Download as pdf or txt
Download as pdf or txt
You are on page 1of 5

(QOD&LXGDG$XWyQRPDGH%XHQRV$LUHVDORVGtDVGHOPHVGHDEULO GH

VH UH~QHQ HQ UHSUHVHQWDFLyQ GH OD )('(5$&,21 $5*(17,1$ '(


(03/($'26 '( &20(5&,2 < 6(59,&,26 )$(&\ 6 ORV 6HxRUHV
$UPDQGR $ &$9$/,(5, -RVp *21=$/(= $GULiQ )(55(,5$ 5LFDUGR
5$,021'2\'DQLHO/29(5$\ORV'UHV-RUJH(PLOLR%$5%,(5,\3HGUR6$1
0,*8(/ FRQVWLWX\HQGR GRPLFLOLR HVSHFLDO HQ $YGD -XOLR $ 5RFD  GH OD
&LXGDG $XWyQRPD GH %XHQRV $LUHV SRU HO VHFWRU JUHPLDO \ SRU OD SDUWH
HPSUHVDULDOR  KDFHQ ORV 6HxRUHV 1DWDOLR 0DULR *5,10$1\ 5RGULJR 3(5(=
*5$=,$12 \ ORV 'UHV 3HGUR (7&+(%(55< -XDQ &DUORV 0$5,$1, \ 3DEOR
'(9272SRUOD&$0$5$$5*(17,1$'(&20(5&,2<6(59,&,26&$&
FRQVWLWX\HQGRGRPLFLOLRHVSHFLDOHQOD$YGD/HDQGUR1$OHPGHOD&LXGDG
$XWyQRPDGH%XHQRV$LUHVORV6UHV$OIUHGR'HVLGHULR*21=$/(=\5LFDUGR
',$%\ORV'UHV-XDQ3DEOR',$%9LFHQWH/285(1=2\-XOLiQ-$-85,1SRUOD
&21)('(5$&,21 $5*(17,1$ '( /$ 0(',$1$ (035(6$ &$0(
FRQVWLWX\HQGR GRPLFLOLR HVSHFLDO HQ$YGD /HDQGUR 1$OHP  GH OD &LXGDG
$XWyQRPDGH%XHQRV$LUHV\HO6HxRU$OEHUWR52'5,*8(=9$=48(=\HO'U
&DUORV (&+(=$55(7$ SRU OD 81,21 '( (17,'$'(6 &20(5&,$/(6
$5*(17,1$6 8'(&$ FRQVWLWX\HQGR GRPLFLOLR HVSHFLDO HQ 5LYDGDYLD 
SULPHUSLVRGHOD&LXGDG$XWyQRPDGH%XHQRV$LUHV\PDQLILHVWDQ
/DV SDUWHV ILUPDQWHV UHFRQRFHQ VXV UHFtSURFDV OHJLWLPDFLRQHV \
UHSUHVHQWDWLYLGDGSDUDQHJRFLDUFROHFWLYDPHQWHHQHOPDUFRGHODDFWLYLGDGGH
ORVHPSOHDGRVGHFRPHUFLR\HO&&7UHFRQRFLpQGRODVLJXDOPHQWHHQ
UHODFLyQDVXVSDUWLFLSDFLRQHVKDELGDVHQWRGRVORVDFXHUGRVYLJHQWHVVXVFULSWRV
SRUODVPLVPDVTXHHQHOSUHVHQWHVHUDWLILFDQ \FRPRDVtWDPELpQUHVSHFWRGH
ORVTXHVHFHOHEUHQHQHOIXWXUR
/DVSDUWHVSDFWDQORVLJXLHQWH
35,0(52 ,QFUHPHQWDU GXUDQWH HO SOD]R GH YLJHQFLD GHO SUHVHQWH HQ IRUPD
HVFDORQDGD\SRUXQWRWDOTXHDVFLHQGHDODVUHPXQHUDFLRQHVEiVLFDVGHO
&&7  VREUH ODV HVFDODV EiVLFDV YLJHQWHV GHO &&7  \ TXH
FRUUHVSRQGDQDFDGDFDWHJRUtDGHFRQIRUPLGDGFRQORHVWDEOHFLGRHQODFOiXVXOD
VLJXLHQWH\DODVHVFDODVVDODULDOHVTXHVHDGMXQWDQ\IRUPDQSDUWHLQWHJUDQWHGHO
SUHVHQWH&RPSUHQGLHQGRDVLPLVPRDWRGDVODVHPSUHVDV\RHVWDEOHFLPLHQWRV
\DWRGRVORVWUDEDMDGRUHVLQFOXLGRVHQHOUHIHULGR&&7
6(*81'2(OPHQFLRQDGRLQFUHPHQWRGHOVHUiUHPXQHUDWLYRHQVXYDORU
QRPLQDO\QRDFXPXODWLYRGHDFXHUGRFRQORVLJXLHQWHD XQDSDUWLUGHO
PHVGHDEULOGHE XQDSDUWLUGHOPHVGHPD\RGHF XQ
D SDUWLU GHO PHV GH MXQLR GH  7RGRV ORV LQFUHPHQWRV SRUFHQWXDOHV VH
OLTXLGDUiQ FRQIRUPH ODV HVFDODV EiVLFDV FRQYHQFLRQDOHV FRUUHVSRQGLHQWHV DO
PHVGHDEULO GH
$VLPLVPRDPEDVSDUWHVSDFWDQ\HVWDEOHFHQHORWRUJDPLHQWRGHXQDVXPDILMD
QRUHPXQHUDWLYDSRU~QLFDYH]HTXLYDOHQWHD SHVRVYHLQWLFLQFRPLO TXH
VHUiDERQDGDGHODVLJXLHQWHPDQHUDODVXPDGHGXUDQWHHOWUDQVFXUVR
GHOPHVGHDEULOGH \GXUDQWHHOWUDQVFXUVRGHOPHVGHPD\RGH
WRGRHOORFRQIRUPHODVSUHVFULSFLRQHVTXHGLVSRQHHODUWGHODOH\
(VWRV SDJRV DWHQWR VX FDUiFWHU GH QR UHPXQHUDWLYR QR VHUiQ FRQWULEXWLYRV D
QLQJ~Q HIHFWR QL JHQHUDUiQ DSRUWHV \ FRQWULEXFLRQHV D ORV VXEVLVWHPDV GH OD
VHJXULGDGVRFLDOFRQODV~QLFDVH[FHSFLRQHV DSRUWHV\FRQWULEXFLRQHVGHOD
2EUD6RFLDOGH(PSOHDGRVGH&RPHUFLR\(QWLGDGHV&LYLOHV\ DSRUWHVGHORV
WUDEDMDGRUHVHVWDEOHFLGRVSRUORVDUW\GHO&&71ƒ
$ORVHIHFWRVGHODOLTXLGDFLyQGHODSRUWHFRQGHVWLQRDO,167,7872$5*(17,12
'(&$3$&,7$&,21352)(6,21$/<7(&12/2*,&$3$5$(/&20(5&,2
,1$&$3 KRPRORJDGRSRUOD5HVROXFLyQQ~PHUR 07 HOFiOFXORGH
GLFKRVDSRUWHVGHEHUiUHDOL]DUVHFRQVLGHUDQGRORVLQFUHPHQWRVDTXtSDFWDGRV\
ODV VXPDV QR UHPXQHUDWLYDV H[SUHVDGDV HQ HVWD FOiXVXOD VLHQGR OD IHFKD GH
HIHFWLYL]DFLyQGHORVPLVPRVPHVDPHV\HQVXVSDUWHVSHUWLQHQWHV
7(5&(523DUDHOFDVRGHWUDEDMDGRUHVTXHODERUHQHQWDUHDVGLVFRQWLQXDRD
WLHPSRSDUFLDO REDMRHOUpJLPHQGHMRUQDGDUHGXFLGDOHJDORFRQYHQFLRQDORTXH
KD\DQLQFXUULGRHQDXVHQFLDVSRUFDXVDVLQMXVWLILFDGDVHOPRQWRDDERQDUSRU
HVWHLQFUHPHQWRVHUiSURSRUFLRQDODODMRUQDGDODERUDOFXPSOLGD
&8$572(OSUHVHQWHDFXHUGRFROHFWLYRWHQGUiYLJHQFLDGHVGHHOGHDEULOGH
 KDVWD HO  GH PDU]R GH  /DV SDUWHV ILUPDQWHV GH HVWH $FXHUGR
&ROHFWLYR DVXPHQ HO FRPSURPLVR GH UHXQLUVH HQ HO PHV GH MXOLR GH  D
LQLFLDWLYD GH FXDOTXLHUD GH HOODV D ILQ GH DQDOL]DU ODV HVFDODV VDODULDOHV
FRQYHQFLRQDOHV VXPDV SRUFHQWDMHV LQFRUSRUDFLRQHV DWHQWR ODV YDULDFLRQHV
HFRQyPLFDV TXH SRGUtDQ KDEHU DIHFWDGR GLFKDV HVFDODV SDFWDGDV HQ HVWH
DFXHUGR\GHVGHODYLJHQFLDGHOPLVPR
48,1726HDFODUDTXHORVLQFUHPHQWRVGHOSUHVHQWHDFXHUGRQRVRQYLQFXODQWHV
SDUDORVDFXHUGRVVDODULDOHVTXHSXGLHUHQVXVFULELUVHHQHOiPELWRGHODFLXGDG
GH 5tR *UDQGH 3URYLQFLD GH7LHUUD GHO)XHJR VLQ SHUMXLFLRGH TXH ODV VXPDV
UHVXOWDQWHV GHORVLQFUHPHQWRV SDFWDGRV HQHOSUHVHQWH FRQVWLWX\DQHO PtQLPR
FRQYHQFLRQDOYLJHQWHDSDUWLUGHODKRPRORJDFLyQGHODSUHVHQWH
$VLPLVPR ODV SDUWHV FRQYLHQHQ HQ LQVWUXPHQWDU OR HVWLSXODGR HQ HO DUWtFXOR
RFWDYR GHO DFXHUGR VDODULDO GH IHFKD  GH PD\R GH  ³5HVSHFWR GH OD
SURYLQFLDGH7LHUUDGHO)XHJR\GDGDVODVDVLPHWUtDVVDODULDOHVH[LVWHQWHVHQOD
PLVPDOD)$(&\6&$&&$0(\8'(&$VHFRPSURPHWHQDFRQYRFDUGHQWUR
GH ORV  GtDV GH OD ILUPD GHO SUHVHQWH D ODV DVRFLDFLRQHV VLQGLFDOHV \
HPSUHVDULDVGHOOXJDUDILQGHHYDOXDUORVDGLFLRQDOHV]RQDOHVYLJHQWHV´
6(;721RSRGUiQVHUDEVRUELGRVQLFRPSHQVDGRVORVLQFUHPHQWRVGHFDUiFWHU
VHFWRULDO VHDQ HVWRV GH FDUiFWHU UHPXQHUDWLYR R GH FXDOTXLHU RWUD QDWXUDOH]D
TXHHYHQWXDOPHQWHKXELHUHQRWRUJDGRXQLODWHUDOPHQWHORVHPSOHDGRUHV\RHO
JRELHUQR
6RODPHQWH SRGUiQ VHU DEVRUELGRVR FRPSHQVDGRV KDVWD VX FRQFXUUHQFLDORV
LPSRUWHV GH FDUiFWHU JHQHUDO VHFWRULDO R LQGLYLGXDO RWRUJDGRV SRU ORV
HPSOHDGRUHVXQLODWHUDOPHQWHDSDUWLUGHOGHHQHURGHTXHKXELHUHQVLGR
DERQDGRV D FXHQWD GH ORV LQFUHPHQWRV TXH GHWHUPLQH HO SUHVHQWH $FXHUGR
&ROHFWLYRFXDOTXLHUDVHDODGHQRPLQDFLyQXWLOL]DGD
6(37,02(QUHODFLyQDODGHWHUPLQDFLyQGHODEDVHGHFiOFXORGHOLQFUHPHQWR
DOFDQ]DGR HQ HVWH DFXHUGR ODV ILUPDQWHV DFHSWDQ UHFRPHQGDU D DTXHOODV
HPSUHVDV TXH OLTXLGDQ VXSOHPHQWRV \R DGLFLRQDOHV ILMRV \ SHUPDQHQWHV SRU
HQFLPD GH ORV HVWDEOHFLGRV HQ HO &&7  SURFXUHQ QHJRFLDU GXUDQWH HO
SUHVHQWH DxR VX DGHFXDFLyQ WHQLHQGR FRPR UHIHUHQFLD ORV LQFUHPHQWRV
VDODULDOHVSUHYLVWRVHQHOSUHVHQWHDFXHUGR
2&7$92 &RQ HO REMHWR GH JDUDQWL]DU HO QRUPDO IXQFLRQDPLHQWR GHO VLVWHPD
VROLGDULR GH VDOXG TXH EULQGD D ORV HPSOHDGRV GH FRPHUFLR 26(&$& \
HQPDUFDGRHQODYLJHQWHHPHUJHQFLDVDQLWDULDTXHIXHUDRSRUWXQDPHQWHGLFWDGD
SRU HO 3RGHU /HJLVODWLYR 1DFLRQDO \ TXH LQYROXFUD D WRGD OD FREHUWXUD PpGLFD
DVLVWHQFLDOVHFRQYLHQHFRQFDUiFWHUH[WUDRUGLQDULR\H[FHSFLRQDOSRUHOSOD]R
FRPSUHQGLGRHQWUHHOPHVGHDEULOGH\HOPHVGHPDU]RGHXQDSRUWH
D FDUJR GH ORV WUDEDMDGRUHV D OD 2EUD 6RFLDO GH (PSOHDGRV GH &RPHUFLR \
$FWLYLGDGHV &LYLOHV HTXLYDOHQWH D   SHVRV FLHQ  PHQVXDOHV 'LFKD VXPD
VHUi UHWHQLGD GHO PRQWR GH OD UHPXQHUDFLyQ PHQVXDO D SHUFLELU SRU FDGD
WUDEDMDGRUDSDUWLUGHOPHVGHDEULOGH\GHSRVLWDGDDODRUGHQGH26(&$&
7HQLHQGR HQ FXHQWDOD QDWXUDOH]D \ GHVWLQRGH HVWH DSRUWH HQ QLQJ~Q FDVRHO
WUDEDMDGRUSRGUiVROLFLWDUTXHHOHPSOHDGRUVHKDJDFDUJRGHOSDJRGLUHFWRGH
GLFKDREOLJDFLyQRUHFODPDUVXUHLQWHJURFXDOTXLHUDVHDODIRUPDGHOLTXLGDFLyQ
GHVXUHPXQHUDFLyQ
129(12(QHOPDUFRGHODHPHUJHQFLDVDQLWDULDGHFUHWDGDSRUOD/H\
HQ HO HVSHFLDO FRQWH[WR HQ TXH VH HQFXHQWUD QXHVWUR SDtV FRQ PRWLYR GH OD
SDQGHPLD&29,'± \ODVREOLJDFLRQHVH[WUDRUGLQDULDVDODVTXHGHEHKDFHU
IUHQWHHOVLVWHPDGHVDOXGQDFLRQDO FRQIRUPHHO'HFUHWRGLFWDGRSRUHO
3RGHU (MHFXWLYR 1DFLRQDO  \ HQ SDUWLFXODUOD2EUD 6RFLDO GH ORV (PSOHDGRV GH
&RPHUFLR \ $FWLYLGDGHV &LYLOHV 26(&$&  \ D ILQ GH KDFHU IUHQWH D OD
HPHUJHQFLD VDQLWDULD EDVDGR HQ HO VLVWHPD VROLGDULR GH VDOXG ODV SDUWHV
VLJQDWDULDV GHO SUHVHQWH DFXHUGR FRQYLHQHQ GH PDQHUD H[FHSFLRQDO \
H[WUDRUGLQDULD SRU SURUURJDU \ H[FOXVLYDPHQWH SRU HO SOD]R GH YLJHQFLD GHO
SUHVHQWHDFXHUGRFROHFWLYR HOPDQWHQLPLHQWRHQODREOLJDFLyQGHSDJRSRUXQD
FRQWULEXFLyQDGLFLRQDO\VROLGDULDDFDUJRGHORVHPSOHDGRUHVLQFOXLGRVHQHVWH
DFXHUGR FROHFWLYR HTXLYDOHQWH D   SHVRV XQ PLO GRVFLHQWRV PHQVXDOHV
SRUFDGDWUDEDMDGRUGHSHQGLHQWHGHORVPLVPRVFRPSUHQGLGRVHQHO&&7
\~QLFDPHQWHSRUHOSHUtRGRTXHYDGHVGHHOPHVGHDEULOGH\KDVWDHOPHV
GH PDU]R GH  DPERV LQFOXVLYH \ VLHPSUH TXH HO WUDEDMDGRU PDQWHQJD
FRQWUDWRYLJHQWHHQFDGDPHVTXHFRUUHVSRQGDHIHFWXDUODFRQWULEXFLyQDGLFLRQDO
H[WUDRUGLQDULD DTXt SDFWDGD /RV LPSRUWHV SDFWDGRV GHEHUiQ VHU GHFODUDGRV H
LQJUHVDGRV D 26(&$& PHGLDQWH VLVWHPD LQIRUPiWLFR GH SDJR HVSHFLDO TXH
GLFKD 2EUD 6RFLDO LPSOHPHQWDUi \ GHQWUR GH ORV  GtDV VLJXLHQWHV DO
YHQFLPLHQWRGHFDGDPHVUHVSHFWLYR DEULODPDU]R 
'(&,02 /DV SDUWHV HQ HVWH DFWR UDWLILFDQ OD FRQVWLWXFLyQ GH OD &RPLVLyQ
3HUPDQHQWHGH1HJRFLDFLyQ&ROHFWLYDFUHDGDSRUHO$FXHUGR&ROHFWLYRHOGH
DEULOGHODTXHVHDERFDUiDOWUDWDPLHQWRGHORVVLJXLHQWHVWHPDV
$ $SURSXHVWDGHOVHFWRUVLQGLFDO
 &DMHUDV
 7UDWDPLHQWRGHODGLFLRQDOHVWDEOHFLGRHQHODUWGHO&&7
 7UDEDMDGRUHVWHUFHUL]DGRV
 7LHPSRSDUFLDO\MRUQDGDUHGXFLGD
 7DUHDVHVSHFLDOL]DGDV
 $GLFLRQDOSRUSUHVWDFLRQHVGHWDUHDVHQHOGtDGRPLQJR

% $SURSXHVWDGHODUHSUHVHQWDFLyQHPSUHVDULD
 3ROLIXQFLRQDOLGDG
 ,QVWUXPHQWDFLyQGHOSUHVHQWLVPR
 /LFHQFLDVSRUHVWXGLRV
 3URGXFWLYLGDG
 7HFQRORJtDV
 &RQWUDWDFLyQGHSHUVRQDOPD\RUGHDxRV
'(&,0235,0(52$VLPLVPRUHLWHUDQTXHDODFLWDGD&RPLVLyQOHFRPSHWHUi
\ WHQGUi D VX FDUJR OD LQWHUSUHWDFLyQ \ UHVROXFLyQ GH FRQIOLFWRV YLQFXODGRV DO
SUHVHQWHDFXHUGR'LFKD&RPLVLyQHVWDUiLQWHJUDGDSRUGRFHPLHPEURVWLWXODUHV
SRUHOVHFWRUVLQGLFDO\SRUHOVHFWRUHPSUHVDULR GHVLJQDGRVGRVSRUFDGD
HQWLGDGILUPDQWHGHOSUHVHQWH \PLHPEURVVXSOHQWHVSRUHOVHFWRUJUHPLDO\
 SRU HO VHFWRU HPSUHVDULR GHVLJQDGRV XQR SRU FDGD HQWLGDG ILUPDQWH GHO
SUHVHQWH FRQFRPSHWHQFLDGLUHFWDSDUDDFWXDUDQWHFXDOTXLHUFRQIOLFWRTXHVXUMD
R VHVXVFLWHSRUODDSOLFDFLyQGHOSUHVHQWHDFXHUGR/DUHIHULGD&RPLVLyQDFWXDUi
GHRILFLRRDSHGLGRGHFXDOTXLHUDGHODVSDUWHVTXHVHHQFXHQWUHQHQFRQIOLFWR\
GHEHUi H[SHGLUVH SRU HVFULWR HQ XQ SOD]R Pi[LPR GH  WUHLQWD  GtDV KiELOHV
FRQWDGRVDSDUWLUGHSHGLGRGHLQWHUYHQFLyQRGHVXDYRFDFLyQGLUHFWD'XUDQWH
GLFKRSOD]RODVSDUWHVGHEHUiQDEVWHQHUVHDWRPDUPHGLGDVGHDFFLyQGLUHFWD
/D &RPLVLyQ IXQFLRQDUi HQ HO iPELWR GHO 0LQLVWHULR GH 7UDEDMR (PSOHR \
6HJXULGDG6RFLDO\FRPRPpWRGRDOWHUQDWLYRGHVROXFLyQGHFRQIOLFWRV
/DVSDUWHVSRGUiQGHVLJQDUDVHVRUHVWpFQLFRVFRQYR]SHURVLQYRWR/DQyPLQD
SUHFHGHQWHSDUDDPEDVUHSUHVHQWDFLRQHVSRGUiVHUPRGLILFDGDSRUFXDOTXLHUD
GHODVSDUWHV\HQFXDOTXLHUPRPHQWR
'(&,02 6(*81'2 /D )HGHUDFLyQ$UJHQWLQD GH (PSOHDGRV GH &RPHUFLR \
6HUYLFLRVDUHTXHULPLHQWRGHODV&iPDUDV(PSUHVDULDOHVILUPDQWHVUDWLILFDQHO
FRPSURPLVRGHJHVWLRQDU
D $QWH 26(&$& TXH OD UHIHULGD 2EUD 6RFLDO GH OD DFWLYLGDG RWRUJXH HQ ORV
SODQHVGHSDJRORVSOD]RVPi[LPRVHQODVFRQGLFLRQHVTXHSHUPLWDOD$),3SDUD
HO FXPSOLPLHQWR GH ORV DSRUWHV \ FRQWULEXFLRQHV )$(&\6 VH FRPSURPHWH D
JHVWLRQDU FRQMXQWDPHQWH FRQ OD SDUWH HPSUHVDULD DQWH OD DXWRULGDG SHUWLQHQWH
XQDDGHFXDGDUHGXFFLyQGHORVLQWHUHVHVFRUUHVSRQGLHQWHV
E $QWHODVHQWLGDGHVGHSULPHUJUDGRDGKHULGDVDHVD)HGHUDFLyQUHTXHULUDODV
PLVPDV RWRUJXHQ HQ ODV ILQDQFLDFLRQHV SRU GHXGDV GH FDSLWDO HQ FRQFHSWR GH
FXRWDV VLQGLFDOHV TXH FRQ HOODV PDQWHQJDQ ODV HPSUHVDV TXH GHVDUUROODQ VX
DFWLYLGDGHQ]RQDGHDFWXDFLyQVHJ~QODVVLJXLHQWHVFRQGLFLRQHV
(OHPSOHDGRUSRGUiDFRUGDUSDJDUHQWUHVVHLVGRFHGLHFLRFKRRYHLQWLFXDWUR
FXRWDVPHQVXDOHVLJXDOHV\FRQVHFXWLYDVFRQODWDVDGHLQWHUpVHTXLYDOHQWHDO
GHODVTXHSHUFLEHOD$),3SDUDODVGHXGDVLPSRVLWLYDV(OLPSRUWHGHODV
FXRWDV FDSLWDOHLQWHUpV VHILMDUiDSDUWLUGHXQPtQLPRGH SHVRVGLH]
PLO SRUPHV
'HEHUiQ VROLFLWDUOR SRU HVFULWR DQWH OD HQWLGDG DFUHHGRUD /D QRWD D SUHVHQWDU
GHEHUi FRQVLJQDU HO DSHOOLGR \QRPEUH FRPSOHWR R UD]yQ VRFLDOGHO VROLFLWDQWH
Q~PHURGH&8,7GRPLFLOLROHJDO\FRQVWLWXLGR\HOSODQGHSDJRVSRUHOFXDOVH
RSWHGHQWURGHODVSRVLELOLGDGHVHVWDEOHFLGDVHQODSUHVHQWHFOiXVXOD6LODGHXGD
GHFDSLWDOHLQWHUHVHVGHFODUDGD IXHVHVXSHULRUDORV SHVRVFLHQPLO 
SRGUi FRQYHQLUVH XQ SODQ GH SDJRV SRU XQ PD\RU Q~PHUR GH FXRWDV QXQFD
LQIHULRUD SHVRGLH]PLO SRUFXRWD
'(&,027(5&(52 6H UDWLILFDQ H[SUHVDPHQWH WRGDVODV FRPLVLRQHV FUHDGDV
SRU DFXHUGRV SDULWDULRV 'RQGH H[LVWDQ GHVLJQDFLRQHV QRPLQDWLYDV HQ
UHSUHVHQWDFLyQGHODVSDUWHVHVWDVSRGUiQUHHPSOD]DUDVXVUHSUHVHQWDQWHVFRQ
OD VROD FRQGLFLyQ GH QRWLILFDUODV PRGLILFDFLRQHV DODV GHPiV HQWLGDGHV TXHOD
LQWHJUDQ/DVSDUWHVUDWLILFDQDVLPLVPRODFUHDFLyQGHO,QVWLWXWRGH3UHYHQFLyQGH
5LHVJR /DERUDO TXH WHQGUi FRPSHWHQFLD HQ OD LQVWUXPHQWDFLyQ GH SROtWLFDV
FXUVRVGHDFFLyQFDSDFLWDFLyQ\GHPiVFRQWHQLGRVQHFHVDULRVSDUDPDWHULDOL]DU
HOIXQFLRQDPLHQWRGHOPLVPR
'(&,02&8$572(VFRQGLFLyQVXVSHQVLYDLQLFLDOSDUDODYDOLGH]\H[LJLELOLGDG
GH HVWH$FXHUGR VX SUHYLD KRPRORJDFLyQ SRU SDUWH GHO 0LQLVWHULR GH7UDEDMR
(PSOHR\6HJXULGDG6RFLDOGHOD1DFLyQORTXHDVtVROLFLWDQODVSDUWHV3DUDHO
FDVR GH HVWDU SHQGLHQWH OD KRPRORJDFLyQ GH HVWH $FXHUGR \ VH SURGX]FDQ
YHQFLPLHQWRVGHSOD]RVSDFWDGRVSDUDHOSDJRGHORVLQFUHPHQWRVHQODIRUPD
HVFDORQDGDSUHYLVWDORVHPSOHDGRUHVDERQDUiQODVVXPDVGHYHQJDGDVFRQOD
PHQFLyQ ³3DJR DQWLFLSD D FXHQWD GHO $FXHUGR &ROHFWLYR DEULO ´ ORV TXH
TXHGDUiQ UHHPSOD]DGRV \ FRPSHQVDGRV SRU ORV UXEURV FRUUHVSRQGLHQWHV XQD
YH]KRPRORJDGRHO$FXHUGR
/DV SDUWHV VROLFLWDQ OD KRPRORJDFLyQ GHO SUHVHQWH $FXHUGR DO 0LQLVWHULR GH
7UDEDMR(PSOHR\6HJXULGDG6RFLDO

You might also like