Augusto y las aves - ceipac

22
C o l · l e c c i ó
INSTRUMENTA
AUGUSTO Y LAS AVES.
LAS AVES EN LA ROMA DEL PRINCIPADO:
PRODIGIO, EXHIBICIÓN Y CONSUMO
Santiago Montero Herrero
Publicacions i Edicions
U
UNIVERSITAT DE BARCELONA
B
AUGUSTO Y LAS AVES.
LAS AVES EN LA ROMA DEL PRINCIPADO:
PRODIGIO, EXHIBICIÓN Y CONSUMO
Santiago Montero Herrero
Publicacions i Edicions
U
UNIVERSITAT DE BARCELONA
B
Ë1',&(*(1(5$/
3UyORJR'%ULTXHO
3ULPHUD3DUWH
,QWURGXFFLyQ/DVDYHVHQHO~OWLPRVLJORGHOD5HS~EOLFD$XVSLFLXP\SURGLJLXP
/DDXJXUDWLRHQWLHPSRVGH&LFHUyQ¢GHFDGHQFLDRWUDQVIRUPDFLyQ"
/DGLYLVLyQGHODDXJXUDWLR
/RVDXJXUHV\VXFRQIURQWDFLyQFRQORVDU~VSLFHV
/DLQWHUYHQFLyQGHODVDYHVGHODXVSLFLXPDOSURGLJLXP
/DVDYHVGHOQDFLPLHQWRGH2FWDYLRDORV,GXVGH0DU]RD&
/DVDYHVHQHODxRD&HOQDFLPLHQWRGH2FWDYLR
2FWDYLR\HOiJXLODGHOD9LD&DPSDQDD&"
/DVDYHVGXUDQWHVODVJXHUUDVFLYLOHVD&
/DVSDORPDVGH0XQGDPDU]RD&
/RVLGXVGHPDU]RHOUHJDOLROXV\HOE~KRPDU]RD&
&XHUYRVHQHOWHPSORGHORV'LyVFXURV0DUFR$QWRQLR\'RODEHOODD&
/DVDYHVGHODEDWDOODGH0yGHQDDODGH$FWLXPD&
/DDXVSLFDWLRGHOD&
3LFKRQHVHQODEDWDOODGH0yGHQDDEULOD&
/RVGRFHEXLWUHVGHO,FRQVXODGRDJRVWRD&
3URGLJLRVSDUDORVWULXQYLURV2FWDYLR\HOiJXLODGH%RORQLDRFWXEUHD&
/DPXHUWHGH&LFHUyQ\ORVFXHUYRVGLFLHPEUHD&
/DVDYHVHQODEDWDOODGH)LOLSRVRFWXEUHD&
/LYLD\ODRRVFRSLDHOQDFLPLHQWRGH7LEHULRD&
2FWDYLRDXJXUD&
/DFLJHxDHQODVHPLVLRQHVPRQHWDULDVGH0DUFR$QWRQLRD&
2FWDYLR\0$QWRQLRHQODSHOHDGHJDOORVD&
/DERGDGH2FWDYLR\/LYLDORVQXSWLDUXPDXVSLFHVHQHURD&
(ORPHQGHODYLOODDG*DOOLQDVLQLFLRVD&
2FWDYLRFRQWUD6H[WR3RPSH\RORVSiMDURVHVSDUFHQOOXYLDGHVDQJUHD&
/DVDYHVGHO$YHUQRD&
(OHPSOD]DPLHQWRGHOD'RPXV$XJXVWDD&
/DVDYHVHQODEDWDOODGH$FWLXPODVJRORQGULQDVGHOD$QWRQLDVVHSWLHPEUHD&
2FWDYLRHQ(JLSWRHOKDOFyQD&
/LYLD\ORVSDYRVD&
2FWDYLRHOFXHUYRODXUUDFD\HOSDSDJD\RD&
/DVDYHVHQHO3ULQFLSDGRGH$XJXVWR'HODXJXULXPVDOXWLVDODPXHUWHGH$JULSDD&
(ODXJXULXPVDOXWLVD&
(OFXDGURGHOD&XULD-XOLDHOiJXLOD\ODVHUSLHQWHD&
2FWDYLRVRGDOLV7LWLXVD&"
(OWtWXORGH$XJXVWXVD&
/DUHFXSHUDFLyQGHODVDTXLODHGH&UDVRD&
$XJXVWR\HODYHGHOD,QGLDD&
/DUHIRUPDGHODxRD&\HOPRQRSROLRDXVSLFLDOHQODVSURYLQFLDV
/RV/XGL6DHFXODUHVODDXVHQFLDGHO)pQL[D&
/DUHVWDXUDFLyQGHOWHPSORGH4XLULQRD&
+RUDFLR2G,9'UXVR\HOiJXLODD&
/RVRPLQDPRUWLVGH$JULSDHOE~KR\HO³DYHLQFHQGLDULD´D&
(ODOWDUGHO%HOYHGHUHHOiJXLOD\ODDVFHQVLyQGH$JULSDDOFLHORD&
/DVDYHVHQHO3ULQFLSDGRGH$XJXVWR'HODPXHUWHGH$JULSDDODPXHUWHGH$XJXVWRD&G& /DUHFRQVWUXFFLyQGHO&DSLWROLR/DVRFDVGH-XQRD&
/DVDYHVGHO$UD3DFLVD&
/DVDYHVHQOD&RQVRODWLRDG/LYLDP3URJQH\)LORPHODD&
/DVDYHVHQHOGHVWLHUURGH2YLGLRD&
+HURGHV\HOiJXLODGHRURD&
(O)RURGH$XJXVWR(OIURQWyQGHOWHPSORGH0DUV8OWRU\ODHVWDWXDGH9DOHULR&RUYLQRD& (ODOWDUGHO9LFXV6DQGDODULXV$XJXVWR\ORVSROORVVDJUDGRVGHOWULSXGLXPVROOLVWLQXPD& /RVRPLQDLPSHULLGH7LEHULRHOiJXLODGH5RGDVG&
/DSpUGLGDGHODVDTXLODHGH9DURG&
/DJHPDDXJ~VWHDGH9LHQDHOiJXLOD\HOWURQRG&
/RVRPLQDPRUWLVGH$XJXVWRHOiJXLODGHO&DPSRGH0DUWHG&
/DPXHUWHGH$XJXVWRHOiJXLODGHOURJXVG&
/DVDYHV\HO'LYXV$XJXVWXV
6HJXQGD3DUWH
/DVDYHVHQOD5RPDGH$XJXVWR([KLELFLyQFRQVXPR\UHJDOR
/DVDYHVHQODFLXGDG
/DVDYHVHQHOFDPSRGHODYLDULXPGH9DUUyQDODYLOODGH/LYLD
/DVH[SORWDFLRQHVDYtFRODV
/RVWUDWDGRVVREUHDYHV
&XDOLGDGHV\YLUWXGHVGHODVDYHVLQJHQLXP\VROOHUWLD
/DFDSWXUDGHDYHVORVDXFXSHV
(OFRQVXPRGHDYHVHQOD5RPDGH$XJXVWROX[XV\QHIDV
/DLPSRUWDFLyQGHDYHV\ODSD[DXJXVWD
/DVPHVDVSULYDGDV$XJXVWR\HOFRQVXPRGHDYHV
2IHOLR\&DFLR+RUVDW,,ODJDOOLQD\HOSDYR
5HDFFLyQ¿ORVy¿FDDOFRQVXPRGHDYHV
/DVDYHVFRPRUHJDORHQODFLXGDG\HOFDPSRHOSDSDJD\R\ODSDORPD
/DVDYHVHQODUHOLJLyQ\ODPDJLD
$XVSLFDWLR\UHOLJLRVLGDGSRSXODU
(OVDFUL¿FLRGHODVDYHV
/RVSiMDURV\ODPXHUWHVXSUHVHQFLDHQHO+DGHV
/DVDYHVHQODVSUiFWLFDVUHOLJLRVDV
/DVDYHVHQORVWUDWDGRVGHPHGLFLQDODFRPSRVLWLRGH/LYLD
%LEOLRJUDItD
ËQGLFH$QDOtWLFR3HUVRQDV'LRVHV7RSyQLPRV$XWRUHVPRGHUQRV
ËQGLFHGH)XHQWHV
3URFHGHQFLDGHODV,OXVWUDFLRQHV
35Ï/2*2
/RUVTX¶RQ YLVLWH DXMRXUG¶KXL XQH YLOOH DQWLTXH PrPH SDUPL OHV PLHX[ FRQVHUYpHV FRPPH
3RPSpL RX 2VWLH RQ D GX PDO j VH GpJDJHU GH O¶LPSUHVVLRQ GH YLGH GH VLOHQFH G¶LUUpDOLWp TX¶HOOHV
GRQQHQW7RXWHYLHVHPEOHV¶HQrWUHDOOpHHWLOIDXWSRXUOHWRXULVWHPRGHUQHUHFRQVWLWXHUPHQWDOHPHQWFH
TX¶HOOHVSRXYDLHQWrWUHGXWHPSVRHOOHVpWDLHQWSOHLQHVGHOHXUVKDELWDQWVHWGHOHXUVDFWLYLWpV0DLVVLRQ
LPDJLQHIDFLOHPHQWTX¶HOOHVIXVVHQWSHXSOpHVG¶rWUHVKXPDLQVRQQHSHQVHJXqUHTX¶LOVpWDLHQWORLQG¶rWUH
OHVVHXOVjRFFXSHUO¶HVSDFHXUEDLQ2U6DQWLDJR0RQWHURQRXVUDSSHOOHFHWWHVLPSOHYpULWpGRQWQRXV
Q¶DYRQVSOXVUpHOOHPHQWFRQVFLHQFHTX¶XQHYLOOHFRPPHOD5RPHDXJXVWpHQQHpWDLWSOHLQHG¶RLVHDX[
TXHFHVYRODWLOHVRFFXSDLHQWXQHSODFHLPSRUWDQWHGDQVODFLWpIDLVDLHQWSDUWLHGHO¶XQLYHUVPDWpULHOHW
PHQWDOGDQVOHTXHOOHV5RPDLQVYLYDLHQW/¶9UEVLOOHVRXOLJQHjMXVWHWLWUHpWDLWSOHLQHG¶HVSDFHVYHUWV
GHSXLVOHVMDUGLQVGHVSDUWLFXOLHUVMXVTX¶DX[ERLVVDFUpVGHVWHPSOHVTXLDEULWDLHQWWRXWHXQHJHQWDLOpH
TXHOHV5RPDLQVGXWHPSVFRQQDLVVDLHQWELHQDYHFTXLLOVFRKDELWDLHQW&HQ¶pWDLHQWSOXVG¶DLOOHXUVOHV
VHXOHV HVSqFHV QDWLRQDOHV /HV VRXUFHV QRXV SDUOHQW PrPH GDYDQWDJH GHV RLVHDX[ H[RWLTXHV TXH GHV
YRODWLOHVWUDGLWLRQQHOVWHOOHPHQWDQFUpVGDQVOHVKDELWXGHVTXH9LUJLOHGDQVOHV*pRUJLTXHVQ¶pSURXYH
SDVOHEHVRLQGHSDUOHUG¶XQW\SHG¶pOHYDJHTXLH[LVWDLWSDUWRXWHWHQYLOOHDXWDQWTX¶jODFDPSDJQH'DQV
FHWWHYLOOHHQULFKLHHWGHYHQXHFHQWUHGXPRQGHOHVHVSqFHVQRXYHOOHVHQHIIHWQHPDQTXDLHQWSDVVL
5RPHjODGLIIpUHQFHG¶$OH[DQGULHQHSRVVpGDLWSDVGH]RROHOX[HJUDQGLVVDQWDYDLWIDLWDSSDUDvWUH
OHVIDLVDQVHWOHVSDRQVHWODPRGHGHVYROLqUHVWHOOHFHOOHIDPHXVHGH9DUURQGDQVVDYLOODSUqVGH
&DVVLQRV¶pWDLWUpSDQGXHGDQVO¶DULVWRFUDWLH%LHQW{WOHOLYUHGHUHFHWWHVG¶$SLFLXVpFULWVRXVOHUqJQH
GH7LEqUHWpPRLJQHUDGHVDSSOLFDWLRQVGDQVOHGRPDLQHGHODJDVWURQRPLHGHFHWWHTXrWHGHFDWpJRULHV
UDI¿QpHVG¶RLVHDX[V\PEROHGHO¶HQYDKLVVHPHQWGHODYLHLOOHFLWpGHVERUGVGX7LEUHSDUXQOX[HTXHOHV
PRUDOLVWHVQHVHSULYDLHQWSDVGHIXVWLJHU/HVGLHX[QHOHFpGDLHQWG¶DLOOHXUVSDVDX[KRPPHVSRXUOD
FRQVRPPDWLRQGHVRLVHDX[jWUDYHUVOHVRIIUDQGHVDYLDLUHVTX¶LOVUHFHYDLHQW9pQXVVHYR\DLWVDFUL¿HU
GHVFRORPEHV,VLVGHVRLHV(VFXODSHHWjHQFURLUH2YLGHOD1XLWGHVFRTV%UHIFHOLYUHQRXVUHPHWHQ
SUpVHQFHG¶XQHYLOOHWRXWHEUXLVVDQWHGHVFULVGHVRLVHDX[WRXWHHPSOLHGHOHXUYRO±FHTXLHVWXQHPLVH
DXSRLQWQpFHVVDLUHSRXUFHTXLHVWO¶HVVHQWLHOGXOLYUHF¶HVWjGLUHO¶pWXGHFHTX¶DUHSUpVHQWpFHWWHHVSqFH
DQLPDOHGDQVOD5RPHG¶$XJXVWHHWHQSUHPLHUOLHXSRXUOHSULQFHOXLPrPHjWUDYHUVOHVFRQQRWDWLRQV
UHOLJLHXVHVOLpHVjFHWDQLPDOTXLVHPHXWGDQVOHFLHOHWSDUDvWGRQFQDWXUHOOHPHQWSUpGLVSRVpjMRXHUOH
U{OHG¶LQWHUPpGLDLUHHQWUHOHVKRPPHVYLYDQWVXUODWHUUHHWOHVGLHX[TXLVLqJHQWGDQVOHVFLHX[
/HSRLQWGHYXHHVWRULJLQDOPDLVULHQQHVHUDLWSOXVIDX[TXHGHV¶LPDJLQHUTX¶LOUpSRQGjXQH
TXHOFRQTXH PRGH pFRORJLTXH UHSUpVHQWH XQ GH FHV VXMHWV GLWV QRXYHDX[ PDLV TXL ¿QDOHPHQW QRXV
DSSUHQQHQWSOXVVXUOHVDWWHQWHVGHQRWUHWHPSVTXHVXUODSHUFHSWLRQGHVFKRVHVTXHOHV$QFLHQVSRXYDLHQW
DYRLU&DUV¶DJLVVDQWG¶©$XJXVWHHWOHVRLVHDX[ª6DQWLDJR0RQWHURDFKRLVLXQJUDQGHWEHDXVXMHWXQH
PpWKRGHG¶DSSURFKHSHUWLQHQWHHWIpFRQGHVXUOHSHUVRQQDJHHWVRQWHPSV2QSHXWPrPHV¶pWRQQHUTX¶LO
Q¶DLWSDVpWpWUDLWpDXSDUDYDQW&DUjUHSUHQGUHODOLVWHPLQXWLHXVHGHWRXVOHVpYpQHPHQWVGHODYLHGX
SULQFHTXLO¶RQWPLVHQUHODWLRQDYHFODJHQWDLOpHRQV¶DSHUoRLWTXHFHOOHFLV¶HVWPDQLIHVWpHjWRXVOHV
PRPHQWVLPSRUWDQWVGHVDFDUULqUHGHSXLVVRQHQIDQFHPDUTXpHSDUOHVLJQHGHO¶DLJOHYHQXOXLHQOHYHU
OHSDLQTX¶LOWHQDLWVXUODYLD&DPSDQDMXVTX¶jVDPRUWDQQRQFpHSDUO¶DSSDULWLRQG¶XQDLJOHDXFKDPS
GH0DUVORUVGHODFpUpPRQLHGHFO{WXUHGXOXVWUHHQHWTXLGRQQHUDOLHXjO¶HQYROG¶XQDXWUHDLJOHGH
VRQE€FKHUIXQpUDLUH±HQXQpSLVRGHGRQW6DQWLDJR0RQWHURDUDLVRQGHGpIHQGUHO¶KLVWRULFLWpDSSX\pH
VXUOHSUpFpGHQWG¶$JULSSDPrPHVLOHVHXOWpPRLQHQHVW'LRQ&DVVLXVHWVL6XpWRQHQ¶HQSDUOHSDV(Q
VRQSUHPLHUFRQVXODWHVWPDUTXpSDUO¶DSSDULWLRQGHYDXWRXUVDXFKDPSGH0DUVSXLVODFRQFOXVLRQGX
WULXPYLUDWSDUFHOOHG¶XQDLJOHj%RORJQHO¶DQQpHVXLYDQWHOHUpVXOWDWGHODEDWDLOOHGH3KLOLSSHVTXLYRLW
ODGpIDLWHGHVW\UDQQLFLGHVHVWDQQRQFpSDUXQHOXWWHGHGHX[GHFHVRLVHDX[HQOHGpEXWGHODFDPSDJQH
FRQWUH6H[WXV3RPSpHGRQQHOLHXDXSURGLJHG¶RLVHDX[UpSDQGDQWGXFLHOXQHSOXLHGHVDQJHQOD
YLFWRLUH¿QDOHG¶$FWLXPHVWSUpFpGpHSDUO¶RPHQGpIDYRUDEOHSRXUHX[GHFRORPEHV±DQLPDOOLpj9pQXV
O¶DQFrWUHGHODJHQV-XOLD±QLFKDQWGDQVODSRXSHGXQDYLUHDPLUDOGHODÀRWWHG¶$QWRLQHHW&OpRSkWUH&H
QHVRQWOjTXHGHVH[HPSOHVSDUPLG¶DXWUHVWDQWFKDTXHWRXUQDQWGHODYLHGXIRQGDWHXUGHO¶(PSLUHHVW
PDUTXpSDUXQVLJQHGRQQpSDUGHVRLVHDX[$SUqVWRXWLOQ¶\DSDVjV¶HQpWRQQHUSRXUXQSHUVRQQDJHTXLD
FKRLVLGHSUHQGUHOHVXUQRPG¶$XJXVWHGRQW6DQWLDJR0RQWHURQRXVUDSSHOOHpOpPHQWGRQWRQQ¶DYDLWVDQV
GRXWHMDPDLVDXVVLELHQPLVHQYDOHXUODSRUWpHDYDQWOXLTX¶LOHVWDSSDUHQWpjODIDPLOOHOH[LFDOHG¶DXJXU
DXJXULXPHWLPSOLTXDLWXQUDSSRUWSULYLOpJLpDYHFOHVRLVHDX[jWUDYHUVODSURFpGXUHGHVDXVSLFHV
3DUFHWWHYDOHXUUHOLJLHXVHDFFRUGpHjO¶RLVHDXOHVXMHWV¶LQVFULWGDQVODGURLWHOLJQHGHVWUDYDX[
SUpFpGHQWVGHO¶DXWHXUHWVHVFRQWULEXWLRQVIRQGDPHQWDOHVVXUO¶KLVWRLUHGHODGLYLQDWLRQj5RPH0DLV
GDQVFHVRXYUDJHVTXLVRQWGHYHQXVGHVUpIpUHQFHVREOLJpHVTXHVRQW3ROtWLFD\DGLYLQDFLyQHQHO%DMR
,PSHULR5RPDQRHPSHUDGRUHV\KDU~VSLFHVG&G&SDUXj%UX[HOOHVHQRX7UDMDQR
\ODDGLYLQDFLyQ3URGLJLRVRUiFXORV\DSRFDOtSWLFDHQHO,PSHULR5RPDQRG&SDUXj0DGULG
HQQRWUHFROOqJXHGHO¶8QLYHUVLWp&RPSOXWHQVHV¶HQpWDLWWHQXjGHVSpULRGHVSRXUOHVTXHOOHVRQD
SDUOpG¶XQUpYHLOGXUHOLJLHX[VLQRQG¶XQUHWRXUjO¶LUUDWLRQQHO±HWSRXUOHVTXHOOHVSRXUUDLWRQGLUHOD
GLYLQDWLRQDOODLWGHVRLQ¶pWDLWSDVUHPLVHHQFDXVH$YHFFHQRXYHORXYUDJH6DQWLDJR0RQWHURFRQWLQXDQW
OD UHPRQWpH GDQV OH WHPSV TXL O¶DYDLW GpMj FRQGXLW GH O¶$QWLTXLWp WDUGLYH DX VLqFOH GHV$QWRQLQV HQ
DUULYHjDIIURQWHUOHSUREOqPHGHVSUDWLTXHVGLYLQDWRLUHV±\FRPSULVFHOOHVUHOHYDQWGHO¶DXJXUDW±DX
WRXUQDQWGHOD5pSXEOLTXHHWGHO¶(PSLUHjXQHpSRTXHRGHO¶DYHXJpQpUDOOHVIRUPHVWUDGLWLRQHOOHV
GHFHVSUDWLTXHVVRQWHQFULVHHWRVHSURGXLWXQHUpDFWLRQLQWHOOHFWXHOOH±GRQWOH'HGLYLQDWLRQHGH
&LFpURQHVWOHPHLOOHXUWpPRLQ±FRQWUHODSRVVLELOLWpPrPHGHODGLYLQDWLRQ0DLVGpMj6DQWLDJR0RQWHUR
QRXV DSSUHQG j UHODWLYLVHU FHWWH FULVH j UHMHWHU OHV VFKpPDV WURS VLPSOHV HQ VRXOLJQDQW FRPELHQ j
F{Wp GHV DQWLTXHV SUDWLTXHV DXJXUDOHV G¶DXWUHV IRUPHV GH GLYLQDWLRQ VH IRQW MRXU VH PrODQW SDUIRLV
LQH[WULFDEOHPHQWFRPPHRQOHYRLWDYHFO¶KDUXVSLFLQHDYHFFHOOHVGHVDXJXUHV/HUHMHWGHODGLYLQDWLRQ
Q¶HVWSDVXQLYHUVHOORLQGHOj$SUqVWRXWPrPHGDQVOH'HGLYLQDWLRQHOHGLVFRXUVVFHSWLTXHGH&LFpURQ
FRH[LVWHDYHFFHOXLGHVHQVRSSRVpTX¶LOSUrWHjVRQIUqUH4XLQWXV±HWO¶RUDWHXUVHJDUGHELHQGHFRQFOXUH
DXWHUPHGXGpEDW(QIDLWF¶HVWSOXW{WjXQGpSODFHPHQWGHO¶REMHWGHFHVSUDWLTXHVTX¶RQDVVLVWHDYHF
OHSDVVDJHG¶XQHIRUPHSOXVUHOLJLHXVHTXLVHVRXFLHDYDQWWRXWG¶REWHQLUO¶DVVHQWLPHQWGHVGLHX[OH
PDLQWLHQGHODSD[GHRUXPHWGHVERQQHVUHODWLRQVHQWUHODFLWpHWVHVGLHX[jXQHTXrWHSURSUHPHQW
GLYLQDWRLUHROHVKRPPHV±HWQRWDPPHQWOHVJUDQGVDPELWLHX[TXLFKHUFKHQWjDVVHRLUOHXUSRXYRLU
SHUVRQQHOGDQVOD5pSXEOLTXH¿QLVVDQWH±UHFKHUFKHQWODUpYpODWLRQGHO¶DYHQLUTXLOHVDWWHQG6LELHQTXH
VRXVFHWWHIRUPHQRXYHOOHOHVSUDWLTXHVGHFHW\SHFRQQDLVVHQWXQHYLWDOLWpLQWHQVHGRQWODIUpTXHQFHGHV
VLJQHVOLpVjGHVRLVHDX[GRQWOHIRQGDWHXUGXSULQFLSDWDXUDLWEpQp¿FLpHVWXQHFODLUHDWWHVWDWLRQ7RXV
FHVVLJQHVVRQWPLQXWLHXVHPHQWDQDO\VpVSDU6DQWLDJR0RQWHURTXLQRXVUDSSHOOHjMXVWHWLWUHOHVHQVGH
FHUWDLQVWUDLWVGRQWQRXVQ¶DYRQVSOXVFRQVFLHQFH±FRPPHODYDOHXUG¶RPHQGHYLFWRLUHGHVDLJOHVGHV
OpJLRQVURPDLQHVHWSDUFRQVpTXHQWO¶LPSRUWDQFHFUXFLDOHGHODUpFXSpUDWLRQGHVHQVHLJQHVSHUGXHVSDU
&UDVVXVj&DUUKHVTX¶RQUpGXLWXQSHXWURSIDFLOHPHQWjO¶HIIHWG¶XQHSURSDJDQGHFRPSODLVDQWHGHOD
SDUWGHVWKXULIpUDLUHVGXQRXYHDXUpJLPH&HUWHVQRXVDYRQVWHQGDQFHjMXJHUGHELHQGHVIDLWVTXHQRXV
UDSSRUWHQWQRVVRXUFHVHQWHUPHVGHSURSDJDQGHGHPDQLSXODWLRQGHO¶RSLQLRQjDWWULEXHUj$XJXVWH
VXUWRXWORUVTX¶LOQ¶pWDLWHQFRUHTX¶2FWDYHXQPDFKLDYpOLVPHXVDQWGHWRXVOHVPR\HQVSURSUHVjVpGXLUH
OHVIRXOHVSRXUpWDEOLUVRQSRXYRLU0DLVHWFHQ¶HVWVDQVGRXWHSDVOjOHPRLQGUHPpULWHGXOLYUH6DQWLDJR
0RQWHURQRXVODLVVHHQWUHYRLUFHWWHSDUWGHFUR\DQFHLUUDWLRQQHOOHG¶LQWHUYHQWLRQG¶XQGHVWLQVXUQDWXUHO
TXHOHSULQFHjO¶LPDJHGHODSOXSDUWGHVHVFRQWHPSRUDLQVUHFHODLWHQOXLPrPH&¶HVW¿QDOHPHQWjXQH
QRXYHOOHOHFWXUHGXSHUVRQQDJHG¶$XJXVWHTXHQRXVLQYLWHQWFHVSDJHV
'20,1,48(%5,48(/
8QLYHUVLWpGH3DULV6RUERQQH3DULV,9
0LGHGLFDFLyQHQORV~OWLPRVDxRVDOHVWXGLRGHODVUHODFLRQHVHQWUHODDGLYLQDFLyQ\ODSR
OtWLFD \ VRFLHGDG URPDQDV (PSHUDGRUHV \ KDUXVSLFHV 0XMHU \ DGLYLQDFLyQ HQ OD 5RPD DQWLJXD
7UDMDQR\ODDGLYLQDFLyQPHKDSHUPLWLGRLUDGYLUWLHQGRFyPRFRQODWUDQVIRUPDFLyQRGHFDGHQFLD
GHODFLHQFLDDXJXUDOVHSURGXFHXQDLPSRUWDQWHQRYHGDGODLUUXSFLyQGHODVDYHVHQHOiPELWRGHO
SURGLJLR 6XV DSDULFLRQHV QR VROLFLWDGDV SRU HO KRPEUH VHUiQ LQWHUSUHWDGDV SRU ORV DXJXUHV TXH
ODVFRQVLGHUDQDXVSLFLDREODWLYD\SRUORVDU~VSLFHVSDUDTXLHQHVVHWUDWDGHSURGLJLDDXQTXHORV
VLJQRVVRQPXFKDVYHFHVWDQFODURVTXHQRQHFHVLWDUiQODLQWHUYHQFLyQGHORVVDFHUGRWHV/DVDYHV
LUUXPSHQHQODVJUDQGHVEDWDOODVGHHVWHSHULRGRFRPR0XQGD)LOLSRVR$FWLXPDQXQFLDQODPXHUWH
GHSHUVRQDMHVFRPR&pVDU&LFHUyQR$JULSDRVHGHFDQWDQSRUXQRXRWUREDQGRHQODOXFKDSROtWLFD
$XJXVWRVHVHUYLUiGHHOODVGHVGHDOPHQRVHOKDVWDVXPXHUWHSDUDFRQVROLGDUVXVDVSLUDFLRQHV
SROtWLFDV\PLOLWDUHV\FRPEDWLUDVXVHQHPLJRV8QDVHJXQGDSDUWHDQDOL]DDGHPiVGHODH[KLELFLyQ
GHODVDYHVHQODFLXGDGDVSHFWRVUHOLJLRVRVFRPRHOSUREOHPDGHVXFRQVXPRHOVDFUL¿FLRGHDYHV\
VXLQFOXVLyQHQODVSUiFWLFDVPiJLFDV
(OWUDEDMRGHHVWRVDxRVKDVLGRHQJUDQSDUWHSRVLEOHJUDFLDVDODFRQFHVLyQSRUOD8QLYHUVL
GDG&RPSOXWHQVHGH0DGULGGHXQSUR\HFWRGHLQYHVWLJDFLyQSDUDHODxR3UFRQHO
TXHSXGHYLVLWDUYDULDVELEOLRWHFDVH[WUDQMHUDV0LDJUDGHFLPLHQWRDODSURIHVRUD0HUFHGHV0ROLQD
'HFDQDGHOD)DFXOWDGGH*HRJUDItDH+LVWRULDSRUDQLPDUPHDVROLFLWDUOR
4XLVLHUDDJUDGHFHUPX\HVSHFLDOPHQWHWDPELpQDOSURIHVRU-RVp5HPHVDOTXHKD\DDFRJLGR
HQODSUHVWLJLRVDFROHFFLyQ,QVWUXPHQWDHOSUHVHQWHWUDEDMR3HVHDOWLHPSRWUDQVFXUULGRPXFKRVHQOD
8QLYHUVLGDG&RPSOXWHQVHOHVHJXLPRVUHFRUGDQGRSRUVXHQWUHJDDODUHYLVWDGHO'HSDUWDPHQWRVX
IHFXQGDODERUGRFHQWH\ODSUR\HFFLyQLQWHUQDFtRQDOGHVXLQYHVWLJDFLyQ
6$17,$*20217(52
9LOODGL&RUOLDQR3LVD
/$6$9(6(1/$520$'($8*8672(;+,%,&,Ï1&216802<5(*$/2
/$6$9(6(1/$&,8'$'
/RVURPDQRVJXVWDEDQ±PXFKRPiVGHORTXHKR\SXHGDVXFHGHUURGHDUVHGHSiMDURVGHWRGDV
FODVHVVHDHQODFLXGDGRHQODVYLOODH&RPRKDHVWXGLDGR-$PDWPXFKRVYLYtDQHQVHPLOLEHUWDGHQ
ODFDVDEDVWDEDFRQSURSRUFLRQDUOHVXQUHIXJLR±OXMRVRRU~VWLFRGRQGHSDVDUODQRFKH/DDEXQGDQFLD
GHHVWDQTXHVERVTXHVVDJUDGRV\KRUWLIDYRUHFLyVLQGXGDXQDQRWDEOHSUHVHQFLDGHODVDYHVHQHOUHFLQWR
XUEDQRTXHFRPSHQVDEDODDXVHQFLDGHXQ]RROyJLFRFRPRHOGH$OHMDQGUtD1RREVWDQWHGLFKDOLEHUWDG
QXQFDOOHJyDOH[WUHPRGHORTXHVXFHGtDHQOD$OHMDQGUtDGH$XJXVWRGRQGHHOLELV±VHPHMDQWHSRUVX¿JXUD
\GLPHQVLRQHVDXQDFLJHxDUHFRUUtDOLEUHPHQWHODVFDOOHVGHODFLXGDGOLPSLiQGRODDVtGHORVGHVHFKRVGH
ORVPHUFDGRV\GHUHSWLOHVSHURFDXVDQGRWDPELpQQRSRFRVLQFRQYHQLHQWHVFRQVXSUHVHQFLD
/RVSDYRVHUDQYLVWRVVREUHWRGRHQORVSDUTXHVS~EOLFRVGHODVJUDQGHVFLXGDGHV&RQVDJUDGR
DODGLRVD-XQRHVWHSiMDURVHGXFtDDORVURPDQRVPXFKRDQWHVGHTXH$XJXVWRQDFLHUD/XFUHFLRVH
PDUDYLOODGHORVP~OWLSOHVWRQRVTXHDGTXLHUHVXFRODVHJ~QVXH[SRVLFLyQDOVROFDXGDTXHSDYRQLV
ODUJRFXPOXFHUHSOHWDHVWFRQVLPLOLPXWDWUDWLRQHREYHUVDFRORUHV'H5HUXP1DWXUD,,3DUD
&LFHUyQVHWUDWDGHXQRGHHVRVUDURVDQLPDOHVTXHQRWLHQH¿QDOLGDGDOJXQDVLQRHVODSXUDPHQWH
RUQDPHQWDODGPLUDVXEHOOH]D\D¿UPDTXHHO~QLFRDYHFRPSDUDEOHDpOHVHOPtWLFRIpQL[&LF¿Q
&ROXPHOD559,,,D¿UPDTXHODEHOOH]DGHHVWDVDYHVGHOHLWDDORVH[WUDxRVSHURD~Q
PiVDVXVGXHxRV6LQHPEDUJRQRSRGHPRVROYLGDUTXHGXUDQWHHO3ULQFLSDGRGH$XJXVWRHUDQ
-$0$7/HVDQLPDX[IDPLOLHUVGDQVOD5RPHDQWLTXH3DULV(QpSRFDGH$XJXVWR5RPDGHEtDGHVHUXQD
FLXGDGULFDHQ]RQDVYHUGHVHVSHFLDOPHQWHHQWRUQRDO3LQFLRMDUGLQHVGH/~FXOR\GH6DOXVWLRDOHMH9LPLQDO(VTXLOLQR&HOLR
KRUWL$VLDQL&DO\GDQL/DXULDQL0DLDQLMDUGtQGH0HFHQDVHWF\DODRULOODGHUHFKDGHO7LEHU
6WUDE;9,, &6REUHOD$OHMDQGUtDGH$XJXVWR&%$/&21,$OHVVDQGULDQHOOHWjDXJXVWHDHQ$VSHWWLGLYLWDHQ
(JLWWRHVRFLHWjDQWLFD$WWL&RQYHJQR7RULQR9,;,0LODQR
PXFKRVTXLHQHVVDERUHDEDQVXFDUQHHQODPHVD\TXLHQHVFRPHQ]DEDQDDSUHFLDUORSRUVXVSOXPDV
OD &LQWLD GH 3URSHUFLR GHVHD XQ DEDQLFR GH FROD GH SDYR UHDO HW PRGR SDYRQLV FDHGDH ÀDEHOOD
VXSHUEDH,,4XL]iHVWHGLYRUFLRHQWUHTXLHQHVFULDEDQSDYRVHQVXVMDUGLQHVSDUDGHOHLWHGH
ODYLVWD\TXLHQHVORVFRPtDQH[SOLTXHTXHHOHPSHUDGRU7LEHULRGLHUDPXHUWHDXQVROGDGRSUHWRULDQR
SRUTXHOHKDEtDUREDGRXQSDYR6XHW7LE
(QpSRFDGH$XJXVWRRWURVSiMDURVH[KLELGRVFRQIUHFXHQFLDHQSDUTXHV\MDUGLQHVHUDQHOIDLViQ
LPSRUWDGRLQLFLDOPHQWHGHÈIULFD\HOÀDPHQFRURVD3RUHOFRQWUDULRHOFLVQHSRUVRUSUHQGHQWHTXHKR\
SXHGDSDUHFHUQRHUDYLVWRHQORVSDUTXHVGH5RPDTXL]iDFDXVDGHVXFDUiFWHUI~QHEUHSXHVSDVDED
SRUVHUODPHWDPRUIRVLVGH&LFQXVGHVRODGRSRUODPXHUWHGHVXDPLJR)DHWyQDXQTXHTXL]iHOYHUGDGHUR
PRWLYRIXHUDHOWHPRUVXSHUVWLFLRVRDRtUHOFpOHEUHFDQWRTXHDQXQFLDVXPXHUWH
+D\TXHVXSRQHUWDPELpQTXHQRIDOWDURQHVWDWXDVGHDYHVHQORVSULQFLSDOHVOXJDUHVS~EOLFRV
GH5RPD(QHODxRD&FRLQFLGLHQGRFRQVXHGLOLGDG$JULSDKL]RHPSOD]DUHQODFLXGDGWUHVFLHQWDV
HVWDWXDVGHEURQFHRGHPiUPROPXFKDVGHODVFXDOHVHUDQSRVLEOHPHQWHDYHVOLJDGDVDODKLVWRULDGHOD
FLXGDG3OLQ1+;;;9,'HKHFKRDOJXQRVOXJDUHVGHOD5RPDGH$XJXVWRHVWDEDQYLQFXODGRV
DODVDYHVFRPRHOERVTXHRTXL]iVyORXQDOWDUDOSLHGHO-DQtFXORGHGLFDGRDODV&RUQLVFDH'LYDH
ODVVDJUDGDVFRUQHMDVGH-XQR&RUQLVFDUXPGLYDUXPORFXVHUDW7UDQV7LEHULPFRUQLFLEXVGLFDWXVTXRG
LQ,XQRQLVWXWHODHVVHSXWDEDWXU)HVW//DUHODFLyQGHODVFRUQHMDVFRQ-XQRYLHQHFRQ¿UPDGDSRU
ODVPRQHGDVDFXxDGDVSRU4&RUQL¿FLXVHQHOD&HQODVTXHDSDUHFH-XQR6yVSLWDGLRVDSULQFLSDO
GH/DQXYLXPODFLXGDGGHODTXHSURYHQtDVXJHQVVREUHHOHVFXGRGHODGLRVDHVWiSRVDGDXQDFRUQHMD
SUREDEOH HPEOHPD GH OD JHQV EDVDGR VLPSOHPHQWH HQ OD VHPHMDQ]D IRQpWLFD &RUQL¿FLXVFRUQL[ /D
FRUQHMDHUDXQSiMDURDXJXUDOHVSHFLDOPHQWHDWUDYpVGHVXFDQWR\GHDTXtWDPELpQTXHVHDH[DOWDGDSRU
HODXJXU&RUQL¿FLRHQVXVPRQHGDV)&RDUHOOLFUHHTXHFRQODV³FRUQHMDVGLYLQDV´GHO-DQtFXORHVWDPRV
LQPHUVRVHQSOHQRFRQWH[WRDXJXUDO\H[SOLFDODLQVLVWHQFLDFRQODTXHODVIXHQWHVDOXGHQDO-DQtFXOR
FRPRXQDU[QRHQHOVHQWLGRGHURFDRFLXGDGHODVLQRHQHOGH³OXRJRGHJOLDXVSLFLHGHJOLDXJXUL´HV
GHFLUGHDXJXUDFXOXP/RVFLSRVKDOODGRVHQHOOXJDUGHOLPLWDUtDQHQRSLQLyQGHOHVWXGLRVRLWDOLDQRXQ
iUHDLQDXJXUDGDXQWHPSOXPYLQFXODGRDREVHUYDFLRQHVDXJXUDOHV2WUROXJDUHOOODPDGRDG&LFRQLDH
1L[DHRGH&LFRQLLVHUDTXL]iXQHVSDFLRDELHUWRRXQPXHOOHDRULOODVGHO7LEHUXQSRFRPiVDOVXUGHO
0DXVROHRGH$XJXVWRTXHVHJ~QVHFUHHGHEtDVXQRPEUHDODHVWDWXDRUHOLHYHGHFLJHxDVSXQWRGH
LQLFLRSDUDHOSDVRGHOUtR
'HQWURGHODFLXGDGWHPSORV\FDVDVHVWDEDQIUHFXHQWHPHQWHURGHDGDVGH]RQDVYHUGHV(QHO
LQWHULRUGHOUHFLQWRGHOWHPSORGH$SRORGHGLFDGRSRU$XJXVWRHQHO'LyQ&DVLR/,,,H[LVWtD
XQDTXL]iXQERVTXHVDJUDGRPHQFLRQDGDSRU6ROLQRVLOYDTXDHHVWLQDUHD$SROOLQLV,/DQXHYD
FDVDGH$XJXVWRHQHO3DODWLQRFRQFOXtGDSRFRGHVSXpVGHODxRD&FRQWDEDFRQLPSRUWDQWHVMDUGLQHV
6XFRPHUFLRIXHDOFRPLHQ]RSURKLELGRSRUXQDOH\VXQWXDULDTXHSURQWRFD\yHQGHVXVR(OHPSHUDGRU&ODXGLRKL]R
H[KLELUHOIDLViQGRUDGRHQ5RPDKDFLpQGRORSDVDUSRUHODYH)pQL[FRVDTXHDOGHFLUGH3OLQLRQDGLHFUH\y1+;
&IU-$0$7RSFLWQ2Y0HW,,
0+&5$:)25'5RPDQ5HSXEOLFDQ&RLQDJH&DPEULGJHVVQžOiP
RVFLQXPWULSXGXPHVWTXRGRULVFDQWXVLJQL¿FDWTXLGSRUWHQGLFXPFHFLQLWFRUYXVFRUQL[QRFWXDSDUUDSLFXV)HVWR
/
)&2$5(//,,O*LDQLFRORQHOO$QWLFKLWjWUDPLWRHVWRULDHQ(067(,1%<HG-DQLFXOXP*LDQLFROR6WRULDWRSRJUD¿D
PRQXPHQWLOHJJHQGHGDOODQWLFKLWjDOULQDVFLPHQWR5RPD
(OOXJDUOODPDGR&RUQLVFDHHVFDOL¿FDGRGH³FXOWFHQWUH´SRU6%3/$71(5$WRSRJUDSKLFDO'LFWLRQDU\RI$QFLHQW5RPH
5RPD&IU$867VY&RUQLVFDH5(,9FROO00$,6&+%(/*(5VY7UDQVWLEHULP/7859
7DPELpQHVFLWDGRHQDOJXQRVFLSRVWHUPLQDOHVKDOODGRVHQHO7UDVWpYHUH&,/9, GHYDV&RUQLVFDVVDFUXP&,/9,
&RURQLFHL77HUHQWLXVGRQRPPHUHWRGHGHW6REUHODV&LFRQLDH1L[DH&,/9, &IU6%3/$71(5RSFLW
VXSUD6REUHGLFKDLQVFULSFLyQFIU-(512871XPLQDLJQRWD'HXDVFRUQLVFDVVDFUXP53K
\]RQDVYHUGHVFRPRUHFLHQWHPHQWHKDSXHVWRGHUHOLHYH0$7RPHL/RVSiMDURVGHEtDQSXHVYLVLWDU
FRQIUHFXHQFLDDSURYHFKDQGRHVWDVIDYRUDEOHVFRQGLFLRQHVODUHVLGHQFLDGH$XJXVWR\VXVSUR[LPLGDGHV
3HURWDPELpQHVWDEDQSUHVHQWHVEDMRRWUDIRUPDGHQWURGHHVRVMDUGLQHVVHOOHYyDODSUiFWLFDHODUV
WRSLDULDHVGHFLUHODUWHGHGDUDODVSODQWDV\DUEXVWRVDWUDYpVGHODSRGDGHVXVKRMDVODVIRUPDVPiV
YDULDGDV6XLQLFLDGRUIXH&0DULXVDOTXH3OLQLRGH¿QHFRPRGLYL$XJXVWLDPLFXV1+;,,/DV
¿JXUDVTXHSRGtDQREWHQHUVHJUDFLDVDODUVWRSLDULXPVREUHWRGRHQiUEROHVVLHPSUHYHUGHVHUDQQRVyOR
JHRPpWULFDVVLQRWDPELpQGHDQLPDOHVDYHVFXDGU~SHGRVHWFHLQFOXVRFRQHSLVRGLRVGHJXHUUD
(VSRVLEOHTXHODGRPXVLPSHULDOGLVSXVLHUDGHHVSDFLRVUHVHUYDGRVDODFUtDGHDYHVH[yWLFDV
HVWRVFRUUDOHV\YRODULDH[yWLFRVGHEtDQQRVyORSURSRUFLRQDUSURYHFKRHFRQyPLFRDOHPSHUDGRUVLQR
DOHVWLORGHOGH9DUUyQGDUSODFHUDFRJLHQGRSRUHMHPSORDHVSHFLHVQXHYDVYHQLGDVGHOH[WHULRUHQXQ
LQWHQWRGHDFOLPDWDUODVD5RPD
(JLSWRFRQWDEDHQHVWHVHQWLGRFRQXQDODUJDWUDGLFLyQ$WHQHRVLJXLHQGRD&DOt[HQRGHVFULEH
ODSURFHVLyQSRPSqTXHDEUtDOD¿HVWDGHODV3WROHPDLDLQVWLWXLGDSRU3WRORPHR,,HQD&
HQKRQRUGHVXSDGUHPXHUWR\HQODTXHSUREDEOHPHQWHWDPELpQ¿JXUDED$OHMDQGURDODTXHVHJXtDQ
FRPRVXFHGtDHQODV¿HVWDVJULHJDVVDFUL¿FLRVFRQFXUVRVDWOpWLFRVPXVLFDOHVHKtSLFRV\TXHFRQFOXtD
FRQXQVXQWXRVREDQTXHWH)LHVWDUHOLJLRVDODV3WROHPDLDHUDQWDPELpQXQD¿HVWDGHODYLFWRULDPDUFDGD
SRUXQJUDQGHV¿OHPLOLWDUDVtFRPRXQD¿HVWDGLQiVWLFD$WHQHRQRGHVFULEHWRGDODSURFHVLyQVLQRTXH
VHFHQWUDHQXQFRUWHMRHQSDUWLFXODUHOGH'LyQLVR'LFKRFRUWHMRTXHUHSURGXFtDHOUHJUHVRWULXQIDOGHO
GLRVGHVGHOD,QGLDLQWHJUDEDHQODSURFHVLyQXQJUDQQ~PHURGHDQLPDOHVH[yWLFRVHOFDUURTXHDEUtDOD
PDUFKDVREUHHOFXDO'LyQLVRHVWDEDUHSUHVHQWDGRDORPRVGHXQHOHIDQWHHUDVHJXLGRSRUXQODUJRFRUWHMR
GRQGH¿JXUDEDQPLOHVGHDQLPDOHV&DVLDO¿QDOGHOPLVPR³FLHQWRFLQFXHQWDKRPEUHVTXHSRUWDEDQXQRV
iUEROHVGHORVTXHFROJDEDQWRGRWLSRGHDQLPDOHV\DYHV'HWUiVVHOOHYDEDQHQMDXODVSHULTXLWRVSDYRV
UHDOHVJDOOLQDVGH*XLQHDIDLVDQHV\DYHVHWtRSHVHQJUDQFDQWLGDG´$WHQHR9%(QRWURFRUWHMR
HOGH=HXV¿JXUDEDQDQLPDOHVGHH[WUDRUGLQDULRWDPDxR³\XQDViJXLODVGHYHLQWHFRGRV´9'
$WHQHRDxDGHTXHVHUtDLQGLJQRRPLWLUHOFDUURGHFXDWURUXHGDVGHXQDORQJLWXGGHFRGRVSRUGH
DQFKRWLUDGRSRUKRPEUHVHQHOTXHKDEtDXQDFDYHUQDKHFKDGHKLHGUD\WHMRH[WUDRUGLQDULDPHQWH
WXSLGDGHODTXHVDOtDQYRODQGRDORODUJRGHWRGRHOFDPLQR³SLFKRQHVSDORPDV]RULWDV\WyUWRODVFRQ
ORVSLHVDWDGRVFRQFLQWDVD¿QGHTXHIXHUDQIiFLOPHQWHFDSWXUDGDVSRUORVHVSHFWDGRUHV´9%
0LHQWUDVHOSRHWD7HyFULWRFDQWDEDVXVJHVWDVHOPRQDUFDWUDWDEDGHGHPRVWUDUVXGRPLQLRXQLYHUVDO\
HQSDUWLFXODUGH$VLDPHGLDQWHHVWDH[KLELFLyQGHDQLPDOHVH[yWLFRVVREUHWRGRGHDYHVVtPERORVGHO
VXHxRLPSHULDO6DEHPRVSRUORVJUDI¿WWLGH$EX6LPEHOTXH3WRORPHR,,OOHYDEDFRQVLJRFD]DGRUHVGH
SiMDURV 1R REVWDQWH ORV PRQDUFDV SWROHPDLFRV GHELHURQ FRQWDU WDPELpQ FRQ H[SORWDFLRQHV DYtFRODV
GHVWLQDGDVDODH[KLELFLyQGHHVWHWLSRGHFHUHPRQLDV&RPRPiVWDUGHVXFHGLyHQORVWULXQIRVFHOHEUDGRV
SRU$XJXVWRODVDYHVHUDQFRQVXPLGDVHQEDQTXHWHVS~EOLFRVSRUORVSDUWLFLSDQWHVHQODSRPSq
6DEHPRVTXHHQODFRUWHGH3WRORPHR9,,,(YpUJHWHV,,D¿QDOHVGHOVLJOR,,D&VHFULDEDQ
IDLVDQHV SDUD DOLPHQWDU OD PHVD UHDO (Q VXV &RPHQWDULRV HO PRQDUFD WUDWDED VREUH XQD HVSHFLH GH
IDLVDQHVFULDGDHQ$OHMDQGUtDORVOODPDGRVWHWDURLWpWDURVHVHOQRPEUHRULHQWDOGHOIDLViQTXHVHKDFtDQ
YHQLUGH0HGLD\FX\RVKXHYRVHUDQLQFXEDGRVSRUODVSLQWDGDV³SiMDURVQyPDGDV´GLFHWH[WXDOPHQWH
0$720(,1RWDVXLJLDUGLQLDQWLFKLGHO3DODWLQR0()5$
3OLQHS99LWU'H$UFK9,,3OLQ1+;9,6REUHHODUVWRSLDULD0&,0$(/$52&&$DFXUDGL+RUWL
URPDQL$WWLGHO&RQYHJQR5RPDPDJJLR5RPD(OWpUPLQRWRSLDULXVDSDUHFHSRUSULPHUDYH]HQ&LFHUyQDG
4IU
6REUH &DOt[HQR GH 5RGDV \ HO OLEUR ,9 GH VX REUD 6REUH $OHMDQGUtD (( 5,&( 7KH *UDQG 3URFHVVLRQ RI 3WRORP\
3KLODGHOSKXV2[IRUG
ODVQXPLGLFDHHQODWtQORJUDQGRDVtTXHVHPXOWLSOLFDUDQKDVWDHOSXQWRGHVHULQFRUSRUDGRVDVXPHVD
FRPRXQDOLPHQWRGHOXMR
'HVGHODpSRFDGHO(JLSWRKHOHQtVWLFR\OD5RPDGH$XJXVWRHVWDFRVWXPEUHGHELyGHLUSRFRD
SRFRLQWHQVL¿FiQGRVHKDVWDHOSXQWRGHTXH\DHQHOVLJOR,,,G&$OHMDQGUR6HYHURPDQGyFRQVWUXLUHQ
VXSDODFLRSDMDUHUDVSDUDSDYRVIDLVDQHViQDGHV\SHUGLFHVFRQORVTXHVHGLYHUWtDSHURVREUHWRGRSDUD
SDORPDVWRUFDFHVGHODVTXHOOHJyDWHQHUYHLQWHPLO\FRQODVTXH³DOLYLDEDODVSUHRFXSDFLRQHVGHO(VWDGR´
$xDGHODIXHQWHTXHSDUDTXHHOPDQWHQLPLHQWRGHHVWDVDYHVQRLQFLGLHUDVREUHHODSURYLVLRQDPLHQWR
GHJUDQRFRQWUDWyDHVFODYRVSDUDTXHODVDOLPHQWDUDQFRQHOSURGXFWRGHORVKXHYRVGHORVSROOXHORV\
SLFKRQHV+$$OH[6HY
/DVDYHVHVWDEDQSUHVHQWHVWDPELpQFRPRHOHPHQWRGHFRUDWLYRHQHOLQWHULRUGHODUHVLGHQFLD
LPSHULDO HQ OD OODPDGD ³SLQWXUD GH MDUGtQ´ FX\D LQYHQFLyQ VH DWULEXtD D 6WXGLXV R /XGLXV XQ SLQWRU
GLYL$XJXVWLDHWDWH3HURORPiVLQWHUHVDQWHVRQODVSLQWXUDVGHFRUDWLYDVGHXQDHVWDQFLDGHODGRPXV
LPSHULDOFRQRFLGDFRPR6\UDFXVDRWHFKQRSK\RQ6XHW$XJFRPSOHWDPHQWHGLIHUHQWHGHOUHVWR
GHODFDVDSRUVXIDQWDVtD\ORVFRQWUDVWHVGHIRUPD\FRORU(OJUDQHVWXGLRVRGHOD&DVDGH$XJXVWR*
&DUHWWRQLKDDGYHUWLGRHOHTXLOLEULRTXHH[LVWHHQHOODHQWUHODSUHFLVLyQDUTXLWHFWyQLFDSRGLXPQHJUR
RUWRVWDWRV URMRV \ XQD HGtFXOD FRQ WRQRV DPDULOORV \ OD H[WUDRUGLQDULD IDQWDVtD TXH GHFRUD ORV IULVRV
VXSHULRUHVFDQGHODEURVHQHVSLUDOJULIRVFRQ]DUFLOORVHWF
(O FXEtFXOR VXSHULRU GH HVWD HVWDQFLD WLHQH GRV WLSRV GH PRWLYRV GHFRUDWLYRV (Q HO ODGR
VHSWHQWULRQDOHQSHTXHxRVIULVRVRUQDPHQWDOHVDSDUHFHQFLVQHVPRWLYRDSROtQHRTXHUHDSDUHFHUiPiV
WDUGH HQ HO$UD 3DFLV OOHYDQGR JXLUQDOGDV FRQ SDOPHWDV GH ORWR GH ODV TXH VDOHQ iQIRUDV LVtDFDV (O
HPEOHPDGH$SRORSDWUyQGHODYLFWRULDGH2FWDYLR$XJXVWRHQODEDWDOODGH$FWLXPSDUHFHFHOHEUDUOD
YLFWRULDVREUHODGLQDVWtDSWROHPDLFD
(Q HO ODGR PHULGRQDO DSDUHFHQ XQDV DYHV ]DQFXGDV TXH DSODVWDQ FRQ VXV H[WUHPLGDGHV XQ
SDUWLFXODUWLSRGHVHUSLHQWHHOXUHXVVtPERORUHDOGHODGLQDVWtDSWROHPDLFD6LQPXFKRFRQYHQFLPLHQWR
&DUHWWRQLFUHHTXHVHWUDWDGH³DLURQL´\$7DPPLVWRGH³JULIRVRJDU]DV´JULI¿QVRUHJUHWVVtPERORV
GHODSLHWDVDXJ~VWHDVXVWLWX\HQGRDOLELVFRPRGHVWUXFWRUGHVHUSLHQWHV3HURDPLMXLFLRFUHRTXH
SXHGHLGHQWL¿FDUVHPHMRUFRQXQDVJUXOODV\DTXHGHVGHORVWLHPSRVGH+RPHURpVWDVHUDQFRQRFLGDV
SRU VX HQIUHQWDPLHQWR FRQ GRV HQHPLJRV ORV SLJPHRV \ ODV VHUSLHQWHV 7HQLHQGR SUHVHQWH HO HVFDVR
WLHPSRWUDQVFXUULGRGHVGHODEDWDOODGH$FWLXPFUHRTXHODVSLQWXUDVFRQVWLWX\HQXQDUHIHUHQFLDVLPEyOLFD
DOWULXQIRVREUH0DUFR$QWRQLR\&OHRSDWUD\ODDQH[LyQGH(JLSWR
/DSLQWXUD³GHMDUGtQ´HVWiSUHVHQWHWDPELpQHQOD³&DVDGH/LYLD´GHO3DODWLQRHQODHVWDQFLD
OODPDGD³GHOWULFOLQLR´GRQGHGLYHUVDVDYHVVXUFDQXQSDLVDMHGHiUEROHVSUDGRV\FXUVRVGHDJXD
&IU3iQ¿ORDSXG$WHQHR,;H)*U+) $WHQHR;,9EG
3OLQ1+;;;99LWU'H$UFK9,,6REUHODSLQWXUDGHMDUGtQFIU3*5,0$//HV-DUGLQV5RPDLQV3DULV5
/,1*6WXGLXVDQGWKH%HJLQQLQJVRI5RPDQ/DQGVFDSH3DLQWLQJ-56LG5RPDQ3DLQWLQJ&DPEULGJH
5HFLHQWHPHQWH66(77,6/HSDUHWLLQJDQQHYROL/DYLOODGL/LYLDHODSLWWXUDGLJLDUGLQR0LODQRFRQELEOLRJUDItD
*&$5(7721,/DGHFRUD]LRQHSLWWRULFDGHOODFDVDGL$XJXVWRVXO3DODWLQR0'$,5LG'DV+DXVGHV
$XJXVWXVDXIGHP3DODWLQ0DLQ],,$&23,VY'RPXV$XJXVWXV3DODWLXP/785,,0$720(,RSFLW
Q6REUHODFROLQDFIU&&(&$025(3DODWLXP7RSRJUD¿DVWRULFDGHO3DODWLQRWUD,,,VHFD&H,VHFG&5RPD
YLG,9³,O3DODWLQRGL$XJXVWR´VV
*&$5(7721,RSFLWQ
$7$00,672%LUGVLQPRVDLFV$6WXG\RQWKHUHSUHVHQWDWLRQRI%LUGVLQ+HOOHQLVWLFDQG5RPDQR&DPSDQLDQ7HVVHOODWHG
0RVDLFVWRWKH(DUO\$XJXVWHDQ$JH$FWD,QVWLWXWL5RPDQL)LQODQGLDH5RPDQ
,OLDGD,,,&IU2Y0HW9,
&IU*(5,==2/HSLWWXUHGHOOD&DVDGL/LYLDHQ0RQXPHQWLGHOODSLWWXUDDQWLFD,,,IDVF5RPD
)LJXUD0RWLYRVGHFRUDWLYRVGHOFXEtFXORVXSHULRUGHOD&DVDGH$XJXVWR3DODWLQR5RPD
(QXQDHVFHQDDSDUHFHXQDOWDUU~VWLFRFX\RPRWLYRFHQWUDOHVXQSiMDURGHODUJDFRODXQORURFRQFDVL
WRWDOVHJXULGDGSRVDGRVREUHXQHQRUPHSHGHVWDOFLUFXODUTXL]iXQDRIUHQGDYRWLYD/RVIUHVFRVGHOD
FDVDGH/LYLDHQHO3DODWLQRUHFXHUGDQODVSLQWXUDVGHORVMDUGLQHVGH3RPSH\DUHÀHMDQGRHQRSLQLyQGH
/LQGHUVNL³WKHJHQWHHOPRGHRIOHLVXUHO\H[LVWHQFHZKLFKLQWKHODVWFHQWXU\RIWKH5HSXEOLFEHFDPHD
QRUPIRUD5RPDQRIFXOWXUHDQGRIPHDQV´
0HFHQDVSRVHtDHQHO(VTXLOLQRXQFRQRFLGR\H[WHQVR-DUGtQSHVHDVXPHQFLyQFRPRSDXFD
LXJHUDFHUWDSRUHODXWRUGHOD(OHJtDD0HFHQDV(QHODxRGHFLGLyDxDGLUDHVRVMDUGLQHVSULPLWLYRV
ORVSXWLFXOLHODQWLJXRFHPHQWHULRVLWXDGRPiVDOOiGHOPXURVHUYLDQR\TXHGDEDDOEDUULRVXVLQLHVWUD
UHSXWDFLyQ'LFH+RUDFLR6DW,TXHTXLHQHVSDVDEDQWULVWHVSRUHOOXJDUFRQWHPSODEDQXQ³FDPSR
LQIRUPHGHKXHVRVLQIRUPHPRVVLEXVDJUXP´\TXHKDEtDTXHHVSDQWDUDODV¿HUDVTXHLQIHVWDEDQHO
OXJDU(OUHVXOWDGRIXHXQD]RQDPX\ULFDHQDUERODGR+RUDFLRKDFHPHQFLyQGHXQDHVWDWXDGH3UtDSR
TXHUHVSRQGLHQGRSUREDEOHPHQWHDXQDPRGDGHQDWXUDOLVPRFDPSHVWUHDFHQWXDEDVXFDUiFWHUUXUDO\
TXHHUDHO³WHUURUGHORVSiMDURVSHUMXGLFLDOHV´LPSRUWXQDVYROXFUHVSXHVODFDxD¿MDGDVREUHVXFDEH]D
ORVHVSDQWDEDTXL]iFRQXQUXLGRHLPSHGtDSRVDUVHVREUHORVQXHYRVMDUGLQHVGH0HFHQDV
-0&72<1%(($QLPDOVLQ5RPDQ/LIHDQG$UW$VSHFWVRI*UHHNDQG5RPDQ/LIH/RQGRQ6RXWKDPSWRQ&IU
$$/)g/',7KH%URQFH0DFHIURP:LOLQJKDP)HQ&DPEULGJHVKLUH-56SODWHV,,,,9TXHUHSURGXFHODV
OiPLQDVGHODREUDGH*(5,==2
- /,1'(56., *DUGHQ 3DUORUV 1REOHV DQG %LUGV HQ 5, &857,6 HG 6WXGLD 3RPSHLDQD HW &ODVVLFD LQ +RQRU RI :)
-DVKHPVNL,,1HZ<RUN
+RU6DW,&IU3VHXGRDFURLQ+RU6DW,2OLPWUXQFXVHUDP,QGXFLW3ULDSXPTXLVWDWLQKRUWLV(VTXLOLQLV
GLFHQWHP6REUHODViWLUDGH+RUDFLR:6$1'(56217KHIRUPSXUSRVHDQGSRVLWLRQRI+RUDFH6DW$-3K
66+$5/$1'3ULDSRV0DJLF0DUNHUOLWHUDU\DVSHFWVRI+RUDFH6DWLUH$FWD&ODVVLFD
/DWUDQVIRUPDFLyQGHO(VTXLOLQR\ODGHVDSDULFLyQGHODQHFUySROLVVXSXVRWDPELpQODGHVDSDULFLyQ
GHORVEXLWUHVTXHDFHQWXDEDQKDVWDHQWRQFHVHOFDUiFWHUI~QHEUHGHOEDUULR\DORVTXH+RUDFLRVHUH¿HUH
FRPR(VTXLOLQDHDOLWHV6XSUHVHQFLDDXQTXHPX\GHVDJUDGDEOHHUDQHFHVDULDVLWHQHPRVHQFXHQWDOD
FRVWXPEUHGHDUURMDUORVFDGiYHUHVVREUHHOOXJDUSULYiQGRORVGHVHSXOWXUD<DHQHOD&FXDQGR
HQHO)RURIXHURQHMHFXWDGRVFLHQWRVGHVROGDGRVHWUXVFRVORVFDGiYHUHVIXHURQDUURMDGRV±VLQGXGDHQ
HO(VTXLOLQR³DORVSiMDURV\DORVSHUURV´'+;;/DVWHPLEOHVHSLGHPLDVTXHFRQIUHFXHQFLD
DVRODEDQ OD FLXGDG VH FRQVLGHUDEDQ FDXVDGDV SRU XQ DLUH FRQWDPLQDGR SRU OD SXWUHIDFFLyQ GH ORV
FDGiYHUHVORTXHH[SOLFDODQHFHVDULDSUHVHQFLDGHORVEXLWUHV4XL]i0HFHQDVSHQVDEDHQORVEXLWUHV
GHO(VTXLOLQRFXDQGRHQXQDGHVXVFRPSRVLFLRQHVOLWHUDULDVFRPSURPHWLGRFRQHOLGHDULRHSLF~UHR
HVFULELyQHFWXPXOXPFXURVHSHOLWQDWXUDUHOLFWRVDSXG6HQHS
(QFXDOTXLHUFDVRHQVXOXJDUGHELyGHVXUJLUXQDIDXQDRUQLWROyJLFDPHQRVVLQLHVWUD&RPR
KHPRVYLVWRODSUHRFXSDFLyQSDVyGHDOHMDUGHOOXJDUDODVDYHVFDUURxHUDVDDOHMDUDDTXHOORVSiMDURVTXH
GDxDEDQODYHJHWDFLyQGHORVKRUWL0DHFHQDWLV(ODXWRUDQyQLPRGHOD(OHJtDD0HFHQDVQRVSUHVHQWDDO
YLHMRPLQLVWUR\DPLJRGH$XJXVWRHVFXFKDQGRHQHOORFXVDPRHQXVDOTXHGHFLGLyUHWLUDUVHUHQXQFLDQGR
DORVWULXQIRV\ORVKRQRUHVHOPXUPXOORGHODJXD\HOFDQWRPHORGLRVRGHORVSiMDURVVLOYHVWUHV
³9HQHUDQGRDODV3LpULGHV\D)HERHQYROXSWXRVRVMDUGLQHV
SHUPDQHFtD>0HFHQDV@FRQVXVJRUMHRVHQWUHFDQRUDVDYHV´
3LHULGDV3KRHEXPTXHFROHQVLQPROOLEXVKRUWLV
VHGHUDWDUJXWDVJDUUXOXVLQWHUDYHV(OHJLDHLQ0DHFHQDWHP,
/RVYHUVRVFRQWLHQHQXQIXHUWHHFRYLUJLOLDQRHFO,;FRPRVLODDXWRULGDGGH9LUJLOLR
OHJLWLPDVHHORWLXPGHOTXH0HFHQDVJR]DEDHQVXVPDUDYLOORVRVMDUGLQHV/DPROOLWXGRHVXQHVWLORGH
YLGDFDPSHVWUH\QDWXUDOTXHVHRSRQHDODVREOLJDFLRQHVGHODYLGDXUEDQD/DVRPEUDGHODHQFLQD
HOVRQLGRGHODVFDVFDGDVHOFDQWRGHODVDYHVDUJXWDVDYHVVRQHOHPHQWRVGHOSURWRWLSRGHSDLVDMH
H[DOWDGRSRUODSRHVtDDXJ~VWHD3HURHVHYLGHQWHTXHHOSRHWDQRGHVFULEHXQDQDWXUDOH]DDJUHVWHVLQRXQ
MDUGtQXUEDQRSHUIHFWDPHQWHGLVHxDGR\FXLGDGRWtSLFRGHODSROtWLFD\GHODVLQWHUYHQFLRQHVXUEDQtVWLFDV
GH$XJXVWRTXHJXVWDEDVRPHWHUODQDWXUDOH]DDORVJXVWRVHVWpWLFRVGHOPRPHQWR(OPX\SUREDEOHTXH
HOMDUGLQGLVSXVLHUDDOPHQRVGHXQYRODULXPVLJXLHQGRODWHQGHQFLDGHODpSRFD(OJXVWRGH0HFHQDVSRU
HOFDQWR\ODP~VLFDTXHWDQWROHFDOPDEDHVELHQFRQRFLGR(OYHUVRVXJLHUHLQFOXVRXQ³GLiORJR´FRQ
ORVSiMDURVFRPRDSXQWDODSUHVHQFLDGHORVDGMHWLYRVDUJXWDV\JDUUXOXV(QHIHFWRVHJ~QHOJUDPiWLFR
&KDULVLXV.HLOJUDPPDWLFLODW0HFHQDVKDEtDFRPSXHVWRXQGLiORJRVREUHORVSiMDURV(O
DGMHWLYRDUJXWXVFDOL¿FDJHQHUDOPHQWHHO³JULWR´GHORVSiMDURV
$OJXQRVDXWRUHVSRUFLHUWRKDQTXHULGRYHUHQODHYRFDFLyQTXHHODQyQLPRDXWRUGHODHOHJtD
KDFHGHOPLWRGH-~SLWHU\*DQLPHGHVXQDUHIHUHQFLDYHODGDDODVUHODFLRQHVHQWUH$XJXVWR\0HFHQDV
HS9SRVWLQVHSXOWDPHPEUDGLIIHUHQWOXSLHW(VTXLOLQDHDOLWHV&IUHOFRPHQWDULRGH3RU¿ULRDGORFHWDOLELVDHSH
RVWHQGLWLQUHJLRQHDJJHULVTXDHHVWH[WUDSRUWDP(VTXLOLQDPVROLWDIXLVVHSDXSHUXPFRUSRUDYHOFRPEXULYHOSURLFL6REUHOD
DGTXLVLFLyQGHORVWHUUHQRV\ORVKRUWLPDHFHQDWLFIU0%(///HVWHOHJUHFKHGHOO(VTXLOLQRHLOFLPHWHULRGL0HFHQDWHHQ0
&,0$±( /$52&&$RSFLWQ5&+5+b8%(5+RUWL5RPDQL'LH+RUWL0DHFHQDWLVXQGGLH+RUWL/DPLDQLDXI
GHP(VTXLOLQ*HVFKLFKWH7RSRJUDSKLH6WDWXHQIXQGH.|OQ*3,6$1,6$5725,20HFHQDWHVXOO(VTXLOLQR56$
(FRYLUJLOLDQRGHOSDVDMHHWPHIDFHUHSRHWDP3LHULGHVVXQWHWPLKLFDUPLQDPHTXRTXHGLFXQWYDWHPSDVWRUHVVHGQRQ
HJRFUHGXOXVLOOLVQDPQHTXHDGKXF9DULRYLGHRUQHFGLFHUH&LQQDGLJQDVHGDUJXWRVLQWHUVWUHSHUHDQVHURORUHVHFO
7H[WR\GDWDFLyQGHODVHOHJtDVD0HFHQDV0&0,//(57KH(OHJLDHLQ0DHFHQDWHPZLWK,QWURGXFWLRQ7H[W7UDQVODWLRQ
DQG&RPPHQWDU\'LVV3KLODGHOSKLD0iVUHFLHQWHPHQWH00$57,1$/HWWHUDWXUDGHOOD(OHJLD,LQ0DHFHQDWHP&)&
0$1,*52/D3ULPD(OHJLDD0HFHQDWH$SRORJLDGLXQPLQLVWURHSURSDJDQGDGLUHJLPH,QYLJLODWDOXFHUQLV
6REUH0HFHQDVHQHVWRVDxRV3:+,7(0DHFHQDVVUHWLUHPHQW&ODVVLFDO3KLORORJ\/
$,*1(5)25(67,/XRPR0HFHQDWH56$
³8QDYH]TXHHOGXHxRGHO2OLPSRSXVRHQIXJDDORV$ORtGDVVHGLFHTXHVHUHFRVWyHQPHGLRGHXQ
EULOODQWHGtD\HQYLyVXiJXLODSDUDTXHEXVFDUDWRGRORTXHSXGLHUDSUHVWDUOHXQVHUYLFLRDGHFXDGRD-~SLWHU
GLVSXHVWRDDPDUHQHOPRPHQWRHQTXHDOSLHGHOYDOOHGHO,GDWHHQFXHQWUDDWLKHUPRVRVDFHUGRWH\WH
DUUHEDWDKLQFDGDVXHYDPHQWHWXXxD´
)XGLW$ORLGDVSRVWTXDPGRPLQDWRU2O\PSL
'LFLWXULQQLWLGXPSHUFXEXLVVHGLHP
$WTXHDTXLODPPLVVLVVHVXDPTXDHTXDHUHUHWHFTXLG
3RVVHWDPDWXURVLJQDUHIHUUH,RYL
9DOOHVXE,GDHDGXPWHIRUPRVHVDFHUGRV
,XYHQLWHWSUHVVRPROOLWHUXQJXHUDSLW(OHJLDHLQ0DHFHQDWHP,
(QFXDOTXLHUFDVR0HFHQDVEXVFDEDHQVXVSURSLHGDGHVGHO(VTXLOLQRODVRPEUDGHODHQFLQD
HOFXUVRGHODJXDHOFDQWRGHORVSiMDURV(ORWLXPGHO(VTXLOLQRVHFRQWUDSRQHHQFLHUWDPHGLGDDORV
KRQRUHVGHODpSRFD³$ODpSRTXHGHVRQPLQLVWqUHHVFULEH-$QGUpROHRWLXPVHSUpVHQWHFRPPH
XQGpODVVHPHQWELHQPpULWpFRQTXLVVXUODSDUWLHODSOXVVWpULOHGHODPELWLRQLOVHFRQWHQWHGHFKDQW
GHVRLVHDX[ODXGLWLRQGHV\PSKRQLHVDSDLVDQWHVSRXUYDLQFUHOHVWRXUPHQWVGHOLQVRPQLHFRUUHVSRQG
DX[GHUQLHUVDQQpHVjORWLXPGp¿QLWLI´(OHVWXGLRVRIUDQFpVQRSXHGHHYLWDUFRPSDUDUHVWDVHVFHQDV
QDWXUDOLVWDVGHO(VTXLOLQRFRQODVSLQWXUDVGHODYLOODGH/LYLDHQ3ULPD3RUWD
¢6H WUDWD VyOR GH XQD HVFHQD GH RWLXP OD TXH QRV SUHVHQWD OD (OHJtD D 0HFHQDV" ¢5HFXUUtD HO
DPLJR GH$XJXVWR D HVD DXGLFLyQ GH WULQRV SDUD GHVFDQVDU GH VX DFWLYLGDG SROtWLFD \ SDUD FDOPDU FRPR
WDPELpQSURSRQH-$QGUpODDIHFFLyQQHUYLRVDTXHSDGHFtDHQORV~OWLPRVDxRVGHVXYLGD"$PLMXLFLRHQOD
UHIHUHQFLDGHODQyQLPRDXWRUGHODHOHJtDVHHVFRQGHHOVHQWLPLHQWRGHODQDWXUDOH]DSURSLRGHOHSLFXUHtVPR
(O-DUGtQGHO(VTXLOLQRQRUHVSRQGtDVyORDODQXHYDPRGDGHOMDUGtQURPDQRHVFRPRVDEHPRV
SRUQXPHURVRVHVWXGLRVXQMDUGtQU~VWLFRHSLF~UHRUpSOLFDGHOIDPRVRNrSRVDGTXLULGRHQ$WHQDVSRU
(SLFXURKDFLDHOSDUDVHGHGHODHVFXHOD(OGH0HFHQDVVHKDOODEDGHQWURGHOSRPHULXPFRPRHO
GH(SLFXURXVTXHDGHXPPRULVQRQIXHUDWLQRSSLGLVKDELWDULUXUD3OLQ1+;,;
(QXQRGHORVGLiORJRVGH&LFHUyQHOHSLF~UHRÈWLFRSDUDDGPLWLUWUDLFLRQDQGRORVSULQFLSLRVGH
VXHVFXHODTXHORVGLRVHVJRELHUQDQODQDWXUDOH]DOHGLFHDDTXHO³6LWHHPSHxDVDFFHGHUpSXHVQRWHPR
TXHFRQHVWHFRQFLHUWRGHSiMDURV\PXUPXOORGHDJXDVPHRLJDQLQJXQRGHPLVFRQGLVFtSXORV´FRQFHQWXP
DYLXPVWUHSLWXPTXHÀXPLQXP/HJ,ÈWLFRFRPR¿OyVRIRHSLF~UHRGHDPEXODEDWDPELpQSRUORV
MDUGLQHVHQFRQWDFWRFRQODQDWXUDOH]DORViUEROHVORVFXUVRVGHDJXD\ODVDYHV&LF/HJ,
(VSUREDEOHTXHEXHQDSDUWHGHODLQVSLUDFLyQSRpWLFDGH0HFHQDVVHGHEDDOFRQWDFWRGLUHFWR
FRQODQDWXUDOH]D\ODREVHUYDFLyQGHODDYLIDXQDGHORVMDUGLQHV6pQHFDQRVWUDQVPLWHXQIUDJPHQWR
DLVODGR\SULYDGRGHWRGRFRQWH[WRGHDOJXQDGHODVREUDVGH0HFHQDVHQHOTXHORTXHSDUHFHVHU
XQDSURVWLWXWDSURYRFDDXQKRPEUHHQDOJXQDFDOOHGH5RPDSDUDORTXHHOSRHWDUHFXUUHDODLPDJHQ
GHODSDORPD
³¢DTXHOODPXMHUGHORVUL]RVFUHVSRV\GHODELRVEHVXTXHDGRUHVGHSDORPD\TXHPLUDVXVSLUDQGRFyPRORV
WLUDQRVGHODVHOYDODQJXLGHFHQFRQODFDEH]DFDtGD"´
IHPLQDHFLQQRFULVSDWHWODEULVFROXPEDWXULQFLSLWTXHVXVSLUDQVXWFHUYLFHODVVDIDQDQWXUQHPRULVW\UDQQL"
HS
-0$1'5e 0pFqQH (VVDL GH ELRJUDSKLH VSLULWXHOOH 3DULV ,G 0pFqQH pFULYDLQ DYHF HQ DSSHQGLFH OHV
IUDJPHQWVGH0pFqQHHQ$15:,,
-0$1'5e/2WLXPGDQVODYLHPRUDOHHWLQWHOOHFWXDOOHURPDLQH3DULV
2WURFpOHEUHDPLJR\FRODERUDGRUGH$XJXVWRWDPELpQGHRULJHQHWUXVFRHOFDEDOOHUR&HFLQD
GH9ROWHUUDFDSWXUDEDJRORQGULQDVODVOOHYDEDD5RPDVLQGXGDDVXGRPXVHQODFLXGDGGRQGHODV
FULDED\ODVHQYLDEDDVXVDPLJRVSLQWDGDVFRQHOFRORUGHODFXDGULJDYHQFHGRUDHQHOFLUFRSDUDTXH
FRQRFLHUDQODQRWLFLDUHWRUQDQGRGHVSXpVDOQLGR
3RU~OWLPRFRQYLHQHUHFRUGDUTXHDOJXQRVSRHWDVDXJ~VWHRVDGHPiVGH+RUDFLRKDELWDEDQHO
(VTXLOLQRFRPR3URSHUFLR\$OELQRYDQXV3HGRFX\DPRGHVWtVLPDSDUYDGRPXVYHQHUDGDWRGDYtD
FRPRUHOLTXLDKLVWyULFDSRU0DUFLDOVHHQFRQWUDEDVREUHXQOXJDUHOHYDGRSUy[LPRDOODFXV2USKHL
TXL]iXQDIXHQWHVHPLFLUFXODUSURYLVWDGHJUDGDVGHGRQGHHOQRPEUHGHWHDWURFRQXQDHVWDWXDGH
2UIHRGHWHULRUDGDSRUHOYLHQWRMXQWR³D¿HUDVTXHORPLUDQFRQDGPLUDFLyQ\DODYHGHO5H\TXHOOHYyDO
)ULJLRGHVSXpVGHUDSWDUORKDVWDHO7RQDQWH´PLUDQWLVTXHIHUDVDYHPTXHUHJLVUDSWXPTXDH3KU\JD
SHUWXOLW7RQDQWL;/DFDVDGLFH0DUFLDOHVWDEDGHFRUDGD³FRQODSOXPDGHSHTXHxRWDPDxR
GHXQiJXLOD´FDHODWDHVWDTXLODHPLQRUHSLQQD
/$6$9(6(1(/&$032'(/$9,$5,80'(9$55Ï1$/$9,//$'(/,9,$
&DVLWRGRVORVSRHWDVGHpSRFDDXJ~VWHDKDFHQXQHQFHQGLGRHORJLRGHODYLGDFDPSHVWUHDSDUWDGD
GHORVLQFRQYHQLHQWHV\ODVVHUYLGXPEUHVGHODFLXGDG\GHFODUDQHOSODFHUTXHFRQVWLWX\HHVFXFKDUHO
FDQWR GH ORV SiMDURV HQ SOHQD QDWXUDOH]D 7LWLUR9LUJLOLR VH UHFUHD HVFXFKDQGR XQ DSDFLEOH FRQFLHUWR
U~VWLFRHQHOTXHVHPH]FODQDUPRQLRVDPHQWHHO]XPELGRGHODVDEHMDV\ORVJHPLGRVGHODV³URQFDV
SDORPDV´\OD³LQFHVDQWHWyUWROD´%XF,
(QVXVpSRGRV+RUDFLRH[SRQHTXL]iGHIRUPDVLQFHUDODVIHOLFHVRFXSDFLRQHVGHTXLHQHVYLYHQ
HQHOFDPSRORVJRFHVTXHODQDWXUDOH]DRIUHFHDORVVHQWLGRVORViUEROHVORVPDQDQWLDOHVODFD]D\
GHVGHOXHJRHOFDQWRGHORVSiMDURV
³$OSLHGHODYLHMDHQFLQDRSRUOD\HUED
PXOOLGDJXVWDGHHFKDUVHPLHQWUDVHQWUHRULOODVDOWDVPDQDHODJXD
VHTXHMDHODYHHQHOERVTXHTXHUXQWXULQVLOYLVDYHV
\HOHFRHQODVIURQGDVGHODUUR\RLQYLWD
DGRUPLWDUGXOFHPHQWH´HSRG,,
(Q$PRUHV2YLGLRHYRFDXQFXDGURQDWXUDOLVWDGRQGHVHGHVDUUROODODFRQWURYHUVLDHQWUH7UDJHGLD
\(OHJtDTXHFRPLHQ]DFRQODGHVFULSFLyQGHXQORFXVDPRHQXVHQHOTXHDGHPiVGHiUEROHVIXHQWH\
FXHYD³SRUWRGDVSDUWHVORVSiMDURVGHMDQRLUVXVGXOFHVTXHMDV´,,,
3HURPiVTXHHQODVDYHVGHOFDPSRDTXHOODVTXHYLYHQHQODQDWXUDOH]DVDOYDMHODDWHQFLyQ
GHORVSRHWDVKLVWRULDGRUHV\DJUyQRPRVVHFHQWUDHQODVTXHDGRUQDQODVYLOODHGHVGHTXH0/DHQLXV
6WUDERXQFDEDOOHURGH%UXQGLVLXPGHODSULPHUDPLWDGGHOVLJOR,D&HQHOKDEtDPDQGDGROD
ÀRWD URPDQD HQ OD JXHUUD FRQWUD ORV SLUDWDV ODV HQFHUUy SRU SULPHUD YH] FRQ XQD UHG \ ODV FULy HQ
FDXWLYLGDGHQXQDHVTXLQDGHOSHULVWLORFUHDQGRDVt³ODSULPHUDFROHFFLyQGHWRGDVODVDYHV´9DUUyQ\
&LFHUyQIXHURQKXpVSHGHVGH/DHQLXV6WUDERHQORVKRUWL%ULQGLVLL&LFDGIDP
8QDGHODVFRVDVTXHHQODYLOODDOLYLDUiODQRVWDOJLDGHORVSODFHUHVGHODFLXGDGVHUiFRQWHPSODUGHVGH
&IU3OLQ1+;&HFLQD9RODWHUUDQXVHTXHVWULVRUGLQLVTXDGULJDUXPGRPLQXVFRQSUHKHQVDVLQXUEHPVHFXPDXIHUHQV
YLFWRULDHQXQWLDVDPLFLVPLWWHEDWLQHXQGHPQLGXPUHPHDQWHVLQOLWRYLFWRULDHFRORUH
(52'5Ë*8(=$/0(,'$4XDOFKHRVVHUYD]LRQHVXOOH(VTXLOLDHSDWUL]LHHLOODFXV2USKHLHQ/8UEV(VSDFHXUEDLQHWKLVWRLUH
,VDY-&,,,VDS-&$FWHVGX&ROORTXH,QWHUQDWLRQDO5RPHPDL5RPD
ODKDELWDFLyQGHOLFLRVRVSDMDULOORV\HVSOpQGLGRVSDYRVDVHJXUDUi&ROXPHODSDYRQXPHGXFDWLRPDJLV
XUEDQLSDWULVIDPLOLDHTXDPWHWULFLUXVWLFLFXUDPSRVFLW559,,,
9DUUyQ55,,,FLWDODYLOODGHOULFRRUDGRU4XLQWR+RUWHQVLR+RUWDORHQ/DXUHQWRD
SRFRVNLOyPHWURVDOVXUGH5RPD6HWUDWDGHOPLVPRSHUVRQDMHTXHFHOHEUyXQEDQTXHWHHQKRQRUGHORV
QXHYRVULFRVFHVDULDQRVTXHKDEtDQKHFKRIRUWXQDFRQODFRQTXLVWDGHOD*DOLDRFRQODVJXHUUDVFLYLOHV\
HQHOTXHVHVLUYLHURQDYHV7HQtDXQDVLOYDGHFLQFXHQWD\XJDGDVGHH[WHQVLyQURGHDGDSRUXQDPXUDOODD
ODTXHOODPDED³SDUTXHGHFUtDGH¿HUDV´WKHURWKURSLXP8QDGHODVFDUDFWHUtVWLFDVGHHVWRVWKHURWURSKLD
HUDODUHSUHVHQWDFLyQRODSXHVWDHQHVFHQDGHOH\HQGDVRGHGHFRUDGRVLGtOLFRVVDJUDGRVRSURIDQRV
WUDQVIRUPiQGRVHFRPRVHxDOy*ULPDOHQXQDHVSHFLHGHWHDWURGRQGHVHRIUHFHUiHOHVSHFWiFXORGHOD
QDWXUDOH]D
(Q HIHFWR VREUH XQD FLPD VH KDEtD GLVSXHVWR XQ WULFOLQLR SDUD FHQDU GHVGH HO TXH +RUWHQVLR
OODPDEDDXQ2UIHRTXHFRQVXFDQWR\ODD\XGDGHODOLUDFRQYRFDED\DPDQVDEDODVEHVWLDVVDOYDMHV
9DUUyQ GLFH TXH DFXGtD XQD LQPHQVD PXOWLWXG GH FLHUYRV MDEDOtHV \ RWURV DQLPDOHV HW FHWHUDUXP
TXDGULSHGXPHQWUHORVTXHVLQGXGDGHEtDQ¿JXUDUDYHVGHGLYHUVDVHVSHFLHV³DODVLQQXPHUDEOHVDYHV
VHUSLHQWHV\WURSHOGH¿HUDVTXHD~QSHUPDQHFtDQKHFKL]DGDVSRUODYR]GHOFDQWRU´$FSULPXPDWWRQLWDV
HWLDPQXPYRFHFDQHQWLVLQQXPHUDVYROXFUHVDQJXHVTXHDJPHQTXHIHUDUXPHVFULEH2YLGLR0HW;,
UH¿ULpQGRVHD2UIHRKDVWDHOSXQWRDxDGH9DUUyQTXHDTXHOHVSHFWiFXORHUDQRPHQRVJUDQGLRVR
TXHHOTXHVHGDEDHQHO&LUFR0i[LPR
7DPELpQ HUD FRQRFLGR HO DYLDULXP TXH 4XLQWR &LFHUyQ HO KHUPDQR GHO RUDGRU FRQVWUX\y
HQ HO D& HQ VX YLOOD GH $UFDQR 'HVFRQRFHPRV VL HO SURSLR &LFHUyQ WHQtD DOJXQR HQ VXV
LQQXPHUDEOHV ¿QFDV VyOR VDEHPRV TXH HQ HO 7XVFXODQXP KDEtD XQ MDUGtQ ULFR HQ ÀRUHV LWDTXH
DEXWRUFRURQLVIDPODVDPEXODWLRQHV\ORVJ\PQDVLDHVWDEDQHQJHQHUDOHQFODYDGRV
GHQWURGHLQPHQVRVMDUGLQHVGRQGHH[LVWtDQGLYHUVDVFODVHVGHiUEROHVÀRUHV\DUEXVWRV\SRUWDQWR
XQDDEXQGDQWHSUHVHQFLDGHIDXQDRUQLWROyJLFDHQOLEHUWDG
3HURODPiVEHOOD\IDPRVDFRQFHQWUDFLyQGHDYHVHQXQDYLOODHUDVLQGXGDHOYRODULXPGHO
SURSLR9DUUyQHQVX¿QFDSUy[LPDDODFLXGDGGH&DVVLQXP55,,,VVDWUDYHVDGDSRUXQUtR
OLPSLR\SURIXQGRFRQSXHQWHVSDUDSDVDUGHXQDRULOODDRWUD3XHVWRTXHODREUDYDUURQLDQDDODTXH
QRVUHIHULPRVIXHSXEOLFDGDHQHODxRD&GLFKDIHFKDSXHGHGDUQRVXQDUHIHUHQFLDFURQROyJLFD
GHODYLDULR3DUDKDFHUFRPSUHQGHUDVXVLQWHUORFXWRUHVHODVSHFWRGHODHGL¿FDFLyQ9DUUyQVHVLUYHGH
GRVUHIHUHQFLDV3DUDHOFRPSOHMRHQVXFRQMXQWRODLPDJHQGHXQDWDEXODOLWWHUDWDFXPFDSLWXORHV
GHFLUXQDWDEOLOODUHFWDQJXODUWDEHOODSDUDHVFULELU3DUDODWKRORVHOOODPDGRFDSLWXOXPRUHPDWHGH
IRUPDUHGRQGDDxDGLGRDODWDEXOD\TXHVHUYtDSDUDTXHODWDEOLOODSXGLHVHVHUFROJDGD\WUDQVSRUWDGD
GHXQOXJDUDRWUR
(ODYLDULXPGH9DUUyQWLHQHXQDIXQFLyQGHFHQDWLRSDUDORVPHVHVGHYHUDQR55,,,\
DOWLHPSRXQDVFRQQRWDFLRQHV³FyVPLFDV´/DHVWUXFWXUDVXPDPHQWHFRPSOHMDFRQVWDGHXQDSDUWH³EDMD´
DFXiWLFDFRQSHFHV\SDWRVXQDSDUWHPHGLD³WHUUHVWUH´ODTXHRFXSDQTXLHQHVSDUWLFLSDQHQHOEDQTXHWH
\XQDSDUWH³DOWD´DpUHDGHVWLQDGDDORVSiMDURVFDQWRUHVVREUHWRGRDUXLVHxRUHV\PLUORV3RU~OWLPRXQD
9DU55,,,&LFHUyQHQSUR3ODQFLRUHFXHUGDORVKRUWL%ULQGLVLQLGHVXDPLJR0/HQLR6REUH&ROXPHODFIUHOUHFLHQWH
HVWXGLRGH(12e$QLPDOLHXRPLQLLQ&ROXPHOOD,VW/RPEDUGR5HQG/HWW0iVJHQHUDO&/e9<HG/H
FRQFHSWGH1DWXUHj5RPH/D3K\VLTXH$FWHVGXVpPLQDLUHGHSKLORVRSKLHURPDLQHGHO8QLYHUVLWqGH3DULV;,,3DULV
&IU&LFDG)DP,;
&IU&LFDG4)U;;,³QRREVWDQWHVyOROHIDOWDEDQHOSDVHRORVEDxRV\ODSDMDUHUD´
$0$1*,$725',/HYLOOHGL&LFHURQHIUDLQQRYD]LRQHHWUDGL]LRQH$QQDOLGHOOD)DFROWjGL/HWWHUHH)LORVR¿D
SDUWH³FHOHVWH´ODF~SXODFRQLQGLFDFLyQGHYLHQWRV
\HVWUHOODVTXHFRQVXPRYLPLHQWRLQGLFDQODVKRUDV
GLXUQDV\QRFWXUQDV/XFLIHU\9HVSHU/DUHODFLyQ
GHHVWDFRPSOHMDPiTXLQDFRQODFXOWXUDSLWDJyULFD
GH 9DUUyQ VX SURSLHWDULR HV HYLGHQWH \ KD VLGR
SXHVWD GH UHOLHYH UHFLHQWHPHQWH SRU 'HVFKDPSV
6LQGXGDHODVSHFWRPiVLQWHUHVDQWHGHVXHVWXGLR
HVHOTXHVHUH¿HUHDODWKRORVGHODYLDULXPTXHHQ
VX RSLQLyQ HYRFDUtD ORV &DPSRV (OtVHRV HQ pO VH
FHOHEUDEDHOEDQTXHWHURGHDGRGHSiMDURVFDQWRUHV
TXHVLPEROL]DUtDQODVDOPDVSXUDVGHOSLWDJRULVPR
0iV DGHODQWH WHQGUHPRV RFDVLyQ GH YROYHU VREUH
HVWHWHPD
(O DJXD ORV SiMDURV ORV iUEROHV
VLPEROL]DQ SDUD RWURV DXWRUHV VLPSOHPHQWH ORV
GLYHUVRV HOHPHQWRV GHO XQLYHUVR \ WLHQHQ OD
IXQFLyQGHUHFRUGDUQRVTXHHOGHPLXUJRKDFUHDGR
PDUDYLOODVHQWRGRVORVGRPLQLRVGHODQDWXUDOH]D
'H OD GHVFULSFLyQ TXH HO SURSLR 9DUUyQ KDFH GH
VX YRODULXP QR VH GHVSUHQGH TXH pVWH WXYLHUD
OD DSDULHQFLD GH XQ SODQHWDULR ±D SHVDU GH TXH
DOJXQRVDXWRUHVFRPR+6WLHUOLQDVtORFUH\HURQ
VLQR PiV ELHQ XQ UHORM KLGUiXOLFR VHPHMDQWH D OD
7RUUHGHORV9LHQWRVGH$WHQDV\XQPRQXPHQWR
GHLQVSLUDFLyQFRVPROyJLFDHQUHODFLyQFRPR\D
VH KD GLFKR FRQ ODV HVSHFXODFLRQHV PtVWLFDV GHO
SURSLRHVFULWRU
)LJXUD3ODQWDGHODYLDULXPGH9DUUyQ
VHJ~Q9DQ%XUHQ.HQQHG\
(Q FXDOTXLHU FDVR VH SRQH GH PDQL¿HVWR OD HQRUPH DWUDFFLyQ TXH XQ KRPEUH FRPR9DUUyQ
GHGLFDGRDODSROtWLFDSHURWDPELpQDODFXOWXUDVHQWtDSRUODVDYHVFRQWHPSOiQGRODVHVSHFLDOPHQWHHQVX
DYLDULXP'LFKDDWUDFFLyQVHGHPXHVWUDQRVyORHQHODPSOLRHVSDFLRGHGLFDGRDODFUtDGHDYHVHQHOOLEUR
,,,GHVX5H5XVWLFDVLQRHQORVQRPEUHVGHORVSHUVRQDMHVTXHLQWHUYLHQHQHQHOGLiORJR\DTXHWRGRVHOORV
±SUREDEOHPHQWHSHUVRQDMHVKLVWyULFRVGHODSROtWLFDURPDQDOOHYDQQRPEUHVGHDYHV&RUQHOLXV0HUXOD
)LUFHOOLXV3DYR0LQXFLXV3LFD03HWURQLXV3DVVHU\3DQWXOHLXV3DUUD$OJXQRVDXWRUHVKDQGXGDGRGH
ODH[LVWHQFLDGHWDOHVQRPEUHVSHURFRQYLHQHUHFRUGDUTXHQRVyORH[LVWLHURQSHUVRQDMHVFRQFRJQRPLQD
GHSiMDURVVLQRTXHDOJXQRVGHHOORVGHVWDFDURQKLVWyULFDPHQWHGXUDQWHHOSHULRGRUHSXEOLFDQRFRPR
7+HUPLQLXV$TXLOLQXVFRV/$TXLOLXV&RUYXVWULEXQRPLOLWDUHQ4&DHFLGLXV1RFWXD
FRV7$HEXWLXV3DUUXVSUHWRUHQ/&DXOLXV0HUJXVVHQDGRUHQ4$TXLODSUDHIHFWXV
FODVVLVHQ/3RQWLXV$TXLODWULEXQRGHODSOHEHHQHODORVTXHKD\TXHDxDGLUORVFRJQRPLQD
%XWHRJHQV)DELD0HUXODJHQV&RUQHOLD\7XUGXVJHQV3DSLULD
/'(6&+$036/DVDOOHDPDQJHUGH9DUURQj&DVLQXPRX©'LVPRLRWXPDQJHVMHWHGLUDLTXLWXHVª%67(&
&IU)&2$5(//,,O&DPSR0DU]LR5RPD6REUHHOYRODULXPGH9DUUyQ$:9$1%85(1±50
.(11('<9DUURV$YLDU\DW&DVLQXP-56$ 9$1%85(13DUDOOHOVWR9DUURV$YLDU\0HP$P$FDG
VV&'(6$1*(6/DYROLqUHGH9DUURQ5HYXHGH3KLORORJLH*)8&+69DUURV9RJHOKDXVEHL&DVLQXP
0'$,5*/$)$<(VY9LOODHQ'6FRO
6REUHORVSHUVRQDMHVFRQQRPEUHGHSiMDURV\ORVSUREOHPDVGHVXKLVWRULFLGDGFIU/'(6&+$036RSFLWQ6REUH
ORVFRJQRPLQDFRQQRPEUHVGHSiMDURV,.$-$1727KH/DWLQFRJQRPLQD5RPD\
([LVWtDWRGDYtDXQWHUFHUPRGHORHODYLDULXPTXH/~FXORKL]RFRQVWUXLUHQVXYLOODGH7XVFXOXP
HUDDTXtGRQGHHOYHQFHGRUGH0LWUtGDWHVTXHHQULTXHFLGRFRQODJXHUUDKDEtDDEDQGRQDGRODFDUUHUD
PLOLWDUSDUDYLYLUHQHOOXMR\ODHOHJDQFLDPiVUH¿QDGDSDVDEDODUJDVWHPSRUDGDVGHODxRURGHDGRGHVXV
SiMDURV(QpOOHYDQWyXQRUQLWKRQFRQXQDVDODSDUDFRPHUWULFOLQLXPGRQGHDOWLHPSRTXHGHJXVWDED
H[TXLVLWRV ERFDGRV SRGtD FRQWHPSODU SiMDURV FRFLGRV GLVSXHVWRV VREUH XQD EDQGHMD PD]RQRPR \
SiMDURVYLYRVHQFHUUDGRVTXHYRODEDQHQWRUQRDODVYHQWDQDV3DUD9DUUyQHVWHWLSRGHYRODULRQRHUD
GHVXDJUDGRSRUTXHDVtGLVSXHVWRODVDYHVTXHYRODEDQGHWUiVGHODVYHQWDQDVQRGDEDQWDQWRSODFHUDOD
YLVWDDOWLHPSRTXHPROHVWDEDDOROIDWRXQH[WUDxRRORU55,,,
&RQWHPSRUiQHDGHODYLDULXPGH9DUUyQSXHVWRTXHODVSLQWXUDVVHIHFKDQHQHOD&
HVODYLOODGH/LYLDVREUHOD9LD)ODPLQLDDODTXH\DKHPRVDOXGLGRFRQPRWLYRGHOFpOHEUHRPHQ
$QWHWRGRODYLOODUHÀHMDHOLQGXGDEOHDPRUTXHODSDUHMDLPSHULDOVHQWtDSRUORVHVSDFLRVYHUGHVSXHV
HOMDUGLQPD\RUYLULGLDQXPLJXDODODVXSHU¿FLHGHOWRWDOGHODSDUWHKDELWDEOH(QHOOD\VLHPSUH
SRULQLFLDWLYDGH/LYLDIXHDELHUWDXQDVDODVXEWHUUiQHDSUREDEOHPHQWHXQWULFOLQLXPQ\PSKDHXP
DGRUQDGDFRQUHSUHVHQWDFLRQHVGHMDUGLQHVTXHRFXSDEDQORVFXDWURPXURVGHOFXELFXOXPGHYHUDQR
ÈUEROHVODXUHOPLUWRSLQRUREOH\DYHVHVWiQUHSUHVHQWDGDVFRQJUDQSUHFLVLyQ\SRQHQXQDYH]
PiV GH PDQL¿HVWR OD HVWUHFKD UHODFLyQ HQWUH DPERV /D H[LVWHQFLD GH DOJXQRV iUEROHV H[yWLFRV
H[WUDxRVDODJHRJUD¿DPHGLWHUUiQHDRFFLGHQWDOFRPRODSDOPHUDGDWLOHUD3KRHQL[GDFW\OLIHUDRHO
DEHWRURMR3LFHDH[FHOVDR3LFHDDELHVSURSLRGHYHJHWDFLRQHVGHOQRUWHGH(XURSDHQFXHQWUDVX
FRUUHVSRQGHQFLDFRQODSUHVHQFLDGHFLHUWDVDYHVUDUDV
)LJXUD3LQWXUDGHOWULFOLQLRGHODYLOODGH
/LYLD0XVHR1D]LRQDOH5RPDQR5RPD
)LJXUD3LQWXUDGHOWULFOLQLRGHODYLOODGH
/LYLD0XVHR1D]LRQDOH5RPDQR5RPD
55 ,,, YROXLW HVVH /XFXOOXV DYLDULXP TXRG IHFLW LQ 7XVFXODQR XW LQ HRGHP WHFWR RUQLWKRQLV LQFOXVXP WULFOLQLXP
KDEHUHWXELGHOLFDWHFHQLWDUHWHWDOLRVYLGHUHWLQPD]RQRPRSRVLWRVFRFWRVDOLRVYROLWDUHFLUFXPIHQHVWUDVFDSWRV
(O MDUGtQ SLQWDGR GH OD YLOOD QR WLHQH
SDUDQJyQ FRQ RWURV SRVLEOHV SDUDOHORV XQ
ERVTXHGHGLYHUVDVHVSHFLHVYHJHWDOHVGRQGHORV
SiMDURVMXHJDQHQWUHODVUDPDVSLFDQORVIUXWRV
DOLPHQWDQDVXVFUtDVRVXUFDQHOFLHORD]XO\DQWH
HOFXDOHOHVSHFWDGRUVHVLHQWHVXERUGLQDGR
6H WUDWD SRVLEOHPHQWH GH XQD REUD GHO
FLWDGR 6WXGLXV SLQWRU SDULHWDO TXH HQ pSRFD
GH $XJXVWR GHFRUDED UHFLQWRV DUTXLWHFWyQLFRV
SULYDGRV HQ GRPXV \ YLOODH FRQ XQD YDVWD
JDPD GH SDLVDMHV DQLPDGRV 3OLQLR GLFH GH pO
TXH UHSUHVHQWDED FDVDV GH FDPSR SXHUWRV \
WHPDV SDLVDMtVWLFRV ERVTXHV VDJUDGRV ERVTXHV
FROLQDV SHVTXHUtDV FDQDOHV UtRV SOD\DV VHJ~Q
ORVGHVHRVGHFDGDFXDO\HQHVHDPELHQWHYDULRV
WLSRV GH SHUVRQDV TXH SDVHDQ R TXH QDYHJDQ R
TXH VH GLULJHQ SRU WLHUUD KDFLD VXV YLOODV VREUH
DVQRV R FDUURV R TXH SHVFDQ \ FD]DQ DYHV R
WDPELHQYHQGLPLDQLDPSLVFDQWHVDXFXSDQWHV
DXWYHQDQWHVDXWHWLDPYLQGHPLDQWHV1+;;;9
)LJXUD3LQWXUDGHOWULFOLQLRGHODYLOODGH
/LYLD0XVHR1D]LRQDOH5RPDQR5RPD
)LJXUD3LQWXUDGHOWULFOLQLRGHODYLOODGH/LYLD0XVHR1D]LRQDOH5RPDQR5RPD
&IU*0(66,1(2RSFLWQGRQGHUHFRJHODGHVFULSFLyQTXHGHODSLQWXUDKL]R+%UXQQ
'H ORV SiMDURV UHSUHVHQWDGRV TXH HO
EXHQ HVWDGR GH ODV SLQWXUDV SHUPLWH UHFRQRFHU
$ 7DPPLVWR LGHQWL¿FD HVSHFLHV GLIHUHQWHV
GH ODV TXH OD PLWDG QR RIUHFHQ GL¿FXOWDG
3HUR IXH 0 *DEULHO HQ VX PDJQt¿FR HVWXGLR
TXLHQ PHMRU KD HVWXGLDGR ORV GLYHUVRV WLSRV
GH SiMDURV TXH DSDUHFHQ HQ ODV SLQWXUDV GHO
OODPDGR ³JDUGHQURRP´ PLUORV FRGRUQLFHV
MLOJXHURV JRORQGULQDV JDUFHWDV HWF \ XQ WLSR
GH SDORPD ³URFN GRYH´ TXH LGHQWL¿FD FRQ OD
FROXPEDOLYLD6REUHODVUDPDVGHORVODXUHOHV
DSDUHFHQ SHTXHxRV SiMDURV SRVDGRV VLHQGR HO
PiV IUHFXHQWH HO TXH pO OODPD XQ ³EXQWLQJ´
HVFULEDQRR³OLQQHW´SDUGLOOR
$ GLIHUHQFLD GHO YRODULXP GH 9DUUyQ ODV
DYHV YXHODQ HQ OLEHUWDG 1R KD\ JUDQGHV MDXODV
QL UHGHV TXH LPSLGDQ D ORV SiMDURV GHVSOD]DUVH
OLEUHPHQWH\SRVDUVHVREUHODVUDPDVGHORViUEROHV
/DSUHVHQFLDGHXQUXLVHxRUHQXQDSHTXHxDMDXOD
GH PLPEUH SDUHFH H[SOLFDUVH SUHFLVDPHQWH HQ HO
GHVHRGHDFHQWXDUODOLEHUWDGGHORVGHPiV
)LJXUD$XGLWRULXP0DHFHQDWLV5RPD
'HFRUDFLyQGHXQQLFKR
)LJXUD3LQWXUDGHOWULFOLQLRGHODYLOODGH/LYLD0XVHR1D]LRQDOH5RPDQR5RPD
$7$00,672%LUGVLQPRVDLFV$VWXG\RQWKHUHSUHVHQWDWLRQRIELUGVLQ+HOOHQLVWLFDQG5RPDQR&DPSDQLDQ7HVVHOODWHG
PRVDLFVWRWKHHDUO\$XJXVWHDQ$JH$FWD,QVWLWXWL5RPDQL)LQODQGLDH5RPDQ6REUHODYLOODFIU&&$/&,
*0(66,1(2/D9LOODGL/LYLD3ULPD3RUWD5RPD
0+*$%5,(//LYLDV*DUGHQ5RRPDW3ULPD3RUWD1HZ<RUN
0+*$%5,(/RSFLWQVV
0+*$%5,(/RSFLWQVV
3*5,0$/RSFLWQOODPDODDWHQFLyQHQORVIUHVFRVGHODYLOODDG*DOOLQDVGH³OHVJUDQGHVFDJHVHQRVLHUSRVpHVDX
PLOLHXGHVDUEXVWHV´
-& 5HHGHU FRQVLGHUD TXH WDQWR ORV
SiMDURV FRPR ODV ÀRUHV DUEXVWRV \ iUEROHV TXH
GHFRUDEDQHOMDUGLQGH/LYLDVRQXQDH[SUHVLyQGH
VXGHVHRGHIHOLFLGDGFRPRPXMHUFDVDGDDVtFRPR
GHODLGHDPiVXQLYHUVDOGHDEXQGDQFLD\GHDXUHD
DHWDVDODTXH/LYLDVHUtDPiVWDUGHDVRFLDGDFRQ
$XJXVWR(ODUWHJULHJRFOiVLFRUHFRJHODSUHVHQFLD
GHSiMDURVHQPLWRVGHPDWULPRQLRVFpOHEUHVFRPR
HO GH .DGPRV \ +DUPRQtD 'LRGRUR 9 9HQXVGHVSXpVGHWRGRQRIXHVyORGLRVDGHORV
,XOLLVLQRGLRVDWXWHODUGHODPRU/DGHFRUDFLyQGHO
³JDUGHQURRP´GH/LYLDGHEHVHUYLVWDSXHVFRPR
XQD FHOHEUDFLyQ R FRQPHPRUDFLyQ GH OD ERGD
5HHGHU FRQVLGHUD TXH ORV SiMDURV SXHGHQ KDEHU
VLPEROL]DGR SDVLyQ HUyWLFD \ IHOLFLGDG PDULWDO
/DMDXOD\VXRFXSDQWHXQUXLVHxRUSLQWDGDHQHO
MDUGLQ HQ OD SDUWH PiV GHVWDFDGD UHFXHUGD VHJ~Q
HVWH DXWRU HO FpOHEUH SRHPD GH &DWXOR VREUH HO
SiMDUR GH VX DPDQWH DxDGLHQGR DVt XQ WRTXH
HUyWLFR\GRPpVWLFRDOMDUGLQSLQWDGR
%$ .HOOXP RIUHFH XQD LQWHUSUHWDFLyQ
GHHVWDVDYHV±HQDEVROXWRUHxLGDFRQODDQWHULRU
TXH ELHQ PHUHFH OD SHQD VHU FRQVLGHUDGD /D
UHSUHVHQWDFLyQ GHO UXLVHxRU SKLORPHOD SXGR
)LJXUD3LQWXUDGHOWULFOLQLRGHODYLOODGH
/LYLD0XVHR1D]LRQDOH5RPDQR5RPD
)LJXUD3LQWXUDGHOWULFOLQLRGHODYLOODGH/LYLD0XVHR1D]LRQDOH5RPDQR5RPD
-&5(('(57KH6WDWXHRI$XJXVWXVIURP3ULPD3RUWDWKHXQGHUJURXQG&RPSOH[DQGWKHRPHQRIWKH*DOOLQD$OED$-3K
-&5(('(5RSFLWQ
%$.(//807KH&RQVWUXFWLRQRI/DQGVFDSHLQ$XJXVWDQ5RPHWKH*DUGHQ5RRPDWWKH9LOODDG*DOOLQDV$UW%XOOHWLQ
KDEHUWUDtGRDODPHQWHODWUiJLFDOH\HQGDGH)LORPHODXQDGHODVGRVKLMDVGH3DQGLyQUH\GH$WHQDV
\KHUPDQDGH3URJQHDODTXHKDUiDOXVLyQOD&RQVRODWLRDG/LYLDP/DUHSUHVHQWDFLyQGHXQDSHUGL]
HYRFDHOUHFXHUGRGH3HUGL[HOPXFKDFKRDUURMDGRSRU'pGDORGHVGHORDOWRGHOD$FUySROLV\DOTXHOD
GLRVD$WHQHDDSLDGiQGRVHGHpOORWUDQVIRUPyHQHOPRPHQWRSUHFLVRHQXQDSHUGL]3RU~OWLPROD
DSDULFLyQGHDORQGUDV\SDUGLOORVFRPXQHVDVtFRPRGHMLOJXHURV\XUUDFDVHQHOJDUGHQURRPUHSUHVHQWDQ
VLHPSUHVHJ~Q.HOOXP³FRQYHUVLRQHVVLPLODUHVGHKXPDQRVHQFRPSRQHQWHVGHOPXQGRQDWXUDO´
0iV UHFLHQWHPHQWH * &DQHYD KD SURSXHVWR XQD QXHYD LQWHUSHUWUDFLyQ GH HVWDV SLQWXUDV QR
WUDWiQGRVHHQVXRSLQLyQGHXQMDUGLQDOXVRQLGHXQDPELHQWHQDWXUDOGDGDODH[WUDRUGLQDULDYDULHGDG
GHiUEROHV\DYHVHQXQVRORSXQWRHVWDVWLHQHQXQYDORUVLPEyOLFR\HQFRQFUHWRIXQHUDULRHYRFDQGR
HOSDLVDMHHQWUHHOPXQGRGHORVYLYRV\HOFLHOR6HDSR\DODDXWRUDHQHOKHFKRGHTXHODUHSUHVHQWDFLyQ
SDUHFH HVWDU HQPDUFDGD GHQWUR GH XQD JUXWD R KLSRJHR UHFRQRFLHQGR XQ ERUGH GH HVWDODFWLWDV TXH
QRGHVFDQVDVREUHODWLHUUDDVtFRPRHQHOSUHGRPLQLRGHiUEROHV\SODQWDVFRQXQVHQWLGRIXQHUDULR
FRPRDEHWRVFULVDQWHPRVDPDSRODVFLSUHVHVYLROHWDVHWF/RVSiMDURVVHUtDQUHSUHVHQWDFLRQHVGHODV
DOPDV\WHQGUtDQSRUWDQWRXQVLJQL¿FDGRHVFDWROyJLFRDVtODSUHVHQFLDGHO~QLFRSiMDURTXHSHUPDQHFH
HQMDXODGRDOTXHDQWHVKDFtDPRVUHIHUHQFLDYLHQHLQWHUSUHWDGDSRU&DQHYDFRPRODUHSUHVHQWDFLyQGHO
³DQLPDLQWUDSSRODWD´LQFDSD]GHUHPRQWDUHOYXHORKDFLDHOFLHOR/DSURSXHVWDGH&DQHYDTXHYHHQ
HVWRVSiMDURVXQDUHSUHVHQWDFLyQGHODOPDRGHORV³VWDWLVSLULWXDOLGHOOHVVHUH´GHEHVHUDPLMXLFLRSXHVWD
HQHVWUHFKDUHODFLRQFRQODWKRORVGHOYRODULXPGH9DUUyQ±FRPSRUiQHRGHHVWDVSLQWXUDVHQFDUJDGDV
SRFRGHVSXpVGHOD&TXHHYRFDFRPRDFDEDPRVGHYHUHOOXJDUGHORV&DPSRV(OtVHRVGRQGHVH
FHOHEUDEDHOEDQTXHWHURGHDGRGHSiMDURVFDQWRUHVTXHVLPEROL]DUtDQODVDOPDVSXUDVGHOSLWDJRULVPR8QD
IDXQDRUQLWROyJLFDELHQGLYHUVDSREODEDHO(OLVHR\HO7iUWDWRFRPROXHJRWHQGUHPRVRFDVLyQGHYHU
/DSDUHMDLPSHULDO\VXVLQYLWDGRVGLVIUXWDURQVLQHPEDUJRSRFRGHODH[WUDRUGLQDULDEHOOH]DGH
ODVSLQWXUDV\ODFRQWHPSODFLRQGHWDQYDULDGDFODVHGHSiMDURVSXHVWUDVHOWHUUHPRWRGHODxRD&OD
VDODVXEWHUUiQHDTXHGyVHULDPHQWHGDxDGD\KXERGHVHUFROPDGDFRQWLHUUD\HVFRPEURVVLQTXHSRURWUD
SDUWHFRQR]FDPRVODVHVSHFXODFLRQHVTXHVHKLFLHURQHQ5RPDWUDVFRQRFHUVHORVHIHFWRVGHHVWHVHLVPR
±TXH2EVHFXHQWHUHJLVWUDFRPRSURGLJLRVREUHODYLOODGHODHPSHUDWUL]
)XH WDPELpQ HQ OD YLOOD GH /LYLD $G JDOOLQDV DOEDV HQ 3ULPD 3RUWD GRQGH VH GHVFXEULy OD
FpOHEUHHVWDWXDGH$XJXVWRFRQVHUYDGDHQHO0XVHR9DWLFDQR(QODFRUD]DGHOHPSHUDGRUVHYHD
XQODGRDÈUWHPLVTXHFDEDOJDXQFLHUYR\DORWURD$SRORFLWDUHGRTXHPRQWDXQJULIR/DVIXHQWHV
2Y0HW9,,,+\J)DE6HUYDG*HRUJ,DG$HQ9,'LRG,93HUGL[VREULQRGH'pGDORIXHSXHVWR
SRUVXPDGUHFRPRDSUHQGL]FXDQGRORVXSHUDED\DHQKDELOLGDG\SRUVXVLQJHQLRVRVLQYHQWRVVXWtRHQYLGLRVRORSUHFLSLWyGHVGH
ORDOWRGHOD$FUySROLV³'pGDOROHWHQtDHQYLGLD\ORDUURMyGHFDEH]DGHODVDJUDGDIRUWDOH]DGH0LQHUYDGLFLHQGRIDOVDPHQWH
TXHVHKDEtDFDtGRSHURORVRVWXYRODTXHSURWHJHHOWDOHQWR3DODV\ORFRQYLUWLyHQDYH\ORFXEULyGHSOXPDVHQPHGLRGHO
DLUHVLELHQODYLYDFLGDGGHVXDQWHVIXOJXUDQWHLQJHQLRVHGHVSOD]yDODVDODV\DODVSDWDVHQFXDQWRDOQRPEUHVXEVLVWLyHOTXH
DQWHVWHQtD6LQHPEDUJRHVWDDYHQRHOHYDPXFKRVXFXHUSRQLKDFHVXVQLGRVHQODVUDPDVQLHQDOWRVSLFDFKRVUHYRORWHDFHUFD
GHOVXHORSRQHVXVKXHYRVHQORVVHWRV\WLHQHPLHGRGHODVDOWXUDVDFRUGiQGRVHGHVXDQWLJXDFDtGD´0HW9,,,/DV
IXHQWHVVHxDODQTXHHVWHDYHDVLVWLyDOHJUHDORVIXQHUDOHVGHËFDURKLMRGH'pGDORPXHUWRWDPELpQDFRQVHFXHQFLDGHXQDFDtGD
³6HHQFRQWUDED'pGDORFRORFDQGRHQHOW~PXORHOFXHUSRGHVXGHVYHQWXUDGRKLMRFXDQGRORYLRGHVGHXQDIURQGRVDHQFLQDXQD
SHUGL]FKDUODWDQDTXHDSODXGLyFRQODVDODV\PDQLIHVWyVXDOHJUtDFDQWDQGRDYHHQWRQFHVVLQJXODUQXQFDYLVWDHQDxRVDQWHULRUHV
\TXHFRQYHUWLGDHQYROiWLOKDFtDSRFRHUDSDUDWL'pGDORXQDSHUHQQHDFXVDFLyQ´0HW9,,,
%$.(//80RSFLWQ
*&$1(9$,SRWHVLVXUVLJQL¿FDWRVLPEROLFRGHOJLDUGLQRGLSLQWRGHOOD9LOODGL/LYLD3ULPD3RUWD,WDOLD%XOOHWWLQRGHOOD
&RPPLVLRQH$UFKHRORJLFDGL5RPD(QUHDOLGDG$QGUHDHKDEtDSURSXHVWR\DODLQWHUSUHWDFLyQGHHVWDVSLQWXUDV
FRPR&DPSRV(OtVHRV%$1'5($(,O*LDUGLQRGL/LYLDHQ)RUPD8UELV,95RPD&UHRTXHODLQWHUSUHWDFLyQ
SROtWLFDRLGHROyJLFDRIUHFLGDSRU5)g576&+(LQ$XUHD$HWDV6FKHPD50GHEHVHUUHFKD]DGD
6REUHODHVWDWXDGH$XJXVWRHQ3ULPD3RUWDODELEOLRJUDItDHVHQRUPH\DGHPiVGH-&5(('(5RSFLWQUHPLWLUpD+
+8&.(5'RNXPHQWDWLRQHQ]XU$XJXVWXVVWDWXHYRQ3ULPD3RUWD+HIWH$%HUQ(6,021$OWHVXQG1HXHV]XU6WDWXH
GHV$XJXVWXVYRQ3ULPDSRUWDHQ*%,1'(5HG6DHFXOXP$XJXVWXP,,,.XQVWXQG%LOGHUVSUDFKH'DUPVWDGW
VXHOHQ GHVFULELU HVWH DQLPDO IDQWiVWLFR FRPR XQ
FXDGU~SHGR SDUHFLGR DO OHyQ SURYLVWR GH JDUUDV
SRGHURVDV\GHFDEH]D\DODVEODQFDVGHiJXLOD
HOFRORUGHODVSOXPDVGHOGRUVRHVQHJURPLHQWUDV
TXHHOGHODVGHODQWHUDVHVURMR
&WHVLDV VRVWHQtD HQ VXV +LVWRULDV TXH HO
FXHOOR GHO JULIR HVWDED ULEHWHDGR FRQ SOXPDV GH
FRORUD]XORVFXUR\TXHWHQtDXQDERFDDJXLOHxDDVt
FRPRTXHVXVRMRVGHVSHGtDQIXHJRDSXG(OLDQ
+$,93HVHDHOORHQpSRFDGH$XJXVWRHUDQ
SRFRV TXLHQHV FRQVLGHUDEDQ GLFKR DQLPDO FRPR
IDEXORVR R IDQWiVWLFR D~Q 3OLQLR \ (OLDQR pVWH
HQ HO VLJOR ,, G& VDEtDQ TXH HUD GLItFLO DSUHVDU
XQ JULIR DGXOWR SHUR QR DVt VXV SROOXHORV 3DUD
XQRV HUD RULJLQDULR GHO SDtV GH ORV KLSHUEyUHRV
HQ ODV UHJLRQHV GHO QRUWH PLHQWUDV SDUD RWURV
SURFHGtD GH OD ,QGLD 'HVGH OD pSRFD FOiVLFD
JULHJDHODQLPDOHVWDEDFRQVDJUDGRD$SROR\DVt
IXHFRQRFLGRWDPELpQHQ5RPD(QODEDVtOLFDGH
3RUWD0DJJLRUHGH5RPDHQORVFXDWURiQJXORVGH
ODEyYHGDGHODQDYHFHQWUDODSDUHFHHOWHPDGHOD
)LJXUD&RUD]DGHO$XJXVWRGH
OXFKDGHOJULIRFRQWUDXQ$ULPDVSRKDELWDQWHGH
3ULPD3RUWD
ODV WLHUUDV GHO QRUWH FX\D SULQFLSDO SUHRFXSDFLyQ
FRQVLVWtD HQ DGXHxDUVH GHO RUR TXH ORV JULIRQHV
FXVWRGLDEDQFHORVDPHQWH$XJXVWRSDUHFHKDEHUWHQLGRXQDWHPSUDQDD¿FLyQSRUHVWHDQLPDODXQTXH
VXLQFOXVLyQHQODFRUD]DSDUHFHH[SOLFDUVHVREUHWRGRSRUVXHVWUHFKDDVRFLDFLyQDOGLRV$SRORDVt
FRPRSRUVXVLPEROLVPRGHDXWRULGDGLPSHULDO3iMDURVFRPXQHVH[yWLFRV\IDQWiVWLFRVSDUHFHQSXHV
KDEHUVHGDGRFLWDHQODYLOODGHODHPSHUDWUL]
(Q¿QORVSRHWDVHYRFDUiQSDUWLFXODUPHQWHGRVPRWLYRVOLJDGRVDODSUHVHQFLDGHODVDYHVHQ
ODVULFDVYLOODH(OSULPHURGHHOORVHVHOGHODJRORQGULQDHQWUDQGR\VDOLHQGRGHOLQWHULRU$Vt9LUJLOLR
FRPSDUD D<XWXUQD KHUPDQD GH 7XUQR DYDQ]DQGR FRQ VXV FDEDOORV FRQWUD HO HMpUFLWR ODWLQR FRQ OD
JRORQGULQDTXHVHDGHQWUDHQXQDULFDYLOOD
³&RPRFXDQGRSRUODVJUDQGHVVDODVGHXQULFRVHxRU
YXHOD\FRQVXVDODVUHFRUUHORVSDWLRVSURIXQGRVODQHJUDJRORQGULQD
FDSWXUDQGRSHTXHxDVSUHVDV\DOLPHQWRSDUDORVJiUUXORVQLGRV
\\DSRUORVSyUWLFRVYDFtRV\DDOUHGHGRUGHORVHVWDQTXHV
K~PHGRVVXHQD´
1LJUDYHOXWPDJQDVVRPLQLFXPGLXLWLVDHGHV
3HUXRODWHWSHQQLVDOWDDWULDOXVWUDWKLUXQGR
3DEXODSDUYDOHJHQVQLGLVTXHORTXDFLEXVHVFDV
6HJ~Q6XHWRQLR$XJ$XJXVWRHQSHUVRQDVHLGHQWL¿FDFRQ$SRORFRQPRWLYRGHODFHOHEUDFLyQGHXQEDQTXHWH-3&Ê%(
/DFDULFDWXUHHWODSDURGLH3DULV(QJHQHUDOFRPRYHQLPRVYLHQGR$XJXVWRSDUHFHKDEHUWHQLGRXQDD¿FLyQSRUVHUHV
PLWROyJLFRVDODGRV5HFRUGHPRVTXHSDUDVHOODUVDOYRFRQGXFWRVPHPRULDOHV\FDUWDVXVDEDHQXQSULQFLSLRXQDHV¿QJH6XHW
$XJ'LyQ&DVLR/,/DSUHVHQFLDGHJULIRVHV¿QJHV9LFWRULDVDODGDVVHFRUUHVSRQGHELHQDPLMXLFLRFRQHOSDSHOGH
ODV+DUStDVHQOD(QHLGDGH9LUJLOLR
(WQXQFSRUWLFLEXVYDFXLVQHFXPLGDFLUFXP
6WDJQDVRQDW$HQ;,,
(ORWURWHPDHVHOGHODVDYHVSDORPDVVREUHWRGREHELHQGRHQORVMDUGLQHVGHODVYLOODHGHXQD
JUDQFRSDRGHXQDFUiWHUD³/RVSiMDURVGH9HQXVPLSDWURQDODWURSDTXHULGDGHPLVSDORPDVPRMDQ
VXSLFRURMRHQHOYDVRGHPL*RUJRQD´HW9HQHULVGRPLQDHYROXFUHVPHDWXUEDFROXPEDHWLQJXQW
*RUJRQHRSXQLFDURVWUDODFX,,,HVFULEH3URSHUFLR1RVHWUDWDHYLGHQWHPHQWHGHXQDHVFHQD
VDOLGDGHODLPDJLQDFLyQGHODUWLVWDVLQRWRPDGDGHODUHDOLGDG3URSHUFLRGHVFULEHSUREDEOHPHQWHVX
SURSLRMDUGtQ
'LFKDHVFHQDHVUHSUHVHQWDGDFRQIUHFXHQFLDHQHODUWHURPDQRGHpSRFDDXJ~VWHDHVSHFLDOPHQWH
HQODVQXHYDVXUQDVIXQHUDULDVGHPiUPROTXHWDQWRp[LWRWXYLHURQHQWUHORVQRWDEOHVGHODVFLXGDGHV
LWDOLDQDV 8Q EHOOR HMHPSODU GH HOODV FRQWHQtD ODV FHQL]DV GH XQR GH ORV KRPEUHV PiV GHVWDFDGRV GH
3HUXJLDFX\RQRPEUH39ROXPQLXV$I9LROHQVVHKDOODLQVFULWRHQHODUTXLWUDEHGHODXUQD3=DQNHU
OD GHVFULEH DVt ³(Q WDQWR ORV EXFUiQHRV \ JXLUQDOGDV GH XQR GH ORV ODGRV VH DWLHQHQ GLUHFWDPHQWH D
PRQXPHQWRVS~EOLFRVFRPRHO$UD3DFLVHQHORWURODGRSXHGHQYHUVHHOHJDQWHVHOHPHQWRVSURSLRVGHOD
GHFRUDFLyQGHMDUGLQHV(QWUHHOORVHOPRWLYRGHORVSiMDURVTXHEHEHQGHXQDFUiWHUDDGTXLHUHSDUWLFXODU
LPSRUWDQFLD<DKDEtDPRVHQFRQWUDGRHVWHPRWLYRHQHOSURJUDPDGHO6DHFXOXP$XUHXP\WDPELpQFRPR
VLJQRGH9HQXV$XJXVWD(QHVWHFDVRHVWDDSDFLEOHLPDJHQQDGDWLHQHTXHYHUFRQODDSDFLEOHSLHWDVGH
ODQXHYDpSRFDVLQRTXHKDGHHQWHQGHUVHFRPRXQVtPERORGHOELHQHVWDUHQXQFRQWH[WRULFR\FXOWR$Vt
KDEUtDVLGRODYLGDGHOGLIXQWR/RVHOHPHQWRVDOXVLYRVDXQSDUTXHKDFHQUHIHUHQFLDDVXVDVSLUDFLRQHV
VRFLDOHV\ORVVLJQRVGHSLHWDVDVXDFWLWXGIUHQWHDODYLGD´(OHVWXGLRVRDOHPiQREVHUYDDFHUWDGDPHQWH
FyPR ORV PRQXPHQWRV SULYDGRV IXQHUDULRV WDPELpQ IXHURQ WRPDQGR FDGD YH] PiV HOHPHQWRV GHO
OHQJXDMH LFRQRJUi¿FR R¿FLDO \ HQWUH HOORV iJXLODV FLVQHV \ HV¿QJHV 1R REVWDQWH HO PRWLYR GH ODV
SDORPDV\ODFUiWHUDDSDUHFHWDPELHQHQpSRFDDXJ~VWHDHQXQFRQWH[WRUHOLJLRVR(QHOSHGHVWDOGHXQ
WUtSRGHDSDUHFHXQTXLQGHFpQYLURRIUHFLHQGRXQVDFUL¿FLRURGHDGRSRUODXUHOHVDDPERVODGRVPLHQWUDV
HQORVFRVWDGRVVHUHSUHVHQWDQSODQWDVFDQGHODEURVFRPELQDGRVFRQSiMDURVEHELHQGRGHXQDFUiWHUD
1RGHELHURQGHIDOWDUYRFHVHQFRQWUDGHOOXMRGHHVWDVYLOODH\GHODH[FHVLYDDWHQFLyQGLVSHQVDGD
DODVDYHVFRPRPRWLYRVRUQDPHQWDOHV8QHVWRLFRGHOV,,,D&FRPR&ULVLSRKDEtDGHQXQFLDGR\DHO
JXVWRGHORVDULVWyFUDWDVJULHJRVSRUDYHVHQYLOODV(QVXREUD6REUHOD5HS~EOLFDGHVSXpVGHD¿UPDU
³HVWDPRVFHUFDGHDGRUQDUFRQSLQWXUDVLQFOXVRODVFORDFDV´DxDGH³DOJXQRVHPEHOOHFHQVXVKXHUWRV
FRQYLGHVWUHSDGRUDV\PLUWRV\FUtDQSDYRVSDORPDVSHUGLFHVSDUDTXHOHVFDQWHQ\UXLVHxRUHV´/D
ULFDSUHVHQFLDGHODVDYHVHQHVWDVYLOODHVHH[SOLFDSRUXQDQHFHVLGDGGHHYDVLyQ±ODPLVPDTXHH[SOLFD
HOp[LWRGHODOLWHUDWXUDLGtOLFD\GHODIiEXODGH3DUWHQLRD2YLGLRSHURVLQGXGDWDPELpQFRPRXQD
H[DOWDFLyQGHVPHGLGDGHOSRGHUGHOGRPLQXV
$OHVWDUHQFODYDGDVHQSOHQDQDWXUDOH]DDGLVWDQFLDFRQVLGHUDEOHGHODVFLXGDGHVODVYLOODVSRQtDQ
DVXVGXHxRVRKDELWDQWHVHQFRQWDFWRWDPELpQFRQDYHVVLOYHVWUHV\QRFWXUQDV8QDDQpFGRWDWUDQVPLWLGD
SRU0DFURELR±TXHUHYHODODDFWLWXGGH$XJXVWRDQWHODVDYHVQDUUDORTXHRFXUULyFXDQGRXQDOHFKX]D
QRFWXDQROHGHMDEDGRUPLUHQXQDGHVXVYLOODH
³7DPELpQDXQVROGDGROHWROHUy>$XJXVWR@QRVyOROLEHUWDGGHSDODEUDVLQRXQDGHVFRQVLGHUDGDLQVROHQFLD
(QXQDFDVDGHFDPSRSDVDEDQRFKHVLQTXLHWDVSRUTXHOHLQWHUUXPStDFRQIUHFXHQFLDHOVXHxRHOJULWRGH
3=$1.(5$XJXVWR\HOSRGHUGHODVLPiJHQHVWUDGHVS0DGULG¿JE
3=$1.(5RSFLWQ¿J5HIHUHQFLD+5*g7($$6HKDQFRQVHUYDGRQXPHURVRVHMHPSODUHV
GHHVWHWLSRGHEDVHVFRQODPLVPDLFRQRJUDItD(VWRVSHGHVWDOHVTXL]iHVWXYLHUDQHQHOWHPSORGH$SROR
&IUIU 3OXW'H6WRLFUHSXJQ
XQDOHFKX]D8QVROGDGRKiELOHQODFD]DGHSiMDURVWRPyFXLGDGRGHFDSWXUDUODOHFKX]D\VHODOOHYyHQOD
HVSHUDQ]DGHUHFLELUXQSUHPLRYLVWRVR(OJHQHUDOORHORJLy\RUGHQyGDUOHPLOVHVWHUFLRVpVWHRVyUHSOLFDU
³3UH¿HURTXHYLYD´\GHMyYRODUHOSiMDUR¢4XLpQQRTXHGDDVRPEUDGRGHTXH&pVDU$XJXVWRVLQVHQWLUVH
RIHQGLGRKD\DGHMDGRPDUFKDUDDTXpOVROGDGRDUURJDQWH"´
(WLDP PLOLWLV QRQ OLEHUWDWHP WDQWXP VHG HW WHPHULWDWHP WXOLW ,Q TXDGDP YLOOD LQTXLHWDV QRFWHV DJHEDW
UXPSHQWHVRPQXPHLXVFUHERQRFWXDHFDQWX3UHQGHQGDPFXUDYLWQRFWXDPPLOHVDXFXSLLSHULWXVHWVSH
LQJHQWLVSUDHPLLSHUWXOLW/DXGDWRLPSHUDWRUPLOOHQXPPRVGDULLXVVLW,OOHDXVXVHVWGLFHUH³0DORYLYDW´
DYHPTXHGLPLVLW4XLVQRQPLUDWXVHVWQRQRIIHQVR&DHVDUHDELVVHPLOLWHPFRQWXPDFHP"0DFURE6DW,,
/DOHFKX]D$WKHQHQRFWXDSHTXHxRUDSD]QRFWXUQRGHRMRVUHGRQGRV\JUDQGHVGLVSXHVWRV
IURQWDOPHQWH\VHPHMDQWHVDORVKXPDQRVFRPSDUWHFRQHOE~KR\RWURVSiMDURVQRFWXUQRVPDOH¿FLRV
\GHVJUDFLDV\QRHVDYHGHEXHQDXJXULR0LHQWUDVHQ*UHFLDVHDVRFLDEDDODGLRVD$WHQHDGHODTXH
DFDEyVLHQGRVXVtPERORHQHOPXQGRURPDQRVHKDREVHUYDGRTXHQXQFDIXHHOSiMDURGH0LQHUYD\
TXHMDPiVDSDUHFHDUPDGDORTXHDPLMXLFLRSRGUtDH[SOLFDUVHSUHFLVDPHQWHSRUVXFDUiFWHUGHPDO
DXJXULR(OLDQRVHKDFHHFRGHXQDWUDGLFLyQSRSXODUFXDQGRGLFHTXHODOHFKX]DVHSDUHFHDODVEUXMDV\D
ORVSULPHURVTXHFDXWLYDFDtGDHQFDXWLYLGDGHVDORVSDMDUHURV'LFHWDPELpQTXHVXVXVXUURQRFWXUQRHV
XQDHVSHFLHGHHQFDQWDPLHQWRFRQHOTXHDWUDHDORVSiMDURVORJUDQGRTXHVHSRVHQSHJDGRVDHOOD+$,
;(VSUREDEOHTXHDGHPiVGHLPSHGLUDOHPSHUDGRUHOVXHxRHVWHSiMDURQRFWXUQRDWHPRUL]DUD
D$XJXVWR3OLQLRUH¿ULpQGRVHDORVSiMDURVTXHLQWHUUXPSHQHOGHVFDQVRGHODQRFKHDVHJXUDTXHORVGH
PDODXJXULRSHUWXUEDQFRQVXVJHPLGRVODVWLQLHEODVHQODVTXHYLYHQ\HOVLOHQFLRGHODQRFKHHLPSLGH
DTXLHQORVHQFXHQWUDFXDOTXLHULQLFLDWLYDGHXWLOLGDGDFGLUDUXPDOLWXPPRGRWHQHEULVTXRTXHVXLV
HWLSVDUXPQRFWLXPTXLHWLLQYLGHQWLXPJHPLWXTXDHVRODYR[HRUXPHVWXWLQDXVSLFDWDUXPDQLPDQWLXP
YLFHREYLLTXRTXHYHWHQWDJHUHDXWSURGHVVHYLWDH1+;9,,,
/RSULPHURTXHVRUSUHQGHGHODQRWLFLDHVTXHHOSiMDURQRIXHUDPXHUWRVLQRTXHVHOHGLHUDFD]D
1RWHQHPRVHQHIHFWRQLQJXQDQRWLFLDGHTXH$XJXVWRVHGHGLFDUDDPDWDUSiMDURVFRPRGHSRUWHQL
VLTXLHUDFRPRSUHSDUDFLyQPLOLWDUDGLIHUHQFLDGHORTXHRFXUUtDHQHOPXQGRJULHJR-HQRIRQWHH[SRQH
ODVYHQWDMDVTXHUHSRUWDODFD]DGHSiMDURV&LURSDHGLD,\3OXWDUFR$OH[FLWDQGRORVGLDULRV
GH$OHMDQGURGLFHTXHHQHOFXUVRGHODVPDUFKDVVLQRWHQtDH[FHVLYDSULVDHOPRQDUFDPDFHGRQLR³VH
HQWUHWHQtDFD]DQGR]RUUDVRSiMDURV´(QHOFDVRGHOHPSHUDGRUURPDQRpVWHSDUHFHKDEHUGDGRRUGHQ
H[SUHVDGHTXHHOSiMDURIXHUDFDSWXUDGRSHURQRPXHUWR(OHSLVRGLRWLHQHXQDOHFWXUDUHOLJLRVDSXHV
UHFXHUGDPXFKRODVLQWHUYHQFLRQHVGHORVDXFXSLHQORVWHPSORVGH5RPDFX\RREMHWLYRHUDFRPRKHPRV
YLVWRGDUFDSWXUDDODQLPDOSDUHFHSXHVFRPRVLODYLOODGHOHPSHUDGRUVHHTXLSDUDUDHQHVWHVHQWLGRD
XQWHPSOXPRHVSDFLRVDJUDGR1RREVWDQWHHOHSLVRGLRJXDUGDWDPELpQDOJ~QSDUHFLGRFRQODJRORQGULQD
TXHUHYRORWHDQGRLQVLVWHQWHPHQWHVREUHODFDEH]DGH$OHMDQGURGXUDQWHHOVLWLRGH+DOLFDUQDVR\WULQDQGR
FRQXQFDQWRPiVHVWUXHQGRVRGHORQRUPDOLPSHGtDHOVXHxRGHOPDFHGRQLR$UU$QDE,
(QFXDOTXLHUFDVRVXFDSWXUDQRGHELyGHVHUIiFLO\HOSDMDUHURGHELyGHFRQVLGHUDULQVX¿FLHQWH
ODVXPDSDJDGDSRUHOHPSHUDGRUSRUORFXDOODGHMyOLEUH$XJXVWRQRQRIIHQVRGHMyPDUFKDUDOVROGDGR
9HQLPRVYLHQGRTXHFXDQGR2FWDYLRHVWiHQSUHVHQFLDGHDOJXLHQFRQSiMDURVRDYHVDVXFDUJRSHVHD
VXFRQGLFLyQGHHPSHUDGRUGHMDGHGHFLUOD~OWLPDSDODEUD\FDOOD
-/ '(61,(5 /9DOHULXV$FLVFXOXV HW OH FRUEHDX FRPEDWWDQW &KRXHWWH RX FRUEHDX" /DWRPXV \ Q $
6$89$*(eWXGHGHWKqPHVDQLPDOLHUVGDQVODSRpVLHODWLQH/HFKHYDOOHVRLVHDX[FROO/DWRPXV%UX[HOOHV