El Cid en el Valle del Jalón. Simposio Internacional

6LPSRVLR,QWHUQDFLRQDO
(/ &,'(1(/ 9$//('(/ -$/Ð1
$WHFD&DODWD\XGRFWXEUHGH
(/ &,'
(1(/ 9$//(
'(/ -$/Ð1
‡
6,0326,2,17(51$&,21$/
&(1752'((678',26%,/%,/,7$126
,QVWLWXFLyQ)HUQDQGRHO&DWyOLFR
&DODWD\XG
3XEOLFDFLyQQ~PHUR
GHO
&HQWURGH(VWXGLRV%LOELOLWDQRV
\GHOD
,QVWLWXFLyQ)HUQDQGRHO&DWyOLFR
)XQGDFLyQ3~EOLFDGHOD
'LSXWDFLyQGH=DUDJR]D
KWWSLIFGS]HV
LIF#GS]HV
,6%1
'HSyVLWR/HJDO=
,PSUHVRHQ(VSDxD
7LSR/tQHD6$²,VODGH0DOORUFDVQ=DUDJR]D
35(6(17$&,Ð1
5RGULJR'tD]GH9LYDUDSRGDGR©&LGªSRUORVPXVXOPDQHVHVXQSHUVRQDMH
VREUDGDPHQWHFRQRFLGRLQFOXVRSRUORVHVFRODUHV\DOTXHODKLVWRULRJUDItDWUD
GLFLRQDOKDSUHVHQWDGRFRPRODHQFDUQDFLyQGHOKpURHGHOD©5HFRQTXLVWDª+R\
GtDVHUHYLVDQWDQWRHOFRQFHSWRGH©5HFRQTXLVWDªFRPRODLPDJHQGHO&LGGH
SDODGtQGHOD&ULVWLDQGDG%DVWHGHFLUTXHQRGXGyHQFRPEDWLUFRQWUDORVFULV
WLDQRVDUDJRQHVHVSRQLpQGRVHDOVHUYLFLRGHOUH\iUDEHGH=DUDJR]D(QWRGR
FDVRHVWHJXHUUHURFDVWHOODQRTXHOOHJyDFRQTXLVWDUDILQDOHVGHOVLJOR;,OD
LPSRUWDQWHFLXGDGLVOiPLFDGH9DOHQFLDVLJXHVLHQGRXQDILJXUDIDVFLQDQWH
&XULRVDPHQWH JUDQ SDUWH GH OR TXH GHO &LG VH VDEH QR SURYLHQH GH GRFX
PHQWRVKLVWyULFRVVLQRGHXQDREUDOLWHUDULDHO©&DQWDUGH0tR&LGªSLH]DIXQ
GDPHQWDO GH OD SRHVtD pSLFD PHGLHYDO 3HUR XWLOL]DU XQD REUD OLWHUDULD FRPR
IXHQWHKLVWyULFDFRQOOHYDPXFKRVSUREOHPDVSXHVKD\QDUUDFLRQHVTXHSXHGHQ
VHUUHDOHVRWUDVGHIRUPDGDV\RWUDVSXUDPHQWHILFWLFLDVDOWLHPSRTXHSXHGHQ
RPLWLUVHKHFKRVLPSRUWDQWHVTXHQRFRQYHQJDQDODILQDOLGDGGHOSRHPDHQHVWH
FDVRODPLWLILFDFLyQGHOKpURH
$VtHQHO&DQWDU3ULPHURPLHQWUDVQRVHPHQFLRQDODHVWDQFLDGHO&LGHQ
=DUDJR]DDOVHUYLFLRGHOUH\$O0XWDPLQVHGHVFULEHQFRQJUDQOXMRGHGHWD
OOHVODFRQTXLVWDGHODDOGHDPXVXOPDQDGH$OFRFHUHQHOGLVWULWRGH&DODWD\XG
\ODSRVWHULRUYLFWRULDHQHOPLVPROXJDUVREUHXQJUDQHMpUFLWRPRURLQFRP
SUHQVLEOHPHQWHHQYLDGRGHVGH9DOHQFLD(VWDJUDQEDWDOODSDUHFHWRWDOPHQWHID
EXORVDSHURODWRPDGH$OFRFHUHVYHURVtPLOORTXHKDUtDQHFHVDULDODH[LVWHQFLD
UHDOGHHVWHSREODGRVREUHFX\DSRVLEOHXELFDFLyQQRVHKDQSXHVWRGHDFXHU
GRORVHVWXGLRVRV
5HFLHQWHPHQWHHQORVSURIHVRUHV-RVp/XLV&RUUDO\)UDQFLVFR0DUWt
QH]KDQHQFRQWUDGRUHVWRVDUTXHROyJLFRVTXHDWULEX\HQSRUXQDSDUWHD$OFRFHU
HQHOOXJDUOODPDGR©/D0RUD(QFDQWDGDªHQODPDUJHQL]TXLHUGDGHO-DOyQ
HQWUH$WHFD\7HUUHU\SRURWUDHO©2WHURGHO&LGªDORWURODGRGHOUtR\SUHFLVD
PHQWHHQHOFHUUR©7RUUHFLGª$PERVHPSOD]DPLHQWRVSDUHFHQHQFDMDUSHUIHF
WDPHQWHFRQORVYHUVRVGHOSRHPD
/DJUDQLPSRUWDQFLDGHHVWHKDOOD]JRSDUDORVHVWXGLRVFLGLDQRVWDQWRKLV
WyULFRVFRPROLWHUDULRVPRYLyDO&HQWURGH(VWXGLRV%LOELOLWDQRVDFRQYRFDUXQ
6LPSRVLR ,QWHUQDFLRQDO GRQGH SUHVWLJLRVRV HVSHFLDOLVWDV SXGLHUDQ H[SRQHU \
3UHVHQWDFLyQ
FRQWUDVWDUVXVLGHDVDUDt]GHORV~OWLPRVGHVFXEULPLHQWRV\VREUHHOOXJDUGH
ORVKHFKRV
(O6LPSRVLRVHFHOHEUyHQWUHORVGtDV\GHRFWXEUHGHHQODVORFDOL
GDGHVGH$WHFD\&DODWD\XGFRQODFRODERUDFLyQGHVXVUHVSHFWLYRVD\XQWDPLHQ
WRV\GHO&HQWUR$VRFLDGRGHOD81('HQ&DODWD\XGDORVTXHHVWDPRVPX\
DJUDGHFLGRV(OSURJUDPDVHGHVDUUROOyFRQWRWDOQRUPDOLGDG\DOSDUHFHUDVDWLV
IDFFLyQGHORVSDUWLFLSDQWHVVDWLVIDFFLyQTXHHVSHUDPRVVHYHDFRPSOHWDGDFRQ
ODSXEOLFDFLyQGHHVWDV$FWDV
&HQWURGH(VWXGLRV%LOELOLWDQRV
&DODWD\XG
&$/$7$<8'< 68&20$5&$ (1(/ 6,*/2;,
325
$*867Ì1 6$10,*8(/ 0$7(2
5HXQLGRVDTXtHQODFLXGDGGH&DODWD\XGFRQHOILQGHWUDWDUGLYHUVRVDV
SHFWRVUHODFLRQDGRVFRQHO&LGWDQWRKLVWyULFRVFRPROLWHUDULRV\FRQXQDHVSH
FLDO DWHQFLyQ D VX HVWDQFLD HQ HVWDV WLHUUDV DWHQFLyQ TXH VLHPSUH KD H[LVWLGR
SHURDKRUDUHDYLYDGDSRUUHFLHQWHVGHVFXEULPLHQWRVDUTXHROyJLFRVHVSDUDPt
XQKRQRUFRPRSUHVLGHQWHGHOD(QWLGDGTXHFRQYRFDHO6LPSRVLRHO&HQWUR
GH(VWXGLRV%LOELOLWDQRVGDUOHVODPiVFRUGLDOELHQYHQLGD
(VDOPLVPRWLHPSRSDUDPtXQDREOLJDFLyQLPSXHVWDDPDEOHPHQWHSRUORV
FRRUGLQDGRUHVGHO6LPSRVLRPLVEXHQRVDPLJRV-RVp/XLV&RUUDO\)UDQFLVFR
0DUWtQH]HOSUHVHQWDUHVWDEUHYHSRQHQFLDTXHQRSUHWHQGHVHUVLQRXQPRGHVWR
SyUWLFR\XQGLVFUHWRGHFRUDGRGHIRQGRDODVLQWHUYHQFLRQHVVLQGXGDPiVLQWH
UHVDQWHVTXHDFRQWLQXDFLyQWHQGUiQOXJDU
$OLQWHQWDUUHFUHDUXQDSRVLEOHLPDJHQGHHVWD]RQDHQODVHJXQGDPLWDGGHO
VLJOR;,HOXGLUpSURIXQGL]DUHQWHPDVKLVWyULFRVTXHVHUiQWUDWDGRVSRUHOSUR
IHVRU$ILI7XUN DVt FRPR HQ DVSHFWRV WRSRQtPLFRV TXH D EXHQ VHJXUR GHVD
UUROODUiQORVSURIHVRUHV&ULDGRGH9DO\0LNHOGH(SDO]D7UDWDUp~QLFDPHQWH
GHDPELHQWDUFRPRVLIXHVHHOHQFDUJDGRGHODHVFHQRJUDItDGHXQDSHOtFXOD
ORVKHFKRVTXHVHVXSRQHSURWDJRQL]yDTXtHO&LG
(QODIHFKDTXHQRVRFXSDDxRGHODHUDFULVWLDQDHVWRHUDLQGXGDEOH
PHQWH©WLHUUDGHPRURVª(OGRPLQLRSROtWLFR\PLOLWDUGHO,VODPVHH[WHQGHUtD
GHVGHHODxRKDVWDHODXQTXHODSUHVHQFLDGHPXVXOPDQHVVHSURORQ
JyFDVLFLQFRVLJORVPiVGDQGROXJDUDORVIHQyPHQRVPXGpMDU\PRULVFR+DV
WDKDFHSRFR\VDOYRUHVWULQJLGRVFtUFXORVODKLVWRULRJUDItDKLVSiQLFDKDPHQRV
SUHFLDGRHVWDpSRFDGHQXHVWUDKLVWRULDSDVDQGRFDVLUHSHQWLQDPHQWHGHHQVDO]DU
HO,PSHULRURPDQRDJORULILFDUOD©5HFRQTXLVWDª3RUHOORWLHQHHVSHFLDOPpUL
WRDWHQLpQGRQRV\DDHVWDFRPDUFDHOHVIXHU]RGHQXHVWURSDLVDQRHOKLVWRULDGRU
GRQ9LFHQWH GH OD )XHQWH LQFOX\HQGR KDFH PiV GH XQ VLJOR YDULRV FDStWXORV
&DODWD\XG\VXFRPDUFDHQHOVLJOR;,
VREUHODpSRFDLVOiPLFDHQVX+LVWRULDGH&DODWD\XGD\XGDGRSRUVXDPLJRHO
DUDELVWDGRQ)UDQFLVFR&RGHUD\ODPHQWDQGRQRGLVSRQHUGHPiVIXHQWHVKLVWy
ULFDV
'HVGHHQWRQFHV\DODOX]GHQXHYDVDSRUWDFLRQHVGRFXPHQWDOHV\DUTXHROy
JLFDVQXHVWURVFRQRFLPLHQWRVVHKDQLGRDPSOLDQGRDXQTXHTXL]iVQRFRQOD
UDSLGH]GHVHDGD8QDH[FHOHQWHVtQWHVLVGHWRGRVHVWRVQXHYRVGDWRVHQHODV
SHFWRKLVWyULFRQRVODRIUHFH0DUtD-HV~V9LJXHUDHQ$UDJyQPXVXOPiQ(QOR
DUTXHROyJLFRHOHVWXGLRSDUFLDOPHQWHSXEOLFDGRGH-XDQ$QWRQLR6RXWRVREUH
HO FRQMXQWR IRUWLILFDGR LVOiPLFR GH &DODWD\XG UHYLVWH JUDQ LQWHUpV \ SDUD OD
PDQLIHVWDFLyQ DUWtVWLFD GH OD SREODFLyQ PXGpMDU HV REUD FDSLWDO HO OLEUR $UWH
PXGpMDU DUDJRQpV GH *RQ]DOR %RUUiV 9ROYLpQGRQRV D FHxLU DO iPELWR FR
PDUFDO HV GH REOLJDGD PHQFLyQ HO FDStWXOR ©/RV PXVXOPDQHV HQ HO YDOOH GHO
-DOyQªHVFULWRSRU*HUPiQ/ySH]6DPSHGURHQ&DODWD\XG\VXFRPDUFD\VRQ
EDVWDQWHVORVWUDEDMRVSXQWXDOHVUHODFLRQDGRVFRQHOWHPDGHOSDVDGRLVOiPLFR
UHFLHQWHPHQWHSXEOLFDGRVRHQYtDVGHSXEOLFDFLyQ
+DFLHQGR XQD EUHYH VtQWHVLV KLVWyULFD SRGUtDPRV FRPHQ]DU GLFLHQGR TXH
HVWD]RQDSRUVXVLWXDFLyQJHRJUiILFDKDVLGRVLHPSUHXQOXJDUFODYHHQGLVWLQ
WDVpSRFDV$ FDEDOORHQWUHHOYDOOHGHO(EUR\OD0HVHWDHVWHVHFWRUGHO6LVWH
PD ,EpULFR RIUHFH XQD GREOH SDUWLFXODULGDG 3RU XQD SDUWH HO UtR -DOyQ HQ XQ
IHQyPHQRGHHSLJpQHVLVFRUWDSHUSHQGLFXODUPHQWHODFRUGLOOHUDHQVHQWLGRVX
URHVWHQRUHVWH DEULHQGR DVt XQD YtD QDWXUDO GH FRPXQLFDFLyQ HQWUH7ROHGR \
=DUDJR]D3RURWURODGR\PHGLDQWHXQSURFHVRGHFDSWXUDHOUtR-LORFDIDFLOL
WDODUHODFLyQFRQ9DOHQFLD
6HH[SOLFDSXHVHOHOHYDGRQ~PHURGHSREODGRVSUHKLVWyULFRVKDOODGRVHQ
HVWD]RQD/RVFHOWtEHURVIXQGDURQODFLXGDGGH%LOELOLVVHJ~QUHFLHQWHVWHRUt
DVHQHOWpUPLQRGH9DOGHKHUUHUD\TXHVHUtDVXVWLWXLGDSRUOD%tOELOLV$XJXVWD
URPDQDVREUHHOFHUURGH%iPEROD3HURDVtFRPRRWUDVFLXGDGHVKLVSiQLFDVVH
PDQWXYLHURQOiQJXLGDPHQWHKDVWDVXUHYLWDOL]DFLyQSRUHO,VODPDTXtORVPX
VXOPDQHVVyORHQFRQWUDURQUXLQDV\SHTXHxRVQ~FOHRVUXUDOHV0X\WHPSUDQD
VHJXUDPHQWHGHOVLJOR9,,,GHELyGHVHUODIXQGDFLyQGH&DODWD\XGWUDGLFLR
QDOPHQWHDWULEXLGDDOHPLU$\\XELEQ+DELEDO/DMPLHQHODxRDXQTXHVLQ
SUXHEDV GRFXPHQWDOHV 6t QRV FRQVWD HQ FDPELR JUDFLDV DO WHVWLPRQLR GH
DO8GULFyPRHQHODxRHOHPLU0XKDPPDG,RUGHQDDORVWX\LEtHVODIRUWL
9LFHQWH GH OD )8(17( +LVWRULD GH OD VLHPSUH$XJXVWD \ )LGHOtVLPD &LXGDG GH &DODWX\XG
WRPRV&DODWD\XG\UHHGLFLyQIDFVtPLOGHO&HQWURGH(VWXGLRV%LOELOLWDQRV&DODWD
\XG
0DUtD-HV~V9,*8(5$$UDJyQ0XVXOPiQ=DUDJR]D(G/LEUHUtD*HQHUDOHGLFLyQ
FRQGHWDOODGDELEOLRJUDItDHQ0LUD(GLWRUHV
-XDQ$QWRQLR62872)XHQWHGHOHVWXGLRKLVWyULFRDUTXHDOyJLFRGHOFRQMXQWRIRUWLILFDGRPX
VXOPiQGH&DODWD\XG=DUDJR]DREMHWLYRVPHWRGRORJtD\SULPHURVUHVXOWDGRV7HUFHUDV-RUQDGDV
GH&XOWXUDÉUDEHH,VOiPLFD0DGULG
*RQ]DOR 0 %255É6 $UWH 0XGpMDU$UDJRQpV &$=$5 \ &ROHJLR GH$SDUHMDGRUHV =D
UDJR]D
&DODWD\XG\VX&RPDUFDYDULRVDXWRUHV6HFUHWDUtD*HQHUDOGHO7XULVPR0DGULG
$JXVWtQ6DQPLJXHO0DWHR
ILFDFLyQGH&DODWD\XGORTXHDSDUWHGHUHSUHVHQWDUODSULPHUDFLWDKLVWyULFDGH
&DODWD\XGQRVLQGLFDTXHGHVGHORVSULPHURVDxRVGHODFRQTXLVWDODFODVHGLUL
JHQWHGHHVWD]RQDIXHiUDEHFRQFUHWDPHQWH\HPHQtHV\QREHUpEHUHVRPXOD
GtHVFRPRHQRWUDVSDUWHV
'HVGHHQWRQFHVHVFUHFLHQWHODLPSRUWDQFLDGH&DODWD\XGTXHDMX]JDUSRU
VXSHUtPHWURDPXUDOODGRSXGRVHUODVHJXQGDFLXGDGHQLPSRUWDQFLDGHOD0DU
FD6XSHULRUWUDVVXFDSLWDO=DUDJR]D1RDFDEDQGHSRQHUVHGHDFXHUGRORV
KLVWRULDGRUHVVREUHHOJUDGRGHLQGHSHQGHQFLDDGPLQLVWUDWLYDGHHVWDFRPDU
FDUHVSHFWRD=DUDJR]DRSLQDQGRXQRVTXHWHQGUtDQFDWHJRUtDGHSURYLQFLD
FRPRODVGH+XHVFDR/pULGD\RWURVTXHVHUtDGLVWULWRGH=DUDJR]D(VWDSUR
YLQFLDRHVWHGLVWULWRVHFRUUHVSRQGHUtDDSUR[LPDGDPHQWHFRQODDFWXDOFRPDU
FDOLPLWDQGRDORHVWHFRQOD0DUFD0HGLDDODTXH\DSHUWHQHFtD0HGLQDFH
OL DO QRUWH FRQ OD SURYLQFLD GH 7XGHOD DO HVWH \ VXUHVWH FRQ =DUDJR]D \ DO
VXURHVWHFRQODSURYLQFLDGH%DUXVDTXL]iVFRQFDSLWDOHQ0ROLQDGH$UDJyQ
(VGHGHVWDFDUTXHVHJ~QORVJHyJUDIRViUDEHVGHQWURGHODGHPDUFDFLyQGH
&DODWD\XGHVWDUtD'DURFDTXHWUDVODFRQTXLVWDFULVWLDQDFRQVWLWXLUtDVXSUR
SLD&RPXQLGDG\TXHHQWRGRFDVRVLHPSUHVHFLWDFRPRFLXGDGLPSRUWDQWH
(QHVWDDPSOLDFRPDUFDGHODTXHWDPELpQVHGLFHHVDEXQGDQWHHQUtRViUER
OHV\IUXWDVHVPX\SRVLEOHTXHHVWXYLHVHQ\DFRQVWLWXLGDVODPD\RUtDRODFDVL
WRWDOLGDG GH ODV SREODFLRQHV TXH KDVWD KR\ KDQ OOHJDGR (Q DOJXQRV FDVRV
FRPR$OKDPD $O+DPPD R -DUDED ;DUDED HO WRSyQLPR QR GHMD OXJDU D
GXGDV\WDPELpQHVVLJQLILFDWLYRTXHHQHO&DQWDUGHO&LGQRVHRPLWDQLQ
JXQDSREODFLyQHQWUH$UL]D\&DODWD\XG'HVSXpVGH&DODWD\XG\'DURFDHV
SRVLEOH TXH ORV Q~FOHRV PiV LPSRUWDQWHV IXHVHQ $UL]D $OKDPD $WHFD \
0DOXHQGD
5HWRPDQGRHOKLORGHHVWHEUHYHUHVXPHQKLVWyULFRGLJDPRVTXHORVPLVPRV
iUDEHVWX\LEtHVTXHHQHOVLJOR,;VLUYLHURQHQ&DODWD\XGGHEDOXDUWHGHOHPLUD
WRFRUGREpVIUHQWHDORVPXODGtHV%DQX4DVLGH=DUDJR]DWUDVDGXHxDUVHGHOD
FDSLWDOGHOD0DUFDHQHOVLJOR;VHPRVWUDURQDVXYH]KRVWLOHVD&yUGREDGRQ
GHJREHUQDEDQR\DXQHPLUVLQRHOSULPHUFDOLIDGHDOÉQGDOXV(OPLVPtVLPR
$EGHUUDPiQ,,,YLQRHQHODxRDUHVWLWXLUVXDXWRULGDGHQOD0DUFD6XSH
ULRUVLWLDQGR&DODWD\XG\FRQTXLVWiQGRORHOGHMXOLRGHHVHDxRFRQVLJXLHQGR
ODVXPLVLyQGH=DUDJR]DDOJRPiVWDUGH
7UDVHOVLJOR;pSRFDGHSRGHUtRPLOLWDU\HFRQyPLFRGHOFDOLIDWRHOVLJOR
;,HVGHVSXpVGHODILWQDHOSHULRGRGHHVSOHQGRUFXOWXUDOGHORVUHLQRVGHWDL
IDVHQWUHORVTXHVREUHVDOHHOGH=DUDJR]DJREHUQDGRD~QSRUODYLHMDIDPLOLD
GHORVWX\LEtHV\HQGHVSOD]DGDSRUODWDPELpQ\HPHQtIDPLOLDKXGt7UDV
ODPXHUWHGHOSULPHUUH\KXGt6XOD\PDQVHUHSDUWHQHOUHLQRVXVKLMRVTXHGiQ
GRVHFRQHOGLVWULWRGH&DODWD\XG0XKDPPDGTXLHQDFXxDUtDGLUKDPVDWULEX
\pQGRVHHOVREUHQRPEUHGH©VRSRUWHGHODGLQDVWtDªPRQHGDV\DGHVFULWDVSRU
9LFHQWHGHOD)XHQWHHQ7DOYH]HVWDVPRQHGDVIXHUDQDOPHQRVHQSDU
WHORV©WUHVPLOPDUFRVGHSODWDªFRQORVTXHORVPXVXOPDQHVFRPSUDQ$OFR
FHUDO&LG
'HWRGDVIRUPDVIXHHItPHUDHVWDLQGHSHQGHQFLDFDODWD\XEt\XQRGHORVKHU
PDQRV KXGtHV$KPDG YROYLy D XQLILFDU HO UHLQR WLWXOiQGRVH PiV WDUGH $O
0XTWDGLUELOODK©(O3RGHURVRSRU'LRVª7UHLQWD\VHLVDxRVJREHUQyHVWHFXO
WRUH\FRQVWUXFWRUGHOD$OMDIHUtDKDVWDTXHXQDHQIHUPHGDGOHDSDUWyGHOWURQR
&DODWD\XG\VXFRPDUFDHQHOVLJOR;,
HQHODxRVXFHGLpQGROHVXKLMR$O0XWDPLQ(VSUHFLVDPHQWHHQHVWDVIH
FKDVFXDQGR5RGULJR'tD]GH9LYDUGHVWHUUDGRGH&DVWLOODVHLQWHUQDHQHOH[
WUHPRRFFLGHQWDOGHOUHLQRGH=DUDJR]D
7UDVGHMDU&DVWHMyQGH+HQDUHVODHQWUDGDHQHOGLVWULWRGH&DODWD\XGQROD
KL]R VLHPSUH VHJ~Q HO &DQWDU SRU HO FDPLQR QDWXUDO VLJXLHQGR HO YDOOH GHO
-DOyQ\DTXHKDEUtDTXHHYLWDUODDQWLJXDSOD]DIXHUWHGH0HGLQDFHOLTXHOOH
JyDVHUFDSLWDOGHOD0DUFD0HGLD$OVXUGHO-DOyQ\GHVGH$QJXLWDD&HWLQD
VHH[WLHQGHXQDYDVWDUHJLyQD~QKR\SUiFWLFDPHQWHGHVSREODGDSXHVDSHQDV
RIUHFHFRQGLFLRQHVSDUDODVXSHUYLYLHQFLDGHJUXSRVDOJRQXPHURVRV6HWUDWD
GHXQRVSiUDPRVHQOD]RQDFHQWUDOGHO6LVWHPD,EpULFRFX\DDOWLWXGVREUHSD
VDFRQIUHFXHQFLDORVPHWURV(OWHUUHQRORFRQVWLWX\HQHQEXHQDSDUWHFDOL
]DVGHO-XUiVLFRHQWUHFX\DVJULHWDVVHLQILOWUDUiSLGDPHQWHHODJXDGHOOXYLD
&RQODHVFDVH]GHKXPHGDG\ODVEDMDVWHPSHUDWXUDVGHELGDVDODDOWLWXGVROR
SURVSHUDXQH[WUDxR\VLQJXODUiUEROODVDELQDDOEDUGHODIDPLOLDGHORVFLSUH
VHV6XFUHFLPLHQWRHVOHQWR\VXYLGDODUJDVLHQGRSRVLEOHTXHDOJXQRVYLHMRV
HMHPSODUHVDFWXDOHV\DH[LVWLHVHQDOSDVRGHO&LG(VWRVQHJUX]FRV\VLOHQFLR
VRVERVTXHVKR\YHUGDGHUDUHOLTXLDERWiQLFDRIUHFHQXQDVSHFWRVREUHFRJHGRU
TXHVLQHPEDUJRQRVRUSUHQGHUtDDORVJXHUUHURVFDVWHOODQRVSXHVVDELQDUHV
VHPHMDQWHVKD\DOVXUGH%XUJRVHQOD]RQDGH6LORV6LKR\ODUHJLyQHVWiFDVL
GHVSREODGDHVGHLPDJLQDUTXHPiVD~QORHVWDUtDKDFHQXHYHVLJORV\KDVWDHV
SRVLEOH TXH ORV SHTXHxRV Q~FOHRV SDVWRULOHV HQWRQFHV H[LVWHQWHV DSHQDV HVWX
YLHVHQQLFULVWLDQL]DGRVQLLVODPL]DGRV
<HQGRKDFLD$UL]DHOSDLVDMHFDPELD6HGHVFLHQGHHQDOWLWXG\ODVFDOL]DV
YDQVLHQGRVXVWLWXLGDVSRUFRQJORPHUDGRV\DUFLOODVWHUFLDULRV/DVDELQDYDFH
GLHQGRHOSDVRDOTXHMLJR\VREUHWRGRDODHQFLQDRFDUUDVFD/DKLHUEDHOIR
OODMH\ODVEHOORWDVDOLPHQWDUtDQDXQDYDULDGDIDXQDHQODTXHKDEUtDFRQHMRV
YHQDGRV\MDEDOtHVTXHELHQSRGUtDQVHUYLUGHVXVWHQWRDSDUWLGDVHUUDQWHVFRPR
ODGHO&LGDGHPiVGHDRWUDVHVSHFLHVGHSUHGDGRUDV/DFDSWXUDGHORERVD~Q
HVWDEDUHFRPSHQVDGDHQ&DODWD\XGHQHOVLJOR;9,,,
'HVGHORVERVTXHVGHODRULOODGHUHFKDGHO-DOyQVHGLYLVDUtDDORWURODGRGHO
YDOOHTXHHQHVWHOXJDU\pSRFDVXSRQHPRVSRFRFXOWLYDGRHOHQRUPHFDVWLOOR
GH$UL]D ©/D 3RVHVLyQª HQ OR DOWR GH XQ FHUUR URML]R GH DUFLOODV \ PDUJDV
(VFDVRVUHVWRVTXHGDQGHORTXHIXHXQDGHODVPiVLPSRUWDQWHVIRUWDOH]DVGH
HVWD]RQDKDELHQGRGDGRDFRQRFHUUHFLHQWHPHQWH-0DUtD(VWDEOpV XQOLHQ]R
GH VLOOHUtD HQ OD SDUWH EDMD GH OD FLXGDG \ TXH SRGUtD FRUUHVSRQGHU DO UHFLQWR
iUDEH
8Q SODFHU H[yWLFR \ GHPDVLDGR UHILQDGR KXELHVH VXSXHVWR SDUD ORV UXGRV
EXUJDOHVHVXQEDxRFDOLHQWHHQ$O+DPPDKR\$OKDPDGH$UDJyQFX\DVDJXDV
HUDQ\DIUHFXHQWDGDVHQWLHPSRVGHODFRORQL]DFLyQURPDQD$ SDUWLUGH$OKD
-RVp0DUtD(67$%/e61RWLFLDGHXQDFLXGDGDPXUDOODGD\XQDPH]TXLWDHQODFRPDUFDGH
&DODWX\XG$FWDVž(QFXHQWURGH(VWXGLRV%LOELOLWDQRV&HQWURGH(VWXGLRV%LOELOLWDQRV&DODWD
\XG
$JXVWtQ6DQPLJXHO0DWHR
PDHOYDOOHVHHVWUHFKDHQWUHHVFDUSHVSULPHURGHFODUDVFDOL]DV\GHVSXpVGH
RVFXUDVFXDUFLWDVTXHDOWHUQDQFRQSL]DUUDV/DVODGHUDVHVWDUtDQRFXSDGDVSRU
GHQVRVHQFLQDUHVGHORVTXHD~QTXHGDQUHVWRV\HQHOUHGXFLGRYDOOHHODUEROD
GRULEHUHxRGHFKRSRV\VDXFHVDSHQDVGHMDUtDHVSDFLRSDUDSHTXHxRVFDPSRV
GHFXOWLYR7UDVXQUHFRGR%XELHUFDVHHQFDUDPDHQXQSURPRQWRULRHQHOTXH
TXHGDQ UHVWRV GH XQ WRUUHyQ GHVPRFKDGR GH PDPSRVWHUtD SRVLEOHPHQWH PX
VXOPiQVHJ~Q&ULVWyEDO*XLWDUW$ ORODUJRGHOYDOOHKDEUtDVHQGDVSHURVyOR
SDUDSHUVRQDV\FDEDOOHUtDV\FRQJUDQSUREDELOLGDGSXHQWHVHVWUHFKRVGHPD
GHUDSHUPLWLUtDQHOSDVRGHOFDXFHVLQWHQHUTXHUHFXUULUDPRMDUVHHQORVYDGRV
$XQTXHQRVHFRQVHUYHQRKD\TXHGHVFDUWDUODH[LVWHQFLDGHDOJ~QSXHQWHGH
SLHGUDTXHSRGUtDKDEHUGHVDSDUHFLGRDFDXVDGHODVIUHFXHQWHVDYHQLGDVRULD
GDVTXHSURWDJRQL]DHO-DOyQ
3RUODPDUJHQGHUHFKDDIOX\HHOUtR3LHGUD¢3LHGUD 3HGURVD %DUXVD"¢6H
ORFDOL]DUtDDJXDVDUULEDHOPLVWHULRVRGLVWULWRPXVXOPiQ"HVWDQGRSURWHJLGDOD
HQWUDGDDVXYDOOHSRU&DVWHMyQGHODV$UPDV3RFRPiVDEDMR\GRQGHSRUOD
L]TXLHUGDDFXGHHOUtR0DQXEOHVSURFHGHQWHGHO0RQFD\R$WHFDVHOHYDQWDHQ
OD ODGHUD GH XQ FHUUR (VWRV GRV DIOXHQWHV GHO -DOyQ GH DJXDV OLPSLDV \ FDU
ERQDWDGDVVRQD~QDEXQGDQWHVHQWUXFKDV\KDVWDKDFHSRFRHQFDQJUHMRV(O
-DOyQSRUVXRFDVLRQDOWXUELGH]GHELGDQRDODFRQWDPLQDFLyQVLQRDORVDUUDV
WUHVDUFLOORVRVWUDVODVWRUPHQWDVFUtDHQFDPELREDUERV\PDGULOODV\HQWRQFHV
TXL]iVOOHJDVHQODVDQJXLODV(VWRVUHFXUVRVSLVFtFRODVDGHPiVGHVHUXWLOL]D
GRVSRUORVQDWXUDOHVGHOSDtVHVSRVLEOHTXHIXHVHQWDPELpQDSURYHFKDGRVSRU
ODH[SHGLFLyQFDVWHOODQDDODTXHFRPRDFXDOTXLHURWUDOHVHUtD~WLOTXHDOJX
QRVGHVXVFRPSRQHQWHVDGHPiVGHVHUJXHUUHURVGRPLQDVHQHODUWHGHODFD]D
RGHODSHVFD
9ROYLHQGRQXHVWUDPLUDGDD$WHFDGHORVUHVWRVGHOFDVWLOORTXHFRURQDQVX
FLPDQRSRGHPRVSRUDKRUDSUHFLVDUTXHFRQWHQJDQYHVWLJLRVPXVXOPDQHVDXQ
TXH WLHQH TXH KDEHUORV (O WUD]DGR GHO FDVHUtR DFWXDO SXHGH UHFRUGDUQRV FRQ
FLHUWDILGHOLGDGFyPRSXGLHURQVHU$WHFD\ODVRWUDVSREODFLRQHVGHODFRPDU
FD HQ OD pSRFD GHO &LG /DV FDOOHV VRQ HVWUHFKDV \ UHWRUFLGDV FRQ IUHFXHQWHV
DGDUYHV \ FXELHUWRV (Q ODV FDVDV GH DKRUD SXHGHQ REVHUYDUVH WpFQLFDV FRQV
WUXFWLYDVFDVLFRQVHJXULGDGKHUHGDGDVGHORVPXVXOPDQHVHQOXJDUGHODPDOD
PDPSRVWHUtDTXHSXHGHIDEULFDUVHFRQODVTXHEUDGL]DVFXDUFLWDVVHSUHILHUHHO
XVRGHOEDUURELHQFRPRDGREHVODGULOORVVHFDGRVDOVROOHVOODPDQHQDOJXQRV
WUDWDGRV WUDGXFLGRV GHO LQJOpV R PiV IUHFXHQWHPHQWH HQ IRUPD GH WDSLDO
FRPSDFWDQGRHOEDUURFRQRVLQSLHGUDVHQWUHWDEORQHVTXHVHUHWLUDEDQXQDYH]
HQGXUHFLGDODPH]FOD$SDUWHGHODVSXHUWDVHOUHVWRGHODVDEHUWXUDVVHUtDQGH
PHQRUHVGLPHQVLRQHVTXHODVDFWXDOHVYHQWDQDV(ODGREH\HOWDSLDOLUtDQUHYR
FDGRVFRQEDUURILQRPH]FODGRFRQSDMDFRPRD~QSXHGHYHUVHHQFDVDVYLHMDV
GHDOJXQRVSXHEORVRFRQ\HVRWULWXUDGRFRQURGLOORVGHSLHGUD$XQTXHKR\VH
YHQODVIDFKDGDVEODQTXHDGDVSRUFRPSOHWRHQIRWRJUDItDVDQWLJXDVVHREVHUYD
FyPRHOHQFDODGRVHOLPLWDEDDHQPDUFDUSXHUWDV\YHQWDQDVORTXHD~QVXE
&ULVWyEDO*8,7$57&DVWLOORVGH$UDJyQ7RPRV,\,,/LEUHUtD*HQHUDO=DUDJR]D7RPR
,,,0LUD(GLWRUHV=DUDJR]D(VXQFRPSOHWtVLPRFDWiORJRTXHLQFOX\H\DHQHOHU WRPR$OFR
FHU\7RUUHFLG
&DODWD\XG\VXFRPDUFDHQHOVLJOR;,
VLVWH HQ DOJXQD FDVD GH DOJ~Q SXHEOR \ SXHGH YHUVH HQ SREODGRV iUDEHV GHO
<HPHQ\EHUHEHUHVGHO$WODV0HGLR$VtGHELyGHHVWDUHQWRQFHV
4XHGDODGXGDGHFyPRVHUtDODFXELHUWD+R\WRGDVODVFDVDVVDOYRFDVRV
DE\HFWRVVHFXEUHQFRQWHMDFXUYDR©WHMDiUDEHª3HURHQHOPXQGRiUDEHVH
HPSOHDPXFKRODWHUUD]DSODQDGHWLHUUDDSLVRQDGDLQFOXVRHQ]RQDVGHPD\RU
SOXYLRVLGDGFRPRODV$OSXMDUUDVRHO$OWR$WODV\TXHHVXWLOL]DGDSDUDODWUL
OOD ,QFOXVR SDUHFH VHU TXH HQ DOJXQDV ]RQDV GHO SURSLR 3LULQHR OOHJy D HVWDU
JHQHUDOL]DGRHVWHVLVWHPD3HURHOTXHHQODVPLQLDWXUDVFULVWLDQDVGHOVLJOR;,,,
VHUHSUHVHQWHQVLHPSUHODVFDVDVFXELHUWDVFRQWHMDFXUYD\HOTXHQRTXHGHQ
KR\ YHVWLJLRV GH WHUUD]DV KDFH SHQVDU TXH HO QRPEUH GH ©WHMD iUDEHª FXDGUD
PX\ELHQSDUDODVFXELHUWDVGHODVFDVDVGHHVWDpSRFDTXHHQHVWHFDVRWHQ
GUtDQTXHGLVSRQHUGHXQDOHURR©UDIHªFRPRVHGLFHHQ$UDJyQ
1RVDEHPRVVLHVWHWLSRGHFRQVWUXFFLRQHVEDVWDQWHGLVWLQWDVGHODVDQWLJXDV
EXUJDOHVDVFDXVDUtDQDVRPEURRH[WUDxH]DDODVDJXHUULGDVPHVQDGDV\DTXH
VHJ~QHO&DQWDUVyORSDUHFtDSUHRFXSDUOHVHOERWtQTXHGHHVWRVSREODGRVSXGLH
UDQFRQVHJXLU3HURDEXHQVHJXURTXHODYLVWDGHODYHJDTXHVHRIUHFHGHVGH
$WHFDKDFLD&DODWD\XGQRGHMDUtDGHSURGXFLUPiVGHXQDH[FODPDFLyQGHVRU
SUHVD(QXQYDOOHDKRUDHQVDQFKDGRODYHJHWDFLyQQRODFRQVWLWXtDQ\DVyORGLV
SHUVRVERVTXHFLOORVGHROPRVFKRSRV\VDXFHVVLQRXQPRVDLFRGHiUEROHVIUX
WDOHV GH WRGDV FODVHV \ FDPSRV GH ODV PiV YDULDGDV KRUWDOL]DV DVt FRPR
SODQWDFLRQHVGHFixDPR8QDVVHQFLOODVSUHVDVORVD]XGHVFRQVWUXLGDVHQOX
JDUHVDSURSLDGRVGHOFDXFHGHO-DOyQGHVYLDEDQSDUWHGHVXVDJXDVDGHUHFKDH
L]TXLHUGDSRUXQRVSHTXHxRVFDQDOHVDUWLILFLDOHVGHPtQLPDSHQGLHQWHODVDFH
TXLDVTXHOOHYDEDQ\OOHYDQHOYLYLILFDQWHOtTXLGRDWRGRVORVOXJDUHVSRVLEOHV
$VtHQWUHODDFHTXLDGH$OFRFHUSRUODPDUJHQL]TXLHUGD\ODGH&RPSpQSRUOD
GHUHFKD \ RWUDV TXH PiV DGHODQWH LEDQ RULJLQiQGRVH VH FUHDED XQD IUDQMD GH
YHUGRUGHXQRDGRVNLOyPHWURVGHDQFKXUD\XQRVYHLQWHGHORQJLWXGKDVWDHO
HVWUHFKDPLHQWRGH%tOELOLV(ODJXDD~QVHHOHYDEDGHYH]HQFXDQGRSRUHQFL
PDGHODFRWDGHODVDFHTXLDVPHGLDQWHODVQRULDVGHUXHGDDUWLOXJLRGHRULJHQ
LUDTXtTXHD~QIXQFLRQDHQHOEDMR-DOyQ7RGRHVWRWHQtDTXHVHUXQHVSHFWiFX
ORLQVyOLWRSDUDORVKDELWDQWHVGHODVIUtDVWLHUUDVGHOQRUWHGRQGHORVUHJDGtRV
VHUHGXFtDQDPLQ~VFXODVSDUFHODVHQWRUQRDOSREODGR
$OIRQGRHOSHUILOGHODVLHUUDGH9LFRUHUDLGpQWLFRDOTXHKR\YHPRV\D
TXHQXHYHVLJORVQRVLJQLILFDQQDGDHQORVFDPELRVGHUHOLHYHJHQHUDO/RVPDWL
FHVGHFRORUVtTXHYDULDUtDQSXHVHOYHUGHGHORVSLQDUHVDFWXDOHVSDUFLDOPHQWH
GHVWUXLGRVHQXQLQFHQGLRUHFLHQWHQRHVH[DFWDPHQWHLJXDODOYHUGHGHODVHQFL
QDV \ HQHEURV TXH HQWRQFHV SREODUtDQ OD VLHUUD HQ VX WRWDOLGDG FRPR D~Q OR
KDFHQHQSDUWHGHVXWUDPRPHULGLRQDO(VGLItFLOVDEHUTXpDVSHFWRSUHVHQWD
UtDQKDFHQRYHFLHQWRVDxRVORVPRQWHVVLWXDGRVDOQRUWH\DOVXUGHO-DOyQDOD
DOWXUDGH7HUUHU\VREUHWRGRGH&DODWD\XG(OHQVDQFKDPLHQWRGHOYDOOHHQHVWH
OXJDUVHGHEHDXQDVIDOODVGHODRURJHQLDDOSLQDTXHKXQGHQXQEORTXHVREUH
HOTXHVHIRUPyXQODJRHQHOSHUtRGR0LRFHQR\HQHOTXHVHGHSRVLWDURQSRU
SUHFLSLWDFLyQ \HVRV HQWUH RWURV PDWHULDOHV (V SUiFWLFDPHQWH VHJXUR TXH XQD
OHQWDFRORQL]DFLyQGHORV\HVRVRULJLQDUtDHQWLHPSRVSUHKLVWyULFRVERVTXHVGH
HQFLQDV 3HUR QR SRGHPRV VDEHU SRU HO PRPHQWR VL OD GHVIRUHVWDFLyQ TXH KD
RULJLQDGRHVWRVEHOORVGHVLHUWRVHVDQWHULRURSRVWHULRUDODGRPLQDFLyQPXVXO
PDQD
$JXVWtQ6DQPLJXHO0DWHR
'HKDEHUSUHVHQWDGRHQWRQFHVODVLHUUDGH$UPDQWHV\ORVPRQWHVGH9DOGH
DUHQDV VX DFWXDO DVSHFWR EODQTXHFLQR VHUtDQ XQ PRWLYR PiV GH VRUSUHVD SDUD
H[WUDxRV VLUYLHQGR SRU DPERV ODGRV GH IXHUWH FRQWUDVWH FRPR KR\ DO YHUGH
RVFXURGHODYHJD(VPX\SUREDEOHTXHODVODGHUDVPHULGLRQDOHVGHOYDOOHGH
WLHUUDPiVIpUWLOHQWUH$WHFD\&DODWD\XGHVWXYLHUDQSREODGDVFRQYLxDVDOPHQ
GURV\ROLYRVVLELHQHVWRV~OWLPRVKR\FDVLKDQGHVDSDUHFLGR
4XL]iVODFRQWHPSODFLyQGHHVWDH[XEHUDQFLDDJUtFRODtQGLFHFODURGHSURV
SHULGDGPRYLHVHD5RGULJR'tD]GH9LYDUDFRQVWUXLUXQFDPSDPHQWRHVWDEOH
HQXQOXJDUGRPLQDQWHFRQHOILQGHREWHQHUULTXH]DVPHGLDQWHHOVLVWHPDGH
SDULDVTXHVLIXHFRUULHQWHHQWRQFHVKR\VHUtDpWLFDPHQWHUHSUREDEOH
0iVDOOiGH$WHFD\$OFRFHUVHHQFXHQWUD7HUUHUGRQGHGLItFLOPHQWHSXHGH
UHFRQRFHUVHHOHPSOD]DPLHQWRGHOFDVWLOORPXVXOPiQ\DTXHORVUHVWRVGHVXV
PXURVIXHURQDUUDVDGRVKDFHXQDVGpFDGDV7UDVODFRQTXLVWDDUDJRQHVDODPD\RU
SDUWHGHVXSREODFLyQSHUPDQHFLyVLHQGRXQSXHEORGHPXGpMDUHVTXHVHGHGL
FDEDQDODIDEULFDFLyQGHODGULOORVFRPRDWHVWLJXDQQXPHURVRVGRFXPHQWRVGH
FRPSUDGHORVVLJORV;,9 \;9
5tRDEDMR\WUDVSDVDUHOD]XGGH*XDUD\HOSXHQWHGH$OJDUDODKXHUWDGHO
-DOyQVHOHXQHSRUODGHUHFKDODGHO-LORFDQRPHQRVH[WHQVD\IpUWLO< \DGHV
GHDKtGHVGHODFRQIOXHQFLDGHORVGRVUtRVVHGLYLVDODFDSLWDOGHOGLVWULWROD
FLXGDGGH&DODWD\XG$~QKR\\VLERUUDPRVPHQWDOPHQWHORVEORTXHVGHYLYLHQ
GDVOHYDQWDGRVHQORV~OWLPRVWUHLQWDDxRVTXHVHLQWHUSRQHQHQWUHHOREVHUYD
GRUVLWXDGRHQHOYDOOH\ODFLXGDGPHGLHYDOODLPDJHQTXHVHSXHGHFRQWHP
SODUFRQVHUYDPXFKRGHODpSRFDiUDEH6REUHORVFHUURVGH\HVRGHODPDUJHQ
L]TXLHUGD FRUWDGRV SRU GRV EDUUDQFRV TXH SURFHGHQ GH OD FHUFDQD VLHUUD GH
$UPDQWHVVHDO]DQWRGDYtDHQUHODWLYREXHQHVWDGRGHFRQVHUYDFLyQPXUDOODV
WRUUHRQHV\IRUWLILFDFLRQHVOHYDQWDGRVHQVXPD\RUSDUWHHQHOVLJOR,;FRQ
FUHWDPHQWHHQHODxRVHJ~QQRVFXHQWDDO8GUL/DWpFQLFDGHFRQVWUXFFLyQ
FRPELQDXQPRGHODGRSUHYLRGHOWHUUHQRURFDGH\HVR\HOHPSOHRGHWDSLDO
ELHQ GH SLHGUD GH DOMH]RQHV R GH EDUUR SUHQVDGR 6yOR HQ HO FDVWLOOR GH 'RxD
0DUWLQD VHJ~Q QXHVWUDV KLSyWHVLV OD IXQGDFLyQ SULPLWLYD GHO VLJOR 9,,, VH
HPSOHDREUDGHVLOOHUtD0iVGHXQNLOyPHWURVHSDUDDOH[WUHPRRULHQWDOGHOD
PXUDOODQRUWHORVWRUUHRQHVGHOD/RQJLDGHOSXQWRRFFLGHQWDOHOFDVWLOORGH
7RUUHPRFKD(QWUHHOORVHQORPiVDOWRHOFDVWLOOR0D\RUFRQVXVGRVWRUUHV
RFWRJRQDOHVFDUDFWHUL]DFRQVXLQFRQIXQGLEOHVLOXHWDFXDOTXLHUSDQRUiPLFDGH
ODFLXGDG(QXQDFRWDLQIHULRUORVFDVWLOORVGHO5HORMDOHVWHHOGHOD3HxDDO
RHVWH\HOGH'RxD0DUWLQDHQHOFHQWURFHUUDUtDQODFLXGDGGHOVLJOR,;SRUVX
IODQFR PHULGLRQDO 3HUVHJXLGR SRU HO &LG HO ©HPLUª *DOEH KX\HQGR WUDV VX
GHUURWDHQ$OFRFHUHQWUDUtDHQ&DODWD\XGELHQSRUXQDKLSRWpWLFDSXHUWDGH7ROH
GRFHUFDGHOEDUUDQFRGHODV3R]DVRELHQSRUODSXHUWDGH9DOHQFLDGRQGHHO
EDUUDQFRGHOD5~DVDOHGHODFLXGDG$ MX]JDUSRUORTXHFRQRFHPRVGHODWDP
ELpQ iUDEH SXHUWD GH 6RULD HVWDV SXHUWDV PHULGLRQDOHV GHVDSDUHFLGDV HVWDUtDQ
IODQTXHDGDVSRUWRUUHRQHVGHSODQWDUHFWDQJXODU\HVPX\SRVLEOHTXHDOLJXDO
TXHODSXHUWDFRQVHUYDGDHQHOOLHQ]RQRUWHGHODPXUDOODHODUFRIXHVHGHKHUUD
$JXVWtQ6$10,*8(/(OSRVLEOHHPSOD]DPLHQWRGHOQ~FOHRRULJLQDULRGH&DODWD\XG$FWDVž
(QFXHQWURGH((%%&(%&DODWD\XG
&DODWD\XG\VXFRPDUFDHQHOVLJOR;,
GXUDGHWLSRFDOLIDO'HQWURGHHVWHDPSOtVLPRUHFLQWRD~QVHFRQVHUYDXQFDVH
UtRORVOODPDGRV©EDUULRVDOWRVªTXHSRUVXWUD]DGR\WLSRORJtDQRVKDFHQHYR
FDUHO&DODWD\XGGHKDFHPLODxRV&DVDVFRPR\DKHPRVPHQFLRQDGRGHWDSLDO
RDGREHGHGRVRWUHVSODQWDVFRQSDWLRRFRUUDO\DTXtFRQHVWDQFLDVH[FDYD
GDVHQODURFDGH\HVR
/DFLXGDGGHELyGHH[SHULPHQWDUXQDDPSOLDFLyQVHJXUDPHQWHHQHOVLJOR
;, FRQVWUX\pQGRVH OD ]XGD GRQGH KR\ HVWi HO SDODFLR HSLVFRSDO \ XQD QXHYD
PH]TXLWDDOMDPDGRQGHVHHGLILFyGHVSXpVODFROHJLDWDGH6DQWD0DUtD/DFLX
GDGFRQWDUtDFRQYDULDVPH]TXLWDVVLQDJRJDVDOJXQDLJOHVLDEDxRVS~EOLFRV
DOFDLFHUtDHWFVLHQGRSRVLEOHPHQWHODVHJXQGDFLXGDGGHOD0DUFD6XSHULRU
TXH FRQ XQD VXSHUILFLH LQWUDPXURV GH XQDV FXDUHQWD KHFWiUHDV DOEHUJDUtD XQD
SREODFLyQGHHQWUHFLQFR\GLH]PLOKDELWDQWHVFLIUDFRQVLGHUDEOHSDUDODpSR
FD$XQTXHDSDUWHGHODJXDUQLFLyQPLOLWDUODPD\RUtDGHODSREODFLyQVHGHGL
FDVHDODDJULFXOWXUDHVGHVXSRQHUTXHFRPRFDSLWDOGHXQH[WHQVRGLVWULWRHO
VHFWRUFRPHUFLDOIXHVHPX\LPSRUWDQWH6REUHODSURGXFFLyQLQGXVWULDOWHQHPRV
FRQVWDQFLDGHTXHDTXtVHIDEULFDEDVHJ~Q(O(GULVtOR]DGRUDGDTXHVHH[SRU
WDEDOHMRV7DPELpQVHFUHHTXHHQHVWDpSRFDVHGHVDUUROODUtDODLQGXVWULDGHO
FixDPRODPiVSXMDQWHGH&DODWD\XGKDVWDELHQHQWUDGRHVWHVLJOR\ODGHORV
FRUGREDQHVPHQFLRQDGDHQHOVLJOR;,,,HVWDQGRSUREDEOHPHQWHHODUUDEDOGH
FXUWLGRUHVHQODDFWXDOFDOOHGHODV7HQHUtDV
3RURWUDSDUWHWHQHPRVQRWLFLDVGHODYLGDLQWHOHFWXDO\\D9LFHQWHGHOD)XHQ
WHQRVSURSRUFLRQDDEXQGDQWHVQRPEUHVGHHVFULWRUHV\MXULVWDV$E~0XKDP
PDGDO=DJUtIXHXQFDGtPX\DGPLUDGRHQVXWLHPSR\0XKDPPDGLEQ6XOD\
PDQHVFULELyXQD+LVWRULDGH&DODWD\XGTXHD~QQRVHKDHQFRQWUDGR
(ODPELHQWHXUEDQRVHUtDVLPLODUDOTXHD~QSXHGHYHUVHHQDOJXQDVFLXGD
GHV\SXHEORVGH0DUUXHFRV&DOOHVHVWUHFKDVUHWRUFLGDV\DYHFHVHPSLQDGDV
FRQFDVDVEDMDVVLQDSHQDVYHQWDQDVDODFDOOH\VXHORGHWLHUUDSRUGRQGHHVFX
UULUtDHODJXDUHVLGXDO(QODV]RQDVFRPHUFLDOHVHQWRUQRDODPH]TXLWDVHFRQ
FHQWUDUtDODEXOOLFLRVDPXOWLWXGHQWUHRORUHVGHIUXWDV\FDUQHDVDGD\ORVJUL
WRV FRQVWDQWHV ©EDODN EDODNª GH ORV DUULHURV SDUD DEULU SDVR D ORV DVQRV
FDUJDGRVGHODVPiVGLYHUVDVPHUFDQFtDV
3RFRVDEHPRVFRQFHUWH]DVREUHHODWXHQGRTXHHQWRQFHVVHXVDUtD6HJ~Q
VHFUHHKRPEUHV\PXMHUHVYHVWLUtDQFDO]RQHVODUJRV\DQFKRVFDPLVD\FKD
OHFR R W~QLFD FHUUDGD R DELHUWD /DV PXMHUHV VH WRFDEDQ FRQ XQ PDQWR R XQ
SDxXHOR\ORVKRPEUHVFRQXQFDVTXHWHGHILHOWURRXQJRUURGHOLQR(OWXUEDQWH
HQ XQ SULQFLSLR HUD H[FOXVLYR GH KRPEUHV GH OH\HV \ GLJQDWDULRV SHUR SRU
LQIOXHQFLD EHUHEHU VH IXH JHQHUDOL]DQGR GXUDQWH ORV UHLQRV GH WDLIDV DO LJXDO
TXHHODOERUQR]FRQFDSXFKDKR\KDELWXDOHVHQHO0DJUHE1RFDEHGXGDTXH
XQDGHODVFRVDVPiVDSUHFLDGDVFRPRERWtQSRUORVFULVWLDQRVDSDUWHGHORUR\
ODSODWDVHUtDQORVWHMLGRV\SUHQGDVGHYHVWLUPXFKRPiVUHILQDGRVTXHORVTXH
HOORVHODERUDEDQ7HMLGRVRULHQWDOHVVHHPSOHDEDQSDUDRUQDPHQWRVOLW~UJLFRV\
UH\HV\FRUWHVDQRVFULVWLDQRVFRQIUHFXHQFLDJXVWDEDQYHVWLUDXVDQ]DiUDEH
9ROYLHQGR D OD DPELHQWDFLyQ DUTXLWHFWyQLFD TXHGD XQ LQWHUHVDQWH LQWHUUR
JDQWHVREUHODDUTXLWHFWXUDPRQXPHQWDO\HQHVSHFLDOODUHOLJLRVDHVGHFLUVREUH
$JXVWtQ6DQPLJXHO0DWHR
FyPR VHUtDQ ODV PH]TXLWDV$Vt FRPR GH OD DUTXLWHFWXUD PLOLWDU SRGHPRV KD
FHUQRVXQDLGHDEDVWDQWHDSUR[LPDGDDSDUWLUGHORVUHVWRVFRQVHUYDGRVVHJ~Q
ODWHVLV©RILFLDOªQRSHUVLVWHQLQJ~QYHVWLJLRGHDUTXLWHFWXUDUHOLJLRVDHQHOUHL
QR6DUDTXVWt\WRGRORTXHVREUHHOODSXGLHUDGHFLUVHQRSDVDUtDQGHVHUHOXFXEUD
FLRQHV6LQHPEDUJRGHHVWDUHJLyQHVXQLYHUVDOPHQWHFRQRFLGDXQDRULJLQDOtVL
PDDUTXLWHFWXUDGHODGULOORGRQGHPH]FODGDVFRQHVWUXFWXUDVFULVWLDQDVJyWLFDV
H[LVWHQRVyORXQVLVWHPDRUQDPHQWDOPXVXOPiQVLQRHVWUXFWXUDVSURSLDPHQWH
LVOiPLFDV(VWDPDQLIHVWDFLyQDUWtVWLFDFRQRFLGDDKRUDFRPR©DUWHPXGpMDUªVH
FRQVLGHUDH[FOXVLYDGHpSRFDFULVWLDQDIXQGDPHQWDOPHQWHGHORVVLJORV;,9 \
;96LQHPEDUJRVyORHVWiQGRFXPHQWDGDVFRQFHUWH]DLJOHVLDVGHHVWUXFWXUD
JyWLFD\DOJXQRVFDPSDQDULRVWDUGtRV/DVWRUUHVGHDVSHFWRPiVJHQXLQDPHQ
WH PXVXOPiQ FDUHFHQ GH GDWDFLyQ GRFXPHQWDO FRQRFLpQGRVH ~QLFDPHQWH
UHIHUHQFLDVGHpSRFDFULVWLDQDD©REUDVªR©UHSDUDFLRQHVª6LVHDGPLWHVLQUHVHU
YDV HVWD WHVLV ©RILFLDOª VXEVLVWH HO GREOH LQWHUURJDQWH GHO VXUJLPLHQWR GH HVWD
HODERUDGtVLPDDUTXLWHFWXUD©PXGpMDUªGRVVLJORVGHVSXpVGHODFRQTXLVWDFULV
WLDQD\GHODWRWDOGHVDSDULFLyQGHODVPH]TXLWDVGHOUHLQRGH=DUDJR]D6LORV
DQWLTXtVLPRVWRUUHRQHVWX\LEtHV GH&DODWD\XGVHUHVSHWDURQ\FRQVHUYDURQKDV
WDODDFWXDOLGDGSRUVHJXLUFXPSOLHQGRVXSDSHOGHIHQVLYR¢SRUTXpQRKDEUtDQ
GH UHVSHWDUVH \ FRQVHUYDUVH ORV DOPLQDUHV SDUD VHJXLU OODPDQGR D OD RUDFLyQ
DXQTXHFRQYHUWLGRVHQFDPSDQDULRV"
5HFLHQWHPHQWH-DYLHU3HxD$QD,VDEHO3pWUL]\HOTXHHVWRHVFULEHVRVWX
YLPRVODLGHDGHTXHODWDLIDVDUDTXVWtKXERGHWHQHUXQDLPSRUWDQWHDUTXLWHF
WXUDSURSLDFX\RWHVWLPRQLRLQFXHVWLRQDEOHHVHOSDODFLRGHOD$OMDIHUtDGRQ
GHDODKHUHQFLDFRUGREHVDVHXQLUtDQLPSRUWDQWHVLQIOXHQFLDVRULHQWDOHVTXHHVWD
DUTXLWHFWXUDVHSURORQJDUtDVLQVROXFLyQGHFRQWLQXLGDGVLELHQDGDSWiQGRVHD
ODVQXHYDVH[LJHQFLDVKDVWDHODSRJHRGHODUWHPXGpMDUHQORVVLJORV;,9 \;9
\TXHDIDOWDWRGDYtDGHLUUHIXWDEOHVSUXHEDVGRFXPHQWDOHVRDUTXHROyJLFDVFDEH
FRQVLGHUDUTXHFRQJUDQSUREDELOLGDGXQDSDUWHVXVWDQFLDOGHODDUTXLWHFWXUD
©PXGpMDUªSXHGHVHUGHpSRFDLVOiPLFDIXQGDPHQWDOPHQWHGHOVLJOR;,VREUH
WRGRHQORTXHVHUHILHUHDDOJXQDVWRUUHVTXHHQHVWHFDVRVHUtDQDXWpQWLFRVDOPL
QDUHV
0X\FHUFDGH&DODWD\XGHQ9LOODOEDGH3HUHJLOVHKDQGHVFXELHUWRUHVWRV
GHXQDPH]TXLWDGHOVLJOR;FRQDUFRVGHKHUUDGXUD\FRQXQDOPLQDUGHWDSLDO
VRPHUDPHQWHGHFRUDGRFRQGLVFRVGHFHUiPLFDYLGULDGDYHUGH,JXDOWRUUHGH
WDSLDOHLJXDOHVGLVFRVPiVGHFRUDFLyQGHODGULOORHQHVSLQDGHSH]HQFRQWUD
PRVHQORTXHWXYRTXHVHUDOPLQDUGHXQDPH]TXLWDGH0DOXHQGD
$ 6$10,*8(/ /DV WRUUHV GHIHQVLYDV LVOiPLFDV GH &DODWD\XG SUHFHGHQWH IRUPDO GH WRUUHV
PXGpMDUHVHQ$UDJyQ$FWDVHU (QFXHQWURGH((%%&(%HQSUHQVD
-DYLHU 3(f$ -RVp /XLV &255$/ \ RWURV /D &XOWXUD ,VOiPLFD HQ$UDJyQ 'LSXWDFLyQ 3UR
YLQFLDOGH=DUDJR]D
$6$10,*8(/8QDOPLQDUHQHOGLVWULWRGH&DODWD\XG/DWRUUHGH6DQWD0DUtDGH'DURFD
$FWDVHU (QFXHQWURGH((%%&(%HQSUHQVD
$6$10,*8(/5HVWRVGHXQSRVLEOHDOPLQDUHQ9LOODOEDGH3HUHMLO$FWDVž(QFXHQWURGH
((%%&(%&DODWD\XG
$ 6 $10,*8(/ 8QD WRUUH PXGpMDU GH WLSR DUFDLFR HQ 0DOXHQGD $FWDV HU (QFXHQWUR GH
((%%&(%&DODWD\XG
&DODWD\XG\VXFRPDUFDHQHOVLJOR;,
7DSLDOODGULOORGLVFRVHVSLQDGHSH]DUFRVHQWUHFUX]DGRV\FROXPQLOODVGH
FHUiPLFDVHFRPELQDQHQODWRUUHGH%HOPRQWHGH&DODWD\XGTXHVHFRQVHUYD
FRPSOHWD\ORVPLVPRVWHPDVPiVRWURVFRPRDVSDV\DUFRVGHKHUUDGXUDVH
GDQHQODWRUUHGH$WHFDPD\RU\PiVULFDTXHODVDQWHULRUHVHQWHUDPHQWHGH
ODGULOOR SHUR TXH SHUGLy VX FXHUSR VXSHULRU HQ HO VLJOR ;9,, (V FRQIRUPH D
HVWDVLGHDVTXHHOGLVHxRGHOFDUWHODQXQFLDGRUGHHVWH6LPSRVLR\TXHVLUYHD
ODYH]GHSRUWDGDGHOSURJUDPDHVFODUDPHQWHLQWHQFLRQDGR/DVVLOXHWDVGHORV
JXHUUHURV GHO &LG UHFRUWiQGRVH VREUH HO SROLFURPR \ JHRPpWULFR IRQGR GHO
VXSXHVWRDOPLQDUGHODPH]TXLWDPD\RUGH$WHFDYLHQHQDSODVPDUJUiILFDPHQWH
HVWDVWHRUtDVFXPSOLHQGRDOWLHPSRHOSURSyVLWRGHHVWDSRQHQFLDFUHDUXQGHFR
UDGRDHVWDHWDSDGHODHSRSH\DFLGLDQD
3HURDODYH]HVQXHVWUDLQWHQFLyQTXHHOGHFRUDGRWUDVFLHQGDDORVSHUVRQD
MHVVXSXHVWDPHQWHSURWDJRQLVWDVGHGXGRVDVKD]DxDVHQHVWDWLHUUD)UHQWHDOD
EHOLFRVLGDG R D OD YDORUDFLyQ VLPSOLVWD FRPR ©WLHUUD GH PRURVª TXH HPDQDQ
FRPRHVOyJLFRGHXQFDQWDUGHJHVWDSRURWUDSDUWHPDUDYLOORVDREUDOLWHUD
ULD TXHUHPRV KDFHU KLQFDSLp HQ XQD FLXGDG GH &DODWD\XG FDSLWDO GH XQ LP
SRUWDQWHGLVWULWRGHOSUyVSHURUHLQRGH=DUDJR]DFRQXQDULTXtVLPDDJULFXOWX
UD LQGXVWULDV SXMDQWHV YLGD LQWHOHFWXDO IORUHFLHQWH \ DUTXLWHFWXUD GH JUDQ
SHUVRQDOLGDG
1RVDEHPRVTXpKDEUtDHQODPHQWHGH5RGULJR'tD]GH9LYDUFXDQGRUH
PRQWDQGRHOYDOOHGHO-LORFDYROYLHVHODYLVWDSDUDFRQWHPSODUSRU~OWLPDYH]
ODV EODQTXHFLQDV PXUDOODV \ ORV GRUDGRV DOPLQDUHV GH 4DO·DW$\\XE 0RULUtD
GLHFLRFKRDxRVPiVWDUGHWUDVODHItPHUDSHURGHFLVLYDFRQTXLVWDGH9DOHQFLD
\HO,VODPVHUHQGLUtDHQ&DODWD\XGDORVDUDJRQHVHVWUHLQWD\QXHYHDxRVGHV
SXpV
3DVDGRV\DQXHYHVLJORVUHPHPRUDPRVDTXtHOUHFXHUGRGHOKpURHFDVWHOOD
QR\UHDILUPDPRVDOPLVPRWLHPSRODLPSRUWDQFLDTXHSDUDHVWDWLHUUDWXYR\
WLHQHODKHUHQFLDFXOWXUDOGHO,VODP
),*0XUDOODViUDEHVGH&DODWD\XGVLJOR,;OD7RUUH0RFKDGHVGHHO1RUWH)RWRJUDItD$6DQPLJXHO
$JXVWtQ6DQPLJXHO0DWHR
&DODWD\XG\VXFRPDUFDHQHOVLJOR;,
),*D7RUUHyQRULHQWDOGHO&DVWLOOR0D\RUGH&DODWD\XGVLJOR,;SRU$6DQPLJXHO
$JXVWtQ6DQPLJXHO0DWHR
),*E7RUUHyQRULHQWDOGHO&DVWLOOR0D\RUGH&DODWD\XGVLJOR,;SRU$6DQPLJXHO
&DODWD\XG\VXFRPDUFDHQHOVLJOR;,
),*$OPLQDUGHODPH]TXLWDPD\RUGH'DURFDSRU$6DQPLJXHO
$JXVWtQ6DQPLJXHO0DWHR
),*3RVLEOHDVSHFWRSULPLWLYRGHODWRUUHGH$WHFDSRU$6DQPLJXHO
),*3RVLEOHDVSHFWRGHOLQWHULRUGHXQDPH]TXLWDGHODFRPDUFDEDVDGRHQODLJOHVLDGH6DQ$QGUpVGH&DODWD\XGSRU$6DQPLJXHO
&DODWD\XG\VXFRPDUFDHQHOVLJOR;,
5(/$&,Ð1+,67Ð5,&$ (175((/ &,'
²
< /$ ',1$67Ì$ +8',
325
$),) 785.
(O&LGFRPRSHUVRQDMHKLVWyULFR\OLWHUDULRFRPRILJXUDUHDO\OHJHQGDULD
KDHVWDGRGHVGHKDFHPXFKRWLHPSRHQSULPHUDOLQHDGHOSDWULPRQLRKLVWyULFR
GH(VSDxD6RQPXFKRVORVLQYHVWLJDGRUHVTXHKDQOOHJDGRDODILJXUDGHO&LG
DWUDYpVGHVXYHUWLHQWHOLWHUDULD(QHOVLJOR;,;ORVKLVWRULDGRUHVUHDFFLRQD
URQHQFRQWUDGHHVWDLPDJHQ/DTXHUHOODTXHODKLVWRULDGHO&LGVXVFLWyGHVGH
HOVLJORSDVDGRHVXQDSROpPLFDYLROHQWDTXHVLQWHWL]yHOLOXVWUHPHGLHYDOLVWD
5DPyQ0HQpQGH]3LGDOVXSUHPDDXWRULGDGHQORVHVWXGLRVFLGLDQRVHQSDUWL
FXODUHQVXVREUDV/D(VSDxDGHO&LG\3RHPDGHO&LGGRQGHHPSUHQGLyODUHKD
ELOLWDFLyQ GHO SUHVWLJLR GHO FDEDOOHUR FDVWHOODQR GH ODV PHUPDV TXH OH KDEtDQ
DJRELDGRGXUDQWHHOVLJOR;,;FRPRXQSHUVRQDMHGHVHJXQGRSODQR\FRPR
XQDYHQWXUHUR'R]\ SUHVHQWyDO&LGFRPRJXHUUHURPHUFHQDULRVLQIHQLOH\\
FUXHOFRQORVYHQFLGRV0HQpQGH]3LGDOHQXQDUHDFFLyQ³DODYH]HIHFWLYD\
VDELD³OOHJyDUHFWLILFDUODFDUUHUDDYHQWXUHUDGHO&DPSHDGRU\SRQHUOHHQHO
FXDGURPHQFLRQDGRGHOQDFLRQDOLVPRHVSDxRO\HQODSHUVRQLILFDFLyQGHOLGHDO
FDEDOOHUHVFRGHHVWDpSRFD0HQpQGH]3LGDODWDFyODFLGRIRELDGH'R]\\FRQ
YLUWLyDO&LGFRPRSHUIHFWRFDEDOOHURFDVWHOODQRVtPERORGHOKRQRUGHOYDORU
\GHODOHDOWDG
3RURWUDSDUWH/pYL3URYHQoDOFRQVXVFRQWULEXFLRQHVHQOH&LGGHO·KLV
WRLUHSDUDXQDPHMRUFRPSUHQVLyQGHOSHUVRQDMHKLVWyULFRGHO&LGQRSXGRTXH
EUDQWDUODVFRQYLFFLRQHVGH0HQpQGH]3LGDO(OPHGLHYDOLVWD$QWRQLR8ELHWR
$UWHWDKDFRQVHJXLGRGHVPLWLILFDUODILJXUDKLVWyULFDGHO&LG\TXHIXHHOQXH
YRWLSRGHKRPEUHVGHOVLJOR;,TXHYLYtDQHQODV]RQDVGHFRQWDFWRHQWUHFULV
WLDQRV\PXVXOPDQHV)XH©HOKRPEUHGHODIURQWHUDTXHHUDFDSD]GHHVWDUELHQ
FRQFULVWLDQRV\PXVXOPDQHVDFWXDQGRDIDYRUGHXQRVXRWURVVHJ~QVXFRQ
5HFKHUFKHV,,/H&LGGHODUHDOLWp
/e9,3529(1d$/(/H&LGGHO·KLVWRWUH,VODPG·RFFLGHQW3DUtVSS
2SFLWSS
²
5HODFLyQKLVWyULFDHQWUHHO&LG\ODGLQDVWtD+ XGL
YHQLHQFLDUHVHUYDGR\FDXWRSRUQHFHVLGDGVROtDRIUHFHUHOPiVDOWRHMHPSOR
GHGHVSUHQGLPLHQWRMXQWRDODFWRGHPi[LPDFUXHOGDGª
0HQpQGH]3LGDO HVFULEH©HQWUHHVRVPRURVDGLFWRVGHOSDUWLGRDQGDOXVt\
HQWUH HVRV FULVWLDQRV H[SDWULDGRV QDFLy HQ ODV IURQWHUDV OHYDQWLQDV HO QRPEUH
IDPLOLDU\DIHFWXRVRGHOKpURH&,'´VHxRUµ&,',´PLVHxRUµOHOODPDQORVPR
URV PLR &LG OH OODPDQ ORV FULVWLDQRV FRQ H[SUHVLyQ KtEULGD PHGLR URPDQFH
PHGLRiUDEHª0LNHOGH(SDO]DHQVXKLSyWHVLVVREUHHORULJHQiUDEHGHODSDOD
EUD&,'GLFH©TXHSXHGHWHQHUWDQWDRPiVUHODFLyQFRQHOQRPEUHiUDEH6
,'
R 6 ,'´OHyQµTXHFRQHO6$<<,'´VHxRUµFX\RHVTXHPDFRQVRQiQWLFRiUDEH
HVHOPLVPRSHURTXHVHYRFDOL]DGHGLVWLQWDPDQHUDª<FUHHTXH©HVPX\SRVL
EOHTXHVHDSOLFDUiD5RGULJRHQYLGDHOHSLWHWRiUDEH6
,'OHyQVHxRURPiV
ELHQ 6 ,'OHyQFD]DGRUª/RFLHUWRHVTXHHOQRPEUH©HO&LGªWtWXORGHRUL
JHQGHXQDVGHODVSDODEUDViUDEHVTXHKDEtDPRVPHQFLRQDGR\TXHIXHDSOL
FDGRSUREDEOHPHQWHDOFDEDOOHUR5RGULJR'tD]SRUORViUDEHVFRPEDWLHQWHVGH
=DUDJR]DWUDVODEDWDOODGH$OPHQDU
5RGULJR'tD]TXHIXHHOKpURHpSLFRHQP~OWLSOHVJpQHURVOLWHUDULRVHUDHQ
UHDOLGDGXQDILJXUDSROtWLFD\PLOLWDURHOWtSLFRJXHUUHURDPELFLRVRGHOVLJOR
;,3DUDDERUGDUODKLVWRULDGHODJHVWDGHO&LG&DPSHDGRUHQHOUHLQRK ²XGLGH
=DUDJR]DFRQYLHQHGDUXQDRMHDGDVREUHODVFDUDFWHUtVWLFDVGHODKLVWRULDGHOD
3HQtQVXOD,EpULFDHQHOVLJOR;,)XHXQRGHORVPiVFRPSOLFDGRVGHODKLVWR
ULDKLVSiQLFD\HQWRGRFDVRXQRHQHOTXHVHVHQWDURQODVJUDQGHVOtQHDVGLYL
VRULDVGHVXHYROXFLyQ(VWHVLJORFRUUHVSRQGHDXQODUJRSHUtRGRGHWUDQVLFLyQ
SROtWLFD
$OFRPLHQ]RGHOVLJOR;,\GXUDQWHPiVGHYHLQWHDxRV&yUGREDIXHHOHV
FHQDULRGHODUHYROXFLyQPiVVDQJULHQWD\WUiJLFDGHODKLVWRULDGHDOÉQGDOXV
TXHSURYRFyODGHFDGHQFLD\FDtGDGHO&DOLIDWRGH&yUGRED\GLRSDVRDODGLYL
VLyQGHO,PSHULR2PH\DHQSHTXHxRVHVWDGRVLQGHSHQGLHQWHV
$OPLVPRWLHPSRODIUDJPHQWDFLyQGHO&DOLIDWRIDFLOLWDUtDODH[SDQVLyQJXH
UUHUDGHORVFULVWLDQRV(VWRVUHLQRVGHWDLIDVHQYH]GHUHXQLUVH\FRQVROLGDU
VHSDUDDIURQWDUHOSHOLJURGHORVYHFLQRVGHOQRUWHORVXQRVQRWDUGDURQHQDSR
GHUDUVH GH ORV RWURV (VWDV OXFKDV DFDEDURQ FRQ OD LPSUHYLVWD LQWHUYHQFLyQ
DIULFDQDGHORVDOPRUiYLGHV
&RPRHQODSDUWHiUDEHPXVXOPDQDGHOD3HQtQVXODFRUUHVSRQGHWDPELpQHQ
ODSDUWHFULVWLDQDXQODUJRSHUtRGRGHWUDQVLFLyQSROtWLFDTXHIXHHQWRGDOD3HQtQ
VXODVHJ~QGLFH0HQpQGH]3LGDO©XQVLJORGHGHVPHPEUDFLRQHVIUDWHUQDOHVGH
UHLQRV\HOVLJORGHORVIUDWULFLGLRVª$SDUWHGHODVOXFKDVLQWHUQDVHQWUHHOORV
PLVPRVYHPRVTXHHVWRVHVWDGRVFULVWLDQRVVHHVWDEOHFHQHQXQRUGHQQXHYRGH
FRVDVHOGHVSHUWDUHOHVIXHU]RGHVXDYDQFHHQWLHUUDVGHORVHVWDGRVYHFLQRV
ORVWDLIDV\HOWHQGHUODPDQRD(XURSD$SURYHFKDQGRODODPHQWDEOHVLWXDFLyQ
SROtWLFDGHHVWRVWDLIDVORVUH\HVFULVWLDQRVVHHVIXHU]DQSRULQWHQWDUSURORQJDU
8%,(72 $57(7$$,QWURGXFFLyQDOD+LVWRULDGH(VSDxD%DUFHORQDS
/D(VSDxDGHO&LGFXDUWDHGLFLyQ,,S
©(O&LG (OOHyQ¢(SLWHWRiUDEHGHO&DPSHDGRU"ªHQ+LVSDQLF5HYXH)LODGHOILDYRO
QžSS9pDVHWDPELpQSS\
6HXWLOL]DWDPELpQHQiUDEHODSDODEUD$66$'TXHVLJQLILFD©OHyQª
2SFLW,S
$ILI7XUN
HVHGHVRUGHQSROtWLFRGHpVWRV\GLVIUXWDUGHVXVULTXH]DVFRQREMHWRGHHPSR
EUHFHUORVVDFiQGROHVGLQHURPHGLDQWHDOLDQ]DVRSDFWRVSDJDGRVFRQORVFXD
OHVORVUH\HVGHWDLIDVWUDWDURQGHFRPSUDUODSD]RSUHVWDUD\XGDPLOLWDUXWLOL
]DQGR VXV UHFXUVRV HFRQyPLFRV$O PLVPR WLHPSR LQWHUYHQtDQ HQ OD SROtWLFD
LQWHUQDGHHVWRVUHLQRVHQIUHQWiQGROHVHQWUHVtDILQGHVRPHWHUORV7DOIXHOD
SROtWLFDGH)HUQDQGR,\OXHJRGHVXKLMR$OIRQVR9,FRQORVUH\HVGH*UDQDGD
6HYLOOD\7ROHGRTXHPiVWDUGHVHHQWUHJyDOUH\GH&DVWLOODPD\RGH
(OVLJOR;,VHUiHOVLJORGXUDQWHHOFXDOHOGRPLQLRGHOD3HQtQVXODVHLQFOLQD
UiGHSDUWHGHORVUHLQRVFULVWLDQRV
(QJHQHUDOHOVLJOR;,QRVSUHVHQWDXQODUJRSHUtRGRFRQIXVR\SHUWXUEDGR
XQQXHYRSDQRUDPDSROtWLFRHQOD3HQtQVXOD(QDTXHOODpSRFDDOJXQDVILJXUDV
GRPLQDQWHVVHGHVWDFDQHQHOHVFHQDULRSROtWLFRGH(VSDxDHQHOVXUDTXHOORV
UH\HVDQGDOXFHVFRPRHOSRHWDUH\DO0XWDPLGGH6HYLOOD\VXVULYDOHVORV]LUt
HVGH*UDQDGD% ²DGOV\GHVSXpV¶$EG$OODKDXWRUGHODV0HPRULDV\HQHOQRU
WHGHDOÉQGDOXVORVUH\HVKXGtHVGH=DUDJR]DDO0XTWDGLU\VXQLHWRDO0XV
WD·LQVLQROYLGDUODILJXUDPiVGHVWDFDGDHOHPLUDOPRUiYLGH<XVXI,EQ7DáVXI Ú×Q
(QHORWURODGRGH(VSDxDORVUH\HV)HUQDQGR,\$OIRQVR9,HOFRQTXLVWDGRU
GH7ROHGR\OXHJR³FRPRGHFtD/pYL3URYHQoDO³©/DILVLRQRPtDDXUHRODGD
SRUODOH\HQGDHO&LG&DPSHDGRUª
/D+LVWRULDGH(VSDxDHQHVWDpSRFDHVWi©FRQVWDQWHPHQWHPH]FODGD\IRU
PD XQ WRGR LQVHSDUDEOH 1R VH GHEtD WDPSRFR GHVFXLGDU OD LQWHUSHQHWUDFLyQ
FRQWLQXDGHODVSREODFLRQHVGHOD3HQtQVXODSRUTXHXQHVSDxROPXVXOPiQ\XQ
HVSDxROFULVWLDQRQRHUDQWDQH[WUDxRVHOXQRDORWURWDQGLIHUHQWHVTXHVHSXGLH
UDQLJQRUDUª
(VWHVLJORSUHVHQWDWDPELpQRWURDVSHFWRTXHFDUDFWHUL]DHOSHUtRGRGHORV
WDLIDVDQGDOXFHVODFXOWXUD$ ODGHFDGHQFLDSROtWLFDGHHVWRVWDLIDVFRUUHVSRQ
GHXQH[WUDRUGLQDULRSURJUHVRLQWHOHFWXDO(VODpSRFDGHPD\RUHVSOHQGRUFXO
WXUDO\GHSURVSHULGDGHQDOÉQGDOXV(QWUHpVWRVORV%DQ ²X ¶$EE²DGGH6HYLOOD
\ORV%DQ ²X +²XGGH=DUDJR]DDSDUHFHQGRWDGRVGHXQDDFWLYLGDGSROtWLFDH[SDQ
VLYD\IXHURQORVUHLQRVPiVIORUHFLHQWHV6XVUH\HVDFRJLHURQFRQPDJQDQLPL
GDGDORVKRPEUHVGHOHWUDVSRHWDV\VDELRV6HYLOOD\HQSDUWLFXODU=DUDJR]D
IXHURQQRVyORORVFHQWURVGHFXOWXUDVLQRWDPELpQORVUHIXJLRVGHORVGHVWHUUD
GRV\DPELFLRVRVGHORVUHLQRVPXVXOPDQHV\FULVWLDQRVTXHLEDQHQEXVFDGH
VDWLVIDFHUVXVDQKHORVGHJXHUUHDU\UHLQDU
=DUDJR]DKDVLGRGHVGHODUHYROXFLyQFRUGREHVDXQFHQWURDWUDFWLYRSDUDORV
UHIXJLDGRV\GHVWHUUDGRVSROtWLFRVRPLOLWDUHVDVtFRPRSDUDORVSRHWDVOLWHUDWRV
\VDELRVTXHEXVFDEDQIDPD\ULTXH]D
'RVKRPEUHVFpOHEUHVGHOVLJOR;,HQFRQWUDURQUHIXJLRHQOD&RUWH]DUDJR
]DQDK²XGLHOFpOHEUHSRHWD,EQ¶$PP ²DUJUDQYLVLU\IDYRULWRGHDO0X·WDPLG
/XHJRHOIDPRVRJXHUUHUR5RGULJR'tD]HO&LG&DPSHDGRU
¶$%' $// $+
Ú 0HPRULDVWUDGXFFLyQHVSDxRODSRU/pYL3URYHQoDO\(*DUFtD*yPH]HQ©(O
VLJOR;,HQSULPHUDSHUVRQDª0DGULGS
2SFLWS
/e9,3529(1d$/LELG
6REUHODVFDUDFWHUtVWLFDVGHORVUHLQRVGHWDLIDV785.$(OUHLQRGH=DUDJR]DHQHOVLJOR
;,9 GHODKpJLUD0DGULGSS\
²
5HODFLyQKLVWyULFDHQWUHHO&LG\ODGLQDVWtD+ XGL
(QODWLHUUDDUDJRQHVDHOMRYHQFDVWHOODQR5RGULJR'tD]HPSH]yVXFDUUHUD
PLOLWDUHQHOHMpUFLWR]DUDJR]DQRGHORV%DQ ²X +²XGFXDQGRHOLQIDQWH6DQFKR
KLMRGH)HUQDQGR,DFRPSDxDEDDOUH\DO0XTWDGLUHQODEDWDOODGH*UDXVPD\R
GHFRQWUDVXWtR5DPLUR,GH$UDJyQ&RQODKXHVWHGHFDEDOOHURVGH&DV
WLOODLED5RGULJRTXHWHQtDHQWRQFHVXQRVGLHFLRFKRDxRV
(O DXWRU DQGDOXVt LEQ %DVV ²DP HQ VX IDPRVD REUD DO'DMLUD
KDEOD GH OD
²
WRPDGH9DOHQFLDSRUHO&LGFRPRXQDGHODVPD\RUHVWUDJHGLDVGHOVLJOR;,HO
DVHVLQDWRGHOUH\DO4 ²DGLUHOKDPEUHWHUULEOHVXIULGDSRUORVYDOHQFLDQRV\OD
Ø K K ²DIJREHUQDGRUGHHVWDFLXGDGTXHPDGRYLYRGLFHHO
PXHUWHGHOT ²DGÚ×LEQ <D
DXWRUTXHORV©%DQ ²X +²XGOR>HO&LG@KDEtDQKHFKRVDOLUGHODRVFXULGDGª
3RURWURODGRHO&DQWDUGHPLR&LG GLFH
(QWLHUUDGHPRURVSUHQGLHQGRHJDQDQGR
GXUPLHQGRORVGtDVHODVQRFKDVWUDVQRFKDQGR
HQJDQDUDTXHOODVPLR&LGGXUyWUHVDxRV
'HHVWDVGRVIXHQWHVHVSDxRODVDQGDOXVt\FDVWHOODQD\GHRWUDVFRPHQ]D
PRV FRQ 5RGULJR VX FDPLQR GH GHVWLHUUR DO UHLQR ]DUDJR]DQR 6DEHPRV TXH
GXUDQWHODVJXHUUDVIUDWULFLGDVHQWUH6DQFKR,,GH&DVWLOOD\VXVKHUPDQRV$OIRQ
VR9,GH/HyQ\*DUFtDGH*DOLFLD5RGULJR'tD]OOHJyDVHUHOFRPSDxHURGHO
UH\6DQFKR,,\VXDOIpUH]UHDO3HURDODPXHUWHGHpVWHGLFLHPEUHGH
SHUGLy5RGULJRDVXVHxRU\SURWHFWRU\WXYRTXHLQFOLQDUVHDQWHHOQXHYRUH\
GH&DVWLOOD$OIRQVR9,TXHIXHURGHDGRSRUXQDFDPDULOODGHQREOHVFDVWHOOD
QRVHQYLGLRVRVDORVTXHHVFXFKDEDHOVREHUDQR\HQWUHHOORVDOMRYHQ*DUFtD
2UGyQH]TXHGHVGHHQWRQFHVLEDDVHUHOULYDOHQFDUQL]DGRGH5RGULJR
1RKDEODPRVGHODVDFWLYLGDGHVGHO&LGGHVGHTXHDVXPLyHOSRGHUVXQXH
YRVHxRUKDVWDHOGHVWLHUURGH5RGULJR3HURKD\TXHVHxDODUTXHODUHDODYHU
VLyQGH$OIRQVR9,KDFLDVXYDVDOORHO&LGVHYDDUHVDOWDUHQHODxRFXDQ
GRHOUH\VHIXHD&XHQFDSDUDDFRPSDxDUDVXDOLDGR\SURWHJLGRHOUH\DO4 ²DGLU
\GHYROYHUORDVXWURQRHQ7ROHGR(O&LGDOUHFLELUHQ%XUJRVODQRWLFLDGHXQD
DOJDUDPXVXOPDQDFRQWUDHOFDVWLOORGH*RUPD]\VLQWHQHUHQFXHQWDODSROtWL
FDGHVXUH\\VXVWUDWRVFRQDO4 ²DGLUWRPyODLQLFLDWLYDGHLUDDWDFDU\GHYDV
WDUORVFRQILQHVGHOUHLQRWROHGDQR(VWHKHFKRHQODDXVHQFLDGH$OIRQVR9,
IXH FRQVLGHUDGR FRPR XQD UHDFFLyQ FRQWUD HO UH\ H LQGLJQy HQ H[WUHPR D VX
VHxRU\VHJ~QRSLQD$PEURVLR+XLFL0LUDQGD TXH©ODFDXVDYHUGDGHUDGHOVXE
VLJXLHQWHGHVWLHUURKD\TXHEXVFDUODHQHOSURSyVLWRGHFRUWDUXQDLQWURPLVLyQ
TXHSHUWXUEDEDODSROtWLFDFRQFLOLDGRUDGH$OIRQVRSDUDSDFWDUFRQDO4 ²DGLU\
VRVWHQHUORD~QFRPRGXHxR\VHxRUGHOWHUULWRULRWROHGDQRª
(QHOYHUDQRGHWUDVODUHYXHOWDGHDO4 ²DGLUHQ7ROHGRDOUHJUHVDU$O
IRQVRD%XUJRVGHFUHWyODVHQWHQFLDGHOGHVWLHUUR&RQVHVHQWDSHQGRQHV5RGUL
JRSDUWLyGH9LYDUKDFLDHORWURODGRGH(VSDxDVXQXHYRyUELWHHOPXQGRKLV
6REUHODEDWDOODGH*UDXV\ODSDUWLFLSDFLyQGHO&LG785.RSFLWSS
$O%DMÚ
² ×UDHGLFLyQ$EEDV,%HLUXWW,,,SS\VLJ
9HUVRVD
/e9,3529(1d$/RSFLWS0(1e1'(= 3,'$/RSFLW,S
+LVWRULDPXVXOPDQDGH9DOHQFLD\VXUHJLyQ9DOHQFLD,S
$ILI7XUN
SDQRiUDEHGRQGHVXILJXUDKLVWyULFD\OHJHQGDULDYDDOXFLUHQHVWRVHVWDGRV\
UHLQRVULFRV\IORUHFLHQWHVGH$UDJyQ\/HYDQWHFRQVXSHULRULGDGHFRQyPLFD\
FXOWXUDO(QWLHUUDVGH&DVWLOODSXGRHQFDEH]DUXQRVWUHVFLHQWRVFDEDOOHURVSDUD
WHQWDUFRQHOORVVHJ~QODH[SUHVLyQGHO)XHUR9LHMR©*DQDUVXSDQªHQWLHUUDV
H[WUDQMHUDV)XHHOFRPLHQ]RGHOD2GLVHDLQGHSHQGLHQWHGH5RGULJR'tD]GH
9LYDU(VWH©GHVWLHUURKDGDGROXJDUVHJXUDPHQWHDODVOH\HQGDV\ORVUHODWRV
HSLVyGLFRVPiVYHURVLPLOHVªFRPRGHFtD/pYL3URYHQoDO
(OGHVWHUUDGRFRQWLQXyVXPDUFKDKDFLDHOHVWH\FXDQGROOHJyDWRPDU&DV
WHMyQGH+HQDUHVPDQGyDÉOYDU)ixH]DVDTXHDUSRUODVWLHUUDVTXHSHUWHQH
FtDQDOUH\DO4 ²DGLUHQOD]RQDGH*XDGDODMDUD\$OFDOiGH+HQDUHVSDUDDSR
GHUDUVHGHFXDQWRERWtQHQFRQWUDUDVREUHWRGRRUR\SODWDSDUDYHQGHUORDORV
PXVXOPDQHVSDUDLU©IRUPDQGRXQSHTXHxRIRQGRGHJXHUUDª/XHJRVLJXLy
5RGULJRFRQVXKXHVWHKDVWDOOHJDUHQWUH$UL]D\&HWLQDGRQGH©SRVDEDQKDFtDQ
JUDQGHV SUHVDVª \ FRQWLQ~DQ PiV DGHODQWH KDVWD$WHFD FHUFD GH OD FXDO VH
HQFXHQWUD HO FDVWLOOR GH$OFRFHU HO FXDO IXH WRPDGR SRU HO &LG 5RGULJR DO
SDUHFHUHVWXYRDFDPSDGRHQHVWHFDVWLOORTXLQFHVHPDQDV\GXUDQWHHVWHWLHP
SRORVKDELWDQWHVGHOD]RQDGH&DODWD\XG'DURFD\0ROLQDGH$UDJyQSLGLH
URQVRFRUURD$E~%DNULEQ¶$EGDO¶$]L]VHxRUGH9DOHQFLDTXHGHVGHHODxR
HUD YDVDOOR GH DO0XTWDGLU GH =DUDJR]D (V ELHQ H[WUDxR GLFH +XLFL
0LUDQGD SHGLU VRFRUUR D9DOHQFLD HQ YH] GH KDFHUOR D =DUDJR]D TXH HVWi
PXFKRPiVFHUFDTXHODFLXGDGGH$E~%DNU\FRQWLQ~DGLFLHQGRTXH©DSHVDU
GHODYHUDFLGDG\H[DFWLWXGTXHUHIOHMDHVWDIXHQWHVHKD\DSUHVFLQGLGRGHVH
JXLUODª(QHVWDUHJLyQVXFHGLyHOHQFXHQWURHQWUHORVGHVWHUUDGRV\ORVYDOHQ
FLDQRVXQLGRVFRQORVFRQWLJHQWHVDUDJRQHVHVPXVXOPDQHVGHHVWD]RQD6HGHVD
UUROOyODEDWDOODFDPSDOGH$OFRFHU\5RGULJRVDOLyYLFWRULRVR
7UDV HVWD EDWDOOD FRQWLQXy 5RGULJR VX PDUFKD \ DFDPSy HQ HO 3R\R VREUH
0RQUHDOGHO&DPSR\VLJXLyKDVWDOOHJDUDSRVDUHQHO3LQDUGH7pYDU\GHVGH
DOOtGHVHPERFyHQORVOODQRVGH$OFDxL](QHOFXUVRGHOGHVWLHUURWXYRTXHSH
OHDU\OXFKDUSDUDJDQDUVHHOVXVWHQWRFRQVXVPDQRV\VXVDUPDV©ILULHQGR\
PDWDQGR H KLFLHQGR PXFKD PDOª 5RGULJR PLVPR GHFtD D VX KXHVWH ©VL FRQ
PRURVQRQOLGLDVHQQRQOHVGDULHQHOSDQª
/RFLHUWRHVTXHHO&LGDOOOHJDUDODVWLHUUDVGH$OFDxL]GHOD+XHUYDOHMRVGH
VXSDWULDWUDVXQFRQWLQXRGHVSOD]DPLHQWRIRU]DGRWXYRTXHSHQVDUHQXQDVROX
FLyQTXHSXHGHUHVROYHUHO©DFXFLDQWHSUREOHPDGHLUDVDOWDQGRSRUVRUSUHVDHQULV
FDGRVFDVWLOORV\VDTXHDQGRSXHEORVRVFXURVSRUPDQWHQHU\SDJDUDVXPHVQDGD
VLQ GHWHQHUVH PXFKR WLHPSR HQ XQ OXJDU VR SHQD GH HVTXLOPDUOR \ SDVDU KDP
2SFLWS
+8,&, 0,5$1'$RSFLW,$S
&UyQLFD*HQHUDOGH,,,SFLWDGDSRU+8,&, 0,5$1'$RSFLW,S
&UyQLFD*HQHUDOGH,,,S\3ULPHUD&UyQLFD*HQHUDOSE\FLWDGRVSRU+8,
&, 0 ,5$1'$ RSFLW,S\Qž6REUH$OFRFHUYpDVH-RVp/XLV&255$/ \)UDQFLVFR0 $57Ì 1(= * $5&Ì$ HQ ©*HRJUDItD H +LVWRULD HQ HO 3RHPD GH 0LR &LG /D ORFDOL]DFLyQ GH$OFRFHUª HQ
5+-==DUDJR]DSS
2SFLW,SSDUDPiVGHWDOOHYpDQVHODVSS
&UyQLFD*HQHUDOGH,,,SFLWDGDSRU+8,&, 0,5$1'$RSFLW,SQž
+8,&, 0,5$1'$RSFLW,S
²
5HODFLyQKLVWyULFDHQWUHHO&LG\ODGLQDVWtD+ XGL
EUHª(QWRQFHV5RGULJRTXHQRSRGtDFRQWDUFRQORVSUtQFLSHVFULVWLDQRV\FRPR
FRQRFtDDOUH\]DUDJR]DQRGHFXDQGRIXHVXDQWLJXRMHIHHQODEDWDOODGH*UDXV
QRWXYRRWUDVROXFLyQDVXVSUREOHPDVGHGHVWHUUDGRTXHGLULJLUVHKDFLD
=DUDJR]D SDUD HQWHQGHUVH FRQ DO0XTWDGLU \ SRQHUVH D VX VHUYLFLR 6RQ FDVL
GLHFLRFKRDxRVORVTXHKDQSDVDGRGHVGHVXSULPHUDYHQLGDD=DUDJR]D$KRUD
FRQVXPHVQDGDVHLQVWDODDOODGRGHDO0XTWDGLU\IRUPDSDUWHGHOHMpUFLWRUHJX
ODUK ²XGLELHQRUJDQL]DGR\GHVHPSHxDXQSDSHOLPSRUWDQWHHQHOFDPSRPLOL
WDU9LYLU\UHIXJLDUVHHQORVUHLQRVGHWDLIDVHUDFRVDFRUULHQWHHQWUHORVGHVWH
UUDGRV \ H[SDWULDGRV FRPR HO FDVR GH$OIRQVR9, FXDQGR IXH D7ROHGR \ VX
KHUPDQR*DUFtDD6HYLOOD7DPELpQDO0XTWDGLUDFRJLyHQVXFDSLWDODOLQIDQWH
5DPyQGHVSXpVGHDVHVLQDUD6DQFKR*DUFtDGH1DYDUUDHQ3HxDOpQ
$O0XTWDGLUDFRJLyDO&LGHQVX&RUWHMX]JDQGRTXHSRGtDVHU~WLO3RFRGHV
SXpVPXULyHOUH\]DUDJR]DQRHOFXDOVLJXLHQGR©ODPDODFRVWXPEUHGHDTXHO
VLJORªGLYLGLyVXUHLQRTXHWDQODERULRVDPHQWHKDEtDXQLILFDGRHQWUHVXVGRV
KLMRV<XVXIDO0X·WDPLQ=DUDJR]D\SDUWHRFFLGHQWDOGHOUHLQRK ²XGLPLHQWUDV
0XQ ²GLU¶,P²DGDO'DZOD/pULGD7RUWRVD\'HQLD
(O &LG TXH KDEtD ©DFWXDGR FRPR YDVDOOR GH 6DQFKR ,, \ GH VX KHUPDQR
$OIRQVR9,ª D SDUWLU GH HQWRQFHV LED D ©DFWXDU FRPR YDVDOOR GH ORV %DQ ²X
+²XGª \FRPEDWLUSRUODFDXVDGHOUHLQR]DUDJR]DQRKDVWDTXHWRPy9DOHQFLD
HQ7XYRTXHOXFKDUWUDVODPXHUWHGHDO0XTWDGLUSRUFXHQWDGHDO0X·WD
PLQ\OXHJRGHDO0XVWD·LQWDQWRFRQWUDORVFDWDODQHVFRPRFRQWUDORVDUDJR
QHVHVWDPELpQFRQWUD0XQ ²GLUVHxRUGH/pULGD'HSURQWRVHGHVHQFDGHQyXQD
JXHUUD HQWUH ORV GRV KHUPDQRV<XVXI \ 0XQ ²GLU HQ EHQHILFLR GH VXV YHFLQRV
DUDJRQHVHV\FDWDODQHVTXLHQHVDKRUDLQWULJDQSDUDVHPEUDUODGLVFRUGLDHQWUH
ORVGRVKHUPDQRV(VWDVKRVWLOLGDGHVVRQPX\FRQRFLGDVSRUTXHHQHOODVLQWHU
YLHQH©XQDGHODVILJXUDVVREUHODTXHPiVVHKDHVFULWRGHWRGDODKLVWRULDGH
(VSDxD5RGULJR'tD]HO&LG&DPSHDGRUª
$O0X·WDPLQPX\SUXGHQWHVpRFXSyGHOIRFRSHOLJURVRHQHOH[WUHPRRULHQ
WDOGHVXUHLQRGRQGHVHHQFXHQWUDQODVSRVLFLRQHVIXHUWHVGH%DUEDVWUR0RQ
]yQ7DPDULWH$OPHQDU\%DODJXHUODOtQHDGHIHQVLYDGHOUHLQR]DUDJR]DQRFRQ
WUD HO UHLQR GH $UDJyQ \ HO FRQGDGR GH %DUFHORQD GRQGH OD LQWHUYHQFLyQ
H[WUDQMHUDSRGUtDVHUPiVSHUMXGLFLDO¢4XpSRGtDKDFHUDO0X·WDPLQ"$SURYH
FKDUDO&LG\VXHQHPLVWDGFRQHOFRQGHGH%DUFHORQD5DPyQ%HUHQJXHU,,\
6DQFKR5DPtUH]GH$UDJyQSDUDGHMDUOHKDFHULQFXUVLRQHVFRQWUDHOORVSRUXQD
SDUWH\SRUODRWUDVRPHWHUDORVTXHVHKDQQHJDGRDUHFRQRFHUDOQXHYRVREH
UDQRK ²XGL< HQODSULPDYHUDGHOPDQGyDO0X·WDPLQDO&LGDVXIURQWH
UDRULHQWDOSDUDUHHGLILFDU\IRUWLILFDUHOFDVWLOORGH$OPHQDU
$OVDOLUHO&LGFRQVXKXHVWHKDFLD0RQ]yQ\OXHJRD7DPDULWHSDUDGLULJLU
VHD$OPHQDU0XQ ²GLUVHSUHRFXSyDOYHUD/pULGDDPHQD]DGDSRU5RGULJR6H
+8,&, 0,5$1'$RSFLW,S
+8,&, 0,5$1'$LELG/e9,3529(1d$/RSFLWS
6REUHODPXHUWHGH$O0XTWDGLU\ODVXFHVLyQGH$O0X·WDPLQ\0XQGLUYpDVH7
85. RS
²
FLWSS
8%,(72 $57(7$$RSFLWS
8%,(72 $57(7$$LELG
58%,(5$0-HV~V/DWDLIDGH'HQLDS
$ILI7XUN
SXVRHQFRQWDFWRFRQ5DPyQ%HUHQJXHU,,\RWURVFRQGHVFDWDODQHV7RGRVDFX
GLHURQFRQ0XQ ²GLUDVLWLDUHOFDVWLOORGH$OPHQDUPLHQWUDVHO&LGHVWDEDHQOD
IRUWDOH]DGH(VFDUSDOVXURHVWHGH/pULGDTXHDFDEDGHWRPDU
&XDQGR5RGULJRVHHQWHUyGHODFUtWLFDVLWXDFLyQGHORVVLWLDGRVLQIRUPyD
DO0X·WDPLQHOFXDODFXGLyFRQVXHMpUFLWRD7DPDULWHGRQGHOHHVSHUDEDHO&LG
)XHFRQODVWURSDVD$OPHQDU\DOOtGHUURWyD0XQ ²GLU\DVXVDOLDGRVKDFLHQGR
SULVLRQHURV DO FRQGH GH %DUFHORQD \ D RWURV GH ORV VX\RV \ ORV HQWUHJy D
DO0X·WDPLQTXHOHHVSHUDEDHQ7DPDULWH3HURDOFDERGHFLQFRGtDVOHVGLR
OLEHUWDGGHVSXpVGHFRQFHUWDUODSD]FRQ5DPyQ%HUHQJXHU,,
(VWD SULPHUD YLFWRULD WDQ UHVRQDQWH TXH 5RGULJR 'tD] DFDEDED GH SURSRU
FLRQDUVREUHHOHQHPLJRFDXVyJUDQVDWLVIDFFLyQ\DOHJUtDDORV]DUDJR]DQRV
TXHOHDFRJLHURQGHXQDPDQHUDWULXQIDO\GHVGHHQWRQFHVHOHStWHWR6$<<,'
R6,'OHyQVHUiHOWtWXORGH5RGULJRHQWUHORVVROGDGRVK ²XGtHV\TXHIXHSUR
EDEOHPHQWH WUDQVIRUPDGR HQ ©0,2 &,'ª SRU ORV KRPEUHV GH VX PHVQDGD
$O0X·WDPLQOHFROPyFRQPXFKRVUHJDORV\GRQDFLRQHV
(QHODxRHO&LGQRKL]RHQODIURQWHUDFRQHOUHLQRDUDJRQpVPiVTXH
DOJXQDVUD]]LDV\FRUUHUtDVHQODUHJLyQGH0RQ]yQ7XYRTXHEXVFDURWURFDP
SRKDFLDHOVXUHVWHGRQGHIXHDGHYDVWDUODVWLHUUDVGH0XQ ²GLUKDVWDOOHJDUDO
²DESDUDUHHGLILFDUORSRURUGHQGHDO0X·WDPLQ
FDVWLOORGH2ORFDX+X
VQDO·8T
\KDFHUIUHQWHD0RUHOODXQDIRUWDOH]DLPSRUWDQWHDOVXURHVWHGH7RUWRVD\TXH
SHUWHQHFtDDOVHxRUGH/pULGD0XQ ²GLUPX\SUHRFXSDGRSRUHVWDPDQLREUDSLGLy
DX[LOLRDVXDOLDGR6DQFKR5DPtUH]TXHDFXGLyDVRFRUUHUORFRQWUDHO&LGHO
HQHPLJRFRP~Q
(OUH\DUDJRQpVSLGLyD5RGULJRTXHHYDFXDUDODVWLHUUDVGHVXDOLDGR(O&LG
OHFRQWHVWy©VLPLVHxRUHOUH\GH$UDJyQTXLHUHSDVDUHQSD]SRUHVWDVWLHUUDV
GRQGHDQGy\ROHVHUYLUpFRQEXHQFRUD]yQ\DGHPiVVLORGHVHDOHGDUpFLHQ
GHPLVFDEDOOHURVSDUDTXHOHDFRPSDxHQHQVXFDPLQRª
6DQFKR5DPtUH]LUULWDGRSRUHVWDUHVSXHVWDLUyQLFDVHDSUHVXUyFRQVXDOLD
GR0XQ ²GLUKDFLDHOFDPSDPHQWRGHO&LG\OHRIUHFLHURQEDWDOODGHDJRVWR
GHHQODFXDOVDOLyHO&DPSHDGRUYLFWRULRVR&RQHOERWtQ\XQRVGLHFL
VpLVQREOHVSULVLRQHURVGHOD&RUWHGH$UDJyQYROYLyHO&LGD=DUDJR]DGRQ
GHIXHUHFLELGRFRPRWUDVFDGDYLFWRULDDSRWHyVLFDPHQWH
'HVGHODEDWDOODGH0RUHOOD\GXUDQWHGRVDxRVLJQRUDPRVODVDFWLYLGDGHV
GHOGHVWHUUDGREXUJDOpVTXHVLJXLyYLYLHQGRLQDFWLYRHQHOUHLQRK ²XGLKDVWDOD
PXHUWHGHDO0X·WDPLQHQHORWRxRGH\OXHJRFRQWLQXyEDMRHOUHLQDGR
GHDO0XVWD·LQ(QHVWDpSRFDDO4 ²DGLUHQWUHJD7ROHGRD$OIRQVR9,GHPD\R
GH D FDPELR GH D\XGDUOH D FRQTXLVWDU9DOHQFLD HO SXQWR PiV GpELO HQ
/HYDQWH=DUDJR]DIXHVLWLDGDSRU$OIRQVRWUDVWRPDU7ROHGR\HO&LGVHDEVWX
YRGHGHIHQGHUDDO0XVWD·LQ6XQRPEUHHQHVWDpSRFDIXHRVFXUHFLGRSRUODV
JUDQGHVDFWLYLGDGHVGH$OIRQVR9,\ODLQWHUYHQFLyQDOPRUiYLGHHQODEDWDOOD
GH=DODFDGHRFWXEUHGHTXHGHMyDOUH\FDVWHOODQRLPSUHVLRQDGRSRU
ODGHUURWD
8QKHFKRTXHIXHHQSULQFLSLRLPSRUWDQWHHVODUHFRQFLOLDFLyQGH$OIRQVR
FRQHO&LGFXDQGRpVWHVHSUHVHQWyHQ7ROHGRHVSRQWiQHDPHQWH\IXHUHFLELGR
6REUHODEDWDOODGH$OPHQDUYpDVH785.RSFLWSS
²
5HODFLyQKLVWyULFDHQWUHHO&LG\ODGLQDVWtD+ XGL
SRUVXVHxRUHQGLFLHPEUHGHRHQHURGHFRQPXHVWUDVGHDIHFWR
RWRUJiQGROHLPSRUWDQWHVGRQDFLRQHVFRPRORVFDVWLOORVGH'XHxDV\*RUPD]
3HURHVWDUHFRQFLOLDFLyQFRQVXUH\IXHHItPHUDSRUTXHDOHQWHUDUVHHO&LGGHO
FHUFR GH DO4 ²DGLU HQ9DOHQFLD SULPDYHUD GH SRU 0XQ ²GLU UHJUHVy GH
DFXHUGRFRQVXUH\D=DUDJR]DFRQHOILQGHSUHSDUDUXQHMpUFLWRFRQDO0XV
WD·LQSDUDOHYDQWDUHOFHUFRGHODFLXGDGOHYDQWLQD/RVGRVPLUDEDQKDFLDOHYDQ
WH\FRQFUHWDPHQWHDOVHxRUtRGH9DOHQFLDFX\RJREHUQDGRUHUD$E~%DNULEQ
$EGDO·$]L]VXHJURGHDO0XVWD·LQ\DOLDGR\SURWHJLGRGHOUHLQRK ²XGLGHVGH
HODxRKDVWDODPXHUWHGH$E~%DNUHQMXQLRGH(O&LGFRQFLELyHO
SUR\HFWRGHRFXSDU9DOHQFLDHKL]RFUHHUDOPRQDUFD]DUDJR]DQRTXHSRQGUtD
ODFLXGDGHQVXVPDQRV3HURHVWRIXHXQHQJDxRSRUTXHFXDQGRDO0XVWD·LQ\
HO&LGOOHJDURQFRQHOHMpUFLWRD9DOHQFLD0XQ ²GLUWXYRTXHOHYDQWDUHOFHUFR\
RIUHFHUVXDPLVWDGDDO4 ²DGLUTXHKDEtDSHGLGRVRFRUURDVXDOLDGRHOUH\$OIRQ
VR9,\DDO0XVWD·LQeVWH\HO&LGIXHURQDFRJLGRVFRQKRQRU\KRVSHGDGRV
SRUDO4 ²DGLUTXHREVHTXLyHQVHFUHWRJUDQGHVSUHVHQWHVDO&LG$O0XVWD·LQ
VHVLQWLyHQJDxDGRSRUHO&LGSRUQRKDEHUFXPSOLGRORSURPHWLGR3HURHO&LG
SRUVXSDUWH©VXDYL]yODDPDUJXUDGHDO0XVWD·LQDOHVSHUDUOHSXHVVLDKRUD
QRORKDEtDSXHVWRHQSRVHVLyQGH9DOHQFLDSRUUHVSHWRD$OIRQVR9,OHD\X
GDUtDDJDQDUODHQFXDQWRORJUDVHODDTXLHVFLHQFLDª$OPLVPRWLHPSRHO&LG
HQYLy VXV PHQVDMHURV D 0XQ ²GLU SDUD FRQVHJXLU VX DPLVWDG ©HW HVIRUoDO TXHO
D\XGDUpHWTXHTXHULHDYHUVXDPRUFRQpOª \WDPELpQFRQILUPyD$OIRQVR9,
TXHVLJXHVLHQGRVXYDVDOOR\TXHVXVVROGDGRVORVWHQGUiDVXGLVSRVLFLyQ
$ SDUWLUGHHQWRQFHV\SDUDOOHJDUDFRQVHJXLUVXVDPELFLRQHVGHSRVHHUHO
GRPLQLRGH9DOHQFLDFRPHQ]yDGDUSUXHEDVSRUVXFXHQWDGHXQDGHVERUGDQWH
DFWLYLGDGVRPHWLHQGRDVDQJUH\IXHJRWRGDODUHJLyQOHYDQWLQDGHVGH2ULKXH
ODKDVWD-iWLYDLPSODQWDQGRVXUpJLPHQGHSDULDVWUDVODYLFWRULRVDEDWDOODHQ
HOSLQDUGH7pYDUYHUDQRGHVREUH0XQ ²GLU\VXDOLDGRHOFRQGHGH%DU
FHORQD
3RGHPRVGHFLUTXHDSDUWLUGHHVWDpSRFDHO&LGVLJXLyQRVyORFRQVXUH\
$OIRQVR9,VLQRFRQDO0XVWD·LQXQDSROtWLFDLQGHSHQGLHQWH\WRUWXRVDTXHHUD
©ODWtSLFDGLSORPDFLDGHORVSURWDJRQLVWDVGHOVLJOR;,TXHWUDWDEDQGHHQJD
xDUVH \ VRERUQDUVH XQRV D RWURVª (O &LG QR WDUGy PXFKR HQ FRQYHUWLUVH HQ
©6$<<,'ªVHxRUGH/HYDQWHFXDQGRHOJREHUQDGRUYDOHQFLDQRHO4 ²DGÚ×LEQ
Ø K K ²DISDUWLGLDULRGHORVDOPRUiYLGHVHQWUHJyODFLXGDGDO&LGHOGHMXOLR
<D
GHDOFDERGHYHLQWHPHVHVGHDVHGLRTXHIXHWDQGXURSDUDORVYDOHQFLD
Ø K K ²DIGHVSXpVGH
QRVTXHVXIULHURQKDPEUH(O&LGKL]RTXHPDUYLYRDLEQ<D
RFXSDUODFLXGDG
7UDVHVWDVHWDSDVGHODFDUUHUDODUJDDxRV\DJLWDGDOOHQDGHDYHQWXUDV
\KHURtVPRHQODVWLHUUDVGH&DVWLOOD$UDJyQ\/HYDQWHOOHJy5RGULJR'tD]HO
&LG&DPSHDGRUDFRQYHUWLUVHHQVHxRUDEVROXWRGH9DOHQFLDKDVWDTXHPXULy
HQHOODHQMXOLRGH
3ULPHUD&UyQLFD*HQHUDO,,SSD\DFLWDGRVSRU+8,&, 0,5$1'$RSFLW,,S
+8,&, 0,5$1'$RSFLW,,S
3ULPHUD&UyQLFD*HQHUDO,,SD&LWDGDSRU+8,&, 0,5$1'$RSFLWS
+8,&, 0,5$1'$RSFLW,,S
/e9,3529(1d$/RSFLWSS
$ILI7XUN
$O0XVWD·LQTXHKDEtDD\XGDGRDO&LG\PDQWXYREXHQDVUHODFLRQHVFRQOD
HVSHUDQ]D GH LQFRUSRUDU9DOHQFLD D VX UHLQR DFDEy VLHQGR GHUURWDGR SROtWL
FDPHQWHSRUHO&DPSHDGRU6HSUHRFXSyHQVHJXLUPDQWHQLHQGRH[FHOHQWHVUHOD
FLRQHVFRQORVDOPRUiYLGHVHVSHFLDOPHQWHFRQHOHPLU<XVXITXHKDEtDGHV
WURQDGRDWRGRVORVUH\HVGHWDLIDVDQGDOXFHVVDOYRHOUH\K ²XGL(VWDV
UHODFLRQHV VH PDQLIHVWDURQ FRQ OD VHJXQGD HPEDMDGD SUHVLGLGD SRU VX KLMR HO
SUtQFLSHKHUHGHUR¶$EGDO0DOLNTXHIXHGHVWURQDGRSRUORV]DUDJR]DQRVSDU
WLGDULRVGHORVDOPRUiYLGHVHQHODxR/XHJRPiVWDUGHIXH=DUDJR]DFRQ
TXLVWDGDSRU$OIRQVR,HO%DWDOODGRUHOGHGLFLHPEUHGH
0e72'2$548(2/Ð*,&2< &$17$5(6'(*(67$
325
-26e /8,6 &255$/ /$)8(17(
$O'U$QWRQLR8ELHWR$UWHWDIDOOHFLGR
FXDQGRMXQWRVtEDPRVDH[FDYDU³WUDV
PXFKRV DxRV GH E~VTXHGD³ XQ \DFL
PLHQWRDUTXHROyJLFRTXHSRGtDUDWLILFDU
VXKLSyWHVLVVREUHHOOXJDUGHODEDWDOOD
GHOD©&DQFLyQGH5ROGiQª
6RQPLOHVORVWtWXORVELEOLRJUiILFRVTXHVHKDQHGLWDGRVREUHODSRHVtDpSL
FD PHGLHYDO SUiFWLFDPHQWH VH KDQ WUDWDGR WRGRV ORV WHPDV SRVLEOHV DXWRUHV
WHPiWLFDVHVWLORVOLWHUDULRVSUREOHPDVOLQJtVWLFRVDVSHFWRVJUDPDWLFDOHV\VLQ
WiFWLFRVHOHPHQWRVVLPEyOLFRVPpWULFDSRpWLFDKLVWRULFLGDGOp[LFR\YRFDEX
ODULR KLVWRULD \ SRHVtD UHODFLRQHV FXOWXUDOHV DVSHFWRV MXUtGLFRV SHUR HQ
PXFKDVRFDVLRQHVODVFXHVWLRQHVSXUDPHQWHOLWHUDULDVKDQRFXOWDGRRWURVDVSHF
WRVLPSRUWDQWHVHQHOWUDWDPLHQWRGHORVWH[WRV
/DV GLVFXVLRQHV ³HQ PXFKRV FDVRV KDQ VLGR GLVSXWDV HQWUH GRV FRQWHQ
GLHQWHVTXHVHLJQRUDEDQPXWXDPHQWH³HQWUHKLVWRULDGRUHVGHODOLWHUDWXUDHKLV
WRULDGRUHVKDQSURYRFDGRTXHQRVHWXYLHUDQHQFXHQWDWRGDXQDVHULHGHHOH
PHQWRV TXH SRGtDQ DSRUWDU GDWRV \ OXFHV GHFLVLYDV WDQWR SDUD ORV IDFWRUHV
OLWHUDULRVFRPRSDUDORVKLVWyULFRV
(QJHQHUDO\DTXtVtTXHODJHQHUDOL]DFLyQSXHGHVHULQMXVWDORVKLVWRULD
GRUHVKDQFRQVLGHUDGRDODSRHVtDpSLFDFRPRXQDIXHQWHKLVWyULFDPiVDYHFHV
³FRPR HQ OD$UDELD SUHLVOiPLFD³ SUiFWLFDPHQWH OD ~QLFD DSHQDV DGRUQDGD
SRUHOWUDWDPLHQWROLWHUDULRTXHHQQLQJ~QFDVRYHQGUtDDWHUJLYHUVDUQLDGHIRU
/DELEOLRJUDItDH[LVWHQWHVREUHODpSLFDHXURSHDHVDEXQGDQWtVLPDVLELHQIDOWDXQDJUDQREUD
GHFRQMXQWRTXHVLQWHWLFH\VLVWHPDWLFHWRGDODSRHVtDpSLFDHVWDIDOWDHVTXL]iVGHELGDDORH[WUD
RUGLQDULDPHQWHFRPSOHMRGHOWHPD\DVXHQRUPHYDULHGDG
-RVp/XLV&RUUDO/DIXHQWH
PDUODUHDOLGDGKLVWyULFDTXHVHQDUUDHQORVSRHPDV/RVILOyORJRVSRUHOFRQ
WUDULR KDQ LQWHQWDGR GHPRVWUDU TXH ORV SRHPDV pSLFRV VL ELHQ LQVSLUDGRV HQ
DOJXQRVDFRQWHFLPLHQWRVKLVWyULFRVVRQFUHDFLRQHVJHQXLQDVGHDXWRUHVOLWHUD
ULRVTXHDSURYHFKDQHOHPHQWRVGHHVDSURSLDWUDGLFLyQKLVWyULFDSDUDFRPSRQHU
XQDREUDRULJLQDOTXHHQQLQJ~QPRPHQWRSXHGHFRQVLGHUDUVHFRPRXQDIXHQ
WHGRFXPHQWDO
3HURKD\TXHFRQVLGHUDUDODYLVWDGHWDQODUJDYLHMDHLUUHVROXEOHSROpPLFD
TXHHVSUHIHULEOHVHQWDUODVFXHVWLRQHVHQVXMXVWRWpUPLQRQLODSRHVtDpSLFD
FRQORVFDQWDUHVGHJHVWDSRUORFRP~QFRPRSLH]DVFODYHSXHGHWRPDUVHWH[
WXDOPHQWHFRPRXQDIXHQWHGRFXPHQWDOLQFRQWHVWDEOHQLSXHGHUHFKD]DUVHFRPR
GRFXPHQWRKLVWyULFRTXHSXHGHDSRUWDUGDWRVPX\VLJQLILFDWLYRVHQXQDGREOH
YtDWDQWRFRPRUHIOHMRGHXQVHQWLPLHQWRFRQWHPSRUiQHRHQHOPRPHQWRGHHVFUL
ELUODREUDFRPRGHUHIHUHQFLDKLVWyULFDDORTXHHQHVRVSRHPDVVHQDUUD
/RV FDQWDUHV GH JHVWD FRPR VH KD VHxDODGR HQ UHSHWLGDV RFDVLRQHV LEDQ
GLULJLGRVDJHQWHVGHOSXHEORHQVXLQPHQVDPD\RUtDGHXQDJUDQLJQRUDQFLD\
FRPSOHWDPHQWHDQDOIDEHWRVHQFRQVHFXHQFLDORVSRHPDVpSLFRVSRGtDQLQFRU
SRUDUHOHPHQWRVIDQWiVWLFRV\H[DJHUDFLRQHVIDEXORVDVSHURWHQtDQSRFRPDU
JHQGHPDQLREUDSDUDLQWURGXFLUFXHVWLRQHVFRPSOLFDGDVRGHPDVLDGRH[WUDxDV
'LULJLGRDHVHWLSRGHS~EOLFRORVDXWRUHVGHORVFDQWDUHVWHQtDQTXHLQWHU
SUHWDU\DGDSWDUDOJXVWRSRSXODUODOLWHUDWXUDTXHVHLEDDUHFLWDU\DODYH]EXV
FDUHOHPHQWRVTXHFXDOTXLHUR\HQWHSXGLHUDLGHQWLILFDUVLQQLQJ~QSUREOHPD
3RUHOORWDQWRORVOXJDUHVFRPRORVSHUVRQDMHVFRPRORVDFRQWHFLPLHQWRV
GHEHQVHUFUHtEOHVGHDKtTXH³TXL]iVDOFRQWUDULRGHORTXHHQDOJXQRVFDVRV
VHKDGLFKR³ODSRHVtDpSLFDPHGLHYDOHVWiHQRUPHPHQWHSUy[LPDDODUHDOL
GDGFRWLGLDQD\GHDKtTXHVHDQDOLFHFRQIUHFXHQFLDFRQFDOLILFDWLYRVGHYHUR
VLPLOLWXG\FRWLGLDQHLGDGSRUTXHHYLGHQWHPHQWHQRSRGtDVHUGHQLQJXQDRWUD
PDQHUD
/RVFDQWDUHVGHJHVWDPHGLHYDOHVLQFOXVRODVSURSLDVVDJDVHVFDQGLQDYDV³D
SHVDUGHODIXHUWHFDUJDPLWROyJLFDGHPXFKDVGHHOODV³RIUHFHQHQVXOHFWXUD
SXQWXDOHVHDVSHFWRGHREUDSUy[LPDGHUHDOLGDGWDQJLEOHELHQDOHMDGDGHIDQ
WDVtDV\IDEXODFLRQHVTXHTXHGDQFLUFXQVFULWDVDRWURWLSRGHREUDVOLWHUDULDV
1LHQHO3RHPDGHO&LGQLHQOD&DQFLyQGH5ROGiQKD\HOHPHQWRVIDQWiV
WLFRV TXH SXHGDQ FRQVLGHUDUVH LUUHDOHV WRGR HV DEVROXWDPHQWH UHDO \ DXQTXH
©ODVPRQWDxDVVHDQWDQDOWDVTXHFDVLWRFDQHOFLHORª©ORVERVTXHVSURIXQGRV
\IURQGRVRVª©ORViUEROHVJUDQGHVª\©ORVHQHPLJRVQXPHURVtVLPRVªQRKD\
FXHVWLRQHVTXHSXHGDQKDFHUVXSRQHUDORVR\HQWHVTXHORTXHVHHVWiQDUUDQGR
QRVHDDEVROXWDPHQWHYHUD]\DMXVWDGRDORFUHtEOH
8ELHWRSRUHMHPSORDQDOL]DHO3RHPDGHO&LGFRPRXQGRFXPHQWRKLVWyULFRPiVVLQ
WHQHUHQFXHQWDVXYHUWLHQWHOLWHUDULD
6PLWKDILUPDTXH©HO3RHPDGHO&LGQRHVXQDREUDKLVWRULRJUiILFDHQYHUVR
VLQRXQGUDPDKXPDQRª
(QWUHHO3RHPDGHO&LG\HO&DQWDUGH5ROGiQH[LVWHXQDGLIHUHQFLDPX\VXVWDQFLDOHO3RHPD
GHO&LGHVWiHVFULWRSRFRGHVSXpVGHTXHDFRQWHFLHUDQORVKHFKRVTXHVHQDUUDQPLHQWUDVTXHHO&DQ
WDUGH5ROGiQVHHVFULELyYDULRVVLJORVGHVSXpVGHTXHVXFHGLHUDQORVDFRQWHFLPLHQWRVQDUUDGRV
5LTXHU
,G
0pWRGRDUTXHROyJLFR\FDQWDUHVGHJHVWD
(QHOWUDWDPLHQWR\HQHODQiOLVLVFUtWLFRGHORVFDQWDUHVGHJHVWDFRPRIXHQ
WHVKLVWyULFDVSRGUiGLVFXWLUVH³SRUDGXFLUHMHPSORVFDVLDEVXUGRV³VLHVFLHU
WRTXH5ROGiQPXULyYXHOWRKDFLD(VSDxDRVLHO&LGLQWURGXMRHQVXMDXODDO
OHyQSRGUiLQFOXVRGLVFXWLUVHVREUHODKLVWRULFLGDGGHDOJXQRGHORVSHUVRQDMHV
TXHDSDUHFHQFRQQRPEUHSURSLRHQORVSRHPDVSHURORTXHHVLQGXGDEOHHVOD
FRQWHPSRUDQHLGDGGHWRGRVORVWH[WRV\VXXVRDEVROXWDPHQWHOHJtWLPRFRPR
IXHQWHKLVWyULFD
/RVILOyORJRV\DVHHQFDUJDUiQGHDQDOL]DUHOSURFHVRGHFUHDFLyQOLWHUDULR
ODVIXHQWHVGHOSRHWDODFRQVWUXFFLyQJUDPDWLFDO\ODVGLYHUVDVPRGLILFDFLRQHV
\DGDSWDFLRQHVTXHHOSRHPDKDLGRUHFLELHQGRSHURSDUHFHREYLRDODYLVWDGH
DOJXQRVUHVXOWDGRVTXHDKtGHELHUDDFDEDUVXWUDEDMR
/RVKLVWRULDGRUHVSRUVXSDUWHTXL]iVQRKD\DQDJRWDGRWRGDVODVSRVLELOL
GDGHVTXHORVFDQWDUHVpSLFRVRIUHFHQFRPRIXHQWHVKLVWyULFDVHPSHxDGRVHQ
GHPRVWUDU VL HUDQ KLVWyULFRV R QR SiUUDIRV H[SUHVLRQHV R QRPEUHV FRQFUHWRV
FRQWHQLGRVHQORVSRHPDVVHKDQROYLGDGRGHFXHVWLRQHVGHIRQGRPiVGHILQL
WRULDVGHOFDUiFWHUKLVWyULFRGHHVRVPLVPRVFDQWDUHV
&RQPiVGHXQPLOHQLR\PHGLRGHGLVWDQFLDUHVSHFWRDORVFDQWDUHVGHJHV
WDQRPHUHVLVWRDWUDHUXQHMHPSORVXILFLHQWHPHQWHFRQRFLGRGHODLQWHUUHOD
FLyQ HQWUH SRHVtD pSLFD \ KDOOD]JRV DUTXHROyJLFRV HQ +HLQULFK 6FKOLH
PDQQGHVFXEULyODVUXLQDVGHODPtWLFDFLXGDGGH7UR\DHVFHQDULRGHODVOXFKDV
HQWUHWUR\DQRV\DTXHRVQDUUDGDVSRU+RPHURHQOD,OtDGD6FKOLHPDQQXVyORV
SRHPDV KRPpULFRV FRPR IXHQWH KLVWyULFD UHFRUULy ODV UXWDV DOOt GHVFULWDV \
GHVFXEULyODVUXLQDVGHODFLXGDGGH7UR\DTXHGHLQPHGLDWRH[FDYy/RVWUD
EDMRV \ OD PHWRGRORJtD GH 6FKOLHPDQQ FRQ PiV GH XQ VLJOR GH DQWLJHGDG
VLJXHQVLHQGRSDUDORVLQYHVWLJDGRUHVXQPRGHORGHFyPRHOWUDEDMRGHFDPSR
DUTXHROyJLFRSXHGHD\XGDUFRQVLGHUDEOHPHQWHDUHVROYHUXQDVHULHGHSUREOH
PDVKLVWyULFRVTXHODVIXHQWHVHVFULWDVVHDQGHOWLSRTXHVHDQQRSXHGHQUHVRO
YHUSRUVtPLVPDV\HVXQFODURHMHPSORGHODQHFHVLGDGLPSHULRVDGHFRRSHUD
FLyQ HQWUH HVSHFLDOLVWDV GH GLYHUVDV PDWHULDV HQ HO FDPSR GH OD LQYHVWLJDFLyQ
KXPDQtVWLFD
(/ 0$5&2 *(2*5É),&2
/DJHRJUDItDTXHGHVFULEHQORVFDQWDUHVVLHPSUHHVXQHVSDFLRUHDOSXHGH
VHULQH[DFWRTXH=DUDJR]DHVWpHQORDOWRGHXQDPRQWDxDFRPRVHLQGLFDHQHO
&DQWDUGH5ROGiQSHURODJHRJUDItDTXHDOOtDSDUHFHHVYHUtGLFD(QDOJXQRV
SRHPDVpSLFRVHVWDQUHDOTXHDOJXQDVHVWURIDVSDUHFHQPiVXQDGHVFULSFLyQGH
ORVOXJDUHVTXHYDUHFRUULHQGRHOSRHWDRXQDSHUIHFWDJXtDGHYLDMHTXHFXDO
TXLHURWUDFRVDHQRFDVLRQHVVHKDDOXGLGRDOXVRGHWySLFRVSDUDGHVFULELUFLHU
WRV OXJDUHV SHUR QR HV PHQRV FLHUWR TXH SRU HMHPSOR HO SDLVDMH SLUHQDLFR
UHVSRQGHILHOPHQWHDOTXHVHGHVFULEHHQHO&DQWDUGH5ROGiQ\TXHORVFHUURV
GRQGHVHDVLHQWDHO&LG³FRPRQRSRGtDVHUGHRWURPRGR³KDQGHVHU³\DVt
VRQ³VLHPSUHDOWRV\GHIiFLOGHIHQVD\ODVFRVWDVGH1RUWHDPpULFDTXHUHFR
%DVWHFRPRHMHPSORGHORTXHQRGHEHKDFHUVHHOGHVDIRUWXQDGtVLPROLEURGH6PLWK
-RVp/XLV&RUUDO/DIXHQWH
UULHURQORVYLNLQJRVHQWRUQRDODxRPLOVRQH[DFWDPHQWHFRPRVHGHVFULEHQHQ
ODVDJDGHORVJURHQODQGHVHVRHQODGH(ULNHO5RMR
¢3XHGHHQFRQVHFXHQFLDVHJXLUKDEOiQGRVHGHWySLFRVOLWHUDULRVFXDQGRVH
GHVFULEHQHVWRVOXJDUHVHQORVSRHPDVpSLFRVPHGLHYDOHV" 3DUHFHTXHQRORV
IUDQFHVHVDORVTXHLEDGLULJLGDOD&DQFLyQGH5ROGiQVDEtDQTXHHQWUH(VSD
xD\)UDQFLDKDEtDGHVILODGHURVSURIXQGtVLPRVDOWDVPRQWDxDV\ERVTXHVWHQH
EURVRVORVFDVWHOODQRV\DUDJRQHVHVTXHHUDQGHVWLQDWDULRVGHO3RHPDGHO&LG
FRQRFtDQSHUIHFWDPHQWHODVWLHUUDVGRQGHVHGHVDUUROODQODVDFFLRQHVGHOKpURH
¢&yPRVHOHVLEDDSRGHUHQJDxDU"~QLFDPHQWHFRQODLQWURGXFFLyQGHDOJXQDV
GHVFULSFLRQHVFRPROD\DLQGLFDGDGHTXH©=DUDJR]DHVWiHQORDOWRGHXQDPRQ
WDxDª¢4XLpQSRGtDDWUHYHUVHDPDQLSXODUXQSDLVDMHTXHHUDFRQWHPSODGRFRWL
GLDQDPHQWHSRUORVPLVPRVTXHHUDQGHVWLQDWDULRVGHHVRVSRHPDV"3DUHFHHYL
GHQWH TXH ORV WySLFRV KDQ GH EXVFDUVH HQ ORV FDOLILFDWLYRV HPSOHDGRV SDUD
GHVFULELUORVSDLVDMHVTXHVHXVDQLPLWDQGRRWUDVREUDVOLWHUDULDVWDOHVFRPR
©RWHURUHGRQGRIXHUWH\JUDQGHª©SR\RPDUDYLOORVR\JUDQGHª©KXHUWDHVSH
VD\JUDQGHª©PRQWHVDOWRV\UDPDVTXHOOHJDQDODVQXEHVª3RHPDGHO&LG
©DOWRV PRQWHV \ WHQHEURVRV YDOOHVª ©WHPLEOHV GHVILODGHURVª ©PRQWHV DOWRV
WHQHEURVRV\JUDQGHVYDOOHVSURIXQGRV\DJXDVUiSLGDVª&DQWDUGH5ROGiQ
©KHUPRVRVERVTXHV\EODQFDVSOD\DVªVDJDVHVFDQGLQDYDVHWFSHURHQQLQ
J~QFDVRREHGHFHQHVWRVFDOLILFDWLYRVDGHVFULSFLRQHVWySLFDV6LVHWRPDFDGD
SRHPD HQ VX SURSLR FRQWH[WR \ VH DQDOL]D SDUWLFXODU H LQGLYLGXDOL]DGDPHQWH
SRGUi REVHUYDUVH TXH ODV GHVFULSFLRQHV JHRJUiILFDV UHVSRQGHQ D XQD UHDOLGDG
WDQH[DFWDTXHHOSRHPDDSDUHFHHQWRQFHVFRQXQDVHULHGHPDWLFHVELHQGLV
WLQWRVDORVGHORVPDQLGRVWySLFRV
9HDPRVDOJXQRVGHORVOODPDGRVWySLFRVJHRJUiILFRVGHORVFDQWDUHVpSLFRV
SDUDFRWHMDUVLVRQSXUDVUHIHUHQFLDVFRPXQHVRELHQUHIOHMDQXQDUHDOLGDGSDL
VDMtVWLFD
(QHO&DQWDUGH5ROGiQORV3LULQHRVVHGHVFULEHQGHODVLJXLHQWHPDQHUD
$OWRVVRQORVPRQWHV\WHQHEURVRVORVYDOOHVSDUGDVODVURFDV\WHPLEOHV
ORVGHVILODGHURVYY
/RVPRQWHVVRQDOWRVWHQHEURVRV\JUDQGHVSURIXQGRVORVYDOOHV\ODV
DJXDVUiSLGDVYY
¢7ySLFRVRGHVFULSFLyQGHXQDUHDOLGDG"(VFLHUWRTXHODQDWXUDOH]DpSLFD
UHTXLHUHGHXQDFLHUWDJUDQGLRVLGDGSHURQRORHVPHQRVTXHHVDJUDQGLRVLGDG
VyORDSDUHFHUHDOPHQWHFXDQGRODQDWXUDOH]DHVUHDOPHQWHJUDQGLRVD
3HUR¢TXpRFXUUHFXDQGRHQODSURSLD&DQFLyQGH5ROGiQHOSRHWDGHEHGHV
FULELUSDLVDMHVTXHGHVFRQRFH"<DVHKDVHxDODGRTXHFXDQGRHQHO&DQWDUGH
5ROGiQVHGHVFULEHODXELFDFLyQGHODFLXGDGGH=DUDJR]DDEVROXWDPHQWHIXQ
GDPHQWDOHQODWUDPDQDUUDWLYDVHKDFHGHIRUPDIDEXODGD³TXHQRIDEXORVD³
\DXQTXHODGHVFULSFLyQQRVHDWLHQHDODUHDOLGDGXUEDQDGH=DUDJR]DQRKD\
QLQJ~QHOHPHQWRTXHQRSXGLHUDVHUUHDOSRUHMHPSOR
6RQ PXFKDV ODV DSRUWDFLRQHV TXH VH KDQ KHFKR VREUH ORV WySLFRV HQ ORV FDQWDUHV GH JHVWD
DOJXQDVGHHOODVUD\DQHODEVXUGR
&DQWDUGH5ROGiQY
0pWRGRDUTXHROyJLFR\FDQWDUHVGHJHVWD
1RKD\FDVWLOORTXHVHUHVLVWDDQWHpO&DUORPDJQRQLKDTXHGDGRPXURQL
FLXGDGVLQGHUULEDUVDOYR=DUDJR]DTXHHVWiHQXQDPRQWDxDYY
7DQWRFDYDOJDURQTXHHVWiQHQ=DUDJR]DFUD]DQGLH]SXHUWDVDWUDYLH
VDQFXDWURSXHQWHV\WRGDVODVFDOOHVGRQGHPRUDQORVEXUJXHVHV&XDQ
GRVHDSUR[LPDQDORDOWRGHODFLXGDGR\HQJUDQUXPRUKDFLDHOSDOD
FLRYY
&DUORVKDJDQDGRVXEDWDOOD+DGHUULEDGRODSXHUWDGH=DUDJR]DDKR
UDVDEHELHQTXH\DQRVHUiPiVGHIHQGLGDYY
%UDGLPRQGD OH KD HQWUHJDGR ODV WRUUHV GLH] VRQ JUDQGHV\ FLQFXHQWD
SHTXHxDVYY
'HVGHOXHJRODFLXGDGTXHDTXtVHGHVFULEHQRHV=DUDJR]DSHURQRKD\QLQ
J~QHOHPHQWRTXHQRSXHGDSHUWHQHFHUDXQDFLXGDGPHGLHYDO
(QHO3RHPDGHO&LGHODXWRUQRVyORQRLQYHQWDOXJDUHVVLQRTXHORVTXH
DOOtDSDUHFHQVHGHVFULEHQDMXVWiQGRVHH[DFWDPHQWHDODUHDOLGDGJHRJUiILFDHQ
RFDVLRQHV FRQ XQD YHURVLPLOLWXG H[WUDRUGLQDULD$XQTXH VRQ PX\ FRQRFLGRV
YHDPRVRWUDYH]ORVHMHPSORVPiVVLJQLILFDWLYRVGHO3RHPDGHO&LG
HSDVVRD$OIDPDODIR]D\XVRYDSDVVRD%RYLHUFDHD7HFDTXHHVDGH
ODQWHVREUH$OFRFHUPLRdLGLEDSRVDUHQXQRWHURUHGRQGRIXHUWHH
JUDQGDoHUFDFRUUH6DORQDJXDQROSXHGHQWYHGDUYY
%LHQSXHEODHORWHURILUPHSUHQGHODVSRVDGDVORVXQRVFRQWUDOD6LH
UUDHORVRWURVFRQWUDODDJXD(OEXHQ&DPSHDGRUTXHHQEXHQRUDFLQ
[RHVSDGDGHUUHGRUGHORWHURELHQoHUFDGHODJXDDWRGRVVRVYDURQHV
PDQGRID]HUXQDFDUFDYDYY
(QHVWHFDVRODHQWUDGDGHO&LGHQ$UDJyQSRUHOYDOOHGHO-DOyQORVFRQR
FLPLHQWRV GH OD JHRJUDItD ORFDO VRQ WDQ H[DFWRV TXH LQFOXVR FRQRFtD HO SRHWD
OXJDUHVFRPR$OFRFHURHO2WHURGHO&LGDPERVGHVSREODGRVGHVGHILQHVGHO
VLJOR;,HLQpGLWRVKDVWDVXUHFLHQWHORFDOL]DFLyQHLGHQWLILFDFLyQ
/DGHVFULSFLyQGHORWHURFRPRXQOXJDUUHGRQGRIXHUWH\JUDQGHWDPELpQ
SXHGHFRQVLGHUDUVHFRPRXQWySLFRSHURUHDOPHQWHDKRUDTXHVHKDORFDOL]D
GRHVH[DFWDPHQWHDVt
,QFOXVRODQDUUDFLyQGHODWRPDGH$OFRFHUVHDMXVWDFRQHQRUPHSUHFLVLyQ
DODJHRJUDItDGHOYDOOHGHO-DOyQDODDOWXUDGHOOXJDUGRQGHHVWDEDVLWXDGRHO
FDVWLOOR\SXHEORPXVXOPiQGH$OFRFHUDODRULOODL]TXLHUGDGHOUtRHQWUH$WH
FD \7HUUHU \ FRPR VH KD GHPRVWUDGR DKt HVWi HO GHVSREODGR GHO VLJOR ;, \
HQIUHQWHFRQWURODQGRWRGRHOYDOOHPHGLRGHOUtR-DOyQHOFDVWLOORTXHHO&LG
HVWDEOHFLyHQXQRWHURGHIiFLOGHIHQVD
(QODWRPDGH$OFRFHUHO&LGKDFHXVRGHXQDHVWUDWDJHPDPX\FRQRFLGD\
KDELWXDOTXHOHYDDGDUPX\EXHQRVUHVXOWDGRV\TXHWDPELpQSXHGHFRQVLGH
UDUVHFRPRXQWySLFRSHUR³DOLJXDOTXHHQORVFDVRVDQWHULRUHV³ODGHVFULS
)R]HQ$UDJyQHVXQD]RQDHQODTXHHOYDOOHGHOUtRVHHVWUHFKDIRUPDQGRXQDQJRVWRGHV
ILODGHURDVtRFXUUHFRQHO-DOyQDODDOWXUDGH$OKDPDGH$UDJyQ&RUUDO\0DUWtQH]
&RUUDO\0DUWtQH]
,GIRWRQž
-RVp/XLV&RUUDO/DIXHQWH
FLyQVHFRUUHVSRQGHGHPDQHUDPLPpWLFDFRQODYHJDGHO-DOyQHQWUH$WHFD\
7HUUHUGHPDVLDGDFDVXDOLGDGSDUDVHUWDPELpQXQWySLFR
&XDQGRHO&LGDEDQGRQDHOYDOOHGHO-DOyQYDDHVWDEOHFHUVHHQHOYDOOHGHO
-LORFD HQ XQ DOWR FHUUR GH QXHYR MXQWR D OD ORFDOLGDG DFWXDO GH 0RQUHDO GHO
&DPSRHOSRHPDGLFHDVt
SDVVR6DORQD\XVRDJXLMyFDEDGHODQWDOH[LUGH6DORQPXFKRRYREXH
QDVDYHV\ILQFRHQXQSR\RTXHHVVREUH0RQW5HDODOWRHVHOSR\R
PDUDYLOORVRHJUDQWYY
6LVHREVHUYDVREUHHOWHUUHQRHOFHUURGH6DQ(VWHEDQVREUHHO-LORFDHQFX\D
EDVHVHDVLHQWDHOSXHEOHFLWRDFWXDOGH(O3R\RGHO&LG\HQVXFLPDODIRUWLIL
FDFLyQGHO&LGGHILQHVGHOVLJOR;,FRH[LVWLHQGRFRQODVUXLQDVGHXQDFLXGDG
URPDQDGHQRPEUHGHVFRQRFLGRHOFHUURHVUHDOPHQWHDOWR\JUDQGHWDQJUDQ
GH TXH OD DOXGLGD FLXGDG URPDQD VH H[WLHQGH SRU ODV ODGHUDV GHO SR\R FRQV
WUXLGD D EDVH GH QXPHURVDV WHUUD]DV TXH RFXSDQ YDULDV KHFWiUHDV HQFHUUDGDV
SRUXQDSRGHURVtVLPDPXUDOODMDORQDGDGHJUDQGHVWRUUHRQHV
(QYDULDVRFDVLRQHVHO3RHPDGHO&LGFXDQGRFLWDDODORFDOLGDGGH&HOODOR
KDFHVLHPSUHFRPR©&HOODODGHO&DQDOªY< HQHIHFWRHQpSRFDURPDQD
VHFRQVWUX\yXQLPSUHVLRQDQWHFDQDOGHPiVGHYHLQWHNLOyPHWURVGHORQJLWXG
TXH OOHYDED DJXD GHVGH ODV SUR[LPLGDGHV GH$OEDUUDFtQ KDVWD &HOOD HO FDQDO
GHELyHVWDUHQXVRKDVWDOD%DMD(GDG0HGLD\HVSUREDEOHTXHWRGRHODOWR-LOR
FDVHUHJDUDFRQDJXDVSURFHGHQWHVGHOFDQDOGH&HOODTXHGHVDJXDEDHQXQD
ODJXQDDKRUDGHVHFDGDSHURDOUHGHGRUGHODFXDOTXHGDQUHVWRVGHHPEDUFDGH
URV
(OFRQRFLPLHQWRJHRJUiILFRGHOSRHWDGHO&DQWDUGHO&LGHVPXFKRPiVSUH
FLVRVLVHFRUULJHQDOJXQRVHUURUHVGHVOL]DGRVSRUHOFRSLVWDGHOWH[WRFRQVHU
YDGRHQOD%LEOLRWHFD1DFLRQDOHQXQRVYHUVRVVHGLFH
IL]RXQDFRUULGDODQRFKWUDVQRFKDQGRWLHUUDVG·$OFDxL]QHJUDVODVYD
SDUDQGRHDGHUUHGRUWRGRORYDSUHDQGR$OWHUoHUGLDGRQL[RLHVWRU
QDGRYY
(O$OFDxL]TXHDSDUHFHHQHOYHUVRGH3RHPDGHO&LGQRHVODFLXGDGGH
$OFDxL]GHO%DMR$UDJyQVLQRXQGHVSREODGRXELFDGRHQHOFXUVRPHGLRGHOUtR
+XHUYDHQODFRPDUFDGH&DULxHQDDOFXDOVHSXHGHDFFHGHUGHVGHHO3R\RSRU
6HJ~Q6PLWKODWRPDGH$OFRFHUSRUHO&LGUHVSRQGHDXQPRGHORFOiVLFR\HO
DXWRUGHO3RHPDKDEUtDWRPDGRODHVWUDWHJLDPLOLWDUTXHXVDHO&LGGHORV©6WUDWDJHPDWDªGH)URQ
WLQRVHHTXLYRFD6PLWKEXVFDQGRIXHQWHVFOiVLFDVSDUDMXVWLILFDUXQDWiFWLFDPLOLWDUWDQVHQFLOOD\
XQLYHUVDOFRPRODTXHHQHO3RHPDVHGHVFULEH5DPVGHQVHxDOyTXHHOHSLVRGLRGH
$OFRFHUHUDXQJUDQHMHPSORGHHVWUXFWXUDpSLFD
0HQpQGH]3LGDOYLVLWy(O3R\RGHO&LGHQHOGHVHSWLHPEUH\YLRUHVWRVGHPXUD
OODVJHQWHGHOSXHEOROHGLMRTXHKDEtDQVDOLGRSLHGUDVGHFRORUHVGHPRVDLFRVTXHFUHHURPDQRV
0HQpQGH] 3LGDO QRWD $OPDJUR \ YROYLy D VHxDODU OD
LPSRUWDQFLDGHHVWRVUHVWRV\VXUHODFLyQFRQHO&LG
) %XULOOR H[FDYy HVWH \DFLPLHQWR DUTXHROyJLFR TXH FRUUHVSRQGH D XQD FLXGDG
URPDQDDEDQGRQDGDHQODpSRFDGH&ODXGLRDPHGLDGRVGHOVLJOR,\HQFX\D]RQDVXSHULRUH[LV
WHXQDIRUWLILFDFLyQUHDOL]DGDSRUHO&LG
8ELHWRORFDOL]DHOFDQDOGH&HOOD\SUHVHQWDYDULDVIRWRJUDItDVGHOPLVPR
0pWRGRDUTXHROyJLFR\FDQWDUHVGHJHVWD
HOYDOOHDOWRGHO+XHUYDFRQVXPDIDFLOLGDG$OFDxL]FRQRFLGRGHVSXpVFRPR
$OFDxLFHMRWRGDYtDHVWDEDSREODGRHQHOVLJOR;9,,\D~QSXHGHQYHUVHDOJX
QDVUXLQDVHQDTXHOOXJDU,QFOXVRSXHGHQTXHGDUUHVWRVWRSRQtPLFRVHQXQFHUUR
SUy[LPRDHVWHGHVSREODGRTXHVHOODPDD~QKR\©FHUUR5RGULJRª
&RQ$OFDxL]KDRFXUULGRXQIHQyPHQRVLPLODUDOGHORVQRPEUHVGH+XHVFD
R0RQ]yQTXHDSDUHFHQHQODFRSLDGH\TXHFRUUHVSRQGHQUHDOPHQWHD
ODV DFWXDOHV ORFDOLGDGHV WXUROHQVHV GH +XHVD GHO &RP~Q \ GH 0RQIRUWH GH
0R\XHOD&RQHVWDVWUHVUHGXFFLRQHVWRGRWLHQHPXFKRPiVVHQWLGR\ODVFRUUH
UtDVGHO&LGGHVGHHO3R\RDGTXLHUHQDVLXQVHQWLGROyJLFR3DUD$QWRQLR8ELH
WRLQFOXVRKDEUtDTXHVXVWLWXLUOD6DUDJRVVDGHO3RHPDSRUODORFDOLGDGGH&DOD
PRFKD(OKpURHVHPRYLyHQODVVHPDQDVTXHHVWXYRHQHO3R\RSRUORVFXUVRV
DOWRVGHORVYDOOHVGHORVUtRV0DUWtQ+XHUYD\$JXDV9LYDVDORVTXHVHSXH
GHDFFHGHUGHIRUPDUiSLGDGHVGHHODOWR-LORFD
7HQLHQGRHQFXHQWDORVSUHFLVRVFRQRFLPLHQWRVGHOSRHWDUHGDFWRU\ORVHUUR
UHVGHWUDQVFULSFLyQGHOFRSLVWDGHODFRQFOXVLyQSDUHFHHYLGHQWHHOSUL
PHUUHGDFWRUGHO3RHPDGHO&LGFRQRFtDSHUIHFWDPHQWH³VLQGXGDGHSULPHUD
PDQR³ODVFRUUHUtDVGHO&LGSRUHO-DOyQ\HO-LORFD\GRPLQDEDDODSHUIHF
FLyQODWRSRQLPLD\ODVGLVWDQFLDVGHWRGDODUHJLyQGHORVYDOOHVGHO-DOyQ\GHO
-LORFDHOFRSLVWDGHELHQSRUTXHQRVXSROHHUXQDFRSLDDQWHULRUELHQ
SRUTXH OD FRUULJLy D SURSyVLWR R ELHQ SRUTXH QR OH VRQDEDQ ORV QRPEUHV GH
SHTXHxRVSXHEORVDUDJRQHVHVVXVWLWX\yORVWRSyQLPRVGH+XHVD\0RQIRUWSRU
ORVGH+XHVFD\0RQ]yQPXFKRPiVFRQRFLGRVHLPSRUWDQWHVHQHOFDVRGH
$OFDxL]VLPSOHPHQWHFRSLyORTXHILJXUDEDHQHORULJLQDOSHURHVHYLGHQWHTXH
VHWUDWDGH$OFDxL]GHOD+XHUYD\QR$OFDxL]GHO%DMR$UDJyQ(VFODURTXHHO
FRSLVWDQRFRQRFtDFRQODSUHFLVLyQGHOSRHWDFUHDGRUGHOWH[WRODJHRJUDItDDUD
JRQHVD
/DVVDJDVHVFDQGLQDYDVWUDQVSRUWDQDHVFDODLQWHUFRQWLQHQWDOODVQDUUDFLRQHV
pSLFDVGHORVSXHEORVGHOQRUWHSXHVQLWDQVLTXLHUDHQHOODVSHVHDODJUDQ
GLRVLGDG\VROHGDGGHORVSDLVDMHVGHOQRUWH\DODFDUJDPLWROyJLFDTXHTXHGD
WRGDYtDHQDOJXQDVODVGHVFULSFLRQHVJHRJUDILFDVSXHGHQFRQVLGHUDUVHWySLFDV
8QRGHORVSDVDMHVGHPD\RUFRQWHQLGRJHRJUiILFRGHVFULSWLYRHVHOFRQWH
QLGRHQOD6DJDGHORVJURHQODQGHVHV\TXHVHUHILHUHDODVH[SHGLFLRQHVYLNLQ
JDVSRUODVFRVWDVGH$PpULFDGHO1RUWHDVtVHGHVFULEHQHVWDVH[SHGLFLRQHVHQ
OD6DJDGHORVJURHQODQGHVHV
©$SDUHMDURQVXEDUFR\VHKLFLHURQDODPDU/DQDYHUHFDOySRUSUL
PHUDYH]IUHQWHDO~OWLPRSDtVTXH%MDUQLKDEtDDYLVWDGR1DYHJDURQGH
UHFKRV KDFLD OD FRVWD \ HFKDURQ DQFODV HQWRQFHV DUULDURQ XQ ERWH \
(O$OFDxL] GHO 3RHPD GHO &LG HV VLQ GXGD HO DFWXDO GHVSREODGR GH$OFDxL] GH OD +XHUYD
0DGR]HQVX'LFFLRQDULR*HRJUiILFR(VWDGtVWLFRH+LVWyULFRVHxDODHQODYR]©$OFDxLFHMRªTXH
©HVXQDSDUGLQDGHOWpUPLQRGH7RVRVFRQUHVWRVGHXQDLJOHVLDGHGLFDGDD6DQ%DUWRORPp\DOJX
QDVFDVDVDOUHGHGRUGHHOOD\UXLQDVGHXQDLPSRUWDQWHIRUWLILFDFLyQª&RUUDO\0DUWtQH]
\DLGHQWLILFDURQHO$OFDxL]GHO3RHPDFRQ$OFDxLFHMRGHVHVWLPDQGRODWUDGLFLRQDODGVFULSFLyQGH
HVWHWRSyQLPRDO$OFDxL]GHO%DMR$UDJyQ
8ELHWR\&RUUDO\0DUWtQH]
&RUUDO\0DUWtQH]
6DJDGHORVJURHQODQGHVHVSSHG6LUXHOD0DGULG
-RVp/XLV&RUUDO/DIXHQWH
GHVHPEDUFDURQ1RKDEtDSDVWRDODYLVWDHOLQWHULRUHVWDEDFXELHUWRGH
JUDQGHVJODFLDUHV\HQWUHORVJODFLDUHV\ODFRVWDODWLHUUDVHPHMDEDXQD
LQPHQVDODMD(OSDtVOHVSDUHFLyHVWpULO\VLQYDORUDOJXQR
(QWRQFHVGLMR/HLI©<DKHPRVPHMRUDGRORTXHKL]R%MDUQLHQORTXH
DHVWHSDtVVHUHILHUHQRVRWURVDOPHQRVKHPRVSODQWDGRQXHVWURVSLHV
HQpO/HGDUHPRVQRPEUH\OROODPDUHPRV+HOOXODQG7LHUUDGH3LHGUDV
/ODQDVª
9ROYLHURQDVXQDYH\VHKLFLHURQDODYHOD\DOJ~QWLHPSRGHVSXpV
DYLVWDURQXQDVHJXQGDWLHUUD2WUDYH]VHDFHUFDURQGLUHFWDPHQWHDHOOD
\HFKDURQDQFODVDUULDURQXQERWH\IXHURQDWLHUUD$TXHOSDtVHUDOOD
QR \ DUERODGR FRQ EODQFDV SOD\DV GH DUHQD SRU GRTXLHU \ OD WLHUUD VH
LQFOLQDEDVXDYHPHQWHKDFLDHOPDU
/HLIGLMR©(VWHSDtVKDGHUHFLELUXQQRPEUHTXHKDEOHGHVXQDWX
UDOH]DGHEHUiVHUOODPDGR0DUNODQG7LHUUDGH)RUHVWDVª
'LFKRHVWRYROYLHURQDVXQDYHWDQDSULVDFRPROHVIXHSRVLEOH\HO
EDUFR]DUSyHPSXMDGRSRUXQYLHQWRGHOQRUHVWH\GRVGtDVGHVSXpVDYLV
WDURQRWUDWLHUUD1DYHJDURQKDFLDHOOD\OOHJDURQDXQDLVODVLWXDGDDOQRU
WHª
/DVGHVFULSFLRQHVGHORVpSLFRVYLDMHVGH(ULNHO5RMR\/HLI(ULNVRQSRU
$PpULFDGHO1RUWHQRVRQHQDEVROXWRWySLFDVVRQGHVFULSFLRQHVTXHVHDMXV
WDQGHXQDPDQHUDH[WUDRUGLQDULDDORVSDLVDMHVGHODVFRVWDVGH*URHQODQGLD\
&DQDGi< QLWDQVLTXLHUDKD\WySLFRVFXDQGRHQODPLVPD6DJDGHORVJURHQ
ODQGHVHVVHGHVFULEHODH[SHGLFLyQGH7KRUYDOGXQRGHORVFRPSDxHURVGH/HLI
(ULNVRQSRU9LQODQGLD
©&XDQGRHOEDUFRHVWXYRDSDUHMDGRVHKLFLHURQDODPDU\QRVHFRQ
VHUYDUHODWRDOJXQRGHOYLDMHKDVWDTXHOOHJDURQD/HLIVEXGLUODV&DVDV
GH/HLIHQ9LQODQGLD$OOtYDUDURQODQDYH\VHGLVSXVLHURQDSDVDUHO
LQYLHUQR\SHVFDURQSHFHVSDUDFRPHU
(QSULPDYHUD7KRUYDOGGLMRTXHGHEHUtDQDSDUHMDUHOEDUFR\TXH
PLHQWUDVHVWRVHKDFtDXQDSHTXHxDSDUWLGDGHKRPEUHVGHEHUtDFRJHUHO
ERWH\QDYHJDUHQpOFRQUXPERRHVWHDORODUJRGHODFRVWDSDUDH[SORUDU
ODUHJLyQGXUDQWHHOYHUDQR
(OSDtVOHVSDUHFLyPX\KHUPRVRFRQERVTXHVTXHVHH[WHQGtDQKDV
WDFDVLDOFDQ]DUODFRVWD\FRQEODQFDVSOD\DVGHDUHQDKDEtDXQVLQItQ
GHLVODV\EDMtRVSRUGRTXLHU1RHQFRQWUDURQKXHOODDOJXQDTXHGHODWD
UD OD SUHVHQFLD GH KRPEUHV R DQLPDOHV H[FHSWR HQ XQD LVOD VLWXDGD DO
RHVWHGRQGHHQFRQWUDURQXQSDMDUPX\KXPLOGH\GHHQWUHWRGRORTXH
YLHURQVyORDTXHOORKDEtDQDFLGRGHODPDQRGHOKRPEUH< FRQHORWR
xRYROYLHURQDODV&DVDVGH/HLI
$OYHUDQRVLJXLHQWH\FRQODPD\RUtDGHVXVKRPEUHV7KRUYDOGQDYH
JyHQVXQDYHFRQUXPERHVWH\GHVSXpVJREHUQyDOQRUWHVLJXLHQGROD
OtQHDFRVWHUD7RSDURQFRQXQWHPSRUDOIUHQWHDXQFDER\IXHURQDUUDV
,GSS
0pWRGRDUTXHROyJLFR\FDQWDUHVGHJHVWD
WUDGRVDWLHUUD&RPRODTXLOODVHKDEtDKHFKRDxLFRVWXYLHURQTXHSHU
PDQHFHUDOOtPXFKRWLHPSRSDUDUHSDUDUODª
1RKD\XQVRORHOHPHQWRTXHSXHGDVHUFRQVLGHUDGRFRPRIDQWiVWLFR\TXH
QRVHDMXVWHDODUHDOLGDGFODURTXHWDPELpQSXHGHFRQVLGHUDUVHFRPRWySLFR
FXDOTXLHUDGHHVWRVSiUUDIRVSHURVHJXLUtDHVWDQGRDMXVWDGRDODUHDOLGDG
5HGXFLHQGR OD FUtWLFD OLWHUDULD DO DEVXUGR WRGR VHUtDQ WySLFRV SHUR FODUR
FXDQWRPiVUHDOVHDHOSDLVDMH³FHUURVDOWRVGHVILODGHURVSURIXQGRVERVTXHV
KHUPRVRV EODQFDV SOD\DV³ PXFKR PiV WySLFRV SHUR VL VH FRQFUHWDQ HVDV
GHVFULSFLRQHVHQORVSDLVDMHVTXHUHDOPHQWHQDUUDQORVSRHPDVpSLFRVORVSDL
VDMHVVRQUHDOHV
/$ &8/785$ 0$7(5,$/ (1 /26 &$17$5(6 '( *(67$
/RVFDQWDUHVGHJHVWDFRPRUHIOHMRGHXQDVRFLHGDGHVWiQLQPHUVRVHQXQ
©DPELHQWHªHQHOTXHORFRWLGLDQRVHGHVFULEHFRQXQDDEVROXWDQDWXUDOLGDGHO
SRHWD\HOMXJODUQDUUDQORVYHUVRVGHOSRHPDSDUDXQDVHULHGHHVSHFWDGRUHVTXH
WLHQHQTXHHQWHQGHUORTXHVHFXHQWDGHXQDPDQHUDUiSLGD\HILFD]VLQTXHH[LV
WDODSRVLELOLGDGGHGHWHQHUVHDUHIOH[LRQDUVREUHORTXHHOSRHWDUHFLWDVRSHQD
GHSHUGHUHOKLORDUJXPHQWDOGHOSRHPD
(VSRUHOORTXHODVGHVFULSFLRQHVGHEHQVHUFRQFLVDVDMXVWDGDVDXQYRFD
EXODULRVLPSOHSHURHIHFWLYR\GHXQDDEVROXWDFRQWXQGHQFLDHLQPHGLDWH]
/RVHOHPHQWRVPDWHULDOHVTXHDSDUHFHQHQORVSRHPDVpSLFRVHVWiQVLHPSUH
GHVFULWRVFRQXQDVHQFLOOH]\XQDSUHFLVLyQH[WUDRUGLQDULDVHQPXFKDVRFDVLR
QHVORVREMHWRVDSDUHFHQFLWDGRVVLQPiVDGLWLYRVRDSHQDVFRQXQRRDORVXPR
GRVRWUHVDGMHWLYRV
(QWRGDODpSLFDHXURSHDTXL]iVVHDQODVVDJDVHVFDQGLQDYDVODVTXHRIUHFHQ
XQDVQDUUDFLRQHVPiVSUy[LPDVDORFRWLGLDQRHQHIHFWRHQOD6DJDGHORVJUR
HQODQGHVHV (ULN HO 5RMR FRQVWUX\H HQ9LQODQG XQDV FDVDV JUDQGHV WUDV KDEHU
OHYDQWDGRHQSULPHUOXJDUXQDVFDEDxDVSURYLVLRQDOHVHQOD6DJDGH(ULNHO
5RMRORVYLNLQJRVFRPHQFRQXQDFXFKDUDGHODWyQ\XQFXFKLOORFRQPDQJRGH
FROPLOORGHPRUVDGHOTXHVHOOHJDDSUHFLDULQFOXVRTXHWLHQHODSXQWDURWD
(O LQYHVWLJDGRU QRUXHJR +HOJH ,QJVWDG UHDOL]y XQD VHULH GH H[FDYDFLRQHV
DUTXHROyJLFDVHQORVDxRVVHVHQWDGHHVWHVLJORHQODORFDOLGDGFDQDGLHQVHGH
/·$QVH$XV0HDGRZVXELFDGDHQODSXQWDQRUWHGH7HUUDQRYDTXHKDVLGRLGHQ
WLILFDGDSRUDOJXQRVFRPRHO©3URPRQWRULXP:LQODQGLHªTXHDSDUHFHHQDOJX
QDVIXHQWHVHQHVDVH[FDYDFLRQHVVHGHVFXEULHURQRFKRFDVDVFRQVWUXLGDVFRQ
ODVWpFQLFDVQRUPDQGDVXQDGHHOODVGHJUDQWDPDxR\HQWUHVXVUXLQDVDSDUHFLH
URQDOJXQDVDJXMDVXQIUDJPHQWRGHDJXMDGHKXHVRGHHVWLORYLNLQJRXQDOiP
SDUDHQSLHGUDGHHVWLORLUODQGpVXQ\XQTXHGHSLHGUDUHVWRVGHXQKRUQRGH
IXQGLFLyQGHKLHUUR\XQSHGD]RGHFREUHPDWHULDOHV\FDVDVFRPRORVTXHVH
GHVFULEHQHQODVVDJDV\HQXQDSURSRUFLyQ\HVWDGRTXHLQGLFDQXQDIDVHGH
,GS
6DJDGH(ULNHO5RMRSHG6LUXHOD0DGULG
-RVp/XLV&RUUDO/DIXHQWH
DEDQGRQRGHOSHTXHxRSREODGRGHFRORQL]DFLyQLQVWDODGRHQ7HUUDQRYDSRUORV
QRUPDQGRVHQWRUQRDODxRPLO
/DVDUPDVTXHDSDUHFHQGHVFULWDVHQODVVDJDVVRQDVLPLVPRODVPLVPDVTXH
VHKDQKDOODGRGHVSXpVGHODVH[FDYDFLRQHVDUTXHROyJLFDVQRKD\ODQ]DVHQFDQ
WDGDVQLHVSDGDVPDUDYLOORVDVQLHVFXGRVPiJLFRVODVDUPDVTXHXVDQORVYLNLQ
JRVHQVXVOXFKDVVRQHVFXGRVDQFKRV\PDFL]RV\HOPRVIXHUWHVKDFKDVHQPDQ
JDGDVHVSDGDVJUDQGHV\DODEDUGDVODVPLVPDVTXHDSDUHFHQHQORVEURQFHV\
EDMRUUHOLHYHVHQSLHGUDHVFXOSLGRVSRUORVHVFDQGLQDYRVHQWUHORVVLJORV,;\;,
/RVULWRVIXQHUDULRVGHODVVDJDVVRQWDPELpQLGpQWLFRVDORVTXHODVH[FD
YDFLRQHVDUTXHROyJLFDVKDQGHVFXELHUWRHQOD6DJDGH(ULNHO5RMRVHVHxDOD
TXHHQ*URHQODQGLDWUDVODOOHJDGDGHOFULVWLDQLVPRH[LVWtDODFRVWXPEUHGHGDU
VHSXOWXUDDODJHQWHHQWLHUUDQRFRQVDJUDGDVLQDSHQDVKRQUDVI~QHEUHVHOHQWH
UUDPLHQWRVHKDFtDHQHOVXHORQRFRQVDJUDGRFHUFDGHODFDVDGHOPXHUWR$ OD
DOWXUDGHOSHFKRGHOHQWHUUDGRVHKLQFDEDXQDHVWDFDSDUDVHxDODUHOOXJDUGHOD
WXPED &XDQGR OOHJDEDQ ORV VDFHUGRWHV FULVWLDQRV DUUDQFDEDQ HVWDV HVWDFDV \
GHUUDPDEDQDJXDEHQGLWDHQHOKR\RTXHTXHGDEDFHOHEUDQGRHQWRQFHVODVH[H
TXLDVVHJ~QHOULWRFULVWLDQR
(QODVDJDGH(JLO6NDOODJULPVVRQDSDUHFHQXQDVHULHGHHQWHUUDPLHQWRVHQ
W~PXORVGRQGHHOILQDGRVHGHSRVLWDEDFRQVXVDUPDV\URSDVVLHUDJXHUUHUR
LQFOXVR KD\ QRWLFLDV GH W~PXORV TXH XQD YH] FHUUDGRV YROYtDQ D DEULUVH SDUD
HQWHUUDUHQHOORVDSHUVRQDVUHFLpQIDOOHFLGDV
6RQWRGDYtDSRFDVODVH[FDYDFLRQHVDUTXHROyJLFDVUHDOL]DGDVHQ\DFLPLHQ
WRVYLNLQJRVHQ$PpULFDGHO1RUWHHVPiVWRGDYtDQRVHKDLQLFLDGRXQWUDED
MR VLVWHPiWLFR GH SURVSHFFLyQ DUTXHROyJLFD HQ ODV FRVWDV QRURFFLGHQWDOHV GH
$PpULFDTXHDGHPiVSDUWH\DYLFLDGRSRUXQDVHULHGHIDOVLILFDFLRQHVDUTXHR
OyJLFDV SURPRYLGDV SRU QRUWHDPHULFDQRV GH RULJHQ HVFDQGLQDYR HQ HO PLVPR
VLJOR;,;(QFXDOTXLHUFDVRDOJXQRVLQYHVWLJDGRUHVKDQLGRPXFKRPiVOHMRV
FRPRHVHOFDVRGH-DFTXHVGH0DKLHXTXHKDVRVWHQLGRODFUHDFLyQGHXQLPSH
ULRYLNLQJRHQORVVLJORV;\;,HQWRUQRD7LDKXDQDFXHQODDFWXDO%ROLYLD
FHUFDGHOODJR7LWLFDFDFRQUHVWRVHSLJUiILFRV\DQWURSROyJLFRV
(QFXDOTXLHUFDVRQRFDEHQLQJXQDGXGDVREUHODSUHVHQFLDGHYLNLQJRVHQ
$PpULFDGHO1RUWHHQWRUQRDODxRODVFRVWDVGH&DQDGiIXHURQVLQGXGD
ODVPiVYLVLWDGDVSRUORVQDYHJDQWHVQyUGLFRVSHURQRHVVHJXURTXHWUDVSDVD
UDQKDFLDHOVXUHOSDUDOHORGH1XHYD<RUN
3HVH D WRGR OD SUHVHQFLD YLNLQJD HQ$PpULFD GHO 1RUWH DSHQDV GXUy XQRV
SRFRVDxRV\ORVLQWHQWRVGHFRORQL]DFLyQQXQFDOOHJDURQDIUXFWLILFDUVyORVH
9LG3UyORJRGHOD6DJDGHORVJURHDODQGHVHVSS;/,,,\;/,9HG6LUXHOD0DGULG
3XHGHQYHUVHHVWRVWLSRVGHDUPDVHQFXDOTXLHUDGHORVPXVHRVTXHFRQVHUYDQUHVWRVHVFDQ
GLQDYRVHVSHFLDOPHQWHHQ6XHFLD\1RUXHJD
5LWRVIXQHUDULRVHQ*URHQODQGLDHQOD6DJDGHORVJURHQODQGHVHVSHG6LUXHOD0DGULG
6WXUOXVRQ\
/DVIDOVLILFDFLRQHVIXHURQIUHFXHQWHVGHELGRDOLQWHUpVGHDOJXQRVQyUGLFRVLQVWDODGRVHQORV
(VWDGRV8QLGRVSRUGHPRVWUDUDWRGDFRVWDODSUHVHQFLDYLNLQJDHQ$PpULFD
0DKLHXHVSHFLDOPHQWHIRWRVGHODVSiJLQDV\FRQLQVFULSFLRQHVVXSXHVWDVHQDO
IDEHWRU~QLFRHQ&HUUR*XD]~HQ3DUDJXD\
/D6DJDGHORVJURHQODQGHVHV\OD6DJDGH(ULNHO5RMRDVtSDUHFHQFRQILUPDUOR
0pWRGRDUTXHROyJLFR\FDQWDUHVGHJHVWD
PDQWXYLHURQFRORQLDVHQODLVODGH*URHQODQGLD\QXQFDGHPDVLDGRLPSRUWDQ
WHV\DXQFRQWRGRHVWDVFRORQLDVWDPELpQVHDEDQGRQDURQHQHOVLJOR;9
0DWHULDOHVDUTXHROyJLFRVHVWiQWDPELpQSUHVHQWHVHQHO&DQWDUGH5ROGiQ
DOJXQRVHOHPHQWRVFRPRSRUHMHPSORDUPDVRDUPDGXUDVVRQGHGLItFLOLGHQ
WLILFDFLyQSHURVHHQFXHQWUDQHQGLVWLQWRVSDVDMHVGHOFDQWDU©OyULJDVGHWUHV
GREOHFHVª©\HOPRV]DUDJR]DQRVª©HVSDGDVGHDFHURYLDQpVª©HVFXGRVª
©D]FRQDVYDOHQFLDQDVªHWFHOSURSLR5ROGiQKDUiVRQDUXQROLIDQWHTXH&DU
ORPDJQRR\HDPiVGHWUHLQWDOHJXDVWRGRHVHQFRQVHFXHQFLDDEVROXWDPHQ
WHQRUPDO
(QHO&DQWDUGHO5ROGiQDSHQDVVHGHVFULEHQHGLILFLRVSHURGH=DUDJR]DVH
GLFHTXHHVWiDPXUDOODGDFRQGLH]WRUUHVJUDQGHV\FLQFXHQWDSHTXHxDV\TXH
WHQtDFXDWURSXHQWHV\GLH]SXHUWDV/DGHVFULSFLyQQRSDUHFHDMXVWDGDDODUHD
OLGDGSHURHQFXDOTXLHUFDVRQRHVLUUHDO(QXQSRHPDpSLFRSURYHQ]DOWLWXOD
GR5ROGiQHQ=DUDJR]DODGHVFULSFLyQGHODFLXGDGHVPXFKRPiVSUy[LPDD
ODXELFDFLyQWRSRJUiILFDGH=DUDJR]DHQHVWHSRHPD5ROGiQHQWUDSRUXQDSXHU
WDHQODFLXGDGDYDQ]DSRUXQDFDOOH\OOHJDDOD]XGDDOVDOLUGHODFLXGDGVH
GHWLHQHHQXQDIXHQWHSDUDEHEHUDJXD
7UDVODGHUURWDGH5ROGiQHQORV3LULQHRV&DUORPDJQRUHFRUUHHOFDPSRGHEDWD
OOD\RUGHQDTXHWRGRVORVPXHUWRVVHDQGHSRVLWDGRVHQXQDIRVDVLQGLVWLQFLyQ
DEDGHVRELVSRVPRQMHV\VLPSOHVVROGDGRVWRGRVMXQWRVDQWHORVPXHUWRVVHTXH
PDPLUUD\WLPLDQDXQDYDULHGDGGHLQFLHQVR\WUDVFXPSOLUHVWHULWRVHLQFLQHUDQ
ORVFDGiYHUHV\VHHQWLHUUDQVXVFHQL]DV\UHVWRVFRQJUDQKRQRUHQODIRVDTXHVH
KDEtDSUHSDUDGR/RVFDGiYHUHVGHORVSHUVRQDMHVPiVLPSRUWDQWHV5ROGiQ7XU
SLQ\2OLYHURVVRQUHFRJLGRV\GHSRVLWDGRVHQVDUFyIDJRV\OOHYDGRVD)UDQFLD
3RUHOVXUGHHVWHSDtVFLUFXOyXQDOH\HQGDGHVGHHOVLJOR;,,HQODTXHVHDILU
PDEDTXHORVPXHUWRVGH5RQFHVYDOOHVKDEtDQVLGRHQWHUUDGRVHQORV$OLVFDPSV
GH$UOpVHODQWLJXRFHPHQWHULRGHHVWDLPSRUWDQWtVLPDFLXGDGJDORUURPDQD
$QWRQLR 8ELHWR KD VRVWHQLGR FRQ UHLWHUDFLyQ TXH OD EDWDOOD GRQGH IXHURQ
GHUURWDGRV 5ROGiQ \ OD UHWDJXDUGLD GHO HMpUFLWR IUDQFR QR WXYR OXJDU HQ 5RQ
*URHQODQGLDVHDEDQGRQyDILQDOGHOVLJOR;9 GHELGRDXQHPSHRUDPLHQWRGHOFOLPDHQHO
$WOiQWLFR1RUWH\QRVHYROYLyDODLVODKDVWDHOVLJOR;,;
&RUWpV9i]TXH]
&DQWDUGH5ROGiQY
,GY
,GY
,G
,GYY
,GY
,GYY
(GLWDGRSRU$OYDU
$OYDUYY/DGHVFULSFLyQFRLQFLGHFRQODWRSRJUDItDGHOD=DUDJR]D
PHGLHYDOOD]XGDHVWDEDVLWXDGDDOILQDOGHODFDOOHGHOEDUULRGH6DQ3DEOR
&DQWDUGH5ROGiQYY
,GYY
,GYY
5LFKWRIHQ6HJ~Q6WDUNLH\ORVIUDQFHVHVPXHUWRVHQORV3LULQHRV
FRQ5ROGiQIXHURQHQWHUUDGRVHQORV$OLVFKDPSVGH$UOpVGHGRQGHSDUWtDDGHPiVODYtD7RORVD
QDXQDGHODVFXDWURSULQFLSDOHVTXHFRQILJXUDEDQHO&DPLQRGH6DQWLDJRHQHOVXUGH)UDQFLD
-RVp/XLV&RUUDO/DIXHQWH
FHVYDOOHV VLQR HQ XQ VLWLR FRQRFLGR FRPR ©OD &RURQD GH ORV 0XHUWRVª HQ OD
6HOYDGH2]DHQHOYDOOHGH+HFKRDJXDVDUULEDGH6LUHVD3DUDVRVWHQHUVX
WHRUtD 8ELHWR DSRUWy DGHPiV GH GDWRV WRSRQtPLFRV RWURV JHRJUiILFRV \
DUTXHROyJLFRVFRPRORVUHVWRVGHODFDO]DGDURPDQDTXHDWUDYLHVDHOSXHUWRGHO
3DORSRUODFXDOLUtDHOHMpUFLWRFDUROLQJLR\HOPLVPR8ELHWRLQGLFyODQHFHVL
GDGGHUHDOL]DUH[FDYDFLRQHVDUTXHROyJLFDVHQOD&RURQDGHORV0XHUWRV
+D\PiVHOHPHQWRVDUTXHROyJLFRVHQHO&DQWDUGH5ROGiQ&DUORPDJQRRFX
SD OD FLXGDG GH &RUGUHV LGHQWLILFDGD FRQ &RUWHV GH 1DYDUUD GHUULEDQGR VXV
PXUDOODV\WRUUHVFRQFDWDSXOWDV
5HFLHQWHPHQWHKDQVLGRORFDOL]DGRVHQOD&RURQDGHORV0XHUWRVHQHOYDOOH
GH+HFKRXQRVUHVWRVDUTXHROyJLFRVTXHSXHGHQUHVSRQGHUDXQDSRVLEOHQHFUy
SROLVVHWUDWDGHFDVLXQFHQWHQDUGHFDMDV\FLVWDVUHDOL]DGDVFRQSLHGUDVHQHO
LQWHULRU GH ODV FXDOHV VH KDQ UHFRJLGR QXPHURVRV PDWHULDOHV PHWiOLFRV VREUH
WRGRDUPDV(QHO&DQWDUGH5ROGiQVHDILUPDTXHORVFDGiYHUHVGHORVIUDQ
FRVPXHUWRVHQODEDWDOODIXHURQGHSRVLWDGRVHQXQDIRVDFRP~Q\GHVSXpVLQFL
QHUDGRVHQHVWHFDVRODLQFLQHUDFLyQQRHVKDELWXDOHQODVQHFUySROLVPHGLHYD
OHVIUDQFHVDVSHURH[LVWHQDOJXQRVHMHPSORVSRUHOFRQWUDULRORVVDUFyIDJRV
WDO\FRPRVHQDUUDHQHO&DQWDUGH5ROGiQSDUHFHTXHHVWDEDQUHVHUYDGRVHQ
HIHFWRDORVSHUVRQDMHVGHFLHUWRQLYHOVRFLDO
(QHO3RHPDGHO&LGDGTXLHUHQXQDJUDQLPSRUWDQFLDORVOXJDUHVGHLQWHUpV
DUTXHROyJLFR&XDQGRHO&LGSHQHWUDHQHODFWXDO$UDJyQGHVFDQVDXQDQRFKH
HQWUH$UL]D\&HWLQDHQXQFDPSDPHQWRSURYLVLRQDOSDUDLQVWDODUVHHQXQRWH
UR©UHGRQGRIXHUWH\JUDQGHªIUHQWHDODORFDOLGDG\FDVWLOORPXVXOPiQGH$OFR
FHUHQHOYDOOHGHO-DOyQ
/RVGRVOXJDUHVGHPD\RUUHOHYDQFLDDUTXHROyJLFDTXHDSDUHFHQHQHOSRH
PDVRQSUHFLVDPHQWHGRVFDPSDPHQWRVGHO&LGHOGHORWHURIUHQWHD$OFRFHU\
HOGHOSR\RHQODFRPDUFDGH&DODPRFKDDXQTXHKD\RWURVOXJDUHVGHLQWHUpV
DUTXHROyJLFRFRPRHOSXHQWHGHO$UODQ]yQODVWRUUHVGH$WLHQ]DODSXHUWD
\FDVWLOORGH&DVWHMyQGH+HQDUHV RHOSURSLRFDVWLOORGH$OFRFHU
8ELHWR
8ELHWRLGHQWLILFyWRSyQLPRVGHO&DQWDUGH5ROGiQFRPR7HUUH&HUWDQLH3RU]
GH 6L]HU \ 3RUW] G·$VSUH FRQ ORV WRSyQLPRV7LHUUD GH ORV6LUWDQL\\LQ 6LUHVD \ 3XHUWR GH$VSH
WRGRVHOORVHQHOFDPLQRSRUHOYDOOHGH+HFKRD)UDQFLDSURSXHVWRSRU8ELHWRFRPRDOWHUQDWLYDD
5RQFHVYDOOHV
8ELHWR/DVH[FDYDFLRQHVYDQDUHDOL]DUVHHQORVSUy[LPRVDxRV
&DQWDUGH5ROGiQYY
(QRFWXEUHGHVHLEDDSURFHGHU³SRUSDUWHGH$QWRQLR8ELHWR\-RVp/XLV&RUUDO³D
ODH[FDYDFLyQGHHVWH\DFLPLHQWRDUTXHROyJLFRODPXHUWHGHO'U8ELHWRWUDVXQDSHQRVDHQIHU
PHGDGLPSLGLySRUHOPRPHQWRGLFKDH[FDYDFLyQ/RVPDWHULDOHVDUTXHROyJLFRVIXHURQH[WUDtGRV
SRUXQDILFLRQDGR\VHKDOODQGHSRVLWDGRVHQOD'LSXWDFLyQ*HQHUDOGH$UDJyQ
<RXQJ
/HORQJ
3RHPDGHO&LGY©(QWUH)DUL]DHdHWLQDPLRdLGLYDDOEHUJDUª
3RHPDGHO&LGY©HVREUH$OFRoHUPLR&LGLYDSRVDUª\Y©%LHQSXHEODHORWH
URILUPHSUHQGHODVSRVDGDVª
3RHPDGHO&LGY
,GY
,GY
,GY
0pWRGRDUTXHROyJLFR\FDQWDUHVGHJHVWD
6REUH HVWRV GRV OXJDUHV VHxDODGRV HO RWHUR \ HO SR\R OD ELEOLRJUDItD SUH
VHQWDHQRUPHVGLYHUJHQFLDVSHURVLWRGRVHVWiQGHDFXHUGRHQLGHQWLILFDUHO
SR\RFRQODORFDOLGDGGH(O3R\RGHO&LGODXQDQLPLGDGVREUH$OFRFHUQRH[LV
WH\PXFKRVHVWXGLRVRVGHO3RHPDVREUHWRGRORVILOyORJRVKDQOOHJDGRLQFOX
VRDQHJDUODH[LVWHQFLDGHHVWHWRSyQLPR
$OJXQRV LQYHVWLJDGRUHV FRPR HO SURSLR 0HQpQGH] 3LGDO +XQWLQJWRQ +LOW\ R8ELHWRKDQLQWHQWDGRORFDOL]DU$OFRFHUVREUHHOSURSLRWHUUHQRGHO
YDOOHPHGLRGHO-DOyQ\WRGRVIUDFDVDURQVLQGXGDSRUTXHQRDSOLFDURQHOPp
WRGRDUTXHROyJLFRHQVXVLQGDJDFLRQHV\XVDURQRWURVPpWRGRVHQDOJXQRVFDVRV
PX\SRFRDIRUWXQDGRV
&ROLQ6PLWKHQXQRGHVXV~OWLPRVWUDEDMRVVREUHHO3RHPDGHO&LGVHxD
ODEDTXH©ODEXVFDGH$OFRFHUSRUORVFUtWLFRVTXHFRPSDUWHQODVFUHHQFLDVKLV
WRULFLVWDVKDVLGRDUGXD\YDQDSDUDGLYHUVLyQQXHVWUDª7UDVODORFDOL]DFLyQ
GH$OFRFHU\GHO2WHURGHO&LG 6PLWKGHEHSDUHFHUDOJRPHQRVGLYHUWLGRHQWUH
RWUDVFRVDVSRUTXHVXVSHUHJULQDVWHRUtDVVREUHODFUHDFLyQGHO3RHPDKDQTXH
GDGRWRWDOPHQWHGHVKHFKDV
6HJ~Q 6PLWK $OFRFHU VyOR H[LVWLy HQ OD PHQWH GHO SRHWD \ OD HVWUDWHJLD
VHJXLGDSRUHO&LGSDUDODFRQTXLVWDGHHVWHFDVWLOORIXHFRSLDGDSRUHOUHGDF
WRUGHO3RHPDGHORV©6WUDWHJHPDWDªGH)URQWLQRXQDIXHQWHGHOD5RPDFOi
VLFDD~QYDPiVOHMRV6PLWKHQVXHVSHFXODFLyQDODILUPDUTXHODWRPDGH$OFR
FHU HV PiV H[WHQVD HQ HO 3RHPD TXH OD WRPD GH9DOHQFLD SHVH D OD HYLGHQWH
GHVSURSRUFLyQHQWUHODLPSRUWDQFLDGHDPERVOXJDUHVSRUTXH©SDUD$OFRFHUHO
SRHWDWHQtDPiVIXHQWHVFOiVLFDVHQODVTXHILMDUVHª
9HUHOHVWDGRGHODFXHVWLyQTXHUHDOL]DQ&RUUDO\0DUWtQH]
$OJXQRVDXWRUHVHQWUHRWURV\PiVUHFLHQWHPHQWH6PLWKKDQQHJDGRODH[LVWHQ
FLDGH$OFRFHUFRQHO~QLFRDUJXPHQWRGHTXHDKRUDQRH[LVWHHQODUHJLyQGH&DODWD\XGQLQJ~Q
SXHEORFRQHVHQRPEUHLJQRUDQGRTXHHQWRGDOD3HQtQVXOD,EpULFDKD\XQDJUDQFDQWLGDGGHGHV
SREODGRV GH GLYHUVDV pSRFDV \ TXH$OFRFHU FRPR DVt VXFHGLy SXGR GHVSREODUVH SRU HMHPSOR
+RUUHQW\
0HQpQGH]3LGDO
0HQpQGH]3LGDOFLWDHOYLDMHGH+XQWLQJWRQ
+LOW\UHFRUULRODUHJLyQFRQ)pOL[0RQJHHQ
8ELHWR
/RVPpWRGRVXVDGRVSDUDORFDOL]DU$OFRFHUKDQVLGRVLHPSUHSRFRDIRUWXQDGRVVLQGXGDGHEL
GRDOGHVFRQRFLPLHQWRGHODPHWRGRORJtDDUTXHROyJLFDSRUSDUWHGHORVLQYHVWLJDGRUHVTXHORLQWHQ
WDURQKDVWDVXGHVFXEULPLHQWRSRU&RUUDO\0DUWtQH]7DPELpQUHDOL]DURQLGHQWLILFDFLRQHV
HUUyQHDV&ULDGRGH9DO0LFKDHO5LFKWKRIHQ5XVVHOO
\+RUUHQWTXHGXGyGHVXH[LVWHQFLD
6PLWK
,G
&RUUDO\0DUWtQH]
/DVWHRUtDVGH&ROLQ6PLWKVREUHHO3RHPDGHO&LGHQJHQHUDOPX\GHVDIRUWXQDGDVTXHGDQ
WRWDOPHQWHGHVKHFKDVVLVHFULWLFDQPtQLPDPHQWHFRQXQDQiOLVLVGRFXPHQWDOULJXURVR
6PLWK
,GODDILUPDFLyQGH6PLWKHVUHDOPHQWHVRUSUHQGHQWH$QWHODLPSRVLELOLGDGGHPDQ
WHQHUVXVDUJXPHQWRVVRVWLHQHTXHSDUDODFRQTXLVWDGH9DOHQFLDQRKD\SUHFHGHQWHVFOiVLFRVHQORV
TXHILMDUVH3RGUtDQWUDHUVHDFRODFLyQDTXtGHFHQDVGHFDVRVHQORVTXHH[LVWHXQWUDWDPLHQWROLWH
UDULRGHODWRPDGHFLXGDGHVLPSRUWDQWHVHQOD$QWLJHGDG4XL]iVHOSURSLR6PLWKVHGLRFXHQWD
GHVXVP~OWLSOHVHUURUHV\QRTXLVRUHFXUULUDRWURVHMHPSORV
-RVp/XLV&RUUDO/DIXHQWH
(QODORFDOL]DFLyQGH$OFRFHU\GHO2WHURGHO&LGTXHKDQHVWDGRDKtGHV
GHILQHVGHOVLJOR;,VLQTXHQDGLHORVKD\DHQFRQWUDGRODXWLOL]DFLyQGHOPpWR
GRDUTXHROyJLFRKDVLGRIXQGDPHQWDOVLQDGLHORVHQFRQWUyDQWHVSHVHDVHUVXV
UHVWRVWDQHYLGHQWHVHVSRUTXHQDGLHHPSOHyODSURVSHFFLyQDUTXHROyJLFDVLVWH
PiWLFD FRPELQDGD FRQ HO PDQHMR GH ODV IXHQWHV ORFDOHV PHGLHYDOHV SDUD OD
PLFURWRSRQLPLD
&RQHVWHPpWRGRODFXHVWLyQHUDIiFLOVL$OFRFHUH[LVWLy\HO&LGVHQWyVX
FDPSDPHQWRHQIUHQWHDOOtGHEHUtDQHVWDUORVUHVWRVPDWHULDOHV\HQHIHFWROD
SURVSHFFLyQVLVWHPiWLFDUHDOL]DGDSRU-RVp/&RUUDO\)UDQFLVFR0DUWtQH]SXVR
DOGHVFXELHUWRXQRVUHVWRVTXHWDQWRVHKDEtDQUHVLVWLGREDVWyFRQXVDUHOPpWR
GRFLHQWtILFRTXHHVDE~VTXHGDUHTXHUtD
7UDVODWRPDGH$OFRFHUHO&LGFRQWLQXySRUHOYDOOHGHO-DOyQ\GHVSXpV
SRUHO-LORFDSDUDLQVWDODUVHVLJXLHQGRHVTXHPDVSDUHFLGRVDORVDQWHULRUHV
HQ HO IDPRVR SR\R TXH GRPLQD ORV H[WHQVRV OODQRV GHO DOWR -LORFD FHUFD GH
&DODPRFKD(QHOSURSLR3RHPDVHGLFHTXHHO&LGVHLQVWDOyHQHO3R\RUHD
ILUPDQGRDVtTXHQRIXHXQDDFDPSDGDSURYLVLRQDOVLQRXQFDPSDPHQWRIRUWL
ILFDGR
9DULRVLQYHVWLJDGRUHVKDQYLVLWDGRHOFHUURGH6DQ(VWHEDQGH(O3R\RGHO
&LGHQEXVFDGHODIRUWDWH]DFLGLDQD\DORKL]R0HQpQGH]3LGDOHQVLQ
FRQVHJXLUILMDUFRQSUHFLVLyQORVUHVWRVDUTXHROyJLFRVGHOVLJOR;,PiVWDUGH
$OPDJUR \%XULOOR KDQVHxDODGRTXHHQHVWHFHUURVHDVHQWyHO&LG\HQHIHF
WRDVtIXH\DOOtTXHGDQORVUHVWRVDUTXHROyJLFRVSHUIHFWDPHQWHPDQLILHVWRVHQ
ODFLPDGHOFHUURIRUPDQGRXQDYHUGDGHUDPRWDVLPLODUDODGHORWHURGHOWpU
PLQRGH$WHFDFODUDPHQWHGLIHUHQFLDGRVGHODVPXUDOODVGHODFLXGDGURPDQD
TXHVHH[WLHQGHSRUODVODGHUDVGHHVWHPLVPRFHUUR
6LHQGRpVWRVORVGRVOXJDUHVPiVLPSRUWDQWHVTXHHO&LGIRUWLILFyKD\RWURV
TXHDSDUHFHQHQODGRFXPHQWDFLyQ RHQODWRSRQLPLD \TXHHVSUHFLVRVHJXLU
LQYHVWLJDQGRFRQODDSOLFDFLyQGHOPpWRGRDUTXHROyJLFRDQWHVGHHPLWLUFXDO
TXLHUMXLFLRVREUHHOORV
&RUUDO\0DUWtQH]IRWRJUDItDVD
3RHPDGHO&LGY©\ILQoyHQXQSR\RTXHHVVREUH0RQW5HDOª\Y©DTXHOSR\R
HQpOSULVRSRVDGDª
<DKHPRVVHxDODGRTXH0HQpQGH]3LGDOHVFULEHTXHYLVLWy(O3R\RGHO&LGHQ
HQFRQWUDQGRUHVWRVGHPXUDOODV
$OPDJUR\
%XULOORLQGLFDTXHODFLXGDGURPDQDGH(O3R\RVHDEDQGRQyDPHGLDGRVGHOVLJOR
,GHVSXpVGH&ULVWR
&RUUDO\0DUWtQH]IRWRV\
6HJ~Q0HQpQGH]3LGDOHO&LGIRUWLILFyOD3HxDGHO&LGHQWUHODVORFDOLGDGHVGH
9LOOHO\/LEURVHQRFWXEUHGH
/DV SURYLQFLDV GH7HUXHO &DVWHOOyQ \9DOHQFLD SUHVHQWDQ DEXQGDQWtVLPRV WRSyQLPRV UHOD
FLRQDGRVFRQHO&LGRTXHSUHVHQWDQODSDODEUD&LGFRPRFRPSRQHQWHGHORVPLVPRVDOJXQRVGH
HOORVKDQVLGRHVWXGLDGRVGHVGHHOSXQWRGHYLVWDDUTXHROyJLFRSRUHMHPSOR9LODIUDQFDGHO&LGHQ
ODSURYLQFLDGH&DVWHOOyQ$UDVD\*LORODORFDOL]DFLyQGHGRVFDVWLOORVHQODUXWDGHO&LG
*RUGLOOR
(QXQWpUPLQRFRQRFLGRFRPR©(O0RUUyQGHO&LGªRHQHOPXQLFLSLRGH,JOHVXHODGHO&LG
HQ OD SURYLQFLD GH7HUXHO VH KD ORFDOL]DGR XQ SHTXHxR GHVSREODGR PXVXOPiQ IHFKDGR HQWUH ORV
VLJORV;\;,,$UDVD\*LO\
0pWRGRDUTXHROyJLFR\FDQWDUHVGHJHVWD
/DQXPLVPiWLFDWDPELpQKDVLGRXVDGDSDUDDSRUWDUQXHYRVGDWRVDOHVWXGLR
GHO3RHPDGHO&LG0DWHX\/ORSLVFRQFOX\yTXHHO3RHPDVHUHDOL]DFRQDQWH
ULRULGDGDODSHQHWUDFLyQGHOPDUDYHGtHQORVUHLQRVFULVWLDQRVSHQLQVXODUHV
HOPDUDYHGtDSDUHFLyFRQ$OIRQVR9,,,HQODVHJXQGDPLWDGGHOVLJOR;,,SRU
RWUDSDUWHHOPLVPR0DWHX\/ORSLVVHxDODTXHORV©GLQHURVPDORVªTXHDSDUH
FHQHQHO3RHPDSXGLHUDQVHUORVDFXxDGRVSRU$OIRQVR9,RSRU
$OIRQVR9,,SRUORTXHHOSRHWDWXYRTXHYLYLUHQODSULPHUDPLWDG
GHOVLJOR;,,
%,%/,2*5$)Ì$
$/9$5&©5ROGiQHQ=DUDJR]D3RHPDpSLFRSURYHQ]DOª5HYLVWDGH+LV
WRULD-=XULWDSS=DUDJR]D
$5$6$ < *,/)©(VWXGLRDUTXHROyJLFRGH9LOODIUDQFDGHO&LG&DVWHOOyQª&XD
GHUQRVGH3UHKLVWRULD\$UTXHRORJtD&DVWHOORQHQVHSS&DVWHOOyQ
³©(O0RUUyQGHO&LG/D,JOHVXHODGHO&LGª7HUXHOSS7HUXHO
$/0$*520©'RVSXHQWHVURPDQRVWXUROHQVHVHQODYtDURPDQD\PHGLHYDOGH
=DUDJR]DD&yUGREDª7HUXHOSS7HUXHO
³©&DODPRFKD\(O3R\RGHO&DPSR7HUXHOHQUHODFLyQFRQHO&LG&DPSHD
GRUª(VWXGLRVGHGLFDGRVD0HQpQGH]3LGDO9,SS0DGULG
%85,//2 02=27$)©(O\DFLPLHQWRFHOWtEHURURPDQRGH6DQ(VWHEDQGHO3R\R
GHO&LG(VWDGRGHODFXHVWLyQª%ROHWtQ,QIRUPDWLYRGHOD'LSXWDFLyQGH7HUXHO
SS7HUXHO
&DQWDUGH0LR&LGHGGH5DPyQ0HQpQGH]3LGDO0DGULG
&255$/-/\0$57Ì1(=)©*HRJUDItDHKLVWRULDHQHO3RHPDGH0LR&LGOD
ORFDOL]DFLyQGH$OFRFHUª5HYLVWDGH+LVWRULD-HUyQLPR=XULWDSS
&257e6 9É=48(=/(O&DQWDUGH5ROGiQHGLFLyQGHOPDQXVFULWRGH2[IRUGYHU
VLyQHVSDxRODHtQGLFHV6DODPDQFD
&5,$'2 '( 9$/0©*HRJUDItDWRSRQLPLDHLWLQHUDULRVGHO&DQWDUGH0LR&LGª
=HLWVFKULIWIU5RPDQLVFKH3KLORORJLH&;;;9,SS
)/(7&+(55(O&LG0DGULG
*25',//2 &285&,(5(6-/©/RFDOL]DFLyQ\GHVFULSFLyQGHGRVFDVWURV\GRVFDV
WLOORVHQODUXWDGHO&LG&DPSHDGRUª&DVWLOORVGH(VSDxDSS
+,/7<*©(O&LGHQ$OFRFHUªHQ2UELV0HGLHDYDOLV0pODQJHVGHODQJXHHWOLW
WpUDWXUHPpGLpYDOHVRIIHUWVj5HWR5DGXROI%H]]RODSS%HUQD
+255(17-©7UDGLWLRQSRpWLTXHGX´&DQWDUGH0LR&LGµDX;,,VLqFOHª&DKLHUV
GH&LYLOLVDWLRQ0pGLpYDOH9,,SS3RLWLHUV
³©/RFDOLVDWLRQGX&DQWDUGH0LR&LGªHQ0pODQJHVRIIHUWVj5HQp&UR]HW,
SS3RLWLHUV
³+LVWRULDHQWRUQRDO&DQWDUGH0LR&LG%DUFHORQD
/(/21*&K©6HSXOWXUHPHURYLQJLHQQHGH3HWWXVVRQ,QGUHHW/RLUHª$UFKpR
ORJLH0pGLpYDOH9,SS
0$+,(8-GH(OLPSHULRYLNLQJRGH7LDKXDQDFX$PpULFDDQWHVGH&ROyQ%DU
FHORQD
0DWHX\/ORSLV
/DELEOLRJUDItDVREUHHO&LGHVDEXQGDQWtVLPDHOOLEURPiVUHFLHQWHHVHOGH)OHWFKHU
TXHQRDSRUWDQRYHGDGHVVXVWDQFLDOHV
-RVp/XLV&RUUDO/DIXHQWH
0$7(8 < //23,6)©/DPRQHGDHQHO´3RHPDGHO&LGµ8QHQVD\RGHLQWHUSUH
WDFLyQQXPLVPiWLFDGHO´&DQWDUGH0LR&LGµª%ROHWtQGHOD5HDO$FDGHPLDGH%XH
QDV/HWUDVGH%DUFHORQDSS
0(1e1'(= 3,'$/5&DQWDUGHO0LR&LGYROV0DGULG
³/D(VSDxDGHO&LGHG0DGULG
0,&+$(/,©*HRJUDSKLFDO3UREOHPVLQWKH´3RHPDGH0tR&LGµ,7KHH[LOH
URXWHªHQ0HGLHYDO+LVSDQLF6WXGLHVSUHVHQWHGWR5LWD+DPLOWRQSS/RQ
GUHV
5$06'(1+©7KHWDONLQJRI$OFRFHUª%XOOHWLQRI+LVSDQLF6WXGLHV;;;9,SS
5,&+7+2)(1(YRQ©,QWHUSUHWDFLRQHVKLVWyULFROHJHQGDULDVHQODpSLFDPHGLH
YDOªHQ1XHYRVHVWXGLRVpSLFRVPHGLHYDOHVSS0DGULG
³©/D´KLVWRULFLGDGµGHODFDPSDxDGH$OFRFHUHQHO´3RHPDGHO&LGµªHQ/tPL
WHVGHODFUtWLFDOLWHUDULD\DQDOHFWDVGHILORORJtDFRPSDUDGDSS%DUFHOR
QD
5,48(50GH&KDQVRQGH5ROGiQ&DQWDUGH5ROGiQ\HO5RQFHVYDOOHVQDYDUUR
%DUFHORQD
5866(/3(©:KHUHZDV$OFRFHU´&DQWDUGH0LR&LGµ"ªHQ+RPH
QDMHD-$9DQ3UDDJSS$PVWHUGDP
³/DVDJDGHORVJURHQODQGHVHV/DVDJDGH(ULNHO5RMRHG6LUXHOD0DGULG
60,7+&/DFUHDFLyQHQHO3RHPDGH0LR&LG%DUFHORQD
67$5.,(:(O&DPLQRGH6DQWLDJR/DVSHUHJULQDFLRQHVDOVHSXOFURGHODSyV
WRO0DGULG
6785/862166DJDGH(JLO6NDOODJULPVRQ0DGULG
8%,(72$©/DGHUURWDGH&DUORPDJQR\OD´&KDQVRQGH5RODQGµª+LVSDQLD
/;;;,;SS
³(O©&DQWDUGH0LR&LGª\DOJXQRVSUREOHPDVKLVWyULFRV9DOHQFLD
³ ©(O YDOOH GH +HFKR \ OD ´&KDQVRQ GH 5RODQGµª HQ ,, 6HPDQD FXOWXUDO GHO
YDOOHGH+HFKRSS
<281*%©3DJDQLVPHFKULVWLDQLVDWLRQHWULWHVIXQHUDLUHVPpURYLQJLHQVª$UFKpR
ORJLH0pGLpYDOH9,,SS
(/ 27(52'(/ &,'2&(5527255(&,'
(1&/$9(0,/,7$5'(/ &$03($'25
(1(/ 9$//('(/ -$/Ð1
325
)5$1&,6&2 -26e 0$57Ì1(= *$5&Ì$
$ PLEXHQDPLJRÉQJHO6iQFKH]-~GH]
SURSLHWDULRGHODILQFD7RUUHFLG
,QPHPRULDP
,1752'8&&,Ð1
6HJ~QQDUUDHO3RHPDGH0LR&LGHQVX&DQWDU3ULPHURGHGLFDGRDOGHV
WLHUURGHOSURWDJRQLVWDHO&LGDEDQGRQDGR&DVWHMyQ³KR\&DVWHMyQGH+HQD
UHV³DWUDYLHVDHO&DPSR7RUDQoLRVLWRHQHOOtPLWHGHODVSURYLQFLDVGH*XD
GDODMDUD\6RULD\VHLQWHUQDHQWHUULWRULRKR\DUDJRQpVHQWRQFHVGHSHQGLHQWH
GHOUHLQRPRURGH=DUDJR]D6LJXLHQGRHOFXUVRGHOUtR-DOyQGHMDDWUiV$UL]D\
VLQOOHJDUD&HWLQDSHUQRFWDFRQVXVKRPEUHVHQXQOXJDUWRGDYtDVLQORFDOL]DU
DOGtDVLJXLHQWHSURVLJXHYLDMHDJXDVDEDMRGHOUtR-DOyQGHMDQGRDWUiV$OKDPD
GH$UDJyQ%XELHUFD\$WHFDDVHQWiQGRVH©HQXQRWHURUHGRQGRIXHUWHHJUDQGª
FRQODLQWHQFLyQGHFRQTXLVWDUHOFDVWLOORGH$OFRFHU \GHFREUDUSDULDVDODV
SREODFLRQHVOLPtWURIHVGH$WHFD\7HUUHUDQWHHOGHVDJUDGRGH&DODWD\XG
$OFRFHUELHQSXGLHUDVHUXQDSRVDGDIRUWLILFDGDDOSLHGHXQSXHQWHVREUHHOTXHGLVFXUUtDOD
FDO]DGDPHGLHYDOVHJ~QORVSODQWHDPLHQWRVFRPHQWDGRVHQHVWHVLPSRVLRSRUORVSURIHVRUHV0tNHO
GH(SDO]D\*HUROG+LOW\
6REUHODKLSyWHVLV$OFRFHU SRVDGDIRUWLILFDGDYLHQHQDFRODFLyQORVVLJXLHQWHVYHUVRVGH%DO
WDVDUGHO$OFi]DUGHVXREUD8QDFHQD
GHDTXHVWHYLQLOORDORTXH¢'HTXpIDEHUQDVHWUD[R
0DV\DGHODGHOFDVWLOOR
3RUQXHVWUR6HxRUTXHHVPLQDODWDEHUQDGH$OFRFHU
JUDQGHFRQVXHORHVWHQHUODWDEHUQDSRUYHFLQD
1RVHLQWHQWDFRQHVWRVYHUVRVLGHQWLILFDUHO$OFRFHUFLWDGRFRQHO$OFRFHUGH©HQWUH$WHFD\
7HUUHUªVLQRDSR\DUODWHRUtDGHORVSURIHVRUHVDQWHULRUPHQWHFLWDGRV
&DQWDUYYD
)UDQFLVFR-RVp0DUWtQH]*DUFtD
5HFRQRFLGRHOWHUUHQRHO&DPSHDGRUHOLJHHOOXJDUPiVDGHFXDGRHVWUDWpJL
FDPHQWHSDUDHODVHQWDPLHQWRGHVXVKRPEUHVSRUVXVLWXDFLyQ\SRUHOIiFLO
DEDVWHFLPLHQWRGHDJXDSXHV©DoHUFDFRUUH6DOyQDJXDQROSXHGHQWYHGDUªD
FRQWLQXDFLyQ RUGHQD OHYDQWDU HO FDPSDPHQWR H LQVWDODU ODV WLHQGDV ©ODV XQDV
FRQWUD OD 6LHUUD H ODV RWUDV FRQWUD OD DJXDª (O PRWLYR GH UHIRU]DU HVWRV GRV
SXQWRV HVSHFLDOPHQWH REHGHFH DO LQWHUpV GHO &LG SRUTXH ORV PXVXOPDQHV GH
$OFRFHUORYLHVHQDVHQWDGRHQHVHOXJDUMXVWRHQODODGHUDGHOFHUURTXHEDMD
KDVWDHOUtR-DOyQLQWLPLGiQGROHVGHHVWDPDQHUD$OPLVPRWLHPSROHLQWHUH
VDEDUHIRU]DUODSDUWHVXUVXURHVWHGRQGHHVWiOD6LHUUDSXHVHVHVWHSXQWRHO
~QLFRYXOQHUDEOHGHVGHHOFXDOSRGtDVXIULUXQDWDTXHVRUSUHVDSRUGHWUiV
3RVWHULRUPHQWH VLJXLHQGR XQD WiFWLFD PLOLWDU WUDGLFLRQDO HO &LG RUGHQD D
VXVKRPEUHVH[FDYDUXQIRVRRFiUFDYD HQSUHYLVLyQGHXQKLSRWpWLFRDWDTXH
PXVXOPiQDOFDPSDPHQWR
7UDQVFXUULGDV TXLQFH VHPDQDV ³VHJ~Q GDWRV GHO &DQWDU³ \ YLHQGR TXH
$OFRFHUUHVLVWtDHODVHGLRGHFLGLyHO&LGSRQHUHQSUiFWLFDXQDUGLGSDUDFRQ
TXLVWDUOR/RVUHVXOWDGRVIXHURQySWLPRVSXHVJUDFLDVDpOVHSXGRWRPDUODSOD
]DDUUDVDUSUiFWLFDPHQWHWRGDODSREODFLyQPDVFXOLQDGHOOXJDU \REWHQHUSLQ
JHVEHQHILFLRVHFRQyPLFRV
6REUHODH[LVWHQFLDGH$OFRFHU \ODIDPRVDEDWDOOD TXHWXYROXJDUHQWUH
ODV WURSDV PRUDV GH9DOHQFLD \ ODV KXHVWHV GHO &LG GDQGR OXJDU D XQR GH ORV
HSLVRGLRVPiVFRQWURYHUWLGRVGHO&DQWDUVHKDQHVFULWRGHFHQDVGHDUWtFXORV
VLHQGRODWHQGHQFLDPiVXVXDOODGHGXGDUGHVXH[LVWHQFLD GHELGRDOGHVFR
QRFLPLHQWRGHTXH
'HVGHDOPHQRVHOVLJOR;,9 KDVWDHOVLJOR;9,,ODDFHTXLDDFWXDOGH/D
/RVD\6DQ-XOLiQVHOODPyDFHTXLDGH$OFRFHUGLVFXUULHQGRSDUDOHODDO
FDPLQR GH &DODWD\XG \ OLQGDQGR FRQ SDUDMHV FRPR (O %DOOHVWDU \ 6DQ
-XOLiQKR\ELHQORFDOL]DGRV\PX\SUy[LPRVDOD0RUD(QFDQWDGDOXJDU
TXHSURSRQHPRVSDUDVLWXDU$OFRFHUSXHVHVWiDOODGRGH6DQ-XOLiQGH
ODDFHTXLDGH/D/RVDGHO%DOOHVWDUVHHQFXHQWUDQHQVXSHUILFLHQXPH
URVRV UHVWRV GH FHUiPLFD PXVXOPDQD \ FULVWLDQD \ HO WRSyQLPR 0RUD
&DQWDUY
&DQWDUYYD
&DQWDUY
&DQWDUYY\
&DQWDUY
&DQWDUYYD
&DQWDUY©ORVPRURV\DFHQPXHUWRVGHELYRVSRFRVYHRª
(VWH HSLVRGLR KD VLGR HVWXGLDGR SRU$OEHUWR 0RQWDQHU )UXWRV 7DPELpQ KD LQFLGLGR
VREUHpOHQVXWUDEDMRSDUDHVWH6LPSRVLR
/DH[LVWHQFLDGH$OFRFHUHVWiSUREDGDGRFXPHQWDOWRSRJUiILFDWRSRQtPLFD\DUTXHROyJLFD
PHQWH9pDQVHSDUDHOORORVWUDEDMRVGH&RUUDO/DIXHQWH\0DUWtQH]*DUFtD\0DUWtQH]*DU
FtD
6$/9$'25 0$57Ì1(=+8QDUiSLGDPLUDGDDORVJpQHURV©JHVWDªH©KLVWRULDªQRVUHYH
ODTXHODVWiFWLFDVXVDGDVSRUHO&LGHQ$OFRFHUVRQODVPLVPDVTXHXVySRVWHULRUPHQWH$OIRQVR
9,,HQODFRQTXLVWDGH&DVWURJHUL]S
&255$/ /$)8(17( \0$57Ì1(= *$5&Ì$SSDUHFRJHQWRGDVODVRSLQLRQHV
7RSyQLPR YLDO VHJ~Q DSXQWy PX\ DFHUWDGDPHQWH HQ HVWH 6LPSRVLR HO SURIHVRU 0tNHO GH
(SDO]D
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(QFDQWDGD VXHOH LQGLFDU XQ \DFLPLHQWR DUTXHROyJLFR YpDVH HO FDVR GH
'DURFDR%RUMDSRUFLWDUVyORGRVHMHPSORV
6HGHVFRQRFtDXQDQRWLFLDGHODxRHQODFXDOVHREOLJDD'RPLQJR
9HOOHVWDUDSRQHUUHPHGLRSDUDTXHHODJXDTXHEDMDGHXQEDUUDQFRSRU
ODSDUWHGHODWRUUHGH$OFRFHUQRGHVHPERTXHHQODHUPLWDGH6DQ-XOLiQ
VLQRTXHGLVFXUUDFHUURDEDMR\GHVDJHKDFLDODSDUWHGHODSLH]DGHOD
9LFDUtDODFXDOHVWi\DHQHOOODQRFRQFUHWDPHQWHHQHOSDUDMHGHO%DOOHV
WDUPX\SUy[LPDDOUtR-DOyQ
8%,&$&,Ð1
'(/ &$03$0(172
6REUHODORFDOL]DFLyQGH$OFRFHUFDVLQDGLHKDUHVLVWLGRODWHQWDFLyQGHXEL
FDUORHQDOJ~QOXJDURQHJDUVXH[LVWHQFLD3RUFRQWUDODVLWXDFLyQGHOFDPSD
PHQWREDVHKDSRGLGRVHUPiVFRPSOLFDGDHVSRUHVWRTXHODPD\RUtDGHORV
HVSHFLDOLVWDVREYLDQHOWHPDR\HUUDQHVHOFDVRGHOSURIHVRU8ELHWRTXHVLW~D
HOHPSOD]DPLHQWRGHO&LGHQHOFHUURGH6DOYDVRULDVLQGXGDSRUDSUR[LPDUOR
D3HxDOFD]DUR,DQ0LFKDHOTXHORVLW~DHQXQFHUURDRULOODVGHOUtR3LHGUD
SRUFRQYHQLHQFLDDOLGHQWLILFDU$OFRFHUFRQ&DVWHMyQGHODV$UPDV
/DVHxDOL]DFLyQFRUUHFWDGH7RUUHFLGFRPRFDPSDPHQWRGHO&LGODHIHFWXy
\D HO HUXGLWR DWHFDQR )UDQFLVFR 2UWHJD HQ HO DxR JUDFLDV D VX FRQRFL
PLHQWRGHOWHUUHQR\GHODWRSRQLPLDORFDO3RVWHULRUPHQWH\DHQ&ULD
GRGH9DOVLQFRQRFHUHOWUDEDMRDQWHULRUWDPELpQSURSRQHHO&HUUR7RUUHFLO
FRPR OXJDU GH DVHQWDPLHQWR GHO &DPSHDGRU UHFRJLHQGR D VX YH] OD WRGDYtD
H[LVWHQWHWUDGLFLyQORFDOGHTXHSRUORVSDJRVGH$WHFDHO&LGSHUPDQHFLyXQ
WLHPSRFRQVXVKXHVWHVOLEUDQGRXQDLPSRUWDQWHEDWDOODFRQWUDORVPRURVHQHO
SDUDMH DFWXDO GHO %DOOHVWDU FDVXDOPHQWH OXJDU PX\ SUy[LPR D$OFRFHU0RUD
(QFDQWDGD\HQHOFXDO2UWHJDGLFHTXHORVDJULFXOWRUHVGH$WHFDKDQUHFRJLGR
SXQWDVGHIOHFKDV\ODQ]DV
<DHQIUXWRGHXQWUDEDMRH[KDXVWLYRGHLQYHVWLJDFLyQHQORV$UFKLYRV
GH3URWRFRORV1RWDULDOHV0XQLFLSDO\(FOHVLiVWLFRGH$WHFDSXGLPRVFRQVWD
WDUTXHHQHODxRH[LVWtDHQ$WHFDXQSDUDMHGHQRPLQDGR2WHUGHO&LWX
2WHURGHO&LGHQDOWDPHQWHFODULILFDGRU/DVSLVWDVVHGLIXPLQDQSDUDHWD
SDVSRVWHULRUHVKDVWDOOHJDGRHODxRGRQGHDOHIHFWXDUVHHOSULPHUFDWDV
WURGHODSURSLHGDGU~VWLFDUHDOL]DGRHQ$WHFDDSDUHFHHOWRSyQLPR7RUUHHO&LG
\SRVWHULRUPHQWH7RUUHFLG
/DFLWDFRPSOHWDDSDUHFHHQ0$57Ì1(= *$5&Ì$3RUVXLQWHUpVODYXHOYRDUHSUR
GXFLU©'RPLQJR9HOOHVWDUWLHQHXQDOODQWDGRHQFLPDGHODHUPLWDGH6DQ-XOLDQDQGHWHQHUREOL
JDFLyQGHGHIHQGHUTXHHODJXDTXHED[DGHXQEDUUDQFRTXHEDQDO&DPSRSRUODSDUWHGHDFLDHO
OXJDUGHODWRUUHGH$OFRFHUQRSXHGDLULQFLDODGLFKDKHUPLWDDQWHVELHQDGHFLUDEUHYDUSRUHO
DOGDGHDTXHOFHUURDVDOLUDFLDODSLH]DGHOD%LFDULD\VHWLHQHGHVHRREOLJDUDOGLFKR9HOOHVWDUª
$UFKLYR0XQLFLSDOGH$WHFDDxRIROUž
8%,(72$QW
0,&+$(/,
257(*$)
&5,$'2 '( 9$/0
0$57Ì1(= *$5&Ì$)-
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
(VQXHVWUDRSLQLyQLGHQWLILFDUHVHRWHURIXHUWH\JUDQGHFLWDGRHQHO&DQ
WDU FRQ HO 2WHU GHO &LG DSDUHFLGR HQ ORV GRFXPHQWRV GHO VLJOR ;9, \ FRQ HO
7RUUHFLGGHODGRFXPHQWDFLyQGHOVLJOR;,;
$FWXDOPHQWHHVWHPRQWtFXORDSDUHFHGHQRPLQDGRFRPR&HUUR7RUUHFLOHQHO
PDSD$WHFDGHO,QVWLWXWR*HRJUiILFR\&DWDVWUDOGHO(MpUFLWR
3RVLEOHPHQWHSRUFRQIXVLyQFRQRWURFHUUHWHSUy[LPRGHQRPLQDGR&HUUR*LOOD
©GªILQDOGH7RUUHFLGVHYHDFRQYHUWLGDRILFLDOPHQWHHQ©OªDXQTXHDGHFLUYHU
GDGORVKDELWDQWHVGH$WHFDVLJXHQFRQRFLpQGRORFRPRFHUUR7RUUHFLG
'(6&5,3&,Ð1
'(/ 27(52
6H HQFXHQWUD ORFDOL]DGR HQ HO WpUPLQR PXQLFLSDO GH$WHFD D XQRV PHWURVGHODSREODFLyQVHJ~QHOPDSDGHO(MpUFLWRHVFDODDQWHULRU
PHQWHFLWDGR\HVWiGHQWURGHODVFRRUGHQDGDV7 ;/ *HRJUiILFDPHQWHHO2WHURHVXQSHTXHxRFHUURGHXQRVPHWURVGHDOWL
WXGSUiFWLFDPHQWHPLPHWL]DGRFRQHOSDLVDMHGHVGHHOFXDOVHFRQWURODSHUIHF
WDPHQWHWRGRHOYDOOHGHOUtR-DOyQGHVGH$WHFDKDVWD&DODWD\XGLQFOXLGRV$OFR
FHU\7HUUHU6XDLVODPLHQWRItVLFRORKDFHFDVLLQH[SXJQDEOHFRQODH[FHSFLyQ
\DFRPHQWDGDGHVXODGRVXUPiVHQFRQWDFWRFRQHOFHUUHWHSUy[LPR
$ VXVSLHVGLVFXUUHHOUtR-DOyQGHFX\RDQWLJXRFDXFHGDIHDODEDQGRQDGR
PHDQGURSHUFHSWLEOHKR\WRGDYtDGHVGHODFLPDGHORWHUR
6XHPSOD]DPLHQWRHQODPDUJHQGHUHFKDGHOUtROHSURWHJHGHSRVLEOHVDWD
TXHVGHODVSREODFLRQHVPXVXOPDQDVYHFLQDVHQFODYDGDVWRGDVHOODVHQODRUL
OODRSXHVWDGHO-DOyQ
&XDQGRFRURQDPRVHO2WHURHQHODxR WRGDYtDHUDQSHUFHSWLEOHVHQ
VXSHUILFLH UHVWRV GH XQ PXUR GH PDPSRVWHUtD FDUHDGD GH DVSHFWR PX\ WRVFR
FRQXQDORQJLWXGGHXQRVPHWURVVREUHVDOOHQGRGHOWHUUHQRGHDFP
/26
75$%$-26 '( (;&$9$&,Ð1
'HPRVWUDGDGRFXPHQWDO\WRSRJUiILFDPHQWHODH[LVWHQFLDGH$OFRFHUHQOD
0RUD(QFDQWDGD\GHO2WHURGHO&LGHQHOFHUUROODPDGR7RUUHFLGR7RUUHFLO
VyOR OD DUTXHRORJtD SRGtD VDFDU D OD OX] DVSHFWRV QXHYRV UHODFLRQDGRV FRQ HO
&DQWDU GHO &LG ELHQ FRUURERUDQGR ODV WHVLV H[SXHVWDV ELHQ DQXODQGR OR TXH
SDUHFtDHYLGHQWH
$VtSXHVHQHOYHUDQRGHFRPHQ]DURQORVWUDEDMRVSURSLRVGHH[FDYD
FLyQ \ TXH GH XQD PDQHUD LQLQWHUUXPSLGD KDQ FRQWLQXDGR KDVWD HO PRPHQWR
DFWXDO3RUHOORPLDJUDGHFLPLHQWRD5LFDUGR0R]R\-XOLiQ0LOOiQSRUVXUHV
SRQVDELOLGDGWpFQLFDD-XDQ-RVp%RUTXH-RVp/XLV&RUUDO\ÉQJHO$UDQGDSRU
VX DVHVRUDPLHQWR D 0DUtD -HV~V (VWHEDQ 6RQLD 3DXVD 3LODU 6ROHU \$XURUD
0$57Ì1(= *$5&Ì$)-
([SHGLFLyQ IRUPDGD SRU -XDQMR %RUTXH -RVp /XLV &RUUDO$JXVWtQ 6DQPLJXHO \ )UDQFLVFR
0DUWtQH]
&255$/-/\0$57Ì1(= *$5&Ì$)-
)UDQFLVFR-RVp0DUWtQH]*DUFtD
6ROHUSRUVXVWUDEDMRVHQHOGLEXMRGHSLH]DVDOD,QVWLWXFLyQ)HUQDQGRHO&DWy
OLFR\$\XQWDPLHQWRGH$WHFDSRUHOPDQWHQLPLHQWRHFRQyPLFRGHORVWUDEDMRV
DÉQJHO6iQFKH]SURSLHWDULRGHODILQFD\DVXVKHUHGHURVSRVWHULRUPHQWHSRU
SHUPLWLU H[FDYDU HQ VXV SURSLHGDGHV \ SRU VXSXHVWR D WRGRV ORV TXH FRQ VX
HVIXHU]R HQ ORV WUDEDMRV GH FDPSR KDQ FRQWULEXLGR DO GHVDUUROOR GHO HVWXGLR
DOJXQRV\DFLWDGRVHQODUHODFLyQGHSDUWLFLSDQWHVGHODSULPHUDFDPSDxD3DUD
ORV LQFRUSRUDGRV SRVWHULRUPHQWH PL UHFRQRFLPLHQWR D$QD$OEXL[HFK 0DUtD
%ODVFR,VDEHO&DPSRV&ULVyJRQR&ULVWyEDO'LHJR'LRQLVLR$QWRQLR'RPtQ
JXH]$QD*UDFLD0DUtDGHO0DU-DFD5DPyQ/DVDRVD-HV~V0DUWtQ$QWRQLR
0DUWtQH]0HQGL]iEDO-RVp0DQXHO0DUWtQH]7RUUHFLOOD0DUtD0ROLQHUR&DU
ORV 1RYHOOyQ -RDTXtQ 6iHQ] +pFWRU 6iQFKH]$QGUpV 6DUPLHQWR )UDQFLVFR
6DUPLHQWR3LOXFD6DUWR0DU6HJXUD\)UDQFLVFR6LPRUWH
8QDYH]HQHO\DFLPLHQWR\HOHJLGRHOSXQWR©ªVHWUD]yHQXQSULQFLSLR
XQDFXDGUtFXODGHPGHODGRGLYLGLGDHQFXDGURVGHXQPHWURGHODGRDVLJ
QDQGRODVOHWUDVDOHMHGHRUGHQDGDV\ORVQ~PHURVSDUDHOGHDEVFLVDV&RQSRV
WHULRULGDGVHKDDPSOLDGRODFXDGUtFXODKDVWDFRQIRUPDUXQUHFWiQJXORGHP
GHODGRHQHOHMHGHRUGHQDGDV\PHQODVDEVFLVDVFRQXQDQXHYDDPSOLDFLyQ
HQHOODGRVXURHVWHGHPHWURVFXDGUDGRVORTXHQRVGDXQWRWDOGHPH
WURVFXDGUDGRVH[FDYDGRVKDVWDHOPRPHQWR
(/ <$&,0,(172
(VFODUR\QRWRULRTXHGHXQ\DFLPLHQWRDUTXHROyJLFRQRVHSXHGHQREWHQHU
FRQFOXVLRQHVGHILQLWLYDVKDVWDTXHQRKDILQDOL]DGRODH[FDYDFLyQDXQTXHVtHV
SRVLEOHDYHQWXUDUDOJXQRVUHVXOWDGRVDXQDVDELHQGDVGHTXHPX\SRVLEOHPHQWH
DOJXQRGHHOORVWHQJDTXHVHUGHVHFKDGRFXDQGRREWHQJDPRVODVFRQFOXVLRQHV
GHILQLWLYDV3RUHMHPSORHQODSXEOLFDFLyQGHORVUHVXOWDGRVORJUDGRVHQODSUL
PHUDFDPSDxDGDGRVDFRQRFHUHQODVMRUQDGDVFHOHEUDGDVHQHODxRVREUH
HO (VWDGR$FWXDO GH OD$UTXHRORJtD HQ$UDJyQ VH SXHGH OHHU TXH OD SULPHUD
KLSyWHVLVVREUHHOFDPSDPHQWRGHO&DERVRHVWDEDEDVDGDHQODH[LVWHQFLDGHXQ
WRUUHyQFHQWUDOGHSRUPFRQGHSHQGHQFLDVDGRVDGDVDOUHGHGRUGHO
FXDOVHSODQWDURQODVWLHQGDVGHFDPSDxDVLHQGRPLVLyQGHODWRUUHGHOKRPH
QDMHVHUYLUFRPRFXHUSRGHJXDUGLDGHOHMpUFLWRFDVWHOODQRSDUDYLJLODQFLDGHO
YDOOH\UHIXJLRHQFDVRGHXQKLSRWpWLFRDWDTXHPXVXOPiQ
&RPRSRGUiFRPSUREDUVHPiVDGHODQWHORTXHHQSULQFLSLRHUDFRQVLGHUD
GRXQWRUUHyQKR\HVWiGHVFDUWDGRWRWDOPHQWH\OHGHQRPLQDPRV+DELWDFLyQ
(QHOPRPHQWRGHUHGDFWDUHVWDVtQWHVLVVHOOHYDQH[FDYDGDVVHLVKDELWDFLR
QHVDODVTXHGDUHPRVXQDQXPHUDFLyQFRUUHODWLYDFRLQFLGLHQGRFRQHOPRPHQ
WRGHVXDSDULFLyQTXHSHUPLWHQDYHQWXUDUXQDKLSyWHVLVVREUHODFRQIRUPDFLyQ
GHOFDPSDPHQWRGLVWULEXFLyQXWLOLGDG\H[WHQVLyQ
(OFDPSDPHQWRHVWiFRQVWUXLGRFRQXQDLGHDVHPLVHGHQWDULDDXQTXHFRQODV
PtQLPDVFRPRGLGDGHV7RGRVORVPXURVGHODVKDELWDFLRQHVGHORVFXDOHVVyOR
UHVWDHQSLHORTXHSRGUtDPRVGHQRPLQDU]yFDOROHYDQWDQXQRVFPGHOVXH
0$57Ì1(= *$5&Ì$)-
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
3ODQLPHWUtDGHOiUHDH[FDYDGDHQHOFHUUR7RUUHFLGFRQORVUHVWRVGHPXURVGHODIRUWLILFDFLyQFLGLDQD
)UDQFLVFR-RVp0DUWtQH]*DUFtD
OR\HVWiQFRQVWUXLGRVGHXQPRGRPX\VHQFLOORRIUHFLHQGRXQWLSRGHPDP
SXHVWRFDUHDGRVRODPHQWHSRUODFDUDH[WHULRUFX\R~QLFRPRUWHURHVHOEDUUR
DJXD\WLHUUDVLQFDOQL\HVRDSR\DQGRGLUHFWDPHQWHHQODURFDPDGUHODFXDO
HQDOJXQDVKDELWDFLRQHVKDVLGRH[WUDtGDSDUDQLYHODUHOVXHORVLHQGRFRORFDGD
SRVWHULRUPHQWHFRPRPDPSXHVWRGHOPXUR
$1É/,6,6
'(/ &$03$0(172
6LJXLHQGRHORUGHQFURQROyJLFRGHH[FDYDFLyQORVSULPHURVUHVXOWDGRVYLQLH
URQFRPRFRQVHFXHQFLDGHOHVWXGLRGHOD+DELWDFLyQ©ªGHx PGH
ODGR(VWiH[FDYDGDHQODSURSLDURFDDSURYpFKiQGRVHODVGLIHUHQFLDVGHDOWX
UDHQWUHDPEDVSDUHGHVOHYDQWiQGRVHORVPXURVVXURHVWH\VXUHVWHVREUHHOSUR
SLRVXHORURFDPDGUHQLYHODGD\ORVPXURVQRURHVWH\QRUHVWHVREUHODURFD
PDGUHHQVXSXQWRVXSHULRUHYLWiQGRVHGHHVWDPDQHUDHVIXHU]R\PDWHULDO
/DDQFKXUDGHORVPXURVRVFLODHQWUHORV\FPUHVWDQGRGHOVXHORXQRV
FPSDUDORVPXURVVLQURFDFRPR]yFDOR\SDUDORVOHYDQWDGRVVREUHOD
URFDPDGUHHVWRV~OWLPRVPX\GHWHULRUDGRVTXHGDQGRGHOPXURVXUHVWHWDQVyOR
HOYpUWLFHL]TXLHUGR\HOUHVWRHQVHPLGHUUXPEH
-XQWR DO PXUR HVWH DSDUHFH HO DUUDQTXH GH RWUR VHPLFLUFXODU GH FP GH
DQFKXUDOHYDQWDGRVREUHODURFDPDGUH\GHOFXDOVyORSHUPDQHFHHQSLHODSUL
PHUDKLODGD7RGDYtDVLQFRQILUPDUSRGUtDVHUHO]yFDORGHXQWRUUHyQVHPLFLU
FXODUDQH[LRQDGR
(VWHSULPHUKDELWiFXORFRPXQLFDSRUVXODGRRHVWHFRQOD+DELWDFLyQ©ª
PHGLDQWHXQDSXHUWDGHPGHDQFKXUDGHODFXDOSXHGHQDSUHFLDUVHHQGHUUXP
EHODVSLHGUDVTXHVLUYLHURQGHGLQWHODODHQWUDGD7LHQHIRUPDWUDSH]RLGDO\
XQDVPHGLGDVGHx x x P/RVPXURVVRQGHXQJURVRUVLPLODU
DODSULPHUD+DELWDFLyQHVWDQGRFRQVWUXLGRVLJXDOPHQWHVREUHODURFDPDGUH
DSUHFLiQGRVHHQHOPXURRHVWHXQVREUHPXURSRVWHULRU(VWHDWHUUD]DPLHQWRGHO
WHUUHQRDQWHXQILUPHFODUDPHQWHGHVQLYHODGRVHHIHFWXyELHQSDUDDVHQWDUSRV
WHULRUPHQWHHOPXURELHQSDUDOHYDQWDUXQDSDUHGGHUHIXHU]RWUDVKDEHUVHUHYHQ
WDGRHOSULPLWLYRPXURFRPRFRQVHFXHQFLDGHODLQFOLQDFLyQGHOWHUUHQR
$PEDV KDELWDFLRQHV SRVLEOHPHQWH FRQIRUPHQ HO Q~FOHR PiV SULPLWLYR GHO
FDPSDPHQWRFRQVWUX\pQGRVHHQXQDSULPHUDIDVH
$ORHVWHGHOD+DELWDFLyQ©ª\DQRVHREVHUYDQLQJ~QWLSRGHFRQVWUXFFLyQ
DQH[DVLQRJUDQGHVEROVDGDVGHFHQL]DVREUHODSURSLDURFDPDGUHFRQUHVWRV
GHFHUiPLFD\DEXQGDQWHVKXHVRVGHDQLPDOHVORTXHSDUHFHLQGLFDUTXHHVWD
PRV DQWH OD SUHVHQFLD GH EDVXUHURV H[WHULRUHV GRQGH VH GHSRVLWDEDQ ORV GHV
SHUGLFLRVTXHVHUtDQDUURMDGRVGHVGHHOLQWHULRUGHOKDELWiFXORSRUDOJ~QYDQR
DELHUWRHQSLVRVVXSHULRUHV
$PEDV KDELWDFLRQHV ©ª \ ©ª FRPXQLFDGDV HQWUH Vt QR WLHQHQ QLQJXQD
VDOLGD DO H[WHULRU QL D GHSHQGHQFLDV DQH[DV OR TXH SDUHFH LQGLFDUQRV TXH OD
HQWUDGDQRHVWDUtDVLWXDGDDSLHOODQRVLQRHOHYDGDVLJXLHQGRODWUDGLFLyQGHORV
FDVWLOORVGHUHFRQTXLVWDDFFHGLpQGRVHDOLQWHULRUPHGLDQWHHVFDOHUDSRUWiWLO
'HWUiVGHOD+DELWDFLyQ©ªWHQHPRVOD+DELWDFLyQ©ªFRQXQPXURFRP~Q
HQWUHDPEDVTXHVHUiHOVXUSDUDOD©ª\HOQRUWHSDUDOD©ª'HHVWD+DELWD
FLyQSRVLEOHPHQWHVXPXURRHVWHFRUUHVSRQGDDODSULPHUDIDVHFRQVWUXFWLYDGHO
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
FDPSDPHQWRPLHQWUDVTXHHOPXURHVWHVHFRQVWUX\ySRVWHULRUPHQWH\DTXHQR
KDFHQOODYHODVSLHGUDVGHOPDPSXHVWRFRQHOPXURTXHLQHUYD7DPSRFRKD\
TXHGHVFDUWDUODSRVLELOLGDGGHTXHQRIXHVHXQPXURSRVWHULRUVLQRXQDGHIL
FLHQFLDWpFQLFDFRQVWUXFWLYDGHORVKRPEUHVGHO&LG
(VWHHVSDFLRFDUHFHGHPXURVXUFRQIRUPDQGRXQKDELWiFXORHQIRUPDGH
©8ªLQYHUWLGD(VWDDXVHQFLDVHSXHGHGHEHUELHQDTXHMDPiVORWXYR\VHSHQ
VyFRQVWUXLUXQDHVSHFLHGHFREHUWL]RFRQDEXQGDQWHDLUHDFLyQRELHQKDGHVD
SDUHFLGR SRU ORV WUDEDMRV GH URWXUDFLyQ GHO FDPSR HQ HO FXDO VH HQFXHQWUD HO
\DFLPLHQWR
6XVPHGLGDVVRQGHx x P\HQpOGHVWDFDODDSDULFLyQGHXQKRJDU
GHFPGHGLiPHWURVLWXDGRDFPGHOPXURHVWHWLHQHIRUPDFLUFXODU\
HVWiDVHQWDGRVREUHODURFDPDGUH\HVWiPROGHDGRFRQEDUURVLQFRFHUXWLOL
]iQGRVHXQJUXHVRGHVJUDVDQWH-XQWRDpO\FRQIRUPDQGRXQiQJXORHQWUHORV
PXURVQRUWH\HVWHDXQRVFPGHOKRJDUDSDUHFLyXQDHQRUPHEROVDGDGH
FHQL]DVHQSROYRGHFPGHJURVRUVLQLPSXUH]DVGHFDUEyQYHJHWDO\FRQ
DEXQGDQWHVPXHVWUDVGHKXHVRVGHDQLPDOHVLQGLFiQGRQRVTXHMXQWRDOKRJDU
SXQWRGHUHXQLyQGHORVFRPHQVDOHVVHGHSRVLWDEDQORVGHVSHUGLFLRVDOLPHQWL
FLRV\FRPEXVWLEOHV
-XQWR D HVWD SHUPDQHQFLD DSDUHFH OD +DELWDFLyQ ©ª FX\R PXUR RHVWH VH
FRUUHVSRQGHFRQHOPXURHVWHGHOD+DELWDFLyQ©ª\FX\RPXURQRUWHFRLQFL
GHFRQHOPXURVXUGHOD+DELWDFLyQ©ª6XVPHGLGDVVRQx x P(VWHHVSDFLRWRGDYtDVLQH[FDYDUHQVXWRWDOLGDGSDUHFHWHQHUXQDHVWUXFWX
UDVLPLODUDODGHVFULWDSDUDOD+DELWDFLyQ©ªDXQTXHGHPRPHQWRVHFDUH]FD
GHPiVGDWRVGHLQWHUpV
&RQSRVWHULRULGDGVHKDQH[FDYDGRGRVKDELWDFLRQHVPiVQXPHUDGDVFRPR
ODV©ª\©ªVLWXDGDVDPEDVHQODSDUWHQRUWHGHO\DFLPLHQWR
/D+DELWDFLyQ©ªWLHQHIRUPDUHFWDQJXORLGHHVWiFRQIRUPDGDHQVXSDUWH
VXUSRUHOPXURQRUWHGHOD+DELWDFLyQ©ªFRQXQDORQJLWXGGHP\XQD
DQFKXUDPHGLDGHFP(OPXURRHVWHGLYLGHODHVWDQFLDGHOD+DELWDFLyQ©ª
\WLHQHXQDORQJLWXGGHP\XQDDQFKXUDPHGLDGHFP6XPXURQRUWH
GHXQDORQJLWXGGHPHVWiOHYDQWDGRFRQWpFQLFDGHFRQVWUXFFLyQPL[WD\D
TXHVXPLWDGL]TXLHUGDGHPDPSXHVWRFDUHDGRLQHUYDHQODURFDPDGUHFRQ
IRUPDQGRODWRWDOLGDGGHOPXUR
/DSDUHGHVWHWDPELpQLQHUYDGDHQODURFDPDGUHSDUHFHFRQIRUPDUHO]yFD
ORGHXQDSRVLEOHWRUUHGHOKRPHQDMHFX\DKLSyWHVLVKDEUiTXHFRQILUPDUFXDQ
GRVHDPSOtHODFXDGUtFXODKDFLDHOHVWHHQVXFHVLYDVFDPSDxDVGHH[FDYDFLyQ
(OHVSDFLRLQWHULRUGHHVWHKDELWiFXORHVH[WUDxRSXHVVHGLYLGHHQGRVXQIRVR
H[FDYDGRHQODURFDPDGUH\XQDSDUWHVREUHHOHYDGDHQODFXDOKDDSDUHFLGRRWUR
KRJDUGHXQRVFPGHGLiPHWUR\VLPLODUHVFDUDFWHULVWLFDVDO\DGHVFULWRGH
OD+DELWDFLyQ©ªGLVWDQGRpVWHFPGHODSDUHGGHODWRUUHGHOKRPHQDMH\
FPGHOIRVR-XQWRDpODSDUHFLRXQDSHTXHxDEROVDGDGHFHQL]DFRQDOJ~QUHV
WRGHFHUiPLFD
/D+DELWDFLyQ©ªVHORFDOL]DDODL]TXLHUGDGHOD+DELWDFLyQ©ªVXPXUR
HVWHFRLQFLGHFRQHORHVWHGHODKDELWDFLyQDQWHULRU\HOPXURVXUVHFRUUHVSRQ
GHFRQHOQRUWHGHOD+DELWDFLyQ©ª/LPLWDHOFDPSDPHQWRSRUVXSDUWHRHVWH
FRQXQPXURFRQVWUXLGRHQODSULPHUDIDVHTXHDOFDQ]DXQDDQFKXUDGHXQPHWUR
HQ YDULRV SXQWRV7RGDYtD QR VH KD HQFRQWUDGR HO PXUR GH FLHUUH VLHQGR VX
)UDQFLVFR-RVp0DUWtQH]*DUFtD
FDUDFWHUtVWLFD SULQFLSDO OD DSDULFLyQ GH GRV VLORV SDUD DOPDFHQDU JUDQR \ DOL
PHQWRVXQRGHHOORV\DHVWiH[FDYDGRHQHOTXHKHPRVSRGLGRUHFRJHUUHVWRV
GHIRUMDFHUiPLFD\XQJUDQFDQWRGHUtR(OVHJXQGRVLORSHUPDQHFHWRGDYtD
VLQH[FDYDU8QDYH]DQDOL]DGDVODVPXHVWUDVUHFRJLGDVHQORVVLORVVDEUHPRV
TXpWLSRGHFHUHDOFRQVXPtDQ\SRUWDQWRODpSRFDGHODxRHQODTXHSHUPDQH
FLHURQHQ7RUUHFLGTXHELHQSXGRVHUSULPDYHUDRYHUDQRVLVXHVWDQFLDFRUUHV
SRQGHFRPRSDUHFHFRQHOSULPHUGHVWLHUURKLVWyULFRGHO&LGHQHODxR
(675$7,*5$)Ì$
(OiUHDH[FDYDGDSUHVHQWDXQVRORQLYHOGHRFXSDFLyQGLYLGLGRHQGLVWLQWRV
HVWUDWRV
VY 0DQWRYHJHWDOGHDFP
D (VWUDWR FRPSXHVWR HQ VX PD\RU SDUWH GH PDPSXHVWR SURFHGHQWH GHO
GHUUXPEUHGHORVPXURVGHXQRVDFPGHSRWHQFLD
D &DSDGHWLHUUDFRPSDFWDTXHSHUWHQHFHDODpSRFDGHRFXSDFLyQGHOFDP
SDPHQWRPDQWLHQHXQDSRWHQFLDGHDFP\DSDUHFHGHSRVLWDGDVREUH
ODSURSLDURFDPDGUH$TXtVXHOHQDSDUHFHUORVUHVWRVGHFHUiPLFDIRU
MDKXHVRVFHQL]DHWF
(VGHVWDFDEOHHQODHVWUDWLJUDItDGHOFDPSDPHQWRODFDSDFDUERQtIHUDDSDUH
FLGDHQOD+DELWDFLyQ©ªGHELGDDOSRVLEOHGHVSORPHGHODFXELHUWD'DWRLQGL
FDWLYRGHXQKDELWiFXORFRQWHFKXPEUHGHPDGHUDPDWHULDPXFKRPiVIiFLOGH
FRQVHJXLUPiVOLJHUD\PiVUiSLGDHQFXDQWRDPRGRGHFRQVWUXFFLyQVHUHILH
UHODFXDOHVPX\SRVLEOHTXHIXHVHTXHPDGDSRUODVSURSLDVJHQWHVGHO&DP
SHDGRUDODEDQGRQDUHOFDPSDPHQWRGHVSORPiQGRVHHQEORTXHSRVWHULRUPHQ
WH (VWH KHFKR TXL]iV VH GHED DO GHVHR GHO &LG GH OODPDU OD DWHQFLyQ GH ORV
PXVXOPDQHVLQGLFiQGROHVVXSDUWLGDRELHQTXLVRHYLWDUXQDUHXWLOL]DFLyQSRV
WHULRUGHOFDPSDPHQWR
0$7(5,$/(6
/2&$/,=$'26
+DVWDHOPRPHQWRWRGRVORVIUDJPHQWRVGHFHUiPLFDDSDUHFLGRVSHUWHQHFHQ
DOWLSRGHQRPLQDGRFHUiPLFDFRP~QGHFRORUHVJULVHVHQVXVGLVWLQWDVJDPDV
KDVWDOOHJDUDOQHJUR\RFUHVWDPELpQHQVXVGLVWLQWDVWRQDOLGDGHV7RGRVHOORV
VRQSHUIHFWDPHQWHHXPDUFDEOHVHQHOVLJOR;,GHQWURGHOWLSRGHFHUiPLFDGHQR
PLQDGR GH ©UHFRQTXLVWDª7DPELpQ KD DSDUHFLGR DOJ~Q IUDJPHQWR DLVODGR GH
©WHUUDVLJLOODWDªURPDQDRGHWUDGLFLyQURPDQDGHVFRQWH[WXDOL]DGRDOLJXDOTXH
XQSRQGXVFHOWLEpULFRIUDJPHQWDGR\TXHPDGRHQXQRGHVXVH[WUHPRV
+DVWDHOPRPHQWRVHKDORFDOL]DGRXQWRWDOGHIUDJPHQWRVGHERUGHV
SLH]DVHQWUHUHVWRVGHFXHOORVORPRVSDQ]DV\FDUHQDVGHHOODVGHFRUDGDV
9,*8(5$0-(OSURIHVRU$ILI7XUNFLWyHQHVWH6LPSRVLRHOYHUDQRFRPRpSRFDHQ
ODFXDOHO&LGSHUPDQHFLyHQHOYDOOHGHO-DOyQ
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
DVDVEDVHVREMHWRVGHIRUMDFiQWDURFDVLFRPSOHWRILFKDVGHFHUi
PLFDERODGHKRQGD\DEXQGDQWHFDUEyQ-XQWRDHVWRQXPHURVRVUHVWRVyVH
RVGHUXPLDQWHV\FRQFKDVGHPROXVFRVSHUWHQHFLHQWHVDDOPHMDVGHUtR\FDUD
FROGHWLHUUD
,19(17$5,2
'( 0$7(5,$/(6
%RUGHV
7RWDO
/iP'HVJUDVDQWHPHGLR\ILQRFRORUQHJURFRFFLyQUHGXFWRUDWRUQROHQWR$SD
UHFLyXQIUDJPHQWRHQHOFXDGUR)· \RWURHQHO'·
/iP'HVJUDVDQWHPHGLRFRORUWLHUUDVLHQDFODURFRFFLyQR[LGDQWHWRUQROHQWR
/iP'HVJUDVDQWHPHGLR\ILQRFRFFLyQUHGXFWRUDFRORUJULVWRUQROHQWR
/iP'HVJUDVDQWHPHGLR\ILQRFRFFLyQUHGXFWRUDFRORUQHJURDFRUGRQDGRKDFLD
HOH[WHULRUWRUQROHQWR
/iP'HVJUDVDQWHPHGLR\ILQRWRUQROHQWRFRFFLyQUHGXFWRUDFRORUJULVDFRUGR
QDGRKDFLDHOH[WHULRU
/iP'HVJUDVDQWHPHGLRFRFFLyQUHGXFWRUDWRUQROHQWRFRORUJULV
/iP'HVJUDVDQWHPHGLR\ILQRFRFFLyQUHGXFWRUDWRUQROHQWRFRORUJULV
/iP 'HVJUDVDQWH ILQR FRFFLyQ UHGXFWRUD WRUQR OHQWR FRORU QHJUR$FRUGRQDGR
KDFLDHOH[WHULRU
/iP'HVJUDVDQWHPHGLR\ILQRFRFFLyQR[LGDQWHFRORUWLHUUDVLHQDFODURWRUQROHQ
WR$SDUHFLGRHQORVFXDGURV(·2&· \2'·
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQR\PHGLRFRORUQHJURFRFFLyQUHGXFWRUD
WRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUJULVFRFFLyQUHGXFWRUD
/iP &HUiPLFD FRP~Q GHVJUDVDQWH ILQR YLGULDGD HQ WRQRV PHODGRV \ YHUGRVRV
6LJORV;,;;;
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUJULVFRFFLyQUHGXFWRUD
/iP&HUiPLFDFRPXQGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUD
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUJULVFRFFLyQUHGXFWRUD
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUJULVQHJURFRFFLyQUHGXFWRUD
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUWLHUUDFRFFLyQR[LGDQWH
/iP&HUiPLFDFRPXQGHVJUDVDQWHPHGLRFRORUJULVQHJURFRFFLyQUHGXFWRUD
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUD
/iP&HUDPLFDFRP~QGHVJUDVDQWHPHGLRFRORURFUHFRFFLyQR[LGDQWH3HUWHQH
FHDXQDYDVLMDJOREXODU
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRPHGLRFRORUWLHUUDVLHQDFRFFLyQR[LGDQ
WHWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUQHJURFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRWRUQRFRORUJULVFODURFRFFLyQUHGXF
WRUD
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUWLHUUDVLHQDFRFFLyQR[LGDQWH
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUQHJURFRFFLyQUHGXFWRUD
)LJXUD
/RVUHVWRVyVHRVKDQVLGRDQDOL]DGRVSRU0DULDQ+HUQiQGH]%DUTXLQHUR
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVH[WHULRU\RFUHLQWHULRU
FRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUQHJURFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHJUXHVRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQR\PHGLRFRORUQHJURFRFFLyQUHGXFWRUD
WRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUQHJURFRFFLyQUHGXFWRUD
/iP &HUiPLFD FRP~Q GHVJUDVDQWH ILQRPHGLR FRORU JULV FRFFLyQ UHGXFWRUD
WRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUQHJURFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQR\PHGLRFRORUQHJURFRFFLyQUHGXFWRUD
WRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP &HUiPLFD FRP~Q GHVJUDVDQWH ILQRPHGLR FRORU JULV FRFFLyQ UHGXFWRUD
WRUQR
/iP &HUiPLFD FRP~Q GHVJUDVDQWH ILQRPHGLR FRFFLyQ UHGXFWRUD FRORU JULV
WRUQR
/iP &HUiPLFD FRP~Q GHVJUDVDQWH ILQRPHGLR FRORU JULV FRFFLyQ UHGXFWRUD
WRUQR
/iP &HUiPLFD FRP~Q GHVJUDVDQWH PHGLR FRORU RFUHWLHUUD FRFFLyQ R[LGDQWH
WRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
3DUWHVLQWHUPHGLDV
7RWDO
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORURFUHVLHQDFODURFRFFLyQR[LGDQ
WH$FDQDODGXUDFHQWUDO
/iP &HUiPLFD FRP~Q GHVJUDVDQWH ILQR FRORU JULV FRFFLyQ UHGXFWRUD /LJHUDV
DFDQDODGXUDV
/iP&HUDPLFDFRP~QGHVJUDVDQWHPHGLR\ILQRFRORUWLHUUDVLHQDFODURFRFFLyQ
R[LGDQWHWRUQROHQWR'HFRUDFLyQSOiVWLFDFRQXQDEDQGDHQUHOLHYHDOUHGH
GRU\FRUGyQWULDQJXODUFRQSHTXHxDDFDQDODGXUDHQODSDUWHVXSHULRU
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVRFUHH[WHULRU\JULVLQWH
ULRUWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORURFUHWLHUUDVLHQDFRFFLyQR[LGDQ
WHWRUQR
/iP &HUiPLFD FRP~Q GHVJUDVDQWH ILQRPHGLR FRORU WLHUUD FRFFLyQ R[LGDQWH
WRUQR
/iP&HUiPLFDFRP~QFRORUJULVGHVJUDVDQWHILQRPHGLRFRFFLyQUHGXFWRUD'H
FRUDFLyQDFDQDODGD
/iP&HUiPLFDFRP~QFRORUJULVGHVJUDVDQWHPHGLRFRFFLyQUHGXFWRUD'HFR
UDFLyQDFDQDODGD
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQR\PHGLRFRORUQHJURFRFFLyQUHGXFWRUD
WRUQROHQWR'HFRUDFLyQDFDQDODGD
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUWLHUUDVLHQDFODURFRFFLyQR[LGDQWH
WRUQROHQWRFRQHQJREH
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
/iP &HUiPLFD FRP~Q GHVJUDVDQWH PHGLR FRORU JULV FRFFLyQ UHGXFWRUD WRUQR
OHQWR&DUHQDFRQGHFRUDFLyQDFDQDODGD
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQR\PHGLRFRORUJULVRVFXURFRFFLyQUHGXF
WRUDWRUQR3DQ]DFRQGHFRUDFLyQDFDQDODGDJUXHVD
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUQHJURFRFFLyQUHGXFWRUD&DUH
QDGHFRUDGDFRQLQFLVLRQHVDSHLQH
/iP&HUiPLFDFRP~QFRORUJULVQHJURGHVJUDVDQWHPHGLRFRFFLyQUHGXFWRUDWRU
QR&DUHQDFRQGHFRUDFLyQDFDQDODGD
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
&DUHQDGHFRUDGDFRQDFDQDODGXUDV
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQR\PHGLRFRORUQHJURFRFFLyQUHGXFWRUD
WRUQR3DQ]DGHFRUDGDFRQSHLQDGRRQGXODGR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUJULVFRFFLyQUHGXFWRUDWRUQR3DQ
]DFRQGHFRUDFLyQSHLQDGD
/iP\&HUiPLFDFRP~QFRORUWLHUUDVLHQDGHVJUDVDQWHPHGLRFRFFLyQR[L
GDQWHWRUQR/RPRFRQH[FLVLRQHVHQODVSUR[LPLGDGHVGHOFXHOOR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORUWLHUUDVLHQDRVFXURFRFFLyQR[L
GDQWHWRUQR&XHOOR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUWLHUUDVLHQDFRFFLyQR[LGDQWH
WRUQR&XHUSR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
&XHOOR
$VDV
7RWDO
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQR\PHGLRFRORUQHJURFRFFLyQUHGXFWRUD
WRUQROHQWR
/iP &HUiPLFD FRP~Q GHVJUDVDQWH PHGLR FRORU JULV FRFFLyQ UHGXFWRUD WRUQR
OHQWR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUQHJURFRFFLyQUHGXFWRUDWRUQR
OHQWR)UDJPHQWRGHFDUHQDDVLHQWRGHDVD
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQRFRORURFUHWLHUUDFRFFLyQR[LGDQWHWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
$UUDQTXHGHDVD
/iP&HUiPLFDFRP~QGHVJUDVDQWHJUXHVRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
%DVHV
7RWDO
/iP &HUiPLFD FRP~Q GHVJUDVDQWH PHGLRJUXHVR FRORU JULV H[WHULRU \ WLHUUD
VLHQDLQWHULRUFRFFLyQUHGXFWRUD
/iP &HUiPLFD FRP~Q GHVJUDVDQWH PHGLR FRORU JULV FRFFLyQ UHGXFWRUD WRUQR
OHQWR
/iP&HUiPLFDURPDQDRGHWUDGLFLyQURPDQDGHVJUDVDQWHILQRFRORUWLHUUDVLH
QDIXHUWHFRFFLyQR[LGDQWH7HUUDVLJLOODWD
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFODURLQWHULRU\QHJURSRU
ODDSUR[LPDFLyQDOIXHJRHQHOH[WHULRUFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRJUXHVRFRORUWLHUUDVLHQDFRFFLyQR[L
GDQWHWRUQR
/iP &HUiPLFD FRP~Q GHVJUDVDQWH PHGLR FRORU JULV FODUR FRFFLyQ UHGXFWRUD
WRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRJUXHVRFRORUWLHUUDFRFFLyQR[LGDQWH
(QJREH H[WHULRU \ UHVWRV GH TXHPDGXUD HQ VX SDUWH LQWHULRU 3XHGHQ DSUH
FLDUVHODVSHTXHxDVSDWDVDSH]RQDGDVGHOUHFLSLHQWH
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQR\PHGLRFRORUJULVFRFFLyQUHGXFWRUD
WRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHJUXHVRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORURFUHLQWHULRU\QHJURH[WHULRU
FRFFLyQUHGXFWRUDVLQDFDEDUHOSURFHVRWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHILQR\PHGLRFRORUWLHUUDVLHQDFRFFLyQR[L
GDQWHWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHJUXHVRFRORURFUHLQWHULRU\JULVH[WHULRU
FRFFLyQR[LGDQWHVLQDFDEDUHOSURFHVRWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDURPDQDRGHWUDGLFLyQURPDQDGHVJUDVDQWHILQRFRORURFUHWLHUUD
FRFFLyQR[LGDQWHWRUQR3HUWHQHFHDXQIUDJPHQWRGHWHUUDVLJLOODWD
/iP&HUiPLFDFRP~QGHVJUDVDQWHPHGLRFRORUJULVFRFFLyQUHGXFWRUDWRUQR
/iP&HUiPLFDURPDQDRGHWUDGLFLyQURPDQDGHVJUDVDQWHILQRFRORURFUHWLHUUD
FRFFLyQR[LGDQWHWRUQR3HUWHQHFHDXQUHFLSLHQWHGHWHUUDVLJLOODWD
)RUMD
7RWDO
/iP3RVLEOHFODYRPPGHORQJLWXG
/iP3RVLEOHFXFKLOORSDUDUDVFDUSLHOHVIUDJPHQWDGR
/iP&ODYRPP
/iP&ODYRPP
/iP&ODYRPP
/iP3XQWDGHIOHFKD
/iP 5HPDFKH$SODVWDGR \ FRQ RMDO FHQWUDO 0HGLGDV PP GH ODUJR PP
DQFKRGHSLHODUJRFDEH]DPP\DQFKRFDEH]DPP
/iP+LHUURGHGLItFLOLGHQWLILFDFLyQPPGHODUJR
/iP(VODEyQGHFDGHQD
/iP3DVDGRUGHFDGHQD
/iP(VODEyQGHFDGHQDPX\GHWHULRUDGR
/iP)UDJPHQWRGHKLHUURVLQFODUDGHILQLFLyQ
/iP5HPDFKH
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
3LH]DVYDULDV
7RWDO
/iP3RQGXVGHEDUURFRFLGRFRORUWLHUUDVLHQDFRQRULILFLRFLUFXODUTXHWUDVSD
VDORVODGRVODWHUDOHV(QVXFDUDVXSHULRUDSDUHFHGHFRUDFLyQLQFLVDHQIRU
PDGHDVSD(VWiIUDJPHQWDGRSRUODPLWDG
/iP)LFKDGHMXHJRGHFHUiPLFDUHDSURYHFKDGD
/iP)LFKDGHMXHJRGHFHUiPLFDUHDSURYHFKDGD3UHVHQWDDFDQDODGXUDV
$GHPiVGHORGHVFULWRDQWHULRUPHQWHPHUHFHODSHQDFRQVWDWDUODSUHVHQFLDGH
³8QDFRQFKDGHFDUDFROGHWLHUUDXQDFRQFKDGHFDUDFROD\WUHVFRQFKDV
GHDOPHMDGHUtR
³&LQFRFDQWRVGHUtRXQRGHHOORVFRQHVWUXFWXUDDQDWyPLFD\VHxDOHVGH
XVRSDUDPDFKDFDURDILODUSRUWUHVGHVXVFDUDV
³7UHVILFKDVGHMXHJRDGHPiVGHODVGHWDOODGDVDQWHULRUPHQWHXQDGHHOODV
GHSLHGUDFDOL]D
³8QDEROVDGDGHVHPLOODVGHFHUHDODOSDUHFHUGHpSRFDUHFLHQWHWUDVOD
GDGDVSRUDFFLyQDQLPDO
³8QDERODGHSORPR
³8QPROLQREDUTXLIRUPH
³&iQWDURFDVLFRPSOHWRFRQDXVHQFLDGHERFDFXHOOR\SDUWHGHODVD6XV
SHGD]RVDSDUHFLHURQGLVWULEXLGRVHQWUHORVFXDGURV%· \%·&RORU
H[WHULRUWLHUUDRVFXURLQWHULRUJULVGHVJUDVDQWHPHGLRWRUQROHQWR\GLJL
WDFLRQHVHQODEDVH/iP
3,(=$6
'( &(5É0,&$ $3$5(&,'$6 +$67$ (/ 020(172
7RWDOERFDV\ERUGHV
7RWDOSLH]DVLQWHUPHGLDVGHOUHFLSLHQWH
7RWDODVDV
7RWDOEDVHV
7RWDOSLH]DVGHFHUiPLFD
&21&/86,Ð1
),1$/
(O&LGDFRPSDxDGRGHFDEDOOHURV\SHRQHVVHJ~QGDWRVGHO&DQ
WDUHQODSULPDYHUDYHUDQRGHODxRWUDVVHUGHVWHUUDGRSRU$OIRQVR9,
SHQHWUDHQHOUHLQRPRURGH=DUDJR]DVLJXLHQGRHOFXUVRGHOUtR-DOyQLQVWD
OiQGRVH HQ XQ PRQWtFXOR HVWUDWpJLFDPHQWH SHUIHFWR SDUD VXV DFWLYLGDGHV JXH
UUHUDVTXHGHVGHHQWRQFHVVHOODPy2WHURGHO&LG\SRVWHULRUPHQWH7RUUHFLG$OOt
PDQGy FRQVWUXLU XQ FDPSDPHQWR RSHUDWLYR GHVGH HO FXDO VH SODQLILFDEDQ ODV
RSHUDFLRQHVGHUDSLxDHQODVSREODFLRQHVYHFLQDV
(VWHFDPSDPHQWRDKRUDHQIDVHGHH[FDYDFLyQHVWiOHYDQWDGRFRQWpFQLFDV
WUDGLFLRQDOHVPXURVGHPDPSXHVWRFDUHDGRVXMHWRVFRQPRUWHURGHEDUURGLV
WULEXLGRVHQXQDVHULHGHGHSHQGHQFLDVWRGDYtDVLQGHWHUPLQDUEDMRHOSURWHFWRUD
)UDQFLVFR-RVp0DUWtQH]*DUFtD
GRGHXQDWRUUHGHOKRPHQDMHGHODFXDOKDQDSDUHFLGRVXVFLPLHQWRV7RGRHO
FDPSDPHQWRVHSURWHJHFRQXQIRVRTXHURGHDDOSHTXHxRSREODGR\TXHKR\
WRGDYtDSXHGHDSUHFLDUVHHQODV]RQDVGRQGHODVURWXUDFLRQHVKDQVLGRPHQRV
LQWHQVDV
0HGLDQWH ORV WUDEDMRV HIHFWXDGRV VDEHPRV TXH XWLOL]DQ XQ WLSR GH YDMLOOD
FRP~QHQHOVLJOR;,GHFRORUHVJULVHV\RFUHVFRQSDQ]DVJOREXODUHV\ERU
GHV HQ VX PD\RU SDUWH YXHOWRV KDFLD HO H[WHULRU 4XH HO WLSR GH DOLPHQWDFLyQ
HVWDEDEDVDGRSULQFLSDOPHQWHHQODLQMHVWLyQGHUXPLDQWHVFDSULQRYDFXQR\
RYLQRDOPHMDVGHUtR\FDUDFROGHWLHUUD\FHUHDOFRPRHOWULJR\ODFHEDGDWUL
WXUDGRV HQ PROLQRV EDUTXLIRUPHV FRPR HO DSDUHFLGR HQ OD +DELWDFLyQ ©ª \
DOPDFHQDGRHQVLORVFRPRORVDSDUHFLGRVHQOD+DELWDFLyQ©ª
(OWLSRGHYLGDFHQWUDGRHQGLVSHUVRVKiELWDWVFRPRORGHPXHVWUDODDSDUL
FLyQGHYDULRVKRJDUHVDOWHUQDUtDODHVWDQFLDHQYLYLHQGDHVWDEOHMXQWRDODSUR
SLDGHODWLHQGDGHFDPSDxDDEDQGRQDQGRORVGHVSHUGLFLRVFXOLQDULRVHQEDVX
UHURVDOH[WHULRU
'XUDQWHHOWLHPSRGHHVSHUDKDVWDWRPDU$OFRFHUODVROGDGHVFDRFXSDUtDVX
WLHPSROLEUHHQGHWHUPLQDGRVMXHJRVFRPRORSUXHEDODH[LVWHQFLDGHILFKDV
UHDOL]DGDVDSURYHFKDQGRORVFDVFRWHVGHSLH]DVGHYDMLOODURWD
3RU~OWLPRSDVDGRXQSHULRGRGHWLHPSRLQGHWHUPLQDGRSRUHOPRPHQWR\
FLIUDGRHQTXLQFHVHPDQDVSRUHO&DQWDUFREUDGDVODVSDULDVDODVSREODFLRQHV
YHFLQDV\XUGLGRHOSODQSDUDFRQTXLVWDU$OFRFHUODVKXHVWHVGHO&LGUHFRJHQ
FXLGDGRVDPHQWHVXVSHUWHQHQFLDVDEDQGRQDQGR~QLFDPHQWHORLQVHUYLEOH\WUDV
LQFHQGLDUOD+DELWDFLyQ©ªILQJHQXQDSUHFLSLWDGDKXLGDDJXDVDEDMRGHO-DOyQ
(OUHVXOWDGRILQDOVHUHVXPHFRQODWRPDGH$OFRFHU
%,%/,2*5$)Ì$
$5(1$6 /Ð3(=$2ULJHQGHOPX\LOXVWUHVHxRUtRGH0ROLQDGH$UDJyQ0DGULG
&$&+2 %/(&8$-0©(OHVSDFLRHQHO&DQWDUGH0LR&LGª=XULWDSS
&255$/ /$)8(17(-/\(6&5,%$12 6É1&+(=-&©(ORELVSDGRGH7DUD]RQD
HQHOVLJOR;,9(OOLEURFKDQWUH,'RFXPHQWDFLyQª7XULDVR,7DUD]RQDSS
&255$/ /$)8(17( \ 0$57Ì1(= *$5&Ì$ ©*HRJUDItD H +LVWRULD HQ HO 3RHPD GH
0LR&LGODORFDOL]DFLyQGH$OFRFHUª=XULWDSS
&5,$'2 '( 9$/0©*HRJUDItDWRSRQLPLDHLWLQHUDULRVGHO&DQWDUGH0LR&LGª
=HLWVFKULIWIU5RPDQLVFKH3KLORORJLH&;;;9,SS
'8**$1-RVHSK©7KH&DQWDUGH0LR&LGª3RHWLFFUHDWLRQLQLWV(FRQRPLFDQG
6RFLDO &RQWH[WV &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV &DPEULGJH 6WXGLHV LQ
0HGLHYDO/LWHUDWXUH
(3$/=$0LNHOGH©(O&LG (O/HyQ¢(StWHWRiUDEHGHO&DPSHDGRU"ª+LVSDQLF
5HYLHZYROQž:LQWHU
³©&RQVWLWXFLyQGH5iELWDVHQODFRVWDGH$OPHUtD6XIXQFLyQHVSLULWXDOªHQ
+RPHQDMHDO3DGUH7DSLD,(QFXHQWURGH&XOWXUD0HGLWHUUiQHD$OPHUtD
(3$/=$0LNHOGH\*8(//28=6X]DQQH/H&LGSHUVRQQDJHKLVWRULTXHHOOLWWp
UDLUH3DUtV0DLVRQQHXYHHW/DURVH
*25',//2 &285&,(5(6-RVp/XLV©/RFDOL]DFLyQ\GHVFULSFLyQGHGRVFDVWURV\
GRVFDVWLOORVHQODUXWDGHO&LG&DPSHDGRUª&DVWLOORVGH(VSDxDQž
+,/7<*©(O&LGHQ$OFRFHUªHQ2UWLV0HGLDHYDOLV0pODQJHVGH/DQJXHHW/LW
WpUDWXUH0pGLpYDOHVRIIHUWVj5HWR5DGXROI%H]]ROD%HUQDSS
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
+255(17-©7UDGLWLRQSRpWLTXHGX´&DQWDUGH0LR&LGµDX;,,VLHFOHª&DKLHUV
GH&LYLOLVDWLRQ0pGLpYDOH9,,&DHQSS
³©/RFDOLVDWLRQGX&DQWDUGH0LR&LGªHQ0pODQJHVRIIHUWVD5HQp&UR]HW,
3RLWLHUVSS
³+LVWRULD\SRHVtDHQWRUQRDO&DQWDUGHO&LG%DUFHORQD
/$&$55$0((O3RHPDGH0LR&LGUHDOLGDGKLVWyULFDHLGHRORJtD(G3RUUXD
0DGULG
/Ð3(= (675$'$)3DQRUDPDFUtWLFRVREUHHO3RHPDGH0LR&LG0DGULG
0$&.$<$/D(VSDxDGHOD(GDG0HGLDGHVGHODIURQWHUDDOLPSHULR
0DGULG
0$*$//Ð1 %27$<$0$©%LOELOLV\ODUHGYLDULDURPDQDª3ULPHU(QFXHQWUR
GH(VWXGLRV%LOELOLWDQRV&DODWD\XG
³/DUHGYLDULDURPDQDHQ$UDJyQ=DUDJR]D
0$57Ì1 %8(120©$UTXHRORJtDGHODFRPDUFDELOELOLWDQD$FWXDOL]DFLyQª6H
JXQGR(QFXHQWURGH(VWXGLRV%LOELOLWDQRV&DODWD\XGSS
0$57Ì1(= =255$48,120$©3UREOHPDVOLQJtVWLFRVHQHO&DQWDUGH0LR&LGª
=XULWDQž=DUDJR]DSS
0 $57Ì1(= * $5&Ì$ ) - ©0HWRGRORJtD SDUD OD ORFDOL]DFLyQ GH XQ \DFLPLHQWR
PHGLHYDODWUDYHVGHORVGH´(O7RUUHFLGµ\$OFRFHUª$FWDVGHODV,9 -RUQDGDVVREUH
0HWRGRORJtDGHOD,QYHVWLJDFLyQ&LHQWtILFDVREUH)XHQWHV$UDJRQHVDV=DUDJR]DSS
³©(O\DFLPLHQWRPHGLHYDOGH´(O7RUUHFLGµ6tQWHVLVGHODSULPHUDFDPSDxDGH
H[FDYDFLyQª$FWDVGHOHVWDGRDFWXDOGHOD$UTXHDORJtDHQ$UDJyQ,)&=DUDJR]D
0(1e1'(= 3,'$/5&DQWDUGH0LR&LGYROV0DGULG
³(O&DQWDUGHO&LG0DGULG
0,&+$(/,©*HRJUDSKLFDOSUREOHPVLQWKH´3RHPDGH0LR&LGµ,7KHH[LOHURX
WHªHQ0HGLHYDO+LVSDQLF6WXGLHVSUHVHQWHGWR5LWD+DPLOWRQ/RQGUHVSS
0217$1(5 )58726$©/DWRPDGH$OFRFHU1XHYDVUHIOH[LRQHVVREUHXQHSLVRGLRGH
0LR&LGª%ROHWtQ,QIRUPDWLYRGHOD$&0LJXHO0DUWtQH]GHO9LOODUGH0DODQTXL
OODGHRFWXEUHGHSS
³©(O&LG0LWR\VtPERORª%ROHWtQGHO0XVHRH,QVWLWXWR&DPyQ$]QDU;;9,,
SS
257(*$)%UHYHUHVHxDKLVWyULFDGHODYLOODGH$WHFD&DODWD\XG
3$77,621'*©7KH&LGDQG$OFRFHUª%XOOHWLQRI+LVSDQLF6WXGLHV;/SS
5$06'(1+©7KHWDNLQJRI$OFRFHUª%XOOHWLQRI+LVSDQLF6WXGLHV;;;9,SS
5,&+7+2)(1(YRQ©/D´KLVWRULFLGDGµGHODFDPSDxDGH$OFRFHUHQHO´3RHPD
GHO&LGµªHQ/tPLWHVGHODFUtWLFDOLWHUDULD\$QDOHFWDVGH)LORORJtDFRPSDUDGD%DU
FHORQDSS
5866(//3(©:KHUHZDV$OFRFHU´&DQWDUGH0LR&LGµ"ª+RPH
QDMHD-$9DQ3UDDJ$PVWHUGDPSS5HHGHQ7HPDVGHOD&HOHVWLQD
%DUFHORQD
6$/9$'25 0$57Ì1(=+(O´3RHPDGH$OPHUtDµ\ODpSLFDURPiQLFD0DGULG
60,7+&ROLQ/DFUHDFLyQGHO3RHPDGH0LR&LG%DUFHORQD
785.$(OUHLQRGH=DUDJR]DHQHOVLJOR;,GHVSXpVGH&ULVWR9 GHOD+pJL
UD0DGULG
8%,(72$(O3RHPDGH0LR&LG\DOJXQRVSUREOHPDVKLVWyULFRV9DOHQFLD
9,*8(5$ 02/Ì160-$UDJyQPXVXOPiQ=DUDJR]D
)UDQFLVFR-RVp0DUWtQH]*DUFtD
),*9LVWDGH7RUUHFLGGHVGHODYHUWLHQWHVXU
),*5HVWRVGHODFWXDOGHVSREODGRGH$OFRFHU
),*3ULPLWLYRPXURGHODWRUGHO\DFLPLHQWRGH7RUUHFLG
),*+DELWDFLyQQž
)UDQFLVFR-RVp0DUWtQH]*DUFtD
),*+DELWDFLyQQž
),*+DELWDFLyQQž9pDVHODFRFLQDMXQWRDOPXUR
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
),*+DELWDFLyQQž$ ODGHUHFKDDSDUHFHHO]yFDORGHOWRUUHyQ
),*+DELWDFLyQQž6HSXHGHQDSUHFLDUORVGRVVLORVDSDUHFLGRVKDVWDHOPRPHQWR
)UDQFLVFR-RVp0DUWtQH]*DUFtD
),*%DVHGHODWRUUHGHOKRPHQDMH
),*%RUGHFHUiPLFDFRP~QGHFRORUJULVPX\FRUULHQWHHQWUHODVDSDUHFLGDVHQODH[FDYDFLyQ
),*0ROLQREDUTXLIRUPHHPSOHDGRSRUORVKRPEUHVGHO&LGSDUDPROHUJUDQR
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
)UDQFLVFR-RVp0DUWtQH]*DUFtD
),*&iQWDURGHFHUiPLFDFRP~QFDVLFRPSOHWR
(ORWHURGHO&LGRFHUUR7RUUHFLGHQFODYHPLOLWDUGHO&DPSHDGRUHQHOYDOOHGHO-DOyQ
),*9LVWDJHQHUDOGHO\DFLPLHQWRHQGLUHFFLyQQRUWHVXU
),*(VWUDWLJUDItDH[WHULRUGHOFDPSDPHQWRHQODWHUDORHVWH)RWRJUDItDV)UDQFLVFR0DUWtQH]
(/ 352%/(0$ '(/$ +,6725,&,'$'
'(/ &$17$535,0(52'(638e6
'(/ '(6&8%5,0,(172'($/&2&(5
325
*(52/' +,/7<
8QLYHUVLGDGGH=XULFK
(QSXEOLTXpXQDUWtFXORWLWXODGR©(O&LGHQ$OFRFHUªHQHOFXDOHVWX
GLpWDQWRORVDVSHFWRVJHRJUiILFRVGHOHSLVRGLRGH$OFRFHUFRPRORVKLVWyULFRV
'LFKRHSLVRGLRRFXSDFRQVXVYHUVRVPiVGHXQFXDUWRGHO&DQ
WDU3ULPHURGHO3RHPDGH0LR&LG(QFXDQWRDODJHRJUDItDDFHSWpODLGHQWL
ILFDFLyQGH$OFRFHUFRQ&DVWHMyQGHODV$UPDVSURSXHVWD\DHQSRU$
$UHQDV/ySH]VRVWHQLGDQXHYDPHQWHVLQFRQRFLPLHQWRGHODSULPHUDSURSXHVWD
SRU0DQXHO&ULDGRGH9DOHQ\DFHSWDGDVHLVDxRVPiVWDUGHSRU,DQ0L
FKDHO6LDOLGHQWLILFDU$OFRFHUFRQ&DVWHMyQGHODV$UPDVHVWDED\RGHDFXHU
GRFRQ&ULDGRGH9DO\0LFKDHOGLIHUtDGHHOORVHQODORFDOL]DFLyQGHO©RWHUR
UHGRQGRIXHUWHHJUDQGªIRUWLILFDGRSRUHO&LG0LHQWUDVTXH&ULDGRGH9DOOR
KDEtDLGHQWLILFDGRFRQHO&HUUR7RUUHFLO TXHVLQHPEDUJRQRVHSHUFLEHGHV
GH&DVWHMyQGHODV$UPDV\0LFKDHOFRQHO&HUURGHODV'HKHVLOODVHQODRUL
OODL]TXLHUGDGHOULR3LHGUDSURSXVHLGHQWLILFDUHORWHURGHO&LGFRQHOFHUUR
TXHDXQNLOyPHWURDOHVWHGH&DVWHMyQVHHOHYDDXQDDOWLWXGGHPHWURV
GRPLQDQGRHIHFWLYDPHQWH&DVWHMyQ\HQFLHUWRPRGRWDPELpQ$WHFD\ODYHJD
GHO-DOyQSiJ
1RRPLWtDOJXQRVSXQWRVSUREOHPiWLFRVGHODVLGHQWLILFDFLRQHVSURSXHVWDV
SRUPtIRUPXODQGRHVWDVSUHJXQWDV
³¢&yPRHVSRVLEOHTXHORVVLWLDGRUHVYDOHQFLDQRVFRUWDVHQDO&LGHODJXD
VLHQGRDVtTXHHOUtR3LHGUDDWUDYLHVD&DVWHMyQ¢$OFRFHU"6LHUDWDQIiFLO
,Q2UELV0HGLDHYDOLV0pODQJHVGHODQJXHHWGHOLWWpUDWXUHPpGLpYDOHVRIIHUWVj5HWR5DGXROI
%H]]RODjO·RFFDVLRQGHVRQTXDWUHYLQJWLqPHDQQLYHUVDLUH%HUQHSS
9pDVH*+,/7<RSFLWSQRWD
9pDVH=HLWVFKULIWIU5RPDQLVFKH3KLORORJLHS
9pDVHODQRWDDOYHUVRHQVXHGLFLyQGHO3RHPDGH0LR&LG&OiVLFRV&DVWDOLD
(OSUREOHPDGHODKLVWRULFLGDGGHOFDQWDUSULPHURGHVSXpVGHOGHVFXEULPLHQWRGH$OFRFHU
FRUWDUHODJXDDORVKDELWDQWHVGH$OFRFHU¢FyPRQRVHOHRFXUULyWDP
ELpQDO&LGKDFHUORGXUDQWHODVVHPDQDVTXHHVWXYRHQHOFHUURIRUWL
ILFDGRHVSHUDQGRTXHORVGH$OFRFHUVHULQGLHVHQ"
³¢3RUTXpWLHQHLQWHUpVHO&LGHQFRQTXLVWDU$OFRFHUH[SRQLpQGRVHDVtDO
JUDQ SHOLJUR GH VHU VLWLDGR \D TXH QR TXLHUH TXHGDUVH HQ OD YHJD GHO
-DOyQ"3RUORYLVWRHO&LGLQFOXVRGHVSXpVGHVXJUDQYLFWRULDQRTXL
VRRQRSXGRRFXSDUHVDYHJD$WHFD7HUUHU\&DODWD\XGTXHGDQHQPDQRV
GHORVPRURV\$OFRFHU©HVWLHUUDDQJRVWDHVREHMDQDGHPDODªYHUVR
3RUHVRYHQGHORTXHKDFRQTXLVWDGROOHJDQGRDVtDXQUHVXOWDGR
TXHQRGLILHUHWDQWRGHDTXpOTXHKDEtDDOFDQ]DGR\DSRUODVSDULDVTXH
OHSDJDEDQ$OFRFHU$WHFD\7HUUHU
³¢3RUTXpHO&LGVHHPSHxDHQWRPDU$OFRFHUFXDQGRGHVGHVXHQWUDGDHQ
HOUHLQRGH=DUDJR]DKDEtDHOXGLGRFRQIURQWDFLRQHVPLOLWDUHVLPSRUWDQ
WHVFRQWHQWiQGRVHFRQVDFDUGHORVPRURVORTXHOHKDFtDIDOWDSDUDVXE
VLVWLU"SS
(QFXDQWRDODKLVWRULFLGDGGHOHSLVRGLRGLMHHVWR©6LHOSDVRGHO&LGSRU
HOYDOOHGHO-DOyQHQHVSUREDEOHPHQWHKLVWyULFRODFRQTXLVWDGH$OFRFHU
&DVWHMyQGHODV$UPDVQRORHVFRQHOPLVPRJUDGRGHSUREDELOLGDG+LV
WyULFDPHQWHHO&LGGHVWHUUDGRSDUHFHKDEHUSDVDGRSRUHOUHLQRGH=DUDJR]DVLQ
JUDQGHVFRPEDWHVSURFXUiQGRVHVyORORTXHOHKDFtDIDOWDSDUDSRGHUVXEVLVWLU
pO\VXPHVQDGD/DFRQTXLVWDGH$OFRFHULUtDPiVOHMRVªS1RPHSDUH
FLyLQGLVSHQVDEOHDGPLWLU³KLVWyULFDPHQWH³PiVTXHHOPHURSDVRGHO&LGSRU
HOYDOOHGHO-DOyQVDTXHDQGR\SLGLHQGRSDULDV'HWRGDVPDQHUDVH[FOXtODKLV
WRULFLGDGGHODJUDQEDWDOODSURYRFDGDSRUODFRQTXLVWDGH$OFRFHU
3RURWURODGROODPpODDWHQFLyQVREUHHOKHFKRGHTXHODQDUUDFLyQFRQWHQtD
WDPELpQ HOHPHQWRV TXH SRGtDQ UHODFLRQDUVH FRQ OD YLGD KLVWyULFD DQWHULRU GHO
KpURH\TXHDORPHMRUKDEUtDTXHEXVFDUODEDVHKLVWyULFDGHOFHUFR\GHODEDWD
OODGH$OFRFHUHQXQDH[SHGLFLyQPLOLWDUGHO&LGFRPRDOIpUH]GH6DQFKR,,FRQ
WUD HO UHLQR PXVXOPiQ GH =DUDJR]D HQ FDPSDxD HQ OD FXDO 3HxDOFi]DU
FRQVXSRVLFLyQGRPLQDQWH\SULYLOHJLDGDKDEtDGHVHPSHxDGRXQSDSHOLPSRU
WDQWH©1RPHSDUHFHLPSRVLEOH³HVFULEt³TXHODJXHUUDGHKD\DSUR
GXFLGRXQFDQWRQRWLFLHURVREUHKD]DxDVGHO&LGHQODUHJLyQGH$OFi]DU\TXH
HVWHFDQWRIXHUDDSURYHFKDGRSRUHO3RHPDHQUHODFLyQFRQHOUHODWRGHODFRQ
TXLVWDGH$OFRFHUHIHFWXiQGRVHXQWUDVODGRP~OWLSOHFX\RSXQWRGHSDUWLGDIXH
HOSDUHFLGRHQWUHORVQRPEUHVGH$OFRFHU\$OFi]DUªS
(QHOPLVPRDxRGHVHSXEOLFyRWURHVWXGLRVREUHHOHSLVRGLRGH$OFR
FHUHOGH3(5XVVHOOWLWXODGR1XHYDVUHIOH[LRQHVVREUHHO$OFRFHUGHO©3RH
PD GH 0LR &LGª 0LHQWUDV TXH \R KDEtD LQWHQWDGR LQWHUSUHWDU HO HSLVRGLR GH
$OFRFHUFRPRXQDFUHDFLyQSRpWLFDJHQLDOTXHFRPELQDEDUHDOLVPRKLVWyULFR
JHRJUiILFR FRQ ILFFLyQ OLWHUDULD DSURYHFKDQGR TXL]iV XQ FDQWR FLGLDQR SUHH
[LVWHQWH\VLJXLHQGRPRGHORVpSLFRVHQODGHVFULSFLyQGHODEDWDOOD5XVVHOVH
LQFOLQDDFRQVLGHUDUHOHSLVRGLRHQWHURFRPRLQYHQFLyQGHOSRHWD<DTXHWRGRV
ORVLQWHQWRVGHLGHQWLILFDU$OFRFHUHQRSLQLyQGH5XVVHOOKDEtDQIUDFDVDGRpVWH
,Q3(5866(//7HPDVGH©/D&HOHVWLQDª\RWURVHVWXGLRV'HO©&LGªDO©4XLMRWHª%DUFH
ORQDSS
*HUROG+LOW\
SRQHHQGXGDLQFOXVRODH[LVWHQFLDGHOOXJDU©/DPD\RUSDUWHGHORVGDWRVGLV
FXWLGRVHQODVSiJLQDVSUHFHGHQWHVSDUHFHQFRQGXFLUDODFRQFOXVLyQGHTXHWRGR
HOHSLVRGLRGH$OFRFHUWDQWRVXORFDOL]DFLyQFRPRORVDFRQWHFLPLHQWRVVXSXHV
WDPHQWHGHVDUUROODGRVDOOtHVPX\SUREDEOHPHQWHXQDLQYHQFLyQGHOSRHWD³XQD
HILFD]ILFFLyQSRpWLFDUHTXHULGDSRUODHVWUXFWXUDpSLFD\SRUORVILQHVPRUDOHV
\HMHPSODUHVTXHpOVHSURSRQH(QHVWRVHSDUHFHUtDDRWURVHSLVRGLRVFODUD
PHQWHILFWLFLRVFRPRODVSULPHUDVERGDVGHODVKLMDVGHO&LGODDIUHQWDGH&RU
SHVODVFRUWHVGH7ROHGRHWF³3DUDUHFKD]DUHVWDKLSyWHVLVODFUtWLFDFLGLD
QDWUDGLFLRQDOVLQGXGDFRQWUDSRQGUiODH[DFWLWXGJHRJUiILFDGHO30&DOQDUUDU
ODDFWXDFLyQGHVXKpURHHQHOYDOOHGHO$OWR-DOyQDQWHV\GHVSXpVGHODWRPD
GH$OFRFHU1RYHR\RSRUTXpHQSULQFLSLRODH[DFWLWXGJHRJUiILFDKDGHJDUDQ
WL]DUODH[DFWLWXGKLVWyULFD$XQDGPLWLHQGRTXHHOSRHWDFRQRFLHUDGHSULPHUD
PDQRODFDUUHWHUDPHGLHYDO6LJHQ]D=DUDJR]DHQVXWUHFKR$UL]D&DODWD\XG
HVDDGPLVLyQQRHVWDEOHFHQHFHVDULDPHQWHQLODH[LVWHQFLDFHUFDGH$WHFDGHXQ
FDVWLOOROODPDGR$OFRFHUQLODKLVWRULFLGDGGHOHSLVRGLRUHODFLRQDGRFRQpO,QFOX
VRSXHGHSHQVDUVHSRUHOFRQWUDULRTXHHOSRHWDPDQHMDPX\HILFD]PHQWHOD
WRSRQLPLDYHUGDGHUDGHOYDOOHFRQHOILQGHSUHVWDUYHURVLPLOLWXGDOHSLVRGLRILF
WLFLRTXHSODQHDªS
(QODPLVPDOtQHDHVWiODWHRUtDGH&ROLQ6PLWKH[SXHVWDHQQXPHURVRVHV
WXGLRV\UHVXPLGDHQVXOLEUR7KHPDNLQJRIWKH©3RHPDGH0LR&LGªGH
(QODWUDGXFFLyQHVSDxRODGHHVWHOLEURSXEOLFDGDGRVDxRVPiVWDUGHOHHPRV
©$OFRFHUQRH[LVWHPiVTXHHQORVYHUVRVGHOSRHWDSHURpVWHORXELFyHQXQ
HVFHQDULRSHUIHFWDPHQWHUDFLRQDOHQHOYDOOHGHO-DOyQ/DEXVFDGH$OFRFHUSRU
FUtWLFRV TXH FRPSDUWHQ ODV FUHHQFLDV KLVWRULFLVWDV KD VLGR DUGXD \ YDQD SDUD
GLYHUVLyQQXHVWUDªS
/DVLWXDFLyQFDPELyUDGLFDOPHQWHHQHODxR-RVp/XLV&RUUDO/DIXHQ
WH\)UDQFLVFR0DUWtQH]*DUFtDGLHURQDFRQRFHUORVUHVXOWDGRVGHVXVLQYHVWLJD
FLRQHVDFHUFDGH$OFRFHU\GHO2WHURGHO&LGSULPHURHQDUWtFXORVGHSHULyGL
FRV\OXHJRHQXQDFRQIHUHQFLDSURQXQFLDGDHQRFWXEUHGHHQ=DUDJR]D
GHQWUR GH XQ FLFOR GHGLFDGR DO 3RHPD GHO &LG RUJDQL]DGR SRU OD ,QVWLWXFLyQ
)HUQDQGRHO&DWyOLFRFRQIHUHQFLDWLWXODGD©*HRJUDItDHKLVWRULDHQHO3RHPD
GH0LR&LG/DORFDOL]DFLyQGH$OFRFHUª\SXEOLFDGDKDFHGRVDxRVHQOD5HYLV
WDGH+LVWRULD-HUyQLPR=XULWD3DUDPtQRTXHGDGXGD$OFRFHUH[LVWLy\VHJ~Q
WRGDSUREDELOLGDGHO&LGWXYRVXEDVHPLOLWDUGXUDQWHDOJ~QWLHPSRHQHOFHUUR
TXHKR\VHOODPD7RUUHFLO
&ODURHVWiTXHKHWHQLGRTXHUHYLVDUPLRSLQLyQHQDOJXQRVSXQWRV\DEDQ
GRQDUODLGHQWLILFDFLyQGH$OFRFHUFRQ&DVWHMyQGHODV$UPDV\GHO2WHURGHO
&LGFRQHOFHUURGHPHWURVGHDOWLWXGTXHGRPLQD&DVWHMyQLGHQWLILFDFLR
QHVKHFKDVKDFHDxRVVHJ~QHOSURYHUELR©$ IDOWDGHSDQEXHQDVVRQWRUWDVª
3RUORVGHVFXEULPLHQWRVUHFLHQWHVYLFRQILUPDGDVLQHPEDUJRPLLGHDFHQWUDO
H[SUHVDGDDVtHQHOHVWXGLRGH©/DFRQFRUGDQFLDHQWUHORVGDWRVJHRJUi
ILFRV\ODQDUUDFLyQGHO3RHPDHVSHUIHFWDªS
&DPEULGJH
/D&UHDFLyQGHO©3RHPDGH0LR&LGª%DUFHORQD
5HYLVWDGH+LVWRULD-HUyQLPR=XULWDSS
(OSUREOHPDGHODKLVWRULFLGDGGHOFDQWDUSULPHURGHVSXpVGHOGHVFXEULPLHQWRGH$OFRFHU
$OUHOHHUHO3RHPDDOX]GHOGHVFXEULPLHQWRGH$OFRFHUKHSRGLGRSURIXQ
GL]DUHQWUHVFXHVWLRQHV
/$ ,03257$1&,$ '( $/&2&(5
¢3RUTXpHO&LGLQWHUUXPSHVXPDUFKDSRUHOYDOOHGHO-DOyQSUHFLVDPHQWH
HQ$OFRFHU"¢7HQtD$OFRFHUHQWRQFHVXQDLPSRUWDQFLDHVWUDWpJLFDKR\GtDGLIt
FLOGHUHFRQRFHU"&UHRTXHXQDREVHUYDFLyQGH5XVVHOOSXHGHVXPLQLVWUDUQRV
HOHPHQWRVSDUDKDOODUXQDUHVSXHVWDDHVWDSUHJXQWD'LFHHODXWRULQJOpV©6HJ~Q
ODV LQYHVWLJDFLRQHV GH$QWRQLR *XWLpUUH] GH9HODVFR SDUHFH TXH HQ OD (GDG
0HGLDVHJXtDXViQGRVHSRUHOYDOOHGHO-DOyQODDQWLJXDFDO]DGDURPDQD7LWXOFLD
6HJRQWLD&DHVDUDXJXVWDeVWDHQHOWUD\HFWRTXHQRVLQWHUHVDFRUUtDHQODDQWL
JHGDG FHUFD GH OD RULOOD VXU GHO UtR SDVDQGR D OD RULOOD QRUWH HQWUH$WHFD \
7HUUHUª¢1RVHUtDSRVLEOHTXH$OFRFHUKXELHUDVLGRFRQVWUXLGRSUHFLVDPHQWH
SDUD GRPLQDU XQ SXHQWH DQWLJXR SRU HO FXDO OD FDO]DGD FUX]DED HO UtR -DOyQ \
TXHIXHUDXQDHVWDFLyQXQDSRVDGDIRUWLILFDGDHQXQSXQWRQHXUiOJLFRGHXQD
UXWDLPSRUWDQWH"6LDVtIXHUDWHQGUtDPRVXQHOHPHQWRPiVSDUDSUREDUODH[DF
WLWXGJHRJUiILFDGHO3RHPD+DEtDHQHOHMpUFLWRGHO&LGEDVWDQWHVSHRQHVYpD
VHYHUVRDORVFXDOHVFRQYHQGUtDPDUFKDUSRUODFDO]DGD3RUHVRHO&LG
QRSXGRGHMDUDXQODGR$OFRFHUTXHFRQWURODED\GHIHQGtDHOSDVRSRUHO-DOyQ
FRPRORKDEtDKHFKRFRQODVGHPiVSREODFLRQHV3XHVGXUDQWHHOYLDMHGHO&LG
GHVGH&HWLQDD$WHFDHOSRHWDHPSOHDVLHPSUHHOYHUERSDVDUDDQWHORVWRSyQL
PRV©SDVVyD%RYLHUFDHD7HFDTXHHVDGHODQWªYHUVRORTXHGDODLP
SUHVLyQGHTXHQRKXERFRQWDFWRHQWUHODVJXDUQLFLRQHVPRUDV\HOHMpUFLWRGHO
&LG(Q$OFRFHUVtKXERFRQWDFWR
(/ 352%/(0$ '(/ &257(
'( $*8$
<DTXHVHJ~QVDEHPRVKR\$OFRFHUVHDEDVWHFtDGHDJXDSRUXQDDFHTXLDOD
DFHTXLDGH$OFRFHUTXHDSDUHFHHQODVIXHQWHVGHVGHILQHVGHOVLJOR;,9 KDVWD
PHGLDGRVGHOVLJOR;9,, HVSRVLEOHTXHORVPRURVTXHDVHGLDEDQDO&LGHVWD
EOHFLGRHQ$OFRFHUOHFRUWDVHQHODJXD(VPiVGLILFLOH[SOLFDUSRUTXpDO&LG
QRVHOHRFXUULyORPLVPRGXUDQWHODVVHPDQDVTXHHVWXYRHQHOFHUURIRUWL
ILFDGRHVSHUDQGRTXHORVGH$OFRFHUVHULQGLHVHQ3RUSDUWHGHO&LGQRVHWUD
WDVLQHPEDUJRGHXQDVHGLRSURSLDPHQWHGLFKR\DGHPiVORVPRURVGH$WHFD
SRGtDQGHIHQGHUIiFLOPHQWHODDFHTXLDGH$OFRFHU
/$ 7É&7,&$ '(/ &,'
/DVH[FDYDFLRQHVHQHO7RUUHFLOPXHVWUDQFODUDPHQWHFXiOIXHODWiFWLFDGHO
&LG/OHJDGRDXQDUHJLyQLQVWDODVXFDPSDPHQWRHQXQSXQWRDOWRGHGLItFLO
2SFLWS
-/&255$/ /$)8(17()0$57Ì1(= *$5&Ì$RSFLWSS\
*HUROG+LOW\
DFFHVR$GHPiVORIRUWLILFDSDUDSUHVHUYDUVHGHDWDTXHV'HVGHWDOFDPSDPHQ
WRVHHIHFW~DQDOJDUDGDVSDUDFREUDUSDULDV\FRQVHJXLUORTXHKDFHIDOWDSDUD
VXEVLVWLU'HVSXpVGHKDEHUDJRWDGRORVUHFXUVRVGHXQDUHJLyQHO&LGFRQVX
PHVQDGD WLHQH TXH EXVFDU RWUD UHJLyQ TXH OH VXVWHQWH 3RU HVR HV OyJLFR TXH
DOJ~Q WLHPSR GHVSXpV GH KDEHU FRQTXLVWDGR$OFRFHU GHMH OD YHJD GHO -DOyQ
YHQGLHQGRVXFRQTXLVWDDORVPRURV(QODVGHPiVUHJLRQHVPHQFLRQDGDVHQHO
&DQWDU3ULPHURYDOOHGHO-LORFD\GHOUtR0DUWtQHO&LGDGRSWDODPLVPDWiF
WLFD(VWRHVHYLGHQWHVREUHWRGRSDUDVXFDPSDPHQWRHQHOFHUURGH6DQ(VWH
EDQDOODGRGHOSXHEORGH(O3R\RGHO&LGSHURYDOHWDPELpQSDUDORVGHPiV
FDPSDPHQWRV
7DOHVREVHUYDFLRQHVPXHVWUDQTXHHO3RHPDHQORVDVSHFWRVPHQFLRQDGRV
HVXQUHIOHMRILHOGHODUHDOLGDGJHRJUiILFDPLOLWDUHKLVWyULFDGHILQHVGHOVLJOR
;, (O GHVFXEULPLHQWR GH$OFRFHU \ OD ORFDOL]DFLyQ VHJXUD GHO 2WHUR GHO &LG
HVWUHFKDQORVOD]RVTXHH[LVWHQHQWUHODUHDOLGDGKLVWyULFRJHRJUiILFD\ODQDUUD
FLyQGHO3RHPD
6LQHPEDUJRQRSRUHVRHO3RHPDVHFRQYLHUWHHQXQGRFXPHQWRKLVWRULR
JUiILFRDIRUWXQDGDPHQWH$XQTXH5XVVHOO\&ROLQ6PLWKWHQJDQTXHDEDQGRQDU
VXLGHDGHTXHWRGRHOHSLVRGLRGH$OFRFHUHVSXUDLQYHQFLyQTXHGDQPXFKRV
HOHPHQWRV ILFWLFLRV QR KLVWyULFRV HQ ORV PiV GH YHUVRV GHGLFDGRV D HVWH
HSLVRGLR+HDTXtORVPiVLPSRUWDQWHV
(/ &$5É&7(5
'(
$/&2&(5
/DEDVHiUDEHGHOWRSyQLPRHVXQGLPLQXWLYRTXHGHVLJQDXQWLSRGHSH
TXHxRFDVWLOORUHGXFLGRDXQDWRUUH\XQPXURTXHHQFLHUUDXQHVSDFLRHVFDVR
MXQWRDHOOD/RVPLVPRVGHVFXEULGRUHVGH$OFRFHUHVFULEHQ©(QHOVLJOR;,
$OFRFHUGHELyGHVHUXQOXJDUGHHVFDVRVKDELWDQWHVDJUXSDGRVHQYDULDVFDVDV
HQODODGHUDVXUGHXQDGHODVHVWULEDFLRQHVTXHFLUFXQGDQHOYDOOHPHGLRGHO
-DOyQ(OFDVHUtRVHDJUXSDEDEDMRXQHPSOD]DPLHQWRGHIHQVLYRVLWRHQODFLPD
GHOFHUURGHOFXDOVyORVHFRQVHUYDXQJUDQIDUDOOyQPROGHDGRDUWLILFLDOPHQWH
DOUHGHGRUGHOFXDOVHFRQVWUXLUtDXQPXURGHWDSLDOª(QHO3RHPD$OFRFHUDSD
UHFHPXFKRPiVJUDQGHGHORTXHSXGRVHUHQHOVLJOR;,'HVSXpVGHODFDS
WXUDSRUORVFULVWLDQRVVHHVWDEOHFHQHQ$OFRFHUWRGRVORVVROGDGRVGHO&LGORV
FXDOHVHQWUHFDEDOOHURV\SHRQHVFRQVWLWX\HQXQHMpUFLWRGHPiVGHVROGD
GRVYpDVHYHUVR$GHPiVHO&LGQRHFKDDORVPRURVTXHKDQVREUHYLYL
GR/DLPSRUWDQFLDGH$OFRFHUVHSUXHEDWDPELpQHQODIUDVHVLJXLHQWHGHO&LG
©(Q HVWH FDVWLHOOR JUDQ DYHU DYHPRV SUHVRª YHUVR (O SHTXHxR FDVWLOOR
TXHSUREDEOHPHQWHFRQWURODED\GHIHQGtDHOSDVRSRUHO-DOyQVHKDWUDQVIRU
PDGRHQXQDSREODFLyQUHVSHWDEOHFRQJUDQGHVULTXH]DV\FRQXQDLPSRUWDQ
FLDHVWUDWpJLFDTXHQXQFDSRVHtD
2SFLWS
(OSUREOHPDGHODKLVWRULFLGDGGHOFDQWDUSULPHURGHVSXpVGHOGHVFXEULPLHQWRGH$OFRFHU
/$ &2148,67$ '( $/&2&(5
&ROLQ6PLWKFUHHTXHODGHVFULSFLyQGHODFRQTXLVWDGH$OFRFHUSRUXQDUGLG
QR HVWULED HQ OD UHDOLGDG KLVWyULFD VLQR HQ OD OLWHUDWXUD FRQFUHWDPHQWH HQ ORV
6WUDWHJHPDWDGH)URQWLQRFROHFFLyQGHDUGLGHVIDPRVRVHQODKLVWRULDPLOLWDU
GHJULHJRV\URPDQRV(QVXHGLFLyQGHO3RHPD,0LFKDHO\DQRWyXQDLQFRQ
JUXHQFLDLPSRUWDQWHHQWUHHO3RHPD\HOWH[WRGH)URQWLQRDOHJDGRLQFRQJUXHQ
FLDTXH5XVVHOOUHSURFKDDOSRHWD©TXHSDUHFHQRKDEHUFRPSUHQGLGRORHVHQ
FLDOGHODUGLGPHGLDQWHHOFXDOHO&LGORJUDKDFHUFUHHUDORVDOFRFHUHxRVTXH
KDDEDQGRQDGRSUHFLSLWDGDPHQWHHODVHGLRª£$UJXPHQWDFLyQH[WUDxDGHWHU
PLQDGDSRUSUHMXLFLRV
6LDODOX]GHODORFDOL]DFLyQGH$OFRFHU\GHO2WHURGHO&LGDQDOL]DPRVHO
WH[WRTXHGDFXHQWDGHODUGLGHQFXHVWLyQYHPRVTXHHVWDQDUUDFLyQHVDEVROX
WDPHQWHFRKHUHQWH³FRPR\DORPRVWUy5DPVGHQ³\TXHFRQFXHUGDSHUIHF
WDPHQWHFRQODVLWXDFLyQJHRJUiILFD\FRQXQDWiFWLFDFRQRFLGDHQ(VSDxDTXH
HQHO/LEURGH$OH[DQGUHEOOHYDUiHOQRPEUHGHWRUQDIX\H(VWRQRH[FOX
\H TXH HO DXWRU GHO 3RHPD KD\D DSURYHFKDGR WDPELpQ PRGHORV OLWHUDULRV
'LFLHQGRHVWRQRSLHQVRHQHOWH[WRGH)URQWLQRVLQRHQUHODWRVpSLFRVTXHFRQ
WDEDQODFRQTXLVWDGHXQDFLXGDGRGHXQFDVWLOORSRUHODUGLGGHXQDKXLGDILQ
JLGD UHODWRV FX\D H[LVWHQFLD HQ (VSDxD HVWi DVHJXUDGD D PHGLDGRV GHO VLJOR
;,,9R\DPRVWUDUODSRVLELOLGDGGHOLQIOXMRGHPRGHORVpSLFRVFRQUHVSHFWR
DRWUDKD]DxDGHO&LG(QORVYHUVRVHO3RHPDFXHQWDODFRQTXLVWDGH
&DVWHMyQGH+HQDUHV3DUD&ROLQ6PLWKODQDUUDFLyQUHVSHFWLYDHVWDPELpQ©XQD
LQYHQFLyQSRpWLFDQRXQUHFXHUGRKLVWyULFRªLQYHQFLyQEDVDGDHQXQHSLVRGLR
GHO %HOOXP <XUJXUWLQXP GH 6DOXVWLR 'H QXHYR QR H[FOX\R TXH HO SRHWD GHO
&LGVHKD\DGHMDGRLQVSLUDUQRVyORSRUODUHDOLGDGKLVWyULFDVLQRWDPELpQSRU
PRGHORVOLWHUDULRV6yORHQ~OWLPROXJDUVLQHPEDUJRSLHQVRHQWH[WRVFOiVL
FRVFRPRHOGH6DOXVWLR0HSDUHFHQPiVLPSRUWDQWHVORVUHODWRVUHODFLRQDGRV
FRQDFRQWHFLPLHQWRVSURSLRVGH(VSDxD\GHVXKLVWRULD£2EVHUYHPRVODHVWUD
WHJLDHPSOHDGDSRUHO&LGSDUDFRQTXLVWDU&DVWHMyQGH+HQDUHV(O&DPSHDGRU
VHHVFRQGHGXUDQWHODQRFKHHQXQDHPERVFDGDFHUFDGH&DVWHMyQ\FXDQGRDPD
QHFH\ORVKDELWDQWHVGH&DVWHMyQDEUHQODVSXHUWDV\VDOHQSDUDLUDVXVFDP
SRVHO&LG\ORVVX\RVVDOHQGHODHPERVFDGD\VHSUHFLSLWDQKDFLD&DVWHMyQ
/RVGH&DVWHMyQHVWiQGLVSHUVRVIXHUDGHODPXUDOOD\QRSXHGHQUHVLVWLU$VtVH
JDQD&DVWHMyQ+D\XQUHODWRPX\SDUHFLGRHQWUHORVPLODJURVHIHFWXDGRVSRVW
PRUWHPSRU6DQWR'RPLQJRQDUUDGRVHQOD9LGDGH6DQWR'RPLQJRGH6LORVGH
©)XHQWHVFOiVLFDVGHGRVHSLVRGLRVGHO3RHPDGH0LR&LGªLQ(VWXGLRV&LGLDQRV0DGULG
SSVREUHWRGR
2SFLWSS
+5$06'(1©7KH7DNLQJRI$OFRFHU&DQWDUGH0LR&LGYVVª%XOOHWLQRI+LV
SDQLF6WXGLHVSS
9pDVH-2/,9(5 $6Ì12ULJHQiUDEHGH©UHEDWRDUUREGDª\VXVKRPyQLPRV0DGULG
SS6SXUJHRQ%$/':,1©'HFHSWLRQDQG$PEXVK7KH&LG·V7DFWLFVDO&DVWHMyQDQG$OFR
FHUª0RGHUQ/DQJXDJH1RWHVSS
9pDVH+6$/9$'25 0$57Ì1(=(O©3RHPDGH$OPHUtDª\ODpSLFDURPiQLFD0DGULG
S
(VWXGLRV&LGLDQRVFLWS
*HUROG+LOW\
%HUFHR(VWDPRVHQODPLVPDpSRFDUHLQDGRGH$OIRQVR9,DQWHVGHODUHFRQ
TXLVWDGH7ROHGR\HQODPLVPDUHJLyQYDOOHGHO+HQDUHV+LWD*XDGDODMDUD
+HDTXtORTXHFXHQWD%HUFHR
&DYDOOHURVGH)LWD
GHPDODFRQRVFHQFLD
QLQWHPLHURQDO5H\
QLOGLHURQUHYHUHQFLD
6REUH*XDGDOIDMDUD
IL]LHURQDWHQHQFLD
RYLHURQHQGDOJXQRV
HQFDERUHSLQWHQFLD
6REUH*XDGDOIDMDUD
IL]LHURQWUDVQRFKDGD
DQWTXHDPDQHVFLHVVH
HFKiURQOLVFHODGD
(OORVHUDQVHJXURV
QRQVHWHPLpQGHQDGD
IL]LpURQOLVJUDQGGDxR HQHVVDFDYDOJDGD
&XDQGRHQODPDxDQD
H[LpQDODVODYRUHV
GLHURQVDOWRHQHOORV
HVVRVFDYDOJDGRUHV
PDWDURQHSUHQGLHURQ
PXFKRVGHODEUDGRUHV
GHFXDQWROLVIDOODURQ
QRQIXHURQPiVVHxRUHV
(VWDVFRSODVQXQFDKDQVLGRTXH\RVHSDUHODFLRQDGDVFRQHOHSLVRGLRGH
&DVWHMyQGH+HQDUHVHQHO3RHPDGH0LR&LG0HSUHJXQWRVLQHPEDUJRVLHO
PLODJURGH6DQWR'RPLQJRQDUUDGRHQIRUPDODWLQDSRU*ULPDOGRODIXHQWHGH
%HUFHRHQODPLVPDpSRFDGHO&LGQRSUXHEDODH[LVWHQFLDGHPRGHORVQDUUD
WLYRVTXHHQHO3RHPDVHSRGtDQVREUHSRQHU³WUDQVIRUPiQGROD³DXQDUHDOL
GDG KLVWyULFD VXE\DFHQWH 4XH WDOHV PRGHORV VHDQ GH DEROHQJR FOiVLFR QR HV
LPSRVLEOH3HURDQWHVGHUHFXUULUD)URQWLQR\D6DOXVWLRKD\TXHHVWXGLDUODV
WUDGLFLRQHVGHODPLVPD(VSDxD
/$ %$7$//$ (1
/$ 9(*$ '(/ - $/Ð1
¢&XiOIXHODUHDFFLyQGHORVPRURVGHOYDOOHGHO-DOyQDQWHODFRQTXLVWDGH
$OFRFHUSRUHO&LG"(O3RHPDGLFHTXHSLGLHURQD\XGDDOUH\7DPtQGH9DOHQ
FLD6LQHPEDUJRODUHJLyQSHUWHQHFtDHQWRQFHVDOUHLQRGH=DUDJR]D3RUHVR
GLItFLOPHQWHSXHGHVHUKLVWyULFRHOTXHORVPRURVGHOYDOOHGHO-DOyQOODPDVHQ
HQVXD\XGDDOUH\GH9DOHQFLDDOTXHDGHPiVVHGDHOQRPEUHGHXQUH\GH
=DUDJR]D0XWDPLQ7DPSRFRSXHGHVHUKLVWyULFDODPDUFKDGHXQHMpUFLWRGH
PRURVGHVGH6HJRUEHD&DODWD\XGXQRVNLORPHWURVHQGRVMRUQD
GDV/DJUDQEDWDOODFDPSDOHQODYHJDGHO-DOyQHVD~QPiVTXHHOHQJUDQGH
FLPLHQWRGH$OFRFHUGHDEROHQJRpSLFR$OSRHWDOHKDFtDIDOWDXQDJUDQEDWD
OODHQHO&DQWDUGHOGHVWLHUUR\DGHPiVXQDEDWDOODTXHGHXQPRGRXRWURVH
UHODFLRQDVH\DFRQHOUHLQRGH9DOHQFLD(QFXDQWRDORVHOHPHQWRVpSLFRVTXH
FRQWDOILQHOSRHWDFRPELQyFRQORVHOHPHQWRVKLVWyULFRVVLJRFRQWDQGRFRQOD
SRVLELOLGDGGHTXHDOODGRGHPRGHORVpSLFRVJHQHUDOHVHQSDUWHGHRULJHQIUDQ
FpVVHKD\DDSURYHFKDGRXQFDQWRQRWLFLHURVREUHKD]DxDVGHO&LGHQODUHJLyQ
GH3HxDOFi]DU\TXHHOSRHWDKD\DLQWHJUDGRHQODQDUUDFLyQGHODSULPHUDJUDQ
*RQ]DORGH%(5&(29LGDGH6DQWR'RPLQJRGH6LORVHGLFLyQGH7HUHVD/DEDUWDGH&KDYHV
0DGULG&OiVLFRV&DVWDOLDSS
(OSUREOHPDGHODKLVWRULFLGDGGHOFDQWDUSULPHURGHVSXpVGHOGHVFXEULPLHQWRGH$OFRFHU
EDWDOODGHO&DPSHDGRUVXFHVRVGHODYLGDDQWHULRUGHOKpURHFRPRVXYLFWRULD
VREUHHOPRUR + DÚ ULW GH0HGLQDFHOLFX\RQRPEUHHVLGpQWLFRD)DUL]QRPEUH
GHXQRGHORVGRVJHQHUDOHVGHOHMpUFLWRPRURSUHFLVDPHQWHDTXpODOTXHYHQ
FHHO&LGHQFRPEDWHVLQJXODUGXUDQWHODJUDQEDWDOOD
7RGRHVWRHVKLSRWpWLFRFRPRWDPELpQVHUtDKLSRWpWLFDXQDUHDFFLyQGLUHF
WDGHOUH\GH=DUDJR]D\XQDYLFWRULDGHO&LGPXFKRPHQRVHVSHFWDFXODUFOD
URHVWiVREUHWURSDV]DUDJR]DQDVTXHLQWHQWDVHQUHFRQTXLVWDU$OFRFHU3HUROR
TXHQRHVKLSRWpWLFRHVHOJUDQYDORUOLWHUDULRGHODGHVFULSFLyQGHODEDWDOODHQ
ODYHJDGHO-DOyQ'HVSXpVGHKDEHUDQDOL]DGRHVWDGHVFULSFLyQ'iPDVR$ORQ
VRHQXQHVWXGLRWLWXODGR(VWLOR\FUHDFLyQHQHO3RHPDGHO&LGOOHJDDODFRQ
FOXVLyQVLJXLHQWH©&RPRHQXQWUtSWLFRHVWLOtVWLFRQRVKDSUHVHQWDGRHOSRHWD
ODGHVFULSFLyQJHQHUDOGHODEDWDOOD6HUHQDSUHSDUDFLyQDOOiSDUDODOXFKDUDV
JDGDSRUHODOWRJULWRGHO&LGFRQIXVLyQOXHJRGHVRUGHQKRUUtVRQRGHODVFULD
WXUDVPDWHULDOHVGHODUWHPLOLWDUSHURFRQIXVLyQDOXVLYDDOYHQFLPLHQWRGHODPLV
PDFRQIXVLyQ(QILQJORULDRUGHQDGDGHOKD]FDVWHOODQR(OJULWRGHO&LGHQ
PHGLRDXQODGRODFRQIXVLyQGHODVIXHU]DVRVFXUDVDORWURHOJUXSRJORULR
VR\FXDVLDQJpOLFRGHORVSDODGLQHVGH&DVWLOOD1RUPD\GRPLQLRWULXQIRGH
ODIXHUWHUD]yQVREUHHOGHVRUGHQ< SDUDFDGDXQDGHHVWDVSHUVSHFWLYDVFRPR
KHPRVYLVWRWUHVPHGLRVHVWLOtVWLFRVGLIHUHQWHVWUHVVDELRVEDQGD]RVGHOWLPyQ
WUHVJLURVGHPDQRPDHVWUD£3HURKDEUiTXLHQFUHDWRGDYtDHQODEDUEDULHGHO
SRHPDHQVXIDOWDGHWpFQLFD\SREUH]DGHUHFXUVRV4XLHQHVFULEtDDVtYHQtD
VLQGXGDGHWUiVGHXQDODUJDWUDGLFLyQGHXQDHVFXHODOLWHUDULD\SRVHtDXQD
WpFQLFDGLVWLQWDVtGHODGHRWUDFXDOTXLHUpSRFDSHURVDELDSHURPDHVWUDSHUR
SHUIHFWDHVGHFLUDGHFXDGDDVXVILQHVª
9HPRVSXHVTXHHOHSLVRGLRGH$OFRFHUSRUXQODGRSUHVHQWDXQDILGHOLGDG
JHRJUiILFDHKLVWyULFDVRUSUHQGHQWHFRUURERUDGDSRUORVGHVFXEULPLHQWRVUHFLHQ
WHV3RURWURODGRFRQWLHQHQXPHURVRVHOHPHQWRVILFWLFLRVSXUDPHQWHOLWHUDULRV
/RTXHHVYHUGDGSDUDHOHSLVRGLRGH$OFRFHUORHVSDUDWRGRHO&DQWDU3UL
PHUR/DVDOJDUDVHQHOUHLQRGH7ROHGR&DVWHMyQGH+HQDUHV+LWD*XDGDOD
MDUD$OFDOiFRQWDGDVSRUHO3RHPDVRQKLVWyULFDVSHURQRODVKL]RHO&LGGHV
SXpV GH GHVWHUUDGR VLQR TXH VH WUDWD GH ODV FRUUHUtDV TXH KDEtD KHFKR
LQPHGLDWDPHQWHDQWHVGHOGHVWLHUUR\TXHKDEtDQVHUYLGRGHH[FXVDDOUH\SDUD
GHVWHUUDUOR&RQWRGDSUREDELOLGDGHO&LGKLVWyULFRSDVyHQSRUODUHJLyQ
GH $WHFD&DODWD\XG SHUR HV SRFR SUREDEOH TXH LQPHGLDWDPHQWH GHVSXpV
HIHFWXDUDODVFRUUHUtDVDORODUJRGHO-LORFD\GHOUtR0DUWtQFRPRKDFHFUHHUHO
3RHPD6HJ~QWRGRORTXHVDEHPRVSRUODVIXHQWHVKLVWyULFDVHVDPDUFKDKDFLD
HO VXU QR VH SURGXMR DQWHV GH (O SRHWD FRPELQD SXHV HQ XQD XQLGDG
FURQROyJLFDDFRQWHFLPLHQWRVGHIHFKDVGLIHUHQWHV\XQLILFDDVtORVGRVGHVWLH
UURVGHO&LG(VWRQRH[FOX\HTXHORVGHWDOOHVVHDQH[DFWRV(QFXDQWRDODWiF
WLFDPLOLWDU\DKHPRVGLFKRTXHODH[DFWLWXGHVWiIXHUDGHGXGD(QFXDQWRDODV
9pDVH(QVD\RVVREUHSRHVtDHVSDxROD%XHQRV$LUHVSSHOSDVDMHFLWDGRHQ
SS
*HUROG+LOW\
LQGLFDFLRQHVJHRJUiILFDVHQOD~OWLPDSDUWHGHO&DQWDU3ULPHURHOWH[WRGHO~QL
FR PDQXVFULWR FRQWLHQH VHJXUDPHQWH DOJXQDV IRUPDV DOWHUDGDV TXH FRQYLHQH
FRUUHJLU$GHPiV OD UHG GH ORV WRSyQLPRV HV PXFKR PiV ILQD HQ HO YDOOH GHO
-DOyQTXHHQFDVLWRGDVODVRWUDVUHJLRQHVSRUODVFXDOHVSDVDHO&LGHQHO&DQ
WDU3ULPHUR(QODGHQVLGDGGHWRSyQLPRVPHQFLRQDGRVVyORVHSXHGHFRPSD
UDUFRQHOYDOOHGHO-DOyQODUHJLyQGH6DQ(VWHEDQGH*RUPD]GHGRQGHSUR
FHGtDHQPLRSLQLyQHOJUDQSRHWDDOTXHGHEHPRVHO3RHPDGH0LR&LGHQVX
IRUPDFRQVHUYDGD&RQUHVSHFWRDQXHVWUDUHJLyQHVFULEHQORVGHVFXEULGRUHVGH
$OFRFHU\GHO2WHURGHO&LG©/RVGDWRVTXHFLWDHO3RHPDVRQWDQSUHFLVRV\
ODV GHVFULSFLRQHV WDQ DGHFXDGDV D OD UHDOLGDG TXH GLItFLOPHQWH SXGLHUD QDGLH
KDEHUHVFULWRHOWH[WRVLQFRQRFHUHVWRVOXJDUHV(QFRQVHFXHQFLDRHODXWRUGHO
3RHPDUHFRUULyODVWLHUUDVGHO-DOyQFRQHO&LGDILQHVGHOVLJOR;,RODWUD
GLFLyQ RUDO VH WUDQVPLWLy FRQ XQD DVRPEURVD SUHFLVLyQ VREUH ORV OXJDUHV GHV
FULWRVKDVWDTXHRWURSRHWDORSXVRSRUHVFULWRYDULRVDxRVGHVSXpV6RQHQWRGR
FDVRFXHVWLRQHVDUHSODQWHDUª
(IHFWLYDPHQWHGLVWDQPXFKRGHHVWDUUHVXHOWRVORVSUREOHPDVGHODDXWRUtD
\GHODIHFKDGHO3RHPDGH0LR&LG3HURpVHHVRWURFDQWDU
2SFLWS
(/ &,'< /260868/0$1(6
(/ 6,67(0$ '(3$5,$63$*$6
/$ &2/$%25$&,Ð1'($%(1*$/%Ð1
(/ 7Ì78/2'(&,'/(Ð1
/$ 326$',7$ )257,),&$'$ '($/&2&(5
325
0Ì.(/ '( (3$/=$
8QLYHUVLGDGGH$OLFDQWH
35(É0%8/2
62%5( /2 É5$%( (1 /$ +,6725,$ < /$ /,7(5$785$ '(/
&,'
3DUHFHUtDRFLRVRWHQHUTXHMXVWLILFDUODLPSRUWDQFLDGHOHOHPHQWRiUDEHLVOi
PLFRHQHO&DQWDUGH0LR&LGHQODYLGDGHOSHUVRQDMHKLVWyULFR\HQWRGRHO
FRQMXQWR GH OD SURGXFFLyQ OLWHUDULD TXH KD JHQHUDGR HQ GLYHUVDV OHQJXDV HQ
YDULDGDVIRUPDVOLWHUDULDV\HQpSRFDVGLIHUHQWHV+LVWyULFDPHQWHXQDSDUWHPX\
LPSRUWDQWHGHVXYLGDSURIHVLRQDOPLOLWDU\GHVXSDSHOSROtWLFRHQODVHJXQGD
PLWDGGHOVLJLR;,VHGHVDUUROOyHQUHODFLyQFRQORVPXVXOPDQHVGHOD3HQtQ
VXOD$OÉQGDOXVGHORViUDEHV/LWHUDULDPHQWHHOHOHPHQWRiUDEHPXVXOPiQHV
XQDFWDQWHIXQGDPHQWDOGHWRGRVORVWH[WRVTXHWLHQHQDO&LGFRPRWHPDpSL
FDOtULFDWHDWURFLQHHWF3RUHVRQRYDDHVWXGLDUVHDTXtWRGRHOFRQMXQWRGH
HVHHOHPHQWR6HWUDWDGHDSRUWDUDOJXQDVQRYHGDGHVGHVGHHOSXQWRGHYLVWDGHO
LQYHVWLJDGRUHVSHFLDOLVWDHQWHPDViUDEHVHLVOiPLFRV
(OWHPDGHODVSDULDVHQSDUWLFXODUDSDUHFHHQHO&DQWDUFRPRODSODVPD
FLyQLQVWLWXFLRQDOGHODVUHODFLRQHVHQWUHHO&LG\ORVPXVXOPDQHVPiVD~QTXH
ODJXHUUDDOPHQRVHQVXSDVRSRUODVDFWXDOHVWLHUUDVDUDJRQHVDV/DVDFFLRQHV
EpOLFDV DQWLPXVXOPDQDV DSDUHFHQ HQ HVWH WH[WR pSLFR PiV TXH HQ FXDOTXLHU
RWUR WH[WR OLWHUDULR PHGLHYDO FRPR XQ PHGLR SDUD REWHQHU SDULDV 'H DKt VX
LPSRUWDQFLDHVSHFtILFDFRPRHOHPHQWROLWHUDULR
3HURKD\TXHGHFLUWDPELpQGHQWURGHODSUREOHPiWLFDTXHORVRUJDQL]DGR
UHVGHHVWHFRQJUHVRKDQTXHULGRGDUDO6LPSRVLRUHODFLRQDQGRXQDYH]PiVHO
9HUPXHVWUDULRHQ0GH(3$/=$6*8(//28=/H&LGSHUVRQQDJHKLVWRULTXHHWOLWWpUDLUH
$QWKRORJLHGHWH[WHVDUDEHVHVSDJQROVIUDQoDLVHWODWLQVDYHFWUDGXFWLRQV3DUtVSS
0tNHOGH(SDO]D
&DQWDUFRQODUHDOLGDGKLVWyULFDTXHHOHVWXGLRGHODVSDULDV\RWURVHOHPHQWRV
YLQFXODGRVFRQORViUDEHPXVXOPDQHVHQODVRFLHGDGSHQLQVXODUGHILQDOHVGHO
VLJOR;OFRQWULEX\HDFRPSUHQGHUPHMRUHOUHDOLVPRRYHULVPRGHOWH[WRpSLFR
)LQDOPHQWHWDPELpQFRPRREVHUYDFLyQSUHYLDKD\TXHDGYHUWLUTXHODDFWXD
FLyQGHO&LGHQHOYDOOHGHO-DOyQVHJ~QHO&DQWDUFRUUHVSRQGHDXQSURFHVR
pSLFRDVFHQGHQWHTXHHQFRQWUDUiVXFXPEUHHQODWRPDGH9DOHQFLDHQORTXH
VHUHILHUHDOHOHPHQWRRDFWDQWHiUDEHLVOiPLFR(OFRQMXQWRHVWUXFWXUDOGHOSDVR
GHOSHUVRQDMHSRUWLHUUDVDFWXDOPHQWHDUDJRQHVDVDGTXLHUHVXSOHQRVHQWLGRHQ
VXPHWDYDOHQFLDQDFRPRWDPELpQQRVHSXHGHH[SOLFDUWRGDODWRPDGH9DOHQ
FLDVLQORVHSLVRGLRVSUHFHGHQWHVHVSHFLDOPHQWHODWRPDGH$OFRFHU\ODVUHOD
FLRQHVGHO&LGFRQ$EHQJDOEyQ
(VWDVDGYHUWHQFLDVSUHOLPLQDUHVHUDQSRUWDQWRQHFHVDULDVSDUDFRPSUHQGHU
HOPDUFRJHQHUDOHQHOTXHVHLQVHUWDQORVSXQWRVSDUWLFXODUHVTXHVHYDQDWUD
WDUPiVDQDOLWLFDPHQWHHQORVFDStWXORVVLJXLHQWHV
3$5,$6
(1 7(55,725,2 $&78$/0(17( $5$*21e6 6(*Ô1 (/
&$17$5
1RHVTXL]iVLQ~WLOSUHVHQWDUHOFRQMXQWRGHWH[WRVGHOSRHPDTXHVHUHILH
UHQGHIRUPDJHQHUDOPHQWHPX\H[SUHVD\GLUHFWDDODVSDULDV'DQXQDLGHD
GHODLPSRUWDQFLDGHHVWHWHPDHQHOPDUFRPiVJHQHUDOGHOGHVWLHUURFLGLDQR\
GHVXUHODFLyQFRQORViUDEHPXVXOPDQHV(VWHDVSHFWRHPLQHQWHPHQWHHFRQy
PLFRGHODDFWLYLGDGGHO&LGVHJ~QHO&DQWDUVHYHUiFRQILUPDGRSRUHOPiV
H[SUHVLYRWHVWLPRQLRiUDEHFRQWHPSRUiQHRHO.LWÚDEDWWLE\ÚDQR©PHPRULDOªHQ
GHIHQVDSURSLDGHOHPLU$EGiOODKGH*UDQDGD
/RVWH[WRVVRQORVVLJXLHQWHV
DQWHODWRPDGH$OFRFHUYHUVRV
(VSHUDQGRHVWiPLR&LGFRQWRGRVVXVYDVDOORV
HOFDVWLOORGH$OFRFHUHQSDULDYDHQWUDQGR
/RVGH$OFRFHUDPLR&LGOHGDQSDULDV
\ORVGH$WHFD\ORVGH7HUUHUFDVD
DORVGH&DODWD\XGVDEHGPDOOHVVHQWDED
DQWHODWUHWDGHODILQJLGDIXJDGHO&LGTXHYROYHUiSDUDWRPDU$OFRFHUFRPHQ
WDQVXVKDELWDQWHVFRQFRGLFLDY
ODVSDULDVTXHKDWRPDGRODVGHYROYHUiGREODGDV
GHVSXpVGHGHMDU$OFRFHUHLQVWDODUVHHQ0RQUHDOYY
9HU-/&255$/ /$)8(17( \)-0$57Ì1(= *$5&Ì$©*HRJUDItDHKLVWRULDHQHO3RHPDGH
0LR&LGODORFDOL]DFLyQGH$OFRFHUª5HYLVWD-=XULWD=DUDJR]D\)-0$57Ì
1(= * $5&Ì$ ©0HWRGRORJtDSDUDODORFDOL]DFLyQGHXQ\DFLPLHQWRPHGLHYDODWUDYpVGHORVGH´(O
7RUUHFLGµ\$OFRFHUª$FWDVGHODV,9 -RUQDGDVVREUH0HWRGRORJtDGHODLQYHVWLJDFLyQ&LHQWtILFD
VREUH)XHQWHV$UDJRQHVDV=DUDJR]D
$XQTXHWHQHPRVDODYLVWDODHGLFLyQGH50(1e1'(= 3,'$/2EUDVGH50HQpQGH]3LGDO
WRPR9&DQWDUGH0LR&LGYRO,,,7H[WRGHO&DQWDU\DGLFLRQHV0DGULGHGLFLyQFRPR
HOWHPDGHHVWHHVWXGLRHVSUHGRPLQDQWHPHQWHKLVWyULFR\OLWHUDULR\QRSDOHRJUiILFR\OLQJtVWLFR
FLWDUHPRV VHJ~Q ) 0$5&26 0$5Ì1 &DQWDU GH 0LR &LG (GLFLyQ PRGHUQL]DGD HVWXGLR \ QRWDV
0DGULG
(O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
0HWLyHQSDULDD'DURFDDQWHV
OXHJRD0ROLQDTXHHVWiDODRWUDSDUWH
ODWHUFHUD7HUXHOTXHHVWDEDGHODQWH
HQVXPDQRWHQEDD&HOIDODGHO&DQDO
PLHQWUDV0LQD\DHVWiHQPLVLyQD&DVWLOODYY
(VWDQGRDOOtPXFKDWLHUUDGHSUHGDED
HOYDOOHGHOUtR0DUWtQWRGRORPHWLyHQSDULD
\SURVLJXHHQYHUVRVGHGXGRVDKLVWRULFLGDGYY
DWRGDVHVDVWLHUUDVWRGDVODVGHSUHGDED
D=DUDJR]DODKDPHWLGRHQSDULD
ODIDPDGHODVSDULDVUHFRUUHHOYDOOHPHGLRGHO(EURYY
<DYDHOUHFDGRSRUODVWLHUUDVWRGDV
SHVDQGRYDDORVGH0RQ]yQ\DORVGH+XHVFD
SRUTXHGDQSDULDVSODFHDORVGH=DUDJR]D
GHPLR&LG5X\'tD]TXHQRWHPtDQQLQJXQDDIUHQWD
(VWDDFWLYLGDGHFRQyPLFDGHSUHGDWRULDLQGLJQDDOFRQGHEDUFHORQpVTXHHQ
VXDUHQJDH[FODPDY
DKRUDPHFRUUHODVWLHUUDVTXHHQPLPDQRHVWiQ
/DJDQDQFLDHVWDPELpQDOLFLHQWHGHORVKDELWDQWHVGH$OFRFHUTXHTXLHUHQ
GHVTXLWDUVHGHORTXHKDQWHQLGRTXHSDJDUDO&LGYY\
DWDTXpPRVORDpO\WHQGUHPRVJUDQJDQDQFLD
ODVSDULDVTXHKDWRPDGRODVGHYROYHUiGREODGDV
'LFHQORVGH$OFRFHU©£\DVHQRVYDODJDQDQFLDª
3RUSDUWHGHORVFRPSDxHURVGHO&LGORVGHVXHPSUHVDHFRQyPLFDPLOLWDU
KD\ VLHPSUH JUDQ DOHJUtD UHODFLRQDGD FRQ ODV SDULDV \ RWUDV JDQDQFLDV YY
7DPELpQ HQ WpUPLQRV HFRQyPLFRV SODQWHD HO &LG HO SRUYHQLU GH OD
FRQTXLVWDGD$OFRFHUYY
2LGPH$OYDU)ixH]\WRGRVORVFDEDOOHURV
HQHVWHFDVWLOORJUDQERWtQUHWHQHPRV
ORVPRURV\DFHQPXHUWRV\YLYRVSRFRVYHR
/RVPRURV\ODVPRUDVYHQGHUORVQRSRGUHPRV
DXQTXHOHVGHVFDEHFHPRVQDGDQRVJDQDUHPRV
WHQJiPRVORVDGHQWURSXHVHOPDQGRWHQHPRV
SDUDUHPRVHQVXVFDVDV\GHHOORVQRVVHUYLUHPRV
(VWDFRQFHSFLyQHFRQyPLFDGHOp[LWRYLHQHUHIUHQGDGDHQHO&DQWDUSRUHO
SURSLRUH\$OIRQVRYY
0DVFRPRHVGHPRURVHOUHJDORPHDJUDGD
PHDOHJURSRUPLR&LGTXHKL]RWDOJDQDQFLD
(VLPSRUWDQWHODREVHUYDFLyQ\QRWDGH,0,&+$(/3RHPDGH0LR&LG(GLFLyQLQWURGXF
FLyQ\QRWDV0DGULGS©$OJXQRVHGLWRUHVVXSULPHQJDQDQFLDSDUDDMXVWDUODDVRQDQ
FLDSHURHVSDODEUDLPSRUWDQWHSXHVWRTXHLQGLFDHOSURSyVLWRGHODVRSHUDFLRQHVGHO&LGTXHHQ
ODPHQWHGHOUH\SRUORPHQRVHVODREWHQFLyQGHOERWtQQRH[LVWHDTXtFRQFHSWRGHFUX]DGDª
0tNHOGH(SDO]D
(ODFHQWXDGRFDUiFWHUHFRQyPLFRFRPRHOHPHQWRLPSRUWDQWHGHO&DQWDUHV
PX\FRQRFLGR\KDVLGRPRQRJUDILFDPHQWHHVWXGLDGRSRUPXFKRVKLVWRULDGR
UHVGHOWH[WRSRUORTXHQRYDPRVDLQVLVWLU6yORTXHUtDPRVSRQHUGHUHOLHYH
ODLPSRUWDQFLDGHODVSDULDVHQHVWHFDPSRHFRQyPLFRFRPRPHWDIXQGDPHQ
WDOGHODDFFLyQGHO&LGDVXSDVRSRUWLHUUDVDUDJRQHVDVGHQWURGHXQFUHVFHQ
GRGHQHFHVLGDGHVILQDQFLHUDVSDUDpO\ORVVX\RVTXHSDUWHGHODWUHWDFRQORV
MXGtRVGH%XUJRV\FRQFOX\HFRQODWRPDGH9DOHQFLD\HOERWtQGHODEDWDOOD
FRQWUDORVPXVXOPDQHV
&XULRVDPHQWHWDPELpQHQODFRGLFLDHFRQyPLFDEDVDVXVDFXVDFLRQHVFRQ
WUDORVFULVWLDQRVHOHPLU$EGiOODKGH*UDQDGDWHVWLJRDEVROXWDPHQWHFRQWHP
SRUiQHRGHODFRQTXLVWDGH9DOHQFLDSRUHO&LG$XQTXHDWULEX\HODVH[LJHQ
FLDVHFRQyPLFDVGH$OIRQVR9,DXQPHGLRSDUDGHELOLWDUDORVPXVXOPDQHVHQ
ODLPSRVLELOLGDGHQTXHVHHQFXHQWUDGHFRQTXLVWDU\UHSREODUVXVWHUULWRULRV
ODLQVLVWHQFLDHQHVDH[SORWDFLyQSRUPHGLRGHODVSDULDVRSDJDVHFRQyPLFDV
HVSUXHEDHYLGHQWHSRUSDUWHPXVXOPDQDGHODLPSRUWDQFLDGHHVDLQVWLWXFLyQ
SDUDODVUHODFLRQHVHQWUHFULVWLDQRV\PXVXOPDQHVGHOD3HQtQVXOD
/$6 3$5,$6 25,*(1
'(/ 120%5( '(),1,&,Ð1 ( ,167,78&,Ð1
6(*Ô1 &5,67,$126
&RQORVWH[WRVGHO&DQWDU\DPHQFLRQDGRVHVHYLGHQWHTXHHO&LG5RGULJR
HVWiHQWHUDPHQWHLQPHUVRHQHOVLVWHPDGHSDULDVFRPRPDUFRGHVXVUHODFLR
QHVPLOLWDUHVSROtWLFDV\HFRQyPLFRGHSUHGDWRULDVFRQORVPXVXOPDQHVGHVGH
HOSXQWRGHYLVWDGHOSRHPDpSLFR3HURWDPELpQORHVWi5RGULJRGHVGHHOSXQ
WRGHYLVWDKLVWyULFRVHJ~QODGRFXPHQWDFLyQFRQRFLGDGHVXDFWXDFLyQDILQD
OHVGHOVLJOR;,3RUHVRHVLPSRUWDQWHHVWXGLDUODVSDULDV\WUDWDUGHFRPSUHQ
GHUPHMRUHVWDLQVWLWXFLyQGHVGHHOSXQWRGHYLVWDGHORVFULVWLDQRV\GHVGHHO
SXQWRGHYLVWDGHORVPXVXOPDQHV
/DVSDULDVKDQVLGRELHQHVWXGLDGDVGHVGHHOSXQWRGHYLVWDFULVWLDQRSRU5
0HQpQGH]3LGDOHQUHODFLyQFRQODILJXUDGHO&LGSRU+*UDVVRWWLHQORTXH
9HU HVWXGLR GH 0 ( / $&$55$ (O ©3RHPD GH 0LR &LGª 5HDOLGDG KLVWyULFD H LGHRORJtD
0DGULG
(QVX©PHPRULDOªHQGHIHQVDSURSLDHQFDUFHODGR\FRQGHQDGRSRUORVDOPRUiYLGHVPHQFLRQD
©HODVXQWRGH9DOHQFLDªD~QQRFRQFOXLGRHQIDYRUGHpVWRV/RKDFHSDUDPRVWUDUTXHORVDOPR
UiYLGHVTXHOHWLHQHQHQFDUFHODGRWUDVKDEHUOHGHVWURQDGRSRUQRRSRQHUVHFRQVXILFLHQWHHQHUJtD
DODVSUHWHQVLRQHVGH$OIRQVR9,QRVRQWDQIXHUWHVFRQWUDORVFULVWLDQRVFRPRWDPSRFRORIXHpO
GHDKtODFRPSODFLHQWHPHQFLyQWDPELpQGHODLQDQLGDGGHORVHVIXHU]RVGHDOPRUiYLGHV\VREH
UDQRVWDLIDOHVFRDOLJDGRVIUHQWHDOFDVWLOORGH$OHGRRFXSDGRSRUORVFULVWLDQRVSHURILQDOPHQWH
OHVGHVHDHOp[LWRGHO,VODPORTXHLQGLFDTXHQRKDEtDFDtGR9DOHQFLDHQVXVPDQRVGHQXHYR
9HUWUDGXFFLyQFDVWHOODQDGH(/e9,3529(1d$/ \(*$5&Ì$ *Ð0(=(OVLJOR;,HQSHUVRQD
/DV©0HPRULDVªGH·$EG$OOÚDK~OWLPRUH\]Ú×UÚ×GH*UDQDGDGHVWURQDGRSRUORVDOPRUiYLGHV
WUDGXFLGDV0DGULGSS
,GSS
2SFLWYRO,,SGRQGHUHFRJHORVSULQFLSDOHVVHQWLGRVTXHDSDUHFHQHQHO&DQWDUTXH
UHVXPH©´WULEXWRµ'HSDULDUHª&UHHPRVTXHHVWHVHQWLGR\HVWDHWLPRORJtDVRQLQFRPSOHWRV
FRPRVHYHUiDFRQWLQXDFLyQ7DPELpQWUDWDDPSOLDPHQWHVREUHODVSDULDV\HO&LGHQ50(1e1
(O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
VHUHILHUHDOD&RURQDFDVWHOODQROHRQHVD \SRU-0/DFDUUDSDUDHOFRQMXQWR
GHODLQVWLWXFLyQGHVWDFDQGRODVDFFLRQHVGHO&LGHQHVHPDUFRGHUHODFLRQHV
HQWUHFULVWLDQRV\PXVXOPDQHV
+LOGD*UDVVRWWLUHVXPHFODUDPHQWHODIRUPDHQTXHVHHIHFWXDEDQHVDVSDULDV
R SDJDV GH PXVXOPDQHV D ORV VREHUDQRV FDVWHOODQROHRQHVHV ©&RQRFHPRV HO
PHFDQLVPRGHODH[LJHQFLD\GHODUHFDXGDFLyQGHODVSDULDV$ YHFHVVHSUH
VHQWDED$OIRQVR FRQ VX HMpUFLWR DQWH OD FDSLWDO GHO UH\H]XHOR VDUUDFHQR \ OH
UHTXHUtDDPHQD]DQWHHOSDJRGHXQDVXPDDQXDODYHFHVHQYLDEDDXQJUXSRGH
PDJQDWHVTXHH[WRUVLRQDEDQDOUH\PRURDYHFHVHUDXQJUDQFDSLWiQDOFDLGH
GHXQDIRUWDOH]DFHUFDQDDOUHLQRDFX\RVREHUDQRVHDSUHPLDEDTXLHQUHFOD
PDEDHOSDJRDYHFHVHUDHOSUtQFLSHRORVSUtQFLSHVPLHGRVRVGHpVWHRHORWUR
UHLQR TXLHQHV YROXQWDULDPHQWH PHGLDQWH HPEDMDGRUHV UHPLWtD R UHPLWtDQ D
$OIRQVRVXPDVGHGLQHUR\PDJQtILFRVUHJDORVª(VWDGHVFULSFLyQHVFXHWDGH
ORVKHFKRV³HOSDJDPHQWR³VLQRWUDVFRQVLGHUDFLRQHVVREUHODVFRQGLFLRQHV
\FDOLILFDFLRQHVGHORVSDJRVSHUPLWHH[SOLFDUSRVWHULRUPHQWHODGREOH\VLPXO
WiQHDLQWHUSUHWDFLyQTXHGDUiQPRURV\FULVWLDQRVGHOKHFKRGHOSDJDPHQWR
/DPLVPDLQYHVWLJDGRUDIHFKDDLQLFLRVGHOUHLQDGRGH$OIRQVR9,HOLQLFLR
GHODVH[LJHQFLDVGHSDULDVHQVXVHQWLGRSOHQR©'HEHPRVDODXWRUGHODOOD
PDGD+LVWRULD6LOHQVHODVSULPHUDVQRWLFLDVVREUHODHQWUHJDGHPXQHUDDOUH\
FULVWLDQRSRU$O0D·PÚXQGH7ROHGRHQFRQRFDVLyQGHVXFDPSDxDFRQWUD
7DODPDQFD\$FDOi\SRU$O0X·WDGLGGH6HYLOODHQ1LQJXQRGHORV
GRV WH[WRV SHUPLWH SHQVDU FRQ 0HQpQGH] 3LGDO HQ TXH ORV GRV UH\HV VH FRP
SURPHWLHUDQDKDFHUSDJRVDQXDOHV3HURHQWUHJDGRVORVSUHVHQWHVSDUDGHWHQHU
ODVGHYDVWDFLRQHVGHXQSRGHURVRHMpUFLWRSXHGHVXSRQHUVHTXHVHUtDQFXDQWLR
VRV\TXHFRPSUHQGHUtDQIXHUWHVVXPDVHQPHWiOLFRªQHJDQGRTXHVHKLFLH
UDHQWLHPSRVGH)HUQDQGR,
/DDPELJHGDGGHODSDODEUDPXQHUD©GRQHVª\DKL]RVRVSHFKDUD/DFD
UUDTXHKDEtDXQGREOHVHQWLGRDHVRVSDJDPHQWRV©(OFDUiFWHUGHSHUPDQHQ
FLDTXHDGTXLHUHQODVSDULDVGHVGHPHGLDGRVGHOVLJOR;,KDFHTXHORVSUtQFL
SHVFULVWLDQRVDSOLTXHQDORVPXVXOPDQHVHOFDOLILFDWLYRGHWULEXWDULRV1RHV
LQIUHFXHQWHHQORVWH[WRVHVWDDVLPLODFLyQHQWUH´SDULDµ\´WULEXWXPµDXQFXDQ
GRHQORVSDFWRVRULJLQDOHVTXHFRQVHUYDPRVVHHYLWHHVDSDODEUD3RUPX\KXPL
OODGRTXHVHVLHQWDHOSUtQFLSHREOLJDGRDOSDJRVLHPSUHFRQVHUYDVXFRQGLFLyQ
GHVREHUDQRª
'(= 3 ,'$/ /D(VSDxDGHO&LG0DGULGYRO,SSYRO,,
©3DUDODKLVWRULDGHOERWtQ\GHODVSDULDVª&XDGHUQRVGH+LVWRULDGH(VSDxD%XHQRV$LUHV
;;;,;;/ UHLPSUHVRHQ+*5$66277,0LVFHOiQHDGHHVWXGLRVVREUHLQVWLWXFLRQHV
FDVWHOODQROHRQHVDV%LOEDRSS
©$VSHFWRVHFRQyPLFRVGHODVXPLVLyQGHORVUH\HVGHWDLIDVª+RPHQDMHD-DL
PH9LFpQV9LYHV%DUFHORQDYRO,\©'RVWUDWDGRVGHSD]\DOLDQ]DHQWUH6DQFKR
HOGH3HxDOpQ\0RFWiGLUGH=DUDJR]D\ª+RPHQDMHD-RKDQQHV9LFNHYRO,
UHHGLWDGRVHQ-0/$&$55$&RORQL]DFLyQSDULDVUHSREODFLyQ\RWURVHVWXGLRV=DUD
JR]DSS\
2SFLWS
2SFLWSS\
&RORQL]DFLyQS
0tNHOGH(SDO]D
3DUDFRPSUHQGHUHVDGXDOLGDGGHLQWHUSUHWDFLRQHVGHXQPLVPRKHFKRHQODV
SDULDV HO SDJDPHQWR FRQYLHQH YHU HO RULJHQ GH HVRV SDJRV ³HQ HO DSDUWDGR
VLJXLHQWH³\ODHWLPRORJtDPLVPDGHODSDODEUDSDULDRSDULDV
/DSULPHUDHWLPRORJtDODODWLQDODGDOD5HDO$FDGHPLD©SDULDV'HOEODWtQ
SDULÚDUHLJXDODUXQDFXHQWDSDJDUISO7ULEXWRTXHSDJDXQSUtQFLSHDRWURHQ
UHFRQRFLPLHQWRGHVXSHULRULGDG'DURUHQGLUSDULDVDXQRIUILJ6RPHWHU
VHDpOSUHVWDUOHREVHTXLRª/DDPELJHGDGHQWUHHORULJLQDO©SDJRª\ODPiV
FRQFUHWDUHDOLGDGFULVWLDQDPHGLHYDOTXHFRQVLGHUDDODVSDULDVFRPR©WULEXWRª
RSDJDVWULEXWDULDVHVWiSDWHQWHFRPRORUHFRJHQRWURVGLFFLRQDULRVHWLPROyJL
FRV3HURKD\TXHUHWHQHUHOVHQWLGRSULPLJHQLRGHSDULD©SDJDULJXDODUXQD
FXHQWDªHQWUHSDUHVTXHWDPSRFRHVLQFRPSDWLEOHFRQODLQWHUSUHWDFLyQGHORV
PXVXOPDQHVVREUHHVDFODVHGHSDJRVFRPRVHYHUi
/DVHJXQGDHWLPRORJtDODiUDEHHVPHQRVFRQRFLGDSHURQRVHRSRQHDOD
SULPHUD\DTXHFRQVHUYDODPLVPDDPELJHGDGGHOSDJRQRWULEXWDULRTXHOH
TXLHUHQGDUORVPXVXOPDQHVDHVRVSDJDPHQWRV\WLHQHXQDKRPRIRQtDFRQHO
ODWLQLVPRRURPDQWLFLVPRSDULDTXHIRPHQWDUtDHVDDPELYDOHQFLD/DSURSXVR
(OHQD3H]]LGRFWRUDHQ+LVWRULD\SURIHVRUDWLWXODUQXPHUDULDGHXQLYHUVLGDG
GHOiUHDGHHVWXGLRViUDEHVHLVOiPLFRV9HQGUtDGHODIRUPDQRPLQDOEÚDUL·D
©FRVDH[FHOHQWHFRVDVXSHULRUªFRQHOVHQWLGRGH©GRQªFRPRVHYHHQHOGHUL
YDGRYHUERGH9IRUPDLEWDUD·D©GDUDOJRDWtWXORGHSUHVHQWHª
5HVXPLHQGRGHVGHHOSXQWRGHYLVWDFULVWLDQRVHWUDWDUtDHYLGHQWHPHQWHGH
XQ©SDJRªFRQVLGHUDGRGHELGRFRPRXQ©WULEXWRª3HURHWLPROyJLFDPHQWHVHUtD
VLPSOHPHQWHXQ©SDJRªR©VDOGRGHGHXGDª³HWLPRORJtDODWLQD³RXQ©GRQD
WtWXOR GH SUHVHQWHª ³HWLPRORJtD iUDEH³ 3XHGHQ HQ HIHFWR UHLYLQGLFDUVH
DPEDVHWLPRORJtDVSDUDH[SOLFDUHORULJHQ\SXQWRGHYLVWDPXVXOPDQHVGHHVWRV
©SDJRVªFRQVLGHUDGRVSRUHOORVFRPR©SDJDVPLOLWDUHVª
/$6
3$5,$6 2 3$*$6 0,/,7$5(6 6(*Ô1 /26 0868/0$1(6
<DKHSUHVHQWDGRDQWHULRUPHQWHDXQTXHGHIRUPDPX\HVFXHWDODKLSyWHVLV
GHORULJHQHLQWHUSUHWDFLyQPXVXOPDQHVGHODVSDULDV(OSXQWRGHSDUWLGDHV
5($/ $&$'(0,$ (63$f2/$'LFFLRQDULRGHODOHQJXDHVSDxROD0DGULGHGYRO,,S
-&2520,1$6-$3$6&8$/'LFFLRQDULRFUtWLFRHWLPROyJLFRFDVWHOODQRHKLVSiQLFR0DGULG
YRO,9SFROOtQHDV
©6REUHHORULJHQGHOYRFDEOR´3$5,$6µª$QGDUD[$OPHUtDDxR,,QžDEULOPD\R
$GH%,%(567(,1 .$=,0,56.,'LFWLRQQDLUHDUDEHIUDQoDLV3DUtVW,S
(QHO;,&RQJUHVVRGL6WRULDGHOOD&RURQDG·$UDJRQD3DOHUPR7UDSDQL(ULFHDSULOH
VXOWHPD/DVRFLHWjPHGLWHUUDQHDDOO·HSRFDGHO9HVSURSXEOLFDGRSRUOD$FFDGHPLDGL6FLHQ
]H /HWWHUHH$UWL3DOHUPRYRO,,&RPXQLFD]LRQLSS©$WWLWXGHVSROLWLTXHVGH7XQLV
GDQV OH FRQIOLW HQWUH$UDJRQDLV HO )UDQoDLV HQ 6LFLOH DXWRXU GH ª SDUD H[SOLFDU ODV UD]RQHV
SROtWLFDVGHUHFKD]RFRQVWDQWHGHORVPXVXOPDQHVDODVH[LJHQFLDVDUDJRQHVDVGHO©WULEXWRªMXQWR
D ORV SDJRV PXVXOPDQHV D$UDJyQ \ VX MXVWLILFDFLyQ PLOLWDU \ OD IXQFLyQ GH ORV ©GRQHVª TXH OHV
KDFtDQMRLHVSUHVHQWVGRQVVHJ~QODVIXHQWHVFULVWLDQDV7DPELpQHVWXGLDEDHVWDVUHDOLGDGHVHQ
XQDFRPXQLFDFLyQGHO&RQJUHVR,QWHUQDFLRQDOVREUH$OIRQVR;HO6DELRYLGDREUDpSRFDGH
PDU]RGHDEULO©/DWUDGLFLyQDQGDOXVtGHODVSDULDVSDJDVPLOLWDUHVHQODSROtWLFDGH-DLPH
,\$OIRQVR;ªUHVXPHQSXEOLFDGRSRUHO,QVWLWXWRGH+LVWRULD©-HUyQLPR=XULWDª'6,&SS
(O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
VLHPSUHHOUHFKD]RFRQVWDQWHIXQGDPHQWDOGHFRQVLGHUDUORVSDJRVDFULVWLD
QRV FRPR DOJR GHELGR R WULEXWDULR EXVFDQGR RWUDV MXVWLILFDFLRQHV SDUD HVRV
SDJDPHQWRVFX\DUHDOLGDGHFRQyPLFDHVWiSHUIHFWDPHQWHGRFXPHQWDGDHVSH
FLDOPHQWHHQWRGDODKLVWRULDLVODPRFULVWLDQDGHOD3HQtQVXOD,EpULFD
(VDQHJDWLYDGHODVDXWRULGDGHVPXVXOPDQDVDSDJDUWULEXWRVDORVFULVWLD
QRV KD VLGR DGYHUWLGD SRU KLVWRULDGRUHV PRGHUQRV TXH OR KDQ DWULEXLGR D
©VXVFHSWLELOLGDGSROtWLFDª \DTXHHQODSUiFWLFDVtTXHSDJDQLPSRUWDQWHVFDQ
WLGDGHV3HURHOUHFKD]RVHGHEHDFDXVDVPXFKRPiVSURIXQGDVDOPLVPtVLPR
IXQGDPHQWRWHROyJLFRGHODDXWRULGDGLVOiPLFD
(QHIHFWRODWULEXWDFLyQHVODPDQLIHVWDFLyQPLVPDGHODVREHUDQtDSROtWLFD
HQHO,VODP6yORSXHGHQH[LJLUORODVDXWRULGDGHVPXVXOPDQDV(VORSULPHUR
TXHLPSRQHQDOFRQTXLVWDUXQDVWLHUUDVFULVWLDQDVRVLPSOHPHQWHQRPXVXOPD
QDV8QDFXULRVDH[SUHVLyQFDVWHOODQDKDFRQVHUYDGRHOGLOHPDTXHODDXWRULGDG
PXVXOPDQD KD GH KDFHU D ORV UHFLpQ FRQTXLVWDGRV ©FRQ KDFHUVH PXoOLPHV R
FRQSDJDUODVSDULDVª6HUtDSRUWDQWRLUFRQWUDHORUGHQSROtWLFRWHROyJLFD
PHQWHLPSHUDGRSRUHO,VODPHOTXHVHDQORVPXVXOPDQHVORVTXHWHQJDQTXH
SDJDUDORVFULVWLDQRV6HJ~QHOJUDQWHyORJRFRUGREpVGHOVLJOR;,,EQ+D]P
GH&yUGREDXQRGHORVFUtPHQHVPD\RUHVGHXQDDXWRULGDGPXVXOPDQDHVREOL
JDUDORVPXVXOPDQHVDSDJDULPSXHVWRVFRPRORVTXHWLHQHQTXHSDJDUORVFULV
WLDQRV©VRPHWLGRVª
0iVD~QHVRVSDJRVJHQHUDOPHQWHFXDQWLRVRVTXHKDFHQORVVREHUDQRVGH
WDLIDVGHOVLJOR;,DORVFULVWLDQRVDFDEDQVLHQGRJUDYiPHQHVPX\SHVDGRVSDUD
ORVV~EGLWRVPXVXOPDQHVTXHVHYHQDSUHPLDGRVSRUYtDILVFDOSRUVXVDXWRUL
GDGHVFRQFUHFLHQWHVLPSXHVWRVTXHOHVSHUPLWDQSDJDUDORVFULVWLDQRV$KRUD
ELHQHOWHPDGHORVWULEXWRVQRSUHYLVWRVSRUODOHJLVODFLyQGHO&RUiQ\GHO3UR
IHWDHVSROtWLFD\UHOLJLRVDPHQWHPX\GHOLFDGRHQWRGDVRFLHGDGLVOiPLFD6XSR
QHQXQDWUDQVJUHVLyQDOD5HYHODFLyQGLYLQD\TXLWDQOHJLWLPLGDGDODDXWRUL
GDGTXHORVLPSRQH(VWDWUDQVJUHVLyQHVWDQWRPiVSHOLJURVDSDUDODDXWRULGDG
FXDQWRTXHODVPLVPDVFODVHVVRFLDOHVVREUHODVTXHVXHOHQUHFDHUHVRVWULEX
WRVVRQODEXUJXHVtDWHUUDWHQLHQWHFRPHUFLDO\DUWHVDQDOGHODVFLXGDGHV\VRQ
SUHFLVDPHQWHODFODVHGHGRQGHVXHOHQVDOLUORVWHyORJRV\MXULVWDVTXHLQWHU
GRQGHH[SOLFDEDODWUDGLFLyQ\HYROXFLyQGHHVDV©SDJDVPLOLWDUHVªGHORVPXVXOPDQHVD
ORVFULVWLDQRV
9HU &( '8)285&4 /·(VSDJQH FDWDODQH HW OH 0DJKULE DX[ ;,,,H HW ;,9H VLqFOHV 3DUtV
S\SDVVLPDFHUFDGHORVSDJRVH[LJLGRVHQORVWUDWDGRVHQWUHOD&RURQDGH$UDJyQ\
ORVHVWDGRVPXVXOPDQHVGHO0DJUHE9HUWDPELpQVXSUDQRWD
9HUSRUHMHPSORHOPiVFRQRFLGRGHORVWUDWDGRVGHORVFRQTXLVWDGRUHVGHOD+LVSDQLDYL
VLJyWLFDHOTXHVHILUPyFRQHOPDJQDWH7HRGRPLURGH2ULKXHODDEXQGDQWHPHQWHFLWDGR\HVWXGLD
GRWH[WRV\WUDGXFFLRQHVHQ($//2%5(*$7 &21(6$7HRGRPLURGH2ULDOD6XYLGD\VXREUD
$OLFDQWH3DUDLGpQWLFDDFWXDFLyQWULEXWDULDFRQYDVFRQHVQRFULVWLDQL]DGRVSRUSDUWHGHXQ
JREHUQDGRUPXVXOPiQGH=DUDJR]DKDFLDHODxRYHU0GH(3$/=$©(OGHUHFKRSROtWLFRPXVXO
PiQ \ VX LQIOXHQFLD HQ OD IRUPDFLyQ GH ÉODYD VLJORV 9,,,;,ª (VWXGLRV GH 'HXVWR %LOEDR
;;;,,
©6XPDGHORVSULQFLSDOHVPDQGDPLHQWRV\GHYHGDPLHQWRVGHOD/H\\dXQDª0HPRULDO+LV
WyULFR(VSDxRO90DGULGS
$ 0 7 85., ©/·HQJDJHPHQW SROLWLTXH HW OD WKpRULH GX FDOLIDW G·,EQ +D]P ª0pODQJHV+/DRXVW%XOOHWLQG·(WXGHV2ULHQWDOHV'DPDVFR;;;W,,UHSUR
GXFLGRHQ7KpRORJLHQVHWMXULVWHVGHO·(VSDJQHPXVXOPDQH$VSHFWVSROpPLTXHV3DUtVS
0tNHOGH(SDO]D
SUHWDQOD/H\UHOLJLRVD\OHJLWLPDQFRQVXVGLFWiPHQHVODVDFWXDFLRQHVGHODV
DXWRULGDGHV SROtWLFDV (O WH[WR GHO 0HPRULDO GHO HPLU$EGiOODK GH *UDQDGD
MXVWLILFDFLyQGHVXSROtWLFDIUHQWHDODVDFXVDFLRQHVDOPRUiYLGHV\SDUWLFXODU
PHQWHDODVGHORVSURSLRVDOIDTXtHVJUDQDGLQRVWLHQHPXFKDV\PX\PDWL]D
GDVPDQLIHVWDFLRQHVGHHVHSUREOHPDWULEXWDULRTXHHVSROtWLFR\UHOLJLRVRDXQ
WLHPSRFRQVHFXHQFLDGHODVQHFHVLGDGHVWDLIDOHVGHSDJDULQJHQWHVVXPDVDORV
FULVWLDQRV
'HODFRQMXQFLyQGHHVRVGRVHOHPHQWRVGHODSROtWLFDPXVXOPDQD³HOGH
WHQHUTXHSDJDUMXQWRDOGHWHQHUTXHMXVWLILFDUHVHSDJDPHQWRGHIRUPDTXHQR
SDUH]FDXQWULEXWRDORVFULVWLDQRVQLDSDUH]FDFRPRXQDIRUPDQRLVOiPLFDGH
WULEXWR D ORV PXVXOPDQHV³ QDFHQ ODV MXVWLILFDFLRQHV GH ODV SDULDV SRU SDUWH
PXVXOPDQD
/D SULPHUD MXVWLILFDFLyQ HV OD GH FRQVLGHUDU HVRV SDJRV D FULVWLDQRV FRPR
©SDJDVPLOLWDUHVª
(Q$OÉQGDOXVODXWLOL]DFLyQGHPLOLFLDVFULVWLDQDVSRUGLYHUVDVDXWRULGDGHV
PXVXOPDQDVGHOD3HQtQVXOD\PiVWDUGHGHO0iJUHEYHFLQRHUDXQKHFKRPX\
IUHFXHQWH\DEXQGDQWHPHQWHGRFXPHQWDGR(Q$OÉQGDOXVVHUHFOXWDEDQVRO
GDGRVRFXHUSRVGHHMpUFLWRLQGLVWLQWDPHQWHHQWUHEHUpEHUHVPDJUHEtHV\FULV
WLDQRV SHQLQVXODUHV R H[WUDSHQLQVXODUHV DXQTXH ODV IXHQWHV D YHFHV ORV SUH
VHQWDQGHIRUPDGLIHUHQFLDGD/DVUHIRUPDVPLOLWDUHVGH$OPDQ]RUDILQHVGHO
9HU(/e9,3529(1d$/ \(*$5&Ì$ *Ð0(=RSFLWSSDOSULQFLSORGHOWH[WRGRQ
GHVHHVWLSXODQODVFRQGLFLRQHVILQDQFLHUDVGHOHVWDEOHFLPLHQWRGHORVDQWHSDVDGRV]LUtHVGH$EGi
OODKHQ$OÉQGDOXVSRUUD]RQHVPLOLWDUHVSSDFXVDFLRQHVGHDOIDTXtHVSRUVDFDUGLQHUR
©FRQWUDODOH\ªSSFyPRVHMXVWLILFDHQUD]RQHVGHIHQVLYDVSDUDSDJDUD$OIRQVR9,<
PXFKtVLPRVRWURVSDVDMHVGHHVHGRFXPHQWRH[FHSFLRQDOVREUHODSROtWLFDGHORVVREHUDQRVPXVXO
PDQHVVLVHVDEHOHHUORFRPRXQ©PHPRULDOªGHXQFRQGHQDGRDPXHUWHTXHGHILHQGHVXVDFWXD
FLRQHVSROtWLFDV
6HJ~Q(/e9,3529(1d$/(VSDxDPXVXOPDQD,QVWLWXFLRQHV\DUWHHQ50(1e1
'(= 3 ,'$/ +LVWRULDGH(VSDxD0DGULGW9SSHOUHFOXWDPLHQWRGHPLOLFLDV
FULVWLDQDVSXHGHUHPRQWDUVHDORVSULPHURVRPH\DVGH&yUGREDHQHOVLJOR9,,,/RVHVWXGLRVVREUH
HVDVPLOLFLDVVRQPX\DEXQGDQWHVGHVGH-$/(0$1<©0LOLFLDVFULVWLDQDVDOVHUYLFLRGHORVVXOWD
QHVPXVXOPDQHVGH$OPDJUHEª+RPHQDMHDGRQ)UDQFLVFR&RGHUD=DUDJR]D\$-,0e1(=
62/(5©&DEDOOHURVHVSDxROHVHQÉIULFD\DIULFDQRVHQ(VSDxDª5HYXH+LVSDQLTXH%XUGHRV;,,
&RQWHPSRUiQHRGHO&LGHVHOJHyJUDIRiUDEH$EX8EDLG$O%DNULPHQ&yUGREDR6HYLOOD
HQTXHGHVFULEHDORVFULVWLDQRVGHOQRUWHGHOD3HQtQVXODFRQODVSHRUHVFDUDFWHUtVWLFDVVXFLRV
YLOHVDOFRKyLFRVGHVLGUDHWFVLJXLHQGRDOJHyJUDIRMXGtRGHOVLJOR;,EUDKLPGH7RUWRVDSHUR
UHFRQRFHHVD©HVSHFLDOL]DFLyQªPLOLWDU©7LHQHQJUDQYDORUQRDGPLWHQODKXLGDHQHOHQFXHQWURHQ
ODJXHUUD\FRQVLGHUDQDSURSLDGDODPXHUWHHQVXSXHVWRªWUDGGH(9,'$/ %(/75É1$EÚX¶8EX\G
$O%DNUÚ×*HRJUDItDGH(VSDxD=DUDJR]DS(*5$66277, RSFLWSRSLQDTXH
ORVSDJRVFRUGREHVHVTXHPDUFDQHOSULQFLSLRGHOSHUtRGRWDLIDOVHUtDQDQWHFHGHQWHVGLUHFWRVGHORV
SDJRVPXVXOPDQHVDFULVWLDQRV©(QHODxRHOFRQGH6DQFKR*DUFpVGHVSXpVGHVXHQWUDGD
HQ&yUGREDUHJUHVyD&DVWLOODFDUJDGRGHULTXH]DVHVWDYH]ORJUDGDVSDFLItFDPHQWH1RVKDOODPRV
HQSUHVHQFLDGHXQDIRUPDKtEULGDGHERWtQHQYHUGDGGHEHPRVFRQVLGHUDUOHFRPRXQDHVSHFLHGH
SUHKLVWRULDGHOUpJLPHQGHSDULDª(IHFWLYDPHQWHHVRVSDJRVSDFtILFRVRORVTXHREWHQGUiQPiVWDU
GH ORV FDWDODQHV HQ &yUGRED VRQ SDJRV GH VHUYLFLRV PLOLWDUHV SUHVWDGRV D DXWRULGDGHV R ULYDOHV
PXVXOPDQHV
9pDVH FyPR FRQWUDWD XQ JREHUQDGRU GH &DODWD\XG XQDV PLOLFLDV GH DODYHVHV \ FyPR VH OR
UHSURFKDODFUyQLFDSRUXWLOL]DUORVFRQWUD$EGHUUDKPiQ,,,HQ0-9,*8(5$ \)&255,(17(,EQ
+D\\ÚD Q GH &yUGRED &UyQLFD GHO FDOLID $EGHUUDKPiQ ,,, DQ1ÚD VLU HQWUH ORV DxRV \ DO0XTWDELV97UDGXFFLyQQRWDVHtQGLFHV=DUDJR]D
(O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
VLJOR;DXPHQWDURQODVDSRUWDFLRQHVGHEHUpEHUHV3HURHOLQWHJUDUDVREHUD
QRVFULVWLDQRVFRQVXVHMpUFLWRVHQVXVH[SHGLFLRQHVFRQWUDRWURVFULVWLDQRVHUD
WDPELpQ XQD IRUPD GH UHFOXWDPLHQWR PLOLWDU$XQTXH QR FRQVWD GRFXPHQWDO
PHQWHTXH$OPDQ]RUOHVSDJDUDVROGDGDHQHVWRV~OWLPRVFDVRVQLSRVLWLYDQL
QHJDWLYDPHQWHHOOLEUDUDOVREHUDQRFULVWLDQRGHXQDH[SHGLFLyQHQVXVWLHUUDV
SRUDTXHODxRSDVDQGRODFXHQWDDORVGHOYHFLQRSXHGHFRQVLGHUDUVHWDPELpQ
FRPRXQDIRUPDGHSDJDPHQWRPLOLWDUDpO\VXVWURSDV
3RUHVRHOSDJDPHQWRDFULVWLDQRVGHFDQWLGDGHVDWtWXORGH©SDJDVPLOLWDUHVª
WHQtDDPSOLDWUDGLFLyQHQ$OÉQGDOXV3RGtDFRQVLGHUDUVHFRPRXQDQHFHVLGDG
GHIHQVLYDYiOLGDWHROyJLFDPHQWHSDUDMXVWLILFDUFRQPD\RURPHQRUDFHSWDFLyQ
XQDVFDUJDVILVFDOHVQXHYDVDORVV~EGLWRVPXVXOPDQHV&UHRTXHpVWHHVHOSODQ
WHDPLHQWRLVOiPLFRTXHFRQVWLWX\HHODQWHFHGHQWHGHODVSDULDVGHOVLJOR;,
(VWDVLWXDFLyQTXHDOLPHQWDEDODVDUFDVGHORVFULVWLDQRV\FRQWULEXtDDFUHDU
HQ HOORV XQD ©HVSHFLDOL]DFLyQª SURIHVLRQDO PLOLWDU WDQ UHQWDEOH VH IXH WUDQV
IRUPDQGRDORODUJRGHODSULPHUDPLWDGGHOVLJOR;,FXDQGRORVFULVWLDQRVVH
KLFLHURQFDGDYH]PiVIXHUWHVPLOLWDUPHQWH\IXHURQLPSRQLHQGRVXV©VHUYLFLRV
PLOLWDUHVª D ORV UHLQRV GH WDLIDV H[LJLHQGR EDMR DPHQD]DV VXV ©SDJDV PLOLWD
UHVª/DVDXWRULGDGHVPXVXOPDQDVWHQtDQHQWRQFHVTXHMXVWLILFDUHVRV©JDVWRV
GHGHIHQVDªFRQJXHUUDVLQQHFHVDULDVFRQVXVYHFLQRV\FRQHOWLWXOXVFRORUHD
WXVGH©JDVWRVGHSD]ªSDUDOLEUDUVHGHDPHQD]DQWHVDWDTXHVFULVWLDQRV/DSROt
WLFD GH $EGiOODK GH *UDQDGD GD PXHVWUDV DQWROyJLFDV GH HVH PHFDQLVPR
HFRQyPLFRPLOLWDU\GHVXVMXVWLILFDFLRQHV/DSROtWLFDGHO&LGFRQHOUH\GH
6HYLOOD\VXVGLVSXWDVFRQWUDHOGH*UDQDGDFRQHOUH\GH=DUDJR]D\VXVEDWD
OODVFRQVXVYHFLQRV\HQWRGDVVXVDFWXDFLRQHVHQOD]RQDOHYDQWLQD\FRQOD
FLXGDGGH9DOHQFLDDQWHVGHHQWUDUHQHOODSRUPHUDVUD]RQHVHVWUDWpJLFDVGH
GHIHQGHUVH GH ORV DWDTXHV DOPRUiYLGHV VH H[SOLFD PX\ FRKHUHQWHPHQWH VL VH
WLHQHHQFXHQWDODGLDOpFWLFDTXHSUHVLGtDODVUHODFLRQHVHQWUHDXWRULGDGHVPXVXO
PDQDV\IXHU]DVPLOLWDUHVFULVWLDQDVVHJ~QOD+LVWRULD5RGHULFL\DKDEtDFREUD
GRSDULDVHQQRPEUHGHOUH\$OIRQVRHQ6HYLOOD\HQ&yUGRED
/DQHFHVLGDGGHHVDV©SDJDVPLOLWDUHVªSRGtDQMXVWLILFDUDQWHODOH\LVOiPL
FDHOSDJRGHVXPDVGHGLQHURDFULVWLDQRV'HDKtODQRFLyQGH©SDULDªHQVX
HWLPRORJtDODWLQDFDQFHODUXQDGHXGDTXHGDU©DSDUHVªVLHPSUHHQWUHLJXDOHV
\VLQTXHTXHGDUDXQDUHODFLyQGHVXSHULRULGDGGHXQRVREUHRWURWUDVHOSDJD
PHQWR
9HUSUHVHQWDFLyQGHUHFOXWDPLHQWRVGHEHUpEHUHVHQHOFRQMXQWRGHODVUHIRUPDVPLOLWDUHVGH
$OPDQ]RUSRU$EGiOODKGH*UDQDGDTXHORDQDOL]DGHWHQLGDPHQWHDOSULQFLSLRGHVX©0HPRULDOª
GH DXWRGHIHQVD SDUD UHFRUGDU HO RULJHQ GH VX GLQDVWtD GH EHUpEHUHV TXH YLQLHURQ D DX[LOLDU D ORV
PXVXOPDQHVGH$OÉQGDOXVFRPRORVDOPRUiYLGHVWDPELHQEHUpEHUHVXQVLJORPiVWDUGHHQ(
/e9,3529(1d$/ \(*$5&Ì$ *Ð0(=RSFLWSS(*DUFtD*yPH]DWULEX\HHVRVFRQWUDWRV
PLOLWDUHVDOD©LQVXILFLHQFLDPLOLWDUGHOUpJLPHQRPH\Dª,QWURGXFFLQD(/e9,3529(1d$/(VSD
xDPXVXOPDQD0DGULGSS;;9,,;;9,,,DXQTXHFUHHTXHHVXQDHVWUXFWXUDGHRULJHQ
RULHQWDO LG S ;;,; \ DQDOL]D DVt HO WH[WR GHO UH\$EGiOODQ GH *UDQDGD VREUH PHFDQLVPRV GH
SDJRGHODFLXGDGGH(OYLUDDORVHMpUFLWRVGHVXVDQWHSDVDGRV]LUtHVLGS;;9,,,
9HUVXSUDQRWDV\\SDVVLPHQODRSFLW
9HU50(1e1'(= 3,'$//D(VSDxDGHO&LG0DGULGHGHVSHFLDOPHQWHVXV
FRPHQWDULRVDOWH[WRGHOD+LVWRULD5RGHULFL©,QWHUHDQDPTXHUH[$OGHIRQVXVQXQWLXPHXPSUR
SDULDVXDDGUHJHP6LELOOHHWDGUHJHP&RUGXEHPLVLWªYRO,,SS
0tNHOGH(SDO]D
3HURORVPXVXOPDQHVWLHQHQDXQHQWUHHOORVPLVPRVXQFXLGDGRH[TXLVLWR
GHH[LJLU\GDUVXPDVGHGLQHURVLQTXHSXHGDQSDUHFHULPSXHVWRVGHORVTXH
OD OH\ PXVXOPDQD QR WLHQH SUHYLVWRV VRQ ORV ©UHJDORVª 6X FDUiFWHU IRUPDO
PHQWHYROXQWDULR\OLEUHOHVKDFHQDSDUHQWHPHQWHGLIHUHQWHVGHORVLPSXHVWRV
REOLJDWRULRV(VRV©UHJDORVªGHXQV~EGLWRDOVREHUDQRVHYHQFRUUHVSRQGLGRV
SRURWURVUHJDORVOXMRVRVGHpVWHKDFLDVXV~EGLWR³YHVWLGRVDUPDVMR\DVDQL
PDOHVHWF³/DVFUyQLFDVHVWiQOOHQDVGHGHWDOOHVYLVWRVRVGHHVHWLSRTXHHQ
UHDOLGDGSUHWHQGHQHQFXEULUDXWpQWLFDVUHODFLRQHVWULEXWDULDV
$VtHOSUHFLRVRWH[WRGHO0HPRULDOGHOUH\$EGiOODKGH*UDQDGDPHQFLRQD
UHSHWLGDV YHFHV VXPDV GH GLQHUR TXH SDJy D ORV DOPRUiYLGHV HQ FRQFHSWR GH
GL\ÚDID©KRVSLWDOLGDGª\RWURVGRQHVHVXQDIRUPDGHUHFRUGDUOHVTXHWDP
ELpQHOORVH[LJtDQ©LPSXHVWRVªQRLVOiPLFRVFRPROHDFXVDEDQDpO/RVWUDWD
GRV GH SD] HQWUH OD &RURQD GH$UDJyQ \ ORV VREHUDQRV GH ORV HVWDGRV PXVXO
PDQHV GHO 0iJUHE HVWiQ OOHQRV GH GHWDOOHV TXH PXHVWUDQ FyPR HVWRV ~OWLPRV
TXHUtDQHQFXEULUEDMRHOWtWXORGHSUHVHQWVGRQV\MRLHVHQiUDEHKLGÚD\ÚDORV
SDJDPHQWRVTXHWHQtDQTXHKDFHUDORVFULVWLDQRVFRPR©SDJDVPLOLWDUHVªSRU
WHQHUPLOLFLDVFULVWLDQDVDVXVHUYLFLRRSRUSUHVLRQHVGHORVHVWDGRVFULVWLDQRV
DPHQD]DQWHVDWtWXORGH©JDVWRVGHIHQVLYRVªRGH©JDVWRVGHSD]ª7RGRVHU
YLFLRTXHVHSXHGDSUHVWDU\TXHQRWHQJDDSDULHQFLDGHSDJRWULEXWDULRVHUYLUi
SDUD DSDUWDU OR PiV OHMRV SRVLEOH WRGD DSDULHQFLD GH YDVDOODMH R GHSHQGHQFLD
SROtWLFDSURKLELGDSRUHO,VODP
(VWHVHQWLGRWLHQHQODVSDULDVHQHO&DQWDUFLGLDQR\HQODSROtWLFDGH5RGUL
JRFRQORVPXVXOPDQHVSRUSDUWHGHpVWRV6LSXHGHYHUVHODH[LJHQFLDGHOSDJR
HQORVVRPHWLPLHQWRVTXH5RGULJRKDFHHQWLHUUDVDFWXDOPHQWHDUDJRQHVDVHVHQ
ORVHSLVRGLRVGH,EQ*DOEÚXQ$EHQJDOEyQ©VHxRUªGH0ROLQDGRQGHVHSXH
GHYHUPHMRUORTXHHVSDUDHO&LGXQ©EXHQPRURGHSDULDVªTXHSDJDDWtWX
ORGHDPLVWDG\SURFXUDVLHPSUHKDFHUVHUYLFLRV\UHJDORVVXVWLWXWRULRVGHODV
SDULDV TXH WLHQHQ VLHPSUH XQDV DSDULHQFLDV WULEXWDULDV TXH ORV PXVXOPDQHV
LQWHQWDQHYLWDU
$%(1*$/%Ð1 < 68
&2/$%25$&,Ð1 (1 (/ 6,67(0$ '( 3$5,$6
(QODDFFLyQpSLFDGHO&DQWDUHQODTXHODVUHODFLRQHVGHOKpURHHO&LGFRQ
ORVPXVXOPDQHVVHHQPDUFDQHQXQFRQWH[WRHFRQyPLFRGHEDWDOODVYLFWRULRVDV
SDUDREWHQHUERWtQ\HVWDEOHFHUSDULDVR©SDJDVªUHJXODUHVODILJXUDGHOPRUR
$XHQJDOERQ,EQ*DOEÚXQGHVWDFDSRUVXSUHVHQWDFLyQSRVLWLYDHQHO&DQWDU
3DUDODpSRFDGH$EGHUUDKPiQ,,,SRUHMHPSORYHU0-9,*8(5$)&255,(17(RSFLW
SS
9HU(/e9,3529(1d$/RSFLWSS\
9HU&('8)285&4RSFLW\SDVVLP6REUHHO
FDUiFWHUGH©JDVWRVGHSD]ªYHUVLJQLILFDWLYRSiUUDIRGH+*5$66277,RSFLWSS©/DV
SDULDVVHSDJDURQSUHFLVDPHQWHSRUORVLVODPLWDVDORVPHQFLRQDGRVVREHUDQRVSDUDHYLWDUORVGHV
WUR]RV\VDTXHRVGHORVHMpUFLWRVFULVWLDQRVHQODVWLHUUDVVDUUDFHQDVªFRQFLWDVDODSR\R
9HUHQHOYRFDEXODULRGH50(1e1'(= 3,'$/&DQWDUGH0LR&LG7H[WRJUDPiWLFD\YR
FDEXODULRYRO,,S
(O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
5RGULJRKDEODGHpOFRPRGH©PLDPLJRHOPRUR$EHQJDOEyQªY©DPL
JRHVGHSD]ªYHQ0ROLQDGH$UDJyQ©ODTXH$EHQJDOEyQPDQGDEDª
Y$XQTXHVHLQVLVWHVREUHWRGRHQVXILGHOLGDG\DPLVWDGFRQHO&LG\
ORVVX\RVVXILJXUDSRVLWLYDGH©PRURGHSD]ªQRGHMDGHWHQHUWDPELpQFRQ
QRWDFLRQHVHFRQyPLFDVTXHKD\TXHFRPSUHQGHUWDPELpQHQHOHVWXGLDGRVLV
WHPDGHSDULDVSDJDVPLOLWDUHVTXHULJHQODVUHODFLRQHVGHO&LGFRQORVPXVXO
PDQHVHQHO&DQWDU©ORVX\RJDVWDEDHOPRURTXHGHHOORVQRWRPDEDQDGDªY
(VSRVHHGRUGHJUDQGHVULTXH]DVTXHH[FLWDQODFRGLFLDGHORVLQIDQWHV
GH&DUULyQ©WRGRHVRKL]RHOPRURSRUDPRUGHO&LG&DPSHDGRU(OORVYHtDQ
ODV ULTXH]DV TXH HO PRUR VDFyª YY ©VL SXGLpVHPRV PDWDU DO
PRUR$EHQJDOEyQFXDQWDULTXH]DWLHQHVHUtDSDUDORVGRVªYY
3HURORTXHKD\TXHWHQHUHQFXHQWDHVTXHHQWUDSHUIHFWDPHQWHHQODGXDOLGDG
\DVHxDODGDGHODVSDULDVSDJRVREOLJDGRV\E~VTXHGDGHPRWLYRVRGH©WLWXOXV
FRORUHDWXVªSDUDTXHQRSDUH]FDQLPSXHVWRVUHJXODUHV
$EHQJDOEyQ DSDUHFH HQ HO &DQWDU FRPR DOFDLGH ³DOFD\D] YY ³ R MHIH PLOLWDU GH 0ROLQD \ VX UHJLyQ MHIH GH XQD SHTXHxD FLUFXQV
FULSFLyQMXULVGLFFLRQDOVHJXUDPHQWHGHSHQGLHQWHGH0HGLQDFHOL(VWDVDXWRUL
GDGHVFRPDUFDOHVHUDQQRPEUDGDVJHQHUDOPHQWHSRUXQDDXWRULGDGVXSHULRUSHUR
DFWXDEDQFRQUHODWLYDDXWRQRPtDHVSHFLDOPHQWHHQODWXUEXOHQWDpSRFDGHODV
WDLIDVHQ]RQDVIURQWHUL]DVHQWUHORVVREHUDQRVPXVXOPDQHVGH7ROHGR\ORVGH
=DUDJR]D/DLPSRUWDQFLDGH0ROLQDHQpSRFDPXVXOPDQDGHVGHHOSXQWRGH
YLVWDPLOLWDU\SRUWDQWRSROtWLFRVHGHEtDDVXVLWXDFLyQYLDOHQHOFDPLQRTXH
XQtD7ROHGRFRQ=DUDJR]D$EGHUUDKPiQ,,,HQWUHPXFKRVRWURVHPSOHDUiHVH
FDPLQRSDUDYROYHUGH=DUDJR]DD&yUGRED6HJ~QHO&DQWDUHOSDVRSRU0ROL
QDHVDEVROXWDPHQWHQHFHVDULRSDUDODVUHODFLRQHVGHO&LGGHVGHWLHUUDVYDOHQ
FLDQDVDWLHUUDVFDVWHOODQDV
$EHQJDOEyQHVSHUVRQDMHKLVWyULFRGRFXPHQWDGR \VXQRPEUHKDTXHGDGR
HQWRSyQLPRVUHFRJLGRVSRU0HQpQGH]3LGDOORTXHLQGLFDUtDTXHVXMXULVGLF
FLyQRODGHVXIDPLOLDDOFDQ]DEDXQDDPSOLD]RQDVHJ~QODWUDGLFLyQGHORVFRQ
TXLVWDGRUHVFULVWLDQRVTXHSXVLHURQVXQRPEUHDHVRVOXJDUHVSRUMX]JDUTXH
HUDQVX\RVHQXQSURFHVRGHFUHDFLyQGHWRSyQLPRVGHFRQTXLVWDSRUUD]RQHV
FDWDVWUDOHVTXHVHKDSRGLGRHVWXGLDUHQRWURVOXJDUHVGHOD3HQtQVXOD\SDUD
RWUDVpSRFDV
(OYHULVPRRUHDOLVPRGHORTXHVHUHILHUHD$EHQJDOEyQHQHO&DQWDUVHYH
UHIRU]DGR SRU HO DQiOLVLV GH VX DFWXDFLyQ R FRODERUDFLyQ FRQ HO &LG &RUUHV
9HU0-9,*8(5$)&255,(17(RSFLWSHOKLVQ0ROÚ×QDGHOWH[WRiUDEHHGLWDGRSRU
3&+$/0(7$5&255,(17(068%+ \RWURV,EQ+D\\ÚDQ$O0XTWDEDV90DGULGS
9HUGLVWDQFLDVYLDOHVGH0ROLQDD0HGLQDFHOLD'DURFD\D&DODWD\XGHQ-$0,=$//RVFDPL
QRVGHDOÉQGXOXVHQHOVLJOR;,,(VWXGLRHGLFLyQWUDGXFFLyQ\DQRWDFLRQHV0DGULG
9HU50(1e1'(= 3,'$/RSFLWYRO,,,(O&DQWDUHPSOHDFRQpOODPLVPD
H[SUHVLyQTXHPDQGySRUDIiQGHYHULVPRGHODXWRUTXHFRPRORHPSOHDSDUDRWURVSHUVRQDMHV
\HQHOPLVPRVHQWLGRGHKLVWRULFLGDGOLWHUDULDGHODQiOLVLVGH&60,7+©¢7KH3HUVRQDJHVRI´&DQ
WDUGH0LR&LGµDQGWKH'DWHRIWKH3RHPª7KH0RGHUQ/DQJXDJH5HYLHZ
HVSHFLDOPHQWHSS
9HU0GH(3$/=$©7RSzQLPVG·RULJHQDQWURSRQLPLFjUDEGHWHPSVGHODFRQTXHVWD&LG
%XVHW%HQLPDVVRW0DVVRGD%HQLVVRGDª;,9p&ROORTXL*HQHUDOGHOD6RFLHWDWG·2QRPjVWLFD
,,QG·2QRPjVWLFD9DOHQFLDQD$OLFDQWHYRO,,
0tNHOGH(SDO]D
SRQGHSHUIHFWDPHQWHDOPDUFRGHODVSDULDVWDO\FRPRVHKDHVWXGLDGRHQHO
DSDUWDGRDQWHULRUGHHVWHWUDEDMR
(QHIHFWRHO&DQWDULQIRUPDHQSULPHUOXJDUTXH0ROLQDKDVLGRUHGXFLGD
DSDULDVGHVSXpVGHODRFXSDFLyQGH$OFRFHU\GHODYLFWRULDFRQWUDORVHMpUFL
WRVPXVXOPDQHVYY
0HWLyHQSDULDD'DURFDDQWHV
OXHJRD0ROLQDTXHHVWiDODRWUDSDUWH
ODWHUFHUD7HUXHOTXHHVWDEDGHODQWH
HQVXPDQRWHQtDD&HOIDODGH&DQDO
(VWD©VXPLVLyQªILQDQFLHUDVHSUHVHQWDUiPiVDGHODQWHFRPRXQDUHODFLyQ
SHUVRQDOGHDPLVWDGHQWUH$EHJDOEyQ\5RGULJR
$EHQJDOEyQDPLJRHVGHSD]Y
<D$EHQJDOEyQDPLJROHVRLVVLQIDOWDY
VDOXGDGDPLDPLJRHOPRUR$EHQJDOEyQY
$EHQJDOEyQHVHOTXHPiVLQWHUpVPXHVWUDHQPDQLIHVWDUVXVVHQWLPLHQWRV
DPLVWRVRVFRQORVTXHHQYXHOYHRVWHQWRVDPHQWHORVGLYHUVRVVHUYLFLRVHFRQy
PLFRVTXHSUHVWDDO&LG\DORVVX\RV
(OPRUR$EHQJDOEyQFXDQGRVXSRHOPHQVDMH
VDOLyDUHFLELUORVFRQJUDQJR]RTXHKDFH
©¢9HQtVORVYDVDOORVGHPLDPLJRQDWXUDO"
$ PtQRPHSHVDVDEHGPXFKRPHSODFHª
+DEOy0XxR*XVWLR]QRHVSHUyDQDGLH
©0LR&LGRVVDOXGDED\ORPDQGyUHFDEDU
FRQFLHQFDEDOOHURVTXHUiSLGROHVRFRUUiLV
VXPXMHU\VXVKLMDVHQ0HGLQDHVWiQ
TXHYD\iLVSRUHOODVVHODVWUDLJiLVDFi
\KDVWD9DOHQFLDQRRVYD\iLVDVHSDUDUª
'LMR$EHQJDOEyQ©ORKDUpGHYROXQWDGª
(VDQRFKHFRQGXPLROHGLRJUDQGH
SRUODPDxDQDVHSRQHQDFDEDOJDU
FLHQWROHSLGLHURQPDVpOFRQGRVFLHQWRVYD
YY
&RPR VH YH VL KD\ FLIUDV HQ HO PDQGDWR FLGLDQR OD ©GHVREHGLHQFLDª GHO
PXVXOPiQFRQVLVWHHQFDPXIODUODRUGHQFRQXQDJHQHURVLGDGGHOGRVFLHQWRVSRU
FLHQSDUDTXHSDUH]FD©UHJDORª\QR©LPSXHVWRª$VtDSDUHFHUiFRPRJHQHUR
VRPRURHQHOVpTXLWRGHODIDPLOLDGHO&LGYY
\HODOFDLGH$EHQJDOEyQFRQVXVIXHU]DVTXHWUDH
SRUJXVWRGHPLR&LGSDUDJUDQKRQUDGDUOH
/DUHFHSFLyQGHODFRPLWLYDDOOOHJDUD0HGLQDGRQGHHVSHUDQ0LQD\DFRQ
ODIDPLOLDGHO&LGQRHVPHQRVRVWHQWRVDYY'HORVSDUODPHQ
WRVTXHVHKDFHQDPERVMHIHV0LQD\D\$EHOJDOEyQKD\TXHUHWHQHUXQDIUDVH
GHO©PRURGHSD]ªTXHUHVXPHELHQODSUHVLyQPLOLWDUTXHHQJHQGUDODVLWXD
FLyQGHODVSDULDVY
HQSD]RHQJXHUUDORQXHVWURREWHQGUi
(O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
3RUHVRVHSUHVWDHOPXVXOPiQDUHFRQRFHUVXVLWXDFLyQ\FDPXIODUODFDUJD
ILQDQFLHUD \ SROtWLFD TXH VXSRQH FRQ DSDULHQFLDV GH JHQHURVLGDG \ VHUYLFLRV
DPLVWRVRV6L0LQD\DOHLQYLWDDXQDFHQDUHVSRQGHUiFRQPiVDJDVDMRV
'LMR$EHQJDOEyQ©HVWDLQYLWDFLyQPHDJUDGD
DQWHVGHKR\HQWUHVGtDVRVODGDUpGREODGDª
YY
(OSDVRSRU0ROLQDVHUiWDPELpQRFDVLyQGHQXHYRVDJDVDMRVSRUSDUWHGHO
PRUR YY +DFH RVWHQWDFLyQ GH VX JHQHURVLGDG OD KRVSLWDOLGDG
HQFXEUHXQDVHTXLYDOHQWHVSDULDVH[LJLEOHVSRUHO&LGYY
+DQHQWUDGRHQ0ROLQDEXHQD\ULFDFDVD
HOPRUR$EHQJDOEyQELHQORVVHUYtDVLQIDOWD
GHFXDQWRTXLVLHURQQRWXYLHURQIDOWD
DXQODVKHUUDGXUDVSDJiUVHODVPDQGDED
D0LQD\D\ODVVHxRUDV£'LRVFyPRODVKRQUDED
$ ODPDxDQDVLJXLHQWHSURQWRFDEDOJDEDQ
KDVWD9DOHQFLDVHUYtDORVVLQIDOWD
ORVX\RJDVWDEDHOPRUR
TXHGHHOORVQRWRPDEDQDGD
&XULRVDPHQWH$EHQJDOEyQQRILJXUDHQHOUHFLELPLHQWRGHODFRPLWLYDSRU
HO&LGHQ9DOHQFLD6XSDSHOFRQVLVWHHQKDEHUHVFROWDGRDODFRPLWLYDFLGLDQD
SRUORVSDVRVPRQWDxRVRVGHWLHUUDVPXVXOPDQDVGHVGH0HGLQDFHOLDODOODQX
UDYDOHQFLDQD1RHVTXL]iVFRLQFLGHQFLDHODGYHUWLUTXH-DLPH,VLJOR\PHGLR
PiVWDUGHFRQILDUiWDPELpQDXQDDXWRULGDGPXVXOPDQDHODQWLJXRJREHUQDGRU
DOPRKDGHGH9DOHQFLDDOJXQRVSDVRVPRQWDxRVRVGHOFDPLQRHQWUH7HUXHO\OD
FRVWDYDOHQFLDQDSRUXQDSDUWH\ORVSDVRVPRQWDxRVRVHQWUHVXVIRUWDOH]DVGH
%LDU;L[RQD\3RORSHQODOtQHDIURQWHUL]DPHULGLRQDOGHVXVQXHYRVWHUULWR
ULRVYDOHQFLDQRV
$PLVWDG\VHUYLFLRVHFRQyPLFRVVHPH]FODQWDPELpQHQHOPHQVDMHTXHHQYtD
HO&LGD$EHQJDOEyQSDUDTXHUHFLEDDVXVKLMDVTXHSDVDQLQHYLWDEOHPHQWHSRU
0ROLQDSDUDLUDODVWLHUUDVGHVXVHVSRVRVORVLQIDQWHVGH&DUULyQYY
2LJiLVVREULQRW~)pOH]0XxR]
SRU0ROLQDLUpLVDKtSDVDUpLVXQDQRFKH
VDOXGDGDPLDPLJRHOPRUR$EHQJDOEyQ
TXHUHFLEDDPLV\HUQRVFRPRSXHGDPHMRU
GLOHTXHHQYtRDPLVKLMDVDWLHUUDVGH&DUULyQ
TXHHQORTXHQHFHVLWHQODVVLUYDDVDWLVIDFFLyQ
\GHVGHDKtODVHVFROWHD0HGLQDSRUPLDPRU
GHFXDQWRpOKLFLHUH
\ROHGDUpSRUHOOREXHQJDODUGyQª
(VWR\SUHSDUDQGRXQSHTXHxRHVWXGLRVREUHHVWDVLWXDFLyQJHRSROtWLFDGHODVSRVHVLRQHVFRQ
FHGLGDV DO VD\\LG $EÚX=DLG SRU HO UH\ -DLPH , GH$UDJyQ TXH HVSHUR VDOGUi HQ OD UHYLVWD 6KDUT
$OÉQGDOXV(VWXGLRVÉUDEHVGHOD8QLYHUVLGDGGH$OLFDQWH
0tNHOGH(SDO]D
6HUHQXHYDQODVH[SUHVLRQHVGHKRVSLWDOLGDG\GHJHQHURVLGDGFRQRVWHQWD
FLyQYY
KpORVHQ0ROLQDFRQHOPRUR$EHQJDOEyQ
$OPRURFXDQGRORVXSROHSOXJRGHFRUD]yQ
FRQJUDQDOERUR]RDUHFLELUORVVDOLy
£'LRVFyPRORVVLUYLyDSOHQDVDWLVIDFFLyQ
$ ODVKLMDVGHO&LGHOPRURUHJDORVGLR
VHQGRVEXHQRVFDEDOORVDORVLQIDQWHVGH&DUULyQ
WRGRHVRKL]RHOPRUR
SRUDPRUGHO&LG&DPSHDGRU
6LJXH HO HSLVRGLR \D PHQFLRQDGR GH OD FRGLFLD GH ORV LQIDQWHV \ HO FRQVL
JXLHQWHHQIDGR\GHVSHGLGDGH$EHQJDOEyQ
<RVLUYLpQGRRVVLQHQJDxR
\YRVRWURVWUDPDQGRPLPXHUWH
$TXtPHDSDUWRGHYRVRWURV
FRPRGHPDORV\WUDLGRUHV
YY
)LQDOPHQWHDODYXHOWDGHODVLQIDQWDVOHVYROYHUiDDJDVDMDUFRQWRGRVX
VpTXLWRYY
\GH0HGLQDD0ROLQDHQRWURGtDYDQ
DOPRUR$EHQJDOEyQGHFRUD]yQOHSODFH
ORVVDOLyDUHFLELUFRQEXHQDYROXQWDG
SRUDPRUGHPLR&LGULFDFHQDOHVGD
3HURQRKD\TXHROYLGDUSDUDFRQFOXLUTXHWRGRVHVRVVHUYLFLRVDPRUHV\
DPLVWDGHVQRYLHQHQMXVWLILFDGDVSRUXQDVLPSDWtDSHUVRQDOHQWUHORVGRVSHU
VRQDMHVVLQRSRUODSULPLWLYDUHODFLyQTXHVHHVWDEOHFLyFXDQGRHO&LGOHREOL
JySRUODIXHU]DDHQWUDUHQHOVLVWHPDGHSDULDVSDJDV©JDVWRVGHSD]ª©0HWLy
HQ SDULD D 0ROLQD TXH HVWi D OD RWUD SDUWHª YY $EHQJDOEyQ VH
DGDSWyDHVDVLWXDFLyQFRQUHDOLVPRYY
DXQTXHPDOOHTXHUDPRVQRVHORSRGUHPRVORJUDU
HQSD]RHQJXHUUDORQXHVWURREWHQGUi
7RGDVODVPDQLIHVWDFLRQHVGHDPLVWDG\WRGRVORVVHUYLFLRVTXHSUHVWDDO&LG
\ ORV VX\RV KRVSHGDMH UHJDORV HVFROWDV PDQLIHVWDFLRQHV GH FRUGLDOLGDG
HQWUDQWDPELpQHQODDFWLWXGPXVXOPDQDGHQRUHFRQRFHUSDJRVREOLJDGRVDFULV
WLDQRVTXHSRGUtDQSDUHFHUWULEXWRV\GHSHQGHQFLDSROtWLFDHQHOVLVWHPDGHODV
SDULDVSDJDV
6LQSUHWHQGHUPRVWUDUXQKLVWRULFLVPRHVWULFWRGHOWH[WROLWHUDULRGHO&DQWDU
QRVHSXHGHQHJDUDOPHQRVXQYHULVPRRPi[LPDYHURVLPLOLWXGKLVWyULFDHQOD
GHVFULSFLyQ\XWLOL]DFLyQHVWpWLFDOLWHUDULDGHHVRVHOHPHQWRVUHODFLRQDGRVFRQ
ORVPXVXOPDQHVWDQWRHQHOFDVRGHOPXVXOPiQ,EQ*DOE~QFRPRHQHOGHOVLV
WHPDGHSDULDVTXHUHJtDQHQJUDQSDUWHODVUHODFLRQHVHQWUHPXVXOPDQHV\FULV
WLDQRVMXQWRDODVOXFKDVEpOLFDVGHODVEDWDOODV(VWRVGRVHOHPHQWRVSUHVHQWDQ
VHJXUDPHQWH SRFRV DQDFURQLVPRV FRQ UHVSHFWR D ILQDOHV GHO VLJOR ;, SRUTXH
(O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
HVDVUHODFLRQHVHVWDUtDQHQJUDQSDUWHYLJHQWHVDOPHQRVDQLYHOGHQRVWDOJLD
FULVWLDQDHQODpSRFDGHUHGDFFLyQGHO&DQWDU
352%$%/( 25,*(1 '(/ 7Ì78/2
©/(Ð1ª©&$03($'25ª
0,/,7$5 É5$%( '(/
&,'
+DFHDxRVSUHVHQWpODKLSyWHVLVDSR\DGDHQGLYHUVDVUD]RQHVILOROyJLFDV\
OLWHUDULDVGHTXHHOWtWXORGHRULJHQiUDEHGH5RGULJR³TXHVyORVHFRQRFHSRU
IXHQWHVFULVWLDQDVRKHEUHDVQRHQWH[WRViUDEHV³QRIXHUDSULPLWLYDPHQWHHO
GHVD\\LG©VHxRUªRVD\\LGÚשPLVHxRUªSURQXQFLDGRHQiUDEHGLDOHFWDOVÚ×G
R VÚ×GÚ× UHVSHFWLYDPHQWH FRPR DSDUHFH HQ HO &DQWDU VHUtD RULJLQDULDPHQWH HO
HStWHWRVÚ×G ©OHyQªHQiUDEHGLDOHFWDOGH$OÉQGDOXVFRPRORVLJXHVLHQGRHQ
HOGHO0iJUHEWtWXORJXHUUHURTXHVHDSOLFDEDDPLOLWDUHViUDEHVGHODpSRFD\
GHWRGDVODVpSRFDVWtWXORTXHWUDGXFLUtDHOWtWXORPLOLWDUURPDQFHGH&DPSHD
GRUTXHDSDUHFHHQWH[WRVFURQtVWLFRVHQSURVDiUDEHSHURLQDGHFXDGRILOROy
JLFDPHQWH SDUD OD SRHVtD SDQHJtULFD TXH OH GLULJLUtDQ ORV SRHWDV iUDEHV GH VX
VpTXLWR\HWLPRORJtDTXHYHQGUtDUHIUHQGDGDOLWHUDULDPHQWHHQHOSURSLR&DQ
WDUSRUHOHSLVRGLRDOWDPHQWHVLPEyOLFRSHURTXL]iVFRQEDVHHWLPROyJLFDGH
ODOXFKDGHO&LG\HOOHyQYYFRPRUH]DHOURPDQFHUR
$WXUGLGRHVWiHOJHQWtR
9LHQGRORWDOQRFDWDQGR
4XHDPERVHUDOHRQHV
0DVHO&LGHUDHOPiVEUDYR
$ ORV DUJXPHQWRV TXH VH DSRUWDEDQ HQ DTXHO WUDEDMR VH SXHGH DxDGLU XQ
WH[WR iUDEH FRQWHPSRUiQHR TXH FRQILUPD GH IRUPD EDVWDQWH FRQYLQFHQWH OD
KLSyWHVLVGHTXHFLGSURYLQLHUDRULJLQDOPHQWHGHVÚ×G ©OHyQªDQWHVGHGHULYDU
HQ HO DUDELVPR PiV FRQRFLGR HQWUH FULVWLDQRV GH VÚ×G R VÚ×GÚ× ©VHxRUª R ©PL
VHxRUª
3RURWUDSDUWHHQHVWHPLVPR&RQJUHVRGH$WHFD&DODWD\XGVHPHKDRIUH
FLGRRWUDFRQILUPDFLyQpVWDGHRULJHQFDVWHOODQRGHODPLVPDHWLPRORJtDKD\
XQ OHyQ HVFXOSLGR HQ XQ HGLILFLR GH WLHUUDV DODYHVDV TXH IXHUDQ VHxRUtRV GH
5RGULJR
0GH(3$/=$©(O&LG (O/HyQ¢HSLWHWRiUDEHGHO&DPSHDGRU"ª+LVSDQLF5HYLHZ3KL
ODGHOSKLDWH[WRSUHVHQWDGRHQHO&RQJUHVR,QWHUQDFLRQDOGH+LVSDQLVWDVGH%RU
GHDX[DJRVWR5HHGLWDGRHQ6KDUT$OÉQGDOXV(VWXGLRVÉUDEHV$OLFDQWH
7H[WRDPDEOHPHQWHLQGLFDGRSRU0DUtD-HV~V5XELHUD0DWDFDWHGUiWLFDGHHVWXGLRViUDEHVH
LVOiPLFRVGHOD8QLYHUVLGDGGH$OLFDQWH6HSUHVHQWDUiDFRQWLQXDFLyQDXQTXHHODQiOLVLVSRUPH
QRUL]DGRGHHVHWH[WRGH$O:DTTD[Ú×UHIHUHQWHDO&LGVHKDUHDOL]DGRHQ0GH(3$/=$©(WLPROR
JtDiUDEHGHO&LGFRPRDQWURSyQLPR´(O/HyQµ\FRPRWRSyQLPR´(O6HxRU\R(O*REHUQD
GRUµDOPRKDGHª6KDUT$OÉQGDOXV(VWXGLRVÉUDEHV$OLFDQWH
'HER HVWD LQIRUPDFLyQ FRQ GRFXPHQWDFLyQ JUiILFD \ RWURV GHWDOOHV D GRQ -XDQ$QWRQLR
0DUUHUR&DEUHUD6HUHILHUHDXQRVPHGDOORQHVGHXQDWULRDODVDIXHUDVGHOSXHEORGH)UDQFRHQ
HO FRQGDGR GH7UHYLxR MXQWR DO UtR$\XGD GRQGH HO &LG REWXYR XQ PROLQR GHO TXH FREUDED VX
PDTXLOD$XQTXHODVUHSUHVHQWDFLRQHVGHOOHyQQRVHUtDQVLJQLILFDWLYDVVREUHWRGRHQOD&RURQDGH
&DVWLOOD\/HyQVtTXHSXHGHVHUORHQXQDVSRVHVLRQHVGH5RGULJR6REUHUHSUHVHQWDFLRQHVLVOi
0tNHOGH(SDO]D
7RGR HOOR SHUPLWH DKRUD DILUPDU FRQ EDVWDQWH VHJXULGDG HVWH RULJHQ iUDEH
PLOLWDUGHHVWHWLWXORGHO&LG©(O/HyQªFRQHOTXH5RGULJRVHUtD\DFRQRFLGR
HQVXVSULPHUDVDFFLRQHVPLOLWDUHVLQGHSHQGLHQWHVDOLQLFLRGHVXGHVWLHUURSRU
WLHUUDVPXVXOPDQDV\iUDEHKDEODQWHVODVDFWXDOPHQWHDUDJRQHVDVTXHFHQWUDQ
ORVHVWXGLRVGHHVWHHQFXHQWURGH$WHFD&DODWD\XG
(OWH[WRGHDO:iTTD[LPDJLVWUDGRGHRULJHQWROHGDQRTXHWXYRXQSDSHO
LPSRUWDQWHHQ9DOHQFLDHQHOPRPHQWRGHODVHGLRTXHHO&LGLPSXVRDODFLX
GDGDQWHVGHFRQTXLVWDUODVyORVHKDFRQVHUYDGRDOSDUHFHUHQVXWUDGXFFLyQ\
WUDQVFULSFLyQFDVWHOODQDHOWH[WRiUDEHWUDQVFULWRVHUtDXQDUHWUDGXFFLyQDOiUD
EHDSDUWLUGHODWUDGXFFLyQFDVWHOODQDGHODDUHQJDiUDEHRULJLQDO/DHVWURID
RSiUUDIR\RFUHRTXHHORULJLQDOQRHUDQLXQ]pMHOQLXQDFDVLGDVLQRXQD
DUFKX]DSRHPDHQSDUHDGRVSDUHFLGRDODSURVDULPDGDGHORVGLVFXUVRVRVHU
PRQHVUHOLJLRVRVFRPRORSUXHERHQWUDEDMRPHQFLRQDGR SUHVHQWDDODFLX
GDGGH9DOHQFLDDFRVDGDGHSHOLJURVSRUVXVFXDWURSXQWRVFDUGLQDOHV(VRVSHOL
JURVVRQHQHOWH[WRGH$O:iTTD[L
$O(VWHHVWiHOPDUTXHQRSHUPLWHKXLU
$O6XUHVWiODUHGGHDFHTXLDV\OD$OEXIHUDLQXQGDGDVSRUPDQGDWRGHO
&LGSDUDTXHODFLXGDGQRSXHGDUHFLELUD\XGDVSRUHVDGLUHFFLyQSRU
SDUWHGHORVDOPRUiYLGHVXRWURVHMpUFLWRVPXVXOPDQHV
$O2HVWHHVWiHOIXHJRGHODVHGLRGHVGHHODUUDEDOGH5D\RVDDODRULOOD
GHUHFKDGHOUtRODRULOODGRQGHHVWiODFLXGDG
$O1RUWHHVWi(O/HyQ(O&LGHQODPRQWDxLWDGH(O3XLJHQHODUUDEDO
GHOD$OFXGLD\HQOD$OPXQLDGH9LODQRYDDORWURODGRGHOUtRDVXRUL
OODL]TXLHUGD©VLIXHUDVLQLHVWURPDWDUPÚDHOOHyQª
(OWH[WRSUHVHQWDQXPHURVRVSUREOHPDVSHURODPHQFLyQGHOOHyQDOQRUWH
GH OD FLXGDG HVWi FODUtVLPD FRQILUPDGD SRU OD WUDQVFULSFLyQ iUDEH ©DOODFHWª
HQiUDEHFOiVLFRDODVDG©HOOHyQª/DSUHVHQFLDHQHODVHGLRGHO&LGGHHVD
PHQFLyQDOOHyQQRSXHGHVHUIRUWXLWD\FRQILUPDUtDWRGRVORVRWURVGDWRVTXH
VHKDQDFXPXODGRDIDYRUGHORULJHQiUDEHGHOWtWXORPLOLWDUGH5RGULJR
PLFDVGHOOHyQYHU0925'Ðf(= 3$/$&,26©5HSUHVHQWDFLyQGHO/HyQHQHODUWHKLVSDQRPXVXO
PiQª$FWDVGHO;;,,,&RQJUHVR,QWHUQDFLRQDOGH+LVWRULDGHO$UWH*UDQDGD6REUH
HOOHyQFRPRFDOLILFDWLYRRWtWXORGHPLOLWDUHVYHUPLVWUDEDMRVDQWHVFLWDGRVWDQWRHQHO2FFLGHQ
WHPXVXOPiQFRPRHQ2ULHQWHHQVXVYHUVLRQHViUDEHDVDGWXUFDDUVODQRNXUGDVKLUNXKDSOLFD
GRDJHQHUDOHVDOPRKDGHVWXUFRVVHO\XTXtHVRNXUGRVD\\XEtHVGHO;,\;,,
9HUHGLFLyQGH50(1e1'(= 3,'$/©6REUH$ODXFD[L\ODHOHJtDiUDEHGH9DOHQFLDª+RPH
QDMHD')UDQFLVFR&RGHUD=DUDJR]DVDFDQGRHOWH[WRFDVWHOODQR\HOWH[WRiUD
EHWUDQVFULWRHQFDUDFWHUHVODWLQRVGHOD3ULPHUD&UyQLFD*HQHUDOGH(VSDxD\HVWXGLDQGRDPERV
WH[WRVFRQODD\XGDGHODUDELVWD-XOLiQ5LEHUD\7DUUDJy6REUHHVWRVWH[WRVYHUORVLPSRUWDQWHV
HVWXGLRVGH$51<./©/DHOHJtDiUDEHGH9DOHQFLDª+LVSDQLF5HYLHZ3KLODGHOSKLD
\HQVX+LVSDQR$UDELF3RHWU\DQGLWV5HODWLRQVZLWKWKH2OG3URYHQoDO7URXEDGRXU%DOWLPRUH
UHLPSUHVLRQHV)&RUULHQWH©'HQXHYRVREUHODHOHJtDiUDEHGH9DOHQ
FLDª$O4DQWDUD0DGULG9,,,
9HUHVWXGLRFLWDGRVXSUDQRWD
3DUDQRUHFDUJDUHVWHHVWXGLRUHPLWRDOWUDEDMRFLWDGRVXSUDQRWDSDUDHODQiOLVLVGHOWH[
WRGHVGHHOSXQWRGHYLVWDOLQJtVWLFRPpWULFRKLVWyULFR\WRSRJUiILFR$TXtVyORSUHVHQWRODVFRQ
FOXVLRQHVGHOHVWXGLRFX\DILDELOLGDGSUHVHQWDEDHQUHVXPHQGHODIRUPDVLJXLHQWH©(VWHWH[WR
GH$O:iTTD[LFRQWHPSRUiQHRGHOVLWLRGH9DOHQFLDDSHVDUGHVXVDPELJHGDGHVPHQFLRQDGRV
(O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
$/&2&(5©/$ 326$',7$ )257,),&$'$ª (1
'(/ 5Ì2 - $/Ð1
(/ 3$62 '(/ &$0,12 $ 75$9e6
(O&RQJUHVR,QWHUQDFLRQDOTXHQRVUH~QHKDVLGRRUJDQL]DGRSRUGRVLQYHV
WLJDGRUHV-RVp/XLV&RUUDO\)UDQFLVFR-RVp0DUWtQH]*DUFtDTXHKDQGHVFX
ELHUWRVLJXLHQGRORVGHWDOOHVGHO&DQWDU\VXVSURSLDVLQYHVWLJDFLRQHVDUTXHR
OyJLFDV \ DUFKLYtVWLFDV OD ORFDOL]DFLyQ PiV SUREDEOH GH$OFRFHU 4XLVLHUD
DSRUWDU GHVGH OD ILORORJtD iUDEH \ OD WRSRQLPLD YLDO DOJ~Q FRPSOHPHQWR \
FRQILUPDFLyQDVXVFRQYLQFHQWHVKLSyWHVLV
$OFRFHUHVXQWRSyQLPRFX\RpWLPRiUDEHVHKDWUDGXFLGRSRU©HOSDOD]XH
ORªDXQTXHHOFRQWH[WRGHO&DQWDUSHUPLWHFRQVLGHUDUOHFRPRXQ©FDVWLOORª
(QUHDOLGDGHVXQGLPLQXWLYR³FRQDUWtFXORSUHILMR³GHODSDODEUDiUDEHTDVU
©DOFi]DUªTXHWLHQHHYLGHQWHPHQWHHOVHQWLGRPLOLWDUGH©FDVWLOORªSRUTXHHVWi
IRUWLILFDGRSHURWDPELpQHOVHQWLGROXMRVRGH©SDODFLRª(OTDVUWLHQHWDPELpQ
ODFDUJDVHPiQWLFD\HOYDORUPtWLFRGHORVSDODFLRVFHOHVWHVRGHODVPDQVLRQHV
UHDOHVIDQWiVWLFDVGHODOLWHUDWXUDiUDEH(OJHyJUDIRGHOVLJOR;,,$O,GULVLVyOR
PHQFLRQDDOFi]DUHVXUEDQRVHQ0pULGD\&yUGRED \HQFDPELRWDPELpQPHQ
FLRQDDOFD]DULOORVYLDOHV&RPRHOUHFLHQWHPHQWHHVWXGLDGRHQODVFHUFDQtDVGH
$OPHUtD/DGXDOLGDGHQWUHORVDOFi]DUHVXUEDQRV\ORVTXHHVWiQHQ]RQDVUXUD
KHFKRVVLJQLILFDWLYRVDHOWHUULEOHSHOLJURGHOOHyQSDUD9DOHQFLDVLWLDGDSRUHO&LG\EVLW~DD
HVHOHyQFRQEDVWDQWHFHUWH]DDOQRUWHGHODFLXGDG6LODVHJXQGDDILUPDFLyQSUHVHQWDDOJXQDGXGD
³SRUODVFRQWUDGLFFLRQHVGHORVWH[WRVFDVWHOODQR\iUDEHTXHQRVKDQOOHJDGRTXHKHPRVLQWHQ
WDGRVROYHQWDU³HOSULPHUHOHPHQWR³HOSHOLJURGHOOHyQ³QRVSDUHFHFRQILUPDUFRQXQDUJX
PHQWREDVWDQWHLPSRUWDQWHODKLSyWHVLVGHTXHHO&DPSHDGRUHUDFRQRFLGRFRPR&LG´/HyQµSRU
ORVPXVXOPDQHVFRQWHPSRUDQHRVVX\RVª
9HUVXSUDQRWD
0$6Ì1 3$/$&,26&RQWULEXFLyQDODWRSRQLPLDiUDEHGH(VSDxD0DGULG*UDQDGD
HGS9HUWDPELpQDOFi]DUDOFD]DUHMRVDOFD]DUpQDOFRFHURDOTXp]DUHQLGSS
TXHVRQGHULYDGRVGHODPLVPDSDODEUDiUDEH
9HUHQHOYRFDEXODULRGH50(1e1'(= 3,'$/&DQWDUGH,,
9HUORVFDStWXORV©/RVSDODFLRVPtWLFRVGHORViUDEHVª©/RVSDODFLRVª\©/RVSDODFLRVGH
$OÉQGDOXVªHQ0-58%,(5$/DDUTXLWHFWXUDHQODOLWHUDWXUDiUDEH0DGULG
(GLFLyQGH&('8%/(5HQ$O,GUÚ×VÚ×2SXV&HRJUDSKLFXP1iSROHV5RPDIDVF9
S SDUD ORV DOFi]DUHV R ©PDQVLRQHVª TXVÚXU GH 0HGLQD$]DKDUD FLXGDG SDODFLHJD FHUFD GH
&yUGRED\SS\SDUDORVDOFi]DUHVHQUXLQDVGHODDOFD]DEDGH0pULGD
,GSSDUD$]QDOFi]DUHQWUH6HYLOOD\1LHEODKLVQDOTDVUVLJQLILFDWLYDPHQWH©HOFDV
WLOORGHODSRVDGDªPRVWUDQGRODGLIHUHQFLDHQWUHDPERVSS< SDUD$OFiFHUGR6DO
LPSRUWDQWHQ~FOHRGHFRPXQLFDFLRQHVHQODGHVHPERFDGXUDGHO7DMRSXQ$OFRFHUDOTXVDLU
HQHOFDPLQRHQWUH$QG~MDU\&yUGRED\HOGHO&DERGH*DWDYHUQRWDVLJXLHQWH6LHQGRQ~FOHRV
GHSREODFLyQLQLFLDOPHQWHUHGXFLGRVQRHVGHH[WUDxDUTXHVyORILJXUHQXQRVSRFRVHQODREUDJHR
JUiILFDGH$O,GULVLHQODSDUWHFRQVDJUDGDDWRGDOD3HQtQVXODGH$OÉQGDOXV/RVKD\WDPELpQDO
RWURODGRGHO(VWUHFKRTXHVHKDQFRQVHUYDGRFRPRWRSyQLPRVKDVWDQXHVWURVGtDV
,GSHVWXGLDGRHQ0GH(3$/=$©&RQVWLWXFLyQGHUiELWDVHQODFRVWDGH$OPHUtDVX
IXQFLyQ HVSLULWXDOª +RPHQDMH DO 3DGUH 7DSLD$OPHUtD HQ OD KLVWRULD $OPHUtD ©$O,GULVLQRVSUHFLVDXQSRFRPiVODQDWXUDOH]DGHHVDUiELWDGHO&DER*DWD3ULPHURQRVODVLW~D
HQXQLWLQHUDULRTXHERUGHDODVLHUUDGH*DWDSRUODFRVWDGH/RV(VFXOORVD&DERGH*DWDFRQ
XQRVNLOyPHWURV\GHVGHDOOtD$OPHUtDFRQXQRVNLOyPHWURV7DPELpQQRVGLFHTXHQRKD\
HQODUiELWDXQDIRUWDOH]DKLVQQLXQSREODGRTDULDVLQRTXHKD\XQDSRVDGDIRUWLILFDGDTDVU
/DSDODEUDiUDEHFDVUQRSXHGHWUDGXFLUVHDOFi]DUHQHVWHFRQWH[WRVLQRSRUOXJDUGHHWDSDVHJXUR
FRPRORKDHVWXGLDGR+HUQiQGH]-LPpQH]©/DWUDYHVtDGHOD6LHUUDGH*XDGDUUDPDHQHODFFHVR
0tNHOGH(SDO]D
OHVHVGHFLUHQHVWUXFWXUDVYLDOHVGHORVFDPLQRVHQWUHFLXGDGHVSHUPLWHFRP
SUHQGHU PHMRU OD UHDOLGDG GH OR TXH ORV iUDEHV HQWHQGtDQ SRU XQ ©DOFRFHUª R
©SRVDGLOODIRUWLILFDGDªTXHTXHGyIRVLOL]DGRHQHOWRSyQLPR$OFRFHUFRPRHO
GHO&DQWDU
8QD©DOFi]DUªR©DOFRFHUªYLDOYLHQHDVHUXQD©SRVDGDªR©DOEHUJXHªHQ
HOFDPLQRUHODWLYDPHQWHIRUWLILFDGRSDUDGDUVHJXULGDGDOYLDQGDQWH(OHMHP
SORGH$OFRFHUGH3ODQHVSURYLQFLDGH$OLFDQWHFRPDUFDGHO$OFRLj&RPWDW
HVVHPHMDQWHDOGHO&DQWDUVHJ~QODLGHQWLILFDFLyQGH&RUUDO\0DUWtQH]HVWi
HQXQDSHTXHxDDOWXUDMXQWRDOFDPLQRFXDQGRpVWHDWUDYLHVDHOYDGRGHXQ
UtR HQ HVH FDVR HO 6HUSLV (O DJXD HV XQD FRPRGLGDG PX\ DSUHFLDGD SRU ORV
YLDMHURVPXVXOPDQHVSRUWRGDFODVHGHUD]RQHVKLJLpQLFDV\UHOLJLRVDVYHQ
JDGHUtRGHDFHTXLDHOFDVRDUDJRQpVRGHIXHQWHHQHOFDVRDOLFDQWLQRRHQ
HO DOPHULHQVH DQWHV FLWDGR (V HYLGHQWH TXH MXQWR DO ©SDODFLWRª GH$OFRFHU
SRGtDHVWDEOHFHUVHXQDSHTXHxDSREODFLyQUXUDOFRPRDSDUHFHHQHO&DQWDU
FRQ WHUUHQRV GH DJULFXOWXUD \ SDVWRUHR TXH SHUPLWHQ FLHUWD ULTXH]D SDUD ORV
KDELWDQWHVTXHVHSXHGHQUHIXJLDUHQODVPXUDOODVGHOSREODGR/DSUHVHQFLD
HQHVHSDUDMHGHOWRSyQLPRODWLQRGHpSRFDiUDEH/D/RVDFRQILUPDUtDHOFDUiF
WHUYLDOGHHVHSREODGRHYLGHQWHHQORVWUHVFDVRVPHQFLRQDGRVGHWRSyQLPRV
$OFRFHU
3RGUtDDxDGLUVHDGHPiVTXHHOSDVRVHPiQWLFRGHXQTDVU©SDODFLRªXUED
QRRPtWLFRDORV©DOFi]DUªR©DOFRFHUªYLDOHVPXFKRPiVPRGHVWRVFRUUHV
SRQGH D XQD LPDMHQ GH OXMR TXH SUHWHQGHQ GDU HVDV SRVDGDV HQ XQ SURFHVR
VHPiQWLFRSDUHFLGRDOGHORVPRGHUQRVKRWHOHVOODPDGRV©3$/$&(ªTXHSUH
WHQGHQDVtHPXODUFRQVXQRPEUHORVSDODFLRVUHDOHVGHOD&RURQD,PSHULDO%UL
WiQLFD
3XQWXDOL]DGRV HVWRV VHQWLGRV GHQRPLQDWLYRV HQ iUDEH TXH GLHURQ OXJDU DO
WRSyQLPR$OFRFHUHVXQDSHTXHxDSRVDGDYLDOIRUWLILFDGDSRUUD]RQHVGHVHJX
ULGDGHQ]RQDUXUDOMXQWRDXQFDPLQR\XQYDGRFRQODVQHFHVDULDVFRPRGL
GDGHVDFXtIHUDV\FRQSUHWHQVLyQGHOXMRVHSXHGHFRQILUPDUODORFDOL]DFLyQ
SURSXHVWDSRU&RUUDO\0DUWtQH]HQHOSDUDMHGHOD0RUD(QFDQWDGD0iVD~Q
HVWDGHVFULSFLyQSHUPLWLUtDFRPSUHQGHUPHMRUODVUD]RQHVSRUODVTXH5RGULJR
UHFLpQH[LOLDGRGH&DVWLOODDWDFDHQSULPHUOXJDUDOFDVWLOOLWRGH&DVWHMyQMXQ
WRDO+HQDUHV\DODSRVDGLWDGH$OFRFHUMXQWRDO-DOyQ
GHODUD\DPXVXOPDQDGHO'XHURª$O$QGDOXV0DGULG;;9,,,\ORLQGLFDHOPLV
PRWH[WRGH$O,GULVLDOPHQFLRQDUODUiELWDFRPRXQDHWDSDGHLWLQHUDULR\DxDGLUTXH©KD\XQFDVU
GRQGHKD\JHQWHTXHGHILHQGHHOFDPLQRª3RUHOKHFKRGHTXHDOOtYLYtDEDVWDQWHJHQWHDGHPiVGH
ORVHYHQWXDOHVYLDMHURVVLQVHUXQDIRUWDOH]DQLXQDDOGHDQHFHVLWDEDQXQOXJDUFRQEDVWDQWHDJXD
ORFXDOYLHQHFRQILUPDGRSRUªS
9HU0GH(3$/=$ \RWURV$JXD\SREODPLHQWRPXVXOPiQ%HQLVVD
3DUDODWRSRQLPLDYLDOiUDEH\VXXWLOL]DFLyQSDUDSUHFLVDUORVLWLQHUDULRVYHU0-58%,(5$
9LOOHQD HQ ODV FDO]DGDV URPDQD \ iUDEH $OLFDQWH HVSHFLDOPHQWH SS +H HVWXGLDGR
HVWHWRSyQLPRSDUDXQDSXEOLFDGLyQORFDOGHOSXHEORGH/ORVHWDHQ0DOORUFD0GH(3$/=$©3RVL
EOHRULJHQYLDOGHOQRPEUHGH/ORVHWD´(OFDPLQRHPSHGUDGRµª/ORVHWD,,,QžVHSWLHPEUH
S9HUWDPELpQRWURWRSyQLPRKtEULGRiUDEHURPDQFHHQVLWXDFLyQJHRJUiILFDLGpQ
WLFDTXHODGHORVWDPELpQGLPLQXWLYRV$OFRFHU$OFD]DUHMRVHQXQDFDO]DGDLVOiPLFDDVXSDVRSRU
HOUtR-~FDUDFWXDOPHQWHMXQWRD9DQGHJDQJDVSURYGH$OEDFHWH
9HUVXSUDQRWD
(O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
(QHIHFWRVXUHGXFLGRHMpUFLWRQRSXHGHHQIUHQWDUVHFRQODVJUDQGHVFLXGD
GHV\IRUWDOH]DVPXVXOPDQDVSHUIHFWDPHQWHSUHSDUDGDVSDUDUHVLVWLUDEDQGDV
WUDQVH~QWHVFRPRODVX\D6yORSXHGHDWDFDUDQ~FOHRVGHSREODFLyQSHTXHxRV
\ DXQ HVR FRQ DVWXFLD SRUTXH WDPELpQ HVWiQ SUHSDUDGRV SDUD DWDTXHV GH HVH
WLSR$QWHVGHDSRGHUDUVHGH$OFRFHU5RGULJRKDEtDWRPDGRHOFDVWLOOLWRGH&DV
WHMRQHOGLPLQXWLYRHVWiHQODWHUPLQDFLyQGHOWRSyQLPRDXQTXHQRHQHO&DQ
WDUSRUUD]RQHVpSLFDVREYLDV(VHJpQHURGHSHTXHxDVIRUWDOH]DVGHFDPLQR
JHQHUDOPHQWHHQDOWRSDUDWUDQVPLWLUDYLVRVVHJ~QHOVLVWHPDGHIRUWDOH]DVYLD
OHVGHpSRFDRPH\DQRUHXQtDQODVFRQGLFLRQHVGHDVHQWDPLHQWRGHOD©SHTXH
xDSRVDGDYLDOIRUWLILFDGDªGH$OFRFHUVHJ~QQDUUDHO&DQWDUYY
'HFLGLyPLR&LGFRQWRGDVXFRPSDxD
TXHDOOtHQHOFDVWLOORQRWHQGUtDQPRUDGD
TXHSRGUtDQGHIHQGHUORSHURDOOtQRKDEtDDJXD
&RQORVPRURVGH&DVWHMyQKDEtDHVWDEOHFLGRWDPELpQXQVLVWHPDGHSDULDV
SDJDVFRPSOHPHQWRGHSUHGDWRULRGHODVH[SHGLFLRQHVPLOLWDUHVUHDOL]DGDVSRU
VXVWURSDVHQODVFDPSLxDVGHODUHJLyQGH$OFDOi*XDGDODMDUD)LWD
/RVPRURVHQSD]SXHVHVFULWDHVWiODFDUWD
Y
/DRFXSDFLyQGH$OFRFHUFRUUHVSRQGHVHJ~QHO&DQWDU\VHJXUDPHQWHWDP
ELpQHQODUHDOLGDGDXQDGREOHILQDOLGDGSRUXQDSDUWHDSRGHUDUVHGHXQUHFLQ
WRIRUWLILFDGRSHURFRQFRQGLFLRQHVGHDSRVHQWDPLHQWRSDUDWRGRVORVVX\RV\
SRURWUDFRUWDUDVtODVFRPXQLFDFLRQHVYLDOHVHQWUHODVLPSRUWDQWHVFLXGDGHVGH
ODUHJLyQ$WHFD7HUUHU&DODWD\XGSDUDSRGHUVDFDUPiVSDJRVGHVXDFFLyQ
PLOLWDUFRPRDVtORFRQILHVDHO&DQWDUYY
&RPRVHYHODHWLPRORJtDiUDEHGH$OFRFHU\ODFRPSDUDFLyQGHHVD©SHTXH
xDSRVDGDYLDOIRUWLILFDGDªFRQRWUDVVHPHMDQWHVGH$OÉQGDOXVSHUPLWHFRP
SUHQGHU PHMRU HVH HSLVRGLR GHO &DQWDU \ FRPSUREDU FRQ QXHYRV GHWDOOHV VX
YHULVPRpSLFR
9HU0-58%,(5$RSFLW\0-58%,(5$0GH(3$/=$;jWLYDPXVXOPDQDVHJOHV9,,,
;,,,;jWLYD
7,(55$ (,7,1(5$5,2'(/ &,'(1$5$*Ð1
325
0$18(/ &5,$'2
'(
9$/
6REUHHOLWLQHUDULRGHO&DQWDUGHO'HVWLHUURGHOTXHIRUPDSDUWHODFXHQFD
GHO-DOyQSXEOLTXpHQHODxRXQDUWtFXORDSDUHFLGRHQOD=HLWVFKULIWIU
5RPDQLVFKH3KLORORJLHFRQHOWtWXOR©*HRJUDItDWRSRQLPLDHLWLQHUDULRGHO&DQ
WDUGH0LR&LGª
3DUD FRPSUHQGHU \ OOHJDU DO IRQGR GHO LWLQHUDULR FLGLDQR HV LQGLVSHQVDEOH
GHVFLIUDUODEDVHGHODFDPLQHUtDPHGLHYDO\GHODHVWUDWHJLDPLOLWDUTXHHVWiIXQ
GDGDHQHOOD6LQROYLGDUTXHODVUXWDVPLOLWDUHVQRVLHPSUHFRLQFLGtDQFRQODV
FLYLOHVHVSHFLDOPHQWHHQODVUHJLRQHVIURQWHUL]DV
(OSDVRGHXQDKXHVWHIXHUDGHODVIURQWHUDVYHQtDFRQGLFLRQDGDSRUODVIRU
WDOH]DV\WRUUHVGHYLJLODQFLDTXHQRUPDOPHQWHGHEtDQGHVHUHYLWDGDV/DGHV
YLDFLyQGHODVFDO]DGDV\FDxDGDVSDUDHYLWDUODVIRUWDOH]DVHVODSULQFLSDOUD]yQ
GH TXH DSDUH]FDQ YDULDQWHV HQ OD PDUFKD HQ UHODFLyQ FRQ ORV HMHV FDPLQHURV
SULQFLSDOHV(O&LGHYLWDFXLGDGRVDPHQWHIRUWDOH]DVFRPR$WLHQ]D*RUPD]R
&DODWD\XG
(OHMHSULQFLSDOGHHVWRVLWLQHUDULRVVRQORVUtRV3XHGHGHFLUVHTXHODLGHD
REVHVLYDHQXQDKXHVWHFRPRODGHO&LGHUDHQFRQWUDUXQFDXFHGHDJXDTXHOH
VLUYLHUDGHDSURYLVLRQDPLHQWR(OLWLQHUDULRGHO©GHVWLHUURªVHLQLFLDHQHO$UODQ
]yQEDMDKDFLDHO'XHURSRUODFXHQFDGHO$UODQ]DFUX]DHO'XHUR\VHDGHQ
WUDHQWLHUUDVGHPRURVSRUHOFXUVRGHO&DxDPDUHVDOFDQ]DODFXHQFDGHO+HQD
UHVHQGRQGHHO&LGYDFLODHQVHJXLUKDFLDHOVXUSHURDOILQVHFRQIRUPDFRQ
HQYLDUDÉOYDU)ixH]HQ©DOJDUDªKDFLD$OFDOiWXHUFHKDFLDHOHVWHHQEXVFDGHO
-DOyQ\GHODVWLHUUDVDUDJRQHVDVDOSDVDU$OFRFHUHQOD]DFRQODFXHQFDGHO-LOR
FDTXHOHFRQGXFHKDFLDVXVJUDQGHVFDPSDPHQWRVGH*DOORFDQWD\HO3R\RGH
0LR &LG (Q HVWH SXQWR SDUHFH WHQHU XQD FLHUWD YDFLODFLyQ HQWUH VHJXLU KDFLD
&DWDOXxDSHURHOHQFXHQWURFRQHOFRQGH5DPyQ%HUHQJXHUOHGHFLGHDYDULDU
VXUXWD\GLULJLUVHKDFLD9DOHQFLDFRQWLQXDQGRSRUODFXHQFDGHOUtR&HOOD
7LHUUDHLWLQHUDULRGHO&LGHQ$UDJyQ
/$6 &$/=$'$6
-XQWRDORVUtRVVRQGHWHUPLQDQWHVODVFDO]DGDVRUJDQL]DGDVSRUODLQJHQLH
UtDURPDQDFRQFULWHULRPX\VHPHMDQWHDOGHODFDPLQHUtDPHGLHYDOGHODTXHHV
EDVHIXQGDPHQWDO(QHOLWLQHUDULRFLGLDQRVLHPSUHKHPRVGHFRQWDUFRQHODSR
\RHVHQFLDOGHODVFDO]DGDVSULPHURGHVGH%XUJRVKDVWDOOHJDUDO'XHURFUX
]DQGRODOODPDGD&DO]DGDGH4XLQHDHQOD]DFRQODGH0pULGDD=DUDJR]D'HV
GH'DURFDEDMDKDFLD9DOHQFLDVLJXLHQGRODUXWDGHODFDO]DGDTXHQRGHMDUiGH
DFRPSDxDUOH KDVWD WLHUUDV YDOHQFLDQDV 1DWXUDOPHQWH TXH QR VLHPSUH HO &LG
VLJXHHQVXPDUFKDODVJUDQGHVYtDVURPDQDVVLQRTXHWDPELpQXWLOL]DODVFDxD
GDV\HQODV]RQDVGHVSREODGDVORVSHTXHxRVFDPLQRVYHFLQDOHV/DQHFHVLGDG
GHHYLWDUODVJUDQGHVIRUWDOH]DVREOLJDDO&LGDDGHQWUDUVHSRU]RQDVGHVSREOD
GDVHQUiSLGDVPDUFKDVQRFWXUQDVTXHOHSHUPLWHQRUJDQL]DUVXV©FHODGDVªHQ
ORVOXJDUHVTXHPiVOHLQWHUHVDQ
/26 &$03$0(1726
/RVFDPSDPHQWRVTXHIRU]RVDPHQWHGHEtDQHVWDEOHFHUVHHQXQDPDUFKDPLOL
WDU UHTXHUtDQ XQD WpFQLFD HVSHFLDO TXH GHSHQGtD GH ODV FLUFXQVWDQFLDV GH OD
UHJLyQ\WDPELpQGHODLPSRUWDQFLDGHODKXHVWHRHMpUFLWRHQPDUFKD(UDQPX\
GLIHUHQWHVORVFDPSDPHQWRVTXHOODPDUHPRV©GHSDVRªVLPSOHVDFDPSDGDV©HQ
ODVLHUUDªRHQODJOHUDFRPRHQORVSULPHURVGtDVGHOGHVWLHUUR2WURWLSRGH
FDPSDPHQWRVDORVTXHOODPDUHPRV©GHDVHGLRªSDUDGHVFDQVRHQODPDUFKDR
SDUDHODWDTXHGHOXJDUHVIRUWLILFDGRVFRPRHVHOFDVRGH&DVWHMyQRGHOFHUUR
7RUUH&LG3RU~OWLPRORVFDPSDPHQWRV©HVWDEOHVªSUHYLVWRVSDUDFRQFHQWUDU
QXHYDVWURSDVHQYLVWDGHDOJXQDDFFLyQPLOLWDUGHJUDQHQYHUJDGXUDpVWHHVHO
FDVRGH&HOIDR*DOORFDQWD(QFXDOTXLHUDGHHVWRV~OWLPRVODHOHFFLyQGHXQ
FDPSDPHQWRSUHFLVDEDHOTXHHOFHUURRSR\RHQTXHVHHVWDEOHFtDIXHVHGHIiFLO
GHIHQVDTXHQRIDOWDUDHODJXDGHDOJ~QUtRFHUFDQRRPDQDQWLDOGHIiFLODFFH
VR \ TXH GLVSXVLHUD GH XQD YHJD FHUFDQD GRQGH SRGHU HVWDEOHFHU ODV WLHQGDV
(VWRV~OWLPRVFDPSDPHQWRVQRVLHPSUHHUDQLPSURYLVDGRVHQODPD\RUtDGHORV
FDVRV\DKDEtDQVLGRXWLOL]DGRVFRQDQWHULRULGDGELHQVHDSDUDODVLQFXUVLRQHV
PXVXOPDQDVRODVFULVWLDQDV3XHGHVHUYLUGHPRGHORHOFDPSDPHQWRGH7RUUH
FLGRHOGH6RSHWUiQMXQWRD+LWDTXHVLUYLySDUDDORMDUODVLQFXUVLRQHVPXVXOPD
QDVSULPHUR\OXHJRODVFULVWLDQDV(QHVWHFDPSDPHQWRVHORFDOL]DXQDWUDGL
FLyQKDJLRJUiILFDHQWRUQRDOKLMRGH$O0DP~QTXHHVWDQGRHQHOVHFRQYLUWLy
DOFULVWLDQLVPR7DPELpQDSDUHFHFLWDGRHQHO0XTWDELV9 FRPRHVFDODGH$EGH
UUDPiQ,,,GHVSXpVGHODGHUURWDGHO-DQGDT
/$ (675$7(*,$ 0(',(9$/
(OMXJODUDXWRUGHO&DQWDUGHO'HVWLHUURWHQtDXQRVLQGXGDEOHVFRQRFLPLHQ
WRVGHODUWHPLOLWDUGHODpSRFD'RPLQDODGREOHWHUPLQRORJtDiUDEH\FULVWLD
QD \ DSOLFD FRQ SUHFLVLyQ SDODEUDV FRPR ©DOPRIDOODª ©DUUREGDª ©IRQVD
0DQXHO&ULDGRGH9DO
GRª©DUUDQFDGDª©DOFDQ]ªDVtFRPRHODUWHGHPRQWDUTXHHO&LGXWLOL]DSDUD
YHQFHUDOFRQGH%HUHQJXHU
3XHVDGHODQWLUiQWUDVQyVDTXtVHDODEXWDOOD
DSUHWDGORVoDYDOORVHELVWDGHVODVDUPDV
(OORVYLHQHQFXHVWD\XVRHWRGRVWUDKHQFDOoDV
HODVVLHOODVFRoHUDVHODVoLQFKDVDPRLDGDV
QyVFDYDOJDUHPRVVLHOODVJDOOHJDVHKXHVDVVREUHFDOoDV
oLHQWRFDYDOOHURVGHYHPRVYHQoHUDTXHOODVPHVQDGDV
$QWHVTXHHOORVOOHJXHQD>O@ OODQRSUHVHQWpPRVOHVODVODQFDV
SRUXQRTXHILUJDGHVWUHVVLHOODVLUiQYD]LDV
(QODHVWUDWHJLDGHO'HVWLHUURODVFHODGDVWLHQHQFODURSURWDJRQLVPR/DWUD
GLFLyQOLWHUDULDHVHYLGHQWHSHURWDPSRFRHVGXGRVDVXUHODFLyQFRQODUHDOSUiF
WLFDPLOLWDUGHODpSRFD-XQWRDODVFHODGDVHUDQSUiFWLFDKDELWXDOODVDOJDUDVR
©FRUULGDVªHQEXVFDGHJDQDQFLDVRSDULDVDOJDUDVGH+HQDUHVUtR0DUWtQHWF
/DV PDUFKDV KDELWXDOHV VH KDFtDQ GH GtD R DO DPDQHFHU DO SULPHU R VHJXQGR
FDQWDUGHOJDOORVDOYRFXDQGRVHUHDOL]DEDQ©WUDQVQRFKDGDVªSDUDVRUSUHQGHU
XQDSRVLFLyQHQHPLJDRSDUDHYLWDUXQDIRUWDOH]DSHOLJURVD/DV©OLGHVFDPSD
OHVªHQHVSDFLRVDELHUWRVVHUHIOHMDQHQODVEDWDOODVGH$OFRFHUPX\HVSHFLDO
PHQWH\HQODGH0XUYLHGUR
(OMXJODUVHDWHVWLJRRQRGHODEDWDOODGH$OFRFHUSRQHWRGRVXHPSHxRHQ
ORV©GHWDOOHVª©PLOLWDUHVªGHODHVFHQD&RQWUDVWDHVWDSHWLFLyQFRQODHVTXH
PiWLFDFLWDGHODFRQTXLVWDGH9DOHQFLDTXHUHVXPHHQWUHVYHUVRV
0HWLyODHQSOD]RVLOHVYLQLHVVHQXYLDU
QXHYHPHVHVFRPSOLGRVVDEHWVREU· HOODLD]>H@
TXDQGRYLQRHOGH]HQRRYLpURQJHODDGDU
',67$1&,$6 &219(1&,21$/(6
6L OD SUHFLVLyQ HQ ORV GDWRV JHRJUiILFRV HV JUDQGH HQ HO&DQWDU QR SXHGH
GHFLUVHORPLVPRGHVXFURQRORJtDVDOYDQGRODIHFKDPX\GXGRVDGHOY
1LQJXQDRWUDUHIHUHQFLDGHDxRVRIHFKDVDSDUHFHDORODUJRGHO3RHPD(QVX
OXJDUGHYH]HQFXDQGRHOMXJODUQRVLQGLFDDSUHFLDFLRQHVGHOWLHPSRPX\VRV
SHFKRVDVGHVHUFRQYHQFLRQDOHV\DTXHVDOYRPX\SRFDVH[FHSFLRQHVVRQWUHV
FLQFR\TXLQFHORVQ~PHURVTXHQRVGD
7UHVVRQORVGtDVTXHGXUDHOD\XQRGHOFRQGH5DPyQ%HUHQJXHUY
WUHVVHPDQDVHVHOSOD]RSDUDODVYLVWDVGHO7DMRYWUHVPHVHVGXUDOD
FDPSDxDDQWHVGH9DOHQFLDYHQWUHVDxRVQRKDEtDQFRPLGRPHMRUORV
KXpVSHGHVGHO&LG2WURQ~PHURFRQYHQFLRQDOHVHOFLQFR&LQFRGtDVGXUDHO
YLDMHGHODVKLMDVGHÉOYDU)ixH]HQWUH6DQ3HGUR\0HGLQDYY
< ODWHUFHUDFLIUDWDPELpQFRQYHQFLRQDOHVHOTXLQFHTXHVHUHSLWHHQFXDWUR
RFDVLRQHVYY
(VWHFRQFHSWRSOHQDPHQWHFRQYHQFLRQDOGHORVGDWRVFURQROyJLFRVGHO&DQ
WDUHVVLQGXGDIUXWRGHODDFWLWXGOLEUH\FUHDGRUDGHOMXJODUIUHQWHDOWHVWLPR
QLRKLVWRULRJUiILFR
+D\XQGDWRFODUR(QODPDUFKDGHOUH\GH9DOHQFLDHQD\XGDGH$OFRFHU
FRQWUHVPLOKRPEUHVHO3RHPDHVWDEOHFHWUHVMRUQDGDVFRQDSRVHQWDPLHQWRVHQ
7LHUUDHLWLQHUDULRGHO&LGHQ$UDJyQ
6HJRUYH\&HOOD/DJHRJUDItDHVFRUUHFWD\ORVFDPSDPHQWRVWDPELpQ3HURHV
LPSRVLEOHTXHXQHMpUFLWRWDQQXPHURVRFRQSHRQHVHLQWHQGHQFLDSXGLHUDSRU
PX\UiSLGDTXHIXHVHODPDUFKDFXEULUHVDGLVWDQFLDGHFHUFDGHWUHVFLHQWRVNLOy
PHWURVHQWUHVMRUQDGDV(QHOQ~PHURWUHVHVWiODFODYHGHHVWRVYHUVtFXORVWUHV
MRUQDGDV\WUHVPLOKRPEUHV7RGRLQGLFDODFUHDFLyQOLWHUDULDDOPDUJHQGHOD
GRFXPHQWDFLyQKLVWyULFD
(/ ,7,1(5$5,2 '(/ &,' 325 (/ -$/Ð1
&XDQGRODKXHVWHGHO&LGGHMDHOFXUVRGHO'XHURVHDGHQWUDSRUWLHUUDViUL
GDVVLJXLHQGRHOFXUVRGHOUtR&DxDPDUHV\SURFXUDQGRSDVDULQDGYHUWLGRSRU
OD SRGHURVD IRUWDOH]D GH$WLHQ]D 3UHSDUD OD FHODGD GH &DVWHMyQ GH +HQDUHV
3HURHVDWLHUUDWDPSRFROHLQWHUHVD3UHILHUHODVJDQDQFLDVGHODDOJDUDGH$OYDU
)ixH]SRUWLHUUDGHPRURVWULEXWDULRVGH$OIRQVR9,SHURVLQGHVHRGHHQIUHQ
WDUVH FRQ pO 6H GLULJH KDFLD$UDJyQ HQ PDUFKDV QRFWXUQDV SRU GHVSREODGRV
$QJXLWD\HO&DPSRGH7RUDQ]KDVWDHQWUDUHQHO-DOyQ
(/ &$03$0(172 '( 7255(&,'
(O&LGGHFLGHFHUFDUD$OFRFHU3DUDORJUDUORDFDPSDQRVGLFHHO&DQWDU
©HQXQRWHURUHGRQGRIXHUWHHJUDQGªY(QpOPDQGDSRQHUODSRVDGDH
KLQFDUODVWLHQGDV©XQDVFRQWUDOD6LHUUDHODVRWUDVFRQWUDODDJXDªY
URGHDHOFHUURGHXQDWULQFKHUDRFiUFDYD\FRQVLJXHOHGHQSDULDVODVWUHVIRU
WDOH]DVPiVFHUFDQDV$OFRFHU$WHFD\7HUUHU
/DWRSRQLPLDHVDX[LOLDUGHFLVLYRHQHVWHSUREOHPD(QHOSODQR$WH
FDGHO,QVWLWXWR*HRJUiILFR\&DWDVWUDOHQFRQWUDPRVDOVXUHVWHGHO
SXHEORGH$WHFDDORWURODGRGHO-DOyQORVVLJXLHQWHVWRSyQLPRV&HUUR7RUUH
FLO/D$OPXQLD/D6LHUUD$WDOD\D\&DVWHMyQGHODV$UPDV$OHVWXGLDUOD]RQD
VREUHHOWHUUHQRFRPSUREDPRVTXHHOQRPEUHGH7RUUHFLOHVHQUHDOLGDG7RUUH
FLG\TXHSHUVLVWHHQHOSXHEORXQDWUDGLFLyQVHJ~QODFXDOHO&LGWXYRDOOtVX
FDPSDPHQWR6HWUDWDHIHFWLYDPHQWHGHXQRWHURUHGRQGRGHXQRVPHWURV
GHDOWXUDDODRULOODPLVPDGHO-DOyQTXHWLHQHDODHVSDOGDFRPRWDPELpQGLFH
HO3RHPDDOD6LHUUDpVWHHVH[DFWDPHQWHHOQRPEUHSRSXODUTXHVHGDDORV
PRQWHVTXHFLHUUDQHODFFHVRDOUtRSRUHOVXU\HQORVTXHWRGDYtDH[LVWHQYDULDV
PLQDVDQWLJXDVDEDQGRQDGDV$OSLHGHOFHUUR7RUUHFLGKD\KXHUWDV\SDULGHUDV
TXHFRUUHVSRQGHQDOWRSyQLPR/D$OPXQLD/D$WDOD\DDVXHVSDOGDHVLQGL
FLRGHODIXQFLyQPLOLWDUGHHVWD]RQD
6REUHHOFHUUR7RUUHFLGHVFULEH,DQ0LFKHO
0HSDUHFHTXH&ULDGRGH9DOSHVWiHTXLYRFDGRHQLGHQWLILFDUOD
FROLQDHQODTXHDFDPSDHO&LGFRPRHOFHUURGH7RUUHFLOGHPGH
DOWXUDVLWXDGRDJUDQGLVWDQFLDDOHVWHGH&DVWHMyQFRQVLGHUDTXH7RUUH
FLO HV FRUUXSFLyQ GH7RUUHFLG SHUR QR SUHVHQWD QLQJXQD SUXHED TXH OR
FRQILUPH(GLFLyQ30&S
6LW~DHOFHUUR,DQ0LFKHOHQ
0DQXHO&ULDGRGH9DO
HOFHUURGHODV'HKHVLOODVGHPGHDOWXUDVLWXDGRDOQRURHVWHGH&DV
WHMyQ HQ HO iQJXOR IRUPDGR SRU OD FRQIOXHQFLD GHO 3LHGUD \ HO -DOyQ
GRPLQDHOSXHEOR\FRUUHVSRQGHH[DFWDPHQWHDODGHVFULSFLyQGHORVYY
S
(QHO6LPSRVLRVREUH©(O&LGHQODFXHQFDGHO-DOyQªVHKDGLVFXWLGRDIRQ
GRODORFDOL]DFLyQGHOFDPSDPHQWRGHO&LGIUHQWHD$OFRFHU/DVH[FDYDFLRQHV
HQ HO FHUUR7RUUHFLG GLULJLGDV SRU )UDQFLVFR 0DUWtQH] *DUFtD GHO &HQWUR GH
(VWXGLRV%LOELOLWDQRVKDQFRQILUPDGRORVGDWRVGHODWRSRQLPLD5HDOPHQWHHQ
HOSRHPDQRVHGHVFULEHXQFDPSDPHQWR©IRUWLILFDGRªVLQRVLPSOHPHQWHODLQV
WDODFLyQGHXQDVWLHQGDVIUHQWHDOUtR\RWUDVFXEULHQGRHODFFHVRGHVGHODVLH
UUDVREUHXQDOWRSR\RFHUFDQRDOUtR7RGRHOORGHIHQGLGRSRUXQDFiUFDYDR
IRVR$ ODYLVWDGHODH[FDYDFLyQFDEHQYDULDVKLSyWHVLVTXHHO&LGXWLOL]DUDXQD
IRUWLILFDFLyQGHOFDPSDPHQWRIRU]DGRSRUODUHVLVWHQFLDGH$OFRFHUTXHXWLOL
]DVHXQFDPSDPHQWRDQWHULRURTXHGHVSXpVGHVXPDUFKDHOFDPSDPHQWRVH
KXELHUDHVWDELOL]DGR3UREDEOHPHQWHODFDO]DGDGH0pULGDD=DUDJR]DSDVDUtD
SRU VXV LQPHGLDFLRQHV \ QHFHVLWDED GH XQD YLJLODQFLD GH HVWD QDWXUDOH]D 'H
FXDOTXLHUPRGRODVH[FDYDFLRQHVKDQGHVFXELHUWRODH[LVWHQFLDGHXQFDPSD
PHQWRTXHVLQGXGDHOMXJODUFRQRFtD\TXHSDUHFHVHUXQFDPSDPHQWR©HVWD
EOHªDSURYHFKDGRSRUHO&LGRFRQVWUXLGRSRUpO8QFDPSDPHQWRTXHFRPR
HQHOFDVRGH&DVWHMyQGH+HQDUHVYLHQHGHWHUPLQDGRSRUODSUR[LPLGDGGHOD
FDO]DGD
(QHO3RHPDQRVHKDFHUHIHUHQFLDDTXHHO&LGIRUWLILFDVHHOFHUURFRQLQV
WDODFLRQHVSHUPDQHQWHV6yORQRVGLFHTXHSXVRVXVWLHQGDVGHIHQGLGDVSRUXQD
©FiUFDYDª\XQDVIUHQWHDOUtR\RWUDVIUHQWHDODWLHUUD(O&LGHQQLQJ~QFDVR
SLHQVDXQDYH]FRQTXLVWDGDODSOD]DGH$OFRFHUHQGHWHQHUVHODUJRWLHPSRHQ
DTXHOODWLHUUD
3XQWRHVHQFLDOGHODUXWD\WDPELpQGHODHVWUDWHJLDPLOLWDUGHO3RHPDHVHO
FDVWLOORGH$OFRoHUDFX\DFRQTXLVWD\DEDQGRQRILQDOVHGHGLFDQWUHVFLHQWRV
GLH]YHUVRVD$ SHVDUGHVXWUDVFHQGHQFLDPLOLWDUGHPRVWUDGDSRUHO
KHFKRGHTXHHOUH\PRURGH9DOHQFLDQRGXGDHQHQYLDUXQHMpUFLWRGHWUHVPLO
KRPEUHVSDUDUHIRU]DUORTXHOODPDHO3RHPDOD©IURQWHUDª$OFRoHUILJXUDFRPR
OXJDUGHVFRQRFLGRHQODJHRJUDItDGHO&LGHLQFOXVRKDSURYRFDGRDOJXQDVVRV
SHFKDVVREUHVXFDUiFWHUPiVRPHQRVIDQWiVWLFR
/DFRQTXLVWDGH$OFRFHUSRUHO&LGVXSRQtDHOFLHUUHGHODIURQWHUDGHO-DOyQ
\HIHFWLYDPHQWHQRVyORWHQtDTXHSHVDU©DORVGH$WHFDDORVGH7HUUHU\DORV
GH&DODWD\XWKªVLQRWDPELpQDODVULFDVSREODFLRQHVGH9DOHQFLD=DUDJR]DH
LQFOXVR %DUFHORQD TXH GHVFDQVDEDQ HQ OD IRUWDOH]D GHO WULiQJXOR HVWUDWpJLFR
FX\R YpUWLFH HVWi HQ HVD IR] GHO -DOyQ TXH HO &LG GHVPDQWHODED FRQ OD QDGD
LQVLJQLILFDQWHFRQTXLVWDGH$OFRFHU%XHQDSUXHEDGHHOORHVODIDOWDGHQXHYRV
JUDQGHVHSLVRGLRVPLOLWDUHVKDVWDTXHHO&LGDPHQD]DODVWLHUUDVGHVJXDUQHFL
GDVGHOFRQGHGH%DUFHORQD\OOHJDHQPDUFKDYHUWLJLQRVDKDVWD9DOHQFLD(V
MXVWRUHFRQRFHUHQHO&DQWDUXQJUDQUHDOLVPRHVWUDWpJLFR\XQDSURIXQGDFRP
SUHQVLyQ GH ODV ]RQDV SURWDJRQLVWDV GH OD 3HQtQVXOD HQ HO SODQR PLOLWDU GH OD
pSRFD
-XQWRDOFHUUR7RUUHFLG\FDVLHQODFRQIOXHQFLDGHO-DOyQFRQHOUtR3LHGUD
HVWi HO SXHEOR GH &DVWHMyQ GH ODV$UPDV TXH FRQVWLWX\H XQD IXHUWH SRVLFLyQ
7LHUUDHLWLQHUDULRGHO&LGHQ$UDJyQ
GHIHQVLYDHQWUHDPERVUtRVFRQFDVWLOORURTXHURFX\DVUXLQDVHQHOFHQWURPLV
PR GHO SXHEOR DWHVWLJXDQ VHU HO$OFRFHU GHO &DQWDU /D LGHQWLGDG VHPiQWLFD
HQWUH HO GLPLQXWLYR URPDQFH GH FDVWLOOR &DVWHMyQ \ HO GLPLQXWLYR iUDEH GH
DOFi]DU$OFRFHUQRVOOHYDDXQSURFHVRHWLPROyJLFRPX\IiFLOGHMXVWLILFDUHQ
]RQDVTXHKDQYLYLGRHQXQDJUDQSURPLVFXLGDGOLQJtVWLFD
-XQWRDODWRSRQLPLDLEpULFDRODWLQDTXHVHWUDGXFHDOiUDEHDOUHDOL]DUVHOD
FRQTXLVWDKD\RWUDWUDGXFFLyQLQYHUVDDODTXHVLQGXGDSHUWHQHFHHVWH&DVWH
MyQTXHHVVLQyQLPRSHUIHFWRGH$OFRFHU(O&DVWLOORR&DVWHMyQGH$OFRFHUHV
XQDWDXWRORJtDGHOWLSR©3XHQWHGH$OFiQWDUDªPX\IUHFXHQWHHQODWRSRQLPLD
HVSDxROD &DEH WDPELpQ TXH FRH[LVWLHUDQ DPERV QRPEUHV$OFRFHU SDUD ORV
KDEODQWHVPXVXOPDQHV\&DVWHMyQSDUDORVFULVWLDQRV\TXHHOMXJODUGHO&DQ
WDUSUHILULHVHHOSULPHURSDUDHYLWDUODFRQIXVLyQFRQHO&DVWHMyQGH+HQDUHV
TXHSURWDJRQL]DODSULPHUDEDWDOODGHO&LG
,DQ0LFKHOHGLWRUGHO3RHPD\HVSHFLDOL]DGRHQVXJHRJUDItDGLFHDVtHQ
XQDODUJDQRWD
'HVSXpVGHH[DPLQDUHOWHUUHQRHQGRVRFDVLRQHVHVWR\GHDFXHUGR
FRQ&ULDGRGH9DOHQSHQVDUTXH$OFRoHUSUREDEOHPHQWHUHSUHVHQWD&DV
WHMyQGHODV$UPDVDOVXUGHO-DOyQMXQWRDOUtR3LHGUDYHOR]ULDFKXHOR
PRQWDxRVRTXHFRQIOX\HFRQHO-DOyQDNPDOQRUWHGHOSXHEOR(QWUH
ODVUD]RQHVDGXFLGDVSRU&ULDGRGHVWDFDQODGHODJHRJUDItDH[LVWHQWH\
HOSUREDEOHQH[RHQWUHHOWRSyQLPR$OFRoHUGLPLQXWLYRGHOiUDEHDONDVU
©FDVWLOORª\&DVWHMyQDXPHQWDWLYRRSRVLEOHGLPLQXWLYRGHOODW&$6
7(//80$xDGDPRVTXH&DVWHMyQGHODV$UPDVHVHO~QLFRVLWLRGH
FLHUWDLPSRUWDQFLDHQHVWDSDUWHGHOYDOOHTXHGHRWURPRGRQRVHPHQ
FLRQDUtDHQHO3RHPD\TXHHOSRHWDDFDEDGHUHODWDUODWRPDGH&DV
WHMyQ GH +HQDUHV Y \ KXELHUD VLGR PX\ LQFRQYHQLHQWH WHQHU TXH
KDEODUGHGRVWRSyQLPRVLGpQWLFRVHQWDQSRFRHVSDFLRS
3RUSDUWHGHOHTXLSRGHO&HQWURGH(VWXGLRV%LOELOLWDQRVTXHHVWXGLDODEDVH
DUTXHROyJLFD GHO ODUJR SDVDMH VREUH$OFRFHU HQ HO 3RHPD VH KD SURSXHVWR OD
ORFDOL]DFLyQGH$OFRFHUHQXQFHUURGHODRULOODL]TXLHUGDGHOUtR-DOyQHQHO
SDUDMHFRQRFLGRSRU©ODPRUDHQFDQWDGDªHQWUH$WHFD\7HUUHU$OOtH[LVWHXQ
PRJRWHQDWXUDOFRURQDGRSRUSLHGUDVODODGHUDSODQWDGDGHSLQRVGHMDDOGHV
FXELHUWRXQHVSDFLR\HUPRHQHOTXHHOHTXLSRLQYHVWLJDGRUHVSHUDHQFRQWUDUUHV
WRVDUTXHROyJLFRVFXDQGRVHKDJDQODVH[FDYDFLRQHVRSRUWXQDV
/RVDUJXPHQWRVIUHQWHDODORFDOL]DFLyQGH$OFRFHUHQ&DVWHMyQGHODV$UPDV
VRQORVVLJXLHQWHV*HUROG+LOW\FRQVLGHUDSULPRUGLDOHOYHUVRTXHLQGLFD
TXHORVVLWLDGRUHVGH$OFRFHU©TXLWDURQHODJXDDO&LGª3HURUHDOPHQWHORVVL
WLDGRUHVPXVXOPDQHVGXHxRVGHWRGDODUHJLyQQRWHQtDQODPHQRUGLILFXOWDG
SDUDGHVYLDUHOFXUVRGHXQSHTXHxRDUUR\RFRPRHVHOUtR3LHGUDHQFXDOTXLHU
SXQWRGHVXUHFRUULGRGHVGHVXQDFLPLHQWRKDVWDODGHVHPERFDGXUDHQ$OFRFHU
2WUDREMHFLyQSURSXHVWDFRQVLVWHHQTXHGHVGH$OFRFHUQRVHYHHOFHUUR7R
UUHFLG6HROYLGDODH[LVWHQFLDGHXQWRSyQLPRFRPRHVOD©$WDOD\DªPX\FHUFD
QRD&DVWHMyQ\TXHVHUYLUtDGHSXHVWRGHYLJLODQFLDDODOtQHDGHIHQVLYDHQWUH
$WHFD\&DVWHMyQ
/DSHQHWUDFLyQSRUORVGHVILODGHURVGHO-DOyQVHUHDOL]DSRUODPDUJHQGHUH
FKDTXHQRFXHQWDFRQPiVSREODGRVTXHHOGH&DVWHMyQPLHQWUDVTXHODL]TXLHU
0DQXHO&ULDGRGH9DO
GDHUDXQDVHULHFRQWLQXDGHIRUWDOH]DVPXVXOPDQDV$WHFD7HUUHU&DODWD\XG
TXHHO&LGQXQFDFRQTXLVWy6HUtDPX\LPSRUWDQWHORFDOL]DUHOWUD]DGRGHODFDO
]DGD\ODSRVLEOHH[LVWHQFLDGHSXHQWHVRYDGRVDXQTXHHOFDXGDOGHO-DOyQQRU
PDOPHQWHQRUHSUHVHQWDXQREVWiFXORLQIUDQTXHDEOH
(OKDOOD]JRGHXQWRSyQLPR©DFHTXLDGH$OFRFHUªTXHVHVLW~DFHUFDQRD
$WHFD\QROHMRVGH&DVWHMyQHVLPSRUWDQWH1RREVWDQWHQRVHWUDWDGHXQWRSy
QLPRSXQWXDOVLQRODUHIHUHQFLDDOODUJRWUD\HFWRGHODDFHTXLD
(/ (6&(1$5,2 '( /$ ©/,' &$03$/ª'( $/&2&(5
(OMXJODUHQXQRGHORVPiVH[SUHVLYRVSDVDMHVOLWHUDULRVGHO3RHPDGHV
FULEHFRQSUHFLVDVLPiJHQHVOD©HVWDPSDªGHODEDWDOOD
9HULHGHVWDQWDVODQoDVSURPHUHDOoDU
WDQWDDGiJDUDIRUDGDUHSDVVDU
WDQWDORULJDIDOVD>U@>H@GHVPDQFKDU
WDQWRVSHQGRQHVEODQFRVVDOLUYHUPHLRVHQVDQJUH
WDQWRVEXHQRVFDYDOORVVLQVRVGXHxRVDQGDU
/DEDWDOODGHVFULWDFRQXQDODUGHGHWpFQLFDOLWHUDULDWHUPLQDFRQODKXLGDGH
ORVUH\HV)DUL]\*DOYH)DUL]KX\HKDFLD7HUUHU\*DOYHSHUVHJXLGRSRUHO&LG
VHUHIXJLDHQ&DODWD\XG
(O©HVFHQDULRªGHODEDWDOODR©OLGFDPSDOªGH$OFRFHUVXSRQHXQFRQRFL
PLHQWRPX\GLUHFWRGHOFRQWRUQRSRUSDUWHGHOMXJODU/DKXHVWHGHO&LGGHFLGH
VDOLUGH$OFRFHU\DYDQ]DSRUODRULOODGHO-DOyQPLHQWUDVTXHODOtQHDPLOLWDUGH
ORVPRURVYDOHQFLDQRVOHVDOHDOIUHQWHGHVGHODRWUDRULOODGHOUtR\GHVGHVXV
SRVLFLRQHVGH$WHFD7HUUHU\&DODWD\XG/DYHJDTXHVHH[WLHQGHHQXQWHUUH
QRVLQGLILFXOWDGHVDSHVDUGHOSDVRGHOUtRHVOyJLFRHVFHQDULRGHOFRPEDWH
$OPDUJHQGHODSRVLEOH©KLVWRULFLGDGªGHODEDWDOODHVHYLGHQWHHOSURSyVL
WRGHOMXJODUGHGDUHOPD\RUUHOLHYHSRVLEOHDXQFRPEDWHVLQROYLGDUHOPHQRU
GHWDOOHGHORTXHXQD©OLGFDPSDOªUHTXHUtDHQODpSRFD(O&LGWUDWDGHFRQ
VHUYDUODIRUPDFLRQGHVXKXHVWHTXHHVURWDSRUVXDOIpUH]5RGULJR%HUP~GH]
/D KXLGD GH )DUL] KDFLD7HUUHU VH VLW~D HQ OXJDU FHUFDQR DO FHUUR /D GHV
SURSRUFLyQHQWUHHOQ~PHURGHFRPEDWLHQWHVPRURVUHIRU]DGRVSRUODVJXDUQL
FLRQHVGH&DODWD\XG7HUUHU\$WHFDIUHQWHDORVVHLVFLHQWRV\SLFRFDEDOOHURV
TXHVLJXHQDO&LGHVXQDGHVSURSRUFLyQWtSLFDGHOFDUiFWHUOLWHUDULRGHO3RHPD
(/ ,7,1(5$5,2 '(/ -,/2&$
'HVSXpVGHODFRQTXLVWDGH$OFRFHUDO&LGVHOHSUHVHQWDXQDDOWHUQDWLYDR
VHJXLUSRUODUXWDGH&DODWD\XGKDFLD=DUDJR]DRWRUFHUKDFLDHOHVWH\VHJXLU
ODFXHQFDGHO-LORFDKDVWD9DOHQFLD(O&LGSUHILHUHVHJXLUHVWHVHJXQGRFDPL
QR
/DHOHFFLyQHVWiELHQMXVWLILFDGD6HVXSRQHTXHGHVSXpVGHVXYLFWRULDHQ
$OFRFHUHO&DPSHDGRUGHMDUiVXFDPLQDUDYHQWXUHURSRUIURQWHUDV\GHVSREOD
GRV\EXVFDUiXQDWLHUUDIpUWLOGRQGHSRGHUDVHQWDUVH1ROHLQWHUHVDQODVWLHUUDV
(VFHQDULRGHOD©OLGFDPSDOªGH$OFRFHU
7LHUUDHLWLQHUDULRGHO&LGHQ$UDJyQ
0DQXHO&ULDGRGH9DO
©VREHMDQDVGHPDODVªGHODFXHQFDGHO-DOyQ3HURGHEHSURWHJHUVXUHWDJXDU
GLDORTXHMXVWLILFDVXDFFLyQ
(QWUHHOSULPHUR\HOVHJXQGR&DQWDUKD\YDULDVGLIHUHQFLDVHVHQFLDOHV(Q
VXV SULPHURV PRPHQWRV HO &LG WUDWD GH HYLWDU FXDOTXLHU FRQIOLFWR FRQ VX UH\
$OIRQVR9,\WDPELpQFRQORVPRURVWULEXWDULRVGHpO/DDOWHUQDWLYDGH&DWD
OXxDVHIUXVWUDHQVXHQFXHQWURFRQHOFRQGH5DPyQ%HUHQJXHUDXQTXHDFDP
ELRDVHJXUDVXUHWDJXDUGLD(QHVWHHSLVRGLRXQRGHORVPiVDIRUWXQDGRVGHO
&DQWDUVHQRVSUHVHQWDXQ&DPSHDGRUKXPRULVWDTXHFRQWHPSODODKXHOJDGH
KDPEUHGHVXSULVLRQHUR\FRQHOTXHVLQGXGDDFDEDHVWDEOHFLHQGRXQSDFWRSRU
HOTXHVXUHWDJXDUGLDTXHGDSURWHJLGD(OILQDOGHHVWDFDPSDxDIUHQWHD&DWD
OXxDPDUFDHOILQDOGHOSULPHU&DQWDUVLELHQFDEHGXGDUTXHODH[WHQVLyQGH
HVWD SULPHUD SDUWH OOHJD KDVWD OD FRQTXLVWD GH9DOHQFLD 3DUD OD FRQTXLVWD GH
$OFRFHUODPDUFKDGHO&LGHVH[DFWDPHQWHHVRXQDPDUFKD1RKD\SURSyVLWR
GH©SREODUªXQDVWLHUUDVDQJRVWDV\FRPRGLFHHO&DQWDU©VREHMDQDVGHPDODVª
$ SDUWLUGH$OFRFHUODPDUFKDGHMDGHVHUOLQHDO6HFRQYLHUWHHQXQDDXWpQWLFD
LQYDVLyQ3RGHPRVLPDJLQDUTXH\DVRQYDULRVPLOHVORVTXHDFRPSDxDQDO&LG
\TXHSXHGHQVHJXLUSRUGLVWLQWRVLWLQHUDULRV1RHVSRUHVRGHH[WUDxDUTXHIXH
VHQGRVORVFDPSDPHQWRVFDVLVLPXOWiQHRVHQORVTXHPDQWLHQHGXUDQWHXQSHUtR
GR GH WLHPSR VX GRPLQLR 6RQ HO 3R\R GH 0LR &LG \ HQ VXV SUR[LPLGDGHV HO
3XHUWRGH$OXFDQWR*DOORFDQWD&RQHVWDVEDVHVHOGRPLQLRGHO&LGVHH[WLHQ
GHGHVGH0ROLQDD0RQWDOEiQ\D7HUXHO
+R\*DOORFDQWDHVHOQRPEUHGHXQSXHEORDRULOODVGHODODJXQDTXHHVWi
VLWXDGDHQXQDDPSOLDSODWDIRUPDOODPDGD&DPSR5RPDQR\OLPLWDGDDOQRUHV
WHSRUXQDSHTXHxDVLHUUDGHXQRVPLOPHWURVGHDOWLWXGFRQSDVRVPX\SUy[L
PRV HQ 6DQWHG %HUUXHFR \ &DODPRFKD TXH WRGDYtD FRQVHUYDQ UHVWRV GH VXV
FDVWLOORV'HVGHHVHSXHUWRVHGHVFLHQGHUiSLGDPHQWHKDVWDODYHJDGHO-LORFD
6LQGXGDDKtHVWDEDHO©SXHUWRGH$OXFDQWªTXHHVXQDPDJQtILFDSRVLFLyQPLOL
WDUFRQDJXDDEXQGDQWHWLHUUDIpUWLO\SURWHJLGDDODHVSDOGDSRUODWLHUUDDGLF
WDRGRPLQDGDSRUHO&LGGH0ROLQD6XSUR[LPLGDGDODDQWHULRUSRVDGDGHO&LG
HQHO3R\RQRHVFRQWUDULDVLQRSUXHEDFRQILUPDWRULD/DWiFWLFDJXHUULOOHUDGHO
&DPSHDGRUVHFRPSDJLQDSHUIHFWDPHQWHFRQHVDPRYLOLGDGHQDSDULHQFLDDUEL
WUDULDGHVXV©SRVDGDVªDODVTXHDEDQGRQDXQDYH]FXPSOLGDVXPLVLyQYpD
VHDQWHULRUPHQWH&DVWHMyQ$OFRFHURHO3R\R
/DWHUFHUDFLWD$OXFDGY\DDSDUHFHGLVFULPLQDGDHQHOPDQXVFULWR
HQODWHUPLQDFLyQGSURFHGHQWHGHXQDIRUPDiUDEHDORFDE\VLQGXGDVHUHILH
UHDOSXHEORGH2ORFDXFHUFDQRD;pULFD\TXHHO&LGRFXSyHQVXPDQLREUDGH
FHUFRDODFDSLWDOYDOHQFLDQD
3HURQRHVpVWDWDPSRFRODWLHUUDTXHpOEXVFD4XLHUHOOHJDUKDVWDHOPDU\
DVHQWDUVHHQODWLHUUDIpUWLOGH9DOHQFLD
(Q&HOIDVLW~DHOMXJODUHOFDPSDPHQWRLGHDOTXHQHFHVLWDHO&LGSDUDODFRQ
TXLVWD$JXDDEXQGDQWH\XQDQRPX\DOWDPHVHWDSHURPX\H[WHQVDHQODTXH
DVHQWDUVH (V XQ FDPSDPHQWR GH ORV TXH OODPDPRV ©HVWDEOHª \ TXH \D KDEtD
VHUYLGRSDUDHOPLVPRILQDODKXHVWHGHOUH\YDOHQFLDQRFXDQGRWUDWDGHVRFR
UUHUD$OFRFHU(OFHUFRD9DOHQFLDFRQGLVWLQWDVGLUHFFLRQHVKDFLD6DJXQWR\D
OD TXH OODPD &HEROOD SRU QR FRQIXQGLU FRQ HO VLQyQLPR FDVWHOODQR GHO 3R\R
PXHVWUDQXQDPX\GLIHUHQWHDFWLWXG\DTXHVHWUDWDGHGRPLQLR\SRVHVLyQGH
ODWLHUUD
7LHUUDHLWLQHUDULRGHO&LGHQ$UDJyQ
(OSDVRGHO-DOyQDO-LORFDSXGRUHDOL]DUORHO&LGVLQQHFHVLGDGGHOOHJDUD
&DODWD\XG
/D VHJXQGD ©OLG FDPSDOª OD VLW~D HO MXJODU HQ 0XUYLHGUR DXQTXH VHD FRQ
PXFKR PHQRU GHWDOOH TXH OD GH$OFRFHU (O &LG SLGH UHIXHU]RV D ODV UHJLRQHV
YHFLQDV6HGLYLGHODKXHVWHFDVWHOODQDHQWUHÉOYDU)ixH]\HO&LG\ORJUDUiQOD
YLFWRULDSHUVLJXLHQGRDORVPRURVKDVWD9DOHQFLD
/DLQYHQFLyQOLWHUDULDGHOMXJODUFXHQWDFRQDQWHFHGHQWHVFOiVLFRV\PHGLH
YDOHV7DPSRFRHVSRVLEOHODPDUFKDGHVFULWDHQHO3RHPDHQWUH0XUYLHGUR\
0RQUHDOXQDWUDVQRFKDGDGHPiVGHNP
6RUSUHQGHHQHVWRVSDVDMHVODSUHGLFFLyQGHOMXJODUGHTXHHOFDPSDPHQWR
TXHHVWDEOHFHHQXQSR\RFHUFDQRD0RQUHDOTXHVHOODPDUtD3R\RGH0LR&LG
7RGRKDFHVXSRQHUTXHFXDQGRVHHVFULELyHOFDQWDU\DVHOODPDEDDVtHVWDORFD
OL]DFLyQ&RQILUPDHVWDVRVSHFKDODGREOHFLWDGH0RQUHDOTXHIXHIXQGDGDSRU
$OIRQVR,HQ6LODIHFKDGHODFRQTXLVWD©KLVWyULFDªGH9DOHQFLDWXYROXJDU
DQWHVGHODxRKD\DxRVHQORVTXH0RQUHDOWRGDYtDQRH[LVWtDDOPHQRV
FRQHVHQRPEUH(OMXJODUGHOSRHPDGHEtDFRQRFHUHVWDSDUWHGHODJHRJUDItD
GHO&DQWDUDOPHQRVHVWRVDxRVGHVSXpVGHTXHHO&LGVLJXLHUDHVWHLWLQHUD
ULR
/DHVWUDWHJLDGHO&LGHQHO3RHPDDORODUJRGHO-LORFDQRHV\DXQDPDUFKD
FRQWLQXD GH VXV KXHVWHV FDPLQR KDFLD HO PDU VLQR XQD ©VXFHVLyQª GH FDPSD
PHQWRVEDVHSDUDGRPLQDUXQDDPSOLDUHJLyQFRQLQFXUVLRQHVGHLGD\YXHOWD
DO SREODGR DO TXH FRQYRFDED WDPELpQ OD YHQLGD GH QXHYRV FDEDOOHURV (VWRV
FDPSDPHQWRV WDOHV FRPR HO GHO 3R\R GH 0LR &LG *DOORFDQWD R &HOID HUDQ
PRYLGRVSHULyGLFDPHQWHVHJ~QSURSyVLWRLQGLFDGRSRUHOMXJODU(QFXDOTXLHU
FDVRODWRSRQLPLDHVPiVJHQpULFD\SUREDEOHPHQWHPHQRVFRQRFLGDSRUHOMXJODU
TXHODFRUUHVSRQGLHQWHDOUtR-DOyQ
(QUHVXPHQMXQWRDODFODUDVLJQLILFDFLyQOHJHQGDULD\GUDPiWLFDGHOFLFOR
GHOFRQGDGRGH&DVWLOODVHRSRQHXQPD\RUVHQWLGRpSLFRGHO3RHPDGHO&LG
7DPELpQ GHVWDFD HO SURWDJRQLVPR FRP~Q D WRGRV ORV DXWRUHV FDVWHOODQRV GHO
FRQWRUQRJHRJUiILFR/RVMXJODUHVFDVWHOODQRVHVWDEOHFHQXQIRQGRGHH[WUDRU
GLQDULR UHDOLVPR ORFDO PX\ SRFR PRGLILFDGR SRU LQIOXHQFLDV LQWHUWH[WXDOHV
6REUH HVH IRQGR ODV ILJXUDV \ ORV DFRQWHFLPLHQWRV VyOR WLHQHQ XQD UHIHUHQFLD
PX\JHQpULFDKDFLDHOSURFHVRKLVWyULFRTXHHOMXJODULQWHUSUHWDFRQSOHQDOLEHU
WDGDUWtVWLFD&RQWH[WRKLVWyULFRTXHVLQGXGDHVPD\RUHQHO3RHPDGHO&LGTXH
HQODV/H\HQGDVGHO&RQGDGRGH&DVWLOOD
2WUDGLIHUHQFLDHVIXQGDPHQWDO(O3RHPDGHO&LGHVUHIOHMRGHXQD&DVWLOOD
HQH[SDQVLyQDGHFXDGRDODYDQFHFDVWHOODQRUHDOL]DGRHQHOVLJOR;,TXHVDOH
\DGHODOtQHDGHO'XHURPLHQWUDVTXHORV6LHWH,QIDQWHVGH/DUDVRQILHOUHIOH
MR GH XQ SHUtRGR GHO VLJOR ; EDMR OD WUHPHQGD SUHVLyQ GH$OPDQ]RU VREUH OD
©WLHUUDªFDVWHOODQD8QDPSOLRHVSDFLRGHOEDMR$UDJyQSXHGHFRQVLGHUDUVHFRPR
HOFRQWRUQRPiVFDUDFWHUtVWLFRGHOJUDQSRHPDFDVWHOODQRVREUHHO&LG
/$ 720$ '($/&2&(5
(16875$7$0,(172/,7(5$5,2
81(3,62',2'(/ &$17$5'(/ &,'
325
$/%(572 0217$1(5 )58726
8QLYHUVLGDGGH=DUDJR]D
$ OD PHPRULD GH GRV JUDQGHV FRQRFHGRUHV
GHO&DQWDUGHO&LGGRQ$QWRQLR8ELHWRTXH
DEULy QXHYRV FDPLQRV D VX LQWHUSUHWDFLyQ
KLVWyULFD \ GRQ -RDTXtQ &DVDOGXHUR TXH
PRVWUy HQ SiJLQDV VXWLOHV OD LUUHQXQFLDEOH
YHUGDGHVWpWLFDGHOPLVPR
3/$17($0,(172
'( /$ &8(67,Ð1
(O&DQWDUGHO&LGGHVDUUROODWUHVHSLVRGLRVHQWRUQRDODSOD]DGH$OFRFHU
VXFRQTXLVWDSRUSDUWHGHODVWURSDVGHO&LGYYODYLFWRULRVDGHIHQ
VDGHODPLVPDIUHQWHDOHMpUFLWRPXVXOPiQGH)iUL]\*DOYHYY\VX
GHILQLWLYRDEDQGRQRSRUSDUWHGHO&LG\VXVKRPEUHVDQWHHOSHOLJURTXHFRQOOH
YDVXSHUPDQHQFLDHQHOODYY6HGHGLFDQSRUWDQWRDQDUUDUORVVXFH
VRVUHODFLRQDGRVFRQ$OFRFHUXQWRWDOGHYHUVRVHOGHWRGRHO&DQ
WDU OR TXH KDFH GH HVWD VHFXHQFLD XQD GH ODV PiV H[WHQVDV GHO PLVPR YLG
'8**$13HVHDHOORODFUtWLFDQRKDGHVWLQDGRPXFKDDWHQFLyQD
ODHVWUXFWXUD\DODHODERUDFLyQOLWHUDULDGHHVWRVSDVDMHVDOKDEHUFHQWUDGRVXV
HVIXHU]RVHQODKDVWDKDFHSRFRLQIUXFWXRVDE~VTXHGDGH$OFRFHU
eVWDKDVLGRSRUILQFRQFOXLGDJUDFLDVDODVLQYHVWLJDFLRQHVGH-RVp/XLV&R
UUDO\)UDQFLVFR0DUWtQH]PHGLDQWHODLGHQWLILFDFLyQGH$OFRFHUFRQORVYHV
9pDVH&255$/ < 0$57Ì1(= 0$57Ì1(= HQSUHQVDDVtFRPRODV~OWLPDVDSRU
WDFLRQHVUHFRJLGDVHQHVWHPLVPRYROXPHQ
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
WLJLRVPXVXOPDQHVGHOSDUDMHDWHFDQRGHOD0RUD(QFDQWDGDVLWRHQHOFXUVRGH
ODDQWLJXDDFHTXLDGH$OFRFHU/RVGDWRVWDQWRDUTXHROyJLFRVFRPRGRFXPHQ
WDOHVTXHHVWRVGRVHVWXGLRVRVKDQUHYHODGRDSHQDVGHMDQOXJDUDGXGDVREUHOD
FHUWLGXPEUHGHOKDOOD]JR3RUWDQWRHVDKRUDSRVLEOHYROYHUGHQXHYRVREUHHO
SURSLRWH[WRGHO&DQWDUSDUDGHWHUPLQDUHOPRGRHQTXHHVWiFRQVWLWXLGR\ODV
SRVLEOHVUHSHUFXVLRQHVGHODORFDOL]DFLyQGH$OFRFHUHQODFRPSUHQVLyQGHOPLV
PR
/$ 1$55$&,Ð1 '( /$ 720$ '( $/&2&(5
/DFRQTXLVWDGHHVWDSOD]DPXVXOPDQDHSLVRGLRHQHOTXHFHQWUDUpPLDQi
OLVFRQVWLWX\HODVHJXQGDGHODVYLFWRULDVGHO&LGHQHOGHVWLHUUR\VHGHVDUUR
OODIXQGDPHQWDOPHQWHHQWUHVPRPHQWRV(OSULPHURYYFXPSOHXQ
SDSHOLQWURGXFWRULRHO&LGVLJXLHQGRHOFXUVRGHO-DOyQOOHJDKDVWD$OFRFHU\
HVWDEOHFHVXFDPSDPHQWR©HQXQRWHURUHGRQGRIXHUWHHJUDQGªYGHV
GHHOTXHLPSRQHVXGRPLQLRVREUHOD]RQDFX\DVSULQFLSDOHVFLXGDGHVOHKDQ
GHSDJDUSDULDV(OVHJXQGRPRPHQWRYYFRQVWLWX\HHOQ~FOHRGHOD
DFFLyQ\UHILHUHHODUGLGHPSOHDGRSRUHO&DPSHDGRUSDUDFRQTXLVWDUODSOD]D
PRUD(OWHUFHURYYQDUUDSRU~OWLPRHODVHQWDPLHQWRGHODVWURSDV
GHO&LGHQ$OFRFHU\VLUYHGHHQODFHFRQHOHSLVRGLRGH)iUL]\*DOYH
/D QDUUDFLyQ DGRSWD XQD GLVSRVLFLyQ FODUDPHQWH WULSDUWLWD TXH HV EDVWDQWH
IUHFXHQWHHQODHVWUXFWXUDFLyQLQWHUQDGHO&DQWDU(VWRSXHGHDSUHFLDUVHPHMRU
VLHOSDVDMHVHGHVJORVDGHXQDPDQHUDPiVGHWDOODGD
,
,1752'8&&,Ð1 Y
$ ,QWURGXFFLyQY(O&LGOOHJDDODVFHUFDQtDVGH$OFRFHUHQODV
TXHDFDPSDYY
% 'HVDUUROORY(O&LGDVLHQWDVXFDPSDPHQWRHQHORWHURVREUH
$OFRFHUYY
& &RQFOXVLyQY6HH[WLHQGHODQRWLFLDGHODOOHJDGDGHO&LG\ORV
SXHEORVGHOD]RQDOHSDJDQSDULDVYY
,, '(6$552//2 Y
$ ,QWURGXFFLyQY(O&LGFDQVDGRGHHVSHUDUODUHQGLFLRQGH$OFR
FHUGHFLGHXVDUXQDHVWUDWDJHPDYY
7RGDVODVFLWDVGHO&DQWDUVHKDFHQVHJ~QHOWH[WRGHODHGLFLyQTXHHVWR\SUHSDUDQGRSDUDOD
FROHFFLyQ%LEOLRWHFD&OiVLFDTXHEDMRODGLUHFFLyQGHOSURIHVRU)UDQFLVFR5LFRSXEOLFDUDOD(GL
WRULDO&UtWLFDGH%DUFHORQD
6HWUDWDGHXQDWHQGHQFLDUHODWLYDPHQWHKDELWXDOHQHO&DQWDUSHURQRSDUHFHUHVSRQGHUDXQ
SODQSUHFRQFHELGRYLG '( &+$6&$\0217$1(5'H\HUPRQG
KDVXJHULGRDFHUWDGDPHQWHDPLMXLFLRTXHWDQWRHOXVRGHHVWUXFWXUDVWHUQDULDVFRPRODPHQ
FLyQH[SOLFLWDGHWDOQ~PHURUHVSRQGHQHQPXFKDVRFDVLRQHVDOD©OH\GHOWUHVªIROFOyULFDH[SXHV
WDSRU2OULNHG
6LJRFRQGLYHUVDVPRGLILFDFLRQHVHOHVTXHPDWUD]DGRHQ0RQWDQHUXQDQi
OLVLVPiVGHWDOODGRGHODSDUWHFHQWUDO,,'HVDUUROORSXHGHYHUVHHQ5DPVGHQ
$OEHUWR0RQWDQHU)UXWRV
% 'HVDUUROORY
3ULPHUDSDUWHY(O&LGILQJHKXLUORTXHDWUDHHQVXSHUVH
FXFLRQ D ORV KDELWDQWHV GH$OFRFHU TXH GHMDQ HO OXJDU GHVJXDU
QHFLGRYY
6HJXQGDSDUWHY&XDQGRORVDOFRFHUHxRVHVWiQVXILFLHQWH
PHQWHDOHMDGRVHO&LGYXHOYHDODFDUJD\ORVGHUURWDRFXSDQGR
ODSOD]DYY
& &RQFOXVLyQY©0LR&LGJDxy$OFRFHUVDEHWSRUHVWDPDxDª
Y
,,, &21&/86,Ð1 Y
$ ,QWURGXFFLyQY(Q$OFRFHURQGHDODHQVHxDGHO&LGYY
% 'HVDUUROORY(O&LGDUHQJDDVXVWURSDVYY
& &RQFOXVLyQY(O&LGVHHVWDEOHFHHQ$OFRFHU\GHVPDQWHODHO
FDPSDPHQWRGHORWHURYY
(ODUUDQTXHGHOHSLVRGLRDQDOL]DGRPDUFDXQDHYLGHQWHWUDQVLFLyQHO&LGKD
DEDQGRQDGR &DVWHMyQ YY \ WUDV VDTXHDU OD$OFDUULD \ HO YDOOH GHO
7DMXxDYYOOHJDDO-DOyQ$ SDUWLUGHDTXtXQDHVFXHWDVXFHVLyQGH
WRSyQLPRVLQGLFDHOUiSLGRDYDQFHGHO&DPSHDGRUKDVWDOOHJDUDOTXHVHUiVX
QXHYRREMHWLYRPLOLWDU
2WURGtDPRYLyV· PLR&LGHOGH%LYDU
HSDVVyD$OIDPDODIR]D\XVRYD
SDVVyD%RYLHUFDHD7HFDTXHHVDGHODQW
HVREUH$OFRFHUPLR&LGLYDSRVDU
YY
/DDFXPXODFLyQGHORVQRPEUHVGHFXDWURSREODFLRQHVHOUHLWHUDGRXVRGH
YHUERV GH PRYLPLHQWR ©PRYLyVª ©SDVVyª ©YDª ©SDVVyª ©LYD SRVDUª \ HO
SDUDOHOLVPRDQDIyULFRGHORVYYFRQWULEX\HQDFUHDUHVDVHQVDFLyQGH
PDUFKDLPSDUDEOH\GHFLGLGD&RPRKDVHxDODGR5XVVHOOODLQWHQ
FLyQGHO&DQWDUHVWiDTXtIXHUDGHGXGD©GXUDQWHODFDEDOJDGDSRUHOYDOOHQR
KXEROXFKDHQWUHFULVWLDQRV\PXVXOPDQHVKDVWDTXHHO&LGOOHJyD$OFRFHUª
1yWHVHTXHHQHOYVHGLFHTXH©QRQORVDEHQORVPRURVHODUGLPHQWTXH
DQªORVGHO&LG\HOQDUUDGRUWDPSRFRVHORFRPXQLFDDODXGLWRULRTXHDVLVWH
LJXDOPHQWHHQVXVSHQVRDODYDQFHFLGLDQR(VDKRUDFXDQGRVHUHYHODHVHSUR
(OSDVDMHSODQWHDXQDGLILFXOWDGPHQRUHOVHQWLGRGH©SDVVyDªFIU0,&+$(/
\3RGUtDHQWHQGHUVH©FUX]yHOUtRHQGLUHFFLyQDªSHURHVWRVyORWHQGUtDVHQWLGRSDUD
HOFDVRGH$OKDPDSXHVWRTXH%XYLHUFD\$WHFDHVWiQWDPELpQHQODULEHUDQRUWHGHO-DOyQ3DUH
FHSXHVTXHKDGHVLJQLILFDU©SDVySRUª©FUX]ySRUª$KRUDELHQVLVHDGPLWHFRQ&ULDGRGH9DO
TXHHO&LGDYDQ]DSRUODULEHUDVXUGHO-DOyQUHVXOWDPiVDGHFXDGR©SDVyIUHQWHDªR
LQFOXVR©GHMyDWUiVª1yWHVHDHVWHUHVSHFWRTXHHOWUD\HFWRDTXtDWULEXLGRDO&LGSXHGHLGHQWLIL
FDUVHFRQHOGHODDQWLJXDFDO]DGDURPDQDGH7LWXOFLDD&HVDUDXJXVWDTXHIODQTXHDEDHO-DOyQSRU
HOVXU\FUX]DEDDOQRUWHHQWUH$WHFD\7HUUHUYLG5866(//(VWRH[SOLFDTXHHO&DP
SHDGRUQRVHHQIUHQWHDORVPXVXOPDQHVDORODUJRGHO-DOyQKDVWDOOHJDUD$OFRFHU5866(//
\SXHGHMXVWLILFDUODKLSyWHVLVH[SXHVWDHQHVWHPLVPRVLPSRVLRSRUHOSURIHVRU+LOW\GHTXH
ODLPSRUWDQFLDHVWUDWpJLFDGH$OFRFHUUDGLFDEDHQSHUPLWLUHOFRQWUROGHOYDGRGHOUtR
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
SyVLWRRFXOWRTXHWDQGLUHFWDPHQWHHQFDPLQDEDORVSDVRVGHO&DPSHDGRU©0LR
&LGGRQ5RGULJR$OFRFHUFXHGDJDQDUªY
3DUDDFRPHWHUHVWDHPSUHVDHO&LGVHHVWDEOHFH
HQXQRWHURUHGRQGRIXHUWHHJUDQG
DFHUFDFRUUH6DOyQDJXDQRO· SXHGHQWYHGDU
YY
6HWUDWDSRUWDQWRGHXQDDGHFXDGDSRVLFLyQPLOLWDUTXHJUDFLDVDOLQPH
GLDWR DFFHVR DO DJXD SXHGH UHVLVWLU IiFLOPHQWH XQ FHUFR (VWH ~OWLPR GHWDOOH
FRQILHUHDODGHVFULSFLyQXQDVSHFWRUHDOLVWD\VXJLHUHMXQWRFRQRWURVGDWRV
TXHHOFUHDGRUGHO&DQWDUQRHUDWDQOHJRHQDVXQWRVEpOLFRVFRPRDYHFHVVH
KDVXSXHVWR'HKHFKRHOOXJDUHVFRJLGRUH~QHWRGRVORVUHTXLVLWRVTXHDxRV
PiVWDUGH\VLJXLHQGRD9HJHFLRVHSUHVFULELUtDQHQODV3DUWLGDVGH$OIRQVR;
SDUDODHOHFFLyQGHXQFDPSDPHQWR
$SRVHQWDUKXHVWHVHVPX\JUDQGPDHVWUtDHKDPHQHVWHUGHVHUPX\
VDELGRUHOFDEGLOORTXHODKDGHID]HU(D~QFDWDYDQPiVORVTXHOD
KXHVWHDSRVHQWDYDQTXHQRQODSXVLHVVHQHQOXJDUTXHIXHVVHVRRWHURR
VLHUUDDOWDSRUTXHORVHQHPLJRVQRQVHDSRGHUDVVHQGHDTXHOOXJDUDOWR
SDUDID]HUOHVGDxRHVHDFRJLHVVHQHQVDOYR(TXHQRQIXHVVHSXHVWDHQ
WUHPDGDO QLQ HQ OXJDU TXH OH SXGLHVVH DJXDGXFKR ID]HU PDO ( IXHVVH
VLHPSUHFHUFDGHDJXD\GH\HUYD\GHOHxDTXHVRQFRVDVTXHPXFKR
KDPHQHVWHUODKXHVWHTXHQRQSXHGHQHVFXVDU
3DUWLGDV,,[[LLL
&HUFDQGRODKXHVWHYLOODRFDVWLOORVREUHTXHVHTXLHUHHVWDUIDVWDTXH
ODWRPHQGHYHHOVHxRUPD\RURHORWURFDEGLOORTXH\IXHUHSRUpOID]HU
WRPDUODVSRVDGDVHQGHUUHGRUGHDTXHOOXJDUTXHTXLHUHFHUFDU(
VLWRGRQRQORSXGLHUHQFHUFDUGHYHQSRVDUWRGRVHQXQRHQHOOXJDU
GRHQWHQGLHUHQTXHPD\RUGDxRSRGUtDQID]HUDORVGHGHQWUR&DFHUFD
QRQTXLHUHiOGH]LUVLQRQFRVDTXHFLxHWRGRHQGHUUHGRU(ODTXHQRQ
HVDVVtIHFKDQRQODOODPDQVLQRQDOYHUJDGD3HURGHYHQDSRVHQWDUDOD
KXHVWHHQWDOOXJDUTXHVHDFHUFDGHORVHQHPLJRVSRUDSRGHUDUVHG·HOORV
HID]HUOHVPDO
3DUWLGDV,,[[LLL
/DWRWDODFRPRGDFLyQGHORWHURDODEDVHGHRSHUDFLRQHVSHUIHFWDQRSXHGH
GHVOLJDUVHGHTXHVXGHVFULSFLyQVHDHVHQFLDOPHQWHIRUPXODU7DPELpQOD©PRQ
WDxDª ©ERVTXHª HQ OD TXH DFDPSD HO &LG HQ HO Y HV ©PDUDYLOORVD H
JUDQGªPLHQWUDVTXHODVLHUUDTXHFUX]DHQHOY©ILHUDHVHJUDQGªORPLV
$VtORKDQMX]JDGRSRUHMHPSOR5XVVHOO\6PLWK5HVSHFWRGHXQR
GHORVDUJXPHQWRVDOHJDGRVSRUDTXpOODIDOWDGHDFWXDFLyQGHODLQIDQWHUtDKD\TXHVHxDODUTXH
MXQWRDPRWLYRVLGHROyJLFRVHVWHVLOHQFLRSXHGHGHEHUVHDOFDUiFWHUSDUFLDOPHQWHVXEVLGLDULRGHOD
PLVPDHQORVHMpUFLWRVPHGLHYDOHVGHVGHHOVLJOR,;KDVWDILQDOHVGHOD(GDG0HGLDFIU&217$
0,1( \. ((1 (QpVWD\HQODVGHPiVFLWDVGHWH[WRVPHGLHYDOHVKHUHVSHWDGRODVJUDItDVGHODHGLFLyQGHUHIH
UHQFLDVDOYRTXHKDSXQWXDGR\DFHQWXDGRDGDSWDQGRODVQRUPDVDFWXDOHVDODOHQJXDPHGLHYDO\
KHUHJXODUL]DGRHOXVRGHXYHLM\$GHPiVODHVHDOWDf KDVLGRWUDQVFULWDFRPRHVHEDMDVHO
VLJQRWLURQLDQRoVHKDWUDQVFULWRSRU\ODVDEUHYLDWXUDVVHKDQUHVXHOWRVLQQLQJXQDLQGLFDFLyQ
$OEHUWR0RQWDQHU)UXWRV
PRTXHODVPRQWDxDVGHOY$GHPiV(O3R\RTXHVLUYHDO&LGGHFDP
SDPHQWRUHFLEHXQDGHVFULSFLyQVHPHMDQWH
DOWRHVHOSR\RPDUDYLOORVRHJUDQW
QRQWHPHJXHUUDVDEHWDQXOODSDUW
YY
&RPRKDVHxDODGR5XVVHOO©ORVFLWDGRVHStWHWRVTXHHOSRHWD
DSOLFDDORWHURDOFRFHUHxRSDUHFHQVHUHStWHWRVGHIyUPXODTXHpOVXHOHXVDUFRQ
UHODFLyQDRWURVVLWLRVGRQGHDFDPSDHO&LGFIUYYFRPRVLODLPSRU
WDQFLD JUDQGH]D R H[WUDxH]D GH pVWRV UHIOHMDUDQ OD SRWHQFLDOLGDG PRUDO GHO
KpURHª+D\DRQRXQDDVRFLDFLyQGLUHFWDHQWUHHOSDLVDMH\HO&DPSHDGRUHVWi
FODUR TXH OD IXQFLyQ GH HVWH WySLFR GHVFULSWLYR HV LQGXFLU OD DGPLUDFLyQ GHO
S~EOLFR\SUREDEOHPHQWHVHWUDWDGHXQSUpVWDPRGHODpSLFDIUDQFHVDHQODTXH
\DKDEtDPRVWUDGRVXHIHFWLYLGDG
+DOWVRQWOLSXLHOLYDOWHQHEUXV
/HVURFKHVELVHVOHVGHVWUHL]PHUYHLOOXV
YY
+DOWVXQWOLSXLHWODYRL]HVWPXOWOXQJH
Y
+DOWVXQWOLSXLHWHQHEUXVHJUDQW$2,
/LYDOSDUJXQWHOHVHZHVFXUDQW
YY
+DOWVXQWOLSXLHPXOWKDOWOHVDUEUHV
Y
'HYHUV(VSDLJQHHVWHQXQSXLDJXW
Y
3DVVHQWFHVSXLVHFH]URFKHVSOXVKDOWHV
(FH]SDUIXQ]FH]GHVWUHL]DQJXLVDEOHV
YY
(VWRQRVLJQLILFDGHVGHOXHJRTXHODGHVFULSFLyQGHORWHURVHDLUUHDO\WDP
SRFRTXHQRSXHGDDSOLFDUVHDXQSDLVDMHFRQFUHWRTXHHOSRHWDFRQRFLHVHFRPR
SDUHFHDUJXPHQWDUHQVXLQWHUYHQFLyQ-RVp/XLV&RUUDODVLPLODQGRGHXQPRGR
/DIyUPXOD©PDUDYLOORVDHJUDQGªVHUHSLWHHQORVYY\UHIHULGDUHVSHFWL
YDPHQWHDODJDQDQFLDDULTXH]D\DXQDEDWDOOD8QDYDULDQWHGHODRWUDIyUPXODFRPHQWDGD©HV
SHVVDHVHJUDQGªGHVFULEHODVKXHUWDVGHOYFIU '( &+$6&$
7RGRVORVYHUVRVTXHDFRQWLQXDFLyQVHFLWDQVRQGHOD&KDQVRQGH5RODQGWH[WR23DUDOD
SRVLEOHUHODFLyQGHO&DQWDUFRQODVIyUPXODVDTXtFLWDGDV\RWUDVRFXUUHQFLDVQRUHIHULGDVDOSDLVDMH
GH©PHUYHLOORVHHJUDQWª5RODQGY\(QIDQFHV&XLOOHXPHY\GHVXVYDULDQWHV5RODQG
Y\&KDUURLGH1vPHVY\$VSUHPRQWYYpDQVHODVRSLQLR
QHVHQFRQWUDGH+RUUHQW\DIDYRUGH+HUVOXQG6PLWK
+RRN\5LTXHU$GHPiV6PLWKKDVXJHULGRTXHHOYGHO
&DQWDU©PLUDQODKXHUWDHVSHVVDHVHJUDQGªHVXQHFRGHOYGH)ORUHQFHGH5RPH©(WOD
IRUHVWIXODUJHHVSHVVHHWORQJXHHWOHHª6LQHPEDUJRODSRVLELOLGDGGHTXHHO)ORUHQFHKD\DSRGL
GRLQIOXLUHQHO&DQWDUKDVLGRVHULDPHQWHFXHVWLRQDGDSRU'H\HUPRQG+RRN\SRU'XJJDQ
3DUDXQDFRPSDUDFLyQVyORSDUFLDOPHQWHXWLOHQWUHODVWpFQLFDVGHVFULSWLYDVGHO&DQ
WDU\ODVGHO5RODQGYpDVH&RUWpVHVSHFLDOPHQWHSDUDHODVXQWRDTXtWUDWDGRSS
(VWHYHUVRSRVHHFLHUWRSDUHFLGRFRQODGHVFULSFLyQGHO5REOHGRGH&RUSHVHQHO&DQWDU©ORV
PRQWHVVRQDOWRVODVUDPDVSXMDQFRQODVQ~HVªY
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
LPSUHFLVRORVORFLFRPPXQHVUHWyULFRVD©WySLFRVPDQLGRVª3HURVtSRQHHQHYL
GHQFLD TXH VXV LQWHUHVHV HUDQ IXQGDPHQWDOPHQWH OLWHUDULRV TXH EXVFDED XQD
GHWHUPLQDGDHIHFWLYLGDGSRpWLFD\TXHHQWRGRFDVRDFWXDEDGHDFXHUGRFRQOD
PDQHUDPHGLHYDOGHYHUHOPXQGRFIU&$&+2&RQYLHQHWHQHUHQFXHQ
WDDHVWHUHVSHFWRTXHODSHUFHSFLyQGHOSDLVDMH\GHOHVSDFLRQRHVWDQREMH
WLYDFRPRSXHGDSDUHFHUQRV\TXHGHSHQGHHQXQDDPSOLDPHGLGDGHIDFWRUHV
FXOWXUDOHVFRPRKDQSXHVWRGHPDQLILHVWRORVHVWXGLRVWDQWRGHODJHRJUDItDKX
PDQtVWLFDFRPRGHODVHPLyWLFDGHODFXOWXUDª
(VWHIHQyPHQRVHPDQLIHVWDEDHQODPHQWDOLGDGPHGLHYDOSRUXQDWHQGHQFLD
DUHVDOWDUORVUDVJRVJHQpULFRVIUHQWHDODVSHFXOLDULGDGHV'HOPLVPRPRGRTXH
ODVHILJLHVGHORVPRQDUFDVHQVXVDFXxDFLRQHVRHQVXVVHOORVSRUHMHPSOR
SUHVHQWDQFRPRHOHPHQWRHVHQFLDOORVDWULEXWRVGHVXFDUJR\QRODILGHOLGDG
GHOUHWUDWRODGHVFULSFLyQSDLVDMtVWLFDDFHQW~DORVFDUDFWHUHVPHQRVLQGLYLGXD
OHVGHOOXJDUUHSUHVHQWDGRSRUTXHSDUWHGHXQDVHULHGHPDUFRVWLSLILFDGRVDORV
TXHLQWHQWDDGVFULELUOR&RQWULEXtDGHFLVLYDPHQWHDHVWDDVLPLODFLyQHOKHFKR
GHTXHWDOHVSDLVDMHVHVWHUHRWLSDGRVSUHVHQWDVHQXQDUHODFLyQPX\HVWUHFKDFRQ
HOWLSRGHDFFLyQTXHVHGHVDUUROODEDHQHOORVGHPRGRTXHVXGHVFULSFLyQSHU
PLWtDDPHQXGRDOOHFWRUXR\HQWHSUHYHUORVDFRQWHFLPLHQWRVIXWXURV
7RGRHOORKDFHTXHXQDGHVFULSFLyQHVWULFWDPHQWHUHDOLVWDFRQVXJXVWRSRU
ODH[DFWLWXGGHOGHWDOOHVHDDMHQDDORVWH[WRVPHGLHYDOHVWDQWROLWHUDULRVFRPR
KLVWyULFRV \ TXH LQFOXVR OD H[SHULHQFLD YLYLGD WHQGLHUD D DFRPRGDUVH HQ ORV
OLEURV GH YLDMHV SRU HMHPSOR D HVWH WLSR GH SUHVXSXHVWRV FXOWXUDOHV /DV
SURGXFFLRQHV GH HVWD pSRFD VH OLPLWDQ QRUPDOPHQWH D RIUHFHU ORV HOHPHQWRV
IXQFLRQDOHV GH OD GHVFULSFLRQ 3RU HOOR DXQTXH FRPR KD VHxDODGR -RVp /XLV
&RUUDOHQVXLQWHUYHQFLyQHQHVWHVLPSRVLRODVPRQWDxDVSLUHQDLFDVVHDQHQ
SDUWHORVDOWRVPRQWHVGHOD&KDQVRQGH5RODQG\ORVRWHURVGHOYDOOHGHO-DOyQ
5HVSHFWRGHODSULPHUDFRUULHQWHVRQGHLQWHUpVYDULRVGHORVDUWtFXORVUHFRJLGRVHQ/H\6D
PXHOVHVSHFLDOPHQWHHOGH*LEVRQSSSDUDXQSODQWHDPLHQWRGHIRQGR\ORVGH
+RXVWRQSS\6RSKHUSSSDUDDQiOLVLVFXOWXUDOHVFRQFUHWRV3DUDODVHJXQGD
YpDVHHOYROXPHQFROHFWLYR/RWPDQ(VFXHODGH7DUWXHQSDUWLFXODUORVWUDEDMRVGH,YDQRY
SS\7ROVWRMSSVREUHODVRSRVLFLRQHVHVSDFLDOHVGHOWLSR©FHQWUDOSHULIHULFRª
©L]TXLHUGDGHUHFKDªHWF8QDDSOLFDFLyQGHHVWRVFRQFHSWRVDOFDVRGHO&DQWDUSXHGHYHUVHHQ&DFKR
3RUHOORHQHODUWHPHGLHYDOWDQWRYHUEDOFRPRSOiVWLFR©ODVLQGLFDFLRQHVUHODWLYDVDOOXJDU
VHUHDOL]DQHQWDQWRHQFXDQWRVRQQHFHVDULDVSDUDVLWXDUDORVSHUVRQDMHVHQHOFXDGURGHODDFFLyQ
1RVHQFRQWUDUHPRVHQFRQVHFXHQFLDFRQOXJDUHVTXHQRDSDUHFHQLQGLYLGXDOL]DGRVVLQRTXHH[
SUHVDQHVWHUHRWLSRVFRQYHQFLRQDOHVPiVRPHQRVDGHFXDGRVQRVyORFRQHOKDPEUHVLQRFRQVXDFWL
YLGDGª&$&+2'LOXFLGDH[FHOHQWHPHQWHHVWDFXHVWLyQ*XULpYLFK
(VORTXHVXFHGHFRQHOYHUJHORORFXVDPRHQXVFX\DGHVFULSFLyQOOHJDDVHUPX\HVWHUHRWL
SDGD\HQHOTXHQRUPDOPHQWHWLHQHQOXJDUHVFHQDVGHUHFUHDFLyQDPRURVDIUHQWHDO\HUPRRHOERV
TXHORFXVWHUULELOLVORFXVKRUULGXVTXHHVHOiPELWRGHOSHOLJUR\GHODDJUHVLyQSRUXQODGRRGHO
UHWLURDVFpWLFRSRURWUR3DUDHOWUDWDPLHQWRFRPRWySLFRUHWyULFRGHHVWRVHVFHQDULRVYLG&XUWLXV
3DUDVXVLJQLILFDGRGHQWURGHODPHQWDOLGDGPHGLHYDOYLG/H*RII
\%RQXDVVLH3DUDVXSDSHOFRPRPDUFROLWHUDULRGHGHWHUPLQDGDVDFFLRQHVYLG&DFKR
(QILQSDUDVXSUHVHQFLD\IXQFLyQHQHO&DQWDUYLG&XUWLXV
'H\HUPRQG\&DFKR\0RQWDQHU
eVWDHVODUD]yQSRUODTXHODVGHVFULSFLRQHVGHORVSULPHURVFURQLVWDVGH,QGLDVUHFXHUGDQ
PiVDORVOLEURVGHFDEDOOHUtDVRDORVUHODWRVPHGLHYDOHVGHYLDMHVFRPRHOGH0DUFR3RORRHOGH
-HKDQGH0DQGHYLOOHTXHDORVSURSLRVSDLVDMHVDPHULFDQRVWDO\FRPRQRVRWURVORVSHUFLELPRV
9LG/DFDUUD&DFKR
$OEHUWR0RQWDQHU)UXWRV
\ HQ SDUWLFXODU7RUUHFLG SXHGDQ FXPSOLU ODV HVSHFLILFDFLRQHV GHO Y QR
KHPRV GH HVSHUDU XQD FRQFUHFLyQ GH SDUWLFXODULGDGHV TXH SHUPLWD LGHQWLILFDU
LQHTXtYRFDPHQWHHOSDLVDMHGHVFULWR$QWHVELHQODGHVFULSFLyQGHORWHURVLUYH
IXQGDPHQWDOPHQWHSDUDVXJHULUHOFDUiFWHUEpOLFRGHORVVXFHVRVTXHVHYDQD
QDUUDUDFRQWLQXDFLyQGHVGHXQDSRVLFLyQSULYLOHJLDGDFX\DDOWXUD\IRUWDOH]D
WUDQVPLWHQXQDLGHDQRVyORGHSRWHQFLDPLOLWDUVLQRGHGLPHQVLyQKHURLFDHO
&LGYDDLPSRQHUVXSUHVHQFLDDODVSREODFLRQHVGHOHQWRUQRFRPRSDVRSUHYLR
DODUHDOL]DFLyQGHVXREMHWLYRODFRQTXLVWDGH$OFRFHU
&RPREXHQFDXGLOORHO&DPSHDGRUFRPLHQ]DSRUWRPDUODVPHGLGDVRSRU
WXQDVSDUDVXHVWDQFLD6HWUDWDGHSUHFDXFLRQHVGHIHQVLYDVYSHURWDP
ELpQSHUPLWHQGHMDUELHQSDWHQWHVXSUHVHQFLDHQHORWHUR\HQFRQVHFXHQFLD
HQODFRPDUFDTXHpVWHGRPLQDY(QFXDQWRDOWLSRGHFDPSDPHQWRTXH
HO&LGHVWDEOHFHVHGDQPX\SRFRVGHWDOOHVHVSHFtILFRV
%LHQSXHEODHORWHURILUPHSUHQGHODVSRVDGDV
ORVXQRVFRQWUDODVLHUUDHORVRWURVFRQWUDODDJXD
(OEXHQ&DPSHDGRUTXHHQEXHQRUD>FLQ[RHVSDGD@
GHUUHGRUGHORWHURELHQFHUFDGHODJXD
DWRGRVVRVYDURQHVPDQGyID]HUXQDFiUFDYD
TXHGHGtDQLQGHQRFKQRQOHVGLHVVHQDUUHWDWD
TXHVRSLHVVHQTXHPLR&LGDOOtDYLpILQFDQoD
YY
(VSRVLEOHVXSRQHUTXHDOS~EOLFRFRHWiQHRGHO&DQWDUHVWDVVRPHUDVLQGL
FDFLRQHV OH VXJLULHVHQ GH PDQHUD PiV FRQFUHWD OD LPDJHQ GH ODV ©SRVDGDVª R
©SRVLFLyQPLOLWDUªFLGLDQD\TXHORVYYEDVWDUDQSDUDHYRFDUODHUHF
FLyQGHXQSHTXHxRUHFLQWRIRUWLILFDGRFRPRODPRWDIHXGDOGH7RUUHFLGFRQOD
TXH-RVp/XLV&RUUDO\)UDQFLVFR0DUWtQH]LGHQWLILFDQHOFDUQSDPHQWRFLGLDQR
YLGQRWD6LQHPEDUJRQRKD\QLQJXQDVHJXULGDGDHVWHUHVSHFWRSXHVVLOD
FRQVWUXFFLyQGHXQIRVRTXHGDJDUDQWL]DGDSRUHOYOR~QLFRTXHVHSXHGH
DVHJXUDUHVTXHpVWHURGHDEDXQDVWLHQGDVGHFDPSDxDYLGYY\
eVWDHVWDPELpQODLQWHUSUHWDFLyQTXHVXJLHUHQODVSURVLILFDFLRQHVFURQtVWLFDV
/DUHODFLyQGHODVFUyQLFDVFRQHO&DQWDUGHODTXHGHSHQGHODSHUWLQHQFLDGHODVFRPSDUDFLRQHV
DKRUDUHDOL]DGDVKDVLGRREMHWRGHQXPHURVDVFRQWURYHUVLDV0HQpQGH]3LGDO\
VXSXVRTXHOD&UyQLFDGH9HLQWH5H\HVVHJXtDXQWH[WRVLPLODUDOGHOPDQXVFULWR©GH3HU$EEDWªHQ
WDQWRTXHOD3ULPHUD&UyQLFD*HQHUDO\VXVGHVFHQGLHQWHVODVRWUDVFUyQLFDVDTXtFLWDGDVDGRSWD
EDQHOWH[WRGHVXFHVLYDVUHIXQGLFLRQHVGHO&DQWDURSLQLyQGHIHQGLGDFRQYDULDFLRQHVSRU$UPLV
WHDG\VV2WURVLQYHVWLJDGRUHVVRVWLHQHQTXHOD&UyQLFDGH9HLQWH5H\HV\OD3ULPHUD
&UyQLFD*HQHUDOYHUVLyQUHJLDVRQGRVUHHODERUDFLRQHVLQGHSHQGLHQWHVGHXQDIXHQWHFRP~QVHJX
UDPHQWHXQDSURVLILFDFLyQGHO&DQWDUUHDOL]DGDSRUORVFRPSLODGRUHVDOIRQVtHVFRPRSDUWHGHODGRFX
PHQWDFLyQGHOD(VWRULDGH(VSDxDPLHQWUDVTXHODVRWUDVFUyQLFDVFLWDGDVGHULYDQFRQMXQWDPHQWHGH
OD&UyQLFDGHORVUH\HVGH&DVWLOODTXHHVDVXYH]XQDUHYLVLyQ©QRYHOL]DGDªGHOD©YHUVLyQUHJLDª
GHOD3ULPHUD&UyQLFD*HQHUDO&$7$/É1\3$77,62132:(//
60,7+3RU~OWLPR'\HUVRVWLHQHTXHOD&UyQLFDGH9HLQWH5H\HVSURVLILFDWDP
ELpQXQDUHIXQGLFLyQDOPHQRVSDUFLDOGHO&DQWDUSURSXHVWDTXHKDFRQWDGRFRQHODSR\RGH$UPLV
WHDG3RUORTXHVHUHILHUHDOSDVDMHDTXtDQDOL]DGRQRKD\QDGDTXHSXHGDDFKDFDUVHD
XQDUHIXQGLFLyQ7RGRVORVWH[WRVDGXFLGRV\HVSHFLDOPHQWHORVPiVDQWLJXRVODVGRVSULPHUDVFUy
QLFDVFLWDGDVHVWiQPX\SUy[LPRVDO&DQWDUFRQVHUYDGR6X~QLFDGLIHUHQFLDFRQpVWHODQHJDWLYDD
UHFLELUODVSDULDVGH$OFRFHULPSOLFDTXHWRGDVODVFUyQLFDVUHPRQWDQDXQDIXHQWHFRP~Q\QRDYHU
VLRQHVGLVWLQWDVGHO&DQWDU(VDIXHQWHHUDSUREDEOHPHQWHODSURVLILFDFLyQDOIRQVtSXHVODDGLFLyQUHV
SRQGHDOFULWHULRGHORVUHWRTXHVFURQtVWLFRV\QRSUHVHQWDYHVWLJLRDOJXQRGHDVRQDQFLD
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
(GHQGHWRPRFDPLQRGH$WLHQoD>VLFSUR$WHFD@HIXHURQSRVDUVREUH
$OFRoHU HQ XQ RWHUR PX\ IXHUWH oHUFD HO UtR ;DOyQ SRUTXH OHV QRQ
SXGLHVVHQYHGDUHODJXD2WURGtDPDQGyHOdLGSRVDUORVXQRVFRQWUDHO
UtRHORVRWURVFRQWUDODVLHUUDHIL]RID]HUXQDFiUFDYDDGHUUHGRUGHVVt
SRUJXDUGDUVHGHUHEDWHGHGtDHGHQRFKH>@HPDQGyFRJHUWRGDVODV
WLHQGDVVLQRQXQDVRODTXHGH[yHQHVDEDVWLGD
&UyQLFDGH9HLQWH5H\HVSS
(WPRYLHURQGHQGRWURGtDHWSDVVDURQ$OIDPDHWLQGRODIR]D\XVR
OOHJDURQD%RELHUFDHWGHQGD$WHFFDHWIXHURQSRVDUVREUH$OFRFHUHQ
XQ RWHUR UHGRQGR JUDQG HW IXHUWH FHUFD·O UtR 6DOyQ SRUTXH OHV QRQ
SRGLHVVHQLQJXQRYHGDUDJXD(WFXHGDQGRHOdLGJDQDUD$OFRFHUPDQ
GyORVXQRVGHVXFRPSDQQDSRVDUFRQWUD·OUtRDORVRWURVFRQWUDODVLH
UUDHWID]HUXQDFiUFDYDDGHUUHGRUGHVtSRUJXDUGDUVHTXHDOJXQRVQRQ
OHVIL]LHVHQUHEXHOWDGHGtDQLQGHQRFKH>@0DQGyGH[DUXQDWLHQGD
HQODEDVWLGDHWDUUDQFDUWRGDVODVRWUDVHWFDUJDUSRUDLUVH
3ULPHUD&UyQLFD*HQHUDOSD
(RWURGtDPRYLHURQSDV>VD@URQ$OIDLQD>VLFSUR$OIDPD@(\HQGR
ODIR]D\XVRSDVVDURQFHUFDGH+XHUWD>VLFSUR$WHFD@HIXHURQVREUH
$OFRFHU HQ XQ RWHUR UHGRQGR ( IXHURQ FHUFD GHO UtR$LOOyQ VLF SUR
6DOyQSRUTXHOHVQRQSXGLHVHQYHGDUHODJXDFDDVPyPX\ELHQHO&LG
TXHGHDOOtJDQDUtDHOFDVWLOORGH$OFRFHU(GHVSXpVTXHKRYRHQGHHQGH
UHoDGRVXEDVWLGDIXHDYHUHODOFioDUVLORSRGUtDSRUDOJXQDJXLVDHQWUDU
>@HPDQGyGH[DUODVWLHQGDVHQODEDVWLGD
&UyQLFDGHO&LGIDVLPLODUHQ
OD7UDGXFFLyQJDOOHJDY,S
(RXWURG\DPRYHURGDOO\HIRURQVVHDIR]DMXVR(SDVVDU}SHUDSDU
G·8UFD>VLFSUR$WHFD@HIRU}SRVDUVREUHKXÙXRXWHLURUHGRQGRSHUWRGR
U\RGH6DORQSRUWDOTXHOKHVQ}SRGHVVÙHYHGDUDDJXDFDÙHWHQGHXR&LGH
GDOO\ JXDDQKDU$OFRQFLHU ( GHVSRLV TXH IRU} DSRXVHQWDGRV IRU} YHHU
$OFRQFLHUVHDY\DDOJXÙXORJDUSHUTXHVHJXDDQKDU>@HPDQGRXOHL
[DUDVWHQGDVQRUHDO
&UyQLFDGHY,,,SS
&RPSiUHQVHHO&DQWDU\ODVFUyQLFDVFRQODGLVSRVLFLyQWtSLFDGHODV©SRVD
GDVªVHJ~QODVGHVFULEHQODV3DUWLGDV
$SRVHQWDGD GHYH VHU OD KXHVWH VHJXQG OD IDFLyQ GHO OXJDU VL IXHUH
OXHQJDRTXDGUDGDRUHGRQGD(SRQHUODVWLHQGDVGHOVHxRUHQPHGLRH
ODVGHORVRILFLDOHVTXHORKDQGHVHUYLUHQGHUUHGRU>@(GHVSXpVG·HV
WDVWLHQGDVGHYHQSRVDUWRGRVORVRWURVGHODKXHVWH>@HVLODKXHVWHIXH
UHUHGRQGDGHYHQGH[DUXQDFDUUHUDDQFKDGHSDUWHGHGHQWURHQGHUUH
GRUGHODVWLHQGDVORVKRQEUHVKRQUUDGRVHODVRWUDVGHORVSXHEORVHVL
IXHUHOXHQJDGH[DUXQDHQPHGLRTXHVHDWRGDGHUHFKDHVLIXHUHTXD
GUDGDGHYHQGH[DUGRVRIDVWDTXDWURODVXQDVHQOXHQJR\ODVRWUDVHQ
WUDYLHVVR
3DUWLGDV,,[[LLL
$OEHUWR0RQWDQHU)UXWRV
&DUFDYHDUGHYHHOFDEGLOORODKXHVWHHQGHUUHGRUTXDQGRVXSLHUHTXH
DOOtKDQGHID]HUPRUDGDOXHQJDHQDOJXQGOXJDU/RXQRSRUTXHQRUHFL
EDQGDxRGHORVHQHPLJRV/RRWURSRUTXHQRQVHSLHUGDQVXVEHVWLDVQLQ
OHVIXUWHQVXVFRVDV2WURVLGHYHQGDUWDQWRVGHFDEDOOHURVHGHSHRQHV
TXHODJXDUGHQGHQRFKHVHJXQGHQWHQGLHUHQTXHHVHOSRGHUGHORVHQH
PLJRVHFRQYLHQHDOOXJDUGRHVWXYLHUHQSRVDGRV
3DUWLGDV,,[[LLL
(OXHJRTXHDVVRVHJDGDIXHVVHODKXHVWHGHYHQID]HUHQWUHVtHORVGH
GHQWUR>GHODSOD]DVLWLDGD@FiUFDYDVHQGHUUHGRUSRUTXHORVGHODYLOOD
QRQOHVSXHGDQGDUUHEDWRQLHOORVQRQOHVSXHGDQLUDFRPEDWLUVLQPDQ
GDPLHQWRGHVXVFDEGLOORV
3DUWLGDV,,[[LLL
$ OD OX] GH HVWRV GDWRV SDUHFH SUREDEOH TXH HO DXWRU GHO&DQWDU HVWXYLHVH
UHSUHVHQWDQGRHQHVWRVYHUVRVXQFDPSDPHQWRGHWLHQGDVURGHDGDVSRUXQIRVR
GHIHQVLYR\QRXQDWRUUHFRQUHFLQWRDPXUDOODGRGHODTXHGHVGHOXHJRQRVH
KDFHQLQJXQDPHQFLyQ(QWRGRFDVRORTXHVtUHVXOWDSDWHQWHHVTXHHO&LGGHO
&DQWDUVHFRPSRUWDDTXtHQWHUDPHQWHGHDFXHUGRFRQODVFRQFHSFLRQHVWiFWLFDV
GHO0HGLHYR\TXHHOSRHWDKDGHVFULWRORTXHVHFRQVLGHUDEDODFRUUHFWDDFWXD
FLyQPLOLWDUGHXQFDXGLOORGHOPRPHQWR3RUORWDQWRHVREYLRTXHDOPHQRV
HQXQSODQRGRFWULQDORTXL]iVIXQGDPHQWDOPHQWHHQpOHOFUHDGRUGHO&DQ
WDUSRVHtDFRQRFLPLHQWRVEpOLFRVFIU+(1'5,;
(O UHVXOWDGR LQPHGLDWR GH WDOHV DFFLRQHV HV OD LQWLPLGDFLyQ GH ODV SOD]DV
PXVXOPDQDVGHODVFHUFDQtDVGHWDOPRGRTXH©HQODVXYH]LQGDGQRQVHWUHYHQ
JDQDUWDQWRªY(QFRQVHFXHQFLDWRGRVORVSXHEORVGHOFRQWRUQRLQPHGLDWR
$WHFD$OFRFHU\7HUUHUHPSLH]DQDSDJDUSDULDVDO&DPSHDGRUY
6HWUDWDGHXQRGHORVSURFHGLPLHQWRVKDELWXDOHVSRUORVTXHHO&LGGHO&DQWDU
DGTXLHUHVXULTXH]D\HVWiHQUHODFLyQFRQODLPSRUWDQFLDFRQFHGLGDDOHVIXHU]R
SHUVRQDOHQODLGHRORJtDGHOSRHPD(QHIHFWRHO&DQWDUSRQHXQpQIDVLVHVSH
FLDOHQHO©DYHUªREWHQLGRGHORVPRURVVREUHWRGRHQHOQXPHUDULR\RSRQHFOD
UDPHQWHORDGTXLULGRSRUHOSURSLRGHQXHGRDORKHUHGDGRRDORFRQVHJXLGRVLQ
FRPEDWHFRPRORVLQWHUHVHVGHOSUpVWDPRXVXUDULR&RPROXHJRVHYHUiHVWD
DFWLWXGLQIOX\HHQODFDUDFWHUL]DFLyQGHORVDOFRFHUHxRVDQWHODKXLGDGHO&LG
'HWRGDVIRUPDVHO&DPSHDGRUQRDVSLUDVyORDSHUFLELUHVWH©LPSXHVWRª
VLQRTXHSUHWHQGHFRQTXLVWDU$OFRFHUFRPR\DVHKDGHFODUDGRHQHOYGDGD
ODH[WUDRUGLQDULDLPSRUWDQFLDHVWUDWpJLFDDWULEXLGDDTXtDGLFKDSOD]DFIUYY
(OVLJQLILFDGRTXHDTXtSRVHHJDQDUHVGXGRVR6LFRPRKDFH0HQpQGH]3LGDO
VHUHODFLRQDFRQODDFHSFLyQ©PR]RGHODEUDQ]DªTXHSRVHHJDxiQ\FRQODGH©ODERXUHUFXOWLYHU
HQVHPHQFHUªGHOIUDQFpVDQWLJQRJDDLJQLHUVLJQLILFDUtD©FXOWLYDUHOFDPSRWUDEDMDUODWLHUUDªDFHS
FLyQDGPLWLGDSRU60,7+\+255(172WUDSRVLELOLGDGHVUHODFLRQDUOR
FRQJDQDGRFRQODDFHSFLyQGH©SDVWRUªTXHWDPELpQKDSRVHtGRJDxiQYLG&2520,1$63$6&8$/
,,,E\FRQHOVHQWLGRGH©IDLUHSDvWUHªSUHVHQWDGRDVLPLVPRSRUJDDLJQLHUYLG*5(,
0$6 D(QHVWHFDVRVHUtDSUHIHULEOHLQWHUSUHWDUORFRPR©DSDFHQWDUHOJDQDGRªVHJ~Q
KDFH0LFKDHO'HWRGRVPRGRVSXHGHDGPLWLUVHXQVLJQLILFDGRPiVDPSOLRFRPRHO
GHOYHUERIUDQFpVFLWDGRTXHDEDUTXHDPEDVDFWLYLGDGHVDJURSHFXDULDV
3DUDHVWRVDVSHFWRVYLG5RGUtJXH]3XpUWRODV/DFDUUD)UD
GHMDV&DWDOiQ&DFKR\'XJJDQ
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
3RUHOORWUDVFLHUWRWLHPSRGHHVSHUD©FRPSOLGDVTXLQ]HVHPDQDVª
YHO&LGGHFLGHSDVDUDODDFFLyQ+D\DTXtFLHUWDLQFRKHUHQFLDDUJX
PHQWDOSXHVODVSDULDVFRPRQRVUHFRUGDUiHOSURIHVRU'H(SDO]DHQVXLQWHU
YHQFLyQHUDQHOSDJRGHXQ©VHJXURªRHQSDODEUDVGHOSURIHVRU$QJXV0DF
ND\XQ©FKDQWDMHGHODSURWHFFLyQªTXHJDUDQWL]DEDDOSDJDGRUTXHQRVXIULUtD
GDxRSRUSDUWHGHTXLHQODVUHFLEtD$GHPiVHO&LGQRH[LJHHQQLQJ~QPRPHQ
WRODUHQGLFLyQGHODSOD]DSRUORTXHORVYYTXHGDQSDUFLDOPHQWHIDO
WRVGHPRWLYDFLyQ&RPR\DVHxDOy5XVVHOOODVSURVLILFDFLRQHV
FURQtVWLFDVKDQDGYHUWLGRHOGHVOL]\ORKDQLQWHQWDGRFRUUHJLUHQORVVLJXLHQWHV
WpUPLQRV
(ORVPRURVGHODYLOODFRQHOPLHGRTXHRYLHURQG·pOGL[LpURQOHTXH
OHSHFKDUtDQTXDQWRpOTXLVLHVVHHTXHORVGH[DVHHQSD](HOdLGQRQ
ORTXLVRID]HUHDFRJLyVHDVXEDVWLGD
&UyQLFDGH9HLQWH5H\HVS
(WORVGHODYLOODFRQPLHGRTXHRYLHURQG·pOOIDEOiURQOHFRPRHQ
UD]yQGHSHFKDUOHHWGDUOHSDULDVHWpOTXHORVGH[DVVHYHYLUHQSD]PDV
HOdLGQRQORTXLVRID]HUHWFRJLyVVHDVXEDVWLGD
3ULPHUD&UyQLFD*HQHUDOSD
(ORVPRURVIDEODURQFRQpOTXHOHGDUtDQSDULDVTXHOHVQRQIL]LHVVH
PDOORVGH[DVHYLYLUHQSD]PDVHO&LGQRQORTXLVRID]HUWRUQyVH
DVXEDVWLGD
&UyQLFDGHO&LGID
6LQHPEDUJRDOSURVLILFDUORVYYHVWRVWH[WRVPDQWLHQHQODUHIH
UHQFLDDODVSDULDVHQWUHJDGDVDO&DPSHDGRUORTXHPXHVWUDFODUDPHQWHTXHOD
YHUVLyQGHO&DQWDUTXHVHJXtDQHUDVLPLODUDODGHOPDQXVFULWRFRQVHUYDGR
©&DVLHOORVORSUHQGLpQªGL[HURQHOORV©QRQQRVGDUiQQDGDGHOD
JDQDQoLD(VVLORQyVGHVEDUDWDPRVWRUQDUQRViODVSUHQGDVTXHGHQyV
OHYyGREODGDVª
&UyQLFDGH9HLQWH5H\HVS
©&D VL ORV GH 7HUUHU OH SUHQGHQ QRQ QRV GDUiQ HQGH QDGD HW ODV
SDULDVTXHGHQyViOHYDGDVGREODGDVQRVODVWRUQDUiª
3ULPHUD&UyQLFD*HQHUDOSE
(VWDUHIHUHQFLDHVFRQYHQFLRQDO7DPELpQFXDQGRDFDPSDHQ(O3R\R©DOOtVRYRPLR&LG
FRPSOLGDVTXLQ]HVHPDQDVªY
3UHVHQWDQXQWH[WRVLPLODUDOGHOD&UyQLFDGHO&LGOD7UDGXFLyQJDOOHJDYS\OD
&UyQLFDGHY,,,S(QFXDQWRDEDVWLGDGHVLJQDDPHQXGRHQODVFUyQLFDVDOIRQVtHV
DOFDPSDPHQWRHVSHFLDOPHQWHDOGHDVHGLRYLG3ULPHUD&UyQLFD&HQHUDOSSDEED
D\E(QSOXUDOYLHUWHDYHFHVHOODWLQFDVWUD3ULPHUD&UyQLFD*HQHUDOSSEDE\
E(QHOHSLVRGLRGH$OFRFHUOD&UyQLFDGHY,,SSWUDGXFHEDVWLGDSRUUHDO
/DVRWUDVFUyQLFDVFLWDGDVHPSOHDQXQDIRUPDPiVDPELJXDTXL]iVSRUKDEHUDGYHUWLGROD
LQFRQJUXHQFLD©(QyVQRQDYUHPRVHQGHQDGDQLFREUDUHPRVQLQJXQDFRVDGHTXDQWRGDxRQRV
IL]Rª&UyQLFDGHO&LGIEVLPLODUHQOD7UDGXFFLyQJDOOHJDY,S\HQOD&UyQLFDGH
Y,,,S'HWRGRVPRGRVHVH©GDxRªQRKDEtDVLGRUHIHULGRDQWHVORTXHGHMDFODURTXH
VXWLWX\HDODPHQFLyQH[SOtFLWDGHODVSDULDVVLQORJUDUDUPRQL]DUSRUFRPSOHWRHOUHODWRRULJLQDO
\ODLQWHUSRODFLyQFURQtVWLFD
$OEHUWR0RQWDQHU)UXWRV
(VGLItFLOVDEHUVLHO&DQWDUPXHVWUDDTXtXQVLPSOHGHVSLVWHRVLHOHUURUHV
VLJQLILFDWLYR5XVVHOOFRQVLGHUDTXH
1RHVSRVLEOHFUHHUTXHHOSRHWDKD\DTXHULGRVXJHULUTXHHO&LGVH
FRPSRUWyGHPDODIHSDUDFRQORVDOFRFHUHxRV3DUHFHTXHLQWURGXMRHO
WHPDGHODVSDULDVFRQHOILQGHOODPDUODDWHQFLyQVREUHHOWHPRUTXHVHQ
WtD OD JXDUQLFLyQ DO YHUVH DVHGLDGD SRU HO &LG SHUR VLQ DWHQGHU GHEL
GDPHQWHDODVFRQVHFXHQFLDVMXUtGLFDVGHGLFKDLQWURGXFFLyQ
/DVXSRVLFLyQHVSODXVLEOHSHURHO~OWLPRHOHPHQWRUHVXOWDH[WUDxRHQXQ
DXWRUTXHQRVyORFRQRFtDELHQHOGHUHFKRVLQRTXHSRVHtDXQDDXWpQWLFDPHQ
WDOLGDGMXUtGLFDYLG60,7+\5866(//
+22./$&$55$\'(<(5021'3RGUtD
TXL]iVSHQVDUVHTXHODTXLHEUDGHOVLVWHPDGHSDULDVWUDVODLQYDVLyQDOPRUi
YLGHKDKHFKRTXHHOSRHWDTXHFRPSXVRHO&DQWDUSUREDEOHPHQWHDILQDOHVGHO
VLJOR ;,, R SULQFLSLRV GHO ;,,, QR HVWXYLHVH WRWDOPHQWH DO WDQWR GH VXV LP
SOLFDFLRQHVOHJDOHV'HKHFKRIUHQWHDODVPHQFLRQHVGH©JDQDQFLDVªFRQ
HOVHQWLGRGH©ERWtQGHJXHUUDª\DODDGHFXDFLyQGHVXUHSDUWRDORVSUHFHSWRV
OHJDOHVGHORVIXHURVGHH[WUHPDGXUD©SDULDVªVyORDSDUHFHHQQXHYHRFDVLR
QHV\QXQFDVHGDQSUHFLVLRQHVVREUHVXUHFHSFLyQYDORUDFLyQRGLVWULEXFLyQ
2WUDSRVLELOLGDGHVTXHORTXHDQRVRWURVSXHGHSDUHFHUQRV©PDODIHªQROR
IXHUDSDUDHOS~EOLFRGHO&DQWDUFIU0217*20(5<\'H
VHUDVtORVFURQLVWDVKDEUtDQPRGLILFDGRHOHSLVRGLRDOLJXDOTXHVXFHGHFRQHO
GHODVDUFDVGHDUHQDSDUDDGHFXDUORDXQDVSDXWDVPRUDOHVPiVHVWULFWDV(Q
WRGRFDVRORTXHVtUHVXOWDREYLRHVTXHHOSDJRGHODVSDULDVDGHPiVGHFXP
SOLUODPLVLyQH[SXHVWDSRU5XVVHOOHVLQGLVSHQVDEOHSDUDMXVWLILFDUODSHUVHFX
FLyQGHORVDOFRFHUHxRVSXHVVLpVWRVQRWXYLHVHQHODFLFDWHGHOERWtQVLPSOH
PHQWHKDEUtDQGHMDGRDO&LGDEDQGRQDUHOOXJDUeVDHVODUD]yQSRUODTXHODV
&DWDOiQ\VV\0DUFRV0DUtQKDQUHODFLRQDGRODVXSUHVLyQGHODSRU
WHGLQHUDULRGHODVSDULDVFRQODVFRQGLFLRQHVVRFLDOHVGHVFULWDVHQHO&DQWDURSRVLFLyQGHORVLQ
IDQ]RQHVDODDOWDQREOH]DWHUUDWHQLHQWH\FRQODSHQXULDGH©DYHUPRQHGDGRªTXHH[SHULPHQWDQ
SRUHMHPSORORV,QIDQWHVGH&DUULyQYY\VVORTXHHQRSLQLyQGHGLFKRVDXWRUHVSHUPL
WHUHWURWDHUHO&DQWDUDODIHFKDGHSURSXHVWDSRU0HQpQGH]3LGDODGV
6LQHPEDUJRODFXHVWLyQGHOGLQHURDFXxDGRYDPiVDOOiGHODVXQWRGHODVSDULDV\
HQOD]DFRQXQFDPELRGHPHQWDOLGDGGHWHFWDGRHQWRGD(XURSDDILQDOHVGHOVLJOR;,,HQYLUWXGGHO
FXDOVHGLRPD\RULPSRUWDQFLDDODVDSUHFLDFLRQHVPRQHWDULDV\QXPpULFDVHQJHQHUDOYLG0855$<
FRPRDTXtVXFHGHSRUHMHPSORHQORVYYR$GHPiVODFDUHQFLD
GHHIHFWLYRQRHVJHQHUDOVLQRTXHSUHFLVDPHQWHDIHFWDDORVJUDQGHVVHxRUHVSRVHHGRUHVGHELH
QHVLQPXHEOHVIUHQWHDODOLTXLGH]GHORVLQIDQ]RQHVTXHFRPEDWHQHQODIURQWHUD\TXHWLHQHQDFFH
VRDOERWtQ(VWDVLWXDFLyQVHDGHFXDPXFKRPHMRUDODFR\XQWXUDHFRQyPLFD\MXUtGLFDGHO~OWLPR
FXDUWRGHOVLJOR;,,RORVSULPHURVDxRVGHO;,,,HVGHFLUODSULPHUDSDUWHGHOUHLQDGRGH$OIRQVR
9,,,FIU/$&$55$\'8**$1\(OTXHHO&LGKD\DGHUHFX
UULUDORVXVXUHURVQRHVWiUHODFLRQDGRFRQHVWRFRPRSLHQVD0DUFRV0DUtQSXHVDKtHO
SUREOHPDHVTXHHO&LGDOTXHVHOHKDQFRQILVFDGRVXVKHUHGDGHV\FDUHFHGHOGLQHURGHODVSDULDV
FX\RURERVHOHKDDWULEXLGRIDOVDPHQWHQRSXHGHYHQGHUQDGD\KDGHUHFXUULUDXQHPSHxRIUDX
GXOHQWR(OTXHORVSUHVWDPLVWDVGLVSRQJDQGHORVPDUFRVLQGLFDTXHODFDUHQFLDGHQXPHUDULR
QRVHSUHVHQWDFRPRXQSUREOHPDJHQHUDOGHOUHLQRVLQRGHGHWHUPLQDGRVHVWDPHQWRVVRFLDOHV
3DUDORVGDWRVOH[LFRPpWULFRVPHEDVRHQ2HOVFKOlJHU\:DOWPDQ
\\3HOOHQ\(QFXDQWRDODREVHUYDQFLDGHODVGLVSRVLFLRQHVIRUDOHVVREUH
HOERWtQYLG/DFDUUD\
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
FUyQLFDVKDQPDQWHQLGRODPHQFLyQGHODVSDULDVDODDOWXUDGHOYFRPRVH
KDYLVWR(QGHILQLWLYDODSRVLEOHLQFRQJUXHQFLDVHGHEHUtDDTXHHOWUDWDPLHQ
WRGHODFXHVWLyQWHQtDREMHWLYRVIXQGDPHQWDOPHQWHOLWHUDULRVDORVTXHVHKDQ
VXERUGLQDGRRWUDVSRVLEOHVFRQVLGHUDFLRQHV
)UHQWHDHVWHGHVDMXVWHHOPRPHQWRFHQWUDOGHOHSLVRGLRPXHVWUDXQDJUDQ
FRKHUHQFLDLQWHUQD\HYLGHQFLDHOGHVHRGHOSRHWDGHRWRUJDUYHURVLPLOLWXGSVL
FROyJLFDDOp[LWRGHODHVWUDWDJHPDFLGLDQD%(/75É1eVWDHQVX
LQLFLRQRRIUHFHGXGDVGHLQWHUSUHWDFLyQVHWUDWDGHXQDKXLGDILQJLGDTXHWLH
QHFRPRREMHWRGHVFRQFHUWDUDORVDOFRFHUHxRVHLQYLWDUOHVDDSURYHFKDUODVLWXD
FLyQDEDQGRQDQGRHOUHIXJLRGHODVPXUDOODVORTXHSHUPLWLUiDODVWURSDVGHO
&LGREWHQHUXQDYLFWRULDHQFDPSRDELHUWR/D©WLHQGDILWDªGHOYHVXQVH
xXHORTXHHQ$OFRFHUVHLQWHUSUHWDH[DFWDPHQWHFRPRHO&LGKDEtDSUHYLVWR
³)DOOLGRiDPLR&LGHOSDQHODFHYDGD
ODVRWUDVDEpVOLHYDXQDWLHQGDiGH[DGD
GHJXLVDYDPLR&LGFRPPRVLHVFDSDVHGHDUUDQFDGD
YY
/D LQFLWDFLyQ VXUWH HIHFWR SRU REUD GH OD FRGLFLD TXH HQWRQFHV VLHQWHQ ORV
DOFRFHUHxRVYYQRH[HQWDGHGHVHRVGHYHQJDQ]DY(O&DQ
WDUUHLWHUDHVWDFDUDFWHUL]DFLyQGHORVPRURVFXDQGRDOVDOLUGH$OFRFHUYHQTXH
HO&LGDSUHVXUDVXPDUFKD
'L]HQORVGH$OFRFHU³£<DVHQRVYDODJDQDQFLD³
/RVJUDQGHVHORVFKLFRVIXHUDVDOWRGD>YDQ@
DOVDERUGHOSUHQGHUGHORiOQRQSLHQVDQQDGD
DELHUWDVGH[DQODVSXHUWDVTXHQLQJXQRQRQODVJXDUGD
YY
(VWDLQVLVWHQFLDHQHODQVLDTXHHPEDUJDDORVDOFRFHUHxRVQRFRQVWLWX\H~QL
FDPHQWHODH[SOLFDFLyQGHVXFRPSRUWDPLHQWRDQWHDODUGLGGHO&DPSHDGRUVLQR
TXHGHVGHHOVLVWHPDGHYDORUHVUHIOHMDGRHQHO&DQWDUVXSRQHXQDDXWpQWLFD
MXVWLILFDFLyQPRUDOGHVXGHUURWD&RPRKDKHFKR0RQWJRPHU\
HVWHSDVDMHSXHGHDOLQHDUVHFRQHOGH5DFKHO\9LGDVSRUXQDUD]yQFRP~QOD
FRGLFLDGHORVSHUVRQDMHVOHVFLHJD\OHVKDFHFDHUHQODWUDPSD(QDPERVFDVRV
HOTXHSUHWHQGHDSURYHFKDUVHGHXQDVXSXHVWDVLWXDFLyQGHLQIHULRULGDGGHO&LG
HVTXLHQUHVXOWDSHUGHGRU(OFRQWUDVWHHQWUHORVTXHSUHWHQHQVHUEXUODGRUHV\
DFDEDQ EXUODGRV FRQOOHYD XQ FODUR HIHFWR LUyQLFR 0 217*20(5< DXQTXHpVWHHVPiVSDWHQWHHQHOHSLVRGLRGH5DFKHO\9LGDVSRUTXH
QRKD\GHUUDPDPLHQWRGHVDQJUH
$GHPiV HQ ORV GRV HSLVRGLRV ORV DQWDJRQLVWDV GHO &DPSHDGRU SUHWHQGHQ
REWHQHUXQDJDQDQFLDSRUPHGLRVGLIHUHQWHVGHOSURSLRHVIXHU]R(VWRUHVXOWD
HYLGHQWHSDUDHOSUpVWDPRXVXUDULRSHURWDPELpQVHDSUHFLDHQODUHDFFLyQGH
ORV DOFRFHUHxRV TXLHQHV LQWHQWHQ EHQHILFLDUVH GH XQD VLWXDFLyQ TXH HOORV QR
KDQSURYRFDGR(QVXPDIUHQWHDODPHVXUDVROLGDULGDG\SUXGHQFLDSURSLDVGH
ORVFLGLDQRVODFRGLFLDHJRtVPRHLUUHIOH[LyQGHORVDOFRFHUHxRVMXVWLILFDQVX
GHUURWD
(OPRGRHQTXHpVWDVHSURGXFHKDVLGRREMHWRGHFRQWURYHUVLDHQWUHORVFUt
WLFRV+D\FRQIRUPLGDGHQTXHHO&LGFRPSUXHEDTXHORVPRURVHVWiQ\DGHPD
$OEHUWR0RQWDQHU)UXWRV
VLDGROHMRVGH$OFRFHUFRPRSDUDUHIXJLDUVHDOOt\HQWRQFHVPDQGDDVXVWUR
SDVGDUPHGLDYXHOWDSDUDHQIUHQWDUVHDHOORVYY(OSUREOHPDUDGLFD
IXQGDPHQWDOPHQWHHQORVYY
'DQGRJUDQGHVDODULGRVORVTXHHVWiQHQODFHODGD
GH[DQGRYDQORVGHODQWSRUHOFDVWLHOORVHWRUQDYDQ
ODVHVSDGDVGHVQXGDVDODSXHUWDVHSDUDYDQ
OXHJROOHJDYDQORVVRVFDIHFKDHVHODUUDQFDGD
6L VH LQWHUSUHWD ©FHODGDª SRU ©HPERVFDGDª VX VHQWLGR KDELWXDO FIU 0
$/2162,EKDEUtDTXHDGPLWLUSDUDHVWRVYHUVRVODSDUiIULVLVGH
5H\HVUHHG
'DQGRHQWRQFHVJUDQGHVDODULGRVORVTXHKDEtDQTXHGDGRRFXOWRVVDOHQ
VHDGHODQWDQGHVHQYDLQDQODVHVSDGDV\VHDJROSDQDODSXHUWDGHOFDVWLOOR
SDUDJXDUGDUOD3URQWROOHJDQORVVX\RVODYLFWRULDHVWiFRQVXPDGD
'HHVWHPRGRHODUGLGFRQVLVWLUtDHQDOHMDUDORVDOFRFHUHxRVGHODSOD]DSDUD
TXHORVHPERVFDGRVODDWDFDVHQ6LQHPEDUJRHVWRVGDWRVQRFRQFXHUGDQFRQ
ORTXHGLFHHOWH[WR(QSULPHUOXJDU©VDFDUORVDFHODGDªYQRVLJQLILFD
EDHVRVLQR©DWUDHUORVDXQDHPERVFDGDªHVGHFLUFRQGXFLUORVDOOXJDUGRQGH
ODVWURSDVRFXOWDVFDHUtDQVREUHORVSHUVHJXLGRUHV
%HUQDOGRTXDQGRYLRHOSRGHUGHOUH\VDOLUHWYHQLUGHUUDQMDGDPHQWH
FRQWUDpOIL]RHQILQWDTXHIX\p(WORVGHOUH\\HQGRHPSRVpOVDOLHURQ
ORVGHODFHODGDHWGLHURQHQHOORVHWEROYLHURQFRQHOORVXQDJUDQGEDWD
OODHWPXULHURQ\PXFKRVGHFDGDSDUWH
(QVHJXQGROXJDUHO&DQWDUQRGLFHQDGDGHWURSDVRFXOWDVDOH[SOLFDUORV
SUHSDUDWLYRVGHODUGLGHQORVYY6PLWK\+RUUHQW
E \ TXH LQWHUSUHWDQ HO SDVDMH FRPR 5H\HV KDQ VXSXHVWR SRU
GLIHUHQWHVUD]RQHVTXHORVHPERVFDGRVVHKDOODEDQHQOD©WLHQGDILWDªGHOY
6HUtDSRVLEOHTXHFRPRDUJX\H6PLWKLEtGHPHOSRHWDKXELHUDVLOHQFLDGRHVWH
GHWDOOHDOGHVFULELUODSDUWHLQLFLDOGHODHVWUDWDJHPDSDUDOXHJRVRUSUHQGHUDO
DXGLWRULRSHURQRWLHQHVHQWLGRTXHQRH[SOLFDVHGHVSXpVGHGyQGHVDOtDQHVRV
LQRSLQDGRVFRPEDWLHQWHV$GHPiVVHUtDOD~QLFDYH]HQHO&DQWDUHQODTXHHO
VHJXQGRFXHUSRGHOHMpUFLWRQRHUDPDQGDGRSRUÉOYDU)ixH]TXLHQHVWDEDMXQ
WRDO&DPSHDGRUFRPRVDEHPRVSRUHOYYLG0217$1(5
3RU~OWLPRHOSULPHUKHPLVWLTXLRGHOY©GH[DQGRYDQORVGHODQWªTXH
GDVLQVHQWLGRFIU0,&+$(//LWHUDOPHQWHSDUHFHVLJQLILFDU©/RV
GHODFHODGDYDQGHMiQGRORVGHODQWHªSHURDXQFRQFHGLHQGRTXHORVVHUHILHUD
DOUHVWRGHORVFLGLDQRVODORFXFLyQGHMDUGHODQWHHVLQFRPSUHQVLEOH/DFLWDGD
LQWHUSUHWDFLyQGH5H\HVWDPSRFRHVDGPLVLEOHSRUTXHDGHODQWDUHVDQWy
QLPR GH GH[DU GHODQWH \ SRUTXH FRQYLHUWH DO YHUER HQ LQWUDQVLWLYR +RUUHQW
3ULPHUD&UyQLFD*HQHUDOSDYLGWDPELpQSSEDED\E$ ORPLVPR
DOXGHQORVFpOHEUHVYHUVRVGHODV&RSODVGH-RUJH0DQULTXH©/RVSOD]HUHV\GXLoRUHV
GHHVWDELGDWUDEDMDGDTXHWHQHPRVQRVRQVLQRFRUUHGRUHV\ODPXHUWHHVODFHODGDHQTXH
FDHPRVªHQ3RHVtDFRPSOHWDS6REUHHVWHSDVDMH\RWURVWH[WRVSRpWLFRV\FURQtVWLFRVTXH
GHVFULEHQODPLVPDHVWUDWDJHPDYLG3DOXPER
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
EWUDGXFH©ODLVVDQWFHX[TXLVRQWGHYDQWHX[ªSHURSDUDHOORKDEUtD
GHELGRHGLWDU©GH[DQGRYDQ>D@ORV>GH@GHODQWª\MXVWLILFDUSRUTXpORVHPERV
FDGRVWHQtDQTXHGHMDUDOUHVWRGHORVFLGLDQRVVLQRHVWDEDQMXQWRDHOORV$GH
PiVGHQRPLQDUDpVWRV©ORVGHGHODQWHªFXDQGRGHEHUtDQTXHGDUDHVSDOGDVGH
ORVHPERVFDGRVDOGLULJLUVHD$OFRFHUUHVXOWDFXDQGRPHQRVFRQIXVR
3RUWRGRHOORFUHRTXHKDGHDGPLWLUVHHQORIXQGDPHQWDOODYHUVLyQGH+HQ
GUL[\5DPVGHQVHJ~QODFXDOHODUGLGFRQVLVWHHQXQDKXL
GDILQJLGDTXHDWUDHDORVDOFRFHUHxRVDODOXFKDHQFDPSRDELHUWR&XDQGRHVWR
VHKDFRQVHJXLGRHO&LG\VXVWURSDVGDQPHGLDYXHOWD\JUDFLDVDXQDPDQLR
EUDHQYROYHQWHREOLJDQDORVPXVXOPDQHVDSHUPDQHFHUOXFKDQGRHQHOFDPSR
PLHQWUDVODYDQJXDUGLDGHO&DPSHDGRUHQFDEH]DGDSRUpO\0LQD\DVHDSRGH
UDGHODSOD]DGHVJXDUQHFLGD(VWDH[SOLFDFLyQVHEDVDHQODOLWHUDOLGDGGHOWH[
WR\HQTXH©ORVGHODQWªHVWiGRFXPHQWDGRFRQHOVHQWLGRGH©ODYDQJXDUGLDGH
XQHMpUFLWRª©DIXHU]· DORVGHODQWVtID]DORVGHoDJDª/LEURGH$OH[DQGUH
F'HHVWHPRGR©ORVGHODQWªVHFRQYLHUWHHQHOVXMHWRGH©GH[DQGRYDQª
4XHGDQGRVGLILFXOWDGHVPHQRUHVHOVHQWLGRTXHVHKDGHGDUD©FHODGDª\
ODIDOWDGHXQFRPSOHPHQWRGLUHFWRSDUDGH[DUHQHOY5HVSHFWRGHODSUL
PHUDSXHGHDOHJDUVHTXHHOWpUPLQRHVWiWRPDGRDTXtHQXQVHQWLGROD[RVLQy
QLPRGHO©DUWªGHOY\GHOD©PDxDªGHOYFRPRMXVWLILFDVXDFHS
FLyQ ©DVHFKDQ]D HQJDxR WUDPSDª HQ GLYHUVRV WH[WRV PHGLHYDOHV YLG 0
$/2162,D3RUWDQWR©VDFDUORVDFHODGDªVLJQLILFDUtDVLPSOHPHQWH
©KDFHUOHVFDHUHQXQDWUDPSDª/DVHJXQGDFXHVWLyQHVPiVSUREOHPiWLFDSRGUtD
SHQVDUVHHQXQHUURUGHFRSLD\VXSOLUHOSURQRPEUHHQODIRUPD©GH[iQGR>OD@
YDQªUHIHULGDDODFHODGDRPiVSUREDEOHPHQWH©GH[iQGR>ORV@YDQªD©ORVTXH
HVWDQHQODFHODGDª7DPELpQSXHGHWUDWDUVHGHXQDHOLSVLVGHOSURQRPEUHiWR
QR FRPR HQ ORV Y \ DXQTXH VyOR HO SULPHUR SRVHH XQD
HVWUXFWXUDVLPLODUDpVWH
$GPLWLHQGRSURYLVLRQDOPHQWHHVWD~OWLPDVROXFLyQORVYYSXHGHQ
HQWHQGHUVH DVt ©0LHQWUDV ORV TXH SDUWLFLSDQ HQ OD HVWUDWDJHPD GDQ JUDQGHV
JULWRVORVGHODYDQJXDUGLDORVYDQGHMDQGR\VHGLULJHQDOFDVWLOORFRQODVHV
SDGDVGHVQXGDVVHGHWLHQHQHQODSXHUWDOXHJROOHJDHOUHVWRGHORVVX\RVSXHV
VHKDFRQVHJXLGRODGHUURWDGHORVHQHPLJRVª/DVSURVLILFDFLRQHVFURQtVWLFDV
GHORVYYDSR\DQWDPELpQHVWDLQWHUSUHWDFLyQ
'HPRGRVLPLODU0DUFRV0DUtQPRGHUQL]DHOKHPLVWLTXLRHQODIRUPD©GHMDQD
ORVGHGHODQWHª
5HFXpUGHVHTXHVHJ~QODV3DUWLGDV,,[[L©$UWHURVHPDxRVRVGHYHQVHUORVFDYDOOHURV
HHVWDVVRQGRVFRVDVTXHOHVFRQYLHQHPXFKRSRUTXHELHQDVVtFRPRODVPDxDVOHVID]HQVDELGR
UHVGHDTXHOORTXHKDQGHID]HUSRUVXVPDQRVRWURVt>@HODUWHUtDOHVPXHVWUDFyPRVHSDQYHQ
FHUFRQSRFRVDPXFKRVHFyPRHVWXHUoDQGHORVSHOLJURVFXDQGRHQHOORVFD\HUHQª&RPHQWDHO
VHQWLGR GH DPERV WpUPLQRV HQ HO &DQWDU *DUJDQR FRQ LQWHUHVDQWHV VXJHUHQFLDV
VREUHHOFyGLJRPRUDOTXHLPSOLFDQ
0HQpQGH]3LGDOORFRQVLGHUDLQVHJXURHQODS\HQODSRSWDSRUHQPHQ
GDU©IHULGORVª6LQHPEDUJRODPD\RUtDGHORVHGLWRUHVPRGHUQRVDGPLWHQODOHFFLyQGHOPDQXVFUL
WR3DUDHMHPSORVGHHVWDHOLSVLVHQRWURVWH[WRVPHGLHYDOHVYLG5DPVGHQ
9LG5DPVGHQ\0RQWDQHU)UHQWHDODRSLQLyQGH5DPVGHQGHIHQ
GLGDSRU0LFKDHOGHTXHHOYDOXGHDORVPRURVSUHILHURHQWHQGHUFRQ6PLWK
\+RUUHQWETXHVHUHILHUHDORVFULVWLDQRV$ODULGRVHKDGHWRPDUDTXtHQVXDFHS
FLyQXVXDOGH©JULWRGHOFRPEDWLHQWHDODFRPHWHUªYLG0(1e1'(= 3,'$/FRPRSDUWH
GHOHIHFWRLQWLPLGDWRULR\VRUSUHVLYRGHODWiFWLFDGHVFULWD
$OEHUWR0RQWDQHU)UXWRV
HOLGLDQGRWRGRVGHEXHOWDHQWUyHOdLGHÉOYDU)iQH]HQWUHORVGHOFDVWL
OORHPDWDURQDOOtPiVGHWUH]LHQWRVPRURV(HOdLGHÉOYDU)iQH]GH
PLHQWUDTXHODRWUDFDYDOOHUtDOLGLDYDFRQORVPRURVIXHURQVVHFXDQWRPiV
SXGLHURQSDUDHOFDVWLOORHHQWUiURQOHOXHJR
&UyQLFDGH9HLQWH5H\HVS
HWHVIRUoDQGRVXVFDYDOOHURVPDQGROHVTXHILULHVVHQHQORVPRURVPX\
GHUH]LRHWILULpQGRORVEROYLpURQVHFRQHOORVSRUHOFDPSR0DVGHPLHQ
WUHTXHWRGRVOLGLDYDQGHEXHOWDHOdLGHWÉOYDU+iQQH]DJXLMDURQDGH
ODQWHQEXHQRVFDYDOORVTXHWUD\pQHWHQWUDURQHQWUHORVPRURVHHOFDV
WLHOOR(WGHVtDFRJLpURQVHDOFDVWLHOORHWHQWUDURQOHOXHJRTXHQRQIDOODURQ
\HPEDUJRQLQJXQR
3ULPHUD&UyQLFD*HQHUDOSSED
(ORVGHO&LGLYDQIHULHQGRPDWDQGRHQHOORV(ORVPRURV\HQGR
DVVtYHQFLGRVDGHODQWyVHHO&LGFRQORVELHQFDYDOJDGRV(WRPDURQODV
SXHUWDVGHOFDVWLOOR
&UyQLFDGHO&LGIE
(VWDWiFWLFDDXQTXHPXFKRPHQRVGLIXQGLGDTXHHOXVRGHODFHODGDQRHUD
HQDEVROXWRGHVFRQRFLGDHQOD3HQtQVXOD,EpULFDGXUDQWHOD(GDG0HGLD0DU
FRV0DUtQ\$UPLVWHDG0RQURHODKDQLGHQWLILFDGRFRUUHF
WDPHQWHFRQHODUGLGGHORULJHQEHGXLQRFRQRFLGRHQODVIXHQWHViUDEHVFRPR
NDUUZDIDUU \HQODVURPDQFHVFRPRWRUQDIX\HeVWHSUDFWLFDGRSULGDViUD
3UHVHQWDQXQWH[WRVLPLODUDpVWHOD7UDGXFFLyQJDOOHJDY,S\OD&UyQLFDGH
Y,,,S
7DPELpQFRQODIRUPDDONDUUZDOIDUUOLWHUDOPHQWH©ODFDUJD\ODUHWLUDGDª/DWiFWLFDSD
UHFHVHURULJLQDULDGHORVQyPDGDViUDEHV2/,9(5 $6Ì1%26:257+D
DXQTXH HO WpUPLQR QR DSDUHFH HQ OD SRHVtD SUHLVOiPLFD FIU %28'27/$0277( /D
H[SUHVLyQ PLNDUULQ PLIDUULQ YDU PXPDUULQ TXH DSDUHFH HQ OD PX·DOODTD GHO SRHWD SUHLVOiPLFR
,PUX· DO4D\V\HQRWURSRHPDGHVX'Ú× ZÚDQYLG=:(77/(5\HVDPELJXDSXHVVL
ELHQVXJLHUHXQDWDTXH©FDUJDQGR\UHWURFHGLHQGRªFRPRHQWLHQGHQ$UPLVWHDG0RQURH
SRVW-RKQVRQWDPELpQSXHGHLQWHUSUHWDUVHVLPSOHPHQWH©\HQGR\YLQLHQGRªFRPRKDFH&RUULHQWH
DOQRUHIHULUVHHVSHFtILFDPHQWHDXQFRQWH[WREpOLFR(QWRGRFDVRODOHQJXDFOiVLFDVH
KDFHDEXQGDQWHHFRGHHVWDHVWUDWDJHPDFRQH[SUHVLRQHVFRPRNDUUDELQDIVLKL©FKDUJHUGHQRX
YHDXDO·HQQHPLDSUqVDYRLUVLPXOpG·DERUGODUHWUDLWHª.$=,0,56.,,,D\DIXUUX\DNX
UUX©LOHVWKDELOHGDQVOHVWUDWDJqPHTXLFRQVLVWHjVLPXLHUODIXLWHSRXUUHWRXUQHUVXELWHPHQWjOD
FKDUJHªLEtGHPDNDUUÚDU©TXLGDQVOHFRPEDWDO·KDELWXGHGHVLPXLHUODIXLWHHWSXLVUHYHQLU
DO·DWWDTXHªLEtGHPERPLNDUU©KDELOHjUHYHQLUSURPSWHPHQWHWDGURLWHPHQWjODFKDUJHDSUqV
XQHIXLWHVLPXOpHFKHYDOFDYDOLHUªLEtGHPED'R]\,,DVtUHFRJHHOWpUPL
QRSHURFRQHOVHQWLGRILJXUDGRGH©DLQWHUYDORVª(QWUHORVWUDWDGLVWDVDQGDOXVtHV,EQ+X GD\OLQFOX
Ú
\HHONDUUZDIDUUHQWUHODVSULQFLSDOHVVXHUWHVGHFRPEDWH*DODGHFDEDOOHURVF;;S
7RUQDIX\HWUDGXFHOLWHUDOPHQWHHOWpUPLQRiUDEHSXHVNDUUHVSURSLDPHQWH©YROYHUDODFDU
JDª/DPHQFLyQPiVDQWLJXDHVODGHOYEGHO/LEURGH$OH[DQGUH©ID]LHQGRWRUQDIX\HYDU
WRUQDIXJLIXpURQORVVRVVDFDQGRªTXHVHUHILHUHDORVPRYLPLHQWRVGHUHWLUDGD\FRQWUDDWDTXHFRQ
ORVTXHORVJULHJRVDWUDtDQDORVWUR\DQRVSDUDDOHMDUORVGHODFLXGDG\SHUPLWLUTXHDFWXDVHQORV
JXHUUHURVHVFRQGLGRVHQHOFDEDOOR6HDOXGHGHQXHYRDGLFKDWiFWLFDDOGHVFULELUHOPRGRGHOXFKD
GHORVHVFLWDV©VRPRVJHQWHVOLJHUDVPDODVGHFRQTXHULUVRPRVELHQDJXLVDGRVDOWRUQDUHIXLUª
EF7DPELpQVHUHILHUHDHVWDSUiFWLFD%HUFHRHQOD9LGDGH6DQ0LOOiQ©FRPRRPQHVTXH
OLGLDQWRUQDQGRHIX\HQGRªYGYLG1HOVRQTXLHQDxDGHDHVWDVUHIHUHQFLDVORV
YYF\EGHO/LEURGH$OH[DQGUHHOYEGHOD9LGDGH6DQ0LOOiQ\HOYFGHO
3RHPDGH)HUQiQ*RQ]iOH]6LQHPEDUJRHQHVRVFDVRVODH[SUHVLyQQLQIRLUQLQWRUQDUVLJQLILFD
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
EHV\GHVSXpVSRUORVEHUpEHUHVSHUVDV\WXUFRVKDVLGRGHVFULWRHQORVVLJXLHQ
WHVWpUPLQRV
LOV QH V·REVWLQDLHQW SDV GDQV XQ HIIRUW GH UXSWXUH GHV OLJQHV DGYHUVHV
PDLVFKHUFKDLHQWOHFRQWDFSULVDOHVDWWLUHVDOHXUSRXUVXLWHjGpVRU
JDQLVHUGRQFOHXUOLJXHVHWEUXVTXHPHQWDORUVjVHUHWRXUQHU
(Op[LWRGHOWRUQDIX\HVHGHEtDDOGHVRUGHQFUHDGRHQODVILODVGHORVSHUVH
JXLGRUHV \ DO HIHFWR VRUSUHVLYR GHO DWDTXH GH YXHOWD NDUU FRPR WHVWLPRQLD
'RQ-XDQ0DQXHO
(WVDEHWTXHQRQFDWDQQLQWLHQHQTXHOHVSDUHVoHPDOHQIRLUSRUGRV
PDQHUDVODXQDSRUPHWHUORVFKULVWLDQRVDSHRUtDSRUTXHYD\DQHQSRV
HOORVGHVFDEGHOODGDPHQWHHWODDRWUDHVSRUJXDUHVoHUTXDQGRYHHQTXH
PiVQRQSXHGHQID]HU0DVDOWLHQSRGHOPXQGRTXHPiVIX\HQHWSDUHVoH
TXHYDQPiVYHQoLGRVVLYHHQVXWLHQSRTXHORVFKULVWLDQRVQRQYDQFRQ
EXHQUHFDEGRRTXHORVPHWHQHQWDOOXJDUTXHOHVSXHGHQID]HUGDQQR
FUHG TXH WRUQDQ HQWRQoH WDQ IXHUWH HW WDQ EUDYDPHQWH FRPPR VL QXQFD
RYLHVHQFRPHQoDGRDIRLU
(VWRHVH[DFWDPHQWHORTXHUHILHUHHO&DQWDUUHVSHFWRGHODWRPDGH$OFR
FHUVDOYRTXHHQHVWDRFDVLyQVRQORVPXVXOPDQHVTXLHQHVFDHQYtFWLPDVGHO
HQJDxR'HVXWHUULEOHHIHFWLYLGDGGDFXHQWDHOPLVPR'RQ-XDQ0DQXHO
(WVREUHWRGDVODVFRVDVGHOPXQGRGHYHQJXDUGDUORVFKULVWLDQRVTXH
QRQGH[HQQLQJXQRVGHORVVX\RVDQGDUFRQHOORVDXQWUHEHMRTXHHOORV
ID]HQGHWRUQDIX\&DELHQFUHGTXHTXDQWRVDHVWHWUHEHMRVHPHWHQFRQ
ORVPRURVTXHVRQHOORVHQJUDQWSHOLJURHWPHWHQDWRGRVORVRWURVD
OXJDU GH VHU PXHUWRV R GHVEDUDWDGRV >@ 0DV VL TXLVLHUHQ WRGRV GH
UUDQFKDUFRQHOORVGpYHQORID]HUFRQDFXHUGRHQRQFRQUHEDWR
/LEURGHORVHVWDGRVF/;;9,,SS
3HURVREUHWRGDVODVFRVDVGHOPXQGRGHYH>Q@JXDUGDUTXHQRQIDJDQ
DJXLMDGDVGHSRFDVJHQWHVVLQRQTXDQGRIXHUHQWRGRVHQXQR&DXQDGH
ODVFRVDVGHOPXQGRFRQTXHORVFKULVWLDQRVVRQPiVHQJDQQDGRVHWSRU
TXHSXHGHQVHUGHVEDUDWDGRVPiVDtQDHVVLTXLHUHQDQGDUDOMXHJRGH
ORVPRURVRID]LHQGRHVSRORQDGDVDWRUQDIX\&DELHQFUHGTXHHQDTXHO
VLPSOHPHQWH©QLLUQLYHQLUªHVGHFLUODLPSRVLELOLGDGGHPRYHUVH3DUDPiVGHWDOOHVVREUHHOWRU
QDIX\H\RWUDVWiFWLFDViUDEHVFRQH[DVHPSOHDGDVHQOD3HQtQVXODYLG2OLYHU$VtQ
\&RURPLQDV3DVFXDO,9DE
&DKHQD/DWiFWLFDVHSUDFWLFDEDWDPELpQHQFRPEDWHVVLQJXODUHVFRPRPXHV
WUDHOVLJPHQWHWH[WRDOMDPLDGR©< ELRáVD KDUELOFRPRHOHQHPLJRGH$OODKWHQtDJUDQIXHUoD\UHWL
UiEDVHOHGHGHODQWH\SHQVyID]HUXQDDO KÚ
DOD ©DUGLGªHQODSHOHD< IL]RáVD KDUELOFRPRTXHIXLD
\ HO HQHPLJR GH$OODK SHQVy TXH OH WHQtD PLHGR \ VLJXLyOR< FXDQGR IXH oHUFD YROYLy OD ODQoD
Vá D KDUELO\TXtVROHIHULUSRUHOSHVFXHoR\HVYLyVHOHHOPDOGLWRª(OOLEURGHODVEDWDOODVY,S
VLPSOLILFRODWUDQVFULSFLyQGHDFXHUGRFRQ+$59(<
/LEURGHORVHVWDGRVF/;;9,S'HVFULEHQWDPELpQHODUGLGVLQGDUOHVXQRPEUH
OD&UyQLFDGHO5H\'$OIRQVRHO2QFHQRF/;;;9,,SE\HQWpUPLQRVPX\VLPLODUHVOD
*UDQFUyQLFDGH$OIRQVR;,F&9,,,Y,S3DUDRWURVSDVDMHVGHODSULPHUDFUyQLFDFLWDGD
TXHGDQFXHQWDGHOXVRGHOWRUQDIX\HYLG2OLYHU$VtQ
$OEHUWR0RQWDQHU)UXWRV
MXHJRPDWDUtDQHWGHVEDUDWDUtDQoLHQWFDYDOOHURVGHPRURVDWUH]LHQWRVGH
FKULVWLDQRV
/LEURGHORVHVWDGRVF/;;,;S
/DGHUURWDGHORVDOFRFHUHxRVVHGHEHDHVWDVPLVPDVFDXVDVVDOHQHQWUR
SHOVLQRUGHQQLFRQFLHUWR\VRQFRQGXFLGRVDWHUUHQRIDYRUDEOHDORVGHO&LG
\DOOtYHQFLGRV6yORYDUtDODPDJQLWXGGHODYLFWRULDSXHVVLHQHOWH[WRPDQXH
OLQRODSURSRUFLyQHVGHYHQFHGRUHVYHQFLGRVHQHO&DQWDUVHUHGXFHD
\DTXHHO&LGOOHYDEDHQWRQFHVFRQVLJRFDEDOOHURVY
/D LQVLVWHQFLD GH 'RQ -XDQ 0DQXHO HQ DGYHUWLU ORV SHOLJURV GHO WRUQDIX\H
LQGLFDTXHORVFULVWLDQRVQRHPSOHDEDQXVXDOPHQWHGLFKDHVWUDWDJHPD \DGH
PiVTXHQRGHEtDQGHFRQRFHUODELHQSHVHDTXHFRPRHOPLVPRDXWRUVHxDOD
LEtGHP F /;;,; S ORV PXVXOPDQHV OHV KDEtDQ LQIOLJLGR QXPHURVDV
GHUURWDVSRUVXFDXVD(VWRSXHGHUHODFLRQDUVHFRQODHVFDVH]GHPHQFLRQHVGHO
DUGLGHQIXHQWHVURPDQFHVGRQGHODSDODEUDWRUQDIX\HHVPX\LQIUHFXHQWH(O
SURSLR&DQWDUFRPRVHKDYLVWROROODPDLPSURSLDPHQWH©FHODGDªORTXHSRGUtD
GHEHUVHMXQWRDODUD]yQDQWHVDSXQWDGDDTXHORVFULVWLDQRVFRQIXQGtDQDPEDV
WiFWLFDVTXHORVPXVXOPDQHVFRQMXJDEDQDYHFHVYLG&$+(1D\
%$/':,16HDFRPRIXHUHODFRQIXVLyQWHUPLQROyJLFDQRLPSOLFD
HQHVWHFDVRLJQRUDQFLDGHODWUHWDGHVFULWDFRQWRWDOSURSLHGDG(OORFRQWUDVWD
FRQODVLWXDFLyQJHQHUDOGHORVFULVWLDQRVVHJ~Q'RQ-XDQ0DQXHO\VXJLHUHFRQ
PiVIXHU]DODLGHDGHXQDXWRUIDPLOLDUL]DGRFRQODVFXHVWLRQHVPLOLWDUHVFIU
%$/':,1
2WUR DVSHFWR LQWHUHVDQWH GHO XVR GH OD HVWUDWDJHPD HQ HVWH HSLVRGLR HV HO
PRGHORGHFRPSRUWDPLHQWRTXHGHpOVHGHGXFH(O&DQWDUQRRIUHFHHOWLSRGH
PRUDOKHURLFRDULVWRFUiWLFDVHJ~QODFXDO©QXQFDSRUDUH\IXHHQJDxRQLQFHOD
GDª(VWRQRLPSOLFDTXHVHUHFKDFHODSURH]DLQGLYLGXDOXQIDFWRUHVHQFLDOGH
OD LGHRORJtD FDEDOOHUHVFD HQWRQFHV HQ H[SDQVLyQ SXHV D PHQXGR VH HQVDO]DQ
FRPSRUWDPLHQWRVSHUVRQDOHVHQODEDWDOOD6LQHPEDUJRpVWRVVHVXERUGLQDQD
ODDFWXDFLyQFROHFWLYD\ODYLFWRULDGHSHQGHGHODVDELGXUtDGHOFDXGLOOR\GHOD
GLVFLSOLQDGHVXVWURSDV(VWHVHJXQGRHOHPHQWRSXHGHHQWHQGHUVHFRPRSDUWHGH
ODVROLGDULGDGFDUDFWHUtVWLFDGHOEDQGRFLGLDQRDQDOL]DGDSRU0RQWJRPHU\
\PXHVWUDTXHDTXtHO©OHDOVHUYLFLRªRVHUYLFLRGLVFLSOLQDGRSUHSRQGHUDVREUH
HOLQGLYLGXDOLVPRTXHH[LJtDDOFDEDOOHURVHUDQWHWRGRSUHX[\KDUGL(QFXDQ
+DVWDHOSXQWRTXHVHJ~Q,EQ;DOGÚXQ©KD\GRVPRGRVGHFRPEDWLUXQRXVDGRSRUORVQR
iUDEHVTXHFRQVLVWHHQDWDFDUSXHVWRVHQILODVLQUHWURFHGHU\RWURXVDGRSRUORViUDEHV\ORVEHUp
EHUHV TXH FRQVLVWH HQ ©DWDFDU \ KXLUª DONDUU ZDOIDUU DOWHUQDWLYDQQHQWHª 0(1e1'(= 3,'$/
ODWUDQVFULSFLyQHQFXUVLYDHVPtD9pDVHWDPELpQ2OLYHU$VtQ\
1LQJXQDGHODVFUyQLFDVTXHSURVLILFDQHOHSLVRGLRGH$OFRFHUHPSOHDHVWHWpUPLQRSDUDGHV
FULELUHODUGLG\VHOLPLWDQDGHVLJQDUORFRQWpUPLQRVLPSUHFLVRV(OWpUPLQRQRDSDUHFHHQOD3UL
PHUD&UyQLFD*HQHUDOQLHQORVOLE,\,9 GHOD*HQHUDO(VWRULD7DPSRFRFRQVWDHQODVOH\HVGH
ODV3DUWLGDV,,[[LLLTXHGHVFULEHQORVWLSRVGHFRPEDWH\DUGLGHVGHJXHUUDQLHQORVSDVD
MHVDGXFLGRVHQODQRWD
/LEURGH$OH[DQGUHD3HVHDHOORHQODPLVPDREUDVHGLFHGHOFDEDOORGH7UR\D©TXH
'LRVOHVDYLpHVWHVHVRPRVWUDGRªFYLGHQJHQHUDO(VWHFRQWUDVWHLPSLGHDFHSWDU
FRQ*DUJDQRTXHHVWDREUDLPSOLTXHXQFDPELRUDGLFDOGHDFWLWXGUHVSHFWRGHO&DQWDU
6REUHODGLFRWRPtDOR\DXWpSURXHVVHFRPRXQDGHODVSULQFLSDOHVWHQVLRQHVGHODpWLFDFD
EDOOHUHVFDWLHQHSiJLQDVHVFODUHFHGRUDV.HHQ\&RPRVHxDODWDPELpQ&RQWD
PLQHODLQVLVWHQFLDHQODSURH]DLQGLYLGXDOQRGHEHRFXOWDU©TXHWDQWRORVVLPSOHVFRP
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
WRDOSULPHURHQOD]DFRQODWDQWDVYHFHVVXEUD\DGDPHVXUDGHOKpURH(VWDFXD
OLGDGQRKDFHDO&LGWDFLWXUQRVLQRDGHFXDGDPHQWHSUXGHQWHSXHVHVHOSXQWR
GHHQFXHQWURGHIRUWLWXGR\VDSLHQWLD
(O&DQWDUQRSUHVHQWDHQWUHHOKpURH\VXGHXWHUDJRQLVWDÉOYDU)ixH]XQD
GXDOLGDGFRPRODUHIOHMDGDHQHOFpOHEUHYGHO5RODQG©5ROODQWHVWSUR]
H 2OLYHU HVW VDJHª SXHV DPERV SDUWLFLSDQ GH ODV GRV FXDOLGDGHV (O &LG QR
VyORHVXQYDOLHQWHJXHUUHURVLQRWDPELpQXQDVWXWRHVWUDWHJD\PiVWDUGHXQEXHQ
JREHUQDGRU HQ9DOHQFLD \ XQ KiELO OLWLJDQWH HQ ODV &RUWHV GH7ROHGR7DO
FDUDFWHUL]DFLyQSXHGHSRQHUVHHQUHODFLyQFRQXQLQWHUHVDQWHIHQyPHQRFRQV
WDWDGRSRU0XUUD\\SDUDHOFRQMXQWRGHO2FFLGHQWH
HXURSHR6HWUDWDGHODFUHFLHQWHHVWLPDGHOPLOHVSUXGHQV\DXQSUXGHQWLVVLPXV
IUHQWHDOPLOHVQRELOLVIRUWLVRVWUHQXXVWDO\FRPRODUHIOHMDQORVWH[WRVDSDU
WLUGHFD(VODpSRFDVLJORV;,,;,,,HQTXHODSUXGHQWLDIXHFRORFDGD
SRUORVWHyORJRVHQWUHODVYLUWXGHVFDUGLQDOHV
SHURDXQQLYHOPiVEDMRFRPRFRQORVFDEDOOHURV\VXVPLOLWLDHOpQID
VLVGHORVWHyORJRVVLUYLyVLPSOHPHQWHSDUDDXWRUL]DUXQDSROtWLFDGLFWD
GD SRU FRQVLGHUDFLRQHV QR HVSHFtILFDPHQWH FULVWLDQDV$ HVWH QLYHO OD
SROtWLFDHUDFLUFXQVSHFFLyQ>@6XHVHQFLD³ODFXDOVHPDQWLHQH\DVHD
YLUWXRVRRQR³HVODLQWHOLJHQFLD~WLO
0855$<
(VWHIDFWRULGHROyJLFRFRQWULEX\HDVHSDUDUDO&LGpSLFRGHO5RGULJR'tD]
KLVWyULFRSXHVODVFDUDFWHUtVWLFDVGHOKpURHTXHHO&DQWDUVXEUD\DLPSOLFDQOD
QXHYDPHQWDOLGDGTXHYDFXDMDQGRDORODUJRGHOVLJOR;,,SDUDWULXQIDUSOHQD
PHQWHHQHO;,,,
/DFRQTXLVWDGH$OFRFHUTXHGDGHILQLWLYDPHQWHHVWDEOHFLGDFXDQGR3HUR9HU
P~H]HODOIpUH]GHO&DPSHDGRUVLW~DVXEDQGHUD©HQWRGRORPiVDOWRªY
GHDFXHUGRWDQWRFRQODQHFHVDULDYLVLELOLGDGGHOVLJQRGHSRVHVLyQFRPRFRQ
EDWLHQWHVFRPRORVMHIHV\JREHUQDQWHVWHQtDQXQDFODUDFRQFLHQFLDGHWRGRORTXHWHQtDGHLQVXIL
FLHQWHODKD]DxDGHOFDPSHyQDLVODGRª
6REUHHVWRVDVSHFWRVYLG0HQpQGH]3LGDO\\6SLW
]HUUHLPS\'H&KDVFD+DUW/ySH](VWUDGD
6PLWK&DWDOiQ0DUFRV0DUtQ*DUJDQR
0RQWDQHU\'H\HUPRQG
6tVHGDHOFRQWUDVWHHQFDPELRFRQ3HUR9HUP~H]HVSHFLDOPHQWHFXDQGRGHVREHGHFLHQGR
ODVyUGHQHVGHO&LGDUUHPHWHHQVROLWDULRFRQWUDODVWURSDVGH)iUL]\*DOYHYY*DUJD
QRKDPRVWUDGRTXHWDODFWXDFLyQUHVSRQGHDOFUHFLHQWHLQIOXMRDILQHVGHOVLJOR;,,GHOLGH
DOFDEDOOHUHVFRGHOSUHXG·RPH6LHQHO&DQWDUSUHGRPLQDHORWURSRORGHODGLFRWRPtDFDEDOOH
UHVFDFIUQRWDHVSRUTXHDTXtQRVHSUHVHQWDDXQSDUWLFXODUVLQRDXQFDXGLOOR(QHVWHVHQWLGR
HO&DQWDUVHPXHVWUDGHDFXHUGRFRQVXpSRFDSXHV©DSDUWLUGHODVHJXQGDPLWDGGHOD(GDG0HGLD
YHPRVFyPRODVDXWRULGDGHVPLOLWDUHVSURFODPDEDQODVSHQDVPiVVHYHUDVFRQWUDWRGRVDTXHOORVTXH
URPSLHUDQODRUGHQDQ]DVDOLHUDQGHODIRUPDFLyQSRUODFDXVDTXHIXHUDPLHQWUDVVHUHFRPHQGD
ED IRUPDOPHQWH OD SXHVWD HQ FRP~Q GH WRGR OR FDSWXUDGR SDUD SURFHGHU D XQ UHSDUWR SRVWHULRUª
&217$0,1(
5HFXpUGHVHDHVWHSURSyVLWRODVSDODEUDVGH/XOLR©¢4XpFRVDOHVHVPiVQHFHVDULD>DORV
FDEDOOHURV@TXHODSUXGHQFLD"/DXVDQ]DGHOFDEDOOHURGHJXDUQHFHU\FRPEDWLUQRVHFRQYLHQHWDQ
WRFRQHORILFLRGHOD&DEDOOHUtDFRPRHOXVRGHODUD]yQ\GHHQWHQGLPLHQWR\GHYROXQWDGELHQ
RUGHQDGDSRUTXHPiVEDWDOODVVHYHQFHQFRQPDHVWUtD\FRUGXUDTXHSRUPXFKHGXPEUHGHJHQWHV
JXDUQLFLRQHVQLFDEDOOHURVª/LEURGHO2UGHQGH&DEDOOHUtD9,FIUWDPELpQ,,\HOWH[WRGH
ODV3DUWLGDVFLWDGRHQODQ
$OEHUWR0RQWDQHU)UXWRV
ODVSDXWDVMHUiUTXLFDVGHOHVSDFLRHQOD(GDG0HGLDFIU&$&+2(O
GHVHQODFHGHOHSLVRGLRHVHOEDODQFHGHODYLFWRULDSXHVWRHQERFDGHO&LG1R
VHWUDWDGHXQDDUHQJDPLOLWDUQLVHIHOLFLWDDORVJXHUUHURVSRUVXFRQGXFWDQL
VHUHFXHUGDDORVFDtGRVHQHOFRPEDWH7DPSRFRVHDSUHFLDHQpOYROXQWDGGH
FUX]DGD6XRULHQWDFLyQHVHPLQHQWHPHQWHSUiFWLFDHFRQyPLFDFDVLDGPLQLV
WUDWLYD
)DEOyPLR&LG5X\'tD]HOTXHHQEXHQRUDIXHQDGR
³£*UDGRD'LRVGHOFLHORHDWRGRVORVVRVVDQWRV
\DPHMRUDUHPRVSRVDGDVDGXHxRVHDFDYDOORV
2tGDPt$OEDU)ixH]HWRGRVORVFDYDOOHURV
HQHVWHFDVWLHOORJUDQDYHUDYHPRVSUHVR
ORVPRURV\D]HQPXHUWRVGHELYRVSRFRVYHR
ORVPRURVHODVPRUDVYHQGHUQRQORVSRGUHPRV
TXHORVGHVFDEHFHPRVQDGDQRQJDQDUHPRV
FRMiPRVORVGHGHQWURFDHOVHxRUtRWHQHPRV
SRVDUHPRVHQVXVFDVDVHG·HOORVQRVVHUYLUHPRV³
YY
$QWHODPHUDOHFWXUDGHHVWRVYHUVRVKXHOJDHOFRPHQWDULRODPD\RUSDUWH
GHOYRFDEXODULRVHUHILHUHDODJDQDQFLD\DXQDOFRPHUFLR(VWDSHFXOLDUDFWL
WXGFX\RFRQWUDVWHFRQHOUHVWRGHODpSLFDURPiQLFDKDHQIDWL]DGRUHFLHQWHPHQWH
'XJJDQ HV REYLDPHQWH OD SURSXJQDGD SRU HO SRHWD FRPR GHMD
FODUDODLQWHUYHQFLyQGHODYR]GHOQDUUDGRUDOILQDOGHODHVFHQD
0LR&LGFRQHVWDJDQDQFLDHQ$OFRFHUHVWi
IL]RHQELDUSRUODWLHQGDTXHGH[DUDDOOi
YY
(QHVHGHWDOOHHQDSDULHQFLDQLPLRGHPDQGDUUHFRJHUODWLHQGDHPSOHDGD
FRPRVHxXHORVHWUDVOXFHHQJUDQSDUWHHVHHVStULWXSUDJPiWLFRTXHDQLPDHO
&DQWDU\TXHKDRFDVLRQDGRWDQWDVYHFHVVXDQDFUyQLFDFRQVLGHUDFLyQFRPRXQ
WH[WRUHDOLVWD&RQHVWDFRQVWDWDFLyQQRVHLQWHQWDQHJDUHOFDUiFWHUGHOLEHUDGD
PHQWHpSLFRKHURLFRGHOUHODWRVLQRGHVOLQGDUHOWLSRGHKHURtVPRSURSXHVWR
GHVGHHO&DQWDUHOFRQMXQWRGHYDORUHVTXHDOHMDQDHVWHWH[WRGHODPRUDODUFDL
]DQWH\WUiJLFDGHOFLFORpSLFRGHORVFRQGHVGH&DVWLOODGHSDUWHGHODpSLFD
JHUPiQLFD\GHFKDQVRQVGHJHVWHIUDQFHVDVFRPR5DRXOGH&DPEUDL\*DULQ
OH /RKHUHQ R GHO PiV DEVWUDFWR LGHDO GHO LPSHULR FULVWLDQR TXH SUHVHQWDQ ODV
FKDQVRQVGH5RODQG*XLOODXPHR9LYLHQYLG63,7=(5
(O&DQWDUGHO&LGHVGHVGHHVWDSHUVSHFWLYDXQSRHPDHVWUHFKDPHQWHOLJD
GRDVXWLHPSRTXHUHIOHMDXQSURJUDPDGHDFFLyQEDVWDQWHFRQFUHWRSRVLEL
OLVWD\TXHWUDQVPLWHXQDPRUDOSDUDGLJPiWLFD6XKpURHQRHVHOJXHUUHURGH
SURH]DVLPSRVLEOHV5RODQG*XLOODXPHQLHOYDVDOORLQ~WLOPHQWHUHEHOGH,VHP
EDUW2JLHU*LUDUWGH5RXVVLOORQRHOPRQDUFDFDVLGLYLQL]DGR&DUORPDJQR
GH JUDQ SDUWH GH OD pSLFD IUDQFHVD VLQR XQ PRGHOR KLVWyULFR UHODWLYDPHQWH
UHFLHQWHDXQTXHVXILFLHQWHPHQWHDOWHUDGRHQVXSUHVHQWDFLyQOLWHUDULDDOTXH
VHSRGtDLPLWDURHQWRGRFDVRXQFDXGLOORDOTXHVHSRGUtDKDEHUVHJXLGRVL
YLYLHVH(VWRD~QOHVHUDSRVLEOHDORVFRHWiQHRVGHO&DQWDUDWUDYpVGHORVGHV
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
FHQGLHQWHVGHO&LGSXHVWRTXHFRPRQRVUHFXHUGDHOY©2\ORVUH\HV
G·(VSDxDVRVSDULHQWHVVRQª
/$6 )8(17(6 '(/ (3,62',2
(OKDOOD]JRGH$OFRFHU\GHORTXHSRGUtDKDEHUVLGRXQFDPSDPHQWRFULV
WLDQRGHVWLQDGRDVXFRQTXLVWDHQ7RUUHFLGREOLJDQDUHYLVDUODFRQFOXVLyQGH
5XVVHOOGHTXHHOHSLVRGLRHVHQWHUDPHQWHILFWLFLR(QHIHFWRHVWD
FRQVHFXHQFLDTXHHUDOyJLFDDQWHODDSDUHQWHLQH[LVWHQFLDGHODSOD]DGHVFULWD
QRUHVXOWDDKRUDHYLGHQWHSRUVtPLVPD3RUWDQWRDXQTXHODVUHSHUFXVLRQHVTXH
SDUDODSRVLEOHKLVWRULFLGDGGHO&DQWDU,WLHQHODLGHQWLILFDFLyQGH$OFRFHUYDQ
DVHUGLVFXWLGDVSRUHOSURIHVRU+LOW\HQVXLQWHUYHQFLyQKHGHUHIHULUPHDKRUD
DHOODVSDUDGHWHUPLQDUDOJXQDVFXHVWLRQHVGHODHODERUDFLyQOLWHUDULDGHOHSL
VRGLR
/DKLSyWHVLVGH&RUUDO0DUWtQH]HQWDQWRTXHGHVFXEULGRUHVGH
ORVQXHYRVGDWRVHVODVLJXLHQWH
6LHO3RHPDIXHHVFULWRHQ>@HOSRHWDFRQRFtDXQDWUDGLFLyQ
DQWHULRUTXHGHELyGHFLUFXODUGHVGHHOPLVPRPRPHQWRGHODVDFFLRQHV
TXHQDUUDHO3RHPDHVVLQRLPSHQVDEOHTXHGHVFULELHUDFRQWDQWRVGHWD
OOHV>@TXHH[LVWLyXQSREODGR\FDVWLOORPXVXOPiQGH$OFRFHUFRQVX
XELFDFLyQH[DFWDTXHGHVDSDUHFLyDILQDOHVGHOVLJOR;,TXHVHFRQVWUX\y
XQOXJDUIRUWLILFDGROODPDGR2WHURGHO&LGHQHOOXJDUH[DFWRTXHVHQDUUD
\TXHVHSURWHJLyHO2WHURFRQXQIRVRIUHQWHDXQPRQWHGHOWpUPLQRGH
$WHFDOODPDGROD6LHUUD
(VWDLGHDTXHVXVDXWRUHVKDQYXHOWRDGHIHQGHUEULOODQWHPHQWHDTXtUHVXO
WDDVtH[SXHVWDEDVWDQWHFRQYLQFHQWH6LQHPEDUJRFRQYLHQHGHVOLQGDUYDULRV
DVSHFWRV$QWHWRGRTXHQLQJXQDIXHQWHLQGHSHQGLHQWHGHO&DQWDUKDEODGHXQD
FDPSDxDGHO&LGHQHO-DOyQ \TXHWDQWRODFRQTXLVWDGH&DVWHMyQFRPRODEDWD
OODFRQWUD)iUL]\*DOYHVRQFRQFDVLWRWDOVHJXULGDGILFWLFLDVYLG+255(17
\60,7+\'8**$1
'HKHFKRUHVXOWDUtDDEVXUGRTXH5RGULJR'tD]TXHVHGLULJtDGHVGH%XUJRV
D %DUFHORQD UHDOL]DVH XQ URGHR GH WDO PDJQLWXG SRU HO +HQDUHV \ HO -DOyQ
7DPSRFRHVOyJLFRTXHKDELHQGRGHFUX]DUWRGDODWDLIDGH=DUDJR]DSDUDOOH
JDUDVXGHVWLQRHQWUDVHHQHOODFRPEDWLHQGRODVSOD]DVIURQWHUL]DV$GHPiVVX
FDVLLQPHGLDWDSXHVWDDOVHUYLFLRGHDO0XTWDGLUGH=DUDJR]D\ODVEXHQDVUHOD
$XQTXHORPiVSUREDEOHHVFRPRVXJLHUH/RPD[TXHHVWHYHUVRVHUHILHUDSUL
PRUGLDOPHQWHDOSUHVHQWHKLVWyULFRGHODSURSLDQDUUDFLyQWDPELpQHVREYLRTXHODDILUPDFLyQHUD
YiOLGDSDUDODpSRFDGHO&DQWDUDXQTXHHVWDLQGLFDFLyQQRD\XGHDSUHFLVDUOD
/DWUDGLFLyQDWHFDQDGHTXHHO&LGOLEUyXQDJUDQEDWDOODFRQORVPRURVHQHOWpUPLQRDG\D
FHQWHGH(O%DOOHVWDU&255$/0$57Ì1(=HVFRQVHJXULGDGPRGHUQDSXHV0DUWtQH]GHO
9LOODUJUDQFRQRFHGRUGHOD]RQDQRODPHQFLRQDHQDEVROXWRSHVHDUHFRJHUSRUSUL
PHUDYH]ODFUHHQFLDGHTXH$OFRFHUHUDHOFDVWLOORGH$WHFD/RPiVSUREDEOHHVTXHWDOWUDGLFLyQ
VHDGHRULJHQFXOWR\SDUWDSUHFLVDPHQWHGHGLFKDLGHQWLILFDFLyQFRPRSDVyHQHO$OFRFHUDOFDUUH
xRFX\RVKDELWDQWHVFRQVLGHUDEDQSRUDTXHOODVPLVPDVIHFKDVTXHHUDHOOXJDUPHQFLRQD
GRHQODVFUyQLFDVFLGLDQDVYLG0(1e1'(= 3,'$/
$OEHUWR0RQWDQHU)UXWRV
FLRQHVTXHVLHPSUHPDQWXYRFRQpO\FRQVXVXFHVRUDO0XVWD·Ú×Q,,QRIDYR
UHFHQODVXSRVLFLyQGHKRVWLOLGDGHVPXWXDV
(QHVWDVLWXDFLyQODH[DFWLWXGJHRJUiILFDLQFOXVRUHIHULGDODPLFURWRSRQL
PLD QR HV VLQyQLPR GH UHDOLGDG KLVWyULFD \ EDMR FLHUWDV FLUFXQVWDQFLDV QL VL
TXLHUDLPSOLFDXQFRQRFLPLHQWRGLUHFWRGHOD]RQDGHVFULWD1RREVWDQWHHOTXH
FRPRSDUHFH$OFRFHUIXHVHDEDQGRQDGRDILQHVGHOVLJOR;,\DTXHORVUHVWRV
GHOOXJDUKXELHURQGHSHUPDQHFHUUHFRQRFLEOHVGXUDQWHEDVWDQWHWLHPSRPLHQ
WUDVTXHHOWRSRQLPRSHUYLYLyKDVWDHOVLJOR;9,,FRPRGHPXHVWUDQODVDSRU
WDFLRQHVGRFXPHQWDOHVGH&RUUDO0DUWtQH]\\0DUWtQH]
3RUORWDQWRXQDXWRUGHILQDOHVGHOVLJOR;,,SXGRDPELHQWDUSHUIHF
WDPHQWHXQHSLVRGLRILFWLFLRHQXQPDUFRDXWpQWLFR
(O SUREOHPD HV TXH DGHPiV OD SUHVXQWD SUHFLVLyQ GHO SDVDMH QR HV WDQWD
FRPRSDUHFH1RVyORODPD\RUSDUWHGHORVGDWRVVRQGHVX\REDVWDQWHYDJRV
VLQRTXHSUHVHQWDQIODJUDQWHVFRQWUDGLFFLRQHVYLG5866(//\0217$
1(5 $VtORV~QLFRVGHWDOOHVFRQFUHWRVTXHVHGDQVREUH$OFRFHUVRQGRV
TXHVHKDOODEDHQWUH$WHFD\7HUUHUYY\\TXHWHQtDPXUDOODV
YY \ /D LQGLFDFLyQ GHO Y DO VHU XQD DSUHFLDFLyQ UHODWLYD QR
SHUPLWHGHGXFLUFDVLQDGDVREUHODGLVSRVLFLyQDUTXLWHFWyQLFDGHODSOD]D
(QSXULGDGQRVDEHPRVSRUHO&DQWDUVL$OFRFHUHVWDEDHQODULEHUDQRUWH
GHO-DOyQRHQODVXUVLHUDXQDYLOODIRUWLILFDGDRDOEHUJDEDVyORDXQDJXDUQL
FLyQ 6X FDSDFLGDG ORV VHLVFLHQWRV KRPEUHV GHO &DPSHDGRU PiV ORV PRURV
VXSHUYLYLHQWHVODULTXH]DTXHJXDUGDEDYVXJUDQYDORUHVWUDWpJLFRYY
\HOHOHYDGRSUHFLRGHVXUHVFDWHYVXJLHUHQXQDSREODFLyQPiV
LPSRUWDQWHTXHODWHVWLPRQLDGDSRUHOQRPEUH\ORVUHVWRVGHODPLVPD'HO
SDUDMHHQTXHVHDVLHQWDVHQRVGLFHHQHOYTXHHVXQDOODQXUDPLHQWUDV
TXHHQORVYY\VHKDEODGH©WLHUUDDQJRVWDª3RU~OWLPRKD\TXHVHxD
ODUTXHHO&DQWDUDGVFULEHHUUyQHDPHQWH$OFRFHUDODWDLIDGH9DOHQFLDFXDQGR
SHUWHQHFtDDODGH=DUDJR]DYLG0(1e1'(= 3,'$/5866(//
0,&+$(/\'8**$1
8QGHWDOOHDSDUHQWHPHQWHSUHFLVRODSUHVXQWDUHIHUHQFLDD/D6LHUUDHQHOY
QRSXHGHDFHSWDUVHDTXtFRPRSUXHEDSRUTXHHVXQDSDODEUDFRP~QHQHO
&DQWDUSDUDGHVLJQDUODVHVWULEDFLRQHVPRQWDxRVDV \SRUTXHQRVDEHPRVGHV
3DUDHVWRVGDWRVKLVWyULFRVYLG+LVWRULD5RGHULFL0HQpQGH]3LGDO
\)OHWFKHU\VVDVtFRPRODLQWHUYHQFLyQGHOSURIHVRU7XUNHQHVWHPLVPRVLPSRVLR
DXQTXHHQHOODVHGHILHQGHODKLVWRULFLGDGGHODFDPSDxDGHO-DOyQ
©(QHOVLJOR;,$OFRFHUGHELyGHVHUXQOXJDUGHHVFDVRVKDELWDQWHVDJUXSDGRVHQYDULDVFDVDV
(O FDVHUtR VH DJUXSDED EDMR XQ HPSOD]DPLHQWR GHIHQVLYR VLWR HQ OD FLPD GHO FHUURª
&255$/0$57Ì1(= 6REUH HO FHUUR HQ UHDOLGDG XQ HVWUHFKR PRJRWH KDEUtD XQD WRUUH
GHIHQVLYDRXQDHVSHFLHGHDWDOD\DQDGDPiV(VWRHVORTXHFRUUHVSRQGHDOiUDEHDQGDOXVtDOTX V i\U
GLPLQXWLYRGHTi V U©DOFi]DUª©HOSHTXHxRFDVWLOORªSURSLDPHQWHXQDWRUUHGHXQRVPGHDOWX
UD\PGHODGRURGHDGDSRUXQDPXUDOODTXHGHOLPLWDEDXQiUHDGHXQRVP YLG&255,(1
7( \ 5 866(// HV GHFLU DOJR SRFR GLIHUHQWH GHO GRQMyQ DPXUDOODGR GH
7RUUHFLG 2WUR VHQWLGR SRVLEOH GH DOTX V i\U HV HO GH ©XQ DOEHUJXH FDPLQHUR OLJHUDPHQWH IRUILIL
FDGRªFRPR\DVHxDOy5XVVHOO\DTXtKDYXHOWRDGHIHQGHU0LNHOGH(SDO]D3RU~OWL
PRWHQLHQGRHQFXHQWDTXHHQHOQRUWHGHÉIULFDTi V USRGtDGHVLJQDU©XQYLOODJHHQWRXUpG·XQH
PXUDLOOHª'2=<,,DSXHGHSHQVDUVHTXHTX V i\UGHVLJQDVHXQWLSRGHSREODFLyQFRPR
SDUHFHVHUHOFDVRSHURGHGLPHQVLRQHVPLQ~VFXODV
$SDUHFHRFKRYHFHVFRQHVWDIXQFLyQGHODVFXDOHVGRVVHUHILHUHQH[SOtFLWDPHQWHDODVLHUUDGH
0LHGHVYY\9LG2HOVKOlJHU:DOWPDQ\3HOOHQ
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
GHFXiQGRUHFLEHHVHQRPEUH(QFXDOTXLHUFDVRHVVHJXURTXHHQODpSRFDGHO
&LGWUDWiQGRVHGHWHUULWRULRPXVXOPiQQRVHOODPDEDDVt3RUWDQWRVLUHDOPHQWH
HVXQQRPEUHSURSLRLPSOLFDXQDHODERUDFLyQSRVWHULRUDODFRQTXLVWDFULVWLDQD
\HQFRQVHFXHQFLDXQGDWRHQFRQWUDGHODILHOKLVWRULFLGDGGHOHSLVRGLR
7DPSRFRHQHOFDVRGHORWHURODH[DFWLWXGHVWDQREYLD&RPR\DVHKDYLV
WRODGHVFULSFLyQHVGHPDVLDGRJHQHUDOFRPRSDUDLQGLYLGXDOL]DUXQRWHURHQFRQ
FUHWR7DPSRFRVHxDODHO&DQWDUTXHORVKRPEUHVGHO&LGKXELHUDQGHFUX]DU
HOUtRSDUDDWDFDU$OFRFHUXQDVSHFWRLPSRUWDQWHGHVGHHOSXQWRGHYLVWDWiFWL
FR$GHPiVQRKD\SUXHEDDOJXQDGHTXHHO&DQWDUVHUHILHUDDXQDPRWDIHX
GDOFRPRODGHVFXELHUWDHQ7RUUHFLG0iVELHQSDUHFHDOXGLUDXQWtSLFRFDP
SDPHQWRGHWLHQGDVFRPRORVGHVFULWRVHQODV3DUWLGDV7DPSRFRODSUHVHQFLD
GHOIRVRHVGHWHUPLQDQWHSXHVFRPRVHKDYLVWRFDUFDYHDUHQWRUQRDODKXHV
WHHUDXQDSUHFDXFLyQEiVLFD$GHPiVODGLVSRVLFLyQGHOHPSOD]DPLHQWRGH7R
UUHFLG©XQWRUUHyQFHQWUDOURGHDGRDVXYH]GHGREOHOtQHDGHPXUDOODVVHSDUD
GDVSRUXQIRVRª0$57Ì1(=HQSUHQVDVXEUD\RHVEDVWDQWHGLIHUHQWHDODTXH
VHPHQFLRQDHQHO&DQWDU(QpVWHHOIRVRVHKDFH©GHUUHGRUGHORWHURELHQFHU
FDGHODJXDªYHVGHFLUDOSLHGHOPRQWHSXHVURGHDDXQFRQMXQWRGH
WLHQGDVFDSD]GHDOEHUJDUDORVPiVGHKRPEUHVTXHVHJ~QHOYHO&LG
OOHYDFRQVLJR6HPHMDQWHIRVRQRFRQFXHUGDFRQHOKDOODGRHQ7RUUHFLGVLWXD
GRDPiVGHPHGLDODGHUDPXFKRPHQRUHQSHUtPHWUR\FHxLGRDOGRQMyQDPX
UDOODGR
(ODUJXPHQWRRQRPiVWLFRGLVWDGHVHUFRQFOX\HQWH(VYHUGDGTXH©RWHURª
VyORDSDUHFHHQHO&DQWDUHQHVWDRFDVLyQORTXHHVWDEOHFHXQDFRQH[LyQPiV
HVWUHFKDTXHHQHOFDVRGH©ODVLHUUDª3HURVLHORWHURVHKXELHVHOODPDGR©GHO
&LGªHQODpSRFDHQODTXHVHFRPSXVRHO&DQWDU¢QRORKDEUtDKHFKRFRQVWDU
HOSRHWDSDUDPD\RUJORULDGHVXKpURH"(VORTXHVXFHGHUHVSHFWRGH(O3R\R
HQORVYY
$TXHOSR\RHQpOSULVRSRVDGD
PHQWUDTXHVHDHOSXHEORGHPRURVHGHOD\HQWHFULVWLDQD
(O3R\RGHPLR&LGDVtO· GLUiQSRUFDUWD
'HWRGRVPRGRVQLVLTXLHUDODPHQFLyQH[SUHVDGHOQRPEUHJDUDQWL]DUtDOD
KLVWRULFLGDGGHHVWRVVXFHVRV(QHIHFWRVLHOWRSyQLPR2WHURGHO&LG GHSHQ
(QODPLVPDIRWRGH&RUUDO0DUWtQH]VHDSUHFLDQRWUDVHOHYDFLRQHVGHOD]RQD
TXHUHVSRQGHQDHVDGHVFULSFLyQ3RURWURODGRHQHOYORVHPLVDULRVFDODWD\XEtHVVHUHILHUHQ
DORWHURFRPR©XQWDQIXHUWHOXJDUªFDUDFWHUL]DFLyQTXHFRPSDUWHFRQHOFDVWLOORURTXHURGH$WLHQ
]DYHQWHUUHQRPXFKRPiVDEUXSWRHLQH[SXJXDEOHTXHHOGRQMyQDWHFDQR\FRQHOFDVWL
OORGH*RUPD]Y©ODIRUWDOH]DPiVJUDQGHGHWRGDODODUJDILODGHFDVWLOORVTXHSURWHJtDQ
ODOtQHDGHO'XHURª0(1e1'(= 3,'$/
(VWDGHQRPLQDFLyQDSDUHFHGRFXPHQWDGDDSDUWLUGHPLHQWUDVTXHODIRUPDXVXDODF
WXDOPHQWH HV7RUUHFLG FRQ OD YDULDQWH7RUUHFLO YLG &255$/0$57Ì1(= \ 0$57Ì1(=
1RVDEHPRVVLHVWDFRQFXUUHQFLDGHIRUPDVHVPiVDQWLJXDQLFXiOSXGRVHUH[DF
WDPHQWHODRULJLQDO6L7RUUH KDFHDOXVLyQDOGRQMyQTXHFRURQDEDHOFHUURHVSUREDEOHTXHIXHVH
ODGHQRPLQDFLyQSULPLWLYDSXHVWRTXHVHOHKDEUtDSXHVWRFXDQGRpVWHD~QHUDUHFRQRFLEOH1yWH
VHXQDDOWHUQDQFLDVHPHMDQWHHQHOFDVRGH3HxDGHO&LG 3HxDFLOFHUFDGH0RQWDOEiQ7HUXHO
FRPHQWDGR SRU 8ELHWR \ HQ ORV GH DGDOLO DGDOLG \$OPRQDFLU $OPRQDFLO
$OPRQDFLGFLWDGRVSRU&RUDPLQDV3DVFXDO,EHQHOORVODIRUPDHQLOHVVLHPSUHODHWL
PROyJLFD\HVSRVLEOHTXHVXFHGDORPLVPRHQ7RUUHFLG 7RUUHFLO
$OEHUWR0RQWDQHU)UXWRV
GLHUDGHXQVXFHVRHQHOTXHHVWXYRLQYROXFUDGR5RGULJR'tD]HVWRH[LJLUtD
ODSHUYLYHQFLDGHXQDWUDGLFLyQORFDODSDUWLUGHWHVWLJRVGHOVXFHVR6XSXHVWR
TXHpVWRVHQODpSRFDGHO&DPSHDGRUVyORSRGtDQVHUPXVXOPDQHVQRHVIiFLO
TXHGHQRPLQDUDQDOFHUURFRQHOQRPEUHGHVXHQHPLJRSHURGHKDEHUORKHFKR
KDEUtDVLGRHQiUDEH\QRHQURPDQFH$GHPiVODUHOXFWDQFLDGHORVPXVXOPD
QHVDDSOLFDUGLFKRWtWXORDORVFULVWLDQRVFRPRKDQVHxDODGRDTXtORVSURIHVR
UHV 'H (SDO]D \7XUN KDFH LPSUREDEOH TXH HQ WDO FDVR KXELHUDQ HPSOHDGR
SUHFLVDPHQWHHVHWpUPLQRHQOXJDUGHORVGH5RGULJRR&DPSHDGRU5X GUÚ×T\
Ú
DO.DQEL\DW XÚ UHQODVIXHQWHViUDEHV(QILQXQDSRVLEOHWUDGXFFLyQRDGDSWD
FLyQURPDQFHLPSOLFDUtDFRPRHQHOFDVRGH/D6LHUUDXQDDFWXDFLyQFULVWLD
QDSRVWHULRUDpSRFDHQTXHVHUHFRQTXLVWyOD]RQDORTXHLPSHGLUtDDVH
JXUDUODILGHOLGDGGHODWUDGLFLyQKLVWyULFD
(VYHUGDGTXH0HQpQGH]3LGDOKDLQYRFDGRHODUJXPHQWRWRSR
QtPLFR SDUD MXVWLILFDU TXH FXDQGR 5RGULJR 'tD] DFDPSy HQ OD ]RQD GH &DOD
PRFKDHQPD\RGHORKL]RHQ(O3R\RFRPRVHxDODHO&DQWDUQRDVtOD
+LVWRULD 5RGHULFL 3HUR ¢FyPR SXGR SHUYLYLU OD PHPRULD H[DFWD GH GyQGH
DFDPSyHO&LGVLORV~QLFRVKDELWDQWHVGHOOXJDUORDEDQGRQDURQFRQpO\OD]RQD
QRIXHRFXSDGDGHQXHYRSRUORVFULVWLDQRVKDVWD"$GHPiVODHVWDQFLDHQ
&DODPRFKD SDUHFH KDEHU VLGR GHPDVLDGR EUHYH \ SRFR VLJQLILFDWLYD SDUD GDU
QRPEUHDOXJDUDOJXQRYLG+LVWRULD5RGHULFL,9
$VtSXHVHVPiVSODXVLEOHSHQVDUHQTXHHOSRHWDRVXVIXHQWHVVXSXVLHURQ
DSRVWHULRULTXHWDOWRSyQLPRVHGHEtDDODDFWXDFLyQGHO&DPSHDGRU(QHIHF
WRORVYYGDQDHQWHQGHUTXHHODXWRUGHO&DQWDUFRQRFtDODPHQFLyQ
GH(O3R\RGHO&LGHQXQGRFXPHQWRRILFLDOVHJXUDPHQWHHO)XHURGH0ROLQD
$OTXHSRUFLHUWRQRVDEHPRVVLVHGHQRPLQy&LGHQYLGDDXQTXHVHDORPiVSUREDEOHYLG
0(1e1'(= 3,'$/\)/(7&+(5(QWDOFDVRHVSRVLEOHTXHIXHVHFRQSRV
WHULRULGDGDODWRPDGH9DOHQFLDFIU0(1e1'(= 3,'$/\SRUORTXHQRWHQGUtDDSOL
FDFLyQDTXt7DPSRFRHVWiFODURTXHDOFRPLHQ]RGHVXSULPHUGHVWLHUUR5RGULJR'tD]IXHVHXQFDX
GLOORWDQIDPRVRFRPRSDUDTXHVHOHIXHUDSRQLHQGRVXQRPEUHDORVOXJDUHVSRUGRQGHSDVDED
9pDVHDHVWHUHVSHFWR8ELHWR
3HVH D OR VRVWHQLGR DTXt SRU -RVp /XLV &RUUDO ORV WRSyQLPRV FRQ XQ FRPSRQHQWH&LG VRQ
GHPDVLDGRGLYHUVRVSDUDYLQFXODUORVFRQ5RGULJR'tD]$ ORVGRVFLWDGRVSXHGHQDxDGLUVH%HQHFLG
%DQL 6tG HQ$OPHUtD YLG &255,(17( /D ,JOHVXHOD GHO &LG HQ HO OtPLWH GH7HUXHO \
&DVWHOOyQ /XFHQD GHO &LG HQ &DVWHOOyQ 3HxD GHO &LG XQD FHUFD GH 0RQWDOEiQ RWUD FHUFD GH
7HUXHO\XQDWHUFHUDMXQWRD3HWUHO³$OLFDQWH³5LYLHOODGH0LR&LGHQWUHHO'XHUR\HO(VJXH
YDKR\GHVDSDUHFLGD6LHUUDGHO&LGHQ$OLFDQWH9LODIUDQFDGHO&LGHQ&DVWHOOyQ9LOODFLGHQ
&LXGDG5HDO9LOODGH0HR.LNHQ3DOHQFLDFLWDGDHQGRFXPHQWRVGHOVLJOR;,YLG0(1e1'(=
3,'$/OD&DEH]DGHO&LGXQDFHUFDGH0ROLQD\RWUDDOVXUGHÉYLODVLWXDGDMXQWRD
XQD&DEH]DGH3HU$EDWORTXHKDGDGROXJDUDXQRGHORVDUJXPHQWRVPHQRVDIRUWXQDGRVGH6PLWK
>\@HQSURGHVXVWHVLV
9LG5XVVHOO/DFDUUD\\6PLWK/DLGHDGH0HQpQ
GH]3LGDOGHTXHUHDOPHQWHVHWUDWDGHXQDSUHGLFFLyQUHVXOWDDOJRLQJHQXD(OSRHWD
HVWiXVDQGRREYLDPHQWHODSURIHFtDSRVWIDFWXPFIU5XVVHOODXQTXHVXWHRUtDGH
TXHOD©FDUWDªHV©XQDQDUUDFLyQHVFULWDVREUHODVFDPSDxDVGHO&LGªPHSDUHFHLQVRVWHQLEOH5H
FLHQWHPHQWH'XJJDQKDVRVWHQLGRTXH©WRPDLQWDLQWKDWKHWKHSRHWPXVWKDYHUHDG
WKH)XHURGH0ROLQDLQRUGHUWRKDYHEHHQDEOHWRVWDWHWKDWWKHKLOOZRXOGEHNQRZQDV´HO3R\R
GHP\R&LGµLQZULWWHQGRFXPHQWVLVDQDEXVHRIWKHHYLGHQFHª6LQHPEDUJRODPHQFLyQGHXQ
©SXHEORª\GHXQD©FDUWDªQRGHMDOXJDUDGXGDVVREUHHOWLSRGHGRFXPHQWRDOXGLGR7DPSRFRREV
WDTXHODYHUVLyQRULJLQDOGHO)XHURFDQRVHKD\DFRQVHUYDGRSXHVHOURPDQFHDPLHQWRGH
FDKDGHWUDQVFULELUILHOPHQWHODILMDFLyQRULJLQDOGHORVOLQGHVGHODSREODFLyQTXHQRSR
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
\TXHDSDUWLUGHDKtORUHODFLRQyFRQVXKpURH(VWHWLSRGHOH\HQGDHWLROyJLFD
HUDPX\FRP~QHQOD(GDG0HGLD \ODFDVLWRWDOFHUWH]DGHVXXVRDTXtLPSL
GHDFHSWDUVLQPiVODKLVWRULFLGDGGHORVVXFHVRVQDUUDGRV
1RVHQFRQWUDPRVSXHVDQWHXQF~PXORGHSUXHEDVFLUFXQVWDQFLDOHVTXHVyOR
HQDSDULHQFLDVHDSR\DQPXWXDPHQWH/RPiVTXHVHSXHGHFRQFOXLUHVTXHHO
SRHWDRVXVIXHQWHVFRQRFtDQODWRSRQLPLDGHOD]RQDFXDQGRpVWD\DHVWDEDHQ
SRGHUGHORVFULVWLDQRV(QUHVXPHQQRKD\GDWRVVXILFLHQWHVSDUDJDUDQWL]DU
TXHODWRPDGH$OFRFHUSRUSDUWHGH5RGULJR'tD]IXHUDXQKHFKRUHDO(QFDP
ELRHOUHODWRGHO&DQWDUVHDGHFXDSHUIHFWDPHQWHDODDFWLWXGFRQTXHSUHVHQWD
DO&LG$Vt$OFRFHUSDVDGHVHUHOIRUWtQDOGHKXHODRSRVDGDTXHIXHHQODUHD
OLGDGSDUDFRQYHUWLUVHHQXQDORFDOLGDGGHFLHUWDVGLPHQVLRQHV \GHH[WUDRU
GLQDULRYDORUHVWUDWpJLFR'HHVWHPRGRVLQVHUXQDSOD]DGHSULPHURUGHQWDP
SRFRVHTXHGDHQXQDFRQTXLVWDVLQLPSRUWDQFLD(QWDOFRQWH[WRHVWDFDPSDxD
SRQHGHVGHHOSULQFLSLRGHPDQLILHVWRODLGHRORJtDFLGLDQDSODVPDGDSRUÉOYDU
)ixH]HQORVFpOHEUHVYHUVRV6HWUDWDGHSURVSHUDUDFRVWDGHOHQHPL
JRQRDOLiQGRVHFRQpOFRPRIXHHOFDVRKLVWyULFRGHO&DPSHDGRU\GHRWURV
PXFKRV GHVWHUUDGRV GH VX pSRFD YLG 0(1e1'(= 3,'$/ (Q
HVWRHO&DQWDUVHDFHUFDGHQXHYRDODLGHRORJtDGHORVKRPEUHVGHIURQWHUD\
DODSROtWLFDH[SDQVLRQLVWDGH$OIRQVR9,,,
$GHPiVODDGVFULSFLyQGHODFRPDUFDGH&DODWD\XGDOUHLQRGH9DOHQFLDSHU
PLWHVRVOD\DUODSUHVHQFLDGHO&DPSHDGRUHQOD&RUWHKXGtGH=DUDJR]DHLQWUR
GXFH\DFODUDPHQWHHOREMHWLYROHYDQWLQRHQODQDUUDFLyQ5866(//\
0217$1(5E7RGRVORVIDFWRUHVGHHVWHWLSR\DDQDOL]DGRV\RWURV
VLPLODUHVFRPRODLQYHURVtPLOGHVSHGLGDTXHGDQDO&LGORVDOFRFHUHxRVHQORV
YYRORVHYLGHQWHVSDUDOHOLVPRVTXHJXDUGDQHQWUHVtORVHSLVRGLRVGH
&DVWHMyQ\$OFRFHUYLG5866(//VHxDODQFODUDPHQWHXQDLQWHQFLyQ
IXQGDPHQWDOPHQWHOLWHUDULD\ODVXERUGLQDFLyQGHWRGRHOSDVDMHDORVLQWHUHVHV
JHQHUDOHVGHOSRHPD
GtDQPRGLILFDUVHDUELWUDULDPHQWH$GHPiVHOSRHWDQRVHHVWiYDQDJORULDQGRVLPSOHPHQWHGHOQRP
EUHGHOOXJDUVLQRGHVXILMDFLyQHQXQWH[WRLPSRUWDQWHFRQSRGHUOHJDOTXHLEDDJDUDQWL]DUVX
SHUYLYHQFLD
&IUHOHSLVRGLRGH9DOG·(VSHUDHQODYHUVLyQGHORV6LHWH,QIDQWHVGH/DUDUHFRJLGDHQOD&Uy
QLFDGHY,,,SORHOGH$JXLODUGH&DPSRRHQODV0RFHGDGHVGH5RGULJRYY
3DUDODHWLPRORJtDFRPRIRUPDGHSHQVDPLHQWRWtSLFDGHOD(GDG0HGLDYLG&XUWLQV
(QHVWHVHQWLGRFDEHODSRVLELOLGDGGHTXHHOSRHWDKD\DWHQLGRDODYLVWDDOJ~QLWLQHUDULXP
RPDSDPHGLHYDOVREUHWRGRVL$OFRFHUHUDUHDOPHQWHXQDSRVDGDMXQWRDXQYDGRFIU5866(//
\\&$&+2'HWRGRVPRGRVHQHOFDVRGHO-DOyQVHSXHGHSHQ
VDUHQXQFRQRFLPLHQWRGLUHFWRDXQTXHTXL]DVVXSHUILFLDOGHORFRQWUDULRKDEUtDKHFKRFRLQFLGLU
PHMRUVXGHVFULSFLyQGHOVXSXHVWRFDPSDPHQWRFLGLDQRFRQODVUXLQDVGH7RUUHFLG(QFXDQWRDO
RULJHQGHpVWDVWHQLHQGRHQFXHQWDTXHVHJ~Q0DUWtQH]HQSUHQVD©XQDWRUUHGHSLHGUDURGHDGD
GHXQUHFLQWRDPXUDOODGRªHV©ODSODQWDSUHIHULGDHQHOVLJOR;,,ª\TXHODFHUiPLFDKDOODGDFRUUHV
SRQGH ©D ILQDOHV GHO VLJOR ;, \ SULQFLSLRV GHO VLJOR ;,,ª SDUHFH OyJLFR SHQVDU HQ XQD SRVLFLyQ
FRQVWUXLGDHQODpSRFDGHODUHFRQTXLVWDGH&DODWD\XG5HVSHFWRGHODHOHFFLyQGH$OFRFHU
FRPRHPSOD]DPLHQWRGHXQDEDWDOODILFWLFLDFXHVWLyQVXVFLWDGDSRU3DQLVRQ>E@SXHGHQ
LQGLFDUVHGRVUD]RQHVTXHDOFRQWURODUHOYDGRGHO-DOyQSRVHtDUHDOPHQWHFLHUWRYDORUHVWUDWpJLFR
\TXHVXQRPEUHVXJHUtDLQPHGLDWDPHQWHXQWLSRGHIRUWDOH]D
'HWDOPRGRTXHODVSURVLILFDFLRQHVFURQtVWLFDVODFDOLILFDQGH©YLOODª$ HVWHUHVSHFWRWpQ
JDVHHQFXHQWDTXH©ODLPSRUWDQFLDGHODVFLXGDGHVHQODHVWUDWHJLDGHODpSRFDQRVHH[SOLFDWDQ
WRSRUUD]RQHVPLOLWDUHVFRPRSRUHOKHFKRGHTXHORVFHQWURVXUEDQRV\QRORVFDVWLOORVFRQVWLWXtDQ
HQORVVLJORV;,\;,,,ORVYHUGDGHURVSXQWRVFODYHGHOHVSDFLRª&217$0,1(
$OEHUWR0RQWDQHU)UXWRV
(VWDFRQVWDWDFLyQSHUPLWHSODQWHDUVHGHQXHYRHODVXQWRGHODVIXHQWHVOLWH
UDULDVGHOHSLVRGLRVXVFLWDGRSRU6PLWKHQ\GLVFXWLGRGHVGHHQWRQFHVSRU
ODFUtWLFD/DVXJHUHQFLDGH6PLWKHVTXHHODXWRUGHO&DQWDU
VHKDLQVSLUDGRHQXQORFXVGH)URQWLQR6WUDWHJHPDWD,,YFRQHOSRVLEOH
LQIOXMRVXEVLGLDULRGHOSDUiJUDIR,,,[GHGLFKDREUDRGH-RVXp/D
FUtWLFDPiVIXQGDGDTXHVHKDKHFKRGHHVWDKLSyWHVLVHVODGH%DOGZLQ
TXLHQVHxDODTXHQRKD\UD]yQSDUDSHQVDUHQXQSDVDMHHQFRQFUHWRFXDQGROD
HVWUDWDJHPD HVWi GRFXPHQWDGD HQ RWUDV SDUWHV FIU WDPELpQ )5$'(-$6 6LQHPEDUJRHQHVWDFXHVWLyQODSURFHGHQFLDGHODWUHWDHVORGHPHQRV
SXHVWRGRHOPDWHULDODSRUWDGRWDQWRSRU6PLWKFRPRSRU%DOGZLQ\)UDGHMDV
VH UHILHUHQ D HPERVFDGDV PLHQWUDV TXH HQ$OFRFHU VH GHVFULEH HO WRUQDIX\H
FRPRVHKDYLVWR(QHVWHVHQWLGRFUHRTXHWLHQHUD]yQ%DOGZLQ
DODWULEXLUODHVWUDWDJHPDDORVSURSLRVFRQRFLPLHQWRVPLOLWDUHVGHODXWRU
'HVGHOXHJRVLHOQ~FOHRWiFWLFRGHOHSLVRGLRQRSDUHFHSURFHGHUGHQLQJX
QRGHWDOHVWH[WRVSRGUtDFRQFOXLUVHTXHQRKDQLQIOXLGRHQDEVROXWRHQHO&DQ
WDU 3HVH D WRGR KD\ XQ GHWDOOH HQ HO SDVDMH SURSXHVWR SRU 6PLWK FRPRIXHQWHSULQFLSDOTXHPHUHFHVHUWHQLGRHQFRQVLGHUDFLyQ0HUHILHURDTXH
HQpO&UDVRVLPXODODKXLGD©PDQHQWHSUDHWRULRLQPDLRULEXVFDVWULVXWIDOOH
UHQWXUKRVWHVª(VORPLVPRTXHSUHWHQGHHO&LGFRQVX©WLHQGDILWDªY
©SRUVDFDUORVDFHODGDªYDOJRTXHQRDSDUHFHHQQLQJXQRGHORVRWURV
SDVDMHVDGXFLGRV\TXHQRHVSURSLRGHOWRUQDIX\HDOPHQRVKDVWDGRQGH\RWHQ
JRQRWLFLD
$QWHHVWDFRQFRUGDQFLDODVRWUDVVLPLOLWXGHVHQWUHDPERVSDVDMHVFREUDQPiV
IXHU]DFIU)5$'(-$6eVWDVVRQ©FDVWULVYDOODYLWª ©PDQGyID]HU
XQDFiUFDYDªYDOOXP©WULQFKHUDª©HWIXJDVLPXODWDGHGXFHUHWª ©FRPPRVL
HVFDSDVVHGHDUUDQFDGDª©FXPEDUEDULLQVHFXWLHVVHQWHTXLWHUHFHGHQWHª ©0LR
&LGFXDQGRORVYLRIXHUDFRMyV· FRPRGHDUUDQFDGDª©DFLHV5RPDQDDGDSHUWD
FXPFODPRUHSURFXUULWª ©GDQGRJUDQGHVDODULGRVORVTXHHVWiQHQODFHODGDª
/DDXVHQFLDGHYRFHVFRPRLQVLGLDHXRFFXOWDUHSUHVHQWHVHQORVRWURVWH[WRV
DQWHV DGXFLGRV \ TXH GHVFULEHQ LQHTXtYRFDPHQWH XQD FHODGD SXGLHURQ VHU OD
FDXVDGHTXHHOSRHWDVHLQVSLUDVHHQHVWHUHODWRHQFRQFUHWRDODKRUDGHFRP
SRQHUHOHSLVRGLRGH$OFRFHUDXQTXHDGDSWiQGRORDOHPSOHRGHOWRUQDIX\H
&RPRKDLQGLFDGR6PLWKUHIXHU]DODSRVLELOLGDGGHTXHHO
DXWRUGHO&DQWDUKD\DVLGRLQIOXLGRSRUHVWHWH[WRHOTXHHQORVHSLVRGLRVGH
&DVWHMyQ\GH)iUL]\*DOYHVHSXHGDQUDVWUHDURWURVSDUDOHOLVPRVFRQREUDVODWL
5HFXpUGHVHTXHHQOD(GDG0HGLD-RVXpIXHFRQVLGHUDGRPRGHORGHFDEDOOHURV.((1
/RVRWURVWH[WRVFLWDGRVSUHVHQWDQXQSDUHFLGRVHQVLEOHPHQWHLQIHULRU(Q6WUDWHJHPDWD,,,
[VyOR©VSHFLHPIXJLHQWLVSUDHVWLWLWªSXHGHHTXLSDUDUVHDOY(OSDUiJUDIR,,YGHOD
PLVPDREUDDGXFLGRSRU%DOGZLQ>@FRPRFRQWUDHMHPSORVHUHQLHUHDXQDFHODGDVLQKXL
GD ILQJLGD 6X ~QLFD VHPHMDQ]D HV OD GH ©,OO\ULL WLPHQWHV QH TXDH 0RORVVRUXP HUDQW DE$HWROLV
RFFXSDUHQWXUYHOXWDGSUDHGDPIHVWLQDQWHVQHJOHFWLVRUGLQLEXVDGFHOHUDUHFRHSHUXQWªFRQORVYY
RSHURODFDXVDHVPX\GLVWLQWD3RU~OWLPR-RVGHVFULEHXQDRSHUDFLyQEDVWDQ
WHPiVFRPSOHMDHLQFOX\HODLQWHUYHQFLyQGLYLQD+D\FLHUWDVVLPLWLWXGHVHQWUH-RV\ORV
YYSHURVyORHOYHUVtFXOR©HWQHXQXVTXLGHPLQXUEH$KLHW%HWKHOUHPDQVLVVHWTXL
QRQSHUVHTXHUHWXU,VUDKHOVLFXWHUXSHUDQWDSHUWDRSSLGDUHOLQTXHQWHVªSRGUtDWHQHUXQHFRGLUHF
WRHQHOY
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
QDVHO%HOOXP,XJXUWKLQXP;&;&,GH6DOXVWLRSDUDHOSULPHURYLG60,7+
\'H%HOOR*DOOLFR,9GH&pVDUSDUDODFDUJDGH3HUR9HU
P~H]HQHOVHJXQGRYLG+22.\0217$1(5
5HDOPHQWHQRKD\QLQJXQDFRLQFLGHQFLDYHUEDOWDQH[FOXVLYDTXHFRQVWLWX\DXQD
SUXHEDLUUHIXWDEOHGHWDOHVLQIOXMRV3HVHDHOORHVVLJQLILFDWLYRTXHHO&DQWDU
HPSOHHHQODWRPDGH$OFRFHU\HQSDUWHHQODEDWDOODFRQWUD)iUL]\*DOYHXQD
GLVSRVLFLyQTXHQRUHSLWHSRVWHULRUPHQWH6HWUDWDGHXQHVTXHPDWLSLILFDGR
SRUODDQDOtVWLFDODWLQD\UHSHWLGRHQEXHQDSDUWHGHODKLVWRULRJUDItDFOiVLFD
6HJ~Q*RXLOODUW[FLLWDOPRGHORFRQVLVWHHQTXHGHVSXpVGHTXHORV
URPDQRVDSDUHFHQHQXQDVLWXDFLyQGHLQIHULRULGDGUHDORILQJLGD©OHXUFRQWUH
DWWDTXHHVWIXOJXUDQWHHWOHVHQQHPLVDSUqVXQLQVWDQWGHIORWWHPHQWV·pJDLOOHQW
GDQV WRXWHV OHV GLUHFWLRQV 2Q ODQFH OD FDYDOHULH FRQWUH OHV IX\DUGV TXL VRQW
PDVVDFUpV(QILQSRXUTXHODIrWHVRLWFRPSOqWHOHV5RPDQVSUHQQHQWOHFDPS
HQQHPLª(OGHVDUUROORGHHVWHUHODWRHVWiWDQHVWHUHRWLSDGRTXHODIUDVHRORJtD
HVFDVLIRUPXODU
³/HVEDUEDUHVDWWDTXHQWWRXMRXUVHQGpVRUGUHDGXHUVXVLWDLQFRPSRVL
WRV XHQLHQWHV HR HIIXVLXV VHTXL KRVWHV SHU QHJOHQWLDP
HIIXVL>@
³/HV5RPDLQVIRQWXQHVRUWLHVLPXOWDQpHGHSOXVLHXUVF{WpVHQSRXV
VDQW OH FUL GH JXHUUH FODPRUH VXEODWR VLPXO RPQLEXV SRUWLV 5RPDQL
HUXSHUXQWWULEXVSDUWLEXVVLPXOHUXPSLWFODURUHVXEODWR
>@
³/HVHQQHPLVVRQWPLVHQGpURXWHLQFDVWUDRPQHVWUHSLGDIXJDFRP
SXOVL VXQW GHLQGH LSVLV H[XWL FDVWULV TXL VXSHUDUDQW LQ RPQHV
SDVVLSDUWHVFDSHVVXQWIXJDP>@
³3XLVYLHQWODOLVWHGHVSHUWHVHQQHPLHVWRXMRXUVWUqVpOHYpHVDLQVLTXH
OHVPHVXUHVSULVHVDSUqVODYLFWRLUH
*28,//$57[FLL[FLLL
(OXVRHQHO&DQWDUGHHVWDGLVSRVLFLyQTXHHVODTXHGDWDPELpQ)URQWLQR
DVXVH[HPSODPLOLWDUHVSXHGHVHUFDVXDO6LQHPEDUJRHVWRVGDWRVLQYLWDQD
SHQVDUDOPHQRVHQDOJ~QFRQRFLPLHQWRGHHVWHWLSRGHQDUUDFLRQHVODWLQDV(VWH
DVSHFWRSXHGHHVWDUOLJDGRFRQODLPSRUWDQFLDFRQFHGLGDHQHO&DQWDUDODWiF
WLFDSXHVODDSDULFLyQGHOLQWHUpVSRUODJXHUUD©FRPRFLHQFLDªGHVGHPHGLD
/DVOLGHVFDPSDOHVUHIHULGDVHQHO&DQWDUUHVSRQGHQIXQGDPHQWDOPHQWHDORVWySLFRVGHV
FULSWLYRVGHODVFKDQVRQVGHJHVWHFRPRKDGHPRVWUDGR+HUVOXQG/DDXVHQFLDHQ
ODpSLFDIUDQFHVDGHOWHPDGHODVDOWRYLG60,7+\VXSUHVHQFLDHQORVWUDWDGLVWDVODWL
QRVTXHHQWRQFHVFRPHQ]DEDQDGLIXQGLUVHYLGHLQIUDSRGUtDQH[SOLFDUXQLQIOXMRWDQFRQFUHWR
/RVHMHPSORVDGXFLGRVSHUWHQHFHQDOOLEUR;/ GHODV'pFDGDVGH7LWR/LYLR\HVOR~QLFR
SDUFLDOPHQWHVXSULPLGRHQODFLWD(QHVWHFDVRODSRVLELOLGDGGHLQIOXMRHVWiGHVFDUWDGDGHDQWH
PDQR SXHV KDVWD HO VLJOR ;,,, OD GLIXVLyQ GH /LYLR IXH PX\ HVFDVD \ ORV OLEURV ;/;/9 IXHURQ
FRQRFLGRVVyORPX\IUDJPHQWDULDPHQWHKDVWDHOVLJOR;9,YLG:,77/,1 6D
1yWHVHDHVWHUHVSHFWRFyPRHOSRHWDVHHQFDUJDGHVXEUD\DUHQHOYTXH©0LR&LGJDQy
D$OFRFHUVDEHWSRUHVWDPDxDª8QHOHPHQWRWtSLFRGHO&DQWDUHVSUHVHQWDUDQWHVGHFDVLWRGDV
ODVEDWDOODVXQDUHXQLyQGHO&LGFRQVXVFDSLWDQHVHQODTXHVHGHWHUPLQDODWiFWLFDTXHVHYDD
HPSOHDU (Q HOOD$OYDU )ixH] VXHOH SURSRQHU OD DSOLFDFLyQ GHO VLVWHPD GH ©OtQHDV H[WHULRUHVª R
©HQYROYHQWHVªFIU0217$1(5\3DUDRWURVDVSHFWRVWiFWLFRVHQHO&DQWDU\
VXGDWDFLyQILQLVHFXODUYLG8ELHWR
$OEHUWR0RQWDQHU)UXWRV
GRVGHOVLJOR;,,HVWiOLJDGRDOFUHFLHQWHSUHGLFDPHQWRGHORVWUDWDGRVWpFQL
FRVGHOD$QWLJHGDGFRPRORV6WUDWHJHPDWDGH)URQWLQR\HQHVSHFLDOOD(SL
WRPDUHLPLOLWDULVGH9HJHFLRTXHDOFDQ]yJUDQGLIXVLyQDPHQXGRHQYHUVLRQHV
DGLFLRQDGDV\RWUDVH[WUDFWDGRHQIORULOHJLRV1RKD\FRQWUDGLFFLyQHQWUHHVWD
SRVLELOLGDG \ OD IDPLOLDULGDG FRQ ODV WiFWLFDV FRHWiQHDV TXH HYLGHQFLD OD GHV
FULSFLyQGHOWRUQDIX\HFRPRVHKDYLVWRLQFOXVRXQDXWRUWDQ©FOHULFDOªFRPR
HOGHO/LEURGH$OH[DQGUHORFRQRFtD
3RGUHPRV VHJXLU DOEHUJDQGR GXGDV VREUH HO QLYHO FXOWXUDO GHO FUHDGRU GHO
&DQWDUSHURORTXHFDGDYH]UHVXOWDPiVFODURHVTXHSDUWLFLSDEDGHODQXHYD
PHQWDOLGDGSROtWLFDPLOLWDU\HFRQyPLFDWULXQIDQWHHQHOSDVRGHORVVLJORV;,,
DO;,,,TXHKDQDQDOL]DGRGHVGHGLIHUHQWHVSHUVSHFWLYDV0XUUD\\.HHQ
(QGHILQLWLYDDXQTXHQRVHDFHSWHQLQJ~QWLSRGHIXHQWHSDUDHOHSLVR
GLRORVSDUDOHOLVPRVVHxDODGRVFRQWULEX\HQDPRVWUDUHOFDUiFWHUHVHQFLDOPHQ
WHOLWHUDULRGHOPLVPRHQHOTXHORVUHIHUHQWHVUHDOHVORVGDWRVJHRJUiILFRV\
TXL]iVDOJXQDYDJDUHPLQLVFHQFLDKLVWyULFDHVWiQWRWDOPHQWHVXERUGLQDGRVDXQ
REMHWLYRSRpWLFRHLGHROyJLFRLQGHSHQGLHQWHGHHOORVHOSURFHVRSRUHOTXHHO
&LGUHFXSHUDODKRQUDDWUDYpVGHVXSURSLRHVIXHU]R
%,%/,2*5$)Ì$
$/21620DUWtQ'LFFLRQDULRPHGLHYDOHVSDxRO'HVGHODV*ORVDV(PLOLDQHQVHV\6LOHQ
VHV VLJOR ; KDVWD HO VLJOR ;9 6DODPDQFD 8QLYHUVLGDG 3RQWLILFLD GH 6DODPDQFD
Y
$50,67($'6DPXHO*©)URP(SLFWR&KURQLFOH$Q,QGLYLGXDOLVW$SSUDLVDOª5RPDQ
FH3KLORORJ\;/IHEUXDU\
³ \ 02152( -DPHV7 ©¶0LV PRURV PRUWDULFDFD·$UDELF 3KUDVHV LQ WKH 3RHPD GH
$OIRQVR;,6WURSKHEGª/D&RUyQLFD6SULQJ
%$'Ì$ /ROD ©)URQWt L9HJHFL PHVWUHV GH FDYDOOHULD HQ FDWDOj DOV VHJOHV ;,9 L ;9ª
%ROHWLQ GH OD 5HDO $FDGHPLD GH %XHQDV /HWUDV GH %DUFHORQD %$/':,16SXUJHRQ©'HFHSWLRQDQG$PEXVK7KH&LG·V7DFWLFVDW&DVWHMRQDQG$OFR
FHUª0RGHUQ/DQJXDJH1RWHV
%(/75É1/XLV©&RQIOLFWRVLQWHULRUHV\EDWDOODVFDPSDOHVHQHO3RHPDGHO0tR&LGª
+LVSDQLD%DOWLPRUH
9LG0XUUD\\&RQWDPLQH\.HHQ
\\SDUDOD3HQtQVXOD,EpULFD%DGtD\*yPH]0RUHQR\(VWD
WHQGHQFLDVHSHUFLEH\DHQHOLQIOX\HQWH3ROLFUDWLFXVFD9,GH-XDQGH6DOLVEXUY
TXHKDFHIUHFXHQWHXVRGH9HJHFLR\)URQWLQR6XVSDODEUDVSXHGHQDSOLFDUVHGLUHFWDPHQWHDOHSL
VRGLRFRPHQWDGR©(OFRQRFLPLHQWRGHODUWHPLOLWDUDOLPHQWDODDXGDFLD1DGLHWHPHHMHFXWDUORTXH
SLHQVDKDEHUDSUHQGLGRELHQ,JXDOPHQWHHQODVEDWDOODVPiVFHUFDHVWiODYLFWRULDGHXQSXxDGR
GHKRPEUHVELHQSUHSDUDGRVTXHGHXQDPXOWLWXGLJQRUDQWHVLHPSUHH[SXHVWDDODPDWDQ]D¢4Xp
HVORTXHKL]RDORVURPDQRVYHQFHGRUHVGHWRGRVORVSXHEORV"(OFRQRFLPLHQWRFLHUWDPHQWHOD
GHVWUH]D\ODILGHOLGDGª9,S(VWDVLGHDVDOFDQ]DQVXPi[LPDDOWXUDGRFWULQDOHQHOVLJOR
;,,,FRQODVDQFLyQGHOXVRGHLQVLGLDHSRUSDUWHGH6DQWR7RPiV6XPPD7KHRORJLFDT
DUW\GH$OIRQVR;3DUWLGDV,,[[LLL\HQWUHRWURV7DOHVGDWRVLQYDOLGDQODSUHWHQVLyQ
GH0RQWJRPHU\GHFRQVLGHUDUHVWHXVRGHOFRQRFLPLHQWRFRPRPDUFDGHRUDOLGDG
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
%LEOLD6DFUDLX[WDYDOJDWDPYHUVLRQHPHGG5:HEHUHWDOHGHQPHQGDGDSRU%
)LVFKHUHWDO6WXWWJDUW'HXWVFKH%LEHOJHVHOOVFKDIW
%211$66,( 3LHUUH 9RFDEXODULR EiVLFR GH OD KLVWRULD PHGLHYDO HG RULJLQDO IUDQFHVD
WUDG\DGDSWDFLyQ06iQFKH]0DUWtQH]%DUFHORQD&UtWLFD6HULHJHQHUDO(V
WXGLRV\HQVD\RV
%256:257+&(©+DUE3HUVHªHQ(QF\FORSpGLHGHO·,VODPQRXYHOOHpGLWLRQ/H\GH
(-%ULOO3DULV*30DLVRQQHXYHY,,,SSDE
%28'27/$0277($QWRLQH©/H[LTXHGHODSRpVLHJXHUULqUHGDQVOHGÚ×ZÚDQGH¶$QWDUD
EáVDGGÚDGDO·$EVÚת$UiELFD;,
&$&+2-XDQ0DQXHO©(OHVSDFLRHQHO&DQWDUGH0LR&LGª5HYLVWDGH+LVWRULD-HUy
QLPR=XULWD
³HG*DUFL5RGUtJXH]GH0RQWDOYR$PDGtVGH*DXOD0DGULG&iWHGUD/HWUDV+LV
SiQLFDVY
&$+(1&O©+DUE6RXVOH&DOLIDWªHQ(QF\FORSpGLHGHO·,VODPQRXYHOOHpGLWLRQ/H\
GH(-%ULOO3DULV*30DLVRQQHXYHY,,,SSDD
&$7$/É1'LHJR©&UyQLFDV*HQHUDOHV\FDQWDUHVGHJHVWDHO0LR&LGGH$OIRQVR;\
HOGHO3VHXGR%HQ$OIDUD\ª+LVSDQLF5HYLHZ;;;,\
Ø
³©3RHVtD\QRYHODHQODKLVWRULRJUDItDFDVWHOODQDGHORVVLJORV;,,,\;,9ªHQ0pODQ
JHVRIIHUWVj5LWD/HMHXQH*HPEORX[-'XFXORWY,SS
³©(O0LR&LG1XHYDOHFWXUDGHVXLQWHQFLRQDOLGDGSROtWLFDªHQ6\PERODH/XGRYLFR
0LW[HOHQD6HSWXDJHQDULR2EODWDHHG-/9HOHQD9LWRULD,QVWLWXWRGH&LHQFLDVGH
OD$QWLJHGDG8QLYHUVLGDGGHO3DtV9DVFR$QHMR,GHOD5HYLVWD9HOHLDY,
SS
&KDQVRQGH5RODQG7H[WHpWDEOLHG·DSUqVODPDQXVFULWG·2[IRUGHG*0RLJQHW
HG5HQQHV%LEOLRWKqTXH%RUGDV
&217$0,1(3KLOLSSH/DJXHUUDHQOD(GDG0HGLDHGRULJLQDOIUDQFHVDWUDG-
)DFL%DUFHORQD/DERU1XHYD&OLR
& 255,(17( )HGHULFR /DV PX¶DOODTÚD W DQWRORJtD \ SDQRUDPD GH$UDELD SUHLVOiPLFD
0DGULG,QVWLWXWR+LVSDQRÉUDEHGH&XOWXUD
³$ *UDPPDWLFDO6NHWFKRIWKH6SDQLVK$UDELF'LDOHFW%XQGOHSUyO(*DUFtD*yPH]
0DGULG,QVWLWXWR+LVSDQRÉUDEHGH&XOWXUD
&2520,1$6-RDQ\3$6&8$/-RVp$'LFFLRQDULRFUtWLFRHWLPROyJLFRFDVWHOODQRHKLV
SiQLFR0DGULG*UHGRV%5+9Y DSDUHFLGRVFLQFR
&255$/-RVp/XLV\0$57Ì1(=)UDQFLVFR-RVp©*HRJUDItDH+LVWRULDHQHO3RHPDGH
0LR&LGODORFDOL]DFLyQGH$OFRFHUª5HYLVWDGH+LVWRULD-HUyQLPR=XULWD
&257e6/XLV/©5LWPRFRORU\SDLVDMHHQOD&KDQVRQGH5RODQG\HQHO3RHPDGHO
&LGª%ROHWtQGHOD%LEOLRWHFD©0HQpQGH]3HOD\Rª;;;
&5,$'2 '( 9$/0DQXHO©*HRJUDItDWRSRQLPLDHLWLQHUDULRVGHO&DQWDUGH0LR&LGª
=HLWVFKULIWIU5RPDQLVFKH3KLORORJLH
&UyQLFDGHO&LG&UyQLFDGHOIDPRVRFDYDOOHUR&LG5X\'tD]&DPSHDGRUHG)U-XDQ
GH9HORUDGR%XUJRVDFRVWDGHOPRQDVWHULRGH6DQ3HGURGH&DUGHxDSRU)DGULTXH
$OHPiQGH%DVLOHDHGIDFVtPLO1HZ<RUN.UDXV5HSULQW&R
&UyQLFDGHO5H\'$OIRQVRHO2QFHQRHQ&UyQLFDVGHORV5H\HVGH&DVWLOOD7RPRSUL
PHURHG&5RVHOO0DGULG6XFVGH+HUQDQGR%$(/9,SS
&UyQLFDGH&UyQLFD*HUDOGH(VSDQKDGHHG/)/LQGOH\&LQWUD/LVERD
$FDGHPLD3RUWXJXHVDGD+LVWyULD)RQWHV1DUUDWLYDVGD+LVWyULD3RUWXJXHVD
YUHLPS/LVERD,PSUHQWD1DFLRQDO &DVDGD0RHGDY
&UyQLFDGH9HLQWH5H\HVHG3RZHOO
$OEHUWR0RQWDQHU)UXWRV
&857,86(UQVW5REHUW/LWHUDWXUDHXURSHD\(GDG0HGLD/DWLQDHGRULJLQDODOHPDQD
WUDG \ DGV 0 )UHQN \$$ODWRUUH 0p[LFR )RQGR GH &XOWXUD (FRQyPLFD
Y
'( &+$6&$(GPXQG(ODUWHMXJODUHVFRHQHO©&DQWDUGH0LR&LGªHG0DGULG
*UHGRV%5+,,
' (<(5021' $ODQ ©6WUXFWXUDO DQG VW\OLVWLF SDWWHUQV LQ WKH &DQWDU GH 0LR &LGª HQ
0HGLHYDOVWXGLHVLQKRQRURI5REHUW:KLWH/LQKHU0DGULG&DVWDOLDSS
³HG©0LR&LGª6WXGLHV/RQGRQ7DPHVLV%RRNV
³(O©&DQWDUGH0LR&LGª\ODpSLFDPHGLHYDOHVSDxROD%DUFHODQD6LUPLR%LEOLR
WHFDJHQHUDO
³\+22.'DYLG©7KH$IUHQWDGH&RUSHVDQGRWKHUVWRULHVª/D&RUyQLFD;,)DOO
'2=<56XSSOpPHQWDX[GLFWLRQQDLUHV$UDEHV/H\GH(-%ULOOYHGIDF
VtPLO%H\URXWK/HEUDLULHGX/LEDQ
'8**$1 -RVHSK - 7KH ©&DQWDU GH 0LR &LGª 3RHWLF &UHDWLRQ LQ LWV (FRQRPLF DQG
6RFLDO&RQWH[WV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJH6WXGLHVLQ0H
GLHYDO/LWHUDWXUH
'<(51DQF\-RH©&UyQLFDGHYHLQWHUH\HV· 8VHRIWKH&LG(SLF3HUVSHFWLYHV0HWKRG
DQG5DWLRQDOHª5RPDQFH3KLORORJ\;;;,,,0D\
)/(7&+(55LFKDUG(O&LGHGRULJLQDOLQJOHVDWUDG-6iQFKH]\-&=DSDWH
UR0DGULG1HUHD
)5$'(-$6 /(%5(52-RVp©,QWHQWRGHFRPSUHQVLyQGHO3RHPDGHPLR&LGªHQ3RHPD
GH0LR&LG%XUJRV$\XQWDPLHQWRY,,SS
*$5*$12 $QWRQLR ©7UD GLIHWWR HG HFFHVR GL SURGH]]D$ SURSRVLWR GHOO·HSLVRGLR GH
3HUR9HUP~GH]QHO&DQWDUGHPLR&LGªHQ6WXGLDLQKRQRUHPSURI0GH5LTXHU
%DUFHORQD4XDGHUQV&UHPD-9DOOFRUED(GW,SS
*Ð0(= 025(12ÉQJHO©8QDIRUPDHVSHFLDOGHOWySLFRGHPRGHVWLDª/D&RUyQLFD
³ ©)URQWLQR PHGLHYDO XQD YH] PiVª 5HYLVWD GH )LORORJtD (VSDxROD /;; *28,//$57&KULVWLDQHG7LWH/LYH+LVWRLUH5RPDLQH7RPH;;;/LYUH;/3DULV/HV
%HOOHV/HWWUHV
*UDQFUyQLFDGH$OIRQVR;,HG'&DWDOiQ0DGULG*UHGRV6HPLQDULR0HQpQGH]3LGDO
)XHQWHVFURQtVWLFDVGHODKLVWRULDGH(VSDxD,9Y
*5(,0$6$-'LFWLRQQDLUHGHO·$QFLHQ)UDQoDLVMXVTX·DXPLOLHXGX;O9H VLqFOHHG
UHY3DULV/DURXVVH
*85,e9,;+$UyQ/DVFDWHJRUtDVGHODFXOWXUDPHGLHYDOHGUXVDWUDGHVS
+6.UL~NRYD\9&D]FDUUD0DGULG7DXUXV
+$577KRPDV5©&KDUDFWHUL]DWLRQDQG3ORW6WUXFWXUHLQWKH3RHPDGH0LR&LGªHQ
'H\HUPRQG
+$59(</3©/H\HQGDPRULVFDGH,EUDKLPª1XHYD5HYLVWDGH)LORORJtD+LVSiQLFD
;;;
+(1'5,;:6©0LOLWDU\WDFWLFVLQWKH3RHPRIWKH&LGª0RGHUQ3KLORORJ\;;
+(56/81'0LFKDHO©/H&DQWDUGH0LR&LGHWODFKDQVRQGHJHVWHª5HYXH5RPDQH
+LVWRULD5RGHULFLHG0HQpQGH]3LGDO
+22.'DYLG©3HGUR%HUP~GH]DQGWKH&LG6WDQGDUGª1HRSKLORORJXV/;,,,
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
³ ©2Q &HUWDLQ &RUUHVSRQGHQFHV EHWZHHQ WKH 3RHPD GH 0LR &LG DQG &RQWHPSRUDU\
/HJDO,QVWUXPHQWVª,EHUDURPDQLD;,
³©7KH3RHPDGH0LR&LGDQGWKH2OG)UHQFK(SLF6RPH5HIOHFWLRQVªHQ7KH0H
GLHYDO$OH[RQGHU/HJHQGDQG5RPDQFH(SLF(VVD\VLQ+RQRXURI'DULV-$5RVV
HGG31REOHHWDO0LOOZRRG1<.UDXV,QW3XEOSS
+255(17-XOHV+LVWRULD\SRHVtDHQWRUQRDO©&DQWDUGHO&LGªWUDG-9LFWRULR%DU
FHORQD$ULHO/HWUDVHLGHDV0DLRU
³HG&DQWDUGHPLR&LG&KDQVRQGHPRQ&LG*DQG(G6FLHQWLILTXHV6WRU\6FLHQ
WLD.WpPDWDY
,%1 +8 '$</*DODGH&DEDOOHURV%ODVyQGH3DODGLQHVHG0-9LJXHUD0DGULG(GL
Ú
WRUD1DFLRQDO%LEOLRWHFDGHOD/LWHUDWXUD\HO3HQVDPLHQWR+LVSiQLFRV
-8$1 '( 6$/,6%85< 3ROLFUDWLFXV HG 0$ /DGHUR HW DO 0DGULG (GLWRUD 1DFLRQDO
&OiVLFRVSDUDXQDELEOLRWHFDFRQWHPSRUiQHD
-8$1 0$18(//LEURGHORVHVWDGRVHQVXV2EUDVFRPSOHWDVHG-0%OHFXD0DGULG
*UHGRV%5+,9Y,SS
.$=,0,56.,$GH%LEHUVWHLQ'LFWLRQQDLUH$UDEH)UDQoDLV3DULV0DLVRXQHXYH
YHGIDFVtPLO%H\URXWK/LEUDLULHGX/LEDQVD
.((10DXULFH/DFDEDOOHUtDHGRULJLQDOLQJOHVDYHUVFDVW(H,GH5LTXHU
SUyO0GH5LTXHU%DUFHORQD$ULHO
/ $&$55$ 0DUtD (XJHQLD (O ©3RHPD GH 0LR &LGª 5HDOLGDG KLVWyULFD H LGHRORJtD
0DGULG-RVp3RUU~D
/$&$55$0DUtD-HV~V\&$&+2-XDQ0DQXHO/RLPDJLQDULRHQODFRQTXLVWDGH$Pp
ULFD=DUDJR]D'LSXWDFLyQ*HQHUDOGH$UDJyQ(GV2URHO$UDJyQ\$PpULFD
/( *2))-DFTXHV/RPDUDYLOORVR\ORFRWLGLDQRHQHO2FFLGHQWHPHGLHYDOWUDG$/
%L[LR%DUFHORQD*HGLVD6HULH0HGLDFLRQHV
/LEURGH$OH[DQGUHHG-&DxDV0DGULG(GLWRUD1DFLRQDO%LEOLRWHFDGHOD/LWHUDWX
UD\HO3HQVDPLHQWR+LVSiQLFRV
(O OLEUR GH ODV EDWDOODV HG É *DOPpV GH )XHQWHV 0DGULG *UHGRV &/($0 Y
/20$;'HUHN©7KHGDWHRIWKH3RHPDGH0LR&LGªHQ'H\HUPRQG
/Ð3(= (675$'$)UDQFLVFR3DQRUDPDFUtWLFRVREUHHO3RHPDGHO&LG0DGULG&DVWD
OLD/LWHUDWXUD\6RFLHGDG
/270$1-XULM0\(6&8(/$ '( 7$5786HPLyWLFDGHOD&XOWXUDHG-/R]DQRWUDG1
0pQGH]0DGULG&iWHGUD
/8/,25DLPXQGR/LEURGHOD2UGHQGH&DEDOOHUtDHG-5GH/XDQFRHQ/$GH
&XHQFD)ORUHVWD(VSDxRODGH9DULD&DEDOOHUtDSUyO&*DUFtD*XDO0DGULG(GL
WRUD1DFLRQDOSS
0$15,48(-RUJH3RHVtDVFRPSOHWDVHG9%HOWUiQ%DUFHORQD3ODQHWD&OiVLFRV8QL
YHUVDOHV3ODQHWD
0$5&26 0$5Ì1 )UDQFLVFR HG &DQWDU GH 0LR &LG 0DGULG$OKDPEUD &OiVLFRV PR
GHUQL]DGRV
0$57Ì1(=)UDQFLVFR-RVp©0HWRGRORJtDSDUDODORFDOL]DFLyQGHXQ\DFLPLHQWRPHGLH
YDODWUDYpVGHORVGH(O7RUUHFLG\$OFRFHUªHQ$FWDVGHODV,9 -RUQDGDVVREUH0HWR
GRORJtDGHODLQYHVWLJDFLyQFLHQWtILFDVREUHIXHQWHVDUDJRQHVDV=DUDJR]D,QVWLWXWR
GH&LHQFLDVGHOD(GXFDFLyQ8QLYHUVLGDGGH=DUDJR]DSS
³©(O\DFLPLHQWRPHGLHYDOGH(O7RUUHFLG6tQWHVLVGHODSULPHUDFDPSDxDGHH[FDYD
FLyQª HQ $FWDV GHO HVWDGR DFWXDO GH OD$UTXHRORJOD HQ$UDJyQ HQ SUHQVD GHVGH
GLFLHPEUHGH
$OEHUWR0RQWDQHU)UXWRV
0$57Ì1(= '(/ 9,//$50LJXHO7UDWDGRGHO3DWURQDGR$QWLJHGDGHV*RYLHUQR\9DUR
QHV,OOXVWUHVGHOD&LXGDG\&RPXQLGDGGH&DODWD\XG=DUDJR]D/RUHQ]RGH5REOHV
UHLPSIDFV=DUDJR]D&HQWURGH(VWXGLRV%LOELOLWDQRV,QVWLWXFLyQ©)HUQDQGR
HO&DWyOLFRª
0(1e1'(= 3,'$/ 5DPyQ ©(O 3RHPD GHO &LG \ ODV &UyQLFDV *HQHUDOHV GH (VSDxDª
5HYXH+LVSDQLTXH
³©5RQFHVYDOOHVXQQXHYRFDQWDUGHJHVWDHVSDxROGHOVLJOR;,,ª5HYLVWDGH)LOROR
JtD(VSDxROD,9 ³HG&DQWDUGH0LR&LG7H[WRJUDPiWLFD\YRFDEXODULR0DGULG%DLOO\%DLOOHUHH
KLMRVYUHLPSFRQDGV0DGULG(VSDVD&DOSH2EUDV&RPSOHWDVGH
50HQpQGH]3LGDO,,,9Y
³(QWRUQRDO©3RHPDGHO&LGª%DUFHORQD('+$6$ (O3XHQWH/LWHUDULR
³/D(VSDxDGHO&LGHGHGUHY0DGULG(VSDVD&DOSH2EUDV&RP
SOHWDVGH50HQpQGH]3LGDO9,9,,Y
0,&+$(/,DQ©*HRJUDSKLFDO3UREOHPVLQWKH3RHPDGH0LR&LG,7KHH[LOHURXWHª
HQ0HGLHYDO+LVSDQLF6WXGLHVSUHVHQWHGWR5LWD+DPLOWRQ/RQGRQ7DPHVLV%RRNV
SS
³HG3RHPDGH0LR&LGHG0DGULG&DVWDOLD
0RFHGDGHVGH5RGULJRHG$''H\HUPRQG(SLF3RHWU\DQGWKH&OHUJ\6WXGLHVRQ
WKH©0RFHGDGHVGH5RGULJRª/RQGRQ7DPHVLV%RRNVSS
0217$1(5 $OEHUWR ©/D WRPD GH$OFRFHU 1XHYDV UHIOH[LRQHV VREUH XQ HSLVRGLR GHO
0LR&LGª%ROHWtQGHOD$VRFLDFLyQ&XOWXUDO©0LJXHO0DUWtQH]GHO9LOODUªRFWX
EUH
³ ©(O &LG PLWR \ VtPERORª %ROHWtQ GHO 0XVHR H ,QVWLWXWR ©&DPyQ$]QDUª ;;9,,
0217*20(5< 7KRPDV ©7KH 5KHWRULF RI 6ROLGDULW\ LQ WKH 3RHPD GHO &LGª 0RGHUQ
/DQJXDJH1RWHV
0855$<$OH[DQGHU5D]yQ\VRFLHGDGHQOD(GDG0HGLDHGRULJLQDOLQJOHVDYHUV
FDVW GH - )HUQDQGH] %HUQDOGR GH 4XLUyV UHY \ DFWXDOL]DGD SRU HO DXWRU 0DGULG
7DXUXV(QVD\LVWDV
1(/621'DQD$©´1XQFDGHYULpVQDFHUµFODYHGHODFUHDWLYLGDGGH%HUFHRª%ROHWtQ
GHOD5HDO$FDGHPLD(VSDxROD/9,
2(/6&+/b*(59LFWRU5%HG3RHPDGHO&LG1HZ2UOHDQV'HSDUWPHQWRI6SDQLVK
1HZFRPE&ROOHJH7XODQH8QLYHUVLW\
2/,9(5 $6Ì1-DLPH©2ULJHQiUDEHGHUHEDWRDUUREGD\VXVKRPyQLPRVª%ROHWtQGH
OD5HDO$FDGHPLD(VSDxROD;9 \
2/5,.$[HO©(SLVFKH*HVHW]HGHU9RONVGLFKWXQJª=HLWVFKULIWIU'HDWVFKHV$OWHUWXP
WUDGLQJOHVDDQRWDGD©(SLF/DZVRI)RON1DUUDWLYHªHQ$ODQ'XQ
GHV HG 7KH 6WXG\ RO )RONORUH (QJOHZRRG &OLIIV 1 - 3UHQWLFH+DOO SS
3$/80%23LHWUR©6XOO·LQWHUSUHWD]LRQHGLDOFXRQLOXRJKLGHOOH&RSODVGL-RUJH0DQUL
TXHª0HGLRHYRURPDQ]R,;
3DUWLGDV$OIRQVR;/DV6LHWH3DUWLGDVQXHYDPHQWHJORVDGDVSRUHOOLFHQFLDGR*UH
JRULR/ySH]6DODPDQFDSRU$QGUHDGH3RUWRQDULVYHGIDFVtPLO0DGULG
%ROHWtQ2ILFLDOGHO(VWDGRY
3$77,621 ' * )URP /HJHQG WR &KURQLFOH 7KH 7UHDWPHQW RI (SLF 0DWHULDO LQ$OS
KRQVLQH+LVWRULRJUDSK\2[IRUG7KH6RFLHW\IRUWKH6WXG\RI0HGLDHYDO/DQJXDJHV
DQG/LWHUDWXUH0HGLXP$HYXP0RQRJUDSKV1HZ6HULHV;,,,
³©7KH&LGDQG$OFRFHUª%XOOHWLQRI+LVSDQLF6WXGLHV/; E
/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWHUDULR&DQWDUGHO&LG
3(//(15HQp©3RHPDGH0LR&LG9RFDEXODLUHUpGXLWYRFDEOHVDYHFOHXUIUpTXHQFHJOR
EDOHHWOHXUIUpTXHQFHSDUFKDQWª&DKLHUVGH/LQJXLVWLTXH+LVSDQLTXH0pGLpYDOH
PDUV
32:(//%ULDQ(SLFDQGWKH&KURQLFOH7KH©3RHPDGH0LR&LGªDQGWKH©&UyQLFDGH
9HLQWH5H\HVª/RQGRQ0RGHUQ+XPDQLWLHV5HVHDUFK$VVRFLDWLRQ0+5$ 7H[WVDQG
'LVVHUWDWLRQV
3ULPHUD&UyQLFD*HQHUDOHG50HQpQGH]3LGDOHGUHY0DGULG*UHGRV
YHG UHLPSFRQXQHVWXGLRDFWXDOL]DGRUGH'&DWDOiQYDSDUH
FLGRVGRV
5$06'(1+©7KHWDNLQJRI$OFRFHU&DQWDUGH0LR&LGYYª%XOOHWLQRI+LV
SDQLF6WXGLHV;;;9,
5(<(6$OIRQVRHG3RHPDGHO&LG7H[WR\WUDGXFFLyQ0DGULG%DUFHORQD&ROHFFLyQ
8QLYHUVDO UHHG &DQWDU GHO &LG SUyO 0 GH 5LTXHU 0DGULG (VSDVD&DOSH
6HOHFFLRQHV$XVWUDO
5,48(50DUWtQGH/LWHUDWXUDVPHGLHYDOHVGHWUDQVPLVLyQRUDO%DUFHORQD3ODQHWD+LV
WRULDGHOD/LWHUDWXUD8QLYHUVDO
52'5Ì*8(=38e572/$6-XOLR'HOD(GDG0HGLDDOD(GDG&RQIOLFWLYD0DGULG*UHGRV
%5+,,
5866(//3HWHU(©:KHUHZDV$OFRFHU"&DQWDUGH0LR&LG,,ªHQ+RPH
QDMHD-$YDQ3UDDJ$PVWHUGDP/-9HHQ·V8LWJHYHUVPDDWVFKDSSLM19/LEUH
UtD(VSDxROD©3OXV8OWUDªSSOO
³7HPDVGH©/D&HOHVWLQDª\RWURVHVWXGLRVGHO©&LGªDO©4XLMRWHªWUDG$3pUH]%DU
FHORQD$ULHO/HWLDVH,GHDV0DLRU
60,7+&ROLQ(VWXGLRVFLGLDQRV0DGULG&XSVD(QVD\RV3ODQHWD
³/DFUHDFLyQGHO©3RHPDGH0LR&LGªHGRULJLQDOLQJOHVDWUDGHVS%DUFHOR
QD&UtWLFD)LORORJtD
³©7KHILUVWSURVHUHGDFWLRQRIWKH3RHPDGH0LR&LGª0RGHUQ/DQJXDJH5HYLHZ
63,7=(5/HR©6REUHHOFDUiFWHUKLVWyULFRGHO&DQWDUGH0LR&LGª1XHYD5HYLVWDGH
)LORORJtD+LVSiQLFD,,UHHGHQ(VWLOR\HVWUXFWXUDHQODOLWHUDWX
UD HVSDxROD SUyO ) /i]DUR &DUUHWHU %DUFHORQD &UtWLFD )LORORJtD SS
/DWUDGXFFLyQJDOOHJDGHOD©&UyQLFD*HQHUDOª\GHOD©&UyQLFDGH&DVWLOODªHG5
/RUHQ]R2UHQVH,QVWLWXWRGH(VWXGLRV2UHQVDQRV©3DGUH)HLMyRªY
8%,(72 $QWRQLR (O ©&DQWDU GH 0LR &LGª \ DOJXQRV SUREOHPDV KLVWyULFRV 9DOHQFLD
$QXEDU
:$/70$1)UDQNOLQ0&RQFRUGDQFHWR©3RHPDGH0LR&LGª8QLYHUVLW\3DUN/RQ
GRQ7KH3HQQV\OYDQLD6WDWH8QLYHUVLW\3UHVV
:,77/,1&XUW-HG3HUR/ySH]GH$\DOD/DVGpFDGDVGH7LWR/LYLR7RPR,%DUFH
ORQD3XYLOO%LEOLRWHFD8QLYHUVLWDULD3XYLOO,,,VD
=:(77/(50LFKDHO7KH2UDO7UDGLWLRQRI&ODVVLFDO$UDELF3RHWU\,WV&KDUDFWHUDQG
,PSOLFDWLRQV&ROXPEXV7KH2KLR6WDWH8QLYHUVLW\3UHVV
(/ 32(0$ '(/ &,'&216,'(5$'2
'(6'(/$ 3(563(&7,9$ /,7(5$5,$
'(/$63$57,'$6'($/)2162(/ 6$%,2
325
)5$1&,6&2 /Ð3(= (675$'$
3URIHVRU(PpULWRGHOD8QLYHUVLGDG&RPSOXWHQVHGH0DGULG
3/$17($0,(172 (/ ©32(0$ª< /$6 ©3$57,'$6ª
/RTXHOHVGLUpHQHVWDSRQHQFLDQRIRUPDD~QFXHUSRFRQFUHWR\HVXQDYDQ
FHVREUHHVWXGLRVTXHHVWR\UHDOL]DQGR0LH[SRVLFLyQSDUWHGHGRVH[SHULHQ
FLDVKHOHtGRPXFKDVYHFHVHO3RHPDGHO&LGSDUDUHGDFWDU\SXOLUPLHGLFLyQ
PRGHUQL]DGDGHOWH[WRTXHYDSRUODQRYHQDHQ+DFHXQRVSRFRVDxRV
HQRIUHFtDORVHVWXGLRVRVXQDJXtDELEOLRJUiILFDFRPHQWDGDVREUHHOHVWD
GRGHORVHVWXGLRVGHO3RHPD7HQJRSXHVSRUHVWDSDUWHXQDEDVHVXILFLHQWH
SDUDPLHPSUHVD
/DRWUDSDUWHFRQVLVWHHQTXHKHWHUPLQDGRXQDDQWRORJtDGHODV6LHWH3DU
WLGDV\SDUDHVRKHWHQLGRTXHOHHUPHPDQXVFULWRV\HGLFLRQHVGHOFyGLJRDOIRQ
Vt\FRPHQWDUPXFKDVGHVXVOH\HVHOPDWHULDOIXHWDQDEXQGDQWHTXHGHQWURGH
SRFRDGHPiVGHODDQWRORJtDGHODV3DUWLGDVSXEOLFDUpGRVHVWXGLRVXQRVREUH
XQDSRVLEOHLQWHUSUHWDFLyQXWySLFDGHODV3DUWLGDV \RWURVREUHODSHFXOLDUFRQ
GLFLyQ\FRQWHQLGRVOLWHUDULRVGHHVWDREUDDXQVLHQGRXQWH[WRMXUtGLFR$ HVWH
DVXQWRYR\DUHIHULUPHDTXtGHXQDPDQHUDSDUFLDO
'HHVWRVGRVSRORVGHDWUDFFLyQFRPHQ]DURQDOPHQRVHQPLYLVLyQDVDOWDU
FKLVSDV\DLOXPLQDUVHXQDVFRQVLGHUDFLRQHVTXHTXLHURTXHSRUDKRUDVHFRQVL
GHUHQFRPRHODYDQFHGHXQHQVD\RGHLQWHUSUHWDFLyQGHO3RHPDGHVGHXQDSHUV
3RHPDGHO&LG0DGULG(GFDVWDOLD&ROHFFLyQ©2GUHV1XHYRVªYHUVLyQPpWULFD\SUy
ORJRGH)UDQFLVFR/ySH](VWUDGDHGUHQRYDGD
)UDQFLVFR/Ð3(= (675$'$3DQRUDPDFUtWLFRVREUHHO©3RHPDGHO&LGª0DGULG(G&DVWDOLD
FROHFFLyQ©/LWHUDWXUD\6RFLHGDGª
+DDSDUHFLGRFRQHOWtWXORGH©(OVHQWLGRXWySLFRGHODV3DUWLGDVªHQ/DV8WRStDVHQHOPXQ
GRKLVSiQLFR0DGULG&DVDGH9HOi]TXH]8QLYHUVLGDG&RPSOXWHQVHSS
(QXQQ~PHURSUy[LPRGH,PSUHYXHGHGLFDGRDOD(GDG0HGLD
(O3RHPDGHO&LGFRQVLGHUDGRGHVGHODSHUVSHFWLYDOLWHUDULDGHODV3DUWLGDVGH$OIRQVRHO6DELR
SHFWLYD UHQRYDGRUD (Q SULPHU OXJDU SXHGR \D SUHFLVDU TXH PL SRQHQFLD YHUVD
VREUHXQDLQWHUSUHWDFLyQGHODSRpWLFDGHOFDQWDUGHO&LGSDUWLHQGRGHODVPDQL
IHVWDFLRQHV TXH KD\ GHQWUR GH ODV 3DUWLGDV /RV DVSHFWRV MXUtGLFRV VHUiQ FRP
SOHPHQWDULRV\PHVLUYHQSDUDFRUURERUDUODVFXHVWLRQHVSRpWLFDVGHODREUD/RV
GDWRVHQMXHJRVRQHVFDVRVVLVHFRPSDUDQFRQORVTXHKDREWHQLGRHQXQWUDED
MRSDUDOHORDHVWHPtRHOSURIHVRU)HUQDQGR*yPH]5HGRQGRTXHKDSXEOLFDGR
UHFLHQWHPHQWHXQDUWtFXORVREUHODVIRUPDVSRpWLFDVFRQWHQLGDVHQODREUDKLVWy
ULFDGHO5H\6DELRODV3DUWLGDVREUDMXUtGLFDGDQSDUDPHQRV\HQHVWHFDVR
YR\DOLPLWDUPHDOHVWXGLRGHORVWHVWLPRQLRVVREUHODpSLFDGHMDQGRRWURVGHODGR
(QHIHFWRHQODV3DUWLGDVKD\DOJXQDVHVSHFLILFDFLRQHVTXHSODQWHDQFXHV
WLRQHVGHLQWHUpVSDUDODpSLFDPHGLHYDOYHUQiFXODHQHVWHFDVRODFDVWHOODQD
\TXHDSOLFRDXQDFRQVLGHUDFLyQFUtWLFDVREUHQXHVWUR3RHPDGHO&LG
'HVGHXQSXQWRGHYLVWDPHWRGROyJLFRPLRSLQLyQHVTXHHQHOHVWXGLRGHOD
OLWHUDWXUDSULPLWLYDWRGDFDXWHODHVSRFDVLHQJHQHUDOVHFRQYLHQHHQTXHWRGR
DYDQFHHQHOFRQRFLPLHQWRWDQWRGHORVKHFKRVKLVWyULFRVFRPRGHORVGHOSUH
VHQWHTXHQRVURGHDHVFRQMHWXUDOORTXHGLJRYDOHVyORSDUDTXHVHLQWHUSUHWH
FRPRXQDFHUFDPLHQWRDXQDUHDOLGDGRVFXUDTXHORVLQYHVWLJDGRUHVWUDWDPRVGH
DFODUDUFDGDFXDODQXHVWUDPDQHUD3RUHVRPHDWUHYHUpDXVDUXQDWpFQLFDTXH
QRHVFRP~QODVUHODFLRQHVTXHHVWDEOHFHUpKDQGHLUGHVGHODV3DUWLGDVKDFLD
HO3RHPDRVHDHQODGLUHFFLyQFRQWUDULDHQTXHHVFRP~QSODQWHDUODVFXHV
WLRQHVKLVWyULFDV/DV3DUWLGDVVHJ~QODVRSLQLRQHVPiVFRPXQHVIXHURQHVFUL
WDVLQLFLDOPHQWHHQYLGDGH$OIRQVR;HQWUH\\VXWH[WRIXHSURQWR
UHHODERUDGR DO PHQRV HQ SDUWH GH PDQHUD TXH OOHJDURQ D REWHQHU VX HQWLGDG
FRPRWUDWDGRMXUtGLFRHQODIRUPDGRFWULQDOHQTXHVHKDQGLIXQGLGRHQ
(VWRVLJQLILFDTXHQRVVLWXDPRVHQODVHJXQGDPLWDGGHOVLJOR;,,,HQODTXHHO
FyGLJRDGRSWDHQORVHVFULWRULRVUHDOHVODFRQVWLWXFLyQTXHQRVKDOOHJDGR
(QODRWUDSDUWHWHQHPRVHOJUDYHSUREOHPDGHODIHFKDGHO3RHPDGHO&LG
'HVGHODUHDOLGDGDEVROXWDGHXQPDQXVFULWRGHOVLJOR;,9GLVSRQHPRVGHOGDWR
GHTXHXQ3HU$EEDWORKDEtDHVFULWRHQHODxRGHOD(UDGHQXHVWUR
FyPSXWRFRSLDQGRHOWH[WRGHRWURPDQXVFULWRGHVFRQRFLGRSDUDQRVRWURV(Q
PXULyHO&LG\SRUWDQWRGLVSRQHPRVGHSRFRPiVGHXQVLJORSDUDTXH
ODREUDKD\DVLGRFRPSXHVWDQRSODQWHDPRVFyPRQLFXiQGRGLIXQGLGDSRUOD
YtDRUDO\WDPELpQSRUODHVFULWDHQXQDVXFHVLyQGHPDQXVFULWRVTXHQRVFRQ
GXFHQDORPHQRVKDVWD3RFRWLHPSRSXHVSDUDODHODERUDFLyQpSLFDGH
XQSRHPDGHHVWDHQYHUJDGXUD< HOEDLOHGHIHFKDVGHORVFUtWLFRVHVJUDQGH
GHVGH3LGDOFDEH]DGHORVKLVWRULFLVWDVDFHUFiQGRODDODSURSXHVWDGHODV
YHUVLRQHVVXFHVLYDVGH+RUUHQWTXHVLW~DGHVSXpVGHODYHUVLyQFRQVHUYD
GD5XVVHOOGHVSXpVGHKDVWD0LFKDHOILQHVGHO;,,RFRPLHQ]RVGHO;,,,
HWF1RHQWUDPRVHQHOEDLOHSRUTXHSDUDQXHVWURREMHWRVtSRGHPRVDVHJXUDU
TXHORVOHJLVODGRUHVTXHUHGDFWDURQODV3DUWLGDVSXGLHURQWHQHURFDVLyQGHFRQR
FHUHO3RHPD³pVWHXRWURGHODVHULH³HQWUHODVGLIHUHQWHVREUDVOLWHUDULDVHQ
OHQJXDYHUQiFXODTXHDOFDQ]DUDQHQWRQFHVDRtUROHHU1RKD\RFDVLyQSDUDTXH
HO3RHPDVHPHQFLRQHHQODV3DUWLGDVSXHVHVREUDTXHWLHQHXQILQMXUtGLFR
)HUQDQGR*Ð0(= 5('21'2©7HUPLQRORJtDJHQpULFDHQOD(VWRULDGH(VSDxDDOIRQVtª5HYLVWD
GH/LWHUDWXUD0HGLHYDO,SS
)UDQFLVFR/ySH](VWUDGD
IXQGDPHQWDOVLQHPEDUJRODSHFXOLDUUHGDFFLyQTXHSUHVHQWDQHQODIRUPDWUDQV
PLWLGDKDFHQGHHOODVXQDREUDFRQXQDSDUWLFLSDFLyQHQODOLWHUDWXUDFX\DHVWL
PDFLyQKD\TXHFUHFHU\pVWDHVPLSRVLFLyQHQHODVXQWR3RUHVRPHSDUHFH
TXHHVFRQYHQLHQWHPDWL]DUODFODVLILFDFLyQJHQpULFDGHODV3DUWLGDVHVWHOLEUR
HVXQFyGLJRMXUtGLFRSHURFRQFHELGRFRQXQFULWHULRDELHUWRGHWDOPDQHUDTXH
FRQWLHQHXQDVXFHVLyQGHOH\HVSHURQRGHODPDQHUDFRP~QHQORVIXHURVORFD
OHV\TXHHQHVWRYDPiVDOOiGHOPLVPR)XHUR-X]JR\GHO)XHUR5HDOHQHIHF
WRPLLQWHQFLyQHVQRWDUTXHHQPXFKRVOXJDUHVODV3DUWLGDVDGRSWDQODIRUPD
GHOWUDWDGRRH[SRVLFLyQVDSLHQFLDOFRQHVWDFLWDGHDXWRULGDGHV\HVWiQHVFUL
WDVHQXQDUHGDFFLyQFXLGDGDHQODTXHHODUWHGHODUHWyULFDKDLQWHUYHQLGRHQ
DEXQGDQFLDFRPRORSUXHEDSRUFLWDUXQHMHPSORODDEXQGDQFLDGHODVFRPSDUD
FLRQHVRVHPHMDQ]DV3RURWUDSDUWHHOOHJLVODGRUHVFULEHXQWH[WRFRQXQFRQ
WHQLGR SURSLR GHO 'HUHFKR QRWDEOHPHQWH UD]RQDGR HQ OD H[SRVLFLyQ FRQ XQD
FRQFLHQFLDGHODH[SUHVLyQHVFULWDTXHVHFXLGDGHIRUPXODUFRQSUHFLVLyQ\FX\RV
SUREOHPDVSODQWHDHQHOPLVPRFXUVRGHODH[SRVLFLyQOHJDO/RPLVPRTXHHQ
ODVRWUDVREUDVDOIRQVtHVORTXHHOUH\SUHWHQGHHVTXHHOTXHOHHODREUDRHO
TXHODR\HSRUTXHVHODOHHQWHQJDEDVWDQWHFRQHOWH[WRHVFULWRSDUDHQWHQGHU
GHXQDPDQHUDFODUD\SUHFLVDHOFRQWHQLGRQRHVQHFHVDULRXQPDHVWURHQOH\HV
TXH OD FRPHQWH SXHV OD JORVD VH KDOOD HPEHELGD HQ HO PLVPR FXUVR GHO WH[WR
OHJDO(VXQWUDWDPLHQWRGLIHUHQWHGHORTXHRFXUUHFRQORVWH[WRVGHVWLQDGRVD
OD8QLYHUVLGDGGHODpSRFDTXHVRQHOIXQGDPHQWRGHODOHFFLyQGHOPDHVWUR
0iVDGHODQWHFXDQGRODV3DUWLGDVDVHJXUHQVXFDWHJRUtDGHFyGLJREiVLFRGHOD
OH\FDVWHOODQD\GHVSXpVHVSDxRODUHFLELUiQODJORVDGHORVMXULVWDVTXHFRPHQ
WDURQHOWH[WRDQWLJXRREMHWRGHQXHVWUDFRQVLGHUDFLyQ3UHFLVDPHQWHHQHVDSDU
WHGHOFRQWHQLGRTXHERUGHDODPDWHULDHVWULFWDPHQWHMXUtGLFDGHODREUDHQFRQ
WUDUHPRVORVGDWRVTXHTXHUHPRVUHODFLRQDUFRQHO3RHPDGHO&LG
/$ /(< ,,'( /$6 ©3$57,'$6ª(/ (175(7(1,0,(172 '(/ &$%$//(52
/RTXHTXLHURGHVWDFDUHVTXHODV3DUWLGDVVHDEUHQWDPELpQKDFLDHOKHFKR
GHODOLWHUDWXUDFRPRUHDOLGDGVRFLDOFRQODTXHFXHQWDHOOHJLVODGRU3RUWDQWR
HOTXHKR\OHDODV3DUWLGDVQRFRPRXQHVWULFWROLEURGHOH\HVVLQRFRPRXQ
WUDWDGRMXUtGLFRDELHUWRDRWUDVPXFKDVFRQVLGHUDFLRQHVSXHGHSUHVHQWLULQWXLU
\DGLYLQDUORTXHKD\DSRGLGRVHUODUHDOLGDGSRpWLFDGHODpSRFDSULPLWLYDGH
QXHVWUDOLWHUDWXUDYHUQiFXODWDQHVFDVDSDUDQRVRWURVWDQWRHQREUDVFRPRHQ
GRFXPHQWRVLQIRUPDWLYRVeVHVHUiPLILQKDVWDTXpSXQWRSRGUHPRVFRQFHU
WDUORTXHGLFHQODVOH\HVGHODV3DUWLGDVFRQHO~QLFRPRQXPHQWRFDVLFRP
SOHWRTXHFRQVHUYDPRVGHODpSLFDHVSDxROD&LHUWRTXHHVWR\DVHKDDSURYH
FKDGRHQSDUWHSHURPLLQWHQFLyQHVLUORPiVOHMRVSRVLEOHHQHVWHUDVWUHRGH
XQDSRVLEOHUHVRQDQFLDGHO3RHPDSRUHQWUHHOJUDQULPHURGHOH\HVTXHUHX
QLHURQHQIRUPDRUGHQDGDORVOHJLVODGRUHVGHOUH\
+D\TXHSURFHGHUFRQWLHQWREXVFDQGRODVRFDVLRQHVPiVFRQYHQLHQWHVDVt
HQFRQWUDPRVXQSULPHUWHVWLPRQLRHQODOH\,,(VVDELGRTXHHVWD3DU
WLGDVHJXQGDHVFRPRXQHVSHMRGHSUtQFLSHVWUD]DODILJXUDLGHDOGHOUH\\D
VXDOUHGHGRUODGHORVTXHOHD\XGDQHQODODERUGHOJRELHUQR\HQXQFtUFXOR
PiVDPSOLRVHUHILHUHWDPELpQDORVFDEDOOHURVHQORVTXHIXQGDPHQWDVXSRGHU
SROtWLFR3XHVVREUHORVFDEDOOHURVGLFHORVLJXLHQWH
(O3RHPDGHO&LGFRQVLGHUDGRGHVGHODSHUVSHFWLYDOLWHUDULDGHODV3DUWLGDVGH$OIRQVRHO6DELR
/H\;;&yPRDQWHORVFDYDOOHURVGHYHQOHHUORVJUDQGHVIHFKRVGH
DUPDVTXDQGRFRPLHUHQ
$SXHVWDPLHQWHWRYLHURQSRUELHQORVDQWLJXRVTXHID]LHVHQORVFDYD
OOHURVHVWDVFRVDVTXHGLFKDVDYHPRVHQODOH\DQWHGHVWD(SRUHQGHRU
GHQDURQTXHDVVtFRPRHQWLHQSRGHJXHUUDDSUHQGLHVHQIHFKRG·DUPDV
SRUYLVWDHSRUSUXHYDTXHRWURVtHQWLHQSRGHSD]ORDSULVLHVHQSRURtGD
H SRU HQWHQGLPLHQWR ( SRU HVWR DFRVWXQEUDYDQ ORV FDYDOOHURV TXDQGR
FRPLHQTXHOHVOH\HVHQDODVHVWRULDVGHORVJUDQGHVIHFKRVG·DUPDVTXH
ORVRWURVID]LHUDQHORVVHVRVHORVHVIXHUoRVTXHRYLHUHQSDUDVDEHUORV
YHQoHUHDFDEDUORTXHTXHULHQ(DOOtGRQRQDYLHWDOHVHVFULSWXUDVID
]LHQVHORVEUHWUDHUDORVFDYDOOHURVEXHQRVDQoLDQRVTXHVHHQHOORDoHU
WDYDQ(VLQWRGRHVWRDXQID]LHQPiVTXHORVMXJODUHVTXHQRQGL[LH
VHQ DQW·HOORV RWURV F FDQWDUHV VLQRQ GH JHVWD R TXH IDEODVHQ GH IHFKR
G·DUPDV(VVRPHVPRID]LHQTXHTXDQGRQRQSRGLHQGRUPLUFDGDXQR
HQVXSRVDGDVHID]LHOHHUHUHWUDHUHVWDVFRVDVVREUHGLFKDV(HVWRHUD
SRUTXHR\pQGRODVOHVFUHoLHQORVFRUDoRQHVHHVIRUoDYDQVHID]LHQGRELHQ
HTXHULHQGROOHJDUDORTXHORVRWURVID]LHUDQRSDVDUDQSRUHOORV
(OWHVWLPRQLRTXHDSRUWDHVWDFLWDHVGHXQJUDQLQWHUpVSDUDODKLVWRULDOLWH
UDULDSXHVQRVLQIRUPDVREUHODUHFHSFLyQGHHVWDSRHVtD\VHxDODODFRQGLFLyQ
GHOS~EOLFRFRQXQDYDOLGH]TXHSXHGHDPSOLDUVHKDFLDXQiPELWRHXURSHR<
pVWHHVXQDVSHFWRTXHODFUtWLFDDFWXDOSODQWHDFRQLQVLVWHQFLD(QHOPiVUH
FLHQWHGHORVDUWtFXORVGH(ULFKYRQ5LFKWKRIHQUHSDVDQGRORVPXFKRVSUREOH
PDVTXHWLHQHSODQWHDGDODpSLFDPHGLHYDOHXURSHDHVFULEH©-HGLUDLVHXOHPHQW
TXHSDUPLOHVTXHVWLRQVjSRVHUGHQRXYHDXODSOXVLPSRUWDQWHPHSDUDvWrWUH
FHOOHTXLVHUpIqUHDO·LQIOXHQFHTXHO·DXGLHQFHDSXH[HUFHULQGLUHFWHPHQWVXU
O·DXWHXUª
/DUHFHSFLyQGHODREUDHVXQDVSHFWRTXHKR\QRVLPSRUWDPXFKRUHSUH
VHQWDXQPRWLYRGHODVRFLRORJtDOLWHUDULDSXHVWDGHUHOLHYHSRUODFUtWLFDDFWXDO
3HUR£TXpGLItFLOUHVXOWDFRQRFHUDOJRGHHVWDpSRFDSULPLWLYDVREUHWRGRVLTXH
UHPRVKDFHUORVLQSUHMXLFLRV< HQHVWHFDVR5LFKWKRIHQSODQWHDXQRGHORVPR
WLYRVTXHFDEHDSOLFDUDOD©KLVWRULDªGHOWH[WRpSLFRDFWXDUtDHQORVSRHPDV
XQDFRQVWDQWHUHFUHDFLyQHQODTXHHVWDLQIOXHQFLDGHOS~EOLFRVREUHHO©DXWRUª
SRGUtDSXOLUUHWRFDU\UHKDFHUODPDWHULDWH[WXDOIDYRUHFLHQGRXQDVSDUWHVPR
GLILFDQGRRWUDVUHFKD]DQGRHLQFRUSRUDQGRRWUDVQXHYDVVLDVtFRQYHQtD\HVWR
HQ JUDGRV GLYHUVRV VHJ~Q VH WUDWDVH GH OD LQWHUSUHWDFLyQ YRODQGHUD GHO MXJODU
GLIHUHQWHHQXQDDXGLFLyQHQXQOXJDUS~EOLFRDQWHR\HQWHVGHOSXHEORKXPLO
GH D OR TXH VHUtD HQ XQ UHFLWDO DQWH FDEDOOHURV R GH OD ODERU PDQXVFULWD GHO
HVFULEDQR
(OWH[WRGHODV3DUWLGDVHVSUHFLRVRSRUFXDQWRPHQFLRQDHVSHFtILFDPHQWHD
HVWRVFDEDOOHURVTXHHQOH\HVDQWHULRUHVVHKDGLFKRTXHURGHDQDOUH\\VRQVX
'DGRHOJUDYHSUREOHPDTXHSODQWHDODFLWDGHODV3DUWLGDVPHYDOJRGHOWH[WRFRUUHVSRQ
GLHQWHDOPDQXVFULWRGHOVLJOR;,9GHOD%LEOLRWHFD1DFLRQDOGH0DGULGYpDVH-HUU\5
&5$''2&.7KH/HJLVODWLYH:RUNVRI$OIRQVR;HO6DELR/RQGUHV*UDQWDQG&XWLHU$K
(ULFK 921 5,&+7+2)(1 ©$QFLHQV SUREOqPHV pSLTXHV HW OHXU VROXWLRQV SDUWLHOOHV 4XHOTXHV
LQGLFDWLRQVª2OLIDQWS
)UDQFLVFR/ySH](VWUDGD
DSR\R SROtWLFR (V FLHUWR TXH OD 3ULPHUD 3DUWLGD OD LQLFLDO HVWi GHGLFDGD D
FXHVWLRQHVUHOLJLRVDVSHUROD6HJXQGD\DPRQWDXQDSDUDWRSROtWLFRSURSLRHQ
HOTXHHOJRELHUQRVHLQVWLWX\HFRQPHGLRVFLYLOHV\XQRPX\LPSRUWDQWHHV
OD IRUPDFLyQ FRUWpV GH ORV FDEDOOHURV HQ OD TXH OD OLWHUDWXUD LQWHUYLHQH DFWL
YDPHQWH/DOH\TXHHVWDPRVFRPHQWDQGRORSUXHED(QHOODVHHVWDEOHFHXQD
WHRUtDGHODFRQGXFWDEpOLFDHOFDEDOOHURDSUHQGHVXRILFLRFRQODSUiFWLFDGH
ODJXHUUDVREUHHOFDPSRGHEDWDOODFRQHOHMHUFLFLRGHODVDUPDV3HURWDP
ELpQVHSUHFRQL]DRWUDPDQHUDGHDSUHQGHUODWHyULFDSRURtGDRVHDDOFDED
OOHUROHOHHQHQYR]DOWDORVOLEURV\SRUHQWHQGLPLHQWRRVHDDWUDYpVGHXQD
DFWLYLGDG LQWHOHFWXDO< FRQ HVWR HO FDEDOOHUR FRQILUPD OR TXH HQ WLHPSR GH
JXHUUD HV YLVWD \ SUXHED DFWLYLGDG SHUVRQDO HQ OD TXH VH DVHJXUD VX IXQFLyQ
VRFLDOHQHOUHSDUWRGHODVIXQFLRQHVSURSLDVGHODVFODVHVVRFLDOHVGHOD(GDG
0HGLD
$OIRQVR ; SUHWHQGH HQ RWUDV OH\HV DQWHULRUHV D OD 3DUWLGD VHJXQGD XQLU
VDEHU\SRGHUtRHQHOUH\\HOPRGHORVHUHSLWHHQORVFDEDOOHURV6L$OHMDQGUR
OOHJyDVHUHOKpURHPHGLHYDOSRUH[FHOHQFLDIXHSRUTXHDSUHQGLyFOHUHFtDFRQ
$ULVWyWHOHV\HVROHDEULyOXHJRODYtDGHOHVIXHU]R\ODYLFWRULDEpOLFDV$OIRQ
VRHVWDEOHFHXQDYtDOLWHUDULDSDUDTXHVXVFDEDOOHURVVHSUHSDUHQSDUDODJXH
UUD\GHHVWRKDFHOH\HVGHFLUGHUHFKRSHURGHXQDSHFXOLDUFRQGLFLyQ6HWUD
WD GH SURPXOJDU XQD SHGDJRJtD GHO HVIXHU]R EpOLFR \ SDUD HVWR HVWDWX\H FRQ
SUHFLVLyQORVPHGLRVFRQYHQLHQWHVTXHVRQORVH[HPSORVRHMHPSORVTXHVHUiQ
XQ UHODWR FRQYLQFHQWH GHO TXH UHVXOWH OD OHFFLyQ< HVWRV PHGLRV VRQ ORV TXH
H[DPLQDUHPRVDFRQWLQXDFLyQ
/$6 ©+,6725,$6ª&202 (175(7(1,0,(172
(QSULPHUOXJDUKHPRVOHtGRTXHODVKLVWRULDVHVXQDGHODVPDQLIHVWDFLR
QHV ©OLWHUDULDVª TXH R\HQ ORV FDEDOOHURV PLHQWUDV FRPHQ HQ VXV FDVDV R HQ OD
&RUWHGHORVVHxRUHVRGHOUH\(VWRFRQILUPDXQRGHORVPRWLYRVSRUORVTXH
$OIRQVR;KL]RTXHVHHVFULELHVHQHQVXHVFULWRULRUHDOODVKLVWRULDVGH(VSDxD
\ODJHQHUDO+HDTXtXQXVRHVSHFtILFRGHORVWDOHVOLEURVHVWDEOHFLGRHQORTXH
HOUH\TXLHUHTXHVHFRQYLHUWDHQKiELWRVRFLDOGHVXVFDEDOOHURV(VELHQVDEL
GR TXH HVFULELU KLVWRULD DQWHV IXQFLyQ GH HFOHVLiVWLFRV FRPR /XFDV GH7X\
&KURQLFRQPXQGL\5RGULJR-LPpQH]GH5DGD+LVWRULD
JRWKLFD\OD+LVWRULDDUDEXPSDVDFRQ$OIRQVRDVHUGHODFRPSHWHQFLDGHO
HVFULWRULRUHDOWRGRHVWRHVWiDFRUGH\HQFRQVRQDQFLDFRQORTXHODVOH\HVHVWD
WX\HQHQHOFDVRLQGLFDGRSDUDTXHODKLVWRULDWHQJDXQILQHQODIXQFLyQSROtWL
FD\VRFLDOTXHOHDVLJQDHOOHJLVODGRUHOPLVPRUH\SURYHHDOD&RUWHGHODV
KLVWRULDVTXHFRQYLHQHOHHUDORVTXHODIRUPDQ\FRQYLHUWHHVWRHQOH\
(/ ©5(75$(5ª
(QVHJXQGROXJDUILJXUDXQRUGHQGHLQIRUPDFLyQTXHHVWiHQWUHODQRWLFLD
SHUVRQDO\HOUHODWRRUJDQL]DGRHOUHWUDHUGHORVYLHMRVFDEDOOHURV4XpVHDHVWH
UHWUDHUDSHQDVVHFRQRFH\QRVHKDHVWXGLDGR3RUIRUWXQDODVSURSLDV3DUWLGDV
WUDHQXQDOH\GHGLFDGDDHVWR,,
(O3RHPDGHO&LGFRQVLGHUDGRGHVGHODSHUVSHFWLYDOLWHUDULDGHODV3DUWLGDVGH$OIRQVRHO6DELR
/H\;;;4XiQWDVFRVDVGHYHQVHUWUDWDGDVHQHOUHWUDHU
5HWUDHUHQORVIHFKRVRHQODVFRVDVFyPRIXHURQRVRQRSXHGHQVHU
HV JUDQW ELHQ HVWDQoLD D ORV TXH HQ HOOR VDEHQ DYHQLU ( SDUD HVWR VHHU
IHFKRFRPRFRQYLHQHGHYHQ\VHHUFDWDGDVWUHVFRVDVWLHQSRHOXJDUH
PDQHUD7LHQSR GHYH FDWDU TXH FRQYHQJD D OD FRVD VREUH TXH TXLHUDQ
UHWUDHUPRVWUDQGRSRUEXHQDSDODEUDRSRUEXHQHQ[HQSORRSRUEXHQD
ID]DxDRWUDTXHVHPHMHFRQDTXHOODSDUDDODEDUODEXHQDRSDUDGHVDWDU
ODPDOD(RWURVtGHYHQFDWDUOXJDUGHJXLVDTXHORTXHUHWUD\HUHTXHOR
GLJDQDWDOHVRPQHVTXHVHDSURYHFKHQGHOORDVtFRPRVLTXLVLHUHQFDV
WLJDU D RQPH HVFDVR GL]LpQGROH HQ[HQSORV GH RPQHV JUDQGHV H HO FR
EDUGHGHORVHVIRUoDGRV< PDQHUDGHYHQFDWDUSDUDUHWUDHUGHJXLVDTXH
GLJDQSRUSDODEUDVFRQSOLGDVHDSXHVWDVORTXHGL[LHUHQHTXHVHPHJHTXH
VDEHQELHQDTXHOORTXHGL]HQ2WURVtTXHDTXHOORVDTXLHQORGL[LHUHQ
D\DQVDERUGHORRLUHGHORDSUHQGHU>@
/RTXHDTXtVHGLFHDSHQDVKDFRQWDGRHQODLGHQWLILFDFLyQGHORTXHVHUtD
ODUHDOLGDGSRpWLFDGHODpSLFDPHGLHYDO\TXHKDGHWHQHUVHHQFXHQWDSDUDHO
3RHPDGHO&LGPDQXVFULWRSRU3HGUR$EDGTXHHVSRUD]DUHOPD\RUH[SRQHQWH
FDVWHOODQRGHODpSLFD3RUGHSURQWRODPLVPDSDODEUDHVXQSUREOHPDOLQJtV
WLFRTXHQRSXHGRH[SRQHUDTXt5HWUDHUVHHQFXHQWUDHQWH[WRVFOHULFDOHVFRQ
ODDFHSFLyQGH©FRQWDUUHIHULUªWDOFRPRVHGHVSUHQGHGHOWH[WROHJDO\DOPLV
PRWLHPSRVHDFXVDODRWUDVLJQLILFDFLyQGH©YLWXSHUDUHFKDUHQFDUDªTXHHV
HOVHQWLGRTXHDSDUHFHHQHOOp[LFRGHO3RHPDGH0HQpQGH]3LGDO6LQHPEDU
JRHOWpUPLQRHQFXHVWLyQDSDUHFHVyORDOILQGHO3RHPDHQORVYHUVRV
\(QHVWDPHQFLyQVHGDODSULPDFtDDODVLJQLILFDFLyQ
PHQFLRQDGDTXHHVSRVLEOHSHURDUJX\RTXHHQWRGRVORVFDVRVRFXUUHTXHVH
FXHQWDDOJRSDUDELHQRSDUDPDODVt©ORTXHFXQWLyGHOOHyQª\
©UHWUDHUYRVORKDQHQYLVWDVRHQFRUWHVªGLFHGRxD6RODORVLQIDQWHV
FXDQGRODVD]RWDQ\HQRWUDVHKDEODGH©UHWUDHUODEDUEDªGHO&LGR
VHDFRQWDUDOJRGHHOOD'LHJR*RQ]iOH]GLFHTXHORVXFHGLGRFRQODVKLMDVGHO
&LGOHVVHUiUHWUDtGRRVHDTXHVHFRQWDUiHQS~EOLFR3RUWDQWRORTXH
GLFHQODV3DUWLGDVFRQYLHQHFRQHODUFRGHVLJQLILFDFLRQHVGHO3RHPDSXHVHO
UHWUDHUVXSRQHSULPDULDPHQWHXQDFRPXQLFDFLyQTXHVHKDFHDXQJUXSRDXQ
S~EOLFR< SDUDORJUDUHOPHMRUHIHFWRHOUHWUDHUWLHQHTXHKDFHUVHFRQXQDFLHU
WD GLVFLSOLQD RUDO SDUD OD TXH VH UHTXLHUH DOJXQD H[SHULHQFLD TXH SXHGH SDU
WLFLSDUGHODUWHOLWHUDULRDSOLFDGRDORTXHFRQYHQJDDTXtHQHVWHFDVRORVYLH
MRVFDEDOOHURVSXHGHQFRQWDUVXH[SHULHQFLDHQODJXHUUDVLELHQHQRWURVFDVRV
SXHGHXVDUVHHOUHWUDHUFRQRWURILQSHUVRQDORVRFLDO(OVHQWLGRGHODSDODEUD
FRPR©YLWXSHUDURHFKDUHQFDUDDOJRªHVVXEVLGLDULRIUHQWHDOEiVLFRTXHHVHO
GHQDUUDUHQIRUPDDGHFXDGD3RUWDQWRVHJ~QODV3DUWLGDVHQRFDVLyQSURSLFLD
WLHPSR\OXJDUHOUHWUDHUGHEHKDFHUVHFRQSDODEUDVFXPSOLGDV\DSXHVWDV\
GHWDOPDQHUDTXHVHPHMHTXHVDEHQELHQORTXHGLFHQ\DGHPiVUHTXLHUHXQRV
&RSLRVyORGHOPDQXVFULWRLQGLFDGRHQODQRWDXQDSDUWHGHODOH\ORTXHVHUHILHUHDOUH
WUDHUSXHVHQODPLVPDOH\VLJXHOXHJRORTXHWRFDDORV©MXHJRVªGHSDODEUDTXHQRQRVDIHFWDSDUD
ODSRHVtDpSLFD
5DPyQ 0(1e1'(= 3,'$/ &DQWDU GH 0LR &LG 0DGULG (VSDVD&DOSH WHUFHUD SDUWH
9RFDEXODULR,,SVY©UHWUDHUª
)UDQFLVFR/ySH](VWUDGD
R\HQWHVTXHORDFRMDQFRQJXVWR7HQHPRVUHXQLHQGRHVWDVXPDGHFRQGLFLRQHV
XQDVH[LJHQFLDVTXHFRLQFLGHQFRQODVTXHODFUtWLFDDFWXDOFRQVLGHUDFRPRSUR
SLDVGHOKHFKROLWHUDULR
+HDTXtHOWpUPLQRFRQHOTXHKD\TXHFRQWDUHOUHWUDHUTXHFRPRVHGLMR
HQODOH\,,SXHGHQUHDOL]DUORVFDEDOOHURVEXHQRVDQFLDQRV3RUGHSURQ
WRGHLQPHGLDWRQRKD\QLQJXQDUHODFLyQGLUHFWDRLQPHGLDWDSRVLEOHSXHVKD\
SRUPHGLRXQHVSDFLRFURQROyJLFRLQVDOYDEOHQLGRQ5RGULJRQLQLQJXQRGHVXV
FDEDOOHURVYLYtDQFXDQGRVHHVFULEHQODV3DUWLGDV6LQHPEDUJR\\DHQHOGRPL
QLRGHODKLSyWHVLVVHSXHGHSURSRQHUTXHHQWLHPSRVGH$OIRQVR9,\ORVUH\HV
TXHOHVLJXLHURQSXGRKDEHUXQDSUiFWLFDVHPHMDQWHTXHKXELHVHSHUPLWLGROD
LQIRUPDFLyQVREUHORVKHFKRVSRUSDUWHGHORVPLVPRVWHVWLJRV1RVHWUDWDUtD
HQWRQFHVGHMXJODUHVVLQRGHFDEDOOHURV3HURHVWRHVFXHVWLyQTXHGHMDPRVGH
ODGRSXHVORTXHLPSRUWDDTXtWUDWDUHVHOWH[WR\HO©FRQWH[WRªGHODV3DUWLGDV
< D~QFRQYLHQHKDFHURWURFRPHQWDULRTXHHVHOTXHKDFHQDOJXQRVFUtWLFRV
HQUHODFLyQFRQGDWRVTXHSURFHGDQGHODV3DUWLGDV\HVTXHKD\XQDFXHVWLyQ
GHIRQGRSUHYLDTXHSODQWHDU6HWUDWDGHXQFyGLJRTXHSUHWHQGHXQDOHJLVOD
FLyQORPiVSHUIHFWDSRVLEOH\FX\DYLJHQFLDVyORVHHVWDEOHFHSRVWHULRUPHQWH
\FRQGLFLRQDGDHQHO2UGHQDPLHQWRGH$OFDOiGH+XERHQYLGDGH$O
IRQVRXQDRSRVLFLyQGHLQWHUHVHVORFDOHVIUHQWHDXQDOH\JHQHUDO\FRP~QFRPR
HUDQODV3DUWLGDVSURPRYLGDVSRUHOUH\VLJXLyGHVSXpVGHVXPXHUWHVXHODER
UDFLyQ\VXGLIXVLyQOLPLWDGDKDVWDHVWDPHQFLyQGH$OIRQVRVHEDVyFRPR
QRYHGDGIUHQWHDORVDQWHULRUHVFyGLJRVHQODOH\URPDQDGH-XVWLQLDQR\HQRWUDV
IXHQWHV OLEUHVFDV D~Q QR LGHQWLILFDGDV SRU IDOWDUQRV XQD HGLFLyQ FUtWLFD /DV
REMHFLRQHVIUHQWHDORVGDWRVH[WUDtGRVGHODV3DUWLGDVREHGHFHQDTXHVHHVWL
PD TXH ODV SUHVFULSFLRQHV GH VX FRQWHQLGR VRQ PiV WHyULFDV HV GHFLU SURFH
GHQWHVGHORVOLEURV\KHFKDVSDUDORJUDUXQDSHUIHFFLyQSROtWLFDTXHSUiFWLFDV
HVGHFLUSURFHGHQWHVGHODPLVPDVLWXDFLyQYLYLGDHQODFRVWXPEUH
$SOLFDQGRHVWDSUHYHQFLyQDQXHVWURFDVRFDEHSHQVDUTXHHVWHUHWUDHUIXH
UDXQRGHORVEXHQRVGHVHRVGHOOHJLVODGRUHQUHODFLyQFRQODRUJDQL]DFLyQVRFLDO
GHODpSRFDDOJRFRQYHQLHQWH\GHVHDEOH\SRUWDQWRTXHQRHUDFRP~Q6LQ
HPEDUJRDXQFRQWDQGRFRQHVWDVUHVHUYDVFUHHPRVTXHHQHVWHFDVRKXERXQD
UHDOLGDGQDUUDWLYDHQODPHQFLyQGHORVUHWUDHUHV
/DSDODEUDUHWUDHUHVWiDEXQGDQWHPHQWHUHSUHVHQWDGDHQODpSLFDFDVWHOODQD
GHJUDGRFOHULFDODOFRPLHQ]RGHO/LEURGH$OH[DQGUHHQODGHFODUDFLyQLQLFLDO
GHVXSRpWLFDVHGLFHORVLJXLHQWH
4XLRtUORTXLVLHUHHOPHVWHUTXHRIUHFHDOS~EOLFRDWRGRPLRFUHHU
DYUiGHPtVROD]HQFDERJUDQWSOD]HU
DSUHQGUiEXHQDVJHVWDVTXHVHSDUHWUDHU
DYHUORDQSRUHOORPXFKRVDFRQRFHU
HVWHG'$1HOVRQ
(OTXHKDEODHVHODXWRUTXHVHSUHVHQWDFRPRWDOHVFULWRUFOHULFDOTXHHVFUL
EHOXHJR©4XLHURIHUROHHUXQOLEURªHVWDSUHFLVDTXHVXOLEURUHVXOWD
GRGHOPHVWHUHVXQDEXHQDJHVWDTXHVHKDGHVDEHUUHWUDHUSDUDTXHVXFRPX
QLFDFLyQ VHD HIHFWLYD WDO FRPR SUHWHQGH HO DXWRU (Q HVWH FDVR HO WpUPLQR VH
DSOLFDDXQDJHVWDQRFDQWDGDVLQROHtGD\pSLFDGHODWUDGLFLyQDQWLJXD(Q
OD3ULPHUD&UyQLFD*HQHUDOGH(VSDxDORVKLVWRULDGRUHVGH$OIRQVR;FRQ
(O3RHPDGHO&LGFRQVLGHUDGRGHVGHODSHUVSHFWLYDOLWHUDULDGHODV3DUWLGDVGH$OIRQVRHO6DELR
WDQGRKHFKRVGH&pVDUHVFULEHQ©0DVGHVTXHVHDVVHQWDURQDDXHUVRVVROD]HV
HQXQRGHSDUWLHURQGHPXFKDVFRVDVIDVWDTXHXLQLHURQDUHWUDHUGHORVIHFKRV
GHVXVEDWDOODVHWFRQWDUGHORVFROSHVTXHIL]LHUDQ\FDGDXQRVHWGHORVJUDQ
GHVDXHUHVHWGRWUDVPXFKDVFRVDVTXHHQGHOHXDUDQªFDSHG0HQpQGH]
3LGDOS6DOYDQGRHODQDFURQLVPRWHPSRUDOORTXHVHGLFHHQOD&UyQLFD
HVORTXHVHLQGLFDHQODOH\HOUHWUDHUHVXQDPHPRULDGHXQKHFKRPHPRUD
EOH HQ OD DFFLyQ FDEDOOHUtD HQ HO FDVR GH OD OH\ \ FRQWDGD SRU HO DQFLDQR
H[SHULPHQWDGR
/26 -8*/$5(6 &202 (175(7(1,0,(172 &257e6
/DWHUFHUDIXHQWHGHHQWUHWHQLPLHQWRTXHUHFRJHODOH\,,HVODPiV
FRQRFLGD\FLWDGDVRQORVMXJODUHVDORVTXHGHGLFy0HQpQGH]3LGDOXQOLEUR
SUHFLRVRSRUODVXPDGHQRWLFLDVTXHFRQWLHQH3RHVtDMXJODUHVFD(QHVWDOH\
HOOHJLVODGRUVHFXLGDGHOLPLWDUODFRQGLFLyQGHORVMXJODUHVVyORYDOHQORVGH
JHVWDRTXHFXHQWHQKHFKRVGHDUPDVSXHVGHORVGHPiVODVOH\HVVHPXHVWUDQ
UHFHORVDV\FRQWUDULDV< HQHVWHSXQWRSRGHPRVLQGLFDUTXHHO3RHPDGHO&LG
FXPSOHSHUIHFWDPHQWHHVWDVFRQGLFLRQHV\SRUWDQWRSXGRVHUXQRGHORVOHt
GRVDORVFDEDOOHURV\HQODVFRUWHV
0HQpQGH]3LGDOUHFRQRFHTXHHVWHWHVWLPRQLRDOIRQVt©QRVFRPSHQVDGHOD
WRWDOFDUHQFLDGHQRWLFLDVUHIHUHQWHVDORVMXJODUHVpSLFRVª\HVWRORKDFHQRWDU
HQFRPSDUDFLyQFRQODVDEXQGDQWHVFLWDVTXHKD\GHORVMXJODUHVGHRWUDFODVH
OtULFRVGHHVFDUQLRHWF$QWHVGHODV3DUWLGDVQRKD\RWURVLQGLFLRVVREUHHVWH
SXQWR\HQFLHUWRPRGRHVHOSULPHUWHVWLPRQLRGHXQXVRVRFLDOGHORVSRHPDV
HQODYLGDGHODpSRFD
(VWDOH\VREUHHOHQWUHWHQLPLHQWRGHORVFDEDOOHURVVDEHPRVTXHTXHGyPX\
ILUPHHQODPHPRULDKLVWyULFDSUREDEOHPHQWHSRUTXHUHFRJHXQDSUiFWLFDKD
ELWXDOHQODVRFLHGDGGHODFDEDOOHUtD$VtRFXUUHTXH-XDQ0DQXHOHQHO/LEUR
GHORV(VWDGRVWRPDHOWH[WRDOIRQVt\ORYLHUWHDVXPRGRUHIHULGRDORVHPSH
UDGRUHV\DVXPHGLGDUH\HV\QREOHV\FDEDOOHURVGHVXFRPSDxtD
(WGHVTXHRYLHUHQFRPLGRHWEHELGRORTXHOFXPSOLHUHFRQWHQSUDQ
oDHWFRQPHVXUDDODPHVDGHYHRtUVLTXLVLHUHMXJODUHVTXHOFDQWHQHW
WDQJDQHVWRUPHQWHVDQWHpOGL[LHQGREXHQRVFDQWDUHVHWEXHQDVUD]RQHV
GHFDYDOOHUtDRGHEXHQRVIHFKRVTXHPXHEDQORVWDODQWHVGHORVTXHORV
R\HUHQSDUDID]HUELHQ
< HQHOVLJOR;9 WHQHPRVRWURDXWRUHVWDYH]'LHJR5RGUtJXH]GH$OPHOD
UHEXVFDGRUGHFUyQLFDVTXHHVFULELyXQ&RPSHQGLRKLVWRULDOGHULYDGRGHOD&Uy
QLFDGHIXHFDSHOOiQGH,VDEHOOD&DWyOLFD\HQHOSUyORJRGHVXREUDYXHO
YHDUHFRJHUHVWHFRQMXQWRGHLQGLFDFLRQHV\ORUH~QHHQHVWRVSDUUDIRV
5DPyQ0(1e1'(= 3,'$/3RHVtDMXJODUHVFD\RUtJHQHVGHODVOLWHUDWXUDVURPiQLFDV0DGULG
,QVWLWXWRGH(VWXGLRV3ROtWLFRVHG
,GHPS
-8$1 0$18(//LEURGHORV(VWDGRV2[IRUG&ODUHQGRQ3UHVVHGGH5%7DWHH,
50DFSKHUVRQFDSS
)UDQFLVFR/ySH](VWUDGD
$TXHOORVUH\HVHSUtQFLSHVDQWLJXRVFRQVLGHUDQGRHOPX\JUDQUHV
SODQGRUGHORVIHFKRVHDFWRVGHJXHUUDPDQGDYDQTXHOHVOH\HVHQODV
FRUyQLFDVGHORVIHFKRVIDPRVRVGHFDYDOOHUtDTXHVXVDQWHSDVDGRVIL]LH
URQ\SRUHVWDUPiVGHVRFXSDGRVTXDQGRFRPtDQHFHQDYDQ\TXDQGRVH
DFRVWDUTXHUtDQPDQGDYDQRWURVtTXHORVPHQHVWULOOHVHMXJODUHVYLQLHVHQ
FRQ VXV OD~GHV H YLKXHODV \ RWURV \QVWUXPHQWRV SDUD TXH FRQ HOORV OHV
WDxHVHQ H FDQWDVHQ ORV URPDQoHV TXH KHUDQ \QYHQWDGRV GH ORV IHFKRV
IDPRVRVGHFDYDOOHUtDWRGRHVWRPDQGDEDQSDUDDWUDHUHUHGX]LUOHVDPH
PRULDDTXHOORVEXHQRVIHFKRVHGHORVFRQWUDULRVDSDUWDUVH
6LHVWDVOHFWXUDVGHODVKLVWRULDVUHWUDHUHV\UHFLWDOHVGHORVMXJODUHVQRKX
ELHUHQRFXUULGRDVtUHVXOWDUtDH[WUDxRTXH-XDQ0DQXHOFHUFDGH
XQVLJORGHVSXpVGHODV3DUWLGDVUHLWHUDVHORPLVPRHQVX/LEURGHORV(VWDGRV
HQWLHPSRSUHVHQWH\FRQHOLPSHUDWLYRLPSOtFLWRHQHOYHUERGHEHU6yORGRV
VLJORVPiVWDUGHHQWLHPSRVGHORV5H\HV&DWyOLFRV$OPHODKDEOD\DHQSDVD
GR\ORTXHVHR\HHQODOHWUDGHODP~VLFDVRQURPDQFHVGHKHFKRVIDPRVRVGH
FDEDOOHURV HQ GRQGH OD SDODEUD URPDQFH WRPD XQ VHQWLGR DPELJXR HQWUH UR
PDQFHOLWHUDULR\QDUUDFLyQpSLFDGHFDEDOOHURVUHDOHVRILFWLFLRV
/$ (48,9$/(1&,$ '( (6726 7e50,126
(OOHJLVODGRUDOIRQVtVHxDODHOSURSyVLWRGHHVWDVWUHVPDQLIHVWDFLRQHVKLV
WRULDUHWUDHU\FDQWDUGHJHVWDTXHVLUYHQSDUDORPLVPRIRUPXODUXQDWHRUtD
GHODDFFLyQFDEDOOHUHVFDTXHVXSOLHUDODSUiFWLFDGHODJXHUUD< HVPX\LPSRU
WDQWHTXHDVtODV3DUWLGDVQRVLGHQWLILTXHQDODXGLWRULRGHODVQDUUDFLRQHVpSL
FDV \ DXQTXH SDUFLDOPHQWH VDEHPRV TXLpQHV FRQVWLWXtDQ HQ HVWRV FDVRV HO
S~EOLFRTXHRtDORVFDQWDUHVGHJHVWD\FRQTXpSURSyVLWRHVWRVHKDFtDVRQORV
FDEDOOHURV TXH URGHDQ \ VLUYHQ DO UH\ FRQ HO TXH HVWiQ OLJDGRV SRU ORV OD]RV
MXUtGLFRVTXHVHxDODQODVRWUDVOH\HVGHOFyGLJR< DOPLVPRWLHPSRVHGHGXFH
GHHVWDOH\TXHODVWUHVIRUPDVGHFRQWDULQGLFDGDVKLVWRULDUHWUDHU\FDQWDU
GHJHVWDVLUYHQSDUDODPLVPDIXQFLyQVRFLDO\DGTXLHUHQSRUHOORHQHVWDSHUV
SHFWLYDXQDFLHUWDHTXLYDOHQFLD&RQHOORVHIDYRUHFHODLQWHUSUHWDFLyQYHULVWD
GHQXHVWUDpSLFDVXKLVWRULFLVPRRDSHJRDODQRWLFLDGHGDWRVFRQFUHWRVHKLV
WRULILFDEOHV VL YDOH HO WpUPLQR FRPR OR SUXHED HO TXH HVWHPRV DTXt HQ ORV
PLVPRVOXJDUHVTXHFLWDHO3RHPDHVWXGLDQGRODSRVLEOHUHDOLGDGDUTXHROyJL
FDGHODSRHVtD,QGHSHQGLHQWHPHQWHGHOSUREOHPDGHORULJHQGHODpSLFDFDEH
WDPELpQHVWDRWUDSHUVSHFWLYDGHVGHORVGDWRVTXHRIUHFHQHQHOVLJOR;,,,QXHV
WURFyGLJRSDUDWUDWDUGHORTXHIXHURQSRHPDVFRPRHOGHO&LG5LFKWKRIHQ
GHVGHVXSRVLFLyQGHHVWXGLRVRGHODpSLFDHXURSHDHVFULEHHVWR
0DLVFRPPHLOQ·\DSDVGHILFWLRQWRWDOHLOQ·H[LVWHSDVjO·DXWUH
H[WUrPHG·KLVWRULRJUDSKLHYUDLPHQWREMHFWLYH>@7RXWHKLVWRLUH³H[
FHSWLRQ IDLWH GH OD SXUH VWDWLVWLTXH³ HVW DUUDQJpH HW FHW DUUDQJHPHQW
XQHLQWHUSUpWDWLRQGHVIDLWVTX·LODHQFRPPXQDYHFODOLWWpUDWXUHHVWUpD
'LHJR52'5Ì*8(= '( $/0(/$&RPSHQGLRKLVWRULDOSUyORJRGHOPVGHOD%LEOLRWKqTXH1D
WLRQDOHGH3DULVVHJXQGDUHGDFFLyQKDFLDSUHFHGLGDGHRWUDTXH\DHVWDUtDHVFULWDHQ
(O3RHPDGHO&LGFRQVLGHUDGRGHVGHODSHUVSHFWLYDOLWHUDULDGHODV3DUWLGDVGH$OIRQVRHO6DELR
OLVpSDUFHX[TXLRQWpWpFKDUJpVGHFHWWHWkFKHGHVSROLWLFLHQVGHVFKHIV
PLOLWDLUHVGHVUDSSRUWHXUVGHVFKURQLTXHXUV
(QHVWHFDVRFRQFUHWRHOWHVWLPRQLRDGXFLGRYLHQHGH$OIRQVR;FX\ROHJLV
ODGRUSURSRQHODHTXLYDOHQFLDGHHVWDVWUHV©FRPXQLFDFLRQHVªSDUDHOILQTXH
VHKDSURSXHVWRGHHVWDKLVWRULDQDUUDFLyQSURFHGHQWHGHORVOLEURVGHOUH
WUDHUWHVWLPRQLRDTXtGHXQDH[SHULHQFLDYLYLGD\GHOFDQWDUGHJHVWDLQWHU
SUHWDGRSRUORVMXJODUHV\HVWDOH\SURGXFHHOHIHFWRGHLJXDODUHVWDVGLYHUVDV
PDQLIHVWDFLRQHVFRLQFLGHQWHVHQVXILQ$SOLFiQGRORDQXHVWUR3RHPDSDUDOD
KLVWRULDGHMDQGRGHODGRORVRULJLQDOHVODWLQRVGHO&DUPHQ&DPSLGRFWRULV\OD
+LVWRULD5RGHULFLSRUHVWDUHQODWtQ\TXHQRHQWHQGHUtDQQXHVWURVFDEDOOHURV
HQFRQWUDPRVMXVWLILFDGRHOSDVRGHHSLVRGLRVGHORVFDQWDUHVGHO&LGKDFLDODV
&UyQLFDV FDVWHOODQDV GH$OIRQVR 1R VH WUDWD VyOR GH TXH RWURV KLVWRULDGRUHV
KD\DQKHFKRORPLVPRDQWHV\HVWRYDOHFRPRXQSUHFHGHQWHFHUFDQR\QRXQD
WUDGLFLyQVLQRGHTXHHOSURFHGLPLHQWRYHQJDMXVWLILFDGRSRUODOH\GHOUHLQR
/RV HSLVRGLRV LQFRUSRUDGRV D OD FUyQLFD SXGLHURQ SURFHGHU GH SRHPDV GH OD
VHULHFLGLDQDPiVFHUFDQRDOFRQVHUYDGRHOGHORV9HLQWH5H\HV\RVFLODQWHHQWUH
XQDUHIXQGLFLyQPiVILFWLFLDOD*HQHUDOSHURGHQWURGHODPLVPDLQWHQFLyQHV
FXHVWLyQFRPSOHMDFRPRSODQWHD*2UGXxD
/D GHFODUDFLyQ GH OD OH\ GHVFXEUH TXH OD KLVWRULD QR VyOR VH HVFULEH SDUD
©DYHUUHPHPEUDQoDªGHORVKHFKRVFRPRGLFHHOSUyORJRGHOD*HQHUDO(VWR
ULDVLQRFRQHVWHRWURILQSROtWLFRGHPDQWHQHUHQOD&RUWHRHQODFDVDGHORV
FDEDOOHURVHODOLHQWREpOLFRGHORVFDEDOOHURVTXHVLUYHQDOUH\
&RQYHUWLGD OD KLVWRULD HQ DUPD GH HGXFDFLyQ SROtWLFD GHQWUR GHO DUFR TXH
VHxDOy5LFKWKRIHQTXHVHPDWL]DJUDGXDOPHQWHGHVGHODLQIRUPDFLyQGHLQWHQ
FLyQREMHWLYDSHURGLULJLGDGHODKLVWRULDKDVWDHOSRHPDILFWLFLRSHURGHFRQ
WHQLGRYHURVtPLOORTXHGLFHHOOHJLVODGRUVREUHORVKHFKRV©TXHIXHURQRVRQ
RSXHGHQVHUªVHUHODFLRQDFRQODYLHMDWHRUtDDULVWRWpOLFDGHODVGLIHUHQFLDVHQWUH
ODKLVWRULD\ODSRHVtD
HOKLVWRULDGRU\HOSRHWDQRVHGLIHUHQFLDQSRUGHFLUODVFRVDVHQYHUVR
RHQSURVDSXHVVHUtDSRVLEOHYHUVLILFDUODVREUDVGH+HUyGRWR\QRVH
UtDQPHQRVKLVWRULDHQYHUVRTXHHQSURVDODGLIHUHQFLDHVWiHQTXHXQR
GLFHORTXHKDVXFHGLGR\HORWURORTXHSRGUtDVXFHGHU3RUHVRWDPELpQ
ODSRHVtDHVPiVILORVyILFD\HOHYDGDTXHODKLVWRULDSXHVODSRHVtDGLFH
PiVELHQORJHQHUDO\ODKLVWRULDORSDUWLFXODU(VJHQHUDODTXpWLSRGH
KRPEUHVOHVRFXUUHGHFLURKDFHUWDOHVRFXDOHVFRVDVYHURVtPLORQHFH
VDULDPHQWHTXHHVDORTXHWLHQGHODSRHVtDDXQTXHOXHJRSRQJDQRP
EUHVDORVSHUVRQDMHV\SDUWLFXODUTXpKL]RRTXpOHVXFHGLyD$OFLEtD
GHV
(921 5,&+7+2)(1DUWFLWS
*HUPiQ25'81$©(OWH[WRGHO3RHPDGH0LR&LGDQWHHOSURFHVRGHODWUDGLFLRQDOLGDGRUDO
\HVFULWDª/HWUDV%XHQRV$LUHVSS
/DV3RpWLFDVFDVWHOODQDVGHOD(GDG0HGLD0DGULG7DXUXVSQRWDV\HQODHG
0HQpQGH]3LGDOS
$ 5,67Ð7(/(6 3RpWLFD 0DGULG *UHGRV HG \ WUDG GH 9DOHQWtQ *DUFtD <HEUD SS
)UDQFLVFR/ySH](VWUDGD
(QQXHVWURFDVRVHUtDTXpKL]RROHVXFHGLyDGRQ5RGULJRRHOSDVRGHSHU
VRQDDSHUVRQDMHSDUDVHJXLUYDOLHQGRFRPRHMHPSORFRQYHQLHQWHSDUDORVILQHV
SROtWLFRVTXHLPSOLFDHQQXHVWURFDVRODOH\DOIRQVt< pVWDHVODUHFUHDFLyQD
TXHQRVUHIHUtDPRVDQWHV(O3RHPDTXHFRQRFHPRVSDUDQRVRWURVXQWH[WR~QL
FRKXERGHHVWDUSUHFHGLGRGHRWURVWH[WRVORSUXHEDQODVYHUVLRQHVSURVtVWL
FDVTXHUHIOHMDQRWUDVOHFFLRQHV\HOTXHHOPDQXVFULWRFRQVHUYDGRVHDFRSLDGH
RWUR'HHQWUHODVPXFKDVLQWHUSUHWDFLRQHVTXHHVWDUHDOLGDGWH[WXDORIUHFHHQ
ODOH\DOIRQVtWHQHPRVXQPRWLYRSDUDH[SOLFDUXQDYtDSRVLEOHSDUDHVWDUHFUHD
FLyQODWDQPHQFLRQDGDGHVHUYLUFRPRHMHPSORSDUDORVFDEDOOHURV
/26 /Ì0,7(6 '( /$ 62%5(0(6$
3RURWUDSDUWHODOH\DOIRQVtQRVLQIRUPDVREUHXQGHWHUPLQDGRVLVWHPDGH
FRPXQLFDFLyQGHO3RHPDDXQS~EOLFRHVSHFtILFRTXHQRVREOLJDDSHQVDUTXH
GHQWURGHOPLVPRQRHVSRVLEOHODDXGLFLyQFRPSOHWDGHODREUDHQFRQMXQWR
QLVLTXLHUDHQODSDUWLFLyQHQORVWUHVFDQWDUHV8QDFRPLGD\VXVREUHPHVDHV
SRFRWLHPSRSDUDHVWR\KD\TXHSHQVDUHQXQDGLYLVLyQGHVXFXUVRDGHFXDGR
DHVWHXVR(O3RHPDSRGUtDDVtSDUWLUVHHQHSLVRGLRVWHQLHQGRHQFXHQWDTXH
HODUJXPHQWRGHHVWHSRHPDRGHFXDOTXLHURWURVHUtDHQFRQMXQWR\DFRQRFL
GRGHWRGRVHQWLHPSRVGH$OIRQVR;ORVKHFKRVGHO&LGQRSRGUtDQFRQVLGH
UDUVHFRPRQXHYDVRQRYHGDGHV6XVHQWLGR©RULJLQDOªSXGRKDOODUVHGHVYLDGR
HQ QXHYRV DSURYHFKDPLHQWRV SROtWLFRV GH OD JHVWD GHO 3RHPD (VWD SDUWLFLyQ
SRGUtDKDFHUVHGHPXFKDVPDQHUDVVHJ~QODVFLUFXQVWDQFLDVGHODVREUHPHVD\
ORVJXVWRVGHORVFRQFXUUHQWHV3LHQVRHQVLODFRQGLFLyQGHORVUHWUDHUHVSXGR
KDEHULQIOXLGRHQHVWRSXHVpVWRVVHUtDQH[SRVLFLyQGHHSLVRGLRVOODPDWLYRVGH
ODDFFLyQGHXQFDEDOOHURSDVDGRHVWRDOFDVRGHO3RHPDGHO&LGSRGUtDQVHU
FRUWHVGHWHUPLQDGRVGHORTXHKR\HVHQQXHVWUDFRQVLGHUDFLyQXQDVHFXHQFLD
SRHPiWLFDWRWDO\TXH\DHVWXGLDPRVGHVGHHVWHSXQWRGHYLVWD
7RGRHVWRVRQKLSyWHVLVGHHVWXGLRSHURFUHRTXHFRQYLHQHKDFHUODVDXQTXH
VHDSDUDOXHJRUHEDWLUODV%XVFDQGRHMHPSORVGHHVWDSDUWLFLyQ\HOLJLHQGROD
SDUWH GHO 3RHPD TXH VH UHILHUH PiV GLUHFWDPHQWH D HVWD UHJLyQ DUDJRQHVD GH
IURQWHUDTXHGRQ5DPyQ0HQpQGH]3LGDO³FRPRQRVRWURVDKRUD³UHFRUULy
FRPRVLGHXQLWLQHUDULRFURQtVWLFRVHWUDWDUDKDUpDOJXQDVSURSXHVWDVDPDQH
UDGHHQVD\RGHLQWHUSUHWDFLyQ$VtGHOYHUVRHODPDQHFHUVREUH&DVWHMyQ
KDVWD HO YDOGUtD SDUD XQD GH HVWDV SLH]DV SDUFLDOHV FX\R DVXQWR IXHUD OD
WRPDSRVHVLyQ\YHQWDGH&DVWHMyQ(OIUDJPHQWRWLHQHXQRVYHUVRVH[FODPD
WLYRV TXH VLUYHQ FRPR LQWURGXFFLyQ \ XQ ILQ TXH HV HO GHVSUHQGLPLHQWR TXH
KDFHQGHVXVJDQDQFLDVORVFDEDOOHURVGHO&LGKDFLDVXVHxRUD~QHQVXVSUL
PHURVSDVRV(VXQDSUHFLRVDPLQLDWXUDGHXQDVHFXHQFLDGHKHFKRVGHJXHUUD
TXHSXHGHGHVSUHQGHUVHGHO3RHPDVLDOJXLHQTXLVLHUDUHFRUGDU©ORTXHVXFH
GLyHQ&DVWHMyQªXQHMHPSORGHODJXHUUDHQODIURQWHUDGHORVPRURV2WUDHQWL
GDGSRGUtDVHUGHOYHUVRDOFRQODWRPDGH$OFRFHUXQRGHORVKHPLV
9XHOWDDSODQWHDUODFXHVWLyQSRU6DPXHO*$50,67($'©&DQWDUHVGHJHVWD\FUyQLFDVDOIRQ
VtHV´0DVDJUDQGRQGUDWRUQDUHPRVD&DVWLHOODµª$FWDVGHO,;&RQJUHVRGHOD$VRFLDFLyQ,QWHU
QDFLRQDOGH+LVSDQLVWDV)UDQNIXUW9HUYXHUW,SS
(O3RHPDGHO&LGFRQVLGHUDGRGHVGHODSHUVSHFWLYDOLWHUDULDGHODV3DUWLGDVGH$OIRQVRHO6DELR
WLTXLRVGHO3RHPDGLFH©pOIL]RXQDUWªD(OWpUPLQRHPSOHDGRUHVXOWD
FODYH8QDUWXQDUWHPLOLWDUHVWRHVXQFDStWXORGHHVWUDWHJLDTXHFRQYLHQH
DSUHQGHUSDUDFRPEDWLUFRQHOPRURORTXHVHORJUDFRQPDxD
2WURHSLVRGLRpVWHPiVODUJRSXGLHUDVHUODEDWDOODHQWUHHO&LG\ORVUH\HV
7DPtQ)DUL]\*DOYHSUREDEOHPHQWHSHUVRQDMHVIDEXORVRVTXHHV
SUHFLVDUQHQWHXQRGHORVPHMRUHVUHODWRVGHFRPEDWHH[LVWHQWHVHQHO3RHPD6L
HQHVWHFDVRODPDWHULDDUJXPHQWDOSDUHFHLQYHQWDGDHVWiUHDOL]DGRGHQWURGHODV
OtQHDVGHXQDYHURVLPLOLWXGTXHFRQYLHQHFRQHOWRQRHMHPSODUGHODREUD(Q
RWUDVSDUWHVSXGLHUDQSURSRQHUVHRWURVHVSDFLRVGHO3RHPDDLVODEOHVFRQHVWH
ILQTXHSHQVDPRVTXHVHHVWDEOHFHUtDQORPLVPRTXHORVGHRWURVSRHPDVSDUD
VXDFRPRGRDODVREUHPHVDGHORVFDEDOOHURV6LHQODSDUWHGHO3RHPDKDVWDOD
WRPD GH 9DOHQFLD VRQ PiV IUHFXHQWHV ORV HSLVRGLRV EpOLFRV GHVGH HQWRQFHV
DXPHQWDHOLQIOXMRGHODFRUWHVtDWDQWRHQORTXHpVWHVHUHILHUHDHSLVRGLRVHQ
UHODFLyQFRQHOGHUHFKRODVFRUWHV\ORVGXHORVFRPRHQODVSDUWHVGHODVERGDV
\HVFDUQLRGHODVKLMDVGHO&LGHQGRQGHODLQYHQFLyQFUHFH\©QRYHOL]DªORV
VXFHVRVQDUUDGRV3URSRQLHQGRHVWDVGLYLVLRQHVVyORTXLHURGDUDOJ~QVHQWLGR
DHVWHOtPLWHWHPSRUDOGHODVREUHPHVD\QRSUHWHQGRTXHVHHOLPLQHQRWUDVSUR
SXHVWDVGHGLIXVLyQDQWHS~EOLFRVGLIHUHQWHVPiVDPSOLDVQLWDPSRFRORTXH
SXGRVHUVXFRQFHSFLyQWRWDOSHUFLELGDSRUHOHVFULEDQRTXHSDVDEDDOPDQXV
FULWRHOFRQMXQWRGHO3RHPD\SRUORVTXHOROH\HURQSRUHVWDYtDHVFULWDFRQ
FXDOTXLHURWURILQ3DUDHVWRVUHFRUWHVVHLJXDODKLVWRULD\FDQWDUGHJHVWD\HVWR
PLVPRRFXUUHHQHOSUyORJRGHOD*HQHUDOHVWRULDGRQGHHODXWRUVHUHILHUHD
ODV©HVWRULDVHJHVWDVHQTXHFRQWDURQGHORVIHFKRV>@GHORVDOWRVRPQHVH
GHODVFDXDOOHULDVHGHORVSXHEORVª \DOOtDPERVWpUPLQRVWDPELpQHVWiQMXQ
WRV/DFRQVLGHUDFLyQGHVXVHIHFWRVHQHOS~EOLFRDOPHQRVHQHOFRUWpV\HQ
HVWDV RFDVLRQHV HV OD PLVPD /D FXHVWLyQ OLWHUDULD FRQVLVWH HQ VDEHU FXiQGR
FRPHQ]yHOSURFHVRGHODHOHYDFLyQKHURLFDGHGRQ5RGULJR\VXFRQYHUVLyQHQ
HO&LG\D~QPiVHQHOPLR&LGSHUVRQDMHGHO3RHPDFRQVHUYDGR\HVWRSXGR
KDEHURFXUULGRHQHOYHUVRGHODFDQFLyQGHJHVWD\HQODSURVDGHODKLVWRULD
GHXQDPDQHUDFRQIOX\HQWHHQHVWRVFDVRVSHQVDPRVTXHORVUHWUDHUHVGHORV
FDEDOOHURVGHORVTXHIXHURQWHVWLJRVGHORVKHFKRV\VXVXFHVLYDPHPRULDHVWD
EOHFLGD SDUD OD HMHPSODULGDG FRUWpV SXGLHURQ D\XGDU SDUD VRVWHQHU OD YHURVL
PLOLWXGGHJHVWDVHKLVWRULDVHQHVWDGLUHFFLyQ
<DKHPRVGLFKRFXiQHVFDVDHVODLQIRUPDFLyQKLVWyULFDVREUHODpSRFDSUL
PLWLYD\TXHODPHQFLyQGHODV3DUWLGDVHVOD~QLFDLQGLFDFLyQILUPHVREUHOR
TXHHVWXGLDPRV3LGDOO EXVFDEDVREUHWRGRUHVRQDQFLDVSRSXODUHVGHODH[SDQ
VLyQGHODVJHVWDVSHURVyORSXGRDxDGLURWURGDWRTXHSHUWHQHFHDOPHVWHUGH
ORVFOpULJRV\TXHSURFHGHGHO/LEURGH$SRORQLRODPHQFLyQVHHQFXHQWUDHQ
XQOLEURGHILFFLyQWRPDGRGHXQDWUDGXFFLyQODWLQD\HVFULWRKDFLDFHU
FDQRDODV3DUWLGDVHVHOFDVRGHODQREOH7DUVLDQDFRQYHUWLGDHQMXJODUHVDTXH
FDQWDVXVSURSLDVDYHQWXUDV\QRJHVWDVKHURLFDV2WURWHVWLPRQLRGH3LGDOVH
1RLPSRUWDVLKXERLQIOXMRGHORV6WUDWHJHPDWLFDGH)URQWLQRFRPRSURSRQH&ROLQ60,7+
©/LWHUDU\6RXUFHVRIWKHWZR(SLVRGHVLQWKH3RHPDGH0LR&LGª%XOOHWLQRI+LVSDQLF6WXGLHV
SSORTXHVHPXHVWUDHVXQDOHFFLyQSRURWUDSDUWHPX\FRP~QHQODHVWUDWHJLD
/DV3RpWLFDVFDVWHOODQDVHGFLWSQRWDHG0HQpQGH]3LGDOS
50(1e1'(= 3,'$/3RHVtDMXJODUHVFDHGFLWS
)UDQFLVFR/ySH](VWUDGD
UHILHUHDXQSRHPDIUDQFpVGHILQHVGHOVLJOR;,,RFRPLHQ]RVGHO;,,,HQHO
TXH HO MXJODU GHWLHQH OD ODUJD GHFODUDFLyQ GHO SRHPD +XRQ GH %RUGHDX[ \ OD
DSOD]DKDVWDHOGtDVLJXLHQWH(VWRSXGRVHUXQWySLFRDSOLFDEOHDFXDOTXLHUUHFL
WDO\HVXQDVSHFWRSURSLRGHODRUDOLGDGIUHQWHDODHVFULWXUD(QQXHVWURFDVR
QRVHWUDWDGHGHPRVWUDUODRUDOLGDGGHO3RHPDFXHVWLyQELHQIiFLOVLQRHQXQ
VHQWLGRFRQWUDULRGHSODQWHDUODSRVLELOLGDGGHTXHHQpOKD\DQLQWHUYHQLGRORV
IDFWRUHVGHODHVFULWXUDGLULJLGDSRUXQFULWHULRGHHMHPSODULGDGHVWDEOHFLGR&RQ
HOORDFHUFDPRVHO3RHPDDXQFULWHULRGHGLJORVVLDRVHDODFRH[LVWHQFLDGH
VLVWHPDVRUDOHV\HVFULWRVHQXQDPLVPDUHDOL]DFLyQSRpWLFD< FRQHVWRIRUPX
ODPRVXQDKLSyWHVLVGHLQWHUSUHWDFLyQDFHUFDGHXQRGHORVYDFtRVGHODKLVWR
ULD OLWHUDULD \ OR KDFHPRV VREUH GRFXPHQWRV GH pSRFD R FHUFDQRV 3RU WDQWR
OLPLWDGRVDOWHVWLPRQLRGHODV3DUWLGDVSRGHPRVDVHJXUDUTXHHOFDQWDUGHJHV
WDIXHSURSLRGHOFDEDOOHUR\GHVXHQWRUQRVRFLDOOD&RUWHTXHHOFyGLJRDOIRQ
VtQRVUHIOHMDFRQWRGRFXLGDGRHQODOH\,,XQRGHORVPiVFRQRFLGRVGH
ODV3DUWLGDVSHURSRFRDSURYHFKDGRFRQILQHVOLWHUDULRV
)81&,Ð1 &257e6 '( /$ /,7(5$785$
1RVLPSRUWDQRWDUVREUHWRGRODIXQFLyQGHVWDFDGDTXHORJUDODSDODEUDHQ
OD &RUWH TXH GHVFULEH$OIRQVR ; OD FRUWHVtD WRPD VX VLJQR FDUDFWHUtVWLFR GH
HOOD/D&RUWHWLHQHTXHVHUHVFXHODGHELHQKDFHU\ELHQGHFLU\SRUHVRODSDOD
EUD\PiVODDSXHVWDHVWRHVODOLWHUDULDHQWUDHQODOHJLVODFLyQGHODV3DUWL
GDVTXHQRHVVyORXQFyGLJRTXHFDVWLJDHOPDOVLQRTXHLQFOLQDDOELHQDOGHUH
FKRHQXQVHQWLGRWDQDPSOLRTXHLQFOX\HODQRFLRQGHFDVWHOODQRGHUHFKRSDUD
ODOHQJXDTXHKD\DGHXVDUVHHQORVFtUFXORVFRUWHVHV< HQWUHORTXHDOOtVHKDFH
SDUD©XVDUGHOELHQªHVWiODWHRUtDGHODDFFLyQFDEDOOHUHVFDODKLVWRULDHOUHWUDHU
RHSLVRGLRFRQWDGRSRUHOSURWDJRQLVWDRUHFRUGDGRVHJ~QXQDWUDGLFLyQFHUFD
QDRHOFDQWDUGHJHVWD
,JXDODQGRORVHOHPHQWRVPHQFLRQDGRVHQFRQWUDPRVTXHHO3RHPDGHO&LG
FXPSOHSHUIHFWDPHQWHFRQORVSUHFHSWRVOHJDOHV\SXGRYDOHUSDUDHVWHILQ&RPR
OHtPRVDOSULQFLSLRTXHGLMR5LFKWKRIHQORTXHGHEtDQRtUORVFDEDOOHURVSDUD
HQWUHWHQLPLHQWR\OHFFLyQFRQGLFLRQDEDHOFRQWHQLGRGHORVWH[WRVOHtGRVRLQ
WHUSUHWDGRV'HDKtTXHHQFRQWUDPRVTXHORVWUHVFDQWDUHVGHO&LGFRQVHUYDGRV
HQODYHUVLyQGHO3RHPDHVFULWDSRU3HGUR$EDGUHSUHVHQWHQGHXQDPDQHUDFH
UUDGDXQDVHULHGHFXHVWLRQHVTXHSXGLHURQHQWUHWHQHU\DXQDSDVLRQDUDHVWH
JUXSRVRFLDOGHODFDEDOOHUtD< D~QSRGHPRVSUHFLVDUPiVHQOD&RUWHGHOUH\
\HQODGHORVVHxRUHVODVGXHxDVRGDPDVFXHQWDQWDPELpQ< GHDKtTXHSR
GDPRVQRWDUTXHODIXQFLyQGHODPXMHUHQHO3RHPDVHDLPSRUWDQWH$OILQGHO
PLVPR\HQFLHUWRPRGRUHVXPLHQGRHOVHQWLGRGHORVKHFKRVFRQWDGRVORVYHU
VRVWUDHQXQDHVSHFLHGHPi[LPDTXHUHSUHVHQWDXQDH[DOWDFLyQGHODFRUWHVtD
KDFLDODPXMHU
9pDVH'HQLV36(1,))©$SUR[LPDFLyQDODRUDOLGDG\WH[WXDOLGDGHQODSURVDPHGLHYDOFDV
WHOODQDª $FWDV GHO ,; &RQJUHVR GH OD$VRFLDFLyQ ,QWHUQDFLRQDO GH +LVSDQLVWDV RE FLW , SS
(O3RHPDGHO&LGFRQVLGHUDGRGHVGHODSHUVSHFWLYDOLWHUDULDGHODV3DUWLGDVGH$OIRQVRHO6DELR
TXLEXHQDGXHxDHVFDUQHoHHODGH[DGHVSXpV
£DWDOOHFRQWHVFDRVLTXLHUSHRU
YY
< ORPLVPRRFXUUHFRQODLUDUHJLDRVDxDGHOUH\KDFLDHO&LGTXHQRHV
WDQWRXQDTXHUHQFLDGH$OIRQVR9,FRPRXQDILJXUDMXUtGLFD(VWRHVXQUHVRU
WHIXQGDPHQWDOHQODSULPHUDSDUWHGHO3RHPDVREUHSDVDGRHMHPSODUPHQWHSRU
ODHQWHUH]DGHOUH\\ODYROXQWDGGHVHUYLFLRGHOFDEDOOHURSHQDGR< HVWHSUR
FHVRVHLPEULFDFRQHOFDVRGHODGHIHQVDGHODKRQUDGHO&LGDQWHODV&RUWHVGH
$OIRQVR9,RWURFDVROHJDOFXLGDGRVDPHQWHH[SXHVWRSDUDTXHVLUYDGHOHFFLyQ
DORVFDEDOOHURV7RGRHVWRHVSURSLRGHFtUFXORVFRUWHVHV\TXHGDOHMRVGHODV
RWUDVFODVHVVRFLDOHVWDQWRGHOD,JOHVLDFRPRGHORVPDHVWURVRILFLDOHVDSUHQ
GLFHVPHQHVWUDOHVSXHEORFRP~QGHODVDOGHDV\FLXGDGHVTXHQRVHPXHYHQ
SRUORTXHVHGLFHHQHO3RHPD\TXHHVDMHQRDHOORV
&RQVLGHUDGR HO SXHEOR FRP~Q FRPR S~EOLFR HQ YLVWD GH OR TXH OOHYDPRV
GLFKRUHVXOWDXQDDXGLHQFLDOHMDQD\FRQWHPSODWLYDPLHQWUDVTXHHOFtUFXORFRU
WpVGHORVFDEDOOHURV\GDPDVHVXQDDXGLHQFLDFHUFDQD\DFWLYD1RSUHWHQGR
QHJDUTXHHO3RHPDQRKD\DVLGRH[SXHVWRDQWHHOSXHEORSHURVtKHTXHULGR
VHxDODUTXHODLQIRUPDFLyQKLVWyULFDQRVREOLJDDWHQHUHQFXHQWDHOWHVWLPRQLR
GHODV3DUWLGDVKDVWDDKRUD~QLFR
'HDTXtYDPRVDSDUDUDXQDFXHVWLyQPX\WUDWDGDHQUHODFLyQFRQHO3RH
PDGHO&LG\TXHSODQWHy(GXDUGRGH+LQRMRVDHQ©(OGHUHFKRHQHO3RH
PDGHO&LGª(O3RHPDVHDWLHQHDXQDVQRUPDVGHGHUHFKRTXHKDQVLGRFDOL
EUDGDVFXLGDGRVDPHQWHHQHOHVWXGLRGH0(/DFDUUD/DFRQFOXVLyQHVTXH
ODLQVWLWXFLyQGHODLUDUHJLDWDOFRPRVHSUHVHQWDHQHO3RHPDGHO&LGQRFRLQ
FLGHH[DFWDPHQWHQLFRQHO)XHUR9LHMRQLFRQODV3DUWLGDVQLFRQODVOH\HVYLVL
JRGDVSHURGHULYDGHHOODV/RTXHVHGLFHHQHO3RHPDDxDGHFRQYLHQHFRQ
ODGRFXPHQWDFLyQGHOVLJOR;,,\SULQFLSLRVGHO;,,,SHURQRVHGHVGLFHGHOR
TXHWUDHQORVIXHURV\OH\HV7HQHPRVSXHVXQOLEUHWUDWDPLHQWRGHODPDWHULD
OHJDOSHURFRQXQHYLGHQWHVHQWLGRMXUtGLFRHQHOSODQWHDPLHQWR(O3RHPDQR
HVQRWLFLDVLQRXQDYHUVLyQOLWHUDULDGHORTXHIXHUHDOLGDGKLVWyULFD\TXHFRPR
WDOUHLQJUHVDHQODKLVWRULDHVFULWDHQXQYDLYpQTXHMXVWLILFyODGHFODUDFLyQGHO
DXGLWRULRFDEDOOHUHVFRTXHGHFODUDQODV3DUWLGDV(O3RHPDVHDWLHQHDHVWRQR
WDQWRSRUXQDIiQGHYHULVPRFRPRSRUFXPSOLUHVWHVHUYLFLRGHODHMHPSODUL
GDGTXHSXHGH©FHQVXUDUªFRQXQFULWHULRHQQREOHFHGRUODVDFFLRQHVGHOFDXGL
OORFRQYHUWLGRHQSHUVRQDMHKHURLFRROYLGDQGRODVLQFRQYHQLHQFLDV\UHIRU]DQ
GRODVTXHIDYRUHFHQHOVHQWLGRKHURLFR
eVWHHVHOHQWUDPDGRTXHQRVRIUHFLyHOFyGLJRDOIRQVt\TXHQRVMXVWLILFD
TXHHOSHUVRQDMHHQODYHUVLyQGHOPDQXVFULWRGH3HGUR$EDGVHDDVt\QRGH
RWUDPDQHUD&LHUWRTXHODV3DUWLGDVVRQSRVWHULRUHVSHURHOFULWHULRGH$OIRQ
VRFUHDGRUGHXQDKLVWRULDUHGDFWDGDHQXQHVFULWRULRUHDOEDMRVXGLUHFFLyQSROt
(GXDUGR GH + ,12-26$ < 1 $9(526 2EUDV , (VWXGLRV GH ,QYHVWLJDFLyQ 0DGULG ,QVWLWXWR
1DFLRQDOGH(VWXGLRV-XUtGLFRVSS
0DUtD (XJHQLD /$&$55$ (O 3RHPD GH 0LR &LG 5HDOLGDG KLVWyULFD H LGHRORJtD 0DGULG
3RUU~D
,GHPS
)UDQFLVFR/ySH](VWUDGD
WLFDHVFRQVHFXHQWHFXDQGRVHWUDWDGHHVWDEOHFHUODVLPSOLFDFLRQHVOLWHUDULDV
GHODV3DUWLGDV\SRUHVRWLHQHRFDVLyQGHLQVLVWLUHQHOSURSyVLWRHMHPSODUTXH
SXHGHKDOODUVHHQORVFDQWDUHVGHJHVWD
(VWRHVORTXHMXVWLILFDDOJXQDVGHODVLQWHUSUHWDFLRQHVUHFLHQWHVGHDOJRWDQ
GLItFLOFRPRHVODFODYHGHODXWRUGHO3RHPD3RUHVR&ROLQ6PLWKHVFULELy©(Q
PLRSLQLyQHODXWRUQRSXGRKDEHUVLGRRWURTXHXQMXULVWDRDOPHQRVXQDSHU
VRQDTXHKDEtDHVWXGLDGROH\HV\TXHWHQtDXQFRQVLGHUDEOHFRQRFLPLHQWRWpF
QLFR GH HOODVª &UHR TXH OD OH\ GH ODV 3DUWLGDV FRPHQWDGD RULHQWD PHMRU OD
LPSRVLEOHVROXFLyQGHTXLpQIXHVHHODXWRUGHOSRHPDTXHHOUHIXQGLGRUGHOD
YHUVLyQ FRQRFLGD GH 3HGUR$EDG pVWH X RWUR UHFRPSXVR XQ PDWHULDO SUHFH
GHQWHFRQWDQGRFRQTXHHOWH[WRLEDDGLIXQGLUVHHQXQDV&RUWHVUHDO\VHxR
ULDOHV HQ ODV TXH ORV FRQRFLPLHQWRV MXUtGLFRV VH LQWHJUDEDQ HQ OD YtD VRFLDO
WRGR FXDQWR YDOLHVH SDUD UHIRU]DU HVWRV OD]RV HUD YiOLGR< SHQVDPRV TXH VL
YHQtDFUHFLGRSRUODHILFDFLDGHODSDODEUDSRpWLFDPXFKRPHMRUFRQWDOGHTXH
FRQYLQLHVHFRQODKLVWRULD\FRQORVWHVWLPRQLRVGHORVUHWUDHUHVVLHVTXHH[LV
WtDQSDUDHOFDVR/DPHQFLyQGHO3RHPDGHO&LGPHKDSDUHFLGRLOXVWUDGRUD
),1$/6Ð/2 81 7$17(2
/R TXH KH GLFKR TXLHUR TXH VH LQWHUSUHWH FRPR WDQWHRV VREUH DOJR GLItFLO
³FDVLLPSRVLEOH³GHFRQRFHU3HURFUHRTXHQRVDFHUFDPRVDXQDPHMRULQWH
OLJHQFLDGHO3RHPDVLFRQWDPRVWDPELpQFRQORSRTXtVLPRTXHVDEHPRVVREUH
ODpSLFDSULPLWLYDDXQTXHVHDHQWHVWLPRQLRVSRVWHULRUHVFRPRVRQODVFRQWUR
YHUWLGDV3DUWLGDV
/DV3DUWLGDVKDQDO]DGRHQHVWDRFDVLyQOLJHUDPHQWHHOYHOR\SXGLPRVVDEHU
DOJRGHODIXQFLyQOLWHUDULDSURSLDGHXQFDQWDUGHJHVWDDOPHQRVHQXQXVR
GHWHUPLQDGR1RVODKDQVLWXDGRHQHOHVSDFLRGHODFRUWHVtD\OHKDQDVLJQDGR
XQILQVRFLDOODHMHPSODULGDG6LXQFDQWDUGHJHVWDFRPRHOGHO&LGVHOHtDHQ
SULYDGRRHQS~EOLFRHUDSDUDTXHDOPHQRVFDGDFDEDOOHURVHVLQWLHVHRWUR&LG
HQ VX FRQGXFWD 3RGHPRV DxDGLU FXDOTXLHU RWUD LQWHUSUHWDFLyQ GH OR TXH KD\D
SRGLGRVHUHO3RHPDGHO&LGSHURHVWHWHVWLPRQLRHVYiOLGRHLUUHIXWDEOHGHV
GHHVWHiQJXORTXHQRH[FOX\HRWUDVSHUVSHFWLYDVFUtWLFDV(O3RHPDGHO&LG
IOX\HQWHKDFLDODVFUyQLFDVHKLVWRULDVUHDOHVHVREUDSURSLDGHOiPELWRGHOD
FDEDOOHUtDFRQXQRVR\HQWHVLGHQWLILFDGRVHQHVWHFtUFXORGHJHQWHVHQHOFXDO
ODOH\SUHWHQGHFRQYHUWLUVHHQODFODYHGHODUHODFLyQVRFLDOHVWDEOHFLGDWDOFRPR
ORTXHUtD$OIRQVR;(OFRQWHQLGRGHODREUDUHVSRQGHDHVWHRUGHQDUJXPHQ
WDOOHFFLyQGHHVWUDWHJLDHQODIURQWHUDTXHORJUDXQDFXOPLQDFLyQTXHIXHXQD
YLFWRULDLQ~WLOSXHV9DOHQFLDVHSHUGHUtDHQ\SDVyOXHJRGHPDQHUDGHIL
QLWLYDDODFULVWLDQGDGFRQ-DLPH,HQDOUHLQRGH$UDJyQ\&DWDOXxD(V
GHFLU HUD XQD WHRUtD GH OD DFFLyQ TXH SURQWR SXGR SODQWHDUVH HQ &DVWLOOD VLQ
LPSOLFDFLRQHVSROtWLFDVGLUHFWDVUHSUHVHQWDEDHQFODYHSRpWLFDHOHMHPSORGHXQ
EXHQFDSLWiQYDVDOORSUREDGRHQODDGYHUVLGDGUHJLDHVSRVR\SDGUHHMHPSODU
3ODQWHDEDODPDQHUDFyPRVREUHOOHYDU\FRQFOXLUXQFDVRGHLUDUHJLDHQFRQ
3RHPDGH0LR&LG0DGULG&iWHGUDSUyORJRS
(O3RHPDGHO&LGFRQVLGHUDGRGHVGHODSHUVSHFWLYDOLWHUDULDGHODV3DUWLGDVGH$OIRQVRHO6DELR
MXQFLyQFRQHOKRQRUGHXQDVERGDVTXHLPSOLFDURQHQSRFRWLHPSRKRQRUGHV
KRQRU\UHLYLQGLFDFLyQGHODKRQUDXQDFRQWUDGLFFLyQUHVXHOWDSRUODVYtDVOHJD
OHV (O OHJLVODGRU TXH HVFULELy ODV 3DUWLGDV HVWR\ VHJXUR TXH VH FRPSODFHUtD
R\HQGRODVVHULHVGHYHUVRVGHO3RHPDGHO&LGDOPHQRVVHJ~QHOPDQXVFULWR
GH 3HGUR$EDG SXHV OD SRHVtD FRUURERUDED OLEUHPHQWH FRPR HV SURSLR GH OD
OLWHUDWXUDORTXHpOLEDXUGLHQGRHQODVOH\HVGHOFyGLJRVLJXLHQGRODVQRUPDV
GHOUH\TXHSRUDOJRIXHOODPDGR©HO6DELRª
5($/,'$'< )$17$6Ì$ (1'26*(67$60(',(9$/(6
'(/ %(2:8/) $/ 32(0$ '(0,2&,'
325
)5$1&,6&2 &2//$'2 52'5Ì*8(=
+DEODUGHODUHDOLGDG\ODIDQWDVtDH[LVWHQWHVHQGRVSRHPDVpSLFRVPHGLH
YDOHVQRVOOHYDGHLQPHGLDWRDXQSUREOHPDGHEDVHGHQDWXUDOH]DHSLVWHPROy
JLFDRFXDQWRPHQRVPHWDItVLFD/RVSRHPDVDOVHUWDOHVVRQSURGXFWRVOLWH
UDULRVTXHWLHQHQXQDYLGDGHQDWXUDOH]DOLQJtVWLFD\HOOHQJXDMHFRPRWRGRV
VDEHPRVHVXQVLVWHPDUHIHUHQFLDOTXHODPHQWHKXPDQDHPSOHDSDUD©UHIHULU
VHªDRWUDFRVDHOOHQJXDMHQRHVODUHDOLGDGHQVtDTXHVHUHILHUH3HURFXHV
WLRQDUODUHDOLGDGREVHUYDGD\VXFDUiFWHUVXEMHWLYRXREMHWLYRQRHUDDOSDUH
FHU XQD GH ODV DFWLYLGDGHV TXH SUHWHQGtD UHDOL]DU QLQJXQR GH ORV SRHWDV TXH
GLHURQ YLGD D ODV GRV JHVWDV JXHUUHUDV REMHWR GH QXHVWUR HVWXGLR 6t FDEH QR
REVWDQWHKDEODUGHODH[LVWHQFLDGHGRVSHUVSHFWLYDVGLVWLQWDVDODKRUDGHDSUH
KHQGHUHOPXQGRPDQLILHVWDVHQFDGDXQRGHHVWRVGRVSRHPDV
&RPRTXLHUDTXHSRUHOFDUiFWHUGHHVWHVLPSRVLR%HRZXOIVHUiVLQGXGDOD
REUDPHQRVFRQRFLGDFRQYLHQHTXHPHQFLRQHPRVXQDVHULHGHGDWRVJHQHUDOHV
VREUHHOODDQWHVGHSDVDUDXQDQiOLVLVPiVGHWDOODGRGHORVHOHPHQWRVUHDOLVWDV
\IDQWiVWLFRV\DVXFRPSDUDFLyQFRQ0LRdLG
%HRZXOIHVVLQGXGDHOSRHPDPiVLPSRUWDQWHTXHVHFRQVHUYDHVFULWRHQ
ROG(QJOLVKRLQJOpVDQWLJXR1RVKDOOHJDGRHQXQVRORPDQXVFULWRHO&RWWRQ
9LWHOOLXV$;9HODERUDGRSRUGRVFRSLVWDVGLIHUHQWHV(OSULPHURGHHOORVWUDQV
FULELy WUHV REULWDV HQ SURVD TXH SUHFHGHQ DO SRHPD \ KDVWD HO YHUVR Q~PHUR
GHpVWH(OVHJXQGRHVFULELyHOUHVWRGHOFDQWDU\XQSRHPDTXHQRVKD
OOHJDGRGHPDQHUDLQFRPSOHWDOODPDGR-XGLWK7UDVXQDD]DURVDH[LVWHQFLDHVWH
PDQXVFULWRDFDEDUtDUHSRVDQGREDMRHOEXVWRGHOHPSHUDGRU9LWHOLRHQODOLEUH
UtDGHODQWLFXDULRVLU5REHUW&RWWRQVREUHYLYLUtDDXQLQFHQGLRHQHODxR
\DFDEDUtDGHILQLWLYDPHQWHHQOD%LEOLRWHFD%ULWiQLFD
/DVDYHQWXUDVTXHHQHOWH[WRVHQRVQDUUDQHVWiQLQVHUWDVHQWLHPSR\OXJDU
ELHQGHILQLGRVHOVLJOR9,HQWLHUUDVGHGDQHVHV\JDXWDVSXHEORTXHKDELWD
9pDVHDOUHVSHFWR6%*5((1),(/' \'*&$/'(5$ 1HZ&ULWLFDO+LVWRU\RI2OG(QJOLVK
/LWHUDWXUH1XHYD<RUN1HZ<RUN8QLYHUVLW\3UHVVSS
5HDOLGDG\IDQWDVtDHQGRVJHVWDVPHGLHYDOHVGHO%HRZXOIDO3RHPDGHO&LG
EDHQHOVXUGHODDFWXDO6XHFLD/DOHQJXDXWLOL]DGDHQHOPDQXVFULWRHVXQD
FRLQpOLWHUDULDGHOVDMyQRFFLGHQWDOWDUGtRDOUHGHGRUGHODxRSHURORVILOy
ORJRVQRVHSRQHQWRGDYtDGHDFXHUGRVREUHODH[LVWHQFLDRQRGHPDQXVFULWRV
SUHYLRVTXHVHUHPRQWDUtDQDOVLJOR9,,,(OFODURHOHPHQWRFULVWLDQRGHOWH[WR
\HOKHFKRGHTXHVXVKpURHVVRQKDELWDQWHVGHOQRUWHGH(XURSDQRVSHUPLWH
VXSRQHU TXH HQ WRGR FDVR %HRZXOI FLUFXODED GH IRUPD VLPLODU D OD TXH KR\
FRQRFHPRVHQWUHHODxRIHFKDGHODGHUURWDGHOSDJDQR3HQGDHQ:LQZDHG
\HODxRHQTXHORVQRUXHJRVVDTXHDURQ/LQGLVIDUQH
%HRZXOIHVFRPRRWURVWH[WRVDQJORVDMRQHVSURGXFWRGHXQDWUDGLFLyQSRp
WLFD JHUPiQLFD WUDQVIRUPDGD SRU OD FXOWXUD PRQDFDO (Q HO PLVPR SRHPD VH
PHQFLRQDODILJXUDGHO©VFRSªREDUGRJHUPiQLFRHQFDUJDGRGHODWUDQVPLVLyQ
RUDOHQILHVWDV\UHXQLRQHVGHODVOH\HQGDV\ODVQRWLFLDVVREUHKHFKRVEpOLFRV
GHTXHWDQWRJXVWDEDQORVSXHEORVJHUPiQLFRV3HURODVPDQRVTXHKD\WUDVHO
WH[WRTXHFRQVHUYDPRVVRQVLQGXGDODVGHOFRSLVWDPRQDFDOFULVWLDQRDQJOR
VDMyQ TXH D~Q QR KD VDELGR XQLILFDU PX\ ELHQ OD UHOLJLyQ TXH SURIHVD FRQ HO
DQWLJXRHVSLULWXKHURLFRGHVXSXHEORHVSLULWXTXHFRPRUHVDOWDUHPRVPiVDGH
ODQWHDGTXLHUHPDWLFHVFODUDPHQWHGLVWRUVLRQDGRVSRUHOHQFXHQWURHQWUHODVGRV
FXOWXUDV
(QUHVXPHQHQ%HRZXOIVHFXHQWDQWUHVJUDQGHVOXFKDVTXHHOSURWDJRQLVWD
GHOPLVPRQRPEUHKDGHVRVWHQHUFRQVHQGRVPRQVWUXRVGHQRIiFLOGHVFULSFLyQ
HQWHUDGRGHTXHODUHVLGHQFLDGHOPRQDUFDGDQpV+URWKJDUKDVLGRDVDOWDGDSRU
*UHQGHOXQHVStULWXPDOLJQRHOSUtQFLSHJDXWD%HRZXOIPDUFKDD'LQDPDUFD
RIUHFHVXVVHUYLFLRVD+URWKJDU\OLEUDYLFWRULRVDVOXFKDVSULPHURFRQ*UHQGHO
\PiVWDUGHFRQODPDGUHGHOPRQVWUXR0XFKRWLHPSRGHVSXpVGHHVWDVSURH
]DV FXDQGR %HRZXOI KD RFXSDGR \D HO WURQR GH VX SXHEOR GXUDQWH FLQFXHQWD
DxRVHOKpURHKDGHYROYHUDOLEUDUEDWDOODDKRUDFRQXQGUDJyQTXHDVRODHOUHL
QR(QHVWDRFDVLyQODEHVWLDPXHUHFREUiQGRVHWDPELpQODYLGDGHOSURWDJRQLVWD
TXHH[SLUDVLQGHMDUGHVFHQGHQFLDGHVXOLQDMH\HQWUHODVSURIpWLFDVSDODEUDV
GHOEDUGRTXHDXJXUDODGHVDSDULFLyQGHORVJDXWDV
(OSRHPDHVWiHVFULWRXWLOL]DQGRQDWXUDOPHQWHODVQRUPDVSRpWLFDVDQJOR
VDMRQDV ORV YHUVRV VH GLYLGHQ HQ GRV KHPLVWLTXLRV VHSDUDGRV SRU OD FHVXUD
FDGDXQRGHORVFXDOHVGHEHFRQWHQHUGRVVtODEDVFRQDFHQWRSULPDULR8QDR
DPEDVVtODEDVWyQLFDVGHOSULPHUKHPLVWLTXLRWLHQHTXHDOLWHUDUFRQXQDRDPEDV
VtODEDVWyQLFDVGHOVHJXQGRSXHVODSRHVtDDQJORVDMRQDQRHVULPDGD\ODDOLWH
6REUHHOFDUiFWHUYHUtGLFRGHDOJXQRVGHORVSHUVRQDMHVTXHDSDUHFHQHQHOSRHPDFRPHQWD
6XVDQD2QHJD©ORVKHFKRVTXHQDUUDVRQVXFHVRVKLVWyULFRVTXHWXYLHURQOXJDUFRQWRGDSUREDELOL
GDGHQODVWUHVSULPHUDVGpFDGDVGHOVLJOR9,HQHOFRQWLQHQWHHXURSHR\DTXHVDEHPRVSRUIXHQ
WHVKLVWyULFDVTXHHOWtR\VHxRUGH%HRZXOIR+\JHODFPXULyHQXQDLQFXUVLyQSLUiWLFDHQWHUULWR
ULRIULVLRVRPHWLGRDORVIUDQFRVKDFLDG&\TXHHOUH\+URWKJDUGHELyGHUHLQDUHQ'LQDPDUFD
GXUDQWHODVWUHV~OWLPDVGpFDGDVGHOVLJOR9&RQHVWRVGDWRV\RWURVVLPLODUHVODFUtWLFDKDOOHJDGR
DODFRQFOXVLyQGHTXHVL%HRZXOIRH[LVWLyHQUHDOLGDGGHELyGHPRULUKDFLDODPLWDGGHOVLJOR9,
HQWUH\G&ª(Q©3RHVtDpSLFDDQJORVDMRQD%HRZXOIª(VWXGLRV/LWHUDULRV,QJOHVHV(GDG
0HGLD-)*DOYiQ5HXODHG0DGULG&iWHGUDS$OGHFLU©ORVKHFKRVTXHQDUUDªOD
SURIHVRUD2QHJDVHUHILHUHQRDODVOXFKDVGHOKpURHFRQORVPRQVWUXRVVLQRDXQFRQMXQWRGHSHTXH
xDVQDUUDFLRQHVLQVHUWDVHQODKLVWRULDSULQFLSDOTXHHOSRHWDLQFOX\HSDUDLQIRUPDUVREUHSHTXHxDV
EDWDOODVVRVWHQLGDVHQWUHGLYHUVRVSXHEORVGHOD]RQDGHQWURGHOHVStULWXGHOD(UD+HURLFD*HU
PiQLFDVLJORV,9 DO9,
9pDVH*5((1),(/' \&$/'(5RSFLWS
)UDQFLVFR&ROODGR5RGUtJXH]
UDFLyQHVXQRGHORVUHFXUVRVPiVLPSRUWDQWHVHQODSURGXFFLyQGHOULWPRSRp
WLFR(OFDUiFWHUVXSXHVWDPHQWHRUDOGHHVWHWLSRGHSRHVtDH[LJLUtDGHO©VFRSª
REDUGRHOGRPLQLRGHFLHUWDVWpFQLFDVHVWLOtVWLFDVSDUDPDQWHQHUODDWHQFLyQGH
VXVR\HQWHV\KDFHUSRVLEOHTXHpVWRVSXGLHVHQVHJXLUHOKLORQDUUDWLYR(QWUH
ORVHOHPHQWRVGHGLFFLyQDQJORVDMRQHVTXHPiVOODPDUtDQODDWHQFLyQGHXQOHF
WRUDFWXDOGHO%HRZXOIHVWDUtDQVLQGXGDHO©NHQQLQJª\ODYDULDFLyQ(OSUL
PHURGHULYDVXQRPEUHGHODSRpWLFDLVODQGHVD\VHUHILHUHHQVHQWLGRHVWULFWR
DXQFRPSXHVWRWHUPLQROyJLFRGRQGHXQRGHORVHOHPHQWRVHVPHWDIyULFRSRU
H[WHQVLyQ HQ DQJORVDMyQ HO ©NHQQLQJª SDVDUtD D VHU VLPSOHPHQWH XQ WpUPLQR
FRPSXHVWR TXH SRU \X[WDSRVLFLyQ SURYRFD HO VLJQLILFDGR SRpWLFR DGHFXDGR
DVtWHQGUtDPRV©KURQUDGªOLWHUDOPHQWH©HOFDPLQRGHODEDOOHQDªR©VZDQUD
GHª©ODVHQGDGHOFLVQHªVLJQLILFDQGRDPERV©HOPDUª3RUORTXHUHVSHFWDD
ODYDULDFLyQHVpVWHHQSDODEUDVGH6XVDQD2QHJD
XQ IHQyPHQR GH UHIRUPXODFLyQ P~OWLSOH R UHSHWLFLyQ GH XQD LGHD SRU
PHGLR GH H[SUHVLRQHV DOWHUQDWLYDV (V GHFLU HQ OD YDULDFLyQ H[LVWH XQ
UHIHUHQWHH[SUHVROODPDGRYDULDWXP\XQDRYDULDVH[SUHVLRQHVDOWHU
QDWLYDVRYDULDQVHQUHODFLRQJHQHUDOPHQWHDSRVLWLYD&DGDH[SUHVLyQ
DOWHUQDWLYD©YDUtDªOLJHUDPHQWHODFDUJDVHPiQWLFDGHOUHIHUHQWHLOXPL
QiQGRORGHVGHRWURSXQWRGHYLVWDS
([SUHVLRQHVFRPR©+DEOy%HRZXOIHOKLMRGH(GJHWKHRZªR©TXHKDVLGR
HOPHMRUGHORVKRPEUHVGHOPXQGRGHORVVHUHVKXPDQRVTXHKDKDELGRHQOD
WLHUUDªVRQHMHPSORVGHHVWDWpFQLFDTXHDEXQGDHQHOSRHPD\TXHSRUVX
SXHVWRQRVWUDHQDODPHPRULDHVDVRWUDVFRQRFLGDVH[SUHVLRQHVFRPR©0LRdLG
GRQ5RGULJRHOTXHHQEXHQRUDQDVFRªR©$\XGyOHO&ULDGRUHO6HxRUTXHHV
HQoLHORª
eVWDVHUDQVLQHPEDUJRWpFQLFDVOLWHUDULDVSURSLDVGHORVSXHEORVJHUPiQL
FRV\ORVSRVLEOHVEDUGRVTXHFDQWDVHQODVJHVWDVJXHUUHUDVGH%HRZXOITXHVHFRQ
VHUYDQHQHOSRHPDXRWUDVGHOPLVPRRGLVWLQWRVKpURHVQRKDFtDQVLQRSURSDJDU
XQHVStULWXFRP~QSURSLRGHHVRVSXHEORVGHOQRUWHTXH\DPHQFLRQDVH7iFLWRHQ
VX*HUPDQLDGHODxR%HRZXOIFRQILUPDHQEXHQQ~PHURGHRFDVLRQHVHOHVSt
ULWXKHURLFRJHUPDQR\HOVLVWHPDGHYDVDOODMHH[LVWHQWHHQWUHHVWRVSXHEORV8Q
VRPHURUHFRUULGRSRUVXVYHUVRVQRVSUREDUiKDVWDTXpSXQWRODQDUUDFLyQUH]X
PDHVDFRVPRYLVLyQKHURLFDWRGDYtDODWHQWHHQHO3RHPDGH0LRdLG
%HRZXOI OOHJD D 'LQDPDUFD SDUD SDJDU DQWLJXRV IDYRUHV TXH HO UH\ GDQpV
FRQFHGLyDOSDGUHGHOKpURH(OUH\+URWKJDUGLFHD%HRZXOIVREUHVXSDGUH
©+H PH D SDV VZRUª ©eO PH SUHVWy MXUDPHQWRª Y ([LVWH SRU FRQVL
JXLHQWHXQMXUDPHQWRYDVDOOiWLFRSUHYLR3HURDOKpURHORPXHYHQWDPELpQRWURV
PRWLYRVQRWDQVyORHOYtQFXORGHYDVDOODMHHQWUHVXSDGUH\HOGDQpV0iVDGH
ODQWH%HRZXOIDILUPDTXHKDYHQLGRDYHQFHURDPRULU
£<RVDEUpUHDOL]DU
XQDKD]DxDJORULRVD\VLHVGHRWURPRGR
HQODULFDPRUDGDODPXHUWHKDOODUp
YY
8WLOL]RODWUDGXFFLyQGH/XLV/HUDWHHQVXHGLFLyQGH%HRZXOI\RWURVSRHPDVpSLFRVDQWL
JXRVJHUPiQLFRV%DUFHORQD6HL[%DUUDO
5HDOLGDG\IDQWDVtDHQGRVJHVWDVPHGLHYDOHVGHO%HRZXOIDO3RHPDGHO&LG
(ODIiQGHJORULD\ODSHUYLYHQFLDJUDFLDVDODVKD]DxDVORJUDGDVHVHOKHURL
FRGHVHRGHOJXHUUHURJDXWD3HURHVWDEOHFLGDODUHODFLyQGHVHUYLFLRHQWUHHO
GDQpV \ VX KXpVSHG DTXpO DILUPD SURQWR TXH VL HO JDXWD YHQFH D *UHQGHO OH
KDEUiGHUHFRPSHQVDUJHQHURVDPHQWHYY\HVILHODVXSURPHVDFXDQ
GRHOSURWDJRQLVWDFXPSOHVXSDODEUD\GDPXHUWHDOSULPHURGHORVPRQVWUXRV
(OKLMRGH+DIWDQGLROHD%HRZXOI
FRPRSUHPLRDVXKD]DxDXQGRUDGRHVWDQGDUWH
YDOLRVRSHQGyQXQDFRWD\XQ\HOPR
SUHVHQWyVHOHOXHJR³WRGRVORYLHURQ³
XQKLHUURH[FHOHQWH
YY
(VWDOODJHQHURVLGDGGHOUH\TXHHOPLVPRQDUUDGRUH[FODPDXQSRFRPiV
DGHODQWHTXHGHSRFRVVHxRUHVWDQJHQHURVRVKDWHQLGRQRWLFLDYY
7UDVPDWDUDVLPLVPRDODPDGUHGH*UHQGHOHOKpURHUHFLELUiD~QPiVUHJD
ORVGH+URWKJDU
3HURHOSDFWRTXH%HRZXOIWLHQHFRQHOUH\GDQpVH[SLUDFXDQGRDTXpOFXP
SOH VX SURPHVD GH OLEHUDU D +URWKJDU GH ORV HVStULWXV PDOLJQRV9XHOWR D VX
KRJDUHVFXDQGRHOKpURHRIUHFHVXVJDQDQFLDVDVXYHUGDGHURVHxRU+\JHODF
UH\GHORVJDXWDV
HOKLMRGH+DOIGDQ
PHGLRUHFRPSHQVDVHJ~QPLFULWHULR
$ WLWHODRIUH]FRRDOWRFDXGLOOR
IHOL]WHODHQWUHJR
YY
(ODFWRGHHQWUHJDGHUHJDORVGH%HRZXOIDVXUH\QRVXSRQHSRUVXSXHVWR
XQPRYLPLHQWRHQXQD~QLFDGLUHFFLyQGHO©WKDQHªRYDVDOORDVXVHxRUVLQR
TXHHVWH~OWLPRRWRUJDWDPELpQVXVGRQHVDOILHOVHUYLGRU7LHUUDVXQSDODFLR\
SRGHUFRQFHGHVXUH\D%HRZXOIMXQWRFRQRWURGHORVHOHPHQWRVFODYHGHOHVSt
ULWXKHURLFR
(OLQWUpSLGRUH\HOVHxRUGHORVYDVDOORV
PDQGyTXHWUDMHVHQ³FRQRURDGRUQDGD³
ODKHUHQFLDGH5pGHODOOiHQWUHORVJDXWDV
QRKDEtDRWURKLHUURTXHWDQWRYDOLHUD
6REUHHOSHFKRORSXVRGHOQREOH%HRZXOI
YY
/DHVSDGDHVWiVLHPSUHSUHVHQWHHQWUHORVUHJDORVPiVLPSRUWDQWHVSXHVQR
HQYDQRHVHOLQVWUXPHQWRSULQFLSDOGHTXHVHYDOHHOJXHUUHURKHURLFRSDUDREWH
QHUODIDPD\ODJORULDTXHKDEUiGHSHUGXUDUPiVDOOiGHVXPXHUWH
/DVFRLQFLGHQFLDVFRQHO3RHPDGH0LRdLGVRQPDVTXHREYLDVXQFDQWDU
SUHOXGLDODVUHODFLRQHVD~QH[LVWHQWHVHQHORWUR/RVYtQFXORVYDVDOOiWLFRVH[LV
WHQWHV HQWUH$OIRQVR \ HO &DPSHDGRU R HQWUH pVWH \ VXV ILHOHV VHUYLGRUHV VH
6REUHVXYHUDFLGDGYpDVH0DUtD(XJHQLD/$&$55$(OSRHPDGH0LRdLG5HDOLGDGKLVWyUL
FDHLGHROyJLFD0DGULG-RVp3RUU~DSS\VV
)UDQFLVFR&ROODGR5RGUtJXH]
DWLVEDQ\DHQODpSLFDDQJORVDMRQD%HRZXOIHQFODUDSURJUHVLyQDVFHQGHQWH
DFRUGHFRQODQDWXUDOH]DGHVXVKD]DxDVLUiFRQVLJXLHQGRPiV\PiVULTXH]DV
TXHTXHUUiSDUDVXUH\\SDUDVXSXHEORGHOPLVPRPRGRTXHHO&LGKDUiPiV
\PiVULFRVDVXVYDVDOORVHLQFUHPHQWDUiFRQVWDQWHPHQWHHOQ~PHURGHFDED
OORVTXHHQYtDDOUH\OHRQpVGHWUHLQWDDFLHQGHFLHQDGRVFLHQWRV$OIRQVRD
FDPELR OHYDQWDUi VX FDVWLJR D ORV VHJXLGRUHV GHO KpURH GHMDUi PDUFKDU D VX
IDPLOLDD9DOHQFLDSHUGRQDUiDO&LG\REVHTXLDUiDVXVSDODGLQHV%HRZXOIQR
SRGUiPDWDUDODPDGUHGH*UHQGHOPiVTXHFRQXQDDQWLJXDHVSDGDIRUMDGDSRU
JLJDQWHV UHFLELUi GH VX UH\ ©OD KHUHQFLD GH 5pGHOª \ ILQDOPHQWH D SXQWR GH
H[SLUDUUHJDODUiVXVSHUWUHFKRVJXHUUHURVD:LJODIHO~QLFRYDVDOORTXHQROH
DEDQGRQyHQODOXFKDFRQWUDHOGUDJyQ(VSDGDVDQWLJXDV\YDOLRVDVHUDQWDP
ELpQ&RODGD\7L]RQD\UHJDORVVHUiQWUDVVXUHFXSHUDFLyQSDUDGRVGHORVPiV
HVIRU]DGRVJXHUUHURVGHO&DPSHDGRU
(O QR FXPSOLPLHQWR GHO SDFWR YDVDOOiWLFR HV RWUR HOHPHQWR SHUFHSWLEOH HQ
DPERVSRHPDV\TXHQRVWUDQVPLWHWDPELpQODUHDOLGDGUHIOHMDGDHQDPEDVREUDV
$OGHVHPEDUFDUHQ'LQDPDUFD%HRZXOIYDURGHDGRSRUXQJUXSRGHJXHUUHURV
TXHVHDSUHVWDQDFRPEDWLUFRQWUD*UHQGHOFXDQGRHOPRQVWUXRVHHQ]DU]DHQ
OXFKDFRQHOQREOHJDXWD
(QWRUQRD%HRZXOI
VXVEUDYRVEODQGtDQODVYLHMDVHVSDGDV
TXHULHQGRVDOYDUGHSHOLJURDVXMHIH
DOIDPRVRVHxRUVLSRVLEOHOHVIXHUD
YY
'HLJXDOPDQHUDVHDSUHVWDQORVYDVDOORVDOUHGHGRUGHO&LGSDUDGHIHQGHUD
VXVHxRUFXDQGRHOOHyQHVFDSDYY3HURKD\RWURVTXHQRWLHQHQ
ODIRUWDOH]DGHiQLPRQHFHVDULDSDUDDJXDQWDUODHPEHVWLGDGHODEHVWLD
)HUQDQW*RQoDOYH]LIDQWGH&DUULyQ
QRQYLGRDOOtGRVDOoDVVHQLQFiPDUDDELHUWDQLQWRUUH
PHWLyVVROHVoDxRWDQWRRYRHOSDYRU
'tDJ*RQoDOYH]SRUODSXHUWDVDOLy
GL]LHQGRGHODERFD©QRQYHUp&DUULyQª
YY
&XDQGR%HRZXOI\DYLHMRWLHQHTXHHQIUHQWDUVHFRQHOPRUWtIHURGUDJyQ
OOHYDDODEDWDOODDXQJUXSRGH©WKDQHVªSHURDOLQLFLDUVHODOXFKD
1RFRUULyVLQHPEDUJRHQVXD\XGDODWURSD
QRKLFLHURQFRQpOORVLQWUpSLGRVKpURHV
XQFRUURDJXHUULGRKX\HURQDOERVTXH
SRUWHPRUGHVXVYLGDV
YY
/RV©LQWUpSLGRVKpURHVªTXHQRD\XGDQDVXVHxRUVHUiQHQEXHQDPHGLGD
UHVSRQVDEOHVSRUVXFDUiFWHUGHODGHVDSDULFLyQGHOSXHEORJDXWD&XDQGRHO
HVStULWXKHURLFRFRPLHQ]DDGHFOLQDUODVRFLHGDGJXHUUHUDKDGHHQIUHQWDUVHD
VXGLVROXFLyQORVJDXWDVTXHGDQVLQFDXGLOOR\VXMHWRVDODUDSLxDGHORVSXH
EORVYHFLQRVORVLQIDQWHVGH&DUULyQTXHGDQDYHUJRQ]DGRVWDFKDGRVGHWUDLGR
UHV\GHEHQSDUWLUVHGHVXVULTXH]DV
5HDOLGDG\IDQWDVtDHQGRVJHVWDVPHGLHYDOHVGHO%HRZXOIDO3RHPDGHO&LG
/DQHFHVLGDGGHYHQJDQ]DRGHOSDJRGHXQDFDQWLGDGSDUDODYDUXQDDIUHQ
WDGHKRQRURVDQJUHHVRWURGHORVUDVJRVTXHSDUHFHQVHUFRPXQHVDODVVRFLH
GDGHVGHORVVLJORV9,\;,(Q%HRZXOIODYHQJDQ]DHVWiSUHVHQWHDSHVDUGH
ODPDQRFULVWLDQDTXHVXSXHVWDPHQWHWUDQVFULELyHOWH[WRTXHGHOSRHPDVHFRQ
VHUYD,QFOXVRXQPRQVWUXRODPDGUHGH*UHQGHOVLHQWHODQHFHVLGDGGHYHQ
JDUODPXHUWHGHVXKLMRDXQTXHQLQJXQRGHORVGRVWHQGUtDSRUTXpHVWDUVXMH
WRDHVWHLPSHUDWLYRGHOFyGLJRKHURLFRWHXWyQ
(QWRQFHVVXPDGUH
KRVFD\UDELRVD\FRQPXFKRSHVDU
HQFDPLQRVHSXVRTXHULHQGRYHQJDUVH
YY
/DRJUHVDVDWLVIDFHVXVGHVHRVGHYHQJDQ]DPDWDQGRDXQRGHORV©WKDQHVª
PiVTXHULGRVGHOUH\+URWKJDU\HQWHUDGR%HRZXOIHOKpURHGHMDFODURFXiOHV
OD~QLFDSRVWXUDTXHXQJXHUUHURSXHGHWRPDU
5HVSRQGLyOH%HRZXOIHOKLMRGH(NWR
©£1RWHDIOLMDVRKUH\£0iVFXPSOHHQHOKRPEUH
YHQJDUDODPLJRTXHPXFKROORUDUORª
YY
'LFKDSRVWXUDHVSRUVXSXHVWRODTXHD~QLPSHUDHQODVRFLHGDGGHO0LR
dLG&RPRVHUHIOHMDHQODVSHTXHxDVQDUUDFLRQHVHQWUHPH]FODGDVHQODKLVWR
ULDSULQFLSDOGH%HRZXOIODYHQJDQ]DSRGtDUHGXFLUVHVLPSOHPHQWHDOSDJRGH
FLHUWD FDQWLGDG ZHUJLOG D ORV IDPLOLDUHV R DPLJRV GH OD YtFWLPD FRVWXPEUH
HQWURQFDGDDVLPLVPRFRQODTXHHVWLSXODEDHOSDJRGHOUHVFDWHSRUORVSULVLR
QHURVGHJXHUUD'HDOJXQDPDQHUDDORVLQIDQWHVGH&DUULyQOHVKXELHVHJXVWD
GRTXHFRQODGHYROXFLyQDO&LGGHODVULTXH]DVTXHFRQpODOFDQ]DURQVHKXELH
VH VDOGDGR OD ©GHXGDª GH OD DIUHQWD &XDQGR HO &DPSHDGRU UHTXLHUH GH ORV
LQIDQWHVOD&RODGD\OD7L]RQDpVWRVFREDUGHPHQWHGHFLGHQ
©'pPRVOHVXVHVSDGDVTXDQGRDVVtILQFDODER]
HTXDQGRODVWRYLHUHSDUWLUVHDODFRUW
\DPDVQRQDYUiGHUHFKRGHQRVHOdLG&DPSHDGRUª
YY
3HURFRPRVDEHPRVHOSDJRGHODVHVSDGDVQRIXHVXILFLHQWHDHOORVHJXL
UiHOSDJRGHRWUDVULTXH]DV\ODYHQJDQ]DVDQJULHQWDGHORVGXHORV6LHQ%HR
ZXOIHOSRHWDFULVWLDQRQRTXLHUHLQVLVWLUHQODLGHDGHODYHQJDQ]DGHVDQJUH
HQ0LRdLGYHPRVFyPRVLQHPEDUJRpVWDVLJXHH[LVWLHQGR\VHVXSHUSRQHD
ODSRVLELOLGDGGHODYDUODDIUHQWDSRURWURVPHGLRV
3HURORVGRVSRHPDVTXHDTXtHVWDPRVFRQVLGHUDQGRFRLQFLGHQHQRWURHOH
PHQWRPiVODDSDULFLyQHQHOORVGHODIDQWDVtDODQDUUDFLyQGHHYHQWRVH[WUDRU
GLQDULRV
1yWHVHORTXHDHVWHUHVSHFWRGLFHQ0:*526( \'0&.(11$©:KHQDPXUGHUZDVFRP
PLWWHGLWZHVWKHGXW\RIWKHFRPSDQLRQVRUNLQRIWKHYLFWLPHLWKHUWRNLOOKLVPXUGHUHURUWRREWHLQ
IURPKLPDPDWHULDOFRPSHQVDWLRQNQRZQDVWKHZHUJLOGZKLFKYDULHGZLWKWKHUDQNRIWKHGHDG
PDQ7KH&KXUFKGLGQRWVXSSUHVVWKLVSUDFWLFHEXWUDWKHUHQFRXUDJHGWKHSD\PHQWRIZHUJLOGDQG
SUHDFKHGDJDLQVWWKHSURORQJLQJRIDEORRGIHXG\HWZLWKRXWZKROHKHDUWHGGLVDSSURYDORIWKHWDNLQJ
RIYHQJHDQFHª(Q2OG(QJOLVK/LWHUDWXUH/RQGUHV(YDQVS
)UDQFLVFR&ROODGR5RGUtJXH]
$QDOL]DUHOFRPSRQHQWHIDQWiVWLFRGHXQWH[WROLWHUDULRQRHVWDQVLPSOHFRPR
SXGLHUDSDUHFHUHQXQSULQFLSLRGHKHFKRODIDQWDVtDVHPDQLILHVWDGHPDQHUD
GLIHUHQWH HQ FDGD XQR GH ORV SRHPDV (O KHFKR GH TXH VHDQ WH[WRV SUREDEOH
PHQWHGLULJLGRVDXQDDXGLHQFLDQRLQIOX\HSRUVXSXHVWRHQODYLVLyQGHOPXQ
GRTXHDPERVS~EOLFRVSRGtDQWHQHU< HQHIHFWRFRPRYHUHPRVHQEUHYHHVWD
YLVLyQSDUHFHKDEHUFDPELDGRH[WUDRUGLQDULDPHQWHGHOVLJOR9,DO;,RDOPHQRV
DVtVHFRQFOX\HWUDVDQDOL]DUORVHOHPHQWRVIDQWiVWLFRVGHORVGRVSRHPDV
©)DQWDVtDªHVXQWpUPLQRLPSRVLEOHGHGHILQLUFRQSUHFLVLyQSRGHPRVGHFLU
TXHHVDTXHOORTXHQRHVUHDORTXHQRVXFHGHHQHOPXQGRQRUPDOSHURHQWRQ
FHVGHEHPRVHQWUDUHQHOFRQFHSWRGH©UHDOLGDGª\GDUQRVFXHQWDGHTXHQRVR
WURVQRVDEHPRVORTXHUHDOPHQWHVXFHGHHQHO©PXQGRQRUPDOªVLQRTXHWDQ
VyORWHQHPRVXQDYLVLyQSHUVRQDO\VXEMHWLYDGHORTXHDFDHFH(QHOPHMRUGH
ORVFDVRVSRGUtDPRVKDEODUGHFRQVHQVRFXDQGRYDULDVVXEMHWLYLGDGHVFRLQFL
GHQHQSHUFLELUORTXHVXFHGHGHPRGRVLPLODUVHSXHGHKDEODUGH©REMHWLYLGDGª
R ©UHDOLGDGª 3HUR QyWHVH FyPR HVWR WDPSRFR QRV OOHYD PX\ OHMRV HVSHFLDO
PHQWHHQHOWHUUHQRGHODOLWHUDWXUDGHIDQWDVtDDORODUJRGHODKLVWRULD\GHSHQ
GLHQGR WDPELpQ GHO HVSDFLR JHRJUiILFR ORV GLVWLQWRV SXHEORV KDQ OOHJDGR D
PHQXGR D ©FRQVHQVRVª PX\ GLVWLQWRV VREUH HO FDUiFWHU GH OD UHDOLGDG$QWH
ULRUPHQWHVHxDODEDFLHUWRVUDVJRV\FRVWXPEUHVSRUPHGLRGHORVFXDOHVVHHVWD
EOHFtDQYtQFXORVHQWUH%HRZXOI\0LRdLG$KRUDPHUFHGDOFRPSRQHQWHIDQ
WiVWLFRH[LVWHQWHHQDPERVYHUHPRVFyPRODVYLVLRQHVGHOPXQGRGHXQRV\GH
RWURVVRQHQEXHQDSDUWHGLVWLQWDV3RGUHPRVDVLPLVPRFRQWUDVWDUODVFRQOD
FRQFHSFLyQGHOPXQGRTXHSXHGDWHQHUFXDOTXLHUPLHPEURGHHVWDDXGLHQFLD
(Q%HRZXOIKD\WUHVIDFWRUHVIXQGDPHQWDOHVDODKRUDGHHVWXGLDUODIDQWD
VtDGHOWH[WRHOKpURHORVPRQVWUXRV\HOPLHGR(OKpURHHVXQJXHUUHURTXH
HQSDODEUDVGHOUH\+URWKJDUUH~QHHQVtODIXHU]DGHWUHLQWDKRPEUHVYY
HQERFDGHXQYLJtDGDQpVHV
HOKRPEUHPiVIXHUWHHTXLSDGRJXHUUHUR
TXHKHYLVWRMDPiV
YY
'HpOVHGLFHTXHKDPDWDGRD©VHUHVGHODUD]DJLJDQWHª\D©PRQVWUXRVª
YYVXVKD]DxDVFRQWUDSXHEORVHQHPLJRVQRVRQWDQFDQWDGDVFRPR
VXVFRPEDWHVFRQVHUHVGHPRQtDFRVHLQIHUQDOHV\FXULRVDPHQWHORVSRFRVFRP
EDWHVHQWUHKXPDQRVTXHVHGHVFULEHQHQHOSRHPDWLHQHQVXOXJDUVLHPSUHHQ
HVDVSHTXHxDVQDUUDFLRQHVTXHVHHQWUHPH]FODQHQODWUDPDSULQFLSDO/RVWUHV
JUDQGHVHSLVRGLRVHQTXHSRGUtDPRVGLYLGLUHOWH[WRDQJORVDMyQVHUHILHUHQDODV
OXFKDV TXH HO SURWDJRQLVWD HQWDEOD FRQ WUHV PRQVWUXRV VHUHV WRGRV HVSHFLDO
PHQWHVLQLHVWURVSHURTXHSUHVHQWDQFDUDFWHUtVWLFDVTXHORVGLVWDQFLDQHQWUHVt
(OSULPHURGHHOORVHV*UHQGHOXQPHURGHDGRUGHODVFLpQDJDVTXHDWUDtGR
\PROHVWRSRUODVILHVWDVGHOSDODFLRGH+URWKJDUOOHJDDHVWHOXJDUXQDQRFKH
\PDWDDWUHLQWDYDVDOORVR©WKDQHVªGHOUH\LQVLVWLHQGRQRFKHWUDVQRFKHHQ
VXVFRUUHUtDVSRUSDODFLRKDVWDTXHORVJXHUUHURVGH+URWKJDUGHFLGHQDEDQGR
QDUOR SRU PLHGR < QR HV H[WUDxR TXH OD ILJXUD GH *UHQGHO SURYRTXH PLHGR
LQFOXVRDOOHFWRUGHOVLJOR;;SRUXQDVLPSOHUD]yQHOPRQVWUXRQRHVQXQFD
GHILQLGRFRQFODULGDGQRVDEHPRVFyPRHVVyORVHQRVGLFHTXHHVXQHVStUL
WXPDOLJQRXQVHULQIHUQDOGHVFHQGLHQWHGHODUD]DGH&DtQ
5HDOLGDG\IDQWDVtDHQGRVJHVWDVPHGLHYDOHVGHO%HRZXOIDO3RHPDGHO&LG
/ODPiEDVH*UHQGHODTXHOHVSDQWRVR
\SHUYHUVRSURVFULWRPRUDEDHQIDQJDOHV
HQJUXWDV\FKDUFDV'HVGHWLHPSRVUHPRWRV
YLYtDHVWDILHUDHQWUHJHQWHLQIHUQDO
SDGHFLHQGRODSHQDTXH'LRVLQIOLJLy
D&DtQ\DVXUD]D
YY
,QFOXVRHOSUHFLVDUTXHSHUWHQHFHDODUD]DGH&DtQQRGHMDGHVHUPiVTXH
XQDGLVWRUVLyQHIHFWXDGDSRVLEOHPHQWHSRUHOFRSLVWDPRQDFDOGHOPDQXVFULWR
*UHQGHOVyORDSDUHFH\DWDFDGHQRFKHHQWUHWLQLHEODVYY\FXDQGR
ODVIRUPDVHVWiQGLIXPLQDGDV\HOVHUKXPDQRQRSXHGHYHUORTXHDFRQWHFHD
VXDOUHGHGRU$OOOHJDUODKRUDGHOJUDQFRPEDWHFRQ%HRZXOIDQWHVGHHQIUHQ
WDUVHFRQHOKpURHHOPRQVWUXRVHGDXQVDQJULHQWRIHVWtQFRQXQRGHORV©WKD
QHVªGHOSULQFLSHJDXWD
'HPRUDUVHQRTXLVRHOGDxLQRJLJDQWH
YHOR]DWUDSyFRPRSUHVDSULPHUD
XQJXHUUHURGRUPLGR'HVWUR]yDOLQGHIHQVR
HQVXFDUQHPRUGLyEHELyOHVXVDQJUH
YRUD]ORWUDJySURQWRGHOWRGR
ORWXYRHQJXOOLGRFRQPDQRV\SLHV
HOFXHUSRVLQYLGD
YY
6XHIHFWLYLGDGHQHOFRPEDWHHVSXHVPiVTXHHYLGHQWH3RUVLIXHUDSRFR
HOFDVLLQGHILQLGRPRQVWUXRWLHQHSRGHUHVPiJLFRVTXHKDFHQTXHODVHVSDGDV
JDXWDVQRSXHGDQWDQVLTXLHUDKHULUOHYYKHFKRTXHSRVLELOLWDHOOX
FLPLHQWRGHOKpURHTXH\DKDEtDPDQLIHVWDGRVXGHVHRGHFRPEDWLUDOPRQV
WUXRFRQODVPDQRVGHVQXGDV(QODOXFKD%HRZXOIGHPXHVWUDGHIRUPDHIHFWL
YDVXLQPHQVRSRGHU
SRUODPDQRDWUDSDGRWHQtDORHOEUDYR
HOSDULHQWHGH+tJODF£&DGDXQRGHORWUR
ODPXHUWHEXVFDED'RORUHVSDQWRVR
HOPRQVWUXRVLQWLyDKRUDHQHOKRPEUR
XQKXHFRPRVWUDEDORVWHQGRQHVVDOWDURQ
URPSLyVHOHHOKXHVR)XHGH%HRZXOI
ODJORULRVDYLFWRULD
YY
(VWHSRGHUItVLFRVLQHPEDUJRQROHVHUiVXILFLHQWHDORVSRFRVGtDVSDUD
YHQFHUDOVHJXQGRPRQVWUXRODPDGUHGH*UHQGHOeVWDQRVHVGHILQLGDFRPR
XQVHUGHODPLVPDQDWXUDOH]DTXHVXKLMRSHURQRWDQJUDQGHFRPRDTXpOKHFKR
TXHFDXVDPHQRVPLHGRDORVTXHODYHQHQWUDUHQHOSDODFLRGH+URWKJDUYY
(IHFWLYDPHQWHDSHVDUGHHVWDGLVWRUVLyQFULVWLDQDFDEHSHQVDUGHQWURGHOFRQWH[WRGHODPL
WRORJtDQyUGLFDTXH*UHQGHOHVXQ©WUROOªRHVStULWXPDOLJQRGHXQKRPEUHPXHUWRORFXDOQRGHMD
GHVHUEDVWDQWHVLQLHVWURHLQTXLHWDQWHGHELGRXQDYH]PiVDOFDUiFWHULPSUHFLVRGHHVWDILJXUDPLWR
OyJLFD
)UDQFLVFR&ROODGR5RGUtJXH]
6XIXHU]D\FHOHULGDGUHVXOWDQVHUQRREVWDQWHWDPELpQPRUWD
OHVDJDUUDPDWD\GHVSHGD]DDXQRGHORVPiVILHOHV©WKDQHVªGHOUH\GDQpV\
VHYDFRQSDUWHGHOFDGiYHUGHODYtFWLPDDVXJXDULGDXQDFXHYDHQXQO~JX
EUHODJR+DVWDDOOtODSHUVLJXH%HRZXOITXHGHEH]DPEXOOLUVHHQODVDJXDV\
OLEUDUODEDWDOODVXPHUJLGRHQHVD©PDQVLyQGHPRQVWUXRVªY(QHVWD
RFDVLyQSDUDPDWDUDOPRQVWUXRIHPHQLQR%HRZXOISUHFLVDUiD\XGDUVHGHXQD
DQWLJXDHVSDGDIRUMDGDSRUJLJDQWHVTXHDIRUWXQDGDPHQWHSDUDHOKpURHDQGDED
SRUDOOtYY&RQHOODGDUiXQWDMRPRUWDODODPDGUHGH*UHQGHO
FRUWDUiODFDEH]DGHOFXHUSRGHHVWH~OWLPRTXHYLQRWUDVSHUGHUHOEUD]RD
PRULUDODFXHYD\VDOGUiGHQXHYRDODVXSHUILFLHGHOODJRFXDQGR\DHOFRUWH
MRTXHDOOtORDFRPSDxySHQVDEDTXHKDEtDPXHUWR
/DVFDUDFWHUtVWLFDVGHORVGRVSULPHURVFRPEDWHVGH%HRZXOI\VXDSDUHQWH
PXHUWH\UHVXUUHFFLyQHQODVDJXDVKDQSURYRFDGRSRUVXSXHVWRWHRUtDVHQWRU
QRDORVFRQWHQLGRVPtWLFRV\SVLFROyJLFRVGHOSRHPDSHURFRQYLHQHUHVDOWDU
XQDYH]PiVDQWHVGHHQWUDUHQRWUDVKLSyWHVLVHOFDUiFWHULPSUHFLVRTXHURGHD
ODV©GHVFULSFLRQHVªTXHVHQRVKDFHQGHORVPRQVWUXRV
&XDQGR%HRZXOIKDGHYHQFHUDOWHUFHUPRQVWUXRHOGUDJyQKDQSDVDGR\D
PXFKRVDxRVGHVGHVXYLFWRULDVREUHORVGRVVHUHVPDOLJQRVDQWHULRUHV(OSUtQ
FLSH%HRZXOIKDOOHJDGRDVHUUH\\KDJREHUQDGRVXSXHEORGXUDQWHFLQFXHQWD
DxRV(OGUDJyQDSDUHFHHQHOSRHPDUHYHVWLGRGHODVFDUDFWHUtVWLFDVPiVLPSRU
WDQWHVTXHOHFRQILHUHODPLWRORJtDQyUGLFDHVXQDILJXUDJLJDQWHFRQIXHUWHV
HVFDPDVGHDOLHQWRIODPtJHUR\JUDQGHVFROPLOORVSHURHVVREUHWRGRXQDFULD
WXUDGHODQRFKHDQFLDQD\JXDUGLiQGHXQWHVRURHVFRQGLGR$QWHVXVFRUUHUtDV
QRFWXUQDVSRUHOUHLQRHOFDXGLOORJDXWDGHEHVDOLUDVXHQFXHQWUR\HQIUHQWDUVH
FRQpODKRUDHQXQDFXHYDDOODGRGHOPDU(QHVWDRFDVLyQODHVSDGDIDOODDO
KpURHHQVXLQWHQWRSRUKHULUDODEHVWLDORVSUREOHPDVVRQ\DGHPDVLDGRJUDQ
GHVSDUDHODQFLDQRPRQDUFD\pVWHSUHFLVDUiODD\XGDGHO~QLFR©WKDQHªTXHQR
KDKXLGRSDUDPDWDUDODEHVWLD
6XWHUFHUDHPEHVWLGDLQLFLyODVHUSLHQWH
HOGUDJyQIRJXHDQWHHQHPLJRGHOSXHEOR
FXDQGRWXYRRFDVLyQVHODQ]yVREUHHOKpURH
FRQUDELD\FRQOODPDVVXFXHOORFRPSOHWR
DWUDSyHQWUHVXVGLHQWHV&XEULyVHGHVDQJUH
FRQIXHU]DEURWyHOVXGRUGHODKHULGD
+HRtGRTXHHOQREOHPRVWUyVXFRUDMH
D\XGDQGRDOPRQDUFDHQHOJUDYHSHOLJUR
HUDXQKRPEUHFDSD]\GHHVStULWXILHUR
1REXVFyODFDEH]DPDVpOYDOHURVR
VXEUD]RTXHPyFXDQGRDOUH\DVLVWLHQGR
KLULyDODVHUSLHQWHXQSRFRPiVEDMR
(ODUPDGRJXHUUHURKDVWDHOSXxRVXKLHUUR
DGRUQDGRFODYy\DOLQVWDQWHODVOODPDV
9pDVH621(*$RSFLWSS\VV*526( \0&.(11$RSFLWS\-RKQ'1,/(6
©5LQJ&RPSRVLWLRQDQGWKH6WUXFWXUHRI%HRZXOIªHQ3XEOLFDWLRQVRIWKH0RGHUQ/DQJXDJH$VVR
FLDWLRQRI$PHULFDYROQžSS
5HDOLGDG\IDQWDVtDHQGRVJHVWDVPHGLHYDOHVGHO%HRZXOIDO3RHPDGHO&LG
DOOiGHFUHFLHURQ6XVVHQWLGRVHOUH\
UHFREUyQXHYDPHQWH\VDFDQGRXQSXxDO
TXHHQODFRWDOOHYDEDDILODGR\WHPLEOH
HOSUtQFLSHHQGRVDOUHSWLOGLYLGLy
$ ODVHUSLHQWHDEDWLHURQTXHGyVHVLQYLGD
DPERVSDULHQWHVMXQWRVORJUDURQ
TXHHOPRQVWUXRFD\HUD£$VtGHEHXQYDVDOOR
DSR\DUDVXUH\
YY
/DPXHUWHGHOKpURH\HOKHFKRGHTXHVXVKXHVWHVDUURMHQHOFDGiYHUGHOGUD
JyQDOPDUSRGUtDQSHUPLWLUTXHXQFUtWLFRMXQJLDQRLQWHUSUHWDVHHOSRHPDHQ
IXQFLyQGHORVVXSXHVWRVHOHPHQWRVPtWLFRV\SVLFROyJLFRVH[LVWHQWHVHQHOPLV
PRWUDVODDVLPLODFLyQGHOHVStULWXPDOLJQRGH*UHQGHOOD©VRPEUDªMXQJLDQD
HO SURWDJRQLVWD KD GH DEVRUEHU HO SULQFLSLR IHPHQLQR OD PDGUH GH *UHQGHO R
©iQLPDª\ILQDOPHQWHUHVROYHUVXVGLVSXWDVFRQODILJXUDSDWHUQDVLPEROL]DGD
DQFHVWUDOPHQWHSRUHOGUDJyQ&RQHOORHOKpURHKDEUtDDVLPLODGRORVFRPSR
QHQWHV LQFRQVFLHQWHV PiV LPSRUWDQWHV GH VX SHUVRQDOLGDG \ ODV DYHQWXUDV GH
%HRZXOISRGUtDQRSHUDUVREUHODDXGLHQFLDFRQXQVHQWLGRPtWLFRWHUDSpXWLFR
(VREYLRTXHWRGRHVWRQRSDVDGHVHUXQDKLSyWHVLV1RREVWDQWHH[LVWHXQD
WHQGHQFLDFUtWLFDTXHFRQVLGHUDTXHQXHVWURSRHPDHVSURGXFWRGHGRVWLSRVGH
PRWLYRVSRSXODUHVGHODWUDGLFLyQWHXWRQDHOGHOKRPEUHRVRRKpURHFDSD]GH
PDWDU D VXV HQHPLJRV GHVJDUUiQGRORV FRQ VX WHUULEOH EUD]R %HRZXOI FRQWUD
*UHQGHO\HOGHO©GUDJRQVOD\HUªRPDWDGRUGHGUDJRQHVHMHPSOLILFDGRLQFOX
VRHQODPLWRORJtDFULVWLDQDSRU6DQ-RUJH
'HVHUFLHUWDHVWDKLSyWHVLVGHORULJHQSXUDPHQWHIROFOyULFRGHOSRHPDDQ
JORVDMyQ\GHODPH]FODGHGRVWLSRVGHPRWLYRVSRSXODUHVFDEUtDSHQVDUTXH
OD PDQR TXH GHFLGLHVH XQLILFDU FURQROyJLFDPHQWH ODV WUHV JUDQGHV OXFKDV GHO
SURWDJRQLVWDORSXGRKDFHUHQSDUWHDOPHQRVGHMiQGRVHOOHYDUSRUXQSURFH
VRSVLFROyJLFRTXHOHLQGLFDUtDODLPSRUWDQFLDGHLQFOXLUWUHVJUDQGHVOXFKDVGH
GLILFXOWDGSURJUHVLYDTXHFXOPLQDUtDQFRQODPXHUWHGHOKpURH3RUVXSXHVWR
KHPRVGHWHQHUHQFXHQWDRWURVHOHPHQWRVPX\LPSRUWDQWHVGHOWH[WRFRPRHV
HOGHODDPDOJDPDH[LVWHQWHHQWUHHOHVStULWXFULVWLDQR\HOKHURLFRGHORVSXH
EORV JHUPiQLFRV SHUR SDUHFH FODUR GHVSXpV GH WRGR OR H[SXHVWR TXH HO HOH
PHQWRIDQWiVWLFRGH%HRZXOIHVWiFHUFDQRDORVPLHGRVGHODSVLTXHSULPLWLYD
PDQLILHVWRVHQODRPQLSUHVHQFLDGHODRVFXULGDGGRQGHHOFDUiFWHULPSUHFLVR
GHOPRQVWUXRTXHDWDFDQRVKDFHTXHORWHPDPRVD~QPiV
/DFRVPRYLVLyQGHODDXGLHQFLDKDHYROXFLRQDGRXQWDQWRKDFLDHOVLJOR;,,
RWDOSDUHFHGHVSUHQGHUVHGHODQDWXUDOH]DGHORVKHFKRVQDUUDGRVHQ0LRdLG
6L HO S~EOLFR GH %HRZXOI WHPH D IXHU]DV GHVFRQRFLGDV \ D PRQVWUXRV IXHUWH
6REUHODVUHODFLRQHVHQWUHHOPLWRODOLWHUDWXUD\VXDSOLFDFLyQWHUDSpXWLFDVHJ~QODVWHRUtDV
GH&DUO-81*YpDVHVXYROSDUWH,GH7KH&ROOHFWHG:RUNV6LU+HUEHUW5HDGHG/RQGUHV5RX
WOHGJH.3DXO9pDVHDVLPLVPRHOOLEURGH-RVHSK&$03%(//7KH+HUR:LWKD7KRXVDQG
)DFHV3ULQFHWRQ3ULQFHWRQ8QLYHUVLW\3UHVV
0iVLQIRUPDFLyQVREUHHVWDVWHRUtDVSXHGHHQFRQWUDUVHHQ21(*$RSFLWSS\VV
'HVGHXQSXQWRGHYLVWDIUHXGLDQRHVWRVPLHGRVSRGUtDQVHUORVPRWRUHVTXHQRVKLFLHVHQLPD
JLQDU ORV PRQVWUXRV TXH QR VHUtDQ VLQR PDQLIHVWDFLRQHV GH IXHU]DV LQFRQVFLHQWHV TXH OD SVLTXH
)UDQFLVFR&ROODGR5RGUtJXH]
PHQWHLPSUHVRVHQODLPDJLQDFLyQGHOKRPEUHSULPLWLYRORVR\HQWHVROHFWRUHV
GHO3RHPDGH0LRdLGKDQGHFRQWHQWDUVHFRQXQDVHULHGHHOHPHQWRVIDQWiVWL
FRVTXHDXQTXHVLUYHQSDUDFRQVROLGDUHOFDUiFWHUKHURLFRGHOSURWDJRQLVWDQR
SDUWLFLSDQGHORVLQJUHGLHQWHVGHWHUURULPSUHFLVLyQ\H[DJHUDFLyQTXHFDUDF
WHUL]DQODVJHVWDVGHOJDXWD
1DWXUDOPHQWHODFRQRFLGDRSLQLyQGH$QGUpV%HOORGHTXHQRKD\IDQWDVtD
HQHO3RHPDGH0LRdLG QRSXHGHHQWHQGHUVHHQVXVHQWLGRPiVHVWULFWR$XQ
TXHQRHQODFDQWLGDGQLQDWXUDOH]DGHODTXHH[LVWHHQ%HRZXOIRHO&DQWDUGH
5ROGiQODIDQWDVtDSRUPRWLYRVGLIHUHQWHVIRUPDSDUWHLQWUtQVHFDWDPELpQGHO
SRHPDGHO&DPSHDGRU
/DSULPHUDPDQLIHVWDFLyQGHOHOHPHQWRIDQWiVWLFRODWHQHPRV\DHQHOYHU
VRFRQODDSDULFLyQGHODUFiQJHO*DEULHODOKpURH&RPRORVPLHPEURVGH
HVWDDXGLHQFLDVLQGXGDVDEHQHVWHHYHQWRHVLQWHUSUHWDEOHFRPRODSUXHEDGH
TXH 'LRV \ SRU WDQWR OD UD]yQ DVLVWHQ DO KpURH GHVGH HO SULQFLSLR 1R VHUtD
DUULHVJDGRDILUPDUODIXQFLyQVRFLRSROtWLFDTXHHODUFiQJHO*DEULHOWLHQHHQHO
WH[WRSHURHVWRSUHILHURGHMDUORSDUDSHUVRQDVPiVH[SHUWDVTXH\RHQHOWHPD
%DVWHVHxDODUTXHHOKHFKRGHTXH'LRVRORVGLRVHVDVLVWDQDOKpURHIRUPDSDU
WHGHODOLWHUDWXUDGHVGHWLHPSRVDQFHVWUDOHVHOORRFXUUHWDPELpQSRUVXSXHV
WRHQ%HRZXOI\DVtSRUHMHPSORWUDVODGHUURWDGHOSULPHUPRQVWUXRH[FODPD
HOQDUUDGRU
£)XHHO'LRV&HOHVWLDO
³ORGHFtDQORVKRPEUHV³TXLHQSXVRHQODVDOD
DOJXDUGLiQFRQWUD*UHQGHO
YY
/RVRWURVGRVHOHPHQWRVIDQWiVWLFRVGHO3RHPDGH0LRdLGQRGLVWDQHQVX
IXQFLyQPXFKRGHODQWHULRUPHQWHPHQFLRQDGRHOXQRHVHOHSLVRGLRGHOOHyQ
HORWURDSDUHFHHQODVGHVFULSFLRQHVGHODVFRQWLHQGDVTXHHO&LG\VXVYDVDOORV
VRVWXYLHURQFRQWUDVXVHQHPLJRV
6REUHHOHSLVRGLRGHOOHyQ\VXFDUiFWHUPDQLILHVWDPHQWHVLPEyOLFRQRSDUH
FH QHFHVDULR LQVLWLU PXFKR SXHV OD KLVWRULD QRV FRQILUPD TXH HO &LG QR VDOLy
PDOSDUDGRGHVXVHQFXHQWURVFRQODV©ILHUDVªGH/HyQDODFREDUGtDGHORVGH
&DUULyQ\DQRVKHPRVUHIHULGRDQWHV
/DVGHVFULSFLRQHVGHODVFRQWLHQGDVHQTXH0LRdLGVHYLRLQPHUVRVRQVLQ
HPEDUJRGHRWUDtQGROHODIDQWDVtDTXHGDHQHOODVPDQLILHVWDSRUXQSURFHVR
FXDQWLWDWLYRTXHQRFXDOLWDWLYR(IHFWLYDPHQWHHQ0LRdLGQRKD\GUDJRQHVQL
JLJDQWHV FRPR HQ RWUDV JHVWDV PHGLHYDOHV SHUR Vt H[LVWH XQD JUDGDFLyQ QX
PpULFDGHODVGLILFXOWDGHVHVWRHVODFDQWLGDGGHHQHPLJRVTXHODVWURSDVGHO
&LGKDQGHDIURQWDU6LFRPSDUDPRVHODXPHQWRSURJUHVLYRGHOQ~PHURGHVRO
GDGRVVDUUDFHQRVFRQHOFDUiFWHUFDGDYH]PiVSHOLJURVRGHORVPRQVWUXRVTXH
OXFKDQ FRQ %HRZXOI FRQFOXLUHPRV DFHUWDGDPHQWH TXH SDUD TXH HO LQWHUpV VH
OLEHUDH[WHULRUL]iQGRODV6REUHHVWRVFRQFHSWRV\VXLQWHUpVSDUDHOFDPSRGHODOLWHUDWXUDGHIDQWD
VtD FRQV~OWHVH HO WH[WR GH 5RVHPDU\ -$&.621 )DQWDV\ 7KH /LWHUDWXUH RI 6XEYHUVLRQ /RQGUHV
0HWKXHQ
3RHPDGH0LRdLG5DPyQ0(1e1'(= 3,'$/HG0DGULG(VSDVD&DOSHHGLFLyQ
S
9pDVH/$&$55$RSFLWSS
5HDOLGDG\IDQWDVtDHQGRVJHVWDVPHGLHYDOHVGHO%HRZXOIDO3RHPDGHO&LG
PDQWHQJDHVQHFHVDULRTXHODDOWXUDpSLFDGHOKpURHYD\DHQDXPHQWR< HQ0LR
dLGODGHVSURSRUFLyQGHORVFRPEDWHVHVPiVTXHPDQLILHVWD'HXQDSULPHUD
JUDQEDWDOODODGH$OFRFHUGRQGHWUHVFLHQWRVFDEDOOHURVGHO&LGHLJXDOQ~PH
URGHSHRQHVYHQFHQDWUHVPLOPRURVPiVORVIURQWHUL]RVOOHJDPRVDXQDGH
ODVEDWDOODVGH9DOHQFLDGRQGHFXDWURPLO©PHQRVWUHLQWDªFULVWLDQRVGHUURWDQD
FLQFXHQWDPLOPRURVGHORVTXHVyORHVFDSDQFLHQWRFXDWURYY\VV(Q
HOSULPHUFRPEDWHHQTXHSDUWLFLSDHQHOSRHPDHOGH9LYDUGHUURWDDTXLQFH
HQHPLJRVHQ$OFRFHUFHUFHQDSRUODFLQWXUDDRWURGHXQVRORWDMRHQWDQWRTXH
ÉOYDU)ixH]VHOOHYDDODWXPEDDWUHLQWD\FXDWURPiVpOVROR(QUHVXPHQOD
SURSRUFLyQHQWUHPRURV\FULVWLDQRVQRVXHOHEDMDUGHOGLH]DXQRSHURODVKXHV
WHVGHO&LGVDOHQVLHPSUHYLFWRULRVDV1DWXUDOPHQWHODH[DJHUDFLyQDXQTXHH[LV
WHQWH QR HV PXFKD SHUR KDFH TXH HO R\HQWH R OHFWRU SURFHGD HQ SDODEUDV GH
&ROHULGJHDXQD©ZLOOLQJVXVSHQVLRQRIGLVEHOLHIªHVWRHVTXHGHMHGH©GHV
FUHHUª\TXHVH]DPEXOODHQXQDVRFLHGDGDFDVRODGHOD(VSDxDGHOVLJOR;,,
GRQGH VH HQWLHQGD FRPR SRVLEOH TXH ODV PHVQDGDV FULVWLDQDV R VLPSOHPHQWH
FDVWHOODQDVVHHQIUHQWHQ\GHUURWHQVLVWHPiWLFDPHQWHDXQRVHQHPLJRVVLHPSUH
PX\VXSHULRUHVHQQ~PHUR
(QUHVXPHQHQ%HRZXOIYHtDPRVFyPRXQHOHPHQWRIDQWiVWLFRGHSRVLEOH
QDWXUDOH]DPtWLFD\SVtTXLFDDSDUHFtDSDUDUHVDOWDUHQWUHRWURVIDFWRUHVODDOWX
UDpSLFDGHOSURWDJRQLVWD$ pVWHQROHDJXDUGDVLQHPEDUJRPiVTXHODPXHU
WH \ OD JORULD KHURLFD GH TXH VXV KD]DxDV ODV FDQWHQ ORV SRHWDV HO JDXWD VH
FRQYLHUWHDVtHQHOSURWRWLSRVXSUDQDFLRQDOGHOKpURHJHUPiQLFRFX\DVJHVWDV
VRQGLJQDVGHHORJLRSRUSDUWHQRVyORGHOSXHEORDTXHpVWHSHUWHQHFHVLQRGH
ORVRWURVSXHEORVGHO1RUWHLQFOX\HQGRDORVDQJORVDMRQHVUHVSRQVDEOHVGHOD
SURGXFFLyQGHOPDQXVFULWRTXHVHFRQVHUYDVREUHODVKD]DxDVGHOJDXWD
0LRdLGHQFDPELRHVSURGXFWRGHRWUDpSRFDGRQGHORVQDFLRQDOLVPRVKDQ
DGTXLULGRPD\RULPSRUWDQFLD(O&DPSHDGRUQRHV\DXQKpURHJHUPDQRVXSUD
QDFLRQDODXQTXHHOHOHPHQWRIDQWiVWLFRGHOSRHPDVLUYHDTXtWDPELpQSDUDUHVDO
WDUHOFDUiFWHUpSLFRGHOSURWDJRQLVWDXQVHxRUIHXGDOTXHYLYHLQVHUWRHQXQD
VRFLHGDGGHVDUUROODGDHQEXHQDPHGLGDDSDUWLUGHDTXHOODVFRVWXPEUHVGHOD
eSRFD+HURLFDTXHDSDUHFHQUHIOHMDGDVHQ%HRZXOI
¢6LJQLILFDWRGRHVWRTXHFRQHOSDVRGHOWLHPSRORVPLHGRVSULPLWLYRVVLP
EROL]DGRV SRU *UHQGHO R HO GUDJyQ KDQ GHVDSDUHFLGR SDUD GDU SDVR D XQ HOH
PHQWRIDQWiVWLFRPiVSUy[LPRDORTXHSRUFRQVHQVRSRGUtDPRVGHILQLUFRPR
©UHDOLGDGª"3RUVXSXHVWRTXHQRORVVtPERORVGHOGUDJyQRGHORVPRQVWUXRV
GHQDWXUDOH]DLQGHILQLGDVLJXHQSUHVHQWHVHQODPHQWHGHOKRPEUHUHSUHVHQWDQ
WHVDFDVRGHQXHVWURVWHPRUHVPiVtQWLPRV(MHPSORVGHHOORYDQGHVGHODOLWHUD
WXUD GH FDEDOOHUtD KDVWD WtWXORV GH OD UHFLHQWH FLQHPDWRJUDItD WDQ LPSUHFLVRV
FRPR,W7KH7KLQJR$OLHQ(OJXHUUHURFRQD\XGDGHVXHVSDGDSRUUD]RQHV
PtWLFDVRSROtWLFDVWLHQHTXHVHJXLUFRPEDWLHQGRHVRVSURGXFWRVSHUYHUVRVGH
ODLPDJLQDFLyQTXHWDQWDVYHFHVVHKDQKHFKRUHDOLGDG
81&,'58< 'Ì$=(1(/ 6,*/2;9
52'5,*2321&('(/(Ð1
0$548e6'(&É',=
325
$1*86 0$&.$<
7UDEDMDQGRVREUHHOVLJOR;9 FDVWHOODQRGHVGHKDFHXQRVYHLQWHDxRVVLHP
SUHPHKDVRUSUHQGLGRHOKHFKRGHTXHSRUORYLVWRORVFDVWHOODQRVGHDTXHOOD
pSRFDUDUDVYHFHVVHUHIHUtDQDO&LG\DVXVKHFKRV6LQHPEDUJRODLPSUHVLyQ
HVVHJXUDPHQWHHUUyQHD\VHGHEHPiVTXHQDGDDODGLFRWRPtDHQWUHORTXHHO
DQWURSyORJR5HGILHOGOODPDEDOD©WUDGLFLyQSHTXHxDª\OD©WUDGLFLyQJUDQGHª
/D©WUDGLFLyQJUDQGHªHUDPiVRPHQRVODHUXGLFLyQ\FXOWXUDGHORVOHWUDGRV
GHODVXQLYHUVLGDGHVHWFOD©WUDGLFLyQSHTXHxDªHUDODFXOWXUDSRSXODUGHORV
DQDOIDEHWRV R VHPLDQDOIDEHWRV (VWDV WUDGLFLRQHV GH QLQJXQD PDQHUD FRLQFL
GtDQFRQODVGLVWLQFLRQHVVRFLDOHVSRUTXHPXFKRVQREOHV\FDEDOOHURVFDVLQR
SRGtDQOHHUQLHVFULELU3HURODGLFRWRPtDHUDDSHVDUGHWRGRHYLGHQWH3RQJR
HOHMHPSOR³XQHMHPSORPDJQtILFR³GHOPRULVFR5RPiQ5DPtUH]SURFHVDGR
HQWUHRWUDVFRVDVSRUOD,QTXLVLFLyQORVOHWUDGRVSRUTXHVHJ~QHOORVFRQOD
D\XGDGHOGLDEORUHFLWDEDGHPHPRULDOLEURVGHFDEDOOHUtDVSDUDXQS~EOLFRR\HQ
WHFDVWHOODQR\FULVWLDQRGHFDEDOOHURV¢(VTXHORVLQTXLVLGRUHVQRSRGtDQHQWHQ
GHUFyPRORKDFLDVLQRIXHUDFRQODD\XGDGHOGLDEOR"2WUDFRVDHUDQORVURPDQ
FHV SRUTXH HUDQ FRUWRV \ VDEtDQ FDOODU D WLHPSR SHUR HVR GH UHFLWDU OLEURV
HQWHURVHUDDOJRGLDEyOLFR
7RGRHVRLQGLFDTXHGHEHPRVDFHSWDUXQDVWUDGLFLRQHVGHOLWHUDWXUDRUDOPX\
IXHUWHVSHURGLItFLOPHQWHSHUFLELGDVDPHQRVTXHQROOHJDVHQDFRQYHUWLUVHHQ
XQDWUDGLFLyQHVFULWD(VHOFDVRGHODVOH\HQGDVGH&DUORPDJQRTXHDWUDYpV
GHOD3HQtQVXOD,EpULFDVHGLIXQGtDQHQOD,QGLDGRQGHGHVGHHOVLJOR;9,HQ
DGHODQWHFRQVWLWXtDQXQDWUDGLFLyQOLWHUDULDPX\LPSRUWDQWHHQWUHORVFULVWLDQRV
GH.HUDODDOVXUVLHQGRORVKHFKRVGH&DUORPDJQR\ORVGRFHSDUHVGH)UDQ
FLDFHOHEUDGRVHQGRVLGLRPDVHO0DOD\DODP\HO7DPLOWDQWRHQSURVDFRPR
9HU3HWHU%85.(3RSXODU&XOWXUHLQ(DUO\0RGHUQ(XURSH/RQGUHVSS
9HU/3+$59(<©2UDO&RPSRVLWLRQDQGWKH3HUIRUPDQFHRI1RYHOVRI&KLYDOU\LQ6SDLQª
)RUXPIRU0RGHUQ/DQJXDJH6WXGLHV;SS
8Q&LG5X\'tD]HQHOVLJOR;95RGULJR3RQFHGH/HyQPDUTXpVGH&iGL]
HQREUDVWHDWUDOHVHQYHUVR< HVHOFDVRWDPELpQGH5RGULJR'tD]GH9LYDUSRU
TXHVXVKD]DxDVGLHURQOXJDUDXQDWUDGLFLyQOLWHUDULDEDVWDQWHIXHUWHGXUDQWHOD
EDMD(GDG0HGLDFRQWRGDVODVHODERUDFLRQHV\H[DJHUDFLRQHVTXHXQSURFHVR
GHHVWHWLSRLPSOLFD/D3ULPHUD&UyQLFD*HQHUDOFRQFDVLFDStWXORVVREUH
HO&LGOD&UyQLFDGH&DVWLOODGHSULQFLSLRVGHOVLJOR;,9OD&UyQLFDGH
OD7HUFHUD&UyQLFD*HQHUDOGHODVHJXQGDPLWDGGHOVLJOR;,9OD&UyQLFD3DU
WLFXODUGHO&LGGHILQDOHVGHOVLJOR;,9ODV0RFHGDGHVGH5RGULJRF
OD&UyQLFDGHO&LG5X\'tD]6HYLOODHWF\WRGRHVRSRUQRKDEODUGH
ODWUDGLFLyQRUDOGHORVURPDQFHV
7RGRORDQWHULRUPHQWHGLFKRPHSDUHFHTXHLQGLFDTXHDVtFRPRHQODKLV
WRULDGHPRJUiILFDVHDSOLFDXQPXOWLSOLFDGRUDORVGDWRVGHPRJUiILFRVDVtGH
EHPRVLPDJLQDUXQDHVSHFLHGHPXOWLSOLFDGRUSDUDORVUHODWLYDPHQWHSRFRVGDWRV
TXHWHQHPRVHQHOSUHVHQWHFDVR
'HTXHHO&LG\ORVGHPiVKpURHVpSLFRVMXJDEDQXQSDSHOLPSRUWDQWHHQOD
PHQWDOLGDGGHORVFDVWHOODQRVGHOVLJOR;9 FUHRTXHQRFDEHGXGD(QUHDOLGDG
FDVLWRGRORTXHVHSHQVDEDDFHUFDGHOSDVDGRHOSUHVHQWH\HOIXWXURGH&DVWL
OODVHEDVDEDVREUHDOJXQRVFRQFHSWRVFODYHODGHVWUXFFLyQGH(VSDxDHOGHVD
UUROOR\FRQVROLGDFLyQGHOUHLQRFDVWHOODQROHRQpV\ODVDQWDHPSUHVDGHOD5H
FRQTXLVWD+DVWDHOPLVPR(QULTXH,9HO,PSRWHQWHSHQVDEDGHHVWDPDQHUD
SRUTXHFRPRQRVGLFHHOFURQLVWD'LHJRGH9DOHUD
©>@IRUWLILFyPDUDYLOORVDPHQWHHODOFi]DU>GH6HJRYLD@HKL]RHQoLPD
GHODSXHUWDGHOXQDPX\DOWDWRUUHODEUDGDGHPDoRQHUtD\HQHOFRUUH
GRUTXHVHOODPDHQDTXHODOFioDUGHORVFRUGRQHVPDQGySRQHUWRGRV
ORVUH\HVTXHHQ&DVWLOOD\HQ/HyQKDQVH\GRGHVSXpVGHODGHVWUX\oLyQ
GH(VSDxDFRPHQoDQGRGHGRQ3HOD\RIDVWDpOHPDQGySRQHUFRQHOORV
DO&LGHDOFRQGH)HUQiQ*RQoiOH]SRUVHUFDEDOOHURVWDQQREOHVHTXH
WDQJUDQGHVFRVDVKL]LHURQ7RGRVHQJUDQGHVHVWDWXDVODEUDGDVPX\VX
WLOPHQWHGHPDGHUDVFXELHUWDVGHRURHSODWDª
(O&LG\HOFRQGH)HUQiQ*RQ]iOH]SXHVDOFDQ]DURQODGLJQLGDGGHUH\HV\
HQWUHORVUH\HVPLVPRVKDEtDXQRTXHGHVWDFDED)HUQDQGR,,,(VWRVWUHV\ORV
KHFKRVDVRFLDGRVFRQHOORVIDFLOLWDEDQSDUDORVFDVWHOODQRVORTXH/HYL6WUDXVV
OODPDEDERQQHVjSHQVHU©FRVDVFRQTXHSHQVDUªDYHFHVGHXQDPDQHUDPX\
FRQFUHWD\FDVLPLODJURVD¢1RHVFLHUWRTXH(QULTXH,9 \VXFRQGHVWDEOH0LJXHO
/XFDVGH,UDQ]RTXHUtDQYHUDOFRQGH)HUQiQ*RQ]iOH]"©< GHDOO\>HOUH\@IXH
DOPRQDVWHULRGH$UODQoDGRQGHHVWiHQWHUUDGRHOFRQGH)HUQiQ*RQoDOHVDOTXDO
VXDOWH]DPDQGyGHVFREULUHQODVHSXOWXUDGRQGHHVWDYD\ORYLGR\HOVHxRU
&RQGHVWDEOHFRQpOª3RUVXSDUWHHQ\DQWHVGHVXIDPRVDFDPSDxDFRQ
WUD$QWHTXHUDHOLQIDQWH)HUQDQGRVHDSURSLDEDGHODHVSDGDGH)HUQDQGR,,,
TXHHVWDEDHQODFDWHGUDOGH6HYLOOD\FRPROHGHFtDXQFRQGHTXHOHDFRPSD
xDED©6HxRUHVWDHVSDGDSDUHVoHTXHHVYLUWXGHYRVODGHYHGHVVDFDUSRUOD
=DFKDULDV37+81'<,/©/D7UDGLWLRQGH&KDUOHPDJQHFKH]OHVFKUpWLHQVGH.HUDOD,QGHª
$FWHVGX9,H&RQJUqV,QWHUQDWLRQDOGHOD6RFLpWp5HQFHVYDOV$L[HQ3URYHQFHSS
0RVpQ'LHJR'( 9$/(5$0HPRULDOGHGLYHUVDVKD]DxDVHG-XDQGH0DWD&DUULD]R0DGULG
S
+HFKRV GHO FRQGHVWDEOH GRQ 0LJXHO /XFDV GH ,UDQ]R HG -XDQ GH 0DWD &DUULD]R 0DGULG
SS
$QJXV0DFND\
LJOHVLDHSRUODoLXGDGFDYDOJDQGRª)HUQDQGRGH$QWHTXHUDDVtORKL]R\PiV
WDUGH DO YROYHU GH VX FDPSDxD YLFWRULRVD GHYROYLy OD HVSDGD PLODJURVD D OD
PDQRGHOUH\VDQWRFRQPXFKDJUDWLWXGEHViQGROHHOSLH\ODPDQR
$KRUDELHQVLORVFDVWHOODQRVYHQHUDEDQHVWRVKpURHVpSLFRVGHWDOPDQHUD
KDEUtDTXHSHQVDUTXHHVWRVKpURHVWDPELpQOHVVHUYtDQFRPRPRGHORVGHFRP
SRUWDPLHQWR< HQHIHFWRpVWHHUDHOFDVR3HURHVPiV/DOtQHDPiVIDPRVD
GHO3RHPDGH0LR&LGHUDVHJXUDPHQWH©£'LRVTXHEXHQYDVDOORVLRYLHVVH
EXHQVHxRUª(OVHxRUHUDGHVGHOXHJRHOUH\$OIRQVR9,\HQHO3RHPDTXHGD
VRPHWLGRDXQDHVSHFLHGHSUXHEDHQFXDQWRDVXVFDOLGDGHVFRPRUH\\VHxRU
3RUHVR\GHHVWDPDQHUDHO3RHPDQRVRODPHQWHVHUYtDDORVFDVWHOODQRVGHO
VLJOR;9 FRPRXQPRGHORGHFRPSRUWDPLHQWRSDUDORVYDVDOORVVLQRWDPELpQ
SDUDORVUH\HV&XDQGR(QULTXH,9SRUHMHPSORHQYH]GHHPSUHQGHUFDPSD
xDVVHULDVFRQWUDORVPRURVMXJDEDDODJXHUUDORVFDEDOOHURVFDVWHOODQRVUHDF
FLRQDEDQGHXQDPDQHUDPX\VDUFiVWLFD
©< OOHJDURQDVtFRQHVWDJHQWHHOUH\\ODUH\QDWDQFHUFDGH&DPELO
TXHSDUHFtDQTXHTXHUtDQFRPEDWLUODIRUWDOH]D< FRPRORVPRURVYLH
URQDQVtOOHJDUODJHQWHVDOLHURQDODVEDUUHUDV\ODUH\QDGHPDQGyXQD
EDOOHVWDODTXDOHOUH\OHGLyDUPDGD\IL]RFRQHOODDOJXQRVWLURVHQORV
PRURV< SDVDGRHVHMXHJRHOUH\VHEROYLySDUD-DpQGRQGHORVFDYD
OOHURV TXH VDEtDQ ID]HU OD JXHUUD \ OD DEtDQ DFRVWXPEUDGR EXUODEDQ \
UHtDQGL]LHQGRTXHDTXHOODJXHUUD´PiVVHKD]tDDORVFULVWLDQRVTXHDORV
PRURVµ
2WURVGH]LDQ
´3RUFLHUWRHVWDJXHUUDELHQSDUHFHDODTXHO&LGHQVXWLHPSRVROtD
ID]HUµª
(VWRVFRPHQWDULRVVDUFiVWLFRVSURQXQFLDGRVHQ-DpQWDOYH]ORVGHEHPRVUH
ODFLRQDUFRQORVDUJXPHQWRVUHFLHQWHPHQWHHODERUDGRVSRUORVSURIHVRUHV/X
FLHQ&ODUH\0LFKHO*DUFtDTXHVRVWLHQHQTXHHO3RHPDGH0LR&LGVHUYtDFRPR
PRGHORGHFRPSRUWDPLHQWRWDQWRSDUDHOFRQGHVWDEOH0LJXHO/XFDVGH,UDQ]R
TXHUHVLGtDHQ-DpQFRPRSDUDHOTXHHVFULELyODFUyQLFDGHORVKHFKRVGHOFRQ
GHVWDEOH TXH VHJXUDPHQWH HUD HO DOFDLGH 3HGUR GH (VFDYLDV ,JXDO TXH HQ HO
3RHPDHOFRQGHVWDEOHWLHQHTXHH[LOLDUVHGHOD&RUWHDFDXVDGHODVDFWLYLGD
GHVGHORVLQWULJDQWHVTXHURGHDQDOUH\(QULTXH,9 \GHKHFKRHOWHPDGHORV
PDORVPHVWXUHURVHVXQRGHORVPiVGHVWDFDGRVGHODFUyQLFD/XHJRHQODIURQ
WHUDGHORVPRURV\DSRGHUDGRGH-DpQHOFRQGHVWDEOHGHVFXEUHFRQJUDQVHQ
WLPLHQWRTXHVXVKD]DxDVFRQWUDORVPRURVTXHGDQUHGXFLGDVDFDXVDGHODVJXH
UUDV FLYLOHV HQ &DVWLOOD \ SRUTXH HO UH\ RUJDQL]D XQD VHULH GH WUHJXDV FRQ
*UDQDGD$GHPiVHQODVSRFDVRFDVLRQHVHQTXHHOUH\\HOFRQGHVWDEOHGHQXH
YRVHHQFXHQWUDQMXQWRVODVHVFHQDVHPRFLRQDOHVVRQSDUHFLGDVDODVGHO3RH
PD3HURORTXHGHVWDFDVREUHWRGRHQODFUyQLFDHVTXHLJXDOTXHHO&LGHO
FRQGHVWDEOHSHUPDQHFHDEVROXWDPHQWHOHDODVXVHxRUQDWXUDOHOUH\(QULTXH,9
DSHVDUGHORVGHIHFWRVGHOPRQDUFDDODYHUGDGXQRVGHIHFWRVEDVWDQWHJUDYHV
&UyQLFD GH -XDQ ,, GH &DVWLOOD HG -XDQ GH 0DWD &DUULD]R 0DGULG SS 'LHJR '( 9$/(5$0HPRULDOGHGLYHUVDVKD]DxDVS
8Q&LG5X\'tD]HQHOVLJOR;95RGULJR3RQFHGH/HyQPDUTXpVGH&iGL]
\DSHVDUGHODSHUILGLD\GHODWUDLFLyQGHORVSULYDGRVTXHURGHDQDOUH\\OH
PDQLSXODQ
6LQ HPEDUJR QR KD\ QL XQD PHQFLyQ GLUHFWD GHO &LG HQ OD FUyQLFD GH ORV
KHFKRVGHOFRQGHVWDEOH(QFDPELRHOFDVRFRQFUHWRTXHTXLVLHUDSURSRQHUDTXt
HVXQHMHPSORPXFKRPiVGLUHFWR\HQHOTXHQRSXHGHFDEHUODPiVPtQLPD
GXGDGHTXHHO&LGVHUYtDFRPRPRGHORGHFRPSRUWDPLHQWR1RREVWDQWHKD\
XQSUREOHPDLPSRUWDQWHSRUHOTXHKD\TXHSUHJXQWDU¢HQTXpVHEDVDHOPRGH
ORGHFRPSRUWDPLHQWRHQHO3RHPDPLVPRRHQXQWH[WRSRVWHULRUFRPROD3UL
PHUD&UyQLFD*HQHUDORHQXQDPH]FODGHWH[WRVTXHLQFOX\HHO3RHPD"&RPR
YHUHPRVODIXHQWHSULPRUGLDOSDUDHVWHFDVRFRQFUHWRHVODFUyQLFDLQWLWXODGD
+LVWRULDGHORVKHFKRVGHOPDUTXpVGH&iGL]\DOUHVXPLUEUHYHPHQWHODKLVWR
ULDGH(VSDxDDQWHVGHQDUUDUODVKD]DxDVGHVXKpURHHOFURQLVWDDQyQLPRUHIL
ULpQGRVHDO&LGGLFHORVLJXLHQWH
©¢3XHVTXpGLUHPRVGHOVDQWtVLPRFDEDOOHUR&LG5X\'tD]TXHGHMDQ
GRRWURVPXFKRVYHQFLPLHQWRVTXHHQORVPRURVIL]RHQVXYLGDHWRYR
TXLQFH UH\HV PRURV SRU YDVDOORV" 'HVSXpV GH VX IDOOHFLPLHQWR YHQFLy
WUHLQWDHGRVUH\HVHQXQDEDWDOODHQTXHKDEtDVHVHQWDPLOGHFDEDOORH
GRVFLHQWRVPLOPRURVGHSLHFRQPLOHVHLVFLHQWRVGHFDEDOORHFLQFR
PLOSHRQHV\SRUVXJUDQPHUHVFLPLHQWRHOQREOHUH\GRQ$ORQVRHQODV
FRUWHVGH7ROHGRGRQGHYLQRHO&LG5X\'tD]HORV&RQGHVGH&DUULyQ
VXV\HUQRVPDQGyTXHODVLOODRHVFDxRGHO&LG5X\'tD]VLHPSUHIXH
VHSXHVWDMXQWDFRQODGHORVUH\HVSRUTXHDOOHQGHGHVHUPX\OHDODOD
FRURQDUHDOYHQFLy\SUHQGLyPXFKRVUH\HVPRURV\FULVWLDQRVª
< GHQXHYRHQRWUROXJDUVHUHILHUHDO&LG©DOFXDODSDUHFLy6DQW3HGURGH
&DUGHxDHOFXDOOHUHYHOyGHSDUWHGH'LRV1XHVWUR6HxRUFyPRGHQGHHQWUHLQ
WDGtDVVXSLHVHFyPRKDEtDGHPRULU\TXHGHVSXpVGHVXIDOOHFLPLHQWRKDEtD
GHYHQFHUXQDJUDQEDWDOODGHUH\HVPRURVª(VWDVFLWDVSXHVLQGLFDQTXHDXQ
TXHHOFURQLVWDWXYLHVHHQPHQWHHO3RHPDGH0LR&LGWDPELpQFRQRFtDXQWH[
WRRXQRVWH[WRVSRVWHULRUHVSRUHMHPSOROD3ULPHUD&UyQLFD*HQHUDO7DP
SRFRSRGHPRVGHVFDUWDUODSRVLELOLGDGGHTXHFRQRFLHUDDOJXQRVURPDQFHVGHO
&LGSRUTXHGHYH]HQFXDQGRODVSDODEUDVTXHXWLOL]DSDUHFHQUHIOHMDUXQFRQR
FLPLHQWRGHHVWHWLSRSRUHMHPSOR©HOORVHQDTXHVWRHVWDQGRªR©KpORVDTXtGR
YLHQHQªTXHKDFHQUHFRUGDUDTXHOURPDQFHTXHHPSLH]D©£+pORKpORSRUGR
YLHQHHOPRURSRUODFDO]DGDª
7RGRORGLFKRLQGLFDTXHVLHO3RHPDSRGtDVHUYLUGLUHFWDPHQWHRLQGLUHF
WDPHQWHFRPRXQPRGHORGHFRPSRUWDPLHQWRWDPELpQWHQHPRVTXHUHFRUGDUORV
PLWRVTXHVHDFXPXODEDQSRVWHULRUPHQWH\ORVFDPELRVPHQWDOHVTXHRFXUUtDQ
DWUDYpVGHORVVLJORV3RUHMHPSORDXQTXHHVHOiQJHO*DEULHOTXLHQVHDSDUH
FHDO&LGHQXQDYLVLyQHQHO3RHPDHVOD9LUJHQODTXHVHDSDUHFHDOVHJXQGR
(VWDVDILUPDFLRQHVLQWHQWDQUHVXPLUDOJXQRVGHORVDUJXPHQWRVGHXQDFRQIHUHQFLDSURQXQ
FLDGDSRUORVSURIHVRUHV/XFLHQ&ODUH\0LFKHO*DUFtDVREUHODFUyQLFDGH0LJXHO/XFDVHQXQFRQ
JUHVRFHOHEUDGRHQ3DUtVVREUHORVEDQGRVEDMRPHGLHYDOHV
©+LVWRULDGHORVKHFKRVGHO0DUTXpVGH&iGL]ªHQ&RGRLQ&9,0DGULG
S
,ELGS
,ELGSS
$QJXV0DFND\
\VDQWtVLPR&LGGHOVLJOR;9DXQTXHHVWHFDPELRWDPELpQHQIDWL]DODVSDODEUDV
TXHHO&LGRULJLQDOGLULJHDOD*ORULRVD©£9XHVWUDYHUWXGPHYDOD*ORULRVDHQ
PLH[LGDHPHD\XGHHPHDFRUUDGHQRFKHGHGtDª
¢4XLpQ HUD HVWH VHJXQGR &LG GHO VLJOR ;9" (UD 5RGULJR 3RQFH GH /HyQ
PDUTXpV GH &iGL] \ FRPR YHUHPRV VXV FRQWHPSRUiQHRV OH LGHQWLILFDURQ QR
VRODPHQWHFRPRHO&LGGHVXpSRFDVLQRFRPRHOVHJXQGRFRQGH)HUQiQ*RQ
]iOH]WDPELpQHOFURQLVWDDQyQLPRGHOD+LVWRULDGHORVKHFKRVGHOPDUTXpVGH
&iGL]SRUHMHPSORHQIDWL]DHVWHKHFKRYDULDVYHFHV
©< DVt SRGHPRV ELHQ GHFLU SRU HO PDUTXpV GH &iGL] HO VHJXQGR \
EXHQ FRQGH )HUQDQGR *RQ]iOH] \ VHJXQGR \ VDQWtVLPR FDEDOOHUR &LG
5X\'tD]ª
R
©(VHJXQHVWRVIHFKRVGHFDEDOOHUtDELHQSDUHFHHOPDUTXpVGH&iGL]
DORVQREOHVDQWLJXRVHOFRQGH)HUQiQ*RQ]iOH]H&LG5X\'tD]QXHV
WURVQDWXUDOHVHDRWURVQREOHVURPDQRVDVtFRPR3OiFLGRTXHIXpFDSL
WiQGHO(PSHUDGRU7UDMDQRª
$GHPiVVHJ~QHVWHDQyQLPRKDVWDORV5H\HV&DWyOLFRVUHFRQRFtDQDOPDU
TXpVGHHVWDPDQHUD'HVSXpVGHKDEHUFRQTXLVWDGR$OKDPDSRUHMHPSORHO
PDUTXpVGHGLULJLyDOD5DPEODGRQGHHVWDED)HUQDQGRHO&DWyOLFR\DOOOHJDU
DOOt HO UH\ GLMR HQ S~EOLFR ©£2K EHQGLWR VHD 'LRV 1XHVWUR 6HxRU TXH HQ PL
WLHPSRTXLVRTXHRYLHVHXQFRQGH)HUQDQG*RQ]iOH]HXQ&LG5X\'tD]ª<
PiVWDUGHFXDQGRHOPDUTXpVJDQyODYLOODGH6DKDUDORV5H\HV&DWyOLFRVTXH
HVWDEDQHQ9LWRULD©GL[HURQDQWHWRGRVORVJUDQGHVGHVXFRUWHHPXFKDVRWUDV
JHQWHVTXHDKtHVWDEDQ´£%HQGLWRVHD'LRVTXHHQQXHVWURVWLHPSRVDOFDQ]D
PRVYHU\WHQHUHQQXHVWURVUH\QRVRWURFRQGH)HUQDQG*RQ]iOH]µª
&ODURHVWiTXHGLItFLOPHQWHSXGLpUDPRVDFHSWDUHOWHVWLPRQLRGHVyORXQFUR
QLVWDTXHVHGHGLFDEDDHORJLDUDOPDUTXpVDYHFHVGHXQDPDQHUDGHVFDUDGD
3HURHOFDVRHVTXHHVWHDQyQLPRQRHUDGHQLQJXQDPDQHUDHO~QLFRTXHLGHQWL
ILFDEDDOPDUTXpVFRPRHOVHJXQGR&LG
'LHJRGH9DOHUDSRUHMHPSORHVFULELyORVLJXLHQWHHQXQDFDUWDTXHHQYLy
DOPDUTXpVGHVSXpVGHODWRPDGH$OKDPD©3XHVGHYRV6HxRU¢TXpVHHVSH
UDVDOYRTXHVHUpLVRWUR&LGHQQXHVWURVWLHPSRVQDFLGRV"ª0iVWDUGHHOFUR
QLVWD\FXUDGH/RV3DODFLRV%HUQiOGH]QRVGLFHTXH,VDEHOOD&DWyOLFD\ODV
GDPDVGHOD&RUWHVHGDEDQFXHQWDGHTXH5RGULJR3RQFHGH/HyQHUDHO©&LG
5X\'tD]HQVXWLHQSRª< KDVWDHOSRHWDDUDJRQpV3HGUR0DUFXHOORVREULQR
3RHPDGH0LR&LGHG&ROLQ6PLWK2[IRUGS
+HFKRVGHO0DUTXpVGH&iGL]S
,ELGS
,ELGS
,ELGS
3URVLVWDVFDVWHOODQRVGHOVLJOR;9HG'0DULR3HQQD%$(YRO0DGULGSS
$QGUpV%(51É/'(=0HPRULDOGHOUHLQDGRGHORV5H\HV&DWyOLFRVHG0*yPH]0RUHQR\
-XDQGH0DWD&DUULD]R0DGULGS
8Q&LG5X\'tD]HQHOVLJOR;95RGULJR3RQFHGH/HyQPDUTXpVGH&iGL]
GHOFDPDUHURPD\RUGH)HUQDQGRHO&DWyOLFRVHGLULJtDDOD9LUJHQFRQODVSDOD
EUDVVLJXLHQWHV
4XHELHQHVPHUHFHGRUD>ODPDUTXHVD@
FRQHOPDUTXpVWXDIHFWDGR
TXHOWXVHUYLFLRPHPRUD
\HQODVDQFWDJXHUUDDKRUD
HVDOEXHQ&LWFRPSDUDGR
SXHVWDOJXHUUDKDSULQFLSLDGR
\ORV5H\HVSXHVWRHOVHOOR
$KRUDELHQ¢FXiOHVHUDQORVHOHPHQWRVHQHOPRGHORGHFRPSRUWDPLHQWRGHO
PDUTXpVTXHSHUVXDGLHURQDODJHQWHGHODpSRFDDLGHQWLILFDUOHFRPRHOVHJXQ
GR&LG5X\'tD]"(QSULPHUOXJDU\VLQGXGDHOHOHPHQWRPiVLPSRUWDQWHHUD
OD PDQHUD HQ TXH HO PDUTXpV VH GHGLFDED D OD JXHUUD FRQWUD ORV PRURV \ D OD
FRQTXLVWDGH*UDQDGD3DUDpOODWDUHDGHODUHFRQTXLVWDHUDXQD©VDQWDHPSUH
VDª\XQD©WDQVDQWDURPHUtDª< GHKHFKRHUDHOPDUTXpVTXLHQLQLFLyODJXH
UUDSDUDXQDFRQTXLVWDWRWDOGH*UDQDGD/DUHODFLyQPiVGHWDOODGDGHODFRQ
TXLVWD OD GHEHPRV DO FURQLVWD )HUQDQGR GHO 3XOJDU HQ VX FUyQLFD 3XOJDU
HQIDWL]DEDHOSDSHOSULPRUGLDOGHORV5H\HV&DWyOLFRVGHVGHHOSULPHUPRPHQWR
3HURHQUHDOLGDGODYHUGDGHUDGLIHUHQWH(UDHOPDUTXHVTXLHQDOSULQFLSLRWRPy
$OKDPDGHORVPRURV\DUDt]GHHVWDKD]DxDORV5H\HV&DWyOLFRVQRWHQtDQPiV
UHPHGLRTXHD\XGDUDHVWHVHJXQGR&LG0iVWDUGHHQFXDQGRORV5H\HV
&DWyOLFRVQRTXHUtDQKDFHUODJXHUUDSRUDTXHODxRDFDXVDGHODSHVWLOHQFLDHQ
$QGDOXFtDFRPRSRUORVQHJRFLRVTXHWHQtDQFRQHOUH\GH)UDQFLDVREUH3HU
SLxiQ
©HO PDUTXpV HVFULELy OXHJR D VXV DOWH]DV SLGLpQGROHV SRU PHUFHG \
EHVDQGRODVPDQRVDVXVDOWH]DVTXHSRUQLQJXQRVQHJRFLRVHVWDVDQWD
JXHUUDFRQWUDORVPRURVHQHPLJRVGHOD6DQWD)pQRVHH[FXVDVHGHIDFHU
SXHVTXH'LRVHQHOORWDQWRHUDVHUYLGR\TXHFUHODSRQLpQGRVHHQREUD
OXHJRODSHVWLOHQFLDFHVDUtD\QRVHKDFLHQGRVHDFUHFHQWDUtDª
< OXHJRDxDGLyTXHHVWD©WDQVDQWDURPHUtDHUDVXJORULD\GHVFDQVRª
9DPRVDYHUDKRUDORTXHGLFH%HUQiOGH]FXDQGRQDUUDODPXHUWHGHOPDU
TXpVHQ6HYLOODHQ
©(VWHIXHHOFDYDOOHURTXHPiVWUDEDMyGHORVJUDQGHVGH&DVWLOODHQ
ODJXHUUDHGHVTXH$OKDPDWRPyQRQRYRHQWUDGDTXHHOUH\IL]LHVHTXH
pOQRIXHVHHQHOODHQWRGRVORVGLH]DxRVTXHGXUyODFRQTXLVWDGHOUHL
QRGH*UDQDGD(OIL]RHOFRPLHQoRHYLGRHOILQHRYRVXSDUWHGHOD
JORULDHYLFWRULDTXHpOIXHSUHVHQWHHQODHQWUHJDGH*UDQDGDTXHIXp
HOVHOORGHODFRQTXLVWDHDVVtFRPRIXHRQUUDGRHQODYLGDHDPDGRGH
ORVHVIRUoDGRVDVtIXpPX\RQUUDGRHQVXPXHUWH$FRPSDxDURQORGH
VX FDVD IDVWD OD VHSXOWXUD GLH] YDQGHUDV TXH SRU VXV IXHUoDV H JXHUUDV
TXHIL]RDORVPRURVDQWHVTXHHOUH\GRQ)HUQDQGRFRPHQoDVVHODFRQ
3HGUR0$5&8(//2&DQFLRQHURHG-RVp0DQXHO%OHFXD=DUDJR]DS
+HFKRVGHO0DUTXpVGH&iGL]SS
,ELGS
$QJXV0DFND\
TXLVWDGH*UDQDGDOHVJDQyODVFXDOHVHQWHVWLPRQLRDOOtLYDQFHUFDGpO
HODVSXVLHURQVREUHVXWXPEDGRQGHDJRUDHVWiQVXVWHQWDQGRODIDPD
GHVWHEXHQFDYDOOHURODFXDOQRQSXHGHPRULUHHVLQPRUWDODVVtFRPR
HOiQLPDHTXHGDURQDOOtHQPHPRULDª
1RFDEHGXGDTXHHOPDUTXpVPXULySURYLGHQFLDOPHQWHKDEtDFRPHQ]DGR
ODJXHUUD\QRPXULyKDVWDTXHSUHVHQFLyODHQWUHJDGH*UDQDGDDORVFULVWLD
QRV(QHVWR\QRUPDOPHQWHHQORVKHFKRVGHWRGRVORVKpURHVpSLFRVGHDOJX
QDPDQHUDVHYHtDODJUDQGH]D\ODLQWHUYHQFLyQGH'LRV(QHO3RHPDHOiQJHO
*DEULHOOHYLHQHDO&LGHQYLVLyQ\HQOD3ULPHUD&UyQLFD*HQHUDO©6DQ3HGUR
YLQRHQYLVLyQDO&LG5X\'tD]HWOHGL[RTXDQGRDYLHDILQDUª6LJORVPiVWDU
GHHVQDWXUDOPHQWHOD9LUJHQTXLHQVHDSDUHFHDOPDUTXpV\OHD\XGD$OILQ\
DOFDERHOPDUTXpVQRVyORHUDPX\GHYRWRGHOD9LUJHQVLQRTXHHUDOLWHUDO
PHQWH©HOTXHHQEXHQRUDQDFLyªSRUTXHQDFLy©HQGtDPX\VHxDODGR\ELHQ
DYHQWXUDGR\GHJUDQJR]R\DOHJUtDTXHIXHGtDGHOD&RQFHSFLyQGH1XHVWUD
6HxRUDOD9LUJHQ0DUtDª
$VtTXHDQWHVGHODSULPHUDEDWDOODTXHKXERFRQORVPRURVOHDSDUHFLyOD
9LUJHQ
©OHDSDUHFLy1XHVWUD6HxRUDOD9LUJHQ0DUtDYLVLEOHPHQWHHOHGLMR
´£2KEXHQFDYDOOHURGHYRWRPtRVHSDVSRUFLHUWRTXHPLDPDGR-HVX
FULVWRH\RKDEHPRVUHVFHELGRWXRUDFLyQ\SRUVHUIHFKDWDQFRQWLQXD
\FRQWDQOLPSLRGHVHRGHFRUD]yQWHRWRUJDPRVTXHHQWRGDVFXDQWDV
EDWDOODVGHPRURVWHIDOODUHVVHUiVYHQFHGRUµª
0iVWDUGHGXUDQWHODH[SHGLFLyQFRQWUD$OKDPDOD9LUJHQGHQXHYROHDSD
UHFLy\OHKDEOyGHXQDPDQHUDTXHKDFHQUHFRUGDUODVSDODEUDVGH3HOD\RHQ
&RYDGRQJD
©OHDSDUHFLyRWUDYH]1XHVWUD6HxRUDOD0DGUHGH'LRV\OHGLMR´£2K
FDEDOOHURWDQGHYRWRPtR6HSDVTXHSRUTXpWXVGHVHRVVRQPX\DJUDGD
EOHVDOVHUYLFLRGHPLDPDGRILMR-HVXFULVWRHPtRW~LUiVVHJXURHQSD]
\WRPDUiVDTXHOODFLXGDG>GH$OKDPD@pODVRVWHUQiV\GHIHQGHUiV\pVWD
VHUiFXFKLOOR\HOFRPLHQ]RGHWRGDODGHVWUXLFFLyQGHOUH\QRGH*UDQD
GD\GHWRGDODPRUHUtDGHOPXQGRHODPH]TXLWDGHORVPRURVIDUiVOXH
JRLJOHVLD\SRQHUOHKDVHOPLQRPEUH< VHSDVTXHW~VDOGUiVGHHOOD
FRQJUDQYLFWRULD\DODPD\RUSULHVD\RVHUpFRQWLJRµª
(VKRUD\DGHSRQGHUDUODVUHODFLRQHVHQWUHHOVHxRURHOUH\\HOYDVDOOR
(QSULPHUOXJDUWHQHPRVORVHQFXHQWURVHQWUHORVGRV(QHO3RHPDPHSDUHFH
TXHHVWRVHQFXHQWURVVRQIXHUWHPHQWHULWXDOHV$OIRQVR9,SRUHMHPSOROOHJD
DOVLWLRGHOHQFXHQWURXQGtDDQWHVFXDQGRVHDFHUFDHO&LGHOUH\VDOHDUHFL
ELUOHFRQPXHVWUDVGHJUDQKRQRUHO&LGOORUDQGRVHSRQHGHURGLOODVHOUH\
%(51É/'(=0HPRULDOGHOUHLQDGRGHORV5H\HV&DWyOLFRVSS
3ULPHUD &UyQLFD *HQHUDO GH (VSDxD TXH PDQGy FRPSRQHU$OIRQVR HO 6DELR HG 5 0H
QpQGH]3LGDO0DGULGYRO,S
+HFKRVGHO0DUTXpVGH&iGL]S
,ELGS
,ELGS
8Q&LG5X\'tD]HQHOVLJOR;95RGULJR3RQFHGH/HyQPDUTXpVGH&iGL]
LQVLVWH HQ TXH HO &LG WLHQH TXH OHYDQWDUVH \ TXH QR OH EHVH ORV SLHV VLQR ODV
PDQRVVRODPHQWH0iVWDUGHFXDQGRHO&LGDFXGHDOD&RUWHGH7ROHGRHOUH\
GHQXHYRVDOHDUHFLELUOHHO&LGGHQXHYRTXLHUHKXPLOODUVHHOUH\QROHGHMD
\OXHJRLQVLVWHTXHHO&LGVHVLHQWHHQHOHVFDxRDVXODGRVHJXUDPHQWHDODGHUH
FKD(OPDUTXpVGH&iGL]SRUVXSDUWHDFXGHD6HYLOODDYHUDORV5H\HV&DWy
OLFRV GHVSXpV GH KDEODU ODUJDPHQWH FRQ HOORV KDVWD ODV GRV GH OD PDxDQD VH
OHYDQWDVHSRQHGHURGLOODV\EHVDODVPDQRVGHORVUH\HVORVUH\HVVDOHQFRQ
pO ©PXFKR FRQWUD OD YROXQWDG GHO PDUTXpV TXH QR SXGR PiV DFDEDU FRQ VXV
DOWH]DVªOHVEHVDODVPDQRVGHQXHYRORVUH\HVOHOHYDQWDQ\VHPDUFKD'HV
SXpVGHODWRPDGH$OKDPDHOPDUTXpVVHGLULJHHQDOD5DPEODDYHUDO
UH\)HUQDQGRHO&DWyOLFRVDOHDUHFLELUOH©HIL]RDOPDUTXpVVHxDODGDPHQWHPX\
JUDQGHKRQUUDSRUILDQGRFRQpOGHOHQRQGDUODPDQRHS~VROHDODVXPDQR
GHUHFKDHGL[R´£2KEHQGLWRVHD'LRV1XHVWUR6HxRUTXHHQPLWLHPSRTXL
VRTXHRYLHVHXQFRQGH)HUQDQG*RQ]iOH]HXQ&LG5X\'tD]µª(Q&DUWDPD
HOPDUTXpVEHVDODVPDQRVGHOUH\\©HOUH\OROHYDQWyHORPDQGySRVDUPX\
FHUFDGHVtODFXDOKRQUUDQLQJ~QJUDQGHGHVXVUH\QRVHQVXVWLHPSRVUHVFL
ELyª(Q&yUGREDHQ
©HOPDUTXHVGH&iGL]GHVFDEDOJy\VXELyDIDFHUUHYHUHQFLDDORVUH\HV
\VXVDOWH]DVVHOHYDQWDURQDpO\HOPDUTXpVSXHVWDVODVURGLOODVHQWLH
UUDOHVEHVyODVPDQRV\VXVDOWH]DVOHTXLVLHURQOHYDQWDU\QXQFDOR
SXGLHURQFRQpODFDEDUDQWHVHOPDUTXpVVXSOLFDQGRDVXVDOWH]DVVHDVHQ
WDVHQHQVXHVWUDGRUHDOTXHGHRWUDPDQHUDQRQVHOHYDQWDUtD(ORVUH\HV
DVHQWDGRVHOPDUTXpVVHOHYDQWy\VXVDOWH]DVOHPDQGDURQSRQHUXQD
ULFDVLOODFHUFDGHVtDVtSRUHOJUDQGtVLPRDPRUTXHOHWHQtDQFRPRSRU
VXVJUDQGHV\OHDOHVVHUYLFLRVª
(QORVUH\HVUHFLEHQFDUWDVGHOPDUTXpVFRQPX\JUDQGHSODFHU\DOH
JUtD©\FRQJUDQJR]RORVRMRVOOHQRVGHDJXDGL[HURQDQWHWRGRVORVJUDQGHV
GHVX&RUWH´1RVELHQFUHtGRWHQHPRVTXHWRGRVORV(PSHUDGRUHV\UH\HVFULV
WLDQRVQRDOFDQ]DQPiVELHQDQGDQWHFDEDOOHURTXHQRVWHQHPRVHQHOPDUTXpV
GH&iGL]µª
7RWDOTXHDOHQFRQWUDUVHORV5H\HV&DWyOLFRVGHKHFKRWUDWDEDQDOPDUTXpV
FRPRVLHQUHDOLGDGIXHUDHOVHJXQGR&LG5X\'tD]LQFOXVRKDVWDPDQGDQGR
TXHVXVLOODRHVFDxR©IXHVHSXHVWDMXQWDFRQODGHORVUH\HVª
(QVHJXQGROXJDUHOPHMRUDPLHQWRGHODVUHODFLRQHVHQWUHHO&LG\$OIRQVR
9,HVHQSDUWHPHGLGRHQHO3RHPDSRUORVUHJDORVGHFDEDOORVTXHHO&LGHQYtD
DOUH\\HODXPHQWRGHOQ~PHURGHFDEDOORV³³HVDOPLVPRWLHP
SRXQDLQGLFDFLyQWDPELpQGHODXPHQWRGHOSUHVWLJLR\GHORVp[LWRVGHOKpURH
3RGHPRVREVHUYDUHOPLVPRSURFHVRDXQTXHHQPHQRUHVFDODHQHOFDVRGHO
PDUTXpVGH&iGL](QGHVSXpVGHODWRPDGH6DKDUDSRUHMHPSOR
©HOPDUTXpVGH&iGL]GRQ5RGULJR3RQFHGH/HyQDFRUGyGHHQYLDUD
VXVDOWH]DVHQSUHVHQWHYHLQWHFDEDOORVHQIUHQDGRV\HQVLOODGRVGHPX\
3RHPDGH0LR&LGSS
+HFKRVGHO0DUTXpVGH&iGL]SS
,ELGS
,ELGS
,ELGS
$QJXV0DFND\
ULFRVMDHFHV\FRQHOORVYHLQWHPRURVTXHORVOOHYDVHQGHULHQGDWRGRV
PDQFHERVYHVWLGRVGHJUDQDFRORUDGDWRGRVFRQVXVULFRVDOPD\]DUHV
&RQ ORV FXDOHV HQYLy D VX VREULQR )UDQFLVFR GH 3LQHGD H GLyOH YHLQWH
HVFXGHURV TXH IXHVHQ FRQ pO PX\ DWDYLDGRV H FRQSOLGDPHQWH WRGR OR
TXHKDEtDQPHQHVWHUSDUDVXVJDVWRVHPDQGyOHTXHEHVDVHODVPDQRVD
VXVDOWH]DVSRUpOHOHVGL[HVHFRPRpOHVWDEDiVXVHUYLFLRFRQ6DKDUD
\FRQWRGRORRWURTXHWHQtDª
&XDWURDxRVPiVWDUGH\GHVSXpVGHKDEHUJDQDGRXQDEDWDOODFRQWUDORVPRURV
HOPDUTXpVGHQXHYRUHJDOyFDEDOORVDOUH\DXPHQWDQGRHOQ~PHURGHD
©(OOHJDGRVDODVWLHQGDVGHOUH\FRPRVXDOWH]DORVYLy\VXSRODYHU
GDGGHOPDUTXpVIXpPX\JUDQGHVXDOHJUtD\HFKyOHORVEUD]RVHQFLPD
GLFLpQGROHSDODEUDVPX\IHUPRVDV\GHJUDQGKRQUUD< HOPDUTXpVSUH
VHQWyDOUH\WUHLQWDFDEDOORVFRQVXVMDHFHVPX\ULFRVHWRGDODRWUDSUH
VDUHSDUWLySRUORVFDEDOOHURVª
0H SDUHFH EDVWDQWH REYLR SXHV TXH HO 3RHPD GLUHFWDPHQWH R LQGLUHFWD
PHQWHRIUHFtDXQPRGHORGHFRPSRUWDPLHQWRSDUDHOPDUTXpVGH&iGL]&ODUR
HVWi TXH WDO YH] VH SRGUtD SHQVDU TXH WRGR HVWR IXH OD LQYHQFLyQ GHO FURQLVWD
DQyQLPRTXHUHGDFWDEDODVKD]DxDVGH5RGULJR3RQFHGH/HyQ3HURDIRUWXQDGD
PHQWHORTXHHODQyQLPRDILUPDEDTXHGDFRUURERUDGRSRURWURVWHVWLJRVHQWUH
HOORV'LHJRGH9DOHUD%HUQiOGH]\3HGURGH0DUFXHOOR3HURHVPiVWDPELpQ
SRGHPRVDFHSWDUORTXHHODQyQLPRDILUPDHQFXDQWRDTXHORV5H\HV&DWyOL
FRVUHFRQRFtDQTXHHOPDUTXpVHUDHOVHJXQGR&LG5X\'tD]SRUTXHHVWRWDP
ELpQTXHGDFRUURERUDGRSRU%HUQiOGH]
©(OUH\HODUHLQDGHVTXHVXSLHURQODPXHUWHGHOPDUTXpVGXTXHGH
&iGL]VHUHWUX[LHURQHHQFHUUDURQHRYLHURQPXFKRVHQWLPLHQWRHSX
VLHURQOXWRSRUpOHODVGDPDVOROORUDURQPX\PXFKRHQFDVDGHOUH\
TXHORDPDYDQPXFKRSRUTXHODVVHUYtDHGDYDPXFKR(ORFRQRVFtDQ
GHFyPRUHFHYtDHDFRQSDxDYDDODUHLQDHDHOODVHQWLHUUDGHPRURVSRU
TXHOOHYiQGRORODUHLQDHHOODVFHUFDGHVtID]tDQFXHQWDTXHOOHYDYDQDO
&LG5X\'tD]HQVXWLHQSRSRUTXHORVPRURVOHWHPtDQWDQWRTXHGRQ
GHTXLHUDTXHVDEtDQTXHLYDHFRQRVFtDQVXYDQGHUDQRQHVSHUDYDQQL
RVVDYDQSHOHDUª
$ILUPpDOSULQFLSLRTXHHQHO3RHPDGH0LR&LG$OIRQVR9,TXHGDVRPHWL
GRDXQDHVSHFLHGHSUXHEDHO&LGHVXQEXHQYDVDOORSHUR¢HVTXHHOUH\HVXQ
EXHQVHxRU"$OSULQFLSLRQRORHVSHURDOILQDOORJUDVHUOR(O3RHPDSXHVWDP
ELpQ SXHGH VHUYLU FRPR PRGHOR GH FRPSRUWDPLHQWR GH ORV UH\HV \ SDUD WHU
PLQDUYR\DHVFRJHUGRVHMHPSORVFRPSOHWDPHQWHFRQWUDSXHVWRV(QULTXH,9 \
)HUQDQGRHO&DWyOLFR
3DUDHOFDVRGH(QULTXH,9 WHQHPRVTXHYROYHUDODFUyQLFDGHORV+HFKRV
GHOFRQGHVWDEOHGRQ0LJXHO/XFDVGH,UDQ]R&RPRVHKDYLVWRORVSURIHVRUHV
/XFLHQ&ODUH\0LFKHO*DUFtDDILUPDQTXHHO3RHPDGH0LR&LGWDPELpQVHU
YtDFRPRPRGHORGHFRPSRUWDPLHQWRSDUD0LJXHO/XFDV\SDUDHOFURQLVWDTXH
,ELGS
,ELGS
8Q&LG5X\'tD]HQHOVLJOR;95RGULJR3RQFHGH/HyQPDUTXpVGH&iGL]
HQHVWHFDVRHUDHOSRHWD\DOFDLGHGH$QG~MDU3HGURGH(VFDYLDV$KRUDELHQ
FXDQGR(VFDYLDVQRVSUHVHQWDDXQ0LJXHO/XFDVTXHVLHPSUHSHUPDQHFtDILHO
DOUH\TXHHUDHO~QLFRJUDQGHHQ$QGDOXFtDTXHVRVWHQtD(QULTXH,9 FRQWUDVX
KHUPDQDVWUR$OIRQVRTXHVHLQWLWXODEDUH\\TXHPiVRPHQRVVDOYyHOUHLQR
SDUDVXVHxRUQRHVWDEDH[DJHUDQGRPXFKRSRUTXHORVKHFKRVKLVWyULFRVFRQ
ILUPDQ OR TXH pO DILUPDED 3HUR GHVSXpV GH WDQWD OHDOWDG \ GHVSXpV GH WDQWRV
VXIULPLHQWRV¢FyPRQRUHDFFLRQDUFRQWUDXQUH\WDQLQ~WLOWDQGpELO\WDQIi
FLOPHQWHPDQLSXODGRSRUVXVSULYDGRV"$VtTXHFXDQGREDMRODLQIOXHQFLDGHO
RGLDGR-XDQ3DFKHFRPDUTXpVGH9LOOHQDHOUH\SHGtDD3HGURGH(VFDYLDVTXH
OHHQWUHJDVHODIRUWDOH]DGH$QG~MDUTXHSHUWHQHFtDD0LJXHO/XFDVHODOFDLGH
3HGURGH(VFDYLDVVXSXHVWDPHQWHOHFRQWHVWyGHODPDQHUDVLJXLHQWH
©6HxRUUH\WRGRORTXH9XHVWUD$OWH]DGL]HHVDPtQRWRULRVLOtFLWR
VHDOODPDUUH\DTXLHQSRUVXYROXQWDGVHID]HVLHUYR(oLHUWRHVODVOH\HV
GHVWRVUH\QRVGLVSRQHQDORVUH\HVQRVHQLHJXHQODVIRUWDOHoDVSRUORV
DOFD\GHVQLFUHR\RVHDQRWDGRSRUGHVOHDODYLHQGRILHOPHQWHJXDUGDGR
HVWDIRUWDOHoDSRUHOFRQGHVWDEOHHQWDQWRTXHORVGHVOHDOHVDYRVFRQPX\
JUDQGHV\QMXULDVYRVWUDWDEDQ£< DTXHOORVTXHUH\VTXHVHDQGHYRVVHxR
UHVHDVLFRQILUPD\VHID]H\VYHUGDGWRGDVODVFRVDVTXHGHYRVVHGL]HQ
SRUTXHYHUGDGHUDPHQWHPDVPRQVWUXRREUXWRDQLPDOGHEHVHUOODPDGR
TXHUH\(QODPHPRULDGHELDGHVWHQHUHOiVSHUR\GXURoHUFRTXHOD
oLEGDGGH-DpQSRUYXHVWURVHUYLoLRVXIULyGHOPDHVWUHGH&DODWUDYDGRQ
3HGUR*LUyQHOTXDODVtPHVPRTXLVLHUDHVWDYLOODRFXSDUFRQWRGDODSUR
YLQFLDGHO$QGDOXFtD
(QQLQJXQDSDUWHGHVWDFRPDUFDpUDGHVDYLGRSRUUH\VDOYRHQODoLE
GDGGH-DpQ\HQHVWDYLOOD¢3RUTXpFDXVDSRGpLVDYHUSRUOHDODOPDHV
WUHDTXLHQWHQH\VSRUVHxRUHREHGHVoH\VSRUGLYHUVRVUHVSHWRVFRQWUD
ULRV">< DKRUDUHILULpQGRVHDOD)DUVDGHÉYLOD@(O>PDUTXpV@HORVRWURV
GHVXSDUFLDOLGDG\QJUDWRVDWDQJUDQGHVEHQHILoLRVTXDQWRVTXHGHYRV
UHVoLELHURQ PiV VLQ YHUJHQoD \ WHPRU \QMXULDURQ GH JUDQ IHDOGDG GH
REUDVHSDODEUDVYXHVWUDSHUVRQDUHDOORTXDOWRGRWHQH\VROYLGDGRHSRU
ODVOH\HVSRUHOORVTXHEUDQWDGDVHSRUQRVRWURVJXDUGDGDV¢DHOORVTXH
Up\VDYHUSRUOHDOHVHDQRVRWURVSRUWUD\GRUHV"ª
6HJ~Q'LHJRGH9DOHUD©(VWDVFRVDVR\GDVSRUHOUH\FRQJUDQWXUEDFLyQ
QLQJXQD FRVD UHVSRQGLy H EXHOWDV ODV ULHQGDV VDOLy GH OD YLOODª £4Xp EXHQ
YDVDOOR\TXpPDOVHxRU
3DUD)HUQDQGRHO&DWyOLFRWHQHPRVTXHYROYHUDORV+HFKRVGHOPDUTXpVGH
&iGL]6LSDUD5RGULJR3RQFHGH/HyQ\SDUDHOFURQLVWDDQRQLPRHO&LGVHUYtD
FRPRPRGHORGHFRPSRUWDPLHQWRQRSRUHVRGHMDEDQGHLQIOXLUOHVRWURVPRGH
ORVPLWRV\OH\HQGDV/D9LUJHQGLMRDOPDUTXpVTXHODWRPDGH$OKDPDVHUtD
QRVRODPHQWHHOFRPLHQ]RGHWRGDODGHVWUXFFLyQGHOUHLQRGH*UDQDGDVLQRGH
WRGDODPRUHUtDGHOPXQGRWDPELpQ(VWDSURIHFtDODGHEHPRVUHODFLRQDUFRQOD
OH\HQGDDSRFDOtSWLFDGHO~OWLPRHPSHUDGRUGHOPXQGRTXHHPSH]DQGRFRQHO
$SRFDOLSVLVJULHJRGHO6HXGR0HWRGLRHVFULWRDILQDOHVGHOVLJOR9,,FLUFXOD
EDSRUHORFFLGHQWHHXURSHRHQGLVWLQWDVYHUVLRQHV(QHVHQFLDHVWDOH\HQGDFRQ
'LHJR '( 9$/(5$0HPRQDOGHGLYHUVDVKD]DxDVSS
$QJXV0DFND\
WDEDTXHHQORV~OWLPRVGtDVXQHPSHUDGRULEDDYHQFHUDORVPXVXOPDQHVFRQ
TXLVWDU-HUXVDOpQ\HQWUHJDUVXLPSHULRPXQGLDOGLUHFWDPHQWHD'LRVHQHOOXJDU
GHO*yOJRWD6HJ~QODYHUVLyQHVSDxRODGHHVWDOH\HQGDHVFDWROyJLFDHVWHHPSH
UDGRUTXHGHVGHOXHJRVHUtDHVSDxROHUDHOHQFXELHUWRRHOPXUFLpODJR$KR
UDELHQHQHOPDUTXpVGH&iGL]HO&LGGHVXpSRFDHQYLyXQDFDUWDDORV
JUDQGHVGH&DVWLOODHQTXHSURFODPDEDTXH)HUQDQGRHO&DWyOLFRHUDHOHQFX
ELHUWRRPXUFLpODJRTXHLEDDFRQTXLVWDU*UDQDGDDYHQFHUDWRGRVORVPXVXO
PDQHVGHOPXQGRDJDQDUODFDVDVDQWDGH-HUXVDOpQ\DFRQTXLVWDUWRGRHOPXQ
GR6L5RGULJR3RQFHGH/HyQHUDXQEXHQYDVDOOR)HUQDQGRHO&DWyOLFRHUD
DOJRPiVTXHXQEXHQVHxRUHUDHO~OWLPRHPSHUDGRUPHVLiQLFRGHOPXQGR
©< GHQXHYRHOPDUTXpVGH&iGL]QRHUDHO~QLFRTXHFUHtDHVWDVIDQWDVtDV
$QWHVHQHOPLVPR3HGUR0DUFXHOORRIUHFLyD)HUQDQGRHO&DWyOLFRXQDV
FRSODVHQTXHDILUPDEDTXH©IiOODVHSRUSURIHFtDªTXHHOUH\©FRQTXLVWDUtD-KH
UXVDOpP\*UDQDGDª \KDVWDHOPLVPRUH\VHGHMDEDHQJDxDU6HJ~Q*DOtQGH]
GH &DUYDMDO \$ORQVR GH 6DQWD &UX] SRU HMHPSOR OD IDPRVD YLVLRQDULD 6RU
0DUtDGH6DQWR'RPLQJRFRQRFLGDWDPELpQFRPROD%HDWDGHO%DUFRGHÉYLOD
ORJUyFRQYHQFHUD)HUQDQGRHO&DWyOLFR©TXHQRDYtDGHPRULUKDVWDTXHJDQD
VHD-HUXVDOpQª
< HVWDQGRVX$OWH]DHQHVWHOXJDU>GH0DGULJDOHMR@VHOHDJUDYyHQ
JUDQ PDQHUD VX HQIHUPHGDG \ OH IXp GDGR D HQWHQGHU TXH HVWDYD PX\
FHUFDQRDODPXHUWH/RTXDOFRQJUDQGLILFXOWDGSXGRFUHHUSRUTXHHQ
ODYHUGDGORWHQWyPXFKRHOHQHPLJRHQDTXHOSDVRFRQLQFUHGXOLGDGTXH
OHSRQtDGHQRDYHUGHPRULUWDQSUHVWRSDUDTXHQRVHFRQIHVDVHQLUHFL
ELHVHORVVDFUDPHQWRV$ ORTXDOGLyFDXVDTXHHVWDQGRHQ3ODVHQFLDXQR
GHO&RQFHMRTXHYHQtDGHOD%HDWDGHO%DUFRGHÉYLODOHGL[RTXHOD%HD
WDOHKDFtDVDEHUGHSDUWHGH'LRVTXHQRDYtDGHPRULUKDVWDTXHJDQD
VHD-HUXVDOpQ
< SRU HVWR QR TXHUtD YHU QL OODPDU D IUD\7RPiV GH 0DWLHQoR GHO
RUGHQGHORV3UHGLFDGRUHVVXFRQIHVRUSXHVWRTXHDOJXQDVYHFHVHOGLFKR
\FRQIHVRUORSURFXUy3HURHO5H\ORHFKDYDGHVtGLFLpQGROHTXHYHQtD
PiVFRQILQGHQHJRFLDUPHPRULDOHVTXHQRDHQWHQGHUHQGHVFDUJRVGH
VXFRQFLHQFLDª
&ODURHVWiTXHWDQWRHOVHJXQGR&LG5X\'tD]FRPRVXVHxRU)HUQDQGRHO
&DWyOLFRDOLDVHOHQFXELHUWRRPXUFLpODJRWHQtDQTXHPRULU6LQHPEDUJRFRPR
VRVWHQtD-RUJH0DQULTXHKDEtD©RWUDYLGDPiVODUJDGHIDPDWDQJORULRVDªTXH
ORVKRPEUHVSRGtDQGHMDUDTXtHQHOPXQGR&RPRGHFtD%HUQiOGH]GHVSXpVGH
ODPXHUWHGHOVHJXQGR&LG5X\'tD]HOPDUTXpVGH&iGL]©ODIDPDGHVWHEXHQ
FDYDOOHURQRQSXHGHPRULUHHVLQPRUWDODVVtFRPRHOiQLPDª
9HU$QJXV0$&.$<©$QGDOXFtD\ODJXHUUDGHOILQGHOPXQGRª$FWDVGHO9 &RORTXLR,QWHU
QDFLRQDOGH+LVWRULD0HGLHYDOGH$QGDOXFtD&yUGREDSS
+HFKRVGHO0DUTXpVGH&iGL]SS
3HGUR0$5&8(//2&DQFLRQHURS
/RUHQ]R*$/Ì1'(= '( &$59$-$/$QDOHVEUHYHVGHOUHLQDGRGHORV5H\HV&DWyOLFRV'RQ)HU
QDQGR\'RxD,VDEHOGHJORULRVDPHPRULD%$(YRO0DGULGSS$ORQVR
'( 6 $17$ & 58= &UyQLFDGHORV5H\HV&DWyOLFRVHG-XDQGH0DWD&DUULD]R6HYLOOD,,\
SS
%(51É/'(=0HPRULDOGHOUHLQDGRGHORV5H\HV&DWyOLFRVS
6,0326,2,17(51$&,21$/
©(/ &,'(1(/ 9$//('(/ -$/Ð1ª
&DODWD\XG\$WHFD\GHRFWXEUHGH
'HQWURGHODKLVWRULRJUDItDWUDGLFLRQDOHO3RHPDGH0LR&LGHVXQDIXHQWH
H[FHSFLRQDOSDUDILOyORJRVHKLVWRULDGRUHVORVFXDOHVFDGDXQRHQVXFDPSR
LQWHQWDQDQDOL]DUXQRGHORVFDQWDUHVGHJHVWDPiVLPSRUWDQWHVGHODOLWHUDWXUD
PHGLHYDOHXURSHD
(QHOSRHPDHOHSLVRGLRDOTXHVHOHGHGLFDPD\RUQ~PHURGHYHUVRVHVHO
UHODWLYRDODWRPDGH$OFRFHUVLHQGRDODYH]HOTXHPiVSROpPLFDKDVXVFLWD
GRHQWUHHVWXGLRVRVGHOWHPD
5HFLHQWHVLQYHVWLJDFLRQHVFRUURERUDGDVGRFXPHQWDO\DUTXHROyJLFDPHQWH
SDUHFHQGHPRVWUDUTXHHOFRQWURYHUWLGROXJDUVHHQFXHQWUDDRULOODVGHOUtR-DOyQ
HQHOOtPLWHMXULVGLFFLRQDOGHODVSREODFLRQHVGH$WHFD\7HUUHU
$QWHODLPSRUWDQFLDGHOKDOOD]JRHO&HQWURGH(VWXGLRV%LOELOLWDQRVFUHHQH
FHVDULRFHOHEUDUHVWH6LPSRVLXPLQWHQWDQGRHVFODUHFHUHQODPHGLGDGHORSR
VLEOHWRGRORUHODFLRQDGRFRQHO&LG\HO3RHPDGHVXQRPEUHHQHOYDOOHGHO
-DOyQTXHSRUH[WHQVLyQDIHFWDDODKLVWRULDFLGLDQDHQJHQHUDO
25*$1,=$
(O&HQWURGH(VWXGLRV%LOELOLWDQRVILOLDOGHOD,QVWLWXFLyQ©)HUQDQGRHO&D
WyOLFRª
&2/$%25$1
81('\ORV$\XQWDPLHQWRVGH$WHFD\&DODWD\XG
&225',1$'25&,(17Ì),&2
'U'-RVp/XLV&RUUDO/DIXHQWH
'HSDUWDPHQWRGH+LVWRULD0HGLHYDOGHOD)DFXOWDG
GH)LORVRItD\/HWUDVGHOD8QLYHUVLGDGGH=DUDJR]D
&25',1$'257e&1,&2
3URI')UDQFLVFR-0DUWtQH]*DUFtD
&HQWURGH(VWXGLRV%LOELOLWDQRV7HOpIRQR
)(&+$ < /8*$5'(/ 6,0326,80
\GHRFWXEUHGHHQHO6DOyQGH$FWRVGHOD81('$YHQLGD
GH6DQ-XDQHO5HDOQ~P&DODWD\XG\/LFHR$WHFDQRHQ$WHFD
,16&5,3&,Ð1
/DFXRWDGHLQVFULSFLyQHVGHSHVHWDVFRQGHUHFKRD&HUWLILFDGRGH
$VLVWHQFLDUHFHSFLyQGHODV$FWDVXQDYH]SXEOLFDGDVDOPXHU]RGHOGtD\
ELOOHWHGHDXWRE~VSDUDODVH[FXUVLRQHVTXHVHUHDOLFHQ
(OSDJRSRGUiHIHFWXDUVHPHGLDQWHJLURSRVWDOGLULJLGRDO&HQWURGH(VWX
GLRV%LOELOLWDQRV3OD]DGH&RVWD &$/$7$<8'RWUDQVIHUHQFLD
RLQJUHVRDODFXHQWDFRUULHQWHQ~PGHLEHU&DMDRDODOLEUHWDQ~PHUR
GHOD&$,
/DGLFKDGHLQVFULSFLyQGHEHUiHQYLDUVHDHVWH&HQWURDQWHVGHOGtDGH
VHSWLHPEUH
$9$1&('(/ 352*5$0$
'tDGHRFWXEUHViEDGR
KRUDV 3UHVHQWDFLyQGHSDUWLFLSDQWHV\HQWUHJDGHGRFXPHQWDFLyQ
KRUDV 5RQGDDUDJRQHVD\SDVHRQRFWXUQRSRU&DODWD\XG
'tDGHRFWXEUHGRPLQJR
KRUDV &DODWD\XG\FRPDUFDHQHOVLJOR;,
3URI'$JXVWtQ6DQPLJXHO0DWHR
KRUDV 5HODFLyQKLVWRULFDHQWUHHO&LG\ODGLQDVWtD+XGt
'U'$ILI7XUN
KRUDV 5HDOLGDG\IDQWDVtDHQGRVJHVWDVJXHUUHUDV
'HO%HRZXOIDO&DQWDU GH0LR&LG
'U')UDQFLVFR&ROODGR
KRUDV 9LQRGHKRQRURIUHFLGRSRUHO$\XQWDPLHQWRGH&DODWD\XG
KRUDV $VSHFWRVMXUtGLFRVHQHO3RHPDGH0LR&LG
'U')UDQFLVFR/ySH](VWUDGD
KRUDV 0pWRGRDUTXHROyJLFR\FDQWDUHVGHJHVWD
'U'-RVp/XLV&RUUDO/DIXHQWH
'tDGHRFWXEUHOXQHV
KRUDV 6DOLGDGHORVDXWREXVHVGHOD81('SDUDUHFRUUHUOD5XWD
GHO&LGSRUHO-DOyQ$UL]D&HWLQD$OKDPD%XELHUFD$WHFD
$OFRFHU\ODVH[FDYDFLRQHVDUTXHROyJLFDVGH(O7RUUHFLG
KRUDV 9LQRGHKRQRURIUHFLGRSRUHO$\XQWDPLHQWRGH$WHFD
KRUDV (QHO/LFHR$WHFDQR
([FDYDFLRQHVDUTXHROyJLFDVGH(O7RUUHFLG
FDPSDPHQWREDVHGHO&LGDQWHODWRPDGH$OFRFHU
3URI')UDQFLVFR-0DUWtQH]*DUFtD
KRUDV /DWRPDGH$OFRFHU HQVXWUDWDPLHQWROLWHUDULR
'U'$OEHUWR0RQWDQHU)UXWRV
KRUDV (O&LG\ORVPXVXOPDQHVHOVLVWHPDGHSDULDVSDJDV
'U'0tNHOGH(SDO]D
'tDGHRFWXEUHPDUWHV
KRUDV (QOD81('
(OSUREOHPDGHODKLVWRULFLGDGGHO&DQWDU 3ULPHUR
GHVSXpVGHOGHVFXEULPLHQWRGH$OFRFHU
'U'*HUROG+LOW\
KRUDV 7LHUUDHLWLQHUDULRVGHO&LGHQ$UDJyQ
'U'0DQXHO&ULDGRGH9DO
KRUDV (O&DQWDU GHO&LGFRPRPRGHORGHFRPSRUWDPLHQWR
HQXQFDVRFRQFUHWRGHOVLJOR;9
'U'$QJXV0DFND\
KRUDV 0HVDUHGRQGD\FRQFOXVLRQHV
KRUDV &ODXVXUD
KRUDV $OPXHU]RRIUHFLGRSRUHO&HQWURGH(VWXGLRV%LOELOLWDQRV
KRUDV 9LVLWDDPRQXPHQWRV\PXVHRVGH&DODWD\XG\GHVSHGLGD
321(17(6
'U')UDQFLVFR&2//$'2 52'5Ì*8(=
3URIWLWXODUGHO'HSDUWDPHQWRGH)LORORJtD
,QJOHVDHQOD8QLYHUVLGDGGH=DUDJR]D
8QLYHUVLGDGGH=DUDJR]D
=$5$*2=$
'U'-RVp/XLV&255$/ /$)8(17(
3URIWLWXODUGHO'HSDUWDPHQWRGH+LVWRULD
0HGLHYDOHQOD8QLYHUVLGDGGH=DUDJR]D
8QLYHUVLGDGGH=DUDJR]D
=$5$*2=$
'U'0DQXHO&5,$'2 '( 9$/
3URIH,QYHVWLJDGRUGHO&RQVHMR6XSHULRU
GH,QYHVWLJDFLRQHV&LHQWtILFDV&6,&
-RVp$EDVFDOž 0$'5,'
'U'0LNHO '( (3$/=$
&DWHGUiWLFRGH(VWXGLRVÉUDEHVH,VOiPLFRV
GHOD8QLYHUVLGDGGH$OLFDQWH
8QLYHUVLGDGGH$OLFDQWH
$/,&$17(
'U'*HUROG+,/7<
&DWHGUiWLFRGH/LWHUDWXUD
HQOD8QLYHUVLGDGGH=ULFK
+DOGHQVWUDVVH
2%(55,('(1=ULFK
'U')UDQFLVFR/Ð3(= (675$'$
3URIHVRUHPpULWRHQOD8QLYHUVLGDG
&RPSOXWHQVHGH0DGULG
'U)HGHULFR5XELR$žL]TGD
0$'5,'
'U'$QJXV0$&.$<
&DWHGUiWLFRGH+LVWRULD0HGLHYDO
HQOD8QLYHUVLGDGGH(GLPEXUJR
'HSDUWDPHQWRI+LVWRU\
:LOOLDP5REHUWVRQ%XLOGLQJ
*HRUJH6TXDUH
(',0%85*2(+-< (VFRFLD
3URI')UDQFLVFR-0$57Ì1(= *$5&Ì$
'LUHFWRUGHOD(VFXHOD7DOOHU
GH5HVWDXUDFLyQ©/DV0XUDOODVª
GH'DURFD
3OD]DGH(VSDxD$7(&$
3URI'$OEHUWR0217$1(5 )58726
3URIHVRUGHO'HSDUWDPHQWR
GH/LWHUDWXUDGHOD8QLYHUVLGDG
GH=DUDJR]D
0RQFDVL=$5$*2=$
3URI'$JXVWtQ6$10,*8(/ 0$7(2
&DWHGUiWLFRGHO,QVWLWXWR1DFLRQDO
GH%DFKLOOHUDWR
©0LJXHO3ULPRGH5LYHUDªGH&DODWD\XG
5DPyQ\&DMDOž%
&$/$7$<8'
'U'$ILI785.
3URIHVRUGHOD8QLYHUVLGDGÉUDEHGH%H\URXW
&HQWUR&XOWXUDO(VSDxRO
(PEDMDGDGH(VSDxDHQ%HLUXW
0LQLVWHULRGH$VXQWRV([WHULRUHV
3OD]DGHOD3URYLQFLD
0$'5,'
,16&5,3&,21(6
$%(1=$ %255(*8(52-HV~V-RVp
*UDQ&DSLWiQžGFKD
*5$1$'$
%21$ /Ð3(=-DYLHU
5~D$OWDGH%pFTXHUVQ
7$5$=21$
$/%8,;(&+ 6(55$12$QD
5~D$OWDGH%pFTXHUVQ
7$5$=21$
%25$67(526 0$57Ì1(=(OLVD
-RVp$EDVFDOž
0$'5,'
É/9$52 %(1('Ì'DYLG
,QVWLWXWRGH%DFKLOOHUDWR
3RHWD6DQ1LFROiVGH)UDQFLD
&$/$7$<8'
&$%(=$6 0$7(27HUHVD
7ROHGRžGFKD
=$5$*2=$
$1'5e6 +(51É1'(=/XLV
&RUWHVGH$UDJyQžGFKD
&$/$7$<8'
$1*2< *$5&Ì$-RVp/XLV
0RQDVWHULRGH6LUHVD
=$5$*2=$
&$0326 3/$6(1&,$,VDEHO
*HQHUDO)UDQFR
$7(&$
&$55(5$ /$&/(7$-HV~V6HEDVWLiQ
'DURFDž&
=$5$*2=$
$50(17$ '( 0('5$12-XVWLQR
0DGUH3X\HVFž$
&$/$7$<8'
&$6$/e *,0e1(=0DUtDÉQJHOHV
5DPyQ\&DMDO
(-($ '(/26&$%$//(526
%$<2 0$7$)HUQDQGR
&RUWHVGH$UDJyQ
&$/$7$<8'
&21'Ð1 *250$=/XLV0DULDQR
0D\RUVQ
9,//$/%$ '(/ 3(5(-,/
%(/75É1 &$5(1$6$QD5RVD
-XVWR1DYDUURž$ GFKD
&$/$7$<8'
&21'25 *h(0(6&DUPHQ
1iSROHVžHVF$
%$5&(/21$
%(51$/ 3$6&8$/0DUtDÉQJHOHV
3RHWD6DQ1LFROiVGH)UDQFLD%
&$/$7$<8'
&5,67Ð%$/ &$0326&ULVyJRPR
7UDYHVtD*HQHUDO)UDQFRVQ
$7(&$
%/$6&2 0$57Ì10DUtD
5DPyQ\&DMDOVQ
$7(&$
(558= %/$1&$66XVDQD
&DUUHWHUDGH6DJXQWR
3$5$&8(//26'(-,/2&$
)(51É1'(= 27$/-RVp$QWRQLR
-XDQ-RVpGH*iUDWHž$
=$5$*2=$
//25(17( *5$&,$$QD,VDEHO
$YHQLGDGH0DGULGžL]TGD
=$5$*2=$
)5$,/( 58,= '( 2-('$$ELOLR
$QXQFLDFLyQ
0$'5,'
0$'5,' 6É1&+(=/HDQGUR
*DUFtD9DxR
/$ 3$/0$ 0XUFLD
)5$1&,$ 0$0%521$*R\D
&DOYR6RWHOR
7(55(5
0$-$5(1$ *21=$/92/XLV$
3XHUWD%DMD
&HQWURGH(VWXGLRV'DURFHQVHV
'$52&$
*$5&Ì$ 6(55$12-RVpÉQJHO
5~D$OWDGH%pFTXHUVQ
7$5$=21$
*h(0(6 (558=0RQWVH
1iSROHVžHVF$
%$5&(/21$
+(5026,//$ *$5&Ì$0DUtD-HV~V
&DOOH0D\RU
0,('(6
+(51É1'(= %$548,1(52(OLVD
%DUyQGH:DUVDJHž&
&$/$7$<8'
/$*81$6 *,0(126$QD
%DUyQGH:DUVDJHHVFž%
&$/$7$<8'
/$6+(5$6 0$787(ÉQJHO
5~D$OWDGH%pFTXHUVQ
7$5$=21$
/$7255( 6É1&+(=(QFDUQDFLyQ
5~DGH'DWR
&$/$7$<8'
/$9,//$ 0217$fe6$EHODUGR
&DOYR6RWHOR
7(55(5
/(Ð1 ),'$/*2&DUPHQ
3XHUWD%DMD
&HQWURGH(VWXGLRV'DURFHQVHV
'$52&$
0$5Ì1 58%,2ÉQJHO0LOOiQ
'RFWRU0DULVFDOVQ
%,-8(6&$
0$55(52 &$%5(5$-XDQ$QWRQLR
*R\D
0$'5,'
0$57Ì1 021*(-HV~V
7UDYHVtD*HQHUDO)UDQFR
$7(&$
0$57Ì1(= *$5&Ì$&DUPHQ
3OD]DGH(VSDxD
$7(&$
0$57Ì1(= *,/0DUtD,VDEHO
'DUtR3pUH]$
&$/$7$<8'
0$57Ì1(= 0(1',=É%$/$QWRQLR
5LJORVžL]TGD
=$5$*2=$
0$57Ì1(= 7255(&,//$-RVp0DQXHO
5~D$OWDGH%pFTXHUVQ
7$5$=21$
0$7(2 0$57Ì1(=-XDQ-RVp
&RUWHVGH$UDJyQžGFKD
&$/$7$<8'
0,//É1 *,/-XOLiQ
-XVWR1DYDUURž(
&$/$7$<8'
02/,1$ 3e5(=/XLV
)UHVQHGLOODV
0$'5,'
0217Ð1 38(572
(PLOLR*LPHQRž
&$/$7$<8'
02=25LFDUGR
7HQRU)OHWDž&
=$5$*2=$
08f2= *87,e55(=$OIUHGR
5~DGH'DWR
&$/$7$<8'
20(f$&$ /$%$57$-DYLHU
3XHUWD%DMD
'$52&$
3$/$&,2 *Ð1*25$5RVDOtD
(PLOLR*LPHQRž%
&$/$7$<8'
3e5(= ,12*(60DUtD&DUPHQ
&DVWHODUž%
=$5$*2=$
520(52 *$63$5-RVp0LJXHO
81('
6DQ-XDQHO5HDO
&$/$7$<8'
52< 0$57Ì1(=-HV~V0DUtD
%DUyQGH:DUVDJHž'
&$/$7$<8'
6É(1= 0Ô-,&$-RDTXtQ
3DEOR,JOHVLDVž%
=$5$*2=$
6É1&+(= 3257(52$QWRQLR
&XHVWDGH6DQWD$QD
&$/$7$<8'
6$50,(172 /$18=$$QGUpV
0XQGLOORVQ
$7(&$
6$50,(172 /$18=$)UDQFLVFR
0XQGLOORVQ
$7(&$
6(*85$ 0$57Ì1(=0DU
&HFLOLR1DYDUURž'
=$5$*2=$
3e5(= -Ô'(=$GROIR
%RGHTXLOODVVQ
$7(&$
6,0257( $/(*5()UDQFLVFR
&DSLWiQ3LQDž
=$5$*2=$
3e5(= 0$18(/0DUtD7HUHVD
=RU]DQR/HGHVPDžGFKD
&$/$7$<8'
62/$ *$55,'2/XLV
&HUYDQWHVžL]TGD
=$5$*2=$
3e75,= $62$QD,VDEHO
5DPyQ\&DMDOž%
&$/$7$<8'
62/(5 , %$/$*8(520DUtD
5DPEODGH)HUUiQ
/e5,'$
5,1&Ð1 %$55$1&2(QULTXH
0DGUH5DIROV
&$/$7$<8'
9(5Ð1 *250$=-RVp
%HUP~GH]
&$/$7$<8'
52'5,*2 (67(9$10DUtD/X]
3XHUWD%DMD
&HQWURGH(VWXGLRV'DURFHQVHV
'$52&$
<$*h( *,5/(6ÉQJHO
,QVWLWXWRGH%DFKLOOHUDWR
3RHWD6DQ1LFROiVGH)UDQFLD
&$/$7$<8'
Ì1',&(
3UHVHQWDFLyQ $JXVWtQ6$10,*8(/ 0$7(2&DODWD\XG\VXFRPDUFDHQHOVLJOR;,
$ILI785.5HODFLyQKLVWyULFDHQWUHHO&LG\ODGLQDVWtD+ XÚ Gt -RVp/XLV&255$/ /$)8(17(0pWRGRDUTXHROyJLFR\FDQWDUHVGHJHVWD
)UDQFLVFR-0$57Ì1(= *$5&Ì$(O2WHURGHO&LGR&HUUR7RUUHFLGHQFOD
YHPLOLWDUGHO&DPSHDGRUHQHO9DOOHGHO-DOyQ *HUROG+,/7<(OSUREOHPDGHODKLVWRULFLGDGGHO&DQWDU3ULPHURGHVSXpV
GHOGHVFXEULPLHQWRGH$OFRFHU 0LNHOGH(3$/=$(O&LG\ORVPXVXOPDQHVHOVLVWHPDGH3DULDV3DJDV
ODFRODERUDFLyQGH$EHQ*DOEyQHOWtWXORGH&LG/HyQODSRVDGLWD
IRUWLILFDGDGH$OFRFHU 0DQXHO&5,$'2
'(
9$/7LHUUDHLWLQHUDULRGHO&LGHQ$UDJyQ $OEHUWR0217$1(5 )58726/DWRPDGH$OFRFHUHQVXWUDWDPLHQWROLWH
UDULRXQHSLVRGLRGHO&DQWDUGHO&LG )UDQFLVFR/Ð3(= (675$'$(OSRHPDGHO&LGFRQVLGHUDGRGHVGHODSHUV
SHFWLYDOLWHUDULDGHODV3DUWLGDVGH$OIRQVRHO6DELR )UDQFLVFR&2//$'2 52'5Ì*8(=5HDOLGDG\IDQWDVtDHQGRVJHVWDVPHGLH
YDOHVGHO%HRZXOIDOSRHPDGHO0LR&LG $QJXV0$&.$<8Q&LG5X\'tD]HQHOVLJOR;95RGULJR3RQFHGH/HyQ
0DUTXpVGH&iGL] 3URJUDPD\SDUWLFLSDQWHV