scieee AI-readable full text Open interactive document viewer

La responsabilidad del empresario: orden jurisdiccional competente

Rubio Velasco, Fuencisla

Full text

/$ 5(63216$%,/,'$' '(/ (035(6 $5,2 25'(1 -85,6',&&,21$/ &203(7(17( )XHQFLVOD5XELR9HODVFR  , , QWURGXFFLyQ,,&ODVHVGHUHVSRQVDELOLGDGHV5HVSRQVDELOLGDGFRQWUDFWXDO 5HVSRQVDELOLGDG H[WUDFRQWUDFWXDO R DTXLOLDQD  5HVSRQVDELOLGDG GHULYDGD GH LOtFLWR SHQDO ,,, (OHPHQWRV VXEMHWLYRV GH OD UHVSRQVDELOLGDG SDWULPRQLDO  (O SHUMXGLFDGR R YtFWLPD GHO DFFLGHQWH GH WUDEDMR  5HVSRQVDEOHV X REOLJDGRV DO UHVDUFLPLHQWR,9-XULVGLFFLyQFRPSHWHQWH9(YROXFLyQGRFWULQDO9,8QSXQWR GHLQIOH[LyQODVHQWHQFLDGHO7ULEXQDO6XSU HPR6DODGHGHHQHURGH 9,,&RQFOXVLRQHV9,,,%LEOLRJUDItD , ,1752'8&&,Ï1 /RV DFFLGHQWHV HQ HO iPELWR ODERUDO HVSHFLDOPHQWH HQ OD FRQVWUXFFLyQ KD Q LGR HQ DXPHQWRDSHVDUGHODVPHGLGDVGHSURWHFFLyQDGRSWDGDV 8QDGHODVUD]RQHVSRUOD TXHVHKDSURGXFLGRHVWHDXPHQWR UDGLFD HQODQRREVHUYDQFLD GHODVQRUPDVVREUHSUHYHQFLyQGHULHVJRVHQQXHVWURSDtV /D UHVSRQVDELOLGDG GHO HPSUHVDULR SRU ORV GDxRV VXIULGRV SRU HO WUDEDMDGRU FRPR FRQVHFXHQFLD GH XQ DFFLGHQWH ODERUDO  HV WHPD GH VXPR L QWHUpV HQ HO FDPSR GH OD UHVSRQVDELOLGDG (OREMHWRGH HVWHWUDEDMR JLUDUiHQWRUQRDOFDUiFWHUFRQWUDFWXDORH[WUDFRQWUDFWXDOGHOD UHVSRQVDELOLGDGORVHOHPHQWRVVXEMHWLYRV\HQHVSHFLDOXQHVWXGLRSRUPHQRUL]DGRGHOD MXULVGLFFLyQ FRPSHWHQWH SDUD FRQRF HU GH ODV GHPDQGDV GH UHVSRQVDELOLGDG FLYLO R SDWULPRQLDO SRU ORV GDxRV \ SHUMXLFLRV TXH HO WUDEDMDGRU SXHGH VROLFLWDU IUHQWH DO HPSUHVDULR HVGHFLUOD MXULVGLFFLyQ TXH UHVXOWDUi FRPSHWHQWHSDUD UHVROYHU VREUHODV LQGHPQL]DFLRQHVGHULYDGDVGHXQSRVLEOH LQFXPSOLPLHQWRSRUSDUWHGHOHPSUHVDULRGH ODVQRUPDVSUHYHQWLYDVDFRQVHFXHQFLDGHOFXDOHOWUDEDMDGRUVXIUHXQGDxR 3RGHPRV FRPHQ] DU FRQ GRV SODQWHDPLHQWRV TXH D SULRUL QR RIUHFHQ GXGD DOJXQD VL HVWDPRV DQWH XQD UHVSRQVDELOLGDG GH FDUiFWHU FRQWUDFW XDO OD MXULVGLFFLyQ FRPSHWHQWH VHUiODVRFLDOSRUHOFRQWUDULRVLFRQVLGHUDPRVTXHODUHVSRQVDELOLGDGWLHQHQDWXUDOH]D H[WUDFRQWUDFWXDOODMXULVGLFFLyQFRPSHWHQWHVHUiODFLYLO /DFXHVWLyQFRQWURYHUWLGDVHUiGLOXFLGDUVLODUHVSRQVDELOLGDGGHOHPSUHV DULRVHEDVDHQ HO LQFXPSOLPLHQWR SRU SDUWH GH pVWH GH ODV REOLJDFLRQHV SUHYHQWLYDV TXH VXUJHQ GHO FRQWUDWRGHWUDEDMR\DTXHHOHPSUHVDULRDVXPHODREOLJDFLyQGHVHJXULGDGFRQUHVSHFWR DVXVWUDEDMDGRUHVWDO\FRPRUHFRJHOD/H\GHGHQRYLHPE UHGH3UHYHQFLyQ GH5LHVJRV/DERUDOHV  HQVXDUWtFXOR  ,, &/$6(6'(5(63216$%,/,'$'(6  )XHQFL VOD5XELR9HODVFR(VWHWUDEDMRVHLQVHUWDHQGHQWURGHODVDFWLYLGDGHVGHO3UR\HFWR,'³%XHQDV 3UiFWLFDV-XUtGLFR  3URFHVDOHVHQ'HUHFKR/DERUDO\&RPXQLWDULR3DUD5HGXFLUHO*DVWR6RFLDOFRQ&RVWH &HUR´3UR\HFWR'(5  ILQDQFLDGRSRUHO0LQLVWHU LRGH(FRQRPtD\&RPSHWLWLYLGDG  %2(GHGHQRYLHPEUHGH $UW/35/³ /RVWUDEDMDGRUHVWLHQHQGHUHFKRDXQDSURWHFFLyQHILFD]HQPDWHULDGHVHJXULGDG\ VDOXGHQHOWUDEDMR´(QDGHODQWH/35/ /DUHVSRQVDELOLGDGGHULYDGDGHXQDFFLGHQWHODERUDOSXHGHVHUGHWUHVWLSRVFRQWUDFWXDO H[WUDFRQWUDFWXDO\GHULYDGDGHXQLOtFLWRSHQDO   5(63216$%,/,'$'&2175$&78$/ 6L XQ FRQWUDWR LPSRQH D X QD GH ODV SDUWHV LQWHUYLQLHQWHV HO FXPSOLPLHQWR GH XQD GHWHUPLQDGDREOLJDFLyQVLQRHVFXPSOLGDVHJHQHUDODUHVSRQVDELOLGDGFRQWUDFWXDOFRQ ODFRQVLJXLHQWHLQGHPQL]DFLyQGHORVGDxRV\SHUMXLFLRVFDXVDGRV  (ODFFLGHQWHWHQ GUiODFRQVLGHUDFLyQGHODERUDOFXDQGRVHSURGX]FDHQHOiPELWRGHO FRQWUDWRGHWUDEDMR3RUORTXH DVHQVXFRQWUDULR VLQRKD\FRQWUDWRGHWUDEDMRH[LVWLUi HYLGHQWHPHQWHXQDFFLGHQWHSHURQRVHUiODERUDO  3XHVFRPRHVVDELGRHOFRQWUDWRGH WUDEDMRYLQFXODDOHPSUHVDULR\DOWUDEDMDGRU  & RPRFRQVHFXHQFLDGHOFRQWUDWRGHWUDEDMRTXHXQHDODVSDUWHVHOHPSUHVDULRHVWDUi REOLJDGRD JDUDQWL]DU ODVHJXULGDG GHO WUDEDMDGRU $Vt ORHVWDEOHFHHO DUWtFXOR GHO (VWDWXWRGHORV7UDEDMDGRUHV  HODUWtFXOR (7  \HODUWtFXORGHOD/35/ODFXDO ORH[SRQHFRQPD\RUFODULGDGHQVXDSDUWDGR FXDQGRSUHFLVDTXH³HQFXPSOLPLHQWR GHO GHEHU GH SURWHFFLyQ HO HPSUHVDULR GHEHUi JDUDQWL]DU OD VHJXULGDG \ VDOXG GH ORV WUDEDMDGRUHVDVXVHUYLFLRHQWRGRVORV DVSHFWRVUHODFLRQDGRVFRQHOWUDEDMR´FRQWLQ~D³D HVWRV HIHFWRV HQ HO PDUFR GH VXV UHVSRQVDELOLGDGHV HO HPSUHVDULR UHDOL]DUi OD SUHYHQFLyQ GH ORV ULHVJRV ODERUDOHV PHGLDQWH OD DGRSFLyQ GH FXDQWDV PHGLGDV VHDQ QHFHVDULDV SDUD OD SURWHFFLyQ GH OD VHJXULG DG \ VDOXG GH ORV WUDEDMDGRUHV FRQ ODV HVSHFLDOLGDGHVTXHVHUHFRJHQHQORVDUWtFXORVVLJXLHQWHVHQPDWHULDGHHYDOXDFLyQGH ULHVJRV´DxDGLHQGRTXH³HOHPSUHVDULRGHVDUUROODUiXQDDFFLyQSHUPDQHQWHFRQHOILQ GHSHUIHFFLRQDU ORVQLYHOHV GHSURWHFFLyQ H[ LVWHQWHV \ GLVSRQGUiOR QHFHVDULR SDUDOD DGDSWDFLyQ GH ODV PHGLGDV GH SUHYHQFLyQ VHxDODGDV HQ HO SiUUDIR DQWHULRU D ODV PRGLILFDFLRQHVTXHSXHGDQH[SHULPHQWDUODVFLUFXQVWDQFLDVTXHLQFLGDQHQODUHDOL]DFLyQ GHOWUDEDMR´5HLWHUDQGRORH[SXHVWRHQHODSDUWDGRGHOFLWDGRDUWtFXOR³HOHPSUHVDULR GHEHUi FXPSOLU ODV REOLJDFLRQHV HVWDEOHFLGDV HQ OD QRUPDWLYD VREUH SUHYHQFLyQ GH ULHVJRV ODERUDOHV´ 'H OD H[SOLFDFLyQ GHWDOODGD GHO DUWtFXOR SRGHPRV GHGXFLU TXH GH WRGRFRQWUDWRGHWUDEDMRGHULYD UtD KDFLDHOHPS UHVDULRODREOLJDFLyQGHVHJXULGDGSDUD FRQHOWUDEDMDGRUTXHSUHVWDVXVVHUYLFLRV 3RU WDQWR  VL HO HPSUHVDULR LQFXPSOH DOJXQD PHGLGD GH VHJXULGDG \ GHELGR D HOOR HO WUDEDMDGRU VXIUH XQ DFFLGHQWH FRQ OHVLRQHV R GDxR FRQOOHYDUi HO QDFLPLHQWR GH OD $UW&&³/DVREOLJDFLRQHVQDFHQGHOD OH\GHORVFRQWUDWRV\FXDVLFRQWUDWRV\GHORVDFWRV\ RPLVLRQHVLOtFLWRVRHQTXHLQWHUYHQJDFXDOTXLHUJpQHURGHFXOSDRQHJOLJHQFLD´ $UW&&³4XHGDQVXMHWRVDODLQGHPQL]DFLyQGHORVGDxRV\SHUMXLFLRVFDXVDGRVORVTXHHQHO FXPSOLPLHQWRG HVXVREOLJDFLRQHVLQFXUULHUHQHQGRORQHJOLJHQFLDRPRURVLGDG\ORVTXHGHFXDOTXLHU PRGRFRQWUDYLQLHUHQDOWHQRUGHDTXpOOD´ *,/68È5(=/³5(63216$%,/,'$'&,9,/23$75,021,$/'(5,9$'$'($&&,'(17( '( 75$%$-2 &/$6(6 (/(0(1726 68%-(7,926 < -85,6' ,&&,Ï1 &203(7(17( ,´ $FWXDOLGDG/DERUDOQPDU]R/D/H\S $UW(7³/DSUHVHQWH/H\VHUiGHDSOLFDFLyQDORVWUDEDMDGRUHVTXHYROXQWDULDPHQWHSUHVWHQVXV VHUYLFLRVUHWULEXLGRVSRUFXHQWDDMHQD\GHQWURGHOiPELWRGHRUJDQL]DFL yQ\GLUHFFLyQGHRWUDSHUVRQD ItVLFDRMXUtGLFDGHQRPLQDGDHPSOHDGRURHPSUHVDULR´ $UW(7³(QODUHODFLyQGHWUDEDMRORVWUDEDMDGRUHVWLHQHQGHUHFKR«G$VXLQWHJULGDGItVLFD\D XQDDGHFXDGDSROtWLFDGHVHJXULGDGHKLJLHQH´(QDGHODQWH(7 $UW(7³(OWUDEDMDGRUHQODSUHVWDFLyQGHVXVVHUYLFLRVWHQGUiGHUHFKRDXQDSURWHFFLyQHILFD]HQ PDWHULDGHVHJXULGDGHKLJLHQH´  5HGDFWDGRSRVOD/H\GHGHGLFLHPEUHGHUHIRUPDGHOPDUFRQRUPDWLYRGHODSUHYHQFLyQGH ULHVJRV ODERUDOHV%2(GHGHGLFLHPEUHGH UHVSRQV DELOLGDG FRQWUDFWXDO \D TXH VH GDQ ODV FRQGLFLRQHV GHO DUWtFXOR  &&  TXHGDQGRHOHPSUHVDULRVXMHWR³DODLQGHPQL]DFLyQGHORVGDxRV\SHUMXLFLRVFDXVDGRV´ (VHYLGHQWHTXHHVWDUHVSRQVDELOLGDGVHHQFXDGUDGHQWURGHOFRQWUDWRGHWUDEDMR6HWUDWD GH X QD UHVSRQVDELOLGDG FRQWUDFWXDO ODERUDO TXH VyOR VH SURGXFH HQWUH ODV SDUWHV GHO FRQWUDWRGHWUDEDMRHVGHFLUHQWUHHPSUHVDULR\WUDEDMDGRU   5(63216$%,/,'$'(;75$&2175$&78$/2$48,/,$1$ 6HFRQWHPSODHQGLIHUHQWHVSUHFHSWRVGHO&yGLJR&LYLOVLHQGRXQR GHHOORVHODUWtFXOR &&  3DUDTXHSRGDPRVKDEODUGHHVWDUHVSRQVDELOLGDGVHUHTXLHUHTXHODDFFLyQXRPLVLyQ QHJOLJHQWHVRFXOSDEOHVQRLPSOLTXHQHOLQFXPSOLPLHQWRGHXQDREOLJDFLyQFRQWUDFWXDO HVGHFLUTXHHQWUHODSHUVRQDTXHFRPHWHODDFFLyQXR PLVLyQ\HOSHUMXGLFDGRQRH[LVWD QH[RFRQWUDFWXDO$GHPiVHVQHFHVDULDXQDUHODFLyQGHFDXVDOLGDG (VGLItFLOTXHVHGpHVWDFODVHGHUHVSRQVDELOLGDGVREUHHOHPSUHVDULRSXHVORQRUPDOHV TXH OD UHVSRQVDELOLGDG HPSUHVDULDO GHULYDGD GHO DFFLGHQWH WHQJD VX RULJHQ HQ XQ LQFXPSOLPLHQWRGHODVREOLJDFLRQHVTXHVHLPSRQHQHQHOFRQWUDWRGHWUDEDMR   5(63216$%,/,'$''(5,9$'$'(,/Ë&,723(1$/ 6HJ~QHODUWtFXOR&& ³/DVREOLJDFLRQHVFLYLOHVTXHQD]FDQGHORVGHOLWRVRIDOWDV VHUHJLUiQSRUODVGLVSRVLFLRQHV GHO&yGLJR3HQDO´ (QFRQVHFXHQFLDVLGHODFFLGHQWHGHWUDEDMRGHULYDODPXHUWHGHXQWUDEDMDGRUSXHGHVHU FRQVWLWXWLYRGHGHOLWR  3HURDGHPiVGHEHUiHQVXFDVRDVXPLUODUHVSRQVDELOLGDGFLYLO JHQHUDGDSRUODLQIUDFFLyQSHQDOFRPHWLGD  SXGLHQGRHQF XDOTXLHUFDVRHOSHUMXGLFDGR RYtFWLPDUHVHUYDUHOHMHUFLFLRGHODDFFLyQFLYLOGHULYDGDGHODLQIUDFFLyQSDUDGLULJLUVH DQWHORV7ULEXQDOHVGHORUGHQFLYLORVRFLDO  (QODVWUHVFODVHVGHUHVSRQVDELOLGDGHVVHGDQORVPLVPRVUHTXLVLWRV D 8QDFWRXRPLVL yQFXOSRVRRLPSUXGHQWH E 8QUHVXOWDGRGDxRVRROHVLYR F 8QYtQFXORFDXVDORUHODFLyQGHFDXVDOLGDGHQWUHHODFWRXRPLVLyQ\HOGDxR 6LHQGRODGLIHUHQFLDHQWUHHOODVHORULJHQGHODUHVSRQVDELOLGDG  $UW&&³4XHGDQVXMHWRVDODLQGHPQL]DFLyQGHORVGDxRV\SHUMXLFLRVFDXVDGRVORVTXHHQHO FXPSOLPLHQWRGHVXVREOLJDFLRQHVLQFXUULHUHQHQGRORQHJOLJHQFLDRPRURVLGDG\ORVTXHGHFXDOTXLHU PRGRFR QWUDYLQLHUHQDOWHQRUGHDTXpOOD´  *,/68È5(=/³5(63216$%,/,'$'&,9,/23$75,021,$/'(5,9$'$«´RSFLWS   $UW&&³(OTXHSRUDFFLyQXRPLVLyQFDXVHGDxRDRWURLQWHUYLQLHQGRFXOSDRQHJOLJHQFLDHVWi REOLJDGRDUHSDUDUHOGDxRFDXV DGR´  *,/ 68È5(= / ³5(63216$%,/,'$' &,9,/ 2 3$75,021,$/ '(5,9$'$«´ RS FLW S   $UW&3³(OTXHSRULPSUXGHQFLDJUDYHFDXVDUHODPXHUWHGHRWURVHUiFDVWLJDGRFRPRUHRGH KRPLFLGLRLPSUXGHQWHFRQODSHQDGHSULVLyQGHXQRDFXDWUR DxRV´  $UW&3³7RGDSHUVRQDFULPLQDOPHQWHUHVSRQVDEOHGHXQGHOLWRRIDOWDORHVWDPELpQFLYLOPHQWH VLGHOKHFKRVHGHULYDUHQGDxRVRSHUMXLFLRV6LVRQGRVRPiVORVUHVSRQVDEOHVGHXQGHOLWRRIDOWDORV -XHFHVR7ULEXQDOHVVHxDODUiQODFXRWDG HTXHGHEDUHVSRQGHUFDGDXQR´  $UW/(&ULP³(MHUFLWDGDVyORODDFFLyQSHQDOVHHQWHQGHUiXWLOL]DGDWDPELpQODFLYLODQRVHU TXHHOGDxDGRRSHUMXGLFDGRODUHQXQFLDVHRODUHVHUYDVHH[SUHVDPHQWHSDUDHMHUFLWDUODGHVSXpVGH WHUPLQDGRHOMXLFLR FULPLQDOVLDHOORKXELHUHOXJDU´ ,,, (/(0(1726 68%-(7,926 '( /$ 5(63216$%,/,'$' 3$75,021,$/  (/3(5-8',&$'229Ë&7,0$'(/$&&,'(17('(75$%$-2 (O SHUMXGLFDGR R YtFWLPD GHO DFFLGHQWH GH WUDEDMR VHUtD OD SHUVRQD TXH VXIUH ODV FRQVHFXHQFLDV GHO PLVPR OHVLyQ R GDxR < VHUi HO TXH UHFLED OD LQGHPQL]DFLyQ FRPSHQVDWRULD &XDQGRQRVHQFRQWUDPRVDQWHX QDFFLGHQWHODERUDOORQRUPDOHVTXHHOSHUMXGLFDGRVHD HO WUDEDMDGRU TXH SUHVWD VXV VHUYLFLRV HQ OD HPSUHVD GRQGH VH SURGXFH HO VLQLHVWUR $XQTXH SXHGH GDUVH HO VXSXHVWR HQ HO TXH GHELGR DO DFFLGHQWH ODERUDO VH YHDQ OHVLRQDGDVWHUFHUDVSHUVRQDVTXHQR WLHQHQYtQFXORODERUDOFRQWDOHPSUHVDHQHVWHFDVR HVWDUHPRVDQWHXQDFFLGHQWHRVLQLHVWURFRP~QSHURQRFDOLILFDGRFRPRODERUDORGH WUDEDMR   5(63216$%/(682%/,*$'26$/5(6$5&,0,(172 /DREOLJDFLyQFLYLORSDWULPRQLDOGHUHVDUFLPLHQWRUHFDHVREUHH OUHVSRQVDEOHRFDXVDQWH GHODFFLGHQWHTXHVHUiHOTXHKD\DDFWXDGRGHIRUPDQHJOLJ HQWHRLPSUXGHQWH(QHVWRV VXSXHVWR V VXHOH VHU HO HPSUHVDULR   (Q DOJXQRV FDVRV HV SRVLEOH TXH QR FRQFXUUD UHVSRQVDELOLGDG HQ HO HPSUHVDULR GH IRUPD TXH OD REOLJDFLyQ LQ GHPQL]DWRULD UHFDLJD VyORVREUHRWUDXRWUDVSHUVRQDVGLVWLQWDVGHDTXpO ,9 -85,6',&&,Ï1&203(7(17( (QWUDPRVHQHODQiOLVLVGHODMXULVGLFFLyQFRPSHWHQWHSDUDFRQRFHUGHODUHVSRQVDELOLGDG FLYLOGHULYD GDGHORVDFFLGHQWHVGHWUDEDMRS ULPHURWHQGUHPRVTXH GHVFDUWDUODSHQDO HQWUDQGRHQHOIRQGRGHORVyUGHQHVFLYLO\VRFLDO 'HVGHKDFHWLHPSRH[LVWHGLYHUVLGDGGHRSLQLRQHVYHUWLGDVWDQWRSRUOD6DODGHOR6RFLDO FRPR SRU OD 6DOD GH OR &LYLO GHO 7ULEXQDO 6XSUHPR HQ FODUD UHIHUHQFLD D OD GHWHUPLQDFLyQ GH O D FRPSHWHQFLD \ FRQRFLPLHQWR GH SURFHVRV GH UHFODPDFLyQ GH LQGHPQL]DFLyQGHGDxRV\SHUMXLFLRVGHULYDGRVGHODUHVSRQVDELOLGDGSDWULPRQLDO &RPRGHFODUD *,/68È5(=VHWUDWDGHXQDSUREOHPiWLFDHVSLQRVD\DUGXDHQFHUUDQGR LQFRQWDEOHVGLILFXOWDGHV  9 (92/ 8&,Ï1'2&75,1$/ *URVVRPRGR ODUHJODLQLFLDOEiVLFDHV D 6LODUHVSRQVDELOLGDGSDWULPRQLDOVHEDVDHQHODUWtFXOR&&ODMXULVGLFFLyQ FRPSHWHQWHVHUiODODERUDOGHULYDGDGHXQLQFXPSOLPLHQWRGHOFRQWUDWRGHWUDEDMR E 6L OD UHVSRQVDELOLGDG HV OD TXH UH VXOWD GHO DUWtFXOR  && DO VHU H[WUDFRQWUDFWXDOFRQRFHUiHORUGHQFLYLO  *,/ 68È5(= / ³5(63216$%,/,'$' &,9,/ 2 3$75,021,$/ '(5,9$'$«´ RS FLW S   $UW  /35/ ³/DV REOLJDFLRQHV GH ORV WUDEDMDGRUHV HVWDEOHFLGDV HQ HVWD /H\ OD DWULEXFLyQ GH IXQFLRQHVHQPDWHULDGHSURWHFFLy Q\SUHYHQFLyQDWUDEDMDGRUHVRVHUYLFLRVGHODHPSUHVD\HOUHFXUVRDO FRQFLHUWRFRQHQWLGDGHVHVSHFLDOL]DGDVSDUDHOGHVDUUROORGHDFWLYLGDGHVGHSUHYHQFLyQFRPSOHPHQWDUiQ ODVDFFLRQHVGHOHPSUHVDULRVLQTXHSRUHOOROHH[LPDQGHOFXPSOLPHQWRGHVXGHEH UHQHVWDPDWHULDVLQ SHUMXLFLRGHODVDFFLRQHVTXHSXHGDHMHUFLWDUHQVXFDVRFRQWUDFXDOTXLHURWUDSHUVRQD  *,/ 68È5(= / ³5(63216$%,/,'$' &,9,/ 2 3$75,021,$/ '(5,9$'$«´ RS FLW S  (QXQSULQFLSLRHUDOD6DODGHOR&LYLOODTXHVHDWULEXtDODFRPSHWHQFLDSDUDFRQRFHUGH ODUHVSRQVDELOLGDGFLYLOGHULYDGDGHDFFLGHQWHGHWUDEDMR$VtORGHPXHVWUDOD6HQWHQFLD GHOD6DODSULPHUDGHO7ULEXQDO6XSUHPRGHGHPDU]RGH ³/DPDWHULDSDUD GHWHUPLQDUODFRPSHWHQFLDODERUDOVHHQFXHQWUDUHIHULGDDODVFXHVWLRQHVTXHDIHFWDQDO SURSLR iPELWR GHO FRQWUDWR GH WUDEDMR TXH YLQFXOD DO WUDEDMDGRU \ DO HPSUHVDULR \ D D TXHOORV RWURV UHODFLRQDGRV FRQ ORV FRQIOLFWRV FROHFWLYRV OD 6HJXULGDG 6RFLDO \ ODV 0XWXDOLGDGHV7DOFLUFXQVWDQFLDYLQFXODQWHRFRQGLFLRQDQWHQRFRQFXUUHHQHOVXSXHVWR TXHQRVRFXSDHQTXHORDFRQWHFLGRIXHODSURGXFFLyQGHXQUHVXOWDGRGDxRVRFRPR FRQV HFXHQFLDGHXQKHFKRUHDOL]DGRHQORVTXHKDFHUHVODERUDOHVORFXDOH[FHGHGHOD HVSHFtILFD yUELWD GHO  FRQWUDWR GH WUDEDMR \ SHUPLWH HQWHQGHU TXH VX FRQRFLPLHQWR FRUUHVSRQGHDORUGHQFLYLO´ < OD 6HQWHQFLD GH  GH PD\R GH   H[SRQH TXH ³«HV FRQVWDQW H UHLWHUDGD \ QRWRULDODGRFWULQDGHHVWDVDODTXHDGPLWHODFRPSDWLELOLGDGGHODVSUHWHQVLRQHVTXH QDFHQ GHO DFFLGHQWH FRQ IXQGDPHQWR HQ GLVWLQWDV FDXVDV GH SHGLU \ TXH HQ OR TXH FRQFLHUQH D OD UHJXODULGDG GH ODV FRQGXFWDV \ HQFDMH GH pVWDV HQ ORV VXSXH VWRV TXH SURYLHQHQORVDUWV\&&SRUFXOSDDTXLOLDQDFRUUHVSRQGHVXFRQRFLPLHQWRDO RUGHQMXULVGLFFLRQDOFLYLO´ 6LJXH OD 6HQWHQFLD TXH ³«FXDQGR XQ KDFKR GDxRVR HV YLRODFLyQ GH XQD REOLJDFLyQ FRQWUDFWXDO \ DO PLVPR WLHPSR GHO GHEHU JHQHUDO GH QR GDxDU D RWUR KD\ XQD \X[WDSRVLFLyQ GH UHVSRQVDELOLGDGHV FRQWUDFWXDO \ H[WUDFRQWUDFWXDO \ GD OXJDU D DFFLRQHVTXHSXHGHQHMHUFLWDUVHDOWHUQDWLYD\VXEVLGLDULDPHQWHXRSWDQGRSRUXQDRSRU RWUDRLQFOXVRSURSRUFLRQDQGRORVKHFKRVDOMX]JDGRUSDUD TXHpVWHDSOLTXHODVQRUPDV HQFRQFXUVRGHDPEDVUHVSRQVDELOLGDGHVTXHPiVVHDFRPRGHQDDTXpOORVWRGRHOORD IDYRUGHODYtFWLPD\SDUDORJUDUXQUHVDUFLPLHQWRGHOGDxRORPiVFRPSOHWRSRVLEOH´  $O KLOR GH OR DQWHULRU GHEHPRV WHQHU HQ FXHQWD HO $XW R GH OD 6DOD (VSHFLDO GH &RQIOLFWRVGH&RPSHWHQFLDGHO7ULEXQDO6XSUHPRGHGHGLFLHPEUHGH  TXH HVWDEOHFH TXH ³ODV QRUPDV VREUH VHJXULGDG H KLJLHQH HQ HO WUDEDMR VRQ XQD GH ODV PDQLIHVWDFLRQHV PiV DQWLJXDV GHOLQWHUYHQFLRQLVPR GHOHVWDWDO HQ OD DXWRQRPtD GHOD YROXQWDGGHODVSDUWHVHQODUHODFLyQGHWUDEDMR´\TXH³HOWUDEDMDGRUHQODSUHVWDFLyQGH VHUYLFLRV WHQGUi GHUHFKR D XQD SURWHFFLyQ HILFD] HQ PDWHULD GH VHJXULGDG H KLJLHQH HVWDQGR HO HPSUHVDULR REOLJDGR D IDFLOLWDU XQD IRUPDFLyQ SUiFW LFD DGHFXDGD HQ GLFKD PDWHULDDORVWUDEDMDGRUHVTXHFRQWUDWD´ FRQFOX\HQGRFRQ³HQHOFDVRFRQFUHWRGH DXWRV QR REVWDQWH OD YLV DWUDFWLYD TXH FDUDFWHUL]D DO RUGHQ MXULVGLFFLRQDO FLYLO \ ODV FRQFRPLWDQFLDVTXHRIUHFHFRQORVVXSXHVWRVGHFXOSDH[WUDFRQW UDFWXDOSUHYHQLGRVHQ ORVDUWV\&&HOyUJDQRMXULVGLFFLRQDOFRPSHWHQWHSDUDFRQRFHUGHOPLVPR HVHOFRUUHVSRQGLHQWHDOGHORUGHQVRFLDO´ (VWD GRFWULQD GH OD 6DOD (VSHFLDO GH &RQIOLFWRV GH &RPSHWHQFLD IXH DVXPLGD \ FRPSDUWLGDSRUOD6DODGHO R&LYLOGHO7ULEXQDO6XSUHPRDSDUWLUGHODVHQWHQFLDGH GHGLFLHPEUHGH GRQGHVHHQMXLFLyHOFDVRHQHOTXH³ODHPSUHVDQRDGRSWyODV PHGLGDVGHVHJXULGDGDGHFXDGDVSDUDHYLWDUHOVXFHVRSRUORTXHLQFXPSOLyODUHODFLyQ  5-  9pDVH)-  5-  9pDV H)-  9pDVH)-  5-  9pDVH)-  9pDVH)-$XWRVGHO 766DODGH&RQIOLFWRVGH&RPSHWHQFLD GHDEULO5-\GH MXQLR5-  5- ODERUDO GDGR TXH QR RE VHUYy ODV QRUPDV GH VHJXULGDG HQ HO WUDEDMR IUHQWH DO WUDEDMDGRU´ 6HEDVDHQHOLQFXPSOLPLHQWRGHODUHODFLyQODERUDO $ SDUWLU GH PHGLDGRV GHO DxR  OD SRVLFLyQ \ GRFWULQD TXH SURSXJQDED OD FRPSHWHQFLDGHODMXULVGLFFLyQFLYLOVHIXHFRQVROLGDQGR\ DILDQ]DQGR$VtOD6HQWHQFLD GHGHRFWXEUHGH  TXHWDO\FRPRH[SRQHGHEHUiIXQGDPHQWDUVHHQORVDUWtFXORV \&&\DTXHVLVHIXQGDUD~QLFDPHQWHHQHOLQFXPSOLPLHQWRGHODVPHGLGDV GHVHJXULGDGTXHHQODUHODFLyQODERUDOFRQVWLWX\HXQD REOLJDFLyQWtSLFDGHOHPSUHVDULR OD FRPSHWHQFLD FRUUHVSRQGHUtD DO RUGHQ MXULVGLFFLRQDO VRFLDO FRQFOX\HQGR TXH ³IXQGDGDV ODV GHPDQGDV HQ ORV DUWV  \  && GHEH FRQFOXLUVH TXH OD FRPSHWHQFLDSDUD FRQRFHU GH ODVPLVPDV FRUUHVSRQGtD DO RUGHQ MXULVGLF FLRQDO FLYLO \ TXHSRUWDQWRGHEHQSURVSHUDUORVPRWLYRVIXQGDGRVHQGHIHFWRHQHOHMHUFLFLRGHOD MXULVGLFFLyQ´ 2WUD6HQWHQFLDDWHQHUHQFXHQWDHVODGHGHMXOLRGH  GRQGHOD6DODKDYXHOWR ³DVXGRFWULQDWUDGLFLRQDOGHDILUPDUODFRPSHWHQFL DGHORUGHQMXULVGLFFLRQDOFLYLOSDUD FRQRFHU GH OD UHVSRQVDELOLGDG GHO HPSUHVDULR IUHQWH DO WUDEDMDGRU SRU ORV GDxRV \ SHUMXLFLRVVXIULGRVSRUpVWHGXUDQWHHOGHVHPSHxRGHVXWUDEDMRVLELHQSUHFLVDQGRTXH SDUD HOOR OD GHPDQGD KDEUtD GH IXQGDUVH HQ ORV D UWV  R  && \ QR HQ OD LQIUDFFLyQGHPHGLGDVGHVHJXULGDGHQHOWUDEDMR´ (QHOPLVPRVHQWLGROD6HQWHQFLDGHGHRFWXEUHGH  GHFODUDUtDTXH³ODGRFWULQD MXULVSUXGHQFLDOUHLWHUDGDHVWLPDFRPSDWLEOHODUHFODPDFLyQODERUDOFRQODUHFODPDFLyQ FLYLOGDGRVVXVIXQGDPHQWRVMXUtGLFRVGLYHUVRV\ODGXDOLGDGGHSUHWHQVLRQHVTXHQRVRQ FRPSDWLEOHV HQWUH Vt´ VLJXLHQGR TXH ³HVWD 6DOD WLHQH VHxDODGD OD FRPSDWLELOLGDG GH DPEDV MXULVGLFFLRQHV HQ DFFLGHQWH GH WUDEDMR KDELGD FXHQWD  TXH HVWD SUHWHQVLyQ VH DSR\DHQORVDUWV\&&ORTXHKDFHSHUHFHUHOPRWLYR\QRFDEHSODQWHDUOR DGXFLGR HQ pO GH XQ SRVLEOH HQULTXHFLPLHQWR LQMXVWR SRUTXH VH IXQGD HQ FDXVDV LQGHPQL]DWRULDVGLYHUVDV´ 3DUDWHUPLQDUODDUJXPHQWDFLyQVREUHODFRPSHWHQFLDGHORUGHQ MXULVGLFFLRQDOFLYLOSDUD FRQRFHU HQFRQWUDPRV OD 6HQWHQFLD GH  GH GLFLHPEUH GH   TXH GHFODUD FRPR FRPSHWHQWHODMXULVGLFFLyQFLYLO  (Q UHODFLyQ D OD MXULVGLFFLyQ VRFLDO OD 6DOD VH OR 6RFLDO GHO 7ULEXQDO 6XSUHPR KD GHFODUDGRVXFRPSHWHQFLDSDUDFR QRFHUGHODVDFFLRQHVGHUHVSRQVDELOLGDGSDWULPRQLDO TXHYHQLPRVKDFLHQGRUHIHUHQFLD (QWUHRWUDVWHQHPRVOD6HQWHQFLDGHOD6DODGHOR6RFLDOGHGHGLFLHPEUHGH  TXHDILUPD³HOHPSOHDGRUDVXPHODREOLJDFLyQHQHOFRQWUDWRGHWUDEDMRGHJDUDQWL]D U OD VHJXULGDG \ VDOXG GH ORV WUDEDMDGRUHV D VX VHUYLFLR HQ WRGRV ORV DVSHFWRV UHODFLRQDGRVFRQHOWUDEDMR DUW/35/GHEHUGHVHJXULGDGHQHOWUDEDMRTXHHV FDOLILFDGRGHEiVLFRHQORVDUWVG\(7 (VWDREOLJDFLyQLPSXHVWD H[OHJH  GHEH LPSOLFDUTXHODQRREVHUYDQFLDGHODVQRUPDVJDUDQWL]DGRUDVGHODVHJXULGDGHQHO WUDEDMR SRU HO HPSOHDGRU FRQVWLWX\H XQ LQFXPSOLPLHQWR GHO FRQWUDWR GH WUDEDMR FRQWUDWR TXH FRQVWLWX\H HO SDUiPHWUR HVHQFLDO SDUD GHWHUPLQDU \ GHOLPLWDU OD FRPSHWHQFLDGHO RUGHQMXULVGLFFLRQDOODERUDOFRQIRUPHSUHVFULEHQORVDUWV/23-\  9pDVH)'ÒQLFR 6766DODGHOR&LYLO GHGLFLHPEUH  5-  9pDVH)'6766DODGHOR&LYLOGHGHRFWXEUHGH  5-  9pDVH)'6766DODGHOR&LYLOGHGHMXOLRGH  5-  9pDVH)' 6766DODGHOR&LYLO GHRFWXEUHGH   5-  9pDVH)'6766DODGHOR&LYLOGHGHGLFLHPEUHGH  5- /3/$VtSXHVVLHOLQFXPSOLPLHQWRGHODQRUPDGHVHJXULGDGVHSURGXFHHQODHVIHUDGH LQIOXHQFLDGHOFRQWUDWRGHWUDEDMR«GHEHFRUUHVSRQGHUDORUGHQVRFLDOUHVHUYiQGRVH DO RU GHQ MXULVGLFFLRQDO DTXHOORV RWURV VXSXHVWRV TXH VH SURGX]FDQ IXHUD GHO FDPSR GHOLPLWDGRSRUHOFRQWUDWRGHWUDEDMR´ +DVWDDKRUDVHUtDODGRFWULQDGRPLQDQWHGHORUGHQFLYLOFRPSHWHQWHSDUDFRQRFHU 9, 81 38172 '( ,1)/(;,Ï1 /$ 6(17(1&,$ '(/ 75,%81$/ 6835(026$/$'('((1(52'(  'HEHUtDPRVWHQHUHQFXHQWDTXHDOKDEODUGHUHVSRQVDELOLGDGH[WUDFRQWUDFWXDOQRVyOR KDEUiTXHDWHQGHUDODH[LVWHQFLDRQRGHXQDUHODFLyQFRQWUDFWXDOSUHYLDHQWUHODVSDUWHV VLQR TXH WHQGUHPRV TXH YHU GH GyQGH SURFH GH HO GDxR HV GHFLU VL OD REOLJDFLyQ GH UHVDUFLUHVFDXVDGHXQGDxRGHULYDGRGHXQLQFXPSOLPLHQWRFRQWUDFWXDORVLVHSURGXFH PHGLDQGRFXOSDRQHJOLJHQFLD (QGHILQLWLYDVLQRVHQFRQWUDPRVDQWHXQLOtFLWRODERUDOVHWUDWDUiGHXQLQFXPSOLPLHQWR GHFR QWUDWR\VHUiFRPSHWHQWHHORUGHQVRFLDO6LVHWUDWDGHXQLOtFLWRFLYLOGHULYDGRGH FXOSDRQHJOLJHQFLDGHOHPSUHVDULRPiVDOOiGHORVOtPLWHVGHOFRQWUDWRODFRPSHWHQFLD VHUiGHODMXULVGLFFLyQFLYLO (VWDGXDOLGDGGHyUGHQHVVHWUDGXFHHQTXHHOSHUMX GLFDGRRYtFWLPDGHOGDxRWHQGUiOD RSFLyQGHHOHJLUDQWHTXpMXULVGLFFLyQSODQWHDVXSUHWHQVLyQ /D 6HQWHQFLD GH  GH HQHUR GH  H[SRQH TXH ³(VWD 6DOD FRQVLGHUD TXH HQ ORV VXSXHVWRV GH UHFODPDFLRQHV FLYLOHV FRPR FRQVHFXHQFLD GHO LQFXPSOLPLHQWR GH XQD UHODFLyQ ODERUDO FUHDGD SRU XQ FRQWUDWR GH WUDEDMR SDUD GHVOLQGDU OD FRPSHWHQFLD HV GHFLVLYR GHWHUPLQDU VL HO GDxR VH LPSXWD D XQ LQFXPSOLPLHQWR ODERUDO R ELHQ D XQD FRQGXFWDDMHQDWRWDOPHQWHDOFRQWUDWRGHWUDEDMR(QHOLOtFLWRODERUDOHOIXQGDPHQWRSD UD LPSXWDUODUHVSRQVDELOLGDGVHKDOODHQODLQIUDFFLyQGHXQDQRUPDUHJXODGRUDGHHVWD PDWHULD \D VHD HVWDWDO R FROHFWLYD 3DUD GHOLPLWDU HO LQFXPSOLPLHQWR ODERUDO VH GHEH HVWXGLDUSRUWDQWRVLH[LVWHODLQIUDFFLyQGHOGHEHUGHSURWHFFLyQ\ODFDOLILFD FLyQGHORV KHFKRVHQORVTXHVHUHTXLHUHTXHHOHPSUHVDULRDFW~HFRPRWDO3RUHOORSDUDTXHVHD FRPSHWHQWHODMXULVGLFFLyQFLYLOHOGDxRKDGHGHEHUVHDQRUPDVGLVWLQWDVGHDTXHOODV TXH UHJXODQ HO FRQWHQLGR GH OD UHODFLyQ ODERUDO SXHVWR TXH FXDQGR H [LVWD XQ LQFXPSOLPLHQWRGHGLFKDUHODFLyQGHEHUiGHFODUDUVHODFRPSHWHQFLDGHODMXULVGLFFLyQ VRFLDO´ 3URVLJXH HO 7ULEXQDO TXH ³KDEUi LQFXPSOLPLHQWR GHO FRQWUDWR GH WUDEDMR HQ DTXHOORV FDVRVHQTXHVHYXOQHUHQODVQRUPDVYROXQWDULDVFROHFWLYDVROHJDOHV UHJXODGRUDVGHO PLVPR SRUTXH GH DFXHUGR FRQ OR GLVSXHVWR HQ HO DUWtFXOR  && ORV FRQWUDWRV REOLJDQGHVGHHOPRPHQWRGHVXSHUIHFFLyQ QRVyORDOFXPSOLPLHQWRGHORH[SUHVDPHQWH SDFWDGR VLQR WDPELpQ D WRGDV ODV FRQVHFXHQFLDV TXH VHJ~Q VX QDWXUDOH]D  VHDQ FRQIRUPHDODEXHQDIHDOXVR\DODOH\´ 'HDKtTXHHODUJXPHQWRTXHXWLOL]DHO7ULEXQDO6XSUHPRVHDHOGHODFRPSHWHQFLDGHOD MXULVGLFFLyQVRFLDO\DTXHODLQIUDFFLyQGHPHGLGDVGHVHJXULGDGFDXVDQWHVGHOGDxR IRUPDSDUWHGHOFRQWHQLGRGHO FRQWUDWRGHWUDEDMR  /D FLWDGD VHQWHQFLD QR VyOR DILUPD TXH H[LVWH XQD UHVSRQVDELOLGDG FRQWUDFWXDO GHO HPSUHVDULRGHELGRDODFFLGHQWHGHWUDEDMRVLQRTXHHVWDEOHFHTXHpVWDHVOD~QLFDTXHVH SXHGHGDUGHDKtTXHVHDODMXULVGLFFLyQODERUDOODFRPSHWHQ WH  9pDVH)'6766DODGHOR6RFLDOGHGHGLFLHPEUHGH  5-  9pDVH)-(QHOPLVPRVHQWLGRYpDVH6766DODGHGHPD\ RGH  9pDVHHQHVWHVHQWLGROD6766DODGHGHDEULOGHTXHUHPLWHDOD676GHGHHQHURGH  /D6766DODGHGHMXQLRGH  VLJXHHOFDPLQRGHOD676GHGHHQHURGH  H[SOLFDQGR FXDQGR VH SURGXFH HO LQFXPSOLPLHQWR ³KDEUi LQFXPSOLPLHQWR GHO FRQWUDWR GH WUDEDMR HQ DTXHOORV FDVRV HQ TXH VH YXOQHUHQ ODV QRUPDV YROXQWDULDV FROHFWLY DVROHJDOHVUHJXODGRUDVGHOPLVPRSRUTXHGHDFXHUGRFRQORGLVSXHVWRHQHO DUWtFXOR&&ORVFRQWUDWRVREOLJDQGHVGHHOPRPHQWRGHVXSHUIHFFLyQ QRVyORDO FXPSOLPLHQWRGHORH[SUHVDPHQWHSDFWDGRVLQRWDPELpQDWRGDVODVFRQVHFXHQFLDVTXH VHJ~QV XQDWXUDOH]DVHDQFRQIRUPHDODEXHQDIHDOXVR\DODOH\´ 'HDFXHUGRFRQOR DQWHULRUSURVLJXHODVHQWHQFLD³GHEHFRQVLGHUDUVHTXHODUHVSRQVDELOLGDGSRUDFFLGHQWHV GH WUDEDMR QDFH GHO LQFXPSOLPLHQWR GH XQD REOLJDFLyQ OHJDO SRUTXH OD /H\ HVWi GHWHU PLQDQGR HO FRQWHQLGR REOLJDFLRQDO GHO FRQWUDWR GH WUDEDMR /D REOLJDFLyQ GH VHJXULGDGSHUWHQHFHDOiPELWRHVWULFWRGHOFRQWUDWRGHWUDEDMRSRUTXHIRUPDSDUWHGHO FRQWHQLGRFRQWUDFWXDODOHVWDEOHFHUOROD /H\GH3UHYHQFLyQGHULHVJRVODERUDOHVHQHO DUWtFXO R  VH WUDWD GH XQD REOLJDFLyQ JHQHUDO GH GLOLJHQFLD LQFRUSRUDGD SRU /H\ DO FRQWHQLGRGHOFRQWUDWRGHWUDEDMR´ $KRUDELHQ OD 6HQWHQFLD GH OD $XGLHQFLD 3URYLQFLDO GH %DUFHORQD GH GH MXOLR GH  HVWLPD OD FRPSHWHQFLD GHO RUGHQ FLYLO ³VLHPSUH TXH FRPR HV HVWH FDVR OD GHPDQGDQRVHIXQGHHQHOLQFXPSOLPLHQWRGHODVREOLJDFLRQHVGHOHPSUHVDULRGHULYDGDV GHO FRQWUDWR GH WUDEDMR VLQR HQ OD FXOSD H[WUDFRQWUDFWXDO GHO DUW  GHO &yGLJR &LYLO´ 7UDVHOHVWXGLRSRUPHQRUL]DGRGHODVUHFLHQWHV6HQWHQFL DVGLFWDGDVDOUHVSHFWRQRKD\ GLVFXVLyQTXHSDUDHOVXSXHVWRGHODVREOLJDFLRQHVUHVXOWDQWHVGHOFRQWUDWRGHWUDEDMR\ SRU OR WDQWR  GH ODV UHVSRQVDELOLGDGHV GHULYDGDV GHO LQFXPSOLPLHQWR FRQRFHUiQ ORV WULEXQDOHVGHORUGHQVRFLDOHQEDVHDORGLVSXHVWR HQHODUWtFXORGHOD/H\2UJiQLFD GHGHMXOLRGHO3RGHU-XGLFLDO  3DUWH GH OD GRFWULQD DGRSWD HVWH DUJXPHQWR PHGLDQWH HO FXDO ODV DFFLRQHV GH UHVSRQVDELOLGDGFLYLOGHULYDGDVGHXQDFFLGHQWHGHWUDEDMRH[FHSWRODVTXHWUDHQFDXVD HQXQLOt FLWRSHQDOVRQFRQRFLGDVSRUXQPLVPRRUGHQHOVRFLDOWDQWRVLVHWUDWDGH UHVSRQVDELOLGDGRULJLQDGDSRUFXOSDH[WUDFRQWUDFWXDOFRPRSRUFXOSDFRQWUDFWXDO  /RTXHWHQGUHPRVTXHFRQVLGHUDUHVVLODMXULVGLFFLyQVRFLDOVHUiOD~QLFDFRPSHWHQWH SDUDFR QRFHUGHODUHVSRQVDELOLGDGH[WUDFRQWUDFWXDOGHULYDGDGHXQDFFLGHQWHGHWUDEDMR \D TXH DGPLWH TXH WDO UHVSRQVDELOLGDG H[LVWH \ TXH HQ HO VXSXHVWR GH SRGHU VHU DSUHFLDGD¢FRUUHVSRQGHUtDDORUGHQFLYLO"3XHVODUHVSXHVWDDILUPDWLYDDHVWDSUHJXQWDOD HQF RQWUDPRVHQOD6766DODGHGHMXOLRGHTXHDSUHFLDODH[LVWHQFLDGH UHVSRQVDELOLGDGH[WUDFRQWUDFWXDOHQEDVHDODLQIUDFFLyQGHOGHEHUSUHYHQWLYRGHIDOWDGH DGRSFLyQ GH ODV SHUWLQHQWHV PHGLGDV GH VHJXULGDG OR TXH UHVXOWy GHWHUPLQDQWH HQ OD SURGXFFLyQGHODFFLGHQWH   5-  9pDVH)'  -85  9pDVH)'(QHOPLVPRVHQWLGR6HQWHQFLDGHOD $XGLHQFLD3URYLQFLDOGH7ROHGR 6HFFLyQ GH IHEUHUR-85   5&/ %2( GH  GH MXOLR GH  (Q HO PLVPR VHQWLGR 3$5'2 *$72 - 5 /D MXULVGLFFLyQFRPSHWHQWHSDUDFRQRFHUGHODUHVSRQVD ELOLGDGFLYLOGHULYDGDGHDFFLGHQWHGHWUDEDMR  ILMDFLyQ GHODGRFWULQDGHILQLWLYDSRUOD6DODGHOR&LYLOGHO7ULEXQDO6XSUHPR $QXDULRGD)DFXOWDGHGH'HUHLWRGD 8QLYHUVLGDGHGD&RUXxD  ,661   ; 1   ([FHSWXDQGRODTXHVHGHULYDGHXQLOtFLWRSHQDO*,/68È5(=/³5(63216$%,/,'$'&,9,/2 3$75,021,$/ '(5,9$'$ '( $&&,'(17( '( 75$%$-2 &/$6(6 (/( 0(1726 68%-(7,926<-85,6',&&,Ï1&203(7(17(\,,´$FWXDOLGDG/DERUDOQMXQLR/D/H\ S  9pDVH)' 9,, &21&/86,21(6 /DUHVSRQVDELOLGDGGHOHPSUHVDULRTXHFRQVXSURFHGHUQHJOLJHQWHRFXOSRVRFDXVDXQ DFFLGHQWHGHWUDEDMRQRUPDOPHQWHQRWLHQHHQFDMHHQORVDUWV\&&VLQRHQ HO DUW GHO PLVPR WH[WR OHJDOGDGR TX HXQDGHODVREOLJDFLRQHVTXH LPSRQHHO FRQWUDWRGHWUDEDMRDOHPSUHVDULRHVSUHFLVDPHQWHODOODPDGDGHXGDGHVHJXULGDGSDUD FRQ VXV WUDEDMDGRUHV \ HVWD REOLJDFLyQ FRQWUDFWXDO UHVXOWD YXOQHUDGD SRU HVD DFWLWXG LPSUXGHQWH(QPLRSLQLyQVHWUDWDUtDGHXQD UHVSRQVDELOLGDGFRQWUDFWXDOGHULYDGDGHO LQFXPSOLPLHQWRGHXQDREOLJDFLyQSURSLDGHOFRQWUDWRGHWUDEDMR\HQFRQVHFXHQFLDOD FRPSHWHQFLDSDUDFRQRFHUFRUUHVSRQGHUiDORUGHQVRFLDO / DV VHQWHQFLDV \ DXWRV HVWXGLDGRV DSUHFLDQ OD FRQFXUUHQFLD GH XQ LQFXPS OLPLHQWR FRQWUDFWXDOGHOHPSUHVDULRVyORFXDQGRTXHGDDFUHGLWDGDODLQIUDFFLyQGHXQSUHFHSWR FRQFUHWRGHODQRUPDWLYDUHJXODGRUDGHODSUHYHQFLyQGHULHVJRVHQHOWUDEDMR\GHOD VHJXULGDGHKLJLHQHHQ HOPLVPRVLORTXHVHFRQVLGHUDDFUHGLWDGRHVXQDDF WXDFLyQ FXOSRVD GHO HPSUHVDULR TXH FDXVD XQ DFFLGHQWH ODERUDO SHUR QR VH OOHJD D DSUHFLDU LQIUDFFLyQGHXQDQRUPDFRQFUHWDGHSUHYHQFLyQGHULHVJRVODERUDOHVVHWUDWDUiGHXQ VXSXHVWRGHFXOSDH[WUDFRQ WUDFWXDO RDTXLOLDQDFRPSHWHQFLDGHORUGHQFLYLO $G HPiV D O KLOR GH OR DQWHULRU HQ FXDOTXLHU FDVR HO FRQWUDWR GH WUDEDMR REOLJD DO HPSUHVDULR D GDU VHJXULGDG DO WUDEDMDGRU HQ VX SUHVWDFLyQ GH VHUYLFLRV WDO \ FRPR H[SRQHQORVDUWVG\(7\DUW/35/\ORVDFWRVLPSUXGHQWHVTXHGHQ RULJHQ DXQDFFLGHQWHODERUDOYLRODQFODUDPHQWHHVDREOLJDFLyQ$VtORH[SOLFDHODUW /35/HQFXDQWRTXH³GHEHUiJDUDQWL]DUODVHJXULGDG\VDOXGGHORVWUDEDMDGRUHVD VX VHUYLFLR HQ WRGRV ORV DVSHFWRV UHODFLRQDGRV FRQ HO WUDEDMR´ \ HO HPSUHVDULR HVWi REOL JDGRDDGRSWDU³FXDQWDVPHGLGDVVHDQQHFHVDULDVSDUDODSURWHFFLyQGHODVHJXULGDG \VDOXG´GHVXVHPSOHDGRV /DH[WHQVDQRUPDWLYDVREUHSUHYHQFLyQGHULHVJRVODERUDOHVHVWiFRPSUHQGLGRGHQWUR GHO 'HUHFKR GHO 7UDEDMR SRU OR TXH VL FXDOTXLHU SHUVRQD ³SRU DFFLyQ X RPLVLyQ«LQWHUYLQLHQGRFXOSDRQHJOLJHQFLD´FDXVDXQDFFLGHQWHGHWUDEDMRJHQHUDXQD UHVSRQVDELOLGDG TXH VH LQVHUWDUi GHQWUR GHO FDPSR GHO GHUHFKR GHO WUDEDMR \ GH OD VHJXULGDGVRFLDO 9,,,%,%/,2*5$)Ë$ '(/$6(51$)(55(50-\RWURV (OSUR FHVRODERUDO(VWXGLRVHQKRPHQDMHDO SURIHVRU/XLV(QULTXHGHOD9LOOD*LO(G/H[1RYD9DOODGROLG *25(//,+(51È1'(=-5HVSRQVDELOLGDGSDWULPRQLDOGHOHPSUHVDULRGHULYDGDGH ULHVJRVSURIHVLRQDOHV3UiFWLFDMXUtGLFD(G7HFQRV0DGULG *87,e55(=  62/$5&$/92% ³ 5HVSRQVDELOLGDGFLYLOSRUDFFLGHQWHVGHWUDEDMR  ¢HV OD OLPLWDFLyQ GH OD UHVSRQVDELOLGDG H[WUDFRQWUDFWXDO XQ FULWHULR DGHFXDGR SDUD GHWHUPLQDUHORUGHQM XULVGLFFLRQDOFRPSHWHQWH"&RPHQWDULRDOD676GHGHHQHUR GH ´ 5HODFLRQHVODERUDOHV5HYLVWDFUtWLFDGHWHRUtD\SUiFWLFD  ,661    1 SiJV  /D/H\ /848(3$55$0/DUHVSRQVDELOLGDGFLYLOGHOHPSUHVDULRHQPDWHULDGHVHJXULGDG \VDOXGHQHOWUDEDMR&RQVHMRHFRQyPLFR\VRFLDO0DGULG 0(5&$'(5 8*8,1$ -5 ³ ,QGHP QL]DFLRQHV GHULYDGDV GHO DFFLGHQWH GH WUDEDMR 6HJXULGDGVRFLDO\GHUHFKRGHGDxRV ´ /D/H\0DGULG 021*( )(51È1'(= $ FRRUG 5HVSRQVDELOLGDG \ FRQVWUXFFLyQ $VSHFWRV ODERUDOHVFLYLOHV\SHQDOHV(G7LUDQWOR%ODQFK9DOHQFLD