Vous êtes sur la page 1sur 43















D/E/^dZ/KdZE^WKZd^zKDhE//KE^
 

WZKzdK^W/>/E&Z^dZhdhZdZE^WKZdE/KE>
 

WZKs/^E/KE>

Z'>DEdK/EdZEK^'hZ/z
^>hE>dZ:K

>/D͕EKs/DZϮϬϭϯ







,1',&(*(1(5$/





7,78/2, ',6326,&,21(6*(1(5$/(6

7,78/2,, 5(680(1(-(&87,92

7,78/2,,, 2%-(7,926<$/&$1&(6

7,78/2,9 /,'(5$=*2 &203520,62 < /$ 32/,7,&$ '( 6(*85,'$' < 6$/8' (1 (/
75$%$-2

7,78/29 $75,%8&,21(6<2%/,*$&,21(6

7,78/29, (67É1'$5(6'(6(*85,'$'<6$/8'(1/$623(5$&,21(6

7,78/29,, (67É1'$5(6 '( 6(*85,'$' < 6$/8' (1 /26 6(59,&,26 < $&7,9,'$'(6
&21(;$6

7,78/29,,, 35(3$5$&,Ð1<5(638(67$$17((0(5*(1&,$6







/LPDGH1RYLHPEUH

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 







7,78/2,
',6326,&,21(6*(1(5$/(6


(O5HJODPHQWR,QWHUQRGH6HJXULGDG\6DOXGHQHO7UDEDMR 5,667 WLHQHSRUILQDOLGDGFRQVWLWXLUVHHQXQD
KHUUDPLHQWDTXHFRQWULEX\DFRQODSUHYHQFLyQHQHOPDUFRGHO6LVWHPDGH*HVWLyQGH6HJXULGDG\6DOXGHQHO
7UDEDMRDWUDYpVGHOFXDOOD'LUHFFLyQ(MHFXWLYDSURPXHYDODLQVWDXUDFLyQGHXQDFXOWXUDGHSUHYHQFLyQGH
ULHVJRVODERUDOHV
6LHQGR HO 5,667 XQ LQVWUXPHQWR LPSRUWDQWH SDUD OD DFFLyQ \ OD FXOWXUD SUHYHQWLYD HO DUWtFXOR  ž  GHO
5HJODPHQWRGHOD/H\GH6HJXULGDG\6DOXGHQHO7UDEDMRKDHVWDEOHFLGRODREOLJDFLyQGHVXHQWUHJDD
WRGRV ORV WUDEDMDGRUHV PHGLDQWH PHGLR ItVLFR R GLJLWDO \ EDMR FDUJR (VWD REOLJDFLyQ VH H[WLHQGH D ORV
WUDEDMDGRUHVHQUpJLPHQGHLQWHUPHGLDFLyQ\WHUFHUL]DFLyQDODVSHUVRQDVHQPRGDOLGDGIRUPDWLYD\DWRGR
DTXHO FX\RV VHUYLFLRV VXERUGLQDGRV R DXWyQRPRV VH SUHVWHQ GH PDQHUD SHUPDQHQWH R HVSRUiGLFD HQ ODV
LQVWDODFLRQHVGHOD(QWLGDG
3529,$61$&,21$/HVODSULQFLSDOUHVSRQVDEOHGHODDSOLFDFLyQ\FXPSOLPLHQWRGHOSUHVHQWH5HJODPHQWR\
UHFRQRFHODLPSRUWDQFLDGHOLQYROXFUDPLHQWR\FRPSURPLVRGHWRGRHOSHUVRQDOSDUDDYDQ]DUHQODVPHMRUDV
HQODSUHYHQFLyQGHORVULHVJRVODERUDOHV
&DEH DQRWDU TXH HQ DGHODQWH WRGRV ORV PDQXDOHV SURFHGLPLHQWRV \ HVWiQGDUHV TXH HODERUH 3529,$6
1$&,21$/ DVt FRPR ORV \D H[LVWHQWHV UHIHULGRV D OD VHJXULGDG \ VDOXG HQ HO WUDEDMR VH FRQVLGHUDQ
LQWHJUDGRVDO5,667
(OSUHVHQWH5HJODPHQWRVHUiDSUREDGRGHDFXHUGRDORTXHGHWHUPLQHHO&RPLWpGH6HJXULGDG\6DOXGHQHO
7UDEDMRTXHVHFRQVWLWX\DHQ3529,$61$&,21$/FRQIRUPHORGLVSRQHQODVQRUPDVJHQHUDOHVVREUHOD
PDWHULD\VHHVWDEOHFHHQHOSUHVHQWHUHJODPHQWR

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> Ϯ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 







7,78/2,,
5(680(1(-(&87,92


3529,$6 1$&,21$/ HV XQD SHUVRQD MXUtGLFD GH GHUHFKR S~EOLFR FX\D ILQDOLGDG HV OOHYDU D FDER OD
HMHFXFLyQ\&RQWUROGHODVREUDVGHFRQVWUXFFLyQPDQWHQLPLHQWR\&RQVHUYDFLyQGHOD5HG9LDO1DFLRQDOFRQ
HO ILQ GH EULQGDU D ORV XVXDULRV XQ PHGLR GH WUDQVSRUWH HILFLHQWH \ VHJXUR TXH FRQWULEX\D D OD LQWHJUDFLyQ
HFRQyPLFD \ VRFLDO GHO SDtV FRQWDQGR SDUD HO ORJUR GH HVWRV REMHWLYRV FRQ ORV UHFXUVRV ORFDOHV OD
LQIUDHVWUXFWXUD\ODVGHSHQGHQFLDVFRUUHVSRQGLHQWHV
3529,$61$&,21$/FXHQWDFRQXQDHVWUXFWXUDRUJDQL]DFLRQDOGHVFHQWUDOL]DGDFRQGXFLGDSRUOD'LUHFFLyQ
(MHFXWLYD \ FRQIRUPDGD SRU ODV 'HSHQGHQFLDV 'LUHFWLYDV $VHVRUDPLHQWR $SR\R \ 8QLGDGHV =RQDOHV 
8QLGDGHVGH3HDMHV
3529,$61$&,21$/FXHQWDFRQWUDEDMDGRUHVTXHSUHVWDQVHUYLFLRSHUVRQDOHQOD6HGH&HQWUDO\8QLGDGHV
=RQDOHV FRPR FRQWUDWDGRV EDMR SHUVRQDO GH UpJLPHQ ODERUDO GHO 'HFUHWR /HJLVODWLYR 1ž  \ SHUVRQDV
FRQWUDWDGDVSRUHOUpJLPHQHVSHFLDO&$6DTXHVHUHILHUHHO'HFUHWR/HJLVODWLYR1ƒ\VX5HJODPHQWR
DSUREDGRSRU'HFUHWR6XSUHPR1ƒ3&0\PRGLILFDWRULDDSUREDGDSRUHO'HFUHWR6XSUHPR1ƒ
3&0SURJUDPDVGHIRUPDFLyQODERUDO\RWURV

/DVHGHSULQFLSDOVHXELFDHQ-U=RUULWRV/LPD\FXHQWDFRQ8QLGDGHV=RQDOHV
 7XPEHV±3LXUD
 /DPED\HTXH
 /D/LEHUWDG
 $QFDVK
 /LPD
 ,FD
 $UHTXLSD
 7DFQD0RTXHJXD
 $PD]RQDV
 &DMDPDUFD
 6DQ0DUWtQ
 -XQtQ3DVFR
 +XDQFDYHOLFD
 $\DFXFKR
 +XiQXFR
 &XVFR
 3XQR




ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 







7,78/2,,,
2%-(7,926<$/&$1&(6

$ 2%-(7,926

$UWtFXOR(VWH5HJODPHQWR WLHQHFRPRREMHWLYRV
 *DUDQWL]DUODVFRQGLFLRQHVGHVHJXULGDG\VDOYDJXDUGDUODYLGDLQWHJULGDGItVLFD\HOELHQHVWDU
GH ORV WUDEDMDGRUHV PHGLDQWH OD SUHYHQFLyQ GH ORV DFFLGHQWHV H LQFLGHQWHV GH WUDEDMR \ ODV
HQIHUPHGDGHVSURIHVLRQDOHV
 3URPRYHUXQDFXOWXUDGHSUHYHQFLyQGHULHVJRVODERUDOHVHQWRGRVORVWUDEDMDGRUHVLQFOX\HQGR
DO SHUVRQDO VXMHWR D ORV UHJtPHQHV GH LQWHUPHGLDFLyQ \ WHUFHUL]DFLyQ PRGDOLGDGHV IRUPDWLYDV
ODERUDOHV\ORVTXHSUHVWDQVHUYLFLRVGHPDQHUDLQGHSHQGLHQWHVLHPSUHTXHpVWRVGHVDUUROOHQ
VXVDFWLYLGDGHVWRWDORSDUFLDOPHQWHHQODVLQVWDODFLRQHVGHODHQWLGDGFRQHOILQGHJDUDQWL]DU
ODVFRQGLFLRQHVGHVHJXULGDG\VDOXGHQHOWUDEDMR
 3URSLFLDUHOPHMRUDPLHQWRFRQWLQXRGHODVFRQGLFLRQHVGHVHJXULGDGVDOXG\PHGLRDPELHQWHGH
WUDEDMRDILQGHHYLWDU\SUHYHQLUGDxRVDODVDOXGDODVLQVWDODFLRQHVRDORVSURFHVRVHQODV
GLIHUHQWHV DFWLYLGDGHV HMHFXWDGDV IDFLOLWDQGR OD LGHQWLILFDFLyQ GH ORV ULHVJRV H[LVWHQWHV VX
HYDOXDFLyQFRQWURO\FRUUHFFLyQ
 3URWHJHU ODV LQVWDODFLRQHV \ ELHQHV GH OD HQWLGDG FRQ HO REMHWLYR GH JDUDQWL]DU OD IXHQWH GH
WUDEDMR\PHMRUDUODSURGXFWLYLGDG
 (VWLPXODU \ IRPHQWDU XQ PD\RU GHVDUUROOR GH OD FRQFLHQFLD GH OD SUHYHQFLyQ HQWUH ORV
WUDEDMDGRUHV LQFOX\HQGR UHJtPHQHV GH LQWHUPHGLDFLyQ \ WHUFHUL]DFLyQ PRGDOLGDG IRUPDWLYD H
LQFOXVRHQWUHORVTXHSUHVWHQVHUYLFLRVGHPDQHUDHVSRUiGLFDHQODVLQVWDODFLRQHVGHODHQWLGDG
FRQHO6LVWHPDGH*HVWLyQGH6HJXULGDG\6DOXGHQHO7UDEDMR 667 

% $/&$1&(

$UWtFXOR(ODOFDQFHGHOSUHVHQWH5HJODPHQWRFRPSUHQGHDWRGDVODVDFWLYLGDGHVVHUYLFLRV
\SURFHVRVTXHGHVDUUROOD3529,$61$&,21$/DQLYHOQDFLRQDO
(O5HJODPHQWRHVWDEOHFHODVIXQFLRQHV\UHVSRQVDELOLGDGHVTXHFRQUHODFLyQDODVHJXULGDG\
VDOXG HQ HO WUDEDMR GHEHQ GH FXPSOLU REOLJDWRULDPHQWH WRGRV ORV WUDEDMDGRUHV LQFOX\HQGR DO
SHUVRQDO VXMHWR D ORV UHJtPHQHV GH LQWHUPHGLDFLyQ \ WHUFHUL]DFLyQ PRGDOLGDGHV IRUPDWLYDV
ODERUDOHV\ORVTXHSUHVWDQVHUYLFLRVGHPDQHUDLQGHSHQGLHQWHVLHPSUHTXHpVWRVGHVDUUROOHQ
VXVDFWLYLGDGHVWRWDOHVRSDUFLDOPHQWHHQODVLQVWDODFLRQHVTXHRFXSDOD(QWLGDG

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϰ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 







7,78/2,9
/,'(5$=*2&203520,62</$32/,7,&$'(6(*85,'$'<6$/8'

$ /,'(5$=*2<&203520,62

$UWtFXOR/D'LUHFFLyQ(MHFXWLYD$VHVRUHV*HUHQWHVGH8QLGDGHV2UJiQLFDV-HIHVGH2ILFLQD\
-HIHVGH8QLGDGHV=RQDOHV\-HIHV7pFQLFRVGH3HDMHXRWURVTXHVHDQGHVLJQDGRVSRUOD(QWLGDG
VHFRPSURPHWHQD
 /LGHUDU\EULQGDUORVUHFXUVRVSDUDHOGHVDUUROORGHWRGDVODVDFWLYLGDGHVHQODRUJDQL]DFLyQSDUD
ODLPSOHPHQWDFLyQGHO6LVWHPDGH*HVWLyQGH6HJXULGDG\6DOXGHQHO7UDEDMR667DILQGH
ORJUDUVXp[LWRHQODSUHYHQFLyQGHDFFLGHQWHV\HQIHUPHGDGHVRFXSDFLRQDOHV
 $VXPLU OD UHVSRQVDELOLGDG GH OD SUHYHQFLyQ GH DFFLGHQWHV GH WUDEDMR \ HQIHUPHGDGHV
RFXSDFLRQDOHVIRPHQWDQGRHOFRPSURPLVRGHFDGDWUDEDMDGRUPHGLDQWHHOHVWULFWRFXPSOLPLHQWR
GHGLVSRVLFLRQHVTXHFRQWLHQHHOSUHVHQWHUHJODPHQWR
 3URYHHUORVUHFXUVRVQHFHVDULRVSDUDPDQWHQHUXQDPELHQWHGHWUDEDMRVHJXUR\VDOXGDEOH
 (VWDEOHFHUSURJUDPDVGHVHJXULGDG\VDOXGHQHOWUDEDMRGHILQLGRV\PHGLUHOGHVHPSHxRHQOD
VHJXULGDG\VDOXGOOHYDQGRDFDERODVPHMRUDVTXHVHMXVWLILTXHQ
 2SHUDUHQFRQFRUGDQFLDFRQODVSUiFWLFDVDFHSWDEOHVGHODHQWLGDG\FRQSOHQRFXPSOLPLHQWRGH
ODVOH\HV\UHJODPHQWRVGHVHJXULGDG\VDOXGHQHOWUDEDMR
 ,QYHVWLJDU ODV FDXVDV GH ORV DFFLGHQWHV GH WUDEDMR HQIHUPHGDGHV RFXSDFLRQDOHV LQFLGHQWHV
SHOLJURVRV\RWURVDVtFRPRGHVDUUROODUDFFLRQHVSUHYHQWLYDVHQIRUPDHIHFWLYD
 )RPHQWDUXQDFXOWXUDGHSUHYHQFLyQGHORVULHVJRVODERUDOHVSDUDORFXDOVHLQGXFLUiHQWUHQDUi
FDSDFLWDUi\IRUPDUiDVXVWUDEDMDGRUHVHQHOGHVHPSHxRVHJXUR\SURGXFWLYRGHVXVWUDEDMRV
 0DQWHQHU XQ DOWR QLYHO GH DLVODPLHQWR SDUD DFWXDU HQ FDVRV GH HPHUJHQFLD SURPRYLHQGR VX
LQWHJUDFLyQFRQHO6LVWHPD1DFLRQDOGH'HIHQVD&LYLO
 ([LJLU TXH ORV SURYHHGRUHV \ FRQWUDWLVWDV FXPSODQ FRQ ODV QRUPDV DSOLFDEOHV GH VHJXULGDG \
VDOXGHQHOWUDEDMR
 5HVSHWDU\FXPSOLUODVQRUPDVYLJHQWHVVREUHODPDWHULD
 /D *HVWLyQ GH OD 6HJXULGDG \ 6DOXG HQ HO 7UDEDMR 667  HV UHVSRQVDELOLGDG GH 3529,$6
1$&,21$/
 (O&RPLWpGH6HJXULGDG\6DOXGHQHO7UDEDMR &667 HMHUFHXQILUPHOLGHUD]JR\PDQLILHVWDVX
UHVSDOGR D ODV DFWLYLGDGHV TXH GHVDUUROOD HQ PDWHULD GH VHJXULGDG \ VDOXG HQ HO WUDEDMR
DVLPLVPRHVWiFRPSURPHWLGRHQSURYHHU\PDQWHQHUXQDPELHQWHGHWUDEDMRVHJXUR\VDOXGDEOH
HQ FRQFRUGDQFLD FRQ ODV PHMRUHV SUiFWLFDV \ FRQ HO FXPSOLPLHQWR GH QRUPDV GH VHJXULGDG \
VDOXGHQHOWUDEDMR
 /D 'LUHFFLyQ HMHFXWLYD GHOHJD ODV IXQFLRQHV\ OD DXWRULGDGQHFHVDULD DO *HUHQWH GH OD 8QLGDG
*HUHQFLDOGH$GPLQLVWUDFLyQ8*$'TXLHQWLHQHDVXFDUJRODSUHYHQFLyQGHULHVJRVDVtFRPR
HOGHVDUUROORDSOLFDFLyQ\REWHQFLyQGHUHVXOWDGRVGHO6LVWHPDGH*HVWLyQGH6HJXULGDG\6DOXG
HQHO7UDEDMR 667 \ULQGHFXHQWDVGHVXVDFFLRQHVDO'LUHFWRU(MHFXWLYR
 (O *HUHQWH GH OD 8*$' HQ FRRUGLQDFLyQ FRQ HO -HIH GH 5HFXUVRV +XPDQRV JHVWLRQDQ OR
FRQFHUQLHQWH D OD 6DOXG HQ HO 7UDEDMR \ FRQ HO -HIH GH $EDVWHFLPLHQWR \ 6HUYLFLRV OR
FRQFHUQLHQWHD6HJXULGDGHQHO7UDEDMR
 3529,$6 1$&,21$/ D WUDYpV GH OD 8*$' JDUDQWL]D TXH VH LPSOHPHQWH HO 6LVWHPD GH
*HVWLyQGH6HJXULGDG\6DOXGHQHO7UDEDMR 667 DVLPLVPRHVWD8QLGDG*HUHQFLDOFRRUGLQD

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϱ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






FRQHO&RPLWpGH6HJXULGDG\6DOXGHQHO7UDEDMR &667 


% 32/,7,&$'(6(*85,'$'<6$/8'

$UWtFXOR3529,$61$&,21$/WLHQHFRPRSROtWLFD
*DUDQWL]DUODVHJXULGDG\VDOXGHQHOWUDEDMRSDUD FRQWULEXLUFRQHOGHVDUUROORGHOSHUVRQDOHQ
QXHVWUD(QWLGDGSDUDORFXDOVHIRPHQWDUiXQFXOWXUDGHSUHYHQFLyQGHULHVJRVODERUDOHV\XQ
VLVWHPDGHJHVWLyQTXHSHUPLWDODSURWHFFLyQGHODVHJXULGDG\VDOXGGHWRGRVORVPLHPEURVGH
ODRUJDQL]DFLyQPHGLDQWHODSUHYHQFLyQGHODVOHVLRQHVGROHQFLDVHQIHUPHGDGHVHLQFLGHQWHV
UHODFLRQDGRVFRQHOWUDEDMRDVtFRPRFRQODSUHYHQFLyQGHORVULHVJRVORFDWLYRVPHFiQLFRV
ItVLFRVTXtPLFRVELROyJLFRVHUJRQyPLFRV\SVLFRVRFLDOHVHQFRQFRUGDQFLDFRQODQRUPDWLYLGDG
SHUWLQHQWH
3529,$6 1$&,21$/ HVWi FRPSURPHWLGD FRQ HO FXPSOLPLHQWR GH ORV UHTXLVLWRV OHJDOHV HQ
PDWHULDGHVHJXULGDG\VDOXGHQHOWUDEDMRYLJHQWHVHQQXHVWURSDtV&RQVLGHUDTXHVXFDSLWDO
PiV LPSRUWDQWH HV VX SHUVRQDO \ HV FRQVFLHQWH GH VX UHVSRQVDELOLGDG VRFLDO SRU OR TXH VH
FRPSURPHWH D JHQHUDU FRQGLFLRQHV SDUD OD H[LVWHQFLD GH XQ DPELHQWH GH WUDEDMR VHJXUR \
VDOXGDEOH D SURPRYHU OD SDUWLFLSDFLyQ GH ORV WUDEDMDGRUHV HQ ORV HOHPHQWRV GHO 6LVWHPD GH
*HVWLyQGH6HJXULGDG\6DOXGHQHO7UDEDMR\DPHMRUDUHOGHVHPSHxRGHOPLVPR



7,78/29
$75,%8&,21(6<2%/,*$&,21(6

$ )81&,21(6<5(63216$%,/,'$'(6


$ '(3529,$61$&,21$/
$UWtFXOR  $VXPLU VX UHVSRQVDELOLGDG HQ OD RUJDQL]DFLyQ GHO 6LVWHPD GH *HVWLyQ HQ
6HJXULGDG\6DOXGHQHO7UDEDMR\JDUDQWL]DHOFXPSOLPLHQWRGHWRGDVODVREOLJDFLRQHVTXH
VREUHHOSDUWLFXODUHVWDEOHFHOD/H\GH6HJXULGDG\6DOXGHQHO7UDEDMR\VX5HJODPHQWRSDUD
ORFXDO

 6HUiUHVSRQVDEOHGHODSUHYHQFLyQ\FRQVHUYDFLyQGHOOXJDUGHWUDEDMRDVHJXUDQGRTXHHVWp
FRQVWUXLGR HTXLSDGR \ GLULJLGR GH PDQHUD TXH EULQGH XQD DGHFXDGD SURWHFFLyQ D ORV
WUDEDMDGRUHVFRQWUDDFFLGHQWHVGH7UDEDMR\HQIHUPHGDGHV2FXSDFLRQDOHV
 ,QVWUXLUiDVXVWUDEDMDGRUHVLQFOX\HQGRDOSHUVRQDOVXMHWRDORVUHJtPHQHVGHLQWHUPHGLDFLyQ
\ WHUFHUL]DFLyQ PRGDOLGDGHV IRUPDWLYDV ODERUDOHV \ ORV TXH SUHVWDQ VHUYLFLRV GH PDQHUD
LQGHSHQGLHQWH VLHPSUH TXH pVWRV GHVDUUROOHQ VXV DFWLYLGDGHV WRWDO R SDUFLDOPHQWH HQ ODV
LQVWDODFLRQHV GH OD HQWLGDG UHVSHFWR D ORV ULHVJRV D TXH VH HQFXHQWUHQ H[SXHVWRV HQ ODV
ODERUHV TXH UHDOL]DQ \ SDUWLFXODUPHQWH DTXHOORV UHODFLRQDGRV FRQ HO SXHVWR R IXQFLyQ D
HIHFWRV GH TXH HO WUDEDMDGRU FRQR]FD GH PDQHUD IHKDFLHQWH ORV ULHVJRV D ORV TXH HVWi
H[SXHVWR\ODVPHGLGDVGHSUHYHQFLyQ\SURWHFFLyQTXHGHEHDGRSWDURH[LJLUDOD(QWLGDG 
DGRSWDQGRODVPHGLGDVQHFHVDULDVSDUDHYLWDUDFFLGHQWHVRHQIHUPHGDGHVRFXSDFLRQDOHV
 'HVDUUROODUi DFFLRQHV GH VHQVLELOL]DFLyQ FDSDFLWDFLyQ \ HQWUHQDPLHQWR GHVWLQDGRV D
SURPRYHU HO FXPSOLPLHQWR SRU ORV WUDEDMDGRUHV GH ODV QRUPDV GH VHJXULGDG \ VDOXG HQ HO
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϲ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






WUDEDMR/DVFDSDFLWDFLRQHVVHUHDOL]DUiQGHQWURGHODMRUQDGDGHWUDEDMRVLQLPSOLFDUFRVWR
DOJXQRSDUDHOWUDEDMDGRU
 3URSRUFLRQDUi D VXV WUDEDMDGRUHV ORV HTXLSRV GH SURWHFFLyQ SHUVRQDO GH DFXHUGR D OD
DFWLYLGDG TXH UHDOLFHQ \ GRWDUi D OD PDTXLQDULD GH UHVJXDUGRV \ GLVSRVLWLYRV GH FRQWURO
QHFHVDULRVSDUDHYLWDUDFFLGHQWHVDVLPLVPR\VHJ~QFRUUHVSRQGDLQVWUXLUi\SURSRUFLRQDUD
HTXLSRVGHSURWHFFLyQSHUVRQDODODVYLVLWDV\SURYHHGRUHV
 3URPRYHUiHQWRGRVORVQLYHOHVXQDFXOWXUDGHSUHYHQFLyQGHORVULHVJRVHQHOWUDEDMR
 3DUD HO FDVR GHO &RPLWp GH 6HJXULGDG \ 6DOXG HQ HO 7UDEDMR 3529,$6 1$&,21$/ GDUi
IDFLOLGDGHV \ DGRSWDUi PHGLGDV DGHFXDGDV TXH DVHJXUHQ HO IXQFLRQDPLHQWR HIHFWLYR GHO
&RPLWpGH6HJXULGDGHQHO7UDEDMR\EULQGDUiODDXWRULGDGTXHUHTXLHUDSDUDOOHYDUDFDER
VXVIXQFLRQHV
 3DUD HO FDVR GHO 6XSHUYLVRU GH 6HJXULGDG \ 6DOXG HQ HO 7UDEDMR 3529,$6 1$&,21$/
EULQGDUiDO 6XSHUYLVRU GH 6HJXULGDG \ 6DOXG HQ HO 7UDEDMR OD DXWRULGDG TXH UHTXLHUD SDUD
OOHYDUDFDERVXVIXQFLRQHV
 3DUD HO FDVR GHO &RPLWp GH 6HJXULGDG \ 6DOXG HQ HO 7UDEDMR 3529,$6 1$&,21$/
JDUDQWL]DUiHOFXPSOLPLHQWRGHORVDFXHUGRVDGRSWDGRVSRUHO&RPLWpGH6HJXULGDG\6DOXG
HQHO7UDEDMRGHFRQIRUPLGDGFRQORSUHYLVWRHQHODUWtFXORžGHO5HJODPHQWRGHOD/H\GH
6HJXULGDG\6DOXGHQHO7UDEDMR
 3DUD HO FDVR GHO 6XSHUYLVRU GH 6HJXULGDG \ 6DOXG HQ HO 7UDEDMR 3529,$6 1$&,21$/
JDUDQWL]DUiHOFXPSOLPLHQWRGHORVDFXHUGRVTXHpVWHKD\DDGRSWDGRFRQHO6XSHUYLVRUGH
6HJXULGDG\6DOXGHQHO7UDEDMRTXHFRQVWHQHQHOUHJLVWURUHVSHFWLYRGHFRQIRUPLGDGFRQOR
SUHYLVWRHQHODUWtFXORžGHO5HJODPHQWRGHOD/H\GH6HJXULGDG\6DOXGHQHO7UDEDMR
 5HVSRQGHU  D FXDOTXLHU FRQWLQJHQFLD D ILQ GH PLQLPL]DU VXV HIHFWRV DGYHUVRV VXV
LQVWDODFLRQHV\ODViUHDVGHWUDEDMR


$  '(/2675$%$-$'25(6

$UWLFXOR(QDSOLFDFLyQGHOSULQFLSLRGHSUHYHQFLyQWRGRWUDEDMDGRUHVWiREOLJDGRDFXPSOLU
ODV QRUPDV FRQWHQLGDV HQ HVWH 5HJODPHQWR \ RWUDV GLVSRVLFLRQHV FRPSOHPHQWDULDV
LQFOX\HQGRDOSHUVRQDOVXMHWRDORVUHJtPHQHVGHLQWHUPHGLDFLyQ\WHUFHUL]DFLyQPRGDOLGDGHV
IRUPDWLYDVODERUDOHV\ORVTXHSUHVWDQVHUYLFLRVGHPDQHUDLQGHSHQGLHQWHVLHPSUHTXHpVWRV
GHVDUUROOHQ VXV DFWLYLGDGHV WRWDO R SDUFLDOPHQWH HQ ODV LQVWDODFLRQHV GH OD (QWLGDG (Q HVH
VHQWLGRORVWUDEDMDGRUHV

 +DUiQ XVR DGHFXDGR GH WRGRV ORV UHVJXDUGRV GLVSRVLWLYRV GH VHJXULGDG HTXLSRV GH
SURWHFFLyQ SHUVRQDO \ GHPiV PHGLRV VXPLQLVWUDGRV GH DFXHUGR FRQ OR GLVSXHVWR HQ HO
SUHVHQWH 5HJODPHQWR SDUD VX SURWHFFLyQ R OD GH WHUFHURV $VLPLVPR FXPSOLUiQ WRGDV ODV
LQVWUXFFLRQHV GH VHJXULGDG SURFHGHQWH R DSUREDGD SRU OD DXWRULGDG FRPSHWHQWH
UHODFLRQDGDVFRQHOWUDEDMR
 'HEHUiQ LQIRUPDU D VX MHIH LQPHGLDWR \ HVWRV D VX YH] D OD ,QVWDQFLD 6XSHULRU GH ORV
DFFLGHQWHVHLQFLGHQWHVRFXUULGRVDVtFRPRODVFRQGLFLRQHVGHWUDEDMRLQVHJXUDV
 6H DEVWHQGUiQ GH LQWHUYHQLU PRGLILFDU GHVSOD]DU GDxDU R GHVWUXLU ORV GLVSRVLWLYRV GH
VHJXULGDG R DSDUDWRV GHVWLQDGRV SDUD VX SURWHFFLyQ \ OD GH WHUFHURV DVLPLVPR QR
PRGLILFDUiQORVPpWRGRVRSURFHGLPLHQWRVDGRSWDGRVSRUOD(QWLGDG
 0DQWHQGUiQFRQGLFLRQHVGHRUGHQ\OLPSLH]DHQWRGRVORVOXJDUHV\DFWLYLGDGHV
 6HVRPHWHUiQDORVH[iPHQHVPpGLFRVDTXHHVWpQREOLJDGRVSRUQRUPDH[SUHVDVLHPSUH\
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϳ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






FXDQGRVHJDUDQWLFHODFRQILGHQFLDOLGDGGHODFWRPpGLFR
 (VWDUiQ SURKLELGRV GH HIHFWXDU EURPDV MXHJRV EUXVFRV  RDFWRV TXH SRQJDQ HQULHVJR OD
YLGDGHRWURWUDEDMDGRU\GHWHUFHURV\SRUQLQJXQDFLUFXQVWDQFLDWUDEDMDUEDMRHOHIHFWRGH
EHELGDVDOFRKyOLFDVRHVWXSHIDFLHQWHV
 3RUWDUHQOXJDUYLVLEOHGXUDQWHODMRUQDGDGHWUDEDMRODLGHQWLILFDFLyQRWRUJDGDSRUOD(QWLGDG


$  '(/$62%/,*$&,21(6<5(63216$%,/,'$'(6'(/&2175$7,67$

$UWLFXOR  (Q DSOLFDFLyQ GHO SULQFLSLR GH SUHYHQFLyQ WRGD SHUVRQD QDWXUDO R MXUtGLFD TXH
FRQWUDWHFRQ3529,$61$&,21$/HVWiREOLJDGDDFXPSOLUODVQRUPDVFRQWHQLGDVHQOD/H\
GH6HJXULGDG\6DOXG\VX5HJODPHQWR\RWUDVGLVSRVLFLRQHVFRPSOHPHQWDULDV

% 25*$1,=$&,Ð1,17(51$'(6(*85,'$'<6$/8'(1(/75$%$-2


% )81&,21(6<5(63216$%,/,'$'(6'(/&20,7e'(6(*85,'$'<6$/8'(1(/75$%$-2
2'(/683(59,625'(6(*85,'$'<6$/8'(1(/75$%$-2'(6(5(/&$62

$UWtFXOR7RGDUHXQLyQDFXHUGRRHYHQWRGHO&RPLWpGH6HJXULGDG\6DOXGHQHO7UDEDMRGHEH
VHU DVHQWDGR HQ XQ /LEUR GH $FWDV H[FOXVLYDPHQWH GHVWLQDGR SDUD HVWRV ILQHV (Q HO FDVR GHO
6XSHUYLVRU GH 6HJXULGDG \ 6DOXG HQ HO 7UDEDMR pVWH GHEH OOHYDU XQ UHJLVWUR GRQGH FRQVWHQ ORV
DFXHUGRVDGRSWDGRVFRQODPi[LPDDXWRULGDGGHOD(QWLGDG 

3DUDHOFDVRGHO&RPLWpGH6HJXULGDG\6DOXGHQHO7UDEDMR
(O&RPLWpGH6HJXULGDG\6DOXGHQHO7UDEDMRWHQGUiODVVLJXLHQWHVIXQFLRQHV
 &RQRFHUORVGRFXPHQWRVHLQIRUPHVUHODWLYRVDODVFRQGLFLRQHVGHWUDEDMRTXHVHDQQHFHVDULRV
SDUDHOFXPSOLPLHQWRGHVXVIXQFLRQHVDVtFRPRORVSURFHGHQWHVGHODDFWLYLGDGGHOVHUYLFLRGH
VHJXULGDG\VDOXGHQHOWUDEDMR
 $SUREDUHO5HJODPHQWR,QWHUQRGH6HJXULGDG\6DOXG
 $SUREDUHO3URJUDPD$QXDOGH6HJXULGDG\6DOXGHQHO7UDEDMR
 &RQRFHU\DSUREDUOD3URJUDPDFLyQ$QXDOGHO6HUYLFLRGH6HJXULGDG\6DOXGHQHO7UDEDMR
 3DUWLFLSDUHQODHODERUDFLyQDSUREDFLyQSXHVWDHQSUiFWLFD\HYDOXDFLyQGHODVSROtWLFDVSODQHV
\SURJUDPDVGHSURPRFLyQGHODVHJXULGDG\VDOXGHQHOWUDEDMRGHODSUHYHQFLyQGHDFFLGHQWHV
\HQIHUPHGDGHVRFXSDFLRQDOHV
 $SUREDUHO3ODQ$QXDOGH&DSDFLWDFLyQGHORVWUDEDMDGRUHVVREUHVHJXULGDG\VDOXGHQHOWUDEDMR
 3URPRYHU TXH WRGRV ORV QXHYRV WUDEDMDGRUHV UHFLEDQ XQD DGHFXDGD IRUPDFLyQ LQVWUXFFLyQ \
RULHQWDFLyQVREUHSUHYHQFLyQGHULHVJRV
 9LJLODUHOFXPSOLPLHQWRGHODOHJLVODFLyQODVQRUPDVLQWHUQDV\ODVHVSHFLILFDFLRQHVWpFQLFDVGHO
WUDEDMRUHODFLRQDGDVFRQODVHJXULGDG\VDOXGHQHOOXJDUGHWUDEDMRDVtFRPRHO5HJODPHQWR
,QWHUQRGH6HJXULGDG\6DOXGHQHO7UDEDMR
 $VHJXUDU TXH ORV WUDEDMDGRUHV FRQR]FDQ ORV UHJODPHQWRV LQVWUXFFLRQHV HVSHFLILFDFLRQHV
WpFQLFDVGHWUDEDMRDYLVRV\GHPiVPDWHULDOHVHVFULWRVRJUiILFRVUHODWLYRVDODSUHYHQFLyQGH
ORVULHVJRVHQHOOXJDUGHWUDEDMR
 3URPRYHUHOFRPSURPLVRODFRODERUDFLyQ\ODSDUWLFLSDFLyQDFWLYDGHWRGRVORVWUDEDMDGRUHVHQ
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϴ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






ODSUHYHQFLyQGHORVULHVJRVGHOWUDEDMRPHGLDQWHODFRPXQLFDFLyQHILFD]ODSDUWLFLSDFLyQGHORV
WUDEDMDGRUHV HQ OD VROXFLyQ GH ORV SUREOHPDV GH VHJXULGDG OD LQGXFFLyQ OD FDSDFLWDFLyQ HO
HQWUHQDPLHQWRFRQFXUVRVVLPXODFURVHQWUHRWURV
 5HDOL]DULQVSHFFLRQHVSHULyGLFDVHQODViUHDVDGPLQLVWUDWLYDViUHDVRSHUDWLYDVLQVWDODFLRQHV
PDTXLQDULD\HTXLSRVDILQGHUHIRU]DUODJHVWLyQSUHYHQWLYD
 &RQVLGHUDUODVFLUFXQVWDQFLDVHLQYHVWLJDUODVFDXVDVGHWRGRVORVLQFLGHQWHVDFFLGHQWHV\GH
ODV HQIHUPHGDGHV RFXSDFLRQDOHV TXH RFXUUDQ HQ HO OXJDU GH WUDEDMR HPLWLHQGR ODV
UHFRPHQGDFLRQHVUHVSHFWLYDVSDUDHYLWDUODUHSHWLFLyQGHpVWRV
 9HULILFDU HO FXPSOLPLHQWR \ HILFDFLD GH VXV UHFRPHQGDFLRQHV SDUD HYLWDU OD UHSHWLFLyQ GH ORV
DFFLGHQWHV\ODRFXUUHQFLDGHHQIHUPHGDGHVSURIHVLRQDOHV
 +DFHU UHFRPHQGDFLRQHV DSURSLDGDV SDUD HO PHMRUDPLHQWR GH ODV FRQGLFLRQHV \ HO PHGLR
DPELHQWH GH WUDEDMR YHODU SRUTXH VH OOHYHQ D FDER ODV PHGLGDV DGRSWDGDV \ H[DPLQDU VX
HILFLHQFLD
 $QDOL]DU \ HPLWLU LQIRUPHV GH ODV HVWDGtVWLFDV GH ORV LQFLGHQWHV DFFLGHQWHV \ HQIHUPHGDGHV
RFXSDFLRQDOHV RFXUULGDV HQ HO OXJDU GH WUDEDMR FX\R UHJLVWUR \ HYDOXDFLyQ GHEHQ VHU
FRQVWDQWHPHQWH DFWXDOL]DGRV SRU ODV -HIDWXUDV GH $EDVWHFLPLHQWR \ 6HUYLFLRV HQ WHPDV GH
6HJXULGDG\GH5HFXUVRV+XPDQRVHQDVSHFWRVGH6DOXG2FXSDFLRQDOGHOD8QLGDG*HUHQFLDO
GH$GPLQLVWUDFLyQ
 6XSHUYLVDUORVVHUYLFLRVGHVHJXULGDG\VDOXGHQHOWUDEDMR\ODDVLVWHQFLD\DVHVRUDPLHQWRDO
HPSOHDGRU\DOWUDEDMDGRU
 5HSRUWDUDOD'LUHFFLyQ(MHFXWLYDODVLJXLHQWHLQIRUPDFLyQ
™ (ODFFLGHQWHPRUWDORHOLQFLGHQWHSHOLJURVRGHPDQHUDLQPHGLDWD
™ /DLQYHVWLJDFLyQGHFDGDDFFLGHQWHPRUWDO\PHGLGDVFRUUHFWLYDVDGRSWDGDVGHQWURGHORV
GLH]  GtDVGHRFXUULGR
™ /DVHVWDGtVWLFDVWULPHVWUDOHVGHDFFLGHQWHVLQFLGHQWHV\HQIHUPHGDGHVRFXSDFLRQDOHV
™ /DVDFWLYLGDGHVWULPHVWUDOHVGHO&RPLWpGH6HJXULGDG\6DOXGHQHO7UDEDMR±&667
 /OHYDUHQHOOLEURGHDFWDVHOFRQWUROGHOFXPSOLPLHQWRGHORVDFXHUGRV
 5HXQLUVHPHQVXDOPHQWHHQIRUPDRUGLQDULDSDUDDQDOL]DU\HYDOXDUHODYDQFHGHORVREMHWLYRV
HVWDEOHFLGRV HQ HO 3URJUDPD $QXDO \ HQ IRUPD H[WUDRUGLQDULD SDUD DQDOL]DU DFFLGHQWHV TXH
UHYLVWDQJUDYHGDGRFXDQGRODVFLUFXQVWDQFLDVORH[LMDQ
 6ROLFLWDUDVHVRUtDDOD $XWRULGDG&RPSHWHQWHSDUDUHVROYHUORVSUREOHPDVUHODFLRQDGRVFRQOD
SUHYHQFLyQGHULHVJRVGHDFXHUGRFRQODVGLVSRVLFLRQHVOHJDOHVYLJHQWHV
3DUDHOFDVRGHO6XSHUYLVRUGH6HJXULGDG\6DOXGHQHO7UDEDMR
(O 6XSHUYLVRU GH 6HJXULGDG \ 6DOXG HQ HO 7UDEDMR GHEH OOHYDU XQ UHJLVWUR GRQGH FRQVWHQ ORV
DFXHUGRVDGRSWDGRVFRQODPi[LPDDXWRULGDGGHOHPSOHDGRU

(O&RPLWpGH6HJXULGDG\6DOXGHQHO7UDEDMR R6XSHUYLVRUGH6HJXULGDG\6DOXGHQHO7UDEDMR
GHVHUHOFDVR WHQGUiODVVLJXLHQWHVUHVSRQVDELOLGDGHV
- 'HEHGHVDUUROODUVXVIXQFLRQHVFRQVXMHFLyQDORVHxDODGRHQOD/H\GH6HJXULGDG\
6DOXGHQHO7UDEDMR\VX5HJODPHQWRQRHVWDQGRIDFXOWDGRDUHDOL]DUDFWLYLGDGHVFRQ
ILQHVGLVWLQWRVDODSUHYHQFLyQ\SURWHFFLyQGHODVHJXULGDG\VDOXG
- &RRUGLQD\DSR\DODVDFWLYLGDGHVGHORV6XEFRPLWpVRGHO6XSHUYLVRUGH6HJXULGDG\
6DOXGHQHO7UDEDMRGHVHUHOFDVR
- 5HDOL]D VXV DFWLYLGDGHV HQ FRRUGLQDFLyQ FRQ HO 6HUYLFLR GH 6HJXULGDG \ 6DOXG HQ HO
7UDEDMR
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϵ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






- $QXDOPHQWHUHGDFWDXQLQIRUPHUHVXPHQGHODVODERUHVUHDOL]DGDV

% 25*$1,*5$0$'(/&20,7e'(6(*85,'$'<6$/8'(1(/75$%$-2&667

$UWtFXOR  (O SUHVHQWH RUJDQLJUDPD HV OD UHSUHVHQWDFLyQ JUiILFD GH OD HVWUXFWXUD RUJiQLFD  GHO
&RPLWpGH6HJXULGDG\6DOXGHQHO7UDEDMR/D(QWLGDGDGRSWDUiHOVLJXLHQWHRUJDQLJUDPD
IXQFLRQDOSDUDHO&RPLWp

1RWDGHDFXHUGRDOD/H\GHEHUiSDUWLFLSDUXQPLHPEURGHOVLQGLFDWRPD\RULWDULRHQFDOLGDGGH
REVHUYDGRUHQODVUHXQLRQHVGHOFRPLWp

352*5$0$

(O &RPLWp GH 6HJXULGDG \ 6DOXG HQ HO 7UDEDMR DSUREDUi HO 3URJUDPD $QXDO GH 6HJXULGDG \
6DOXGHQHO7UDEDMRTXHHVHOFRQMXQWRGHDFWLYLGDGHVGHSUHYHQFLyQHQVHJXULGDG\VDOXGHQHO
WUDEDMRTXHHVWDEOHFHOD(QWLGDGSDUDHMHFXWDUDORODUJRGHXQDxR(VWHSURJUDPDGHEHUiVHU
HODERUDGRSRUTXLHQHVWLHQHQDVXFDUJRODVHJXULGDG\VDOXGHQHOWUDEDMRHQODHQWLGDG\IRUPD
SDUWHGHODGRFXPHQWDFLyQGHO6LVWHPDGH*HVWLyQGHOD6HJXULGDG\6DOXGHQHO7UDEDMRTXH
GHEHH[KLELUHOHPSOHDGRU(VWHSURJUDPDGHEHUiHVWDUHQUHODFLyQDORVREMHWLYRVFRQWHQLGRVHQ
HOSUHVHQWH5HJODPHQWR\DORVRWURVHOHPHQWRVTXHJDUDQWLFHQXQWUDEDMRHQIRUPDSUHYHQWLYD\
VLVWHPiWLFD FRQWUD ORV ULHVJRV H[LVWHQWHV HQ ORV FHQWURV GH WUDEDMR /RV REMHWLYRV GHEHQ VHU
PHGLEOHV \ WUD]DEOHV /XHJR GH KDEHU DQDOL]DGR \ VHOHFFLRQDGR ORV REMHWLYRV FRQWHQLGRV
DFFLRQHVUHFXUVRV\RWURVHOHPHQWRVHO&RPLWpGH6HJXULGDG\6DOXGHQHO7UDEDMRDSUREDUiHO
PHQFLRQDGR SURJUDPD DVLPLVPR SDUWLFLSD HQ OD SXHVWD HQ SUiFWLFD \ HYDOXDFLyQ GHO PLVPR
3529,$61$&,21$/DVXPHHOOLGHUD]JRGHO6LVWHPDGH*HVWLyQGHOD6HJXULGDG\6DOXGHQHO
7UDEDMR

0$3$'(5,(6*26

(O 0DSD GH 5LHVJRV HVXQ SODQR GH ODV FRQGLFLRQHV GH WUDEDMR TXH SXHGH HPSOHDU GLYHUVDV
WpFQLFDVSDUDLGHQWLILFDU\ORFDOL]DUORVSUREOHPDV\ODVDFFLRQHVGHSURPRFLyQ\SURWHFFLyQGHOD
VDOXGGHORVWUDEDMDGRUHVHQOD(QWLGDG\ORVVHUYLFLRVTXHSUHVWD
(V XQD KHUUDPLHQWD SDUWLFLSDWLYD \ QHFHVDULD SDUD OOHYDU D FDER ODV DFWLYLGDGHV GH ORFDOL]DU
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϬ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






FRQWURODUGDUVHJXLPLHQWR\UHSUHVHQWDUHQIRUPDJUiILFDORVDJHQWHVJHQHUDGRUHVGHULHVJRV
TXH RFDVLRQDQ DFFLGHQWHV LQFLGHQWHV SHOLJURVRV RWURV LQFLGHQWHV \ HQIHUPHGDGHV
RFXSDFLRQDOHVHQHOWUDEDMR

& ,03/(0(17$&,Ð1'(5(*,67526<'2&80(17$&,Ð1'(/6,67(0$'(*(67,Ð1'(
6(*85,'$'<6$/8'(1(/75$%$-2

$UWLFXOR3DUDODHYDOXDFLyQGHO6LVWHPDGH*HVWLyQGH6HJXULGDG\6DOXGHQHO7UDEDMR
6673529,$61$&,21$/GHEHUiWHQHUORVVLJXLHQWHVUHJLVWURV

 5HJLVWURGHDFFLGHQWHVGHWUDEDMRHQIHUPHGDGHVRFXSDFLRQDOHVLQFLGHQWHVSHOLJURVRV\RWURV
LQFLGHQWHVHQHOTXHGHEHQFRQVWDUODLQYHVWLJDFLyQ\ODVPHGLGDVFRUUHFWLYDV
 5HJLVWURVGHH[iPHQHVPpGLFRVRFXSDFLRQDOHV
 5HJLVWUR GHO PRQLWRUHR GH DJHQWHV ItVLFRV TXtPLFRV ELROyJLFRV SVLFRVRFLDOHV \ IDFWRUHV GH
ULHVJRGLVHUJRQyPLFRV
 5HJLVWURVGHLQVSHFFLRQHVLQWHUQDVGHVHJXULGDG\VDOXG
 5HJLVWURVGHHVWDGtVWLFDVGHVHJXULGDG\VDOXG
 5HJLVWURVGHHTXLSRVGHVHJXULGDGRHPHUJHQFLD
 5HJLVWURVGHLQGXFFLyQFDSDFLWDFLyQHQWUHQDPLHQWR\VLPXODFURVGHHPHUJHQFLD
 5HJLVWURVGHDXGLWRUtD

' )81&,21(6<5(63216$%,/,'$'(6'(/$6(035(6$6(17,'$'(638%/,&$62
35,9$'$648(%5,1'$16(59,&,26

$UWtFXOR  /DV HPSUHVDV FRQWUDWLVWDV VXEFRQWUDWLVWDV HPSUHVDV HVSHFLDOHV GH VHUYLFLRV \
FRRSHUDWLYDVGHWUDEDMDGRUHVGHEHUiQJDUDQWL]DU

 /D VHJXULGDG \ VDOXG GH ORV WUDEDMDGRUHV TXH VH HQFXHQWUHQ HQ HO OXJDU GRQGH IXHURQ
GHVWDFDGRV
 /D FRQWUDWDFLyQ GH ORV VHJXURV GH DFXHUGR D ODV QRUPDV YLJHQWHV GXUDQWH OD HMHFXFLyQ GHO
WUDEDMR
 (OFXPSOLPLHQWRGHODQRUPDWLYLGDGHQPDWHULDGHVHJXULGDG\VDOXGHQHOWUDEDMR
 2WUDV TXH VH GHULYHQ GH OD REOLJDFLyQ HVWDEOHFLGD SRU 3529,$6 1$&,21$/ HQ PDWHULD GH
VHJXULGDG\VDOXGHQHOWUDEDMRGHDFXHUGRDODVQRUPDVYLJHQWHV


( 5(63216$%,/,'$'(6<6$1&,21(6

$UWLFXOR'HODV5HVSRQVDELOLGDGHV

/DV UHVSRQVDELOLGDGHV SRU LQFXPSOLPLHQWR GH ODV GLVSRVLFLRQHV HVWDEOHFLGDV HQ HO 5HJODPHQWR \
GHPiV GLVSRVLFLRQHV FRPSOHPHQWDULDV FRUUHVSRQGHQ D WRGDV ODV SHUVRQDV QDWXUDOHV \ MXUtGLFDV
QDFLRQDOHVRH[WUDQMHUDVTXHUHDOL]DQDFWLYLGDGHVHQIRUPDSHUPDQHQWHRHYHQWXDOHQOD(QWLGDG/DV
VDQFLRQHVTXHILMDHO5HJODPHQWRVRQDSOLFDEOHVVLQSHUMXLFLRGHODVUHVSRQVDELOLGDGHVFLYLORSHQDO
TXHGHHOODGHYHQJD

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϭ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 







$UWLFXOR'HODVVDQFLRQHV

/RVWUDEDMDGRUHVGHOD(QWLGDGHQFDVRGHLQFXPSOLPLHQWRGHORSUHVFULWRHQHO5HJODPHQWRVHUiQ
VDQFLRQDGRVSRU3529,$61$&,21$/GHDFXHUGRFRQHOUHJODPHQWRGHWUDEDMR\OHJLVODFLyQYLJHQWH
GHOSDtV




7,78/29,
(67É1'$5(6'(6(*85,'$'<6$/8'(1/$623(5$&,21(6



(67É1'$5(6'(6(*85,'$'<6$/8'

$UWtFXOR $63(&726*(1(5$/(6

 1R XELFDU HOHPHQWRV GHFRUDWLYRV HQ HVSHFLDO GH YLGULR VREUH HVWDQWHUtDV DQDTXHOHV R ERUGH GH ORV
HVFULWRULRV
 8WLOL]DUODURSDGHWUDEDMR XQLIRUPHV SURSRUFLRQDGRVSRUODHQWLGDG
 7HQHURUGHQDGR\OLPSLRHOIUHQWHGHWUDEDMRHQHOFXDOHVWiODERUDQGR
 0LHQWUDVUHDOLFHVXWUDEDMRQRGHEHGHMDUPDWHULDOHVKHUUDPLHQWDVRDFFHVRULRVHQOXJDUHVLQVHJXURV
TXHLPSOLTXHQXQULHVJRGHDFFLGHQWH
 /D PDQLSXODFLyQ GH VXVWDQFLDV LQIODPDEOHV GHEH HIHFWXDUVH HQ HVSDFLRV OLEUHV \ FRQ YHQWLODFLyQ
VXILFLHQWH
 /RV HQYDVHV FRQ VXVWDQFLDV LQIODPDEOHV GHEHQ LGHQWLILFDUVH FODUDPHQWH \ DOPDFHQDGDV HQ XQ iUHD
DLVODGDWHFKDGD\YHQWLODGD6HGHEHUiHWLTXHWDUHLGHQWLILFDUODVVXVWDQFLDV
 (QJHQHUDOWRGRVORVOXJDUHVGHWUDEDMRFLUFXODFLyQDOPDFHQDMH\GHVHUYLFLRGHEHQVHUPDQWHQLGRV
OLPSLRV\RUGHQDGRV\HQEXHQDVFRQGLFLRQHVVDQLWDULDV6HGHEHGLVSRQHUGHUHFLSLHQWHVRGHSyVLWRV
SDUDGHVSHUGLFLRVDGHFXDGDPHQWHXELFDGRV\VHxDOL]DGRV


$UWtFXOR6$/8'2&83$&,21$/

 (V REOLJDFLyQ GH WRGR HO SHUVRQDO GH FXPSOLU FRQ UHDOL]DUVH ORV H[iPHQHV PpGLFRV RFXSDFLRQDOHV
SURJUDPDGRVSRU3529,$61$&,21$/WDQWRDOLQJUHVRGXUDQWHHOGHVDUUROORGHVXVODERUHVFRPR
DO UHWLUR SXHV HVWRV DVHJXUDQ HO GLDJQyVWLFR RSRUWXQR GH HQIHUPHGDGHV RFXSDFLRQDOHV 7RGR
SHUVRQDODVXPHHOFRPSURPLVRGHFXPSOLUFRQODVLQGLFDFLRQHVPpGLFDVLQWHUQDV\H[WHUQDVFRQHO
ILQGHHYLWDUULHVJRVSRULQFXPSOLPLHQWRGHGLFKDVLQGLFDFLRQHV

 4XHGD WHUPLQDQWHPHQWH SURKLELGR ODERUDU EDMR ORV HIHFWRV GH EHELGDV DOFRKyOLFDV DOXFLQyJHQRV \
RWURVVHPHMDQWHVPHGLFDPHQWRVFRQFDSDFLGDGGHGLVPLQXLUODVFDSDFLGDGHVGHDFFLyQ\UHDFFLyQ

 7RGRSHUVRQDOGHEHUiGHSDUWLFLSDUHQORVSURJUDPDVGHVDOXGRFXSDFLRQDO\DTXHHVWRVVLUYHQSDUD
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϮ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 
 





SUHYHQLUORVULHVJRVSDUDODVDOXG


6(*85,'$'&21/$6$&7,9,'$'(6$'0,1,675$7,9$6(12),&,1$6

$UWtFXOR$5&+,9$'25(6<$50$5,26

 &RORTXH ORV REMHWRVGH PD\RUSHVRHQ ORV FDMRQHVR DQDTXHOHV LQIHULRUHV \QRVREUHFDUJXH


HVWRV
 9HULILTXH TXH ORV DUPDULRV DUFKLYDGRUHV YLWULQDV \ DQDTXHOHV VH HQFXHQWUHQ GHELGDPHQWH
DVHJXUDGRV SLVRSDUHG RHVWDELOL]DGRV\EDODQFHDGRVGHDFXHUGRFRQHOWLSRGHPXHEOH
 (YLWHDEULUPiVGHXQFDMyQDOPLVPRWLHPSR
 0DQWHQJD ORV FDMRQHV GHO DUFKLYDGRU HVFULWRULR PHVD R DUPDULRV FHUUDGRV SDUD HYLWDU
JROSHDUVHFRQWUDHOORVDOVDOLUUiSLGDPHQWH
 2UJDQL]DUODVVXSHUILFLHVGHWUDEDMR HVFULWRULRV PHVDVPyGXORVGHFyPSXWR SDUDTXHSXHGD
GLVSRQHUGHXQDPDQHUDFyPRGDGHVXHTXLSR\RWURVHOHPHQWRVGHWUDEDMR
 &RQ UHODFLyQ D ORV ~WLOHV HTXLSRV GH WUDEDMR \ PDWHULDOHV HQ JHQHUDO VH GHEH WHQHU HQ
FRQVLGHUDFLyQORVLJXLHQWH
 &RORFDU ORV LPSOHPHQWRV GH WUDEDMR TXH XWLOL]D FRQ PD\RU IUHFXHQFLD DO IiFLO DOFDQFH GH ODV
PDQRV
 1R FRORFDU PDWHULDOHV X REMHWRV HQ OD SDUWH VXSHULRU GH HVWDQWHV DUFKLYDGRUHV R PXHEOHV
GRQGHVHDGLItFLODOFDQ]DUORV
 1RXELFDUFDMDVSDSHOHUtDXRWURWLSRGHHOHPHQWRVGHEDMRGHHVFULWRULRVRPHVDGHWUDEDMR
SXHVWRTXHHVWDVLWXDFLyQOLPLWDHODFHUFDPLHQWRDOSODQRGHWUDEDMRHLQFUHPHQWDODIDWLJD
 0DQWHQHUHOHVFULWRULRySXHVWRGHWUDEDMRVyORORLQGLVSHQVDEOHSDUHUHDOL]DUODVDFWLYLGDGHV
 $VHJXUDUVHGHTXHVXSODQRGHWUDEDMRQRHVWHDXQQLYHOGHPDVLDGRDOWRRGHPDVLDGREDMR
 /DDOWXUDGHOHVFULWRULRRGHOWDEOHURGHODPHVDGHEHSHUPLWLUHOVXILFLHQWHHVSDFLRSDUDDFRPRGDUODV
SLHUQDVGHPRGRTXHIDFLOLWHORV DMXVWHV GH SRVWXUD SDUD HO WUDEDMDGRU VHQWDGR D OD YH] TXH
WDPELpQSHUPLWDXQiQJXORGHžDƒSDUDHOFRGR
 1RGHEHXWLOL]DUVHFDOHQWDGRUHVHOpFWULFRVGHDJXDHQORVSXHVWRVGHWUDEDMRHVWRVSRGUiQVHU
XWLOL]DGRVVRORHQODViUHDVGHVWLQDGDVSDUDFDIHWHUtDVRHQiUHDVH[FOXVLYDVGHQWURGHRILFLQDVOHMRV
GHPDWHULDOHVFRPEXVWLEOHVWDOHVFRPRFRUWLQDVSDSHOHVHWF
 'HEHUiQ XWLOL]DUVH FDOHQWDGRUHV HTXLSDGRV FRQ LQWHUUXSWRUHV TXH DXWRPiWLFDPHQWH DSDJXHQ
HODSDUDWRVLHVWHOOHJDUDDYROWHDUVH
 0DQWHQHUODV]RQDVGHWUiQVLWR SDVLOORVGHQWURGHRILFLQDVFRUUHGRUHViUHDVFRPXQHVYtDV
GHHYDFXDFLyQ OLEUHVGHREVWiFXORV FDMDVSDSHOHVFDEOHVVXHOWRVHWF 
 /RV YHQWLODGRUHV TXH VHDQ XWLOL]DGRV HQ ODV iUHDV GH WUDEDMR GHEHUiQ SRVHHU SURWHFWRUHV
(VWRVGHEHUiQHYLWDUTXHVHSXHGDQPHWHUORVGHGRVHQODPDOODSURWHFWRUD
 1RDGRSWDUSRVWXUDVLQFRUUHFWDVFRPRVHQWDUVHVREUHXQDSLHUQDRVHQWDUVHFRQODVSLHUQDV
FUX]DGDVQLVXMHWDUHODXULFXODUGHOWHOpIRQRFRQHOKRPEUR
 'HEHUi PDQWHQHUVH ODV iUHDV GH WUDEDMR OLPSLDV \ RUGHQDGDV /D EDVXUD \ ORV GHVSHUGLFLRV
GHEHUiQVHUFRORFDGRVHQORVUHFLSLHQWHVGHEDVXUDFRUUHVSRQGLHQWHV
 7RGRV ORV FDEOHV TXH FUXFHQ iUHDV SRU GRQGH VH FDPLQD GHEHUiQ ILMDUVH DO SLVR \ VHU
FXELHUWRVFRQSURWHFWRUHVSDUDHYLWDUTXHHOSHUVRQDOFRUUDHOULHVJRGHWURSH]DUVHFRQHOORV

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϯ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






 1R VREUHFDUJDU ORV WRPDFRUULHQWHV XWLOL]DQGR HQFKXIHV P~OWLSOHV X RWURV GLVSRVLWLYRV
HOpFWULFRV
 $O WHUPLQDU OD WDUHD GLDULD GHMDU DSDJDGR ODV FRPSXWDGRUDV YHQWLODGRUHV UDGLRV \ WRGR
DTXHOORTXHIXQFLRQHFRQHQHUJtDHOpFWULFD
 8WLOL]DUHOSDVDPDQRFDGDYH]TXHVHWUDQVLWHSRUXQDHVFDOHUD1RFRUUHUHQODVHVFDOHUDV
 1R JXDUGH HOHPHQWRV FRUWDQWHV R SXQ]DQWHV FXFKLOODV \ FKLQFKHV  HQ OXJDUHV R UHFLSLHQWHV
LQDGHFXDGRV FRQORVFOLSVRHQHOSRUWDOiSL] 
 1RGHEHQOOHYDUVHHQORVEROVLOORVORVOiSLFHVPX\SXQWLDJXGRV
 7HQJD FXLGDGR DO PDQLSXODU IDVWHQHUV GH PHWDO HVSHFLDOPHQWH DO DVHJXUDUORV SXHGHQ
SURGXFLUFRUWHV
 8WLOLFHHOVDFDJUDSDVSDUDVDFDUJUDSDVGHQLQJXQDPDQHUDXWLOLFHVXVXxDV
 0DQWHQJDODVWLMHUDVHQVXHVWXFKHSDUDHYLWDUSXQ]DUVHFRQHOODV

$UWtFXOR (5*2120,$
$ ILQ GH SUHYHQLU \ UHGXFLU ORV ULHVJRV GH GDxRV D OD FROXPQD VH GHEH FXPSOLU FRQ ORV VLJXLHQWHV
HVWiQGDUHV
 /D DOWXUD GH OD VLOOD GHEH UHJXODUVH D XQD DOWXUD DGHFXDGD FRQ UHVSHFWR D OD PHVD GHO
WHFODGR/DOtQHDVXSHULRUGHODSDQWDOODQRGHEHHQFRQWUDUVHSRUHQFLPDGHODDOWXUDGHORV
RMRV
 (OUHVSDOGRGHODVVLOODVGHEHWHQHUXQDVXDYHSURPLQHQFLDSDUDDSR\DUOD]RQDOXPEDU
 5HDOLFHSDXVDVDFWLYDVFRQHOILQGHUHODMDUORVP~VFXORV\HYLWDUHOHVWUpV

$UWtFXOR ,/80,1$&,21
3DUDODLOXPLQDFLyQGHOiUHDGHWUDEDMRVHVHJXLUiQODVVLJXLHQWHVUHFRPHQGDFLRQHV
 8WLOL]DU DO Pi[LPR OD OX] QDWXUDO TXH LQJUHVD D WUDYpV GH YHQWDQDOHV ORV FXDOHV GHEHQ
SHUPDQHFHUOLPSLRV\OLEUHVGHREVWiFXORV
 5HJXOHHOLQJUHVRH[FHVLYRGHOX]PHGLDQWHSHUVLDQDVRFRUWLQDV
 /DV OXPLQDULDV GHEHUiQ VXPLQLVWUDU XQD GLVWULEXFLyQ XQLIRUPH OOHYDUiQ UHMLOODV R SDQWDOODV
GLIXVRUDVSDUDHYLWDUHOGHVOXPEUDPLHQWR
 (PSOHDU FRORUHV FODURV SDUD ODV SDUHGHV \ WHFKRV FXDQGR VH UHTXLHUDQ PD\RUHV QLYHOHV GH
LOXPLQDFLyQHVWRVSHUPLWHQXQPHMRUDPELHQWHOXPtQLFRVLQDXPHQWDUHOQ~PHURGHOiPSDUDV
 &RPELQDUODOX]QDWXUDOFRQODOX]DUWLILFLDOSDUDPHMRUDUODVFRQGLFLRQHVGHLOXPLQDFLyQHQHO
SXHVWRGHWUDEDMR
 1R XWLOLFH PDWHULDOHV R SLQWXUDV FX\RV DFDEDGRV FDXVHQ UHIOHMRV R EULOORV SDUHG EODQFD
EULOODQWHPHWDOSOiVWLFRRFULVWDO DILQGHSUHYHQLUHOGHVOXPEUDPLHQWRPROHVWR

$UWtFXOR 5,(6*2636,&262&,$/(6
- $OWHUQH HO WLSR GH DFWLYLGDGHV UHDOL]DGDV GXUDQWH OD MRUQDGD FRQ HO ILQ GH HYLWDU OD PRQRWRQtD \ OD
IDWLJD
- +DEOHHQYR]EDMDFRQHOILQGHQRSHUWXUEDUODWUDQTXLOLGDGGHOOXJDUGHOWUDEDMR

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϰ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






- (YLWHHVFXFKDUP~VLFDDXQYROXPHQTXHLPSLGDDORVGHPiVUHDOL]DUVXWUDEDMR
$UWtFXOR 3,626<(6&$/(5$6
- 7RGRVORVSLVRVUHFXELHUWRVFRQWDSL]yQGHEHQPDQWHQHUVHHQEXHQHVWDGRVLQURWXUDVyVXHOWRV
- /RVSLVRVGHEHQPDQWHQHUVHHQEXHQHVWDGRVLQGHVQLYHOHVQLDJXMHURV
- /RV SDVRV GH ODV HVFDOHUDV GHEHQ FRQWDU FRQ ERUGHV DQWLGHVOL]DQWHV HQ EXHQ HVWDGR GH
FRQVHUYDFLyQ
$UWtFXOR 0$1(-2'(&$5*$</(9$17$0,(172'(2%-(726
- $GRSWH XQD SRVLFLyQ DGHFXDGD FXDQGR UHTXLHUD OHYDQWDU REMHWRV XELFiQGRVH IUHQWH DO REMHWR TXH
GHVHD OHYDQWDU FRQ ORV SLHV OLJHUDPHQWH VHSDUDGRV XQR GHODQWH GH RWUR ,QFOLQH OHYHPHQWH OD
FDEH]DIOH[LRQDQGRODVURGLOODV\PDQWHQLHQGRODHVSDOGDUHFWD
$JDUUH ILUPHPHQWH HO REMHWR XWLOL]DQGR DPEDV PDQRV OXHJR DFpUTXHOD DO FXHUSR \ OHYDQWH
HIHFWXDQGRODPD\RUIXHU]DFRQODVSLHUQDV
- 6ROLFLWHD\XGDFXDQGRUHTXLHUDOHYDQWDUSHVRVGHVGHHOSLVRTXHVXSHUHQORVOtPLWHVSHUPLVLEOHV 
.JSDUDPXMHUHV\.JSDUDKRPEUHV 
- 1ROHYDQWHREMHWRVGHVGHHOSLVRHVWDQGRVHQWDGR3URFXUHOHYDQWDUVH\DGRSWHODSRVWXUDDGHFXDGD
\VHJXUDTXHVHGHVFULELyDQWHULRUPHQWH
- 'HVSOiFHVH FRQ SUHFDXFLyQ FXDQGR WUDQVSRUWH REMHWRV SHVDGRV REVHUYH HO HVWDGR GH ORV SLVRV
UHVEDODGL]RVGHVQLYHODGRVFRQKXHFRV \VLGHWHFWDDOJ~QSHOLJURFRPXQtTXHOR
6(*85,'$'(1(/862'(&20387$'25$6
$UWtFXOR (YLWDUUHIOHMRVGHOX]VREUHODSDQWDOODGHOPRQLWRUPHGLDQWH
- 'LVSRQHUODSDQWDOODGHIRUPDYHUWLFDOSDUDTXHQRUHIOHMHORVSXQWRVGHOX]RORVIOXRUHVFHQWHVGHOWHFKR
- &RORFDUODSDQWDOODHQGLUHFFLyQSDUDOHODDODVYHQWDQDVSDUDHYLWDUHOUHIOHMRVREUHODPLVPD\TXHOD
OX]TXHHQWUDGHOH[WHULRULQFLGDGLUHFWDPHQWHVREUHORVRMRV
- 8WLOL]DUSHUVLDQDVRFRUWLQDVSDUDFRQWURODUODFDQWLGDGGHOX]GLXUQDTXHHQWUDHQHODPELHQWHGHWUDEDMR
$UWtFXOR 7(&/$'2
- 0DQWHQJD ODV PDQRV HQ XQD SRVLFLyQ QDWXUDO \ UHODMDGD FXDQGR XWLOLFH HO WHFODGR (YLWD GREODU ODV
PXxHFDVFDGDYH]RSULPHODVWHFODV
- 2SULPDODVWHFODVFRQHOHVIXHU]RTXHUHDOPHQWHQHFHVLWD0DQWHQJDORVGHGRVUHODMDGRV
- 8ELTXHHOWHFODGRIUHQWHDOPRQLWRU\IUHQWHDXVWHGEXVFDQGRTXHHVWHTXHGHDOPLVPRQLYHOGHORV
FRGRVFRQVHUYDQGRXQDSRVWXUDDGHFXDGD
- (YLWH DSR\DU OD PXxHFD HQ HO PRPHQWR TXH VH HQFXHQWUD GLJLWDQGR SXHV HVWD FRPSUHVLyQ
LQFUHPHQWD ODV SRVLELOLGDGHV GH DIHFFLRQHV 0DQWHQJD VXV EUD]RV SHJDGRV DO FXHUSR FRQ HOOR VH
FRQVLJXHUHGXFLUODWHQVLyQHQORVEUD]RV\HVSDOGD
$UWtFXOR 5$721
- &RORTXHHOUDWyQDOPLVPRQLYHOGHOWHFODGR
- 6RVWHQJDHOUDWyQFRQVXPDQRUHODMDGDSHUPLWLHQGRXQIiFLODFRSOHGHHVWHDODIRUPDGHODPDQR
1RDSULHWHHOUDWyQ
- 0RYLOLFHHOUDWyQFRORFDQGROLJHUDPHQWHODPXxHFDVREUHHOSODQRGHDSR\RGHHVWH
- 8WLOLFHXQDVXSHUILFLHDGHFXDGDTXHSHUPLWDVXIiFLOGHVSOD]DPLHQWR
 0DQWHQHUXQDSRVWXUDGHVHQWDGRTXHSHUPLWDFRQIRUWHQHOWUDEDMRPHGLDQWH

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϱ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






- 5HJXODU OD DOWXUD GH OD VLOOD R GH OD VXSHUILFLH GH WUDEDMR GH IRUPD TXH ORV DQWHEUD]RV TXHGHQ
SDUDOHORVDOVXHOR\ODVPXxHFDVQRVHGREOHQ
- $GRSWDUXQDSRVLFLyQUHODMDGD\HUJXLGD(YLWDULQFOLQDUVHKDFLDDGHODQWHRKDFLDDWUiV
- &RORFDUORVSLHVGHIRUPDSODQDVREUHHOVXHOR/D]RQDOXPEDUGHEHTXHGDUFyPRGDPHQWHDSR\DGD
- 8WLOL]DU VLOODV FRQ DVLHQWR \ UHVSDOGDU UHJXODEOH \ PDQWHQHUODV VLHPSUH HQ EXHQ HVWDGR GH
FRQVHUYDFLyQ
- /DGLVWDQFLDHQWUHHORMR\ODSDQWDOODQRGHEHVHUPHQRVGHFP
- 'XUDQWH HO WUDEDMR FRQ FRPSXWDGRUDV SHUVRQDOHV SXHGHQ SURGXFLUVH PROHVWLDV HQ OD QXFD FDEH]D
EUD]RV\FROXPQDYHUWHEUDOFRPRUHVXOWDGRGHSRVWXUDVH[FHVLYDPHQWHHVWiWLFDV\DYHFHVIRU]DGDVSDUD
ORFXDOVHUHFRPLHQGDLQWHUUXPSLUHOWUDEDMREUHYHPHQWHFDGDFLHUWRWLHPSRLQFOXVRUHDOL]DUDOJXQRV
HMHUFLFLRVGHUHODMDFLyQ\HVWLUDPLHQWR

+,*,(1('(/26/2&$/(6&21',&,21(6$0%,(17$/(6
$UWtFXOR /,03,(=$'(/8*$5(6'(75$%$-2
/DOLPSLH]DGHORVOXJDUHVGHWUDEDMRVHKDFHFRPRVLJXH
- (OSHUVRQDOGHOLPSLH]DFRORFDUDOHWUHURVGHDGYHUWHQFLDHQODV]RQDVHQGRQGHVHHVWiQUHDOL]DQGR
ODVDFWLYLGDGHVGHOLPSLH]D
- /LPSLH]D GH PDQWHQLPLHQWR GH SDUHGHV WHFKRV SLVRV WXQDV GH YHQWDQDV HWF VH HIHFWXDUD
SHULyGLFDPHQWH
- (VWHSURKLELGRDUURMDUEDVXUDDOVXHOR
- (O SHUVRQDO GH OLPSLH]D UHDOL]DUD VX ODERU XWLOL]DQGR ORV HTXLSRV GH SURWHFFLyQ SHUVRQDO
FRUUHVSRQGLHQWHFRPRJXDQWHVFDO]DGRDQWLGHVOL]DQWHURSDGHWUDEDMR
$UWtFXOR 6(59,&,26+,*,e1,&26
(QODGRWDFLyQGHVHUYLFLRVKLJLpQLFRVVHWHQGUiHQFXHQWDORVLJXLHQWH
- 6HGRWDUDGHVHUYLFLRVKLJLpQLFRVDGHFXDGRV\VHSDUDGRVSDUDFDGDVH[R
- /RV VHUYLFLRV KLJLpQLFRV VH PDQWHQGUiQ SHUPDQHQWHPHQWH OLPSLRV GHVLQIHFWDGRV \ GRWDGRV GH ORV
LPSOHPHQWRVQHFHVDULRVSDUDVHUXWLOL]DGRV 3+-DEyQGHVLQIHFWDQWHHWF 
$UWtFXOR &21',&,21(6$0%,(17$/(6
/DVFRQGLFLRQHVDPELHQWDOHVHQORVDPELHQWHVGHWUDEDMRVHUiQFRPRVLJXH
- /DWHPSHUDWXUDHQWRGDVODVLQVWDODFLRQHVVHPDQWHQGUiQGXUDQWHODVKRUDVGHODERUDXQQLYHOTXH
QRVHDSHUMXGLFLDOSDUDODVDOXGGHORVWUDEDMDGRUHV\DVHDSRUPHGLRVQDWXUDOHVRDUWLILFLDOHV
- (Q ORV ORFDOHV GH WUDEDMRV FHUUDGRV VH PDQWHQGUiQ SRU PHGLRV QDWXUDOHV \R DUWLILFLDOHV
FRQGLFLRQHVDWPRVIpULFDVDGHFXDGDVSDUDHYLWDU HOLQVXILFLHQWH VXPLQLVWUR GHDLUHHODLUHYLFLDGR\
ODVFRUULHQWHVGDxLQDV
$UWtFXOR 5(''($*8$<'(6$*h(
/DUHGGHDJXD\GHVDJHGHEHUiFXPSOLUFRQORVLJXLHQWH
- /DRUJDQL]DFLyQJDUDQWL]DUDHOVXPLQLVWURGHDJXDSRWDEOHSDUDVHUXWLOL]DGRWDQWRHQODOLPSLH]D\
DVHRGHVXVWUDEDMDGRUHV
- 6LODSURYLVLyQGHDJXDVHGDFRQ WDQTXHFLVWHUQDHOHYDGRHVWHGHEHVHUOLPSLDGR\GHVLQIHFWDGR
FDGDVHLVPHVHV

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϲ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






(67É1'$5(6'(6(*85,'$'<6$/8'(1/$681,'$'(6'(3($-(

$UWLFXOR &$,'$6'(3(5621$6$/0,602<',67,1721,9(/
 6HGHEHQXWLOL]DUORVSDVDPDQRVDOVXELU\EDMDUODVHVFDOHUDVILMDV
 /DV]RQDVGHWUDQVLWRGHEHQJDUDQWL]DUFRQGLFLRQHVGHVHJXULGDG
 6HGHEHVHxDOL]DU\UHFRJHUGHLQPHGLDWRFXDOTXLHUOtTXLGRYHUWLGRDFFLGHQWDOPHQWHTXHSXHGD
RFDVLRQDUXQULHVJRGHFDtGD
 8WLOL]DUHVFDOHUDVGHPDQRSDUDDFFHGHUDSODQRVVXSHULRUHV
 &XDQGRVHDQHFHVDULRVXELUVREUHXQQLYHOLJXDORPD\RUDXQPWV6HGHEHUiXVDUDUQpV
GHVHJXULGDG\OtQHDGHYLGD

$UWtFXOR &21',&,21(6'(75$%$-2
 'RWDUDODVFDVHWDVGHPRELOLDULRTXHQRWHQJDQDULVWDVQLSDUWHVFRUWDQWHV
 2UJDQL]DU HO LQWHULRU \ HO H[WHULRU GH ODV FDVHWDV SDUD TXH HO WUDEDMDGRU QR VH HQFXHQWUH
H[SXHVWRDULHVJRVGHDFFLGHQWHV
 $VHJXUDUXQDEXHQDYLVLELOLGDGDWUDYpVGHORVSDQHOHVDFULVWDODGRVGHODVFDVHWDVGRWiQGRODV
GHPHGLRVGHLOXPLQDFLyQDGHFXDGRV
 &RORFDFLyQ GH PHGLRV OLPLWDGRUHV GH UHFRUULGR HQ ODV SDUWHV PHFiQLFDV GH DSHUWXUD GH ORV
HOHPHQWRV
 6H GHEHUi FRQWDU FRQ ORV HTXLSRV GH HPHUJHQFLD FRPR H[WLQWRUHV ERWLTXtQ FDPLOOD GH
HYDFXDFLyQ\RWURV
$UWLFXOR98(/&2'(9(+Ì&8/262'(3$57(6,10Ð9,/(60Ð9,/(6'(/260,6026
 &RORFDFLyQGHSDUDFKRTXHVHQODSDUWHIURQWDOGHODVLVOHWDVFRQODILQDOLGDGGHSURWHJHUDpVWDV
GHSRVLEOHVFROLVLRQHV
 &RORFDFLyQGHEDUUHUDVHQOD]RQDSHULPHWUDOGHODVLVOHWDV
 &RORFDFLyQGHODVHxDOL]DFLyQVREUHWLSRGHYtD\YHORFLGDGOtPLWHHQXQOXJDUIiFLOPHQWHYLVLEOH
SRUHMHPSORHQODVPDUTXHVLQDV\HQODFDO]DGD
 &RORFDFLyQGHEDUUDVDQWLGHVSOD]DPLHQWRVGHFDUJDVHQDPERVODGRVGHODYtD
 ,QVWDODFLyQGHDQFODMHVGHODVFDELQDV

$UWtFXOR ,167$/$&,21(6(/(&75,&$6
 0DQWHQHUHQEXHQHVWDGRGHFRQVHUYDFLyQODVSURWHFFLRQHVGLIHUHQFLDOHV\ODSXHVWDDWLHUUDFRQ
ODTXHHVWiQGRWDGDVODVFDELQDV
 3RQHUHQFRQRFLPLHQWRGHOVXSHULRUFXDOTXLHUDQRPDOtDGHWHFWDGDHQODVLQVWDODFLRQHV\RHQORV
HTXLSRVWDOHVFRPRFDEOHVSHODGRVHQFKXIHVVXHOWRV
 /RV WUDEDMDGRUHV QR UHDOL]DUiQ WDUHDV GH PDQWHQLPLHQWR TXH FRQOOHYHQ OD PDQLSXODFLyQ GH ODV
SDUWHV DFWLYDV GH ORV HTXLSRV VLQ TXH VH KD\D FRUWDGR DQWHV OD DOLPHQWDFLyQ HOpFWULFD GH ORV
PLVPRV
 'RWDU D ORV WUDEDMDGRUHV GH ORV HTXLSRV GH SURWHFFLyQ SHUWLQHQWHV SRU HMHPSOR JXDQWHV
GLHOpFWULFRV JXDQWHVIUHQWHDOFRQWDFWRHOpFWULFR 

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϳ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






$UWtFXOR  ,17(*5,'$' ),6,&$ 325 $*5(6,21(6 ),6,&$6  9(5%$/(6 < 325 27526
$&7269,2/(1726
 0DQWHQHUVLHPSUHFHUUDGDFRQOODYHODSXHUWDGHODFDELQD
 6HJXLUODVLQVWUXFFLRQHVFRQWHQLGDVHQORVSODQHVGHDFWXDFLyQIUHQWHDHPHUJHQFLDVQRRSRQHU
UHVLVWHQFLD
 ,QVWDODUPHFDQLVPRVGHDODUPDFRQHFWDGRDOFHQWURGHHPHUJHQFLDVHQHOLQWHULRUGHODVFDELQDV
SRUHMHPSORERWyQGHDODUPDSHGDOGHDODUPDHWF 
 'RWDUDODV8QLGDGHVGH3HDMHFRQPHGLRVKXPDQRVGHYLJLODQFLDSHUPDQHQWH
 ,QVWDODFLyQGHFLUFXLWRVFHUUDGRVGHWHOHYLVLyQXRWURVLVWHPDDQiORJRGHYLGHRYLJLODQFLD
 (Q DTXHOODV 8QLGDGHV GH 3HDMHV TXH SRU VXV FDUDFWHUtVWLFDV VHDQ HVSHFLDOPHQWH FRQIOLFWLYDV
SURPRYHUODSUHVHQFLDSROLFLDO
$UWtFXOR$7523(//262*2/3(6&219(+Ì&8/26
 ,QVWDODFLyQHQODLVOHWDORVPXURV1HZ-HUVH\SHULPHWUDO
 &RORFDFLyQGHVHxDOL]DFLyQOXPLQRVDHQODVHQWUDGDVGHODVYtDVTXHLQIRUPHGHODSUHVHQFLDGH
WUDEDMDGRUHV
 &RORFDUHQXQOXJDUIiFLOPHQWHYLVLEOHODVHxDOL]DFLyQTXHLQGLTXHODYHORFLGDGPi[LPDDODTXH
VHSXHGHFLUFXODU
 'LVSRQHUGH]RQDVGHSDVRVHxDOL]DGDV\GRQGHH[LVWDGLVWLQWRQLYHO
 'LVSRQHUGRQGHVHDSRVLEOHGHSDVRVDGLVWLQWRQLYHO
 &RPR QRUPD JHQHUDO QR FUX]DU SRU ODV SXQWDV GH LVOHWD KDFHUOR SRU ORV HVSDFLRV KDELOLWDGRV
]RQDGHSDVR SDUDWDOILQ
 (VWDEOHFHUHVSDFLRVGHVHJXULGDGGHELGDPHQWHGHPDUFDGRV\VHxDOL]DGRVFRQVWLWXLGRVSRUXQD
]RQDWULDQJXODUTXHSURWHMDDOWUDEDMDGRUGXUDQWHODUHDOL]DFLyQGHODWDUHD
 8WLOL]DU EDQGHURODV GH GLUHFFLRQDPLHQWR GHO WUiQVLWR FRQIHFFLRQDGDV HQ PDWHULDO GH DOWD
YLVLELOLGDGHQORVFDPELRVGHEDOL]DPLHQWR
 &RORFDUVHxDOHVOXPLQRVDVMXQWRDORVFRQRVSDUDUHIRU]DUHOPHQVDMHSUHYHQWLYR
 7RGRVORVWUDEDMDGRUHVFLUFXODUDQUHVSHWDQGRODVQRUPDVGHO5HJODPHQWR*HQHUDOGH7UDQVLWR\
GHODVQRUPDVGHVHJXULGDGYLDO
 7RGRV ORV WUDEDMDGRUHV HQ VXV GHVSOD]DPLHQWRV HQ YHKtFXOR GH WUDQVSRUWH OOHYDUiQ SXHVWRV ORV
FLQWXURQHVGHVHJXULGDG
 7RGRV ORV WUDEDMDGRUHV TXH FRQGX]FDQ YHKtFXORV SDUD GHVSOD]DUVH GHEHUiQ SRUWDQ HO EUHYHWH
YLJHQWH\ODXQLGDGGHEHUiFRQWDUFRQ62$7WDPELpQYLJHQWH

$UWtFXOR(;326,&,21$&217$0,1$17(648,0,&26
- 6H GHEHQ UHDOL]DU PRQLWRUHRV SHULyGLFRV GH DJHQWHV TXtPLFRV SDUD GHWHUPLQDU HO JUDGR GH
FRQFHQWUDFLyQGHORVPLVPRV
- 6H GHEH YLJLODU SHULyGLFDPHQWH FyPR DIHFWD HVWD H[SRVLFLyQ D ORV WUDEDMDGRUHV D WUDYpV GH OD
UHDOL]DFLyQGHH[iPHQHVGHVDOXGHVSHFtILFRV
$UWtFXOR58,'2
- 'RWDFLyQ GH VLVWHPDV GH DSDQWDOODPLHQWR DF~VWLFR HQ ODV FDELQDV R FDVHWDV GH FREUDQ]DV FRQ OD
ILQDOLGDGGHUHGXFLUORVQLYHOHVGHH[SRVLFLyQDOUXLGR

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϴ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 







$UWtFXOR  )$7,*$ ),6,&$  62%5((6)8(5=26  326785$6 )25=$'$6  029,0,(1726
5(3(7,7,926
 6LHPSUHTXHVHPDQHMHXQDFDUJDVHKDUiVLJXLHQGRODVQRUPDVGHPDQHMRPDQXDOGHFDUJDVHQ
FRQGLFLRQHVVHJXUDV
 $OWUDVODGDUXQDFDUJDGHXQOXJDUDRWURVLHPSUHVHWUDQVLWDUiWHQLHQGRXQDDGHFXDGDYLVLELOLGDG
\VLQHOHPHQWRVTXHWDSHQHOFDPSRGHYLVLyQ
 &XDGR VHD QHFHVDULR PDQHMDU FDUJDV SHVDGDV HVWD WDUHD VH OOHYDUi D FDER FRQ HTXLSRV
DX[LOLDUHV GH WUDFFLyQ PHFiQLFD \ HQ FDVR GH QR FRQWDU FRQ pVWRV GLFKD WDUHD VHUi UHDOL]DGD
FRQODD\XGDGHRWUDSHUVRQD
 6HGHEHUiQDOWHUQDUODVWDUHDVUHSHWLWLYDVFRQRWUDVTXHQRORVHDQDVtFRPRUHDOL]DUSDXVDV\
GHVFDQVRVSHULyGLFRV
 6H GHEHUiQ DOWHUQDU ODV SRVLFLRQHV VHQWDGRGH SLH SDUD QR VREUHFDUJDU GLVWLQWDV SDUWHV GHO
FXHUSR
$UWtFXOR)$7,*$),6,&$326,&,219,68$/
 /DVFDELQDVGHEHUiQGHFRQWDUHQVXLQWHULRUFRQHVSDFLRVXILFLHQWHSDUDDOEHUJDUORVHTXLSRVGH
WUDEDMR\TXHHO WUDEDMDGRUFXHQWHFRQHVSDFLRSDUDSRGHUUHDOL]DUVXV WDUHDVVLQQHFHVLGDGGH
DGRSWDUSRVWXUDVIRU]DGDV
 /RVWUDEDMDGRUHVUHFLELUiQIRUPDFLyQVREUHKLJLHQHSRVWXUDOSDUDFRPEDWLUORVSRVLEOHVWUDVWRUQRV
P~VFXORHVTXHOpWLFR
 /DV FRQGLFLRQHV GH LOXPLQDFLyQ VHUiQ DGHFXDGDV FRQ OD ILQDOLGDG GH TXH ORV WUDEDMDGRUHV QR
WHQJDQTXHUHDOL]DUHVIXHU]RVYLVXDOHV
 5HDOL]DUSDXVDVSHULyGLFDVGXUDQWHODMRUQDGD
$UWtFXOR5,(6*2636,&262&,$/(6
 3URPRFLRQDUHQODPHGLGDGHORSRVLEOHODDOWHUQDQFLDHQODUHDOL]DFLyQGHWDUHDV
 'HVDUUROORGHDFFLRQHVIRUPDWLYDVVREUHKDELOLGDGHVGHFRPXQLFDFLyQTXHGRWHQGHKHUUDPLHQWDV
DORVWUDEDMDGRUHVHQHOGHVHPSHxRGHODVWDUHDVGHWUDWRGLUHFWRFRQORVXVXDULRV
 +DELOLWDU HVSDFLRV HQ ODV 8QLGDGHV GH 3HDMH SDUD XVR GH FRPHGRU \ ]RQD GH GHVFDQVR HQ ORV
TXHORVWUDEDMDGRUHVSXHGDQHVWDEOHFHUUHODFLRQHVVRFLDOHV
 3URPRYHUDFFLRQHVWHQGHQWHVDFRQFLOLDUODYLGDSURIHVLRQDO\SHUVRQDO
 2UJDQL]DU ORV SHULRGRV GH YDFDFLRQHV \ GH GHVFDQVR FRQ WLHPSR SDUD TXH ORV WUDEDMDGRUHV
SXHGDQRUJDQL]DUVHHQHOiPELWRSHUVRQDO
$UWtFXOR523$'(75$%$-2
- 3DUDVHOHFFLRQDUODURSDGHWUDEDMRVHWRPDUiHQFRQVLGHUDFLyQORVULHVJRVDORVFXDOHVHOWUDEDMDGRU
YDDHVWDUH[SXHVWR
- (VREOLJDFLyQGHOSHUVRQDOHOXVRGHODURSDGHWUDEDMRGRWDGDSRUOD(QWLGDGGXUDQWHODMRUQDGDGH
WUDEDMR
$UWtFXOR25'(1</,03,(=$(1$0%,(17(6'(75$%$-2
 /DVFDELQDVHQJHQHUDOGHEHQPDQWHQHUVHOLEUHVSDUDPLQLPL]DUORVULHVJRV
 6HFRORFDUiQORVGHVHFKRVVHJ~QVHYD\DQJHQHUDQGRHQUHFLSLHQWHVDGHFXDGRV
 1RVHDOPDFHQDUiQLFRORFDUiHOHPHQWRVTXHLPSLGDQODFRUUHFWDDSHUWXUDGHODVSXHUWDV
 /DV YtDV SDVDGL]RV \ RWUDV SRU GRQGH FLUFXOD HO SHUVRQDO GHEHQ PDQWHQHUVH GHVSHMDGRV GH
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϭϵ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






REVWUXFFLRQHV\RWURVPDWHULDOHVTXHSXHGDQFDXVDUDFFLGHQWHV
 6HUHDOL]DUDQLQVSHFFLRQHVSDUDYHULILFDUHORUGHQ\ODOLPSLH]DGHODVFDELQDV

$UWtFXOR$9,626<6(f$/(6'(6(*85,'$''(1752'(/$(17,'$'
- (QODVGLYHUVDViUHDVGH OD(QWLGDGVHGHEHUiQFRORFDUDYLVRV \VHxDOHVGHVHJXULGDGHQOXJDUHV
YLVLEOHV\HVWUDWpJLFRVGHDFXHUGRFRQORHVWDEOHFLGRHQOD1RUPD7pFQLFD3HUXDQD173
³6HxDOHVGHVHJXULGDG´SDUDHOFRQWUROGH
• (OLQJUHVR\DFFHVRGHSHUVRQDVDODVLQVWDODFLRQHV\]RQDVUHVHUYDGDV\SHOLJURVDV
• /DFLUFXODFLyQSHDWRQDOGHQWURGHODVLQVWDODFLRQHV\RILFLQDV
• (OWUiQVLWRYHKLFXODUYHORFLGDGPi[LPD\VHQWLGRGHFLUFXODFLyQ
• /RVHTXLSRVHLQVWDODFLRQHVTXHVHHQFXHQWUHQHQPDQWHQLPLHQWRRPDQLREUD
• /DV ]RQDV GH HPHUJHQFLD LQGLFDQGR ODV ]RQDV \ YtDV VHJXUDV SDUD OD HYDFXDFLyQ \ ODV
LQVWUXFFLRQHVDVHJXLUHQVLWXDFLRQHVGHHPHUJHQFLD
• (OXVRGHHTXLSRVGHSURWHFFLyQHQ]RQDVGRQGHVHUHTXLHUD

- 7RGRVORVFDUWHOHV\VHxDOHVGHVHJXULGDGGHEHUiQHVWDUHQLGLRPDFDVWHOODQR\GHWDPDxRDFRUGH
DOiUHDGHWUDEDMRHQODTXHVHHQFXHQWUD
 5HDOL]DU SDXVDV DFWLYDV GXUDQWH OD MRUQDGD ODERUDO \D TXH HQ OD DFWLYLGDG VH UHDOL]DQ PRYLPLHQWRV
UHSHWLWLYRV

(67É1'$5(6'(6(*85,'$'<6$/8'(1/$6/$%25(6'(683(59,6,Ð1

6(*85,'$'<683(59,6,21

$UWtFXOR$63(&726*(1(5$/(6
 6H GHILQH FRPR 6XSHUYLVRU D OD SHUVRQD TXH WLHQH FRQWURO GLUHFWR \ UHVSRQVDELOLGDG VREUH HO
SHUVRQDOHQHOWUDEDMRFXDOTXLHUDTXHVHDVXWtWXOR\HOJUXSRGHSHUVRQDVDVXFDUJR
 7RGR6XSHUYLVRUGHEHFRRSHUDUFRQORVGHPiVVXSHUYLVRUHVHQOD3UHYHQFLyQGH$FFLGHQWHV
 6LDOHIHFWXDUXQWUDEDMRVHSUHVHQWDQFLUFXQVWDQFLDVTXHHQRSLQLyQGHO(MHFXWRUUHVSRQVDEOH
KDFHQLQVHJXURHOGHVDUUROORGHODVODERUHVGHEHUiGHWHQHUHOWUDEDMR\FRPXQLFDUHOKHFKRDO
6XSHUYLVRU
 &XDOTXLHU SHUVRQD QR QHFHVDULDPHQWH UHODFLRQDGD FRQ HO WUDEDMR TXH VH HVWi HIHFWXDQGR \
GHWHFWH XQD VLWXDFLyQ GH ULHVJR GHEHUi LQIRUPDU GH LQPHGLDWR DO 5HVSRQVDEOH GHO WUDEDMR \R
GHOiUHDRWRPDUDFFLyQLQPHGLDWDVLDVXMXLFLRHOULHVJRGHDFFLGHQWHHVLQPLQHQWH
 (O 6XSHUYLVRU HV UHVSRQVDEOH GH TXH ORV WUDEDMDGRUHV D VX FDUJR XVHQ FRUUHFWDPHQWH ORV
LPSOHPHQWRVGHVHJXULGDG\HTXLSRVGHSURWHFFLyQSHUVRQDOHQWRGDVODVFLUFXQVWDQFLDVHQTXH
HOORVVHDQQHFHVDULRV
 &XDQGR WHQJD GXGD VREUH OD QHFHVLGDG GH XWLOL]DU XQ LPSOHPHQWR GH VHJXULGDG R HTXLSR GH
SURWHFFLyQ SHUVRQDO GHEHUi VROLFLWDU HO DVHVRUDPLHQWR GH OD -HIDWXUD GH $EDVWHFLPLHQWR \
6HUYLFLRV
 (O 6XSHUYLVRU GHEH LQVWUXLU D VX SHUVRQDO VREUH HO SURFHGLPLHQWR FRUUHFWR SDUD UHDOL]DU ORV
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϮϬ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






WUDEDMRVH[SOLFDQGRHQGHWDOOHORVULHVJRVTXHH[LVWHQ\ODVSUHFDXFLRQHVTXHVHGHEHQWRPDU
SDUDHIHFWXDUORFRQVHJXULGDG
 7RGR6XSHUYLVRUTXHUHFLEDXQWUDEDMDGRUQXHYRHQHOJUXSRDVXFDUJRDXQTXHVHDVyORFRQ
FDUiFWHU WHPSRUDO OH GHEHUi H[SOLFDU HQ GHWDOOH ODV UHJODV \ SUiFWLFDV GH VHJXULGDG TXH VH
GHEHQFXPSOLUHQHOWUDEDMR3DUDHOORUHFLELUiOD&KDUODGH,QGXFFLyQHQ0DWHULDGH6HJXULGDG\
6DOXGSRUHOiUHDGH5HFXUVRV+XPDQRV
 /RV 6XSHUYLVRUHV QR SHUPLWLUiQ HO XVR GH PiTXLQDV HTXLSRV KHUUDPLHQWDV PDWHULDOHV HWF
TXHUHSUHVHQWHQXQDFRQGLFLyQLQVHJXUDHQODVODERUHVTXHGHVDUUROODHOJUXSRGHWUDEDMRDVX
FDUJR
 (O6XSHUYLVRUHVUHVSRQVDEOHGHORUGHQ\OLPSLH]DGHOiUHDTXHVHHQFXHQWUDDVXFDUJR
 3DUD WRGDV ODV VLWXDFLRQHV HPHUJHQFLDV \ FRQWLQJHQFLDV TXH VH SUHVHQWDQ HQ HO WUDEDMR HV
LPSRUWDQWHTXHORV6XSHUYLVRUHVHVWDEOH]FDQDGHFXDGRVQLYHOHVGHFRRUGLQDFLyQSDUDFRQWURODU
ORVULHVJRVTXHUHSUHVHQWDQGLFKDVHYHQWXDOLGDGHVRPLQLPL]DUVXVHIHFWRV

$UWtFXOR(48,326'(3527(&&,213(5621$/ (33 
- (OXVRGHORVHTXLSRVGHSURWHFFLyQSHUVRQDOHVGHFDUiFWHUREOLJDWRULRSDUDFDGDSXHVWRGHWUDEDMR
TXHDVtORUHTXLHUDVHUiQDGTXLULGRVSRUHOHPSOHDGRU
- (VUHVSRQVDELOLGDGGHOWUDEDMDGRUFRQVHUYDUHQEXHQHVWDGRHOHTXLSRGHSURWHFFLyQSHUVRQDOTXHOH
VHD VXPLQLVWUDGR \ FXDQGR SRU UD]RQHV GH VX WUDEDMR VXIUD GHVJDVWHV R GHWHULRURV VROLFLWDU VX
UHSRVLFLyQDWUDYpVGHOMHIHLQPHGLDWRTXLHQYHODUDSRUVXUHSRVLFLyQLQPHGLDWD

$UWtFXOR  &5,7(5,26 *(1(5$/(6 3$5$ /$ 6(/(&&,Ð1 '( /26 (48,326 '(
3527(&&,213(5621$/ (33 
 6HUiQ VHOHFFLRQDGRV GH DFXHUGR D ODV FRQGLFLRQHV GH WUDEDMR FOLPiWLFDV \ FRQWH[WXUD GHO
WUDEDMDGRU
 'HEHUiQSURSRUFLRQDUXQDSURWHFFLyQHIHFWLYDFRQWUDHOULHVJR
 1R GHEHUiQ SRVHHU FDUDFWHUtVWLFDV TXH LQWHUILHUDQ R HQWRUSH]FDQ VLJQLILFDWLYDPHQWH HO WUDEDMR
QRUPDOGHOWUDEDMDGRU\VHUiQFyPRGRV\GHUiSLGDDGDSWDFLyQ
 (O PDQWHQLPLHQWR GHEHUi VHU VHQFLOOR \ ORV FRPSRQHQWHV GHWHULRUDGRV GHEHUiQ VHU GH IiFLO
UHSRVLFLyQRHQVXGHIHFWRSRVLEOHGHUHSDUDUVLQTXHHOORUHSUHVHQWHXQDPHUPDHQODFDSDFLGDG
SURWHFWRUDGHOHTXLSR
 6XGHWHULRURRLQXWLOL]DFLyQGHEHUiVHUGHWHFWDEOHDWUDYpVGHLQVSHFFLRQHV

$UWtFXOR7,326'(3527(&&,213(5621$/ (33 
- 3URWHFFLyQFUDQHDO
• 6XXVRHVREOLJDWRULRFXDQGRODVFRQGLFLRQHVGHWUDEDMRHQWUDxDQULHVJRGHJROSHRFDtGDGH
REMHWRV 3DUD OD SURWHFFLyQ GHO FUiQHR OD HQWLGDG GHEHUi SURSRUFLRQDU D ORV WUDEDMDGRUHV X
RWUDV SHUVRQDV TXH WHQJDQ DFFHVR DO OXJDU GH WUDEDMR ORV FDVFRV GH VHJXULGDG
FRUUHVSRQGLHQWHV &XDQGR ODV FRQGLFLRQHV GH WUDEDMR LQYROXFUDQ ULHVJR HOpFWULFR ORV FDVFRV
GHEHUiQ VHU GH WLSR GLHOpFWULFR /RV FDVFRV TXH VH DGTXLHUDQ GHEHQ FXPSOLU FRQ ODV
HVSHFLILFDFLRQHVGHOD173R$16,=
- 3URWHFFLyQDXGLWLYD
• (QDTXHOORVWUDEDMRVTXHSUHVHQWHQXQQLYHOGHUXLGRSRUHQFLPDGHG% $  HVFDOD$ HV

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> Ϯϭ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






REOLJDWRULR HO XVR GH SURWHFWRUHV DXGLWLYRV HO FXDO GHEHUi XVDUVH GXUDQWH WRGR HO WLHPSR GH
H[SRVLFLyQDOUXLGR
• /RVHOHPHQWRVGHSURWHFFLyQDXGLWLYDVHUiQVLHPSUHGHXVRSHUVRQDO
• 3DUDODSURWHFFLyQFRQWUDORVUXLGRVVHGRWDUiDORV WUDEDMDGRUHV GH WDSRQHVXRUHMHUDV /D
VHOHFFLyQGHODSURWHFFLyQDXGLWLYDVHUHDOL]DVHJ~QWLSRGHUXLGRUHTXHULPLHQWRVGHWUDEDMR
DWHQXDFLyQ GH UXLGR HQ EDQGDV GH RFWDYDV TXH RIUHFHQ ORV SURWHFWRUHV \ HO SHUVRQDO
LQYROXFUDGR/RVSURWHFWRUHVDXGLWLYRVGHEHQFXPSOLUODQRUPD$16,6
- 3URWHFFLyQIDFLDO
• &XDQGRHOULHVJRSRUSUR\HFFLyQGHSDUWtFXODVRSRUHPLVLyQGHHQHUJtDLQYROXFUDQRVyOROD
YLVWDVLQRWDPELpQRWUDVSDUWHVGHOURVWURGHOWUDEDMDGRUVHUiREOLJDWRULRHOXVRGHFDUHWDGH
SURWHFFLyQIDFLDO/DFDUHWDGHSURWHFFLyQIDFLDOGHEHFXPSOLUFRQODQRUPD$16,=
- 3URWHFFLyQYLVXDO
• /RV HTXLSRV GH SURWHFFLyQ YLVXDO FRPR OHQWHV GH SURWHFFLyQ VRQ GH XVR REOLJDWRULR SDUD
WUDEDMRVGRQGHH[LVWHQULHVJRVSDUDODYLVWDSRULPSDFWRGHSDUWtFXODVVDOSLFDGXUDGHOtTXLGRV
RSROYRVRSRUHQHUJtDUDGLDQWH
• /RV OHQWHV GH SURWHFFLyQ GHEHQ FXPSOLU FRQ OD 1RUPD 7pFQLFD 1DFLRQDO ,7,17(&  R
$16,=
- 3URWHFFLyQGHODVYtDVUHVSLUDWRULDV
• 7RGR WUDEDMDGRU VHUi SURWHJLGR FRQWUD ORV ULHVJRV GH DWPyVIHUDV SHOLJURVDV RULJLQDGRV SRU
SROYRVKXPRVQLHEODVJDVHVRYDSRUHVWy[LFRV
• /RVSURWHFWRUHVUHVSLUDWRULRVGHEHUiQFXPSOLUSRUORPHQRVORVLJXLHQWH
o 6HUDSURSLDGRVDOWLSRGHULHVJR
o 'HGLVHxRDQDWyPLFR\DMXVWDGDVDOFRQWRUQRIDFLDO
• 6RORVHXWLOL]DUDQUHVSLUDGRUHVRPDVFDULOODVFRQILOWURVHQiUHDVGRQGHVHVXSHUHQORVOtPLWHV
Pi[LPRV SHUPLVLEOHV GH DJHQWHV TXtPLFRV HQ DPELHQWH GH WUDEDMR /RV ILOWURV GHEHUiQ VHU
UHHPSOD]DGRV FXDQGR VH VDWXUHQ R HQ IXQFLyQ GHO WLHPSR GH XWLOL]DFLyQ OR TXH RFXUUD
SULPHUR
• 6HDOPDFHQDUDQHQFRPSDUWLPHQWRVVHFRVDPSOLRV\GHWHPSHUDWXUDDGHFXDGD
- &DO]DGRGHVHJXULGDG
• 6H GHEH SURSRUFLRQDU D ORV WUDEDMDGRUHV FDO]DGRV GH SURWHFFLyQ SDUD ODV GLIHUHQWHV ODERUHV
TXHVHUHDOL]DQHQWUHHOODVSDUDSURWHJHUORVVHJ~QVHDHOFDVRFRQWUD

o &KRTXHVHOpFWULFRV6HHPSOHDUDFDO]DGRGLHOpFWULFR\QRGHEHUiWHQHUQLQJXQDSDUWH
PHWiOLFDGHDFXHUGRDODQRUPDWpFQLFDSHUXDQDR$16,=
o ,PSDFWRVDSODVWDPLHQWR\JROSHV6HXVDUDFDO]DGRFRQSXQWHUDGHVHJXULGDG SXQWD
UHIRU]DGD SDUDODSURWHFFLyQGHORVGHGRV/RV]DSDWRVGHVHJXULGDGGHEHQFXPSOLU
FRQODQRUPDWpFQLFDSHUXDQDR$16,=


- 3URWHFFLyQGHODVPDQRV
• 7RGR WUDEDMDGRU VHUi SURWHJLGR FRQWUD HO ULHVJR GH FRUWH ULHVJRV TXtPLFRV \ HOpFWULFRV
PHGLDQWHHOXVRGHJXDQWHVFX\RPDWHULDOHVWDUiHQIXQFLyQGHOULHVJR
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϮϮ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






• 'HEHYHULILFDUVHTXHORVHTXLSRVGHSURWHFFLyQGHODVPDQRVDQWHEUD]RV\EUD]RVSRUPHGLR
GHPLWRQHVJXDQWHVPDQJDVTXHXVHQORVWUDEDMDGRUHVQRSURYRTXHQGLILFXOWDGHVPD\RUHV
SDUDVXPRYLPLHQWR
- 3URWHFFLyQFRQWUDFDtGDV
• 7RGRWUDEDMDGRUVHUiSURWHJLGRFRQWUDHOULHVJRGHFDtGDDGLVWLQWRQLYHODXQDDOWXUDPD\RUD
PPHGLDQWHHOXVRGHDUQpVGHVHJXULGDG(VWHHOHPHQWRGHSURWHFFLyQGHEHFXPSOLUODV
VLJXLHQWHVQRUPDV
o $UQpVGHVHJXULGDGQRUPD$16,=

$UWtFXOR(48,326<+(55$0,(17$63257É7,/(6
 7RGRV ORV HTXLSRV \ KHUUDPLHQWDV HOpFWULFDV GHEHUiQ HVWDU FRQHFWDGRV D WLHUUD GXUDQWH VX
XVR
 /RV FDEOHV GH DOLPHQWDFLyQ GH ODV KHUUDPLHQWDV HOpFWULFDV SRUWiWLOHV HVWDUiQ SURWHJLGRV FRQ
PDWHULDO UHVLVWHQWH TXH QR VH GHWHULRUH SRU URFHV R WRUVLRQHV (Q FDVR TXH HO FDEOH VH
HQFXHQWUHGHVJDWDGRRSHODGRGHEHUiVHUFDPELDGRDQWHVGHVXXVR
 6H HYLWDUi HO HPSOHR GH FDEOHV GH DOLPHQWDFLyQ ODUJRV DO XWLOL]DU KHUUDPLHQWDV HOpFWULFDV
SRUWiWLOHV8VDUWRPDFRUULHQWHVHQSXQWRVSUy[LPRVDOD]RQDGHWUDEDMR
 /RVHTXLSRV\KHUUDPLHQWDVHOpFWULFDVGHEHUiQ WHQHULQGLFDGR HOYROWDMHGHIXQFLRQDPLHQWRD
ILQGHHYLWDUHUURUHVGHDOLPHQWDFLyQGHHQHUJtD\RSHUDFLyQ
 3DUD HO XVR GH ODV KHUUDPLHQWDV SRUWiWLOHV ORV WUDEDMDGRUHV GHEHUiQ FXPSOLU FRQ ODV
VLJXLHQWHVPHGLGDVSUHYHQWLYDV
D /DV KHUUDPLHQWDV SRUWiWLOHV DFFLRQDGDV SRU IXHU]D PRWUL] FRPR HVPHULOHV WDODGURV
VLHUUDV X RWURV HVWDUiQ VXILFLHQWHPHQWH SURWHJLGDV SDUD HYLWDU FRQWDFWRV \
SUR\HFFLRQHVGHSDUWtFXODVSHOLJURVDVDOWUDEDMDGRUTXHODVPDQHMH
E 6XVHOHPHQWRVFRUWDQWHVSXQ]DQWHVRODFHUDQWHVHVWDUiQFXELHUWRVRSURWHJLGRVFRQ
IXQGDV R SDQWDOODV TXH VLQ HQWRUSHFHU ODV RSHUDFLRQHV D UHDOL]DU GHWHUPLQHQ HO
Pi[LPRJUDGRGHVHJXULGDGSDUDHOWUDEDMR
F 'HVFRQHFWDU \ JXDUGDU ORV HTXLSRV \ KHUUDPLHQWDV HOpFWULFDV GHVSXpV GH VX XVR
HYLWDQGRGHHVWDIRUPDVXDFFLRQDPLHQWRSRUSHUVRQDVQRDXWRUL]DGDV
 8WLOL]DU ODV KHUUDPLHQWDV PDQXDOHV VROR SDUD HO XVR SDUD HO TXH IXHURQ GLVHxDGRV
LQVSHFFLRQiQGRODV VLHPSUH DQWHV GH VX XVR D ILQ GH GHWHFWDU DOJ~Q GHIHFWR TXH FRQGLFLRQH
XQDVLWXDFLyQGHULHVJR
 'LVSRQHUHQ HO iUHDGHWUDEDMRXQ OXJDUSDUD ODGLVSRVLFLyQGHKHUUDPLHQWDVTXHSHUPLWDDO
WUDEDMDGRUWHQHUXQIiFLODFFHVRDHOOD\DOPLVPRWLHPSRSUHYHQLUULHVJRVGHJROSHVRFDtGDV
SRUODLQDGHFXDGDGLVSRVLFLyQGHpVWDV
 (QHOWUDQVSRUWHGHKHUUDPLHQWDVFRUWDQWHVRDILODGDVVHXWLOL]DUiQFDMDVRIXQGDVDGHFXDGDV

$UWtFXOR6(*85,'$'<6$/8'(175$%$-26(1$/785$

 6ROR SHUVRQDOTXHHVFRPSHWHQWH\ DSWRItVLFD\SVLFROyJLFDPHQWHSRGUiUHDOL]DU WUDEDMRVHQ
DOWXUD
 3DUD WUDEDMRV D UHDOL]DUVH D PiV GH  P VHUi REOLJDWRULR HO XVR GH DUQpV GH VHJXULGDG \
FDVFRFRQEDUELTXHMR

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> Ϯϯ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






 $QWHV GH UHDOL]DU WUDEDMRV HQ DOWXUD DVHJXUDUVH TXH OD HVWUXFWXUD HVWp HQ EXHQ HVWDGR \ TXH
SXHGDVRSRUWDUHOSHVRGHOWUDEDMDGRUKHUUDPLHQWDVHTXLSRV\PDWHULDOHV
 $QWHVGHVXELUVHDODHVWUXFWXUDVHxDOL]DUHOiUHDGHWUDEDMR\FRORFDUHQORVDOUHGHGRUHVXQD
DYLVRTXHLQGLTXHTXHVHHVWiWUDEDMDQGRHQDOWXUD
 &XDQGR VH WUDEDMH HQ DOWXUD KD\ TXH HYLWDU OOHYDU KHUUDPLHQWDV HQ ORV EROVLOORV \D TXH DO
DJDFKDUVHSXHGHQFDHUVH\OHVLRQDUDDOJXLHQTXHSDVHSRUDEDMR
 (O DQFODMH GHO HTXLSR GH SURWHFFLyQ FRQWUD FDtGDV GHEH VHU LQGHSHQGLHQWH GH FXDOTXLHU RWUR
XWLOL]DGRSDUDVRSRUWDUSODWDIRUPDV\FDSD]GHVRSRUWDUSRUORPHQRV.J
 &XDQGR VH UHDOLFHQ WUDEDMRV HQ ]RQDV GRQGH H[LVWDQ SHQGLHQWHV VXSHULRUHV DO  ORV
RSHUDULRVXWLOL]DUiQHTXLSRVGHSURWHFFLyQIUHQWHDFDtGDV DUQpV DQFODGRVDXQSXQWRILMR

$UWtFXOR6(*85,'$'<6$/8'(1/$0$1,38/$&,Ð1'(&$5*$6
- 3DUDHOOHYDQWDPLHQWRPDQXDOGHFDUJDVVHGHEHVHJXLUORVVLJXLHQWHVSDVRV
 0HGLUODFDUJDQRVREUHFDUJDUVHODFDUJDH[FHVLYD RULJLQDOHVLRQHV(OSHVRPi[LPR TXHVH
UHFRPLHQGDQRVXSHUDUHVGH.JKRPEUHV\.J0XMHUHV
 &RQVHJXLUDSR\RVyOLGRSDUDORVSLHVVHSDUiQGRORVDXQDGLVWDQFLDDSUR[LPDGDGHFPXQR
GHORWUR
 )OH[LRQDUODVURGLOODV\PDQWHQHUODHVSDOGDUHFWD
 8WLOL]DUODVSDOPDVGHODVPDQRV\ODVIDODQJHVQRVRODPHQWHODVSXQWDVGHORVGHGRV
 $FHUFDUODFDUJDDOFXHUSR\VLUYLpQGRVHGHORVP~VFXORVGHEUD]RV\SLHUQDVSDUDOHYDQWDUHO
REMHWR
 1RJLUDUHOFXHUSRPLHQWUDVVHVRVWLHQHODFDUJD

$UWtFXOR25'(1</,03,(=$(1$0%,(17(6'(75$%$-2
 /RVSDVDGL]RV\DPELHQWHVGHODHQWLGDGHQJHQHUDO GHEHQPDQWHQHUVHOLEUHVSDUDPLQLPL]DU
ORVULHVJRV
 6HFRORFDUiQORVGHVHFKRVVHJ~QVHYD\DQJHQHUDQGRHQUHFLSLHQWHVDGHFXDGRV
 1RVHDOPDFHQDUiQLFRORFDUiHOHPHQWRVTXHLPSLGDQODFRUUHFWDDSHUWXUDGHODVSXHUWDV
 /DV YtDV SDVDGL]RV \ RWUDV SRU GRQGH FLUFXOD HO SHUVRQDO GHEHQ PDQWHQHUVH GHVSHMDGRV GH
REVWUXFFLRQHV\RWURVPDWHULDOHVTXHSXHGDQFDXVDUDFFLGHQWHV
 6HUHDOL]DUDQLQVSHFFLRQHVSDUDYHULILFDUHORUGHQ\ODOLPSLH]DGHORVDPELHQWHVGHWUDEDMR
 /DVDFWLYLGDGHVGHRUGHQ\OLPSLH]DGHRILFLQDVVHGHVDUUROODUDQIXHUDGHOKRUDULRGHODMRUQDGD
ODERUDO

$UWtFXOR$9,626<6(f$/(6'(6(*85,'$''(1752'(/$(17,'$'
 (Q ODV GLYHUVDV iUHDV GH OD HQWLGDG VH GHEHUiQ FRORFDU DYLVRV \ VHxDOHV GH VHJXULGDG HQ
OXJDUHVYLVLEOHV\HVWUDWpJLFRVGHDFXHUGRFRQOR HVWDEOHFLGR HQOD1RUPD7pFQLFD3HUXDQD
173³6HxDOHVGHVHJXULGDG´SDUDHOFRQWUROGH
D (OLQJUHVR\DFFHVRGHSHUVRQDVDODVLQVWDODFLRQHV\]RQDVUHVHUYDGDV\SHOLJURVDV
E /DFLUFXODFLyQSHDWRQDOGHQWURGHODVLQVWDODFLRQHV\RILFLQDV
F (OWUiQVLWRYHKLFXODUYHORFLGDGPi[LPD\VHQWLGRGHFLUFXODFLyQ
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> Ϯϰ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






G /RVHTXLSRVHLQVWDODFLRQHVTXHVHHQFXHQWUHQHQPDQWHQLPLHQWRRPDQLREUD
H /DV]RQDV GHHPHUJHQFLDLQGLFDQGR ODV]RQDV\YtDV VHJXUDVSDUD ODHYDFXDFLyQ\
ODVLQVWUXFFLRQHVDVHJXLUHQVLWXDFLRQHVGHHPHUJHQFLD
I (OXVRGHHTXLSRVGHSURWHFFLyQHQ]RQDVGRQGHVHUHTXLHUD
 7RGRV ORV FDUWHOHV \ VHxDOHV GH VHJXULGDG GHEHUiQ HVWDU HQ LGLRPD FDVWHOODQR \ GH WDPDxR
DFRUGHDOiUHDGHWUDEDMRHQODTXHVHHQFXHQWUD

$UWtFXOR&$,'$'(3(5621$6$/0,6021,9(/
 6LHPSUHVHPDQWHQGUiHQEXHQDVFRQGLFLRQHVGHRUGHQ\OLPSLH]DHOiUHDGHWUDEDMR
 &XDQGRVHSURGX]FDFXDOTXLHUGHUUDPHRYHUWLGRVHSURFHGHUiDUHFRJHUORGHLQPHGLDWR
 (ODFRSLRGHPDWHULDOHVVHKDUiFRUUHFWDPHQWH
 &XDQGR VH WUDEDMH \ ODV FRQGLFLRQHV DWPRVIpULFDV VHDQ DGYHUVDV YLHQWR OOXYLD QLHEOD VH
SUHVWDUiHVSHFLDODWHQFLyQFRQHOILQGHUHDOL]DUHOWUDEDMRHQFRQGLFLRQHVVHJXUDV
 &XDQGRVHVXED\VHEDMHGHORVYHKtFXORVGHWUDEDMRVHSUHVWDUiDWHQFLyQSDUDHYLWDUFDtGDV\
WURSLH]RV
 3DUD DFFHGHU D ODV FDELQDV GH ORV YHKtFXORV pVWRV GLVSRQGUiQ GH HVWULERV FRUUHFWRV FRQ HO
VXILFLHQWHQ~PHURGHSHOGDxRVUHFXELHUWRVFRQPDWHULDODQWLGHVOL]DQWH

$UWtFXOR&$,'$'(3(5621$6$'(61,9(/
- 7RGRGHVQLYHO]DQMDWULQFKHUDSR]RDEHUWXUDFRQSRVLELOLGDGGHFDtGDDGLVWLQWRQLYHOGHEHUiHVWDU
FRQYHQLHQWHPHQWHVHxDOL]DGD\SHULPHWUDGD


(67É1'$5(6'(6(*85,'$'<6$/8'&+2)(5(6


$UWtFXOR$63(&726*(1(5$/(6

 $QWHVGHXWLOL]DUHOYHKtFXORHOFRQGXFWRUGHEHUiFRPSUREDUVH

D (OFRUUHFWRQLYHOGHODFHLWHDJXDOtTXLGRGHIUHQRVHOEXHQHVWDGRGHODVIDMDV\ORV
ERUQHV GH OD EDWHUtD 2EVHUYDU HO SLVR GHEDMR GHO YHKtFXOR ODV PDQFKDV SXHGHQ
LQGLFDUIXJDGHOtTXLGRV
E (O EXHQ HVWDGR GH ODV OODQWDV \ OD SUHVLyQ FRUUHFWD GH DLUH LQFOX\HQGR OD OODQWD GH
UHSXHVWR
F 4XHORVIDURV\ODVOXFHVGHOYHKtFXORHVWpQRSHUDWLYRV\TXHORVHVSHMRVUHWURYLVRUHV
VHHQFXHQWUHQHQEXHQDVFRQGLFLRQHV\SHUPLWDQYHUDWUiV
G 5HYLVLyQJHQHUDOGHODFDUJDGHOYHKtFXOR
H 1LYHOGHFDUJDGHOFRPEXVWLEOH
 ,QIRUPDUFXDOTXLHUIDOODDO6XSHUYLVRUSDUDVXFRUUHFFLyQLQPHGLDWD
 6H DVHJXUp UHDOL]DU HO PDQWHQLPLHQWR SUHYHQWLYR TXH GHSHQGLHQGR GHO WLSR GHO YHKtFXOR H
LQGLFDGRSRUHOIDEULFDQWH
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> Ϯϱ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






 $QWHVGHVDOLULQIRUPDUVHVREUHHOHVWDGRGHOFDPLQR\VLWXDFLyQPHWHRUROyJLFDSUHGRPLQDQWH
GHOD]RQDKDFLDGRQGHVHGLULJH
 (OYHKtFXORVHGHEHSDUDUHQFDGDFUXFHYHUTXHQRKD\ULHVJRV\FUX]DUOR
 (QFDVRGHFDOHQWDPLHQWRGHOPRWRUGHMHHQIULDUOD WDSDGHOUDGLDGRU5HFXHUGHTXHHOYDSRU
GHVSUHQGLGRSXHGHRFDVLRQDUOHTXHPDGXUDV

$UWtFXOR&21',&,21(6'(/9(+,&8/2
- (V UHVSRQVDELOLGDG GHO FRQGXFWRU HO PDQWHQHU HO YHKtFXOR HQ EXHQ HVWDGR GH FRQVHUYDFLyQ \
OLPSLH]DFRQORVVLJXLHQWHVREMHWRVSDUDDIURQWDUFXDOTXLHUHPHUJHQFLDTXHVHSUHVHQWH
• *DWRFRQSDODQFD
• /ODYHGHSHUQRVGHUXHGDV
• 'HVWRUQLOODGRU
• +HUUDPLHQWDVEiVLFDV LQFOX\HSDODSHTXHxD 
• /ODQWDGHUHSXHVWRHQEXHQHVWDGR
• 'RVFXxDVSDUDWUDQFDUHOYHKtFXOR
• 7ULDQJXORGHVHJXULGDG
• %RWLTXtQ FRQ HOHPHQWRV EiVLFRV GHSHQGLHQGR GH OD ]RQD GH GHVWLQR LQFOX\H XQ WDQTXH
SRUWiWLOGHR[LJHQR 
• ([WLQWRUGH346 SROYRTXtPLFRVHFR 
- 9HULILFDUGLDULDPHQWHODVVLJXLHQWHVFRQGLFLRQHV
• $JXDVXILFLHQWHGHUDGLDGRU\EDWHUtD
• /ODQWDVLQIODGDVFRQSUHVLyQFRUUHFWD\TXHWHQJDODVWXHUFDVDSUHWDGDV
• /ODQWDGHUHSXHVWRRSHUDWLYD
• /LPSLD±SDUDEULVDV
• 3LWRV
• /XFHVIXQFLRQDQGRFRUUHFWDPHQWH
• (VSHMRVUHWURYLVRUHVYLGULRV\IDURVFRPSOHWDPHQWHOLPSLRV
(OYHKtFXORHVVXUHVSRQVDELOLGDGHVWiSURKLELGRGHOHJDUVXIXQFLyQDRWUDVSHUVRQDV
4XHHO9HKtFXORFXHQWHFRQVLVWHPDGHDODUPDGHFRQWUROGHYHORFLGDG

$UWtFXOR&21',&,21(6'(/&21'8&725
 0DQHMDUVLHPSUHDODGHIHQVLYDHQFXDOTXLHUPRPHQWRVHSXHGHQSUHVHQWDUREVWiFXORV
 $MXVWDUHODVLHQWR\HOWLPyQGHPRGRGHVHQWLUVHFyPRGR\QRWHQJDIDWLJD
 (YLWDUGLVWUDHUVHFRQHOHTXLSRGHVRQLGRGHOYHKtFXOR\HTXLSRGHWHOHIRQtDPyYLO
 (YLWHIUHQDGDVEUXVFDV\YLROHQWDV
 $VHJXUDUVHGHHVWDUDXQDGLVWDQFLDSUXGHQWHUHVSHFWRDOYHKtFXORTXHYDDGHODQWH
 1RIXPDUPLHQWUDVPDQHMH
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> Ϯϲ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






 'HUHTXHULUVHHOXVRGHHTXLSRPyYLOGHEHUiGHWHQHUVHHQ]RQDVHJXUD
 (VWiSURKLELGRPDQHMDUEDMRLQIOXHQFLDGHDOFRKRORGURJDV
 &HGDHOSDVRDORVYHKtFXORVGHHPHUJHQFLD
 (VWDFLRQDUHOYHKtFXOR\UHDOL]DUODVSDUDGDVHQORVVLWLRVLQGLFDGRV
 $OGHMDUHOYHKtFXORYHULILFDUTXHODVOXQDV\ODVSXHUWDVHVWpQFHUUDGDV
 5HDOL]DU SDXVDV DFWLYDV GXUDQWH OD MRUQDGD ODERUDO \D TXH HQ OD DFWLYLGDG VH UHDOL]DQ
PRYLPLHQWRVUHSHWLWLYRV
 'HWpQJDVHFRPSOHWDPHQWHFXDQGRVHHQFXHQWUHHQODVVLJXLHQWHVVLWXDFLRQHV
D 6HPiIRURHQURMR
E /tQHDGH3DUH
F $YLVRGH3DUH
 6L SRU FXDOTXLHU PRWLYR VH VLHQWH LQFDSDFLWDGR SDUD FRQGXFLU UHSyUWHOR LQPHGLDWDPHQWH EDMR
UHVSRQVDELOLGDG
$UWtFXOR9(/2&,'$'
 6HWUDQVLWDUiVLHPSUHDYHORFLGDGUD]RQDEOH\SUXGHQWHTXHSHUPLWD HQWRGRPRPHQWR\EDMR
FXDOTXLHU FLUFXQVWDQFLD R FRQGLFLyQ PDQWHQHU HO FRQWURO WRWDO GHO YHKtFXOR UHVSHWDQGR HO
5HJODPHQWR*HQHUDOGH7UiQVLWR
 &RQGXFLUVLHPSUHDODYHORFLGDGLQGLFDGDHQODVVHxDOHVUHVSHFWLYDV 
 'LVPLQX\DODYHORFLGDGHQFDVRGHOOXYLDRVXHORVUHVEDODGL]RV
 &RQGX]FDHQWUHFDOOHVDXQDYHORFLGDGQRPD\RUGHNPK
$UWtFXOR&,178521'(6(*85,'$'
- (OXVRGHOFLQWXUyQGHVHJXULGDGHVREOLJDWRULRWDQWRSDUDHOFRQGXFWRUFRPRSDUDORVSDVDMHURVGH
ODXQLGDG\HOFRQGXFWRUGHEHUiYHODUSRUVXFXPSOLPLHQWR
$UWtFXOR3$6$-(526
- (VUHVSRQVDELOLGDGGHOFKRIHUHOWUDQVSRUWHVHJXURGHSDVDMHURV
- (YLWHGLVWUDHUVHDOKDEODURKDFHUFKDUODVHVWRHYLWDUDDFFLGHQWHV
- (Q OD FDELQD GHO YHKtFXOR VROR SRGUi YLDMDU HO Q~PHUR GH SHUVRQDV LQGLFDGR HQ OD WDUMHWD GH
SURSLHGDG
- 1RGHEHUiQLQJHULUOLFRUDQWHV\GXUDQWHODFRPLVLyQGHVHUYLFLR
$UWtFXOR523$'(75$%$-2
- 3DUDVHOHFFLRQDUODURSDGHWUDEDMRVHWRPDUiHQFRQVLGHUDFLyQORVULHVJRVDORVFXDOHVHOWUDEDMDGRU
YDDHVWDUH[SXHVWR\DOD]RQDGHGHVWLQR
- (VREOLJDFLyQGHOSHUVRQDOHOXVRGHODURSDGHWUDEDMRGRWDGDSRUOD(QWLGDGGXUDQWHODMRUQDGDGH
WUDEDMR





ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> Ϯϳ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 








(67$1'$53$5$75$%$-26&210$48,1$5,$3(6$'$

$UWtFXOR7RGRWUDEDMDGRUTXHRSHUHXQHTXLSRSHVDGRGHEHDFUHGLWDUVXFDOLILFDFLyQPHGLDQWHEUHYHWH
SURIHVLRQDO YLJHQWH \ GHELGDPHQWH FHUWLILFDGR SDUD WDO ILQ YHODQGR HO ,QJHQLHUR UHVSRQVDEOH SRU VX
FXPSOLPLHQWR

$UWLFXOR  $QWHV GH LQLFLDU FXDOTXLHU WUDEDMR HO RSHUDGRU GHEHUi YHULILFDU HO HVWDGR GH VX HTXLSR
LQFOX\HQGRODRSHUDWLYLGDGGHODDODUPDGHUHWURFHVR\GHOFLQWXUyQGHVHJXULGDGQRGHELHQGRRSHUDUORVL
SUHVHQWDSUREOHPDVGHGLUHFFLyQIUHQRVOXFHVOODQWDVRIXJDVGHDFHLWHKLGUROLQDXRWURV

$UWLFXOR  (V REOLJDWRULR HO XVR HQ WRGR PRPHQWR GH ODV SUHQGDV GH SURWHFFLyQ SHUVRQDO EiVLFDV \ ODV
UHTXHULGDV GH DFXHUGR DO WLSR GH WUDEDMR DGHPiV GXUDQWH HO WLHPSR TXH GXUH OD RSHUDFLyQ HO RSHUDGRU
PDQWHQGUiHQJDQFKDGRVXFLQWXUyQGHVHJXULGDG

$UWtFXOR  7RGR RSHUDGRU GHEHUi REHGHFHU HVWULFWDPHQWH ODV LQVWUXFFLRQHV GH VXV VXSHUYLVRUHV \ ORV
DYLVRV\VHxDOHVGHWUiQVLWR

$UWLFXOR  (VWD WHUPLQDQWHPHQWH SURKLELGR HO WUDVODGR GH SHUVRQDO HQ ODV WROYDV GH ORV FDPLRQHV HO
ODPSyQGHORVFDUJDGRUHVODVFDELQDV\RWUDVSDUWHVGHORVWUDFWRUHV\VLPLODUHV

$UWtFXOR6HGHEHUiPDQWHQHUORVSHOGDxRVPDQLMDVGHVXMHFLyQ\SLVRVGHODVPiTXLQDVHQEXHQHVWDGR
GHFRQVHUYDFLyQVLQJUDVDDFHLWHREDUURSDUDSUHYHQLUUHVEDORQHVRFDtGDVGXUDQWHHODVFHQVRRGHVFHQVR
DODVPLVPDVHOFXDOGHEHUiHIHFWXDUVHVLHPSUHFRQWUHVSXQWRVGHDSR\RVLPXOWiQHRV GRVSLHV\XQDPDQR
RGRVPDQRV\XQSLH 

$UWtFXOR&XDQGRVHWUDEDMHHQODVSUR[LPLGDGHVGHOtQHDVHOpFWULFDVDpUHDVVHGHEHUiFRQVXOWDUFRQHO
VXSHUYLVRUUHVSHFWRDODVGLVWDQFLDV\PHGLGDVGHVHJXULGDGDDGRSWDU

$UWtFXOR  /RV WUDEDMRV GH LQVWDODFLRQHV HOpFWULFDV GH VHUYLFLR SDUD WRGRV ORV WUDEDMRV VROR SRGUiQ VHU
HMHFXWDGRVSRUHOHOHFWULFLVWDGHPDQWHQLPLHQWRGHELGDPHQWHFHUWLILFDGR

$UWLFXOR  $QWHV GH LQLFLDU ORV WUDEDMRV HO RSHUDGRU GH OD PDTXLQDULD SHVDGD GHEHUi LQVSHFFLRQDU OD
RSHUDWLYLGDGGHVXYHKtFXOR\HODERUDUHOFKHNOLVWGLDULRGHSUHXVRGHHTXLSRPyYLO

$UWLFXOR(ORSHUDGRUGHEHFRQRFHU\FXPSOLUODVQRUPDVGHVHJXULGDGLPSODQWDGDVSRUOD(QWLGDG

$UWLFXOR$QWHVGHDUUDQFDUODPDTXLQDULDFRPSUREDUTXHORVPDQGRVHVWiQHQSRVLFLyQQHXWUD

$UWLFXOR4XHGDSURKLELGRHOWUDQVSRUWHGHSDVDMHURVHQODVPDTXLQDULDV

$UWtFXOR6HVHxDOL]DUDODVYtDVGHFLUFXODFLyQUHVSHWDQGR XQPDUJHQGHVHJXULGDGHQIXQFLyQGHODV
FDUDFWHUtVWLFDVGHOWHUUHQRFXDQGRVHFLUFXOHHQODVLQPHGLDFLRQHVGHFRUWHV\WDOXGHV

$UWtFXOR5HVSHWDUODVFDUJDVPi[LPDVLQGLFDGDVSDUDFDGDPDTXLQDULD

$UWLFXOR6LVHGHWHFWDDOJXQDDQRPDOtDHQODPDTXLQDVHSDUDUD\VHLQIRUPDUDDVXVXSHULRU

$UWLFXOR6HLQVSHFFLRQDUDQORVWDMRVDILQGHREVHUYDUSRVLEOHVGHVPRURQDPLHQWRVTXHSXHGDQDIHFWDUD
ODVPDTXLQDV
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> Ϯϴ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






$UWLFXOR   /RFDOL]DU \ VHxDOL]DU GH DFXHUGR FRQ ORV SODQRV GH OD ]RQD WXEHUtDV \R FRQGXFWRV TXH
HVWXYLHVHQ EDMR WLHUUD 6L VH URPSHQ VH DFRUGRQDUD OD ]RQD VH SDUDUDQ ORV WUDEDMRV \ VH FRPXQLFDUD GH
LQPHGLDWRDOLQJHQLHURUHVSRQVDEOH

&$0,21(692/48(7(

$UWLFXOR(OFKRIHUVHGHEHUiDSUR[LPDUDODEHUPDSHUSHQGLFXODUPHQWHDODPLVPD\VRORSURFHGHUiD
GHVFDUJDU HO FDPLyQ XQD YH] TXH KD\D YHULILFDGR TXH ODV UXHGDV SRVWHULRUHV VH HQFXHQWUDQ D
DSUR[LPDGDPHQWHPGHODEHUPD\FXDQGRHOFXDGUDGRUKD\DVDOLGRKDFLDDGHODQWHGHOFDPLyQ\SXHGD
YHUOR /DV EHUPDV QXQFD GHEHQ XWLOL]DUVH SDUD GHWHQHU HO FDPLyQ VLQR VROR FRPR LQGLFDGRU GHO OtPLWH GH
FXDGUDGRGHOYHKtFXOR

$UWLFXOR9HULILFDUTXHWRGRFDPLyQYROTXHWHFXHQWHFRQODUHVSHFWLYDPDOODGHSURWHFFLyQFXDQGRODWROYD
HVWHFRQPDWHULDOSDUDVXWUDVODGR

$UWtFXOR7RGRFDPLyQYROTXHWHGHEHUiVHULQVSHFFLRQDGRSRUHORSHUDGRU\UHYLVDGRSRUHOVXSHUYLVRU
SRUPHGLRGHOFKHFNOLVWGLDULRGHSUHXVRDQWHVGHLQLFLDUVXVWUDEDMRVRSHUDWLYRV

$UWLFXOR4XHGDSURKLELGRHOWUDQVSRUWHGHSDVDMHURVHQODVWROYDVGHORVYROTXHWHV

&$5*$'25)5217$/

$UWtFXOR  /RV FDUJDGRUHV IURQWDOHV WUDEDMDUiQ SUHIHUHQWHPHQWH VREUH VXSHUILFLHV KRUL]RQWDOHV 6L VH
WUDVODGDQGHXQOXJDUDRWURORGHEHQKDFHUFRQHOFXFKDUyQUHWUDtGR\VLQFDUJD

$UWLFXOR  3DUD VX WUDVODGR ORV RSHUDGRUHV GH ORV FDUJDGRUHV OR KDUiQ FRQ HO FXFKDUyQ UHWUDtGR \ HQ
SRVLFLyQEDMDHVGHFLUDFPGHOVXHORDSUR[LPDGDPHQWH

$UWtFXOR3RUQLQJ~QPRWLYRHORSHUDGRUGHOFDUJDGRUOOHQDUDODWROYDGHOYROTXHWHVLHOFRQGXFWRUQRVH
HQFXHQWUDGHQWURGHVXYHKtFXOR(OOOHQDGRGHODVWROYDVGHEHUiHIHFWXDUVHXQLIRUPHPHQWH

$UWtFXOR7RGRFDUJDGRUIURQWDOGHEHUiVHULQVSHFFLRQDGRSRUHORSHUDGRU\UHYLVDGRSRUHOVXSHUYLVRUSRU
PHGLRGHOFKHFNOLVWGLDULRGHSUHXVRDQWHVGHLQLFLDUVXVWUDEDMRVRSHUDWLYRV



7,78/29,,
(67$1'$5(6'(6(*85,'$'<6$/8'(1/266(59,&,26<$&7,9,'$'(6&21(;$6



$ /LPSLH]D\)XPLJDFLyQ


$UWtFXOR3DUDUHDOL]DUODVDFWLYLGDGHVGHIXPLJDFLyQHQODViUHDVGHWUDEDMRVHSHGLUiDXWRUL]DFLyQDODV
iUHDVUHVSRQVDEOHVGHOD6HJXULGDG\6DOXGHQHO7UDEDMR

$UWLFXOR/DVDFWLYLGDGHVGHIXPLJDFLyQGHORVORFDOHVGHODHQWLGDGVHUHDOL]DUDQVRORGtDVTXHQRVHD
ODERUDEOH\TXHHOSHUVRQDOHVWHDXVHQWH

$UWtFXOR/RVSURGXFWRVSDUDODOLPSLH]D\GHVLQIHFFLyQGHORVDPELHQWHVGHORVORFDOHVGHEHUiQHVWDU
URWXODGRV\XELFDGRVHQXQDPELHQWHH[WHUQRDODViUHDVGHWUDEDMR

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> Ϯϵ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






$UWLFXOR/DDFWLYLGDGGHOLPSLH]D\GHVLQIHFFLyQGHFLVWHUQDV\WDQTXHVHOHYDGRVVHUiQUHDOL]DGDFDGD
PHVHVSRUXQDHPSUHVDGHVHUYLFLRVDXWRUL]DGDSRUODDXWRULGDGFRUUHVSRQGLHQWH

$UWLFXOR/DDFWLYLGDGGHOLPSLH]D\GHVLQIHFFLyQVHUHDOL]DUDVRORGtDVTXHHOSHUVRQDOQRODERUHHQODV
LQVWDODFLRQHV \ HVWD DFWLYLGDG VHUi VXSHUYLVDGD SRU XQ SHUVRQDO GH OD HPSUHVD GH VHUYLFLRV FRQWUDWDGD \
GHELGDPHQWHDXWRUL]DGRSRUODViUHDVUHVSRQVDEOHVGHOD6HJXULGDG\6DOXGHQHO7UDEDMR


7,78/29,,,
35(3$5$&,Ð1<5(638(67$$(0(5*(1&,$6

$ 35(9(1&,Ð1<3527(&&,Ð1&2175$,1&(1',26


$ 35(9(1&,21'(,1&(1',26

$UWtFXOR7RGRVORVORFDOHVGHEHQHVWDUSURYLVWRVGHVXILFLHQWHVHTXLSRVSDUDODH[WLQFLyQGHLQFHQGLRV
TXHVHDGDSWHQDORVULHVJRVSDUWLFXODUHVTXHHVWRVSUHVHQWDQ/DVSHUVRQDVHQWUHQDGDVHQHOXVRFRUUHFWR
GHHVWRVHTXLSRVVHKDUiQSUHVHQWHVGXUDQWHWRGRVORVSHULRGRVQRUPDOHVGHWUDEDMR

$UWtFXOR  /RV HTXLSRV \ ODV LQVWDODFLRQHV TXH SUHVHQWHQ JUDQGHV ULHVJRV GH LQFHQGLRV GHEHQ VHU
FRQVWUXLGRVHLQVWDODGRVVLHPSUHTXHVHDIDFWLEOHGHPDQHUDTXHVHDIiFLODLVODUORVHQFDVRGHLQFHQGLR

$UWtFXOR/RVHTXLSRVGHH[WLQWRUHVGHEHUiQHVWDUFRQFDUJDYLJHQWH

$ 3$6,//26<3$6$',=26

$UWLFXOR  (Q ORV OXJDUHV GH WUDEDMR HO DQFKR GHO SDVLOOR HQWUH PiTXLQDV LQVWDODFLRQHV \ UXPDV GH
PDWHULDOHVQRGHEHVHUPHQRUGHFP

$UWLFXOR'RQGHQRVHGLVSRQJDGHDFFHVRLQPHGLDWRDODVVDOLGDVVHGHEHGLVSRQHUHQWRGRPRPHQWR
GH SDVDMHV R FRUUHGRUHV FRQWLQXRV \ VHJXURV TXH WHQJDQ XQ DQFKR OLEUH QR PHQRU GH  PW \ TXH
FRQGX]FDQGLUHFWDPHQWHDODVDOLGD 5HI$UWGHO'61ƒ) 

$ (6&$/(5$638(57$6<6$/,'$6

$UWtFXOR7RGRV ORVDFFHVRVGHODVHVFDOHUDVTXHSXHGDQVHU XVDGDVFRPR PHGLRGHHVFDSHGHEHQ


VHUPDUFDGRVGHWDOPRGRTXHODGLUHFFLyQGHVDOLGDKDFLDODFDOOHVHDFODUD

$UWLFXOR/DVSXHUWDVGHVDOLGDVHFRORFDQGHWDOPDQHUDTXHVHDQIiFLOPHQWHYLVLEOHV\QRVHGHEHQ
SHUPLWLUREVWUXFFLRQHVTXHLQWHUILHUDQHODFFHVRRODYLVLELOLGDGGHODVPLVPDV

$UWtFXOR/DVVDOLGDVGHEHQHVWDULQVWDODGDVHQQ~PHURVXILFLHQWH\GLVSXHVWDVGHWDOPDQHUDTXHODV
SHUVRQDVRFXSDGDVHQORVOXJDUHVGHWUDEDMRSXHGDQDEDQGRQDUODVLQPHGLDWDPHQWHFRQWRGDVHJXULGDGHQ
FDVRGHHPHUJHQFLD(ODQFKRPtQLPRGHODVVDOLGDVVHUiGHPW

$UWLFXOR/DVSXHUWDV\SDVDGL]RGHVDOLGDGHEHQVHUFODUDPHQWHPDUFDGRVFRQVHxDOHVTXHLQGLTXHQ
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϬ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






ODYtDGHVDOLGD\GHEHQHVWDUGLVSXHVWDVGHWDOPDQHUDTXHVHDQIiFLOPHQWHXELFDEOHV

% 3527(&&,Ð1&2175$,1&(1',26


% &21',&,21(6*(1(5$/(6

$UWtFXOR(OIXHJRHVXQDR[LGDFLyQUiSLGDGHXQPDWHULDOFRPEXVWLEOHTXHSURGXFHGHVSUHQGLPLHQWR
GHOX]\FDORUSXGLHQGRLQLFLDUVHSRUODLQWHUDFFLyQGHHOHPHQWRVR[LJHQRFRPEXVWLEOH\FDORU

/DDXVHQFLDGHXQRGHORVHOHPHQWRVPHQFLRQDGRVHYLWDUiTXHVHLQLFLHHOIXHJR
/RVLQFHQGLRVVHFODVLILFDQGHDFXHUGRFRQHOWLSRGHPDWHULDOFRPEXVWLEOHTXHDUGHHQ
,1&(1',2&/$6($6RQIXHJRVTXHVHSURGXFHQHQPDWHULDOHVFRPEXVWLEOHVVyOLGRV WDOHV
FRPRPDGHUDSDSHOFDUWyQWHODHWF
,1&(1',2 &/$6( % 6RQ IXHJRV SURGXFLGRV SRU OtTXLGRV LQIODPDEOHV WDOHV FRPR JDVROLQD
DFHLWHSLQWXUDVROYHQWHHWF
,1&(1',2 &/$6( & 6RQ IXHJRV SURGXFLGRV HQ HTXLSRV HOpFWULFRV FRPR PRWRUHV
LQWHUUXSWRUHVUHyVWDWRVHWF

$UWtFXOR&XDOTXLHUWUDEDMDGRUTXHGHWHFWHXQLQFHQGLRGHEHSURFHGHUGHODIRUPDVLJXLHQWH

D 'DUODDODUPDLQWHUQD\H[WHUQD
E &RPXQLFDUDORVLQWHJUDQWHVGHODEULJDGDFRQWUDLQFHQGLRV (QFDVRGHTXHVHFXHQWHFRQ
ODUHVSHFWLYDEULJDGD 
F 6HJXLUODVLQGLFDFLRQHVGHODEULJDGDFRUUHVSRQGLHQWH (QFDVRGHTXHVHFXHQWHFRQGLFKD
EULJDGD 
G (YDFXDUHOiUHDGHPDQHUDRUGHQDGDFRQGLUHFFLyQDODSXHUWDGHVDOLGDPiVFHUFDQD

$UWtFXOR&RQVLGHUDFLRQHVJHQHUDOHVLPSRUWDQWHV

D /DPHMRUIRUPDGHFRPEDWLULQFHQGLRVHVHYLWDQGRTXHHVWRVVHSURGX]FDQ
E 0DQWHQJDQ VX iUHD GH WUDEDMR OLPSLR RUGHQDGR \ HQ OR SRVLEOH OLEUH GH PDWHULDOHV
FRPEXVWLEOHV\OtTXLGRVLQIODPDEOHV
F 1RREVWUX\DODVSXHUWDVYtDVGHDFFHVRRSDVDGL]RVFRQPDWHULDOHVTXHSXHGDQGLILFXOWDUOD
OLEUHFLUFXODFLyQGHODVSHUVRQDV
G ,QIRUPHDVX6XSHULRUVREUHFXDOTXLHUHTXLSRHOpFWULFRGHIHFWXRVR
H )DPLOLDUtFHVHFRQODXELFDFLyQ\IRUPDGHXVRGHORVH[WLQWRUHV\JULIRVFRQWUDLQFHQGLRV
I (Q FDVR GH LQFHQGLR GH HTXLSRVHOpFWULFRV GHVFRQHFWH HO IOXLGR HOpFWULFR 1R XVH DJXD QL
H[WLQWRUHVTXHODFRQWHQJDQVLQRVHKDFRUWDGRODHQHUJtDHOpFWULFD
J /DRSHUDFLyQGHHPSOHDUXQH[WLQWRUGXUDPX\SRFRWLHPSR3RUFRQVLJXLHQWHXWLOtFHORELHQ
DFpUTXHVH OR PiV TXH SXHGD GLULMD HO FKRUUR D OD EDVH GH ODV OODPDV QR GHVSHUGLFLH VX
FRQWHQLGR
K 2EHGH]FD ORV DYLVRV GH VHJXULGDG \ IDPLOLDUtFHVH FRQ ORV SULQFLSLRV IXQGDPHQWDOHV GH
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϭ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






SULPHURVDX[LOLRV

% $*8$$%$67(&,0,(172862<(48,32

$UWLFXOR/DHQWLGDGTXHFXHQWDFRQUHVHUYRULRGHEHJDUDQWL]DUXQDEDVWHFLPLHQWRGHDJXDDGHFXDGR
DSUHVLyQPtQLPDGHOLEUDVHQFDVRGHLQFHQGLRGHPDWHULDOHVFRPEXVWLEOHVRUGLQDULRV FODVH$ 

$UWtFXOR/DVERPEDVSDUDLQFHQGLRVGHEHQHVWDUVLWXDGDV\SURWHJLGDVGHWDOPRGRTXHQRLQWHUUXPSD
VXIXQFLRQDPLHQWRFXDQGRVHSURGX]FDXQLQFHQGLR

$UWtFXOR/RVJULIRVFRQWUDLQFHQGLRVGHEHQVHUGHIiFLODFFHVRFRQVHUYDGRV\PDQWHQLGRVHQEXHQDV
FRQGLFLRQHVGHIXQFLRQDPLHQWR

$UWLFXOR  (Q ORV LQFHQGLRV GH WLSR % \ & QR VH XVD DJXD SDUD H[WLQJXLUORV GHELpQGRVH XVDU RWURV
PHGLRVGHH[WLQFLyQDGHFXDGRV

% (;7,1725(63257É7,/(6

$UWtFXOR3529,$61$&,21$/GHEHGRWDUGHH[WLQWRUHVGHLQFHQGLRVDGHFXDGRVDOWLSRGHLQFHQGLR
TXHSXHGDRFXUULUFRQVLGHUDQGRODQDWXUDOH]DGHORVSURFHVRV\RSHUDFLRQHV

$UWLFXOR/RVDSDUDWRVSRUWiWLOHVFRQWUDLQFHQGLRVGHEHQVHULQVSHFFLRQDGRVSRUORPHQRVXQDYH]SRU
PHV\VHUUHFDUJDGRVFXDQGRVHYHQ]DVXWLHPSRGHYLJHQFLDRVHXWLOLFHQVHJDVWHRQRWRGDODFDUJD

$UWLFXOR  &XDQGR RFXUUDQ LQFHQGLRV HQ OXJDUHV FRQ SUHVHQFLD GH HTXLSRV HOpFWULFRV ORV H[WLQWRUHV
SDUD FRPEDWLUORV VRQ GH SROYR TXtPLFR VHFR HQ FDVR GH TXH HO LQFHQGLR VHD HQ HO FHQWUR GH FyPSXWR
ODERUDWRULRVRVHWUDWHGHHTXLSRVVRILVWLFDGRVVHGHEHQXWLOL]DUORVH[WLQWRUHVGHJDVFDUEyQLFR &2 SDUD
VXH[WLQFLyQ

& 6,67(0$6'($/$50$6<6,08/$&526'(,1&(1',26

$UWtFXOR  3529,$6 1$&,21$/ GHEH GLVSRQHU GH XQ Q~PHUR VXILFLHQWH GH HVWDFLRQHV GH DODUPD
RSHUDGDV D PDQR FRORFDGDV HQ OXJDUHV YLVLEOH HQ HO UHFRUULGR QDWXUDO GH HVFDSH GH XQ LQFHQGLR \
GHELGDPHQWHVHxDOL]DGDV

$UWtFXOR3529,$61$&,21$/GHEHUHDOL]DUHMHUFLFLRVGHPRGRTXHVHVLPXOHQODVFRQGLFLRQHVGHXQ
LQFHQGLRDGHPiVVHGHEHDGLHVWUDUDODVEULJDGDVHQHOHPSOHRGHORVH[WLQWRUHVSRUWiWLOHVHYDFXDFLyQ\
SULPHURVDX[LOLRVHLQXQGDFLyQ

$UWLFXOR(QFDVRGHHYDFXDFLyQHOSHUVRQDOGHEHVHJXLUODVHxDOL]DFLyQLQGLFDGDFRPR6$/,'$

$UWtFXOR  3DUD FRPEDWLU ORV LQFHQGLRV TXH SXHGDQ RFXUULU 3529,$6 1$&,21$/ GHEH IRUPDU OD
EULJDGDFRQWUDLQFHQGLRV

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϮ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






' $/0$&(1$-('(6867$1&,$6,1)/$0$%/(6

7DPELpQKD\TXHWRPDUPHGLGDVGHVHJXULGDGHQHOFDVRTXHVHDOPDFHQHSyOYRUDDQIRGLQDPLWDX
RWUDVVXVWDQFLDVH[SORVLYDV

$UWLFXOR(ODOPDFHQDMHGHJUDQGHVFDQWLGDGHVGHSHWUyOHR RDFHLWHVOXEULFDQWHVDOFRKROWLQWDVHWF 
VH GHEH HIHFWXDU HQ WDQTXH VXEWHUUiQHR ORFDOHV R DPELHQWHV  GH FRQVWUXFFLyQ UHVLVWHQWH DO IXHJR
UHDOL]iQGRVHVXGLVWULEXFLyQSDUDHOWUDEDMRGHOFDOGHURSRUPHGLRGHWXEHUtDV

$UWtFXOR6HGHEHQWRPDUODVPHGLGDVSDUDHYLWDUHOHVFDSHGHOtTXLGRVLQIODPDEOHVKDFLDGHVDJHV\
GHWHQHU FXDOTXLHU SpUGLGD GH OtTXLGR GHQWUR GH OD ]RQD GH VHJXULGDG DVt FRPR WDPELpQ SDUD HYLWDU OD
IRUPDFLyQGHPH]FODVH[SORVLYDVRLQIODPDEOHVGHYDSRUHV\DLUHHVSHFLDOPHQWHGXUDQWHHOWUDVLHJR

$UWLFXOR4XHGDWHUPLQDQWHPHQWHSURKLELGRHOHPSOHRGHOtTXLGRVLQIODPDEOHVSDUDILQHVGHOLPSLH]D
HQJHQHUDOH[FHSWRSDUDDTXHOORVFDVRVHQTXHODVFRQGLFLRQHVWpFQLFDVGHOWUDEDMRDVtORH[LMDQHQFX\R
FDVRHVWRVWUDEDMRVVHGHEHQHIHFWXDUHQORFDOHVDGHFXDGRVOLEUHVGHRWUDVPDWHULDVFRPEXVWLEOHVGRWDGRV
GHORVVLVWHPDVSUHYHQWLYRVFRQWUDLQFHQGLRV

$UWLFXOR  (Q ORV ORFDOHV GRQGH VH XVH PDQLSXOH DOPDFHQH WUDQVSRUWH HWF PDWHULDOHV R OtTXLGRV
FRPEXVWLEOHVRLQIODPDEOHVGHEHHVWDUWHUPLQDQWHPHQWHSURKLELGRIXPDURXVDUOODPDVGHVFXELHUWDVROXFHV
TXHQRVHDQDSUXHEDGHIXHJRRH[SORVLyQ

' *$6(6&2035,0,'26

$UWLFXOR3DUDPDQLSXODUORVFLOLQGURV TXH FRQWHQJDQ JDVHV FRPSULPLGRV VH GHEH REVHUYDU OR


VLJXLHQWH

 3XHGHQVHUGHSRVLWDGRVDODLUHOLEUHGHSLHGHELGDPHQWHDWDGRVFRQXQDFDGHQDHVWDQGR
DGHFXDGDPHQWHSURWHJLGRVFRQWUDORVFDPELRVH[FHVLYRVGHWHPSHUDWXUD\ORVUD\RVGLUHFWRV
GHOVRORGHODKXPHGDGSHUPDQHQWH
 /RVFLOLQGURVGHDFHWLOHQRR[tJHQRXRWURVJDVHVGHEHQVHUPDQHMDGRVFRQSUHFDXFLRQHVSRU
SHUVRQDVH[SHULPHQWDGDV1RVHGHEHQGHSRVLWDUJDVHVFRPSULPLGRVFHUFDGHVXVWDQFLDV
LQIODPDEOHV
 1RKDFHUURGDUORVFLOLQGURVHVWRVGHEHQWUDQVSRUWDUVHHQVXVFDUULWRVUHVSHFWLYRV
 /RV FLOLQGURV TXH FRQWHQJDQ JDVHV OLFXDGRV VH GHEHQ DOPDFHQDU HQ SRVLFLyQ YHUWLFDO R
FHUFDQDDODYHUWLFDOGHELGDPHQWHVXMHWDGRFRQFDGHQDRVRJDSDUDHYLWDUVXFDtGD
 1RVHGHEHQGHMDUFDHUQLH[SRQHUORVDFKRTXHVYLROHQWRVORVFLOLQGURVGHJDVHV
 &XDQGRVHXWLOLFHQFLOLQGURVHVWRVVHGHEHQVXMHWDUFRQFRUUHDVFROODUHVRFDGHQDVSDUD
HYLWDUTXHVHYXHOTXHQ
 /RV FLOLQGURV GH JDVHV GHEHQ VHU WUDQVSRUWDGRV HQ OD SODQWD PHGLDQWH GLVSRVLWLYRV
DSURSLDGRV
 /RVFDVTXHWHVGHSURWHFFLyQGHODVYiOYXODVGHORVFLOLQGURVGHJDVHVGHEHQHVWDUFRORFDGRV
HQVXSRVLFLyQFXDQGRORVFLOLQGURVVHWUDQVSRUWHQRFXDQGRQRHVWpQHQXVR
 /RV FLOLQGURV VH GHEHQ PDQWHQHU D GLVWDQFLD VXILFLHQWH GHVGH HO SXQWR GH YLVWD GH OD
VHJXULGDG GH WRGR WUDEDMR HQ HO TXH VH SURGX]FDQ OODPDV FKLVSDV R PHWDO IXQGLGR TXH
RFDVLRQHQHOFDOHQWDPLHQWRH[FHVLYRHQORVFLOLQGURV
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϯ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






 /RVFLOLQGURVGHR[tJHQRQRVHGHEHQPDQLSXODUFRQODVPDQRVRJXDQWHVJUDVLHQWRVQLVH
GHEHHPSOHDUJUDVDRDFHLWHFRPROXEULFDQWHHQODVYiOYXODVDFFHVRULRVPDQyPHWURVRHQ
HOHTXLSRUHJXODGRU

( (/,0,1$&,Ð1'('(63(5',&,26

$UWtFXOR  1R VH GHEH SHUPLWLU TXH VH DFXPXOHQ HQ HO SLVR GHVSHUGLFLRV GH PDWHULDO LQIODPDEOH ORV
FXDOHVGHEHQVHUGHVWUXLGRVRDFXPXODGRVVHSDUDGDPHQWHGHRWURVGHVSHUGLFLRV

$UWtFXOR  6H GHEH GLVSRQHU GH UHFLSLHQWHV SDUD UHFRJHU LQPHGLDWDPHQWH ORV WUDSRV VDWXUDGRV GH
DFHLWHSLQWXUDXRWURVPDWHULDOHVFRPEXVWLEOHVVXMHWRDFRPEXVWLyQHVSRQWiQHDHQORVOXJDUHVGHWUDEDMR
GRQGHHVWRVVHSURGX]FDQ

$UWLFXOR  'LDULDPHQWH HO HQFDUJDGR GH OLPSLH]D GHEH UHFROHFWDU ORV UHFLSLHQWHV GH EDVXUD GH FDGD
DPELHQWHFRORFiQGRORVHQXQOXJDUGHWHUPLQDGRSDUDVHUHUUDGLFDGRVGHODHQWLGDG

) 6(f$/(6'(6(*85,'$'


) 2%-(72

$UWtFXOR(OREMHWRGHODVVHxDOHVGHVHJXULGDGHVHOKDFHUFRQRFHUFRQ ODPD\RUUDSLGH]SRVLEOHOD
SRVLELOLGDGGHDFFLGHQWH\HOWLSRGHDFFLGHQWH\ODH[LVWHQFLDGHFLUFXQVWDQFLDVSDUWLFXODUHV

) ',0(16,21(6'(/$66(f$/(6'(6(*85,'$'

$UWLFXOR/DVVHxDOHVGHVHJXULGDGVHUiQWDQJUDQGHVFRPRVHDSRVLEOH\VXWDPDxRVHUiFRQJUXHQWH
FRQHOOXJDUHQTXHVHFRORFDQRHOWDPDxRGHORVREMHWRVGLVSRVLWLYRVRPDWHULDOHVDORVFXDOHVVHILMDQ(Q
WRGRVORVFDVRVHOVtPERORGHVHJXULGDGGHEHVHULGHQWLILFDGRGHVGHXQDGLVWDQFLDVHJXUD

$UWtFXOR/DVGLPHQVLRQHVGHODVVHxDOHVGHVHJXULGDGVRQODVVLJXLHQWHV

™ &tUFXORFPGHGLiPHWUR
™ &XDGUDGRFPGHODGR
™ 5HFWiQJXORFPGHDOWXUD\FPGHEDVH
™ 7ULiQJXORHTXLOiWHURFPGHODGR
(VWDVGLPHQVLRQHVSXHGHQPXOWLSOLFDUVHSRUODVVHULHVVLJXLHQWHV
\VHJ~QVHDQHFHVDULRDPSOLDUHOWDPDxR


) $3/,&$&,Ð1'(/26&2/25(6<6Ì0%2/26(1/$66(f$/(6'(6(*85,'$'

$UWtFXOR/DVVHxDOHVGHSURKLELFLyQWLHQHQFRPRFRORUGHIRQGREODQFR ODFRURQDFLUFXODU\ODEDUUD
WUDQVYHUVDO VRQ URMRV HO VtPEROR GH VHJXULGDG QHJUR \ VH XELFD DO FHQWUR \ QR VH VXSHUSRQH D OD EDUUD
WUDQVYHUVDOHOFRORUURMRFXEUHFRPRPtQLPRHOGHOiUHDGHODVHxDO
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϰ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






$UWtFXOR/DVVHxDOHVGHDGYHUWHQFLDWLHQHQFRPRFRORUGHIRQGRHODPDULOORODEDQGDWULDQJXODUQHJUD
HOVtPERORGHVHJXULGDGQHJUR\XELFDGRHQHOFHQWURHOFRORUDPDULOORGHEHFXEULUFRPRPtQLPRHOGH
iUHDGHODVHxDO

$UWtFXOR/DVVHxDOHVGHREOLJDWRULHGDGWHQGUiQXQFRORUGHIRQGRD]XOODEDQGDFLUFXODUHVEODQFDHO
VtPERORGHVHJXULGDGHVEODQFR\GHEHHVWDUXELFDGRHQHOFHQWURHOFRORUD]XOFXEUHFRPRPtQLPRHO
GHOiUHDGHODVHxDO

$UWtFXOR  /DV VHxDOHV LQIRUPDWLYDV VH GHEHQ XELFDU HQ HTXLSRV GH VHJXULGDG HQ JHQHUDO UXWDV GH
HVFDSH HWF /DV IRUPDV GH ODV VHxDOHV LQIRUPDWLYDV GHEHQ VHU FXDGUDGDV R UHFWDQJXODUHV VHJ~Q
FRQYHQJDQDODXELFDFLyQGHOVtPERORGHVHJXULGDGRHOWH[WR(OVtPERORGHVHJXULGDGHVEODQFRHOFRORU
GHIRQGRHVYHUGH\GHEHFXEULUFRPRPtQLPRHOGHOiUHDGHODVHxDO

* 35,0(526$8;,/,26


* *(1(5$/,'$'(6

$UWtFXOR(OSULQFLSDOREMHWLYRGHORVSULPHURVDX[LOLRVHVHYLWDUSRUWRGRVORVPHGLRVSRVLEOHVODPXHUWH
RODLQYDOLGH]GHODSHUVRQDDFFLGHQWDGD

2WURVGHORVREMHWLYRVSULQFLSDOHVHVEULQGDUXQDX[LOLRDODSHUVRQDDFFLGHQWDGDPLHQWUDVVHHVSHUDODOOHJDGD
GHOPpGLFRRVHOHWUDVODGDDXQKRVSLWDO

* 5(*/$6*(1(5$/(6

$UWLFXOR  &XDQGR VH SUHVHQWH OD QHFHVLGDG GH XQ WUDWDPLHQWR GH HPHUJHQFLD VLJD HVWDV UHJODV
EiVLFDV

 (YLWHHOQHUYLRVLVPR\HOSiQLFR
 6L VH UHTXLHUH DFFLyQ LQPHGLDWD SDUD VDOYDU XQD YLGD UHVSLUDFLyQ DUWLILFLDO FRQWURO GH
KHPRUUDJLDVHWF KDJDHOWUDWDPLHQWRDGHFXDGRVLQGHPRUD
 +DJDXQH[DPHQFXLGDGRVRGHODYtFWLPD
 1XQFD PXHYD D OD SHUVRQD OHVLRQDGD D PHQRV TXH VHD DEVROXWDPHQWH QHFHVDULR SDUD
UHWLUDUODGHOSHOLJUR
 $YLVHDOPpGLFRLQPHGLDWDPHQWH

* 75$7$0,(1726


* 6+2&.

$UWtFXOR&XDQGRRFXUUDXQ³VKRFN´VLJDHVWDVUHJODVEiVLFDV

 $FRVWDUDOSDFLHQWHFRQODFDEH]DKDFLDDEDMRHVWRVHSXHGHFRQVHJXLUOHYDQWDQGRORVSLHV
GHODFDPLOODREDQFDGRQGHHVWpDFRVWDGRHOSDFLHQWHSXOJDGDVPiVDOWRTXHODFDEH]D
 &RQVWDWDUTXHODERFDGHOSDFLHQWHHVWpOLEUHGHFXHUSRVH[WUDxRV\TXHODOHQJXDHVWpKDFLD
ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϱ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






DGHODQWH
 6XPLQLVWUDUDOSDFLHQWHDEXQGDQWHFDQWLGDGGHDLUHIUHVFRXR[tJHQRVLH[LVWHGLVSRQLEOH
 (YLWDUHOHQIULDPLHQWRSRUORTXHVHGHEHDEULJDU DOSDFLHQWHFRQXQDIUD]DGD\OOHYDUORDO
PpGLFR

* +(5,'$6&21+(0255$*,$6

$UWtFXOR6HJXLUHOVLJXLHQWHWUDWDPLHQWR

 6H SXHGH SDUDU R UHWDUGDU OD KHPRUUDJLD FRORFDQGR XQD YHQGD R SDxXHOR OLPSLR VREUH OD
KHULGD\SUHVLRQDQGRPRGHUDGDPHQWH
 6L OD KHPRUUDJLD SHUVLVWH DSOLTXH XQ WRUQLTXHWH FLQWXUyQ SDxXHOR HWF  HQ OD ]RQD
LQPHGLDWDPHQWHVXSHULRUDODKHULGD\DMXVWHIXHUWHPHQWH
 $FXHVWHDOSDFLHQWH\WUDWHGHPDQWHQHUORDEULJDGR
 &RQGX]FDDOKHULGRDOKRVSLWDOVLHOYLDMHHVODUJRVXHOWHHOWRUQLTXHWHFDGDPLQXWRVSDUD
TXHFLUFXOHODVDQJUH

* )5$&785$6

$UWtFXOR6LJDHOVLJXLHQWHWUDWDPLHQWR

 1RGREOHQLWXHU]DQLMDOHHOPLHPEURIUDFWXUDGR
 0DQWHQJDDOSDFLHQWHGHVFDQVDQGR\DEULJDGR
 3RU IUDFWXUDV GH HVSDOGD FXHOOR EUD]R R GH OD SLHUQD QR PXHYD DO SDFLHQWH \ OODPH DO
PpGLFR
 3RUIUDFWXUDVGHFXDOTXLHURWUDSDUWHGHOFXHUSROOHYHDODFFLGHQWDGRDOPpGLFR
 6LKD\GXGDDFHUFDGHVLXQKXHVRHVWiRQRIUDFWXUDGRWUiWHVHFRPRIUDFWXUD

* 48(0$'85$6

$UWLFXOR6RQOHVLRQHVTXHVHSURGXFHQDFDXVDGHOFDORUVHFRRGHOFDORUK~PHGR\VHFODVLILFDQGH
DFXHUGRDOJUDGRGHOHVLyQTXHFDXVDHQORVWHMLGRVGHOFXHUSRHQHUGR\HUJUDGR

 3DUDTXHPDGXUDVOHYHVRGHSULPHUJUDGRVHSXHGHDSOLFDUXQJHQWR\SXHGHVHUFXELHUWD
SRUXQDJDVDHVWHULOL]DGD
 3DUD TXHPDGXUDV GH VHJXQGR \ WHUFHU JUDGR TXLWH OD URSD VXHOWD \ DSOLTXH XQD JDVD
HVWHULOL]DGDORVXILFLHQWHPHQWHJUDQGHSDUDFXEULUODTXHPDGXUD\OD]RQDFLUFXQGDQWHSDUD
HYLWDUHOFRQWDFWRGHODLUHFRQODTXHPDGXUD

* 5(63,5$&,Ð1%2&$$%2&$

$UWLFXOR(VXQPpWRGRHIHFWLYRPHGLDQWHHOFXDOVHUHYLYHDXQDSHUVRQDTXHQRSXHGHUHVSLUDUSRUVt
PLVPDVXDSOLFDFLyQQXQFDGDxDDODYtFWLPDDXQTXHODIDOWDGHpVWDSXHGHUHVXOWDUIDWDO\DTXHFXDOTXLHU
GHPRUDSXHGHSURGXFLUFRQVHFXHQFLDVJUDYHVRIDWDOHV

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϲ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






 $FXHVWHGHHVSDOGDV\HQVXSRVLFLyQKRUL]RQWDODOOHVLRQDGR\FROyTXHVHDOODGRMXQWRDOD
FDEH]D
 /HYDQWHODPDQGtEXODLQIHULRUSDUDDVHJXUDUHOSDVRGHODLUH
 7UDWHGHFXEULUODERFDSDUDHOORLQWURGX]FDHOGHGRSXOJDU\WLUHGHOPHQWyQKDFLDGHODQWH
FRQODRWUDPDQRWDSHORVRULILFLRVQDVDOHV HVRHYLWDODSpUGLGDGHODLUH 
 5HVSLUHSURIXQGDPHQWH\FRORTXHVXERFDVREUHODGHODYtFWLPD\VRSOHHQIRUPDVXDYH\
UHJXODU
 5HWLUH VX ERFD SDUD SHUPLWLU TXH OD YtFWLPD H[KDOH YXHOYD D VRSODU \ UHSLWD  YHFHV SRU
PLQXWRFRPRPtQLPR$OJXQDVYHFHVODYtFWLPDFLHUUDODERFDIXHUWHPHQWHSRUORTXHUHVXOWD
GLItFLO DEULUOD HQ HVWRV FDVRVVRSOH HO DLUH SRU OD QDUL] VHOOH ORV ODELRV FRQ HO tQGLFH GH OD
PDQRTXHFRQWLHQHODEDUELOOD


* %27,48Ì1'(35,0(526$8;,/,26

$UWtFXOR3529,$61$&,21$/DEDVWHFHUiGHPDQHUDTXHKD\DVLHPSUHXQVWRFNSHUPDQHQWHGHORV
VLJXLHQWHVPHGLFDPHQWRV\PDWHULDOHVHQHO%RWLTXtQ

 ,QVWUXPHQWRV7LMHUDVSLQ]DVQDYDMDXKRMDGHDIHLWDUWHUPyPHWUREXFDOWRUQLTXHWHVHWF
 9HQGDV*DVDHVWHULOL]DGDUROORGHWHODDGKHVLYDRHVSDUDGUDSRFDMDGHFXULWDVSDTXHWHV
GHDOJRGyQDEVRUEHQWHHWF
 'URJDV $JXD R[LJHQDGD DOFRKRO \RGR PHUFXULR FURPR SLFUDWR GH EXWHVLQ MDEyQ
JHUPLFLGDDVSLULQD RHTXLYDOHQWH DQWLELyWLFRFDOPDQWHGHGRORUHQWUHRWURV


+ 58,'26

$UWtFXOR  (O SHUVRQDO HVWi REOLJDGR D QR JHQHUDU UXLGRV PROHVWRV WHQLHQGR HQ FRQVLGHUDFLyQ OR
VLJXLHQWH

 &DGD RILFLQD GHEH PDQWHQHU XQ DPELHQWH FDOPDGR \ SRFR UXLGRVR HYLWDQGR OD P~VLFD
HVWULGHQWHRUXLGRVTXHSXGLHUDQJHQHUDUGHVRUGHQ\RFDRV
 6LXQPLHPEURGHODRILFLQDHVWiFRQWUDULDGRFRQDOJ~QUXLGRSURGXFWRGHDOJ~QHTXLSRGHOD
PLVPD RILFLQD GHEH LQIRUPDUOR DO HQFDUJDGR GHO iUHD SDUD TXH DGRSWH ODV UHVSHFWLYDV
PHGLGDVFRUUHFWLYDV
 (Q ORV OXJDUHV GH WUDEDMR VH GHEH HYLWDU HQ OR SRVLEOH ORV UXLGRV \ YLEUDFLRQHV GHVGH VX
PLVPRSXQWRGHRULJHQ
 /DVPiTXLQDVRHTXLSRVTXHSURGX]FDQUXLGRRYLEUDFLRQHVVHGHEHQFLPHQWDURDQFODUDO
SLVR&XDQGRHOQLYHOGHUXLGRHTXLYDOHQWHH[FHGDORVGHFLEHOHVVLHPSUHTXHQRVHORJUH
VXGLVPLQXFLyQVHGHEHGRWDUREOLJDWRULDPHQWHGHGLVSRVLWLYRVGHSURWHFFLyQDXGLWLYDDORV
WUDEDMDGRUHVH[SXHVWRV


, ,/80,1$&,21

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϳ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






$UWtFXOR3529,$61$&,21$/GRWDGHLOXPLQDFLyQQDWXUDODGHFXDGDHQWRGDVVXVLQVWDODFLRQHV/D
LOXPLQDFLyQQDWXUDOVHGHEHFRPSOHPHQWDUHQDTXHOORVFDVRVHQTXHVHDQHFHVDULRFRQLOXPLQDFLyQDUWLILFLDO
HQFXDOTXLHUGHVXVIRUPDVVLHPSUHTXHRIUH]FDQJDUDQWtDVGHVHJXULGDGQRYLFLHODDWPyVIHUDQRRIUH]FD
ORVSHOLJURVGHLQFHQGLR\QRDIHFWHODVDOXGGHORVWUDEDMDGRUHV

 &DGDXQRGHORVHVSDFLRVGHWUDEDMRGHODVLQVWDODFLRQHVGHEHHVWDUGHELGDPHQWHLOXPLQDGR
XWLOL]DQGR XQ VLVWHPD PL[WR GH LOXPLQDFLyQ DUWLILFLDO \ QDWXUDO GDQGR OXJDU D XQ WUDEDMR
FyPRGRHILFD]\VHJXUR
 1RVHGHEHFRQWDUFRQIXHQWHVGHOX]GHVOXPEUDQWHV
 6HGHEHOLPSLDUSHULyGLFDPHQWHODVOiPSDUDV\ODVOXPLQDULDVDVtFRPRODVYHQWDQDV
 6H GHEHQ UHSDUDUHQ HO PHQRU WLHPSR SRVLEOH ODV IXHQWHV GH OX] SDUSDGHDQWH SDUD HYLWDU
PROHVWLDVDOWUDEDMDGRU
 3DUDLPSHGLUTXHHOSDVRGHODOX]VRODURULJLQHPROHVWLDVVHGHEHLPSOHPHQWDUPHFDQLVPRV
TXHSHUPLWDQJUDGXDURUHVWULQJLUODOX]VRODU
 (Q ORV DOPDFHQHV GH H[SHGLHQWHV OXJDU H[FOXVLYR FRPR DUFKLYR HO WLSR GH LOXPLQDFLyQ D
XVDUVHHVODLOXPLQDFLyQDUWLILFLDOD ILQGHHYLWDUODOX]QDWXUDOGHELGRDTXHVXLQWHQVLGDG
SXHGHFRQWULEXLUDGHWHULRUDUORVGRFXPHQWRVHQFXVWRGLD
 6H GHEH UHDOL]DU PHGLFLRQHV GH OX] HQ ODV iUHDV GH WUDEDMR SDVLOORV \ HVFDOHUDV SDUD
YHULILFDUVLVHFXHQWDQFRQORVQLYHOHVPtQLPRVGHLOXPLQDFLyQUHFRPHQGDGRV\DGRSWDUODV
DFFLRQHVGHPHMRUD
 (VWiSURKLELGRODVPRGLILFDFLRQHVRFDPELRGHIXQFLRQDOLGDGGHDPELHQWHVGHWUDEDMRVLQOD
DXWRUL]DFLyQGHOD8*$'\DTXHSXHGHPRGLILFDUHOQLYHOGHOX]

- 35(9(1&,Ð1<3527(&&,Ð1&2175$&2572&,5&8,726

$UWtFXOR  (O SHUVRQDO HVWi REOLJDGR D GDU HO XVR FRUUHFWR D ODV LQVWDODFLRQHV \ HTXLSRV GH ODV
LQVWDODFLRQHVSUHYLQLHQGRORVDFFLGHQWHVWHQLHQGRHQFRQVLGHUDFLyQORVLJXLHQWH

 5HVSHWDUODVVHxDOHVDYLVRVGHVHJXULGDG\ODVWDUMHWDVGHEORTXHRXWLOL]DGDVSRUHOSHUVRQDO
WpFQLFRDILQGHHYLWDUFXDOTXLHULQFLGHQWHRDFFLGHQWH
 1R GHEH VREUHFDUJDU EDMR QLQJXQD FLUFXQVWDQFLD ODV FRQH[LRQHV HOpFWULFDV FRQ
WRPDFRUULHQWHVH[WHQVLRQHVHOpFWULFDVRVXSUHVRUHVGHSLFR(QFDVRGHGXGDUHVSHFWRDVL
XQ WRPD FRUULHQWH VH HQFXHQWUD UHFDUJDGR R QR HO UHVSRQVDEOH GHO iUHD GHEH UHDOL]DU OD
FRQVXOWD WpFQLFD FRUUHVSRQGLHQWH DO SHUVRQDO GH VHUYLFLRV JHQHUDOHV R TXLHQ KDJD VXV
YHFHVSDUDTXHORUHPLWDDOSURYHHGRUGHPDQWHQLPLHQWR
 (OSHUVRQDOQRGHEHPDQLSXODUORVHTXLSRVRDSDUDWRVHOpFWULFRVFRQODVPDQRVK~PHGDVR
PRMDGDV
 6HGHEHHYLWDUOLPSLDUFRQOtTXLGRVFXDOTXLHUHTXLSRFRQHFWDGRDODFRUULHQWHHOpFWULFDDVt
PLVPRHYLWDUODVVDOSLFDGXUDVGHFXDOTXLHUVXVWDQFLDVREUHORVPLVPRV
 0DQWHQHUDLVODGRVPDWHULDOHVLQIODPDEOHV VSUD\DOFRKROHWF 
 7RGDPiTXLQDRHTXLSRHQPDOHVWDGRGHEHHVWDUYLVLEOHPHQWHLGHQWLILFDGRFRQXQFDUWHOTXH
HVSHFLILTXHTXHQRHVWiKDELOLWDGRSDUDVHUPDQLSXODGR
 7RGD PiTXLQD R HTXLSR UHFLpQ UHSDUDGR VROR SRGUi VHU SXHVWR HQ RSHUDFLyQ VL KD VLGR
SUHYLDPHQWH SUREDGR SRU HO SHUVRQDO WpFQLFR UHVSRQVDEOH TXLHQ OXHJR FRPXQLFDUi TXH HO
HTXLSRRPiTXLQDHVWiGLVSRQLEOHSDUDVXXVR

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϴ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






 (VWi SURKLELGR FRORFDUVREUH ORV HTXLSRV REMHWRV TXH SXHGDQ RULJLQDU VX FDOHQWDPLHQWR X
RWURHIHFWRTXHWHQJDFRPRFRQVHFXHQFLDVXSRVWHULRUGHVSHUIHFWR
 (VWiSURKLELGRGHMDUFRQHFWDGRVORVFDUJDGRUHVVLQXVR

. $&&,21(6$17(81$(0(5*(1&,$

$UWtFXOR3529,$61$&,21$/GHWHUPLQDUiFXiOHVVHUiQORVPHGLRVGHFRPXQLFDFLyQDXWLOL]DUSDUD
DWHQFLyQGHHPHUJHQFLD

$UWLFXOR2FXUULGDODHPHUJHQFLDHOVXSHUYLVRUMHIHGHiUHDRFDSDWD]GHEHUiFRPXQLFDUGHLQPHGLDWR
VREUHHOKHFKR3DUDHOORVHGHEHUiWHQHUHQFXHQWDSURSRUFLRQDUODVLJXLHQWHLQIRUPDFLyQ

• (OQRPEUHGHODSHUVRQDTXHLQIRUPD
• /DXELFDFLyQGHODHPHUJHQFLD
• /DGHVFULSFLyQGHODHPHUJHQFLD
• (OQ~PHURGHSHUVRQDVDFFLGHQWDGDV\ODFRQGLFLyQGHORVPLVPRV

$UWLFXOR5HVSXHVWDHQ&DVRGH'HVDVWUHV1DWXUDOHV

(QFDVRGHHPHUJHQFLDVHGHEHUiVHJXLUORVVLJXLHQWHVSDVRV
> ([DPLQH OD]RQDGHHPHUJHQFLDFXLGDGRVDPHQWHSUHVWDQGRDWHQFLyQDRWURV WLSRVGH
SHOLJURFRPRJDVHVHOHFWULFLGDGHWF
> 3URFXUHQRPRYHUDSHUVRQDVKHULGDVVDOYRDPHQD]DGHIXHJRH[SORVLyQXRWURVTXH
SRQHHQSHOLJURODYLGDGHODVSHUVRQDV
> 6L IXHVH QHFHVDULR DGPLQLVWUH SULPHURV DX[LOLRV KDVWD OD OOHJDGD GH ORV HTXLSRV GH
DVLVWHQFLDPpGLFD
> (QFDVRVHDQHFHVDULRGHVLJQHDDOJXLHQTXHUHFLED\JXtHDORVHTXLSRVGHUHVSXHVWD
DOOXJDUGHORVKHFKRV

$UWLFXOR5HVSXHVWDHQ&DVRGH6LVPRV'XUDQWHXQVLVPR

> $QWHXQWHUUHPRWRKD\DOJXQDVDFFLRQHVTXHVHGHEHWHQHUHQFXHQWDGXUDQWHHVWH\ODVRWUDV
TXH GHEHUiQ VHJXLU GHVSXpV GHO PRYLPLHQWR WHO~ULFR WHQJD SUHVHQWH TXH XQ WHUUHPRWR HV
LPSUHGHFLEOH SRU HVWD UD]yQ SHUPDQH]FD VLHPSUH DOHUWD D WRGR TXH OH URGHD $ FRQWLQXDFLyQ
VHLQGLFDXQDOLVWDGHLQVWUXFFLRQHVDVHJXLUHQFDVRGHXQWHUUHPRWR
> 6LVHHQFXHQWUDHQHOLQWHULRUGHXQDHGLILFDFLyQ

• 1RFRUUDKDFLDODVVDOLGDV
• $JDFKDUVHEDMRXQDPHVDRHVFULWRULRUHVLVWHQWHSURWpMDVHODFDEH]DFRQVXVPDQRVR
SXHGHSRVHVLRQDUVHEDMRHOPDUFRGHXQDSXHUWDTXHGDUVHTXLHWRMXQWRDFROXPQDV\
YLJDVGHVHJXULGDG
• 5HFXHUGHTXHODVDODUPDVVHDFWLYDUiQ
• 6LORJURVDOLUGLUtMDVHDOSXQWRGHHYDFXDFLyQ

> 6LVHHQFXHQWUDHQHOH[WHULRU

• 3HUPDQH]FD OHMRV GH ORV HGLILFLRV \ YLYLHQGD DVt PLVPR DOpMHVH GH ORV SRVWHV
FDEOHVHOpFWULFRV\GHFXDOTXLHURWURWLSRGHHVWUXFWXUDHQSHOLJURGHGHUUXPEH

> 6LVHHQFXHQWUDHQHOiUHDGHRSHUDFLRQHV

ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϯϵ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






• 3DUHODPiTXLQD\DOpMHVHGHHOOD
• 9HULILTXH TXH WRGR HO SHUVRQDO TXH VH HQFXHQWUH HQ HVRV PRPHQWRV HQ HO iUHD GH
WUDEDMRHVWHDOHMDGRVGHODPiTXLQD
• 7UDWHGHFRPXQLFDUVHSRUUDGLRFRQVXVXSHUYLVRU\FRPXQtFDWHFRPRVHHQFXHQWUDQ
• 9HULILTXHHOiUHDGHOSXQWRGHUHXQLyQ
• 1RLQJUHVHDOD]RQDGHRSHUDFLRQHVPLHQWUDVQRKDVLGRUHJLVWUDGDHOiUHD\KD\D
UHFLELGRODRUGHQUHVSHFWLYD

> 6LVHHQFXHQWUDHQHOLQWHULRUGHXQYHKtFXOR

• 3DUH HO YHKtFXOR \ SHUPDQH]FD HQ VX LQWHULRU KDVWD TXH SDVH HO WHPEORU 1R VH SDUH
FHUFDGHHGLILFLRVHVWUXFWXUDVSRVWHVHVWRVSXHGHQGHUUXPEDUVH

$UWLFXOR'HVSXpVGHO7HUUHPRWR

$OLQJUHVDUDVXiUHDGHWUDEDMRH[DPLQHLQPHGLDWDPHQWHSDUDGHWHUPLQDUVLWXDFLRQHV
GH HPHUJHQFLD SRVWHULRU DO WHUUHPRWR WDOHV FRPR LQFHQGLRV GHUUDPHV VL KXELHUD
KHULGRV R GDxRV D ORV HTXLSRV R SRVLEOHPHQWH RWUDV HPHUJHQFLDV TXH UHTXLHUHQ OD
SUHVHQFLDGHEULJDGDVGHHPHUJHQFLDLQIRUPHGHODVLWXDFLyQVHJ~QORGHVFULWRHQOD
FDUWLOODGHDWHQFLyQGHHPHUJHQFLDV

• 1RUHDOLFHQLQJXQDDFFLyQTXHSXHGDFDXVDUFKLVSDDOJXQD
• (VWHDWHQWRDODVSRVLEOHVUpSOLFDVGHORVWHPEORUHV
• (YDFXHHOiUHDVLDVtVHORQRWLILFDQRVLVXXELFDFLyQHVLQHVWDEOH
• ,QVWUX\DDOSHUVRQDOGHPDQWHQLPLHQWRSDUDLQVSHFFLRQDUORVGDxRVDODVLQVWDODFLRQHV
\HTXLSRV
• /RVWUDEDMDGRUHVGHPDQWHQLPLHQWRGHEHUiQLQVSHFFLRQDUODViUHDVHQEXVFDGHIDOODV
URWXUDVGHVOL]DPLHQWRVGHURFDVTXHSXHGDQVHUXQSHOLJURSDUDHOSHUVRQDO
• 'HVSXpV GHO WpUPLQR GH HVWDV LQVSHFFLRQHV \ UHYLVLyQ WRWDO GHO iUHD VH SHUPLWLUi HO
UHWRUQRGHORVWUDEDMDGRUHVDODVLQVWDODFLRQHV

/ 5(638(67$6$(0(5*(1&,$6'(6$/8'

$UWtFXOR(OSODQGHHPHUJHQFLDVWLHQHFRPRREMHWLYRVSULQFLSDOHVSURWHJHUDOSHUVRQDO\ORVELHQHVGH
ODHPSUHVD\PLQLPL]DUODVSpUGLGDVTXHVHSXHGHQJHQHUDUGHVSXpVGHXQDHPHUJHQFLD

$UWtFXOR/DVDFFLRQHVDQWHHPHUJHQFLDVLQFOXLUiQODVLJXLHQWHLQIRUPDFLyQ\SURFHGLPLHQWRV

 3URFHGLPLHQWRV GH HVFDSHV GH HPHUJHQFLD UXWD GH HYDFXDFLyQ \ HVWDFLRQHV GH UHXQLyQ
SDUDHOSHUVRQDOGHODREUD
 3URFHGLPLHQWRV GH FRQWURO \ YHULILFDFLyQ GHO SHUVRQDO HYDFXDGR XQD YH] FRPSOHWDGD OD
HYDFXDFLyQ
 /DERUHV GH UHVFDWH \ PpGLFDV SDUD DTXHOORV HPSOHDGRV TXH OR UHDOL]DQ PpWRGRV \
SURFHGLPLHQWRVSDUDUHSRUWHGHHPHUJHQFLDV
 1RPEUHV \ FDUJRV GH ODV SHUVRQDV TXH GHEHQ VHU FRPXQLFDGDV VL VH SURGXFH XQD
HPHUJHQFLD
 /RVWLSRVGHHPHUJHQFLDVDFXEULUGHEHUiQLQFOXLUFLHUUHGHFDPLQRVLQFHQGLRVGLVWXUELRV
LQWHUQRVFRQGLFLRQHVFOLPiWLFDVVHYHUDVH[SORVLRQHV OHVLRQHVRFXSDFLRQDOHV
 LQXQGDFLRQHVKXDLFRVHWF

$UWtFXOR  /RV WHOpIRQRV \R UDGLRV GH HPHUJHQFLDV GHEHUiQ VHU SXEOLFDGRV HQ WRGDV ODV HVWDFLRQHV
WHOHIyQLFDV\XELFDGRVHQOXJDUHVYLVLEOHVTXHSXHGDQVHUIiFLOPHQWHYLVWRVSRUWRGRHOSHUVRQDO


ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϰϬ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 






$UWtFXOR/RVOtGHUHVVHUiQTXLHQHVDVXPDQHOFRQWUROHQHOOXJDUGHODHPHUJHQFLD

$UWtFXOR(OOtGHUPDQWHQGUiDWRGRVXSHUVRQDOHYDFXDGRHQHOUHVSHFWLYDiUHDGHVLJQDGDKDVWDTXH
VHGpHODYLVRGHUHWRUQRRKDVWDTXHVHSURFHGDDODHYDFXDFLyQ

$UWtFXOR(QODViUHDVTXHKD\DSHUVRQDOGHVHJXULGDGHVWRVFXPSOLUiQODVVLJXLHQWHVIXQFLRQHV

 (VWDEOHFHU\PDQWHQHUODVHJXULGDGHQHOOXJDUGHODHPHUJHQFLD
 &RQWHVWDUODV OODPDGDVGHVRFRUURHQWUDQWHV\UHDOL]DUHOSURFHVRGHQRWLILFDFLyQGHO
OXJDU































ZĞŐůĂŵĞŶƚŽ/ŶƚĞƌŶŽĚĞ^ĞŐƵƌŝĚĂĚLJ^ĂůƵĚĞŶĞůdƌĂďĂũŽƉĂƌĂĞůƉĞƌƐŽŶĂůĚĞWZKs/^E/KE> ϰϭ ĚĞϰϯ
EŽǀŝĞŵďƌĞϮϬϭϯ 




 
 

Fecha de entrega: ..................................

CONSTANCIA DE ENTREGA Y COMPROMISO DE CUMPLIMIENTO DEL REGLAMENTO 
INTERNO DE SEGURIDAD Y SALUD EN EL TRABAJO DE PROVIAS NACIONAL 

Yo ....................................................................................................…… … identificado con DNI


(Nombres y Apellidos)

N°: ............................................................ ……………………….…trabajador de la Organización

.......................................................................................... Me comprometo a cumplir el presente

Reglamento, firmando este documento, reconozco que voy a leer y cumplir mis
Responsabilidades en Seguridad y Salud en el Trabajo.

PUESTO DE TRABAJO: ............................................................................................ ………

UNIDAD GERENCIAL/AREA DE TRABAJO: ......................................................... ………

LUGAR DE TRABAJO: SEDE CENTRAL ……………………………………….

UNIDAD ZONAL ……………………………………….

UNIDAD DE PEAJE ….……………………………………..

OTRO………………………………………………………………

FIRMA DEL TRABAJADOR: .......... ……………………..

NOMBRE Y APELLIDO DE LA PERSONA QUE ENTREGA EL REGLAMENTO: 
…………………………………………………………………………………………………………………  

Reglamento Interno de Seguridad y Salud en el Trabajo para el personal de PROVIAS NACIONAL  42 de 43
Noviembre 2013 
 
 

Vous aimerez peut-être aussi