Академический Документы
Профессиональный Документы
Культура Документы
ESSALUD - RESOLUCIN (
$&9KHPRUUJLFR GLVPLQXFLQ HQ OD YLVLQ GH OHMRV \ PV DFHQWXDGD HQ OD YLVLQ SU[LPD R GH
OHFWXUD $GHPV KD QRWDGR PD\RU SUGLGD YLVXDO FRQ OX] VRODU LQWHQVD \ VH
3UHJXQWDVHQFLOODVLWHQHPRVHQFXHQWDHOSULQFLSDODQWHFHGHQWHGHHVWHSDFLHQWH GHVOXPEUD FRQ PD\RU IDFLOLGDG1R UHILHUH DOWHUDFLRQHV HQ OD SHUFHSFLQ GH ORV
8QQLRGHWUHV DRVSUHVHQWDUHVSLUDFLQ EXFDOURQTXLGRQRFWXUQR
IUDFWXUDVGHKXHVRVODUJRV'HVSXVGHXQRVGDVVLQVQWRPDVLQWHUYDOROLEUH FRORUHVDXQTXHVFUHHYHUORVPVDSDJDGRV\WDPSRFRUHILHUHPHWDPRUIRSVLDV
ULQRUUHDSHUVLVWHQWH\RWLWLVPHGLDGHUHSHWLFLQ/DSULPHUDSDWRORJDTXHXVWHG 3UHJXQWDHQODTXHGHVFULEHQDXQSDFLHQWHFRQGLILFXOWDGSDUDUHDOL]DUDEGXFFLQ
FRPLHQ]D FRQ GLVQHD GLVPLQXFLQ GHO QLYHO GH FRQFLHQFLD \ DSDULFLQ GH &XO GH ORV VLJXLHQWHV GLDJQVWLFRV OH SDUHFH PV FRPSDWLEOH FRQ HO FXDGUR
LQWHQWDUDGHVFDUWDUVHUD GHOKRPEURSULPHURVJUDGRV\SDUHVWHVLDVHQODUHJLQODWHUDOGHOKRPEURWUDV
SHWHTXLDV (V XQ VQGURPH GH HPEROLD JUDVD UHVSXHVWD D FRUUHFWD TXH VH GHVFULWR"
$ +LSHUWURILDGHDGHQRLGHV XQDOX[DFLQ JOHQRKXPHUDO6HWUDWD GHXQDOHVLQ GHOQHUYLRD[LODUFLUFXQIOHMR
FDUDFWHUL]DSRUS2PP+J$OWHUDFLRQHVGHOQLYHOGHFRQFLHQFLD3HWHTXLDV $ $XPHQWRGHODSUHVELFLD
% 3OLSRVQDVDOHV TXHHVHOUHVSRQVDEOHGHODLQHUYDFLQGHORVGRVWHUFLRVDQWHULRUHVGHOGHOWRLGHV
GLIXVDV HQ OD PLWDG VXSHULRU GHO FXHUSR LQFOX\HQGR FRQMXQWLYDV $QHPLD % 'HVDUUROORGHGHJHQHUDFLQPDFXODUDVRFLDGDDHGDG
& $WUHVLDXQLODWHUDOGHFRDQDV (QODPD\RUDGHORVFDVRVVHWUDWDGHXQDQHXUDSUD[LD\VHUHVXHOYHGHIRUPD
WURPERSHQLDJUDVDHQRULQD\RHVSXWR5;FRQLPDJHQHQWRUPHQWDGHQLHYH & 'HVDUUROORGHFDWDUDWDV
' 6LQXVLWLV HVSRQWQHD
(O WUDWDPLHQWR FRQVLVWH HQ OD HVWDELOL]DFLQ GH ODV IUDFWXUDV R[LJHQRWHUDSLD \ ' 'HVDUUROORGHQHXURSDWDSWLFDDQWHULRULVTXPLFD
( &XHUSRH[WUDRLQWUDQDVDO
FRUWLFRLGHVDDOWDVGRVLV ( 0LRSDPDOLJQD
3DFLHQWHGHDRVGHHGDGMXJDGRUGHEDORQPDQRFRQXQFXDUWR
$OJRTXHSURGXFHRWLWLVPHGLDVGHUHSHWLFLQWDQWRHQQLRFRPRHQDGXOWRREOLJD HSLVRGLR GH OX[DFLQ DQWHULRU GHO KRPEUR GHUHFKR WUDV VXIULU XQ WUDXPDWLVPR
/DVIUDFWXUDVGHOWHUFLRVXSHULRUGHOFELWRVHVXHOHQDVRFLDUD (OTXHKD\DSHUGLGRYLVLQGHOHMRVQRVKDFHGHVFDUWDUODSUHVELFLDDVRFLDGRD
DPLUDUHOFDYXPSDUDEXVFDUDOJRTXHSXHGDREVWUXLUODVDOLGDGHODVWURPSDVGH GHSRUWLYR6HDOHODFRQGXFWDKDELWXDODVHJXLU
$ /X[DFLQUDGLRFXELWDOLQIHULRU TXHODSUHVELFLDQRSURGXFHDOWHUDFLQHQODYLVLQGHORVFRORUHV/DGHJHQHUDFLQ
(XVWDTXLR/R PVIUHFXHQWH\ORQLFRTXH DIHFWDDO FDYXPHQWUHODVSRVLEOHV $ 5HGXFFLQHLQPRYLOL]DFLQGHODOX[DFLQGXUDQWHWUHVVHPDQDV
% /X[DFLQGHODFDEH]DGHOUDGLR GH OD PFXOD GHEHUD DFRPSDDUVH SDUD VRVSHFKDUOD GH PHWDPRUIRSVLD /D
UHVSXHVWDV HV OD KLSHUWURILD GH DGHQRLGHV RSFLQ D FRUUHFWD 7RGR OR TXH % 5HGXFFLQGHODOX[DFLQ\PRYLOL]DFLQSUHFR]GHODDUWLFXODFLQ
& )UDFWXUDGHODFDEH]DGHOUDGLR QHXURSDWDSWLFDDQWHULRUVHUDXQDSUGLGDGHYLVLQEUXVFD\HOJODXFRPDQR
SURGX]FDRWLWLVPHGLDGHUHSHWLFLQHQDGXOWRRQLRREOLJDDPLUDUHOFDYXPSRU & 5HKDELOLWDFLQ HVSHFILFD GH OD PXVFXODWXUD GHO KRPEUR WUDV OD
' $UUDQFDPLHQWRGHODDSILVLVFRURQRLGHVGHOFELWR WHQGUDSUGLGDGHYLVLQFHQWUDOVLQRSHULIULFD
VLKXELHUDDOJRREVWUX\HQGRODVDOLGDGHODWURPSDGH(XVWDTXLR(QQLRVORPV UHGXFFLQGHODOX[DFLQ
( )UDFWXUDWUDQVYHUVDOGHOPLVPR
IUHFXHQWHHVODKLSHUWURILDGHDGHQRLGHVUHVSXHVWDFRUUHFWDTXHVHSRGUDVDEHU ' 5HFRQVWUXFFLQTXLUUJLFD
(QXQDPXMHUGHDRVTXHDTXHMDSLFRU\HVFR]RUHQRMRL]TXLHUGR
SXHVHOUHVWRGHRSFLRQHVQRDIHFWDQ DOFDYXPPLHQWUDVTXH HQ DGXOWRKDEUD ( 0DQHMRFRQVHUYDGRU
/DV IUDFWXUDV GH WHUFLR VXSHULRU GHO FELWR VXHOHQ DVRFLDU XQD OX[DFLQ GH OD VLQ DIHFWDFLQ GH OD DJXGH]D YLVXDO FRQ PDUFDGD KLSHUHPLD FRQMXQWLYDO H
TXHGHVFDUWDUDOJRPDOLJQRGHHQWUDGD
FDEH]DUDGLDOUHVSXHVWDEFRUUUHFWDORTXHVHFRQRFHFRPRIUDFWXUDOX[DFLQGH KLSHUVHFUHFLQSXSLODVQRUPRUUHDFWLYDVHLVRFULFDV\WHQVLQRFXODUGHPP
$QWH XQ FDVR GH OX[DFLQ UHFLGLYDQWH GH KRPEUR JOHQRKXPHUDO /D DFWLWXG D
0RQWHJJLD6HWUDWDPHGLDQWHRVWHRVQWHVLV\HQWUHVXVFRPSOLFDFLRQHVSRGHPRV +JHQDPERVRMRVFXOVHUGHORVVLJXLHQWHVHOGLDJQVWLFRFRUUHFWR"
/DDQJLQDGH/XGZLJHV VHJXLUDQWHHVWRVFDVRVHVODUHSDUDFLQTXLUUJLFDDUWURVFSLFD\DTXHODFSVXOD
HQFRQWUDUODOHVLQGHOQHUYLRLQWHUVHRSRVWHULRUSVHXGRDUWURVLVGILFLWGHSURQR $ 8YHWLVDQWHULRU
$ 8QD LQIHFFLQ GHO VXHOR GH OD ERFD \ HVSDFLRV VXEPDQGLEXODUHV DUWLFXODUVXHOHHVWDUPX\GDDGD\QRSXHGHFLFDWUL]DUSRUVLVRODGHXQDPDQHUD
VXSLQDFLQ \R VQGURPH FRPSDUWLPHQWDO /D UHJOD PQHPRWFQLFD HV 6XELU % *ODXFRPDDJXGR
SRWHQFLDOPHQWHJUDYHSRUHOSRVLEOHFRPSURPLVRGHODYDDUHD HILFD] UHVSXHVWD G FRUUHFWD (Q HO SULPHU HSLVRGLR VH UHFRPLHQGD OD
SUR[LPDODO0RQWH0RQWHJJLDDSRU&XELWRVFELWR & &RQMXQWLYLWLVDJXGD
% 8QD LQIHFFLQ GHO VXHOR GH OD ERFD \ HVSDFLRV VXEPDQGLEXODUHV LQPRYLOL]DFLQ GXUDQWH VHPDQDV PHQRV HQ HO FDVR GH DQFLDQRV VHJXLGD GH
' 'HVSUHQGLPLHQWRGHUHWLQD
SRWHQFLDOPHQWHJUDYHSRUVXH[WHQVLQDOVHQRFDYHUQRVR UHKDELOLWDFLQ &XDQGR VH WUDWD GH OX[DFLRQHV UHFLGLYDQWHV DWUDXPWLFDV TXH
+RPEUH GH DRV DFFLGHQWH GH WUILFR ,QJUHVD HQ VHUYLFLR GH ( 8YHLWLVSRVWHULRU
& 8QDIRUPDGHDPLJGDOLWLVSRUDQDHURELRV VXHOHQVHUELODWHUDOHVHVWUHFRPHQGDGDODUHKDELOLWDFLQ
7UDXPDWRORJD FRQ FXDGUR GH SUGLGD SURJUHVLYD GH IXHU]D HQ PLHPEURV
' 6XRULJHQKDELWXDOHVXQDEVFHVRUHWURIDUQJHR
LQIHULRUHVORVUHIOHMRVRVWHRWHQGLQRVRVHVWQDEROLGRV(OHVWXGLRFRQUDGLRJUDIDV 1RVGDQXQFDVRFOQLFRHQHOTXHVORHVWDIHFWDGDODFRQMXQWLYDSRUWDQWRKD\
( 8QWXPRUGHOFDYXPIDUQJHR 8QSDFLHQWHYDUQGHDRVDFXGHDXUJHQFLDVSRUGRORUHQODURGLOOD
VLPSOHV PXHVWUDQ XQD IUDFWXUD SRU FRPSUHVLQ GH / FRQ GHVSOD]DPLHQWR GHO TXHVRVSHFKDUXQDFRQMXQWLYLWLV8QDXYHWLVHORMRGROHUD\WHQGUDUHDFFLQHQ
GLILFXOWDGGHIOH[LQ\OLJHURGHUUDPH&RPHQWDTXHKDFHXQRVGDVDOSRQHUVHGH
PXUR SRVWHULRU \ DFXDPLHQWR DQWHULRU GH XQ 4X SUXHED GLDJQRVWLFD FPDUDDQWHULRUW\QGDOO\JHQHUDOPHQWHPLRVLV(OJODXFRPDDJXGRWHQGUDGRORU
/D DQJLQD GH /XGZLJ HV XQD LQIHFFLQ GHO VXHOR GH OD ERFD \ HVSDFLRV FXFOLOODVQRWXQFKDVTXLGRDUWLFXODU\XQOHYHGRORU&XOHVHOGLDJQVWLFRPV
LQGLFDUDSDUDYDORUDUODRFXSDFLQGHOFDQDOUDTXGHR" PLGULDVLV\DXPHQWRGHOD3,2(OGHVSUHQGLPLHQWRGHUHWLQDSUGLGDGHYLVLQVLQ
VXEPDQGLEXODUHVSRWHQFLDOPHQWHJUDYHSRUHOSRVLEOHFRPSURPLVRGHODYDDUHD SUREDEOH"
$ 8QDWHUPRJUDID RMRURMRQLSLFRU
$ 5RWXUDGHOOLJDPHQWRODWHUDOLQWHUQR
% 8QDGHQVLWRPHWUDVHD
/DUHSRVLFLQXUJHQWHGHODYROHPLDHQXQSDFLHQWHSROLWUDXPDWL]DGR % 5RWXUDGHOPHQLVFRH[WHUQR
& 8QD7$&YHUWHEUDOFHQWUDGDHQUHJLQGRUVROXPEDU $QWH XQ SDFLHQWH FRQ FDUDFWHUVWLFDV FOQLFRELROJLFDV GH LFWHULFLD
FRQ SUGLGDV LPSRUWDQWHV GH VDQJUH HQ XQ SULPHU PRPHQWR VH ORJUD PHMRU D & 5RWXUDGHOPHQLVFRLQWHUQR
' 8QDJDPPDJUDIDVHD REVWUXFWLYDGHHYROXFLQLQWHUPLWHQWH\VDQJUHRFXOWDHQKHFHVSRVLWLYD&XOGH
WUDYVGH ' &XHUSROLEUHLQWUDDUWLFXODU
( 5DGLRJUDIDGHFROXPQD HQWUHORVVLJXLHQWHVHVHOGLDJQVWLFRPVSUREDEOH"
$ &DWWHUGH6ZDQ*DQ]YDVXEFODYLD ( )UDFWXUDGHSDWHOD
$ &ROHFLVWLWLVFUQLFD
% &DWWHUFHQWUDOYD\XJXODULQWHUQD
3UHJXQWDVHQFLOODDFHUFDGHODSUXHEDGHLPDJHQGHHOHFFLQDQWHXQDIUDFWXUDGH % &RODQJLRFDUFLQRPDLQWUDKHSWLFR
& 'LVHFFLQGHXQDYHQDGHODIOH[XUDGHOFRGR (OGRORUURWXOLDQRVELWRKDELWXDOPHQWHFRUUHVSRQGHFRQGRVWLSRVFLUFXQVWDQFLDV
FROXPQD OXPEDU D QLYHO / /D SULPHUD SUXHED GH LPDJHQ D UHDOL]DU DQWH OD & &DUFLQRPDSDQFUHWLFR
' 'RVFQXODVYHQRVDVFRUWDVSHUFXWQHDV OHVLQ GH ORV OLJDPHQWRV FUX]DGRV R GH ORV PHQLVFRV /DV OHVLRQHV GH ORV
VRVSHFKDGHXQDIUDFWXUDYHUWHEUDOHVXQD5;VLPSOH$3\ODWHUDO/RVKDOOD]JRV ' $PSXORPD
( &DWHWHU3,& OLJDPHQWRV ODWHUDOHV QR SURGXFHQ GHUUDPH DUWLFXODU SRUTXH VRQ HVWUXFWXUDV
DQRUPDOHV SXHGHQ VHU HQVDQFKDPLHQWR LQWHUSHGLFXODU \ SUGLGD GH OD DOWXUD ( +HSDWRFDUFLQRPD
H[WUDVLQRYLDOHV&XDQGRHOGRORUDUWLFXODUVHDFRPSDDGHGHUUDPHLPSRUWDQWH\
YHUWHEUDOQRUPDO/D7&SURSRUFLRQDPD\RUGHWDOOHGHODVHVWUXFWXUDVVHDV\HV
6LODUHSRVLFLQGHYROHPLDHVXUJHQWHQHFHVLWDPRVXQPWRGRIFLO\USLGR8Q GH DSDULFLQ WHPSUDQD KRUDV VROHPRV HVWDU DQWH OD OHVLQ GH XQR GH ORV
ODSUXHEDGHHOHFFLQHQODXUJHQFLD5HVSXHVWD&FRUUHFWD/D50VHXWLOL]DSDUD 1RV SUHVHQWDQ GRV SRVLELOLGDGHV GLDJQVWLFDV TXH VHD FDXVDGR SRU SDWRORJD
FDWHWHU GH 6ZDQ*DQ] HQ OD VXEFODYLD R FHQWUDO HQ OD \XJXODU LQWHUQD UHTXLHUH OLJDPHQWRV FUX]DGRV (Q FDPELR FXDQGR HO GHUUDPH HV GLVFUHWR \ VH DFXPXOD
GHWHUPLQDUHOSRVLEOHGDRPHGXODUGHWHUPLQDPHMRUHOJUDGRGHDIHFWDFLQGHO ELOLDUYHVFXODYDELOLDURSDQFUHWLFD(QHOGLDJQVWLFRGLIHUHQFLDOGHODLFWHULFLD
WLHPSRGHODPLVPDPDQHUDTXHODGLVHFFLQGHXQDYHQDGHODIOH[XUDGHOFRGR SURJUHVLYDPHQWHGDVODOHVLQVXHOHHQFRQWUDUVHHQORVPHQLVFRV$GHPVHQ
FDQDO PHGXODU GH ORV GLVFRV LQWHUYHUWHEUDOHV R GHO OLJDPHQWR ORQJLWXGLQDO VH LQFOX\H WDQWR SDWRORJD EHQLJQD FRPR PDOLJQD 'H ODV RSFLRQHV TXH QRV
6LQHPEDUJRGRVYDVSHULIULFDVVHSXHGHFRORFDUUSLGDPHQWHDGHPVGHXQ FDVR GH SUDFWLFDU DUWURFHQWHVLV HQ HO SULPHU FDVR HO OTXLGR VLQRYLDO VXHOH VHU
SRVWHULRU SUHVHQWDQ FRQ H[FHSFLQ GH OD FROHFLVWLWLV TXH VOR RFDVLRQDOPHQWH SURGXFH
PRGRWFQLFDPHQWHPVIFLOTXHXQDYDFHQWUDOSRUORTXHODUHVSXHVWDGHVOD KHPWLFRPLHQWUDVHQHOVHJXQGRQRVXHOHVHUKHPWLFR/DOHVLQPHQLVFDOPV
LFWHULFLDHQHOFRQWH[WRGHXQVQGURPHGH0LUL]]LHOUHVWRGHRSFLRQHVSXHGHQ
FRUUHFWD KDELWXDOHVODGHOFXHUQRSRVWHULRUGHOPHQLVFRLQWHUQRFX\RPHFDQLVPROHVLRQDO
(Q TX WLSR GH WXPRU VHR PDOLJQR H[LVWH XQD WUDQVORFDFLQ FXUVDUFRQLFWHULFLDSHURQRVGDQXQGDWRPVVHWUDWDGHXQDLFWHULFLDREVWUXFWLYD
KDELWXDOPHQWH FRUUHVSRQGH FRQ XQD IOH[LQ HQ FDUJD GH OD URGLOOD FRPR
FURPRVPLFDWHQPVGHOGHORVFDVRV ,17(50,7(17( DOJR TXH HV FDUDFWHUVWLFR GH ORV DPSXORPDV $GHPV VH
4XVRVSHFKDUDHQXQSDFLHQWHTXHWLHQHXQDGLILFXOWDGSDUDHOHYDU FRUUHVSRQGHDOSRQHUVHGHURGLOODV
$ 2VWHRVDUFRPD SRGUD GHFLU TXH HQ JHQHUDO OD SDWRORJD TXH DIHFWD D FRQGXFWRV ELOLDUHV R
ODWHUDOPHQWH HO EUD]R OLPLWDFLQ GH OD DEGXFFLQ GHO EUD]R D SDUWLU GH ORV
% 0LHORPD SDQFUHWLFRVHVUDURTXHFXUVHFRQVDQJUDGRGLJHVWLYR(OFQFHUGHSQFUHDVV
JUDGRV \ SDUHVWHVLDV HQ OD SRUFLQ ODWHUDO GHO KRPEUR VLQ GRORU \ TXH HO GD 8Q SDFLHQWH SROLWR[LFPDQR GH DRV LQJUHV KDFH GDV SRU
& 6DUFRPDGH(ZLQJ SXHGH SURGXFLU KHPRUUDJLD GLJHVWLYD DOWD +'$ SRU VDQJUDGR GH YDULFHV
DQWHULRUKDVXIULGRXQDOX[DFLQHVFDSXORKXPHUDO" IUDFWXUDVXEWURFDQWUHDGHIPXUL]TXLHUGRIUDFWXUDGHUWXODGHUHFKD\IUDFWXUD
' &RQGURVDUFRPD HVRIJLFDV HQ HO FDVR GH TXH VH KD\D SURGXFLGR XQD WURPERVLV GH OD YHQD
$ 8QDOHVLQGHOQHUYLRUDGLDO GLDILVDULDFRQPLQXWDGHWLELDL]TXLHUGDTXHVHLQPRYLOL]DURQSURYLVLRQDOPHQWHHQ
( 2VWHRPDEHQLJQR HVSOQLFDDOVHULQYDGLGDRFRPSULPLGDSRUHOWXPRU$VODUHVSXHVWDFRUUHFWDHV
% 8QDOHVLQGHOQHUYLRD[LODUFLUFXQIOHMR HVSHUD GH FLUXJD GH RVWHRVQWHVLV %UXVFDPHQWH LQLFLD XQ FXDGUR GH HVWXSRU \
OD G HO DPSXORPD /RV DGHQRFDUFLQRPDV GH OD SDSLOD GH 9DWHU R WXPRUHV
& 8QDOHVLQGHOQHUYLRPXVFXORFXWQHR REQXELODFLQLQWHQVRVDFRPSDDGRGHGLVQHD\GHDSDULFLQGHSHWHTXLDVGLIXVDV
3UHJXQWDWSLFDGHOVDUFRPDGH(ZLQJHQODTXHQRVSLGHQLQGLFDUODWUDQVORFDFLQ SHULDPSXODUHVLQFOX\HQHODGHQRFDUFLQRPDGHFDEH]DGHSQFUHDVHOIUHFGH
' 8QDURWXUDGHORVOLJDPHQWRVHVFDSXORKXPHUDOHV 'HEHPRVVRVSHFKDU
DVRFLDGDDHVWHVDUFRPDW FROGRFR GLVWDO GH GXRGHQR \ HO DPSXORPD /RV DPSXORPDV VRQ
( 5HODMDFLQPXVFXODU $ 6QGURPHGHHPEROLDJUDVD
FDPELRVTXHSXHGHQVHUFRQIXQGLGRVFRQGHSUHVLQ$OJXQRVSDFLHQWHVDOWHUQDQ SUGLGDDXGLWLYDFRQGXFWLYDRVHQVRULDO\ODRWRUUHD6HKDGHVFULWRRWLWLVPHGLD 8Q SDFLHQWH GH DRV SUHVHQWD SRU SULPHUD YH] XQD HUXSFLQ GH
HQWUHDPERV3RUORJHQHUDOORVSDWURQHVGHOVXHR\ODDOLPHQWDFLQHVWQPX\ XOFHUDFLQ PXFRVD QDVDO SHUIRUDFLQ GHWDELTXH QDVDO\ GHIRUPLGDG HQVLOODGH OHVLRQHVSUXULJLQRVDVKDERQRVDVGLVHPLQDGDVSRUWRGDODVXSHUILFLHFRUSRUDOGH
DOWHUDGRV'HELGRDODVPXFKDVDOWHUDFLRQHVFRJQLWLYDVODLQWURVSHFFLQHVEDMD\ PRQWDUVLQXVLWLV\HVWHQRVLVVXEJOWLFDVWDOWLPDKDVWDHQHOGHORVFDVRV HYROXFLQ IXJD] \ XQD DPSOLD SODFD HGHPDWRVD HQ KHPLFDUD &XO GH ORV
&XOGHODVVLJXLHQWHVFRQGLFLRQHVVHHVSHFLILFDSDUDHVWDEOHFHUHO 6H GHWHFWDQ &$1&$ HQ PV GHO GH ORVSDFLHQWHV FRQ *: \ HQIHUPHGDG % $QJLRHGHPDKHUHGLWDULR
% 3UHVHQFLDGHQGXORVGXURVHQHOROFUDQRQ HQIHUPHGDG UHQDO 6H GHWHFWD VOR HQ HO GH ORV FDVRV FXDQGR OD IRUPD ( ,PSWLJR
' $UWULWLVGHSULPHUDDUWLFXODFLQPHWDWDUVRIDOQJLFD GH*:(QDOJXQDVFLUFXQVWDQFLDVODSUHVHQFLDGH$1&$HVFODYHSDUDUHDOL]DUHO 3UHJXQWD IFLO \D TXH SDUD FRQWHVWDU VROR WLHQHV TXH VDEHU OR TXH HV XQD
( +LSHUXULFHPLD GLDJQVWLFR \ WRPDU XQD GHFLVLQ WHUDSXWLFD FRUUHFWD DXQTXH QXQFD GHEHQ 857,&$5,$ VH WUDWD GH OD DSDULFLQ EUXVFD GH XQD HUXSFLQ FRQ KDERQHV
IXJDFHV \ SUXULJLQRVRV 3XHGH VHU DJXGD RSFLQ D FRUUHFWD R FUQLFD !
XWLOL]DUVHFRPRQLFRFULWHULRGLDJQVWLFR
/D LQIODPDFLQ GH DUWLFXODFLRQHV X RWUDV HVWUXFWXUDV VLQRYLDOHV FRQVWLWX\H OD VHPDQDV6HKDEODGHDQJLRHGHPDFXDQGRKD\HGHPD\YDVRGLODWDFLQGHWHMLGR
(QODDUWULWLVLQIHFFLRVDDJXGDQRJRQRFFLFDHOFULWHULRPVLPSRUWDQWH
PDQLIHVWDFLQ FOQLFD KDELWXDO GH OD JRWD /D GHVFULSFLQ FOVLFD GH XQD DUWULWLV FHOXODUVXEFXWQHRTXHHVPVSHUVLVWHQWHTXHHOKDEQ
SDUDHOHJLUHODQWLELWLFRHV
DJXGDORFDOL]DGDHQXQDPLWDGGHORVFDVRVHQODDUWLFXODFLQPHWDWDUVRIDOQJLFD
$ &XOWLYRGHVHFUHFLQIDUQJHD
GHOGHGRJRUGRGHOSLHTXHRULJLQDODFOVLFDSRGDJUDRELHQHQHOWDUVRHOWRELOOR &XOHVHO GLDJQVWLFR PVSUREDEOHDQWHXQ GHSRUWLVWD PRUHQRGH
% )URWLVGHOTXLGRVLQRYLDOWHLGRFRQ*UDP
ODEROVDSUHDTXOHDRSUHUURWXOLDQDODURGLOODODPXHFDGRQGHVHSXHGHDVRFLDU DRVFRQSHTXHDVPDQFKDVEODQFDVHQSHFKR\HVSDOGDTXHKDQDSDUHFLGR
& +HPRFXOWLYR
DHGHPDGHODPDQRSUREDEOHPHQWHSRUGLILFXOWDGHVGHGUHQDMHOLQIWLFRRDOJXQD HQYHUDQRGXUDQWHXQYLDMHDXQSDVWURSLFDO"
' 5DGLRJUDIDGHODDUWLFXODFLQDIHFWDGD
DUWLFXODFLQ PHWDFDUSRIDOQJLFD R LQWHUIDOQJLFD GH OD PDQR R HQ OD EROVD $ 9LWOLJR
( 5HFXHQWRGHOHXFRFLWRVHQOTXLGRVLQRYLDO
ROHFUDQHDQDHVYOLGDSDUDODPD\RUDGHODVRFDVLRQHV\VXHOHVHUODIRUPDGH % 3LWLULDVLVDOED
LQLFLRGHODHQIHUPHGDG & 3LWLULDVLVYHUVLFRORU
$UWULWLV JRQRFFLFD GRORU PLJUDWRULR R SROLDUWULWLV URGLOODV WRELOORV PXHFDV
(OGLDJQVWLFRGHFHUWH]DHVODGHPRVWUDFLQGHODSUHVHQFLDHQHOOTXLGRVLQRYLDO ' /HSUDLQGHWHUPLQDGD
JHQHUDOPHQWH HQ DGXOWRV MYHQHV UDUDPHQWH DUWULWLV DJXGD PRQRDUWLFXODU D
GH FULVWDOHV GH 806 XUDWR PRQRVGLFR TXH WLHQHQ ELUUHIULQJHQFLD QHJDWLYD DO ( %DUWRQHORVLV
PHQXGR FRH[LVWH FRQ LQIODPDFLQ GH YDLQDV WHQGLQRVDV \ OHVLRQHV FXWQHDV
PLFURVFRSLRGHOX]SRODUL]DGDVHLGHQWLILFDQHQDOPHQRVHOGHORVFDVR
DPSROODVKHPRUUJLFDVSSXODVSVWXODV&XOWLYRGHOTXLGRVLQRYLDOSRVLWLYRHQ
3UHJXQWDGHPRGHUDGDGLILFXOWDGDFHUFDGHODPLFRVLVPVIUHFXHQWHODSLWLULDVLV
\UDUDYH]ORVKHPRFXOWLYRV(OSURQVWLFRHVEXHQRHQ!GHFDVRV
0XMHUGHDRVKDFHPHVHVSUHVHQWDPDOHVWDUJHQHUDOSROLDUWULWLV YHUVLFRORU (V SURGXFLGD SRU 0DODVVH]LD JORERVD 6X FOQLFD FRQVLVWH HQ OD
([DPHQGHOOTXLGRVLQRYLDOHYDOXDFLQPDFURVFSLFDHOOTXLGRVSWLFRHVWXUELR &XOGHORVVLJXLHQWHVJUPHQHVHVHOFDXVDQWHGHIRUXQFXORVLV"
GHPDQRV\GLVQHD$OH[DPHQIVLFR3$PP+J)&[PLQXWR)5 DSDULFLQ GH PFXODV GH FRORUDFLQ YDULDEOH PDUURQFHDV URVDGDV
GHFRORUJULVDPDULOOHQWRRDPDULOORYHUGRVRQPHURGHFOXODV!wO $ %DFLOOXVDQWKUDFLV
[PLQXWR$ORSHFLDSDOLGH]XDGHQRSDWDVFHUYLFDOHVPOWLSOHV+HPRJORELQD KLSRFUPLFDVHQWURQFRTXHDOVHUUDVSDGDVVHGHVFDPDQILQDPHQWHORTXHVH
QHXWUILORV ! IURWLV WHLGR SRU HO PWRGR GH *UDP SDUD RULHQWDU OD % %DUWRQHOODEDFLOOLIRUPLV
JG/8UHDPJG/&UHDWLQLQDPJGO([DPHQGHRULQD+HPDWXULDFLOLQGURV FRQRFH FRPR VLJQR GH OD XDGD 5HFLGLYD FRQ IUHFXHQFLD 6H WUDWD FRQ
DQWLELRWLFRWHUDSLDHPSULFDHQFDVRGHDQWLELRJUDPDQHJDWLYRSXHGHVHUODQLFD & (VWDILORFRFFXVDXUHXV
KHPWLFRV \ SURWHQDV $1$ \ DQWL6PLWK 5[ GH SXOPRQHV /HVLQ DQWLIQJLFRV WSLFRV R VXOIXUR GH VHOHQLR 4XH QR WH GHVSLVWH HO YLDMH D XQ SDV
HYLGHQFLDGHLQIHFFLQDUWLFXODUEDFWHULDQDDQWLELRJUDPDVHQFDVRGHVRVSHFKD ' &ORVWULGLXPSHUIULQJHV
KRPRJQHDHQHOWHUFLRLQIHULRUGHOKHPLWUD[L]TXLHUGR&XOHVHOGLDJQVWLFR" WURSLFDOSRUTXHQRWLHQHSRUTXHVWDUSUHVHQWH(QHVWDSUHJXQWDORSRQHQDV
GHLQIODPDFLQJRQRUUHLFDUHDOL]DUDQWLELRJUDPDVGHVDQJUH\OTXLGRVLQRYLDOHQ ( (VWUHSWRFRFFXVS\RJHQHV
$ $UWULWLVUHXPDWRLGH SDUDTXHSXHGDVGLVWLQJXLUODGHODSLWLULDVLVDOED(VWDHQWLGDGQRHVPVTXHXQD
DJDUGHFKRFRODWH\REWHQHUPXHVWUDVGHXUHWUDFUYL[DQR\IDULQJHSDUDFXOWLYR
% /XSXVHULWHPDWRVRVLVWPLFR PDQLIHVWDFLQ DWSLFD GH GHUPDWLWLV DWSLFD TXH VH GD HQ HGDG HVFRODU 6RQ
HQ PHGLR DJDU GH 7KD\HU \ 0DUWLQ HV QHFHVDULD XQD SUXHED GH SUHVHQFLD GH (QHOFDVRGHORVIRUQFXORVHOSURFHVRLQIODPDWRULRHVPVSURIXQGRTXHHQOD
& (QIHUPHGDGGH7DND\DVX PDQFKDV EODQTXHFLQDV FRQ XQD ILQD GHVFDPDFLQ HQ JHQHUDO UHGRQGHDGDV X
FULVWDOHV IROLFXOLWLV GDGR TXH SXHGH KDEHU FRPSURPLVR GH OD JUDVD VXEFXWQHD \ GH OD
' 7XEHUFXORVLVVLVWPLFD RYDODGDV\GHYDULRVFHQWPHWURVGHGLPHWUR1RSURGXFHQSLFRU\SUHGRPLQDQ
JOQGXOD VHEFHD DVRFLDGD +DELWXDOPHQWH RFXUUH HQ XQ VROR IROFXOR DXQTXH
ZZZYLOODPHGLFJURXSFRP 3JLQD_