CO2024 - Cuadernillo PDF - Impresión
CO2024 - Cuadernillo PDF - Impresión
CO2024 - Cuadernillo PDF - Impresión
ÙPDFHUDUÚHOSUR\HFWR
TXHKDVLQLFLDGR
6XPHUJLU WLHPSR
(WDSDHQHOQLYHO6XSHULRU
GRQGHODHGXFDFL³QHV /D,QVWLWXFL³QEULQGDHOHPHQWRV
PHWRGRO³JLFRVGLG¡FWLFRV\
DXWRJHVWLRQDGD HVSHFILFRVSDUDTXHDOFDQFHVWX
WLWXODFL³Q
1
(OSHUILOOGRFHQWHHYDDLQFRUSRUDQGRRQRRV³OR
HOOFXOWLYRRGHHORVVFRQRFLPLHQWRVV
b(VVW¡VVLQLFLDQGRRXQ
QSURIHVRUDGR SHGDJ³JLFRV \ GR
GRFWULQDOHVHV
WDPEL©QHO WUDEDMRRGH
WDPEL©
ORVVSURSLRV
GRQHVV\\FDULVPDV
$&/$5$&,1
Ɣ LQVWDQFLDGH
IRUPDFL³Q SDUD nƏûħÞǒĞŷÞûĭÞǒϡ
XQSURIHVRUDGR DFRPSD±DU
SURIHVLRQDO
Ɣ LQFRUSRUDHOHPHQWRV WUD\HFWRULDV
Ŷ SHGDJ³JLFRV IRUPDWLYDV ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ
Ŷ GLG¡FWLFRV GH
Ŷ HVSHFILFRV HVWXGLDQWHV
2 71
7(67,021,2
2<< 9,'$
$'((9,578'
6(59,&,2
2 &$7(48,67$
7(48,67
4 0,1,6752 265(/,*,262
5(/,*,2
/RVFUH\HQWHV EDXWL]DGRGHGLFDGRDOD &DGDPLQLVWHULRHQOD ODSHGDJRJtD\GLGiFWLFDVH
5HIOHMDUORV EXVFDPRVFXOWLYDU
HQVHxDQ]DGHODIH VDFUDPHQWRV
GHODLQLFLDFLyQFULVWLDQD
,JOHVLDWLHQHVXFDWHTXHVLV
GHSUHSDUDFLyQSUHYLD
HVWXGLDHQUHODFLyQDORV
SURFHVRVHGXFDWLYRV
YDORUHVGHO YLUWXGHVFRPROD
D\XGDHQHOVHUYLFLRGH
ODFDWHTXHVLVSDUURTXLDO
HOSURIHVRUDGRQRWLHQHFRPR /DIRUPDFLyQHVSHFtILFDVHGD
HQ6HPLQDULRV0D\RUHVR
ILQDOLGDGODIRUPDFLyQGH
(YDQJHOLRHQVXV KXPLOGDGOD 0LQLVWURVHFOHVLiVWLFRV ,QVWLWXWRVGHIRUPDFLyQ5HOLLRVD
DFFLRQHV\VHU SDFLHQFLDODFDULGDG
WHVWLJRVGHODIH \ODFRPSDVL³Q Ɣ *IWȟPMHE Ɣ 0PEQEHSWTSVPE-KPIWME Ɣ :SGEGMȟR]PPEQEHS
Ɣ 'EVMWQEHIIRWIȝER^E Ɣ *SVQEGMȟRIWTIGȚƻGE Ɣ :MHETVSJYRHEHISVEGMȟR
HQVXV JXLDGRVSRUHO Ɣ 'SRSGMQMIRXSHIPE(SGXVMRE Ɣ 8EPERXIQMWMSRIVS Ɣ 'SQTVSQMWSGSRPEJI
LQWHUDFFLRQHV
Ɣ ,EFMPMHEHHIGSQYRMGEV Ɣ 2SQFVEQMIRXSHIP3FMWTS Ɣ )WXYHMS]JSVQEGMȟR
(VSULWX6DQWR Ɣ 'VIEXMZMHEH (MSGIWERS Ɣ ,YQMPHEH]WIVZMGMS
FRQORVGHP¡V
',6&(51,0,(1722 &21)250,'$''&211
(63,5,78$/ /$
$92/817$'
''((
',26
&DSDFLGDGGH
UHFRQRFHUODYR] 9LYLUVHJºQORV 3RUTX©WDQWDVDFODUDFLRQHV"
GH'LRVHQPHGLR SULQFLSLRVGHO
GHODVGHFLVLRQHV 5HLQRGH'LRV\D
\GHVDIRVGHOD VRPHWHUVXVYLGDV
YLGD DOD'LUHFFL³Q
'LYLQD
70 3
FDUWDD7LPRWHRFDSWXORYHUVDO /(&785$
$'((/$66(6&5,785$6
Ù7HKLFHHVWHSHGLGRFRQHOILQGHVXVFLWDU
HODPRUTXHEURWDGHXQFRUD]³QSXURGH
XQDEXHQDFRQFLHQFLD\GHXQDIHVLQFHUD $WUDY©VGHVXHVWXGLRORV
3RUKDEHUVHDSDUWDGRGHHVWRDOJXQRV 3$57,&,3$&,1(1/$&2081,'$'
FUH\HQWHVEXVFDQ
WHUPLQDURQHQSXUDSDODEUHUD\ FRPSUHQGHUODYROXQWDGGH
SUHWHQGLHQGRVHUPDHVWURVGHOD/H\HQ 'LRV\HQFRQWUDURULHQWDFL³Q
/DSDUWLFLSDFL³QDFWLYDHQODYLGD SDUDVXVYLGDV
UHDOLGDGQRVDEHQORTXHGLFHQQLORTXH
DILUPDQFRQWDQWDVHJXULGDGÚ
VHJXULGDG GHODLJOHVLDODFRPXQL³QFRQ
RWURVFUH\HQWHV\HODSR\RPXWXR
3DODEUDGH'LRV VRQDVSHFWRVIXQGDPHQWDOHVGH
ěüķşŢǃŢüƉěŨƝůȺƉŀñÕñěŁǾ÷ǃüĸŨüĿÕȨɖüǶÕķŀȨšŴǃİǃůüĸĒÕȮƝİƝ÷ŀñüĸñěƝ ODYLGDHVSLULWXDOFULVWLDQD
HVPX\ULJXURVDĺPX\LPSRUWDQWH
9,'$
$'((25$&,1
ÝHKLFLHURQ 6$&5$0(1726
3HUVRQDVTXHGHMDURQKXHOODV
Ɣ SRUVXVYDORUHV GHVX
Ɣ SRUVXGHGLFDFL³Q SURIHVL³Q /DRUDFL³QHV
ÙXQHVWLOR /DHVSLULWXDOLGDGVH
Ɣ SRUODHQWUHJDGLDULD Ɣ H[SUHVL³Q
GHYLGDÚ QXWUHGHORV
IXQGDPHQWDOGHOD
VDFUDPHQWRVVREUH
HVSLULWXDOLGDG
WHRUDQXHYD WRGRGHOD(XFDULVWD
ODWDUHDGHOGRFHQWH Ɣ FRPXQLFDFL³QFRQ
SDUDGLJPDWUDQVYHUVDO \OD5HFRQFLOLDFL³Q
HVIXQGDPHQWDO\HV 'LRV
ODWHFQRORJD
SHUPDQHQWH Ɣ VHEXVFDGLVFHUQLU
\WDQWDVFRVDVÝ
OD9ROXQWDG'LYLQD
+D\TXHKDFHUODH[SHULHQFLDGHODDXWRJHVWL³Q
4 69
(63,5,78$/,'$'
'&5,67,$1$
-(66(681*5$13('$*2*2
FRQ'LRV3DGUH
GLPHQVL³QGHODIH
ODIH DWUDY©VGH-HVXFULVWR 6HGHMD
GHMD 6DOH &DPLQDUORVSDVRVGHO
JXLDGDSRUHO(VSULWX HQFRQWUDU
WUDU 0DHVWUR
Ɣ SDUDPLUDUFRQO
6DQWR Ɣ VHQWLUFRQO
DERUGD 3('$*2*
3('$* *$$ Ɣ EXVFDUDOD
'(// SHUGLGD
2EVHUYDWRGR ((1&8(1752 %XVFD Ɣ OLPSLDUODFDVD
&RQVLVWHHQODIRUPDHQTXH DXQTXHVHDD
ORVFULVWLDQRVYLYLPRVODIHHQ PHGLDQRFKHÝ
UHODFL³QQWLPD\ ODYLGDFRWLGLDQD\EXVFDPRV KDVWD$0$5FRQO\
SHUVRQDOGHO FUHFHUHQQXHVWUDUHODFL³QFRQ FRPROVLQPHGLGD
'LRV8QR\7ULQR
FUH\HQWH &DPLQD
'2&(17(('((&,(1&,$666$*5$'$6
5(/$&,13(5621$/&21',26
6 )((1-(68&5,672
(-(5&,&,2 3$5$ 81 352<(&72
,PSOLFD 6HJXLUHOHMHPSORGH
Ɣ 2UDFL³Q -HVºV0DHVWUR
Ɣ 0HGLWDFL³Q DSUHQGHUGHVXV
Ɣ %ºVTXHGDFRQVWDQWHGHOD HQVH±DQ]DV\FRQILDU
D
SUHVHQFLDGH'LRVHQODYLGD HQVXUHGHQWRUDREUD
GLDULD HQODFUX]
68 5
b(6&5,%$026681$
$&$57$
8QDFDUWDÝGLULJLGDDYRVPLVPRSHURFRQIHFKDGHGLFLHPEUHGH
$QLPDWHDHVFULELUDYRVPLVPRSHQVDQGRHQORTXHHVSHUDVGHWXIXWXURÝ
3HQVDQGRHQORTXHWHDSRUW³HOSURIHVRUDGRGH&LHQFLDV6DJUDGDVÝ nƏûħÞǒĞŷÞûĭÞǒϡ
ƔTX©HVSHUDVGHHVWDFXUVDGD"
ƔF³PRVHU©DXWRJHVWLRQDQGRPLIRUPDFL³Q"
ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ
Ɣ7DPEL©QHVFULEHDOJXQDVFRVDVTXHFUHDVTXHWLHQHVTXHVXSHUDU R
TXHWXYLVWHTXHVXSHUDUGXUDQWHORVFXDWURD±RV\VLORSXGLVWHRQR
DQLPDWH
<SRUVXSXHVWRbHVFULEXQDJUDQIHOLFLWDFL³QSRUTXHWHUHFLELVWH×
$OJXQRV
HOHPHQWRV
TXHYDPRV
D 'HVGHHOSHUILOGRFHQWH
QHFHVLWDU YLYRPLYRFDFL³Q
\PLFDPLQRGHVDQWLGDG
6 67
OODPDGRºQLFR\
Ɣ ¡PELWRSHUVRQDO 䙘 XQDFRPSXGHHVFULWRULRQRWHERRNQHWERRNWDEOHW
HVSHFILFRTXH
92&$&,1 Ɣ SURIHVLRQDO TXHTXHODPD\RUDGHORVWUDEDMRVSU¡FWLFRVVRQHVFULWRV
FDGDSHUVRQD
Ɣ UHOLJLRVR \HQQXHVWUDSURIHVL³QXVDUHPRVGLYHUVRVHOHPHQWRVGH
WLHQHHQODYLGD
2ILP¡WLFD
䙘 %LEOLDGHHVWXGLR9HUHPRVFX¡OHVYHUVLRQHVKD\\FXDOHV
UHFRPHQGDPRVSDUDFDGDFDVR
䙘 &DWHFLVPRGHOD,JOHVLD&DW³OLFD\&RPSHQGLRGHO
&DWHFLVPRGHOD,JOHVLD&DW³OLFD
䙘 &HOXODUFRQGDWRV\FRQH[L³QDLQWHUQHW
䙘 &RUUHRHOHFWU³QLFR
䙘 &RQRFLPLHQWRE¡VLFRGHXVRGHKHUUDPLHQWDVGHLQWHUQHW
䙘 4XHLQYLHUWDVHQWXIRUPDFL³QWLHPSRWDOHQWR\GLQHUR
䙘 8QJUDQFRUD]³QRUDQWH
Ɣ WUDQVIRUPDUOD
UHDOLGDG
Ɣ JHVWLRQDUHOPXQGR
FULVWLDQR
HOSURIHVRUGH Ɣ DSRUWDUGRQHV nƏûħÞǒĞŷÞûĭÞǒϡ
&LHQFLDV6DJUDGDV UHFLELGRVSDUDKDFHU
GHODFUHDFL³Q\GH
ODYLGDXQOXJDUGH ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ
DGRUDFL³Q
Ɣ DO'LRV8QR\7ULQR
66 7
/$
$9,'$
3DUDDHOOHVWXGLRRGHHODD7HRORJD 72'$
$9,'$
$7,(1((81
1Ù3$5$
$48Ú
8QRGHORVP¡VJUDQGHVVHFUHWRVSDUDHOHVWXGLRGHOD
7HRORJDHVWHQHUXQFRUD]³QRUDQWHÝ
4X©HVOD7HRORJD" 6DQ$QVHOPRGH&DQWHUEXU\
3URVORJLRQ
ϾǮāĆǒŶƏĭÞŷĆŎǒĭŎƈĆŅŅĆûƈƏǎϿ
ϾŅƾĝǂŶƏǂúƏžûƾĆŎƈĆŎāĆŷϿ 1XHVWURSURS³VLWRQXHVWUDPLVL³QHVVHUIHOLFHV
Ɣ H[LVWHQFLDGH'LRV
Ɣ
Ɣ
SURS³VLWRGHODYLGD
VLJQLILFDGRGHOD
FUHDFL³Q
0W
Ɣ VHQWLGRGHODYLGD\GH
SUHJXQWDV ODPXHUWH
7(2/2*$ IXQGDPHQWDOHV Ɣ RWURVWHPDVPLVWHULR
UHYHODFL³QGRJPDHWF
Ɣ LQWHUSUHWDFL³QGH7H[WRV6DJUDGRV
Ɣ HODQ¡OLVLVGHWUDGLFLRQHVUHOLJLRVDV
Ɣ GL¡ORJRFUWLFRVREUHFXHVWLRQHV
HVSLULWXDOHV\©WLFDV
8 65
6$/9$&,1
nƏûħÞǒĞŷÞûĭÞǒϡ
Ɣ (1
1&8$172+,675,&$(6/,1($/Ý
Ý
Ɣ (1
1&8$172
2$&&,1
15('(1725$(66(3,*(17,&$
ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ
GHVGHODFUHDFL³QGHOPXQGR
KDVWDODFRQVXPDFL³QILQDOGHORVWLHPSRV
(//0,67(5,2'(/$92&$&,1</$75$16)250$&,1
1
'(//081'22<<'((/$
$62&,('$'
64 9
3DUWLFLSDFL³Q &RPSURPLVRFRQ 5HVSRQVDELOLGDGHQ
9RFDFL³Q\0LVL³Q
$FWLYD OD5HDOLGDG OD(YDQJHOL]DFL³Q
, LQWHUYHQFL³QDPRURVDGH'LRV
YLGDUHOLJLRVDHQOD SDUDFRPSUHQGHU\YLYLU WUDY©VGHVXVDFFLRQHV\
+ PLVL³QGHOD,JOHVLD VXYRFDFL³QGHPDQHUD
GHFLVLRQHV
HQODYLGDGHODKXPDQLGDG 3DUWLFLSDFL³QDFWLYD P¡VSOHQD
(VSLULWXDOLGDGYLYLUODIH
GHPDQHUDSOHQD\DFWLYD
HVHVHQFLDOSDUDHO SHUPLWL©QGROHVUHVSRQGHU
HQPHGLRGHOPXQGR
GHPDQHUDP¡VHIHFWLYD
ELHQHVWDU\OD EXVFDQGRODVDQWLILFDFL³Q
DORVGHVDIRV SHUVRQDO\FRQWULEX\HQGRD
YLWDOLGDGGHOD
FRQWHPSRU¡QHRV ODFRQVWUXFFL³QGHO5HLQR
FRPXQLGDGHFOHVLDO GH'LRVHQODVRFLHGDG
RIUHFHODVDOYDFL³QDWRGDVODVSHUVRQDV
10 63
&KULVWLILGHOHV/DLFL
(9(17266&/$9(
LPSRUWDQFLD GLJQLGDG
YLGDGHOD,JOHVLD\PXQGR
3 26
5 3 3
3 3 5
PLHPEURVIXQGDPHQWDOHVGHO3XHEORGH'LRV
Ɣ DFWLYD /DYLGDPXHUWH
OODPDGRVDYLYLUODIH
Ɣ FRPSURPHWLGD
UHVXUUHFFL³Q\DVFHQVL³QGH-HVºV
VRFLHGDG VRQHO&(1752
\HOSXQWRFXOPLQDQWHGHHVWDKLVWRULD
OOHYDQGRHOPHQVDMH
FULVWLDQRDVXVUHVSHFWLYRV
HQWRUQRV\FRQWULEX\HQGR
DOELHQFRPºQ
07
62 11
VXHQFDUQDFL³Q G¡QGRQRVDFRQRFHU
92&$&,1
1/$,&$/
HO0LVWHULR7ULQLWDULR 8QODLFRĺPLHPEURGHOODLFDGR
/$26ĺÙGHOSXHEORÚ
SOHQLILFDOD5HYHODFL³Q
/,%(57$'+80$1$
12 61
&DGDRULJLQDO\HO3HFDGR
1RVLQFRUSRUD
DO0LVWHULRGHOD,JOHVLD
6RPRVVDFHUGRWHV
SURIHWDV\UH\HVGHO 0,6(5,&25',$',9,1$
1XHYR3XHEORGH'LRV
DUUHSHQWLPLHQWR\UHFRQFLOLDFL³Q
0$5$'(1$=$5(7+
VDODYROXQWDGGH'LRV
LRV
nƏûħÞǒĞŷÞûĭÞǒϡ
Ɣ 0DWHUQLGDG'LYLQD
Ɣ ,QPDFXODGD&RQFHSFL³Q
ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ Ɣ 9LUJLQLGDGSHUSHWXD
Ɣ $VXQFL³Q
60 13
3RUTXHVR\+,-2'(',26
Ɣ ERUUDHOSHFDGRRULJLQDO
nƏûħÞǒĞŷÞûĭÞǒϡ
Ŷ RWRUJDODJUDFLDVDQWLILFDQWH
ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ
Ɣ FDSDFLWDSDUDSDUWLFLSDUSOHQDPHQWH
HQODYLGDVDFUDPHQWDOGHOD,JOHVLD
66((ĺ/$%,%/,$
%LEOLDSURYLHQH
GHOJULHJR ORVOLEURV 1RVFRQILJXUDFRQ&ULVWR
ELEOLRQTXH RWRUJ¡QGRQRVODVYLUWXGHVWHRORJDOHV
VLJQLILFDOLEUR Ù%LEOLRWHFDÚ IHHVSHUDQ]D\FDULGDG
RUROOR
&2/(&&,1'((6&5,7266$*5$'265(81,'26(18162/2
92/80(1
14 59
6DFUDPHQWRVGH Ɣ 0DWULPRQLR $8725ĺ',26
(VWDGRGH9LGD Ɣ 2UGHQ6DJUDGR
RGHVHUYLFLR ,QVSLUD
ÝHVFULWRVSRUGLYHUVRVKRPEUHV
GHQRPLQDGRVÙKDJL³JUDIRVÚHQ
©SRFDVPX\GLVWLQWDVHQ
FLUFXQVWDQFLDVPX\YDULDGDV\FRQ
GLYHUVDILQDOLGDG
üŢÕŢěȆȮϵ Ɲϵ
üŢȆȮ\ěů J÷ěŀķ
Aýĸ
(O%DXWLVPRHVHOVDFUDPHQWRSRUHOTXHQRV 'RFXPHQWRVHVFULWRV
LQMHUWDPRVHQHO0LVWHULRGH&ULVWR\VRPRV
+LMRVGH'LRV
GHODVDFWXDFLRQHV\FRPXQLFDFLRQHVGH'LRV
(VODSXHUWDGH
WRGRVORV FRQORVKRPEUHV
VDFUDPHQWRV
ĺVLHPSUHVHKDQWHQLGRFRPRXQDXQLGDG
58 15
6DFUDPHQWRVGH Ɣ %DXWLVPR
,QLFLDFL³Q Ɣ &RQILUPDFL³Q
(VWDXQLGDGOD Ɣ (XFDULVWD
UHDOL]D-HVXFULVWR
VLHQGRHOHMH
FHQWURFºOPHQ\
H[SOLFDFL³QGHWRGRV
ORV(VFULWRV
6DJUDGRV
/D%LEOLDMXQWRFRQOD7UDGLFL³Q\HO
0DJLVWHULRHV3DODEUDGH'LRV\3DODEUD 6DFUDPHQWRVGH Ɣ 5HFRQFLOLDFL³Q
KXPDQDFRQVLJQDGDSRUHVFULWREDMRODDFFL³Q &XUDFL³Q 6DFUDPHQWDO
GHO(VSULWX6DQWR Ɣ 8QFL³QGHORV
(QIHUPRV
16 57
UHIHUHQFLDRULJLQDOPHQWHDXQ (6&5,726&$11,&26'(/$7<17
6$&5$0(1780 MXUDPHQWRRXQFRPSURPLVR
VROHPQH
VLJQRVDJUDGRRXQULWR
(QFRQWH[WRUHOLJLRVR UHOLJLRVRVPEROR\
FRPSURPLVRGHODSHUVRQDD
XQDUHODFL³QHVSHFLDOFRQOR
GLYLQR
6$&5$ ORVDJUDGRORGLYLQRRORFRQVDJUDGR
5HFRQRFLPLHQWRJUDGXDOKDVWD
6,*1266$*5$'26 HO&RQFLOLRGH7UHQWR
,167,78,'26325&5,672
<&21),$'26$/$,*/(6,$
3$5$75$160,7,5 /,67$2),&,$/GHORVOLEURV
/$*5$&,$',9,1$
FDQ³QLFRVHQODVHVL³Q,9GH
GHDEULOGH '
56 17
',)(5(1&,$&21/263527(67$17(6 /D YLGD FULVWLDQDDFRPLHQ]DDFRQ
QHOO%$87,602
HO 0
0,67(5,223$6&8$//DFRPSD±DDWRGDDODDYLGD
Ɣ 1RWLHQHQGHXWHURFDQ³QLFRV
Ɣ 8QDV³ODWUDGXFFL³QGLVSRQLEOH
&DVLRGRURGH5HLQDUHYLVDGDSRU (O0LVWHULR3DVFXDO
&LSULDQRGH9DOHUD VHUHDOL]DGHXQD
Ɣ 6LQQRWDVDSLHGHS¡JLQD ēƒő
YH]\SDUDVLHPSUH
ơ Ƣ ͯ
Ɣ 7H[WRVWUDGXFLGRVGHIRUPD
Ɠƒͯ
FRQYHQLHQWH
ƈƏ Ʊͯ ƦôĮ
ôįͯ
(QODYLGDFULVWLDQDGRQGHOD*UDFLDGH'LRVVHDFWXDOL]D
/LEURVFDSWXORVFDSWXORVHQ
YHUVFXORV\YHUVFXORVDYHFHVHQ DWUDY©VGHORV6DFUDPHQWRV
VHFFLRQHVTXHVHVH±DODQFRQ
OHWUDV DEFG
&LWD%EOLFD
6LJODGHO/LEUR FDSYHUV
6LJQLILFDGRGHORVVLJQRVGH
SXQWXDFL³QP¡VXVDGRVHQODV
FLWDVEEOLFDV
Ȩůǃ
Ţ Ɲ ŴðěñÕ
ş Õ ñǃ Ϲ
ş Ţ ě ĸ ñěşěȆϴ ěƙ Ɲ ü Ƕĝĸ÷ě
İ
Ƕ ȆϴŴůě
Ǿ ü Ƕ üƏů &DGDXQRGHHOORVDFRPSD±DHOSURFHVRGHPDGXUH]HQODIH
ü
18 55
$7(1(5
5(1
1&8(17$
Ɣ GH-HVºV
1RWHQHPRVORVRULJLQDOHVV Ɣ GHORV(YDQJHOLVWDV
Ɣ GHO$7
Ɣ GHO17
(1(/0,67(5,23$6&8$/6(Ù$&78$/,=$1Ú
Ú
/2666$&5$0(1726 3DVRV
(VWXGLDUPDQXVFULWRVKDVWDHOVLJOR,
5HFRQVWUXLUHOWH[WRDUDPHRKHEUHRJULHJR
7UDGXFLU
(1721&(6&8//(66/$
$0(-25
5%,%/,$"
"
(',&,21(6
54 19
/XFDVV
Ɣ Ù'LRV+DEOD+R\ÚĺHVSRSXODU
Ɣ %LEOLD/DWLQRDPHULFDQDĺHVSDVWRUDORKHUPHQ©XWLFD
Ɣ Ù(O/LEURGHO3XHEORGH'LRVÚĺHVFDWHTXVWLFD
Ɣ %LEOLDGH-HUXVDO©QĺHVFUWLFD\FLHQWILFD
Ɣ 1XHYD%LEOLD(VSD±RODĺHVOLWHUDULD
nƏûħÞǒĞŷÞûĭÞǒϡ nƏûħÞǒĞŷÞûĭÞǒϡ
ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ
20 53
6HUYLGRU/FV
1RRGLDQL 12&,1
1<<6(17,'2
2'(//0,67(5,2
1RSHUWHQHFHDORV HQYLGLDDORV
LQVWDODGRV ULFRV ODWQP
P\VWHULXPTXH
'LIHUHQWHÙWUDWRÚDODV DVXYH]GHULYDGHO
PXMHUHV PXVWHULRQ\
JULHJRP
-HVºVQRWLHQH WDPEL©QÙPPLDLRÚ
3REUH]D\HQIHUPHGDGQR SURJUDPD
VRQFDVWLJRGH'LRV
&(55$5
5/266/$%,26
9DGHWU¡VGHORVSHUGLGRV +DFHODYROXQWDG
,PDJHQGHODQHEXORVD+HOL[FRQRFLGDFRPRHO 2MRGH'LRV
GH'LRV KWWSVHHOPXQGRXHFGQHVHOPXQGRLPDJHQHVBMSJ
LGHDGHDOJRVHFUHWR
RFXOWRRGHVFRQRFLGR
HVSHFLDOPHQWHHQHOFRQWH[WRGHORV
ULWXDOHVUHOLJLRVRV\HQVH±DQ]DV
&HQWURRGHH 0LVWHULRRGHH HVRW©ULFDV
QXHVWUDDIH 5HGHQFL³Q
52 21
0HQVDMHGH-HVºV
ODWQPHGLHYDO
$OHJUD *UDFLDGH'LRV
PLVWHULXP 6LJQRVGHO5HLQR
DFWRVVDJUDGRVFRQ
6$&5$0(1726&5,67,$126 VLJQLILFDGRVSURIXQGRV\D
PHQXGRLQFRPSUHQVLEOHV
SDUDDTXHOORVIXHUDGHOD H[SUHVDQTXHODOOHJDGDGHOUHLQRGH'LRV
FRPXQLGDGGHFUH\HQWHV
08(57(((1
1&58=
&RQHOWLHPSR DPSOL³VXVLJQLILFDGR
Ɣ FDXVDGHODFRQGHQDÙ5H\GHORVMXGRVÚ
0FSDU
Ɣ -HVºVHVFUXFLILFDGRSRUORV
URPDQRVFRPRUHEHOGHSROWLFR
FXDOTXLHUYHUGDGRUHDOLGDGTXH
GHELGRDVXQDWXUDOH]DHV (ODPRUGH'LRVORRFXSDWRWDOPHQWHHQ
GLIFLOGHHQWHQGHURH[SOLFDU IDYRUGHORVGHP¡V
22 51
DQDORJDV
,QIDQFLDGH-HVºV
LQWHU©VWHRO³JLFR -HVºVHVHO
FXPSOLPLHQWRGHO
$QWLJXR7HVWDPHQWR
0,67(5,2
%DXWLVPRGH-XDQĺFRQYHUVL³QĺOOHJDGDGHO5HLQR
MXLFLR
DTXHOORTXHWUDVFLHQGH
ODFRPSUHQVL³QKXPDQD
%DXWLVPRGH-HVºVĺFRPXQL³QĺLQKDELWDFL³Q7ULQLWDULD RUGLQDULD\HVFDSDDODV
FDWHJRUDVFRQFHSWXDOHV
PLVHULFRUGLD\DPRUGH'LRV FRQYHQFLRQDOHV
50 23
/RVPLVWHULRVUHOLJLRVRVVRQ /RVFRQWH[WRV
DVSHFWRVGHODUHDOLGDGGLYLQD SXHGHQLQFOXLU
KLVW³ULFRVGHORV
UHODWRV
QHRWHVWDPHQWDULRV
Ɣ ODQDWXUDOH]DGHOD VHPHQFLRQDQ
GLYLQLGDG VLHPSUHDORP¡VGH
Ɣ ODFUHDFL³QGHOXQLYHUVR
SDVR\ODVIXHQWHV
Ɣ ODYLGDGHVSX©VGHOD
PXHUWH H[WUDEEOLFDVVRQ
Ɣ DVSHFWRVIXQGDPHQWDOHVGH P¡VTXHHVFDVDV
XQDWUDGLFL³QUHOLJLRVD
(OPLVWHULRGHVGHOD
IHQRPHQRORJDUHOLJLRVD UHDOL]DFL³QKLVW³ULFDGHO3ODQGH'LRV
FRQFLHQFLDGHTXHFLHUWRVDVSHFWRVGH
ORGLYLQRVRQLQKHUHQWHPHQWH (9$1*(/,266
LQFRPSUHQVLEOHVRLQDFFHVLEOHVSDUDOD
PHQWHKXPDQD
Ɣ SHUVRQDMHVKLVW³ULF
SHUVRQDMHVKLVW³ULFRV
RQWH[WRKLVW³ULFR
Ɣ FRQWH[WRKLVW³ULFR
24 49
TXHPXUL³EDMRHOSURFXUDGRU3RQFLR3LODWR
0FSDU
(VXQ
UHFRQRFLPLHQWRGH
ORVOPLWHVGHO
FRQRFLPLHQWR
KXPDQRIUHQWHDOD
UHDOLGDG
WUDVFHQGHQWDO
(VLPSRVLEOHHVFULELU
/DIHQRPHQRORJDUHOLJLRVDEXVFD
XQDELRJUDIDGH H[SORUDUF³PRHVWDVH[SHULHQFLDV
-HVºVDEDVHGHODV GHORPLVWHULRVRLQIOX\HQHQOD
IXHQWHVGHTXH FRQFLHQFLDUHOLJLRVD\GDQIRUPDD
GLVSRQHPRV ODVSU¡FWLFDV\FUHHQFLDVGHODV
FRPXQLGDGHVUHOLJLRVDV
48 25
5HDO
5
77UDVFHQGHQWH
$FWLYR
$ DFWX³GXUDQWHHO
9
9DOLRVR U©JLPHQGHO
,
,QGHPRVWUDEOH HPSHUDGRU7LEHULR
,
,QPDQHQWH
&
&RPSURPHWHGRU
*UDWXLWR
6
'( $'(
7UHPHQGR
,'
3HUVRQDO
$/
/
&8
)DVFLQDQWH
5,
7(
6LOHQFLRVR
,6
0
TXH+HURGHVDOTXHOODPD]RUUR /F
HUDWHWUDUFDGH*DOLOHD D
&G& /F
26 47
-(68&5,672
2(66/$
$
nƏûħÞǒĞŷÞûĭÞǒϡ
&/$9(
0,67(5,2
23$6&8$/ ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ
81$
$&5,672/2*$
$3$5$
$$63,5$17(66$
$&,(1&,$666$*5$'$6 $//(1&8(1752
2&21
1/2
25(/,*,262
IRUPDVGHH[SUHVL³Q
&RQWRGDVHJXULGDGSRGHPRV /DYLYHQFLDUHOLJLRVD UHOLJLRVDGHWHUPLQDGDV
SDUWLUGHTXH-HVºVQDFL³HQ UHOLJL³QVXEMHWLYD SRUODWUDGLFL³Q
WLHPSRGHOHPSHUDGRU$XJXVWR UHOLJL³QREMHWLYD
D&G& FI/F
5HOLJL³Q
46 27
HQJUDQGHVIXQGDGRUHVUHOLJLRVRV
/D1XHYDD-HUXVDO©QXQVPERORGHOD
FRQVXPDFL³QGHODKLVWRULDKXPDQDHQODTXH'LRV
/DVYLVLRQHV\ YLYLU¡SOHQDPHQWHFRQVXSXHEOR
DXGLFLRQHV
DIHFWDQDO HQRWUDVSHUVRQDV
KRPEUH
ORSULPHUR\
nƏûħÞǒĞŷÞûĭÞǒϡ
GHFLVLYR
FRUUHVSRQGHDOR ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ
VDQWRGLYLQR\DVX
SUHVHQFLD
PLVWHULRVD
28 45
5(/,*,1 &2081,'$'
(O-XLFLRR)LQDO
UHDOLGDGVRFLDO
ODVDFFLRQHVKXPDQDV
VHU¡QMX]JDGDVDODOX]
GHODYHUGDGGLYLQD
,QGLYLGXDOSHUVRQDO
(VWHMXLFLR 3URFHVR 1RVHSXHGH
GHWHUPLQDU¡HOGHVWLQR ([LVWHQFLDO VHSDUDUODUHOLJL³Q
+XPDQR GHODFRPXQLGDG
HWHUQRGHFDGD ,QWHUSHUVRQDOVRFLDO
SHUVRQD
(OKRPEUHHVXQVHUVRFLDO
/$5(/,*,1(6325(6(1&,$81)(10(1262&,$/
$FXDQGRXQKRPEUHGRWDGRFDULVPDWLFDPHQWH
%TXHKDYLYLGRXQDH[SHULHQFLD
(OO&LHORHOO3XUJDWRULRR\\HO,QILHUQR &ODWUDQVPLWHDRWURV
Ɣ SOHQLWXGGHODFRPXQL³QFRQ'LRV
Ɣ HVWDGRGHSXULILFDFL³Q
7UDQVIRUPDFL³QGHOD6RFLHGDG
Ɣ HVWDGRGHVHSDUDFL³QHWHUQDGH'LRV
44 29
Ɣ GHKDFHUSDUWFLSHVDRWURV
(VHPRWLYRVRFLDO
(VSHUDQ]DDHQQODD6HJXQGDD9HQLGDD
Ɣ GHKDFHUVHHQWHQGHU GHH&ULVWR
3DUXVDFXDQGROYHQGU¡
6HFRQYLHUWHHQ QXHYDPHQWHHQJORULDDOILQDOGH
Ɣ 'HVHQFDGHQDH[SHULHQFLDVVLPLODUHV WHVWLPRQLR\ ORVWLHPSRVSDUDMX]JDUDORV
PHQVDMH YLYRV\DORVPXHUWRV\RIUHFHU
Ɣ $VXPHQVXFRQWHQLGR
OD&UHDFL³QHQWHUDDO3DGUH
Ɣ $FUHGLWDFRPRYHUGDGHURHQVXVYLGDV
Ù8QDUHOLJL³QHVXQVLVWHPD
XQLILFDGRGHFUHHQFLDV\SU¡FWLFDV /DD5HVXUUHFFL³Q
QGHHORVV0XHUWRV
UHIHULGDVDFRVDVVDJUDGDVHV
GHFLUTXHVHVHSDUDQ\SURKEHQ 'RQGHORVFXHUSRVUHVXFLWDU¡Q\
FUHHQFLDV\SU¡FWLFDVTXHXQHQVXV VHUHXQLU¡QFRQVXVDOPDV
DGKHUHQWHVHQXQDFRPXQLGDG
PRUDOVLQJXODUOODPDGD,JOHVLDÚ (YHQWRHVW¡YLQFXODGRDO
PLOH'XUNKHLP PLVWHULRSDVFXDOGHODPXHUWH\
&UWLFD UHVXUUHFFL³QGH-HVXFULVWR
6HWUDWDGHXQDGHILQLFL³QVRFLRO³JLFD\UHGXFFLRQLVWDQRWLHQHHQFXHQWDHO
HOHPHQWRLQGLYLGXDOGHODUHOLJL³Q ODSVLFRORJD QLHOSOXUDOLVPRUHOLJLRVR VH
UHILHUHDOD,JOHVLD
30 43
(6&$72/2*$ ĺJULHJR
(678',2'(/$6&26$6/7,0$675$7$'262%5(/2
),1$/Ù/2'(),1,7,92Ú
0,67(5,2
275,1,7$5,2
FRQRFLPLHQWRWHRO³JLFR
Ɣ ºOWLPRVDFRQWHFLPLHQWRV
FUHHQFLDV GHODKLVWRULD
5DPDGHO
Ɣ GHVWLQRILQDOGHOVHU 'LRV"4XL©QHV"
GRFWULQDV\ KXPDQR 6HU6XSUHPR(WHUQR\
Ɣ WHPDVUHODFLRQDGRVFRQ
7UDVFHQGHQWH&UHDGRUGHO
UHIOH[LRQHV ODYLGDGHVSX©VGHOD
PXHUWH\HOILQGHO XQLYHUVR\2ULJHQGHWRGD
PXQGR ([LVWHQFLD
42 31
/DSOHQLWXGGHOD5HYHODFL³QHV-HVXFULVWRTXLHQ 9,'$
$(7(51$'21'((0(((63(5$
$',26
UHYHODHO0LVWHULR7ULQLWDULR
(OHQFXHQWUR\OD
EºVTXHGDGH'LRVWLHQH
(VWHPLVWHULRH[SUHVDOD TXHYHUFRQODIH
QDWXUDOH]DDGHH'LRVFRPR
XQVROR'LRVHQWUHV
3HUVRQDVGLVWLQWDV 'LRV3DGUH'LRV+LMR
\'LRV(VSULWX6DQWR
8QLGDGHQOD
D ,JXD
,JXDOGDGGH
'LYHUVLGDG 3HUVRQDV
3HUV
(OHQFXHQWUR
GHILQLWLYRWLHQH
UHODFL³QFRQOD
&$5$&7(567,&$6 HVSHUDQ]D\FRQOR
5HYHODFL³Q 5HODFLRQHV GHILQLWLYROD
3URJUHVLYD 5HFSURFDV VREHUDQDGH'LRV
VREUHODKXPDQLGDG
0LVL³Q\(FRQRPD7ULQLWDULD
32 41
)LUPH]D$VHV
3URIHVL³QGH)H
$P©Q 3URIHVL³QGHIH&UHR
&UHGR
$VVHDGHVHRGH 1LFHQRFRQVWDQWLQRSROLWDQR
UHDOL]DFL³QHQHOIXWXUR
&UHR
nƏûħÞǒĞŷÞûĭÞǒϡ
HQ
XQ
ϤŶƏǂƈĆŎĞÞǒƏǏāįƾŅŅĆŎǐāǂúĆŎāĭûĭŗŎĆǒϣ
VROR
'LRV
40 33
3DGUH7RGRSRGHURVR
&RQILHVRTXHKD\
&UHDGRUGHOFLHOR\GHODWLHUUD XQVROR%DXWLVPR
SDUDHOSHUG³Q
GHWRGRORYLVLEOH\ORLQYLVLEOH
GHORVSHFDGRV
&UHRHQXQVROR6H±RU-HVXFULVWR
+LMRºQLFRGH'LRV
QDFLGRGHO3DGUHDQWHVGHWRGRVORVVLJORV (VSHURODUHVXUUHFFL³Q
GHORVPXHUWRV
\ODYLGDGHOPXQGRIXWXUR
34 39
TXHFRQHO3DGUH\HO+LMR 'LRVGH'LRV/X]GH/X]
UHFLEHXQDPLVPD 'LRVYHUGDGHURGH'LRVYHUGDGHUR
HQJHQGUDGRQRFUHDGR
DGRUDFL³Q\JORULD
GHODPLVPDQDWXUDOH]DGHO3DGUH
\TXHKDEO³SRUORVSURIHWDV SRUTXLHQWRGRIXHKHFKR
&UHRHQOD,JOHVLD TXHSRUQRVRWURVORVKRPEUHV
TXHHV \SRUQXHVWUDVDOYDFL³QEDM³GHOFLHOR
XQD \SRUREUDGHO(VSULWX6DQWR
VDQWD VHHQFDUQ³GH0DUDOD9LUJHQ
FDW³OLFD \VHKL]RKRPEUH
\DSRVW³OLFD
38 35
\VXEL³DOFLHOR
\HVW¡VHQWDGRDODGHUHFKDGHO3DGUH
\SRUQXHVWUDFDXVDIXHFUXFLILFDGR
HQWLHPSRVGH3RQFLR3LODWR \GHQXHYRYHQGU¡FRQJORULD
SDGHFL³\IXHVHSXOWDGR SDUDMX]JDUDYLYRV\PXHUWRV
\VXUHLQRQRWHQGU¡ILQ
&UHRHQHO(VSULWX6DQWR
\UHVXFLW³DOWHUFHUGD
6H±RU\GDGRUGHYLGD
VHJºQODV(VFULWXUDV
TXHSURFHGHGHO3DGUH\GHO+LMR
36 37