9LHZ6RQLF
3-'
2EWHQHUXQSUHIHULULGRWDPDxRGHODLPDJHQSUR\HFWDGD
/DGLVWDQFLDGHOOHQWHGHOSUR\HFWRUDODSDQWDOOD\HOYLGHRIRUPDWHDFDGDIDFWRUHQHOWDPDxR
GHODLPDJHQSUR\HFWDGD
/DQDWLYDUHVROXVLyQGHXQSUR\HFWRUHV[SL[HOHVHOFXDOLQGLFDXQDUHODFLyQGH
DVSHFWRH[SXOVDGRFRPR3DUDSRGHUSUR\HFWDUXPDFRPSOHWDLPDJHQGHUHODFLyQGH
DVSHFWRGHSDQWDOODDQFKDHOSUR\HFWRUSXHGHUHFRQ¿JXUDUHOWDPDxR\ODHVFDODGHXQD
LPDJHQGHSDQWDOODDQFKDDODQDWLYDDQFKXUDGHDVSHFWRRGHOSUR\HFWRU(VWRUHVXOWDUiHQXQD
DOWXUDDOWXUDPXFKDPiVLQIHULRUDOGHODVSHFWRRQDWLYRGHOSUR\HFWRU
3RUORWDQWRXQDLPDJHQGHDVSHFWRQRXVDUiHOGHODDOWXUDGHXPDLPDJHQGHDVSHFWR
PRVWUDGDSRUHOSUR\HFWRU(VWRQRVHYHUiFRPREDUDVRVFXUDVVLQHQFHQGLGRDORODUJRGH
ODSDUWHVXSHULRU\HOIRQGRDOWXUDYHUWLFDOUHVSHFWLYDPHQWHGHOiUHDSUR\HFWDGDGH
FXDQGRTXLHUDVHPXHVWUHXQDLPDJHQGHDVSHFWRHQHOFHQWURYHUWLFDOGHOiUHDSUR\HFWDGDGH
$OGHWHUPLQLQDUODSRVLFLyQGHVXSUR\HFWRU8GGHEHWRPDUHQFXHQWDGHOXVRSURSXHVWR\ODV
UHODFLyQGHDVSHFWRGHOVHxDOGHLQSXW7RGRVORVLQSXWVTXHQRVHDQORVGHYLGHRFRPSXHVWR
LQWURGXFLGRVDXQVHxDOGHDVSHFWRDSDUHFHQHQXQDUHODFLyQGHDVSHFWRVLQUHTXUHU
XQDGHDOWXUDGHH[KLELFLyQDGLFLRQDODODGHOiUHDSUR\HFWDGDGHDVSHFWR
1RVHOHFFLRQHXQDSRVLFLyQGHSUR\HFWRUEDVDGDDXQDSUR\HFFLyQGHVL8GQRYD
DQHFHVLWDUDVHOHFFLRQDUXQLQSXWTXHQRVHDXQYLGHRFRPSXHVWRLQWURGXFLGRDXQVHQDO
GHDVSHFWR
(OSUR\HFWRUGHEHVLHPSUHYHQLUHFRORFDGRGHPDQHUDKRUL]RQWDOSODQRHQXQDWDEOD\SRVLFLRQDGR
GHPDQHUDSHUSHQGLFXODUGHiQJXORGHUHFKR\FXDGUDGRDOFHQWURKRUL]RQWDOGHODSDQWDOOD(VWR
SUHYLHQHODGLVWRUVLyQFDXVDGDSRUSUR\HFFLRQHVGHiQJXORRSUR\HFFLyQHQVXSHU¿FLHVDQJXODUHV
(OPRGHUQRSUR\HFWRUGLJLWDOQRSUR\HFWDKDFLDDGHODQWH\GHPDQHUDGLUHFWDFRPRORVSUR
\HFWRUHVGHSHOtFXODGHFDUUHWHDFDUUHWHGHHVWLORDQWLJXR(QFDPELRORVSUR\HFWRUHVGLJL
WDOHVYLHQHQSDUDSUR\HFWDUDXQiQJXORSRFRKDFLDDUULEDGHOSODQRKRUL]RQWDOGHOSUR\HFWRU
(VWRHVSDUDTXHSXHGDQYHQLUFRORFDGRVHQXQDWDEODSDUDSUR\HFWDUKDFLDDGHODQWH\DWUiVHQ
XQDSRVLFLRQDGDSDUDTXHHOPDUJHQGHIRQGRGHODSDQWDOODTXHGHVREUHHOQLYHOGHODWDEOD\
WRGRVHQHOFXDUWRSXHGDQYHUODSDQWDOOD
6LHOSUR\HFWRUYLHQHPRQWDGRHQXQWHFKRGHEHVHUPRQWDGRSDWDVDUULEDSDUDTXHSUR\HFWH
GHXQiQJXORSRFRKDFLDDEDMR
8GSXHGHYHUGHOGLDJUDPDHQ3iJLQDTXHHVWHWLSRGHSUR\HFFLyQKDFHTXHHOIRQGRGHOD
LPDJHQSUR\HFWDGDVHDFRPSHQVDGRGHOSODQRKRUL]RQWDOGHOSUR\HFWRU(QFDVRGHPRQWDMH
GHWHFKRVHUH¿HUHDOPDUJHQVXSHULRUGHODLPDJHQSUR\HFWDGD
6LHOSUR\HFWRUYLHQHSRVLFLRQDGRPiVDOHMDGRGHODSDQWDOODHOWDPDxRGHODLPDJHQSUR\HF
WDGDDXPHQWD\ODFRPSHQVDFLyQYHUWLFDOWDPELpQDXPHQWDSURSRUFLRQDOPHQWH
$OGHWHUPLQHUODSRVLFLyQGHODSDQWDOOD\HOSUR\HFWRU8GQHFHVLWDUiWHQHUHOWDPDxRGHODV
LPiJHQHVSUR\HFWDGDV\ODGLPHQVLyQGHFRPSHQVDFLyQYHUWLFDOORVFXDOHVYLHQHQGLUHFWD\
SURSRUFLRQDOPHQWHDODGLVWDQFLDGHSUR\HFFLyQ
,PDJHQGHDVSHFWRR HQXQDiUHD
GHYLVXDOL]DFLyQGH
,PDJHQGHDVSHFWRRHQHVFDODDO
iUHDGHYLVXDOL]DFLyQGH