Dec 2090 honorarios sca

221 Aufrufe

Veröffentlicht am

0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
221
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
2
Aktionen
Geteilt
0
Downloads
0
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Dec 2090 honorarios sca

  1. 1. -817$,5(7,9$ 35(6,(17( 9,(35(6,(17(522/)28//2$9(5*$5$ .215$ %5811(5 9/(+(167(,192$/(6 92$/(635,1,3$/(6 683/(17(6%,//*2(%(5786%(-$5$12 525,*258%,292//(57$5/26+$55,//2$5$1*2 /8,6$$0(/,$3,172-$20(,/,$1$:,(61(5(+(9(55 $5/26*),6+(508f2=-8$152-$6,5$*255, *21=$/23(/$(=$/$63$75,,$02/,1$)216($92$/(6(6,*1$26 92$/(6(6,*1$26-817$$17(5,25 -817$$17(5,2535,1,3$/(6 683/(17(60$5,2$125,(*$72/(2021,$*20(=((63,126$ $15(6255$17,$+(55(5$ 35285$2535,1,3$/ 683/(17(*(5+$52$(9(2$%$//(52 5(9,625),6$/35,1,3$/ 683/(17($/9$52*20(=+8(62 (15,48(1$9$55252-$6 7(625(52 $5/26+$55,//2$5$1*2 ,5(725(-(87,92 525,*2263,1$)(51$1(=
  2. 2. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ (5(721RGHO(6(37,(0%5(( 3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORV WUDEDMRVGH$UTXLWHFWXUD (/35(6,(17((/$5(3Ò%/,$(2/20%,$ HQHMHUFLFLRGHODIDFXOWDGFRQIHULGDSRUHO $UWtFXORGHOHFUHWR/HGH 216,(5$124XH OD 6RFLHGDG RORPELDQD GH $UTXLWHFWRV WLHQH FDUiFWHU GH XHUSRRQVXOWLYRGHO*RELHUQRGHDFXHUGRFRQORGLVSXHVWRSRUHOHFUHWRGHUDWLILFDGRSRUOD/HGH4XHVHJ~QVXV(VWDWXWRVD6RFLHGDGPHQFLRQDGDWLHQHSRUREMHWRDJUXSDU OD ORV $UTXLWHFWRV SDUD IRPHQWDU HO HVWXGLR GHVDUUROOR GLIXVLyQ GH OD$UTXLWHFWXUD SUHVHUYDU OD pWLFD SURIHVLRQDO RULHQWDU ODV UHODFLRQHV GH ORV$UTXLWHFWRV FRQ HO (VWDGR FRQ OD FRPXQLGDG D OD FXDO VL UYHQ GH ORV$UTXLWHFWRVHQWUHHOORV4XH OD -XQWD LUHFWLYD GH OD 6RFLHGDG RORPELDQD GH $UTXL WHFWRV HQ VXVHVLyQ GHO GtD GH IHEUHUR GH DSUREy HO 5HJODPHQWR GH +RQRUDULRVSDUDWUDEDMRVGH$UTXLWHFWXUD4XHODPLVPD-XQWDLUHFWLYDHQVXUHX LyQGHOGtDGHGLFLHPEUHGH QDSUREy SRU XQDQLPLGDG ODV PRGLILFDFLRQHV KHFKDV DO 5HJODPHQWR HQPHQFLyQ (5(7$$57,8/2 ž $SUXpEDVH HO 5HJODPHQWR GH +RQRUDULRV SDUD WUDEDMRV GH$UTXLWHFWXUD DGRSWDGR SRU OD -XQWD LUHFWLYD 1DFLRQDO GH OD 6RFLHGD GRORPELDQD GH $UTXLHFWRV HQ VXV VHVLRQHV GH ORV GtDV GH IHEUHUR GH WGHGLFLHPEUHGHFXRWH[WRHVHOVLJXLHQWH 217(1,2(),1,,21(6*(1(5$/(62EOLJDWRULHGDGGHO5HJODPHQWR+RQRUDULR0tQLPR7UDEDMRVRQVLGHUDG RVDWHJRUtDVGHORV7UDEDMRV DWHJRUtD$ DWHJRUtD% DWHJRUtD DWHJRUtD DWHJRUtD(
  3. 3. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ DWHJRUtD) DWHJRUtD* DWHJRUtD+ DWHJRUtD, 3URHFWRV,QFOXLGRVHQ7UDEDMRV9DULRVHVFXHQWRV3yOL]DVGH6HJXURV*DVWRV5HHPEROVDEOHV(VWXGLRGH,QJHQLHUtDRVWRGHODRQVWUXFFLyQ RVWR%DVHSDUDREURGHODV7DULIDV%7
  4. 4. RVWRVQR,QFOXLEOHVHQHORE URGH7DULIDV 2WURVRPSRQHQWHVGHRVWRV,QIRUPDWLYR
  5. 5. RQWUDWDFLyQ)RUPDGH3DJR6XVSHQVLyQGHORV7UDEDMRVRQVXOWDVDOD6$ RPLVLyQGHO(MHUFLFLR3URIHVLRQDO RVWRGHODVRQVXOWDV (648(0$ %È6,2 $17(352(72 352(72 683(59,6,Ï1 $548,7(7Ï1,$HVFULSFLyQGHORV7UDEDMRV (VTXHPD%iVLFR $QWHSURHFWR 3URHFWR 6XSHUYLVLyQ$UTXLWHFWyQLFD+RQRUDULRV +RQRUDULR%iVLFR +RQRUDULRGHO(VTXHPD%iVLFR DVRGHO$QWLFLSRGHO$QWHSURHFWR DVRGHQR(ODERUDFLyQGHO(VTXH PD%iVLFR +RQRUDULRGHO$QWHSURHFWR $QWLFLSRGHO3URHFWR$UTXLWHFWyQLFR 0RGLILFDFLRQHVGHO$QWHSURHFWR +RQRUDULRV GHO $QWHSURHFWR 3URHFWR VXSHUYLVLyQ $UTXLWHFWyQLFD$36
  6. 6. 5HWHQFLyQSDUD6XSHUYLVLyQ$UTXLWHFWyQLFD (QWUHJDV3DUFLDOHVGHO3URHFWR 0RGLILFDFLRQHVDO3URHFWR$UTXLWHFWyQLFR DVRGHQR2EWHQFLyQGHOLFHQFLDGHRQVWUXFFLyQ 3URHFWRGHRQMXQWRSDUDRQVUXFFLRQHV W 3URHFWRSDUDVHU5HSHWLGRHQLIHUHQWHV6LWLRV LIHUHQWHV WLSRV GH HGLILFLRV GHQWUR GHO PLVPR SURHFWR 8WLOL]DFLyQGHXQSURHFWRHQpSRFDSRVWHULRU +RQRUDULRVGH6XSHUYLVLyQ$UTXLWHFWyQLFD6XVSHQVLyQGHORV7UDEDMRV H$QWHSURHFWR3URHFWR$UTXLWHFWyQLFR
  7. 7. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ H6XSHUYLVLyQ$UTXLWHFWyQLFD3URSLHGDG,QWHOHFWXDOGHO 3URHFWR$UTXLWHFWyQLFR85%$1,=$,21(6 $17(352(72352(72HVFULSFLyQGHORV7UDEDMRV $QWHSURHFWR 3URHFWR+RQRUDULRV 8UEDQL]DFLRQHVGH9LYLHQGD 2WUDV8UEDQL]DFLRQHV 8UEDQL]DFLRQHVRPELQDGDV 9DORUGHO+RQRUDULRVHJ~QOD7UDPLWDFLyQ 8UEDQL]DFLRQHVHQ/RWHVFRQ3HQGLHQWH7UDEDMRVQR,QFOXLGRVHQHOLVHxRGH8UEDQLVPR35(6838(672HVFULSFLyQGHO7UDEDMR )HFKDGHO3UHVXSXHVWR DStWXORVGHRQVWUXFFLyQ,QFOXLGRV 3UHVHQWDFLyQGHO3UHVXSXHVWR D
  8. 8. 3UHVXSXHVWRSRUDStWXORV E
  9. 9. $QiOLVLV8QLWDULRV F
  10. 10. /LVWDGRGH3UHFLRV%iVLFRV G
  11. 11. RPSRQHQWHVGHO3UHVXSXHVWR RFXPHQWRVSDUD(ODERUDUHO3UHVXSXHWRV (VWLPDWLYR,QLFLDO*OREDO 2WUDV/DERUHV5HODFLRQDGDVFRQHO3UHVXSXHVWR D
  12. 12. 3UHVXSXHVWR3UHOLPLQDU E
  13. 13. RVWRVGH$OWHUQDWLYDVGHRQVWUXFFLyQ F
  14. 14. iOFXORVGHDQWLGDGHVGH2EUDGH3URHFWRV7pFQLFRV+RQRUDULR (ODERUDFLyQGHO3UHVXSXHVWR 2WUDV/DERUHV5HODFLRQDGDVFRQHO3UHVXSXHVWR D
  15. 15. 3UHVXSXHVWR3UHOLPLQDU E
  16. 16. $OWHUQDWLYDVGHRQVWUXFFLyQ F
  17. 17. DQWLGDGHVGH2EUDGH3URHFWRV7pFQLFRV21752/(26726HVFULSFLyQGHO7UDEDMR +RQRUDULR 2EUDVSRU$GPLQLVWUDFLyQHOHJDGD 2EUDVD3UHFLRV8QLWDULRV REURGHORV+RQRUDULRV352*5$0$,Ï121752/HVFULSFLyQGHORV7UDEDMRV 3URJUDPDFLyQ 3URJUDPDGHDFWLYLGDGHVSUHYLDVRGHSURHFWRV 3URJUDPDV*HQHUDOHV D
  18. 18. 3URJUDPD*HQHUDOSDUD/LFLWDFLRQHV
  19. 19. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ E
  20. 20. 3URJUDPD*HQHUDOSDUDRQWUDWDFLyQLUHFWD 3URJUDPDGHRQVWUXFFLyQ D
  21. 21. 3URJUDPD*HQHUDO3UHOLPLQDU E
  22. 22. 3URJUDPDVHWDOODGRV F
  23. 23. 3URJUDPDVRPSOHPHQWDULRV G
  24. 24. 3URJUDPD*HQHUDORRUGLQDGRU RQWUROGHOD3URJUDPDFLyQ 7RPDGHDWRV 3URFHVDPLHQWRGHDWRV (VWXGLRGH5HQGLPLHQWRV 5HXQLRQHV9LVLWDVDOD2EUD $QiOLVLVGHOD0DUFKDGHOD2EUD ,QIRUPHV$FWXDOL]DFLRQHVGHO3URJUDPD 3URJUDPDVHWDOODGRVSDUD3HUtRGRVRUWRV+RQRUDULRV 3URJUDPDFLyQ D
  25. 25. 3URJUDPDGH$FWLYLGDGHV3UHYLDVGH3URHFWRV E
  26. 26. 3URJUDPDV*HQHUDOH V F
  27. 27. 3URJUDPDGHODRQVWUXFFLyQ RQWUROGHOD3URJUDPDFLyQ,17(59(1725,$HVFULSFLyQGHORV7UDEDMRV ,QWHUYHQWRUtDGHO3URHFWR ,QWHUYHQWRUtDXUDQWHODRQVWUXFFLyQ ,QWHUYHQWRUtD7pFQLFD ,QWHUYHQWRUtD$GPLQLVWUDWLYD+RQRUDULRV 3DUD,QWHUYHQWRUtDGH3URHFWRV 3DUD,QWHUYHQWRUtDGHRQVWUXFFLyQ4XLHQHVSXHGHQ(MHUFHUOD,QWHUYHQWRUtD5HODFLRQHVHQWUHHO,QWHUYHQWRUOD(QWLGDGRQWUDWDQWH5HODFLRQHVHQWUHHO,QWHUYHQWRUHORQVWUXFWRU5HVSRQVDELOLGDGGHO,QWHUYHQWRU216758,Ï1HVFULSFLyQGHORV7UDEDMRV RQVWUXFFLyQSRU$GPLQLVWUDFLyQHOHJDGD 2EWHQFLyQGHORV6HUYLFLRV3~EOLFRV (UURUHVHQOD2EUD 3yOL]DVGH6HJXUR LUHFFLyQGHOD2EUD 6XPLQLVWURGH)RQGRV 3UHVHQWDFLyQGHXHQWDV HVFXHQWRV (QWUHJDGHOD2EUD RQVWUXFFLyQD3UHFLR*OREDOR$O]DGR RQVWUXFFLyQSRU3UHFLRV8QLWDULRV+RQRUDULRV
  28. 28. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ RQVWUXFFLyQSRU$GPLQLVWUDFLyQHOHJDGD 9DORUGHORV+RQRUDULRV )RUPDGH3DJRGHORV+RQRUDULRV 5HWHQFLyQDORV+RQRUDULRV ([HQFLyQGH2EOLJDFLRQH V +RQRUDULRVGHVGHOD,QWHUYHQFLyQ 0DWHULDOHV 6XPLQLVWUDGRV SRU OD (QWLGDGRQWUDWDQWH RQWUDWDFLyQGH(VWXGLRV7pFQLFRV 2EUDVGHRUWDXUDFLyQ 2EUDVHPRUDGDV +RQRUDULRVSDUDRQVWUXFF LyQSRU3UHFLR*OREDOR$O]DGR +RQRUDULRVSDUDRQVWUXFFLyQSRU3UHFLRV8QLWDULRVRQFXUVRV/LFLWDFLRQHV75$%$-269$5,26HVFULSFLyQGHORV7UDEDMRV 3URHFWR $UTXLWHFWyQLFR GH 2EUDV QR 0HGLEOHV HQ 0HWURV XDGUDGRVRQVWUXLGRV 5HFLERGH3ODQRV 2UJDQL]DFLyQGH/LFLWDFLRQHV 2WURV7UDEDMRV+RQRUDULRV RVWRV5HODFLRQDGRVLUHFWDPHQWHFRQHO7UDEDMR D
  29. 29. 6XHOGRV3UHVWDFLRQHVGHO3HUVRQDODVLJQDGRDO(VWXGLR E
  30. 30. 7UDQVSRUWH9LiWLFRV F
  31. 31. +RQRUDULRVGHRWURV3URIHVLRQDOHV G
  32. 32. 6XPLQLVWURV H
  33. 33. $UUHQGDPLHQWRV$OTXLOHUHV I
  34. 34. 2WURVRVWRV RVWRVGHOD2UJDQL]DFLyQ3URSLDGHO$UTXLWHFWR D
  35. 35. 6XHOGRV3UHVWDFLRQHVGHO3HUVRQDO$GPLQLVWUDWLY RGH OD2ILFLQDGHO$UTXLWHFWR E
  36. 36. 6HUYLFLRV3DJDGRVD7HUFHURV F
  37. 37. $UUHQGDPLHQWRV G
  38. 38. RWDFLyQ0DQWHQLPLHQWRGH2ILFLQDV H
  39. 39. $FDUUHRV7UDQVSRUWHV I
  40. 40. *DVWRV/HJDOHV J
  41. 41. 0DQWHQLPLHQWRGH3HUVRQDO7pFQLFR RQFHSWRGH8WLOGDGL)RUPDGH3DJR 6LVWHPDGHO0XOWLSOLFDGRU 6XPD)LMDSRUtDRSRU+RUD RVWR7RWDOPDVXQD6XPD)LMD*(5(1,$(352(723UHVHQWDFLyQ 7UDQVFULSFLyQ GH ORV FRQFHSWRV WDULIDV GH OD )((5$,Ï1 ( /21-$6(3523,($5$Ë=
  42. 42. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 62,($2/20%,$1$($548,7(726 5(*/$0(172(+2125$5,26(),1,,21(6*(1(5$/(6 2%/,*$725,($ (O SUHVHQWH UHJODPHQWR HV GH IRU]RVD DSOLFDFLyQSDUD WRGRV ORV SURIHVLRQDOHV DILOLDGRV D OD 6RFLHGDG ROR PELDQD GH$UTXLWHFWRVSDUDWRGRVORVRUJDQLVPRVRILFLDOHVVHPLRILFLDOHVGHO(VWDGRRORPELDQR+2125$5,20Ë1,02 /RVKRQRUDULRVHVWDEOHFLGRVHQHVWHUHJODPHQWRVXIRUPDGHOLTXLGDFLyQSDJRVRQORVPtQLPRVTXHORV$UTXLWHFWRVGHEHUiQFREUDUFXDQGRVHUHILHUDQDORVWUDEDMRVGHTXHWUDWDHOPLVPR75$%$-26 /RVWUDEDMRVFRQVLGHUDGRVVRQORVVLJXLHQWHV (VTXHPD%iVLFR$QWHSURHFWR3URHFWR6XSHUYLVLyQ$UTXLWHFWyQLFD $36
  43. 43. 8UEDQL]DFLRQHV $QWHSURHFWR3URHFWR 3UHVXSXHVWR RQWUROGHFRVWRV 3URJUDPDFLyQRQWUROGH3URJUDPDFLyQ ,QWHUYHQWRUtD RQVWUXFFLyQ 7UDEDMRV9DULRV *HUHQFLDGH3URHFWRV$7(*25Ë$6 3DUD HIHFWRGHODOLTXLGDFLyQ GHKR QRUDULRVORVWUDEDMRV VHFODVLILFDQHQODVVLJXLHQWHVFDWHJRUtDV $7(*25Ë$ $ 3URHFWRV GH FRQVWUXFFLRQHV VLPSOHV FRQ LQVWDODFLRQHVPtQLPDV (GXFDFLyQ $XODVGHFODVH 7UDEDMR +DQJDUHVJDOSRQHVERGHJDVV LQLQVWDODFLRQHV HVSHFLDOHV 7UDQVSRUWH (VWDFLRQDPLHQWRV GHVFXELHUWRV R FXELHUWRV FRQ HVWUXFWXUDOLYLDQD 9DULRV DPSDPHQWRV $7(*25Ë$%3URHFWRVGHFRQVWUXFFLRQHVVHQFLOODV (GXFDFLyQ (VFXHODV FROHJLRV VLQ YLYLHQGD VLQ LQVWDODFLRQHV HVSHFLDOHVDXODVWtSLFDVHQDWHJRUtD$
  44. 44. 7UDEDMR RQVWUXFFLRQHV FRPHUFLDOHV VHQFLOODV FRQ UHSHWLFLyQ GH ORFDOHV VLQ XVR HVSHFtILFR IiEULFDV R WDOOHUHV FXDQGR HO SURFHVR
  45. 45. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ LQGXVWULDOODORFDOL]DFLyQGHODVPiTXLQDVRHTXLSRVQRVHDQIDFWRU SUHSRQGHUDQWHHQHOSURHFWR 7UDQVSRUWH (VWDFLRQDPLHQWRV HQ HGLILFLRV R HGLILFLRV H[FOXVLYRV SDUDHVWHXVRHVWDFLRQHVGHVHUYLFLR 3DLVDMLVPRHSURHFWRVTXHQRVHDQHVSHFLDOPHQWHFRPSOHMRV $7(*25Ë$ 3URHFWRVGHFRQVWUXFFLRQHVFRPSOHMDV 9LYLHQGD (GLILFLRV GRQGH VH UHSLWHQ ODV XQLGDGHV R ORV SLVRV TXH ORV FRQVWLWXHQ FRPR DSDUWDPHQWRV FXDUWHOHV LQWHUQDGRV DVLORV DOEHUJXHV LQIDQWLOHV DQFLDQDWRV FHQWURV GH UHSRVR FHQWURV GH UHFOXVLyQFiUFHOHVFRQYHQWRVPRQDVWHULRV (GXFDFLyQ ROHJLRV XQLYHUVLGDGHV FHQWURV HGXFDWLYRV FRQ LQVWDODFLRQHV HVSHFLDOL]DGDV GLYHUVDV FRPR ODERUDWRULRV DXODV P~OWLSOHV JLPQDVLRV VDODV GH H[SRVLFLyQ LQVWLWXWRV FLHQWtILFRV WpFQLFRV 7UDEDMR (GLILFLRV GH RILFLQDV VLQ GHVWLQDFLyQ HVSHFtILFD FHQWUDOHV GH DEDVWHFLPLHQWR SOD]DV GH PHUFDGR WDOOHUHV SODQWDV LQGXVWULDOHVHVSHFtILFDVGRQGHHOSURFHVRLQGXVWULDOODORFDOL]DFLyQ GHODVPiTXLQDVHTXLSRVVHDIDFWRUSUHSRQGHUDQWHHQHOSURHFWR FHQWURV FRPHUFLDOHVVLQGHVWLQDFLyQHVSHFtILFD 9DULRVDSLOODVLJOHVLDVFHQWURVSDUURTXLDOHV 3DLVDMLVPR3DUDDTXHOORVSURHFWRVFXDLPSRUWDQFLDFRPSOHMLGDG H[LJHQHVWXGLRVHVSHFLDOHVGHDUTXLWHFWXUDHQHVWHFDPSRFDVRHQ HOFXDOVHUHTXLHUHFRQFHS WRGHODFRPLVLyQGHOHMHUFLFLRSURIHVLRQDO $7(*25Ë$ 3URHFWRV GH FRQVWUXFFLRQHV TXH VH FDUDFWHUL]DQSRUVXHVSHFLDOFRPSOHMLGDG 9LYLHQGD+DELWDFLyQWHPSRUDOFRPRKRWHOHVPRWHOHVSDUDGRUHV 7UDEDMR (GLILFLRV DGPLQLVWUDWLYRV FRQ GHVWLQDFLyQ HVSHFtILFD EDQFRV FDMDV GH DKRUUR DGXDQDV H LQVWDODFLRQHV TXH SRU VX IXQFLRQDPLHQWRSXHGDQDVLPLODUVHDHVWDVLQVWLWXFLRQHV 7UDQVSRUWH $HURSXHUWRV HVWDFLRQHV GH IHUURFDUULO FHQWUDOHV GH WUDQVSRUWHSXHUWRV 5HFUHDFLyQ 7HDWURV FLQHV PXVHRV ELEOLRWHFDV SODQHWDULRV FHQWURV GH UDGLR WHOHYLVLyQ FOXEHV VRFLDOHV FXOWXUDOHV GHSRUWLYRV HVWDGLRV SLVWDV DWOpWLFDV SLVFLQDV YHOyGURPRV H LQVWDODFLRQHV GHSRUWLYDV FRQ JUDGHUtDV GHSHQGHQFLDV DX[LOLDUHV FROLVHRVFDQFKDVGHS RUWLYDVFXELHUWDV
  46. 46. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 6DOXG3XHVWRVFHQWURVGHVDOXGFOtQLFDVKRVSLWDOHVFRQVXOWRULRV PpGLFRVRGRQWROyJLFRV $7(*25Ë$ ( 3URHFWRV GH UHVLGHQFLDV R YLYLHQGDV XQLIDPLOLDUHVELIDPLOLDUHVRWULIDPLOLDUHV $7(*25Ë$) 3URHFWRVGHFRQVWUXFFLyQHQVHULH 6H HQWLHQGH SRU FRQVWUXFFLyQ HQ VHULH OD UHSHWLFLyQ GH XQLGDGHV LJXDOHV SDUD VHU FRQVWUXLGDV HQ XQ PLVPR JORER GH WHUUHQR GH DFXHUGRFRQXQSODQWHDPLHQWRJHQHUDO $7(*25Ë$* 3URHFWRVGH(GLILFLRV0L[WRV 6HHQWLHQGHSRUHGLILFLRPL[WRDTXHOTXHFRQVWDGHGLIHUHQWHVSDUWHV GHQWUR GH OD PLVPD HVWUXFWXUD FRQVLGHUDGDV HQ GRV R PiV GH ODV FDWHJRUtDVVLHPSUHFXDQGRQLQJXQDGHODVSDUWHVH[FHGDHO GHOiUHDWRWDOFDVRHQHOFXDOWRGRHOHGLILFLRVHFQVLGHUDUiGHQWUR R GH OD FDWHJRUtD GHO iUHD PDRULWDULD SDUD OD OLTXLGDFLyQ GH KRQRUDULRV(MHPSORGH HGLILFLRPL[WRHGLILFLRGHDSDUWDPHQ WRVFRQ ORFDOHV FRPHUFLDOHV HQ ORV SULPHURV SLVRV HGLILFLR GH RILFLQDV FRQ VXFXUVDOEDQFDULDHQORVSULPHURVSLVRV $7(*25Ë$+ 3URHFWRVGHUHVWDXUDFLyQ 6H HQWLHQGH SRU UHVWDXUDFLyQ XQ WUDEDMR TXH WLHQH FRPR ILQ SUHVHUYDUUHOHYDUORVYDORUHVHVWpWLFRVHKLVWyULFRVGHODHGLILFDFLyQ RPRQXPHQWRVHEDVDHQHOUHVSHWRGHODVXVWDQFLDGHVXpSRFD GHORVGRFXPHQWRVDXWpQWLFRVHDOOtHQDGHODQWHFXDOTXLHUWUDEDMR FRPSOHPHQWDULR R UHFRQRFLGR FRPR LQGLVSHQVDEOH UHVSHWDUi OD FRPSRVLFLyQ DUTXLWHFWyQLFD (Q ORV SURHFWRV GH UHVWDXUDFLyQ GHEHQ REHGHFHUVH ODV OHHV QRUPDV YLJHQWHV VREUH GHIHQVD FRQVHUYDFLyQGHO3DWULPRQLR+LVWyULFR$UWtVWLFRGHODQDFLyQ $7(*25Ë$ , 3URHFWRV GH UHSDUDFLRQHV UHIRUPDV DPSOLDFLRQHV 6HHQWLHQGHSRU5HSDUDFLyQ (ODUUHJORGHXQLQPXHEOHGHWHULRUDGR XREVROHWRVLQDXPHQWDUVXiUHDFRQVWUXLGD 6H HQWLHQGH SRU 5HIRUPD (O FDPELR R PHMRUDPLHQWR GH OD GLVWULEXFLyQ R HO XVR GH XQD HGLILFDFLyQ VLQ DXPHQWDU VX iUHD FRQVWUXLGD 6H HQWLHQGH SRU $PSOLDFLyQ (O DXPHQWR GHO iUHD GH FRQVWUXFFLyQ FXDQGR HVWD VH GHVDUUROOD VREUH OD PLVPD HVWUXFWXUD HG LILFDFLyQ
  47. 47. H[LVWHQWH 352(726,1/8,26(175$%$-269$5,26 (Q DOJXQRV WLSRV GH SURHFWRV QR HV FODUR R QR HV SRVLEOH UHIHULUVH D PHWURV FXDGUDGRVGHFRQVWUXFFLyQSRUORWDQWRHOFiOFXORGHKRQRUDULRVVH KDUiGHDFXHUGRDODStWXOR7U EDMRV9DULRV D
  48. 48. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 7UDQVSRUWH (VWDFLRQDPLHQWRVGHVFXELHUWRV 5HFUHDFLyQ DQFKDV GHSRUWLYDV DO DLUH OLEUH VLQ JUDGHUtDV R LQVWDODFLRQHVDGLFLRQDOHVSDUTXHVMDUGLQHV 9DULRV FHPHQWHULRV (68(1726 (Q ORV FRQWUDWRV GH FRQVWUXFFLyQ SRU DGPLQ LVWUDFLyQ GHOHJDGDHO$UTXLWHFWRHVWiREOLJDGRDWUDVODGDUDODHQWLGDGRQWUDWDQWH WRGDV ODV UHEDMDV GHVFXHQWRV FRPLVLRQHV TXH REWHQJD HQ OD DGTXLVLFLyQUHQWD RUHFRPHQGDFLyQ GH PDWHULDOHV HTXLSRVQHFHVDULRV SDUDODREUD3Ï/,=$6(6(*852 7RGDVODVSyOL]DVQHFHVDULDVSDUDODHMHFXFLyQGH ORVWUDEDMRVFXPSOLPLHQWRPDQHMRGHDQWLFLSRHVWDELOLGDGSUHVWDFLRQHV UHJLVWUR GHO FRQWUDWR FXDOTXLHU RWUD VLPLODU
  49. 49. VHUiQ SRU FXHQWD GHO 3URSLHWDULRRGHOD(QWLGDGRQWUDWDQWH (Q ORV FRQWUDWRV GH FRQVWUXFFLyQ D SUHFLR JOREDO R SUHFLRV XQLWDULRV ODV SyOL]DV GH VHJXUR ODV SDJDUi HO $UTXLWHFWR SHUR VX FRVWR GHEH TXHGDU SUHYLVWRGHQWURGHOSUHFLRWRWDOGHOFRQWUDWR *$6726 5((0%2/6$%/(6 $GLFLRQDOPHQWH D VXV KRQRUDULRV DO $UTXLWHFWR GHEHUiQ UHHPERO ViUVHOH WRGRV DTXHOORV JDVWRV TXH QR VHDQ LPSXWDEOHVDODRSHUDFLyQQRUPDOGHVXSURSLDRUJDQL]DFLyQTXHHIHFW~H FRQ GHVWLQR HVSHFtILFR DO WUDEDMR TXH OD (QWLGDG RQWUDWDQWH OH KDD HQFRPHQGDGR 6H H[FHSW~DQ OD FRQVWUXFFLyQ D SUHFLR JOREDO ILMR OD FRQVWUXFFLyQ D SUHFLRV XQLWDULRV 7RGR HO SHUVRQDO TXH RFDVLRQH JDVWRV UHHPEROVDEOHV VHUi FRQYHQLGR HQWUH HO $UTXLWHFWR OD (QWLGDG RQWUDWDQWH/RVJDVWRVUHHPEROVD EOHVVRQORVVLJXLHQWHV D
  50. 50. 9LDMHVYLiWLFRVGHO$UTXLWHFWRGHVXVHPSOHDGRVSHU VRQDVD FDUJR SDUD HIHFWRV GHO SURHFWR FXDQGR WHQJDQ TXH WUDVODGDUVH IXHUD GH VX GRPLFLOLR SDUD FXDOTXLHU DVXQWR UHODFLRQDGR FRQ HO WUDEDMR E
  51. 51. DEOHVSRUWHVVHUYLFLRWHOHIyQLFRGHODUJDGLVWDQFLDRWURVWLSRV GHWHOHFRPXQLFDFLRQHVUHODFLRQDGRFRQ HOWUDEDMR F
  52. 52. RSLDV KHOLRJUiILFDV IRWRJUDItDV PDTXHWDV IRWRFRSLDV JUDEDFLRQHVSHOtFXODVWRGRWLSRGHUHSURGXFFLyQGHRULJLQDOHV G
  53. 53. (QVDRVGHODERUDWRULRKRQRUDULRVGHHVSHFLDOLVWDV H
  54. 54. +RQRUDULRVRVDODULRVSUHVWDFLRQHVVRFLDOHVGHWRRHOSHUVRQDO G SURIHVLRQDO TXH VHD QHFHVDULR GLVSRQHU HQ HO VLWLR GH OD REUD GH WLHPSR SDUFLDO R SHUPDQHQWH HV GHFLU ORV UHVLGHQWHV GH REUD FRQ VXV DX[LOLDUHV SURIHVLRQDOHV GH WRGRV ORV WUDEDMRV SURSLRV GH HVWH UHJODPHQWR TXH VH HMHFXWHQ HQ OD REUD 6H FODUD TXH WRGR HO D
  55. 55. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ SHUVRQDO QR SURIHVLRQDO RFXSDGR HQ WUDEDMRV SURSLRV GHO HMHUFLFLR SURIHVLRQDO GHO $UTXLWHFWR TXH GHED WUDEDMDU HQ HO VLWLR GH OD REUD IRUPD SDUWH GH ORV FRVWRV EDVH GH OD REUD SDUD FREUR GH WDULIDV VHUiQ SRU FXHQWD GH OD REUD 9HU Q XPHUDO
  56. 56. 3DUD IDFLOLWDU HO PDQHMR DGPLQLVWUDWLYR GH FRQWUDWDFLyQ HO $UTXLWHFWR SRGUi FRQYHQLUFRQOD(QWLGDGRQWUDWDQWHTXHHOSDJRGHVXSHUVRQDOVHD XQFRVWRUHHPEROVDEOH I
  57. 57. 2WURVTXHVH RFDVLRQHQFRQ PRWLYRGHORVWUDEDMRVHMHFXWDGRV TXHQRSXHGDQLPSXWDUVHDODRSHUDFLyQQRUPDOGHODRUJDQL]DFLyQ SURSLDGHODUTXLWHFWR(678,26(,1*(1,(5Ë$ 6RQWRGRVORVWUDEDMRVHVWXGLRVRVHUYLFLRV WpFQLFRV GLIHUHQWHV D ORV GHO $UTXLWHFWR QHFHVDULRV SDUD HO WUDEDMR HQFRPHQGDGR/RVHVWX GLRVGHLQJHQLHUtDVHUiQSDJDGRVSRUOD(QWLGDG RQWUDWDQWHVXYDORUQRHVWiFRPSUHQGLGRGHQWURGHORVKRQRUDULRVGHO $UTXLWHFWR 2672 ( /$ 216758,Ï1 6H HQWLHQGH SRU RVWR GH OD RQVWUXFFLyQ DTXHO TXH HVWi FRQIRUPDGR SRU HO FRQMXQWR GH ORV PDWHULDOHV HTXLSRV KHUUDPLHQWDV GH OD FRQVWUXFFLyQ HTXLSRV ILMRV SURSLRVGHODFRQVWUXFFLyQTXHVHHMHFXWDLPSXHVWRVSURSLRVGHODREUD GHUHFKRV GH FRQH[LyQ GH VHUYLFLRV SyOL]DV GH VHJXURV GLUHFWDPHQWH UHODFLRQDGRV FRQ OD REUD R ORV HVWXGLRV KRQRUDU GH ORV HVWXGLRV LRV GHPiVODERUHVSURIHVLRQDOHVSURSLDVGHODREUDSRUUHFXUVRVKXPDQRV TXH VH GHEHUiQ XELFDU HQ HO VLWLR GH OD REUD SDUD SRGHU HMHFXWDUOD 3DUD HIHFWRV GH HVWH 5HJODPHQWR HO FRVWR WRWDO GH FRQVWUXFFLyQ VH GLYLGH HQ GRV SDUWHV RVWRV EDVH SDUD FREUR GH WDULIDV FRVWRV QR LQFOXLEOHV HQ GLFKDEDVH/DWHUPLQRORJtDTXHXWLOL]DUHPRVVHUiODVLJXLHQWH ( RVWR7RWDOGHRQVWUXFFLyQ(VWLPDGR 3RVWR7RWDOGHRQVWUXFFLyQVHJ~QHO3UHVXSXHVWR 5RVWR7RWDOGHRQVWUXFFLyQ5HDO %7(RVWR%DVHSDUDFREURGH7DULIDV(VWLPDGR %73RVWR%DVHSDUDFREURGH7DULIDVVHJ~QHO3UHVXSXHVWR %75RVWR%DVHSDUDFREURGH7DULIDV5HDO (O FRVWR GH FRQVWUXFFLyQ SXHGH VHU UHDO VHJ~Q H[WUDFWRV 5
  58. 58. R HVWLPDGRVHJ~QSUHVXSXHVWR (
  59. 59. (QHVWH~OWLPRFDVRVHGHEHLQGLFDU VLHVWiGDGRHOYDORUSUHVHQWHHQSHVRVFRQVWDQWHVRHQSHVRVFRUULHQWHV 3DUD OD DSOLFDFLyQ GH HVWH UHJODPHQWR HO FiOFXOR GH ORV KRQRUDULRV GHILQLGRV HQ pO HO FRVWR GH OD FRQVWUXF LyQ VH GLYLGLUi HQ GRV SDUWHV F FODUDPHQWHLGHQWLILFDEOHVDVt RVWREDVHSDUDODDSOLFDFLyQGHODV7DULIDV%7
  60. 60. RUUHVSRQGH D DTXHOORV FRVWRV GH OD FRQVWUXFFLyQ TXH VLUYHQ GH EDVH SDUD OLTXLGDUORVKRQRUDULRVHQWURGHOFRVWREDVH%7
  61. 61. HV WiQLQFOXLGRV ORVVLJXLHQWHVFRVWRVGHREUD
  62. 62. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ D
  63. 63. 7RGRV ORV FDStWXORV GH FRQVWUXFFLyQ HV GHFLU PDQR GH REUD PDWHULDOHV HTXLSRV WUDQVSRUWHV GHVSHUGLFLRV H LPSUHYLVWRV DGHPiV ORV FRVWRV GH QDFLRQDOL]DFLyQ DGXDQD IOHWHV GHPiV QHFHVDULRVSDUDOOHYDURVHTXLSRVPDWHULDOHVKDVWDODREUD O E
  64. 64. *DVWRV JHQHUDOHV GHDGPLQLVWUDFLyQ GHODREUD SHUVRQDO GH REUDQRSURIHVLRQDOGHWRGRVORVWUDEDMRVFRQWHPSODGRVHQHVWH 5HJODPHQWR H[FHSWXDQGR ORV UHVLGHQWHV DX[LOLDUHV SURIHVLRQDOHVTXHVHFRQVLGHUDQF PRUHHPEROVDEOHV R F
  65. 65. /LFHQFLD GH FRQVWUXFFLyQ GHUHFKRV GH (QHUJtD $FXHGXFWR $OFDQWDULOODGR7HOpIRQRV RPR HMHPSOR GH HTXLSRV TXH VH LQFOXHQ HQ HO FRVWR EDVH SDUD FREUR GH WDULID WHQHPRV DVFHQVRUHV YHQWLODGRUHV HQIULDGRUHV XQLGDGHV FRQGHQVDGR UDV FDOGHUDV ERPEDV VXEHVWDFLRQHV SDQWDOOHUtDILMDWDEOHURVHOpFWULFRVGLVWULEXLGRUHVWHOHIyQLFRVGXFWRV LQFLQHUDGRUHV FRPSDFWDGRUHV GH EDVXUD WDQTXHV GH DOPDFHQDPLHQWR HTXLSRV FRQWUD LQFHQGLR HTXLSRV GH YLJLODQFLD VHJXULGDGHTXLSRVGHFRFL DODYDQGHUtDVLVWHPDVGHFDOHIDFFLyQ Q VRODU 3DUDHIHFWRGHOFREURGHWDULIDVORVKRQRUDULRVVHUHIHULUiQVHJ~Q HOFDVRDXQRGHORVWUHVWLSRVGHFRVWREiVLFRSDUDFREURGHWDULIDV TXHVHGHILQLHURQ %7((VWLPDGR
  66. 66. %733UHVXSXHVWR
  67. 67. y%755HDO
  68. 68. RVWRV GH RQVWUXFFLyQ QR LQFOXLEOHV HQ OD EDVH SDUD DSOLFDFLyQGHODVWDULIDV HVWRVFRVWRVVRQ D
  69. 69. /RVKRQRUDULRVGHORVWUDEDMRVGHVFULWRVHQHVWHUHJODPHQWR E
  70. 70. /RVKRQRUDULRVGHORVHVWXGLRVGHLQJHQLHUtD F
  71. 71. *DVWRVUHHPEROVDEOHV G
  72. 72. 5HVLGHQWHVGHREUDDX[LOLDUHVSURIHVLRQDOHV H
  73. 73. 3yOL]DVGHVHJXUR I
  74. 74. ,PSXHVWRVWDVDVPXQLFLSDOHVGLUHFWDPHQWHUHODFLRQDGDVFRQOD REUD 2WURVRPSRQHQWHVGHRVWRVHQODRQVWUXFFLyQ /RV VLJXLHQWHV FRPSRQHQWHV QR IRUPDQ SDUWH GHO FRVWR GH FRQVWUXFFLyQSHURVHPHQFLRQDQFRPRLQIRUPDFLyQ D
  75. 75. 2UQDPHQWRVPXHEOHVTXHQRKDJDQSDUWHLQWHJUDQWHGHODREUD E
  76. 76. ,PSXHVWRVWDVDVPXQLFLSDOHVQRUHODFLRQDGDVFRQODREUDFRPR SUHGLDOYDORUL]DFLRQHV F
  77. 77. *DVWRV /HJDOHV ,PSXHVWRV GH WLPEUH GHO FRQWUDWR SXEOLFDFLRQHVHVWDPSLOODVGHFREURGHODVFXHQWDV
  78. 78. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ G
  79. 79. 7HUUHQR H
  80. 80. RVWRV)LQDQFLHURV I
  81. 81. *HUHQFLDGHO3URHFWR J
  82. 82. 3URPRFLyQ9HQWD3URSDJDQGD K
  83. 83. (VFULWXUDFLyQ L
  84. 84. $YDO~RV3HULWD]JRV2175$7$,Ï1 )250$(3$*2 3DUDWRGRVORVWUDEDMRVGHHVWH UHJODPHQWR GHEH H[LVWLU XQD FRQVWDQFLD HVFULWD HQWUH HO $UTXLWHFWR OD (QWLGDG RQWUDWDQWH GRQGH VH HVWLSXOHQ ODV FRQGLFLRQHV GHO FRQWUDWR HQODFXDOOD(QWLGDG RQWUDWDQWHDFHSWDORVKRQRUDULRVSDFWDGRV ORV UHJODPHQWRVGHOD6$ 6863(16,Ï1 ( /26 75$%$-26 XDQGR IXHUH QHFHVDULR VXVSHQGHU OD HODERUDFLyQ GH HVWXGLRV R LQWHUYHQWRUtD GH pVWRV VH FREUDUiQ ORV KRQRUDULRV FRUUHVSRQGLHQWHV DO WUDEDMR HMHFXWDGR (VWD FLIUD QR SRGUi VHU LQIHULRU D RV FRVWRV HQ TXH KDD LQFXUULGR HO O $UTXLWHFWRSDUDGHVDUUROODUODSDUWHHMHFXWDGDPiVXQSRUFRQFHSWR GH XWLOLGDG (Q FDVR GH TXH ORV WUDEDMRV IDOWDQWHV VH UHLQLFLHQ ORV KRQRUDULRV VH YROYHUiQ D OLTXLGDU FRQ SUHFLRV DFWXDOL]DGRV VH GHVFRQWDUiHOSRU FHQWDMHSDJDGRHQHOPRPHQWRGHODVXVSHQVLyQ 2168/7$6 $ /$ 6$ /D 6RFLHGDG RORPELDQD GH $UTXLWHFWRV DEVROYHUiODVFRQVXOWDVTXHVREUHHO5HJODPHQWROHSUHVHQWHQDWUDYpV GH OD 20,6,Ï1 (/ (-(5,,2 352)(6,21$/ OD FXDO WHQGUi DXWRULGDG SDUD LQWHUYHQLU HQ ORV FDVRV GH GLVFUHSDQFLD R GXGD HQ OD DSOLFDFLyQGHORV5HJODPHQWRVGHODVWDULIDV )81,21(6 ( /$ 20,6,Ï1 (/ (-(5,,2 352)(6,21$/ D
  85. 85. DU FRQFHSWR DFODUDFLRQHV VREUH OD UHVSRQVDELOLGDG HO DOFDQFH GH ORV WUDEDMRV SURIHVLRQDOHV VHJ~Q ORV FULWHULRV GHO 5HJODPHQWR/DRPLVLyQGHMDUiKLVWRULDGHHVWRVFRQFHSWR DFODUDFLRQHV FRQ HO REMHWR GH HVWDEOHFHU GRFWULQD VREUH HO HMHUFLFLRSURIHVLRQDO E
  86. 86. +DFHUDFWXDOL]DFLRQHVDO5HJODPHQWR F
  87. 87. HILQLUFULWHULRVGHDSOLFDFLyQGHO5HJODPHQWR G
  88. 88. (VWXGLDUODVWDULIDVSDUDFDVRVHVSHFLDOHV 26726(/$62168/7$6 /D6RFLHGDGRORPELDQDGH $UTXLWHFWRV FREUDUi XQ KRQRUDULR ILMDGR SUHYLDPHQWH GH DFXHUGR DOWUDEDMRTXHODFRQVXOWDGHPDQGH/RV$UTXLWHFWRVDILOLDGRVDOD 6$VRODPHQWHSDJDUiQORVFRVWRVTXHODFRQVXOWDGHPDQGH
  89. 89. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ (648(0$ %È6,2 $17(352(72 352(72 683(59,6,Ï1 $548,7(7Ï1,$(65,3,Ï1(/2675$%$-26 (VTXHPD%iVLFRRUUHVSRQGHDOGHOLQHDPLHQWRJHQHUDO GHO SURHFWR VH HODERUD VL WHQHU QHFHVDULDPHQWH HO Q WHUUHQRGHILQLWLYRHOSURJUDPDODVQHFHVLGDGHVSUHFLVDV GH OD (QWLGDG RQWUDWDQWH VLQR LQIRUPDFLyQ REWHQLGD GH ODV FRQYHUVDFLRQHV SUHOLPLQDUHV OD H[SHULHQFLD GHO $UTXLWHFWRODVQRUPDVPXQLFLSDOHVYLJHQWHV (O HVTXHPD EiVLFR FRPSUHQGH GLEXMRV HVTXHPiWLFRV D HVFDODFXDILQDOLGDGHVLQGLFDUORFDOL]DFLRQHVGH]RQDVR HVSDFLRV DLVODPLHQWRV LGHQWLILFDFLyQ GH ORV HVSDFLRV IXQFLRQDPLHQWR UHODFLyQ HQWUH ORV DPELHQWHV RSHUDFLyQ GHOHVTXHPDDFFHVRVREUDVH[WHULRUHV (O HVTXHPD EiVLFR LQFOXLUi XQD R YDULDV DOWHUQDWLYDV D QLYHO JHQHUDO TXH FXPSODQ FRQ ORV UHTXHULPLHQWRV SULQFLSDOHV H[SUHVDGRV SRU OD (QWLGDG RQWUDWDQWH SHUR FRPRHVXQDKHUUDPLHQWDTXHVyORVHXWLOL]DHQODWRPDGH GHFLVLRQHV EiVLFDV VRODPHQWH VH KDUi FX QGR QR KDD D LQIRUPDFLyQ VXILFLHQWH SDUD HODERUDU HO $QWHSURHFWR QL VHJXULGDG GHO VLWLR R GHO SURJUDPD DUTXLWHFWyQLFR R HQ FDVR GH TXH VH HODERUH VLPXOWiQHDPHQWH HO SURHFWR GH XUEDQL]DFLyQ FRQ HO HVTXHPD EiVLFR GH ORV HGLILFLRV SUREDEOHVGHOSURHFWR $QWHSURHFWR RUUHVSRQGH D OD LGHD JHQHUDO GHO SURHFWR VX HVWXGLR VH GHEH KDFHU FRQ EDVH HQ ODV QHFHVLGDGHVILQHVGHOD(QWLGDGRQWUDWDQWHODVQRUPDV RILFLDOHVYLJHQWHVHOPRQWRGHODLQYHUVLyQSUREDEOHGHOD REUDHVWLPDGDGHFRP~QDFX HUGRHQWUHHO$UTXLWHFWROD (QWLGDGRQWUDWDQWH (ODUTXLWHFWRHVWXGLDUiXQSURJUDPDTXHDSUREDGRSRUOD (QWLGDG RQWUDWDQWH OH DXWRUL]D D HODERUDU HO DQWHSURHFWR XDQGR OD HODERUDFLyQ GHO SURJUDPD LPSOLTXH WUDEDMRV GH LQYHVWLJDFLyQ FRQVXOWDV HFXHVWDV Q DVHVRUtDGHWHUFHURVRUHFRSLODFLyQGHGDWRVHVWHWUDEDMR GH LQYHVWLJDFLyQ VH FREUDUi HQ IRUPD DGLFLRQDO GH DFXHUGR FRQ OR HVWLSXODGR HQ HO DStWXOR 7UDEDMRV 9DULRV (O DQWHSURHFWR FRPSUHQGH GLEXMRV D HVFDOD GH SODQWDV FRUWHV IDFKDGDV R SHUVSHFWLYDV VXILFLHQWHV SDUD OD FRPSUHQVLyQDUTXLWHFWyQLFDHVWUXFWXUDOGHLQVWDODFLRQHV GHO HGLILFLR VLQ LQFOXLU SODQRV VXILFLHQWHV SDUD SRGHU
  90. 90. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ HMHFXWDUODREUDQLORVHVWXGLRVGHIDFWLELOLGDGHFRQyPLFD XWLOLGDGHV UHQWD DOWHUQDWLYDV GH XVR IO XMR GH FDMD ILQDQFLDFLyQSHURVtVREUHEDVHVVHULDVGHVXIDFWLELOLGDG 3URHFWRDUTXLWHFWyQLFR6HUiHODERUDGRFRQEDVHHQHO DQWHSURHFWRDSUREDGRSRUOD(QWLGDGRQWUDWDQWHGHEH FRQWHQHU WRGD OD LQIRUPDFLyQ QHFHVDULD SDUD TXH OD FRQVWUXFFLyQSXHGDVHUHMHFXWDGDFRUUHFWDPHQWHGHVGHHO SXQWR GH YLVWD DUTXLWHFWyQLFR HQ DUPRQtD FRQ VXV H[LJHQFLDVWpFQLFDV (O SURHFWR DUTXLWHFWyQLFR QR SRGUi VHU HODERUDGR SRU SHUVRQD GLVWLQWD DODUTXLWHFWRSURHFWLVWDTXH KDDKHFKR HO UHVSHFWLYR DQWHSURH FWR VDOYR HO FDVR TXH HO DQWHSURHFWR KDD VLGR HODERUDGR GLUHFWDPHQWH SRU OD HQWLGDG FRQWUDWDQWH (Q HVWH FDVR QR VH GHVFRQWDUi DO $UTXLWHFWRHOYDORUGHODQWHSURHFWR (OSURHFWRLQFOXHORVVLJXLHQWHVWUDEDMRV D
  91. 91. 3ODQRV GH ORFDOL]DFLyQ SODQWDV FRUWHV HOHYDFLRQHV FXELHUWDVHWFDHVFDODVDGHFXDGDV E
  92. 92. 3ODQRV GHWDOODGRV GH FDUSLQWHUtD REUDV PHWiOLFDV GHFRUDGRV ILMRV HVFDOHUDV EDxRV SUHIDEULFDGRV FRUWHV GH IDFKDGDV HQFKDSDGRV FLHORUDVRV SLVRV HWFVLQLQFOXLUODHODERUDFLyQGHS ODQRVGHWDOOHUSHUR VLVXRSRUWXQDUHYLVLyQDSUREDFLyQFRRUGLQDFLyQ 6HHQWLHQGHSRUSODQRVGHWDOOHUDTXHOORVTXHHODERUD HO IDEULFDQWH SDUD OD PDQXIDFWXUD GHO REMHWR GH VX FRQWUDWR F
  93. 93. (VTXHPDV GH GHVDJHV LOXPLQDFLyQ LQVWDODFLRQHV WpFQLFDV FRPR GH DLUH DFRQGLFLRQDGR RWUDV VLPLODUHV TXH UHTXLHUHQ VROXFLyQ DUTXLWHFWyQLFD VLQ LQFOXLU ORV FiOFXORV SODQRV GH LQJHQLHUtD GH ODV PLVPDV G
  94. 94. (VSHFLILFDFLRQHV GHWDOODGDV TXH FRPSOHPHQWHQ ORV SODQRV DUTXLWHFWyQLFRV GHVFULWRV H LQGLTXHQ ORV PDWHULDOHVTXHGHEHQXVDUVHVXIRUPDGHDSOLFDFLyQ H
  95. 95. RRUGLQDFLyQ GH SODQRV WpFQLFRV HQWUH Vt GH pVWRV FRQ ORV DUTXLWHFWyQLFRV SDUD ORJUDQ XQD WRWDO FRUUHVSRQGHQFLD GH WRGRV ORV HVWXGLRV /D ODERU GHO DUTXLWHFWR HQ HVWH FDPSR HV VRODPHQWH GH FRRUGLQDFLyQ
  96. 96. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ I
  97. 97. 7UDPLWDFLyQ DQWH ODV DXWRULGDGHV GLVWULWDOHV R PXQLFLSDOHV SDUD REWHQHU OD DSUREDFLyQ GHO SURHFWR DUTXLWHFWyQLFR 6HUi REOLJDFLyQ GH OD (QWLGDG RQWUDWDQWHHOVXPLQLVWURRSRUWXQRGHORVGRFXPHQWRV QHFHVDULRVHOSDVRGHORVGHUHFKRVHLP SXHVWRVTXH VH OLTXLGHQ (O DUTXLWHFWR QR VHUi UHVSRQVDEOH GH ORV SHUMXLFLRV FDXVDGRV SRU FXDOTXLHU GHPRUD HQ OD REWHQFLyQ GH GLFKD DSUREDFLyQ TXH QR VH GHED D QHJOLJHQFLDVXD J
  98. 98. XDQGR OD (QWLGDG RQWUDWDQWH H[LPD DO DUTXLWHFWR GH DOJXQR GH ORV WUDEDMRV LQGLFDGRV QR SRU HOOR SXHGH GHMDUGHSDVDUORVKRQRUDULRVFRPSOHWRV K
  99. 99. (ODUTXLWHFWRHQWUHJDUiDOD(QWLGDGRQWUDWDQWHXQ
  100. 100. MXHJR FRPSOHWR GH FRSLDV GH ORV SODQRV GH ORV GHWDOOHV (O FRVWR GH FRSLDV DGLFLRQDOHV R UHSURGXFFLRQHV VHUiQ FRQ FD UJR D OD (QWLGDG RQWUDWDQWH /RV RULJLQDOHV VRQ GH SURSLHGDG GHO DUTXLWHFWR L
  101. 101. (QORVSODQRVDUTXLWHFWyQLFRVVHGHEHQLQFOXLUODVREUDV H[WHULRUHV QHFHVDULDV SDUD OD RSHUDFLyQ GHO HGLILFLR R GHO FRQMXQWR GH HGLILFLRV D VDEHU SHDWRQDOHV DFFHVRV MDUGLQHV VROR VX ORFDOL]DFLyQ
  102. 102. SDUTXHRV MXHJRV VROR VX ORFDOL]DFLyQ
  103. 103. VHUYLFLRV FRPXQDOHV FXDQGR VRQ H[WHULRUHV VH FREUDQ SRU DSDUWH
  104. 104. /RV HVWXGLRVGHSDLVDMLVPRVHSDJDQDSDUWHGHDFXHUGRDO DStWXOR7UDEDMRV9DULRV (Q DTXHOORV FDVRV HQ TXH HO i GH FRQVWUXFFLyQ HV UHD SHTXHxD FRPSDUDGD FRQ ORV H[WHULRUHV FRPR PDWDGHURV FHQWURV FRPHUFLDOHV FRQ iUHDV H[WHQVDV GH MXHJRV HVSDUFLPLHQWRV
  105. 105. HO DUTXLWHFWR WHQGUi GHUHFKR D FREUDU XQ KRQRUDULR DGLFLRQDO SRU HO GXHxR GH H[WHULRUHV GH DFXHUGR DO FDStWXOR 7UDEDMRV 9DULRV 6XSHUYLVLyQ$UTXLWHFWyQLFD RPSUHQGHODYLJLODQFLDGH ORVDVSHFWRVDUTXLWHFWyQLFRVGH ODFRQVWUXFFLyQFXLGDQGR TXH VH UHVSHWHQ VXV LGHDV FRPR SURHFWLVWD /D VXSHUYLVLyQ VH KDUi SRU PHGLR GH YLVLWDV D OD REUD WRGDV ODVYHFHV TXHDMXLFLRGHODUTXLWHFWRVHDQQHFHVDULDVSDUD OD EXHQD PDUFKD GH OD PLVPD HVFRJHQFLD GH FRORUHV DFDEDGRV HVSHFLDOHVQXHYRV PDWHULDOHVFXDQGRQRVHD SRVLEOHXWLOL]DUORVHVSHFLILFDGRVVROXFLyQGHODVFRQVXOWDV TXH SXHGDQ RFXUULU UHODFLRQDGDV FRQ ODLQWHUSUHWDFLyQ GH SODQRV HVSHFLILFDFLRQHV SDUD REWHQHU OD FRUUHFWD LQWHUSUHWDFLyQHMHFXFLyQGHOSURHFWR(ODUTXLWHFWRWLHQH
  106. 106. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ ~QLFDPHQWHODIXQFLyQGHVXSHUYLVLyQGHVXSURHFWRQR OD GLUHFFLyQ WpFQLFD GH OD REUD /D VXSHUYLVLyQ DUTXLWHFWyQLFD VHFRQVLGHUD SDUWH LQWHJUDO H LQVHSDUDEOH GHOSURHFWRSRUORWDQWRQRSRGUiH[FOXLUVHGHOFRQWUDWR GH DQWHSURHFWR SURHFWR DUTXLWHFWyQLFR QL SRGUi VHU FRQWUDWDGDFRQDUTXLWHFWRGLIHUHQWHGHODXWRUGHOSURHFWR XDQGRSRUDOJXQDUD]yQOD(QWLGDGRQWU DWDQWHH[LPDDO $UTXLWHFWR GH OD VXSHUYLVLyQ DUTXLWHFWyQLFD QR SRU HOOR SXHGHGHMDUGHSDJDUOHORVKRQRUDULRVFRUUHVSRQGLHQWHVD pVWH(QHVWHFDVROD(QWLGDGRQWUDWDQWHVHFRPSURPHWH DHMHFXWDUODREUDGHDFXHUGRDOSURHFWRDUTXLWHFWyQLFR DODVHVSHFLILFDFLRQHVHVWDEOHFLGDV(QFDVRGHTXHKDD QHFHVLGDG GH UHIRUPDV LPSRUWDQWHV OD (QWLGDG RQWUDWDQWHODVFRQVXOWDUiFRQHO$UTXLWHFWR+2125$5,26 +RQRUDULR %iVLFR 3DUD HO FiOFXOR GH WRGRV ORV KRQRUDULRV LQFOXLGRV HQ HVWH FDStWXOR VH X WLOL]D HO KRQRUDULR EiVLFR FDOFXODGRGHDFXHUGRDOiUHDFRQVWUXLGDDOFRVWREDVHSDUD FREUR GH WDULIDV VHJ~Q SUHVXSXHVWR GH OD REUD %73 GHILQLGRHQHOQXPHUDOGHODVLJXLHQWHPDQHUD ÈUHDRQVWGHOÈUHD$FXP 0
  107. 107. %7 0
  108. 108. 3ULPHURV0 0 6LJXLHQWHV0 0 6LJXLHQWHV0 0 (QDGHODQWH 3DUDHOFyPSXWRGHOiUHDFRQVWUXLGDQRVHWHQGUiQ HQFXHQWD ORVDOHURVQLiUHDVH[WHULRUHV 3DUDHOFiOFXORGHODWDULIDGH(VTXHPDEiVLFR$QWHSURHFWR VH XWLOL]DUi HO FRVWR EDVH HVWLPDGR %7 (
  109. 109. FDOFXODGR SUHYLDPHQWH GH FRP~Q DFXHUGR HQWUH HO $UTXLWHFWR OD (QWLGDG RQWUDWDQWH HVWH FRVWR VH XWLO L]DUi WDPELpQ SDUD OD OLTXLGDFLyQSURYLVLRQDO GHO KRQRUDULR GHO SURHFWR DUTXLWHFWy QLFR $OJXQDV VHFFLRQDOHV GH OD 6$ SUHILHUHQ GHILQLU XQ FRVWR EDVH SRU PHWUR FXDGUDGR SDUD FDGD XQD GH ODV FDWHJRUtDV HVWLSXODGDV HQ HO FDStWXOR GHO SUHVHQWH UHJODPHQWR FRQ HO ILQ GH TXH HVWH SXHGD VHUYLU GH EDVH SDUD OD OLTXLGDFLyQ SURYLVLRQDO GHO KRQRUDULR (Q HVWRV FDVRV VHUi GH REOLJDWRULD DSOLFDFLyQ GLFKR FRVWR EDVH SDUDODOLTXLGDFLyQSURYLVLRQDO
  110. 110. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 3DUD HO FiOFXOR GHO KRQRUDULR GHILQLWLYR GH DQWHSURHFWR SURHFWRVXSHUYLVLyQDUTXLWHFWyQLFD$36
  111. 111. VHXWLOL]DUiHO SUHVXSXHVWREDVHSDUDFREURGHWDULIDV %73
  112. 112. DODIHFKDGH WHUPLQDFLyQ HQWUHJD GHO SURHFWR DUTXLWHFWyQLFR 6L SRU IXHU]DPDRUQRHVSRVLEOHGLVSRQHUGHGLFKRSUHVXSXHVWRVH XWLOL]DUi XQ GDWR HVWLPDGR GH FRP~Q DFXHUGR HQWUH HO $UTXLWHFWROD(QWLGDGRQWUDWDQWHRGHDFXHUGRFRQHOFRVWR EDVHSRUPHWURFXDGUDGRTXHILMHODFRUUHVSRQGLHQWHVHFFLRQDO GHOD6$RHQDXVHQFLDGHODQWHULRUDFXHUGRVHXWLOL]DUiHO GDWRRFRQFHSWRGHODRPLVL yQGHO(MHUFLFLR3URIHVLRQDOGHOD 6$ 6H DFODUD TXH HO KRQRUDULR VH FDXVD FRQ HO%73 3UHVXSXHVWR
  113. 113. GH OD pSRFD GH HQWUHJD GHO SURHFWR TXH HQ FDVR GH TXH OD FRQVWUXFFLyQ GHO SURHFWR VH UHDOLFH FRQ SRVWHULRULGDGQRKDUHDMXVWHHQORVKRQRUDULRV GHGLVHxRVLQR ~QLFDPHQWHHQHOGHVXSHUYLVLyQ +RQRUDULRGHO(VTXHPD%iVLFR 6HUiHOGHOYDORUTXH VH FDOFXOH FRPR KRQRUDULR GHO SURHFWR DUTXL WHFWyQLFR (O KRQRUDULRGHHVTXHPDEiVLFRHVLQGHSHQGLHQWHGHOKRQRUDULR GH $ 3 6 VyOR VHUi DQWLFLSR GHO PLVPR SDUD HO FDVR GHVFULWRHQ DVRGH$QWLFLSRGHO$QWHSURHFWR (OKRQRUDULRGHO HVTXHPD EiVLFR VHUi FRQVLGHUDGR FRPR DQWLFLSR GHO KRQRUDULR GHO DQWHSURHFWR HQ FDVR GH TXH VH KDD KHFKR SDUD HO PLVPR WHUUHQR SURJUDPD DUTXLWHFWyQLFR GHO DQWHSURHFWR TXH VH KDD WHQLGR TXH SDJDU SRU HVD HWDSD SDUD DFODUDU DOJXQRV GH ORV SDUiPHWURV SURSLRV GHO GLVHxR R SDUD GHVDUUROODU HO SURHFWR XUEDQtVWLFR FDVR HQ HO FXDO HO $UTXLWHFWR VH SRQGUiSUHYLDPHQWHGHDFXHUGRFRQHOFOLHQWHVREU HOD FRQYHQLHQFLD GH LQFOXLU HO HVTXH PD EiVLFR DUTXLWHFWyQLFRGHQWURGHOSURHFWRXUEDQtVWLFR DVR GH QR HODERUDFLyQ GHO HVTXHPD EiVLFR (Q FDVR GH HVWDU GHILQLGR HO WHUUHQR HO SURJUDPD UHTXHULGR SRU OD (QWLGDG RQWUDWDQWH OD HWDSD GH HVTXHPD EiVLFR VH GHEH LQFOXLU HQ HO SURFHVR GH DQWHSURHFWR VX FRVWR VH FRQVLGHUD SDUWH GHO KRQRUDULRGHODQWHSURHFWR +RQRUDULRGHO $QWHSURHFWR VHUiHOGHOYDORUTXHVH FDOFXOHFRPRKRQRUDULRGHOSURHFWRDUTXLWHFWyQLFR $QWLFLSRDOSURHFWRDUTXLWHFWyQLFR 6LHODUTXLWHFWR UHFLEHORVKRQRUDULRVGHODQWHSURHFWRVHOHHQFDUJD
  114. 114. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ OD HODERUDFLyQ GHO SURHFWR DUTXLWHFWyQLFR GLFKRV KRQRUDULRV VH FRQVLGHUDUiQ FRPR DQWLFLSR D ORV KRQRUDULRVGHOSURHFWRDUTXLWHFWyQLFR 0RGLILFDFLRQHVDODQWHSURHFWR XDQGRVHVROLFLWHQ PRGLILFDFLRQHV VXEVWDQFLDOHV DO DQWHSURHFWR VH FRQVLGHUDUiTXHVHWUDWDGHXQWUDEDMRQXHYRSRUOR WDQWR GHEHUi FREUDUVH QXHYDPHQWH HO YDORU GHO DQWHSURHFWR 6H HQWLHQGH SRU PRGLILFDFLRQHV VXEVWDQFLDOHV DTXHOODV TXH LPSOLTXHQ OD PRGLILFDFLyQ GH OD PDRU SDUWH GHO DQWHSURHFWR R TXH PRGLILTXHQ VXEVWDQFLDOPHQWH HO SURJUDPD GH iUHDV QHFHVLGDGHV SRU FDPELR GH SURJUDPD R GHO WHUUHQR SHURQRHOFDVRHQTXHHODQWHSURHFWRSUHVHQWDGRQR KDD FXPSOLGR ODV FRQGLFLRQHV QHFHVLGDGHV GHO SURSLHWDULR +RQRUDULRV GHO $QWHSURHFWR 3URHFWR 6XSHUYLVLyQ $UTXLWHFWyQLFR$36
  115. 115. DWHJRUtD$ HOGHOKRQRUDULREiVLFR DWHJRUtD% HOGHOKRQRUDULREiVLFR DWHJRUtD HOGHOKRQRUDULREiVLFR DWHJRUtD HOGHOKRQRUDULREiVLFR DWHJRUtD( HOGHOKRQRUDULREiVLFR DWHJRUtD ) VH FDOFXOD OD WDULID SDUD XQD XQLGDG GH DFXHUGR D OD FDWHJRUtD UHVSHFWLYD ORV KRQRUDULRV WRWDOHV VH FDOFXODUiQ GH DFXHUGR DODVLJXLHQWHWDEOD 1R3DUFLDOGH93DUFLDO9$FXP7RWDO$FXP GH8QLGDGWDULIDHQGHHQGH8QLGDGHV 8QG8QG8QG3ULPHUD 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV (QDGHODQWH DWHJRUtD* 6HSURFHGHUiGHODVLJXLHQWHIRUPD D
  116. 116. 6H GLYLGLUiHO HGLILFLR HQODVSDUWHVTXHSHUWHQH]FDQ DODV GLIHUHQWHV FDWHJRUtDV VH FDOFXODUiQ VXV SUHVXSXHVWRV UHVSHFWLYRV GH DFXHUGR FRQ VXV iUHDV FRVWRV FRUUHVSRQGLHQWHV
  117. 117. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ E
  118. 118. 6H LQLFLDUi OD OLTXLGDFLyQ GH KRQRUDULRV WRPDQGR OD SDUWH GHO SUHVXSXHVWR VXSHULRU OLTXLGi QGRVH ORV KRQRUDULRV TXHOHFRUUHVSRQGDVHJ~QVXFDWHJRUtD F
  119. 119. 6H FRQWLQ~D OD OLTXLGDFLyQ GH OD SDUWH XR SUHVXSXHVWR F VHD LQPHGLDWDPHQWH LQIHULRU HQ OD FDWHJRUtD TXH OH FRUUHVSRQGD WRPDQGR HO SRUFHQWDMH HVWDEOHFLGR SDUD OD FXDQWtD GH OD LQYHUVLyQ GHVGH GRQGH VH KD WHUPLQDGR OD SULPHUDOLTXLGDFLyQDVtVXFHVLYDPHQWH G
  120. 120. XDQGR ORV SUHVXSXHVWRV GH ODV GLYHUVDV SDUWHV VHDQ LJXDOHVODOLTXLGDFLyQVHLQLFLDUiFRQODSDUWHFODVLILFDGDHQ ODFDWHJRUtDGHGLVHxRFRPSOHMR DWHJRUtDV+H, 6HUiQ FDOFXODGRV SRU HO DUTXLWHFWR VRPHWLGRV D FRQVLGHUDFLyQGHOFRPLWpGHOHMHUFLFLRSURIHVLRQDO $OWHUQDWLYDPHQWH HODUTXLWHFWRSRGUi DSOLFDUXQDGLFLRQDO DO KRQRUDULR GH $3 6 HVWLSXODGR SDUD OD FDWHJRUtD FRUUHVSRQGLHQWHSDUDODFDWHJRUtD+5HVWDXUDFLRQHV
  121. 121. 3DUD OD FDWHJRUtD , 5HSDUDFLRQHV UHIRUPDV DPSOLDFLRQHV
  122. 122. HO DUTXLWHFWRSRGUiDSOLFDUXQDGLFLRQDODOKRQRUDULRGH$3 6HVWLSXODGRSDUDODFDWHJRUtDFRUUHVSRQGLHQWH 5HWHQFLyQ SDUD VXSHUYLVLyQ DUTXLWHFWyQLFD HO PRQWR GH KRQRUDULRV SDUD SURHFWR DUTXLWHFWyQLFR VH UHWLHQHXQTXHVHUiSDJDGRDO$UTXLWHFWRGXUDQWH OD FRQVWUXFFLyQ GH OD REUD VDOYR FRQYHQLR H[SOtFLWR HQWUH HO $UTXLWHFWR OD (QWLGDG RQWUDWDQWH HO $UTXLWHFWR WLHQH GHUHFKR D TXH VH OH UHOLTXLGH HVWH XWLOL]DQGRHOFRVWREDVHUHDOGHODREUDSDUDFREUR GHWDULIDV%7UHDO
  123. 123. (QWUHJDV SDUFLDOHV (O $UTXLWHFWR WHQGUi GHUHFKR D TXHOHVHDQSDJDGRVORVVLJXLHQWHVSRUFHQWDMHVSRUODV HQWUHJDVSDUFLDOHVGHVXWUDEDMR D
  124. 124. (ODODHQWUHJDGHOHVTXHPDEiVLFRHQFDVRGH TXH pVWH VH KDD HODERUDGR GH DFXHUGR DO FDVR E
  125. 125. RPSOHWDU KDVWD HO D OD HQWUHJD GHO DQWHSURHFWR F
  126. 126. RPSOHWDU KDVWD HO D OD HQWUHJD GH SODQRV JHQHUDOHVVXILFLHQWHVSDUDREWHQFLyQGHOLFHQFLD
  127. 127. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ G
  128. 128. RPSOHWDU KDVWD ORV VLJXLHQWHV SRUFHQWDMHV D OD REWHQFLyQGHODOLFHQFLDGHFRQVWUXFFLyQGHDFXHUGR DODGLILFXOWDGGHODWUDPLWDFLyQ 7UDPLWDFLyQGHGLILFXOWDGFRPSOHWDUKDVWDHO 7UDPLWDFLyQGHGLILFXOWDGFRPSOHWDUKDVWDHO 7UDPLWDFLyQGHGLILFXOWDGFRPSOHWDUKDVWDHO H
  129. 129. RPSOHWDU KDVWD ORV VLJXLHQWHV SRUFHQWDMHV D OD HQWUHJDGHORVSODQRVGHWDOOHVFRPSOHWRV (QFLXGDGHVGHGLILFXOWDG (QFLXGDGHVGHGLILFXOWDG (QFLXGDGHVGHGLILFXOWDG 6H DFODUD TXH HO KRQRUDULR SRU VXSHUYLVLyQ DUTXLWHFWyQLFDVHUiHOSDUDWRGRVORVFDVRVSRU ORWDQWRHOKRQRUDUL WRWDOGH$3 6VHUi R (QFLXGDGHVGHGLILFXOWDG (QFLXGDGHVGHGLILFXOWDG (QFLXGDGHVGHGLILFXOWDG 127$ DGD VHFFLRQDO GH OD 6$ GHILQLUi HQ IRUPD LQGHSHQGLHQWH OD DWHJRUtD GH ODV FLXGDGHV TXH OD FRQIRUPDQGHDFXHUGRDODWUDPLWDFLyQQHFHVDULDSDUD REWHQHUODOLFHQFLDGHFRQVWUXFFLyQ 0RGLILFDFLRQHV DO SURHFWR DUTXLWHFWyQLFR 6DOYR HUURUHV X RPLVLRQHV GHO $UTXLWHFWR WRGD PRGLILFDFLyQ DO SURHFWR DUTXLWHFWyQLFR VH FREUDUi D OD (QWLGDG RQWUDWDQWHDVt D
  130. 130. 6LODPRGLILFDFLyQQRUHSUHVHQWDXQPDRUYDORUHQ HO SUHVXSXHVWR GH FRQVWUXFFLyQ HO $UTXLWHFWR FREUDUi HO FRVWRV TXH OH LPSOLFy OD PRGLILFDFLyQ PiV XQ SRUDGPLQLVWUDFLyQ E
  131. 131. 6L OD PRGLILFDFLyQ LPSOLFD XQ DXPHQWR HQ HO YDORU GHO SUHVXSXHVWR GH FRQVWUXFFLyQ HO $UTXLWHFWR OLTXLGDUi HO QXHYR YDORU GHO KRQRUDULR VHJ~Q ODV FDUDFWHUtVWLFDV GHO SURHFWR PRGLILFDGR DGLFLRQDOPHQWHUHFLELUiORFRUUHVSRQGLHQWHDOFRVWRTXH OHUHSUHVHQWyODPRGLILFDFLyQ F
  132. 132. 6L OD PRGLILFDFLyQ LPSOLFD XQD UHEDMD HQ H O SUHVXSXHVWRGHFRQVWUXFFLyQVHOLTXLGDUiHOKRQRUDULR GH OR HMHFXWDGR KDVWD HO PRPHQWR GH KDFHU OD PRGLILFDFLyQ VH FREUDUi pVWD GH DFXHUGR D OR
  133. 133. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ HVWLSXODGR HQ HO QXPHUDO D
  134. 134. (Q HVWH FDVR HO KRQRUDULR ILQDO GHEHUi FRUUHVSRQGHU SRU OR PHQRV DO KRQRUDULRGHOSURHFWRUHVXOWDQWHPiVORVFRVWRGHOD PRGLILFDFLyQ FRQ HO IDFWRU GH PiV XQD FLIUD TXH FRQYHQJDQ ODV SDUWHV SDUD FXEULU HO WUDEDMR H[WUD UHDOL]DGRDQWHVGHODPRGLILFDFLyQ G
  135. 135. H ORV SODQRV UHVXOWDQWHV GH OD PRGLILFDFLyQ HO $UTXLWHFWR HQWUHJDUi D OD (QWLGDG RQWUDWDQWH XQ
  136. 136. MXHJRGHFRSLDVSRUFXHQWDGHOD(QWLGDGRQWUDWDQWH DVRGHGHPRUDRGHQRREWHQFLyQGHODOLFHQFLD GH FRQVWUXFFLyQ (Q FDVR GH TXH OD GHPRUD R QR REWHQFLyQ GH OD OLFHQFLD GH FRQVWUXFFLyQ VH GHED D FDXVDV QR LPSXWDEOHV DO $UTXLWHFWR pVWH WHQGUi GHUHFKRDVROLFLWDUODFDQFHODFLyQGHVXVKRQRUDULRVGH DFXHUGR FRQ ORV SRUFHQWDMHV HVWDEOHFLGRV HQ HVWH UHJODPHQWR (QFDVRGHTXHHO$UTXLWHFWRYLYDHQRWUDFLXGDGSRU ORWDQWRQRWHQJDIDFLOLGDGSDUDWUDPLWDUGLUHFWDPHQWHOD OLFHQFLD GH FRQVWUXFFLyQ VL HQWUH ODV SDUWHV VH FRQYLHQH TXH VHD OD (QWLGDG RQWUDWDQWH OD TXH VH HQFDUJXH GH WUDPLWDUOD REWHQHUOD OD SDUWH FRUUHVSRQGLHQWH D WUDPLWDFLyQ GH OLFHQFLD VH GHVFRQWDUi GH ORV KRQRUDULRV GH $ 3 6 (QDVO FLXGDGHV GHFRPSOHMLGDG XQR SDUD OD WUDPLWDFLyQ GH SURHFWRV DO UHVSRQVDEOH GHO WUiPLWH VHUi VLHPSUH HO DUTXLWHFWRQRSRGUiGHOHJDUHVWDUHVSRQDELOLGDGHQ V ODHQWLGDGFRQWUDWDQWH 3URHFWR GH FRQMXQWR SDUD FRQVWUXFFLRQHV HQ VHULH /RV KRQRUDULRV SDUD SURHFWRV GH FRQVWUXFFLRQHV HQ VHULH QR LQFOXHQ HO SURHFWR XUEDQtVWLFRJHQHUDOQLODWUDPLWDFLyQGHODXUEDQL]DFLyQ DQWH ODV DXWRULGDGHV UHVSHFWLYDV SHUR Vt LQFOXH OD GLVWULEXFLyQ GH ODV XQLGDGHV UHSHWLGDV GHQWUR GH ORV ORWHVGHOSURHFWRXUEDQtVWLFRODORFDOL]DFLyQGHYtDV GHDFFHVRVHFXQGDULDVSDUTXHDGHURV 6H HQWLHQGH FRPR XQLGDG HO EORTXH R HGLILFLR FRQ VHUYLFLRVSURSLRVFRPR DFFHVRSXQWRILMRHOFXDOVH UHSLWHHQHOFRQMXQWR 3URHFWR SDUD VHU UHSHWLGR HQ GLIHUHQWHV VLWLRV XDQGR VH HODERUH XQ SURHFWR SDUD VHU UHSHWLGR HQ GLIHUHQWHVVLWLRVHO$UTXLWHFWRFREUDUiVXKRQRUDULRGH DFXHUGR D OD DWHJRUtD ) PiV ORV FRVWRV TXH
  137. 137. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ UHSUHVHQWDQ ORV SODQRV GLIHUHQWHV SDUD DGDSWDFLyQ ORFDOL]DFLyQHQORVGLIHUHQWHVVLWLRV /D VXSHUYLVLyQ DUTXLWHFWyQLFD VH OLTXLGDUi FREUDUi LQGHSHQGLHQWHPHQWH SDUD FDGD FDVR VHJ~Q VH LQGLFD HQVXVHFFLyQUHVSHFWLYD LIHUHQWHV WLSRV GH HGLILFLRV GHQWUR GHO PLVPR SURHFWR XDQGR H[LVWDQ YDULRV WLSRV GH HGLILFLRV R GH EORTXHV GH YLYLHQGD HQ HO PLVPR 3URHFWR VH OLTXLGDUiQ ORV KRQRUDULRV DSOLFiQGRORV LQGHSHQGLHQWHPHQWHSDUDFDGDWLSRREORTXHVLHPSUH FXDQGRVHFXPSODQORVVLJXLHQWHVUHTXLVLWRV D
  138. 138. 4XHODYDULHGDGGHWLSRVREORTXHVGHYLYLHQGDVHD GHWHUPLQDQWH GHO SURJUDPD DSUREDGR SRU OD (QWLGDG RQWUDWDQWH R VH KDJD HYLGHQWHPHQWH QHFHVDULD SRU VXIRUPDGLPHQVLRQHVWRSRJUDItDySWLPDXWLOL]DFLyQR UHJODPHQWDFLRQHVGLVWULWDOHVRPXQLFLSDOHVGHOWHUUHQR E
  139. 139. 4XHORVWLSRVREORTXHVGHYLYLHQGDVHDQUHDOPHQWH GLIHUHQWHV H[LMDQ SRU OR WDQWR SODQRV GLIHUHQWHV GH FDGDXQR F
  140. 140. (Q FDVR GH TXH KDD GXGD D HVWH UHVSHF VH WR DFRQVHMD FRQVXOWDU FRQ OD FRPLVLyQ GHO HMHUFLFLR SURIHVLRQDOGHOD6$ 8WLOL]DFLyQ GH XQ SURHFWR HQ pSRFD SRVWHULRU XDQGR XQ SURHFWR VH UHSLWD HQ pSRFD SRVWHULRU ORV KRQRUDULRV GH $ 3 6 VH FDOFXODUiQ FRQ SUHFLRV DFWXDOHV VH FRQWLQXD HO FREUR GH DFXHUGR D OD FDWHJRUtD)SDUDVHULHV +RQRUDULRV GH 6XSHUYLVLyQ $UTXLWHFWyQLFD 6HUi HO GHO YDORU TXH VH FDOFXOH FRPRKRQRUDULR SDUD HO SURHFWR DUTXLWHFWyQLFR SHUR XWLOL]DQGR SDUD HVWD OLTXLGDFLyQ HO UHDO SDUD FREUR GH WDULID%7 UHDO
  141. 141. (VWRV KRQRUDULRV VHUiQ SDJDGRVSURSRUFLRQDOPHQWHDODYDQFHGHODREUDHQFDVRGH TXH OD FRQVWUXFFLyQ QR VH HMHFXWH HVWRV KRQRUDULR QR VH V SDJDUiQ6863(16,Ï1(/2675$%$-26 H$QWHSURHFWR3URHFWR$UTXLWHFWyQLFR XDQGRIXHUH QHFHVDULR VXVSHQGHU OD HODERUDFLyQ GH DQWHSURHFWR R GHO SURHFWR VH FREUDUi XQ SRUFHQWDMH GH ORV KRQRUDULRV HTXLYDOHQWH DO WUDEDMR HMHFXWDGR (Q WRGR FDVR HVWD VXPD WHQGUiTXHVHUFRPRPtQLPRVXILFLHQWHSDUDFXEULUORVJDVWRV
  142. 142. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ GLUHFWRV H LQGLUHFWRV GHO 3URHFWR ORV FRPSURPLVRV TXH HO DUTXLWHFWR KDD DGTXLULGR SDUD VX GHVDUUROOR PiV XQ DGLFLRQDO (Q HVWH FDVR ORV SODQRVSDUFLDOHV HODERUDGRV QR SRGUiQ VHU XWLOL]DGRV SDUD OD HMHFXFLyQ SDUFLDO R WRWDO GH OD REUD 6L OD HODERUDFLyQ GH ORV SODQRV DUTXLWHFWyQLFRV HVWXYR VXVSHQGLGD PiV GH XQ DxR HO $UTXLWHFWR WHQGUi GHUHFKR D TXHODSDUWHIDOWDQWHGHVXWUDEDMRVHDOLTXLGDGD GHDFXHUGRDO FRVWREDVHVHJ~QSUHVXSXHVWR%7 3
  143. 143. HQHOPRPHQWRGHOD UHLQLFLDFLyQ H 6XSHUYLVLyQ $UTXLWHFWyQLFD (Q FDVR GH VXVSHQVLyQ WHPSRUDORGHILQLWLYDGHODFRQVWUXFFLyQOD(QWLGDGRQWUDWDQWH GHEHUiOLTXLGDSDJDUORVKRQRUDULRVJDVRVUHHPEROVDEOHV W FDXVDGRV KDVWD HO PRPHQWR GH OD VXVSHQVLyQ (Q FDVR GH UHLQLFLDFLyQ GHO KRQRUDULR IDOWDQWH VH OLTXLGDUi GH DFXHUGR DO %7UHDODFWXDOL]DGRDODUHLQLFLDFLyQ3523,($,17(/(78$/(/352(72$548,7(7Ï1,2 (O$QWHSURHFWR3UR HFWRDUTXLWHFWyQLFRVRQGHSURSLHGDGLQWHOHFWXDOGHO DUTXLWHFWR SRU FRQVLJXLHQWH VRODPHQWH SXHGHQ XVDUVH HQ OD FRQVWUXFFLyQGHOHGLILFLRSDUDHOFXDOIXHURQHODERUDGRV1LQJXQDSHUVRQD SRGUi GHVDUUROODU DQWHSURHFWRV QL FDPELDU SURHFWRV VR SHQD GHYLRODU ODVGLVSRVLFLRQHVGHOD/HGHVREUHGHUHFKRVGHDXWRUH[FHSWR HQ HO FDVR TXH HO DQWHSURHFWR KDD VLGR HODERUDGR GLUHFWDPHQWH SRU OD HQWLGDG FRQWUDWDQWH 1R VH SRGUiQ XWLOL]DU DQWHSURHFWRV SURHFWRV HQ REUDVGLIHUHQWHVDDTXHOODVSDU ODVFXDOHVIXHURQFRQWUDWDGRV D85%$1,=$,21(6 $17(352(72352(72(65,3,Ï1(/2675$%$-26 $QWHSURHFWR RQVLVWH HQ OD HODERUDFLyQ GH ORV VLJXLHQWHV WUDEDMRV D
  144. 144. RQVXOWD DQWH ODV DXWRULGDGHV PXQLFLSDOHV VREUH ODV QRUPDV YLJHQWHV E
  145. 145. 7UD]DGR KRUL]RQWDO GH ODV YtDV FiOFXOR SUHOLPLQDU GH ODV SHQGLHQWHV F
  146. 146. /RWHRJHQHUDOFRQiUHDV G
  147. 147. /RFDOL]DFLyQ GH ]RQDV YHUGHV FHVLRQHV FRPXQDOHV LQVWLWXFLRQDOHVPXQLFLSDOHV H
  148. 148. 5HFRPHQGDFLRQHV VREUH iUHDV GHQVLGDGHV H tQGLFHV GH FRQVWUXFFLyQ 127$ WRGRV ORV SODQRV GH OD XUEDQL]DFLyQ VH KDFHQ VREUH SODQRVWRSRJUiILFRVGHiUHDVXPLQLVWUDGRVSRUHO3URSLHWDULR XRUGHQDGRVSRUHO$UTXLWHFWRSRUFXHQWDGHO3URSLHWDULR
  149. 149. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 3URHFWR RPSUHQGH OD HODERUDFLyQ GH ORV VLJXLHQWHV WUDEDMRV D
  150. 150. 3ODQRGHORFDOL]DFLyQGHODXUEDQL]DFLyQ E
  151. 151. 3ODQRGHORWHRGHELGDPHQWHDFRWDGR F
  152. 152. /RFDOL]DFLyQ GHWHUPLQDFLyQ GH FHVLRQHV FRPXQDOHV LQVWLWXFLRQDOHVPXQLFLSDOHV G
  153. 153. (VWXGLR GH ]RQDV YHUGHV SOD]DV VHQGHURV SHDWRQDOHV VLQ LQFOXLU HQ HVWRV ORV HVWXGLRV HQ GHWDOOHV GHO SDLVDMLVPR QL GHO PRELOLDULR XUEDQR ORV FXDOHV HVWiQ FRQWHPSODGRV HQ HO FDStWXORGHHVWHUHJODPHQWR H
  154. 154. (VWXGLR GH GHWDOOHV GH YtDV GLVHxR JHRPpWULFR VHFFLRQHV WUDQVYHUVDOHV SHUILOHV VDFDGRV GHO SODQR WRSRJUiILFR
  155. 155. HVTXLQDVFUXFHVSDUTXHDGHURV I
  156. 156. 1RUPDV SDUD OD XUEDQL]DFLyQ DSOLFDFLyQ GH QRUPDV HVSHFLDOHVFXDQGRODVKDD J
  157. 157. XDGURGHiUHDVGHORWHV]RQDVYHUGHVYtDVUHWURFHVRV HVSHFLDOHVFXDGURVGHGHQVLGDGHtQGLFHV K
  158. 158. (VWXGLRGLVHxRGHOPRELOLDULRXUEDQR DQLYHOGHHVTXHPD EiVLFRGHDFXHUGRDODVQRUPDVGHODHQWLGDGFRPSHWHQWH L
  159. 159. 7UDPLWDFLyQ GH OD UHVROXFLyQ GH DSUREDFLyQ DQWH ODV DXWRULGDGHVFRPSHWHQWHV M
  160. 160. (Q ORV FDVRV GH XUEDQLVPR SDUD ORV FRQMXQWRV FHUUDGRV HO SURHFWRGHEHFRQWHPSODUODVYtDVGHDFFHVRYtDVLQWHULRUHV MXHJRVSDUTXHDGHURVMDUGLQHVGHDFXHUGRDODVQRUPDVGH ODHQWLGDGFRPSHWHQWH+2125$5,26 3DUD8UEDQL]DFLRQHVGH9LYLHQGD (Q WRGRV ORV FDVRV HO KRQRUDULR GH 8UEDQLVPR VH FREUDUi SURYLVLRQDOPHQWHFRQ XQGDWR URYLVLRQDO%7(HVWLPDGR
  161. 161. S OXHJR VH KDUi OD OLTXLGDFLyQ GHILQLWLYD FRQ HO GDWR GHO SUHVXSXHVWR%7 3
  162. 162. GHODpSRFDGHODHQWUHJDGHOSURHFWR D
  163. 163. DOFXODU HO GHO FRVWR HVWLPDGR GH ODV REUDV GH XUEDQLVPR SDUD XQD
  164. 164. XQLGDG GH YLYLHQGD FLIUD TXH FRUUHVSRQGH DO KRQRUDULR EDVH GHO SURHFWR XUEDQtVWLFR SRU XQLGDGGHYLYLHQGD+%81
  165. 165. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ E
  166. 166. (VWLPDGRHOQ~PHURGHYLYLHQGDVTXHVHSXHGHQFRQVWUXLU HQ HO WHUUHQR SRU PHGLR GH OD VLJXLHQWH WDEOD VH FDOFXOD HO IDFWRUSRUHOFXDOVHGHEHPXOWLSOLFDUHOKRQRUD ULREDVHGHXQD XQLGDG+%81
  167. 167. SDUDREWHQHUHOYDORUGHOKRQRUDULR 3DUFLDO 7DULID )DFWRU )DFWRU 7$FXP 9LYLHQGD GHXQG SDUFLDO $FXP 8QLGDGHV 3ULPHUDV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV (QDGHODQWHHO 3DUD 2WUDV 8UEDQL]DFLRQHV (O KRQRUDULR VHUi HO GHO YDORUHVWLPDGRGHODVREUDVGHXUEDQLVPR 8UEDQL]DFLRQHVRPELQDGDV 6HGLYLGLUiHOWHUUHQRHQFDGD WLSR GH XUEDQL]DFLyQ VH FDOFXODUi VHSDUDGDPHQWH FDGD KRQRUDULR 9DORU WRWDO GHO KRQRUDULR VHJ~Q OD FRPSOHMLGDG GH OD WUDPLWDFLyQ (O DUTXLWHFWR WHQGUi GHUHFKR D TXH OH VHDQ SDJDGRVORVVLJXLHQWHVSRUFHQWDMHVDODVHQWUHJDVSDUFLDOHVGH VXWUDEDMR D
  168. 168. (ODODHQWUHJDGHORVHVWXGLRVFRPSOHWRV E
  169. 169. RPSOHWDU KDVWD ORV VLJXLHQWHV SRUFHQWDMHV D OD REWHQFLyQ GHODUHVROXFLyQGHDFXHUGRDODFRPSOHML GDGGHODWUDPLWDFLyQ 7UDPLWDFLyQGHRPSOHMLGDG HO 7UDPLWDFLyQGHRPSOHMLGDG HO 7UDPLWDFLyQGHRPSOHMLGDG HO 3DUD8UEDQL]DFLRQHVFRQ3HQGLHQWH D
  170. 170. 3DUDORWHVSODQRVKDVWDXQGHSHQGLHQWHVHFRQVHUYD HOKRQRUDULRGHILQLGR E
  171. 171. 3DUDORWHVFRQSHQGLHQWHVHQWUHHOKRQRUDULRVH LQFUHPHQWDUiHQXQ F
  172. 172. 3DUDORWHVFRQSHQGLHQWHVHQWUHHOKRQRUDULRVH LQFUHPHQWDUiHQXQ G
  173. 173. 3DUDORWHVFRQSHQGLHQWHVPDRUHVGHHOKRQRUDULRVH LQFUHPHQWDUiXQ 75$%$-26 12 ,1/8,26 (1 (/ ,6(f2 ( 85%$1,602 /RV KRQRUDULRVGHXUEDQLVPRQRLQFOXHQ
  174. 174. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ D
  175. 175. /RVWUDEDMRVGHGLVHxRGHODVUHGHVGHVHUYLFLRVS~EOLFRV E
  176. 176. /RVWUDEDMRVWRSRJUiILFRV F
  177. 177. (ODERUDFLyQGHSODQHVSLORWRRUHJXODGRU HV G
  178. 178. 3ODQHVGHGHVDUUROORUHJLRQDORPHWURSROLWDQR H
  179. 179. 3ODQHVGHUHQRYDFLyQXUEDQDRUHPRGHODFLyQGHVHFWRUHV I
  180. 180. 6HUiQ SRU FXHQWD GHO SURSLHWDULR ORV FRVWRV GH FRQVXOWD SUHYLD UHSDUWR GH VHUYLFLR SODQR WRSRJUiILFR IRWRUHGXFFLRQHV WUDPLWDFLRQHVPXQLFLSDOHV J
  181. 181. /RVSODQRVGHWDOODGRVGHILQLWLYRVGHOPRELOLDULRXUEDQRWUDWDPLHQWR GH SLVRV MDUGLQHUtD DUERUL]DFLyQ VHxDOL]DFLRQHV HVWiQ GHQWUR GHO SURHFWR GH SDLVDMLVPR VH FREUDUiQ GH DFXHUGR DO FDStWXOR 7UDEDMRV9DULRV K
  182. 182. 6L HO GLVHxR GH OD XUEDQL]DFLyQ VH FRPSOHPHQWD FRQ HO HVTXHPD EiVLFRGHODVHGLILFDFLRQHVTXHORFRPSRQHQHOHVTXHPDEiVLFRVH FREUDUiGHDFXHUGRDORGHVFULWRHQHO35(6838(672(65,3,Ï1(/75$%$-2(O WUDEDMR GH SUHSDUDFLyQ GHO SUHVXSXH WR WLHQH SRU REMHWR RIUHFHU OD VLQIRUPDFLyQ VXILFLHQWH SDUD FRQRFHU HO FRVWR HVWLPDGR GH OD FRQVWUXFFLyQVHJ~QORGHILQLGRHQHOQXPH UDO )HFKDGHO3UHVXSXHVWR(OSUHVXSXHVWRVHHODERUDFRQORV SUHFLRV GH OD IHFKD HQ TXH VH KDFH HO HVWLPDWLY OD FXDO VH R GHEHLQGLFDUHQHOWUDEDMR (Q FDVR GH TXH VH KDJDQ SURHFFLRQHV GH FRVWRV HQ HO WLHPSRWDPELpQVHGHEHQLQGLFDU DStWXORV GH RQVWUXFFLyQ 6H GHEHQ LQFOXLU WRGRV ORV FRVWRVGHFRQVWUXFFLyQGHILQLGRVFRPRFRVWRVEDVHSDUDFREUR GH WDULIDV %7 HQ HO QXPHUDO PiV ORV QR LQFOXLGRV HQ GLFKDEDVHGHILQLGRVHQHOQXPHUDO 3UHVHQWDFLyQ GHO 3UHVXSXHVWR /D SUHVHQWDFLyQ GHO SUHVXSXHVWRGHEHLQFOXLUODVVLJXLHQWHVVHFFLRQHV D
  183. 183. 3UHVXSXHVWR SRU DStWXORV /RV FRVWRV GH OD REUD VH SUHVHQWDUiQ GLYLGLGRV HQ FDStWXORV GH DFXHUGR DO VLVWHPD GH FRQVWUXFFLyQ FRQWUDWDFLyQ SURJUDPDFLyQ R D LQVWUXFFLRQHV HVSHFLDOHVGHOD(QWLGDGRQWUDWDQWHFRQODLQGLFDFLyQGHORV tWHPV FRUUHVSRQGLHQWHV D FDGD FDStWXOR VXV XQLGDGHV GH PHGLGD FDQWLGDGHV GH REUD SUHFLRV XQLWDULRV YDORU WRWDO GHO tWHPYDORUWRWDOGHOFDStWXOR
  184. 184. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ E
  185. 185. $QiOLVLV 8QLWDULRV /RV DQiOLVLV XQLWDULRV GHEHQ LQFOXLU LQGLFDFLRQHV GH FDQWLGDGHV FRVWR GH ORV PDWHULDOHV WUDQVSRUWHV GHVSHUGLFLRV UHQGLPLHQWRV FRVWRV GH DQR GH P REUDWRGDFODVHGHLQFLGHQFLDVTXHDIHFWHQHOSUHFLRXQLWDULR DQDOL]DGR F
  186. 186. /LVWDGRGH3UHFLRV%iVLFRV (OSUHVXSXHVWRGHEHLQFOXLUOD OLVWD GH SUHFLRV EiVLFRV GH PDWHULDOHV VDODULRV XWLOL]DGRV /RV SUHFLRV EiVLFRV GHEHQ LQFOXLUVH GHQWUR GHRV DQiOLVLV O XQLWDULRVSUHVHQWDUVHFRPRDQH[R G
  187. 187. RPSRQHQWHV GHO 3UHVXSXHVWR (O $UTXLWHFWR HVWi REOLJDGR D SUHVHQWDU HO GHVJORVH GHO SUHVXSXHVWR FRQ ODV FDQWLGDGHVSUHFLRVWRWDOHVGHVXVFRPSR HQWHVGLYLGLGRVHQ Q PDWHULDOHV PDQR GH REUD VXEFRQWUDW HTXLSRV JDVWRV RV JHQHUDOHV RFXPHQWRV 5HTXHULGR SDUD OD (ODERUDFLyQ GHO 3UHVX SXHVWR 3DUD OD HODERUDFLyQ GHO SUHVXSXHVWR OD (QWLGDG RQWUDWDQWH HQWUHJDUi DO $UTXLWHFWR ORV VLJXLHQWHV GRFXPHQWRV D
  188. 188. 3URHFWR$UTXLWHFWyQLFR E
  189. 189. (VSHFLILFDFLRQHVGH0DWHULDOHV F
  190. 190. 3URHFWRVWpFQLFRVFRQVXVDQWLGDGHVGH2EUD (VWLPDWLYR ,QLFLDO *OREDO 6L OD (QWLGDG RQWUDWDQ OR WH FRQVLGHUDDSURSLDGRDVXVQHFHVLGDGHVPLHQWUDVVHHODERUD HO WUDEDMR GHO SUHVXSXHVWR HO DUTXLWHFWR OH HQWUHJDUi XQ HVWLPDWLYR LQLFLDO JOREDO FDOFXODGR FRQ EDVH HQ HO iUHD GH FRQVWUXFFLyQ GHVSXpV GH GHVFRPSRQHU HO SURHFWR HQ ORV GLVWLQWRV VHFWRUHV TXH SXHGHQ WHQHU FRVWR GLIHUHQWH SRU 0 DGLFLRQDOPHQWH HQWUHJDUi GLFKR HVWLPDWLYR SRU FDStWXORV GH REUD XWLOL]DQGR tQGLFHV R SRUFHQWDMHV GHULYDGRV GH VX H[SHULHQFLDFRQRFLPLHQWRGHOSURHFWR 2WUDV/DERUHV5HODFLRQDGDVFRQHO3UHVXSXHVWR XUDQWH ODHMHFXFLyQ GHOSURHFWR DUTXLWHFWyQLFRSURHFWRVWpFQLFRV FRQDQWHULRULGDGDODGHILQLFLyQFRPSOHWDGHODVFDUDFWHU tVWLFDV GHODREUDOD(QWLGDGRQWUDWDQWHSRGUiVROLFLWDUDO$UTXLWHFWR VX DVHVRUtD SDUD OD GHILQLFLyQ GH OD REUD (VWDV DVHVRUtDV LQGHSHQGLHQWHV D OD HODERUDFLyQ GHO SUHVXSXHVWR SHUR UHODFLRQDGDVFRQpOVRQODVVLJXLHQWHV D
  191. 191. 3UHVXSXHVWR3UHOLPLQDU RQVLVWHHQODHODERUDFLyQGHXQ HVWLPDGRLQLFLDOGHFRVWRVFRQODLQIRUPDFLyQGHODQWHSURHFWR RGHORVSODQRVJHQHUDOHVPRWLYRSRUHOFXDOODVFDQWLGDGHVGH REUD TXH VH FDOFXODQ VRQ DSUR[LPDGDV R WHQWDWLYDV ODV HVSHFLILFDFLRQHVGHREUDVRQDVXPLGDV SXHGHQFDPELDUORV SODQRV WpFQLFRV QR VH KDQ HODERUDGR R VROR HVWiQ HQ
  192. 192. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ ERVTXHMRVLQLFLDOHVGHORVDQiOLVLVXQLWDULRVVyORVHHODERUDOD SDUWHLPSRUWDQWHDMXLFLRGHO$UTXLWHFWR E
  193. 193. RVWRV GH $OWHUQDWLYDV GH RQVWUXFFLyQ RQVLVWH HQ XQD DVHVRUtD HVSHF HQ FRVWRV SDUD HYDOXDU DOWHUQDWLYDV GH LDO FRQVWUXFFLyQ DOWHUQDWLYDV GH PDWHULDOHV HVSHFLILFDFLRQHV SDUD OOHJDU D XQ FRVWR TXH OD (QWLGDG RQWUDWDQWH FRQVLGHUH DGHFXDGRDVXVQHFHVLGDGHV F
  194. 194. iOFXORGHDQWLGDGHVGH2EUDGH3URHFWRV7pFQLFRV RQVLVWH HQ HO FiOFXOR GH ODV FDQWLGDGHV GH REUD GH ORV SURHFWRV HVWUXFWXUDOHV HOpFWULFRV KLGUiXOLFRV VDQLWDULR PHFiQLFRVHWF+2125$5,2 (ODERUDFLyQGHO3UHVXSXHVWR 6HUiHOGHOYDORUGHORV KRQRUDULRVGH$36OLTXLGDGDVGHDFXHUGR DOFRVWREiVLFR GHSUHVXSXHVWRSDUDFREURGHWDULIDV %73
  195. 195. ,QLFLDOPHQWHVH KDUiXQDOLTXLGDFLyQSURYLVLRQDOFRQHOGDWR%7 (HVWLPDGR
  196. 196. OXHJR VH KDFH OD OLTXLGDFLyQ GHILQLWLYD GHO KRQRUDULR FRQ HO %73SUHVXSXHVWR
  197. 197. +RQRUDULR GH 2WUDV /DERUHV 5HODFLRQDGDV FRQ HO 3UHVXSXHVWR D
  198. 198. 3UHVXSXHVWR 3UHOLPLQDU 6HUi HO GHO KRQRUDULR OLTXLGDGRSDUD$36 E
  199. 199. $OWHUQDWLYDVGHRQVWUXFFLyQ 6HFREUDUiGHDFXHUGRDO FDStWXOR7UDEDMRV9DULRV F
  200. 200. DQWLGDGHV GH 2EUD 7pFQLFDV 6H FREUDUiQ FRPRXQ SRUFHQWDMHGHOKRQRUDULRGHOSUHVXSXHVWRGHILQLWLYR LPHQWDFLyQHVWUXFWXUDV (OpFWULFDV79VRQLGRWHOpIRQRV +LGUiXOLFDVVDQLWDULDV 0HFiQLFDV 1RWD(VWDVFDQWLGDGHVGHREUDVHFREUDUiQDSDUWHHQFDVRGH TXHQRVHDQVXPLQLVWUDGDVSRUHOSURSLHWDULRFRQORVSURHFWRV WpFQLFRV21752/(26726(65,3,Ï1(/75$%$-2 FRQEDVHHQHOSUHVXSXHVWRGHODREUDPHGLDQWHODFRQWLQXDFRQIURQWDFLyQGHpVWHFRQODV FDQWLGDGHVGHREUDORVSUHFLRV EiVLFRV ODV FRPSUDV FRQWUDWRV UHQGLPLHQWRV GH PDQR GH REUD
  201. 201. (5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´DQiOLVLVGHORVGHPiVIDFWRUHVTXHLQFLGHQHQORVFRVWRVVHSURFXUDPDQWHQHUXQD LQIRUPDFLyQ PiV UHDO DFWXDOL]DGD SDUD SHUPLWLUOH D OD (QWLGDGRQWUDWDQWH WHQHU OD YLVXDOL]DFLyQ RSRUWXQD GXUDQWH HO SURFHVR GH OD REUDVREUH ORV FRVWRV ILQDOHV SUHYLVWRV ODV YDULDFLRQHV TXH VH SURGX]FDQ D ORVHVWLPDWLYRV LQLFLDOHV XQD LGHD GH ODV UD]RQHV SRU ODV FXDOHV VH SURGXFHQHVWDV YDULDFLRQHV GH ODV PHGLGDV FRUUHFWLYDVTXH VH SXHGDQ WRPDU (OFRQWURO GH FRVWRV LQFOXH DGHPiV OD DFWXDOL]DFLyQ SHULyGLFD GH ORV IOXMRV GHIRQGRV(Q ODV REUDV SRU $GPLQLVWUDFLyQ HOHJDGD OD (QWLGDG RQWUDWDQWH GHEHVXPLQLVWUDU DO $UTXLWHFWR OD LQIRUPDFLyQ QHFHVDULD SDUD OOHYDU D FDER VXWUDEDMRRVHD 2EUDVDGLFLRQDOHVGLVPLQXFLyQGHpVWDV 0RGLILFDFLRQHVGHODVFDQWLGDGHVGHREUD 0RGLILFDFLRQHVGHODVHVSHFLILFDFLRQHV ,QIRUPDFLyQVREUHFRQWUDWDFLyQFRPSUDVFDQWLGDGHVHVSHFLILFDFLRQHV SUHFLRV
  202. 202. 0RYLPLHQWRGHO$OPDFpQFRQGHVWLQDFLyQ(VWDLQIRUPDFLyQVHUiVXPLQLVWUDGDSRUOD(QWLGDGRQWUD WDQWHHOFRQVWUXFWRURHOLQWHUYHQWRU+2125$5,2 2EUDV SRU $GPLQLVWUDFLyQ HOHJDGD 6HUi HO GHO FRVWR EDVH UHDO SDUD FREUR GH WDULIDV % UHDO
  203. 203. PiV ORV 7 JDVWRVUHHPEROVDEOHV 2EUDV D 3UHFLRV 8QLWDULRV 6HUi HO GHO FRVWR EDVH UHDO SDUD FREUR GH WDULIDV %7 UHDO
  204. 204. PiV ORV JDVWRV UHHPEROVDEOHV (Q HVWDV REUDV VH UHGXFH OD WDULID SRU QR UHTXHULUVH FRQWURO VREUH DOPDFpQ FRQWU DWRV SUHFLRV TXH PDQHMD HO FRQWUDWLVWD 6L OD (QWLGDG RQWUDWDQWH HV XQ RQVWUXFWRU TXH GHVDUUROOD XQD REUD FRQWUDWDGD D SUHFLRV XQLWDULRVHOFRQWUROGHFRVWRVVHDVLPLODDOFDVRGHREUDVSRU DGPLQLVWUDFLyQGHOHJDGD REUR GH ORV +RQRUDULRV (O KRQRUDULR VH FREUDUi SHULyGLFDPHQWH HQ HO WUDQVFXUVR GH OD REUD GH DFXHUGR DO FRQYHQLRHQWUHHO$UTXLWHFWROD(QWLGDGRQWUDWDQWH352*5$0$,Ï121752/(65,3,Ï1(/2675$%$-26 352*5$0$,Ï1 (O WUDEDMR GH SURJUDPDFLyQ FRQVLVWHHQ HVWDEOHFHUODVHFXHQFLDGHORVWLHPSRVUHFXUVRVQHFHVDULRV SDUD HO GHVDUUROOR GHO SURHFWR VX FRQVWUXFFLyQ (VWDEOHFH XQ PDUFR GH UHIHUHQFLD FRQ EDVH HQ OD PHWRGRORJtD GH VHFXHQFLDV WLHPSRV H LQWHUUHODFLRQHV SDUD GHVDUUROODU HO
  205. 205. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ FRQMXQWR FDGD X GH ODV DFWLYLGDGHV TXH FRPSRQHQ OD QD HWDSD GH HVWXGLRV R OD HWDSD GH FRQVWUXFFLyQ ,QGLFD ODV UHVSRQVDELOLGDGHV GH ORV GLVWLQWRV JUXSRV GH WUDEDMR ORV UHFXUVRV KXPDQRV HFRQyPLFRV GH PDWHULDOHV HTXLSRV KHUUDPLHQWDV UHTXHULGRV SDUD SRGHU FXPSOLU ODV PHWDV SUHHVWDEOHFLGDV /D DVHVRUtD HQ SURJUDPDFLyQ VH DSOLFD D QLYHOGHOSURHFWRDQLYHOJHQHUDSDUDODFRQVWUXFFLyQ 3URJUDPD GH DFWLYLGDGHV SUHYLDV R GH SURHFWRV (V XQ SURJUDPD GH SDVRV SUHYLRV D OD REUD R D XQ SURHFWR FRQVLVWH HQ XQD DVHVRUtD D OD (QWLGDG RQWUDWDQWH SDUD HO GHVDUUROOR FURQROyJLFR GH ORV GLYHUVRV WUDEDMRV HQ HO SURFHVR GHO SURHFWR VHxDODQGR VXV LQWHUUHODFLRQHV LQWHUYHQFLyQ GH HVSHFLDOLVWDV HWDSDV GH FRRUGLQDFLyQ HWDSD GH OLFHQFLDV SHUPLVRV FRQIURQWDFLRQHV DM XVWHV OLFLWDFLRQHV FRPSUDV LPSRUWDQWHV IHFKDV GH LQLFLDFLyQGHREUDVSUHOLPLQDUHVSURJUDPDJHQHUDOGH ODREUDUHVDOWDQGRVXVHWDSDVLPSRUWDQWHV $GLFLRQDOPHQWH VH KDFH OD HVWLPDFLyQ GHO SHUVRQDO UHFXUVRV WpFQLFRV QHFHVDULRV HO IOXMR GH IRQGRV UHTXHULGR FRQ EDVH HQ OD LQIRUPDFLyQ GH FRVWRV SUHVXSXHVWRVXPLQLVWUDGRVSRUOD(QWLGDGRQWUDWDQWH /D SUHVHQWDFLyQ QRUPDO GH HVWH SURJUDPD VHUi HQ UHGHV R HQ EDUUDV D MXLFLR GHO DUTXLWHFWR FRQ OD LQGLFDFLyQGHODUXWDFUtWLFD 3URJUDPDV *HQHUDOHV VH XWLOL]DQ QRUPDOPHQWH FXDQGR OD (QWLGDG RQWUDWDQWH QHFHVLWD HQWUHJDU XQ PDUFR GH UHIHUHQFLD SDUD OLFLWDFLRQHV R SDUD FRQWUDWDFLyQGLUHFWD D
  206. 206. 3URJUDPDJHQHUDOSDUDOLFLWDFLRQHV (QHVWHFDVR HO SURJUDPD JHQHUDO SUHOLPLQDU WLHQH SRU REMHWR SUHVHQWDU D ORV OLFLWDQWHV XQ HVTXHPD JHQHUDO GH XQ SRVLEOHSURFHVRFRQVWUXFWLYRFRQHOILQGHTXHWHQJDQ XQD YLVLyQ PiV FODUD GH OD REUD SXHGDQ SURSRQHU WLHPSRVVREUHHVWHSURJUDPDRDOWHUQDWLYDVGLIHUHQWHV (VWR OH SHUPLWH D OD (QWLGDG RQWUDWDQWH WHQHU XQ D YLVLyQ GH FRQMXQWR VREUH HO SURFHVR FRQVWUXFWLYR XQ HVWLPDWLYR JHQHUDO GH ORV WLHPSRV SDUD HIHFWRV GH OD FDOLILFDFLyQGHODOLFLWDFLyQ$ORVOLFLWDQWHVOHVSHUPLWH YHUFRQPiVFODULGDGHOSURHFWROHVHYLWDHQPXFKRV FDVRVXQWUDEDMRFRVWRVGHDQ iOLVLVGHOSURHFWR 8QD SUHVHQWDFLyQ QRUPDOSDUD HVWHSURJUDPDJHQHUDO SUHOLPLQDU SDUD OLFLWDFLRQHV SXHGH VHU XQD UHG VLQ
  207. 207. (5(72³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ WLHPSRV SDUD ORV OLFLWDQWHV XQD LGHD JHQHUDO GHO WLHPSRQRUPDOSDUDOD(QWLGDGRQWUDWDQWH E

×