(/(0(17263$5$()(&78$581%8(1

352*5$0$'(('8&$&,Ï1(;3(5,(1&,$/
</,'(5$=*2'($9(1785$
([LVWHQFXDWURHOHPHQWRVEiVLFRVHQXQDSUiFWLFDGH$YHQWXUD(OREMHWLYRGHOIDFLOLWDGRUHV
DVHJXUDUVHGHTXHWRGDVHOODVVHHIHFW~HQ

‡&RQILDQ]D
‡&RPXQLFDFLyQ
‡&RRSHUDFLyQ
‡'LYHUVLyQ

 &RQILDQ]D

/D FRQILDQ]D HV XQD OODYH GH VHJXULGDG TXH DEUH OD SXHUWD D OD SUXHED 3HUPLWH TXH ODV
SHUVRQDVFRPSDUWDQFRVDVGHVtPLVPRVVLQWHPHUVHULJQRUDGRVRFRQYHUWLUVHHQREMHWRGH
EXUOD &UHD RSRUWXQLGDGHV SDUD TXH ODV SHUVRQDV DFHSWHQ QXHYRV UHWRV VDELHQGR TXH KD\
RWURV TXH ORV D\XGDUDQ 6LJQLILFD GDUVH OD RSRUWXQLGDG GH KDFHU DOJR DXQTXH QR VH ORJUH
SHURVDELHQGRTXHHOJUXSRHVWiSDUDDSR\DUORHQLQWHQWRVIXWXURVVLQKDFHUHOULGtFXOR

/D FRQILDQ]D VH LQLFLD FRQ XVWHG FRPR OtGHU 'HVGH HO LQLFLR VL XVWHG PXHVWUD DSHUWXUD
PRWLYDFLyQVHQVLELOLGDG\FDSDFLGDGODVSHUVRQDVVHVHQWLUiQVHJXUDV7DPELpQVHVHQWLUiQ
VHJXUDV GHQWUR GHO JUXSR \ VH DEULUiQ PiV IiFLOPHQWH SDUD WUDEDMDU 6X SDSHO HV FUHDU \
PRWLYDU XQ DPELHQWH GH FRQILDQ]D WDO TXH ORV PLHPEURV GHO JUXSR DSUHQGDQ D FRQILDU HQ
FDGD XQR GH ORV RWURV &RPR OtGHU WDPELpQ GHEH HYDOXDU FRQWLQXDPHQWH OD FRQILDQ]D SDUD
DVHJXUDUVHTXHQLQJXQRVpHVWHVLQWLHQGRPDOFRQHOH[SHULPHQWR

8Q PpWRGR VHJXUR SDUD HPSH]DU D GHVDUUROODU OD FRQILDQ]D HV LQLFLDU OD VHFXHQFLD GH
DFWLYLGDGHV KDFLHQGR TXH FDGD LQWHJUDQWH GHO JUXSR VH DSUHQGD ORV QRPEUHV GHO UHVWR /D
PD\RUtDGHODVSHUVRQDVLQFOX\pQGRQRVGHDOJXQDIRUPDVHVLHQWHQLQWLPLGDGRVIUHQWHDQ
JUXSRGHSHUVRQDVTXHQRFRQRFHQ(OVDEHUORVQRPEUHVFUHDFRQILDQ]D

1R KD\ GXGD GH TXH ORV SDUWLFLSDQWHV YHQ FRQ UHFHOR FXDQGR H[SOLFDPRV HO µ&RQHMR 9HOR]¶
µ6DFXGLGD GHO 3HUUR¶ R µHQFDUQH HO HVStULWX GH *HOIOLQJ¶ 3RU XQ PRPHQWR VH SXHGHQ VHQWLU
DSHQDGRV R LQFyPRGRV SHUR SDUWLFLSDQ 6L XVWHG GHPXHVWUD TXH HVWD ELHQ VHQWLUVH WRUSH
ORVLQWHJUDQWHVTXHUUiWRPDUHOULHVJRItVLFR\HPRFLRQDO'HPXHVWUHTXHVDEHORTXHKDFH
GpMHORV UHFRQRFHU VXV DSWLWXGHV VLQ VHQWLU WHPRU D SDUHFHU WRUSH 'pMHORV HQWHQGHU TXH
XVWHGWDPELpQGHVHDFRUUHUULHVJRV

5HFXHUGHHOJUXSRQHFHVLWDSULPHURTXHWRGRFUHHUHQXVWHG

 &RPXQLFDFLyQ

/D FRPXQLFDFLyQ YD GH OD PDQR FRQ OD FRQILDQ]D /DV SHUVRQDV TXH WUDEDMDQ MXQWDV
QHFHVLWDQ FRPXQLFDUVH SDUD SUHYHQLU ORV SUREOHPDV TXH VH SXHGDQ SUHVHQWDU /D
FRPXQLFDFLyQ SHUPLWH TXH ODV SHUVRQDV FRPSDUWDQ VXV RSLQLRQHV DSUHQGDQ GH ODV
H[SHULHQFLDV GH ORV GHPiV\FUHDXQDPELHQWHGRQGHVHSXHGHKDEODUDELHUWDPHQWHDFHUFD
GHORVVHQWLPLHQWRV

$O LJXDO TXH OD FRQILDQ]D OD FRPXQLFDFLyQ HPSLH]D FRQ XVWHG HO OtGHU (VWDEOH]FD XQ WRQR
D\XGH D GHILQLU REMHWLYRV \ RIUH]FD XQ PDUFR GH WUDEDMR D ORV SDUWLFLSDQWHV 8Q HOHPHQWR
LPSRUWDQWH HQ KDFHU TXH OD JHQWH VH VLHQWD LQYROXFUDGD \ VHJXUD HV VX KDELOLGDG SDUD
FRPXQLFDUORTXHVHHVSHUDGHOH[SHULPHQWR\FRPRIXQFLRQDpVWH

6X HVWLOR GH FRPXQLFDFLyQ GHEH VHU WDQ LQIOX\HQWH FRPR OR TXH FRPXQLFD (O KXPRU \ OD
FDOLGH] VRQ GHILQLWLYDPHQWH PiV HIHFWLYRV TXH XQ DFHUFDPLHQWR HVWULFWR \ GHPDVLDGR
H[WHQVR ,QYLWH D OD JHQWH D XQLUVH QR ORV REOLJXH D SDUWLFLSDU (VWD OLEHUWDG VH WUDGXFH HQ
XQ PD\RU VHQWLGR GH FRPSURPLVR \ XVXDOPHQWH SHUPLWH VHQWLUVH PiV FyPRGR DO DFHSWDU
QXHYRVUHWRV

,QLFLDQGR HO SURJUDPD XWLOLFH MXHJRV GRQGH VH GHEDQ PH]FODU SDUD FUHDU QH[RV HQWUH ORV
SDUWLFLSDQWHV µ&DWHJRUtDV¶ µ1~PHURV VLQ VHQWLGR¶ µ(O FRPSDxHUR LQYLVLEOH¶ VRQ IRUPDV
GLYHUWLGDV GH DQLPDU D ODV SHUVRQDV D FRPSDUWLU XQ SRFR GH FDGD XQD (O HVFXFKDU D ORV
RWURV UHFRQRFHU ODV GLIHUHQFLDV \ ODV VLPLOLWXGHV HQFRQWUDU DVSHFWRV HQ FRP~Q FRQ RWURV
VRQ IDFWRUHV TXH SXHGHQ FRQWULEXLU DO VHQWLGR GH SHUWHQHQFLD 1R VXEHVWLPH HO YDORU GH
SHUPLWLUDODVSHUVRQDVOOHJDUDFRQRFHUDORWUR<UHFXHUGHSXHGH \GHEHUtD VHUGLYHUWLGR

&RPRHOOtGHUXVWHGGHVHDDEULUODVSXHUWDVGHODFRPXQLFDFLyQ¢&yPR"(VFXFKHORTXHORV
SDUWLFLSDQWHV HVWiQ GLFLHQGR 0XpVWUHOHV TXH YDORUD VXV FRPHQWDULRV \ VXJHUHQFLDV
3UHJXQWHVLWLHQHQDOJXQDSUHJXQWDDQWHVGHHPSH]DUXQMXHJR(VWHDELHUWRDFDPELDUXQD
UHJOD R DGDSWDU OD DFFLyQ VL HOOR SHUPLWH PDV FRPSURPLVR 7UDWH GH QR UHVWULQJLU OR TXH OD
JHQWH KDFH GHOHV RSRUWXQLGDGHV SDUD TXH VHDQ HOORV PLVPRV ORV TXH GHFLGDQ OR TXH
TXLHUHQKDFHU

0DWHULDOLFH ODV DFWLWXGHV TXH TXLHUH REVHUYDU HQ ORV RWURV /D JHQWH DSUHQGH PiV R PHMRU
GHXVWHGPLUDQGRORTXHKDFHRGHMDGHKDFHU

3URFXUHODVHQFLOOH]0DQWHQJDODDFFLyQ3DUWLFLSHHQORVMXHJRV'LYLpUWDVH

 &RRSHUDFLyQ

/DVDFWLYLGDGHVGHDYHQWXUDVHEDVDQHQSHUVRQDVWUDEDMDQGR\MXJDQGRMXQWDV(OREMHWLYR
HV DXPHQWDU OD FDSDFLGDG GH FDGD SDUWLFLSDQWH SDUD WUDEDMDU FRPR SDUWH GHO JUXSR \
GHVDUUROODUHQFDGDSHUVRQDXQDPHMRUYLVLyQGHORTXHHOODpOFUHHTXHSXHGHFRODERUDU

$OJXQDVYHFHVODVSHUVRQDVWLHQHQODLGHDGHTXHSXHVWRTXHHO3UR\HFWRGHDFWLYLGDGHVGH
DYHQWXUD VH EDVD HQ OD FRRSHUDFLyQ QR H[LVWH OD FRPSHWHQFLD HQ QXHVWUR SURJUDPD
,QWUtQVHFDPHQWH OD FRPSHWHQFLD QR HV PDOD SHUR FUHHPRV TXH HO QRPEUDU JDQDGRUHV R
SHUGHGRUHV QR HV QHFHVDULR (O JDQDU VLQ LPSRUWDU D FRVWD GH TXLHQ R TXH  KDFH TXH ORV
HVWXGLDQWHV PHQWDOPHQWH VLHQWDQ TXH QR WLHQHQ ODV KDELOLGDGHV VXILFLHQWHV SDUD FRPSHWLU
FRQSDUHVPiVFDSDFHV\TXHODDFWLYLGDGItVLFDHVDOJRTXHGHEHHYLWDUVH

/DFRRSHUDFLyQQRGHEHUHPSOD]DUODFRPSHWHQFLD6LQHPEDUJRSXHVWRTXHH[LVWHQWDQWDV
RSRUWXQLGDGHVSDUDTXHODJHQWHFRPSLWD\SLHUGD¢SRUTXpQRGDUDOJXQDVSRVLELOLGDGHVHQ
ODV TXH WRGRV FRPSLWDQ \ JDQHQ" /D FRPSHWHQFLD VH SXHGH SODQHDU GH WDO IRUPD TXH FDGD
SDUWLFLSDQWH VH VLHQWD FyPRGR FRQ VX FRPSURPLVR 'HVSXpV GH JROSHDU OD EROD  YHFHV
VHJXLGDV QR LPSRUWD VL FDGD PLHPEUR GHO JUXSR OR KDFH HO PLVPR Q~PHUR GH YHFHV 7RGR
HO JUXSR VH OOHYD HO FUpGLWR SRU ORJUDU HO SXQWDMH H LQFOXVR DOJXLHQ QR PX\ FHUFDQR D OD
DFFLyQ VH VLHQWH LQFOXLGR HQ HO WULXQIR GHO JUXSR $O LQLFLR GHO SURJUDPD HVWH VHQWLGR GHO
ORJUR \ GHO p[LWR SXHGH LQIOXLU SURIXQGDPHQWH HQ OD FDSDFLGDG GHO JUXSR SDUD WUDEDMDU
MXQWRVHQXQIXWXUR\GHVDUUROODURWURVUHWRVFRPRODµ7HODGHOD$UDxD¶

/DV DFWLYLGDGHV FRPR µ %ROD /XQDU¶ µ0DODEDUHV¶ \ µ6XSHU HQUROODGD¶ µ5iSLGR D OD FROD¶
µ9LHQWRV GH OD 7LHUUD¶ \ µ&ROD GH &XPSOHDxRV¶ RIUHFHQ UHWRVDOFDQ]DEOHVSDUDODPD\RUtDGH
ORV JUXSRV /D JHQWH VH VLHQWH ELHQ SRU VX WULXQIR7UDEDMDQMXQWRVFRPSDUWHQORVORJURV\
DSUHQGHQ WpFQLFDV TXH OHV SHUPLWHQ LQWHQWDU SUREOHPDV PiV GLItFLOHV \ YHQFHU ULHVJRV
PD\RUHV

&UHH RSRUWXQLGDGHV RIUH]FD UHWRV PRWLYH OD FUHDWLYLGDG \ HORJLH HO HVIXHU]R LQFOXVR
FXDQGRpVWHQRSURGX]FDXQDVROXFLyQGHp[LWR

 'LYHUVLyQ

(O QHJRFLR GH OLGHUDU DFWLYLGDGHV GH DYHQWXUD HV VHULR 1R SHUPLWD TXH QDGLH GLJD OR
FRQWUDULR 6L QR IXHUD XQ QHJRFLR VHULR QR HVWDUtDPRV HQ HO PHUFDGR /R TXH HV VHULR HV
TXH VH WUDWD GH D\XGDU D ODV SHUVRQDV D DSUHQGHU \ FUHFHU $SUHQGHU \ GHVDUUROODU QXHYDV
KDELOLGDGHVVRQWDUHDVVHULDV

/R LQXVXDO HQ OD $YHQWXUD HV TXH WDPELpQ HV GLYHUWLGD 6H VXSRQH TXH OD GLYHUVLyQ \ HO
MXHJRQRVRQVHULRV3DUDODPD\RUtDGORVDGXOWRVODGLYHUVLyQHVFRQVLGHUDGDIUtYROD±DOJR
FRQ XQ YDORU D FRUWR SOD]R /D GLYHUVLyQ VH DVRFLD D HQWUHWHQLPLHQWR UHFUHDFLyQ \ DOHJUtD
PiVQXQFDFRQHGXFDFLyQ

/DGLYHUVLyQHVSULPRUGLDOHQODH[SHULHQFLD$YHQWXUD(VLPSRUWDQWHSXHVWRTXHODJHQWHVH
VLHQWH FRPSURPHWLGD FXDQGR GLVIUXWD OD DFWLYLGDG (VWiQ PiV PRWLYDGRV VX DWHQFLyQ HVWi
PDV HQIRFDGD VX HQHUJtD HV VXSHULRU (Q XQ SURJUDPD HGXFDWLYR OD GLYHUVLyQ SXHGH VHU
WDQWRXQILQFRPRXQDKHUUDPLHQWDSRGHURVD

¢&XiOHV VRQ DOJXQDV GH QXHVWUDV DFWLYLGDGHV GH GLYHUVLyQ IDYRULWDV" ¢4Xp KDFHPRV VL HO
JUXSR VH PXHVWUD GHVLQWHUHVDGR OHQWR QHUYLRVR R VLQ HQWXVLDVPR" /D UHVSXHVWD HV
FXDOTXLHU FRVD TXH FUHH DFFLyQ HQHUJtD R ULVD µ3DUHV PDUFDGRV¶ µ3DUHV FXDGUDGRV¶
µ))($&+¶ \ µ0LUDU D ¶ VRQ DOJXQRV GH ORV MXHJRV FHUWLILFDGRV TXH SURGXFHQ ULVDV \ HVH
UHVSODQGRUGHVDWLVIDFFLyQTXHKDFHGHFLU´+DJiPRVORRWUDYH]´

1RLPSRUWDVLWUDEDMDHQXQFROHJLRKRVSLWDOFDPSRDJHQFLDRFRUSRUDFLyQHOFRPSRQHQWH
GLYHUVLyQ VHUi QHFHVDULR SDUD HO p[LWR GH VX SURJUDPD $YHQWXUD /D GLYHUVLyQ HVWi
HQWUHOD]DGD HQ WRGR OR TXH KDFHPRV KDVWD HO SXQWR HQ TXH OR KDFHPRV HQ OD PHGLGD HQ
TXH QRV HVWDPRV GLYLUWLHQGR 6LQ HPEDUJR SDUD QRVRWURV HO PDQWHQHU VLHPSUH XQD DOWD
FXRWDGHGLYHUVLyQHVXQDIRUPDGHDVHJXUDUQRVTXHODFDOLGDGGHOSURJUDPDHVWDPELpQOD
PiV DOWD 6H SXHGH WHQHU XQ SURJUDPD GH $YHQWXUD VLQ GLYHUVLyQ SHUR QR FUHHPRV TXH
SXHGDVHUPX\EXHQR

/,'(5$=*2)81&,21$/

3XHGHFXDOTXLHUSHUVRQDVHUXQEXHQIDFLOLWDGRUHQODVDFWLYLGDGHVGHDYHQWXUD"

/D UHVSXHVWD GHSHQGH GH FRQ TXLHQ KDEOD &XDOTXLHUD SXHGH PHMRUDU VXV FDSDFLGDGHV
7UDEDMDU HQ HO GHVDUUROOR \ PHMRUDPLHQWR GH ODV KDELOLGDGHV SRGUtD SURGXFLU XQ EXHQ
IDFLOLWDGRU

3HURFyPR"&XiOHVSDVRVGHEHVHJXLUSDUDDXPHQWDUVXVFDSDFLGDGHV"/DVHFXHQFLDTXHVH
PXHVWUD D FRQWLQXDFLyQ SXHGH GDUOH DOJXQDV LGHDV (V XQD VHULH FRQWLQXD \ XQ SURFHVR
'HSHQGLHQGR GHO QLYHO DFWXDOGHVXVKDELOLGDGHVSXHGHHQFRQWUDUHOPRGHORTXHOHFXDGUH
3LHQVHHQVXFUHFLPLHQWRFRPROtGHUFRPRXQSURFHVRQRFRPRXQUHVXOWDGR1RLPSRUWDHO
QLYHOGHVXVKDELOLGDGHVVLHPSUHKD\OXJDUSDUDHOFUHFLPLHQWR

)250$&,Ï135È&7,&$,16758&&,Ï1(;3(5,(1&,$'20,1,2)250$&,Ï1
6HOHFFLRQHVXSODQGHIRUPDFLyQFRQPXFKRFXLGDGR&XDQGRGHVHHPHMRUDUVXVKDELOLGDGHV
EXVTXH D DOJXLHQ TXH OH SXHGD HQVHxDU 8QD EXHQD HQVHxDQ]D SXHGH PHMRUDU VXV
FDSDFLGDGHV OHQWD \ HIHFWLYDPHQWH PLHQWUDV TXH XQD HQVHxDQ]D IORMD QHFHVLWDUi VHU
FRUUHJLGD\UHSHWLGD

/D IRUPDFLyQ VXSRQH TXH HVWi WUDWDQGR FRQ LQVWUXFWRUHV GH JUDQ FRQRFLPLHQWR TXH OH
SXHGHQ HQVHxDU OR TXH QHFHVLWD VDEHU /H SXHGHQ WUDQVIHULU HO FRQRFLPLHQWR TXH OH
KDELOLWDUi SDUD FUHFHU SURIHVLRQDOPHQWH /D IRUPDFLyQ OH RIUHFH LQIRUPDFLyQ TXH HV
MXVWDPHQWHORTXHQHFHVLWDSDUDHPSH]DU

35È&7,&$ (O FRQRFLPLHQWR VLQ SUDFWLFD HV FRPR XQ OLEUR VLQ OHFWRU +D\ PXFKR SRWHQFLDO
DGHQWUR SHUR QR VXFHGH QDGD KDVWD TXH VH XVD (O FRQRFLPLHQWR OH SXHGH D\XGDU D
GHVDUUROODU KDELOLGDGHV SHUR pVWDV QHFHVLWDQ VHU SUDFWLFDGDV R VH GHVYDQHFHQ KDVWD
GHVDSDUHFHU /D PHMRU PDQHUD GH LQWHJUDU ODV FDSDFLGDGHV GH FRQRFLPLHQWR \ DSUHQGL]DMH
HVSUDFWLFDQGR

/LGHUHJUXSRV6LUYDGHYROXQWDULRSDUDD\XGDUDRWURVTXHHVWiQOLGHUDQGR3UDFWLTXHHQVX
WUDEDMR FRQ VXV FRPSDxHURV GH WUDEDMR FRQ FXDOTXLHU JUXSR TXH HVWp LQWHUHVDGR (QWUH
PiV SRQJD HQ SUDFWLFD HO FRQRFLPLHQWR DGTXLULGR PHMRU SRGUi MX]JDU FRPR XWLOL]DUOR
DGHFXDGDPHQWH /D SUDFWLFD HV EiVLFDPHQWH DXWRLQVWUXFFLyQ VH HQVHxD D Vt PLVPR FyPR
XWLOL]DU HO FRQRFLPLHQWR \ ODV KDELOLGDGHV TXH DSUHQGH GHVSXpV GH WRGR HVWD HV XQD
HGXFDFLyQH[SHULHQFLDO

,16758&&,Ï1 /D HVHQFLD GH XQD EXHQD LQVWUXFFLyQ GHEHUtD VHU DSR\R PRWLYDFLyQ \
UHDOLPHQWDFLyQ6LVXLQVWUXFWRUKDFHVXWUDEDMRGHOtGHUXVWHGQRWHQGUiODRSRUWXQLGDGGH
H[SHULPHQWDUODVLWXDFLyQHQFDUQHSURSLD4XpKDUtDHQHVDVLWXDFLyQ"(OLQVWUXFWRUWUDEDMD
FRQXVWHGDPRGRGHUHGGHSURWHFFLyQDOJXLHQTXHOHD\XGDHQFDVRGHSUREOHPDV

6L SXHGH DFWXDU FRPR FROLGHU R PRQLWRU HO GHVDUUROOR GH VXV KDELOLGDGHV GH OLGHUD]JR
SURJUHVDUiQ PXFKR PiV UiSLGR 6L QR SXHGH HQFRQWUDU D DOJXLHQ FRQ PHMRUHV KDELOLGDGHV
TXHXVWHGOLGHUHFRQXQFRPSDxHUR'HHVDIRUPDSXHGHQFRPSDUWLUUHIOH[LRQHVSUiFWLFDV\
IRUPDV DOWHUQDWLYDV GH PDQHMDU GLIHUHQWHV VLWXDFLRQHV DVt FRPR GDU VXJHUHQFLDV FRQ HO ILQ
GH DPSOLDU VX SURFHVR GH SHQVDPLHQWR FUtWLFR 'RV SHUVSHFWLYDV VRQ PHMRUHV TXH XQD \
JHQHUDOPHQWHSURGXFHPiVUHIOH[LRQHV

6L WUDEDMD FRQ XQD SHUVRQD FRQ PiV H[SHULHQFLD TXH XVWHG SUREDEOHPHQWH OH SXHGH GDU
PHMRU UHDOLPHQWDFLyQ 6LQ HPEDUJR UHFXHUGH TXH FDGD OtGHU WLHQH VX HVWLOR SURSLR
HQWRQFHVORTXHXQDSHUVRQD±TXHHVVXIXHQWHGHLQIRUPDFLyQOHGLFHQRVHUiVXILFLHQWH

(;3(5,(1&,$ ([SHULHQFLD HV OD 7RPD  GHO OLGHUD]JR 1HFHVLWD TXH VHD HIHFWLYD SHUR
QRODSXHGHDGTXLULUVLQSUDFWLFDU

/DH[SHULHQFLDHVYDOLRVDSXHVWRTXHGDVDELGXUtD\pVWDHVHOFRQRFLPLHQWRKHFKRSUiFWLFD
8QOtGHUDVWXWRHVDTXHOTXHSXHGHDQWLFLSDUVHDORTXHSXHGHKDFHUVHSXHGHGHFLGLUFRPR
KDFHUOR \ SXHGH UHDFFLRQDU DSURSLDGDPHQWH FXDQGR OD VLWXDFLyQ FDPELD GH IRUPD
LQHVSHUDGD

6LQRHVXQOtGHUH[SHULPHQWDGRSUHSiUHVHDDIURQWDUFLHUWRVULHVJRV1HFHVLWDOLGHUDUDQWHV
GH WHQHU OD H[SHULHQFLD GH XQ OtGHU 7HQGUi H[SHULHQFLDV DJUDGDEOHV FRPHWHUi DOJXQRV
HUURUHV $ YHFHV VH VHQWLUi LQFUHtEOH FRQ OR TXH KDFH RWUDV SHQVDUi SRUTXH HVFRJLy OLGHUDU
DFWLYLGDGHV GH DYHQWXUD /D H[SHULHQFLD RIUHFH RSRUWXQLGDGHV GH UHIOH[LyQ \ DQiOLVLV (O
YDORUGHODH[SHULHQFLDGLVPLQX\HVLQRWRPDWLHPSRSDUDHYDOXDUORTXHKDKHFKR$SUHQGD
WRGRORTXHSXHGDGHVXVHVIXHU]RV
'20,1,2 (OGRPLQLRVLJQLILFDDGTXLULUXQDKDELOLGDGXWLOL]DUODGHPDQHUDHIHFWLYD\VDEHU
TXH HV XQD KHUUDPLHQWD FRQILDEOH SDUD VX VHUYLFLR IXWXUR 5HFXHUGH TXH GHEH FXLGDU VXV
KHUUDPLHQWDV\PDQWHQHUODVHQXVRFRQWLQXR&RPROtGHUGHEHFRQVHUYDUVXVGHVWUH]DVHQ
XQ SXQWR Pi[LPR HV GHFLU EXVFDU SHUPDQHQWHPHQWH FRQRFLPLHQWR DFWXDOL]DGR QXHYDV
SUDFWLFDV \ QXHYDV WpFQLFDV (O FRQRFLPLHQWR QXHYR OH SHUPLWH HYDOXDU \ PHMRUDU VXV
KDELOLGDGHVGHVDUUROODGDV

(O SUHFLR GH OD PDHVWUtD HV OD SUDFWLFD \ OD H[SHULHQFLD 1R WHPD WRPDU DOJXQRV ULHVJRV
SHQVDGRV %XVTXH RSRUWXQLGDGHV SDUD UHWDU FRQWLQXDPHQWH OD SUHVHQWDFLyQ GH VXV
GHVWUH]DV

4XL]iV HO GRPLQLR HV FRPR OD WHFQRORJtD GH XQ FRPSXWDGRU SHUVRQDO 6L FRPSUy XQR KDFH
GLH] DxRV SXHGH TXH WRGDYtD IXQFLRQH SHUR VHUi ODPHQWDEOHPHQWH LQHILFLHQWH FRPSDUDGD
FRQ XQD DFWXDO ,QFOXVR VL FRPSUD HO PHMRU FRPSXWDGRUKR\SUREDEOHPHQWHGHQWURGHVHLV
PHVHVKDEUiDOJRQXHYRTXHORKDJDREVROHWR

/DV KDELOLGDGHV GH OLGHUD]JR QR VH YXHOYHQ REVROHWDV SHUR UHTXLHUHQ PDQWHQLPLHQWR 6H
EHQHILFLDQ GHO XVR \ GH QXHYDV LGHDV \ UHIOH[LRQHV 5HFXHUGH HO GRPLQLR QR HV XQ GHVWLQR
ILQDO HV PiV TXH XQ DOWR GHO FDPLQR 3XHGH GHFLU TXH KD HVWDGR DOOt GLVIUXWDQGR VX
H[SHULHQFLD\SXHGHKDFHUXVRGHOFRQRFLPLHQWRFXDQGRORQHFHVLWHQXHYDPHQWH

6L HV XQ SULQFLSLDQWH QR VH VLHQWD SUHVLRQDGR SHQVDQGR FRPR FRQYHUWLUVH HQ XQ EXHQ
IDFLOLWDGRU ([LVWH XQD SURJUHVLyQ TXH QRUPDOPHQWH RFXUUH VL WUDEDMD HQ HOOD VXV
KDELOLGDGHV PHMRUDUiQ &XDQGR VHD XQ OtGHU H[SHULPHQWDGR QR VH VLHQWD DXWRVXILFLHQWH \
DVXPD TXH \D QR WLHQH QDGD PiV TXH DSUHQGHU (O PHMRU FXUVR GH DFFLyQ SDUD OLGHUHV
H[SHULPHQWDGRVHVKDFHUMRUQDGDVFRQVWDQWHVDWUDYpVGHWRGDVODVHWDSDVGHGHVDUUROORGH
ODV KDELOLGDGHV 7DO FRPR OR GLFH 0D[ 'H3UHH HQ ³(O OLGHUD]JR HV XQ DUWH´ ³$O ILQDO HV
LPSRUWDQWH UHFRUGDU TXH QR SRGHPRV OOHJDU D VHU OR TXH QHFHVLWDPRV VHU SHUPDQHFLHQGR
TXLHQHVVRPRV´

3(5),/'(81/,'(5¢&Ï025(&212&(5/2&8$1'26(/2(1&8(175$"

&RQHVWDSDUWHGHOOLEURSXHGHGLYHUWLUVH1RHVHOWtSLFRHQIRTXHGHOHFWXUD3XHGHLQWHQWDU
XQD HVWUDWHJLD GH OHFWXUD LQWHUDFWLYD H[SHULHQFLDO /D SDUWLFLSDFLyQ HV LPSRUWDQWH
&RPR SHQVDPRV HQ HVWH OLEUR \ HQ OD HVHQFLD GHO OLGHUD]JR WHQHPRV PXFKDV SUHJXQWDV
FRPRSRUHMHPSOR

• ¢3XHGHFXDOTXLHUSHUVRQDVHUXQEXHQIDFLOLWDGRU"
• ¢&XDOHV KDELOLGDGHV \ GHVWUH]DV QHFHVLWD YHUGDGHUDPHQWH SDUD VHU XQ EXHQ
IDFLOLWDGRU"
• ¢(VQHFHVDULRWHQHUFDULVPD"
• ¢&XiQWDH[SHULHQFLDVHQHFHVLWDSDUDVHUXQOtGHUHIHFWLYR"
• ¢3DUWLFLSDFRQVXVJUXSRV"¢(VHVWRLPSRUWDQWHSDUDHOp[LWR"
• ¢&yPRSXHGHVHUXQEXHQOtGHU\QRVHUHOFHQWURGHDWHQFLyQ"
• ¢+D\ PRPHQWRV HQ TXH QHFHVLWD VHU PiV YLVLEOH VHU HO SXQWR SULQFLSDO GHO
JUXSR"
• ¢&yPRSXHGHFDPELDUXQDSREUHH[SHULHQFLDHQXQDEXHQD"
• ¢&XiOHV FXDOLGDGHV SHUVRQDOHV R GHVWUH]DV VRQ QHFHVDULDV SDUD VHU HIHFWLYR"
¢3XHGHQDSUHQGHUVHHVDVKDELOLGDGHV"¢&UHHTXHDOJXQDVSHUVRQDVWLHQHQORTXH
VHQHFHVLWD\RWUDVQR"
• ¢6H SXHGHQ DSOLFDU ODV KDELOLGDGHV GH OLGHUD]JR XWLOL]DGDV HQ XQ
HVFHQDULR HGXFDFLyQ ItVLFD SRU HMHPSOR  HQ RWUR WLSR GH SURJUDPD GLJDPRV
FDSDFLWDFLyQ FRUSRUDWLYD " ¢6H SXHGHQ WUDQVIHULU WRGDV ODV FRPSHWHQFLDV GH
OLGHUD]JRHQXQD$FWLYLGDGGHDYHQWXUD"
 • ¢&UHHTXHDOJXQDVKDELOLGDGHVVRQSURSLDVGHOFOLHQWHRGHOSURJUDPD"
• ¢'H YHUGDG H[LVWH XQD IRUPD DGHFXDGD GH VHU XQ IDFLOLWDGRU GH DFWLYLGDGHV GH
DYHQWXUD"

¢6HKDKHFKRDOJXQDYH]HVWDVHULHGHSUHJXQWDV"6LHVWDOH\HQGRHVWHOLEURVHDVXPHTXH
GHVHD PHMRUDU VXV SURSLR HVWLOR GH OLGHUD]JR \ VX HIHFWLYLGDG R SRU OR PHQRV HVWi
LQWHUHVDGR HQ DSUHQGHU XQ SRFR PiV VREUH OR TXH KDFH ELHQ \ OR TXH SXHGH PHMRUDU HQ
UHFRQRFHUTXHFDGDVHUWLHQHVXVSURSLDVSUHIHUHQFLDV0LUHPRVORTXHXVWHGOHFWRUDGPLUD
\UHVSHWDHQXQOtGHU

3ULPHUSDVR8QSHUILOGHOLGHUD]JR

(O SULPHU SDVR HQ HVWD RGLVHD GHO OLGHUD]JR HV SHQVDU \ HYDOXDU 6L WLHQH XQ SHGD]R GH
SDSHO R XQ HVSDFLR HQ HVWH OLEUR DOtVWHVH SDUD VHQWDUVH \ WHQHU XQ UDWR GH FRQWHPSODFLyQ
£3HURQRHPSLHFHWRGDYtD

3ULPHURQHFHVLWDVDEHUTXHSHQVDUGXUDQWHVXVUHIOH[LRQHV

5HFXHUGHDOPHQRVXQOtGHUGH$YHQWXUDFRQHOTXHKD\DWHQLGRXQDH[SHULHQFLD 7DPELpQ
SXHGHVHUGHXWLOLGDGLGHQWLILFDURWURSDUGHOLGHUHVTXHUHVSHWH\FUHDUXQDOLVWDSDUDFDGD
XQR  1R LPSRUWD D TXLHQ VHOHFFLRQH HVWD SHUVRQD GHEH VHU DOJXLHQ GH OD TXH XVWHG FUHD
GHVHPSHxDXQEXHQWUDEDMRFRPROtGHU

,GHQWLILTXH XQD H[SHULHQFLD TXH HVWD SHUVRQD KDOOD OLGHUDGR 'HWiOOHOD KDVWD GRQGH VHD
SRVLEOHHVFULEDORTXHVHKL]R¢&yPRFUHRXQDH[SHULHQFLDGH$YHQWXUDH[LWRVD"¢4XpGLMR
R KL]R" ¢&yPR LQWHUDFWXR" ¢4Xp FDUDFWHUtVWLFDV SHUVRQDOHV PRVWUy" ¢4Xp KDELOLGDGHV
SURIHVLRQDOHV GHPRVWUy" ¢3RU TXp FUHH XVWHG TXH HVD SHUVRQD KL]R XQ EXHQ WUDEDMR"
'HVSXpVGHSHQVDUHQHOOtGHU\HQVXH[SHULHQFLDHVFULEDHQORSRVLEOHWRGDVODVFXDOLGDGHV
RKDELOLGDGHVTXHFUHHKDFHQHVDSHUVRQDXQEXHQOtGHURXQEXHQIDFLOLWDGRU

1R LPSRUWD FXDQWR WLHPSR JDVWH SHQVDQGR &LHUUH HO OLEUR \ FRQFpQWUHVH (VFULED WRGDV ODV
FXDOLGDGHV TXH OH YHQJDQ D OD PHQWH \ GHVSXpV FRQVLGHUH FXDOHVWpFQLFDVHYLGHQWHVKDFHQ
DHVWDSHUVRQDWHQHUp[LWR



/tGHU
(VSDFLRSDUDODUHIOH[LyQ

¢)XHIiFLO"¢*HQHUyXQDOLVWDODUJDFRUWD"1RLPSRUWDTXHWHQJDWRGRHVWiELHQ

3DVR'RV(OSHUILO,GHDO

¢$O FUHDU VXV OLVWDV SHQVy HQ DOJXQRV DWULEXWRV R FXDOLGDGHV TXH DGHPiV GH ORV
GHPRVWUDGRV SRU HO LQGLYLGXR VHUtDQ GHVHDEOHV REWHQHU" +DJD XQD QXHYD OLVWD H LQFOX\D
FXDOTXLHU RWUD GHVWUH]D FXDOLGDG FRQGXFWD TXH XVWHG FUHD XQ H[FHOHQWH IDFLOLWDGRU GH
$YHQWXUDGHEHUtDWHQHU+DJDXQDOLVWDWDQFRPSUHQVLYDFRPRSXHGD,QFOX\DODVFXDOLGDGHV
TXH FUHD YiOLGDV GHO SDVR XQR 3DUD XVWHG HVWD OLVWD SXHGH UHSUHVHQWDU XQ OtGHU LGHDO
DOJXLHQTXHWLHQHWRGDVODVKDELOLGDGHVFXDOLGDGHV\GHVWUH]DVGHOIDFLOLWDGRUSHUIHFWR

/tGHU
(VSDFLRSDUDUHIOH[LyQ
3DVR7UHV±8QSHUILOSHUVRQDO

3DUD OD PD\RUtD HVWH SDVR HV PiV GLItFLO 6L QR HIHFWXy ORV SDVRV DQWHULRUHV HVWH SDVR QR
WHQGUiPXFKRVLJQLILFDGR 

9pDVH FRPR XQ OtGHU 3LHQVH HQ ODV H[SHULHQFLDV TXH KD OLGHUDGR 3LHQVH HQ OR TXH KDFH
GLFH \ ODV WpFQLFDV TXH OH SHUPLWHQ VHU HIHFWLYR &UHH RWUD OLVWD 1XHYDPHQWH OLPtWHVH D OR
HVSHFtILFR HQXPHUH ODV FXDOLGDGHV GHVWUH]DV DFFLRQHV FRQGXFWDV \ KDELOLGDGHV TXH FUHH
OHKDQD\XGDGRDH[LJLUVHORPHMRUFRPRIDFLOLWDGRU

'pMHPHDFRQVHMDUOHDOJR

• 6HDWDQH[SOtFLWRFRPRSXHGD
• 6HDIXHUWHFRQXVWHG/XHJRSLHQVHGHQXHYR\QRSHUGRQHQDGD
• 1RVHDPX\PRGHVWR'HVHFUpGLWRFXDQGRVHORPHUH]FD
• 6HDKRQHVWRDFHSWHVXVIRUWDOH]DVWDQWRFRPRORVSXQWRVGRQGHGHEHPHMRUDU
• 1RLPSRUWDHOUHVXOWDGRWRGRHVWiELHQ

6L HV XQ OtGHU SULQFLSLDQWH VLQ H[SHULHQFLD R FRQ SRFD SUiFWLFD QR VH GHVHVSHUH &UHH XQD
OLVWD GH FXDOLGDGHV EDViQGRVH HQ OR TXH FUHH KDFH ELHQ 8VH ODV VXJHUHQFLDV DQWHULRUHV H
LGHQWLILTXH WRGR OR TXH WHQJD TXH OH D\XGH D VHU XQ EXHQ IDFLOLWDGRU
'HMHHOOLEURQXHYDPHQWH\FUHHVXSHUILOSHUVRQDOSDUDXQOtGHU

8QOtGHULGHDO
0iVHVSDFLRSDUDUHIOH[LyQ

3DVR&XDWUR$XWRHYDOXDFLyQ

0LUH WRGRV ORV SHUILOHV ¢&RPR FRPSDUD VXV KDELOLGDGHV \ FRPSHWHQFLDV SHUVRQDOHV FRQ ODV
GH TXLHQHV UHVSHWD R FRQ ODV GH VX OtGHU LGHDO" ¢&XiOHV VRQ ODV VLPLOLWXGHV" ¢&XiOHV ODV
GLIHUHQFLDV"

+DJD XQD OLVWD GH ODV VLPLOLWXGHV \ IHOLFtWHVH SRU OR TXH HVWi KDFLHQGR ELHQ 5HFXHUGH ODV
GLIHUHQFLDV SRUTXH pVWDV OH RIUHFHQ SRVLELOLGDGHV GH PHMRUDU 2EVHUYH WDPELpQ ODV
FXDOLGDGHVTXHDGPLUDSHURHQODVTXHQRFUHHWHQHUPXFKDVKDELOLGDGHV(VWDVVRQODVTXH
GHEH GHVDUUROODU HQ XQ SURJUDPD GH FDSDFLWDFLyQ WUDEDMDQGR FRQ SHUVRQDV TXH OR SXHGDQ
D\XGDU

(O SHUILO SHUVRQDO GH OtGHU

0iVHVSDFLRSDUDODUHIOH[LyQ

3DUD OD PD\RUtD GH QRVRWURV HV IiFLO DVXPLU TXH OD OLVWDV GH ORV GHPiV \ GH XQ OtGHU LGHDO
SXHGHQ VREUHSDVDU OD QXHVWUD HQ WpUPLQRV GH KDELOLGDGHV \ GHVWUH]DV $Vt GHEHUtD VHU
&RPR IDFLOLWDGRUHV VLHPSUH KD\ SRVLELOLGDG GH PHMRUDU /D FRPSDUDFLyQ QR HV XQD
FDOLILFDFLyQ VyOR LQWHQWD GDUOH LQIRUPDFLyQ TXH OH SHUPLWD HYDOXDU VXV KDELOLGDGHV FRPR
OtGHU

&RPSDUDFLRQHV DGLFLRQDOHV
'LULJLGRSRU6WHYH%XWOHU 

3HUVRQDOPHQWHPHKLFHHVWHSHUILOGHOtGHU\VHORKLFHDRWURVDQWHVGHLQFOXLUORDTXt9DOLy
ODSHQD
'HVFXEUt TXH YHR HQ PL FXDOLGDGHV TXH RWURV QR YHQ $OJXQDV TXH SHQVH HUDQ GHELOLGDGHV
IXHURQLGHQWLILFDGDVFRPRGHVWUH]DV6LQHPEDUJRKXERFLHUWDFRQVLVWHQFLDHQWUHODVOLVWDV
'LVIUXWp OD FRPSDUDFLyQ \ HO DQiOLVLV \ IXH DVt FRPR HPSHFp D FRPSDUWLU FRQ RWURV OLGHUHV
GHQWUR\IXHUDGHO3UR\HFWR$YHQWXUD

7RGRV ORV TXH KDQ LQWHQWDGR HVWH HMHUFLFLR FUHHQ TXH KD VLGR LQIRUPDWLYR (O FRPSDUDU \
GLVFXWLU ORV SHUILOHV OH SHUPLWLy D DOJXQRV HYDOXDUVH D VL PLVPRV FRQ UHVSHFWR D VXV
KDELOLGDGHV GH XQD PDQHUD PiV KRQHVWD 2WURV GHVFXEULHURQ TXH Q YDORUDEDQ ODV
KDELOLGDGHV TXH SRVHtDQ < RWURV SHQVDURQ VL GHEHUtDQ WUDEDMDU ODV KDELOLGDGHV TXH
DGPLUDEDQORVGHPiVSHURTXHQRXVDEDQ

2WUD SDUWH GHO SHUILO PX\ DJUDGDEOH IXHURQ ODV OLVWDV TXH ODV SHUVRQDV JHQHUDEDQ GH HOORV
PLVPRV \ GH RWURV (Q OD PHGLGD HQ TXH UHYLViEDPRV OR TXH OD JHQWH SHQVDED GHO
OLGHUD]JRVXUJLyODLGHDGHXQHVWXGLRFLHQWtILFRSDUDFRQFUHWDUORVUHVXOWDGRV

3XHGH TXH pVWRV QR VHDQFLHQWtILFRVSHURORVSHUILOHVTXHVHSUHVHQWDQDFRQWLQXDFLyQVRQ

XQDPXHVWUDGHORTXHORVOLGHUHVGHO3UR\HFWR$YHQWXUDSLHQVDQTXHVRQODVFDUDFWHUtVWLFDV
GHXQOtGHU(VWDVFXDOLGDGHVVRQVXEMHWLYDV\DELHUWDVDODLQWHUSUHWDFLyQVHLQFOX\HQFRPR
RWUD IXHQWH GH LQIRUPDFLyQ 5HFXHUGH TXH HVWRV SHUILOHV VRQ JXtDV QR VRQ IRUPXODV
FHUUDGDV SDUD HYDOXDU XQ IDFLOLWDGRU 6LQ VHJXLU XQ RUGHQ SDUWLFXODU SUHVHQWDPRV D
FRQWLQXDFLyQ XQDV PXHVWUDV GH ODV FXDOLGDGHV GH OLGHUD]JR UHVSHWDGDV \ DGPLUDGDV SRU ORV
PLHPEURVGHO3UR\HFWR$YHQWXUDFDSDFLWDGRUHV\SDUWLFLSDQWHVHQHOWDOOHU

3(5),/ % 3(5),/ &

3(5),/ $
&UHDWLYR $ELHUWR D LGHDV
(UXGLWR
6LWXDGR %XVFD PRPHQWRV FUHDWLYRV
&RPSHWHQWH
,QQRYDGRU &RQRFHGRU GH VXV PDWHULDOHV
([SHULPHQWDGR
&DSD] GH FDPELDU VREUH OD %XHQ PDQHMR GH YR]
(QWXVLDVWD
PDUFKD 6HQWLGR GHO WLHPSR
%XHQ KXPRU
'LYHUWLGR 6DEH FXDQGR OLGHUDU \ FXDQGR
&UHDWLYR
-XVWR TXHGDUVH FDOODGR
&DULVPDWLFR
$ELHUWR UHFHSWLYR /RJUD TXH OD JHQWH OR HVFXFKH
,UUHYHUHQWH
'HVHDDSUHQGHUGHORVGHPiV IDFLO
6HQWLGR GHO UHWR
,QVSLUDGR GHVFRPSOLFDGR
+DFH VHQWLU ELHQ HO JUXSR
$WHUUL]DGR ([SHULPHQWDGR
([SHUWRItVLFR\WpFQLFR
UHODMDGR ,PDJLQDWLYR

3(5),/ '
+XPDQR 3(5),/(
,QWHUHVDGR SRU HO JUXSR
3(5),/)
([SHULPHQWDGR 3HUVXDVLYR
-XJXHWyQ 3DUWH GHO JUXSR
$PLJDEOH
$VWXWR ([SHULPHQWDGR
,QWHOLJHQWH
0RGHOR GH OLGHUD]JR &RPSHWHQWH
&DULVPDWLFR
6HQVLWLYR +XPDQR
3DFLHQWH
&RPSHWHQWH $ERUGDEOH
5HIOH[LYR
(QIRFDGR 2EVHUYD QHFHVLGDGHV GHO
(YDOXDWLYR
5HODMDGR JUXSR
-XH]
(VSRQWDQHR 6H LQWHJUD
7RPD ULHVJRV
(PSDWtD 3URIHVLRQDO
HPSDWtD
3URIHVLRQDO FRQILGHQWH
0DHVWUR H[SHULPHQWDGR
)DFLOLWD
3(5),/ * 3(5),/ +
&RPSDVLYR +XPLOGH
3(5),/,
%XHQ KXPRU )OH[LEOH
$WHUUL]DGR 5HWDGRU
QHXWUDO
([SHULPHQWDGR 6LQFHUR
7RPD GHFLVLRQHV
&RQ KDELOLGDGHV &RQFLVR
+DEOD FODUDPHQWH
)OH[LEOH ,QTXLHWR
'HPXHVWUD YDORUHV
6HQVLWLYR $SR\D HO JUXSR
6HQWLGR GHO KXPRU
1R SUHWHQVLRVR +DFH VHQWLU HVSHFLDO
&UHH HQ ORV GHPiV
+XPDQR +DFH SDUWH GHO JUXSR
+RQHVWR
&RQVHMHUR GH GHVWUH]DV 6DEH FRPR PRWLYDUDSR\DU
9DORUD RSLQLRQHV
3RQH OtPLWHV 6HQWLGR GHO KXPRU
)OH[LEOHDGDSWDEOH
+DELOLGDG SDUD HVFXFKDU GLYHUWLGR
&RPSURPHWLGR FUHDWLYR

/R TXH KDFH LQWHUHVDQWH ORV SHUILOHV HV TXH WRGRV VRQ GLIHUHQWHV 1DGLH HQFDUQD WRGDV ODV
FDUDFWHUtVWLFDV GH OD OLVWD &DGD SHUVRQD WLHQH DOJXQDV TXH OD KDFHQ ~QLFD &XDQGR XQD
FXDOLGDGDSDUHFHPiVGHXQDYH]TXLHUHGHFLUTXHpVWDHVPiVVLJQLILFDWLYDTXHODVGHPiV

/D FODYH HQ HVWDV OLVWDV HV PLUDV ODV FXDOLGDGHV FRPR XQ SDTXHWH 'HEH H[LVWLU HTXLOLEULR
FRPELQDFLyQ GH GLIHUHQWHV FXDOLGDGHV KDELOLGDGHV SHUVRQDOHV \ SURIHVLRQDOHV \ FRQFLHQFLD
\ YDORUDFLyQ GHO KHFKR GH TXH FDGD SHUVRQD GHVDUUROOD XQD VHULH ~QLFD GH FXDOLGDGHV GH
OLGHUD]JR

¢4XpVHVLJXH"

(OXVDUHOSHUILOHOHSXHGHD\XGDUDVHUPiVFRQVFLHQWHGHVXSURSLRHVWLORGHOLGHUD]JR(VD
IXH OD LQWHQFLyQ LQLFLDO $ FRQWLQXDFLyQ VH SUHVHQWDQ RWUDV VXJHUHQFLDV GH FyPR XVDU HVWH
SHUILO\DSUHQGHUGHpO

• $SOLTXH HO SHUILO FRQ VXV FRPSDxHURV +DJD OLVWDV SDUD XVWHG \ SDUD ORV GHPiV
&RPSDUWD ODV OLVWDV FRPR XQD IRUPD GH HYDOXDFLyQ GH ODV KDELOLGDGHV
LQGLYLGXDOHV 'HVSXpV HVWDEOH]FD REMHWLYRV GH OLGHUD]JR \ UHDOLPHQWH SDUD
D\XGDUVHPXWXDPHQWHDPHMRUDU
• $SOLTXH HO SHUILO D VXV HVWXGLDQWHV R FOLHQWHV 3tGDOHV TXH HODERUDQ OLVWDV GH
FXDOLGDGHV SDUD D\XGDUOH D DSUR[LPDUVH D OR TXH HOORV QHFHVLWDQ \ TXH YDORUDQ
HQ XQ OtGHU 7DPELpQ SDUD D\XGDUOHV D FRPSUHQGHU OR TXH OLGHUD]JR OHV
UHSUHVHQWD
$SOtTXHOR XVWHG PLVPR FRQ UHJXODULGDG 2EVHUYH VL PHMRUD VXV KDELOLGDGHV
'HVDUUROOHQXHYDVFDPELHLGHDV\IRUPDGHKDFHUODVFRVDV
• &DPELH OD SHUVSHFWLYD GH ORV SHUILOHV &XDQGR WUDEDMH FRQ VXV FROHJDV HIHFW~H
GRVSHUILOHVGHFDGDXQR

  ODVFXDOLGDGHV\WpFQLFDVTXHPDQHMDELHQ\
  ODVFXDOLGDGHV\WpFQLFDVTXHOHKDFHQIDOWD7UDEDMHFRQORVGHPiVSDUDTXH
DPSOLDUODViUHDVHQTXHORQHFHVLWD

(O SURSyVLWR GH HVWH SHUILO HV GDUOH OD RSRUWXQLGDG GH SHQVDU \ UHIOH[LRQDU VREUH XVWHG
PLVPR (O SXQWR QR HV GHFLU TXH VXV GHVWUH]DV VRQ PiV R PHQRV TXH ODV GH DOJXLHQ (V
VLPSOHPHQWH EXVFDU XQD IRUPD GH PHMRUDU $O PHMRUDU VXV KDELOLGDGHV KDUi PiV
VLJQLILFDWLYDVODVH[SHULHQFLDVGHO3UR\HFWR$YHQWXUD

)LQDOPHQWH FRPSiUWDQRV VXV UHIOH[LRQHV LQKHUHQWHV D FRPR IXQFLRQD SDUD XVWHG ¢4Xp OR
PHMRUDUtDORKDUtDPiV~WLO"
)81&,21(6(6(1&,$/(6'(//,'(5$=*2

$QWHVGHGHVFULELUFRPROLGHUDUHVPHMRUGHILQLUTXHKDFHXQOtGHU$FRQWLQXDFLyQVHKDEOD
GHODVIXQFLRQHVGHO/LGHUD]JRGH$YHQWXUD

/tPLWHV

8Q EXHQ OtGHU HVWDEOHFH SDUiPHWURV TXH VRQ D OD YH] VHJXURV \ IOH[LEOHV UHWDGRUDV QR
DJRELDQWHV SURYRFDGRUDV \ GLYHUWLGDV HVSHFtILFDV SHUR TXH SHUPLWDQ OD GLYHUVLGDG
SODQHDGDVSHURQRUtJLGDV

8QOtGHUWLHQHODUHVSRQVDELOLGDGGHKDFHUFDPLQDUODVDFWLYLGDGHVDXQSDVRTXHOHVSHUPLWD
VDOLUDIORWH\VHUWUDEDMDGDVFRQVLJQLILFDGR(OLUGHPDVLDGRGHVSDFLRVLJQLILFDTXHHOJUXSR
QRHVWiKDFLHQGRPXFKRVSURJUHVRVPX\UiSLGRTXHSXHGHQTXHGDUWySLFRVQRFODURV\QR
DWHQGLGRV (O OtGHUQHFHVLWDSUHVHQWDUXQDHVWUXFWXUDGHWLHPSRTXHSHUPLWDDOJUXSRKDFHU
VXWUDEDMR\TXHHOSURJUDPDWHUPLQHHQHOWLHPSRSUHYLVWR

8Q OtGHU FRQWUROD ORV UHVXOWDGRV \ VH SUHRFXSD SRU PDQWHQHU OD LQWHJULGDG HQ HO SURFHVR (O
OtGHU PDQWLHQH HO HQIRTXH FXDQGR ODV DFWLYLGDGHV \ GLVFXVLRQHV HVWiQ VXVWHQWDQGR ORV
REMHWLYRV GHO JUXSR LQWHUYLHQH \ FRQWUROD HO HQIRTXH FXDQGR HO JUXSR R XQ LQGLYLGXR HVWiQ
SURPRYLHQGRXQDDJHQGDTXHGLVWUDHHOJUXSR

(O OtGHU HVWDEOHFH UHJODV IXQGDPHQWDGDV DFHUFD GH OD VHJXULGDG (VWH GHEH HQWHQGHU ORV
OLQHDPLHQWRV GH VHJXULGDG ItVLFD SDUD ODV DFWLYLGDGHV SODQHDGDV \ GHEH VHQWLUVH FyPRGR
PDQHMDQGR FXDOTXLHU UHVXOWDGR HPRFLRQDO TXH QRUPDOPHQWH VXUJHQ GH ODV DFWLYLGDGHV
EDVDGDV HQ WUDEDMR JUXSDO /RV OtGHUHV GHEHQ FRQRFHU VXV SURSLRV OtPLWHV \ HVWUXFWXUDU HO
SURJUDPD SDUD PRYHUVH GHQWUR GH HVRV SDUiPHWURV  HQ ORV FXDOHV WLHQHQ KDELOLGDGHV SDUD
PDQHMDU

)LQDOPHQWH HO OtGHU GHEH GHVDUUROODU XQ SODQ SDUD HQIUHQWDU ORV REMHWLYRV \ OD DJHQGD GHO
JUXSR UHFRQRFLHQGR VLHPSUH TXH HVWRV REMHWLYRV QR LQFOXLUtDQ WRGRV ORV UHVXOWDGRV
LPSRUWDQWHV SDUD HO JUXSR 8Q EXHQ OtGHUSXHGHDGDSWDUHOSODQSDUDDFRPRGDUHYHQWRVQR
DQWLFLSDGRV

&RQILDQ]D

&RPR VH GLMR HQ HO SULPHU FDStWXOR XQ OtGHU GHEH HVWDEOHFHU \ GHPRVWUDU FRQILDQ]D
DSHUWXUD \ KRQHVWLGDG /DV DFWLYLGDGHV GH $YHQWXUD UHTXLHUHQ FRPXQLFDU \ FRPSDUWLU LGHDV
\ RSLQLRQHV 8Q JUXSR QR SXHGH IXQFLRQDU DO Pi[LPR VLQ HO FRPSURPLVR GH WRGRV /D
FRQILDQ]D VXSRQH XQ JUDQ QLYHO GH SUHRFXSDFLyQ SRU HO RWUR (O OtGHU GHEH DWHQGHU ODV
QHFHVLGDGHV GH WRGRV ORV SDUWLFLSDQWHV PRVWUiQGROHV FyPR SXHGHQ KDFHUVH UHVSRQVDEOHV
GHORWUR/DJHQWHQHFHVLWDVDEHUTXHSXHGHQVHUHOORVPLVPRVH[SUHVDUVXVRSLQLRQHVTXH
SXHGHQ KDFHU XQ LQWHQWR KRQHVWR HQ XQD DFWLYLGDG \ VHU YDORUDGRV SRU HOOR (O
UHFRQRFLPLHQWR GHO OtGHU GH ORV HVIXHU]RV LQGLYLGXDOHV HVWDEOHFH XQ WRQR GH LQWHUDFFLyQ
UHVSHWXRVD\GHFRPSURPLVRSOHQR

(QHUJtD

(O OtGHU GD XQ FKLVSD DO JUXSR \ OXHJR DOLPHQWD HO IXHJR FXDQGR VHD QHFHVDULR 8Q OtGHU
EXVFD PDQWHQHU XQ PRPHQWR PDQWHQHU HO DPELHQWH DJUDGDEOH \ GLYHUWLGD &RQFHUWDU HO
HTXLOLEULR HQWUH DFFLyQ \ GLVFXVLyQ HQWUH H[SHULHQFLD \ DSUHQGL]DMH $MXVWDU VX DWHQFLyQ
KDFLD OD SDUWLFLSDFLyQ \ FRPSURPLVR Pi[LPRV SDUD PDQWHQHU D WRGRV HQ XQ DOWR QLYHO GH
LQWHUpV
8WLOL]DQGR ODV SDODEUDV GH 3DP .HOO\ XQ SDUWLFLSDQWH HQ HO WDOOHU  ³8Q OtGHU QR VyOR OH GD
HQHUJtDDOJUXSRHOOtGHUUHFRJHODHQHUJtDGHOJUXSR\VHODGHYXHOYH´(OOtGHUWUDEDMDFRQ
OD HQHUJtD TXH HO JUXSR WHQJD HQ XQ PRPHQWR GHWHUPLQDGR WUDWDQGR GH PDQWHQHUOD
IOX\HQGR HQ XQD GLUHFFLyQ SRVLWLYD \ WUDEDMDQGR FRQ HO JUXSR HQ HO PRPHQWR HQ TXH OD
HQHUJtDVHDWDVTXH$YHFHVHOOtGHUHVHOIRFRSDUDFRQWURODUODHQHUJtDHQRWUDVRFDVLRQHV
HO OtGHU PXHVWUD XQD YtD TXH SHUPLWH DO JUXSR FDPELDU VX SURSLD GLUHFFLyQ 8Q EXHQ OtGHU
VDEHODGLIHUHQFLDHQWUHHVWDVVLWXDFLRQHV\DFW~DGHDFXHUGRDHOODV

6LJQLILFDGR

8Q OtGHU D\XGD DO JUXSR D HQWHQGHU ODV OHFFLRQHV TXH QDFHQ GH VXV H[SHULHQFLDV (O SDSHO
GHOOtGHUHVKDFHUTXHORVLQGLYLGXRVWUDQVILHUDQODVUHIOH[LRQHVTXHVXUJHQGHXQDDFWLYLGDG
DOPXQGRUHDO

(O OtGHU HPSLH]D SRU D\XGDU D OD JHQWH D HVWDEOHFHU REMHWLYRV R PHWDV \ D HQWHQGHU HO
VLJQLILFDGR GH VXV DFWRV \ FRQGXFWDV 8Q OtGHU SXHGH D\XGDU D GDU FODULGDG REVHUYDU ODV
DOWHUQDWLYDV KDFHU SUHJXQWDV /DV REVHUYDFLRQHV GH ORV OLGHUHV QR YDQ GLULJLGDV D GHFLUOH D
ODJHQWHORTXHSDVyVLQDWUDWDUGHD\XGDUORVDLQWHUSUHWDUVXSURSLDH[SHULHQFLD

(O FRPSURPLVR GHO OLGHU FRQ HO JUXSR SXHGH VHU FULWLFR FXDQGR VH WUDEDMD D WUDYpV GH ORV
HVWDGRV GH 5HIOH[LyQ*HQHUDOL]DFLyQ$SOLFDFLyQ GHO &LUFXOR GH $SUHQGL]DMH ([SHULHQFLDO /D
JHQWHSXHGHOOHJDUDPHWHUVHWDQWRHQODVDFWLYLGDGHVTXHSLHUGHQODYLVLyQGHODSUHQGL]DMH
GLVSRQLEOHSDUDHOORV8QEXHQOtGHUPDQWLHQHODVSHUVSHFWLYDV\D\XGDDOJUXSRDHQIRFDUVH
HQODVRSRUWXQLGDGHVGHDSUHQGL]DMHTXHVHOHVSUHVHQWDQGXUDQWHHOSURJUDPD

5HVSRQVDELOLGDG&RPSDUWLGD

8Q OtGHU QR HV HO ~QLFR UHVSRQVDEOH GHO JUXSR /DV DFWLYLGDGHV GH $YHQWXUD UHTXLHUHQ HO
FRPSURPLVR GH ORV PLHPEURV GHO JUXSR (O OtGHU RIUHFH XQ PDUFR GH WUDEDMR \ XQDV
DFWLYLGDGHV SHUR HO JUXSR GHEH FRQWULEXLU FRQ VX HQHUJtD R ODV DFWLYLGDGHV SDUHFHUiQ
LQ~WLOHV

8Q OtGHU VH PXHYH FRQ HO JUXSR $ YHFHV ORV HPSXMD GHWUiV GH XVWHG RWUDV HVWi FRQ HOORV
FRPR JXtD /R LGHDO HV TXH OH SHUPLWD DO JUXSR GHVDUUROODU VXV SURSLDV KDELOLGDGHV \ WRPDU
VXV UHVSRQVDELOLGDGHV SRU VL PLVPR 8VWHG SURFXUD RIUHFHUOHV XQ SXQWR GH OOHJDGD \ OHV
SHUPLWHHVWDEOHFHUVXSURSLDPDQHUDGHOOHJDUDOOt

(Q $YHQWXUD XQ OtGHU GHPDVLDGR IXHUWH SULYDUi DO JUXSR GH OD RSRUWXQLGDG GH FUHFHU DO QR
SHUPLWLUOHHYDOXDUFRPSOHWDPHQWHVXVKDELOLGDGHV3RUHOFRQWUDULRXQOtGHUPX\GpELOQROH
SHUPLWLUiDOJUXSRFUHFHUDOQRRIUHFHUOHORVUHWRVVXILFLHQWHVSDUDHYDOXDUVXVFDSDFLGDGHV
(OOtGHUWDOHQWRVRPDQWLHQHXQHTXLOLEULRWUDEDMDFRQHOJUXSRSDUDSHUPLWLUDVXVPLHPEURV
LUPiVDOOiGHORTXHSLHQVDQHVWiQHQFDSDFLGDGSHURVLQVHQWLUVHHQHOOtPLWH

2%-(7,926

2%-(7,92*(1(5$/

• /RV )DFLOLWDGRUHV WRPDUiQ FRQFLHQFLD \ VH DSURSLDUiQ GH ORV FRQFHSWRV EiVLFRV
GHIDFLOLWDFLyQ\IDFLOLWDGRU

2%-(7,926(63(&,),&26
$OILQDOL]DUHVWHPyGXORORVIDFLOLWDGRUHVHVWDUiQHQFDSDFLGDGGH

• 'HILQLUORVFRQFHSWRVGHIDFLOLWDU\GHIDFLOLWDGRU
• (QXPHUDUFRQGXFWDVSURSLDVGHOIDFLOLWDGRU
• (QXQFLDU\GHVFULELUORVD[LRPDVGHODIDFLOLWDFLyQ
• 'HVFULELUFyPRSXHGHQFRQYHUWLUVHDOJXQRVUROHVGHVHXGR±IDFLOLWDFLyQHQUROHV
GHIDFLOLWDFLyQ

&21&,(17,=$&,21

3LHQVH HQ XQ PX\ EXHQ IDFLOLWDGRU TXH WXYR SDUD TXH XVWHG SXGLHUD HMHFXWDU R DSUHQGHU
DOJR 7DPELpQ SLHQVH HQ RWUR TXH QR IDFLOLWy TXH XVWHG DSUHQGLHUD DOJR DO FRPSDUDUORV
GHILQD TXp HV IDFLOLWDU \ GLJD FXiOHV FUHH TXH VRQ ODV FDUDFWHUtVWLFDV SHUVRQDOHV GH XQ EXHQ
IDFLOLWDGRU


&21&(378$/,=$&,21

&21&(372'()$&,/,7$&,Ï1

&XDQGR QRVRWURV KDEODPRV GH OD IDFLOLWDFLyQ GH SURFHVRV VLQpUJLFRV WUDQVIRUPDFLRQDOHV
SDUWLPRV GH ODV VLJXLHQWHV GHILQLFLRQHV \ SUHVXSRVLFLRQHV
)DFLOLWDU HV KDFHU SRVLEOH R PiV IiFLO GHWHUPLQDGD WDUHD R SURFHVR HYRFDU FDWDOL]DU
DJLOL]DUSRWHQFLDOL]DUIRUWDOHFHURDFHOHUDUORVSURFHVRVVLQpUJLFRV\HYROXWLYRVLQKHUHQWHVD
FDGD VLVWHPD SDUD VX DSUHQGL]DMH DXWRRUJDQL]DFLyQ DXWRFRUUHFFLyQ \ DXWRGHVDUUROOR
LQWHJUDO %UHQVRQ  
(Q VX HVHQFLD HQWRQFHV HV FUHDU \ PDQWHQHU SURFHVRV \ HVSDFLRV VLQHUJpQLFRV GH DXWR
GHVDUUROORLQWHJUDOGHOVLVWHPD

352&(62(OFRQMXQWRGHIDVHVVXFHVLYDVGHXQIHQyPHQRGLQiPLFR

6,1(5*,$ &RHYROXFLyQ DUPRQtD DFWXDFLRQHV FRQMXQWDV FRQ UHVXOWDGRV

FXDOLWDWLYDPHQWH VXSHULRUHV D OD VLPSOH VXPD GH ODV DFWXDFLRQHV LQGLYLGXDOHV
(QWRQFHVHQVXIRUPDPiVVHQFLOODIDFLOLWDUHVFUHDUHVSDFLRVVLQHUJpQLFRV

2WUDVGHILQLFLRQHVFDSWDQRWURVPDWLFHVGHODIDFLOLWDFLyQ

(OIDFLOLWDGRUHVXQH[SHUWRHQSURFHVRV\GLQiPLFDVJUXSDOHVFRQLGRQHLGDGHQHOGLVHxR\
FRRUGLQDFLyQ GH WDOOHUHV \ VHVLRQHV GH WUDEDMR *HQHUDOPHQWH WLHQH XQD R PiV iUHDV GH
LGRQHLGDG DGLFLRQDOHV PHWRGRORJtD WHFQRORJtDV JUXSDOHV GLVHxR GH HVWUXFWXUDV
RUJDQL]DFLRQDOHV \ FRPXQLWDULDV DVHVRUtD HWF 1HG 5XHWH  

8Q IDFLOLWDGRU HV XQD SHUVRQD H[SHUWD HQ SURFHVRV JUXSDOHV FRQ LGRQHLGDG HQ
FRPXQLFDFLyQGLQiPLFDJUXSDOHIHFWLYLGDGJUXSDOWRPDGHGHFLVLRQHVGLVHxRGHWDOOHUHVH
LQWHUYHQFLyQ HQ FULVLV /D HVSHFLDOL]DFLyQ GHO IDFLOLWDGRU FRPR VLJQLILFD OD SDODEUD HQ /DWtQ
HV KDFHUTXHODVFRVDVIXQFLRQHQ  &ROHFWLYDGH)DFLOLWDGRUHV=+$%$5HS~EOLFD&KHFD 

(OLFLWDU\DSR\DUDOFDPELRDXWRRUJDQL]DGR -LP5RXJK 

)DFLOLWDU HV XWLOL]DU DOJXQ QLYHO GH FRQRFLPLHQWR GH SURFHVRV JUXSDOHV VHD LQWXLWLYR R
H[SOtFLWR SDUD IRUPXODU \ UHDOL]DU DOJ~Q WLSR GH LQWHUYHQFLRQ SURFHVDO VHD IRUPDO R
LQIRUPDOFRQHOILQGHTXHXQJUXSRKDJDORTXHTXLHUHRQHFHVLWDKDFHUSDUDORJUDUORTXH
TXLHUHRQHFHVLWDORJUDU 1HG5HXWH 
(O )DFLOLWDGRU GH SURFHVRV VLQpUJLFRV HV XQ DJHQWH FDWDOL]DGRU TXH KDFH SRVLEOH XQD
VHFXHQFLD GH DFFLRQHV FRQMXQWDV \ DUPyQLFDV SDUD TXH HO VHU KXPDQR \ VXV VLVWHPDV
VRFLDOHVORJUHQXQPD\RUHPSRGHUDPLHQWR SRWHQFLDFLyQ FRHYROXFLyQ\UHDOL]DFLyQ

$;,20$6'(/$)$&,/,7$&,Ï1

9,6 0(',&$75,; 1$785$( (VWH OHPD GH OD SURIHVLyQ PpGLFD GHO 6LJOR ;,; VLJQLILFy HO
KXPLOGH UHFRQRFLPLHQWR GH TXH HO PpGLFR QR FXUD D QDGLH VLQR TXH IDFLOLWD TXH HO VLVWHPD
VH FXUH /D IUDVH VH UHILHUH DO SRGHUFXUDWLYRGHODQDWXUDOH]DGHOVLVWHPD\SUHVXSRQHTXH
WRGR OR HVHQFLDO GH OR TXH VH QHFHVLWD SDUD HYROXFLRQDU VH HQFXHQWUD GHQWUR GHO PLVPR
VLVWHPD (YROXFLRQDU HV QRUPDO \ QDWXUDO QR KDFHUOR HV OR TXH UHTXLHUH HVIXHU]R

7RGRV ORV VHUHV WRGRV ORV DFRQWHFLPLHQWRV GH WX YLGD HVWiQ DKt SRUTXH W~ ORV KDV
FRQYRFDGR
'HWLGHSHQGHORTXHUHVXHOYDVKDFHUFRQHOORV 5LFKDUG%DFK 

/$3(48(f$',)(5(1&,$(6/$48(+$&(/$',)(5(1&,$6LXQIDFLOLWDGRULQLFLDVX
WUDEDMR FRQ OD LGHD GH TXH WLHQH TXH KDFHU DOJR EULOODQWH GUDPiWLFR R H[WUDRUGLQDULR HO
FDPELR QR VHUi PX\ SRVLWLYR SRUTXH WiFLWDPHQWH HVWi QHJDQGR DVt OD DXWRQRPtD GHO
VLVWHPD FRQ HO TXH WUDEDMD \ VX GHUHFKR GH DXWRGHWHUPLQDFLyQ (O IDFLOLWDGRU PRYLOL]D HQ
IRUPDSRVLWLYDODWHQGHQFLDQDWXUDOGHORUJDQLVPR\GHOSURFHVRGHFDPELRQRKDFHSRUHO
VLVWHPD OR TXH pVWH SXHGH KDFHU SRU Vt PLVPR VLQR TXH OR D\XGD D H[WHQGHUVH \ HVWLUDUVH
XQSRFRPiVDOOiGHORTXHSHUFLEtDDQWHVFRPRVXOtPLWHUHDO

8QSHTXHxRFDPELRSXHGHWHQHUUHVXOWDGRVJUDQGHV8QDSHTXHxLVtPDDGLFLyQDXQDLQRFXD
PDVD UDGLRDFWLYD SXHGH SURYRFDU OD PDVD FUtWLFD \ XQD UHDFFLyQ HQ FDGHQD TXH VH DXWR
VRVWLHQHFRPRODGHODERPEDDWyPLFD8QSHTXHxRGHVOL]DPLHQWRGHWLHUUDSXHGHWHUPLQDU
HQ XQD HQRUPH DYDODQFKD TXH DUUDVWUD FRQ WRGR \ FDPELD OD ID] GH OD WLHUUD 8Q SHTXHxR
FDPELR HQ OD GLQiPLFD GH XQ VLVWHPD KRPHRVWiWLFR HVWDQFDGR  SXHGH DEULUOH XQD
DYDODQFKD GH QXHYDV H[SHULHQFLDV \ FLUFXQVWDQFLDV H[LVWHQFLDOHV ODV FXDOHV SURYRFDUiQ
QXHYDVUHDFFLRQHVODVFXDOHVSURYRFDUiQQXHYDVH[SHULHQFLDVHWF

(O WUDEDMR GH IDFLOLWDFLyQ UHDOL]DGR GH HVWD PDQHUD UHGXFH OD SUHVLyQ VREUH HO IDFLOLWDGRU \
VREUH HO VLVWHPD \ SUHGLVSRQH D pVWH D HQVD\DU FRQ HO FDPELR \D TXH QR HV DPHQD]DQWH
(O IDFLOLWDGRU VLHPEUD VHPLOOD SRU VHPLOODVDELHQGRTXHWDUGHRWHPSUDQROOHJDODFRVHFKD
$GLFLRQDOPHQWH FXDOTXLHU WLSR GH FDPELR LQVLJQLILFDQWH SUHQGH OD HVSHUDQ]D \ OD
H[SHFWDWLYD GHO VLVWHPD $O FRQWUDULR GH OD FUHHQFLD SRSXODU OD PD\RUtD GH SUREOHPDV
JUDQGHVWLHQHVROXFLRQHVTXHVHLQLFLDQFRQDFFLRQHVPX\SHTXHxDV

&XHQWDQ GHO FLUXMDQR TXH OODPy DO SORPHUR FXDQGR VH WDSy OD WXEHUtD GH VX FDVD (VWH
IRQWDQHUR PLUy LQWHQVDPHQWH D WRGRV ORV WXERV HQ HO VyWDQR \ ORV JROSHDED FRQ VXVGHGRV
(QVHJXLGDFRJLyXQHQRUPHPDUWLOOR\GLRXQJROSHYLROHQWRHQODSDUWHVXSHULRUGHXQRGH
ORVWXERV,QPHGLDWDPHQWHVHFRPHQ]yDGHVWDSDUODWXEHUtD\HOVHUYLFLRGHDJXDUHJUHVyD
OD QRUPDOLGDG HQ WRGD OD FDVD &XDQGR SUHVHQWy VX FXHQWD SRU FLQFXHQWD PLO SHVRV HO
DLUHDGR PpGLFR FXHVWLRQy FyPR VH DWUHYLy D FREUDU SRU XQ VLPSOH JROSH PiV GH OR TXH pO
FREUDED SRU XQD FRQVXOWD PpGLFD (O SORPHUR FRQWHVWy 3HUGyQHPH 'RFWRU TXH QR VXSH
H[SOLFDUPH (O JROSH VRODPHQWHYDOHPLOSHVRVVDEHUGRQGHJROSHDUYDOHFXDUHQWD\QXHYH
PLO

/D LGHD TXH GLFH TXH HO GHVDUUROOR FRPXQLWDULR FRPR FXDOTXLHU RWUR WLSR GH GHVDUUROOR
UHTXLHUH SURIXQGRV FDPELRV SVLFRVRFLDOHV \ SROtWLFRV QDFLy FRQODSVLFRORJtD)UHXGLDQD\VH
IRUWDOHFLyFRQYDULRVGHVXVVXFHVRUHVDOJXQRVFRQLQWHUHVHVFXOWXUDOHVHFRQyPLFRV\KDVWD
SROtWLFRV 0XFKRV SURIHVLRQDOHV WHPHPRV TXH HVWH PLWR GHO FDPELR SURIXQGR VH YD D
GHPRUDU EDVWDQWH SDUD PRULU D SHVDU GH ODV H[SHULHQFLDV FRQWUDULDV GH PLOHV GH
SURIHVLRQDOHV (IHFWXDU FDPELRV SURIXQGRV HQ XQD VRFLHGDG HV XQD PDQHUD GH IDFLOLWDU HO
GHVDUUROORPiVQROD~QLFDPDQHUDGHKDFHUOR

81$35(*817$(6/$0(-255(638(67$/DKHUUDPLHQWDSULQFLSDOGHOIDFLOLWDGRUHVOD
SUHJXQWD 6X p[LWR QR GHSHQGH GH WHQHU OD UHVSXHVWD FRUUHFWD VLQR GH VDEHU IRUPXODU OD
SUHJXQWDDSURSLDGD&RPRYHUHPRVPiVDGHODQWHODKiELOFRQVWUXFFLyQGHXQDSUHJXQWDHV
FDSD] GH IDFLOLWDU OD RSRUWXQD PRGLILFDFLyQ GH SHUFHSFLRQHV VHQWLPLHQWRV \
FRPSRUWDPLHQWRVLQGLYLGXDOHV\JUXSDOHV

7(1(5 /$ 5$=Ï1 (6 ,1Ò7,/ 6,1 7(1(5 (/ 5$33257 $QWHV VH FUHtD TXH HUD
QHFHVDULR GHVDUUROODU FXDOTXLHU UHODFLyQ FRQ XQD IDPLOLD R FRPXQLGDG PDUJLQDGD FRQ
PXFKD FDXWHOD \ OHQWLWXG 6H SHQVDED TXH OD DOLDQ]D FRPR XQD ILQD SRUFHODQD FKLQD HUD
PX\ IUiJLO IiFLO GH GDxDU \ GLItFLO GH PDQWHQHU $KRUD VDEHPRV TXH HO UDSSRUW \ OD
FUHGLELOLGDG SXHGHQ HVWDEOHFHUVH UiSLGDPHQWH FRQ ODV KHUUDPLHQWDV DSURSLDGDV &XDQGR QR
VH ORJUD UiSLGDPHQWH HVWH UDSSRUW R FXDQGR VH SLHUGH QR HV SRU OD QDWXUDOH]D GHO
SURFHVR GH IDFLOLWDFLyQ QL SRU OD SDWRORJtD GHO JUXSR VLQR JHQHUDOPHQWH SRUTXH HO
IDFLOLWDGRUWRGDYtDQRKDDSUHQGLGRRQRKDXVDGRDGHFXDGDPHQWHODVWpFQLFDVSDUDKDFHUOR

(V PX\ FRP~Q HQ HO PXQGRGHIDFLOLWDFLyQTXHHOSURIHVLRQDOVHFRQYHQ]DDVtPLVPR\D

RWURV GH TXH XQ JUXSR QR SURJUHVD SRU VHU UHVLVWHQWH 3HUR FXDOTXLHU HVWXGLDQWH GH ODV
DUWHV PDUFLDOHV VDEH TXH OD UHVLVWHQFLD VRODPHQWH SHUGXUD \ SXHGH SURVSHUDU FXDQGR HO
IDFLOLWDGRU SRQH DOJR FRQWUD OR FXDO HO JUXSR R VXV PLHPEURV SXHGHQ UHVLVWLUVH /D
UHVLVWHQFLD QR HV XQD FDUDFWHUtVWLFD GHO LQGLYLGXR QL GH XQ JUXSR R FRPXQLGDG QL GHO
SURFHVR GH IDFLOLWDFLyQ VLQR GH XQD GLQiPLFD LQWHUSHUVRQDO JHQHUDGD \ VRVWHQLGD HQ JUDQ
SDUWH SRU ODV WpFQLFDV HVFRJLGDV SRU HO IDFLOLWDGRU \ SRU VX HVWLOR SHUVRQDO 3HQVDU \ XVDU
PHWiIRUDV GH OXFKD R GH JXHUUD  FRQYHUWLUi QXHVWUR SURFHVR HQ XQD OXFKD R XQD JXHUUD 
(Q SDODEUDV GH 3RJR XQ DFHUER ODJDUWR 0DIDOGHVFR GH ODV FDULFDWXUDV QRUWHDPHULFDQDV GH
ORVDxRVFLQFXHQWD3RUILQKHHQFRQWUDGRDOHQHPLJR\UHVXOWDTXHVR\\R

&$'$ &21'8&7$ *(1(5$ *$1$1&,$6 &DGD FRQGXFWD KXPDQD JHQHUD JDQDQFLDV DO
PHQRV SDUD VX DXWRU 6L QR IXHUD DVt OD SHUVRQD QR VHJXLUtD XViQGROD (V XQD HVWUDWHJLD
FRQVFLHQWHRQRSDUDORJUDUODVDWLVIDFFLyQGHXQDQHFHVLGDGHQXQRRPiVGHWUHVQLYHOHV

3VLFROyJLFR (O UHIXHU]R GH XQD DXWRLPDJHQ

6RFLDO 5HFRQRFLPLHQWR SRU SDUWH GH RWURV
6LVWpPLFR 0DQWHQHU HO HTXLOLEULR KRPHyVWDVLV  HQ XQ
VLVWHPD

3RU HMHPSOR HQ XQD UHXQLyQ XQD SHUVRQD VH PDQWLHQH FDOODGD D~Q DQWH OD LQYLWDFLyQ GH
RSLQDU8QRVHMHPSORVGHSRVLEOHVJDQDQFLDVSXHGHQVHU

3VLFROyJLFDV6HJXLUYLpQGRVHDVtPLVPDFRPRODWtPLGDR
OD SHQVDQWH
6RFLDOHV /RJUDU ORV UXHJRV \ V~SOLFDV GH ORV GHPiV HYLWDU
FRPHWHU HUURUHV R UHFLELU FUtWLFDV
6LVWpPLFDV 'HMDU TXH OX]FD VX DPLJR QR VHU XQD DPHQD]D
DRWUR

(O IDFLOLWDGRU H[LWRVR VLHPSUH VH FXHVWLRQD VREUH ODV JDQDQFLDV TXH SURSRUFLRQDQ DXQ ODV
FRQGXFWDV PiV QHJDWLYDV HQ VXV JUXSRV \ WDOOHUHV SDUD OXHJR IDFLOLWDU XQD FRQFLHQFLD GH
QXHYDVRSFLRQHVFRQGXFWXDOHVTXHSURSRUFLRQHQODVPLVPDVRDXQPHMRUHVJDQDQFLDV

/$ 2325781,'$' 9$/( 0È6 48( /$ ,0325781,'$' 1R SRGHPRV LQWHUYHQLU HQ HO
SDVDGR VLQR HQ OD SHUFHSFLyQ GH pO QL HQ HO IXWXUR VLQR HQ OD SODQHDFLyQ GH pO SHUR VL
SRGHPRVLQWHUYHQLUHQHODTXt\DKRUDODUHDOLGDGYLYLGDHQHOPRPHQWR3DUDORJUDUORHV
LQGLVSHQVDEOHHMHFXWDUXQPRYLPLHQWRSUHFLVRHQHOPRPHQWRSURSLFLR

$XQJUDGRXRWURWRGRDSUHQGL]DMHWLHQHVXPRPHQWRFUtWLFRHQHOTXHH[LVWHXQDPi[LPD
SURSHQVLyQ ELRSVLFRVRFLDO DO DSUHQGL]DMH \ HQ HO FXDO VH UHTXLHUH XQ PtQLPR GH HVIXHU]R
SDUD ORJUDUOR $SUHQGHU D PRQWDU ELFLFOHWD D ORV GRV DxRV HV XQD H[SHULHQFLD IUXVWUDQWH \
WUDXPiWLFD HO GHVDUUROOR PXVFXODU \ QHXUROyJLFR GHO QLxR QR
VRQ VXILFLHQWH SDUD OD FRRUGLQDFLyQ FRUSRUDO QHFHVDULD $SUHQGHU D PRQWDU OD ELFLFOHWD D ORV
FXDUHQWD DxRV FRPR SXHGH DWHVWLJXDU PL DPDGD FROHJD \ HVSRVD OD 0HFKXQJXLQD  SXHGH
VHU LJXDOPHQWH WUDXPiWLFR HO FXHUSR QR UHVLVWH ODV FDtGDV QL HO HJR UHVLVWH ORV IUDFDVRV $
ORV VHLV DxRV DSUHQGHU D KDFHUOR UHTXLHUH XQ PtQLPR GH HVIXHU]R \ H[LVWH XQ PtQLPR GH
REVWiFXORV

8Q IDFLOLWDGRU LQWHUYLHQH FRQ OD FRQYLFFLyQ GH TXH DOJ~Q FDPELR SXHGH RFXUULU HQ HVWH
PRPHQWR\GHTXHHOLQGLYLGXRRJUXSRWLHQHHOSRGHUGHQWURGHVtPLVPRSDUDORJUDUOR$Vt
HOVLVWHPDSDVDGHVHUXQDYtFWLPDGHORDMHQRDVHUXQFUHDGRUGHVXSURSLDUHDOLGDG\GH
VXSURSLRIXWXUR\ORKDFHDKRUD7DQWRHOIDFLOLWDGRUFRPRODFRPXQLGDGVHGDQFXHQWDGH
TXH VyOR SXHGHQ HVWDU GRQGH HVWiQHQHVWHPRPHQWR\ORDSURYHFKDQSDUDIOXLUFRQHOUtR
HQOXJDUGHWUDWDUGHHPSXMDUORRGHWHQHUOR

/D HILFLHQFLD HQ HO XVR GHO WLHPSR WDPELpQ HV FODYH (O EXHQ IDFLOLWDGRU VDEH FRPR SODQHDU
SXQWXDU LQWHUUXPSLU UHGLULJLU \ XWLOL]DU DO Pi[LPR HO WLHPSR GLVSRQLEOH VHDQ ORV PLQXWRV
GH XQ FRQWDFWR SDVDMHUR R ORV DxRV GH XQ SURFHVR FRPXQLWDULR /RV IDFLOLWDGRUHV SRGHPRV
DSUHQGHU PXFKR GH ORV WLSOHURV &KDODUHxRV GH ODV WHMHGRUDV *XDMLUDV R GH ORV MXGtRV
VHIDUGLWDVFDGDSURFHVRWLHQHVXPRPHQWRSURSLFLR\VXWLHPSRySWLPR

8QD YH] OOHJDGR HO PRPHQWR SURSLFLR SDUD LQLFLDU HO SURFHVR \ QR DQWHV  QXHVWUD IXQFLyQ
HV TXLWDU XQ REVWiFXOR TXH LPSLGH OD HODERUDFLyQ GHO SURFHVR \ QR VHU XQR GH HVRV
REVWiFXORV QL SRU FRPLVLyQ QL SRU RPLVLyQ 1XHVWUD PHWD HV XQ SURFHVR WDQWR HILFLHQWH
FRPR HILFD] R VHD XQR TXH QR VyOR XWLOL]D PHMRU ORV UHFXUVRV GLVSRQLEOHV GHQWUR GHO
VLVWHPD HQ HO VHQWLGR GH FRVWREHQHILFLR VLQR WDPELpQ XQR TXH VH UHDOL]D HQ HO PRPHQWR
SURSLFLR \ HQ DUPRQtD FRQ ODV UHDOLGDGHV VXSUDVLVWpPLFDV HVSHFLDOPHQWH ODV VRFLDOHV \ ODV
FXOWXUDOHV 0XFKDV GH QXHVWUDV FLHQFLDV VRFLDOHV HVWiQ LPSUHJQDGDV FRQ ORV YDORUHV
DQJORVDMRQHV GH VXV IXQGDGRUHV 8QR GH ORV PiV QRFLYRV GH HOORV HV OD FUHHQFLD TXH PiV
HV PHMRU VL DOJR HVEXHQRPiVGHHVHDOJR SUHVHQFLDFRPXQLWDULDWDOOHUHVGHOLGHUD]JR
HGXFDFLyQ SRSXODU IDPLHPSUHVDV SURJUDPDV GH VDOXG SRU PHQFLRQDU DOJXQRV  HV PHMRU
(QODIDFLOLWDFLyQPXFKDVYHFHVORRSXHVWRHVPiVYHUtGLFR\PHQRVLQWHUYHQFLyQHVPHMRU
/OHJD HO PRPHQWR FXDQGR OR TXH PiV FRQYLHQH HV PHQRV D\XGD PHQRV SUHVHQFLD PHQRV
VXSHUYLVLyQPHQRUFDQWLGDG\PD\RUFDOLGDG RSRUWXQLGDG GHODLQWHUYHQFLyQ

/$ 68%-(7,9,'$' '( /$ 2%-(7,9,'$' &RQVLGHUDPRV TXH VHU REMHWLYR HV DFWXDU X
RSLQDUXQREVHUYDGRUDQWHXQDSHUVRQDHOREVHUYDGRVLQTXHODVFRQGLFLRQHVSHUVRQDOHV
GHOREVHUYDGRU\RGHOREVHUYDGRLQIOX\DQHQODDFFLyQXRSLQLyQ

&RQVLGHUDPRV TXH OD REMHWLYLGDG HV XQ PLWR R HQ HO PHMRU GH ORV FDVRV XQD PHWD TXH
QXQFDDOFDQ]DUHPRV/RVKHXULVWDVDUJXPHQWDQFRQEXHQRVFULWHULRVTXHQLQJXQDSHUVRQD
SXHGH VHU REMHWLYD PLHQWUDV HVWp GHQWUR GHO FRQWH[WR GH OR REVHUYDGR 1L HO SREUH ItVLFR
SXHGH VHU REMHWLYR FXDQGR HVWi REVHUYDQGR ORV HOHFWURQHV HQ XQ PLFURVFRSLR HO KHFKR GH
REVHUYDUORVOHVFDPELDODGLUHFFLyQ\ODYHORFLGDG

3UHIHULPRVXQDSRVWXUDGHHTXLGLVWDQFLDDODGHXQDVXSXHVWDREMHWLYLGDGLQYHUWLUODPLVPD
FDQWLGDG\FDOLGDGGHWLHPSR\HQHUJtDFRQFDGDSHUVRQDIDPLOLDRJUXSR(OIDFLOLWDGRUYDD
SHUGHU OD PD\RUtD GH VX HIHFWLYLGDG VL VH SRQH D HVFRJHU EDQGR R D WRPDU SDUWLGR HQ
GLVSXWDV HQWUH VXEJUXSRV FRPXQLWDULRV R SHUVRQDV TXH HVWiQ OXFKDQGR SRU HO SRGHU 6XL]D
KDJDQDGRVXIDPDQRSRUVHUREMHWLYDVLQRSRUVHUQHXWUDO\HTXLGLVWDQWH

/$ )/(;,%,/,'$' &21752/$ $ /$ 5,*,'(= $OJXQRV SURIHVLRQDOHV DILUPDQ TXH OD
ULJLGH]HVSDUWHGHODHQIHUPHGDGPHQWDORWURVDILUPDPRVTXHHVXQDHQIHUPHGDGPHQWDO
/D IOH[LELOLGDGHVXQDGHODVFXDOLGDGHVPiVLPSRUWDQWHVHQHOSURFHVRGHIDFLOLWDFLyQHQHO
IDFLOLWDGRU \ HQ ORV SDUWLFLSDQWHV /D /H\ &LEHUQpWLFD GH OD 9DULHGDG 5HTXHULGD QRV HQVHxD
TXHHOHOHPHQWRGHPD\RUIOH[LELOLGDGHQXQVLVWHPDORFRQWUROD

3DUDORJUDUHVWDIOH[LELOLGDGHQHOSURFHVRGHO$XWR'HVDUUROOR3VLFRVRFLDO,QWHJUDOVHXWLOL]D
XQSLYRWH8QSLYRWHHVXQHMHRSXQWRGHWUDQVLFLyQHQWUHXQDFRVD\RWUD(QODP~VLFDHO
DFRUGH R OD QRWDSLYRWH HV XQ VRQLGR DPELJXR TXH FRQWLHQH QRWDV FRPXQHV R PiV GH XQD
FODYH \ SRU OR WDQWR IDFLOLWD YDULRV SRVLEOHV FDPELRV GH OD P~VLFD R OD WUDQVLFLyQ GH XQD
FODYH D RWUD HQ OD PLWDG GH OD SLH]D FRPR VH R\H HQ PXFKRV %DPEXFRV (Q HO EDORQFHVWR
HO SLYRWH HV HO MXJDGRU TXH DO UHFLELU HO EDOyQ SXHGH JLUDU \ SDVDUOR D XQ ODGR SDVDUOR DO
RWURODGRRWLUDUORDOFHVWR

(Q HO SURFHVR GH $XWR'HVDUUROOR 3VLFRVRFLDO ,QWHJUDO HO IDFLOLWDGRU FRQYLHUWH HQ SLYRWHV
FLHUWRV HOHPHQWRV GH OD UHDOLGDG GH OD SHUVRQD IDPLOLD JUXSR RUJDQL]DFLyQ R FRPXQLGDG
LQFOXVLYHORVQHJDWLYRV/DULJLGH]GHODVHFXHQFLDVHLQWHUUXPSHFRQXQDQXHYDRSFLyQRHO
IOXLU GH OD DQWHULRU 8Q HMHPSOR GH HVWR HV HO XVR GH XQD EXHQD LQWHQFLyQ GH ODV FRQGXFWDV
QHJDWLYDV $Vt VH IDFLOLWD DO LQGLYLGXR R JUXSR XQD QXHYD SHUFHSFLyQ GH VX GLILFXOWDG OR
TXH HV XQD RSRUWXQLGDG XQ SLYRWH TXH SXHGH LQLFLDU XQ FDPELR SRVLWLYR \ HQIRFDU HO
VtQWRPD GHQWUR GH XQ FRQWH[WR PiV JUDQGH (O PLVPR SUREOHPD FRQWLHQH ODV VHPLOODV GH
QXHYDVGLUHFFLRQHVSDUDHOVLVWHPD/DIDFLOLWDFLyQUHTXLHUHTXHHOVLVWHPDFDPELHDOPHQRV
DOJXQDV SHUFHSFLRQHV TXH WLHQH GH Vt PLVPR \ GH VX PXQGR (O SURIHVLRQDO IDFLOLWD HVWD
QXHYD SHUFHSFLyQ FXDQGR HVFRJH DTXHOOD SRUFLyQ GHO SUREOHPD TXH WLHQH OD PD\RU
DPELJHGDG\ODFRQYLHUWHHQSLYRWHXQSXHQWHDQXHYDVFRQGXFWDV\H[SHULHQFLDV

(VWHSURFHVRVHSXHGHDSUHFLDUHQHOFDVRGHODVHFUHWDULDGHXQD-XQWDGH$FFLyQ&RPXQDO
TXH VH SHUMXGLFDED IUHFXHQWHPHQWH WDQWR HQ VX YLGD SHUVRQDO FRPR HQ VX WUDEDMR
FRPXQLWDULR SRU VX H[DJHUDGD WLPLGH] $O KDFHU P~OWLSOHV UHIHUHQFLDV D VXV FXDOLGDGHV GH
VHUUHIOH[LYD\UHVSHWXRVDGHODVRSLQLRQHVGHRWURV\OXHJRDODILUPDUTXHHOODMXHJDD
ODWtPLGD\TXHWLHQHFDUDGHWtPLGDELHQDGPLQLVWUDGDHOIDFLOLWDGRUOHIDFLOLWyXQDQXHYD
SHUFHSFLyQ GH VX UHDOLGDG \ XQ SLYRWH SDUD FDPELRV SRVLWLYRV 1R HV TXH UHIRUFHPRV OD
FRQGXFWDQHJDWLYDVLQRVXFRQQRWDFLyQSRVLWLYDVXEXHQDLQWHQFLyQRVXVJDQDQFLDV

$ OD YH] VHUtDPRV PX\ LUUHVSRQVDEOHV HQ QR DGYHUWLU VREUH HO H[WUHPR QRFLYR GH OD
IOH[LELOLGDG 'H QLQJXQD PDQHUD GHEH VHU pVWD OD DXWRUD R OD MXVWLILFDFLyQ GH OD
LPSURYLVDFLyQ GH OD IDOWD GH XQD DGHFXDGD SODQHDFLyQ GH OD LPSUHYLVLyQ R GH OD
FKDPERQHUtD

/$35,0(5$)$&,/,7$&,Ï1(6/$'(/$&21&(57$&,Ï18QRGHORVHOHPHQWRVPiV
LPSRUWDQWHV HQ QXHVWUR HQIRTXH GH IDFLOLWDFLyQ HV HO GH OD FRQFHUWDFLyQ (VWD FRQFHUWDFLyQ
SXHGH VHU H[SOtFLWD XQD VROLFLWXG FRQFHGLGD XQD GHFLVLyQ FRQMXQWD XQ FRQWUDWR HWF  R
SXHGH VHU LPSOtFLWD FXDQGR KD\ OD DFHSWDFLyQ WiFLWD GH XQD VXJHUHQFLD R GH XQD RIHUWD
HWF (OPHMRUWLSRGHFRQFHUWDFLyQGHSHQGH

PiV TXH QDGD GHO JUDGR GH HYROXFLyQ SVLFRVRFLDO GHO VLVWHPD 'H WRGRV PRGRV VL QR KD\
FRQFHUWDFLyQ VREUH ODV H[SHFWDWLYDV SRU SDUWH \ SDUWH VREUH OD LQWHUYHQFLyQ HQ VL \ VREUH
ORVSDSHOHVTXHYDDGHVHPSHxDUHOIDFLOLWDGRUSDUDUHDOL]DUHVDLQWHUYHQFLyQRSLQDPRVTXH
VH FRUUH XQ ULHVJR PX\ JUDQGH H LQQHFHVDULR GH WHQHU TXH HQIUHQWDU SRVWHULRUPHQWH
FDPELRVHQODVUHJODVGHOMXHJRRJDWRVHQPRFKLODGRV
(Q XQD RFDVLyQ HO SDGUH GHO 7UDEDMR 6RFLDO HQ ORV (VWDGRV 8QLGRV \ GH ORV PRYLPLHQWRV
FRPXQLWDULRVGHORVDxRVFLQFXHQWDHO'U6D~O$OLQVN\UHVSRQGLyGHODVLJXLHQWHPDQHUDD
XQ MRYHQ HVWXGLDQWH TXH VH TXHMDED GH TXH OD FRPXQLGDG QR TXHUtD RUJDQL]DUVH 0H
LPSRUWDXQSLWR VXSDODEUDHUDXQSRFRPiVIROFOyULFD ORTXHTXLHUHODFRPXQLGDGORTXH
PHLQWHUHVDHVORTXHSXHGHDFRUGDUDDSUHQGHUDTXHUHU

8QDSDODEUDPX\GHPRGDHQHOGHVDUUROORFRPXQLWDULRHVSDUWLFLSDFLyQ(VFRPRVLIXHUD
OHJtWLPD \ EXHQD WRGD DFWLYLGDG SDUWLFLSDWLYD PLHQWUDV FXDOTXLHU DFWLYLGDG QR
SDUWLFLSDWLYD IXHUD PDOD (Q WHRUtD HO FRQFHSWR HV PX\ VDQR 6LQ HPEDUJR KD\ PXFKRV
WLSRVGHSDUWLFLSDFLyQ\DOJXQRVGHHOORVSXHGHQVHUPX\VLPELyWLFRV

3VHXGR3DUWLFLSDFLyQ&XDQGRXQOtGHUH[WHUQROOHJDDXQJUXSR\XQLODWHUDOPHQWHDVLJQD
WDUHDV R GHOHJD IXQFLRQHV \ HO JUXSR ODV DFHSWD OD YHUGDG HV TXH H[LVWH FLHUWR WLSR GH
SDUWLFLSDFLyQ3HURDPHQRVTXHHOJUXSRVHHQFXHQWUHHQXQQLYHOPtQLPRGHRUJDQL]DFLyQ
FRPR HQ XQD FRPXQLGDG FDyWLFD R GHVSXpV GH XQ GHVDVWUH HVWD PHWRGRORJtD LPSXHVWD
SXHGH UHVXOWDU PX\ QRFLYD SRU HVWDU FUHDQGR GHSHQGHQFLD \ SRU QR HVWDU GHVDUUROODQGR
OLGHUD]JRLQWHUQR

&XDVL3DUWLFLSDFLyQ ([LVWHQ YDULRV WLSRV GH SDUWLFLSDFLyQ TXH VRQ PX\ SRVLWLYRV HQ XQ
VHJXQGRQLYHOGHHYROXFLyQFRPXQLWDULD GHVDUUROOLVWDV TXHVHSXHGHQYROYHUPX\QRFLYRV
HQXQWHUFHUQLYHO DXWRJHVWLRQDULR DXQTXHVHDQPX\FRPXQHVHQODVLQVWLWXFLRQHV\FRQ
DSDULHQFLDGHPRFUiWLFD

0DQR GH REUD EDUDWD 8QD PHWRGRORJtD GRQGH OD DJHQFLD SRQH ORV PDWHULDOHV \R
H[SHUWLFLD\ODFRPXQLGDGSRQHODPDQRGHREUD(VWHPRGHORKDVLGRPX\H[LWRVRHQDXWR
FRQVWUXFFLyQ GH FDVDV DFXHGXFWRV HQWUH RWURV 6LQ HPEDUJR SDUD XVDUOR FRQ XQD
FRPXQLGDG GH WHUFHU QLYHO GH GHVDUUROOR FDEH SUHJXQWDU ¢4XLpQ GHFLGLy TXp R FyPR
FRQVWUXLU"

&RVWRV FRPSDUWLGRV &RQ HVWH PRGHOR XQD LQVWLWXFLyQ RIUHFH SRU HMHPSOR XQ
DOPXHU]R QXWULWLYR D ORV QLxRV SRU XQ SUHFLR VLPEyOLFR FUH\HQGR TXH SDJDU DOJR DXQTXH
VHD LUULVRULR HYLWD HO SDWHUQDOLVPR +DVWD FLHUWR SXQWR SXHGH VHU DVt $ OD YH] SRGHPRV
SUHJXQWDUQRV ¢)XH FRQFHUWDGR HO VHUYLFLR" ¢(VUHDOLVWDODFLIUD"¢)XHFRQFHUWDGRHOXVRGHO
VXEVLGLR R SDWURFLQLR GH HVD PDQHUD" ¢4Xp RWUD SDUWLFLSDFLyQ FRPXQLWDULD H[LVWH HQ HO
SURJUDPDHVSHFLDOPHQWHGHSDUWHGHORVEHQHILFLDULRVGHOSURJUDPD\GHVXVSDGUHV"

2EOLJDFLyQ FRQWUDFWXDO &RQ HO GHVHR GH TXH XQ 21* QR VXSODQWH DO HVWDGR HQ VXV
REOLJDFLRQHV KD VXUJLGR XQD QXHYD PRGDOLGDG GH FRQWUDWDFLyQ FRQ XQD DOFDOGtD SDUD
PHMRUDV GH LQIUDHVWUXFWXUD OD LQVWLWXFLyQ ILQDQFLD XQ SUR\HFWR \ HO JRELHUQR ORFDO SRQH OD
PDQR GH REUD FDPLRQHV H[SHUWLFLD HQWUH RWURV 'H QXHYR SXHGH VHU PX\ SRVLWLYR
,JXDOPHQWH VH SXHGH SUHJXQWDU ¢4XLpQ SDUWLFLSy HQ OD GHFLVLyQ VREUH OD REUD" ¢)XH
FRQFHUWDGD OD REUD HQWUH OD LQVWLWXFLyQ \ HO HVWDGR ~QLFDPHQWH VLQ LQYROXFUDU D OD
FRPXQLGDG" ¢5HDOPHQWH VRQ UHSUHVHQWDQWHV OHJtWLPRV GH ORV SREUHV ORV TXH VDOHQ HOHJLGRV
SDUDXQDDOFDOGtD"

3UpVWDPR EODQGR 8QD PHWRGRORJtD GH HFRQRPtD VROLGDULD TXH RIUHFH PHGLDQWH
FRRSHUDWLYDVEDQFRVUXUDOHVRIRQGRVURWDWRULRVXQSUpVWDPRFRQLQWHUHVHVPX\EDMRV\GH
IiFLOSDJRFUpGLWREODQGR(VWDPHWRGRORJtDKDPRVWUDGRGUDPiWLFRVUHVXOWDGRVHQPXFKRV
FDVRV \ SpVLPRV UHVXOWDGRV HQ RWURV HVSHFLDOPHQWH HQ ORV TXH OD LQVWLWXFLyQ QR KD H[LJLGR
FRQJUXHQWHPHQWHHOSDJRRSRUWXQRGHODGHXGDGHMDQGRDVtTXHHOSUpVWDPRVHFRQYLHUWD
HQ XQD HOHJDQWH HWLTXHWD SDUD OD HQWUHJD SDWHUQDOLVWD GH GLQHURV TXH QXQFD VHUiQ
GHYXHOWRV /R SHRU HV TXH HQ OD PD\RUtD GH ORV FDVRV FDGD XQD GH ODV SDUWHV VDEH TXH OD
GHXGDQRVHSDJDUi\VLQHPEDUJRVLJXHDFWXDQGRFRPRVLIXHUDDSDJDUVH
&RPRVHSXHGHDSUHFLDUHQWRGRVORVFDVRVDQWHULRUHVORQRFLYRQRHVODSDUWLFLSDFLyQVLQR
OD QRSDUWLFLSDFLyQ HQ HO SURFHVR GH GHFLVLyQ VREUH HO TXp \ HO FyPR GHO SUR\HFWR OD
FRQFHUWDFLyQ

3VHXGR'HPRFUDFLD &RQVLGHUDPRV LPSRUWDQWH WDPELpQ UHVDOWDU OD RWUD FDUD GH OD
PRQHGD VL HV VLPELyWLFD OD FUHDFLyQ GH XQD HVWUXFWXUD YHUWLFDOLVWD HQ XQD FRPXQLGDG
DGHODQWDGD HQ VX GHVDUUROOR WDPELpQ OR HV OD FUHDFLyQ GH XQD GHPRFUDFLD HQ XQD
FRPXQLGDGFDyWLFDGHVRUJDQL]DGDRGHFXDOTXLHUPRGRQRSUHSDUDGDSDUDHOOD

6L \R OOHJR D OD HVFHQD GH XQ DFFLGHQWH GRQGH KD\ KHULGRV \ GRQGH QR KD\ DOJXLHQ FRQ
PD\RUHV FRQRFLPLHQWRV PpGLFRV TXH ORV PtRV QR YR\ D SRQHUPH D RUJDQL]DU \ FDSDFLWDU
XQD MXQWD GLUHFWLYD SDUD OD DGPLQLVWUDFLyQ GH ORV SULPHURV DX[LOLRV \ XQ SURFHVR VROLGDULR \
GHPRFUiWLFR SDUD FRPSDUWLU OD H[SHULHQFLD YR\ D WRPDU HO FRQWURO GH OD VLWXDFLyQ LPSRQHU
RUGHQ PHGLDQWH OD DVLJQDFLyQ GH WDUHDV \ FRPHQ]DU D GDU ORV SULPHURV DX[LOLRV QHFHVDULRV
SDUD VDOYDU OD YLGD GH ORV KHULGRV 6LQ HPEDUJR PXFKDV LQVWLWXFLRQHV OOHJDQ D XQD
FRPXQLGDGGHSULPHUQLYHODQiUTXLFDFDyWLFDRHQSiQLFR\SLHQVDQTXHSXHGHQLQLFLDUXQ
SURFHVR GHPRFUiWLFR HO FXDO HV HO DSURSLDGR SDUD XQD FRPXQLGDG GH VHJXQGR R WHUFHU
QLYHO

(O DQWHV PHQFLRQDGR 6D~O $OLQVN\ FRPHQWy XQD YH] D XQD VRFLyORJD TXH HORFXHQWHPHQWH
H[SRQtD VXV JUDQGHV \ JUDQGLRVRV SODQHV SDUD OD UHQRYDFLyQ XUEDQD GH XQRV WXJXULRV PX\
FDyWLFRV PHGLDQWH XQD PHWRGRORJtD GH PRYLPLHQWRV GHPRFUiWLFRV FRPXQLWDULRV
6HxRULWDXQPRYLPLHQWRVLQRUGHQQRHVPiVTXHXQPRYLPLHQWRGHHVWyPDJR

/$3(2532%5(=$(681$&8/785$'(32%5(=$&RPRIDFLOLWDGRUHVQRWHQHPRVORV
UHFXUVRVSDUDLQWHUYHQLUHQODVDOWDVWDVDVGHSREUH]DDEVROXWDHQ$PHULFD/DWLQDOOHJDQGR
HQDOJXQRVSDtVHVDO6LQHPEDUJRVtSRGHPRVLQWHUYHQLUHQOD&XOWXUDGHOD3REUH]D
TXHPXFKDVYHFHVPDQWLHQHDODVFRPXQLGDGHVHQXQDSREUH]DHFRQyPLFD

&RQR]FRXQ3XHEOLWR
6XSREODFLyQHVDSHQDVGHFLHQSHUVRQDV
(OODVYLYHQHQWUHXQDPXOWLWXGLQFDOFXODEOHGHUHFXUVRVQDWXUDOHV
(OGHWRGDODULTXH]DPDWHULDOGHOSXHEORHVWiHQODVPDQRVGHVLHWH
SHUVRQDV
&LQFRGHORVVLHWHGXHxRVGHODULTXH]DVRQFULPLQDOHV
4XLQFHGHORVFLHQKDELWDQWHVVRQDQDOIDEHWDV
$SHQDVGLHFLVLHWHVRQEDFKLOOHUHV\VyORXQRHVSURIHVLRQDO
1RWLHQHQVXILFLHQWHFRPLGDGHODV
&XDUHQWDGHHOODVYLYHQHQFDVDVVLQVHUYLFLRV
7UHLQWD\WUHVFUHFLHURQHQXQDIDPLOLDVLQDPERVSDGUHV

¢4Xp IXWXUR WLHQH HVWH SXHEOR" ¢+D\ DOJXQD HVSHUDQ]D SDUD VXV KDELWDQWHV" 3XHV VL
WRPDPRV WRGD OD SREODFLyQ GH $PpULFD /DWLQD \ OD UHGXFLPRV SURSRUFLRQDOPHQWH D 
HVDV VRQ ODV HVWDGtVWLFDV (V QXHVWUD FUHHQFLD TXH DGHPiV GH ORV IDFWRUHV HFRQyPLFRV \
SROtWLFRV TXH LQIOX\HQ VREUH HVDV DEUXPDGRUDV FLIUDV WDPELHQ KD\ IDFWRUHV SVLFRVRFLDOHV
TXHORVIDFLOLWDGRUHVSRGHPRV\GHEHPRVLQWHUYHQLU

¢4Xp HV XQD &XOWXUD" 8QD FXOWXUD HV XQ FRQMXQWR GH YDORUHV OR EXHQR \ OR PDOR 
FUHHQFLDV OR FRUUHFWR \ OR HTXLYRFDGR  \ SUHVXSRVLFLRQHV OR TXH H[LVWH R QR H[LVWH  (VWH
FRQMXQWR HQ XQD SHUVRQD HV OD UDt] GH OR TXH VH OODPD SHUVRQDOLGDG &XDQGR HV
FRPSDUWLGR SRU YDULDV SHUVRQDV XQD SDUHMD XQD IDPLOLD XQD RUJDQL]DFLyQ R XQD HWQLD HV
XQDFXOWXUD
/D &XOWXUD GH OD 3REUH]D &RQMXQWR GH YDORUHV FUHHQFLDV \ SUHVXSRVLFLRQHV D WUDYpV GH
ODV FXDOHV OD SHUVRQD R HO VLVWHPD WHPH R QR VH FUHH FDSD] GH DVXPLU HO OLGHUD]JR \
UHVSRQVDELOLGDG GH VX SURSLD YLGD UHODFLRQHV \ FRQGXFWDV FXDOTXLHU TXH VHD VX QLYHO GH
LQJUHVRV 6H OLPLWD R GHVFDOLILFD VX SURSLR SRGHU \ VXV RSFLRQHV UHDOHV HQ OD YLGD 6XV
FDUDFWHUtVWLFDVVRQ

%DMD DXWRHVWLPD LQGLYLGXDO \ JUXSDO XQD GHVHVWLPDFLyQ R VXEHVWLPDFLyQ GHO YDORU GH
ORV UHFXUVRV \ GH ODV FDSDFLGDGHV SURSLRV
6XPLVLyQSDVLYDDQWHODDXWRULGDG\ODH[SHUWLFLDODIDOVDKXPLOGDGTXHHVSDUWHGHOMXHJR
FOiVLFRGHOFODVLVPR(OPHQVDMHGHODROLJDUTXtDHV1RVRWURVORVFXLGDUHPRVVLVHVRPHWHQ
D QXHVWURV FULWHULRV (O PHQVDMH GH ORV VRPHWLGRV 1RVRWURV QRV VRPHWHUHPRV VL VH
UHVSRQVDELOL]DQXVWHGHVGHQRVRWURV

+LSHUVHQVLELOLGDG D OD FUtWLFD OD HYLWDFLyQ VLVWHPiWLFD GH VLWXDFLRQHV \ FRQWH[WRV GRQGH
SXHGH VXUJLU XQD FUtWLFD FRPR GDU XQD RSLQLyQ HQ XQD UHXQLyQ  R XQD SpUGLGD GH VWDWXV
FRPRHQXQDUHHVWUXFWXUDFLyQRUJDQL]DFLRQDO 

'HVFRQILDQ]D HQ ORV SRVHHGRUHV GH SRGHU OD FUHHQFLD GH TXH FXDOTXLHU SHUVRQD TXH
WHQJDHOSRGHUSRUFRQRFLGDTXHVHDWDUGHRWHPSUDQRYDDH[SORWDURDDSURYHFKDUVHGHO
TXHQRORWLHQH

0LHGR H[FHVLYR DO GHVFRQRFLGR OD HQFDUQDFLyQ GHO UHIUiQ 0iV YDOH PDOR FRQRFLGRTXH
EXHQRSRUFRQRFHU

3RODUL]DFLyQ VXEJUXSDO OD WHQGHQFLD H[DJHUDGD D FRPSHWLU HQWUH VXEJUXSRV SROtWLFRV

UHOLJLRVRV RUJDQL]DFLRQDOHV HWF GHELGR D OD QHFHVLGDG GH PDQWHQHU LQWDFWRV HVWRV JUXSRV
FRPREDVHGHVHJXULGDG

)DWDOLVPR\VHQVDFLyQGHLPSRWHQFLDODFRQYLFFLyQGHTXHQDGDQLQDGLHSXHGHFDPELDU
XQGHVWLQRGHSREUH]DPXFKDVYHFHVUHIRU]DGDSRUGHPDJRJtDSROtWLFDRUHOLJLRVD

([FHVLYR LQGLYLGXDOLVPR QDFLGR GH OD FUHHQFLD GH TXH QR VH SXHGH FRQILDU HQ QDGLH \
DJUDYDGR SRU OD IDOWD GH YDORUDFLyQ GH ORV SURFHVRV JUXSDOHV \ GH ODV GHVWUH]DV GH
VROLGDULGDG\WUDEDMRHQHTXLSR

%DMD WROHUDQFLD D OD IUXVWUDFLyQ OD WHQGHQFLD D DEDQGRQDU UiSLGDPHQWH FXDOTXLHU

HVIXHU]RTXHQRUHFLEDUHIXHU]RLQPHGLDWR\FRQVWDQWH

0LWLFLVPR \ VXSHUVWLFLyQ OD WHQGHQFLD H[DJHUDGD D FUHHU HQ OD H[LVWHQFLD GH IXHU]DV
H[WHUQDVLQFRQWURODEOHVTXHGHWHUPLQDQHOGHVWLQRGHODSURSLDYLGD

([FHVLYD YDORUDFLyQ GHO DTXt \ DKRUD OD VXE\XJDFLyQ GH ORV EHQHILFLRV SRWHQFLDOHV R
IXWXURVDORVGHOPRPHQWRDXQVLHQGRpVWRVPXFKRPHQRUHV

&UHHQFLD HQ OD LPSXQLGDG GH ORV ULFRV KHUHQFLD GH OD /H\ 1DSROHyQLFD YLVWR QR
VRODPHQWHHQHOFDPSRMXUtGLFRVLQRHQWRGRVORVHVWDPHQWRVGHODVRFLHGDG

'HFDGDFLHQGHOLWRVHQ&RORPELD

DSHQDVVRQGHQXQFLDGRV
GHORVVHSUHVFULEHQ
GHORVUHVWDQWHVVyORXQRWHUPLQDHQVHQWHQFLD
 /DSUREDELOLGDGGHTXHXQGHOLQFXHQWHQRVHDFDVWLJDGRHQ&RORPELD
HVGHO

6LQHPEDUJRODLPSXQLGDGMXGLFLDOHVVyORXQUHIOHMRGHXQDFXOWXUDGHLPSXQLGDG
H[LVWHQWH

(Q HO KRJDU GRQGH HO SDGUH WROHUD R FXEUH ODV PHQWLUDV R LQFXPSOLPLHQWR GH VX KLMR FRQ
(V VyOR XQ QLxR
(O FOLHQWH WROHUDQWH TXH DJXDQWD XQD \ RWUD YH] HO PDOWUDWR HQ HO VHUYLFLR R HQWUHJD GH
SURGXFWRV
(O FLXGDGDQR SDFLHQWH FRQ OD IDOWD GH DWHQFLyQ HQ ORV VHUYLFLRV S~EOLFRV
(O FyQ\XJH VXIULGR TXH XQD \ RWUD YH] SHUGRQD ORV PLVPRV LQFXPSOLPLHQWRV GH
UHVSRQVDELOLGDGHV R DFXHUGRV FRQ\XJDOHV
(Q HO FROHJLR GRQGH HO SURIHVRU DOFDKXHWHD DO HVWXGLDQWH GHMiQGROR SDVDU OD PDWHULD VLQ
GRPLQDUOD SDUD QR SHUMXGLFDUOR
(Q HO WUDEDMR GRQGH VH HVFULEHQ EXHQDV FDUWDV GH UHFRPHQGDFLyQ SDUD TXH XQ HPSOHDGR
GHVKRQHVWRUHQXQFLHYROXQWDULDPHQWH

'HQWUR GHO VLOHQFLR TXH SUHYDOHFH HQ QXHVWUD VRFLHGDG SXHGH SDUHFHU TXH
HVWDPRV JULWDQGR FXDQGR HQ UHDOLGDG VyOR HVWDPRV KDEODQGR FODUR $PLWDL
(W]LRQL 

(V OD UHVSRQVDELOLGDG GH FDGD IDFLOLWDGRU HVWDU FRQVFLHQWH GH HVWRV SDWURQHV \
FRQWH[WXDOL]DU DGHFXDGDPHQWH VXV PHWRGRORJtDV SDUD SRGHU IDFLOLWDU SURFHVRV GH GHVDUUROOR
TXHPXHVWUDQDOWHUQDWLYDVYLDEOHVDHOORV

35,080 121 12&(5( (VWH OHPD TXH WXYR VX RULJHQ DQWH ORV H[FHVRV FRPHWLGRV
GXUDQWH ODV SULPHUDV pSRFDV GH OD FLUXJtD PRGHUQD VLJQLILFD LQWHUYHQLU VLQ ODVWLPDU
LQQHFHVDULDPHQWH 0XFKDV LQWHUYHQFLRQHV GHO IDFLOLWDGRU SXHGHQ OOHJDU D GROHU KDVWD
ODVWLPDUDYHFHVVRQXQDQHFHVLGDGHQHOSURFHVRGHFUHFLPLHQWR&DGDFDPELRJHQHUDXQD
FULVLV \ FDGD FULVLV GXHOH D XQ JUDGR X RWUR 6LQ HPEDUJR HO EXHQ IDFLOLWDGRU VLHPSUH HVWi
SHQGLHQWHGHTXHQRGXHODLQQHFHVDULDPHQWH

/DVWLPDPRV LQQHFHVDULDPHQWH D XQD FRPXQLGDG FXDQGR SURORQJDPRV XQD GHSHQGHQFLD

FXDQGR QR FRQVLGHUDPRV HO LPSDFWR GH QXHVWUDV LQWHUYHQFLRQHV VREUH ORV VXEVLVWHPDV \
VXSUDVLVWHPDV FXDQGR VDFULILFDPRV HILFDFLD SRU HILFLHQFLD R YLFHYHUVD FXDQGR QXHVWUD
LQWHUYHQFLyQQRHVGHELGDPHQWHFRQWH[WXDOL]DGDRFRQFHUWDGD