-817$',5(7,9$
 
35(6,'(17( 9,(35(6,'(17(
52'2/)28//2$9(5*$5$ .215$' %5811(5 9/(+(167(,1
92$/(6 92$/(6
35,1,3$/(6 683/(17(6...
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

'(5(721RGHO'(6(37,(0%5('(
3RUHOFXDOVHDSU...
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

DWHJRUtD)
DWHJRUtD*
DWHJRUtD+
DWHJRUtD,
...
RVWRVQR,QFOXLEOHVHQHOREURGH7DULIDV
2WURVRPSRQHQWHVGHRVWRV,QIRUPDWLYR
RQWUDWDFLyQ)RUPDGH3DJR
6XVSHQVLyQGHORV7UDEDMRV
RQVXOWDVDOD6$
RPLVLyQGHO(MHUFLFLR3URIHVLRQDO
RVWRGHODVRQVXOWDV
 (648(0$ %È6...
5HWHQFLyQSDUD6XSHUYLVLyQ$UTXLWHFWyQLFD
(QWUHJDV3DUFLDOHVGHO3URHFWR
0RGLILFDFLRQHVDO3URHFWR$UTXLWHFWyQLFR
 DVRGHQR2EWHQFLyQ...
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

'H6XSHUYLVLyQ$UTXLWHFWyQLFD
3URSLHGDG,QW...
3UHVXSXHVWRSRUDStWXORV
E
$QiOLVLV8QLWDULRV
F
/LVWDGRGH3UHFLRV%iVLFRV
G
RPSRQHQWHVGHO3UHVXSXHVWR
'RFXPHQWRVSDUD(ODERUDUHO3UHVXSXHVWR
(VWLPDWLYR,QLFLDO*OREDO
2WUDV/DERUHV5HODFLRQDGDVFRQHO3UHVXSXH...
3UHVXSXHVWR3UHOLPLQDU
E
RVWRVGH$OWHUQDWLYDVGHRQVWUXFFLyQ
F
iOFXORVGHDQWLGDGHVGH2EUDGH3URHFWRV7pFQLFRV
+RQRUDULR
 (ODERUDFLyQGHO3UHVXSXHVWR
2WUDV/DERUHV5HODFLRQDGDVFRQHO3UHVXSXHVWR
D
3UHVXSXHVWR3UHOLPLQDU
E
$OWHUQDWLYDVGHRQVWUXFFLyQ
F
DQWLGDGHVGH2EUDGH3URHFWRV7pFQLFRV
21752/'(26726
'HVFULSFLyQGHO7UDEDMR
 +RQRUDULR
2EUDVSRU$GPLQLVWUDFLyQ'HOHJDGD
2EUDVD3UHF...
3URJUDPD*HQHUDOSDUD/LFLWDFLRQHV
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

E
3URJUDPD*HQHUDOSDUDRQWUDWDFLyQ'LUHFWD
3URJUDPDGHRQVWUXFFLyQ
D
3URJUDPD*HQHUDO3UHOLPLQDU
E
3URJUDPDV'HWDOODGRV
F
3URJUDPDVRPSOHPHQWDULRV
G
3URJUDPD*HQHUDORRUGLQDGRU
RQWUROGHOD3URJUDPDFLyQ
7RPDGH'DWRV
3URFHVDPLHQWRGH'DWRV
(VWXGLRGH5HQGLPLHQWRV
5HXQLRQHV9LVLWDVDO...
3URJUDPDGH$FWLYLGDGHV3UHYLDVGH3URHFWRV
E
3URJUDPDV*HQHUDOHV
F
3URJUDPDGHODRQVWUXFFLyQ
RQWUROGHOD3URJUDPDFLyQ
,17(59(1725,$
'HVFULSFLyQGHORV7UDEDMRV
,QWHUYHQWRUtDGHO3URHFWR
,QWHUYHQWRUt...
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

RQVWUXFFLyQSRU$GPLQLVWUDFLyQ'HOHJDGD
9DO...
6XHOGRV3UHVWDFLRQHVGHO3HUVRQDODVLJQDGRDO(VWXGLR
E
7UDQVSRUWH9LiWLFRV
F
+RQRUDULRVGHRWURV3URIHVLRQDOHV
G
6XPLQLVWURV
H
$UUHQGDPLHQWRV$OTXLOHUHV
I
2WURVRVWRV
RVWRVGHOD2UJDQL]DFLyQ3URSLDGHO$UTXLWHFWR
D
6XHOGRV3UHVWDFLRQHVGHO3HUVRQDO$GPLQLVWUDWLYRGH
OD2ILFLQDGHO$UTXLWHFWR
E
6HUYLFLRV3DJDGRVD7HUFHURV
F
$UUHQGDPLHQWRV
G
'RWDFLyQ0DQWHQLPLHQWRGH2ILFLQDV
H
$FDUUHRV7UDQVSRUWHV
I
*DVWRV/HJDOHV
J
0DQWHQLPLHQWRGH3HUVRQDO7pFQLFR
RQFHSWRGH8WLOLGDG
)RUPDGH3DJR
6LVWHPDGHO0XOWLSOLFDGRU
6XPD)LMDSRU'tDRSRU+RUD
RVWR7RWDOPDVXQ...
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

62,('$'2/20%,$1$'($548,7(726
5(*/$0(172'...
8UEDQL]DFLRQHV $QWHSURHFWR3URHFWR
3UHVXSXHVWR
RQWUROGHFRVWRV
3URJUDPDFLyQRQWUROGH3URJUDPDFLyQ
,QWHUYHQWRUtD
RQVWUXFFLyQ
7U...
7UDEDMR RQVWUXFFLRQHV FRPHUFLDOHV VHQFLOODV FRQ UHSHWLFLyQ GH
ORFDOHV VLQ XVR HVSHFtILFR IiEULFDV R WDOOHUHV FXDQGR HO SUR...
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

LQGXVWULDOODORFDOL]DFLyQGHODVPiTXLQDVRHT...
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

6DOXG3XHVWRVFHQWURVGHVDOXGFOtQLFDVKRVSLW...
H[LVWHQWH
352(726,1/8,'26(175$%$-269$5,26 (QDOJXQRV
WLSRV GH SURHFWRV QR HV FODUR R QR HV SRVLEOH UHIHULUVH D PHWURV
FXDGU...
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

7UDQVSRUWH (VWDFLRQDPLHQWRVGHVFXELHUWRV
...
VHUiQ SRU FXHQWD GHO
3URSLHWDULRRGHOD(QWLGDGRQWUDWDQWH
(QORVFRQWUDWRVGHFRQVWUXFFLyQDSUHFLRJOREDORSUHFLRVXQLWDULRVODV
SyOL]...
9LDMHVYLiWLFRVGHO$UTXLWHFWRGHVXVHPSOHDGRVSHUVRQDVD
FDUJR SDUD HIHFWRV GHO SURHFWR FXDQGR WHQJDQ TXH WUDVODGDUVH
IXHUD GH V...
DEOHVSRUWHVVHUYLFLRWHOHIyQLFRGHODUJDGLVWDQFLDRWURVWLSRV
GHWHOHFRPXQLFDFLRQHVUHODFLRQDGRFRQHOWUDEDMR
F
RSLDV KHOLRJUiILFDV IRWRJUDItDV PDTXHWDV IRWRFRSLDV
JUDEDFLRQHVSHOtFXODVWRGRWLSRGHUHSURGXFFLyQGHRULJLQDOHV
G
(QVDRVGHODERUDWRULRKRQRUDULRVGHHVSHFLDOLVWDV
H
+RQRUDULRVRVDODULRVSUHVWDFLRQHVVRFLDOHVGHWRGRHOSHUVRQDO
SURIHVLRQDO TXH VHD QHFHVDULR GLVSRQHU HQ HO VLWLR GH OD REUD GH
W...
'(5(72
³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´

SHUVRQDO QR SURIHVLRQDO RFXSDGR HQ WUDED...
Nächste SlideShare
Wird geladen in …5
×

Dec 2090 honorarios arquitectos

145 Aufrufe

Veröffentlicht am

SCA honorarios del ejercicio de la profesion de arquitectura e ingeniería en colombia

Veröffentlicht in: Ingenieurwesen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Dec 2090 honorarios arquitectos

  1. 1. -817$',5(7,9$ 35(6,'(17( 9,(35(6,'(17( 52'2/)28//2$9(5*$5$ .215$' %5811(5 9/(+(167(,1 92$/(6 92$/(6 35,1,3$/(6 683/(17(6 %,//*2(%(5786%(-$5$12 52'5,*258%,292//(57 $5/26+$55,//2$5$1*2 /8,6$$0(/,$3,172-$20( ,/,$1$:,(61(5(+(9(55 $5/26*),6+(508f2= -8$152-$6,5$*255, *21=$/23(/$(=$/'$6 3$75,,$02/,1$)216($ 92$/(6'(6,*1$'26 92$/(6'(6,*1$'26 -817$$17(5,25 -817$$17(5,25 35,1,3$/(6 683/(17(6 0$5,2$125,(*$72/('2 021,$*20(='((63,126$ $1'5(6255$17,$+(55(5$ 35285$'25 35,1,3$/ 683/(17( *(5+$5'2$(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$1*2 ',5(725(-(87,92 52'5,*2263,1$)(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 $UWtFXORGHO'HFUHWR/HGH 216,'(5$1'2 4XH OD 6RFLHGDG RORPELDQD GH $UTXLWHFWRV WLHQH FDUiFWHU GH XHUSR RQVXOWLYRGHO*RELHUQRGHDFXHUGRFRQORGLVSXHVWRSRUHO'HFUHWRGH UDWLILFDGRSRUOD/HGH 4XHVHJ~QVXV(VWDWXWRVOD6RFLHGDGPHQFLRQDGDWLHQHSRUREMHWRDJUXSDU D 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 VLUYHQ GH ORV $UTXLWHFWRVHQWUHHOORV 4XH OD -XQWD 'LUHFWLYD GH OD 6RFLHGDG RORPELDQD GH $UTXLWHFWRV HQ VX VHVLyQGHOGtDGHIHEUHURGHDSUREyHO5HJODPHQWRGH+RQRUDULRV SDUDWUDEDMRVGH$UTXLWHFWXUD 4XHODPLVPD-XQWD'LUHFWLYDHQVXUHXQLyQGHOGtDGHGLFLHPEUHGH DSUREy SRU XQDQLPLGDG ODV PRGLILFDFLRQHV KHFKDV DO 5HJODPHQWR HQ PHQFLyQ '(5(7$ $57,8/2 ž $SUXpEDVH HO 5HJODPHQWR GH +RQRUDULRV SDUD WUDEDMRV GH $UTXLWHFWXUD DGRSWDGR SRU OD -XQWD 'LUHFWLYD 1DFLRQDO GH OD 6RFLHGDG RORPELDQD GH $UTXLWHFWRV HQ VXV VHVLRQHV GH ORV GtDV GH IHEUHUR GH GHGLFLHPEUHGHFXRWH[WRHVHOVLJXLHQWH 217(1,'2 '(),1,,21(6*(1(5$/(6 2EOLJDWRULHGDGGHO5HJODPHQWR +RQRUDULR0tQLPR 7UDEDMRVRQVLGHUDGRV DWHJRUtDVGHORV7UDEDMRV DWHJRUtD$ DWHJRUtD% DWHJRUtD DWHJRUtD' DWHJRUtD(
  3. 3. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ DWHJRUtD) DWHJRUtD* DWHJRUtD+ DWHJRUtD, 3URHFWRV,QFOXLGRVHQ7UDEDMRV9DULRV 'HVFXHQWRV 3yOL]DVGH6HJXURV *DVWRV5HHPEROVDEOHV (VWXGLRGH,QJHQLHUtD RVWRGHODRQVWUXFFLyQ RVWR%DVHSDUDREURGHODV7DULIDV%7
  4. 4. RVWRVQR,QFOXLEOHVHQHOREURGH7DULIDV 2WURVRPSRQHQWHVGHRVWRV,QIRUPDWLYR
  5. 5. RQWUDWDFLyQ)RUPDGH3DJR 6XVSHQVLyQGHORV7UDEDMRV RQVXOWDVDOD6$ 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(VTXHPD%iVLFR +RQRUDULRGHO$QWHSURHFWR $QWLFLSRGHO3URHFWR$UTXLWHFWyQLFR 0RGLILFDFLRQHVGHO$QWHSURHFWR +RQRUDULRV GHO $QWHSURHFWR 3URHFWR VXSHUYLVLyQ $UTXLWHFWyQLFD$36
  6. 6. 5HWHQFLyQSDUD6XSHUYLVLyQ$UTXLWHFWyQLFD (QWUHJDV3DUFLDOHVGHO3URHFWR 0RGLILFDFLRQHVDO3URHFWR$UTXLWHFWyQLFR DVRGHQR2EWHQFLyQGHOLFHQFLDGHRQVWUXFFLyQ 3URHFWRGHRQMXQWRSDUDRQVWUXFFLRQHV 3URHFWRSDUDVHU5HSHWLGRHQ'LIHUHQWHV6LWLRV 'LIHUHQWHV WLSRV GH HGLILFLRV GHQWUR GHO PLVPR SURHFWR 8WLOL]DFLyQGHXQSURHFWRHQpSRFDSRVWHULRU +RQRUDULRVGH6XSHUYLVLyQ$UTXLWHFWyQLFD 6XVSHQVLyQGHORV7UDEDMRV 'H$QWHSURHFWR3URHFWR$UTXLWHFWyQLFR
  7. 7. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 'H6XSHUYLVLyQ$UTXLWHFWyQLFD 3URSLHGDG,QWHOHFWXDOGHO 3URHFWR$UTXLWHFWyQLFR 85%$1,=$,21(6 $17(352(72352(72 'HVFULSFLyQGHORV7UDEDMRV $QWHSURHFWR 3URHFWR +RQRUDULRV 8UEDQL]DFLRQHVGH9LYLHQGD 2WUDV8UEDQL]DFLRQHV 8UEDQL]DFLRQHVRPELQDGDV 9DORUGHO+RQRUDULRVHJ~QOD7UDPLWDFLyQ 8UEDQL]DFLRQHVHQ/RWHVFRQ3HQGLHQWH 7UDEDMRVQR,QFOXLGRVHQHO'LVHxRGH8UEDQLVPR 35(6838(672 'HVFULSFLyQGHO7UDEDMR )HFKDGHO3UHVXSXHVWR DStWXORVGHRQVWUXFFLyQ,QFOXLGRV 3UHVHQWDFLyQGHO3UHVXSXHVWR D
  8. 8. 3UHVXSXHVWRSRUDStWXORV E
  9. 9. $QiOLVLV8QLWDULRV F
  10. 10. /LVWDGRGH3UHFLRV%iVLFRV G
  11. 11. RPSRQHQWHVGHO3UHVXSXHVWR 'RFXPHQWRVSDUD(ODERUDUHO3UHVXSXHVWR (VWLPDWLYR,QLFLDO*OREDO 2WUDV/DERUHV5HODFLRQDGDVFRQHO3UHVXSXHVWR D
  12. 12. 3UHVXSXHVWR3UHOLPLQDU E
  13. 13. RVWRVGH$OWHUQDWLYDVGHRQVWUXFFLyQ F
  14. 14. iOFXORVGHDQWLGDGHVGH2EUDGH3URHFWRV7pFQLFRV +RQRUDULR (ODERUDFLyQGHO3UHVXSXHVWR 2WUDV/DERUHV5HODFLRQDGDVFRQHO3UHVXSXHVWR D
  15. 15. 3UHVXSXHVWR3UHOLPLQDU E
  16. 16. $OWHUQDWLYDVGHRQVWUXFFLyQ F
  17. 17. DQWLGDGHVGH2EUDGH3URHFWRV7pFQLFRV 21752/'(26726 'HVFULSFLyQGHO7UDEDMR +RQRUDULR 2EUDVSRU$GPLQLVWUDFLyQ'HOHJDGD 2EUDVD3UHFLRV8QLWDULRV REURGHORV+RQRUDULRV 352*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*HQHUDOSDUDRQWUDWDFLyQ'LUHFWD 3URJUDPDGHRQVWUXFFLyQ D
  21. 21. 3URJUDPD*HQHUDO3UHOLPLQDU E
  22. 22. 3URJUDPDV'HWDOODGRV F
  23. 23. 3URJUDPDVRPSOHPHQWDULRV G
  24. 24. 3URJUDPD*HQHUDORRUGLQDGRU RQWUROGHOD3URJUDPDFLyQ 7RPDGH'DWRV 3URFHVDPLHQWRGH'DWRV (VWXGLRGH5HQGLPLHQWRV 5HXQLRQHV9LVLWDVDOD2EUD $QiOLVLVGHOD0DUFKDGHOD2EUD ,QIRUPHV$FWXDOL]DFLRQHVGHO3URJUDPD 3URJUDPDV'HWDOODGRVSDUD3HUtRGRVRUWRV +RQRUDULRV 3URJUDPDFLyQ D
  25. 25. 3URJUDPDGH$FWLYLGDGHV3UHYLDVGH3URHFWRV E
  26. 26. 3URJUDPDV*HQHUDOHV F
  27. 27. 3URJUDPDGHODRQVWUXFFLyQ RQWUROGHOD3URJUDPDFLyQ ,17(59(1725,$ 'HVFULSFLyQGHORV7UDEDMRV ,QWHUYHQWRUtDGHO3URHFWR ,QWHUYHQWRUtD'XUDQWHODRQVWUXFFLyQ ,QWHUYHQWRUtD7pFQLFD ,QWHUYHQWRUtD$GPLQLVWUDWLYD +RQRUDULRV 3DUD,QWHUYHQWRUtDGH3URHFWRV 3DUD,QWHUYHQWRUtDGHRQVWUXFFLyQ 4XLHQHVSXHGHQ(MHUFHUOD,QWHUYHQWRUtD 5HODFLRQHVHQWUHHO,QWHUYHQWRUOD(QWLGDGRQWUDWDQWH 5HODFLRQHVHQWUHHO,QWHUYHQWRUHORQVWUXFWRU 5HVSRQVDELOLGDGGHO,QWHUYHQWRU 216758,Ï1 'HVFULSFLyQGHORV7UDEDMRV RQVWUXFFLyQSRU$GPLQLVWUDFLyQ'HOHJDGD 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$GPLQLVWUDFLyQ'HOHJDGD 9DORUGHORV+RQRUDULRV )RUPDGH3DJRGHORV+RQRUDULRV 5HWHQFLyQDORV+RQRUDULRV ([HQFLyQGH2EOLJDFLRQHV +RQRUDULRVGHVGHOD,QWHUYHQFLyQ 0DWHULDOHV 6XPLQLVWUDGRV SRU OD (QWLGDG RQWUDWDQWH RQWUDWDFLyQGH(VWXGLRV7pFQLFRV 2EUDVGHRUWD'XUDFLyQ 2EUDV'HPRUDGDV +RQRUDULRVSDUDRQVWUXFFLyQSRU3UHFLR*OREDOR$O]DGR +RQRUDULRVSDUDRQVWUXFFLyQSRU3UHFLRV8QLWDULRV RQFXUVRV/LFLWDFLRQHV 75$%$-269$5,26 'HVFULSFLyQGHORV7UDEDMRV 3URHFWR $UTXLWHFWyQLFR GH 2EUDV QR 0HGLEOHV HQ 0HWURV XDGUDGRVRQVWUXLGRV 5HFLERGH3ODQRV 2UJDQL]DFLyQGH/LFLWDFLRQHV 2WURV7UDEDMRV +RQRUDULRV RVWRV5HODFLRQDGRV'LUHFWDPHQWHFRQHO7UDEDMR 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$UTXLWHFWR D
  35. 35. 6XHOGRV3UHVWDFLRQHVGHO3HUVRQDO$GPLQLVWUDWLYRGH OD2ILFLQDGHO$UTXLWHFWR E
  36. 36. 6HUYLFLRV3DJDGRVD7HUFHURV F
  37. 37. $UUHQGDPLHQWRV G
  38. 38. 'RWDFLyQ0DQWHQLPLHQWRGH2ILFLQDV H
  39. 39. $FDUUHRV7UDQVSRUWHV I
  40. 40. *DVWRV/HJDOHV J
  41. 41. 0DQWHQLPLHQWRGH3HUVRQDO7pFQLFR RQFHSWRGH8WLOLGDG )RUPDGH3DJR 6LVWHPDGHO0XOWLSOLFDGRU 6XPD)LMDSRU'tDRSRU+RUD RVWR7RWDOPDVXQD6XPD)LMD *(5(1,$'(352(72 3UHVHQWDFLyQ 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 DSOLFDFLyQ SDUD WRGRV ORV SURIHVLRQDOHV DILOLDGRV D OD 6RFLHGDG RORPELDQD GH $UTXLWHFWRVSDUDWRGRVORVRUJDQLVPRVRILFLDOHVVHPLRILFLDOHVGHO(VWDGR RORPELDQR +2125$5,20Ë1,02 /RVKRQRUDULRVHVWDEOHFLGRVHQHVWHUHJODPHQWR VXIRUPDGHOLTXLGDFLyQSDJRVRQORVPtQLPRVTXHORV$UTXLWHFWRVGHEHUiQ FREUDUFXDQGRVHUHILHUDQDORVWUDEDMRVGHTXHWUDWDHOPLVPR 75$%$-26 /RVWUDEDMRVFRQVLGHUDGRVVRQORVVLJXLHQWHV (VTXHPD%iVLFR$QWHSURHFWR3URHFWR6XSHUYLVLyQ$UTXLWHFWyQLFD $36
  43. 43. 8UEDQL]DFLRQHV $QWHSURHFWR3URHFWR 3UHVXSXHVWR RQWUROGHFRVWRV 3URJUDPDFLyQRQWUROGH3URJUDPDFLyQ ,QWHUYHQWRUtD RQVWUXFFLyQ 7UDEDMRV9DULRV *HUHQFLDGH3URHFWRV $7(*25Ë$6 3DUDHIHFWRGHODOLTXLGDFLyQGHKRQRUDULRVORVWUDEDMRV VHFODVLILFDQHQODVVLJXLHQWHVFDWHJRUtDV $7(*25Ë$ $ 3URHFWRV GH FRQVWUXFFLRQHV VLPSOHV FRQ LQVWDODFLRQHVPtQLPDV (GXFDFLyQ $XODVGHFODVH 7UDEDMR +DQJDUHVJDOSRQHVERGHJDVVLQLQVWDODFLRQHV 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 3DLVDMLVPR'HSURHFWRVTXHQRVHDQHVSHFLDOPHQWHFRPSOHMRV $7(*25Ë$ 3URHFWRVGHFRQVWUXFFLRQHVFRPSOHMDV 9LYLHQGD (GLILFLRVGRQGHVHUHSLWHQODVXQLGDGHVRORVSLVRVTXH 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 (GLILFLRVGHRILFLQDVVLQGHVWLQDFLyQHVSHFtILFDFHQWUDOHV GH DEDVWHFLPLHQWR SOD]DV GH PHUFDGR WDOOHUHV SODQWDV LQGXVWULDOHVHVSHFtILFDVGRQGHHOSURFHVRLQGXVWULDOODORFDOL]DFLyQ GHODVPiTXLQDVHTXLSRVVHDIDFWRUSUHSRQGHUDQWHHQHOSURHFWR FHQWURV FRPHUFLDOHVVLQGHVWLQDFLyQHVSHFtILFD 9DULRVDSLOODVLJOHVLDVFHQWURVSDUURTXLDOHV 3DLVDMLVPR3DUDDTXHOORVSURHFWRVFXDLPSRUWDQFLDFRPSOHMLGDG H[LJHQHVWXGLRVHVSHFLDOHVGHDUTXLWHFWXUDHQHVWHFDPSRFDVRHQ HOFXDOVHUHTXLHUHFRQFHSWRGHODFRPLVLyQGHOHMHUFLFLRSURIHVLRQDO $7(*25Ë$ ' 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 $HURSXHUWRV HVWDFLRQHV GH IHUURFDUULO FHQWUDOHV GH WUDQVSRUWHSXHUWRV 5HFUHDFLyQ 7HDWURV FLQHV PXVHRV ELEOLRWHFDV SODQHWDULRV FHQWURV GH UDGLR WHOHYLVLyQ FOXEHV VRFLDOHV FXOWXUDOHV GHSRUWLYRV HVWDGLRV SLVWDV DWOpWLFDV SLVFLQDV YHOyGURPRV H LQVWDODFLRQHV GHSRUWLYDV FRQ JUDGHUtDV GHSHQGHQFLDV DX[LOLDUHV FROLVHRVFDQFKDVGHSRUWLYDVFXELHUWDV
  46. 46. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$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 GHQWURGHODPLVPDHVWUXFWXUDFRQVLGHUDGDVHQGRVRPiVGHODV FDWHJRUtDVVLHPSUHFXDQGRQLQJXQDGHODVSDUWHVH[FHGDHO GHOiUHDWRWDOFDVRHQHOFXDOWRGRHOHGLILFLRVHFRQVLGHUDUiGHQWUR GH OD FDWHJRUtD GHO iUHD PDRULWDULD SDUD OD OLTXLGDFLyQ GH KRQRUDULRV(MHPSORGHHGLILFLRPL[WRHGLILFLRGHDSDUWDPHQWRVFRQ ORFDOHVFRPHUFLDOHVHQORVSULPHURVSLVRVHGLILFLRGHRILFLQDVFRQ VXFXUVDOEDQFDULDHQORVSULPHURVSLVRV $7(*25Ë$+ 3URHFWRVGHUHVWDXUDFLyQ 6H HQWLHQGH SRU UHVWDXUDFLyQ XQ WUDEDMR TXH WLHQH FRPR ILQ SUHVHUYDUUHOHYDUORVYDORUHVHVWpWLFRVHKLVWyULFRVGHODHGLILFDFLyQ RPRQXPHQWRVHEDVDHQHOUHVSHWRGHODVXVWDQFLDGHVXpSRFD GHORVGRFXPHQWRVDXWpQWLFRV'HDOOtHQDGHODQWHFXDOTXLHUWUDEDMR 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 6HHQWLHQGHSRU$PSOLDFLyQ(ODXPHQWRGHOiUHDGHFRQVWUXFFLyQ FXDQGR HVWD VH GHVDUUROOD VREUH OD PLVPD HVWUXFWXUD HGLILFDFLyQ
  47. 47. H[LVWHQWH 352(726,1/8,'26(175$%$-269$5,26 (QDOJXQRV WLSRV GH SURHFWRV QR HV FODUR R QR HV SRVLEOH UHIHULUVH D PHWURV FXDGUDGRVGHFRQVWUXFFLyQSRUORWDQWRHOFiOFXORGHKRQRUDULRVVH KDUiGHDFXHUGRDODStWXOR7UDEDMRV9DULRV
  48. 48. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 7UDQVSRUWH (VWDFLRQDPLHQWRVGHVFXELHUWRV 5HFUHDFLyQ DQFKDV GHSRUWLYDV DO DLUH OLEUH VLQ JUDGHUtDV R LQVWDODFLRQHVDGLFLRQDOHVSDUTXHVMDUGLQHV 9DULRV FHPHQWHULRV '(68(1726 (Q ORV FRQWUDWRV GH FRQVWUXFFLyQ SRU DGPLQLVWUDFLyQ GHOHJDGDHO$UTXLWHFWRHVWiREOLJDGRDWUDVODGDUDODHQWLGDGRQWUDWDQWH WRGDV ODV UHEDMDV GHVFXHQWRV FRPLVLRQHV TXH REWHQJD HQ OD DGTXLVLFLyQUHQWDRUHFRPHQGDFLyQGHPDWHULDOHVHTXLSRVQHFHVDULRV SDUDODREUD 3Ï/,=$6'(6(*852 7RGDVODVSyOL]DVQHFHVDULDVSDUDODHMHFXFLyQGH ORVWUDEDMRVFXPSOLPLHQWRPDQHMRGHDQWLFLSRHVWDELOLGDGSUHVWDFLRQHV UHJLVWUR GHO FRQWUDWR FXDOTXLHU RWUD VLPLODU
  49. 49. VHUiQ SRU FXHQWD GHO 3URSLHWDULRRGHOD(QWLGDGRQWUDWDQWH (QORVFRQWUDWRVGHFRQVWUXFFLyQDSUHFLRJOREDORSUHFLRVXQLWDULRVODV 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 UHHPEROViUVHOH 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 $UTXLWHFWR OD (QWLGDG RQWUDWDQWH/RVJDVWRVUHHPEROVDEOHVVRQORVVLJXLHQWHV D
  50. 50. 9LDMHVYLiWLFRVGHO$UTXLWHFWRGHVXVHPSOHDGRVSHUVRQDVD FDUJR SDUD HIHFWRV GHO SURHFWR FXDQGR WHQJDQ TXH WUDVODGDUVH IXHUD GH VX GRPLFLOLR SDUD FXDOTXLHU DVXQWR UHODFLRQDGR FRQ HO WUDEDMR E
  51. 51. DEOHVSRUWHVVHUYLFLRWHOHIyQLFRGHODUJDGLVWDQFLDRWURVWLSRV GHWHOHFRPXQLFDFLRQHVUHODFLRQDGRFRQHOWUDEDMR F
  52. 52. RSLDV KHOLRJUiILFDV IRWRJUDItDV PDTXHWDV IRWRFRSLDV JUDEDFLRQHVSHOtFXODVWRGRWLSRGHUHSURGXFFLyQGHRULJLQDOHV G
  53. 53. (QVDRVGHODERUDWRULRKRQRUDULRVGHHVSHFLDOLVWDV H
  54. 54. +RQRUDULRVRVDODULRVSUHVWDFLRQHVVRFLDOHVGHWRGRHOSHUVRQDO SURIHVLRQDO TXH VHD QHFHVDULR GLVSRQHU HQ HO VLWLR GH OD REUD GH WLHPSRSDUFLDORSHUPDQHQWHHVGHFLUORVUHVLGHQWHVGHREUDFRQ VXV DX[LOLDUHV SURIHVLRQDOHV GH WRGRV ORV WUDEDMRV SURSLRV GH HVWH UHJODPHQWR TXH VH HMHFXWHQ HQ OD REUD 6HDFODUD TXH WRGR HO
  55. 55. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ SHUVRQDO QR SURIHVLRQDO RFXSDGR HQ WUDEDMRV SURSLRV GHO HMHUFLFLR SURIHVLRQDOGHO$UTXLWHFWRTXHGHEDWUDEDMDUHQHOVLWLRGHODREUD IRUPDSDUWHGHORVFRVWRVEDVHGHODREUDSDUDFREURGHWDULIDV VHUiQ SRU FXHQWD GH OD REUD 9HU QXPHUDO
  56. 56. 3DUD IDFLOLWDU HO PDQHMR DGPLQLVWUDWLYR GH FRQWUDWDFLyQ HO $UTXLWHFWR SRGUi FRQYHQLUFRQOD(QWLGDGRQWUDWDQWHTXHHOSDJRGHVXSHUVRQDOVHD XQFRVWRUHHPEROVDEOH I
  57. 57. 2WURVTXHVHRFDVLRQHQFRQPRWLYRGHORVWUDEDMRVHMHFXWDGRV TXHQRSXHGDQLPSXWDUVHDODRSHUDFLyQQRUPDOGHODRUJDQL]DFLyQ SURSLDGHODUTXLWHFWR (678',26'(,1*(1,(5Ë$ 6RQWRGRVORVWUDEDMRVHVWXGLRVRVHUYLFLRV WpFQLFRV GLIHUHQWHV D ORV GHO $UTXLWHFWR QHFHVDULRV SDUD HO WUDEDMR HQFRPHQGDGR/RVHVWXGLRVGHLQJHQLHUtDVHUiQSDJDGRVSRUOD(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 KRQRUDULRV GH ORV HVWXGLRV GHPiVODERUHVSURIHVLRQDOHVSURSLDVGHODREUDSRUUHFXUVRVKXPDQRV TXHVHGHEHUiQXELFDUHQHOVLWLRGHODREUDSDUDSRGHUHMHFXWDUOD3DUD HIHFWRVGHHVWH 5HJODPHQWRHO FRVWRWRWDOGHFRQVWUXFFLyQVHGLYLGHHQ GRVSDUWHVRVWRVEDVHSDUDFREURGHWDULIDVFRVWRVQRLQFOXLEOHVHQ 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[WUDFWRV5
  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 FRQVWUXFFLyQ VH GLYLGLUi HQ GRV SDUWHV FODUDPHQWHLGHQWLILFDEOHVDVt RVWREDVHSDUDODDSOLFDFLyQGHODV7DULIDV%7
  60. 60. RUUHVSRQGH D DTXHOORV FRVWRV GH OD FRQVWUXFFLyQ TXH VLUYHQ GH EDVH SDUD OLTXLGDUORVKRQRUDULRV'HQWURGHOFRVWREDVH%7
  61. 61. HVWiQLQFOXLGRV ORVVLJXLHQWHVFRVWRVGHREUD
  62. 62. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ D
  63. 63. 7RGRV ORV FDStWXORV GH FRQVWUXFFLyQ HV GHFLU PDQR GH REUD PDWHULDOHV HTXLSRV WUDQVSRUWHV GHVSHUGLFLRV H LPSUHYLVWRV DGHPiVORVFRVWRVGHQDFLRQDOL]DFLyQDGXDQDIOHWHVGHPiV QHFHVDULRVSDUDOOHYDUORVHTXLSRVPDWHULDOHVKDVWDODREUD E
  64. 64. *DVWRVJHQHUDOHVGHDGPLQLVWUDFLyQGHODREUDSHUVRQDOGH REUDQRSURIHVLRQDOGHWRGRVORVWUDEDMRVFRQWHPSODGRVHQHVWH 5HJODPHQWR H[FHSWXDQGR ORV UHVLGHQWHV DX[LOLDUHV SURIHVLRQDOHVTXHVHFRQVLGHUDQFRPRUHHPEROVDEOHV F
  65. 65. /LFHQFLD GH FRQVWUXFFLyQ GHUHFKRV GH (QHUJtD $FXHGXFWR $OFDQWDULOODGR7HOpIRQRV RPRHMHPSORGH HTXLSRVTXHVHLQFOXHQHQHOFRVWREDVHSDUD FREUR GH WDULID WHQHPRV DVFHQVRUHV YHQWLODGRUHV HQIULDGRUHV XQLGDGHV FRQGHQVDGRUDV FDOGHUDV ERPEDV VXEHVWDFLRQHV SDQWDOOHUtDILMDWDEOHURVHOpFWULFRVGLVWULEXLGRUHVWHOHIyQLFRVGXFWRV LQFLQHUDGRUHV FRPSDFWDGRUHV GH EDVXUD WDQTXHV GH DOPDFHQDPLHQWR HTXLSRV FRQWUD LQFHQGLR HTXLSRV GH YLJLODQFLD VHJXULGDGHTXLSRVGHFRFLQDODYDQGHUtDVLVWHPDVGHFDOHIDFFLyQ VRODU 3DUDHIHFWRGHOFREURGHWDULIDVORVKRQRUDULRVVHUHIHULUiQVHJ~Q HOFDVRDXQRGHORVWUHVWLSRVGHFRVWREiVLFRSDUDFREURGHWDULIDV TXHVHGHILQLHURQ %7((VWLPDGR
  66. 66. %733UHVXSXHVWR
  67. 67. y%755HDO
  68. 68. RVWRV GH RQVWUXFFLyQ QR LQFOXLEOHV HQ OD EDVH SDUD DSOLFDFLyQGHODVWDULIDV HVWRVFRVWRVVRQ D
  69. 69. /RVKRQRUDULRVGHORVWUDEDMRVGHVFULWRVHQHVWHUHJODPHQWR E
  70. 70. /RVKRQRUDULRVGHORVHVWXGLRVGHLQJHQLHUtD F
  71. 71. *DVWRVUHHPEROVDEOHV G
  72. 72. 5HVLGHQWHVGHREUDDX[LOLDUHVSURIHVLRQDOHV H
  73. 73. 3yOL]DVGHVHJXUR I
  74. 74. ,PSXHVWRVWDVDVPXQLFLSDOHVGLUHFWDPHQWHUHODFLRQDGDVFRQOD REUD 2WURVRPSRQHQWHVGHRVWRVHQODRQVWUXFFLyQ /RV VLJXLHQWHV FRPSRQHQWHV QR IRUPDQ SDUWH GHO FRVWR GH FRQVWUXFFLyQSHURVHPHQFLRQDQFRPRLQIRUPDFLyQ D
  75. 75. 2UQDPHQWRVPXHEOHVTXHQRKDJDQSDUWHLQWHJUDQWHGHODREUD E
  76. 76. ,PSXHVWRVWDVDVPXQLFLSDOHVQRUHODFLRQDGDVFRQODREUDFRPR SUHGLDOYDORUL]DFLRQHV F
  77. 77. *DVWRV /HJDOHV ,PSXHVWRV GH WLPEUH GHO FRQWUDWR SXEOLFDFLRQHVHVWDPSLOODVGHFREURGHODVFXHQWDV
  78. 78. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$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]JRV 2175$7$,Ï1 )250$'(3$*2 3DUDWRGRVORVWUDEDMRVGHHVWH UHJODPHQWRGHEHH[LVWLUXQDFRQVWDQFLDHVFULWDHQWUHHO$UTXLWHFWROD (QWLGDGRQWUDWDQWHGRQGHVHHVWLSXOHQODVFRQGLFLRQHVGHOFRQWUDWR HQODFXDOOD(QWLGDGRQWUDWDQWHDFHSWDORVKRQRUDULRVSDFWDGRVORV UHJODPHQWRVGHOD6$ 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 ORV FRVWRV HQ TXH KDD LQFXUULGR HO $UTXLWHFWRSDUDGHVDUUROODUODSDUWHHMHFXWDGDPiVXQSRUFRQFHSWR GH XWLOLGDG (Q FDVR GH TXH ORV WUDEDMRV IDOWDQWHV VH UHLQLFLHQ ORV KRQRUDULRV VH YROYHUiQ D OLTXLGDU FRQ SUHFLRV DFWXDOL]DGRV VH GHVFRQWDUiHOSRUFHQWDMHSDJDGRHQHOPRPHQWRGHODVXVSHQVLyQ 2168/7$6 $ /$ 6$ /D6RFLHGDGRORPELDQD 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 $UTXLWHFWRVFREUDUiXQKRQRUDULRILMDGRSUHYLDPHQWHGHDFXHUGR DOWUDEDMRTXHODFRQVXOWDGHPDQGH/RV$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 VLQ WHQHU QHFHVDULDPHQWH HO 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 IXQFLRQDPLHQWRUHODFLyQHQWUHORVDPELHQWHVRSHUDFLyQ 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 FXDQGR QR KDD LQIRUPDFLyQ VXILFLHQWH SDUD HODERUDU HO $QWHSURHFWR QL VHJXULGDG GHO VLWLR R GHO SURJUDPD DUTXLWHFWyQLFR R HQ FDVRGHTXHVHHODERUHVLPXOWiQHDPHQWHHOSURHFWRGH XUEDQL]DFLyQ FRQ HO HVTXHPD EiVLFR GH ORV HGLILFLRV SUREDEOHVGHOSURHFWR $QWHSURHFWR RUUHVSRQGH D OD LGHD JHQHUDO GHO SURHFWR VX HVWXGLR VH GHEH KDFHU FRQ EDVH HQ ODV QHFHVLGDGHVILQHVGHOD(QWLGDGRQWUDWDQWHODVQRUPDV RILFLDOHVYLJHQWHVHOPRQWRGHODLQYHUVLyQSUREDEOHGHOD REUDHVWLPDGDGHFRP~QDFXHUGRHQWUHHO$UTXLWHFWROD (QWLGDGRQWUDWDQWH (ODUTXLWHFWRHVWXGLDUiXQSURJUDPDTXHDSUREDGRSRUOD (QWLGDG RQWUDWDQWH OH DXWRUL]D D HODERUDU HO DQWHSURHFWR XDQGR OD HODERUDFLyQ GHO SURJUDPD LPSOLTXH WUDEDMRV GH LQYHVWLJDFLyQ FRQVXOWDV HQFXHVWDV DVHVRUtDGHWHUFHURVRUHFRSLODFLyQGHGDWRVHVWHWUDEDMR GH LQYHVWLJDFLyQ VH FREUDUi HQ IRUPD DGLFLRQDO GH DFXHUGR FRQ OR HVWLSXODGR HQ HO DStWXOR 7UDEDMRV 9DULRV (ODQWHSURHFWRFRPSUHQGHGLEXMRVDHVFDODGHSODQWDV FRUWHV IDFKDGDV R SHUVSHFWLYDV VXILFLHQWHV SDUD OD FRPSUHQVLyQDUTXLWHFWyQLFDHVWUXFWXUDOGHLQVWDODFLRQHV GHO HGLILFLR VLQ LQFOXLU SODQRV VXILFLHQWHV SDUD SRGHU
  90. 90. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ HMHFXWDUODREUDQLORVHVWXGLRVGHIDFWLELOLGDGHFRQyPLFD XWLOLGDGHV UHQWD DOWHUQDWLYDV GH XVR IOXMR 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 SHUVRQDGLVWLQWDDODUTXLWHFWRSURHFWLVWDTXHKDDKHFKR HO UHVSHFWLYR DQWHSURHFWR VDOYR HO FDVR TXH HO DQWHSURHFWR KDD VLGR HODERUDGR GLUHFWDPHQWH SRU OD HQWLGDG FRQWUDWDQWH (Q HVWH FDVR QR VH GHVFRQWDUi DO $UTXLWHFWRHOYDORUGHODQWHSURHFWR (OSURHFWRLQFOXHORVVLJXLHQWHVWUDEDMRV D
  91. 91. 3ODQRV GH ORFDOL]DFLyQ SODQWDV FRUWHV HOHYDFLRQHV FXELHUWDVHWFDHVFDODVDGHFXDGDV E
  92. 92. 3ODQRV GHWDOODGRV GH FDUSLQWHUtD REUDV PHWiOLFDV GHFRUDGRV ILMRV HVFDOHUDV EDxRV SUHIDEULFDGRV FRUWHV GH IDFKDGDV HQFKDSDGRV FLHORUDVRV SLVRV HWFVLQLQFOXLUODHODERUDFLyQGHSODQRVGHWDOOHUSHUR VLVXRSRUWXQDUHYLVLyQDSUREDFLyQFRRUGLQDFLyQ 6HHQWLHQGHSRUSODQRVGHWDOOHUDTXHOORVTXHHODERUD HO IDEULFDQWH SDUD OD PDQXIDFWXUD GHO REMHWR GH VX FRQWUDWR F
  93. 93. (VTXHPDV GH GHVDJHV LOXPLQDFLyQ LQVWDODFLRQHV WpFQLFDV FRPR GH DLUH DFRQGLFLRQDGR RWUDV VLPLODUHV TXH UHTXLHUHQ VROXFLyQ DUTXLWHFWyQLFD VLQ LQFOXLU ORV FiOFXORV SODQRV GH LQJHQLHUtD GH ODV PLVPDV G
  94. 94. (VSHFLILFDFLRQHV GHWDOODGDV TXH FRPSOHPHQWHQ ORV SODQRV DUTXLWHFWyQLFRV GHVFULWRV H LQGLTXHQ ORV PDWHULDOHVTXHGHEHQXVDUVHVXIRUPDGHDSOLFDFLyQ H
  95. 95. RRUGLQDFLyQGHSODQRVWpFQLFRVHQWUHVtGHpVWRV FRQ ORV DUTXLWHFWyQLFRV SDUD ORJUDQ XQD WRWDO FRUUHVSRQGHQFLDGHWRGRVORVHVWXGLRV /DODERU GHO DUTXLWHFWR HQ HVWH FDPSR HV VRODPHQWH GH FRRUGLQDFLyQ
  96. 96. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ I
  97. 97. 7UDPLWDFLyQ DQWH ODV DXWRULGDGHV GLVWULWDOHV R PXQLFLSDOHVSDUDREWHQHUODDSUREDFLyQGHOSURHFWR DUTXLWHFWyQLFR 6HUi REOLJDFLyQ GH OD (QWLGDG RQWUDWDQWHHOVXPLQLVWURRSRUWXQRGHORVGRFXPHQWRV QHFHVDULRVHOSDVRGHORVGHUHFKRVHLPSXHVWRVTXH VHOLTXLGHQ(ODUTXLWHFWR QRVHUiUHVSRQVDEOH GHORV SHUMXLFLRV FDXVDGRV SRU FXDOTXLHU GHPRUD HQ OD REWHQFLyQ GH GLFKD DSUREDFLyQ TXH QR VH GHED D QHJOLJHQFLDVXD J
  98. 98. XDQGROD(QWLGDGRQWUDWDQWHH[LPDDODUTXLWHFWRGH 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 FDUJR D OD (QWLGDG RQWUDWDQWH /RV RULJLQDOHV VRQ GH SURSLHGDG GHO DUTXLWHFWR L
  101. 101. (QORVSODQRVDUTXLWHFWyQLFRVVHGHEHQLQFOXLUODVREUDV H[WHULRUHVQHFHVDULDVSDUDODRSHUDFLyQ GHO HGLILFLRR 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 (QDTXHOORVFDVRVHQTXHHOiUHDGHFRQVWUXFFLyQHV SHTXHxD FRPSDUDGD FRQ ORV H[WHULRUHV FRPR PDWDGHURV FHQWURV FRPHUFLDOHV FRQ iUHDV H[WHQVDV GH MXHJRV HVSDUFLPLHQWRV
  105. 105. HO DUTXLWHFWR WHQGUi GHUHFKRDFREUDUXQKRQRUDULRDGLFLRQDOSRUHOGXHxR GH H[WHULRUHV GH DFXHUGR DO FDStWXOR 7UDEDMRV 9DULRV 6XSHUYLVLyQ$UTXLWHFWyQLFD RPSUHQGHODYLJLODQFLDGH ORVDVSHFWRVDUTXLWHFWyQLFRVGHODFRQVWUXFFLyQFXLGDQGR TXH VH UHVSHWHQ VXV LGHDV FRPR SURHFWLVWD /D VXSHUYLVLyQVHKDUiSRUPHGLRGHYLVLWDVDODREUDWRGDV ODVYHFHV TXHDMXLFLRGHODUTXLWHFWRVHDQQHFHVDULDVSDUD OD EXHQD PDUFKD GH OD PLVPD HVFRJHQFLD GH FRORUHV DFDEDGRVHVSHFLDOHVQXHYRVPDWHULDOHVFXDQGRQRVHD SRVLEOHXWLOL]DUORVHVSHFLILFDGRVVROXFLyQGHODVFRQVXOWDV TXHSXHGDQ RFXUULUUHODFLRQDGDVFRQODLQWHUSUHWDFLyQ GH SODQRV HVSHFLILFDFLRQHV SDUD REWHQHU OD FRUUHFWD LQWHUSUHWDFLyQHMHFXFLyQGHOSURHFWR(ODUTXLWHFWRWLHQH
  106. 106. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$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(QWLGDGRQWUDWDQWHH[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$5,26 +RQRUDULR%iVLFR 3DUDHOFiOFXORGHWRGRVORVKRQRUDULRV LQFOXLGRV HQ HVWH FDStWXOR VH XWLOL]D HO KRQRUDULR EiVLFR FDOFXODGRGHDFXHUGRDOiUHDFRQVWUXLGDDOFRVWREDVHSDUD FREUR GH WDULIDV VHJ~Q SUHVXSXHVWR GH OD REUD %73 GHILQLGRHQHOQXPHUDOGHODVLJXLHQWHPDQHUD ÈUHDRQVWGHOÈUHD$FXP 0
  107. 107. %7 0
  108. 108. 3ULPHURV0 0 6LJXLHQWHV0 0 6LJXLHQWHV0 0 (QDGHODQWH 3DUDHOFyPSXWRGHOiUHDFRQVWUXLGDQRVHWHQGUiQHQFXHQWD 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 XWLOL]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 UHJODPHQWRFRQHOILQGHTXHHVWHSXHGDVHUYLUGHEDVH SDUD OD OLTXLGDFLyQ SURYLVLRQDO GHO KRQRUDULR (Q HVWRV FDVRV VHUi GH REOLJDWRULD DSOLFDFLyQ GLFKR FRVWR EDVH SDUDODOLTXLGDFLyQSURYLVLRQDO
  110. 110. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+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 GDWRRFRQFHSWRGHODRPLVLyQGHO(MHUFLFLR3URIHVLRQDOGHOD 6$ 6H DFODUD TXH HO KRQRUDULR VH FDXVD FRQ HO%73 3UHVXSXHVWR
  113. 113. GHODpSRFDGHHQWUHJDGHOSURHFWRTXHHQ FDVR GH TXH OD FRQVWUXFFLyQ GHO SURHFWR VH UHDOLFH FRQ SRVWHULRULGDGQRKDUHDMXVWHHQORVKRQRUDULRVGHGLVHxRVLQR ~QLFDPHQWHHQHOGHVXSHUYLVLyQ +RQRUDULRGHO(VTXHPD%iVLFR 6HUiHOGHOYDORUTXH VH FDOFXOH FRPR KRQRUDULR GHO SURHFWR DUTXLWHFWyQLFR (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 DUTXLWHFWyQLFRGHODQWHSURHFWRTXHVHKDDWHQLGR TXHSDJDUSRUHVDHWDSDSDUDDFODUDUDOJXQRVGHORV SDUiPHWURV SURSLRV GHO GLVHxR R SDUD GHVDUUROODU HO SURHFWRXUEDQtVWLFRFDVRHQHOFXDOHO$UTXLWHFWRVH SRQGUiSUHYLDPHQWHGHDFXHUGRFRQHOFOLHQWHVREUHOD FRQYHQLHQFLD GH LQFOXLU HO HVTXHPD EiVLFR DUTXLWHFWyQLFRGHQWURGHOSURHFWRXUEDQtVWLFR DVR GH QR HODERUDFLyQ GHO HVTXHPD EiVLFR (Q FDVR GH HVWDU GHILQLGR HO WHUUHQR HO SURJUDPD UHTXHULGR SRU OD (QWLGDG RQWUDWDQWH OD HWDSD GH HVTXHPD EiVLFR VH GHEH LQFOXLU HQ HO SURFHVR GH DQWHSURHFWR VX FRVWR VH FRQVLGHUD SDUWH GHO KRQRUDULRGHODQWHSURHFWR +RQRUDULRGHO$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 GHODPDRUSDUWHGHODQWHSURHFWRRTXHPRGLILTXHQ 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 KRQRUDULRVWRWDOHVVHFDOFXODUiQGHDFXHUGR DODVLJXLHQWHWDEOD 1R3DUFLDOGH93DUFLDO9$FXP7RWDO$FXP GH8QLGDGWDULIDHQGHHQGH8QLGDGHV 8QG8QG8QG 3ULPHUD 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV (QDGHODQWH DWHJRUtD* 6HSURFHGHUiGHODVLJXLHQWHIRUPD D
  116. 116. 6HGLYLGLUiHOHGLILFLRHQODVSDUWHVTXHSHUWHQH]FDQDODV GLIHUHQWHV FDWHJRUtDV VH FDOFXODUiQ VXV SUHVXSXHVWRV UHVSHFWLYRV GH DFXHUGR FRQ VXV iUHDV FRVWRV FRUUHVSRQGLHQWHV
  117. 117. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ E
  118. 118. 6HLQLFLDUiODOLTXLGDFLyQGHKRQRUDULRVWRPDQGROD SDUWH GHO SUHVXSXHVWR VXSHULRU OLTXLGiQGRVH ORV KRQRUDULRV TXHOHFRUUHVSRQGDVHJ~QVXFDWHJRUtD F
  119. 119. 6H FRQWLQ~D OD OLTXLGDFLyQ GH OD SDUWHFXR SUHVXSXHVWR 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 ODVGLYHUVDV SDUWHV VHDQ LJXDOHVODOLTXLGDFLyQVHLQLFLDUiFRQODSDUWHFODVLILFDGDHQ ODFDWHJRUtDGHGLVHxRFRPSOHMR DWHJRUtDV+H, 6HUiQ FDOFXODGRV SRU HO DUTXLWHFWR VRPHWLGRV D FRQVLGHUDFLyQGHOFRPLWpGHOHMHUFLFLRSURIHVLRQDO $OWHUQDWLYDPHQWHHODUTXLWHFWRSRGUiDSOLFDUXQDGLFLRQDO 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 $UTXLWHFWR WHQGUi GHUHFKR D TXHOHVHDQSDJDGRVORVVLJXLHQWHVSRUFHQWDMHVSRUODV HQWUHJDVSDUFLDOHVGHVXWUDEDMR D
  124. 124. (ODODHQWUHJDGHOHVTXHPDEiVLFRHQFDVRGH TXH pVWH VH KDD HODERUDGR GH DFXHUGR DO FDVR E
  125. 125. RPSOHWDU KDVWD HO D OD HQWUHJD GHO DQWHSURHFWR F
  126. 126. RPSOHWDU KDVWD HO D OD HQWUHJD GH SODQRV JHQHUDOHVVXILFLHQWHVSDUDREWHQFLyQGHOLFHQFLD
  127. 127. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$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 ORWDQWRHOKRQRUDULRWRWDOGH$3 6VHUi (QFLXGDGHVGHGLILFXOWDG (QFLXGDGHVGHGLILFXOWDG (QFLXGDGHVGHGLILFXOWDG 127$ DGD VHFFLRQDO GH OD 6$ GHILQLUi HQ IRUPD LQGHSHQGLHQWH OD DWHJRUtD GH ODV FLXGDGHV TXH OD FRQIRUPDQGHDFXHUGRDODWUDPLWDFLyQQHFHVDULDSDUD REWHQHUODOLFHQFLDGHFRQVWUXFFLyQ 0RGLILFDFLRQHV DO SURHFWR DUTXLWHFWyQLFR 6DOYR HUURUHVXRPLVLRQHVGHO$UTXLWHFWRWRGDPRGLILFDFLyQ DO SURHFWR DUTXLWHFWyQLFR VH FREUDUi D OD (QWLGDG RQWUDWDQWHDVt D
  130. 130. 6LODPRGLILFDFLyQQRUHSUHVHQWDXQPDRUYDORUHQ HOSUHVXSXHVWRGHFRQVWUXFFLyQHO$UTXLWHFWRFREUDUi HOFRVWRVTXHOHLPSOLFyODPRGLILFDFLyQPiVXQ SRUDGPLQLVWUDFLyQ E
  131. 131. 6LODPRGLILFDFLyQLPSOLFDXQDXPHQWRHQHOYDORU GHO SUHVXSXHVWR GH FRQVWUXFFLyQ HO $UTXLWHFWR OLTXLGDUi HO QXHYR YDORU GHO KRQRUDULR VHJ~Q ODV FDUDFWHUtVWLFDV GHO SURHFWR PRGLILFDGR DGLFLRQDOPHQWHUHFLELUiORFRUUHVSRQGLHQWHDOFRVWRTXH OHUHSUHVHQWyODPRGLILFDFLyQ F
  132. 132. 6L OD PRGLILFDFLyQ LPSOLFD XQD UHEDMD HQ HO SUHVXSXHVWRGHFRQVWUXFFLyQVHOLTXLGDUiHOKRQRUDULR GH OR HMHFXWDGR KDVWD HO PRPHQWR GH KDFHU OD PRGLILFDFLyQ VH FREUDUi pVWD GH DFXHUGR D OR
  133. 133. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ HVWLSXODGR HQHO QXPHUDO D
  134. 134. (Q HVWHFDVR HO KRQRUDULR ILQDO GHEHUi FRUUHVSRQGHU SRU OR PHQRV DO KRQRUDULRGHOSURHFWRUHVXOWDQWHPiVORVFRVWRGHOD PRGLILFDFLyQFRQHOIDFWRUGHPiVXQDFLIUDTXH 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 (Q ODV FLXGDGHVGHFRPSOHMLGDGXQR SDUDODWUDPLWDFLyQGH SURHFWRV DO UHVSRQVDEOH GHO WUiPLWH VHUi VLHPSUH HO DUTXLWHFWRQRSRGUiGHOHJDUHVWDUHVSRQVDELOLGDGHQ 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 VHUYLFLRVSURSLRVFRPRDFFHVRSXQWRILMRHOFXDOVH UHSLWHHQHOFRQMXQWR 3URHFWR SDUD VHU UHSHWLGR HQ GLIHUHQWHV VLWLRV XDQGRVHHODERUHXQSURHFWRSDUDVHUUHSHWLGRHQ 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 SDUDFDGD FDVRVHJ~QVHLQGLFD HQVXVHFFLyQUHVSHFWLYD 'LIHUHQWHV WLSRV GH HGLILFLRV GHQWUR GHO PLVPR SURHFWRXDQGRH[LVWDQYDULRVWLSRVGHHGLILFLRVR 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 UHVSHFWR VH DFRQVHMD FRQVXOWDU FRQ OD FRPLVLyQ GHO HMHUFLFLR SURIHVLRQDOGHOD6$ 8WLOL]DFLyQ GH XQ SURHFWR HQ pSRFD SRVWHULRU XDQGRXQSURHFWRVHUHSLWDHQpSRFDSRVWHULRUORV KRQRUDULRV GH $ 3 6 VH FDOFXODUiQ FRQ SUHFLRV DFWXDOHV VH FRQWLQXD HO FREUR GH DFXHUGR D OD FDWHJRUtD)SDUDVHULHV +RQRUDULRV GH 6XSHUYLVLyQ $UTXLWHFWyQLFD 6HUi HO GHO YDORU TXH VH FDOFXOH FRPRKRQRUDULR SDUD HO SURHFWR DUTXLWHFWyQLFR SHUR XWLOL]DQGR SDUD HVWD OLTXLGDFLyQ HO UHDO SDUD FREUR GH WDULID%7 UHDO
  141. 141. (VWRV KRQRUDULRV VHUiQ SDJDGRVSURSRUFLRQDOPHQWHDODYDQFHGHODREUDHQFDVRGH TXH OD FRQVWUXFFLyQ QR VH HMHFXWH HVWRV KRQRUDULRV QR VH SDJDUiQ 6863(16,Ï1'(/2675$%$-26 'H$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´ GLUHFWRVHLQGLUHFWRVGHO3URHFWRORVFRPSURPLVRVTXHHO 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 TXHODSDUWHIDOWDQWHGHVXWUDEDMRVHDOLTXLGDGDGHDFXHUGRDO FRVWREDVHVHJ~QSUHVXSXHVWR%73
  143. 143. HQHOPRPHQWRGHOD UHLQLFLDFLyQ 'H 6XSHUYLVLyQ $UTXLWHFWyQLFD (Q FDVR GH VXVSHQVLyQ WHPSRUDORGHILQLWLYDGHODFRQVWUXFFLyQOD(QWLGDGRQWUDWDQWH GHEHUiOLTXLGDSDJDUORVKRQRUDULRVJDVWRVUHHPEROVDEOHV FDXVDGRV KDVWD HO PRPHQWR GH OD VXVSHQVLyQ (Q FDVR GH UHLQLFLDFLyQ GHO KRQRUDULR IDOWDQWH VH OLTXLGDUi GH DFXHUGR DO %7UHDODFWXDOL]DGRDODUHLQLFLDFLyQ 3523,('$',17(/(78$/'(/352(72$548,7(7Ï1,2 (O$QWHSURHFWR3URHFWRDUTXLWHFWyQLFRVRQGHSURSLHGDGLQWHOHFWXDOGHO DUTXLWHFWR SRU FRQVLJXLHQWH VRODPHQWH SXHGHQ XVDUVH HQ OD FRQVWUXFFLyQGHOHGLILFLRSDUDHOFXDOIXHURQHODERUDGRV1LQJXQDSHUVRQD SRGUiGHVDUUROODUDQWHSURHFWRVQLFDPELDUSURHFWRVVRSHQDGHYLRODU ODVGLVSRVLFLRQHVGHOD/HGHVREUHGHUHFKRVGHDXWRUH[FHSWR HQHOFDVRTXHHODQWHSURHFWRKDDVLGRHODERUDGRGLUHFWDPHQWHSRUOD HQWLGDGFRQWUDWDQWH1RVHSRGUiQXWLOL]DUDQWHSURHFWRVSURHFWRVHQ REUDVGLIHUHQWHVDDTXHOODVSDUDODVFXDOHVIXHURQFRQWUDWDGRV 85%$1,=$,21(6 $17(352(72352(72 '(65,3,Ï1'(/2675$%$-26 $QWHSURHFWR RQVLVWHHQODHODERUDFLyQGHORVVLJXLHQWHV WUDEDMRV D
  144. 144. RQVXOWD DQWH ODV DXWRULGDGHV PXQLFLSDOHV VREUH ODV QRUPDV YLJHQWHV E
  145. 145. 7UD]DGR KRUL]RQWDO GHODVYtDVFiOFXORSUHOLPLQDUGHODV SHQGLHQWHV F
  146. 146. /RWHRJHQHUDOFRQiUHDV G
  147. 147. /RFDOL]DFLyQ GH ]RQDV YHUGHV FHVLRQHV FRPXQDOHV LQVWLWXFLRQDOHVPXQLFLSDOHV H
  148. 148. 5HFRPHQGDFLRQHV VREUH iUHDV GHQVLGDGHV H tQGLFHV GH FRQVWUXFFLyQ 127$ WRGRVORVSODQRVGHODXUEDQL]DFLyQVHKDFHQVREUH 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. (VWXGLRGH]RQDVYHUGHVSOD]DVVHQGHURVSHDWRQDOHV VLQLQFOXLUHQHVWRVORVHVWXGLRVHQGHWDOOHVGHOSDLVDMLVPRQL GHO PRELOLDULR XUEDQR ORV FXDOHV HVWiQ FRQWHPSODGRV HQ HO FDStWXORGHHVWHUHJODPHQWR H
  154. 154. (VWXGLRGHGHWDOOHVGHYtDVGLVHxRJHRPpWULFRVHFFLRQHV 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. (VWXGLRGLVHxRGHOPRELOLDULRXUEDQRDQLYHOGHHVTXHPD EiVLFRGHDFXHUGRDODVQRUPDVGHODHQWLGDGFRPSHWHQWH L
  159. 159. 7UDPLWDFLyQ GH OD UHVROXFLyQ GH DSUREDFLyQ DQWH ODV DXWRULGDGHVFRPSHWHQWHV M
  160. 160. (QORVFDVRVGHXUEDQLVPRSDUDORVFRQMXQWRVFHUUDGRVHO SURHFWRGHEHFRQWHPSODUODVYtDVGHDFFHVRYtDVLQWHULRUHV MXHJRVSDUTXHDGHURVMDUGLQHVGHDFXHUGRDODVQRUPDVGH ODHQWLGDGFRPSHWHQWH +2125$5,26 3DUD8UEDQL]DFLRQHVGH9LYLHQGD (Q WRGRV ORV FDVRV HO KRQRUDULR GH 8UEDQLVPR VH FREUDUi SURYLVLRQDOPHQWHFRQXQGDWRSURYLVLRQDO%7(HVWLPDGR
  161. 161. OXHJR VH KDUi OD OLTXLGDFLyQ GHILQLWLYD FRQ HO GDWR GHO SUHVXSXHVWR%73
  162. 162. GHODpSRFDGHODHQWUHJDGHOSURHFWR D
  163. 163. DOFXODU HO GHO FRVWR HVWLPDGR GH ODV REUDV GH XUEDQLVPR SDUD XQD
  164. 164. XQLGDG GH YLYLHQGD FLIUD TXH FRUUHVSRQGH DO KRQRUDULR EDVH GHO SURHFWR XUEDQtVWLFR SRU XQLGDGGHYLYLHQGD+%81
  165. 165. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ E
  166. 166. (VWLPDGRHOQ~PHURGHYLYLHQGDVTXHVHSXHGHQFRQVWUXLU HQ HO WHUUHQR SRU PHGLR GH OD VLJXLHQWH WDEOD VH FDOFXOD HO IDFWRUSRUHOFXDOVHGHEHPXOWLSOLFDUHOKRQRUDULREDVHGHXQD XQLGDG+%81
  167. 167. SDUDREWHQHUHOYDORUGHOKRQRUDULR 3DUFLDO 7DULID )DFWRU )DFWRU 7$FXP 9LYLHQGD GHXQG SDUFLDO $FXP 8QLGDGHV 3ULPHUDV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV 6LJXLHQWHV (QDGHODQWHHO 3DUD2WUDV8UEDQL]DFLRQHV (OKRQRUDULRVHUiHOGHO YDORUHVWLPDGRGHODVREUDVGHXUEDQLVPR 8UEDQL]DFLRQHVRPELQDGDV 6HGLYLGLUiHOWHUUHQRHQFDGD WLSR GH XUEDQL]DFLyQ VH FDOFXODUi VHSDUDGDPHQWH FDGD KRQRUDULR 9DORU WRWDO GHO KRQRUDULR VHJ~Q OD FRPSOHMLGDG GH OD WUDPLWDFLyQ (O DUTXLWHFWR WHQGUi GHUHFKR D TXH OH VHDQ SDJDGRVORVVLJXLHQWHVSRUFHQWDMHVDODVHQWUHJDVSDUFLDOHVGH VXWUDEDMR D
  168. 168. (ODODHQWUHJDGHORVHVWXGLRVFRPSOHWRV E
  169. 169. RPSOHWDUKDVWDORVVLJXLHQWHVSRUFHQWDMHVDODREWHQFLyQ GHODUHVROXFLyQGHDFXHUGRDODFRPSOHMLGDGGHODWUDPLWDFLyQ 7UDPLWDFLyQGHRPSOHMLGDG HO 7UDPLWDFLyQGHRPSOHMLGDG HO 7UDPLWDFLyQGHRPSOHMLGDG HO 3DUD8UEDQL]DFLRQHVFRQ3HQGLHQWH D
  170. 170. 3DUDORWHVSODQRVKDVWDXQGHSHQGLHQWHVHFRQVHUYD HOKRQRUDULRGHILQLGR E
  171. 171. 3DUDORWHVFRQSHQGLHQWHVHQWUHHOKRQRUDULRVH LQFUHPHQWDUiHQXQ F
  172. 172. 3DUDORWHVFRQSHQGLHQWHVHQWUHHOKRQRUDULRVH LQFUHPHQWDUiHQXQ G
  173. 173. 3DUDORWHVFRQSHQGLHQWHVPDRUHVGHHOKRQRUDULRVH LQFUHPHQWDUiXQ 75$%$-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. (ODERUDFLyQGHSODQHVSLORWRRUHJXODGRUHV 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 FREUDUiGHDFXHUGRDORGHVFULWRHQHO 35(6838(672 '(65,3,Ï1'(/75$%$-2 (O WUDEDMR GH SUHSDUDFLyQ GHO SUHVXSXHVWR WLHQH SRU REMHWR RIUHFHU OD LQIRUPDFLyQ VXILFLHQWH SDUD FRQRFHU HO FRVWR HVWLPDGR GH OD FRQVWUXFFLyQ VHJ~QORGHILQLGRHQHOQXPHUDO )HFKDGHO3UHVXSXHVWR(OSUHVXSXHVWRVHHODERUDFRQORV SUHFLRV GH OD IHFKD HQ TXH VH KDFH HO HVWLPDWLYR OD FXDO VH GHEHLQGLFDUHQHOWUDEDMR (Q FDVR GH TXH VH KDJDQ SURHFFLRQHV GH FRVWRV HQ HO WLHPSRWDPELpQVHGHEHQLQGLFDU DStWXORV GH RQVWUXFFLyQ 6H GHEHQ LQFOXLU WRGRV ORV FRVWRVGHFRQVWUXFFLyQGHILQLGRVFRPRFRVWRVEDVHSDUDFREUR GHWDULIDV%7 HQHOQXPHUDOPiVORVQRLQFOXLGRVHQ GLFKDEDVHGHILQLGRVHQHOQXPHUDO 3UHVHQWDFLyQ GHO 3UHVXSXHVWR /D SUHVHQWDFLyQ GHO SUHVXSXHVWRGHEHLQFOXLUODVVLJXLHQWHVVHFFLRQHV D
  183. 183. 3UHVXSXHVWR SRU DStWXORV /RV FRVWRV GH OD REUD VH SUHVHQWDUiQGLYLGLGRVHQFDStWXORVGHDFXHUGRDOVLVWHPDGH FRQVWUXFFLyQ FRQWUDWDFLyQ SURJUDPDFLyQ R D LQVWUXFFLRQHV HVSHFLDOHVGHOD(QWLGDGRQWUDWDQWHFRQODLQGLFDFLyQGHORV tWHPV FRUUHVSRQGLHQWHV D FDGD FDStWXOR VXV XQLGDGHV GH PHGLGDFDQWLGDGHVGHREUDSUHFLRVXQLWDULRVYDORUWRWDOGHO tWHPYDORUWRWDOGHOFDStWXOR
  184. 184. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ E
  185. 185. $QiOLVLV 8QLWDULRV /RV DQiOLVLV XQLWDULRV GHEHQ LQFOXLU LQGLFDFLRQHV GH FDQWLGDGHV FRVWR GH ORV PDWHULDOHV WUDQVSRUWHV GHVSHUGLFLRV UHQGLPLHQWRV FRVWRV GHPDQR GH REUDWRGDFODVHGHLQFLGHQFLDVTXHDIHFWHQHOSUHFLRXQLWDULR DQDOL]DGR F
  186. 186. /LVWDGRGH3UHFLRV%iVLFRV (OSUHVXSXHVWRGHEHLQFOXLUOD OLVWD GH SUHFLRV EiVLFRV GH PDWHULDOHV VDODULRV XWLOL]DGRV /RV SUHFLRV EiVLFRV GHEHQ LQFOXLUVH GHQWUR GH ORV DQiOLVLV XQLWDULRVSUHVHQWDUVHFRPRDQH[R G
  187. 187. RPSRQHQWHV GHO 3UHVXSXHVWR (O $UTXLWHFWR HVWi REOLJDGR D SUHVHQWDU HO GHVJORVH GHO SUHVXSXHVWR FRQ ODV FDQWLGDGHVSUHFLRVWRWDOHVGHVXVFRPSRQHQWHVGLYLGLGRVHQ PDWHULDOHV PDQR GH REUD VXEFRQWUDWRV HTXLSRV JDVWRV 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 RQWUDWDQWH OR 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 ODHMHFXFLyQGHOSURHFWRDUTXLWHFWyQLFRSURHFWRVWpFQLFRV FRQDQWHULRULGDGDODGHILQLFLyQFRPSOHWDGHODVFDUDFWHUtVWLFDV GHODREUDOD(QWLGDGRQWUDWDQWHSRGUiVROLFLWDUDO$UTXLWHFWR VX DVHVRUtD SDUD OD GHILQLFLyQ GH OD REUD (VWDV DVHVRUtDV LQGHSHQGLHQWHV D OD HODERUDFLyQ GHO SUHVXSXHVWR SHUR UHODFLRQDGDVFRQpOVRQODVVLJXLHQWHV D
  191. 191. 3UHVXSXHVWR3UHOLPLQDU RQVLVWHHQODHODERUDFLyQGHXQ HVWLPDGRLQLFLDOGHFRVWRVFRQODLQIRUPDFLyQGHODQWHSURHFWR RGHORVSODQRVJHQHUDOHVPRWLYRSRUHOFXDOODVFDQWLGDGHVGH REUD TXH VH FDOFXODQ VRQ DSUR[LPDGDV R WHQWDWLYDV ODV HVSHFLILFDFLRQHVGHREUDVRQDVXPLGDVSXHGHQFDPELDUORV SODQRV WpFQLFRV QR VH KDQ HODERUDGR R VROR HVWiQ HQ
  192. 192. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ ERVTXHMRVLQLFLDOHVGHORVDQiOLVLVXQLWDULRVVyORVHHODERUDOD SDUWHLPSRUWDQWHDMXLFLRGHO$UTXLWHFWR E
  193. 193. RVWRV GH $OWHUQDWLYDV GH RQVWUXFFLyQ RQVLVWH HQ XQDDVHVRUtDHVSHFLDOHQFRVWRVSDUDHYDOXDUDOWHUQDWLYDVGH FRQVWUXFFLyQ DOWHUQDWLYDV GH PDWHULDOHV HVSHFLILFDFLRQHV SDUDOOHJDU DXQFRVWR TXHOD(QWLGDGRQWUDWDQWHFRQVLGHUH 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$36OLTXLGDGDVGHDFXHUGRDOFRVWREiVLFR GHSUHVXSXHVWRSDUDFREURGHWDULIDV%73
  195. 195. ,QLFLDOPHQWHVH KDUiXQDOLTXLGDFLyQSURYLVLRQDOFRQHOGDWR%7(HVWLPDGR
  196. 196. OXHJRVHKDFHODOLTXLGDFLyQGHILQLWLYDGHO KRQRUDULRFRQHO %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. $OWHUQDWLYDVGHRQVWUXFFLyQ 6HFREUDUiGHDFXHUGRDO FDStWXOR7UDEDMRV9DULRV F
  200. 200. DQWLGDGHV GH 2EUD 7pFQLFDV 6H FREUDUiQ FRPRXQ SRUFHQWDMHGHOKRQRUDULRGHOSUHVXSXHVWRGHILQLWLYR LPHQWDFLyQHVWUXFWXUDV (OpFWULFDV79VRQLGRWHOpIRQRV +LGUiXOLFDVVDQLWDULDV 0HFiQLFDV 1RWD(VWDVFDQWLGDGHVGHREUDVHFREUDUiQDSDUWHHQFDVRGH TXHQRVHDQVXPLQLVWUDGDVSRUHOSURSLHWDULRFRQORVSURHFWRV WpFQLFRV 21752/'(26726 '(65,3,Ï1'(/75$%$-2 FRQEDVHHQHOSUHVXSXHVWRGHODREUD PHGLDQWHODFRQWLQXDFRQIURQWDFLyQGHpVWHFRQODVFDQWLGDGHVGHREUDORV SUHFLRV EiVLFRV ODV FRPSUDV FRQWUDWRV UHQGLPLHQWRV GH PDQR GH REUD
  201. 201. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ DQiOLVLVGHORVGHPiVIDFWRUHVTXHLQFLGHQHQORVFRVWRVVHSURFXUDPDQWHQHU XQD LQIRUPDFLyQ PiV UHDO DFWXDOL]DGD SDUD SHUPLWLUOH D OD (QWLGDG RQWUDWDQWH WHQHU OD YLVXDOL]DFLyQ RSRUWXQD GXUDQWH HO SURFHVR GH OD REUD VREUH ORV FRVWRV ILQDOHV SUHYLVWRV ODV YDULDFLRQHV TXH VH SURGX]FDQ D ORV HVWLPDWLYRV LQLFLDOHV XQD LGHD GH ODV UD]RQHV SRU ODV FXDOHV VH SURGXFHQ HVWDV YDULDFLRQHV GH ODV PHGLGDV FRUUHFWLYDVTXH VH SXHGDQ WRPDU (O FRQWUROGHFRVWRVLQFOXHDGHPiVODDFWXDOL]DFLyQSHULyGLFDGHORVIOXMRVGH IRQGRV (Q ODV REUDV SRU $GPLQLVWUDFLyQ 'HOHJDGD OD (QWLGDG RQWUDWDQWH GHEH VXPLQLVWUDU DO $UTXLWHFWR OD LQIRUPDFLyQ QHFHVDULD SDUD OOHYDU D FDER VX WUDEDMRRVHD 2EUDVDGLFLRQDOHVGLVPLQXFLyQGHpVWDV 0RGLILFDFLRQHVGHODVFDQWLGDGHVGHREUD 0RGLILFDFLRQHVGHODVHVSHFLILFDFLRQHV ,QIRUPDFLyQVREUHFRQWUDWDFLyQFRPSUDVFDQWLGDGHVHVSHFLILFDFLRQHV SUHFLRV
  202. 202. 0RYLPLHQWRGHO$OPDFpQFRQGHVWLQDFLyQ (VWDLQIRUPDFLyQVHUiVXPLQLVWUDGDSRUOD(QWLGDGRQWUDWDQWHHOFRQVWUXFWRU RHOLQWHUYHQWRU +2125$5,2 2EUDV SRU $GPLQLVWUDFLyQ 'HOHJDGD 6HUi HO GHO FRVWR EDVH UHDO SDUD FREUR GH WDULIDV %7 UHDO
  203. 203. PiV ORV JDVWRVUHHPEROVDEOHV 2EUDVD3UHFLRV8QLWDULRV 6HUiHOGHOFRVWREDVH UHDO SDUD FREUR GH WDULIDV %7UHDO
  204. 204. PiV ORV JDVWRV UHHPEROVDEOHV (Q HVWDV REUDV VH UHGXFH OD WDULID SRU QR UHTXHULUVH FRQWURO VREUH DOPDFpQ FRQWUDWRV SUHFLRV TXH PDQHMD HO FRQWUDWLVWD 6L OD (QWLGDG RQWUDWDQWH HV XQ RQVWUXFWRU TXH GHVDUUROOD XQD REUD FRQWUDWDGD D SUHFLRV XQLWDULRVHOFRQWUROGHFRVWRVVHDVLPLODDOFDVRGHREUDVSRU DGPLQLVWUDFLyQGHOHJDGD REUR GH ORV +RQRUDULRV (O KRQRUDULR VH FREUDUi SHULyGLFDPHQWH HQ HO WUDQVFXUVR GH OD REUD GH DFXHUGR DO FRQYHQLRHQWUHHO$UTXLWHFWROD(QWLGDGRQWUDWDQWH 352*5$0$,Ï121752/ '(65,3,Ï1'(/2675$%$-26 352*5$0$,Ï1 (OWUDEDMRGHSURJUDPDFLyQFRQVLVWHHQ HVWDEOHFHUODVHFXHQFLDGHORVWLHPSRVUHFXUVRVQHFHVDULRV SDUDHOGHVDUUROORGHOSURHFWRVXFRQVWUXFFLyQ(VWDEOHFH XQ PDUFR GH UHIHUHQFLD FRQ EDVH HQ OD PHWRGRORJtD GH VHFXHQFLDV WLHPSRV H LQWHUUHODFLRQHV SDUD GHVDUUROODU HO
  205. 205. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ FRQMXQWR FDGD XQD GH ODV DFWLYLGDGHV TXH FRPSRQHQ OD 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 SUHYLDVR 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 DMXVWHV OLFLWDFLRQHV FRPSUDV LPSRUWDQWHV IHFKDV GH LQLFLDFLyQGHREUDVSUHOLPLQDUHVSURJUDPDJHQHUDOGH ODREUDUHVDOWDQGRVXVHWDSDVLPSRUWDQWHV $GLFLRQDOPHQWHVHKDFHODHVWLPDFLyQGHOSHUVRQDO UHFXUVRV WpFQLFRV QHFHVDULRV HO IOXMR GH IRQGRV UHTXHULGR FRQ EDVH HQ OD LQIRUPDFLyQ GH FRVWRV SUHVXSXHVWRVXPLQLVWUDGRVSRUOD(QWLGDGRQWUDWDQWH /D SUHVHQWDFLyQ QRUPDO GH HVWH SURJUDPD VHUi HQ UHGHV R HQ EDUUDV D MXLFLR GHO DUTXLWHFWR FRQ OD LQGLFDFLyQGHODUXWDFUtWLFD 3URJUDPDV *HQHUDOHV VH XWLOL]DQ QRUPDOPHQWH FXDQGR OD (QWLGDG RQWUDWDQWH QHFHVLWD HQWUHJDU XQ PDUFR GH UHIHUHQFLD SDUD OLFLWDFLRQHV R SDUD FRQWUDWDFLyQGLUHFWD D
  206. 206. 3URJUDPDJHQHUDOSDUDOLFLWDFLRQHV (QHVWHFDVR HO SURJUDPD JHQHUDO SUHOLPLQDU WLHQH SRU REMHWR SUHVHQWDU D ORV OLFLWDQWHV XQ HVTXHPD JHQHUDO GH XQ SRVLEOHSURFHVRFRQVWUXFWLYRFRQHOILQGHTXHWHQJDQ XQD YLVLyQ PiV FODUD GH OD REUD SXHGDQ SURSRQHU WLHPSRVVREUHHVWHSURJUDPDRDOWHUQDWLYDVGLIHUHQWHV (VWR OH SHUPLWH D OD (QWLGDG RQWUDWDQWH WHQHU XQD YLVLyQGHFRQMXQWRVREUHHOSURFHVRFRQVWUXFWLYRXQ HVWLPDWLYR JHQHUDO GH ORV WLHPSRV SDUD HIHFWRV GH OD FDOLILFDFLyQGHODOLFLWDFLyQ$ORVOLFLWDQWHVOHVSHUPLWH YHUFRQPiVFODULGDGHOSURHFWROHVHYLWDHQPXFKRV FDVRVXQWUDEDMRFRVWRVGHDQiOLVLVGHOSURHFWR 8QDSUHVHQWDFLyQQRUPDOSDUDHVWHSURJUDPDJHQHUDO SUHOLPLQDU SDUD OLFLWDFLRQHV SXHGH VHU XQD UHG VLQ
  207. 207. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ WLHPSRV SDUD ORV OLFLWDQWHV XQD LGHD JHQHUDO GHO WLHPSRQRUPDOSDUDOD(QWLGDGRQWUDWDQWH E
  208. 208. 3URJUDPDJHQHUDOSDUDFRQWUDWDFLyQ GLUHFWD HQ HVWHFDVRHOREMHWRGHOSURJUDPDJHQHUDOSUHOLPLQDUHV HO GH RIUHFHU XQD YLVLyQ GH FRQMXQWR D OD (QWLGDG RQWUDWDQWH D ORV SRVLEOHV FRQWUDWLVWDV VREUH HO GHVDUUROORJHQHUDOGHODREUD3UHVHQWDXQHVWLPDWLYR SUHOLPLQDUGHWLHPSRWRWDOGHORVWLHPSRVSDUFLDOHV )LMDODVSULQFLSDOHVUHODFLRQHVHQWUHORVGLVWLQWRVJUXSRV GH WUDEDMR SRU HMHPSOR H[FDYDFLRQHV HVWUXFWXUDV LODFLRQHVYDULDVREUDVH[WHULRUHV 3URJUDPD GH RQVWUXFFLyQ RUUHVSRQGH DO SURJUDPDGHWDOODGRFRQODVHFXHQFLDODLQIRUPDFLyQ SDUD OD FRQVWUXFFLyQ GH OD REUD HVWDUi FRPSXHVWR SRUORPHQRVGHODVLJXLHQWHLQIRUPDFLyQ D
  209. 209. 3URJUDPD JHQHUDO SUHOLPLQDU 4XH FRQWLHQH OD LGHD JHQHUDO GH OD FRQVWUXFFLyQ HO SOD]R HVWLPDGR SDUDODHMHFXFLyQGHODVGLVWLQWDVHWDSDVGHODREUD E
  210. 210. 3URJUDPDVGHWDOODGRVGH 2EUDVSUHOLPLQDUHVH[FDYDFLRQHVFLPHQWDFLyQ (VWUXFWXUDV ,QVWDODFLRQHVYDULDV $FDEDGRVK~PHGRVYDULRV $FDEDGRVVHFRVYDULRV 2EUDVH[WHULRUHV F
  211. 211. 3URJUDPDVFRPSOHPHQWDULRVGH 3HUVRQDO )RQGRV 0DWHULDOHV 6XEFRQWUDWRVFRPSUDVVXPLQLVWURVFRQVXPRV (TXLSRV ,PSRUWDFLRQHVFXDQGRODVKDD
  212. 212. 7UiPLWHV SDUD VROLFLWXG H LQVWDODFLyQ GH VHUYLFLRV S~EOLFRV /RV SURJUDPDV FRPSOHPHQWDULRV VH UHILHUHQ SULQFLSDOPHQWH D ORV UHFXUVRV TXH VH GHEHQ VXPLQLVWUDUSDUDODHMHFXFLyQQRUPDOGHODREUD G
  213. 213. 3URJUDPD JHQHUDO FRRUGLQDGRU GHILQLWLYR 5HHPSOD]D DO SURJUDPD JHQHUDO TXH KD VHUYLGR GH JXtDSDUDODHODERUDFLyQGHORVSURJUDPDVGHWDOODGRV FXR REMHWR HV SUHVHQWDU HO FRQMXQWR GH OD REUD FRRUGLQDUOD FRQ ORV VXEFRQWUDWRV FRPSUDV GHPiV DFWLYLGDGHVGHWLSRDGPLQLVWUDWLYRILQDQFLHURWpFQLFR
  214. 214. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 6X SUHVHQWDFLyQ HV VLPLODU DO SURJUDPD JHQHUDO SUHOLPLQDUDVHDHQUHGHVRHQEDUUDV /DSURJUDPDFLyQGHEHUiOOHYDULQGLFDGDODUXWDFUtWLFD RQWURO GH OD 3URJUDPDFLyQ FRPSUHQGH OD YLJLODQFLD FRQWLQXD GHO DYDQFH GH ORV GLVWLQWRV SURFHVRV WLHPSR UHFXUVRV FRQ HO REMHWR GH JDUDQWL]DU HQ OR SRVLEOH TXH VH FXPSODQODVPHWDVWUD]DGDVHQORVSURJUDPDVSDUDTXHVH WRPHQODVPHGLGDVFRUUHFWLYDVGHOFDVRFXDQGRVHDQHFHVDULR (OFRQWUROGHSURJUDPDFLyQLQFOXH 7RPDGH'DWRV 6XREMHWRHVPDQWHQHUODLQIRUPDFLyQ FRQVWDQWHSUHFLVDVREUHODVLWXDFLyQGHODREUD3DUD HVWRVHUHTXLHUHODSUHVHQFLDGHSHUVRQDODX[LOLDUHQOD REUD FXR FRVWR FRUUH SRU FXHQWD GH OD PLVPD 6X FDOLILFDFLyQ GHSHQGH GHO JUDGR GH FRPSOHMLGDG GH OD REUDVREUHORFXDOVHSRQGUiQGHDFXHUGROD(QWLGDG RQWUDWDQWHHO3URJUDPDGRU $GHPiVVHGHEHWRPDULQIRUPDFLyQVREUHORVKHFKRV TXHDIHFWHQODSURJUDPDFLyQHOULWPRGHORVWUDEDMRV WDOHV FRPR OD OOXYLD OD HVFDVH] GH PDWHULDOHV ORV GDxRVTXHVHSURGX]FDQHQORVHTXLSRVRODIDOWDGH ORV PLVPRV GLILFXOWDGHV HQ OD UHDOL]DFLyQ GH OD REUD HWF 3URFHVDPLHQWRGHGDWRV /RVGDWRVREWHQLGRVHQOD REUD VH GHEHQ DQDOL]DU SDUD SURFHGHU D DJUXSDU OD LQIRUPDFLyQSHUWLQHQWH DFDGDXQDGHODVDFWLYLGDGHV GH OD REUD PLVPD D LGHQWLILFDU ODV FDXVDV TXH SXGLHURQLQIOXLUHQHOUHQGLPLHQWRGHGLFKDVDFWLYLGDGHV (VWXGLRV GH UHQGLPLHQWRV RQRFLHQGR ODV FDQWLGDGHV GH REUD HMHFXWDGD HQ FDGD DFWLYLGDG LPSRUWDQWH ODV KRUDV WUDEDMDGDV HQ FDGD XQD GH pVWDVVHSRGUiSURFHGHUDGHWDOODUHOUHQGLPLHQWRGH ODVGLVWLQWDVFXDGULOODVHTXLSRVHQHOGHVDUUROORGHOD REUD (ODQiOLVLVGHORVUHQGLPLHQWRVHVGHJUDQXWLOLGDGSDUD HO HVWXGLR GH ODV FDXVDV SRU ODV FXDOHV OD SURJUDPDFLyQ SXHGH VXIULU PRGLILFDFLRQHV R SDUD GHWHFWDUDTXHOODVDFWLYLGDGHVVXVFHSWLEOHVGHHVWXGLDU FXLGDGRVDPHQWHFRQHOILQGHUHGXFLUORVFRVWRV 5HXQLRQHVYLVLWDVDODREUD 'XUDQWHHOGHVDUUROOR GHODREUDVHGHEHQHIHFWXDUUHXQLRQHVHQHOVLWLRGH OD PLVPD FRQ OD IUHFXHQFLD TXH FRQVLGHUH HO
  215. 215. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ $UTXLWHFWRSURJUDPDGRUHO(QWLGDGRQWUDWDQWHFRQ ORV GLIHUHQWHV SURHFWLVWDV WpFQLFRV LQWHUYHQWRUHV FRQWUDWLVWDV TXH D MXLFLR GHO SURJUDPDGRU HQFDUJDGR GHO FRQWURO GH OD REUD GHEHQ SDUWLFLSDU HQ HOOD ,JXDOPHQWHVHGHEHPDQWHQHUFRQWDFWRFRQWLQXRFRQ HO FRQVWUXFWRU FRQ ORV GLVWLQWRV VXEFRQWUDWLVWDV SURYHHGRUHVFRQHOREMHWRGHFRPSOHWDUODLQIRUPDFLyQ RIUHFHUDpVWRVODVH[SOLFDFLRQHVQHFHVDULDVSDUDHO FXPSOLPLHQWRGHORVSURJUDPDV (OSURJUDPDGRUHQFDUJDGRGHODREUDKDUiODVYLVLWDV TXHFRQVLGHUHQHFHVDULDV SDUD HOEXHQ GHVDUUROOR GH VXVWUDEDMRV $QiOLVLV GH OD PDUFKD GH OD REUD RQ WRGD OD LQIRUPDFLyQREWHQLGDVHSURFHGHUiDKDFHUXQDQiOLVLV PLQXFLRVRGHODPDUFKDGHODREUDVXUHODFLyQFRQHO SURJUDPD ODV FDXVDV GH DWUDVR R DGHODQWR ODV UHFRPHQGDFLRQHVSDUDPHMRUDUODSURGXFWLYLGDGHQODV DFWLYLGDGHVTXHQRHVWpQIXQFLRQDQGRQRUPDOPHQWHR FRQVHUYDUODYHQWDMDHODOJXQRVTXHHVWpQPDUFKDQGR PHMRUGHORHVSHUDGR ,QIRUPHV DFWXDOL]DFLRQHV GHO SURJUDPD 3HULyGLFDPHQWH VH SDVDUi XQ LQIRUPH SRU HVFULWR HO FXDO DO PHQRV FRQWHQGUi DQiOLVLV GHO HVWDGR GH OD REUD HVWXGLR GH UHQGLPLHQWRV FRPHQWDULRV VREUH HO DYDQFHGHODREUDUHFRPHQGDFLRQHVSDUDPHMRUDUOD PDUFKD GHOD REUDDFWLYLGDGHVLPSRUWDQWHVTXHVH GHEHQGHVDUUROODUHQHOSHUtRGRVLJXLHQWH 6HGHEHOOHYDUHQODREUDXQOLEURHVSHFLDOGHFRQWURO SDUD SURJUDPDFLyQ 6H SRGUi HQYLDU WDPELpQ D FDGD VXEFRQWUDWLVWD XQ UHVXPHQ GHO LQIRUPH HO FXDO FRQWHQJDORVDVSHFWRVSHUWLQHQWHVDVXVXEFRQWUDWR XDQGR OD REUD OR UHTXLHUD HO SURJUDPDGRU GHEHUi HMHFXWDU ORV DMXVWHV GHO FDVR D TXH HO SURJUDPD HQ QLQJ~Q PRPHQWR VH GHEH LQWHUSUHWDU HQ XQD IRUPD UtJLGD VLQR FRPR XQD JXtD SDUD OD HMHFXFLyQ GH OD REUD 3URJUDPDVGHWDOODGRVSDUDSHUtRGRVFRUWRV RPR FRQVHFXHQFLD GH ODV ODERUHV GH FRQWURO GHVFULWDV HQ ORVQXPHUDOHVDQWHULRUHVHOSURJUDPDGRUDFDUJRGHO FRQWURO GH OD REUD HODERUDUi FRQ OD DXGD GH ORV UHVLGHQWHV SURJUDPDV SHULyGLFRV VHPDQDOHV TXLQFHQDOHVRPHQVXDOHV
  216. 216. SDUDILMDUREMHWLYRVSUHFLVRV D FRUWR SOD]R FRQ OD SDUWLFLSDFLyQ GHO SHUVRQDO GH OD
  217. 217. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ REUD (VWRV SURJUDPDV GHEHQ UHIOHMDU ODV PHGLGDV FRUUHFWLYDV HVWDU DFRPSDxDGRV GH OD LQIRUPDFLyQ FRUUHVSRQGLHQWHVREUHUHFXUVRVSHUVRQDOFRPSUDV VXPLQLVWURV
  218. 218. +2125$5,26 352*5$0$,Ï1 D
  219. 219. 3URJUDPDGHDFWLYLGDGHVSUHYLDVGHSURHFWRV 6HUi HO GH ORV KRQRUDULRV FRUUHVSRQGLHQWHV DO $ 3 6 HV LQGHSHQGLHQWHGHORVKRQRUDULRVGHOSURJUDPDGHFRQVWUXFFLyQ QRVHFRQVLGHUDQFRPRDQWLFLSRGHOPLVPR E
  220. 220. 3URJUDPDVJHQHUDOHV (VWRVSURJUDPDVVHFREUDUiQGH DFXHUGRDODStWXOR7UDEDMRV9DULRV F
  221. 221. 3URJUDPDGHFRQVWUXFFLyQ /RVKRQRUDULRVVHUiQHO GHORVKRQRUDULRVFRUUHVSRQGLHQWHVDOSURHFWRVXSHUYLVLyQ DUTXLWHFWyQLFD OLTXLGDGRV FRQ HO %7SUHVXSXHVWR SDUD OD DWHJRUtD(UHVLGHQFLDVXQLIDPLOLDUHVELIDPLOLDUHV
  222. 222. VHUiGHO GHOPLVPRYDORU RQWUROGHOD3URJUDPDFLyQ /RVKRQRUDULRVGHFRQWUROGH SURJUDPDFLyQVHUiQHOGHOFRVWREDVHUHDOSDUDFREUR GH WDULIDV %7UHDO
  223. 223. VH FREUDUiQ HQ IRUPD SHULyGLFD GH FRP~QDFXHUGRHQWUHHO$UTXLWHFWROD(QWLGDGRQWUDWDQWH ,17(59(1725,$ '(65,3,21'(/2675$%$-26 6HHQWLHQGHSRU,QWHUYHQWRUtDHO VHUYLFLRSUHVWDGRSRUXQSURIHVLRQDORSHUVRQDMXUtGLFDHVSHFLDOL]DGDSDUD HOFRQWUROGHODHMHFXFLyQGHOSURHFWRDUTXLWHFWyQLFRRGHODFRQVWUXFFLyQ (O ,QWHUYHQWRU HV HO UHSUHVHQWDQWH GH OD (QWLGDG RQWUDWDQWH GXUDQWH WRGDV ODV HWDSDV GHO SURHFWR SODQRV HWDSD SUHYLD HMHFXFLyQ OLTXLGDFLyQ/DVODERUHVGHLQWHUYHQWRUtDVRQ ,QWHUYHQWRUtDGHO3URHFWR RQVLVWHHQXQDDVHVRUtDDOD (QWLGDGRQWUDWDQWHGXUDQWHODHWDSDGHGLVHxRHVWXGLRVGHO SURHFWR SDUD JDUDQWL]DUOH TXH ORV SODQRV LQWHUSUHWHQ OD YROXQWDGGHOFOLHQWHFXPSODQFRQVXVUHTXLVLWRVGHQWURGHVX GLVSRQLELOLGDGGHUHFXUVRVHVWpQGHELGDPHQWHFRRUGLQDGRV FRPSOHWRVSDUDODHMHFXFLyQGHODREUD /DFRRUGLQDFLyQGHOSURHFWRHVUHVSRQVDELOLGDGGHODUTXLWHFWR TXHHODERUDHOSURHFWRDUTXLWHFWyQLFR(OLQWHUYHQWRUKDUiXQD ODERUGHUHYLVLyQDVHVRUtDDODFRRUGLQDFLyQ
  224. 224. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ (O LQWHUYHQWRU DGHPiV YLJLODUi HO FXPSOLPLHQWR GH ODV DFWLYLGDGHVSUHYLDVFRQWUROGHSyOL]DVFRQWURODORVFRQWUDWRV GHHVWXGLRVWpFQLFRVGHLQJHQLHUtDFRQWUROVREUHWUiPLWHV PXQLFLSDOHV(O,QWHUYHQWRUSRGUiKDFHUUHYLVDUORVHVWXGLRV SURHFWRVWpFQLFRVSRUHVSHFLDOLVWDVHOFRVWRGHHVWDUHYLVLyQ VHUiSRUFXHQWDGHOSURSLHWDULR ,QWHUYHQWRUtD 'XUDQWH OD RQVWUXFFLyQ (O VHUYLFLR GH LQWHUYHQWRUtDGXUDQWHODFRQVWUXFFLyQFRPSUHQGHODVIXQFLRQHV WpFQLFDV DGPLQLVWUDWLYDV IXQFLRQHV FRPSOHPHQWDULDV H LQVHSDUDEOHV GXUDQWH OD REUD SRU OR FXDO DPEDV GHEHQ VHU UHDOL]DGDVSRUODPLVPDSHUVRQDRHQWLGDG ,QWHUYHQWRUtD 7pFQLFD (Q ODLQWHUYHQWRUtD WpFQLFD OD IXQFLyQ GHO LQWHUYHQWRU VH HQFDPLQD YHODU SRU HO FRUUHFWRGHVDUUROORGHORVSODQRVSRUHOFXPSOLPLHQWR GH ODV QRUPDV GH FDOLGDG VHJXULGDG HFRQRPtD DGHFXDGDV D OD REUD (Q FXPSOLPLHQWR GH VXV IXQFLRQHVHOLQWHUYHQWRUH[LJLUODDOFRQVWUXFWRUFXDQGR VHD QHFHVDULR OD UHDOL]DFLyQ GH HQVDRV SUXHEDV 'HWRGRVORVWUDEDMRVDXWRUL]DGRVHOLQWHUYHQWRUGHEHUi GHMDUFRQVWDQFLDHVFULWD 'HEHUi OOHYDU DGHPiV XQ FRQWURO D ODV HVSHFLILFDFLRQHV GH PDWHULDOHV D ODV SUXHEDV GH ODV LQVWDODFLRQHVDODSXHVWDHQPDUFKDGHORVHTXLSRV 3DUD HO FDEDO FXPSOLPLHQWR GH VXV IXQFLRQHV VL OD FRPSOHMLGDGGHOSUREOHPDDVtORMXVWLILFDHOLQWHUYHQWRU VROLFLWDUi D OD (QWLGDG RQWUDWDQWH OD FRQWUDWDFLyQ GH HVSHFLDOLVWDVTXHORDVHVRUHQHQVXIXQFLyQWpFQLFD /RV FRQWUROHV D ORV FXDOHV VH KDFH UHIHUHQFLD QR UHOHYDQ DO RQVWUXFWRU GH VX UHVSRQVDELOLGDG GH OOHYDUORV FRQ HO GHWDOOH SUHFLVLyQ TXH H[LMDQ ODV QRUPDVGHFDOLGDGORVHVWXGLRVWpFQLFRVGHODREUD (O,QWHUYHQWRUSRUORWDQWRYLJLODUiTXHHORQVWUXFWRU FXPSOD ODV QRUPDV GH FRQWURO OOHYDUi ORV FRQWUROHV DGLFLRQDOHVTXHFRQVLGHUHRSRUWXQRV XDQGR VHD QHFHVDULR FRPSOHWDU R LQWURGXFLU PRGLILFDFLRQHV DO SURHFWR HO LQWHUYHQWRU VROLFLWDUi DO DUTXLWHFWRSURHFWLVWDODHODERUDFLyQGHORVSODQRVGH ODV HVSHFLILFDFLRQHV SHQGLHQWHV FXLGDUi GH TXH HQ WRGR PRPHQWR HO FRQVWUXFWRU GLVSRQJD GH ORV GRFXPHQWRVGHWUDEDMRDFWXDOL]DGRV ,QWHUYHQWRUtD$GPLQLVWUDWLYD HOLQWHUYHQWRUYHODUiSRU HO FXPSOLPLHQWR GHO FRQWUDWR GHO FRQVWUXFWRU VXSHUYLJLODUiHODYDQFHGHODREUDSDUDORJUDUTXHHOOD
  225. 225. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ VH GHVDUUROOH VHJ~Q HO SURJUDPD HO SUHVXSXHVWR SUHYLDPHQWH DSUREDGRV 9LJLODUi DGHPiV HO FXPSOLPLHQWRGHODVSyOL]DVGHJDUDQWtDORVSDJRVGH SUHVWDFLRQHV VRFLDOHV SDJRV GH FDUiFWHU ILVFDO D ORV RUJDQLVPRV QDFLRQDOHV PXQLFLSDOHV GHPiV REOLJDFLRQHVFRQWUDFWXDOHVOHJDOHV (O LQWHUYHQWRU DXWRUL]DUi ODV HQWUHJDV GH GLQHURV DO FRQVWUXFWRUUHYLVDUiORVJDVWRVTXHpVWHKDJDDILQ GH TXH ORV GLQHURV VHDQ LQYHUWLGRV HQ OD IRUPD PiV HILFLHQWH DXWRUL]DUi OD FRQWUDWDFLyQ GH ORV GLIHUHQWHV FDStWXORV GH REUD VXSHUYLVDUi OD DGPLQLVWUDFLyQ GH ORVVXEFRQWUDWRV(OLQWHUYHQWRUDSUREDUiHOSDJRGH ODV FXHQWDV D VXEFRQWUDWLVWDV WUDEDMDGRUHV R SURYHHGRUHV VHJ~Q ODV QRUPDV HVWDEOHFLGDV HQ ORV FRQWUDWRVD ODVGLVSRVLFLRQHVTXHRUGHQHOD/H(O LQWHUYHQWRUVXSHUYLVDUiHODOPDFpQGHODREUDH[LJLUi DO FRQVWUXFWRU ORV LQYHQWDULRV OLEURV FRPSUREDQWHV TXHSHUPLWDQXQDGHFXDGRFRQWURO (O LQWHUYHQWRU UHYLVDUi DSUREDUi ORV H[WUDFWRV FRQWDEOHVSHULyGLFRVTXHSUHVHQWHHOFRQVWUXFWRUFRQHO REMHWR GH YHULILFDU HO SDVR FRUUHFWR GH ODV VXPDV D FDUJRGHODREUD (Q ODV REUDV FRQWUDWDGDV SRU HO VLVWHPD GH SUHFLRV XQLWDULRVRSUHFLRDO]DGRHOLQWHUYHQWRUYHULILFDUiTXH OD REUD HMHFXWDGD VX FDOLGDG VX FDQWLGDG FRUUHVSRQGD D OR HVWDEOHFLGR HQ ORV SODQRV HVSHFLILFDFLRQHVFRQWUDWRGHFRQVWUXFFLyQ5HFLELGD XQD GHWHUPLQDGD REUD HO LQWHUYHQWRU DXWRUL]DUi OD FXHQWD GH FREUR UHVSHFWLYD 9HULILFDUi TXH OD REUD HMHFXWDGD FRUUHVSRQGD SURSRUFLRQDOPHQWH D ORV GLQHURV HQWUHJDGRV DO FRQWUDWLVWD GHQWUR GH ORV WpUPLQRV HVWLSXODGRV HQ HO FRQWUDWR (O LQWHUYHQWRU HVWXGLDUi DXWRUL]DUi ODV FDQWLGDGHV GH REUD DQDOL]DUiDFRUGDUiFRQHOFRQVWUXFWRUORVSUHFLRVGH ORV tWHPV QR SDFWDGRV HQ HO FRQWUDWR HVWXGLDUi SURSRQGUi D OD (QWLGDG RQWUDWDQWH ODV IyUPXODV GH UHDMXVWHVFXDQGRpVWDVQRHVWpQSDFWDGDVDSUREDUi ORVUHDMXVWHVTXHVXUMDQHQHOWUDQVFXUVRGHOFRQWUDWR /D,QWHUYHQWRUtDQRLQFOXHHORQWUROGHRVWRV +2125$5,26 3DUD ,QWHUYHQWRUtD GH 3URHFWRV 6HUi HO GH ORV KRQRUDULRV GHO SURHFWR VXSHUYLVLyQ DUTXLWHFWyQLFD OLTXLGDGRVFRQHO%73UHVXSXHVWR
  226. 226. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 3DUD,QWHUYHQWRUtDGHRQVWUXFFLyQ D
  227. 227. 3DUDODVDWHJRUtDV$%')*VHUiHOGHO FRVWREDVHUHDOSDUDFREURGHWDULIDV%7UHDO
  228. 228. E
  229. 229. 3DUDODVDWHJRUtDV(+,VHUiHOGHOFRVWREDVH UHDOSDUDFREURGHWDULIDV%7UHDO
  230. 230. F
  231. 231. /RV KRQRUDULRV GH ,QWHUYHQWRUtD VH SDJDUiQ SHULyGLFDPHQWHGHDFXHUGRDODYDQFHGHREUDRGHDFXHUGR DOFRQYHQLRHQWUHHO$UTXLWHFWROD(QWLGDGRQWUDWDQWH 48,(1(638('(1(-(5(5/$,17(59(1725,$ 'HDFXHUGRFRQ OD /H OD LQWHUYHQWRUtD VyOR SXHGH VHU HMHUFLGD SRU $UTXLWHFWRV R ,QJHQLHURV HVSHFLDOL]DGRV GHELGDPHQWH WLWXODGRV PDWULFXODGRV FRQ H[SHULHQFLDQRPHQRUGHWUHVDxRVHQVXSURSLRQRPEUHRHQHOGHODV VRFLHGDGHVRFRPSDxtDVHQGRQGHSUHVWHQVXVVHUYLFLRVFRPRVRFLRVR FRPRHPSOHDGRVFRPSURPHWHQVXUHVSRQVDELOLGDGWpFQLFD 5(/$,21(6 (175( (/ ,17(59(1725 /$ (17,'$' 2175$7$17( (OLQWHUYHQWRUHVHOGHOHJDGRGHOD(QWLGDGRQWUDWDQWH DQWHWRGDVODVSHUVRQDVRHQWLGDGHVTXHLQWHUYLHQHQHQHOSURHFWROD FRQVWUXFFLyQ 'H DFXHUGR FRQ OR DQWHULRU OD (QWLGDG RQWUDWDQWH VyOR SRGUiLQWHUYHQLUHQODREUDSRUHOFRQGXFWRUHJXODUGHOLQWHUYHQWRU6LQROR KDFHDVtUHOHYDDOLQWHUYHQWRUGHOFXPSOLPLHQWRGHVXVIXQFLRQHVGHOD UHVSRQVDELOLGDG FRUUHVSRQGLHQWH HQ ODV SDUWHV GH OD REUD DIHFWDGDV R PRGLILFDGDV SRU WDO LQWHUYHQFLyQ LUUHJXODU VLQ TXH HOOR SXHGD LPSOLFDU GLVPLQXFLyQDOJXQDGHORVKRQRUDULRVSDFWDGRV 5(/$,21(6(175((/,17(59(1725(/216758725 (O LQWHUYHQWRUPDQWHQGUiXQDUHODFLyQGLUHFWDFRQHOFRQVWUXFWRUSDUDGDUVX RSLQLyQ VXJHUHQFLDV VREUH OD IRUPD HQ TXH VH DGHODQWH OD REUD RUUHVSRQGHDOFRQVWUXFWRUHMHUFHUODGLUHFFLyQWRWDOGHODREUDGHQWURGH ODV QRUPDV HVWDEOHFLGDV HQ HO FRQWUDWR GH FRQVWUXFFLyQ (O LQWHUYHQWRU VyOR SRGUi GDUyUGHQHV DOFRQVWUXFWRUR D VXUHSUHVHQWDQWH QR D VXV HPSOHDGRVRDORVVXEFRQWUDWLVWDVGHEHUiGHMDUFRQVWDQFLDHVFULWDGH WRGDV ODV yUGHQHV LPSDUWLGDV GH WRGRV ORV DFWRV TXH QR FRQVLGHUH DGHFXDGRV SDUD OD EXHQD PDUFKD GH OD REUD $GHPiV HO LQWHUYHQWRU SRGUi RUGHQDU ODERUHV SDUFLDOHV SRU HVFULWR DO FRQVWUXFWRU R D VX UHSUHVHQWDQWHFXDQGRFRQVLGHUHTXHQRVHHVWiQFXPSOLHQGRORVSODQRV HVSHFLILFDFLRQHVDSUREDGRV 5(63216$%,/,'$' '(/ ,17(59(1725 /D UHVSRQVDELOLGDG GHO LQWHUYHQWRUGHDFXHUGRFRQHO$UWtFXORGHO'HFUHWR/HHV$ PiVGHODVVDQFLRQHVSHQDOHVDTXHKXELHUHOXJDUODVRFLHGDGRSHUVRQD QDWXUDOTXHHMHUFLHUHXQDLQWHUYHQWRUtDVHUiFLYLOPHQWHUHVSRQVDEOHGHORV SHUMXLFLRVRULJLQDGRVHQHOPDOGHVHPSHxRGHVXVIXQFLRQHVVLQTXHHOOR H[LPDGHODUHVSRQVDELOLGDGTXHSRUHOPLVPRFRQFHSWRSXHGDUHVSRQGHU DOFRQWUDWLVWDHMHFXWRUGHODREUD
  232. 232. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 216758,21 '(65,3,21 '( /2675$%$-26 6H HQWLHQGHSRUFRQVWUXFFLyQOD UHDOL]DFLyQGHORVWUDEDMRVFRUUHVSRQGLHQWHVDODHMHFXFLyQGHODREUDGH DFXHUGR FRQ HO SURHFWR DUTXLWHFWyQLFR HVWXGLRV GH LQJHQLHUtD HVSHFLILFDFLRQHV SODQRV WpFQLFRV /D REOLJDFLyQ GHO DUTXLWHFWR DHVWH UHVSHFWRFRPSUHQGHORVVLJXLHQWHVSXQWRV D
  233. 233. 'LUHFFLyQWpFQLFDGHODFRQVWUXFFLyQ E
  234. 234. ([SOLFDFLyQGHORVSODQRVDORVRSHUDULRVDORVVXEFRQWUDWLVWDV F
  235. 235. RPSUDGHPDWHULDOHVKHUUDPLHQWDVDOTXLOHUGHHTXLSR G
  236. 236. HOHEUDFLyQGHVXEFRQWUDWRV H
  237. 237. RQVHFXFLyQVHOHFFLyQGLUHFFLyQSDJRGHOSHUVRQDOGHODREUD I
  238. 238. 5HQGLFLyQSHULyGLFDGHFXHQWDVVHJ~QHOWLSRGHFRQWUDWR J
  239. 239. (O FXPSOLPLHQWR GH WRGDV DTXHOODV DFWLYLGDGHV QHFHVDULDV SDUD OD FRPSOHWD WHUPLQDFLyQ GH ORV WUDEDMRV TXH VH OH KDDQ HQFRPHQGDGR LQFOXHQGR ODV REOLJDFLRQHV ILVFDOHV SDUDILVFDOHV SURSLDV GH OD FRQVWUXFFLyQ K
  240. 240. 'HEHUiHQWUHJDUDOD(QWLGDGRQWUDWDQWHODFRQVWUXFFLyQXQPDQXDO GHLQVWUXFFLRQHVSDUDHOXVRPDQWHQLPLHQWRGHODFRQVWUXFFLyQGHQWUR GHOFXDOHVWpQLQFOXLGRVORVSODQRVDUTXLWHFWyQLFRVDFWXDOL]DGRVORVGH LQVWDODFLRQHVORVGHLQJHQLHUtD /DVPRGDOLGDGHVGHFRQVWUXFFLyQVRQODVVLJXLHQWHV RQVWUXFFLyQSRU$GPLQLVWUDFLyQ'HOHJDGD (QHVWHFDVR HO $UTXLWHFWR REUD FRPR UHSUHVHQWDQWH R GHOHJDGR GH OD (QWLGDGRQWUDWDQWHWRGRVORVJDVWRV GHODREUDVHKDFHQ SRUFXHQWDULHVJRGHHVWH~OWLPR (ODUTXLWHFWRGHEHUiSDJDUDQRPEUHFXHQWDGHOD(QWLGDG RQWUDWDQWH WRGRV ORV JDVWRV GH REUD GHILQLGRV FRPR SUHVXSXHVWR GH FRQVWUXFFLyQ VLQ LQFOXLU ORV JDVWRVOHJDOHV ILQDQFLHURV JHUHQFLD SURPRFLyQ YHQWDV HVFULWXUDFLyQ SURSDJDQGD DYDO~RV TXH QR VH FRQVLGHUDQ LQFOXLGRV HQ HO 3UHVXSXHVWRGHODREUD6REUHHVWHSXQWRVHDFODUDTXHORV SDJRV GH RWURV KRQRUDULRV JDVWRV UHHPEROVDEOHV GH RWURV DVHVRUHVOLFHQFLDVWDVDVPXQLFLSDOHVHODUTXLWHFWRVyORHVWi FRPSURPHWLGR D SDJDUODV GH ORV IRQGRV VRPHWLGRV D VX UHVSRQVDELOLGDG SRU DXWRUL]DFLyQ H[SUHVD GH OD (QWLGDG RQWUDWDQWHSHURQRHVWiUHVSRQVDELOL]DGRDFRQWURODUHVWDU SHQGLHQWH GH OD RSRUWXQD FRQWUDWDFLyQ SDJR GH GLFKRV JDVWRV
  241. 241. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ 2EWHQFLyQGHORV6HUYLFLRV3~EOLFRV /DREWHQFLyQ GH ORV VHUYLFLRV S~EOLFRV HV GH VX UHVSRQVDELOLGDG VREUHVXFRVWRFREUDUiKRQRUDULRVGHFRQVWUXFFLyQ6L ODREWHQFLyQGHORVVHUYLFLRVS~EOLFRVQRHVSRVLEOHSRU FDXVDVDMHQDVDOFRQWUROGHO$UTXLWHFWRHVWHTXHGDUi OLEHUDGRGHVXREOLJDFLyQ (UURUHVHQOD2EUD /RVHUURUHVHQODREUDLPSXWDEOHV DOFRQVWUXFWRUVHUiQFRUUHJLGRVSDJDGRVSRUFXHQWD GHOFRQVWUXFWRU 3yOL]DVGH6HJXUR (QHVWHWLSRGHFRQWUDWRWRGDVODV SyOL]DVGHVHJXURUHJLVWURGHOFRQWUDWRGHJDUDQWtD H[LJLGDV DO $UTXLWHFWR VHUiQ SDJDGDV SRU OD (QWLGDG RQWUDWDQWH 'LUHFFLyQ GH OD 2EUD (V REOLJDFLyQ GHO DUTXLWHFWR DVXPLUODVIXQFLRQHVGLUHFWLYDVDGPLQLVWUDWLYDVGHOD FRQVWUXFFLyQ SDJDU SRU VX FXHQWD ORV JDVWRV GHO PDQWHQLPLHQWRGHVXRUJDQL]DFLyQ 6XPLQLVWUR GH )RQGRV /D (QWLGDG RQWUDWDQWH GHEHUi SURYHHU DO DUTXLWHFWR GH ORV IRQGRV SDUD OD FRQVWUXFFLyQRGHXQPHFDQLVPRGHSDJRFRQYHQLGR SUHYLDPHQWH TXH SHUPLWD DO DUTXLWHFWR DWHQGHU H[FOXVLYDPHQWHORVSDJRVGHODFRQVWUXFFLyQ 3UHVHQWDFLyQGHXHQWDV (O$UTXLWHFWRGHEHUHQGLU FXHQWDV SHULyGLFDV D OD (QWLGDG RQWUDWDQWH DFRPSDxDGDVGHORVFRPSUREDQWHVGHSDJRIDFWXUDV GHELGDPHQWHFDQFHODGDV 'HVFXHQWRV 7RGRVORVGHVFXHQWRVFRPLVLRQHVHQ ODDGTXLVLFLyQGHPDWHULDOHVRHQVXEFRQWUDWRVVHUiQD IDYRUGHOD(QWLGDGRQWUDWDQWH6LQHPEDUJRFRQHOILQ GHHVWLPXODUHOHVIXHU]RSRUODUHGXFFLyQGHFRVWRVHO 3URSLHWDULRHO$UTXLWHFWRRQVWUXFWRUSRGUiQDFRUGDU XQ SUHVXSXHVWR GH REUD EDVH DO FXDO VH OH DSOLTXHQ ORV tQGLFHV GH YDULDFLyQ GXUDQWH HO FXUVR GH OD REUD PHVDPHVWRPDGRVGHDOJXQDHQWLGDGHVSHFLDOL]DGD HQHOFiOFXORGHGLFKRVtQGLFHV(QFDVRGHTXHDOILQDO GH OD REUD HO $UTXLWHFWR RQVWUXFWRU ORJUH UHGXFLU HO FRVWRGHODREUDDOHVWLPDGRHQHOSUHVXSXHVWRPiVR PHQRV
  242. 242. HOYDORUUHVXOWDQWHGHDSOLFDUHOtQGLFHPHVD PHV D OD LQYHUVLyQ UHDO GH REUD WHQGUi GHUHFKR DO KRQRUDULR FRUUHVSRQGLHQWH D OD HFRQRPtD UHVXOWDQWH PiV XQ GH OD PLVPD SRU FRQFHSWR GH ERQLILFDFLyQ
  243. 243. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ (QWUHJDGHOD2EUD (O$UTXLWHFWRHQWUHJDUiODREUDD OD (QWLGDG RQWUDWDQWH HQ FRUUHFWD RSHUDFLyQ DGHPiV SURYHHUi RUJDQL]DUi SRU FXHQWD GH OD (QWLGDG RQWUDWDQWH OD RUJDQL]DFLyQ QHFHVDULD SDUD KDFHU HO PDQWHQLPLHQWR UHSDUDFLRQHV QRUPDOHV LQKHUHQWHV D XQD REUD QXHYD GXUDQWH HO SOD]R REOLJDWRULRSUHYLVWRSRUOD/H RQVWUXFFLyQD3UHFLR*OREDOR$O]DGR 6HHQWLHQGHSRU FRQVWUXFFLyQ D SUHFLR JOREDO R DO]DGR DTXHOOD HQ OD TXH HO DUTXLWHFWR VH REOLJD D UHDOL]DU SRU XQD VXPD WRWDO ILMD GHWHUPLQDGDREUDDVXPLHQGRWRGRVORVULHVJRVGHOFRVWRGHOD PLVPD /DV FRQGLFLRQHV HQ TXH GHEH UHDOL]DUVH OD REUD SRU SUHFLR JOREDORDO]DGRVXIRUPDGHSDJRGHEHUiQGHWHUPLQDUVHHQ HO UHVSHFWLYRFRQWUDWR $O FDOFXODUVH HO YDORU GH OD REUD SRU SUHFLRJOREDORDO]DGRHOFRQWUDWLVWDGHEHUiLQFOXLUHOYDORUGH VXV KRQRUDULRV OR PLVPR TXH HO YDORU GH ODV SyOL]DV GH VHJXURV JDUDQWtDV LPSUHYLVWRV GHPiV UHTXLVLWRV TXH OD (QWLGDG RQWUDWDQWH H[LMD DGHPiV GH WRGRV ORV JDVWRV LQGLUHFWRVTXHVHDQQHFHVDULRVFRQVLGHUDUHQFDGDREUD (Q HVWH WLSR GH FRQWUDWR HO DUTXLWHFWR QR WLHQH QLQJXQD REOLJDFLyQ GH UHQGLU FXHQWDV D OD (QWLGDG RQWUDWDQWH HO DUTXLWHFWRVyORUHFLELUiHOPRQWRGHWHUPLQDGRHQHOFRQWUDWR VLQ WHQHU GHUHFKR D RWURV UHDMXVWHV GLIHUHQWHV D ORV TXH VH KDDQSUHYLVWRHQHOFRQWUDWRGHDFXHUGRFRQORVDUWtFXORV SHUWLQHQWHVGHOyGLJRLYLO RQVWUXFFLyQ SRU 3UHFLRV 8QLWDULRV 6H HQWLHQGH SRU FRQVWUXFFLyQ SRU SUHFLRV XQLWDULRV DTXHOOD HQ OD TXH VH GHWHUPLQDQ ORV SUHFLRV GH FDGD tWHP GH OD REUD TXH GHEHQ HMHFXWDUVH LQGHSHQGLHQWHPHQWH GH VX YROXPHQ R FDQWLGDG (Q HVWH WLSR GH FRQWUDWR HO DUTXLWHFWR DVXPH OD UHVSRQVDELOLGDG GHO FRVWR GH ORV SUHFLRV XQLWDULRV SDFWDGRV SHURQRGHOYROXPHQRFDQWLGDGTXHUHTXLHUDODFRQVWUXFFLyQ $GHPiVGHORVFRVWRVFRUUHVSRQGLHQWHVDORVGHPDWHULDOHV PDQRGHREUDWUDQVSRUWHVHTXLSRKHUUDPLHQWDVGHQWURGH ORV SUHFLRV XQLWDULRV HVWLSXODGRV HQ HO FRQWUDWR GHEHUiQ LQFOXLUVHORVKRQRUDULRVGHODUTXLWHFWRGHPiVLQFLGHQFLDVHQ HOFRVWRGHODREUDHQIRUPDGHSRUFHQWDMHVREUHFDGDSUHFLR XQLWDULR R FRQ VX YDORU HVSHFtILFR WDOHV FRPR JDVWRV LQGLUHFWRVSyOL]DVGHJDUDQWtDVHLPSUHYLVWRV (VWRV KRQRUDULRV H LQFLGHQFLDV SRGUiQ WDPELpQ LQFRUSRUDUVH FRPRSRUFHQWDMHHQXQFDStWXORVHSDUDGRGHODVFXHQWDVVH SDJDUiQ GH DFXHUGR FRQ HO FRVWR UHDO GH OD REUD ORV
  244. 244. '(5(72 ³3RUHOFXDOVHDSUXHEDHO5HJODPHQWRGH+RQRUDULRVSDUDORVWUDEDMRVGH$UTXLWHFWXUD´ UHDMXVWHV HIHFWXDGRV GXUDQWH OD PLVPD VREUH OLTXLGDFLRQHV SDUFLDOHVTXHVHHIHFW~HQ6HHQWLHQGHSRUFRVWRUHDOGHOD REUDHQHVWHWLSRGHFRQWUDWRSDUDHIHFWRGHOFiOFXORGHORV KRQRUDULRVGHPiVLQFLGHQFLDVHOUHVXOWDGRGHPXOWLSOLFDUORV SUHFLRVXQLWDULRVSDFWDGRVHQHOFRQWUDWRSRUORVYRO~PHQHVR FDQWLGDGHVGHDTXHOORVTXHVHKDDQUHDOPHQWHHMHFXWDGRHQ ODFRQVWUXFFLyQ 6HDJUHJDUiDGHPiVHOFRVWRUHDOGHORVWUDEDMRVUHDOL]DGRV TXH QR VH KDDQ SDFWDGR SRU SUHFLRV XQLWDULRV (VWRV FRQWUDWRVWHQGUiQGHUHFKRDORVUHDMXVWHVGHSUHFLRVSDFWDGRV HQHOFRQWUDWRUHVSHFWLYR +2125$5,26'(216758,Ï1 RQVWUXFFLyQSRU$GPLQLVWUDFLyQ'HOHJDGD 9DORUGHORVKRQRUDULRV D
  245. 245. 3DUDODVDWHJRUtDVGHOD$KDVWDOD*LQFOXVLYH VHUiQHO GHOFRVWREDVHUHDOSDUDFREURGHWDULIDV %7UHDO
  246. 246. E
  247. 247. 3DUD OD DWHJRUtD + SURHFWRV GH UHVWDXUDFLyQ VHUiHO GHOFRVWREDVHUHDO%7UHDO
  248. 248. F
  249. 249. 3DUD OD DWHJRUtD , SURHFWRV GH UHSDUDFLRQHV UHIRUPDVDPSOLDFLRQHVVHUiHO GHOFRVWREDVH UHDO%7UHDO
  250. 250. )RUPDGH3DJRGHORV+RQRUDULRV /RVKRQRUDULRV FRUUHVSRQGLHQWHVDODFRQVWUXFFLyQSRUDGPLQLVWUDFLyQ GHOHJDGD VH FREUDUiQ VDOYR RWUR FRQYHQLR SURSRUFLRQDOPHQWHDORVFRUWHVSHULyGLFRVGHFXHQWDV GHDYDQFHGHREUD 5HWHQFLyQ D ORV +RQRUDULRV 'HO YDORU GH ORV KRQRUDULRVVHUHWHQGUiXQDSDUWLGDSDUDODHQWUHJDILQDO GHODREUDVHFRQVLGHUDUiFRPRXQDJDUDQWtDKDVWD OD HQWUHJD ILQDO OD REWHQFLyQ GH ODV SyOL]DV HVWDEOHFLGDVHQHORQWUDWR ([HQFLyQGH2EOLJDFLRQHV 6LOD(QWLGDGRQWUDWDQWH H[LPH DO $UTXLWHFWR GH DOJXQD GH ODV REOLJDFLRQHV HQXQFLDGDV HQ HVWH 5HJODPHQWR GHEHUi SDJDU ORV KRQRUDULRVFRPSOHWRV

×