GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh...

28
/H\GHGHQRYLHPEUHGH3UHYHQFLyQGH5LHVJRV/DERUDOHV 6XPDULR &$3¸78/2,2%-(72¨0%,72’($3/,&$&,ˇ1<’(),1,&,21(6 x $UWtFXOR1RUPDWLYDVREUHSUHYHQFLyQGHULHVJRVODERUDOHV x $UWtFXOR2EMHWR\FDUiFWHUGHODQRUPD x $UWtFXOR$PELWRGHDSOLFDFLyQ x $UWtFXOR’HILQLFLRQHV &$3¸78/2 ,, 32/¸7,&$ (1 0$7(5,$ ’( 35(9(1&,ˇ1 ’( 5,(6*26 3$5$ 3527(*(5/$ 6(*85,’$’</$6$/8’(1(/75$%$-2 x $UWtFXOR2EMHWLYRVGHODSROtWLFD x $UWtFXOR1RUPDVUHJODPHQWDULDV x $UWtFXOR$FWXDFLRQHVGHODV$GPLQLVWUDFLRQHVS~EOLFDVFRPSHWHQWHVHQPDWHULDODERUDO x $UWtFXOR,QVWLWXWR1DFLRQDOGH6HJXULGDGH+LJLHQHHQHO7UDEDMR x $UWtFXOR,QVSHFFLyQGH7UDEDMR\6HJXULGDG6RFLDO x $UWtFXOR$FWXDFLRQHVGHODV$GPLQLVWUDFLRQHVS~EOLFDVFRPSHWHQWHVHQPDWHULDVDQLWDULD x $UWtFXOR&RRUGLQDFLyQDGPLQLVWUDWLYD x $UWtFXOR3DUWLFLSDFLyQGHHPSUHVDULRV\WUDEDMDGRUHV x $UWtFXOR&RPLVLyQ1DFLRQDOGH6HJXULGDG\6DOXGHQHO7UDEDMR &$3¸78/2,,,’(5(&+26<2%/,*$&,21(6 x $UWtFXOR’HUHFKR DODSURWHFFLyQIUHQWHDORVULHVJRVODERUDOHV x $UWtFXOR3ULQFLSLRVGHODDFFLyQSUHYHQWLYD x $UWtFXOR(YDOXDFLyQGHORVULHVJRV x $UWtFXOR(TXLSRVGHWUDEDMR\PHGLRVGHSURWHFFLyQ x $UWtFXOR,QIRUPDFLyQFRQVXOWD\SDUWLFLSDFLyQGHORV WUDEDMDGRUHV x $UWtFXOR)RUPDFLyQGHORVWUDEDMDGRUHV x $UWtFXOR0HGLGDVGHHPHUJHQFLD x $UWtFXOR5LHVJRJUDYHHLQPLQHQWH x $UWtFXOR9LJLODQFLDGHODVDOXG x $UWtFXOR’RFXPHQWDFLyQ x $UWtFXOR&RRUGLQDFLyQGHDFWLYLGDGHVHPSUHVDULDO HV x $UWtFXOR3URWHFFLyQGHWUDEDMDGRUHVHVSHFLDOPHQWHVHQVLEOHVDGHWHUPLQDGRVULHVJRV x $UWtFXOR3URWHFFLyQGHODPDWHUQLGDG x $UWtFXOR3URWHFFLyQGHORVPHQRUHV x $UWtFXOR 5HODFLRQHV GH WUDEDMR WHPSRUDOHV GH GXUDFLyQ GHWHUPLQDGD \ HQ HP SUHVDV GH WUDEDMRWHPSRUDO x $UWtFXOR2EOLJDFLRQHVGHORVWUDEDMDGRUHVHQPDWHULDGHSUHYHQFLyQGHULHVJRV &$3¸78/2,96(59,&,26’(35(9(1&,ˇ1 x $UWtFXOR3URWHFFLyQ\SUHYHQFLyQGHULHVJRVSURIHVLRQDOHV x $UWtFXOR6HUYLFLRVGHSUHYHQFLyQ x $UWtFXOR $FWXDFLyQ SUHYHQWLYD GH ODV 0XWXDV GH $FFLGHQWHV GH 7UDEDMR \ (QIHUPHGDGHV 3URIHVLRQDOHV &$3¸78/29&2168/7$<3$57,&,3$&,ˇ1’(/2675$%$-$’25(6 x $UWtFXOR&RQVXOWDGHORVWUDEDMDGRUHV

Transcript of GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh...

Page 1: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

/H\����������GH���GH�QRYLHPEUH��GH�3UHYHQFLyQ�GH�5LHVJRV�/DERUDOHV�6XPDULR�&$3Ë78/2�,��2%-(72��È0%,72�'(�$3/,&$&,Ï1�<�'(),1,&,21(6x $UWtFXOR����1RUPDWLYD�VREUH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV��x $UWtFXOR����2EMHWR�\�FDUiFWHU�GH�OD�QRUPD��x $UWtFXOR����$PELWR�GH�DSOLFDFLyQ��x $UWtFXOR����'HILQLFLRQHV��&$3Ë78/2� ,,�� 32/Ë7,&$�(1�0$7(5,$�'(�35(9(1&,Ï1�'(�5,(6*26�3$5$�3527(*(5�/$�6(*85,'$'�<�/$�6$/8'�(1�(/�75$%$-2x $UWtFXOR����2EMHWLYRV�GH�OD�SROtWLFD��x $UWtFXOR����1RUPDV�UHJODPHQWDULDV��x $UWtFXOR����$FWXDFLRQHV�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�FRPSHWHQWHV�HQ�PDWHULD�ODERUDO��x $UWtFXOR����,QVWLWXWR�1DFLRQDO�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR��x $UWtFXOR����,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO��x $UWtFXOR�����$FWXDFLRQHV�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�FRPSHWHQWHV�HQ�PDWHULD�VDQLWDULD��x $UWtFXOR�����&RRUGLQDFLyQ�DGPLQLVWUDWLYD��x $UWtFXOR�����3DUWLFLSDFLyQ�GH�HPSUHVDULRV�\�WUDEDMDGRUHV��x $UWtFXOR�����&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR��&$3Ë78/2�,,,��'(5(&+26�<�2%/,*$&,21(6x $UWtFXOR�����'HUHFKR D�OD�SURWHFFLyQ�IUHQWH�D�ORV�ULHVJRV�ODERUDOHV��x $UWtFXOR�����3ULQFLSLRV�GH�OD�DFFLyQ�SUHYHQWLYD��x $UWtFXOR�����(YDOXDFLyQ�GH�ORV�ULHVJRV��x $UWtFXOR�����(TXLSRV�GH�WUDEDMR�\�PHGLRV�GH�SURWHFFLyQ��x $UWtFXOR�����,QIRUPDFLyQ��FRQVXOWD�\�SDUWLFLSDFLyQ�GH�ORV�WUDEDMDGRUHV��x $UWtFXOR�����)RUPDFLyQ�GH�ORV�WUDEDMDGRUHV��x $UWtFXOR�����0HGLGDV�GH�HPHUJHQFLD��x $UWtFXOR�����5LHVJR�JUDYH�H�LQPLQHQWH��x $UWtFXOR�����9LJLODQFLD�GH�OD�VDOXG��x $UWtFXOR�����'RFXPHQWDFLyQ��x $UWtFXOR�����&RRUGLQDFLyQ�GH�DFWLYLGDGHV�HPSUHVDULDOHV��x $UWtFXOR�����3URWHFFLyQ�GH�WUDEDMDGRUHV�HVSHFLDOPHQWH�VHQVLEOHV�D�GHWHUPLQDGRV�ULHVJRV��x $UWtFXOR�����3URWHFFLyQ�GH�OD�PDWHUQLGDG��x $UWtFXOR�����3URWHFFLyQ�GH�ORV�PHQRUHV��x $UWtFXOR� ���� 5HODFLRQHV� GH� WUDEDMR� WHPSRUDOHV�� GH� GXUDFLyQ� GHWHUPLQDGD� \� HQ� HPSUHVDV� GH�WUDEDMR�WHPSRUDO��x $UWtFXOR�����2EOLJDFLRQHV�GH�ORV�WUDEDMDGRUHV�HQ�PDWHULD�GH�SUHYHQFLyQ�GH�ULHVJRV��&$3Ë78/2�,9��6(59,&,26�'(�35(9(1&,Ï1x $UWtFXOR�����3URWHFFLyQ�\�SUHYHQFLyQ�GH�ULHVJRV�SURIHVLRQDOHV��x $UWtFXOR�����6HUYLFLRV�GH�SUHYHQFLyQ��x $UWtFXOR� ���� $FWXDFLyQ� SUHYHQWLYD� GH� ODV� 0XWXDV� GH� $FFLGHQWHV� GH� 7UDEDMR� \� (QIHUPHGDGHV�3URIHVLRQDOHV��&$3Ë78/2�9��&2168/7$�<�3$57,&,3$&,Ï1�'(�/26�75$%$-$'25(6x $UWtFXOR�����&RQVXOWD�GH�ORV�WUDEDMDGRUHV��

Page 2: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

x $UWtFXOR�����'HUHFKRV�GH�SDUWLFLSDFLyQ�\�UHSUHVHQWDFLyQ��x $UWtFXOR�����'HOHJDGRV�GH�3UHYHQFLyQ��x $UWtFXOR�����&RPSHWHQFLDV�\�IDFXOWDGHV�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ��x $UWtFXOR�����*DUDQWtDV�\�VLJLOR�SURIHVLRQDO�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ��x $UWtFXOR�����&RPLWp�GH�6HJXULGDG�\�6DOXG��x $UWtFXOR�����&RPSHWHQFLDV�\�IDFXOWDGHV�GHO�&RPLWp�GH�6HJXULGDG�\�6DOXG��x $UWtFXOR�����&RODERUDFLyQ�FRQ�OD�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO��&$3Ë78/2� 9,�� 2%/,*$&,21(6� '(� /26� )$%5,&$17(6�� ,03257$'25(6� <�680,1,675$'25(6x $UWtFXOR�����2EOLJDFLRQHV�GH�ORV�IDEULFDQWHV��LPSRUWDGRUHV�\�VXPLQLVWUDGRUHV��&$3Ë78/2�9,,��5(63216$%,/,'$'(6�<�6$1&,21(6x $UWtFXOR�����5HVSRQVDELOLGDGHV�\�VX�FRPSDWLELOLGDG��x $UWtFXOR�����5HTXHULPLHQWRV�GH�OD�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO��x $UWtFXOR�����3DUDOL]DFLyQ�GH�WUDEDMRV��x $UWtFXOR�����,QIUDFFLRQHV�DGPLQLVWUDWLYDV��x $UWtFXOR�����,QIUDFFLRQHV�OHYHV��x $UWtFXOR�����,QIUDFFLRQHV�JUDYHV��x $UWtFXOR�����,QIUDFFLRQHV�PX\�JUDYHV��x $UWtFXOR�����6DQFLRQHV��x $UWtFXOR�����5HLQFLGHQFLD��x $UWtFXOR�����3UHVFULSFLyQ�GH�ODV�LQIUDFFLRQHV��x $UWtFXOR�����&RPSHWHQFLDV�VDQFLRQDGRUDV��x $UWtFXOR�����6XVSHQVLyQ�R�FLHUUH�GHO�FHQWUR�GH�WUDEDMR��x $UWtFXOR�����/LPLWDFLRQHV�D�OD�IDFXOWDG�GH�FRQWUDWDU�FRQ�OD�$GPLQLVWUDFLyQ��',6326,&,Ï1�$',&,21$/�35,0(5$��'HILQLFLRQHV�D�HIHFWRV�GH�6HJXULGDG�6RFLDO��',6326,&,Ï1�$',&,21$/�6(*81'$� 5HRUGHQDFLyQ�RUJiQLFD��',6326,&,Ï1�$',&,21$/�7(5&(5$�&DUiFWHU�EiVLFR��',6326,&,Ï1�$',&,21$/�&8$57$�'HVLJQDFLyQ�GH�'HOHJDGRV�GH�3UHYHQFLyQ�HQ�VXSXHVWRV�HVSHFLDOHV��',6326,&,Ï1�$',&,21$/�48,17$� )XQGDFLyQ��',6326,&,Ï1� $',&,21$/� 6(;7$� &RQVWLWXFLyQ� GH� OD� &RPLVLyQ� 1DFLRQDO� GH� 6HJXULGDG� \� 6DOXG� HQ� HO�7UDEDMR��',6326,&,Ï1� $',&,21$/� 6e37,0$� &XPSOLPLHQWR� GH� OD� QRUPDWLYD� GH� WUDQVSRUWH� GH� PHUFDQFtDV�SHOLJURVDV��',6326,&,Ï1�$',&,21$/�2&7$9$� 3ODQHV�GH�RUJDQL]DFLyQ�GH�DFWLYLGDGHV�SUHYHQWLYDV��',6326,&,Ï1�$',&,21$/�129(1$� (VWDEOHFLPLHQWRV�PLOLWDUHV��',6326,&,Ï1�$',&,21$/�'e&,0$� 6RFLHGDGHV�FRRSHUDWLYDV��',6326,&,Ï1� $',&,21$/� 81'e&,0$� 0RGLILFDFLyQ� GHO� (VWDWXWR� GH� ORV� 7UDEDMDGRUHV� HQ� PDWHULD� GH�SHUPLVRV�UHWULEXLGRV��',6326,&,Ï1�$',&,21$/�'82'e&,0$� 3DUWLFLSDFLyQ�LQVWLWXFLRQDO�HQ�ODV�&RPXQLGDGHV�$XWyQRPDV��',6326,&,Ï1�$',&,21$/�'(&,027(5&(5$� )RQGR�GH�3UHYHQFLyQ�\�5HKDELOLWDFLyQ��',6326,&,Ï1�75$16,725,$�35,0(5$�$SOLFDFLyQ�GH�GLVSRVLFLRQHV�PiV�IDYRUDEOHV��',6326,&,Ï1�75$16,725,$�6(*81'$��',6326,&,Ï1�'(52*$725,$�Ò1,&$� $OFDQFH�GH�OD�GHURJDFLyQ��',6326,&,Ï1�),1$/�35,0(5$�$FWXDOL]DFLyQ�GH�VDQFLRQHV��',6326,&,Ï1�),1$/�6(*81'$� (QWUDGD�HQ�YLJRU��

Page 3: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

'RQ�-XDQ�&DUORV�,�5H\�GH�(VSDxD�$�WRGRV�ORV�TXH�OD�SUHVHQWH�YLHUHQ�\�HQWHQGLHUHQ��VDEHG�4XH�ODV�&RUWHV�*HQHUDOHV�KDQ�DSUREDGR�\�<R�YHQJR�HQ�VDQFLRQDU�OD�VLJXLHQWH�/H\�(;326,&,Ï1�'(�027,926��� (O�DUWtFXOR������GH�OD�&RQVWLWXFLyQ�(VSDxROD�HQFRPLHQGD�D�ORV�SRGHUHV�S~EOLFRV��FRPR�XQR�GH�ORV�SULQFLSLRV�UHFWRUHV�GH�OD�SROtWLFD�VRFLDO�\�HFRQyPLFD��YHODU�SRU�OD�VHJXULGDG�H�KLJLHQH�HQ�HO�WUDEDMR�(VWH�PDQGDWR�FRQVWLWXFLRQDO�FRQOOHYD�OD�QHFHVLGDG�GH�GHVDUUROODU�XQD�SROtWLFD�GH�SURWHFFLyQ�GH�OD�VDOXG�GH�ORV� WUDEDMDGRUHV�PHGLDQWH� OD�SUHYHQFLyQ�GH� ORV� ULHVJRV�GHULYDGRV�GH� VX� WUDEDMR�\�HQFXHQWUD�HQ� OD�SUHVHQWH�/H\�VX�SLODU�IXQGDPHQWDO��(Q�OD�PLVPD�VH�FRQILJXUD�HO�PDUFR�JHQHUDO�HQ�HO�TXH�KDEUiQ�GH�GHVDUUROODUVH�ODV�GLVWLQWDV�DFFLRQHV�SUHYHQWLYDV��HQ�FRKHUHQFLD�FRQ�ODV�GHFLVLRQHV�GH�OD�8QLyQ�(XURSHD�TXH�KD�H[SUHVDGR�VX�DPELFLyQ�GH�PHMRUDU�SURJUHVLYDPHQWH� ODV�FRQGLFLRQHV�GH�WUDEDMR�\�GH�FRQVHJXLU�HVWH�REMHWLYR�GH�SURJUHVR�FRQ�XQD�DUPRQL]DFLyQ�SDXODWLQD�GH�HVDV�FRQGLFLRQHV�HQ�ORV�GLIHUHQWHV�SDtVHV�HXURSHRV�'H� OD� SUHVHQFLD� GH� (VSDxD� HQ� OD� 8QLyQ� (XURSHD� VH� GHULYD�� SRU� FRQVLJXLHQWH�� OD� QHFHVLGDG� GH� DUPRQL]DU�QXHVWUD� SROtWLFD� FRQ� OD� QDFLHQWH� SROtWLFD� FRPXQLWDULD� HQ� HVWD� PDWHULD�� SUHRFXSDGD�� FDGD� YH]� HQ� PD\RU�PHGLGD��SRU�HO�HVWXGLR�\�WUDWDPLHQWR�GH�OD�SUHYHQFLyQ�GH�ORV�ULHVJRV�GHULYDGRV�GHO�WUDEDMR��%XHQD�SUXHED�GH�HOOR�IXH�OD�PRGLILFDFLyQ�GHO�7UDWDGR�FRQVWLWXWLYR�GH�OD�&RPXQLGDG (FRQyPLFD�(XURSHD�SRU�OD�OODPDGD�$FWD�8QLFD�� D� WHQRU� GH� FX\R� DUWtFXOR� ���� $�� ORV� (VWDGRV� PLHPEURV� YLHQHQ�� GHVGH� VX� HQWUDGD� HQ� YLJRU��SURPRYLHQGR�OD�PHMRUD�GHO�PHGLR�GH�WUDEDMR�SDUD�FRQVHJXLU�HO�REMHWLYR�DQWHV�FLWDGR�GH�DUPRQL]DFLyQ�HQ�HO�SURJUHVR�GH�ODV�FRQGLFLRQHV�GH�VHJXULGDG�\�VDOXG�GH�ORV�WUDEDMDGRUHV��(VWH�REMHWLYR�VH�KD�YLVWR�UHIRU]DGR�HQ�HO�7UDWDGR�GH�OD�8QLyQ�(XURSHD�PHGLDQWH�HO�SURFHGLPLHQWR�TXH�HQ�HO�PLVPR�VH�FRQWHPSOD�SDUD�OD�DGRSFLyQ��D�WUDYpV�GH�'LUHFWLYDV��GH�GLVSRVLFLRQHV�PtQLPDV�TXH�KDEUiQ�GH�DSOLFDUVH�SURJUHVLYDPHQWH�&RQVHFXHQFLD�GH�WRGR�HOOR�KD�VLGR�OD�FUHDFLyQ�GH�XQ�DFHUYR�MXUtGLFR�HXURSHR�VREUH�SURWHFFLyQ�GH�OD�VDOXG�GH�ORV� WUDEDMDGRUHV� HQ� HO� WUDEDMR�� 'H� ODV� 'LUHFWLYDV� TXH� OR� FRQILJXUDQ�� OD� PiV� VLJQLILFDWLYD� HV�� VLQ� GXGD�� OD��������&((� UHODWLYD�D�OD�DSOLFDFLyQ�GH�ODV�PHGLGDV�SDUD�SURPRYHU�OD�PHMRUD�GH�OD�VHJXULGDG�\�GH�OD�VDOXG�GH� ORV� WUDEDMDGRUHV� HQ� HO� WUDEDMR�� TXH� FRQWLHQH� HO� PDUFR� MXUtGLFR� JHQHUDO� HQ� HO� TXH� RSHUD� OD� SROtWLFD� GH�SUHYHQFLyQ�FRPXQLWDULD�/D� SUHVHQWH� /H\� WUDQVSRQH� DO� 'HUHFKR� HVSDxRO� OD� FLWDGD� 'LUHFWLYD�� DO� WLHPSR� TXH� LQFRUSRUD� DO� TXH� VHUi�QXHVWUR� FXHUSR� EiVLFR� HQ� HVWD�PDWHULD� GLVSRVLFLRQHV�GH� RWUDV�'LUHFWLYDV� FX\D�PDWHULD� H[LJH� R� DFRQVHMD� OD�WUDQVSRVLFLyQ�HQ�XQD�QRUPD�GH�UDQJR�OHJDO��FRPR�VRQ�ODV�'LUHFWLYDV�������&((��������&((�\��������&((��UHODWLYDV� D� OD� SURWHFFLyQ� GH� OD�PDWHUQLGDG� \� GH� ORV� MyYHQHV� \� DO� WUDWDPLHQWR� GH� ODV� UHODFLRQHV� GH� WUDEDMR�WHPSRUDOHV��GH�GXUDFLyQ�GHWHUPLQDGD�\�HQ�HPSUHVDV�GH�WUDEDMR�WHPSRUDO�$Vt� SXHV�� HO�PDQGDWR�FRQVWLWXFLRQDO� FRQWHQLGR�HQ�HO� DUWtFXOR������GH�QXHVWUD� OH\�GH� OH\HV�\� OD� FRPXQLGDG�MXUtGLFD�HVWDEOHFLGD�SRU�OD�8QLyQ�(XURSHD�HQ�HVWD�PDWHULD�FRQILJXUDQ�HO�VRSRUWH�EiVLFR�HQ�TXH�VH�DVLHQWD�OD�SUHVHQWH�/H\��-XQWR�D�HOOR��QXHVWURV�SURSLRV�FRPSURPLVRV�FRQWUDtGRV�FRQ�OD�2UJDQL]DFLyQ�,QWHUQDFLRQDO GHO�7UDEDMR�D�SDUWLU�GH� OD� UDWLILFDFLyQ�GHO�&RQYHQLR������VREUH�VHJXULGDG�\�VDOXG�GH� ORV� WUDEDMDGRUHV�\�PHGLR�DPELHQWH� GH� WUDEDMR�� HQULTXHFHQ� HO� FRQWHQLGR� GHO� WH[WR� OHJDO� DO� LQFRUSRUDU� VXV� SUHVFULSFLRQHV� \� GDUOHV� HO�UDQJR�OHJDO�DGHFXDGR�GHQWUR�GH�QXHVWUR�VLVWHPD�MXUtGLFR��� 3HUR� QR� HV� VyOR� GHO�PDQGDWR� FRQVWLWXFLRQDO� \� GH� ORV� FRPSURPLVRV� LQWHUQDFLRQDOHV� GHO�(VWDGR� HVSDxRO� GH�GRQGH�VH�GHULYD�OD�H[LJHQFLD�GH�XQ�QXHYR�HQIRTXH�QRUPDWLYR��'LPDQD�WDPELpQ��HQ�HO�RUGHQ�LQWHUQR��GH�XQD�GREOH� QHFHVLGDG�� OD� GH� SRQHU� WpUPLQR�� HQ� SULPHU� OXJDU�� D� OD� IDOWD� GH� XQD� YLVLyQ� XQLWDULD� HQ� OD� SROtWLFD� GH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�SURSLD�GH�OD�GLVSHUVLyQ�GH�OD�QRUPDWLYD�YLJHQWH��IUXWR�GH�OD�DFXPXODFLyQ�HQ�HO� WLHPSR� GH� QRUPDV� GH� PX\� GLYHUVR� UDQJR� \� RULHQWDFLyQ�� PXFKDV� GH� HOODV� DQWHULRUHV� D� OD� SURSLD�&RQVWLWXFLyQ�HVSDxROD��\��HQ�VHJXQGR�OXJDU��OD�GH�DFWXDOL]DU�UHJXODFLRQHV�\D�GHVIDVDGDV�\�UHJXODU�VLWXDFLRQHV�QXHYDV�QR�FRQWHPSODGDV�FRQ�DQWHULRULGDG�1HFHVLGDGHV� pVWDV� TXH�� VL� VLHPSUH� UHYLVWHQ� LPSRUWDQFLD�� DGTXLHUHQ� HVSHFLDO� WUDVFHQGHQFLD� FXDQGR� VH�UHODFLRQDQ� FRQ� OD� SURWHFFLyQ�GH� OD� VHJXULGDG�\� OD� VDOXG�GH� ORV� WUDEDMDGRUHV� HQ�HO� WUDEDMR�� OD� HYROXFLyQ�GH�FX\DV� FRQGLFLRQHV� GHPDQGD� OD� SHUPDQHQWH� DFWXDOL]DFLyQ� GH� OD� QRUPDWLYD�\� VX� DGDSWDFLyQ� D� ODV� SURIXQGDV�WUDQVIRUPDFLRQHV�H[SHULPHQWDGDV��� 3RU� WRGR� HOOR�� OD� SUHVHQWH� /H\� WLHQH� SRU� REMHWR� OD� GHWHUPLQDFLyQ� GHO� FXHUSR� EiVLFR� GH� JDUDQWtDV� \�UHVSRQVDELOLGDGHV�SUHFLVR�SDUD�HVWDEOHFHU�XQ�DGHFXDGR�QLYHO�GH�SURWHFFLyQ�GH� OD�VDOXG�GH� ORV� WUDEDMDGRUHV�IUHQWH�D� ORV� ULHVJRV�GHULYDGRV�GH� ODV�FRQGLFLRQHV�GH� WUDEDMR��\�HOOR�HQ�HO�PDUFR�GH�XQD�SROtWLFD�FRKHUHQWH��FRRUGLQDGD�\�HILFD]�GH�SUHYHQFLyQ�GH�ORV�ULHVJRV�ODERUDOHV�$�SDUWLU�GHO�UHFRQRFLPLHQWR�GHO�GHUHFKR�GH�ORV�WUDEDMDGRUHV�HQ�HO�iPELWR�ODERUDO�D�OD�SURWHFFLyQ�GH�VX�VDOXG�H� LQWHJULGDG�� OD� /H\� HVWDEOHFH� ODV� GLYHUVDV� REOLJDFLRQHV� TXH�� HQ� HO� iPELWR� LQGLFDGR�� JDUDQWL]DUiQ� HVWH�

Page 4: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

GHUHFKR��DVt�FRPR�ODV�DFWXDFLRQHV�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�TXH�SXHGDQ�LQFLGLU�SRVLWLYDPHQWH�HQ�OD�FRQVHFXFLyQ�GH�GLFKR�REMHWLYR�$O�LQVHUWDUVH�HVWD�/H\�HQ�HO�iPELWR�HVSHFtILFR�GH�ODV�UHODFLRQHV�ODERUDOHV��VH�FRQILJXUD�FRPR�XQD�UHIHUHQFLD�OHJDO�PtQLPD�HQ�XQ�GREOH�VHQWLGR��HO�SULPHUR��FRPR�/H\�TXH�HVWDEOHFH�XQ�PDUFR� OHJDO�D�SDUWLU�GHO�FXDO�ODV�QRUPDV�UHJODPHQWDULDV�LUiQ�ILMDQGR�\�FRQFUHWDQGR�ORV�DVSHFWRV�PiV� WpFQLFRV�GH�ODV�PHGLGDV�SUHYHQWLYDV��\��HO� VHJXQGR�� FRPR� VRSRUWH� EiVLFR� D� SDUWLU� GHO� FXDO� OD� QHJRFLDFLyQ� FROHFWLYD� SRGUi� GHVDUUROODU� VX� IXQFLyQ�HVSHFtILFD��(Q�HVWH�DVSHFWR��OD�/H\�\�VXV�QRUPDV�UHJODPHQWDULDV�FRQVWLWX\HQ�OHJLVODFLyQ�ODERUDO��FRQIRUPH�DO�DUWtFXOR���������GH�OD�&RQVWLWXFLyQ�3HUR��DO�PLVPR�WLHPSR��\�HQ�HOOR�UDGLFD�XQD�GH�ODV�SULQFLSDOHV�QRYHGDGHV�GH�OD�/H\���HVWD�QRUPD�VH�DSOLFDUi�WDPELpQ� HQ� HO� iPELWR� GH� ODV� $GPLQLVWUDFLRQHV� S~EOLFDV�� UD]yQ� SRU� OD� FXDO� OD� /H\� QR� VRODPHQWH� SRVHH� HO�FDUiFWHU� GH� OHJLVODFLyQ� ODERUDO� VLQR� TXH� FRQVWLWX\H�� HQ� VXV� DVSHFWRV� IXQGDPHQWDOHV�� QRUPD� EiVLFD� GHO�UpJLPHQ�HVWDWXWDULR�GH�ORV�IXQFLRQDULRV�S~EOLFRV��GLFWDGD�DO�DPSDUR�GH�OR�GLVSXHVWR�HQ�HO�DUWtFXOR����������GH�OD�&RQVWLWXFLyQ��&RQ�HOOR�VH�FRQILUPD�WDPELpQ�OD�YRFDFLyQ�GH�XQLYHUVDOLGDG�GH�OD�/H\��HQ�FXDQWR�GLULJLGD�D�DERUGDU��GH�PDQHUD�JOREDO�\�FRKHUHQWH��HO�FRQMXQWR�GH�ORV�SUREOHPDV�GHULYDGRV�GH�ORV�ULHVJRV�UHODFLRQDGRV�FRQ�HO�WUDEDMR��FXDOTXLHUD�TXH�VHD�HO�iPELWR�HQ�HO�TXH�HO�WUDEDMR�VH�SUHVWH�(Q� FRQVHFXHQFLD�� HO� iPELWR� GH� DSOLFDFLyQ� GH� OD� /H\� LQFOX\H� WDQWR� D� ORV� WUDEDMDGRUHV� YLQFXODGRV� SRU� XQD�UHODFLyQ� ODERUDO� HQ� VHQWLGR� HVWULFWR�� FRPR� DO� SHUVRQDO� FLYLO� FRQ� UHODFLyQ� GH� FDUiFWHU� DGPLQLVWUDWLYR� R�HVWDWXWDULR�DO�VHUYLFLR�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV��DVt�FRPR�D�ORV�VRFLRV�WUDEDMDGRUHV R�GH�WUDEDMR�GH�ORV�GLVWLQWRV�WLSRV�GH�FRRSHUDWLYDV��VLQ�PiV�H[FOXVLRQHV�TXH�ODV�FRUUHVSRQGLHQWHV��HQ�HO�iPELWR�GH�OD�IXQFLyQ�S~EOLFD��D�GHWHUPLQDGDV�DFWLYLGDGHV�GH�SROLFtD��VHJXULGDG��UHVJXDUGR�DGXDQHUR��SHULWDMH�IRUHQVH�\�SURWHFFLyQ�FLYLO� FX\DV� SDUWLFXODULGDGHV� LPSLGDQ� OD� DSOLFDFLyQ� GH� OD� /H\�� OD� FXDO� LQVSLUDUi�� QR� REVWDQWH�� OD� QRUPDWLYD�HVSHFtILFD�TXH�VH�GLFWH�SDUD�VDOYDJXDUGDU�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�HQ�GLFKDV�DFWLYLGDGHV��HQ�VHQWLGR�VLPLODU��OD�/H\�SUHYp�VX�DGDSWDFLyQ�D�ODV�FDUDFWHUtVWLFDV�SURSLDV�GH�ORV�FHQWURV�\�HVWDEOHFLPLHQWRV�PLOLWDUHV�\�GH�ORV�HVWDEOHFLPLHQWRV�SHQLWHQFLDULRV��� /D�SROtWLFD�HQ�PDWHULD�GH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV��HQ�FXDQWR�FRQMXQWR�GH�DFWXDFLRQHV�GH�ORV�SRGHUHV�S~EOLFRV� GLULJLGDV� D� OD� SURPRFLyQ� GH� OD� PHMRUD� GH� ODV� FRQGLFLRQHV� GH� WUDEDMR� SDUD� HOHYDU� HO� QLYHO� GH�SURWHFFLyQ�GH�OD�VDOXG�\�OD�VHJXULGDG�GH�ORV� WUDEDMDGRUHV��VH�DUWLFXOD�HQ�OD�/H\�HQ�EDVH�D�ORV�SULQFLSLRV�GH�HILFDFLD�� FRRUGLQDFLyQ� \� SDUWLFLSDFLyQ�� RUGHQDQGR� WDQWR� OD� DFWXDFLyQ� GH� ODV� GLYHUVDV� $GPLQLVWUDFLRQHV�S~EOLFDV� FRQ� FRPSHWHQFLDV� HQ�PDWHULD� SUHYHQWLYD�� FRPR� OD� QHFHVDULD� SDUWLFLSDFLyQ� HQ� GLFKD� DFWXDFLyQ� GH�HPSUHVDULRV� \� WUDEDMDGRUHV�� D� WUDYpV� GH� VXV�RUJDQL]DFLRQHV� UHSUHVHQWDWLYDV��(Q�HVWH�FRQWH[WR�� OD�&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR�TXH�VH�FUHD�VH�FRQILJXUD�FRPR�XQ�LQVWUXPHQWR�SULYLOHJLDGR�GH�SDUWLFLSDFLyQ�HQ�OD�IRUPXODFLyQ�\�GHVDUUROOR�GH�OD�SROtWLFD�HQ�PDWHULD�SUHYHQWLYD�3HUR� WUDWiQGRVH� GH� XQD� /H\� TXH� SHUVLJXH� DQWH� WRGR� OD� SUHYHQFLyQ�� VX� DUWLFXODFLyQ� QR� SXHGH� GHVFDQVDU�H[FOXVLYDPHQWH� HQ� OD� RUGHQDFLyQ� GH� ODV� REOLJDFLRQHV� \� UHVSRQVDELOLGDGHV� GH� ORV� DFWRUHV� GLUHFWDPHQWH�UHODFLRQDGRV� FRQ�HO�KHFKR� ODERUDO��(O�SURSyVLWR�GH� IRPHQWDU�XQD�DXWpQWLFD�FXOWXUD�SUHYHQWLYD��PHGLDQWH� OD�SURPRFLyQ�GH� OD�PHMRUD� GH� OD� HGXFDFLyQ� HQ�GLFKD�PDWHULD� HQ� WRGRV� ORV� QLYHOHV� HGXFDWLYRV�� LQYROXFUD�D� OD�VRFLHGDG�HQ�VX�FRQMXQWR�\�FRQVWLWX\H�XQR�GH� ORV�REMHWLYRV�EiVLFRV�\�GH�HIHFWRV�TXL]iV�PiV� WUDQVFHQGHQWHV�SDUD�HO�IXWXUR�GH�ORV�SHUVHJXLGRV�SRU�OD�SUHVHQWH�/H\��� /D�SURWHFFLyQ�GHO�WUDEDMDGRU�IUHQWH�D�ORV�ULHVJRV�ODERUDOHV�H[LJH�XQD�DFWXDFLyQ�HQ�OD�HPSUHVD�TXH�GHVERUGD�HO� PHUR� FXPSOLPLHQWR� IRUPDO� GH� XQ� FRQMXQWR� SUHGHWHUPLQDGR�� PiV� R� PHQRV� DPSOLR�� GH� GHEHUHV� \�REOLJDFLRQHV� HPSUHVDULDOHV� \�� PiV� D~Q�� OD� VLPSOH� FRUUHFFLyQ� D� SRVWHULRUL� GH� VLWXDFLRQHV� GH� ULHVJR� \D�PDQLIHVWDGDV�� /D� SODQLILFDFLyQ� GH� OD� SUHYHQFLyQ� GHVGH� HO� PRPHQWR� PLVPR� GHO� GLVHxR� GHO� SUR\HFWR�HPSUHVDULDO��OD�HYDOXDFLyQ�LQLFLDO�GH�ORV�ULHVJRV�LQKHUHQWHV�DO�WUDEDMR�\�VX�DFWXDOL]DFLyQ�SHULyGLFD�D�PHGLGD�TXH� VH� DOWHUHQ� ODV� FLUFXQVWDQFLDV�� OD� RUGHQDFLyQ� GH� XQ� FRQMXQWR� FRKHUHQWH� \� JOREDOL]DGRU� GH�PHGLGDV� GH�DFFLyQ�SUHYHQWLYD�DGHFXDGDV�D�OD�QDWXUDOH]D�GH�ORV�ULHVJRV�GHWHFWDGRV�\�HO�FRQWURO�GH�OD�HIHFWLYLGDG�GH�GLFKDV�PHGLGDV�FRQVWLWX\HQ�ORV�HOHPHQWRV�EiVLFRV�GHO�QXHYR�HQIRTXH�HQ�OD�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�TXH�OD�/H\� SODQWHD��<�� MXQWR� D� HOOR�� FODUR� HVWi�� OD� LQIRUPDFLyQ� \� OD� IRUPDFLyQ� GH� ORV� WUDEDMDGRUHV� GLULJLGDV� D� XQ�PHMRU� FRQRFLPLHQWR� WDQWR� GHO� DOFDQFH� UHDO� GH� ORV� ULHVJRV� GHULYDGRV� GHO� WUDEDMR� FRPR� GH� OD� IRUPD� GH�SUHYHQLUORV� \� HYLWDUORV�� GH� PDQHUD� DGDSWDGD� D� ODV� SHFXOLDULGDGHV� GH� FDGD� FHQWUR� GH� WUDEDMR�� D� ODV�FDUDFWHUtVWLFDV� GH� ODV� SHUVRQDV� TXH� HQ� pO� GHVDUUROODQ� VX� SUHVWDFLyQ� ODERUDO� \� D� OD� DFWLYLGDG� FRQFUHWD� TXH�UHDOL]DQ�'HVGH� HVWRV� SULQFLSLRV� VH� DUWLFXOD� HO� FDStWXOR� ,,,� GH� OD� /H\�� TXH� UHJXOD� HO� FRQMXQWR� GH� GHUHFKRV� \�REOLJDFLRQHV�GHULYDGRV�R�FRUUHODWLYRV�GHO�GHUHFKR�EiVLFR�GH�ORV�WUDEDMDGRUHV�D�VX�SURWHFFLyQ��DVt�FRPR��GH�PDQHUD�PiV�HVSHFtILFD��ODV�DFWXDFLRQHV�D�GHVDUUROODU�HQ�VLWXDFLRQHV�GH�HPHUJHQFLD�R�HQ�FDVR�GH�ULHVJR�JUDYH�H� LQPLQHQWH�� ODV� JDUDQWtDV� \� GHUHFKRV� UHODFLRQDGRV� FRQ� OD� YLJLODQFLD� GH� OD� VDOXG� GH� ORV� WUDEDMDGRUHV�� FRQ�HVSHFLDO�DWHQFLyQ�D�OD�SURWHFFLyQ�GH�OD�FRQILGHQFLDOLGDG�\�HO�UHVSHWR�D�OD�LQWLPLGDG�HQ�HO�WUDWDPLHQWR�GH�HVWDV�DFWXDFLRQHV�� \� ODV� PHGLGDV� SDUWLFXODUHV� D� DGRSWDU� HQ� UHODFLyQ� FRQ� FDWHJRUtDV� HVSHFtILFDV� GH� WUDEDMDGRUHV��WDOHV�FRPR�ORV�MyYHQHV��ODV�WUDEDMDGRUDV�HPEDUD]DGDV�R�TXH�KDQ�GDGR�D�OX]�UHFLHQWHPHQWH�\�ORV�WUDEDMDGRUHV�VXMHWRV�D�UHODFLRQHV�ODERUDOHV�GH�FDUiFWHU�WHPSRUDO�

Page 5: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

(QWUH�ODV�REOLJDFLRQHV�HPSUHVDULDOHV�TXH�HVWDEOHFH�OD�/H\��DGHPiV�GH�ODV�TXH�LPSOtFLWDPHQWH�OOHYD�FRQVLJR�OD�JDUDQWtD�GH�ORV�GHUHFKRV�UHFRQRFLGRV�DO�WUDEDMDGRU��FDEH�UHVDOWDU�HO�GHEHU�GH�FRRUGLQDFLyQ�TXH�VH�LPSRQH�D�ORV�HPSUHVDULRV�TXH�GHVDUUROOHQ�VXV�DFWLYLGDGHV�HQ�XQ�PLVPR�FHQWUR�GH�WUDEDMR��DVt�FRPR�HO�GH�DTXHOORV�TXH�FRQWUDWHQ� R� VXEFRQWUDWHQ� FRQ� RWURV� OD� UHDOL]DFLyQ� HQ� VXV� SURSLRV� FHQWURV� GH� WUDEDMR� GH� REUDV� R� VHUYLFLRV�FRUUHVSRQGLHQWHV� D� VX� DFWLYLGDG� GH� YLJLODU� HO� FXPSOLPLHQWR� SRU� GLFKRV� FRQWUDWLVWDV� \� VXEFRQWUDWLVWDV� GH� OD�QRUPDWLYD�GH�SUHYHQFLyQ�,QVWUXPHQWR�IXQGDPHQWDO�GH�OD�DFFLyQ�SUHYHQWLYD�HQ�OD�HPSUHVD�HV�OD�REOLJDFLyQ�UHJXODGD�HQ�HO�FDStWXOR�,9�GH� HVWUXFWXUDU� GLFKD� DFFLyQ� D� WUDYpV� GH� OD� DFWXDFLyQ� GH� XQR� R� YDULRV� WUDEDMDGRUHV� GH� OD� HPSUHVD�HVSHFtILFDPHQWH� GHVLJQDGRV� SDUD� HOOR�� GH� OD� FRQVWLWXFLyQ� GH� XQ� VHUYLFLR� GH� SUHYHQFLyQ� R� GHO� UHFXUVR� D�XQ�VHUYLFLR�GH�SUHYHQFLyQ�DMHQR�D�OD�HPSUHVD��'H�HVWD�PDQHUD��OD�/H\�FRPELQD�OD�QHFHVLGDG�GH�XQD�DFWXDFLyQ�RUGHQDGD� \� IRUPDOL]DGD� GH� ODV� DFWLYLGDGHV� GH� SUHYHQFLyQ� FRQ� HO� UHFRQRFLPLHQWR� GH� OD� GLYHUVLGDG� GH�VLWXDFLRQHV� D� ODV� TXH� OD� /H\� VH� GLULJH� HQ� FXDQWR� D� OD� PDJQLWXG�� FRPSOHMLGDG� H� LQWHQVLGDG� GH� ORV� ULHVJRV�LQKHUHQWHV� D� ODV� PLVPDV�� RWRUJDQGR� XQ� FRQMXQWR� VXILFLHQWH� GH� SRVLELOLGDGHV�� LQFOXLGD� OD� HYHQWXDO�SDUWLFLSDFLyQ� GH� ODV�0XWXDV� GH� $FFLGHQWHV� GH� 7UDEDMR� \� (QIHUPHGDGHV� 3URIHVLRQDOHV�� SDUD� RUJDQL]DU� GH�PDQHUD� UDFLRQDO� \� IOH[LEOH� HO� GHVDUUROOR� GH� OD� DFFLyQ� SUHYHQWLYD�� JDUDQWL]DQGR� HQ� WRGR� FDVR� WDQWR� OD�VXILFLHQFLD� GHO�PRGHOR� GH� RUJDQL]DFLyQ� HOHJLGR�� FRPR� OD� LQGHSHQGHQFLD� \� SURWHFFLyQ� GH� ORV� WUDEDMDGRUHV�TXH��RUJDQL]DGRV�R�QR�HQ�XQ�VHUYLFLR�GH�SUHYHQFLyQ��WHQJDQ�DWULEXLGDV�GLFKDV�IXQFLRQHV��� (O� FDStWXOR�9� UHJXOD�� GH� IRUPD�GHWDOODGD�� ORV� GHUHFKRV� GH� FRQVXOWD� \� SDUWLFLSDFLyQ� GH� ORV� WUDEDMDGRUHV� HQ�UHODFLyQ� FRQ� ODV� FXHVWLRQHV� TXH� DIHFWDQ� D� OD� VHJXULGDG� \� VDOXG� HQ� HO� WUDEDMR�� 3DUWLHQGR� GHO� VLVWHPD� GH�UHSUHVHQWDFLyQ� FROHFWLYD� YLJHQWH� HQ� QXHVWUR� SDtV�� OD� /H\� DWULEX\H� D� ORV� GHQRPLQDGRV� 'HOHJDGRV� GH�3UHYHQFLyQ��HOHJLGRV�SRU�\�HQWUH�ORV�UHSUHVHQWDQWHV�GHO�SHUVRQDO�HQ�HO�iPELWR�GH�ORV�UHVSHFWLYRV�yUJDQRV�GH�UHSUHVHQWDFLyQ� HO� HMHUFLFLR� GH� ODV� IXQFLRQHV� HVSHFLDOL]DGDV� HQ� PDWHULD� GH� SUHYHQFLyQ� GH� ULHVJRV� HQ� HO�WUDEDMR��RWRUJiQGROHV�SDUD�HOOR�ODV�FRPSHWHQFLDV��IDFXOWDGHV�\�JDUDQWtDV�QHFHVDULDV�-XQWR� D� HOOR�� HO� &RPLWp� GH� 6HJXULGDG� \� 6DOXG�� FRQWLQXDQGR� OD� H[SHULHQFLD� GH� DFWXDFLyQ� GH� XQD� ILJXUD�DUUDLJDGD� \� WUDGLFLRQDO� GH� QXHVWUR� RUGHQDPLHQWR� ODERUDO�� VH� FRQILJXUD� FRPR�HO� yUJDQR�GH� HQFXHQWUR� HQWUH�GLFKRV� UHSUHVHQWDQWHV� \� HO� HPSUHVDULR� SDUD� HO� GHVDUUROOR� GH� XQD� SDUWLFLSDFLyQ� HTXLOLEUDGD� HQ� PDWHULD� GH�SUHYHQFLyQ�GH�ULHVJRV�7RGR�HOOR�VLQ�SHUMXLFLR�GH� ODV�SRVLELOLGDGHV�TXH�RWRUJD�OD�/H\�D�OD�QHJRFLDFLyQ�FROHFWLYD�SDUD�DUWLFXODU�GH�PDQHUD�GLIHUHQWH�ORV�LQVWUXPHQWRV�GH�SDUWLFLSDFLyQ�GH�ORV�WUDEDMDGRUHV��LQFOXVR�GHVGH�HO�HVWDEOHFLPLHQWR�GH�iPELWRV� GH� DFWXDFLyQ� GLVWLQWRV� D� ORV� SURSLRV� GHO� FHQWUR� GH� WUDEDMR�� UHFRJLHQGR� FRQ� HOOR� GLIHUHQWHV�H[SHULHQFLDV�SRVLWLYDV�GH�UHJXODFLyQ�FRQYHQFLRQDO�FX\D�YLJHQFLD��SOHQDPHQWH�FRPSDWLEOH�FRQ�ORV�REMHWLYRV�GH�OD�/H\��VH�VDOYDJXDUGD�D�WUDYpV�GH�OD�GLVSRVLFLyQ�WUDQVLWRULD�GH�pVWD��� 7UDV� UHJXODUVH� HQ� HO� FDStWXOR� 9,� ODV� REOLJDFLRQHV� EiVLFDV� TXH� DIHFWDQ� D� ORV� IDEULFDQWHV�� LPSRUWDGRUHV� \�VXPLQLVWUDGRUHV� GH� PDTXLQDULD�� HTXLSRV�� SURGXFWRV� \� ~WLOHV� GH� WUDEDMR�� TXH� HQOD]DQ� FRQ� OD� QRUPDWLYD�FRPXQLWDULD�GH�PHUFDGR�LQWHULRU�GLFWDGD�SDUD�DVHJXUDU�OD�H[FOXVLYD�FRPHUFLDOL]DFLyQ�GH DTXHOORV�SURGXFWRV�\�HTXLSRV�TXH�RIUH]FDQ�ORV�PD\RUHV�QLYHOHV�GH�VHJXULGDG�SDUD�ORV�XVXDULRV��OD�/H\�DERUGD�HQ�HO�FDStWXOR�9,,�OD� UHJXODFLyQ� GH� ODV� UHVSRQVDELOLGDGHV� \� VDQFLRQHV� TXH� GHEHQ� JDUDQWL]DU� VX� FXPSOLPLHQWR�� LQFOX\HQGR� OD�WLSLILFDFLyQ�GH�ODV�LQIUDFFLRQHV�\�HO�UpJLPHQ�VDQFLRQDGRU�FRUUHVSRQGLHQWH�)LQDOPHQWH�� OD� GLVSRVLFLyQ� DGLFLRQDO� TXLQWD� YLHQH� D� RUGHQDU� OD� FUHDFLyQ� GH� XQD� IXQGDFLyQ�� EDMR� HO�SURWHFWRUDGR� GHO� 0LQLVWHULR� GH� 7UDEDMR� \� 6HJXULGDG� 6RFLDO� \� FRQ� SDUWLFLSDFLyQ�� WDQWR� GH� ODV�$GPLQLVWUDFLRQHV S~EOLFDV�FRPR�GH�ODV�RUJDQL]DFLRQHV�UHSUHVHQWDWLYDV�GH�HPSUHVDULRV�\�WUDEDMDGRUHV��FX\R�ILQ� SULPRUGLDO� VHUi� OD� SURPRFLyQ�� HVSHFLDOPHQWH� HQ� ODV� SHTXHxDV� \� PHGLDQDV� HPSUHVDV�� GH� DFWLYLGDGHV�GHVWLQDGDV�D�OD�PHMRUD�GH�ODV�FRQGLFLRQHV�GH�VHJXULGDG�\�VDOXG�HQ�HO�WUDEDMR��3DUD�SHUPLWLU�D�OD�IXQGDFLyQ�HO�GHVDUUROOR�GH�VXV�DFWLYLGDGHV��VH�GRWDUi�D�OD�PLVPD�SRU�SDUWH�GHO�0LQLVWHULR�GH�7UDEDMR�\�6HJXULGDG�6RFLDO�GH�XQ�SDWULPRQLR�SURFHGHQWH�GHO�H[FHVR�GH�H[FHGHQWHV�GH�OD�JHVWLyQ�UHDOL]DGD�SRU�ODV�0XWXDV�GH�$FFLGHQWHV�GH�7UDEDMR�\�(QIHUPHGDGHV�3URIHVLRQDOHV�&RQ�HOOR�VH�UHIXHU]DQ��VLQ�GXGD��ORV�REMHWLYRV�GH�UHVSRQVDELOLGDG��FRRSHUDFLyQ�\�SDUWLFLSDFLyQ�TXH�LQVSLUDQ�OD�/H\�HQ�VX�FRQMXQWR��� (O� SUR\HFWR� GH� /H\�� FXPSOLHQGR� ODV� SUHVFULSFLRQHV� OHJDOHV� VREUH� OD� PDWHULD�� KD� VLGR� VRPHWLGR� D� OD�FRQVLGHUDFLyQ�GHO�&RQVHMR�(FRQyPLFR�\�6RFLDO��GHO�&RQVHMR�*HQHUDO�GHO�3RGHU�-XGLFLDO�\�GHO�&RQVHMR�GH�(VWDGR�&$3Ë78/2�,�2%-(72��È0%,72�'(�$3/,&$&,Ï1�<�'(),1,&,21(6$UWtFXOR��� 1RUPDWLYD�VREUH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�/D�QRUPDWLYD� VREUH�SUHYHQFLyQ�GH� ULHVJRV� ODERUDOHV� HVWi�FRQVWLWXLGD�SRU� OD�SUHVHQWH�/H\�� VXV�GLVSRVLFLRQHV�GH�GHVDUUROOR� R� FRPSOHPHQWDULDV� \� FXDQWDV� RWUDV� QRUPDV�� OHJDOHV� R� FRQYHQFLRQDOHV�� FRQWHQJDQ� SUHVFULSFLRQHV�

Page 6: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

UHODWLYDV� D� OD� DGRSFLyQ� GH� PHGLGDV� SUHYHQWLYDV� HQ� HO� iPELWR� ODERUDO� R� VXVFHSWLEOHV� GH� SURGXFLUODV� HQ� GLFKR�iPELWR�$UWtFXOR����2EMHWR�\�FDUiFWHU�GH�OD�QRUPD��� /D�SUHVHQWH�/H\�WLHQH�SRU�REMHWR�SURPRYHU�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�PHGLDQWH�OD�DSOLFDFLyQ�GH�PHGLGDV�\�HO�GHVDUUROOR�GH�ODV�DFWLYLGDGHV�QHFHVDULDV�SDUD�OD�SUHYHQFLyQ�GH�ULHVJRV�GHULYDGRV�GHO�WUDEDMR�$� WDOHV� HIHFWRV�� HVWD� /H\� HVWDEOHFH� ORV� SULQFLSLRV� JHQHUDOHV� UHODWLYRV� D� OD� SUHYHQFLyQ� GH� ORV� ULHVJRV�SURIHVLRQDOHV�SDUD�OD�SURWHFFLyQ�GH�OD�VHJXULGDG�\�GH�OD�VDOXG�� OD�HOLPLQDFLyQ�R�GLVPLQXFLyQ�GH�ORV�ULHVJRV�GHULYDGRV� GHO� WUDEDMR�� OD� LQIRUPDFLyQ�� OD� FRQVXOWD�� OD� SDUWLFLSDFLyQ� HTXLOLEUDGD� \� OD� IRUPDFLyQ� GH� ORV�WUDEDMDGRUHV�HQ�PDWHULD�SUHYHQWLYD��HQ�ORV�WpUPLQRV�VHxDODGRV�HQ�OD�SUHVHQWH�GLVSRVLFLyQ�3DUD� HO� FXPSOLPLHQWR� GH� GLFKRV� ILQHV�� OD� SUHVHQWH� /H\� UHJXOD� ODV� DFWXDFLRQHV� D� GHVDUUROODU� SRU� ODV�$GPLQLVWUDFLRQHV�S~EOLFDV��DVt�FRPR�SRU�ORV�HPSUHVDULRV��ORV�WUDEDMDGRUHV�\�VXV�UHVSHFWLYDV�RUJDQL]DFLRQHV�UHSUHVHQWDWLYDV��� /DV�GLVSRVLFLRQHV�GH�FDUiFWHU�ODERUDO�FRQWHQLGDV�HQ�HVWD�/H\�\�HQ�VXV�QRUPDV�UHJODPHQWDULDV�WHQGUiQ�HQ�WRGR�FDVR�HO�FDUiFWHU�GH�'HUHFKR�QHFHVDULR�PtQLPR�LQGLVSRQLEOH��SXGLHQGR�VHU�PHMRUDGDV�\�GHVDUUROODGDV�HQ�ORV�FRQYHQLRV�FROHFWLYRV�$UWtFXOR���$PELWR�GH�DSOLFDFLyQ��� (VWD� /H\� \� VXV� QRUPDV� GH� GHVDUUROOR� VHUiQ� GH� DSOLFDFLyQ� WDQWR� HQ� HO� iPELWR� GH� ODV� UHODFLRQHV� ODERUDOHV�UHJXODGDV�HQ�HO�WH[WR�UHIXQGLGR�GH�OD�/H\�GHO�(VWDWXWR�GH�ORV�7UDEDMDGRUHV��FRPR�HQ�HO�GH�ODV�UHODFLRQHV�GH�FDUiFWHU�DGPLQLVWUDWLYR�R�HVWDWXWDULR�GHO�SHUVRQDO�FLYLO�DO�VHUYLFLR�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV��FRQ�ODVSHFXOLDULGDGHV�TXH��HQ�HVWH�FDVR��VH�FRQWHPSODQ�HQ�OD�SUHVHQWH�/H\�R�HQ�VXV�QRUPDV�GH�GHVDUUROOR��(OOR�VLQ�SHUMXLFLR�GHO�FXPSOLPLHQWR�GH�ODV�REOLJDFLRQHV�HVSHFtILFDV�TXH�VH�HVWDEOHFHQ�SDUD�IDEULFDQWHV��LPSRUWDGRUHV�\�VXPLQLVWUDGRUHV��\�GH�ORV�GHUHFKRV�\�REOLJDFLRQHV�TXH�SXHGDQ�GHULYDUVH�SDUD�ORV�WUDEDMDGRUHV�DXWyQRPRV��,JXDOPHQWH�VHUiQ�DSOLFDEOHV�D�ODV�VRFLHGDGHV�FRRSHUDWLYDV��FRQVWLWXLGDV�GH�DFXHUGR�FRQ�OD�OHJLVODFLyQ�TXH�OHV�VHD�GH�DSOLFDFLyQ��HQ�ODV�TXH�H[LVWDQ�VRFLRV�FX\D�DFWLYLGDG�FRQVLVWD�HQ�OD�SUHVWDFLyQ�GH�VX�WUDEDMR�SHUVRQDO��FRQ�ODV�SDUWLFXODULGDGHV�GHULYDGDV�GH�VX�QRUPDWLYD�HVSHFtILFD�&XDQGR� HQ� OD� SUHVHQWH� /H\� VH� KDJD� UHIHUHQFLD� D� WUDEDMDGRUHV� \� HPSUHVDULRV�� VH� HQWHQGHUiQ� WDPELpQ�FRPSUHQGLGRV� HQ�HVWRV� WpUPLQRV�� UHVSHFWLYDPHQWH��GH�XQD�SDUWH�� HO�SHUVRQDO�FLYLO�FRQ� UHODFLyQ�GH�FDUiFWHU�DGPLQLVWUDWLYR� R� HVWDWXWDULR� \� OD� $GPLQLVWUDFLyQ� S~EOLFD� SDUD� OD� TXH� SUHVWD� VHUYLFLRV�� HQ� ORV� WpUPLQRV�H[SUHVDGRV�HQ�OD�GLVSRVLFLyQ�DGLFLRQDO�WHUFHUD�GH�HVWD�/H\��\��GH�RWUD��ORV�VRFLRV�GH�ODV�FRRSHUDWLYDV�D�TXH�VH�UHILHUH�HO�SiUUDIR�DQWHULRU�\�ODV�VRFLHGDGHV�FRRSHUDWLYDV�SDUD�ODV�TXH�SUHVWDQ�VXV�VHUYLFLRV��� /D� SUHVHQWH� /H\� QR� VHUi� GH� DSOLFDFLyQ� HQ� DTXHOODV� DFWLYLGDGHV� FX\DV� SDUWLFXODULGDGHV� OR� LPSLGDQ� HQ� HO�iPELWR�GH�ODV�IXQFLRQHV�S~EOLFDV�GH�x 3ROLFtD��VHJXULGDG�\�UHVJXDUGR�DGXDQHUR�x 6HUYLFLRV� RSHUDWLYRV� GH� SURWHFFLyQ� FLYLO� \� SHULWDMH� IRUHQVH� HQ� ORV� FDVRV� GH� JUDYH� ULHVJR�� FDWiVWURIH� \�FDODPLGDG�S~EOLFD�1R� REVWDQWH�� HVWD� /H\� LQVSLUDUi� OD� QRUPDWLYD� HVSHFtILFD� TXH� VH� GLFWH� SDUD� UHJXODU� OD� SURWHFFLyQ� GH� OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�TXH�SUHVWDQ�VXV�VHUYLFLRV�HQ�ODV�LQGLFDGDV�DFWLYLGDGHV��� (Q� ORV� FHQWURV� \� HVWDEOHFLPLHQWRV� PLOLWDUHV� VHUi� GH� DSOLFDFLyQ� OR� GLVSXHVWR� HQ� OD� SUHVHQWH� /H\�� FRQ� ODV�SDUWLFXODULGDGHV�SUHYLVWDV�HQ�VX�QRUPDWLYD�HVSHFtILFD�(Q� ORV� HVWDEOHFLPLHQWRV� SHQLWHQFLDULRV�� VH� DGDSWDUiQ� D� OD� SUHVHQWH� /H\� DTXHOODV� DFWLYLGDGHV� FX\DV�FDUDFWHUtVWLFDV�MXVWLILTXHQ�XQD�UHJXODFLyQ�HVSHFLDO��OR�TXH�VH�OOHYDUi�D�HIHFWR�HQ�ORV�WpUPLQRV�VHxDODGRV�HQ�OD�/H\� �������� GH� ��� GH� MXOLR�� VREUH� QHJRFLDFLyQ� FROHFWLYD� \� SDUWLFLSDFLyQ� HQ� OD� GHWHUPLQDFLyQ� GH� ODV�FRQGLFLRQHV�GH�WUDEDMR�GH�ORV�HPSOHDGRV�S~EOLFRV��� /D�SUHVHQWH�/H\�WDPSRFR�VHUi�GH�DSOLFDFLyQ�D�OD�UHODFLyQ�ODERUDO�GH�FDUiFWHU�HVSHFLDO�GHO�VHUYLFLR�GHO�KRJDU�IDPLOLDU��1R�REVWDQWH�OR�DQWHULRU��HO�WLWXODU�GHO�KRJDU�IDPLOLDU�HVWi�REOLJDGR�D�FXLGDU�GH�TXH�HO�WUDEDMR�GH�VXV�HPSOHDGRV�VH�UHDOLFH�HQ�ODV�GHELGDV�FRQGLFLRQHV�GH�VHJXULGDG�H�KLJLHQH�$UWtFXOR��� 'HILQLFLRQHV�$�HIHFWRV�GH�OD�SUHVHQWH�/H\�\�GH�ODV�QRUPDV�TXH�OD�GHVDUUROOHQ��� 6H�HQWHQGHUi�SRU�SUHYHQFLyQ�HO�FRQMXQWR GH�DFWLYLGDGHV�R�PHGLGDV�DGRSWDGDV�R�SUHYLVWDV�HQ�WRGDV�ODV�IDVHV�GH�DFWLYLGDG�GH�OD�HPSUHVD�FRQ�HO�ILQ�GH�HYLWDU�R�GLVPLQXLU�ORV�ULHVJRV�GHULYDGRV�GHO�WUDEDMR��� 6H�HQWHQGHUi�FRPR�ULHVJR�ODERUDO� OD�SRVLELOLGDG�GH�TXH�XQ�WUDEDMDGRU�VXIUD�XQ�GHWHUPLQDGR�GDxR GHULYDGR�GHO� WUDEDMR��3DUD�FDOLILFDU�XQ�ULHVJR�GHVGH�HO�SXQWR�GH�YLVWD�GH�VX�JUDYHGDG��VH�YDORUDUiQ�FRQMXQWDPHQWH�OD�SUREDELOLGDG�GH�TXH�VH�SURGX]FD�HO�GDxR�\�OD�VHYHULGDG�GHO�PLVPR��� 6H� FRQVLGHUDUiQ� FRPR� GDxRV� GHULYDGRV� GHO� WUDEDMR� ODV� HQIHUPHGDGHV�� SDWRORJtDV� R� OHVLRQHV� VXIULGDV� FRQ�PRWLYR�X�RFDVLyQ�GHO�WUDEDMR�

Page 7: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

�� 6H� HQWHQGHUi� FRPR� ULHVJR� ODERUDO� JUDYH� H� LQPLQHQWH� DTXHO� TXH� UHVXOWH� SUREDEOH� UDFLRQDOPHQWH� TXH� VH�PDWHULDOLFH�HQ�XQ�IXWXUR�LQPHGLDWR�\�SXHGD�VXSRQHU�XQ�GDxR�JUDYH�SDUD�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�(Q�HO� FDVR�GH�H[SRVLFLyQ�D�DJHQWHV� VXVFHSWLEOHV�GH�FDXVDU�GDxRV�JUDYHV� D� OD� VDOXG�GH� ORV� WUDEDMDGRUHV��VH�FRQVLGHUDUi�TXH�H[LVWH�XQ�ULHVJR�JUDYH�H�LQPLQHQWH�FXDQGR�VHD�SUREDEOH�UDFLRQDOPHQWH�TXH�VH�PDWHULDOLFH�HQ�XQ�IXWXUR�LQPHGLDWR�XQD�H[SRVLFLyQ�D�GLFKRV�DJHQWHV�GH�OD�TXH�SXHGDQ�GHULYDUVH�GDxRV�JUDYHV�SDUD�OD�VDOXG��DXQ�FXDQGR�pVWRV�QR�VH�PDQLILHVWHQ�GH�IRUPD�LQPHGLDWD��� 6H� HQWHQGHUiQ� FRPR� SURFHVRV�� DFWLYLGDGHV�� RSHUDFLRQHV�� HTXLSRV� R� SURGXFWRV� SRWHQFLDOPHQWH� SHOLJURVRV�DTXHOORV�TXH��HQ�DXVHQFLD�GH�PHGLGDV�SUHYHQWLYDV�HVSHFtILFDV��RULJLQHQ�ULHVJRV�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�TXH�ORV�GHVDUUROODQ�R�XWLOL]DQ��� 6H�HQWHQGHUi�FRPR�HTXLSR�GH�WUDEDMR�FXDOTXLHU�PiTXLQD��DSDUDWR��LQVWUXPHQWR�R�LQVWDODFLyQ�XWLOL]DGD�HQ�HO�WUDEDMR��� 6H�HQWHQGHUi�FRPR�FRQGLFLyQ�GH�WUDEDMR�FXDOTXLHU�FDUDFWHUtVWLFD�GHO�PLVPR�TXH�SXHGD�WHQHU�XQD�LQIOXHQFLD�VLJQLILFDWLYD�HQ�OD�JHQHUDFLyQ�GH�ULHVJRV�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GHO�WUDEDMDGRU��4XHGDQ�HVSHFtILFDPHQWH�LQFOXLGDV�HQ�HVWD�GHILQLFLyQ�D� /DV�FDUDFWHUtVWLFDV�JHQHUDOHV�GH�ORV�ORFDOHV��LQVWDODFLRQHV��HTXLSRV��SURGXFWRV�\�GHPiV�~WLOHV�H[LVWHQWHV�HQ�HO�FHQWUR�GH�WUDEDMR�E� /D�QDWXUDOH]D�GH� ORV� DJHQWHV� ItVLFRV��TXtPLFRV�\�ELROyJLFRV�SUHVHQWHV�HQ�HO� DPELHQWH�GH� WUDEDMR�\�VXV�FRUUHVSRQGLHQWHV�LQWHQVLGDGHV��FRQFHQWUDFLRQHV�R QLYHOHV�GH�SUHVHQFLD�F� /RV� SURFHGLPLHQWRV� SDUD� OD� XWLOL]DFLyQ� GH� ORV� DJHQWHV� FLWDGRV� DQWHULRUPHQWH� TXH� LQIOX\DQ� HQ� OD�JHQHUDFLyQ�GH�ORV�ULHVJRV�PHQFLRQDGRV�G� 7RGDV�DTXHOODV�RWUDV�FDUDFWHUtVWLFDV�GHO�WUDEDMR��LQFOXLGDV�ODV�UHODWLYDV�D�VX�RUJDQL]DFLyQ�\�RUGHQDFLyQ��TXH�LQIOX\DQ�HQ�OD�PDJQLWXG�GH�ORV�ULHVJRV�D�TXH�HVWp�H[SXHVWR�HO�WUDEDMDGRU��� 6H�HQWHQGHUi�SRU�HTXLSR�GH�SURWHFFLyQ�LQGLYLGXDO�FXDOTXLHU�HTXLSR�GHVWLQDGR�D�VHU�OOHYDGR�R�VXMHWDGR�SRU�HO�WUDEDMDGRU�SDUD�TXH�OH�SURWHMD�GH�XQR�R�YDULRV�ULHVJRV�TXH�SXHGDQ�DPHQD]DU�VX�VHJXULGDG�R�VX�VDOXG�HQ�HO�WUDEDMR��DVt�FRPR�FXDOTXLHU�FRPSOHPHQWR�R�DFFHVRULR�GHVWLQDGR�D�WDO�ILQ�&$3Ë78/2�,,�32/Ë7,&$�(1�0$7(5,$�'(�35(9(1&,Ï1�'(�5,(6*26�3$5$�3527(*(5�/$�6(*85,'$'�<�/$�6$/8'�(1�(/�75$%$-2$UWtFXOR���2EMHWLYRV�GH�OD�SROtWLFD��� /D� SROtWLFD� HQ�PDWHULD� GH� SUHYHQFLyQ� WHQGUi� SRU� REMHWR� OD� SURPRFLyQ�GH� OD�PHMRUD� GH� ODV� FRQGLFLRQHV� GH�WUDEDMR�GLULJLGD�D�HOHYDU�HO�QLYHO�GH�SURWHFFLyQ�GH�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�HQ�HO�WUDEDMR�'LFKD�SROtWLFD�VH�OOHYDUi�D�FDER�SRU�PHGLR�GH�ODV�QRUPDV�UHJODPHQWDULDV�\�GH�ODV�DFWXDFLRQHV�DGPLQLVWUDWLYDV�TXH�FRUUHVSRQGDQ�\��HQ�SDUWLFXODU��ODV�TXH�VH�UHJXODQ�HQ�HVWH�FDStWXOR��TXH�VH�RULHQWDUiQ�D�OD�FRRUGLQDFLyQ�GH�ODV�GLVWLQWDV�$GPLQLVWUDFLRQHV�S~EOLFDV�FRPSHWHQWHV�HQ�PDWHULD�SUHYHQWLYD�\�D�TXH�VH�DUPRQLFHQ�FRQ�HOODV�ODV�DFWXDFLRQHV�TXH�FRQIRUPH�D�HVWD�/H\�FRUUHVSRQGDQ�D�VXMHWRV�S~EOLFRV�\�SULYDGRV��D�FX\R�ILQ�D� /D� $GPLQLVWUDFLyQ� *HQHUDO� GHO� (VWDGR�� ODV� $GPLQLVWUDFLRQHV� GH� ODV� &RPXQLGDGHV� $XWyQRPDV� \� ODV�HQWLGDGHV� TXH� LQWHJUDQ� OD� $GPLQLVWUDFLyQ� ORFDO� VH� SUHVWDUiQ� FRRSHUDFLyQ� \� DVLVWHQFLD� SDUD� HO� HILFD]�HMHUFLFLR�GH�VXV�UHVSHFWLYDV�FRPSHWHQFLDV�HQ�HO�iPELWR�GH�OR�SUHYLVWR�HQ�HVWH�DUWtFXOR�E� /D�HODERUDFLyQ�GH�OD�SROtWLFD�SUHYHQWLYD�VH�OOHYDUi�D�FDER�FRQ�OD�SDUWLFLSDFLyQ�GH�ORV�HPSUHVDULRV�\ GH�ORV�WUDEDMDGRUHV�D�WUDYpV�GH�VXV�RUJDQL]DFLRQHV�HPSUHVDULDOHV�\�VLQGLFDOHV�PiV�UHSUHVHQWDWLYDV��� $� ORV� ILQHV� SUHYLVWRV� HQ� HO� DSDUWDGR� DQWHULRU� ODV� $GPLQLVWUDFLRQHV� S~EOLFDV� SURPRYHUiQ� OD� PHMRUD� GH� OD�HGXFDFLyQ� HQ�PDWHULD�SUHYHQWLYD�HQ� ORV� GLIHUHQWHV�QLYHOHV�GH�HQVHxDQ]D�\�GH�PDQHUD�HVSHFLDO� HQ� OD�RIHUWD�IRUPDWLYD�FRUUHVSRQGLHQWH�DO� VLVWHPD�QDFLRQDO�GH�FXDOLILFDFLRQHV�SURIHVLRQDOHV��DVt�FRPR�OD�DGHFXDFLyQ�GH�OD�IRUPDFLyQ�GH�ORV�UHFXUVRV�KXPDQRV�QHFHVDULRV�SDUD�OD�SUHYHQFLyQ�GH�ORV�ULHVJRV�ODERUDOHV�(Q�HO iPELWR�GH�OD�$GPLQLVWUDFLyQ�*HQHUDO�GHO�(VWDGR�VH�HVWDEOHFHUi�XQD�FRODERUDFLyQ�SHUPDQHQWH�HQWUH�HO�0LQLVWHULR� GH� 7UDEDMR� \� 6HJXULGDG� 6RFLDO� \� ORV� 0LQLVWHULRV� TXH� FRUUHVSRQGDQ�� HQ� SDUWLFXODU� ORV� GH�(GXFDFLyQ� \� &LHQFLD� \� GH� 6DQLGDG� \� &RQVXPR�� DO� REMHWR� GH� HVWDEOHFHU� ORV� QLYHOHV� IRUPDWLYRV� \�HVSHFLDOL]DFLRQHV� LGyQHDV��DVt�FRPR�OD�UHYLVLyQ�SHUPDQHQWH�GH�HVWDV�HQVHxDQ]DV��FRQ�HO�ILQ�GH�DGDSWDUODV�D�ODV�QHFHVLGDGHV�H[LVWHQWHV�HQ�FDGD�PRPHQWR��� 'HO� PLVPR� PRGR�� ODV� $GPLQLVWUDFLRQHV� S~EOLFDV� IRPHQWDUiQ� DTXHOODV� DFWLYLGDGHV� GHVDUUROODGDV� SRU� ORV�VXMHWRV� D� TXH� VH� UHILHUH� HO� DSDUWDGR� �� GHO� DUWtFXOR� VHJXQGR�� HQ� RUGHQ� D� OD�PHMRUD� GH� ODV� FRQGLFLRQHV� GH�VHJXULGDG�\�VDOXG�HQ�HO�WUDEDMR�\�OD�UHGXFFLyQ�GH�ORV�ULHVJRV�ODERUDOHV��OD�LQYHVWLJDFLyQ�R�IRPHQWR�GH�QXHYDV�IRUPDV�GH�SURWHFFLyQ�\�OD�SURPRFLyQ�GH�HVWUXFWXUDV�HILFDFHV�GH�SUHYHQFLyQ�3DUD�HOOR�SRGUiQ�DGRSWDU�SURJUDPDV�HVSHFtILFRV�GLULJLGRV�D�SURPRYHU�OD�PHMRUD�GHO�DPELHQWH�GH�WUDEDMR�\�HO�SHUIHFFLRQDPLHQWR�GH�ORV�QLYHOHV�GH�SURWHFFLyQ�

Page 8: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

/RV�SURJUDPDV�SRGUiQ�LQVWUXPHQWDUVH�D�WUDYpV�GH�OD�FRQFHVLyQ�GH�ORV�LQFHQWLYRV�TXH�UHJODPHQWDULDPHQWH�VH�GHWHUPLQHQ�TXH�VH�GHVWLQDUiQ�HVSHFLDOPHQWH�D�ODV�SHTXHxDV�\�PHGLDQDV�HPSUHVDV�$UWtFXOR��� 1RUPDV�UHJODPHQWDULDV��� (O�*RELHUQR��D�WUDYpV�GH�ODV�FRUUHVSRQGLHQWHV�QRUPDV�UHJODPHQWDULDV�\�SUHYLD�FRQVXOWD�D�ODV�RUJDQL]DFLRQHV�VLQGLFDOHV�\�HPSUHVDULDOHV�PiV�UHSUHVHQWDWLYDV��UHJXODUi�ODV�PDWHULDV�TXH�D�FRQWLQXDFLyQ�VH�UHODFLRQDQ�D� 5HTXLVLWRV�PtQLPRV�TXH�GHEHQ�UHXQLU�ODV�FRQGLFLRQHV�GH�WUDEDMR�SDUD�OD�SURWHFFLyQ�GH�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�E� /LPLWDFLRQHV�R�SURKLELFLRQHV�TXH�DIHFWDUiQ�D�ODV�RSHUDFLRQHV��ORV�SURFHVRV�\�ODV�H[SRVLFLRQHV�ODERUDOHV�D�DJHQWHV�TXH�HQWUDxHQ�ULHVJRV�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV��(VSHFtILFDPHQWH�SRGUi�HVWDEOHFHUVH�HO� VRPHWLPLHQWR�GH�HVWRV�SURFHVRV�X�RSHUDFLRQHV�D� WUiPLWHV�GH�FRQWURO�DGPLQLVWUDWLYR��DVt�FRPR��HQ�HO�FDVR�GH�DJHQWHV�SHOLJURVRV��OD�SURKLELFLyQ�GH�VX�HPSOHR�F� &RQGLFLRQHV� R� UHTXLVLWRV� HVSHFLDOHV� SDUD� FXDOTXLHUD� GH� ORV� VXSXHVWRV� FRQWHPSODGRV� HQ� HO� DSDUWDGR�DQWHULRU�� WDOHV�FRPR�OD�H[LJHQFLD�GH�XQ�DGLHVWUDPLHQWR�R�IRUPDFLyQ�SUHYLD�R�OD�HODERUDFLyQ�GH�XQ�SODQ�HQ�HO�TXH�VH�FRQWHQJDQ�ODV�PHGLGDV�SUHYHQWLYDV�D�DGRSWDU�G� 3URFHGLPLHQWRV� GH� HYDOXDFLyQ� GH� ORV� ULHVJRV� SDUD� OD� VDOXG� GH� ORV� WUDEDMDGRUHV�� QRUPDOL]DFLyQ� GH�PHWRGRORJtDV�\�JXtDV�GH�DFWXDFLyQ�SUHYHQWLYD�H� 0RGDOLGDGHV�GH�RUJDQL]DFLyQ�� IXQFLRQDPLHQWR�\�FRQWURO�GH� ORV�VHUYLFLRV�GH�SUHYHQFLyQ��FRQVLGHUDQGR�ODV� SHFXOLDULGDGHV� GH� ODV� SHTXHxDV� HPSUHVDV� FRQ� HO� ILQ� GH� HYLWDU� REVWiFXORV� LQQHFHVDULRV� SDUD� VX�FUHDFLyQ�\�GHVDUUROOR��DVt�FRPR�FDSDFLGDGHV�\�DSWLWXGHV�TXH�GHEDQ�UHXQLU�ORV�PHQFLRQDGRV�VHUYLFLRV�\�ORV�WUDEDMDGRUHV�GHVLJQDGRV�SDUD�GHVDUUROODU�OD�DFFLyQ�SUHYHQWLYD�I� &RQGLFLRQHV� GH� WUDEDMR� R� PHGLGDV� SUHYHQWLYDV� HVSHFtILFDV� HQ� WUDEDMRV� HVSHFLDOPHQWH� SHOLJURVRV�� HQ�SDUWLFXODU� VL� SDUD� ORV� PLVPRV� HVWiQ� SUHYLVWRV� FRQWUROHV� PpGLFRV� HVSHFLDOHV�� R� FXDQGR� VH� SUHVHQWHQ�ULHVJRV�GHULYDGRV�GH�GHWHUPLQDGDV�FDUDFWHUtVWLFDV�R�VLWXDFLRQHV�HVSHFLDOHV�GH�ORV�WUDEDMDGRUHV�J� 3URFHGLPLHQWR�GH�FDOLILFDFLyQ�GH�ODV�HQIHUPHGDGHV�SURIHVLRQDOHV��DVt�FRPR�UHTXLVLWRV�\�SURFHGLPLHQWRV�SDUD�OD�FRPXQLFDFLyQ�H�LQIRUPDFLyQ�D�OD�DXWRULGDG�FRPSHWHQWH�GH�ORV�GDxRV�GHULYDGRV�GHO�WUDEDMR��� /DV�QRUPDV�UHJODPHQWDULDV�LQGLFDGDV�HQ�HO�DSDUWDGR�DQWHULRU�VH�DMXVWDUiQ��HQ�WRGR�FDVR��D�ORV�SULQFLSLRV�GH�SROtWLFD�SUHYHQWLYD�HVWDEOHFLGRV�HQ�HVWD�/H\��PDQWHQGUiQ�OD�GHELGD�FRRUGLQDFLyQ�FRQ�OD�QRUPDWLYD�VDQLWDULD�\�GH�VHJXULGDG�LQGXVWULDO�\�VHUiQ�REMHWR�GH�HYDOXDFLyQ�\��HQ�VX�FDVR��GH�UHYLVLyQ�SHULyGLFD��GH�DFXHUGR�FRQ�OD�H[SHULHQFLD�HQ�VX�DSOLFDFLyQ�\�HO�SURJUHVR�GH�OD�WpFQLFD�$UWtFXOR��� $FWXDFLRQHV�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�FRPSHWHQWHV�HQ�PDWHULD�ODERUDO��� (Q�FXPSOLPLHQWR�GH�OR�GLVSXHVWR�HQ�OD�SUHVHQWH�/H\��ODV�$GPLQLVWUDFLRQHV�3~EOLFDV�FRPSHWHQWHV�HQ�PDWHULD�ODERUDO�GHVDUUROODUiQ�IXQFLRQHV�GH�SURPRFLyQ�GH�OD�SUHYHQFLyQ��DVHVRUDPLHQWR�WpFQLFR��YLJLODQFLD�\�FRQWURO�GHO�FXPSOLPLHQWR�SRU�ORV�VXMHWRV�FRPSUHQGLGRV�HQ�VX�iPELWR�GH�DSOLFDFLyQ�GH�OD�QRUPDWLYD�GH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV��\�VDQFLRQDUiQ�ODV�LQIUDFFLRQHV�D�GLFKD�QRUPDWLYD��HQ�ORV�VLJXLHQWHV�WpUPLQRV�D� 3URPRYLHQGR� OD� SUHYHQFLyQ� \� HO� DVHVRUDPLHQWR� D� GHVDUUROODU� SRU� ORV� yUJDQRV� WpFQLFRV� HQ� PDWHULD�SUHYHQWLYD�� LQFOXLGDV� OD� DVLVWHQFLD� \� FRRSHUDFLyQ� WpFQLFD�� OD� LQIRUPDFLyQ�� GLYXOJDFLyQ�� IRUPDFLyQ� H�LQYHVWLJDFLyQ� HQ� PDWHULD� SUHYHQWLYD�� DVt� FRPR� HO� VHJXLPLHQWR� GH� ODV� DFWXDFLRQHV� SUHYHQWLYDV� TXH� VH�UHDOLFHQ�HQ�ODV�HPSUHVDV�SDUD�OD�FRQVHFXFLyQ�GH�ORV�REMHWLYRV�SUHYLVWRV�HQ�HVWD�/H\�E� 9HODQGR� SRU� HO� FXPSOLPLHQWR� GH� OD� QRUPDWLYD� VREUH� SUHYHQFLyQ� GH� ULHVJRV� ODERUDOHV� PHGLDQWH� ODV�DFWXDFLRQHV�GH�YLJLODQFLD�\�FRQWURO��$�HVWRV�HIHFWRV��SUHVWDUiQ�HO�DVHVRUDPLHQWR�\�OD�DVLVWHQFLD� WpFQLFD�QHFHVDULRV� SDUD� HO� PHMRU� FXPSOLPLHQWR� GH� GLFKD� QRUPDWLYD� \� GHVDUUROODUiQ� SURJUDPDV� HVSHFtILFRV�GLULJLGRV�D�ORJUDU�XQD�PD\RU�HILFDFLD�HQ�HO�FRQWURO�F� 6DQFLRQDQGR� HO� LQFXPSOLPLHQWR� GH� OD� QRUPDWLYD� GH� SUHYHQFLyQ� GH� ULHVJRV ODERUDOHV� SRU� ORV� VXMHWRV�FRPSUHQGLGRV�HQ�HO�iPELWR�GH�DSOLFDFLyQ�GH�OD�SUHVHQWH�/H\��FRQ�DUUHJOR�D�OR�SUHYLVWR�HQ�HO�FDStWXOR�9,,�GH�OD�PLVPD��� /DV� IXQFLRQHV� GH� ODV� $GPLQLVWUDFLRQHV� 3~EOLFDV� FRPSHWHQWHV� HQ� PDWHULD� ODERUDO� TXH� VH� VHxDODQ� HQ� HO�DSDUWDGR���FRQWLQXDUiQ�VLHQGR�GHVDUUROODGDV��HQ�OR�UHIHUHQWH�D�ORV�WUDEDMRV�HQ�PLQDV��FDQWHUDV�\�W~QHOHV�TXH�H[LMDQ� OD� DSOLFDFLyQ� GH� WpFQLFD� PLQHUD�� D� ORV� TXH� LPSOLTXHQ� IDEULFDFLyQ�� WUDQVSRUWH�� DOPDFHQDPLHQWR��PDQLSXODFLyQ� \� XWLOL]DFLyQ� GH� H[SORVLYRV� R� HO� HPSOHR� GH� HQHUJtD� QXFOHDU�� SRU� ORV� yUJDQRV� HVSHFtILFRV�FRQWHPSODGRV�HQ�VX�QRUPDWLYD�UHJXODGRUD�/DV� FRPSHWHQFLDV� SUHYLVWDV� HQ� HO� DSDUWDGR� DQWHULRU� VH� HQWLHQGHQ� VLQ� SHUMXLFLR� GH� OR� HVWDEOHFLGR� HQ� OD�OHJLVODFLyQ�HVSHFtILFD�VREUH�SURGXFWRV�H�LQVWDODFLRQHV�LQGXVWULDOHV�$UWtFXOR��� ,QVWLWXWR�1DFLRQDO�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR��� (O�,QVWLWXWR�1DFLRQDO�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR�HV�HO�yUJDQR�FLHQWtILFR�WpFQLFR�HVSHFLDOL]DGR�GH�OD�$GPLQLVWUDFLyQ�*HQHUDO� GHO� (VWDGR� TXH� WLHQH� FRPR�PLVLyQ� HO� DQiOLVLV� \� HVWXGLR GH� ODV� FRQGLFLRQHV� GH�

Page 9: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

VHJXULGDG� \� VDOXG� HQ� HO� WUDEDMR�� DVt� FRPR� OD� SURPRFLyQ� \� DSR\R� D� OD� PHMRUD� GH� ODV� PLVPDV�� 3DUD� HOOR�HVWDEOHFHUi�OD�FRRSHUDFLyQ�QHFHVDULD�FRQ�ORV�yUJDQRV�GH�ODV�&RPXQLGDGHV�$XWyQRPDV�FRQ�FRPSHWHQFLDV�HQ�HVWD�PDWHULD�(O�,QVWLWXWR��HQ�FXPSOLPLHQWR�GH�HVWD�PLVLyQ��WHQGUi�ODV�VLJXLHQWHV�IXQFLRQHV�D� $VHVRUDPLHQWR�WpFQLFR�HQ�OD�HODERUDFLyQ�GH�OD�QRUPDWLYD�OHJDO�\�HQ�HO�GHVDUUROOR�GH�OD�QRUPDOL]DFLyQ��WDQWR�D�QLYHO�QDFLRQDO�FRPR�LQWHUQDFLRQDO�E� 3URPRFLyQ�\��HQ�VX�FDVR��UHDOL]DFLyQ�GH�DFWLYLGDGHV�GH�IRUPDFLyQ��LQIRUPDFLyQ��LQYHVWLJDFLyQ��HVWXGLR�\�GLYXOJDFLyQ� HQ� PDWHULD� GH� SUHYHQFLyQ� GH� ULHVJRV� ODERUDOHV�� FRQ� OD� DGHFXDGD� FRRUGLQDFLyQ� \�FRODERUDFLyQ�� HQ� VX� FDVR�� FRQ� ORV� yUJDQRV� WpFQLFRV� HQ� PDWHULD� SUHYHQWLYD� GH� ODV� &RPXQLGDGHV�$XWyQRPDV�HQ�HO�HMHUFLFLR�GH�VXV�IXQFLRQHV�HQ�HVWD�PDWHULD�F� $SR\R�WpFQLFR�\�FRODERUDFLyQ�FRQ�OD�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO�HQ�HO�FXPSOLPLHQWR�GH�VX� IXQFLyQ� GH� YLJLODQFLD� \� FRQWURO�� SUHYLVWD� HQ� HO� DUWtFXOR� �� GH� OD� SUHVHQWH� /H\�� HQ� HO� iPELWR� GH� ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�G� &RODERUDFLyQ�FRQ�RUJDQLVPRV� LQWHUQDFLRQDOHV�\�GHVDUUROOR�GH�SURJUDPDV�GH�FRRSHUDFLyQ�LQWHUQDFLRQDO�HQ�HVWH�iPELWR��IDFLOLWDQGR�OD�SDUWLFLSDFLyQ�GH�ODV�&RPXQLGDGHV�$XWyQRPDV�H� &XDOHVTXLHUD�RWUDV�TXH�VHDQ�QHFHVDULDV�SDUD�HO�FXPSOLPLHQWR�GH�VXV�ILQHV�\�OH�VHDQ�HQFRPHQGDGDV�HQ�HO�iPELWR�GH�VXV�FRPSHWHQFLDV��GH�DFXHUGR�FRQ�OD�&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR�UHJXODGD�HQ�HO�DUWtFXOR����GH�HVWD�/H\��FRQ�OD�FRODERUDFLyQ��HQ�VX�FDVR��GH�ORV�yUJDQRV�WpFQLFRV�GH�ODV�&RPXQLGDGHV�$XWyQRPDV�FRQ�FRPSHWHQFLDV�HQ�OD�PDWHULD��� (O� ,QVWLWXWR�1DFLRQDO� GH� 6HJXULGDG� H�+LJLHQH� HQ� HO� 7UDEDMR�� HQ� HO�PDUFR� GH� VXV� IXQFLRQHV�� YHODUi� SRU� OD�FRRUGLQDFLyQ��DSR\DUi�HO�LQWHUFDPELR�GH�LQIRUPDFLyQ�\�ODV�H[SHULHQFLDV�HQWUH�ODV�GLVWLQWDV�$GPLQLVWUDFLRQHV�S~EOLFDV� \ HVSHFLDOPHQWH� IRPHQWDUi� \� SUHVWDUi� DSR\R� D� OD� UHDOL]DFLyQ� GH� DFWLYLGDGHV� GH� SURPRFLyQ� GH� OD�VHJXULGDG�\�GH�OD�VDOXG�SRU�ODV�&RPXQLGDGHV�$XWyQRPDV�$VLPLVPR�� SUHVWDUi�� GH� DFXHUGR� FRQ� ODV� $GPLQLVWUDFLRQHV� FRPSHWHQWHV�� DSR\R� WpFQLFR� HVSHFLDOL]DGR� HQ�PDWHULD�GH�FHUWLILFDFLyQ��HQVD\R�\�DFUHGLWDFLyQ��� (Q�UHODFLyQ�FRQ� ODV� ,QVWLWXFLRQHV�GH� OD�8QLyQ�(XURSHD��HO�,QVWLWXWR�1DFLRQDO�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR� DFWXDUi� FRPR� FHQWUR� GH� UHIHUHQFLD� QDFLRQDO�� JDUDQWL]DQGR� OD� FRRUGLQDFLyQ� \� WUDQVPLVLyQ� GH� OD�LQIRUPDFLyQ� TXH� GHEHUi� IDFLOLWDU� D� HVFDOD� QDFLRQDO�� HQ� SDUWLFXODU� UHVSHFWR� D� OD� $JHQFLD� (XURSHD� SDUD� OD�6HJXULGDG�\�OD�6DOXG�HQ�HO�7UDEDMR�\�VX�5HG��� (O� ,QVWLWXWR�1DFLRQDO�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR�HMHUFHUi� OD�6HFUHWDUtD�*HQHUDO�GH� OD�&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR��SUHVWiQGROH�OD�DVLVWHQFLD�WpFQLFD�\�FLHQWtILFD�QHFHVDULD�SDUD�HO�GHVDUUROOR�GH�VXV�FRPSHWHQFLDV�$UWtFXOR��� ,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO��� &RUUHVSRQGH� D� OD� ,QVSHFFLyQ� GH� 7UDEDMR� \� 6HJXULGDG� 6RFLDO� OD� IXQFLyQ� GH� OD� YLJLODQFLD� \� FRQWURO� GH� OD�QRUPDWLYD�VREUH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�(Q�FXPSOLPLHQWR�GH�HVWD�PLVLyQ��WHQGUi�ODV�VLJXLHQWHV�IXQFLRQHV�D� 9LJLODU�HO�FXPSOLPLHQWR�GH�OD�QRUPDWLYD�VREUH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV��DVt�FRPR�GH�ODV�QRUPDV�MXUtGLFR�WpFQLFDV� TXH� LQFLGDQ� HQ� ODV� FRQGLFLRQHV� GH� WUDEDMR� HQ� PDWHULD� GH� SUHYHQFLyQ�� DXQTXH� QR�WXYLHUDQ�OD�FDOLILFDFLyQ�GLUHFWD�GH�QRUPDWLYD�ODERUDO��SURSRQLHQGR�D�OD�DXWRULGDG�ODERUDO�FRPSHWHQWH�OD�VDQFLyQ�FRUUHVSRQGLHQWH��FXDQGR�FRPSUREDVH�XQD�LQIUDFFLyQ�D�OD�QRUPDWLYD�VREUH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV��GH�DFXHUGR�FRQ�OR�SUHYLVWR�HQ�HO�FDStWXOR�9,,�GH�OD�SUHVHQWH�/H\�E� $VHVRUDU� H� LQIRUPDU� D� ODV� HPSUHVDV�\�D� ORV� WUDEDMDGRUHV� VREUH� OD�PDQHUD�PiV� HIHFWLYD�GH�FXPSOLU� ODV�GLVSRVLFLRQHV�FX\D�YLJLODQFLD�WLHQH�HQFRPHQGDGD�F� (ODERUDU� ORV� LQIRUPHV� VROLFLWDGRV� SRU� ORV� -X]JDGRV� GH� OR� 6RFLDO� HQ� ODV� GHPDQGDV� GHGXFLGDV� DQWH� ORV�PLVPRV�HQ�ORV�SURFHGLPLHQWRV�GH�DFFLGHQWHV�GH�WUDEDMR�\�HQIHUPHGDGHV�SURIHVLRQDOHV�G� ,QIRUPDU�D�OD�DXWRULGDG�ODERUDO�VREUH�ORV�DFFLGHQWHV�GH�WUDEDMR�PRUWDOHV��PX\�JUDYHV�R�JUDYHV��\�VREUH�DTXHOORV�RWURV�HQ�TXH��SRU�VXV�FDUDFWHUtVWLFDV�R�SRU�ORV�VXMHWRV�DIHFWDGRV��VH�FRQVLGHUH�QHFHVDULR�GLFKR�LQIRUPH��DVt�FRPR�VREUH� ODV�HQIHUPHGDGHV�SURIHVLRQDOHV�HQ� ODV�TXH�FRQFXUUDQ�GLFKDV�FDOLILFDFLRQHV�\��HQ�JHQHUDO��HQ�ORV�VXSXHVWRV�HQ�TXH�DTXpOOD�OR�VROLFLWH�UHVSHFWR�GHO�FXPSOLPLHQWR�GH�OD�QRUPDWLYD�OHJDO�HQ�PDWHULD�GH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�H� &RPSUREDU�\�IDYRUHFHU�HO�FXPSOLPLHQWR�GH�ODV�REOLJDFLRQHV�DVXPLGDV�SRU�ORV�VHUYLFLRV�GH�SUHYHQFLyQ�HVWDEOHFLGRV�HQ�OD�SUHVHQWH�/H\�I� 2UGHQDU�OD�SDUDOL]DFLyQ�LQPHGLDWD�GH�WUDEDMRV�FXDQGR��D�MXLFLR�GHO�LQVSHFWRU��VH�DGYLHUWD�OD�H[LVWHQFLD�GH�ULHVJR�JUDYH�H�LQPLQHQWH�SDUD�OD�VHJXULGDG�R�VDOXG�GH�ORV�WUDEDMDGRUHV�

Page 10: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

�� /D�$GPLQLVWUDFLyQ�*HQHUDO�GHO�(VWDGR�\��HQ�VX�FDVR��ODV�$GPLQLVWUDFLRQHV�$XWRQyPLFDV�SRGUiQ�DGRSWDU�ODV�PHGLGDV� SUHFLVDV� SDUD� JDUDQWL]DU� OD� FRODERUDFLyQ� SHULFLDO� \� HO� DVHVRUDPLHQWR� WpFQLFR� QHFHVDULRV� D� OD�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO�HQ�VXV�UHVSHFWLYRV�iPELWRV�GH�FRPSHWHQFLD�(Q�HO�iPELWR�GH�OD�$GPLQLVWUDFLyQ�*HQHUDO�GHO�(VWDGR��HO�,QVWLWXWR�1DFLRQDO�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR� DSR\DUi�\�FRODERUDUi�FRQ� OD� ,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO� HQ�HO� FXPSOLPLHQWR�GH�VX�IXQFLyQ�GH�YLJLODQFLD�\�FRQWURO�SUHYLVWD�HQ�HO�DSDUWDGR�DQWHULRU�$UWtFXOR����$FWXDFLRQHV�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�FRPSHWHQWHV�HQ�PDWHULD�VDQLWDULD�/DV�DFWXDFLRQHV�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�FRPSHWHQWHV�HQ�PDWHULD�VDQLWDULD�UHIHUHQWHV�D�OD�VDOXG�ODERUDO�VH�OOHYDUiQ�D�FDER�D�WUDYpV�GH�ODV�DFFLRQHV�\�HQ�UHODFLyQ�FRQ�ORV DVSHFWRV�VHxDODGRV�HQ�HO�FDStWXOR�,9�GHO�7tWXOR�,�GH�OD�/H\����������GH����GH�DEULO��*HQHUDO�GH�6DQLGDG��\�GLVSRVLFLRQHV�GLFWDGDV�SDUD�VX�GHVDUUROOR�(Q�SDUWLFXODU��FRUUHVSRQGHUi�D�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�FLWDGDV�D� (O� HVWDEOHFLPLHQWR� GH�PHGLRV� DGHFXDGRV� SDUD� OD� HYDOXDFLyQ� \� FRQWURO� GH� ODV� DFWXDFLRQHV� GH� FDUiFWHU�VDQLWDULR� TXH� VH� UHDOLFHQ� HQ� ODV� HPSUHVDV� SRU� ORV� VHUYLFLRV� GH� SUHYHQFLyQ� DFWXDQWHV�� 3DUD� HOOR��HVWDEOHFHUiQ� ODV� SDXWDV�\� SURWRFRORV� GH� DFWXDFLyQ�� RtGDV� ODV� VRFLHGDGHV�FLHQWtILFDV�� D� ORV� TXH�GHEHUiQ�VRPHWHUVH�ORV�FLWDGRV�VHUYLFLRV�E� /D� LPSODQWDFLyQ� GH� VLVWHPDV� GH� LQIRUPDFLyQ� DGHFXDGRV� TXH� SHUPLWDQ� OD� HODERUDFLyQ�� MXQWR� FRQ� ODV�DXWRULGDGHV�ODERUDOHV�FRPSHWHQWHV��GH�PDSDV�GH�ULHVJRV� ODERUDOHV��DVt�FRPR�OD�UHDOL]DFLyQ�GH�HVWXGLRV�HSLGHPLROyJLFRV�SDUD�OD�LGHQWLILFDFLyQ�\�SUHYHQFLyQ�GH�ODV�SDWRORJtDV�TXH�SXHGDQ�DIHFWDU�D�OD�VDOXG�GH�ORV�WUDEDMDGRUHV��DVt�FRPR�KDFHU�SRVLEOH�XQ�UiSLGR�LQWHUFDPELR�GH�LQIRUPDFLyQ�F� /D� VXSHUYLVLyQ�GH� OD� IRUPDFLyQ�TXH��HQ�PDWHULD�GH�SUHYHQFLyQ�\�SURPRFLyQ�GH� OD�VDOXG� ODERUDO��GHED�UHFLELU�HO�SHUVRQDO�VDQLWDULR�DFWXDQWH�HQ�ORV�VHUYLFLRV�GH�SUHYHQFLyQ�DXWRUL]DGRV�G� /D� HODERUDFLyQ� \� GLYXOJDFLyQ� GH� HVWXGLRV�� LQYHVWLJDFLRQHV� \� HVWDGtVWLFDV� UHODFLRQDGRV� FRQ� OD� VDOXG�GH�ORV�WUDEDMDGRUHV�$UWtFXOR����&RRUGLQDFLyQ�DGPLQLVWUDWLYD�/D� HODERUDFLyQ� GH� QRUPDV� SUHYHQWLYDV� \� HO� FRQWURO� GH� VX� FXPSOLPLHQWR�� OD� SURPRFLyQ� GH� OD� SUHYHQFLyQ�� OD�LQYHVWLJDFLyQ� \� OD� YLJLODQFLD� HSLGHPLROyJLFD� VREUH� ULHVJRV� ODERUDOHV�� DFFLGHQWHV� GH� WUDEDMR� \� HQIHUPHGDGHV�SURIHVLRQDOHV� GHWHUPLQDQ� OD� QHFHVLGDG� GH� FRRUGLQDU� ODV� DFWXDFLRQHV� GH� ODV� $GPLQLVWUDFLRQHV� FRPSHWHQWHV� HQ�PDWHULD� ODERUDO�� VDQLWDULD� \� GH� LQGXVWULD� SDUD� XQD� PiV� HILFD]� SURWHFFLyQ� GH� OD� VHJXULGDG� \� OD� VDOXG� GH� ORV�WUDEDMDGRUHV�(Q�HO�PDUFR�GH�GLFKD�FRRUGLQDFLyQ��OD�$GPLQLVWUDFLyQ�FRPSHWHQWH�HQ�PDWHULD�ODERUDO�YHODUi��HQ�SDUWLFXODU��SDUD�TXH� OD� LQIRUPDFLyQ� REWHQLGD� SRU� OD� ,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO� HQ�HO� HMHUFLFLR�GH� ODV� IXQFLRQHV�DWULEXLGDV� D� OD�PLVPD� HQ� HO� DSDUWDGR��� GHO� DUWtFXOR� �� GH� HVWD�/H\� VHD� SXHVWD� HQ�FRQRFLPLHQWR�GH� OD� DXWRULGDG�VDQLWDULD� FRPSHWHQWH� D� ORV� ILQHV� GLVSXHVWRV� HQ� HO� DUWtFXOR� ���GH� OD� SUHVHQWH�/H\�\� HQ� HO� DUWtFXOR� ���GH� OD�/H\����������GH����GH�DEULO��*HQHUDO�GH�6DQLGDG��DVt�FRPR�GH�OD�$GPLQLVWUDFLyQ�FRPSHWHQWH�HQ�PDWHULD�GH�LQGXVWULD�D�ORV�HIHFWRV�SUHYLVWRV�HQ�OD�/H\����������GH����GH�MXOLR��GH�,QGXVWULD�$UWtFXOR���� 3DUWLFLSDFLyQ�GH�HPSUHVDULRV�\�WUDEDMDGRUHV�/D�SDUWLFLSDFLyQ� GH� HPSUHVDULRV� \� WUDEDMDGRUHV�� D� WUDYpV� GH� ODV� RUJDQL]DFLRQHV�HPSUHVDULDOHV�\� VLQGLFDOHV�PiV�UHSUHVHQWDWLYDV�� HQ� OD� SODQLILFDFLyQ�� SURJUDPDFLyQ�� RUJDQL]DFLyQ� \� FRQWURO� GH� OD� JHVWLyQ� UHODFLRQDGD� FRQ� OD�PHMRUD�GH�ODV�FRQGLFLRQHV�GH�WUDEDMR�\�OD�SURWHFFLyQ�GH�OD�VHJXULGDG�\�VDOXG�GH�ORV�WUDEDMDGRUHV�HQ�HO�WUDEDMR�HV�SULQFLSLR� EiVLFR� GH� OD� SROtWLFD� GH� SUHYHQFLyQ� GH� ULHVJRV� ODERUDOHV�� D� GHVDUUROODU� SRU� ODV $GPLQLVWUDFLRQHV�S~EOLFDV�FRPSHWHQWHV�HQ�ORV�GLVWLQWRV�QLYHOHV�WHUULWRULDOHV�$UWtFXOR����&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR��� 6H� FUHD� OD�&RPLVLyQ�1DFLRQDO� GH� 6HJXULGDG� \� 6DOXG� HQ� HO� 7UDEDMR� FRPR� yUJDQR� FROHJLDGR� DVHVRU� GH� ODV�$GPLQLVWUDFLRQHV� S~EOLFDV� HQ� OD� IRUPXODFLyQ� GH� ODV� SROtWLFDV� GH� SUHYHQFLyQ� \� yUJDQR� GH� SDUWLFLSDFLyQ�LQVWLWXFLRQDO�HQ�PDWHULD�GH�VHJXULGDG�\�VDOXG�HQ�HO�WUDEDMR��� /D�&RPLVLyQ�HVWDUi�LQWHJUDGD�SRU�XQ�UHSUHVHQWDQWH�GH�FDGD�XQD�GH�ODV�&RPXQLGDGHV�$XWyQRPDV�\�SRU�LJXDO�Q~PHUR�GH�PLHPEURV� GH� OD�$GPLQLVWUDFLyQ�*HQHUDO�GHO�(VWDGR�\��SDULWDULDPHQWH�FRQ� WRGRV� ORV�DQWHULRUHV��SRU�UHSUHVHQWDQWHV�GH�ODV�RUJDQL]DFLRQHV�HPSUHVDULDOHV�\�VLQGLFDOHV�PiV�UHSUHVHQWDWLYDV��� /D� &RPLVLyQ� FRQRFHUi� ODV� DFWXDFLRQHV� TXH� GHVDUUROOHQ� ODV� $GPLQLVWUDFLRQHV� S~EOLFDV� FRPSHWHQWHV� HQ�PDWHULD� GH� SURPRFLyQ� GH� OD� SUHYHQFLyQ� GH� ULHVJRV� ODERUDOHV�� GH� DVHVRUDPLHQWR� WpFQLFR� \� GH� YLJLODQFLD� \�FRQWURO�D�TXH�VH� UHILHUHQ� ORV�DUWtFXORV���������\����GH�HVWD�/H\�\�SRGUi�LQIRUPDU�\�IRUPXODU�SURSXHVWDV�HQ�UHODFLyQ�FRQ�GLFKDV�DFWXDFLRQHV��HVSHFtILFDPHQWH�HQ�OR�UHIHUHQWH�D�x &ULWHULRV�\�SURJUDPDV�JHQHUDOHV�GH�DFWXDFLyQ�x 3UR\HFWRV�GH�GLVSRVLFLRQHV�GH�FDUiFWHU�JHQHUDO�

Page 11: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

x &RRUGLQDFLyQ� GH� ODV� DFWXDFLRQHV� GHVDUUROODGDV� SRU� ODV� $GPLQLVWUDFLRQHV� S~EOLFDV� FRPSHWHQWHV� HQ�PDWHULD�ODERUDO�x &RRUGLQDFLyQ� HQWUH� ODV� $GPLQLVWUDFLRQHV� S~EOLFDV� FRPSHWHQWHV� HQ� PDWHULD� ODERUDO�� VDQLWDULD� \� GH�LQGXVWULD��� /D� &RPLVLyQ� DGRSWDUi� VXV� DFXHUGRV� SRU� PD\RUtD�� $� WDO� ILQ�� ORV� UHSUHVHQWDQWHV� GH� ODV� $GPLQLVWUDFLRQHV�S~EOLFDV�WHQGUiQ�FDGD�XQR�XQ�YRWR�\�GRV�ORV GH�ODV�RUJDQL]DFLRQHV�HPSUHVDULDOHV�\�VLQGLFDOHV��� /D�&RPLVLyQ� FRQWDUi� FRQ�XQ�3UHVLGHQWH�\�FXDWUR�9LFHSUHVLGHQWHV��XQR�SRU�FDGD�XQR�GH� ORV� JUXSRV�TXH� OD�LQWHJUDQ�� /D� 3UHVLGHQFLD� GH� OD� &RPLVLyQ� FRUUHVSRQGHUi� DO� 6HFUHWDULR� JHQHUDO� GH� (PSOHR� \� 5HODFLRQHV�/DERUDOHV�� UHFD\HQGR� OD� 9LFHSUHVLGHQFLD� DWULEXLGD� D� OD� $GPLQLVWUDFLyQ� *HQHUDO� GHO� (VWDGR� HQ� HO�6XEVHFUHWDULR�GH�6DQLGDG�\�&RQVXPR��� /D�6HFUHWDUtD�GH�OD�&RPLVLyQ��FRPR�yUJDQR�GH�DSR\R�WpFQLFR�\�DGPLQLVWUDWLYR��UHFDHUi�HQ�OD�'LUHFFLyQ�GHO�,QVWLWXWR�1DFLRQDO�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR��� /D�&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR�IXQFLRQDUi�HQ�3OHQR��HQ�&RPLVLyQ�3HUPDQHQWH�R�HQ� *UXSRV� GH� 7UDEDMR�� FRQIRUPH� D� OD� QRUPDWLYD� TXH� HVWDEOH]FD� HO� 5HJODPHQWR� LQWHUQR� TXH� HODERUDUi� OD�SURSLD�&RPLVLyQ�(Q� OR� QR� SUHYLVWR� HQ� OD� SUHVHQWH�/H\� \� HQ� HO�5HJODPHQWR� LQWHUQR� D� TXH�KDFH� UHIHUHQFLD� HO� SiUUDIR�DQWHULRU� OD�&RPLVLyQ� VH� UHJLUi� SRU� OD� /H\� ��������� GH� 5pJLPHQ� -XUtGLFR� GH� ODV� $GPLQLVWUDFLRQHV� 3~EOLFDV� \� GHO�3URFHGLPLHQWR�$GPLQLVWUDWLYR�&RP~Q�&$3Ë78/2�,,,�'(5(&+26�<�2%/,*$&,21(6$UWtFXOR����'HUHFKR�D�OD�SURWHFFLyQ�IUHQWH�D�ORV�ULHVJRV�ODERUDOHV��� /RV�WUDEDMDGRUHV�WLHQHQ�GHUHFKR�D�XQD�SURWHFFLyQ�HILFD]�HQ�PDWHULD�GH�VHJXULGDG�\�VDOXG�HQ�HO�WUDEDMR�(O� FLWDGR� GHUHFKR� VXSRQH� OD� H[LVWHQFLD� GH� XQ� FRUUHODWLYR� GHEHU� GHO� HPSUHVDULR� GH� SURWHFFLyQ� GH� ORV�WUDEDMDGRUHV�IUHQWH�D�ORV�ULHVJRV�ODERUDOHV�(VWH� GHEHU� GH� SURWHFFLyQ� FRQVWLWX\H�� LJXDOPHQWH�� XQ� GHEHU� GH� ODV�$GPLQLVWUDFLRQHV� S~EOLFDV� UHVSHFWR� GHO�SHUVRQDO�D�VX�VHUYLFLR�/RV�GHUHFKRV�GH�LQIRUPDFLyQ��FRQVXOWD�\�SDUWLFLSDFLyQ��IRUPDFLyQ�HQ�PDWHULD�SUHYHQWLYD��SDUDOL]DFLyQ�GH�OD�DFWLYLGDG�HQ�FDVR�GH�ULHVJR�JUDYH�H�LQPLQHQWH�\�YLJLODQFLD�GH�VX�HVWDGR�GH�VDOXG��HQ�ORV�WpUPLQRV�SUHYLVWRV�HQ� OD� SUHVHQWH� /H\�� IRUPDQ� SDUWH� GHO� GHUHFKR� GH� ORV� WUDEDMDGRUHV� D� XQD� SURWHFFLyQ� HILFD] HQ�PDWHULD� GH�VHJXULGDG�\�VDOXG�HQ�HO�WUDEDMR��� (Q� FXPSOLPLHQWR� GHO� GHEHU� GH� SURWHFFLyQ�� HO� HPSUHVDULR� GHEHUi� JDUDQWL]DU� OD� VHJXULGDG�\� OD� VDOXG�GH� ORV�WUDEDMDGRUHV�D�VX�VHUYLFLR�HQ�WRGRV�ORV�DVSHFWRV�UHODFLRQDGRV�FRQ�HO�WUDEDMR��$�HVWRV�HIHFWRV��HQ�HO�PDUFR�GH�VXV� UHVSRQVDELOLGDGHV��HO�HPSUHVDULR�UHDOL]DUi� OD�SUHYHQFLyQ�GH�ORV� ULHVJRV� ODERUDOHV�PHGLDQWH� OD�DGRSFLyQ�GH�FXDQWDV�PHGLGDV�VHDQ�QHFHVDULDV�SDUD�OD�SURWHFFLyQ�GH�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV��FRQ�ODV�HVSHFLDOLGDGHV�TXH�VH�UHFRJHQ�HQ�ORV�DUWtFXORV�VLJXLHQWHV�HQ�PDWHULD�GH�HYDOXDFLyQ�GH�ULHVJRV��LQIRUPDFLyQ��FRQVXOWD� \� SDUWLFLSDFLyQ� \� IRUPDFLyQ� GH� ORV� WUDEDMDGRUHV�� DFWXDFLyQ� HQ� FDVRV� GH� HPHUJHQFLD� \� GH� ULHVJR�JUDYH�H� LQPLQHQWH��YLJLODQFLD�GH� OD�VDOXG��\�PHGLDQWH� OD�FRQVWLWXFLyQ�GH�XQD�RUJDQL]DFLyQ�\�GH�ORV�PHGLRV�QHFHVDULRV�HQ�ORV�WpUPLQRV�HVWDEOHFLGRV�HQ�HO�FDStWXOR�,9�GH�OD�SUHVHQWH�/H\�(O� HPSUHVDULR� GHVDUUROODUi� XQD� DFFLyQ� SHUPDQHQWH� FRQ� HO� ILQ� GH� SHUIHFFLRQDU� ORV� QLYHOHV� GH� SURWHFFLyQ�H[LVWHQWHV�\�GLVSRQGUi�OR�QHFHVDULR�SDUD�OD�DGDSWDFLyQ�GH�ODV�PHGLGDV�GH�SUHYHQFLyQ�VHxDODGDV�HQ�HO�SiUUDIR�DQWHULRU�D� ODV�PRGLILFDFLRQHV�TXH�SXHGDQ�H[SHULPHQWDU� ODV�FLUFXQVWDQFLDV�TXH�LQFLGDQ�HQ�OD�UHDOL]DFLyQ�GHO�WUDEDMR��� (O� HPSUHVDULR� GHEHUi� FXPSOLU� ODV� REOLJDFLRQHV� HVWDEOHFLGDV� HQ� OD� QRUPDWLYD� VREUH SUHYHQFLyQ� GH� ULHVJRV�ODERUDOHV��� /DV� REOLJDFLRQHV� GH� ORV� WUDEDMDGRUHV� HVWDEOHFLGDV� HQ� HVWD� /H\�� OD� DWULEXFLyQ� GH� IXQFLRQHV� HQ� PDWHULD� GH�SURWHFFLyQ� \� SUHYHQFLyQ� D� WUDEDMDGRUHV� R� VHUYLFLRV� GH� OD� HPSUHVD� \� HO� UHFXUVR� DO� FRQFLHUWR� FRQ� HQWLGDGHV�HVSHFLDOL]DGDV�SDUD�HO�GHVDUUROOR�GH�DFWLYLGDGHV�GH�SUHYHQFLyQ�FRPSOHPHQWDUiQ�ODV�DFFLRQHV�GHO�HPSUHVDULR��VLQ�TXH�SRU�HOOR�OH�H[LPDQ�GHO�FXPSOLPLHQWR�GH�VX�GHEHU�HQ�HVWD�PDWHULD��VLQ�SHUMXLFLR�GH�ODV�DFFLRQHV�TXH�SXHGD�HMHUFLWDU��HQ�VX�FDVR��FRQWUD�FXDOTXLHU�RWUD�SHUVRQD��� (O�FRVWH�GH� ODV�PHGLGDV�UHODWLYDV�D� OD�VHJXULGDG�\� OD�VDOXG�HQ�HO� WUDEDMR�QR�GHEHUi�UHFDHU�HQ�PRGR�DOJXQR�VREUH�ORV�WUDEDMDGRUHV�$UWtFXOR���� 3ULQFLSLRV�GH�OD�DFFLyQ�SUHYHQWLYD��� (O� HPSUHVDULR� DSOLFDUi� ODV� PHGLGDV� TXH� LQWHJUDQ� HO� GHEHU� JHQHUDO� GH� SUHYHQFLyQ� SUHYLVWR� HQ� HO� DUWtFXOR�DQWHULRU��FRQ�DUUHJOR�D�ORV�VLJXLHQWHV�SULQFLSLRV�JHQHUDOHV�

Page 12: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

D� (YLWDU�ORV�ULHVJRV�E� (YDOXDU�ORV�ULHVJRV�TXH�QR�VH�SXHGDQ�HYLWDU�F� &RPEDWLU�ORV�ULHVJRV�HQ�VX�RULJHQ�G� $GDSWDU� HO� WUDEDMR� D� OD� SHUVRQD�� HQ� SDUWLFXODU� HQ� OR� TXH� UHVSHFWD� D� OD� FRQFHSFLyQ� GH� ORV� SXHVWRV� GH�WUDEDMR��DVt�FRPR�D�OD�HOHFFLyQ�GH�ORV�HTXLSRV�\�ORV�PpWRGRV�GH�WUDEDMR�\�GH�SURGXFFLyQ��FRQ�PLUDV��HQ�SDUWLFXODU��D�DWHQXDU�HO�WUDEDMR�PRQyWRQR�\�UHSHWLWLYR�\�D�UHGXFLU�ORV�HIHFWRV�GHO�PLVPR�HQ�OD�VDOXG�H� 7HQHU�HQ�FXHQWD OD�HYROXFLyQ�GH�OD�WpFQLFD�I� 6XVWLWXLU�OR�SHOLJURVR�SRU�OR�TXH�HQWUDxH�SRFR�R�QLQJ~Q�SHOLJUR�J� 3ODQLILFDU�OD�SUHYHQFLyQ��EXVFDQGR�XQ�FRQMXQWR�FRKHUHQWH�TXH�LQWHJUH�HQ�HOOD�OD�WpFQLFD��OD�RUJDQL]DFLyQ�GHO�WUDEDMR��ODV�FRQGLFLRQHV�GH�WUDEDMR��ODV�UHODFLRQHV�VRFLDOHV�\�OD�LQIOXHQFLD�GH�ORV�IDFWRUHV�DPELHQWDOHV�HQ�HO�WUDEDMR�K� $GRSWDU�PHGLGDV�TXH�DQWHSRQJDQ�OD�SURWHFFLyQ�FROHFWLYD�D�OD�LQGLYLGXDO�L� 'DU�ODV�GHELGDV�LQVWUXFFLRQHV�D�ORV�WUDEDMDGRUHV��� (O� HPSUHVDULR� WRPDUi� HQ� FRQVLGHUDFLyQ� ODV� FDSDFLGDGHV� SURIHVLRQDOHV GH� ORV� WUDEDMDGRUHV� HQ� PDWHULD� GH�VHJXULGDG�\�GH�VDOXG�HQ�HO�PRPHQWR�GH�HQFRPHQGDUOHV�ODV�WDUHDV��� (O� HPSUHVDULR� DGRSWDUi� ODV� PHGLGDV� QHFHVDULDV� D� ILQ� GH� JDUDQWL]DU� TXH� VyOR� ORV� WUDEDMDGRUHV� TXH� KD\DQ�UHFLELGR�LQIRUPDFLyQ�VXILFLHQWH�\�DGHFXDGD�SXHGDQ�DFFHGHU�D�ODV�]RQDV�GH�ULHVJR�JUDYH�\�HVSHFtILFR��� /D�HIHFWLYLGDG�GH�ODV�PHGLGDV�SUHYHQWLYDV�GHEHUi�SUHYHU�ODV�GLVWUDFFLRQHV�R�LPSUXGHQFLDV�QR�WHPHUDULDV�TXH�SXGLHUD�FRPHWHU�HO� WUDEDMDGRU��3DUD�VX�DGRSFLyQ�VH�WHQGUiQ�HQ�FXHQWD�ORV�ULHVJRV�DGLFLRQDOHV�TXH�SXGLHUDQ�LPSOLFDU�GHWHUPLQDGDV�PHGLGDV�SUHYHQWLYDV��ODV�FXDOHV�VyOR�SRGUiQ�DGRSWDUVH�FXDQGR�OD�PDJQLWXG�GH�GLFKRV�ULHVJRV� VHD� VXVWDQFLDOPHQWH� LQIHULRU� D� OD� GH� ORV� TXH� VH� SUHWHQGH� FRQWURODU� \� QR� H[LVWDQ� DOWHUQDWLYDV� PiV�VHJXUDV��� 3RGUiQ� FRQFHUWDU� RSHUDFLRQHV� GH� VHJXUR� TXH� WHQJDQ� FRPR� ILQ� JDUDQWL]DU� FRPR� iPELWR� GH� FREHUWXUD� OD�SUHYLVLyQ� GH� ULHVJRV� GHULYDGRV� GHO� WUDEDMR�� OD� HPSUHVD� UHVSHFWR� GH� VXV� WUDEDMDGRUHV�� ORV� WUDEDMDGRUHV�DXWyQRPRV� UHVSHFWR� D� HOORV� PLVPRV� \� ODV� VRFLHGDGHV� FRRSHUDWLYDV� UHVSHFWR� D� VXV� VRFLRV� FX\D� DFWLYLGDG�FRQVLVWD�HQ�OD�SUHVWDFLyQ�GH�VX�WUDEDMR�SHUVRQDO�$UWtFXOR���� (YDOXDFLyQ�GH�ORV�ULHVJRV��� /D�DFFLyQ�SUHYHQWLYD�HQ�OD�HPSUHVD�VH�SODQLILFDUi�SRU�HO�HPSUHVDULR�D�SDUWLU�GH�XQD�HYDOXDFLyQ�LQLFLDO�GH�ORV�ULHVJRV�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV��TXH�VH�UHDOL]DUi��FRQ�FDUiFWHU�JHQHUDO��WHQLHQGR�HQ�FXHQWD� OD� QDWXUDOH]D� GH� OD� DFWLYLGDG�� \� HQ� UHODFLyQ� FRQ� DTXHOORV� TXH� HVWpQ� H[SXHVWRV� D� ULHVJRV� HVSHFLDOHV��,JXDO� HYDOXDFLyQ�GHEHUi�KDFHUVH�FRQ�RFDVLyQ�GH� OD� HOHFFLyQ�GH� ORV� HTXLSRV�GH� WUDEDMR� GH� ODV�VXVWDQFLDV�R�SUHSDUDGRV� TXtPLFRV� \� GHO� DFRQGLFLRQDPLHQWR� GH� ORV� OXJDUHV� GH� WUDEDMR�� /D� HYDOXDFLyQ� LQLFLDO� WHQGUi� HQ�FXHQWD�DTXHOODV�RWUDV�DFWXDFLRQHV�TXH�GHEDQ�GHVDUUROODUVH�GH�FRQIRUPLGDG�FRQ�OR�GLVSXHVWR�HQ�OD�QRUPDWLYD�VREUH� SURWHFFLyQ� GH� ULHVJRV� HVSHFtILFRV� \� DFWLYLGDGHV� GH� HVSHFLDO� SHOLJURVLGDG�� /D� HYDOXDFLyQ� VHUi�DFWXDOL]DGD� FXDQGR� FDPELHQ� ODV� FRQGLFLRQHV�GH� WUDEDMR�\�� HQ� WRGR�FDVR�� VH� VRPHWHUi�D� FRQVLGHUDFLyQ�\� VH�UHYLVDUi��VL�IXHUD�QHFHVDULR��FRQ�RFDVLyQ�GH�ORV�GDxRV�SDUD�OD�VDOXG�TXH�VH�KD\DQ�SURGXFLGR�&XDQGR�HO�UHVXOWDGR�GH�OD�HYDOXDFLyQ�OR�KLFLHUD�QHFHVDULR��HO�HPSUHVDULR�UHDOL]DUi�FRQWUROHV�SHULyGLFRV�GH�ODV�FRQGLFLRQHV�GH�WUDEDMR�\�GH�OD�DFWLYLGDG�GH�ORV�WUDEDMDGRUHV�HQ�OD�SUHVWDFLyQ�GH�VXV�VHUYLFLRV��SDUD�GHWHFWDU�VLWXDFLRQHV�SRWHQFLDOPHQWH�SHOLJURVDV��� 6L� ORV� UHVXOWDGRV� GH� OD� HYDOXDFLyQ� SUHYLVWD� HQ� HO� DSDUWDGR� DQWHULRU� OR� KLFLHUDQ� QHFHVDULR�� HO� HPSUHVDULR�UHDOL]DUi� DTXHOODV� DFWLYLGDGHV� GH� SUHYHQFLyQ�� LQFOXLGDV� ODV� UHODFLRQDGDV� FRQ� ORV� PpWRGRV� GH� WUDEDMR� \� GH�SURGXFFLyQ�� TXH� JDUDQWLFHQ� XQ�PD\RU� QLYHO� GH� SURWHFFLyQ� GH� OD� VHJXULGDG� \� OD� VDOXG� GH� ORV� WUDEDMDGRUHV��(VWDV�DFWXDFLRQHV�GHEHUiQ�LQWHJUDUVH�HQ�HO�FRQMXQWR�GH�ODV�DFWLYLGDGHV�GH�OD�HPSUHVD�\�HQ�WRGRV�ORV�QLYHOHV�MHUiUTXLFRV�GH�OD�PLVPD�/DV� DFWLYLGDGHV� GH� SUHYHQFLyQ� GHEHUiQ� VHU� PRGLILFDGDV� FXDQGR� VH� DSUHFLH� SRU� HO� HPSUHVDULR�� FRPR�FRQVHFXHQFLD�GH� ORV� FRQWUROHV�SHULyGLFRV�SUHYLVWRV� HQ�HO� DSDUWDGR�DQWHULRU�� VX� LQDGHFXDFLyQ� D� ORV� ILQHV� GH�SURWHFFLyQ�UHTXHULGRV��� &XDQGR�VH�KD\D�SURGXFLGR�XQ�GDxR�SDUD�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�R�FXDQGR��FRQ�RFDVLyQ�GH�OD�YLJLODQFLD�GH� OD� VDOXG� SUHYLVWD� HQ� HO� DUWtFXOR� ���� DSDUH]FDQ� LQGLFLRV� GH� TXH� ODV� PHGLGDV� GH� SUHYHQFLyQ� UHVXOWDQ�LQVXILFLHQWHV��HO�HPSUHVDULR�OOHYDUi�D�FDER�XQD�LQYHVWLJDFLyQ�DO�UHVSHFWR��D�ILQ�GH�GHWHFWDU�ODV�FDXVDV�GH�HVWRV�KHFKRV�$UWtFXOR���� (TXLSRV�GH�WUDEDMR�\�PHGLRV�GH�SURWHFFLyQ��� (O�HPSUHVDULR�DGRSWDUi�ODV�PHGLGDV�QHFHVDULDV�FRQ�HO�ILQ�GH�TXH�ORV�HTXLSRV�GH�WUDEDMR�VHDQ�DGHFXDGRV�SDUD�HO� WUDEDMR� TXH� GHED� UHDOL]DUVH� \� FRQYHQLHQWHPHQWH� DGDSWDGRV� D� WDO� HIHFWR�� GH� IRUPD� TXH� JDUDQWLFHQ� OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�DO�XWLOL]DUORV�

Page 13: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

&XDQGR� OD�XWLOL]DFLyQ�GH�XQ�HTXLSR�GH� WUDEDMR�SXHGD�SUHVHQWDU�XQ�ULHVJR�HVSHFtILFR�SDUD� OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV��HO�HPSUHVDULR�DGRSWDUi�ODV�PHGLGDV�QHFHVDULDV�FRQ�HO�ILQ�GH�TXH�D� /D�XWLOL]DFLyQ�GHO�HTXLSR�GH�WUDEDMR�TXHGH�UHVHUYDGD�D�ORV�HQFDUJDGRV�GH�GLFKD�XWLOL]DFLyQ�E� /RV� WUDEDMRV� GH� UHSDUDFLyQ�� WUDQVIRUPDFLyQ�� PDQWHQLPLHQWR� R� FRQVHUYDFLyQ� VHDQ� UHDOL]DGRV� SRU� ORV�WUDEDMDGRUHV�HVSHFtILFDPHQWH�FDSDFLWDGRV�SDUD�HOOR��� (O� HPSUHVDULR GHEHUi�SURSRUFLRQDU�D� VXV� WUDEDMDGRUHV� HTXLSRV�GH�SURWHFFLyQ� LQGLYLGXDO�DGHFXDGRV�SDUD�HO�GHVHPSHxR� GH� VXV� IXQFLRQHV� \� YHODU� SRU� HO� XVR� HIHFWLYR� GH� ORV�PLVPRV� FXDQGR�� SRU� OD� QDWXUDOH]D� GH� ORV�WUDEDMRV�UHDOL]DGRV��VHDQ�QHFHVDULRV�/RV�HTXLSRV�GH�SURWHFFLyQ LQGLYLGXDO�GHEHUiQ�XWLOL]DUVH�FXDQGR�ORV�ULHVJRV�QR�VH�SXHGDQ�HYLWDU�R�QR�SXHGDQ�OLPLWDUVH� VXILFLHQWHPHQWH� SRU� PHGLRV� WpFQLFRV� GH� SURWHFFLyQ� FROHFWLYD� R� PHGLDQWH� PHGLGDV�� PpWRGRV� R�SURFHGLPLHQWRV�GH�RUJDQL]DFLyQ�GHO�WUDEDMR�$UWtFXOR���� ,QIRUPDFLyQ��FRQVXOWD�\�SDUWLFLSDFLyQ�GH�ORV�WUDEDMDGRUHV��� $�ILQ�GH�GDU�FXPSOLPLHQWR�DO�GHEHU�GH�SURWHFFLyQ�HVWDEOHFLGR�HQ�OD�SUHVHQWH�/H\��HO�HPSUHVDULR�DGRSWDUi�ODV�PHGLGDV�DGHFXDGDV�SDUD�TXH�ORV�WUDEDMDGRUHV�UHFLEDQ�WRGDV�ODV�LQIRUPDFLRQHV�QHFHVDULDV�HQ�UHODFLyQ�FRQ�D� /RV�ULHVJRV�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�HQ�HO�WUDEDMR��WDQWR�DTXHOORV�TXH�DIHFWHQ�D�OD�HPSUHVD�HQ�VX�FRQMXQWR�FRPR�D�FDGD�WLSR�GH�SXHVWR�GH�WUDEDMR�R�IXQFLyQ�E� /DV�PHGLGDV�\�DFWLYLGDGHV�GH�SURWHFFLyQ�\�SUHYHQFLyQ�DSOLFDEOHV�D�ORV�ULHVJRV�VHxDODGRV�HQ�HO�DSDUWDGR�DQWHULRU�F� /DV�PHGLGDV�DGRSWDGDV�GH�FRQIRUPLGDG�FRQ�OR�GLVSXHVWR�HQ�HO�DUWtFXOR����GH�OD�SUHVHQWH�/H\�(Q� ODV� HPSUHVDV� TXH� FXHQWHQ� FRQ� UHSUHVHQWDQWHV� GH� ORV� WUDEDMDGRUHV�� OD� LQIRUPDFLyQ� D� TXH� VH� UHILHUH� HO�SUHVHQWH� DSDUWDGR� VH� IDFLOLWDUi� SRU� HO� HPSUHVDULR� D� ORV� WUDEDMDGRUHV� D� WUDYpV� GH� GLFKRV� UHSUHVHQWDQWHV�� QR�REVWDQWH�� GHEHUi� LQIRUPDUVH� GLUHFWDPHQWH� D� FDGD� WUDEDMDGRU� GH� ORV� ULHVJRV� HVSHFtILFRV� TXH� DIHFWHQ� D� VX�SXHVWR�GH�WUDEDMR�R�IXQFLyQ�\�GH�ODV�PHGLGDV�GH�SURWHFFLyQ�\�SUHYHQFLyQ�DSOLFDEOHV�D�GLFKRV�ULHVJRV��� (O� HPSUHVDULR� GHEHUi� FRQVXOWDU� D� ORV� WUDEDMDGRUHV�� \� SHUPLWLU� VX� SDUWLFLSDFLyQ�� HQ� HO� PDUFR� GH� WRGDV� ODV�FXHVWLRQHV� TXH� DIHFWHQ� D� OD� VHJXULGDG� \� D� OD� VDOXG� HQ� HO� WUDEDMR�� GH� FRQIRUPLGDG� FRQ� OR� GLVSXHVWR� HQ� HO�FDStWXOR�9�GH�OD�SUHVHQWH�/H\�/RV� WUDEDMDGRUHV� WHQGUiQ� GHUHFKR� D� HIHFWXDU� SURSXHVWDV� DO� HPSUHVDULR�� DVt� FRPR� D� ORV� yUJDQRV� GH�SDUWLFLSDFLyQ�\�UHSUHVHQWDFLyQ�SUHYLVWRV�HQ�HO�FDStWXOR�9�GH�HVWD�/H\��GLULJLGDV�D�OD�PHMRUD�GH�ORV�QLYHOHV�GH�SURWHFFLyQ�GH�OD�VHJXULGDG�\�OD�VDOXG�HQ�OD�HPSUHVD�$UWtFXOR���� )RUPDFLyQ�GH�ORV�WUDEDMDGRUHV��� (Q�FXPSOLPLHQWR�GHO�GHEHU�GH�SURWHFFLyQ��HO�HPSUHVDULR�GHEHUi�JDUDQWL]DU�TXH�FDGD�WUDEDMDGRU�UHFLED�XQD�IRUPDFLyQ� WHyULFD� \� SUiFWLFD�� VXILFLHQWH� \� DGHFXDGD�� HQ� PDWHULD� SUHYHQWLYD�� WDQWR� HQ� HO� PRPHQWR� GH� VX�FRQWUDWDFLyQ��FXDOTXLHUD�TXH�VHD�OD�PRGDOLGDG�R�GXUDFLyQ�GH�pVWD��FRPR�FXDQGR�VH�SURGX]FDQ�FDPELRV�HQ�ODV�IXQFLRQHV�TXH�GHVHPSHxH�R�VH�LQWURGX]FDQ�QXHYDV�WHFQRORJtDV�R�FDPELRV�HQ�ORV�HTXLSRV�GH�WUDEDMR�/D�IRUPDFLyQ�GHEHUi�HVWDU�FHQWUDGD�HVSHFtILFDPHQWH�HQ�HO�SXHVWR�GH� WUDEDMR�R� IXQFLyQ�GH�FDGD� WUDEDMDGRU��DGDSWDUVH�D�OD�HYROXFLyQ�GH�ORV�ULHVJRV�\�D�OD�DSDULFLyQ�GH�RWURV�QXHYRV�\�UHSHWLUVH�SHULyGLFDPHQWH��VL�IXHUD�QHFHVDULR��� /D�IRUPDFLyQ�D�TXH�VH�UHILHUH�HO�DSDUWDGR�DQWHULRU�GHEHUi�LPSDUWLUVH��VLHPSUH�TXH�VHD�SRVLEOH��GHQWUR�GH�OD�MRUQDGD�GH�WUDEDMR�R��HQ�VX�GHIHFWR��HQ�RWUDV�KRUDV�SHUR�FRQ�HO�GHVFXHQWR�HQ�DTXpOOD�GHO�WLHPSR�LQYHUWLGR�HQ�OD�PLVPD�/D� IRUPDFLyQ� VH� SRGUi� LPSDUWLU� SRU� OD� HPSUHVD� PHGLDQWH� PHGLRV� SURSLRV� R� FRQFHUWiQGROD� FRQ� VHUYLFLRV�DMHQRV��\�VX�FRVWH�QR�UHFDHUi�HQ�QLQJ~Q�FDVR�VREUH�ORV�WUDEDMDGRUHV�$UWtFXOR����0HGLGDV�GH�HPHUJHQFLD�(O� HPSUHVDULR�� WHQLHQGR� HQ� FXHQWD� HO� WDPDxR� \� OD� DFWLYLGDG� GH� OD� HPSUHVD�� DVt� FRPR� OD� SRVLEOH� SUHVHQFLD� GH�SHUVRQDV� DMHQDV� D� OD� PLVPD�� GHEHUi� DQDOL]DU� ODV� SRVLEOHV� VLWXDFLRQHV� GH� HPHUJHQFLD� \� DGRSWDU� ODV� PHGLGDV�QHFHVDULDV�HQ�PDWHULD�GH�SULPHURV�DX[LOLRV��OXFKD�FRQWUD�LQFHQGLRV�\�HYDFXDFLyQ�GH�ORV�WUDEDMDGRUHV��GHVLJQDQGR�SDUD�HOOR�DO�SHUVRQDO�HQFDUJDGR�GH�SRQHU�HQ�SUiFWLFD�HVWDV�PHGLGDV�\�FRPSUREDQGR�SHULyGLFDPHQWH��HQ�VX�FDVR��VX�FRUUHFWR�IXQFLRQDPLHQWR��(O�FLWDGR�SHUVRQDO�GHEHUi�SRVHHU�OD�IRUPDFLyQ�QHFHVDULD��VHU�VXILFLHQWH�HQ�Q~PHUR�\�GLVSRQHU�GHO�PDWHULDO�DGHFXDGR��HQ�IXQFLyQ�GH�ODV�FLUFXQVWDQFLDV�DQWHV�VHxDODGDV�3DUD�OD�DSOLFDFLyQ�GH�ODV�PHGLGDV�DGRSWDGDV��HO�HPSUHVDULR�GHEHUi�RUJDQL]DU�ODV�UHODFLRQHV�TXH�VHDQ�QHFHVDULDV�FRQ� VHUYLFLRV� H[WHUQRV� D� OD� HPSUHVD�� HQ� SDUWLFXODU� HQ� PDWHULD� GH� SULPHURV� DX[LOLRV�� DVLVWHQFLD� PpGLFD� GH�XUJHQFLD�� VDOYDPHQWR� \� OXFKD� FRQWUD� LQFHQGLRV�� GH� IRUPD� TXH� TXHGH� JDUDQWL]DGD OD� UDSLGH]� \� HILFDFLD� GH� ODV�PLVPDV�$UWtFXOR���� 5LHVJR�JUDYH�H�LQPLQHQWH�

Page 14: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

�� &XDQGR� ORV� WUDEDMDGRUHV� HVWpQ�R�SXHGDQ� HVWDU� H[SXHVWRV� D�XQ� ULHVJR�JUDYH�H� LQPLQHQWH�FRQ�RFDVLyQ�GH� VX�WUDEDMR��HO�HPSUHVDULR�HVWDUi�REOLJDGR�D�D� ,QIRUPDU�OR�DQWHV�SRVLEOH�D�WRGRV�ORV�WUDEDMDGRUHV�DIHFWDGRV�DFHUFD�GH�OD�H[LVWHQFLD�GH�GLFKR�ULHVJR�\�GH�ODV�PHGLGDV�DGRSWDGDV�R�TXH��HQ�VX�FDVR��GHEDQ�DGRSWDUVH�HQ�PDWHULD�GH�SURWHFFLyQ�E� $GRSWDU�ODV�PHGLGDV�\�GDU�ODV�LQVWUXFFLRQHV�QHFHVDULDV�SDUD�TXH��HQ�FDVR�GH�SHOLJUR�JUDYH��LQPLQHQWH�H�LQHYLWDEOH�� ORV� WUDEDMDGRUHV� SXHGDQ� LQWHUUXPSLU� VX� DFWLYLGDG� \�� VL� IXHUD� QHFHVDULR�� DEDQGRQDU� GH�LQPHGLDWR� HO� OXJDU�GH� WUDEDMR��(Q�HVWH� VXSXHVWR�QR�SRGUi�H[LJLUVH�D� ORV� WUDEDMDGRUHV�TXH� UHDQXGHQ� VX�DFWLYLGDG� PLHQWUDV� SHUVLVWD� HO� SHOLJUR�� VDOYR� H[FHSFLyQ� GHELGDPHQWH� MXVWLILFDGD� SRU� UD]RQHV� GH�VHJXULGDG�\�GHWHUPLQDGD�UHJODPHQWDULDPHQWH�F� 'LVSRQHU� OR� QHFHVDULR� SDUD� TXH� HO� WUDEDMDGRU� TXH� QR� SXGLHUD� SRQHUVH� HQ� FRQWDFWR� FRQ� VX� VXSHULRU�MHUiUTXLFR��DQWH�XQD�VLWXDFLyQ�GH�SHOLJUR�JUDYH�H�LQPLQHQWH�SDUD�VX�VHJXULGDG��OD�GH�RWURV�WUDEDMDGRUHV�R�OD�GH� WHUFHURV�D� OD�HPSUHVD��HVWp�HQ�FRQGLFLRQHV��KDELGD�FXHQWD�GH�VXV�FRQRFLPLHQWRV�\�GH�ORV�PHGLRV�WpFQLFRV�SXHVWRV�D� VX�GLVSRVLFLyQ��GH�DGRSWDU� ODV�PHGLGDV�QHFHVDULDV�SDUD�HYLWDU� ODV�FRQVHFXHQFLDV�GH�GLFKR�SHOLJUR��� 'H�DFXHUGR�FRQ�OR�SUHYLVWR�HQ�HO�DSDUWDGR���GHO�DUWtFXOR����GH�OD�SUHVHQWH�/H\��HO�WUDEDMDGRU�WHQGUi�GHUHFKR�D� LQWHUUXPSLU�VX�DFWLYLGDG�\�DEDQGRQDU�HO� OXJDU�GH�WUDEDMR��HQ�FDVR�QHFHVDULR��FXDQGR�FRQVLGHUH�TXH�GLFKD�DFWLYLGDG�HQWUDxD�XQ�ULHVJR�JUDYH�H�LQPLQHQWH�SDUD VX�YLGD�R�VX�VDOXG��� &XDQGR�HQ�HO�FDVR�D�TXH�VH� UHILHUH�HO�DSDUWDGR���GH�HVWH�DUWtFXOR�HO�HPSUHVDULR�QR�DGRSWH�R�QR�SHUPLWD�OD�DGRSFLyQ� GH� ODV� PHGLGDV� QHFHVDULDV� SDUD� JDUDQWL]DU� OD� VHJXULGDG� \� OD� VDOXG� GH� ORV� WUDEDMDGRUHV�� ORV�UHSUHVHQWDQWHV�OHJDOHV�GH�pVWRV�SRGUiQ�DFRUGDU��SRU�PD\RUtD�GH�VXV�PLHPEURV��OD�SDUDOL]DFLyQ�GH�OD�DFWLYLGDG�GH�ORV�WUDEDMDGRUHV�DIHFWDGRV�SRU�GLFKR�ULHVJR��7DO�DFXHUGR�VHUi�FRPXQLFDGR�GH�LQPHGLDWR�D�OD�HPSUHVD�\�D�OD�DXWRULGDG�ODERUDO��OD�FXDO��HQ�HO�SOD]R�GH�YHLQWLFXDWUR�KRUDV��DQXODUi�R�UDWLILFDUi�OD�SDUDOL]DFLyQ�DFRUGDGD�(O�DFXHUGR�D�TXH�VH�UHILHUH�HO�SiUUDIR�DQWHULRU�SRGUi�VHU�DGRSWDGR�SRU�GHFLVLyQ�PD\RULWDULD�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�FXDQGR�QR�UHVXOWH�SRVLEOH�UHXQLU�FRQ� OD�XUJHQFLD� UHTXHULGD�DO�yUJDQR�GH� UHSUHVHQWDFLyQ�GHOSHUVRQDO��� /RV� WUDEDMDGRUHV� R� VXV� UHSUHVHQWDQWHV� QR� SRGUiQ� VXIULU� SHUMXLFLR� DOJXQR� GHULYDGR� GH� OD� DGRSFLyQ� GH� ODV�PHGLGDV� D� TXH� VH� UHILHUHQ� ORV� DSDUWDGRV� DQWHULRUHV�� D�PHQRV� TXH�KXELHUDQ� REUDGR�GH�PDOD� IH� R� FRPHWLGR�QHJOLJHQFLD�JUDYH�$UWtFXOR���� 9LJLODQFLD�GH�OD�VDOXG��� (O�HPSUHVDULR�JDUDQWL]DUi�D� ORV� WUDEDMDGRUHV�D�VX�VHUYLFLR� OD�YLJLODQFLD�SHULyGLFD�GH�VX�HVWDGR�GH�VDOXG�HQ�IXQFLyQ�GH�ORV�ULHVJRV�LQKHUHQWHV�DO�WUDEDMR�(VWD�YLJLODQFLD�VyOR�SRGUi� OOHYDUVH�D�FDER�FXDQGR�HO� WUDEDMDGRU�SUHVWH�VX�FRQVHQWLPLHQWR��'H�HVWH�FDUiFWHU�YROXQWDULR� VyOR� VH�H[FHSWXDUiQ��SUHYLR� LQIRUPH�GH� ORV� UHSUHVHQWDQWHV�GH� ORV� WUDEDMDGRUHV�� ORV�VXSXHVWRV�HQ�ORV�TXH�OD�UHDOL]DFLyQ�GH�ORV�UHFRQRFLPLHQWRV�VHD�LPSUHVFLQGLEOH�SDUD�HYDOXDU�ORV�HIHFWRV�GH�ODV�FRQGLFLRQHV�GH� WUDEDMR� VREUH� OD VDOXG� GH� ORV� WUDEDMDGRUHV� R� SDUD� YHULILFDU� VL� HO� HVWDGR� GH� VDOXG� GHO� WUDEDMDGRU� SXHGH�FRQVWLWXLU�XQ�SHOLJUR�SDUD�HO�PLVPR��SDUD�ORV�GHPiV�WUDEDMDGRUHV�R�SDUD�RWUDV�SHUVRQDV�UHODFLRQDGDV�FRQ�OD�HPSUHVD� R� FXDQGR� DVt� HVWp� HVWDEOHFLGR� HQ� XQD� GLVSRVLFLyQ� OHJDO HQ� UHODFLyQ� FRQ� OD� SURWHFFLyQ� GH� ULHVJRV�HVSHFtILFRV�\�DFWLYLGDGHV�GH�HVSHFLDO�SHOLJURVLGDG�(Q� WRGR� FDVR� VH� GHEHUi� RSWDU� SRU� OD� UHDOL]DFLyQ� GH� DTXHOORV� UHFRQRFLPLHQWRV� R� SUXHEDV� TXH� FDXVHQ� ODV�PHQRUHV�PROHVWLDV�DO�WUDEDMDGRU�\�TXH�VHDQ�SURSRUFLRQDOHV�DO�ULHVJR��� /DV�PHGLGDV�GH�YLJLODQFLD�\�FRQWURO�GH�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�VH�OOHYDUiQ�D�FDER�UHVSHWDQGR�VLHPSUH�HO�GHUHFKR� D� OD� LQWLPLGDG� \� D� OD� GLJQLGDG� GH� OD� SHUVRQD� GHO� WUDEDMDGRU� \� OD� FRQILGHQFLDOLGDG� GH� WRGD� OD�LQIRUPDFLyQ�UHODFLRQDGD�FRQ�VX�HVWDGR�GH�VDOXG��� /RV� UHVXOWDGRV�GH� OD�YLJLODQFLD�D�TXH�VH� UHILHUH�HO� DSDUWDGR�DQWHULRU� VHUiQ�FRPXQLFDGRV� D� ORV� WUDEDMDGRUHV�DIHFWDGRV��� /RV� GDWRV� UHODWLYRV� D� OD� YLJLODQFLD� GH� OD� VDOXG� GH� ORV� WUDEDMDGRUHV� QR� SRGUiQ� VHU� XVDGRV� FRQ� ILQHV�GLVFULPLQDWRULRV�QL�HQ�SHUMXLFLR�GHO�WUDEDMDGRU�(O�DFFHVR�D� OD� LQIRUPDFLyQ�PpGLFD�GH�FDUiFWHU�SHUVRQDO�VH� OLPLWDUi�DO�SHUVRQDO�PpGLFR�\�D� ODV�DXWRULGDGHV�VDQLWDULDV� TXH� OOHYHQ� D� FDER� OD� YLJLODQFLD� GH� OD� VDOXG� GH� ORV� WUDEDMDGRUHV�� VLQ� TXH� SXHGD� IDFLOLWDUVH� DO�HPSUHVDULR�R�D�RWUDV�SHUVRQDV�VLQ�FRQVHQWLPLHQWR�H[SUHVR�GHO�WUDEDMDGRU�1R� REVWDQWH� OR� DQWHULRU�� HO� HPSUHVDULR� \� ODV� SHUVRQDV� X� yUJDQRV� FRQ� UHVSRQVDELOLGDGHV� HQ� PDWHULD� GH�SUHYHQFLyQ� VHUiQ� LQIRUPDGRV� GH� ODV� FRQFOXVLRQHV� TXH� VH� GHULYHQ� GH� ORV� UHFRQRFLPLHQWRV� HIHFWXDGRV� HQ�UHODFLyQ FRQ� OD� DSWLWXG� GHO� WUDEDMDGRU� SDUD� HO� GHVHPSHxR� GHO� SXHVWR� GH� WUDEDMR� R� FRQ� OD� QHFHVLGDG� GH�LQWURGXFLU�R�PHMRUDU�ODV�PHGLGDV�GH�SURWHFFLyQ�\�SUHYHQFLyQ��D�ILQ�GH�TXH�SXHGDQ�GHVDUUROODU�FRUUHFWDPHQWH�VXV�IXQFLRQHV�HQ�PDWHULD�SUHYHQWLYD�

Page 15: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

�� (Q�ORV�VXSXHVWRV�HQ TXH�OD�QDWXUDOH]D�GH�ORV� ULHVJRV� LQKHUHQWHV�DO� WUDEDMR�OR�KDJD�QHFHVDULR��HO�GHUHFKR�GH�ORV� WUDEDMDGRUHV� D� OD� YLJLODQFLD� SHULyGLFD� GH� VX� HVWDGR� GH� VDOXG� GHEHUi� VHU� SURORQJDGR� PiV� DOOi� GH� OD�ILQDOL]DFLyQ�GH�OD�UHODFLyQ�ODERUDO��HQ�ORV�WpUPLQRV�TXH�UHJODPHQWDULDPHQWH�VH�GHWHUPLQHQ��� /DV�PHGLGDV�GH�YLJLODQFLD�\�FRQWURO�GH�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�VH�OOHYDUiQ�D�FDER�SRU�SHUVRQDO�VDQLWDULR�FRQ�FRPSHWHQFLD�WpFQLFD��IRUPDFLyQ�\�FDSDFLGDG�DFUHGLWDGD�$UWtFXOR����'RFXPHQWDFLyQ��� (O�HPSUHVDULR�GHEHUi�HODERUDU�\�FRQVHUYDU�D�GLVSRVLFLyQ�GH�OD�DXWRULGDG�ODERUDO�OD�VLJXLHQWH�GRFXPHQWDFLyQ�UHODWLYD�D�ODV�REOLJDFLRQHV�HVWDEOHFLGDV�HQ�ORV�DUWtFXORV�DQWHULRUHV�D� (YDOXDFLyQ� GH� ORV� ULHVJRV� SDUD� OD� VHJXULGDG� \� OD� VDOXG� HQ� HO� WUDEDMR�� \� SODQLILFDFLyQ� GH� OD� DFFLyQ�SUHYHQWLYD��FRQIRUPH�D�OR�SUHYLVWR�HQ�HO�DUWtFXOR����GH�OD�SUHVHQWH�/H\�E� 0HGLGDV� GH� SURWHFFLyQ� \� GH� SUHYHQFLyQ� D� DGRSWDU� \�� HQ� VX� FDVR�� PDWHULDO� GH� SURWHFFLyQ� TXH� GHED�XWLOL]DUVH�F� 5HVXOWDGR� GH� ORV� FRQWUROHV� SHULyGLFRV� GH� ODV� FRQGLFLRQHV� GH� WUDEDMR� \� GH� OD� DFWLYLGDG� GH� ORV�WUDEDMDGRUHV�� GH� DFXHUGR� FRQ� OR� GLVSXHVWR� HQ� HO� WHUFHU� SiUUDIR� GHO� DSDUWDGR� �� GHO� DUWtFXOR� ��� GH� OD�SUHVHQWH�/H\�G� 3UiFWLFD�GH�ORV�FRQWUROHV�GHO�HVWDGR�GH�VDOXG�GH�ORV�WUDEDMDGRUHV�SUHYLVWRV�HQ�HO�DUWtFXOR����GH�HVWD�/H\�\�FRQFOXVLRQHV�REWHQLGDV�GH�ORV�PLVPRV�HQ�ORV�WpUPLQRV�UHFRJLGRV�HQ�HO�~OWLPR�SiUUDIR�GHO�DSDUWDGR���GHO�FLWDGR�DUWtFXOR�H� 5HODFLyQ�GH�DFFLGHQWHV�GH� WUDEDMR�\�HQIHUPHGDGHV�SURIHVLRQDOHV�TXH�KD\DQ�FDXVDGR�DO� WUDEDMDGRU�XQD�LQFDSDFLGDG� ODERUDO� VXSHULRU� D� XQ� GtD� GH� WUDEDMR�� (Q� HVWRV� FDVRV� HO HPSUHVDULR� UHDOL]DUi�� DGHPiV�� OD�QRWLILFDFLyQ�D�TXH�VH�UHILHUH�HO�DSDUWDGR���GHO�SUHVHQWH�DUWtFXOR��� (Q� HO� PRPHQWR� GH� FHVDFLyQ� GH� VX� DFWLYLGDG�� ODV� HPSUHVDV� GHEHUiQ� UHPLWLU� D� OD� DXWRULGDG� ODERUDO� OD�GRFXPHQWDFLyQ�VHxDODGD�HQ�HO�DSDUWDGR�DQWHULRU��� (O� HPSUHVDULR�HVWDUi�REOLJDGR�D�QRWLILFDU�SRU�HVFULWR�D� OD� DXWRULGDG� ODERUDO� ORV�GDxRV�SDUD� OD� VDOXG�GH� ORV�WUDEDMDGRUHV�D�VX�VHUYLFLR�TXH�VH�KXELHUDQ�SURGXFLGR�FRQ�PRWLYR�GHO�GHVDUUROOR�GH�VX�WUDEDMR��FRQIRUPH�DO�SURFHGLPLHQWR�TXH�VH�GHWHUPLQH�UHJODPHQWDULDPHQWH��� /D�GRFXPHQWDFLyQ�D�TXH�VH�KDFH�UHIHUHQFLD�HQ�HO�SUHVHQWH�DUWtFXOR�GHEHUi�WDPELpQ�VHU�SXHVWD�D�GLVSRVLFLyQ�GH�ODV�DXWRULGDGHV�VDQLWDULDV�DO�REMHWR�GH�TXH�pVWDV�SXHGDQ�FXPSOLU�FRQ�OR�GLVSXHVWR�HQ�HO�DUWtFXOR����GH�OD�SUHVHQWH�/H\�\�HQ�HO�DUWtFXOR����GH�OD�/H\����������GH����GH�DEULO��*HQHUDO�GH�6DQLGDG�$UWtFXOR���� &RRUGLQDFLyQ�GH�DFWLYLGDGHV�HPSUHVDULDOHV��� &XDQGR�HQ�XQ�PLVPR�FHQWUR�GH� WUDEDMR�GHVDUUROOHQ�DFWLYLGDGHV� WUDEDMDGRUHV�GH�GRV�R�PiV� HPSUHVDV��pVWDV�GHEHUiQ� FRRSHUDU� HQ� OD� DSOLFDFLyQ� GH� OD� QRUPDWLYD� VREUH� SUHYHQFLyQ� GH� ULHVJRV� ODERUDOHV�� $� WDO� ILQ��HVWDEOHFHUiQ� ORV� PHGLRV� GH� FRRUGLQDFLyQ� TXH� VHDQ� QHFHVDULRV� HQ� FXDQWR� D� OD� SURWHFFLyQ� \� SUHYHQFLyQ� GH�ULHVJRV�ODERUDOHV�\�OD�LQIRUPDFLyQ�VREUH�ORV�PLVPRV�D�VXV�UHVSHFWLYRV�WUDEDMDGRUHV��HQ�ORV�WpUPLQRV�SUHYLVWRV�HQ�HO�DSDUWDGR���GHO�DUWtFXOR����GH�HVWD�/H\��� (O� HPSUHVDULR� WLWXODU� GHO� FHQWUR� GH� WUDEDMR� DGRSWDUi� ODV� PHGLGDV� QHFHVDULDV� SDUD� TXH� DTXHOORV� RWURV�HPSUHVDULRV�TXH�GHVDUUROOHQ�DFWLYLGDGHV�HQ�VX�FHQWUR�GH�WUDEDMR�UHFLEDQ�OD� LQIRUPDFLyQ�\�ODV� LQVWUXFFLRQHV�DGHFXDGDV��HQ�UHODFLyQ�FRQ�ORV�ULHVJRV�H[LVWHQWHV�HQ�HO�FHQWUR�GH�WUDEDMR�\�FRQ�ODV�PHGLGDV�GH�SURWHFFLyQ�\�SUHYHQFLyQ� FRUUHVSRQGLHQWHV�� DVt� FRPR�VREUH� ODV�PHGLGDV�GH� HPHUJHQFLD� D� DSOLFDU�� SDUD� VX� WUDVODGR� D� VXV�UHVSHFWLYRV�WUDEDMDGRUHV��� /DV�HPSUHVDV�TXH�FRQWUDWHQ�R�VXEFRQWUDWHQ�FRQ�RWUDV�OD�UHDOL]DFLyQ�GH�REUDV�R�VHUYLFLRV�FRUUHVSRQGLHQWHV�D�OD� SURSLD� DFWLYLGDG� GH� DTXpOODV� \� TXH� VH� GHVDUUROOHQ� HQ� VXV� SURSLRV� FHQWURV� GH� WUDEDMR� GHEHUiQ� YLJLODU� HO�FXPSOLPLHQWR�SRU�GLFKRV�FRQWUDWLVWDV�\�VXEFRQWUDWLVWDV�GH�OD�QRUPDWLYD�GH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV��� /DV�REOLJDFLRQHV�FRQVLJQDGDV�HQ�HO�~OWLPR�SiUUDIR�GHO�DSDUWDGR���GHO�DUWtFXOR����GH�HVWD�/H\�VHUiQ�WDPELpQ�GH� DSOLFDFLyQ�� UHVSHFWR� GH� ODV� RSHUDFLRQHV� FRQWUDWDGDV�� HQ� ORV� VXSXHVWRV� HQ� TXH� ORV� WUDEDMDGRUHV� GH� OD�HPSUHVD�FRQWUDWLVWD�R�VXEFRQWUDWLVWD�QR�SUHVWHQ�VHUYLFLRV�HQ�ORV�FHQWURV�GH�WUDEDMR�GH�OD�HPSUHVD�SULQFLSDO��VLHPSUH�TXH� WDOHV� WUDEDMDGRUHV�GHEDQ�RSHUDU�FRQ�PDTXLQDULD�� HTXLSRV��SURGXFWRV��PDWHULDV�SULPDV�R�~WLOHV�SURSRUFLRQDGRV�SRU�OD�HPSUHVD�SULQFLSDO��� /RV� GHEHUHV� GH� FRRSHUDFLyQ� \� GH� LQIRUPDFLyQ� H� LQVWUXFFLyQ� UHFRJLGRV� HQ� ORV� DSDUWDGRV� �� \� �� VHUiQ� GH�DSOLFDFLyQ�UHVSHFWR�GH�ORV�WUDEDMDGRUHV�DXWyQRPRV�TXH�GHVDUUROOHQ�DFWLYLGDGHV�HQ�GLFKRV�FHQWURV�GH�WUDEDMR�$UWtFXOR���� 3URWHFFLyQ�GH�WUDEDMDGRUHV�HVSHFLDOPHQWH�VHQVLEOHV�D�GHWHUPLQDGRV�ULHVJRV��� (O� HPSUHVDULR� JDUDQWL]DUi� GH� PDQHUD� HVSHFtILFD� OD� SURWHFFLyQ� GH� ORV� WUDEDMDGRUHV� TXH�� SRU� VXV� SURSLDV�FDUDFWHUtVWLFDV� SHUVRQDOHV� R� HVWDGR� ELROyJLFR� FRQRFLGR�� LQFOXLGRV� DTXHOORV� TXH� WHQJDQ� UHFRQRFLGD� OD�VLWXDFLyQ�GH GLVFDSDFLGDG�ItVLFD��SVtTXLFD�R�VHQVRULDO��VHDQ�HVSHFLDOPHQWH�VHQVLEOHV�D�ORV�ULHVJRV�GHULYDGRV�

Page 16: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

GHO�WUDEDMR��$�WDO�ILQ��GHEHUi�WHQHU�HQ�FXHQWD�GLFKRV�DVSHFWRV�HQ�ODV�HYDOXDFLRQHV�GH�ORV�ULHVJRV�\��HQ�IXQFLyQ�GH�pVWDV��DGRSWDUi�ODV�PHGLGDV�SUHYHQWLYDV�\�GH SURWHFFLyQ�QHFHVDULDV�/RV� WUDEDMDGRUHV� QR� VHUiQ� HPSOHDGRV� HQ� DTXHOORV� SXHVWRV� GH� WUDEDMR� HQ� ORV� TXH�� D� FDXVD� GH� VXV�FDUDFWHUtVWLFDV�SHUVRQDOHV��HVWDGR�ELROyJLFR�R�SRU�VX�GLVFDSDFLGDG�ItVLFD��SVtTXLFD�R�VHQVRULDO�GHELGDPHQWH�UHFRQRFLGD��SXHGDQ�HOORV�� ORV�GHPiV�WUDEDMDGRUHV�X�RWUDV�SHUVRQDV�UHODFLRQDGDV�FRQ�OD�HPSUHVD�SRQHUVH�HQ�VLWXDFLyQ� GH� SHOLJUR� R�� HQ� JHQHUDO�� FXDQGR� VH� HQFXHQWUHQ� PDQLILHVWDPHQWH� HQ� HVWDGRV� R� VLWXDFLRQHV�WUDQVLWRULDV�TXH�QR�UHVSRQGDQ�D�ODV�H[LJHQFLDV�SVLFRItVLFDV�GH�ORV�UHVSHFWLYRV�SXHVWRV�GH�WUDEDMR��� ,JXDOPHQWH�� HO� HPSUHVDULR� GHEHUi� WHQHU� HQ� FXHQWD� HQ� ODV� HYDOXDFLRQHV� ORV� IDFWRUHV� GH� ULHVJR� TXH� SXHGDQ�LQFLGLU� HQ� OD� IXQFLyQ� GH� SURFUHDFLyQ� GH� ORV� WUDEDMDGRUHV� \� WUDEDMDGRUDV�� HQ� SDUWLFXODU� SRU� OD� H[SRVLFLyQ� D�DJHQWHV� ItVLFRV�� TXtPLFRV� \� ELROyJLFRV� TXH� SXHGDQ� HMHUFHU� HIHFWRV� PXWDJpQLFRV� R� GH� WR[LFLGDG� SDUD� OD�SURFUHDFLyQ�� WDQWR�HQ� ORV� DVSHFWRV�GH� OD� IHUWLOLGDG�� FRPR�GHO�GHVDUUROOR�GH� OD�GHVFHQGHQFLD��FRQ�REMHWR�GH�DGRSWDU�ODV�PHGLGDV�SUHYHQWLYDV�QHFHVDULDV�$UWtFXOR���� 3URWHFFLyQ�GH�OD�PDWHUQLGDG����YHU�QRWD�ILQDO�GRFXPHQWR��� /D� HYDOXDFLyQ� GH� ORV� ULHVJRV� D� TXH� VH� UHILHUH� HO� DUWtFXOR� ��� GH� OD� SUHVHQWH� /H\� GHEHUi� FRPSUHQGHU� OD�GHWHUPLQDFLyQ�GH�OD�QDWXUDOH]D��HO�JUDGR�\�OD�GXUDFLyQ�GH�OD�H[SRVLFLyQ�GH�ODV�WUDEDMDGRUDV�HQ�VLWXDFLyQ�GH�HPEDUD]R� R� SDUWR� UHFLHQWH� D� DJHQWHV�� SURFHGLPLHQWRV� R� FRQGLFLRQHV� GH� WUDEDMR� TXH� SXHGDQ� LQIOXLU�QHJDWLYDPHQWH�HQ�OD�VDOXG�GH�ODV�WUDEDMDGRUDV�R�GHO�IHWR��HQ�FXDOTXLHU�DFWLYLGDG�VXVFHSWLEOH�GH�SUHVHQWDU�XQ�ULHVJR�HVSHFtILFR��6L�ORV�UHVXOWDGRV�GH�OD�HYDOXDFLyQ�UHYHODVHQ�XQ�ULHVJR�SDUD�OD�VHJXULGDG�\�OD�VDOXG�R�XQD�SRVLEOH�UHSHUFXVLyQ�VREUH�HO�HPEDUD]R�R�OD�ODFWDQFLD�GH�ODV�FLWDGDV�WUDEDMDGRUDV��HO�HPSUHVDULR�DGRSWDUi�ODV�PHGLGDV�QHFHVDULDV�SDUD�HYLWDU�OD�H[SRVLFLyQ�D�GLFKR�ULHVJR��D�WUDYpV�GH�XQD�DGDSWDFLyQ�GH�ODV�FRQGLFLRQHV�R�GHO�WLHPSR�GH�WUDEDMR�GH�OD�WUDEDMDGRUD�DIHFWDGD��'LFKDV�PHGLGDV�LQFOXLUiQ��FXDQGR�UHVXOWH�QHFHVDULR��OD�QR�UHDOL]DFLyQ�GH�WUDEDMR�QRFWXUQR�R�GH�WUDEDMR�D�WXUQRV��� &XDQGR� OD� DGDSWDFLyQ� GH� ODV� FRQGLFLRQHV� R� GHO� WLHPSR� GH� WUDEDMR� QR� UHVXOWDVH� SRVLEOH R�� D� SHVDU� GH� WDO�DGDSWDFLyQ�� ODV� FRQGLFLRQHV� GH� XQ� SXHVWR� GH� WUDEDMR� SXGLHUDQ� LQIOXLU� QHJDWLYDPHQWH� HQ� OD� VDOXG� GH� OD�WUDEDMDGRUD�HPEDUD]DGD�R�GHO� IHWR�� \�DVt� OR�FHUWLILTXHQ� ORV�6HUYLFLRV�0pGLFRV�GHO� ,QVWLWXWR�1DFLRQDO�GH� OD�6HJXULGDG�6RFLDO�R�GH�ODV�0XWXDV��FRQ�HO�LQIRUPH�GHO�PpGLFR�GHO�6HUYLFLR�1DFLRQDO�GH�OD�6DOXG�TXH�DVLVWD�IDFXOWDWLYDPHQWH� D� OD� WUDEDMDGRUD�� pVWD� GHEHUi� GHVHPSHxDU� XQ� SXHVWR� GH� WUDEDMR� R� IXQFLyQ� GLIHUHQWH� \�FRPSDWLEOH�FRQ� VX�HVWDGR��(O� HPSUHVDULR�GHEHUi�GHWHUPLQDU��SUHYLD�FRQVXOWD� FRQ� ORV� UHSUHVHQWDQWHV�GH� ORV�WUDEDMDGRUHV��OD�UHODFLyQ�GH�ORV�SXHVWRV�GH�WUDEDMR�H[HQWRV�GH�ULHVJRV�D�HVWRV�HIHFWRV�(O�FDPELR�GH�SXHVWR�R�IXQFLyQ�VH�OOHYDUi�D�FDER�GH�FRQIRUPLGDG�FRQ�ODV�UHJODV�\�FULWHULRV�TXH�VH�DSOLTXHQ�HQ�ORV� VXSXHVWRV� GH�PRYLOLGDG� IXQFLRQDO� \� WHQGUi� HIHFWRV� KDVWD� HO�PRPHQWR� HQ� TXH� HO� HVWDGR� GH� VDOXG� GH� OD�WUDEDMDGRUD�SHUPLWD�VX�UHLQFRUSRUDFLyQ�DO�DQWHULRU�SXHVWR�(Q� HO� VXSXHVWR� GH� TXH�� DXQ� DSOLFDQGR� ODV� UHJODV� VHxDODGDV� HQ� HO� SiUUDIR� DQWHULRU�� QR� H[LVWLHVH� SXHVWR� GH�WUDEDMR�R�IXQFLyQ�FRPSDWLEOH��OD�WUDEDMDGRUD�SRGUi�VHU�GHVWLQDGD�D�XQ�SXHVWR�QR�FRUUHVSRQGLHQWH�D�VX�JUXSR�R�FDWHJRUtD�HTXLYDOHQWH��VL�ELHQ�FRQVHUYDUi�HO�GHUHFKR�DO�FRQMXQWR�GH�UHWULEXFLRQHV�GH�VX�SXHVWR�GH�RULJHQ��� 6L�GLFKR�FDPELR�GH�SXHVWR�QR�UHVXOWDUD�WpFQLFD�X�REMHWLYDPHQWH�SRVLEOH��R�QR�SXHGD�UD]RQDEOHPHQWH�H[LJLUVH�SRU�PRWLYRV�MXVWLILFDGRV��SRGUi�GHFODUDUVH�HO�SDVR�GH�OD�WUDEDMDGRUD�DIHFWDGD�D�OD�VLWXDFLyQ�GH�VXVSHQVLyQ�GHO�FRQWUDWR� SRU� ULHVJR� GXUDQWH� HO� HPEDUD]R�� FRQWHPSODGD� HQ� HO� DUWtFXOR� �����G�� GHO� (VWDWXWR� GH� ORV�7UDEDMDGRUHV�� GXUDQWH� HO� SHUtRGR� QHFHVDULR� SDUD� OD� SURWHFFLyQ� GH� VX� VHJXULGDG� R� GH� VX� VDOXG� \�PLHQWUDV�SHUVLVWD�OD�LPSRVLELOLGDG�GH�UHLQFRUSRUDUVH�D�VX�SXHVWR�DQWHULRU�R�D�RWUR�SXHVWR�FRPSDWLEOH�FRQ�VX�HVWDGR��� /R� GLVSXHVWR� HQ� ORV� Q~PHURV� �� \� �� GH� HVWH� DUWtFXOR� VHUi� WDPELpQ� GH� DSOLFDFLyQ� GXUDQWH� HO� SHUtRGR� GH�ODFWDQFLD��VL�ODV�FRQGLFLRQHV�GH�WUDEDMR�SXGLHUDQ�LQIOXLU�QHJDWLYDPHQWH�HQ�OD�VDOXG�GH�OD�PXMHU�R�GHO�KLMR�\�DVt�OR� FHUWLILFDVH� HO� PpGLFR� TXH�� HQ� HO� UpJLPHQ� GH� 6HJXULGDG� 6RFLDO� DSOLFDEOH�� DVLVWD� IDFXOWDWLYDPHQWH� D� OD�WUDEDMDGRUD��� /DV�WUDEDMDGRUDV�HPEDUD]DGDV�WHQGUiQ�GHUHFKR�D�DXVHQWDUVH�GHO�WUDEDMR��FRQ�GHUHFKR�D�UHPXQHUDFLyQ��SDUD�OD�UHDOL]DFLyQ� GH� H[iPHQHV� SUHQDWDOHV� \� WpFQLFDV� GH� SUHSDUDFLyQ� DO� SDUWR�� SUHYLR� DYLVR� DO� HPSUHVDULR� \�MXVWLILFDFLyQ�GH�OD�QHFHVLGDG�GH�VX�UHDOL]DFLyQ�GHQWUR�GH�OD�MRUQDGD�GH�WUDEDMR�$UWtFXOR���� 3URWHFFLyQ�GH�ORV�PHQRUHV��� $QWHV� GH� OD� LQFRUSRUDFLyQ� DO� WUDEDMR� GH� MyYHQHV� PHQRUHV� GH� GLHFLRFKR� DxRV�� \� SUHYLDPHQWH� D� FXDOTXLHU�PRGLILFDFLyQ�LPSRUWDQWH�GH�VXV�FRQGLFLRQHV�GH�WUDEDMR��HO�HPSUHVDULR�GHEHUi�HIHFWXDU�XQD�HYDOXDFLyQ�GH�ORV�SXHVWRV�GH�WUDEDMR�D�GHVHPSHxDU�SRU�ORV�PLVPRV��D�ILQ�GH�GHWHUPLQDU�OD�QDWXUDOH]D��HO�JUDGR�\�OD�GXUDFLyQ�GH�VX� H[SRVLFLyQ�� HQ� FXDOTXLHU� DFWLYLGDG� VXVFHSWLEOH�GH�SUHVHQWDU�XQ� ULHVJR�HVSHFtILFR�DO� UHVSHFWR�� D� DJHQWHV��SURFHVRV�R�FRQGLFLRQHV�GH�WUDEDMR�TXH�SXHGDQ�SRQHU�HQ�SHOLJUR�OD�VHJXULGDG�R�OD�VDOXG�GH�HVWRV�WUDEDMDGRUHV�$�WDO�ILQ��OD�HYDOXDFLyQ�WHQGUi�HVSHFLDOPHQWH�HQ�FXHQWD�ORV�ULHVJRV�HVSHFtILFRV�SDUD�OD�VHJXULGDG��OD�VDOXG�\�HO�GHVDUUROOR�GH�ORV�MyYHQHV�GHULYDGRV�GH�VX�IDOWD�GH�H[SHULHQFLD��GH�VX�LQPDGXUH]�SDUD�HYDOXDU�ORV�ULHVJRV�H[LVWHQWHV�R�SRWHQFLDOHV�\�GH�VX�GHVDUUROOR�WRGDYtD�LQFRPSOHWR�

Page 17: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

(Q�WRGR�FDVR��HO�HPSUHVDULR�LQIRUPDUi�D�GLFKRV�MyYHQHV�\�D�VXV�SDGUHV�R�WXWRUHV�TXH�KD\DQ�LQWHUYHQLGR�HQ�OD�FRQWUDWDFLyQ��FRQIRUPH�D�OR�GLVSXHVWR�HQ�OD�OHWUD�E��GHO�DUWtFXOR���GHO�WH[WR�UHIXQGLGR�GH�OD�/H\�GHO�(VWDWXWR�GH� ORV� 7UDEDMDGRUHV� DSUREDGR� SRU� HO� 5HDO� 'HFUHWR� OHJLVODWLYR� �������� GH� ��� GH� PDU]R�� GH� ORV� SRVLEOHV�ULHVJRV�\�GH�WRGDV�ODV�PHGLGDV�DGRSWDGDV�SDUD�OD�SURWHFFLyQ�GH�VX�VHJXULGDG�\�VDOXG��� 7HQLHQGR� HQ� FXHQWD� ORV� IDFWRUHV� DQWHULRUPHQWH� VHxDODGRV�� HO� *RELHUQR� HVWDEOHFHUi� ODV� OLPLWDFLRQHV� D� OD�FRQWUDWDFLyQ�GH�MyYHQHV�PHQRUHV�GH�GLHFLRFKR�DxRV�HQ�WUDEDMRV�TXH�SUHVHQWHQ�ULHVJRV�HVSHFtILFRV�$UWtFXOR���� 5HODFLRQHV�GH�WUDEDMR�WHPSRUDOHV��GH�GXUDFLyQ�GHWHUPLQDGD�\�HQ�HPSUHVDV�GH�WUDEDMR�WHPSRUDO��� /RV�WUDEDMDGRUHV�FRQ�UHODFLRQHV�GH�WUDEDMR�WHPSRUDOHV�R�GH�GXUDFLyQ�GHWHUPLQDGD��DVt�FRPR�ORV�FRQWUDWDGRV�SRU�HPSUHVDV�GH�WUDEDMR�WHPSRUDO��GHEHUiQ�GLVIUXWDU�GHO�PLVPR�QLYHO�GH�SURWHFFLyQ�HQ�PDWHULD�GH�VHJXULGDG�\�VDOXG�TXH�ORV�UHVWDQWHV�WUDEDMDGRUHV�GH�OD�HPSUHVD�HQ�OD�TXH�SUHVWDQ�VXV�VHUYLFLRV�/D�H[LVWHQFLD�GH�XQD�UHODFLyQ�GH�WUDEDMR�GH�ODV�VHxDODGDV�HQ�HO�SiUUDIR�DQWHULRU�QR�MXVWLILFDUi�HQ�QLQJ~Q�FDVR�XQD�GLIHUHQFLD�GH WUDWR�SRU� OR�TXH� UHVSHFWD�D� ODV�FRQGLFLRQHV�GH�WUDEDMR��HQ�OR�UHODWLYR�D�FXDOTXLHUD�GH�ORV�DVSHFWRV�GH�OD�SURWHFFLyQ�GH�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�/D� SUHVHQWH� /H\� \� VXV� GLVSRVLFLRQHV� GH� GHVDUUROOR� VH� DSOLFDUiQ� SOHQDPHQWH� D� ODV� UHODFLRQHV GH� WUDEDMR�VHxDODGDV�HQ�ORV�SiUUDIRV�DQWHULRUHV��� (O� HPSUHVDULR� DGRSWDUi� ODV� PHGLGDV� QHFHVDULDV� SDUD� JDUDQWL]DU� TXH�� FRQ� FDUiFWHU� SUHYLR� DO� LQLFLR� GH� VX�DFWLYLGDG�� ORV�WUDEDMDGRUHV�D�TXH�VH�UHILHUH�HO�DSDUWDGR�DQWHULRU�UHFLEDQ�LQIRUPDFLyQ�DFHUFD�GH�ORV�ULHVJRV�D�ORV� TXH�YD\DQ� D� HVWDU� H[SXHVWRV�� HQ� SDUWLFXODU� HQ� OR� UHODWLYR�D� OD�QHFHVLGDG�GH�FXDOLILFDFLRQHV�R�DSWLWXGHV�SURIHVLRQDOHV� GHWHUPLQDGDV�� OD� H[LJHQFLD� GH� FRQWUROHV� PpGLFRV� HVSHFLDOHV� R� OD� H[LVWHQFLD� GH� ULHVJRV�HVSHFtILFRV�GHO�SXHVWR�GH�WUDEDMR�D�FXEULU��DVt�FRPR�VREUH�ODV�PHGLGDV�GH�SURWHFFLyQ�\�SUHYHQFLyQ�IUHQWH�D�ORV�PLVPRV�'LFKRV� WUDEDMDGRUHV� UHFLELUiQ��HQ� WRGR�FDVR�� XQD� IRUPDFLyQ� VXILFLHQWH�\�DGHFXDGD�D� ODV� FDUDFWHUtVWLFDV�GHO�SXHVWR�GH�WUDEDMR�D�FXEULU��WHQLHQGR�HQ�FXHQWD�VX�FXDOLILFDFLyQ�\�H[SHULHQFLD�SURIHVLRQDO�\�ORV�ULHVJRV�D�ORV�TXH�YD\DQ�D�HVWDU�H[SXHVWRV��� /RV�WUDEDMDGRUHV�D�TXH�VH�UHILHUH�HO�SUHVHQWH�DUWtFXOR�WHQGUiQ�GHUHFKR�D�XQD�YLJLODQFLD�SHULyGLFD�GH�VX�HVWDGR�GH�VDOXG��HQ�ORV�WpUPLQRV�HVWDEOHFLGRV�HQ�HO�DUWtFXOR����GH�HVWD�/H\�\�HQ�VXV QRUPDV�GH�GHVDUUROOR��� (O�HPSUHVDULR�GHEHUi�LQIRUPDU�D�ORV�WUDEDMDGRUHV�GHVLJQDGRV�SDUD�RFXSDUVH�GH�ODV�DFWLYLGDGHV�GH�SURWHFFLyQ�\� SUHYHQFLyQ� R�� HQ� VX� FDVR�� DO� VHUYLFLR� GH� SUHYHQFLyQ� SUHYLVWR� HQ� HO� DUWtFXOR� ��� GH� HVWD� /H\� GH� OD�LQFRUSRUDFLyQ� GH� ORV� WUDEDMDGRUHV� D� TXH� VH� UHILHUH� HO� SUHVHQWH� DUWtFXOR�� HQ� OD�PHGLGD� QHFHVDULD� SDUD� TXH�SXHGDQ�GHVDUUROODU�GH�IRUPD�DGHFXDGD�VXV�IXQFLRQHV�UHVSHFWR�GH�WRGRV�ORV�WUDEDMDGRUHV�GH�OD�HPSUHVD��� (Q�ODV�UHODFLRQHV�GH�WUDEDMR�D�WUDYpV�GH�HPSUHVDV�GH�WUDEDMR�WHPSRUDO��OD�HPSUHVD�XVXDULD�VHUi�UHVSRQVDEOH�GH� ODV� FRQGLFLRQHV�GH�HMHFXFLyQ�GHO� WUDEDMR� HQ� WRGR� OR� UHODFLRQDGR�FRQ� OD�SURWHFFLyQ�GH� OD�VHJXULGDG�\� OD�VDOXG�GH�ORV�WUDEDMDGRUHV��&RUUHVSRQGHUi��DGHPiV��D�OD�HPSUHVD�XVXDULD�HO�FXPSOLPLHQWR�GH�ODV�REOLJDFLRQHV�HQ�PDWHULD�GH LQIRUPDFLyQ�SUHYLVWDV�HQ�ORV�DSDUWDGRV���\���GHO�SUHVHQWH�DUWtFXOR�/D� HPSUHVD� GH� WUDEDMR� WHPSRUDO� VHUi� UHVSRQVDEOH� GHO� FXPSOLPLHQWR� GH� ODV� REOLJDFLRQHV� HQ� PDWHULD� GH�IRUPDFLyQ�\�YLJLODQFLD�GH�OD�VDOXG�TXH�VH�HVWDEOHFHQ�HQ�ORV�DSDUWDGRV���\���GH�HVWH�DUWtFXOR��$�WDO�ILQ��\�VLQ�SHUMXLFLR�GH�OR�GLVSXHVWR�HQ�HO�SiUUDIR�DQWHULRU��OD�HPSUHVD�XVXDULD�GHEHUi�LQIRUPDU�D�OD�HPSUHVD�GH�WUDEDMR�WHPSRUDO�� \� pVWD� D� ORV� WUDEDMDGRUHV� DIHFWDGRV�� DQWHV� GH� OD� DGVFULSFLyQ� GH� ORV� PLVPRV�� DFHUFD� GH� ODV�FDUDFWHUtVWLFDV�SURSLDV�GH�ORV�SXHVWRV�GH�WUDEDMR�D�GHVHPSHxDU�\�GH�ODV�FXDOLILFDFLRQHV�UHTXHULGDV�/D�HPSUHVD�XVXDULD�GHEHUi�LQIRUPDU�D�ORV�UHSUHVHQWDQWHV�GH�ORV�WUDEDMDGRUHV�HQ�OD�PLVPD�GH�OD�DGVFULSFLyQ�GH� ORV� WUDEDMDGRUHV�SXHVWRV�D�GLVSRVLFLyQ�SRU� OD�HPSUHVD�GH� WUDEDMR� WHPSRUDO��'LFKRV� WUDEDMDGRUHV�SRGUiQ�GLULJLUVH�D�HVWRV�UHSUHVHQWDQWHV�HQ�HO�HMHUFLFLR�GH�ORV�GHUHFKRV�UHFRQRFLGRV�HQ�OD�SUHVHQWH�/H\�$UWtFXOR�����2EOLJDFLRQHV�GH�ORV�WUDEDMDGRUHV�HQ�PDWHULD�GH�SUHYHQFLyQ�GH�ULHVJRV��� &RUUHVSRQGH�D�FDGD�WUDEDMDGRU�YHODU��VHJ~Q�VXV�SRVLELOLGDGHV�\�PHGLDQWH�HO�FXPSOLPLHQWR�GH�ODV�PHGLGDV�GH�SUHYHQFLyQ� TXH� HQ� FDGD� FDVR� VHDQ� DGRSWDGDV�� SRU� VX� SURSLD� VHJXULGDG� \� VDOXG� HQ� HO� WUDEDMR� \� SRU� OD� GH�DTXHOODV�RWUDV�SHUVRQDV�D�ODV�TXH�SXHGD�DIHFWDU�VX�DFWLYLGDG�SURIHVLRQDO��D�FDXVD�GH�VXV�DFWRV�\�RPLVLRQHV�HQ�HO�WUDEDMR��GH�FRQIRUPLGDG�FRQ�VX�IRUPDFLyQ�\�ODV�LQVWUXFFLRQHV�GHO�HPSUHVDULR��� /RV� WUDEDMDGRUHV�� FRQ� DUUHJOR� D� VX� IRUPDFLyQ� \� VLJXLHQGR� ODV� LQVWUXFFLRQHV� GHO� HPSUHVDULR�� GHEHUiQ� HQ�SDUWLFXODU�D� 8VDU� DGHFXDGDPHQWH�� GH� DFXHUGR� FRQ� VX� QDWXUDOH]D� \� ORV� ULHVJRV� SUHYLVLEOHV�� ODV�PiTXLQDV�� DSDUDWRV��KHUUDPLHQWDV��VXVWDQFLDV�SHOLJURVDV��HTXLSRV�GH�WUDQVSRUWH�\��HQ�JHQHUDO��FXDOHVTXLHUD�RWURV�PHGLRV�FRQ�ORV�TXH�GHVDUUROOHQ�VX�DFWLYLGDG�E� 8WLOL]DU�FRUUHFWDPHQWH�ORV�PHGLRV�\�HTXLSRV�GH�SURWHFFLyQ�IDFLOLWDGRV�SRU�HO�HPSUHVDULR��GH�DFXHUGR�FRQ�ODV�LQVWUXFFLRQHV�UHFLELGDV�GH�pVWH�

Page 18: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

F� 1R�SRQHU� IXHUD� GH� IXQFLRQDPLHQWR�\�XWLOL]DU� FRUUHFWDPHQWH� ORV� GLVSRVLWLYRV�GH� VHJXULGDG�H[LVWHQWHV�R�TXH�VH�LQVWDOHQ�HQ�ORV�PHGLRV�UHODFLRQDGRV�FRQ�VX�DFWLYLGDG�R�HQ�ORV�OXJDUHV�GH�WUDEDMR�HQ�ORV�TXH�pVWD�WHQJD�OXJDU�G� ,QIRUPDU� GH� LQPHGLDWR� D� VX� VXSHULRU� MHUiUTXLFR�GLUHFWR�� \� D� ORV� WUDEDMDGRUHV� GHVLJQDGRV� SDUD� UHDOL]DU�DFWLYLGDGHV�GH�SURWHFFLyQ�\�GH�SUHYHQFLyQ�R��HQ�VX�FDVR��DO�VHUYLFLR�GH�SUHYHQFLyQ��DFHUFD�GH�FXDOTXLHU�VLWXDFLyQ�TXH��D�VX�MXLFLR��HQWUDxH��SRU�PRWLYRV�UD]RQDEOHV��XQ�ULHVJR�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�H� &RQWULEXLU�DO�FXPSOLPLHQWR�GH�ODV�REOLJDFLRQHV�HVWDEOHFLGDV�SRU�OD�DXWRULGDG�FRPSHWHQWH�FRQ�HO�ILQ�GH�SURWHJHU�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�HQ�HO�WUDEDMR�I� &RRSHUDU� FRQ� HO� HPSUHVDULR� SDUD� TXH� pVWH� SXHGD� JDUDQWL]DU� XQDV� FRQGLFLRQHV� GH� WUDEDMR� TXH� VHDQ�VHJXUDV�\�QR�HQWUDxHQ�ULHVJRV�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV��� (O� LQFXPSOLPLHQWR� SRU� ORV� WUDEDMDGRUHV� GH� ODV� REOLJDFLRQHV� HQ�PDWHULD� GH� SUHYHQFLyQ� GH� ULHVJRV� D�TXH�VH�UHILHUHQ� ORV�DSDUWDGRV�DQWHULRUHV� WHQGUi� OD�FRQVLGHUDFLyQ�GH� LQFXPSOLPLHQWR� ODERUDO�D� ORV�HIHFWRV�SUHYLVWRV�HQ�HO�DUWtFXOR������GHO�(VWDWXWR�GH�ORV�7UDEDMDGRUHV�R�GH�IDOWD��HQ�VX�FDVR��FRQIRUPH�D�OR�HVWDEOHFLGR�HQ�OD�FRUUHVSRQGLHQWH� QRUPDWLYD� VREUH� UpJLPHQ� GLVFLSOLQDULR� GH� ORV� IXQFLRQDULRV� S~EOLFRV� R� GHO� SHUVRQDO�HVWDWXWDULR� DO� VHUYLFLR� GH� ODV� $GPLQLVWUDFLRQHV� S~EOLFDV�� /R� GLVSXHVWR� HQ� HVWH� DSDUWDGR� VHUi� LJXDOPHQWH�DSOLFDEOH� D� ORV� VRFLRV� GH� ODV� FRRSHUDWLYDV� FX\D� DFWLYLGDG� FRQVLVWD� HQ� OD� SUHVWDFLyQ� GH� VX� WUDEDMR�� FRQ� ODV�SUHFLVLRQHV�TXH�VH�HVWDEOH]FDQ�HQ�VXV�5HJODPHQWRV�GH�5pJLPHQ�,QWHUQR�&$3Ë78/2�,9�6(59,&,26�'(�35(9(1&,Ï1$UWtFXOR���� 3URWHFFLyQ�\�SUHYHQFLyQ�GH�ULHVJRV�SURIHVLRQDOHV��� (Q� FXPSOLPLHQWR� GHO� GHEHU� GH� SUHYHQFLyQ� GH� ULHVJRV� SURIHVLRQDOHV�� HO� HPSUHVDULR� GHVLJQDUi�XQR�R�YDULRV�WUDEDMDGRUHV� SDUD� RFXSDUVH� GH� GLFKD� DFWLYLGDG�� FRQVWLWXLUi� XQ� VHUYLFLR� GH� SUHYHQFLyQ� R� FRQFHUWDUi� GLFKR�VHUYLFLR�FRQ�XQD�HQWLGDG�HVSHFLDOL]DGD�DMHQD�D�OD�HPSUHVD��� /RV� WUDEDMDGRUHV� GHVLJQDGRV� GHEHUiQ� WHQHU� OD� FDSDFLGDG� QHFHVDULD�� GLVSRQHU� GHO� WLHPSR� \� GH� ORV� PHGLRV�SUHFLVRV� \� VHU� VXILFLHQWHV� HQ�Q~PHUR�� WHQLHQGR�HQ�FXHQWD�HO� WDPDxR�GH� OD�HPSUHVD�� DVt�FRPR�ORV� ULHVJRV�D�TXH�HVWiQ�H[SXHVWRV�ORV�WUDEDMDGRUHV�\�VX�GLVWULEXFLyQ�HQ�OD�PLVPD��FRQ�HO�DOFDQFH�TXH�VH�GHWHUPLQH�HQ�ODV�GLVSRVLFLRQHV�D�TXH�VH�UHILHUH�OD�OHWUD�H��GHO�DSDUWDGR���GHO�DUWtFXOR���GH�OD�SUHVHQWH�/H\�/RV�WUDEDMDGRUHV�D�TXH�VH�UHILHUH�HO�SiUUDIR�DQWHULRU�FRODERUDUiQ�HQWUH�Vt�\��HQ�VX�FDVR��FRQ�ORV�VHUYLFLRV�GH�SUHYHQFLyQ��� 3DUD� OD� UHDOL]DFLyQ� GH� OD� DFWLYLGDG� GH� SUHYHQFLyQ�� HO� HPSUHVDULR� GHEHUi� IDFLOLWDU� D� ORV� WUDEDMDGRUHV�GHVLJQDGRV�HO�DFFHVR�D�OD�LQIRUPDFLyQ�\�GRFXPHQWDFLyQ�D�TXH�VH�UHILHUHQ�ORV�DUWtFXORV����\����GH�OD�SUHVHQWH�/H\��� /RV�WUDEDMDGRUHV�GHVLJQDGRV�QR�SRGUiQ VXIULU�QLQJ~Q�SHUMXLFLR�GHULYDGR�GH�VXV�DFWLYLGDGHV�GH�SURWHFFLyQ�\�SUHYHQFLyQ� GH� ORV� ULHVJRV� SURIHVLRQDOHV� HQ� OD� HPSUHVD�� (Q� HMHUFLFLR� GH� HVWD� IXQFLyQ�� GLFKRV� WUDEDMDGRUHV�JR]DUiQ��HQ�SDUWLFXODU��GH�ODV�JDUDQWtDV�TXH�SDUD�ORV�UHSUHVHQWDQWHV�GH�ORV�WUDEDMDGRUHV�HVWDEOHFHQ�ODV�OHWUDV�D���E��\�F��GHO�DUWtFXOR����\�HO�DSDUWDGR���GHO�DUWtFXOR����GHO�WH[WR�UHIXQGLGR�GH�OD�/H\�GHO�(VWDWXWR�GH�ORV�7UDEDMDGRUHV�(VWD�JDUDQWtD�DOFDQ]DUi�WDPELpQ�D�ORV�WUDEDMDGRUHV�LQWHJUDQWHV�GHO�VHUYLFLR�GH�SUHYHQFLyQ��FXDQGR�OD�HPSUHVD�GHFLGD�FRQVWLWXLUOR�GH�DFXHUGR�FRQ�OR�GLVSXHVWR�HQ�HO�DUWtFXOR�VLJXLHQWH�/RV� WUDEDMDGRUHV� D� TXH� VH� UHILHUHQ� ORV� SiUUDIRV� DQWHULRUHV� GHEHUiQ� JXDUGDU� VLJLOR� SURIHVLRQDO� VREUH� OD�LQIRUPDFLyQ� UHODWLYD� D� OD� HPSUHVD� D� OD� TXH� WXYLHUDQ� DFFHVR� FRPR� FRQVHFXHQFLD� GHO� GHVHPSHxR� GH� VXV�IXQFLRQHV��� (Q� ODV� HPSUHVDV� GH�PHQRV� GH� VHLV� WUDEDMDGRUHV�� HO� HPSUHVDULR� SRGUi� DVXPLU� SHUVRQDOPHQWH� ODV� IXQFLRQHV�VHxDODGDV�HQ�HO�DSDUWDGR����VLHPSUH�TXH�GHVDUUROOH�GH�IRUPD�KDELWXDO�VX�DFWLYLGDG�HQ�HO�FHQWUR�GH�WUDEDMR�\�WHQJD� OD� FDSDFLGDG� QHFHVDULD�� HQ� IXQFLyQ� GH� ORV� ULHVJRV� D� TXH� HVWpQ� H[SXHVWRV� ORV� WUDEDMDGRUHV� \� OD�SHOLJURVLGDG�GH�ODV�DFWLYLGDGHV��FRQ�HO�DOFDQFH�TXH�VH�GHWHUPLQH�HQ�ODV�GLVSRVLFLRQHV�D�TXH�VH�UHILHUH�OD�OHWUD�H��GHO�DSDUWDGR���GHO�DUWtFXOR���GH�OD�SUHVHQWH�/H\��� (O�HPSUHVDULR�TXH�QR�KXELHUH�FRQFHUWDGR�HO�6HUYLFLR�GH�SUHYHQFLyQ�FRQ�XQD�HQWLGDG�HVSHFLDOL]DGD�DMHQD�D�OD�HPSUHVD�GHEHUi�VRPHWHU� VX�VLVWHPD�GH�SUHYHQFLyQ�DO�FRQWURO�GH�XQD�DXGLWRUtD�R�HYDOXDFLyQ�H[WHUQD��HQ�ORV�WpUPLQRV�TXH�UHJODPHQWDULDPHQWH�VH�GHWHUPLQHQ�$UWtFXOR���� 6HUYLFLRV�GH�SUHYHQFLyQ��� 6L� OD�GHVLJQDFLyQ�GH�XQR�R�YDULRV� WUDEDMDGRUHV� IXHUD� LQVXILFLHQWH�SDUD� OD� UHDOL]DFLyQ�GH� ODV� DFWLYLGDGHV�GH�SUHYHQFLyQ��HQ�IXQFLyQ�GHO�WDPDxR�GH�OD�HPSUHVD��GH�ORV�ULHVJRV�D�TXH�HVWiQ�H[SXHVWRV�ORV�WUDEDMDGRUHV�R�GH�OD�SHOLJURVLGDG�GH�ODV�DFWLYLGDGHV�GHVDUUROODGDV��FRQ�HO�DOFDQFH�TXH�VH�HVWDEOH]FD�HQ�ODV�GLVSRVLFLRQHV�D�TXH�

Page 19: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

VH�UHILHUH�OD�OHWUD�H��GHO�DSDUWDGR���GHO�DUWtFXOR���GH�OD�SUHVHQWH�/H\��HO�HPSUHVDULR�GHEHUi�UHFXUULU�D�XQR�R�YDULRV�VHUYLFLRV�GH�SUHYHQFLyQ�SURSLRV�R�DMHQRV�D�OD�HPSUHVD��TXH�FRODERUDUiQ�FXDQGR�VHD�QHFHVDULR�3DUD�HO�HVWDEOHFLPLHQWR�GH�HVWRV�VHUYLFLRV�HQ�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�VH�WHQGUi�HQ�FXHQWD�VX�HVWUXFWXUD�RUJDQL]DWLYD�\�OD�H[LVWHQFLD��HQ�VX�FDVR��GH�iPELWRV�VHFWRULDOHV�\�GHVFHQWUDOL]DGRV��� 6H� HQWHQGHUi� FRPR� VHUYLFLR� GH� SUHYHQFLyQ� HO� FRQMXQWR� GH�PHGLRV� KXPDQRV� \�PDWHULDOHV� QHFHVDULRV� SDUD�UHDOL]DU�ODV�DFWLYLGDGHV�SUHYHQWLYDV�D�ILQ�GH�JDUDQWL]DU�OD�DGHFXDGD�SURWHFFLyQ�GH�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV��DVHVRUDQGR�\�DVLVWLHQGR�SDUD�HOOR�DO�HPSUHVDULR��D�ORV�WUDEDMDGRUHV�\�D�VXV�UHSUHVHQWDQWHV�\�D� ORV� yUJDQRV� GH� UHSUHVHQWDFLyQ� HVSHFLDOL]DGRV�� 3DUD� HO� HMHUFLFLR� GH� VXV� IXQFLRQHV�� HO� HPSUHVDULR� GHEHUi�IDFLOLWDU� D� GLFKR� VHUYLFLR� HO� DFFHVR� D� OD� LQIRUPDFLyQ� \� GRFXPHQWDFLyQ� D� TXH� VH� UHILHUH� HO� DSDUWDGR� �� GHO�DUWtFXOR�DQWHULRU��� /RV�VHUYLFLRV�GH�SUHYHQFLyQ�GHEHUiQ�HVWDU�HQ�FRQGLFLRQHV�GH�SURSRUFLRQDU�D�OD�HPSUHVD�HO�DVHVRUDPLHQWR�\�DSR\R�TXH�SUHFLVH�HQ�IXQFLyQ�GH�ORV�WLSRV�GH�ULHVJR�HQ�HOOD�H[LVWHQWHV�\�HQ�OR�UHIHUHQWH�D�D� (O�GLVHxR��DSOLFDFLyQ�\�FRRUGLQDFLyQ�GH�ORV�SODQHV�\�SURJUDPDV�GH�DFWXDFLyQ�SUHYHQWLYD�E� /D�HYDOXDFLyQ�GH�ORV�IDFWRUHV�GH�ULHVJR�TXH�SXHGDQ�DIHFWDU�D�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�HQ�ORV�WpUPLQRV�SUHYLVWRV�HQ�HO�DUWtFXOR����GH�HVWD�/H\�F� /D� GHWHUPLQDFLyQ� GH� ODV SULRULGDGHV� HQ� OD� DGRSFLyQ� GH� ODV� PHGLGDV� SUHYHQWLYDV� DGHFXDGDV� \� OD�YLJLODQFLD�GH�VX�HILFDFLD�G� /D�LQIRUPDFLyQ�\�IRUPDFLyQ�GH�ORV�WUDEDMDGRUHV�H� /D�SUHVWDFLyQ�GH�ORV�SULPHURV�DX[LOLRV�\�SODQHV�GH�HPHUJHQFLD�I� /D�YLJLODQFLD�GH�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�HQ UHODFLyQ�FRQ�ORV�ULHVJRV�GHULYDGRV�GHO�WUDEDMR��� (O� VHUYLFLR� GH� SUHYHQFLyQ� WHQGUi� FDUiFWHU� LQWHUGLVFLSOLQDULR�� GHELHQGR� VXV� PHGLRV� VHU� DSURSLDGRV� SDUD�FXPSOLU� VXV� IXQFLRQHV�� 3DUD� HOOR�� OD� IRUPDFLyQ�� HVSHFLDOLGDG�� FDSDFLWDFLyQ�� GHGLFDFLyQ� \� Q~PHUR� GH�FRPSRQHQWHV�GH�HVWRV�VHUYLFLRV��DVt�FRPR�VXV� UHFXUVRV� WpFQLFRV��GHEHUiQ�VHU� VXILFLHQWHV�\�DGHFXDGRV�D� ODV�DFWLYLGDGHV�SUHYHQWLYDV�D�GHVDUUROODU��HQ�IXQFLyQ�GH�ODV�VLJXLHQWHV�FLUFXQVWDQFLDV�D� 7DPDxR�GH�OD�HPSUHVD�E� 7LSRV�GH�ULHVJR�D�ORV�TXH�SXHGDQ�HQFRQWUDUVH�H[SXHVWRV�ORV�WUDEDMDGRUHV�F� 'LVWULEXFLyQ�GH�ULHVJRV�HQ�OD�HPSUHVD��� 3DUD� SRGHU� DFWXDU� FRPR� VHUYLFLRV� GH� SUHYHQFLyQ�� ODV� HQWLGDGHV� HVSHFLDOL]DGDV� GHEHUiQ� VHU� REMHWR� GH�DFUHGLWDFLyQ�SRU�OD�$GPLQLVWUDFLyQ� ODERUDO��PHGLDQWH� OD�FRPSUREDFLyQ�GH�TXH�UH~QHQ� ORV� UHTXLVLWRV�TXH�VH�HVWDEOH]FDQ�UHJODPHQWDULDPHQWH�\�SUHYLD�DSUREDFLyQ�GH�OD�$GPLQLVWUDFLyQ�VDQLWDULD�HQ�FXDQWR�D�ORV�DVSHFWRV�GH�FDUiFWHU�VDQLWDULR�$UWtFXOR����$FWXDFLyQ�SUHYHQWLYD�GH�ODV�0XWXDV�GH�$FFLGHQWHV�GH�7UDEDMR�\�(QIHUPHGDGHV�3URIHVLRQDOHV�/DV�0XWXDV�GH $FFLGHQWHV�GH�7UDEDMR�\�(QIHUPHGDGHV�3URIHVLRQDOHV�GH�OD�6HJXULGDG�6RFLDO�SRGUiQ�GHVDUUROODU�SDUD�ODV�HPSUHVDV�D�HOODV�DVRFLDGDV�ODV�IXQFLRQHV�FRUUHVSRQGLHQWHV�D�ORV�VHUYLFLRV�GH�SUHYHQFLyQ��FRQ�VXMHFLyQ�D�OR�GLVSXHVWR�HQ�HO�DSDUWDGR���GHO�DUWtFXOR����/RV� UHSUHVHQWDQWHV� GH� ORV� HPSUHVDULRV� \� GH� ORV� WUDEDMDGRUHV� WHQGUiQ� GHUHFKR� D� SDUWLFLSDU� HQ� HO� FRQWURO� \�VHJXLPLHQWR�GH�OD�JHVWLyQ�GHVDUUROODGD�SRU�ODV�0XWXDV�GH�$FFLGHQWHV�GH�7UDEDMR�\�(QIHUPHGDGHV�3URIHVLRQDOHV�GH�OD�6HJXULGDG�6RFLDO�HQ�ODV�IXQFLRQHV�D�TXH VH�UHILHUH�HO�SiUUDIR�DQWHULRU�FRQIRUPH�D�OR�SUHYLVWR�HQ�HO�DUWtFXOR�����FLQFR��GH�OD�/H\����������GH����GH�GLFLHPEUH��GH�0HGLGDV�ILVFDOHV��DGPLQLVWUDWLYDV�\�GH�RUGHQ�VRFLDO�&$3Ë78/2�9�&2168/7$�<�3$57,&,3$&,Ï1�'(�/26�75$%$-$'25(6$UWtFXOR����&RQVXOWD�GH�ORV�WUDEDMDGRUHV��� (O�HPSUHVDULR�GHEHUi�FRQVXOWDU�D� ORV� WUDEDMDGRUHV��FRQ� OD�GHELGD�DQWHODFLyQ�� OD�DGRSFLyQ�GH�ODV�GHFLVLRQHV�UHODWLYDV�D�D� /D�SODQLILFDFLyQ�\�OD�RUJDQL]DFLyQ�GHO�WUDEDMR�HQ�OD�HPSUHVD�\�OD�LQWURGXFFLyQ�GH�QXHYDV�WHFQRORJtDV��HQ�WRGR�OR�UHODFLRQDGR�FRQ�ODV�FRQVHFXHQFLDV�TXH�pVWDV�SXGLHUDQ�WHQHU�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�� GHULYDGDV� GH� OD� HOHFFLyQ� GH� ORV� HTXLSRV�� OD� GHWHUPLQDFLyQ� \� OD� DGHFXDFLyQ� GH� ODV�FRQGLFLRQHV�GH�WUDEDMR�\�HO�LPSDFWR�GH�ORV�IDFWRUHV�DPELHQWDOHV�HQ�HO WUDEDMR�E� /D�RUJDQL]DFLyQ�\�GHVDUUROOR�GH� ODV�DFWLYLGDGHV�GH�SURWHFFLyQ�GH� OD�VDOXG�\�SUHYHQFLyQ�GH�ORV� ULHVJRV�SURIHVLRQDOHV� HQ� OD� HPSUHVD�� LQFOXLGD� OD� GHVLJQDFLyQ� GH� ORV� WUDEDMDGRUHV� HQFDUJDGRV� GH� GLFKDV�DFWLYLGDGHV�R�HO�UHFXUVR�D�XQ�VHUYLFLR�GH�SUHYHQFLyQ�H[WHUQR�F� /D�GHVLJQDFLyQ�GH�ORV�WUDEDMDGRUHV�HQFDUJDGRV�GH�ODV�PHGLGDV�GH�HPHUJHQFLD�

Page 20: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

G� /RV�SURFHGLPLHQWRV�GH� LQIRUPDFLyQ�\�GRFXPHQWDFLyQ�D�TXH�VH� UHILHUHQ� ORV�DUWtFXORV�����DSDUWDGR����\�����DSDUWDGR����GH�OD�SUHVHQWH�/H\�H� (O�SUR\HFWR�\�OD�RUJDQL]DFLyQ�GH OD�IRUPDFLyQ�HQ�PDWHULD�SUHYHQWLYD�I� &XDOTXLHU� RWUD� DFFLyQ� TXH� SXHGD� WHQHU� HIHFWRV� VXVWDQFLDOHV� VREUH� OD� VHJXULGDG� \� OD� VDOXG� GH� ORV�WUDEDMDGRUHV��� (Q� ODV� HPSUHVDV� TXH� FXHQWHQ� FRQ� UHSUHVHQWDQWHV� GH� ORV� WUDEDMDGRUHV�� ODV� FRQVXOWDV� D� TXH� VH� UHILHUH� HO�DSDUWDGR�DQWHULRU�VH�OOHYDUiQ�D�FDER�FRQ�GLFKRV�UHSUHVHQWDQWHV�$UWtFXOR����'HUHFKRV�GH�SDUWLFLSDFLyQ�\�UHSUHVHQWDFLyQ��� /RV�WUDEDMDGRUHV�WLHQHQ�GHUHFKR�D�SDUWLFLSDU�HQ�OD�HPSUHVD�HQ�ODV�FXHVWLRQHV�UHODFLRQDGDV�FRQ�OD�SUHYHQFLyQ�GH�ULHVJRV�HQ�HO�WUDEDMR�(Q�ODV�HPSUHVDV�R�FHQWURV�GH�WUDEDMR�TXH�FXHQWHQ�FRQ�VHLV�R�PiV� WUDEDMDGRUHV��OD�SDUWLFLSDFLyQ�GH�pVWRV�VH�FDQDOL]DUi�D�WUDYpV�GH�VXV�UHSUHVHQWDQWHV�\�GH�OD�UHSUHVHQWDFLyQ�HVSHFLDOL]DGD�TXH�VH�UHJXOD�HQ�HVWH�FDStWXOR��� $�ORV�&RPLWpV�GH�(PSUHVD��D� ORV�'HOHJDGRV�GH�3HUVRQDO�\�D�ORV�UHSUHVHQWDQWHV�VLQGLFDOHV�OHV�FRUUHVSRQGH��HQ�ORV�WpUPLQRV�TXH��UHVSHFWLYDPHQWH��OHV�UHFRQRFHQ�HO�(VWDWXWR�GH�ORV�7UDEDMDGRUHV��OD�/H\�GH�2UJDQRV�GH�5HSUHVHQWDFLyQ� GHO� 3HUVRQDO� DO� 6HUYLFLR� GH� ODV�$GPLQLVWUDFLRQHV� 3~EOLFDV� \� OD� /H\�2UJiQLFD GH�/LEHUWDG�6LQGLFDO�� OD�GHIHQVD�GH�ORV� LQWHUHVHV�GH�ORV� WUDEDMDGRUHV�HQ�PDWHULD�GH�SUHYHQFLyQ�GH�ULHVJRV�HQ�HO�WUDEDMR��3DUD� HOOR�� ORV� UHSUHVHQWDQWHV� GHO� SHUVRQDO� HMHUFHUiQ� ODV� FRPSHWHQFLDV� TXH� GLFKDV� QRUPDV� HVWDEOHFHQ� HQ�PDWHULD� GH� LQIRUPDFLyQ�� FRQVXOWD \� QHJRFLDFLyQ�� YLJLODQFLD� \� FRQWURO� \� HMHUFLFLR� GH� DFFLRQHV� DQWH� ODV�HPSUHVDV�\�ORV�yUJDQRV�\�WULEXQDOHV�FRPSHWHQWHV��� (O�GHUHFKR�GH�SDUWLFLSDFLyQ�TXH�VH�UHJXOD�HQ�HVWH�FDStWXOR�VH�HMHUFHUi�HQ�HO�iPELWR�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�FRQ�ODV�DGDSWDFLRQHV TXH�SURFHGDQ�HQ�DWHQFLyQ�D�OD�GLYHUVLGDG�GH�ODV�DFWLYLGDGHV�TXH�GHVDUUROODQ�\�ODV�GLIHUHQWHV�FRQGLFLRQHV�HQ�TXH�pVWDV�VH�UHDOL]DQ��OD�FRPSOHMLGDG�\�GLVSHUVLyQ�GH�VX�HVWUXFWXUD�RUJDQL]DWLYD�\�VXV�SHFXOLDULGDGHV�HQ�PDWHULD�GH�UHSUHVHQWDFLyQ�FROHFWLYD��HQ�ORV�WpUPLQRV�SUHYLVWRV�HQ�OD�/H\���������GH����GH�MXOLR��VREUH�QHJRFLDFLyQ�FROHFWLYD�\�SDUWLFLSDFLyQ�HQ�OD�GHWHUPLQDFLyQ�GH�ODV�FRQGLFLRQHV�GH�WUDEDMR�GH�ORV� HPSOHDGRV� S~EOLFRV�� SXGLpQGRVH� HVWDEOHFHU� iPELWRV� VHFWRULDOHV� \� GHVFHQWUDOL]DGRV� HQ� IXQFLyQ� GHO�Q~PHUR�GH�HIHFWLYRV�\�FHQWURV�3DUD�OOHYDU�D�FDER�OD�LQGLFDGD�DGDSWDFLyQ�HQ�HO�iPELWR�GH�OD�$GPLQLVWUDFLyQ�*HQHUDO�GHO�(VWDGR��HO�*RELHUQR�WHQGUi�HQ�FXHQWD�ORV�VLJXLHQWHV�FULWHULRV�D� (Q� QLQJ~Q� FDVR� GLFKD� DGDSWDFLyQ� SRGUi� DIHFWDU� D� ODV� FRPSHWHQFLDV�� IDFXOWDGHV� \ JDUDQWtDV� TXH� VH�UHFRQRFHQ�HQ�HVWD�/H\�D�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�\�D�ORV�&RPLWpV�GH�6HJXULGDG�\�6DOXG�E� 6H� GHEHUi� HVWDEOHFHU� HO� iPELWR� HVSHFtILFR� TXH� UHVXOWH� DGHFXDGR� HQ� FDGD� FDVR� SDUD� HO� HMHUFLFLR� GH� OD�IXQFLyQ� GH� SDUWLFLSDFLyQ� HQ� PDWHULD� SUHYHQWLYD� GHQWUR� GH� OD� HVWUXFWXUD� RUJDQL]DWLYD� GH� OD�$GPLQLVWUDFLyQ�� &RQ� FDUiFWHU� JHQHUDO�� GLFKR� iPELWR� VHUi� HO� GH� ORV� yUJDQRV� GH� UHSUHVHQWDFLyQ� GHO�SHUVRQDO� DO� VHUYLFLR� GH� ODV� $GPLQLVWUDFLRQHV� S~EOLFDV�� VL� ELHQ� SRGUiQ� HVWDEOHFHUVH� RWURV� GLVWLQWRV� HQ�IXQFLyQ� GH� ODV� FDUDFWHUtVWLFDV� GH� OD� DFWLYLGDG� \� IUHFXHQFLD� GH� ORV� ULHVJRV� D� TXH� SXHGDQ� HQFRQWUDUVH�H[SXHVWRV�ORV�WUDEDMDGRUHV�F� &XDQGR� HQ� HO� LQGLFDGR� iPELWR� H[LVWDQ� GLIHUHQWHV� yUJDQRV� GH� UHSUHVHQWDFLyQ� GHO� SHUVRQDO�� VH� GHEHUi�JDUDQWL]DU� XQD� DFWXDFLyQ� FRRUGLQDGD� GH� WRGRV� HOORV� HQ� PDWHULD� GH� SUHYHQFLyQ� \� SURWHFFLyQ� GH� OD�VHJXULGDG�\�OD�VDOXG�HQ�HO�WUDEDMR��SRVLELOLWDQGR�TXH�OD�SDUWLFLSDFLyQ�VH�UHDOLFH�GH�IRUPD�FRQMXQWD�HQWUH�XQRV�\�RWURV��HQ�HO�iPELWR�HVSHFtILFR�HVWDEOHFLGR�DO�HIHFWR�G� &RQ�FDUiFWHU�JHQHUDO��VH�FRQVWLWXLUi�XQ�~QLFR�&RPLWp�GH�6HJXULGDG�\�6DOXG�HQ�HO�iPELWR�GH�ORV�yUJDQRV�GH� UHSUHVHQWDFLyQ� SUHYLVWRV� HQ� OD� /H\� GH�2UJDQRV� GH�5HSUHVHQWDFLyQ� GHO� 3HUVRQDO� DO� 6HUYLFLR� GH� ODV�$GPLQLVWUDFLRQHV�3~EOLFDV��TXH�HVWDUi�LQWHJUDGR�SRU�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�GHVLJQDGRV�HQ�GLFKR�iPELWR�� WDQWR� SDUD� HO� SHUVRQDO� FRQ� UHODFLyQ� GH� FDUiFWHU� DGPLQLVWUDWLYR� R� HVWDWXWDULR� FRPR� SDUD� HO�SHUVRQDO� ODERUDO�� \� SRU� UHSUHVHQWDQWHV� GH� OD�$GPLQLVWUDFLyQ� HQ� Q~PHUR� QR� VXSHULRU� DO� GH�'HOHJDGRV��(OOR� QR� REVWDQWH�� SRGUiQ� FRQVWLWXLUVH� &RPLWpV� GH� 6HJXULGDG� \� 6DOXG� HQ� RWURV� iPELWRV� FXDQGR� ODV�UD]RQHV�GH�OD�DFWLYLGDG�\�HO�WLSR�\�IUHFXHQFLD�GH�ORV�ULHVJRV�DVt�OR�DFRQVHMHQ�$UWtFXOR����'HOHJDGRV�GH�3UHYHQFLyQ��� /RV� 'HOHJDGRV� GH� 3UHYHQFLyQ� VRQ� ORV� UHSUHVHQWDQWHV� GH� ORV� WUDEDMDGRUHV� FRQ� IXQFLRQHV� HVSHFtILFDV� HQ�PDWHULD�GH�SUHYHQFLyQ�GH�ULHVJRV�HQ�HO�WUDEDMR��� /RV�'HOHJDGRV�GH�3UHYHQFLyQ�VHUiQ�GHVLJQDGRV�SRU�\�HQWUH�ORV�UHSUHVHQWDQWHV�GHO�SHUVRQDO��HQ�HO�iPELWR�GH�ORV�yUJDQRV�GH�UHSUHVHQWDFLyQ�SUHYLVWRV�HQ�ODV�QRUPDV�D�TXH�VH�UHILHUH�HO�DUWtFXOR�DQWHULRU��FRQ�DUUHJOR�D�OD�VLJXLHQWH�HVFDOD�'H����D�����WUDEDMDGRUHV ��'HOHJDGRV�GH�3UHYHQFLyQ�'H�����D�����WUDEDMDGRUHV��'HOHJDGRV�GH�3UHYHQFLyQ�

Page 21: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

'H�����D�������WUDEDMDGRUHV ��'HOHJDGRV�GH�3UHYHQFLyQ�'H�������D�������WUDEDMDGRUHV ��'HOHJDGRV�GH�3UHYHQFLyQ�'H�������D ������WUDEDMDGRUHV ��'HOHJDGRV�GH�3UHYHQFLyQ�'H�������D�������WUDEDMDGRUHV ��'HOHJDGRV�GH�3UHYHQFLyQ�'H�������HQ�DGHODQWH ��'HOHJDGRV�GH�3UHYHQFLyQ�(Q�ODV�HPSUHVDV�GH�KDVWD�WUHLQWD�WUDEDMDGRUHV�HO�'HOHJDGR�GH�3UHYHQFLyQ�VHUi�HO�'HOHJDGR�GH�3HUVRQDO��(QODV� HPSUHVDV�GH� WUHLQWD�\�XQR�D�FXDUHQWD�\�QXHYH� WUDEDMDGRUHV�KDEUi�XQ�'HOHJDGR�GH�3UHYHQFLyQ�TXH�VHUi�HOHJLGR�SRU�\�HQWUH�ORV�'HOHJDGRV�GH�3HUVRQDO��� $�HIHFWRV�GH�GHWHUPLQDU�HO�Q~PHUR�GH�'HOHJDGRV�GH�3UHYHQFLyQ�VH�WHQGUiQ�HQ�FXHQWD�ORV�VLJXLHQWHV�FULWHULRV�D� /RV� WUDEDMDGRUHV� YLQFXODGRV� SRU� FRQWUDWRV� GH� GXUDFLyQ�GHWHUPLQDGD� VXSHULRU� D� XQ� DxR�VH�FRPSXWDUiQ�FRPR�WUDEDMDGRUHV�ILMRV�GH�SODQWLOOD�E� /RV�FRQWUDWDGRV�SRU�WpUPLQR�GH�KDVWD�XQ�DxR�VH�FRPSXWDUiQ�VHJ~Q�HO�Q~PHUR�GH�GtDV�WUDEDMDGRV�HQ�HO�SHUtRGR�GH�XQ�DxR�DQWHULRU�D�OD�GHVLJQDFLyQ��&DGD�GRVFLHQWRV�GtDV�WUDEDMDGRV�R�IUDFFLyQ�VH�FRPSXWDUiQ�FRPR�XQ�WUDEDMDGRU�PiV��� 1R� REVWDQWH� OR� GLVSXHVWR� HQ� HO� SUHVHQWH� DUWtFXOR�� HQ� ORV� FRQYHQLRV� FROHFWLYRV� SRGUiQ� HVWDEOHFHUVH� RWURV�VLVWHPDV� GH� GHVLJQDFLyQ� GH� ORV� 'HOHJDGRV� GH� 3UHYHQFLyQ�� VLHPSUH� TXH� VH� JDUDQWLFH� TXH� OD� IDFXOWDG� GH�GHVLJQDFLyQ�FRUUHVSRQGH�D�ORV�UHSUHVHQWDQWHV�GHO�SHUVRQDO�R�D�ORV�SURSLRV�WUDEDMDGRUHV�$VLPLVPR��HQ� OD�QHJRFLDFLyQ�FROHFWLYD�R�PHGLDQWH� ORV�DFXHUGRV�D�TXH�VH�UHILHUH�HO�DUWtFXOR�����DSDUWDGR����GHO�(VWDWXWR�GH�ORV�7UDEDMDGRUHV�SRGUi�DFRUGDUVH�TXH�ODV�FRPSHWHQFLDV�UHFRQRFLGDV�HQ�HVWD�/H\�D�ORV�'HOHJDGRV�GH�3UHYHQFLyQ� VHDQ� HMHUFLGDV� SRU� yUJDQRV� HVSHFtILFRV� FUHDGRV� HQ� HO� SURSLR� FRQYHQLR� R� HQ� ORV� DFXHUGRV� FLWDGRV��'LFKRV� yUJDQRV� SRGUiQ� DVXPLU�� HQ� ORV� WpUPLQRV�\�FRQIRUPH�D� ODV�PRGDOLGDGHV�TXH�VH�DFXHUGHQ��FRPSHWHQFLDV�JHQHUDOHV�UHVSHFWR�GHO�FRQMXQWR�GH�ORV�FHQWURV�GH�WUDEDMR�LQFOXLGRV�HQ�HO�iPELWR�GH�DSOLFDFLyQ�GHO�FRQYHQLR�R�GHO�DFXHUGR��HQ�RUGHQ�D�IRPHQWDU�HO�PHMRU�FXPSOLPLHQWR�HQ�ORV�PLVPRV�GH�OD�QRUPDWLYD�VREUH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�,JXDOPHQWH��HQ�HO�iPELWR�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV�VH�SRGUiQ�HVWDEOHFHU��HQ�ORV�WpUPLQRV�VHxDODGRV�HQ�OD�/H\���������GH����GH�MXOLR��VREUH�QHJRFLDFLyQ�FROHFWLYD�\�SDUWLFLSDFLyQ�HQ�OD�GHWHUPLQDFLyQ�GH�ODV�FRQGLFLRQHV�GH�WUDEDMR�GH�ORV�HPSOHDGRV�S~EOLFRV��RWURV�VLVWHPDV�GH�GHVLJQDFLyQ�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�\�DFRUGDUVH�TXH�ODV�FRPSHWHQFLDV�TXH�HVWD�/H\�DWULEX\H�D�pVWRV�SXHGDQ�VHU�HMHUFLGDV�SRU�yUJDQRV�HVSHFtILFRV�$UWtFXOR���� &RPSHWHQFLDV�\�IDFXOWDGHV�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ��� ���6RQ�FRPSHWHQFLDV�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�D� &RODERUDU�FRQ�OD�GLUHFFLyQ�GH�OD�HPSUHVD�HQ�OD�PHMRUD�GH�OD�DFFLyQ�SUHYHQWLYD�E� 3URPRYHU� \� IRPHQWDU� OD� FRRSHUDFLyQ� GH� ORV� WUDEDMDGRUHV� HQ� OD� HMHFXFLyQ� GH� OD� QRUPDWLYD� VREUH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�F� 6HU�FRQVXOWDGRV�SRU�HO�HPSUHVDULR��FRQ�FDUiFWHU�SUHYLR�D�VX�HMHFXFLyQ��DFHUFD�GH�ODV�GHFLVLRQHV�D�TXH�VH�UHILHUH�HO�DUWtFXOR����GH�OD�SUHVHQWH�/H\�G� (MHUFHU� XQD� ODERU� GH� YLJLODQFLD� \� FRQWURO� VREUH� HO� FXPSOLPLHQWR� GH� OD� QRUPDWLYD� GH� SUHYHQFLyQ� GH�ULHVJRV�ODERUDOHV�(Q�ODV�HPSUHVDV�TXH��GH�DFXHUGR�FRQ�OR�GLVSXHVWR�HQ�HO�DSDUWDGR���GHO�DUWtFXOR����GH�HVWD�/H\��QR�FXHQWHQ�FRQ�&RPLWp�GH�6HJXULGDG�\�6DOXG�SRU�QR�DOFDQ]DU�HO�Q~PHUR�PtQLPR�GH�WUDEDMDGRUHV�HVWDEOHFLGR�DO�HIHFWR��ODV�FRPSHWHQFLDV�DWULEXLGDV�D�DTXpO�HQ�OD�SUHVHQWH�/H\�VHUiQ�HMHUFLGDV�SRU�ORV�'HOHJDGRV�GH�3UHYHQFLyQ��� (Q�HO�HMHUFLFLR�GH�ODV�FRPSHWHQFLDV�DWULEXLGDV�D�ORV�'HOHJDGRV�GH�3UHYHQFLyQ��pVWRV�HVWDUiQ�IDFXOWDGRV�SDUD�D� $FRPSDxDU�D�ORV�WpFQLFRV�HQ�ODV�HYDOXDFLRQHV�GH�FDUiFWHU�SUHYHQWLYR�GHO�PHGLR�DPELHQWH�GH�WUDEDMR��DVt�FRPR��HQ�ORV�WpUPLQRV�SUHYLVWRV�HQ�HO�DUWtFXOR����GH�HVWD�/H\��D�ORV�,QVSHFWRUHV�GH�7UDEDMR�\�6HJXULGDG�6RFLDO� HQ� ODV� YLVLWDV� \� YHULILFDFLRQHV� TXH� UHDOLFHQ� HQ� ORV� FHQWURV� GH� WUDEDMR� SDUD� FRPSUREDU� HO�FXPSOLPLHQWR�GH�OD�QRUPDWLYD�VREUH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV��SXGLHQGR�IRUPXODU�DQWH�HOORV�ODV�REVHUYDFLRQHV�TXH�HVWLPHQ�RSRUWXQDV�E� 7HQHU� DFFHVR�� FRQ� ODV� OLPLWDFLRQHV� SUHYLVWDV� HQ� HO� DSDUWDGR� �� GHO� DUWtFXOR� ��� GH� HVWD� /H\�� D� OD�LQIRUPDFLyQ�\�GRFXPHQWDFLyQ�UHODWLYD�D�ODV�FRQGLFLRQHV�GH�WUDEDMR�TXH�VHDQ�QHFHVDULDV�SDUD�HO�HMHUFLFLR�GH� VXV� IXQFLRQHV� \�� HQ� SDUWLFXODU�� D� OD� SUHYLVWD� HQ� ORV� DUWtFXORV� ��� \� ��� GH� HVWD� /H\�� &XDQGR� OD�LQIRUPDFLyQ� HVWp� VXMHWD� D� ODV� OLPLWDFLRQHV� UHVHxDGDV�� VyOR� SRGUi� VHU� VXPLQLVWUDGD� GH� PDQHUD� TXH� VH�JDUDQWLFH�HO�UHVSHWR�GH�OD�FRQILGHQFLDOLGDG�F� 6HU� LQIRUPDGRV�SRU�HO�HPSUHVDULR�VREUH� ORV�GDxRV�SURGXFLGRV�HQ� OD�VDOXG�GH�ORV� WUDEDMDGRUHV�XQD�YH]�TXH�DTXpO�KXELHVH�WHQLGR�FRQRFLPLHQWR�GH�HOORV��SXGLHQGR�SUHVHQWDUVH��D~Q�IXHUD�GH�VX�MRUQDGD�ODERUDO��HQ�HO�OXJDU�GH�ORV�KHFKRV�SDUD�FRQRFHU�ODV�FLUFXQVWDQFLDV�GH�ORV�PLVPRV�

Page 22: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

G� 5HFLELU� GHO� HPSUHVDULR� ODV� LQIRUPDFLRQHV� REWHQLGDV� SRU� pVWH� SURFHGHQWHV� GH� ODV� SHUVRQDV� X� yUJDQRV�HQFDUJDGRV�GH� ODV�DFWLYLGDGHV�GH�SURWHFFLyQ�\�SUHYHQFLyQ�HQ� OD�HPSUHVD�� DVt�FRPR�GH� ORV�RUJDQLVPRV�FRPSHWHQWHV�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GH�ORV�WUDEDMDGRUHV��VLQ�SHUMXLFLR�GH�OR�GLVSXHVWR�HQ�HO�DUWtFXOR����GH�HVWD�/H\�HQ�PDWHULD�GH�FRODERUDFLyQ�FRQ�OD�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO�H� 5HDOL]DU�YLVLWDV�D�ORV�OXJDUHV�GH�WUDEDMR�SDUD�HMHUFHU�XQD�ODERU�GH�YLJLODQFLD�\�FRQWURO�GHO�HVWDGR�GH�ODV�FRQGLFLRQHV� GH� WUDEDMR�� SXGLHQGR�� D� WDO� ILQ�� DFFHGHU� D� FXDOTXLHU� ]RQD� GH� ORV� PLVPRV� \� FRPXQLFDUVH�GXUDQWH� OD� MRUQDGD� FRQ� ORV� WUDEDMDGRUHV�� GH�PDQHUD� TXH�QR� VH�DOWHUH�HO�QRUPDO�GHVDUUROOR�GHO�SURFHVR�SURGXFWLYR�I� 5HFDEDU�GHO�HPSUHVDULR�OD�DGRSFLyQ�GH�PHGLGDV�GH�FDUiFWHU�SUHYHQWLYR�\�SDUD�OD�PHMRUD�GH�ORV�QLYHOHV�GH�SURWHFFLyQ�GH� OD�VHJXULGDG�\� OD�VDOXG�GH�ORV� WUDEDMDGRUHV��SXGLHQGR�D�WDO� ILQ�HIHFWXDU�SURSXHVWDV�DO�HPSUHVDULR��DVt�FRPR DO�&RPLWp�GH�6HJXULGDG�\�6DOXG�SDUD�VX�GLVFXVLyQ�HQ�HO�PLVPR�J� 3URSRQHU�DO�yUJDQR�GH� UHSUHVHQWDFLyQ�GH� ORV� WUDEDMDGRUHV� OD� DGRSFLyQ�GHO�DFXHUGR�GH�SDUDOL]DFLyQ�GH�DFWLYLGDGHV�D�TXH�VH�UHILHUH�HO�DSDUWDGR���GHO�DUWtFXOR������ /RV� LQIRUPHV� TXH� GHEDQ� HPLWLU� ORV 'HOHJDGRV� GH� 3UHYHQFLyQ� D� WHQRU� GH� OR� GLVSXHVWR� HQ� OD� OHWUD� F�� GHO�DSDUWDGR��� GH� HVWH�DUWtFXOR�GHEHUiQ�HODERUDUVH�HQ�XQ�SOD]R�GH�TXLQFH�GtDV��R�HQ�HO� WLHPSR�LPSUHVFLQGLEOH�FXDQGR� VH� WUDWH� GH� DGRSWDU� PHGLGDV� GLULJLGDV� D� SUHYHQLU� ULHVJRV� LQPLQHQWHV�� 7UDQVFXUULGR� HO� SOD]R� VLQ�KDEHUVH�HPLWLGR�HO�LQIRUPH��HO�HPSUHVDULR�SRGUi�SRQHU�HQ�SUiFWLFD�VX�GHFLVLyQ��� /D�GHFLVLyQ�QHJDWLYD�GHO�HPSUHVDULR�D�OD�DGRSFLyQ�GH�ODV�PHGLGDV�SURSXHVWDV�SRU�HO�'HOHJDGR�GH�3UHYHQFLyQ�D�WHQRU�GH�OR�GLVSXHVWR�HQ�OD�OHWUD�I��GHO�DSDUWDGR���GH�HVWH�DUWtFXOR�GHEHUi�VHU�PRWLYDGD�$UWtFXOR����*DUDQWtDV�\�VLJLOR�SURIHVLRQDO�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ��� /R�SUHYLVWR�HQ�HO�DUWtFXOR����GHO�(VWDWXWR�GH�ORV�7UDEDMDGRUHV�HQ�PDWHULD�GH�JDUDQWtDV�VHUi�GH�DSOLFDFLyQ�D�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�HQ�VX�FRQGLFLyQ�GH�UHSUHVHQWDQWHV�GH�ORV�WUDEDMDGRUHV�(O�WLHPSR�XWLOL]DGR�SRU�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�SDUD�HO�GHVHPSHxR�GH�ODV�IXQFLRQHV�SUHYLVWDV�HQ�HVWD�/H\� VHUi� FRQVLGHUDGR� FRPR� GH� HMHUFLFLR� GH� IXQFLRQHV� GH� UHSUHVHQWDFLyQ� D� HIHFWRV� GH� OD� XWLOL]DFLyQ� GHO�FUpGLWR� GH� KRUDV� PHQVXDOHV� UHWULEXLGDV� SUHYLVWR� HQ� OD� OHWUD� H�� GHO� FLWDGR� DUWtFXOR� ��� GHO� (VWDWXWR� GH� ORV�7UDEDMDGRUHV�1R�REVWDQWH�OR�DQWHULRU��VHUi�FRQVLGHUDGR�HQ�WRGR�FDVR�FRPR�WLHPSR�GH�WUDEDMR�HIHFWLYR��VLQ�LPSXWDFLyQ�DO�FLWDGR�FUpGLWR�KRUDULR��HO�FRUUHVSRQGLHQWH�D�ODV�UHXQLRQHV�GHO�&RPLWp�GH�6HJXULGDG�\�6DOXG�\�D�FXDOHVTXLHUD�RWUDV�FRQYRFDGDV�SRU�HO�HPSUHVDULR�HQ�PDWHULD�GH�SUHYHQFLyQ�GH�ULHVJRV��DVt�FRPR�HO�GHVWLQDGR�D�ODV�YLVLWDV�SUHYLVWDV�HQ�ODV�OHWUDV�D��\�F��GHO�Q~PHUR���GHO�DUWtFXOR�DQWHULRU��� (O� HPSUHVDULR� GHEHUi� SURSRUFLRQDU� D� ORV�'HOHJDGRV� GH� 3UHYHQFLyQ� ORV�PHGLRV� \� OD� IRUPDFLyQ� HQ�PDWHULD�SUHYHQWLYD�TXH�UHVXOWHQ�QHFHVDULRV�SDUD�HO�HMHUFLFLR�GH�VXV�IXQFLRQHV�/D� IRUPDFLyQ� VH� GHEHUi� IDFLOLWDU� SRU� HO� HPSUHVDULR� SRU� VXV� SURSLRV� PHGLRV� R� PHGLDQWH FRQFLHUWR� FRQ�RUJDQLVPRV�R�HQWLGDGHV�HVSHFLDOL]DGDV�HQ�OD�PDWHULD�\�GHEHUi�DGDSWDUVH�D�OD�HYROXFLyQ�GH�ORV�ULHVJRV�\�D�OD�DSDULFLyQ�GH�RWURV�QXHYRV��UHSLWLpQGRVH�SHULyGLFDPHQWH�VL�IXHUD�QHFHVDULR�(O�WLHPSR�GHGLFDGR�D�OD�IRUPDFLyQ�VHUi�FRQVLGHUDGR�FRPR�WLHPSR�GH�WUDEDMR�D�WRGRV�ORV�HIHFWRV�\�VX�FRVWH�QR�SRGUi�UHFDHU�HQ�QLQJ~Q�FDVR�VREUH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ��� $� ORV� 'HOHJDGRV� GH� 3UHYHQFLyQ� OHV� VHUi� GH� DSOLFDFLyQ� OR� GLVSXHVWR� HQ� HO� DSDUWDGR� �� GHO� DUWtFXOR� ��� GHO�(VWDWXWR� GH� ORV� 7UDEDMDGRUHV� HQ� FXDQWR� DO� VLJLOR� SURIHVLRQDO� GHELGR� UHVSHFWR� GH� ODV� LQIRUPDFLRQHV� D� TXH�WXYLHVHQ�DFFHVR�FRPR�FRQVHFXHQFLD�GH�VX�DFWXDFLyQ�HQ�OD�HPSUHVD��� /R� GLVSXHVWR� HQ� HO� SUHVHQWH� DUWtFXOR� HQ� PDWHULD� GH� JDUDQWtDV� \� VLJLOR� SURIHVLRQDO� GH� ORV� 'HOHJDGRV� GH�3UHYHQFLyQ� VH� HQWHQGHUi� UHIHULGR�� HQ� HO� FDVR�GH� ODV� UHODFLRQHV�GH�FDUiFWHU� DGPLQLVWUDWLYR�R�HVWDWXWDULR�GHO�SHUVRQDO�DO�VHUYLFLR�GH�ODV�$GPLQLVWUDFLRQHV�S~EOLFDV��D�OD�UHJXODFLyQ�FRQWHQLGD�HQ�ORV�DUWtFXORV�����SiUUDIR�VHJXQGR�� \� ��� GH� OD� /H\� �������� GH� ��� GH� MXQLR�� GH� 2UJDQRV� GH� 5HSUHVHQWDFLyQ�� 'HWHUPLQDFLyQ� GH� ODV�&RQGLFLRQHV�GH�7UDEDMR�\�3DUWLFLSDFLyQ�GHO�3HUVRQDO�DO�6HUYLFLR�GH�ODV�$GPLQLVWUDFLRQHV�3~EOLFDV�$UWtFXOR����&RPLWp�GH�6HJXULGDG�\�6DOXG��� (O�&RPLWp�GH�6HJXULGDG�\�6DOXG�HV�HO�yUJDQR�SDULWDULR�\�FROHJLDGR�GH�SDUWLFLSDFLyQ�GHVWLQDGR�D�OD�FRQVXOWD�UHJXODU�\�SHULyGLFD�GH�ODV�DFWXDFLRQHV�GH�OD�HPSUHVD�HQ�PDWHULD�GH�SUHYHQFLyQ�GH�ULHVJRV��� 6H�FRQVWLWXLUi�XQ�&RPLWp�GH�6HJXULGDG�\�6DOXG�HQ�WRGDV�ODV�HPSUHVDV�R�FHQWURV�GH�WUDEDMR�TXH�FXHQWHQ�FRQ����R�PiV�WUDEDMDGRUHV�(O� &RPLWp� HVWDUi� IRUPDGR� SRU� ORV� 'HOHJDGRV� GH� 3UHYHQFLyQ�� GH� XQD� SDUWH�� \� SRU� HO� HPSUHVDULR� \�R� VXV�UHSUHVHQWDQWHV�HQ�Q~PHUR�LJXDO�DO�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ��GH�OD�RWUD�(Q� ODV� UHXQLRQHV� GHO� &RPLWp� GH� 6HJXULGDG� \� 6DOXG� SDUWLFLSDUiQ�� FRQ� YR]� SHUR� VLQ� YRWR�� ORV 'HOHJDGRV�6LQGLFDOHV� \� ORV� UHVSRQVDEOHV� WpFQLFRV� GH� OD� SUHYHQFLyQ� HQ� OD� HPSUHVD� TXH� QR� HVWpQ� LQFOXLGRV� HQ� OD�FRPSRVLFLyQ� D� OD� TXH� VH� UHILHUH� HO� SiUUDIR� DQWHULRU�� (Q� ODV� PLVPDV� FRQGLFLRQHV� SRGUiQ� SDUWLFLSDU�

Page 23: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

WUDEDMDGRUHV�GH�OD�HPSUHVD�TXH�FXHQWHQ�FRQ�XQD�HVSHFLDO�FXDOLILFDFLyQ�R�LQIRUPDFLyQ�UHVSHFWR�GH�FRQFUHWDV�FXHVWLRQHV�TXH�VH�GHEDWDQ�HQ�HVWH�yUJDQR�\�WpFQLFRV�HQ�SUHYHQFLyQ�DMHQRV�D�OD�HPSUHVD��VLHPSUH�TXH�DVt�OR�VROLFLWH�DOJXQD�GH�ODV�UHSUHVHQWDFLRQHV�HQ�HO�&RPLWp��� (O� &RPLWp� GH� 6HJXULGDG� \� 6DOXG� VH� UHXQLUi� WULPHVWUDOPHQWH� \� VLHPSUH� TXH� OR� VROLFLWH� DOJXQD� GH� ODV�UHSUHVHQWDFLRQHV�HQ�HO�PLVPR��(O�&RPLWp�DGRSWDUi�VXV�SURSLDV�QRUPDV�GH�IXQFLRQDPLHQWR�/DV�HPSUHVDV�TXH�FXHQWHQ�FRQ�YDULRV�FHQWURV�GH�WUDEDMR�GRWDGRV�GH�&RPLWp�GH�6HJXULGDG�\�6DOXG�SRGUiQ�DFRUGDU�FRQ�VXV�WUDEDMDGRUHV�OD�FUHDFLyQ�GH�XQ�&RPLWp�,QWHUFHQWURV��FRQ�ODV�IXQFLRQHV�TXH�HO�DFXHUGR�OH�DWULEX\D�$UWtFXOR����&RPSHWHQFLDV�\�IDFXOWDGHV�GHO�&RPLWp�GH�6HJXULGDG�\�6DOXG��� (O�&RPLWp�GH�6HJXULGDG�\�6DOXG�WHQGUi�ODV�VLJXLHQWHV�FRPSHWHQFLDV�D� 3DUWLFLSDU�HQ�OD�HODERUDFLyQ��SXHVWD�HQ�SUiFWLFD�\�HYDOXDFLyQ�GH�ORV�SODQHV�\�SURJUDPDV�GH�SUHYHQFLyQ�GH�ULHVJRV�HQ�OD�HPSUHVD��$�WDO�HIHFWR��HQ�VX�VHQR�VH�GHEDWLUiQ��DQWHV�GH�VX�SXHVWD�HQ�SUiFWLFD�\�HQ�OR�UHIHUHQWH� D� VX� LQFLGHQFLD� HQ� OD� SUHYHQFLyQ� GH� ULHVJRV�� ORV� SUR\HFWRV� HQ� PDWHULD� GH� SODQLILFDFLyQ��RUJDQL]DFLyQ� GHO� WUDEDMR� H� LQWURGXFFLyQ� GH� QXHYDV� WHFQRORJtDV�� RUJDQL]DFLyQ� \� GHVDUUROOR� GH� ODV�DFWLYLGDGHV� GH� SURWHFFLyQ� \� SUHYHQFLyQ� \� SUR\HFWR� \� RUJDQL]DFLyQ� GH� OD� IRUPDFLyQ� HQ� PDWHULD�SUHYHQWLYD�E� 3URPRYHU� LQLFLDWLYDV VREUH� PpWRGRV� \� SURFHGLPLHQWRV� SDUD� OD� HIHFWLYD� SUHYHQFLyQ� GH� ORV� ULHVJRV��SURSRQLHQGR�D�OD�HPSUHVD�OD�PHMRUD�GH�ODV�FRQGLFLRQHV�R�OD�FRUUHFFLyQ�GH�ODV�GHILFLHQFLDV�H[LVWHQWHV��� (Q�HO�HMHUFLFLR�GH�VXV�FRPSHWHQFLDV��HO�&RPLWp�GH�6HJXULGDG�\�6DOXG�HVWDUi�IDFXOWDGR�SDUD�D� &RQRFHU�GLUHFWDPHQWH�OD�VLWXDFLyQ�UHODWLYD�D�OD�SUHYHQFLyQ�GH�ULHVJRV�HQ�HO�FHQWUR�GH�WUDEDMR��UHDOL]DQGR�D�WDO�HIHFWR�ODV�YLVLWDV�TXH�HVWLPH�RSRUWXQDV�E� &RQRFHU�FXDQWRV�GRFXPHQWRV�H�LQIRUPHV�UHODWLYRV�D�ODV�FRQGLFLRQHV�GH�WUDEDMR�VHDQ�QHFHVDULRV�SDUD�HO�FXPSOLPLHQWR�GH�VXV�IXQFLRQHV��DVt�FRPR�ORV�SURFHGHQWHV�GH�OD�DFWLYLGDG�GHO�VHUYLFLR�GH�SUHYHQFLyQ��HQ�VX�FDVR�F� &RQRFHU� \� DQDOL]DU� ORV� GDxRV� SURGXFLGRV� HQ� OD� VDOXG� R� HQ� OD� LQWHJULGDG� ItVLFD� GH� ORV� WUDEDMDGRUHV�� DO�REMHWR�GH�YDORUDU�VXV�FDXVDV�\�SURSRQHU�ODV�PHGLGDV�SUHYHQWLYDV�RSRUWXQDV�G� &RQRFHU�H�LQIRUPDU�OD�PHPRULD�\�SURJUDPDFLyQ�DQXDO�GH�VHUYLFLRV�GH�SUHYHQFLyQ��� $� ILQ� GH� GDU� FXPSOLPLHQWR� D� OR� GLVSXHVWR� HQ� HVWD�/H\� UHVSHFWR� GH� OD� FRODERUDFLyQ� HQWUH� HPSUHVDV� HQ� ORV�VXSXHVWRV� GH� GHVDUUROOR� VLPXOWiQHR� GH� DFWLYLGDGHV� HQ� XQ� PLVPR� FHQWUR� GH� WUDEDMR�� VH� SRGUi� DFRUGDU� OD�UHDOL]DFLyQ�GH�UHXQLRQHV�FRQMXQWDV�GH�ORV�&RPLWpV�GH�6HJXULGDG�\�6DOXG�R��HQ�VX�GHIHFWR��GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�\�HPSUHVDULRV�GH�ODV�HPSUHVDV�TXH�FDUH]FDQ�GH�GLFKRV�&RPLWpV��X�RWUDV�PHGLGDV�GH�DFWXDFLyQ�FRRUGLQDGD�$UWtFXOR���� &RODERUDFLyQ�FRQ�OD�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO��� /RV� WUDEDMDGRUHV� \� VXV� UHSUHVHQWDQWHV� SRGUiQ� UHFXUULU� D� OD� ,QVSHFFLyQ� GH� 7UDEDMR� \� 6HJXULGDG� 6RFLDO� VL�FRQVLGHUDQ� TXH� ODV�PHGLGDV� DGRSWDGDV� \� ORV�PHGLRV� XWLOL]DGRV� SRU� HO� HPSUHVDULR� QR� VRQ� VXILFLHQWHV� SDUD�JDUDQWL]DU�OD�VHJXULGDG�\�OD�VDOXG�HQ�HO�WUDEDMR��� (Q� ODV� YLVLWDV� D� ORV� FHQWURV� GH� WUDEDMR� SDUD� OD� FRPSUREDFLyQ� GHO� FXPSOLPLHQWR� GH� OD� QRUPDWLYD� VREUH�SUHYHQFLyQ� GH� ULHVJRV� ODERUDOHV�� HO� ,QVSHFWRU� GH� 7UDEDMR� \� 6HJXULGDG� 6RFLDO� FRPXQLFDUi� VX� SUHVHQFLD� DO�HPSUHVDULR�R�D�VX�UHSUHVHQWDQWH�R�D�OD�SHUVRQD�LQVSHFFLRQDGD��DO�&RPLWp�GH�6HJXULGDG�\�6DOXG��DO�'HOHJDGR�GH� 3UHYHQFLyQ� R�� HQ� VX� DXVHQFLD�� D� ORV� UHSUHVHQWDQWHV� OHJDOHV� GH� ORV� WUDEDMDGRUHV�� D� ILQ� GH� TXH� SXHGDQ�DFRPSDxDUOH� GXUDQWH� HO� GHVDUUROOR� GH� VX� YLVLWD� \� IRUPXODUOH� ODV� REVHUYDFLRQHV� TXH� HVWLPHQ� RSRUWXQDV�� D�PHQRV�TXH�FRQVLGHUH�TXH�GLFKDV�FRPXQLFDFLRQHV�SXHGDQ�SHUMXGLFDU�HO�p[LWR�GH�VXV�IXQFLRQHV��� /D�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO�LQIRUPDUi�D�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�VREUH�ORV�UHVXOWDGRV�GH�ODV�YLVLWDV�D�TXH�KDFH�UHIHUHQFLD�HO�DSDUWDGR�DQWHULRU�\�VREUH�ODV�PHGLGDV�DGRSWDGDV�FRPR�FRQVHFXHQFLD�GH� ODV� PLVPDV�� DVt� FRPR� DO� HPSUHVDULR� PHGLDQWH� GLOLJHQFLD� HQ� HO� /LEUR� GH� 9LVLWDV� GH� OD� ,QVSHFFLyQ� GH�7UDEDMR�\�6HJXULGDG�6RFLDO�TXH�GHEH�H[LVWLU�HQ�FDGD�FHQWUR�GH�WUDEDMR��� /DV�RUJDQL]DFLRQHV�VLQGLFDOHV�\�HPSUHVDULDOHV�PiV� UHSUHVHQWDWLYDV�VHUiQ�FRQVXOWDGDV�FRQ�FDUiFWHU�SUHYLR�D�OD� HODERUDFLyQ� GH� ORV� SODQHV� GH� DFWXDFLyQ� GH� OD� ,QVSHFFLyQ� GH�7UDEDMR� \� 6HJXULGDG� 6RFLDO� HQ�PDWHULD� GH�SUHYHQFLyQ�GH� ULHVJRV� HQ�HO� WUDEDMR�� HQ�HVSHFLDO�GH� ORV�SURJUDPDV�HVSHFtILFRV�SDUD�HPSUHVDV�GH�PHQRV�GH�VHLV�WUDEDMDGRUHV��H�LQIRUPDGDV�GHO�UHVXOWDGR�GH�GLFKRV�SODQHV�&$3Ë78/2�9,�2%/,*$&,21(6�'(�/26�)$%5,&$17(6��,03257$'25(6�<�680,1,675$'25(6$UWtFXOR����2EOLJDFLRQHV�GH�ORV�IDEULFDQWHV��LPSRUWDGRUHV�\�VXPLQLVWUDGRUHV�

Page 24: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

�� /RV�IDEULFDQWHV��LPSRUWDGRUHV�\�VXPLQLVWUDGRUHV�GH�PDTXLQDULD��HTXLSRV��SURGXFWRV�\�~WLOHV�GH�WUDEDMR�HVWiQ�REOLJDGRV� D� DVHJXUDU� TXH� pVWRV� QR� FRQVWLWX\DQ�XQD� IXHQWH�GH�SHOLJUR�SDUD�HO� WUDEDMDGRU�� VLHPSUH�TXH�VHDQ�LQVWDODGRV�\�XWLOL]DGRV�HQ�ODV�FRQGLFLRQHV��IRUPD�\�SDUD�ORV�ILQHV�UHFRPHQGDGRV�SRU�HOORV�/RV� IDEULFDQWHV�� LPSRUWDGRUHV� \� VXPLQLVWUDGRUHV� GH� SURGXFWRV� \� VXVWDQFLDV� TXtPLFDV� GH� XWLOL]DFLyQ� HQ� HO�WUDEDMR� HVWiQ� REOLJDGRV� D� HQYDVDU� \� HWLTXHWDU� ORV� PLVPRV� GH� IRUPD� TXH� VH� SHUPLWD� VX� FRQVHUYDFLyQ� \�PDQLSXODFLyQ� HQ� FRQGLFLRQHV� GH� VHJXULGDG� \� VH� LGHQWLILTXH� FODUDPHQWH� VX� FRQWHQLGR� \� ORV� ULHVJRV� SDUD� OD�VHJXULGDG�R�OD�VDOXG�GH�ORV�WUDEDMDGRUHV�TXH�VX�DOPDFHQDPLHQWR�R�XWLOL]DFLyQ�FRPSRUWHQ�/RV�VXMHWRV�PHQFLRQDGRV�HQ� ORV�GRV�SiUUDIRV�DQWHULRUHV�GHEHUiQ�VXPLQLVWUDU� OD� LQIRUPDFLyQ�TXH�LQGLTXH�OD�IRUPD�FRUUHFWD�GH�XWLOL]DFLyQ�SRU�ORV�WUDEDMDGRUHV��ODV�PHGLGDV�SUHYHQWLYDV�DGLFLRQDOHV�TXH�GHEDQ�WRPDUVH�\�ORV�ULHVJRV�ODERUDOHV�TXH�FRQOOHYHQ�WDQWR�VX�XVR�QRUPDO��FRPR�VX�PDQLSXODFLyQ�R�HPSOHR�LQDGHFXDGR�/RV� IDEULFDQWHV�� LPSRUWDGRUHV�\�VXPLQLVWUDGRUHV�GH�HOHPHQWRV�SDUD� OD�SURWHFFLyQ�GH�ORV� WUDEDMDGRUHV�HVWiQ�REOLJDGRV�D�DVHJXUDU�OD�HIHFWLYLGDG�GH�ORV�PLVPRV��VLHPSUH�TXH�VHDQ�LQVWDODGRV�\�XVDGRV�HQ�ODV�FRQGLFLRQHV�\�GH�OD�IRUPD�UHFRPHQGDGD�SRU�HOORV��$�WDO�HIHFWR��GHEHUiQ�VXPLQLVWUDU�OD�LQIRUPDFLyQ�TXH�LQGLTXH�HO�WLSR�GH�ULHVJR� DO� TXH� YDQ� GLULJLGRV�� HO� QLYHO� GH� SURWHFFLyQ� IUHQWH� DO� PLVPR� \� OD� IRUPD� FRUUHFWD� GH� VX� XVR� \�PDQWHQLPLHQWR�/RV�IDEULFDQWHV��LPSRUWDGRUHV�\�VXPLQLVWUDGRUHV�GHEHUiQ�SURSRUFLRQDU�D�ORV�HPSUHVDULRV��\�pVWRV�UHFDEDU�GH�DTXpOORV�� OD� LQIRUPDFLyQ� QHFHVDULD� SDUD� TXH� OD� XWLOL]DFLyQ� \� PDQLSXODFLyQ� GH� OD� PDTXLQDULD�� HTXLSRV��SURGXFWRV��PDWHULDV�SULPDV�\�~WLOHV�GH WUDEDMR� VH�SURGX]FD�VLQ� ULHVJRV�SDUD� OD� VHJXULGDG�\� OD� VDOXG�GH� ORV�WUDEDMDGRUHV�� DVt� FRPR� SDUD� TXH� ORV� HPSUHVDULRV� SXHGDQ� FXPSOLU� FRQ� VXV� REOLJDFLRQHV� GH� LQIRUPDFLyQ�UHVSHFWR�GH�ORV�WUDEDMDGRUHV��� (O�HPSUHVDULR�GHEHUi�JDUDQWL]DU�TXH�ODV�LQIRUPDFLRQHV�D�TXH�VH�UHILHUH�HO�DSDUWDGR�DQWHULRU�VHDQ�IDFLOLWDGDV�D�ORV�WUDEDMDGRUHV�HQ�WpUPLQRV�TXH�UHVXOWHQ�FRPSUHQVLEOHV�SDUD�ORV�PLVPRV�&$3Ë78/2�9,,�5(63216$%,/,'$'(6�<�6$1&,21(6$UWtFXOR���� 5HVSRQVDELOLGDGHV�\�VX�FRPSDWLELOLGDG��� (O� LQFXPSOLPLHQWR�SRU� ORV� HPSUHVDULRV�GH� VXV�REOLJDFLRQHV�HQ�PDWHULD�GH�SUHYHQFLyQ�GH� ULHVJRV� ODERUDOHV�GDUi� OXJDU� D� UHVSRQVDELOLGDGHV� DGPLQLVWUDWLYDV�� DVt� FRPR�� HQ� VX� FDVR�� D� UHVSRQVDELOLGDGHV� SHQDOHV� \� D� ODV�FLYLOHV�SRU�ORV�GDxRV�\�SHUMXLFLRV�TXH�SXHGDQ�GHULYDUVH�GH�GLFKR�LQFXPSOLPLHQWR��� �YHU�QRWD�ILQDO�GRFXPHQWR��� /DV�UHVSRQVDELOLGDGHV�DGPLQLVWUDWLYDV�TXH�VH�GHULYHQ�GHO�SURFHGLPLHQWR�VDQFLRQDGRU�VHUiQ�FRPSDWLEOHV�FRQ�ODV� LQGHPQL]DFLRQHV� SRU� ORV� GDxRV� \� SHUMXLFLRV� FDXVDGRV� \� GH� UHFDUJR� GH� SUHVWDFLRQHV� HFRQyPLFDV� GHO�VLVWHPD� GH� OD� 6HJXULGDG� 6RFLDO� TXH� SXHGDQ� VHU� ILMDGDV� SRU� HO� yUJDQR� FRPSHWHQWH� GH� FRQIRUPLGDG� FRQ� OR�SUHYLVWR�HQ�OD�QRUPDWLYD�UHJXODGRUD�GH�GLFKR�VLVWHPD��� �YHU�QRWD�ILQDO�GRFXPHQWR��� �YHU�QRWD�ILQDO�GRFXPHQWR�$UWtFXOR���� 5HTXHULPLHQWRV�GH�OD�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO��� &XDQGR� HO� ,QVSHFWRU� GH� 7UDEDMR� \� 6HJXULGDG� 6RFLDO� FRPSUREDVH� OD� H[LVWHQFLD� GH� XQD� LQIUDFFLyQ� D� OD�QRUPDWLYD� VREUH� SUHYHQFLyQ� GH� ULHVJRV� ODERUDOHV�� UHTXHULUi� DO� HPSUHVDULR� SDUD� OD� VXEVDQDFLyQ� GH� ODV�GHILFLHQFLDV� REVHUYDGDV�� VDOYR� TXH� SRU� OD� JUDYHGDG� H� LQPLQHQFLD� GH� ORV� ULHVJRV� SURFHGLHVH� DFRUGDU� OD�SDUDOL]DFLyQ�SUHYLVWD�HQ�HO�DUWtFXOR�����7RGR�HOOR�VLQ�SHUMXLFLR�GH�OD�SURSXHVWD�GH�VDQFLyQ�FRUUHVSRQGLHQWH��HQ�VX�FDVR��� (O� UHTXHULPLHQWR� IRUPXODGR� SRU� HO� ,QVSHFWRU� GH� 7UDEDMR� \� 6HJXULGDG� 6RFLDO� VH� KDUi� VDEHU� SRU� HVFULWR� DO�HPSUHVDULR�SUHVXQWDPHQWH�UHVSRQVDEOH�VHxDODQGR�ODV�DQRPDOtDV�R�GHILFLHQFLDV�DSUHFLDGDV�FRQ�LQGLFDFLyQ�GHO�SOD]R�SDUD�VX�VXEVDQDFLyQ��'LFKR�UHTXHULPLHQWR�VH�SRQGUi��DVLPLVPR��HQ�FRQRFLPLHQWR�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�6L� VH� LQFXPSOLHUD� HO� UHTXHULPLHQWR� IRUPXODGR�� SHUVLVWLHQGR� ORV� KHFKRV� LQIUDFWRUHV�� HO� ,QVSHFWRU� GH� 7UDEDMR� \�6HJXULGDG�6RFLDO��GH�QR�KDEHUOR�HIHFWXDGR�LQLFLDOPHQWH��OHYDQWDUi�OD�FRUUHVSRQGLHQWH�DFWD�GH�LQIUDFFLyQ�SRU�WDOHV�KHFKRV�$UWtFXOR���� 3DUDOL]DFLyQ�GH�WUDEDMRV��� &XDQGR�HO�,QVSHFWRU�GH�7UDEDMR�\�6HJXULGDG�6RFLDO�FRPSUXHEH�TXH�OD�LQREVHUYDQFLD�GH�OD�QRUPDWLYD�VREUH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�LPSOLFD��D�VX�MXLFLR��XQ�ULHVJR�JUDYH�H�LQPLQHQWH�SDUD�OD�VHJXULGDG�\�OD�VDOXG�GH� ORV� WUDEDMDGRUHV� SRGUi�RUGHQDU� OD� SDUDOL]DFLyQ� LQPHGLDWD� GH� WDOHV� WUDEDMRV�R� WDUHDV��'LFKD�PHGLGD� VHUi�FRPXQLFDGD� D� OD� HPSUHVD� UHVSRQVDEOH�� TXH� OD� SRQGUi� HQ� FRQRFLPLHQWR� LQPHGLDWR� GH� ORV� WUDEDMDGRUHV�DIHFWDGRV�� GHO� &RPLWp� GH� 6HJXULGDG� \� 6DOXG�� GHO� 'HOHJDGR� GH� 3UHYHQFLyQ� R�� HQ� VX� DXVHQFLD�� GH ORV�

Page 25: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

UHSUHVHQWDQWHV�GHO�SHUVRQDO��/D�HPSUHVD�UHVSRQVDEOH�GDUi�FXHQWD�DO�,QVSHFWRU�GH�7UDEDMR�\�6HJXULGDG�6RFLDO�GHO�FXPSOLPLHQWR�GH�HVWD�QRWLILFDFLyQ�(O�,QVSHFWRU�GH�7UDEDMR�\�6HJXULGDG�6RFLDO�GDUi�WUDVODGR�GH�VX�GHFLVLyQ�GH�IRUPD�LQPHGLDWD�D�OD�DXWRULGDGODERUDO�� /D� HPSUHVD�� VLQ� SHUMXLFLR� GHO� FXPSOLPLHQWR� LQPHGLDWR� GH� WDO� GHFLVLyQ�� SRGUi� LPSXJQDUOD� DQWH� OD�DXWRULGDG�ODERUDO�HQ�HO�SOD]R�GH�WUHV�GtDV�KiELOHV��GHELHQGR�UHVROYHUVH�WDO�LPSXJQDFLyQ�HQ�HO�SOD]R�Pi[LPR�GH�YHLQWLFXDWUR�KRUDV��7DO�UHVROXFLyQ�VHUi�HMHFXWLYD��VLQ�SHUMXLFLR�GH�ORV�UHFXUVRV�TXH�SURFHGDQ�/D�SDUDOL]DFLyQ�GH�ORV�WUDEDMRV�VH�OHYDQWDUi�SRU�OD�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO�TXH�OD�KXELHUD�GHFUHWDGR��R�SRU�HO�HPSUHVDULR�WDQ�SURQWR�FRPR�VH�VXEVDQHQ�ODV�FDXVDV�TXH�OD�PRWLYDURQ��GHELHQGR��HQ�HVWH�~OWLPR�FDVR��FRPXQLFDUOR�LQPHGLDWDPHQWH�D�OD�,QVSHFFLyQ�GH�7UDEDMR�\�6HJXULGDG�6RFLDO��� /RV�VXSXHVWRV�GH�SDUDOL]DFLyQ� UHJXODGRV�HQ�HVWH�DUWtFXOR��DVt�FRPR�ORV�TXH�VH�FRQWHPSOHQ�HQ�OD�QRUPDWLYD�UHJXODGRUD�GH�ODV�DFWLYLGDGHV�SUHYLVWDV�HQ�HO�DSDUWDGR���GHO�DUWtFXOR���GH�OD�SUHVHQWH�/H\��VH�HQWHQGHUiQ��HQ�WRGR�FDVR�� VLQ�SHUMXLFLR�GHO�SDJR�GHO�VDODULR�R�GH�ODV� LQGHPQL]DFLRQHV�TXH�SURFHGDQ�\�GH�ODV�PHGLGDV�TXH�SXHGDQ�DUELWUDUVH�SDUD�VX�JDUDQWtD�$UWtFXOR���� ,QIUDFFLRQHV�DGPLQLVWUDWLYDV����YHU�QRWD�ILQDO�GRFXPHQWR�$UWtFXOR���� ,QIUDFFLRQHV�OHYHV����YHU�QRWD�ILQDO�GRFXPHQWR�$UWtFXOR���� ,QIUDFFLRQHV�JUDYHV����YHU�QRWD�ILQDO�GRFXPHQWR�$UWtFXOR���� ,QIUDFFLRQHV�PX\�JUDYHV����YHU�QRWD�ILQDO�GRFXPHQWR�$UWtFXOR���� 6DQFLRQHV����YHU�QRWD�ILQDO�GRFXPHQWR�$UWtFXOR���� 5HLQFLGHQFLD����YHU�QRWD�ILQDO�GRFXPHQWR�$UWtFXOR���� 3UHVFULSFLyQ�GH�ODV�LQIUDFFLRQHV����YHU�QRWD�ILQDO�GRFXPHQWR�$UWtFXOR���� &RPSHWHQFLDV�VDQFLRQDGRUDV����YHU�QRWD�ILQDO�GRFXPHQWR�$UWtFXOR���� 6XVSHQVLyQ�R�FLHUUH�GHO�FHQWUR�GH�WUDEDMR� �YHU�QRWD�ILQDO�GRFXPHQWR�(O�*RELHUQR� R�� HQ� VX� FDVR�� ORV� yUJDQRV� GH� JRELHUQR� GH� ODV�&RPXQLGDGHV�$XWyQRPDV� FRQ� FRPSHWHQFLDV� HQ� OD�PDWHULD��FXDQGR�FRQFXUUDQ�FLUFXQVWDQFLDV�GH�H[FHSFLRQDO�JUDYHGDG�HQ�ODV�LQIUDFFLRQHV�HQ�PDWHULD�GH�VHJXULGDG�\�VDOXG�HQ�HO� WUDEDMR��SRGUiQ�DFRUGDU�OD�VXVSHQVLyQ�GH�ODV�DFWLYLGDGHV�ODERUDOHV�SRU�XQ�WLHPSR�GHWHUPLQDGR�R��HQ�FDVR�H[WUHPR��HO�FLHUUH�GHO�FHQWUR�GH�WUDEDMR�FRUUHVSRQGLHQWH��VLQ�SHUMXLFLR��HQ�WRGR�FDVR��GHO�SDJR�GHO�VDODULR�R�GH�ODV�LQGHPQL]DFLRQHV�TXH�SURFHGDQ�\�GH�ODV�PHGLGDV�TXH�SXHGDQ�DUELWUDUVH�SDUD�VX�JDUDQWtD�$UWtFXOR���� /LPLWDFLRQHV�D�OD�IDFXOWDG�GH�FRQWUDWDU�FRQ�OD�$GPLQLVWUDFLyQ�/DV� OLPLWDFLRQHV�D� OD�IDFXOWDG�GH�FRQWUDWDU�FRQ� OD�$GPLQLVWUDFLyQ�SRU�OD�FRPLVLyQ�GH�GHOLWRV�R�SRU�LQIUDFFLRQHV�DGPLQLVWUDWLYDV�PX\�JUDYHV�HQ�PDWHULD�GH�VHJXULGDG�\�VDOXG�HQ�HO�WUDEDMR��VH�UHJLUiQ�SRU�OR�HVWDEOHFLGR�HQ�OD�/H\����������GH����GH�PD\R��GH�&RQWUDWRV�GH�ODV�$GPLQLVWUDFLRQHV�3~EOLFDV�',6326,&,Ï1�$',&,21$/�35,0(5$�'HILQLFLRQHV�D�HIHFWRV�GH�6HJXULGDG�6RFLDO�6LQ� SHUMXLFLR� GH� OD� XWLOL]DFLyQ� GH� ODV� GHILQLFLRQHV� FRQWHQLGDV� HQ� HVWD�/H\� HQ� HO� iPELWR� GH� OD� QRUPDWLYD� VREUH�SUHYHQFLyQ� GH� ULHVJRV� ODERUDOHV�� WDQWR� OD� GHILQLFLyQ� GH� ORV� FRQFHSWRV� GH� DFFLGHQWH� GH� WUDEDMR�� HQIHUPHGDG�SURIHVLRQDO�� DFFLGHQWH� QR� ODERUDO� \� HQIHUPHGDG� FRP~Q�� FRPR� HO� UpJLPHQ� MXUtGLFR� HVWDEOHFLGR� SDUD� HVWDV�FRQWLQJHQFLDV�HQ�OD�QRUPDWLYD�GH�6HJXULGDG�6RFLDO��FRQWLQXDUiQ�VLHQGR�GH�DSOLFDFLyQ�HQ�ORV�WpUPLQRV�\�FRQ�ORV�HIHFWRV�SUHYLVWRV�HQ�GLFKR�iPELWR�QRUPDWLYR�',6326,&,Ï1�$',&,21$/�6(*81'$� 5HRUGHQDFLyQ�RUJiQLFD�4XHGD� H[WLQJXLGD� OD� 2UJDQL]DFLyQ� GH� ORV� 6HUYLFLRV� 0pGLFRV� GH� (PSUHVD�� FX\DV� IXQFLRQHV� SDVDUiQ� D� VHU�GHVHPSHxDGDV�SRU�OD�$GPLQLVWUDFLyQ�VDQLWDULD�FRPSHWHQWH�HQ�ORV�WpUPLQRV�GH�OD�SUHVHQWH�/H\�/RV� UHFXUVRV�\� IXQFLRQHV�TXH�DFWXDOPHQWH� WLHQHQ�DWULEXLGRV�HO� ,QVWLWXWR�1DFLRQDO�GH�0HGLFLQD�\�6HJXULGDG�GHO�7UDEDMR� \� OD� (VFXHOD�1DFLRQDO� GH�0HGLFLQD� GHO�7UDEDMR� VH� DGVFULEHQ� \� VHUiQ� GHVDUUROODGRV� SRU� ODV� XQLGDGHV��RUJDQLVPRV�R�HQWLGDGHV�GHO�0LQLVWHULR�GH�6DQLGDG�\�&RQVXPR�FRQIRUPH�D�VX�RUJDQL]DFLyQ�\�GLVWULEXFLyQ�LQWHUQD�GH�FRPSHWHQFLDV�(O� ,QVWLWXWR� 1DFLRQDO� GH� 6LOLFRVLV� PDQWHQGUi� VX� FRQGLFLyQ� GH� FHQWUR� GH� UHIHUHQFLD� QDFLRQDO� GH� SUHYHQFLyQ�WpFQLFR�VDQLWDULD�GH�ODV�HQIHUPHGDGHV�SURIHVLRQDOHV�TXH�DIHFWHQ�DO�VLVWHPD�FDUGLRUUHVSLUDWRULR�',6326,&,Ï1�$',&,21$/�7(5&(5$�&DUiFWHU�EiVLFR��� (VWD� /H\�� DVt� FRPR� ODV� QRUPDV� UHJODPHQWDULDV� TXH� GLFWH� HO� *RELHUQR� HQ� YLUWXG� GH� OR� HVWDEOHFLGR� HQ� HO�DUWtFXOR����FRQVWLWX\HQ�OHJLVODFLyQ�ODERUDO��GLFWDGD�DO�DPSDUR�GHO�DUWtFXOR���������GH�OD�&RQVWLWXFLyQ��� 5HVSHFWR� GHO� SHUVRQDO� FLYLO� FRQ� UHODFLyQ� GH� FDUiFWHU� DGPLQLVWUDWLYR� R� HVWDWXWDULR� DO� VHUYLFLR� GH� ODV�$GPLQLVWUDFLRQHV�S~EOLFDV��OD�SUHVHQWH�/H\�VHUi�GH�DSOLFDFLyQ�HQ�ORV�VLJXLHQWHV�WpUPLQRV�D� /RV�DUWtFXORV�TXH�D�FRQWLQXDFLyQ�VH�UHODFLRQDQ�FRQVWLWX\HQ�QRUPDV�EiVLFDV�HQ�HO�VHQWLGR�SUHYLVWR�HQ�HO�DUWtFXOR����������GH�OD�&RQVWLWXFLyQ��������DSDUWDGRV���\����H[FHSWR�HO�SiUUDIR�VHJXQGR��������DSDUWDGR����

Page 26: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

���� ���� DSDUWDGRV� ��� ��� H[FHSWR� OD� UHPLVLyQ� DO� FDStWXOR� ,9�������\�������������������� DSDUWDGRV���\����H[FHSWR� UHPLVLyQ� DO� FDStWXOR�9�� ���� DSDUWDGRV� �� \� ��� H[FHSWR� UHIHUHQFLD� D� OD� LPSDUWLFLyQ� SRU�PHGLRV�SURSLRV�R�FRQFHUWDGRV����������������������DSDUWDGRV������\����������������DSDUWDGRV����SiUUDIRV�SULPHUR�\�VHJXQGR�� ��� �� \� ��� H[FHSWR� HQ� OR� UHODWLYR� D� ODV� HPSUHVDV�GH� WUDEDMR� WHPSRUDO���������� DSDUWDGRV ������H[FHSWR� OD� UHPLVLyQ� DO� DUWtFXOR� ����D��� �� \� ��� H[FHSWR� OD� UHPLVLyQ� DO� WH[WR� UHIXQGLGR� GH� OD� /H\� GHO�(VWDWXWR� GH� ORV� 7UDEDMDGRUHV�� ���� DSDUWDGRV� ��� H[FHSWR� UHPLVLyQ� DO� DUWtFXOR� ����D��� ��� �� \� ��� ���� ����DSDUWDGRV����SiUUDIR�SULPHUR����\���� H[FHSWR�SiUUDIR�VHJXQGR������DSDUWDGRV�������SiUUDIR�SULPHUR�����SiUUDIR� WHUFHUR�� ���� H[FHSWR� ODV� UHIHUHQFLDV� DO�&RPLWp�GH�6HJXULGDG�\�6DOXG������DSDUWDGRV���\��������DSDUWDGR��������DSDUWDGR����SiUUDIR�WHUFHUR�',6326,&,Ï1�$',&,21$/�&8$57$�'HVLJQDFLyQ�GH�'HOHJDGRV GH�3UHYHQFLyQ�HQ�VXSXHVWRV�HVSHFLDOHV�(Q� ORV�FHQWURV�GH�WUDEDMR�TXH�FDUH]FDQ�GH�UHSUHVHQWDQWHV�GH�ORV� WUDEDMDGRUHV�SRU�QR�H[LVWLU� WUDEDMDGRUHV�FRQ� OD�DQWLJ�HGDG� VXILFLHQWH� SDUD� VHU� HOHFWRUHV� R� HOHJLEOHV� HQ� ODV� HOHFFLRQHV� SDUD� UHSUHVHQWDQWHV� GHO� SHUVRQDO� ORV�WUDEDMDGRUHV�SRGUiQ�HOHJLU�SRU�PD\RUtD�D�XQ�WUDEDMDGRU�TXH�HMHU]D�ODV�FRPSHWHQFLDV�GHO�'HOHJDGR�GH�3UHYHQFLyQ��TXLpQ� WHQGUi� ODV� IDFXOWDGHV��JDUDQWtDV�\�REOLJDFLRQHV�GH�VLJLOR�SURIHVLRQDO�GH� WDOHV�'HOHJDGRV��/D�DFWXDFLyQ�GH�pVWRV� FHVDUi� HQ� HO� PRPHQWR� HQ� TXH� VH� UH~QDQ� ORV� UHTXLVLWRV� GH� DQWLJ�HGDG� QHFHVDULRV� SDUD� SRGHU� FHOHEUDU� OD�HOHFFLyQ�GH�UHSUHVHQWDQWHV�GHO�SHUVRQDO��SURUURJiQGRVH�SRU�HO�WLHPSR�LQGLVSHQVDEOH�SDUD�OD�HIHFWLYD�FHOHEUDFLyQ�GH�OD�HOHFFLyQ�',6326,&,Ï1�$',&,21$/�48,17$� )XQGDFLyQ�$GVFULWD D�OD�&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR�H[LVWLUi�XQD�IXQGDFLyQ�FX\D�ILQDOLGDG�VHUi�SURPRYHU� OD� PHMRUD� GH� ODV� FRQGLFLRQHV� GH� VHJXULGDG� \� VDOXG� HQ� HO� WUDEDMR�� HVSHFLDOPHQWH� HQ� ODV� SHTXHxDV�HPSUHVDV��D�WUDYpV�GH�DFFLRQHV�GH�LQIRUPDFLyQ��DVLVWHQFLD�WpFQLFD��IRUPDFLyQ�\�SURPRFLyQ�GHO�FXPSOLPLHQWR�GH�OD�QRUPDWLYD�GH�SUHYHQFLyQ�GH�ULHVJRV�3DUD�HO�FXPSOLPLHQWR�GH�VXV�ILQHV�VH�GRWDUi�D�OD�IXQGDFLyQ�GH�XQ�SDWULPRQLR�FRQ�FDUJR�DO�)RQGR�GH�3UHYHQFLyQ�\�5HKDELOLWDFLyQ� SURFHGHQWH� GHO� H[FHVR� GH� H[FHGHQWHV� GH� OD� JHVWLyQ� UHDOL]DGD� SRU� ODV�0XWXDV� GH�$FFLGHQWHV� GH�7UDEDMR�\�(QIHUPHGDGHV�3URIHVLRQDOHV�GH�OD�6HJXULGDG�6RFLDO��/D�FXDQWtD�WRWDO�GH�GLFKR�SDWULPRQLR�QR�H[FHGHUi�GHO����SRU�����GHO�PHQFLRQDGR�)RQGR��GHWHUPLQDGD�HQ�OD�IHFKD�GH�HQWUDGD�HQ�YLJRU�GH�HVWD�/H\�/RV�(VWDWXWRV�GH� OD� IXQGDFLyQ� VHUiQ�DSUREDGRV�SRU� OD�&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR��FRQ�HO�YRWR�IDYRUDEOH�GH�GRV�WHUFLRV�GH�VXV�PLHPEURV�$� HIHFWRV� GH� ORJUDU� XQ� PHMRU� FXPSOLPLHQWR� GH� VXV� ILQHV�� VH� DUWLFXODUi� VX� FRODERUDFLyQ� FRQ� OD� ,QVSHFFLyQ� GH�7UDEDMR�\�6HJXULGDG�6RFLDO�/D� SODQLILFDFLyQ�� GHVDUUROOR� \� ILQDQFLDFLyQ� GH� DFFLRQHV� HQ� ORV� GLVWLQWRV� iPELWRV� WHUULWRULDOHV� WHQGUi� HQ�FRQVLGHUDFLyQ�� OD� SREODFLyQ� RFXSDGD�� HO� WDPDxR� GH� ODV� HPSUHVDV� \� ORV� tQGLFHV� GH� VLQLHVWUDOLGDG� ODERUDO� /RV�SUHVXSXHVWRV�TXH�OD�IXQGDFLyQ�DVLJQH�D�ORV�iPELWRV�WHUULWRULDOHV�DXWRQyPLFRV�TXH�WHQJDQ�DVXPLGDV�FRPSHWHQFLDV�GH�HMHFXFLyQ�GH�OD�OHJLVODFLyQ�ODERUDO�HQ�PDWHULD�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR��VHUiQ�DWULEXLGRV�SDUD�VX�JHVWLyQ� D� ORV� yUJDQRV� WULSDUWLWRV� \� GH� SDUWLFLSDFLyQ� LQVWLWXFLRQDO� TXH� H[LVWDQ� HQ� GLFKRV� iPELWRV� \� WHQJDQ�QDWXUDOH]D�VLPLODU�D�OD�&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR�(Q�ORV�VHFWRUHV�GH�DFWLYLGDG�HQ�ORV�TXH�H[LVWDQ�IXQGDFLRQHV�GH�iPELWR�VHFWRULDO��FRQVWLWXLGDV�SRU�HPSUHVDULRV�\�WUDEDMDGRUHV��TXH�WHQJDQ�HQWUH�VXV�ILQHV�OD�SURPRFLyQ�GH�DFWLYLGDGHV�GHVWLQDGDV�D�OD�PHMRUD�GH�ODV�FRQGLFLRQHV�GH�VHJXULGDG�\�VDOXG�HQ�HO�WUDEDMR��HO�GHVDUUROOR�GH�ORV�REMHWLYRV�\�ILQHV�GH�OD�IXQGDFLyQ�VH�OOHYDUi�D�FDER��HQ�WRGR�FDVR��HQ�FRRUGLQDFLyQ�FRQ�DTXpOODV�',6326,&,Ï1� $',&,21$/� 6(;7$� &RQVWLWXFLyQ� GH� OD� &RPLVLyQ� 1DFLRQDO� GH� 6HJXULGDG� \� 6DOXG� HQ� HO�7UDEDMR�(O� *RELHUQR�� HQ� HO� SOD]R� GH� WUHV� PHVHV� D� SDUWLU� GH� OD� YLJHQFLD� GH� HVWD� /H\�� UHJXODUi� OD� FRPSRVLFLyQ� GH� OD�&RPLVLyQ�1DFLRQDO�GH�6HJXULGDG�\�6DOXG�HQ�HO�7UDEDMR��/D�&RPLVLyQ� VH�FRQVWLWXLUi�HQ�HO�SOD]R�GH� ORV� WUHLQWD�GtDV�VLJXLHQWHV�',6326,&,Ï1� $',&,21$/� 6e37,0$� &XPSOLPLHQWR� GH� OD� QRUPDWLYD� GH� WUDQVSRUWH� GH� PHUFDQFtDV�SHOLJURVDV�/R�GLVSXHVWR�HQ�OD�SUHVHQWH�/H\�VH�HQWLHQGH�VLQ�SHUMXLFLR�GHO�FXPSOLPLHQWR�GH�ODV�REOLJDFLRQHV�GHULYDGDV�GH�OD�UHJXODFLyQ�HQ�PDWHULD�GH�WUDQVSRUWH�GH�PHUFDQFtDV�SHOLJURVDV�',6326,&,Ï1�$',&,21$/�2&7$9$� 3ODQHV�GH�RUJDQL]DFLyQ�GH�DFWLYLGDGHV�SUHYHQWLYDV�&DGD� 'HSDUWDPHQWR� 0LQLVWHULDO�� HQ� HO� SOD]R� GH� VHLV� PHVHV� GHVGH� OD� HQWUDGD� HQ� YLJRU� GH� HVWD� /H\� \� SUHYLD�FRQVXOWD�FRQ�ODV�RUJDQL]DFLRQHV�VLQGLFDOHV�PiV�UHSUHVHQWDWLYDV��HOHYDUi�DO�&RQVHMR�GH�0LQLVWURV�XQD�SURSXHVWD�GH�DFXHUGR� HQ� OD� TXH� VH� HVWDEOH]FD� XQ� SODQ� GH� RUJDQL]DFLyQ� GH� ODV� DFWLYLGDGHV� SUHYHQWLYDV� HQ� HO� GHSDUWDPHQWR�FRUUHVSRQGLHQWH�\�HQ�ORV�FHQWURV��RUJDQLVPRV�\�HVWDEOHFLPLHQWRV�GH�WRGR�WLSR�GHSHQGLHQWHV�GHO�PLVPR�

Page 27: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

$� OD� SURSXHVWD� GHEHUi� DFRPSDxDUVH� QHFHVDULDPHQWH� XQD� PHPRULD� H[SOLFDWLYD� GHO� FRVWH� HFRQyPLFR� GH� OD�RUJDQL]DFLyQ� SURSXHVWD�� DVt� FRPR� HO� FDOHQGDULR� GH HMHFXFLyQ� GHO� SODQ�� FRQ� ODV� SUHYLVLRQHV� SUHVXSXHVWDULDV�DGHFXDGDV�D�pVWH�',6326,&,Ï1�$',&,21$/�129(1$� (VWDEOHFLPLHQWRV�PLOLWDUHV��� (O� *RELHUQR�� HQ� HO� SOD]R� GH� VHLV� PHVHV�� SUHYLD� FRQVXOWD� FRQ� ODV� RUJDQL]DFLRQHV� VLQGLFDOHV� PiV�UHSUHVHQWDWLYDV� \� D� SURSXHVWD GH� ORV�0LQLVWURV� GH�'HIHQVD� \� GH�7UDEDMR� \�6HJXULGDG�6RFLDO�� DGDSWDUi� ODV�QRUPDV� GH� ORV� FDStWXORV� ,,,� \�9�GH� HVWD�/H\� D� ODV� H[LJHQFLDV� GH� OD� GHIHQVD�QDFLRQDO�� D� ODV� SHFXOLDULGDGHV�RUJiQLFDV�\�DO�UpJLPHQ�YLJHQWH�GH�UHSUHVHQWDFLyQ�GHO�SHUVRQDO�HQ�ORV�HVWDEOHFLPLHQWRV�PLOLWDUHV��� &RQWLQXDUiQ� YLJHQWHV� ODV� GLVSRVLFLRQHV� VREUH� RUJDQL]DFLyQ� \� FRPSHWHQFLD� GH� OD� DXWRULGDG� ODERUDO� H�,QVSHFFLyQ�GH�7UDEDMR�HQ�HO�iPELWR�GH�OD�$GPLQLVWUDFLyQ�0LOLWDU�FRQWHQLGDV�HQ�HO�5HDO�'HFUHWR������������GH����GH�MXQLR��GLFWDGR�HQ�GHVDUUROOR�GH�OD�GLVSRVLFLyQ�ILQDO�VpSWLPD�GHO�(VWDWXWR�GH�ORV�7UDEDMDGRUHV�',6326,&,Ï1�$',&,21$/�'e&,0$� 6RFLHGDGHV�FRRSHUDWLYDV�(O�SURFHGLPLHQWR�SDUD�OD�GHVLJQDFLyQ�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�UHJXODGRV�HQ�HO�DUWtFXOR����GH�HVWD�/H\�HQ�ODV�VRFLHGDGHV�FRRSHUDWLYDV�TXH�QR�FXHQWHQ�FRQ�DVDODULDGRV�GHEHUi�HVWDU�SUHYLVWR�HQ�VXV�(VWDWXWRV�R�VHU�REMHWR�GH�DFXHUGR�HQ�$VDPEOHD�*HQHUDO�&XDQGR�� DGHPiV� GH� ORV� VRFLRV� TXH� SUHVWDQ� VX� WUDEDMR� SHUVRQDO�� H[LVWDQ� DVDODULDGRV� VH� FRPSXWDUiQ� DPERV�FROHFWLYRV�D�HIHFWRV�GH�OR�GLVSXHVWR�HQ�HO�Q~PHUR���GHO�DUWtFXOR�����(Q�HVWH�FDVR��OD�GHVLJQDFLyQ�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�VH�UHDOL]DUi�FRQMXQWDPHQWH�SRU�ORV�VRFLRV�TXH�SUHVWDQ�WUDEDMR�\�ORV�WUDEDMDGRUHV�DVDODULDGRV�R��HQ�VX�FDVR��ORV�UHSUHVHQWDQWHV�GH�pVWRV�',6326,&,Ï1� $',&,21$/� 81'e&,0$� 0RGLILFDFLyQ� GHO� (VWDWXWR� GH� ORV� 7UDEDMDGRUHV� HQ� PDWHULD� GH�SHUPLVRV�UHWULEXLGRV�6H�DxDGH�XQD�OHWUD�I��DO�DSDUWDGR���GHO�DUWtFXOR����GHO�WH[WR�UHIXQGLGR�GH�OD�/H\�GHO�(VWDWXWR�GH�ORV�7UDEDMDGRUHV�DSUREDGR�SRU�HO�5HDO�'HFUHWR�OHJLVODWLYR���������GH����GH�PDU]R��GHO�VLJXLHQWH�WHQRU�I��3RU�HO�WLHPSR�LQGLVSHQVDEOH�SDUD�OD�UHDOL]DFLyQ�GH�H[iPHQHV�SUHQDWDOHV�\�WpFQLFDV�GH�SUHSDUDFLyQ�DO�SDUWR�TXH�GHEDQ�UHDOL]DUVH�GHQWUR�GH�OD�MRUQDGD�GH�WUDEDMR�',6326,&,Ï1�$',&,21$/�'82'e&,0$� 3DUWLFLSDFLyQ�LQVWLWXFLRQDO�HQ�ODV�&RPXQLGDGHV�$XWyQRPDV�(Q� ODV� &RPXQLGDGHV� $XWyQRPDV�� OD� SDUWLFLSDFLyQ� LQVWLWXFLRQDO�� HQ� FXDQWR� D� VX� HVWUXFWXUD� \� RUJDQL]DFLyQ�� VH�OOHYDUi�D�FDER�GH�DFXHUGR�FRQ�ODV�FRPSHWHQFLDV�TXH�ODV�PLVPDV�WHQJDQ�HQ�PDWHULD�GH�VHJXULGDG�\�VDOXG�ODERUDO�',6326,&,Ï1�$',&,21$/�'(&,027(5&(5$� )RQGR�GH�3UHYHQFLyQ�\�5HKDELOLWDFLyQ�/RV� UHFXUVRV� GHO� )RQGR� GH� 3UHYHQFLyQ� \� 5HKDELOLWDFLyQ� SURFHGHQWHV� GHO� H[FHVR� GH� H[FHGHQWHV� GH� OD� JHVWLyQ�UHDOL]DGD�SRU�ODV�0XWXDV�GH�$FFLGHQWHV�GH�7UDEDMR�\�(QIHUPHGDGHV�3URIHVLRQDOHV�GH�OD�6HJXULGDG�6RFLDO�D�TXH�VH�UHILHUH�HO�DUWtFXOR����GHO�WH[WR�UHIXQGLGR�GH�OD�/H\�*HQHUDO�GH�OD�6HJXULGDG�6RFLDO�VH�GHVWLQDUiQ�HQ�OD�FXDQWtD�TXH�VH�GHWHUPLQH�UHJODPHQWDULDPHQWH��D�ODV�DFWLYLGDGHV�TXH�SXHGDQ�GHVDUUROODU�FRPR�VHUYLFLRV�GH�SUHYHQFLyQ�ODV�0XWXDV� GH� $FFLGHQWHV� GH� 7UDEDMR� \� (QIHUPHGDGHV� 3URIHVLRQDOHV� GH� OD� 6HJXULGDG� 6RFLDO�� GH� DFXHUGR� FRQ� OR�SUHYLVWR�HQ�HO�DUWtFXOR����GH�HVWD�/H\�',6326,&,Ï1�75$16,725,$�35,0(5$�$SOLFDFLyQ�GH�GLVSRVLFLRQHV�PiV�IDYRUDEOHV��� /R�GLVSXHVWR�HQ�ORV�DUWtFXORV����\ ���GH�HVWD�/H\�HQ�PDWHULD�GH�FRPSHWHQFLDV��IDFXOWDGHV�\�JDUDQWtDV�GH�ORV�'HOHJDGRV�GH�3UHYHQFLyQ�VH�HQWHQGHUi�VLQ�SHUMXLFLR�GHO�UHVSHWR�D� ODV�GLVSRVLFLRQHV�PiV� IDYRUDEOHV�SDUD�HO�HMHUFLFLR�GH� ORV�GHUHFKRV�GH� LQIRUPDFLyQ��FRQVXOWD�\�SDUWLFLSDFLyQ�GH�ORV� WUDEDMDGRUHV�HQ�OD�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�SUHYLVWDV�HQ�ORV�FRQYHQLRV�FROHFWLYRV�YLJHQWHV�HQ�OD�IHFKD�GH�VX�HQWUDGD�HQ�YLJRU��� /RV�yUJDQRV�HVSHFtILFRV�GH�UHSUHVHQWDFLyQ�GH�ORV�WUDEDMDGRUHV�HQ�PDWHULD�GH�SUHYHQFLyQ�GH�ULHVJRV�ODERUDOHV�TXH��HQ�VX�FDVR� KXELHUDQ�VLGR�SUHYLVWRV�HQ�ORV�FRQYHQLRV�FROHFWLYRV�D�TXH�VH�UHILHUH�HO�DSDUWDGR�DQWHULRU�\�TXH�HVWpQ�GRWDGRV�GH�XQ�UpJLPHQ�GH�FRPSHWHQFLDV��IDFXOWDGHV�\�JDUDQWtDV�TXH�UHVSHWH�HO�FRQWHQLGR�PtQLPR�HVWDEOHFLGR� HQ� ORV� DUWtFXORV� ��� \� ��� GH� HVWD� /H\�� SRGUiQ� FRQWLQXDU� HQ� HO� HMHUFLFLR� GH� VXV� IXQFLRQHV�� HQ�VXVWLWXFLyQ� GH� ORV� 'HOHJDGRV� GH� 3UHYHQFLyQ�� VDOYR� TXH� SRU� HO� yUJDQR� GH� UHSUHVHQWDFLyQ� OHJDO� GH� ORV�WUDEDMDGRUHV�VH�GHFLGD�OD�GHVLJQDFLyQ�GH�HVWRV�'HOHJDGRV�FRQIRUPH�DO�SURFHGLPLHQWR�GHO�DUWtFXOR������ /R�GLVSXHVWR HQ�ORV�DSDUWDGRV�DQWHULRUHV�VHUi�WDPELpQ�GH�DSOLFDFLyQ�D�ORV�DFXHUGRV�FRQFOXLGRV�HQ�HO�iPELWR�GH� OD� IXQFLyQ� S~EOLFD� DO� DPSDUR� GH� OR� GLVSXHVWR� HQ� OD� /H\� �������� GH� ��� GH� MXOLR�� VREUH� QHJRFLDFLyQ�FROHFWLYD�\�SDUWLFLSDFLyQ�HQ�OD�GHWHUPLQDFLyQ�GH�ODV�FRQGLFLRQHV�GH�WUDEDMR�GH�ORV�HPSOHDGRV�S~EOLFRV�',6326,&,Ï1�75$16,725,$�6(*81'$��(Q�WDQWR�VH�DSUXHED�HO�5HJODPHQWR�UHJXODGRU�GH�ORV�6HUYLFLRV�GH�3UHYHQFLyQ�GH�5LHVJRV�/DERUDOHV��VH�HQWHQGHUi�TXH� ODV�0XWXDV� GH� $FFLGHQWHV� GH� 7UDEDMR� \� (QIHUPHGDGHV� 3URIHVLRQDOHV� GH� OD� 6HJXULGDG� 6RFLDO� FXPSOHQ� HO�UHTXLVLWR�SUHYLVWR�HQ�HO�DUWtFXOR������GH�OD�SUHVHQWH�/H\�',6326,&,Ï1�'(52*$725,$�Ò1,&$�$OFDQFH�GH�OD�GHURJDFLyQ�4XHGDQ�GHURJDGDV�FXDQWDV�GLVSRVLFLRQHV�VH�RSRQJDQ�D�OD�SUHVHQWH�/H\�\�HVSHFtILFDPHQWH�

Page 28: GH ˙ GH QRYLHPEUH GH 3UHYHQFLyQG H 5LHVJRV … · ’rq -xdq &duorv, 5h\ gh (vsdxd $ wrgrv orv txh odsuhvhqwh ylhuhq \ hqwhqglhuhq vdehg˛ 4xh odv &ruwhv *hqhudohvkdq dsuredgr\

D� /RV�DUWtFXORV������� ��������DSDUWDGR�������\�����SiUUDIR�VHJXQGR��GH�OD�/H\���������GH���GH�DEULO��VREUH�LQIUDFFLRQHV�\�VDQFLRQHV�HQ�HO�RUGHQ�VRFLDO�E� (O�'HFUHWR�GH����GH�MXOLR�GH�������SRU�HO�TXH�VH�ILMDQ�ORV�WUDEDMRV�SURKLELGRV�D�PXMHUHV�\�PHQRUHV��HQ�ORV�DVSHFWRV�GH�VX�QRUPDWLYD�UHODWLYRV�DO�WUDEDMR�GH�ODV�PXMHUHV��PDQWHQLpQGRVH�HQ�YLJRU�ODV�UHODWLYDV�DO�WUDEDMR�GH�ORV�PHQRUHV�KDVWD�TXH�HO�*RELHUQR�GHVDUUROOH�ODV�SUHYLVLRQHV�FRQWHQLGDV�HQ�HO�DSDUWDGR���GHO�DUWtFXOR����F� (O�'HFUHWR� GH� ���GH�PDU]R�GH������� VREUH�FRQVWLWXFLyQ�� FRPSRVLFLyQ�\� IXQFLRQHV�GH� ORV�&RPLWpV�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR�G� /RV�7tWXORV�,�\�,,,�GH�OD�2UGHQDQ]D�*HQHUDO�GH�6HJXULGDG�H�+LJLHQH�HQ�HO�7UDEDMR��DSUREDGRV�SRU�2UGHQ�GH���GH�PDU]R�GH������(Q� OR� TXH� QR� VH� RSRQJD� D� OR� SUHYLVWR� HQ� HVWD� /H\�� \� KDVWD� TXH� VH� GLFWHQ� ORV� 5HJODPHQWRV� D� ORV� TXH� VH� KDFH�UHIHUHQFLD�HQ�HO�DUWtFXOR����FRQWLQXDUi�VLHQGR�GH�DSOLFDFLyQ�OD�UHJXODFLyQ�GH�ODV�PDWHULDV�FRPSUHQGLGDV�HQ�GLFKR�DUWtFXOR� TXH� VH�FRQWLHQHQ� HQ�HO�7tWXOR� ,,�GH� OD�2UGHQDQ]D�*HQHUDO�GH�6HJXULGDG� H�+LJLHQH�HQ HO�7UDEDMR�R� HQ�RWUDV�QRUPDV�TXH�FRQWHQJDQ�SUHYLVLRQHV�HVSHFtILFDV� VREUH� WDOHV�PDWHULDV��DVt�FRPR�OD�2UGHQ�GHO�0LQLVWHULR�GH�7UDEDMR�GH����GH�GLFLHPEUH�GH�������TXH�HVWDEOHFH�ORV�PRGHORV�SDUD�OD�QRWLILFDFLyQ�GH�ORV�DFFLGHQWHV�GH�WUDEDMR��,JXDOPHQWH��FRQWLQXDUiQ�YLJHQWHV�ODV�GLVSRVLFLRQHV�UHJXODGRUDV�GH�ORV�VHUYLFLRV�PpGLFRV�GH�HPSUHVD�KDVWD�WDQWR�VH� GHVDUUROOHQ� UHJODPHQWDULDPHQWH� ODV� SUHYLVLRQHV� GH� HVWD� /H\� VREUH� VHUYLFLRV� GH� SUHYHQFLyQ�� (O� SHUVRQDO�SHUWHQHFLHQWH� D� GLFKRV� VHUYLFLRV� HQ� OD� IHFKD� GH� HQWUDGD� HQ� YLJRU� GH� HVWD� /H\� VH� LQWHJUDUi� HQ� ORV� VHUYLFLRV� GH�SUHYHQFLyQ� GH� ODV� FRUUHVSRQGLHQWHV� HPSUHVDV�� FXDQGR� pVWRV� VH� FRQVWLWX\DQ�� VLQ� SHUMXLFLR� GH� TXH� FRQWLQ~HQ�HIHFWXDQGR�DTXHOODV�IXQFLRQHV�TXH�WXYLHUHQ�DWULEXLGDV�GLVWLQWDV�GH�ODV�SURSLDV�GHO�VHUYLFLR�GH�SUHYHQFLyQ�/D�SUHVHQWH�/H\�QR�DIHFWD�D�OD�YLJHQFLD�GH�ODV�GLVSRVLFLRQHV�HVSHFLDOHV�VREUH�SUHYHQFLyQ�GH�ULHVJRV�SURIHVLRQDOHV�HQ�ODV�H[SORWDFLRQHV�PLQHUDV��FRQWHQLGDV�HQ�HO�FDStWXOR�,9�GHO�5HDO�'HFUHWR������������GH����GH�GLFLHPEUH��SRU�HO� TXH� VH� DSUXHED� HO� (VWDWXWR� GHO� 0LQHUR�� \� HQ� VXV� QRUPDV� GH� GHVDUUROOR�� DVt� FRPR� ODV� GHO� 5HDO� 'HFUHWR������������GH����GH�DJRVWR��SRU�HO�TXH�VH�DSUXHED�HO�5HJODPHQWR�*HQHUDO�SDUD�HO�5pJLPHQ�GH�OD�0LQHUtD��\�HO�5HDO� 'HFUHWR� ���������� GH� �� GH� DEULO�� SRU� HO� TXH� VH� DSUXHED� HO� 5HJODPHQWR�*HQHUDO� GH� 1RUPDV� %iVLFDV� GH�6HJXULGDG�0LQHUD��\�VXV�GLVSRVLFLRQHV�FRPSOHPHQWDULDV�',6326,&,Ï1�),1$/�35,0(5$�$FWXDOL]DFLyQ�GH�VDQFLRQHV�/D�FXDQWtD�GH�ODV�VDQFLRQHV�D�TXH�VH�UHILHUH�HO�DSDUWDGR���GHO�DUWtFXOR����SRGUi�VHU�DFWXDOL]DGD�SRU�HO�*RELHUQR�D�SURSXHVWD� GHO�0LQLVWUR� GH� 7UDEDMR� \� 6HJXULGDG� 6RFLDO�� DGDSWDQGR� D� OD�PLVPD� OD� DWULEXFLyQ� GH� FRPSHWHQFLDV�SUHYLVWD�HQ�HO�DSDUWDGR���GHO�DUWtFXOR�����GH�HVWD�/H\�',6326,&,Ï1�),1$/�6(*81'$� (QWUDGD�HQ�YLJRU�/D�SUHVHQWH�/H\�HQWUDUi�HQ�YLJRU�WUHV�PHVHV�GHVSXpV�GH�VX�SXEOLFDFLyQ�HQ�HO�%ROHWtQ�2ILFLDO�GHO�(VWDGR�3RU�WDQWR��PDQGR�D�WRGRV�ORV�HVSDxROHV��SDUWLFXODUHV�\�DXWRULGDGHV�TXH�JXDUGHQ�\�KDJDQ�JXDUGDU�HVWD�/H\�0DGULG����GH�QRYLHPEUH�GH������� -XDQ�&DUORV�5���(O�3UHVLGHQWH�GHO�*RELHUQR�)HOLSH�*RQ]iOH]�0iUTXH]1RWDV�x $UWtFXOR� ����5HGDFFLyQ� VHJ~Q�/H\� ��������� GH� �� GH� QRYLHPEUH�� SDUD�SURPRYHU� OD� FRQFLOLDFLyQ� GH� OD�YLGD�IDPLOLDU�\�ODERUDO�GH�ODV�SHUVRQDV�WUDEDMDGRUDV�x 'HURJDGR�SRU�5HDO�'HFUHWR�/HJLVODWLYR���������GH���GH�DJRVWR��SRU�HO�TXH�VH�DSUXHED HO�WH[WR�UHIXQGLGR�GH�OD�/H\�VREUH�,QIUDFFLRQHV�\�6DQFLRQHV�HQ�HO�2UGHQ�6RFLDO�