)RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ




,QVSLUDFLyQ &UHDFLyQ $GPLUDFLyQ
9LGHRYLGHR

)RWRVTXHVRQREUDVPDHVWUDV
GHODFRPSRVLFLyQ
&RPSiUWHORHQ)DFHERRN 7XLWpDOR

'LFHQSRUDKtTXHODVUHJODVVHKLFLHURQSDUDURPSHUODVSHURVLKDEODPRVGHODUWHGHODIRWRJUDItDHQWRQFHVHOLQIULQJLUODVUHJODVHVFRPR
PtQLPRXQDWRQWHUtDHQHVSHFLDOVLKDEODPRVGHOD³UHJODGHOWHUFLR³R´ODVHFFLyQiXUHDTXHKDFHQGHODVWRPDVDOJRPiJLFR

*HQLDOJXUXSUHSDUySDUDWtXQDUWtFXORFRQIRWRJUDItDVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ/RHQWHQGHUiVSRUTXHTXHUUiVYHUODVSRU
PXFKRWLHPSR\GHMDUiQHQWXUHWLQDXQDVHQVDFLyQVLPLODUDODTXHGHMDXQEXHQYLQRHQWXSDODGDU'DJXVWRPLUDUODV

£ÒQHWH\UHFLEHHOFRQWHQLGRPiV
LQWHUHVDQWHGH*HQLDOJXUX
GLUHFWDPHQWHHQWXIDFHERRN
KWWSVZZZIDFHERRNFRP*HQLDO*XUX

(Q*HQLDOJXUXWLHQHVVyOROD
LQIRUPDFLyQPiVXWLO\IDVFLQDQWHGHOD
UHG£'DOH0HJXVWD

*HQLDO
0HJXVWD

0HJXVWDHVWDSiJLQD &RPSDUWLU


)DQWiVWLFR£<DVR\SDUWHGH*HQLDO
(QKRUDEXHQD

LPDJH
0DUFR&LRIDOR'LJLVSDFHKWWSVS[FRPSKRWRUXOHRIWKLUGVDQGILERQDFFLVSLUDOE\PDUFRFLRIDORGLJLVSDFH

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

LPDJH
$OHVVDQGUR%HUJDPLQLKWWSVS[FRPSKRWRDORQHLQWKHVOXPE\DOHVVDQGUREHUJDPLQL

LPDJH
+DQQDK0HLQKDUGWKWWSVS[FRPSKRWRKH\IULHQGE\KDQQDKPHLQKDUGW

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

LPDJH
6FRWW.HOE\KWWSVS[FRPSKRWRFDWFKPHLI\RXFDQE\VFRWWNHOE\

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

LPDJH
+RVVHLQ=DUHKWWSVS[FRPSKRWRVWHSVE\KRVVHLQ]DUH

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

LPDJH
-|UJ+KWWSVS[FRPSKRWRDME\M&%UJK

LPDJH
8JXU7XIDQ(PHNVL]KWWSVS[FRPSKRWRILVKLQJE\XJXUWXIDQHPHNVL]

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

LPDJH
$ULI8QVDOKWWSVS[FRPSKRWRWLPHWRFRPHEDFNKRPHE\DULIXQVDO

LPDJH
$QQ1HYUHYDKWWSVS[FRPSKRWRE\DQQQHYUHYD

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

LPDJH
-¡UQ$OODQ3HGHUVHQKWWSVS[FRPSKRWRORQHO\E\M&%UQDOODQSHGHUVHQ

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

LPDJH
-DNH2OVRQ6WXGLRVKWWSVS[FRPSKRWRVORZULGHE\MDNHROVRQVWXGLRV

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

LPDJH
=KXRNDQJ-LDKWWSVS[FRPSKRWRIO\RYHUWUROOWXQJDE\]KXRNDQJMLD

LPDJH
$QWRQ\6SHQFHUKWWSVS[FRPSKRWRYDWQDMRNXOOLFHFDYHE\DQWRQ\VSHQFHU

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

LPDJH
*DOL\D=KHOQRYDKWWSVS[FRPSKRWRE\JDOL\D]KHOQRYD

LPDJH
5HJLQH+HXVHUKWWSVS[FRPSKRWREDWPDQE\UHJLQHKHXVHU

7DPELpQSRGUtDJXVWDUWH
5HJODVSDUDKDFHUXQDWRPDIDQWiVWLFDKWWSJHQLDOJXUXIRWRJUDILDUHJODVSDUDKDFHUXQDWRPDIDQWDVWLFD

&RPSiUWHORHQ)DFHERRN 7XLWpDOR

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

,QVSLUDFLyQ&UHDFLyQ$GPLUDFLyQ
*HQLDOJXUXIXHFUHDGRSRUSHUVRQDVUHDOPHQWHDSDVLRQDGDV
SRUHOPXQGRGHODUWH\ODFUHDWLYLGDG£ÒQHWH

0HJXVWD $0LD'LD]\SHUVRQDVPiVOHVJXVWDHVWR

£'pMDQRVVDEHUWXRSLQLRQ

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
 )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

FRPHQWDULRV 2UGHQDUSRU 'HVWDFDGRV

$xDGHXQFRPHQWDULR

5LFDUGR%ULRQHV5DPtUH]ā0p[LFR')
1ROHVFXHVWDQDGDFLWDUODIXHQWHTXHGDRULJHQDVXHQWUDGDVLELHQHVWiQORVHQODFHVD
ODVIRWRVODUHFRSLODFLyQQRHVGHXVWHGHV

KWWSVLVRS[FRPWKHUXOHRIWKLUGVLQUHDOOLIH
0HJXVWDā5HVSRQGHUā āGHMXOLRGH

9DOHQWLQD$PHVTXLWD
VLGHEHULDQGHSRQHUODVUHVHxDV\QRKDFHUODVSDVDUDVLSRUDVL
0HJXVWDā5HVSRQGHUā āGHMXOLRGH

/XLV+HUQiQGH]ā8QLYHUVLGDG<DFDPE~
(VWULVWHSRUTXHVHQRWDODLQWHQFLyQGHSODJLDUDOGHFLU*HQLDOJXUXSUHSDUySDUD
WtXQDUWtFXOR
0HJXVWDā5HVSRQGHUā āGHMXOLRGH

5RGULJR0DUWDā,QVWLWXWR7HFQRORJLFRGH'XUDQJR
/RGHKR\HVUREDUVHORVDUWLFXORV
0HJXVWDā5HVSRQGHUā āGHMXOLRGH

0RVWUDUUHVSXHVWDVPiVHQHVWDFRQYHUVDFLyQ

'DQLHO5RGULJXH]ā0p[LFR')
(OSUREOHPDGHOD³UHJODGHOWHUFLR³R´ODVHFFLyQiXUHDHVTXHSRFRVFRQRFHQHQTXH
FRQVLVWHGHGRQGHVDOLyRFXDOHVHSRUTXHGHHVWD³5HJOD´
<HQFXDQWRDIRWRJUDItDFRQFLHUQHWRGRVORWRPDQFRPRXQDHFXDFLyQPDVTXHXQD
VLPSOHUHJODFRPRXQD/(<6REUHWRGRSDUDORVSULQFLSLDQWHV/DIRWRJUDItDHVPDVTXH
XQDERODGHUHJODVFXDGUDGDVGDGDODUHGXQGDQFLD\KDFLHQGRDOXVLyQDOD6HFFLyQ
$XUHD\PLHQWUDVTXHHVPX\FLHUWRTXHOHGDFDGHQFLDDODLPDJHQHVWDVEDVHVQR
VLHPSUHVRQODPHMRURSFLyQRQRVLHPSUHGDUiHOPHMRUUHVXOWDGRHQFLHUWRVFDVRV

(OFKLVWHGH&RPSRQHUQRHV 9HUPiV
0HJXVWDā5HVSRQGHUā āGHMXOLRGH

6DOYDGRU/ySH]*D\WDQā8QLYHUVLGDGGH6RQRUD
<UHFRUGDQGRTXHODOH\DXUHDHVFUHDFLyQGHDUWLVWDVGHOSLQFHODFRUGpPRQRV
WDPELpQGHODDUPRQtDEDODQFHHTXLOLEULR\GHPiVUHJODVGHFRPSRVLFLyQ\QR
VRORGHXQD
/DV\PHHQFDQWDURQ
0HJXVWDā5HVSRQGHUā āGHDJRVWRGH

/XLV2VLHO3pUH]0XULOOR
9HRFRPHQWDULRVQHJDWLYRVDFXVDQGHSODJLRVLQHPEDUJRODVLPiJHQHVQRHVWiQVLHQGR
YHQGLGDVSRURDGMXGLFDGDVDXQDXWRUHQSDUWLFXODUVRQHMHPSORVTXHVLUYHQGHEDVHSDUD
HQWHQGHUODUHJODGHWHUFLRV~QLFDPHQWHVXJLHURTXHVXVFRPHQWDULRVVHGLULMDQDORTXH
EXVFDHOHMHUFLFLR
0HJXVWDā5HVSRQGHUā āGHMXOLRGH

0DULD(GLOPD(FKHYHUU\ā3HUHLUD
6LVHQRUGDJXVWRPLUDUODVQRTXLVLHUDXQRTXLWDUOHVODPLUDGDHSHFWDFXODUHV
0HJXVWDā5HVSRQGHUā āGHMXOLRGH

-RVHO&RYDUUXELDVā,QVWLWXWRGH(VWXGLRV6XSHULRUHVHQ0HGLFLQD
/XLV2VLHOHVWDVHQORFLHUWRVLHPSUHKD\JHQWHFRQFRPHQWDULRVQHJDWLYRVYHQHODUWH
HQWLHQGDQORTXHOHVTXLHUHQFRPXQLFDUDORVTXHHPSLH]DQHQHVWRPHMRUFRPHQWHQDOJR
EXHQR\DSRUWHQDORVTXHTXLHUQDSUHQGHU\YLHQHQGHWUDVGHXVWHGHV
0HJXVWDā5HVSRQGHUā āGHDJRVWRGH

&DUJDUFRPHQWDULRVPiV

)DFHERRN&RPPHQWV3OXJLQ


¢<DKDVYLVWRHVWR"

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ 
  )RWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLyQ

QFUHLEOHVIRWRVDQWHV\GHVSXHVGHOSKRWRVKRS
IRWRJUDILDUHJODVSDUDKDFHUXQDWRPDIDQWDVWLFD
PXMHUIRWRJUDILDVGHPXMHUHVTXHFDGDYH]QRVDVRPEUDQPDV

DGPLUDFLRQIRWRJUDILDVLQFUHLEOHV IRWRJUDILDUHJODVSDUDKDFHUXQDWRPD PXMHUIRWRJUDILDVGHPXMHUHVTXH

IRWRVDQWHV\GHVSXHVGHOSKRWRVKRS IDQWDVWLFD FDGDYH]QRVDVRPEUDQPDV
 5HJODVSDUDKDFHUXQDWRPD )RWRJUDItDVGHPXMHUHVTXHFDGD
,QFUHLEOHVIRWRVDQWHV\GHVSXpV IDQWiVWLFDIRWRJUDILDUHJODVSDUD YH]QRVDVRPEUDQPiVPXMHU
GHOSKRWRVKRSDGPLUDFLRQ KDFHUXQDWRPDIDQWDVWLFD IRWRJUDILDVGHPXMHUHVTXHFDGDYH]QRV
IRWRJUDILDVLQFUHLEOHVIRWRVDQWHV\ DVRPEUDQPDV
GHVSXHVGHOSKRWRVKRS

JHQWHFRPRVHYHQORVGHSRUWLVWDVVLQURSD
VHVLRQGHIRWRVODVPHMRUHVSRVHVSDUDXQDVHVLRQGHIRWRVIHPHQLQD
IRWRIRWRVTXHFDPELDUDQWXSHUFHSFLRQGHOSDVDGR

JHQWHFRPRVHYHQORVGHSRUWLVWDVVLQ VHVLRQGHIRWRVODVPHMRUHVSRVHV IRWRIRWRVTXHFDPELDUDQWX

URSD SDUDXQDVHVLRQGHIRWRVIHPHQLQD SHUFHSFLRQGHOSDVDGR
¢&yPRVHYHQORVGHSRUWLVWDVVLQ /DVPHMRUHVSRVHVSDUDXQD )RWRVTXHFDPELDUiQ
URSD"JHQWHFRPRVHYHQORV VHVLyQGHIRWRVIHPHQLQDVHVLRQGH WXSHUFHSFLyQGHOSDVDGRIRWR
GHSRUWLVWDVVLQURSD IRWRVODVPHMRUHVSRVHVSDUDXQD IRWRVTXHFDPELDUDQWXSHUFHSFLRQGHO
VHVLRQGHIRWRVIHPHQLQD SDVDGR

‹*HQLDOJXUXPDLOWRDGPLQ#JHQLDOJXUX KWWSZZZIDFHERRNFRP*HQLDO*XUX

KWWSWZLWWHUFRPJHQLDOBJXUX
UVV
7RGRVORVGHUHFKRVUHVHUYDGRV
$FHUFDGH*HQLDODFHUFDGHJHQLDO &RRNLHVFRRNLHV

3ROtWLFDVGHSULYDFLGDGSROLWLFDVGHSULYDFLGDG

KWWSJHQLDOJXUXVHVLRQGHIRWRVIRWRVTXHVRQREUDVPDHVWUDVGHODFRPSRVLFLRQ