Submit Search
Upload
Diccionario de Sociología
•
0 likes
•
158 views
M
Melissa Frois Orueta
Follow
Hugo de los Campos
Read less
Read more
Education
Report
Share
Report
Share
1 of 38
Download now
Download to read offline
Recommended
Abundancia
Abundancia
Zaida Ramirez
Manual de yoga
Manual de yoga
Álvaro Rodrigues
Capítulo 3. Equipos y Procesos necesarios para la Esterilización Hospitalaria
Capítulo 3. Equipos y Procesos necesarios para la Esterilización Hospitalaria
Rigoberto José Meléndez Cuauro
Magnetos
Magnetos
Leandro __
Cusoss
Cusoss
marmitaco
Lasinteligenciamultiples
Lasinteligenciamultiples
marianita316
Amante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.com
Rita De Cássia Costa
Como ser libre de la terquedad
Como ser libre de la terquedad
Wanda Montecino
Recommended
Abundancia
Abundancia
Zaida Ramirez
Manual de yoga
Manual de yoga
Álvaro Rodrigues
Capítulo 3. Equipos y Procesos necesarios para la Esterilización Hospitalaria
Capítulo 3. Equipos y Procesos necesarios para la Esterilización Hospitalaria
Rigoberto José Meléndez Cuauro
Magnetos
Magnetos
Leandro __
Cusoss
Cusoss
marmitaco
Lasinteligenciamultiples
Lasinteligenciamultiples
marianita316
Amante elegante www.downloadsrapidao.com
Amante elegante www.downloadsrapidao.com
Rita De Cássia Costa
Como ser libre de la terquedad
Como ser libre de la terquedad
Wanda Montecino
Retrato do brasil
Retrato do brasil
SEMINÁRIO BATISTA RENASCER -SABER
hospedados en un sobrio apocalipsis de paìses lejanos
hospedados en un sobrio apocalipsis de paìses lejanos
autobombo
Patologia das construções usp
Patologia das construções usp
jose humberto Bulhao
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
MARCO AURÉLIO BICALHO DE ABREU CHAGAS
CUTEHeart's Poster Session in CPC2016
CUTEHeart's Poster Session in CPC2016
LBNicolau
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Cristian Adrian Villegas Dianta
prova modelo 04 pmsc ieses
prova modelo 04 pmsc ieses
Felipe Leal
El Lector Analfabeto
El Lector Analfabeto
autobombo
Concepto de calidad
Concepto de calidad
Marivi Cividanes
Libro
Libro
achachavezmiriam
Lgbt professores
Lgbt professores
Licínia Simões
A danca inserida no contexto educacional e sua cont na ed infatil 2010 17.09
A danca inserida no contexto educacional e sua cont na ed infatil 2010 17.09
Naiana Santos da Silva
Prevención de riesgos laborales legislación
Prevención de riesgos laborales legislación
jmgudin
Ray bradbury fahrenheit 451 (1)
Ray bradbury fahrenheit 451 (1)
jlapeire
23 infoturist octubre2013
23 infoturist octubre2013
viuvallmoll
10401_206296_Hw11
10401_206296_Hw11
Jessica Hsieh
La natación
La natación
morenoe4b
CoreWaysolution_Company_Profile
CoreWaysolution_Company_Profile
Coreway Business Collaborating
La tarjeta principal o mother board (1)
La tarjeta principal o mother board (1)
jesusars
ArchiSPEAK Assignment
ArchiSPEAK Assignment
Sebabonkhe Tebokgo Masuku
Mapas mentales de sistmas administracion de recursos empresariales
Mapas mentales de sistmas administracion de recursos empresariales
marling Guzman
June 2010 results
June 2010 results
wgjlubbe
More Related Content
What's hot
Retrato do brasil
Retrato do brasil
SEMINÁRIO BATISTA RENASCER -SABER
hospedados en un sobrio apocalipsis de paìses lejanos
hospedados en un sobrio apocalipsis de paìses lejanos
autobombo
Patologia das construções usp
Patologia das construções usp
jose humberto Bulhao
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
MARCO AURÉLIO BICALHO DE ABREU CHAGAS
CUTEHeart's Poster Session in CPC2016
CUTEHeart's Poster Session in CPC2016
LBNicolau
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Cristian Adrian Villegas Dianta
prova modelo 04 pmsc ieses
prova modelo 04 pmsc ieses
Felipe Leal
El Lector Analfabeto
El Lector Analfabeto
autobombo
Concepto de calidad
Concepto de calidad
Marivi Cividanes
Libro
Libro
achachavezmiriam
Lgbt professores
Lgbt professores
Licínia Simões
A danca inserida no contexto educacional e sua cont na ed infatil 2010 17.09
A danca inserida no contexto educacional e sua cont na ed infatil 2010 17.09
Naiana Santos da Silva
Prevención de riesgos laborales legislación
Prevención de riesgos laborales legislación
jmgudin
Ray bradbury fahrenheit 451 (1)
Ray bradbury fahrenheit 451 (1)
jlapeire
23 infoturist octubre2013
23 infoturist octubre2013
viuvallmoll
What's hot
(15)
Retrato do brasil
Retrato do brasil
hospedados en un sobrio apocalipsis de paìses lejanos
hospedados en un sobrio apocalipsis de paìses lejanos
Patologia das construções usp
Patologia das construções usp
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
ATUALIZAÇÃO DO CÓDIGO COMERCIAL BRASILEIRO
CUTEHeart's Poster Session in CPC2016
CUTEHeart's Poster Session in CPC2016
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
Articulo sistema de partidos 1958 - 1973 - avd version lite 1
prova modelo 04 pmsc ieses
prova modelo 04 pmsc ieses
El Lector Analfabeto
El Lector Analfabeto
Concepto de calidad
Concepto de calidad
Libro
Libro
Lgbt professores
Lgbt professores
A danca inserida no contexto educacional e sua cont na ed infatil 2010 17.09
A danca inserida no contexto educacional e sua cont na ed infatil 2010 17.09
Prevención de riesgos laborales legislación
Prevención de riesgos laborales legislación
Ray bradbury fahrenheit 451 (1)
Ray bradbury fahrenheit 451 (1)
23 infoturist octubre2013
23 infoturist octubre2013
Viewers also liked
10401_206296_Hw11
10401_206296_Hw11
Jessica Hsieh
La natación
La natación
morenoe4b
CoreWaysolution_Company_Profile
CoreWaysolution_Company_Profile
Coreway Business Collaborating
La tarjeta principal o mother board (1)
La tarjeta principal o mother board (1)
jesusars
ArchiSPEAK Assignment
ArchiSPEAK Assignment
Sebabonkhe Tebokgo Masuku
Mapas mentales de sistmas administracion de recursos empresariales
Mapas mentales de sistmas administracion de recursos empresariales
marling Guzman
June 2010 results
June 2010 results
wgjlubbe
Dec 2011 results
Dec 2011 results
wgjlubbe
05 utn frba word 2010 revisión
05 utn frba word 2010 revisión
Silvia O. Informática-Nticx
07 utn frba word 2010 tablas
07 utn frba word 2010 tablas
Silvia O. Informática-Nticx
Telephone Selling Skills
Telephone Selling Skills
Salsacreed
Viewers also liked
(11)
10401_206296_Hw11
10401_206296_Hw11
La natación
La natación
CoreWaysolution_Company_Profile
CoreWaysolution_Company_Profile
La tarjeta principal o mother board (1)
La tarjeta principal o mother board (1)
ArchiSPEAK Assignment
ArchiSPEAK Assignment
Mapas mentales de sistmas administracion de recursos empresariales
Mapas mentales de sistmas administracion de recursos empresariales
June 2010 results
June 2010 results
Dec 2011 results
Dec 2011 results
05 utn frba word 2010 revisión
05 utn frba word 2010 revisión
07 utn frba word 2010 tablas
07 utn frba word 2010 tablas
Telephone Selling Skills
Telephone Selling Skills
Similar to Diccionario de Sociología
Goleman-2.pdf
Goleman-2.pdf
ValeriaSilveira13
Fisiopatologia del transporte sanitario
Fisiopatologia del transporte sanitario
Victoriano Mendez
Calidad total
Calidad total
Augusto Javes Sanchez
Calidad total
Calidad total
Carlos Alberto Jesus Sedano
Aire
Aire
diplomaturacomahue
Capítulo 6. Diseño y Estructura de una Central de Esterilización
Capítulo 6. Diseño y Estructura de una Central de Esterilización
Rigoberto José Meléndez Cuauro
Muelle barón intervención
Muelle barón intervención
Juan Luis Menares, Arquitecto
28 31 preparando el camino www.gftaognosticaespiritual.org
28 31 preparando el camino www.gftaognosticaespiritual.org
Gran Fratervidad Tao Gnostica Espiritual Org
historia do brasil pauloprado
historia do brasil pauloprado
Onésimo Remígio
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
rosimovil4
093 Cordoba 2003.pdf
093 Cordoba 2003.pdf
jcarrey
Verbigràcia2
Verbigràcia2
autobombo
Curso basicoekg
Curso basicoekg
"Health and Peace"
Curso Ekg
Curso Ekg
Anma GaCh
Autoconcepto y pautas de crianza en niños escolares
Autoconcepto y pautas de crianza en niños escolares
RossyPalmaM Palma M
Capítulo 7. Los Agentes Físicos sobre las Bacterias
Capítulo 7. Los Agentes Físicos sobre las Bacterias
Rigoberto José Meléndez Cuauro
Guia profesoradoeso
Guia profesoradoeso
Alicia Fdz
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
jeramon
1ª Antología. Segunda Parte
1ª Antología. Segunda Parte
autobombo
Capítulo 9. Costos de las Infecciones Intrahospitalarias
Capítulo 9. Costos de las Infecciones Intrahospitalarias
Rigoberto José Meléndez Cuauro
Similar to Diccionario de Sociología
(20)
Goleman-2.pdf
Goleman-2.pdf
Fisiopatologia del transporte sanitario
Fisiopatologia del transporte sanitario
Calidad total
Calidad total
Calidad total
Calidad total
Aire
Aire
Capítulo 6. Diseño y Estructura de una Central de Esterilización
Capítulo 6. Diseño y Estructura de una Central de Esterilización
Muelle barón intervención
Muelle barón intervención
28 31 preparando el camino www.gftaognosticaespiritual.org
28 31 preparando el camino www.gftaognosticaespiritual.org
historia do brasil pauloprado
historia do brasil pauloprado
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
093 Cordoba 2003.pdf
093 Cordoba 2003.pdf
Verbigràcia2
Verbigràcia2
Curso basicoekg
Curso basicoekg
Curso Ekg
Curso Ekg
Autoconcepto y pautas de crianza en niños escolares
Autoconcepto y pautas de crianza en niños escolares
Capítulo 7. Los Agentes Físicos sobre las Bacterias
Capítulo 7. Los Agentes Físicos sobre las Bacterias
Guia profesoradoeso
Guia profesoradoeso
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
5 texto conciliado gaceta 342 (31 05-11) seguridad ciudadana.pdf.nivel 3
1ª Antología. Segunda Parte
1ª Antología. Segunda Parte
Capítulo 9. Costos de las Infecciones Intrahospitalarias
Capítulo 9. Costos de las Infecciones Intrahospitalarias
Recently uploaded
Painted Grey Ware.pptx, PGW Culture of India
Painted Grey Ware.pptx, PGW Culture of India
Virag Sontakke
भारत-रोम व्यापार.pptx, Indo-Roman Trade,
भारत-रोम व्यापार.pptx, Indo-Roman Trade,
Virag Sontakke
ESSENTIAL of (CS/IT/IS) class 06 (database)
ESSENTIAL of (CS/IT/IS) class 06 (database)
Dr. Mazin Mohamed alkathiri
History Class XII Ch. 3 Kinship, Caste and Class (1).pptx
History Class XII Ch. 3 Kinship, Caste and Class (1).pptx
socialsciencegdgrohi
Proudly South Africa powerpoint Thorisha.pptx
Proudly South Africa powerpoint Thorisha.pptx
thorishapillay1
Interactive Powerpoint_How to Master effective communication
Interactive Powerpoint_How to Master effective communication
nomboosow
Biting mechanism of poisonous snakes.pdf
Biting mechanism of poisonous snakes.pdf
adityarao40181
POINT- BIOCHEMISTRY SEM 2 ENZYMES UNIT 5.pptx
POINT- BIOCHEMISTRY SEM 2 ENZYMES UNIT 5.pptx
Sayali Powar
OS-operating systems- ch04 (Threads) ...
OS-operating systems- ch04 (Threads) ...
Dr. Mazin Mohamed alkathiri
CELL CYCLE Division Science 8 quarter IV.pptx
CELL CYCLE Division Science 8 quarter IV.pptx
JiesonDelaCerna
MARGINALIZATION (Different learners in Marginalized Group
MARGINALIZATION (Different learners in Marginalized Group
JonathanParaisoCruz
KSHARA STURA .pptx---KSHARA KARMA THERAPY (CAUSTIC THERAPY)————IMP.OF KSHARA ...
KSHARA STURA .pptx---KSHARA KARMA THERAPY (CAUSTIC THERAPY)————IMP.OF KSHARA ...
M56BOOKSTORE PRODUCT/SERVICE
DATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginners
Sabitha Banu
Crayon Activity Handout For the Crayon A
Crayon Activity Handout For the Crayon A
UnboundStockton
Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17
Celine George
Full Stack Web Development Course for Beginners
Full Stack Web Development Course for Beginners
Sabitha Banu
Organic Name Reactions for the students and aspirants of Chemistry12th.pptx
Organic Name Reactions for the students and aspirants of Chemistry12th.pptx
VS Mahajan Coaching Centre
Final demo Grade 9 for demo Plan dessert.pptx
Final demo Grade 9 for demo Plan dessert.pptx
AvyJaneVismanos
internship ppt on smartinternz platform as salesforce developer
internship ppt on smartinternz platform as salesforce developer
unnathinaik
ECONOMIC CONTEXT - PAPER 1 Q3: NEWSPAPERS.pptx
ECONOMIC CONTEXT - PAPER 1 Q3: NEWSPAPERS.pptx
iammrhaywood
Recently uploaded
(20)
Painted Grey Ware.pptx, PGW Culture of India
Painted Grey Ware.pptx, PGW Culture of India
भारत-रोम व्यापार.pptx, Indo-Roman Trade,
भारत-रोम व्यापार.pptx, Indo-Roman Trade,
ESSENTIAL of (CS/IT/IS) class 06 (database)
ESSENTIAL of (CS/IT/IS) class 06 (database)
History Class XII Ch. 3 Kinship, Caste and Class (1).pptx
History Class XII Ch. 3 Kinship, Caste and Class (1).pptx
Proudly South Africa powerpoint Thorisha.pptx
Proudly South Africa powerpoint Thorisha.pptx
Interactive Powerpoint_How to Master effective communication
Interactive Powerpoint_How to Master effective communication
Biting mechanism of poisonous snakes.pdf
Biting mechanism of poisonous snakes.pdf
POINT- BIOCHEMISTRY SEM 2 ENZYMES UNIT 5.pptx
POINT- BIOCHEMISTRY SEM 2 ENZYMES UNIT 5.pptx
OS-operating systems- ch04 (Threads) ...
OS-operating systems- ch04 (Threads) ...
CELL CYCLE Division Science 8 quarter IV.pptx
CELL CYCLE Division Science 8 quarter IV.pptx
MARGINALIZATION (Different learners in Marginalized Group
MARGINALIZATION (Different learners in Marginalized Group
KSHARA STURA .pptx---KSHARA KARMA THERAPY (CAUSTIC THERAPY)————IMP.OF KSHARA ...
KSHARA STURA .pptx---KSHARA KARMA THERAPY (CAUSTIC THERAPY)————IMP.OF KSHARA ...
DATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginners
Crayon Activity Handout For the Crayon A
Crayon Activity Handout For the Crayon A
Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17
Full Stack Web Development Course for Beginners
Full Stack Web Development Course for Beginners
Organic Name Reactions for the students and aspirants of Chemistry12th.pptx
Organic Name Reactions for the students and aspirants of Chemistry12th.pptx
Final demo Grade 9 for demo Plan dessert.pptx
Final demo Grade 9 for demo Plan dessert.pptx
internship ppt on smartinternz platform as salesforce developer
internship ppt on smartinternz platform as salesforce developer
ECONOMIC CONTEXT - PAPER 1 Q3: NEWSPAPERS.pptx
ECONOMIC CONTEXT - PAPER 1 Q3: NEWSPAPERS.pptx
Diccionario de Sociología
1.
',&&,21$5,2'(62,2/2*,$ KWWSZZZFLEHUFRQWDXQL]DUHVOHFFLRQVRFLRGLF +XJRGHORVDPSRV
2.
$ $FDGpPLFR+RPEUHGHPXFKRWDOHQWR1RKDEtDLQYHQWDGRQDGDSHURH[SOLFDEDPX ELHQORVLQYHQWRVGHORVGHPiV 9ROWDLUH $FpIDOR (O
TXH KD SHUGLGR OD FDEH]D HQ VHQWLGR QR PHWDIyULFR 3RU GHULYDFLyQ HO WpUPLQR VH DSOLFD D DTXHOODV VRFLHGDGHV TXH KDQ SHUGLGR VX JRELHUQRVHHQFXHQWUDQHQXQDVLWXDFLyQGHFRQIXVLyQDEDQGRQR'XUDQWH PXFKRWLHPSRKLVWRULDGRUHVSROLWyORJRVVRVWXYLHURQTXHORVRUtJHQHVGHWDO DQDORJtDVHHQFRQWUDEDHQODVGRFWULQDVRUJDQLFLVWDVGHO(VWDGRTXHYHQHQOD ILJXUDGHOJREHUQDQWHODFDEH]D GHOFXHUSRVRFLDORUJDQL]DGR$FWXDOPHQWHVHVDEH TXHODDQDORJtDIXHDFXxDGDHQ)UDQFLDKDFLDORVSULPHURVDxRVGHOVLJOR;,; SHUtRGR HQ HO TXH FRQ IUHFXHQFLD OD FRQGLFLyQ GH DFHIDOtD GH OD VRFLHGDG FRLQFLGtDFRQODGHOH[PRQDUFDODGHVXVFRODERUDGRUHVPiV FHUFDQRV $FXOWXUDFLyQ (VSHFLH GH PXWDFLyQ FXOWXUDO PX IUHFXHQWH HQ pSRFDV GH FRORQL]DFLyQ(OSUHILMR D VHXWLOL]DHQVXGREOHVHQWLGRFRPRDGTXLVLFLyQGHO WpUPLQR TXH SUHFHGH DEXUJXHVDPLHQWR DVRFLDFLyQ
3.
R FRPR SpUGLGD
GH HVH REMHWR DQyPLFR DFpIDOR
4.
GRWDQGR DVt DO
FRQFHSWR GH GRV VLJQLILFDGRV LQWHUFDPELDEOHVVLGDFXHQWDGHOQDWLYRVHXWLOL]DHQVXSULPHUDDFHSFLyQVLSRU DOJ~QIDWDODFFLGHQWH
5.
GHEHGDUFXHQWDGHOYLVLWDQWHHQODVHJXQGD $GDSWDFLyQ $MXVWH GH
QXHVWUD FRQGXFWD D OD GHILQLFLyQ GRPLQDQWH GHO HQWRUQR(OSURFHVRGHDGDSWDFLyQHVVLHPSUHELHQYHQLGRHQWDQWRFDUDFWHUL]DHO REUDUGHODVSHUVRQDVMXLFLRVDVUHVSRQVDEOHV
6.
$OLHQDFLyQ (QFLHUWDVRFLRORJtDDOWHUDFLyQGHORVVHQWLGRVTXHKDFHSHUFLELU ODSRVLFLyQVRFLDOSURSLDHQIRUPDGLVWLQWDGHODSHUFHSFLyQTXHGHODPLVPDKDFH HOVRFLyORJR(OFRQFHSWRGHDOLHQDFLyQOLEHUDGRGHILQLWLYDPHQWHGHVXVPHMRUHV DQWHFHGHQWHV ILORVyILFRV
RFXSy XQ LPSRUWDQWH OXJDU HQ OD WHUPLQRORJtD GH OD (VFXHOD GH 6RFLRORJtD 3URIpWLFD GH JUDQ LQIOXHQFLD HQ OD GpFDGD GHO 3DUD PXFKRV FLHQWtILFRV VRFLDOHV FRQWHPSRUiQHRV HO WpUPLQR UHVXOWD GH GXGRVD YDOLGH] SRU VX DPELJHGDG VX IXHUWH FRQQRWDFLyQ YDORUDWLYD RQWUD WDOHV DUJXPHQWRVVHKDQOHYDQWDGRYRFHVGHSURWHVWDGHSDUWHGHDOJXQRVLQWHJUDQWHV GH OD UHIHULGD HVFXHOD HMHPSOR GH OR FXDO VRQ ODV RSLQLRQHV GHO VRFLyORJR PH[LFDQR5DPyQ6iQFKH]0HMtDTXLpQHQHQRSRUWXQLGDGGHFHOHEUDUVH HO,,,RQJUHVRGHOD$/$6VHSUHJXQWDEDDQWHORVSDUWLFLSDQWHVFyPRSRGtD SRQHUVHHQWHODGHMXLFLRODREMHWLYLGDGSUHFLVLyQPHWRGROyJLFDGHODQRFLyQGH DOLHQDFLyQFXDQGRORVSURSLRVHVWDGtVWLFRVVHHQFDUJDEDQGHHVWXGLDUODKDVWD KDEtDQ IRUPXODGR XQ FRHILFLHQWH SDUD PHGLUOD (O DUJXPHQWR FDXVy SURIXQGR PDOHVWDUHQWUHORVHVWDGtVWLFRVSUHVHQWHVHQHORQJUHVRKHFKRTXHHQXQSULPHU PRPHQWR GHVFRQFHUWy D 5DPyQ 0HMtD SHUR TXH OXHJR DWULEXyDODHYLGHQWH ILOLDFLyQLPSHULDOLVWDGHDTXHOORV $QWURSRORJtD6RFLRORJtDGH]RQDVWURSLFDOHV $VFHQVRVRFLDO3URFHVRSRUHOFXDOXQSREUHVHWUDQVIRUPDHQOXPSHPXQ KLMRGHODFODVHPHGLDVHFRQYLHUWHHQXSSLH7RGDVRFLHGDGVHHQRUJXOOHFHGH HVWRVSHUVRQDMHVDTXHFRQVWLWXHQPXHVWUDVYLYLHQWHVGHTXHHQVXVHQRKD OXJDUSDUDHOSURJUHVRODDXWRVXSHUDFLyQ )UXWR GH HVH RUJXOOR VRQ ORV YDULDGRV UHODWRV TXH QDUUDQ OD YLGD GH HVWRV KRPEUHV/DHVWUXFWXUDGHORVUHODWRVHVVHQFLOODVHRUJDQL]DHQWUHVHWDSDV IXQGDPHQWDOHVXQDFRPSOHWDGHVFULSFLyQGHOWULVWHOXJDUGHGRQGHHOSHUVRQDMH SURYHQtDSDUDHQVHxDUODVSHQXULDVGHXQDYLGDDXVWHUDXQDGHWDOODGDH[SRVLFLyQ GHOHQYLGLDEOHVLWLRHQGRQGHKRVHHQFXHQWUDSDUDLQVWUXLUVREUHODVYHQWDMDVGH XQDSRVLFLyQHQFXPEUDGDXQPDUFDGRROYLGRGHOSURFHVRSRUHOFXDOVHRSHUy HOSDVDMHGHXQVLWLRDRWURSDUDQRHPSDxDUDODFWRSHGDJyJLFRFRQHOUHODWRGH DFRQWHFLPLHQWRVSRFRGLJQRVGHOHORJLRHOHMHPSORPRUDO
7.
$VFHWLVPR'RFWULQDPRUDOTXHGHGXFHGHXQDYLGDFRVWXPEUHVDXVWHUDVHO PHGLRLGyQHRSDUDDOFDQ]DUODSHUIHFFLyQGHOHVStULWXREWHQHUORVIDYRUHVGH 'LRVHQPDQRVGH ORVSURWHVWDQWHVODGRFWULQDIXHUHIRUPXODGDDXQTXHQRSRU HOORSHUGLyDOJXQDVGHVXVFDUDFWHUtVWLFDVRULJLQDOHV
8.
/D SUiFWLFD GHO
DVFHWLVPR TXH DQWDxR RULHQWy OD YLGD GH QXPHURVDV FRPXQLGDGHVKRVHHQFXHQWUDSUiFWLFDPHQWHH[WLQJXLGDVHJ~QLQGLFDQORVPiV SUHVWLJLRVRVHVWXGLRVRV8QDQRWDEOHH[FHSFLyQHQHVWHVHQWLGRODFRQVWLWXHOD RSLQLyQ GHO $QWURSyORJR DPHULFDQR -RKQ 2 RQQRU TXLpQ DILUPD KDEHU FRQVWDWDGR XQ VLQJXODU UHVXUJLPLHQWR GH OD GRFWULQD HQ ]RQDV SHULIpULFDV GH DOJXQDV FLXGDGHV PRGHUQDV GRQGH VLHPSUH VHJ~Q VX HUXGLWD RSLQLyQ VXV KDELWDQWHVDXQTXHVLQFRQIHULUOHDTXpOFDUiFWHUPtVWLFRFRQWLQ~DQDEUD]DQGRODV UHJODVGHXQDYLGDVHQFLOODORVJXVWRVKXPLOGHVXQDSUiFWLFDDOLPHQWLFLDH[HQWD GHDEXVRVSURWHLFRV
9.
% %LEOLRJUDItD6LWLRGRQGHVHLQYRFDQODVREUDVGHRWURVFRPR~OWLPRUHFXUVR SDUDMXVWLILFDUODGHXQR %LHQ /RTXHHVPRUDOPHQWHFRUUHFWRORTXHGHEHSURFXUDUVHGHIHQGHUVH DTXHOOR D
OR TXH GHEH DVSLUDU HO HVStULWX KXPDQR __ 3URSLHGDG OR TXH OH SHUWHQHFHDDOJXLHQDTXHOORTXHVHHQFXHQWUDEDMRHOGRPLQLRGHDOJXQDSHUVRQD /RV GRV VHQWLGRV GHO WpUPLQR TXH HQ RWUDV pSRFDV WRUQDURQ LPSUHFLVD VX XWLOL]DFLyQKDQGHMDGRGHFRQVWLWXLUXQSUREOHPDGHVGHTXHVHIXVLRQDURQSDUD HFRQRPtDGHOOHQJXDMHOHJLWLPLGDGGHODHFRQRPtD %XUJXpV $QWLJXRSHUVRQDMHTXHVHHVFRQGtDDODKRUDGHDFXPXODUULTXH]DVH H[KLEtD RVWHQWRVDPHQWH D OD KRUD GH GHVSLOIDUUDUOD 6XV GHVFHQGLHQWHV PiV FHUFDQRVUHDOL]DQHVHQFLDOPHQWHODVPLVPDVDFWLYLGDGHVGHVXSURJHQLWRUSHURVH GLIHUHQFLDQGHDTXHOSRUQRH[KLELUVXPLVPRSXGRUDOHMHFXWDUODSULPHUD %XURFUDFLDODVHVRFLDOXVXIUXFWXULDGHORVPHGLRVGHGHFLVLyQ(VGLVWLQWDGH OD EXUJXHVtD D TXH QR HV GXHxD GH ORV PHGLRV TXH XWLOL]D HV GLVWLQWD GHO SUROHWDULDGRDTXHQRWUDEDMD
10.
DOLGDG DQWLGDG DPELRVRFLDO 3URFHVRUHFXUUHQWHHQODVVRFLHGDGHVKXPDQDVVREUHFXD H[LVWHQFLD
WRGRV ORV VRFLyORJRV FRLQFLGHQ DXQTXH MDPiV OOHJXHQDSRQHUVHGH DFXHUGR VREUH VX RFXUUHQFLD HPStULFD 3RVHH OD H[WUDxD SDUWLFXODULGDG GH DXPHQWDUVXYLVLELOLGDGFRQIRUPHDXPHQWDVXGLVWDQFLD DULVPD 'RQTXHODQDWXUDOH]DRWRUJDH[FHSFLRQDOPHQWHDDOJXQRVKRPEUHV HQYLUWXGGHOFXDOHVWRVSXHGHQJREHUQDUDVXVFRQJpQHUHVVLQQHFHVLGDGGH UHFXUULUDORVDUJXPHQWRVGHOWHUURURGHOVXIUDJLR RHILFLHQWHGHDVRFLDFLyQ(FXDFLyQTXHDSOLFDGDDGRVYDULDEOHVGLVFUHWDV DVXPH YDORUHV HQWUH WDO TXH VH VL VH DSUR[LPD D OD XQLGDG FRQILUPD OD H[LVWHQFLD GH XQD DVRFLDFLyQ WULYLDO VL VH DFHUFD DO YDORU QXOR GHVFDUWD OD SRVLELOLGDGGHXQDUHODFLyQLQWHUHVDQWH RPSHWHQFLD ,QJHQLRVR DUJXPHQWR GH OD HPSUHVD SDUD REWHQHU OD FRRSHUDFLyQGHVXVVXEDOWHUQRVHQWUHVtFRQORVILQHVGHODSULPHUD RPSXWDGRUD $UWHIDFWRTXHWUDQVIRUPDXQDLQIRUPDFLyQGXGRVDHQFUHtEOH XQ WH[WRPHGLRFUHHQSUHVHQWDEOH/HDVLVWHUD]yQD*LOEFXDQGRHQVHxD 1RVH GHEHFRQILDUHQODVFRPSXWDGRUDVSHURPHQRVD~QHQORVVHUHVKXPDQRV RQVXOWRUtD 7UDQVDFFLyQHQODTXH$RIUHFHHOGLQHURTXHQROHSHUWHQHFHD FRQGLFLyQTXH%DSRUWHODVLGHDVTXHQRGLVSRQHSDUDHQFRQWUDUVROXFLyQDXQ SUREOHPDTXHDQLQJXQRGHORVGRVLPSRUWD
11.
RQVXPR =DQDKRULDTXHDWDGDDODSXQWDGHXQDYDUDFRORFDGDDXQDFRUWD GLVWDQFLDGHORVRMRVGHXQEXUURJDUDQWL]DTXHDTXHOWUDQVLWHSRUODVHQGDGHO %LHQDEXHQSDVRVLQODPHQWDUVHSRUORVEXOWRVTXHWUDQVSRUWDVREUHVXORPR ORVEXUURVPiVRSWLPLVWDVDUJXPHQWDQTXHOD3URYLGHQFLDKDFRORFDGRDOOtHVD FDUJDSDUDTXHVRVWHQJDODYDUDTXHVXMHWDOD]DQDKRULD
12.
RQWDGRU ,QGLYLGXRTXHSRVHHODKDELOLGDGGHFRQWDU__3HUVRQDTXHFXHQWD KLVWRULDVGHFLHQFLDILFFLyQUHGDFWDGDVHQOHQJXDMHDOIDQXPpULFR RQWURO6RFLDO9HU62,$/,=$,Ð1 RUUXSWR ,QWHJUDQWH
GHO VHFWRUS~EOLFRTXHPHGLDQWHHOXVRGHPHGLRVGH GXGRVD PRUDOLGDG VH DSURSLD GH XQD FDQWLGDG GHVPHVXUDGD GH ULTXH]D HQ UHODFLyQ FRQ OD TXH OH FRUUHVSRQGH SRU VX WUDEDMR XDQGR TXLHQ HVWR UHDOL]D SHUWHQHFH DO VHFWRU SULYDGR VH OR GHQRPLQD HPSUHVDULRH[LWRVR (O HFRQRPLVWD FKLOHQR $OHMDQGUR 5RHPPHU KD VRVWHQLGR HQ OD ,QWURGXFFLyQ GH VX UHFLHQWH 0DQXDO3UiFWLFRGH*HUHQFLDPLHQWRSDUD(MHFXWLYRV2FXSDGRVTXHHVWHKHFKR QRSXHGHFRQVLGHUDUVHVLQRFRPRXQDUJXPHQWRPiVHQIDYRUGHODHFRQRPtD SXUD GH PHUFDGR GHVGH TXH UHVXOWD VLHPSUH SUHIHULEOH D XQD VRFLHGDG GH FRUUXSWRVXQDGHKRPEUHVGHp[LWR ULVLV HFRQyPLFD 6LWXDFLyQ TXH VH YHULILFD FXDQGR HQ IRUPD UHJXODU JHQHUDOL]DGDDOHVWDEOHFHUVHXQLQWHUFDPELRHQWUHGRVLQGLYLGXRVTXLHQRIUHFHHO GLQHURWLHQHODVHQVDFLyQGHKDEHUJDVWDGRPXFKRTXLHQORUHFLEHVLHQWHTXHKD REWHQLGRPXSRFR0LHQWUDVGXUDHOSHUtRGRGHFULVLVSDUWLFLSDQGHWDOVLWXDFLyQ WRGRVORVLQWHJUDQWHVGHO(VWDGRFRQH[FHSFLyQGHDTXHOORVTXHLQWHJUDQODFODVH DOWD TXH SRU QDWXUDOH]D VH HQFXHQWUDQ OLEUHUDGRV GH H[SHULPHQWDU WDOHV VHQWLPLHQWRV TXLHQHV FRQIRUPDQ OD FODVH EDMD TXH SRU GHILQLFLyQ VH KDOODQ GHVWLQDGRV D SDGHFHU WDO VHQVDFLyQ HWHUQDPHQWH HV GHFLU VLQ GHSHQGHU GH ORV YDLYHQHVGHODHFRQRPtD
13.
ULVWLDQLVPR 'RFWULQD TXH
SURIHVD OD VROLGDULGDG HQWUH ORV KRPEUHV OD DXGDDORVPiVQHFHVLWDGRVDVtFRPRODH[LVWHQFLDGHXQ'LRV~QLFRHOMXLFLR GLYLQR GH QXHVWURV DFWRV WHUUHQDOHV OD YLGD HWHUQD GH ODV DOPDV MXVWDV (VWD GRFWULQDUHFLEHVXQRPEUHSRU ULVWRHO+LMRGH'LRVKHFKRKRPEUHTXLHQOD GLIXQGLy VREUH HO ILQDO GH VX FRUWD YLGD KDVWD TXH ORV URPDQRV GHFLGLHURQ SUHVFLQGLUGHVXH[LVWHQFLDSDUDGHGLFDUVHHQIRUPDSHUVRQDODVXGLYXOJDFLyQ RVDTXHKDVWDHOGtDGHKRVLJXHQKDFLHQGRFRQVLQJXODUp[LWR XHVWLRQDULR ,QVWUXPHQWR SDUD OD REWHQFLyQ GH LQIRUPDFLyQ GH XVR IUHFXHQWH HQ VRFLRORJtD FLHQFLDV DILQHV (Q VX YHUVLyQ FRQWHPSRUiQHD HO FXHVWLRQDULR FRQVLVWH HQ XQD VHULH GH SUHJXQWDV DILUPDFLRQHV R HQXQFLDGRV LQFRPSOHWRVTXHVHUHGDFWDQRUGHQDGDPHQWHHQXQDVHULHGHKRMDVTXHVRQ SUHVHQWDGDV DO FXHVWLRQDGR SDUD TXH pVWH FRQWHVWH MX]JXH R FRPSOHWH DTXHOODV LQVFULSFLRQHV/DFUtWLFDDWDOIRUPDGHUHFROHFFLyQGHLQIRUPDFLyQHQFLHQFLDV VRFLDOHVKDFUHFLGRWDQWRFRPRVXXVRGHPRGRTXHDHVWDDOWXUDDFDVLQDGLHVH DYHQWXUDDGHIHQGHUORFRPRLQVWUXPHQWRGHPHGLFLyQQLVHSULYDGHXWLOL]DUOR WRGD YH] TXH VXV VHUYLFLRV SURIHVLRQDOHV VRQ UHTXHULGRV /DV GLIHUHQWHV SRVLFLRQHVDFDGpPLFDVVREUHHOWHPDIXHURQREMHWRGHGHEDWHUHFLHQWHPHQWHHQ RSRUWXQLGDG GHO ,,, 6LPSRVLR GH 0HWRGRORJtDV RQYHQFLRQDOHV FHOHEUDGR HQ (VSDxD HYHQWR TXH UHXQLy D ORV SULQFLSDOHV PHWRGyORJRV GH HVWD SDUWH GHO PXQGR RPR HUD SUHYLVLEOH SUHYDOHFLy OD SRVLFLyQ FUtWLFD (O GH ORV SDUWLFLSDQWHVFRQVLGHUyDOFXHVWLRQDULRXQLQVWUXPHQWRPX~WLOHOEDVWDQWH ~WLOHOPiVRPHQRV~WLOHOSRFR~WLOHOQDGD~WLOHOQR VDEHQRFRQWHVWD
14.
' 'HPRFUDFLD /DIRUPDGHJRELHUQRTXH
15.
QDFHFXDQGRORVSREUHVGHVSXpVGHKDEHU REWHQLGR OD YLFWRULDPDWDQ
D DOJXQRV DGYHUVDULRVDRWURVORVGHVWLHUUDQ GLYLGHQFRQORV UHVWDQWHVHOJRELHUQR ORVFDUJRVS~EOLFRVORVTXHVRQGHWHUPLQDGRVJHQHUDOPHQWHSRUVRUWHR 3ODWyQ /D PHQRSDXVLD GH ODV VRFLHGDGHV RFFLGHQWDOHV OD *UDQ 0HQRSDXVLD GHO FXHUSR VRFLDO %DXGULOODUG /DGHVHVSHUDFLyQGHQRHQFRQWUDUKpURHVTXHQRVGLULMDQ DUOOH 'HSDUWDPHQWR 8QLYHUVLWDULR )DFWRUtD GH FRQRFLPLHQWR LQWHJUDGD SRU XQRV SRFRV SDWURQHV XQ Q~PHURVLHPSUHYDULDEOHGHREUHURV(OYDORUTXH DxDGHQHVWRV~OWLPRVDODVHVFDVDVPHUFDQFtDVTXHHQHOOXJDUVHSURGXFHQHVGH WDOPDJQLWXGTXHSHUPLWHDORVSULPHURVQRVROR DXPHQWDUVXVLQJUHVRVVLQR DGHPiVVXFXUUtFXOXP 'HVFHQWUDOL]DFLyQ ,QWHQWR GH VROXFLyQ GHO SUREOHPD EXURFUiWLFR FRQVLVWHQWHHQODGLVWULEXFLyQJHRJUiILFDGHVXVLQFRPSHWHQFLDV 'HVFXEULPLHQWR +DOOD]JR R GHVFLIUDPLHQWR GH XQR GH ORV VHFUHWRV GH OD QDWXUDOH]D FRQ HO DX[LOLR GHO PpWRGR FLHQWtILFR 3DUD UHDOL]DU XQ YHUGDGHUR GHVFXEULPLHQWRHVQHFHVDULRGLVSRQHUGHWLHPSRSDFLHQFLDH[SHULHQFLDJUDQ FDSDFLGDGLQWHOHFWXDO (PSHFpHQWRQFHVDLQYHVWLJDUHVWHWHPDHQHODxRKHFRQWLQXDGRKDFLpQGRORKDVWDODIHFKD (ODxR HVSHURSXEOLFDUXQOLEURFRQHOUHVXOWDGRGHHVWDVLQYHVWLJDFLRQHV
16.
8QDGHODV FRVDV TXH GHVFXEUt
HV TXH ODV QHJRFLDFLRQHV VXUJHQ SRUTXH H[LVWHQGLIHUHQGRV 3VLFODUD RULD 'HVYLDGR ,QGLYLGXR OR VXILFLHQWHPHQWH WRQWR R OR VXILFLHQWHPHQWH RSRUWXQLVWDFRPRSDUDKDFHUS~EOLFDPHQWHORTXHVXVFRQJpQHUHVVHHVIXHU]DQ HQUHDOL]DUEDMRORVEHQHILFLRVGHODLQWLPLGDG6XGHVWLQRPiVIUHFXHQWHHVOD FiUFHORODIDPDUHVSHFWLYDPHQWHRLQGLVWLQWDPHQWHFRPRHQOD$UJHQWLQD
17.
'LVFULPLQDFLyQSRVLWLYD'LVFULPLQDFLyQ 'LYLVLyQ GHO 7UDEDMR
3URFHVR TXH DFRPSDxD OD HYROXFLyQ GH ODV RUJDQL]DFLRQHV KXPDQDV FRQVLVWHQWH HQ OD SURJUHVLYD DVLJQDFLyQ GH WDUHDV QXHYDVDVXVLQWHJUDQWHVRSWLPL]DQGRDVtODVUXWLQDVSURGXFWLYDVHLQVWDXUDQGR QXHYDVIRUPDVGHFRKHVLyQVRFLDO(QHOVLJOR;9,SRUHMHPSORVHQHFHVLWDEDXQ 0LJXHO$QJHOSDUDSURGXFLUXQ'DYLG HQFDVLWUHVDxRVPLHQWUDVTXHDILQHVGHO VLJOR;9,,,VHUHTXHUtDXQHVWLUDGRUXQHQGHUH]DGRUXQFRUWDGRUXQDILODGRU XQ SUHSDUDGRU GRV D WUHV IRUPDGRUHV XQ FRORFDGRU XQ EODQTXHDGRU XQ HPSDTXHWDGRUSDUDSURGXFLUDOILOHUHVHQXQVRORGtD /DSURSLDVRFLRORJtDQRKDSHUPDQHFLGRDMHQDDHVWHSURFHVR$VtPLHQWUDVTXH HQHOVLJOR;,;XQLQYHVWLJDGRUSUHFLVDEDGHLQWHOLJHQFLDLQJHQLRYDULRVDxRV SDUD SURGXFLU XQD REUD WHyULFD GH YDORU D ILQHV GHO VLJOR ;; QHFHVLWD GH XQ VXSHUYLVRUXQDGMXQWRXQDVLVWHQWHGRVDXGDQWHVXQFRGLILFDGRUXQGLJLWDGRU XQGHVJUDEDGRUXQVHFUHWDULRDSHQDVRFKRPHVHVSDUDUHGDFWDUXQSDSHU
18.
( (FRORJLVWD $FWLYLVWD YHUGH
GH LPSUREDEOH PDGXUDFLyQ
19.
,QGLYLGXR TXH FXDQGRYHFDHUXQDYLyQGHELGRDSUREOHPDVPHFiQLFRVOHHFKDODFXOSDDORV SDVDMHURVVHODPHQWDSRUORViUEROHVGHUULEDGRVHQHOLPSDFWR
20.
(FRQRPLVWD ,QGLYLGXRTXHSRUHVWXGLDUORVDVSHFWRVHFRQyPLFRVGHOPXQGR VHHQFXHQWUDKDELOLWDGRSDUDLQWHUYHQLUHQDVXQWRVHFRQyPLFRVSROtWLFRVVRFLDOHV KDVWD
SVLFROyJLFRV GH OD FRPXQLGDG /D SRVLELOLGDG GH DVXPLU WDQ GLYHUVDV WDUHDV QR VH IXQGD WDQWR HQ VX DSWLWXG WpFQLFD FRPR HQ VX VROYHQFLD PRUDO JDUDQWL]DGDSRUODUHDOL]DFLyQGHO-XUDPHQWR+LSRFUtWLFRTXHHIHFW~DDOFXOPLQDUVXV HVWXGLRV6XWH[WRVHGHVFRQRFHDXQTXHVHSUHVXPH (GDG 0HGLGDTXHQRVFRQILUPDFRQFHUWH]DODGLVWDQFLDGHWLHPSRRFXUULGD HQWUH QXHVWUR QDFLPLHQWR HO SUHVHQWH QRV VXJLHUH FRQ DQJXVWLRVD LPSUHFLVLyQ ODTXHH[LVWHHQWUHHOPRPHQWRDFWXDOQXHVWUDPXHUWH(OKHFKR TXHDODPDRUtDGHODVSHUVRQDVOHVSUHRFXSHVXHGDGQRWDQWRSRUORSULPHUR FRPR SRU OR ~OWLPR SUXHED XQD YH] PiV TXH ODV PHGLFLRQHV LPSRUWDQWHV DXQTXHLPSUHFLVDVUHVXOWDQGHFRP~QPiV~WLOHVTXHODVSUHFLVDVSHURWULYLDOHV (PSOHR 8VRXWLOL]RGLVSRQJRHQEHQHILFLRSURSLR(OWpUPLQRGHVLJQDGHVGH OD5HYROXFLyQ,QGXVWULDOODIRUPDTXHDVXPHQ GHODVUHODFLRQHVGHWUDEDMRHQ GRQGHTXLpQGHPDQGDWDOHVIDYRUHVHVGHVLJQDGR HPSOHDGRU TXLpQRIUHFHHVRV VHUYLFLRVUHFLEHHOWtWXORGH HPSOHDGR'HVGHDTXHOODpSRFDGHJORULDHQTXHHO FRQFHSWR JR]DED GH WRGDV ODV ERQGDGHV GH VX VLJQLILFDGR ORV LQVLVWHQWHV UHFODPRVGHORVHPSOHDGRVODVFRXQWXUDVHFRQyPLFDVODVWRUSHVDFWXDFLRQHVGH DOJXQRVGLULJHQWHVSROtWLFRVKDQYHQLGRDOWHUDQGRVXVHQWLGRDXQTXHQXQFDKD SHUGLGRVXFRQWHQLGRHVHQFLDOQRH[LVWHQGXGDVTXHDQRGHVLJQDHQIRUPDWDQ FODUDORTXHDQWDxR3DUDHYLWDUHVWDLQFRQYHQLHQWHSHUGLGDGHVLJQLILFDGRTXH HQWXUELDHOFRQFHSWRGLILFXOWDHOPXWXRHQWHQGLPLHQWRVHKDVXVWLWXLGRSRUHO GHVXEFRQWUDWRTXHUHVWLWXHFRQQRWDEOHFODULGDGORVFRQWHQLGRVJHQpWLFRVGHO SULPHUR
21.
(QFXHVWDGHRSLQLyQ 3URFHGLPLHQWR TXH
XWLOL]DQ ORV VRFLyORJRV RWURV FLHQWtILFRVVRFLDOHVSDUDUHFROHFWDURSLQLRQHVYHU23,1,Ð1
22.
8QDYH]TXHKDQ VLGR UHFROHFWDGDV YHU
8(67,21$5,2
23.
VH LQWURGXFHQ WRGDV
HQ XQ FRPSXWDGRUGRQGHXQH[SHUWRODVRUGHQDFRPELQDRPRUHVXOWDGRGHDTXpO SURFHVRVHREWLHQHXQDVHULHGHFXDGURVSRUFHQWDMHVJUiILFDVTXHVHSXEOLFDQ HQODHGLFLyQGRPLQLFDOGHORVSHULyGLFRVLPSRUWDQWHVFRQVWLWXHQGRXQDVDQD OHFWXUD SDUD HO FLXGDGDQR PHGLR $GHPiV GH SUHVWDU HVWRV VHUYLFLRV D OD FRPXQLGDG OD DSOLFDFLyQ DQiOLVLV GH HQFXHVWDV GH RSLQLyQ KD DSRUWDGR HQ PXFKRDODYDQFHGHODFLHQFLD*UDFLDVDHOODVVDEHPRVSRUHMHPSORTXHHQORV (VWDGRV8QLGRVXQGHORVKRPEUHVGHVHDUtDQSDVDUXQDQRFKHFRQ'HPL 0RRUHTXHHQ6XG$IULFDHOGHORVEODQFRVQRSHUPLWLUtDTXHVXKLMDVH FDVHFRQXQQHJUR (VWDGR 8QDGHODVPiVLQJHQLRVDVDEVWUDFFLRQHVGHOSRGHU (VWDGtVWLFD)RUPDGHFRQWUROTXHRSHUDSRUFRQWHRFODVLILFDFLyQ +DFHDSHQDVXQVLJORVHVRxDEDHQXQDDPSOLDFLyQWDOGHODVHVWDGtVWLFDVTXH SHUPLWLHUDDEDUFDUDWRGRVORVKRPEUHVHQWRGRVORVPRPHQWRVDFDGDXQRD OR ODUJR GH VX H[LVWHQFLD $ ILQ GHREWHQHUXQD UHSUHVHQWDFLyQSUHFLVD ODLQYHVWLJDFLyQ HVWDGtVWLFDDFRPSDxDDOLQGLYLGXRGXUDQWHWRGDVXH[LVWHQFLDWHUUHQDO(VWDLQYHVWLJDFLyQWLHQH HQ FXHQWD HO QDFLPLHQWR GHO LQGLYLGXR VX EDXWLVPR VXV YDFXQDV VX VHFXHOD VX DSURYHFKDPLHQWRHVFRODUVXGLOLJHQFLDVXVDOLGDGHODHVFXHODVXXOWHULRUHGXFDFLyQGHVDUUROOR XQDYH]TXHHOLQGLYLGXROOHJDDVHUXQKRPEUHWLHQHHQFXHQWDVXItVLFRVXFDSDFLGDGSDUD OOHYDUDUPDV7DPELpQORDFRPSDxDHQORVSDVRVVLJXLHQWHVGHVXPDUFKDSRUODYLGDWRPD QRWDGHODRFXSDFLyQHOHJLGDGyQGHHVWDEOHFHVXKRJDUFyPRPDQHMDGLFKRKRJDUVLDKRUUyHQ WLHPSRVGHOD DEXQGDQFLDGHVXMXYHQWXGSDUDODYHMH]WLHQHHQFXHQWDVLVHFDVDFXiQGROR KDFHDTXpHGDGVHFDVDDTXLpQHOLJHSRUHVSRVD
24.
ODVHVWDGtVWLFDVORVLJXHQFXDQGRODV FRVDVOHYDQELHQWDPELpQFXDQGROHYDQPDO6LHQVXYLGDVXIUHXQQDXIUDJLRVLSDGHFH FRQWUDWLHPSRVPDWHULDOHVPRUDOHVRHVSLULWXDOHVODVHVWDGtVWLFDVWRPDQQRWDGHWRGRHVR/D HVWDGtVWLFDDEDQGRQDDXQKRPEUHVyORGHVSXpVGHVXPXHUWHGHVSXpVGHKDEHUGHWHUPLQDGROD HGDGSUHFLVDGHOLQGLYLGXRHQVXGHFHVRFRQVLJQDGRODVFDXVDVTXHGHWHUPLQDURQVXILQ ( (QJHO $IRUWXQDGDPHQWHVHKDUHSDUDGRHQODDFWXDOLGDGVREUHODH[FHVLYDYLJLODQFLDTXH VREUHODYLGDSULYDGDHVWHSHUIHFFLRQDPLHQWRGHORVUHJLVWURVFRQOOHYDSRUORTXH ODV HVWDGtVWLFDV
DFWXDOHV VXHOHQ DEDQGRQDU GHOLEHUDGDPHQWH OD LQWHQFLyQ GHO FRQWHRGHWRGRVORVFDVRVHQDVXQWRVWDOHVFRPRSREUH]DRGHVHPSOHRHQDUDV GH OD OLEHUWDG OD FRPSDUDELOLGDG LQWHUQDFLRQDO GH ORV UHVXOWDGRV
25.
) )DOVDFLyQ $FWD GH
GHIXQFLyQGHXQDEXHQDKLSyWHVLVJHQHUDOPHQWHOLEUDGD SRUXQLQGLYLGXRLQFDSD]GHFRQFHELURWUDGHVLPLODUJUDQGH]D1RVXHOHSRQHU HQULHVJRODVDOXGGHODSULPHUD )LQ(QHQVDtVWLFDFRQWHPSRUiQHD LPSDVVH GHUHFLHQWHRFXUUHQFLDSUREDEOH WUDQVLWRULHGDGHQDOJ~QIHQyPHQRRLQVWLWXFLyQVRFLDOGHUHOHYDQFLDYJUILQGH ODPRGHUQLGDGILQGHOVRFLDOLVPRRILQGHODVLGHRORJtDVRPiVD~QILQGHODKLVWRULD
26.
(Q DWHQFLyQ D OD
FDOXURVD DFRJLGD TXH HVWDV VXJHVWLYDV DFWDV GH GHIXQFLyQ YLHQHQ UHFLELHQGRGHSDUWHGHOS~EOLFRPiVLOXVWUDGRVHKDQGLIXQGLGRUHFLHQWHPHQWH SUy[LPDV HQWUHJDV HQWUH ODV FXDOHV VH GHVWDFDQ 3DUD ILQHV GHO DxR VH DQXQFLDUiHO ILQGHODKXPDQLGDGSDUDHQHURRIHEUHURGHOHO ILQGHODYLGD DQLPDGDHQHOSODQHWDSDUDVHWLHPEUHGHHVHPLVPRDxRHOILQGHOVLVWHPDVRODUODYtD OiFWHDSDUDPHGLDGRVGHOHOILQGHOFRVPRVVXVDOUHGHGRUHVTXHVHJXUDPHQWH VHFRQVWLWXLUiHQHOPDRUVXFHVRHGLWRULDOGHODxR
27.
* *pQHUR 7HMLGR HODERUDGR
FRQ ODQD DOJRGyQ R OLQR TXH VH XWLOL]D HQ OD FRQIHFFLyQ GH YHVWLGRV PDQWHOHV FRUWLQDV GHODQWDOHV GHPiV HQVHUHV GRPpVWLFRV VLHQGR SRU HOOR HVSHFLDOPHQWH FRQRFLGR HQWUH ODV PXMHUHVWHPD SUHGLOHFWRGHFRQYHUVDFLyQHQODRILFLQDHQHVSHFLDODODKRUDGHOWp
28.
+ +HFKR 6RFLDO 7RGD
UHSUHVHQWDFLyQ DFHUFD GHO PXQGR FRQ FDSDFLGDG GH RULHQWDUODDFFLyQGHORVLQWHJUDQWHVGHXQJUXSRFXDH[LVWHQFLDWUDVFLHQGHOD YLGD GH HVRV KRPEUHV DXQTXH QR SXHGDQ VHU VLQR HQ OD PHQWH GH DTXHOORV 'HVGH HO SULPHU OHFWRU DSUHVXUDGR GH 'XUNKHLP VH KD FRQVLGHUDGR TXH ORV KHFKRVVRFLDOHVVRQFRVDVHVGHFLUTXHFRPSDUWHQFRQHOUHVWRGHORVREMHWRVGH ODQDWXUDOH]DFDUDFWHUtVWLFDVFRPXQHV$GYHUWLGRGHHVWDWRVFDLQWHUSUHWDFLyQGH VXV HVFULWRV HO SURSLR 'XUNKHLP VH DSUHVXUy D DFODUDU HO GLVSDUDWDGR PDOHQWHQGLGRKHFKR TXHUHVXOWyDWRGDVOXFHVLQVXILFLHQWHSDUDGHVDOHQWDUDOD JUDQOHJLyQGHFUtWLFRVFRQORVTXHKDVWDODIHFKDFXHQWD +LSyWHVLV (VSHFXODFLyQDFHUFDGHODIRUPDHVWUXFWXUDVLJQLILFDGRRXWLOLGDG GH XQ DFRQWHFLPLHQWR R VREUH ODV UHODFLRQHV GH GHWHUPLQDFLyQ DVRFLDFLyQ R VLPSOH FRH[LVWHQFLD GH GRV R PiV SURSLHGDGHV GHO PXQGR ([LVWH XQ DPSOLR FRQVHQVRHQODFRPXQLGDGFLHQWtILFDDFHUFDGHODQHFHVLGDGGHFRQWDUFRQEXHQDV KLSyWHVLVSHURSHUVLVWHQFLHUWDVGLVFUHSDQFLDVVREUHORVHOHPHQWRVTXHSRVLELOLWDQ DTXHOOD FRQGLFLyQ /D VLJXLHQWH DQpFGRWD LOXVWUD HQ EXHQD IRUPD HO WHQRU GHO GHEDWH XHQWD%RUJHVTXHHQHO+RWHO'X1RUGHQODQRFKHGHXQGHGLFLHPEUHHO 'RFWRU0DUFHORDUPROLQVNIXHEUXWDOPHQWHDVHVLQDGR(OYLHMRUDELQRKDEtD OOHJDGR HVH PLVPR GtD D OD FLXGDG FRPR GHOHJDGR GH 3ROGRVN DO 7HUFHU RQJUHVR7DOP~GLFRORKDEtDQDORMDGRMXVWRIUHQWHDODVXLWHGHO7HWUDUFDGH *DOLOHDFXHQWDTXHGRVKRUDVPiVWDUGHGHKDEHUVHGHVFXELHUWRHOFULPHQVH HQFRQWUDEDQHQODKDELWDFLyQGHOLQIRUWXQDGRHORPLVDULR7UHYLQDUXVHOMRYHQ GHWHFWLYH/|QQURWTXLHQHVPDQWXYLHURQHOVLJXLHQWHGLiORJR 1RKDTXHEXVFDUOHWUHVSLHVDOJDWRGHFtD7UHYLQDUXV7RGRVVDEHPRVTXHHO7HWUDUFDGH *DOLOHDSRVHHORVPHMRUHV]DILURVGHOPXQGR$OJXLHQSDUDUREDUORVKDEUiHQWUDGRDTXtSRU HUURUDUPROLQVNVHKDOHYDQWDGRHOODGUyQKDWHQLGRTXHPDWDUOR¢4XpOHSDUHFH 3RVLEOHSHURQRLQWHUHVDQWHUHVSRQGLy/|QQURW8VWHGPHUHSOLFDUiTXHODUHDOLGDGQR WLHQHODPHQRUREOLJDFLyQGHVHULQWHUHVDQWHROHUHSOLFDUpTXHODUHDOLGDGSXHGHSUHVFLQGLUGH HVDREOLJDFLyQSHURQRODVKLSyWHVLV (QODTXH8VWHGKDLPSURYLVDGRLQWHUYLHQHFRSLRVDPHQWHHOD]DU$TXtKDXQUDELQRPXHUWR RSUHIHULUtDXQDH[SOLFDFLyQSXUDPHQWHUDEtQLFD
29.
1RPHLQWHUHVDQODVH[SOLFDFLRQHVUDEtQLFDV²UHSXVR7UHYLQDUXVGHPDOKXPRUPH LQWHUHVDODFDSWXUDGHOKRPEUHTXHDSXxDOyDHVWHGHVFRQRFLGR (OOHFWRUSUiFWLFRSXHGHFRQWHQWDUVHFRQHODUJXPHQWRGHORPLVDULR
30.
+LVWRULD (VWDGRGHFRQIOLFWRWUDQVIRUPDFLyQSHUPDQHQWHTXHYLVWRGHFHUFD DVXPHODIRUPDGHXQDUHFWDSHURGHVGHPDRUGLVWDQFLDODGHXQFtUFXOR3DUD ORVFRPXQLVWDVWHUPLQDEDFRQHOILQGHOVRFLDOLVPRSDUDORVQHROLEHUDOHVFRQHO ILQGHOVRFLDOLVPR$IRUWXQDGDPHQWHDPERVHVWDEDQHTXLYRFDGRV +RPLFLGLR (VSHFLHGHRIHQVDFRQWUDXQLQWHJUDQWHGHQXHVWUDHVSHFLHTXH UHVXOWDJHQHUDOPHQWHSUHIHULEOHHQWUHPXFKDVRWUDVSRUJDUDQWL]DUDORIHQVRUOD LPSRVLELOLGDGGHUpSOLFDGHSDUWHGHORIHQGLGR6HJ~QODIDPRVDFODVLILFDFLyQGH %LHUFH +DFXDWURWLSRVGHKRPLFLGLRIHOyQH[FXVDEOHMXVWLILFDEOHHQFRPLDEOHDXQTXHDO PXHUWRQROHLPSRUWDPXFKRVLORKDQLQFOXLGRHQXQDRHQRWUDODGLVWLQFLyQHVSDUDXVRGHORV DERJDGRV 6LELHQHVWRVWLSRVSXHGHQFRQVLGHUDUVHXQLYHUVDOHVODVFDWHJRUtDVGH LQGLYLGXRV
TXH LQJUHVDQ HQ FDGD XQR GH HOORV YDUtD KLVWyULFDPHQWH $Vt SRU HMHPSOR PLHQWUDV TXH HQ ORV (VWDGRV 8QLGRV KDFLD FRUUHVSRQGtDQ UHVSHFWLYDPHQWHDXQYDTXHURXQQHJURXQFXDWUHURXQLQGLRDFWXDOPHQWH FRUUHVSRQGHQDXQMXGtRXQQHJURXQDGLFWRXQPXVXOPiQ
31.
, ,GHRORJtD )RUPD GH
FRQRFLPLHQWR TXH FRQVWUXH XQD UHSUHVHQWDFLyQ VLPSOLILFDGD GHO PXQGR GH VXV SURFHVRV UHSUHVHQWDFLyQ TXH SDUWH JHQHUDOPHQWH GH FLHUWRV VXSXHVWRV VREUH OD UHDOLGDG TXH QR SXHGHQ VHU GHPRVWUDGRVORVFXDOHVSHUPDQHFHQSUiFWLFDPHQWHLQFDPELDGRVDORODUJRGHXQ SHUtRGRLPSRUWDQWHGHWLHPSR'HELGRODVSRVLEOHVFRQIXVLRQHVTXHHQWUHFLHQFLD HLGHRORJtDSXHGHQGHULYDUVHGHHVWDGHILQLFLyQORVFLHQWtILFRVVXHOHQOODPDUDORV VXSXHVWRVLGHROyJLFRVFUHHQFLDVDORVFLHQWtILFRVSDUDGLJPDV ,PDJLQDULRVRFLDO
32.
RPRGtQHQFLHUWDHVSHFLHGHEDUDMDLQWHOHFWXDOIUDQFHVD GHDPSOLDGLIXVLyQHQHORFFLGHQWHODWLQRGXUDQWHOD~OWLPDGpFDGDGHOVLJOR;; RPR WRGR FRPRGtQ
UHVXOWD SDUWLFXODUPHQWH ~WLO SDUD ORJUDU KDFHU MXHJR HQ XQ GLVFXUVRFXDQGRVHGLVSRQHGHDUJXPHQWRVHVFDVRVRPRWRGRFRPRGtQQR SRVHHXQVLJQLILFDGRHQVtPLVPRVLQRHQHOPDUFRGHOGLVFXUVRGHQWURGHOFXDOVH IRUPXOD (VWH OH[LFyJUDIR KD FRPSUREDGR TXHVXVWLWXHHILFD]PHQWHWpUPLQRV FRPRFUHHQFLDFXOWXUDUHSUHVHQWDFLyQPLWRDFWLWXGLGLRVLQFUDVLDFRQRFLPLHQWR GHVHQWLGRFRP~QHLGHRORJtDHQWUHPXFKRVRWURVDXQTXHSRUORJHQHUDOQR VXVWLWXH D QLQJXQR FXPSOLHQGR XQD IXQFLyQ RUQDPHQWDO GHQWUR GHO WH[WR $GHPiV GH SRVHHU HVWD FRQYHQLHQWH GXFWLOLGDG VLJQLILFDWLYD RSHUD GRWDQGR DO GLVFXUVRGHXQFDUiFWHUFRQWHPSRUiQHRFRQORTXHSHUPLWHFRQFLWDUHOLQWHUpV GHOOHFWRUiYLGRGHXQDSURVDDPELJXDQRYHGRVD ,QIHUHQFLD (VWDGtVWLFD )RUPD GH UD]RQDPLHQWR TXH SHUPLWH HVWLPDU LQIRUPDFLyQSREODFLRQDODSDUWLU GHLQIRUPDFLyQPXHVWUDOFRQSUREDGDHILFDFLDD FRQGLFLyQTXHXVWHGJDUDQWLFHHOFXPSOLPLHQWRGHXQDVHULHGHUHTXLVLWRVTXHSRU ORJHQHUDOQRHVWiHQFRQGLFLRQHVGHFXPSOLU ,QIHULU 'HULYDUGHXQDFRQVWDWDFLyQSDUWLFXODUXQDFRQMHWXUDJHQHUDO ,QMXULD $QWLJXRDUWHEpOLFRFDUDFWHUtVWLFRGHXQDpSRFDHQTXHORVDSDUDWRVGH PXVFXODFLyQQRKDEtDQVXVWLWXLGRD~QDODVELEOLRWHFDVFRPRREMHWRGHFXOWRHQ ORVKRJDUHVGHODVFODVHVDFRPRGDGDV(ODUWHGHLQMXULDUHVHQWUHWRGRVORVDUWHV GH OD JXHUUD HO PiV UHILQDGR HO TXH UHTXLHUH GH ODV PDRUHV KDELOLGDGHV RQVWLWXH XQ JHQHUR EpOLFR DXWyQRPRGHEHVHUHVWXGLDGRDWHQGLHQGRDWDO DXWRQRPtD(VFLHUWRTXHHQVXpSRFDGHHVSOHQGRUVROtDSUHFHGHUDOGXHORRWUD GH ODV IRUPDV HQ GHVXVR GH OD JXHUUD SHUR HVWR HQ PRGR DOJXQR SRUTXH VH FRQFLELHUDFRPRVLPSOHLQWURGXFFLyQRLQYLWDFLyQDOVHJXQGR(QUHDOLGDGHVWH
33.
GHEHHQWHQGHUVHFRPRXQDGHVYLDFLyQDRWUDIRUPDGHHQIUHQWDPLHQWRUHDOL]DGD SRU TXLpQ KD
SHUGLGR HQ HO DQWHULRU RQ WRGR ORV FDVRV FRQFUHWRV SXHGHQ JHQHUDUGXGDVDHVWHUHVSHFWRWDOFRPRORDWHVWLJXDHOVXFHVRTXHVHUHODWDTXH GHULYDUtDHQXQDVLQJXODUGLVSXWDGHFDEDOOHURV /DHVFHQDHVSURWDJRQL]DGDSRU*LDFRPRDVDQRYDHORQGH%UDQLWVNLTXLHQ SRU DTXHO HQWRQFHV FRUWHMDED D ODVHSWXDJHQDULDPDGUHGHOSULPHURDVDQRYD DFDEDGHYLVLWDUDVXPDGUHOD6UD=DQHWWD
34.
OXHJRGHYDULDVGpFDGDVGHQRYHUOD $FXGHDOFDPHULQRGHXQWHDWURPHQRUGRQGHDSHVDUGHVXDYDQ]DGDHGDGVX SURJHQLWRUD VLJXH DFWXDQGR
7UDQVFXUULGRV DOJXQRV PLQXWRV OD 6UD =DQHWWD OR LQYLWD D UHWLUDVH DQWH OD LQPLQHQWH OOHJDGD GHO RQGH DVDQRYD DEDQGRQD HO FDPHULQR HV LQWHUFHSWDGR SRU %UDQLWVNL FRQ TXLHQ VH HVWDEOHFH HO VLJXLHQWH GLDORJR (VSHUHXQPRPHQWR (VHOFDPHULQRGHOD6UD=DQHWWD 9ROYLHQGRODPLUDGDKDFLDHORQGH
35.
(VWRGHDFXHUGR 3RUVXSXHVWR DVDQRYDUHWRPDVXFDPLQR
36.
8GTXLpQHV 9ROYLHQGRQXHYDPHQWHODPLUDGD
37.
*LDFRPRDVDQRYDDVXVRUGHQHV 6XSRQJRTXH8GHVHORQGH%UDQLWVNL 6LRWHQJRGLJRVLRVR %UDQLWVNLQRGRPLQDELHQHOLGLRPD
38.
1RWROHURLQWUXVRV0HH[SOLFR 6RQULHQGR
39.
ODURFUpDPHRQGHVRHO~OWLPRTXHVHSHOHDUtDSRUHOOD KDUODWiQH[WUDQMHUR 5HWRPDQGRODVHULHGDG
40.
KDUODWiQYHQHFLDQRSRUIDYRU DVDQRYDLQWHQWDUHWRPDU XQDYH]PiVVXFDPLQR
41.
REDUGHYHQHFLDQR %UDQLWVNLVHGLULJHKDFLDHOFDPHULQR
42.
9ROYLpQGRVHSRUWHUFHUDYH]KDFLDHORQGHFRQDLUHVHUHQR
43.
RQGHXQ FREDUGHYHQHFLDQRPDWDIiFLOPHQWHDXQKpURHSRODFR 7RWDOPHQWHLUULWDGR
44.
6LQYHUJHQ]D LQVROHQWH RQVHUHQDUHVLJQDFLyQ
45.
$ULVWyFUDWDGHVDIRUWXQDGR
46.
,Q~WLO $QW
47.
RQGLFLyQ R HVWDGR
GH XQD FRVD TXH QR FXHQWD HQWUH VXV ERQGDGHVODGHPHMRUDUPLFRQRFLPLHQWRGHOPXQGRYJUODHVWDGtVWLFDHVLQ~WLO ODREUDFRPSOHWDGH*XLGHQVHV LQ~WLO
48.
(OFDPLQRPiVIUHFXHQWHSDUDDOFDQ]DUXQ MXLFLR GH LQXWLOLGDG
FRQVLVWH HQ SRVHHU XQD LJQRUDQFLD DEVROXWD GH OD FRVD HQ FXHVWLyQH[SHULPHQWDUDOPLVPRWLHPSRXQGHVHRLPSHULRVRGHRFXOWDUHVH HVWDGR$VLPLODUFRQFOXVLyQVHOOHJDWUDQVLWDQGRHOFDPLQRRSXHVWRTXHHVHOGH SURFXUDU XQ FRQRFLPLHQWR DEXQGDQWH GH HVD FRVD VLHPSUH FXDQGR QR VH SDGH]FDGHRSWLPLVPR 'DGRTXHSRUDPERVFDPLQRVVHOOHJDDODPLVPDFRQFOXVLyQTXHGHORVGRVHO SULPHURUHVXOWDHOPiVFRUWRODOHJLyQGHIDQiWLFRVTXHKDELWXDOPHQWHORUHFRUUH GLVSRQHVLHPSUHGHEXHQRVDUJXPHQWRVSDUDMXVWLILFDUVXHOHFFLyQ ,Q~WLORQWHPS
49.
RQGLFLyQRHVWDGRGHXQDFRVDTXHQRFXHQWDHQWUHVXV ERQGDGHVODGHPHMRUDUPLVLQJUHVRV ,QWHUGLVFLSOLQDULD/D
50.
0XUJDGHKHWHURJpQHDLQWHJUDFLyQFXRVLQWHQWRV GHRUJDQL]DFLyQVRQWDQWRVFRPRORVGHVXIUDFDVR*HQHUDOPHQWHFXHQWDFRQXQ GLUHFWRUPHULWRULRXQSDUGHVROLVWDVDOJRLQWHUHVDQWHVXQFRUREDVWDQWHIORMR 6XHOH FRPSRQHU SUHVHQWDFLRQHV
GLJQDV GHO HORJLR SHUR IDOOD VLHPSUH HQ HO FRXSOp(QVDDGXUDQWHWRGRHOLQYLHUQRSHURQXQFDOOHJDDSUHVHQWDUVHSRUTXH HQIHEUHURWRGRVVXVLQWHJUDQWHVVHWRPDQYDFDFLRQHVGHWRGRVPRGRVQRHV SUREDEOHTXHGHKDFHUORREWXYLHUDDOJ~QSUHPLRHQHO7HDWURGH9HUDQRDTXH VLELHQ VXYHVWXDULRVXHOHVHUYLVWRVRFUHDWLYRVLHPSUHGHVDILQD
51.
,QWHUSUHWDU 3URSRQHUHOVLJQLILFDGRGHODDFFLyQGHXQLQGLYLGXRGHDFXHUGR DOVHQWLGRTXHHVWHOHDVLJQDGHQWURGHOFRQWH[WRHQTXHDTXHOODVHGHVSOLHJD/D SUiFWLFDGHODLQWHUSUHWDFLyQKDVLGRHQVDDGDSRUORVVHUHVKXPDQRVGHVGHHO RULJHQGHORVWLHPSRVGHVGH'LWKOHFRQHVFDVRp[LWRSRUDOJXQRVVRFLyORJRV ,QWHUYDOR GH
RQILDQ]D (VSDFLR GHILQLGR SRU XQD VHULH GH YDORUHV HQ WRUQRDXQHVWDGtJUDIRPXHVWUDOGHORVFXDOHVSRGHPRVDILUPDUTXHXQRGHHOORV HVSREODFLRQDOPHQWHYHUGDGHURVLHPSUHFXDQGRQRVHDIDOVR ,QYHVWLJDU 3URSRQHU LQWHUSUHWDFLRQHV GXGRVDV VREUH DOJ~Q DVSHFWR GHO PXQGRFRQHODX[LOLRODFRPSOLFLGDGGHODPHWRGRORJtD6HGLVWLQJXHGHODFWR GHWHRUL]DU TXHLPSOLFDSURSRQHUGXGRVDVLQWHUSUHWDFLRQHVVREUHHOPXQGRFRQ HODSRRODFRPSOLFLGDGGHORVHGLWRUHV
52.
,QYHVWLJDFLyQ SDUWLFLSDWLYD 3URSXHVWD
FRJQLWLYD FRQ LQWHQFLyQ SURSRVLWLYD3DUDSUHSDUDUHVWHWLSRGHLQYHVWLJDFLyQHVQHFHVDULRPH]FODUHQ VX MXVWDVSURSRUFLRQHVDOJXQRVJUDPRVGHPpWRGRFLHQWtILFRXQRVFXDQWRVTXLORV GHSUHWHQVLRQHVQRUPDWLYDV3DUDOOHYDUODDFDERVHUHTXLHUHGHXQKLMRGHOD FLHQFLDVHQVLEOHFRPSURPHWLGRFRQODUHDOLGDGVRFLDOGHXQJUXSRGHWRQWRV HQEXVFDGHJXtD ,QVWLQWR )XHU]D FDXVDQWH GH FDVL WRGDV ODV DFFLRQHV KXPDQDV D ODV TXH ORV SVLFyORJRVQRKDQSRGLGRFRQIHULUOHVD~QXQDFDXVDUD]RQDEOH
53.
/ /HJLVODGRU,QGLYLGXRTXHDODKRUDGHFRPHWHUXQDWUDFRHQOXJDUGH OOHYDUVXPDQRDODFLQWXUDODOHYDQWD /H $UWHIDFWRGHVWLQDGRDLPSHGLUDTXHOORTXHH[KLEHEXHQDVUD]RQHV SDUDVHUUHDOL]DGRRSURPRYHUORTXHVLQVXDXGDSRFRVHVWLPDUtDQ FRQYHQLHQWHHMHFXWDUYHU352+,%,5
54.
/LEHUDOLVPR'RFWULQDSROtWLFDTXHSURPXHYHODLJXDOGDGGHWRGRVORV KRPEUHVDQWHODOH/RVKRPEUHVPiVIXHUWHVVHHQFXHQWUDQH[LPLGRVGH HVWHSULQFLSLRSDUDQRHQWRUSHFHUVXIXQFLyQHVHQFLDOUHGDFWDUODVOHHV /LEHUWDG ,GHDOVXSUHPRGHWRGRKRPEUHGLJQR(OSUREOHPDGHOD OLEHUWDGKDVLGRSUHRFXSDFLyQGHILOyVRIRVPRQDUFDVGHVGHHORULJHQGH ORVWLHPSRV$ORODUJRGHODKLVWRULDVHKDQVXFHGLGRGLVWLQWRVSULQFLSLRV VREUHODOLEHUWDG(OSULQFLSLRIXQGDPHQWDOGHORUGHQEXUJXpVDVDEHU TXHPLOLEHUWDGHPSLH]DGRQGHWHUPLQRFRQODGHORWURKDSUHYDOHFLGRVLQ HPEDUJRGHVGHHOWLHPSRGHVXHQXQFLDFLyQHVWDOODPDGRDSHUGXUDU SRUHOUHVWRGHORVGtDV /yJLFD )RUPDGHUD]RQDPLHQWRTXHSURFHGHGHULYDQGRGHXQ SULQFLSLRRVXSXHVWRFRQRFLGRXQDFRQVHFXHQFLDWDOFRPRVHPXHVWUD HQHOVLJXLHQWHUHODWR 'RV
DPLJRV VH HQFXHQWUDQ HQ XQD FDOOH FpQWULFD (O SULPHUR GH HOORV OOHYD EDMR HO EUD]R YDULRV OLEURV GH JUXHVR WDPDxR TXH OODPDQ OD DWHQFLyQGHOVHJXQGR ¢4XpVRQHVRVOLEURVSUHJXQWDHOH[WUDxDGR 6RQOLEURVGHOyJLFDUHVSRQGHHOLOXVWUDGR $KOyJLFD ¢6DEHVGHTXpVHWUDWDODOyJLFDYHUGDG 3XHV %LHQWHORH[SOLFDUpFRQXQHMHPSOR 9DOH
55.
3RUHMHPSORWXWLHQHVXQDSHFHUDHQWXFDVD¢QRHVFLHUWR 3XHVVt (QWRQFHVWHJXVWDHOPDU
3XHVFODUR¢SHURFyPRORVDEHV (VODOyJLFDVLWHJXVWDHOPDUWHJXVWDLUDODSODD 3XHVVtKRPEUHSHUR¢FyPRHVTXHORVDEtDV (VODOyJLFDHVODOyJLFDHQWRQFHVWHJXVWDYHUDODVFKLFDVWRPDQGRVROHQOD DUHQD -RKRPEUHFODURTXHPHJXVWD¢SHURFyPRHVTXHORVDEHV (VVRORODOyJLFDELHQHQWRQFHVDWLWHJXVWDKDFHUHVHWLSRGHFRVLOODVFRQODV PXFKDFKDVWXPHHQWLHQGHV 3XHVMRGHUKRPEUHFODURTXHPHJXVWD£¢3HURFRPRORKDVDYHULJXDGR (VWRGRFXHVWLyQGHOyJLFD¢9HV¢(QWLHQGHVDKRUDGHTXpVHWUDWD 2HFUHRTXHVt9DDTXHHVLQWHUHVDQWHHVWRGHODOyJLFD /RVGRVKRPEUHVVHVDOXGDQSURVLJXHQVXFDPLQR(VDPLVPDWDUGHHO VHJXQGR YLVLWD OD ELEOLRWHFD UHWLUD YDULRV OLEURV GH OyJLFD FRQ OD LQWHQFLyQ GH VDEHU WDQWR FRPR VX DPLJR VREUH HVWH JHQLDO UHFXUVR DGLYLQDWRULR$SRFRGHVDOLUGHODELEOLRWHFDVHHQFXHQWUDFRQXQRWUR FRQRFLGRTXLpQDOYHUORDWLERUUDGRFRPRHVWDEDGHWH[WRVQRWDUGDHQ SUHJXQWDUOH ¢4XpVRQHVRVOLEURV 6RQOLEURVGHOyJLFD $KOyJLFD ¢6DEHVGHTXpVHWUDWDODOyJLFDYHUGDGVHDGHODQWDQHUYLRVR 3XHVVLFUHRTXHVt %LHQSRUVLDFDVRWHORH[SOLFDUpFRQXQHMHPSOR 9DOH 3RUHMHPSORWXWLHQHVXQDSHFHUDHQWXFDVD¢QRHVFLHUWR 3XHVQR(QUHDOLGDGQR (QWRQFHVHUHVKRPRVH[XDOKRPEUH (VWDIRUPDGHOyJLFDUHVXPLGDTXHQRKDPHUHFLGRGHPDVLDGDDWHQFLyQ HQODILORVRItDFOiVLFDFRQVWLWXHXQUHFXUVRFRUULHQWHHQHOUD]RQDPLHQWR WHyULFRHQODVFLHQFLDVVRFLDOHVFRQWHPSRUiQHDV
56.
0 0DU[LVPR 'RFWULQDGHVLQJXODULQIOXHQFLDHQWUHODVFODVHVPHGLDVRFFLGHQWDOHV ODV
FODVHV DOWDV RULHQWDOHV KDFLD ODV SULPHUDV GpFDGDV GH QXHVWUR VLJOR /RV VHJXLGRUHVGHHVWDGRFWULQDVHKDFHQOODPDU PDU[LVWDVSRUSURIHVDUODVLGHDVGH .DUO 0DU[ SHQVDGRU GH LQXVXDO OXFLGH] WHyULFD /D REUD GH HVWH KRPEUH IXH SUROtILFD (VFULELy VREUH ILORVRItD KLVWRULD HFRQRPtD SROtWLFD VRFLRORJtD SRUVLHVWRIXHUDSRFRHQVXVUDWRVOLEUHVVHGHGLFDEDDDUHQJDUREUHURVSDUD TXH KLFLHUDQ OD UHYROXFLyQ 8QR GH ORV GHIHFWRV HPSHUR GH OD SURGXFFLyQ LQWHOHFWXDOGHOWHyULFRDOHPiQFRQVLVWLyHQVXREVWLQDGDFRVWXPEUHGHPDWL]DU VXV DQiOLVLV KLVWyULFRV FRQ JUDQ YDULHGDG GH SUHGLFFLRQHV VREUH HO GHYHQLU OD PDRUtDGHODVFXDOHVUHVXOWDURQXQYHUGDGHURILDVFR 0DVRQHUtD 2UGHQ LQWHJUDGD SRU KRPEUHV UHVSHWDEOHV TXH FRPSDUWHQ XQD VLQFHUD FRQILDQ]D HQ OD UDFLRQDOLGDG KXPDQD XQ PDUFDGR DSUHFLR SRU ODV LQVWLWXFLRQHVOLEHUDOHVXQSDUWLFXODUJXVWRSRUMXJDUDODVHVFRQGLGDV 0HUFDGR +pURH PLWROyJLFR HQ FLHUWDV VRFLHGDGHV TXH HQ VX KRQRU VH DXWRGHQRPLQDQGHPHUFDGR3HUVRQDMHLQYLVLEOHSHURGRWDGRGHYROXQWDGDUELWULR DOPHQRVXQDPDQR6XJHQHDORJtDVHLJQRUD(VSURWDJRQLVWDHQLQQXPHUDEOHV OHHQGDVGHVLPLODUDUJXPHQWRGHVHQODFHHQGRQGHFLHUWRQ~PHURGHSHUVRQDV QDWXUDOPHQWH RUJDQL]DGDV HQ JUXSRV GHFLGHQ LQWHUFDPELDU DOJ~Q WLSR GH ELHQ KDFLHQGR XVR GH VXV GHVWUH]DV SRVLELOLGDGHV GLIHUHQFLDOHV GH QHJRFLDFLyQ DUUHJORVLPXODFLyQPDQLSXODFLyQRLPSRVLFLyQGHVXVWpUPLQRVSDUDORJUDUDVt FLHUWDVYHQWDMDVHQVXWUDQVFXUVR(QHVHHVWDGRGHFRVDVHOKpURHLUUXPSHHQ HVFHQDFRQVHPSLWHUQDVDELGXUtDYXHOYHDPH]FODUODVFDUWDVHQMXHJRDQXODQGR DVtODLQFLGHQFLDGHDTXHOODVSRWHQFLDVJUXSDOHVORJUDQGRTXHHOUHVXOWDGRGHOD SDUWLGDVHDMXVWHDFLHUWDFXUYDTXHDODODUJDVHHTXLOLEUDHQXQSXQWRTXHVROR (OFRQRFH 0HWRGRORJtD RQMXQWR GH SUHVFULSFLRQHV TXH FDOPDQ OD DQVLHGDG GHO LQYHVWLJDGRULQJHQXROHVLUYHQGHJXtDSDUDUHGDFWDUVXVLQIRUPHVGRWiQGRORV GH XQ FDUiFWHU VREULR XQD SURVD RSRUWXQD _ _ 0HWRGRORJtD FXDQWLWDWLYD ,QVWUXPHQWRSXQ]DQWHTXHSHUPLWHWUHSDQDUXQDQDUDQMDSDUDH[WUDHUVXFiVFDUD 6H GLVWLQJXH GH OD PHWRGRORJtD FXDOLWDWLYD TXH SHUPLWH UHDOL]DU OD PLVPD LQWHUYHQFLyQFRQHOREMHWRGHDOFDQ]DUODVVHPLOODV/RVGHEDWHVHQWUHGHIHQVRUHV GHXQDRWUDKHUUDPLHQWDKDQVLGRODUJRVWHGLRVRVSRUORTXHQRKDTXHGDGR WLHPSR SDUD LQYHQWDU XQD FDSD] GH REWHQHU VX SXOSD 0LHQWUDV WDQWR HVWD RSHUDFLyQFRQWLQ~DHQPDQRVGHODHQVDtVWLFD
57.
0LWR /RTXHSRUIRUPXODUVHGHDFXHUGRDXQDOyJLFDGLVWLQWDDODFLHQWtILFD VXHOH DSDUWDUVH
HQ VXV FRQFOXVLRQHV GH ORV UHVXOWDGRV HVWDGtVWLFRV PHMRU GLIXQGLGRV R ODV WHRUtDV DFDGpPLFDV PiV UHFLELGDV /RV FLHQWtILFRV VRFLDOHV H[SHUWRV HQ VX HVWXGLR VXHOHQ XWLOL]DUOR FRPR VLQyQLPR GH IDOVR OR TXH FLHUWDPHQWH QR FRODERUD HQ OD FRPSUHQVLyQ GH DTXHOORV SHUR VL HQ OD OHJLWLPDFLyQGHHOORV 0RWLYDFLyQ /RTXHKDFHDXQSHUURPRVWUDUVHGyFLOFRQVXSDWUyQUHDOL]DU ODV WDUHDV TXH DTXpO OH RUGHQD DO ILQDOL]DUODV PRYHU OD FROD HQ VHxDO GH DSUREDFLyQDJUDGR(OHVWXGLRGHODPRWLYDFLyQHVWXYRFRQILQDGRDODVHVSHFLHV LQIHULRUHV KDVWD FXDQGR XQ JUXSR GH SVLFyORJRV GH 0DVVDFKXVVHWV GHVFXEULy SRU HUURU FRPSRUWDPLHQWRV VLPLODUHV HQWUH RSHUDULDV GH XQD SODQWD LQGXVWULDO'HVGHDTXHOODpSRFDVHKDDYDQ]DGRHQRUPHPHQWHHQODFRPSUHQVLyQ GHHVWDIXHU]DPRYLOL]DGRUDGHODVHQHUJtDVItVLFDVSVtTXLFDVGHODFXDOSXHGH DILUPDUVH TXH QR HV DWULEXWR H[FOXVLYR GH ORV FDQHV 6DEHPRV DFWXDOPHQWH DGHPiV TXH HQWUH OD PRWLYDFLyQ GH DTXHOORV OD TXH DIHFWD DQXHVWUDHVSHFLH H[LVWH XQD LPSRUWDQWH GLIHUHQFLD PLHQWUDV ODV ILHUDV UHDOL]DQ VXV WDUHDV FRUUHFWDPHQWHVHFRPSRUWDQHQIRUPDFRPSODFLHQWHFRPRPHGLRHVWUDWpJLFR SDUDREWHQHUDOLPHQWRVEXHQRVFXLGDGRVSRUSDUWHGHODPRODPDRUtDGHORV KXPDQRV OR KDFHQ SRUTXH OR FRQVLGHUDQ FRUUHFWR DGHPiV SRU UHVXOWDUOHV DOWDPHQWHJUDWLILFDQWH 0XOWLFDXVDO6LQFDXVDFRQRFLGD
58.
1 1HROLEHUDO (Q HFRQRPtD
LQGLYLGXR TXH DEDQGRQD ODV YLHMDV WHRUtDV GH .HQHVSDUDDGVFULELUVHDODPRGHUQDGRFWULQDGH6PLWK7RGRQHROLEHUDOHVXQ HYROXFLRQLVWD FRQYHQFLGR
59.
2 2EMHWLYLGDG RQVHQVR VXILFLHQWHPHQWH
DPSOLR VREUH OD YHUDFLGDG GH XQ KHFKRXREMHWR__RQILDQ]DFROHFWLYDHQHOVHQWLGRGHXQDFRVD 21* 6LWLRGRQGHGHVFDQVDQORVUHVWRVGHODDQWLJXDYROXQWDGUHYROXFLRQDULD HQFRPSDxtDGHODVPHMRUHVLQWHQFLRQHVGHVXVDQWLJXRVHQHPLJRV 2SLQLyQ $UJXPHQWRRMXLFLRWULYLDOVREUHDFRQWHFLPLHQWRVWULYLDOHV'LILHUHGH XQDFUHHQFLDSRUVXGpELODUWLFXODFLyQGHXQDDFWLWXGSRUVXDOWDYDULDELOLGDGGH XQDFRQYLFFLyQSRUVXLPSUREDEOHFDSDFLGDGGHRULHQWDUODDFFLyQGHTXLpQOD HPLWH /D WpFQLFD PiV DSURSLDGD SDUD UHFROHFWDU FODVLILFDU RSLQLRQHV HV OD HQFXHVWDGHRSLQLyQ 2SWLPLVPR (VWDGRGHGHFDGHQFLDLQWHOHFWXDOPRUDOTXHDVRODDODHVSHFLH GHVGHVXVPiVUHPRWRVRUtJHQHV6XVFDXVDVSXHGHQVHUH[yJHQDVDXQTXHSRUOR JHQHUDOODGROHQFLDUHYLVWHQDWXUDOH]DJHQpWLFD,QKLEHDTXLpQODSDGHFHSDUDHO GHVDUUROORGHFLHUWDVDFWLYLGDGHVVRFLDOHVDXQTXHORYXHOYHSDUWLFXODUPHQWHDSWR SDUD RWUDV 6H DVRFLD DO PDO GH OD LQJHQXLGDG GH VLPLODU VLQWRPDWRORJtD FRQVHFXHQFLDVSDUDODVDOXGGHOSRUWDGRU(VWDDVRFLDFLyQVHYHULILFDGHPDQHUD XQLGLUHFFLRQDOHQWDQWRWRGRLQJHQXRHVXQRSWLPLVWDSHURQRWRGRRSWLPLVWDXQ LQJHQXR SDUHFHUtD H[LVWLU XQD IXHUWH FRUUHODFLyQ HQWUH HVWDV VLWXDFLRQHV OD FRQGLFLyQGHFODVHGHOSDFLHQWHHOVHJXQGRGHORVFDVRVVHFRQVWDWDHQLQGLYLGXRV GHODFODVHDOWDPLHQWUDVTXHHOSULPHURVHPDQLILHVWDHQWUHLQWHJUDQWHVGHODFODVH PHGLD
60.
/D DSDULFLyQ LQGLYLGXDO
R FRQMXQWD GH DPERV SURFHVRV PyUELGRV LQKDELOLWDDEVROXWDPHQWHDODSUiFWLFDGHODLQYHVWLJDFLyQVRFLDO8QRSWLPLVWD LQJHQXR FRQ SUHWHQVLRQHV GH FRPSUHQVLyQ GH OR VRFLDO FRQVWLWXH XQ FRQWUDVHQWLGRRXQDEVXUGRODUHLWHUDGDRFXUUHQFLDGHHVWRVFDVRVXQHOHPHQWR GHSURIXQGDSUHRFXSDFLyQSDUDHVWHOH[LFyJUDIR
61.
3 3DSHU 3DSHO 3DUHQWHVFR 5HODFLyQ
HQWUH LQGLYLGXRV GH QXHVWUD HVSHFLH IXQGDGD HQ DFRQWHFLPLHQWRVELROyJLFRVSDUHQWHODSRUFRQVDQJXLQLGDG
62.
RULWXDOHVSDUHQWHOD SRUPDWULPRQLRRDILQLGDG
63.
DSDUWLUGHODFXDOVHGHILQHQIRUPDVSDUWLFXODUHVGH LQWHUDFFLyQ/DVOHHVGHOSDUHQWHVFRYDUtDQFRQVLGHUDEOHPHQWHHQWUHORVSXHEORV SULPLWLYRVVXHVWXGLRFRQVWLWXHXQFDPLQRSUREDGRSDUDHOFRQRFLPLHQWRGHOD FXOWXUDODRUJDQL]DFLyQGHDTXHOORV(OHVWXGLRGHPDRUDOFDQFHSURIXQGLGDG HQHOWHPDFRUUHVSRQGHDODQWURSyORJRDXVWUDOLDQR6%DULQJ*RXOG7KH*UHDW 3ULQFLSLHV RI .LQVNLS
64.
PRQXPHQWDO REUD FLHQWtILFD
TXH HV FRQVLGHUDGD HQ DOJXQDVSDUWHVXQDVtQWHVLVGHVXVDQWHFHVRUDVHQRWUDVXQDSURSXHVWDRULJLQDO UHYHODGRUDGHILQLWLYDVREUHORVYHUGDGHURVSULQFLSLRVVREUHORVFXDOHVGHVFDQVDQ ODV UHODFLRQHV GH SDUHQWHVFR HQWUH ORV KRPEUHV (Q OD FRQFOXVLyQ GH VX REUD 7RPR,93iJV
65.
HO'U%DULQJ*RXOGHQXQFLDVXV OHHVIXQGDPHQWDOHV YHLQWLFXDWURVHJ~QOD~OWLPDHGLFLyQ
66.
ODVFXDOHVGHPXHVWUDQQRVRORODFDSDFLGDG WHyULFDGHVXDXWRUVLQRVXDPSOLRPDQHMRGHODWHUPLQRORJtDFLHQWtILFD$ORV VRORVILQHVLOXVWUDWLYRVRIUHFHPRVDOOHFWRUXQDWUDVFULSFLyQGHDOJXQDVGHHVWDV OHHV GRQGH+ KLMR 3
SDGUH 0 PDGUH GRQGH+ KLMR 3 SDGUH 7 WtR +H KHUPDQR GRQGH+ KLMR 3 SDGUH +H +HUPDQR 3U SULPR GRQGH R +H KHUPDQR
67.
3REUH ,QGLYLGXR TXH
SRU HO VROR KHFKR GH FRH[LVWLU FRQ RWURV GH VLPLODU FRQGLFLyQJDUDQWL]DODVXSHUYLYHQFLDGHXQDOHJLyQGHHPSOHDGRVGHVWLQDGRVDOD DVLVWHQFLDS~EOLFDODYLGDGHFRURVDGHDOJXQRVFLHQWRVGHWUDEDMDGRUHVVRFLDOHV HOEXHQSDVDUGHXQRVFXDQWRVMHUDUFDVFRQVXOWRUHVHQFDUJDGRVGHLPSOHPHQWDU SROtWLFDVVRFLDOHVFRQILQDQFLDPLHQWRH[WHULRU6LDGHPiVGHVHUSREUHWUDEDMD HVWHVLPSiWLFRSHUVRQDMHDVHJXUDWDPELpQODEXHQDYLGDGHVXVHPSOHDGRUHVFRQ OR FXDO VH FRQYLHUWH HQ HO PDRU GLVWULEXLGRU GH ULTXH]DV TXH KDD FRQRFLGR QXHVWUDHVSHFLH 3RGHU (QWDQWRPHFDQLVPRWRGDGHILQLFLyQGHXQDVLWXDFLyQHQYLUWXGGHOD FXDOXQLQGLYLGXRRJUXSRSXHGHLPSRQHUVHDRWURLQGLYLGXRRJUXSR(QWDQWR UHODFLyQWRGDIRUPDGHLQWHUDFFLyQHQODTXHGHOWRWDOGHVXVSDUWLFLSDQWHVXQRV SXHGHQLPSRQHUVHDORVRWURVPiVGHORTXHORVRWURVSXHGHQLPSRQHUVHDORV XQRV(OHMHUFLFLRGHOSRGHURGHODFXRWDUHODFLRQDOGHSRGHU
68.
GHVFDQVDQRVROR HQ OD QDWXUDOH]D
GH VX HMHFXWRU VLQR WDPELpQ HQ EXHQD PHGLGD HQ FLHUWD GLVSRVLFLyQGHSDUWHGHVXREMHWR6HKDVRVWHQLGRDVtTXHHODPRUHOWHPRU RSHUDQSRVLWLYDPHQWHDODRFXUUHQFLDGHOSRGHU3HURWDOHVHVWDGRVGHOHVStULWX UHVXOWDQHQWRGRFDVRFRQGLFLyQVXILFLHQWHSHURQRQHFHVDULDDTXHHOSRGHU SXHGHHQ~OWLPDLQVWDQFLDSUHVFLQGLUGHHVRVVHQWLPLHQWRV 'HVGHWLHPSRVLQPHPRULDOHVORVILOyVRIRVVHKDQSUHJXQWDGRVREUHODMXVWLFLDGH ODVGLVWLQWDVIRUPDVGHSRGHUVREUHODUHODFLyQTXHWDOFDUiFWHUJXDUGDFRQORV HVWLORVGHVXHMHFXFLyQ(QHOKLVWRULDGRUIUDQFpV0LFKDHO)RXFDXOWHFKDED SRUWLHUUDVLJORV GHHVSHFXODFLyQILORVyILFDVREUHHOWHPDDOVHQWHQFLDU (OSRGHUHV LQMXVWRQRWDQWRSRUTXHKDGHFDtGRUHVSHFWRGHVXVPiVHOHYDGRVHMHPSORVVLQRSRUTXHQRQRV SHUWHQHFH 3RGHU(WiWLFR7pUPLQRFRQTXHORVMXULVWDVUHILHUHQDODFDSDFLGDGUHJXODWLYD SXQLWLYDGHO(VWDGR$XQTXHDSULPHUDYLVWDFRUUHFWRHOFRQFHSWRSODQWHDHQ HVHQFLDXQDEVXUGRGHVGHTXHVXSRQHTXHHVHO(VWDGRHOTXHWLHQHXQSRGHU QRHOSRGHUTXLHQWLHQHXQ(VWDGR 3ROLWyORJR +RPtQLGR GH FRVWXPEUHV JUHJDULDV TXH LQYDGH ODV FLXGDGHV PDRUHV GH KDELWDQWHV HQ pSRFD SUHHOHFWRUDO 6L ELHQ VH HVSDUFH UiSLGDPHQWH HQ HVWDV pSRFDV VH KD REVHUYDGR XQD FRQFHQWUDFLyQ PDRU GH HVSHFLPHQHVHQUHGDFFLRQHVGHSHULyGLFRVHVWXGLRVGHWHOHYLVLyQ3DVDGDVODV HOHFFLRQHVGHVDSDUHFHQUiSLGDPHQWHKHFKRTXHKDSUHRFXSDGRDORVKRPEUHVGH FLHQFLD GXUDQWH PXFKR WLHPSR $FWXDOPHQWH VH VDEH * $OEHUWLQL 9LGD RVWXPEUHV GHO 3ROLWyORJR 7RPR ,, 3iJV (G
69.
TXH HQ ORV SURORQJDGRVSHUtRGRVTXHVHSDUDQDXQDHOHFFLyQGHRWUDODHVSHFLHSHUPDQHFH HQXQHVWDGRGHSURIXQGROHWDUJRJXDUQHFLGDHQDOJXQDVRILFLQDVGHO(VWDGRR HQWURVGH,QYHVWLJDFLyQFRQDSRRH[WHUQRGRQGHSURFXUDDOLPHQWRUHIXJLR 1XPHURVDV
FRORQLDV KDQVLGRWDPELpQGHVFXELHUWDVHQFLHUWRV'HSDUWDPHQWRV XQLYHUVLWDULRV HQ GRQGH DGHPiV GH SUDFWLFDU VX TXLQTXHQDO KLEHUQDFLyQ VH UHSURGXFH*$OEHUWLQL/D5HSURGXFFLyQGHO3ROLWyORJR 3iJV0LPHR
70.
3RVLWLYLVPR(VFXHODILORVyILFDTXHVRVWLHQHTXHHQWDQWRKRPEUHVGHFLHQFLD VRORSRGHPRVGHFLUTXHYHPRVDTXHOORTXHYHPRV/LPLWDUGHIRUPDWDQUDGLFDO ODVSUHWHQVLRQHVGHHVWDFDVWDGHSDUODQWHVVLHPSUHGLVSXHVWDDRSLQDUVREUHOR TXHQRSXHGHSUREDUFRQODVUHJODVTXHHOODPLVPDVHKDLPSXHVWRDOHQWyOD FUtWLFDPiVYHUERUUiJLFDTXHKDDWHQLGRQRWLFLD ODILORVRItDGHODFLHQFLDHQODV ~OWLPDVVLHWHGpFDGDV 3RVW 3UHILMRTXHVLJQLILFDGLVWLQWRGHORTXHDOJXQDYH]IXHEXHQR6HRSRQHDQHR TXHVLJQLILFDPiVGHORTXHVLHPSUHIXHPDOR/DFUHFLHQWHUHLWHUDGDXWLOL]DFLyQGH DPERVGDEXHQDFXHQWDGHOFDUiFWHUGHQXHVWUDpSRFD 3UHMXLFLR
/LW MXLFLR DQWHULRU R MXLFLR SUHYLR
71.
(O WpUPLQR VH
XWLOL]D FRPR FDOLILFDWLYRSDUDGHVLJQDUWRGRMXLFLRDFHUFDGHXQDFRVDTXHVHKDDHPLWLGRVLQ UHVSHWDUHQVXIRUPXODFLyQODVUHJODVGHOVDQRMXLFLRTXH QRVRQRWUDVTXHODV TXH GLFWD OD FLHQFLD PRGHUQD
72.
5HILHUH SRU WDQWR
ELHQ D MXLFLRV TXH VH KDOODQ HPLWLGRVLQUHVSHWDUUHJODDOJXQDSUHMXLFLRVGHWLSR,
73.
ELHQDMXLFLRVTXHVXUMDQ GH OD DSOLFDFLyQ
GH UHJODV GH FRQRFLPLHQWR GLVWLQWDV D ODV GHO VDQR MXLFLR SUHMXLFLRVGHWLSR,,
74.
/RVSUHMXLFLRVKDQVLGRVHUiQFRPEDWLGRVVLHPSUHSRUODFLHQFLDHQVXDIiQGH FRODERUDU FRQ HO
SURJUHVR GH OD KXPDQLGDG 7RGR SUHMXLFLR HV XQ MXLFLR QR FLHQWtILFR SRU WDQWR HV IDOVR (Q UHDOLGDG HVWD ~OWLPD DILUPDFLyQ GHELHUD FRQVLGHUDUVHXQSUHMXLFLRHQHVWULFWDDSOLFDFLyQGHOPpWRGRFLHQWtILFR(QHIHFWR VXSRQJDPRVXQIHQyPHQR=6REUHpOVHSRGUiQHPLWLUPXFKRVMXLFLRVVLHQGR ODFDQWLGDGWRWDODOPHQRVWHyULFDPHQWHGHWHUPLQDEOHGHPDQHUDTXHH[LVWDXQ Q~PHURHTXLV-L
75.
GHMXLFLRVSDVLEOHVGHVHUHPLWLGRVUHVSHFWRGHOIHQyPHQR= GHORVFXDOHVVDEHPRVTXHVRORXQRHVYHUGDGHUR-Y@HOUHVWR-L @VRQIDOVRV -I -I
-I -L@
76.
6LHQGR DVt XQ
SUHMXLFLR 3-
77.
VREUH = QR
HV PiV TXH OD HOHFFLyQSRUXQDGHODV-LSRVLELOLGDGHVHOKHFKRGHTXHHOMXLFLRHVFRJLGRVHD YHUGDGHUR R IDOVR VH WUDQVIRUPD HQ XQD FXHVWLyQ GH SUREDELOLGDGHV RQFUHWDPHQWH33- -Y@
78.
-L/DGLIHUHQFLDHQWRQFHVHQWUHXQSUHMXLFLR XQVDQRMXLFLRUDGLFDHQTXHODSUREDELOLGDGGHTXH XQSUHMXLFLRVHDYHUGDGHUR UHVXOWDVLHPSUHPHQRUTXH33- -Y@
79.
HQWDQWRH[LVWDQRPiVMXLFLRV SDVLEOHV GH VHUHPLWLGRVVREUHHODFRQWHFLPLHQWRHQFXHVWLyQPLHQWUDVTXHOD SUREDELOLGDGGHTXHXQVDQRMXLFLRUHVXOWHYHUGDGHURHVVLHPSUHLJXDODGHVGH TXH
OD DSOLFDFLyQ GH ODV UHJODV GHO VDQR MXLFLR FRQGXFHQ VLHPSUH D OD YHUGDG DILUPDFLyQTXHSRGUtDWDPELpQYiOLGDPHQWHFRQVLGHUDUVHXQSUHMXLFLRKHFKRTXH FRPSOLFDUtDHQRUPHPHQWHHOUD]RQDPLHQWRDQRVHUTXHIXHUDGHOLEHUDGDPHQWH SDVDGR SRU DOWR FRVD TXH SRU UD]RQHV GH FRQYHQLHQFLD QRVRWURV WDPELpQ KDFHPRV
80.
3URJQRVLV RQRFLPLHQWRDQWLFLSDGRGHXQKHFKR6HGLFHSRUORJHQHUDOGHODSUHYLVLyQ PHWHRUROyJLFDGHOWLHPSR6RSHQD 3URKLELU ,PSHGLUXQDFRQGXFWDTXHSRUJHQHUDOL]DGDDPHQD]DFRQSRQHUHQ ULHVJRDO,QWHUpV*HQHUDO 3URSLHGDG
'HUHFKRTXHHQXQFLDTXHTXLHQVHKXELHVHDSURSLDGRHQIRUPD OHJtWLPD GH XQ REMHWR PDWHULDO GH FXDOTXLHU WLSR RHVSHFLHSXHGHFRQVHUYDUOR FRPRVXRGLVSRQHUGHpOOLEUHPHQWH -XQWR FRQ ORV GH OLEHUWDG LJXDOGDG VHJXULGDG HO GHUHFKR GH SURSLHGDG FRPSOHWDHOFRQMXQWRGHGHUHFKRVQDWXUDOHVTXHIXHURQGHVFXELHUWRVDILQHVGHO VLJOR ;9,,, (O GHVFXEULPLHQWR RFXUULy HQ )UDQFLD KDFLD HO DxR 3RU DTXHOODpSRFDFREUDEDIXHU]DHQWUHORVPiVGLVWLQJXLGRVLQWHOHFWXDOHVGHO5HLQR ODKLSyWHVLVGHTXHKDEtDDOJXQRVGHUHFKRVTXHOHMRVGHVXUJLUGHODUELWULRGHORV KRPEUHV HPDQDEDQ GH OD SURSLD QDWXUDOH]D SRU WDQWR HUDQ WUDVFHQGHQWHV H LPSUHVFULSWLEOHV$HIHFWRVGHGHVFXEULUHVWRVGHUHFKRVVHHQFRPHQGyDYDULRV LQWHJUDQWHVGHOD$VDPEOHDRQVWLWXHQWHTXHRULJLQDOPHQWHWHQtDSRUFRPHWLGR UHGDFWDUXQDRQVWLWXFLyQQRLQWHUURJDUDORVPLVWHULRVGHODQDWXUDOH]D UHXQLU HYLGHQFLD DO UHVSHFWR HOHYDU ORV UHVXOWDGRV D OD $VDPEOHDSDUDVXGLVFXVLyQ 'XUDQWH ODUJDV VHVLRQHV ORV KRQRUDEOHV $VDPEOHtVWDV VH GHGLFDURQ D OD WDUHD WUDEDMDQGRHQGRVJUXSRVTXHVHJ~QDOJXQRVHVWXGLRVRV3LOOLSH*XLOORW%UHYH 5HVHxDGHOD2EUDGHOD$VDPEOHDRQVWLWXHQWHGH7RPR,9SiJ (G
81.
FRQVWLWXHQHOPiVFODURDQWHFHGHQWHGHORTXHWDQVRORFXDWURDxRV PiVWDUGHVHUtDQ-DFRELQRV*LURQGLQRVHQODRQYHQFLyQ)UDQFHVD$OFDERGH DOJ~QWLHPSRDPERVJUXSRVKDEtDQOOHJDGRDVXVFRQFOXVLRQHVODVFXDOHVHUDQ FRQWUDGLFWRULDV PLHQWUDV TXH
SDUD HO SULPHUR ORV GHUHFKRV QDWXUDOHV HUDQ OLEHUWDGLJXDOGDGUHVLVWHQFLDDODRSUHVLyQSDUDHOVHJXQGRHUDQSURSLHGDG VHJXULGDG(QUHDOLGDGHUDHVWHVHJXQGRJUXSRTXLHQQRFHGtDHQVXSRVLFLyQHQ WDQWRHOSULPHURKDEtDGDGRVHxDOHVGHDGPLWLUODLQFOXVLyQGHDPERVFRQMXQWRV GHGHUHFKRVHQHOLQIRUPHTXHVHOHVKDEtDHQFRPHQGDGR(QHVWHHVWDGRGH FRVDV FXDQGR D VH GHVFDUWDED OD SRVLELOLGDG GH XQ DFXHUGR LQWHUFHGLy XQ MRYHQRQVWLWXHQWHHQODGLVSXWD*XLOORWFUHHUHFRQRFHUHQHVWHSHUVRQDMHD /DIDHWWHDXQTXH/DXWUHPRQWVRVWLHQHTXHVHWUDWDEDGH%UL]RW
82.
TXLHQHQIRUPD LQFRQVXOWD QHJRFLy FRQ
HO SULPHU JUXSR OD LQFOXVLyQ GH OD WRWDOLGDG GH ORV GHUHFKRV OD HOHYDFLyQ GHO LQIRUPH FRQ OD YROXQWDG XQiQLPH GH ORV $VDPEOHtVWDV$OHQWHUDUVHGHHOORORVLQWHJUDQWHVGHOVHJXQGR JUXSRLQTXLULHURQ DO IDOVR UHSUHVHQWDQWH GH VXV LQWHUHVHV VREUH OD UD]yQ GH VXV DFWRV (VWH UHVSRQGLy +RQRUDEOHVRQVWLWXHQWHV 1RKHVLGRQXQFDDMHQRDYXHVWUDVUD]RQDEOHVGXGDVVREUHODFRQYHQLHQFLDGHWDOHVGHUHFKRVR PLVPRSDUWLFLSpGHHVHVHQWLPLHQWRGXUDQWHDOJ~QWLHPSR3HURKHPHGLWDGRODUJDPHQWHVREUHHO SUREOHPDILQDOPHQWHVXUJLHURQHQPLDOPDDOJXQDVLGHDVTXHPHLPSXOVDURQDREUDUGHOD IRUPD TXH PH HQGLOJDQ $KRUD R OHV SUHJXQWR D XVWHGHV ¢3RUTXp KDEpLV GH WHPHU D OD LJXDOGDG VLHVWHGHUHFKRQRLQFOXHODLJXDODSURSLDFLyQGHORVELHQHV¢3RUTXpWHPHUDOD
83.
OLEHUWDGVLpVWDWHUPLQDGRQGHFRPLHQ]DQORVOtPLWHVGHORTXHQRVHVSURSLR¢3RUTXpGXGDU GHOGHUHFKRGHUHVLVWHQFLDDODRSUHVLyQVLDTXpOQRKDELOLWDDUHVLVWLUHOGHUHFKRGH SUHVHUYDU DTXHOORTXHQRVSHUWHQHFH (OVHJXQGRJUXSRDSRyODVQHJRFLDFLRQHVGHOMRYHQRQVWLWXHQWHHOLQIRUPH IXHUHGDFWDGRHQXQDQLPLGDGLQFOXHQGRORVFLQFRGHUHFKRVUHIHULGRV7UDVXQ EUHYHGHEDWHHQOD$VDPEOHDVHFRQVLGHUyRSRUWXQRLQFOXLUORVHQOD'HFODUDFLyQ GH'HUHFKRVTXHVHUYLUtDGHSUyORJRDODRQVWLWXFLyQHQWUiPLWHGHHODERUDFLyQ 3URHFWR GH
LQYHVWLJDFLyQ )RUPD DGPLQLVWUDWLYD GH XVR UHJXODU HQWUH VRFLyORJRV RWURV FLHQWtILFRV VRFLDOHV UHGDFWDGD FRQ OD ILQDOLGDG GH VROLFLWDU DSRR ILQDQFLHUR GHO (VWDGR X RUJDQL]DFLRQHV H[WUDQMHUDV TXH VH GHGLFDQ D EULQGDUOR RPR VH VDEH ORV SHUtRGRV GH SURGXFFLyQ LQWHOHFWXDO GH XQ VRFLyORJR VRQ VXPDPHQWHHVFDVRVPXFKRVGHHOORVVROROOHJDQDH[SHULPHQWDUORXQDYH]HQVX YLGD £PXFKRV MDPiV OOHJDQ D SDVDU SRU XQD GH HVDVHWDSDV
84.
SRUORTXHHQHO WLHPSR HQ TXH
SHUPDQHFHQ LQWHOHFWXDOPHQWH LQDFWLYRV GHEHQ SURFXUDU VX VXVWHQWRGHDOJXQDIRUPDDULHVJRGHPRULUGHLQDQLFLyQRWHQHUTXHDEDQGRQDU VXRILFLRSRURWURPiV~WLODODFRPXQLGDG/RVRUJDQLVPRVTXHSUHVWDQDXGD ILQDQFLHUD DWLHQGHQ HVWD SUREOHPiWLFD FXPSOLHQGR DVt XQD PLVLyQ FRQVHUYDFLRQLVWD /RVSURHFWRVGHLQYHVWLJDFLyQVRQGHIiFLOHODERUDFLyQOLPLWiQGRVHDXQDVHULH SUHFLVDGHtWHPVTXHGHEHQVHUDERUGDGRVHQIRUPDUHVXPLGDHVWLOR SUHILMDGR /DPHQWDEOHPHQWH ORV IRUPXODULRV GHPiV LPSUHVRV GHVWLQDGRV D VHU FRPSOHWDGRV SDUD OD VROLFLWXG GH DVLVWHQFLD ILQDQFLHUD LQFOXHQ MXQWR FRQ HO HVSDFLRSDUDH[SRQHUHOSURHFWRXQDVHULHGHtWHPVFRPSOHPHQWDULRVTXHQR UHVXOWDQGHWDQVHQFLOOD UHVSXHVWDDXQTXHHOVRFLyORJRSXHGHUHFXUULUHQHVWRV FDVRVDODWUDGLFLyQFRQVXHWXGLQDULDTXHFRQVXVFROHJDVFRPSDUWHDOUHVSHFWR/D FRPSOHML]DFLyQGHOPDWHULDOLPSUHVRHVSRUWRGRVDFHSWDGDFRPRIRUPDGHHYLWDU TXH IDOVRV VRFLyORJRV DFFHGDQ D ORV PHGLRV IRUPDOHV SDUD VROLFLWDU GLQHUR FRQYLUWLHQGRDVtDHVWDQREOHIXQFLyQVRFLDOHQXQQLGRGHRSRUWXQLVWDV7UDVHO HQYtR GH XQ SURHFWR GH LQYHVWLJDFLyQ VX DSUREDFLyQ SRU SDUWH GH OD LQVWLWXFLyQEHQHIDFWRUDVHFRQFHGHHOGLQHURFRQODVROLFLWXGDOEHQHILFLDULRGH TXHHQXQGHWHUPLQDGRODSVRGHWLHPSRHOHYHXQLQIRUPHVREUHORVUHVXOWDGRVGH VXLQDFWLYLGDGGXUDQWHHOWLHPSRHQTXHGLVIUXWyGHODDVLVWHQFLD(VWRVLQIRUPHV VXHOHQ VHU OXHJR SXEOLFDGRV VLUYHQ D OD LQVWLWXFLyQSDWURFLQDQWHSDUDSUREDU DQWHHOILVFRTXHQRVHGHGLFDDSURPRYHUREUDVGHLQWHUpVLQWHOHFWXDOVRFLDOGH ODV FXDOHV REWHQGUtD VHJXUDPHQWH XQ SURYHFKR R EHQHILFLR SURSLR
85.
VLQR D DTXHOODODERUGHEHQHILFHQFLDFRQORTXHHVH[RQHUDGDGHLPSXHVWRV
86.
5 5DFLRQDOLVPR DPLQR DO
GHVHR VLQ ORV RUQDPHQWRV GH OD SDVLyQ (V HQ FRQVHFXHQFLDHOPiVUiSLGRHOPiVVHJXURHOPHQRVLQWHUHVDQWHGHORVFDPLQRV 5DFLVPR $GPLQLVWUDGRU PRUDO TXH SRVLELOLWD HO GHVSOLHJXH GH QXHVWURV VHQWLPLHQWRV GH DFXHUGR D UHJODV FODUDV SUHFLVDV KDFLHQGR GHOGHVSUHFLRHO RGLRHOUHQFRUTXHGHRWUDIRUPDSURGLJDUtDPRVJHQpULFDPHQWHKDFLDQXHVWUR SUyMLPR XQDFXHVWLyQHSLGpUPLFD (OUDFLVPRKDDFRPSDxDGRODKLVWRULDGHODKXPDQLGDG+DGHVDWDGRJXHUUDV IXQGDGR LPSHULRV PROGHDGR OD JHRJUDItD SROtWLFD GHO SODQHWD 7RGD HVWD HYLGHQFLD KLVWyULFD SRGUtD IXQGDU OD WHVLV TXH HO UDFLVPR IRUPD SDUWH GH OD FRQGLFLyQKXPDQDTXHSRUWDQWRSHUPDQHFHUiDWUDYpVGHORVWLHPSRV3HUR HVWD WHVLV HV D WRGDV OXFHV IDOVD D TXH HQ QXHVWUD pSRFD HO UDFLVPR HV FRQVLGHUDGR XQ VHQWLPLHQWR SRU GHPiV LQFRQYHQLHQWH D KRPEUHV FXOWRV FLYLOL]DGRV VX SHUPDQHQFLD VROR VH REVHUYD HQ DOJXQRV SRFRV SXHEORV LJQRUDQWHVTXHSXHEODQDSDUWDGDVUHJLRQHVGHOSODQHWD1XHVWUDpSRFDFRQGHQD WRGDIRUPDGHUDFLVPRHVWHOH[LFyJUDIRQRSXHGHPiVTXHXQLUVHDHVWHHVWDGR GHiQLPRFROHFWLYRVHQWHQFLDQGRFRQ0DUN7ZDLQRQRSUHJXQWRGHTXpUD]DHVXQ KRPEUHEDVWDTXHVHDXQVHUKXPDQRQDGLHSXHGHVHUQDGDSHRU 5HYROXFLyQ 3DVDMHURHVWDGRGHH[FLWDFLyQGHOFXHUSRVRFLDOTXHVHYHULILFD FXDQGR SRU LQGLJQDFLyQ R DEXUULPLHQWR DTXHO GHFLGH VDFXGLUVH XQ SRFR GHVKDFLpQGRVHDVtGHXQRVFXDQWRVKRPEUHVHLQVWLWXFLRQHVPROHVWDV$QWHVDODGH XQQXHYRHVWDGRGHOWHGLRGRQGHORVSULQFLSLRVVHWRUQDQHQSODQHVGHJRELHUQR ODV FRQVLJQDV HQ KLPQRV ORV KpURHV HQ SOD]DV ORV OtGHUHV HQ WRUSHV DGPLQLVWUDGRUHVGHORUGHQHPHUJHQWH 5RO 3DXWDGHFRQGXFWDGHXQDFWRUIXQGDGDHQODVH[SHFWDWLYDVTXHVREUHVX RFXUUHQFLD JXDUGDQ DOJXQRV GH VXV FRQJpQHUHV /DV VRFLHGDGHV SULPLWLYDV DVLJQDEDQ UROHV ~QLFRV JHQHUDOPHQWH LPSUHVFULSWLEOHV D VXV LQWHJUDQWHV XQ VDFHUGRWH HUD VDFHUGRWH XQ VROGDGR HUD VROGDGR XQ QREOH HUD QREOH (Q OD DFWXDOLGDGORVLQGLYLGXRVGHVHPSHxDQP~OWLSOHVUROHVFRPRSRUHMHPSORSDGUH DERJDGRGLSXWDGRFRQWUDEDQGLVWDFUHHQWHSUR[HQHWDVRFLRGHO$3HxDURO WRGRDOPLVPRWLHPSRORTXHFRQVWLWXHXQDPXHVWUDPiVGHOFDUiFWHUOLEHUDO GHPRFUiWLFRGHQXHVWUDVVRFLHGDGHV
87.
6 6HFXODUL]DFLyQ 3URFHVRSRUHOFXDOXQDVRFLHGDGDEDQGRQDODUHOLJLyQTXH KDVWDHQWRQFHVDEUD]DEDVXVWLWXpQGRODSRURWUDPiVSHUWLQHQWHDOHVWDGRHQHO TXHKDGHJHQHUDGR 6HOHFFLyQDOHDWRULD(QLQYHVWLJDFLyQFXDQWLWDWLYDGHMDUODVROXFLyQGHEXHQD SDUWH GH
ORV SUREOHPDV GHO HVWXGLR GH OD GLYHUVLGDG KXPDQD HQ PDQRV GHO EROLOOHUR 6RFLDOL]DFLyQ 0HFDQLVPRSRUHOFXDOXQDFRPXQLGDGHQVHxDDGHVFXEULUD VXVQXHYRVLQWHJUDQWHVODVQRUPDVORVYDORUHVODVFUHHQFLDVTXHHOORVPLVPRV JXDUGDQHQORPiVSURIXQGRGHVXVHUFRPRVLJQRGHVXLQGLYLGXDOLGDGTXH LQYDULDEOHPHQWH FRLQFLGHQ FRQ ODV QRUPDV YDORUHV FUHHQFLDV TXH SURIHVD OD FRPXQLGDGHQTXHKDELWDQXDQGRSRUDOJ~QH[WUDxRDFFLGHQWHHODSUHQGL]QR ORJUD GHVFXEULU WDOHV FRUUHVSRQGHQFLDV HQWUDQ HQ IXQFLRQDPLHQWR RWURV PHFDQLVPRVTXHOHHQVHxDQODFRQYHQLHQFLDGHVHJXLUEXVFDQGR(QODOLWHUDWXUD VRFLROyJLFDVHGHQRPLQDQFRQWUROVRFLDO 6RFLHGDG $JUHJDGRPiVRPHQRVFDyWLFRGHVHUHVKXPDQRVFRQYHQFLGRVTXH IRUPDQSDUWHGHXQDDJUXSDFLyQQDWXUDOGHSHUVRQDVXQDXQLGDGGLVWLQWDGHFDGD FXDOGHVXVPLHPEURVSDUDFXPSOLU PHGLDQWHODPXWXDFRRSHUDFLyQWRGRVR DOJXQRVGHORVILQHVGHODYLGD6HGLIHUHQFLDGHXQDFRPXQLGDGDTXHHQHVWD ~OWLPDVXVLQWHJUDQWHVDGHPiVGHFRPSDUWLUDTXHOODFUHHQFLDFRQVLGHUDQTXHHVR HVEXHQR 6RFLRORJtD LHQFLD TXH VH RFXSD GHO HVWXGLR GH FDVL WRGRV ORV IHQyPHQRV VRFLDOHVDH[FHSFLyQGHDTXHOORVGHQDWXUDOH]DHFRQyPLFDTXHVRQDERUGDGRV SRU ORV HFRQRPLVWDV R GH FRQWHQLGR SROtWLFR TXH RFXSDQ HO LQWHUpV GH ORV SROLWyORJRVGHWLSRFXOWXUDOTXHVRQREMHWRGHODQWURSyORJRVRFLDORGHDQWHULRU RFXUUHQFLD WHPSRUDO TXH UHVXOWDQ DWHQGLGRV SRU ORV KLVWRULDGRUHV GH FDUDFWHUtVWLFDVPLFURVRFLDOHVTXHVRQHVWXGLDGRVSRUORVSVLFyORJRVVRFLDOHVR HQORVTXHPHGLDODFRPXQLFDFLyQDTXHVRQPDWHULDGHORVVHPLyORJRVORV FRPXQLFDGRUHVVRFLDOHV
88.
6RFLyORJR,QWHJUDQWHGHXQDGHODVHVSHFLHVGHLQGLYLGXRVTXHKDEODQVREUHOR VRFLDO(OVRFLyORJR VHXELFDHQPHGLRGHGRVJHQHUDFLRQHVMXQWRFRQODVFXDOHV FRPSDUWH HO
iUERO JHQHDOyJLFR GH HVWD VLQJXODU IDPLOLD GH SDUODQWHV (V GHVFHQGLHQWHGHOSHQVDGRUVRFLDOFRQTXLpQVHGLIHUHQFLDSRUSHQVDUODVVRFLHGDGHV FRPR VRQ QR FRPR GHELHUDQ VHU HV DQWHFHVRU GHO WpFQLFR VRFLDO GH TXLpQ VH GLVWLQJXHSRUKDEODUGHORTXHHVQRGHORTXHIXQFLRQDHQHOPHUFDGR
89.
3RU UHVXOWDUWDQDPSOLRVXFDPSRGHDSOLFDFLyQUHVXOWDQKDELOLWDQWHVSDUDVXHMHUFLFLR DGHPiV GHO GH
6RFLyORJR ORV WtWXORV GH $ERJDGR ,QJHQLHUR $JUyQRPR %DFKLOOHU 6336 6RIWZDUHTXHXQDYH]DOLPHQWDGRFRQQ~PHURVRUGHQDGRVHQIRUPDGH PDWUL]GHYXHOYHFXDGURVPXYLVWRVRVTXHVLUYHQSDUDDGRUQDUORVLQIRUPHVGH LQYHVWLJDFLyQRPRHQVHxD$PDQGRGH0LJXHO+DXQDVHULHGHPRGHORVGHFXDGURV
90.
(VRVPRGHORVVHUHOOHQDQFRQORVSRUFHQWDMHVRtQGLFHVFRUUHVSRQGLHQWHVVHLQWHUFDODQHQHO WH[WR 6XE RFXSDGR,QGLYLGXR TXH
SRU GLVSRQHU GH WLHPSR SXHGH GHGLFDUVH D PHMRUDUORVQ~PHURVGHOJRELHUQRSDUWLFLSDQGRHQODVHVWDGtVWLFDVGHHPSOHR DOPLVPRWLHPSRPHMRUDUORVGHOHPSUHVDULRLQWHJUDQGRHOHMHUFLWRGHUHVHUYD__ 3HUVRQDTXHJXVWDPDWL]DUODVSUHVLRQHVGHOWUDEDMRFRQODVWHQVLRQHVGHOSDUR
91.
7 7HUFHUDYtD DPLQRGLVWLQWRGHOVRFLDOLVPRGHOFDSLWDOLVPRTXHFRQGXFH GHOFDSLWDOLVPRDOFDSLWDOLVPR__'HQRPLQDFLyQTXHXWLOL]DQORVSROtWLFRVGHL]TXLHUGD SDUDKDFHUSROtWLFDGHGHUHFKD 7RXUDLQH 7HUURULVWD
,QGLYLGXRTXHSRUH[SHULHQFLDVDEHTXHODHILFDFLDGHXQDFWRHV LQYHUVDPHQWHSURSRUFLRQDODODH[KLELFLyQGHVXVSUHSDUDWLYRV(QHVWHHORJLDEOH JHVWRGHLQWHOLJHQFLDUDGLFDSUHFLVDPHQWHVXKHUHMtD 7UDEDMR8QRGHORVSURFHVRVSRUORVTXH$REWLHQHELHQHVSDUD%%LHUFH 3RU WUDWDUVH GH XQD DFWLYLGDG WDQ LQFyPRGD SDUD $
92.
FRPR ~WLO SDUD
%
93.
IXH QHFHVDULRHOHYDUODDOUDQJRGHYDORUPRUDOVLWXDUODFRPRFRQGLFLyQPLVPDGHO VHUKXPDQRKRPRIDEHU
94.
MXVWDPHQWHHQHOWLHPSRHQTXHDTXpOVHFRQVWLWXtDHQ JDUDQWtDVXSUHPDGHUHSURGXFFLyQGHORUGHQVRFLDO'HVGHVHKDEODLQFOXVR GHOGHUHFKRDOWUDEDMRORTXHFRQVWLWXHXQYHUGDGHURFRQWUDVHQWLGR 7HyULFR,QGLYLGXRTXHGLFHTXHRWURGLFH 3DUD OOHJDU D
VHU XQ EXHQ WHyULFR HV QHFHVDULR OHHU PXFKR 'HEH XVWHG SDVDU EXHQD SDUWH GH VX YLGD HQWUH SHULyGLFRV UHYLVWDV SDSHUV H LQFOXVR OLEURV (O HMHUFLFLR GH HVWD DFWLYLGDG SXHGH DIHFWDU OD VDOXG 3RU HMHPSOR XQ WHyULFR HPLQHQWHTXHGHFLGLyXQGtDOHYDQWDUVHGHVXHVFULWRULRSDUDREVHUYDUHOPXQGR WHQtD HOFXHOORWDQFRQWUDtGRTXHVRORSXGRPLUDUVHHORPEOLJR
95.
9 9DORU $WULEXWR SRVLWLYR
GH XQD SHUVRQD DFWLWXG X REMHWR SDVLEOH GH VHU FXDQWLILFDGRGHDFXHUGRDVXXWLOLGDGRVXHTXLYDOHQWHHQPHWiOLFR 9DULDEOH 3URSLHGDG GH XQ REMHWR GHILQLGD REVHUYDGD FRGLILFDGD SUHVHQWDGD FRPR XQD VHFXHQFLD ILQLWD GH PDQLIHVWDFLRQHV PXWXDPHQWH H[FOXHQWHV RPSDUDGR FRQ ODV QRFLRQHV GH IHQyPHQR DFRQWHFLPLHQWR R SURFHVRUHVXOWDH[FHVLYDPHQWHVLPSOH3HURSRVHHODHQRUPHYLUWXGGHVXSRQHU GHVGHVXPLVPDGHILQLFLyQTXHWRGRIUDJPHQWRGHOPXQGRHVWiFRPSXHVWRSRU FDVRV GLYHUVRV GH DKt TXH XQR GH ORV SUREOHPDV PiV LPSRUWDQWHV SDUD ODV FLHQFLDVVRFLDOHVVHDH[SOLFDURDOPHQRVGDUFXHQWDGH HVDGLYHUVLGDG-XQWRFRQ OD QRFLyQ GH LQIHUHQFLD HVWDGtVWLFD TXH VXSRQH OD QDWXUDOH]D SUREDELOtVWLFD GH FXDOTXLHUDILUPDFLyQVREUHODVFRVDVFRQVWLWXHHOPDRUDSRUWHGHODOODPDGD PHWRGRORJtDFXDQWLWDWLYDDODHSLVWHPRORJtDGHODVFLHQFLDVVRFLDOHV 9HJHWDULDQR3HUVRQDGHFDUiFWHUGHQWDGXUDGpELOHV 9HMH] (QIHUPHGDGTXHDVRODDODKXPDQLGDGGHVGHHORULJHQGHORVWLHPSRVD ODVRFLRORJtDGHVGH 9HQGHGRU (VSHFLHGHDOTXLPLVWDTXHFRQHODX[LOLRGHVXOHQJXDWUDQVIRUPD XQWRVFRSURGXFWRGHODIDFWRUtDHQXQWUR]RGHOSUHFLRVRPHWDODQWHORVRMRVGH XQWRQWRXDQGRODVFRQGLFLRQHVGHSURGXFFLyQVRQHVWDEOHVHOYROXPHQGHOD GHPDQGDSUHGHFLEOHHOYHQGHGRUHVDSHQDVHO0RQDJXLOORHQODJUDQFHUHPRQLD GH FLUFXODFLyQ GH ODV PHUFDQFtDV XDQGR SRU HO FRQWUDULR OD SURGXFFLyQ HV FRXQWXUDOPHQWHH[FHVLYDRHVWUXFWXUDOPHQWHLQFLHUWDVHHOHYDDODFRQGLFLyQGH 6DQWR
96.
9RWR 3UiFWLFD FROHFWLYD
UHFRPHQGDGD SRU SROtWLFRV SROLWyORJRV SDUD HO PDQWHQLPLHQWRGHODVDOXGGHOFXHUSRVRFLDO$SHVDUGHVXFDUiFWHUEHQpILFRORV HVSHFLDOLVWDVDFRQVHMDQTXHVHUHDOLFHVyORXQDYH]FDGDFLQFRDxRVHQWDQWRVHKD FRPSUREDGRFRPRFRQODYLWDPLQD' TXHDGPLQLVWUDGRFRQPDRUIUHFXHQFLD VHWRUQDQRFLYRSDUDHORUJDQLVPRRPRHQWRGDVODVFXHVWLRQHVKXPDQDVHO H[FHVRUHVXOWDVLHPSUHGHVDFRQVHMDEOH
97.
1RVRXQLQYHVWLJDGRUFRQODRUHMDSHJDGDDORMRGHODFHUUDGXUDGHOWDOOHUGHOD 1DWXUDOH]DTXHWUDWDFRQYXOJDUFXULRVLGDGGHUREDUOHORVVHFUHWRVGHORILFLR/RV LQWHUHVHVGHODFLHQFLDWLHQHQWDQSRFDLPSRUWDQFLDSDUDPtFRPRSDUHFHTXHORV PtRVKDQWHQLGRSDUDODFLHQFLD $%,(5((O+LSQRWL]DGRU (Q(OOXEGHORV3DUULFLGDV FLUFD (O KXPRU
HVFpSWLFR HV SXHV XQ PHGLR HSLVWHPROyJLFR PXVHULRVLUYHSDUD TXHEUDUODLOXVLyQGHORUHDOHVWDEOHFHUODVUHODFLRQHVIXQGDPHQWDOHVSDVDUGHOR VRFLDODORVRFLROyJLFR :,1.,1(UYLQJ*RIIPDQ %LRJUDItDGHXQ6RFLyORJR-RYHQ (Q/RV0RPHQWRVVXV+RPEUHV $JUDGHFLPLHQWRV $-LPHQD/HR*UDFLHOD)HUQDQGRSRUVXVFRPHQWDULRVFUtWLFD $$OHQSRUODSULPHUDHGLFLyQHQ:HE
Download now