9
)
.
2.
%
$QDOHVGHOVLJOR;,;\SULQFLSLRVGHOVLJOR;;FRQOD
&
.
%
.
%
(
)
3
9
%
#
#
%
#
#
19
7
0
#
%1
#
)
0
%
GHFLGHQOLEUHPHQWHUPDU\HVWDEOHFHUODVFRQGLFLRQHVGHWUDEDMRGHQWURGHOPDUFRMDGRSRUODVOH\HV
<
1RWRGRVORVWUDEDMRVWLHQHQODFRQGLFLyQGHUHODFLyQODERUDOGHFDUDDUPDUXQFRQWUDWRGHWUDEDMR3DUD
((
'
#
(
*(6LQRVHFXPSOHDOJXQR
#
.
(
(
$
%
!
(
#
#)
(
2
.
-
%
-
%
(
.*(
%
-
%
(
4-
%
5-
%
(
9
#
4
D
9
>
%
#
(
%
"
%
)
$
(
%DUPDUXQFRQWUDWRGHWUDEDMR$GHPiVVHSXHGH
"
6
/DQDOLGDGHVREWHQHUXQEHQHFLRHFRQyPLFR
%
#
%
#
(
.
#
%
VDODULRMR
KDREWHQLGREHQHFLRVRSpUGLGDV(VDMHQRDHOOR
?91A!9ADA=B9A! D/&/5B
=>)
(
H[FOXLGDVGHODUHODFLyQODERUDO?
#
#
#
:
%
+(
"
*(
%
%
%
9(
3RUHMHPSORDUUHJODUXQHQFKXIH
"
7
"
A*B
#
.
9 +
"
#
#
.
VXSRQHTXHDOVHUGHODIDPLOLDVHHVWiEHQHFLDQGRGHTXHYD\DELHQODHPSUHVD\QRKDEUtDDMHQHLGDG6HFRQVLGHUDQIDPLOLDORVIDPLOLDUHVSRUFRQVDQJXLQLGDG\DQLGDGKDVWD %(
%
#
@
0
2 1
9 SRU HMHPSOR 6/ 6$ HWF FXDQGR QR UHDOLFHQ QLQJXQD RWUD
"
%
#
"
#
"
G
\QRWLHQHQQLQJ~QVDODULRMR
(
#
#
6.
.
=>)
+ %(
%?
%
(
FyPRFDGDOtQHDHQHOiUEROJHQHDOyJLFRVLJQLFDXQJUDGR\FyPRVHSXHGHDQGDUKDFLDDUULED\KDFLD
%
6
%(
'
+
0
1
DQLGDG
+
(%
%
#
.
#
'
3
6XVDEXHORV
E
3DGUHVVXHJURV
E
F.
3DGUHV
E
E
CA
E
D%
D>'1&
E
E
E
D
3LHQVDHQTXLpQHVGHWXIDPL
'
#)
#)
.
4E
3ULPRV
E
6REULQRV
E
*
3RU ~OWLPR H[LVWHQ XQDV
#
#
,QHFHVLWDQXQDUHJXODFLyQHVSHFLDO3RUHMHPSOR
'
(
%
%
%
#
.
:
@
.
0
"1
"
'
(
'
(
<
)
0G,@1
'
?91A!9ADA=B9A! D/&/5B
C"'#D'"E;&<<<F
$
.
2
.
1.'&
%
.
.
6H WUDWD GH XQ DXWyQRPR TXH
%
0
'
I=G (
1
#
.
.
:2
6HxDODHQORVVLJXLHQWHVFDVRVSRUTXpQRVHWUDWDGHXQDUHODFLyQODERUDO
1
"
F6
@%
"
6
#
1
G
.
.
"
#
1
3 )
"
&
#
'
1
,
#
""
(
#
H/DXUDGLVHxDGRUDJUiFDWUDEDMDGHVGHFDVDUHDOL]DQGRGLVHxRVJUiFRVDWRGDVODVHPSUHVDVTXHVHORVROLFLWDQ
"(
:
1
%
.
#
<(
9
3
"
#
$
%
/2I
#
<
0
#
1
"
0
%
1
"
(2
+(
*(
*(
.
(
9*(,:
E-
*"
J
E-
F.
&
E-
,
$
%
4E-
5E-
@
;E-
F"
"
9E-
F
%
8E-
J
?91A!9ADA=B9A! D/&/5B
*"
J
$
&
J
K8;
"
J
2
(
:
(
#
#
F.
"
)
%
D
"
J
6HWUDWDGHQRUPDVTXH
,
J
#
,
( 96XIXQFLyQHVDFHUFDUODVOH\HVGHWRGRVORVSDtVHVGHOD8(SHURGHMDQGRFLHUWD
#
%
"
3RU9
%
&
K8K
.
$
"
6
#
3
'
&
.
OD/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHVHQSXHVVHWUDWDGHXQD'LUHFWLYDHXURSHDTXHVHKD
"
F.
&
F.
"
#
'
:
'
%
%
(OGHUHFKRDQHJRFLDUFRQYHQLRVFROHFWLYRV\DGRSWDUPHGLGDVGHFRQLFWRFROHFWLYR
%
%
"
.
,
/RVWUDWDGRVLQWHUQDFLRQDOHVTXHDSUXHEH(VSDxDSDVDQDIRUPDSDUWHGHODQRUPDWLYDLQWHUQD3HURHQ
GHEHQVHUUDWLFDGRVSRUQXHVWURSDtV
6H+
;&
#
)
#
DOD8(PLHQWUDVTXHORVWUDWDGRVLQWHUQDFLRQDOHVKD\TXHUDWLFDUORV
$
:
!1
0A6.
,
%1
#
PtQLPDVSDUDWRGRVORVSDtVHVGHOPXQGRTXHORVUDWLTXHQ$OLUGLULJLGDVDSDtVHVGHWRGRHOPXQGRDYH
0
%
F"
&
#
"
(
1
(
:J
&RQJUHVR\6HQDGR\VXIXQFLyQHV
:
(
3
F.
(
.
2
"
:
%2
:
'
F.
:
#
.0%VHHQFDUJDGHXQLFDUYDULDVOH\HVHQXQDVROD(O(VWDWXWRGHORV7UDEDMDGR
'
@
-$
"
.0:
B
)
#
VHUFRQYDOLGDGRSRUHO&RQJUHVR6XHOHVHUXQDIRUPDGHDSUREDUOH\HVFXDQGRHO*RELHUQRWLHQHPD\RUtD
DEVROXWD\VDEHTXHGHVSXpVHO&RQJUHVRORYDDUDWLFDU
@
(J
\OD$GPLQLVWUDFLyQ6XIXQFLyQHV
27
#
#
&
(
.
#
F
%
G
0
B
1
A
G
#
D
%
%
@$
9LK8
?91A!9ADA=B9A! D/&/5B
F"
"
F.
FLRQHVGHWUDEDMR3RUWDQWRVRQXQ
#
'
6
2
"
#
"
:
)
2
"
#
0
%
1
%
*(
93RUHMHPSOR
%
(2
4
&
"
&
)
#
"
%
:
.
(
"
F
%
%
'
#
(
VXMHWRDWRGDVODVQRUPDVDQWHULRUHV6HWUDWDGHXQ
(
9(
#
(9
#
"
J
#
(
FRQVWDQWH\TXHHVDFHSWDGDSRUODFRPXQLGDG6RORVHDSOLFD
%(
#
#
D
+
%
:
F
'
(
<
'H-
+(
#
2+(
#
= 0
(2"3DUDHOORUHFXUULUHPRVDORVVLJXLHQWHVSULQFLSLRVGHDSOLFDFLyQGHODV
'
:
#;":'&$'K&#
#( (
:
:LL"
% L"
J
"
6
(
6
"
.
"
#)
"
'"
3RU~OWLPRWDPELpQSXHGHV
"
#
#
>
7
&RPSOHPHQWDDODMHUDUTXtDQRUPDWLYD6LJQLFDTXHODVQRUPDV (0
(
,
#
+
#
,9<
7
3
"
"
"
#
'
%
6LHO
XQDFRQGLFLyQPiVEHQHFLRVDSDUDHOWUDEDMDGRU
#
#
"
%
YROXQWDULDDORVWUDEDMDGRUHVVHDSOLFDUtDQHVWDVFRQGLFLRQHVPiVEHQHFLREHQHFLRVD
#
6LVHSXHGHQDSOLFDU
(
#
#
PiVEHQHFLRVDHQVXFRQMXQWRSDUDHOWUDEDMDGRU3RUHMHPSORVLVHSXHGHQ
"
(
'"
.
0
"
#
"
(
1
#
%
(
#
"
(
#
"
3RUHMHPSORQRSXHGHQSDFWDUTXHUHQXQFLDQDOVDODULRRDODVYDFDFLRQHV
2
.
#
#
#
(
#
(+9
F
3RUHMHPSORHQHOQLTXLWRYDQLQFOXLGDVODVSDJDVH[WUDV&RPRODOH\QR
G
"
#
(
?91A!9ADA=B9A! D/&/5B
:2
35,1&,3,2'(1250$01,0$
3
!
'
$
:
(O6DODULR0tQLPR,QWHUSURIHVLRQDOTXHHVWDEOHFHHO5HDO'HFUHWRSDUDHODxRHVGH
(OVDODULRGHVXFRQYHQLRFROHFWLYRTXHMDXQDFDQWLGDGPD\RUSDUDRFLDOHVGHSULPHUDVLHQGRGH
4XpVDODULRGHEHFREUDU9LFWRULD"3RUTXp"3RGUtDHOFRQYHQLRHPSHRUDUHOVDODULRGH"
"(
:
/HFRUUHVSRQGHJDQDU\DTXHHO5HDO'HFUHWRHVXQDQRUPDPtQLPDUHVSHFWRDOFRQYHQLR\SRUWDQWRHOFRQYHQLRSXHGHPHMRUDU
HVH5HDO'HFUHWR6LQHPEDUJRHOFRQYHQLRQRSXHGHHVWDEOHFHUXQVDODULRLQIHULRUSXHVGHEHUHVSHWDUHVHPtQLPRTXHPDUFDXQDQRUPD
:2
35,1&,3,2'(&21',&,106%(1(),&,26$
(QHOFRQWUDWRGH9LFWRULDGHOFDVRSUiFWLFRDQWHULRUVHKDSDFWDGRTXHYDDJDQDUDOPHV
D(VHOORSRVLEOH"3RUTXp"
E4XpVXFHGHUtDVLDODxRVLJXLHQWHVXVDODULRGHOFRQYHQLRVXELHVHDDOPHV"+DEUtDTXHDXPHQWDUWDPELpQVXVDODULRHQ
SDUDVXELUD"
"(
:
D6tTXHHVSRVLEOH\DTXHVHWUDWDGHXQDFRQGLFLyQPiVEHQHFLRVDGHOFRQWUDWRUHVSHFWRDODVQRUPDVVXSHULRUHV
E6HxDODHO(VWDWXWRGHORV7UDEDMDGRUHVTXHVLXQWUDEDMDGRUYLHQHUHFLELHQGRXQDPHMRUDYROXQWDULDGHOVDODULRSRUSDUWHGHODHPSUHVD
"
0
1
(
#
%
#
(
0
1
#
#
"
(
VXELGDGHOFRQYHQLR(QGHQLWLYDHOWUDEDMDGRUWRGDYtDJDQDPiVTXHHOFRQYHQLR\QRVHOHDSOLFDODVXELGDGHOFRQYHQLR
:26
35,1&,3,2'(,55(181&,$%,/,'$''('(5(&+26
8QWUDEDMDGRUDFHSWDUPDUHQHOFRQWUDWRTXHYDDJDQDUPHQRVGHORTXHHVWDEOHFHHOFRQYHQLRSDUDVXFDWHJRUtDSURIHVLRQDOSXHVOH
KDFHPXFKDIDOWDHOWUDEDMRHQHVWRVPRPHQWRVGHFULVLV(VSRVLEOHKDFHUOR"3RUTXpSULQFLSLR"
"(
:
*
%
#
#
"
:2=
35,1&,3,2'(1250$06)$925$%/(
"
"
"
#
"
)
(
"
F
%
"
"
"
#
%
"
"
#
%
HQQDGDHODQWHULRU'HFLGHQUHFODPDUDQWHHOMX]JDGRTXHVHVLJDDSOLFDQGRHODQWHULRUFRQYHQLR3XHGHQUHFODPDUORVUHSUHVHQWDQWHV"
3RUTXpPRWLYR"
"(
:
6tTXHSXHGHQUHFODPDUSRUHOSULQFLSLRGHQRUPDPiVIDYRUDEOH&XDQGRVHSXHGDQDSOLFDUGRVQRUPDVGHOPLVPRUDQJRORVGRVFRQYH
#
1
(
#
#
(
'"
%
'
%
?91A!9ADA=B9A! D/&/5B
$
"
$
(%
3
"
3
FRQLFWRFROHFWLYR
$
(
3
")
:
)
$
"
3
%
+
\RFLR
$
(
+
%
(
#
%
2
3URPRFLyQSURIHVLRQDO\DOD)3(VWHGHUHFKRLQFOX\HORVVLJXLHQWHVGHUHFKRV
<
#
6
"
6ROLFLWDU
H[iPHQHVSRUHOWLHPSRQHFHVDULRGHEHQVHUHVWXGLRVRFLDOHVH[iPHQHVGHQLWLYRV
3
DYLVDUFRQDQWHODFLyQ\OOHYDUMXVWLFDQWH
3
%(
GHWUDEDMRSDUDSRGHUUHDOL]DUHVWXGLRVRFLDOHVVLHPSUHTXHODVFRQGLFLRQHVGHOD
3
%(
6.
2
6
HVWDGRFLYLOHWF6HHVWDEOHFHHOGHUHFKRDSHUFLELUHOPLVPRVDODULRSRUWUDEDMRGHLJXDOYDORUFRQ
'
3
%(%
%
%
#
"
.
3
%
'
"
'
6
2
'
"
%
#
"
3
:
"
%
%
3
.
(
"
2.
%
:24
'(5(&+26/$%25$/(6,1',9,'8$/(6
%
"
#
%(
#
#
#
"
#
#
3
8
&
#
"
#
"
J
%
%"
#
'"
ODWDUGHSHURFRPRHVWiHQHVHWXUQRHQODHPSUHVDQRSXHGHDFXGLU$ORVWUDEDMDGRUHVLQPLJUDQWHVOHVSDJDQPHQRVDOPHVTXH
*
.
'
(#
#
=>)
(
"
?
"(
:
.
'
"
%
%
%
#
"
.
6.
6
"
.
'
6
$
?91A!9ADA=B9A! D/&/5B
'((
+QRSXHGHGLYXOJDUVHFUHWRVGHODHPSUHVDRFREUDUJUDWLFDFLRQHVGHORV
FOLHQWHV(QGHQLWLYDGHEHWUDEDMDUFRQKRQHVWLGDG
'(
%
:
.
%
F
9(
#
%
$L
:
%
.
"
'
:
'
'
.
#
.
"
#
'
:(
(
#
&
%
'
"
"
F
%6
(
"
/
I
#
(
(
(
%
"
(
J$
5
2.
:2I
&803/,0,(172'(5'(1(6
6
#
'.
#
#
=>)
?
"(
:
F
(
M6
F
'
"
"
#
)
:2@
&203(7(1&,$'(6/($/
G
%
'
)
!
F
%
%
#
)
!
#
'
'#
#
'
F
"
#
#
#
%
=(
?
"(
:
6tSXHVVHSURGXFLUtDXQDFRPSHWHQFLDGHVOHDODOWUDEDMDUHQGRVHPSUHVDVGHODPLVPDDFWLYLGDGFRPRWUDEDMDGRUDSRUFXHQWDDMHQD
2
"
#
G
%
(
#
:23
3FJ3@
FA*
$,,B*F,3
J
'.
%
6
(
6
.
%
GHOWDOOHUGHGLEXMR3DUDHOORHOLJHDGRVWUDEDMDGRUHVFRPSHWHQWHV\OHVGDXQDQXHYDSLH]DSDUDTXHODGLEXMHQVHJ~QXQPRGHORORV
JUDEDQHQYtGHR\YHFXiQWRWDUGDQSDUDMDUHOUHQGLPLHQWRKDELWXDO$SDUWLUGHDKtSHUPLWHXQPDUJHQGHXQGHWLHPSRH[WUDDO
%
%
3
#
"
&
"
(
\GHVLQWHUHVDGDSRUHOWUDEDMRFRQORTXHFRQWLQXDPHQWHVXSHUDORVWLHPSRVPi[LPRVGHGLEXMRGHODVSLH]DV3XHGHVHUVDQFLRQDGD
?
"(
:
F
3
(
%
'
"
%
#
<
#
6
"
"
=
?91A!9ADA=B9A! D/&/5B
3RGHUGH
"
!
.
!
.
D
#
%(
#
%
6
(
(
%
#
RVXVREMHWRVSHUVRQDOHVEROVRVFDUWHUDVLQFOXVRYHKtFXORFRQHOQGH
"
%
3DUDHOORVHUHVSHWDUiDOPi[LPRVXGLJQLGDGHLQWLPLGDG\VHFRQWDUiFRQ
%
9
6LTXLHUHVSURIXQGL]DUHQHVWH
QDO 6XSUHPR VREUH HO FRQWURO
.
:
NNN
L
"
L
OOL; 845 4
;K
54
'';488
6H WUDWD GH XQ OHQJXDMH PiV
%
'
#
.
4
4
2
(
"
4
(O7ULEXQDO6XSUHPRLQWHUSUHWyHQTXHODHPSUHVDSRGUtDYLJLODUHOXVR
#
%
.
3DUDHOORGHEH
9
#
#
'(
(
"
#
(
3
(
(
%
'
%
4
?91A!9ADA=B9A! D/&/5B
#H-
.
"
#
#
(
9
#
.
"
#
=E(5
(
?
#
6
#)
"
+
+%+(
%
$
#
%
#
"
6LXQWUDEDMDGRUFRPHWHXQDIDOWDOHYHJUDYHRPX\JUDYHORV
)
&
#
"
%
(
2
"
.
)
GHYDFDFLRQHVRGHGHVFDQVRREOLJDWRULR6LHOWUDEDMDGRUQRHVWiFRQIRUPHFRQODVDQFLyQSRGUi0
>(L%
6
(
)
&
#
+
6
2%
#
%
'
#;":'&$
1;:
$?&$!
7
"
(
'
"
'
"
'
YHV 6HxDOD TXH WH KD\DQ
.
=>)
(
"
"
<
'?
=>)
.
'?
L
.
:
'
"
"
"
;
#
#
;
#
#
:2
32'(5',6&,3/,1$5,2
%
#
"
%
#
KDGHFLGLGRFRQWDELOL]DUFXiQWRVGtDVH[DFWDPHQWHOOHJDQWDUGHHQXQPHV8QWUDEDMDGRUOOHJDYHFHVWDUGHRWUR\HOWHUFHUR6HJ~Q
"
=#)
'
#)
?
"(
:
6HJ~QHOFRQYHQLRGHOPHWDOODVIDOWDVGHSXQWXDOLGDGQRMXVWLFDGDVGHKDVWDYHFHVHQXQPHVVHUiIDOWDOHYHHQWUH\YHFHVVHUi
'
"
(
"
;
&
(
'
"
3RUIDOWDOHYHFDEHDPRQHVWDFLyQSRUHVFULWRSRUIDOWDJUDYHRDPRQHVWDFLyQSRUHVFULWR\RVXVSHQVLyQGHHPSOHR\VXHOGRGHD
GtDV\SRUIDOWDPX\JUDYHDPRQHVWDFLyQSRUHVFULWR\RVXVSHQVLyQGHHPSOHR\VXHOGRGHDGtDV\RGHVSLGR&XDQGRH[LVWDQ
"
(
(
"
$
GH-XVWLFLD76-
9(L%22
%
"
"
.
%
#
@
"
(
.
M6GRVGHOR6RFLDO7DPELpQUHVXHOYHDOJXQDVPDWHULDVVLQGLFDOHV\ODVUHFOD
'
@
D
.
/
1DFLRQDO$1
@
"
"
#
0
6XSUHPR76
&RQWUDODVVHQWHQFLDVGHORV7ULEXQDOHV6XSHULRUHVGH-XVWLFLD\GHOD$XGLHQ
*
(
(
DO7ULEXQDO6XSUHPRDVtFRPRSDUDXQLFDUGRFWULQDGHGLVWLQWRV76-TXHVHRRQWUDGLJDQ
$
(
#
#
#
"
F.
6LQHPEDUJRH[LVWHQ %(
,(
F.
#
#
)
'
#
(
%:
.
7&
(
(
&1(
>(
(
F
M
!
:
:LL
"
LP%L
L
#)
M
#
(
2
#)
I
.2
1
J
6
'
"
'1
%
(
6
#
&
%
1
3
F
'
M"
7
'
1
G
7
)
%
:H%
4MH
J
6
.
FRQWUDWDKRPEUHVGHUD]DEODQFD6HHVWiYXOQHUDQGRDOJ~QGHUHFKR
%
?
IMH
J
#
%
#
#
"
)'
<
#
6
"
"
SLGHHOQLTXLWR4XpGHUHFKRGHODWUDEDMDGRUDVHHVWiYXOQHUDQGR"
@MH8QDHPSUHVDWLHQHWXUQRVGHWUDEDMRMRVGHPDxDQD\GHWDUGH
Q
G
#
'"
#
&
7LHQHGHUHFKRDpO"3RUTXp"
3MH
3'
%
F
(
%
&
"(
"
"
%
=>)
.
(
?
MH3
(
%
F
'
"
#
%
'
#
%
=F
#
(
?
MH
3
$
#
(
(
#
.
#
$
(
%
UHQGLPLHQWR3XHGH'LDQDQHJDUVHDFXPSOLUHVWDRUGHQ"
H-
#H(
19
MH
A
%
(#
'
:
@
$
'
$
"
J
F.
%
"
"
F"
A,
%
6MH
=>)
'
2
$
"
J
,
F"
A,?
=MH6HxDODTXpSULQFLSLRGHDSOLFDFLyQGHOGHUHFKRVHHVWiLQFXPSOLHQGR
:
D8Q5HDO'HFUHWRTXHVHYDDDSUREDUTXLHUHPRGLFDUORTXHHVWD
1
M)
#
)
"
(
F(QHOFRQWUDWRGHWUDEDMRGH,QpVJXUDTXHHOODYDDJDQDUPHQRVGH
#
"
"
G(QHOQLTXLWRGHXQWUDEDMDGRUFRPRQRVHVDEHVLLQFOXLURQRODV
2
#
#
@
?
=>)
?
.
1
'
MH&
10
9*(
1
#
"
1
G
"
%
"
&
'
1
+,+
"
%
IMH&
5%
(
2
(
1
%
8
&
#
%
%
#
(
'
)
'
1
.
%
.
#
)
#
%
1
%
"
.
%
(
)
#
%
1
J
'
#
%
MH
&*(%(9
0
+
:H(
1
&
9;
@MH!
(2%(
+(
19
E6HSURKLEtDHOWUDEDMRDPHQRUHVGHDxRV
1
%
(2
5
&
K
#H
MH$*(
9
D4XHVHDXQWUDEDMRYROXQWDULR\DTXHQDGLHHVWiREOLJDGRDUPDU
%
1
%
.
1
F.
1
"
"
1
-"
1
3MH;
;&
1
"
&
1
>
%
F4XHHOWUDEDMRVHDSRUFXHQWDSURSLD\DTXHQRWHQGUiXQVXHOGRMR
F6XIXQFLyQHVTXHODVQRUPDVGHORVSDtVHVGHOD8(VHSDUH]FDQXQ
(
#
)
6MH!
(2 %(
(
(
UHODFLyQODERUDOH[FOXLGD
1
3
'
(
A*B
D'HEDQGHVHUUDWLFDGRVSRUQXHVWURSDtV
E 6HU FRQVHMHUR GH XQD 6/ R GH XQD 6$ FXDQGR QR UHDOL]D QLQJ~Q
%
E6HDSOLTXHQREOLJDWRULDPHQWHDWRGRVORVSDtVHVGHOPXQGR
1
'
1
2
=MH%(
+(2+
%(
%
%(
1
G
1
G
1
G
1
G
1
*
3
3
1
D6HSRGUiQSRQHUFiPDUDVHQORVOXJDUHVGHWUDEDMR\HQODV]RQDV
"
#)
"
"
%
1
/
I
H%
1
*
'
"
#
(
"
=MH&(
9
1
1
"
"
1
.
1
"
4MH$(
(9
&
9
1
$
"
"
%
#
(
"
#
1
)
F 6H UHYLVDUi VL H[LVWHQ LQGLFLRV HYLGHQWHV \ FODURV GH TXH VH HVWi
E$FXGLUDH[iPHQHVGHHVWXGLRVRFLDOHVSRUHOWLHPSRQHFHVDULR
1
1
3
#
%
'
"
1
$
(
#)
'
"
"
"
"
"
IMH&
(
E6DQFLRQDUiDORVWUDEDMDGRUHVDXQTXHKD\DSDVDGRXQDxRGHVGH
TXHVHFRPHWLyODIDOWDQXQFDSUHVFULEHQODVIDOWDV
1
3
'
%
1
F
%
"
#
%
1
3
%
FRQHOQGHTXHHOWUDEDMRVDOJDDGHODQWH
F3RGUiVDQFLRQDUUHEDMDQGRHOVXHOGRRHOSHULRGRGHYDFDFLRQHVVLOD
'
"
H(
MH;
9*(*(
(
(
2(
(%
D6LHPSUHKD\TXHFXPSOLUODV
D6LHPSUHDO7ULEXQDO6XSHULRUGH-XVWLFLDGHVXFRPXQLGDGDXWyQRPD
E 6H FXPSOHQ FRPR QRUPD JHQHUDO VDOYR TXH HO WUDEDMDGRU SXHGD
#
&
%
'
"
"
1
3
3
*
#
F6LQRHVWiGHDFXHUGRQRSRGUiUHFODPDUODVDQWHHO-X]JDGRHVVX
.
F$O-X]JDGRGHOR6RFLDOVLVHWUDWDGHXQDGHPDQGDGHiPELWRSUR"
(
G$O7ULEXQDO6XSUHPRSDUDLQWHUSRQHUXQUHFXUVRGHFDVDFLyQ
*A@*A 37A@3
:;&"1!
$&"
D3XHGHPLUDUHOMHIHHOXVRTXHKDFHQORVWUDEDMDGRUHVGHORVRUGHQDGRUHVGHODHPSUHVD"3RUTXp"
1
=>)
?
F3RUTXpVHREOLJyDODHPSUHVDJDOOHJDDUHDGPLWLUDXQHPSOHDGR"&RQTXpGHUHFKRFKRFyHOFRQWUROTXHKL]R"
1
=>)
#
G
F
#
?
1
=F(
.
?
'1
=>)
<
?
=>)
F
@ ?
1
=D
6
"
6
?
=>)
.
?
('8&$&,1(19$/25(6(1(/081'2/$%25$/
&
!1
9
+
(
(
N
A,
0A6.
,
%1
(
"
%
'
0NNN
1
3#
"
%
:
F"
E
8
%
'
(/&219(1,21'(/$2,762%5(('$'01,0$3$5$75$%$-$5
(OHVWDEOHFLPLHQWRGHXQDHGDGPtQLPDSDUDODDGPLVLyQDOHPSOHRHVXQDREOLJDFLyQEiVLFDGHORV(VWDGRV0LHPEURVTXHUDWLTXHQHO&RQYHQLRHQHO
#
:
(
'
#
.
#
&
#
PHGLRVGHHGXFDFLyQHVWpQLQVXFLHQWHPHQWHGHVDUUROODGRVVHSRGUiHVSHFLFDULQLFLDOPHQWHXQDHGDGPtQLPDGHDGPLVLyQDOHPSOHRGHFDWRUFHDxRV
6HMDXQDHGDGPtQLPDPiVHOHYDGDGHGLHFLRFKRDxRVHQHOFDVRGHWRGRWLSRGHHPSOHRRWUDEDMRTXHSRUVXQDWXUDOH]DRODVFRQGLFLRQHVHQTXH
VHUHDOLFHSXHGDUHVXOWDUSHOLJURVRSDUDODVDOXGODVHJXULGDGRODPRUDOLGDGGHORVPHQRUHV6HGHMDTXHFDGDSDtVGHWHUPLQHFXiOHVVRQHVRVWLSRVGH
%
6
%
.
.
#
#)
%
(VSRVLEOHMDUXQDHGDGPtQLPDLQIHULRUSDUDORVWUDEDMRVOLJHURVHVGHFLUSXHGHHVWDEOHFHUVHHQWUHFHDxRVODHGDGPtQLPDSDUDWUDEDMRVTXHQR
VHDQVXVFHSWLEOHVGHSHUMXGLFDUODVDOXGRHOGHVDUUROORGHORVQLxRVQLLQWHUHUDQFRQVXDVLVWHQFLDDODHVFXHOD(QHOFDVRGHXQSDtVTXHHVWDEOH]FD
&
%
&
,1)250(62%5((/75$%$-2,1)$17,/
<
&
%
"
5
.
6HKDSURGXFLGRXQLQFUHPHQWRDODUPDQWHGHOWUDEDMRLQIDQWLOGH
#
4
PLOORQHV D PLOORQHV HQ HO JUXSR GH QLxRV \ QLxDV HQWUH \
&
%
'
<
.
:
&
%
%
.
SRUFLHQWR6yORXQRGHFDGDFLQFRQLxRVUHFLEHXQVDODULR8QD
QXHYDVHVWLPDFLRQHV(QHOLQIRUPHDQWHULRUTXHFXEUtDHO
%
'
.
SHUtRGRVHKDEtDUHJLVWUDGRXQDGLVPLQXFLyQGHOSRUFLHQWR
#
5
4
&
<
&
%
'
6HKDSURGXFLGRXQLPSRUWDQWHSURJUHVRHQODUDWLFDFLyQGHODVQRU
<
&
%
A,
"
%
'
F"
8
0
'
%
'1
8
0
QLPD6LQHPEDUJRXQDWHUFHUDSDUWHGHORVQLxRVGHOPXQGRYLYHHQ
SDtVHVTXHQRKDQUDWLFDGRHVWRVFRQYHQLRV
6LELHQHOQ~PHURGHQLxRVHQWUDEDMRSHOLJURVRXQDYDULDEOHTXHDYHFHV
"
&
5
4
&
"
.
VHXWLOL]DSDUDUHIHULUVHDODVSHRUHVIRUPDVGHWUDEDMRLQIDQWLOHVWiGLVPL- UHJLRQHVGH$VLD\HO3DFtFR\$PpULFD/DWLQD\HO&DULEHKDQH[SH
.
%
"
5
ULPHQWDGRXQDGLVPLQXFLyQ3RUHOFRQWUDULRSDUDHOPLVPRJUXSRGH
&
%
<
&
"
.
(
6HKDUHJLVWUDGRXQDGLVPLQXFLyQGHOSRUFLHQWRHQHOQ~PHURGHQLxDV IULFD 6XEVDKDULDQD /D VLWXDFLyQ HV HVSHFLDOPHQWH SUHRFXSDQWH HQ
%
'
4
<
&
%
.
&
5
9
&
%
SHOLJURVRORFXDOHVVXPDPHQWHSRVLWLYR6LQHPEDUJRHQORUHODWLYRDORV FRPSDUDGRFRQXQRGHFDGDRFKRHQ$VLD\HO3DFtFR\XQRGHFDGD
&
09
1
)
6
3)
F
<
<
&
%
"
1
=F(
%?
1
=>)
'
?
1
=F(
%
?
=C
%
?
41
=>)
"
?
51
=F(
&
%
?
=
#)
%
'
?
=>)
%
5
4
&?
=C
(
%
?
;1
=D
%
&
.
&?
=>)
(
?
91
=>)
5
9
&?
(QTXpSDUWHGHOPXQGRHVWiVXELHQGRHOWUDEDMRLQIDQWLOHQWUH\DxRV"+D\SDtVHVTXHQRKDQUDWLFDGRORV&RQYHQLRV"
K1
,
#
(
.
'
=F.
#
'?
?
A
>
:
$1&$!
"
1A
>
*:
,!
>
1XHYDVIRUPDVH[LEOHVGHRUJDQL]DFLyQGHOWUDEDMR
#>&1!?
"
0
09
0
7
A
6HUFRQVFLHQWHVGHODVQXHYDVIRUPDVH[LEOHVGHFRQWUDWDFLyQQRODERUDO
<&
9
:
D
E
.&:;&.'
6HU @
@%
6HFRQVLGHUDQTXH
(
#
#
.
%
.
4 (
6.
#
%
4
%
2
(
<
#
6.
3 .
#
% #
'.
'
D
E
3RGUiQFHOHEUDUXQFRQWUDWRGHQWURGHOWHUULWRULRHVSDxROORVFLXGDGDQRVGHOD
;
&(
#
2%
%
H[WUDFRPXQLWDULRV
(
%
#
(
%
2
#H&
$
6LHVH[WUDFRPXQLWDULR
#
(
3 .
+,
0
"
.1
9(,
0
%
.
"1
)
(
0
%
"
#
%
"
61
:2
#
%:
6
1
J
%"
;
&
#
"
%
"
D6tSHURUHTXLHUHSHUPLVRGHVXVSDGUHVRWXWRUHVOHJDOHV
1
$
%."
9
&
#
E6tSXHVVHWUDWDGHPHQRUHVGHDxRVHPDQFLSDGRV
1
J
%
<
#
&
F6tSXHVVHWUDWDGHXQDFLXGDGDQDGHOD8(TXHQRQHFHVLWD
%
1
J
%"
5
&
#
"
6
1
*
;
&
(
<
<<&
9
'H&
(
"
6
%
#
"(
:
#
6
"
&
9
0
1
(
"
.
(
#
:2
,
#)
:
D8QFRQWUDWRGHWUDEDMRUPDGRSRUXQPD\RUGHHGDGEDMRODVDPHQD]DVGHXQIDPLOLDUSDUDUPDUOR
E8QFRQWUDWRGHWUDEDMRDGRVFRPHUFLDOHVGHYHQWDGHWDEDFRTXHYLVLWDUiQHOLQWHULRUGHORVLQVWLWXWRVGH)3SDUDSHUVXDGLUDORVDOXPQRV
F8QFRQWUDWRODERUDOFWLFLRGRQGHQRVHSUHVWDQLQJ~QVHUYLFLR\FX\RPRWLYRSULQFLSDOHVHOEODQTXHRGHGLQHUR
"(
:
(QHOSULPHURFDVRHOFRQVHQWLPLHQWRHVWiYLFLDGR\DTXHH[LVWHQDPHQD]DVHQHOVHJXQGRHOREMHWRGHOFRQWUDWRQRHVOtFLWRSXHVQRVHSXH
"
'.
"
#
#H+
%
+
$VtVHSHUPLWHTXHSXHGDQVHUGHSDODEUDORVFRQWUDWRVLQGHQLGRVRHOFRQWUDWRWHPSRUDOHYHQWXDOSRU
.
#
'
4
$
'
#
SXHGHH[LJLU
#
3DUDSURWHJHUDORVWUDEDMDGRUHVVLQRH[LVWHFRQWUDWRSRUHVFULWRKD\XQD(
#
YHUEDOHUDLQGHQLGR\DWLHPSRFRPSOHWRVDOYRSUXHEDHQFRQWUDULR
:H&
(OFRQWHQLGRPtQLPRTXHGHEHJXUDUHQHOFRQWUDWRHVHOVLJXLHQWH
(%
+
6
LGHQWLFDFLyQ
*
%
%,+
(%
6(
9
>
%
(
IHFKDGHFRPLHQ]R\QDOL]DFLyQHQVXFDVR
.(
:
(
$.
(
3OD]RGH
:
#
A
2(((
:
(
0
1
@
6
KRUDVH[WUDRUGLQDULDV
%
"
6
XQDYH]QDOLFHODUHODFLyQODERUDOKDVWDTXHQRWUDQVFXUUDXQWLHP*
%
SRGHWHUPLQDGR
'.
6
0
"
#
"
%
' 1
A
#
"
"
QR JXUDQ
%
.
.
"
#
<
"
"
#
#
)
%
.
"
=
7
"
'
=F(
#
<
.
)3"
H(
%
LQGHQLGRVRELHQWHPSRUDOHV
#
"
6H(2#
LQGHQLGR\DWLHPSRFRPSOHWR
"
#
:
F
'
6
6
F
%(
"
6
#
UDFLyQMDGDSDUDHOSHULRGRGHSUXHED
F
+(
'
'
SHUVLJXHHVTXLYDUODOH\3RUHMHPSORXQWUDEDMDGRUTXHWLHQHXQDVHULHGHFRQWUDWRVWHPSRUDOHVVHJXLGRVSHURTXHUHDOPHQWHHVWDFXEULHQGRXQSXHVWRGHWUDEDMRMRHQODHPSUHVD
3DFWR
3DUDTXHH[LVWDSHULRGRGHSUXHEDpVWHGHEHVHU
SRUORTXHGHEHJXUDU
DQWHVGHHPSH]DUDWUDEDMDU1RVHUHDOL]DHOSHULRGRGHSUXHED\GHVSXpVVHUPDHOFRQWUDWRVLQR
#
(
$(
%
#
/DGXUDFLyQVXHOHYHQLUUHHMDGDHQHO
<
'
%
"
9
%
&
#
(:
3DUDWpFQLFRVWLWXODGRVTXHSRVHDQXQWtWXORPHGLRRVXSHULRUXQPi[LPRGHPHVHV
$.
3DUDHOUHVWRGHWUDEDMDGRUHVHVGHPHVHVVDOYRHQHPSUHVDVGHPHQRVGHWUDEDMDGRUHVTXH
6LHOFRQWUDWRHV
2
.
#
6
.
9
0
%(
L
6
"
#
%
#
#
%
$
&XDOTXLHUDGHODVSDUWHVSXHGHGDUSRUQDOL]DGRHOFRQWUDWRGXUDQWHHOSHULRGRGHSUXHED
0
%%(
<
%
%
6
L
<
:2
A
"
6
%
"
""
#
#
5
#
(
"
=
.
?
"(
:
1RHVFRUUHFWDSXHVHOSHULRGRGHSUXHED\DYDLQFOXLGRGHQWURGHOFRQWUDWR3ULPHURVHUPDHOFRQWUDWR\VHSDFWDHQHOPLVPRTXHKDEUi
"
)
4
<)
((2
"
6
:
B D/ B$
"BD:/ %4B$
#/D/!/"BD:/%J
#DK %/$
B D/ B$
A:#BD/!A$
B&D/B$AD4%%B
A4A ?/!
% AD%%9/9
#D%:ADA:#!AB5B4A
B D/ B$
/ %A:#B#/D%/!
/ %A:#B#/D%/!B:L
DA!A4B
"%5B$09%$B %?B$
B D/ B$
%9A"%%9B$
%9A"%%9BBD9%/D%B
%9A"%%9B9A/#B<B/A:#DA9A9BDA$
3
'
'%
,
I
(
&:
&2175$726!$&!$!
"
&RQWUDWRVLQGHQLGRVRUGLQDULRV
&RQWUDWRVLQGHQLGRVGHIRPHQWR
&2175$7261&)-
.'&"
0
'"1
F
"
F
"
F
F
"
A
&2175$726
.)'1!?
"
F
'.
F
(
727$/&2175$726),50$'26
6(*1/$-251$'$
F
F
3&
<<4
K K;
8 59
H
I43G
;4H
44H
3&
9
<<@6
K8K 58K
9K5
H
3G
5H
;;H
<<43
3G
4<6<I6
@@IG
5 5KK ;4
5 8K ;;4
585 K;
K 9
; 4
<=4I
;
5 545
6<6<
89KH
48H
K8H
H
8H
I4G
4H
5H
H
; 8; 48
9 ;9 8
4K 99
4 ;8
48 48
3<66
K 49
8 9
@<4<@
;85H
4H
8H
8H
9KH
G
58H
44H
H
4 45 589
K K9K ;45
@=G
;K4H
4 55 9
4 9 ;
@G
9;;H
1RWDHOFRQWUDWRLQGHQLGRGHIRPHQWRKDGHVDSDUHFLGRFRQODUHIRUPDODERUDOGH
)XHQWH029,0,(172/$%25$/5(*,675$'2$f26<0/50,1,67(5,2'((03/(2<6(*85,'$'62&,$/
F
.
.
0
SRUDOHVDOUHGHGRUGHOGHORVFRQWUDWRVUPDGRV
D
#
#
.
%
"
UPDGRVDORODUJRGHODxRFRQORTXHQRKD\TXHFRQIXQGLUHOQ~PHURGHFRQWUDWRVTXHVHKDQUPDGRFRQHOQ~PHURGHWUDED0
MDGRUHVH[LVWHQWHV$VLPLVPRKD\WUDEDMDGRUHVLQGHQLGRVTXHUPDURQVXVFRQWUDWRVHQDxRVDQWHULRUHV\QRDSDUHFHQHQHVWDHVWDGtVWLFD
I
7
"
)
%
%
.
&
.
'.
<<:
+
!
"
"
#
'H:
+
L9
(VDTXHOFRQWUDWRTXHWLHQHSRUREMHWLYRFXDOLFDUDXQWUDEDMDGRUHQXQUpJLPHQGRQGH
@
#
4=6HSRGUiUPDUWDPELpQFRQMyYHQHVHQWUH\DxRVPLHQWUDVODWDVD
'
5H
*
(
$(
(
GH)3RXQLYHUVLWDULDQLFHUWLFDGRGHSURIHVLRQDOLGDGSDUDHVH
SXHVWRGHWUDEDMRTXHOHSHUPLWDUPDUXQFRQWUDWRHQSUiFWLFDVSRUGLVSRQHUGHWtWXORSURIHVLRQDO
$(9
(
$.
0tQLPDGHDxR\Pi[LPDGHDxRV6LHVLQIHULRUDDxRVSXHGHQKDEHUXQPi[LPRGH
.
#
'
;
(OFRQYHQLRSXHGHPRGLFDUODGXUDFLyQVLQVHULQIHULRUDPHVHVQLVXSHULRUDDxRV
6
.
(2
%
(
'.
"
,
.
%
6
0
(
(
$ (
*
(
6
2
"
'
6
%
3HULRGRGH
'.
@
.
6HMDUiHQHOFRQYHQLR\
(
+
I=G(@=G"<)<!<
'.
%
HIHFWLYR3DUDHOHO60,HVGHDOPHV
"<)<!<
'
#
%
%
%
%
#
:26
-XDQ5DPtUH]GHDxRVKDWHUPLQDGROD(62\TXLHUHHPSH]DUDWUDEDMDU&RPRQRGLVSRQHGHQLQJ~QWtWXORSURIHVLRQDOKDSHQVDGR
DFXGLUDXQDFDUSLQWHUtDGHOEDUULRSDUDDSUHQGHUHORFLRHLUJDQDQGRXQGLQHUR$ODHPSUHVDOHLQWHUHVDWHQHUXQQXHYRDSUHQGL]DVtTXH
'.
=F(
.
(
(?
"(
:
6XFRQWUDWRGXUDUiDxRPtQLPR\VXVXHOGRVHUiFRPRPtQLPRXQGHO60,VREUHSDUDVHUtDQ
@
#H:
2
GHXQDWLWXODFLyQGH)3RXQLYHUVLWDULDRELHQGHXQFHUWLFDGRGHSURIH
$%
/D)3SDUDHOHPSOHRKDFHUHIHUHQFLDDODDQWHULRUIRUPDFLyQRFXSDFLRQDOTXHVHRIUHFtDDORVGHVHP
'.
%
"
@
#
$.
#;":'&$
1;:
$?&$!
7
"
%
%
.
&
.
(
3RVHHUXQ,(-(
RFHUWLFDGRGHSURIHVLRQDOLGDG
@
6
=%(
3
9
2(
5
&
J
4
(2
6LHVLQIHULRUDDxRVSXHGHQKDEHUXQPi[LPRGH %
;
6
.
(2
.
%
6
(
(
@
.
"
*((
+
&
;H
%
&
95H
(
9
%
:2=
"
6
6
(
F
0.
F
%1
'"
PHGLRGH*HVWLyQ$GPLQLVWUDWLYDSRUORTXHOHSLGHDODHPSUHVDTXHOHUPHXQFRQWUDWRHQSUiFWLFDVGHPHVHV3XHGHVROLFLWDUOR(VWKHU"
"(
1RSRUTXHODVSUiFWLFDVGXUDQWHOD)&7IRUPDQSDUWHGHODHQVHxDQ]D\D~QQRWLHQHHOWtWXORGH)3WHUPLQDGR
<<:
'H
@
6
.
A%
6HXWLOL]DSDUDUHDOL]DUREUDV\VHUYLFLRVFRQDXWRQRPtDGHQWURGHODDFWLYLGDGQRUPDOGHODHPSUHVD\TXH
(
+
GHRWUDVDFWLYLGDGHVSDUDGHWHUPLQDUFXDQGRFRPHQ]y\QDOL]y
$.
6HHVWDEOHFHXQPi[LPRGHDxRVHOFXDOHVDPSOLDEOHDPHVHVPiVSRUFRQYHQLR6LQDOL]DOD
GXUDFLyQPi[LPD\FRQWLQ~DWUDEDMDQGRDGTXLHUHODFRQGLFLyQGHMR
3
.
.
((
(
0
=,DQWHVGHVXQDOL]DFLyQ
,
6.
3
#H&
((
(
A%
D
'
%
((
H[FHVRGH
(
*
;
"
#
,
$.
6.
(
@
6HSRGUiUHDOL]DU(
%GHOFRQWUDWRHYHQWXDOODFXDOOOHJDUiKDVWDODQDOL]DFLyQGH
.
(2
L
#
"
:H!
A%
$.
6.
-((
#
%
#
)
"
#
%
3RU
:
.
Pi[LPR GH
"
<
LQGHPQL]DFLyQSRUQDOL]DFLyQGHFRQWUDWR
A%
$.
6.
$GTXLULUXQDSULPHUDH[SHULHQFLDSURIHVLRQDO
9
#
QRWHQJDQH[SHULHQFLDSURIHVLRQDO
+
.
(
PtQLPRGHPHVHV\XQPi[LPRGHPHVHV
"
#
(
'
6
#
(
Pi[LPRGHPHVHV
L
#
"
#;":'&$
1;:
$?&$!
F
"
:
.
"
8
6L VH DPSOLD OD GXUDFLyQ GHO
%"
6LLQGLFDODVDFWLYLGDGHVFRQ
#
6L OD LQGHPQL]DFLyQ HV VXSH
ORVHYHQWXDOHVDODMDGDSRUOD
&
&H&
F
%
6
(
.
9
#
#
FRQGLFLyQGHMRHQODHPSUHVD
3RUHOORODQRUPDWLYDLQGLFDTXHDGTXLULUiQODFRQGLFLyQGHWUDEDMDGRUHVMRVDTXHOORVWUDEDMDGRUHVTXH
'
(
6
(
")
$(
"
'"
<
-'.
"
.
J
"
6
4
(
2HQGtDVODFRQGLFLyQGHMR
95
(("-7&SDUDTXHpVWHOHFHUWLTXH
ORVFRQWUDWRVWHPSRUDOHVUHDOL]DGRV\DVtSRGHUDFUHGLWDUODFRQGLFLyQGHMRHQODHPSUHVD
(VWDQRUPDVHKDEtDVXVSHQGLGRKDVWDQDOHVGHSHURKDHQWUDGRHQYLJRUGHQXHYRHQ
:24
,
#)
6
#)
":
1
J
'
"
'
%
1
J
G
#
"
6
;
)
%
#
'
"
1
$
&
*"
'
"
(
<
1
F
@
6
"
6'
1
&
%
"
6
#
6
%
#
"(
1
"
2
1
,
.
.
%
1
"
0&
*" 1
1
A
"
6
"
6'
H3ULPHUHPSOHRMRYHQSXHVHVPHQRUGHDxRV\QRWLHQHPHVHVGHH[SHULHQFLDODERUDO
<<:
'H:
7
&"
"
'
<
SXHGHVHULQGHQLGRRWHPSRUDO
#
#
#
%
#
#
HVWDUMRHQODHPSUHVDRWHPSRUDOSHURDWLHPSRSDUFLDO
1
DWLHPSRSDUFLDOH[FHSWR
'.
#
F
'
6
KRUDV H[0
#
0
2
1
6
%
%
Q~PHURGHKRUDVH[WUDRUGLQDULDV#
6
%
(
%
3
%
8
&
%
4
2
&
F
$
)
'
6yORODVSXHGHQSDFWDUORVWUDEDMDGRUHVLQGHQLGRV
(
=G9
"
#
"
%
(2
;H
6H2
%
.
I,
"
#
"
6
:(2
L
VHJ~QHOSDFWRTXHVHHVWDEOH]FDHQHOFRQWUDWR\ORTXHJXUHHQHOFRQYHQLR
"%
0
1
6
3
&
92
(
6
"
5
"
'
'"
"
%
6
2
&DVRSUiFWLFR
-XDQ,JQDFLRKDVLGRFRQWUDWDGRLQGHQLGRDWLHPSRSDUFLDOSRUKRUDVDODVHPDQDKRUDVGHOXQHVDYLHUQHVVLHQGRHOGHODMRUQDGD
(QHOFRQWUDWRUPyUHDOL]DUODVKRUDVFRPSOHPHQWDULDV\ODVH[WUDRUGLQDULDVTXHUHTXLHUDODHPSUHVDD3XHGHODHPSUHVDREOLJDUOHD
DFXGLUXQViEDGRGHDK"E&XiQWDVKRUDVH[WUDRUGLQDULDVSRGUtDUHDOL]DUDORODUJRGHODxR""(
:
D6tSXHVHVLQGHQLGR\ODVKRUDVKDQVLGRSDFWDGDVHQHOFRQWUDWR(OKRUDULRTXHVHDPSOtDKRUDVQRVXSHUDHOPi[LPRGHOGH
ODVKRUDVDODVHPDQDGHKRUDVVRQKRUDV
E-XDQ,JQDFLRSRGUiUHDOL]DUXQPi[LPRGHOGHKRUDVH[WUDVDQXDOHVHVGHFLUKRUDVDODxR
#H:
9(
A%
&RQWUDWDUDXQWUDEDMDGRUSDUD GDUOHHOUHOHYRDRWURTXHVHYDDMXELODUDWLHPSRSDUFLDO
%
#
)
%
6
R
GRVFDPELRV:
FRQWUDWRGHMXELODFLyQSDUFLDOPiVXQFRQWUDWRGHUHOHYR
3RUXQODGRXQ
9TXHSXHGHDFFHGHUDODSHQVLyQGHMXELODFLyQ
FRQYLHUWHHQXQFRQWUDWRDWLHPSRSDUFLDO\SDVDDFREUDUXQDMXELODFLyQDWLHPSRSDUFLDOSRUODMRU
R
9(
%
Q
;
&
M
GXUDFLyQ
%
#
%
UHGXFHVXMRUQDGD
(
=G(
=G
)
UHGXFHHQODPLVPDSURSRUFLyQ6LHOFRQWUDWRGHUHOHYRHVLQGHQLGR\DWLHPSRFRPSOHWRODUHGXFFLyQ
%
#
%
HO
(
#
%
"
VHMXELOHWRWDOPHQWH
R
"
IXHVHLQGHQLGR
(
#
GRVDxRVGHVSXpV
#
HOWUDEDMDGRUUHOHYDGRVHMXELODVHWRWDOPHQWH3XHGHRFXSDUHOPLVPRSXHVWRGHOTXHVHMXELODRQR
6HJ~QODUHIRUPDGHPDU]RGHOD9(
(
(
'
":
GHVGHORVDxRVHQFRQDxRVFRWL]DGRVDORVDxRV
0
6 1
DxR
ORVDxRV 0
;
&
6 1
,QGHPQL]DFLyQ
$ODQDOL]DFLyQGHOFRQWUDWRGHUHOHYRHOWUDEDMDGRUSHUFLEHXQDLQGHPQL]DFLyQFRPRVLIXHVHXQ
(OGtDVSDUDGtDVSDUDVDOYRPHMRUDGHOFRQYHQLR
R
"
VHFRQYLHUWHHQLQGHQLGRODHPSUHVDQRSDJDHVWDLQGHPQL]DFLyQ\
DGHPiVUHFLEHXQDERQLFDFLyQDODFXRWDGHODVHJXULGDGVRFLDO
#;":'&$
1;:
$?&$!
7
"
)
DXPHQWD HO GH KRUDV
7
"
GHPQL]DFLyQGHPD\RUFXDQ
&&RQWUDWRMRGLVFRQWLQXRHQIHFKDVQRFLHUWDV
!
#&
'
"
IHFKDFLHUWDGHYROYHUDOWUDEDMR(OWUDEDMDGRUVHHQFXHQWUDMRHQODHPSUHVD
PX\SDUHFLGRDOLQGHQLGRDWLHPSRSDUFLDO<
)
<
6
"
&
&
"
"
%
#
VtVH
VDEHODIHFKDFRQFUHWDGHYXHOWD
0
%
#
&
#
'
""
%
1
R
GHVFRQRFLHVHODIHFKDH[DFWDGHYROYHUDOWUDEDMR
FRQWUDWRMRGLVFRQWLQXR
'
%
WUDEDMRVDJUtFRODVGHWHPSRUDGD
#
'
2
""
%
&
2
REOLJDFLyQGHOODPDPLHQWR
"
'
#
&RQWUDWRLQGHQLGR
$&RQWUDWRLQGHQLGRRUGLQDULR
(VHOFRQWUDWRLQGHQLGRTXHSXHGHUHDOL]DU(*(
(*(9
%&RQWUDWRLQGHQLGRGHDSR\RDHPSUHQGHGRUHV
(VXQQXHYRFRQWUDWRLQGHQLGRGHOD+
#
'
.
%
"
=9<
F
%RQLFDFLRQHVH
LQFHQWLYRVVFDOHV
%
(
(2
(
ERQLFDFLRQHV
"
VFDOHV
6
%RQLFDFLRQHVHQODFXRWDGHVHJXULGDGVRFLDOTXHSDJDODHPSUHVD
>
4DODxRHOSULPHUDxRHOVHJXQGRDxR\HOWHUFHU
DxR6LVHFRQWUDWDQPXMHUHVHQVHFWRUHVHQORVTXHHVWiQPHQRVUHSUHVHQWDGDVVHDXPHQWDHQ
)6=
@
DO
DxRGXUDQWHDxRV6LVRQPXMHUHVHQVHFWRUHVGRQGHHVWiQPHQRVUHSUHVHQWDGDVVHDXPHQWDKDVWD
DODxR
,QFHQWLYRVVFDOHVHQODGHFODUDFLyQGH+DFLHQGDGHODHPSUHVD
6LHVHO
#
6
(
XQDGHGXFFLyQVFDOGH<R
.
D
#
(
3
PHVHVUHFLELUiXQDGHGXFFLyQVFDOGHO=G
#
%
(
(2
%
(
)
%
$
(
""
$L
%
"
"
<
;
#
"
6
&2WUDVFRQWUDWDFLRQHVLQGHQLGDVERQLFDGDV
7UDQVIRUPDFLyQHQLQGHQLGRVGHFRQWUDWRVWHPSRUDOHV
$
+
DODxRHQKRPEUHV\HQPXMHUHV
$
2((
%.
6
HPSUHVDVGHPHQRVWUDEDMDGRUHVHQKRPEUHV\HQPXMHUHV
7
F
LQGHQLGRDODxR6LHVDODxR
F
LQGHQLGRVHQWUH\DODxRODFXDOYDUtDHQIXQFLyQGHODVVLJXLHQWHVFD
:
;5H
%
45
&
WUDQVIRUPDFLyQGHWHPSRUDOHVHQLQGHQLGRV
)
(
6LHVOUHFLELUiXQDFDQWLGDGDOJRPHQRUHQWUH\DODxR
C
DODxR
DODxRHQLQGHQLGRV\DODxRHQWHPSRUDOHV
C"'#D'"E;&<<<F
2
:
&
&
-
"
.
%
&
.
6
'
:
9;;
;
89
9
;
;
;
&
6HUPDXQ
9
%%(,
0
L
SRUQDOL]DFLyQGHOFRQWUDWR6LQRHVUHVSRQVDEOHVXEVLGLDULDOD(8
'.
%
6
%
6
)
#
.
"
%
%
#
%
<
"
3
(
(
%
2
"
'
"
'
/D(77DERQDUiDODQDOL]DFLyQXQD
L
,
%
%
%
D
0
>
'
%
#
#
%
'
#
)
+%
%
"
.
%
(
(
#
%
(
%
:2@
3
M
"
")
)
#
.
"
"
FLUFXQVWDQFLDVGHOPHUFDGR\DTXHKD\PiVWUDEDMRHQYHUDQRHQXQDHPSUHVDGHIDUWRQVHQ$OERUD\D6HGHGLFDDFRQWURODUODSUHVHQFLD
GHSURGXFWRVWy[LFRVSDUDODUHSURGXFFLyQHQODIiEULFD(QOD(77OHGLFHQTXHODHPSUHVDGRQGHYDDWUDEDMDUHVODTXHOHYDDSDJDUDOQDO
#
(
#
%
"
'
"
GHWUDEDMRGHEHUiDFXGLUSRUODVWDUGHVDXQFXUVRGHSUHYHQFLyQGHULHVJRVHQOD(77$OQDOL]DUORVGRVPHVHVOD(77OHGDODVJUDFLDV\
#
"
6
"
"
6HxDODVLH[LVWHDOJXQDLUUHJXODULGDGSRUSDUWHGHOD(77"(
:
6HGHWHFWDQODVVLJXLHQWHV/D(77QRSXHGHFRQWUDWDUDQDGLHSDUDFRQWURODUSURGXFWRVWy[LFRVSDUDODUHSURGXFFLyQ/DHPSUHVDTXHSDJD
3
(
%
(
"
'
"
.
GHEHVHUDQWHVGHFRPHQ]DUDWUDEDMDU$OQDOL]DUGHEHUiFREUDUXQDLQGHPQL]DFLyQGHGtDVSRUDxRWUDEDMDGRUHQHVWHFDVRGtDVGH
%
6
1XHYDVIRUPDVH[LEOHVGH
%
L
9
6<<&(
GH pVWD OLPLWiQGRVH OD DXWRQRPtD
&RQHOUHFRQRFLPLHQWRGHHVWDJXUDGHVGHHODxRVHKDSUHWHQGLGRGDUOHIRUPDOHJDOD (
0
(
*( (
:
%
.
#
(
#
%(
.
F
(
.
#
2
2
%(
0
(
#
*(2%
'
.
.
VHUPDUiXQFRQWUDWR RQGHJXUDUiQ
:
"
#
"
6
.
.
'
"
.
"
0"
1
6
"
QDOL]DGRHOFRQWUDWR\ODLQGHPQL]DFLyQSRUQDOL]DFLyQGHOPLVPR
>
"
(
I=G(
%
$
%
$
(
"
$9
'
.
%
@
#
F
%
"
C"'#D'"E;&<<<F
:,
E
.
"
0
%
8
1
6.
SRUH[WLQFLyQLQMXVWLFDGDGHO
45
&
=
J
"
6"
#
N15 A
O
"
4
(
:
S+
2:
'
#
%
#
'
6HUHDOL]DUiXQ
S(
:
'
'
.
#
6
"
$
(
+
S 9
H[LEOHV:
'
#
%
#
'.
S 9 *(
#
#
6
"
%
#
%
#
(
(
#
#
3RGUiQDFFHGHUDORV(+
%
9
(
%
%
'
(
"
%
#H&9
-
.(/
%
:
F
F
(
6HJ~QODVQRWDVWpFQLFDVGHO,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHQHO7UDEDMRHOWHOHWUDEDMRVH
6
:
#
E
F
(
%
#
%
&
'
)
)
.
%
*
2
"
6HUHDOLFHQ9
#
%
'
'
#
'
!
7
>
E
6HUXQDSHUVRQDH[LEOHLQGHSHQGLHQWH\(
F6
%
(
6.
(
%
$
(
'
"
"
'
6
%
'
!>
>E
?
9H[LELOLGDGKRUDULDUHGXFFLyQGHFRVWHVGHGHVSOD]DPLHQWRHOHFFLyQGHOHQWRUQRGHWUDEDMRHQFDVDGLVPLQXFLyQGHODEVHQWLVPR\PHQRUHVFRVWHVGHRFLQDV\GHVSDFKRVDVtFRPRUHGXF.
!
DLVODPLHQWRIDOWDGHDSR\RODERUDODQWHGXGDV\FRQVXOWDVGLFXOWDGSDUDVHSDUDU
%
'
4
<
?
=MH
#
%
.
&
D4XpFRQWUDWRVHSXHGHUHDOL]DU"3RUTXp"
F6LODHPSUHVDGHFLGHQRFRQWLQXDUFRQHOFRQWUDWRGXUDQWHHOSHULRGR
=
"
?
=>)
"
DOHJDU"&REUDUiDOJXQDFDQWLGDG$PSDURFXDQGRQDOLFH"
E6HHQFXHQWUDGHQWURGHODGXUDFLyQPi[LPD"3XHGHWHQHUDOJXQD
.
?
=$
(
.
<
?
#H-20
1
=
6.
(
?
=$
#)
<
?
4MH
J
;
PDQDVSDUDVXVWLWXLUDXQDHPEDUD]DGDTXHKDGDGRDOX]3DVDGDV
ODVVHPDQDVODWUDEDMDGRUDTXHQDOL]DODPDWHUQLGDG GHFLGHQR
""
%
#
%
#
1
=
?
E7LHQHDOJXQDLQGHPQL]DFLyQFXDQGRQDOLFHVXFRQWUDWR"
IMH
J
%
"
.
'
4
"
;
<
;
%
VLHQHOIRQGRQRVHUiXQWUDEDMDGRULQGHQLGRGHODHPSUHVDSXHVOR
<
#
6
F6LODMRUQDGDGH3DFRVRQKRUDVDODVHPDQDFXiQWRGHEHGXUDU
'.
&?
=F(
(
&
<
?
D3RGUtDUHFODPDUHOWUDEDMDGRUVXFRQGLFLyQGHMR"3RUTXp"
G6LVHJ~QHOFRQYHQLRHOVXHOGRGHODFDWHJRUtDSURIHVLRQDOGH0DUtD
HVGHFXiQWRJDQDUtDFRPRPtQLPRHOSULPHU\VHJXQGRDxR
GHVXFRQWUDWR")tMDWHTXHWLHQHHOOtPLWHGHO60,
H:
H6L0DUtDSRVWHULRUPHQWHHVWiGHEDMDPHVHVTXpVXFHGHUiFRQ
?
MH
J
%
;
&
#
"
DUWHV JUiFDV KDFH DxRV YD D VHU FRQWUDWDGR HQ XQD LPSUHQWD HQ
SUiFWLFDVGXUDQWHPHVHVFRQODFDWHJRUtDGHRFLDOGH
1
=F
#
(?
E/DGXUDFLyQHVODFRUUHFWD"6HSXHGHQKDFHUPiVSUyUURJDV"
1
=>)
.
(?
G6LHOVDODULRGHFRQYHQLRHVGHFXiQWRJDQDUtDHVHDxR"
1
=F.
% ?
@MH
$
%
XQFRQWUDWRLQGHQLGRDWLHPSRSDUFLDO\HORWURFRQXQFRQWUDWRWHPSR
"
)
%
4
"
6
WDULDVHOQGHVHPDQD(QHOFRQWUDWRQRH[LVWHQLQJ~QSDFWRGHKRUDV
1
=
6
1
C
"
=
?
1
=F(
6
<
%
?
1
=F
(
#
"
6.?
I
D4XpFRQWUDWRVVHUHDOL]DUiQDODVHxRUD3D]\DOVHxRU*XHUUD"
1
=>)
%
6(
"
"?
1
=F(
(
?
,
SDUDWHPSRUDOFRPRSDUDLQGHQLGR
G7LHQHDOJXQDLQGHPQL]DFLyQDOQDOL]DUHOFRQWUDWRVLIXHVHHQHO
&
4?
=F(
?
H4XpVXFHGHUiVLDOWUDEDMDGRUUHOHYLVWDORKDFHQMRDOWHUPLQDUHO
"?
'1
F
'
6
=
#)
%
%
&
9?
=F(
&
6.
?
MH
,
(
%
MRGLVFRQWLQXR\FXiOLQGHQLGRDWLHPSRSDUFLDO
1
7)
%
&
(
1
*
&
%
%
(&RQWUDWRLQGHQLGR
MH
J
%
5
&
"
'
QLGDFRQHOQXHYRFRQWUDWRLQGHQLGRGHDSR\RDHPSUHQGHGRUHV/D
#
WHQHU)3GHJUDGRVXSHULRUVLQRGHXQDxRHQWHUR\TXHODMRUQDGDTXH
"
6
"
95H
%
1
=
6.
?
=
%
95H?
E6LHOVHFWRUGRQGHYDDVHUFRQWUDWDGDHVXQVHFWRUFRQSRFDUHSUHVHQWDFLyQGHODVPXMHUHVTXpERQLFDFLyQUHFLELUiODHPSUHVDDOD
?
MH
J
5
%
WUDEDMDGRULQGHQLGRSRUORTXHVHSODQWHDDTXLpQSXHGHVHOHFFLRQDU
2
"
EDMDGRUGHODSODQWLOODFRQFRQWUDWRWHPSRUDOHQFRQWUDWRLQGHQLGR/D
HPSUHVDWLHQHFDQGLGDWRVORVFXDOHVHVWiQLJXDOPHQWHFXDOLFDGRV
#
'
#
(
PD\RUHV ERQLFDFLRQHV D ODVHJXULGDG VRFLDO GHOFRQWUDWR LQGHQLGR
9DORUDODVERQLFDFLRQHVTXHVHSRGUtDQUHFLELUSRUFRQWUDWDUGHIRUPD
LQGHQLGDDFDGDXQRGHORVFDQGLGDWRV
1
G
$
(
&
1
M"
8
&
#
(
1
4;
&
#
)
(
1
M)
&
#
(
"
&
@
(
"
F1RFREUDLQGHPQL]DFLyQSRUQDOL]DFLyQSXHVQRHVWiMD
JH'(
6MH6HxDODVLORVVLJXLHQWHVDXWyQRPRVUH~QHQORVUHTXLVLWRVSDUDVHU
.
.
:
1
6
&
N
#
"
3
'
"
4
'(
E(GJDUH,QpVWLHQHQXQD6/\RIUHFHQVHUYLFLRVGHPDUNHWLQJDXQD
1
3
.
'
"
#
'
8H
#
H
")
#
1
B
"
"
.
#
&
"
#
J
'
#
%
%
'
.
.
:T
8
(QHO6HUYLFLR3~EOLFRGH(PSOHR(VWDWDOSRGUiVHQFRQWUDUWRGRVORV
#
2
(
:
:LLNNN
L
L
P'L
L 'L
G P9;
'
,
#
:
D<DSRVHHVHOWtWXORGH)3TXHHVWiVHVWXGLDQGR\VHWHFRQWUDWD
'
E6HUiVFRQWUDWDGRDWLHPSRSDUFLDOKRUDVDODVHPDQDDUD]yQ
;
"
1
.
(
&
G/DUHWULEXFLyQVHUiODTXHMHWXFRQYHQLR
1
"
(
<
"
'1
(
"
#
#
(
.
'H&
9
MH!
(2%(
9
(0
*(
1
M
9
&
&
1
@<
;
&
#
6.
1
;
&
#
#
%
MHC:(2%(
,0
%
(
9F
1
'
6
1
.
"
1
2
6
1
6
"
MH&
(
1
"
1
%
"
1
6LHOWUDEDMDGRUHVWiGHEDMDXQPHVVHLQWHUUXPSHHOSHULRGRGH
"
#
1
1
7LHQHLQGHPQL]DFLyQSRUQDOL]DFLyQGHOFRQWUDWRHQODPLVPDFXDQ
#
#H:
+
1
3RUVHOHFFLyQGHYDFDQWHPLHQWUDVGXUDHOSURFHVRGHVHOHFFLyQ
4
.
6MH&
+
L9
1
;
5
&
#
)
;H
3MH&
(
9
1
!
%."
5
&
#
#
2
'
1
*
(
6
%
%
(
1
(
.
(2
;
1
.
&
(2
&
1
"
"
.
&
1 1RSXHGHJDQDUPHQRVGHO60,
1
%."
(
2
'
(2
;
=MH&
2*(
1
#
6
(
'"
GH)3GHJUDGRPHGLRRVXSHULRU
MH!
*(5
%(
90
GUiQUHFODPDUVXFRQGLFLyQGHMR
1
.
&
(2
&
1
J
%
#
.
"
;
1 3DUDORVMyYHQHVPHQRUHVGHDxRVQRVHH[LJHTXHKD\DQSDVDGRPHQRVGHDxRVGHVGHVXQDOL]DFLyQGHORVHVWXGLRV
1
(OWUDEDMDGRUHQSUiFWLFDVJDQDUiHOSULPHUDxRHOGHO60,\HO
VHJXQGRDxRHOGHO60,
1 '
1 1LQJXQRSXHGHUHFODPDUVXFRQGLFLyQGHMRHQODHPSUHVD
3
1
6HUHDOL]DHOGHODMRUQDGDGHXQWUDEDMDGRUDWLHPSRFRPSOHWR
1
1
3XHGHQUHDOL]DUKRUDVFRPSOHPHQWDULDV\KRUDVH[WUDRUGLQDULDV
1
#
6
(2
5H
%
"
#
"
;H
MH&
1
.
%
%
#
"
%
(
5H
5H
1
"
(
#
%
%
"
1
%
;
&
1
(QHOFRQWUDWRMRGLVFRQWLQXRHQIHFKDVQRFLHU0
1
6HDOWHUQDQSHULRGRVGHWUDEDMR\GHQRWUDEDMRHQXQDDFWLYLGDGTXH
H
4MH.&11+*(
1
6H UHDOLFH XQ FRQWUDWR GH SXHVWD D GLVSRVLFLyQ HQWUH OD (77 \ OD
1
6HSXHGDFRQWUDWDUSDUDFXDOTXLHUWLSRGHWUDEDMRFRQLQGHSHQGHQ
2
1
>
1
/D(77DERQDUiDOQDOL]DUXQDLQGHPQL]DFLyQGHGtDVSRUFDGD
&
%
IMH;
9
&11
((
1
>
'
%
1
3
#
%
1
3
%
1
%
JH&(
@MH"(2%(
++
1
*
'
2
"
&
1
.
#
%
#
'
5H
1
&
.
(
1
1RSXHGHDVRFLDUVHFRQRWURVVRFLRVHQHPSUHVDVFRPRXQD6/R
XQD6$
1
1
*
%
(/DFRQWUDWDFLyQLQGHQLGD
1
.
"
0"
1
&
6MH!
(2%(
+
1 (OFRQWUDWRLQGHQLGRRUGLQDULRVLHPSUHHVDWLHPSRFRPSOHWR
3MH&
9
1
(OFRQWUDWRLQGHQLGRGHDSR\RDHPSUHQGHGRUHVVRORSXHGHQU
%
1
%
#
#
6
%
)
1
&
1 1RHVSUHFLVRUPDUXQFRQWUDWRSRUHVFULWR
1
6L OD HPSUHVD QR PDQWLHQH HQ HO HPSOHR DO WUDEDMDGRU LQGHQLGR
5
&
(
""
#
.
5HVSHFWRDODVERQLFDFLRQHVDODVHPSUHVDVHQ
1
6HUHFLELUiQSRUFRQWUDWDUDMyYHQHVHQWUH\DxRV
1
6HUHFLELUiQSRUFRQWUDWDUPD\RUHVGHDxRVLQVFULWRVPHVHV
8
6
1 3XHGHQVHUUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVDSHVDUGHQRHVWDU
MH&
9
1
6LHPSUHGHEHH[LVWLUXQFRQWUDWRDGLVWDQFLD
1
.
#
#
%
#
#
'
1
*
%
*A@*A 37A@3
CE;Q1!-
"&:
$1.'1
"'#
.'&""
$
")S".&:;&$1&"&$&
)&.:'
'#
.'&"-'/
F
2%
7I
I(2
UPDGR
.
!
6
*(
' 5HGRQGHD
'
SRUFHURVDOQDO
&XiQWRVFRQWUDWRVLQGHQLGRVVHUPDURQHQ\"4XpSRUFHQWDMHVXSRQHQVREUHHOWRWDOGHFRQWUDWRV"
&XiQWRVFRQWUDWRVWHPSRUDOHVVHUPDURQHQ\"4XpSRUFHQWDMHVXSRQHQVREUHHOWRWDOGHFRQWUDWRV"
4XpFRQWUDWRVVRQORVPiVIUHFXHQWHV",QGLFDHOGHFRQWUDWRVTXHVXSXVLHURQFDGDXQRHQ
4
+DPHMRUDGRODFRQWUDWDFLyQLQGHQLGDGHODO"(QTXpSRUFHQWDMHKDYDULDGR"
5
&XiQWRVFRQWUDWRVSDUDODIRUPDFLyQ\HQSUiFWLFDVVHUPDURQHQ"4XpSRUFHQWDMHVXSRQHQGHOWRWDOGHFRQWUDWRV"
;
&XiQWRVFRQWUDWRVGHUHOHYRVHUPDURQHQ\"4XpSRUFHQWDMHVXSRQHQGHOWRWDOGHFRQWUDWRV"
&yPRKDYDULDGRODFRQWUDWDFLyQDWLHPSRSDUFLDOGHODO"+DDXPHQWDGRHQRKDGLVPLQXLGR"
'
(
6
%(
ORVFRQWUDWRVTXHIXHURQUPDGRVSRU(9
DAG7@R
FA*@3AR
!$&!$!
"
(Q
I@G
GJM@R
(Q
@=G
&RQWUDWRVLQGHQLGRVRUGLQDULRV
;4
;54
&RQWUDWRVLQGHQLGRVGHIRPHQWR
FA*@3AR
1&)-
.'&"
LQFOXLGRVORVIRUPDWLYRV
&RQWUDWRVGHREUD\VHUYLFLR
K;
&RQWUDWRVHYHQWXDOHV
F
45 K
&RQWUDWRVGHUHOHYR
A
I
@
F
(
727$/&2175$726),50$'26
6(*1/$-251$'$
F
6=IG
F
(VWHFRQWUDWRLQGHQLGRGHIRPHQWRKDVLGRGHURJDGRSRUODUHIRUPDODERUDOGH
)8(17(0LQLVWHULRGH7UDEDMR0RYLPLHQWRODERUDOUHJLVWUDGR0/5
,QGLFDVLVRQ+ODVVLJXLHQWHVDUPDFLRQHVHLQGLFDHOSRUTXpEDViQGRWHHQORV
(QORVFRQWUDWRVLQGHQLGRV\WHPSRUDOHVGHKRPEUHV\PXMHUHVVRQPX\GLIHUHQWHV
/DVPXMHUHVWLHQHQPiVFRQWUDWRVGHREUD\VHUYLFLRTXHORVKRPEUHV
/RVKRPEUHVWLHQHQPiVFRQWUDWRVGHLQWHULQLGDGTXHODVPXMHUHV
4
/DVPXMHUHVWLHQHQPHQRVFRQWUDWRVHQSUiFWLFDVTXHORVKRPEUHVSHURPiVHQIRUPDFLyQ
5
/DVPXMHUHVWLHQHQORVPLVPRVFRQWUDWRVDWLHPSRSDUFLDOTXHORVKRPEUHV
6
('8&$&,1(19$/25(6(1(/081'2/$%25$/
#
.:
NCE(5
FO
8QHPSUHVDULRDEDQGRQDHQXQKRVSLWDOGH0DWDUyDXQHPSOHDGRVLQSDSHOHVTXHVHDFFLGHQWy4XtWDWHODURSD
GHWUDEDMRVLQRQRVMRGHVDWRGRVOHGLMR
/)
%
&
6
.
SD
T
)
&
.
%
'
.
)'
/=
&?I
.
/GI
%
G
.
#
WHQtDTXHLUDOKRVSLWDO3HURDQWHVWLHQHVTXHVDFDUWHODURSDGHWUDEDMR6LQRQRVMRGHVDWRGRV
6
#
""
#
%
M 3 *
4
&
)'
.
.
6#
!
G
07
1
%
(#
#
"
6
.
.
"
&
#
#
%
3
%
&
"
1RTXLHURKDEODUGHQDGD(VWiHQWRGRVORVMX]JDGRV\SUHHURFRQVXOWDUSULPHURFRQPLVDERJDGRVVHH[FXVyD\HU-DXPH&RPDVGXHxR
&
FG*
%
M 3 *
'.
(
G
U#
"
F
#
'.
3
%
.
.
%
3
.
3
(
#
%
6
/D
0
%
'
1
F
%
#)
%
&
$
%
:
/F
SUHJXQWHQFyPRWHORKDVKHFKRGLTXHKDVLGRHQHOHVSLJyQ3HUR\RQRVDEtDTXpHUDHOHVSLJyQ,QVLVWLHURQ3HVFDQGRGLTXHKDVLGR
I
M 3 *
6HJ~QVXUHODWRHOUHVSRQVDEOHGHOWDOOHUHQ9LODVVDUGH0DUGRQGHWUDEDMDEDOHOOHYyHQFRFKHKDVWDHOKRVSLWDOGH0DWDUy(QXUJHQFLDVHO
%:
IG
(
"
I
C
%.
F
)
I
/F
#
"
.
%I
7%
G.
#
7
.
WRULDQDVGH&DWDOXxD\GHOD6HFUHWDUtD1DFLRQDOGHO(PLJUDQWHGH(FXDGRU6(1$0(GHHQGHDODYtFWLPD
3
M 3 *
.
&
7
DSUHVHQWDUODGHQXQFLD6XSULRULGDGHVOHJDOL]DUVXVLWXDFLyQHQ(VSDxDSDtVDOTXHHPLJUyKDFHDxRVFRQODLGHDGHWHQHUXQDYLGDPHMRU
.
"
%
3
#
"
V
:
/=>)
"
?I
C
:
/*
"
%I
)8(17((/3$6
E
1&yPRRFXUULyH[DFWDPHQWHHODFFLGHQWH"4XpLQVWUXFFLRQHVOHGLRHOHPSUHVDULRWUDVHODFFLGHQWH"
*&XiQWRWLHPSROOHYDEDWUDEDMDQGRHQODHPSUHVD"(QTXpFRQGLFLRQHV"<HQ(VSDxD"
,3RUTXpFUHHVTXHWUDEDMDEDHQGLFKDVFRQGLFLRQHV"4XpRSLQDV"
2&UHHVTXHLQX\HVXFRQGLFLyQGHLQPLJUDQWHHFXDWRULDQR"3RUTXp"
)4XpGHOLWRVVHOHVDWULEX\HDOHPSUHVDULR\DOHQFDUJDGR"
3&yPRKD\TXHDFWXDUVHJ~QHODERJDGRGHOFRQVXODGRHFXDWRULDQR"
+4XpKXELHUDVKHFKRW~HQHOFDVRGHOHPSUHVDULR"
(<GHOWUDEDMDGRUHFXDWRULDQR"
6
?
!>
>
:
$1&$!
"
1!>
*A
>
,!
C
2D
>
)!
3!
+!
#>&1!?
"
0
>
>
0
>
0/
>
09
?9,!/5BD/9/9A D/&/5B
<9
#;":'&$
1;:
$?&$!
7
"
:
F
(
%
#
0
"
"
"
"
./
%
6
ORTXHVLJQLFDTXHVLHQXQDVH
6
4
8
4
='
(2
*(
%
4
?
6LVHWUDEDMDVHGXUDQWHVHPDQDV\XQGtDVHUtDQKRUDVDODxRVLQFRQWDUYDFDFLRQHVQLIHVWLYRV
3RUORFXDOOHUHVWDPRVGtDVODERUDEOHVGHYDFDFLRQHV\ORVGtDVIHVWLYRVTXHHTXLYDOHQFDGDXQR
9;
%
:
88
-
9;
-
W
<@
%
&
#
2
%7
*(
'
"
#
(
#
'
#
6
)
8;
&
(
9
%
<
3
%
99;
4
&
#"
"
#
0
%
:
4
%
"
1
$.
%
#;":'&$
1;:
$?&$!
7
"
.
% :
*<
G"
3HULRGR HQ TXH VH SURGX(
.
66
$
'
0
(
%(9
(
G
(
"
#
3
"
"
#
%
'
H
=&
*(5
(
(
%(9
?
6LSDUWLPRVGHXQDMRUQDGDGHKRUDVDODxRODHPSUHVDSRGUtDGLVSRQHUGHXQGHKRUDV
08
&1
9
5
(
)
&
3
<
4
UHSDUWLGDGHIRUPDLUUHJXODU3RUHMHPSORXQDVVHPDQDVVHWUDEDMDQKRUDV\RWUDVKRUDV(VFRPRVL
/
I
#
%
$
.
(
,
OH\2VHDGHKRUDVGHXQGtDDRWUR\GHXQGtD\PHGLRVHJXLGRDODVHPDQD6LQHPEDUJRSXHGH
3
0
%
1
?9,!/5BD/9/9A D/&/5B
:2
J
%
%
:
(
8
KRUDV\GHDKRUDVFXPSOLHQGRFRQHOPi[LPRGHKRUDVDOGtD6HxDODVLHVWDHPSUHVDLQFXPSOHDOJXQDQRUPDOHJDOHQFXDQWRD
%
"(
D6tTXHFXPSOHHOPi[LPRGHKRUDVDOGtD
1
*
(2
4
&
#
6
48
1
*
%
#
1
*
#
H6tTXHFXPSOHHOGHVFDQVRGHQWURGHODMRUQDGD\DTXHQROOHJDDPiVGHKRUDVFRQVHFXWLYDVVLQGHVFDQVR
#H&9
(
! !
&,
"
+3,
%
6
SOXVHVSHFtFR
"
#
"
%
$(
6
%
:
8
&
%
6
C"'#D'"E;&<<<F
2
%
%
#
"
@$
5;LKK5
%
"
#
:
#
4
'
6=
?9,!/5BD/9/9A D/&/5B
:2
8QWUDEDMDGRUHVFRQWUDWDGRSRUXQDIiEULFDSDUDUHDOL]DUXQWUDEDMRGHKDKGHODPDGUXJDGDGXUDQWHXQDxR6HWUDWDGHXQWUDEDMDGRU
?
=>)
.
% ?
"(
1
%
6
;
#
%
1
*
6
2
%
8
5
3
(
6
.
#
#
2
%
#
"
%
/DVKRUDVH[WUDRUGLQDULDV
#;":'&$
1;:
$?&$!
7
"
2:
6LVHFRPSHQVDQSRUGHV
#)
6L VH UHJXOD FXiOHV WLHQHQ
.
2
!
6RQDTXHOODVTXHHOWUDEDMDGRU(
6
A
3RUTXHVHKD\DQ
:
%
'
"
.
3RUTXHVHKD\DQ
(
%
3RU +(L
"
#
#
&
2
%
:
.
8
&
:2
"
#
%
#
#
(
(
.2
%
(
6
#)
#
,
#)
%
6.
2
"(
"
"
"
&
#
2
2
"
(Q VHJXQGR OXJDU GHEHUtDQ UHYLVDU VX FRQWUDWR GH WUDEDMR SRU VL UPDURQ HQ HO PLVPR OD REOLJDFLyQ GH UHDOL]DU KRUDV H[WUDV \ HQ TXp
64
?9,!/5BD/9/9A D/&/5B
6<.(
9
0
&
#
"
4
"
SRUVHUYtFWLPDGHYLROHQFLDGHJpQHUR
"
"+*5
6*5
#;":'&$
1;:
$?&$!
7
"
&
%
:
@
.
%
'
%
3RUFXLGDGR
'
3RUODFWDQFLD
K
8QDYH]QDOL]DGRHOGHVFDQVRSRUPDWHUQLGDGVHWLHQHGHUHFKRDOD(
(9
,6LH[LVWH7
<
%
F
:
%
"
%
%
.
%
"
"
.
"
"
%
((
9
GHPDQHUDTXHDOQDOL]DUODPDWHUQLGDGHOWUDEDMDGRUSXHGD
(
%
'
'
(
9
C"'#D'"E;&<<<F
$
#
KKK
.
:
"
.
'"
.
(
:
.
%
'
6
%
.
%
2
%
'
%
(
6.
)
"
6
.
5
%
.
6
)
#
"
%
'"
.
'
%
6I
?9,!/5BD/9/9A D/&/5B
:26
-XDQ\0DUtDWLHQHQXQKLMRGHDxRV\DFDEDQGHVHUSDGUHVGHXQSDUGHJHPHORV&XDQGRQDOL]DQHOSHUPLVRGHPDWHUQLGDG\SDWHUQLGDG
#)
%
&
#
#
#
6
.
%
8
%
(
""
(
'
#
.
%
<
#
=
6.
?"(
*
.
%
"
8
&
L
L8
%
L8
"
&
%
"
#
"
.
#
"
"
C"'#D'"E;&<<<F
6HQWHQFLDGRQGHVHFRQGH
A
.
%
6
'"
@
.
%
#
.
"
,'
G
#
#
#
.
#
7
%
"
"
)
(
:
(
9
DGDSWDQGRHOKRUDULRDXQKRUDULRH[LEOH
#
.
%
RWUDIRUPDGHKRUDULRH[LEOHTXHXWLOLFHODHPSUHVD
#
8
(
%
(
G(
IG
%
(
%
#
6
%(
.
"
(=,
%
(
'(
#
6
@
.
%
@
#
3
#
#;":'&$
1;:
$?&$!
7
"
.
:
6LHVWDEOHFHDOJXQDPHMRUD
%
6LHVWDEOHFHDOJ~QSHUPLVR
"
6@
!
*(7% 8
$
(
4
6
*M
1
#
8
5 (
@
.
8
0
.
#
8
+(
%
H[iPHQHVRFLDOHV
(
(
"
"
?9,!/5BD/9/9A D/&/5B
:2=
6HxDODSDUDORVVLJXLHQWHVFDVRVDTXpSHUPLVRVODERUDOHVWLHQHQGHUHFKRORVWUDEDMDGRUHVVHJ~QHO(VWDWXWR
D3RUIDOOHFLPLHQWRGHDEXHORHQODPLVPDORFDOLGDG
1
$
'
'
E3RULQJUHVRKRVSLWDODULRGHKHUPDQDHQXQDORFDOLGDGDNP 1
F
'
#
6
F3RULQWHUYHQFLyQGHFDWDUDWDVGHXQKLMRHOFXDOVDOHGHOKRVSLWDO 1
$
"
.
#<
6.
#
#
'
G3RUWUDVODGRGHGRPLFLOLR
1
J
+(
%
(
+
"
'
7
(
%
<
TXHVHMHHQODHPSUHVDVLJXLHQGRODV
SODQLFDFLyQDQXDOGHODVYDFDFLRQHV(QFDVRGHGHVDFXHUGRFDEHXQDGHPDQGDMXGLFLDOXUJHQWH
"
'(
.
'
%(
#
"
'
"
6
QDOL]DGRHOSHUPLVRGHPDWHUQLGDGRSDWHUQLGDG(VWHPLVPRGHUHFKRWDPELpQVHDSOLFDUiDTXLHQHVQR
'
"
%
&
(
&
GRQGHVHMHHOSHULRGRGHYDFD
'
"
&
#;":'&$
1;:
$?&$!
"
OD SODQLFDFLyQ DQXDO GH ODV
"
7
YHQLRTXpQRUPDVMDVREUH
'
F(
%
'
"
6LH[LVWHDOJ~QRUGHQSDUD
"
#
"
#H+
'
"
&
"
.
DIHFKDVHQVXPD\RUtDMDV6LQHPEDUJRVHHVWiFDPELDQGRKDFLDXQDWHQGHQFLDDWUDVODGDUORVIHVWLYRV
"
F
'
"
%
6+
B
ORVDxRVORVGtDVIHVWLYRVVLHQGRGHHOORVORFDOHV\RWURVMDGRVSRUODVFRPXQLGDGHVDXWyQRPDV
#
%:
5
VRQWUDVODGDGRVDOXQHVVLQTXHHOWRWDOGHIHVWLYRVGHODxRSXHGDVHUVXSHULRUDGtDV6LVHVREUHSDVDVHKDEUtD
#
'
"
(
0
'
"
1
#
%
'
"
"
#
(
(
(
I=G
95H
&
%
$SDUWLUGHOFDOHQGDULRODERUDOGHFRQHOQGHHYLWDUORVSXHQWHVHVWDED
#
(
ORVVLJXLHQWHVIHVWLYRVGHDJRVWRGHQRYLHPEUH\GHGLFLHPEUH6LQHPEDUJRDOQDOKDTXHGDGR
6
"
"
;
63
?9,!/5BD/9/9A D/&/5B
L
#
:
.
%
.
%
"
6HUHQWDELOL]DHODOWRQLYHOIRU"
%
#
;H
#
A6
$DQ]D HO FRPSURPLVR GH OD
".
6HREWLHQHXQDPHMRUDGHOFOL
#
)
2
"
.
F
"
'
3
(
"
"
#;":'&$
1;:
$?&$!
7
"
.
"
F
A(
,
G%
D
9
ODVHPSUHVDVORVFXDOHVVHSXHGHQGHQLUFRPR
8
"
-
=>)
2
%
?
A
E
2=9
#
6
#
'(
A
E
=9
"
%
=E(5
?
2
:
,
-
0 RFLDOHV
%
F
%
(
'
"
'HQLUVLVWHPDVGHFRQWUDWDFLyQQRGLVFULPLQDWRULRV
,'
"
%
'.
A'
'
'"
'
.
)
.
%
"
#
,GHQWLFDUHOSRWHQFLDOGHPXMHUHVFRQSRVLELOLGDGHVGHSURPRFLyQ\
'
'
@
"
6
#7
%
#"
3RVLELOLWDUODH[LELOLGDGGHKRUDULRVGHHQWUDGD\VDOLGD
$
'
.
"
:
'
G
%
.
%
J
%
(
2
.
:(
2
'HQLUXQSURWRFRORGHSUHYHQFLyQ\GHQXQFLDGHODFRVRVH[XDO\GHO
$FRVRVH[XDO\PRUDO
F
'
"
J*:
,
G%
091
B
=
')
,
(2
%
MHF
"
"
#
6
.
%
#
.2
"
(
#
%
#
(
6
%
"
8
"
&
#
%
8
D3XHGHODHPSUHVDDXPHQWDUODMRUQDGDWRGDVHVDVKRUDVGHELGRD
.
% ?
1
=
"
%
%
?
=>)
(2
?
F 4Xp RFXUUH FRQ ODV KRUDV GH PiV UHDOL]DGDV" 6H SDJDQ R VH
?
H.(
9
4MH
B
%
;
&
#
FXLGDEDQORVSDGUHVGH*ORULDFXDQGRDPERVVHLEDQDWUDEDMDU6LQ
B
%
%
"
#
"
B
%
8
4
4
#
%
8
;
K
;
D3XHGHQUHGXFLU*ORULD\(OtDVHVDVMRUQDGDVHQVXVHPSUHVDVFRQ
"
?
=>)
%
.
% ?
1
=F
(
"
?
IMH
3
%
8
4
"
$
&
"
#
"
'
#
.
%
%
)
K
4
#
D3XHGHUHGXFLUODMRUQDGDSRUFXLGDUGHVXPDGUH"3RUTXp"
E3XHGHVROLFLWDUHOFDPELRDRWURWXUQRHQODIiEULFD"
1
=
.
#
%
TXHSXHGHUHGXFLU"3RUTXp"
1
=$
6
2
9
&?
=
#)
2?
F(OQXHYRKRUDULRVROLFLWDGRHVFRUUHFWR"3RUTXp"
6MH,QPD-XDQD\6RItDWUDEDMDQDWXUQRVHQXQDUHVLGHQFLDGHDQ
6
&
QRFKHVOWLPDPHQWHORVWXUQRVVHKDQWUDVWRFDGRGHELGRDTXHGRV
&
(
%
#
"
#
6
#
,
M
"
6
'
#
#
HO WXUQR D OD PDxDQD SDUD SRGHU DVLVWLU D FODVH 6RItD OH LQGLFD D OD
#
#
6
#
)
#
#
&
M
1
=(
,
6
"
QDV"3RUTXp"
E3XHGHQVROLFLWDU-XDQDHOQXHYRWXUQR"3RUTXp"
F3XHGH6RItDFDPELDUGHWXUQR"
G6LJDQDVHDOPHVGHVXHOGRHQFXiQWRVHOHTXHGDUtDWUDV
.
% ?
@MH8QDWUDEDMDGRUDKDQDOL]DGRHOSHUPLVRGHPDWHUQLGDG\DKRUD
#
'
#
'
#
"
(
#
&
K
D 7LHQH GHUHFKR OD WUDEDMDGRUD D HVD UHGXFFLyQ GHO KRUDULR" 3RU
#)?
1
=>)
(
?
F6LHOFRQYHQLREDUDMDVHODSRVLELOLGDGGHDFXPXODUODODFWDQFLDHQ
MRUQDGDVFRPSOHWDVDTXpVHHVWiUHULHQGR"
1
'
#
)
#
=>)
"
#
(
?
=
?9,!/5BD/9/9A D/&/5B
3MH 8QD HPSUHVD VH HQFXHQWUD FRQ GLFXOWDGHV HFRQyPLFDV GHELGR
D OD FULVLV SHUR GHELGR D OD JUDQ GHOLGDG TXH PDQWLHQH FRQ VXV
#
"
%
4H
5
GRV6LQHPEDUJRODJHVWRUtDOHLQIRUPDGHTXHXQDGHODVRSFLRQHV
%
)
D(VHOORSRVLEOHOHJDOPHQWH"3RUTXpPRWLYRV"
1
=
#)
H
(2
%
?
1
=>)
(
%
#
%
%
?
H
+
MH 3HGURFRPHQ]yDWUDEDMDUHQXQDHPSUHVDHOGtDGHIHEUHUR
8
.
.
%
#
"
#
%
#
#
"
'
%
(
5
D &XiQWRV GtDV GH YDFDFLRQHV OH FRUUHVSRQGHQ D 3HGUR VHJ~Q VX
?
E/DHPSUHVDKDMDGRFRUUHFWDPHQWHODVIHFKDVFRQFUHWDVGHFDGD
WUDEDMDGRUHOGHPD\R"3RUTXp"
F 6L D 3HGUR OH GDQ ODV YDFDFLRQHV HQ VHSWLHPEUH FXDQGR pO SLGLy
(
=#)
3HGUR"
G6LGXUDQWHODVYDFDFLRQHV3HGURHVSDGUHTXpVXFHGH"
MH
%
F
%
%
"
6
'
":
%
"
"
.
#)
%
#
'
"
D6LVHFRPSHQVDSRUGHVFDQVRDFXiQWRVGtDVHTXLYDOGUtDGHGHV
'
"
% ?
E6LJDQDVHDOGtDFRQFXiQWRVHWHQGUtDTXHUHWULEXLUHOWUDEDMR
'
"?
=
.
'H9
MH"(
%(*(50
(
1
%
1
%
%
"
#
%
9
1
(
1
%
0 1
1
MH&
(
%(9
*(
1
#
"
"
1
3XHGHDOFDQ]DUXQGHODMRUQDGDDQXDO
1
6RQ XQDV KRUDV D GLVSRVLFLyQ GH OD HPSUHVD SDUD LQFUHPHQWDU OD
%
)
&
1
6HFRPSHQVDQSRUGHVFDQVRQRVHUHWULEX\HQ
1
*
6MH;
9
(
1
#
#
6
%
4
;
1
#
#
6
%
;
5H
%
1
*
%
%
6
8
&
1
B6(
.
#
#
%
1
*
?9,!/5BD/9/9A D/&/5B
.
&/DVKRUDVH[WUDV
3MH;
*(*((9
(
*(20
(
%(
1
3RGUiUHGXFLUODMRUQDGD\HOVDODULRXQPi[LPRGHO
5HVSHFWRDODVKRUDVH[WUDV
1
/DVYROXQWDULDVVRQDTXHOODVTXHHOWUDEDMDGRUUPDHQHOFRQWUDWR
#
6
1
"
#
'
6
1
(2
2
&
%
1
%
2
H(
9
4MH!
*(5
%(
9(0
(
(
9
(
+
1
6DUDSDUDFXLGDUGHVXKLMRGHDxRV
1
0LJXHOQJHOSDUDFXLGDUDVXKLMRGLVFDSDFLWDGRGHDxRV
1
G
F
#
"
1
3 )
#
(
'
IMH&
*(
1
%
"
%
1
"
"
.
.
%
1
"
"
%
""
(
1
'
"
6
@MH"*(
,
%5
1
3RGUiUHGXFLUODMRUQDGD\HOVDODULRXQPtQLPRGHO\XQPi[LPR
8H
1
3RGUiUHGXFLUODMRUQDGD\HOVDODULRXQPtQLPRGHO\XQPi[LPR
9H
1
%
(
H
%
H&
%(
MH&+
%(
1
6HDQREOLJDWRULRVSDUDWRGDVODVHPSUHVDVGHPiVGHWUDEDMD
1
J
.
%
6
1
6HDYROXQWDULRSDUDODVHPSUHVDVGHPHQRVGHWUDEDMDGRUHV
%
1
J
.
%
#
.
"
1
3
6
.
"
.
1
J
'
G
#
#
#
.
1
"
6
%
#"
H[LELOLGDGGHKRUDULRVGHHQWUDGD\VDOLGDRGHQLUXQSURWRFRORGH
"
.
2
1
J
1
=
*A@*A 37A@3
#
.:
NE(
(O
8
#
-
SXHGHKDFHUVHFDUJRGHOEHEp
G
$
45
&
.
5
.
%
9
UHVSXHVWDGHODHPSUHVDODUPDGHDOTXLOHUGHFRFKHV*ROGFDUOOHJyDORVGtDVUHTXLULyDVXHPSOHDGRTXHGHPRVWUDUDSULPHURTXHVX
%
#
&
(QXQHVFULWROHUHFODPyTXHDSRUWDUDXQFRQWUDWRGHWUDEDMRRXQFHUWLFDGRGHODHPSUHVDGRQGHFRQVWDUDHOHPSOHRGHVXSDUHMDRHQVX
GHIHFWRXQDDFUHGLWDFLyQYiOLGDGHSRUTXpQRSXHGHDWHQGHUDODPHQRU3DUDWRGRHOOROHGLRGtDV'HORFRQWUDULRTXHGDUiGHVHVWLPDGD
VXSHWLFLyQSRUHQFRQWUDUVHODHPSUHVDVLQPHGLRVTXHMXVWLTXHQFRQFHGpUVHOD\QRWHQHUODFHUWH]DGHTXHYHUGDGHUDPHQWHVXPXMHUQR
I
& .
#
#
%
/
I
"
<
G
3
,
FFAA
3
#
$~QTXHGDQUPDVTXHVHMDFWDQGHUHFKD]DUODUHGXFFLyQGHKRUDULRSDUDORVKRPEUHVSRUHQWHQGHUTXHHVWRGHODFRQFLOLDFLyQHVVROR
%
I
&
&
3
#
/
%
I
G
#
%
#
B
3
.
.
%
8
TXHWUDEDMDDOGtDODOH\FRQWHPSODUHGXFFLRQHVGHVGHXQDRFWDYDSDUWHFRPRHQHVWHFDVRKDVWDODPLWDGGHODMRUQDGD3HURDGHPiV
.
%
%
'
"
&
.
&
/DHPSUHVDDFHSWyODUHGXFFLyQHOGtDGHVHSWLHPEUH3HURDOPLVPRWLHPSRSDUDMDUHOQXHYRKRUDULR\HOWXUQRUHTXLULyORVMXVWLFDQWHV
%
%
#
(
%.
'
6.
$
3
#
%
&
%
G
#
""
WXUQRMRGHPDxDQDVRWDUGHV6HWUDWyGHXQDFODUDIRUPDGHSUHVLyQLQGLFDODUHVSRQVDEOHVLQGLFDO
*ROGFDUVRVWLHQHTXHODSHWLFLyQGHFDPELRGHKRUDULR\WXUQRGHOHPSOHDGRRFDVLRQDXQJUDQSHUMXLFLRRUJDQL]DWLYRGHELGRDODPRGLFD.
&
I
/D)
%
'
%
I
SRUWDYR]GH*ROGFDU6RORKHPRVSHGLGRTXHQRVGLJDSRUTXppOGHEHFXLGDUDVXKLMD\SRUTXpVXFyQ\XJHQRSXHGHKDFHUOR(QWRGR
#
#
(
/D
.
6
"
.
%
"
<I
.
G
"
%
""
%
KRUDULRGHFDGDXQRGHHOORVVRVWLHQHODUHVSRQVDEOHGHLJXDOGDGGH&&22HQ$OLFDQWH3RUHOORHQHVWHFDVRHVLQGLIHUHQWHVLODPXMHU
WUDEDMDRQRDVHJXUD$UDFLO3RUTXpHOWUDEDMDGRUWLHQHTXHGDUFXHQWDGHODYLGDSULYDGDGHVXSDUHMD"1RVHWUDWDGHOKLMRGHDPERV"
/=D
#)
"
.
.
?I
/)8(17((/3$6
F
:
1
=>)
.
G
#)
.
?
=>)
?
1
=>)
.
?
1
=>)
?
=F.
"
?
1
=>)
2.
G
3
FFAA?
1
=F(
.?
=F
#
"
.
%
%
#
%
FyQ\XJH"3RUTXp"
=6
('8&$&,1(19$/25(6(1(/081'2/$%25$/
?I
)8(17((/3$6([WUDFWRGHODUWtFXORGH0DUtD56DKXTXLOOR3RUPXMHURSRUTXHHVEXHQD"
F
:
1
=>)
%
%
"
(
?
1
=F.
(
J
.
?
=C
J?
1
@
4
#
'"
:
F
*"
6
,
OYDUH]\ODSURSLDDXWRUDGHODUWtFXOR
G2UJDQL]DGXQGHEDWHHQFODVHGRQGHDOXPQRVGHHQGDQHOVLVWHPDGHFXRWDV\RWURVQR
==
?9,!/5BD/9/9A D/&/5B
('8&$&,1(19$/25(6(1(/081'2/$%25$/
%
'
"(
"
%
;
8
.
%
([WLQFLyQ
"
%
6LQHPEDUJRVDEHPRVTXpPXMHUHVVRQODVTXHDFFHGHQDHVWRVWLSRVGHGHUHFKRV" ([LVWHXQSHUOGHPXMHUYtFWLPDGHYLROHQFLD
%5
F(QODSiJLQDGHOD6HFUHWDUtDGH(VWDGRGH,JXDOGDGVHSXHGHHQFRQWUDUHOSHUOHVWDGtVWLFRGHODVPXMHUHVTXHKDQOODPDGRDO
5+
4
3
.
!
B)
&
9
6
#
(67$'2&,9,/
'85$&,1'(/$5(/$&,1
&21(/$*5(625
10(52'(+,-26
*5832'(('$'
F
5H
6ROWHUD
9H
%
- 44H
3DUHMDGHKHFKR
4H
$
5H
6HSDUDGD
KH
3
4H
$"
;H
3HQVLRQLVWD
;H
5
&
9H
G(
&
5H
5
&
H
&
8H
&
8H
J
48H
$
H
(
H
6LQKLMRV
9H
$
8
&
8H
$
4
&
;H
G(
5
&
H
$
4
5
&
H
G
8
&
KH
6,78$&,1/$%25$/
%
- ;H
*3F,A*3,$3$
$
3
9&7,0$
*3F,A*3,$3$
$
$*5(625
H
H
&
9;H
3)
;H
A
4H
IULFD
H
3
H
&
9;H
A
5H
3)
H
IULFD
H
3
5H
1
,
'
(
;:
1
%
#
(
'
"
)
"
#
%
1
.
.
)
2%
1
%
5
&
#
%
1
'
%
2%
(QGHQLWLYD&UHHVTXHH[LVWHXQSHUOWtSLFRGHPXMHUYtFWLPDGHYLROHQFLDGHJpQHURRDIHFWDDGLVWLQWRVJUXSRVGHHGDGVLWXDFLyQFLYLOHWF"
1
=>)
#
"
"
)
?
=4
? 6
A
:
$1&$!
"
1A
*!
7
,!
#>&1!?
"
0
0
7
0
04
%#
?92A!$/!/D%B<!/J:%/
6HJ~QOD
IRUPDGHSDJR
6DODULRHQ
VHSDJDHQPRQHGDOHJDO3XHGHVHUHQPHWiOLFRSRUWUDQVIHUHQFLDEDQFDULDR
SRUWDOyQEDQFDULR
6DODULRHQVHSDJDHQSURGXFWRVGLVWLQWRVDOGLQHUR3XHGHVHUODSXHVWDDGLVSRVLFLyQGHO
WUDEDMDGRUGHXQDYLYLHQGDRGHXQYHKtFXORODDSRUWDFLyQDXQSODQGHSHQVLRQHVHWF(OVDODULRHQ
HVSHFLHQRSXHGHVHUPD\RUGHOGHOWRWDOGHUHWULEXFLRQHVTXHUHFLEDHOWUDEDMDGRU
6HJ~QOD
IRUPDGHFiOFXOR
6DODULRSRU (
VHSDJDWDQWRDOGtDDOPHVRDODKRUDFRQLQGHSHQGHQFLDGHOD
FDQWLGDGGHWUDEDMRUHDOL]DGRGXUDQWHHVHWLHPSR
6DODULRSRU(
VHSDJDVHJ~QODFDQWLGDGGHWUDEDMRUHDOL]DGRDGTXLHUHODIRUPDGH
FRPLVLRQHVRGHLQFHQWLYRVSRUSURGXFFLyQ
6DODULR XXQDSDUWHHQWLHPSR\RWUDHQREUDSRUHMHPSORXQDSDUWHMDDOPHV\RWUDVHJ~Q
LQFHQWLYRV
:2
-XDQ*XWLpUUH]UPDXQFRQWUDWRGHWUDEDMRSRUHOTXHDFHSWDGHVSOD]DUVHD0XUFLDDSRQHUHQPDUFKDXQDQXHYDRFLQDGHODHPSUHVD
7ROGRV9HUGHV6/(QVXVUHWULEXFLRQHVVHHVWDEOHFHTXHJDQDUiGHVDODULRHQGLQHURDOPHV\DGHPiVODHPSUHVDSRQGUiDVX
GLVSRVLFLyQXQDYLYLHQGDGHDOTXLOHUSRUDOPHVODFXDOSDJDUiODHPSUHVDFRPRVDODULRHQHVSHFLH6REUHSDVDHOVDODULRHQHVSHFLH
HOWRSHGHOGHOWRWDOGHUHWULEXFLRQHV""(
1RSXHVHOVDODULRHQHVSHFLHHVGHOVREUHHOWRWDOGHODVSHUFHSFLRQHV\QROOHJDDO
&RPRJDQDHQHVSHFLH\HQWRWDOSHUFLEH DOGLYLGLU
=@
3DJR
(OSDJRGHOVDODULRVHUHDOL]DUiGH+(
(HQOD+(%
RHQVX
GHIHFWRVHJ~QORVXVRV\FRVWXPEUHV
/RVWUDEDMDGRUHVWLHQHQGHUHFKRD
DFXHQWDSRUODSDUWHGHOWUDEDMRTXH\DKDQ
UHDOL]DGR
%GDQGHUHFKRDOWUDEDMDGRUDUHFLELUXQRV
G
(
VREUHHVDVFDQWLGDGHV6HJ~QOD-XULVSUXGHQFLDGHEHQGDUVHUHWUDVRVHQHOSDJRGHPHVHVSDUD
TXHHOWUDEDMDGRUSXHGDH[WLQJXLUHOFRQWUDWRSRUFDXVDMXVWD(VWHDVSHFWRVHYHUiHQHOWHPDVREUH
H[WLQFLyQGHOFRQWUDWR
5HFLER
GHVDODULRV
(OSDJRGHOVDODULRVHGRFXPHQWDFRQXQGRQGHTXHGDQUHHMDGDVFODUDPHQWH
ODVSHUFHSFLRQHVTXHUHFLEHHOWUDEDMDGRUDVtFRPRODVGHGXFFLRQHVSRUVHJXULGDGVRFLDO\SRU+DFLHQGDTXHUHDOL]DODHPSUHVDVREUHODQyPLQD
([LVWHXQ MDGRSRUODOH\VLQHPEDUJRHVSRVLEOHTXHSRUFRQYHQLRFROHFWLYRRSRUSDFWRHQWUHODHPSUHVD\ORVUHSUHVHQWDQWHVVHMHRWURPRGHORGHUHFLERGH
VDODULRVGRQGHTXHGHQVLHPSUHUHHMDGDVODVUHWULEXFLRQHV\ODVGHGXFFLRQHV
?92A!$/!/D%B<!/J:%/
(/6$/$5,201,02,17(5352)(6,21$/
(/6$/$5,2'(/&219(1,2&2/(&7,92
(/6$/$5,2'(/&2175$72'(75$%$-2
02',),&$&,1'(/6$/$5,2
C"'#D'"E;&<<<F
A
8QSRUFDGDFDWHJRUtDRJUXSRSURIHVLRQDOHOFXDOYLHQHDPHMRUDUHO60,FRPRPXFKR
ORSXHGHPDQWHQHUSHURQXQFDVHULQIHULRUDO60,
(FRQFUHWRVTXHUHFLELUiQWRGRVORVWUDEDMDGRUHVGHHVH
FRQYHQLRDVtFRPRODFXDQWtDGHFDGDSOXV
XRSOXVHVFRQFUHWRVTXHYLHQHQDFRPSHQVDUJDVWRVTXHWLHQHQORVWUDEDMDGRUHVSRUUHDOL]DUHOWUDEDMRDVtFRPRVXFXDQWtD
%XVXFXDQWtDFXiQGRVHFREUDQ\VLKD\PiVGHSDJDVDODxRTXHVRQODVPtQLPDVTXHVHxDODODOH\SDUDWRGRVORVWUDEDMDGRUHV
(QGHQLWLYDHO
%(SRUFDGDFDWHJRUtDRJUXSRSURIHVLRQDO
(TXHGHEHQFREUDUWRGRVORVWUDEDMDGRUHVDORVTXHVHOHVDSOLFDHVHFRQYHQLR
#;":'&$
1;:
$?&$!
:2
0DULQJHOHVHVXQDDGPLQLVWUDWLYDTXHOOHYDPXFKRVDxRVHQODHPSUHVD\DVXPHWRGDVODVUHVSRQVDELOLGDGHVHQODJHVWLyQGHODVQyPLQDV
GHODPLVPD3RUHOORODHPSUHVD\DGHVGHKDFHXQRVDxRVGHFLGLySDJDUOHPiVTXHORPtQLPRMDGRHQHOFRQYHQLRFRQXQVXHOGRGH
DOPHVFXDQGRHOFRQYHQLRMD(VWHDxRHOFRQYHQLRKDUHDOL]DGRXQDVXELGDGHOGHOVDODULRGHMiQGRORHQ0DULQJHOHV
YHTXHDVXVFRPSDxHUDVOHKDQVXELGRHOVXHOGRHQ\VHSUHJXQWDVLQRGHEHUtDQVXELUOHDHOODWDPELpQHVDFDQWLGDG
"(
0DULQJHOHV\DYLHQHGLVIUXWDQGRGHXQDPHMRUDHQHOVDODULRUHVSHFWRDOFRQYHQLRFRQORTXHODVVXELGDVHQHOFRQYHQLRQROHDIHFWDQ\D
TXHODFDQWLGDGPtQLPDVLJXHVLHQGRLQIHULRUDORVTXHHOODJDQD3RUORWDQWRQRVHOHDSOLFDUiQLQJXQDVXELGDVDODULDOVDOYR
TXHODHPSUHVDGHFLGLHVHYROXQWDULDPHQWHVXELUOHHOVDODULR
=3
?92A!$/!/D%B<!/J:%/
'0RGLFDFLyQGHOVDODULRGHOFRQYHQLR\GHOFRQWUDWR
/DUHIRUPDODERUDOGHFRQODQDOLGDGGHIRPHQWDUOD H[LELOLGDGLQWHUQDHQODVHPSUHVDVKDLQWURGXFLGRODSRVLELOLGDGGHTXH
PRGLTXHQODVFRQGLFLRQHVVDODULDOHVMDGDVWDQWRHQHOFRQYHQLRFROHFWLYRFRPRHQHOFRQWUDWRGHWUDEDMR
0RGLFDFLyQGHOVDODULRGHOFRQYHQLRFROHFWLYR
/DVHPSUHVDVSRGUiQPRGLFDUODHVWUXFWXUDGHOVDODULRTXHMDHOFRQYHQLRTXpSOXVHVFRQFUHWRVVHFREUDQ,(
0
,GHORVPLVPRV
3DUDHOORVHEXVFDUiHO (FRQORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVDVtFRPRTXHH[LVWDQXQDV (9TXHORMXVWLTXHQWDOHVFRPRWHQHUXQD
(
GXUDQWH
((QFDVRGHGHVDFXHUGRORVUHSUHVHQWDQWHVGHEHUiQDFXGLUDODFRPLVLyQSDULWDULDGHOFRQYHQLR\HQFDVRGHTXHFRQWLQ~HKDELHQGRGHVDFXHUGRDRWUDQDFLRQDOOD&RPLVLyQ1DFLRQDO
&RQVXOWLYDGH&RQYHQLRV&ROHFWLYRVODFXDOGHVLJQDUiXQiUELWUR
(QODVHPSUHVDVVHSXHGH(
HOFXDO
VREUHHOFRQYHQLRFROHFWLYRGHOVHFWRUSXGLHQGR
HVWDEOHFHUXQD(
,
15
HVSRVLEOHXWLOL]DUODV2(((%(ODVFXDOHVSXHGHQXWLOL]DUODVHPSUHVDVHQFRQGLFLRQHVGHSpUGLGDV
HFRQyPLFDVFRQHOQGHQRUHDOL]DUODVXELGDVDODULDOTXHMDHOFRQYHQLRFROHFWLYRGHOVHFWRU(VWDVFOiXVXODV\DH[LVWtDQDQWHVGHODUHIRUPD
0RGLFDFLyQGHOVDODULRGHOFRQWUDWRGHWUDEDMR
/DVHPSUHVDVSRGUiQ PRGLFDUODFXDQWtDGHOVDODULRSDFWDGRHQHOFRQWUDWRGHWUDEDMRDVtFRPRGHODVPHMRUDVYROXQWDULDVTXH
RIUHFtDDWRGRVORVWUDEDMDGRUHVGHODHPSUHVD
6HWUDWDGHXQDPRGLFDFLyQVXVWDQFLDOGHOFRQWUDWRGRQGHHOWUDEDMDGRUWHQGUiGHUHFKRDH[WLQJXLUHOFRQWUDWRFRQXQDLQGHPQL]DFLyQ
GHGtDVSRUDxRWUDEDMDGR(VWHSXQWRVHYHUiHQHOWHPDVLJXLHQWH
4
?92A!$/!/D%B<!/J:%/
:2
6$/$5,2(0%$5*$%/(
*RQ]DORWLHQHXQDVHULHGHGHXGDVTXHQRKDSDJDGR\HVGHPDQGDGRDQWHHOMX]JDGR/DVHQWHQFLDHVWDEOHFHTXHVHOHHPEDUJDUiOD
QyPLQDFRQORVOtPLWHVTXHMHODOH\6XVDODULRHVGH&DOFXODTXpFDQWLGDGHVHPEDUJDEOH
"(
:26
)2*$6$
&ULVWLQD\1DWLYLGDGKDQVLGRGHVSHGLGDVGHODHPSUHVDSXHVpVWDYDDFHUUDUSRUSpUGLGDVHFRQyPLFDV$ODVWUDEDMDGRUDVOHVGHEHQ
PHVHVGHQyPLQDPiVODLQGHPQL]DFLyQSRUGHVSLGRGHGtDVSRUDxR(OVDODULRTXHJDQDEDQDOPHVHUDGHDOGtD\WHQtDQ
XQDDQWLJHGDGGHDxRV8QDYH]VHSURGXFHODYHQWDGHODHPSUHVDODVWUDEDMDGRUDVORJUDQFREUDUXQPHVGHVDODULRSHURVHOHVGHEH
WRGRORGHPiV4XpFDQWLGDGSRGUiQUHFODPDUDO)2*$6$"
"(
D3RUVDODULRVSRGUiQUHFODPDUXQPi[LPRGHGtDVFRQXQVDODULRGtDPi[LPRGHOGREOHGHO60,LQFOXLGDVODVSDJDVH[WUDV
0i[LPRVDODULRGtD [SDJDH[WUDGtD [ GtDPi[LPR
&RPROHVGHEHQGtDVGHVDODULR\VXVDODULRGtDHVGHDOGtDHVWiQHQORVOtPLWHV\FREUDUiQWRGRORSHQGLHQWHGtDV[
GtD SRUVDODULRVSHQGLHQWHV
E3RULQGHPQL]DFLRQHVSRUGHVSLGRSRGUiQUHFODPDUXQPi[LPRGHGtDVFRQXQVDODULRGtDPi[LPRGHOGREOHGHO60,FRQSDJDV
H[WUDV&RPROHVGHEHQGtDVSRUDxR[DxRVGHDQWLJHGDGVRQGtDVGHLQGHPQL]DFLyQHVWiHQHOOtPLWHGHGtDV
&REUDUiQHOWRWDOGHODLQGHPQL]DFLyQSHQGLHQWHGtDV[GtD
<
<<&((
(
A8
#
9
9
!7
'RQGHVHHVSHFLFDQORVGHODHPSUHVD\GHOWUDEDMDGRU
'HO
,TXHVHYDQDFREUDU
6RQODVFDQWLGDGHVTXHVHFREUDQSRUHO9
N(OVLQGHVFRQWDUODVHJXULGDGVRFLDORODUHWHQFLyQ
GHKDFLHQGD
/RVGHYHQJRVVHFODVLFDQHQSHUFHSFLRQHVVDODULDOHV\QRVDODULDOHV
$ORVGHYHQJRVRVDODULREUXWRHOHPSUHVDULRGHEHUHDOL]DUXQDVHULHGH (
6H
WUDWDGHODGHGXFFLyQSRU%(GHOWUDEDMDGRUSRUODUHWHQFLyQGHA
!.-RHQVX
FDVRGHORVDQWLFLSRVTXH\DKD\DFREUDGRRVLKDFREUDGRVDODULRVHQSURGXFWRVHQHVSHFLH
HQWUHORVGHYHQJRV\ODVGHGXFFLRQHVTXHVHKDFHQGHODQyPLQD7DPELpQVHOODPD
N
O6HUPDSRUODHPSUHVD\HOUHFLEtGHOWUDEDMDGRU
%DODVHJXULGDGVRFLDO\+DFLHQGDVHUHDOL]DQQRVREUHORVGHYHQJRVRVDODULREUXWRVLQR
OODPDGDVEDVHVGHFRWL]DFLyQ\EDVHVXMHWDDUHWHQFLyQGH,53)
4
?92A!$/!/D%B<!/J:%/
&
19
$!
1$OLDFLyQ6HJXULGDG6RFLDO
&DWHJRUtD3URIHVLRQDO
J(:L
:!
&&&6HJXULGDG6RFLDO
-*(
$M),(
$M,VA
<-
R
F
D
2
*UDWLFDFLRQHVH[WUDRUGLQDULDV
6DODULRHQHVSHFLH
<-
6XSOLGRVHLQGHPQL]DFLRQHVSRUJDVWRV
3UHVWDFLRQHVHLQGHPQL]DFLRQHVGHOD6HJXULGDG6RFLDO
,QGHPQL]DFLRQHVSRUWUDVODGRVVXVSHQVLRQHVRGHVSLGRV
2WUDVRSHUDFLRQHVQRVDODULDOHV
'01
1'&?&$J'
$SRUWDFLRQHVGHOWUDEDMDGRUDODVFRWL]DFLRQHVGHOD6HJXULGDG6RFLDO\FRQFHSWRVGHUHFDXGDFLyQFRQMXQWD
&RQWLQJHQFLDVFRPXQHV
$
)RUPDFLyQSURIHVLRQDO
D
2
+RUDVH[WUDRUGLQDULDVSRUIXHU]DPD\RU
A3
3A@3F,A*R
,PSXHVWRVREUHODUHQWDGHODVSHUVRQDVItVLFDV
$QWLFLSRV
9DORUGHSURGXFWRVUHFLELGRVHQHVSHFLH
2WUDVGHGXFFLRQHV
#01
1''&;:!.
".&:!#D
$@G,*3F,X*
$
3R
73RR
$
FA,Y3F,X*
3
3
RBJ@,$3$
RAF,3
C
FA*FAR
$
@F3J$3F,X*
FA*MJ*3
C
$
3
73R
RJM3
3
@*F,X*
$
,@
%DVHGHFRWL]DFLyQSRUFRQWLQJHQFLDVFRPXQHV%&&&
5HPXQHUDFLyQPHQVXDO
3URUUDWDGHSDJDVH[WUDRUGLQDULDV
7FFF:
%DVHGHFRWL]DFLyQSRUFRQWLQJHQFLDVSURIHVLRQDOHV$7\(3\FRQFHSWRVGH
UHFDXGDFLyQFRQMXQWDGHVHPSOHRIRUPDFLyQSURIHVLRQDO\)RQGRGH*DUDQWtD6DODULDO
%DVHGHFRWL]DFLyQDGLFLRQDOSRUKRUDVH[WUDRUGLQDULDV
%DVHVXMHWDDUHWHQFLyQGHO,53)
4
?92A!$/!/D%B<!/J:%/
#H:
/RVFRPSOHPHQWRVVDODULDOHVRSOXVHVVRQDTXHOORVTXH
(VODOH\\VREUH
WRGRHOFRQYHQLRHOTXHGHFLGHTXpSOXVHVHQFRQFUHWRYDQDFREUDUORVWUDEDMDGRUHVDFRJLGRVDHVH
FRQYHQLR/RV
&RPSOHPHQWRV
VDODULDOHV
#;":'&$
1;:
$?&$!
:
6RQDTXHOORVYLQFXODGRVDORV
X
WUDEDMDGRUFRPRSXHGHQVHUDQWLJHGDGSOXVGHLGLRPDVSRUSRVHVLyQGHWtWXORVHVSHFLDOHVHWF
:
(96RQORVYLQFXODGRVDO (
GHOWUDEDMDGRUORVPiVKDELWXDOHVVRQHOSOXVGHSHOLJURVLGDGSOXVGHWR[LFLGDGSOXVGHQRFWXUQLGDGSOXVGH
WXUQLFLGDGSOXVGHDWHQFLyQDOS~EOLFRSOXVGHFRQYHQLRHQIXQFLyQGHODFDWHJRUtDSURIHVLRQDOHWF
:
96RQORVDVRFLDGRVDO
0
9LQFHQWLYRVSULPDVFRPLVLRQHVSOXVGHDVLVWHQFLD\SXQWXDOLGDGKRUDVH[WUDRUGLQDULDVHWF
:
(
%X\VLORHVWDEOHFHHOFRQYHQLRGHODSDJDGHEHQHFLRV
6HWUDWDGHODV
%XSRUYDORUPtQLPRGHOVDODULREDVH
7RGRVORVWUDEDMDGRUHVWLHQHQGHUHFKRD
&DEHODSRVLELOLGDGGHTXHHOFRQYHQLRHVWDEOH]FDTXHVHSDJXHODSDUWHSURSRUFLRQDOGHODVSDJDV
H[WUDVWRGRVORVPHVHV%X
SDJDGHEHQHFLRVSXHGHWUDWDUVHGHXQVREUHORVEHQHFLRVRELHQGHXQDFDQWLGDGMDODFXDO
HVKDELWXDOTXHORVFRQYHQLRVSDJXHQHQHOPHVGHPDU]RSRUHOORVHVHVXHOHOODPDU%L
:H:
X
/RVFRPSOHPHQWRVH[WUDVDODULDOHVYLHQHQSULQFLSDOPHQWHD
% 9SRU
PRWLYRVGHOWUDEDMR$OLJXDOTXHORVFRPSOHPHQWRVVDODULDOHVDTXHOORVTXHHQFRQFUHWRYD\DDFREUDUHO
WUDEDMDGRUVHHVWDEOHFHQSRUOH\\HVSHFLDOPHQWHHQHOFRQYHQLR 15
WLHQHQODFRQVLGHUDFLyQGH
X ORVSDJRVHQVLWXDFLyQGHEDMDODERUDORODVLQGHPQL]DFLRQHVTXHUHFLEHHOWUDEDMDGRU
DVtFRPRODDFFLyQVRFLDOGHODHPSUHVD
&RPSOHPHQWRV
H[WUDVDODULDOHV
-(
(
SRUHOGHVSOD]DPLHQWRHQWUDQVSRUWHS~EOLFRDOWUDEDMR
-(
FXDQGRHOFHQWURGHWUDEDMRVHHQFXHQWUDDXQDGHWHUPLQDGDGLVWDQFLDGHODORFDOLGDGGHVXUHVLGHQFLD\GHEHDFXGLUVLQWUDQVSRUWHIDFLOLWDGRSRUODHPSUHVD
9SDUDFRPSHQVDUORVJDVWRVUHDOL]DGRVHQFRPLGDVRSRUGRUPLUIXHUDGHVXUHVLGHQFLD
SRUPRWLYRVGHOWUDEDMR
T9SDUDFRPSHQVDUORVJDVWRVHQJDVROLQDDXWRSLVWDV\XWLOL]DFLyQGHYHKtFXORSURSLRHQHOGHVSOD]DPLHQWRDRWUROXJDUIXHUDGHVXFHQWURGHWUDEDMR
.9%
SDUDFRPSHQVDUORVJDVWRVSRUODFRPSUDGHSUHQGDVGHWUDEDMRRGHKHUUDPLHQWDVSRUHOSURSLRWUDEDMDGRU
E(
VHSHUFLEHSDUDFRPSHQVDUHUURUHVHQHOPDQHMRGHGLQHURHIHFWLYRFRPR
SXHGHVHUHOFDVRGHODVSHUVRQDVTXHVHGHGLFDQDOFREURHQODFDMD
4
?92A!$/!/D%B<!/J:%/
:2=
(-(03/2&/&8/2'(6$/$5,2%5872
&DOFXODHOVDODULREUXWRUHOOHQDQGRODKRMDGHUHFLERGHVDODULRV
8QVDODULREDVHGHDOPHV
8QSOXVGHFRQYHQLRGH
5HDOL]DKRUDVH[WUDVSRUYDORUGHHQHVHPHV
/DSDJDH[WUDHVWiSURUUDWHDGDDOPHV\HOYDORUGHXQDHQWHUDHVXQVDODULREDVH
5HFLEHSOXVGHWUDQVSRUWHGH
3RUGLHWDVKDUHFLELGRSRUFRPHUIXHUDGtDV
"(
6DODULREDVH
&RPSOHPHQWRVVDODULDOHV
3OXVGHFRQYHQLR
+RUDVH[WUDRUGLQDULDV
*UDWLFDFLRQHVH[WUDRUGLQDULDV
6DODULRVHQHVSHFLH
<-
6XSOLGRVHLQGHPQL]DFLRQHVSRUJDVWRV
3OXVGHWUDQVSRUWH
'LHWDV
3UHVWDFLRQHVHLQGHPQL]DFLRQHVGHOD6HJXULGDG6RFLDO
,QGHPQL]DFLRQHVSRUWUDVODGRVVXVSHQVLRQHVRGHVSLGRV
2WUDVRSHUDFLRQHVQRVDODULDOHV
<=6R
<<(
(OHPSUHVDULRHVWiREOLJDGRDUHDOL]DU(
9ODFDQWLGDG
TXHDSRUWDHOWUDEDMDGRUDODVHJXULGDGVRFLDO\RWUDFDQWLGDGUHWHQLGDSDUD+DFLHQGD(VWDVFDQWLGDGHV
TXHUHVWDGHODQyPLQD
% HQOD7HVRUHUtD*HQHUDOGHOD6HJXULGDG
6RFLDODOPHVVLJXLHQWHDVtFRPRODUHWHQFLyQGH+DFLHQGDFDGDPHVHVHQOD'HOHJDFLyQGH+DFLHQGD
'H(
%(
",2+2FDOFXODUODFXRWDGHVHJXULGDGVRFLDOTXHSDJDHOWUDEDMDGRUVLDORTXHJDQDHOWUDEDMD-
46
?92A!$/!/D%B<!/J:%/
7RWDOGHOLPSRUWH
/DVPHMRUDV\DVLJQDFLRQHV
1RFRWL]DUiVHJ~QORTXHVHGHWHUPLQHSRUUHJODPHQWRSURFXDVLVWHQFLDOHVFRQFHGLGDVYROXQWD- UDQGRODPD\RUKRPRJHQHLGDGFRQODQRUPDWLYDWULEXWDULD+DULDPHQWHSRUODVHPSUHVDV
FLHQGD
1RWDTXHGDSHQGLHQWHGHGHVDUUROORUHJODPHQWDULRHVWDEOHFHUXQWRSHGHFRWL]DFLyQFRQMXQWRSDUDWRGRVORVFRPSOHPHQWRVH[WUDVDODULDOHVDVtFRPRUHIRUPDUODFRWL]DFLyQSRUSOXVGHWUDQVSRUWH\SOXVGH
GLVWDQFLDSDUDTXHFRWLFHQFRPSOHWDPHQWH
C"'#D'"E;&<<<F
C"'#D'"E;&<<<F
:24
,QGLFDSDUDORVVLJXLHQWHVFRPSOHPHQWRVVLVRQFRWL]DEOHVRQR
\HQTXpFDQWLGDG
3OXVFRQYHQLR
3OXVGHSHOLJURVLGDG
,QFHQWLYRV
3OXVGHGLVWDQFLD
'LHWDVSRUHVWDQFLDHQKRWHOGXUDQWHGtDVSRUFDGDQRFKH
'LHWDVSRUFRPHUIXHUDGXUDQWHGtDVSRU
*DVWRVGHORFRPRFLyQSRUYLDMHD%DGDMR]FRQIDFWXUDGH
3DJR GH OD SUHVWDFLyQ GH OD VHJXULGDG VRFLDO SRU HVWDU GH EDMD
ODERUDOGH
&RPSUDGHYHVWLPHQWDGHWUDEDMRSRUHOWUDEDMDGRUSRU
"(
/RVSOXVHVVDODULDOHVGHOFRQYHQLRGHSHOLJURVLGDGHLQFHQWLYRV
FRWL]DQDODVHJXULGDGVRFLDO
(Q HO SOXV GH GLVWDQFLD QR FRWL]D OR TXH QR OOHJXH DO GHO
,35(0SDUDHODxRVRQDOVHUQRFRWL]D
/DVGLHWDVSRUHVWDQFLDQRFRWL]DQVLHPSUHTXHVHMXVWLTXHQ
/DVGLHWDVSRUFRPHUIXHUDQRFRWL]DQVLVRQLQIHULRUHVDDO
GtDHQHVWHFDVRVRQDOGtD\QRFRWL]DQ
/RVSDJRVGHODVHJXULGDGVRFLDOQRFRWL]DQ
/DDGTXLVLFLyQGHURSDGHWUDEDMRVtTXHFRWL]DGHVGHODUHIRUPD
GHMXOLRGH
4=
?92A!$/!/D%B<!/J:%/
:(#:::
(
/RVSDVRVSDUDFDOFXODUOD%&&&HQXQVDODULRPHQVXDOVRQORVVLJXLHQWHV
6HVXPDQWRGRV
%TXHFRWL]DQDODVHJXULGDGVRFLDO
6HH[FOX\HQORV FRPSOHPHQWRVH[WUDVDODULDOHVTXHQRFRWL]DQDVtFRPRORJDQDGRSRUODV
X
6HVXPDOD
%XTXHOHFRUUHVSRQGHDOPHVGHODVLJXLHQWHPDQHUDVHVXPDQWRGDVODVSDJDVH[WUDVGHODxR\ODGHEHQHFLRV\VHGLYLGHQSRUPHVHV
/DFDQWLGDGUHVXOWDQWHGHEHHVWDU
2X,
GHFRWL]DFLyQGHVX
JUXSRSURIHVLRQDOTXHWRGRVORVDxRVDSUXHEDHO0LQLVWHULRGH(PSOHR3DUDHODxRHVODVLJXLHQWH
&/$A$:KO%:/$<:I%:/$:A$?/!A$9AB %@/%J#BDB %6A%/$B:?A$#/D/*-1,
6
8
7
&7
&C
,QJHQLHURV\OLFHQFLDGRV\SHUVRQDOGHDOWDGLUHFFLyQQRLQFOXLGRHQDUWGHOHVWDWXWR
GHORVWUDEDMDGRUHV
,QJHQLHURV7pFQLFRV3HULWRV\$\XGDQWHV7LWXODGRV
-HIHVDGPLQLVWUDWLYRV\GHWDOOHU
$\XGDQWHVQRWLWXODGRV
2FLDOHVDGPLQLVWUDWLYRV
6XEDOWHUQRV
$X[LOLDUHVDGPLQLVWUDWLYRV
:2I
"(
3OXVGHFRQYHQLR
3OXVGHWUDQVSRUWH
'LHWDVGHFRPLGDSRUGtDVSRUYDORU
GH
SDJDVH[WUDVDODxRGHVDODULREDVH
FDGDXQD
+RUDVH[WUDVSRUYDORUGH
/RV
%LVRQ
6DODULREDVHSRU
3OXVGHFRQYHQLRSRU
/RV
%
L
(OSOXVGHWUDQVSRUWHTXHQRH[FHGDGHOGHO,35(0GH
&RPRJDQDFRWL]DUiHOH[FHVR
/DVGLHWDVQRFRWL]DQODFDQWLGDGTXHQRVXSHUHGtDDOVHUGHQRFRWL]D
/DVKRUDVH[WUDRUGLQDULDVQRFRWL]DQSRU%&&&
/D
%XFREUDGDVHQHODxR
SDJDV[ PHVHV DOPHVSURUUDWHDGD
(OHV <@@&RPRHVWiHQWUHOD2X
,
GHOJUXSRFRWL]DUiSRUHVDFDQWLGDG
44
?92A!$/!/D%B<!/J:%/
:2(#:::
/RVSDVRVSDUDFDOFXODUOD%&&&HQVDODULRGtDVRQORVVLJXLHQWHV
6HVXPDQWRGRV
%
TXHFRWL]DQDODVHJXULGDGVRFLDO
6HH[FOX\HQORV FRPSOHPHQWRVH[WUDVDODULDOHVTXHQRFRWL]DQDVtFRPRORJDQDGRSRUODV
X
6HVXPDOD
%XTXHOHFRUUHVSRQGHDOGtDGHODVLJXLHQWHPDQHUDVHVXPDQWRGDVODVSDJDVH[WUDVGHODxR\VHGLYLGHQSRUGtDVGHPDQHUDTXHVDOHODSDJDH[WUD
GHOGtD
/DFDQWLGDGUHVXOWDQWHGHEHHVWDU
2X,
GHFRWL]DFLyQ
GHOJUXSRSURIHVLRQDOTXHWRGRVORVDxRVDSUXHEDHO0LQLVWHULRGH7UDEDMR
(VDEDVHGHFRWL]DFLyQGLDULDVHPXOWLSOLFDUi
7,GHOPHVWUDEDMDGR
([LVWHQ ((L
TXHQRVHGHVDUUROODQHQHVWHWHPDFRPRHV
ODFRWL]DFLyQHQFRQWUDWRVDWLHPSRSDUFLDOGRQGHODEDVHPtQLPDYLHQHSRUKRUDV\QRSRUGtDVRPHVHV
3DUDSURIXQGL]DUHQHVWRVVXSXHVWRVHVSHFLDOHVFRQVXOWDHQODSiJLQDGHODVHJXULGDGVRFLDO
:T
8
(QWUDHQODSiJLQDGHODVHJXULGDGVRFLDO
KWWSZZZVHJVRFLDOHV
,QWHUQHWB7UDEDMDGRUHV
&RWL]DFLRQ5HFDXGDFL
%DVHV\WLSRVGHFRWL]D
LQGH[KWP
&RQVXOWDODVEDVHVPi[LPDV
\PtQLPDVGHFRWL]DFLyQSDUD
HODxRDFWXDO
6
8
7
2FLDOHVGHSULPHUD\GHVHJXQGD
2FLDOHVGHWHUFHUD\HVSHFLDOLVWDV
3HRQHV
7UDEDMDGRUHVPHQRUHVGHDxRVFXDOTXLHUDTXHVHDVXFDWHJRUtDSURIHVLRQDO
:2@
"(
&DOFXODOD%&&&GHXQWUDEDMDGRUGHO
JUXSRTXHWUDEDMDDWLHPSRFRPSOHWR
HQHOPHVGHPDU]R
6DODULREDVH
G
3OXVGHFRQYHQLR
G
3OXVGHWUDQVSRUWH
G
'LHWDVGHFRPLGDSRUGtDVSRUYDORU
GH
SDJDVH[WUDVDODxRSRUVDODULREDVH
FDGDXQD
+RUDVH[WUDVSRUYDORUGH
/RV
%LVRQ
6DODULREDVHSRU
3OXVGHFRQYHQLRSRU
/RV
%
L
(OSOXVGHWUDQVSRUWHTXHQRH[FHGDGHOGHO,35(0GHGtD
&RPRJDQDQRFRWL]D
/DVGLHWDVQRFRWL]DQODFDQWLGDGTXHQRVXSHUHGtDDOVHUGHQRFRWL]D
/DVKRUDVH[WUDRUGLQDULDVQRFRWL]DQSRU%&&&
/D
%XFREUDGDVHQHODxR
SDJDV[ GtDV DOGtDSURUUDWHDGD
(OGtDHV I3DOGtD&RPRHVWiHQWUHOD2X,0
GHOJUXSRFRWL]DUiSRUHVDFDQWLGDGPXOWLSOLFDQGRSRUHOQ~PHURGHGtDVGHOPHV
[GtDV <I=@R<
4I
?92A!$/!/D%B<!/J:%/
:23
"(
/D%&&&HUD
/D%&&3 %&&&+RUDV([WUDV
(VWDFDQWLGDGHVWiHQWUHHOWRSHPi[LPR\PtQLPR
/D%DVHGHKRUDVH[WUDVDGLFLRQDO SRUODVKRUDVH[WUDVUHDOL]DGDV
1L
19
&
:
%
(
6IG#:::
GH%&&&
&RQWLQJHQFLDVSURIHVLRQDOHV
*
%&&3VHJ~QHOJUDGRGH
SHOLJURVLGDGGHODDFWLYLGDG
6XSXHVWRJHQHUDOLQGHQLGR
==G#::-
%&&3
(QFRQWUDWRVWHPSRUDOHVDWLHPSRFRPSOHWR
4GGH%&&3
%&&3
(QFRQWUDWRVWHPSRUDOHVDWLHPSRSDUFLDO
4GGH%&&3
%&&3
)RQGRGH*DUDQWtD6DODULDO
+
SDUDHOHPSOHR
+RUDVH[WUDVRUGLQDULDV
+RUDVH[WUDVSRUIXHU]DPD\RU
4@
*
%&&3
G#::-
%&&3
GH%+(
%+(
GH%+(
%+(
?92A!$/!/D%B<!/J:%/
:2
"(
#H(
A
Y!.-H
/DVHPSUHVDVUHDOL]DQDWRGRVORVWUDEDMDGRUHV (
(
%
A
\DVtFXPSOLUFRQVXVREOLJDFLRQHVGHSDJRGHLPSXHVWRV(VWRVLJQLFDTXH
FDGDPHVDOWUDEDMDGRUVHOHGHVFXHQWDXQDSDUWHGHVXQyPLQDSDUDTXH
%
A
(
%N(
OSRUHOWUDEDMDGRUSDUDHOLPSXHVWRGH,53)
,PSXHVWRVREUHOD5HQWDGHODV3HUVRQDV)tVLFDV$VtFXDQGRQDOLFHHODxRHOWUDEDMDGRUKDEUiSDJDGR
DFXHQWDXQDVFDQWLGDGHVTXHOHVHUYLUiQSDUDOD
A
%(
: (ODUHWHQFLyQGH,53)HQODQyPLQD"$OLJXDOTXHFRQODVHJXULGDGVRFLDOKD\TXH
FDOFXODUXQDEDVHGH,53)\XQWLSRRDDSOLFDUVREUHHVDEDVH
!.-VHFDOFXODDSDUWLUGHORVGHYHQJRVPHQVXDOHVSHURGHVFRQWDQGRODV
FDQWLGDGHVTXHQRSDJDQ+DFLHQGDTXHVRQ
/RVSDJRVHQSUHVWDFLRQHVGHODVHJXULGDGVRFLDO
/DV LQGHPQL]DFLRQHV OHJDOHV SRU GHVSLGR R H[WLQFLyQ GHO FRQWUDWR VDOYR SRU QDOL]DFLyQ GHO FRQWUDWR
WHPSRUDOGHREUD\VHUYLFLR\HYHQWXDOTXHVtWULEXWDQDVtFRPRODVLQGHPQL]DFLRQHVSRUWUDVODGRV\
IDOOHFLPLHQWR
C"'#D'"E;&<<<F
/RVJDVWRVGHORFRPRFLyQ\GLHWDVHQODVPLVPDVFDQWLGDGHVTXHSDUDODVHJXULGDGVRFLDO
(VWRVLJQLFDTXHKD\FLHUWDVFDQWLGDGHVTXHQRSDJDQVHJXULGDGVRFLDOSHURVtTXHSDJDQD+DFLHQGD
(OG
ORFDOFXOD+DFLHQGD\VHORFRPXQLFDDODHPSUHVD/RVFiOFXORVVHUHDOL]DQ
HQIXQFLyQGHODUHQWDDQXDOGHOWUDEDMDGRU\GHVXVLWXDFLyQIDPLOLDU
/tTXLGRDSHUFLELURVDODULRQHWR
/DFDQWLGDGTXHUHFLELUiHOWUDEDMDGRUVHUiODUHVWDHQWUHHOVDODULREUXWR\ODVGHGXFFLRQHVHQODVHJXULGDG
VRFLDO\FXRWDVGHUHFDXGDFLyQFRQMXQWD\GH+DFLHQGD
:2
"(
%DVHGHUHWHQFLyQ,53)
(OVDODULREUXWRHUDGH1RWULEXWDQD+DFLHQGDODVGLHWDVSRU\DTXHHOSOXVGH
GLVWDQFLDVtTXHWULEXWDDVtFRPRODVKRUDVH[WUDV%DVH,53)
5HWHQFLyQGH
/tTXLGRDSHUFLELU
6DODULREUXWRVHJXULGDGVRFLDO,53)
43
?92A!$/!/D%B<!/J:%/
&
19
OOOO
<<<<
:!
$!
1$OLDFLyQ6HJXULGDG6RFLDO
:%,-+
J(:L
3HULRGRGHOLTXLGDFLyQ'HD
1/LEUR0DWUtFXOD
1'tDV+RUDV
<-
6DODULREDVH
&RPSOHPHQWRVVDODULDOHV
3OXVGHFRQYHQLR
+RUDVH[WUDRUGLQDULDV
*UDWLFDFLRQHVH[WUDRUGLQDULDV
<=6
6DODULRHQHVSHFLH
<-
6XSOLGRVHLQGHPQL]DFLRQHVSRUJDVWRV
3OXVGHWUDQVSRUWH
'LHWDV
3UHVWDFLRQHVHLQGHPQL]DFLRQHVGHOD6HJXULGDG6RFLDO
,QGHPQL]DFLRQHVSRUWUDVODGRVVXVSHQVLRQHVRGHVSLGRV
2WUDVRSHUDFLRQHVQRVDODULDOHV
!!<&;::!
$&"
$SRUWDFLRQHVGHOWUDEDMDGRUDODVFRWL]DFLRQHVGHOD6HJXULGDG6RFLDO\FRQFHSWRVGHUHFDXGDFLyQFRQMXQWD
&RQWLQJHQFLDVFRPXQHV
'HVHPSOHR
)RUPDFLyQSURIHVLRQDO
+RUDVH[WUDRUGLQDULDV
+RUDVH[WUDRUGLQDULDVSRUIXHU]DPD\RU
727$/$3257$&,21(6
,PSXHVWRVREUHODUHQWDGHODVSHUVRQDVItVLFDV
$QWLFLSRV
9DORUGHSURGXFWRVUHFLELGRVHQHVSHFLH
2WUDVGHGXFFLRQHV
#01
1''&;:!.
".&:!#D
@4I
<4I
'(7(50,1$&,1'(/$6%$6(6'(&27,=$&,1$/$6(*85,'$'62&,$/<&21&(3726'(5(&$8'$&,1&21-817$<'(/$%$6(
68-(7$$5(7(1&,1'(/,53)
%DVHGHFRWL]DFLyQSRUFRQWLQJHQFLDVFRPXQHV%&&&
5HPXQHUDFLyQPHQVXDO
3URUUDWDGHSDJDVH[WUDRUGLQDULDV
I
7RWDO%&&&
%DVHGHFRWL]DFLyQSRUFRQWLQJHQFLDVSURIHVLRQDOHV$7\(3\FRQFHSWRVGH
UHFDXGDFLyQFRQMXQWDGHVHPSOHRIRUPDFLyQSURIHVLRQDO\)RQGRGH*DUDQWtD6DODULDO
%DVHGHFRWL]DFLyQDGLFLRQDOSRUKRUDVH[WUDRUGLQDULDV
%DVHVXMHWDDUHWHQFLyQGHO,53)
#H$
6HxDODVLVRQFRWL]DEOHVRQRORVVLJXLHQWHVFRPSOHPHQWRVPHQVXDOHV\HQTXpFXDQWtD
D,QGHPQL]DFLyQSRUGHVSLGRSRUYDORUGH
E3OXVGHWUDQVSRUWHXUEDQRSRUYDORUGH
F'LHWDVSRUHVWDQFLDHQKRWHOGXUDQWHGtDVSRUXQLPSRUWHGH
FDGDQRFKH
G'LHWDVSRUFRPHUIXHUDGXUDQWHGtDVGHFDGDGtD
H*DVWRVGHORFRPRFLyQHQFRFKHSURSLRUHDOL]DQGRNPGHVGH9DOHQFLDKDVWD'HQLDFREUDQGRGHODHPSUHVD
I3DJRGHOD6HJXULGDG6RFLDOSRUHVWDUGHEDMDODERUDOSRU
&DOFXODHOVDODULRQHWRGHXQWUDEDMDGRUGHOJUXSRGHFRWL]DFLyQ
FRQXQFRQWUDWRLQGHQLGR\TXHFREUD
6DODULREDVH
3OXVGHFRQYHQLR
,QFHQWLYRV
'LHWDVGHFRPLGDGHGtDVSRUYDORUWRWDOGH
+RUDVH[WUDVSRUYDORUGH
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVDSDJDGH
IRUPDSURUUDWHDGDODVSDJDVH[WUDV
8QDUHWHQFLyQGHO,53)GHOGH+DFLHQGD
?92A!$/!/D%B<!/J:%/0/ %4%9/9A$
&DOFXODHOVDODULRQHWRGHXQWUDEDMDGRUGHOJUXSRGHFRWL]DFLyQ
FRQXQFRQWUDWRWHPSRUDO\TXHFREUDHQHOPHVGHDEULO
6DODULREDVH
3OXVGHSHOLJURVLGDG
3OXVGHQRFWXUQLGDG
*DVWRVGHORFRPRFLyQHQWUHQSRUYDORUGHFRQIDFWXUD
'LHWDVSRUHVWDQFLDGHXQDQRFKHHQKRWHOSRU
+RUDVH[WUDVSRUYDORUGH
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVD12SDJD
GHIRUPDSURUUDWHDGDODVSDJDVH[WUDV
5HWHQFLyQGHO,53)'HOGH+DFLHQGD
&DOFXODHOVDODULRQHWRHQHOPHVGHGLFLHPEUHGHXQWUDEDMDGRUFRQ
ODFDWHJRUtDGHRFLDOGHGHOJUXSRGHFRWL]DFLyQFRQXQFRQWUDWR
WHPSRUDO\TXHFREUD
6DODULREDVH
GtD
3OXVGHFRQYHQLR
GtD
3OXVGHGLVWDQFLD
GtD
'LHWDVSRUFRPLGDSRUGtDVSRUYDORUGH
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVDSDJDGH
IRUPDSURUUDWHDGDODVSDJDVH[WUDV
+RUDVH[WUDVSRUYDORUGH
5HWHQFLyQGHO,53)'HOGH+DFLHQGD
&DOFXODHOVDODULRQHWRHQHOPHVGHHQHURGHXQWUDEDMDGRUFRQOD
FDWHJRUtDGHRFLDOGHGHOJUXSRGHFRWL]DFLyQFRQXQFRQWUDWR
LQGHQLGR\TXHFREUD
6DODULREDVH
GtD
3OXVGHFRQYHQLR
GtD
3OXVGHSURGXFWLYLGDG
GtD
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVDSDJDGH
IRUPDSURUUDWHDGDODVSDJDVH[WUDV
+RUDVH[WUDVSRUYDORUGH
5HWHQFLyQGHO,53)'HOGH+DFLHQGD
&DOFXODHOVDODULRQHWRHQHOPHVGHHQHURGHXQWUDEDMDGRUGHO
JUXSRGHFRWL]DFLyQFRQXQFRQWUDWRLQGHQLGR\TXHFREUD
6DODULREDVH
PHV
3OXVGHFRQYHQLR
PHV
3OXVGHSHOLJURVLGDG
PHV
SDJDVH[WUDVDODxRGHVDODULREDVHFDGDXQD/DHPSUHVDSDJDGH
IRUPDSURUUDWHDGDODVSDJDVH[WUDV
8QDSDJDGHEHQHFLRVGHPDU]RSRUGtDVGHVDODULREDVH/DHPSUHVDSDJDGHIRUPDSURUUDWHDGDODSDJDGHEHQHFLRVSRU
+RUDVH[WUDVSRUYDORUGH
5HWHQFLyQGHO,53)'HOGH+DFLHQGD
I
?92A!$/!/D%B<!/J:%/0/ %4%9/9A$
.
(OVDODULRTXHVHMHHQHOFRQWUDWRGHWUDEDMR
D'HEHVHULJXDODOTXHMDHOFRQYHQLRFROHFWLYR
E3XHGHPHMRUDUHOTXHGLJDHOFRQYHQLRFROHFWLYRVLDVtORSDFWDQHO
HPSUHVDULR\HOWUDEDMDGRU
F 7LHQHFRPRWRSHPi[LPRHOVDODULRGHOFRQYHQLRVLQTXHORSXHGD
VXSHUDU
5HVSHFWRDODPRGLFDFLyQGHOVDODULRGHOFRQYHQLR
FROHFWLYRHVFLHUWRTXHWUDVODUHIRUPDODERUDOGH
D/DVHPSUHVDVSRGUiQPRGLFDUODHVWUXFWXUDVDODULDOGHOFRQYHQLR
FDPELDQGRORVSOXVHVFRQFUHWRVTXHVHFREUDQDVtFRPRODFXDQWtD
HVWDEOHFLGDHQHOFRQYHQLR
E6LORVUHSUHVHQWDQWHVHVWiQHQGHVDFXHUGRGHEHUiQUHFODPDUDO-X]JDGRGHOR6RFLDO
F 8QDFDXVDREMHWLYDVHUtDGLVPLQXLUODVYHQWDVGXUDQWHWUHVWULPHVWUHV
FRQVHFXWLYRVUHVSHFWRDORVPLVPRVWULPHVWUHVGHODxRDQWHULRU
G6L OD HPSUHVD DSUREDVH XQ FRQYHQLR FROHFWLYR GH HPSUHVD HVWH
FRQYHQLRGHEHUtDPDQWHQHUHOVDODULRPtQLPRGHOFRQYHQLRGHVHFWRU
TXHHVWiSRUHQFLPD
5HVSHFWRDODPRGLFDFLyQGHOVDODULRGHOFRQWUDWR
9
D1XQFDSRGUiFDPELDUVHSRUSDUWHGHODHPSUHVDHOVDODULRSDFWDGR
HQHOFRQWUDWR
E6LVHFDPELDVHVHUtDXQDPRGLFDFLyQVXVWDQFLDOGHOFRQWUDWR
F (OWUDEDMDGRUWHQGUtDGHUHFKRDH[WLQJXLUHOFRQWUDWR\SHGLUXQDLQGHPQL]DFLyQGHGtDVSRUDxR
G/DE\ODFVRQFLHUWDV
#H%
,
1RHVFLHUWRUHVSHFWRDOVDODULRPtQLPRLQWHUSURIH0
VLRQDOTXH
/DVJDUDQWtDVGHOVDODULRLQFOX\HQ
D3DUDHODxRVHDGHDOPHV\GHDOGtD
D1RSRGHUHPEDUJDUGHOVDODULRQHWRHO60,TXHVHMHFDGDDxR
E/RMDHO&RQJUHVRWRGRVORVDxRVSDUDWRGDVODVSURIHVLRQHV
E6LODHPSUHVDWLHQHGLYHUVDVGHXGDVORVVDODULRVTXHVHGHEDQDORV
WUDEDMDGRUHVGHORV~OWLPRVGtDVWHQGUiQSUHIHUHQFLD
F (OVDODULRPtQLPRHVXQGHUHFKRTXHDSDUHFHHQOD&RQVWLWXFLyQ
F $PEDVVRQFLHUWDV
G(VSUHFLVRFRQVXOWDUFRQORVVLQGLFDWRV\DVRFLDFLRQHVGHHPSUHVDULRVSHURQRSDFWDUFRQHOORV
(O)2*$6$VHKDUiFDUJR
(QODHVWUXFWXUDGHOVDODULRGHOFRQYHQLRVHMD
D(QFDVRGHTXHODHPSUHVDVHDLQVROYHQWH\QRSXHGDSDJDUVDODULRVRLQGHPQL]DFLRQHVSRUGHVSLGRVXPDQGRDPEDV
D8QVDODULREDVHSRUFDWHJRUtDSURIHVLRQDORJUXSRSURIHVLRQDO
E/DVSDJDVH[WUDVVXFXDQWtD\FXiQWDVH[LVWHQFRQXQPtQLPRGH
F /RVFRPSOHPHQWRVVDODULDOHV\H[WUDVDODULDOHVGHHVHFRQYHQLR
G7RGRVORVFRQFHSWRVDQWHULRUHVDSDUHFHQUHFRJLGRVHQHOFRQYHQLR
I
E'HXQPi[LPRGHGtDVGHVDODULRVSHQGLHQWHV
F 3RULQGHPQL]DFLRQHVLPSURFHGHQWHVGHXQPi[LPRGHGtDVDxR
G(QHPSUHVDVGHPHQRVGHWUDEDMDGRUHVVHKDUiFDUJRGHODV
LQGHPQL]DFLRQHVLPSURFHGHQWHVSRUGtDVSRUDxR
?92A!$/!/D%B<!/J:%/0/ %4%9/9A$
(172512/$%25$/
?
((
,EHUGURODSDFWDXQFRQYHQLRTXHOLJDHOVDODULRDORVUHVXOWDGRV
/DFRPSDxtD,EHUGURODSXHGHVHUODSULPHUDJUDQHPSUHVDHVSDxRODHQDVXPLUODVWHVLVGHO%DQFRGH(VSDxD\GHODFDQFLOOHUDOHPDQDQJHOD0HUNHOVREUHOD
FRQYHQLHQFLDGHOLJDUVDODULRV\SURGXFWLYLGDGHQORVFRQYHQLRV/DHOpFWULFDKDDOFDQ]DGRXQSULQFLSLRGHDFXHUGRFRQ&&22862$W\SH\6LHSDUDUPDUXQ
FRQYHQLRFROHFWLYRSDUDORVSUy[LPRVFXDWURDxRVTXHOLJDODHYROXFLyQGHORVVDODULRVDORVUHVXOWDGRVRSHUDWLYRVGHODHPSUHVD(OSUHDFXHUGRDOTXHWRGDYtD
QRVHKDVXPDGRHOVLQGLFDWRPD\RULWDULRGHODHPSUHVD8*7\WDPSRFR(/$QL&*,DIHFWDUiDORVHPSOHDGRVGH,EHUGURODHQ(VSDxD\DORVGHVXVOLDOHV
,EHUGUROD5HQRYDEOHVH,RPVD(QWRWDOSHUVRQDV
(OFRQYHQLRSRGUtDUPDUVHHOGHPD\R&RQWHPSODXQLQFUHPHQWRVDODULDODQXDOGHO3HURODVXELGDSRGUtDOOHJDUDOVLVHVXSHUDQORVEHQHFLRV
MDGRVHQFDGDHMHUFLFLR(OVLVWHPDHVVLPSOH$SDUWLUGHODFRQVHFXFLyQGHORVREMHWLYRVKD\XQHVFDODGHVXELGDVTXHVHGHWLHQHHQHOVLVHDOFDQ]DHO
GHORVUHVXOWDGRVSURSXHVWRV4XpVXFHGHVLQRVHDOFDQ]DQORVREMHWLYRV"4XHODVXELGDVDODULDOGHODxRSXHGHTXHGDUHQXQHQOXJDUGHO
(OVDODULRGHORVWUDEDMDGRUHVGHMDGHHVWDUOLJDGRDO,3&QGLFHGH3UHFLRVDO&RQVXPRGHVWDFDQIXHQWHVGHODFRPSDxtDGHIRUPDTXHHOELQRPLRHPSUHVD
WUDEDMDGRUHVFRPSDUWHULHVJRV\UHVXOWDGRV
)8(17((/3$,6
D+DVWDGyQGHSXHGHQVXELUORVVDODULRVVLVHDOFDQ]DQORVPi[LPRVREMHWLYRV"<VLQRVHDOFDQ]DQLQJXQRTXpVXFHGH"
E4XpRSLQDVGHYLQFXODUORVVDODULRVDORVUHVXOWDGRVHQOXJDUGHDODVXELGDGHSUHFLRVGHODYLGDFRPRKDVWDDKRUD,3&"
%
/DVJUDQGHVVXSHUFLHVEDMDQVDODULRV\HYLWDQSDJDUIHVWLYRV
0
/DSDWURQDOGHODVJUDQGHVVXSHUFLHV$QJHG\ORVVLQGLFDWRVVHFWRULDOHV)LWHFR\)DJDOOHJDURQDXQDFXHUGRHQODPDGUXJDGDGHD\HUVREUHHOFRQYHQLR
FROHFWLYRGHOVHFWRU(QWUHVXVSULQFLSDOHVQRYHGDGHVHOSDFWRUHEDMDORVVXHOGRV\VXVSHQGHORVSDJRVDGLFLRQDOHVSRUWUDEDMDUHQIHVWLYRV7DPELpQLQWURGXFH
SRUSULPHUDYH]HQHOWHMLGRHPSUHVDULDOHVSDxROODSRVLELOLGDGGHTXHXQFHQWURGHMHVLQDSOLFDFLyQHOFRQYHQLRXQDRSFLyQTXHKDVWDDKRUDVRORSRGtDQOOHYDU
DFDERODVHPSUHVDV\GHIRUPDFRQMXQWDHQWRGRVVXVOXJDUHVGHWUDEDMR
$VtORVHPSOHDGRVDORVTXHDIHFWDHOFRQYHQLRWUDEDMDUiQKRUDVPiVDODxRKDVWDXQWRWDOGHSRUHOPLVPRVXHOGR\DTXHODVWDEODVVDODULDOHVKDQTXHGDGRFRQJHODGDVGHDTXtKDVWDTXHHVFXDQGRH[SLUDHODFXHUGR(VWRVHWUDGXFHHQXQDFDtGDGHODUHPXQHUDFLyQGHO(VRVtODV
SDUWHVVHFRPSURPHWHQDVHQWDUVHHQXQIXWXURSDUDHVWXGLDUSRVLEOHVPRGLFDFLRQHVHQIXQFLyQGHODVYHQWDVTXHDFXPXODQODIULROHUDGHFLQFRDxRVDODEDMD
\PDQWHQGUiQODWHQGHQFLDDOPHQRVKDVWDQDOHVGH(QWRGRFDVRVLVHUHFXSHUDODIDFWXUDFLyQSDUDORTXHKDQMDGRFRPRUHIHUHQFLDORVQLYHOHVGH
HOUHSXQWHVHUtDPX\VLPLODUDODUHEDMDVXIULGDWUDVODUPDGHOFRQYHQLRFRQXQWRSHGHO
2WURGHORVWHPDVHVSLQRVRVHVHOGHORVIHVWLYRVTXHGHMDUiQGHDERQDUVH(QVXOXJDUODVHPSUHVDVSDJDUiQXQFRPSOHPHQWRHQWUH\SHURVROR
SDUDDTXHOORVHPSOHDGRVTXHHQKD\DQWUDEDMDGRORVVXFLHQWHVIHVWLYRVFRPRSDUDKDEHUFREUDGRPiVGHSRUHOOR1RREVWDQWHVHJ~Q&&22\
8*7TXHQRUPDURQHOGRFXPHQWRODPHGLDTXHFREUDURQHODxRSDVDGRORVHPSOHDGRVSRUDFXGLUDVXSXHVWRHQGRPLQJRIXHHQWUH\DODxROR
TXHGHMDDXQEXHQQ~PHURGHHOORVVLQFRPSHQVDFLyQ$GHPiVVHH[WLHQGHDWRGRHOFROHFWLYRODREOLJDFLyQGHWUDEDMDUORVGtDVQRODERUDEOHV\DTXHWRGDYtD
TXHGDQHPSOHDGRVFRQFRQWUDWRVDQWLJXRVTXHQRORLQFOXtDQ*UDFLDVDHOORVHUHGXFHHOPtQLPRGHGRPLQJRVGHODOGHOWRWDO
3RURWUDSDUWHVHSHUPLWHDXQFHQWURGHWUDEDMRGHVFROJDUVHGHOFRQYHQLRVLVXIUHXQDFDtGDGHODVYHQWDVGHOGXUDQWHDxRV$VtSRGUiQHJRFLDUGH
IRUPDLQGHSHQGLHQWHUHEDMDVGHVXHOGRDGLFLRQDOHV
$QWRQLR3pUH]UHVSRQVDEOHGH)LWHFRGHIHQGLyTXHHODFXHUGRSHUPLWLUiPDQWHQHUHOHPSOHRDFRVWDGHDVXPLUHVWRVVDFULFLRV/DSDWURQDOTXHFXDQGRVH
VHQWyDODPHVDTXHUtDVXSULPLUSDJDVH[WUDVFRQyHQTXHHOFRQYHQLRSHUPLWDVXSHUDUXQHQWRUQRHQHOTXHORVFRVWHVODERUDOHVVHJXtDQVXELHQGRSHVHD
TXHODVYHQWDVFDtDQ(Q$QJHGHVWiQ(O&RUWH,QJOpV&DUUHIRXU$OFDPSR,NHD/HUR\0HUOLQ(URVNLHQWUHRWURVJUDQGHVQRPEUHVGHOVHFWRUTXHGHVWDFDSRU
VHUXQODERUDWRULRGHSUXHEDVGHOD&(2(UHFXHUGDQGHVGH&&22
)8(17((O3DtVOYDUR5RPHUR
D4XpWUHVJUDQGHVQRYHGDGHVKD\HQHOQXHYRFRQYHQLRGHODVJUDQGHVVXSHUFLHV"4XpVLQGLFDWRVORKDQUPDGR"&XiOHVQR"
E&XiQWDVKRUDVDXPHQWDODMRUQDGDHOFRQYHQLR"&XiQWRVXELUiQORVVDODULRVKDVWD"3RUWDQWRFXiQWRFDHUiODUHPXQHUDFLyQ"
F(QTXpFDVRVHUHYLVDUtD\VHVHQWDUtDQDQHJRFLDUGHQXHYR"&XiOHVHOWRSHHQTXHSRGUtDVXELUODUHYLVLyQGHVDODULRV"
G(QTXpFDVRVSDVDUtDQDFREUDUVHORVIHVWLYRV"&XiOIXHODPHGLDFREUDGDSRUIHVWLYRVDODxRHQHOSRUORVWUDEDMDGRUHV"
H&XiQGRSRGUiXQFHQWURGHWUDEDMRGHVFROJDUVHGHOFRQYHQLRGHODVJUDQGHVVXSHUFLHV"
I4XpRSLQDHOUHSUHVHQWDQWHGH)LWHFRVREUHHODFXHUGR"<ODSDWURQDO"
J4XpRSLQDVGHUHEDMDUORVVXHOGRVGHOFRQYHQLRFRPRPHGLGDSDUDPDQWHQHUHOHPSOHR"2UJDQL]DGXQGHEDWHHQJUXSRVGHDOXPQRV
I
?92A!$/!/D%B<!/J:%/0/ %4%9/9A$
('8&$&,1(19$/25(6(1(/081'2/$%25$/
I6
?
=
0RGLFDFLyQVXVSHQVLyQ
C
:
$1&$!
"
0RGLFDFLyQGHOFRQWUDWR
*!
,!C
(OQLTXLWR
#>&1!?
"
5HFRQRFHUODVFDXVDVSRUODVTXHVHSXHGHPRGLFDUHOFRQWUDWR
0
7
0$
C
8
&DOFXODUHOQLTXLWRGHXQDQyPLQD
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
0RGLFDFLyQGHOFRQWUDWR
SRVLELOLGDGGHPRGLFDUODVFRQGLFLRQHV
HVWDEOHFLH
URQHQHOFRQWUDWR
"
&
!"
PRGLFDUODVFRQGLFLRQHVVHGD
$
<<)+(
#;":'&$
1;:
$?&$!
%XVFDHQHOFRQYHQLRGHWX
VHFWRU
4XpJUXSRVSURIHVLRQDOHV
H[LVWHQ
4XpFDWHJRUtDSURIHVLRQDO
FUHHVTXHFRUUHVSRQGHDO
FLFOR IRUPDWLYR TXH HVWiV
UHDOL]DQGR
&yPRUHJXODODPRYLOLGDG
IXQFLRQDO R HO FDPELR GH
IXQFLRQHV GHQWUR GH OD
HPSUHVD
4
XpHVWDEOHFHHQFXDQWRDO
VLVWHPDGHDVFHQVRV
D0RYLOLGDGIXQFLRQDO
%(+
RFDWHJRUtDVHTXLYDOHQWHV
E0RYLOLGDGIXQFLRQDO+(%(+
F0RYLOLGDGIXQFLRQDOH[WUDRUGLQDULDRGHQLWLYDIXHUDGHOJUXSRSURIHVLRQDO
4XpHV(
%(+
(
%,+
"
J(+
HVDTXHOTXHDJUXSDDSWLWXGHVSURIHVLRQDOHV\WLWXODFLRQHVHQXQDXQLGDGSRUOD
VHPHMDQ]DTXHSUHVHQWDQHQWUHHOODV(OJUXSRSURIHVLRQDOHVWiIRUPDGRDVXYH]SRUFDWHJRUtDVSURIHVLRQDOHV8QHMHPSORGHJUXSRSURIHVLRQDOVHUtDHOGHRSHUDULRV
:%,+
VRQODVGLVWLQWDVHVSHFLDOLGDGHVRIXQFLRQHVGHQWURGHXQJUXSRSURIHVLRQDO(MHPSORVGHFDWHJRUtDVSURIHVLRQDOHVVHUtDQRFLDOGH\RFLDOGH
'RVFDWHJRUtDVSURIHVLRQDOHVVRQHTXLYDOHQWHVFXDQGRODDSWLWXGSURIHVLRQDOGHODFDWHJRUtDSHUPLWHUHDOL]DUODVIXQFLRQHVEiVLFDVGHODFDWHJRUtDQHFHVLWDQGRFRPRPXFKRSHTXHxRVSURFHVRVGH
IRUPDFLyQRDGDSWDFLyQ(VWRFRQOOHYDTXHODPRYLOLGDGGHXQDFDWHJRUtDDRWUDSXHGDVHUVHQFLOODDOD
KRUDGHUHDOL]DUODVQXHYDVWDUHDV
+HVWDEOHFHTXHVRORH[LVWLUiQJUXSRVSURIHVLRQDOHV\QRFDWHJRUtDVSRUOR
TXHHQHOSOD]RGHXQDxRORVFRQYHQLRVFROHFWLYRVGHEHUiQFODVLFDUORVJUXSRV
0RYLOLGDG
GHQWURGHO
JUXSRSURIHVLRQDO
/DHPSUHVDSXHGHFDPELDUDORVWUDEDMDGRUHVGHXQSXHVWRDRWURGHQWURGHOJUXSRSURIHVLRQDORHQWUH
FDWHJRUtDVSURIHVLRQDOHVHTXLYDOHQWHVSXHV
(9
/DGXUDFLyQGHOFDPELRSXHGHVHULQGHQLGDRWHPSRUDO\QRQHFHVLWDDOXGLUUD]RQHVRUJDQL]DWLYDVRWpFQLFDVSDUDOOHYDUORDFDER
(
FRUUHVSRQGHDODVIXQFLRQHVGHOSXHVWRHQHOTXHUHDOPHQWHVHWUDEDMD
0RYLOLGDG
IXHUDGHO
JUXSRSURIHVLRQDO
0RYLOLGDG
H[WUDRUGLQDULD
I4
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
:2
3RUXQLPSUHYLVWRGRVUHFHSFLRQLVWDVQRSXHGHQDFXGLUDOWUDEDMRFRQORTXHODFHQWUDOLWDVHTXHGDYDFtD/DHPSUHVDOHLQGLFDDXQDGPLQLVWUDWLYRTXHUHDOL]DODVQyPLQDV\DXQWpFQLFRVXSHULRULQIRUPiWLFRTXHHVHGtDSDVHQDUHDOL]DUODVIXQFLRQHVGHUHFHSFLRQLVWDV\DWLHQGDQ
DOS~EOLFRTXHOOHJDDODHPSUHVDDVtFRPRODVOODPDGDVWHOHIyQLFDV(ODGPLQLVWUDWLYRSHUWHQHFHDOPLVPRJUXSRSURIHVLRQDO\HOWpFQLFR
LQIRUPiWLFRDXQJUXSRVXSHULRU'HEHQUHDOL]DUHVDVIXQFLRQHV""(
6tDXQTXHSRUPRWLYRVGLVWLQWRV(ODGPLQLVWUDWLYRSHUWHQHFHDOPLVPRJUXSRSURIHVLRQDOFRQORTXHQRHVQHFHVDULRTXHH[LVWDQUD]RQHV
RUJDQL]DWLYDVRWpFQLFDV\HOFDPELRSXHGHVHUWHPSRUDORLQGHQLGR(OWpFQLFRVXSHULRULQIRUPiWLFRSHUWHQHFHDXQJUXSRSURIHVLRQDOVXSHULRUSHURHVWiREOLJDGRSRUTXHVHWUDWDGHXQLPSUHYLVWRXUJHQWH\KD\UD]RQHVRUJDQL]DWLYDV(OFDPELRVHUiSRUHOWLHPSRLPSUHVFLQGLEOH
\FRQWLQXDUiFREUDQGRHOVDODULRGHRULJHQFRPRLQIRUPiWLFR
0RYLOLGDGJHRJUiFD
FDPELDUFHQWURGHWUDEDMR
FDPELR GH UHVLGHQFLD H[LVWDQ UD]RQHV REMHWLYDV .
"
"
/!QRH[LJHFDPELDUGH
UHVLGHQFLD
:
&
(OWUDEDMDGRUGHEHVHUQRWLFDGRFRQ,
7LHQH
'FRQORTXHWLHQHGHUHFKRDTXHOHFXEUDQVXVJDVWRVGHWUDVODGR\ORVGHVX
IDPLOLDHQORVWpUPLQRVTXHKDELWXDOPHQWHHVWDEOHFHHOFRQYHQLR
.(DO-X]JDGRGHOR6RFLDO'HVGHTXHVHOHQRWLFDHOWUDVODGRWLHQHGtDVKiELOHVSDUDUHFXUULUSHURPLHQWUDVWDQWRVHWUDVODGDKDVWDTXHVDOJDODVHQWHQFLD
&X
%(
FRQGHUHFKRDLQGHPQL]DFLyQGHGtDVSRUDxRWUDEDMDGRFRQXQPi[LPR
GHGtDV
'HEHDIHFWDUFROHFWLYDPHQWHD(9<)tMDWHHQODWDEODGHDOODGRFXiQWRVWUDEDMDGRUHVGHEHQYHUVHDIHFWDGRVSDUDTXHXQWUDVODGRVHDFROHFWLYR
(OSURFHGLPLHQWRHVPiVFRPSOHMR\DTXHDGHPiVGHQRWLFDUDORVWUDEDMDGRUHVKD\TXHDEULUXQ
(
GHORVWUDEDMDGRUHVGHFRPRPi[LPRGtDV
FRQHOREMHWRGHLQWHQWDUOOHJDUDXQDFXHUGR(QFDVRGH
%(
(0
(
2(
2
FRPRFRQLFWR
FROHFWLYRHQDO7ULEXQDO6XSHULRUGH-XVWLFLDRDO-X]JDGRGHOR6RFLDOVHJ~QVLVXSHUDHOiPELWRGH
XQDSURYLQFLDRQR
#H&L
(OL
HVXQFDPELRGHFHQWURGHWUDEDMRWHPSRUDO6HHQWLHQGHTXHHVWHPSRUDO(
(HQXQSHULRGRGHDxRV
(OSUHDYLVRVHUiFRQODDQWHODFLyQVXFLHQWHHOFXDOQRVHUiLQIHULRUDGtDVODERUDEOHVVLHOGHVSOD]DPLHQWRHVVXSHULRUDPHVHV
(QHOFDVRGHGHVSOD]DPLHQWRHO9
HOGHVSOD]DPLHQWR
(HQGtDVKiELOHVSHURQRWLHQHODRSFLyQGHH[WLQJXLUHOFRQWUDWRFRPRHQHOWUDVODGR
(O WUDEDMDGRU WHQGUi 6 , X SRU FDGD PHVHV GH GHVSOD]DPLHQWR
DGHPiVGHORVGtDVGHYLDMHGHLGD\GHYXHOWD$GHPiVUHFLELUiHODERQRGHORV%9
ORVFXDOHVVXHOHQVHUFRQFUHWDGRVSRUORVFRQYHQLRV
D>'1&
6HHQWLHQGHTXHXQWUDVODGR
HVFROHFWLYRFXDQGRDIHFWDD
WRGDODSODQWLOODVLVRQPiVGH
WUDEDMDGRUHVRELHQFXDQGR DIHFWD HQ HO SHULRGR GH
GtDVD
(PSUHVDV
GH PHQRV GH
WUDEDMDGRUHV DO PHQRV D
WUDEDMDGRUHV
(PSUHVDVGHHQWUH\
WUDEDMDGRUHVDOPHQRVDO
GHWUDEDMDGRUHV
(PSUHVDV
GH PiV GH
WUDEDMDGRUHV DO PHQRV D
WUDEDMDGRUHV
#;":'&$
1;:
$?&$!
II
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
:2
'RVWUDEDMDGRUHVFRQXQDDQWLJHGDGGHDxRV\XQVDODULRGtDGHYDQDVHUWUDVODGDGRVGH9DOHQFLDD0XUFLDSXHVODHPSUHVDYD
DDEULUXQDQXHYDVXFXUVDO$0LJXHOOHLQGLFDQTXHpOHVWDUiPiVWLHPSRDOUHGHGRUGHDxRVPLHQWUDVTXH-RVp,JQDFLRVyORHVWDUiORV
SULPHURVPHVHVSDUDVXSXHVWDHQPDUFKD$QLQJXQROHYLHQHELHQWUDVODGDUVHD0XUFLDSRUPRWLYRVIDPLOLDUHV4XpRSFLRQHVWLHQHQ
DPERVWUDEDMDGRUHV""(
(QHOFDVRGH0LJXHOVHWUDWDGHXQWUDVODGRSRUTXHYDDHVWDUPiVGHXQDxRWUDEDMDQGRHQRWURFHQWURFRQFDPELRGHUHVLGHQFLDSRU
FDXVDVRUJDQL]DWLYDV6XVRSFLRQHVVRQ$FHSWDUHOWUDVODGR\FREUDUORVJDVWRVGHOPLVPRVX\RV\GHVXIDPLOLD5HFXUULUDOMX]JDGR
GHORVRFLDOHQGtDVKiELOHV\PLHQWUDVWDQWRWUDVODGDUVH\([WLQJXLUHOFRQWUDWRFRQXQDLQGHPQL]DFLyQGHGtDVSRUDxRHQVXFDVR
GHGtDV[GtD[DxRV GtDVGHVDODULRGH GHLQGHPQL]DFLyQ
(QHOFDVRGH-RVp,JQDFLRVHWUDWDGHXQGHVSOD]DPLHQWRSXHVHVWDUiPHQRVGHXQDxRWUDVODGDGR6RORWHQGUiODVGRVSULPHUDVRSFLRQHV
$FHSWDUHOGHVSOD]DPLHQWRFREUDQGRORVJDVWRVGHGLHWDV\YLDMHV\5HFXUULUDOMX]JDGRHQKiELOHV\PLHQWUDVWDQWRGHVSOD]DUVH
0RGLFDFLyQVXVWDQFLDOGHODVFRQGLFLRQHVGH
9
$GHPiV GHO FDPELR GH SXHVWR R GH FHQWUR GH WUDEDMR OD HPSUHVD SXHGH PRGLFDU
RWUDVFRQGLFLRQHV
FRQWUDWRGHWUDEDMR
FROHFWLYDSDUDWRGRVORVWUDEDMDGRUHVGHODHPSUHVD3DUDHOORGHEHMXVWLFDUVHHQ
FDXVDVREMHWLYDV
""
9
0
FRQGLFLRQHVTXHSXHGHPRGLFDUVRQ
B9%%J
A5A:#!B
8QDHPSUHVDTXHRIUHFtDXQDPHMRUDHQODMRUQDGDUHGXFLpQGRODGtDVDODxRGHFLGH
/DMRUQDGD
YROYHUDODMRUQDGDTXHMDHOFRQYHQLR
A
)iWLPDUPyHQHOFRQWUDWRWUDEDMDUGHKDK/DHPSUHVDPRGLFDHOKRUDULRGHOD
WLHPSRGHWUDEDMR
VLJXLHQWHIRUPDGHDK\GHDK
5pJLPHQGHWUDEDMRD
5REHUWRHVWiUHDOL]DQGRXQWXUQRMRGHPDxDQDVSHURODHPSUHVDOHFRPXQLFDTXHGHQ0
$
0DUtD-RVpSDFWyHQHOFRQWUDWRGHVDODULREDVHFXDQGRHOFRQYHQLRMDEDVyOR
7
/DHPSUHVDGHFLGHUHEDMDUHOVDODULRD
6LVWHPDGHWUDEDMR\
/DHPSUHVDPRGLFDODIRUPDGHPHGLUHOUHQGLPLHQWRSRVLWLYRGHORVWUDEDMDGRUHVSDUD
8QWUDEDMDGRUHVFDPELDGRGHIRUPDGHQLWLYDGHRFLDOGHSULPHUDDSHyQTXHHVGHXQ
:
C
/DPRGLFDFLyQLQGLYLGXDOVHGHEHQRWLFDUFRQ=,
(QHVWHFDVRHOWUDEDMDGRU
WLHQHODV%(
D>'1&
I@
'ODPRGLFDFLyQ
.(ODPRGLFDFLyQHQHOSOD]RGHGtDVKiELOHVDO-X]JDGRGHOR6RFLDO
&X
%(HOFRQWUDWRFRQXQDLQGHPQL]DFLyQGH ,FRQXQPi[LPRGHGtDVGH
VDODULRPHVHV
(
QHOVXSXHVWRGHTXHODPRGLFDFLyQVXSRQJDXQ
(%
SRGUiSHGLUOD
H[WLQFLyQGHOFRQWUDWRFRQXQDLQGHPQL]DFLyQGH,FRQXQPi[LPRGHGtDV
/D PRGLFDFLyQ FROHFWLYDDOLJXDOTXHHQHOWUDVODGRFROHFWLYRVXUJHFXDQGRVHPRGLFDHQHVH
PLVPRQ~PHURGHWUDEDMDGRUHV5HTXHULUiXQ
(GHPi[LPRGtDVFRQORV 0
GHORVWUDEDMDGRUHV8QDYH]QDOLFHHOSHULRGRGHFRQVXOWDV
I,GHQRWLFDGD
ODGHFLVLyQSRUODHPSUHVD\D
+ODPRGLFDFLyQ6LKD\GHVDFXHUGRORVUHSUHVHQWDQWHV
SXHGHQDFXGLUDO7ULEXQDO6XSHULRUGH-XVWLFLDRDO-X]JDGRGHOR6RFLDOVHJ~QVLVXSHUDHOiPELWRGHXQD
SURYLQFLDRQR
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
<(
0
GHMDGHSUHVWDUVXVVHUYL
FLRV\WDPSRFRFREUDUHWULEXFLyQ 8
"YROYHUiDVXSXHVWRGHWUDEDMRH[FHSWRHQDOJXQDV
H[FHGHQFLDV
#
\OD
RDFRJLPLHQWRGHPHQRUGHDxRV
3RU % GXUDQWH HO L (
GH PHQRU GH PHVHV &XDQGR HO
WUDEDMRVXSRQJDXQULHVJRSDUDODPXMHUHPEDUD]DGDSDUDHOIHWRRGXUDQWHVXODFWDQFLDHQSULPHU
OXJDUVHLQWHQWDUiHOLPLQDUHOULHVJRGHOSXHVWRGHWUDEDMR6LQRHVSRVLEOHVHODFDPELDUiGHSXHVWR
\VLHVWRWDPSRFRHVSRVLEOHVHOHVXVSHQGHUiHOFRQWUDWR\SDVDUiDFREUDUHOGHODEDVHGH
FRWL]DFLyQSRUSDUWHGHOD0XWXD
3RUVROLFLWDUXQDX
3RU ( 9 HFRQyPLFDV WHFQROyJLFDV RUJDQL]DWLYDV R GH SURGXFFLyQ 1HFHVLWD XQ
SHULRGRGHFRQVXOWDVGHPi[LPRGtDVFRQORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHV\FRPXQLFDFLyQ
DOD$XWRULGDG/DERUDO0LHQWUDVHVWiQVXVSHQGLGRVORVFRQWUDWRVORVWUDEDMDGRUHVSDVDQDFREUDUHO
GHVHPSOHR6LSRVWHULRUPHQWHKXELHVHXQGHVSLGRSRUFDXVDVREMHWLYDVRFROHFWLYRORVGtDVTXHVH
KD\DQFREUDGRGHSDURVHPDQWHQGUtDQVLHPSUHTXHQRVXSHUHQORVGtDV
3RU +(L
&XDQGRH[LVWD XQDIXHU]DPD\RULQFHQGLR LQXQGDFLyQ HWF TXH
GXUDQWHXQWLHPSRQRSHUPLWDGHVDUUROODUHOWUDEDMR8QDYH]QDOL]DGDHVWDFDXVDORVWUDEDMDGRUHV
YXHOYHQDOWUDEDMR
3RUHOHMHUFLFLRGHXQD(%%RSRUHO%GHODHPSUHVD'XUDQWHHVWHSHULRGRGH
WLHPSRQRVHWUDEDMD\QRVHFREUDVDODULR
3RUHVWDUGH9LQFDSDFLGDGWHPSRUDOSRUDFFLGHQWHRHQIHUPHGDG'XUDQWHHVWHWLHPSR
VHFREUDGHODVHJXULGDGVRFLDO
3RU(
(SRUUD]RQHVGLVFLSOLQDULDVVHJ~QODVIDOWDVOHYHVJUDYHV\
PX\JUDYHVTXHVHxDOHHOFRQYHQLRFROHFWLYR
3RUHOHMHUFLFLRGHXQ%7UHSUHVHQWDWLYR3RUHMHPSORVHUHOHJLGR$OFDOGH
3RU
PLHQWUDVQRH[LVWDVHQWHQFLDGHFRQGHQD&XDQGR\DH[LVWDFRQGHQD
ODHPSUHVDSRGUiH[WLQJXLUHOFRQWUDWR
C"'#D'"E;&<<<F
3RUDFUHGLWDUODFRQGLFLyQGH,
%5
/DWUDEDMDGRUDSRGUiVROLFLWDUOD
VXVSHQVLyQKDVWDXQPi[LPRGHPHVHVVLELHQHOMX]JDGRSXHGHDPSOLDUORKDVWDORVPHVHV
3RU(((RXQ2HQHOFRQWUDWR
:2
,QGLFDSDUDODVVLJXLHQWHVVLWXDFLRQHVVLSXHGHQGDUOXJDUDXQDVLWXDFLyQGHVXVSHQVLyQGHOFRQWUDWR
D8QDHPSUHVDGHIDEULFDFLyQGHFRFKHVGHFLGHUHDOL]DUXQSDUyQWpFQLFR\GHWHQHUODSURGXFFLyQGXUDQWHPHVHQHVSHUDGHOPRQWDMHGH
ODQXHYDPDTXLQDULDSRUORTXHVHYHQDIHFWDGRVORVWUDEDMDGRUHVGHXQDSODQWD
E8QDPXMHUHPEDUD]DGDHVWiFRQWUDWDGDGHOLPSLDGRUDHQXQDHPSUHVDGHOLPSLH]D\DORVPHVHVOHGLFHDODHPSUHVDTXH\DQRSXHGH
PiVFRQODVWDUHDVTXHH[LJHVXSXHVWR
F$QGUpV\/DXUDHVWiQGHKXHOJDHQODHQVHxDQ]DGXUDQWHGRVGtDVGHPD\R
"(
I3
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
<<
#;":'&$
1;:
$?&$!
/DGXUDFLyQGHOGHVFDQVRSRUPDWHUQLGDGHVGH4
%(SRUSDUWRP~OWLSOH
HQVHPDQDVPiVSRUFDGDKLMRDSDUWLUGHO7DPELpQVHDPSOtDVHPDQDVPiVVLHVGLVFDSDFLWDGR
'HODVVHPDQDV4
VRQ%(5\ODVRWUDVGHFLGHODPDGUH
FXiQGRODVGLVIUXWDVLDQWHVRGHVSXpVGHOSDUWR
'HHVDV
ODPDGUH (WRGDVRDOJXQDV
WDQWRGH
PDQHUDVLPXOWiQHDSRUHMHPSORVHPDQDVFDGDXQRDODYH]RELHQVXFHVLYDSRUHMHPSORSULPHUROD
PDGUH\OXHJRHOSDGUHRWUDV
1RREVWDQWHODPDGUHSXHGHGHFLGLU
FRQHOSDGUH\SHGLUVX
GLVIUXWHHQORVFDVRVGHDFFLGHQWHRHQIHUPHGDGGHOSDGUHDXVHQFLDGHOSDGUHRDEDQGRQRGHODIDPLOLD
VHSDUDFLyQRGLYRUFLRYLROHQFLDGHJpQHURXRWUDVDQiORJDV
C"'#D'"E;&<<<F
3DUDWHQHUDOSHUPLVR\DODSUHVWDFLyQHFRQyPLFDGHOSRUPDWHUQLGDG\
SDWHUQLGDGULHVJRGXUDQWHHO
HPEDUD]RRODFWDQFLDHVQHFHVDULRHQDOJXQRVFDVRV0
L
(
,
(QHOFDVRGH +
HOSDGUHWLHQHGHUHFKRDOGHVFDQVRGHODPDWHUQLGDG6L
+9VHWLHQHGHUHFKRLJXDOPHQWHDOGHVFDQVRGHPDWHUQLGDGVDOYRTXHODPDGUHGHFLGDD
ODVVHPDQDVUHLQFRUSRUDUVHGHQXHYRDOWUDEDMR
(QHOFDVRGH (FRQIDOWDGHSHVR\HQDTXHOORVGRQGHVHQHFHVLWD L0
GHPiVGHGtDVHOGHVFDQVRVHDPSOtDWDQWRVGtDVFRPRHOUHFLpQQDFLGRSDVDKRVSLWDOL]DGRFRQ
XQPi[LPRGHVHPDQDVDGLFLRQDOHV
/DPDGUHSXHGHGHFLGLUGLVIUXWDUGHOD
GHVSXpVGHODVVHPDQDV
REOLJDWRULDVVLOOHJDDXQDFXHUGRFRQODHPSUHVD\HVGHDOPHQRVHO3RUHMHPSORODVVHPDQDV
TXHTXHGDQGHVSXpVGHODVREOLJDWRULDVGHFLGHWRPDUODVDODODUJiQGRODVDVHPDQDVSHUR
WUDEDMDQGRGXUDQWHHOODVODPLWDGGHODMRUQDGD
3DUD
0HQRUHVGHDxRVQRQHFH
VLWDQKDEHUFRWL]DGR
(QWUH
\ DxRV GtDV
HQ ORV DxRV DQWHULRUHV R
ELHQGtDVHQWRGDODYLGD
ODERUDO
0D\RUHVGHDxRVGtDV
HQORVDxRVDQWHULRUHVRELHQ
GtDV HQ WRGD OD YLGD ODERUDO
3DUD
%
(
L
(
GtDVHQORVDxRVDQWHULRUHVR
GtDVHQWRGDODYLGDODERUDO
<<
8QDYH]QDOL]DGRHOSHUPLVRODERUDOGHORVGtDVSRUSDWHUQLGDGTXHSDJDODHPSUHVDHOSDGUH
WLHQHGHUHFKRDXQDVXVSHQVLyQGHOFRQWUDWRGH,%(SRUSDWHUQLGDGTXH%%(0
G3RUORTXHHOSHULRGRGHGtDVUHDOPHQWHHVXQ\GRVGtDVTXHSDJDOD
HPSUHVD\GtDVTXHSDJDODVHJXULGDGVRFLDO/RVGtDVGHSDWHUQLGDGVRQLQGHSHQGLHQWHVGHORVGtDV
GHPDWHUQLGDGTXHSXHGDFHGHUOHODPDGUH(OSDGUHQRSXHGHFHGHUVXVGtDVDODPDGUH
(VWRVGtDV,
HQFDVRGHSDUWRP~OWLSOHHQGtDVPiVSRUFDGDKLMRDSDUWLUGHODVtFRPR
HQFDVRGHTXHVHDGLVFDSDFLWDGR
0LHQWUDVORVGtDVGHSHUPLVRSRUSDWHUQLGDGWLHQHQTXHGLVIUXWDUVHGHVSXpVGHOSDUWRHQORVGtDV
TXHSDJDODVHJXULGDGVRFLDO
RGLVIUXWDUVH
(
,
HVORPiVKDELWXDOVXPDQGRGtDVVHJXLGRVRELHQGXUDQWHODVVHPDQDVGHODPDWHUQLGDGRELHQHVSHUDUVHDTXHWHUPLQHODPDWHUQLGDG
$OLJXDOTXHODPDWHUQLGDGHOSDGUHSXHGHUHDOL]DUOD
VLHPSUHTXHVHD
DOPHQRVHQHO\OOHJXHDXQDFXHUGRFRQODHPSUHVD3RUHMHPSORHQOXJDUGHGtDVWRPDU
GtDVDOGHODMRUQDGD
:26
-XDQ\-XDQLKDQWHQLGRPHOOL]RVSUHPDWXURVTXHKDQHVWDGRGtDVKRVSLWDOL]DGRV6HSUHJXQWDQFXiQWRVGtDVGHSHUPLVRWLHQHQFDGD
XQRDVtFRPRVLHVSRVLEOHTXH-XDQLOHSDVHVHPDQDVD-XDQXQDYH]WHUPLQHVXSHUPLVRGHSDWHUQLGDG
"(
-XDQLWLHQHGHUHFKRSRUPDWHUQLGDGDGLVIUXWDUGHVHPDQDVPiVRWUDVVHPDQDVSRUHOKLMR$GHPiVDOVHUSUHPDWXURVTXHKDQ
QHFHVLWDGRKRVSLWDOL]DFLyQVHOHDPSOtDQORVGtDVTXHKDQHVWDGRKRVSLWDOL]DGRV7RWDOVHPDQDV\GtDV
-XDQWLHQHGHUHFKRDORVGtDVGHSHUPLVRGHODHPSUHVD\DGtDVSRUSDWHUQLGDGGHODVHJXULGDGVRFLDOTXHVHDPSOtDQHQGtDVSRU
HOKLMR7RWDOGtDV-XDQLOHSXHGHSDVDUVHPDQDVSXHVHOPi[LPRTXHSXHGHUHSDUWLUVRQVHPDQDV\DPERVSDGUHVODVSXHGHQ
GLVIUXWDUVLPXOWiQHDPHQWHHQHVWHFDVRFXDQGR-XDQWHUPLQHVXSDWHUQLGDG
@
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
#;":'&$
1;:
$?&$!
([FHGHQFLD
IRU]RVD
&XDQGRDOWUDEDMDGRUVHOHGHVLJQDSDUDXQ%7TXHOHLPSRVLELOLWDODDVLVWHQFLDDOWUDEDMRRHV
HOHJLGRSDUD%
SURYLQFLDORVXSHULRU
(
PLHQWUDVGXUDHOFDUJR7LHQHGtDVSDUDUHLQFRUSRUDUVHDVXSXHVWR
.(VtTXHVHOHUHVHUYD&RPSXWDSDUDOD
%]
([FHGHQFLD
SRUFXLGDGR
GHKLMRV
6HVROLFLWDSDUDHOFXLGDGRGH
(
FRPRPi[LPRKDVWDTXHFXPSODDxRV(OWLHPSRGHPDWHUQLGDGRSDWHUQLGDGQRFXHQWD
.(HOSULPHUDxRVtVHOHUHVHUYDHOSXHVWRGHWUDEDMR(QHOVHJXQGR\WHUFHUDxRVHOH
UHVHUYDXQSXHVWRGHVXJUXSRSURIHVLRQDORFDWHJRUtDHTXLYDOHQWH
&RPSXWDSDUDOD
%]\WLHQHGHUHFKRDDVLVWLUDORV(+
GHODHPSUHVD
2HOXVRGHHVWHGHUHFKRVDOYRTXHGRVWUDEDMDGRUHVGHODHPSUHVDORVROLFLWHQSRUHOPLVPRKLMRGRQGHSRGUiDOHJDUQRFRQFHGHUORSRUUD]RQHVMXVWLFDGDVGHIXQFLRQDPLHQWR
([FHGHQFLD
SRUFXLGDGR
GHIDPLOLDUHV
([FHGHQFLD
YROXQWDULD
6HVROLFLWDSRU (
9VLHPSUHTXHWHQJDDOPHQRV (
%]HQOD
HPSUHVD
(
XQPtQLPRGHPHVHV\XQPi[LPRGHDxRV1RSXHGHYROYHUDVROLFLWDURWUDKDVWDTXHQR
SDVHQDxRVGHODDQWHULRUH[FHGHQFLD
.(QRVHOHUHVHUYDHOSXHVWRVRORWLHQHGHUHFKRSUHIHUHQWHGHUHLQJUHVRDODVYDFDQWHV
TXHH[LVWDQRVHSURGX]FDQSRUORTXHVLQRKD\YDFDQWHVQRSXHGHUHLQFRUSRUDUVH(OUHLQJUHVRVHVROLFLWD
FRQXQPHVGHDQWHODFLyQ1RFRPSXWDSDUDOD
%]
:2=
6LOYLD-DYLHU\0DULRGHVHDQSHGLUVHXQDH[FHGHQFLDGHOWUDEDMRSRUGLYHUVRVPRWLYRV6LOYLDKDWHUPLQDGRVXGHVFDQVRSRUPDWHUQLGDG\
TXLHUHFXLGDUGHVXKLMRKDVWDTXHFXPSODXQDxRGHHGDG-DYLHUWLHQHDVXPDGUHDQFLDQDHQFDVD\QRFXHQWDFRQD\XGDGHQDGLHSDUD
FXLGDUODSRUORTXHSUHHUHGHMDUGHWUDEDMDUDQWHVTXHVXPXMHUTXHJDQDPiVVXHOGR0DULRDFLRQDGRDODOSLQLVPRHVWiSHQVDQGRHQ
LUVHFRQXQDPLJRDXQYLDMHFHUFDQRDO(YHUHVWGXUDQWHPHVHV/RVVHSUHJXQWDQGXUDQWHFXiQWRWLHPSRVHSXHGHQSHGLUXQDH[FHGHQFLD\FyPRTXHGDUtDVXVLWXDFLyQSDUDYROYHUDODHPSUHVD"(
6LOYLDSHGLUtDXQDH[FHGHQFLDSRUFXLGDGRGHPHQRUGHDxRVWHQLHQGRUHVHUYDGHOSXHVWRHOSULPHUDxR-DYLHUSHGLUtDXQDH[FHGHQFLD
SRUFXLGDGRGHIDPLOLDUGHSULPHUJUDGRGHKDVWDXQPi[LPRGHDxRVHOSULPHUDxRWHQGUtDUHVHUYDGHSXHVWR\HOVHJXQGRDxRVRORGH
VXJUXSRSURIHVLRQDO0DULRGHEHUtDSHGLUXQDH[FHGHQFLDYROXQWDULDDOVHUGHPiVGHPHVHV\VLHPSUHTXHWXYLHVHPiVGHXQDxRGH
DQWLJHGDG1RVHOHUHVHUYDUtDHOSXHVWRVRORWHQGUtDGHUHFKRSUHIHUHQWHGHUHLQJUHVRVLKXELHVHRVHSURGXMHUDQYDFDQWHV
@
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
#;":'&$
1;:
$?&$!
<X
QDOL]DUSRUP~OWLSOHVFDXVDVODVFXDOHVSXHGHQFODVLFDUVHGHOD
#
#
GHOWUDEDMDGRU
#
#
'LPLVLyQ
$EDQGRQR
3RULQFXPSOLPLHQWRGHODHPSUHVD
3RUVHUYtFWLPDGHODYLROHQFLDGHJpQHUR
'HVSLGRGLVFLSOLQDULR
'HVSLGRSRUFDXVDVREMHWLYDV
'HVSLGRFROHFWLYR
'HVSLGRSRUIXHU]DPD\RU
)LQDOL]DFLyQGHOFRQWUDWRWHPSRUDO
0XHUWHMXELODFLyQRLQYDOLGH]GHOHPSUHVDULRRHOWUDEDMDGRU
([WLQFLyQGHODSHUVRQDMXUtGLFDGHODHPSUHVD
0XWXRDFXHUGRRSDFWRYiOLGRHQHOFRQWUDWR
@
'LPLVLyQ
(OWUDEDMDGRUSXHGH(
GHODHPSUHVDSDUDORFXDOFRQXQRV
GtDVGHDQWHODFLyQ/RVGtDVFRQFUHWRVGHDQWHODFLyQORVMDHOFRQYHQLR(OFRQYHQLRWDPELpQSXHGHMDUODSRVLELOLGDGGH
9GtDVGHVDODULRSRUQRKDEHUSUHDYLVDGR
FRQVXFLHQWHWLHPSR
(OWUDEDMDGRU
L
VRORORVVDODULRVSRUORTXHKD\DWUDEDMDGR\SDJDVR
YDFDFLRQHVSHQGLHQWHV
$EDQGRQR
,QFXPSOLPLHQWR
JUDYHGHOD
HPSUHVD
6HHQWLHQGHTXHH[LVWHLQFXPSOLPLHQWRJUDYHGHODHPSUHVDSRU
+%
(HQHODERQRGHOVDODULR/DMXULVSUXGHQFLDHQWLHQGH
TXHSDUDTXHH[LVWDLPSDJRGHEHQGHH[LVWLUPHQVXDOLGDGHVGHLPSDJRV\TXHORVUHWUDVRVFXDQGRDFXPXODQWRGRVMXQWRVPHVHVWDPELpQVXSRQHQLQFXPSOLPLHQWR
PRGLFDFLyQVXVWDQFLDOGHOFRQWUDWRTXHSURYRTXHXQ
(%
8QD
3RUHMHPSORFDPELDUGHIXQFLRQHVGHGLUHFWRUGHPDUNHWLQJDFRQVHUMH
(
%SRUHMHPSOR
DOWUDEDMDGRUDQWHXQWUDVODGRLQMXVWRRPREELQJHWF
&XDQGRODHPSUHVDLQFXPSOHHOFRQWUDWRHOWUDEDMDGRUGHEH>(L%GHOR6RFLDOTXH
VHH[WLQJDHOFRQWUDWR\VLHOMX]JDGRFUHHTXHODH[WLQFLyQHVSURFHGHQWHUHFLELUiXQD
0
L
,SRUDxRWUDEDMDGRFRQXQWRSHPi[LPRGHGtDVGHVDODULRVODDQWLJHGDG
DQWHULRUDIHEUHURGHFRPSXWDDGtDVGHVDODULRFRQXQWRSHGHGtDV0LHQWUDVQRKD\D
VHQWHQFLD2
(9
9tFWLPD
GHYLROHQFLD
GHJpQHUR
/DWUDEDMDGRUDWLHQHGHUHFKRDQDOL]DUHOFRQWUDWRVLQFREUDULQGHPQL]DFLyQSXHVQRKD\FXOSDELOLGDGGHODHPSUHVDSHURVtTXHSDVDUi(
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
C"'#D'"E;&<<<F
/D/H\2UJiQLFDGH0HGLGDVGH3URWHFFLyQ,QWHJUDOFRQWUDOD9LROHQFLDGH*pQHURGHHVWDEOHFHXQDVHULHGH
SDUDTXHODVPXMHUHVTXHKD\DQVLGRYtFWLPDVGHODYLROHQFLDGHJpQHURSXHGDQFRQFLOLDUODVREOLJDFLRQHVODERUDOHVFRQVXVQHFHVLGDGHV
GHSURWHFFLyQ\UHFXSHUDFLyQORFXDOHVFRPSOHWDGRSRUHO5HDO'HFUHWR
5HRUGHQDFLyQGHVX9FRQIRUPHDVXVQHFHVLGDGHV
.(
9
ODERUDO\GHVXVXHOGRGHIRUPDSURSRUFLRQDO
(
+(
(VHFRQVLGHUDQMXVWLFDGDVFXDQGRDVtORGHWHUPLQDQORVVHUYLFLRVVRFLDOHVRGHVDOXG
:
9FRQUHVHUYDGHSXHVWRGXUDQWHORVSULPHURVPHVHV
0RYLOLGDGJHRJUiFDVLODHPSUHVDSRVHHFHQWURVGHWUDEDMRHQGLIHUHQWHVWHUULWRULRV
"(
FRQUHVHUYDGHSXHVWRGHWUDEDMRFRQGHUHFKRDFREUDUHOGHVHPSOHRGXUDQWHPHVHVDPSOLDEOHD
PHVHVSRUUHVROXFLyQMXGLFLDO
&X
GHOFRQWUDWRFRQGHUHFKRDFREUDUHOGHVHPSOHRSRUYROXQWDGGHODWUDEDMDGRUD
:24
$OH[HVWiFDQVDGRGHTXHODHPSUHVDOOHYHPHVHVVLQSDJDUOHSRUORTXHHOGtDGHDEULOGHFLGHQRLUPiVDWUDEDMDUVLQDYLVDU$ORV
GtDVYXHOYHDODHPSUHVDSDUDTXHOHSDJXHQORVGtDVGHDEULOSHURVHHQFXHQWUDFRQXQDFDUWDGHGHVSLGRSRUIDOWDVGHDVLVWHQFLDDO
WUDEDMR\FRQXQGHVFXHQWRGHGtDVGHVDODULRSRUQRKDEHUSUHDYLVDGRVHJ~QFRQYHQLR7LHQHUD]yQODHPSUHVD"4XpGHEHUtDKDEHU
KHFKRDQWHHOLPSDJRGHODHPSUHVD"
"(
6HWUDWDGHXQDEDQGRQR\QRGHXQDGLPLVLyQ\DTXHQRKDSUHDYLVDGRGHTXHVHLED/DHPSUHVDSXHGHGHVSHGLUOHSRUIDOWDVLQMXVWLFDGDVGHDVLVWHQFLDDGHPiVGHUHGXFLUOHHQGtDVSRUORVGtDVGHSUHDYLVRLQFXPSOLGRVHLQFOXVRSXHGHSHGLUOHGDxRV\SHUMXLFLRVSRUVX
DEDQGRQRGHOWUDEDMR
$OH[GHEHUtDKDEHUVHHVSHUDGRDOOHYDUPHVHVGHLPSDJRV\HQWRQFHVSRQHUXQDGHPDQGDHQHO-X]JDGRGHOR6RFLDO\HVSHUDUVHDOD
VHQWHQFLDSDUDFREUDUXQDLQGHPQL]DFLyQGHGtDVSRUDxRGHVHUYLFLRDGHPiVGHORVPHVHVGHLPSDJR
#;":'&$
1;:
$?&$!
%XVFDHQHOFRQYHQLRGHWX
VHFWRUFXiQGRVHFRQVLGHUD
PX\JUDYH
)DOWDU DO WUDEDMR R OOHJDU
WDUGH
'HVREHGHFHU ODV LQVWUXFFLRQHVGHODHPSUHVD
$EXVR GH FRQDQ]D SRU
SDUWHGHOWUDEDMDGRU
2IHQVDV DO HPSUHVDULR R
ORVWUDEDMDGRUHV
@
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
D>'1&
#H.(
9(L%
(VWH SURFHGLPLHQWR YD D VHU FRP~Q D RWUDV UHFODPDFLRQHV GHO WUDEDMDGRU LQGLYLGXDO IUHQWH D FXDOTXLHU
GHVSLGR
7UiPLWHVTXHGHEHUHDOL]DUHOWUDEDMDGRU
'HEHSUHVHQWDUXQD
>(L%GHOR6RFLDOHQHOSOD]RGH ,2VLQ
FRQWDUGRPLQJRVQLIHVWLYRV
-
GHEHKDEHU("<)<'<:6HUYLFLRGH0HGLDFLyQ$UELWUDMH\&RQFLOLDFLyQSDUD
OOHJDUDXQ(FRQODHPSUHVDFRQFLOLDUVH
(QHOFDVRGHTXH
")':HQHO-X]JDGROHVHxDODUiQTXHQRSXHGHLQWHUSRQHUOD
GHPDQGDKDVWDTXHQRLQWHQWHODFRQFLOLDFLyQ
4XpVXFHGHFRQORVSOD]RVPLHQWUDVVHDFXGHDO60$&"
(OSOD]RGHORVGtDVKiELOHVSDUDSRQHUODGHPDQGD
FXDQGRVHSUHVHQWDODSDSHOHWDGH
FRQFLOLDFLyQHQHO60$&KDVWDTXHVHSURGX]FDHODFWRGHFRQFLOLDFLyQ
8QD YH] QDOL]D HO 60$& VLQ DFXHUGR R ELHQ VL QR VH SUHVHQWD OD HPSUHVD L (
(
GHVGHHOGtDHQTXHVHTXHGyGHWHQLGRDODFXGLUDO60$&
3RURWURODGRHO2XGHGtDVTXHSXHGHTXHGDUGHWHQLGRHOSOD]RHVGH=,
+D\TXHSDJDUWDVDVMXGLFLDOHV"
(QODSULPHUDGHPDQGDTXHVHLQWHUSRQHHQHO-X]JDGRGHOR6RFLDOQRKD\TXHSDJDUWDVDV
6tTXHKDEUtDTXH%(
DQWHHO7ULEXQDO6XSHULRUGH-XVWLFLD
(QDEULOGHODVWDVDVSDUDUHFXUULUVRQGH R(
(=R
RSHUVRQDVMXUtGLFDV$GHPiVVHOHVXPDXQDFDQWLGDGYDULDEOHVHJ~QODFDQWLGDGUHFXUULGDTXHSDUDODVSHUVRQDVLQGLYLGXDOHVHVGHO\SDUDODVHPSUHVDVGHO
:2I
5RVDKDVLGRGHVSHGLGDHOOXQHVGHIHEUHURSRUPRWLYRVGLVFLSOLQDULRVVLQHPEDUJRQRHVWiFRQIRUPHSRUORTXHTXLHUHUHFODPDUHOGHVSLGR
4XpWUiPLWHVGHEHUHDOL]DU\GHTXpSOD]RGLVSRQHSDUDHOOR"
"(
'HEHUiSUHVHQWDUXQDGHPDQGDHQHO-X]JDGRGHOR6RFLDOSHURDQWHVWHQGUiTXHDFXGLUDO60$&SDUDLQWHQWDUOOHJDUDXQDFXHUGRFRQOD
HPSUHVD(OSOD]RGHOTXHGLVSRQHHVGHGtDVKiELOHVGHOXQHVDViEDGRHQHOPHVGHIHEUHUR$OVHUGHVSHGLGDHOOXQHVGHIHEUHURHO
SOD]RHPSLH]DDFRQWDUHOGtD\QDOL]DHOPLpUFROHVGHIHEUHUR
:H-
>(L%
8QDYH]FHOHEUDGRHOMXLFLRHO-X]JDGRGHOR6RFLDOSXHGHGLFWDUXQDGHHVWDV
'HVSLGRSURFHGHQWH
3RVLEOHV
VHQWHQFLDV
'HVSLGRLPSURFHGHQWH
'HVSLGRQXOR
'HVSLGR
SURFHGHQWH
@6
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
'HVSLGR
LPSURFHGHQWH
FDXVDV
3XHGH VHU SRU ( R SRUTXH QR TXHGD DFUHGLWDGR HO LQFXPSOLPLHQWR GHO WUDEDMDGRU R
SRUTXHODHPSUHVDQROHKL]RODFDUWDGHGHVSLGR
L
,GHVDODULRSRUDxRFRQXQPi[LPRGHGtDV
RSDJDUXQD
DOWUDEDMDGRU\SDJDUOHORV
ORVVDODULRVFRPRVLKXELHRELHQ
VHHVWDGRWUDEDMDQGRGHVGHODIHFKDGHGHVSLGRKDVWDODQRWLFDFLyQGHODVHQWHQFLD
6LHOWUDEDMDGRUHV
9HVpVWHHOTXHHOLJHVLYXHOYHDOWUDEDMR
RFREUDODLQGHPQL]DFLyQQRODHPSUHVD
6LHVLPSURFHGHQWHSRU+KDELHQGRPRWLYRVSDUDHOGHVSLGRHO-X]JDGROHFRQFHGH
DODHPSUHVDODRSFLyQGHUHDGPLWLUOR\GHVSHGLUORHQHOSOD]RGHGtDVSRUORVDQWHULRUHVPRWLYRV
SHURFRQFDUWDVLHQGRYiOLGRHOGHVSLGRGLVFLSOLQDULR
'HVSLGR
LPSURFHGHQWH
LQGHPQL]DFLyQ
\VDODULRV
4XpVXFHGHFRQOD
%]
+GHIHEUHURGH"/RVDxRVDQWHULRUHV
FRPSXWDQDGtDVFRQXQPi[LPRPHQVXDOLGDGHVGtDV\DSDUWLUGHIHEUHURGH
DGtDVFRQXQPi[LPRGHPHQVXDOLGDGHVGtDV6LHOWRWDO\DKDEtDSDVDGRORVGtDV
VHTXHGDODLQGHPQL]DFLyQKDVWDGRQGHOOHJy)tMDWHHQHOFXDGURGHOODWHUDOSDUDYHUODVIHFKDVGH
FRQWUDWDFLyQGHOWUDEDMDGRU
9DQWHVGHODVHQWHQFLD
3RUTXHHQFXHQWUH
3,HOH[FHVRGHGtDVSRGUiUHFODPDUORVODHPSUHVDDO
6LODVHQWHQFLDVHGLFWDPiVDOOiGH
(VWDGRGHELGRDTXHKDVLGROD$GPLQLVWUDFLyQGH-XVWLFLDODTXHKDSURORQJDGRHOSURFHVR
D>'1&
&yPRDIHFWDODDQWLJHGDG
DQWHULRUDSDUDFREUDU
HOPi[LPRGHGtDVGHLQGHPQL]DFLyQSRUGHVSLGRLPSURFHGHQWH"
/RVFRQWUDWRVDQWHULRUHVD
VtTXHFREUDQHOPi[LPRGHGtDV
/RV FRQWUDWRV HQWUH
\FREUDQODFDQWLGDG
HQWUH\GtDVHQ
TXHVHKXELHVHQTXHGDGR
SRUVXDQWLJHGDG
/RV FRQWUDWRV UPDGRV
GHVSXpV GH WLHQHQ
FRPRWRSHORVGtDV
'HVSLGR
QXOR
6HSURGXFHFXDQGRVHGDXQRGHORVVLJXLHQWHV
+(
&XDQGRVHSURGXFHXQD
WUDEDMDGRUFRPRSRUHMHPSORODOLPLWDFLyQGHOGHUHFKRDKXHOJD
HVSRUVHUPXMHUHPEDUD]DGDHQGHVFDQVRGHPDWHUQLGDGSRU
&XDQGRHO
SDWHUQLGDGSRUVROLFLWDUHOSHUPLVRGHODFWDQFLDSRUUHGXFLUODMRUQDGDSRUFXLGDGRGHKLMRVRIDPLOLDUHVSRUVXVSHQGHUHOFRQWUDWRSRUULHVJRGXUDQWHHOHPEDUD]RRGXUDQWHODODFWDQFLD(QFDVRGH
YROYHUGHPDWHUQLGDGRSDWHUQLGDGVHPDQWLHQHGXUDQWHORVPHVHVVLJXLHQWHV
(OHPSUHVDULRGHEHUiDOWUDEDMDGRU\OHSDJDUiORV
FRPRVLKXELHVHHVWDGRWUDEDMDQGRGHVGHODIHFKDGHOGHVSLGRKDVWDTXHYXHOYHDOWUDEDMR
@=
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
:2@
5RVDTXHKDVLGRGHVSHGLGDSRUPRWLYRVGLVFLSOLQDULRVSUHVHQWDHQWLHPSR\IRUPDODFRQFLOLDFLyQDQWHHO60$&\GHVSXpVODGHPDQGD
HQHO-X]JDGRGHOR6RFLDO(QHOMXLFLRQRVHGHPXHVWUDTXH5RVDKD\DLQFXPSOLGRQLQJXQDGHVXVREOLJDFLRQHV\VHGHFODUDHOGHVSLGR
LPSURFHGHQWH
D4XpRSFLRQHVOHGDUiHO-X]JDGRDOHPSUHVDULR"
E6LWXYLHVHXQDDQWLJHGDGGHDxRVDQWHULRUDO\XQVDODULRGHDOGtDLQFOXLGDVSDJDVH[WUDVDFXiQWRDVFHQGHUtDODLQGHPQL]DFLyQ"
F6LODVHQWHQFLDVHKXELHVHGLFWDGRGtDVGHVSXpVGHSURGXFLUVHHOGHVSLGRTXpVXFHGHUtDFRQORVVDODULRVGHWUDPLWDFLyQ"
"(
D/HGDUiODRSFLyQGHTXHHQHOSOD]RGHGtDVGHFLGDHQWUHUHDGPLWLUOD\SDJDUOHORVVDODULRVGHWUDPLWDFLyQRELHQSDJDUOHODLQGHPQL]DFLyQSRUGHVSLGRGHGtDVSRUDxRSRUVHUDQWHULRUDODUHIRUPDGHIHEUHURGH
E/DLQGHPQL]DFLyQVHUiGtDV[[DxRV /RVGtDVQRVXSHUDQHOOtPLWHGHDOVHU[ GtDV
F$OGLFWDUVHVHQWHQFLDWUDQVFXUULGRVGtDVGHVGHHOGHVSLGRHQHOFDVRGHTXHODHPSUHVDGHFLGLHVHUHDGPLWLUOD\SDJDUOHVDODULRVGH
WUDPLWDFLyQOHSRGUtDUHFODPDUDO(VWDGRHOH[FHVRGHGtDVRVHDGtDVGHVDODULRVGHWUDPLWDFLyQ
@4
,QHSWLWXGGHO
WUDEDMDGRU
)DOWDGH
DGDSWDFLyQ
GHO WUDEDMDGRU D ODV PRGLFDFLRQHV WpFQLFDV GH VX SXHVWR GH WUDEDMR
FXDQGR GLFKRV FDPELRV VHDQ UD]RQDEOHV VLHPSUH TXH KXELHVHQ (
PRGLFDFLyQ
3UHYLDPHQWHHOHPSUHVDULRGHEHUi+(
(GLULJLGRDIDFLOLWDUODDGDSWDFLyQ'XUDQWHGLFKR
FXUVRHOFRQWUDWRTXHGDUiVXVSHQGLGRSDVDQGRDFREUDUHOVDODULRPHGLRTXHYLQLHVHSHUFLELHQGR
)DOWDVGH
DVLVWHQFLD
)LQDOL]DFLyQ
FRQWUDWD
S~EOLFD
3RUQDOL]DFLyQGHODFRQFHVLyQGHOFRQWUDWRFRQXQD
7FXDQGRHOFRQWUDWRHVWi
VXSHGLWDGRDTXHODHPSUHVD
(
(
7TXHOHVXEYHQFLRQD
ORVVHUYLFLRVSRUHMHPSORXQD\XQWDPLHQWRTXHXQDxRQRUHQXHYDODFRQWUDWDFRQXQDHPSUHVDGH
MDUGLQHUtD
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
C"'#D'"E;&<<<F
3DUDSRGHUVHUGHVSHGLGRSRUIDOWDVGHDVLVWHQFLDGHELGDVDEDMDVODERUDOHVMXVWLFDGDVGHEHUtDQGDUVHSRUHMHPSORODVVLJXLHQWHV
FLUFXQVWDQFLDV
6LHQKD\VHPDQDVGHGtDVODERUDEOHV MRUQDGDV
8QVHUtDQGtDVODERUDEOHV
(VWDU9,VHUtDPRWLYRVXFLHQWHVLHPSUHTXHODVEDMDVQRVHDQGHPiVGHGtDVQDWXUDOHVVHJXLGRVHQ
FX\RFDVRQRFRQWDUtDQ
$PRUWL]DU
SXHVWRVGH
WUDEDMR
UHTXLVLWRVGHIRUPDTXHVHH[LJHQVRQ
(OHPSUHVDULRWLHQHTXHHQWUHJDUOD
'HEH
=,
DOWUDEDMDGRU6LQROHDYLVDGHEHUtDSDJDUOHHVRVGtDV
GHVDODULR'XUDQWHHVWHWLHPSRHOWUDEDMDGRUGLVSRQHGHKRUDVDODVHPDQDSDUDEXVFDURWURWUDEDMR
-XQWRDODFDUWDGHEHHQWUHJDUOHXQD
L
,GHVDODULRSRUDxRWUDEDMDGRFRQ
XQPi[LPRGHGtDVHOPi[LPRVHDOFDQ]DDORVDxRVGHDQWLJHGDG
(OSURFHGLPLHQWRGH
+
HVHOPLVPRTXHHQHOGHVSLGRGLVFLSOLQDULRVL
ELHQH[LVWHQDOJXQDV+
(
5HFODPDFLyQ\WLSRVGHVHQWHQFLD
(OWUDEDMDGRU (FRQHOPLVPRSURFHGLPLHQWRYLVWRDQWHV6LHO-X]JDGR
HVWDEOHFHTXHHOGHVSLGRHV
ODWLHQH
GHEHGHYROYHUODLQGHPQL]DFLyQFREUDGDGHGtDVSRUDxRSHUR
6LHOWUDEDMDGRUHV
FREUDORVVDODULRVGHWUDPLWDFLyQSRUUHDGPLVLyQ
%
L
\QRUHDGPLWLUOHFRPR\DOHKDSDJDGRGtDV
6LHOHPSUHVDULRGHFLGH
GHEHSDJDUOHORVRWURVTXHIDOWDQKDVWDORVGtDVVDOYRTXHWHQJDXQDDQWLJHGDGDQWHULRUD
IHEUHURGHHQFX\RFDVRVHUiGHGtDVSRUDxR
R
QRHVLPSURFHGHQWHHOGHVSLGRSHURHOWUDEDMDGRUPDQWLHQHHOGHUHFKRDUHFODPDU
ORVVDODULRVGHHVRVGtDVSRUQRSUHDYLVDUFRQWLHPSR
/DVFDXVDV\HIHFWRVGHO
(VRQODVPLVPDVTXHHQHOGHVSLGRGLVFLSOLQDULR
@I
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
:23
,QGLFDTXpFDXVDREMHWLYDSXHGHVHUDOHJDGDSRUODHPSUHVDHQORVVLJXLHQWHVFDVRV
D1RDSUHQGHUHOIXQFLRQDPLHQWRGHXQDQXHYDPiTXLQDLQVWDODGDKDFHPHVHVKDELHQGRUHDOL]DGRXQFXUVRGHIRUPDFLyQ
E)DOWDUDOWUDEDMRHQORVPHVHVGHHQHUR\IHEUHURSRUXQUHVIULDGRGXUDQWHGtDVODERUDEOHV\SRUGRORUGHHVSDOGDQRDFKDFDEOHDOWUDEDMR
GXUDQWHRWURVGtDVODERUDEOHV(QORVPHVHVKD\GtDVODERUDEOHVHQODHPSUHVD
F8QDHPSUHVDVXVWLWX\HDORVWUDEDMDGRUHVGHODFDMDSRUFDMHURVDXWRPiWLFRV
G/DVYHQWDVGHFRVPpWLFRVKDQGLVPLQXLGRGXUDQWHWULPHVWUHVFRQVHFXWLYRV\VHYDQDGHVSHGLUDGHSHQGLHQWDV
"(
D3RUIDOWDGHDGDSWDFLyQDORVFDPELRVWHFQROyJLFRVXQDYH]SDVDGRVPHVHV\KDELHQGRUHDOL]DGRODIRUPDFLyQ
E3RUIDOWDVGHDVLVWHQFLDDXQTXHVHDQMXVWLFDGDVGHPiVGHOGHODVMRUQDGDVKiELOHVHQPHVHVHO
F3RUDPRUWL]DFLyQGHSXHVWRVGHWUDEDMRSRUFDXVDVWHFQROyJLFDVLQFRUSRUDFLyQGHQXHYDWHFQRORJtD
G3RUDPRUWL]DFLyQGHSXHVWRVGHWUDEDMRSRUFDXVDVHFRQyPLFDVEDMDGDGHYHQWDVHQWULPHVWUHVFRQVHFXWLYRV
4XHVHDWRGDODSODQWLOODVLVRQPiVGHVLWRGDODSODQWLOODVRQRHVREMHWLYR
&XDQGRVHDQGHVSHGLGRVHQXQSHULRGRGHGtDV
WUDEDMDGRUHVRPiVHQHPSUHVDVGHPHQRVGHWUDEDMDGRUHV
(OGHODSODQWLOODHQHPSUHVDVGHHQWUH\WUDEDMDGRUHV
WUDEDMDGRUHVRPiVHQHPSUHVDVGHPiVGHWUDEDMDGRUHV
6LODHPSUHVDGHVSLGHSRFRDSRFRHQSHULRGRVVXFHVLYRVGHGtDVDXQQ~PHURLQIHULRU
GHWUDEDMDGRUHVSDUDHYLWDUTXHVHFRQVLGHUHFROHFWLYR\DVtHYLWDUODWUDPLWDFLyQGHXQ
(5(LQFXUUHHQIUDXGHGHOH\\ORVTXHVXSHUDQHVDFDQWLGDGVRQFRQVLGHUDGRVQXORV
6HFREUDOD
L
TXHDQWHV,SRUFDGDDxRWUDEDMDGRFRQXQPi[LPRGH
GtDVGHVDODULRHOPi[LPRVHDOFDQ]DDORVDxRVGHDQWLJHGDG
(O
FRQVLVWHHQOD
&<.<&<([SHGLHQWHGH5HJXODFLyQGH(PSOHRTXH
FRQODUHIRUPDODERUDOGHKDTXHGDGRFRQODVVLJXLHQWHVFDUDFWHUtVWLFDV
$EULUXQ
(
&RPXQLFDFLyQDOD
'(
@@
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
:2
6HxDODHQODVVLJXLHQWHVHPSUHVDVTXHYDQDUHDOL]DUXQGHVSLGRSRUFDXVDVHFRQyPLFDVGHELGRDODGLVPLQXFLyQGHODVYHQWDVGXUDQWHXQ
DxRUHVSHFWRDODxRDQWHULRUTXpWLSRGHGHVSLGRVHWUDWDHQFDGDFDVRVLHVSRUFDXVDVREMHWLYDVRHVFROHFWLYR
D8QDHPSUHVDGHWUDEDMDGRUHVTXHGHVSLGHDWUDEDMDGRUHV
E8QDHPSUHVDGHWUDEDMDGRUHVTXHGHVSLGHLJXDOPHQWHDWUDEDMDGRUHV
"(
D(QHVWHFDVRDOWHQHUXQDSODQWLOODGHHQWUH\SDUDTXHVHDFROHFWLYRKD\TXHGHVSHGLUDOPHQRVDOGHODSODQWLOODTXHHQ
HVWHFDVRVRQWUDEDMDGRUHV&RPRHOGHVSLGRVHTXHGDHQQRHVFROHFWLYRVLQRSRUFDXVDVREMHWLYDV
E(QHVWHRWURODSODQWLOODHVLQIHULRUDWUDEDMDGRUHVFRQORTXHSDUDTXHVHDFROHFWLYRKD\TXHGHVSHGLUDOPHQRVDWUDEDMDGRUHVQR
HO$OGHVSHGLUDWUDEDMDGRUHVVtTXHHVGHVSLGRFROHFWLYR
(QHOWHPDYLPRVTXHFXDQGRH[LVWHXQGHVSLGRSRUFDXVDVREMHWLYDVRXQGHVSLGRFROHFWLYRODV0
=9SXHGHQSHGLUOD (
J'"'
@,
L
SDJDGDDORVWUDEDMDGRUHVVREUHORVSDJDGRVSRUORVFRQWUDWRVH[WLQJXLGRV
(O)2*$6$
%2HQDTXHOORVFDVRVHQTXHORVGHVSLGRVKD\DQVLGRGHFODUDGRV
0
HQFRQFLOLDFLyQSUHYLDRSRUVHQWHQFLDMXGLFLDO
(OQLTXLWR
/RVWUDEDMDGRUHVWLHQHQGHUHFKRDFREUDUHOQLTXLWRFXDQGRQDOL]DHOFRQWUDWRELHQSRUTXHWHUPLQy
XQFRQWUDWRWHPSRUDORELHQSRUTXHODHPSUHVDRHOWUDEDMDGRUGHFLGLHURQQDOL]DUDQWHVGHWLHPSRHOFRQWUDWRWDOFRPRKHPRVYLVWRHQHOWHPD4XpFDQWLGDGHVVHFREUDQHQHOQLTXLWR"
&DQWLGDGHVDUHFLELUHQXQQLTXLWR
$/RVSRUORVGtDVWUDEDMDGRVHQHO~OWLPRPHV\SHQGLHQWHVGHFREUDU
%/DSDUWHSURSRUFLRQDOGH%X
GHFREUDU
&/RVVDODULRVSRUODV
+(
'(QVXFDVRVLSURFHGHOD
L
TXHVHUiODVLJXLHQWH
QLQJXQD
3RUPRWLYRV
9+(LGtDVSRUDxR
3RUFDXVDV
(
GtDVSRUDxRFRQODVDOYHGDGGHORV
3RUVHQWHQFLDTXHGHFODUH
GtDVSDUDODDQWLJHGDGDQWHULRUDIHEUHURGH
(OGtDVSDUDGtDVSDUDGtDVSDUD
3RUQDOL]DFLyQGH
\GtDVGHOHQDGHODQWH
C"'#D'"E;&<<<F
(VXQDSUiFWLFDKDELWXDOTXH
FXDQGR ORV WUDEDMDGRUHV WLHQHQGXGDVVREUHODFDQWLGDG
GHO QLTXLWR DFHSWDQ UPDUOR \ UHFRJHU HO GLQHUR SHUR
DxDGLHQGRDOODGRGHODUPD
XQQRFRQIRUPHSDUDUHVHUYDUVHHOGHUHFKRDUHYLVDUHO
QLTXLWRSRVWHULRUPHQWH
@3
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
:2
&DOFXODHOQLTXLWRGHOVLJXLHQWHWUDEDMDGRUTXHKDVLGRGHVSHGLGRSRUFDXVDVREMHWLYDVHOGtDGHDEULO\QRKDGLVIUXWDGRGHVXVYDFDFLRQHV
6DODULREDVH
3OXVFRQYHQLR
3OXVWUDQVSRUWH
5HFLEHSDJDVH[WUDVDODxRGHVDODULREDVHODVFXDOHVHVWiQSURUUDWHDGDVDORODUJRGHODxR
(VWDEDLQGHQLGRFRQXQDDQWLJHGDGGHDxRV\PHGLR
6HOHUHWLHQHXQ,53)GHO
"
;:!U$
'H"''.!
"-
.
"D'"1.'#'>'
"&$&^1!)
)&"
&RPRHVKDELWXDOTXHHOFRQWUDWRQDOLFHDQWHVGHTXHWHUPLQHHOPHVHOWUDEDMDGRUGHEHFREUDUORVGtDVTXHKDWUDEDMDGRDXQTXHQROOHJXHDO
PHVFRPSOHWR3DUDHOORFDOFXODPRV(
,
'H&(
" [ 4R<
-(
[ 4R
-(
[ 4R
3DJDH[WUDSURUUDWHDGD+D\TXHFDOFXODUXQDSDJDH[WUDHQWHUDGLYLGLUODSRUPHVHV\GHVSXpVFDOFXODUODSDUWHTXHFRUUHVSRQGHDORV
GtDVGHHVHPHV
SDJDHQWHUD VDODULREDVH
-%X DOPHV&RPRWUDEDMDGtDV[ 4R<
1( VDODULREDVHSOXVFRQYHQLRSOXVWUDQVSRUWHSDJDH[WUDSURUUDWHDGD =4R
3HURFRPRHQWRGDQyPLQDKD\TXHGHVFRQWDUODVHJXULGDGVRFLDO\HO,53)GHHVRVGtDVGHVDODULR
'H%(
#::: VDODULREDVHSOXVFRQYHQLRSDJDH[WUDSURUUDWHDGD 6@R
(O(
LSRUTXHQRVXSHUDHOGHO,35(0DOPHVFREUDTXHHVLQIHULRU
1RKD\KRUDVH[WUDV\FRLQFLGHOD%&&&FRQOD%&&3 (VWiGHQWURGHORVWRSHV
:(
:
%
(
%&&& =4R
%&&3 I66R
- %&&3 6@R
1%( 6@R
'H&!.-
&RPRHOWUDEDMDGRUQRWLHQHGLHWDVQLJDVWRVGHORFRPRFLyQWRGDVODVGHPiVFDQWLGDGHVVDODULDOHV\H[WUDVDODULDOHVWULEXWDQD+DFLHQGDSRUHO
,53)3DUDHVWHFDVROHUHWLHQHQXQ
#
6DODULREUXWR =4R
.
GHODEDVHGHUHWHQFLyQ I6R<
'6H&
,9
"
6DODULREUXWRVHJXULGDGVRFLDO,53) 6@R<
3RUORVGtDVTXHKDWUDEDMDGRHQHOPHVGHDEULOFREUDUi
3
?9):B9%"%/%J$?$#A$%J<AO %%J9A!B D/ B
6LHOWUDEDMDGRUWLHQHODSDJDH[WUDSURUUDWHDGD\ODYDFREUDQGRWRGRVORVPHVHVQRQHFHVLWDFDOFXODUVHHVWHDSDUWDGRSXHVQRKD\SDJDVSHQGLHQWHVSRUFREUDU(QHVWHHMHUFLFLRVXFHGHHVRSRUORTXH\DHVWiLQFOXLGDHQHODSDUWDGR$DQWHULRU
(QHOFDVRGHTXHQRODWHQJDSURUUDWHDGDVHFDOFXODODSDUWHSURSRUFLRQDOHQIXQFLyQGHORWUDEDMDGRHQORV~OWLPRVPHVHV
:H-
.'"?':':!
$&"$
!".;1''"
6LDOWUDEDMDGRUOHTXHGDVHQ GtDVSHQGLHQWHVGHYDFDFLRQHV\QDOL]DVHHOFRQWUDWRHVRVGtDVGHYDFDFLRQHVKDEUtDTXHSDJDUORV
C: (
F
6HFDOFXODFXiQWRV,
WLHQHSHQGLHQWHVGHFREUDU
6HFDOFXODORTXHJDQDGH,9GXUDQWHODVYDFDFLRQHVH[FOXLGRORH[WUDVDODULDOSRUHMHPSORGXUDQWHODVYDFDFLRQHV
HOWUDEDMDGRUQRFREUDHOSOXVGHWUDQVSRUWH\DTXHQRDFXGHDOWUDEDMR
6H(ORTXH%
(
,GHVDODULRSRUORV,
$HVWDFDQWLGDGVHOH%(!.-\DTXHHVWDVFDQWLGDGHVHVFRPRVLIXHUDQXQDQyPLQDDSDUWH
,
(OWUDEDMDGRUKDWUDEDMDGRGHVGHHOGtDGHHQHURKDVWDHOGHDEULOHQFRQFUHWR
GtDVGHHQHURGtDVGHIHEUHURGtDVGHPDU]R\GtDVGHDEULO7RWDO ,9
6LSRUWUDEDMDUGtDVOHFRUUHVSRQGHGtDVGHYDFDFLRQHVSRUWUDEDMDUGtDV [ @@,
<
",Y(
H
(OVDODULRGtDLQFOX\HHOVDODULREDVHHOSOXVGHFRQYHQLR\ODSDJDH[WUDSURUUDWHDGDSHUR
(
" <R
", VDODULRPHV 6RV,
",
$OVDODULRGHODVYDFDFLRQHVVHOHUHVWDLJXDOPHQWHVHJXULGDGVRFLDOH,53)
3RU
%
(
GH =I=R
3RU GH =R
3RU- GH 6R
1%( 3R<
,QGHPQL]DFLyQ GtDV[VDODULRGtD[DQWLJHGDGHQDxRV
(O,SDUDODLQGHPQL]DFLyQSRUGHVSLGRHVODVXPDGHWRGRORTXHVHSHUFLEHDODxRGLYLGLGRSRUGtDVVDODULREDVHDQXDOSOXV
FRQYHQLRDQXDOSDJDVH[WUDVHQWHUDV [[[ 36=R,<
%]HVGHDxRV\PHGLR DxRV/HFRUUHVSRQGH[DxRV GtDVHVWiHQHOOtPLWHGHORVGtDV
!
L
[[ <===R<1RFRWL]DQLWULEXWD
1
1'!$!E;!1
6<I4R
3
#H(
6HxDODSDUDODVVLJXLHQWHVVLWXDFLRQHVDTXpFDXVDVGHVXVSHQVLyQGHOFRQWUDWRSXHGHQGDUOXJDU
D0DUtD\0DULRDFDEDQGHWHQHUXQKLMR
E8QDHPSUHVDGHIDEULFDFLyQGHFRPSRQHQWHVYDDFHUUDUGXUDQWHXQ
PHVSRUSUREOHPDVHFRQyPLFRV
F-RVp,JQDFLRKDVLGRVXVSHQGLGRGHHPSOHR\VXHOGRGXUDQWHGtDV
SRUXQDIDOWDJUDYHVHJ~QFRQYHQLR
E4XpUHWULEXFLRQHVOHFRUUHVSRQGHQ"
G0DUL&DUPHQWLHQHDFUHGLWDGDODFRQGLFLyQGHYtFWLPDGHYLROHQFLD
GHJpQHUR
F6LOHREOLJDVHQDUHDOL]DUIXQFLRQHVGHHQFDUJDGRJUXSRSURIHVLRQDO
GHOFRQYHQLRGXUDQWHPHVHVVHJXLGRVGHTXpWLSRGHPRYLOLGDG
VHWUDWDUtD"3RGUtDVROLFLWDUHODVFHQVR"
H(ODOPDFpQGHXQDHPSUHVDVHLQXQGDFRQORTXHORVWUDEDMDGRUHV
QRSXHGHQWUDEDMDUGXUDQWHXQDVHPDQD
G6LOHLQGLFDVHQTXHYDDUHDOL]DUODVIXQFLRQHVGHHQFDUJDGRGHIRUPDLQGHQLGDGHTXpWLSRGHPRYLOLGDGIXQFLRQDOVHWUDWDUtD"
$0DUtD3DTXL\)UDQOHVKDQFRPXQLFDGRTXHYDQDVHUWUDVODGDGRVDRWURFHQWURFRPHUFLDOGHODPLVPDFDGHQDHQFRQFUHWRD0DUtDD
XQFHQWURTXHHVWiDNPGHODFWXDO\D3DTXL\)UDQDRWURTXHHVWi
HQRWUDSURYLQFLDDNPGHODFWXDO(OFDPELRYDDVHUSRUWLHPSR
LQGHQLGRSDUD0DUtD\3DTXLSHUR)UDQVRORYDDHVWDUPHVHVIXHUD
+DQVLGRLQIRUPDGRVGHOFDPELRFRQGtDVGHDQWHODFLyQ
D6XSRQHXQWUDVODGRRXQGHVSOD]DPLHQWRHOFDVRGH0DUtD"3RU
TXp"'HEHDFHSWDUOR"
E(QHOFDVRGH3DTXLHVXQWUDVODGRRXQGHVSOD]DPLHQWR"4Xp
RSFLRQHVWLHQH3DTXLDQWHODGHFLVLyQGHODHPSUHVD"
F(OFDVRGH3HSHHVWUDVODGRRGHVSOD]DPLHQWR"4XpRSFLRQHV
WLHQH"7LHQHDOJ~QGHUHFKRDGtDVOLEUHVDGLFLRQDOHV"
:H)
(OHQDDFDEDGHGDUDOX]DGRVQLxDVDORVPHVHVGHHPEDUD]R
SRUORTXHORVPpGLFRVUHFRPLHQGDQTXHpVWDVSHUPDQH]FDQGtDV
PiVKRVSLWDOL]DGDV
D&XiQWDVVHPDQDVGHSHUPLVRWLHQH(OHQDSRUODPDWHUQLGDG"6H
OHDODUJDODPDWHUQLGDGSRUODKRVSLWDOL]DFLyQ"
E'DGRTXHODPDGUHWLHQHSULVDSRUYROYHUDOWUDEDMRSXHGHSDFWDU
FRQODHPSUHVDTXHHOODGLVIUXWHVHPDQDV\HOUHVWRHOSDGUH"
F6LODPDGUHOHFHGLHVHVHPDQDVDOSDGUHSRGUtDUHYRFDUODVUHWLUDUODVGHVSXpV"(QTXpFDVRV"
G4XpVXFHGHUtDHQHOFDVRGHTXHIDOOHFLHVHQODPDGUHRODVKLMDV"
H6LODPDGUHTXLVLHUDYROYHUDOWUDEDMRORDQWHVSRVLEOHTXpFDUDFWHUtVWLFDVWHQGUtDODPDWHUQLGDGDWLHPSRSDUFLDO"
G+DQVLGRDYLVDGRVWRGRVFRQWLHPSRVXFLHQWH"
-RVp0DQXHOHVHOPDULGRGH(OHQD\SDGUHGHODVGRVQLxDVGHO
HMHUFLFLRDQWHULRU
$OEHUWRWUDEDMDDWLHPSRSDUFLDOSRUODVPDxDQDVHQXQDFDIHWHUtD
GHKDK(OGXHxRGHODFDIHWHUtDOHFRPXQLFDTXHOHQHFHVLWDDO
PHGLRGtDSDUDODVFRPLGDVSRUORTXHGHMDUiGHHQWUDUDODVK\VX
QXHYRKRUDULRVHUiGHDK
D&XiQWRVGtDVGHSHUPLVRWLHQHDFDUJRGHODHPSUHVD\FXiQWRVD
FDUJRGHODVHJXULGDGVRFLDOSRUWHQHUGRVKLMDV"
D4XpWLSRGHPRGLFDFLyQGHOFRQWUDWRVHWUDWD"
E 4Xp FDXVDV GHEH DOHJDU OD HPSUHVD SDUD GLFKD PRGLFDFLyQ"
&RQTXpDQWHODFLyQGHEHFRPXQLFDUHOFDPELR"
F4XpRSFLRQHVWLHQHHOWUDEDMDGRUDQWHGLFKRFDPELR"
8QDHPSUHVDKRWHOHUDHVWiSDVDQGRSRUDSXURVHFRQyPLFRV\D
TXH VXV LQJUHVRV QR SDUDQ GH FDHU DxR WUDV DxR SRU OR TXH GHFLGH
VXSULPLUODVPHMRUDVYROXQWDULDVTXHRIUHFtDHQHOVDODULRDORVWUDEDMDGRUHV\YROYHUDOVDODULRMDGRSRUHOFRQYHQLRTXHHVLQIHULRU
D3XHGHODHPSUHVDUHDOL]DUGLFKDPRGLFDFLyQDWRGRVORVWUDEDMDGRUHVGHIRUPDFROHFWLYD"3RUTXp"
E4XpWUiPLWHVQHFHVLWDGLFKDPRGLFDFLyQ"
F&XiQGRVXUJHHIHFWRVODGHFLVLyQGHODHPSUHVD"
G6LQRHVWiQGHDFXHUGRORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVTXp
SXHGHQKDFHU"
3
E&XiQGRSXHGHGLVIUXWDUGHORVGtDVGHSDWHUQLGDGGHODVHJXULGDG
VRFLDO"
F6LODPDGUHOHFHGHVHPDQDVGHOSHUPLVRGHPDWHUQLGDGHQTXp
PRPHQWRSXHGHSHGtUVHODV"$ODYH]TXHODPDGUHRFXDQGRWHUPLQD
ODPDGUHVXSHUPLVRGHPDWHUQLGDG"
G6LHOSDGUHTXLVLHUDWHQHUHOSHUPLVRDWLHPSRSDUFLDOTXpFDUDFWHUtVWLFDVWHQGUtDODSDWHUQLGDGDWLHPSRSDUFLDO"
H&XiQWRWLHPSRWLHQHTXHKDEHUFRWL]DGRSUHYLDPHQWHHOSDGUHDOD
VHJXULGDGVRFLDOSDUDWHQHUGHUHFKRDORVGtDVGHSDWHUQLGDG"
H&X
8QWUDEDMDGRUHVHOHJLGRFRQFHMDOGHXQD\XQWDPLHQWR\HOGHVHPSHxRGHOFDUJRHVLQFRPSDWLEOHFRQHOKRUDULRGHWUDEDMRDFWXDO
D4XpWLSRGHH[FHGHQFLDGHEHVROLFLWDU"
E&XiQGRGHEHUHLQJUHVDUXQDYH]QDOLFHVXFDUJR"
F&RQVHUYDODDQWLJHGDG\HOSXHVWRHQODHPSUHVD"
H
6MH&ODVLFDHQODVVLJXLHQWHVVLWXDFLRQHVTXpSRVLEOHFDXVDGHGHV
:
1
"
%
#
<
"
'
"
1
*
<
%
'
1
7%
'
"
%
<
1
=
2
?
1
,
%
'
1
&
"
6
1
=>)
2
?
1
=(
.
(2?
1
=R
"
%?
MHM"
"
%
&
#
&
(
"%
"
#
%
%
'1
"
=MH
.
'
"
G
#
%
#
)
#
R<
#
.
1
=$
#)
#)
?
1
,
#
"
1
=>)
2
?
1
=>)
6.
.?
1
=F
#?
=D
(
""
2
?
1
R
.
#
(
'
=#)
(
6
?
1
=
"
%?
=F
(
.
?
1
R
.
RG3F
;
(
.
RG3F
=#)
?
=F(
#
.
.?
&H&X
(
9
MH
3
2
#
#
'
%
.
#
%
J
%
#
(
#
6
#
#
(
#
.
A
(
D6LOHKLFLHUDFDVRDVXDPLJRFyPRVHFDOLFDUtDVXDFWXDFLyQ"
=>)
"?
1
C
=#)
(
6
#
?
MH
J
.
5
4
%
#)
"
6
FRPRGLFHHOGXHxRRH[WLQJXLUORVFRQWUDWRV\GDUORVSRUQDOL]DGRV
R
.
2
1
=
#)
2
%
?
1
=>)
"
?
1
=$
%
%
?
1
R
%
=#)
6.
?
4MH
M6
R
6.
.
%
G
#
"
%
(
<
D&yPRVHFDOLFDHOGHVSLGRSRUHO-X]JDGR\TXpGRVRSFLRQHVOH
#
?
1
=>)
6.
4Z
Q
&
'
?
IMH
3
%
."
"
.
%
.
"
#
(
&
"
#
#
"
"
.
6
5
1
=F.
.
?
=R
?
1
R
M6
#
.
6
=.
(
?
1
=>)
"(?
1
R
=#)
?
3
+(OQLTXLWR\ODVLQGHPQL]DFLRQHV
MH0RGLFDFLyQVXVWDQFLDOGHOFRQWUDWR
1
R
M
=
?
=
#)
?
"
0
&
1
HPSUHVDKDGHFLGLGRTXHYDDPRGLFDUHOVDODULRTXHYHQtDFREUDQGR
5Z
%
<
"
#
GH(PLOLDQRHVWiFRQIRUPHFRQHVWDPRGLFDFLyQVXVWDQFLDOGHO
#
'
#
2
#
5Z
(
2
&
R
Q
5
&
E(VQHFHVDULRTXHWUDQVFXUUDXQSOD]RGHVGHODPRGLFDFLyQWpFQLFD"
F
#
(
6.
%
@MH
3
M
"
"
(#
%
#
#
'(
M
#
'(
(
#
"
#
"
'
1
$
'.
=#)
(
M?
1
=
6.
?
=$
(
Q
4
&
'
&
Z?
=R
6.
?
3MH
6
6"
"
%
#
"
'
%
#
'
1
=$
#)
?
=
#)
"?
1
=F(
#
"
?
MH
$
R"
%
#
M6
R
#
.
6.
#
95Z
@
2
&
85Z
R
Q
&
4
F
6.
6MH&DOFXODHOQLTXLWRGHXQWUDEDMDGRUTXHKDVLGRGHVSHGLGRHO
%
"
:
1
R
"
%
8
=
(
#
%
?
R
8Z
"
45Z
1
=
AB3R3?
KZ
MH
J
%
"
5
%
"
.
"
0
&
1
#
"
6
@
1
=R
"
6
@ ?
1
$
@
=#)
'.
(
)?
=F(
(
?
1
=>)
?
1
=>)
'
3
0F
1
@ ?
1
R
)
(
=#)
?
'1
#
(
5
%
=
#)
%
?
F
2
&
(
R
Q
&
'
$
,@
;H
%
'
"
=MH&DOFXODHOQLTXLWRGHXQFRQWUDWRWHPSRUDOGHREUD\VHUYLFLRTXH
6
;
4
&
#
:
R
89Z
"
5Z
Z
MH
J
'(
#
#
2
5
%
#
%
1
=
?
=
#)
"?
1
=>)
6
?
1
=>)
6.
(
%
?
1
=
AB3R3?
36
F
2
&
(
$
,@
H
%
'
"
R
6
#
6.
QDOL]DFLyQGHFRQWUDWRGHREUD\VHUYLFLRHVGHGtDVGHVDODULRSRU
&
%
.
(QODPDWHUQLGDG
$/DPRGLFDFLyQGHOFRQWUDWR
D'HVSXpVGHOSDUWRVRQREOLJDWRULDVVHPDQDVSDUDODPDGUHVLQ
TXHODVSXHGDUHSDUWLUFRQHOSDGUH
8QWUDEDMDGRUDOTXHVHOHFDPELDGHIXQFLRQHVD
%(+
+
E/DPDGUHSXHGHFHGHUKDVWDVHPDQDVDOSDGUHSHURSXHGHUHYRFDUODVRUHWLUDUODVVLQRSXHGHGLVIUXWDUODVSRUKRVSLWDOL]DFLyQ
D(VXQDPRYLOLGDGGHQWURGHOJUXSRSURIHVLRQDO\QRUHTXLHUHFDXVDV
RUJDQL]DWLYDVRWpFQLFDV
F /D PDGUH WLHQH GHUHFKR D GLVIUXWDU GH ODV VHPDQDV D WLHPSR
SDUFLDO
E(VXQDPRYLOLGDGIXHUDGHOJUXSRSURIHVLRQDOGHVFHQGHQWHODFXDO
SRGUiVHUVRORGHIRUPDWHPSRUDO
G(QFDVRGHTXHKD\SDUWRP~OWLSOHODPDGUHWLHQHGHUHFKRDXQD
VHPDQDPiVSRUFDGDKLMRDSDUWLUGHOVHJXQGR
F (VXQDPRYLOLGDGIXHUDGHOJUXSRSURIHVLRQDOGHVFHQGHQWHODFXDO
SRGUiVHUVRORGHIRUPDLQGHQLGD
(QODSDWHUQLGDG
G(VXQDPRYLOLGDGH[WUDRUGLQDULDTXHLPSOLFDTXHQRSRGUiYROYHUD
VXSXHVWRDQWHULRU
D(OSDGUHVLHPSUHWHQGUiGtDVGHSDWHUQLGDGGHVSXpVGHOSDUWR
(OWUDVODGRVHFDUDFWHUL]DSRUTXH
E(OSDGUHWHQGUiGHUHFKRDGtDVGHSHUPLVRDFDUJRGHODHPSUHVD
ORVFXDOHVSXHGHQDPSOLDUVHSRUHOFRQYHQLR\DGtDVDFDUJRGH
ODVHJXULGDGVRFLDO
D,PSOLFDXQFDPELRGHFHQWURGHWUDEDMRTXHFRQOOHYDFDPELRGHUHVLGHQFLDGHOWUDEDMDGRU
F /RVGtDVGHODVHJXULGDGVRFLDOVHDPSOtDQHQXQGtDPiVSRU
FDGDKLMRDSDUWLUGHOVHJXQGR
E(VGHQLWLYRHQHOVHQWLGRGHTXHHOWUDEDMDGRUHVWiWUDVODGDGRPiV
GHXQDxRHQXQSHULRGRGHDxRV
G1RHVSUHFLVRTXHHOSDGUHKD\DFRWL]DGRDODVHJXULGDGVRFLDOSDUD
WHQHUGHUHFKRDHVWHSHUPLVR
(QODH[FHGHQFLDSRUHOFXLGDGRGHKLMRV
G7RGDVVRQFRUUHFWDV
E(PSLH]DDFRQWDUGHVGHHOQDFLPLHQWRGHOKLMR
6LDXQWUDEDMDGRUODHPSUHVDOHPRGLFDVXKRUDULR
9
F 6HOHUHVHUYDVXSXHVWRVRORGXUDQWHORVSULPHURVDxRV\DSDUWLUGHO
WHUFHURWLHQHUHVHUYDGHXQSXHVWRGHVXJUXSRSURIHVLRQDO
D8QDPRYLOLGDGIXQFLRQDOIXHUDGHOJUXSRSURIHVLRQDO
G6RORODSXHGHQVROLFLWDURELHQODPDGUHRELHQHOSDGUH
E8QDPRGLFDFLyQVXVWDQFLDOGHOFRQWUDWRODFXDOUHTXLHUHTXHH[LVWDQXQDVFDXVDVREMHWLYDVSRUSDUWHGHODHPSUHVD
:HX
(
9
F 8QDPRGLFDFLyQVXVWDQFLDOGHOFRQWUDWRGRQGHHOWUDEDMDGRUSXHGH
DFHSWDURUHFXUULUSHURQXQFDH[WLQJXLUHOFRQWUDWRFRQGHUHFKRD
LQGHPQL]DFLyQ
D6HVROLFLWDSRUWHQHUXQKLMRPHQRUGHDxRV
G6ROR SXHGH PRGLFDUVH HO KRUDULR VL VH WUDWD GH XQD PRGLFDFLyQ
VXVWDQFLDOFROHFWLYDGHWRGRVORVWUDEDMDGRUHVGHODHPSUHVD
E'HEHUtDSUHDYLVDUVLHPSUHFRQGtDVGHDQWHODFLyQGHORFRQWUDULR
ODHPSUHVDOHSRGUiGHVFRQWDUORVGtDVGHSUHDYLVRLQFXPSOLGRV
#H(
F 'HEHUtDSUHDYLVDUFRQORVGtDVTXHVHxDOHHOFRQYHQLRGHORFRQWUDULRODHPSUHVDOHSRGUiGHVFRQWDUORVGtDVGHSUHDYLVRLQFXPSOLGRV
VHJ~QPDUTXHHOFRQYHQLR
(VFDXVDGHVXVSHQVLyQGHOFRQWUDWR
D/DPDWHUQLGDG\ODSDWHUQLGDG
E/DVFDXVDVREMHWLYDVGHODHPSUHVDFRPRVRQODVFDXVDVHFRQyPLFDVWHFQROyJLFDVRUJDQL]DWLYDVRGHSURGXFFLyQ
F (VWDUGHEDMDODERUDOSRUXQDFFLGHQWHRXQDHQIHUPHGDG
6LXQDHPSUHVDOOHYDPHVHVVLQSDJDUDORVWUDED0
92
D([WLQJXLUHOFRQWUDWR\SHGLUDODHPSUHVDXQDLQGHPQL]DFLyQGH
GtDVSRUDxRWUDEDMDGR
G3RUIXHU]DPD\RUTXHLPSLGDUHDOL]DUHOWUDEDMRWHPSRUDOPHQWH
E3UHVHQWDUXQDGHPDQGDDQWHHO-X]JDGRGHOR6RFLDOSDUDH[WLQJXLU
HOFRQWUDWR\PLHQWUDVQRKD\DVHQWHQFLDLUiQDWUDEDMDU
H7RGDVVRQFDXVDVGHVXVSHQVLyQ
F 3UHDYLVDUFRQGtDVGHDQWHODFLyQ\DVtFREUDUODLQGHPQL]DFLyQ
3=
(QHOGHVSLGRSRUFDXVDVREMHWLYDV
D/RVWUDEDMDGRUHVQRUHFLELUiQXQDFDUWDGHGHVSLGR\DTXHVHOHV
FRPXQLFDDWUDYpVGHO(5(
(QHOGHVSLGRGLVFLSOLQDULR
E'HEHUiQVHUSUHDYLVDGRVFRQGtDVGHDQWHODFLyQGHORFRQWUDULR
UHFLELUiQGHVDODULRWDQWRVGtDVFRPRSUHDYLVRLQFXPSOLGR
D(OWUDEDMDGRUQRFREUDUiQDGDGHOQLTXLWR
E5HFLELUiODFDUWDGHGHVSLGRDORVGtDVGHOGHVSLGR
F 6HOHHQWUHJDUiDOWUDEDMDGRUXQDLQGHPQL]DFLyQGHGtDVSRUDxR
WUDEDMDGRFRQXQWRSHGHGtDV
8QWUDEDMDGRUTXHTXLHUHUHFODPDUXQGHVSLGR
,QGLFDHQFXiOGHODVVLJXLHQWHVHPSUHVDVVHSUR0
((
9
D'HEHUiLUDO-X]JDGRGHOR6RFLDOGLUHFWDPHQWHHQHOSOD]RGH
GtDVKiELOHV
D8QDHPSUHVDGHWUDEDMDGRUHVGRQGHGHVSLGHQDWUDEDMDGRUHV
E'HEHUiDFXGLUSULPHURDO60$&\HVSHUDUDTXHVHUHVXHOYDSULPHUR
DOOtHOFDVR\VLQROHGDQODUD]yQ\DSRGUiUHFODPDUDO-X]JDGR
F 8QDHPSUHVDGHWUDEDMDGRUHVGRQGHGHVSLGHQDWUDEDMDGRUHV
E8QDHPSUHVDGHWUDEDMDGRUHVGRQGHGHVSLGHQDWUDEDMDGRUHV
F 'HEHUiDFXGLUSULPHURDO60$&VLDORVGtDVQROHOODPDQSDUD
FHOHEUDUODFRQFLOLDFLyQVHUHDQXGDUiHOFyPSXWRGHORVGtDVTXHOH
IDOWHQKDVWDFRPSOHWDUORVGtDVKiELOHVSDUDLUDO-X]JDGRGHOR
6RFLDO
G+D\TXHSDJDUODVWDVDVMXGLFLDOHVSDUDSRQHUXQDGHPDQGDHQHO
-X]JDGRGHOR6RFLDO
E&RQVXOWDUORFRQHOFRPLWpRORVVLQGLFDWRVGXUDQWHXQPi[LPRGH
GtDVVDOYRODVHPSUHVDVPiVSHTXHxDVGHPHQRVGHWUDEDMDGRUHVHQODVTXHVHUiGXUDQWHXQPi[LPRGHGtDV
6LHO-X]JDGRGHOR6RFLDOGLFWDTXHHOGHVSLGRHV
LPSURFHGHQWHSRUTXHQRH[LVWHQPRWLYRV
D/DHPSUHVDWHQGUiODRSFLyQGHRELHQSDJDUODLQGHPQL]DFLyQGH
GtDVSRUDxRVLODDQWLJHGDGHVSRVWHULRUDIHEUHURGHRELHQ
SDJDUORVVDODULRVGHWUDPLWDFLyQ\UHDGPLWLUDOWUDEDMDGRU
E/DHPSUHVDWLHQHODRSFLyQGHRELHQSDJDUODLQGHPQL]DFLyQGH
GtDVSRUDxRPiVORVVDODULRVGHWUDPLWDFLyQRELHQUHDGPLWLUORVLQ
VDODULRVGHWUDPLWDFLyQ
F /D HPSUHVD QR SDJDUi VDODULRV GH WUDPLWDFLyQ VL OD VHQWHQFLD VH
GLFWDSDVDGRVGtDVGHVGHHOGHVSLGR
G(QHOGHVSLGRLPSURFHGHQWHDOLJXDOTXHHQHOGHVSLGRQXORVROR
FDEHODRSFLyQGHUHDGPLWLUDOWUDEDMDGRU\SDJDUOHORVVDODULRVGH
WUDPLWDFLyQ
3DUDDSUREDUHO(5(HVUHTXLVLWR
D&RPXQLFDUORDOD$XWRULGDG/DERUDOVLQPiVWUiPLWHV
F 5HPLWLU DO FRPLWp R VLQGLFDWRV HO Q~PHUR GH GHVSLGRV \ HO JUXSR
SURIHVLRQDO DO TXH SHUWHQHFHQ DVt FRPR ORV FULWHULRV TXH VH KDQ
WRPDGRSDUDHOHJLUDORVWUDEDMDGRUHV
G7HQHUODDSUREDFLyQGHOD$XWRULGDG/DERUDO\TXHDSUXHEHHO(5(
(QHOGHVSLGRSRUIXHU]DPD\RU
D6H GHEHUi FRPXQLFDU D OD$XWRULGDG /DERUDO OD FXDO FRQVWDUi ORV
KHFKRVHQHOSOD]RGHGtDV
E/RVWUDEDMDGRUHVFREUDUiQGHLQGHPQL]DFLyQGtDVSRUDxR
F 6LODIXHU]DPD\RUUHPLWLHVHVHGHEHUiYROYHUDFRQWUDWDUDORVWUDEDMDGRUHV
G/DD\ODEVRQFLHUWDV
34
1RVHFREUDUiHQHOQLTXLWRSRUGHVSLGRSURFH0
(9
D/DVYDFDFLRQHVSHQGLHQWHVGHGLVIUXWDUGHOWUDEDMDGRU
E/RVVDODULRVSHQGLHQWHVGHFREUDUSRUHOWLHPSRWUDEDMDGR
F 8QDLQGHPQL]DFLyQGHGtDVSRUDxRWUDEDMDGRFRQXQPi[LPR
GHGtDV
9(
N9(
,
(+O
/DUHIRUPDODERUDODSUREDGDHOGHIHEUHURGHIRUWDOHFLyODVSRVLFLRQHVHPSUHVDULDOHVHQODVUHJXODFLRQHVGHHPSOHRGHVSLGRVFROHFWLYRVVXVSHQVLRQHVWHPSRUDOHV\UHGXFFLRQHVGHMRUQDGD\VDODULR<DQRKDFHIDOWDHOSHUPLVRGHOD$XWRULGDG/DERUDO\HOSDFWRFRQORVVLQGLFDWRVKDGHMDGRGHVHUXQD
FRQGLFLyQFDVLLPSUHVFLQGLEOH$GHPiVODFDtGDGHLQJUHVRVGXUDQWHWUHVWULPHVWUHVFRQVHFXWLYRVMXVWLFDHOGHVSLGRREMHWLYRGtDVSRUDxRWUDEDMDGR(Q
GHQLWLYDVHIDFLOLWD\DEDUDWDQODVH[WLQFLRQHVGHORVFRQWUDWRV<HVWRIXHXQDWHQWDFLyQJUDQGHSDUDUPDVFRPRODHPSUHVDGHWUDQVSRUWHV7UDGLVDTXH
SDUDOL]DURQORVDMXVWHVGHSODQWLOODTXHKDEtDQSXHVWRHQPDUFKDSDUDDSURYHFKDUVHGHODVQXHYDVUHJODVGHOMXHJR(QFDPELRSDUDOD$XGLHQFLD1DFLRQDO
HVRHVIUDXGHGHOH\\DTXHVXSRQHXQDPDQLHVWDYROXQWDGGHVXVWUDHUVHGHOSURFHGLPLHQWROHJDOSDUDEHQHFLDUVHGHXQRPiVH[LEOHORTXHHTXLYDOHD
FDPELDUGHiUELWUR\GHUHJODVGHMXHJRHQSOHQRSDUWLGR
8QDTXHMDKLVWyULFDGHOHPSUHVDULDGRHVSDxROHVTXHORVWULEXQDOHVGHFLGHQGHIRUPDDEUXPDGRUDHQVXFRQWUDHQODVTXHUHOODVVREUHGHVSLGRVSHVHDTXH
GHVGHHODxRODHVWDGtVWLFDVLW~DHQWUHHO\HOGHIDOORVDVXIDYRU3DUDDWHQGHUHVWDGHPDQGDODVGRV~OWLPDVUHIRUPDVODERUDOHVKDQDFRWDGR
HOSDSHOGHORVMXHFHV(OJRELHUQRGH=DSDWHURLQWURGXMRHOFRQFHSWRGHSpUGLGDVUD]RQDEOHVRSUHYLVWDVFRPRFDXVDGHGHVSLGRREMHWLYR\HOGH5DMR\OD
FLWDGDFDtGDGHLQJUHVRV3HURODWXWHODMXGLFLDOH[LVWHD~QHQPDWHULDODERUDO\ORVWULEXQDOHVHVWiQHPSH]DQGRDVHxDODUORVOtPLWHVTXHODQXHYDQRUPDPDUFD
/DSULPHUDIURQWHUDODVHxDODURQORV7ULEXQDOHV6XSHULRUHVGH-XVWLFLDGH&DWDOXxD\GH0DGULGHQVHQGRVGHVSLGRVFROHFWLYRV(QHVWDVFRPXQLGDGHVODV
HPSUHVDV'23(&\7DOOHUHV$UHVFLQGLHURQGHFHQDVGHFRQWUDWRVDOHJDQGRFDXVDVHFRQyPLFDV/RVMXHFHVDQXODURQODGHFLVLyQGHODVFRPSDxtDVHQWUH
RWUDVFRVDVSRUTXHIRUPDQSDUWHGHXQJUXSRHPSUHVDULDO\QRVLUYHTXHVHWRPHODVLWXDFLyQHFRQyPLFDVRORGHXQDFRPSDxtDSDUDMXVWLFDUODDSOLFDFLyQGH
XQ(5($VtVHH[LJHTXHVHWRPHHQFRQVLGHUDFLyQ\VHGRFXPHQWHWRGRHOJUXSR
(QHOFDVRGH7DOOHUHV$HOWULEXQDOKDLGRPiVDOOiDODSXQWDUTXHSHVHDTXH\DQRHVREOLJDWRULRHODFXHUGRHQWUHODVSDUWHVVtTXHWLHQHTXHKDEHUXQD
QHJRFLDFLyQFRQYROXQWDGGHOOHJDUDXQSDFWR/RTXHGHUDWLFDUVHSRUHO7ULEXQDO6XSUHPRDFDEDUiHOHYDQGRGHKHFKRODVLQGHPQL]DFLRQHVPtQLPDVMDGDV
HQODOH\4XLHQVHDFHUFDDXQDPHVDGHFRQVXOWDVGHXQH[SHGLHQWHGHUHJXODFLyQFRQVXSRVLELOLGDGFRPR~QLFDQRQHJRFLDQLHIHFW~DFRQFHVLRQHVVLQR
TXHVHOLPLWDDFXPSOLUIRUPDOPHQWHFRQXQWUiPLWHVHxDODODVHQWHQFLDTXHDEXQGDTXHWDODFWLWXGVXSRQHXQDQHJRFLDFLyQGHPDODIH
(VWDVHQWHQFLDFRPRODTXHKDUPDGRKDFHSRFRVGtDVOD$XGLHQFLD1DFLRQDOUHIXHU]DHOSDSHOQHJRFLDGRUGHORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVDOJR
TXHVDOLyPX\WRFDGRFRQODUHIRUPD(QHO~OWLPRFDVRVHDQXODHOGHVSLGRGH6HJXU,EpULFDSRUQHJRFLDULQGLYLGXDOPHQWHFRQHPSOHDGRVPLHQWUDVORKDFtD
FRQHOFRPLWp(VWDDFWLWXGYDFtDGHFRQWHQLGRHOSHULRGRGHFRQVXOWDVFRQHOFRPLWpRVLQGLFDWRV(VWHWH[WRGHOD$XGLHQFLDWDPELpQPDUFDXQFDPLQRSDUD
ODVUHJXODFLRQHVHQHPSUHVDVFRQYDULRVFHQWURVGHWUDEDMR/DVROXFLyQSDFWDGDRQRWLHQHTXHVHUODPLVPDSDUDHOPLVPRH[SHGLHQWH1RVLUYHOOHJDUDXQ
DFXHUGRHQGRVFHQWURV\QRKDFHUORHQRWURFRPRVXFHGLyFRQ6HJXU,EpULFD
/RTXHWDPELpQKDGHMDGRFODURORVWULEXQDOHVHVTXHODGRFXPHQWDFLyQSDUDMXVWLFDUXQGHVSLGRSRUFDXVDVHFRQyPLFDVGHEHUHHMDUFRQGHOLGDGODVLWXDFLyQ
GHODHPSUHVD1RYDOHQXQDVFXHQWDVSURYLVLRQDOHVHVSHFLDOPHQWHVLVHXVDQSDUDSUHYHUSpUGLGDVHQHOIXWXURVLGLHUHQGHOUHVXOWDGRGHQLWLYR\DXGLWDGR
FRPRKDGLFWDGRHO7ULEXQDO6XSHULRUGH-XVWLFLDGH0DGULGFRQWUDODHPSUHVDGHWHOHPiUNHWLQJ*66
'HPRPHQWRQRKD\PXFKDVVHQWHQFLDVQLVHKDVHQWDGRMXULVSUXGHQFLDFRQHO7ULEXQDO6XSUHPR3HURORVMXHFHV\DKDQGHMDGRFODURGyQGHHVWiQORVOtPLWHV
GHOQXHYRGHVSLGR1RDFHSWDQTXHVHLQWHQWHHFKDUWUDEDMDGRUHVDODFDOOH\VHFRQWUDWHDOPLVPRWLHPSRFRPRKL]R*661LWROHUDQTXHXQDHPSUHVDH[WLQJD
FRQWUDWRVGXUDQWHODYLJHQFLDGHXQ(5(GHVXVSHQVLyQGHHPSOHRHQHOTXHVHKDFRPSURPHWLGRDQRGHVSHGLUFRPRKDKHFKR06$TXHGHVSLGLyD
WUDEDMDGRUHVSHVHDKDEHUSDFWDGRXQDVXVSHQVLyQVREUHHPSOHDGRVTXHHVWDEDHQYLJRUKDVWDHOGHGLFLHPEUHGH
3HURVLKD\XQDIURQWHUDFODUDVREUHORVGHVSLGRVFROHFWLYRVHVODTXHPDUFyHO7ULEXQDO6XSHULRUPDGULOHxRTXHGHQLyFRQFODULGDGTXpHVXQDUHJXODFLyQ
GHHPSOHRHQVXIDOORFRQWUD*66/RV(5(VRQXQFRVWHVRFLDOSDUDD\XGDUDODVHPSUHVDVHQFULVLVRFRQGLFXOWDGHVGHSURGXFWLYLGDGTXHDIHFWDQDVX
VXSHUYLYHQFLD1RVRQQLGHEHQVHUXQPHGLRGHGHVWUXFFLyQGHWUDEDMRSDUDJHQHUDUPiVULTXH]DQLEHQHFLRDOHPSUHVDULRTXHQRHVWiHQFULVLVQLWLHQH
GLFXOWDGHVUHDOHV
&8(67,21(6
D6HxDODDOJXQRVOtPLWHVTXHHVWiQSRQLHQGRORVWULEXQDOHVHQODVVHQWHQFLDVVREUHGHVSLGRVHQFRQFUHWRHQORVFDVRV7UDGLVD'23(&\
7DOOHUHV$6HJXU,EpULFD*66\06$
E&XiQWRVHKDQLQFUHPHQWDGRORVGHVSLGRVREMHWLYRV\FROHFWLYRVHQORVSULPHURVPHVHVGH"(QTXpFRQVLVWtDHOGHVSLGRH[SUpV"
F5HH[LRQDVREUHODGHQLFLyQTXHGLRHO7ULEXQDO6XSHULRUGH-XVWLFLDGH0DGULGVREUHTXpHVXQDUHJXODFLyQGHHPSOHR\TXpQRHV
3I
('8&$&,1(19$/25(6(1(/081'2/$%25$/
(OGLOHPDGHVDFULFDUVXHOGRSDUDVDOYDUHOHPSOHR
+D\TXHHOHJLUHQWUHVXELUORVVXHOGRVRDVHJXUDUORVHPSOHRV(OSUHVLGHQWHGH6HDW(ULFK6FKPLWWODQ]DEDUHFLHQWHPHQWHHVWHUHWR<OOHJy
ODKRUDGHGHFLGLU(QXQDGXUDYRWDFLyQHQPHGLRGHODGLV\XQWLYDPRUDO\ODGLYLVLyQVLQGLFDOORVWUDEDMDGRUHVDFHSWDURQFRQJHODUVHHOVXHOGR
HVWHDxR\XQDVXELGDGHODPLWDGGHODLQDFLyQSDUDHODxRTXHYLHQH(VWDEDHQMXHJRVHJ~Q6HDWTXHODFDVDPDWUL]:RONVZDJHQDVLJQDUD
ODIDEULFDFLyQGHXQPRGHORQXHYRGH$XGLD0DUWRUHOO\SXHVWRVGHWUDEDMR
/DFULVLVKDFRORFDGRDPXFKDVUPDVHQHVWHGLOHPD0LOHVGHWUDEDMDGRUHVVHHVWiQYLHQGRREOLJDGRVDGHVKRMDUODPDUJDULWDHQWUHDUULPDUHO
KRPEUR\HOWHPRUDTXHHOVDFULFLRVHDLQ~WLOSRUODIDOWDGHJDUDQWtDVGHTXHVHDOFDQFHODHVWDELOLGDG7LHQHQXQDSUHVLyQDxDGLGDODHYROXFLyQGHSUHFLRVTXHUR]DQODGHDFLyQ
4XpKDUtDXVWHG"/RDFHSWDUtDREYLDPHQWHDQWHVGHVDEHUVLHVWiHQODSRVLEOHOLVWDGHGHVSLGRV"(VpWLFR"-XHJDQODVHPSUHVDVFRQ
HOPLHGRTXHSURYRFDODFULVLV\ORVHVFDORIULDQWHVGDWRVVREUHHODXPHQWRGHOSDUR"<GHMDQGRGHODGRODVFXHVWLRQHVPRUDOHVHVXQDEXHQD
PHGLGDGHVGHXQSXQWRGHYLVWDHVWULFWDPHQWHHFRQyPLFR"
-DYLHU,EDUVUHVSRQVDEOHGH5HODFLRQHV/DERUDOHVGH)RPHQWRGHO7UDEDMRDGVFULWDDOD&(2(PDQLHVWD/DFRQJHODFLyQVDODULDOFRQVWLWX\H
XQDSRVLEOHYiOYXODGHR[tJHQRSDUDDOJXQDVHPSUHVDVTXHHVWiQDV[LDGDVSRUODIDOWDGHOLTXLGH](QORVFRQWH[WRVGHFULVLVORVDXPHQWRV
VDODULDOHVQRIDYRUHFHQDODFRQWUDWDFLyQ\XQDPHGLGDDVtSXHGHWHQHUVXLQFLGHQFLDHQODFRPSHWLWLYLGDGGHODVHPSUHVDV
5DIDHO2UWL]VRFLRGH*DUULJXHVDSXQWDTXHQRVLHPSUHHOSUREOHPDGHXQDHPSUHVDVHUHVXHOYHSRUODYtDODERUDO+DFHSRFRQRVYLQRXQD
HPSUHVDFRQYHQFLGDGHOOHYDUDFDERXQUHFRUWHVDODULDO$OQDOYLPRVTXHORVFRVWHVODERUDOHVVyORUHSUHVHQWDEDQXQGHOWRWDO\TXHHUDQ
PXFKRPiVLPSRUWDQWHVORVFRVWHVORJtVWLFRV\GHODVPDWHULDVSULPDV8QDPHGLGDDVtWLHQHVHQWLGRVLVHFRPSLWHFRQHPSUHVDVFRQFRVWHV
LQIHULRUHV\VHSLHUGHQYHQWDVSRUHVHPRWLYR
(OUHVSRQVDEOHGH&&22HQ6HDW/ROR*iOYH]TXHVHPDQLHVWDHQFRQWUDLQFLWDDODUHEHOLyQ6XVLQGLFDWRHVWiGLVSXHVWRDQHJRFLDUFyPR
UHGXFLUFRVWHVSHURQRDFXDOTXLHUSUHFLR0HSDUHFHLQPRUDOTXHODVHPSUHVDVMXHJXHQFRQHOPLHGRGHODJHQWHXQDDXWpQWLFDFDQDOODGD
+D\XQSUHFLRSRUHOTXHXQRVHSXHGHOHYDQWDUDODVGHODPDxDQDSDUDLUDWUDEDMDU\RWURHQTXHHPSLH]DDVHURQHURVRSURWHVWD
6DQGDOLR*yPH]SURIHVRUGH5HODFLRQHV/DERUDOHVGHO,(6(DSR\DODFRQJHODFLyQVDODULDOVLHPSUHTXHVHDDOJRVLQFHURSRUSDUWHGHODHPSUHVD\TXHKD\DXQFRPSURPLVRUHDOGHOHPSUHVDULRSRUVDFDUHOQHJRFLRDGHODQWH&XiQWDVYHFHVORVWUDEDMDGRUHVKDQDFHSWDGRUHGXFLUVHHO
VXHOGR\ODHPSUHVDKDDFDEDGRHFKDQGRDJHQWHDODFDOOHUHFXHUGD
)8(17((/3$66HUDItGHO$UFR([WUDFWRGHODUWtFXOR(OGLOHPDGHVDFULFDUVXHOGRSDUDVDOYDUHOHPSOHR
D4XpDFHSWDURQORVWUDEDMDGRUHVGH6HDW"4XpHVWDEDHQMXHJR"
E3DUD-DYLHU,EDUVSRUTXpHVXQDYiOYXODGHR[tJHQR"<SDUD5DIDHO2UWL]FXiQGRWLHQHVHQWLGRHVWDPHGLGD"
F4XpRSLQDHOUHSUHVHQWDQWHGH&&22HQ6HDW"3DUD6DQGDOLR*yPH]FXiQGRKD\TXHDSR\DUHVWHWLSRGHPHGLGDV"
G4XpRSLQDVW~"(VXQDEXHQDPHGLGD"&UHHVTXHHVpWLFR\MXVWR"2UJDQL]DGXQMXHJRGHUROHVGRQGHDOXPQRVVHDQORVHPSUHVDULRV
\ORVUHSUHVHQWDQWHVGHORVVLQGLFDWRVHLQWHQWDGOOHJDUDXQDFXHUGRVREUHODFRQJHODFLyQVDODULDOSDUDHYLWDUGHVSLGRVGHOGHODSODQWLOOD
D&XiQWRKDQDXPHQWDGRHOQ~PHURGHDIHFWDGRVSRUUHJXODUL]DFLRQHVGHHPSOHRGHXQDxRDRWUR"<ORVGHVSLGRVFROHFWLYRVVLQSDFWR"
&XiQWRKDQFUHFLGRODVUHGXFFLRQHVGHMRUQDGDODVVXVSHQVLRQHV\ORVGHVSLGRVUHVSHFWRDODxR"
E3RUTXpDQWHULRUPHQWHVHEXVFDEDHOSDFWRGHO(5(FRQORVVLQGLFDWRVRHOFRPLWp"+D\PiVGHVSLGRVFROHFWLYRVRLQGLYLGXDOHV"
F4XpRSLQDVGHOSDSHOTXHWLHQHQORVVLQGLFDWRVRHOFRPLWpGHHPSUHVDHQODVQHJRFLDFLRQHVGHXQ(5(FRQODUHIRUPDODERUDOGH"
3@
?
4
#
ORVWUDEDMDGRUHV
:
$1&$!
"
1!
*!
,!
2A
/RVFRQLFWRVFROHFWLYRV
3A
#>&1!?
"
0$
E
&RQRFHUTXLpQHVSXHGHQVHUORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHV
0$
C
0
9DORUDUODVROXFLyQH[WUDMXGLFLDOGHFRQLFWRVFRPRXQDYtDGHDFXHUGR
<
D>'1&
/RVVLQGLFDWRVHVWiQ
%
GHVGHSXHVDQWHULRUPHQWHVHFRQVLGHUDEDLOHJDO
WDQWRFUHDUVLQGLFDWRVFRPRSHUWHQHFHUDHOORV&RQOD:
(
&GHODOLEHUWDGVLQGLFDOSDVDDVHUXQGHUHFKRIXQGDPHQWDOGHWRGRVORVFLXGDGDQRVHOFXDOYLHQHUHFRJLGRHQVXDUWtFXOR
/DOLEHUWDGVLQGLFDOWLHQHGRVYHUWLHQWHV
%0
/DSRVLWLYDHVWDEOHFHTXHWRGRVORVFLXGDGDQRVWLHQHQGHUHFKRDDOLDUVHDXQVLQGLFDWRTXHHOLMDQ
\DGDUVHGHEDMDYROXQWDULDPHQWH\WDPELpQD+(
$HVWRVVHOHVUHFRQRFHODSRVLELOLGDG
GHFRQIHGHUDUVHFRQRWURVVLQGLFDWRV
6LQHPEDUJRODOLEHUWDGVLQGLFDOQRVRORHVDOLDUVHDXQVLQGLFDWRRFUHDUORVLQRTXHWDPELpQH[LVWHOD
OLEHUWDGVLQGLFDO
%QDGLHSXHGHVHUREOLJDGRDSHUWHQHFHUDXQVLQGLFDWR(QGHQLWLYDOD&RQVWLWXFLyQHVWDEOHFHWDQWRODOLEHUWDGGHDOLDUVHFRPRODGHQRDOLDUVH
326,7,9$
'HUHFKRDDOLDUVH\GDUVHGHEDMD
$IXQGDUVLQGLFDWRV\FRQIHGHUDFLRQHV
/,%(57$'
6,1',&$/
1(*$7,9$
'HUHFKRDQRDOLDUVH
3RUHOORGHELGRDTXHH[LVWHOLEHUWDGVLQGLFDOSRVLWLYD\QHJDWLYDDODKRUDGHUHSUHVHQWDUDORV
FRPSDxHURVGHWUDEDMRHQODHPSUHVDQRHVREOLJDWRULRSHUWHQHFHUDXQVLQGLFDWR\TXHHOVLQGLFDWRWHHOLMD
SDUDVHUUHSUHVHQWDQWHVLQRTXHVHSHUPLWHTXHORVWUDEDMDGRUHVYRWHQGLUHFWDPHQWHDVXVUHSUHVHQWDQWHVIRUPHQSDUWHRQRGHXQVLQGLFDWR'HDKtTXHH[LVWDQRPDQHUDVGH
9
(
IRUPDGDSRUORVGHOHJDGRVGHSHUVRQDO\ORVPLHPEURVGHOFRPLWpGH
HPSUHVDTXHKDQVLGR %95(
0
$HVWDVHOHFFLRQHVVHSXHGHQ
9
TXHQRSHUWHQHFHQDQLQJXQRGHHOORV$OVHUHOHJLGRVSRUODSODQWLOODGHOD
HPSUHVDYDQDUHSUHVHQWDUDWRGRHOSHUVRQDOGHODPLVPD
OVRQORVGHOHJDGRVVLQGLFDOHV\VHFFLRQHVVLQGLFDOHVTXHKDQVLGR 0
%
SDUDUHSUHVHQWDUDORVPLVPRVGHQWURGHODHPSUHVD$OVHUYRWDGRVSRUVX
SURSLRVLQGLFDWRVRORYDQDUHSUHVHQWDUDHVHVLQGLFDWRQRDWRGRHOSHUVRQDOGHODHPSUHVD
5(35(6(17$&,1
81,7$5,$
'2602'(/26
'(
3$57,&,3$&,1
5(35(6(17$&,1
6,1',&$/
&20,7e
'((035(6$
'(/(*$'26
'(3(5621$/
'(/(*$'26
6,1',&$/(6
6(&&,21(6
6,1',&$/(6
<
(
/DUHSUHVHQWDFLyQXQLWDULDHVWiIRUPDGDSRUORVUHSUHVHQWDQWHVTXH
%
95(
$OVHUHOHJLGRVSRUODSODQWLOODGHOFHQWURGHWUDEDMR
UHSUHVHQWDQDpVWDHQVXWRWDOLGDGDOFRQWUDULRGHORTXHVXFHGHFRQORVGHOHJDGRVVLQGLFDOHVTXHVROR
UHSUHVHQWDQDVXVLQGLFDWR
C"'#D'"E;&<<<F
6LKD\PHQRVGHWUDEDMDGRUHVHQHOFHQWURVHHOLJHQGHD%
O7RGRVORV
FDQGLGDWRVVHSUHVHQWDQMXQWRVHQ(
%HOHFWRUDO
3DUDHOFRPLWpGHHPSUHVDVHXWLOL]DHOVLVWHPDGHFRQODVFDQGLGDWXUDVGHORVVLQGLFDWRVRLQGHSHQGLHQWHVFRPRHQODV&RUWHVSRUOLVWDV\SDUDGHOHJDGRVGHSHUVRQDOKD\(
0
RUGHQDGDDOIDEpWLFDPHQWHFRQWRGRVORVFDQGLGDWRVGRQGHVHUHOOHQDQGHDFDVLOODVGHODOLVWD
/DVFDQGLGDWXUDVTXHORJUDQ
=GGHORVYRWRVQRREWLHQHQUHSUHVHQWDQWHV\VXVYRWRV
VRQDQXODGRV
:2
(QGRVHPSUHVDVGH\GHWUDEDMDGRUHVVHYDQDFHOHEUDUHOHFFLRQHVDUHSUHVHQWDQWHV6HHOHJLUiQGHOHJDGRVGHSHUVRQDORPLHPEURVGHOFRPLWpGHHPSUHVD"6HXWLOL]DOLVWDDELHUWDRFHUUDGD"&XiQWRVFROHJLRVHOHFWRUDOHVGHEHQKDEHU"
"(
(QODHPSUHVDGHWUDEDMDGRUHVKDEUiXQFRPLWpGHHPSUHVDSRUORTXHVHXWLOL]DUiODOLVWDFHUUDGDSRUFDQGLGDWXUDV\KDEUiGRVFROHJLRV
HOHFWRUDOHVXQRSDUDRSHUDULRV\RWURSDUDWpFQLFRV\DGPLQLVWUDWLYRV(QODHPSUHVDGHWUDEDMDGRUHVKDEUiGHOHJDGRVGHSHUVRQDOVH
XWLOL]DUiODOLVWDDELHUWDFRQORVFDQGLGDWRVRUGHQDGRVDOIDEpWLFDPHQWH\KDEUiXQ~QLFRFROHJLRHOHFWRUDO
'(/(*$'26
'(3(5621$/
RPiV
WUDEDMDGRUHV
&20,7e'(
(035(6$
GHOHJDGRV
&RPLWpGHHPSUHVD
7UDEDMDGRUHV
0LHPEURV
'HD
'HD
'HD
'HD
'HD
6HDxDGHQ
PLHPEURVPiV
'HHQ SRUFDGD
DGHODQWH
yIUDFFLyQ
Pi[LPR
PLHPEURV
:H
5
(O5
9(
HQDTXHOORVFHQWURVGHWUDEDMRGHODPLVPDSURYLQFLDRGHGLVWLQWDSURYLQFLDSHUR
FX\RVPXQLFLSLRVVHDQOLPtWURIHVIURQWHUL]RVVLFDGDXQRQROOHJDDWUDEDMDGRUHVSHURVXPiQGRORV
WRGRVVtVHDOFDQ]DHVDFLIUDVHFUHDUiXQFRPLWpGHHPSUHVDFRQMXQWRSDUDWRGRVORVFHQWURV
(O 5
ORVFRQYHQLRVFROHFWLYRVSRGUiQSDFWDUTXHFXDQGRH[LVWDQYDULRVFRPLWpV
GHHPSUHVDVHSXHGDFUHDUXQFRPLWpLQWHUFHQWURVTXHHVWpIRUPDGRSRUUHSUHVHQWDQWHVGHORVGLVWLQWRV
FRPLWpVGHHPSUHVD
(OQ~PHURPi[LPRSDUDHVWHFRPLWpVHUiGHPLHPEURV\VHUiQHOHJLGRVHQWUHORVLQWHJUDQWHVGHORV
GLVWLQWRVFRPLWpVGHHPSUHVD
(O 5(VHSRGUiFUHDUDLQLFLDWLYDGHODGLUHFFLyQRGHXQPtQLPRGH
WUDEDMDGRUHVTXHSHUWHQH]FDQDGRVFHQWURVGHGLVWLQWRVSDtVHV6XIXQFLyQHVGHLQIRUPDFLyQ\FRQVXOWD
:2
(QODSURYLQFLDGH9DOHQFLDVHKDQUHDOL]DGRHOHFFLRQHVDUHSUHVHQWDQWHVHQHPSUHVDV8QDHPSUHVDFXHQWDFRQFHQWURVGHWUDEDMRHQ
ORVFXDOHVKD\\WUDEDMDGRUHVUHVSHFWLYDPHQWH/DVHJXQGDHPSUHVDFXHQWDFRQXQVyORFHQWURGHWUDEDMRGHWUDEDMDGRUHV/D
WHUFHUDHPSUHVDFXHQWDFRQXQFHQWURGHWUDEDMRGHWUDEDMDGRUHV
&XiQWRVGHOHJDGRVGHSHUVRQDORPLHPEURVGHFRPLWpGHHPSUHVDWHQGUiQFDGDHPSUHVD"
"(
/DSULPHUDHPSUHVDWHQGUiXQFRPLWpGHHPSUHVDFRQMXQWRSXHVDXQTXHFDGDFHQWURSRUVtVRORQROOHJDDWUDEDMDGRUHVSDUDWHQHUFRPLWp
DOVXPDUWRGRVORVWUDEDMDGRUHVGHORVFHQWURVGHODPLVPDSURYLQFLDVtTXHVXPDQWUDEDMDGRUHV\WHQGUtDXQFRPLWpFRQMXQWRIRUPDGRSRU
PLHPEURV
/DVHJXQGDHPSUHVDWLHQHHQWUH\WUDEDMDGRUHVSRUORTXHWHQGUiPLHPEURVHQHOFRPLWpGHHPSUHVD
/DWHUFHUDHPSUHVDDOHVWDUHQWUH\WUDEDMDGRUHVFRQWDUiFRQGHOHJDGRVGHSHUVRQDOSHURQROOHJDDWHQHUFRPLWpGHHPSUHVD
:2
/DHPSUHVD&DUDPHOR6$FXHQWDFRQXQDIiEULFD\WLHQGDVGLVWULEXLGRUDVGHVXVSURGXFWRVWDQWRHQ(VSDxDFRPRHQOD8((Q(VSDxD
FXHQWDFRQIiEULFDGHWUDEDMDGRUHVDVtFRPRXQDWLHQGDGLVWULEXLGRUDSRUFDGDXQDGHODVSURYLQFLDVHVSDxRODVFRQXQDSODQWLOODGH
WUDEDMDGRUHVFDGDWLHQGD(QRWURVSDtVHVGHOD8(WLHQHWLHQGDVGHWUDEDMDGRUHVFDGDXQD&XiQWRVFRPLWpVGHHPSUHVDWHQGUiOD
HPSUHVDHQ(VSDxD\GHFXiQWRVPLHPEURV"7HQGUiRWURWLSRGHFRPLWpVHVWDHPSUHVD""(
(Q(VSDxDODHPSUHVDFRQWDUiFRQXQFRPLWpGHHPSUHVDSDUDODIiEULFDIRUPDGRSRUPLHPEURV\DGHPiVFRQXQFRPLWpGH
HPSUHVDSRUFDGDXQDGHODVSURYLQFLDVHVSDxRODVIRUPDGRGHPLHPEURVFDGDFRPLWp
'HIRUPDYROXQWDULDSRGUiHVWDEOHFHUVHSRUFRQYHQLRXQFRPLWpLQWHUFHQWURVTXHFRRUGLQHDWRGRVORVFRPLWpVGHHPSUHVDHOFXDOHVWDUi
IRUPDGRSRUXQPi[LPRGHPLHPEURV$VtPLVPRVHSRGUiFRQVWLWXLUXQFRPLWpGHHPSUHVDHXURSHRDOWHQHUFHQWURVGHWUDEDMRHQOD8(
H:
%
,
/RVGHOHJDGRVGHSHUVRQDO\PLHPEURVGHOFRPLWpGHHPSUHVDGLVSRQHQGHXQDVHULHGHFRPSHWHQFLDV\GHJDUDQWtDVSDUDL(
+(
$VtPLVPRFXHQWDQFRQXQ5XQDVHULHGHKRUDVOLEUHVSDUDSRGHUUHDOL]DUHVWDVIXQFLRQHV/RVGHOHJDGRVVLQGLFDOHVFXHQWDQWDPELpQFRQODVPLVPDVJDUDQWtDV\FRQHOFUpGLWRKRUDULRVLELHQVXVIXQFLRQHVRFRPSHWHQFLDVVRQGLVWLQWDVFRPR\DYLPRVHQHO
DSDUWDGRDQWHULRU
.
+
SRUSDUWHGHODHPSUHVDHQWHPDVFRPRODVLWXDFLyQHFRQyPLFD\FRQWDEOHORV
&203(7(1&,$6
*$5$17$6
DFFLGHQWHVGHWUDEDMRORVFRQWUDWRVUHDOL]DGRVHODEVHQWLVPRFDPELRVHQODSODQWLOOD\SUHYLVLRQHVVDQFLRQHVLPSXHVWDVDWUDEDMDGRUHVHWF
(HQWHPDVFRPRGHVSLGRVUHHVWUXFWXUDFLyQGHODSODQWLOODWUDVODGRVUHGXFFLRQHVGHMRUQDGDVXVSHQVLRQHVGHFRQWUDWRVHWF
?%(
ODERUDO\GHVHJXULGDGHKLJLHQHDVtFRPRLQWHUSRQHUGHQXQFLDVDQWHOD,QVSHFFLyQGH7UDEDMRRDFXGLUDO-X]JDGRGHOR6RFLDO
1RSXHGHQVHU
GHIRUPD
SRUHOKHFKRGHVHUUHSUHVHQWDQWHV6LXQUHSUHVHQWDQWHFUHHTXHKDH[LVWLGRGLVFULPLQDFLyQORSXHGHDOHJDUHQHOMXLFLR\HVOD
HPSUHVDTXLHQGHEHSUREDUTXHQRODKXER(QFDVRFRQWUDULRHOGHVSLGRVHGHFODUDQXOR\HOUHSUHVHQWDQWHSXHGHYROYHUDOWUDEDMR(VWHGHUHFKRVHDODUJDKDVWDXQDxRGHVSXpVGHTXHWHUPLQHVXPDQGDWR
(QHOFDVRGHTXHHO
HOTXHGHFLGHVLFREUDODLQGHPQL]DFLyQRHVUHDGPLWLGRHVHOUHSUHVHQWDQWH\QRODHPSUHVD
6LVHOHLPSRQHXQD
%(%SULPHURKD\TXHHVFXFKDUDOUHSUHVHQWDQWHDVt
FRPRDOUHVWRGHUHSUHVHQWDQWHVSDUDTXHSXHGDQH[SUHVDUVXYHUVLyQGHORVKHFKRV(VWHWUiPLWHVH
OODPDDSHUWXUDGHH[SHGLHQWHFRQWUDGLFWRULR6LODHPSUHVDQRORUHDOL]DHOGHVSLGRHVQXOR
7LHQHQ
HQODHPSUHVDHQFDVRGHGHVSLGRRVXVSHQVLyQSRUFDXVDVHFRQyPLFDV R WHFQROyJLFDV7DPELpQ WLHQHQ SULRULGDG GH SHUPDQHQFLD HQ HO FDVR GH TXH VH SURGX]FD XQ
WUDVODGR
7LHQHQGHUHFKRDX(
HQODVPDWHULDVSURSLDVFRPRUHSUHVHQWDQWH
7LHQHQGHUHFKRDXQ5SDUDUHDOL]DUVXVIXQFLRQHVGHQWURGHODMRUQDGDODERUDOVHJ~QOD
WDEODTXHJXUDHQHOODWHUDO
&DEHODSRVLELOLGDGGHTXHSRUFRQYHQLRVHUHJXOHTXHODV ((
DORVUHSUHVHQWDQWHV
PiVYRWDGRVGHPDQHUDTXHHVWRVTXHGHQOLEHUDGRVWRWDOPHQWHGHODDFWLYLGDGODERUDO\VHGHGLTXHQ
VRODPHQWHDHMHUFHUIXQFLRQHVVLQGLFDOHV6RQORVOODPDGRV
D>'1&
:26
6XVDQDKDHVFXFKDGRTXHORVGHOHJDGRVVLQGLFDOHVRGHSHUVRQDOQXQFDSXHGHQVHUGHVSHGLGRV
KDJDQORTXHKDJDQRDXQTXHH[LVWDXQ(5(DHOORVSRUVHUGHOHJDGRVQXQFDORVSXHGHQWLUDU
3HUR1HUHDOHGLFHTXHQRHVDVt4XHORVSXHGHQGHVSHGLUSRUPRWLYRVGLVFLSOLQDULRVOR~QLFRHVTXH
ODHPSUHVDWLHQHTXHGHPRVWUDUTXHQRKDEtDGLVFULPLQDFLyQ\TXHHQXQ(5(WDPELpQORVSXHGHQ
GHVSHGLUORTXHVXFHGHHVTXHVRQORV~OWLPRVHQVHUGHVSHGLGRV
4XLpQWLHQHUD]yQ6XVDQDR1HUHD"
"(
1HUHDHVWiHQORFLHUWRSXHVORVUHSUHVHQWDQWHVSXHGHQVHUGHVSHGLGRV*R]DQGHODJDUDQWtDGH
TXHKD\TXHGHPRVWUDUTXHQRKXERGLVFULPLQDFLyQFRQHOORV\HVSUHFLVRHVFXFKDUGHIRUPDSUHYLD
DOUHSUHVHQWDQWH\DORVGHPiVUHSUHVHQWDQWHV$VtPLVPRHQFDVRGHGHVSLGRFROHFWLYRVHUtDQORV
~OWLPRVHQVHUGHVSHGLGRV
<
D>'1&
0
DVRFLDFLRQHVGHWUDEDMDGRUHV#
<<%
L
%
L
GHORVVLQGLFDWRVKDGHVHUGHPRFUiWLFD/RVVLQGLFDWRVWLHQHQSDUD
HODERUDUVXV(\yUJDQRVGHJRELHUQRSDUDHOHJLUDVXVUHSUHVHQWDQWHV\RUJDQL]DUVX
SURJUDPDGHDFFLyQVLQGLFDODVtFRPRSDUDJHVWLRQDUORVELHQHVTXHOHVVRQSURSLRV
&yPR VHQDQFLDQORVVLQGLFDWRV"$WUDYpVGHGRVYtDVSULQFLSDOHVODVFXRWDVGHORVDOLDGRV\ODV
D\XGDV\VXEYHQFLRQHVS~EOLFDVTXHUHFLEHQ
$9SXHGHQSHUWHQHFHUDXQVLQGLFDWR
4XLpQHV(
4XLpQHV
(
VLQGLFDWR"
VLQGLFDWR"
/RVWUDEDMDGRUHVSRUFXHQWDDMHQD
/RVMXHFHVPDJLVWUDGRV\VFDOHV
/RVSDUDGRV
/DV)XHU]DV$UPDGDVHOHMpUFLWR\RWUDVGHFD/RVMXELODGRV\ORVWUDEDMDGRUHVTXHKD\DQTXH- UiFWHUPLOLWDU*XDUGLD&LYLO
GDGRLQFDSDFLWDGRV
/DV)XHU]DV\&XHUSRVGH6HJXULGDGODSROLFtD
/RVWUDEDMDGRUHVSRUFXHQWDSURSLDDXWyQRPRV SRGUiQSHUWHQHFHURQRVHJ~QORTXHGLFWHQODV
OH\HV TXH OR GHVDUUROOHQ$FWXDOPHQWH H[LVWH XQ
TXHQRWHQJDQWUDEDMDGRUHVFRQWUDWDGRV
VLQGLFDWRGHSROLFtD
D>'1&
4Xp
H[LVWHQ"
(QIXQFLyQGHVL
(WUDEDMDGRUHVWHQHPRVORVVLJXLHQWHV
2
VRQDTXHOORVTXHWLHQHQPiVGHOGH
GHOHJDGRVHQODVHOHFFLRQHVVLQGLFDOHVFRQWDELOL]DGRVDQLYHOQDFLRQDO(Q(VSDxDDFWXDOPHQWHVRQORV
GRVVLQGLFDWRVPiVJUDQGHV;J1::
2
(
VRQDTXHOORVTXHWLHQHQPiVGHO
GHGHOHJDGRVHQXQD&RPXQLGDG$XWyQRPD\TXHDGHPiVFXHQWDQFRQPiVGHGHOHJDGRV3RU
HMHPSORHOVLQGLFDWR(/$HQHO3DtV9DVFR
2
VRQDTXHOORVTXHKDQREWHQLGRHQXQiPELWRIXQFLRQDOFRQFUHWRGHXQVRORVHFWRUPiVGHOGHGHOHJDGRV3RUHMHPSORHQHOiPELWRGHORVIXQFLRQDULRVHO
VLQGLFDWR&6,)TXHVRODPHQWHUHSUHVHQWDDIXQFLRQDULRV
/RVVLQGLFDWRVPiVUHSUHVHQWDWLYRVWLHQHQXQDVHULH DOUHVWRGHVLQGLFDWRV3RU
HMHPSORORVPiVUHSUHVHQWDWLYRVDQLYHOHVWDWDO8*7\&&22VRQORVTXHUHSUHVHQWDQDORVVLQGLFDWRV
DQWHOD$GPLQLVWUDFLyQ\WDPELpQWLHQHQGHUHFKRDTXHVHOHVFHGDQLQPXHEOHVS~EOLFRVSDUDVXXVR
<<
/DSDUWLFLSDFLyQGHORVVLQGLFDWRVHQODVHPSUHVDVVHOOHYDDFDERDWUDYpVGHORVGHOHJDGRVVLQGLFDOHV\
ODVVHFFLRQHVVLQGLFDOHV
6
'(/(*$'26
6,1',&$/(6
$OPHQRVWUDEDMDGRUHV
$OPHQRVXQUHSUHVHQWDQWH
HQHOFRPLWp
6(&&,21(6
6,1',&$/(6
7RGRVORVDOLDGRVDXQ
VLQGLFDWRHQXQDHPSUHVD
'H"
VRQ WRGRVORVDOLDGRVDXQVLQGLFDWRGHQWURGHXQDHPSUHVD/DV
VHFFLRQHVVLQGLFDOHV\ORVDOLDGRVWLHQHQORVGHUHFKRVTXHVHLQGLFDQPiVDEDMR
TXHIRUPHQSDUWHGHORVVLQGLFDWRVPiVUHSUHVHQWDWLYRVRGHVLQGLFDWRVTXH
WHQJDQDOJ~QUHSUHVHQWDQWHHQHOFRPLWpGHHPSUHVDWLHQHQXQRV
'HUHFKRDXQ
(
HQHOFHQWURGHWUDEDMRVLWXDGRHQXQOXJDUDFFHVLEOH
'HUHFKRDXQDGHFXDGRSDUDVXVDFWLYLGDGHVVLHOFHQWURWLHQH2=9
'HUHFKRD
%
FROHFWLYRVHQODHPSUHVD
9
9
9
DOLDGRV
$(
+
GHOVLQGLFDWRHQODHPSUHVD
$SUHVHQWDUVHDODV
DUHSUHVHQWDQWHVHQODVHPSUHVDV
$
+
GHOVLQGLFDWRHQODHPSUHVDFRUUHR
FRPLWpGHHPSUHVDGHOHJDGRVGHSHUVRQDO
$FHOHEUDU(
SDUDORVDOLDGRVDOVLQGLFDWRORVTXHDFXGHQ $SODQWHDU(%
GHEHQHVWDUIXHUDGHOKRUDULRODERUDO
$SODQWHDUXQ FRQLFWRFROHFWLYRDQWHHO-X]JDGRGHOR6RFLDOR
$UHFDXGDUODV (GHOVLQGLFDWRDKRUD\DVXHOHQHVWDUGRPLFL- 7ULEXQDO6XSHULRUGH-XVWLFLDHQFDVRGHGLVFUHSDQFLDFRQODHPSUHVD
OLDGDVHQHOEDQFR
#H%
%
VRQORV
<6RQ
HOHJLGRVSRUORVSURSLRVDOLDGRVDOVLQGLFDWR\UHSUHVHQWDQVyORDpVWH
5HTXLVLWRVSDUDTXHXQ
%%
6RORH[LVWHQHQORVFHQWURVGHWUDEDMRTXHWLHQHQ
=9<
6XVLQGLFDWRGHEHKDEHUREWHQLGR
(
5GHHPSUHVD
&XiQWRVGHOHJDGRVVLQGLFDOHVSXHGHQKDEHU"
6LHOVLQGLFDWRWLHQHPHQRVGHOGHYRWRVGHOHJDGRVLQGLFDOSDUDFDGDVLQGLFDWR
6LHOVLQGLFDWRWLHQHDOPHQRVHOGHYRWRVVHJ~QHOWDPDxRGHOFHQWUR
(OFHQWURWLHQHHQWUHWUDEDMDGRUHVGHOHJDGRVLQGLFDOSDUDFDGDVLQGLFDWR
(OFHQWURWLHQHHQWUHWUDEDMDGRUHVGHOHJDGRVVLQGLFDOHVSDUDFDGDVLQGLFDWR
(OFHQWURWLHQHHQWUHWUDEDMDGRUHVGHOHJDGRVVLQGLFDOHVSDUDFDGDVLQGLFDWR
(OFHQWURWLHQHPiVGHWUDEDMDGRUHVGHOHJDGRVVLQGLFDOHVSDUDFDGDVLQGLFDWR
/RVGHOHJDGRVVLQGLFDOHVWLHQHQDDVLVWLUDODV(
5FRQYR]
SHURVLQYRWR\VHOHVGHEHQFRPXQLFDUORVH[SHGLHQWHVSRUIDOWDVJUDYHV\PX\JUDYHVGHORVWUDEDMDGRUHVTXHHVWpQDOLDGRVDVXVLQGLFDWR
D>'1&
(QHOOHQJXDMHFRORTXLDOVH
VXHOHQ OODPDU GHOHJDGRV
VLQGLFDOHVRHQODFHVVLQGLFDOHVDWRGRVORVUHSUHVHQWDQWHV GH ORV WUDEDMDGRUHV
6LQHPEDUJRHVWRVVRORUHSUHVHQWDQ D ORV VLQGLFDWRV
\QRVRQORVUHSUHVHQWDQWHV
HOHJLGRV SRU ORV WUDEDMDGRUHVHQODVHOHFFLRQHV
$GHPiVPX\SRFDVHPSUHVDVWLHQHQWUDEDMDGRUHV
SDUDSRGHUWHQHUGHOHJDGRV
VLQGLFDOHV
:2=
(QXQFHQWURGHWUDEDMRGHWUDEDMDGRUHVVHFHOHEUDURQHOHFFLRQHVDUHSUHVHQWDQWHVHOPHVSDVDGR(OVLQGLFDWR;KDREWHQLGRHOGH
ORVYRWRVHOVLQGLFDWR<HOGHORVYRWRV\HOVLQGLFDWR=HOGHORVYRWRV7RGRVHOORVKDQFRQVHJXLGRWHQHUUHSUHVHQWDFLyQHQHOFRPLWp
GHHPSUHVDSHURVHSUHJXQWDQFXiQWRVGHOHJDGRVVLQGLFDOHVOHVWRFDDFDGDXQRGHHOORV
"(
&RPRHOFHQWURGHWUDEDMRWLHQHPiVGHWUDEDMDGRUHVORVVLQGLFDWRVTXHWHQJDQSUHVHQFLDHQHOFRPLWpGHHPSUHVDSRGUiQWHQHUGHOHJDGRVVLQGLFDOHV/RVVLQGLFDWRVTXHWHQJDQPHQRVGHOGHORVYRWRVVRORWHQGUiQXQGHOHJDGRVLQGLFDOFRPRHVHOFDVRGHOVLQGLFDWR
=$ORVVLQGLFDWRV;H<TXHWLHQHQPiVGHOGHORVYRWRV\SRUWUDWDUVHGHXQFHQWURTXHSRVHHHQWUH\WUDEDMDGRUHVOHV
FRUUHVSRQGHUiQGHOHJDGRVVLQGLFDOHVDFDGDXQR
=
6<&
$ORODUJRGHODVXQLGDGHVGHGHUHFKRODERUDOKHPRVLGRDQDOL]DQGRHOFRQYHQLRFROHFWLYRGHOVHFWRUGHWX
FLFORIRUPDWLYR(QHVWHDSDUWDGRWDQVyORYHUHPRVHOiPELWRHQHOTXHVHDSOLFDQ\FyPRKDDIHFWDGROD
UHIRUPDODERUDOGHDORVFRQYHQLRVFROHFWLYRV
#;":'&$
1;:
$?&$!
S
ORKDELWXDOHVTXHORVFRQYHQLRVREOLJXHQDWRGRVORVWUDEDMDGRUHV\HPSUHVDULRV
GHHVHVHFWRURHPSUHVDHQHOTXHVHQHJRFLD6LQHPEDUJRDYHFHVVHSXHGHUPDUXQFRQYHQLRSDUD
GHWHUPLQDGDVFDWHJRUtDVSURIHVLRQDOHVFRPRHVHOFDVRGHORVSLORWRVGHDHUROtQHDVTXHUPDQVX
SURSLRFRQYHQLR
SHVHOWHUULWRULRHQHOTXHVHDSOLFDQHVWDWDOGHFRPXQLGDGDXWyQRPDGHSURYLQFLD
RDQLYHOORFDO
S+(
HVHOVHFWRUHFRQyPLFRGRQGHVHDSOLFDSRUHMHPSORFRQYHQLRGHOPHWDOGHOD
KRVWHOHUtDGHDUWHVJUiFDVHWFRHQVXFDVRODHPSUHVD
SVRQORVDxRVSRUORVTXHVHSDFWDHOFRQYHQLR/RKDELWXDOHVTXHVHUPHQSDUD
DxRVSHURFRQODUHIRUPDODERUDODKRUDSXHGHFDPELDU
#H:
+
/DUHIRUPDODERUDOGHKDLQWURGXFLGRLPSRUWDQWHVFDPELRVHQHOiPELWRWHPSRUDOGHORVFRQYHQLRV
FROHFWLYRVDVtFRPRHQVXDOFDQFH\ODSRVLELOLGDGGHPRGLFDUORV
/
*-1*
*-1*
8QDYH]WHUPLQDGDODGXUDFLyQGHOFRQYHQLR
%
DXWRPiWLFDPHQWHKDVWDTXHKX- 6LQRKD\XQQXHYRDFXHUGRHQHOL(
GHVGHTXHQDOL]DHOFRQYHQLRpVWH
ELHVHXQQXHYRDFXHUGRVDOYRTXHVHKXELHVH \VHDSOLFDXQFRQYHQLRVXSHULRURELHQHO(VWDWXWRGHORV7UDEDMDGRUHV
SDFWDGRORFRQWUDULR
+
VREUHORVFRQYHQLRVVXSHULRUHVGH
PDQHUDTXHVHSXHGHQQHJRFLDUPHMRUHVRSHRUHVFRQGLFLRQHVTXHHOFRQYHQLRGHVHFWRU
HQODV%(
/DFXDQWtDGHOVDODULREDVH\GHORVFRPSOHPHQWRVVDODULDOHV
(ODERQR\FRPSHQVDFLyQGHODVKRUDVH[WUDV
/RVFRQYHQLRVGHiPELWRWHUULWRULDOVXSHULRUWH- (OUpJLPHQGHOWUDEDMRDWXUQRV\VXUHWULEXFLyQ
QtDQSUHIHUHQFLDVREUHORVFRQYHQLRVLQIHULRUHV
(OKRUDULRGHWUDEDMR
GH HPSUHVD GH PDQHUD TXH HO FRQYHQLR SRU
HMHPSORGHXQDHPSUHVDGHOPHWDO 0 /DSODQLFDFLyQDQXDOGHODVYDFDFLRQHV
,9HOFRQYHQLRGHOVHFWRUGHOPHWDO /DDGDSWDFLyQGHOVLVWHPDGHFODVLFDFLyQSURIHVLRQDO
SHURQRHPSHRUDUOR
/DDGDSWDFLyQGHFXHVWLRQHVVREUHPRGDOLGDGHVGHFRQWUDWRVTXHJXUDQHQHOFRQYHQLR
DxRVLQGHPQL]DFLyQHWF
/DVPHGLGDVSDUDIDYRUHFHUODFRQFLOLDFLyQSHUVRQDOIDPLOLDU\ODERUDOODFWDQFLDH[FHGHQ
FLDVFXLGDGRGHIDPLOLDUHVPDWHUQLGDGSDWHUQLGDGHWF
(VWRVLJQLFDTXHHO
(WRGDVHVWDV
<
4
/RVFRQLFWRVFROHFWLYRV
$ORODUJRGHODUHODFLyQODERUDOSXHGHQH[LVWLUFRQLFWRVHQWUHORVWUDEDMDGRUHV\ODHPSUHVD&XDQGRVHWUDWDGHXQFRQLFWRHQWUHXQVRORWUDEDMDGRU\ODHPSUHVDVHWUDWDGHXQFRQLFWRLQGLYLGXDOHOFXDO\DKHPRVHVWXGLDGRHQHOWHPDDQWHULRU$KRUDYDPRVDYHUORVFRQLFWRVHQWUHORV
9%(([LVWHQGHFRQLFWRVFROHFWLYRV
&RQLFWR
MXUtGLFR
&XDQGRKD\XQDGLVFUHSDQFLDHQWUHODHPSUHVD\ORVWUDEDMDGRUHVVREUHOD
(
&RQLFWRGH
LQWHUHVHV
&XDQGRVHTXLHUH(
TXH\DH[LVWHSDUDPRGLFDUODRSDUDTXHDSDUH]FD
(
(QHVWRVFDVRVVHDFXGH(%
SDUDFDPELDUHVDQRUPD7DPELpQ
H[LVWHQRWUDVPHGLGDVGHSUHVLyQFRPRODVPDQLIHVWDFLRQHVODVFRQFHQWUDFLRQHV\ORVHQFLHUURV
'H(%
6HWUDWDGHXQGHUHFKRIXQGDPHQWDOGHOD&RQVWLWXFLyQ3DUDTXHXQD(%%GHEHVHUXQD(%
($GHPiVGHEHFXPSOLUFRQHO
TXHVHH[SOLFDHQODSiJLQDVLJXLHQWH
+XHOJDODERUDO
'HEHVHUXQDKXHOJDODERUDOSRUORTXHX(
(%,(O7ULEXQDO&RQVWLWXFLRQDOLQWHUSUHWDTXHVRQLOHJDOHVODV
SROtWLFDVSHURVtVRQOHJDOHVODVKXHOJDVFRQWUDORV
SRGHUHVS~EOLFRVSRUODVFRQVHFXHQFLDVHFRQyPLFDVVRFLDOHV\ODERUDOHVTXHRFDVLRQDQVXVDFFLRQHV
3RUHMHPSORHQODJXHUUDGH,UDTORVVLQGLFDWRVIXHURQDODKXHOJDFRQHOVLJXLHQWHHVORJDQ1RDOD
JXHUUD\DVXVFRQVHFXHQFLDVHFRQyPLFDVODERUDOHV\VRFLDOHV6LQODFROHWLOODVHUtDXQDKXHOJDLOHJDO
+XHOJDGLUHFWD
'HEH VHU XQD KXHOJD GLUHFWD HVWiQ (% 6t TXH VH SHUPLWH
FXDQGRVHWUDWDGHVROLGDULGDGFRQRWURVFRPSDxHURVGHWUDEDMRSRUHMHPSORFXDQGRKD\XQDKXHOJDGH
LQWHULQRV\ORVIXQFLRQDULRVORVDSR\DQ
+XHOJDQRQRYDWRULD
'HEHVHUXQDKXHOJDQRQRYDWRULDTXHTXLHUHGHFLUTXH
XQDKXHOJDSDUD PRGLFDU
%
TXHHVWiSDFWDGRHQXQFRQYHQLRVLKDVQHJRFLDGR\SDFWDGRQRYDOHGHVSXpVLUDODKXHOJDHQ
UHODFLyQDOR\DDFRUGDGR2WUDFRVD
VHUtDXQDKXHOJDSDUDLQWURGXFLUDOJRQXHYRHQHOFRQYHQLRVLHPSUHTXHQRPRGLTXHORSDFWDGR6tTXHVHSHUPLWHDFXGLUDODKXHOJDVLODHPSUHVDLQFXPSOH
ORUHFRJLGRHQHOFRQYHQLR
+XHOJDVQRDEXVLYDV
I
E(5
SXHGHQFRQYRFDUOD
(O5GHHPSUHVD\ORVGHOHJDGRVGHSHUVRQDOGHODHPSUHVD
TXHHVWpQLPSODQWDGRVHQHVHiPELWR
'LUHFWDPHQWHORV9HQYRWDFLyQVHFUHWD\DSUREDGDSRUPD\RUtD
&RQYRFDWRULD
-
SDUDFRQYRFDUOD
-
=,GHDQWHODFLyQDODHPSUHVD\DOD$XWRULGDG/DERUDOGtDVHQVHUYLFLRVS~EOLFRV
6LVHWUDWDGHXQVHUYLFLRHVHQFLDOSDUDODFRPXQLGDGHO*RELHUQRMDUiXQRV,
<
(QODV(
(
VXHOHH[LVWLUXQ$FXHUGR([WUDMXGLFLDOGH6ROXFLyQGH&RQLF0
$6(&GRQGHODSDWURQDO\ORVVLQGLFDWRVSDFWDQFUHDUyUJDQRVSDUDVROXFLRQDUORVFRQLF-
WRVODERUDOHV\HYLWDUWDQWRDFXGLUDORV-X]JDGRVGHOR6RFLDOFRPRDXQDKXHOJD
3RUHMHPSORHQHOFDVRGHOD&RPXQLGDG9DOHQFLDQDHOyUJDQRTXHVHKDFUHDGRHVHO 1<'<<7ULEXQDOGH
$UELWUDMH/DERUDOHQHOFXDOVHHVWDEOHFHTXHDQWHVGHFRQYRFDUXQDKXHOJDHVSUHFLVR (
1'FRQIGHDQWHODFLyQDODFRQYRFDWRULDSDUD
(
<
&RPLWpGHKXHOJD
/RV FRQYRFDQWHV FRQVWLWX\HQ XQ FRPLWp GH KXHOJD IRUPDGR SRU XQ 2X SDUD
UHVROYHUHOFRQLFWR\SDUDJDUDQWL]DUORV%(%
GHPDQHUDTXHVH
FHUWLTXHODVHJXULGDGGHODVSHUVRQDV\GHODVLQVWDODFLRQHVDVtFRPRODSRVLELOLGDGGHFRQWLQXDUFRQOD
DFWLYLGDGXQDYH]QDOL]DGDODKXHOJD
'HVDUUROORGH
ODKXHOJD
/RVHPSUHVDULRVQRSXHGHQVDQFLRQDUDORVRSHUDULRVSRULUDODKXHOJD\WDPSRFRSXHGHQFRQWUDWDUDRWURV
WUDEDMDGRUHVSDUDVXSOLUDORVKXHOJXLVWDVHVTXLURODMH
/RVWUDEDMDGRUHVSXHGHQRUJDQL]DUSLTXHWHVLQIRUPDWLYRVSDUDGDULQIRUPDFLyQ\SXEOLFLGDGGHODKXHOJD
SHURQRSLTXHWHVYLROHQWRVFRQRFXSDFLyQGHORFDOHV
6tHVWiSHUPLWLGR(SDUDHMHUFHUHOGHUHFKRGHUHXQLyQ\GHLQIRUPDFLyQVREUHODKXHOJDDVt
FRPRSDUDLQWHQWDUXQDQHJRFLDFLyQ(QGHQLWLYDVLHPSUHTXHODRFXSDFLyQVHDSDFtFD
6HGHEHUHVSHWDUWDQWRHO(DODKXHOJDFRPRHO
(DHOOD
&RQVHFXHQFLDV
GHODKXHOJD
/RVWUDEDMDGRUHV
VDODULRSRUORVGtDVGHKXHOJD\WDPELpQVHOHVGHVFXHQWDODSDUWHSURSRUFLRQDO
GHORVGHVFDQVRVVHPDQDOHV\IHVWLYRV\GHODVSDJDVH[WUDRUGLQDULDV
1RFDEHODSRVLELOLGDGGHGHVFRQWDUGtDVGHYDFDFLRQHVVDOYRTXHODKXHOJDVHDLOHJDO
/DHPSUHVD
LDODVHJXULGDGVRFLDOGXUDQWHODKXHOJD
:24
(OFRPLWpGHHPSUHVDGHXQDFRPSDxtDYDOHQFLDQDKDFRQYRFDGRXQDKXHOJDFRQHOVLJXLHQWHSURFHGLPLHQWR
$YLVDDODHPSUHVD\DOD$XWRULGDG/DERUDOFRQGtDVGHDQWHODFLyQQRHVXQVHUYLFLRS~EOLFR
$FXGHDO7$/DLQWHQWDUXQDPHGLDFLyQHQHOFRQLFWRKRUDVDQWHVGHFRQYRFDUOD
6HFRQVWLWX\HXQFRPLWpGHKXHOJDIRUPDGRSRUPLHPEURV
(VWiELHQFRQYRFDGDODKXHOJD""(
(OFRPLWpGHHPSUHVDVtTXHHVWiIDFXOWDGRSDUDFRQYRFDUXQDKXHOJD
+DDYLVDGRFRQDOPHQRVGtDVGHDQWHODFLyQDODHPSUHVD\DOD$XWRULGDG/DERUDOSHURQRKDLQWHQWDGRXQDPHGLDFLyQHQHO7$/FRQDO
PHQRVKRUDVGHDQWHODFLyQVLQRVRORFRQKRUDVORTXHQRHVFRUUHFWR
3RU~OWLPRHOFRPLWpGHKXHOJDKDGHHVWDUIRUPDGRSRUXQPi[LPRGHPLHPEURV\WLHQHFRQORTXHORVREUHSDVD
@
D&XDQGRH[LVWDXQD(
TXHSXHGDSRQHUHQSHOLJURODVHJXULGDGGHODVSHUVRQDVRODVLQVWDODFLRQHV
E&XDQGRHVXQDKXHOJDDEXVLYDTXHLPSLGHFRQWLQXDUFRQHOWUDEDMRDORVTXHVtTXLHUHQWUDEDMDU
/DHPSUHVDGHEH(
DOD$XWRULGDG/DERUDO
&RQVHFXHQFLDVODHPSUHVD
%DORVWUDEDMDGRUHV
(%(
:2I
8QHPSUHVDULRREVHUYDTXHORVWUDEDMDGRUHVTXHHVWDEDQHQKXHOJDHVWiQPDQLIHVWiQGRVHFRQSDQFDUWDVHQHOH[WHULRUGHODIiEULFD$QWHHO
WHPRUGHTXHHQWUHQ\ORGHVWURFHQWRGRGHFLGHUHDOL]DUXQFLHUUHSDWURQDOGHGtDVSRUORTXHORVWUDEDMDGRUHVTXHVtTXHHVWiQWUDEDMDQGR
GHEHQVDOLUGHODHPSUHVD\SRVWHULRUPHQWHQRFREUDUiQHOVDODULRFRUUHVSRQGLHQWHDHVRVGtDV(VWiELHQUHDOL]DGRHOFLHUUHSDWURQDO"+D
VHJXLGRODHPSUHVDHOSURFHGLPLHQWRDGHFXDGR"4XpFRQVHFXHQFLDVFRQOOHYD""(
/DHPSUHVDSXHGHUHDOL]DUXQFLHUUHSDWURQDOHQHOFDVRGHTXHH[LVWDRFXSDFLyQYLROHQWDGHORVORFDOHVSHURHQHVWHFDVRVRORKD\PDQLIHVWDFLRQHVHQHOH[WHULRUSRUORTXHQRH[LVWHQFDXVDVVXFLHQWHV(QFDVRGHFLHUUHHOSURFHGLPLHQWRTXHGHEHUtDVHJXLUHOHPSUHVDULRHV
FRPXQLFDUORDOD$XWRULGDG/DERUDOHQKRUDV/DVFRQVHFXHQFLDVVXSRQHQTXHVtGHEHUiSDJDUORVVDODULRVDORVWUDEDMDGRUHVQRKXHOJXLVWDV\DTXHQRVHWUDWDGHXQFLHUUHSDWURQDOOHJDO
&/DVROXFLyQH[WUDMXGLFLDOGHFRQLFWRV
3DUDLQWHQWDU
%9(L%(%ORVVLQGLFDWRV\ORVHPSUHVDULRVKDQSDFWDGR
ODSRVLELOLGDGGHXQD6ROXFLyQ([WUDMXGLFLDOGH&RQLFWRV(VWRVSDFWRVRSHUDQDQLYHOGH&RPXQLGDG
$XWyQRPDFRPRYLPRVHQODSiJLQDDQWHULRUGRQGHHQOD&RPXQLGDG9DOHQFLDQDVHKDEtDDSUREDGRHO
1'7ULEXQDOGH$UEULWUDMH/DERUDO/DVRSFLRQHVTXHVHRIUHFHQDODVSDUWHVHQHVWRVyUJDQRVVRQ
VHDFXGHDXQFRQFLOLDGRUTXHLQWHQWDTXHODVSDUWHVOOHJXHQDXQDFXHUGRSHURQR
DSRUWDVROXFLRQHV
HOPHGLDGRULQWHQWDTXHDPEDVSDUWHVOOHJXHQDXQDFXHUGR\SDUDHOORRIUHFHSRVLEOHV
VROXFLRQHV
(O9DPEDVSDUWHVDFHSWDQDFXGLUDXQiUELWURHOFXDOWRPDUiXQDGHFLVLyQTXHVHUiREOLJDWRULD
SDUDODVGRVSDUWHV
/RVWUDEDMDGRUHVWLHQHQGHUHFKRD (
3DUDHOORODHPSUHVDHVWiREOLJDGDDIDFLOLWDUHOOXJDUGHUHXQLyQVLODVFRQGLFLRQHVORSHUPLWHQ/RVTXHDFXGHQ
DUHXQLRQHVGHEHQ
HVWDU+(GHWUDEDMR
#
ODSXHGHQUHDOL]DUORVGHOHJDGRVGHSHUVRQDORHOFRPLWpGHHPSUHVDRELHQORV
WUDEDMDGRUHVGLUHFWDPHQWHVLHVWRVVXSRQHQXQGHODSODQWLOOD
ORVUHSUHVHQWDQWHVKD\XQRUGHQGHOGtD\QRVHSXHGHQWUDWDURWURVWHPDV
6HGHEH(
DODHPSUHVDFRQKRUDVGHDQWHODFLyQ
(TXHDIHFWDQDWRGDODSODQWLOODUHTXLHUHQGHXQDFXHUGRGHODPLWDGPiVXQR
%XVFDHOyUJDQRGHVROXFLyQ
H[WUDMXGLFLDO GH FRQLFWRV
ODERUDOHV GH WX &RPXQLGDG
$XWyQRPDHQODZHE\DQDOL]D TXp RSFLRQHV GH VROXFLyQGHOFRQLFWRDWUDYpVGH
ODFRQFLOLDFLyQPHGLDFLyQ\
DUELWUDMHRIUHFHQ
3XHGHV LQYHVWLJDU WDPELpQ
HQODSiJLQDZHEGHO7$/
GH OD &RPXQLGDG 9DOHQFLDQD (Q ODV DFWLYLGDGHV
QDOHV VH HQFXHQWUD HO HQODFH HQWUD HQ VX SiJLQD \
FRQWHVWD D ODV SUHJXQWDV
TXHVHSODQWHDQVREUHHVWH
RUJDQLVPR
3
,QGLFDHOQ~PHURGHGHOHJDGRVGHSHUVRQDORPLHPEURVGHOFRPLWp
TXHOHFRUUHVSRQGHQDORVVLJXLHQWHVFHQWURVGHWUDEDMR
D7RVKLEDFRQWUDEDMDGRUHV
E$OPDQDTXHFRQWUDEDMDGRUHV
F6HUH]DGHFRQWUDEDMDGRUHV
G'HFRQVWUXFFLyQFRQWUDEDMDGRUHV
H$VHUHMpFRQWUDEDMDGRUHV
G4XLpQHVQRSXHGHQSHUWHQHFHUDXQVLQGLFDWR"
8QPLHPEURGHOFRPLWpHVGHVSHGLGRSRUTXHQRFXPSOHQLQJXQD
LQVWUXFFLyQGHOHQFDUJDGR/DHPSUHVDOHHQWUHJDODFDUWD\OHGLFHTXH
VHYD\DKR\PLVPR
H3XHGHQORVDXWyQRPRVSHUWHQHFHUDXQVLQGLFDWR"
D+DVHJXLGRODHPSUHVDHOSURFHGLPLHQWRFRUUHFWR"3RUTXp"
,QGLFDFXiOHVGHORVVLJXLHQWHVVLQGLFDWRVSXHGHQWHQHUGHOHJDGRV
VLQGLFDOHV\FXiQWRV
E6LODHPSUHVDKXELHVHUHDOL]DGRHOSURFHGLPLHQWRFRUUHFWR\HOWUDEDMDGRUKXELHVHUHFODPDGRHOGHVSLGRGiQGROHODUD]yQHO-X]JDGR\
GHFODUiQGRVHHOGHVSLGRLPSURFHGHQWHTXpRFXUULUtD"
D6LQGLFDWR$KDREWHQLGRHOGHYRWRV\WLHQHUHSUHVHQWDQWHVHQ
HOFRPLWp/DHPSUHVDWLHQHWUDEDMDGRUHV
E6LQGLFDWR%KDREWHQLGRHOGHORVYRWRV\WLHQHUHSUHVHQWDQWHVHQHOFRPLWp/DHPSUHVDWLHQHWUDEDMDGRUHV
F6LQGLFDWR&KDREWHQLGRHOGHORVYRWRV\WLHQHUHSUHVHQWDQWHVHQHOFRPLWp/DHPSUHVDWLHQHWUDEDMDGRUHV
G6LQGLFDWR'KDREWHQLGRHOGHORVYRWRV\QRWLHQHQLQJ~QUHSUHVHQWDQWHHQHOFRPLWp/DHPSUHVDWLHQHWUDEDMDGRUHV
-RVpHVWiDOLDGRDXQVLQGLFDWR\GHVGHKDFHXQRVPHVHVQROH
OOHJDHOFRUUHRGHOVLQGLFDWRDODHPSUHVDFRQORTXHQRSXHGHFRORFDUORHQHOWDEOyQ/RFRPXQLFDDODGLUHFFLyQ\pVWDOHFRQWHVWDTXHQR
WLHQHSRUTXpUHFLELUFRUUHRVGHOVLQGLFDWRSDUDFROJDUORVHQODHPSUHVD
6HKDYXOQHUDGRDOJ~QGHUHFKRGHOWUDEDMDGRU"
#H
(
8QDHPSUHVDWLHQHWUDEDMDGRUHV6HFHOHEUDQHOHFFLRQHVSDUD
HOHJLUGHOHJDGRVGHSHUVRQDO/DHPSUHVDFRPXQLFDODVVLJXLHQWHVQRUPDV
3XHGHQYRWDU\VHUHOHJLGRVWRGRVORVWUDEDMDGRUHVTXHWHQJDQXQD
DQWLJHGDGHQODHPSUHVDGHDOPHQRVGRVPHVHV
/DHGDGSDUDSUHVHQWDUVHDFDQGLGDWRHVGHDxRV
&DGDHOHFWRUSRGUiGDUVXYRWRDFDQGLGDWRVFRPRPi[LPR
/DVFDQGLGDWXUDVLQGHSHQGLHQWHVQHFHVLWDQSUHVHQWDUXQDYDOGHU
PDVGHOGHODSODQWLOODRVHDUPDV
([SOLFDVLODVQRUPDVHVWDEOHFLGDVVRQODVFRUUHFWDV
(QXQDHPSUHVDGHWUDEDMDGRUHVVHYDQDFHOHEUDUHOHFFLRQHV
D UHSUHVHQWDQWHV (Q OD SODQWLOOD KD\ RSHUDULRV HQ HO WDOOHU \
WUDEDMDGRUHVHQODVRFLQDV
&XiQWDVKRUDVOHFRUUHVSRQGHQGHFUpGLWRKRUDULRDORVVLJXLHQWHV
UHSUHVHQWDQWHV"
D/RVGHOHJDGRVGHXQFHQWURFRQWUDEDMDGRUHV
E/RVPLHPEURVGHOFRPLWpGHXQFHQWURFRQWUDEDMDGRUHV
F/RVPLHPEURVGHOFRPLWpGHXQFHQWURFRQWUDEDMDGRUHV
&&RQLFWRVFROHFWLYRV
,QGLFDVLVRQOHJDOHVRLOHJDOHVODVVLJXLHQWHVKXHOJDV
D8QDKXHOJDSDUDUHFODPDUTXHHO*RELHUQRGLPLWD
E8QDKXHOJDGHVROLGDULGDGGHORVWUDEDMDGRUHVGHODHQVHxDQ]DFRQ
ORVWUDEDMDGRUHVPLQHURVGH$VWXULDV
F8QDKXHOJDTXHTXLHUHXQDVXELGDVDODULDOGHODSHVDUGHHQHO
DFWXDOFRQYHQLRVHSDFWyXQDVXELGDGHO
G8QDKXHOJDHQODTXHORVWUDEDMDGRUHVVHYDQWXUQDQGRFDGDGtDGH
ODVHPDQDHQXQDVHFFLyQGLIHUHQWH
/RV WUDEDMDGRUHV GHO FDVR G DQWHULRU HVWiQ GH KXHOJD GXUDQWH
XQDVHPDQDFRQORTXHHOUHVWRGHRSHUDULRVQRSXHGHQWUDEDMDUSXHV
VLHPSUHIDOWDDOJXQDVHFFLyQ/DHPSUHVDGHFLGHSDUDQRSDJDUVDODULRVUHDOL]DUHOFLHUUHSDWURQDO\ORFRPXQLFDDOD$XWRULGDG/DERUDOHQ
KRUDV
D7LHQHPRWLYRVOHJDOHVSDUDHOFLHUUHSDWURQDO"
E4XpFRQVHFXHQFLDVFRQOOHYD"
F6HKDFRPXQLFDGRFRQWLHPSRVXFLHQWHHOFLHUUH"
H(
D+D\GHOHJDGRVGHSHUVRQDORPLHPEURVGHOFRPLWp"&XiQWRV"
/RVWUDEDMDGRUHVGHXQDHPSUHVDTXLHUHQFHOHEUDUXQDUHXQLyQ
SDUDSODQWHDUVHTXpPHGLGDVWRPDUFRQWUDODGHFLVLyQGHODHPSUHVD
GHDEULUXQ(5(
E&XiQWRVFROHJLRVHOHFWRUDOHVKD\"
D3XHGHQUHXQLUVHORVWUDEDMDGRUHVGHQWURGHODHPSUHVD"
F&XiQWDVPHVDVHOHFWRUDOHVKDEUiSDUDYRWDU"
E(VWiODHPSUHVDREOLJDGDDIDFLOLWDUODUHXQLyQ"
G6HXWLOL]DODOLVWDDELHUWDRODOLVWDFHUUDGD"
F4XLpQSXHGHFRQYRFDUXQDDVDPEOHDGHWUDEDMDGRUHV"
.
'H
/DOLEHUWDGVLQGLFDO
D6LHOGHVSLGRHVLPSURFHGHQWHHOUHSUHVHQWDQWHVLHPSUHYXHOYHD
WUDEDMDU\VHUHDGPLWHDGHPiVGHFREUDUORVVDODULRVGHWUDPLWDFLyQ
D(VXQGHUHFKRTXHH[LVWHGHVGHTXHH[LVWHODGHPRFUDFLD
E1XQFDSXHGHQVHUGHVSHGLGRVVLHPSUHHVWiQMRVHQODHPSUHVD
E3XHGHVHUSRVLWLYDFRPRHOGHUHFKRDDOLDUVHDXQVLQGLFDWR
F 6LKD\XQGHVSLGRFROHFWLYRSRUFDXVDVHFRQyPLFDVORV~OWLPRVTXH
VHYDQVRQHOORV
F 3XHGHVHUQHJDWLYDFRPRHOGHUHFKRDQRSUHVHQWDUVHDODVHOHFFLRQHVVLQGLFDOHV
,QGLFDTXpDUPDFLyQHVFLHUWD
D/DUHSUHVHQWDFLyQXQLWDULDVRQORVWUDEDMDGRUHVHOHJLGRVSRUORVSURSLRVFRPSDxHURVSDUDTXHOHVUHSUHVHQWHQHQODHPSUHVD
E/D UHSUHVHQWDFLyQ VLQGLFDO VRQ ORV GHOHJDGRV VLQGLFDOHV HOHJLGRV
SRUORVSURSLRVFRPSDxHURVHQODVHOHFFLRQHVHQODHPSUHVD
F /DUHSUHVHQWDFLyQXQLWDULDODIRUPDHOFRPLWpGHHPSUHVD\ORVGHOHJDGRVVLQGLFDOHV
G1LQJXQDHVFLHUWD
G6HFRQYLHUWHQHQOLEHUDGRVVLQGLFDOHVDXWRPiWLFDPHQWH\QRYDQD
WUDEDMDUDODHPSUHVDHMHUFLHQGR~QLFDPHQWHIXQFLRQHVVLQGLFDOHV
:H&
8QDPRGLFDFLyQTXHKDKDELGRHQORVFRQYHQLRV
FROHFWLYRVFRQODUHIRUPDODERUDOHVTXH
D/RVFRQYHQLRVGHHPSUHVDWHQGUiQSUHIHUHQFLDVREUHORVFRQYHQLRV
VXSHULRUHVFRPRORVGHVHFWRUHQDOJXQDVPDWHULDV
E8QDHPSUHVDSXHGHPRGLFDUODVFRQGLFLRQHVGHOFRQYHQLRYROXQWDULDPHQWHVLQPRWLYRDOJXQR
1RSXHGHQDOLDUVHDXQVLQGLFDWR
D/RVWUDEDMDGRUHVSRUFXHQWDDMHQD
G1LQJXQDHVFLHUWD
E/RVWUDEDMDGRUHVSRUFXHQWDSURSLD
F /RVMXHFHVPDJLVWUDGRV\VFDOHV
G/DSROLFtD
D/DFXDQWtDGHOVDODULREDVH\FRPSOHPHQWRVVDODULDOHV
3DUDTXHXQDHPSUHVDWHQJDGHOHJDGRVVLQGLFDOHV
E/DVPHGLGDVSDUDIDYRUHFHUODFRQFLOLDFLyQODERUDO\IDPLOLDUFRPR
PDWHUQLGDGSDWHUQLGDGODFWDQFLDH[FHGHQFLDVHWF
D/RVWUDEDMDGRUHVGHODHPSUHVDGHEHQYRWDUORVHQODVHOHFFLRQHV
E/DHPSUHVDGHEHWHQHUDOPHQRVWUDEDMDGRUHV
F 6XVLQGLFDWRGHEHWHQHUDOPHQRVGRVUHSUHVHQWDQWHVHQHOFRPLWp
GHHPSUHVD
#H
(
(QODVHOHFFLRQHVDUHSUHVHQWDQWHVHQODHPSUHVD
D/DPHVDHOHFWRUDOODIRUPDQHOSUHVLGHQWHTXHHVHOPiVDQWLJXR\
GRVYRFDOHVHOGHPD\RU\PHQRUHGDGGHOFHQWUR
E6HSXHGHQSUHVHQWDUWRGRVORVWUDEDEDMDGRUHV
F 6HIRUPDUiXQ~QLFRFROHJLRHOHFWRUDOFRQLQGHSHQGHQFLDGHOWDPDxRGHODSODQWLOOD
F /DSODQLFDFLyQDQXDOGHODVYDFDFLRQHV
G7RGDVVRQPDWHULDVPRGLFDEOHVSRUHOFRQYHQLRGHHPSUHVD
'/RVFRQLFWRVFROHFWLYRV
/DGLIHUHQFLDHQWUHFRQLFWRMXUtGLFR\GHLQWHUH0
VHVHVTXH
D(QHOFRQLFWRMXUtGLFRVHLQWHUSUHWDXQDQRUPDSRUORV-X]JDGRVGH
ORVRFLDO\HOFRQLFWRGHLQWHUHVHVVHTXLHUHUHYLVDUXQDQRUPDTXH
\DH[LVWH
E(OFRQLFWRMXUtGLFRVRQODVKXHOJDV\HOGHLQWHUHVHVVRQODVPDQLIHVWDFLRQHV\HQFLHUURVGHORVWUDEDMDGRUHV
F 1LQJXQDHVFLHUWD
(QXQFHQWURGHWUDEDMRFRQWUDEDMDGRUHV
1RHVXQDKXHOJDDEXVLYD
D6HHOHJLUiQGHOHJDGRVGHSHUVRQDO
D8QDKXHOJDURWDWRULDGRQGHVHWXUQDQSRUVHFWRUHV
E6HHOHJLUiQPLHPEURVGHOFRPLWpGHHPSUHVD
E8QDKXHOJDHVWUDWpJLFDGRQGHFHVDQHQSXHVWRVFODYH
F 6HHOHJLUiQPLHPEURVGHOFRPLWpLQWHUFHQWURV
F 8QDKXHOJDDODMDSRQHVDGRQGHVHWUDEDMDODPLWDGGHODMRUQDGD
(OFLHUUHSDWURQDO
.
D&RQVLVWHHQTXHODHPSUHVDFLHUUDHOFHQWURGHWUDEDMRSRUFDXVDV
HFRQyPLFDVSDUDQRVHJXLUSHUGLHQGRGLQHUR
3XHGHQFRQYRFDUXQDKXHOJD
D&XDOTXLHUWUDEDMDGRUFRQTXHHVWpDOLDGRDXQVLQGLFDWR
E/RVVLQGLFDWRVTXHHVWpQLPSODQWDGRVHQHVHiPELWRRHOFRPLWpGH
HPSUHVD
F 'LUHFWDPHQWHORVWUDEDMDGRUHVSRUPD\RUtDHQYRWDFLyQVHFUHWD
E&RQVLVWH HQ FHUUDU HO FHQWUR GH WUDEDMR SDUD LPSHGLU HO DFFHVR D
ORVWUDEDMDGRUHVFXDQGRH[LVWDXQDRFXSDFLyQGHORFDOHVGHIRUPD
YLROHQWD R VH FRQYRTXH XQD KXHOJD DEXVLYD TXH LPSLGD FRQWLQXDU
FRQHOWUDEDMR
F &RQVLVWHHQFHUUDUHOFHQWURGHWUDEDMRSDUDQRSDJDUVDODULRVDORV
KXHOJXLVWDV
3DUDFRQYRFDUFRUUHFWDPHQWHODKXHOJD
D+DFHIDOWDFRPXQLFiUVHORDODHPSUHVDFRQXQDVHPDQDGHDQWHODFLyQ
E6LHVXQVHUYLFLRS~EOLFRKD\TXHFRPXQLFDUORDOD$XWRULGDG/DERUDO
FRQGtDV
F (OFRPLWpSXHGHFRPXQLFiUVHORDODHPSUHVDHQKRUDV
G/RV$FXHUGRV([WUDMXGLFLDOHVGH6ROXFLyQGH&RQLFWRVQRSXHGHQ
H[LJLUQLQJ~QUHTXLVLWRDxDGLGR
/RVWUDEDMDGRUHVTXHYD\DQDXQDKXHOJD
D(OPHGLDGRULQWHQWDTXHODVSDUWHVOOHJXHQDXQDFXHUGR\DOiUELWUR
RIUHFHSRVLEOHVVROXFLRQHV
E(OPHGLDGRULQWHQWDTXHODVSDUWHVOOHJXHQDXQDFXHUGRDSRUWDQGR
VROXFLRQHV\HOiUELWURQRODVDSRUWD
F (OPHGLDGRULQWHQWDTXHODVSDUWHVOOHJXHQDXQDFXHUGRDSRUWDQGR
VROXFLRQHV \ HO iUELWUR WRPD XQD GHFLVLyQ TXH HV REOLJDWRULD SDUD
DPEDVSDUWHV
D1RFREUDUiQVDODULRSRUORVGtDVQRWUDEDMDGRV
E1RFREUDUiQODSDUWHSURSRUFLRQDOGHGHVFDQVRVVHPDQDOHV\IHVWLYRV\GHSDJDVH[WUDVSRUORVGtDVQRWUDEDMDGRV
F /DVGRVVRQFLHUWDV
/DGLIHUHQFLDHQWUHPHGLDFLyQ\DUELWUDMHHV
(VFLHUWRTXHHQHOGHUHFKRGHUHXQLyQ
D6HGHEHFRPXQLFDUDODHPSUHVDFRQKRUDVGHDQWHODFLyQ
E/RVTXHDFXGDQGHEHQHVWDUHQKRUDULRGHWUDEDMRHQVXWXUQR
:T
8
&1(
'9Y1'H:(
?
(QWUDHQODSiJLQDGHOD)XQGDFLyQGHO7ULEXQDOGH$UELWUDMH/DERUDOHQHOVLJXLHQWHHQODFH
KWWSIXQGDFLRQWDORUJ
(QWUDHQHODSDUWDGRGHSUHJXQWDVIUHFXHQWHVSDUDUHVROYHUHVWDVFXHVWLRQHV
D4XLpQHVIRUPDQSDUWHGHOSDWURQDWRGHHVWDIXQGDFLyQ\SRUORWDQWRJHVWLRQDQHO7$/"4XpHVHOVLVWHPDGHVROXFLyQH[WUDMXGLFLDOGH
FRQLFWRVODERUDOHVGHOD&RPXQLGDG9DOHQFLDQD"
E4XpHVODPHGLDFLyQ\TXLpQFRPSRQHHOHTXLSRGH0HGLDGRUHV"4XpHVHODUELWUDMH\TXLHQHVFRPSRQHQHO&XHUSRGHUELWURV"
F(QTXpWLSRGHFRQLFWRVODERUDOHVHVFRPSHWHQWHODIXQGDFLyQ7$/"
G&XiQGRODPHGLDFLyQ\HODUELWUDMHVRQREOLJDWRULRV"
(QWUDHQHODSDUWDGRGHHVWDGtVWLFDVGHO\EXVFDODVLJXLHQWHLQIRUPDFLyQHQODSiJLQD
D&XiQWRVSURFHGLPLHQWRVQDOL]DURQHQDUELWUDMHV\HQPHGLDFLRQHV"4XpSRUFHQWDMHVXSRQHQGHFDGDXQR"6XHOHQSRUWDQWRODVSDUWHV
GHFLGLUDFXGLUDXQiUELWURRSUHHUHQXQDPHGLDFLyQ"
E'HODVPHGLDFLRQHVHIHFWLYDVFXiQWDVOOHJDURQDXQDFXHUGR\FXiQWDVQR"4XpSRUFHQWDMHVXSRQHQ"
D&XiQWRVFRQYHQLRVGHHPSUHVD\DFXHUGRVGHHPSUHVDVHKDQUPDGRHVWHDxR\HODQWHULRU"&XiQWRVVHKDQUPDGRSDUDGHVYLQFXODUVH
GHOFRQYHQLRGHVHFWRURWHUULWRULDOVXSHULRU"
E4XpVRQORVSDFWRVGHGHVFXHOJXH"&XiQWRVKDQKDELGR"
F4XpREMHWLYRWHQtDODUHIRUPDODERUDOUHVSHFWRDODQHJRFLDFLyQFROHFWLYD"4XpKDSDVDGRKDVWDDJRVWRGHOHQFXiQWRDOQ~PHURGH
FRQYHQLRVUPDGRVUHVSHFWRDODxRDQWHULRU"
G4XpRSLQDVVREUHODGHVFHQWUDOL]DFLyQGHORVFRQYHQLRVVXSHULRUHVHQORVGHiPELWRGHHPSUHVD"
D3RUTXpFUHHQORVVLQGLFDWRVTXHKDVLGRXQDGHODVQHJRFLDFLRQHVPiVGXUDV\FRPSOLFDGDVTXHUHFXHUGDQ"
E4XpVLJQLFDTXHODUHIRUPDODERUDOKDHOLPLQDGRODXOWUDDFWLYLGDGGHOFRQYHQLR"&XiQGRQDOL]DUtDHODFWXDOFRQYHQLRGHOD]XOHMR\TXp
VXSRQGUtDVLQRKD\RWURFRQYHQLR"3RUTXpFUHHVTXHGLFHTXHORVVLQGLFDWRVDKRUDWLHQHQXQDSRVLFLyQPiVGpELO"
F4XpKDQORJUDGRORVVLQGLFDWRVHQODQHJRFLDFLyQ\HQTXpKDQFHGLGR"4XpFUHHVTXHHVODSD]VRFLDO"
G4XpRSLQDVVREUHHVWDVLWXDFLyQGHTXHORVFRQYHQLRVWHQJDQXQDIHFKDGHFDGXFLGDGDODxRGHTXHQDOL]DVXYLJHQFLD\KD\DTXHQHJRFLDU
RWUR"&UHHVTXHKD\RWUDVVROXFLRQHV"
('8&$&,1(19$/25(6(1(/081'2/$%25$/
'
( +
(%%
30)L0
0XFKRVFRQLFWRVQRVHUHVXHOYHQSRUODGLFXOWDGGHHVFXFKDUDODRWUDSDUWH(QHVWDDFWLYLGDGVHWUDWDGHGHMDUDXQODGRODVLGHDVSUHYLDVTXH
WHQJDVVREUHODKXHOJDJHQHUDOHLQWHQWDUGHIHQGHUODSRVWXUDTXHWHKD\DWRFDGRHVFXFKDQGRDOPLVPRWLHPSRORVDUJXPHQWRVGHODRWUDSDUWH
2UJDQL]DGHQFODVHGRVJUXSRVGHDOXPQRVSDUDTXHFDGDJUXSRGHHQGDXQDSRVWXUDDIDYRURHQFRQWUDGHODKXHOJDVHJ~QORVDUJXPHQWRV
TXHVHLQGLFDQDEDMR5HDOL]DGXQGHEDWHVREUHHOWHPDGHODKXHOJD3DUDHOORVHGDUiXQDSULPHUDURQGDSDUDTXHFDGDDOXPQRRIUH]FDXQ
DUJXPHQWR\ORVGHPiVVRORHVFXFKHQ(QXQDVHJXQGDIDVHVHDEULUiXQGHEDWHOLEUHGRQGHHOSURIHVRUVHUiHOPRGHUDGRU&DGDJUXSRHOHJLUiXQ
iUELWURGHHQWUHORVDOXPQRVTXHVHHQFDUJDUiGHYLJLODUHOFRPSRUWDPLHQWRDGHFXDGRGXUDQWHHOGHEDWHQROHYDQWDUODYR]HVFXFKDUDWHQWDPHQWHDORWURJUXSRQRVDOLUVHGHOWHPDHWFSDUDORFXDOSRGUiVDFDUWDUMHWDVDPDULOODV\URMDV&RQXQDWDUMHWDURMDHODOXPQRVHUiVXVWLWXLGRSRURWUR
GHFODVH(OSURIHVRUGDUiSRUWHUPLQDGRHOGHEDWH\SUHVHQWDUiODVFRQFOXVLRQHVHQODSL]DUUDWDQWRGHOFRQWHQLGRFRPRGHODVIRUPDVGHGLDORJDU
NLL
(%%
<<<L9(
,2<O
66LQGLFDWRVSDUWLGRVLQGLJQDGRVWRGRVWLHQHQPRWLYRVSDUDLUHO0
12*RELHUQRSDWURQDOHV\ORVPHUFDGRVDIDYRUGHLUDOWUDEDMR
'HVSLGRPiVEDUDWR\IiFLO/DUHIRUPDDEDUDWDHOGHVSLGRREMHWLYRDGtDVSRU
DxR\DPSOtDORVVXSXHVWRVGHDSOLFDFLyQEDVWDXQDVLPSOHSUHYLVLyQGHFDtGDGH
LQJUHVRV$GHPiVDKRUDHVHOWUDEDMDGRUHOTXHKDGHGHPRVWUDUTXHXQGHVSLGR
HVLPSURFHGHQWH\QRDOUHYpV
/RTXHTXLHUH(VSDxDHVWUDEDMR/DKXHOJDQRYDDFDPELDUQDGDQLYDDVHUYLU
SDUDFUHDUPiVSXHVWRVGHWUDEDMRTXHHVORTXHQHFHVLWDODSREODFLyQ
(5(DIXQFLRQDULRV/DQXHYDOHJLVODFLyQSHUMXGLFDVHULDPHQWHDPLOORQHVGHHPSOHDGRVS~EOLFRVSHUPLWHORVH[SHGLHQWHVGHUHJXODFLyQGHHPSOHRHQHQWLGDGHV
S~EOLFDVFRQDMXVWHVSUHVXSXHVWDULRV
/DSUHFDULHGDGVHKDFHFUyQLFD/DQXHYDUHIRUPDFUHDXQQXHYRFRQWUDWRGH
DSR\RDOHPSOHRTXHSRVLELOLWDVHUGHVSHGLGRVLQLQGHPQL]DFLyQHOSULPHUDxR
DGHPiVDKRUDORVMyYHQHVSXHGHQHQFDGHQDUFRQWUDWRVWHPSRUDOHVKDVWDORV
DxRV\ODHPSUHVDSXHGHPRGLFDUXQLODWHUDOPHQWHODVFRQGLFLRQHVVXHOGRKRUDULRMRUQDGDGHVXVHPSOHDGRVLQGHQLGRV
/RVSDUDGRVDWUDEDMDUJUDWLV$IHFWDWDPELpQDORVPiVGHPLOORQHVGHSDUDGRV GHVGH IHEUHUR SXHGHQ REOLJDUORV D GHVHPSHxDU ODERUHV D IDYRU GH OD FRPXQLGDGVLSHUFLEHQDOJXQDSUHVWDFLyQ\QRHVWiQDSXQWDGRVDQLQJ~QFXUVRGH
IRUPDFLyQ
1LUDVWURGHODVPHGLGDVHQHOSURJUDPDHOHFWRUDO/DUHIRUPDODERUDOHUDDSHQDV
XQDYDJDSURSXHVWDHQHOSURJUDPDHOHFWRUDO'XUDQWHODFDPSDxDQRVHGHMyHQWUHYHUTXHVHIXHUDDDSUREDUDOJRDVt$GHPiVSHVHDTXHGXUDQWHPHVHVVHXUJLy
DSDWURQDO\VLQGLFDWRVDOOHJDUDXQDFXHUGRHO*RELHUQRSUHVHQWyVXUHIRUPDVLQ
FRQVHQVRSRUSDUWHGHORVWUDEDMDGRUHV
([SHUWRVDOHUWDQQRFUHDUiHPSOHR<DORUHFRQRFLHURQPLHPEURVGHO*RELHUQR\
ORKDQVXVFULWRHFRQRPLVWDV\H[SHUWRVODUHIRUPDQRD\XGDUiDFUHDUHPSOHR1R
DERUGDODGXDOLGDGVRVWLHQHQHQODIXQGDFLyQ)HGHDODFRQVXOWRUD3Z&FUHHTXH
SRUVtVRODQRVHUYLUi6RQQHFHVDULDVRWUDVUHIRUPDVTXHLPSXOVHQHOFRQVXPR\
ODDFWLYLGDG
/DVLWXDFLyQHVH[FHSFLRQDO&RQFLQFRPLOORQHVGHSDUDGRVUHFRUWHVHQWRGR
WLSRGHVHUYLFLRV\VXELGDVHQWDVDVHLPSXHVWRV(VSDxDVXIUHXQDVLWXDFLyQLQpGLWD
HQVXKLVWRULDUHFLHQWH1RSDUHFHGHVFDEHOODGRFRQYRFDUODTXHVHUtDVRORODVH[WD
KXHOJDJHQHUDOGHODKLVWRULDHVSDxROD
(VXQGHUHFKRIXQGDPHQWDO$XQTXHGHQRVWDGRHQORV~OWLPRVWLHPSRVHOGH
KXHOJDHVXQGHUHFKRIXQGDPHQWDOGHOD&RQVWLWXFLyQDUWTXHVHHMHUFHFXDQGRFDGDFLXGDGDQRORHVWLPH
'HVSLGRVLQFOXVRFRQEDMDPpGLFD/DUHIRUPDOHJLWLPDORVGHVSLGRVSURFHGHQWHV
SDUDDTXHOORVWUDEDMDGRUHVTXHDFXPXODQQXHYHGtDVGHEDMDHQXQPHVDXQTXH
VHDMXVWLFDGD
/DVKXHOJDVDYHFHVIXQFLRQDQ<DRFXUULyHQFRQODKXHOJDJHQHUDOTXH
VXIULy HO *RELHUQR GH DTXHO PRPHQWR HQWRQFHV VH ORJUy GDU PDUFKD DWUiV D OD
UHIRUPDODERUDOD~Q\DDSUREDGD
6
'RORURVDSHURQHFHVDULD/DUHIRUPDODERUDOGHO*RELHUQRSXHGHVHUGXUDSDUD
FLHUWRVVHFWRUHVSHUREHQHFLRVDSDUDHOFRQMXQWRH[LELOL]DHOPHUFDGRGHWUDEDMR
\SHUPLWHEXVFDUYtDVSDUDHYLWDUHOGHVSLGRHQHPSUHVDVFRQSUREOHPDV
8QSDORSDUDODHFRQRPtD6LODKXHOJDJHQHUDOWLHQHPXFKRp[LWRSXHGHGHWHQHU
ODSURGXFFLyQHFRQyPLFDHVSDxRODVXSRQGUtDXQFRVWHGHPLOORQHVGHHXURV
VHJ~QFiOFXORVHIHFWXDGRVSRUODSDWURQDO
1RKD\TXHHQIDGDUDORVVRFLRVGHOD8(/DKXHOJDJHQHUDOVLWXYLHUDp[LWR
SRGUtDHPSDUHQWDUD(VSDxDFRQSDtVHVFRPR*UHFLDTXHKDQDFDEDGRVLHQGR
LQWHUYHQLGRVSRUOD8(DQWHVXQHJDWLYDDOOHYDUDFDERODVUHIRUPDVQHFHVDULDV
$GHPiVORVPHUFDGRVQDQFLHURVWDPSRFRYHUtDQFRQEXHQRVRMRVXQDPDUFKD
DWUiVGHO*RELHUQR
(O*RELHUQRQRKDSDVDGRQLORVGtDV/DKXHOJDJHQHUDOVHKDFRQYRFDGR
VLQUHVSHWDUORVFRQRFLGRVFRPRGtDVHOSOD]RPtQLPRTXHVHFRQFHGHVHJ~QODFRVWXPEUHDWRGR*RELHUQRSDUDOOHYDUDFDERVXVSULPHUDVSROtWLFDV3RU
RWURODGRODKXHOJDQRVHUYLUiGHPXFKR\DTXHQRFHGHUiHQQLQJ~QFDVRDOD
YLVWDGHODSR\RHOHFWRUDOUHFLELGRHQODVHOHFFLRQHVJHQHUDOHV
(VXQDKXHOJDSROtWLFD<DDGYLUWLyHO*RELHUQRTXHODRSRVLFLyQVHGHGLFDUtDD
VDFDUDODJHQWHDODFDOOHHQVXFRQWUDODKXHOJDDVtQRHVPiVTXHXQDWiFWLFD
SDUWLGLVWDGHGHVJDVWHDO*RELHUQR
/D~OWLPDKXHOJDHVUHFLHQWH\IUDFDVy/DDQWHULRUKXHOJDJHQHUDOGHOGH
VHSWLHPEUHGHDSHQDVUHFLELyDSR\RSRSXODU4XpSUREDELOLGDGHVKD\GH
TXHHVWDQXHYDSURWHVWDYD\DDFRQWDUFRQPD\RUSDUWLFLSDFLyQ"
/RVVLQGLFDWRVQRKDQHVWDGRDODDOWXUD'HVGHHOLQLFLRGHODFULVLVORVVLQGLFDWRV
QRKDQGHIHQGLGRELHQORVLQWHUHVHVGHODFLXGDGDQtD\QRPHUHFHQTXHDKRUDVH
FRQVLJDXQDKXHOJDH[LWRVD
6ROR ORV MRV SXHGHQ LU D OD KXHOJD /RV WUDEDMDGRUHV MRV \ ORV IXQFLRQDULRV
VRQORV~QLFRVTXHWLHQHQHOSULYLOHJLRUHDOGHLUDODKXHOJDHOUHVWRSRUWHQHUXQ
HPSOHRPX\SUHFDULRRQLVLTXLHUDWUDEDMDUQR
(OTXHVHYDGHKXHOJDQRFREUDHVHGtD(OGHUHFKRGHKXHOJDHVIXQGDPHQWDO
ORTXHQRTXLHUHGHFLUTXHVHDJUDWLV$QWHHOSDQRUDPDGHEDMDGDGHVDODULRV\DXPHQWRGHSUHFLRVODLGHDGHSHUGHUHOVXHOGRGHXQGtDSXHGHQRSDUHFHUODPHMRU
)8(17(PLQXWRV
? I
$
$
:
$1&$!
"
1!$
$
*#
$
$
,9
#>&1!?
"
0
$
$
0
8$
$
0
$
$
0
0
0
7
7
?9+$A6?D%9/9$B%/!<9A$A:#!AB
H[LVWDWDPELpQ(
(SDUDDTXHOORVFLXGDGDQRVTXHQRKD\DQFRWL]DGR
ORVXFLHQWH\QRWHQJDQUHFXUVRV(OORORDERUGDUHPRVPiVDGHODQWH
(QTXpFRQVLVWHHO
GHODVHJXULGDGVRFLDO"
(VWHSULQFLSLRLPSOLFDTXHVHSURGXFHXQD
(
HQIXQFLyQGHVXUHQWD
GHPDQHUDTXHVHSUHVWDD\XGDDORVTXH
(
(
(MHPSORVGHOSULQFLSLRGHVROLGDULGDGGHODVHJXULGDGVRFLDO
+D\XQDVROLGDULGDGHQWUHORVTXHPiVDSRUWDQGLQHUR\ORVTXHPHQRVDSRUWDQSXHVHQIXQFLyQ
GHORVLQJUHVRVXQRVFRWL]DQPiVRPHQRVDODVHJXULGDGVRFLDO
+D\XQDVROLGDULGDGHQWUHORVTXHWLHQHQODVXHUWHGHQXQFDHVWDUHQIHUPRV\ORVTXHVtORHV0
2
SXHVORVVHJXQGRVUHFLEHQODVSUHVWDFLRQHVGHODVHJXULGDGVRFLDO
+D\XQDVROLGDULGDGHQWUHODV%
\ODVTXH\D
99
SXHVORVSULPHURVFRWL]DQDKRUDDODVHJXULGDGVRFLDOSDUDTXHORVTXHWUDEDMDURQDQWHULRUPHQWHFREUHQKR\ODSHQVLyQGHMXELODFLyQ
+D\XQDVROLGDULGDGHQWUHORVTXHWLHQHQWUDEDMR\TXLHQHVORKDQSHUGLGR\OREXVFDQSXHVORV
SULPHURVFRWL]DQSRUGHVHPSOHR\ORVVHJXQGRVFREUDQHOSDUR
+D\XQDVROLGDULGDG
(
SXHVDWUDYpVGHORV (VHDWLHQGHQ
ODVVLWXDFLRQHVGHQHFHVLGDGGHTXLHQHVQRWLHQHQUHFXUVRV\QRKDQFRWL]DGRVXFLHQWHDWUDYpV
GHOQLYHOQRFRQWULEXWLYR
#H:
%(
/DVHJXULGDGVRFLDOVHDSOLFDWDQWRDORVWUDEDMDGRUHVTXHHVWiQFRWL]DQGR
(FRPRD
DTXHOORVFLXGDGDQRVTXHFDUHFHQGHUHQWDV
(ORVFXDOHVWLHQHQDFFHVRDDOJXQDV
SUHVWDFLRQHV9HDPRVTXLpQHVHVWiQLQFOXLGRVHQFDGDQLYHO
4
1LYHO
FRQWULEXWLYR
1LYHOQR
FRQWULEXWLYR
TXHUHVLGDQHQ(VSDxDTXHQRHVWpQLQFOXLGRVHQHOQLYHOFRQWULEXWLYRSRU
0
EHUFRWL]DGRORVXFLHQWH/DVSUHVWDFLRQHVDODVTXHWLHQHQGHUHFKRVRQDVLVWHQFLDVDQLWDULD
LQFDSDFLGDGSHUPDQHQWH\MXELODFLyQ
?9+$A6?D%9/9$B%/!<9A$A:#!AB
/RVWUDEDMDGRUHVSRUFXHQWDDMHQDTXHQRHVWpQHQQLQJ~QUpJLPHQHVSHFLDO
5HJtPHQHV
$XWyQRPRVWUDEDMDGRUHVDJUDULRVSRUFXHQWDSURSLDWUDEDMDGRUHVGHOPDUWUDEDMDGRUHVGHODPLQHUtDIXQFLRQDULRVHVWXGLDQWHVPHQRUHVGHDxRV
/RVHPSOHDGRVGHKRJDUVHKDQLQFRUSRUDGRDOUpJLPHQJHQHUDODVtFRPR
ORVWUDEDMDGRUHVDJUtFRODVSRUFXHQWDDMHQD
4XLpQHVHVWiQ
(
5%
(
"3ULQFLSDOPHQWH
/RV WUDEDMDGRUHV @ TXH GHVDUUROOHQ XQD DFWLYLGDG (
GH
IRUPDKDELWXDOSHUVRQDO\GLUHFWDWHQHUXQQHJRFLR
(O
(%+KDVWDVHJXQGRJUDGRTXHFRODERUHQHQODHPSUHVDGHODXWyQRPR\QR
VHDQDVDODULDGRVFRQFRQWUDWRGHWUDEDMR
+
TXHWUDEDMHQSRUFXHQWDSURSLD\HVWpQHQXQFROHJLRSURIHVLRQDOXQDERJDGR
XQSVLFyORJRHWF
%(
VRFLRVGHFRPXQLGDGGHELHQHVVRFLRVLQGXVWULDOHVGH
VRFLHGDGHVFROHFWLYDV\FRPDQGLWDULDVVRFLRVWUDEDMDGRUHVGHFRRSHUDWLYDVVLRSWDQSRUDXWyQRPRV
VRFLRVGHVRFLHGDGHVFLYLOHVLUUHJXODUHV
/RVDGPLQLVWUDGRUHVRFRQVHMHURVGHODVVRFLHGDGHVFDSLWDOLVWDV""'TXHHMHU]DQ+(
%
GHIRUPDKDELWXDOSHUVRQDO\GLUHFWD\TXHDGHPiVWHQJDQHO
+GHODHPSUHVDTXHSRVHDQPiVGHOGHOFDSLWDOVRORVRMXQWRDIDPLOLDUHV3RU
HMHPSORHOSURSLHWDULRGHXQDHPSUHVDTXHDGHPiVVHDJHUHQWH
C"'#D'"E;&<<<F
(OVLVWHPDGHVHJXULGDGVRFLDOHVWi %
(
(
TXHHVWiQEDMRHO
FRQWUROGHO0LQLVWHULRGH(PSOHR\GHOD6HJXULGDG6RFLDO'HVWDFDPRV
(OyUJDQRSULQFLSDOHVHO!$"",QVWLWXWR1DFLRQDOGHOD6HJXULGDG6RFLDOHOFXDOWLHQHDWULEXLGDODFDSDFLGDGGHUHFRQRFHUHOGHUHFKRDXQDSUHVWDFLyQHFRQyPLFD\RUGHQDUVXSDJR
1J""7HVRUHUtD*HQHUDOGHOD6HJXULGDG6RFLDOHVTXLHQJHVWLRQDORVSDJRV\ORVUHFXUVRVHFRQyPLFRVDVtFRPRODDOLDFLyQDOWDV\EDMDV
(O"-7&,1(0DQWHVJHVWLRQDODSUHVWDFLyQGHOGHVHPSOHR
(O!$"A1,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHQHO7UDEDMRHVHOSULQFLSDOyUJDQRHQSUHYHQFLyQ
GHULHVJRVODERUDOHVDVHVRUDQGRDODDGPLQLVWUDFLyQ\VREUHWRGRVLHQGRXQDIXHQWHGHLQIRUPDFLyQ\
UHFXUVRVDELHUWRDFXDOTXLHUXVXDULR
$GHPiVGHHVWRVyUJDQRVJHVWRUHVH[LVWHQ
FRQODVHJXULGDGVRFLDOODV
PXWXDV\ODVHPSUHVDVDOSDJDUXQDSDUWHGHOVXEVLGLRGHEDMDODERUDO
4XpVRQODV((GHDFFLGHQWHVGHWUDEDMR\HQIHUPHGDGHVSURIHVLRQDOHV"
6RQDVRFLDFLRQHVGHHPSUHVDULRVTXHVHDJUXSDQSDUDJHVWLRQDUFRQMXQWDPHQWHXQDVHULHGHVHUYLFLRVUHODFLRQDGRVFRQORVDFFLGHQWHVGH
WUDEDMR\ODVHQIHUPHGDGHVSURIHVLRQDOHV
4XpRIUHFHQ"
J
9
+ :
+
+
GHORVWUDEDMDGRUHVGHODVHPSUHVDVTXHHVWpQDGV- (
GHORVPLVPRVWUDEDMDGRUHV
FULWDVDODPXWXD
3DJDQHOVXEVLGLRPLHQWUDVHVWiGHEDMDDSDUWLUGHOGtDSHURQR
$VLVWHQFLDVDQLWDULD\UHKDELOLWDFLyQSURIHVLRQDO
SXHGHQGDUGHEDMDRDOWDPpGLFD\DTXHOHFRUUHVSRQGHDOPpGLFR
3UHVFULEHQHOSDUWHPpGLFRGHEDMD\GHDOWD
GHODVHJXULGDGVRFLDOGDUODEDMD\HODOWD
3DJDQ
HO VXEVLGLR SRU LQFDSDFLGDG WHPSRUDO PLHQWUDV HO WUDEDMDGRU &RQWURODQODVLWXDFLyQPpGLFDGHOWUDEDMDGRUGHEDMDSDUDORFXDOSXH
HVWpGHEDMD
GHQUHDOL]DUSURSXHVWDVGHDOWDDOD,QVSHFFLyQ0pGLFD
)RUPDFLyQ\SUHYHQFLyQGHDFFLGHQWHVODERUDOHV
I
?9+$A6?D%9/9$B%/!<9A$A:#!AB
H
%
%(
/RV HPSUHVDULRV TXH FRQWUDWHQ WUDEDMDGRUHV WLHQHQ XQD VHULH GHREOLJDFLRQHV UHVSHFWR D OD VHJXULGDG
VRFLDOTXHVRQODVVLJXLHQWHV
$OLDFLyQ
DOWDV
\EDMDV
$OLDFLyQ/DDOLDFLyQVRORVHUHDOL]D(
L
SRUORTXHODSULPHUDYH]TXH
XQWUDEDMDGRUVHSRQHDWUDEDMDUHOHPSUHVDULRTXHORFRQWUDWDGHEHDOLDUORDODVHJXULGDGVRFLDO$O
WUDEDMDGRUVHOHDVLJQDXQQ~PHURGHVHJXULGDGVRFLDO
'&DGDYH]TXHVH
(
9KD\TXHGDUOHGHDOWDDQWHVGHTXHFRPLHQFHD
WUDEDMDU6LVHOHGDGHDOWDSRVWHULRUPHQWHWLHQHTXHSDJDULJXDOPHQWH
#9&XDQGR
HOFRQWUDWRGHEHGDUVHGHEDMDDOWUDEDMDGRUGLVSRQLHQGRGHXQSOD]RGH
GtDVQDWXUDOHVGHVGHHOFHVHHQHOWUDEDMR
&RWL]DFLyQ
6LTXLHUHVVDEHUHQTXpHPSUHVDVKDVHVWDGRGHDOWD\
GXUDQWHFXiQWRWLHPSRDOR
ODUJR GH WX
SXHGHVFRQVXOWDUODHQODSiJLQDGHODVHJXULGDGVRFLDO
ZZZVHJVRFLDOHV
([LVWHQ +
REWHQHUOD
6L WLHQHV FHUWLFDGR GLJLWDO
SXHGHV FRQVXOWDUOD \ DFFHGHUHQHOPLVPRPRPHQWR
6LQRORWLHQHVSXHGHVVROLFLWDUXQLQIRUPH\VHHQWUHJD
DWUDYpVGHFRUUHRRUGLQDULR
:(2
%
%(SRUORVWUDEDMDGRUHVFRQWUDWDGRV"
(QODXQLGDGYLPRVODVEDVHVGHFRWL]DFLyQGHFRQWLQJHQFLDVFRPXQHV%&&&\SURIHVLRQDOHV%&&3
DVtFRPRODEDVHGHKRUDVH[WUDV%+($ORVWUDEDMDGRUHVVHOHVDSOLFDEDXQVREUHHVDVEDVHV\
VHOHVGHVFRQWDEDGHODQyPLQD$ODVHPSUHVDVWDPELpQVHOHVDSOLFDQXQRVVREUHHVDVEDVHVSDUD
SDJDUVXSDUWHFXRWDGHVHJXULGDGVRFLDOSRUFRQWUDWDUWUDEDMDGRUHV9HDPRVFXiOHVVRQHVDVFXRWDV\
SRUFHQWDMHV
9
"B6/$/
"#
=
C
GHOD%&&&
7DULIDGHSULPDVDSOLFDGDDOD%&&3
6HWUDWDGHXQTXHYDUtDHQIXQFLyQGHODSHOLJURVLGDGGHFDGDWUDEDMRYHU
KWWSZZZVHJVRFLDOHVSUGLJURXSVSXEOLFGRFXPHQWVELQDULRSGI
7LSRJHQHUDOLQGHQLGRVGH%&&3
&RQWUDWRVWHPSRUDOHVGH%&&3
&RQWUDWRVWHPSRUDOHVDWLHPSRSDUFLDO%&&3
GHOD%&&3
GHOD%&&3
2UGLQDULDVGHODEDVHKRUDVH[WUDV
)XHU]DPD\RUGHODEDVHKRUDVH[WUDV
:2
&27,=$&,1'(/$(035(6$
9HDPRVXQFDVRGHXQDQyPLQDVHQFLOODSDUDYHUFXiQWRVHGHVFXHQWDDOWUDEDMDGRUGHVHJXULGDGVRFLDOH,53)FXiQWRUHFLEHGHQHWR\
FXiQWDVHJXULGDGVRFLDOWLHQHTXHSDJDUODHPSUHVDSRUVXSDUWH8QWUDEDMDGRULQGHQLGRWLHQHXQVDODULREDVHGH\GRVSDJDVH[WUDV
DQXDOHVTXHHVWiQSURUUDWHDGDVSRUYDORUGHDOPHV6HOHUHWLHQHXQGH,53)/DWDULIDGHSULPDVHVGHO&DOFXODVXVDODULR
QHWR\ODVHJXULGDGVRFLDODFDUJRGHODHPSUHVD
"(
6DODULREUXWR
6HJXULGDGVRFLDOWUDEDMDGRU GH%&&&FRLQFLGHFRQ%&&3 GH
,53)GHOWUDEDMDGRU GH
6DODULRQHWR (OWUDEDMDGRUSHUFLEHTXHWUDEDMDSRU
@
?9+$A6?D%9/9$B%/!<9A$A:#!AB
&27,=$&,1'(/$(035(6$FRQWLQXDFLyQ
:(%GHOWUDEDMDGRUFRQWUDWDGR
&& GH
&3 GH
'HVHPSOHR GH
)2*$6$ GH
)3 GH
1
1'VHJXULGDGVRFLDODFDUJRGHODHPSUHVD 6644R
E(5
TXHOHVXSRQH
HOWUDEDMDGRU"
6DODULRQHWRDHQWUHJDU
6HJXULGDGVRFLDOWUDEDMDGRU
DLQJUHVDUHQODVHJXULGDGVRFLDO
,53)GHOWUDEDMDGRU
DLQJUHVDUHQ+DFLHQGD
6HJXULGDGVRFLDODFDUJRGHODHPSUHVD
DLQJUHVDUHQODVHJXULGDGVRFLDO
19Z<@644R
&HL
(
/RV DXWyQRPRV WLHQHQ XQ VLVWHPD HVSHFLDO GH FRWL]DFLyQ D OD VHJXULGDG VRFLDO \D TXH QR FRWL]DQ SRU
ODFDQWLGDGTXHJDQDQVLQRSRU (
TXHHOORVGHFLGHQODFXDOVHGHEHHQFRQWUDU
(
2X(
,
$HVDFDQWLGDGEDVHGHFRWL]DFLyQVHOH
(
9SDUD
WHQHUGHUHFKRDODVSUHVWDFLRQHVGHVHJXULGDGVRFLDODOJXQRVGHORVFXDOHVVRQREOLJDWRULRV\RWURVYROXQWDULRV/RYHPRVHQODVLJXLHQWHWDEOD
#7
C
/RVDXWyQRPRVGHEHQHOHJLUXQDEDVHGHFRWL]DFLyQSDUDFRPSUHQGL
@=@4R<6=IRDOPHV
3DUDHYLWDUTXHORV~OWLPRVDxRVGHYLGDODERUDOVHLQFUHPHQWHQVXVWDQFLDOPHQWHODVEDVHVGHFDUDDFREUDUPiVHQODSHQVLyQGHMXELODFLyQ
0D\RUHVGHDxRV
VHHVWDEOHFHQXQRVWRSHVGHFRWL]DFLyQHQIXQFLyQGHODHGDGDOUHGHGRU
GHVDOYRTXHVHYLQLHVHFRWL]DQGRDQWHVSRUXQDFDQWLGDGPD\RU
),
VLQGHUHFKRDFREUDUGHEDMD 4=G< 6RORHVSRVLEOHVL\D
HVWiSURWHJLGRSRUHVWDULQFOXLGRHQRWURUpJLPHQSRUHMHPSORHOJHQHUDO
&RQ9 3@G
&RQ GHUHFKR D EDMD SRU
%
+
VH FRWL]D GH
IRUPDDxDGLGDSRUODWDULIDGHSULPDVTXHOHFRUUHVSRQGDDVXDFWLYLGDG(Q
1
8
SULQFLSLRVHUiREOLJDWRULRFRWL]DUSRU&3DSDUWLUGH
&RQGHUHFKRDSUHVWDFLyQGH%(
L
0
VHFRWL]DXQDxDGLGR
&RQGHUHFKRD
Y
ORVDXWyQRPRVVHFRWL]DXQDxDGLGRUHGXFLpQGRVHHQXQHO
SRUFHQWDMHGH&&GHODO
%XVFDHQODSiJLQDGHODVHJXULGDGVRFLDOZZZVHJVRFLDO
HVTXpWLSRVGHFRWL]DFLyQVH
KDQ HVWDEOHFLGR SDUD HO DxR
VXHOHFRQRFHUVHDQDOHVGHHQHUR\VLKDFDPELDGRDOJXQRUHVSHFWRDO
3DUDHOORHQWUDHQ
KWWSZZZVHJVRFLDOHV,QWHUQHWB(PSUHVDULRV&RWL]DFLRQ5HFDXGDFLLQGH[KWP
:2
&27,=$&,1'($8712026
&DOFXODTXpFDQWLGDGWHQGUtDQTXHSDJDUORVVLJXLHQWHVDXWyQRPRVHQHQIXQFLyQGHODVSUHVWDFLRQHVTXHTXLHUHQWHQHUSURWHJLGDV
7RGRVKDQHOHJLGRODEDVHPtQLPDGHFRWL]DFLyQGH
D8QHPSUHVDULRTXHTXLHUHSDJDUORPtQLPRGHDXWyQRPRV\OHGDLJXDOVLFREUDGHEDMDRQRQLRWUDFLUFXQVWDQFLD7LHQHRWURWUDEDMRSRU
FXHQWDDMHQD\HVWiLQFOXLGRHQHOUpJLPHQJHQHUDO
E8QDDERJDGDTXHWLHQHHQSUR\HFWRTXHGDUVHHPEDUD]DGD\SRUORWDQWRTXLHUHWHQHUFXELHUWDVODVSRVLEOHVEDMDVSRUFXDOTXLHUFRQWLQJHQFLDFRP~QDVtFRPRULHVJRGXUDQWHHPEDUD]R\ODFWDQFLD
F8QHPSUHVDULRTXHQRWLHQHFODURVLYDDVHJXLUFRQHOQHJRFLRHQSRFRVDxRV\TXLVLHUDWHQHUDOJXQDSUHVWDFLyQSDUHFLGDDOGHVHPSOHR
"(
D&RWL]DUtDSRUODEDVHPtQLPDSRUHOWLSRPHQRU I=R
E&RWL]DUtDSRUODEDVHGHSRUHOWLSRGHGH&&SRUULHVJR6HUtDQ[ =4IR
F&RWL]DUtDSRUODEDVHGHSRUSRU&&SRUFHVHGHDFWLYLGDG[ I64R<
3
?9+$A6?D%9/9$B%/!<9A$A:#!AB
#
3HQVLyQGHMXELODFLyQ
3HQVLyQ SRU LQFDSDFLGDG SHUPDQHQWH
$VLVWHQFLDVDQLWDULD
6XEVLGLRGHGHVHPSOHRHQGHWHUPLQDGDV FLUFXQVWDQFLDV GH
FDUHQFLDGHUHQWDV
C"'#D'"E;&<<<F
<-
%(
/DVSUHVWDFLRQHVGHODVHJXULGDGVRFLDOSXHGHQVHU
(SDUDDTXHOORVTXHUH~QHQORVUHTXLVLWRVGHDOWD\FRWL]DFLyQPtQLPDR
(SDUDDTXHOORVTXHFDUHFHQGHUHQWDV\QRUH~QHQ
ORVUHTXLVLWRV(QODSXHGHVREVHUYDUHO
(QHVWDXQLGDGSURIXQGL]DUHPRVHQODLQFDSDFLGDGWHPSRUDOODLQFDSDFLGDGSHUPDQHQWHODVSUHVWDFLRQHVSRUPXHUWH\VXSHUYLYHQFLDODMXELODFLyQ\HOGHVHPSOHR/DVSUHVWDFLRQHVGHPDWHUQLGDGSDWHUQLGDG
ULHVJRGXUDQWHHOHPEDUD]R\ODODFWDQFLDIXHURQWUDWDGDVHQOD8'HQODVXVSHQVLyQGHOFRQWUDWR
<<!
/DLQFDSDFLGDGWHPSRUDOHVODEDMDODERUDOTXHLPSLGHWHPSRUDOPHQWHDVLVWLUDOWUDEDMRGXUDQWH
DOPHQRVXQGtDGHELGRDXQDHQIHUPHGDGFRP~QRSURIHVLRQDORXQDFFLGHQWHODERUDORQRODERUDO
DVtFRPRGXUDQWHORVSHULRGRVGHREVHUYDFLyQSURIHVLRQDOSRUODSRVLELOLGDGGHKDEHUFRQWUDtGRXQDHQIHUPHGDGSURIHVLRQDO
(QODXQLGDGYLPRVORTXHHUDQODVFRQWLQJHQFLDVFRPXQHV\ODVSURIHVLRQDOHV9DPRVDUHSDVDUORSXHV
HQODEDMDODERUDOVHFREUDQGLVWLQWDVFDQWLGDGHVHQIXQFLyQGHVLHVXQDFRQWLQJHQFLDFRP~QRSURIHVLRQDO
&RQWLQJHQFLDV
FRPXQHV
/DVVLWXDFLRQHVTXHQRHVWiQUHODFLRQDGDVFRQHOWUDEDMRVRQFRPXQHVD
FXDOTXLHUSHUVRQD
8QD
+7
SRUHMHPSORXQUHVIULDGR
8Q
SRUHMHPSORKDFHUVHXQHVJXLQFHHOQGH
VHPDQDUHDOL]DQGRGHSRUWH
&RQWLQJHQFLDV
SURIHVLRQDOHV
/DVVLWXDFLRQHVTXHWLHQHQTXHYHUFRQHOWUDEDMR
8Q
TXHVHSURGXFHDFDXVDGHOWUDEDMRFRPRXQ
JROSHFRQXQDKHUUDPLHQWD
8QD
+ +
SRUHMHPSORODDGTXLULGDSRUFRQWDFWR
FRQVXVWDQFLDVTXtPLFDVQRFLYDVSHFRQHOSORPR
/RVSHULRGRVGHREVHUYDFLyQSURIHVLRQDO
$5HTXLVLWRV\GXUDFLyQ
D
9
(VWDUDOLDGR\GHDOWDRDVLPLODGDDODOWDFRPRHVWDUFREUDQGRHOSDUR
3DUDODVHQIHUPHGDGHVFRPXQHVVHUHTXLHUHKDEHUFRWL]DGRSUHYLDPHQWHGtDV
HQORVDxRVDQWHULRUHVDODEDMD
3DUDHOUHVWRGHVLWXDFLRQHVQRVHH[LJHKDEHUFRWL]DGRDQWHV
0i[LPRPHVHV&DEHXQDSUyUURJDGHO,166GHKDVWDRWURVPHVHVVLVHSUHYp
VXFXUDFLyQWRWDO@
7UDQVFXUULGRVORVPHVHVHQORVPHVHVVLJXLHQWHVKD\TXHYDORUDU
6LVHOHGDODLQFDSDFLGDGSHUPDQHQWH
6LVHOHGDGHDOWD
2ELHQVLVHSUHYpXQDPHMRUD\VHOHRWRUJDRWUDSUyUURJDGHRWURVPHVHVKDVWD
OOHJDUDORVPHVHVGHVGHODEDMDLQLFLDO
#H:(
,
/DFXDQWtDYDDGHSHQGHUGHVLVHWUDWDGHXQDFRQWLQJHQFLDFRP~QRGHXQDFRQWLQJHQFLDSURIHVLRQDO(Q
HOVLJXLHQWHFXDGURVHHVSHFLFD
%
TXpFDQWLGDGVHFREUDGHEDMD
+(
((
,
?9+$A6?D%9/9$B%/!<9A$A:#!AB
E
#
E
A
$FFLGHQWHGHWUDEDMR
/
A
'tDGHO
6HFREUD
'tDV \
$
FRQWDQGR GHVGH HO
XQGtDFXDOTXLHUD
GtDGHODEDMD
'tDV DO
4G
GH OD EDVH UHJXOD- 'tDSRVWHULRUDODFFL- I=G GH OD EDVH UHJXODGHVGHODEDMD
GRUDORSDJDODHPSUHVD GHQWH , GRUD OR SDJD OD PXWXD
<
RHO,166ORDGHODQWDOD
HPSUHVD
'tDV DO
4G GH OD EDVH UHJXOD- 3RVLELOLGDGGH90 /RV FRQYHQLRV (
GHVGHODEDMD
TXHSRUFRQWLQGRUDORSDJDODPXWXDR
JHQFLDVSURIHVLRQDOHVHO
HO,166\ORDGHODQWDOD
FRQYHQLRPHMRUDGHO
HPSUHVD
G FRUULHQGR HVH
'tDV
HQ DGH0 I=G GH OD EDVH UHJXODUHVWDQWHDFDUJRGH
GRUD OR SDJD OD PXWXD
ODHPSUHVD
RHO,166ORDGHODQWDOD
HPSUHVD
4XpHVOD %("(VODFDQWLGDGTXHVHWRPDFRPRUHIHUHQFLDSDUDFDOFXODUFXiQWRYDD
FREUDUHOWUDEDMDGRUGHEDMDODFXDOHVWi
(L
9$VtFXDQWRPiVFRWLFHXQWUDEDMDGRUPD\RUVHUiVXEDVHUHJXODGRUD\SRUORWDQWRPiVFREUDUi
DOHVWDUGHEDMD
/DEDVHUHJXODGRUDVH(GHGLVWLQWDPDQHUDVHJ~QVHDFRP~QRSURIHVLRQDO
&RQWLQJHQFLDV(
6HWRPDOD#:::
\VHGLYLGHSRUHO
7,
GtDVVLHVVDODULRPHQVXDORORVGtDVGHOPHVVLVHFREUDSRUVDODULRGtD
#;":'&$
1;:
$?&$!
%XVFDHQWXFRQYHQLRVLpVWH
WLHQHDOJXQDPHMRUDHQHOVXEVLGLRGHLQFDSDFLGDGWHPSRUDO
VREUHWRGRItMDWHVLORWLHQHHQ
FRQWLQJHQFLDVSURIHVLRQDOHV
D>'1&
&RQWLQJHQFLDV+
6HWRPDOD#::-
X0
\VHGLYLGHLJXDOPHQWHSRUHOQ~PHURGHGtDV$KRUDOH(X
L(
SDUDHYLWDUHOHIHFWRGHTXHMXVWRHOPHVDQWHULRUDODEDMDKD\D
UHDOL]DGRPXFKDVKRUDVH[WUDVRQLQJXQDFXDQGROOHYHWRGRHODxRUHDOL]DQGR/DPHGLDGHKRUDVH[WUDV
GHODxRDQWHULRUHVXQDFDQWLGDGPiVUHDO
%5FF %&&&PHVDQWHULRU
yGtDVGHOPHV
:2
,1&$3$&,'$'7(0325$/325&217,1*(1&,$&201
8QWUDEDMDGRUKDVXIULGRXQDFFLGHQWHQRODERUDOHOGtDGHQRYLHPEUH\KDHVWDGRGHEDMDKDVWDHOGtDGHQRYLHPEUH6XVDODULREDVH
PHQVXDOHVGH\FREUDODSDJDH[WUDSURUUDWHDGDSRUYDORUGHDOPHV&DOFXODFXDQWRFREUDUiSRULQFDSDFLGDGWHPSRUDO5HDOL]y
KRUDVH[WUDVKDFHPHVHVSRUYDORUGH"(
&DOFXODUVXEDVHUHJXODGRUD#.:: %&&&PHVDQWHULRU =R,
yGtDVGHOPHV
&DOFXODUFXiQWRJDQDHQFDGDWUDPR\VXPDUORV
\GtDGtDV\GHQRYLHPEUHQRSHUFLEHQDGDVDOYRTXHKXELHVHPHMRUDYROXQWDULDGHOFRQYHQLR
DOGtDGtDVDOGHQRYLHPEUHGH%5[GtDV [GtDV DFDUJRGHODHPSUHVD
DOGtDGtDVDOGHQRYLHPEUHGH%5[GtDV [GtDV DFDUJRGHODPXWXDR,166
HQDGHODQWHGtDVDGHQRYLHPEUHGH%5[GtDV [GtDV PXWXDR,166
1 =6I=R
?9+$A6?D%9/9$B%/!<9A$A:#!AB
:26
,1&$3$&,'$'7(0325$/325&217,1*(1&,$352)(6,21$/
&DOFXODHOPLVPRFDVRGHOHMHUFLFLRDQWHULRUSHURVXSRQLHQGRTXHIXHVHXQDFFLGHQWHGHWUDEDMR&RPSDUDHVWDFDQWLGDGFRQODDQWHULRU
"(
<<!
(VODVLWXDFLyQHQTXHGHVSXpVGHKDEHUVLGRGDGRGHDOWDPpGLFDHOWUDEDMDGRUSUHVHQWD(
+(
%ODVFXDOHVYDQDVHUSUHYLVLEOHPHQWHGHQLWLYDV\YDQDGLVPLQXLUVXGHIRUPDWRWDORSDUFLDO
([LVWHQ6%
VLHQGRVXVFDUDFWHUtVWLFDVSULQFLSDOHV
#;":'&$'K&#
&yPR VDEHU VL VH KD FRWL]DGR HO PtQLPR SDUD WHQHU
GHUHFKRDXQDSUHVWDFLyQSRU
LQFDSDFLGDGSHUPDQHQWH"
&yPRVDEHUFyPRVHFDOFXOD XQD EDVH UHJXODGRUD SDUD
FDGDJUDGRGHLQFDSDFLGDG"
/R SXHGHV FRQVXOWDU HQ OD
ZHE GH OD VHJXULGDG VRFLDO
ZZZVHJVRFLDOHV
(QWUD HQ 7UDEDMDGRUHV \
GHVSXpV HQ 3UHVWDFLRQHV
$OOt HQFRQWUDUiV WRGDV ODV
SUHVWDFLRQHVGHODVHJXULGDG
\ VXV SULQFLSDOHV FDUDFWHUtVWLFDV UHTXLVLWRV GXUDFLyQ
FDOFXORGHODSUHVWDFLyQHWF
%
%
%
(
J
L
$TXHOODLQFDSDFLGDGTXHSURGXFHHQHOWUDEDMDGRUXQD
(
GHDOPHQRV
GGHOUHQGLPLHQWRQRUPDOHQHOWUDEDMRVLQTXHOHLPSLGDUHDOL]DU(
+(
SRUORTXHSXHGHVHJXLUHQHOPLVPRWUDEDMRDXQTXHFRQPHQRU
FDSDFLGDG
6HFREUDXQDLQGHPQL]DFLyQDWDQWRDO]DGRGHXQDVRODYH]GHOHTXLYDOHQWHD 6
UHJXODGRUDVGHOWUDEDMDGRU
(V DTXHOOD LQFDSDFLGDG TXH SURGXFH TXH HO WUDEDMDGRU
( L
+(
GH VX SXHVWR GH WUDEDMR ( SHUR Vt TXH SXHGH
UHDOL]DURWURWUDEDMR
6HFREUDXQD
SDUDWRGDODYLGDVDOYRTXHTXLHUDDFFHGHUDOD
MXELODFLyQGHO==G
UHJXODGRUD
(VWDSHQVLyQFRQODUHDOL]DFLyQGH9
(QHOFDVRGHWUDEDMDGRUHV ==\PHQRUHVGHTXHWHQJDQ
JUDYHVGLFXOWDGHVSDUDHQFRQWUDURWURHPSOHRVHFREUDUiHOI=GGHODEDVHUHJXODGRUD(VWHQRHVFRPSDWLEOHFRQUHDOL]DURWURWUDEDMR
(VDTXHOODLQFDSDFLGDGTXHQRSHUPLWHUHDOL]DUDOWUDEDMDGRU
%7
0
9QLHOKDELWXDOQLRWUR
6HFREUDXQDSHQVLyQYLWDOLFLDGHOGGHODEDVHUHJXODGRUD
(VDTXHOODLQFDSDFLGDGDEVROXWDTXHDGHPiVUHTXLHUHGHODDVLVWHQFLDGHXQD
SDUDUHDOL]DUORVDFWRVHVHQFLDOHVGHODYLGDFRPHUYHVWLUVHHWF
/DSHQVLyQYLWDOLFLDGHOG(
FRQXQ,
6=GSDUDSDJDUDODSHUVRQDTXHDWLHQGHDOLQYiOLGRPi[LPRGHO
C
%
ODVLQFDSDFLGDGHVSHUPDQHQWHV"
/DYDORUDFLyQODUHDOL]DHO(TXLSR0pGLFRGH,QFDSDFLGDGHVGHO,166HOFXDOUHPLWHXQDSURSXHVWDDOD
'LUHFFLyQ3URYLQFLDOGHO,166SDUDVXDSUREDFLyQ(VHVWHHTXLSRPpGLFRHOTXHGHFLGHHQFDGDFDVRVL
VHGDQODVFLUFXQVWDQFLDVSDUDFRQFHGHUODLQFDSDFLGDGSHUPDQHQWH
?9+$A6?D%9/9$B%/!<9A$A:#!AB
:2=
,1&$3$&,'$'3(50$1(17(
(QXQDFFLGHQWHGHDXWRE~VpVWHYROFySRUXQEDUUDQFRGHXQRVPHWURV\FRPRFRQVHFXHQFLDGHOPLVPRVHSURGXMHURQYDULRVKHULGRV
JUDYHVDOJXQRVFRQVHFXHODVGHQLWLYDVTXHLQX\HQHQVXFDSDFLGDGODERUDO+D\TXHGHVWDFDUFDVRV
D3HSHFDPLRQHURGHSURIHVLyQKDWHQLGRXQDOHVLyQHQODFROXPQDTXHOHLPSLGHFDPLQDUFRQQRUPDOLGDG\HMHUFHUIXHU]DFRQODVSLHUQDV
SRUORTXHQRSXHGHYROYHUDUHDOL]DUVXWUDEDMR
E$QGUHDHVSHOXTXHUD\KDSHUGLGRGRVGHGRVGHODPDQRL]TXLHUGD(VSRVLEOHTXHDKRUDYD\DPiVOHQWDSHURSXHGHFRQWLQXDUHMHUFLHQGR
VXWUDEDMRGHSHOXTXHUD
F$QDVWDVLRWUDEDMDGHDGPLQLVWUDWLYR\HVDOTXHSHRUHVVHFXHODVOHKDGHMDGRHODFFLGHQWH6HKDTXHGDGRWHWUDSOpMLFR\QHFHVLWDGHOD
D\XGDGHXQDWHUFHUDSHUVRQDSDUDUHDOL]DUORVDFWRVHVHQFLDOHVGHODYLGD
G3HSDWUDEDMDHQXQDFDGHQDGHSURGXFFLyQ&RQODFDtGDKDSHUGLGRORVGRVDQWHEUD]RV3XHGHDJDUUDUREMHWRVSHURQRPDQLSXODUORVFRQ
SUHFLVLyQSRUORTXHHVGLItFLOTXHHQFXHQWUHFXDOTXLHURWURWLSRGHHPSOHR
4XpJUDGRGHLQFDSDFLGDGSHUPDQHQWHWLHQHFDGDWUDEDMDGRU\TXpSUHVWDFLyQSXHGHFREUDU"
"(
D6HWUDWDGHXQDLQFDSDFLGDGSHUPDQHQWHWRWDOSDUDODSURIHVLyQKDELWXDOGHFDPLRQHUR6tTXHSRGUtDHMHUFHURWURWUDEDMR(QSULQFLSLR
SXHGHUHFLELUXQDSHQVLyQYLWDOLFLDGHOGHVXEDVHUHJXODGRUDSXGLHQGRDOFDQ]DUHOHQFDVRGHTXHWHQJDGLFXOWDGHVSDUDHQFRQWUDURWURHPSOHR
E(VXQDLQFDSDFLGDGSHUPDQHQWHSDUFLDOVLDOFDQ]DDOPHQRVHO\DTXHSXHGHVHJXLUUHDOL]DQGRODVWDUHDVHVHQFLDOHVGHSHOXTXHUD
DXQTXHFRQPHQRUUHQGLPLHQWR7LHQHGHUHFKRDFREUDUDWDQWRDO]DGRPHVHVGHODEDVHUHJXODGRUD
F(VXQDJUDQLQYDOLGH]QHFHVLWDGHODD\XGDGHXQDWHUFHUDSHUVRQDSDUDORVDFWRVHVHQFLDOHVGHODYLGD/HFRUUHVSRQGHXQGHOD
EDVHUHJXODGRUDPiVXQPtQLPRDxDGLGRGHOSDUDSDJDUDODSHUVRQDTXHOHDWLHQGH
G(QSULQFLSLRHVXQDLQFDSDFLGDGSHUPDQHQWHDEVROXWDSDUDFXDOTXLHUWLSRGHWUDEDMRVLELHQHVSRVLEOHTXHDWUDYpVGHUHKDELOLWDFLyQ
SXHGDUHFXSHUDUODIXQFLRQDOLGDGSDUDHMHUFHUDOJ~QWUDEDMR3XHGHFREUDUHOGHODEDVHUHJXODGRUD
<<-
((
6RQ SUHVWDFLRQHV D IDYRU GH ODV SHUVRQDV TXH GHSHQGHQ HFRQyPLFDPHQWH GH XQ WUDEDMDGRU R
SHQVLRQLVWDTXHIDOOHFH/DVSUHVWDFLRQHVVRQODVVLJXLHQWHV
(VXQDSHQVLyQYLWDOLFLDSDUDHO
(%GHXQWUDEDMDGRURSHQVLRQLVWDTXHKD
IDOOHFLGRODFXDOHVFRQODVUHQWDVGHO9
"VLVHYXHOYHDFRQWUDHU
VDOYRHQFLHUWRVFDVRVGHFDUHQFLD
#
GHUHQWDV
6HFREUDXQ =G GHODEDVHUHJXODGRUDSXGLHQGROOHJDU IGHQFLHUWRVFDVRV
HQTXHVHWHQJDQFDUJDVIDPLOLDUHV\ODSHQVLyQGHYLXGHGDGVHDODSULQFLSDOIXHQWH
GHLQJUHVRV
7LHQHQGHUHFKRORVKLMRV
GHOIDOOHFLGR
",
=HQHOFDVRGHTXHHOKXpUIDQR
9RVXVLQJUHVRV
VHDQLQIHULRUHVDO60,DQXDOORFXDO\DWLHQHHIHFWRVSDUDHOFDVRGHRUIDQGDGDEVR#
OXWDSHURVLIXHVHRUIDQGDGVLPSOHHQHOWRGDYtDHVWiDPSOLDGRDDxRV\\D
HQHOHVWDUiDPSOLDGRDDxRV
6HFREUDXQDSHQVLyQGHOGGHODEDVHUHJXODGRUD6LQRTXHGDVHYLXGRRYLXGD
HOGHYLXGHGDGVHLQFUHPHQWDUtDDODGHRUIDQGDG
3DUD+KDVWDVHJXQGRJUDGRGLVWLQWRVGHOFyQ\XJH\ORVKLMRVTXH
# FRQYLYLHVHQFRQHOIDOOHFLGRGXUDQWHDOPHQRVGRVDxRV\HVWXYLHVHQDVXVH[SHQVDV
FRPRSDGUHVQLHWRVDEXHORV\KHUPDQRV
TXHHQHOFDVRGH+
VLHPSUHTXHQRVHWHQJD
6HFREUDODPLVPD
QLQJXQDSHQVLyQQLPHGLRVGHVXEVLVWHQFLD
/C
(VXQDFDQWLGDGHQSDJR~QLFRSDUDDX[LOLDUHQORV%<
3DUDVRQ
3XHGHVFRQVXOWDUHQODZHE
GHODVHJXULGDGVRFLDOZZZ
VHJVRFLDOHVHQ7UDEDMDGRUHV\GHVSXpVHQ3UHVWDFLRQHVVLTXLHUHVDPSOLDU
LQIRUPDFLyQRWLHQHVFXULRVLGDGSRUDOJXQDSUHVWDFLyQGH
PXHUWH\VXSHUYLYHQFLD
?9+$A6?D%9/9$B%/!<9A$A:#!AB
<6<-
9(
6LTXLHUHVFRQVXOWDUODDSOLFDFLyQJUDGXDOGHOQXHYRVLVWHPDGHSHQVLRQHVHQWUDHQOD
SiJLQD
ZZZVHJVRFLDOHV
'HEHV HQWUDU HQ HO DSDUWDGR
GH7UDEDMDGRUHV3UHVWDFLRQHV-XELODFLyQ
(QHVWRVPRPHQWRVWUDVODUHIRUPDGHOVLVWHPDGHSHQVLRQHVGHO\VXPRGLFDFLyQGHO
HVWDPRVHQXQ
HQWUHGRVOH\HVTXHUHJXODQHOVLVWHPDGHSHQVLRQHVGH
PDQHUDTXHODUHIRUPDGHODVSHQVLRQHVVHYDD
I3RUHOORKDEUiMXELODGRVDORVTXHOHVDIHFWDUiODOH\DQWHULRU\RWURVDORVTXHJUDGXDOPHQWHOHVDIHFWDUiODQXHYDOH\KDVWDTXHHVWpLPSODQWDGDDOHQ
(QHVWHHStJUDIHYDPRVDPRVWUDUEUHYHPHQWH (
GHORVUHTXLVLWRV\FRQGLFLRQHVGH
MXELODFLyQWDQWRGHOVLVWHPDDQWHULRUFRPRGHOTXHH[LJHODUHIRUPDGHO\
6LVWHPD
DQWHULRU
7HQHU4=RELHQDFFHGHUDODMXELODFLyQ
HQHOFDVRGHORVPD\RUHVGHDxRV
FRQOOHYDQGRXQDUHGXFFLyQHQWUHHO\HOSRUFDGDDxRDQWLFLSDGR
+DEHULHQWUH==&RQDxRVVHREWLHQHHOGHODSHQVLyQ\FRQDxRV
HO&DGDDxRGHORVDORVVHVXPDXQ\GHORVDORVXQ$TXLHQVLJXH
FRWL]DQGRGHVSXpVGHORVDxRVVHOHVXPDXQDQXDO
3DUDFDOFXODUODEDVHUHJXODGRUDVHWRPDOD
LHQORV7=
5HIRUPD
SHQVLRQHV
0HQRVGH
DxRV
$SDUWLUGH
DxRV
$SDUWLUGH
DxRV
$SDUWLUGH
DxRV
&RQ\DxRV
&RQ
DxRV
DxRV
DxRV
6
6HUHJXODSDUDFLHUWRVWUDEDMRV
X%DVtFRPRSRUODSRVLELOLGDGGHMXELODFLyQDQWHVGHORVDxRV6HQHFHVLWDQXQPtQLPRGHDxRVFRWL]DGRV
>(
XQ(5(RGHVSLGRREMHWLYRSRUFDXVDVHFRQyPLFDVFLHUUHGHOD
HPSUHVDIXHU]DPD\RU6HGHEHQWHQHUDOPHQRVDxRVFRWL]DGRV6HDSOLFDQUHGXFFLRQHVDODSHQVLyQSRUFDGDDxR
DQWLFLSDGRHQWUHHODQXDO\HODQXDOVHJ~QORVDxRVFRWL]DGRV6HSRGUiFRQDxRVVLKDFRWL]DGRDxRV
>(
(
9'HEHWHQHUDxRVFRWL]DGRV6HOHDSOLFDUHGXFFLRQHVDOD
SHQVLyQSRUFDGDDxRDQWLFLSDGRHQWUHHODQXDO\HODQXDOVHJ~QORVDxRVFRWL]DGRV6HSRGUiFRQDxRVVL
KDFRWL]DGRDxRV
>(
6XSRQHODUHGXFFLyQGHODMRUQDGDGHWUDEDMRHQWUHXQ\XQRFRQFRQWUDWRGHUHOHYR
LQGHQLGRDWLHPSRFRPSOHWR3UHFLVDDxRVFRWL]DGRV6HSRGUiFRQDxRVVLVHKDQFRWL]DGRDxRV\PHGLR
>(
VLVHKDQLDOPHQRV@='DGHUHFKRDOGHODSHQVLyQ
>(
Y%
H6HGHEHQKDEHUFRWL]DGRHQWUH\DxRVFRQDxRVVHUHFLEHHO\
FRQDxRVHO
>(
%(VDTXHOODHQODTXHXQWUDEDMDGRUVHMXELODPiVWDUGHGHODHGDGTXHOHWRFDHQWUHDKRUD
\DxRVHQHOGHPDQHUDTXHVHOHDXPHQWDODSHQVLyQXQSRUFDGDDxRTXHWUDEDMDGHPiVXQDYH]SDVDGD
ODHGDGRUGLQDULDGHMXELODFLyQ(OYDUtDHQWUHXQ\XQDQXDO
6HSHUPLWHFRPSDWLELOL]DUODMXELODFLyQFRQHOWUDEDMRDWLHPSRSDUFLDOUHFLELHQGRXQGHODSHQVLyQGHMXELODFLyQ
?9+$A6?D%9/9$B%/!<9A$A:#!AB
:24
-8%,/$&,1
+DOOHJDGRHODxR\KD\YDULRVWUDEDMDGRUHVTXHHVWiQSODQWHiQGRVHODMXELODFLyQFRQODUHIRUPDGHODVSHQVLRQHVTXHKXERHQ
\HQ,QGLFDSDUDORVVLJXLHQWHVFDVRVVtSRGUtDQMXELODUVHDODHGDGTXHSUHWHQGHQVHJ~QORVDxRVTXH\DOOHYDQFRWL]DGRVHQODYLGD
ODERUDOKDEUtDTXHVXPDUXQRVFRPSOHPHQWRVDPtQLPRVTXHVHGDQSRULQFOXLGRV
D6RItDGHDxRV\9tFWRUGHDxRVKDQVLGRGHVSHGLGRVSRUXQ(5(SRUPRWLYRVHFRQyPLFRV/OHYDQDxRVFRWL]DGRV
E-RVp0LJXHOGHDxRVKDFRWL]DGRDxRVHQVXYLGDODERUDO
F0DUtD$PSDURGHDxRVTXLHUHMXELODUVHDQWLFLSDGDPHQWHGHIRUPDYROXQWDULD\KDFRWL]DGRDxRV\/XLVTXHWLHQHDxRV\WDPELpQTXLHUHMXELODUVHGHIRUPDYROXQWDULDKDELHQGRFRWL]DGRDxRV
G6HUJLRGHDxRVTXLHUHMXELODUVHDWLHPSRSDUFLDOODPLWDGGHODMRUQDGD\KDFRWL]DGRDxRV
"(
D3DUDMXELODUVHGHIRUPDDQWLFLSDGDSRUFULVLVHPSUHVDULDOKDFHIDOWDWHQHUDxRV\DxRVFRWL]DGRV6RItDQRFXPSOHODHGDG\VtTXHKD
FRWL]DGRPiVGHDxRV9tFWRUVtFXPSOHODHGDG\ORVDxRVGHFRWL]DFLyQ6RItDGHEHUiHVSHUDUVHXQDxRSDUDFXPSOLUHOUHTXLVLWRGHHGDG
E3XHGHMXELODUVHFRQHOSXHVWLHQHDxRV\KDFRWL]DGRDOPHQRVDxRV
F0DUtD$PSDURQRSXHGHMXELODUVHGHIRUPDYROXQWDULDSXHVQRWLHQHODHGDGGHDxRVQLKDFRWL]DGRDxRVGHEHUiHVSHUDUVHDxRV
PiVSDUDFRWL]DUDxRV/XLVWLHQHMXVWRODHGDG\ORVDxRVTXHVHUHTXLHUHQSHURVHOHGHVFRQWDUiXQSRUFDGDXQRGHORVGRVDxRV
TXHODDQWLFLSDXQ$GHPiVWDPELpQVHOHUHGXFLUiXQSRUFDGDDxRSRUTXHQRWLHQHDxRVFRWL]DGRVSDUDWHQHUHO
G&XPSOHHOUHTXLVLWRGHHGDGGHDxRVSHURQRHOGHDxRVFRWL]DGRVSXHVQROOHJDDDxRVOHIDOWDQDxRVFRWL]DGRV
<
(VODSUHVWDFLyQTXHSURWHJHDDTXHOORVWUDEDMDGRUHVTXHSXGLHQGR\TXHULHQGRWUDEDMDUKDQSHUGLGRVXWUDEDMR\UH~QHQORVUHTXLVLWRVTXHVHxDODQODVOH\HVSDUDDFFHGHUDODSUHVWDFLyQ
5HTXLVLWRV
+DEHUFRWL]DGRXQ,
4,HQORV74
(VWDUHQ(
%ORYHUHPRVPiVDEDMR
6XVFULELUXQHVWRVXSRQHTXHODSHUVRQDHVWiGLVSRQLEOHSDUDEXVFDUHPSOHR
\TXHDFHSWDUiXQDFRORFDFLyQDGHFXDGDDVtFRPRTXHDVLVWLUiDORVFXUVRVGHIRUPDFLyQ\RWUDVDFFLRQHV
IRUPDWLYDV\GHRULHQWDFLyQODERUDO
"ODSUHVWDFLyQHQORV=,2VLJXLHQWHV6LODSLGHSRVWHULRUPHQWHWHQGUiGRVGHVFXHQWRV
QRWHQGUiHIHFWRUHWURDFWLYRDOGtDTXHGHMyGHWUDEDMDUVLQRTXHHPSH]DUiDFREUDUHQODIHFKDTXHORVROLFLWy
\DGHPiVVHOHGHVFRQWDUiQRWURVWDQWRVGtDVSRUHOUHWUDVRGHVGHHOSULPHUGtDTXHORSRGtDKDEHUVROLFLWDGR
KDVWDTXHORSLGLy
6LWXDFLyQOHJDO
=
?9+$A6?D%9/9$B%/!<9A$A:#!AB
97
8
D
'HVGH
97
'tDVFRWL]DGRV
%DVHUHJXODGRUD
3RUFHQWDMH
7RSHVPi[LPR
\PtQLPR
'HVFXHQWRGH
VHJXULGDGVRFLDO
(QIXQFLyQGHORVGtDVTXHVHKDQFRWL]DGRHQORV~OWLPRVDxRVVHWLHQHQGHUHFKRVDWDQWRVGtDVGHSDUR
(QODSXHGHVFRQVXOWDUOR3RUHMHPSORSRUDxRFRWL]DGRVH
WLHQHQPHVHVGHSDUR
6HFDOFXODORTXHVHKDLHQORV743DUD
HOORVHVXPDQODV%&&3\VHUHVWDQODVKRUDVH[WUDV\VHGLYLGHGHVSXpV
HQWUHGtDVYHUFDVRSUiFWLFRLQIHULRU
/RVSULPHURVGtDVVHFREUDXQIGGHODEDVH
$SDUWLUGHOGtDKDVWDHOQDOVHUHGXFHDO=GGHODEDVH
(QIXQFLyQGHO
79KD\XQWRSHPi[LPR\PtQLPRGHODFDQWLGDG
DQWHULRUHOFXDOHVWiHQIXQFLyQGHO!-.&)TXHVHHVWDEOH]FDFDGDDxRUHFRUGDUHOWHPDGHQyPLQDV
VLQKLMRVFRQXQKLMRFRQ
7RSHVPi[LPRVSDUD
RPiVKLMRV
7RSHVPtQLPRVDFREUDUGHSDURVLQKLMRVFRQKLMRV
8QDYH]FRPSDUDGDVHKDFHXQGHVFXHQWRGHVHJXULGDGVRFLDOVREUHODEDVH
GHFRWL]DFLyQTXHGDRULJHQDODSUHVWDFLyQ3RUWDQWRQRVHFRWL]DSRUODFDQWLGDGGHODSUHVWDFLyQVLQRVREUHOD%&&&
(QFRQFUHWRVHFRWL]DXQ6IG::DFDUJRHQH[FOXVLYDGHOWUDEDMDGRU
:2I
&/&8/2'(35(67$&,1325'(6(03/(2
-RVp$QWRQLRVHKDTXHGDGRHQGHVHPSOHRGHVSXpVGHXQ(5((QORV~OWLPRVDxRVKDEtDWUDEDMDGRGtDVODV~OWLPDVEDVHVGH
FRWL]DFLyQGHVFRQWDGDVODVKRUDVH[WUDVVXPDQ\WLHQHKLMRVDFDUJR&DOFXODVXSUHVWDFLyQSRUGHVHPSOHR"(
GtDVVHHQFXHQWUDQHQWUH\SRUORTXHOHFRUUHVSRQGHQGtDVGHSDURVREUHDxR\PHVHV
6XEDVHUHJXODGRUDVHUiODVXPDGHODVEDVHVGLYLGLGDHQWUHGtDV GtD
'HORVGtDVDOFREUDUiXQGHODEDVHUHJXODGRUD[ [GtDV DOPHV
'HORVGtDVDOVXSUHVWDFLyQEDMDUiDO[ [GtDV DOPHV
6HFRPSDUDFRQWRSHVPi[LPRV\PtQLPRVGHKLMRVHOPi[LPRHVSRUORTXHDOVXSHUDUORQRSXHGHFREUDUPiVGHHVWD
FDQWLGDGHQWUHORVGtDV\$SDUWLUGHOGtDVHPDQWHQGUiHQQRHVLQIHULRUD
6HOHGHVFXHQWDODVHJXULGDGVRFLDO
/D%&&&VRQHQWUHPHVHV[ GHGHVFXHQWR
/tTXLGRDSHUFLELU
'tDVDO <@R
'tDVDO 34R
4
?9+$A6?D%9/9$B%/!<9A$A:#!AB
#H&X
(
([WLQFLyQ
6LHOWUDEDMDGRUUPD
(
DOQDOL]DUpVWHVLJXHFREUDQGRHOSDUR
TXHOHIDOWDED
3HURVLODGXUDFLyQHVGH(
(DOQDOL]DUWLHQH
6HJXLUFREUDQGRHOSDURTXHOHIDOWDSRUFREUDUVHJ~QORVFiOFXORVDQWHULRUHV
2ELHQUHFLELUXQQXHYRSDURSRUHOQXHYRWLHPSRWUDEDMDGRVXSHULRUDODxRSHURDOHOHJLUXQRVHSLHUGH
HORWUR
9DFDFLRQHV
SHQGLHQWHV
R
+
QRGLVIUXWDGDVDOQDOL]DUHOFRQWUDWRODVLWXDFLyQGHGHVHPSOHR
VHSURGXFHXQDYH]SDVHQORVGtDVGHYDFDFLRQHVFREUDGRVHQHOQLTXLWR5HDOPHQWHHVRVGtDVVHHVWi
GHDOWDHQODHPSUHVD\VHVLJXHFRWL]DQGR
5HFODPDFLyQ
SRUGHVSLGR\
&XDQGRHOWUDEDMDGRUSRQH(
SXHGH\HVSHUDUVH
DODVHQWHQFLD6LHVIDYRUDEOH\KD\UHDGPLVLyQFRQ
HOWUDEDMDGRUQRSXHGH
FREUDUDODYH]SDUR\VDODULRVGHWUDPLWDFLyQFRQORTXHVHGHVFXHQWDHOGLQHURGHOSDURFREUDGRLQGHELGDPHQWH\VHFREUDQPHQRVVDODULRVGHWUDPLWDFLyQ
7DPELpQ(
\VLVHFRQUPDHOGHVSLGRWLHQHGtDVSDUDSHGLUHOSDUR
H-
(
6L TXLHUHV FRQRFHU ORV FROHFWLYRV FRQFUHWRV TXH WLHQHQ DFFHVR DO VXEVLGLR GH
GHVHPSOHR \ VX FXDQWtD
SXHGHVHQWUDUHQODSiJLQD
ZZZVHJVRFLDOHVHQ
KWWSZZZVHSHHVFRQWHQLGRSUHVWDFLRQHVDJFKWPO
/RVDXWyQRPRVWLHQHQUHFRQRFLGRGHVGHHODxRHOGHUHFKRDSDURVLQELHQVHGHQRPLQDSUHVWDFLyQ
SRUFHVHGHDFWLYLGDG6XVFDUDFWHUtVWLFDVSULQFLSDOHVVRQ
#
6HGHEHKDEHUFRWL]DGRSRUHVWDSUHVWDFLyQ(
GGHODEDVHGHFRWL]DFLyQ
-5
GHOHQXQDxRRGHOHQGRVDxRVVHJXLGRV
$ ([WLQFLyQGHOFRQWUDWRGH(
GHDXWyQRPRVTXHUHDOLFHQIXQFLRQHVGHD\XGDIDPLOLDUHQ
%(X0
(%\GHMHQGHWUDEDMDUHQHVDHPSUHVD
R
9HQXQDHPSUHVDPHUFDQWLOGHMDQGRDELHUWDODSRVLELOLGDGGH
TXHORVGHPiVVRFLRVFRQWLQ~HQFRQODVRFLHGDG
8 $OPHQRV (
76/DFXDQWtDGHODSUHVWDFLyQYDUtDHQ
IXQFLyQGHORTXHVHKD\DFRWL]DGRHQHVRV~OWLPRVDxRV
&
VDOYRTXHVHDPD\RUGHDxRVTXHHVPD\RU
7
3RUDxRFRWL]DGRVRQPHVHV\SRUDxRVVRQPHVHVGHSUHVWDFLyQ6HOHDSOLFD
WDPELpQHODODEDVHUHJXODGRUD
I
?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$
:2
'H%(
([SOLFDHQTXpFRQVLVWHHOSULQFLSLRGHVROLGDULGDGGHODVHJXULGDG
VRFLDO\SRQHMHPSORVUHODFLRQDGRVFRQFDVRVGHEDMDODERUDOGHVHPSOHR\MXELODFLyQ
,QGLFDHQTXpUpJLPHQGHODVHJXULGDGVRFLDOGHEHQVHULQFOXLGRV
ORVVLJXLHQWHVWUDEDMDGRUHV
D8QHPSUHVDULRLQGLYLGXDOTXHWLHQHXQNLRVFRHQHOFXDOWUDEDMDWRGRVORVGtDVGHIRUPDKDELWXDO
E8QSURIHVRUTXHKDDSUREDGRXQDVRSRVLFLRQHVGHIXQFLRQDULR
F/RVHVWXGLDQWHVGHXQFLFORIRUPDWLYRGH)3PHQRUHVGHDxRV\
TXHQRHVWpQWUDEDMDQGR
G8QDDGPLQLVWUDWLYDTXHWUDEDMDDWLHPSRSDUFLDOHQXQDJHVWRUtD
H8QWUDEDMDGRUPLQHURHQODVPLQDVGHODSURYLQFLDGH/HyQ
I(OVRFLRDGPLQLVWUDGRUGHXQDVRFLHGDGOLPLWDGD
J/DPXMHUGHOIRQWDQHURTXHDWLHQGHHQODWLHQGDORVSHGLGRVGHVHUYLFLRVGHIRQWDQHUtDTXHUHDOL]DVXPDULGR
K8QHPSUHVDULRLQGLYLGXDOTXHVHGHGLFDDOVHFWRUDJUtFROD
'RVWUDEDMDGRUDVDFDEDQGHWHQHUXQDFFLGHQWHTXHOHVLPSLGHLU
DWUDEDMDU/DSULPHUDKDWHQLGRHODFFLGHQWHDOGDUVHXQJROSHFRQXQD
PiTXLQD HQ PRYLPLHQWR HQ OD HPSUHVD SRU OR TXH HV DFFLGHQWH GH
WUDEDMR\ODVHJXQGDGXUDQWHHOQGHVHPDQDPLHQWUDVKDFtDVHQGHULVPR4XLpQGDUiODEDMDPpGLFDHQFDGDXQRGHORVFDVRV"
#H
%
&DOFXODODFRWL]DFLyQGHODHPSUHVDSRUVHJXULGDGVRFLDODVtFRPR
HOFRVWHHIHFWLYRWRWDOGHFRQWUDWDUDXQWUDEDMDGRUWHPSRUDODWLHPSR
SDUFLDOTXHUHFLEHDOPHVGHVDODULREDVH\GRVSDJDVH[WUDV
DQXDOHVGHFDGDXQDODVFXDOHVHVWiQSURUUDWHDGDVSRU
DOPHV6HOHUHWLHQHXQ,53)GHO6XWDULIDGHSULPDVHVGHO
6HxDODDVLPLVPRODGLIHUHQFLDHQWUHODSHUFHSFLyQGHOVDODULRQHWRTXH
UHFLEHXQWUDEDMDGRU\HOFRVWHHIHFWLYRSDUDODHPSUHVD
(Q XQD HPSUHVD YDULRV WUDEDMDGRUHV VH KDQ TXHGDGR D UHDOL]DU
KRUDVH[WUDVRUGLQDULDV(QFRQFUHWRWUDEDMDGRUHVKDQUHDOL]DGR
KRUDVPiVHVHPHVFREUDQGRDODKRUDH[WUD/DHPSUHVDQRKD
GHMDGRFRQVWDQFLDGHVXUHDOL]DFLyQHQODQyPLQDSXHVODVKDSDJDGR
HQVREUHDSDUWH
D4XpFDQWLGDGGHVHJXULGDGVRFLDOQRKDSDJDGRODHPSUHVDSRUQR
GHFODUDUHVWDVKRUDV"<FDGDXQRGHORVWUDEDMDGRUHV"
E6LDORVWUDEDMDGRUHVVHOHVUHWLHQHXQGH,53)FXiQWRQRVH
KDGHFODUDGRD+DFLHQGDSRUHVWDVKRUDV"
F6XPDHOWRWDOGHODVFDQWLGDGHVQRGHFODUDGDV
8QDXWyQRPRTXHHVWiWDPELpQWUDEDMDQGRSRUFXHQWDDMHQD\VH
DFRMDDODEDVHPtQLPDGHFRWL]DFLyQ\TXLVLHUDWHQHUFXELHUWRORPtQLPRFXiQWRSDJDUiGHFXRWDGHDXWyQRPRV"<VLFRWL]DVHSRU
\TXLVLHUDHVWDUSURWHJLGRSRUXQDEDMDSRUFRQWLQJHQFLDVFRPXQHV"
@
:H-
&DOFXODHOVXEVLGLRSRULQFDSDFLGDGWHPSRUDOWDQWRSRUFRQWLQJHQFLDVFRPXQHVFRPRSURIHVLRQDOHVGHXQWUDEDMDGRUTXHHVWXYLHVHGH
EDMD GHO GH PD\R DO GH PD\R 6X VDODULR EDVH PHQVXDO HV GH
WLHQHGRVSDJDVH[WUDVDQXDOHVSURUUDWHDGDVGHDOPHV
5HDOL]yKRUDVH[WUDVHQORV~OWLPRVGRVPHVHVSRUYDORUGH&RPSUXHEDODGLIHUHQFLDGHSUHVWDFLyQ\V~PDOHHOGtDGHODFFLGHQWHDOD
FRQWLQJHQFLDSURIHVLRQDO
,QGLFDSDUDFDGDXQRGHORVFDVRVVLJXLHQWHVTXpJUDGRGHLQFDSDFLGDGSHUPDQHQWHVHOHSRGUtDYDORUDU\TXpSUHVWDFLyQUHFLELUtD
D8QDSpUGLGDGHOGHGRSXOJDUTXHSHUPLWHVHJXLURFXSDQGRHOPLVPR
WUDEDMRDXQTXHDXQPHQRUUHQGLPLHQWR\DTXHWLHQHXQDGLVFDSDFLGDG
GHPiVGHO
E8QDFFLGHQWHGHWUiFRTXHLPSRVLELOLWDDXQDSHUVRQDPRYHUVH\
HMHUFHU VXFLHQWH IXHU]D OR TXH OH LPSLGH GHVDUUROODU QLQJ~Q WLSR GH
WUDEDMR
F7UDVXQDFFLGHQWHODERUDOXQWUDEDMDGRUGHDxRVHVWiLPSRVLELOLWDGRSDUDHMHUFHUVXWUDEDMRKDELWXDOSRUODVVHFXHODVSHURSXHGHHMHUFHU
RWURVWUDEDMRV
8QMRYHQGHDxRVVXIUHODSpUGLGDGHVXVSDGUHVHQXQDFFLGHQWHSRUORTXHVROLFLWDODVSHQVLRQHVGHODVHJXULGDGVRFLDODODVTXH
SXHGDWHQHUGHUHFKR1RHVWiWUDEDMDQGRQLWLHQHLQJUHVRVVXSHULRUHV
DO60,4XpSHQVLRQHVSXHGHVROLFLWDU\SRUTXpFXDQWtD"
6HxDODSDUDFDGDXQRGHORVVLJXLHQWHVWUDEDMDGRUHVVLSXHGHQ
DFFHGHURQRDODMXELODFLyQHQHODxR\HQVXFDVRDTXpPRGDOLGDG\TXpFDQWLGDGVHOHVGHVFRQWDUtDVLORKLFLHVHQDQWLFLSDGDPHQWH
D1HXVGHDxRVKDVLGRGHVSHGLGDFRQXQ(5(KDFHPHVHV\
QRHQFXHQWUDWUDEDMR+DFRWL]DGRDxRV
E-RVp0DQXHOGHDxRVTXLHUHMXELODUVHDQWLFLSDGDPHQWH\KDFRWL]DGRDxRV
F(VWHIDQtDGHDxRVTXLHUHMXELODUVHODPLWDGGHODMRUQDGD\KD
FRWL]DGRDxRV
G,YiQGHDxRVTXLHUHMXELODUVHDQWLFLSDGDPHQWHGHIRUPDYROXQWDULD\KDFRWL]DGRDxRV
H(UQHVWRGHDxRVKDVLGRGHVSHGLGRSRUXQ(5(KDFHPHVHV\
QRHQFXHQWUDWUDEDMR+DFRWL]DGRDxRV\PHGLR
'RV KHUPDQRV GH DxRV HVWiQ \D KDFLHQGR ORV FiOFXORV GH
FXiQGRVHSRGUtDQMXELODU3RUORTXHKDQYLVWRODUHIRUPDGHODVSHQVLRQHVGHOOHVSLOODUiFRPSOHWDPHQWHHQYLJRU5RGULJRKDSHQVDGRTXHDORVDxRV\DHVWiELHQSRUORTXHTXLHUHVDEHUWRGDV
ODVFRQGLFLRQHV\SRVLELOLGDGHVSDUDMXELODUVHDHVDHGDGRVLSXHGH
LQFOXVRDQWHV&DUORVPLUDPiVHOGLQHUR\HVWiGLVSXHVWRDHVSHUDUVH
ORTXHKDJDIDOWDFRQWDOGHFREUDUHORLQFOXVRPiV$FRQVpMDOHV
VREUHODVRSFLRQHVTXHWLHQHQ
H
&DOFXODODSUHVWDFLyQSRUGHVHPSOHRGHXQWUDEDMDGRUGHVSHGLGR
SRUFDXVDVREMHWLYDVTXHHQORV~OWLPRVDxRVKDFRWL]DGRGtDV
\ODVXPDGHVXV~OWLPDVEDVHVDVFLHQGHDVLQKRUDVH[WUDV
7LHQHGRVKLMRVDFDUJR
?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$
.
'H%(
(O SULQFLSLR GH VROLGDULGDG GH OD VHJXULGDG VRFLDO
D/RVTXHPiVDSRUWDQDODVHJXULGDGVRFLDO\ORVTXHPHQRV
E/RVTXHQXQFDHVWiQHQIHUPRV\ORVTXHVtORHVWiQ
F/RVTXHWLHQHQWUDEDMR\TXLHQHVORKDQSHUGLGR\ORHVWiQEXVFDQGR
G7RGDVVRQFLHUWDV
(QODFRWL]DFLyQGHDXWyQRPRVQRHVFLHUWRTXH
D/RVDXWyQRPRVHOLJHQVXSURSLDEDVHGHFRWL]DFLyQHQWUHXQPi[LPR
\PtQLPDTXHVHMDFDGDDxR
E(O SRUFHQWDMH PtQLPR GH FRWL]DFLyQ VLQ GHUHFKR D FREUDU GH EDMD
ODERUDOHVGHO
F6L HO DXWyQRPR TXLHUH FREUDU PLHQWUDV HVWp GH EDMD FRWL]DUi SRU
G6LHODXWyQRPRTXLHUHFREUDUSRUFHVHGHDFWLYLGDGFRWL]DUiXQ
DGLFLRQDO\VHOHUHGXFLUiDOHQ&&
(OQLYHOQRFRQWULEXWLYRORIRUPDQ
:H-
D/RVHVSDxROHV\VXVIDPLOLDVHQHOH[WUDQMHURTXHQRKDQFRWL]DGR
VXFLHQWHPHQWH
E/RVHVSDxROHVTXHUHVLGHQHQ(VSDxD\QRKDQFRWL]DGRVXFLHQWHPHQWH
D3UHVWDFLyQSRUGHVHPSOHR
F/RVHVSDxROHV\H[WUDQMHURVTXHUHVLGHQHQ(VSDxD\QRKDQFRWL]DGRVXFLHQWHPHQWH
F9LXGHGDG\RUIDQGDG
6HxDODTXpDUPDFLyQHVIDOVD
D(OUpJLPHQJHQHUDOORIRUPDQWRGRVORVWUDEDMDGRUHVSRUFXHQWDDMHQDTXHQRHVWiQHQQLQJ~QUpJLPHQHVSHFLDO
E/RVWUDEDMDGRUHVPD\RUHVGHDxRVTXHWLHQHQXQDDFWLYLGDGSRU
FXHQWDSURSLDHVWiQHQHOUpJLPHQJHQHUDO
F(O,166HVHORUJDQLVPRTXHUHFRQRFHHOGHUHFKRDXQDSUHVWDFLyQ
GHODVHJXULGDGVRFLDOSHURTXLHQSDJDHVOD7*66
1RHVXQVHUYLFLRTXHSXHGDQRIUHFHUODVPXWXDVD
ORVWUDEDMDGRUHVGHVXVHPSUHVDVDOLDGDV
D/DDVLVWHQFLDVDQLWDULDHQFDVRGHDFFLGHQWHGHWUDEDMR
E'DUHOSDUWHGHDOWDHQFDVRGHDFFLGHQWHGHWUDEDMR
F&RODERUDUHQHOSDJRGHXQDEDMDODERUDOGHELGRDXQDHQIHUPHGDG
FRP~Q
E,QFDSDFLGDGWHPSRUDO
G/DMXELODFLyQ\ODLQFDSDFLGDGSHUPDQHQWH
3DUDWHQHUGHUHFKRDFREUDUGHEDMDODERUDO,7HV
D(VWDUDOLDGR\GHDOWD
E1RVHSUHFLVDKDEHUFRWL]DGRDQWHV
F$PEDVVRQFLHUWDV
6LXQWUDEDMDGRUGXUDQWHODVYDFDFLRQHVFRPLHQ]D
(
9
D(OWLHPSRGHYDFDFLRQHVWUDQVFXUUH\QRVHUHFXSHUDUiQORVGtDVGH
YDFDFLRQHVTXHHVWpGHEDMD
E6HLQWHUUXPSLUiQODVYDFDFLRQHV\GLVIUXWDUiHVRVGtDVGHYDFDFLRQHVSRVWHULRUPHQWH
F$PEDVVRQIDOVDV
G'DUGHEDMD\DOWDHQXQDHQIHUPHGDGFRP~Q
&XDQGRXQWUDEDMDGRUHVWiGHEDMDSRU,7FREUDUi
#H
%
D6LHVSRUHQIHUPHGDGFRP~QQRFREUDUiQDGDORVGRVSULPHURVGtDV
,QGLFDFXiOHVFLHUWD
E6LHVSRUDFFLGHQWHGHWUDEDMRHOGtDGHODFFLGHQWHFREUDXQ
D/DDOLDFLyQVHUHDOL]DFDGDYH]TXHVHUPDXQFRQWUDWRGHWUDEDMR
F6LHVSRUDFFLGHQWHGHWUDEDMRDSDUWLUGHOGtDVLJXLHQWHFREUDUiXQ
E/DEDMDVHUHDOL]DDOQDOL]DUHOFRQWUDWRGLVSRQLHQGRODHPSUHVDGH
GtDVQDWXUDOHVGHVGHHOQGHOFRQWUDWR
G6LHVSRUHQIHUPHGDGFRP~QFREUDUiXQGHODOGtDSDJiQGRORODHPSUHVD
F/DHPSUHVDLQJUHVDUiODVFXRWDVGHVHJXULGDGVRFLDOHQHOPLVPR
PHVGHODQyPLQDTXHFRUUHVSRQGH
6LXQWUDEDMDGRUQRSXHGHUHDOL]DUODVWDUHDVKD0
((+
(L
9
2(
D,QFDSDFLGDGSHUPDQHQWHSDUFLDO
D8QGHOD%&&&SRUFRQWLQJHQFLDVFRPXQHV
E,QFDSDFLGDGSHUPDQHQWHWRWDO
E8QGHOD%&&3SRUGHVHPSOHRHQWUDEDMDGRUHVWHPSRUDOHV
F,QFDSDFLGDGSHUPDQHQWHDEVROXWD
F8QGHOD%&&3DO)2*$6$
G*UDQLQYDOLGH]
3
?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$
.
5HVSHFWRDODSHQVLyQGHYLXGHGDG
D1RHVFRPSDWLEOHFRQHOWUDEDMRGHODSHUVRQDYLXGD
E6DOYRDOJXQDVVLWXDFLRQHVGHFDUHQFLDVGHUHQWDVVHSLHUGHVLYXHOYHDFDVDUVH
F'HEHUiVROLFLWDUODHQORVGtDVKiELOHVVLJXLHQWHVVLVHUHWUDVDVH
HPSH]DUi D FREUDUOR D SDUWLU GHO GtD TXH OR VROLFLWH \ DGHPiV VH
OHGHVFRQWDUiWDQWRVGtDVFRPRUHWUDVRGHVGHHOSULPHUGtDTXHOR
SRGtDKDEHUVROLFLWDGR
1RVHHQFXHQWUDHQVLWXDFLyQOHJDOGHGHVHPSOHR
F&REUDXQGHODEDVHUHJXODGRUDHQWRGRVORVFDVRV
D8QWUDEDMDGRUGHVSHGLGRSRUGHVSLGRGLVFLSOLQDULRSRUIDOWDVDOWUDEDMRVLQMXVWLFDU
5HVSHFWRDODSHQVLyQGHRUIDQGDG
E8QWUDEDMDGRUDOTXHVHOHWHUPLQDHOFRQWUDWRGHPHVHV
D6RODPHQWHWLHQHQGHUHFKRORVPHQRUHVGHDxRV
F8QWUDEDMDGRUTXHSLGHODGLPLVLyQFRQHOSUHDYLVRGHGtDVTXH
LQGLFDHOFRQYHQLR
E(Q HO SXHGH DPSOLDUVH KDVWD ORV DxRV VL HO KXpUIDQR QR
WUDEDMDVHRVXVLQJUHVRVIXHVHQPHQRUHVGHO60,DQXDO
G1LQJXQDHVFLHUWDWRGDVVRQVLWXDFLRQHVOHJDOHVGHGHVHPSOHR
F6HFREUDXQGHODEDVHUHJXODGRUD
5HVSHFWRDOFREURGHOGHVHPSOHRHVFLHUWRTXH
G6LQRTXHGDVHYLXGRRYLXGDHOGHODYLXGHGDGVHDFXPXODDOD
SHQVLyQGHRUIDQGDG
D$SDUWLUGHOGtDVHUHGXFHGHODOGHODEDVHUHJXODGRUD
8QRGHORVFDPELRVGHOQXHYRVLVWHPDGHMXELOD0
FLyQHVTXH
F/DSUHVWDFLyQGHGHVHPSOHRQRFRWL]DDODVHJXULGDGVRFLDO
D6HYDDLPSODQWDUGHIRUPDSURJUHVLYDKDVWDHO
E+D\XQWRSHPi[LPR\PtQLPRHQIXQFLyQGHOWDPDxRGHODHPSUHVD
,QGLFDTXpDUPDFLyQHVIDOVD
E/DHGDGRUGLQDULDGHMXELODFLyQVHKDLQFUHPHQWDGRGHDDxRV
D6LVHFREUDQYDFDFLRQHVQRGLVIUXWDGDVHQHOQLTXLWRKD\TXHHVSHUDUVHDTXHSDVHQHVRVGtDVSDUDSRGHULUDVROLFLWDUHOSDUR
F3DUDFDOFXODUODEDVHUHJXODGRUDVHWRPDODPHGLDGHORV~OWLPRV
DxRVHQOXJDUGHORV~OWLPRVDxRV
E6LWHGHVSLGHQ\SRQHVXQDGHPDQGDHQHO-X]JDGRGHOR6RFLDO
GHEHVHVSHUDUWHDODVHQWHQFLDSDUDSHGLUHOSDUR
G7RGDVVRQFLHUWDV
F6L WLHQHV XQ SDUR SHQGLHQWH GH FREUDU GH PHVHV \ HQ HVH PRPHQWRHQFXHQWUDVWUDEDMRSRUDxRDOQDOL]DUHVHFRQWUDWRGHEHV
HOHJLUHQWUHHOSDURDQWHULRUSHQGLHQWHGHPHVHVRHOQXHYRSDUR
JHQHUDGRSRUHOFRQWUDWRGHXQDxR
8QWUDEDMDGRUFRQDxRV\DxRVFRWL]DGRVHQ
I2
D8QDMXELODFLyQRUGLQDULDFRQHO
E8QDMXELODFLyQDQWLFLSDGDYROXQWDULD\DTXHKDFRWL]DGRDxRV
F8QDMXELODFLyQDQWLFLSDGDVRORHQFDVRGHFULVLVHPSUHVDULDO\DTXH
WLHQHPiVGHDxRV\DOPHQRVDxRVFRWL]DGRV
G8QD MXELODFLyQ SDUFLDO SXHV DXQTXH WLHQH PHQRV GH DxRV KD
FRWL]DGRDOPHQRVDxRV
H
3DUDWHQHUGHUHFKRDFREUDUODSUHVWDFLyQSRUGHV0
HPSOHRVHWLHQHTXH
D+DEHUFRWL]DGRDOPHQRVPHVHVHQORV~OWLPRVDxRV
E+DEHUFRWL]DGRDOPHQRVDxRHQORV~OWLPRVDxRV
F+DEHUFRWL]DGRDOPHQRVDxRVHQORV~OWLPRVDxRV
G7RGDVVRQIDOVDV
3DUDWHQHUGHUHFKRDFREUDUODSUHVWDFLyQSRUGHV0
HPSOHRKD\TXHWHQHUFXLGDGRHQORVSOD]RVHQ
G7RGDVVRQIDOVDV
5HVSHFWRDOVXEVLGLRSRUGHVHPSOHRHVFLHUWRTXH
D3DUD DFFHGHU D pO HV SUHFLVR FDUHQFHU GH UHQWDV WRPDQGR FRPR
UHIHUHQFLDHOGHO60,
E3DUDHODxRKDVLGRGH
F3DUDPD\RUHVGHDxRVVHWRPDFRPRUHIHUHQFLDHOGHO60,
GHODUHQWDIDPLOLDULQFOX\HQGRODVUHQWDVGHOGHVHPSOHDGRVXFyQ\XJH H KLMRV PHQRUHV GH DxRV TXH FRQYLYDQ HQ HO GRPLFLOLR \
GLYLGLHQGRSRUHOQ~PHURGHPLHPEURV
G7RGDVVRQFLHUWDV
5HVSHFWRDODSUHVWDFLyQSRUFHVHGHDFWLYLGDGGH
(
D(VXQDSUHVWDFLyQTXHVHHTXLSDUDDODSUHVWDFLyQSRUGHVHPSOHRGH
ORVWUDEDMDGRUHVSRUFXDQWDDMHQDFREUDQGRODVPLVPDVFDQWLGDGHV
E'HEHKDEHUFRWL]DGRDQWHULRUPHQWHDOPHQRVDxRHQORV~OWLPRV
DxRVSRUFHVHGHDFWLYLGDG
D'HEHUiVROLFLWDUODHQORVGtDVKiELOHVVLJXLHQWHV
F8QRGHORVVXSXHVWRVHVHOGHSpUGLGDVHFRQyPLFDVGHOHQXQ
DxRRGHOHQGRVDxRVVHJXLGRV
E'HEHUiVROLFLWDUODHQORVGtDVKiELOHVVLJXLHQWHVVLVHUHWUDVDVH
HPSH]DUiDFREUDUORDSDUWLUGHOGtDTXHORVROLFLWH
G(OPi[LPRGHWLHPSRGHFREUDUODSUHVWDFLyQSRUFHVHGHDFWLYLGDG
HVGHPHVHV
?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$
(172512/$%25$/
(PSOHRUHGXFLUiODSUHVWDFLyQGHORVTXHHVWpQHQSDURPiVGHPHGLRDxR)8(17((O3DLV
(Q(VSDxDJDVWDEDFDVLPLOORQHVHQSURWHFFLyQFRQWUDHOSDUR6REUDEDGLQHURGHORTXHVHUHFDXGDEDSDUDHOVHJXURSRUGHVHPSOHR(ODxR
SDVDGRHOJDVWRVHDFHUFyDORVPLOORQHV<WRGRDSXQWDDTXHHVWHDxRHOJDVWRVHUiVLJQLFDWLYDPHQWHPD\RU1LTXpGHFLUWLHQHTXHQRKDEUiVXFLHQWH
FRQORTXHVHUHFDXGHGHFXRWDVVRFLDOHV\TXH+DFLHQGDWHQGUiTXHSRQHUORTXHIDOWH3DUDUHEDMDUHVDIDFWXUDHO*RELHUQRKDGHFLGLGRUHFRUWDUSRUODSDUWH
PiVYROXPLQRVDODVSUHVWDFLRQHVFRQWULEXWLYDVODSDJDTXHVHFREUDGXUDQWHXQPi[LPRGHGRVDxRVQDGDPiVSHUGHUHOHPSOHR
3DUDKDFHUORHOSUHVLGHQWHGHO*RELHUQRDQXQFLyD\HUTXHUHEDMDEDDOODSUHVWDFLyQSRUGHVHPSOHRDSDUWLUGHOVpSWLPRPHVHQSDUR$KRUDFXDQGR
DOJXLHQVROLFLWDFREUDUHOSDURORTXHVHKDFHHVFDOFXODUODEDVHUHJXODGRUDPHGLDGHORV~OWLPRVGtDVFRWL]DGRV/DSDJDTXHUHFLELUiHOVROLFLWDQWHGXUDQWH
HOSULPHUPHGLRDxRVHUiHO\DSDUWLUGHOVpSWLPRPHVEDMDDO&RQHODQXQFLRGHD\HUFDHUiKDVWDHO6HJ~QODVSDODEUDVGHOSUHVLGHQWHGHO
*RELHUQRHVWDPHGLGDVRORDIHFWDUiDORVQXHYRVSDUDGRV\QRDTXLHQHV\DHVWiQFREUDQGR
'HODQiOLVLVGHOQ~PHURDFWXDOGHEHQHFLDULRVGHSUHVWDFLRQHVSRUGHVHPSOHRVHSXHGHFRQFOXLUTXHDIHFWDUiDXQQ~PHURPX\LPSRUWDQWHGHSDUDGRV
(QDEULO~OWLPRPHVGLVSRQLEOHFRQHVWDVFLIUDVPLOORQHVGHEHQHFLDULRVGHSUHVWDFLRQHVFRQWULEXWLYDVHVWDEDQHQSDURGXUDQWHDOPHQRVPHGLRDxR(O
0LQLVWHULRGH(PSOHRPDWL]DHVWRVGDWRV$SXQWDTXHFRPRQRVHPRGLFDODSUHVWDFLyQPtQLPDDOPHVXQGHORVIXWXURVSHUFHSWRUHVQRUHVXOWDUiQ
DIHFWDGRV$SHVDUGHODH[HQFLyQHOUHVXOWDGRGHHVWDPHGLGDVHUiODUHEDMDGHODFXDQWtDPHGLDGHHVWDSDJDTXHDKRUDVHVLW~DHQPHV
6HJ~QHOSUHVLGHQWHGHO*RELHUQRORTXHVHSHUVLJXHHVDQLPDUODE~VTXHGDDFWLYDGHWUDEDMR'LFHODWHRUtDHFRQyPLFDRUWRGR[DTXHVLXQSDUDGRFREUD
XQDSUHVWDFLyQEDMDGXUDQWHSRFRWLHPSRWLHQHPiVHVWLPXORVSDUDEXVFDUHPSOHR&ODURTXHHVWDWDUHDVHFRPSOLFDPXFKtVLPRHQSOHQDUHFHVLyQFXDQGRQR
VHFUHDQSXHVWRVGHWUDEDMRVLQRTXHVHGHVWUX\HQ'$726/DIDFWXUDGHOVHJXURSRUGHVHPSOHRPHVGHPD\R
*DVWRVHQGHVHPSOHRSRUWLSRGHVXEVLGLRPLOORQHV
3UHVWDFLyQFRQWULEXWLYD
6XEVLGLRGHVHPSOHR
5HQWDDFWLYDGHLQVHUFLyQ
6XEVLGLRDJUDULR
'HVHPSOHDGRVSRUWLHPSRGHSUHVWDFLyQDFREUDU0
SDUDGRVLQVFULWRV
SDUDGRVFREUDQSDUR
SDUDGRV
SDUDGRV
D4XpPHGLGDVHKDWRPDGRSDUDUHGXFLUHOSUHVXSXHVWRSRUGHVHPSOHR"$TXLpQHVDIHFWDUiHVWDPHGLGD"
E)tMDWHHQODWDEODHLQGLFD&XiQWRVSDUDGRVLQVFULWRVHQHO,1(0QRFREUDQODSUHVWDFLyQGHGHVHPSOHR"<FXiQWRVODFREUDQ"'HORVTXH
FREUDQODSUHVWDFLyQFXiQWRVFREUDQKDVWDPHVHVGHSDUR"<FXiQWRVPiVGHPHVHV"(QFXiQWRHVWiODSUHVWDFLyQPHGLDDOPHV"
F4XpHVORTXHVHSHUVLJXHFRQHVWDUHIRUPD"4XpGLFHODWHRUtDHFRQyPLFDRUWRGR[DDOUHVSHFWR"3RUTXpHODUWtFXORGHHQGHTXHHVGLItFLO
DSOLFDUHVDWHRUtDHFRQyPLFDDKRUD"
?9+$A6?D%9/9$B%/!<9A$A:#!AB0/ %4%9/9A$
('8&$&,1(19$/25(6(1(/081'2/$%25$/
-
%
/D~OWLPDUHIRUPDIXHSRVLWLYDSHURQRVXFLHQWH(OJDVWR
45%@+A5
HQ\\DHVXQJUDQHVIXHU]RSDUDORVMyYHQHVGHKR\
B
I
/DVROLGDULGDGHQWUHJHQHUDFLRQHVVLHPSUHKDH[LVWLGR&XDQGRQRKDEtDVLVWHPDVS~EOLFRVGHVHJXULGDGVRFLDOORVSDGUHVVHRFXSDEDQGH
FULDU\HGXFDUDVXVKLMRV\ORVKLMRVFXLGDEDQGHVXVSDGUHVFXDQGR
HVWRVQRSRGtDQYDOHUVHSRUVtPLVPRV
+R\QRVHQFRQWUDPRVFRQXQSUREOHPDVHULRGHVROLGDULGDGLQWHUJHQHUDFLRQDOHQ(VSDxD/RVTXHQDFLPRVHQWUH\ODJHQHUDFLyQ
GHODVIDPLOLDVQXPHURVDVWXYLPRVPD\RUHVRSRUWXQLGDGHVGHHQFRQWUDUHPSOHRHQXQSDtVFRQODSREODFLyQHQHGDGGHWUDEDMDUGLH]PDGDSRUOD*XHUUD&LYLO\FRQHVFDVRFDSLWDOKXPDQR3RVWHULRUPHQWH
QXHVWURVKLMRVKDQVLGRXQQ~PHURPHQRUTXHHOGHQXHVWURVSDGUHV\
DXQTXHKD\DQFRQVHJXLGRXQDPD\RUQLYHOGHHGXFDFLyQOHKDFRVWDGR
PXFKRPiVFRQVHJXLUHPSOHRDOKDEHUPXFKDPD\RUFRPSHWHQFLD\
GHFRQVHJXLUORKDVLGRPD\RULWDULDPHQWHSUHFDULR\WHPSRUDOSDVDQGR
ODUJRVSHULRGRVVLQWUDEDMR+R\HOGHORVMyYHQHVHQWUH\
DxRVHVWiGHVHPSOHDGRFXDQGRODWDVDWRWDOGHGHVHPSOHRHVODPLWDG
DGHPiVPXFKRVGHHOORVVRQPLOHXULVWDV
3RURWURODGRQXHVWUDJHQHUDFLyQWLHQHXQDHVSHUDQ]DGHYLGDPXFKtVLPRPD\RUTXHODVDQWHULRUHVVLQHPEDUJRHVWDPRVMXELOiQGRQRVD
HGDGHVPX\WHPSUDQDVSDUDQXHVWUDFUHFLHQWHHVSHUDQ]DGHYLGD
/DHGDGREOLJDWRULDGHMXELODFLyQDORVDxRVVHLQWURGXMRHQ(VSDxD
HQFXDQGRODHVSHUDQ]DGHYLGDPHGLDDOQDFHUHUDGHDxRV
(QODHVSHUDQ]DGHYLGDHVGHDxRV,QFRPSUHQVLEOHPHQWH
OD HGDG GH MXELODFLyQ REOLJDWRULD FRQWLQ~D VLHQGR D ORV DxRV \ OD
HGDGPHGLDHIHFWLYDGHMXELODFLyQHVGHDxRVKDFLHQGRLQVRVWHQLEOHHOVLVWHPDDODUJRSOD]R
&UHRTXHHVWDPRVPRVWUDQGRSRFDVROLGDULGDGLQWHUJHQHUDFLRQDO
3ULPHUR SRUTXH OD JHQHUDFLyQ GH QXHVWURV KLMRV PX\ LQIHULRU HQ
Q~PHURDODQXHVWUDPX\PLOHXULVWD\FRQHOHYDGRGHVHPSOHRWLHQH
DKRUDTXHSDJDUQXHVWUDVSHQVLRQHVORTXHOHVVXSRQGUiXQHQRUPH
HVIXHU]RDQXDOGHDKRUUR\XQLPSXHVWRDxDGLGRVREUHVXVLQJUHVRV
3RUTXHQRTXHUHPRVWUDEDMDUPiVDxRVSDUDFRPSHQVDUQXHVWUD
PD\RUHVSHUDQ]DGHYLGD\UHGXFLUDVtHOH[DJHUDGRHVIXHU]RQDQFLHUR
TXHHOORVWHQGUiQTXHKDFHU
3RUTXHQRDFHSWDPRVTXHSXHGDDPSOLDUVHHOFyPSXWRGHOFiOFXOR
GHODSHQVLyQSDVDQGRGHODVFRWL]DFLRQHVGHORV~OWLPRVDxRVGH
WUDEDMRDODVGHWRGDODYLGDODERUDOFRPRHQPXFKRVSDtVHVHXURSHRV
3RUTXH TXHUHPRV LQGH[DU LJXDODU OD VXELGD QXHVWUDV SHQVLRQHV
DO,3&FXDQGRODJHQHUDFLyQTXHWLHQHTXHSDJDUODVHVWiDGPLWLHQGR
IXHUWHV UHFRUWHV GH VXV UHWULEXFLRQHV SDUD HYLWDU HO GHVHPSOHR \ VXV
VDODULRVHVWiQGHFUHFLHQGRQRWDEOHPHQWH
)XHQWH*XLOOHUPRGHOD'HKHVD([WUDFWRGH(O3DtV
$&7,9,'$''('(%$7(4XpRSLQLyQWHVXVFLWDQHVWRVGRVDUWtFXORV"+DEUiGLQHURSDUDODVSHQVLRQHV"4XpFUHHVTXHKD\TXHKDFHU"
? @
!
E
:
$1&$!
"
1
*"
'DxRVDODVDOXGGHOWUDEDMDGRU
2:
#>&1!?
"
9LQFXODUODH[LVWHQFLDGHIDFWRUHVGHULHVJRFRQODDSDULFLyQGHGDxRV
09
&RQRFHUORVGDxRVTXHVHSURGXFHQSRUODH[LVWHQFLDGHULHVJRV
6DEHUTXpPHGLGDVGHSUHYHQFLyQ\SURWHFFLyQSXHGHQDSOLFDUVH
0/
7
C
ODVUHVSRQVDELOLGDGHVGHHPSUHVDULRV\WUDEDMDGRUHV
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
<:
(
%LHQHVWDUItVLFR
'HHVWDGHQLFLyQGHVWDFDPRVTXHODVDOXGODERUDO\DQRVXSRQH~QLFDPHQWHODDXVHQFLDGHHQIHUPHGDG
VLQRTXH
(
%LHQHVWDUSVtTXLFR
+
%LHQHVWDUVRFLDO
6DOXG
ODERUDO
%LHQHVWDU+,$XVHQFLDGHGDxRItVLFRRHQIHUPHGDG3RUHMHPSORVHSLHUGHHOELHQHVWDUItVLFRFXDQGRQRVIUDFWXUDPRVXQWRELOORDOEDMDUGHXQDPiTXLQDH[FDYDGRUD
%LHQHVWDU SVtTXLFR(TXLOLEULRHPRFLRQDOLGHQWLFDFLyQGHOWUDEDMDGRUFRQVXWDUHD3RUHMHPSORVH
SLHUGHHOELHQHVWDUSVtTXLFRFXDQGRVXIULPRVXQDFULVLVGHDQVLHGDGWUDVXQDGLVFXVLyQFRQXQVXSHULRU
%LHQHVWDU5HODFLRQHVFRQORVGHPiVUHFRQRFLPLHQWRVRFLDO\ODVH[SHFWDWLYDVGHIXWXURTXHVX
WUDEDMROHRIUHFH3RUHMHPSORVHSLHUGHHOELHQHVWDUVRFLDOFXDQGRYLYLPRVXQDVLWXDFLyQHQODHPSUHVD
HQODTXHVXIULPRVEXUODVSRUSDUWHGHQXHVWURVFRPSDxHURV
&RQHO 9HOVHUKXPDQREXVFDVDWLVIDFHUVXVQHFHVLGDGHVSHURHQHOGHVHPSHxRGHOPLVPRHO
WUDEDMDGRUSXHGHGDxDUVXVDOXGVLpVWHQRVHGHVDUUROODHQODVFRQGLFLRQHVDGHFXDGDV$VtHOWUDEDMR
WLHQHLPSRUWDQWHV +UHDOL]DFLyQSHUVRQDOREWHQFLyQGHUHFXUVRVHFRQyPLFRVSHUR
WDPELpQ +
% HQODVDOXGGHOWUDEDMDGRUIDWLJDDQVLHGDGHQIHUPHGDGHV(VWHFRQFHSWRPiVDPSOLRGHVDOXGODERUDOQRVOOHYDDRWURVGRVFRQFHSWRVHOGHULHVJRODERUDO\HOGHFRQGLFLyQ
GHWUDEDMR
.%
GHTXHXQWUDEDMDGRU (+%7
HQODVDOXGGHULYDGRGHO
WUDEDMR
:
9SDVDDVHUQRVRORODDFWLYLGDGHQVtPLVPDVLQRWDPELpQ FXDOTXLHUFDUDF0
, TXHSXHGDLQXLUHQODSUHVHQFLDGHULHVJRVSDUDODVHJXULGDG\ODVDOXGGHO
WUDEDMDGRU'HHVWDPDQHUDWDPELpQTXHGDQ
(
/DVFDUDFWHUtVWLFDVGHORV ORFDOHVLQVWDODFLRQHVHTXLSRVSURGXFWRV\RWURV~WLOHVTXHH[LVWDQ
HQHOFHQWURGHWUDEDMR
DJHQWHVItVLFRVTXtPLFRV\ELROyJLFRVSUHVHQWHVHQHODPELHQWHGHWUDEDMR
SDUDXWLOL]DUORVDJHQWHVDQWHULRUHV
,GHOWUDEDMRTXHLQX\DQHQORVULHVJRVGHOWUDEDMDGRUFRPRODSURSLD%
0
L
9
5LHVJRODERUDO
3RVLELOLGDGGHVXIULUXQGDxR
&RQGLFLyQGH
WUDEDMR
&XDOTXLHUFDUDFWHUtVWLFDGHOWUDEDMRTXH
SXHGHLQXLUHQTXHDSDUH]FDQULHVJRV
4XpHVOD
%"
/DSUHYHQFLyQGHULHVJRVODERUDOHVHVHOFRQMXQWRGHTXHVHWRPDQSDUDHYLWDURGLVPLQXLUORV
%HQODHPSUHVD\ORJUDUPHMRUHVFRQGLFLRQHVGHWUDEDMRSDUDORVWUDEDMDGRUHV3DUD
HOORVHSUHFLVDXQD%
HQPDWHULDGHSUHYHQFLyQ
7UDEDMRHQ
FRQGLFLRQHV
LQDGHFXDGDV
6
SURGXFH
5LHVJRV
ODERUDOHV
SURGXFH
'DxRVHQ
ODVDOXG
VHHYLWD
0HGLGDVGH
SUHYHQFLyQ\
SURWHFFLyQ
QHFHVLWD
/HJLVODFLyQHQ
SUHYHQFLyQ
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
)DFWRUHV
GHULHVJR
(QHVWDXQLGDGYHUHPRVHQTXpFRQVLVWHFDGDXQRGHHVWRVIDFWRUHVGHULHVJRSDUDSURIXQGL]DUHQHOORV
HQODXQLGDGVLJXLHQWH
D>'1&
:2
&ODVLFDVHJ~QORVJUXSRVGHIDFWRUHVGHULHVJRODVVLJXLHQWHV
FRQGLFLRQHVGHWUDEDMR
D8QYROXPHQPX\HOHYDGRGHUXLGRGHXQDPiTXLQD
E/DIDOWDGHEDUDQGLOODHQXQDHVFDOHUD
F/HYDQWDUERELQDVGHFREUHGHNJ
G/DWDUHDPRQyWRQDGHFRORFDUQDUDQMDVHQXQDFDMDWRGRVORV
GtDVGHODxR
"(
D (O UXLGR HV XQ DJHQWH ItVLFR ODV FRQGLFLRQHV GHO PHGLR
DPELHQWH
E6HWUDWDGHXQOXJDUGHWUDEDMRLQDGHFXDGRODVFRQGLFLRQHV
GHVHJXULGDG
F6XSRQHXQDFDUJDItVLFDODVFRQGLFLRQHVHUJRQyPLFDV
G(VODIRUPDGHRUJDQL]DUHOWUDEDMRODVFRQGLFLRQHVSVLFRVRFLDOHVDVtFRPRWDPELpQSRUPRYLPLHQWRVUHSHWLWLYRVHUJRQRPtD
=
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
(QHODxRVHSURGXMHURQ
PiV GH DFFLGHQWHVGHWUDEDMRGHORVFXDOHV
QHFHVLWDURQ EDMD
PpGLFD(QHVHDxRWDPELpQ
IDOOHFLHURQ WUDEDMDGRUHV
GHELGRDOWUDEDMR
(Q OD DFWLYLGDG GHO HQWRUQR
ODERUDOSRGUiVSURIXQGL]DUHQ
HVWDVHVWDGtVWLFDV
([LVWDQOHVLRQHV
5HTXLVLWRVOHJDOHV
DFFLGHQWHGHWUDEDMR
&XHQWDDMHQD
RFXHQWDSURSLDVLFRWL]D
5HODFLyQFDXVDHIHFWR
HQWUHWUDEDMR\DFFLGHQWH
(ODFFLGHQWH
LQLWLQHUH
4
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
&DUJR
VLQGLFDO
3RUHOGHVHPSHxRGH+(
2
DVtFRPRORVRFXUULGRVDOLURDOYROYHUGH
HMHUFLWDUHVDVIXQFLRQHV8QGHOHJDGRGHSUHYHQFLyQTXHHVDWURSHOODGRFXDQGRDFXGHDOVLQGLFDWRHQ
HOWLHPSRUHVHUYDGRSDUDHOOR
7DUHDV
GLVWLQWDV
/RVRFXUULGRVL
TXHDXQVLHQGR
(%,+
HMHFXWHHOWUDEDMDGRU\DVHDSRURUGHQGHOHPSUHVDULRRSRULQLFLDWLYDSURSLDSDUDODEXHQDPDUFKDGHOD
HPSUHVDXQDGPLQLVWUDWLYRTXHVHOHVLRQDDOPRYHUXQDVFDMDVGHODOPDFpQSRUTXHHVWDEDD\XGDQGR
$FWRVGH
VDOYDPHQWR
/RVRFXUULGRVHQ
\HQRWURVGHQDWXUDOH]DDQiORJDFXDQGRWHQJDQFRQH[LyQ
FRQHOWUDEDMRSRUHMHPSORXQWUDEDMDGRUTXHVXIUHOHVLRQHVDOVDOYDUDXQFRPSDxHURGHXQLQFHQGLR
HQODRFLQD
/DVHQIHUPHGDGHV
GHOWUDEDMR
/DVHQIHUPHGDGHVTXHQRSXHGDQVHUFRQVLGHUDGDVHQIHUPHGDGHVSURIHVLRQDOHVSHURTXH
0
%HOWUDEDMDGRUFRQPRWLYRGHL
(9VLHPSUHTXHVHSUXHEHSRUVHQWHQFLD
MXGLFLDOTXHODHQIHUPHGDGVXUJLySRUFDXVDH[FOXVLYDGHGLFKRWUDEDMRSRUHMHPSORHVWUpVODERUDO
&RQVHFXHQFLDV
GHODFFLGHQWH
(
GHODFFLGHQWH\ODVFRPSOLFDFLRQHVGHULYDGDVGHODFFLGHQWHPLVPRSRUHMHPSORXQWUDEDMDGRUTXHDUDt]GHXQDFFLGHQWHGHEHVHURSHUDGR\FRQWUDHXQYLUXVHQHOTXLUyIDQR
/DVHQIHUPHGDGHVRGHIHFWRVSDGHFLGRVDQWHULRUPHQWHTXH %
FRPRFRQVHFXHQFLDGHO
DFFLGHQWHSRUHMHPSORXQHVJXLQFHTXHWXYLHVHGHXQDOHVLyQDQWHULRUGHOWUDEDMDGRU
3DUDQDOL]DUFRQTXpVHFRQVLGHUDDFFLGHQWHGHWUDEDMR\TXpQRHVFRQYHQLHQWHWHQHUHQFXHQWDODV%(
%
R
(2TXHFRQVWLWX\HQDFFLGHQWHGHWUDEDMRWRGDVODVOHVLRQHVTXHVXIUDHOWUDEDMDGRUHQHO
9
VDOYRSUXHEDHQFRQWUDULR
3RGUiVHUFRQVLGHUDGDDFFLGHQWHGHWUDEDMROD(
+
TXHFRPHWDHOWUDEDMDGRUFRPRFRQVHFXHQFLDGHOHMHUFLFLRKDELWXDO
GHOWUDEDMR\ODFRQDQ]DTXHpVWHLQVSLUDSRUHMHPSORXQGHVFXLGRQRLQWHQFLRQDO
$
DFFLGHQWHVGHWUDEDMR
/RVTXHVHDQGHELGRVD
+(LH[WUDxDDOWUDEDMRFRPRODLQVRODFLyQHOUD\R\RWURVIHQyPHQRVSDUHFLGRVGHODQDWXUDOH]D
/RVTXHVHDQGHELGRVD
(
LQWHQFLRQDOGHOWUDEDMDGRU
:2
6HxDODSDUDORVVLJXLHQWHVDFFLGHQWHVFXiOHVSXHGHQVHUFRQVLGHUDGRVOHJDOPHQWHDFFLGHQWHGHWUDEDMR
"(
D6tHVDFFLGHQWHODERUDOSRUTXH\DHVWiIXHUDGHVXFDVD\VHGLULJHDO
D8QDFDtGDHQODVHVFDOHUDVGHODQFDFXDQGRXQWUDEDMDGRUVHGLULJH
WUDEDMR6LIXHUDHQODVHVFDOHUDVGHXQFKDOHWDOHVWDUWRGDYtDGHQWURGHVX
KDFLDHOWUDEDMR
SURSLHGDGQRVHUtDDFFLGHQWHODERUDO
E8QFDUQLFHURTXHVHFRUWDFRQHOFXFKLOORDFFLGHQWDOPHQWHDOFRUWDUXQ E6tSXHVVHGHEHDXQDLPSUXGHQFLDQRWHPHUDULDRSURIHVLRQDOGHULYDGD
OHWHGHFDUQH
GHODFRQDQ]DTXHLQVSLUDFRQRFHUHOWUDEDMR
F ([LVWH XQD SUHVXQFLyQ JHQHUDO GH TXH WRGR DFFLGHQWH HQ HO FHQWUR GH
F8QWUDEDMDGRUTXHVXIUHXQLQIDUWRHQHOWUDEDMRSXHVDFXVDHOHVWUpVDO
WUDEDMRHQKRUDULRODERUDOHVDFFLGHQWHODERUDOVLELHQFDEHSUXHEDHQFRQTXHHVWiVRPHWLGRHQHOPLVPR
WUDULR\TXHVHGHPXHVWUHTXHQRHVWDEDUHODFLRQDGR
G8QDFRQVHUMHDOTXHOHSLGHHOHQFDUJDGRTXHHFKHXQDPDQRHQHODOPDG6tSRUTXHUHDOL]DWDUHDVGLVWLQWDVSRUSHWLFLyQGHXQVXSHULRU
FpQSDUDGHVFDUJDUFDMDV\VHOHFDHXQDHQHOSLH
I
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
:2
+
(
+
/DLPSUXGHQFLDSURIHVLRQDOHVDTXHOODTXHVHGHULYDGHOHMHUFLFLRKDELWXDOGHOWUDEDMR\H[FOX\HODWHPHULGDGHVGHFLUODFUHDFLyQSRU
SDUWHGHOWUDEDMDGRUGHXQSHOLJURH[FHVLYRHQHOTXHVHDVXPHXQULHVJRDGLFLRQDOFRQFRQFLHQFLDGHODSUREDELOLGDGGHOGDxR
(QFXiOGHORVGRVFDVRVVLJXLHQWHVHVWDEOHFHQORVWULEXQDOHVTXHVHWUDWDGHXQDLPSUXGHQFLDWHPHUDULD\SRUWDQWRQRVHFRQVLGHUDUtDDFFLGHQWHGHWUDEDMR\HQFXiOXQDLPSUXGHQFLDSURIHVLRQDODFFLGHQWHGHWUDEDMR"
8QWUDEDMDGRUVXIUHXQDFFLGHQWHGHWUDEDMRHQXQDHPSUHVDGHGLFDGDDODIDEULFDFLyQGHERWHOODVGHSOiVWLFR(ODFFLGHQWHVH
SURGXFHDOLQLFLRGHODMRUQDGDODERUDOFXDQGRHOWUDEDMDGRUSHUFLEHTXHVHKDEtDQTXHGDGRUHVWRVGHSOiVWLFRHQHOLQWHULRUGHODPiTXLQD
\VHGLVSRQHDUHWLUDUWDOPDWHULDO(OWUDEDMDGRULQWURGXFHVXEUD]RL]TXLHUGRHQODPiTXLQDVLQSDUDUODDQGHUHWLUDUHOPHQFLRQDGR
SOiVWLFRPRPHQWRHQTXHpVWDVHFLHUUDDWUDSiQGROHHOEUD]R\SURGXFLHQGRVXDPSXWDFLyQ(QODSDUWHIURQWDO\GHODQWHUDGHOHTXLSRGH
WUDEDMRKD\XQDVHxDOPHWiOLFDGHDGYHUWHQFLDHQFRORUURMRTXHLQGLFD3(/,*52120$1,38/$5/$048,1$6,13$5$5/$
([WUDtGRGH6HQWHQFLD76-&DVWLOOD/D0DQFKDGHGHVHSWLHPEUH
(QXQDREUDGHFRQVWUXFFLyQDOWUDEDMDGRUVHOHKDEtDDGYHUWLGRTXHQRXWLOL]DUDHOKXHFRGHODQGDPLRSDUDGHVFHQGHU1RHUDOD
SULPHUDYH]TXHVHOHKDFtDHVWDDGYHUWHQFLDSRUSDUWHGHOUHVSRQVDEOHGHODVHJXULGDGHQODREUDGHVR\HQGRHOWUDEDMDGRUODVSUHYHQFLRQHVFRQH[SUHVLRQHVWDOHVFRPRDPtQRPHWLHQHVTXHGHFLUQDGDRW~QRHUHVQDGLHSDUDGHFLUPHQDGD7DPELpQKDEtDH[SUHVDGR
FRQDQWHULRULGDGTXHQRHUDQHFHVDULRDPDUUDUVH(OGtDGHPD\RDOWUDEDMDGRUVHOHFD\yXQDSDOHWDPLHQWUDVWUDEDMDEDHQODFXDUWD
SODQWD(OUHVSRQVDEOHGHODVHJXULGDGTXHHVWDEDHQXQDSODQWDLQIHULRUOHGLMRTXHQRKDFtDIDOWDTXHEDMDUDTXH\DVHODVXEtDpO(O
WUDEDMDGRUVLQHPEDUJREDMySRUHODQGDPLRVLQXWLOL]DUODHVFDOHUDVLQHVWDUVXMHWRSRUXQDUQpVPRPHQWRHQHOTXHVHSUHFLSLWy
([WUDtGRGH6HQWHQFLD76-$VWXULDVGHGHQRYLHPEUH
"(
:H&
9
'HVGHHOSXQWRGHYLVWDOHJDOSDUDTXHH[LVWDDFFLGHQWHGHWUDEDMRGHEHH[LVWLUOHVLyQHQHOWUDEDMDGRU
3HURTXpRFXUUHVLHQXQDVLWXDFLyQGHULHVJRQROOHJDDKDEHUOHVLyQVREUHHOWUDEDMDGRU"
3DUDOD6HJXULGDG6RFLDOSDUDTXHVHDDFFLGHQWHODERUDO\VHSXHGDHVWDUGHEDMDHVQHFHVDULRTXH
H[LVWDQOHVLRQHVVLQRODVKD\QRKD\DFFLGHQWH
3HURGHVGHXQSXQWRGHYLVWDSUHYHQWLYRSRGUtDKDEHURFXUULGRDOJRSRUORTXHHVQHFHVDULR
%
9DRWURGRQGHTXHGHQUHFRJLGDVHVDVVLWXDFLRQHVGRQGHQR
KDSDVDGRQDGDSHURSRGUtDKDEHUSDVDGR
@
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
D>'1&
&RQGDxRVPDWHULDOHV
!
$FFLGHQWHWtSLFR
$
$FFLGHQWHEODQFR
6LQGDxRVPDWHULDOHV
$FFLGHQWHFDVR
,QFLGHQWH
(O
,HVDTXHOGRQGHKD\OHVLRQHVSDUDODVSHUVRQDV\GDxRVPDWHULDOHV
(O
HVXQDFFLGHQWHGRQGHKD\OHVLRQHVSDUDODVSHUVRQDVSHURQRVHSURGXFHQGDxRV
PDWHULDOHV
(O
HVXQDFFLGHQWHGRQGHQRKD\OHVLRQHVHQODVSHUVRQDVSHURVtVHSURGXFHQ
GDxRVPDWHULDOHV
(O
HVDTXHOODVLWXDFLyQGRQGHQRVHSURGXFHQQLOHVLRQHVQLGDxRVPDWHULDOHVSHURH[LVWHXQD
VLWXDFLyQGHULHVJRTXHSRGUtDKDEHUODVSURYRFDGRDXQTXHWRGDYtDQRVHKD\DGDGRHOFDVR
'HVGHHO(
%SDUDOD6HJXULGDG6RFLDO\DHIHFWRVGHEDMDVRORORVGRVSULPHURVWLSRV
GHDFFLGHQWHVRQDFFLGHQWHVGHWUDEDMR
'HVGHXQ(
VHDPSOtDDORVRWURVGRVWLSRVGHDFFLGHQWH\DTXHDXQTXHQR
H[LVWDQOHVLRQHVVRQVLWXDFLRQHVTXHQRVDOHUWDQGHTXH X
+
0
\SRUWDQWRH[LVWHXQSRVLEOHULHVJRGHTXHHQRWUDRFDVLyQSXHGDOOHJDUDSURGXFLUVHXQDFFLGHQWH
HVWDYH]FRQOHVLRQHV
(QGHQLWLYDGHVGHXQSXQWRGHYLVWDSUHYHQWLYRVHHQWLHQGHSRU
9
$TXHODFRQWHFLPLHQWRRVXFHVRDQRUPDOQRSUHYLVWRQRGHVHDGRTXHLQWHUUXPSHODDFWLYLGDGQRUPDOGH
ODHPSUHVD\TXH(
DODVSHUVRQDV
:26
&ODVLFDORVVLJXLHQWHVDFFLGHQWHVGHVGHHOSXQWRGHYLVWDGHSUHYHQFLyQ
/DFDUJDTXHWUDQVSRUWDXQDFDUUHWLOODVHGHVSUHQGHGHELGRDXQPDODPDUUHGHODPLVPD/DFDtGDGHORVREMHWRVQRFDXVDQLQJ~Q
GDxRDORVWUDEDMDGRUHVSRUTXHQLQJXQRVHHQFRQWUDEDHQVXiUHDGHDOFDQFH/DFDUJDWDPSRFRVXIUHQLQJ~QGHVSHUIHFWRSRUTXHHVWDED
SHUIHFWDPHQWHHPEDODGD
8QSURGXFWRTXtPLFRSHOLJURVRSDUDHOPHGLRDPELHQWHVHGHUUDPDPLHQWUDVHVPDQLSXODGRSRUXQWUDEDMDGRU(OSURGXFWRTXtPLFR
GHUUDPDGRQRVDOSLFDQLDOFDQ]DDOWUDEDMDGRUSHURVHHVFXUUHKDVWDODUHGGHDOFDQWDULOODGR
8QWUDEDMDGRUIDOOHFHFXDQGRHOFDPLyQFRQHOTXHHIHFWXDEDXQUHSDUWRGHELGRDXQUHYHQWyQGHODUXHGDGHODQWHUDL]TXLHUGDVH
SUHFLSLWDGHVGHPHWURVGHDOWXUDDOFDHUSRUXQSXHQWH
8QWUDEDMDGRUVHFDHPLHQWUDVSRGDEDGHELGRDODURWXUDGHODUDPDGHOiUEROHQODTXHHVWDEDDSR\DGR&RPRFRQVHFXHQFLDGHO
DFFLGHQWHHOWUDEDMDGRUVHIUDFWXUDODWLELD\HOHTXLSRGHWUDEDMRPRWRVLHUUDTXHXWLOL]DEDQRVXIUHQLQJ~QGHVSHUIHFWR
"(
,QFLGHQWHVLQGDxRVPDWHULDOHVVLQOHVLRQHVHQODVSHUVRQDV
$FFLGHQWHEODQFRFRQGDxRVPDWHULDOHVVLQOHVLRQHVHQODVSHUVRQDV
$FFLGHQWHWtSLFRFRQGDxRVPDWHULDOHVFRQOHVLRQHVHQODVSHUVRQDV
$FFLGHQWHFDVRVLQGDxRVPDWHULDOHVVLQOHVLRQHVHQODVSHUVRQDV
3
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
C"'#D'"E;&<<<F
6HJ~QOD9,,(QFXHVWD1DFLRQDO
GH &RQGLFLRQHV GH WUDEDMR HODERUDGDSRUHO,16+7SDUDHODxR
HOGHORVWUDEDMDGRUHV
SHUFLEH TXH OD SULQFLSDO FDXVD
GH ORV ULHVJRV GH DFFLGHQWH GH
WUDEDMR VRQ ODV GLVWUDFFLRQHV
GHVFXLGRV GHVSLVWHV \ IDOWD GH
DWHQFLyQ
/DPD\RUtDGHDFFLGHQWHVGH
WUDEDMRWLHQHQVXRULJHQHQFDXVDVKXPDQDVORFXDOQRTXLHUH
GHFLUTXHODUHVSRQVDELOLGDG~OWLPDVHDGHOWUDEDMDGRUWDPELpQ
HOHPSUHVDULRWLHQHODUHVSRQVDELOLGDGGHHYLWDUHVWDVFDXVDV
H:(5
(
,(GHORVDFFLGHQWHVVHxDODTXHWRGRDFFLGHQWHRFXUUHSRUDOJXQDFDXVD\
TXHHVWDFDXVDVHSRGUtDKDEHUHYLWDGR\SRUWDQWRWDPELpQHODFFLGHQWH/RVDFFLGHQWHV
LPHKDWRFDGRDPt(
KDWHQLGRPDODVXHUWHQROOHYDEDVXDPXOHWR
(QWUHHVWDVFDXVDVVHGLVWLQJXHQFDXVDVWpFQLFDV\FDXVDVKXPDQDV
&DXVDVWpFQLFDV
/DV FDUDFWHUtVWLFDV GH ODV
\ ORV
(%GHWUDEDMR
/DSURWHFFLyQGHORV HTXLSRVPiTXLQDV\KHUUDPLHQWDV
(O
LOXPLQDFLyQUXLGRWHPSHUDWXUDUDGLDFLRQHVHWF
%
L
\VLVWHPDVGHWUDEDMRWUDEDMR
DWXUQRVWUDEDMRQRFWXUQRHWF
(OWUDEDMDGRU
TXHH[LVWHXQULHVJR
(OWUDEDMDGRUVDEHTXHH[LVWHXQULHVJRSHUR
(DQWHpO
(OWUDEDMDGRUFRQRFHTXHH[LVWHXQULHVJR\VDEH
FyPR DFWXDU SHUR GHFLGH QR TXHUHU DFWXDU
GHIRUPDSUHYHQWLYD
)DOWDGH +
+
SRUSDUWH
:2=
(QTXpJUXSRFDXVDVWpFQLFDVRFDXVDVKXPDQDVHQFXDGUDUtDVODVVLJXLHQWHVFDXVDVGHDFFLGHQWHV"
)DOWDGHSURWHFFLRQHVGHODVPiTXLQDVRHTXLSRVRODVTXHKD\VRQGHFLHQWHV
(OWHUUHQRWLHQHGHVQLYHOHVTXHSXHGHQSURYRFDUHOYXHOFRGHYHKtFXORVGHWUDEDMR\RFDtGDVRWURSLH]RVGHSHUVRQDV
6HWUDEDMDVLQODLQIRUPDFLyQ\IRUPDFLyQVXFLHQWHVREUHORVULHVJRV\PHGLGDVSUHYHQWLYDV
6HWUDEDMDPX\UiSLGR
1RVHGLVSRQHGHODFXDOLFDFLyQRODH[SHULHQFLDQHFHVDULD
(TXLSRV\KHUUDPLHQWDVHQPDOHVWDGR
,QFXPSOLPLHQWRGHODVLQVWUXFFLRQHVGHWUDEDMR
6HxDOL]DFLyQGHVHJXULGDGLQH[LVWHQWHRGHFLHQWH
)DOWDGHDWHQFLyQ
)DOWDGHHVSDFLRGHOLPSLH]DRGHVRUGHQ
0DQLSXODFLyQLQDGHFXDGDGHSURGXFWRVVXVWDQFLDVTXtPLFDVRPDWHULDOHVSHOLJURVRV
+DFHUEURPDVFRQORVFRPSDxHURVGXUDQWHODHMHFXFLyQGHOWUDEDMR
"(
$&DXVDVWpFQLFDV)DOWDGHSURWHFFLRQHVGHODVPiTXLQDVRHTXLSRVRODVTXHKD\VRQGHFLHQWHV(OWHUUHQRWLHQHGHVQLYHOHVTXH
SXHGHQSURYRFDUHOYXHOFRGHYHKtFXORVGHWUDEDMR\RFDtGDRWURSLH]RVGHSHUVRQDV6HWUDEDMDPX\UiSLGR(TXLSRV\KHUUDPLHQWDVHQ
PDOHVWDGR6HxDOL]DFLyQGHVHJXULGDGLQH[LVWHQWHRGHFLHQWH)DOWDGHHVSDFLRGHOLPSLH]DRGHVRUGHQ
%&DXVDVKXPDQDV6HWUDEDMDVLQODLQIRUPDFLyQ\IRUPDFLyQVXFLHQWHVREUHORVULHVJRV\PHGLGDVSUHYHQWLYDV1RVHGLVSRQHGHOD
FXDOLFDFLyQRODH[SHULHQFLDQHFHVDULD,QFXPSOLPLHQWRGHODVLQVWUXFFLRQHVGHWUDEDMR)DOWDGHDWHQFLyQ0DQLSXODFLyQLQDGHFXDGDGH
SURGXFWRVVXVWDQFLDVTXtPLFDVRPDWHULDOHVSHOLJURVRV+DFHUEURPDVFRQORVFRPSDxHURVGXUDQWHODHMHFXFLyQGHOWUDEDMR
6
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
<<
++
(Q(VSDxDSDUDVDEHUTXpVHFRQVLGHUDHQIHUPHGDGSURIHVLRQDOVHKDYHQLGRXWLOL]DQGR
(VWHVLVWHPDFRQVLVWHHQTXHSDUDHYLWDUGXGDVGHLQWHUSUHWDFLyQVREUHVLODHQIHUPHGDG
HVFDXVDGDRQRSRUHOWUDEDMR(
+9
(GRQGHSXHGHQFRQWUDHUVHGHPDQHUDTXHVLXQWUDEDMDGRUGHVDUUROODXQDHQIHUPHGDG
GHHVHOLVWDGRWUDEDMDQGRHQXQDGHHVDVDFWLYLGDGHVDXWRPiWLFDPHQWHVHGDSRUKHFKRTXHHVGHELGDDO
WUDEDMR\VHFDOLFDGHIRUPDLQPHGLDWDFRPRHQIHUPHGDGSURIHVLRQDO(QGHQLWLYDSDUDTXHVHDHQIHUPHGDGSURIHVLRQDOGHEtDHVWDUHQODOLVWDTXHHODERUDEDHO0LQLVWHULRGH7UDEDMR
$FWXDOPHQWHFRQHO5'GHGHGLFLHPEUHSRUHOTXHVHDSUXHEDHOFXDGURGHHQIHUPHGDGHVSURIHVLRQDOHVVHFRQVLGHUD(
XSXHVWRTXHLQFOX\HXQ$QH[R,GRQGHVHLQGLFDQ
WRGDVODVHQIHUPHGDGHVSURIHVLRQDOHV FLHQWtFDPHQWHSUREDGDV XQDOLVWDFHUUDGDSHURDVXYH]
LQFOX\HXQ$QH[R,,
(
GHHQIHUPHGDGHVTXHQRHVWiSUREDGRVXRULJHQ
ODERUDO SHUR TXH ,
+ +
(
+((
VHJ~QHOSURFHGLPLHQWRTXHHVWDEOHFHHO5'OLVWDDELHUWD
(QWUDHQHO,16+7ZZZLQVKW
HVHQHODSDUWDGRGH1RUPDWLYD\EXVFDHOFXDGURGHHQIHUPHGDGHV SURIHVLRQDOHV HQ
HO5'3DUDYLVXDOL]DUPHMRUHOFRQWHQLGRGHO5'
SXOVDHOERWyQtQGLFHGHO5'
,QGLFDVLFUHHVTXHHQWXFLFOR
IRUPDWLYRHVWiVH[SXHVWRDDOJXQDHQIHUPHGDGSURIHVLRQDO
4XpRFXUUH(
+VHFRQWUDHGHELGRDOWUDEDMRSHUR
2
%(
"(QHVWH
KD\TXHGHPRVWUDUDQWHHO-X]JDGRTXHX
\VLVHGHPXHVWUDODHQIHUPHGDG
9
&ODVLFDFLyQGHHQIHUPHGDGHVSURIHVLRQDOHV
(QIHUPHGDGHVFDXVDGDVSRUDJHQWHVTXtPLFRV
(QIHUPHGDGHVFDXVDGDVSRUDJHQWHVItVLFRV
(QIHUPHGDGHVFDXVDGDVSRUDJHQWHVELROyJLFRV
(QIHUPHGDGHVSURIHVLRQDOHVFDXVDGDVSRUODLQKDODFLyQGHVXVWDQFLDV\DJHQWHVQRFRPSUHQGLGDVHQDSDUWDGRVDQWHULRUHV
(QIHUPHGDGHV SURIHVLRQDOHV GH OD SLHO FDXVDGDV SRU VXVWDQFLDV \
DJHQWHVQRFRPSUHQGLGRVHQDOJXQRGHORVRWURVDSDUWDGRV
(QIHUPHGDGHVSURIHVLRQDOHVFDXVDGDVSRUDJHQWHVFDQFHUtJHQRV
(MHPSORV
(OVDWXUQLVPRSURYRFDGRSRULQWR[LFDFLyQGHSORPR
(OVtQGURPHGHOGHGREODQFRSRUXVRGHKHUUDPLHQWDVYLEUDWRULDV
(OWpWDQRVSRUKHULGDVFRQFODYRVRKLHUUR
/DDVEHVWRVLVSRULQKDODFLyQGHSDUWtFXODVGHDPLDQWR
(OHF]HPDGHFHPHQWRSRUFRQWDFWRFRQHOFHPHQWR
(OFiQFHUSURIHVLRQDODGTXLULGRSRUFRQWDFWRFRQDJHQWHVTXtPLFRV
FDQFHUtJHQRV
+
++
FRQHO
9
(ODFFLGHQWHGHWUDEDMRHVV~ELWRLQVWDQWiQHRRFXUUHGHIRUPDUHSHQWLQD\VHYHQODVOHVLRQHVGHIRUPD
LQPHGLDWD/DHQIHUPHGDGSURIHVLRQDO
VXVHIHFWRVVXHOHQDSDUHFHUDOFDERGHORVDxRV\
HVWRVDXPHQWDQFRQIRUPHVHHVWiPiVWLHPSRH[SXHVWR
(ODFFLGHQWHHVWiPiVUHODFLRQDGRFRQODVFRQGLFLRQHVGHVHJXULGDGOXJDUHVLQVWDODFLRQHVHTXLSRV
PDTXLQDULDHWF/DHQIHUPHGDGSURIHVLRQDOVXHOHDSDUHFHUGHIRUPDOHQWDGHELGRDODV
ItVLFDVTXtPLFDV\ELROyJLFDV
(QODHQIHUPHGDGSURIHVLRQDO(+
(HQFLHUWDVSHUVRQDVORVVtQWRPDVVRQ
OHYHV\HQRWUDVPX\JUDYHVPLHQWUDVTXHHQHODFFLGHQWHORVHIHFWRVGHODFFLGHQWHVRQLGpQWLFRVSDUD
WRGRVORVTXHORVXIUHQ
&%
++
&RQHO5'VHKDPRGLFDGRHOVLVWHPDGHQRWLFDFLyQ\UHJLVWURGHHQIHUPHGDGHVSURIHVLRQDOHV A 4 HO UHVSRQVDEOH GH FXPSOLPHQWDU HO SDUWH GH HQIHUPHGDGHV SURIHVLRQDOHV
HPSUHVDULRPLHQWUDVTXHDKRUDHVOD0XWXDODTXHQRWLFD\UHJLVWUDHVWDVHQIHUPHGDGHV(O
KHFKRTXHIXHUDHOHPSUHVDULRHOTXHQRWLFDED\UHJLVWUDEDODVHQIHUPHGDGHVXQLGRDOODUJRSHULRGRGH
ODWHQFLDHQTXHDSDUHFLHVHQORVHIHFWRVGHDOJXQDVGHHOODVKDEtDSURYRFDGRXQVXEUHJLVWURGHHQIHUPHGDGHVSURIHVLRQDOHVHVGHFLUTXH
(
GHODVTXHUHDOPHQWHVHSURGXFtDQ0HQFLRQDUTXHHQODVHVWDGtVWLFDVHO
7GHHQIHUPHGDGHVSURIHVLRQDOHVFRUUHVSRQGH
WUDVWRUQRVP~VFXORHVTXHOpWLFRV\DGHUPDWRVLVHQIHUPHGDGHVGHODSLHOSURIHVLRQDOHV
C"'#D'"E;&<<<F
6
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
:24
-XDQGHDxRVWUDEDMDGHVGHTXHWHQtDDxRVSDUDXQDHPSUHVDGHDYLDFLyQ6XWUDEDMRFRQVLVWHHQFRQWURODU\SRQHUDSXQWRORV
PRWRUHVGHDYLRQHV\UHDFWRUHVSDUDORFXDOGHEHHVWDUH[SXHVWRGXUDQWHVXMRUQDGDODERUDOGLDULDGHKRUDVDQLYHOHVFRQWLQXRVGHUXLGRVXSHULRUHVDG%$(QHO~OWLPRUHFRQRFLPLHQWRPpGLFRSHULyGLFRTXHVHOHSUDFWLFDD-XDQHOPpGLFRGHOWUDEDMRKDGHWHFWDGRXQD
SpUGLGDFRQVLGHUDEOHGHFDSDFLGDGDXGLWLYD(OPpGLFRHQWLHQGHTXHVXIUHXQDKLSRDFXVLDRVRUGHUDSURIHVLRQDOHLQLFLDORVWUiPLWHVSDUDVX
GHFODUDFLyQFRPRHQIHUPHGDGSURIHVLRQDO6HWUDWDUHDOPHQWHGHXQDHQIHUPHGDGSURIHVLRQDO"
"(
3DUDTXHXQDHQIHUPHGDGVHGHQDFRPRHQIHUPHGDGSURIHVLRQDOVHGHEHQFXPSOLUWUHVUHTXLVLWRV
6HWUDWDGHXQWUDEDMDGRUSRUFXHQWDDMHQD
/DHQIHUPHGDGDSDUHFHHQODOLVWDGH(QIHUPHGDGHV3URIHVLRQDOHVGHO$QH[R,GHO5'FRPRKLSRDFXVLDRVRUGHUDSURIHVLRQDO
/DHQIHUPHGDGHVWiFDXVDGDSRUODDFFLyQGHORVHOHPHQWRVRVXVWDQFLDV\HQODVDFWLYLGDGHVTXHVHLQGLFDQHQHO$QH[R,GHO5'
\DTXHHOUXLGRDSDUHFHFRPRDJHQWHItVLFRHQODOLVWD\DGHPiVHVWiLQFOXLGDODDFWLYLGDGGHWUDEDMRVGHFRQWURO\SXHVWDD
SXQWRGHPRWRUHVGHDYLDFLyQUHDFWRUHVRGHSLVWyQFRPRXQDGHODVDFWLYLGDGHVSULQFLSDOHVFDSDFHVGHSURGXFLUODKLSRDFXVLDRVRUGHUD
SURIHVLRQDO
&DUJDItVLFD
)DWLJDItVLFD
&DUJDPHQWDO
)DWLJDPHQWDO
D>'1&
<6<
+
6L XQ WUDEDMDGRU HVSHUD XQ
EXHQKRUDULRSHURODUHDOLGDG
HV TXH OD HPSUHVD QR OH GD
HOKRUDULRHVSHUDGRVLHPSUH
TXH SDUD HO WUDEDMDGRU HVD
GLIHUHQFLD VHD LPSRUWDQWH
HVWDUiLQVDWLVIHFKRSXHVXQD
H[SHFWDWLYD FRQVLGHUDGD LPSRUWDQWHQRVHHVWiFXPSOLHQGR 6L RWUR WUDEDMDGRU WLHQH
OD PLVPD H[SHFWDWLYD SHUR
DQWHODPLVPDVLWXDFLyQGLFH
%XHQR QR WLHQH LPSRUWDQFLDQRHVWDUiLQVDWLVIHFKR
6
/DLQVDWLVIDFFLyQODERUDOHVXQDDFWLWXGJHQHUDOQHJDWLYDKDFLDHOWUDEDMRTXHSURFHGHGHOD +
X%
UHVSHFWRDOWUDEDMR \ODUHDOLGDGGHORTXHHVHOWUDEDMR
TXH+
)tMDWHHQHOHMHPSORGHOODWHUDOSDUDFRPSUHQGHUOR
PHMRU
(OORTXLHUHGHFLUTXHODH[LVWHQFLDGHLQVDWLVIDFFLyQQRVRORVHGHEHDFyPRHVHOWUDEDMRGHEXHQRR
PDORVLQRWDPELpQDODVH[SHFWDWLYDVTXHHOWUDEDMDGRUWLHQHJHQHUDGDVVREUHpO\DFXiQWDLPSRUWDQFLD
OHGDDTXHpVWDVVHFXPSODQRQR,QX\HQORV+L<
<=<&
9
(
(VWiGHPRVWUDGRTXHFLHUWRVRSHUDULRVHQWUDEDMRVPX\SHQRVRVVXIUHQXQ % GHELGRD
ODDFXPXODFLyQGH +%
ORFXDOOHVSURYRFDXQDDFHOHUDFLyQGHOHQYHMHFLPLHQWRQRUPDO3RU
HOORDOJXQRVFROHFWLYRVFRPRORVWUDEDMDGRUHVGH
,WLHQHQXQDHGDGGHMXELODFLyQPiVWHPSUDQD
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
0HGLGDVGH
SUHYHQFLyQ
$FW~DQ DQWHV GH TXH VH SURGX]FD HO DFFLGHQWH R FXDOTXLHU RWUR GDxR GH PDQHUD TXH
((HQVXUDt]LQWHUYLQLHQGRVREUHHO+%\HYLWDQGRDVt
TXHVHSURGX]FDHODFFLGHQWHXRWURGDxR
6LJXLHQGRFRQHOHMHPSORGHORVDXWRPyYLOHVXQDPHGLGDGHSUHYHQFLyQVHUtDQXQRV +
'#"
TXHLQWHQWDQHYLWDUTXHOOHJXHDSURGXFLUVHHOFKRTXH
(QHOFDVRGHORVDXWRPyYLOHVVHUtDHO %(VXQDPHGLGDTXHQRHYLWDHODFFLGHQWHVLQRTXH
LQWHQWDPLQLPL]DUODVFRQVHFXHQFLDVVREUHODSHUVRQDODSURWHJH
([LVWHQGHPHGLGDVGHSURWHFFLyQTXHSURWHJHQDYDULRVWUDEDMDGRUHVD
ODYH]DO(
XQDUHGGHVHJXULGDGXQH[WUDFWRUGHKXPRV
HWF\ODVLQGLYLGXDOHVR HTXLSRVGHSURWHFFLyQLQGLYLGXDO(3,VFRPRJXDQWHVPDVFDULOODV
WDSRQHVHWFTXHVRORSURWHJHQ(
9GLUHFWDPHQWH
:2I
&ODVLFDODVVLJXLHQWHVPHGLGDVVHJ~QVHDQPHGLGDVGHSUHYHQFLyQRGHSURWHFFLyQ,QGLFDVREUHTXpHOHPHQWRIRFRPHGLRGHWUDQVPLVLyQ
RWUDEDMDGRUDFW~DQ
(QJUDVDUXQDPiTXLQDFRPRXQDDFWLYLGDGGHPDQWHQLPLHQWRSUHYHQWLYRSDUDUHGXFLUHOQLYHOGHUXLGRTXHJHQHUD
(QWUHJDUURSDHVSHFLDOFRQWUDHOIUtRDORVWUDEDMDGRUHVGHXQDOPDFpQGHFRQJHODGRV
'LVSRQHUXQDEDQGHMDGHEDMRGHORVHQYDVHVGHSURGXFWRVTXtPLFRVDOPDFHQDGRVSDUDUHFRJHUSRVLEOHVGHUUDPHV
(QWUHJDUXQDFUHPDIUHQWHSDUDODUDGLDFLyQVRODUDORVWUDEDMDGRUHVGHXQYLYHURGHSODQWDV
"(
-
-
-
(
DFW~DVREUH
DFW~DVREUH
DFW~DVREUH
(O+
6XVWLWXFLyQGHPiTXLQDV\
SURGXFWRVTXtPLFRV
5HSDUDFLRQHV\FRQVHUYDFLyQ
'LVHxRLQLFLDOGHHTXLSRV
(O
%DUDQGLOODV\UHGHV
5HVJXDUGRVGHPiTXLQDV
3DQWDOODVIUHQWHDOUXLGR
(O9
0DVFDULOODVJXDQWHVERWDV
WDSRQHVRUHMHUDVHWF
6
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
4Xp
"
/D/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHVXWLOL]DFRPRSULQFLSLRIXQGDPHQWDOHOGHODSUHYHQFLyQSRU
ORTXHHQSULPHUOXJDUKD\TXHHYLWDUORVULHVJRVHQVXRULJHQ\HYDOXDUDTXHOORVTXHQRSXHGDQHYLWDUVH
SDUDSRVWHULRUPHQWHFRPRVHJXQGDPHGLGDXWLOL]DUWpFQLFDVGHSURWHFFLyQFROHFWLYDV\VLQRUHVXOWDVH
SRVLEOHRIXHUDQLQVXFLHQWHVHQ~OWLPROXJDUHPSOHDUWpFQLFDVGHSURWHFFLyQLQGLYLGXDO
:2@
(QXQDHPSUHVDGHFXUYDGRVGHWXERVGHPHWDOVHSURGXFHPXFKRUXLGRGHELGRDODPDTXLQDULD/RVWUDEDMDGRUHVVHKDQTXHMDGRSRUOR
TXHODHPSUHVDOHVRIUHFHFDVFRVTXHSURWHJHQIUHQWHDOUXLGRFRQVLGHUDQGRTXHFRQHOOR\DKDFXPSOLGRODVPHGLGDVGHSUHYHQFLyQ4Xp
PHGLGDVGHEHUtDWRPDUUHDOPHQWHODHPSUHVD\FRQTXpSULRULGDG""(
/DHPSUHVDGHEHUtDHQSULPHUOXJDUWRPDUPHGLGDVGHSUHYHQFLyQDFWXDQGRVREUHHOIRFRGHOULHVJRFRPRSRUHMHPSORVXVWLWX\HQGRODV
PiTXLQDVSRURWUDVPHQRVUXLGRVDVRDLVOiQGRODVOHMRVGHORVOXJDUHVGHWUDEDMR6LHOORQRIXHVHSRVLEOHRVXFLHQWHHQVHJXQGROXJDU
GHEHUtDWRPDUPHGLGDVGHSURWHFFLyQFROHFWLYDFRPRFRORFDUSDQWDOODVIUHQWHDOUXLGRTXHPLQLPLFHQHOYROXPHQTXHOOHJDDORVWUDEDMDGRUHV
<VLFRQODVDQWHULRUHVPHGLGDVWDPSRFRIXHVHSRVLEOHHOLPLQDUHOUXLGRVHHQWUHJDUtDQ(3,VFRPRFDVFRVRUHMHUDVRWDSRQHVSDUDSURWHJHU
LQGLYLGXDOPHQWHDORVWUDEDMDGRUHV
'H15
/RVWLSRVGHWpFQLFDVGHSUHYHQFLyQVRQODVVLJXLHQWHV
7UDWDGHHYLWDUORV
9SDUDORFXDOUHFRJHLQIRUPDFLyQVREUHORVDFFLGHQWHVRFXUULGRV\VXV
HVWDGtVWLFDV$VtORFDOL]DIRFRVGHULHVJR\SRVWHULRUPHQWHDFW~DVREUHODVFRQGLFLRQHVGHVHJXULGDGPiVSUREOHPiWLFDVFRPRODVLQVWDODFLRQHVOXJDUHVGHWUDEDMRHTXLSRV\PiTXLQDVSDUDHYLWDUORVULHVJRVHQVXRULJHQ
3UHYLHQHODV
++
SRUODSUHVHQFLDGHFRQWDPLQDQWHVItVLFRVTXtPLFRV\ELROyJLFRV
=%
3DUDHOORVHHQFDUJDGHUHFRJHUPXHVWUDVGHFRQWDPLQDQWHVYDORUDUVLVXSHUDQHOPi[LPRXPEUDOSHUPLWLGRSDUD
FRQVLGHUDUORVQRWy[LFRV\GHVHUDVtFRUUHJLUODVLWXDFLyQ
7UDWDGHHYLWDUOD+%HQHOWUDEDMRDGDSWDQGRHOWUDEDMRDOWUDEDMDGRU(OORORFRQVLJXHDWUDYpVGHOGLVHxRGHKHA
7
UUDPLHQWDV\PiTXLQDVSDUDTXHQRSURGX]FDQIDWLJD\FRQHOGLVHxRGHORVSXHVWRVGHWUDEDMRHQFXDQWRDWLHPSRV
HVSDFLRVHWFSDUDTXHHOWUDEDMRVHDORPiVFyPRGRSRVLEOH\DOPLVPRWLHPSRDXPHQWHODSURGXFWLYLGDG
(VXQWpFQLFDGHOXFKDFRQWUDOD
+
ODERUDODWUDYpVGHPHGLGDVGHRUJDQL]DFLyQGHOWUDEDMR\GLVHxR
#7
GHSXHVWRVSDUDTXHODPRWLYDFLyQODERUDO\ODVDWLVIDFFLyQODERUDOVHDQSRVLEOHV
(VHOFRQMXQWRGHWpFQLFDVPpGLFDVTXHWUDWDQGH
5(DFWXDQGRWDPELpQHQODFXUDFLyQ\UHKDELOLWDFLyQGHODHQIHUPHGDGRHODFFLGHQWH(QWUHVXVIXQFLRQHVVHHQFXHQWUDQODYDFXQDFLyQ\ORVUH0HGLFLQDGHOWUDEDMR FRQRFLPLHQWRVPpGLFRVSHULyGLFRVSULQFLSDOPHQWHVLELHQWDPELpQDFW~DQD\XGDQGRHQODFXUDFLyQ\UHKDELOLWDFLyQ
WUDVXQDFFLGHQWH
$
#H15
(VWDVWpFQLFDVSURWHJHQDYDULRVWUDEDMDGRUHVGHORVSRVLEOHVGDxRVDOHVWDUHQFRQWDFWRFRQULHVJRVODERUDOHV/DVWpFQLFDVGHSURWHFFLyQQR
HYLWDQORVULHVJRVFRQYLYHQFRQHOORVSHURHQFDVRGHTXHVHPDWHULDOLFHQLQWHQWDQUHGXFLURHYLWDUORVGDxRVHQORVWUDEDMDGRUHV'%(
5
PiVXVXDOHVVRQ
%(IUHQWHDOULHVJRGHSRVLEOHVFDtGDV
UHVJXDUGRVGHODVPiTXLQDVTXHLPSLGHQHOFRQWDFWRGHOWUDEDMDGRUFRQXQDSDUWHGHODPiTXLQDTXHHVSHOLJURVDGHPDQHUDTXHVH
HYLWHQORVJROSHVFRUWHVRDWUDSDPLHQWRV
%(TXHLPSLGHQTXHXQWUDEDMDGRUUHDOLFHXQDPDQLREUDSHOLJURVD3RUHMHPSORXQD5(+5TXH
GHWHFWDHOFXHUSRKXPDQRFRPRHODVFHQVRU\GHWLHQHODPiTXLQDR (
TXHREOLJDDWHQHUODVGRVPDQRVRFXSDGDV\VLVH
VXHOWDXQDPDQRWDPELpQVHGHWLHQHHOIXQFLRQDPLHQWRGHODPiTXLQD
%
SDUDHYLWDUODSUHVHQFLDGHFRQWDPLQDQWHVTXtPLFRV
TXHHYLWDQODSUR\HFFLyQGHSDUWtFXODVVREUHHOWUDEDMDGRURODVSDQWDOODVDF~VWLFDVIUHQWHDOUXLGR
66
?9(!/#DA4A%J9AD%A$6B$EBA# B$&K$%B$
2MRV\FDUD
9tDVUHVSLUDWRULDV
0DQRV\EUD]RV
3LHUQDV\SLHV
7URQFR\DEGRPHQ
7RWDOGHOFXHUSR
-
F
*RUURVJRUUDVVRPEUHURV
7DSRQHV
2UHMHUDV
*DIDVGHPRQWXUD
3DQWDOODIDFLDO
3DQWDOODSDUDVROGDGXUD
0DVFDULOODOWUDQWHSDUWtFXODV
0DVFDULOODOWUDQWHJDVHV\YDSRUHV
*XDQWHVFRQWUDODVDJUHVLRQHVPHFiQLFDVSHUIRUDFLRQHVFRUWHV
\DQWLYLEUDWRULRV
*XDQWHVFRQWUDODVDJUHVLRQHVTXtPLFDV
*XDQWHVFRQWUDODVDJUHVLRQHVGHRULJHQHOpFWULFR\WpUPLFR
0DQRSODV\PDQJXLWRV
&DO]DGRGHVHJXULGDG
&DO]DGRGHSURWHFFLyQFRQWUDFDORUIUtR
&DO]DGRIUHQWHDODHOHFWULFLGDG
&KDOHFRVFKDTXHWDV\PDQGLOHVGHSURWHFFLyQFRQWUDODVDJUHVLRQHVPHFiQLFDVTXtPLFDV
&KDOHFRVWHUPyJHQRV\FKDOHFRVVDOYDYLGDV
0DQGLOHVGHSURWHFFLyQFRQWUDUD\RV;
)DMDV\FLQWXURQHVDQWLYLEUDFLRQHV
$UQHVHV
5RSDGHSURWHFFLyQ
(3,VFRQWUDODVFDtGDVGHDOWXUD
/26(3,V
4Xp(3,VFUHHVTXHVRQQHFHVDULRVSDUDWUDEDMDUHQHOVHFWRU
GHWXFLFORIRUPDWLYR"
3XHGHVDFFHGHUDODSiJLQDZHE
GH$VHSDOZZZDVHSDOHVTXH
HV XQD DVRFLDFLyQ TXH HQJORED
D HPSUHVDV GHGLFDGDV DO
GLVHxRIDEULFDFLyQ\FRPHUFLDOL]DFLyQGHHTXLSRVGHSURWHFFLyQ
LQGLYLGXDO 3XHGHV VXVFULELUWH D
VXQHZVOHWWHUSDUDUHFLELUQRYHGDGHVVREUHHTXLSRVGHSURWHFFLyQLQGLYLGXDO
7DPELpQ SXHGHV DFFHGHU DO
,16+7 ZZZLQVKWHV HO FXDO
GLVSRQH GH XQ SRUWDO WHPiWLFR
H[FOXVLYR SDUD HTXLSRV GH
SURWHFFLyQLQGLYLGXDO
:23
/XLVWUDEDMDHQXQDIiEULFDPHWDO~UJLFDHQFDUJiQGRVHGHODVUHSDUDFLRQHVHOpFWULFDV\GHTXHWRGDVODVLQVWDODFLRQHVGHEDMDWHQVLyQHVWpQ
HQFRUUHFWRIXQFLRQDPLHQWR4Xp(3,VGHEHUiXWLOL]DU/XLVSDUDSURWHJHUOHGHORVSRVLEOHVULHVJRVODERUDOHV""(
/XLVGHEHUiXWLOL]DUXQRVJXDQWHVGLHOpWULFRV\XQFDO]DGRGHVHJXULGDGTXHOHSURWHMDQFRQWUDODHOHFWULFLGDG$GHPiVWDPELpQH[LVWHQFDVFRV
HVSHFLDOHVHOpFWULFDPHQWHDLVODQWHVSDUDDXPHQWDUODUHVLVWHQFLDDOSDVRGHODFRUULHQWHHOpFWULFDDVtFRPRURSDDLVODQWHIUHQWHDWHQVLRQHV
HOpFWULFDVGHKDVWDYROWLRV3RU~OWLPRGHEHUiXWLOL]DUDOJXQRVDFFHVRULRVFRPRSpUWLJDV\DOIRPEUDVTXHOHSURWHMDQGHOFRQWDFWRHOpFWULFR
RDXPHQWHQODUHVLVWHQFLD+D\TXHWHQHUHQFXHQWDTXHORV(3,VQRVRQHO~QLFRHOHPHQWRGHSURWHFFLyQ\KD\TXHDQWHSRQHUODVPHGLGDV
SUHYHQWLYDV\GHSURWHFFLyQFROHFWLYDTXHLQFLGDQHQODLQVWDODFLyQHOpFWULFD
6=
'
X "L
"%(
6HxDOHVGHDGYHUWHQFLD
0DWHULDVLQDPDEOHV :
C
6HxDOHVGHREOLJDFLyQ
:
C
#
#
#
8
7
6HxDOHVGH
9
:
:
:
#
#
#
7
47
9
#
5LHVJRHOpFWULFR
9
#
#
7
D
:
47
D
8
9
&DPSRPDJQpWLFR
D
8
2EOLJDFLyQJHQHUDODFRPSDxDGDVL
SURFHGHGHXQDVHxDODGLFLRQDO
#
6HxDOHVGHSURKLELFLyQ
#
C
D
%DMDWHPSHUDWXUD
:
#
#
6HxDOHVGHVRFRUUR
#
:
AC
A
7HOpIRQRSDUD
/
9
VHxDOLQGLFDWLYDLQLFLDODODVDQWHULRUHV
#
#
7
9
A
8
/DYDGRGHORVRMRV
64
G8QDGHSUHVLyQSURGXFLGDSRUDFRVRODERUDOODFXDOVHGHPXHVWUD
HQHOMXLFLRTXHHVWiYLQFXODGDDOWUDEDMR
H -DYLHU VH FRUWD FRQ OD FHSLOODGRUD HQ HO WDOOHU GH FDUSLQWHUtD DO
GLVWUDHUVHSRUXQRVJULWRVTXHR\HHQHOH[WHULRU
I-XOLiQDOEDxLOH[SHULPHQWDGRVXIUHXQDFDtGDFRQFRQVHFXHQFLDV
JUDYHVSXHVGHFLGHTXHpOSDUDPHWURVGHDOWXUDQRVHSRQHHO
DUQpV
-DYL3HGUR\0DUtDWUDEDMDQGHFRFLQHURVHQXQUHVWDXUDQWH0DUtD
HQWUyKDFHSRFRDWUDEDMDU\QRVDEHQLOHKDQLQIRUPDGRVREUHTXp
ULHVJRVODERUDOHVSXHGHQH[LVWLUHQODFRFLQD-DYL\3HGURUHDOL]DURQ
KDFH XQRV FXDQWRV DxRV XQ FXUVR GH SUHYHQFLyQ SRU OR TXH DPERV
VDEHQTXpULHVJRVH[LVWHQ6LQHPEDUJRQRVDEHQFyPRDFWXDUSDUD
HYLWDU ORV ULHVJRV TXH SXHGHQ DSDUHFHU SXHV UHFXHUGDQ TXH IXH XQ
FXUVRPiVWHyULFRTXHSUiFWLFR-DYLVtTXHDSUHQGLyFyPRHYLWDUODV
TXHPDGXUDVHQODFRFLQDSHURGLFHTXHHVPX\HQJRUURVR\VHSLHUGHPXFKRWLHPSRFRQWDQWDPHGLGDGHSURWHFFLyQ6HxDODTXpFDXVDV
KXPDQDVSXHGHQDWULEXLUVHHQODDSDULFLyQGHXQDFFLGHQWHSDUDFDGD
XQRGHORVWUDEDMDGRUHV
:H)
V
6HxDODODVGLIHUHQFLDVHQWUHXQUHVJXDUGRXQDSDQWDOOD\ORVGLVSRVLWLYRVGHVHJXULGDG&yPRSURWHJHQGHIRUPDFROHFWLYDFDGDXQD
GHHVWDVPHGLGDV"
K(OFRQWDJLRGHEUXFHORVLVSRUFRQWDFWRFRQDQLPDOHV
6HxDODVLHQHOVHFWRUGHWXFLFORIRUPDWLYRVHXVDDOJXQRVGHHVWRV
UHVJXDUGRV\TXpIXQFLyQWLHQHQ
#H'
9
&RQRFHVDOJ~QFDVRHQTXHXQWUDEDMDGRUKD\DSXHVWRIXHUDGHIXQFLRQDPLHQWRHVWDVPHGLGDV"
&ODVLFDORVVLJXLHQWHVDFFLGHQWHVGHVGHHOSXQWRGHYLVWDGHOD
SUHYHQFLyQHQDFFLGHQWHWtSLFRFDVREODQFRRLQFLGHQWHHLQGLFDSRU
TXp
4XpGLIHUHQFLDVH[LVWHQHQWUHODVPHGLGDVGHSUHYHQFLyQ\ODV
PHGLGDVGHSURWHFFLyQ"4XpRUGHQWLHQHTXHVHJXLUODHPSUHVDDOD
KRUDGHHQWUHJDUORV(3,VXWLOL]DUODVPHGLGDVGHSURWHFFLyQFROHFWLYD
\ODVPHGLGDVGHSUHYHQFLyQ"
D /D FDtGD GH XQD VXVWDQFLD TXtPLFD FRUURVLYD HQ OD PHVD GH
ODERUDWRULR OD FXDO TXHGD LQVHUYLEOH $OJXQRV WUDEDMDGRUHV VXIUHQ
OHVLRQHVHQODSLHOSRUVDOSLFDGXUDV
E8QDUPDULROOHQRGHOHJLVODFLyQFRQHO%2(FDHHQFLPDGHODPHVD
GHORVDGPLQLVWUDWLYRVTXHHQHVHPRPHQWRQRVHHQFXHQWUDQDOOtSRUTXHKDQLGRDWRPDUFDIp
F8QUHVJXDUGRGHXQDPiTXLQDTXHHYLWDTXHORVWUDEDMDGRUHVHQWUHQ
HQFRQWDFWRFRQHOODVHGHVEORTXHD\FDHDOVXHOR(OWUDEDMDGRUGHWLHQHODPiTXLQDLQPHGLDWDPHQWHFRQODSDUDGDGHHPHUJHQFLDDQWHVGH
TXHDOJXLHQVHFRUWH
,QGLFDVLODVVLJXLHQWHVVLWXDFLRQHVVRQDFFLGHQWHGHWUDEDMRRQR
GHVGHXQSXQWRGHYLVWDOHJDO5D]RQDSRUTXp
D8QDWRUFHGXUDGHWRELOORGHXQWUDEDMDGRUDOEDMDUODDFHUDFXDQGR
VDOtDGHODSXHUWDGHVXFDVDSDUDGLULJLUVHDOWUDEDMR
E8QWUDEDMDGRUTXHVXIUHXQDTXHPDGXUDDOWRFDUXQDPiTXLQDTXH
VHHQFXHQWUDDHOHYDGDWHPSHUDWXUD
F 5RVDQD WUDEDMD GH DGPLQLVWUDWLYD 3RU RUGHQ GHO MHIH D\XGD D
PRQWDUXQDHVWDQWHUtDHQHODOPDFpQSHURSRUVXHQRUPHSHVRVHOH
FDHHQFLPDGHOSLH
6I
:H&
++
+%
+
'H:
(
1RHVFLHUWRTXHUHVSHFWRDODHQIHUPHGDGSURIH0
8QULHVJRODERUDOHV
D&XDOTXLHUFDUDFWHUtVWLFDGHOWUDEDMRTXHSXHGHLQXLUHQTXHDSDUH]FD
XQDFFLGHQWH
D([LVWDXQVLVWHPDPL[WRSDUDVDEHUVLHVHQIHUPHGDGSURIHVLRQDOR
QRGRQGHKD\XQDOLVWDFHUUDGD\RWUDOLVWDDELHUWDFRQSRVLELOLGDG
GHLQFOXLUVH
E8QSHOLJURJUDYHSDUDHOWUDEDMDGRU
E/DOLVWDFHUUDGDHVWiFRPSXHVWDHQJUXSRVGHHQIHUPHGDGHV
F /DSRVLELOLGDGGHVXIULUXQGDxRSRUHOWUDEDMR
F /R TXH GHVWDFD GH OD HQIHUPHGDG SURIHVLRQDO HV TXH VXV HIHFWRV
VRQLQPHGLDWRVORTXHIDFLOLWDVXGLDJQyVWLFR\UHODFLyQFRQHOWUDEDMR
TXHVHHVWiHMHUFLHQGR
(OFRQMXQWRGHPHGLGDVSDUDHYLWDURGLVPLQXLUORV
%
+
D/DVFRQGLFLRQHVGHVHJXULGDG
G7RGDVVRQIDOVDV
E/DVFRQGLFLRQHVPHGLRDPELHQWDOHV
,QGLFDFXiOGHODVVLJXLHQWHVVLWXDFLRQHVVHSURGX0
(
%%
F /DSUHYHQFLyQGHULHVJRVODERUDOHV
D0DQHMDUERELQDVGHNJHQXQDOPDFpQ
G/DOHJLVODFLyQHQSUHYHQFLyQ
E5HDOL]DUOODPDGDVWHOHIyQLFDVGXUDQWHKRUDVDOGtDSDUDSURPRFLRQDUODFRPSUDGHXQVHUYLFLRGHWHOHIRQtDPyYLO
#H'
9
3DUD TXH GHVGH HO SXQWR GH YLVWD OHJDO H[LVWD XQ
9
D'HEHQH[LVWLUGDxRVPDWHULDOHV
E'HEHQH[LVWLUOHVLRQHVHQODVSHUVRQDV
F 1RHVSUHFLVRXQDUHODFLyQFDXVDHIHFWRHQWUHWUDEDMR\DFFLGHQWH
F 8QWUDEDMDGRUTXHHVSHUDEDVHUSURPRFLRQDGRHQODHPSUHVDFRQ
XQVXHOGRHOHYDGR\VLJXHHQHOPLVPRSXHVWR
H)
V
G1LQJXQDHVFLHUWD
D(QSULPHUOXJDUVHDSOLFDQODVGHSURWHFFLyQFROHFWLYD \GHVSXpV
XQDYH]SURWHJLGRVHDSOLFDQODVGHSUHYHQFLyQ
8QDLPSUXGHQFLDSURIHVLRQDOGHXQWUDEDMDGRUTXH
(
9
E/DVGHSUHYHQFLyQVHDSOLFDQVREUHHOIRFRVREUHHORULJHQ\ODVGH
SURWHFFLyQFROHFWLYDVREUHHOWUDEDMDGRU
D1RHVFRQVLGHUDGRDFFLGHQWHGHWUDEDMRSRUVHULPSUXGHQFLD
F /DVGHSUHYHQFLyQVHDSOLFDQVREUHHOIRFR\GHVSXpVVHDSOLFDQODV
GHSURWHFFLyQFROHFWLYDVREUHHOPHGLRGHWUDQVPLVLyQ
E1RHVFRQVLGHUDGRDFFLGHQWHGHWUDEDMRVLKD\IDOWDGHPHGLGDVGH
SUHYHQFLyQGHODHPSUHVD
F (VFRQVLGHUDGRDFFLGHQWHGHWUDEDMRVLHVGHELGRDOHMHUFLFLRKDELWXDOGHOWUDEDMR\ODFRQDQ]DTXHpVWHLQVSLUD
G(VFRQVLGHUDGRDFFLGHQWHGHWUDEDMRVRORVLHVSRUUHDOL]DUWDUHDV
GLVWLQWDVGHVXFDWHJRUtDSURIHVLRQDO\GHDKtODLPSUXGHQFLD
'HVGHHOSXQWRGHYLVWDGHODSUHYHQFLyQSDUDTXH
X(
9
D1RVHSUHFLVDTXHH[LVWDQOHVLRQHVHQODVSHUVRQDV
1RHVXQDWpFQLFDGHSURWHFFLyQFROHFWLYD
D/DVUHGHVGHVHJXULGDG
E/DKLJLHQHLQGXVWUXLDO
F /RVGLVSRVLWLYRVGHVHJXULGDG
G/DYHQWLODFLyQJHQHUDO
/DWpFQLFDSUHYHQWLYDTXHWUDWDGHHYLWDUODIDWLJD
9
D/DVHJXULGDG
F ,QFOX\HWDPELpQORVLQFLGHQWHVGRQGHQRKD\OHVLRQHVRGDxRV
F /DPHGLFLQDGHOWUDEDMR
G7RGDVVRQFLHUWDV
G/DSVLFRVRFLRORJtD
6@
E/DHUJRQRPtD
$FFLGHQWHVLQLWLQHUH
$&&,'(17(6'(75$%$-26,1%$-$
&
++
5HODFLyQHQWUHDFFLGHQWHVGHWUDEDMR\DQWLJHGDGHQDxRVHQODHPSUHVD
'::!&$1&"&$>
.$''&1.'#'>
"&J^$'
.)'
:
$1':1
YH
&RQWDFWRFRQFRUULHQWHHOpFWULFDIXHJRWHPSHUDWXUDVXVWDQFLDVSHOLJURVDV
$KRJDPLHQWRTXHGDUVHSXOWDGRTXHGDUHQYXHOWR
*ROSHVREUHXQREMHWRLQPyYLOWUDEDMDGRUHQPRYLPLHQWR
&KRTXHRJROSHFRQWUDXQREMHWRHQPRYLPLHQWRFROLVLyQ
&RQWDFWRFRQDJHQWHPDWHULDOFRUWDQWHSXQ]DQWHGXUR
4XHGDUDWUDSDGRVHUDSODVWDGRVXIULUXQDDPSXWDFLyQ
6REUHHVIXHU]RItVLFRVREUHHOVLVWHPDPXVFXORHVTXHOpWLFR
7UDXPDSVtTXLFRH[SRVLFLyQDUDGLDFLRQHVUXLGROX]RSUHVLyQ
0RUGHGXUDVSLFDGXUDVSDWDGDVHWFGHDQLPDOHVRSHUVRQDV
,QIDUWRVGHUUDPHVFHUHEUDOHV\RWUDVSDWRORJtDVQRWUDXPiWLFDV
$FFLGHQWHVGHWUiFRQRLQLWLQHUH
2WURFRQWDFWRQRLQFOXLGRHQORVDQWHULRUHVDSDUWDGRV
1 1'
&?&"
=<=I3
634<I3
J.'?&"
6<4@
) .1'&"
=
-
)8(17($QXDULRGHHVWDGtVWLFDVGHO0LQLVWHULRGH(PSOHR\GHOD6HJXULGDG6RFLDO'RFXPHQWRV$7(\$7(
D&XiQWRVDFFLGHQWHFRQEDMD\VLQEDMDKXERHQ"<HQWRWDO"
E$TXpHVGHELGRTXHDSDUH]FDHOFRQFHSWRGHDFFLGHQWHGHWUDEDMRVLQEDMD"4XpVLJQLFD"4XpWLSRGHDFFLGHQWHVVRQORVTXHYLHQHQ
DTXtUHFRJLGRV"5HFXHUGDORVWLSRVGHDFLGHQWHVHQIXQFLyQGHODVOHVLRQHVSHUVRQDOHV\RORVGDxRVPDWHULDOHV
F4XpVRQORVDFFLGHQWHVLQLWLQHUH"&XiQWRVKDQKDELGR"
G&XiQWRVWUDEDMDGRUHVKDQIDOOHFLGRGXUDQWHHODxRGHELGRDOWUDEDMR"4XpSRUFHQWDMHVXSRQHQUHVSHFWRDOWRWDO"4XpSRUFHQWDMHKD\
GHDFFLGHQWHVOHYHV\JUDYHV"
H&XiQWDVHQIHUPHGDGHVSURIHVLRQDOHVVHKDQUHJLVWUDGRHQ"$TXpFUHHVTXHHVGHELGRTXHVHDEDVWDQWHPiVLQIHULRU"
I&XiOHVVRQODVFDXVDVSULQFLSDOHVGHDFFLGHQWHVVHJ~QODIRUPDRHOFRQWDFWR"2UGpQDODVGHPD\RUDPHQRU2UGHQDWDPELpQGHPD\RUD
PHQRUODVFDXVDVGHDFFLGHQWHVPRUWDOHV
J([LVWHXQDUHODFLyQHQWUHODWHPSRUDOLGDGHQODHPSUHVD\ODSUREDELOLGDGGHVXIULUXQDFFLGHQWH"$TXpFUHHVTXHHVGHELGR"
K&UHHVTXHODVFDXVDVTXHVHLQGLFDQDSDUHFHQHQHOWUDEDMRTXHVHUHDOL]DHQWXVHFWRUIRUPDWLYR"&XiOHV"4XpRSLQDVGHHVWDVHVWDGtVWLFDV"
6HxDODORTXHPiVWHKDOODPDGRODDWHQFLyQ
63
('8&$&,1(19$/25(6(1(/081'2/$%25$/
8QWUDEDMDGRUPX\JUDYHWUDVFDHUGHXQDQGDPLRHQ$OFDOi
0XHUHQGRVWUDEDMDGRUHVPLHQWUDVOLPSLDEDQXQDIRVDVpSWLFD
0XHUHXQWUDEDMDGRUHQ/HJDQpVDOFDHUOHHQFLPDXQFRQWHQHGRU
)DOOHFHXQEDVXUHURWUDVFDHUVREUHpOXQDLQVWDODFLyQGHVHLVWR- 0XHUHXQWUDEDMDGRUWUDVFDHUOHXQDWXEHUtDHQFLPDHQ0yVWROHV
QHODGDV
+HULGRGHJUDYHGDGXQKRPEUHDOFDHUOHHQFLPDODSXHUWDGHXQ
0XHUHHOHFWURFXWDGRXQWUDEDMDGRUHQXQDREUDGH0HWURGH0DGULG JDUDMH0XHUHXQWUDEDMDGRUDOFDHUVHGHXQDSODWDIRUPDHOHYDGRUDHQ6HDW
0XHUHXQWUDEDMDGRUWUDVODFDtGDGHGRVSDOpVGHNJ
7UHVKHULGRVJUDYHVHQODH[SORVLyQGHXQDFKDWDUUHUtDGH+X8QKRPEUHGHDxRVPXHUHDSODVWDGRHQXQDIiEULFDGH$OFDOi
PDQHV
)DOOHFHXQKRPEUHHQXQDH[SORVLyQHQ&DUUDO$&RUXxD
'RVKHULGRVDOTXHPDUVHFRQDJXDKLUYLHQGRHQXQDLQFLQHUDGRUD
8QRSHUDULRPXHUWR\GRVKHULGRVDOFDHUXQDJU~DHQ)HUURO
GH7DUUDJRQD
0XHUHQVHLVWUDEDMDGRUHVHQXQDFFLGHQWHHQXQDPLQDGH&RDKXOLD 0XHUHXQWUDEDMDGRUHQ&RUQHOOjDOFDHUGHVGHPHWURV
)DOOHFHXQWUDEDMDGRUHQ1iTXHUDWUDVFDHUOHHQFLPDXQDFDUUHWLOOD &XDWURPXHUWRVHQXQDFFLGHQWHODERUDOHQODVREUDVGHXQHPHOHYDGRUD
EDOVHHQ%XUJRV
+HULGRGHJUDYHGDGXQREUHURFRQTXHPDGXUDVHQHOGHVX 0XHUHXQWUDEDMDGRUDSODVWDGRWUDVFDHUOHXQPXURHQFLPD
FXHUSR
8QWUDEDMDGRUSLHUGHGRVGHGRVHQXQDFFLGHQWHODERUDO
0XHUHDWURSHOODGRSRUXQFDPLyQXQRSHUDULRGHOSXHUWRGH%DU8QWUDEDMDGRUPXHUHHQXQDFFLGHQWHODERUDOHQ*HWDIH
FHORQD
0XHUHXQRSHUDULRDOTXHGDUDWUDSDGRHQXQDPiTXLQDHQ%DU8QPXHUWR\RQFHKHULGRVHQXQDSDQLFDGRUDGH=XPDLD
FHORQD
'RVHPSOHDGRVGHXQDGHSXUDGRUDJUDYHVSRUXQHVFDSHWy[LFR
0XHUHXQWUDEDMDGRUDOFDHUGHOWHMDGRGHXQHGLFLRPXQLFLSDOHQ
'RVKHULGRVHQ2QGDWUDVODH[SORVLyQHQXQDSLURWHFQLD
$OFDOiGH+HQDUHV
0XHUHXQWUDEDMDGRUDOFDHUGHELGRDOYLHQWRPLHQWUDVIXPLJDED
'RVPXHUWRVHQXQDFFLGHQWHODERUDOHQ$OFRUFyQ
8QREUHURPXHUHVHSXOWDGRHQOD]DQMDHQODTXHWUDEDMDEDHQ 7UHVKHULGRVHQXQDFFLGHQWHODERUDOHQODIiEULFD'DPPHQ(O
'pQLD
3UDW
)DOOHFHXQWUDEDMDGRUHQ9LODJDUFtDWUDVVXIULUXQDGHVFDUJDHOpF- 7UHVPXHUWRVSRUDFFLGHQWHODERUDOHQFLQFRGtDVHQOD&RPXQLWULFD
)DOOHFHXQDQWHQLVWDDOFDHUDOYDFtRGHVGHXQVH[WRSLVRHQ$OL- (QHVWDGRFUtWLFRXQWUDEDMDGRUDUUROODGRSRUXQDXWRE~V
FDQWH
$FFLGHQWHODERUDOPRUWDOHQ*HWDIH
=
? 3
!
E
8
:
$1&$!
"
1!
*!
8
3DUWLFLSDFLyQGHORVWUDEDMDGRUHVHQODSUHYHQFLyQGHULHVJRV
2!
#>&1!?
"
0
TXHVHGHULYDQSDUDHPSUHVDULRV\WUDEDMDGRUHV
09
8
GHSDUWLFLSDFLyQGHORVWUDEDMDGRUHV
0
0/
7
C
ODVUHVSRQVDELOLGDGHVGHHPSUHVDULRV\WUDEDMDGRUHV
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
<%
%
<<)
/DQRUPDWLYDVREUHSUHYHQFLyQGHULHVJRVODERUDOHVODSRGHPRVRUJDQL]DUHQQLYHOHVODVQRUPDVLQWHUQDFLRQDOHVGRQGHGHVWDFDOD'LUHFWLYDGHOD8(GHOD&RQVWLWXFLyQ(VSDxRODTXHUHFRJHODVHJXULGDGHKLJLHQHHQHOWUDEDMRODOH\EiVLFDTXHUHJXODODSUHYHQFLyQTXHHVOD/H\GH3UHYHQFLyQGH5LHVJRV
/DERUDOHVGH\SRU~OWLPRXQDPXOWLWXGGH5HDOHV'HFUHWRVTXHGHVDUUROODQFDGDULHVJRHQFRQFUHWR
1RUPDV
LQWHUQDFLRQDOHV
!1DWUDYpVGHVXV
FRPRHO&RQYHQLRQGHVREUHVHJXULGDG\VDOXGGHORVWUDEDMDGRUHV\PHGLRDPELHQWHGHWUDEDMR
$;&VLHQGRODPiVLPSRUWDQWHOD)@3V3V:&&TXHDERUGDHOWHPD
GHODRUJDQL]DFLyQGHOWUDEDMRHQODHPSUHVDORVGHUHFKRV\REOLJDFLRQHV\ODSDUWLFLSDFLyQGHORV
WUDEDMDGRUHVHQPDWHULDGHSUHYHQFLyQ$GHPiVH[LVWHQRWUDV'LUHFWLYDVPiVHVSHFtFDVGHULHVJRV
ODERUDOHVPiVFRQFUHWRV7RGDVODVGLUHFWLYDVGHEHQVHUWUDVODGDGDVDQRUPDWLYDLQWHUQDHQ(VSDxD
&RQVWLWXFLyQ
(VSDxROD
(ODUWtFXORGHOD:
(
VHxDODTXHORVSRGHUHVS~EOLFRVGHEHQYHODUSRUODVHJXULGDGH
KLJLHQHGHORVWUDEDMDGRUHVHQEDVHDORFXDOIXHDSUREDGDODOH\GHSUHYHQFLyQGHULHVJRVODERUDOHV
/HJLVODFLyQ
EiVLFD
-
.%OH\
(O5HDO'HFUHWRTXHUHJXODHO5HJODPHQWRGHORV"-
/HJLVODFLyQ
HVSHFtFD
'yQGHEXVFDUODQRUPDWLYDVREUHSUHYHQFLyQGHULHVJRVODERUDOHV"
(O,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHQHO7UDEDMRHVXQRUJDQLVPRS~EOLFRGHSHQGLHQWHGHO0LQLVWHULRGH7UDEDMRHVSHFLDOL]DGR
HQSUHYHQFLyQGHULHVJRVODERUDOHV/OHYDDFDERIXQFLRQHVGHDVHVRUDPLHQWRDHPSUHVDULRVWUDEDMDGRUHV\DODSURSLD$GPLQLVWUDFLyQD
ODKRUDGHHODERUDUQRUPDWLYDSHURHVSHFLDOPHQWHGHVWDFDSRUVHUHOSXQWRPiVLPSRUWDQWHGHLQIRUPDFLyQVREUHSUHYHQFLyQGHULHVJRV
ODERUDOHVHQ(VSDxD
(QWUDHQZZZLQVKWHV\EXVFDHQHODSDUWDGR1RUPDWLYDOD/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHV
=
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
<
%
(OHPSUHVDULRWLHQHXQ%
GHOWUDEDMDGRUIUHQWHDORVULHVJRVODERUDOHVTXHSXHGDQRFXUULUHQHOWUDEDMR(VWHGHEHU
JHQHUDOGHSURWHFFLyQ
(
%
TXHGHVGHHOSXQWRGHYLVWDGHORVWUDEDMDGRUHVVXSRQHQ(
<(OORQRH[LPHDORVWUDEDMDGRUHVGHWHQHUTXHDVXPLUWDPELpQXQDVREOLJDFLRQHV VREUHSUHYHQFLyQGH
ULHVJRV
'H
%
/DVHPSUHVDVWLHQHQTXHFXPSOLUXQDVHULHGHREOLJDFLRQHVTXHVHGHWDOODQDFRQWLQXDFLyQ
2EOLJDFLyQGHSODQLFDUOD
SUHYHQFLyQGHULHVJRV
(OHPSUHVDULRHVWiREOLJDGRDHODERUDUXQ
%HOFXDOGHEHLQWHJUDUVHGHQWURGHODRUJDQL]DFLyQGHODHPSUHVD
'LFKRSODQVLJQLFDTXHVHYDDGHQLUTXpKDFHUFyPR\FRQTXpUHFXUVRVTXLpQHVORYDQDKDFHU
\FXiQGRORYDQDKDFHUGHPDQHUDTXHQRTXHGHDODLPSURYLVDFLyQODSUHYHQFLyQ\SURWHFFLyQGH
ORVWUDEDMDGRUHV
2EOLJDFLyQGHHYDOXDU
ORVULHVJRVODERUDOHV
&XDQGRQRVHSXHGHQHYLWDUORVULHVJRVVHGHEHQHYDOXDUTXpULHVJRVVRQORVTXHH[LVWHQ
'HEHH[LVWLUXQDHYDOXDFLyQ
\SRVWHULRUPHQWHRWUDV FDGDYH]TXHVHSURGX]FDXQ
FDPELRHQODVFRQGLFLRQHVGHWUDEDMRRDSDUH]FDQGDxRVRLQGLFLRVGHTXHODVPHGLGDVTXHVHHVWiQ
WRPDQGRQRVRQVXFLHQWHV
/DHYDOXDFLyQGHULHVJRVVHKDFHSRU(9
/RVULHVJRVVHHYDO~DQHQIXQFLyQGHOD GHTXHRFXUUDXQGDxR\HQIXQFLyQGHOD
GHOPLVPR
2EOLJDFLyQGHSURYHHU
HTXLSRVGHWUDEDMR\
PHGLGDVGHSURWHFFLyQ
(OHPSUHVDULRGHEHSURSRUFLRQDUHTXLSRVGHWUDEDMRTXH
%(DVtFRPRDGRSWDU0
SDUDXWLOL]DUHVRVHTXLSRV
2EOLJDFLyQGHSURYHHU
HTXLSRVGHSURWHFFLyQ
LQGLYLGXDO(3,V
/RV(3,VVHUiQHQWUHJDGRVGHIRUPD%(SRUODHPSUHVD
6HHYDOXDUiQ TXpSXHVWRVQHFHVLWDQ(3,V\VHVHOHFFLRQDUiQDTXHOORVTXHVHDQ (
GDxRGHOTXHSURWHJHQ
7RGRVORV(3,VGHEHQGHOOHYDUHO :&%
, HQVXIDEULFDFLyQ
$GHPiVDTXHOORVTXHSURWHJHQGHULHVJRV(%GHEHQGLVSRQHUGHXQFyGLJRQXPpULFRGH
GtJLWRV:&0XXXXHTXHPXHVWUDHOFRQWUROUHDOL]DGRSRUXQDHQWLGDGFHUWLFDGRUD
&XDOTXLHU(3,GHEHFRQWDUFRQOD
:
+TXHHVXQGRFXPHQWRGHOIDEULFDQWHTXHDFUHGLWDTXHHO(3,FXPSOHORVUHTXLVLWRVGHFDOLGDGDVtFRPRFRQ
(
TXHSHUPLWDQVXXVRFRUUHFWR
'HEHQHVWDUDGDSWDGRV\VHU%
SDUDFDGDWUDEDMDGRU6RQGH(
/DHPSUHVDGHEH
++DORVWUDEDMDGRUHVVREUHFyPRXVDUORV(3,VDVtFRPR%0
TXHORVRSHUDULRVORVXWLOLFHQ
:2
*XLOOHUPRDFDEDGHFRPHQ]DUDWUDEDMDUHQXQDFDGHQDGHPRQWDMHGHRUGHQDGRUHVFRPRSHyQ(OHQFDUJDGROHHQWUHJDXQRVJXDQWHV
XVDGRVSRUODSHUVRQDDODTXHpOVXSOHORVFXDOHVOHYLHQHQJUDQGHV$GHPiVWLHQHQXQSHTXHxRDJXMHURHQHOGHGRFRUD]yQGHELGRDVX
XVR*XLOOHUPRQRORYHFODUR\DQWHHOULHVJRHVWiSHQVDQGRHQFRPSUDUVHpOPLVPRORVJXDQWHV4XpREOLJDFLRQHVHVWiLQFXPSOLHQGROD
HPSUHVDVREUHORV(3,V""(
/DHPSUHVDGHEHHQWUHJDUORV(3,VDGDSWDGRV\HUJRQyPLFRVSDUDFDGDWUDEDMDGRUQROHSXHGHQYHQLUJUDQGHV$GHPiVORV(3,VVRQGH
XVRSHUVRQDO\QRFRPSDUWLGR/RV(3,VTXHHQWUHJDWDPSRFRVRQDGHFXDGRVSDUDSURWHJHUGHOULHVJR\DTXHVXIUHQXQDURWXUD3RU~OWLPR
*XLOOHUPRQRWLHQHTXHFRPSUDUORVJXDQWHVVLQRTXHVHORVWLHQHTXHRIUHFHUJUDWXLWDPHQWHODHPSUHVD
=
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
2EOLJDFLyQGHHODERUDU
XQSODQGHHPHUJHQFLD
(QHOSODQGHHPHUJHQFLDVHDQDOL]DQODV(
GHHPHUJHQFLDXQLQFHQGLRXQD
H[SORVLyQHWF\ODVQHFHVDULDVHQSULPHURVDX[LOLRVOXFKDFRQWUDLQFHQGLRV\PHGLGDVGH
HYDFXDFLyQ<
(QHOSODQVHGHVLJQDDO
HQFDUJDGRGHDGRSWDUGLFKDVPHGLGDVGHHPHUJHQFLDHOFXDO
GHEHSRVHHUODIRUPDFLyQ\ORVPHGLRVQHFHVDULRV
(OSODQHVWDEOHFHODFRRUGLQDFLyQFRQX
XUJHQFLDVERPEHURVSURWHFFLyQFLYLOHWF
2EOLJDFLyQGHDGRSWDU
PHGLGDVHQFDVRGH
ULHVJRJUDYHHLQPLQHQWH
(VDTXHOULHVJRTXHHV SUREDEOHTXHRFXUUDUDFLRQDOPHQWHHQXQIXWXURLQPHGLDWR\VXSRQHXQ
GDxRJUDYHSDUDORVWUDEDMDGRUHV
(OHVWiREOLJDGRD
,QFOXLU
HQHOSODQGHHPHUJHQFLDIUHQWHDHVWHULHVJRH
+DORVWUDEDMDGRUHV\VXV
UHSUHVHQWDQWHVGHTXHH[LVWHGLFKRULHVJRHQHOWUDEDMR
$GRSWDU
PHGLGDV \ GDU
(
SDUD TXH ORV 9 TXH QR SXHGDQ SRQHUVH HQ
FRQWDFWRFRQHOVXSHULRUMHUiUTXLFR (
(ODDFWLYLGDG\DEDQGRQDUGHLQPHGLDWRHO
WUDEDMRSXOVDUHOERWyQGHSDUDGDGHHPHUJHQFLDDEDQGRQDUHOWDOOHUHWF
4XLpQSXHGHL
HOWUDEDMR"(QSULQFLSLRHVHOHPSUHVDULRHODXWRUL]DGRDSDUDOL]DUHOWUDEDMRSHURVLpVWHQRORKDFHWDPELpQHVWiQIDFXOWDGRVORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVORVFXDOHVGHEHQFRPXQLFDUORLQPHGLDWDPHQWHDOHPSUHVDULR\DODDXWRULGDGODERUDOHQXQSOD]R
GHKRUDVSDUDTXHpVWDGHFLGDVLFRQWLQ~DRQRODSDUDOL]DFLyQ
8Q9GHULHVJRJUDYHHLQPLQHQWHVHUtDTXHXQLQVWDODGRUGHSODFDVVRODUHVUHDOLFHVXWUDEDMR
HQXQDFXELHUWDLQFOLQDGDVLQQLQJ~QWLSRGHSURWHFFLyQFROHFWLYDRLQGLYLGXDO
:2
(QXQWDOOHUGHFDUSLQWHUtDXQDPiTXLQDHPSLH]DDHFKDUKXPR\VHREVHUYDTXHVHHVWiTXHPDQGRSRUGHQWUR/RVGRVWUDEDMDGRUHVVDOHQ
FRUULHQGRGHOWDOOHU\OODPDQDOGXHxRSRUWHOpIRQRSDUDTXHDFXGDSXHVHVXQLPSUHYLVWRDQWHHOTXHQRVDEHQTXpKDFHU4XpREOLJDFLRQHV
WLHQHODHPSUHVDHQXQDVLWXDFLyQFRPRpVWD"
"(
/DHPSUHVDGHEHWHQHUXQSODQGHHPHUJHQFLDGRQGHVHWHQJDSUHYLVWDODSRVLELOLGDGGHTXHH[LVWDXQULHVJRJUDYHHLQPLQHQWHSDUDORV
WUDEDMDGRUHV\FyPRKD\TXHDFWXDUDQWHGLFKRULHVJR
/RVWUDEDMDGRUHV\HQVXFDVRORVUHSUHVHQWDQWHVWLHQHQTXHVHULQIRUPDGRVGHTXHH[LVWHHVHSRVLEOHULHVJRDVtFRPRUHFLELULQVWUXFFLRQHV
GHFyPRSDUDOL]DUVXDFWLYLGDGSDUDTXHSXHGDQDEDQGRQDUHOSXHVWRVLQSHOLJURFXDQGRQRSXGLHUDQSRQHUVHHQFRQWDFWRFRQHOVXSHULRU
MHUiUTXLFR
$GHPiVHQHOSODQGHHPHUJHQFLDGHEHUtDQHVWDUVHxDODGDVODVSHUVRQDVHQFDUJDGDVGHDFWXDUHQFDVRGHWHQHUTXHWRPDUPHGLGDVGH
OXFKDFRQWUDLQFHQGLRVGHSULPHURVDX[LOLRVRGHHYDFXDFLyQDVtFRPRFRQWDFWDUFRQVHUYLFLRVH[WHUQRV
2EOLJDFLyQGH
LQIRUPDFLyQ
\IRUPDFLyQ
=6
(OHPSUHVDULRGHEH
+DORVWUDEDMDGRUHVGHORV%%
GHODHPSUHVD\GHORV
HVSHFtFRV((GHWUDEDMRDVtFRPRGHODVGHSUHYHQFLyQ\SURWHFFLyQ\HQ
FDVRGHHPHUJHQFLD(OORVHFRQFUHWDHQODHQWUHJDGHO
(
$GHPiVGHLQIRUPDUFRQHOPDQXDOGHEH++
WHyULFD\SUiFWLFDTXHVHDVXFLHQWH
\HVWp%GHOSXHVWRGHWUDEDMR
'HEHUHDOL]DUVHHQORV%(
HQHOPRPHQWRGHODFRQWUDWDFLyQHQHOFDVRGHPRGLFDFLyQGHOSXHVWRGHWUDEDMRWUDVODLQWURGXFFLyQGHQXHYDVWHFQRORJtDVRVLVHSURGXFHQFDPELRVHQ
ORVHTXLSRVGHWUDEDMR
/DIRUPDFLyQVHUHDOL]DVLHVSRVLEOH
9
GHWUDEDMR\VHFRPSXWDFRPR
9VLQTXHVHDSRVLEOHWUDVODGDUDOWUDEDMDGRUVXVFRVWHV6LL+(GHOKRUDULR
GHWUDEDMRVHGHVFXHQWDHOWLHPSRLQYHUWLGRHQODPLVPD
(OWUDEDMDGRUHVWi%
HQODIRUPDFLyQ
2EOLJDFLyQGHFRQVXOWD
\SDUWLFLSDFLyQ
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
GH ORV WUDEDMDGRUHV WLHQHQ GHUHFKR D VHU FRQVXOWDGRV \ D SDUWLFLSDU HQ ODV
GHFLVLRQHVTXHWRPHODHPSUHVDUHVSHFWRDODSUHYHQFLyQGHULHVJRV
(VWRVHUHDOL]DDWUDYpVGHORV%
\GHO5%((
ORVFXDOHVVHGHVDUUROODQDOQDOGHOWHPD
:2
(VWKHU+HUQiQGH]KDFRPHQ]DGRDWUDEDMDUGHWpFQLFDTXtPLFDHQXQDSODQWDLQGXVWULDO/DHPSUHVDOHHQWUHJDHOPDQXDOGHSUHYHQFLyQSDUD
TXHORUPHDVtFRPRXQWHVWFRQODVVROXFLRQHVSDUDTXHWDPELpQORUHOOHQH\ORUPH
+DLQFXPSOLGRDOJXQDREOLJDFLyQODHPSUHVD""(
6tSXHVDGHPiVGHLQIRUPDUFRQHOPDQXDOGHEHRIUHFHUXQDIRUPDFLyQWHyULFD\SUiFWLFDDGHFXDGDDORVULHVJRVGHVXSXHVWRGHWUDEDMR\
GHQWURGHOKRUDULRODERUDO\HOORQRHTXLYDOHDUHOOHQDUXQFXHVWLRQDULRVREUHHOPDQXDOGHSUHYHQFLyQ
2EOLJDFLyQGHYLJLODQFLD
GHODVDOXG
:26
$1DWDOLDODYDQDFRQWUDWDUHQXQDIiEULFDGHSDSHO/DHPSUHVDOHTXLHUHUHDOL]DUXQH[DPHQPpGLFRDVtTXHOHGLFHTXHYD\DDOVHUYLFLRGH
SUHYHQFLyQDMHQR\OHKDJDQHOUHFRQRFLPLHQWRPpGLFRFRPSOHWR\TXHFXDQGRWHQJDORVUHVXOWDGRVGHODVSUXHEDVODVWUDLJDDODRFLQD\
\DOHKDUiQHOFRQWUDWRSDUDHPSH]DUSXHVWRTXHKDVWDTXHQRYHDQORVUHVXOWDGRVQRVDEHQVLSXHGHQFRQWUDWDUOD/DVSUXHEDVVROLFLWDGDV
VRQODVFRUUHFWDV"3XHGHODHPSUHVDFRQRFHUORVUHVXOWDGRVGHODVSUXHEDV""(
1RVRQODVFRUUHFWDVSXHVODVSUXHEDVVHUiQODVQHFHVDULDV\ODVLPSUHVFLQGLEOHVSDUDHOSXHVWRQRXQH[DPHQFRPSOHWR/DHPSUHVDQR
SXHGHFRQRFHUORVUHVXOWDGRVFRQFUHWRVGHODVSUXHEDVSRUORTXHQRSXHGHSHGLUOHTXHWUDLJDORVUHVXOWDGRV(OVHUYLFLRGHSUHYHQFLyQVROR
LQIRUPDUiDODHPSUHVDGHOUHVXOWDGRGHVLHVDSWDRQRDSWDSDUDHVHSXHVWRVLQPiVGHWDOOHV
-
2EOLJDFLyQGHSURWHFFLyQ
GHJUXSRVHVSHFLDOHV
GHULHVJR
6HGHEHUHDOL]DUXQDHYDOXDFLyQHVSHFtFDGHORVULHVJRVDORVTXHHVWiVRPHWLGDODWUDEDMDGRUD\GHWHUPLQDUDTXpSXHVWRVHVSHFtFRVH[HQWRVGHULHVJRVHSXHGHGHVWLQDUDODPLVPD
(QORV'
X?!!?!!!GHO5'YLHQHUHFRJLGRXQ
X(O%
GHWUDEDMRTXH(
RFDVLRQDUXQULHVJRSDUDODVWUDEDMDGRUDVHPEDUD]DGDV\
HQSHULRGRGHODFWDQFLDDVtFRPRXQOLVWDGRGHULHVJRVDORVTXH
(
HVWiQH[SXHVWDV
3DUD HYLWDU OD H[SRVLFLyQ GH OD WUDEDMDGRUD HPEDUD]DGD D HVRV ULHVJRV HQ SULPHU OXJDU KD\ TXH
9GHVXSXHVWR(VWiSURKLELGRHOWUDEDMRQRFWXUQR(OWUDEDMR
DWXUQRVVHUHDOL]DUiFXDQGRVHDQHFHVDULR
&XDQGRQRHVSRVLEOHDGDSWDUHOSXHVWRGHWUDEDMRHQVHJXQGROXJDUVHLQWHQWD0
9(
(FRQVXHVWDGRFRQVHUYDQGRVXQLYHOUHWULEXWLYR
6LQLQJXQDGHODVPHGLGDVDQWHULRUHVHVSRVLEOHTXHGDHQ(
(
9
%(
L
FREUDQGRHOGHODEDVHUHJXODGRUD
==
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
-
9
2EOLJDFLyQGHSURWHFFLyQ
GHJUXSRVHVSHFLDOHV
GHULHVJR
-
9
&11
:2=
3LODUWUDEDMDGHOLPSLDGRUDHQXQDHPSUHVD\5RFtRGHDGPLQLVWUDWLYD$PEDVVHKDQTXHGDGRHPEDUD]DGDV\KDQRtGRTXHDPLWDGGHHPEDUD]RSXHGHQSHGLUVHXQDEDMDSRUHVWDUHPEDUD]DGDV\FREUDUHO(VWiQHQORFLHUWR""(
1RSXHVHQHOFDVRGHTXHHOSXHVWRGHWUDEDMRVXSRQJDXQULHVJRSDUDODPXMHUHPEDUD]DGDHORUGHQGHODVPHGLGDVHQFDVRGHPDWHUQLGDG
LPSOLFDSULPHURDGDSWDUHOSXHVWRGHWUDEDMRSDUDTXHQROHVXSRQJDQLQJ~QULHVJRDODPDGUHRDOIHWRVLHOORQRHVSRVLEOHKD\TXHFDPELDU
DODWUDEDMDGRUDDRWURSXHVWRFRPSDWLEOHFRQVXHVWDGR\VLWDPSRFRH[LVWHXQSXHVWRFRPSDWLEOHHQWRQFHVVtTXHVHVXVSHQGHHOFRQWUDWR
FREUDQGRHO(OORQRLPSLGHTXHODPXMHUHPEDUD]DGDSXHGDGLVSRQHUGHXQDEDMDSRUFXDOTXLHUHQIHUPHGDGRDFFLGHQWHVHDODERUDO
RQRODERUDO
=4
#H
%
9
/RVWUDEDMDGRUHVFRQDUUHJOR(+
\VLJXLHQGRODV
(
GHOHPSUHVDULRGHEHQ
;(
ORVHTXLSRVGHWUDEDMRPiTXLQDVKHUUDPLHQWDV\(3,VIDFLOLWDGRVSRUHOHPSUHVDULRDVtFRPRQRSRQHUIXHUDGHIXQFLRQDPLHQWRORVGLVSRVLWLYRVGHVHJXULGDG
!
+
DVXVVXSHULRUHVRDORVGHOHJDGRVGHSUHYHQFLyQGHFXDOTXLHUVLWXDFLyQTXH
DVXMXLFLRHQWUDxHXQULHVJRSDUDORVWUDEDMDGRUHV
:FRQHOHPSUHVDULRHQPDWHULDGHSUHYHQFLyQ
<< .
'H&
/DVLQIUDFFLRQHVTXHFRPHWDHOHPSUHVDULRHQPDWHULDGHVDOXGODERUDOVRQREMHWRGHVDQFLyQDGPLQLVWUDWLYDWUDVHORSRUWXQRH[SHGLHQWHVDQFLRQDGRUDSURSXHVWDGHOD,QVSHFFLyQGH7UDEDMR$GHPiVSXHGH
FRQOOHYDUUHVSRQVDELOLGDGHVFLYLOHVRSHQDOHVRELHQHQPDWHULDGHUHFDUJRVGHODVHJXULGDGVRFLDO
!
TXHWLHQHQODVSRUHOLQFXPSOLPLHQWRGHODVQRUPDV
GHSUHYHQFLyQGHULHVJRVODERUDOHV
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
#;":'&$
1;:
$?&$!
#H19
C"'#D'"E;&<<<F
6LXQWUDEDMDGRULQFXPSOHVXVREOLJDFLRQHVHQPDWHULDSUHYHQWLYDSXHGHVHUVDQFLRQDGRSRUHOHPSUHVDULR
++%(%TXHVHxDODHO
SXHGHYDULDUGHVGHXQD
SURFHGHQWH
VLQSHUMXLFLRGHTXHSXHGDWHQHU
RLQFOXVR
SRUORVGDxRVTXHFDXVHSRU
VXVDFFLRQHVXRPLVLRQHVDRWUDVSHUVRQDVRELHQHV
:H&!
19
(VHORUJDQLVPRHQFDUJDGRGHYLJLODUTXHVHFXPSODODQRUPDWLYDODERUDO\GHSUHYHQFLyQ
ULHVJRVODERUDOHV3DUDHOORUHDOL]DODVVLJXLHQWHV+(
?HPSUHVDVSDUDYLJLODUTXHVHFXPSOHODQRUPDWLYDYLJHQWH
/HYDQWD
+
\
HQFDVRGHTXHGHWHFWHLQFXPSOLPLHQWRVGHOD
QRUPDWLYDGHSUHYHQFLyQ6XSURSXHVWDGHVDQFLyQVXHOHUDWLFDUVHSRUHOyUJDQRGHODDGPLQLVWUDFLyQ
FRUUHVSRQGLHQWH
6LFRQVLGHUDTXHODLQIUDFFLyQQRHVVXFLHQWHPHQWHJUDYHSXHGHUHDOL]DU DGYHUWHQFLDV\UHTXHUL0
8QUHTXHULPLHQWRFRQVLVWHHQXQHVFULWRSDUDTXHODHPSUHVDPRGLTXHFLHUWDVFRQGLFLRQHV
GHWUDEDMRODVFXDOHVVLQRVRQPRGLFDGDVHQXQGHWHUPLQDGRSOD]RFRQGXFHQDXQDVDQFLyQ
6LGHWHFWDXQULHVJRJUDYHHLQPLQHQWHSDUDODVDOXGGHORVWUDEDMDGRUHVSXHGHRUGHQDUODL
GHODDFWLYLGDG\HOFLHUUHWHPSRUDOGHODHPSUHVD
(ODERUD
+HQFDVRGHDFFLGHQWHVPRUWDOHVJUDYHVRPX\JUDYHV
=I
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
D>'1&
<%
L
/DVHPSUHVDVWLHQHQODREOLJDFLyQGHSODQLFDU\RUJDQL]DUODSUHYHQFLyQGHULHVJRVODERUDOHV3DUDHOOR
GHEHQHOHJLUXQDRYDULDVPRGDOLGDGHVGHFyPRRUJDQL]DUGLFKDSUHYHQFLyQSDUDORFXDOGLVSRQHQGH
RSFLRQHVVHJ~QODVFDUDFWHUtVWLFDVGHODHPSUHVD
)
%
L
$VXQFLyQSRUSDUWHGHOSURSLRHPSUHVDULR
'HVLJQDUDXQRRYDULRVWUDEDMDGRUHV
&UHDUXQ6HUYLFLRGH3UHYHQFLyQ3URSLR
$FXGLUDXQ6HUYLFLRGH3UHYHQFLyQ$MHQR
'H'(
(QHOFDVRGHSHTXHxDVHPSUHVDVGH
9HOSURSLRHPSUHVDULRSXHGHHQFDUJDUVHGHODSUHYHQFLyQGHULHVJRVVLWUDEDMDGHIRUPDKDELWXDOHQODHPSUHVD\WLHQHFDSDFLGDGSDUD
GHVDUUROODUODVIXQFLRQHVGHSUHYHQFLyQWLHQHODIRUPDFLyQQHFHVDULDGHQLYHOEiVLFR
3DUDODVIXQFLRQHVGHYLJLODQFLDGHODVDOXGUHFRQRFLPLHQWRVPpGLFRVDVtFRPRDTXHOODVTXHQRDVXPH
HOHPSUHVDULRSHUVRQDOPHQWHGHEH(GHRUJDQL]DFLyQSRUHMHPSORDFXGLU
DXQ6HUYLFLRGH3UHYHQFLyQ$MHQRFRPRSXHGHQVHUHOTXHHVWiDVRFLDGRDXQD0XWXD
/RVHPSUHVDULRVTXHGHVDUUROODQDOJXQD%GHODVTXHHVWiQHQXPHUDGDV
HQHOODWHUDO
(
DVXPLUODSUHYHQFLyQDOVXSRQHUXQULHVJRLPSRUWDQWH
#H%
(
9
/D HPSUHVD SRGUi GHFLGLU TXH (
9 HQ IXQFLyQ GHO WDPDxR GH OD HPSUHVD
JHVWLRQHQODSUHYHQFLyQGHULHVJRV
(VWRVWUDEDMDGRUHVGHEHQWHQHUOD VXFLHQWHIRUPDFLyQDVtFRPRGLVSRQHUGHO
QHFHVDULRVSDUDOOHYDUODDFDER$VLPLVPRGHEHUiQJR]DUGHODV%
,TXHWLHQHQORV
C"'#D'"E;&<<<F
=@
UHSUHVHQWDQWHVGHORVWUDEDMDGRUHVSDUDQRVHUGHVSHGLGRVSRUODUHDOL]DFLyQGHVXVIXQFLRQHV
:H"-
-
(VHOFRQMXQWRGHPHGLRVKXPDQRV\PDWHULDOHVSDUDGHVDUUROODUODSUHYHQFLyQGHULHVJRVHQODHPSUHVD
FRPRVLIXHVHXQGHSDUWDPHQWRGHODHPSUHVD
/DVHPSUHVDV2
XQ6HUYLFLRGH3UHYHQFLyQ3URSLRHQORV%(
&XDQGRODHPSUHVDVHD=9
&XDQGRHVWpHQWUH==WUDEDMDGRUHV\GHVDUUROOHXQDDFWLYLGDGGH%O
&XDQGR GHELGR D OD % GH OD DFWLYLGDG R D ODV , GH DFFLGHQWHV RFXUULGRV OD
$XWRULGDG/DERUDOGHFLGDTXHGHEHFUHDUXQ6HUYLFLRGH3UHYHQFLyQ3URSLRRELHQDFXGLUDXQ6HUYLFLR
GH3UHYHQFLyQ$MHQR
/RV6HUYLFLRVGH3UHYHQFLyQUHDOL]DQODV%(
+(
(ODERUDUHO3ODQGH3UHYHQFLyQGH5LHVJRV/DERUDOHV
(YDOXDUORVULHVJRV
'HWHUPLQDUODVSULRULGDGHVGHDFWXDFLyQ
/DIRUPDFLyQHLQIRUPDFLyQGHORVWUDEDMDGRUHV
/DYLJLODQFLDGHODVDOXGGHORVWUDEDMDGRUHV
/DDFWXDFLyQHQFDVRGHSULPHURVDX[LOLRV\SODQHVGHHPHUJHQFLD
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
H"-
'9
D>'1&
6HWUDWDGH
LHQJHVWLRQDUODSUHYHQFLyQGHULHVJRVODVFXDOHVVRQ
0
SDUDTXHUHDOLFHQGLFKDVIXQFLRQHV$OJXQDV0XWXDVWLHQHQDVRFLDGRXQ
6HUYLFLRGH3UHYHQFLyQ$MHQRVLELHQVRQHQWLGDGHVGLVWLQWDVSXHVPLHQWUDVODV0XWXDVWLHQHQODQDOLGDG
GHUHSDUDUORVGDxRVSRUDFFLGHQWHVODERUDOHV\HQIHUPHGDGHVSURIHVLRQDOHVORVVHUYLFLRVGHSUHYHQFLyQ
DMHQRVWLHQHQODQDOLGDGGHSUHYHQLUORVGDxRV/DVHPSUHVDVGHEHQDFXGLUDXQ6HUYLFLRGH3UHYHQFLyQ
$MHQRFXDQGRVHDREOLJDWRULRRQRXWLOLFHQQLQJXQDGHODVRWUDVPRGDOLGDGHV
<-
9
%
/RVWUDEDMDGRUHVDOLJXDOTXHSXHGHQSDUWLFLSDUHQODHPSUHVDDWUDYpVGHOFRPLWpGHHPSUHVDRGHORV
GHOHJDGRVGHSHUVRQDOHQORTXHVHUHHUHDODSUHYHQFLyQGHULHVJRVSXHGHQSDUWLFLSDUDWUDYpVGHORV
GHOHJDGRVGHSUHYHQFLyQ\GHOFRPLWpGHVHJXULGDG\VDOXG
-
9
'HOHJDGRVGHSUHYHQFLyQ
&RPLWpGHVHJXULGDG\VDOXG
6RQORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVTXHWLHQHQIXQFLRQHVHVSHFtFDVHQSUHYHQFLyQGHULHVJRV
ODERUDOHV6RQ %
SRUORV
GHPDQHUDTXHTXLHQHV
KDQVLGRYRWDGRVSRUORVWUDEDMDGRUHVSDUDVHUGHOHJDGRVGHSHUVRQDORIRUPDUSDUWHGHOFRPLWpVRQORV
TXHGHVLJQDQTXLpQHVVHYDQDHQFDUJDUGHOOHYDUDFDERODVWDUHDVGHSUHYHQFLyQHQODHPSUHVD6X
7YDUtDVHJ~QODWDEODTXHJXUDHQHOODWHUDO
D>'1&
(OQ~PHURGHGHOHJDGRVGH
SUHYHQFLyQYDUtDHQIXQFLyQ
GHOWDPDxRGHODHPSUHVD
+DVWD
WUDEDMDGRUHV
GHOHJDGR
+DVWD
+DVWD
+DVWD
+DVWD
+DVWD
+DVWD
0iVGH
:H:
+(
6LELHQODVFRPSHWHQFLDV\IDFXOWDGHVGHORVGHOHJDGRVGHSUHYHQFLyQ\GHOFRPLWpGHVHJXULGDG\VDOXG
QRVRQLGpQWLFDVGH+%
5SRGHPRVVHxDODUTXHVXVIXQFLRQHVVRQ
6HU
(HQODVGHFLVLRQHVVREUHODVPHGLGDVGHSUHYHQFLyQ\SURWHFFLyQODIRUPDFLyQODLQWURGXFFLyQGHQXHYDVWHFQRORJtDVHWF
3DUWLFLSDUHQODSODQLFDFLyQGHODSUHYHQFLyQGHULHVJRV
&+((HQPDWHULDGHSUHYHQFLyQ\SURWHFFLyQ(OHPSUHVDULRGHEHMXVWLFDUVXGHFLVLyQ
QHJDWLYDHQFDVRGHQRDGRSWDUHVWDVPHGLGDV
"
+VREUHORVDFFLGHQWHVGHWUDEDMRDVtFRPRSHUVRQDUVHHQHOOXJDUGHODFFLGHQWH
&RQRFHUWRGDOD(
VREUHSUHYHQFLyQGHULHVJRVGHODHPSUHVD
'
HQODVYLVLWDVTXHUHDOLFHSXGLHQGRUHDOL]DUREVHUYDFLRQHV
3URSRQHUODL
GHODVDFWLYLGDGHVHQFDVRGHULHVJRJUDYHHLQPLQHQWH
=3
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
:24
3DTXL\$QDKDQVLGRFRQWUDWDGDVSRUXQDHPSUHVDSDUDTXHJHVWLRQHQODVWDUHDVGHSUHYHQFLyQGHULHVJRVSXHVSRVHHQXQPiVWHUHQ
3UHYHQFLyQGH5LHVJRV/DERUDOHV3RURWURODGRHQODPLVPDHPSUHVDGHWUDEDMDGRUHV$QGUpV\(PLOLRKDQVLGRGHVLJQDGRVGHHQWUH
ORVPLHPEURVGHOFRPLWpSDUDTXHUHDOLFHQODVIXQFLRQHVGHSDUWLFLSDUHQODSUHYHQFLyQGHULHVJRVGHODHPSUHVD(VWHIDQLTXHDFDEDGH
OOHJDUQXHYDDODHPSUHVDQRVDEHUHDOPHQWHTXLpQHMHUFHHQODHPSUHVDODVIXQFLRQHVGHSUHYHQFLyQQLSRUTXpKD\FXDWURSHUVRQDV
TXHSDUHFHTXHKDFHQORPLVPR\DGHPiVVHUH~QHQSDUDSODQLFDUODSUHYHQFLyQ([SOtFDOHD(VWHIDQLODVGLIHUHQFLDVHQWUHXQRV\RWURV
\HQTXpyUJDQRVHUH~QHQ
"(
3DTXL\$QDVRQODVWUDEDMDGRUDVGHVLJQDGDVSRUODHPSUHVDSDUDHMHUFHUODVIXQFLRQHVGHJHVWLyQGHODSUHYHQFLyQ(QHVHVHQWLGRUHSUHVHQWDQDODHPSUHVDSXHVVRQFRQWUDWDGDVSRUHOODSDUDUHDOL]DUHVDVIXQFLRQHV
$QGUpV\(PLOLRVRQORVGHOHJDGRVGHSUHYHQFLyQTXHKDQVLGRHOHJLGRVSRUORVPLHPEURVGHOFRPLWpGHHPSUHVDSDUDSDUWLFLSDUHQOD
SUHYHQFLyQGHODPLVPDUHSUHVHQWDQSRUWDQWRDORVWUDEDMDGRUHV
/RVIRUPDQXQFRPLWpGHVHJXULGDG\VDOXGHOFXDOHVWiIRUPDGRSRUORVGHOHJDGRVGHSUHYHQFLyQ\ORVUHSUHVHQWDQWHVGHODHPSUHVDHQHVWHFDVRODHPSUHVDKDHOHJLGRODVWpFQLFDVHQSUHYHQFLyQVLHQGRXQDGHODVIXQFLRQHVGHHVWHFRPLWpODGHSDUWLFLSDUHQOD
SODQLFDFLyQGHODSUHYHQFLyQGHULHVJRV
:2I
,QGLFDDTXpPRGDOLGDGHVGHRUJDQL]DFLyQGHODSUHYHQFLyQSXHGHQRSWDUODVVLJXLHQWHVHPSUHVDV
8QDHPSUHVDGHWUDEDMDGRUHVTXHUHDOL]DSUXHEDVUDGLRGLDJQyVWLFDVUDGLDFLRQHVLRQL]DQWHV
8QDHPSUHVDGHWUDEDMDGRUHVGHGLFDGDDDFWLYLGDGHVQDQFLHUDV
8QDHPSUHVDGHWUDEDMDGRUHVGHGLFDGDDDFWLYLGDGHVQDQFLHUDV
8QEDUGHWUDEDMDGRUHV
"(
$OUHDOL]DUDFWLYLGDGHVGHULHVJRHVSHFLDO\WHQHUPiVGHWUDEDMDGRUHVGHEHFRQVWLWXLUXQVHUYLFLRGHSUHYHQFLyQSURSLR
$OWHQHUPiVGHWUDEDMDGRUHVDXQTXHQRUHDOLFHDFWLYLGDGHVGHULHVJRHVSHFLDOGHEHWHQHUXQVHUYLFLRGHSUHYHQFLyQSURSLR
$OWHQHUPiVGHWUDEDMDGRUHVQRSRGUiDVXPLUVHSRUSDUWHGHOHPSUHVDULR\FRPRQRWLHQHPiVGHWUDEDMDGRUHVQLPiVGH
FRQULHVJRHVSHFLDOQRHVREOLJDWRULRHOVHUYLFLRGHSUHYHQFLyQSURSLR3RUORWDQWROHTXHGDHOHJLUHQWUHXQDRYDULDVGHODVVLJXLHQWHVPRGDOLGDGHVGHVLJQDUDXQRRYDULRVWUDEDMDGRUHVFRQVWLWXLUXQVHUYLFLRGHSUHYHQFLyQSURSLRRFRQWUDWDUXQVHUYLFLRGHSUHYHQFLyQDMHQR
$OWHQHUPHQRVGHWUDEDMDGRUHV\QRHMHUFHUQLQJXQDDFWLYLGDGGHULHVJRHVSHFLDOODSRGUiDVXPLUHOSURSLRHPSUHVDULRVLWLHQHOD
IRUPDFLyQEiVLFDHQSUHYHQFLyQGHULHVJRV
6<%
/DHPSUHVDWLHQHODREOLJDFLyQGHSUHYHQLU\SURWHJHUDORVWUDEDMDGRUHVHQFXDQWRDORVULHVJRVODERUDOHV
FRQORVTXHVHHQFXHQWUDQ3DUDHOORGHEHVHJXLUXQRV
%
TXHJXtHQVXDFWXDFLyQDVtFRPRFXPSOLUFRQXQDVREOLJDFLRQHVPiVHVSHFtFDVHQOD %
(QHVWHDSDUWDGRYHUHPRVFXiOHVVRQHVRVSULQFLSLRVJHQpULFRVGHDFWXDFLyQ\WDPELpQGHVDUUROODUHPRV
GRVIXQFLRQHVGHJHVWLyQLPSRUWDQWHVOD (
%ODERUDOHV\OD %
GHWUDEDMRDVtFRPRODVLPSOLFDFLRQHVHQFRVWHVTXHWLHQHQORVDFFLGHQWHVGHWUDEDMR
4
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
3ULQFLSLRVGH
DFWXDFLyQSUHYHQWLYD
(YLWDUORVULHVJRV
(YDOXDUORVULHVJRVTXHQRVHSXHGDQHYLWDU
&RPEDWLUORVULHVJRVGHVGHVXRULJHQ
6XVWLWXLUORSHOLJURVRSRUORTXHHQWUDxHSRFR
RQLQJ~QULHVJR
3ODQLFDUODSUHYHQFLyQ\ODSURWHFFLyQ
$QWHSRQHUODSURWHFFLyQFROHFWLYDDODLQGLYLGXDO
'DULQVWUXFFLRQHVDGHFXDGDVDOWUDEDMDGRU
$GDSWDUHOWUDEDMRDODSHUVRQD
7HQHUHQFXHQWDODHYROXFLyQGHODWpFQLFD
:2@
(QXQDHPSUHVDGHGLFDGDDODIDEULFDFLyQGHSLQWXUDVVHXWLOL]DQGLVROYHQWHV3DUDHYLWDUORVGDxRVHQODVDOXGGHORVWUDEDMDGRUHVVH
KDQDGRSWDGRXQDVHULHGHPHGLGDVSUHYHQWLYDV,QGLFDHOSULQFLSLR
SUHYHQWLYRTXHVHHVWiXWLOL]DQGRHQFDGDFDVR
D3URSRUFLRQDULQIRUPDFLyQ\IRUPDFLyQVREUHORVULHVJRVGHOXVRGH
GLVROYHQWHV\VXFRUUHFWDXWLOL]DFLyQ
G&RQWUDWDUDXQWpFQLFRHQSUHYHQFLyQSDUDTXHHODERUHHOSODQGHSUHYHQFLyQGHULHVJRVODERUDOHV
"(
D'DULQVWUXFFLRQHVDGHFXDGDVDORVWUDEDMDGRUHV
E&RPEDWLUORVULHVJRVGHVGHVXRULJHQ
E(PSOHDUODFDQWLGDGLQGLVSHQVDEOHGHGLVROYHQWH
F(YDOXDUORVULHVJRVTXHQRVHSXHGDQHYLWDU
F5HDOL]DUPHGLFLRQHVGHODVFRQFHQWUDFLRQHVGHJDVHVSURGXFLGRV
SRUORVGLVROYHQWHV
G3ODQLFDUODSUHYHQFLyQ\ODSURWHFFLyQ
6<<(
%
7RGDVODVHPSUHVDVWLHQHQODREOLJDFLyQGHHYDOXDUDTXHOORVULHVJRVTXHQRSXHGHQHYLWDUVHORFXDOUHDOL]DQDOLQLFLRGHODDFWLYLGDG\GHIRUPDSHULyGLFDVLHPSUHTXHVHSURGXFHQFDPELRVRH[LVWHQGDxRVR
LQGLFLRVGHTXHODVPHGLGDVTXHVHWRPDQVRQLQVXFLHQWHV
: (VLH[LVWHQRQRULHVJRVODERUDOHV"([LVWHQYDULRVPpWRGRVGHHYDOXDFLyQHQWUHORVTXH
GHVWDFDHO5(
%!$"A1,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQH
HQHO7UDEDMR
(VWHPpWRGRFRQVLVWHHQ,GHFDGDULHVJRODERUDOODGHTXH
RFXUUDHODFFLGHQWH\ODV
(
HQFDVRGHTXHRFXUUD/DSUREDELOLGDGSXHGHVHUDOWDPHGLD
REDMD\ODVFRQVHFXHQFLDVSXHGHQVHUH[WUHPDGDPHQWHGDxLQDVGDxLQDVROLJHUDPHQWHGDxLQDV'HVX
QRVVDOHXQDFODVLFDFLyQGHO
%
#
%DMD
:
/
!
GDxLQDV
'DxLQDV
AC
GDxLQDV
7ULYLDO
7ROHUDEOH
0RGHUDGR
7ROHUDEOH
0RGHUDGR
,PSRUWDQWH
0RGHUDGR
,PSRUWDQWH
,QWROHUDEOH
D>'1&
4
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
:
%
%
/
1RUHTXLHUHDFFLyQHVSHFtFD
$
9ODDFFLyQSUHYHQWLYDVLELHQVHSXHGHQFRQVLGHUDUPHMRUDVTXHQR
VXSRQJDQXQDFDUJDHFRQyPLFDLPSRUWDQWH6HUHTXLHUHQFRPSUREDFLRQHVSHULyGLFDV
6HGHEHQKDFHU+(L(%LQYLUWLHQGRHQODVPHGLGDVSUHFLVDVODV
FXDOHVGHEHQLPSODQWDUVHHQXQSHULRGRGHWLHPSRGHWHUPLQDGR
$
LHOWUDEDMRKDVWDTXHVHKD\DUHGXFLGRHOULHVJR3XHGHTXHVHSUHFLVHQ
UHFXUVRVFRQVLGHUDEOHVSDUDFRQWURODUHOULHVJR
$
(
LHOWUDEDMRKDVWDTXHVHUHGX]FDHOULHVJR
:23
(9$/8$&,1'(5,(6*266(*1(/,16+7
(QXQSXHVWRGHWUDEDMRVHGHWHFWDQORVVLJXLHQWHVSHOLJURVYDORUiQGRVHVXSUREDELOLGDG\VXVFRQVHFXHQFLDV
D6XVWDQFLDVWy[LFDVSHJDPHQWRV/DSUREDELOLGDGHVPHGLD\ODVFRQVHFXHQFLDVOLJHUDPHQWHGDxLQDV
E&LHUWRVULHVJRVPHFiQLFRVVREUHWRGRJROSHVFRQSDUWHVHQPRYLPLHQWRGHODPiTXLQDTXHWLHQHQXQDSUREDELOLGDGPHGLDGHTXHRFXUUDQ
\XQDVFRQVHFXHQFLDVGDxLQDV
F4XHPDGXUDVSURGXFLGDVSRUVROGDGXUD/DSUREDELOLGDGGHTXHRFXUUDQHVDOWDGDGDODDXVHQFLDGHSURWHFFLyQ\HQWUDxDQFRQVHFXHQFLDV
GDxLQDV
&ODVLFDORVULHVJRVVHJ~QVXQLYHOHLQGLFDTXpPHGLGDVGHDFWXDFLyQKDEUtDTXHWRPDU"(
D/DVVXVWDQFLDVWy[LFDVSUREDELOLGDGPHGLD\OLJHUDPHQWHGDxLQDULHVJRWROHUDEOH&RPSUREDFLRQHVSHULyGLFDV
E*ROSHVSUREDELOLGDGPHGLD\GDxLQDULHVJRPRGHUDGR6HGHEHQKDFHUHVIXHU]RVSRUUHGXFLUOR
F4XHPDGXUDVSUREDELOLGDGDOWD\GDxLQDULHVJRLPSRUWDQWH1RGHEHFRPHQ]DUVHKDVWDTXHQRVHUHGX]FDHOULHVJR
6<<%
9
/DVHPSUHVDVGHEHQLQYHVWLJDUORVDFFLGHQWHVTXHKDQRFXUULGRGHFDUDDFRQRFHUODVFLUFXQVWDQFLDV\
ODVFDXVDVTXHORVKDQSURGXFLGRGHPDQHUDTXHSXHGDQHYLWDUVHRWURVDFFLGHQWHVIXWXURV$GHPiVKD
GHUHJLVWUDU\QRWLFDUORVDFFLGHQWHVDOD$GPLQLVWUDFLyQ/DERUDOSDUDTXHGLVSRQJDGHLQIRUPDFLyQSDUD
HODERUDUHVWDGtVWLFDVGHDFFLGHQWHVGHWUDEDMR
/DOH\REOLJDDLQYHVWLJDUORVDFFLGHQWHVGHWUDEDMR6LQHPEDUJRQRHVWDEOHFHH[DFWDPHQWHFXiOHV(V
HO,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHOTXHVXJLHUHTXHHVSUHFLVRLQYHVWLJDUORV%(
,QYHVWLJDFLyQ
GHDFFLGHQWHV
(QSULPHUOXJDUWRGRVORV\WRGRVORV%
(QVHJXQGROXJDUORVDFFLGHQWHV \ORVDFFLGHQWHV
GDxRVPDWHULDOHVVLQOHVLRQHV
FXDQGRVHSUHVHQWHQGHIRUPDUHSHWLWLYDH[LVWDULHVJRGHOHVLRQHVJUDYHVRVXVFDXVDVQRVHDQ
FRQRFLGDV
/DVHPSUHVDVGHEHQGHMDUFRQVWDQFLDGHORVDFFLGHQWHVRFXUULGRVDVtFRPR QRWLFDUORVYtDLQ0
DWUDYpVGHOVLVWHPD`HQHO0LQLVWHULRGH7UDEDMR(VWDQRWLFDFLyQVLUYHGHEDVHSDUD
HODERUDUHVWDGtVWLFDVGHDFFLGHQWHVGHWUDEDMR
5HJLVWUR\QRWLFDFLyQ
GHDFFLGHQWHV
4
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J
:2
8QWUDEDMDGRUWLHQHTXHUHFRJHU\UHWLUDUODEDVXUDJHQHUDGDHQXQD]RQDGHOSURFHVRGHIDEULFDFLyQ3DUDHOORGHFLGHXWLOL]DUODFDUUHWLOODHOHYDGRUDGHXQRGHVXVFRPSDxHURVDSHVDUTXHpOQRGLVSRQHGHODIRUPDFLyQSDUDHOXVRGHFDUUHWLOODV$OGLULJLUVHKDFLDHOSXQWRGHUHFRJLGD
FRPRYDVLQFDUJD\WLHQHSULVDGHFLGHDFHOHUDU-XVWRHQHOPRPHQWRHQHOTXHODFDUUHWLOODSDVDSRUHQFLPDGHXQSHTXHxRGHVQLYHOHQHO
SDYLPHQWRYXHOFD&XiOHVGLUtDVTXHVRQODVFDXVDVGHODFFLGHQWH"&ODVLItFDODVHQFDXVDVWpFQLFDV\KXPDQDV"(
&DXVDVWpFQLFDV'HVQLYHOHQHOSDYLPHQWR)DOWDGHVXSHUYLVLyQSDUDODXWLOL]DFLyQGHXQDFDUUHWLOODSRUSHUVRQDOQRDXWRUL]DGR&DXVDV
KXPDQDV9HORFLGDGGHFRQGXFFLyQHOHYDGDIDOWDGHIRUPDFLyQ
7LHPSRVXWLOL]DGRVHQ
%\QRWLFDUHODFFLGHQWH
0D\RUFRQLFWLYLGDGODERUDO
'DxRVDLQVWDODFLRQHV\HTXLSRV
"
HFRQyPLFDV\SHQDOHV
3pUGLGDGH%
&RVWHVSDUDHOWUDEDMDGRU
\ODVRFLHGDG
:2
(QXQDHPSUHVDGHIDEULFDFLyQGHFRPSHQHQWHVHOpFWULFRVVHKDSURGXFLGRXQDFFLGHQWHJUDYHDSULPHUDKRUDGHODPDxDQDDOTXHGDUVH
HQJDQFKDGRXQWUDEDMDGRUFRQXQDPiTXLQD\DPSXWDUOHGHGRVGHXQDPDQR(QVHJXLGDVXVFRPSDxHURV\HOHQFDUJDGRIXHURQD
VRFRUUHUORGHWHQLHQGRVXWUDEDMRGXUDQWHFDVLXQDKRUDKDVWDVXWUDVODGR(OUHVWRGHODPDxDQDWRGRHOJUXSRVHTXHGyFRQVWHUQDGRSRUHO
DFFLGHQWH\DSHQDVSXGLHURQVDFDUDGHODQWHODIDHQD$OOXJDUGHODFFLGHQWHDFXGLyHOWpFQLFRGHSUHYHQFLyQDLQYHVWLJDUORRFXUULGRGXUDQWH
KRUDVWRPDQGRIRWRV\UHFRJLHQGRRSLQLRQHVGHORVWUDEDMDGRUHV(OGHSDUWDPHQWRGHDGPLQLVWUDFLyQKDUHOOHQDGRHOSDUWHGHDFFLGHQWH\
ORKDHQYLDGRSRUFRUUHRHOHFWUyQLFRDOD$XWRULGDG/DERUDO(OLQVSHFWRUGHWUDEDMRKDOODPDGRSRUWHOpIRQR\KDFRPXQLFDGRTXHVHSHUVRQDUiHQHOFHQWURGHWUDEDMRSRUORTXHTXLHUHTXHHOUHVSRQVDEOHGHODVHFFLyQHVWpSUHVHQWHGXUDQWHVXYLVLWDDVtFRPRORVGHOHJDGRVGH
SUHYHQFLyQ/DHPSUHVDVHWHPHTXHSXHGDFDHUOHXQDVDQFLyQSRUHODFFLGHQWHODERUDO/RVWUDEDMDGRUHVHVWiQSODQWHiQGRVHXQSDUyQGH
PHGLDKRUDSRUODIDOWDGHPHGLGDVGHSURWHFFLyQHQODPDTXLQDULDGHODHPSUHVD$XQSHULRGLVWDOHKDOOHJDGRODQRWLFLD\YDDVDFDUHOVXFHVRHQSUHQVDDOGtDVLJXLHQWHFRQODFRQVLJXLHQWHSpUGLGDGHLPDJHQGHODHPSUHVD3RURWURODGRHOWUDEDMDGRU\VXIDPLOLDVHHQFXHQWUDQ
WULVWHVSRUORVGDxRVTXHKDVXIULGRHQODPDQR\VHSUHJXQWDQVLSRGUiYROYHUDWUDEDMDUSXHVHVOD~QLFDIXHQWHGHLQJUHVRVGHODIDPLOLD/D
VHJXULGDGVRFLDOVHKDUiFDUJRGHODSUHVWDFLyQSRUHODFFLGHQWHPLHQWUDVHVWpGHEDMDDXQTXHOHUHFODPDUiXQDFDQWLGDGGHHQWUHHO\
HOGHODSUHVWDFLyQDODHPSUHVDSRUIDOWDGHPHGLGDVFDQWLGDGTXHLUiGHVWLQDGDDOWUDEDMDGRUSRUHODFFLGHQWHODERUDO
,QGLFDORVFRVWHVSDUDODHPSUHVDSDUDHOWUDEDMDGRU\SDUDODVRFLHGDGTXHDSDUHFHQHQHOFDVR"(
$SDUHFHQPXFKRVGHORVFRVWHVSRVLEOHVVDODULRVSRUHOGtDGHODFFLGHQWHLQGHPQL]DFLRQHVDOWUDEDMDGRUSpUGLGDGHWLHPSR\GHSURGXFWLYLGDGGHFRPSDxHURV\HQFDUJDGRWLHPSRHQLQYHVWLJDUHODFFLGHQWH\QRWLFDUORVDQFLRQHVGHOD,QVSHFFLyQPD\RUFRQLFWLYLGDGODERUDO\
SpUGLGDGHLPDJHQFRVWHVSDUDHOWUDEDMDGRU\VXIDPLOLDSRUHOGRORUGHODFFLGHQWH\ODIXWXUDSpUGLGDGHLQJUHVRVDOPHUPDUVXFDSDFLGDG
ODERUDO\SDUDHO(VWDGRVXSRQHHOFRVWHHQODJHVWLyQGHOLQVSHFWRUGHWUDEDMR\SDJDUODSUHVWDFLyQGHODVHJXULGDGVRFLDOGXUDQWHODEDMD
4
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$
:2
'H
%
8QDFHODGRUDGHXQKRVSLWDOHVWiHPEDUD]DGDGHPHVHVSRUOR
TXHOHLQGLFDDODGLUHFFLyQGHOPLVPRTXHHQVXHVWDGR\DQRSXHGH
PRYHUDORVHQIHUPRVSRUORTXHVROLFLWDTXHVHWRPHQODVPHGLGDV
RSRUWXQDVWDOHVFRPRVXVSHQGHUHOFRQWUDWR\HQYLDUODDFDVD
4Xp PHGLGDV GHEHUtDQ WRPDUVH HQ HVWH FDVR \ SRU TXp RUGHQ" 6L
DOQDOVHVXVSHQGLHVHHOFRQWUDWRFXiQWRFREUDUtDODWUDEDMDGRUD\
TXLpQOHSDJDUtD"
$OHMDQGUR\&ULVWLDQDFDEDQGHVHUFRQWUDWDGRVFRPRPHFiQLFRV
HQ XQ WDOOHU GH UHSDUDFLyQ GH YHKtFXORV /D HPSUHVD OHV HQWUHJD XQ
PDQXDO GRQGH VH HQFXHQWUDQ ORV ULHVJRV SRVLEOHV \ ODV PHGLGDV GH
SUHYHQFLyQ\SURWHFFLyQHOFXDOUPDQSDUDTXHFRQVWHTXHORKDQUHFLELGR\TXHVDEHQFyPRGHEHQDFWXDUDQWHORVULHVJRV$FRQWLQXDFLyQ
OHVLQGLFDQTXHGHEHQWUDHUVHORVJXDQWHVGHFDVD\UHDOL]DUXQFKHTXHRPpGLFRFRQVXPpGLFRSDUWLFXODU$PERVQRYHQFODUDVWRGDVHVWDVLQGLFDFLRQHVDVtTXHGHFLGHQFRQVXOWDUORFRQXQGHOHJDGRVLQGLFDO
TXHFRQRFHQ+DLQFXPSOLGRODHPSUHVDDOJXQDREOLJDFLyQHQFXDQWR
DLQIRUPDFLyQIRUPDFLyQ(3,V\YLJLODQFLDGHODVDOXGDOFRPHQ]DUD
WUDEDMDUORVGRVQXHYRVRSHUDULRV"
3DEORHVHOWUDEDMDGRUPiVUiSLGRGHOWDOOHU6XWUXFRHVTXHDSDUWD
ORVUHVJXDUGRVGHVHJXULGDGSDUDQRWHQHUTXHDQGDUSRQLpQGRORV\
TXLWiQGRORV\DVtSURGXFHPiVTXHQDGLH\VHQRWDHQORVREMHWLYRVD
QDOGHPHV8QGtDVXIUHXQFRUWHHQXQEUD]RFRQXQDJUDQKHPRUUDJLDSRUORTXHHVDWHQGLGRSRUVXVFRPSDxHURV3DEORSLGHODEDMD
SHURVHHQFXHQWUDFRQTXHODPXWXDQRORFRQVLGHUDDFFLGHQWHGHWUDEDMRVLQRDFFLGHQWHQRODERUDO\DTXHpOKDFRPHWLGRXQDLPSUXGHQFLD
WHPHUDULDTXHQRSURIHVLRQDO\DGHPiVODHPSUHVDORYDDVDQFLRQDU
SRUXQDIDOWDJUDYHVHJ~QFRQYHQLR(VFRUUHFWDODDFWXDFLyQGHOD
PXWXD\ODHPSUHVD"
8QD PiTXLQD VH LQFHQGLD \ HPSLH]D D HFKDU JUDQ FDQWLGDG GH
KXPR'DYLGTXHHVHORSHUDULRTXHODXVDQRUPDOPHQWH\FRQRFHOD
PiTXLQDDYLVDDORVFRPSDxHURVGHTXHpVWDSXHGHHVWDOODU\TXHHO
KXPRHVPX\Wy[LFRSRUORTXHDEDQGRQDQWRGRVHOWDOOHU6HWUDWDGH
XQULHVJRJUDYHHLQPLQHQWH"+DDFWXDGRFRUUHFWDPHQWH'DYLG"
<RODQGDYDDFRPHQ]DUDWUDEDMDUFRPRGLVHxDGRUDJUiFDHQXQD
SHTXHxDHPSUHVDGHWUDEDMDGRUHV+DWHUPLQDGRUHFLHQWHPHQWHHO
JUDGRVXSHULRUGHDUWHVJUiFDVSRUORTXHOHYDQDUHDOL]DUXQFRQWUDWRHQSUiFWLFDV/DHPSUHVDOHSUHJXQWDVLWLHQHIRUPDFLyQHQULHVJRV
ODERUDOHV\HOODFRQWHVWDTXHVtTXHDOJRYLRHQ)2/GXUDQWHHOFLFOR
SRU OR TXH OD HPSUHVD OH GLFH TXH QR KDFH IDOWD TXH UHDOLFH QLQJ~Q
FXUVRGHIRUPDFLyQHQSUHYHQFLyQGHULHVJRV\OHHQWUHJDHOPDQXDO
GHSUHYHQFLyQ
D(VFRUUHFWRTXHODHPSUHVDQROHRIUH]FDIRUPDFLyQHQSUHYHQFLyQ
GHULHVJRVODERUDOHV"3RUTXp"(VVXFLHQWHODHQWUHJDGHOPDQXDO"
#H
%
L
&XiQWRVGHOHJDGRVGHSUHYHQFLyQ\HQVXFDVRPLHPEURVGHO
&RPLWpGH6HJXULGDG\6DOXGGHEHUtDQWHQHUODVVLJXLHQWHVHPSUHVDV"
D8QRVDVWLOOHURVFRQWUDEDMDGRUHV
E8QDIiEULFDGHDXWRPyYLOHVFRQWUDEDMDGRUHV
F8QDHPSUHVDGHPHQVDMHUtDFRQWUDEDMDGRUHV
G8QDSHOXTXHUtDFRQWUDEDMDGRUHV
6HOHFFLRQDODPRGDOLGDGGHRUJDQL]DFLyQPiVDGHFXDGDSDUDFDGD
XQDGHODVHPSUHVDVVLJXLHQWHVHLQGLFDVLGHEHUtDUHXQLUDOJ~QUHTXLVLWRHQVXFDVR
D6XSHUPHUFDGRFRQWUDEDMDGRUHV
E(PSUHVDIDPLOLDUGHYHQWDGHWHODVDOS~EOLFRFRQWUDEDMDGRUHV
F(PSUHVDFRQWUDEDMDGRUHVGHGLFDGDDODLQGXVWULDVLGHU~UJLFD
DFWLYLGDGGHULHVJRHVSHFLDO
G(PSUHVDGHVHUYLFLRVGHMDUGLQHUtDFRQWUDEDMDGRUHVTXHQRKD
GHVLJQDGRDQLQJXQRGHHOORVSDUDDVXPLUODSUHYHQFLyQHQODHPSUHVD
H (PSUHVD TXH VH GHGLFD D UHDOL]DU LQVWDODFLRQHV HOpFWULFDV GH DOWD
WHQVLyQHQODTXHWUDEDMDQHPSOHDGRV$QDOL]DHOFDVRVLWXYLHVH
WUDEDMDGRUHV
:HJ
(QXQDHPSUHVDVHKDSURGXFLGRXQDFFLGHQWHPX\JUDYHFRQXQ
WUDEDMDGRUPXHUWRGRVKHULGRVJUDYHV\XQROHYH/RVKHULGRVKDQHVWDGRGHEDMDODERUDOSXHVKDQUHTXHULGRUHSRVRHQFDVD'HEHLQYHVWLJDUVHHVWHDFFLGHQWH"<QRWLFDUVHDODDXWRULGDGODERUDO"&yPR
VHQRWLFDDWUDYpVGHLQWHUQHW"
(QHODFFLGHQWHDQWHULRUKDQRFXUULGRORVVLJXLHQWHVKHFKRVTXH
KDQVXSXHVWRXQFRVWHSDUDODHPSUHVDSDUDHOWUDEDMDGRU\VXIDPLOLD
\SDUDODVRFLHGDG,QGLFDDTXpWLSRGHFRVWHKDFHQUHIHUHQFLDFDGD
XQRGHHOORV
D(O,QVSHFWRUGH7UDEDMRKDLPSXHVWRXQDVDQFLyQGHDOD
HPSUHVD6HKDLQLFLDGRXQSURFHGLPLHQWRSHQDOFRQWUDODHPSUHVD
E/RVWUDEDMDGRUHVQRKDQVHJXLGRWUDEDMDQGRHOUHVWRGHOGtD
F$OGtDVLJXLHQWHORVWUDEDMDGRUHVVHPDQLIHVWDURQDODSXHUWDGHOD
HPSUHVDSRUIDOWDGHPHGLGDVGHVHJXULGDG
G(OWpFQLFRGHSUHYHQFLyQGHGLFyGRVGtDVDLQYHVWLJDUHODFFLGHQWH
(OGHSDUWDPHQWRDGPLQLVWULYRJHVWLRQyODFRPXQLFDFLyQDOD$XWRULGDG
/DERUDOGHODFFLGHQWHODERUDOPHGLDQWHHOVLVWHPD'HOW#
H/D,QVSHFFLyQGH7UDEDMRKDGHGLFDGRGtDVDLQYHVWLJDUHODFFLGHQWH
\WUDPLWDUODFRUUHVSRQGLHQWHVDQFLyQ
I /D 6HJXULGDG 6RFLDO VH KD KHFKR FDUJR GHO GH OD SUHVWDFLyQ
SRUODVGRVEDMDVODERUDOHV\ODHPSUHVDGHORWUR$VtPLVPROD
6HJXULGDG6RFLDOVHKDFHFDUJRGHODSHQVLyQGHYLXGHGDG\RUIDQGDG
E4XpFDUDFWHUtVWLFDVWHQGUtDTXHWHQHUGLFKDIRUPDFLyQ"
J (O GRORU GH OD IDPLOLD DQWH OD SpUGLGD GHO WUDEDMDGRU PXHUWR HQ HO
DFFLGHQWH
F&XiQGRGHEHUHDOL]DUVH\HQTXpKRUDULR"
K/DSpUGLGDGHODFDSDFLGDGODERUDOGHORVKHULGRVJUDYHV\OHYHV
46
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$
.
#H.
'H
%
/DVHPSUHVDVSRGUiQWHQHUUHVSRQVDELOLGDGSRULQ0
(
/DHPSUHVDWLHQHODREOLJDFLyQGH
D8QDUHVSRQVDELOLGDGDGPLQLVWUDWLYDDWUDYpVGHODVVDQFLRQHVGHOD
,QVSHFFLyQGH7UDEDMR
D(ODERUDUXQSODQGHSUHYHQFLyQGHULHVJRVGRQGHVHGHQLUiTXp
KDFHUTXLpQHVFyPR\FRQTXpUHFXUVRVFXHQWDODHPSUHVD
E(YDOXDUORVULHVJRVODERUDOHVSRUFDGDGHSDUWDPHQWRGHODHPSUHVD
E8QDUHVSRQVDELOLGDGFLYLOLQGHPQL]DQGRHFRQyPLFDPHQWHDORVWUDEDMDGRUHVSRUORVGDxRVFDXVDGRV
5HVSHFWRDORV(3,VQRHVFLHUWRTXH
F 8QDUHVSRQVDELOLGDGSHQDOSRUHOKHFKRGHSRQHUHQSHOLJURJUDYH
ODYLGDODVDOXGRODLQWHJULGDGItVLFDGHOWUDEDMDGRUSXGLHQGRLUDOD
FiUFHOVHJ~QODJUDYHGDG
D/DHPSUHVDGHEHHQWUHJDUORVGHIRUPDJUDWXLWD
G7RGDVVRQFLHUWDV
E/RV(3,VTXHSURWHMDQIUHQWHDULHVJRVJUDYHV\PX\JUDYHVGHEHQ
LUFRQPDUFDGR&(\GtJLWRVTXHPXHVWUDQODJDUDQWtDGHFRQWURO
SRUXQDHQWLGDGFHUWLFDGD
$QWHXQWUDEDMDGRUTXHVHQLHJXHDWRPDUODVPHGL0
F &RQWUDWDUXQSODQGHHPHUJHQFLDFRQXQDHPSUHVDHVSHFLDOL]DGD
D+DEUiTXHOODPDUDO,QVSHFWRUGH7UDEDMRSDUDTXHORVDQFLRQH
F /DHPSUHVDWLHQHODREOLJDFLyQGHHQWUHJDUORVSHURQRGHYLJLODUVL
ORVXVDQORVWUDEDMDGRUHV
E(VXQPRWLYRGHGHVSLGRSRUFDXVDVREMHWLYDV
G'HEHQVHUHUJRQyPLFRV\DGDSWDGRVDFDGDWUDEDMDGRU
F +DEUiTXHDFXGLUDODVIDOWDVOHYHVJUDYHV\PX\JUDYHVGHOFRQYHQLRSDUDTXHODHPSUHVDORVDQFLRQHVHJ~QORTXHDOOtVHLQGLTXH
:H
%
L
D6RODPHQWHHOHPSUHVDULR
E6LQRORKDFHODHPSUHVDORSXHGHQKDFHUORVUHSUHVHQWDQWHVGHORV
WUDEDMDGRUHVYROYLpQGRVHDWUDEDMDUFXDQGRHVWRVORGHFLGDQ
F 6LQRORKDFHODHPSUHVDORSXHGHQKDFHUORVUHSUHVHQWDQWHVGHORV
WUDEDMDGRUHVSHURGHEHQFRPXQLFDUORLQPHGLDWDPHQWHDODHPSUHVD\DODDXWRULGDGODERUDOHQXQSOD]RGHKRUDV
G1LQJXQDHVFLHUWD
/DIRUPDFLyQHQSUHYHQFLyQGHULHVJRV
D6HUiDFDUJRGHODHPSUHVDVLQTXHGHEDSDJDUODHOWUDEDMDGRU
E/DIRUPDFLyQGHEHUHDOL]DUVHFXDQGRVHFRQWUDWDDFDGDWUDEDMDGRU
8QHPSUHVDULRTXHWLHQHWUDEDMDGRUHVDODKRUD
(
%
L
D1R SXHGH DVXPLUOD HO SURSLR HPSUHVDULR \D TXH WLHQH PiV GH
WUDEDMDGRUHV
E3RGUtDDVXPLUODHOSURSLRHPSUHVDULRJHVWLRQDQGRWRGDVODVDFWLYLGDGHVGHODSUHYHQFLyQGHULHVJRV
F 3RGUtDDVXPLUODHOSURSLRHPSUHVDULRSHURQRSRGUiHQFDUJDUVHGH
ODYLJLODQFLDGHODVDOXGTXHGHEHUiVXEFRQWUDWDUFRQRWUDHQWLGDG
G3RGUtDDVXPLUODHOSURSLRHPSUHVDULRVLWXYLHVHHOPiVWHUHQSUHYHQFLyQGHULHVJRVODERUDOHV
F 6HFRPSXWDFRPRWLHPSRGHWUDEDMR
(QHOFRPLWpGHVHJXULGDG\VDOXG
G7RGDVVRQFLHUWDV
D+DEUiWDQWRVUHSUHVHQWDQWHVGHODHPSUHVDFRPRGHOHJDGRVGHSUHYHQFLyQ
(QFXDQWRDODYLJLODQFLDGHODVDOXG
E6RORH[LVWHVLODHPSUHVDWLHQHPiVGHWUDEDMDGRUHV
D6HUHDOL]DUiQUHFRQRFLPLHQWRVPpGLFRVVRODPHQWHDOLQLFLRGHODDFWLYLGDGODERUDO
F 1RWLHQHQTXHVHULQIRUPDGRVGHORVDFFLGHQWHVGHWUDEDMR
HJ
(VREOLJDWRULRQRWLFDUORVDFFLGHQWHVTXH
D6HDQOHYHVRJUDYHV
E4XHFRQOOHYHQEDMDODERUDOGHDOPHQRVXQGtD
F 4XHFRQOOHYHQXQDDWHQFLyQPpGLFDFRQHOERWLTXtQGHODHPSUHVD
4=
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$
(172512/$%25$/
%
5%((
6HJ~QHO
&(:
19HQXQHVWXGLRGHODxRDSHVDUGHTXHODOH\REOLJDD
ORVFHQWURVGHWUDEDMRDTXHFXHQWHQFRQUHSUHVHQWDQWHVGHORVWUDEDMDGRUHVHQPDWHULDGHSUHYHQFLyQQRWRGDVODVHPSUHVDVGLVSRQHQGHHOORV
/RVGDWRVVRQORVVLJXLHQWHV
7DPDxRGHODSODQWLOOD
P
'HD
'HD
'HD
'HD
)--
2((P
(32P
1--P
2,2P
7DEOD3UHVHQFLDGHGHOHJDGRVGHSUHYHQFLyQHQHOFHQWURGHWUDEDMRVHJ~QWDPDxRGHODSODQWLOOD(QFXHVWDDFHQWURV
3RURWURODGRODHQFXHVWDDUPDTXHHQHOGHFHQWURVGHRPiVWUDEDMDGRUHVTXHWLHQHQQRPEUDGRDOJ~QGHOHJDGRGHSUHYHQFLyQVH
KD
(5%((SRUORTXHHQXQQRVHKDFRQVWLWXLGR(VWHFDPELDVHJ~QHOWDPDxRGHOFHQWUR\D
TXHHQORVFHQWURVHQWUH\WUDEDGRUHVHVGHOPLHQWUDVTXHHQORVFHQWURVGHPiVGHWUDEDMDGRUHVODLPSODQWDFLyQHVGHO
&yPRDIHFWDODSUHVHQFLDGHODJXUDGHOGHOHJDGRGHSUHYHQFLyQHQODVDFWLYLGDGHVSUHYHQWLYDVTXHUHDOL]DODHPSUHVD"
/DHQFXHVWDYLHQHDFRQUPDUFyPRYDUtDVLJQLFDWLYDPHQWHODFDQWLGDGGHDFWLYLGDGHVSUHYHQWLYDVUHDOL]DGDVVHJ~QTXHHOFHQWURGHWUDEDMR
GLVSRQJDRQRGHGHOHJDGRGHSUHYHQFLyQ
B
$%
5HFRQRFLPLHQWRVPpGLFRV
A
A
(*P
)2P
/
B
$%
,QIRUPDFLyQDWUDEDMDGRUHV
)1P
)RUPDFLyQDWUDEDMDGRUHV
)-P
3ODQLFDFLyQDFWLYLGDGSUHYHQWLYD
/
7DEOD$FWLYLGDGHVSUHYHQWLYDVUHDOL]DGDVVHJ~QODH[LVWHQFLDRQRGHODJXUDGHOGHOHJDGRGHSUHYHQFLyQ(QFXHVWDDFHQWURV
9*)-
)--
*()P
*12P
1)P
(2,P
3**P
7DPDxRGHODSODQWLOOD
:
3
A
1)(P
'HVLJQDFLyQGHWUDEDMDGRUHV
*1P
*,(P
6HUYLFLRSUHYHQFLyQDMHQR
(-P
(-*P
'HD
'HD
$
1,(P
2)1P
$
*2*P
2*P
12*P
)3P
2*P
11P
1-1P
7DEOD5HFXUVRVSUHYHQWLYRVLPSODQWDGRVHQODVHPSUHVDVVHJ~QWDPDxRGHODHPSUHVD(QFXHVWDDFHQWURV
1RWDFRQSRVWHULRULGDGDODxRVHUHIRUPyODQRUPDWLYDGHSUHYHQFLyQSDUDTXHHQODVHPSUHVDVGHPHQRVGHWUDEDMDGRUHVSXHGDHOHPSUHVDULRDVXPLU
SHUVRQDOPHQWHODSUHYHQFLyQ+D\TXHWHQHUHQFXHQWDWDPELpQTXHXQDHPSUHVDSXHGHXWLOL]DUYDULDVPRGDOLGDGHVDODYH]FDGDXQDDVXPLHQGRXQVHUYLFLR
44
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$
(172512/$%25$/
4I
?9'!/#DA4A%J9AD%A$6B$E!A6%$!/%J<BD6/%@/%J0/ %4%9/9A$
('8&$&,1(19$/25(6(1(/081'2/$%25$/
(VWDVHQWHQFLDJHQHUyPXFKDSROpPLFDSRUHQWRQFHVSRUVHUODSULPHUDTXHUHVSRQVDELOL]DEDDOWUDEDMDGRUGHODFFLGHQWHRFXUULGR\QRDODHPSUHVDSRUIDOWDGHPHGLGDVGHSUHYHQFLyQ/pHODDWHQWDPHQWH\UHVSRQGHDODVVLJXLHQWHVFXHVWLRQHV
D4XpGLFWyODSULPHUDVHQWHQFLDGHO-X]JDGRGHOR3HQDOGH0DWDUy"(QTXpKHFKRVVHEDVDED"
E<TXpGLFWySRVWHULRUPHQWHOD$XGLHQFLDGH%DUFHORQD"(QTXpVHEDVDED"
F4XpRSLQDHOFDWHGUiWLFRGH'HUHFKRGHO7UDEDMR-XDQ$QWRQLR6DJDUGR\"<ORVVLQGLFDWRV8*7\&&22"
G&UHHVTXHHOWUDEDMDGRUGHHVWHFDVRHVHOTXHGHWHUPLQDHQH[FOXVLYDODIRUPD\ODVFLUFXQVWDQFLDVGHOWUDEDMR"
H4XpRSLQDVGHODUJXPHQWRGHOD$XGLHQFLDGH%DUFHORQD'HVGHHOPRPHQWRHQTXHHOWUDEDMDGRUDFHSWyODUHDOL]DFLyQGHOWUDEDMRVHSXVRHQ
VLWXDFLyQGHSHOLJUR"&XDQGRXQWUDEDMDGRUDFHSWDXQWUDEDMRVXSRQHWDPELpQDFHSWDUHOSHOLJURTXHFRQOOHYD"
I2UJDQL]DGXQGHEDWHHQWUHJUXSRVGHDOXPQRVGRQGHXQRVSXHGDQHVWDUDIDYRUGHODVHQWHQFLD\RWURVQR
4@
?
"
:
$1&$!
"
1!
*"
,"
2"
>
)"
8
>
#>&1!?
"
0
>
6DEHUFODVLFDUORVIDFWRUHVGHULHVJRDWHQGLHQGRDVXRULJHQ
0
H
0$
0
0$
>
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
3
'
&
&
:
D>'1&
#
#
"
'
#
)
#
#
"
'
'.
%
3
+,:
"
.
3
*(,:
#
3
%:
"
6
%+,
%:
'
6
'
.
%
%:
'.
6
%
L
9:
"
".
%
(#
,
:
'
.
6.
".
.
3
%
'
'
'
,'.
)
G
7
%
@
"
G(#
@
)
@
I
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
6
)
"
"
)
2
"
#
:
A
A
>
&
A
7
#
8
$
R
".
%
&6
.
#
'
$3[AR
@
F
%
B
%
%
#
#
6
(
7
(
'.
/%
SUHIDEULFDGRV MRV HQ HO ,16+7HQ1RWDV3UiFWLFDV\
"
(:
:LLNNN
L,]
LF
L$
L
2A
LL;L5P; '
<<)*(
(#
'
%
"
&
#
+
2*(
:
$3[AR
B
F
3
3
>
.
F
)
,
R
G
"
.
&
(#
#
G
F
#
"
G
.
":
J
(#
J
"
.
$"
)
'
)
#
(#
#
J
,
(#\
"
"
D>'1&
(#
"
F
.
%
I
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
)
%
"
(#
"
#
'
%
:
J
(
#
#
6
G
"
6
#
"
'
"
1
(
)
$3[AR
B
F
.
F
)
8VDUODVKHUUDPLHQWDVVRORSDUDHOQDOTXHHVWiQGHVWLQDGDV
-2
G3>J,*3@,3
C
D@@3G,*3R:
#
6
'"
#
%:
(#
1
(#
#
%
'"
1
=>)
&
#
#?
F(QWUDHQODSiJLQDVLJXLHQWHGHO,16+7HQ1RWDV3UiFWLFDV\UHFDEDLQIRUPDFLyQVREUHODVSULQFLSDOHVPHGLGDVGHVHJXULGDGHQPiTXLQDV
"
(
#
.:
:LLNNN
L,]
LF
L$
L
2A
LLKK9LKPK9 '
1
#
(
=>)
&
#
?
H(QWUDHQODSiJLQDVLJXLHQWHGHO,16+7HQ1RWDV3UiFWLFDV\UHFDEDLQIRUPDFLyQVREUHODVSULQFLSDOHVPHGLGDVGHSUHYHQFLyQHQHOXVR
"
(
#
.:
:LLNNN
L,]
LF
L$
L
2A
LLL;P '
0
"
1
FXDO GLFXOWD VX SUHYHQFLyQ
3
(
)
%
XQSRUFHQWDMHVLJQLFDWLYRGH
"
I
(
)
((
)
'
:
?
?
:
F
#
(
.
'
)
F
"
#
#
%7
+,
(
%
2
"
"
#
.
#
<
"
(
"
*
"
6
#
"
")
R
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
&
"
'
(
031
A
'
#
#
:
6.
.2
&
<
"
3:
*(
5
3:
0
"
2
5
3:
((
- ;-953:
EULODFLyQ YHQWULFXODU
"-
6.
V
"
"
(#
'
"
'
"
<
X
"
(
"
#
%
G$,$3R
$
@!*F,X*
L
@AFF,X*
-
'
:
3
%
"
.
,
(
#
%
@
"
-
'
:
:
#
"
#
0#
(
1
"
'
J
'
#
#
".
'
D
'
"
)
3
A
.
"
.:
'
"
)
9:
,'
")
&6.
J
,:
J
:
)
'
9HULFDUODDXVHQFLDGHWHQVLyQ\VHxDOL]DUTXHVHHVWiQUHDOL]DQGRWUDEDMRVHOpFWULFRVDQWHVGHFRPHQ]DUDRSHUDU
-2
@,RBA
VF@,FA
,*R33F,A*R
VF@,F3R:
%
#
1
=>)
?
=>)
3?
=C
;
3?
=>)
'
?
1
R
'"
6
#
"
6
PLHQWRGHLQVWDODFLRQHVHOpFWULFDVHQWUDHQODVVLJXLHQWHVSiJLQDVGHO,16+7HQODV1RWDV3UiFWLFDV\UHVXHOYHORVFDVRVSUiFWLFRVDSDUWLU
"
.
#
&:
:LLNNN
L,]
LF
L$
L
2A
LLKK9L;PK9 '
:LLNNN
L,]
LF
L$
L
2A
LLLP '
I
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
.
#
J
%,
'
#
#
'
J
"
6
'
)
#
'
#
6
"
".
"
#
'
2
:(
2
#
2
4
'
'.
#
2
#
#
6
/E$
#;":'&$'K&#
&E!7
R
#
' 6
6.
2
,*RD
1RWDV 3UiFWLFDV \ UHVXHOYH
(:
E6
9E:
:LLNNN
L,]
LF
L$
L
2A
LL5L4P5 '
$3[AR
>
.
>
2
3
"
(
R
.
#
%
.
%
R
"
\
.
#
"
#
*DVHVLQDPDEOHVEXWDQRSURSDQRHWF
G
:
G$,$3R
$
@!*F,X*
L
@AFF,X*
'LVHxRGHHGLFLRVFRQWDQGRFRQHOXVRGHPDWHULDOHVGLItFLOPHQWH
LQDPDEOHV SURWHJLHQGR LQVWDODFLRQHV HOpFWULFDV \ FRQ SXHUWDV
'
3
LQDPDEOHV
3UHYHQLUODHOHFWULFLGDGHVWiWLFDHQDPELHQWHVLQDPDEOHV
,
.
(
#
,QVWDODUVLVWHPDVGHH[WLQFLyQMRVURFLDGRUHVDXWRPiWLFRVER
#
1
2
(
'
E1
F
2
:
1
(
"
"
"
'
3
7
F
1
FA
<
'
7
0# 1
3
0. 1
1
6
2
.
FA
0
#
"
)1
#
.
L
'(
0
"
&
1
1
(
%
6
E1
$
2
%
"
E1
>
4E1
@
6
"
#
"
)
5E1
$
6-6
I6
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
3
#
3
.
<<'%
+,
'H&(
#
0 70311
7
J
"
.
(
55
7
#
8
7
6
%
%
#
7
2
:
D
>
R
.
F
+
"
V
D
%
#
(#
#
(
:
D
F
"
+(
'
R
6
7
0F1
.
(
(
"
.
.
&:
C"'#D'"E;&<<<F
"
#
,
$
6
)
#
,
"
)5
%
L
R.
#
#
G
".
$.
2.
%
.
"
6.
(#
#
"
"
&
8
7
&
85
7
@
)
5
&
8
7
&
85
7
R
&6.
6
)
9:
,'.
'.
3
8
7
,
0
%
1
"
3
85
7
I=
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
-2
@J,$A:
1
3
'
,
%
#
)
6"
R
&
#
(
(2
"
1
=F(
#
'
6
,
.?
=F(
?
1
R
".
#
2
8
7031
=
(
&
6
%
?
1
=F
#
'"
2
?
=
#)
"?
H(QWUDHQODVLJXLHQWHSiJLQDGHO,16+7HQODV1RWDV3UiFWLFDV\UHVXHOYHHOFDVRSUiFWLFRDSDUWLUGHODVPHGLGDVGHSUHYHQFLyQTXH
&:
:LLNNN
L,]
LF
L$
L
2A
LL5L45P5 '
#H
R
#
"
(
.
#
J
%
"
(
#
6
'
%
#
"
'
&
:
1
0L:
(
6
(#
%
(
1
(
:
#
"
"
<
$3[AR
.
-6:
R
.
(
'
3
&
.
:
$
G
".
"
J6.
"
"
3
".
@
6.
@
%
2.
,'.
'.
J
,
%
"
F
-26
!,7@3F,A*R:
1
=F
#
2
"
'"?=>)
"
#
?
E(QWUDHQODVLJXLHQWHSiJLQDGHO,16+7HQODV1RWDV3UiFWLFDV\UHVXHOYHHOFDVRSUiFWLFRVREUHYLEUDFLRQHVDSDUWLUGHODVPHGLGDVGH
"
.
#
&:
:LLNNN
L,]
LF
L$
L
2A
LLL
'9 '
I4
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
:H.
%,
)
#
%
#
""
'
:
+
"
'%
(
"
'
0."
1
/DVSRGHPRVFODVLFDUHQ
L
L
'
#
L
2%
6
(
"
FiQFHUHLQFOXVRPRGLFDFLyQGHOFyGLJRJHQpWLFR
D
8
D
8
"
'%
%
$3[AR
R
&6.
6
,
!
.
"
"
.
2.
A.
,
:
'
%
.
'
@2
.
'.
-2=
@3$,3F,A*R
*
RA$3$J@3
C
*
R3*,$3$
1
R
'"
6
%
#
.
)
2
)
2
:
:LLNNN
L,]
LF
L$
L
L*L
L45LP4K4 '
:LLNNN
L,]
LF
L$
L
L*L
L45LP4K5 '
1
R
'"
6
0
@2
1
(2
&6.
.
:
:LLNNN
L,]
LF
L$
L
L*L
L;9LP;4 '
H(
9
EF
0
1
&XDQGRHVWRVPHFDQLVPRVVRQLQVXFLHQWHVVHSURGXFHHO55
#
2
'
$GHPiVGHHVWDVVLWXDFLRQHVGHHVWUpVWpUPLFRODWHPSHUDWXUDWDPELpQLQX\HHQHO
+0
9SRUORTXHODQRUPDWLYDMDXQDVFRQGLFLRQHVPtQLPDV
II
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
@
2.
"
'
7
@
2.
(
(
"
$3[AR
J
#
6
LQWHUQDGHy&3URYRFDHEUHHOH#
C "
#
6
)
7
'
#
.
6
&H(
6
N(XO
#
#
6
#
8
#
#
(
6
#
%
8
(
.
(
%
#
DXQDOX]LQVXFLHQWH$VLPLVPRSXHGHSURYRFDUIDWLJDYLVXDO\FDQVDQFLR
G$,$3R
$
@!*F,X*
L
@AFF,X*
R
#
6
6
$
.
'6
#
#
%
.
6
"
F
"
2
%:
2
"
%:
2
2
"
:
2
2
"
:
5
2
2
"
:
2
$PRGRGHHMHPSORHQXQDOPDFpQVHUHTXLHUHQOX[HQXQDRFLQDOX[\HQXQDLPSUHQWD
2
-24
G@3J@3
,JG,*3F,X*:
1
=F
#
2
'
2
'"?
=>)
<
" ?
E(QWUDHQODVVLJXLHQWHVSiJLQDVGHO,16+7HQODV1RWDV3UiFWLFDV\UHVXHOYHORVFDVRVSUiFWLFRVVREUHWUDEDMR\FDORU\VREUHLOXPLQDFLyQ
"
.
#
&:
:LLNNN
L,]
LF
L$
L
2A
LLL
';K '
:LLNNN
L,]
LF
L$
L
2A
LL9L
'58 '
I@
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
<<'%
*(,
#
%
"
':
'
SROYRVHQVXVSHQVLyQHQHODLUHEUDV\KXPRV
'
,*(:
'
%
"
:
.2
")
"
#
)
#
"
"
/RVHIHFWRVRGDxRVTXHSXHGHQSURYRFDUHQHORUJDQLVPRKXPDQRVHFODVLFDQHQ
$V[LDQWHV
/
$8
7
$
$3[AR
,
$
%
(
,
2
.2
)
#
"
)
"
'
"
"
(
6
)
R
"
3<
'
"
.
"
6
C"'#D'"E;&<<<F
AEAC
"E"
LQDPDEOH
E C
E
"
.
.
3
'
(2
@
6
.
"
!
.
6
")
2
#
3
%
%
'
@
2.
.
'.
%
J
,
:
#
'
&
#
)
#
'.
#
%
#
*
#
OE
OE%
"E#
:
NNN "
I3
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
-2I
@A$JFAR
>J^G,FAR:
G3*,J3F,X*
C
*!3R3$A:
R
'"
#
"
WHVHQODFHVHQODV1RWDV3UiFWLFDV\UHVXHOYHORVFDVRVSUiFWLFRVVHJ~QODVPHGLGDVGHSUHYHQFLyQTXHVHVHxDODQ
:LLNNN
L,]
LF
L$
L
2A
LLL9P '
:LLNNN
L,]
LF
L$
L
2A
LL4L4P4 '
<<'%
%
R
%
#
"
'
'
"
6
%
")
"
#
#:
"
"
")
.
'
%
%((
%
,
#
2
R
<
%
+
ORVDJHQWHVELROyJLFRVVHFODVLFDQHQJUXSRV
6
1
6
*
6
,
6
2
$3[AR
D
7
R,$3
)
6RQHEUHVPX\DOWDVGXUDQ
K
#
'
'
2
!
"
'
"
.
2
7
"
'
"
FLyQ1RKD\WUDWDPLHQWRVHFDFHV9LUXVGHOpERODODYLUXHODHWF
G
"
":
"
)
.
3
)
%
$
'
.
6.
%
$
%
%
)
*
6
%
"
%
*
%
J
,
:
,'.
'.
-2@
@,RBAR
$
@RA*3
R3*,3@,A:
R
<
'"
'
'
"
(
"
.
#
&
)
"
.:
:LLNNN
L,]
LF
L$
L
2A
LL9L5;P9 '
@
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
D>'1&
$
0
1
6XMHWDUOD UPH \ FDUJDUOD
G
"
(
(%
O
"
&
#
(2
#
5
O
%
%."
"6
(2
5
O
%
4
O
$3[AR
D
$
"
R
<
'
'
6
2
"
@.
"
2
"
%
@
6
%
%.
D>'1&
#H%
D
'
X%
%
#
"
'
+
#
#
%
#
6
%
%
(
%
)
#
%
'.
&
'
."
"
'.
#
%
$3[AR
F
$
6
)
,
,
<
'
'
#
6
"
"
&
#
"
#
"
&
6.
@
#
"
.
#<
'
3
'
/
WHDXQTXHKR\HQGtDSXHGH
.
@
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
-23
G3*,J3F,X*
G3*J3
$
F3@B3R:
1
,
.
1
=F(
(2
#
%
<
?
1
R
'"
'
(
EDViQGRWHHQODVPHGLGDVGHSUHYHQFLyQVHxDODGDVHQODV1RWDV3UiFWLFDV
:LLNNN
L,]
LF
L$
L
2A
LLKK8LPK8 '
-2
@373MA
*
A,F,*3R:
D$TXpULHVJRVODERUDOHVFUHHVTXHHVWiQH[SXHVWRVORVWUDEDMDGRUHVGHRFLQDV"4XpGDxRVVRQORVPiVIUHFXHQWHV"
E6LWXFLFORHVWiRULHQWDGRDWUDEDMDUGHQWURGHXQDRFLQDHQWUDHQHOVLJXLHQWHHQODFH\UHVXHOYHHOFDVRSUiFWLFREDViQGRWHHQODVPHGLGDV
GHSUHYHQFLyQLQGLFDGDVHQODV1RWDV3UiFWLFDV
:LLNNN
L,]
LF
L$
L
2A
LLLP '
:H
(L
"
.
"
%
(
%
&:
$3[AR
(
.
"
6
(
%
6
%
"
((
$
L
)
2
%
'
@
6
@
@
(L:
"
%
%
#
WHQJDTXHH[LRQDUVHSDUDPLUDUKDFLDDUULED
+D\TXHHYLWDUORVUHHMRVHQODSDQWDOODLQFOLQiQGROD\HYLWDQGRORVGHVOXPEUDPLHQWRVGHOiPSDUDV
"
*
"
)
(
K
6
.
3
"
#
%
#
6
#
"
"
6
#
"
RUGHQDGRURTXHVHUHHMHODOX]HQODSDQWDOODFXDQGRVHHVWiGHHVSDOGDVDpVWD
.
2
"
@
@
6.
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
G$,$3R
$
@!*F,X*
L
@AFF,X*
@
:
;-95
6
.
&
/DVXSHUFLHGHODPHVD\HOWHFODGRGHEHVHUPDWHSDUDHYLWDUUHHMRV
G
.
6
(
K
J6
#
V
#
(
#
%
#
'6
'
@
%
L
9:
@
6
3
%
.
.
%
#
#
%
'.
!
")
)
.
.
'.
%
-2
3JA!3J3F,X*
$
JRA
$
!$:
D&yPRWHVLHQWDVGHODQWHGHORUGHQDGRU"'yQGHWLHQHVVLWXDGRHORUGHQDGRUHQWXKDELWDFLyQ"+D\UHHMRVRGHVOXPEUDPLHQWRV"&DGD
(
?
=
?
=3
#)
?
1
F
"
#)
"
.
%
1
"
(
"
.
#
&
:
:LL
NNN
L,]
LF
L$
L
2A
LL;L48P; '
'
#
6
@
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
#;":'&$'K&#
R
#
' 6
'
1RWD 3UiFWLFD GHO ,16+7 \
"
(:
:LLNNN
L,]
LF
L$
L
2A
LLKK9L5PK9 '
5
M
%
3
%
%
7
R
"
L
.
R
6.
@
%
J
'
2
"
%
,
6
B
8
>
,
7%
2
".
F
7
>
@.
%
3%
.
-2
A@B3*,Y3F,X*
$
@373MA:
1
=D
%
?
=>)
'
&
#
'
"
%?
1
=>)
#
"
?
%
&
@6
$3[AR
'.
"
'
%
#
+
X
X%
*(5
*(
9+
(OORTXLHUHGHFLUTXHODH[LVWHQFLDGHLQVDWLVIDFFLyQQRVRORGHSHQGHGHOREXHQRRPDORTXHHVHOWUDEDMRVLQR
)
%
2
"
)
#
#
H[SHFWDWLYDVQRVHFXPSODQ,QX\HQORVIDFWRUHVDODYH]
/*(6HWUDWDGHXQD
+
*(
%
0
%
'
:
%
(
(
(
%
%
6.
%
'(
%HQHOWUDWRDFOLHQWHVTXHQRPROHVWHQFRQXQUHFKD]RKDFLDVXWUDEDMR
%
)
'.
.
#
PRGLFDU\TXHYHLPSRVLEOHTXHFDPELHSRUORTXHGHULYDHQEXUQRXW
?91-"/ BDA$9AD%A$6B<$?#DA4A%J
$3[AR
A
:
*(
#
2
X%
#
9
(
#
0
9
"
%
#
)
)
$
#
%
0
'
1
%
0
#
"
1
F
.
)
(
0
%,
'
%
.
%
0
'
.
<
%
%
R
%
'
&
6
%
.
%
#
9
'
.:
"
&
.
F
"
"
'.
D
<
$
#
.
,
"
G'
"
"
G'
B
3
6
"
3
6
"
'
G
'
A'
2
"
2
3#
G'
"
$'
D
/
-2
3FARA
37A@3:
1
=D
"
"
6
%?
$
8
#
(
#
<
&
4
E3RUTXpPRWLYRFUHHVTXHVHSURGXFtDQHVDVFRQGXFWDVGHDFRVRODERUDO"4XpVXFHGLyDOQDO"
1
' 6
,*RD:
%XVFDODVIDVHVGHOGHVDUUROORGHOFRQLFWR\ORVHIHFWRVSDUDHOWUDEDMDGRUSDUDODHPSUHVDSDUDVXHQWRUQRIDPLOLDU\VRFLDO\SDUDOD
:
:LLNNN
L,]
LF
L$
L
L*L
L45LP49; '
R
(
"
.
#
(:
:LLNNN
L,]
LF
L$
LJ7,F3F,A*RH@,A$,F3RLLL
'95 '
@=
1
=3
#)
(
2
?
1
=
#)
(
'
?
1
=>)
.
?
"(
:
1
(
2
#
'
'
'
1
'
(
#
".
<
'
*
(
'
)
#
"
#
1
$
"
)
)
#
"
Q
(
2
.
FA
,
#
2
6:
1
J
)
1
J
#
6
1
J
#
'(
#
6
41
J
'
'(
"(
:
1
2
FA
"
1
2
"
37F
#
.
1
2
FA
#
"
&
41
2
"
37F
.
@4
2.
"
.
,
.
%
5H
.
%
WDODUQXHYDVPHGLGDVSUHYHQWLYDVHQWUHODVTXHVHHQFXHQWUDQODVVLJXLHQWHV5HRUJDQL]DUHOSXHVWRGHWUDEDMRFRQODQDOLGDGGHUHGXFLUHO
2.
1
A'
%
,
"
1
R
41
,
2.
"
.
%
R
&
.
"
"
'
'
.
%
"(
:
E1
R
0'1
E1
,
2.
"
.
0
.1
E1
@
2.
0
6"
% 1
4E1
A'
,R
0% 1
(
"
.
)
0
'
%
#
1
'.
"
-
#
"
'
0
.
#
1
(
#
01:
(
(
%
#
@I
4MH;
X
'#:
*(
1
2
"(
1
2
"(
#
1
2
"(
)
1
2
"(
.
#
1
".
%
&6
IMH&
5
%
L +
(
%+
1
1
,
)
2
(
85
7
MH&
+
2*(
1
#
1
@
)
&
85
7
1
"
"
.
1
.
-6
")
(
1
#
(#
MH%(
1
$
1
$
'
".
1
$
1
6MH;
(
1
F
"
#
(
.
1
F
"
#
#
<
'
#
1
"
(
"
1
.
"
<
1
3
3MH.
*(
1
'
6
(
#
6
1
'
'%
"
(
#
%
%"
1
6
(
'%
"
MH&%(
1
#
(
9EF
1
F
6
&SURYRFDQGRHEUHHOHYDGDWDTXLFDUGLDLQFOXVRODPXHUWH
1
R
6.
#
"
1
R
-
1
R
#
"
#
&.
(QORVWUDEDMRVVHGHQWDULRVHQRFLQDVODWHPSH0
(
1
4-5EF
1
6HSURGXFHODEULODFLyQYHQWULFXODUVLSDVDSRUHOFRUD]yQGHPD
#
)
"
"
(#
'
1 5-5EF
1
1
*
%
@@
1 9-9EF
.
MH*((
%
*(,0
(
1
F"
1
'.
#
#
%
#
6
%
1
.
)
#
(
%
1
1
F
"
(
6
1
1
*
.
2
1
MH %
( % *(,
%
1
#
'
&
1
@
"
"
2.
2.
(
"
1
6HEDVDHQODORVRItDGHTXHODGRVLVQRKDFHHOYHQHQRSRUOR
#
#
2.
#
1
3
'
"
6
1
"
%
"
1
(
K
"
'
'
6
1
8WLOL]DUXQDWULORSRUWDGRFXPHQWRVHVEHQHFLRVRSDUDHYLWDUDORV
%
#
'6
'
1 '
6MH&
V %
% %
(
3MH&
+*(
%
*(
,(2
1
"
"
")
"
)
1
'.
%
1
$
'
6
%
1
R
%
"
.
#
%
1
*
6
%
"
1
%
%
1
'
.
MH&
5+
1
'
#
%
%
#
=MH.
(
(%
*(
1
3
%
(
5
O
1
(2
O
1
%
%."
(2
(
8
O
1
2
".
1
#
#
(
(
1
#
#
2
%
%
'
1
%
(
(2
4O
1
*
4MH-
((
%
1
D
#
1
2
1
D
#
(
%
1
$'
1
D
#
@3
)5%
(
!$"A1
(
"
#
)
".
(
6
,
*
R
H+LJLHQHHQHO7UDEDMR,16+78QDYH]LGHQWLFDGRVHQHVWDXQLGDGFXiOHVVRQORVIDFWRUHVGHULHVJRVODERUDOHVTXHSXHGHQDSDUHFHUHQXQ
%
"
"
*(5%
2+(
(+
(
HQHOVLJXLHQWHHQODFHGRQGHHQFRQWUDUiVWRGDVODV*XtDVSDUDODDFFLyQSUHYHQWLYDTXHKDHODERUDGRHO,16+7KDVWDODIHFKD6HWUDWDGHXQDV
JXtDVVHQFLOODVGHHYDOXDFLyQGHULHVJRVSHQVDGDVSDUDODVPLFURHPSUHVDVGHPDQHUDTXHQRUHTXLHUHQGHJUDQGHVFRQRFLPLHQWRVWpFQLFRV
(QWUDHQHOEXVFDGRUGHOKWWSZZZLQVKWHV\SRQ&DWiORJRGHSXEOLFDFLRQHVDFRQWLQXDFLyQSLQFKDHQ&DWiORJRGHSXEOLFDFLRQHVGHO,16+7
\HQ'HVSOHJDUWRGRVORVQLYHOHV(QpOHQFRQWUDUiV NJ(,
Y=HO
(
#
MH=:(2%(,
#
#
6?
R
(
)
MHC: (L%(,F
@
6
#
%
0
6
-
1
:
R
#
F
0
#
'.
1
G
6
#)
"
"
6
%
0
%
-
1
3
9
,HQFRQWUDUiVORVSHOLJURVFODVLFDGRVGHODVLJXLHQWHPDQHUD
!
>
A
/7
$7
%C
9H
>
B
8
>
F
(#
B
"
(#
.
"
F
F
F
)
F
#
#
@
@
2.
%
6
%
'6
F
%
,.
%
R
%
#
)
@
%
F
6.
,
3
:
*(,
<
PXHUWHVFRQUPDGDVSRUHODPLDQWRHQ)HUURO
'
<
J
#
.
'
3#
G
"
6
.
#
2
(
.
#
.
"
2.
)
.
#
G
"
&
"
6
<
M
*DOLFLDTXHXQHVWXGLRFLHQWtFRSLORWDGRSRUIDFXOWDWLYRVHVSDxROHVFRQVWDWDODUHODFLyQGLUHFWDHQWUHHVWHPLQHUDO\ODPXHUWHGHORVRSHUDULRV
#
.
"
/$
#
'
%
ORVDVWLOOHURVGH)HUUROVHUHODFLRQDQFRQQLYHOHVDOWRVGHDPLDQWRHQHOSXOPyQHQHOGHORVFDVRVKDUHVDOWDGRHO6HUJDVHO6HUYLFLR
*DOOHJRGH6DOXGTXHUPDHOHVWXGLR
"
.
6.
)
5
.
"
#
'QDEDELHQFRPRDLVODQWHWpUPLFR\VRSRUWDEDWHPSHUDWXUDVH[WUHPDV7DPELpQDEXQGDHQHQORVWHMDGRV\WXEHUtDVGHORVEORTXHVGHHGLFLRV
FRQVWUXLGRVHQODVHJXQGDPLWDGGHOVLJOR;;\VXXVRHQ(VSDxDDXQTXHVHOLPLWyHQ\QRVHSURKLELyGHQLWLYDPHQWHKDVWD
/DVPLFURVFySLFDVEUDVGHDVEHVWRVHGHVSUHQGtDQGHOPDWHULDOHUDQLQKDODGDVSRUORVREUHURVTXHORPDQLSXODEDQ\FRORQL]DEDQVXVSXOPRQHVKDVWDGDxDUORVFDXVDQGRXQVLQItQGHGROHQFLDVFRPRHQVHPDVFiQFHUGHSOHXUDRSHULWRQHRTXHUHVXOWDURQPRUWDOHVHQPXFKRV
"
'
.
'
6
2
5;
8K
&
%
"
#
2
#
'
#
%
ODPXHUWH8QDDXWRSVLDHVSHFtFDUHYHOyTXHHOQLYHOGHFRQFHQWUDFLyQGHEUDVGHDPLDQWRHQORVSXOPRQHVVXSHUDEDORVPLOFXHUSRVGH
DPLDQWRSRUJUDPRGHWHMLGRVHFR8QQLYHOGHFRQWDFWRPX\HOHYDGR
"
.
.
'
F
$
<
R
GDG(VSDxRODGH1HXPRORJtD\&LUXJtD7RUiFLFDFHOHEUDGRHQ2YLHGR/DLPSRUWDQFLDGHHVWHLQIRUPHUDGLFDVHJ~QHO6HUJDVHQTXHFHUWLFD
XQDUHODFLyQGLUHFWDFLHQWtFDPHQWHFRQUPDGDHQWUHODH[SRVLFLyQDODPLDQWR\ODHQIHUPHGDG
.
&
<
'
R
5
<
$JDYLGDODHQWLGDGJDOOHJDTXHDJUXSDDORVIDPLOLDUHVGHODVYtFWLPDV$YLGDODDVRFLDFLyQHVSDxRODFDOFXODTXHORVGDPQLFDGRVURQGDQORV
8
"
#
(
(
.2
)
F
#
/
VLOHQFLRVRVHKDEUiFREUDGRYLGDV
(QHQHURGHOODSUHVLyQGHORVVLQGLFDWRVORJUyTXHHO6HUJDVMDVHXQSURWRFRORSDUDHYDOXDUDWUDEDMDGRUHVSUHMXELODGRV\MXELOD
*"
J
K54
(
'
6
G
$
'
"
6
#
%.
&
(
'
'
)
"6
%6
#
"
"
)'
J*
3,R
9-8-
FJR,A*R:
1
=>)
#
#
.
?
1
=
#)
6.
)
5?
=
#)
""
?
F&yPRDIHFWDQODVEUDVGHDVEHVWRDORVSXOPRQHV"&yPRHQWUDQHQHOFXHUSR"4XpGDxRVRFDVLRQDQ"
G6HJ~QODDVRFLDFLyQHVSDxROD$YLGDDFXiQWRDVFLHQGHHOQ~PHURGHGDPQLFDGRVHQ(VSDxDSRUHVWDHQIHUPHGDG"&XiQGRDOFDQ]DUiVX
(
"
#
"(?
1
$
; 9
%
%
*"
=(
?
'1
=>)
"
6
G
$
'
?
1
=F
#
2
'
'
?
3
'X(
9<
R
F
%
"
KK;
.
G
%
F
!
%
.
0
21
#
2
'
.
(
#
'
%
%
#
H
%
"
2
<
6.
R
#
%
'
%
.
&
#
%
#
(
"
2
#
#
6
%
#
&
2
'
H
R
2
"
2
6
#
#
2
#
"
2
%
J
#
2
"
2
#
` a
(
(
6
R
(
#
"
#
2
#
2
"
#
2
.
"
2
.
"
A,
&
#
%
(
"
"
%
#
%
%
%
)
'
6
%
%
@
.
F
KL
9
*"
KK
"
%
%
DFRVRVH[XDO\SURSRQHODVLJXLHQWHGHQLFLyQ
`
6
2
2
#
'
%
%
&
\
1
6
'
"
#
%
1
"
%
0
&
1
6
'
2
.
#
'
'.
'
.
#
"
L
1
#
%
\
#
a
6
2
#
"
.
$
(
"
@
'
%
:
'
0
'
6
21
"
6#
".
.
2
"
6
2
2
.
"
2\
SDUDXQDDFWLYLGDGVRFLDOIXHUDGHOOXJDUGHWUDEDMRGHVSXpVTXHVHKD\DSXHVWRHQFODURTXHGLFKDLQVLVWHQFLDHVPROHVWDLUWHRVRIHQVLYRVFRPHQWDULRV
(QODFRQGXFWDQRYHUEDOGHQDWXUDOH]DVH[XDOTXHGDUtDQLQFOXLGDVODH[KLELFLyQGHIRWRVVH[XDOPHQWHVXJHVWLYDVRSRUQRJUiFDVGHREMHWRVRPDWHULDOHV
1
=>)
2
2?
=>)
%
(
'
2?
1
2
%
'
"
"
F4XpGLIHUHQFLDVH[LVWHQHQWUHHODFRVRVH[XDO\HOLUWHR\HOFRUWHMR"3RUTXpHVGLItFLOHVWDEOHFHUXQOLVWDGRGHFRQGXFWDVSURKLELGDV"'H
#)
<
?
G7UDEDMRHQJUXSRUHGDFWDFRQGXFWDVTXHFUHDVTXHVRQDFRVRVH[XDO\TXHSXHGDQVHULUWHR6LODVFRQGLFLRQHVGHODFODVHORSHUPLWHQ
6
<
A
"
'
3
?
A
C
:
$1&$!
"
1A
*#
C
,$
2/
)
3&7
C
#>&1!?
"
0
0$
0$
>
0$
C
0
7
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
R
#
'.
.
@$
KL9
.
:
:LLNNN
LL
? W7A-3-9-;9
"
.
@
KK5
&
#
.
(
%
:
$
6
(
0
2.
1
2
".<
R
'.
#
.
X
:
.
"
9
.
"
(
%
(
(
(
(
#
"
(
.
F"
)
.
.
)
#
(
'.
2
,,
@$
KL9
6#
-%
'(
"
&*(%
#
"
$&ODVLFDFLyQGHODVHPHUJHQFLDV
/DVHPHUJHQFLDVVHFODVLFDQVHJ~QVXJUDYHGDGGHODVLJXLHQWHPDQHUD
#
'
#
2
A
#
HTXLSRVGHWRGRHOHGLFLRSHURFX\RVHIHFWRVVHOLPLWDQDXQDVRODiUHD
A
#
GHPHGLRVH[WHULRUHV&RQOOHYDODHYDFXDFLyQGHOHGLFLR
(2
(
%
0
FDUODV
"
)
'.
.
#
"
'
36
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
#H'(
%
.
.
(
'
.
(
)
0
%
1
"
&
".
6
:
%
'
"
2
:
.
"
3
#
)
0
1
$
#
".
0%
.
%
'
1
:
#
2
".
#
"
.
2
)
R
".
.
:
6
""
A
#
(
:
\
"
\
%
6
&
<
6
\
#
%
#
'
#
#
2
.
%
'
2
'
/
C
.
9
:H&*(%
R
9
#
"
'
*(
%
+
'
.
#
2
#
#
"
#
.
"
.
+
(
'.
")
L
0
(
0
&1
6
>+%
:
#
R
.
&*(
%
&*(
:
#
6
0
2
1
F
"
2
&*(%(
:
#
"
.
.
%
)
6
6
)
"
2
3=
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
:
#
(
*(
1:
6
%
5
6
(
%
%
%FX\RLQFXPSOLPLHQWRHVWiWLSL
/
O
K5
.
#
2
(
.
(
'
&
:
&*(
DXQDSHUVRQDTXHVHKDOOHGHVDPSDUDGD\HQSHOLJURPDQLHVWR\JUDYH(
(
%
(
.
0
(
1
#
(%
(X
R
+(
*(
(X
(
.
;
&
.
;
.
;
&
.
;
4
<<-
%
(
:
,*RD
3
#
.
#
#
-<'<"<:
%<
#
3
#
#
+(%
#
#
2
%
:
#
#
#
R
3
.
(
J
"
6
"
#
/
JXHQORVVHUYLFLRVGHXUJHQFLDVSXHVHOORVVRQHOSHUVRQDOPiVFXDOLFDGRSDUDDWHQGHU
J
"
6
"
(
$
%
.
"
:2
3
7
%
#
$
.
#
3
'
.
#
"
7
#
=F.
7
?
"(
7
3
(
#
$
"
"
2
34
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
3
(
3 R
%
.:
F
"
"
%
R
%(
@
6
.
*(*(
L
'
#
G
(
(
#
$
"
#
1
*(L
#
"
$
<<
F
<
"
#
.
#)
"
%
'
6
"
6
SDUDFODVLFDUDORVKHULGRVHQIXQFLyQGHVXJUDYHGDG
6
%
'.
ODQHFHVLGDGGHDWHQFLyQ/RVFRORUHV\VXVLJQLFDGRVRQ
Tarjeta roja
Tarjeta amarilla
Tarjeta verde
Tarjeta negra
6LJQLFD SULRULGDG XQR \ VH FRORFD HQ DTXHOORV SDFLHQWHV FX\D YLGD FRUUH
3RU HMHPSOR SDUDGD FDUGLRUUHVSLUDWRULD DV[LD KHPRUUDJLD JUDYH TXHPD
"
R
#
#
"
%
:
)
#
)
'
"
R
#
%
:
"
#
'
R
#
#
""
'
R
<
:2
2.
(
"
%
"
'
@
6
'
%
#
1
J
%
#
1
J
%
#
1
J
%
#
'
1
J
%
6
"(
:
3
%
1
1
#
%
%
3
%
.
1
%
#
'
"
#
"
3
%
.
1
%
"
#
3I
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
C"'#D'"E;&<<<F
R
#
'.
@
F
%
@
.
0
@
F1
(
6.
$QHVWHVLDU OD FXDO UHDOL]D
(
Y
0
H
R
"
#
(:
:LL
LL
-"--
-
- -
-L
R
#
+
0
1
.
#
6
F
%
&
@
.
F :
:LL
.
:
9&(.
0
"
(
R
#
0
2 2 *( X
"
#
"
.
"
)
.
.
"
)
)
6
'
(
%
'
'
:L
03D31
,2
LQLFLRSUHFR]GHOPDVDMHFDUGLDFRHOLPLQDQGRODLQGLFDFLyQGHREVHUYDUHVFXFKDUVHQWLUODUHVSLUDFLyQ
#
2
.
"
6
#
"
(
.
"
#
:
3@
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
:
0
F
"
(
"
#
'
"
(
2
2&
"
0
1
R
"
#
.
"
:
,*RD
@
F
%
@
.
)
/
,
SHURGH+2
(
(2%(
6
%
4
B7
$
!
#
"
"
%
F
%
%
F
%
6
R
%(Y-"H
F
#
%(
".
#!
$
N#!$Q
*
%
"
%
#
#
R
6
(
.2
(
%
.
F
#
#
(
%
"
G
.
QRVRWURV/DSLHUQDGREODGDVHH[LRQDHQiQJXORUHFWR
F
6
(
#
%
%
:
,*RD
#H"
R
%
01
(
GHVEULODGRUDXWRPiWLFR
%
:
,*RD
33
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
#;":'&$'K&#
>
&RORFDUDOSDFLHQWHERFDDUULEDHQXQDVXSHUFLHGXUD
6
'
.
0
#
'
1
F
.
.
6
F
6
.
.
%
D
#
.
5
:
,*RD
<=<?
>(
9
6
Y H
)
6
#
#
:
,*RD
@
%
L
9(VWDVPRGLFDFLRQHVVHEDVDQ
#
.
%
""
&
@
6
'
-
.
"
)
J
%
'
(
6
@
,QVXDUDLUHGXUDQWHXQVHJXQGR4XLWDUGHVSXpVODPDQRGHODQDUL]SDUDTXHVHSXHGDH[SXOVDUHO
"
(
5
&RPSUREDUTXHHOSHFKRVHKLQFKDHQODYHQWLODFLyQ\HVSHUDUDTXHVHGHVLQHSDUDODUHSHWLFLyQGH
"
.
0"
.
2
"1
%
:2
RAA@
!,3
7_R,FA
2.
%
#
#
=>)
(
6
?
"(
:
E1
!
(
G"
"
(
E1
3
"
)
'
-
.
@
%
E1
F
(
%
4E1
F
(
.
@
6
%
5E1
(
6
"
""
:
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
,*FA*RF,*
@BJ*3@
B@,3@
!^3
3V@3
=@R,@3?
@R,@3
*A @R,@3
R
@F
:
6<'(
+
%
6<<A%
"
FODVLFDUVHJ~QVXSUHVHQWDFLyQ\VHJ~QHOYDVRVDQJUDQWH
2
:
#
#
"
"
,
:
"
#
"
.
([WHULRUL]DGDVODVDQJUHVDOHSRUXQRULFLRQDWXUDOQDUL]RtGR
3
:
%
""
$
!
:
"
(
F
(:
$
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
:
F
'
.
&
6
(
R
"
'
R
"
.
#
.
R
"
R
6
"
%
"
:
,*RD
:
#
#
.
R
.
R
'
"
2
:
6
3
:
6
6
R
6
3
'
:
R
6
:
,*RD
1
*(
:
,*RD
R
6
7
#
6
:
<
')
R
#
6
%
(
6
6
#
#
%
-:
R
%
(
0&
1
2
-4
6
R
('
%
$
"
#
%
R
%
#
#
%
-(
:
"
)
#
$
#
'
#
6
"
*
#
"
F
#
)
%
6
2
%
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
#HA%
R
T2%:
'
6
)
(
R
#
#
)
HVLQVXFLHQWH
.
"
"
6
"
(
:HA%XL
A%
:
R
'
'
#
5
6LQRFHVDVHWDSRQDHORULFLRFRQXQDJDVDPRMDGDHQDJXDR[LJHQDGD
$L2
"
.
(
,
R
#
"
(
(
$*(
$
.
:
,*RD
:26
DGA@@3B,3R
%
'
(
(
#
(#
#
'
6
J
&
.
(#
3
"
6
"
#
%
=F.
?
=>)
6
#
?
"(
:
E1
R
.
&
3
KHPRUUDJLDDUWHULDOSRUHOFRORUGHODVDQJUH\TXHVDOHDERUERWRQHVSUHYLVLEOHPHQWHHVWDSUHVLyQVHUiLQVXFLHQWH\KDEUiTXHDSOLFDUOD
.
E1
R
6
E1
R
.
<
6
#
6
6
#
#
:
"
)
$
#
%
#
#
*
#
#
%
"
2
)
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
6<<E((
R
#
%
'
WHULDOHVFDOLHQWHVVXVWDQFLDVTXtPLFDVRHOHFWULFLGDG/DVTXHPDGXUDVODVSRGHPRVFODVLFDUVHJ~QHO
'
<
2
.
'H"%7
(+(
3
%
3'
.
'
6
&
0
&
'
&1
3
9
@
#
'
"
F
.
3'
(
'
<
"
"
9
R
'
#
6
6
GHXQDOOHU
*
#
#
6
#
&
)
9
#H"%7
X
R
6
% K % 3
<
"
2
(
(
(
3G73G
G
(
H
2
.
#
F
6:
KH
F
6:
KH
8H
F
:
8H
;H
F
.2
:
8H
:
8H
(
:
H
R
<
]
:
J
#
'
G
(
'
R
(
G
%
#
#
'
15
"
2
.
'
#
#
'
%
E
E
&
GRVFRQHQIHUPHGDGHVSUHYLDVVLJQLFDWLYDV
:
,*RD
R
(
=G
(%
(=G
:H)(
R
#
"
#
:
(
3
'
6
#
%
#
*
"
#
2
#
&XEULUODOHVLyQFRQXQYHQGDMHK~PHGR\RMR8WLOL]DUJDVDVHVWpULOHV
*
"
#
#
#
)
#
(
6
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
#
#
)
%(
%
#
PHGLGDVGHDFWXDFLyQHVSHFtFDV
A
A
:
,*RD
R
)
@
6
.
F
6
'
)
R
*(,
#
"
#
(
'
%
0
'(
<
1
3
-
#
&
$
!7
LQDPDEOHV
$(
6
%(
'
2
R'
)
2
<
"
"
'
:2=
>JG3$J@3R
"
#
%
G
6
3
(
(
6
#
(
M
#
G
#
'
'
=>)
"
?
=D
M?
"(
:
(QHOFDVRGH0DUFRDOWUDWDUVHGHXQDTXHPDGXUDFRQXQOtTXLGRLQDPDEOHQXQFDGHEHXWLOL]DUVHDJXDSXHVORTXHVHFRQVLJXHHVH[SDQGLU
(
#
.
M
$
'
'
2
"
<
6
(QHOFDVRGH)DELiQVtTXHGHEHXVDUVHDJXDDEXQGDQWHGXUDQWHPLQXWRVSXHVHVXQDVXVWDQFLDTXtPLFD\QRXQOtTXLGRLQDPDEOH
#
:
=
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
",
#
X+(:
$
#
"6
6
)
'
"
3
,QDPDFLyQ\DPRUDWDPLHQWR
$
'
7UDVODGDUDXQFHQWURVDQLWDULRSDUDVXWUDWDPLHQWRGHQLWLYR
R
.
>
%
#
%
%
J6
')
"6
6
2
'
*
6
6
'
6
6
"
"
"
"
#
2
"
0
%
1
"
#
#H(X
%(
!C
A
$
6
.
)
#
D
'
"
6.
)
'
6
"
.
D
#
"6
2.
.
"
.
2.
R
#
"
FLyQDVtFRPRODLQDPDFLyQ
R
"6
.
"
%
"
)
:24
@3FJ@3R
3
(
"
(
"
.
(
#
"
#
(
=F.
?
"(
:
'
"6
"
#
.
"6
")
D
6<6<A
((
(
(
:
:HQODSLHOFRQOHVLyQVXSHUFLDOTXHQRDIHFWDDORVWHMLGRVLQWHUQRV
:
(
%
#
(
"
'
.
'.
9(
L
#
%
0
"1
R
(
'
.
"
4
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
2
%.
'
J
6
R
.
(
@
".
)
R
%
O
.
FHQWUR PpGLFR$VLPLVPR QR H[WUDHU ORV REMHWRV FODYDGRV VLQR MDUORV SDUD HYLWDU TXH VH PXHYDQ
:
,*RD
6<=<'%
F
"
"
(
#
.
"
)
2
.
'
-
.
"
"
.
%
9X #
(
#
5
(
<
R
#
#
.
6
(
%
R
#
6
:
E1
R
=
#
%
2&
E1
R
%
A=
.
:
=
8
R
(
R
'
&
4
%
&
%
.
%
'
"
2&
R
<
.
5
5
:
,*RD
R
2
)
(
6
F
.
:2I
D,G,FD
G
!
,
#
(
"
#)
(
66
#
I
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
6<4<-5
#
6
2
$
:
!
(VXQDSpUGLGDGHFRQVFLHQFLDEUHYHVXSHUFLDO\WUDQVLWRULDGXUDXQRVVHJXQGRV R SRFRV PLQXWRV GHELGD D XQD GLVPLQXFLyQ EUXVFD GHO XMR VDQJXtQHR DO
6XVVtQWRPDVVRQVHQVDFLyQGHPDUHRRMHGDGHQODVSLHUQDVSLHOSiOLGDIUtD\
#
"
"
2
"
"
0
%
"
1
2:
G
"
K
$RMDUOHODVURSDV
3
#
2
.
$7
:
,*RD
6<I<!
X
.2
"
":
"
#
:
'(
5
'(
.2
#;":'&$'K&#
"
#
"
@
(
,*RD
/*
3UiFWLFDV VREUH HQYDVDGR
#)
"
"
#
@
"
(:
:LLNNN
L,]
LF
L$
L
2A
LL4L4P4 '
@
1(%
)
(
%
X
"
'.
R
.2
#
%
&
<
6
$
C
7
$
%
R
(
6
.
'
C
R
(
"
0(
'<
%
'(
1
"
".
R
#
.2
.
"
C
?911A:AD6A%/$<#D%:ADB$/?O%!%B$
R
"
"
")
(
J
6
"
6
#
"
%
#
"
G
.
#
#
(
D
#
"6
#
"
R
"
#
6
%
0
.1
R
)
)
#
"
1
(
G
@
O
#
)
(
)
2
)
)
6
(
2
&
#
R
(
6
6
R
(
.
"
6
1
(VODSRVLFLyQGHODVLOODGHODUHLQDGRQGHHOSDFLHQWHYDVHQWDGRVREUHODVPDQRVFUX]DGDVGHORVVRFRUULVWDV
4<#*(,
(X
$
(X
(
=9
#
(
5
#
*(,
2(X
"
'.
@$
48;LK9
.
,
:
%
E %
6
3.
)
"
"
:
E
;
(
"
%
"
B
)
&
"
F
"
B
:
C
E
G
G
.
7
)
.
KH
B
3
?911A:AD6A%/$<#D%:ADB$/?O%!%B$0/ %4%9/9A$
:2
'H-
%
MH
,"
.
=>)
".
&?
=>)
#
2
?
=R
6
?
=F( ?
MH
,"
.
=>)
#
?
=>)
.
&?
=F(
#
?
MH,
#)
(
".
#):
8WLOL]DUORVDVFHQVRUHV
9ROYHUDORVGHVSDFKRVDSRUORVDEULJRV\DFHUUDUFRQOODYH
6DOLUFRUULHQGRDGHODQWDQGRDOPi[LPRGHFRPSDxHURV
6LKD\PXFKRKXPRFRUUHUWRGDYtDPiV
'LULJLUVHDOSXQWRGHUHXQLyQGHIRUPDRUGHQDGDVHJ~QODVLQVWUXFFLRQHV
#
".
&XEULUVHODQDUL]\ODERFDFRQXQSDxXHORPRMDGR\DQGDUDJDWDVHQ
#
#H-(X
6MH
<
%
#
UHDOL]DU HO WULDJH \ FODVLFDU DO UHVWR FRORFiQGROHV GLVWLQWDV WDUMHWDV
R
&
#)
%
:
8QFKLFRFRQXQFRUWHHQODPDQR
J
&
#
(
J
&
'
J
#
6
J
#
=MH
J
#
R
&
#
"
#)
#
"
6
#
.
%
)
#
"
&
=$
%( ?
=
#)?
F
(
=#)
?
R
"
.
=#)
3 R
)?
IMH 2
.
#
6
.
(
.
(
.
%
HA%*((
3MH
%
'
#
"
"
#
6
%
'
=>)
#
'
% ?
R
<
]
=
#
"
"
?
,
.
MH
2
.
#
#
#
(
#
MH3
'
'
3
(#
'
6
#
%
3'
6
(#
"
=>)
.
'
6
?
#
"
=F.
'
2.?
=F.
?
6MH
'(
YHQWLODFLyQQDWXUDOQLDUWLFLDODWUDYpVGHDLUHDFRQGLFLRQDGR'XUDQWH
"
4
J
"
OLHQWHGHSRQLHQWHXQWUDEDMDGRUHPSLH]DDVHQWLUPDUHRV\RMHGDGHQ
6
3
=D
'
?
=F.
?
J
"
6
#
=.
(
?
?911A:AD6A%/$<#D%:ADB$/?O%!%B$0/ %4%9/9A$
.
'H-
%
4MH&
%
(
0
(
1
$
MH;
%
1
G"
#
)
(
.
1
J
#
PDQRV\ORVHTXLSRVGHWRGRHOHGLFLR
1
$
1
J
#
'
1
J
#
2
1
,
2
(
"
#
IMH&
%(
1
>
"
MH&
(
(
(
1
>
#
#
"
1
F
"
1
>
"
1
#
(
6
&
1
"
1
R
@
F
%
@
.
1
$
".
1
2
1
"
(
(
2
1
F
#
6
"
2
1
R
"
.
.
"
6
'
(
%
1
#H-(X
6MH
(X L
1
J
(
(
1
J
#
QRVHFRQR]FDVXFLHQWHPHQWHPiVYDOHKDFHUDOJRTXHQRKDFHU
MH
+
0
1
J
6
)
#
=MH&
-<'<"<
(
*(
1
'
1
G"
1
J
"
6
6
2
MH&
(
1
6HXWLOL]DUiODWpFQLFDYHURtUVHQWLUGHIRUPDUiSLGDQRSXGLHQGR
(
1
<
"
#
2
1
R
.
1
1
R
%
?911A:AD6A%/$<#D%:ADB$/?O%!%B$0/ %4%9/9A$
.
IMH&
(
*((
%
1
D
#
'
MH&
9
1
R
(
#
1
R
6
(
1
D
#
'
'
1
D
#
-
1
*
1
R
(
.
(
K
%
1
R
6(
;
@MH+
+((X
1
R
6
"
6
%
)2
"
1
R
6
%
%
'
"
.
1
R
6
"
.
%
1
R
6
'
-
.
"
)
%
6
HA%*((
6MH;
%X
1
#
#
"
6
1
.
.
)
#
<
.
1
#
)
#
%
#
6
"
<
1
.
'
"
6
.2
=MH&
%XL
1
R
6
6
(
1
R
#
1
*
4MH&
(
*((
1
R
(
%
#
'
6
&
1
R
#
#
#
'
"
1
R
#
#
#
#
1
]
'
H
E
"
1
R
#
'
#
"
"
6
#
#
2.
"
'
"
6
1
'
2.
"6
"
1
3MH&
(
%
1
R
6
#
2
%
2&
1
R
#
#
2
1
R
5
%
2&
6
1
6
.
H1*(,
MH&
1
R
"(
"
1
R
6(
(
6
1
R
"
(
#
"
6(
.
0
%
1
MH&*(,
(X%
1
(
5
%
1
(
5
%
#
2
1
(
#
(
?911A:AD6A%/$<#D%:ADB$/?O%!%B$0/ %4%9/9A$
$GAR@3F,X*
RAA@
!,3
7_R,FA
?911A:AD6A%/$<#D%:ADB$/?O%!%B$0/ %4%9/9A$
G
.
'
.
#
'
%
#
.
BGtD\TXHOHGHMyHQPDQRVGHOSHUVRQDOGHXUJHQFLDV6HJ~QVXYHUVLyQVXKLMRVXIULyXQDWDTXHGHQHUYLRV\IXHDWHQGLGRHQHOPLVPRFHQWURPpGLFR
M @
)
#
"
.
#
#
/
LOHJDO\FDUHFtDGHFRQWUDWR1LHJDDVLPLVPRTXHSHUFLELHUDHXURVDOGtD\TXHUHDOL]DUDMRUQDGDVGHKRUDVFRPRGHQXQFLDHOWUDEDMDGRU\VXIDPLOLD
&REUDQHQWUH\PLOHXURVDOPHV\ODVMRUQDGDVVRQGHDKRUDV5HVSHFWRDODVFLUFXQVWDQFLDVHQODVTXHVHSURGXMRHODFFLGHQWHODERUDO-5
DVHJXUDTXH)UDQQV5LOOHVVHHQFRQWUDEDHEULRHQHOPRPHQWRGHORVKHFKRV\FD\yHQODPiTXLQDDPDVDGRUD(OEUD]RDxDGHHOHPSUHVDULRVHJ~QOH
UHODWyVXKLMRTXHVHHQFRQWUDEDHQODIiEULFDFXDQGRVXFHGLyHODFFLGHQWHTXHGyHQWDQPDOHVWDGRTXHGHFLGLHURQPHWHUORHQEROVDV\WLUDUORDODEDVXUD
*
#
'
.
.
J*:
2
:
:LL
L
LKL;LL L44;8P855
N,2(
*((
a
b0
(
LO
/D)LVFDOtDGH9DOHQFLDKDSHGLGRVHLVDxRVGHFiUFHOSDUDORVGRVUHVSRQVDEOHVGHXQDSDQLFDGRUDGH5HDOGH*DQGLD9DOHQFLDHQODTXHXQLQPLJUDQWH
VLQSDSHOHVSHUGLyXQEUD]RDOPDQLSXODUXQDPiTXLQDGHDPDVDU(QODFDOLFDFLyQSURYLVLRQDOGHFDUDDOMXLFLRHOVFDODFXVDDFDGDXQRGHORVHPSUHVD
%
(OVFDOVRVWLHQHTXHODFDXVDGHODFFLGHQWHIXHODXWLOL]DFLyQGHXQHTXLSRGHWUDEDMRVLQODVSURWHFFLRQHVUHJODPHQWDULDVSRUKDEHUVLGRDQXODGDVR
HVWURSHDGDVSRUXQWUDEDMDGRUDOTXHQRVHOHKDIDFLOLWDGRLQIRUPDFLyQQLIRUPDFLyQDGHFXDGDVREUHORVULHVJRV$GHPiVH[SOLFDHQVXHVFULWRTXHORV
DFXVDGRV-50\550HPSOHDEDQHQVXQHJRFLRDRWURVLQPLJUDQWHVVLQSDSHOHVHQODPLVPDVLWXDFLyQGHLOHJDOLGDG\SHUPLWLHURQTXHVXVWUDEDMDGRUHVSUHVWDUDQVXVVHUYLFLRVHQFRQGLFLRQHVGHULHVJRJUDYHHLQPLQHQWHSDUDODVDOXG\ODVHJXULGDGHQHOFHQWURGHWUDEDMR\DQRVRORHQUHODFLyQ
FRQODPiTXLQDHQODTXH0HOJDUVXIULyODDPSXWDFLyQVLQRWDPELpQSRUODIDOWDGHYHQWLODFLyQHQODQDYH\RWUDVGHFLHQFLDV/D)LVFDOtDUHFXHUGDTXHOD
,QVSHFFLyQGH7UDEDMRGH9DOHQFLDOHYDQWyDFWDVSRUIDOWDPX\JUDYHDODHPSUHVD3RUWRGRHOORHOVFDOSLGHSDUDFDGDDFXVDGRWUHVDxRVSRUXQGHOLWR
%
"
G
&
0(
5
1
'
)
G
(
6.
54
'
6
.
5
J*:
2
:
:LL
L
LL4L9L L95;P855
FJR,A*R:
1
R
<
%
=.
.
?
=>)
%
?
=F(
"
.
DFFLGHQWH"<VREUHHOWUDVODGRDOKRVSLWDO"4XpYHUVLyQGDODVFDOtDVREUHODVFDXVDVGHODFFLGHQWH"
1
=>)
6
?
=>)
.
%.
% ?
1
=F(
.
%
<
% ?
=C
<
?
G'HTXpGHOLWRVDFXVDODVFDOtDDODHPSUHVD"4XpSHQDV\VDQFLRQHVHFRQyPLFDVVROLFLWD"
1 =F(
<
#
"
.
?
=>)
<
.?
6
?
B
:
$1&$!
"
1
*/
,%
8
2A
)B
A
3!
+A
7
(!
>
'!
F
G
#>&1!?
"
0
"#
0/8
0
0/
04
>
A
0$
7
0$
04
?91*BD%A /%J!/&BD/!
-2
FJR,A*R:
1
=>)
'
?
1
=C
(
'
#
'"
?
=
#)
%
#)
DQWHVGHOOHJDUDHVWHFLFOR"(QGHQLWLYDTXpUHFRUULGRKDVUHDOL]DGRKDVWDOOHJDUDTXt"
1
R
&
#)
"
.
#
'"
1
=F
#
?
=!
?
=F(
?
=>)
"
?
H4XpSHUVSHFWLYDVODERUDOHVOHYHV"(QTXpWHJXVWDUtDWUDEDMDUDOQDOL]DUHOFLFOR"
'1
=F
#
(
'(
?
=
#)?
1
C
'
'
:
=$.
"
DxRVDOQDOL]DUHOFLFOR"<GHQWURGHFLQFRDxRV"+DVSHQVDGRORVSDVRVQHFHVDULRVSDUDOOHJDUDOOt"
4
?911BD%A /%J!/&BD/!
4E1
=:
"
?
#
%
"
=#)
"
#)
?
"
DFHUFDUHVDJHQHUDOLGDGDODUHDOLGDG\DSXOLUODGHULYDQGRGHHOODREMHWLYRVHVSHFtFRVXRSHUDWLYRVPiVDOFDQ]DEOHV
5E1
=:(2
"
?
=#)
"
?
=
%
"
6
?
R
"
%
"
#
6
(
#
;E1
=
"
?
6HUHHUHDOFRQWH[WRHQHOFXDOHQPDUFDVHVHREMHWLYRODVFLUFXQVWDQFLDVDMHQDVTXHORURGHDQ3RUHMHPSORVLTXLHUHVGHGLFDUWHDOD
.
#
6
#
(
.
b
A
)
%
"
"
'
b
9E1
=:
*(5
"
?
"
#
.
%
"
(:
#
=
"
<
?
C
%
%
=
#)
%
"?
=F.
"
'-?
8E1
=>)
VLJQLFD
%
"?
3
#
2
"
#
.
%
"
#
6
"
%
"
%
%
HQODHPSUHVD;(VRVLJQLFDSDUDWLXQDYDQFHSURIHVLRQDOXQDQXHYDSRVLFLyQVRFLDOXQUHFRQRFLPLHQWRRELHQSXHGHVLJQLFDUXQD
)
#
#
\
(
"
\
FDUiWHQHUWRWDOGLVSRQLELOLGDGRLPSOLFDUiKDEODUHQS~EOLFRDORFXDOWHPHV6HJ~QGyQGHKDJDVKLQFDSLpHVHVLJQLFDQGRPDWL]DUi
(
'6(
%
"
KE1
=>)
"
?
<DVHKDUHVDOWDGRTXHXQREMHWLYRJHQHUDOVHWLHQHTXHGHVJORVDUHQSHTXHxRVREMHWLYRVHVSHFtFRVXRSHUDWLYRV,PDJLQDTXHSRUHMHP
#
@
D
#
#
R
#)
#)
#
#
#
6
%
"
"
%
:
)
"
.
%
.
'
+
FDFLyQGHHVWRVREMHWLYRVFRQVHJXLEOHVHQXQWLHPSRQRPX\ODUJRWHD\XGDUiDFHQWUDUWH\DUHIRU]DUWHHQWXVH[SHFWDWLYDV
E1
=: 2
?
=>)
(
.
"
(
.
(
#)?
*
#
"6
%
"
%
)
:
NNN
I
?91*BD%A /%J!/&BD/!
<'(
2
+
(
'
(
'
F
'
#)
#
%
"
(
'
#
#
"(
(
F
R
#
"
'
.
%
TXHSHUPLWHQDOWUDEDMDGRUPHMRUDUVXHPSOHDELOLGDG\VXHFDFLDHQHOWUDEDMR
F
'
%
6
#
%
%
'
&RQDQ]D
D
/
:
"C
/
A 7
A 7
!
8
"
8
A 7
7
@
.
'"
#
(
6
(
XQDGHWHUPLQDGDVLWXDFLyQ\SHQVDPLHQWRV/DFRQDQ]DVHYHUiPiVRPHQRVUHIRU]DGDHQIXQFLyQGHODV
"
&XDQGRXQDSHUVRQDHVUPH\FRQVWDQWHTXHSHUVLVWHHQHOREMHWLYR
(VXQYDORUTXHHVWiHQODFRQFLHQFLDGHODSHUVRQDTXHOHSHUPLWHUHH[LRQDUDGPLQLVWUDURULHQWDU\YDORUDU
6HSXHGHGHQLUFRPRHOFRQWUROGHODSURSLDIXHU]DGHYROXQWDGSDUDFXPSOLUFRVDVTXHJHQHUDOPHQWHVH
"
6.
'
6
"
"
FRVDVTXHVHYHQFRPRLQGHVHDEOHVRSDUDSRVSRQHUXQDJUDWLFDFLyQ
#
"
.
%
"
(VODFDSDFLGDGGHDGDSWDUVHUiSLGDPHQWHDODVFLUFXQVWDQFLDVORVWLHPSRV\ODVSHUVRQDVUHFWLFDQGR
"
%
""
(
.
#
'
(\
'
#
(
R
2
(
#
6.
#
(
%
%
"
<
)
(
"
.
([LVWHQP~OWLSOHVDXWRUHVTXHKDQGDGRRWUDVWDQWDVGHQLFLRQHVSHURXQDFDUDFWHUtVWLFDHQODTXHFRQFXHUGDQFDVLWRGRVHVTXHHVODFDSDFLGDGGHLQXLUHQORVGHPiV
6
(
'
#
6
"
6
WRVHQSDUWLFXODUODVRSLQLRQHVRDUPDFLRQHVTXHHQODYLGDFRWLGLDQDVXHOHQDFHSWDUVHFRPRYHUGDGHUDV
?911BD%A /%J!/&BD/!
-2
A$AR
*GAR
F33F,$3$R
C
FAG*F,3R:
#)
"
5
1
&RQDQ]D
D
/
:
"C
/
A 7
A 7
!
8
"
8
A 7
7
#H
+
=>)
'
'
?
=F.
?
@
#)
'
3
")
'.
3 #.
'
3
")
2
'
'
#
#
")
+
(
N
G
.
)
(
'"
'
#
SRVHHQORVDOXPQRVTXHKDQQDOL]DGRGLFKRVHVWXGLRV
'
#
#
#
9(
+
&
'
SXHGHQFRQYDOLGDUVHHQWpUPLQRVRFLDOHVDFUHGLWDUVHGHIRUPDWRWDORSDUFLDOSRUODUHDOL]DFLyQGH
HVWXGLRVRFLDOHV(VHOGHQRPLQDGRSURFHVRGHDFUHGLWDFLyQGHODVFRPSHWHQFLDVSURIHVLRQDOHVHO
FXDOWDPELpQSRGUiVHQFRQWUDUHQHOSRUWDOGHO0LQLVWHULRGH(GXFDFLyQ7RGR)3HV
3RUWDQWRSDUDGHWHUPLQDUTXpVDEHVKDFHUGHEHUiVLQGLFDUVLKDVUHDOL]DGRDOJ~QFLFORIRUPDWLYRDQWHV
0
%
1
'
#)
%
6
'
@
6
(
(
(
'
G
.
)
(
'.
(
:
'"
A
.
'
'
)
<#
F
3
.
'
A
3
?91*BD%A /%J!/&BD/!
-2
=FJ_R
RA*
JR
FAG*F,3R
@AR,A*3R
3$>J,@,$3R
A@
3
A@G3F,X*?
=FJ_R
3$>J,@,@_R
FA*
R
F,FA?
=FJ_R
RA*
RJR
R3,$3R
@AR,A*3R?
(
:
:LL '
L 'L'L#
---
L'
-'"L --
3#
(
'
'
'"
31
R
<
:
=>)
"
?
)
#
(
'
@$
&6
'
'
'"
71
@
6
"
"
6
'"
#
(
-26
@AFRA
$
3F@$,3F,X*
$
3R
FAG*F,3R
@AR,A*3R
=D
%
?
=>)
?
.
(
:
:LL '
L 'L'L
-
-
V
(
'.
.
(
#
2
'
"
1
=3
#)
?
=
?
1
=F(
'
?
$
"
#)
1
=>)
#
?
=>)
#
?
1
#
<
"<
#)
'
#
"
#)
#
:
:LLNNN '
L
LR
"
,?W
"(
#
<
'
#
1
<
#
F
%
.
F
3.
"
.
'
'
(
N
F
%
.
R
"
.
'
"
<
.
-2=
JR
J*AR
J@R
C
$V7,R
$
)
"
'
3
.
'
)
#
#
=>)
#
%
)
?
?911BD%A /%J!/&BD/!
<!
++
L
J
.
.
'
'
%
6
'.
#
"
%
%
"
' 6
"
#
#
"
"
2
"
6
D
#
C
AC
A
#
:
@
&
#
:
3
&
-7
:
%((
0
"
1\
2%
0
%51
2
0*:
'
(1
3DUWHHVSHFtFD:
<
#
.
(
.:
A(
:
":
$
D
B
'
A.
31
1
%,:
$
$%
)
,
>
A.
71
:
:
$
7
F
>
A.
F1
#
'"
(
N
F
%
F
3.
X2
(
N
F
%
.
F
3.
$
+:
#
5
"
7
:
#
<
$
SDUWHHVSHFtFD:
$
1
>
%(
%++
(
6
2(
SDUWHHVSHFtFDWDQVyORODSDUWHFRP~Q
1
>
(
X
+
(
'"
-24
FA*RJ3
3
@J73
$
3FFRA
3
B@3$A
RJ@,A@
(
N
F
%
.
.
.
:
1
=
#)
'
"
6
?
1
2
<
1
=F
#
(
2
?
=$
(?
1
F
2(
(
N
F
%
.
?91*BD%A /%J!/&BD/!
7
(ODFFHVRDOJUDGRVXSHULRUPHGLDQWHFXUVRGHIRUPDFLyQHVSHFtFD
&RQHOQGHIDFLOLWDUDORVDOXPQRVGHJUDGRPHGLRHODFFHVRDOJUDGRVXSHULRUGHVGHHOFXUVRVHSRGUiDFFH
%(
6
(
(+
R
.
(
.
L
I
0
L
F
3.
'
;
1
0*:
.
'1
R
'
(
SDUWHFRP~Q\GHODSDUWHHVSHFtFD
;
R
(
%QDOL]DGR
#H&(
%(
<
&
'
"
#
#
"
"
0
H1
#
#
6
)
(
'
"
(
.
7
A
#
(
(
'"
"
.
.
#
9
(
4
X2
(
SDUDVXPDUPiVQRWDWRPiQGRVHODVPHMRUHVFDOLFDFLRQHV'HHVWDPDQHUDSXHGHQDOFDQ]DUODPi[LPDQRWDTXH
#
"
"
2(
"
2
'
2
R
(
2(
"
"
:1
(0
(
-2I
3
*A3
$
3FFRA
3
3
J*,!@R,$3$
7
"
(
N
"
#
)
:
:LLNNN
'L
3XHGHVHQWUDUHQXQEXVFDGRUPX\LQWHUHVDQWHVREUHXQLYHUVLGDGHVSDUDHQFRQWUDUWXXQLYHUVLGDGLGHDO&RQHVWHEXVFDGRUSRGUiVHQFRQ
"
#
(
%
'
#
.
"
<
"
(2
#
)
:
:LL"
L
?911BD%A /%J!/&BD/!
5HH[LRQDUVREUHHO
9*(
#
"
%
%
%
3ODQLFDUODVWDUHDV
%
HVSHFtFDSDUDEXVFDUWUDEDMR
(,(((
%
!
+
#
"
:
'
)
.
'
(5
'.
#
:
%
6
.
#
*
'
#
'
.
:
ODHPSUHVDHODERUDHOSHUO
+9:
'
")
,
R
"
<
)
F
.
0
1
.
.
(((
4
-(5
:
5
-
:
R
6
;
"%(
2 FRQUPDU H[SHFWDWLYDV QRUPDOPHQWH FRQ HO VXSHULRU
#
9
)DVHQDO:
)
'.
.
=>)
6
.
?
.
?
,"
3
%
#
"
2
7
2
R
F
R
.
G".
7
R
"
R.
3
$
3
"
&RQLFWLYLGDG
,
@
6
, "
3
6
.
$
".
,
?91*BD%A /%J!/&BD/!
'H(
+
D
(
*(
((,+
%
(L
'
#
%
(2
,(
"
(
<#
.
(
(
'
#
(
3
(2
#
6
'
"
+QRHVSHUDU\UHVSRQGHUDODVRIHUWDVTXHYD\DQVXUJLHQGR(QGHQLWLYDXQDDFWLWXGDFWLYD\QRSDVLYDXQDSUHGLVSRVLFLyQ
#
(
#
6
'
@
,
NNN '%
NNN %
NNN
NNN %
NNN
NNN %
NNN
NNN
%
NNN
NNN
NNN % :
N
N
.
FRVSRUVHFWRUHVFRPRKRVWHOHUtDRHPSUH
G
O
:LL
N
LL;L
-
-#
-
-
NNN O
NNN 2 L
NNN N
NNN '
O
A
'
R
"
<
.
:
3
GN
@
A
:
:LLNNN
L
L
P%L
P
L
-A,3L
F
7
%
"
.
F
%:
F
F
'
#H(
+
7
<
R
.
<
'
6
PHQRUVLHPSUHGHEHWHQHUVHHQFXHQWDHQDTXHOORVSHUOHVSURIHVLRQDOHVTXHWUDGLFLRQDOPHQWHKDQHQFRQWUDGRVXHPSOHRHQHOVHFWRUS~EOLFR\
#
&
#
%2%L
.
'
:
:
6
%
.
(
#
(
):
"
)
2
'.
)
K
(
'.
'
<:
:LLNNN
L
:LL
"
L
2 %
:LLNNN
L
:LL
L
L
6
?911BD%A /%J!/&BD/!
=<
(
&(
J
2
9
#
#
'
%
#
J
0
#
1
D
.
"
(
#
'
#
2
'
"
%
J
#
#
"
"
#
"
"
:
-
J@A3RR
-
AJR
-
@$
J@R
4-
@AB@3G3R
$
GA!,,$3$:
3-
@3RGJR
7-
A*3@$A
:LL
'
L
L
%
"
+
5 0
(
5
#
:
F
"
3DVDSRUWHGHOHQJXDVUHHMDODVKDELOLGDGHVHQODVGLIHUHQWHVFRPSHWHQFLDVOLQJtVWLFDV
J6
"
%
F!
R
:
%
)
#
#
:LL
L
L
%?
W
#
%
"
#
%
'
+
(
&(
:
A
6%
'.
$
2
"
3
:
"
.
%
@
:LL
L
L
%?W
"
7*( 9
%
R
"
%
'
6
R
"
<
,*G
J
=
?91*BD%A /%J!/&BD/!
-2@
@373M3@
*
J@A3:
(
N
:
:LL
'
L
L
*
(
#)
"
(
N
:
:LL
L
L
%?W
9HDODSDUWDGR
%XVTXHGDGHHPSOHR\HQHOEXVFDGRUVHOHFFLRQDORVVLJXLHQWHVSDUiPHWURV
-
R
.
"
\
-
R
:
0
%
@
J 1
=F(
'
2
?
R
#
)
?
9
:,
(
"
%HQHFLDUVHHGXFDWLYDOLQJtVWLFD\FXOWXUDOPHQWHGHODH[SHULHQFLDGHODSUHQGL]DMHHQRWURVSDt
G
%
)
.
Q
")
.
"
0,F1
D
#
(
%
"
")
:
&(
#
\
(
"
#
"
#
F
CE(5
?
3
'"
%((
0
RA
S
=
:(2
(
" ?
&
(2
(
"%
0
" 1
2%
,
#
UHFLEDVRQRXQDVXEYHQFLyQQDQFLHUDHVWDUiVH[HQWRGHSDJDUWDVDVDFDGpPLFDVHQODLQVWLWXFLyQ
%
.
2
$
(
"
6
#
.
.
F
%(
R
+(GHXQDDFFLyQGHPRYLOLGDG(UDVPXVQRSXHGHVVROLFLWDUQLVHUEHQHFLDULR
"
'
(
4
?911BD%A /%J!/&BD/!
#H-%
&
+
=
*(5
?
"
#
6
GHIRUPDFLyQSURIHVLRQDO\HVWiQGLVSRQLEOHVHQHOPHUFDGRODERUDOFRQHOQGHDGTXLULU\XVDUFRQRFLPLHQWRVKDELOLGDGHV\FXDOLFDFLRQHVTXHOHVVHDQ~WLOHVHQVXGHVDUUROORSHUVRQDO\SURIHVLRQDO
D
#
"
")
F
"
,.
#
(
"
CE(5
?
#
#
6
'.L(
2%
2
'.
'
=>)
?
F
'.
'
:,
3
#
'.
'
'.
'
F(
6
F
#
"
.
.
6%
=:(2
(
" ?
J
(2
;
RA
S
/RVSDUWLFLSDQWHVFRQWDUiQFRQQDQFLDFLyQSDUDODPDQXWHQFLyQHOYLDMH\ORVFRVWHVGHSUHSDUDFLyQ
)2
+
-23
$
@_F,F3R
A@
J@A3:
:LLNNN '
L 'L
-'
L"
(
"
'
"
(
#
6
&
)
":
=F
#
'
?
4XHSLHQVDVGHODH[SHULHQFLDHQJHQHUDO"4XpEHQHFLRVREVHUYDV"
-2
FXGA
RA,F,3@
J*3
7F3
A*3@$A:
(QWUDHQODSiJLQDGHO2$3((KWWSZZZRDSHHHV\EXVFDHQODFROXPQDGHODL]TXLHUGD&RPRREWHQHUXQDEHFD/GY
=>)
?
=F.
?
I
?91*BD%A /%J!/&BD/!
$
'
"
9(
(,((
'
#
)
(
'.
"
%
#
L\FRQFHELGDHVSHFtFDPHQWHSDUD
%
.
+
L
.
L
$X(
7
.\
#
#
(
:
"
.
'
"
R
:
$
)
0
1
0
1
'
6
'
'
"
#
#
(QHOVHJXQGRSiUUDIRVHPHQFLRQDQORVGDWRVPiVVLJQLFDWLYRVGHWXFXUUtFXOXPUHVSHFWRDOSXHVWRTXHVROLFLWDV
2
%
"
#
'
.
"
/DFDUWDWHUPLQDFRQXQDGHVSHGLGDHQXQHVWLORIRUPDO\GHFRUWHVtD\SRU~OWLPRWXUPDRULJLQDOVLHPSUHTXHVHDSRVLEOH
*
(
R
G
6
G *% R
FL
.
4E-d
3
$
@@ DD
4;
!
F !
7
58
&
0F
.1
e
!
5
R
@
@
D
3
")
"
.
"
#
"
#
5HFLHQWHPHQWHKHQDOL]DGRFRQp[LWRPLVHVWXGLRVGH)RUPDFLyQ3URIHVLRQDOGH&RPHUFLR,QWHUQDFLRQDO\GXUDQWHWUHVPHVHVKHWUDEDMD
6
.
F
%
0F1
6
.
#
#
.
F.
.
)
&
3&
"
"
>
.
6
"
#
2
'
#
3
R
G
6
@
?911BD%A /%J!/&BD/!
'H-
3
((
.
#
%(
#
.
F"
6
%
*
'
%
3
(
6
%
(
#
.
:
6
#
#
%
.
)'
0
."1
.
.
'
.)':!U$':'Q)!:'
6 :
#
'
#
6
.
#
%
"
#
.)':!U$:
)-&)&$1'.!'
2WURVHVWXGLRVDGHPiVGHORVHVWXGLRVUHJODGRV\UHFRQRFLGRVRFLDOPHQWHHVSRVLEOHTXHVHKD\DQFXUVDGRHVWXGLRVFRPSOHPHQWDULRV6L
HVDVtKD\TXHHVSHFLFDUORV
&B-&.!&$:!'-.
&"!
$'
2
'
:
#
'.
:
(PSUHVDV\VHFWRUHVHQORVFXDOHVVHKDWUDEDMDGRDQWHULRUPHQWH
)XQFLRQHV\UHVSRQVDELOLGDGHVDVXPLGDV
3HULRGRGHWLHPSRHQTXHVHKDWUDEDMDGRHQFDGDXQDGHHVWDV
)
#
F
#
#)
#
2
#
"
'
%
(
!!
)'"
+D\TXHLQGLFDUHOLGLRPD\HOQLYHOFRQVHJXLGR/RVPDWHUQRVEDVWDFRQHVSHFLFDUORV
:
$
:!)!&$1
"!$
.)S1!:
"
3XHGHQUHIRU]DUHOFXUUtFXOXPSURIHVLRQDODFLRQHVUHIHUHQFLDVFDSDFLWDFLRQHVSHUVRQDOHVHWF
3
?91*BD%A /%J!/&BD/!
C"'#D'"E;&<<<F
)
"
/
"
E~VTXHGDGHHPSOHR
:LLNNN
"
LL;L--
"-
-#
-
%
)
"
#
"
#
#
&.
M)
G
$6
#
".
#
"
'
"
:H1(,((
:
%
:
)
2
%
'
.
'
#
#
".
"
:
%
:
(
'
6
(
"
2
#
)
%
#
#
)
6
(
:
(
'.
(
'
)
%
(
#
6
'
#
.
4
&(:
(
%
J.
H&(,((
F
"
"
'
(
%
(,(0
(
+%
R
#
"
'
)
#
#
'%(
9
"
:
.
#
6
D
O
:
:LLNNN
L"
LKK
1
=>)
#
"
?
1
=F
#
.
%?
J6
(
"
F
%
"
%
@
"
#
'
-
#)
+
+
'
"
@<
9
J
"
"
.
"
"
#
%
"
.
(
%
'
"
.
F
(
"
#
(
"
%
(
"
"
+:
C"'#D'"E;&<<<F
%
@
.
R
F"
.
3
"
:
9
?911BD%A /%J!/&BD/!
'H-
)2
"
F
#
GXUDQWH\DOQDOL]DUODHQWUHYLVWDQRVD\XGDUiDVDFDUOHHOPi[LPRUHQGLPLHQWR
-
"
R
#
(
"
"
'
.
'"
"
:
'
!
+
.
A
<
(
N
(
'
'
#
%
.
"
(,((
.
"
.
#
#
" L
(
'
'
+X
'"
'
0
'
)2
'
'
"
%
"1
"
D
#
.
%(
#
'
".
0"
1
#
(
%
#
#
+9
#
)
#
6
"
#
#)
%
":
(
"
FRQDQ]D\VHJXULGDG
#
L
#
#
'
(
(
"
#
(
'.
"
3
(
"
2
#
'.
#
".
)
'
.
.
'.
2
'
6%
%(
8QDYH]QDOL]DGDODHQWUHYLVWDVHGHGLFDUiWLHPSRDUHH[LRQDUVREUHODVFXHVWLRQHVVLJXLHQWHV
/QDOL]DU
!
#
<
#
(
<
#
<
"
#H(
.
"
'
#
#
@
:
-(
'
2
"
"
#
D
#
(
R
6
#
"
-%(
"
#
.+(
F
#
#
"
"
%
/
2
"
%"
SDUDHOSXHVWRSRGHPRVUHVSRQGHUTXHORVXSOLUHPRVFRQPRWLYDFLyQKDFLDHODSUHQGL]DMH
@
6
"
"
)2\
)
$
%(
?91*BD%A /%J!/&BD/!
0DQLHVWDQYXHVWURV5XE
"
D
G
'
D
D
6
"
6
G
G
#)
>
)
'
AC
9
E
G
%
)
%
V
%
#
G
'
6
G
"
9%(E
(VWR\VHJXUR
0LH[SHULHQFLDHVLPSRUWDQWH
/RKDUpELHQ
(VWDUpDODDOWXUDGH
6DEUpUHVSRQGHU
6HDGDSWDDPLVSRVLELOLGDGHV
:H:(
6LODFRPXQLFDFLyQYHUEDOKDFHUHIHUHQFLDDDTXHOORTXHGHFLPRVODQRYHUEDOVHUHHUHDFyPRORGHFLPRV\FyPRDFWXDPRV
/DFRPXQLFDFLyQQRYHUEDOSURSRUFLRQDDOHQWUHYLVWDGRUWDQWDLQIRUPDFLyQRPiVGHODTXHODSHUVRQDPDQLHVWDFRQVXVSDODEUDV7HQHPRVTXH
#
4G@G(
3
%
"
"
#
(
'
$OJXQDVLGHDVVREUHORVSRVLEOHVVLJQLFDGRVTXHVHSXHGHQDWULEXLUDYXHVWUDVFRQGXFWDV\OHQJXDMHQRYHUEDOVRQ
:
D
#
%
*
"
#
#
%
L
#
#
#
"
#
L
'
#
)
'
#
)
#
=
'
"
8QDKLJLHQHGHVFXLGDGDHVPiVIiFLOPHQWHLGHQWLFDEOHTXHXQDKLJLHQHFXLGDGDHQH[FHVR
9
'
" \
#
"
'
RMDSXHVWRTXHGHQRWDFDUHQFLDGHHQHUJtD\IDOWDGHGHFLVLyQ8QDPDQRK~PHGDSURYRFDXQDVHQVDFLyQ
AC
2
.
(
\
'
#
2
.
%
#
$
(QPRPHQWRVFRQFUHWRVGHODHQWUHYLVWDHVLPSRUWDQWHVRQUHtUSXHVWRTXHVLJQLFDXQDDSHUWXUDGHORVFDQDOHV
.
"
)
#
D
#
(
0
)1
0
"
# 1
$
"
.
#
2
<
.
2
"
:7E
#
E
:
D
#
"
"
#
(
":
6
"
"
'
<
"
$XQDHQWUHYLVWDGHVHOHFFLyQVLHPSUHHVQHFHVDULROOHJDUFRQDQWHODFLyQVXFLHQWHSDUDWUDQTXLOL]DUQRV\GH
)
3
"
#
."
"
G
(
%
?911BD%A /%J!/&BD/!
H&
,
F
6
(
((+(
&
"
")
"
#
*(L9
(
(
X
<
"
"
"
#
"
$
'
2
"
+(
5
#
%(
#
"
J
%
:
/F)
.
#
"
GLIHUHQWH\TXHRULJLQyXQDPHMRUDHQVXSXHVWRGHWUDEDMRGHSDUWDPHQWRRHQODRUJDQL]DFLyQGRQGH
(
"
".
"
F
"
( ( %
"
#
VXFLHQWHVSDUDFRQRFHUTXpKL]RGLMRVLQWLy\SHQVyGXUDQWHODVLWXDFLyQFRQFUHWDTXHQRVGHVFULEHVH
6
2
%(
%(
:
/=>)
6
#
.?
=>)
.
HVDVLWXDFLyQ"&XiOHUDVXSDSHO"4XpKL]RXVWHG"4XpUHVXOWDGRVHSURGXMR"
(&RQVHMRVQDOHVSDUDVHUYDORUDGR
D>'1&
R+,RGA
*
3R
*@!,R3R
:LLNNN
L
N?'
W
P
g"WP%MY@7
(VWH FRUWR IXH QDOLVWD HQ OD
+
.
*
1
=F
#
"
?
@6
1
R
6
'
%
.
#
"
@
#
"
"
"
G
)
.
R
(L
G
"
R
.
R
L
L
L
0RVWUDUFDSDFLGDGGHRUJDQL]DFLyQ\SODQLFDFLyQ
7HQHUFRQDQ]DHQXQDPLVPRD
$
"
G
6
.
,
%
#
%
#
-2
R,GJ3$A@
$
*@!,R3R
C
:LLNNN
LN?"WBKfJ@$g'
W7gW73$$97833K387
"
4
#
&
'
'
"
%
"
%
:
.
([SHULHQFLDODERUDO
,QIRUPDFLyQSHUVRQDO
3XHVWRGHWUDEDMR\HPSUHVD
)RUPDFLyQ
'HVSHGLGD
A
"
"
;
'
"
#
#
(
"6
.
6
)
'
"
.
":
:LLNNN
L
2 ?WP
gOW"
Ng W8g,
WK4
-2
,*F,$*
F@^,FA
.
'
%
#
'
#
)2
.
'
'
(
R
%
"
.
"
:
=>)
#
.?
=>)
"
?
=>)
.?
=F(
?
=>)
?
=>)
%?
?91*BD%A /%J!/&BD/!
@BJ*3R
*
3
*@!,R3
"+
"X
+
3RUTXpHVFRJLVWHLVORVHVWXGLRVTXHKDEpLVUHDOL]DGR"
4XpWLSRGHUHODFLRQHVH[LVWtDQFRQYXHVWURDQWHULRUUHVSRQVDEOH"(QTXH
#)
?
5HFRUGiLVDOJXQDVLWXDFLyQSUREOHPiWLFDTXHVXUJLHUDHQYXHVWURVWUDEDMRV
=F.
"
?
6LYROYLHUDLVDHPSH]DUUHSHWLUtDLVODPLVPDHOHFFLyQGHHVWXGLRV"
&XiOHVKDQVLGRYXHVWURVORJURV\p[LWRVHQOD~OWLPDHPSUHVD"
(VLPSRUWDQWHMXVWLFDU\DGHFXDUODUHVSXHVWDDODLPSRUWDQFLDGHOWtWXORFRQ
3RUTXpGHMDVWHLVHO~OWLPRWUDEDMR"
.
%
-
(VWiLVGLVSXHVWRDFRPSOHPHQWDUYXHVWUDIRUPDFLyQHQDTXHOORTXHKDJD
'?
&XiOHVVRQYXHVWUDVPHMRUHVYLUWXGHV"
R
"
(
.
#
- &XiOHVVRQYXHVWURVSHRUHVGHIHFWRV"
#
)
)
'.
*
(
#
)
D
#
#
"
%
%
4XpLGLRPDVFRQRFpLV\DTXpQLYHO"
&XiOHVYXHVWUDUHODFLyQFRQYXHVWURVSDGUHVKHUPDQRVSDUHMDDPLJRV"
&yPRUHDFFLRQiLVQRUPDOPHQWHDQWHXQDDXWRULGDG"
4XLpQRVLQX\yDODKRUDGHHVFRJHUORVHVWXGLRV"
&yPRVHRVGHQLUtDLV"+DEODGGHYRVRWURV
J
"
6
(
#
"
$TXHGHGLFiLVHOWLHPSROLEUH"
(
2
+DEODGGHYXHVWUDVDFWLYLGDGHV\DFLRQHVQRSURIHVLRQDOHV
(Q TXp PHGLGD YXHVWUDV QRWDV VH GHEHQ DO HVIXHU]R SHUVRQDO \ HQ TXp
4XpRVDSRUWDODSUiFWLFDGHHVWHGHSRUWH"
"
?
'
6
"
(
3RUTXpRVKDEpLVSXHVWRHQFRQWDFWRFRQQXHVWUDHPSUHVD"
&XiOIXHODH[SHULHQFLDPiVJUDWLFDQWHGXUDQWHYXHVWUDYLGDFRPRHVWX- 3"
(
:
/
#
EUHPX\LPSRUWDQWHHQHOVHFWRU
?
D
#
3RUTXpRVLQWHUHVDHVWHWUDEDMR"
3HQViLVVHJXLUHVWXGLDQGR"
4XpSHQViLVTXHSRGpLVDSRUWDUQRVVLQRWHQpLVH[SHULHQFLDSURIHVLRQDO"
4XpRVKDFHSHQVDUTXHHVWiLVFDSDFLWDGRVSDUDRFXSDUHVWHOXJDU"
.
9
"(
3RUTXpFUHHVTXHWHQGUtDPRVTXHFRQWUDWDUWHDWL\QRDRWUDSHUVRQD"
&XiOHVHOPtQLPRSDUDFXEULUYXHVWUDVQHFHVLGDGHVDFWXDOHV"
D
#
%
(
)2
- &XiQWRTXHUpLVJDQDU"
(
"
'
6
%
(VUHDOPHQWHHOIDFWRUHFRQyPLFRORPiVLPSRUWDQWHHQYXHVWUDGHFLVLyQ"
4XpHVSHUiLVGHHVWHWUDEDMR"
3UHJXQWDVTXHSRGpLVUHDOL]DUDOQDOL]DU
#
#
)
&XiOHVVRQODVIXQFLRQHVFRQFUHWDVGHOOXJDUYDFDQWH"
WUDUDODHPSUHVD7HQHUODRSRUWXQLGDGGHPHMRUDU
4XpVHHVSHUDTXH\RSXHGDFRQVHJXLUFRQHVWHSXHVWRGHWUDEDMR"
4XpSHQViLVGHYXHVWURVMHIHVDQWHULRUHV"
<
%
'
- &XiOHVODVLWXDFLyQDFWXDOGHHVWHSXHVWRGHWUDEDMR"
&
&XiOHVVRQORVGHVDItRVRODVGLFXOWDGHVPiVLPSRUWDQWHVTXHSXHGRHQ
%?
4XpYDORUiLVPiVGHXQWUDEDMR"
6
?911BD%A /%J!/&BD/!
NNN
-
"
LL
L
)
.)9(N'
O
2
.
D
#
((
F
"
@
.
R
6
6
D
%
#
&
-2
!3A@3F,X*
$
F3*$,$3J@3R
*
3R
@$R
RAF,3R:
6
(
#
(
:LL L
-K-
--
-
-
-6--
-
-
--
-
-
<
6 :
1
=J
?
=F(
#)
%
?
1
=
#)
'
.
'.
?
1
=R
6
)
?
=
#)
"?
1
=R
#
.
?
=
#)
"?
&)-!&_'':.&'.'1;)'.:'-&." $'&$'".&&"" :!'&"
6LQRWLHQHVSHUOGH7ZLWWHUFUpDWHXQRKWWSVWZLWWHUFRP
N
:
6
#
:
:LL
N
LLKL
-
-N
#
-
-
F
N
#
(
R
N
#
'
#
'HEHVVHUDFWLYRHQODUHGSRUWDQWRGHEHVWXLWHDUDUWtFXORVRQRWLFLDVLQWHUHVDQWHVUHODFLRQDGDVFRQWXSHUO
&UHDWXSHUOGH/LQNHGLQKWWSZZZOLQNHGLQFRP
3#
"
"
#
'
(
(
#)
:LLNNN
LN?'
W
P
g"W,R+63$f73hT
@
#
O
*
NO
'
6
'
'DWHGHDOWDHQIRURVRGHEDWHVGHWHPDVUHODFLRQDGRVFRQWXSHUOSURIHVLRQDO
=
"
?
:LLNNN
:LL
N
=
'
MH-!&$"'&$1!
5HH[LRQDVREUHODVSUHJXQWDVTXHVHWHSUHVHQWDQDFRQWLQXDFLyQ\UHVSyQGHODVFRQODPD\RUVLQFHULGDG5HFXHUGDTXHQRKD\UHVSXHVWDV
=F(
&
" ?
=F(
?
=F.
?
=F(
'
.
#
#
?
=G
%
#?
=F.
%
?
=
#)?
=G
.
?
=G
(
?
=R
"?
=2
?
=F(
)2
?
=C
'?
=
%
%
.?
=R
"?
$
)
(
#
#
%
#
#
(
%
MH$;&"1.
:')!$
.)'1!?
N
G
.
:
:LL '
:
&XiOHVHOLWLQHUDULRIRUPDWLYRTXHSXHGHVVHJXLUXQDYH]QDOL]DGRHOFLFOR"
=
6
'"?
=F.?
=3
#)
B
0"
1
B
R
?
=F(
?
4
=F(
#
'.
?
@6
MH&"1'D"1!:'"&!$"&.:!U$'#
.'&$;&"1.
:!:
.)'1!?
'"
N
,
*
:
ZZZLQHVHV6RFLHGDG(GXFDFLyQ(QFXHVWDGHWUDQVLFLyQHGXFDWLYRIRUPDWLYDHLQVHUFLyQODERUDO,QVHUFLyQODERUDO(PSOHRVLJQLFDWLYRDOQDOL]DU
HOSHULRGRDQDOL]DGR3HUVRQDVFRQXQHPSOHRVLJQLFDWLYRVHJ~Q)DPLOLD3URIHVLRQDO
=>)
(
.?
6MH:
)'$
':1;'!' N'.)'"&);>&. )&:S$!:'<O
G
"
F
3
:
:LLNNN "
LL"
L - L - --
-%
-
L49;KL
3
:
=
#)
*
#
%
#
?
=>)
&
*
%
?
=>)
%
?
&XiOHVVRQODVGLFXOWDGHVTXHHQFXHQWUD1RHOLDHQFXDQWRDOHYDQWDUSHVROOHYDU]DSDWRVGHVHJXULGDGHWF"/DVVXSHUD"
4
=>)
%
%?
=
#)
#
?
5
=F
#
%
%
%
?
@6
;
=F(
#
6
?
4
'
=MH1
1!&$&-.
"W:
$1.'"
3$DAF
@R3J@3F,X*
:
FAF,*@A
:
.
.
<
.
#
DSRUWHQH[SHULHQFLDELHQGHQLGDHQFRFLQDUHVROXWLYDVSROLYDOHQFLDRUJDQL]DFLyQ\VREUHWRGRTXHVHSDWUDEDMDUHQHTXLSR
:
F
G
D
@
#
:
FAF,*@A
'
(
:
.
.
<
.
WDQWHTXHORVFDQGLGDWRVGHPXHVWUHQ\DSRUWHQH[SHULHQFLDELHQGHQLGDHQFRFLQDUHVROXWLYDVSROLYDOHQFLDRUJDQL]DFLyQ\VREUHWRGR
#
%
#
%
5
5
&
7
"
6
)
*
F
'
#
""
B
""
'
6
(
6
"
,
'
!+?*** )1***'
6HRIUHFH7LSR&RQWUDWR,QGHQLGR-RUQDGDODERUDO&RPSOHWD
J
6
(
$ 3 A
0
6
'
6
1
%
:
$
0
1:
*
*
""
B
*
'
6
0
1:
)
2
2SRUWXQLGDGHVGHOHQWRUQR&RQWUDWRLQGHQLGR6HFWRUTXHVHYHPHQRVDIHFWDGRSRUODFULVLV
3
6
0
1:
3
6
>
'
>
'
%
G
.
F
'
0
"
1
(
$3A
'
6
(
(
#6(
#
6
7
'
'"
'
'.
6
(
$3A
4MH:'.1'&-.&"&$1':!U$ ')')
"''-;&.1'
R
#
.
'
"
#
6
(
$3A
@
#
('
#
.
'
%
"
IMH&:;..!:;;)?!1'& 1;-.!)&.'!)'J&$
D'HVSXpVGHOHHUHOWH[WRGHODDFWLYLGDGVLJXLHQWH7HQJRTXHVHUVLQFHURHQPL&XUUtFXOXP"UHGDFWDWXFXUUtFXOXPVHJ~QHOPRGHORRFLDO
GHOD8QLyQ(XURSHDRVHJ~QWXLQVWLQWRFUHDWLYR5HFXHUGDTXHHOPRGHORRFLDOGHFXUUtFXOXPHXURSHRORSRGUiVHQFRQWUDUHQHOHQODFHGHO
1
=>)
2?
1
,
#)
%
'
"
'
I
'
C1&$J
E;&"&."!$:&.
&$)!:;..D:;
F
3
#
%
R
"
"
#
QHVDXQSXHVWRGHWUDEDMRVHSXHGHQHVIXPDU3HURGHFLUODYHUGDGQRHTXLYDOHDFRQWDUORWRGRVLVHFUHHTXHQRVHHVORVXFLHQWHPHQWH
#
(
#
"
3
<
(
#
#
-XOLH*UD\DXWRUDGHOOLEUR&RQVHJXLUWUDEDMRFRQHOFXUUtFXOXPDGHFXDGR(GLFLRQHV3LUiPLGHH[SOLFDTXHKD\FRVDVTXHVLSUHHUHVQR
"
(
:
"
'.
GHODPHMRUPDQHUDSRVLEOH1RKD\TXHFRQIHVDUSRUTXpGHMDVWHWXWUDEDMRRSRUTXpKDVHVWDGRGRVDxRVVLQHPSOHRWDPSRFRVHWUDWD
GHLQYHQWDUDFLRQHVDFRUGHVFRQHOHPSOHRDOTXHVHRSWD
G
(
#
2
2
#
/G
%
'
"
FLUDOGHVSLGRLQPHGLDWRVDOJDDODOX]HOSULPHUGtDRFXDQGROOHYHVDxRVHQWXQXHYRSXHVWRGLFH*UD\<DODYLVWDHVWiQODVIUHFXHQWHV
PHQWLUDVGHFLHUWRVFDUJRVVREUHVXIRUPDFLyQHOGLUHFWRUJHQHUDOGH<DKRRGLPLWLySRUIDOVLFDUVXKLVWRULDODFDGpPLFRR.DUO7KHRGRU]X
B
.
$
'
(
(
&
$SHTXHxDHVFDODUHODWDODDXWRUDFRQWDUTXHWXQLYHOGHLQJOpVHVDOWRTXHKDVSDVDGRVHLVPHVHVGHPRFKLOHURHQ9LHWQDPRLQDUXQD
2
'
#
)
'
(
#
%
2%
/DFODYHVHHQFXHQWUDHQWRQFHVHQODRPLVLyQ1RKD\TXHSRQHUORWRGRDOJXQRVDVSHFWRVVHSXHGHQFDPXDU
V
L
9J:
'
'
"
'
"
.
4
<
#
%
5
F)
"
;
D
)
.
9
2
#
#
8
"
.
#
.
'
K
3
)
.
"(
"
:(
+
"
'
%
"
.
.
&
%
\
'
:
'
A
.
2
'
"
2
#
\FyPRSXHGHUHVXOWDUEHQHFLRVR1RVyORHVWXYLVWHHQHOSDURVLQRIRUPiQGRWHSDUDDPSOLDUWXEDJDMHSRUHMHPSOR
.
"
#
%
%
.
#
"
3
#
"
2
%
'
&
%
R
.
"
- )D*D)*+)@&
@
'
@MH=<:;..!:;;)"-'.'I=-;&"1
"&1.'#'>
/DSHUVRQDOLGDGODDFWLWXG\ODFDSDFLGDGSDUDLQQRYDUSHVDQFDGDYH]PiVHQORVPDVLYRVSURFHVRVGHVHOHFFLyQGHSHUVR
QDO$GHPiVGHIRUPDFLyQDFWLWXG\DSWLWXGVHSLGHFDSDFLGDGSDUDLQQRYDU&DGDYH]KD\PiVFDQGLGDWRVTXHGHVLQDQHO
FXUUtFXOXPSDUDVHUDFHSWDGRV
/HRQRU+DURVLHPSUHHQWUHJDVXFXUUtFXOXPHQPDQR3DUDTXHYHDQFyPRVR\H[SOLFDHQXQRGHORVVDORQHVGHOKRWHO&DWDORQLD3OD]DGH%DUFHORQDHQ
.
"
#
(
6
UD
GH/OREUHJDWXQDVSUXHEDVTXHDUUDQFDURQFRQPiVGHFXDWURPLODVSLUDQWHV/HRQRUDSHVDUGHVXPRGHVWRFXUUtFXOXPHVWiHQODUHFWDQDO
/R
.
"
#
49
&
#
#
%
2
-
2
-
#
"
"
"
"
PLVJDQDV<VREUHHOSDSHOODYHUGDGHVTXHHVRQROXFHPXFKR3HURDTXtHVWR\0HHQFDQWDFRFLQDU
#
.
(
'
UHHMDUHQXQIROLRSHVDQFDGDGtDPiVHQORVSURFHVRVGHVHOHFFLyQGHSHUVRQDOFDGDGtDPiVPXOWLWXGLQDULRV\FRPSOLFDGRV$QWHVGHWUiVGHFDGD
HPSOHRYDFDQWHVHGLEXMDEDXQSHUOSURSLRGHDVSLUDQWHXQRVHVWXGLRVXQDHGDGXQDVH[SHFWDWLYDV$KRUDGHWUiVGHFDGDRIHUWDGHWUDEDMRSXHGH
#
G
.
R
@
(
'
SXHVWRV,NHDSODQHDDEULUDQDOHVGHDxRXQDJUDQWLHQGDHQHVWDPLVPDORFDOLGDG/RVDVSLUDQWHVDHVWRVFXDWURFLHQWRVHPSOHRV\DSXHGHQHQYLDUVXV
"
@
#
,O
'
"
WUDQVIRUPDFLyQDMRGHSHQGHGHODHYROXFLyQGHOQHJRFLR
/
'
2
#
-
2
B
i
F
M
7
-
@
2
#
%
G
C
TXHQRVGLFHQTXHVyORTXLHUHQWUDEDMDUGHORTXHVHD
#
PHUFDGRODERUDOWUDVXQRVFXDQWRVOXVWURVSDGUHVGHIDPLOLDGHPHGLDQDHGDGDJRELDGRVSRUXQDHWHUQD\PDFKDFRQDKLSRWHFD0XFKRVWUDWDQGHLQDU
VXVFXUUtFXOXPXQDPDODFRVWXPEUHGHWRGDODYLGD<RWURVFDGDYH]PiVORVGHVLQDQWHPHURVRVGHTXHODHPSUHVDORVGHVFDUWHSRUPLHGRDTXH
'
(
2
&
#
6.
'
3RUWRGRHOORGHVSXpVGHOSULPHUOWURGHODQiOLVLVGHOFXUUtFXOXPOOHJDODHQWUHYLVWD0HGLDQWHHODQiOLVLVGHOFXUUtFXOXPUHGXMLPRVORVGRFHPLODVSLUDQWHV
-
2
M
$j
%
'
G
&
-
"
6
.
%
#
&
"
"
"
"
#
R
"
#
"
DWRGRVORVHPSOHDGRVGHUHFXUVRVKXPDQRV\PiQDJHUVGHODHPSUHVDFHUFDQRV
<DKRUDKRWHOHV&DWDORQLDFXOPLQDHOSURFHVRFRQXQDSUXHEDQDOGHKDELOLGDGHV/RVSDUWLFLSDQWHVQXQFDKDEtDQKHFKRQDGDSDUHFLGR/RVFDPDUHURV
D
(
(
(
%
#
#
"
D
#
(
%
%
C
'
/
(
-
$j
-
2
"
DxRVTXHSDVDXQPRQWyQGHWLHPSRHQODFRFLQDSXHGHVHUVLPSOHPHQWHFRQXQSRFRGHIRUPDFLyQXQDH[FHOHQWHYHQGHGRUDHQODVHFFLyQGHFRFLQDV
,O
G
.
'.
(
/7
"
#
#
#
#
-
'
,O
-
"
R
8
\GHPDQHUDLQGLUHFWDDXQDVFLQFXHQWD<DOJXQRVJUDQGHVFXUUtFXOXPTXHGDUiQIXHUD*UDQGHVPDUFDVHQH[SDQVLyQFRPR0HUFDGRQDWDPELpQHVWiQ
.
0;E)63*D3)*+)
1
=>)
6
?
1
=>)
#
"
(
"?
F([LVWHXQSHUOWLSRGHFDQGLGDWRVDORVSXHVWRV"5D]RQDODUHVSXHVWD
1
=F(
.
?
3
'
3MH:
)-
.1')!&$1
"&$'&$1.&?!"1'
6HxDODVLODVVLJXLHQWHVDUPDFLRQHVVRQYHUGDGHUDVRIDOVDV\H[SOLFDSRUTXp
1RKD\TXHVDEHUVHGHPHPRULDHOSURSLRFXUUtFXOXPHOHQWUHYLVWDGRU\DORWLHQHGHODQWH
1RLPSRUWDQGHPDVLDGRORVJHVWRVQLODPLUDGDORLPSRUWDQWHHVHOFXUUtFXOXP
/OHJDUFRQPLQXWRVGHDQWHODFLyQSRUVLDFDVR
3UHJXQWDUTXpREMHWLYRVWLHQHODHPSUHVD\TXLpQVHUiWXUHVSRQVDEOHGLUHFWR
'HFLUTXHHUHVPX\WUDEDMDGRUHQHOWUDEDMRDQWHULRUWXVFRPSDxHURVQRKDFtDQELHQHOWUDEDMR\W~HUDVHOTXHWUDEDMDEDPiV
(VPX\LPSRUWDQWHLQIRUPDUPHSUHYLDPHQWHVREUHODHPSUHVDHQODFXDOYR\DWUDEDMDU
$FHSWDUFXDOTXLHUVDODULRRQRSUHJXQWDUQXQFDHOVDODULRVRORFXDQGR\DHVWDPRVWUDEDMDQGR
'HFLUTXHHVWiVSHUIHFWDPHQWHFDSDFLWDGRSDUDHOSXHVWRGHWUDEDMR
MH:
)
.&"-
$&.''"46-.&J;$1'")S"&"-!$
"'"
N
3)
:LLNNN
L
NL
"-
-%-444
(
MHC)&&$1.&?!"1'"F
1RVSRQHPRVHQJUXSRVGHWUHVSHUVRQDVVHHOHJLUiXQDRIHUWDGHHPSOHRUHODFLRQDGDFRQYXHVWURSHUOSURIHVLRQDO1RVGLYLGLUHPRVORVSDSHOHV
HQWUHYLVWDGRUHQWUHYLVWDGR\REVHUYDGRUeVWH~OWLPRVHMDUiHQODFRPXQLFDFLyQYHUEDO\QRYHUEDOGHOHQWUHYLVWDGR(OHQWUHYLVWDGRUVHSUHSD(
"
6(
%
#
)
2
(
N
3)
)
)
6
)
6
<
"
1
=F.
)
&
'
?
1
=F(
(
%
?
1
=F.
%
&
"?
1
=
#
"
%
6.?
@6.
MH1;#'"&&'1
"
<#
(
#
%
6
&
8WLOL]DUHPRVSDUDHOORFXDOTXLHUKRMDGHFiOFXOReVWDKRMDGLVSRQGUiGHWDQWDVSHVWDxDVFRPRTXHUDPRVSRUHMHPSORHQOD+RMDFOLFDUHPRV
VREUHHOERWyQGHUHFKR\OHFDPELDUHPRVHOQRPEUHSRU6HUYLFLR3~EOLFRGH(PSOHRR,1(0DOOtDQRWDUHPRVWRGRVORVGDWRVUHODFLRQDGRVFRQ
'
R
"
)
3
&
:
- "-7&!$&):
N
.
)'
'
)
- (%8:
N
O
+\
,'%\
%\
\
,'
\
\
G
- &:
(
F(
F
N
:LLNNN '-
L
-6 &11
(:
3
GN
@
(
:
:LLNNN
L
L
P%L
P
L
-A,3L
-= -
:
3
.
#
'
'
%
-4 .
:
3
)'
#
#
6
?
A
>
:
$1&$!
"
1A
>
*"
,
>
(FDFLD\HFLHQFLDHQHOWUDEDMRHQHTXLSR
)#
E
/RVSURFHVRVGHLQXHQFLDGHOJUXSR
+A
8
(9
>
#>&1!?
"
09
>
04
>
>
0D
09
>
5HFRQRFHUHOIXQFLRQDPLHQWRHFD]\HFLHQWHGHXQHTXLSR
,GHQWLFDUODVFODYHVGHXQHTXLSRGHWUDEDMRHFD]
0
>
?91,AT?%#B$9A D/&/5B
D>'1&
"
"
OHDUQLQJRUJDQL]DWLRQ*(
1
;
VHJXLUHVHQHVTXH+(
(
*(
)
#
%
<<+
%(*(
=(
#
'
#?
$
%(
=(
#
(
#?
D>'1&
=R37R
@373M3@
*
>J,A?
3#
.
%
#
"
6
""
6
%
:LL-% L
L
PHFH3KL
GP
P
P%PP
# 2
%
<
8
&
#
'"
'<
%
#
)
'(
%
$
'
#
"
'
(
#
*(0
9
(
97
(
(
(0
%
"
R
<
"
.
'
%
#
%
'
HQHOEHQHFLRQDO
%(9
.
'.
SDUDEHQHFLRLQGLYLGXDO
#
*(9
%
#
'
6
"
DOFDQ]DQXQEHQHFLRJUXSDO
<
$
'
%
#
#
(
*(9:
/'RVRPiV
TXH
\TXHDSDUWLUGHXQDV
WUDEDMDQSDUDFRQVHJXLUXQRV
EHQHFLR
3
(
#
(
*(9(
%(
5(
%(
*(9
%
%
SHOtFXOD8Q'RPLQJR&XDOTXLHUDGHSURWDJRQL]DGDSRU$O3DFLQRXQHTXLSRGHIXWERODPHULFDQR
"
#
%
REHQHFLRLQGLYLGXDO6LQHPEDUJRHQODSHOtFXOD6SHHGGHSURWDJRQL]DGDSRU.HDQX5HHYHV
#
<
")
)
#
"
#
<
#
"%
6
?91,AT?%#B$9A D/&/5B
<<?
9
*(
D>'1&
D
#
#
%
#
(
<
"
%
)
"
!
.
(
(
:
4A /5/$
R
%
(
"
R
(
R
"
R
"
%
#
6
R
%
R
%
"
"
3
".
"
(
G
%
%B4A%A A$
%
(
#
'
"
(
3
3
'
6
"
3
#
VXSURSLREHQHFLR
3XHGHQVXUJLUSLTXHVRPDODVUHODFLRQHVHQ
2
"
%
#
=>)
"
?
&XiOIXHHOUHVXOWDGRQDO"
<
*(
$
#
'
7
O
2
'
'.
#
#
.
A@G3F,X*
A
33
,*,F,3
2
6
'
/DJXUDGHOOtGHUKDGHHPHUJHU
A@G*3
A
FA*,FA
@G,*3F,X*
"
'
":
DOQDOGHOSUR\HFWRRELHQVHFRQVLJXHHOREMHWLYR
6LQRVHMDQQXHYRVSUR\HFWRVXREMHWLYRVHOHTXLSR
OOHJDDVXQ
,
#
.
"
'
"
'
#
QRVHFRQUPHQODVH[SHFWDWLYDVGHDOJXQRVPLHPEURV
3XHGHVHUXQDHWDSDFUtWLFDODJXUDGHOOtGHUKDUiTXHHO
# <
@*$,G,*A A $R3@@AA
*A@G3,!3 A $ R@JFJ@3F,X*
'
'
%
"
#
F
"
'
:
#
"
#
6
#
6
6
3
#
6
?91,AT?%#B$9A D/&/5B
R
<
.
%
.
1:
R
'
"
"
6
6
%
"
%
#
'(
#
6
"
.
6
:
R
'
6
6.
.
"
-
R
<
%
.
%
'
!
+:
R
'
(
-
%
'<
"(
6HIRUPDQ SDUD UHVROYHUDOJ~QFRQLFWR R VLWXDFLyQ FRPSOHMD TXH VH
R
<
%
"
J
%
-(
:
@
6
%
"
%
"
#
"
&
\
.
%
'(
#
%
"
$%
:
'
#
%
)
"
"
"
\
%
AL
:
(
'
"
%
(#
:
'LUHFWLYRV6HHQFDUJDQGHSODQLFDU\GHFLGLUODVFXHVWLRQHVHVWUDWpJLFDVGHODHPSUHVD3RUHMHP
"
."
'
"
R
<
"
%
(#
)
:
R
"
%
"
2SHUDULRV:
%
%
6
?:
%
"
%
(#
&
."
'
#
"
#
&
"
'(2:
\
-
R
<
.
L:
2
.
.
F
#
#
R.
"(
#
(OHTXLSRGHSHQGHGHXQDJXUDH[WHUQDTXHOHVSODQLFDHOWUDEDMR\WRPDGHFLVLR-
R
<
'(% (
/RVPLHPEURVVHSODQLFDQ\SURJUDPDQHOWUDEDMR5HDOL]DQXQ
66
?91,AT?%#B$9A D/&/5B
-2
=FJ_
R
3
3R?
.
'
#
)
'(
%
'
.
%
.
"
#
%
(
.
(
2
"
*
#
#
R
%
'
#
=
#)
'
'.
%
#
?
"(
:
(VWDPRVHQODHWDSDGHFRQLFWR\DTXHDSDUHFHQGLVFUHSDQFLDV\3DXODHVWiFRPSDUDQGRODVH[SHFWDWLYDVFRQODUHDOLGDGGHOJUXSR
-2
=$
>JV
,A
$
>J,A
R
@33?
A
"
#
%
#)
:
.
%
"
#
'
"
%
(#
.
@
#
#
(
#
"(
:
1
F
<
"
&
%
2
".
E/RVVLRWHUDSHXWDVGHUHKDELOLWDFLyQGHXQKRVSLWDOVHUH~QHQSDUDYHUFyPRDIURQWDQXQDUHFX
.
F(OGLUHFWRUGHOiUHDFRPHUFLDOVHUH~QHFRQGRVFRPHUFLDOHVTXHVHGLVSXWDQVLHPSUHDORVFOLHQ
.
G8QHTXLSRGHI~WEROGHXQDHPSUHVDTXHVHHQWUHQD\MXHJDWRGRVORVQHVGHVHPDQD
1
)
.
"
.2
&
'
.
"
"
'
.
6
'
.
"
(
'
'
.
(FDFLD\HFLHQFLDHQHOWUDEDMRHQ
*(
&XiOHVODGLIHUHQFLDHQWUHVHUHFD]\VHUHFLHQWH"
6HUHFD]
(
9
#
6HUHFLHQWH
(9
(
,
(
3RUHOORXQHTXLSRGHWUDEDMRQRVRORWLHQHTXHVHUHFD]VLQRTXHGHEHLQWHQWDUWDPELpQVHUHFLHQWHFRQ
R
6
%
"
#
%
"
6
#
,9
(
*(
6
%
"
F
9GHODGLIHUHQFLDHQWUHHFDFLD\HFLHQFLDSURSRQHPRVHOVLJXLHQWHFDVRPLREMHWLYRHV
IDEULFDUXQIDQWiVWLFRDYLyQGHSDSHO3XHGRVHUHFD]\WHQHUXQDYLyQSHUIHFWR\TXHVREUHYXHOHPDMHV
5
(
ORTXHDGHPiVKDEUpVLGRHFLHQWH3HURVLQHPEDUJRSXHGHVHUTXHSDUDHOORKD\DHPSOHDGRKRUDV\
IROLRVFRQORTXHKDEUpVLGRHFD]SHURQRHFLHQWH
3HURDQDOLFHPRVODHFDFLD\ODHFLHQFLDSRUSDUWHV(Q(%
ODHFDFLD
HFLHQFLDYHQGUiPiVWDUGH
#
'
#
6=
?91,AT?%#B$9A D/&/5B
&ODYHVSDUDTXHHOHTXLSRVHDHFD]
(QHOPRPHQWRGHODIRUPDFLyQGHOHTXLSRSDUDFRQVHJXLUTXHVHDHFD]GHEHPRVWHQHUHQFXHQWDODV
"
:
-
:
&!:':!'
*(
-
-
4-
5-
.
%
"
0
D
R
&
%5ODSDODEUD6PDUWVLJQLFD
LQWHOLJHQWHORLQWHOLJHQWHHQXQHTXLSRSXHVHVTXHORVREMHWLYRVMDGRVVHDQ
"6SHFLF(VSHFtFR
):
G
0G
1
':
3
"
036
1
.:
@
0@
1
1:
-7
0$
1
<
3
(
.
3
D
:
$E(5
+
?
.
7
5X*(
6.
#
%5
HVGHFLUTXHH[LVWDYDULHGDGGHSHUOHV$XQTXHXQJUXSRKRPR)
#
)
#
"
#
6
.
#
'
#
3
0
#
(%
%
F
&(
(
%
#
!
(
64
?91,AT?%#B$9A D/&/5B
(VRWURGHORVDVSHFWRVFODYH8QHTXLSRVHUiHFD]VLH[LVWHQ UHODFLRQHVXLGDV\FRUUHFWDV
.
(<
&
+
'
#
'
#
2
RPXQLFDFLyQXLGDiJLO\TXHSHUPLWDHOIHHGEDFN
(
D
2
#
.
*(
2
(
(%+
$
#
#
"
6
(
%
-%
3
FRPR*RRJOH)DFHERRN6N\SHKDFHQTXHODFRPXQLFDFLyQVHDLQVWDQWiQHDXLGD\FRQODPLVPD
#
6
"
#
")
.
'%(
9
:
J%
"\
NO\
F\
F \
N O
)
%
D
"
Y
9(
H(Y
(H
"
'
J
%
:
6
"
"
R
#
<
"
"
#
)
2
#
5
-2
3
,F3F,3
*
AR
>J,AR
/HHHOVLJXLHQWHWH[WR\VHxDODODVFDUDFWHUtVWLFDVTXHKDFHQTXHHVWHHTXLSRQRVHDHFD]\SRVWHULRUPHQWHWUDQVIyUPDORFRQDOJXQDV
SURSXHVWDVHQXQRHFD]
D
%
'
#
4
R
:
&
%
"
.
&DGDOXQHVVHSODQWHDXQREMHWLYRVHPDQDOKDELWXDOPHQWHHOREMHWLYRHVKDFHUORPHMRUTXHODVHPDQDSDVDGD\PiVUiSLGR
F
6
#
%
#
F
%
6
"
#
%
#
(
3
(
#
(
(
"
DQGHPHV
#
'
%
<
.
"
D
#
#
.
'
3
D
#
%
<
"(
(
%
"
#
<
RG3@
(
.
#
D
#
#
0
1
#
*
'
.
" :
"
#
*
2
.
'
.
(
"
#
6I
?91,AT?%#B$9A D/&/5B
$
+(
#
%
X
:
'
'
"
(%
L
9((*(
L%(
%
<
"
%
#
6
#
%
O
"
#
6
)
'
#
2
+
"
(
#
(
R
#
#
YHUFRQODRUJDQL]DFLyQVRQUHODFLRQHVIUXWRGHJXVWRVFRPSDUWLGRVGHDFLRQHVGHFHUFDQtDGHFDUDFWHUHVGHVLQWRQtDRDQLGDG/RV *(2
+
'
'
#
H[LVWHQDQLGDGHV\GLVFUHSDQFLDV
%
A
"
%
=>)
(
#?
#
QRPHHQWUHJRGHODPLVPDPDQHUDDODWDUHDDO
.
)
)
(2
(QDOJXQDVRFDVLRQHVHVLQHYLWDEOHWUDEDMDUFRQJHQWHFRQODTXHWHQHPRVPHQRVIHHOLQJFRQORTXH
+(LX
%
.
%
L
*(
+
"
6.
#
(
$
#
#
#
(
0
(
LQHFD]
(
.
#
%(
*(
F
#
EXHQDUHODFLyQHQWUHHOORV(VWRHVORTXHQRVGDUiHOUHVXOWDGRHFD]\HFLHQWHHQHOHTXLSRGHWUDEDMR
#
J
,
#
*(
+
"
'
(
-26
3
*
#
%
%
O
\
#
(
"
%
#
#
3
*
"
"
#
$"
)
F
@'
#
<
#
'
3
%
%
%
$"
#
#
'
'
=F
(
#
%?
=>)
#
$"
'
%
#?
"(
:
3
*
(
2"
.
#
F
@'
(
#
#
.
3
(
"
#
3
*
#
(
6
"
.
.
F
@'
'
%
%
.
6@
?91,AT?%#B$9A D/&/5B
2
5
#
'
'.
9
'H!
%
(ODXWRUPiVIDPRVRTXHGLIXQGLyHVWHFRQFHSWRHV'DQLHO*ROHPDQ3RGHPRVGHQLUODLQWHOLJHQFLDHPR
/
1RVHWUDWDHQDEVROXWRGHHVFRQGHUODVVLQRGHGLULJLUODV\HTXLOLEUDUODV
:
D>'1&
R
$
,*,B*F,3
GAF,A*3
6
"
"
:
:LLNNN
L
L
#
:LLNNN -
L
L
L
'(
:
6
'(
:
"
'
"
2
'(
FDSDFLGDGGHQRSHUGHUORVQHUYLRV\FDQDOL]DUQXHVWUDVHPRFLRQHVGHIRUPDSRVLWLYD
#H'
=>)
"?
,
#
(
%
\
"
&
b
=>)
?
3
:
H
$
'
%:
'
"
H
A(,:
\
"
Q
6
.
H
':
%
'
#
&
'
#
3
"
/
&
6LJQLFDH[SUHVDUQRVFRQVLQFHULGDG\UHVSHWRORTXHLPSOLFD
(QWHQGHUTXH
(9(
%6
#
.
(
#
(
"(
#
+
(
0
2
'
AR
$@FDAR
3R@,!AR
E-
%6
E-
3
6
2
SDUDMXVWLFDUQXHVWURFRPSRU
E-
3
%6
4E-
3
"
G
"
/
TXpGLUiQRSRUYHUJHQ]DDOSHQVDUTXHSHFDQGHHJRtVWDV(VWDVSHUVRQDVWLHQGHQDWHQHUXQDEDMD
#
5E-
3
'HFLU*(
%(
.
)
9E-
3
"
(
'
$GHFLUQRORVp
=>)
*(9?
8E-
3
%
.
#
%
"
'
0
#
"
'
(
$GHFLUQRORHQWLHQGR
#
(
SURSLRVREMHWLYRVVHYHUiUHGXFLGDVXHFDFLDFRPRHTXLSR
$GHFLUQRPHLPSRUWD
63
?91,AT?%#B$9A D/&/5B
-2=
3
3R@,!,$3$
*
@373MA
M
G
F
3 )
%
"
&
R
%
'
B6
G
6
#
'
(#
#
%
F
M
)
DVLHQWH\EDMDDSRUpO3RUHOFDPLQRVHGLFHDVtPLVPR/DSUy[LPDYH]QRSLHQVRLUTXpVHKDEUiFUHtGR8QDYH]*RQ]DORVHORSLGLyD
0DUL&DUPHQODFXDOOHFRQWHVWy&yPRQRYD\DVW~(VTXHQRWLHQHVSLHUQDVSDUDEDMDU\VXELUHVFDOHUDV"'HVGHHQWRQFHV0DUL&DUPHQ
(
#
"
B6
)
.
3 )
.:
/
B6
SHURQRHVWiHQWUHPLVIXQFLRQHVEDMDUDSRUXQFDIpSDUDWL1RYR\DLU\YR\DFRQWLQXDUFRQPLWUDEDMR*RQ]DORVHGLRPHGLDYXHOWD\QR
"".
3 )
=>)
#
(
'
"
.
'
"?
"(
:
G
F
(
"
M
(
.
#
')
"
3 )
(
"
2
"
B6
#
#
')
3
.
"
5
.:
D>'1&
R
$
3R@,!,$3$
" :
:LLNNN " L
L
"
:LLNNN
L
L
"
R
2
+
(
F
#
9
'.
#
#
"
WLQXDPHQWH*UDFLDVQRPHLQWHUHVD3DUDGDUQHJDWLYDVFXDQGRDOJXLHQQRVSLGHDOJR\QRSRGHPRV
GDUORSRGHPRVXWLOL]DU/RHQWLHQGRSHURQRHVSRVLEOHR1RSXHGHVHUORQHFHVLWR\R
&":
:H&(
"
"
6
%
<
#
(
L<
=F
#
?
"
(
(
#
#
#
2
(
#
(
(
*(<
=F(
+
,(?
:(
%
(
&
*(
6
'
SRUXQRtGRPHHQWUD\SRUHORWURPHVDOH0HGHMDLQGLIHUHQWHSRUTXHQRKHHVFXFKDGR
=
?91,AT?%#B$9A D/&/5B
=<-
*(
$
#
"
;
(
*(
*((
F
&
((
"
&
"
(
UHHUHD(
*(
9
&
#
\
HVWDVHQFDVDFRQWXVSDGUHVFDPELDV\DGTXLHUHVHOUROGHKLMRFRQWXVDPLJRVHOQGHVHPDQDDGTXLH
'
\
%
"
%
D
#
#
<
(
(+
=:(2
#
%?
D>'1&
@AR
$
77,*
"
"
7
&
%
:
:LLNNN
L
N?"W$K]Y4
(
7
:
:LLNNN
L
"
.
(
)
#
.
#
#
%
2
3 +
#
2 X
#
#
L
+
<
#
#
%
(
#
(
*(
!
.
(
K
#
&.
7
:
DB!9AAT?%#B
B D%&?%J
9A&%!%9/9#AD:% %9/
F
"
"
2
B
"
'
2"
"
7
$
$
)
"
6
#
0DGXURVHJXURGHVtPLVPRLGHQWLFDHOWDOHQWR
3
$
R
R
%
@
(
%
%
.
"
%
(
"
'
R
6
M6
2
F
"
2
"
F
"
(
'
,
"
'
%
3UiFWLFRGHFRQDQ]DHFLHQWH7UDQVIRUPDODVLGHDV
6
%
#
,QH[LEOHHQFLHUWDPHGLGD/HQWRHQUHVSRQGHUD
"
"8
6
7
'
2
"
@
A
@
3
FXDOLGDGHV\FRQRFLPLHQWRVHVSHFtFRV
F
(
R
2
%
D
%
:
A
=
?91,AT?%#B$9A D/&/5B
3
.
(
"
#:
.
#
#
'
'
(
%
6
'
.
#
2
.
"
$
#
F
&
'
'
#
%
'(
%6
#
#
R
(
#
#
/RVSURFHVRVGHLQXHQFLDGHOJUXSR
6HKDGHPRVWUDGRTXHGHQWURGHORVJUXSRVDSDUHFHQSURFHVRVGHLQXHQFLDTXHKDFHQTXHODVGHFLVLR
#
#
'
"
!
:
'
LQXHQFLDGHODPD\RUtD
"
R
.
#
'
#
.
'
".
LQXHQFLDGHODVPLQRUtDV
&XDQGRXQDPLQRUtDRXQLQGLYLGXRLQWHQWDLQWURGXFLUQXHYDVLGHDVRPRGLFDUODV\DH[LVWHQWHVHQ
(QHVWHFDVRVXLQXHQFLDVHEDVDHQODSHUVLVWHQFLDHQPDQWHQHUVHUPHHQVXSRVWXUDDWUDYpVGH
6
.
#
'
R
#
#
'
#
2
"
"
#
"
#
#
#
R
#
/
"
HVWDPRVURPSLHQGRIXQFLyQTXHHVHMHUFLGDSRUXQJXDUGLDQHVSLULWXDOTXHVHRFXSDGHTXHQDGLH
6.
3
(
#
#
"
6
"(
2
2
#
"
"
#
(
(
2
.
'"
"
#
2
.
R
.
"
(
#
6HGHEHDTXHHQHOJUXSRVHSHUFLEHPHQRUULHVJRTXHVLORDVXPHXQDSHUVRQDLQYLGXDOPHQWHDVt
)
.
(
#
"
#
6
.
'
6
"
6
'
"
F
"
6
%
#
#
.
"
%
0
#
1
6HGHEHDTXHQRHVSRVLEOHLGHQWLFDUODDSRUWDFLyQSHUVRQDOGHFDGDXQRRFXDQGRVHFUHHTXHQR
=
?91,AT?%#B$9A D/&/5B
I<L%
$
#
%
VLHPSUHDSDUHFHODJXUDGHOOtGHU
$
OtGHU6HKDHVFULWRPXFKRVREUHHVWDJXUDHOOtGHUQDFHRVHKDFH"7RGRVDOQDFHUWHQHPRVXQDVHULH
%
'6
#
"\
2
'
6
#
<
"
'HQWURGHOFRQWH[WRODERUDOSRGUtDPRVGHQLU,*(
#
:
AFDSD]GHLQXLUHQORVGHPiV
A(
*(%(
R
#
0
#
#
QRHVORPLVPRODJXUD
GDGGHLQXLU
(
#
,*(9+
@
SRUTXp LQX\H H[LVWHQ PX0
, XQDV GHHQGHQ TXH ,
".
'
G
9+
"
9+
#
#
(
"
)
#
"
"
;
,*(2
2WUDVGHHQGHQTXH ,
#
(
#
,
#
#
%(
D>'1&
R
$
,$@3YBA
3#
6
#
<
@
#
#
%
'
"
#
(
%
'
%
"
6
#
%
#
6
:
(
#
%
(
DFUHDUXQFOLPDDGHFXDGRGHWUDEDMR8QDFODVLFDFLyQEDVWDQ
6
(
(
.
=E(59 (
,
?
R
<
,L%
((0
#
(
#
(
3
X
(
'
(
,
%
%
"
#
#
'
#
)
%
R
(
(
9
#
'
(
.
#
%
@<
29
*(
(
(
9
%( 9 (QRVRQXQQ
$
.
6(
)
(
:
1
N
%O:
)
(
"
J
2
#
#
6
6
2
"(
.
#
<
"
'
L
N0
%O:
R
.
F
R
6
6
.
.
&(:
R
.
R
'
%
<
k
%
-44:
#
"
;
;
D>'1&
RF3>JA
*
@373MA
*
>J,A
K
@
'
#
.
WtFDPHQWH HO KHFKR GH TXH
2
%
#
%
#
3
2
#
'
6
#
"
".
#
'
6
6
(
3
4
".
#
'
6
95H
8
5H
PLQXWRV(OFRRUGLQDGRUGHFDGDJUXSRH[WUDHODVFRQFOXVLRQHV\DOQDOVHVLQWHWL]DQODVFRQFOXVLRQHV
=
'
MH&&E;!-
&$!&')
""<<
,
R
"
O
J
#
"
:
"
'
#
"
(
'
(:
F
F
3
(
"
#
"
$
VLDGRSHURSRFRDSRFRYDQJDQDQGRFRQDQ]DHQWUHHOORV\WLHQHQXQDPX\EXHQDUHODFLyQ(QHOUHSDUWRGHWDUHDVFDGDXQRGHEHEXVFDUODV
.
(
#
%
:
F
F
N
WLHQGDVItVLFDVVHKDMDGRXQDIHFKDSDUDODSXHVWDHQFRP~QGHQWURGHXQDVHPDQD
F
6
"
'
#
F
'
TXHQRHVH[FXVD\DTXHGHVGHFDVDSXGRKDEHUORKHFKRLJXDOPHQWH\KDHVWDGRHOUHVWRGHODVHPDQDHQODRFLQD/DXUDRSLQDTXHQRHV
'
(
F
GRVGtDVYROYHUDUHXQLUVH$OQDOKDQFRQVHJXLGRXQDFDPSDxDH[FHOHQWHDXQTXHKDQWDUGDGRPiVGHORSUHYLVWRHOFOLHQWHKDTXHGDGRPX\
'
R
&
"
%
"
#
"
%
#
#
6
MH'"?&$1'>'"&!$:
$?&$!&$1&"&$1;&E;!-
3
2
"
%
"
%
#
%
%
HTXLSRGHSRUWLYRRHQRWURHQHOTXHKD\DVSDUWLFLSDGR4XpKLFLVWHLVFRQUHVSHFWRDORVLQFRQYHQLHQWHV"&XiOIXHHOUHVXOWDGRQDO"
MHC&E;Q1!-
"&1.'1'F
A
"
#
%
#)
.
%
"
#
'
"
%
(#
.
@
#
#
(
#
1
%
.
1
)
%
1
<
%
(
2
(
(
#
6
1
6
%
"
1
<
.
%
"
6MH&)-!&_'';$:!
$'.:
)
&E;!-
A6
#
(
'"
"
'
#
%
"
"
"
"
#
R
"
2
:
(QSULPHUOXJDUGHEpLVPDUFDURVXQREMHWLYRUHFXHUGDTXHHVDPHWDXREMHWLYRGHEHVHU60$5766SHFLF(VSHFtFR00HDVXUDEOH
0G
1
3:
3
"
036
1
@:
@
0@
1
:
-7
0$
1
E1
#
:
1
1
.
#
1
@
:
#)
"
6
#)
(
E1
#
%
"
"
4E1
!
"
%
"
%
2
%
+DVXUJLGRODJXUDGHOOtGHUHQHOJUXSR"
;E1
<
2
=6
'
=MH'1Q:$!:'&":
3
(
#
#
%
2
(
#
3
'
.
'
"
1
=>)
(
6
)
$RF?
@
'
#
)
1
.
'
#
6
)
$RF
4MH!$S)!:' :
);$!:':!U$'"&.1!?'W&":;:A'':1!?'
)RUPDGJUXSRVGHWUHVSHUVRQDV/RVSDUWLFLSDQWHVHQFDGDVXEJUXSRVHLGHQWLFDQFRPR$%\&/DGLQiPLFDFRQVLVWHHQFRPXQLFDUGHIRUPD
"
"
33
3FF,X*
,
:
(OSDUWLFLSDQWH$HVHOTXHYDDKDEODUSULPHUR\HVFRJHHOWHPDTXHYDDVHUGLVFXWLGRGHODOLVWDTXHHQFRQWUDUiVDOQDOGHODDFWLYLGDG
(OSDUWLFLSDQWH%HVHOTXHSULPHURHVFXFKD
F
(
4
#
5
R
#
(
#
;
(
#
)
#
#
&
#
9
(
,
'HVSXpVGHVLHWHPLQXWRVHOSDUWLFLSDQWH%VHFRQYLHUWHHQHORUDGRUHOSDUWLFLSDQWH&HVHOTXHHVFXFKD\HOSDUWLFLSDQWH$HVHOiUELWUR(O
"
6
)
(
.
/XHJRHOPLHPEUR&HVHORUDGRU$HOTXHHVFXFKD\%HOiUELWUR'HVSXpVGHVLHWHPLQXWRVODGLVFXVLyQGHODHWDSDWHUPLQD
,R3$A
$
G3R:
F
(
"
:
1
1
6.
1
#
&
41
G
2
51
@%
;1
,
2
.
"
%
33
@+,X*
&RQWHVWDGSRUHVFULWRDODVVLJXLHQWHVSUHJXQWDVGHIRUPDLQGLYLGXDO(VLPSRUWDQWHTXHUHH[LRQHVVREUHWRGRORTXHKDSDVDGR
D&XiOHVIXHURQODVGLFXOWDGHVHQFDGDXQDGHODVUHSUHVHQWDFLRQHVTXHUHDOL]DVWHHVFXFKDRUDGRU\iUELWUR"
1
(
=
"(
#
2
"?
@6.
1
=>)
'
#
'
2
?
1
=
.
'
?
=A
"
?
@6.
1
=>)
'
.
)
""
%
?
'1
=>)
#
"
"
'
?
==
'
IMH!$S)!:' .
&-'W!$J &&E;!-
&&"1&>
"
K
(
#
7
(
"
,
:
6RLVHOHTXLSRGHIHVWHMRV\FHOHEUDFLRQHVGHYXHVWURFLFORIRUPDWLYR'HEpLVUHXQLUXQDFDQWLGDGGHGLQHURSDUDUHDOL]DUHOYLDMHGHQGHFXUVR
"
)
#
:
1
'
E(OPRGRGHQDQFLDFLyQ
1
>
$
.
3G3
'
(
#
#
(
'(
R
%
%
#
#
K
.
"
(
)
"
"%
"
VHVLRQHVDOEXVFDUUHFXUVRV\IXHQWHVGHQDQFLDFLyQUHDOHV
7
:
10ADA&DB
3
"
,
*0%4A$ %6/9BD
"
)
'(
,0BBD9%/9BD
(
@
%
20%:#?!$BD
*
'
(
"
(
)0:B% BD0
A4/!?/9BD
3
"<
<
*
30B=A$%B/9BD
!
(
#
6.
%
+0%:#!A:A /9BD
(
"
'
"
6
%
#
(UHVLQH[LEOHHQWXVDSRUWDFLRQHV
(0"%/!%@/9BD
'
7
*
"
'0A$#A%/!%$ /
2
3
"
)
$8QDYH]QDOL]DGRHOUROHSOD\LQJFDGDXQRGHORVSDUWLFLSDQWHVUHVSRQGHUiSRUHVFULWRDODVVLJXLHQWHVFXHVWLRQHV
1
=F.
?
1
2
"
"
.
F4XpGLFXOWDGHVKDVREVHUYDGRHQHOHTXLSRHQJHQHUDO"
1
=>)
""
6
%
?
71
"
(
:
1
=>)
?
,
1
=D
?
@6.
1
=R
?
=>)
?
1
=>)
(
"?
=
#)?
1
@
"
=#)
(?
=>)
?
'1
=D
#
.
#?
@6.
=4
'
@MH-.
:&"
"&!$;&$:!'"
:!'&$
"J.;-
" NA
)#.&""!$-!&'O
3HOtFXODKRPEUHVVLQSLHGDG'LU6LGQH\/XPHW
R
(
'
%
#
%"
QDGRDSHQDGHPXHUWH(QpOKRPEUHVGHEDWHQ\GLVFXWHQVREUHVXFXOSDELOLGDGRLQRFHQFLDSURGXFLpQGRVHVLWXDFLRQHVGHLQXHQFLDVRFLDO
F
"
:
D([LVWHQSURFHVRVGHLQXHQFLDGHODPD\RUtDRLQXHQFLDGHODPLQRUtD"&XiQGR"
E+DVYLVWRDOJ~QPRPHQWRGRQGHVHSURGXMHVHHOSHQVDPLHQWRJUXSDO"+DEtDDOJ~QJXDUGLiQHVSLULWXDO"
F([SOLFDFyPRLQWHQWDODPLQRUtDHOQGHOMXUDGRLQXLUVREUHHOUHVWRGHPLHPEURV\TXpHVWUDWHJLDVLJXHSDUDSRGHULQXLU
3MH;$'1
.)&$1'&!&'"
M
4-5
R
#
%
#
#
(
"
&
"
R
#
)
"
)
.
:
1
=
#)
?
1
=
#)
3
?
F3RUTXpFDVLWRGRHOPXQGRWLHQHXQSHUOHQ)DFHERRN"
$
)
#
"(
#
:
-
7
-
F
"
-
>
3
)
@
#
)
(
(
<
MH&"1;!
&:'"
" '"&&::!U$&;$V')&:S$!:
V'
-4
:
R
)
.
.
%
#
6
R
"
FXiOQHFHVLWDUpLVXQWpFQLFRVXSHULRUHQDXWRPRFLyQSRVLEOHPHQWHGHOp[LWRGHOSUR\HFWRGHSHQGDODFRQWLQXLGDGGHODHPSUHVD/RVSHUOHVTXH
:
1
J
"
(
5K
&
2
8QDFKLFDGHDxRVUHFLpQWLWXODGDFRQXQDVFDOLFDFLRQHVH[FHOHQWHV\TXHHVXQDDSDVLRQDGDGHODPHFiQLFD
1
J
&
#
"
:
1
R
&
"
1
.
6
MH:'.':1&.D"1!:'"&-&."
$'!'&D&.
3
.
)
#
"
(
(
LPSRUWDQWHODVHJXQGDPiVLPSRUWDQWHHWFKDVWDOOHJDUDODQ~PHURGRFH/XHJRHQJUXSRVGHSHUVRQDVHOHJLGODFODVLFDFLyQGHJUXSR
1
G
1
1
"
41
'
51
'
DFWLYDHVUPHDODKRUDGHWRPDUGHFLVLRQHVSURPXHYHODSDUWLFLSDFLyQGHWRGRVORVPLHPEURVHORJLDFXDQGRVHKDFHQODVFRVDVELHQ\
"
K1
1
"
1
1
MH)&A'"
.-.&$!
E;&<<<<)&-.&J;$1
"!<<<
(VFULEHXQSiUUDIRTXHHPSLHFHFRQODVIUDVHV0HKDVRUSUHQGLGRTXHRELHQ0HSUHJXQWRVL\TXHKDJDUHIHUHQFLDDORTXHKDVYLVWRHQ
(
<
=I
*A@*A
37A@3
!-;#&"&E;!-
8QIDQWiVWLFRHMHPSORGHWUDEDMRHQHTXLSRHVHO/LS'XETXHUHDOL]DURQORVDOXPQRVGHODIDFXOWDGGHPHGLFLQDGH9DOHQFLD
:LLNNN
LN?"W7CP4+J
1
=F(
?
1
=F.
#
6?
1
=F(
#
#
#
6
"
?
F
%
%
#
&&E;!-
1.!:!:&
=F
?
A
"
"
(
':
:LLNNN
LN?"WJO6F!G
=F.
?
$
(
)
)
#
%
A
"
"
"
:
:LLNNN
LN?"WfBA$G
@
:
1
*
"
%
"
#
1
=
#)
'
#
(
&?
1
=F(
"
-
2
?
=
-
2
.
#
"?
@6.
1
=F(
#
-
"
/
B?
=
#)
?
&"1;!
&:'"
" &$&!$"1!1;1
:LL
LOL;;
N
'
#
%
R
.
#
%
&E;!-
"&$&:!$&
'() *()+ :
$
$
B
8
(QHVWDSHOtFXODSRGHPRVYHURWURVWHPDVWUDQVYHUVDOHVFRPRHOOLGHUD]JRHOSRGHUODLQXHQFLDGHORVJUXSRVHWF6HWUDWDGHXQDDGDSWD.
#
6
'
F'
K;9
"6
:
1
R
&
#)
"
(
'
#
"
.
1
=>)
.
?
1
R
&
"
%
"
#
"
G([SOLFDPHGLDQWHHVFHQDVGHODSHOtFXODORVSURFHVRVGHLQXHQFLDGHORVJUXSRVVREUHORVPLHPEURV
H5HH[LRQD\H[SUHVDWXRSLQLyQSHUVRQDO
'1
<
=@
*A@*A
37A@3
O"!E;!&.&"E;&1;-.
W&:1
1.!;$&:.&';$#;&$&E;!-
O
/DVSHUVRQDVVRQORPiVLPSRUWDQWHGHXQDRUJDQL]DFLyQ(VWDIUDVHWDQGHOLEURGHJHVWLyQ\DYHFHVWDQPDQLGDHVVLQHPEDUJRFLHUWD\FRQ
"
#
#
'
#
(
6
"
2
C
3
3.
,"
,
03,,1
#
/
#
"
"
#
SHUVRQDVTXHODYDQDGHVDUUROODU(QHOFDVRGHTXHVHWUDWHGHXQDQXHYDHPSUHVDODUHOHYDQFLDHVD~QPD\RU+D\TXHWHQHUSUHVHQWHTXH
HOVRFLRFDSLWDOLVWDLQYLHUWHVLHVWiFRQYHQFLGRGHTXHHOHTXLSRTXHHVWiDOIUHQWHYDDHMHFXWDUGHIRUPDGLIHUHQFLDOORTXHVHKDQSURSXHVWR
3
#
'
#
#
6
#
G
2
6.
/
#
%
%
R
'
#
XQSURSyVLWRFRP~Q\DDOFDQ]DUXQRVUHVXOWDGRVFRQFUHWRVFRQXQHQIRTXH~QLFR
.
"
#)
%
.
(
FDGRODERUDOKDKHFKRTXHORVHPSOHDGRVSROLYDOHQWHV\FRQJUDQFDSDFLGDGGHDGDSWDFLyQDGLVWLQWDVFLUFXQVWDQFLDVVHDQORVSHUOHVPiV
%
l
&
l
'
#
#
"
$"
3"
F'
.
&
M."
0F
%
1
#
/)
'
TXHFXDOTXLHUSURIHVLRQDOVHUHVSRQVDELOLFHGHVXVWDUHDVFRQVXVDFLHUWRV\VXVHUURUHV
$
G
#
/
%
#
#
(:
%
"
0#)
#
1
0#)
HVSHUDGHFDGDPLHPEURGHOFODQ\SURFHGLPLHQWRVFyPRFRRUGLQDUHOWUDEDMRFRQMXQWR/DFUHDWLYLGDG\ODLQQRYDFLyQVRQFDSDFLGDGHV
#
'
#
)
#
"
#
'
6
#
)
"
&
%
'
&RPELQDUSHUVRQDOLGDGHVSDUDFUHDUXQHTXLSRHFD]HVWRGRXQDUWH+D\TXHVDEHUPDQHMDUORVHJRVGHXQRV\ODSDVLYLGDGGHRWURV(OSDSHO
GHOOtGHUFRPRLPSXOVRUHVYLWDO/RW(O*KDQGRXULIXQGDGRUGH&UHDWLYH6RFLHW\VHxDODTXHHOQH[RGHXQLyQTXHGDUiORVPHMRUHVUHVXOWDGRV
HVJHQHUDUVLHPSUHQXHYRVUHWRV+D\TXHLQFLWDUDWRGRVORVHPSOHDGRVDEXVFDUPHWDV(OVXSHULRUWLHQHTXHSODQWHDUQXHYDVPLVLRQHVTXH
#
%
)
""
"
/3
(
#
#
)
%
"
)
"
#
UXWLQDGHLQQRYDFLyQVHxDOD'H0RUD
#
.
#
#
(
"
#
.
3'
3
3$R
F
#
/)
%
'
:
6
#
#
%
#
)
%
"
"
6
'
'HHVWDPDQHUDVHDFWLYDHOTXLGSURTXRVLHOMHIHOHGDHOPRWLYRHOHPSOHDGRHQFXHQWUDVXPRWLYDFLyQ
.
'
J
'
2
.
"
R"
$
,
#
/
%
'
#
'
6
$
.
'
R
#
\VXVQHFHVLGDGHV(VWROHSHUPLWLUiHVWDEOHFHUXQQLYHOGHFRQDQ]DTXHHVFUXFLDOSDUDHOGHVDUUROORGHXQDHPSUHVD
M"
O
"
#
/
%
'
#
(
#
<
%
#
#
(
"
GHODPLVPDHQHOPHUFDGR
:LLNNN
2 LL8LL
L
-
-
L44;85;
1
=F.
#
?
E4XpVLJQLFDXQDFRPXQLFDFLyQGLUHFWD\ELGLUHFFLRQDO"
1
=
#)
#
(
#
<?
1
#)
#
'
#
=3
*A@*A
37A@3
N
"&)-&'
.&".&:')'$)S"A'#!!'&""
:!
&)
:!
$'&"O
!
.
$".
.
7
,
$
07,$1
!
#
"
G
QHFHVLGDGGHLQYHUWLU\GHKDFHUORHFLHQWHPHQWHGHODVHYDOXDFLRQHVORVUDQNLQJ\VXVFRQVHFXHQFLDV
=>)
#
#
?
@
R
<
"
'
#
"
"
%
#
'
%
%
"
6
(
%
(
.
C
#
"
=>)
(
2?
@
#
#
(
#
)
%
:
'
%
#
"
PDWHPiWLFRVGHDQDOL]DUFXiOHVVRQODVSUHJXQWDVLPSRUWDQWHV<DQRVLUYHHOHQIRTXHGHXQRVFRQWHQLGRVHVSHFtFRVTXHWHLEDQDVHUYLUHO
"
#
,
*
'
6
%
%
#
'
="
#
?
@
'
#
"
#
)
.
=
#)?
@
"
'.
"
.
#
"
3)
(
'.
,
#
,
=F.?
=F
(
"
.?
@
*
"
(
"
.
3)
"
2
#
C
"
=F(
"
.
?
5/RVHFRQRPLVWDVWLHQGHQDGHFLUTXHPiVJDVWRQRDVHJXUDPHMRUHVUHVXOWDGRVTXHGHSHQGHGHODHFLHQFLDGHOJDVWRSHURVLHPSUHTXH
6
%
#
"
'
#
.
-
'
#
"
%
'
3(Q(VSDxDKD\XQJUDQGHEDWHSRUTXHFRQHVDLGHDGHTXHQRSRUJDVWDUPiVKDEUiPHMRUHVUHVXOWDGRVVHWUDWDGHMXVWLFDUHOFDPLQR
"
#
(
#
56RQDUJXPHQWRVGLVWLQWRV\QRHVWiQGLUHFWDPHQWHUHODFLRQDGRV(QUHDOLGDGQRVHVDEH/HHFLHQFLDWLHQHTXHVHUXQYDORUVLHPSUH
#
(
:
M
3
3.
G
5
*A!
-
8:4
F
:LL
L
LLL5L L58;55P4898K
1
#
1
=F(
(
" ?
=
#)
?
1
=>)
.
'.
.?
G&XiOHVODLPSRUWDQFLDGHODHFLHQFLD"
H$QRWDGHQODSL]DUUDODVSDODEUDVTXHQRVHFRPSUHQGDQ/RVFRPSDxHURVGHFODVHUHDOL]DUiQXQDE~VTXHGDSDUDHQFRQWUDUHOVLJQLFDGR\OR
2(
4
?
6
&RQLFWR\QHJRFLDFLyQ
:
$1&$!
"
(OFRQLFWR
(ORULJHQGHORVFRQLFWRVODERUDOHV
7LSRVGHFRQLFWR
5HVROXFLyQGHFRQLFWRVODERUDOHV
&yPRSUHYHQLUHOFRQLFWR"
/DUHVROXFLyQGHFRQLFWRVGHVGHODQHJRFLDFLyQ
+"
(>
#>&1!?
"
,GHQWLFDUODVFDXVDVPiVKDELWXDOHVGHORVFRQLFWRVODERUDOHV
'LVWLQJXLUORVWLSRVGHFRQLFWR
&RQRFHUHOSURFHVRGHPHGLDFLyQHQXQFRQLFWR
&RQRFHUHOSURFHVRQHJRFLDGRUHQXQFRQLFWR
3DUWLFLSDUHQXQSURFHVRGHVROXFLyQGHFRQLFWRV
9DORUDUODPHGLDFLyQ\ODQHJRFLDFLyQFRPRPHGLRVGHUHVROXFLyQGHFRQLFWRV
?912B"!% B<A6B%/%J
(OFRQLFWR
&
#
#
H[LVWDXQDUHODFLyQHQWUHSHUVRQDVSXHGDVXUJLUXQFRQLFWR
D>'1&
8QSUREOHPDHVFXDQ
Pi[LPRHVIXHU]R
$O
"
'(
.
'
"
'
LUUHFRQFLOLDEOHV(QQXHVWUDYLGDVHJXUDPHQWHYLYLUHPRVGLIHUHQWHVFRQLFWRVHQFDVDFRQODSDUHMDFRQ
&
%
3
.
"
.
.
""
%
'
2
(
X
\
#
'
"
6
#
"
(
(
9
6
(OFRQLFWRSXHGH(%
(+
(
(
%
GRVSDUWHVSHUVLJXHQXQPLVPRQ\VHJHQHUDXQDFRPSHWHQFLD
"
#)
%
"
"
F
(
FRQLFWRVODERUDOHVSRGHPRVGHQLUpVWRVFRPR(
+
0
(
9(
2(
%
L
(ORULJHQGHORVFRQLFWRVODERUDOHV
(OSULPHU\IXQGDPHQWDOSDVRSDUDDIURQWDU\VROXFLRQDUFXDOTXLHUFRQLFWRHV
(
3
FRQLFWRVSRGHPRVGLVWLQJXLU+(
2
%
:
.!J&$&:
$!:1
&>&)-
(
- R
#
%
QLFDGDVRGLVWULEXLGD
#
&
#
%
'
.\
%
#
.
"
.
(
#
J
#
'
$
#
(
(
0
.
1
#
&
$
, 0 'RV PHFiQLFRV GLHUHQ HQ OD PDQHUD GH DUUHJODU XQD
%
"
$
%
#
%
"
%\
QRORKDFH\VXUJHHOFRQLFWR
$
%
#
'
(
'
.
'
$
%
#
(
%
F
2
"
G
(
'
R FXDQGR QR KD\ FRPXQLFDFLyQ RFLDO UHVSHFWR D XQD
.
"
'
"
%
A
4
?912B"!% B<A6B%/%J
3UiFWLFD
&8/(6(/25,*(1'(/&21)/,&72"
1RPEUDFXiOHVODFDXVDRHORULJHQGHHVWRVFRQLFWRVTXHVHSURGXFHQHQODPXOWLQDFLRQDO&21)/,&7266$6ROXFLyQ:
D'DYLG\1XULDWUDEDMDQHQODPLVPDVHFFLyQVRQSULPRV\QRVHKDEODQSRUTXHVXVSDGUHVWXYLHURQSUREOHPDVFRQXQDKHUHQFLD
E8QRGHORVGLUHFWLYRVRSLQDTXHORPHMRUHVUHQRYDUVHWHFQROyJLFDPHQWHSDUDKDFHUIUHQWHDOD
VLWXDFLyQ\UHGXFLUHOSODQWHOGHWUDEDMDGRUHV2WURGLUHFWLYRRSLQDTXHHVPHMRUQRGHVSHGLUDQDGLH
\QRLQYHUWLUHQWHFQRORJtD
F(QXQWDOOHUGRVPHFiQLFRVWLHQHQTXHFRPSDUWLUVXVKHUUDPLHQWDVHQRFDVLRQHVORVGRVODV
QHFHVLWDQDOPLVPRWLHPSR\KD\GLVFXVLRQHV
G8QMHIHHVPX\H[LJHQWHFRQVXVWUDEDMDGRUHVVLHPSUHOHVH[LJHTXHDFDEHQVXVWUDEDMRVHQXQ
WLHPSRH[FHVLYDPHQWHFRUWR
5LYDOLGDGHVSHUVRQDOHV
'LIHUHQFLDVGHYDORUHV
5HFXUVRVHVFDVRV
0DODSODQLFDFLyQGHODWDUHD
7LSRVGHFRQLFWR
(QSULPHUOXJDUDQWHVGHUHDOL]DUXQDFODVLFDFLyQPiVH[KDXVWLYDGHORVWLSRVGHFRQLFWRVKHPRVGH
WHQHUHQFXHQWDTXHH[LVWHQGRVSULPHUDVIRUPDVGHFRQLFWRV:
/RVVRQORVTXH\DKDQDRUDGR\VRQS~EOLFRVSDUDWRGRV
/RVLQYLVLEOHVRODWHQWHVHOFRQLFWRH[LVWHSHURD~QQRKDVDOLGRDODOX]
(YLGHQWHPHQWHHQORV FRQLFWRVODWHQWHVHVPiVFRPSOLFDGRHQFRQWUDUXQDVROXFLyQ
VHWUDWDGHFRQLFWRVTXHWRGDYtD QRKDQHVWDOODGRSHURVHHVWiQFRFLHQGRGRQGHODVSDUWHV
QRVXHOHQYHUEDOL]DUVXVGLIHUHQFLDV\TXHHQXQHVSDFLRFRUWRGHWLHPSRHVWDOODUiQ'HDKtTXHFRPR
YHUHPRVHQHOSUy[LPRDSDUWDGRSUHYHQLUORVFRQLFWRVVHDXQDWDUHDSULPRUGLDOHQODVRUJDQL]DFLRQHV
1!-
"&:
$!:1
6HJ~QODV
DIHFWDGDV
6HJ~QHO
QLYHOMHUiUTXLFR
,QGLYLGXDO
&ROHFWLYR
+RUL]RQWDO
!
1RUPDWLYRV
6HJ~QOD
PDWHULDGHOFRQLFWR
(FRQyPLFRV
'HWDUHD
'HUHODFLyQ
3RVLWLYR
6HJ~QVXV
FRQVHFXHQFLDV
1HJDWLYR
&>&)-
8Q WUDEDMDGRU FRQVLGHUD TXH WLHQH SHRUHV FRQGLFLRQHV ODERUDOHV TXH VXV FRPSDxHURV KRUDULRV
LQFHQWLYRVHWF
(OFRQYHQLRKDEODGHXQGHVFDQVRSDUDHODOPXHU]R0LHQWUDVTXHODHPSUHVDSLHQVDTXHHVGHFLVLyQVX\DORVWUDEDMDGRUHVFRPRFROHFWLYRSLHQVDQTXHHVREOLJDWRULR
'RVWpFQLFRVGHPDQWHQLPLHQWRWLHQHQXQFRQLFWRVREUHHOUHSDUWRGHWDUHDV
(OHQFDUJDGRRSLQDTXHHOUHQGLPLHQWRGHOSHyQHVEDMRpVWHFUHHTXHHOHQFDUJDGROHGDPXFKR
WUDEDMR\QROHGDWLHPSRDFXPSOLUOR
6RQGHRULJHQMXUtGLFRFRPRDODKRUDGHLQWHUSUHWDUXQFRQYHQLRVREUHHOSDJRGHODVKRUDVH[WUDV
ODHPSUHVDLQWHUSUHWDTXHVRORVHDSOLFDHOVDODULREDVH\ORVWUDEDMDGRUHVSLHQVDQTXHVHDSOLFDQ
WRGRVORVFRQFHSWRVVDODULDOHV
/RVWUDEDMDGRUHVUHFODPDQORVDWUDVRVHQODQyPLQDIUXWRGHODXPHQWRGHO,3&
'RVSHUVRQDVGHOGHSDUWDPHQWRVHUHSDUWHQODVWDUHDVPiVLQWHUHVDQWHV\GHMDQODVWDUHDVPiV
UXWLQDULDVSDUDHOUHVWR
8Q PLHPEUR GHO GHSDUWDPHQWR VLHPSUH GD VXV RSLQLRQHV DXQTXH FRQ HOOR IDOWH DO UHVSHWR D ORV
GHPiV
)DYRUHFHODVGRVSRVLFLRQHV\VRQSRVLWLYRVSDUDODRUJDQL]DFLyQFRPRGHVSXpVGHRUJDQL]DUODV
WDUHDVGHIRUPDPiVHTXLWDWLYD\PiVMXVWDGRVWUDEDMDGRUHVVRQPiVSURGXFWLYRV\HVWiQPiV
PRWLYDGRV
$OHMDDODVSRVLFLRQHV\VRQQHJDWLYRVSDUDODRUJDQL]DFLyQFRPRFXDQGRQRVHFRQFHGHODUHFODPDFLyQGHPHMRUHVFRQGLFLRQHVODERUDOHVSRUODHPSUHVD\HVWRKDFHTXHORVWUDEDMDGRUHVVH
GHVPRWLYHQ\GLVPLQX\DQVXSURGXFWLYLGDG
4
?912B"!% B<A6B%/%J
-2
=FJ_
R
,A
$
FA*,FA?
,QGLFDTXpWLSRRWLSRVGHFRQLFWRVRQORVTXHVHQRPEUDQDFRQWLQXDFLyQ"(
:
1
J
)
M6
R
.
#
!
F
"
"
"
"
%6
"
"
5HVROXFLyQGHFRQLFWRVODERUDOHV
D>'1&
J*$3F,X*
G$,3@3
NNN '
1
=>)
)
' .?
1
mG
.U:
=>)
"
%
.?
"
%
.
#
(
#
0
'
1
7
.
&
"
.
FF33
(QHOiPELWRODERUDOSRGHPRVUHVROYHUORVFRQLFWRV
(
(
TXHPHGLHHQHOFRQLFWR
%
(QHVWHDSDUWDGRQRVFHQWUDUHPRVHQORVPHGLRVGHUHVROXFLyQGHFRQLFWRVFRPRVRQORV
)
'9:
V1(
'9
#
2
.
3
"
%
XQFRQLFWRFRQODLQWHUPHGLDFLyQGHXQWHUFHURDMHQRDOFRQLFWR
"
M6
R
C
"
;
.
%
.
.
.
%
:
:
#
#
:
#
'
FLRQHVTXHSXHGDQVDWLVIDFHUDDPEDVSDUWHVGHPDQHUDTXHVHUHVXHOYDHOFRQLFWR
&9:
(
(
.
#
(
0
(
'<
#
1
9
\DTXHVHLQWHQWDTXHDPEDVSDUWHVFRQVLJDQDOJ~QEHQHFLR(Q
%
0
#
%1
#
FRQORTXHHVSRVLEOHTXHHOFRQLFWRFRQWLQ~H3RUHOORSDVDUHPRVDDERUGDUTXpSDVRVGHEHDERUGDUXQ
PHGLDGRUSDUDUHVROYHUXQFRQLFWR
46
E1
,GHQWLFDU\GHQLUHOFRQLFWR
E1
!
9
E1
+
(
4E1
&
?912B"!% B<A6B%/%J
,GHQWLFDU
HOFRQLFWR
$
(
(
L
9V(
D
#
#
%
"
LUH[LELOL]DQGR
"
.
'
%
.
(
"
(
2
%
:(
2(
%9
J
"
6
'
(
"
%
"
#
G
%
%
.
2+
0
9(
*(
(
79
R
<
@
2
(:
.
,
6.
@
#
""
#
"
%
%
%
%
.
:
R
"
#
2
5H
%
.
.
9(:
#
"
"
#
(
9(
3
%
#
"
"
'
E
#
"
6
#
%
3
.
(
XQVHJXLPLHQWRRFRQWUROSDUDYHULFDU#
(
-2
,
R 3
#
#
&
'
"
R
V
GLFLRQHVGHWUDEDMRTXHKDFtDTXHVXVWUDEDMDGRUHVIXHUDQPX\SURGXFWLYRVXQKRUDULRH[LEOHSRGtDQWUDEDMDUGRVGtDVDODVHPDQDGHVGH
"
%.
.
6\
(
"
%
#
%
(
#
%
,
R 3
(
K
%
#
"
R
#
"
"
HOUHVWRGHOJUXSRHPSUHVDULDO/RVWUDEDMDGRUHVGH3URGXFWLYRV6/QRTXLHUHQSHUGHUVXVFRQGLFLRQHV\VHRULJLQDXQFRQLFWR3ODQWHDUODV
WDUHDVQHFHVDULDVSDUDOOHYDUDFDERXQSURFHVRGHPHGLDFLyQHQHVWHFRQLFWR"(
:
'HQLUODFDXVDFRPSUDGHXQDHPSUHVD\SRVLEOHSpUGLGDGHODVEXHQDVFRQGLFLRQHVTXHGLVIUXWDEDQORVWUDEDMDGRUHV
E1
>)
%
"
:
#
#
"
(
'
%
E1
:
(
3
"
R
,
R 3
FRPRSRUHMHPSORHOKRUDULRH[LEOHXQSHTXHxRDXPHQWRVDODULDOSDUDORVWUDEDMDGRUHVGH3URGXFWLYRV6/SHUPLWLUHOFDPELRGHSXHVWRVGH
%
%
#
(OHJLUXQDVROXFLyQPDQWHQHUHOKRUDULRH[LEOHSHURTXHODVKRUDVVHDQGHSUHVHQFLDHQODHPSUHVD\QRGHVGHFDVD
4=
?912B"!% B<A6B%/%J
&yPRSUHYHQLUHOFRQLFWR"
$QWHVTXHOOHJDUDTXHHVWDOOHHOFRQLFWRSRGHPRVVHJXLUXQDVSDXWDVTXHDXQTXHWDOYH]QRORHOLPLQHQ
#
#
'
J
(
#
:
D>'1&
3R@,!,$3$
C
RFJFD3
3F,!3
"
%
#)
" :
:LLNNN
L
N?"WN63%R8
WHFOHD UHFLEH VHUYLFLR HQ
C
"
3
(
"
:
:LLNNN
"
L
2
3DXWDVGHSUHYHQFLyQGHOFRQLFWR
.
GHEHVHUXLGD
;
*
#
D
#
(%
0
F.
"
%
6
"
.
D
"
#
(
DSUHYHQLUHOFRQLFWR
1
'
:
'
#
%
A6.
9%(
(
#
EHQHFLHQDOJUXSR:
G
HVWRD\XGDDQRHQFDVLOODUVHDVXPLUUHWRV\FUHFHUSURIHVLRQDOPHQWH1XQFD
'
"
"
R
(
'6
6.
F
.
'
"
"
J$
#
%
X
(0
3
"
(
R
(%2\
\
(
/DUHVROXFLyQGHFRQLFWRVGHVGHOD
%
D>'1&
1XQFD QHJRFLHPRV
GHVGH HO WHPRU \
QXQFD WHPDPRV QH
JRFLDU
M
f
JJ
&XDQGRDSDUHFHQFRQLFWRVHQHOWUDEDMRODIRUPDPiVXVXDOGHDERUGDUORVHVUHVROYHUORVPHGLDQWHOD
.
.
(
+
SDFtFDPHGLDQWHHOGLiORJR
X2
(
.
6
#
"
2
0
(+
44
?912B"!% B<A6B%/%J
4<<&
%
+D\PXFKDVFODVLFDFLRQHVVREUHORVWLSRVGHQHJRFLDFLyQSRUHOORQRVYDPRVDFHQWUDUHQDTXHOODVTXH
#
HQVHxDODUODFODVLFDFLyQEDVDGDHQOD5
%
(
2
(
2
:
"
*(
6LOHGDPRVPD\RURPHQRU
(
.
$
0
.
#
#
1
%
:
3FAGA$3,!A
0
-
<
1
FA37A@3,!A
0
-
<
1
$,R@,7J,!A
0
-
<
1
@
.
!,3,!A
0
1
FAG,,!A
0
-
<
1
@
D>'1&
#
0
)1:
:LL
'
L
LK5
8H
.
6
'.
"
#
<
D
#
)
*
#
'
)
#
"
3
#
.
(
.
"
4I
?912B"!% B<A6B%/%J
-26
AR
R,AR
$
*BAF,3F,X*
,QGLFDDTXpHVWLORGHQHJRFLDFLyQVHUHHUHQODVVLJXLHQWHVVLWXDFLRQHV"(
D3HGURKDVLGRGHVSHGLGRGHVXHPSUHVDPHGLDQWHXQGHVSLGRGLVFLSOLQDULReOFUHHTXHHVWRWDOPHQWHLQMXVWLFDGR
.
(2
6.
1
J
)
@
D
%
EDMRHQWUHHOODVORVSHUPLVRVODIRUPDGHUHWULEXLUSRUREMHWLYRV\HOSRGHUUHDOL]DUXQKRUDULRH[LEOH4XLHUHQOOHJDU
DXQDFXHUGREHQHFLRVRSDUDWRGRV
1
)
(
6
$
(
"
"
.
'
F
"
F"
3 "
I<
%
.
"
"
"
EHQHFLRSDUDHOODVSRUWDQWRYDQDEXVFDUXQDVHULHGH (
+
*(
(
%
J<-<1
%(
:
D>'1&
1
9
:
(
'"
#
0$J(,ZJ1
1
9*(
J
"
6
#
#
9*(
2
6
#
#
0*(
Z-1
1
(
%
"
#
#
0*(
Z11
UHSUHVHQWDFLyQJUiFD
L
(
:
)
J<-<1<
-
1
%
. (
6
'"
%
"
J(,
Y
1
%
-
J(,
6
. (
%
"
'"
"(
J<-<1<
R
((HQWUHODVSDUWHVHOJUiFRVHUtDHOVLJXLHQWH
)
J<-<1<
-
1
%
. (
6
'"
%
"
J(,
Y
4@
1
%
-
J(,
6
. (
%
"
'"
"(
J<-<1<
?912B"!% B<A6B%/%J
.
%(
+:
2
.
:
7*(
+
:
(
(
'.
%
%
"
,
:
:
#)
#)
'
)
*
:
#
(
"
%
:
#
6
(
"
%
.
.
:
>)
(
(
"
%
&9:
$(J<-<1<:
>)
#)
%
"
(
(
6
3
(
#
(2J<-<1<
%
"
#
6
&
%:
#)
%0
*(52
"
6
R
(
2%
(
+
R
F
6:
-
:
R
2
%
"
$
(
:
,
D
#
'
:
,
R
#
&
"
"
#
'(:
R
#
F
#
(
"%(
:
R
-2=
3R
3RR
$
*BAF,3F,X*
6HHVWiQQHJRFLDQGRODVYDFDFLRQHVGHHQ7DOOHUHV&RUUHFDPLQRV6/6HSURGXFHXQDUHXQLyQHQODHPSUHVDHQWUHHOFRPLWpGH
.
,
#)
'
.
"(
%
#
#
R
#
#
*"
&
%
#
"
8
K
'
'
*"
'
'
%
2
#
#
)
#
R
#
"
(
*"
(
.
%
#
(
"
.
<#
'.
3UHSDUDFLyQGHQL.
%
"
$
.
$
43
?912B"!% B<A6B%/%J
@<:
9
%
D>'1&
2
IDFWRUHV TXH GLFXOWDQ OD QHJRFLDFLyQ:
'
(
FRQDQ]DGHFRQRFLPLHQWRGHORVXPEUDOHVGHODQHJRFLDFLyQRGHHVWUDWHJLD+D\SHUVRQDVTXHWLHQHQ
#
"
\
#
%
(
"
(
3
(
5
#
#
"
#
9(L(
%
:
(5
:
R
"
*
(
FAGJ*,F3F,X*
*A
!@73
:
:LLNNN "
LL"
L
4L
4%
-
-'
6 L45984L
/"
WUHVIHUQDQGH]GROV
)
:
/M)
D
FLyQ QR YHUEDO \ YHU FXDO#
"
&
J6
(
:
B
%
"
"6
"52(:
"
#
(
"
#
#
(
#
(
(
R
(
#
(
(
HQTXHDFDEDUiVOOHYiQGRWHHOJDWRDODJXD
;L
:
F
#
#
(
(
'.
)
#
.
VLOHQFLR6XHOHQGHFLUORVFRPHUFLDOHVTXHHOTXHSULPHURURPSHXQVLOHQFLRSLHUGH
(%(
(:
*
#
%
"
:
/=*
#
"
?
=*
PiVGHHVWHWHPD"8WLOL]DSUHJXQWDVFRPR1RFUHHTXHVHUtDPHMRUHVWHQXHYRSURGXFWR"4XpOH
SDUHFHVLXWLOL]DPRVORVUHFXUVRVHFRQyPLFRVTXHQRVKDQGDGRSDUDDGTXLULUXQQXHYRRUGHQDGRU"
"5:
*
3<12
%
(
#
6
.
)2
6
%
"
$
.
2
"
(
%
+(
X
!
%(
2(L:
&
9(%:
R
#
(
%
+/RVSVLFyORJRVRSLQDQTXHDOUHDOL]DUODSULPHUDRIHUWDHQXQDQHJRFLDFLyQVHFRQVLJXHHOIHQyPHQRGHODQFODMHTXH
#
'.
#
(
'
'
#
6
(
(
&((QYLDUPHQVDMHVGHPDQHUDLQIRUPDOSDUDLQXLUHQHOSURFHVRQHJRFLDGRU3RUHMHPSORGLIXQGLUTXHHOMHIHHVWiKDUWRGHTXHORV
%
'
%
(:
D
"
(
L(:
D
#
#
(
#
#
:
(
:
%
.
#
%
#
%
'
F
.
#
#
(
&(
:
J
#
0
"
1
6
FRQFHVLRQHV(OHMHPSORWtSLFRHVHQORVLQWHUURJDWRULRVHQSHOtFXODVSROLFtDFDVXQRKDFHGHPDOR\GHVSXpVRWURKDUiGHEXHQR
&+:
F
#
#
#
@
-
#
%
#
#
'
#
2
"
)
:
:
=>)
?
=>)
?
<
"6
.
(
#
&+DJRFUHHUTXHHVWRQRSXHGRKDFHUOR\DOQDOORKDJR(ORSRQHQWHTXHGDVDWLVIHFKR\PHGDRWUDFRVD
I
'
MH
":
$!:1
""<<
1RPEUDFXiOHVODFDXVDRHORULJHQGHHVWRVFRQLFWRVTXHVHSURGXFHQHQODPXOWLQDFLRQDO/RVFRQLFWRV6/
D3DUDHOODQ]DPLHQWRGHXQQXHYRSURGXFWRORVGHSDUWDPHQWRVGHGLVHxRSURWRWLSRV\SURGXFFLyQKDQGHWUDEDMDUMXQWRVHOGHSDUWDPHQWRGH
GLVHxRVHUHWUDVDVLHPSUHDOUHDOL]DUVXVWDUHDV
E-DYLHUVLHPSUHHVWiGHPDOKXPRUVXVFRPSDxHURVHPSLH]DQDHVWDUKDUWRVGHVXVFRQWLQXRVGHVDLUHV\PDORVPRGRV
F8QDSHTXHxDHPSUHVDGRQGHORVWUDEDMDGRUHVSXHGHQUHDOL]DUWHOHWUDEDMRGRVYHFHVDODVHPDQD\KDFHUXQKRUDULRH[LEOHHVDEVRUELGDSRU
XQJUDQJUXSRHPSUHVDULDOTXHHOLPLQDHVWDVFRQGLFLRQHV/RVWUDEDMDGRUHVQRHVWiQGLVSXHVWRVDFRQVHQWLUORVLQDOJRDFDPELR
G5RVDOHGLMRD-DLPHTXHOHSUHJXQWDUDDOHQFDUJDGRVLORHOSUy[LPRYLHUQHVHVHVWD-DLPHVHHQFRQWUyFRQ)HOLSH\OHGLMRTXHOHGLMHUDDO
HQFDUJDGRTXH5RVDTXHUtDHVWDHOSUy[LPRYLHUQHV)HOLSHVHHQFXHQWUDFRQHOHQFDUJDGR\OHGLFHTXH5RVDQRLUiDWUDEDMDUHOSUy[LPRYLHUQHV
(OHQFDUJDGRVHHQIDGD
MHC:;S&"&1!-
&:
$!:1
F
,QGLFDTXpWLSRVGHFRQLFWRVRQORVTXHVHQRPEUDQDFRQWLQXDFLyQ
D,VUDHO\6HUJLRWUDEDMDQGHD\XGDQWHVGHFRFLQD(OMHIHGHFRFLQDHVWiDSXQWRGHMXELODUVH\ORVGRVDVSLUDQDVXSXHVWR7LHQHQHQIUHQWDPLHQWRVFRQVWDQWHVKDVWDTXHXQRGHORVGRVGHFLGHPDUFKDUVHGHODHPSUHVD
E(OVLQGLFDWRGHWUDEDMDGRUHVGHOPXHEOHQRHVWiFRQIRUPHFRQODVQXHYDVFRQGLFLRQHVGHOFRQYHQLRFROHFWLYR
F0DUtDQRVRSRUWDODIRUPDGHVHUGH9tFWRUSLHQVDTXHHVXQFUHLGRSHURQRVHORKDGLFKRDQDGLH3RUHVRFXDQGRWUDEDMDQMXQWRVQRFRPSDUWH
GHPDVLDGDLQIRUPDFLyQFRQpO
MHC:;SA'"!
1;:
$!:1
F
'HVSXpVGHFRQWHVWDUODVDFWLYLGDGHVDQWHULRUHV3RGUtDVQRPEUDUDOJ~QRWURFRQLFWRKD\DVYLYLGRHQWXWUDEDMR"6LQRKDVWUDEDMDGRRQRKDV
WHQLGRQLQJXQRSXHGHVSHQVDUHQXQRUHODFLRQDGRFRQORVHVWXGLRVRWXYLGDSHUVRQDO
D+D]XQEUHYHUHVXPHQ&XiOIXHODFDXVDGHOPLVPR"
E'HTXpWLSRHUD"
F&yPRDFDEy"
6MH#;"E;&)
""
;:!
$&"&$
"D
""<
6XVDQD\$GULiQVRQDGPLQLVWUDWLYRV\FRPSDxHURVHQHOGHSDUWDPHQWRGHDGPLQLVWUDFLyQGH/RVOtRV6/6XVDQDWLHQHDxRV\DOOHYDDxRV
HQODHPSUHVDPLHQWUDVTXH$GULiQWLHQHDxRV\DxRGHDQWLJHGDG7LHQHQFDUDFWHUHVEDVWDQWHGLIHUHQWHV$GULiQHVPiVHVSRQWiQHR\
H[WURYHUWLGR\6XVDQDPiVFDOODGD\UHVHUYDGDFRQORTXHQRFRQJHQLDQQDGDIXHUDGHODHPSUHVD(QHOGHSDUWDPHQWRVHOOHYDQGHIRUPDQRUPDO
\PX\FRUGLDOORTXHKDKHFKRTXHODVFRVDVIXQFLRQHQPX\ELHQ6XVDQDKDKHFKRGHPHQWRUD\OHKDHQVHxDGRGLIHUHQWHVFRVDVD$GULiQ\pVWH
OHHVWiPX\DJUDGHFLGRSRUHOOR
+DFH\DDOJ~QWLHPSRTXHODHPSUHVDSDVDSRUGLFXOWDGHV\VHUXPRUHDTXHSLHQVDQSUHVFLQGLUGHDOJXQRVWUDEDMDGRUHVSHUR-RVpHOMHIHGH
DPERVVHFDOOD\QRGLFHQDGDDOUHVSHFWRFXDQGROHSUHJXQWDQ$GULiQFXDQGRKDHQWHQGLGRPHMRUWRGRHOIXQFLRQDPLHQWRGHOGHSDUWDPHQWR
KDGHWHFWDGRTXH6XVDQDQROHKDHQVHxDGRWRGRORTXHVDEHFRPRHUDVXREOLJDFLyQOHKDRPLWLGRDOJXQRVGHWDOOHVHQORVSURFHGLPLHQWRVSRU
HMHPSORHQHOHQYtRGHGDWRVD+DFLHQGDRD6HJXULGDG6RFLDOFRQORTXH6XVDQDHVOD~QLFDTXHSXHGHKDFHUGHWHUPLQDGDVWDUHDV(ODPELHQWH
HVWiPX\GLVWDQWHHQWUHHOORVFDVLQRWLHQHQUHODFLyQ
7UDEDMDGHQJUXSRVGHSHUVRQDVODVVLJXLHQWHVFXHVWLRQHVGHVGHXQDSHUVSHFWLYDGHVROXFLyQGHOFRQLFWRGHVGHODPHGLDFLyQ
D,GHQWLFDUODFDXVDRUDt]GHOFRQLFWRH[LVWHQWH
E8QDYH]LGHQWLFDGDODFDXVDGHOFRQLFWRUHGDFWDUDOPHQRVWUHVSRVLEOHVVROXFLRQHVYDORUDQGRORVGLIHUHQWHVSURV\FRQWUDVGHFDGDXQRGHHOORV
F(OHJLUXQDVROXFLyQ\HOSRUTXpGHHOODHVWDEOHFLHQGRTXpFULWHULRVKDEpLVWRPDGRXWLOLWDULVPRGHUHFKRRMXVWLFLD
G5HGDFWDUHOQDOGHODKLVWRULDWHQLHQGRHQFXHQWDYXHVWUDGHFLVLyQ
I
'
=MH
"&"1!
"&$&J
:!':!U$
,QGLFDDTXpHVWLORGHQHJRFLDFLyQVHUHHUHQODVVLJXLHQWHVVLWXDFLRQHV
D(OMHIHGHDOPDFpQQHJRFLDFRQXQSURYHHGRUODUHODFLyQFRPHUFLDOVHSURORQJDUiGXUDQWHDOJXQRVDxRVSRUORTXHHVQHFHVDULRTXHDPEDVSDUWHVTXHGHQ
VDWLVIHFKDV\QLQJXQDWHQJDVHQVDFLyQGHTXHKDVDOLGRSHUGLHQGR
E/RVVLQGLFDWRVHVWiQQHJRFLDQGRFRQODSDWURQDO&(2(\HO*RELHUQRVREUHOD5HIRUPD/DERUDO/D&(2(ORJUDLPSRQHUVXSRVWXUDHQODUHIRUPDODERUDO\HO
*RELHUQRODDFHSWDDSHVDUGHODVTXHMDVGHORVVLQGLFDWRVTXHYHQGLVPLQXLUVXVGHUHFKRVODERUDOHV/RVVLQGLFDWRVFRQYRFDQXQDKXHOJDJHQHUDO
F5RVDHVFRPHUFLDOGHD]XOHMRVWLHQHXQSDFWRFRQ-RVp$QWRQLRSRUHOFXDOpVWHOHFRPSUDDPX\EXHQSUHFLRPXFKDFDQWLGDGGHXQPRGHORGHPXFKRp[LWR
/DVFRQGLFLRQHVSRUWDQWRVRQPX\EXHQDVSDUDDPERV6LQHPEDUJRVHDFDEDGHSURGXFLUXQFDPELRGHSROtWLFDVFRPHUFLDOHVHQVXVUHVSHFWLYDVHPSUHVDV
SDUDTXHORJUHQORVPHMRUHVUHVXOWDGRVFRQORTXHVHOHVUHFRPLHQGDDDPERVTXHYXHOYDQDUHQHJRFLDU5RVD\-RVp$QWRQLRDODUJDQODQHJRFLDFLyQWRGROR
TXHSXHGHQSXHVFUHHQTXHHQODSUy[LPDQHJRFLDFLyQVDOGUiQDPERVSHUGLHQGR\DKRUDHVWiQODVFRVDVELHQ
G(GXDUGRHVSURSLHWDULRGHXQDSHTXHxDIRWRFRSLDGRUDHQOD]RQDXQLYHUVLWDULDGRQGHWUDEDMDQGRVFKLFDVGHSUiFWLFDVGHVGHKDFHXQDxR(OFRQWUDWRYDD
QDOL]DU\(GXDUGRTXLHUHUHQRYDUOHVHOFRQWUDWRSRURWURDxRFRQHOVXHOGRTXHPDUFDODOH\\TXHDPEDVWUDEDMHQKRUDVPiVDOGtDSXHVKD\SHGLGRVTXHVH
UHWUDVDQGHXQGtDSDUDRWUR\GHEHUtDQVDOLUHQHOGtD/DVWUDEDMDGRUDVDFHSWDQUHDOL]DUPiVKRUDVDSHVDUGHTXHVDOGUiQPX\WDUGHSHUROHGLFHQD(GXDUGR
TXHWLHQHTXHVXELUHOVXHOGRPiVGHOPtQLPRGHOTXHPDUFDODOH\(GXDUGRDFHSWDVXELUOHVHOVXHOGRDO\ODVWUDEDMDGRUDVWDPELpQFHGHQHQUHDOL]DU
PiVKRUDVGHODVSUHYLVWDV
4MH"&J;!)
"$&J
:!'$
&$1'&.&":
..&:')!$
""<
/DHPSUHVDGHODSUiFWLFDQFRQWLQ~DGHQHJRFLDFLRQHV(VWDYH]WRFDQHJRFLDUODVXELGDVDODULDO2UGHQD\QRPEUDODVVLJXLHQWHVDFFLRQHVDTXpIDVHGHOD
QHJRFLDFLyQFRUUHVSRQGHGHVGHHOSXQWRGHYLVWDGHORVWUDEDMDGRUHV
D/RVWUDEDMDGRUHVVDEHQTXHODHPSUHVDQRTXLHUHVXELUHOVDODULRPiVGHO,3&\DTXHFRQRFHQPX\ELHQDOJHUHQWH\TXHODLGHDFRQTXHOOHJDDODQHJRFLDFLyQ
HVODGHVXELUHO\HOUHVWRDFRPLVLRQHVHLQFHQWLYRV
E/RVWUDEDMDGRUHVH[SRQGUiQTXHGDGRTXHHO,3&KDVLGRGHOQRSXHGHQDFHSWDUXQDVXELGDGHO\TXHFRPRPXFKRQREDMDUiQGHXQDVXELGDGHO
PiVORVLQFHQWLYRV/HVJXVWDUtDXQDVXELGDGHO,3&GHOSHURYHQPiVUHDOLVWDHQWUHHO\HOPiVLQFHQWLYRV
F&RPRHUDGHHVSHUDUODHPSUHVDRIUHFHHOPiVLQFHQWLYRV/RVWUDEDMDGRUHVVHQLHJDQH[SRQLHQGRTXHHVGHPDVLDGRSRFR\TXHHO,3&HVGHO
)LQDOPHQWHDFHSWDQXQDVXELGDGHOPiVXQRVLQFHQWLYRVSRUHTXLSRVHQOXJDUGHLQGLYLGXDOHV
G(OSUHVLGHQWHGHOFRPLWpGHHPSUHVDUHYLVDDOPHVVLJXLHQWHHOFXPSOLPLHQWRGHODFXHUGRDWUDYpVGHODUHYLVLyQGHODVQyPLQDV
IMH$&J
:!'.-
.;$-;&"1
&1.'#'>
-,(N&5J
O
9HVDODVLJXLHQWHGLUHFFLyQKWWSZZZ\RXWXEHFRPZDWFK"Y WEKIET0Y[4, IHDWXUH SOD\HUBHPEHGGHG2WHFOHD(OPpWRGR*URQKROPHMHPSORQHJRFLDFLyQ
&RPRKDEUiVYLVWRHQODSHOtFXODORVFDQGLGDWRVGHEHQH[SRQHUVXVPRWLYRVSDUDFRQWLQXDUHQHOSURFHVRGHVHOHFFLyQHQHOTXHSDUWLFLSDQ
D&XiOKDVLGRODPHMRUDUJXPHQWDFLyQ"3RUTXp"
E&UHHVTXHKDIDOODGRODSHUVRQDTXHKDVLGRH[SXOVDGD"(QTXp"
F4XpKXELHVHVDUJXPHQWDGRVLHVWXYLHUDVHQVXOXJDU"
G+XELHUDVH[SXOVDGRDODPLVPDSHUVRQDRDRWUD"5D]yQDOR
6HUUHVSHWXRVRV\HGXFDGRV
8WLOL]DUODFRPXQLFDFLyQQRYHUEDO
)RUPXODUSUHJXQWDVGHPDQHUDDGHFXDGDSDUDFRQYHQFHUDODRWUDSDUWH
6HUFODURVHQYXHVWUDVDUJXPHQWDFLRQHV
8WLOL]DUORVVLOHQFLRV
I
'
#
"
:
J
2
5
&
GO
YO
K
&
O
J
2.
&
4
G
%
'<
9
&
5
J
4
&
%
;
2
#
%
#
;
3
5
&
"
"
5G
'
3'
D
03D1
9
$
9
&
8
M
7
K
&
@
:
1
=F(
?
=(
.?
=
#)
%
"?
1
=R
?
=R
"?
1
=>)
.
?
=>)
(?
=>)
(
'?
=
?
=
#)?
1
=>)
%
'
?
H4XpFRQFOXVLRQHVH[WUDHVVREUHODSHUVRQDOLGDGGHODJHQWHTXHDOQDOKDEpLVGHFLGLGRDFRJHUHQHOEXQNHU"
'1
<
3MH&$;&?
.&$'
.Y.
%H
6HHOHJLUiDDOXPQRVFDGDXQRGHHOORVGHVHPSHxDUiXQSDSHO(OFRRUGLQDGRUGHEHHVFXFKDU\QDOPHQWHWRPDUGHFLVLRQHV(OUHVWRGHEHUi
.
'.
&
(
"
B
(
"
3
<
.
#)
.
(
#
(
"
'
(
'
:
:
.
%
#
%
#
6
#
%(
#
F:
#
#
(
#
(
#
(
"
#
"
%
(
"
%
2
:
\
(
#
#
#
"
%
#
3
(
#
F
"
#
"
6
.
:
(
#
'
\
(
#
%
#
6
.
:
%
%
#
.
QDOQRORFRQVLJXHVHQWXRSLQLyQQRGHEHVHUSDUD3DEOR\DTXHQRHVPX\FXLGDGRVRFRQHOVX\R8QDYH]HVWXYRWUDEDMDQGRFRQHOWX\R\
.
"
"
(
"
#
'
%
"
6
*
:
#
#
%
(
Q
(
.
I
'
(
:
=D
%
"
#
?
@6
=>)
(
'
.?
=F.
?
"
(
:
=
?
=D
?
=D
?
@6.
=F.
.?
=
#)?
1
$
.:
+DQVXUJLGRPiVFRQLFWRV"3RUTXp"
=R
#
(
#
.?
=F(
?
=>)
%?
=
#)?
4
=>)
.
"
?
5
=>)
(
6
?
;
=D
?
9
=F
)
#
%
?
@6.
8
2.
.
(
MH$&J
:!':!U$:'.'':'.'
%:
&(
%
'
%
#
(
2
'
L
(
#
)
%
#
J
"
6
6
'.
#
):
1
.
'HQLUORVREMHWLYRV*37
1
.
(
(
8QDYH]QDOL]DGDODQHJRFLDFLyQVHUHDOL]DUiXQDSXHVWDHQFRP~Q
=
#)
%
"?
=(
'
?
=F(
#
%
.
?
=
#)?
MH')-!'1;"
1&"$&J
:!'
.'"
.
#
#
#
(
'
"
#
)
"
:LLNNN %"
L
L
L88L*
HFH7 '
MH)&A'"
.-.&$!
E;&<<<)&-.&J;$1
"!<<<
@
('
#
'
#
"
I6
$FWLYLGDGQDO
=)!
$&"-'.'&-'':&1&
$
)
6
5
"
F
8
%
5
:
'
5
#
3
(
(
UHVHUYDGDDSURGXFFLyQ\RFLQDVODHPSUHVDGLVSRQGUtDGHXQDVXSHUFLHH[WUD
R
.
#
$
L
B
.
#)
"
(
.
(
(
$
L
B
:
1
$
L
.
$
1
$
L
F
G(#
1
$
L
6
41
$
L
@
D
F
2 (
#
5
"
(
)
%
"
(
(
'
)
(OGHEDWHGXUDUiPLQXWRVDOQDOGHOWLHPSRVHGHEHUiWRPDUXQDGHFLVLyQ)LQDOPHQWHVHSRQGUiQHQFRP~QWRGDVODVVROXFLRQHV\FDGD
"(
(
(
%
#
#
#
.
-
=F.
&
?
4XpGLFXOWDGHVKDVREVHUYDGRGXUDQWHODQHJRFLDFLyQ"
=
#)
%
"?
4
2
.
(
I=
*A@*A
37A@3
!#&.!' ;$:
$!:1
:
$);:A
"-.
1'J
$!"1'"
(O*RELHUQRXUJHD,EHULDSDUDTXHFRQYHQ]DDO6HSODDQWHVGHTXH,$*VHDUUHSLHQWDGHOSDFWR
'HVSHMDGRHOKRUL]RQWHODERUDOGH6HPDQD6DQWDWUDVODGHVFRQYRFDWRULDGHODKXHOJDHOFRQLFWRGH,EHULDVHSURORQJDFDOODGD\VLOHQFLR
.
$
.
"
"
#
"
$
"
6
(
R
#
#
#
%
6
#
&
1RHVRURWRGRORTXHUHOXFHWUDVODH[LWRVDPHGLDFLyQGH*UHJRULR7XGHOD6LHOVLQGLFDWRGHSLORWRVVHUHVLVWHDUPDUHOSDFWRFRPRHVHOFDVR
.
&
"
(
"
$
2
(
#
<
(
#
4
%
2
.
58
,
(
#
R
%
%
M
G"
HODQWHULRUFRQLFWRVREUH,EHULD([SUHVV
G
)
G
QLGRFRQWDFWRVLQIRUPDOHVFRQWRGRVORVDJHQWHVLQYROXFUDGRVHQHOFRQLFWRSDUDEXVFDUXQDVDOLGDTXHJDUDQWLFHODLQFRUSRUDFLyQGHO6HSOD
D
'
'
.2
.
2 (
(
6
#
"
%
.2
R
#
'
'
"
6.
(2
#
,
;
&
%
(
6
"
%
"
2
7%
%
"
(
.
#
#
%
"
&
2
.
(
<
.
"
.
(
%
#
6
SURSXHVWDGH7XGHOD(QFDVRFRQWUDULRHOPHGLDGRUSURSXVRXQDUHGXFFLyQVDODULDOGHODGLFLRQDODOTXHVHKDMDGRSDUDORVSLORWRV\
9H
#
"
'
6ROXFLyQFRJLGDFRQDOOHUHV
(ODFXHUGRUPDGRHQSUHVHQFLDGH$QD3DVWRUHOSDVDGRGtDKDVHUYLGRSDUDDOHMDUORVQXEDUURQHVTXHVHFHUQtDQGHFDUDDODFDPSDxD
WXUtVWLFDGH6HPDQD6DQWDSHURIXHQWHVRFLDOHVDGPLWHQTXHODVROXFLyQHVWiFRJLGDUHDOPHQWHFRQDOOHUHV\ORTXHHVSHRUSXHGHGDU
"
"
,
3
B
0,3B1
"
.
6
,
.
)
#
%
&
B
'
"
(OFRQVHMHURGHOHJDGRGH,$*:LOOLH:DOVKVHPDQWLHQHPX\HVFpSWLFRVREUHODHFDFLDGHXQDFXHUGRTXHFXHVWDPLOORQHVGHHXURV
6
m
%U
%
'.
&
&
EDQGHUD6LQHOUHVSDOGRGHFODUDGRGHORVSLORWRVHVPX\GLItFLOTXH,EHULDSXHGDGHVDUUROODUVXOLDOORZFRVWHLQWHJUDUFRQSOHQDHFDFLDODV
!
,3B
%
"
"
GHUD]yQSDVDUDODWDTXHFRQODSHWLFLyQGHQXHYRVDMXVWHV\DEULUGHQXHYRHQFDQDOXQFRQLFWRTXHGHPRPHQWRHVWiFHUUDGRHQIDOVR
KWWSZZZHOFRQGHQFLDOFRPHFRQRPLDHOJRELHUQRXUJHDLEHULDSDUDTXHFRQYHQ]DDOVHSODDQWHVGHTXHLDJVHDUUHSLHQWD
--94KL
([SOLFDFRQWXVSDODEUDVHOVLJQLFDGRGHPDUFRGHUHODFLRQHVODERUDOHVTXHSXHGHQDFHUFRMR\VLQJDUDQWtDDOJXQDGHDVHJXUDUODSD]VRFLDO
1RPEUDWRGDVODVSDUWHVTXHHVWiQSUHVHQWHVHQHOFRQLFWR
=
#)
%
(
%
.?
4
=F(
?
5
=F
#
.
#
?
I4
*A@*A
37A@3
N'"
;:!U$'1
:
$!:1
&""!&)-.&:
-&.'1!?'O
(QWUHYLVWDD-RVHS5HGRUWDFRQLFWyORJR
3UHJXQWD3&XDOTXLHUFRQLFWRWLHQHVROXFLyQ"
3&XpQWHPHXQFRQLFWRHQHOTXHXVWHGKD\DPHGLDGR
-
R
.
J
%
2
R
%
33HURVLQFRQLFWRQRKD\YLGD
(OFRQLFWRHVHOPRWRUGHODKLVWRULDGLMR0DU[FLHUWDPHQWH$XQTXHKD\QLYHOHVGHFRQLFWR/DJUDQFXHVWLyQHVODUHVROXFLyQQDO
GHSUREOHPDVGLMR3RSSHU
-
=F.
.?
#
"
6
#)
%
'
.
-
=>)
"
?
- = #)?
+HPRVFODVLFDGRWLSRORJtDVGHFRQLFWRGHSRGHUGHDXWRHVWLPD
"
'.
2
"
S*
T
"
#
%
"
#
%
'
.
"
#
3(OPiVXVXDOHVHOFRQLFWRGHSRGHU"
6HJXUDPHQWHSHURDWHQFLyQDOVHVJRDWULEXWLYRODFXOSDHVGHORWUR
S%
T
-
R
"
#
<
#
WRGRV$OJRWHYDELHQ\WHGLFHV/RPHUH]FRSHURVLOHYDELHQD
RWURGLFHV(VWiHQFKXIDGR
-
$
%
"
3$FDEHPRVFRQRWURFRQLFWRUHVXHOWR
J
)
'
3
2
'
S
'
%.
.
) T
-
B"
-
=F.
?
'
)
HOOD&RQLFWR/DVDOXGGHORVHQIHUPRVHVWDEDHQSHOLJUR
,
(
"
(
LFWR
-
=F.
".?
-
=>)
#
?
0iVTXHLQGLYLGXDOPHQWHDUHVROYHUORVFRQLFWRVJUXSDOPHQWHFRR
"
S
"T
3&XiOHVHOSULPHUSDVRSDUDUHVROYHUXQFRQLFWR"
*
R
RWUR \ UHGXFHV ODV DVLPHWUtDV GH SRGHU < HO FRQLFWR FDPELD GH
VLJQLFDGR6HDEUHODSXHUWDGHODVROXFLyQ
-
$(
'
:
(
"
3/DMHUDUTXtDHVSDFLFDGRUD"
#
"
S
)
.T
#
3
#
XQ SDFWR UPDUtDQ DPERV VXV FDUWDV GH GHVSLGR \ HO GLUHFWRU ODV
%.
R
"
R
-
=C?
!"
-
3DUDLQXLUFUHDLQFHUWLGXPEUHGHVFDEDOJDDORVULYDOHVGHVXVHJXULGDG\SRGUiVUHFRQGXFLUVXFRQLFWR
:
:LLNNN " LLL5455559;L-%-
D4XpVLJQLFDODIUDVHHOFRQLFWRHVHOPRWRUGHODKLVWRULD"
E6HKDEODGHGLIHUHQWHVWLSRVGHFRQLFWRVGHYDORUHVGHLQWHUHVHVHWF3RQXQHMHPSORGHFDGDXQRGHHOORV
1
=F
#
6
'
?
@6
G&XiOHVHOSULPHUSDVRSDUDUHVROYHUHOFRQLFWR"3RUTXp"
H4XpPHGLGDVWRPySDUDUHVROYHUFRQLFWRV"3RUTXpFUHHVTXHIXQFLRQDURQ"3RUTXpKD\TXHGHVFDEDOJDUDORVULYDOHVGHVXVHJXULGDG"
II