More Related Content
Similar to Estatutos s ch_c_revisado
Similar to Estatutos s ch_c_revisado (20)
Estatutos s ch_c_revisado
- 1. 0,187$'(2167,78,Ï1'($62,$,Ï16,1),1(6'(/852
³62,('$'+27$1$'(,(1,$6´
6HxRU1RWDULR
6tUYDVH8G([WHQGHUHQHO5HJLVWURGH(VFULWXUDV3~EOLFDVXQDGH2167,78,Ï1
'(81$$62,$,Ï1,9,/ GHQRPLQDGD³62,('$'+27$1$'(,(1,$6´
FXD VLJOD HV ³6K´ GH OD 3URYLQFLD GH KRWD RWRUJDGD SRU VX 3UHVLGHQWH GRQ
-25*( /8,6 0Ë5(= 7$55,//2 SHUXDQR GH SURIHVLyQ ,QJHQLHUR 0HFiQLFR
(OHFWULFLVWDLGHQWLILFDGRFRQ'1,1RVXIUDJDQWHGHHVWDGRFLYLOFDVDGR
FRQGRxD6DUD:LOPD6iQFKH]9LOFKH] FRQGRPLFLOLRHQHO-UDMDPDUFD1ƒGH
OD FLXGDG GH KRWD 'LVWULWR 3URYLQFLD GH VX PLVPR QRPEUH 5HJLyQ DMDPDUFD
GHELGDPHQWH DXWRUL]DGR VHJ~Q $FWD GH $SUREDFLyQ GH (VWDWXWRV GH IHFKD
ODSUHVHQWHEDMRORVWpUPLQRVVLJXLHQWHV
35,0(52(ORWRUJDQWHPDQLILHVWDTXHSRU$FWDGHIHFKDGH2FWXEUHGHOKD
GHFLGLGR FRQVWLWXLU XQD $VRFLDFLyQ LYLO GHQRPLQDGD ³62,('$' +27$1$ '(
,(1,$6´ SXGLHQGR XVDU ODV VLJODV ³6K´ GH OD 3URYLQFLD GH KRWD 5HJLyQ
DMDPDUFDGHOD5HS~EOLFDGHO3HU~FRQVXVILQHVREMHWLYRVTXHVHHVSHFLILFDQHQ
GLFKD$FWDODPLVPDTXHVHLQVHUWDUiHQHOFXHUSRGHOD(VFULWXUD3~EOLFD
6(*81'24XH SRU $FWD GH IHFKD GH 2FWXEUH GHO VH DSUREDURQ ORV
(VWDWXWRVFXRV(VWDWXWRVGDUiQRULJHQDODLQVWLWXFLyQORVPLVPRVTXHWDPELpQVH
LQVHUWDUiQHQHOFXHUSRGHOD(VFULWXUD3~EOLFD
7(5(52/D $VRFLDFLyQ ILMD VX GRPLFLOLR HQ HO 'LVWULWR 3URYLQFLD GH FKRWD
'HSDUWDPHQWRGHDMDPDUFD5HS~EOLFDGHO3HU~SXGLHQGRWHQHUILOLDOHVHQFXDOTXLHU
SDUWHGHO3HU~GHOPXQGRILMDQGRDGHPiVVXVHGHVRFLDOHQHO-UDMDPDUFDGH
OD3URYLQFLDGHKRWD5HJLyQDMDPDUFD5HS~EOLFDGHO3HU~
8$572/D GXUDFLyQ GH HVWD ,QVWLWXFLyQ HV LQGHILQLGD GDUi SRU LQLFLDGD VXV
DFWLYLGDGHVOXHJRGHODLQVFULSFLyQHQORV5HJLVWURV3~EOLFRV
48,172/RVREMHWLYRVGHOD$VRFLDFLyQTXH HVGHFDUiFWHUQROXFUDWLYRTXHVH
LQGLFDQHQHO$UWƒGHO(VWDWXWRVRQORVVLJXLHQWHV
$,QFHQWLYDU ODV DFWLYLGDGHV GH HQVHxDQ]D LQYHVWLJDFLyQ GHVDUUROOR GH LHQFLD
7HFQRORJtDHQKRWD
%9HODU SRU HO PDQWHQLPLHQWR GH XQ FyGLJR GH FRQGXFWD pWLFD UHVSRQVDELOLGDG
SURIHVLRQDOHLGHQWLGDGQDFLRQDOGHODFRPXQLGDGWpFQLFRFLHQWtILFDTXHDFW~DHQODV
iUHDVGHODLHQFLD
6(;723DUDORJUDUVXVREMHWLYRVOD³6K´ TXHHVWiQHVWDEOHFLGRVHQHO$UWƒ
GHOUHIHULGR(VWDWXWRHVGHOOHYDUiDFDERODVVLJXLHQWHVDFWLYLGDGHV
$3URPRYHUDQXDOPHQWHSRUVHUGHLQWHUpVGHOD³6K´OD6HPDQDGHLHQFLD
7HFQRORJtD
%3URPRYHUJHVWLRQDUODFRQWLQXDFDSDFLWDFLyQGHORVPLHPEURVDILQGHGLIXQGLUXQ
DGHFXDGRQLYHOGHODLHQFLDV
$VLVWLURWRUJDUFDSDFLWDFLyQDODV8QLYHUVLGDGHVRWUDVLQVWLWXFLRQHVHGXFDWLYDV
PHGLDQWHODHGXFDFLyQFDSDFLWDFLyQHQODVGLIHUHQWHViUHDVGHLQYHVWLJDFLyQ
'3URPRYHUSURJUDPDVDFWLYLGDGHVGHFRRSHUDFLyQQDFLRQDOHLQWHUQDFLRQDOFRQHO
ILQ LQFUHPHQWDU OD GLIXVLyQ GH ODV LHQFLDV VX DSOLFDFLyQ GHQWUR GH OD HFRQRPtD
QDFLRQDO
WRGDVDTXHOODVDFFLRQHVDFWLYLGDGHVDFWRVGLULJLGRVDOGHVDUUROORIRPHQWRGHOD
FXOWXUDGHODVFLHQFLDVWHFQRORJtD
- 2. 6e7,02/D SUHVHQWH 0LQXWD VH HQFXHQWUD H[HQWD GHO ,PSXHVWR DO 5HJLVWUR GH
FRQIRUPLGDGFRQOD/H
$JUHJXH 8G 6HxRU 1RWDULR OR TXH VHD GH /H WUDWDQGR GH UHPLWLU ORV 3DUWHV
SHUWLQHQWHVDORV5HJLVWURV3~EOLFRVSDUDTXHDGTXLHUDOD3HUVRQHUtD-XUtGLFD
KRWDGH2FWXEUHGHO
-RUJH/XLV0tUH]7DUULOOR
3UHVLGHQWH
$XWRUL]DGDSRUHO'U
- 3. $7$'(2167,78,Ï1
(QODFLXGDGGHKRWD5HJLyQDMDPDUFD5HS~EOLFD'HO3HU~VLHQGRODVVLHWHGHOD
QRFKHGHOGtDGH2FWXEUHGHOUHXQLGRVHQHO-UDMDPDUFD1ƒGHKRWD
ODV VLJXLHQWHV SHUVRQDV -25*( /8,6 0Ë5(= 7$55,//2 LGHQWLILFDGR FRQ '1, 1ƒ
GH SURIHVLyQ ,QJHQLHUR 0HFiQLFR (OHFWULFLVWD FDVDGR FRQ GRxD 6DUD
:LOPD 6iQFKH] 9LOFKH] $5/26 %(51$5',12 *8(55(52 =$9$/$
LGHQWLILFDGR FRQ '1, 1ƒ GH SURIHVLyQ ,QJHQLHUR (Q RPSXWDFLyQ
6LVWHPDVFDVDGRFRQGRxD3('52,6$Ë$60$+8$52-$6LGHQWLILFDGRFRQ'1,
1ƒ VROWHUR GH SURIHVLyQ %DFKLOOHU HQ ,QJHQLHUtD GH RPSXWDFLyQ
6LVWHPDV -2+1 (15,48( )(51È1'(= '(',26 LGHQWLILFDGR FRQ '1, 1ƒ
VROWHUR GH SURIHVLyQ %DFKLOOHU HQ LHQFLDV GH OD RPXQLFDFLyQ 526$
7255(6 %$5%2=$ LGHQWLILFDGD FRQ '1, 1ƒ GH SURIHVLyQ 7pFQLFR HQ
RPSXWDFLyQH,QIRUPiWLFDFDVDGDFRQGRQFRQHOREMHWRGHDVRFLDUVHFRQVWLWXLU
XQD$VRFLDFLyQLYLOVLQILQHVGHOXFURSRUDFXHUGRGHORVSUHVHQWHVVHGHFLGLyTXH
OD VHVLyQ VHD SUHVLGLGD SRU HO VHxRU -RUJH /XLV 0tUH] 7DUULOOR DFWXDQGR FRPR
6HFUHWDULRHOVHxRUDUORV%HUQDUGLQR*XHUUHUR=DYDODGHFODUDQGRLQVWDODGDODVHVLyQ
YiOLGRV ORV DFXHUGRV TXH VH WRPHQ VH OOHJy D OD FRQFOXVLyQ GH FRQVWLWXLU OD
$VRFLDFLyQLYLOGHQRPLQDGD³62,('$'+27$1$'( ,(1,$6´FXDVVLJODV
VHUiQ6KFXRVILQHVREMHWLYRVVHRULHQWDUiEiVLFDPHQWHDSURPRYHUDFWLYLGDGHV
GHLQYHVWLJDFLyQHQVHxDQ]DGHVDUUROORGHODFLHQFLDODWHFQRORJtDHQKRWDOD
5HJLyQODUHIHULGD$VRFLDFLyQLYLOVHUHJLUiSRUORV(VWDWXWRVTXHVHUiQDSUREDGRV
SRVWHULRUPHQWHSDUDWDOHIHFWRVHFRQIRUPyXQDFRPLVLyQLQWHJUDGDSRUORVVHxRUHV
DUORV%HUQDUGLQR*XHUUHUR=DYDODTXLHQODSUHVLGH3HGUR,VDtDV0DFKXFD5RMDV
-RUJH/XLV0tUH]7DUULOORFRPSURPHWLpQGRVHDHODERUDUORVSUHVHQWDUORHQODSUy[LPD
VHVLyQSDUDVXGLVFXVLyQDSUREDFLyQUHVSHFWLYDDFWRVHJXLGRVHGHOLEHUyVREUHHO
Q~PHUR GH FDUJRV TXH FRQIRUPDUiQ HO RQVHMR 'LUHFWLYR DFRUGiQGRVH SRU
XQDQLPLGDG FRQVLGHUDU ~QLFDPHQWH FLQFR FDUJRV TXH VRQ 8Q 3UHVLGHQWH 8Q
9LFHSUHVLGHQWH 8Q 6HFUHWDULR GH $FWDV $UFKLYR 8Q 6HFUHWDULR GH 5HODFLRQHV
3~EOLFDV 0DUNHWLQJ 8Q 7HVRUHUR ORV GHPiV LQWHJUDQWHV VHUiQ FRPR DVRFLDGRV
IXQGDGRUHV
3RVWHULRUPHQWH VH DFRUGy GHVLJQDU DO yUJDQR GH JRELHUQR JHVWRU HMHFXWRU GH ORV
DFXHUGRVGH OD$VDPEOHD*HQHUDOTXLHQHVLQWHJUDUiQHO3ULPHURQVHMR'LUHFWLYRORV
PLVPRV TXH PHGLDQWH YRWR GLUHFWR PDRULWDULR GHVLJQDURQ HQ WDOHV FDUJRV D ODV
VLJXLHQWHVSHUVRQDV
35(6,'(17(,QJHQLHUR-RUJH/XLV0tUH]7DUULOOR
9,(35(6,'(17(,QJHQLHURDUORV%HUQDUGLQR*XHUUHUR=DYDOD
6(5(7$5,2 '( $7$6 $5+,92 %DFKLOOHU HQ ,QJHQLHUtD 3HGUR ,VDtDV
0DFKXFD5RMDV
6(5(7$5,2'(5(/$,21(63Ò%/,$60$5.(7,1*%DFKLOOHUHQLHQFLDV
GHODRPXQLFDFLyQ-RKQ(QULTXH)HUQiQGH]'HGLRV
7(625(5$5RVD7RUUHV%DUER]D
3RVWHULRUPHQWHVHWRPRHOMXUDPHQWRGHHVWLORDO3UHVLGHQWHGHORQVHMR'LUHFWLYR
HVWH D VX YH] MXUDPHQWR D ORV GHPiV PLHPEURV TXHGDQGR DXWRUL]DGR HO VHxRU
3UHVLGHQWH D SDUWLU GH OD IHFKD D UHSUHVHQWDU D HVWD $VRFLDFLyQ GH DFXHUGR D ODV
SRWHVWDGHVFRQIHULGDVDOHMHUFLFLRGHVXVIXQFLRQHVFRPRWDO
1RKDELHQGRRWURSXQWRTXHWUDWDUVHGLRSRUWHUPLQDGDODVHVLyQVLHQGRODVRQFHGH
ODQRFKHSDVDQGRDILUPDUORVSUHVHQWHV
- 5. $7$'($352%$,Ï1 '((67$78726
(QODFLXGDGGHKRWD5HJLyQDMDPDUFD5HS~EOLFDGHO3HU~VLHQGRODVRFKRGHOD
QRFKH GHO GtD -XHYHV QXHYH GH 2FWXEUH GHO DxR UHXQLGRV ORV PLHPEURV
LQWHJUDQWHV GH OD $VRFLDFLyQ LYLO ³62,('$' +27$1$ '( ,(1,$6´ FRQ OD
ILQDOLGDG GH DQDOL]DU GHEDWLU DSUREDU ORV (VWDWXWRV TXH UHJLUi VX RUJDQL]DFLyQ
IXQFLRQHV
/DFRPLVLyQSUHVLGLGDSRUHO,QJHQLHURDUORV%HUQDUGLQR*XHUUHR=DYDODSXVRORV
(VWDWXWRVDFRQVLGHUDFLyQGHORVDVLVWHQWHVGDQGROHFWXUDDFDGDXQRGHORV7tWXORV
$UWtFXORVGHpVWHDILQGHKDFHUODVGHOLEHUDFLRQHVREVHUYDFLRQHVTXHKXELHUHOXJDU
25'(1'(/'Ë$6HDSUREyODOHFWXUDGHFDGDXQRGHORVDUWtFXORVOXHJRGHXQ
GHEDWHDOJXQDVPRGLILFDFLRQHVVXJHUHQFLDVVHGLRSRUDSUREDGRHO(VWDWXWRTXHHQ
DGHODQWHUHJLUiDOD³62,('$'+27$1$'(,(1,$6´TXHGDQGRHVWDEOHFLGR
GHODVLJXLHQWHPDQHUD
(67$78726'(/$62,('$'+27$1$'(,(1,$6
7,78/235,0(52
217(1,'2$/$1('(/(67$7872
$UWtFXORƒ (OSUHVHQWH(VWDWXWRQRUPDODQDWXUDOH]DIXQFLRQHVJHQHUDOHVUpJLPHQ
HFRQyPLFRGHOD6RFLHGDGKRWDQDGHLHQFLDVHVWDEOHFHVXHVWUXFWXUDRUJiQLFD
DVtFRPRODVDWULEXFLRQHVREOLJDFLRQHVGHVXVGLVWLQWRVÏUJDQRV
7,78/26(*81'2
'(/$'(120,1$,Ï1'85$,Ï12%-(72'20,,/,2
'HQRPLQDFLyQ
$UWtFXOR ƒ 1RPEUH /D $VRFLDFLyQ VH GHQRPLQDUi ³62,('$' +27$1$ '(
,(1,$6´ SXGLHQGRXVDUODVLJODV ³6K´DPERVHQIRUPDFRQMXQWDRQR
$UWtFXOR 'XUDFLyQ /D $VRFLDFLyQ IXQFLRQDUi RSHUDUi GH KHFKR GHVGH VX
IXQGDFLyQSRUWLHPSRLQGHWHUPLQDGR
$UWtFXORƒ2EMHWR(OREMHWRGHOD$VRFLDFLyQHVWiRULHQWDGREiVLFDPHQWHDSURPRYHU
DFWLYLGDGHVGHLQYHVWLJDFLyQHQVHxDQ]DGHVDUUROORGHODFLHQFLDODWHFQRORJtDHQ
KRWDVXiUHDGHLQIOXHQFLD
$UWtFXORƒ 'RPLFLOLR (OGRPLFLOLRGHOD$VRFLDFLyQTXHGDHVWDEOHFLGRHQODFLXGDG
GHKRWD± DMDPDUFD 3HU~ILMDQGRDGHPiVVXVHGHVRFLDOHQHO-UDMDPDUFD
GH OD 3URYLQFLD GH KRWD 5HJLyQ DMDPDUFD 5HS~EOLFD GHO 3HU~ SXGLHQGR WHQHU
VXFXUVDOHVILOLDOHVRILFLQDVXRWUDVIRUPDVGHUHSUHVHQWDFLRQHVHQFXDOTXLHUOXJDUGHO
3HU~RGHOH[WUDQMHURVLQOLPLWDFLyQDOJXQDVDOYRDTXHOODVTXHLPSRQJDHOGHUHFKR
LQWHUQDFLRQDOHQFDVRVHVSHFLDOHV
7,78/27(5(52
'(/$),1$/,'$'0(',26
2EMHWLYRV
$UWtFXORƒ /D$VRFLDFLyQ³62,('$'+27$1$ '(,(1,$6´ ³6K´HVGH
FDUiFWHUQROXFUDWLYRWLHQHORVVLJXLHQWHVILQHV
- 6. $ ,QFHQWLYDUODVDFWLYLGDGHVGHHQVHxDQ]DLQYHVWLJDFLyQGHVDUUROORGHLHQFLD
7HFQRORJtDHQKRWD
% 9HODU SRU HO PDQWHQLPLHQWR GH XQ FyGLJR GH FRQGXFWD pWLFD UHVSRQVDELOLGDG
SURIHVLRQDOHLGHQWLGDGQDFLRQDOGHODFRPXQLGDGWpFQLFRFLHQWtILFDTXHDFW~DHQ
ODViUHDVGHODLHQFLD
$UWtFXOR ƒ3DUD ORJUDU VXV REMHWLYRV OD ³6K´ OOHYDUi D FDER ODV VLJXLHQWHV
DFWLYLGDGHV
$ 3URPRYHUDQXDOPHQWHSRUVHUGHLQWHUpVGHOD³6K´OD6HPDQDGHLHQFLD
7HFQRORJtD
% 3URPRYHUJHVWLRQDUODFRQWLQXDFDSDFLWDFLyQGHORVPLHPEURVDILQGHGLIXQGLUXQ
DGHFXDGRQLYHOGHODLHQFLDV
$VLVWLURWRUJDUFDSDFLWDFLyQDODV8QLYHUVLGDGHVRWUDVLQVWLWXFLRQHVHGXFDWLYDV
PHGLDQWHODHGXFDFLyQFDSDFLWDFLyQHQODVGLIHUHQWHViUHDVGHLQYHVWLJDFLyQ
' 3URPRYHUSURJUDPDVDFWLYLGDGHVGHFRRSHUDFLyQQDFLRQDOHLQWHUQDFLRQDOFRQHO
ILQLQFUHPHQWDUODGLIXVLyQGHODVLHQFLDVVXDSOLFDFLyQGHQWURGHODHFRQRPtD
QDFLRQDO
WRGDVDTXHOODVDFFLRQHVDFWLYLGDGHVDFWRVGLULJLGRVDOGHVDUUROORIRPHQWRGHOD
FXOWXUDGHODVFLHQFLDVWHFQRORJtD
7,78/2,9
'(/3$75,021,2
%LHQHVTXHLQWHJUDQHOSDWULPRQLR
$UWtFXORƒ6RQELHQHVTXHLQWHJUDQHOSDWULPRQLRGHOD$VRFLDFLyQ
$ /RVIRQGRVHOSDWULPRQLRGHOD³6K´ HVWiQFRQVWLWXLGRVSRUODVGRQDFLRQHV
TXHVHHIHFW~HQDODDVRFLDFLyQSRUDVRFLDGRVRWHUFHURV
% /DVGRQDFLRQHVOHJDGRVFRQWULEXFLRQHVGHPiVIRUPDVGHDSRUWHVGLQHUDULRVR
QR TXH SXHGD UHFLELU GH EHQHIDFWRUHV IXQGDFLRQHV LQVWLWXFLRQHV S~EOLFDV R
SULYDGDVQDFLRQDOHVRH[WUDQMHUDV
/RVLQPXHEOHVTXHSXHGDWHQHUODDVRFLDFLyQHQ3HU~RHOH[WUDQMHUR
' 7RGRVORVPXHEOHVTXHSXHGDWHQHUODDVRFLDFLyQHQ HO3HU~RHOH[WUDQMHUR
( /RVVDOGRVTXHVHYHULILTXHQDQXDOPHQWHSRGUiQFRQVWLWXLUXQIRQGRGHUHVHUYD
FXDDSOLFDFLyQVHUiUHVXHOWDDSURSXHVWDGHO3UHVLGHQWHSRUHORQVHMR'LUHFWLYR
QRSRGUiVHUXWLOL]DGRGLVWULEXLGRGLUHFWDRLQGLUHFWDPHQWH HQWUHVXVDVRFLDGRV
8WLOL]iQGRVHHOFLHQSRUFLHQWRGHHVWHVDOGRSDUDORVVLJXLHQWHVILQHV
9HLQWLFLQFR SRU FLHQWR GHVWLQDGR D VROYHQWDU HYHQWRV DFDGpPLFRV
RUJDQL]DGRVSRUODDVRFLDFLyQ
9HLQWLFLQFR SRU FLHQWR GHVWLQDGR D VROYHQWDU ODV SXEOLFDFLRQHV TXH
SXGLHUDKDFHUODDVRFLDFLyQ
9HLQWLFLQFR SRU FLHQWR GHVWLQDGR D GLIXQGLU HQ HO FDPSR DFDGpPLFR
FLHQWtILFRODVLQYHVWLJDFLRQHVHVWXGLRVUHDOL]DGRVSRUOD$VRFLDFLyQ
9HLQWLFLQFRSRUFLHQWRGHVWLQDGRDLPSOHPHQWDUDFWXDOL]DUXQDPRGHUQD
ELEOLRWHFDTXHEHQHILFLHDODDVRFLDFLyQDODFRPXQLGDGHQVXFRQMXQWR
) (VWi SURKLELGD OD UHPXQHUDFLyQ GH ORV FDUJRV GH OD GLUHFWLYD FRPR ODV
ERQLILFDFLRQHVRYHQWDMDVDGLULJHQWHVRDVRFLDGRVEDMRFXDOTXLHUSUHWH[WRVDOYR
- 7. ORV JDVWRV GH UHSUHVHQWDFLyQ R YLiWLFRV SRU FRPLVLyQ GH VHUYLFLRV SUHYLDPHQWH
DXWRUL]DGRVSRUHORQVHMR'LUHFWLYR
* /RVJDVWRVGHUHSUHVHQWDFLyQRWURVHQTXHLQFXUUDQORVPLHPEURVGHODGLUHFWLYD
XRWURVVHUiQDVXPLGRVtQWHJUDPHQWHSRUODDVRFLDFLyQVLHPSUHFXDQGRHVWpQ
UHODFLRQDGRVDODPLVPDSUHYLDDSUREDFLyQGHORQVHMR'LUHFWLYR
7,78/29
'(/2625*$126'(*2%,(512'(/5(*,0(1$'0,1,675$7,92
$UWtFXORƒ6RQÏUJDQRVGHOD$VRFLDFLyQ³62,('$'+27$1$'(,(1,$6´
³6K´ ORVVLJXLHQWHV
D
- 10. ORV
PLVPRV TXH WLHQHQ YR] YRWR VH UHXQLUiQ HQ VHVLRQHV RUGLQDULDV
H[WUDRUGLQDULDV
$UWtFXOR ƒ/D $VDPEOHD *HQHUDO VH UH~QH RUGLQDULDPHQWH XQD YH] SRU DxR
GXUDQWHOD6HPDQDGHFLHQFLD7HFQRORJtDGHOD³6K´
$UWtFXORƒ/D$VDPEOHD*HQHUDOVHFRQVLGHUDUiLQVWDODGDHQSULPDUDFRQYRFDWRULD
GHPiVGHODPLWDGGHDVRFLDGRVHQVHJXQGDFRQYRFDWRULDFRQFXDOTXLHUQ~PHUR
(QORTXHQRHVWHDTXtHVWLSXODGRUHJLUiQRUPDUiHOyGLJRLYLOHQSDUWLFXODUORV
DUWtFXORVUHIHULGRVDOD$VRFLDFLyQ$UWVžDž
- 11. $UWtFXOR ƒ/D DSUHFLDFLyQ GH LQIRUPHV FXHQWDV GH OD 'LUHFWLYD LQWHJUDUi
QHFHVDULDPHQWHODDJHQGDGHODVDVDPEOHDVJHQHUDOHVRUGLQDULDV
$UWtFXOR ƒ/DV $VDPEOHDV *HQHUDOHV ([WUDRUGLQDULDV VH SRGUiQ UHDOL]DU HQ
FXDOTXLHU PRPHQWR D VROD VROLFLWXG GHO 3UHVLGHQWH HO RQVHMR 'LUHFWLYR R GH XQ
PtQLPRGHOSRUFLHQWRGHOWRWDOGHDVRFLDGRVKiELOHV
$UWtFXOR ƒ/DV FRQYRFDWRULDV D $VDPEOHD *HQHUDO VHUiQ FRPXQLFDGDV SRU HO
3UHVLGHQWHROD'LUHFWLYDFRQXQDDQWLFLSDFLyQGHWUHLQWDGtDVFDOHQGDULRVHQUHODFLyQ
D OD IHFKD GH OD LQVWDODFLyQ GH OD $VDPEOHD SRU PHGLR GH FRPXQLFDFLyQ HVFULWD
LQGLYLGXDOFRQLQGLFDFLyQGHODDJHQGDDWUDWDU
$UWtFXORƒ/D$VDPEOHD*HQHUDOHQWUDUiHQVHVLyQSHUPDQHQWHGXUDQWHXQSHULRGR
PtQLPRGHWUHVGtDVDSDUWLUGHODIHFKDGHVXLQVWDODFLyQ'XUDQWHHVWHSHULRGRORV
DVRFLDGRVSRGUiQHQYLDUVXVYRWRVHVFULWRVRHOHFWUyQLFRVDODVHGHGHOD³6K´D
PHQRVTXHVHILMHXQDIHFKDOtPLWHSDUDODYRWDFLyQHQGLFKD$VDPEOHD*HQHUDO
$UWtFXOR ƒ/RV YRWRV HOHFWUyQLFRV VHUiQ UHDOL]DGRV D WUDYpV GHO ³6,7(´ GH OD
³6K´
$UWtFXOR ƒ6H FRQWDUi FRPR DVLVWHQWH D XQD VHVLyQ FRQ WRGRV ORV GHUHFKRV
GHEHUHVDDTXHOORVDVRFLDGRVTXHORKDJDQSHUVRQDOPHQWHRDWUDYpVGHFXDOTXLHU
- 16. 'HFLGLUVREUHORVUHFXUVRVDFWRVGHORQVHMR'LUHFWLYR
$UWtFXOR ƒ3DUD OD HOHFFLyQ GHO RQVHMR 'LUHFWLYR OD $VDPEOHD *HQHUDO
SHUPDQHFHUiHQVHVLyQSHUPDQHQWHSRUXQSHULRGRPtQLPRGHWUHVPHVHVVLHQGRHO
SULPHUPHVUHVHUYDGRSDUDODLQVFULSFLyQGHODVOLVWDVSDUDHORQVHMR'LUHFWLYRHO
VHJXQGRSDUDODGLYXOJDFLyQGHHVWDVOLVWDVFDQGLGDWRVHOWHUFHURSDUDORVWUDEDMRV
GHYRWDFLyQQRPEUDPLHQWRSURFODPDFLyQ
$UWtFXORƒ/D HOHFFLyQGHORQVHMR'LUHFWLYRVHKDUiSRUOLVWD
$UWtFXORƒDGDOLVWDGHEHUiFRQWHQHUORVQRPEUHVSDUDWRGRVFDGDXQRGHORV
FDUJRVGHVFULWRVDQWHULRUPHQWHSDUDHORQVHMR'LUHFWLYR
$UWtFXORƒXDOTXLHUJUXSRGHSRUORPHQRVGHORVDVRFLDGRVSXHGHSUHVHQWDU
XQD OLVWD SDUD HO QXHYR RQVHMR 'LUHFWLYR DVt FRPR VX UHVSHFWLYR SURJUDPD GH
JHVWLyQTXHSUHWHQGHLPSOHPHQWDUHQODDVRFLDFLyQSDUDVHUGLYXOJDGRVSRUODRPLWp
(OHFWRUDO
$UWtFXOR ƒ/D HOHFFLyQ VHUi UHDOL]DGD FRQ FXDOTXLHU Q~PHUR GH YRWDQWHV VHUi
FRQVLGHUDGDJDQDGRUDHQHOFDVRGHORQVHMR'LUHFWLYRODOLVWDTXHREWHQJDPDRUtD
VLPSOHGHYRWRV
$UWtFXORƒDGDDVRFLDGRSRGUiYRWDUSRUXQDVRODOLVWDSDUDHORQVHMR'LUHFWLYR
$UWtFXOR ƒ/DV HOHFFLRQHV VHUiQ HQ VHVLyQ S~EOLFD SDUD WRGRV ORV DVRFLDGRV
SUHVHQWHVItVLFDPHQWHYLUWXDOPHQWHSRUPHGLRGHO³6,7(´GHOD³6K´(ORPLWp
(OHFWRUDO VHUi HO UHVSRQVDEOH GH YHULILFDU WDO KHFKR GH FRQGXFLU HO SURFHVR
HOHFWRUDOHQIRUPDLPSDUFLDO
$UWtFXOR ƒ/D SURFODPDFLyQ MXUDPHQWDFLyQ SRU HORPLWp(OHFWRUDOGHOQXHYR
RQVHMR'LUHFWLYRVHHIHFWXDUiHQOD$VDPEOHD*HQHUDO2UGLQDULDFRUUHVSRQGLHQWHDO
ILQDOGHOVHJXQGRHMHUFLFLRGHOD'LUHFWLYDDQWHULRUH[SLUDQGRHQWRQFHVORVPDQGDWRV
GHORVPLHPEURVGHORQVHMR'LUHFWLYR
$UWtFXORƒ(ORQVHMR'LUHFWLYRHVHOÏUJDQRSHUPDQHQWHHQFDUJDGRGHFRQGXFLU
FRRUGLQDUODVDFWLYLGDGHVGHOD³6K´WHQGUiODVIDFXOWDGHVGHJHVWLyQQHFHVDULDV
SDUDODDGPLQLVWUDFLyQLQVWLWXFLRQDO
$UWtFXORƒ(ORQVHMR'LUHFWLYRVHUiHOHJLGRFDGDGRVDxRVHVWDUiFRPSXHVWDSRU
VXVDVRFLDGRVTXHGHVHPSHxDUiQORVVLJXLHQWHVFDUJRV3UHVLGHQWH9LFH3UHVLGHQWH
6HFUHWDULR GH $FWDV $UFKLYRV 6HFUHWDULR GH 5HODFLRQHV 3~EOLFDV 0DUNHWLQJ
7HVRUHURWRGRVHOORVFRQYR]YRWR
$UWtFXOR ƒ(O PDQGDWR GHO 3UHVLGHQWH HV GH GRV DxRV (O 3UHVLGHQWH SRGUi VHU
UHHOHJLGRXQDYH]SDUDXQPDQGDWRFRQVHFXWLYR
- 17. $UWtFXOR ƒ(O 9LFHSUHVLGHQWH DVXPLUi OD 3UHVLGHQFLD HQ IRUPD LQWHULQD VL HO
3UHVLGHQWHSRUDOJ~QPRWLYRQRSXGLHUDHMHUFHUOD6LVH GHFODUDUDODYDFDQFLDGHOD
3UHVLGHQFLDHO9LFHSUHVLGHQWHODDVXPLUiKDVWDHOILQGHOPDQGDWR
$UWtFXOR ƒ(Q FDVR GH YDFDQFLD GH DOJ~Q FDUJR GHO RQVHMR 'LUHFWLYR FRQ
H[FHSFLyQGHOD3UHVLGHQFLDHORQVHMR'LUHFWLYRSURSRQGUiVXVWLWXWRVDOD$VDPEOHD
SDUDTXHHVWDHQ6HVLyQ([WUDRUGLQDULDGHVLJQHDXQRRPiVGHHOORVSDUDHOORV
- 19. YDFDQWHV
$UWtFXOR ƒ6L H[LVWH UHQXQFLD GH PiV GH OD PLWDG GH ORV PLHPEURV GHO RQVHMR
'LUHFWLYRVHFRQYRFDUiQDQXHYDVHOHFFLRQHVVHJ~QORVDUWtFXORVUHODFLRQDGRVFRQODV
HOHFFLRQHV GHQWUR GHO SOD]R GH WUHLQWD GtDV FDOHQGDULRV FRQ OD ILQDOLGDG GH
FRPSOHWDUHOPDQGDWR
$UWtFXORƒ$GHPiVGHORVFDUJRVSUHYLVWRVDQWHULRUPHQWHGHELGRDODLPSRUWDQFLD
GHDVXQWRVDWUDWDUHORQVHMR'LUHFWLYRSRGUiFRQWDUFRQPLHPEURVH[WUDRUGLQDULRV
QR HOHJLGRV FXRV QRPEUHV DWULEXFLRQHV VHDQ SURSXHVWRV SRU HO 3UHVLGHQWH
DSUREDGRVSRUHORQVHMR'LUHFWLYR
$UWtFXOR ƒ(O PDQGDWR GH ORV PLHPEURV H[WUDRUGLQDULRV GHO RQVHMR 'LUHFWLYR
FRLQFLGLUi FRQ HO GH ORV PLHPEURV HOHJLGRV /RV FDUJRV GH ORV PLHPEURV
H[WUDRUGLQDULRV VH H[WLQJXLUiQ DO ILQDO GHO PDQGDWR GHO RQVHMR 'LUHFWLYR DO TXH
SHUWHQHFHQ
$UWtFXORƒ6RQGHEHUHVDWULEXFLRQHVGHORQVHMR'LUHFWLYR
D
- 40. $SRDU DO 'LUHFWRU GH 5HODFLRQHV 3~EOLFDV 0DUNHWLQJ HQ OD FDSWDFLyQ GH
UHFXUVRVH[WUDRUGLQDULRV
I
- 48. 'DU FXHQWD GHO HVWDGR HFRQyPLFR GHO HVWDGR GH OD DVRFLDFLyQ DO RQVHMR
'LUHFWLYR$VDPEOHD*HQHUDO
G
- 49. )LUPDU MXQWR DO 3UHVLGHQWH GHO RQVHMR 'LUHFWLYR HO PRYLPLHQWR GH FXHQWDV
EDQFDULDV DVt FRPR ORV GHPiV FRPSURPLVRV HFRQyPLFRV ILQDQFLHURV
UHODFLRQDGRVFRQOD³6K´
H
- 51. 2UJDQL]DU UHDOL]DU REOLJDWRULDPHQWH XQ VLPSRVLR FLHQWtILFR SHULyGLFR HQ VX
iUHDHQSHUtRGRVQRVXSHULRUHVDPHVHV
- 55. DGHPiV TXH GLFKR SURHFWR VHD GHVDUUROODGR SXEOLFDGR WRWDO R
SDUFLDOPHQWHHQHYHQWRVDFDGpPLFRV± FLHQWtILFRVDQLYHOQDFLRQDORLQWHUQDFLRQDOHQ
XQSOD]RQRPDRUDVHLVPHVHV FDVRFRQWUDULRDGTXLULUiQODFRQGLFLyQGH$VRFLDGRV
$UWtFXOR ƒ6RQ $VRFLDGRV +RQRUDULRV /DV SHUVRQDV QDWXUDOHV R MXUtGLFDV H
LQWHOHFWXDOHVTXHSRUVXWUDHFWRULDHQODLHQFLD7HFQRORJtDSRUVXFRQQRWDFLyQ
KXPDQDXRWUDVYLUWXGHVVHDQFRQVLGHUDGRVFRPRWDOHVSRUHORQVHMR'LUHFWLYR
$UWtFXOR ƒ6RQ $VRFLDGRV ,QVWLWXFLRQDOHV ODV SHUVRQDV MXUtGLFDV TXH FRQFXHUGHQ
FRQ ORV ILQHV GH OD ³6K´ TXH GHVHHQ FRQWULEXLU D TXH HVWRVVHDQDOFDQ]DGRV
SUHYLDLQYLWDFLyQSRUHORQVHMR'LUHFWLYR
$UWtFXOR ƒ6RQ $VRFLDGRV /DV SHUVRQDV DGPLWLGDV SRU GHFLVLyQ GHO RQVHMR
'LUHFWLYRGHELGRDODSURSXHVWDGHGRVDVRFLDGRVIXQGDGRUHVRHIHFWLYRVFRQWRGRV
ORV GHUHFKRV GHEHUHV GH ORV DVRFLDGRV HIHFWLYRV H[FHSWR HO GH RFXSDU FDUJRV
GLUHFWLYRVGHOD³6K´
'HUHFKRV'HEHUHVGHORV$VRFLDGRV
$UWtFXORƒ6RQGHUHFKRVGHORVDVRFLDGRV
D
- 62. XPSOLU FRQ ORV HVWDWXWRV DFXHUGRV GHO RQVHMR 'LUHFWLYR DVt FRPR GH OD
$VDPEOHD*HQHUDO
E
- 63. $VLVWLU D WRGDV ODV VHVLRQHV GH WUDEDMR SURJUDPDGRV DGHPiV GH ODV
DVDPEOHDVFRQYRFDGDVGHELHQGRMXVWLILFDUGHELGDPHQWHFXDOTXLHULQDVLVWHQFLD
- 70. 3RU VHSDUDFLyQ GHO DVRFLDGR PHGLDQWH DFXHUGR WRPDGR SRU OD WRWDOLGDG GHO
RQVHMR'LUHFWLYRRSRUDFXHUGRGHOD$VDPEOHD*HQHUDOVLHPSUHFXDQGRHO
$VRFLDGR KDD GHPRVWUDGR LQHVWDELOLGDG LQHILFLHQFLD R KDD FRPHWLGR
FXDOTXLHUDDFWRGRORVRHQGHVPHGURGHODDVRFLDFLyQ
G
- 71. 3RU LQFXPSOLPLHQWR GH ODV REOLJDFLRQHV H[SXHVWDV HQ HO (VWDWXWR SRU OD
YLRODFLyQGHORVPLVPRVRSRUDYDODULQWHUHVHVRSXHVWRVDOD³6K´
$UWtFXOR ƒ(O DVRFLDGR HV LQKDELOLWDGR SRU IDOWD GH SDJR GH WUHV PHQVXDOLGDGHV
FRQVHFXWLYDVRFLQFRDOWHUQDGDV
$UWtFXOR ƒ(O DVRFLDGRV SRGUi UHQXQFLDU D OD DVRFLDFLyQ HQ FXDOTXLHU PRPHQWR
SUHVHQWDQGR XQD FDUWD VLPSOH GLULJLGD DO 3UHVLGHQWH GH OD $VRFLDFLyQ H[SOLFDQGR HO
PRWLYRGHVXGHVHRGHUHQXQFLDUHO3UHVLGHQWHFRQFDUJRDFRPXQLFDUHOKHFKRDO
RQVHMR'LUHFWLYRVLQPiVWUiPLWHDFHSWDUiODUHQXQFLDHQFDVRGHVHUDVRFLDGRHQ
FDVRGHSRVHHUDOJ~QFDUJRHQWUHJDIRUPDOGHOPLVPR
$UWtFXORƒ (O DVRFLDGRTXHKDDVLGRVHSDUDGRSRUDFWRVGRORVRVHQFRQWUDGHOD
³6K´QRWHQGUiGHUHFKRDUHFODPDURUHWLUDUVXPDDOJXQDGHGLQHURRELHQHVTXH
SRVHDOD$VRFLDFLyQ$ORVDVRFLDGRVUHQXQFLDQWHVVHOHVGDUiWUDWRGLIHUHQWHWRPDQGR
HQFXHQWDHODFXHUGRDGRSWDGRSRUHORQVHMR'LUHFWLYRRSRUOD$VDPEOHD*HQHUDO
7,78/29,,,
0RGLILFDFLRQHVDO(VWDWXWR
$UWtFXOR ƒ(O(VWDWXWRSRGUiVHUPRGLILFDGRHQFXDOTXLHUPRPHQWRHQ$VDPEOHD
*HQHUDOFRQYRFDGDSDUDHVWRSRUVROLFLWXGGHORQVHMR'LUHFWLYRRSRUPDRUtDGH
ORVDVRFLDGRV
$UWtFXOR/DVPRGLILFDFLRQHVGHEHUiQVHUDSUREDGDVSRUODPDRUtDDEVROXWDGHO
Q~PHURGHDVRFLDGRVYRWDQWHVHQ$VDPEOHD*HQHUDO
$UWtFXORƒ3DUDODPRGLILFDFLyQGH(VWDWXWRVVHUHTXLHUHHQSULPHUDFRQYRFDWRULD
GH OD DVLVWHQFLD GH PiV GH OD PLWDG GH ORV DVRFLDGRV YRWDQWHV (Q VHJXQGD
FRQYRFDWRULDORVDFXHUGRVVHDGRSWDUiQFRQORVDVRFLDGRVYRWDQWHVTXHDVLVWDQTXH
UHSUHVHQWHQQRPHQRVGHODGpFLPDSDUWH/DVPRGLILFDFLRQHVFRQVWDUiQHQHOOLEURGH
$FWDVGHOD$VRFLDFLyQWHQGUiQHIHFWRHOGtDPLVPRGHVXSURFODPDFLyQODTXHVH
HIHFWXDUDSRUDYLVRDWRGRVORVDVRFLDGRV/DVPRGLILFDFLRQHVSRGUiQVHULQVFULWDVHQ
ORV5HJLVWURV3~EOLFRV
- 72. 7,78/2,;
'LVROXFLyQ/LTXLGDFLyQ
$UWtFXOR ƒ/D ³6K´ SRGUi VHU GLVXHOWD OLTXLGDGD HQ FXDOTXLHU PRPHQWR SRU
GHFLVLyQ PRWLYDGD GH OD PDRUtD DEVROXWD GH DVRFLDGRV FRQ GHUHFKR D YRWR
SDUWLFLSDQWHHQ$VDPEOHD*HQHUDOFRQYRFDGDSDUDHVWHILQ
$UWtFXOR(QFDVRGHGLVROXFLyQGHOD³6K´OD$VDPEOHD*HQHUDOGHFLGLUiVREUH
HO GHVWLQR GH ORV IRQGRV KDFLD XQD HQWLGDG FRQJpQHUH GHELGDPHQWH UHJLVWUDGD HQ
UHJLVWURVS~EOLFRV
'LVSRVLFLRQHV)LQDOHV
/D $VDPEOHD *HQHUDO FRPSXHVWD SRU HO LQWHJUR GH ORV DVRFLDGRV IXQGDGRUHV GH OD
$VRFLDFLyQ ³62,('$' +27$1$ '( ,(1,$6´ ³6K´ KD UHVXHOWR OR
VLJXLHQWH
35,0(5$1yPEUHVHFRPRPLHPEURVGHO3ULPHURQVHMR'LUHFWLYRGHOD$VRFLDFLyQ
³62,('$' +27$1$ '( ,(1,$6´ ³6K´ D ODV VLJXLHQWHV SHUVRQDV TXH
DVXPLUiQ VXV FRUUHVSRQGLHQWHV FDUJRV D SDUWLU GH OD IHFKD GH VXVFULSFLyQ GH HVWH
GRFXPHQWR
35(6,'(17(GRQ-RUJH/XLV0LUH]7DUULOOR
9,(35(6,'(17(GRQDUORV%HUQDUGLQR*XHUUHUR=DYDOD
6(5(7$5,2'($7$6$5+,926GRQ3HGUR,VDLDV0DFKXFD5RMDV
6(5(7$5,2'(5(/$,21(63Ò%/,$60$5.(7,1*GRQ-RKQ(QULTXH
)HUQiQGH]'HGLRV
7(625(52GRxD5RVD7RUUHV%DUER]D
6(*81'$'HVtJQHVHFRPRUHSUHVHQWDQWHOHJDOGHOD$VRFLDFLyQDO3UHVLGHQWHHQ
VX DXVHQFLD DO 9LFHSUHVLGHQWH GH OD PLVPD TXLHQ HQ FRQVHFXHQFLD $680( (/
$5*2'(35(6,'(17(,17(5,12GHOD$VRFLDFLyQGHFRQIRUPLGDGFRQHO$UW
GHORV(VWDWXWRVGHHVWD$VRFLDFLyQ
7(5(5$/D $VRFLDFLyQ SRGUi FRQWDU FRQ DVHVRUHV H[WHUQRV OHJDOHV FRQWDEOHV
HFRQyPLFRVGHFXDOTXLHURWUDtQGROHSDUDHOEXHQIXQFLRQDPLHQWRGHOD$VRFLDFLyQ
'LFKRVDVHVRUHVVHUiQQRPEUDGRV DSUREDGRVSRUHO'LUHFWRULR
8$57$(Q OR TXH QR HVWH DTXt HVWLSXODGR UHJLUi QRUPDUi HO yGLJR LYLO HQ
SDUWLFXODUORVDUWtFXORVUHIHULGRVDOD$VRFLDFLyQ$UWVžDž