¡Descarga proteccion menor ley y más Apuntes en PDF de Epistemología solo en Docsity!
/H\ 2UJÒQLFD GH GH HQHUR GH 3URWHFFLäQ -XUÞGLFD GHO0HQRU GH PRGLILFDFLäQ SDUFLDO GHO &äGLJR &LYLO \ GH OD /H\ GH
(QMXLFLDPLHQWR&LYLO
-HIDWXUDGHO(VWDGR
%2(¬QëPGHGHHQHURGH
5HIHUHQFLD %2($
ËOWLPDPRGLILFDFLäQ GHMXOLRGH
-8$1&$5/26,5(<'((63$f$
$WRGRVORVTXHODSUHVHQWHYLHUHQ\HQWHQGLHUHQ6DEHG 4XH ODV &RUWHV *HQHUDOHV KDQ DSUREDGR \ <R YHQJR HQ VDQFLRQDU OD VLJXLHQWH
/H\2UJÒQLFD
(;326,&,Ï1'(027,
/D &RQVWLWXFLäQ (VSDâROD GH DO HQXPHUDU HQ HO FDSÞWXOR ,,, GHO 7ÞWXOR , ORV SULQFLSLRV UHFWRUHV GH OD SROÞWLFD VRFLDO \ HFRQäPLFD KDFH PHQFLäQ HQ SULPHU OXJDU D ODREOLJDFLäQGHORV3RGHUHV3ëEOLFRVGHDVHJXUDUODSURWHFFLäQVRFLDOHFRQäPLFD\MXUÞGLFDGHODIDPLOLD\GHQWURGHÚVWDFRQFDUÒFWHUVLQJXODUODGHORVPHQRUHV
(VWD SUHRFXSDFLäQ SRU GRWDU DO PHQRU GH XQ DGHFXDGR PDUFR MXUÞGLFR GH SURWHFFLäQ WUDVFLHQGHWDPELÚQGHGLYHUVRV7UDWDGRV,QWHUQDFLRQDOHVUDWLILFDGRVHQORVëOWLPRVDâRVSRU(VSDâD\PX\HVSHFLDOPHQWHGHOD&RQYHQFLäQGH'HUHFKRVGHO1LâRGH1DFLRQHV8QLGDVGHGHQRYLHPEUHGH UDWLILFDGDSRU(VSDâDHOGHQRYLHPEUHGH TXHPDUFDHOLQLFLRGHXQDQXHYDILORVRIÞDHQUHODFLäQFRQHOPHQRUEDVDGDHQXQPD\RUUHFRQRFLPLHQWRGHOSDSHOTXHÚVWHGHVHPSHâDHQODVRFLHGDG\HQODH[LJHQFLDGHXQPD\RUSURWDJRQLVPRSDUDHOPLVPR
(VWD QHFHVLGDG KD VLGR FRPSDUWLGD SRU RWUDV LQVWDQFLDV LQWHUQDFLRQDOHV FRPR HO
3DUODPHQWR(XURSHRTXHDWUDYÚVGHOD5HVROXFLäQ$ DSUREäOD&DUWD(XURSHDGHORV'HUHFKRVGHO1LâR
&RQVHFXHQWHFRQHOPDQGDWRFRQVWLWXFLRQDO\FRQODWHQGHQFLDJHQHUDODSXQWDGDVHKD
OOHYDGR D FDER HQ ORV ëOWLPRV DâRV XQ LPSRUWDQWH SURFHVR GH UHQRYDFLäQ GH QXHVWURRUGHQDPLHQWRMXUÞGLFRHQPDWHULDGHPHQRUHV
3ULPHUR IXH OD /H\ GH GH PD\R GH PRGLILFDFLäQ GH OD )LOLDFLäQ 3DWULD 3RWHVWDG \ 5ÚJLPHQ (FRQäPLFR GHO 0DWULPRQLR TXH VXSULPLä OD GLVWLQFLäQ HQWUH ILOLDFLäQ
/(*,6/$&,Ï1&2162/,'$'$
3ÒJLQD
OHJÞWLPD H LOHJÞWLPD HTXLSDUä DO SDGUH \ D OD PDGUH D HIHFWRV GHO HMHUFLFLR GH OD SDWULDSRWHVWDGHLQWURGXMRODLQYHVWLJDFLäQGHODSDWHUQLGDG
'HVSXÚVVHKDQSURPXOJDGRHQWUHRWUDVODV/H\HV GHGHRFWXEUHVREUHOD
WXWHOD OD/H\ GHGHQRYLHPEUHSRUODTXHVHPRGLILFDQGHWHUPLQDGRVDUWÞFXORVGHO&äGLJR&LYLO\GHOD/H\GH(QMXLFLDPLHQWR&LYLOHQPDWHULDGHDGRSFLäQ OD/H\2UJÒQLFD GH GH MXQLR VREUH H[KLELFLRQLVPR \ SURYRFDFLäQ VH[XDO HQ UHODFLäQ FRQ ORVPHQRUHV OD /H\ 2UJÒQLFD GH GH MXQLR VREUH UHIRUPD GH OD /H\ UHJXODGRUD GH ODFRPSHWHQFLD \ HO SURFHGLPLHQWR GH ORV -X]JDGRV GH 0HQRUHV \ OD /H\ GH GHMXOLRSRUODTXHVHLQFRUSRUDDORUGHQDPLHQWRMXUÞGLFRHVSDâROOD'LUHFWLYD &((VREUHOD FRRUGLQDFLäQ GH GLVSRVLFLRQHV OHJDOHV UHJODPHQWDULDV \ DGPLQLVWUDWLYDV GH ORV (VWDGRVPLHPEURVUHODWLYDVDOHMHUFLFLRGHDFWLYLGDGHVGHUDGLRGLIXVLäQWHOHYLVLYD
'HODV/H\HVFLWDGDVOD GHGHQRYLHPEUHHVODTXHVLQGXGDKDLQWURGXFLGR
FDPELRVPÒVVXVWDQFLDOHVHQHOÒPELWRGHODSURWHFFLäQGHOPHQRU
$UDÞ]GHODPLVPDHODQWLFXDGRFRQFHSWRGHDEDQGRQRIXHVXVWLWXLGRSRUODLQVWLWXFLäQ GHO GHVDPSDUR FDPELR TXH KD GDGR OXJDU D XQD FRQVLGHUDEOH DJLOL]DFLäQ GH ORVSURFHGLPLHQWRV GH SURWHFFLäQ GHO PHQRU DO SHUPLWLU OD DVXQFLäQ DXWRPÒWLFD SRU SDUWH GH ODHQWLGDGSëEOLFDFRPSHWHQWHGHODWXWHODGHDTXÚOHQORVVXSXHVWRVGHGHVSURWHFFLäQJUDYHGHOPLVPR
$VLPLVPR LQWURGXMR OD FRQVLGHUDFLäQ GH OD DGRSFLäQ FRPR XQ HOHPHQWR GH SOHQD LQWHJUDFLäQIDPLOLDUODFRQILJXUDFLäQGHODFRJLPLHQWRIDPLOLDUFRPRXQDQXHYDLQVWLWXFLäQGHSURWHFFLäQ GHO PHQRU OD JHQHUDOL]DFLäQ GHO LQWHUÚV VXSHULRU GHO PHQRU FRPR SULQFLSLRLQVSLUDGRU GH WRGDV ODV DFWXDFLRQHV UHODFLRQDGDV FRQ DTXÚO WDQWR DGPLQLVWUDWLYDV FRPRMXGLFLDOHV \HOLQFUHPHQWRGHODVIDFXOWDGHVGHO0LQLVWHULR)LVFDOHQUHODFLäQFRQORVPHQRUHVDVÞFRPRGHVXVFRUUHODWLYDVREOLJDFLRQHV
1R REVWDQWH \ SHVH DO LQGXGDEOH DYDQFH TXH HVWD /H\ VXSXVR \ D ODV LPSRUWDQWHV
LQQRYDFLRQHV TXH LQWURGXMR VX DSOLFDFLäQ KD LGR SRQLHQGR GH PDQLILHVWR GHWHUPLQDGDVODJXQDVDODYH]TXHHOWLHPSRWUDQVFXUULGRGHVGHVXSURPXOJDFLäQKDKHFKRVXUJLUQXHYDVQHFHVLGDGHV\GHPDQGDVHQODVRFLHGDG
1XPHURVDV
LQVWLWXFLRQHV
WDQWR
SëEOLFDV
FRPR
SULYDGDV
ODV
GRV
&ÒPDUDV
3DUODPHQWDULDVHO'HIHQVRUGHO3XHEORHO)LVFDOHQHUDOGHO(VWDGR\GLYHUVDVDVRFLDFLRQHVUHODFLRQDGDV FRQ ORV PHQRUHV VH KDQ KHFKR HFR GH HVWDV GHPDQGDV WUDVODGDQGR DORELHUQRODQHFHVLGDGGHDGHFXDUHORUGHQDPLHQWRDODUHDOLGDGGHQXHVWUDVRFLHGDGDFWXDO
/D SUHVHQWH /H\ SUHWHQGH VHU OD SULPHUD UHVSXHVWD D HVWDV GHPDQGDV DERUGDQGR XQD
UHIRUPDHQSURIXQGLGDGGHODVWUDGLFLRQDOHVLQVWLWXFLRQHVGHSURWHFFLäQGHOPHQRUUHJXODGDVHQHO&äGLJR&LYLO
(QHVWHVHQWLGR\DXQTXHHOQëFOHRFHQWUDOGHOD/H\ORFRQVWLWX\HFRPRQRSRGÞDVHUGH RWUD IRUPD OD PRGLILFDFLäQ GH ORV FRUUHVSRQGLHQWHV SUHFHSWRV GHO FLWDGR &äGLJR VXFRQWHQLGRWUDVFLHQGHORVOÞPLWHVGHÚVWHSDUDFRQVWUXLUXQDPSOLRPDUFRMXUÞGLFRGHSURWHFFLäQTXH YLQFXOD D WRGRV ORV 3RGHUHV 3ëEOLFRV D ODV LQVWLWXFLRQHV HVSHFÞILFDPHQWH UHODFLRQDGDVFRQORVPHQRUHVDORVSDGUHV\IDPLOLDUHV\DORVFLXGDGDQRVHQJHQHUDO
/DVWUDQVIRUPDFLRQHVVRFLDOHV\FXOWXUDOHVRSHUDGDVHQQXHVWUDVRFLHGDGKDQSURYRFDGR
XQ FDPELR HQ HO VWDWXV VRFLDO GHO QLâR \ FRPR FRQVHFXHQFLD GH HOOR VH KD GDGR XQ QXHYRHQIRTXHDODFRQVWUXFFLäQGHOHGLILFLRGHORVGHUHFKRVKXPDQRVGHODLQIDQFLD
(VWHHQIRTXHUHIRUPXODODHVWUXFWXUDGHOGHUHFKRDODSURWHFFLäQGHODLQIDQFLDYLJHQWHHQ (VSDâD \ HQ OD PD\RUÞD GH ORV SDÞVHV GHVDUUROODGRV GHVGH ILQDOHV GHO VLJOR ;; \ FRQVLVWHIXQGDPHQWDOPHQWHHQHOUHFRQRFLPLHQWRSOHQRGHODWLWXODULGDGGHGHUHFKRVHQORVPHQRUHVGHHGDG\GHXQDFDSDFLGDGSURJUHVLYDSDUDHMHUFHUORV
(O GHVDUUROOR OHJLVODWLYR SRVWFRQVWLWXFLRQDO UHIOHMD HVWD WHQGHQFLD LQWURGXFLHQGR OD
FRQGLFLäQ GH VXMHWR GH GHUHFKRV D ODV SHUVRQDV PHQRUHV GH HGDG $VÞ HO FRQFHSWR VHUHVFXFKDGRVLWXYLHUHVXILFLHQWHMXLFLR¬VHKDLGRWUDVODGDQGRDWRGRHORUGHQDPLHQWRMXUÞGLFRHQ WRGDV DTXHOODV FXHVWLRQHV TXH OH DIHFWDQ (VWH FRQFHSWR LQWURGXFH OD GLPHQVLäQ GHOGHVDUUROORHYROXWLYRHQHOHMHUFLFLRGLUHFWRGHVXVGHUHFKRV
/DVOLPLWDFLRQHVTXHSXGLHUDQGHULYDUVHGHOKHFKRHYROXWLYRGHEHQLQWHUSUHWDUVHGHIRUPD
UHVWULFWLYD 0ÒV DëQ HVDV OLPLWDFLRQHV GHEHQ FHQWUDUVH PÒV HQ ORV SURFHGLPLHQWRV GH WDOPDQHUDTXHVHDGRSWDUÒQDTXÚOORVTXHVHDQPÒVDGHFXDGRVDODHGDGGHOVXMHWR
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
(O RUGHQDPLHQWR MXUÞGLFR \ HVWD /H\ HQ SDUWLFXODU YD UHIOHMDQGR SURJUHVLYDPHQWH XQD
FRQFHSFLäQ GH ODV SHUVRQDV PHQRUHV GH HGDG FRPR VXMHWRV DFWLYRV SDUWLFLSDWLYRV \FUHDWLYRVFRQFDSDFLGDGGHPRGLILFDUVXSURSLRPHGLRSHUVRQDO\VRFLDO GHSDUWLFLSDUHQODEëVTXHGD\VDWLVIDFFLäQGHVXVQHFHVLGDGHV\HQODVDWLVIDFFLäQGHODVQHFHVLGDGHVGHORVGHPÒV
(OFRQRFLPLHQWRFLHQWÞILFRDFWXDOQRVSHUPLWHFRQFOXLUTXHQRH[LVWHXQDGLIHUHQFLDWDMDQWH
HQWUH ODV QHFHVLGDGHV GH SURWHFFLäQ \ ODV QHFHVLGDGHV UHODFLRQDGDV FRQ OD DXWRQRPÞD GHOVXMHWRVLQRTXHODPHMRUIRUPDGHJDUDQWL]DUVRFLDO\MXUÞGLFDPHQWHODSURWHFFLäQDODLQIDQFLDHV SURPRYHU VX DXWRQRPÞD FRPR VXMHWRV 'H HVWD PDQHUD SRGUÒQ LU FRQVWUX\HQGRSURJUHVLYDPHQWH XQD SHUFHSFLäQ GH FRQWURO DFHUFD GH VX VLWXDFLäQ SHUVRQDO \ GH VXSUR\HFFLäQ GH IXWXUR (VWH HV HO SXQWR FUÞWLFR GH WRGRV ORV VLVWHPDV GH SURWHFFLäQ D ODLQIDQFLDHQODDFWXDOLGDG<SRUORWDQWRHVHOUHWRSDUDWRGRVORVRUGHQDPLHQWRVMXUÞGLFRV\ORV GLVSRVLWLYRV GH SURPRFLäQ \ SURWHFFLäQ GH ODV SHUVRQDV PHQRUHV GH HGDG (VWD HV ODFRQFHSFLäQ GHO VXMHWR VREUH OD TXH GHVFDQVD OD SUHVHQWH /H\ ODV QHFHVLGDGHV GH ORVPHQRUHVFRPRHMHGHVXVGHUHFKRV\GHVXSURWHFFLäQ
(O7ÞWXOR,FRPLHQ]DHQXQFLDQGRXQUHFRQRFLPLHQWRJHQHUDOGH GHUHFKRVFRQWHQLGRVHQ
ORV7UDWDGRV,QWHUQDFLRQDOHVGHORVTXH(VSDâDHVSDUWHTXHDGHPÒVGHEHQVHUXWLOL]DGRVFRPR PHFDQLVPR GH LQWHUSUHWDFLäQ GH ODV GLVWLQWDV QRUPDV GH DSOLFDFLäQ D ODV SHUVRQDVPHQRUHVGHHGDG
3RURWUDSDUWHGHOFRQMXQWRGHGHUHFKRVGHORVPHQRUHVVHKDREVHUYDGRODQHFHVLGDG
GHPDWL]DUDOJXQRVGHHOORVFRPELQDQGRSRUXQDSDUWHODSRVLELOLGDGGHVXHMHUFLFLRFRQODQHFHVDULDSURWHFFLäQTXHSRUUD]äQGHODHGDGORVPHQRUHVPHUHFHQ
$VÞ FRQ HO ILQ GH UHIRU]DU ORV PHFDQLVPRV GH JDUDQWÞD SUHYLVWRV HQ OD /H\ 2UJÒQLFD
GH GH PD\R GH 3URWHFFLäQ &LYLO GHO 'HUHFKR DO +RQRU D OD ,QWLPLGDG 3HUVRQDO \)DPLOLDU \ D OD 3URSLD ,PDJHQ VH SURKÞEH OD GLIXVLäQ GH GDWRV R LPÒJHQHV UHIHULGRV DPHQRUHVGHHGDGHQORVPHGLRVGHFRPXQLFDFLäQFXDQGRVHDFRQWUDULRDVXLQWHUÚVLQFOXVRFXDQGR FRQVWH HO FRQVHQWLPLHQWR GHO PHQRU &RQ HOOR VH SUHWHQGH SURWHJHU DO PHQRU TXHSXHGH VHU REMHWR GH PDQLSXODFLäQ LQFOXVR SRU VXV SURSLRV UHSUHVHQWDQWHV OHJDOHV R JUXSRVHQTXHVHPXHYH&RPSOHWDHVWDPRGLILFDFLäQODOHJLWLPDFLäQDFWLYDDO0LQLVWHULR)LVFDO
(OGHUHFKRDODSDUWLFLSDFLäQGHORVPHQRUHVWDPELÚQVHKDUHFRJLGRH[SUHVDPHQWHHQHO DUWLFXODGR FRQ UHIHUHQFLD DO GHUHFKR D IRUPDU SDUWH GH DVRFLDFLRQHV \ D SURPRYHUDVRFLDFLRQHVLQIDQWLOHV\MXYHQLOHVFRQFLHUWRVUHTXLVLWRVTXHVHFRPSOHWDFRQHOGHUHFKRDSDUWLFLSDUHQUHXQLRQHVSëEOLFDV\PDQLIHVWDFLRQHVSDFÞILFDVHVWDEOHFLÚQGRVHHOUHTXLVLWRGHODDXWRUL]DFLäQGHORVSDGUHVWXWRUHVRJXDUGDGRUHV
/D/H\UHJXODORVSULQFLSLRVJHQHUDOHVGHDFWXDFLäQIUHQWHDVLWXDFLRQHVGHGHVSURWHFFLäQ VRFLDOLQFOX\HQGRODREOLJDFLäQGHODHQWLGDGSëEOLFDGHLQYHVWLJDUORVKHFKRVTXHFRQR]FDSDUD FRUUHJLU OD VLWXDFLäQ PHGLDQWH OD LQWHUYHQFLäQ GH ORV 6HUYLFLRV 6RFLDOHV R HQ VX FDVRDVXPLHQGRODWXWHODGHOPHQRUSRUPLQLVWHULRGHODOH\
'HLJXDOPRGRVHHVWDEOHFHODREOLJDFLäQGHWRGDSHUVRQDTXHGHWHFWHXQDVLWXDFLäQGH ULHVJR R SRVLEOH GHVDPSDUR GH XQ PHQRU GH SUHVWDUOH DX[LOLR LQPHGLDWR \ GH FRPXQLFDU HOKHFKR D OD DXWRULGDG R VXV DJHQWHV PÒV SUä[LPRV &RQ FDUÒFWHU HVSHFÞILFR VH SUHYÚDVLPLVPRHOGHEHUGHORVFLXGDGDQRVGHFRPXQLFDUDODVDXWRULGDGHVSëEOLFDVFRPSHWHQWHVODDXVHQFLDGHOPHQRUGHIRUPDKDELWXDORVLQMXVWLILFDFLäQGHOFHQWURHVFRODU
'HLQQRYDGRUDVHSXHGHFDOLILFDUODGLVWLQFLäQGHQWURGHODVVLWXDFLRQHVGHGHVSURWHFFLäQ VRFLDO GHO PHQRU HQWUH VLWXDFLRQHV GH ULHVJR \ GH GHVDPSDUR TXH GDQ OXJDU D XQ JUDGRGLVWLQWR GH LQWHUYHQFLäQ GH OD HQWLGDG SëEOLFD 0LHQWUDV HQ ODV VLWXDFLRQHV GH ULHVJRFDUDFWHUL]DGDV SRU OD H[LVWHQFLD GH XQ SHUMXLFLR SDUD HO PHQRU TXH QR DOFDQ]D OD JUDYHGDGVXILFLHQWH SDUD MXVWLILFDU VX VHSDUDFLäQ GHO QëFOHR IDPLOLDU OD FLWDGD LQWHUYHQFLäQ VH OLPLWD DLQWHQWDUHOLPLQDUGHQWURGHODLQVWLWXFLäQIDPLOLDUORVIDFWRUHVGHULHVJRHQODVVLWXDFLRQHVGHGHVDPSDURGRQGHODJUDYHGDGGHORVKHFKRVDFRQVHMDODH[WUDFFLäQGHOPHQRUGHODIDPLOLDDTXÚOOD VH FRQFUHWD HQ OD DVXQFLäQ SRU OD HQWLGDG SëEOLFD GH OD WXWHOD GHO PHQRU \ ODFRQVLJXLHQWHVXVSHQVLäQGHODSDWULDSRWHVWDGRWXWHODRUGLQDULD
6XE\DFHDORODUJRGHOD/H\XQDSUHRFXSDFLäQEDVDGDHQODH[SHULHQFLDH[WUDÞGDGHOD DSOLFDFLäQ GH OD /H\ SRU DJLOL]DU \ FODULILFDU ORV WUÒPLWHV GH ORV SURFHGLPLHQWRVDGPLQLVWUDWLYRV \ MXGLFLDOHV TXH DIHFWDQ DO PHQRU FRQ OD ILQDOLGDG GH TXH ÚVWH QR TXHGHLQGHIHQVRRGHVSURWHJLGRHQQLQJëQPRPHQWR
(VWDHVODUD]äQSRUODTXHDGHPÒVGHHVWDEOHFHUVHFRPRSULQFLSLRJHQHUDOHOGHTXH WRGD DFWXDFLäQ KDEUÒ GH WHQHU IXQGDPHQWDOPHQWH HQ FXHQWD HO LQWHUÚV GHO PHQRU \ QR
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
LQWHUIHULUHQVXYLGDHVFRODUVRFLDORODERUDOVHGHWHUPLQDTXHODVUHVROXFLRQHVTXHDSUHFLHQOD H[LVWHQFLD GH OD VLWXDFLäQ GH GHVDPSDUR GHEHUÒQ QRWLILFDUVH D ORV SDGUHV WXWRUHV \JXDUGDGRUHV HQ XQ SOD]R GH FXDUHQWD \ RFKR KRUDV LQIRUPÒQGROHV DVLPLVPR \ D VHUSRVLEOHGHIRUPDSUHVHQFLDO\GHPRGRFODUR\FRPSUHQVLEOHGHODVFDXVDVTXHGLHURQOXJDUDODLQWHUYHQFLäQGHOD$GPLQLVWUDFLäQ\GHORVSRVLEOHVHIHFWRVGHODGHFLVLäQDGRSWDGD
5HVSHFWR D ODV PHGLGDV TXH ORV -XHFHV SXHGHQ DGRSWDU SDUD HYLWDU VLWXDFLRQHV
SHUMXGLFLDOHVSDUDORVKLMRVTXHFRQWHPSODDFWXDOPHQWHHO&äGLJR&LYLOHQHODUWÞFXORVHDPSOÞDQ D WRGRV ORV PHQRUHV \ D VLWXDFLRQHV TXH H[FHGHQ GHO ÒPELWR GH ODV UHODFLRQHVSDWHUQRILOLDOHV KDFLÚQGRVH H[WHQVLYDV D ODV GHULYDGDV GH OD WXWHOD \ GH OD JXDUGD \ VHHVWDEOHFHODSRVLELOLGDGGHTXHHO-XH]ODVDGRSWHFRQFDUÒFWHUFDXWHODUDOLQLFLRRHQHOFXUVRGHFXDOTXLHUSURFHVRFLYLORSHQDO
(Q GHILQLWLYD VH WUDWD GH FRQVDJUDU XQ SULQFLSLR GH DJLOLGDG H LQPHGLDWH] HQ WRGRV ORV
SURFHGLPLHQWRV WDQWR DGPLQLVWUDWLYRV FRPR MXGLFLDOHV TXH DIHFWDQ D PHQRUHV SDUD HYLWDUSHUMXLFLRVLQQHFHVDULRVTXHSXHGDQGHULYDUGHODULJLGH]GHDTXÚOORV
0HQFLäQ HVSHFLDO PHUHFH HO DFRJLPLHQWR IDPLOLDU ILJXUD TXH LQWURGXMR OD /H\ (VWH
SXHGH
FRQVWLWXLUVH
SRU
OD
HQWLGDG
SëEOLFD
FRPSHWHQWH
FXDQGR
FRQFXUUH
HO
FRQVHQWLPLHQWRGHORVSDGUHV(QRWURFDVRGHEHGLULJLUVHDO-XH]SDUDTXHVHDÚVWHTXLHQFRQVWLWX\D HO DFRJLPLHQWR /D DSOLFDFLäQ GH HVWH SUHFHSWR KD REOLJDGR KDVWD DKRUD D ODVHQWLGDGHV SëEOLFDV D LQWHUQDU D ORV PHQRUHV HQ DOJëQ FHQWUR LQFOXVR HQ DTXHOORV FDVRV HQORVTXHODIDPLOLDH[WHQVDKDPDQLIHVWDGRVXLQWHQFLäQGHDFRJHUDOPHQRUSRUQRFRQWDUFRQODYROXQWDGGHORVSDGUHVFRQHOFRQVLJXLHQWHSHUMXLFLRSVLFROäJLFR\HPRFLRQDOTXHHOOROOHYDFRQVLJR SDUD ORV QLâRV TXH VH YHQ SULYDGRV LQQHFHVDULDPHQWH GH OD SHUPDQHQFLD HQ XQDPELHQWHIDPLOLDU
3DUD UHPHGLDU HVWD VLWXDFLäQ OD SUHVHQWH /H\ UHFRJH OD SRVLELOLGDG GH TXH OD HQWLGDG SëEOLFDSXHGDDFRUGDUHQLQWHUÚVGHOPHQRUXQDFRJLPLHQWRSURYLVLRQDOHQIDPLOLD(VWHSRGUÒVHU DFRUGDGR SRU OD HQWLGDG SëEOLFD FXDQGR ORV SDGUHV QR FRQVLHQWDQ R VH RSRQJDQ DODFRJLPLHQWR \ VXEVLVWLUÒ PLHQWUDV VH WUDPLWD HO QHFHVDULR H[SHGLHQWH HQ WDQWR QR VHSURGX]FD UHVROXFLäQ MXGLFLDO 'H HVWD PDQHUD VH IDFLOLWD OD FRQVWLWXFLäQ GHO DFRJLPLHQWR GHDTXHOORVQLâRVVREUHORVTXHVXVSDGUHVKDQPRVWUDGRHOPÒ[LPRGHVLQWHUÚV
+DVWD DKRUD OD OHJLVODFLäQ FRQFHEÞD HO DFRJLPLHQWR FRPR XQD VLWXDFLäQ WHPSRUDO \ SRU WDQWRODUHJXODFLäQGHOPLVPRQRKDFÞDGLVWLQFLRQHVUHVSHFWRDODVGLVWLQWDVFLUFXQVWDQFLDVHQTXH SRGÞD HQFRQWUDUVH HO PHQRU GDQGR VLHPSUH D OD IDPLOLD DFRJHGRUD XQD DXWRQRPÞDOLPLWDGDHQFXDQWRDOFXLGDGRGHOPHQRU
8QDUHIOH[LäQTXHDFWXDOPHQWHVHHVWÒKDFLHQGRHQPXFKRVSDÞVHVHVVLODVLQVWLWXFLRQHV MXUÞGLFDV GH SURWHFFLäQ GH PHQRUHV GDQ UHVSXHVWD D OD GLYHUVLGDG GH VLWXDFLRQHV GHGHVSURWHFFLäQHQODTXHÚVWRVVHHQFXHQWUDQ/DUHVSXHVWDHVTXHWDQWRODGLYHUVLILFDFLäQGHLQVWLWXFLRQHV
MXUÞGLFDV
FRPR
OD
IOH[LELOL]DFLäQ
GH
ODV
SUÒFWLFDV
SURIHVLRQDOHV
VRQ
LQGLVSHQVDEOHVSDUDPHMRUDUFXDOLWDWLYDPHQWHORVVLVWHPDVGHSURWHFFLäQDODLQIDQFLD(VWD/H\ RSWD HQ HVWD GLUHFFLäQ IOH[LELOL]DQGR OD DFRJLGD IDPLOLDU \ DGHFXDQGR HO PDUFR GHUHODFLRQHV HQWUH ORV DFRJHGRUHV \ HO PHQRU DFRJLGR HQ IXQFLäQ GH OD HVWDELOLGDG GH ODDFRJLGD
$WHQGLHQGR D OD ILQDOLGDG GHO PLVPR VH UHFRJHQ WUHV WLSRV GH DFRJLPLHQWR -XQWR DO
DFRJLPLHQWR VLPSOH FXDQGR VH GDQ ODV FRQGLFLRQHV GH WHPSRUDOLGDG HQ ODV TXH HVUHODWLYDPHQWH SUHYLVLEOH HO UHWRUQR GHO PHQRU D VX IDPLOLD VH LQWURGXFH OD SRVLELOLGDG GHFRQVWLWXLUOR FRQ FDUÒFWHU SHUPDQHQWH HQ DTXHOORV FDVRV HQ ORV TXH OD HGDG X RWUDVFLUFXQVWDQFLDVGHOPHQRURVXIDPLOLDDFRQVHMDQGRWDUORGHXQDPD\RUHVWDELOLGDGDPSOLDQGROD DXWRQRPÞD GH OD IDPLOLD DFRJHGRUD UHVSHFWR D ODV IXQFLRQHV GHULYDGDV GHO FXLGDGR GHOPHQRUPHGLDQWHODDWULEXFLäQSRUHO-XH]GHDTXHOODVIDFXOWDGHVGHODWXWHODTXHIDFLOLWHQHOGHVHPSHâR GH VXV UHVSRQVDELOLGDGHV 7DPELÚQ VH UHFRJH H[SUHVDPHQWH OD PRGDOLGDG GHODFRJLPLHQWR SUHDGRSWLYR TXH HQ OD /H\ DSDUHFÞD ëQLFDPHQWH HQ OD H[SRVLFLäQ GHPRWLYRV \ TXH WDPELÚQ H[LVWH HQ RWUDV OHJLVODFLRQHV (VWD /H\ SUHYÚ OD SRVLELOLGDG GHHVWDEOHFHUXQSHUÞRGRSUHDGRSWLYRDWUDYÚVGHODIRUPDOL]DFLäQGHXQDFRJLPLHQWRFRQHVWDILQDOLGDGELHQVHDSRUTXHODHQWLGDGSëEOLFDHOHYHODSURSXHVWDGHDGRSFLäQGHXQPHQRURFXDQGR FRQVLGHUH QHFHVDULR HVWDEOHFHU XQ SHUÞRGR GH DGDSWDFLäQ GHO PHQRU D OD IDPLOLDDQWHVGHHOHYDUDO-XH]GLFKDSURSXHVWD
&RQ HOOR VH VXEVDQDQ ODV LQVXILFLHQFLDV GH TXH DGROHFÞD HO DUWÞFXOR GHO &äGLJR &LYLOGLIHUHQFLDQGRHQWUHORVGLVWLQWRVWLSRVGHDFRJLPLHQWRHQIXQFLäQGHTXHODVLWXDFLäQGHOD IDPLOLD SXHGD PHMRUDU \ TXH HO UHWRUQR GHO PHQRU QR LPSOLTXH ULHVJRV SDUD ÚVWH TXH ODV
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
SUHVHUYDUÒHOPDQWHQLPLHQWRGHVXVUHODFLRQHVIDPLOLDUHVVLHPSUHTXHVHDSRVLEOH\SRVLWLYRSDUDHOPHQRU(QFDVRGHDFRUGDUVHXQDPHGLGDGHSURWHFFLäQVHSULRUL]DUÒHODFRJLPLHQWRIDPLOLDUIUHQWHDOUHVLGHQFLDO&XDQGRHOPHQRUKXELHUDVLGRVHSDUDGRGHVXQëFOHRIDPLOLDUVHYDORUDUÒQODVSRVLELOLGDGHV\FRQYHQLHQFLDGHVXUHWRUQRWHQLHQGRHQFXHQWDODHYROXFLäQGHODIDPLOLDGHVGHTXHVHDGRSWäODPHGLGDSURWHFWRUD\SULPDQGRVLHPSUHHOLQWHUÚV\ODVQHFHVLGDGHVGHOPHQRUVREUHODVGHODIDPLOLD
G /DSUHVHUYDFLäQGHODLGHQWLGDGFXOWXUDUHOLJLäQFRQYLFFLRQHVRULHQWDFLäQHLGHQWLGDG VH[XDORLGLRPDGHOPHQRUDVÞFRPRODQRGLVFULPLQDFLäQGHOPLVPRSRUÚVWDVRFXDOHVTXLHUDRWUDV FRQGLFLRQHV LQFOXLGD OD GLVFDSDFLGDG JDUDQWL]DQGR HO GHVDUUROOR DUPäQLFR GH VXSHUVRQDOLGDG
(VWRVFULWHULRVVHSRQGHUDUÒQWHQLHQGRHQFXHQWDORVVLJXLHQWHVHOHPHQWRVJHQHUDOHV D /DHGDG\PDGXUH]GHOPHQRUE /D QHFHVLGDG GH JDUDQWL]DU VX LJXDOGDG \ QR GLVFULPLQDFLäQ SRU VX HVSHFLDO YXOQHUDELOLGDG\DVHDSRUODFDUHQFLDGHHQWRUQRIDPLOLDUVXIULUPDOWUDWRVXGLVFDSDFLGDGVXRULHQWDFLäQ H LGHQWLGDG VH[XDO VX FRQGLFLäQ GH UHIXJLDGR VROLFLWDQWH GH DVLOR R SURWHFFLäQVXEVLGLDULD VX SHUWHQHQFLD D XQD PLQRUÞD ÚWQLFD R FXDOTXLHU RWUD FDUDFWHUÞVWLFD RFLUFXQVWDQFLDUHOHYDQWH
F (OLUUHYHUVLEOHHIHFWRGHOWUDQVFXUVRGHOWLHPSRHQVXGHVDUUROORG /D QHFHVLGDG GH HVWDELOLGDG GH ODV VROXFLRQHV TXH VH DGRSWHQ SDUD SURPRYHU OD
HIHFWLYDLQWHJUDFLäQ\GHVDUUROORGHOPHQRUHQODVRFLHGDGDVÞFRPRGHPLQLPL]DUORVULHVJRVTXHFXDOTXLHUFDPELRGHVLWXDFLäQPDWHULDORHPRFLRQDOSXHGDRFDVLRQDUHQVXSHUVRQDOLGDG\GHVDUUROORIXWXUR
H /D SUHSDUDFLäQ GHO WUÒQVLWR D OD HGDG DGXOWD H LQGHSHQGLHQWH GH DFXHUGR FRQ VXV FDSDFLGDGHV\FLUFXQVWDQFLDVSHUVRQDOHV
I $TXHOORV RWURV HOHPHQWRV GH SRQGHUDFLäQ TXH HQ HO VXSXHVWR FRQFUHWR VHDQ FRQVLGHUDGRVSHUWLQHQWHV\UHVSHWHQORVGHUHFKRVGHORVPHQRUHV
/RV DQWHULRUHV HOHPHQWRV GHEHUÒQ VHU YDORUDGRV FRQMXQWDPHQWH FRQIRUPH D ORV
SULQFLSLRV GH QHFHVLGDG \ SURSRUFLRQDOLGDG GH IRUPD TXH OD PHGLGD TXH VH DGRSWH HQ HOLQWHUÚVVXSHULRUGHOPHQRUQRUHVWULQMDROLPLWHPÒVGHUHFKRVTXHORVTXHDPSDUD
(QFDVRGHFRQFXUULUFXDOTXLHURWURLQWHUÚVOHJÞWLPRMXQWRDOLQWHUÚVVXSHULRUGHOPHQRU
GHEHUÒQ SULRUL]DUVH ODV PHGLGDV TXH UHVSRQGLHQGR D HVWH LQWHUÚV UHVSHWHQ WDPELÚQ ORVRWURVLQWHUHVHVOHJÞWLPRVSUHVHQWHV
(QFDVRGHTXHQRSXHGDQUHVSHWDUVHWRGRVORVLQWHUHVHVOHJÞWLPRVFRQFXUUHQWHVGHEHUÒ
SULPDU HO LQWHUÚV VXSHULRU GHO PHQRU VREUH FXDOTXLHU RWUR LQWHUÚV OHJÞWLPR TXH SXGLHUDFRQFXUULU
/DV GHFLVLRQHV \ PHGLGDV DGRSWDGDV HQ LQWHUÚV VXSHULRU GHO PHQRU GHEHUÒQ YDORUDU HQ
WRGRFDVRORVGHUHFKRVIXQGDPHQWDOHVGHRWUDVSHUVRQDVTXHSXGLHUDQYHUVHDIHFWDGRV
7RGD PHGLGD HQ HO LQWHUÚV VXSHULRU GHO PHQRU GHEHUÒ VHU DGRSWDGD UHVSHWDQGR ODV
GHELGDVJDUDQWÞDVGHOSURFHVR\HQSDUWLFXODU
D /RV GHUHFKRV GHO PHQRU D VHU LQIRUPDGR RÞGR \ HVFXFKDGR \ D SDUWLFLSDU HQ HO
SURFHVRGHDFXHUGRFRQODQRUPDWLYDYLJHQWH
E /D LQWHUYHQFLäQ HQ HO SURFHVR GH SURIHVLRQDOHV FXDOLILFDGRV R H[SHUWRV (Q FDVR QHFHVDULRHVWRVSURIHVLRQDOHVKDQGHFRQWDUFRQODIRUPDFLäQVXILFLHQWHSDUDGHWHUPLQDUODVHVSHFÞILFDV QHFHVLGDGHV GH ORV QLâRV FRQ GLVFDSDFLGDG (Q ODV GHFLVLRQHV HVSHFLDOPHQWHUHOHYDQWHVTXHDIHFWHQDOPHQRUVHFRQWDUÒFRQHOLQIRUPHFROHJLDGRGHXQJUXSRWÚFQLFR\PXOWLGLVFLSOLQDUHVSHFLDOL]DGRHQORVÒPELWRVDGHFXDGRV
F /DSDUWLFLSDFLäQGHSURJHQLWRUHVWXWRUHVRUHSUHVHQWDQWHVOHJDOHVGHOPHQRURGHXQ GHIHQVRU MXGLFLDO VL KXELHUD FRQIOLFWR R GLVFUHSDQFLD FRQ HOORV \ GHO 0LQLVWHULR )LVFDO HQ HOSURFHVRHQGHIHQVDGHVXVLQWHUHVHV
G /DDGRSFLäQGHXQDGHFLVLäQTXHLQFOX\DHQVXPRWLYDFLäQORVFULWHULRVXWLOL]DGRVORV HOHPHQWRV DSOLFDGRV DO SRQGHUDU ORV FULWHULRV HQWUH VÞ \ FRQ RWURV LQWHUHVHV SUHVHQWHV \IXWXURV\ODVJDUDQWÞDVSURFHVDOHVUHVSHWDGDV
H /D H[LVWHQFLD GH UHFXUVRV TXH SHUPLWDQ UHYLVDU OD GHFLVLäQ DGRSWDGD TXH QR KD\D FRQVLGHUDGR HO LQWHUÚV VXSHULRU GHO PHQRU FRPR SULPRUGLDO R HQ HO FDVR HQ TXH HO SURSLRGHVDUUROOR GHO PHQRU R FDPELRV VLJQLILFDWLYRV HQ ODV FLUFXQVWDQFLDV TXH PRWLYDURQ GLFKD
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
GHFLVLäQKDJDQQHFHVDULRUHYLVDUOD/RVPHQRUHVJR]DUÒQGHOGHUHFKRDODDVLVWHQFLDMXUÞGLFDJUDWXLWDHQORVFDVRVOHJDOPHQWHSUHYLVWRV
&$3Ë78/2,,
'HUHFKRVGHOPHQRU
$UWtFXOR
5HIHUHQFLDD,QVWUXPHQWRV,QWHUQDFLRQDOHV
/RV PHQRUHV JR]DUÒQ GH ORV GHUHFKRV TXH OHV UHFRQRFH OD &RQVWLWXFLäQ \ ORV 7UDWDGRV ,QWHUQDFLRQDOHVGHORVTXH(VSDâDVHDSDUWHHVSHFLDOPHQWHOD&RQYHQFLäQGH'HUHFKRVGHO1LâRGH1DFLRQHV8QLGDV\OD&RQYHQFLäQGH'HUHFKRVGHODV3HUVRQDVFRQ'LVFDSDFLGDG\GHORVGHPÒVGHUHFKRVJDUDQWL]DGRVHQHORUGHQDPLHQWRMXUÞGLFRVLQGLVFULPLQDFLäQDOJXQDSRU UD]äQ GH QDFLPLHQWR QDFLRQDOLGDG UD]D VH[R GLVFDSDFLGDG R HQIHUPHGDG UHOLJLäQOHQJXDFXOWXUDRSLQLäQRFXDOTXLHURWUDFLUFXQVWDQFLDSHUVRQDOIDPLOLDURVRFLDO
/DSUHVHQWHOH\VXVQRUPDVGHGHVDUUROOR\GHPÒVGLVSRVLFLRQHVOHJDOHVUHODWLYDVDODV
SHUVRQDV
PHQRUHV
GH
HGDG
VH
LQWHUSUHWDUÒQ
GH
FRQIRUPLGDG
FRQ
ORV
7UDWDGRV
,QWHUQDFLRQDOHV GH ORV TXH (VSDâD VHD SDUWH \ HVSHFLDOPHQWH GH DFXHUGR FRQ OD&RQYHQFLäQGHORV'HUHFKRVGHO1LâRGH1DFLRQHV8QLGDV\OD&RQYHQFLäQGH'HUHFKRVGHODV3HUVRQDVFRQ'LVFDSDFLGDG
/RV SRGHUHV SëEOLFRV JDUDQWL]DUÒQ HO UHVSHWR GH ORV GHUHFKRV GH ORV PHQRUHV \ DGHFXDUÒQVXVDFWXDFLRQHVDODSUHVHQWHOH\\DODPHQFLRQDGDQRUPDWLYDLQWHUQDFLRQDO $UWtFXOR
'HUHFKRDOKRQRUDODLQWLPLGDG\DODSURSLDLPDJHQ
/RVPHQRUHVWLHQHQGHUHFKRDOKRQRUDODLQWLPLGDGSHUVRQDO\IDPLOLDU\DODSURSLD
LPDJHQ (VWH GHUHFKR FRPSUHQGH WDPELÚQ OD LQYLRODELOLGDG GHO GRPLFLOLR IDPLOLDU \ GH ODFRUUHVSRQGHQFLDDVÞFRPRGHOVHFUHWRGHODVFRPXQLFDFLRQHV
/DGLIXVLäQGHLQIRUPDFLäQRODXWLOL]DFLäQGHLPÒJHQHVRQRPEUHGHORVPHQRUHVHQ ORVPHGLRVGHFRPXQLFDFLäQTXHSXHGDQLPSOLFDUXQDLQWURPLVLäQLOHJÞWLPDHQVXLQWLPLGDGKRQUD R UHSXWDFLäQ R TXH VHD FRQWUDULD D VXV LQWHUHVHV GHWHUPLQDUÒ OD LQWHUYHQFLäQ GHO0LQLVWHULR)LVFDOTXHLQVWDUÒGHLQPHGLDWRODVPHGLGDVFDXWHODUHV\GHSURWHFFLäQSUHYLVWDVHQOD/H\\VROLFLWDUÒODVLQGHPQL]DFLRQHVTXHFRUUHVSRQGDQSRUORVSHUMXLFLRVFDXVDGRV
6H FRQVLGHUD LQWURPLVLäQ LOHJÞWLPD HQ HO GHUHFKR DO KRQRU D OD LQWLPLGDG SHUVRQDO \ IDPLOLDU\DODSURSLDLPDJHQGHOPHQRUFXDOTXLHUXWLOL]DFLäQGHVXLPDJHQRVXQRPEUHHQORVPHGLRVGHFRPXQLFDFLäQTXHSXHGDLPSOLFDUPHQRVFDERGHVXKRQUDRUHSXWDFLäQRTXHVHD FRQWUDULD D VXV LQWHUHVHV LQFOXVR VL FRQVWD HO FRQVHQWLPLHQWR GHO PHQRU R GH VXVUHSUHVHQWDQWHVOHJDOHV
6LQSHUMXLFLRGHODVDFFLRQHVGHODVTXHVHDQWLWXODUHVORVUHSUHVHQWDQWHVOHJDOHVGHO
PHQRUFRUUHVSRQGHHQWRGRFDVRDO0LQLVWHULR)LVFDOVXHMHUFLFLRTXHSRGUÒDFWXDUGHRILFLRR D LQVWDQFLD GHO SURSLR PHQRU R GH FXDOTXLHU SHUVRQD LQWHUHVDGD IÞVLFD MXUÞGLFD R HQWLGDGSëEOLFD
/RV SDGUHV R WXWRUHV \ ORV SRGHUHV SëEOLFRV UHVSHWDUÒQ HVWRV GHUHFKRV \ ORV SURWHJHUÒQIUHQWHDSRVLEOHVDWDTXHVGHWHUFHURV $UWtFXOR
'HUHFKRDODLQIRUPDFLyQ
/RVPHQRUHVWLHQHQGHUHFKRDEXVFDUUHFLELU\XWLOL]DUODLQIRUPDFLäQDGHFXDGDDVX GHVDUUROOR 6H SUHVWDUÒ HVSHFLDO DWHQFLäQ D OD DOIDEHWL]DFLäQ GLJLWDO \ PHGLÒWLFD GH IRUPDDGDSWDGDDFDGDHWDSDHYROXWLYDTXHSHUPLWDDORVPHQRUHVDFWXDUHQOÞQHDFRQVHJXULGDG\UHVSRQVDELOLGDG \ HQ SDUWLFXODU LGHQWLILFDU VLWXDFLRQHV GH ULHVJR GHULYDGDV GH OD XWLOL]DFLäQGHODVQXHYDVWHFQRORJÞDVGHODLQIRUPDFLäQ\ODFRPXQLFDFLäQDVÞFRPRODVKHUUDPLHQWDV\HVWUDWHJLDVSDUDDIURQWDUGLFKRVULHVJRV\SURWHJHUVHGHHOORV
/RVSDGUHVRWXWRUHV\ORVSRGHUHVSëEOLFRVYHODUÒQSRUTXHODLQIRUPDFLäQTXHUHFLEDQ ORVPHQRUHVVHDYHUD]SOXUDO\UHVSHWXRVDFRQORVSULQFLSLRVFRQVWLWXFLRQDOHV
/DV $GPLQLVWUDFLRQHV 3ëEOLFDV LQFHQWLYDUÒQ OD SURGXFFLäQ \ GLIXVLäQ GH PDWHULDOHV LQIRUPDWLYRV \ RWURV GHVWLQDGRV D ORV PHQRUHV TXH UHVSHWHQ ORV FULWHULRV HQXQFLDGRV DOPLVPR WLHPSR TXH IDFLOLWDUÒQ HO DFFHVR GH ORV PHQRUHV D ORV VHUYLFLRV GH LQIRUPDFLäQGRFXPHQWDFLäQ
ELEOLRWHFDV
\
GHPÒV
VHUYLFLRV
FXOWXUDOHV
LQFOX\HQGR
XQD
DGHFXDGD
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
VHQVLELOL]DFLäQ VREUH OD RIHUWD OHJDO GH RFLR \ FXOWXUD HQ ,QWHUQHW \ VREUH OD GHIHQVD GH ORVGHUHFKRVGHSURSLHGDGLQWHOHFWXDO
(Q SDUWLFXODU YHODUÒQ SRUTXH ORV PHGLRV GH FRPXQLFDFLäQ HQ VXV PHQVDMHV GLULJLGRV D PHQRUHVSURPXHYDQORVYDORUHVGHLJXDOGDGVROLGDULGDGGLYHUVLGDG\UHVSHWRDORVGHPÒVHYLWHQLPÒJHQHVGHYLROHQFLDH[SORWDFLäQHQODVUHODFLRQHVLQWHUSHUVRQDOHVRTXHUHIOHMHQXQWUDWR GHJUDGDQWH R VH[LVWD R XQ WUDWR GLVFULPLQDWRULR KDFLD ODV SHUVRQDV FRQ GLVFDSDFLGDG(Q HO ÒPELWR GH OD DXWRUUHJXODFLäQ ODV DXWRULGDGHV \ RUJDQLVPRV FRPSHWHQWHV LPSXOVDUÒQHQWUHORVPHGLRVGHFRPXQLFDFLäQODJHQHUDFLäQ\VXSHUYLVLäQGHOFXPSOLPLHQWRGHFäGLJRVGHFRQGXFWDGHVWLQDGRVDVDOYDJXDUGDUODSURPRFLäQGHORVYDORUHVDQWHULRUPHQWHGHVFULWRVOLPLWDQGRHODFFHVRDLPÒJHQHV\FRQWHQLGRVGLJLWDOHVOHVLYRVSDUDORVPHQRUHVDWHQRUGHORFRQWHPSODGRHQORVFäGLJRVGHDXWRUUHJXODFLäQGHFRQWHQLGRVDSUREDGRV6HJDUDQWL]DUÒODDFFHVLELOLGDGFRQORVDMXVWHVUD]RQDEOHVSUHFLVRVGHGLFKRVPDWHULDOHV\VHUYLFLRVLQFOXLGRVORVGHWLSRWHFQROäJLFRSDUDORVPHQRUHVFRQGLVFDSDFLGDG
/RVSRGHUHVSëEOLFRV\ORVSUHVWDGRUHVIRPHQWDUÒQHOGLVIUXWHSOHQRGHODFRPXQLFDFLäQ DXGLRYLVXDO SDUD ORV PHQRUHV FRQ GLVFDSDFLGDG \ HO XVR GH EXHQDV SUÒFWLFDV TXH HYLWHFXDOTXLHUGLVFULPLQDFLäQRUHSHUFXVLäQQHJDWLYDKDFLDGLFKDVSHUVRQDV
3DUD JDUDQWL]DU TXH OD SXEOLFLGDG R PHQVDMHV GLULJLGRV D PHQRUHV R HPLWLGRV HQ OD
SURJUDPDFLäQGLULJLGDDÚVWRVQROHVSHUMXGLTXHPRUDORIÞVLFDPHQWHSRGUÒVHUUHJXODGDSRUQRUPDVHVSHFLDOHV
6LQ SHUMXLFLR GH RWURV VXMHWRV OHJLWLPDGRV FRUUHVSRQGH HQ WRGR FDVR DO 0LQLVWHULR
)LVFDO\DODV$GPLQLVWUDFLRQHVSëEOLFDVFRPSHWHQWHVHQPDWHULDGHSURWHFFLäQGHPHQRUHVHOHMHUFLFLRGHODVDFFLRQHVGHFHVH\UHFWLILFDFLäQGHSXEOLFLGDGLOÞFLWD $UWtFXOR
/LEHUWDGLGHROyJLFD
(OPHQRUWLHQHGHUHFKRDODOLEHUWDGGHLGHRORJÞDFRQFLHQFLD\UHOLJLäQ (O HMHUFLFLR GH ORV GHUHFKRV GLPDQDQWHV GH HVWD OLEHUWDG WLHQH ëQLFDPHQWH ODV OLPLWDFLRQHVSUHVFULWDVSRUOD/H\\HOUHVSHWRGHORVGHUHFKRV\OLEHUWDGHVIXQGDPHQWDOHVGHORVGHPÒV
/RV SDGUHV R WXWRUHV WLHQHQ HO GHUHFKR \ HO GHEHU GH FRRSHUDU SDUD TXH HO PHQRU
HMHU]DHVWDOLEHUWDGGHPRGRTXHFRQWULEX\DDVXGHVDUUROORLQWHJUDO $UWtFXOR
'HUHFKRGHSDUWLFLSDFLyQDVRFLDFLyQ\UHXQLyQ
/RV PHQRUHV WLHQHQ GHUHFKR D SDUWLFLSDU SOHQDPHQWH HQ OD YLGD VRFLDO FXOWXUDO
DUWÞVWLFD\UHFUHDWLYDGHVXHQWRUQRDVÞFRPRDXQDLQFRUSRUDFLäQSURJUHVLYDDODFLXGDGDQÞDDFWLYD
/RV SRGHUHV SëEOLFRV SURPRYHUÒQ OD FRQVWLWXFLäQ GH äUJDQRV GH SDUWLFLSDFLäQ GH ORV PHQRUHV\GHODVRUJDQL]DFLRQHVVRFLDOHVGHLQIDQFLD\DGROHVFHQFLD
6HJDUDQWL]DUÒODDFFHVLELOLGDGGHORVHQWRUQRV\ODSURYLVLäQGHDMXVWHVUD]RQDEOHVSDUD TXH ORV PHQRUHV FRQ GLVFDSDFLGDG SXHGDQ GHVDUUROODU VX YLGD VRFLDO FXOWXUDO DUWÞVWLFD \UHFUHDWLYD
/RVPHQRUHVWLHQHQHOGHUHFKRGHDVRFLDFLäQTXHHQHVSHFLDOFRPSUHQGH D (OGHUHFKRDIRUPDUSDUWHGHDVRFLDFLRQHV\RUJDQL]DFLRQHVMXYHQLOHVGHORVSDUWLGRV SROÞWLFRV\VLQGLFDWRVGHDFXHUGRFRQOD/H\\ORV(VWDWXWRV
E (OGHUHFKRDSURPRYHUDVRFLDFLRQHVLQIDQWLOHV\MXYHQLOHVHLQVFULELUODVGHFRQIRUPLGDG
FRQ OD /H\ /RV PHQRUHV SRGUÒQ IRUPDU SDUWH GH ORV äUJDQRV GLUHFWLYRV GH HVWDVDVRFLDFLRQHV
3DUD TXH ODV DVRFLDFLRQHV LQIDQWLOHV \ MXYHQLOHV SXHGDQ REOLJDUVH FLYLOPHQWH GHEHUÒQ
KDEHUQRPEUDGRGHDFXHUGRFRQVXV(VWDWXWRVXQUHSUHVHQWDQWHOHJDOFRQSOHQDFDSDFLGDG
&XDQGR OD SHUWHQHQFLD GH XQ PHQRU R GH VXV SDGUHV D XQD DVRFLDFLäQ LPSLGD R SHUMXGLTXHDOGHVDUUROORLQWHJUDOGHOPHQRUFXDOTXLHULQWHUHVDGRSHUVRQDIÞVLFDRMXUÞGLFDRHQWLGDGSëEOLFDSRGUÒGLULJLUVHDO0LQLVWHULR)LVFDOSDUDTXHSURPXHYDODVPHGLGDVMXUÞGLFDVGHSURWHFFLäQTXHHVWLPHQHFHVDULDV
/RV PHQRUHV WLHQHQ GHUHFKR D SDUWLFLSDU HQ UHXQLRQHV SëEOLFDV \ PDQLIHVWDFLRQHV SDFÞILFDVFRQYRFDGDVHQORVWÚUPLQRVHVWDEOHFLGRVSRUOD/H\
(Q LJXDOHV WÚUPLQRV WLHQHQ WDPELÚQ GHUHFKR D SURPRYHUODV \ FRQYRFDUODV FRQ HO
FRQVHQWLPLHQWRH[SUHVRGHVXVSDGUHVWXWRUHVRJXDUGDGRUHV
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
$UWtFXOR
'HUHFKRDODOLEHUWDGGHH[SUHVLyQ
/RV PHQRUHV JR]DQ GHO GHUHFKR D OD OLEHUWDG GH H[SUHVLäQ HQ ORV WÚUPLQRV FRQVWLWXFLRQDOPHQWH SUHYLVWRV (VWD OLEHUWDG GH H[SUHVLäQ WLHQH WDPELÚQ VX OÞPLWH HQ ODSURWHFFLäQGHODLQWLPLGDG\ODLPDJHQGHOSURSLRPHQRUUHFRJLGDHQHODUWÞFXORGHHVWD/H\
(QHVSHFLDOHOGHUHFKRDODOLEHUWDGGHH[SUHVLäQGHORVPHQRUHVVHH[WLHQGH D $ODSXEOLFDFLäQ\GLIXVLäQGHVXVRSLQLRQHVE $ODHGLFLäQ\SURGXFFLäQGHPHGLRVGHGLIXVLäQF $ODFFHVRDODVD\XGDVTXHODV$GPLQLVWUDFLRQHVSëEOLFDVHVWDEOH]FDQFRQWDOILQ(OHMHUFLFLRGHHVWHGHUHFKRSRGUÒHVWDUVXMHWRDODVUHVWULFFLRQHVTXHSUHYHDOD/H\ SDUD JDUDQWL]DU HO UHVSHWR GH ORV GHUHFKRV GH ORV GHPÒV R OD SURWHFFLäQ GH OD VHJXULGDGVDOXGPRUDOXRUGHQSëEOLFR $UWtFXOR
'HUHFKRDVHURtGR\HVFXFKDGR
(O PHQRU WLHQH GHUHFKR D VHU RÞGR \ HVFXFKDGR VLQ GLVFULPLQDFLäQ DOJXQD SRU HGDG GLVFDSDFLGDG R FXDOTXLHU RWUD FLUFXQVWDQFLD WDQWR HQ HO ÒPELWR IDPLOLDU FRPR HQ FXDOTXLHUSURFHGLPLHQWRDGPLQLVWUDWLYRMXGLFLDORGHPHGLDFLäQHQTXHHVWÚDIHFWDGR\TXHFRQGX]FDDXQDGHFLVLäQTXHLQFLGDHQVXHVIHUDSHUVRQDOIDPLOLDURVRFLDOWHQLÚQGRVHGHELGDPHQWHHQFXHQWDVXVRSLQLRQHVHQIXQFLäQGHVXHGDG\PDGXUH]3DUDHOORHOPHQRUGHEHUÒUHFLELUODLQIRUPDFLäQ TXH OH SHUPLWD HO HMHUFLFLR GH HVWH GHUHFKR HQ XQ OHQJXDMH FRPSUHQVLEOH HQIRUPDWRVDFFHVLEOHV\DGDSWDGRVDVXVFLUFXQVWDQFLDV
(QORVSURFHGLPLHQWRVMXGLFLDOHVRDGPLQLVWUDWLYRVODVFRPSDUHFHQFLDVRDXGLHQFLDVGHO
PHQRU WHQGUÒQ FDUÒFWHU SUHIHUHQWH \ VH UHDOL]DUÒQ GH IRUPD DGHFXDGD D VX VLWXDFLäQ \GHVDUUROOR HYROXWLYR FRQ OD DVLVWHQFLD VL IXHUD QHFHVDULR GH SURIHVLRQDOHV FXDOLILFDGRV RH[SHUWRV FXLGDQGR SUHVHUYDU VX LQWLPLGDG \ XWLOL]DQGR XQ OHQJXDMH TXH VHD FRPSUHQVLEOHSDUD ÚO HQ IRUPDWRV DFFHVLEOHV \ DGDSWDGRV D VXV FLUFXQVWDQFLDV LQIRUPÒQGROH WDQWR GH ORTXHVHOHSUHJXQWDFRPRGHODVFRQVHFXHQFLDVGHVXRSLQLäQFRQSOHQRUHVSHWRDWRGDVODVJDUDQWÞDVGHOSURFHGLPLHQWR
6H JDUDQWL]DUÒ TXH HO PHQRU FXDQGR WHQJD VXILFLHQWH PDGXUH] SXHGD HMHUFLWDU HVWH
GHUHFKR SRU VÞ PLVPR R D WUDYÚV GH OD SHUVRQD TXH GHVLJQH SDUD TXH OH UHSUHVHQWH /DPDGXUH] KDEUÒ GH YDORUDUVH SRU SHUVRQDO HVSHFLDOL]DGR WHQLHQGR HQ FXHQWD WDQWR HOGHVDUUROOR HYROXWLYR GHO PHQRU FRPR VX FDSDFLGDG SDUD FRPSUHQGHU \ HYDOXDU HO DVXQWRFRQFUHWR D WUDWDU HQ FDGD FDVR 6H FRQVLGHUD HQ WRGR FDVR TXH WLHQH VXILFLHQWH PDGXUH]FXDQGRWHQJDGRFHDâRVFXPSOLGRV
3DUDJDUDQWL]DUTXHHOPHQRUSXHGDHMHUFLWDUHVWHGHUHFKRSRUVÞPLVPRVHUÒDVLVWLGRHQ
VX FDVR SRU LQWÚUSUHWHV (O PHQRU SRGUÒ H[SUHVDU VX RSLQLäQ YHUEDOPHQWH R D WUDYÚV GHIRUPDVQRYHUEDOHVGHFRPXQLFDFLäQ
1R REVWDQWH FXDQGR HOOR QR VHD SRVLEOH R QR FRQYHQJD DO LQWHUÚV GHO PHQRU VH SRGUÒ
FRQRFHU OD RSLQLäQ GHO PHQRU SRU PHGLR GH VXV UHSUHVHQWDQWHV OHJDOHV VLHPSUH TXH QRWHQJDQ LQWHUHVHV FRQWUDSXHVWRV D ORV VX\RV R D WUDYÚV GH RWUDV SHUVRQDV TXH SRU VXSURIHVLäQRUHODFLäQGHHVSHFLDOFRQILDQ]DFRQÚOSXHGDQWUDQVPLWLUODREMHWLYDPHQWH
6LHPSUHTXHHQYÞDDGPLQLVWUDWLYDRMXGLFLDOVHGHQLHJXHODFRPSDUHFHQFLDRDXGLHQFLD
GHORVPHQRUHVGLUHFWDPHQWHRSRUPHGLRGHSHUVRQDTXHOHUHSUHVHQWHODUHVROXFLäQVHUÒPRWLYDGDHQHOLQWHUÚVVXSHULRUGHOPHQRU\FRPXQLFDGDDO0LQLVWHULR)LVFDODOPHQRU\HQVX FDVR D VX UHSUHVHQWDQWH LQGLFDQGR H[SOÞFLWDPHQWH ORV UHFXUVRV H[LVWHQWHV FRQWUD WDOGHFLVLäQ (Q ODV UHVROXFLRQHV VREUH HO IRQGR KDEUÒ GH KDFHUVH FRQVWDU HQ VX FDVR HOUHVXOWDGRGHODDXGLHQFLDDOPHQRUDVÞFRPRVXYDORUDFLäQ
&$3Ë78/2,,,
'HEHUHVGHOPHQRU
$UWtFXOR ELV
'HEHUHVGHORVPHQRUHV
/RVPHQRUHVGHDFXHUGRDVXHGDG\PDGXUH]GHEHUÒQDVXPLU\FXPSOLUORVGHEHUHV
REOLJDFLRQHV\UHVSRQVDELOLGDGHVLQKHUHQWHVRFRQVHFXHQWHVDODWLWXODULGDG\DOHMHUFLFLRGHORVGHUHFKRVTXHWLHQHQUHFRQRFLGRVHQWRGRVORVÒPELWRVGHODYLGDWDQWRIDPLOLDUHVFRODUFRPRVRFLDO
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
D /DVXSUHPDFÞDGHVXLQWHUÚVVXSHULRUE (O PDQWHQLPLHQWR HQ VX IDPLOLD GH RULJHQ VDOYR TXH QR VHD FRQYHQLHQWH SDUD VX
LQWHUÚV HQ FX\R FDVR VH JDUDQWL]DUÒ OD DGRSFLäQ GH PHGLGDV GH SURWHFFLäQ IDPLOLDUHV \HVWDEOHVSULRUL]DQGRHQHVWRVVXSXHVWRVHODFRJLPLHQWRIDPLOLDUIUHQWHDOLQVWLWXFLRQDO
F 6XLQWHJUDFLäQIDPLOLDU\VRFLDOG /D SUHYHQFLäQ \ OD GHWHFFLäQ SUHFR] GH WRGDV DTXHOODV VLWXDFLRQHV TXH SXHGDQ SHUMXGLFDUVXGHVDUUROORSHUVRQDO
H /DVHQVLELOL]DFLäQGHODSREODFLäQDQWHVLWXDFLRQHVGHGHVSURWHFFLäQI (OFDUÒFWHUHGXFDWLYRGHWRGDVODVPHGLGDVTXHVHDGRSWHQJ /DSURPRFLäQGHODSDUWLFLSDFLäQYROXQWDULDGR\VROLGDULGDGVRFLDOK /D REMHWLYLGDG LPSDUFLDOLGDG \ VHJXULGDG MXUÞGLFD HQ OD DFWXDFLäQ SURWHFWRUD JDUDQWL]DQGR HO FDUÒFWHU FROHJLDGR H LQWHUGLVFLSOLQDU HQ OD DGRSFLäQ GH PHGLGDV TXH OHVDIHFWHQ
L /D SURWHFFLäQ FRQWUD WRGD IRUPD GH YLROHQFLD LQFOXLGR HO PDOWUDWR IÞVLFR R SVLFROäJLFR ORVFDVWLJRVIÞVLFRVKXPLOODQWHV\GHQLJUDQWHVHOGHVFXLGRRWUDWRQHJOLJHQWHODH[SORWDFLäQOD UHDOL]DGD D WUDYÚV GH ODV QXHYDV WHFQRORJÞDV ORV DEXVRV VH[XDOHV OD FRUUXSFLäQ ODYLROHQFLDGHJÚQHURRHQHOÒPELWRIDPLOLDUVDQLWDULRVRFLDORHGXFDWLYRLQFOX\HQGRHODFRVRHVFRODU DVÞ FRPR OD WUDWD \ HO WUÒILFR GH VHUHV KXPDQRV OD PXWLODFLäQ JHQLWDO IHPHQLQD \FXDOTXLHURWUDIRUPDGHDEXVR
M /DLJXDOGDGGHRSRUWXQLGDGHV\QRGLVFULPLQDFLäQSRUFXDOTXLHUFLUFXQVWDQFLDN /DDFFHVLELOLGDGXQLYHUVDOGHORVPHQRUHVFRQGLVFDSDFLGDG\ORVDMXVWHVUD]RQDEOHV DVÞFRPRVXLQFOXVLäQ\SDUWLFLSDFLäQSOHQDV\HIHFWLYDV
O (OOLEUHGHVDUUROORGHVXSHUVRQDOLGDGFRQIRUPHDVXRULHQWDFLäQHLGHQWLGDGVH[XDOP ಝ(OUHVSHWR\ODYDORUDFLäQGHODGLYHUVLGDGÚWQLFD\FXOWXUDO /RV SRGHUHV SëEOLFRV GHVDUUROODUÒQ DFWXDFLRQHV HQFDPLQDGDV D OD VHQVLELOL]DFLäQ SUHYHQFLäQ GHWHFFLäQ QRWLILFDFLäQ DVLVWHQFLD \ SURWHFFLäQ GH FXDOTXLHU IRUPD GH YLROHQFLDFRQWUDODLQIDQFLD\ODDGROHVFHQFLDPHGLDQWHSURFHGLPLHQWRVTXHDVHJXUHQODFRRUGLQDFLäQ\OD FRODERUDFLäQ HQWUH ODV GLVWLQWDV $GPLQLVWUDFLRQHV HQWLGDGHV FRODERUDGRUDV \ VHUYLFLRVFRPSHWHQWHVWDQWRSëEOLFRVFRPRSULYDGRVSDUDJDUDQWL]DUXQDDFWXDFLäQLQWHJUDO
/DV (QWLGDGHV 3ëEOLFDV GLVSRQGUÒQ GH SURJUDPDV \ UHFXUVRV GHVWLQDGRV DO DSR\R \ RULHQWDFLäQ GH TXLHQHV HVWDQGR HQ DFRJLPLHQWR DOFDQFHQ OD PD\RUÞD GH HGDG \ TXHGHQIXHUDGHOVLVWHPDGHSURWHFFLäQFRQHVSHFLDODWHQFLäQDORVTXHSUHVHQWDQGLVFDSDFLGDG
7Ë78/2,,
$FWXDFLRQHVHQVLWXDFLyQGHGHVSURWHFFLyQVRFLDOGHOPHQRUHLQVWLWXFLRQHVGH
SURWHFFLyQGHPHQRUHV
&$3Ë78/2,
$FWXDFLRQHVHQVLWXDFLRQHVGHGHVSURWHFFLyQVRFLDOGHOPHQRU
$UWtFXOR
$FWXDFLRQHVGHSURWHFFLyQ
/D SURWHFFLäQ GH ORV PHQRUHV SRU ORV SRGHUHV SëEOLFRV VH UHDOL]DUÒ PHGLDQWH OD SUHYHQFLäQ GHWHFFLäQ \ UHSDUDFLäQ GH VLWXDFLRQHV GH ULHVJR FRQ HO HVWDEOHFLPLHQWR GH ORVVHUYLFLRV \ UHFXUVRV DGHFXDGRV SDUD WDO ILQ HO HMHUFLFLR GH OD JXDUGD \ HQ ORV FDVRV GHGHFODUDFLäQ GH GHVDPSDUR OD DVXQFLäQ GH OD WXWHOD SRU PLQLVWHULR GH OD OH\ (Q ODVDFWXDFLRQHVGHSURWHFFLäQGHEHUÒQSULPDUHQWRGRFDVRODVPHGLGDVIDPLOLDUHVIUHQWHDODVUHVLGHQFLDOHV ODV HVWDEOHV IUHQWH D ODV WHPSRUDOHV \ ODV FRQVHQVXDGDV IUHQWH D ODVLPSXHVWDV
/RV SRGHUHV SëEOLFRV YHODUÒQ SDUD TXH ORV SURJHQLWRUHV WXWRUHV JXDUGDGRUHV R DFRJHGRUHV GHVDUUROOHQ DGHFXDGDPHQWH VXV UHVSRQVDELOLGDGHV \ OHV IDFLOLWDUÒQ VHUYLFLRVDFFHVLEOHVGHSUHYHQFLäQDVHVRUDPLHQWR\DFRPSDâDPLHQWRHQWRGDVODVÒUHDVTXHDIHFWDQDOGHVDUUROORGHORVPHQRUHV
&XDQGR ORV PHQRUHV VH HQFXHQWUHQ EDMR OD SDWULD SRWHVWDG WXWHOD JXDUGD R
DFRJLPLHQWR GH XQD YÞFWLPD GH YLROHQFLD GH JÚQHUR R GRPÚVWLFD ODV DFWXDFLRQHV GH ORV
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
SRGHUHV SëEOLFRV HVWDUÒQ HQFDPLQDGDV D JDUDQWL]DU HO DSR\R QHFHVDULR SDUD SURFXUDU ODSHUPDQHQFLD GH ORV PHQRUHV FRQ LQGHSHQGHQFLD GH VX HGDG FRQ DTXÚOOD DVÞ FRPR VXSURWHFFLäQDWHQFLäQHVSHFLDOL]DGD\UHFXSHUDFLäQ
&XDQGR QR SXHGD VHU HVWDEOHFLGD OD PD\RUÞD GH HGDG GH XQD SHUVRQD VHUÒ
FRQVLGHUDGDPHQRUGHHGDGDORVHIHFWRVGHORSUHYLVWRHQHVWDOH\HQWDQWRVHGHWHUPLQDVXHGDG $ WDO HIHFWR HO )LVFDO GHEHUÒ UHDOL]DU XQ MXLFLR GH SURSRUFLRQDOLGDG TXH SRQGHUHDGHFXDGDPHQWH ODV UD]RQHV SRU ODV TXH VH FRQVLGHUD TXH HO SDVDSRUWH R GRFXPHQWRHTXLYDOHQWH GH LGHQWLGDG SUHVHQWDGR HQ VX FDVR QR HV ILDEOH /D UHDOL]DFLäQ GH SUXHEDVPÚGLFDV SDUD OD GHWHUPLQDFLäQ GH OD HGDG GH ORV PHQRUHV VH VRPHWHUÒ DO SULQFLSLR GHFHOHULGDG H[LJLUÒ HO SUHYLR FRQVHQWLPLHQWR LQIRUPDGR GHO DIHFWDGR \ VH OOHYDUÒ D FDER FRQUHVSHWR D VX GLJQLGDG \ VLQ TXH VXSRQJD XQ ULHVJR SDUD VX VDOXG QR SXGLHQGR DSOLFDUVHLQGLVFULPLQDGDPHQWHHVSHFLDOPHQWHVLVRQLQYDVLYDV
&XDOTXLHUPHGLGDGHSURWHFFLäQQRSHUPDQHQWHTXHVHDGRSWHUHVSHFWRGHPHQRUHV GHWUHVDâRVVHUHYLVDUÒFDGDWUHVPHVHV\UHVSHFWRGHPD\RUHVGHHVDHGDGVHUHYLVDUÒFDGD VHLV PHVHV (Q ORV DFRJLPLHQWRV SHUPDQHQWHV OD UHYLVLäQ WHQGUÒ OXJDU HO SULPHU DâRFDGDVHLVPHVHV\DSDUWLUGHOVHJXQGRDâRFDGDGRFHPHVHV
$GHPÒV GH ODV GLVWLQWDV IXQFLRQHV DWULEXLGDV SRU OH\ OD (QWLGDG 3ëEOLFD UHPLWLUÒ DO 0LQLVWHULR )LVFDO LQIRUPH MXVWLILFDWLYR GH OD VLWXDFLäQ GH XQ GHWHUPLQDGR PHQRU FXDQGR ÚVWHVH KD\D HQFRQWUDGR HQ DFRJLPLHQWR UHVLGHQFLDO R DFRJLPLHQWR IDPLOLDU WHPSRUDO GXUDQWH XQSHULRGRVXSHULRUDGRVDâRVGHELHQGRMXVWLILFDUOD(QWLGDG3ëEOLFDODVFDXVDVSRUODVTXHQRVHKDDGRSWDGRXQDPHGLGDSURWHFWRUDGHFDUÒFWHUPÒVHVWDEOHHQHVHLQWHUYDOR
/RV SRGHUHV SëEOLFRV JDUDQWL]DUÒQ ORV GHUHFKRV \ REOLJDFLRQHV GH ORV PHQRUHV FRQ GLVFDSDFLGDG HQ OR TXH UHVSHFWD D VX FXVWRGLD WXWHOD JXDUGD DGRSFLäQ R LQVWLWXFLRQHVVLPLODUHVYHODQGRDOPÒ[LPRSRUHOLQWHUÚVVXSHULRUGHOPHQRU$VLPLVPRJDUDQWL]DUÒQTXHORV PHQRUHV FRQ GLVFDSDFLGDG WHQJDQ ORV PLVPRV GHUHFKRV UHVSHFWR D OD YLGD HQ IDPLOLD3DUDKDFHUHIHFWLYRVHVWRVGHUHFKRV\DILQGHSUHYHQLUVXRFXOWDFLäQDEDQGRQRQHJOLJHQFLDRVHJUHJDFLäQYHODUÒQSRUTXHVHSURSRUFLRQHFRQDQWLFLSDFLäQLQIRUPDFLäQVHUYLFLRV\DSR\RJHQHUDOHVDORVPHQRUHVFRQGLVFDSDFLGDG\DVXVIDPLOLDV $UWtFXOR
2EOLJDFLRQHVGHORVFLXGDGDQRV\GHEHUGHUHVHUYD
7RGD SHUVRQD R DXWRULGDG \ HVSHFLDOPHQWH DTXHOORV TXH SRU VX SURIHVLäQ R IXQFLäQ GHWHFWHQ XQD VLWXDFLäQ GH PDOWUDWR GH ULHVJR R GH SRVLEOH GHVDPSDUR GH XQ PHQRU ORFRPXQLFDUÒQDODDXWRULGDGRVXVDJHQWHVPÒVSUä[LPRVVLQSHUMXLFLRGHSUHVWDUOHHODX[LOLRLQPHGLDWRTXHSUHFLVH
&XDOTXLHU SHUVRQD R DXWRULGDG TXH WHQJD FRQRFLPLHQWR GH TXH XQ PHQRU QR HVWÒ
HVFRODUL]DGR R QR DVLVWH DO FHQWUR HVFRODU GH IRUPD KDELWXDO \ VLQ MXVWLILFDFLäQ GXUDQWH HOSHUÞRGR
REOLJDWRULR
GHEHUÒ
SRQHUOR
HQ
FRQRFLPLHQWR
GH
ODV
DXWRULGDGHV
SëEOLFDV
FRPSHWHQWHVTXHDGRSWDUÒQODVPHGLGDVQHFHVDULDVSDUDVXHVFRODUL]DFLäQ
/DV DXWRULGDGHV \ ODV SHUVRQDV TXH SRU VX SURIHVLäQ R IXQFLäQ FRQR]FDQ HO FDVR DFWXDUÒQFRQODGHELGDUHVHUYD
(QODVDFWXDFLRQHVVHHYLWDUÒWRGDLQWHUIHUHQFLDLQQHFHVDULDHQODYLGDGHOPHQRU7RGDSHUVRQDTXHWXYLHUDQRWLFLDDWUDYÚVGHFXDOTXLHUIXHQWHGHLQIRUPDFLäQGHXQ KHFKR TXH SXGLHUD FRQVWLWXLU XQ GHOLWR FRQWUD OD OLEHUWDG H LQGHPQLGDG VH[XDO GH WUDWD GHVHUHV KXPDQRV R GH H[SORWDFLäQ GH PHQRUHV WHQGUÒ OD REOLJDFLäQ GH SRQHUOR HQFRQRFLPLHQWR GHO 0LQLVWHULR )LVFDO VLQ SHUMXLFLR GH OR GLVSXHVWR HQ OD OHJLVODFLäQ SURFHVDOSHQDO
6HUÒ UHTXLVLWR SDUD HO DFFHVR \ HMHUFLFLR D ODV SURIHVLRQHV RILFLRV \ DFWLYLGDGHV TXH
LPSOLTXHQ FRQWDFWR KDELWXDO FRQ PHQRUHV HO QR KDEHU VLGR FRQGHQDGR SRU VHQWHQFLD ILUPHSRU DOJëQ GHOLWR FRQWUD OD OLEHUWDG H LQGHPQLGDG VH[XDO TXH LQFOX\H OD DJUHVLäQ \ DEXVRVH[XDODFRVRVH[XDOH[KLELFLRQLVPR\SURYRFDFLäQVH[XDOSURVWLWXFLäQ\H[SORWDFLäQVH[XDO\FRUUXSFLäQGHPHQRUHVDVÞFRPRSRUWUDWDGHVHUHVKXPDQRV$WDOHIHFWRTXLHQSUHWHQGDHO DFFHVR D WDOHV SURIHVLRQHV RILFLRV R DFWLYLGDGHV GHEHUÒ DFUHGLWDU HVWD FLUFXQVWDQFLDPHGLDQWH OD DSRUWDFLäQ GH XQD FHUWLILFDFLäQ QHJDWLYD GHO 5HJLVWUR &HQWUDO GH GHOLQFXHQWHVVH[XDOHV
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
$UWtFXOR
$WHQFLyQLQPHGLDWD
/DV DXWRULGDGHV \ VHUYLFLRV SëEOLFRV WHQGUÒQ OD REOLJDFLäQ GH SUHVWDU OD DWHQFLäQ LQPHGLDWD TXH SUHFLVH FXDOTXLHU PHQRU GH DFWXDU VL FRUUHVSRQGH D VX ÒPELWR GHFRPSHWHQFLDVRGHGDUWUDVODGRHQRWURFDVRDOäUJDQRFRPSHWHQWH\GHSRQHUORVKHFKRVHQFRQRFLPLHQWR GH ORV UHSUHVHQWDQWHV OHJDOHV GHO PHQRU R FXDQGR VHD QHFHVDULR GH OD(QWLGDG3ëEOLFD\GHO0LQLVWHULR)LVFDO
/D(QWLGDG3ëEOLFDSRGUÒDVXPLUHQFXPSOLPLHQWRGHODREOLJDFLäQGHSUHVWDUODDWHQFLäQ LQPHGLDWDODJXDUGDSURYLVLRQDOGHXQPHQRUSUHYLVWDHQHODUWÞFXORGHO&äGLJR&LYLOTXH VHUÒ FRPXQLFDGD DO 0LQLVWHULR )LVFDO SURFHGLHQGR VLPXOWÒQHDPHQWH D SUDFWLFDU ODVGLOLJHQFLDVSUHFLVDVSDUDLGHQWLILFDUDOPHQRULQYHVWLJDUVXVFLUFXQVWDQFLDV\FRQVWDWDUHQVXFDVRODVLWXDFLäQUHDOGHGHVDPSDUR $UWtFXOR
3ULQFLSLRGHFRODERUDFLyQ
(QWRGDLQWHUYHQFLäQVHSURFXUDUÒFRQWDUFRQODFRODERUDFLäQGHOPHQRU\VXIDPLOLD\QR LQWHUIHULUHQVXYLGDHVFRODUVRFLDORODERUDO $UWtFXOR
(YDOXDFLyQGHODVLWXDFLyQ
/DV HQWLGDGHV SëEOLFDV FRPSHWHQWHV HQ PDWHULD GH SURWHFFLäQ GH PHQRUHV HVWDUÒQ REOLJDGDV D YHULILFDU OD VLWXDFLäQ GHQXQFLDGD \ D DGRSWDU ODV PHGLGDV QHFHVDULDV SDUDUHVROYHUODHQIXQFLäQGHOUHVXOWDGRGHDTXHOODDFWXDFLäQ $UWtFXOR
$FWXDFLRQHVHQVLWXDFLRQHVGHULHVJR
6H FRQVLGHUDUÒ VLWXDFLäQ GH ULHVJR DTXHOOD HQ OD TXH D FDXVD GH FLUFXQVWDQFLDV FDUHQFLDV R FRQIOLFWRV IDPLOLDUHV VRFLDOHV R HGXFDWLYRV HO PHQRU VH YHD SHUMXGLFDGR HQ VXGHVDUUROORSHUVRQDOIDPLOLDUVRFLDORHGXFDWLYRHQVXELHQHVWDURHQVXVGHUHFKRVGHIRUPDTXHVLQDOFDQ]DUODHQWLGDGLQWHQVLGDGRSHUVLVWHQFLDTXHIXQGDPHQWDUÞDQVXGHFODUDFLäQGHVLWXDFLäQ GH GHVDPSDUR \ OD DVXQFLäQ GH OD WXWHOD SRU PLQLVWHULR GH OD OH\ VHD SUHFLVD ODLQWHUYHQFLäQGHODDGPLQLVWUDFLäQSëEOLFDFRPSHWHQWHSDUDHOLPLQDUUHGXFLURFRPSHQVDUODVGLILFXOWDGHVRLQDGDSWDFLäQTXHOHDIHFWDQ\HYLWDUVXGHVDPSDUR\H[FOXVLäQVRFLDOVLQWHQHUTXHVHUVHSDUDGRGHVXHQWRUQRIDPLOLDU$WDOHVHIHFWRVVHFRQVLGHUDUÒLQGLFDGRUGHULHVJRHQWUH RWURV HO WHQHU XQ KHUPDQR GHFODUDGR HQ WDO VLWXDFLäQ VDOYR TXH ODV FLUFXQVWDQFLDVIDPLOLDUHVKD\DQFDPELDGRGHIRUPDHYLGHQWH/DFRQFXUUHQFLDGHFLUFXQVWDQFLDVRFDUHQFLDVPDWHULDOHV VH FRQVLGHUDUÒ LQGLFDGRU GH ULHVJR SHUR QXQFD SRGUÒ GHVHPERFDU HQ ODVHSDUDFLäQGHOHQWRUQRIDPLOLDU
(QVLWXDFLäQGHULHVJRGHFXDOTXLHUÞQGROHODLQWHUYHQFLäQGHODDGPLQLVWUDFLäQSëEOLFD FRPSHWHQWH GHEHUÒ JDUDQWL]DU HQ WRGR FDVR ORV GHUHFKRV GHO PHQRU \ VH RULHQWDUÒ DGLVPLQXLUORVLQGLFDGRUHVGHULHVJR\GLILFXOWDGTXHLQFLGDQHQODVLWXDFLäQSHUVRQDOIDPLOLDU\VRFLDO HQ TXH VH HQFXHQWUD \ D SURPRYHU PHGLGDV SDUD VX SURWHFFLäQ \ SUHVHUYDFLäQ GHOHQWRUQRIDPLOLDU
/D LQWHUYHQFLäQ HQ OD VLWXDFLäQ GH ULHVJR FRUUHVSRQGH D OD DGPLQLVWUDFLäQ SëEOLFD FRPSHWHQWH FRQIRUPH D OR GLVSXHVWR HQ OD OHJLVODFLäQ HVWDWDO \ DXWRQäPLFD DSOLFDEOH HQFRRUGLQDFLäQFRQORVFHQWURVHVFRODUHV\VHUYLFLRVVRFLDOHV\VDQLWDULRV\HQVXFDVRFRQODVHQWLGDGHVFRODERUDGRUDVGHOUHVSHFWLYRÒPELWRWHUULWRULDORFXDOHVTXLHUDRWUDV
/DYDORUDFLäQGHODVLWXDFLäQGHULHVJRFRQOOHYDUÒODHODERUDFLäQ\SXHVWDHQPDUFKD GHXQSUR\HFWRGHLQWHUYHQFLäQVRFLDO\HGXFDWLYRIDPLOLDUTXHGHEHUÒUHFRJHUORVREMHWLYRVDFWXDFLRQHV UHFXUVRV \ SUHYLVLäQ GH SOD]RV SURPRYLHQGR ORV IDFWRUHV GH SURWHFFLäQ GHOPHQRU \ PDQWHQLHQGR D ÚVWH HQ VX PHGLR IDPLOLDU 6H SURFXUDUÒ OD SDUWLFLSDFLäQ GH ORVSURJHQLWRUHV WXWRUHV JXDUGDGRUHV R DFRJHGRUHV HQ OD HODERUDFLäQ GHO SUR\HFWR (QFXDOTXLHUFDVRVHUÒRÞGD\WHQLGDHQFXHQWDODRSLQLäQGHÚVWRVHQHOLQWHQWRGHFRQVHQVXDUHOSUR\HFWRTXHGHEHUÒVHUILUPDGRSRUODVSDUWHVSDUDORTXHVHOHVFRPXQLFDUÒGHPDQHUDFRPSUHQVLEOH\HQIRUPDWRDFFHVLEOH7DPELÚQVHFRPXQLFDUÒ\FRQVXOWDUÒFRQHOPHQRUVLWLHQHVXILFLHQWHPDGXUH]\HQWRGRFDVRDSDUWLUGHORVGRFHDâRV
/RV SURJHQLWRUHV WXWRUHV JXDUGDGRUHV R DFRJHGRUHV GHQWUR GH VXV UHVSHFWLYDV
IXQFLRQHV FRODERUDUÒQ DFWLYDPHQWH VHJëQ VX FDSDFLGDG HQ OD HMHFXFLäQ GH ODV PHGLGDVLQGLFDGDVHQHOUHIHULGRSUR\HFWR/DRPLVLäQGHODFRODERUDFLäQSUHYLVWDHQHOPLVPRGDUÒOXJDUDODGHFODUDFLäQGHODVLWXDFLäQGHULHVJRGHOPHQRU
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
/D VLWXDFLäQ GH ULHVJR VHUÒ GHFODUDGD SRU OD DGPLQLVWUDFLäQ SëEOLFD FRPSHWHQWH FRQIRUPH D OR GLVSXHVWR HQ OD OHJLVODFLäQ HVWDWDO \ DXWRQäPLFD DSOLFDEOH PHGLDQWH XQDUHVROXFLäQDGPLQLVWUDWLYDPRWLYDGDSUHYLDDXGLHQFLDDORVSURJHQLWRUHVWXWRUHVJXDUGDGRUHVRDFRJHGRUHV\GHOPHQRUVLWLHQHVXILFLHQWHPDGXUH]\HQWRGRFDVRDSDUWLUGHORVGRFHDâRV /D UHVROXFLäQ DGPLQLVWUDWLYD LQFOXLUÒ ODV PHGLGDV WHQGHQWHV D FRUUHJLU OD VLWXDFLäQ GHULHVJR GHO PHQRU LQFOXLGDV ODV DWLQHQWHV D ORV GHEHUHV DO UHVSHFWR GH ORV SURJHQLWRUHVWXWRUHV JXDUGDGRUHV R DFRJHGRUHV )UHQWH D OD UHVROXFLäQ DGPLQLVWUDWLYD TXH GHFODUH ODVLWXDFLäQ GH ULHVJR GHO PHQRU VH SRGUÒ LQWHUSRQHU UHFXUVR FRQIRUPH D OD /H\ GH(QMXLFLDPLHQWR&LYLO
&XDQGR OD DGPLQLVWUDFLäQ SëEOLFD FRPSHWHQWH HVWÚ GHVDUUROODQGR XQD LQWHUYHQFLäQ DQWH XQD VLWXDFLäQ GH ULHVJR GH XQ PHQRU \ WHQJD QRWLFLD GH TXH YD D VHU WUDVODGDGR DOÒPELWR GH RWUD HQWLGDG WHUULWRULDO OD DGPLQLVWUDFLäQ SëEOLFD GH RULJHQ OR SRQGUÒ HQFRQRFLPLHQWRGHODGHGHVWLQRDOHIHFWRGHTXHVLSURFHGHÚVWDFRQWLQëHODLQWHUYHQFLäQTXHVH YHQÞD UHDOL]DQGR FRQ UHPLVLäQ GH OD LQIRUPDFLäQ \ GRFXPHQWDFLäQ QHFHVDULD 6L ODDGPLQLVWUDFLäQSëEOLFDGHRULJHQGHVFRQRFLHUDHOOXJDUGHGHVWLQRSRGUÒVROLFLWDUHODX[LOLRGHODV )XHU]DV \ &XHUSRV GH 6HJXULGDG D ILQ GH TXH SURFHGDQ D VX DYHULJXDFLäQ 8QD YH]FRQRFLGD OD ORFDOL]DFLäQ GHO PHQRU VH SRQGUÒ HQ FRQRFLPLHQWR GH OD (QWLGDG 3ëEOLFDFRPSHWHQWHHQGLFKRWHUULWRULRTXHFRQWLQXDUÒODLQWHUYHQFLäQ
(Q ORV VXSXHVWRV HQ TXH OD DGPLQLVWUDFLäQ SëEOLFD FRPSHWHQWH SDUD DSUHFLDU H LQWHUYHQLU HQ OD VLWXDFLäQ GH ULHVJR HVWLPH TXH H[LVWH XQD VLWXDFLäQ GH GHVSURWHFFLäQ TXHSXHGHUHTXHULUODVHSDUDFLäQGHOPHQRUGHVXÒPELWRIDPLOLDURFXDQGRFRQFOXLGRHOSHUÞRGRSUHYLVWRHQHOSUR\HFWRGHLQWHUYHQFLäQR&RQYHQLRQRVHKD\DQFRQVHJXLGRFDPELRVHQHOGHVHPSHâRGHORVGHEHUHVGHJXDUGDTXHJDUDQWLFHQTXHHOPHQRUFXHQWDFRQODQHFHVDULDDVLVWHQFLD PRUDO R PDWHULDO OR SRQGUÒ HQ FRQRFLPLHQWR GH OD (QWLGDG 3ëEOLFD D ILQ GH TXHYDORUH OD SURFHGHQFLD GH GHFODUDU OD VLWXDFLäQ GH GHVDPSDUR FRPXQLFÒQGROR DO 0LQLVWHULR)LVFDO
&XDQGR OD (QWLGDG 3ëEOLFD FRQVLGHUH TXH QR SURFHGH GHFODUDU OD VLWXDFLäQ GH GHVDPSDUR SHVH D OD SURSXHVWD HQ WDO VHQWLGR IRUPXODGD SRU OD DGPLQLVWUDFLäQ SëEOLFDFRPSHWHQWH SDUD DSUHFLDU OD VLWXDFLäQ GH ULHVJR OR SRQGUÒ HQ FRQRFLPLHQWR GH ODDGPLQLVWUDFLäQSëEOLFDTXHKD\DLQWHUYHQLGRHQODVLWXDFLäQGHULHVJR\GHO0LQLVWHULR)LVFDO(VWH ëOWLPR KDUÒ XQD VXSHUYLVLäQ GH OD VLWXDFLäQ GHO PHQRU SXGLHQGR SDUD HOOR UHFDEDU ODFRODERUDFLäQ GH ORV FHQWURV HVFRODUHV \ ORV VHUYLFLRV VRFLDOHV VDQLWDULRV R FXDOHVTXLHUDRWURV
/D DGPLQLVWUDFLäQ SëEOLFD FRPSHWHQWH SDUD LQWHUYHQLU HQ OD VLWXDFLäQ GH ULHVJR DGRSWDUÒ HQ FRODERUDFLäQ FRQ ORV VHUYLFLRV GH VDOXG FRUUHVSRQGLHQWHV ODV PHGLGDVDGHFXDGDV GH SUHYHQFLäQ LQWHUYHQFLäQ \ VHJXLPLHQWR GH ODV VLWXDFLRQHV GH SRVLEOH ULHVJRSUHQDWDODORVHIHFWRVGHHYLWDUFRQSRVWHULRULGDGXQDHYHQWXDOGHFODUDFLäQGHVLWXDFLäQGHULHVJRRGHVDPSDURGHOUHFLÚQQDFLGR$WDOHVHIHFWRVVHHQWHQGHUÒSRUVLWXDFLäQGHULHVJRSUHQDWDOODIDOWDGHFXLGDGRIÞVLFRGHODPXMHUJHVWDQWHRHOFRQVXPRDEXVLYRGHVXVWDQFLDVFRQ SRWHQFLDO DGLFWLYR DVÞ FRPR FXDOTXLHU RWUD DFFLäQ SURSLD GH OD PXMHU R GH WHUFHURVWROHUDGD SRU ÚVWD TXH SHUMXGLTXH HO QRUPDO GHVDUUROOR R SXHGD SURYRFDU HQIHUPHGDGHV RDQRPDOÞDV IÞVLFDV PHQWDOHV R VHQVRULDOHV DO UHFLÚQ QDFLGR /RV VHUYLFLRV GH VDOXG \ HOSHUVRQDO VDQLWDULR GHEHUÒQ QRWLILFDU HVWD VLWXDFLäQ D OD DGPLQLVWUDFLäQ SëEOLFD FRPSHWHQWHDVÞFRPRDO0LQLVWHULR)LVFDO7UDVHOQDFLPLHQWRVHPDQWHQGUÒODLQWHUYHQFLäQFRQHOPHQRU\VX XQLGDG IDPLOLDU SDUD TXH VL IXHUD QHFHVDULR VH GHFODUH OD VLWXDFLäQ GH ULHVJR RGHVDPSDURGHOPHQRUSDUDVXDGHFXDGDSURWHFFLäQ
/D QHJDWLYD GH ORV SURJHQLWRUHV WXWRUHV JXDUGDGRUHV R DFRJHGRUHV D SUHVWDU HO
FRQVHQWLPLHQWRUHVSHFWRGHORVWUDWDPLHQWRVPÚGLFRVQHFHVDULRVSDUDVDOYDJXDUGDUODYLGDRLQWHJULGDGIÞVLFDRSVÞTXLFDGHXQPHQRUFRQVWLWX\HXQDVLWXDFLäQGHULHVJR(QWDOHVFDVRVODVDXWRULGDGHVVDQLWDULDVSRQGUÒQLQPHGLDWDPHQWHHQFRQRFLPLHQWRGHODDXWRULGDGMXGLFLDOGLUHFWDPHQWHRDWUDYÚVGHO0LQLVWHULR)LVFDOWDOHVVLWXDFLRQHVDORVHIHFWRVGHTXHVHDGRSWHODGHFLVLäQFRUUHVSRQGLHQWHHQVDOYDJXDUGDGHOPHMRULQWHUÚVGHOPHQRU $UWtFXOR
$FWXDFLRQHVHQVLWXDFLyQGHGHVDPSDUR
&XDQGR OD (QWLGDG 3ëEOLFD FRQVWDWH TXH HO PHQRU VH HQFXHQWUD HQ VLWXDFLäQ GH GHVDPSDUR DFWXDUÒ HQ OD IRUPD SUHYLVWD HQ HO DUWÞFXOR \ VLJXLHQWHV GHO &äGLJR &LYLODVXPLHQGRODWXWHODGHDTXÚOSRUPLQLVWHULRGHODOH\DGRSWDQGRODVRSRUWXQDVPHGLGDVGH
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
$UWtFXOR ELV
'LVSRVLFLRQHVFRPXQHVDODJXDUGD\WXWHOD
&XDQGR OD (QWLGDG 3ëEOLFD DVXPD OD WXWHOD R JXDUGD GHO PHQRU HODERUDUÒ XQ SODQ LQGLYLGXDOL]DGR GH SURWHFFLäQ TXH HVWDEOHFHUÒ ORV REMHWLYRV OD SUHYLVLäQ \ HO SOD]R GH ODVPHGLGDV GH LQWHUYHQFLäQ D DGRSWDU FRQ VX IDPLOLD GH RULJHQ LQFOXLGR HQ VX FDVR HOSURJUDPDGHUHLQWHJUDFLäQIDPLOLDU
(QHOFDVRGHWUDWDUVHGHXQPHQRUFRQGLVFDSDFLGDGOD(QWLGDG3ëEOLFDJDUDQWL]DUÒOD FRQWLQXLGDGGHORVDSR\RVTXHYLQLHUDUHFLELHQGRRODDGRSFLäQGHRWURVPÒVDGHFXDGRVSDUDVXVQHFHVLGDGHV
&XDQGR GHO SURQäVWLFR VH GHULYH OD SRVLELOLGDG GH UHWRUQR D OD IDPLOLD GH RULJHQ OD (QWLGDG 3ëEOLFD DSOLFDUÒ HO SURJUDPD GH UHLQWHJUDFLäQ IDPLOLDU WRGR HOOR VLQ SHUMXLFLR GH ORGLVSXHVWRHQODQRUPDWLYDUHODWLYDDORVPHQRUHVH[WUDQMHURVQRDFRPSDâDGRV
3DUD DFRUGDU HO UHWRUQR GHO PHQRU GHVDPSDUDGR D VX IDPLOLD GH RULJHQ VHUÒ
LPSUHVFLQGLEOHTXHVHKD\DFRPSUREDGRXQDHYROXFLäQSRVLWLYDGHODPLVPDREMHWLYDPHQWHVXILFLHQWHSDUDUHVWDEOHFHUODFRQYLYHQFLDIDPLOLDUTXHVHKD\DQPDQWHQLGRORVYÞQFXORVTXHFRQFXUUD HO SURSäVLWR GH GHVHPSHâDU ODV UHVSRQVDELOLGDGHV SDUHQWDOHV DGHFXDGDPHQWH \TXHVHFRQVWDWHTXHHOUHWRUQRFRQHOODQRVXSRQHULHVJRVUHOHYDQWHVSDUDHOPHQRUDWUDYÚVGHO FRUUHVSRQGLHQWH LQIRUPH WÚFQLFR (Q ORV FDVRV GH DFRJLPLHQWR IDPLOLDU GHEHUÒSRQGHUDUVHHQODWRPDGHGHFLVLäQVREUHHOUHWRUQRHOWLHPSRWUDQVFXUULGR\ODLQWHJUDFLäQHQ OD IDPLOLD GH DFRJLGD \ VX HQWRUQR DVÞ FRPR HO GHVDUUROOR GH YÞQFXORV DIHFWLYRV FRQ ODPLVPD
&XDQGR VH SURFHGD D OD UHXQLILFDFLäQ IDPLOLDU OD (QWLGDG 3ëEOLFD UHDOL]DUÒ XQ VHJXLPLHQWRSRVWHULRUGHDSR\RDODIDPLOLDGHOPHQRU
(QHOFDVRGHORVPHQRUHVH[WUDQMHURVQRDFRPSDâDGRVVHSURFXUDUÒODEëVTXHGDGH VX IDPLOLD \ HO UHVWDEOHFLPLHQWR GH OD FRQYLYHQFLD IDPLOLDU LQLFLDQGR HO SURFHGLPLHQWRFRUUHVSRQGLHQWHVLHPSUHTXHVHHVWLPHTXHGLFKDPHGLGDUHVSRQGHDVXLQWHUÚVVXSHULRU\QRFRORTXHDOPHQRURDVXIDPLOLDHQXQDVLWXDFLäQTXHSRQJDHQULHVJRVXVHJXULGDG
/DVPHQRUHV\ODVMäYHQHVVXMHWDVDPHGLGDVGHSURWHFFLäQTXHHVWÚQHPEDUD]DGDV UHFLELUÒQ HO DVHVRUDPLHQWR \ HO DSR\R DGHFXDGRV D VX VLWXDFLäQ (Q HO SODQ LQGLYLGXDO GHSURWHFFLäQVHFRQWHPSODUÒHVWDFLUFXQVWDQFLDDVÞFRPRODSURWHFFLäQGHOUHFLÚQQDFLGR $UWtFXOR
$FRJLPLHQWRIDPLOLDU
(O DFRJLPLHQWR IDPLOLDU GH DFXHUGR FRQ VX ILQDOLGDG \ FRQ LQGHSHQGHQFLD GHO
SURFHGLPLHQWRHQTXHVHDFXHUGHUHYHVWLUÒODVPRGDOLGDGHVHVWDEOHFLGDVHQHO&äGLJR&LYLO\ HQ UD]äQ GH OD YLQFXODFLäQ GHO PHQRU FRQ OD IDPLOLD DFRJHGRUD SRGUÒ WHQHU OXJDU HQ ODSURSLDIDPLOLDH[WHQVDGHOPHQRURHQIDPLOLDDMHQD
(O DFRJLPLHQWR HQ IDPLOLD DMHQD SRGUÒ VHU HVSHFLDOL]DGR HQWHQGLHQGR SRU WDO HO TXH VH
GHVDUUROOD HQ XQD IDPLOLD HQ OD TXH DOJXQR GH VXV PLHPEURV GLVSRQH GH FXDOLILFDFLäQH[SHULHQFLD\IRUPDFLäQHVSHFÞILFDSDUDGHVHPSHâDUHVWDIXQFLäQUHVSHFWRGHPHQRUHVFRQQHFHVLGDGHV R FLUFXQVWDQFLDV HVSHFLDOHV FRQ SOHQD GLVSRQLELOLGDG \ SHUFLELHQGR SRU HOOR ODFRUUHVSRQGLHQWHFRPSHQVDFLäQHFRQäPLFDVLQVXSRQHUHQQLQJëQFDVRXQDUHODFLäQODERUDO
(ODFRJLPLHQWRHVSHFLDOL]DGRSRGUÒVHUSURIHVLRQDOL]DGRFXDQGRUHXQLHQGRORVUHTXLVLWRV
DQWHULRUPHQWH FLWDGRV GH FXDOLILFDFLäQ H[SHULHQFLD \ IRUPDFLäQ HVSHFÞILFD H[LVWD XQDUHODFLäQODERUDOGHODFRJHGRURORVDFRJHGRUHVFRQOD(QWLGDG3ëEOLFD
(ODFRJLPLHQWRIDPLOLDUVHIRUPDOL]DUÒSRUUHVROXFLäQGHOD(QWLGDG3ëEOLFDTXHWHQJD ODWXWHODRODJXDUGDSUHYLDYDORUDFLäQGHODDGHFXDFLäQGHODIDPLOLDSDUDHODFRJLPLHQWR(QHVWDYDORUDFLäQVHWHQGUÒHQFXHQWDVXVLWXDFLäQIDPLOLDU\DSWLWXGHGXFDGRUDVXFDSDFLGDGSDUDDWHQGHUDGHFXDGDPHQWHODVQHFHVLGDGHVGHWRGDÞQGROHGHOPHQRURPHQRUHVGHTXHVHWUDWHODFRQJUXHQFLDHQWUHVXPRWLYDFLäQ\ODQDWXUDOH]D\ILQDOLGDGGHODFRJLPLHQWRVHJëQVX PRGDOLGDG DVÞ FRPR OD GLVSRVLFLäQ D IDFLOLWDU HO FXPSOLPLHQWR GH ORV REMHWLYRV GHO SODQLQGLYLGXDOGHDWHQFLäQ\VLORKXELHUDGHOSURJUDPDGHUHLQWHJUDFLäQIDPLOLDUSURSLFLDQGRODUHODFLäQGHOPHQRUFRQVXIDPLOLDGHSURFHGHQFLD(OUÚJLPHQGHYLVLWDVSRGUÒWHQHUOXJDUHQORV SXQWRV GH HQFXHQWUR IDPLOLDU KDELOLWDGRV FXDQGR DVÞ OR DFRQVHMH HO LQWHUÚV VXSHULRU GHOPHQRU\HOGHUHFKRDODSULYDFLGDGGHODVIDPLOLDVGHSURFHGHQFLD\DFRJHGRUD&XDQGRHOWLSRGHDFRJLPLHQWRDVÞORDFRQVHMHVHYDORUDUÒODDGHFXDFLäQGHODHGDGGHORVDFRJHGRUHVFRQODGHOPHQRUDFRJLGRDVÞFRPRODUHODFLäQSUHYLDHQWUHHOORVSULRUL]DQGRVDOYRTXHHOLQWHUÚV GHO PHQRU DFRQVHMH RWUD FRVD D ODV SHUVRQDV TXH SHUWHQHFLHQGR D VX IDPLOLDH[WHQVDUHëQDQFRQGLFLRQHVDGHFXDGDVSDUDHODFRJLPLHQWR
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
$ODUHVROXFLäQGHIRUPDOL]DFLäQGHODFRJLPLHQWRIDPLOLDUDTXHVHUHILHUHHODSDUWDGR DQWHULRUDFRUGDGDFRQIRUPHDORVWÚUPLQRVSUHYLVWRVHQHO&äGLJR&LYLOVHDFRPSDâDUÒXQGRFXPHQWRDQH[RTXHLQFOXLUÒORVVLJXLHQWHVH[WUHPRV
D /DLGHQWLGDGGHODFRJHGRURDFRJHGRUHV\GHODFRJLGRE /RVFRQVHQWLPLHQWRV\DXGLHQFLDVQHFHVDULDVF /DPRGDOLGDGGHODFRJLPLHQWRGXUDFLäQSUHYLVWDSDUDHOPLVPRDVÞFRPRVXFDUÒFWHU GH DFRJLPLHQWR HQ IDPLOLD H[WHQVD R HQ IDPLOLD DMHQD HQ UD]äQ GH OD YLQFXODFLäQ GHO PHQRUFRQODIDPLOLDRSHUVRQDDFRJHGRUD
G /RVGHUHFKRV\GHEHUHVGHFDGDXQDGHODVSDUWHV\HQSDUWLFXODU « (O UÚJLPHQ GH YLVLWDV HVWDQFLD UHODFLäQ R FRPXQLFDFLäQ HQ ORV VXSXHVWRV GH GHFODUDFLäQ GH GHVDPSDUR SRU SDUWH GH OD IDPLOLD GH RULJHQ TXH SRGUÒ PRGLILFDUVH SRU OD(QWLGDG3ëEOLFDHQDWHQFLäQDOLQWHUÚVVXSHULRUGHOPHQRU
« (O VLVWHPD GH FREHUWXUD SRU SDUWH GH OD (QWLGDG 3ëEOLFD GH ORV GDâRV TXH VXIUD HO PHQRURGHORVTXHSXHGDFDXVDUDWHUFHURV
«/DDVXQFLäQSRUSDUWHGHORVDFRJHGRUHVGHORVJDVWRVGHPDQXWHQFLäQHGXFDFLäQ\ DWHQFLäQVRFLRVDQLWDULD
H (OFRQWHQLGRGHOVHJXLPLHQWRTXHHQIXQFLäQGHODILQDOLGDGGHODFRJLPLHQWRYD\DD UHDOL]DUOD(QWLGDG3ëEOLFD\HOFRPSURPLVRGHFRODERUDFLäQFRQGLFKRVHJXLPLHQWRSRUSDUWHGHODIDPLOLDDFRJHGRUD
I (QHOFDVRGHPHQRUHVFRQGLVFDSDFLGDGORVUHFXUVRVGHDSR\RTXHSUHFLVDJ /DFRPSHQVDFLäQHFRQäPLFDDSR\RVWÚFQLFRV\RWURWLSRGHD\XGDVTXHHQVXFDVR YD\DQDUHFLELUORVDFRJHGRUHV
K (OSOD]RHQHOFXDOODPHGLGDYD\DDVHUUHYLVDGD/DUHVROXFLäQ\HOGRFXPHQWRDQH[RVHUHPLWLUÒQDO0LQLVWHULR)LVFDOHQHOSOD]RPÒ[LPR GHXQPHV $UWtFXORELV
'HUHFKRV\GHEHUHVGHORVDFRJHGRUHVIDPLOLDUHV
/RVDFRJHGRUHVIDPLOLDUHVWHQGUÒQGHUHFKRD D 5HFLELU LQIRUPDFLäQ DFHUFD GH OD QDWXUDOH]D \ HIHFWRV GHO DFRJLPLHQWR DVÞ FRPR SUHSDUDFLäQ SUHYLD VHJXLPLHQWR \ DSR\R WÚFQLFR HVSHFLDOL]DGR GXUDQWH \ DO WÚUPLQR GHOPLVPR (Q HO FDVR GH PHQRUHV FRQ GLVFDSDFLGDG ORV DFRJHGRUHV WHQGUÒQ GHUHFKR DRULHQWDFLäQDFRPSDâDPLHQWR\DSR\RDGDSWDGRVDODGLVFDSDFLGDGGHOPHQRU
E 6HU RÞGRV SRU OD (QWLGDG 3ëEOLFD DQWHV GH TXH ÚVWD DGRSWH FXDOTXLHU UHVROXFLäQ TXH DIHFWH DO PHQRU HVSHFLDOPHQWH DQWHV GH PRGLILFDU R VXVSHQGHU WHPSRUDOPHQWH HO UÚJLPHQGHYLVLWDVRGHUHODFLäQRFRPXQLFDFLäQFRQODIDPLOLDGHRULJHQ
F 6HU LQIRUPDGRV GHO SODQ LQGLYLGXDO GH SURWHFFLäQ DVÞ FRPR GH ODV PHGLGDV GH SURWHFFLäQ UHODFLRQDGDV FRQ HO DFRJLPLHQWR TXH VH DGRSWHQ UHVSHFWR DO PHQRU DFRJLGR GHODVUHYLVLRQHVSHULäGLFDV\DREWHQHULQIRUPDFLäQGHOH[SHGLHQWHGHSURWHFFLäQGHOPHQRUTXHOHVUHVXOWHQHFHVDULDSDUDHOHMHUFLFLRGHVXVIXQFLRQHVDH[FHSFLäQGHDTXHOODVFXHVWLRQHVUHODFLRQDGDVFRQHOGHUHFKRDODLQWLPLGDGGHWHUFHURV\DODSURWHFFLäQGHGDWRVGHFDUÒFWHUSHUVRQDO
G 6HU SDUWH HQ WRGRV ORV SURFHVRV GH RSRVLFLäQ D ODV PHGLGDV GH SURWHFFLäQ \ D OD GHFODUDFLäQ GH VLWXDFLäQ GH GHVDPSDUR GHO PHQRU DFRJLGR \ HQ WRGRV ORV SURFHVRV GHRSRVLFLäQUHODFLRQDGRVFRQODPHGLGDGHDFRJLPLHQWRIDPLOLDUSHUPDQHQWHFRQIXQFLRQHVGHWXWHODTXHWHQJDIRUPDOL]DGD
H &RRSHUDU FRQ OD (QWLGDG 3ëEOLFD HQ ORV SODQHV GH DFWXDFLäQ \ VHJXLPLHQWR HVWDEOHFLGRVSDUDHODFRJLPLHQWR
I 'LVSRQHU GH OD GRFXPHQWDFLäQ LGHQWLILFDWLYD VDQLWDULD \ HGXFDWLYD GHO PHQRU TXH DFRJHQ
J (MHUFHUWRGRVORVGHUHFKRVLQKHUHQWHVDODJXDUGDK 6HUUHVSHWDGRVSRUHOPHQRUDFRJLGRL 5HFDEDUHODX[LOLRGHOD(QWLGDG3ëEOLFDHQHOHMHUFLFLRGHVXVIXQFLRQHVM 5HDOL]DUYLDMHVFRQHOPHQRUVLHPSUHTXHVHLQIRUPHDOD(QWLGDG3ëEOLFD\QRH[LVWD RSRVLFLäQGHÚVWD
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
N 3HUFLELUXQDFRPSHQVDFLäQHFRQäPLFD\RWURWLSRGHD\XGDTXHVHKXELHUDHVWLSXODGR HQVXFDVR
O )DFLOLWDU DO PHQRU DFRJLGR ODV PLVPDV FRQGLFLRQHV TXH D ORV KLMRV ELROäJLFRV R DGRSWDGRVDILQGHKDFHUXVRGHGHUHFKRVXREOLJDFLRQHVIDPLOLDUHVGXUDQWHHOWLHPSRTXHHOPHQRUFRQYLYDFRQHOORV
P ಝ5HODFLRQDUVHFRQHOPHQRUDOFHVDUHODFRJLPLHQWRVLOD(QWLGDG3ëEOLFDHQWLHQGHTXH FRQYLQLHUHDVXLQWHUÚVVXSHULRU\ORFRQVLQWLHUHQODIDPLOLDGHRULJHQRHQVXFDVRODIDPLOLDDGRSWLYDRGHDFRJLPLHQWRSHUPDQHQWH\HOPHQRUVLWXYLHUHVXILFLHQWHPDGXUH]\HQWRGRFDVRVLIXHUDPD\RUGHGRFHDâRV
Q 6HUSURWHJLGRVVXVGDWRVSHUVRQDOHVUHVSHFWRGHODIDPLOLDGHRULJHQGHDFXHUGRFRQ
ODOHJLVODFLäQYLJHQWH
â )RUPXODUIRUPDOPHQWHTXHMDVRVXJHUHQFLDVDQWHOD(QWLGDG3ëEOLFDTXHGHEHUÒQVHU WUDPLWDGDVHQXQSOD]RLQIHULRUDORVGÞDV\HQFDVRGHVROLFLWDUDXGLHQFLDVHUHVFXFKDGRFRQDQWHULRULGDGDGLFKRSOD]R
R /DIDPLOLDDFRJHGRUDWHQGUÒORVPLVPRVGHUHFKRVTXHOD$GPLQLVWUDFLäQUHFRQRFHDO UHVWRGHXQLGDGHVIDPLOLDUHV
/RVDFRJHGRUHVIDPLOLDUHVWHQGUÒQORVVLJXLHQWHVGHEHUHV D 9HODU SRU HO ELHQHVWDU \ HO LQWHUÚV VXSHULRU GHO PHQRU WHQHUOR HQ VX FRPSDâÞD DOLPHQWDUORHGXFDUOR\SURFXUDUOHXQDIRUPDFLäQLQWHJUDOHQXQHQWRUQRDIHFWLYR(QHOFDVRGH PHQRU FRQ GLVFDSDFLGDG GHEHUÒ FRQWLQXDU SUHVWDQGR ORV DSR\RV HVSHFLDOL]DGRV TXHYLQLHUDUHFLELHQGRRDGRSWDURWURVPÒVDGHFXDGRVDVXVQHFHVLGDGHV
E 2ÞU DO PHQRU VLHPSUH DQWHV GH WRPDU GHFLVLRQHV TXH OH DIHFWHQ VL WXYLHUH VXILFLHQWH
PDGXUH]\HQWRGRFDVRVLIXHUDPD\RUGHDâRVVLQH[FOXVLäQDOJXQDSRUGLVFDSDFLGDG\ D WUDQVPLWLU D OD (QWLGDG 3ëEOLFD ODV SHWLFLRQHV TXH ÚVWH SXHGD UHDOL]DU GHQWUR GH VXPDGXUH]
F $VHJXUDUODSOHQDSDUWLFLSDFLäQGHOPHQRUHQODYLGDGHIDPLOLDG ,QIRUPDUDOD(QWLGDG3ëEOLFDGHFXDOTXLHUKHFKRGHWUDVFHQGHQFLDHQUHODFLäQFRQHO PHQRU
H 5HVSHWDU\IDFLOLWDUODVUHODFLRQHVFRQODIDPLOLDGHRULJHQGHOPHQRUHQODPHGLGDGH
ODV SRVLELOLGDGHV GH ORV DFRJHGRUHV IDPLOLDUHV HQ HO PDUFR GHO UÚJLPHQ GH YLVLWDVHVWDEOHFLGRDIDYRUGHDTXHOOD\ODUHLQWHJUDFLäQIDPLOLDUHQVXFDVR
I &RODERUDU DFWLYDPHQWH FRQ ODV (QWLGDGHV 3ëEOLFDV HQ HO GHVDUUROOR GH OD LQWHUYHQFLäQ LQGLYLGXDOL]DGD FRQ HO PHQRU \ VHJXLPLHQWR GH OD PHGLGD REVHUYDQGR ODV LQGLFDFLRQHV \RULHQWDFLRQHVGHODPLVPD
J 5HVSHWDU OD FRQILGHQFLDOLGDG GH ORV GDWRV UHODWLYRV D ORV DQWHFHGHQWHV SHUVRQDOHV \
IDPLOLDUHVGHOPHQRU
K &RPXQLFDUDOD(QWLGDG3XEOLFDFXDOTXLHUFDPELRHQODVLWXDFLäQIDPLOLDUUHODWLYRDORV GDWRV\FLUFXQVWDQFLDVTXHVHWRPDURQHQFRQVLGHUDFLäQFRPREDVHSDUDHODFRJLPLHQWR
L *DUDQWL]DU HO GHUHFKR D OD LQWLPLGDG \ D OD LGHQWLGDG GH ORV PHQRUHV DFRJLGRV \ HO
UHVSHWR D VX SURSLD LPDJHQ DVÞ FRPR YHODU SRU HO FXPSOLPLHQWR GH VXV GHUHFKRVIXQGDPHQWDOHV
M 3DUWLFLSDUHQODVDFFLRQHVIRUPDWLYDVTXHVHSURSRQJDQN &RODERUDUHQHOWUÒQVLWRGHODPHGLGDGHSURWHFFLäQGHOPHQRUDODUHLQWHJUDFLäQDVX HQWRUQR GH RULJHQ OD DGRSFLäQ X RWUD PRGDOLGDG GH DFRJLPLHQWR R DO HQWRUQR TXH VHHVWDEOH]FDWUDVODDGRSFLäQGHXQDPHGLGDGHSURWHFFLäQPÒVHVWDEOH
O /RV DFRJHGRUHV IDPLOLDUHV WHQGUÒQ ODV PLVPDV REOLJDFLRQHV UHVSHFWR GHO PHQRU
DFRJLGRTXHDTXHOORVTXHODOH\HVWDEOHFHSDUDORVWLWXODUHVGHODSDWULDSRWHVWDG $UWtFXOR
$FRJLPLHQWRUHVLGHQFLDO
(QUHODFLäQFRQORVPHQRUHVHQDFRJLPLHQWRUHVLGHQFLDOODV(QWLGDGHV3ëEOLFDV\ORV VHUYLFLRV \ FHQWURV GRQGH VH HQFXHQWUHQ GHEHUÒQ DFWXDU FRQIRUPH D ORV SULQFLSLRV UHFWRUHVGH HVWD OH\ FRQ SOHQR UHVSHWR D ORV GHUHFKRV GH ORV PHQRUHV DFRJLGRV \ WHQGUÒQ ODVVLJXLHQWHVREOLJDFLRQHVEÒVLFDV
D $VHJXUDUÒQ OD FREHUWXUD GH ODV QHFHVLGDGHV GH OD YLGD FRWLGLDQD \ JDUDQWL]DUÒQ ORV
GHUHFKRVGHORVPHQRUHVDGDSWDQGRVXSUR\HFWRJHQHUDODODVFDUDFWHUÞVWLFDVSHUVRQDOHVGHFDGD PHQRU PHGLDQWH XQ SUR\HFWR VRFLRHGXFDWLYR LQGLYLGXDO TXH SHUVLJD HO ELHQHVWDU GHO
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
PHQRU VX GHVDUUROOR IÞVLFR SVLFROäJLFR VRFLDO \ HGXFDWLYR HQ HO PDUFR GHO SODQLQGLYLGXDOL]DGRGHSURWHFFLäQTXHGHILQDOD(QWLGDG3ëEOLFD
E &RQWDUÒQ FRQ HO SODQ LQGLYLGXDO GH SURWHFFLäQ GH FDGD PHQRU TXH HVWDEOH]FD FODUDPHQWHODILQDOLGDGGHOLQJUHVRORVREMHWLYRVDFRQVHJXLU\HOSOD]RSDUDVXFRQVHFXFLäQHQHOFXDOVHSUHYHUÒODSUHSDUDFLäQGHOPHQRUWDQWRDODOOHJDGDFRPRDODVDOLGDGHOFHQWUR
F $GRSWDUÒQ WRGDV VXV GHFLVLRQHV HQ UHODFLäQ FRQ HO DFRJLPLHQWR UHVLGHQFLDO GH ORV PHQRUHVHQLQWHUÚVGHORVPLVPRV
G )RPHQWDUÒQODFRQYLYHQFLD\ODUHODFLäQHQWUHKHUPDQRVVLHPSUHTXHHOORUHGXQGHHQ LQWHUÚVGHORVPHQRUHV\SURFXUDUÒQODHVWDELOLGDGUHVLGHQFLDOGHORVPHQRUHVDVÞFRPRTXHHODFRJLPLHQWRWHQJDOXJDUSUHIHUHQWHPHQWHHQXQFHQWURXELFDGRHQODSURYLQFLDGHRULJHQGHOPHQRU
H 3URPRYHUÒQODUHODFLäQ\FRODERUDFLäQIDPLOLDUSURJUDPÒQGRVHDOHIHFWRORVUHFXUVRV QHFHVDULRV SDUD SRVLELOLWDU HO UHWRUQR D VX IDPLOLD GH RULJHQ VL VH FRQVLGHUD TXH HVH HV HOLQWHUÚVGHOPHQRU
I 3RWHQFLDUÒQ OD HGXFDFLäQ LQWHJUDO H LQFOXVLYD GH ORV PHQRUHV FRQ HVSHFLDO FRQVLGHUDFLäQ D ODV QHFHVLGDGHV GH ORV PHQRUHV FRQ GLVFDSDFLGDG \ YHODUÒQ SRU VXSUHSDUDFLäQSDUDODYLGDSOHQDGHPDQHUDHVSHFLDOVXHVFRODUL]DFLäQ\IRUPDFLäQ
(QHOFDVRGHORVPHQRUHVGHGLHFLVÚLVDGLHFLRFKRDâRVXQRGHORVREMHWLYRVSULRULWDULRV VHUÒODSUHSDUDFLäQSDUDODYLGDLQGHSHQGLHQWHODRULHQWDFLäQHLQVHUFLäQODERUDO
J 3RVHHUÒQXQDQRUPDWLYDLQWHUQDGHIXQFLRQDPLHQWR\FRQYLYHQFLDTXHUHVSRQGDDODV
QHFHVLGDGHVHGXFDWLYDV\GHSURWHFFLäQ\WHQGUÒQUHFRJLGRXQSURFHGLPLHQWRGHIRUPXODFLäQGHTXHMDV\UHFODPDFLRQHV
K $GPLQLVWUDUÒQ ORV PHGLFDPHQWRV TXH HQ VX FDVR SUHFLVHQ ORV PHQRUHV EDMR
SUHVFULSFLäQ \ VHJXLPLHQWR PÚGLFR GH DFXHUGR FRQ OD SUD[LV SURIHVLRQDO VDQLWDULD $ HVWRVHIHFWRVVHOOHYDUÒXQUHJLVWURFRQODKLVWRULDPÚGLFDGHFDGDXQRGHORVPHQRUHV
L 5HYLVDUÒQ SHULäGLFDPHQWH HO SODQ LQGLYLGXDO GH SURWHFFLäQ FRQ HO REMHWR GH YDORUDU OD DGHFXDFLäQGHOUHFXUVRUHVLGHQFLDODODVFLUFXQVWDQFLDVSHUVRQDOHVGHOPHQRU
M 3RWHQFLDUÒQ ODV VDOLGDV GH ORV PHQRUHV HQ ILQHV GH VHPDQD \ SHUÞRGRV YDFDFLRQDOHV
FRQ VXV IDPLOLDV GH RULJHQ R FXDQGR HOOR QR IXHVH SRVLEOH R SURFHGHQWH FRQ IDPLOLDVDOWHUQDWLYDV
N 3URPRYHUÒQODLQWHJUDFLäQQRUPDOL]DGDGHORVPHQRUHVHQORVVHUYLFLRV\DFWLYLGDGHV GH RFLR FXOWXUDOHV \ HGXFDWLYDV TXH WUDQVFXUUDQ HQ HO HQWRUQR FRPXQLWDULR HQ HO TXH VHHQFXHQWUDQ
O (VWDEOHFHUÒQ ORV QHFHVDULRV PHFDQLVPRV GH FRRUGLQDFLäQ FRQ ORV VHUYLFLRV VRFLDOHV HVSHFLDOL]DGRVSDUDHOVHJXLPLHQWR\DMXVWHGHODVPHGLGDVGHSURWHFFLäQ
P ಝ9HODUÒQSRUODSUHSDUDFLäQSDUDODYLGDLQGHSHQGLHQWHSURPRYLHQGRODSDUWLFLSDFLäQ HQ ODV GHFLVLRQHV TXH OH DIHFWHQ LQFOXLGD OD SURSLD JHVWLäQ GHO FHQWUR OD DXWRQRPÞD \ ODDVXQFLäQSURJUHVLYDGHUHVSRQVDELOLGDGHV
Q (VWDEOHFHUÒQPHGLGDVHGXFDWLYDV\GHVXSHUYLVLäQTXHJDUDQWLFHQODSURWHFFLäQGHORV GDWRV SHUVRQDOHV GHO PHQRU DO DFFHGHU D ODV WHFQRORJÞDV GH OD LQIRUPDFLäQ \ GH ODFRPXQLFDFLäQ\DODVUHGHVVRFLDOHV
7RGRV ORV FHQWURV GH DFRJLPLHQWR UHVLGHQFLDO TXH SUHVWHQ VHUYLFLRV GLULJLGRV D
PHQRUHV
HQ
HO
ÒPELWR
GH
OD
SURWHFFLäQ
GHEHUÒQ
HVWDU
VLHPSUH
KDELOLWDGRV
DGPLQLVWUDWLYDPHQWH SRU OD (QWLGDG 3ëEOLFD GHELHQGR UHVSHWDU HO UÚJLPHQ GH KDELOLWDFLäQ ORGLVSXHVWR HQ OD /H\ GH GH GLFLHPEUH GH JDUDQWÞD GH OD XQLGDG GH PHUFDGR$GHPÒVGHEHUÒQH[LVWLUHVWÒQGDUHVGHFDOLGDG\DFFHVLELOLGDGSRUFDGDWLSRGHVHUYLFLR
/D(QWLGDG3ëEOLFDUHJXODUÒHOUÚJLPHQGHIXQFLRQDPLHQWRGHORVFHQWURVGHDFRJLPLHQWR UHVLGHQFLDO H LQVFULELUÒ HQ HO UHJLVWUR FRUUHVSRQGLHQWH D ODV HQWLGDGHV GH DFXHUGR FRQ VXVGLVSRVLFLRQHV SUHVWDQGR HVSHFLDO DWHQFLäQ D OD VHJXULGDG VDQLGDG DFFHVLELOLGDG SDUDSHUVRQDV FRQ GLVFDSDFLGDG QëPHUR UDWLR \ FXDOLILFDFLäQ SURIHVLRQDO GH VX SHUVRQDOSUR\HFWR HGXFDWLYR SDUWLFLSDFLäQ GH ORV PHQRUHV HQ VX IXQFLRQDPLHQWR LQWHUQR \ GHPÒVFRQGLFLRQHVTXHFRQWULEX\DQDDVHJXUDUVXVGHUHFKRV
$VLPLVPR OD (QWLGDG 3ëEOLFD SURPRYHUÒ PRGHORV GH DFRJLPLHQWR UHVLGHQFLDO FRQ QëFOHRVUHGXFLGRVGHPHQRUHVTXHFRQYLYDQHQFRQGLFLRQHVVLPLODUHVDODVIDPLOLDUHV
&RQ HO ILQ GH IDYRUHFHU TXH OD YLGD GHO PHQRU VH GHVDUUROOH HQ XQ HQWRUQR IDPLOLDU
SUHYDOHFHUÒ OD PHGLGD GH DFRJLPLHQWR IDPLOLDU VREUH OD GH DFRJLPLHQWR UHVLGHQFLDO SDUDFXDOTXLHUPHQRUHVSHFLDOPHQWHSDUDPHQRUHVGHVHLVDâRV1RVHDFRUGDUÒHODFRJLPLHQWR
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
(Q WRGR FDVR HO WUDWDPLHQWR GH ORV PHQFLRQDGRV GDWRV TXHGDUÒ VRPHWLGR D OR
GLVSXHVWR HQ OD /H\ 2UJÒQLFD GH GH GLFLHPEUH GH 3URWHFFLäQ GH 'DWRV GH&DUÒFWHU 3HUVRQDO \ VXV GLVSRVLFLäQ GH GHVDUUROOR VLHQGR H[LJLEOH OD LPSODQWDFLäQ GH ODVPHGLGDVGHVHJXULGDGGHQLYHODOWRSUHYLVWDVHQGLFKDQRUPDWLYD $UWtFXORTXLQTXLHV
,PSDFWRGHODVQRUPDVHQODLQIDQFLD\HQODDGROHVFHQFLD
/DV PHPRULDV GHO DQÒOLVLV GH LPSDFWR QRUPDWLYR TXH GHEHQ DFRPSDâDU D ORV DQWHSUR\HFWRVGHOH\\DORVSUR\HFWRVGHUHJODPHQWRVLQFOXLUÒQHOLPSDFWRGHODQRUPDWLYDHQODLQIDQFLD\HQODDGROHVFHQFLD
&$3Ë78/2,,^ 'HODWXWHOD
$UWtFXOR
,QGLFHVGHWXWHODV
3DUDHOHMHUFLFLRGHODIXQFLäQGHYLJLODQFLDDWULEXLGDDO0LQLVWHULR)LVFDOHQHO&äGLJR&LYLO UHVSHFWR GH OD WXWHOD DVXPLGD SRU OD (QWLGDG 3ëEOLFD SRU PLQLVWHULR GH OD OH\ VH OOHYDUÒ HQFDGD)LVFDOÞDXQ¾QGLFHGH7XWHODVGH0HQRUHV
&$3Ë78/2,,, 'HODDGRSFLyQ
$UWtFXOR
$GRSFLyQGHPHQRUHV
/D DGRSFLäQ QDFLRQDO H LQWHUQDFLRQDO VH DMXVWDUÒ D OR HVWDEOHFLGR SRU OD OHJLVODFLäQ FLYLO DSOLFDEOH
&$3Ë78/2,
&HQWURVGHSURWHFFLyQHVSHFtILFRVGHPHQRUHVFRQSUREOHPDVGHFRQGXFWD
$UWtFXOR
$FRJLPLHQWRUHVLGHQFLDOHQFHQWURVGHSURWHFFLyQHVSHFtILFRVGHPHQRUHVFRQ
SUREOHPDVGHFRQGXFWD
6HVRPHWHUÒQDODVGLVSRVLFLRQHVSUHYLVWDVHQHVWHFDSÞWXORORVLQJUHVRVDFWXDFLRQHV
H LQWHUYHQFLRQHV HQ FHQWURV GH SURWHFFLäQ HVSHFÞILFRV GH PHQRUHV FRQ SUREOHPDV GHFRQGXFWDGHSHQGLHQWHVGHODV(QWLGDGHV3ëEOLFDVRGHHQWLGDGHVSULYDGDVFRODERUDGRUDVGHDTXHOODVHQORVTXHHVWÚSUHYLVWDODXWLOL]DFLäQGHPHGLGDVGHVHJXULGDG\GHUHVWULFFLäQGHOLEHUWDGHVRGHUHFKRVIXQGDPHQWDOHV
(VWRV FHQWURV VRPHWLGRV D HVWÒQGDUHV LQWHUQDFLRQDOHV \ D FRQWURO GH FDOLGDG HVWDUÒQ
GHVWLQDGRVDODFRJLPLHQWRUHVLGHQFLDOGHPHQRUHVTXHHVWÚQHQVLWXDFLäQGHJXDUGDRWXWHODGHOD(QWLGDG3ëEOLFDGLDJQRVWLFDGRVFRQSUREOHPDVGHFRQGXFWDTXHSUHVHQWHQFRQGXFWDVGLVUXSWLYDVRGLVRFLDOHVUHFXUUHQWHVWUDQVJUHVRUDVGHODVQRUPDVVRFLDOHV\ORVGHUHFKRVGHWHUFHURV FXDQGR DGHPÒV DVÞ HVWÚ MXVWLILFDGR SRU VXV QHFHVLGDGHV GH SURWHFFLäQ \GHWHUPLQDGRSRUXQDYDORUDFLäQSVLFRVRFLDOHVSHFLDOL]DGD
(O DFRJLPLHQWR UHVLGHQFLDO HQ HVWRV FHQWURV VH UHDOL]DUÒ H[FOXVLYDPHQWH FXDQGR QR
VHDSRVLEOHODLQWHUYHQFLäQDWUDYÚVGHRWUDVPHGLGDVGHSURWHFFLäQ\WHQGUÒFRPRILQDOLGDGSURSRUFLRQDU DO PHQRU XQ PDUFR DGHFXDGR SDUD VX HGXFDFLäQ OD QRUPDOL]DFLäQ GH VXFRQGXFWDVXUHLQWHJUDFLäQIDPLOLDUFXDQGRVHDSRVLEOH\HOOLEUH\DUPäQLFRGHVDUUROORGHVXSHUVRQDOLGDG HQ XQ FRQWH[WR HVWUXFWXUDGR \ FRQ SURJUDPDV HVSHFÞILFRV HQ HO PDUFR GH XQSUR\HFWR HGXFDWLYR $VÞ SXHV HO LQJUHVR GHO PHQRU HQ HVWRV FHQWURV \ ODV PHGLGDV GHVHJXULGDGTXHVHDSOLTXHQHQHOPLVPRVHXWLOL]DUÒQFRPRëOWLPRUHFXUVR\WHQGUÒQVLHPSUHFDUÒFWHUHGXFDWLYR
(Q ORV VXSXHVWRV GH JXDUGD YROXQWDULD SUHYLVWD HQ HO DUWÞFXOR VHUÒ QHFHVDULR HO
FRPSURPLVRGHODIDPLOLDDVRPHWHUVHDODLQWHUYHQFLäQSURIHVLRQDO
(VWRV FHQWURV GLVSRQGUÒQ GH XQD UDWLR DGHFXDGD HQWUH HO QëPHUR GH PHQRUHV \ HO SHUVRQDO GHVWLQDGR D VX DWHQFLäQ SDUD JDUDQWL]DU XQ WUDWDPLHQWR LQGLYLGXDOL]DGR D FDGDPHQRU
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
(Q HO FDVR GH PHQRUHV FRQ GLVFDSDFLGDG VH FRQWLQXDUÒ FRQ ORV DSR\RV
HVSHFLDOL]DGRV TXH YLQLHUDQ UHFLELHQGR R VH DGRSWDUÒQ RWURV PÒV DGHFXDGRV LQFRUSRUDQGRHQWRGRFDVRPHGLGDVGHDFFHVLELOLGDGHQORVFHQWURVGHLQJUHVR\HQODVDFWXDFLRQHVTXHVHOOHYHQDFDER $UWtFXOR
,QJUHVR HQ FHQWURV GH SURWHFFLyQ HVSHFtILFRV GH PHQRUHV FRQ SUREOHPDV GH
FRQGXFWD
/D(QWLGDG3ëEOLFDTXHRVWHQWHODWXWHODRJXDUGDGHXQPHQRU\HO0LQLVWHULR)LVFDO HVWDUÒQ OHJLWLPDGRV SDUD VROLFLWDU OD DXWRUL]DFLäQ MXGLFLDO SDUD HO LQJUHVR GHO PHQRU HQ ORVFHQWURVGHSURWHFFLäQHVSHFÞILFRVGHPHQRUHVFRQSUREOHPDVGHFRQGXFWD(VWDVROLFLWXGGHLQJUHVRHVWDUÒPRWLYDGD\IXQGDPHQWDGDHQLQIRUPHVSVLFRVRFLDOHVHPLWLGRVSUHYLDPHQWHSRUSHUVRQDOHVSHFLDOL]DGRHQSURWHFFLäQGHPHQRUHV
1RSRGUÒQVHULQJUHVDGRVHQHVWRVFHQWURVORVPHQRUHVTXHSUHVHQWHQHQIHUPHGDGHV
R WUDVWRUQRV PHQWDOHV TXH UHTXLHUDQ XQ WUDWDPLHQWR HVSHFÞILFR SRU SDUWH GH ORV VHUYLFLRVFRPSHWHQWHVHQPDWHULDGHVDOXGPHQWDORGHDWHQFLäQDODVSHUVRQDVFRQGLVFDSDFLGDG
3DUDHOLQJUHVRGHXQPHQRUHQHVWRVFHQWURVVHUÒQHFHVDULRTXHOD(QWLGDG3ëEOLFDR HO
0LQLVWHULR
)LVFDO
UHFDEHQ
SUHYLDPHQWH
OD
FRUUHVSRQGLHQWH
DXWRUL]DFLäQ
MXGLFLDO
JDUDQWL]DQGR HQ WRGR FDVR HO GHUHFKR GHO PHQRU D VHU RÞGR VHJëQ OR HVWDEOHFLGR HQ HODUWÞFXOR 'LFKDDXWRUL]DFLäQVHRWRUJDUÒWUDVODWUDPLWDFLäQGHOSURFHGLPLHQWRUHJXODGRHQHODUWÞFXOR ELV GH OD /H\ GH GH HQHUR GH (QMXLFLDPLHQWR &LYLO \ GHEHUÒSURQXQFLDUVHVREUHODSRVLELOLGDGGHDSOLFDUOHVPHGLGDVGHVHJXULGDGDVÞFRPRGHOLPLWDUOHVWHPSRUDOPHQWH HO UÚJLPHQ GH YLVLWDV GH FRPXQLFDFLRQHV \ GH VDOLGDV TXH SXGLHUDQDGRSWDUVH
1RREVWDQWHVLUD]RQHVGHXUJHQFLDFRQYHQLHQWHPHQWHPRWLYDGDVKLFLHUHQQHFHVDULDOD
LQPHGLDWD DGRSFLäQ GHO LQJUHVR OD (QWLGDG 3ëEOLFD R HO 0LQLVWHULR )LVFDO SRGUÒ DFRUGDUORSUHYLDPHQWHDODDXWRUL]DFLäQMXGLFLDOGHELHQGRFRPXQLFDUORDO-X]JDGRFRPSHWHQWHORDQWHVSRVLEOH \ HQ WRGR FDVR GHQWUR GHO SOD]R GH YHLQWLFXDWUR KRUDV D ORV HIHFWRV GH TXH VHSURFHGDDODSUHFHSWLYDUDWLILFDFLäQGHOPLVPRSDUDORTXHGHEHUÒDSRUWDUODLQIRUPDFLäQGHTXHGLVSRQJD\MXVWLILFDQWHGHOLQJUHVRLQPHGLDWR(O-X]JDGRUHVROYHUÒHQHOSOD]RPÒ[LPRGHVHWHQWD\GRVKRUDVGHVGHTXHUHFLEDODFRPXQLFDFLäQGHMÒQGRVHGHLQPHGLDWRVLQHIHFWRHOLQJUHVRHQFDVRGHTXHQRORDXWRULFH
/RV PHQRUHV UHFLELUÒQ D VX LQJUHVR HQ HO FHQWUR LQIRUPDFLäQ HVFULWD VREUH VXV GHUHFKRV \ GHEHUHV ODV QRUPDV GH IXQFLRQDPLHQWR GHO FHQWUR ODV FXHVWLRQHV GHRUJDQL]DFLäQ JHQHUDO HO UÚJLPHQ HGXFDWLYR HO UÚJLPHQ GLVFLSOLQDULR \ ORV PHGLRV SDUDIRUPXODU SHWLFLRQHV TXHMDV \ UHFXUVRV 'LFKD LQIRUPDFLäQ VH WUDQVPLWLUÒ GH IRUPD TXH VHJDUDQWLFHVXFRPSUHQVLäQHQDWHQFLäQDODHGDG\DODVFLUFXQVWDQFLDVGHOPHQRU
/RV PHQRUHV QR SHUPDQHFHUÒQ HQ HO FHQWUR PÒV WLHPSR GHO HVWULFWDPHQWH QHFHVDULR
SDUD DWHQGHU D VXV QHFHVLGDGHV HVSHFÞILFDV (O FHVH VHUÒ DFRUGDGR SRU HO äUJDQR MXGLFLDOTXH HVWÚ FRQRFLHQGR GHO LQJUHVR GH RILFLR R D SURSXHVWD GH OD (QWLGDG 3ëEOLFD R GHO0LQLVWHULR)LVFDO(VWDSURSXHVWDHVWDUÒIXQGDPHQWDGDHQXQLQIRUPHSVLFRVRFLDO $UWtFXOR
0HGLGDVGHVHJXULGDG
/DV PHGLGDV GH VHJXULGDG SRGUÒQ FRQVLVWLU HQ OD FRQWHQFLäQ PHFÒQLFD R HQ OD FRQWHQFLäQIÞVLFDGHOPHQRUHQVXDLVODPLHQWRRHQUHJLVWURVSHUVRQDOHV\PDWHULDOHV
(VWDVPHGLGDVWHQGUÒQXQDILQDOLGDGHGXFDWLYD\GHEHUÒQUHVSRQGHUDORVSULQFLSLRVGH
H[FHSFLRQDOLGDG QHFHVLGDG SURSRUFLRQDOLGDG SURYLVLRQDOLGDG \ SURKLELFLäQ GHO H[FHVRDSOLFÒQGRVHFRQODPÞQLPDLQWHQVLGDGSRVLEOH\SRUHOWLHPSRHVWULFWDPHQWHQHFHVDULR\VHOOHYDUÒQDFDERFRQHOUHVSHWRGHELGRDODGLJQLGDGSULYDFLGDG\DORVGHUHFKRVGHOPHQRU
/DV PHGLGDV GH VHJXULGDG GHEHUÒQ DSOLFDUVH SRU SHUVRQDO HVSHFLDOL]DGR \ FRQ
IRUPDFLäQHQPDWHULDGHSURWHFFLäQGHPHQRUHV(VWHSHUVRQDOVäORSRGUÒXVDUPHGLGDVGHVHJXULGDGFRQORVPHQRUHVFRPRëOWLPRUHFXUVRHQGHIHQVDSURSLDRHQFDVRVGHLQWHQWRVGHIXJDUHVLVWHQFLDIÞVLFDDXQDRUGHQRULHVJRGLUHFWRGHDXWROHVLäQGHOHVLRQHVDRWURVRGDâRVJUDYHVDODSURSLHGDG
&RUUHVSRQGH DO 'LUHFWRU GHO &HQWUR R SHUVRQD HQ OD TXH HVWH KD\D GHOHJDGR OD
DGRSFLäQ GH GHFLVLRQHV VREUH ODV PHGLGDV GH VHJXULGDG TXH GHEHUÒQ VHU PRWLYDGDV \KDEUÒQ GH QRWLILFDUVH FRQ FDUÒFWHU LQPHGLDWR D OD (QWLGDG 3ëEOLFD \ DO 0LQLVWHULR )LVFDO \SRGUÒQVHUUHFXUULGDVSRUHOPHQRUHO0LQLVWHULR)LVFDO\OD(QWLGDG3ëEOLFDDQWHHOäUJDQR
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
MXGLFLDOTXHHVWÚFRQRFLHQGRGHOLQJUHVRHOFXDOUHVROYHUÒWUDVUHFDEDULQIRUPHGHOFHQWUR\SUHYLDDXGLHQFLDGHOPHQRU\GHO0LQLVWHULR)LVFDO
/DV PHGLGDV GH VHJXULGDG DSOLFDGDV GHEHUÒQ UHJLVWUDUVH HQ HO /LEUR 5HJLVWUR GH
,QFLGHQFLDVTXHVHUÒVXSHUYLVDGRSRUSDUWHGHODGLUHFFLäQGHOFHQWUR $UWtFXOR
0HGLGDVGHFRQWHQFLyQ
/DVPHGLGDVGHFRQWHQFLäQSRGUÒQVHUGHWLSRYHUEDO\HPRFLRQDOGHWLSRIÞVLFR\GH WLSRPHFÒQLFRHQDWHQFLäQDODVFLUFXQVWDQFLDVHQSUHVHQFLD
(O SHUVRQDO GH ORV FHQWURV ëQLFDPHQWH SRGUÒ XWLOL]DU PHGLGDV GH FRQWHQFLäQ IÞVLFD R PHFÒQLFDSUHYLRLQWHQWRGHFRQWHQFLäQYHUEDO\HPRFLRQDOVLQXVRGHODIXHU]DIÞVLFDVLODVLWXDFLäQORSHUPLWH
/DFRQWHQFLäQIÞVLFDVRORSRGUÒFRQVLVWLUHQODLQWHUSRVLFLäQHQWUHHOPHQRU\ODSHUVRQD RHOREMHWRTXHVHHQFXHQWUDHQSHOLJURODUHVWULFFLäQIÞVLFDGHHVSDFLRV\PRYLPLHQWRV\HQëOWLPDLQVWDQFLDEDMRXQHVWULFWRSURWRFRORODLQPRYLOL]DFLäQIÞVLFD
/DFRQWHQFLäQPHFÒQLFDVRORVHUÒDGPLVLEOHSDUDHYLWDUJUDYHULHVJRSDUDODYLGDROD LQWHJULGDGIÞVLFDGHOPHQRURGHWHUFHURV\HQHOFDVRGHTXHQRVHDSRVLEOHUHGXFLUHOQLYHOGH HVWUÚV R GH WUDVWRUQR GHO PHQRU SRU RWURV PHGLRV 'HEHUÒ UHDOL]DUVH FRQ HTXLSRVKRPRORJDGRVGHFRQWHQFLäQPHFÒQLFDEDMRXQHVWULFWRSURWRFROR $UWtFXOR
$LVODPLHQWRGHOPHQRU
(O DLVODPLHQWR GH XQ PHQRU PHGLDQWH VX SHUPDQHQFLD HQ XQ HVSDFLR DGHFXDGR GHO
TXHVHLPSLGDVXVDOLGDVRORSRGUÒXWLOL]DUVHHQSUHYHQFLäQGHDFWRVYLROHQWRVDXWROHVLRQHVOHVLRQHV D RWURV PHQRUHV UHVLGHQWHV HQ HO FHQWUR DO SHUVRQDO GHO PLVPR R D WHUFHURV DVÞFRPRGHGDâRVJUDYHVDVXVLQVWDODFLRQHV6HDSOLFDUÒSXQWXDOPHQWHHQHOPRPHQWRHQHOTXHVHDSUHFLVR\HQQLQJëQFDVRFRPRPHGLGDGLVFLSOLQDULD\VHFXPSOLUÒSUHIHUHQWHPHQWHHQODSURSLDKDELWDFLäQGHOPHQRU\HQFDVRGHTXHHVWRQRVHDSRVLEOHVHFXPSOLUÒHQRWURHVSDFLRGHVLPLODUKDELWDELOLGDG\GLPHQVLRQHV
(ODLVODPLHQWRQRSRGUÒH[FHGHUGHVHLVKRUDVFRQVHFXWLYDVVLQSHUMXLFLRGHOGHUHFKR
DO GHVFDQVR GHO PHQRU 'XUDQWH HO SHULRGR GH WLHPSR HQ TXH HO PHQRU SHUPDQH]FD HQDLVODPLHQWRHVWDUÒDFRPSDâDGRRVXSHUYLVDGRSRUXQHGXFDGRU $UWtFXOR
5HJLVWURVSHUVRQDOHV\PDWHULDOHV
/RV UHJLVWURV SHUVRQDOHV \ PDWHULDOHV VH OOHYDUÒQ D FDER FRQ HO UHVSHWR GHELGR D OD
GLJQLGDGSULYDFLGDG\DORVGHUHFKRVIXQGDPHQWDOHVGHODSHUVRQD
(O UHJLVWUR SHUVRQDO \ FDFKHR GHO PHQRU VH HIHFWXDUÒ SRU HO SHUVRQDO LQGLVSHQVDEOH
TXHUHTXHULUÒDOPHQRVGRVSURIHVLRQDOHVGHOFHQWURGHOPLVPRVH[RTXHHOPHQRU&XDQGRLPSOLTXH DOJXQD H[SRVLFLäQ FRUSRUDO VH UHDOL]DUÒ HQ OXJDU DGHFXDGR VLQ OD SUHVHQFLD GHRWURVPHQRUHV\SUHVHUYDQGRHQWRGRORSRVLEOHODLQWLPLGDGGHOPHQRU
6HXWLOL]DUÒQSUHIHUHQWHPHQWHPHGLRVHOHFWUäQLFRV (O SHUVRQDO GHO FHQWUR SRGUÒ UHDOL]DU HO UHJLVWUR GH ODV SHUWHQHQFLDV GHO PHQRU SXGLHQGR UHWLUDUOH DTXHOORV REMHWRV TXH VH HQFXHQWUHQ HQ VX SRVHVLäQ TXH SXGLHUDQ VHU GHLOÞFLWDSURFHGHQFLDUHVXOWDUGDâLQRVSDUDVÞSDUDRWURVRSDUDODVLQVWDODFLRQHVGHOFHQWURRTXH QR HVWÚQ DXWRUL]DGRV SDUD PHQRUHV GH HGDG /RV UHJLVWURV PDWHULDOHV VH GHEHUÒQFRPXQLFDUSUHYLDPHQWHDOPHQRUVLHPSUHTXHQRSXGLHUDQHIHFWXDUVHHQVXSUHVHQFLD $UWtFXOR
5pJLPHQGLVFLSOLQDULR
(O UÚJLPHQ GLVFLSOLQDULR HQ HVWRV FHQWURV VH IXQGDUÒ VLHPSUH HQ HO SUR\HFWR VRFLR
HGXFDWLYRGHOFHQWUR\HQHOLQGLYLGXDOL]DGRGHFDGDPHQRUDOFXDOVHLQIRUPDUÒGHOPLVPR
(O SURFHGLPLHQWR GLVFLSOLQDULR VHUÒ HO ëOWLPR UHFXUVR D XWLOL]DU GDQGR SULRULGDG D ORV VLVWHPDV UHVWDXUDWLYRV GH UHVROXFLäQ GH FRQIOLFWRV H LQWHUDFFLäQ HGXFDWLYD 1R SRGUÒQHVWDEOHFHUVH UHVWULFFLRQHV GH LJXDO R PD\RU HQWLGDG TXH ODV SUHYLVWDV HQ OD OHJLVODFLäQUHJXODGRUDGHODUHVSRQVDELOLGDGSHQDOGHORVPHQRUHV
(QQLQJëQFDVRSRGUÒQXWLOL]DUVHODVPHGLGDVFRQWHQLGDVHQORVDUWÞFXORVDFRQ ILQHVGLVFLSOLQDULRV
/D UHJXODFLäQ DXWRQäPLFD VREUH UÚJLPHQ GLVFLSOLQDULR GHEHUÒ VHU VXILFLHQWH \ DGHFXDGD D ORV SULQFLSLRV GH OD &RQVWLWXFLäQ GH HVWD OH\ \ GHO WÞWXOR ,; GH OD /H\
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
GH GH QRYLHPEUH GH 5ÚJLPHQ -XUÞGLFR GH ODV $GPLQLVWUDFLRQHV 3ëEOLFDV \ GHO3URFHGLPLHQWR $GPLQLVWUDWLYR &RPëQ JDUDQWL]DQGR DO PHQRU OD DVLVWHQFLD OHJDO GH XQDERJDGR LQGHSHQGLHQWH UHVSHWDQGR HQ WRGR PRPHQWR OD GLJQLGDG \ ORV GHUHFKRV GH ORVPHQRUHV\VLQTXHHQQLQJëQFDVRVHOHVSXHGDSULYDUGHORVPLVPRV $UWtFXOR
6XSHUYLVLyQ\FRQWURO
&RQLQGHSHQGHQFLDGHODVLQVSHFFLRQHVGHORVFHQWURVTXHSXHGDQHIHFWXDUHO'HIHQVRU
GHO 3XHEOR ODV LQVWLWXFLRQHV DXWRQäPLFDV HTXLYDOHQWHV \ HO 0LQLVWHULR )LVFDO OD PHGLGD GHLQJUHVR GHO PHQRU HQ HO FHQWUR GH SURWHFFLäQ HVSHFÞILFR GHEHUÒ UHYLVDUVH DO PHQRVWULPHVWUDOPHQWH SRU OD (QWLGDG 3ëEOLFD GHELHQGR UHPLWLU DO äUJDQR MXGLFLDO FRPSHWHQWH TXHDXWRUL]äHOLQJUHVR\DO0LQLVWHULR)LVFDOFRQHVDSHULRGLFLGDGHORSRUWXQRLQIRUPHPRWLYDGRGHVHJXLPLHQWRTXHLQFOX\DODVHQWUDGDVGHO/LEURGH5HJLVWURGH,QFLGHQFLDV
$ ORV HIHFWRV GH ODV LQVSHFFLRQHV H LQIRUPHV D ORV TXH VH UHILHUH HO SÒUUDIR DQWHULRU HO
/LEUR GH 5HJLVWUR GH ,QFLGHQFLDV GHEHUÒ UHVSHWDU UHVSHFWR D ORV FHVLRQDULRV GH GDWRV ODDGRSFLäQGHODVPHGLGDVGHVHJXULGDGGHQLYHOPHGLRHVWDEOHFLGDVHQODOHJLVODFLäQYLJHQWHHQPDWHULDGHSURWHFFLäQGHGDWRVGHFDUÒFWHUSHUVRQDO $UWtFXOR
$GPLQLVWUDFLyQGHPHGLFDPHQWRV
/D DGPLQLVWUDFLäQ GH PHGLFDPHQWRV D ORV PHQRUHV FXDQGR VHD QHFHVDULR SDUD VX VDOXG GHEHUÒ WHQHU OXJDU GH DFXHUGR FRQ OD SUD[LV SURIHVLRQDO VDQLWDULD UHVSHWDQGR ODVGLVSRVLFLRQHVVREUHFRQVHQWLPLHQWRLQIRUPDGR\HQORVWÚUPLQRV\FRQGLFLRQHVSUHYLVWDVHQOD /H\ GH GH QRYLHPEUH EÒVLFD UHJXODGRUD GH OD DXWRQRPÞD GHO SDFLHQWH \ GHGHUHFKRV\REOLJDFLRQHVHQPDWHULDGHLQIRUPDFLäQ\GRFXPHQWDFLäQFOÞQLFD
(QWRGRFDVRGHEHUÒVHUXQIDFXOWDWLYRPÚGLFRDXWRUL]DGRTXLHQUHFHWHPHGLFDPHQWRV
VXMHWRVDSUHVFULSFLäQPÚGLFD\UHDOLFHHOVHJXLPLHQWRGHVXFRUUHFWDDGPLQLVWUDFLäQ\GHODHYROXFLäQ GHO WUDWDPLHQWR $ HVWRV HIHFWRV VH OOHYDUÒ XQ UHJLVWUR FRQ OD KLVWRULD PÚGLFD GHFDGDXQRGHORVPHQRUHV $UWtFXOR
5pJLPHQGHYLVLWDV\SHUPLVRVGHVDOLGD
/DV YLVLWDV GH IDPLOLDUHV \ RWUDV SHUVRQDV DOOHJDGDV VäOR SRGUÒQ VHU UHVWULQJLGDV R VXVSHQGLGDVHQLQWHUÚVGHOPHQRUSRUHO'LUHFWRUGHOFHQWURGHPDQHUDPRWLYDGDFXDQGRVXWUDWDPLHQWR HGXFDWLYR OR DFRQVHMH \ FRQIRUPH D ORV WÚUPLQRV UHFRJLGRV HQ OD DXWRUL]DFLäQMXGLFLDOGHLQJUHVR
(OGHUHFKRGHYLVLWDVQRSRGUÒVHUUHVWULQJLGRSRUODDSOLFDFLäQGHPHGLGDVGLVFLSOLQDULDV(O'LUHFWRUGHOFHQWURGHSURWHFFLäQHVSHFÞILFRGHPHQRUHVFRQSUREOHPDVGHFRQGXFWD SRGUÒUHVWULQJLURVXSULPLUODVVDOLGDVGHODVSHUVRQDVLQJUHVDGDVHQ HOPLVPRVLHPSUHHQLQWHUÚV GHO PHQRU \ GH PDQHUD PRWLYDGD FXDQGR VX WUDWDPLHQWR HGXFDWLYR OR DFRQVHMHFRQIRUPHDORVWÚUPLQRVUHFRJLGRVHQODDXWRUL]DFLäQMXGLFLDOGHLQJUHVR
/DVPHGLGDVOLPLWDWLYDVGHOUÚJLPHQGHYLVLWDV\GHORVSHUPLVRVGHVDOLGDGHEHUÒQVHU
QRWLILFDGDV D ODV SHUVRQDV LQWHUHVDGDV DO PHQRU \ DO 0LQLVWHULR )LVFDO GH DFXHUGR FRQ ODOHJLVODFLäQDSOLFDEOH
'LFKDV PHGLGDV SRGUÒQ VHU UHFXUULGDV SRU HO 0LQLVWHULR )LVFDO \ SRU HO PHQRU DO TXH VH
JDUDQWL]DUÒ DVLVWHQFLD OHJDO GH DERJDGR LQGHSHQGLHQWH DQWH HO äUJDQR MXGLFLDO TXH HVWÚFRQRFLHQGRHOLQJUHVRHOFXDOUHVROYHUÒWUDVUHFDEDULQIRUPHGHOFHQWUR\SUHYLDDXGLHQFLDGHODVSHUVRQDVLQWHUHVDGDVGHOPHQRU\GHO0LQLVWHULR)LVFDO $UWtFXOR
5pJLPHQGHFRPXQLFDFLRQHVGHOPHQRU
/RV PHQRUHV LQJUHVDGRV HQ ORV FHQWURV WHQGUÒQ GHUHFKR D UHPLWLU TXHMDV GH IRUPD
FRQILGHQFLDODO0LQLVWHULR)LVFDODODDXWRULGDGMXGLFLDOFRPSHWHQWH\DO'HIHQVRUGHO3XHEORRDQWHODVLQVWLWXFLRQHVDXWRQäPLFDVKRPäORJDV(VWHGHUHFKRQRSRGUÒVHUUHVWULQJLGRSRUODDSOLFDFLäQGHPHGLGDVGLVFLSOLQDULDV
/DVFRPXQLFDFLRQHVGHOPHQRUFRQIDPLOLDUHV\RWUDVSHUVRQDVDOOHJDGDVVHUÒQOLEUHV
\VHFUHWDV
6äOR SRGUÒQ VHU UHVWULQJLGDV R VXVSHQGLGDV SRU HO 'LUHFWRU GHO FHQWUR HQ LQWHUÚV GHO PHQRUGHPDQHUDPRWLYDGDFXDQGRVXWUDWDPLHQWRHGXFDWLYRORDFRQVHMH\FRQIRUPHDORVWÚUPLQRV UHFRJLGRV HQ OD DXWRUL]DFLäQ MXGLFLDO GH LQJUHVR /D UHVWULFFLäQ R VXVSHQVLäQ GHO
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
6HFRQVLGHUDFRPRVLWXDFLäQGHGHVDPSDURODTXHVHSURGXFHGHKHFKRDFDXVD GHO LQFXPSOLPLHQWR R GHO LPSRVLEOH R LQDGHFXDGR HMHUFLFLR GH ORV GHEHUHV GHSURWHFFLäQ HVWDEOHFLGRV SRU ODV OH\HV SDUD OD JXDUGD GH ORV PHQRUHV FXDQGR ÚVWRVTXHGHQSULYDGRVGHODQHFHVDULDDVLVWHQFLDPRUDORPDWHULDO
/DDVXQFLäQGHODWXWHODDWULEXLGDDODHQWLGDGSëEOLFDOOHYDFRQVLJRODVXVSHQVLäQ GHODSDWULDSRWHVWDGRGHODWXWHODRUGLQDULD1RREVWDQWHVHUÒQYÒOLGRVORVDFWRVGHFRQWHQLGRSDWULPRQLDOTXHUHDOLFHQORVSDGUHVRWXWRUHVHQUHSUHVHQWDFLäQGHOPHQRU\TXHVHDQEHQHILFLRVRVSDUDÚO
&XDQGR ORV SDGUHV R WXWRUHV SRU FLUFXQVWDQFLDV JUDYHV QR SXHGDQ FXLGDU DO
PHQRUSRGUÒQVROLFLWDUGHODHQWLGDGSëEOLFDFRPSHWHQWHTXHÚVWDDVXPDVXJXDUGDGXUDQWHHOWLHPSRQHFHVDULR
/DHQWUHJDGHODJXDUGDVHKDUÒFRQVWDUSRUHVFULWRGHMDQGRFRQVWDQFLDGHTXH
ORV SDGUHV R WXWRUHV KDQ VLGR LQIRUPDGRV GH ODV UHVSRQVDELOLGDGHV TXH VLJXHQPDQWHQLHQGR UHVSHFWR GHO KLMR DVÞ FRPR GH OD IRUPD HQ TXH GLFKD JXDUGD YD DHMHUFHUVHSRUOD$GPLQLVWUDFLäQ
&XDOTXLHU YDULDFLäQ SRVWHULRU GH OD IRUPD GH HMHUFLFLR VHUÒ IXQGDPHQWDGD \ FRPXQLFDGDDDTXÚOORV\DO0LQLVWHULR)LVFDO
$VLPLVPRVHDVXPLUÒODJXDUGDSRUODHQWLGDGSëEOLFDFXDQGRDVÞORDFXHUGHHO -XH]HQORVFDVRVHQTXHOHJDOPHQWHSURFHGD
/D JXDUGD DVXPLGD D VROLFLWXG GH ORV SDGUHV R WXWRUHV R FRPR IXQFLäQ GH OD WXWHOD SRU PLQLVWHULR GH OD /H\ VH UHDOL]DUÒ PHGLDQWH HO DFRJLPLHQWR IDPLOLDU R HODFRJLPLHQWR UHVLGHQFLDO (O DFRJLPLHQWR IDPLOLDU VH HMHUFHUÒ SRU OD SHUVRQD RSHUVRQDVTXHGHWHUPLQHODHQWLGDGSëEOLFD(ODFRJLPLHQWRUHVLGHQFLDOVHHMHUFHUÒSRUHO'LUHFWRUGHOFHQWURGRQGHVHDDFRJLGRHOPHQRU
6H EXVFDUÒ VLHPSUH HO LQWHUÚV GHO PHQRU \ VH SURFXUDUÒ FXDQGR QR VHD
FRQWUDULR D HVH LQWHUÚV VX UHLQVHUFLäQ HQ OD SURSLD IDPLOLD \ TXH OD JXDUGD GH ORVKHUPDQRVVHFRQIÞHDXQDPLVPDLQVWLWXFLäQRSHUVRQD
6L VXUJLHUHQ SUREOHPDV JUDYHV GH FRQYLYHQFLD HQWUH HO PHQRU \ OD SHUVRQD R
SHUVRQDVDTXLHQKXELHUHVLGRFRQILDGRHQJXDUGDDTXÚORSHUVRQDLQWHUHVDGDSRGUÒVROLFLWDUODUHPRFLäQGHÚVWD
/DV UHVROXFLRQHV TXH DSUHFLHQ HO GHVDPSDUR \ GHFODUHQ OD DVXQFLäQ GH OD WXWHODSRUPLQLVWHULRGHOD/H\VHUÒQUHFXUULEOHVDQWHODMXULVGLFFLäQFLYLOVLQQHFHVLGDGGHUHFODPDFLäQDGPLQLVWUDWLYDSUHYLD¬
'LVSRVLFLyQILQDOVH[WD
(ODUWÞFXORGHO&äGLJR&LYLOWHQGUÒODVLJXLHQWHUHGDFFLäQ
(ODFRJLPLHQWRIDPLOLDUSURGXFHODSOHQDSDUWLFLSDFLäQGHOPHQRUHQODYLGDGH IDPLOLD H LPSRQH D TXLHQ OR UHFLEH ODV REOLJDFLRQHV GH YHODU SRU ÚO WHQHUOR HQ VXFRPSDâÞD
DOLPHQWDUOR
HGXFDUOR
\
SURFXUDUOH
XQD
IRUPDFLäQ
LQWHJUDO
(VWH
DFRJLPLHQWR VH SRGUÒ HMHUFHU SRU OD SHUVRQD R SHUVRQDV TXH VXVWLWX\DQ DO QëFOHRIDPLOLDUGHOPHQRURSRUUHVSRQVDEOHGHOKRJDUIXQFLRQDO
(ODFRJLPLHQWRVHIRUPDOL]DUÒSRUHVFULWRFRQHOFRQVHQWLPLHQWRGHODHQWLGDG
SëEOLFDWHQJDRQRODWXWHODRODJXDUGDGHODVSHUVRQDVTXHUHFLEDQDOPHQRU\GHÚVWH VL WXYLHUD GRFH DâRV FXPSOLGRV &XDQGR IXHUDQ FRQRFLGRV ORV SDGUHV TXH QRHVWXYLHUDQ SULYDGRV GH OD SDWULD SRWHVWDG R HO WXWRU VHUÒ QHFHVDULR WDPELÚQ TXHSUHVWHQ R KD\DQ SUHVWDGR VX FRQVHQWLPLHQWR VDOYR TXH VH WUDWH GH XQ DFRJLPLHQWRIDPLOLDUSURYLVLRQDODTXHKDFHUHIHUHQFLDHODSDUWDGRGHHVWHDUWÞFXOR
(O GRFXPHQWR GH IRUPDOL]DFLäQ GHO DFRJLPLHQWR IDPLOLDU D TXH VH UHILHUH HO SÒUUDIRDQWHULRULQFOXLUÒORVVLJXLHQWHVH[WUHPRV
«/RVFRQVHQWLPLHQWRVQHFHVDULRV«0RGDOLGDGGHODFRJLPLHQWR\GXUDFLäQSUHYLVWDSDUDHOPLVPR«/RVGHUHFKRV\GHEHUHVGHFDGDXQDGHODVSDUWHV\HQSDUWLFXODU D /DSHULRGLFLGDGGHODVYLVLWDVSRUSDUWHGHODIDPLOLDGHOPHQRUDFRJLGRE (O VLVWHPD GH FREHUWXUD SRU SDUWH GH OD HQWLGDG SëEOLFD R GH RWURV UHVSRQVDEOHV FLYLOHV GH ORV GDâRV TXH VXIUD HO PHQRU R GH ORV TXH SXHGD FDXVDU DWHUFHURV
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
F /DDVXQFLäQGHORVJDVWRVGHPDQXWHQFLäQHGXFDFLäQ\DWHQFLäQVDQLWDULD«(OFRQWHQLGRGHOVHJXLPLHQWRTXHHQIXQFLäQGHODILQDOLGDGGHODFRJLPLHQWR YD\D D UHDOL]DU OD HQWLGDG SëEOLFD \ HO FRPSURPLVR GH FRODERUDFLäQ GH OD IDPLOLDDFRJHGRUDDOPLVPR
«/DFRPSHQVDFLäQHFRQäPLFDTXHHQVXFDVRYD\DQDUHFLELUORVDFRJHGRUHV«6LORVDFRJHGRUHVDFWëDQFRQFDUÒFWHUSURIHVLRQDOL]DGRRVLHODFRJLPLHQWRVH UHDOL]DHQXQKRJDUIXQFLRQDOVHVHâDODUÒH[SUHVDPHQWH
«,QIRUPHGHORVVHUYLFLRVGHDWHQFLäQDPHQRUHV'LFKRGRFXPHQWRVHUHPLWLUÒDO0LQLVWHULR)LVFDO 6L ORV SDGUHV R HO WXWRU QR FRQVLHQWHQ R VH RSRQHQ DO PLVPR HO DFRJLPLHQWR VäORSRGUÒVHUDFRUGDGRSRUHO-XH]HQLQWHUÚVGHOPHQRUFRQIRUPHDORVWUÒPLWHVGHOD /H\ GH (QMXLFLDPLHQWR &LYLO /D SURSXHVWD GH OD HQWLGDG SëEOLFD FRQWHQGUÒ ORVPLVPRVH[WUHPRVUHIHULGRVHQHOQëPHURDQWHULRU
1R REVWDQWH OD HQWLGDG SëEOLFD SRGUÒ DFRUGDU HQ LQWHUÚV GHO PHQRU XQ DFRJLPLHQWR IDPLOLDU SURYLVLRQDO TXH VXEVLVWLUÒ KDVWD WDQWR VH SURGX]FD UHVROXFLäQMXGLFLDO
/D HQWLGDG SëEOLFD XQD YH] UHDOL]DGDV ODV GLOLJHQFLDV RSRUWXQDV \ FRQFOXLGR HO H[SHGLHQWH GHEHUÒ SUHVHQWDU OD SURSXHVWD DO -XH] GH PDQHUD LQPHGLDWD \ HQ WRGRFDVRHQHOSOD]RPÒ[LPRGHTXLQFHGÞDV
(ODFRJLPLHQWRGHOPHQRUFHVDUÒ «3RUGHFLVLäQMXGLFLDO«3RUGHFLVLäQGHODVSHUVRQDVTXHORWLHQHQDFRJLGRSUHYLDFRPXQLFDFLäQGH ÚVWDVDODHQWLGDGSëEOLFD
«$SHWLFLäQGHOWXWRURGHORVSDGUHVTXHWHQJDQODSDWULDSRWHVWDG\UHFODPHQ VXFRPSDâÞD
« 3RU GHFLVLäQ GH OD HQWLGDG SëEOLFD TXH WHQJD OD WXWHOD R JXDUGD GHO PHQRU FXDQGR OR FRQVLGHUH QHFHVDULR SDUD VDOYDJXDUGDU HO LQWHUÚV GH ÚVWH RÞGRV ORVDFRJHGRUHV
6HUÒ SUHFLVD UHVROXFLäQ MXGLFLDO GH FHVDFLäQ FXDQGR HO DFRJLPLHQWR KD\D VLGR GLVSXHVWRSRUHO-XH]
7RGDV ODV DFWXDFLRQHV GH IRUPDOL]DFLäQ \ FHVDFLäQ GHO DFRJLPLHQWR VH SUDFWLFDUÒQFRQODREOLJDGDUHVHUYD¬
'LVSRVLFLyQILQDOVpSWLPD
6HLQWURGXFHHQHO&äGLJR&LYLOXQQXHYRDUWÞFXORFRQHOQëPHURELVFRQODVLJXLHQWH UHGDFFLäQ
©$UWtFXORELV
(O DFRJLPLHQWR IDPLOLDU SRGUÒ DGRSWDU ODV VLJXLHQWHV PRGDOLGDGHV DWHQGLHQGR D
VXILQDOLGDG
«$FRJLPLHQWRIDPLOLDUVLPSOHTXHWHQGUÒFDUÒFWHUWUDQVLWRULRELHQSRUTXHGHOD
VLWXDFLäQ GHO PHQRU VH SUHYHD OD UHLQVHUFLäQ GH ÚVWH HQ VX SURSLD IDPLOLD ELHQ HQWDQWRVHDGRSWHXQDPHGLGDGHSURWHFFLäQTXHUHYLVWDXQFDUÒFWHUPÒVHVWDEOH
« $FRJLPLHQWR IDPLOLDU SHUPDQHQWH FXDQGR OD HGDG X RWUDV FLUFXQVWDQFLDV GHO
PHQRU \ VX IDPLOLD DVÞ OR DFRQVHMHQ \ DVÞ OR LQIRUPHQ ORV VHUYLFLRV GH DWHQFLäQ DOPHQRU(QWDOVXSXHVWRODHQWLGDGSëEOLFDSRGUÒVROLFLWDUGHO-XH]TXHDWULEX\DDORVDFRJHGRUHV DTXHOODV IDFXOWDGHV GH OD WXWHOD TXH IDFLOLWHQ HO GHVHPSHâR GH VXVUHVSRQVDELOLGDGHVDWHQGLHQGRHQWRGRFDVRDOLQWHUÚVVXSHULRUGHOPHQRU
« $FRJLPLHQWR IDPLOLDU SUHDGRSWLYR TXH VH IRUPDOL]DUÒ SRU OD HQWLGDG SëEOLFD FXDQGRÚVWDHOHYHODSURSXHVWDGHDGRSFLäQGHOPHQRULQIRUPDGDSRUORVVHUYLFLRVGHDWHQFLäQDOPHQRUDQWHODDXWRULGDGMXGLFLDOVLHPSUHTXHORVDFRJHGRUHVUHëQDQORV UHTXLVLWRV QHFHVDULRV SDUD DGRSWDU KD\DQ VLGR VHOHFFLRQDGRV \ KD\DQ SUHVWDGRDQWHODHQWLGDGSëEOLFDVXFRQVHQWLPLHQWRDODDGRSFLäQ\VHHQFXHQWUHHOPHQRUHQVLWXDFLäQMXUÞGLFDDGHFXDGDSDUDVXDGRSFLäQ
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
/D
HQWLGDG
SëEOLFD
SRGUÒ
IRUPDOL]DU
DVLPLVPR
XQ
DFRJLPLHQWR
IDPLOLDU
SUHDGRSWLYRFXDQGRFRQVLGHUHFRQDQWHULRULGDGDODSUHVHQWDFLäQGHODSURSXHVWDGHDGRSFLäQ TXH IXHUD QHFHVDULR HVWDEOHFHU XQ SHUÞRGR GH DGDSWDFLäQ GHO PHQRU D ODIDPLOLD(VWHSHUÞRGRVHUÒORPÒVEUHYHSRVLEOH\HQWRGRFDVRQRSRGUÒH[FHGHUGHOSOD]RGHXQDâR¬
'LVSRVLFLyQILQDORFWDYD
(ODUWÞFXORGHO&äGLJR&LYLOTXHGDUHGDFWDGRFRPRVLJXH
$WDOILQODHQWLGDGSëEOLFDOHGDUÒQRWLFLDLQPHGLDWDGHORVQXHYRVLQJUHVRV GH PHQRUHV \ OH UHPLWLUÒ FRSLD GH ODV UHVROXFLRQHV DGPLQLVWUDWLYDV \ GH ORV HVFULWRVGH IRUPDOL]DFLäQ UHODWLYRV D OD FRQVWLWXFLäQ YDULDFLäQ \ FHVDFLäQ GH ODV WXWHODVJXDUGDV\DFRJLPLHQWRV,JXDOPHQWHOHGDUÒFXHQWDGHFXDOTXLHUQRYHGDGGHLQWHUÚVHQODVFLUFXQVWDQFLDVGHOPHQRU
(O)LVFDOKDEUÒGHFRPSUREDUDOPHQRVVHPHVWUDOPHQWHODVLWXDFLäQGHOPHQRU \SURPRYHUÒDQWHHO-XH]ODVPHGLGDVGHSURWHFFLäQTXHHVWLPHQHFHVDULDV¬
'LVSRVLFLyQILQDOQRYHQD
(ODUWÞFXORGHO&äGLJR&LYLOTXHGDUHGDFWDGRFRPRVLJXH
/DDGRSFLäQUHTXLHUHTXHHODGRSWDQWHVHDPD\RUGHYHLQWLFLQFRDâRV(QOD DGRSFLäQ SRU DPERV FäQ\XJHV EDVWD TXH XQR GH HOORV KD\D DOFDQ]DGR GLFKD HGDG(QWRGRFDVRHODGRSWDQWHKDEUÒGHWHQHUSRUORPHQRVFDWRUFHDâRVPÒVTXHHODGRSWDGR¬
'LVSRVLFLyQILQDOGpFLPD
(ODUWÞFXORGHO&äGLJR&LYLOTXHGDUÒUHGDFWDGRFRPRVLJXH
/D DGRSFLäQ VH FRQVWLWX\H SRU UHVROXFLäQ MXGLFLDO TXH WHQGUÒ HQ FXHQWD VLHPSUHHOLQWHUÚVGHODGRSWDQGR\ODLGRQHLGDGGHODGRSWDQWHRDGRSWDQWHVSDUDHOHMHUFLFLRGHODSDWULDSRWHVWDG
3DUDLQLFLDUHOH[SHGLHQWHGHDGRSFLäQHVQHFHVDULDODSURSXHVWDSUHYLDGHOD HQWLGDG SëEOLFD D IDYRU GHO DGRSWDQWH R DGRSWDQWHV TXH GLFKD HQWLGDG SëEOLFD KD\DGHFODUDGRLGäQHRVSDUDHOHMHUFLFLRGHODSDWULDSRWHVWDG/DGHFODUDFLäQGHLGRQHLGDGSRGUÒVHUSUHYLDDODSURSXHVWD
1RREVWDQWHQRVHUHTXLHUHSURSXHVWDFXDQGRHQHODGRSWDQGRFRQFXUUDDOJXQD
GHODVFLUFXQVWDQFLDVVLJXLHQWHV
6HUKXÚUIDQR\SDULHQWHGHODGRSWDQWHHQWHUFHUJUDGRSRUFRQVDQJXLQLGDGR
DILQLGDG
6HUKLMRGHOFRQVRUWHGHODGRSWDQWH/OHYDUPÒVGHXQDâRDFRJLGROHJDOPHQWHEDMRODPHGLGDGHXQDFRJLPLHQWR SUHDGRSWLYRRKDEHUHVWDGREDMRVXWXWHODSRUHOPLVPRWLHPSR
6HUPD\RUGHHGDGRPHQRUHPDQFLSDGR (Q ORV WUHV SULPHURV VXSXHVWRV GHO DSDUWDGR DQWHULRU SRGUÒ FRQVWLWXLUVH OD
DGRSFLäQDXQTXHHODGRSWDQWHKXELHUHIDOOHFLGRVLÚVWHKXELHVHSUHVWDGR\DDQWHHO-XH] VX FRQVHQWLPLHQWR /RV HIHFWRV GH OD UHVROXFLäQ MXGLFLDO HQ HVWH FDVR VHUHWURWUDHUÒQDODIHFKDGHSUHVWDFLäQGHWDOFRQVHQWLPLHQWR¬
'LVSRVLFLyQILQDOXQGpFLPD
(ODUWÞFXORGHO&äGLJR&LYLOTXHGDUÒUHGDFWDGRFRPRVLJXH
+DEUÒQ GH FRQVHQWLU OD DGRSFLäQ HQ SUHVHQFLD GHO -XH] HO DGRSWDQWH R DGRSWDQWHV\HODGRSWDQGRPD\RUGHGRFHDâRV
'HEHUÒQ DVHQWLU D OD DGRSFLäQ HQ OD IRUPD HVWDEOHFLGD HQ OD /H\ GH (QMXLFLDPLHQWR&LYLO
« (O FäQ\XJH GHO DGRSWDQWH VDOYR TXH PHGLH VHSDUDFLäQ OHJDO SRU VHQWHQFLD ILUPHRVHSDUDFLäQGHKHFKRSRUPXWXRDFXHUGRTXHFRQVWHIHKDFLHQWHPHQWH
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
« /RV SDGUHV GHO DGRSWDQGR TXH QR VH KDOODUH HPDQFLSDGR D PHQRV TXH
HVWXYLHUDQ SULYDGRV GH OD SDWULD SRWHVWDG SRU VHQWHQFLD ILUPH R LQFXUVRV HQ FDXVDOHJDOSDUDWDOSULYDFLäQ(VWDVLWXDFLäQVäORSRGUÒDSUHFLDUVHHQSURFHGLPLHQWRMXGLFLDOFRQWUDGLFWRULR HO FXDO SRGUÒ WUDPLWDUVH FRPR GLVSRQH HO DUWÞFXOR GH OD /H\ GH(QMXLFLDPLHQWR&LYLO
1RVHUÒQHFHVDULRHODVHQWLPLHQWRFXDQGRORVTXHGHEDQSUHVWDUORVHHQFXHQWUHQ
LPSRVLELOLWDGRV SDUD HOOR LPSRVLELOLGDG TXH VH DSUHFLDUÒ PRWLYDGDPHQWH HQ ODUHVROXFLäQMXGLFLDOTXHFRQVWLWX\DODDGRSFLäQ
(O DVHQWLPLHQWR GH OD PDGUH QR SRGUÒ SUHVWDUVH KDVWD TXH KD\DQ WUDQVFXUULGR
WUHLQWDGÞDVGHVGHHOSDUWR
'HEHUÒQVHUVLPSOHPHQWHRÞGRVSRUHO-XH] « /RV SDGUHV TXH QR KD\DQ VLGR SULYDGRV GH OD SDWULD SRWHVWDG FXDQGR VX
DVHQWLPLHQWRQRVHDQHFHVDULRSDUDODDGRSFLäQ
«(OWXWRU\HQVXFDVRHOJXDUGDGRURJXDUGDGRUHV«(ODGRSWDQGRPHQRUGHGRFHDâRVVLWXYLHUHVXILFLHQWHMXLFLR« /D HQWLGDG SëEOLFD D ILQ GH DSUHFLDU OD LGRQHLGDG GHO DGRSWDQWH FXDQGR HO DGRSWDQGROOHYHPÒVGHXQDâRDFRJLGROHJDOPHQWHSRUDTXÚO¬
'LVSRVLFLyQILQDOGXRGpFLPD
(OSULPHUSÒUUDIRGHODUWÞFXORGHO&äGLJR&LYLOWHQGUÒODVLJXLHQWHUHGDFFLäQ
(O LQWHUQDPLHQWR SRU UD]äQ GH WUDVWRUQR SVÞTXLFR GH XQD SHUVRQD TXH QR HVWÚ HQ FRQGLFLRQHV GH GHFLGLUOR SRU VÞ DXQTXH HVWÚ VRPHWLGD D OD SDWULD SRWHVWDGUHTXHULUÒ DXWRUL]DFLäQ MXGLFLDO (VWD VHUÒ SUHYLD DO LQWHUQDPLHQWR VDOYR TXH UD]RQHVGH XUJHQFLD KLFLHVHQ QHFHVDULD OD LQPHGLDWD DGRSFLäQ GH OD PHGLGD GH OD TXH VHGDUÒ FXHQWD FXDQWR DQWHV DO -XH] \ HQ WRGR FDVR GHQWUR GHO SOD]R GH YHLQWLFXDWURKRUDV(OLQWHUQDPLHQWRGHPHQRUHVVHUHDOL]DUÒHQWRGRFDVRHQXQHVWDEOHFLPLHQWRGHVDOXGPHQWDODGHFXDGRDVXHGDGSUHYLRLQIRUPHGHORVVHUYLFLRVGHDVLVWHQFLDDOPHQRU¬ 6HGHFODUDLQFRQVWLWXFLRQDOFRQHOHIHFWRHVWDEOHFLGRHQHOIXQGDPHQWRMXUÞGLFRSRU6HQWHQFLDGHO7&GHGHGLFLHPEUH
5HI%2($
'LVSRVLFLyQILQDOGHFLPRWHUFHUD
(ODUWÞFXORGHO&äGLJR&LYLOWHQGUÒXQVHJXQGRSÒUUDIRFRQODVLJXLHQWHUHGDFFLäQ
/DVPHGLGDV\GLVSRVLFLRQHVSUHYLVWDVHQHODUWÞFXORGHHVWH&äGLJRSRGUÒQ VHUDFRUGDGDVWDPELÚQSRUHO-XH]GHRILFLRRDLQVWDQFLDGHFXDOTXLHULQWHUHVDGRHQWRGRV ORV VXSXHVWRV GH WXWHOD R JXDUGD GH KHFKR R GH GHUHFKR GH PHQRUHV HLQFDSDFHVHQFXDQWRORUHTXLHUDHOLQWHUÚVGHÚVWRV¬
'LVSRVLFLyQILQDOGHFLPRFXDUWD
(ODUWÞFXORGHO&äGLJR&LYLOWHQGUÒXQëOWLPRSÒUUDIRFRQODVLJXLHQWHUHGDFFLäQ
6HFRQVLGHUDEHQHILFLRVDSDUDHOPHQRUODLQWHJUDFLäQHQODYLGDGHIDPLOLDGHO WXWRU¬
'LVSRVLFLyQILQDOGHFLPRTXLQWD
(ODUWÞFXORGHO&äGLJR&LYLOWHQGUÒODVLJXLHQWHUHGDFFLäQ
6HUÒQ UHPRYLGRV GH OD WXWHOD ORV TXH GHVSXÚV GH GHIHULGD LQFXUUDQ HQ FDXVD
OHJDO GH LQKDELOLGDG R VH FRQGX]FDQ PDO HQ HO GHVHPSHâR GH OD WXWHOD SRULQFXPSOLPLHQWR GH ORV GHEHUHV SURSLRV GHO FDUJR R SRU QRWRULD LQHSWLWXG GH VXHMHUFLFLRRFXDQGRVXUJLHUDQSUREOHPDVGHFRQYLYHQFLDJUDYHV\FRQWLQXDGRV¬
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
$OFäQ\XJHTXHFRQYLYDFRQHOWXWHODGR¬
(QHODUWÞFXORVHVXVWLWX\H\«¬SRU«\«¬(QHODUWÞFXORVHVXVWLWX\H\«¬SRU«\«¬ ¬SRU¬\VHVXSULPHVX ëOWLPRSÒUUDIR
4XHGD VXSULPLGR HO SÒUUDIR VHJXQGR GHO DUWÞFXOR \ HQ HO WHUFHUR TXH SDVDUÒ D VHU
VHJXQGRVHHOLPLQDODSDODEUDWDPELÚQ¬
6HDJUHJDXQVHJXQGRSÒUUDIRDODUWÞFXORGHOVLJXLHQWHWHQRU
(O GHIHQVRU MXGLFLDO GHVLJQDGR SDUD UHSUHVHQWDU D XQ PHQRU R LQFDSDFLWDGR HQ
XQD SDUWLFLäQ GHEHUÒ REWHQHU OD DSUREDFLäQ GHO -XH] VL ÚVWH QR KXELHUD GLVSXHVWRRWUDFRVDDOKDFHUHOQRPEUDPLHQWR¬ (OQëPHUR«GHODUWÞFXORTXHGDVXVWLWXLGRSRUHOVLJXLHQWH
/RVLQFDSDFLWDGRV¬
(Q HO QëPHUR « GHO DUWÞFXOR ODV SDODEUDV VLQ DXWRUL]DFLäQ MXGLFLDO¬ VXVWLWX\HQ D VLQDXWRUL]DFLäQGHOFRQVHMRGHIDPLOLD¬
(Q HO DUWÞFXOR VH VXVWLWX\HQ ODV SDODEUDV (O PHQRU¬ SRU (O PHQRU QR
HPDQFLSDGR¬
(QHOQëPHUR«GHODUWÞFXOR VHVXVWLWX\HQODVSDODEUDVGHFODUDGRDXVHQWH¬SRU GHFODUDGRSUäGLJRDXVHQWH¬ 'LVSRVLFLyQILQDOGHFLPRQRYHQD
/D/H\GH(QMXLFLDPLHQWR&LYLOTXHGDUÒPRGLILFDGDHQHOVLJXLHQWHVHQWLGR /RV DFWXDOHV DUWÞFXORV D GH OD /H\ GH (QMXLFLDPLHQWR &LYLO SDVDUÒQ D
LQWHJUDU OD 6HFFLäQ 7HUFHUD GHO 7ÞWXOR ,9 GHO /LEUR ,,, WLWXODGD 0HGLGDV SURYLVLRQDOHV HQUHODFLäQFRQORVKLMRVGHIDPLOLD¬
/D 6HFFLäQ 6HJXQGD GHO 7ÞWXOR ,9 GHO /LEUR ,,, VH GHQRPLQDUÒ 0HGLGDV UHODWLYDV DO UHWRUQR GH PHQRUHV HQ ORV VXSXHVWRV GH VXVWUDFFLäQ LQWHUQDFLRQDO¬ \ FRPSUHQGHUÒ ORVDUWÞFXORV D DPERVLQFOXVLYHFRQHOVLJXLHQWHFRQWHQLGR
©$UWtFXOR
(QORVVXSXHVWRVHQTXHVLHQGRDSOLFDEOHXQFRQYHQLRLQWHUQDFLRQDOVHSUHWHQGD
ODUHVWLWXFLäQGHXQPHQRUTXHKXELHUDVLGRREMHWRGHXQWUDVODGRRUHWHQFLäQLOÞFLWDVHSURFHGHUÒGHDFXHUGRFRQORSUHYLVWRHQHVWD6HFFLäQ $UWtFXOR
6HUÒ FRPSHWHQWH HO -XH] GH 3ULPHUD ,QVWDQFLD HQ FX\D GHPDUFDFLäQ MXGLFLDO VH KDOOHHOPHQRUTXHKDVLGRREMHWRGHXQWUDVODGRRUHWHQFLäQLOÞFLWRV
3RGUÒ SURPRYHU HO SURFHGLPLHQWR OD SHUVRQD LQVWLWXFLäQ X RUJDQLVPR TXH WHQJD DWULEXLGRHOGHUHFKRGHFXVWRGLDGHOPHQRUODDXWRULGDGFHQWUDOHVSDâRODHQFDUJDGDGHO FXPSOLPLHQWR GH ODV REOLJDFLRQHV LPSXHVWDV SRU HO FRUUHVSRQGLHQWH FRQYHQLR \HQUHSUHVHQWDFLäQGHÚVWDODSHUVRQDTXHGHVLJQHGLFKDDXWRULGDG
/DV DFWXDFLRQHV VH SUDFWLFDUÒQ FRQ LQWHUYHQFLäQ GHO 0LQLVWHULR )LVFDO \ ORV LQWHUHVDGRVSRGUÒQDFWXDUEDMRODGLUHFFLäQGH$ERJDGR
/D WUDPLWDFLäQ GHO SURFHGLPLHQWR WHQGUÒ FDUÒFWHU SUHIHUHQWH \ GHEHUÒ UHDOL]DUVH HQHOSOD]RGHVHLVVHPDQDVGHVGHODIHFKDHQTXHVHKXELHUHVROLFLWDGRDQWHHO-XH]ODUHVWLWXFLäQGHOPHQRU $UWtFXOR
$ SHWLFLäQ GH TXLHQ SURPXHYD HO SURFHGLPLHQWR R GHO 0LQLVWHULR )LVFDO HO -XH] SRGUÒ DGRSWDU OD PHGLGD SURYLVLRQDO GH FXVWRGLD GHO PHQRU SUHYLVWD HQ OD 6HFFLäQVLJXLHQWH GH HVWD /H\ \ FXDOTXLHU RWUD PHGLGD GH DVHJXUDPLHQWR TXH HVWLPHSHUWLQHQWH $UWtFXOR
3URPRYLGR HO H[SHGLHQWH PHGLDQWH OD VROLFLWXG D OD TXH VH DFRPSDâDUÒ OD GRFXPHQWDFLäQ UHTXHULGD SRU HO FRUUHVSRQGLHQWH FRQYHQLR LQWHUQDFLRQDO HO -XH]
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
GLFWDUÒ HQ HO SOD]R GH YHLQWLFXDWUR KRUDV UHVROXFLäQ HQ OD TXH VH UHTXHULUÒ D ODSHUVRQD TXH KD VXVWUDÞGR R UHWLHQH DO PHQRU FRQ ORV DSHUFLELPLHQWRV OHJDOHV SDUDTXHHQODIHFKDTXHVHGHWHUPLQHTXHQRSRGUÒH[FHGHUGHORVWUHVGÞDVVLJXLHQWHVFRPSDUH]FDHQHOMX]JDGRFRQHOPHQRU\PDQLILHVWH
D 6LDFFHGHYROXQWDULDPHQWHDODUHVWLWXFLäQGHOPHQRUDODSHUVRQDLQVWLWXFLäQ\ RUJDQLVPRTXHHVWLWXODUGHOGHUHFKRGHFXVWRGLD RHQRWURFDVR
E 6LVHRSRQHDODUHVWLWXFLäQSRUH[LVWLUDOJXQDGHODVFDXVDVHVWDEOHFLGDVHQHO FRUUHVSRQGLHQWHFRQYHQLRFX\RWH[WRVHDFRPSDâDUÒDOUHTXHULPLHQWR $UWtFXOR
6L QR FRPSDUHFLHVH HO UHTXHULGR HO -XH] GLVSRQGUÒ D FRQWLQXDFLäQ GHO SURFHGLPLHQWR GH VX UHEHOGÞD FLWDQGR D ORV LQWHUHVDGRV \ DO 0LQLVWHULR )LVFDO D XQDFRPSDUHFHQFLD TXH WHQGUÒ OXJDU HQ SOD]R QR VXSHULRU D ORV FLQFR GÞDV VLJXLHQWHV \GHFUHWDUÒODVPHGLGDVSURYLVLRQDOHVTXHMX]JXHSHUWLQHQWHVHQUHODFLäQFRQHOPHQRU
(Q OD FRPSDUHFHQFLD VH RLUÒ DO VROLFLWDQWH \ DO 0LQLVWHULR )LVFDO \ HQ VX FDVR \
VHSDUDGDPHQWHDOPHQRUVREUHVXUHVWLWXFLäQ(O-XH]UHVROYHUÒSRUDXWRGHQWURGHORVGRVGÞDVVLJXLHQWHVDFRQWDUGHVGHODIHFKDGHODFRPSDUHFHQFLDVLSURFHGHRQROD UHVWLWXFLäQ WHQLHQGR HQ FXHQWD HO LQWHUÚV GHO PHQRU \ ORV WÚUPLQRV GHOFRUUHVSRQGLHQWHFRQYHQLR $UWtFXOR
6LFRPSDUHFLHVHHOUHTXHULGR\DFFHGLHUHDODUHVWLWXFLäQYROXQWDULDGHOPHQRUVH OHYDQWDUÒDFWDDFRUGDQGRHO-XH]PHGLDQWHDXWRODFRQFOXVLäQGHOSURFHGLPLHQWR\OD HQWUHJD GHO PHQRU D OD SHUVRQD LQVWLWXFLäQ \ RUJDQLVPR WLWXODU GHO GHUHFKR GHFXVWRGLDDVÞFRPRORSURFHGHQWHHQFXDQWRDFRVWDV\JDVWRV $UWtFXOR
6LHQODSULPHUDFRPSDUHFHQFLDHOUHTXHULGRIRUPXODVHRSRVLFLäQDODUHVWLWXFLäQ GHOPHQRUDODPSDURGHODVFDXVDVHVWDEOHFLGDVHQHOFRUUHVSRQGLHQWHFRQYHQLRQRVHUÒ GH DSOLFDFLäQ OR GLVSXHVWR HQ HO DUWÞFXOR GH HVWD /H\ YHQWLOÒQGRVH ODRSRVLFLäQDQWHHOPLVPR-XH]SRUORVWUÒPLWHVGHOMXLFLRYHUEDO$HVWHILQ
D (QHOPLVPRDFWRGHFRPSDUHFHQFLDVHUÒQFLWDGRVWRGRVORVLQWHUHVDGRV\HO
0LQLVWHULR )LVFDO SDUD TXH H[SRQJDQ OR TXH HVWLPHQ SURFHGHQWH \ HQ VX FDVR VHSUDFWLTXHQODVSUXHEDVHQXOWHULRUFRPSDUHFHQFLDTXHVHFHOHEUDUÒGHFRQIRUPLGDGFRQ OR GLVSXHVWR HQ HO DUWÞFXOR \ FRQFRUGDQWHV GH HVWD /H\ GHQWUR GHO SOD]RLPSURUURJDEOHGHORVFLQFRGÞDVDFRQWDUGHVGHODSULPHUD
E $VLPLVPR WUDV OD SULPHUD FRPSDUHFHQFLD HO -XH] RLUÒ HQ VX FDVR
VHSDUDGDPHQWH DO PHQRU VREUH VX UHVWLWXFLäQ \ SRGUÒ UHFDEDU ORV LQIRUPHV TXHHVWLPHSHUWLQHQWHV $UWtFXOR
&HOHEUDGD OD FRPSDUHFHQFLD \ HQ VX FDVR SUDFWLFDGDV ODV SUXHEDV SHUWLQHQWHV
GHQWUR GH ORV VHLV GÞDV SRVWHULRUHV HO -XH] GLFWDUÒ DXWR GHQWUR GH ORV WUHV GÞDVVLJXLHQWHV UHVROYLHQGR HQ LQWHUÚV GHO PHQRU \ HQ ORV WÚUPLQRV GHO FRQYHQLR VLSURFHGHRQRVXUHVWLWXFLäQ&RQWUDGLFKRDXWRVäORFDEUÒUHFXUVRGHDSHODFLäQHQXQVRORHIHFWRTXHGHEHUÒUHVROYHUVHHQHOLPSURUURJDEOHSOD]RGHYHLQWHGÞDV $UWtFXOR
6L HO -XH] UHVROYLHVH OD UHVWLWXFLäQ GHO PHQRU HQ HO DXWR VH HVWDEOHFHUÒ TXH OD SHUVRQDTXHWUDVODGäRUHWXYRDOPHQRUDERQHODVFRVWDVGHOSURFHGLPLHQWRDVÞFRPRORV JDVWRV HQ TXH KD\D LQFXUULGR HO VROLFLWDQWH LQFOXÞGRV ORV GHO YLDMH \ ORV TXHRFDVLRQHODUHVWLWXFLäQGHOPHQRUDO(VWDGRGHVXUHVLGHQFLDKDELWXDOFRQDQWHULRULGDGDODVXVWUDFFLäQTXHVHKDUÒQHIHFWLYRVSRUORVWUÒPLWHVSUHYLVWRVHQHODUWÞFXOR \FRQFRUGDQWHVGHHVWD/H\
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
(QORVGHPÒVVXSXHVWRVVHGHFODUDUÒQGHRILFLRODVFRVWDVGHOSURFHGLPLHQWR¬
'LVSRVLFLyQILQDOYLJpVLPD
(O0LQLVWHULR)LVFDOYHODUÒSDUDTXHLQFRDGRXQSURFHGLPLHQWRVREUHUHFODPDFLäQIUHQWH D ODV UHVROXFLRQHV GH ODV HQWLGDGHV SëEOLFDV TXH VXUMDQ FRQ PRWLYR GHO HMHUFLFLR GH VXVIXQFLRQHVHQPDWHULDGHWXWHODRGHJXDUGDVHUHVXHOYDQHQHOPLVPRH[SHGLHQWHWRGDVODVDFFLRQHV H LQFLGHQFLDV TXH DIHFWHQ D XQ PLVPR PHQRU $ WDO HIHFWR SURPRYHUÒ DQWH ORVäUJDQRVMXULVGLFFLRQDOHVODVDFWXDFLRQHVRSRUWXQDVSUHYLVWDVHQODOHJLVODFLäQSURFHVDO 'LVSRVLFLyQILQDOYLJpVLPDSULPHUD
(ODUWÞFXORHQVXVDSDUWDGRV\ HODUWÞFXORHQVXDSDUWDGR HODUWÞFXORHQVX
DSDUWDGROHWUDF HODUWÞFXORHQVXVDSDUWDGRV\OHWUDVD E \G ORVDUWÞFXORVHQVXDSDUWDGRHQVXVDSDUWDGRV\\HODUWÞFXORVRQOHJLVODFLäQ VXSOHWRULD GH OD TXH GLFWHQ ODV &RPXQLGDGHV $XWäQRPDV FRQ FRPSHWHQFLD HQPDWHULDGHDVLVWHQFLDVRFLDO
(O DUWÞFXOR HQ VX DSDUWDGR HO DUWÞFXOR HQ VX DSDUWDGR HO DUWÞFXOR ODV
GLVSRVLFLRQHV DGLFLRQDOHV SULPHUD VHJXQGD \ WHUFHUD OD GLVSRVLFLäQ WUDQVLWRULD ëQLFD \ ODVGLVSRVLFLRQHV ILQDOHV GHFLPRQRYHQD \ YLJÚVLPD VH GLFWDQ DO DPSDUR GHO DUWÞFXOR \GHOD&RQVWLWXFLäQ
/RV UHVWDQWHV SUHFHSWRV QR RUJÒQLFRV GH OD /H\ DVÞ FRPR ODV UHYLVLRQHV DO &äGLJR &LYLOFRQWHQLGDVHQODPLVPDVHGLFWDQDODPSDURGHODUWÞFXOR GHOD&RQVWLWXFLäQ\VH DSOLFDUÒQ VLQ SHUMXLFLR GH OD QRUPDWLYD TXH GLFWHQ ODV &RPXQLGDGHV $XWäQRPDV FRQFRPSHWHQFLDHQPDWHULDGH'HUHFKR&LYLO)RUDOR(VSHFLDO 'LVSRVLFLyQILQDOYLJpVLPDVHJXQGD
/DV HQWLGDGHV SëEOLFDV PHQFLRQDGDV HQ HVWD /H\ VRQ ODV GHVLJQDGDV SRU ODV &RPXQLGDGHV$XWäQRPDV\ODVFLXGDGHVGH&HXWD\0HOLOODGHDFXHUGRFRQVXVUHVSHFWLYDVQRUPDVGHRUJDQL]DFLäQ 'LVSRVLFLyQILQDOYLJpVLPDWHUFHUD
7LHQHQ FDUÒFWHU GH OH\ RUGLQDULD ORV DUWÞFXORV DSDUWDGRV \ DSDUWDGR
DSDUWDGRSÒUUDIRF ELV WHU TXÒWHU TXLQTXLHV DSDUWDGRVSÒUUDIRVDEG\I\ ELVELVELVELVWHUTXÒWHUTXLQTXLHV\ ODVGLVSRVLFLRQHVDGLFLRQDOHVSULPHUDVHJXQGD\WHUFHUD ODGLVSRVLFLäQ WUDQVLWRULD OD GLVSRVLFLäQ GHURJDWRULD \ ODV GLVSRVLFLRQHV ILQDOHV SULPHUD DYLJÚVLPDVHJXQGD\YLJÚVLPDFXDUWD
/RV SUHFHSWRV UHODFLRQDGRV HQ HO SÒUUDIR DQWHULRU VH DSOLFDUÒQ VHJëQ OR SUHYLVWR HQ OD GLVSRVLFLäQILQDOYLJÚVLPDSULPHUD 'LVSRVLFLyQILQDOYLJpVLPDFXDUWD
/DSUHVHQWH/H\HQWUDUÒHQYLJRUDORVWUHLQWDGÞDVGHVXSXEOLFDFLäQHQHO%ROHWÞQ2ILFLDO GHO(VWDGR¬
3RUWDQWR0DQGRDWRGRVORVHVSDâROHVSDUWLFXODUHV\DXWRULGDGHVTXHJXDUGHQ\KDJDQJXDUGDU HVWD/H\2UJÒQLFD
0DGULGGHHQHURGH
(O3UHVLGHQWHGHORELHUQR )(/,3(21=²/(=0²548(=
(VWHWH[WRFRQVROLGDGRQRWLHQHYDORUMXUÞGLFR0ÒVLQIRUPDFLäQHQLQIR#ERHHV
/(*,6/$&,Ä1&2162/,'$'$
3ÒJLQD
