psohdg rv iholfhv frpr sulqflsdo hvwudwhjld gh

(675$7(*Ζ$6'(0$5.(7Ζ1*
(PSOHDGRVIHOLFHVFRPR
SULQFLSDOHVWUDWHJLDGH
PDUNHWLQJ
&DGDYH]VRQP£VODVHPSUHVDVTXHGHVDUUROODQHVWUDWHJLDVGH
HPSOR\HUEUDQGLQJSDUDDWUDHU\UHWHQHUWDOHQWRHQVXRUJDQL]DFLµQ
J
3DUDUHFOXWDUDORVPHMRUHVDQWHVKD\TXHIRUWDOHFHUODLPDJHQGHOD
PDUFDFRPRHPSOHDGRU/DIHOLFLGDGGHORVHPSOHDGRVKDSDVDGR
DVHUXQIDFWRUFODYHDODKRUDGHGHȴQLUORVSODQHVHVWUDW«JLFRVGH
ODHPSUHVD)LGHOL]DUHOFDSLWDOKXPDQRGHODVRUJDQL]DFLRQHVVHKD
FRQYHUWLGRDV¯HQODPLVLµQSULQFLSDOGHORVHPSUHVDULRV3HURFµPR
FRQVHJXLU TXH QXHVWURV WUDEDMDGRUHV VHDQ IHOLFHV HQ HO HQWRUQR
FRQVHJXLUTXHQXHVWURVWUDEDMDGRUHVVHDQIHOLFHVHQHOHQWRUQR
ODERUDO"7LHQHVHQWLGRODȊIHOLFLGDGȋHQHOWUDEDMR"
3DEOR0RU£Q/µSH]FRQVXOWRUGH3HRSOH0DWWHUV
ZZZPDUNHWLQJPDVYHQWDVHV
&
RQYHUVDQGRFRQIDPLOLDUHV\DPLJRV
HVIUHFXHQWHSHUFLELUTXHQRHVW£Q
VDWLVIHFKRVFRQVXWUDEDMR6LQRHV
SRUTXHWUDEDMDQPXFKDVKRUDVHV
SRUVXVDODULRRSRUTXHQRVHVLHQ
WHQYDORUDGRVRFODURHVW£SRUFXOSDGHOMHIH
'HKHFKRSDUHFHGLI¯FLOHQFRQWUDUSHUVRQDV
TXHDPHQORTXHKDFHQ\VHOHYDQWHQFRQXQD
VRQULVDFXDQGRVXHQDHOGHVSHUWDGRU'DOD
LPSUHVLµQGHTXHXQRVHSUHSDUDGXUDQWHVX
FDUUHUDXQLYHUVLWDULDSDUDWHUPLQDUWUDEDMDQGR
HQXQDRȴFLQDGHVHDQGRFDGDG¯DTXHOOHJXHQ
ODVSDUDYROYHUDFDVD/DVSHUVRQDV
SDVDQP£VWLHPSRHQVXVHPSUHVDVTXHHQ
VXVSURSLRVKRJDUHVFRQVXVIDPLOLDV(QWRQ
FHVȐTX«HVORTXHIDOOD"7UDEDMDUDPDUJD
RDPDUJDQHQHOWUDEDMR"
(QHVWRV¼OWLPRVD³RVHQORVTXHODGHVDFH
OHUDFLµQHFRQµPLFDPDUFDGDSRUODFULVLVKD
DIHFWDGRDWRGDVODVHPSUHVDV\ORVUHFRUWHV
KDQHVWDGRDODRUGHQGHOG¯DPXFKRVHPSUH
VDULRVKDQWHPLGRHOFLHUUHGHVXVHPSUHVDV
RODS«UGLGDGHJUDQSDUWHGHVXFDSLWDOVH
KDQFHQWUDGRHQDMXVWDUORVSUHVXSXHVWRV
DOP£[LPR/RVFLHUUHVGHRUJDQL]DFLRQHV
\ORVIUHFXHQWHVGHVSLGRVKDQWUD¯GRFRPR
FRQVHFXHQFLDODLQFHUWLGXPEUH\HOPDOHVWDU
1|ȏ0D\R-XQLRGH
HQWUHORVSURIHVLRQDOHVTXHKDQWUDEDMDGRHQ
WHQVLµQVDELHQGRTXHHQFXDOTXLHUPRPHQWR
OHVSRGU¯DSDVDUDHOORV6LQHPEDUJRSDUHFH
TXHHOU¯RYXHOYHDVXFDXFH\ORVGLUHFWLYRV
YXHOYHQDYHUODOX]WUDVDQJXVWLRVRVD³RV/D
SUXGHQFLDKDSDVDGRDWHQHUXQSDSHOPX\
LPSRUWDQWHHQWUHORVDOWRVFDUJRV\KDELHQGR
UHGXFLGRWDQWRVJDVWRVDKRUDORLPSRUWDQWH
HVFHQWUDUVHHQORVDVSHFWRVWDQJLEOHVGHXQ
QHJRFLRSURGXFFLµQFRVWHV\YHQWDV
3DUDPXFKRVGLUHFWLYRVRWURVDVSHFWRV
FRPRODPHMRUDGHODPELHQWHODERUDOVRQ
FXHVWLRQHVGHVHDEOHVSHURQRQHFHVDULDV'H
KHFKRPXFKDVYHFHVHOKRUL]RQWHGHPHMRUD
VDODULDO\GHFRQGLFLRQHVVHHVWDEOHFHSDUD
FXDQGRȊODVFRVDVYD\DQPHMRUȋ(OSUHPLR
1REHOGHOD3D]$OEHUW6FKZHLW]HU
GHFODUµȊ(O«[LWRQRHVODFODYHGHODIHOLFLGDG
/DIHOLFLGDGHVODFODYHGHO«[LWR6LDPDVOR
TXHKDFHVVHU£VH[LWRVRȋIUDVHTXHPXFKRV
GLUHFWLYRVGHEHU¯DQWHQHUHQXQOXJDUYLVLEOH
HQVXVGHVSDFKRV(VW£GHPRVWUDGRTXHXQD
SODQWLOODIHOL]HVPXFKRP£VSURGXFWLYDTXH
XQDLQVDWLVIHFKD'LIHUHQWHVHVWXGLRVDILUPDQ
TXHODIHOLFLGDGGHORVHPSOHDGRVDXPHQWD
XQODSURGXFWLYLGDG\TXHXQDOWRQLYHO
GHFRPSURPLVRUHSUHVHQWDXQDGLVPLQXFLµQ
_
(675$7(*Ζ$6'(0$5.(7Ζ1*
GHOHQURWDFLµQGHSHUVRQDO/DVRUJDQL
]DFLRQHVTXHKDQLQYHUWLGRHQODPHMRUDGHO
DPELHQWHODERUDOHVW£QYLHQGRVXVIUXWRVHQ
VXVUHVXOWDGRVDQXDOHV6RQFDGDYH]P£V
ODVHPSUHVDVTXHDSXHVWDQSRUPHMRUDUODV
FRQGLFLRQHVGHVXVWUDEDMDGRUHVFRQVLJXLHQGR
TXHVHLQYROXFUHQ\PDQWHQJDQILGHOL]DGRV\
DVXYH]DWUD\HQGRWDOHQWR
(03/2<(5%5$1'Ζ1*(/
0$5.(7Ζ1*'(3(5621$6
$WHQGLHQGRDODVSUHYLVLRQHVGHPRJU£IL
FDVODVRFLHGDGHVSD³RODVHU£XQDSREODFLµQ
HQYHMHFLGDHQ/DWDVDGHQDWDOLGDGHV
FDGDYH]P£VEDMD\HVRYDDUHSHUFXWLUGLUHF
WDPHQWHHQODVHPSUHVDV3RUWRGRVHVVDELGD
ODLPSRUWDQFLDGHOWDOHQWRSDUDHO«[LWRGHXQD
HPSUHVD6LQHPEDUJRHVXQKHFKRTXHKD\\
KDEU£P£VHVFDVH]FDGDG¯DTXHSDVHGHDK¯
TXHFREUHFDGDYH]P£VUHOHYDQFLDHOHPSOR\HU
EUDQGLQJ(VWHW«UPLQRSXHGHVHUGHILQLGR
FRPRHOFRQMXQWRGHHVWUDWHJLDVSRO¯WLFDV
LQLFLDWLYDV\KHUUDPLHQWDVTXHVHXWLOL]DQSDUD
SRVLFLRQDUODPDUFDGHXQDFRPSD³¯DFRPR
XQEXHQVLWLRSDUDWUDEDMDU/DVSUHIHUHQFLDV
DODKRUDGHHOHJLUXQDHPSUHVDXRWUDKDQ
FDPELDGRFRQVLGHUDEOHPHQWH\P£VD¼QGHV
SX«VGHODFULVLVHFRQµPLFDVXIULGD3HUROR
TXHQRKDFDPELDGRQLFDPELDU£QXQFDHVOR
TXHEXVFDQWRGRVORVWUDEDMDGRUHVVHUIHOLFHV
HQVXSXHVWRGHWUDEDMR\HQVXYLGDSHUVRQDO
7DPSRFRHVMXVWRDUURMDUWRGDODUHVSRQVD
ELOLGDGVREUHHODPELHQWHHQHOWUDEDMRVREUH
ORVGLUHFWLYRV(VELHQFLHUWRTXHVXSDSHOHV
HOP£VLPSRUWDQWH\DTXHHOORVFRRUGLQDQODV
DFWLYLGDGHV\DFFLRQHVGHOUHVWRGHHPSOHD
GRV6LQHPEDUJRHQPXFKDVRFDVLRQHVODV
HPSUHVDVLPSODQWDQDFFLRQHVSDUDIRPHQWDU
HOFRPSURPLVR\ORVHPSOHDGRVKDFHQFDVR
RPLVR(VWDDFWLWXGSXHGHVHUSRUGLYHUVDVUD
]RQHV/RTXHHVW£FODURHVTXHVLXQHPSOHDGR
HVW£HQXQDHPSUHVDSRUTXHSRUHMHPSORȊHV
OR¼QLFRTXHHQFXHQWUDȋ\QRSRUTXHȊHVOR
TXHTXLHUHKDFHUȋHQWRQFHVHOHUURUHVVX\R
SRUQREXVFDU\HOHJLUDTXHOSXHVWRHQHOTXH
TXLHUHFUHFHUSHUVRQDO\SURIHVLRQDOPHQWH/D
FODYHGHO«[LWRHVFRQVHJXLUORTXHTXLHUHVOD
(OFRQFHSWRGHHPSOR\HUEUDQGLQJQRSHU
FODYHGHODIHOLFLGDGHVTXHUHUORTXHWLHQHV WHQHFHVRORDOGHSDUWDPHQWRGHUHFXUVRVKX
PDQRVVLQRTXHHVFDGDG¯DP£VLPSRUWDQWH
HQODV£UHDVGHPDUNHWLQJ\FRPXQLFDFLµQ
/DHPSUHVDFRPSHWLWLYDWLHQHFRPRREMHWLYR
DWUDHUDORVPHMRUHVVLQROYLGDUVHGHILGHOL]DUHO
WDOHQWRTXH\DVHHQFXHQWUDHQODRUJDQL]DFLµQ
\FRQVHJXLUTXHVXVHPSOHDGRVQRTXLHUDQLUVH
DRWUDVILUPDV(OHMHPSORSHUIHFWRHV*RRJOH
6HJ¼QHOHVWXGLRDQXDOGH8QLYHUVXP
v0RVW$WWUDFWLYH(PSOR\HUVvODJUDQPD\RU¯D
GHORVMµYHQHVXQLYHUVLWDULRVTXLHUHQWUDEDMDU
HQ*RRJOH\VRQSRFRVORVWUDEDMDGRUHVGH
HVWDHPSUHVDTXHGHFLGHQLUVHGHHOOD*RRJOH
HVXQDPDUFDDWUDFWLYDTXHJHQHUDUHSXWDFLµQ
DODVSHUVRQDVTXHWUDEDMDQDOO¯\TXHRWRUJD
HPSOHDELOLGDG\DTXHRIUHFHHQWRUQRVGH
WUDEDMRGLQ£PLFRV\DPDEOHV3RUWDQWROD
FODYHHVW£HQORJUDUHOUHFRQRFLPLHQWRGH
XQDEXHQDLPDJHQGHPDUFDFRUSRUDWLYD(O
HPSOR\HUEUDQGLQJUHTXLHUHGHODLQYROXFUD
FLµQGHOHTXLSRGHPDUNHWLQJSRUTXHHVXQD
PDQHUDGHYHQGHUXQDPDUFDHQHVWHFDVROD
8QWUDEDMDGRUIHOL]
HVODFDXVDGHPX
FKRV EHQHILFLRV
SDUD OD HPSUHVD
GHVGHODFDSWDFLµQ
GHWDOHQWRDODUD
FLRQDOL]DFLµQLQWHU
QDGHOWUDEDMR
_
1| ȏ 0D\R-XQLRGH ZZZPDUNHWLQJPDVYHQWDVHV
(OHPSOR\HUEUDQGLQJUHTXLHUHGHODLQYROXFUDFLµQGHOHTXLSR
GHPDUNHWLQJSRUTXHHVXQDPDQHUDGHYHQGHUXQDPDUFDHQ
HVWHFDVRODPDUFDFRPRHPSOHDGRU\QRODPDUFDFRPHUFLDO
PDUFDFRPRHPSOHDGRU\QRODPDUFDFRPHU
FLDO3HURQRKD\TXHROYLGDUTXHWRGDDFFLµQ
GHEHHVWDUSHUIHFWDPHQWHFRRUGLQDGDFRQ
HOGHSDUWDPHQWRGHUHFXUVRVKXPDQRVFRQ
IUHFXHQFLDHQFDUJDGRVGHODFRPXQLFDFLµQ
LQWHUQD\HOLPSDFWRVREUHDFWXDOHVHPSOHDGRV
(QHOHQWRUQRGHOUHFOXWDPLHQWR\ODDWUDFFLµQ
GHWDOHQWRPDUNHWLQJFRPSOHPHQWDHOWUDED
MRGHUHFXUVRVKXPDQRVIDFLOLWDQGRWRGDV
ODVKHUUDPLHQWDVQHFHVDULDVSDUDJDUDQWL]DU
FRKHUHQFLD\UHIRU]DUODPDUFDFRUSRUDWLYD
SDUDXQDHPSUHVD\QHIDVWDVSDUDRWUD'HHVWH
PRGRHOSULPHUSDVRSDUDORJUDUHOREMHWLYR
GHILGHOL]DFLµQGHORVHPSOHDGRVHVFRQRFHU
SOHQDPHQWHDODSODQWLOOD(VWRSXHGHVHUDEDVH
GHHQFXHVWDVDQµQLPDVIRFXVJURXSVFRQGLIH
UHQWHVSHUVRQDVGHODHPSUHVDUHXQLRQHVFRQ
ORVMHIHVGHHTXLSRHLQFOXVRKDEODQGRFRQORV
WUDEDMDGRUHVHQDPELHQWHVP£VGLVWHQGLGRV
FRPRHQXQDIWHUZRUN'DGDODGLILFXOWDGSDUD
FRQVHJXLUUHVSXHVWDVVLQFHUDVSXHGHLQWHUHVDU
UHDOL]DUHVWDV\RWUDVW«FQLFDVGHIRUPDDQµQLPD
RFRQXQFRODERUDGRUH[WHUQR/RVWUDEDMDGRUHV
7UDVHVWRV¼OWLPRVD³RVGHJUDQLQFHUWL GHEHQVHQWLUVHOLEUHVSDUDH[SUHVDUFµPRVH
GXPEUHODERUDOODVSHUVRQDVEXVFDQHVWDEL VLHQWHQVLQRHVI£FLOTXHXQDSHUVRQDH[SUHVH
OLGDGHQVXSXHVWRGHWUDEDMR/DVHVWUDWHJLDV VXRSLQLµQGHIRUPDVLQFHUDHQHOWUDEDMRPXFKR
\SU£FWLFDVGHLPDJHQFRPRHPSOHDGRUKDQ PHQRVORHVTXHORKDJDGHODQWHGHVXMHIH
FDPELDGRWRWDOPHQWH/DVHPSUHVDVWLHQHQ
TXHGHPRVWUDUTXHUHDOPHQWHVRQEXHQDV
2WUDGHODVP¼OWLSOHVW«FQLFDVSDUDPHGLUOD
HPSOHDGRUDVHVGHFLUTXHVRQXQEXHQ IHOLFLGDGGHORVHPSOHDGRVHVPHGLUHOFRPSUR
OXJDUSDUDWUDEDMDU3DUDHOORVHUHTXLHUHXQ PLVRFRQODFRPSD³¯D&XDQWRP£VFRPSURPH
HVIXHU]RHVSHF¯ILFRSDUDPHMRUDUODLPDJHQ WLGDHVW«ODSODQWLOODPHQRVSRVLELOLGDGHVKDEU£
HPSOHDGRUDWDQWRGHFDUDDORVSURSLRVHP GHTXHFDPELHQGHHPSUHVD\VHU£QP£VSUR
SOHDGRVFRPRKDFLDHOH[WHULRUGHODHPSUHVD GXFWLYRV/DGLIHUHQFLDHQWUHvWHQHUTXHKDFHUv
7DO\FRPRPXHVWUDQGLYHUVRVHVWXGLRVVREUH \vTXHUHUKDFHUvHVHQRUPH/DGLUHFFLµQWLHQH
ORVLQWHUHVHV\SULRULGDGHVGHORVMµYHQHV\ SRUGHODQWHXQHMHUFLFLRGHILGHOL]DFLµQGHVX
ORVQRWDQMµYHQHVODIHOLFLGDGHQHOSXHVWR FDSLWDOKXPDQRTXHHVW£EDVDGRHQHOFRP
GHWUDEDMRRFXSDXQOXJDUSULQFLSDOHQGLFKD SURPLVR8QWUDEDMDGRUFRPSURPHWLGRHVXQ
HVWUDWHJLD
WUDEDMDGRUIHOL]3DUDORJUDUHVWHFRPSURPLVR
HOHPSOHDGRGHEHLGHQWLILFDUVHFRQORVYDORUHV
(OFRQFHSWRGHIHOLFLGDGHQHO£PELWRODERUDO \ILORVRI¯DGHODHPSUHVDVHQWLUVHLPSRUWDQWH
KDSDVDGRGHOSODQRILORVµILFRDODHPSUHVD(VW£ YDORUDGR\HVFXFKDGR$GHP£VKDGHWHQHUXQ
FRPSUREDGRTXHODVSHUVRQDVTXHVRQIHOLFHV IXHUWHGHVHRGHSHUPDQHFHUHQODFRPSD³¯D
HQVXSXHVWRGHWUDEDMRVRQP£VSURGXFWLYDV GHVHJXLUFUHFLHQGRSURIHVLRQDOPHQWHFRQ
6HSXHGHDILUPDUTXHODIHOLFLGDGGHOWUDEDMDGRU XQVDODULRMXVWRDILDQ]DQGRVXIXWXURFRQXQ
HVWDQLPSRUWDQWHSDUDODSHUVRQDFRPRSDUD FRPSURPLVRGHFRQWLQXLGDG
VXHPSUHVD8QWUDEDMDGRUIHOL]HVODFDXVDGH
PXFKRVEHQHILFLRVSDUDODHPSUHVDGHVGHOD
$GHP£VGHJHQHUDUHVWHHQWRUQRHQOD
FDSWDFLµQGHWDOHQWRDODUDFLRQDOL]DFLµQLQWHU RUJDQL]DFLµQUHFXUVRVKXPDQRVKDGHFRQWDU
QDGHOWUDEDMR/DJHVWLµQGHODIHOLFLGDGHQHO FRQXQEXHQSODQGHFRPXQLFDFLµQTXHSHU
HQWRUQRODERUDOHVXQDGHODVWDUHDVDWHQHUHQ PLWDDORVSURIHVLRQDOHVFRQRFHU\HVWDUDOG¯D
FXHQWDSRUGLUHFWLYRV\JHVWRUHVGHSHUVRQDV GHORTXHRFXUUHHQODFRPSD³¯D7RGRHOOR
DWUDY«VGHXQDFRPXQLFDFLµQWUDQVSDUHQWH
([LVWHQGLIHUHQWHVW«FQLFDVSDUDPHGLUHO WUDQVPLWLHQGRODVLWXDFLµQSRUODTXHSDVDOD
ELHQHVWDUGHORVWUDEDMDGRUHV&RPRHVOµJLFR FRPSD³¯D\ORTXHVHHVSHUDGHODVSHUVRQDV
GHSHQGHGHFDGDFRPSD³¯D\VXSRO¯WLFD\FXO (VWDDFFLµQKDFHVHQWLUDORVWUDEDMDGRUHVXQD
WXUDHPSUHVDULDOGHFLGLUTX«W«FQLFDVXVDU\D SLH]DLPSRUWDQWHGHODHPSUHVDKDFL«QGROHV
TXHXQDVPHGLGDVSXHGHQVHUPX\SRVLWLYDV YHUTXHHQRFDVLRQHVXQSHµQHVP£VLPSRU
1|ȏ0D\R-XQLRGH
_
(675$7(*Ζ$6'(0$5.(7Ζ1*
WDQWHTXHXQDUHLQDTXHWRGRVUHPDQHQOD
PLVPDGLUHFFLµQ\KDFLDHOPLVPRREMHWLYR
'HQDGDVLUYHHV
IRU]DUVHHQFUHDU
XQDEXHQDPDUFD
FRPR HPSOHDGRU
VLDOW«UPLQRGHOD
MRUQDGDODERUDOORV
HPSOHDGRVKDEODQ
QHJDWLYDPHQWHGH
ODHPSUHVD
_
(OHQJDJHPHQWGHORVHPSOHDGRVUHSUH
VHQWDHOQH[RHQWUHPDUNHWLQJ\HPSOR\HU
EUDQGLQJ(VYLWDOSDUDODHPSUHVDTXHORV
SULPHURVHPEDMDGRUHVGHVXPDUFDVHDQVXV
SURSLRVHPSOHDGRV3DUDHOORKD\TXHSURPR
YHUHODXWRFRQRFLPLHQWR\HOSHUVRQDOEUDQGLQJ
/RVWUDEDMDGRUHVGHEHQVDEHUFX£OHVVRQVXV
FXDOLGDGHV\FµPRSXHGHQXWLOL]DUODVSDUD
ORJUDUORVREMHWLYRVFRPXQHVGHODHPSUHVD
1RGHEHKDEHUXQDȊOXFKDȋHQWUHHOSHUVRQDO
EUDQGLQJ\HOEUDQGLQJGHODHPSUHVD3DUD
FRQVHJXLUHPEDMDGRUHVGHPDUFDVDWLVIHFKRV
FRQHOUROTXHGHVHPSH³DQGHEHQFRQRFHU\
VHQWLUORVYDORUHV\ODPLVLµQGHODHPSUHVD'H
HVWDIRUPDVDEU£QTX«GLIHUHQFLDVXHPSUHVD
GHOUHVWRGHFRPSHWLGRUHV\GHVDUUROODU£QVXV
ODERUHVVLHQGRP£VSUHFLVRV\HILFLHQWHV/DV
JUDQGHVHPSUHVDVKDQOOHJDGROHMRVJUDFLDV
DSHUVRQDVFRQWDOHQWRTXHKDQVDELGRDGDS
WDUVHDODILORVRI¯DGHVXHPSUHVD(QGHILQLWLYD
WHQHUDORVHPSOHDGRVIHOLFHV\PRWLYDGRV
JDUDQWL]DEXHQRVUHVXOWDGRVSDUDODFRPSD³¯D
Ζ03257$1&Ζ$'(/$)(/Ζ&Ζ'$'
(1(/ƒ0%Ζ72/$%25$/
6RQPXFKDVODVSHUVRQDVTXHDORODUJRGH
ODKLVWRULDKDQLQWHQWDGRFUHDUXQDGHILQLFLµQ
GHODIHOLFLGDG(VXQFRQFHSWRTXH\DGHVGHOD
DQWLJXD*UHFLDFUHDEDGLVFUHSDQFLDV3ODWµQOD
GHILQLµFRPRHOORJURGHOHTXLOLEULRHQWUHODV
SDUWHVGHODOPD6XGLVF¯SXOR$ULVWµWHOHVVLJXLµ
SRUHVDPLVPDO¯QHDH[SOLF£QGRODFRPRȊHO
ELHQVXSUHPRȋHOILQDOFXDOHVW£QGHVWLQDGDV
WRGDVQXHVWUDVDFFLRQHVHOREMHWLYRGHODYLGD
GHORVVHUHVKXPDQRV'RVPLOD³RVGHVSX«V
OD5HDO$FDGHPLD(VSD³RODODGHILQHFRPR
HOHVWDGRGHO£QLPRTXHVHFRPSODFHHQOD
SRVHVLµQGHXQELHQ(VWHFRQFHSWRSXHGH
WHQHUPXFKDVGHILQLFLRQHVSHURVLH[LVWHXQD
DILUPDFLµQXQLYHUVDOHVTXHWRGDSHUVRQD
GHVHDOOHJDUDODPLVPDPHWDVHUIHOL]
/DVHPSUHVDVVHHQIUHQWDQDXQDPLVLµQ
FRPSOHMDSHURQRLPSRVLEOHFRQVHJXLUTXHVXV
HPSOHDGRVVHDQIHOLFHVHQVXSXHVWRGHWUDED
MR6HJ¼QQXPHURVRVHVWXGLRVORVHVSD³ROHV
WUDEDMDQXQDPHGLDGHKRUDVGLDULDV(VWDV
1|ȏ0D\R-XQLRGH
ZZZPDUNHWLQJPDVYHQWDVHV
6LQRVHIRPHQWDXQDPHMRUDGHODPELHQWHGHWUDEDMRODV
FRQVHFXHQFLDVVHU£QURWDFLµQGHSHUVRQDOGLVPLQXFLµQGHOD
SURGXFWLYLGDG\XQDS«VLPDLPDJHQGHPDUFDFRPRHPSOHDGRUD
RFKRKRUDVP£VFLQFRKRUDVHQWUHDOPXHU]RV
\GHVSOD]DPLHQWRVP£VVLHWHKRUDVGHGHV
FDQVRȐ8QDVKRUDVRFXSDGDVGLDULDPHQWH
GHOXQHVDYLHUQHVTXHGDQGRVRORGHRFLR
\WLHPSROLEUHWLHPSRHQHOFXDOWDPEL«QVH
FRFLQDVHSRQHQODYDGRUDVVHUHFRJHODFDVD
VHFXLGDGHORVKLMRVSDGUHVDEXHORVȐ&DVL
WRGRHOPXQGRSDVDP£VWLHPSRFRQVXVMHIHV
\FRPSD³HURVGHWUDEDMRTXHFRQVXVSURSLDV
IDPLOLDV(VQHFHVDULRTXHODVSHUVRQDVHQFXHQ
WUHQHOELHQHVWDUHQVX£PELWRODERUDORQR
VHU£QIHOLFHVHQWRGRVORV£PELWRVGHVXYLGD
SRUWDQWHGHORVWUDEDMDGRUHVIHOLFHVHVTXHHVD
SRVLWLYLGDGVHWUDQVPLWHHQWUHORVFRPSD³HURV
(/&$62Ζ1)2-2%6
8QDGHODVHPSUHVDVTXHP£VKDLQFUH
PHQWDGRODIHOLFLGDGGHVXVWUDEDMDGRUHVKD
VLGRΖQIR-REV+DFHXQSDUGHD³RVVHSUR
SXVLHURQFRQVHJXLUTXHHOGHVXSODQWLOOD
IXHUDIHOL]*UDFLDVDODHVWUDWHJLDGHHPSOR\HU
EUDQGLQJLPSODQWDGDKDQFRQVHJXLGRFUHDUXQ
PHMRUDPELHQWHDXPHQWDUDV¯ODSURGXFWLYLGDG
8QWUDEDMDGRUFRQWHQWRJHQHUDXQLPSDFWR GHOQHJRFLRYDORUDUHOHVIXHU]R\HPSH³RGH
GLUHFWRWDQWRHQVXYLGDSULYDGDFRPRHQHOHQ VXVWUDEDMDGRUHV\RIUHFHUOHVODSRVLELOLGDG
WRUQRODERUDOFRQHOUHVWRGHVXVFRPSD³HURV GHGHVDUUROODUVXFDUUHUDSURIHVLRQDO/DV
\HQODFXHQWDGHUHVXOWDGRVGHODHPSUHVD PHGLGDVIXHURQODVVLJXLHQWHV
/DLPDJHQTXHWUDVPLWHQODVHPSUHVDVQR
HVVRORODGHILQLGDSRUODHVWUDWHJLDGHPDU +DFHUYHUDORVHPSOHDGRVTXHVRQHOFHQWUR
NHWLQJ7DPEL«QKD\TXHWHQHUHQFXHQWDOD
GHODHPSUHVD
LPDJHQTXHWUDVPLWHQORVHPSOHDGRV(VWDQ
LPSRUWDQWHODLPDJHQTXHWUDVPLWHHOGLUHFWRU
/RVGLUHFWLYRVGHΖQIR-REVFRQVLGHUDURQ
GHODFRPSD³¯DFRPRODGHOEHFDULR'HQDGD TXHVXFDSLWDOKXPDQRHUDHOSLODUP£VLP
VLUYHHVIRU]DUVHHQFUHDUXQDEXHQDPDUFD SRUWDQWHGHODHPSUHVD\SRUWDQWRVHSUH
FRPRHPSOHDGRUVLDOW«UPLQRGHODMRUQDGD RFXSDURQSRUORP£VLPSRUWDQWHVXIHOLFLGDG
ODERUDOORVHPSOHDGRVKDEODQQHJDWLYDPHQWH 6HORKLFLHURQVHQWLUKDFL«QGROHVYHUTXHXQD
GHODHPSUHVD1RKD\TXHROYLGDUVHGHOD HPSUHVDQRSXHGHIXQFLRQDUVLQODLQLFLDWLYD
LPSRUWDQFLDGHOȊERFDDERFDȋ\PHQRVD¼Q LGHDVWUDEDMRRHOWDOHQWRGHODVSHUVRQDVTXH
HQHVWRVWLHPSRVHQORVTXHODVUHGHVVRFLDOHV IRUPDQODRUJDQL]DFLµQ(VWRRULJLQµTXHFDGD
KDQFREUDGRXQSDSHOLPSRUWDQW¯VLPRGHFDUD XQRGHORVWUDEDMDGRUHVVHVLQWLHUDHVSHFLDO
DODLPDJHQGHODVHPSUHVDV
LPSOLFDGRFRQHOSUR\HFWR\FRQVFLHQWHGHTXH
HVW£DK¯SRUTXHPDUFDODGLIHUHQFLD
&RQVHJXLUTXHVHWUDEDMHFRQDOHJU¯D\FRQ
LOXVLµQHVFXFKDUDORVHPSOHDGRVGHOHJDUUHV 3UHJXQWDU\HVFXFKDUDORVHPSOHDGRV
SRQVDELOLGDGHVSDUDTXHVHVLHQWDQSDUWHGHO
SUR\HFWRHWF«WHUDVRQPHGLGDVTXHPHMRUDU£Q
ΖQIR-REVPLGHHOJUDGRGHVDWLVIDFFLµQGH
HOFOLPDODERUDO/RVHPSUHVDULRVGHEHQWHQHU VXVHPSOHDGRVSDUDFRQRFHUVXVVHQWLPLHQWRV
FODURTXHFUHDUXQPHMRUDPELHQWHHQWUHORV \QHFHVLGDGHV\SDUDKDFHUXQVHJXLPLHQWR
HPSOHDGRVDXPHQWDU£ODSURGXFWLYLGDGGHO GHODVDFFLRQHVGHOGHSDUWDPHQWRGHUHFXUVRV
QHJRFLR8QDSHUVRQDLQVDWLVIHFKDWUDEDMDU£ KXPDQRV8WLOL]µWUHVDFFLRQHVFRQFUHWDV
FRQUHVLJQDFLµQ\DPHGLRJDVSHQVDQGRP£V
HQXQDVDOLGDTXHHQOXFKDUSRUORVYDORUHV\OD (OWHUPµPHWURGHODIHOLFLGDGHVXQPHFD
PLVLµQGHODHPSUHVD/DVHPRFLRQHVSRVLWLYDV
QLVPRPHGLDQWHHOFXDOXQLHQGRIDFWRUHV
D\XGDQDORVHPSOHDGRVDPHMRUDUVXHQIRTXH
YROYL«QGROHVP£VFUHDWLYRVLQQRYDGRUHVFRQ
PD\RUFDSDFLGDGGHDGDSWDFLµQ\FRODERUDFLµQ 5HIHUHQFLDV FDVR ΖQIR-REV KWWSUHFXUVRVKXPDQRVLQIR
MREVQHWQXHVWURREMHWLYRHVTXHHOGHORVHPSOHDGRV
\HQGHILQLWLYDP£VSURGXFWLYRV<ORP£VLP VHDQIHOLFHV
1|ȏ0D\R-XQLRGH
_
(675$7(*Ζ$6'(0$5.(7Ζ1*
VXEMHWLYRV\REMHWLYRVOHVSHUPLWHREWHQHU
XQUHVXOWDGRY£OLGR
(QFXHVWDGHHYDOXDFLµQGHP£QDJHUVPH
GLDQWHXQDHQFXHVWDDQµQLPDFDGDHTXLSR
HYDO¼DDVXP£QDJHU\DV¯ODFRPSD³¯DVDEH
TX«KDELOLGDGHVGHVXVGLUHFWLYRVGHEH
SRWHQFLDU
3UHPLRȊ%HVW3ODFHWR:RUNȋPHGLDQWHXQD
HQFXHVWDGHVDWLVIDFFLµQDWRGRVORVWUDED
MDGRUHVHVSRVLEOHUHFLELUHVWHSUHVWLJLRVR
SUHPLRFRQHOTXHVHFRQVLJXHXQDPHMRU
UHODFLµQKXPDQD
(OHPSOR\HUEUDQGLQJ
D\XGDDODVHPSUHVDV
DILGHOL]DUDVXSODQWL
OODPRWLY£QGROHVFRQ
XQDVHULHGHW«FQLFDV\
SURFHVRVTXHPHMRUD
U£QHOHQWRUQRODERUDO
\SRUWDQWRPHMRUDU£Q
VXIHOLFLGDG
_
$SUHQGHUGHORVHUURUHVSDUDSRWHQFLDUOD
FUHDWLYLGDG
(VLQGLIHUHQWHVLVHKDQORJUDGRORVREMHWL
YRVRQRFDGDHTXLSRGHEHYDORUDUHOWUDEDMR
UHDOL]DGR\GHWHFWDUORVSXQWRVGHPHMRUD\
DTXHOORVHQORVTXHVHKDWHQLGR«[LWR'H
HVWDIRUPDHQFDGDSURFHVRVHUHDOL]DXQ
DSUHQGL]DMH
)DFLOLWDUPHGLGDVGHGHVDUUROORSHUVRQDO\
SURIHVLRQDO
(QΖQIR-REVRIUHFHQIRUPDFLµQ\RFRDFKLQJ
'HOHJDUUHVSRQVDELOLGDGHVSDUDLPSOLFDU
DODVSHUVRQDV
DORVWUDEDMDGRUHVFRQWULEX\HQGRDVXFUHFL
PLHQWR/DSRVLELOLGDGGHFUHFHUSHUVRQDO\
(QΖQIR-REVORVPLHPEURVGHFDGDHTXL SURIHVLRQDOPHQWHHQWXHPSUHVDFRQWULEX\H
SRHOLJHQSRUHMHPSORORVSUHVXSXHVWRVGH DODVDWLVIDFFLµQGHOWUDEDMDGRU(OHPSOHDGR
FDGDGHSDUWDPHQWR\HOSUR\HFWRHVWUDW«JLFR VHVLHQWHLPSRUWDQWH\YDORUDGR\DTXHOD
$GHP£VVHOHVRIUHFHXQDDXWRQRP¯DTXHVH HPSUHVDLQYLHUWHHQVXIRUPDFLµQ
WUDGXFHHQIOH[LELOLGDGGLVSRQLHQGRGHXQKR
UDULRIOH[LEOHGHHQWUDGD\VDOLGDGHODMRUQDGD &RPXQLFDFLµQLQWHUQDWUDQVSDUHQWH
GLDULDRWHOHWUDEDMRHQFDVRGHQHFHVLGDG
'DQGRUHVSRQVDELOLGDGDORVHPSOHDGRVKDQ
(OGHSDUWDPHQWRGHUHFXUVRVKXPDQRVVH
FRQVHJXLGRTXHHVWRVVHVLHQWDQFRPSURPHWL HQFDUJµGHLQIRUPDUVLHPSUHGHIRUPDU£SLGD
GRVFRQODRUJDQL]DFLµQDSRUWDQGRHOP£[LPR \WUDQVSDUHQWHGHODVDFFLRQHV\SUR\HFWRVTXH
SDUDDOFDQ]DUORVREMHWLYRVGHODHPSUHVD
VHUHDOL]DEDQHQODHPSUHVD(VWRKDJHQHUDGR
1|ȏ0D\R-XQLRGH
ZZZPDUNHWLQJPDVYHQWDVHV
+R\HQG¯DHOPDUNHWLQJ«WLFRKDFREUDGRXQSHVR
LPSRUWDQW¯VLPRHQHOPXQGRODERUDOODIHOLFLGDGGHORV
WUDEDMDGRUHVGHEHHVWDUSRUHQFLPDGHFXDOTXLHURWURDVXQWR
FRQILDQ]D\ODHPSUHVDKDJDQDGRFUHGLELOLGDG )RPHQWDUODVUHODFLRQHV\WUDEDMRHQHTXLSR
HQWUHVXVHPSOHDGRV
2UJDQL]DURQMRUQDGDVFRQDFWLYLGDGHVGH
8QDGLUHFFLµQJHQHUDOFHUFDQDVHWUDGXFH HTXLSRHQWUHGHSDUWDPHQWRVGHODHPSUHVD
D\XGDQGRDORVHTXLSRVDHVWDUP£VXQLGRV
HQFRQILDQ]D
DFRQRFHUVHPHMRU\DV¯SRGHUUHDOL]DUXQ
ΖQIR-REVVHHVIRU]µHQEXVFDUPRPHQWRV EXHQWUDEDMRHQJUXSR(OUHVXOWDGRHVXQ
GHGL£ORJRDELHUWRFRQODGLUHFFLµQGHIRUPD HTXLSRGHSHUVRQDVFDSDFHVGHHVFXFKDU\
LQGLYLGXDORHQJUXSRSDUDRSLQDU\RDSRUWDU WUDEDMDUXQLGDVDSRUWDQGRFDGDXQRORPHMRU
LGHDVGHQHJRFLR(VWRFRQWULEX\µDFUHDUXQ GHV¯PLVPR
HQWRUQRGHFRQILDQ]DSDUDORVWUDEDMDGRUHV
&HOHEUDUSDUDPRWLYDU
6Ζ16215Ζ6$612+$<‹;Ζ72
(QΖQIR-REVVHGHFLGLµFHOHEUDUHQKRUDULRV
ODERUDOHVORVUHWRVFRQVHJXLGRVPRWLYDQGRD
ODVSHUVRQDVHQVXWUDEDMRGLDULR(VWDPHGLGD
JHQHUµUHFRQRFLPLHQWR\PRWLYDFLµQHQWUHOD
SODQWLOODTXHHVW£P£VPRWLYDGDHQUHDOL]DUXQ
EXHQWUDEDMR\DSRUWDUORPHMRUGHV¯PLVPR
+R\HQG¯DODVHPSUHVDVGHEHQVHUFRQV
FLHQWHVTXHODSDUWHP£VLPSRUWDQWHGHOD
HPSUHVDHVHOFDSLWDOKXPDQR6LQRVHIR
PHQWDXQDPHMRUDGHODPELHQWHGHWUDEDMR
ODVFRQVHFXHQFLDVVHU£QURWDFLµQGHSHUVRQDO
GLVPLQXFLµQGHODSURGXFWLYLGDG\XQDS«VLPD
LPDJHQGHPDUFDFRPRHPSOHDGRUD3RUHVWH
0HMRUDFRQWLQXDGHORVSURFHVRVGHWUDEDMR PRWLYR\VDELHQGRODSUHYLVLµQGHPRJU£ILFD
IXWXUDHVYLWDOLPSODQWDUXQDVµOLGDHVWUDWHJLD
$QDOL]DURQORVSURFHVRVGHWUDEDMR\HQ GHHPSOR\HUEUDQGLQJ(OWDOHQWRYDDYROYHU
FRQWUDURQORVP«WRGRVP£VHILFLHQWHVSDUD DHVFDVHDU\P£VD¼QFRQHOIHQµPHQRGHOD
TXHHOWUDEDMRVHHODERUDVHGHIRUPDP£V£JLO IXJDGHFHUHEURV\XQPXQGRTXHHVW£FDGD
\FRQPD\RU«[LWR'HVDUUROODURQPRGHORV YH]P£VJOREDOL]DGR
TXHSHUPLWLHURQDORVHPSOHDGRVFRQRFHU\
(OHPSOR\HUEUDQGLQJD\XGDDODVHPSUHVDV
SDUWLFLSDUHQHOSODQHVWUDW«JLFR(VWDDFFLµQ
FRQVWUX\µXQFOLPDODERUDOGHDXWRVXSHUDFLµQ DILGHOL]DUDVXSODQWLOODPRWLY£QGROHVFRQXQD
\DSUHQGL]DMHFRQVWDQWH
VHULHGHW«FQLFDV\SURFHVRVTXHPHMRUDU£Q
HOHQWRUQRODERUDO\SRUWDQWRPHMRUDU£QVX
&RPSDUWLUREMHWLYRV
IHOLFLGDG'DLJXDOHOSD¯VQDWDOODUHOLJLµQOD
FXOWXUDRODLGHRORJ¯DGHVGHTXHHOVHUKX
5HDOL]DURQDFFLRQHVTXHFRQWULEX\HURQ PDQRWLHQHXVRGHUD]µQKDWHQLGRVLHPSUH
DXQREMHWLYRFRP¼Q&RPRUHVXOWDGRVH XQPLVPRREMHWLYRVHUIHOL]6LODVHPSUHVDV
SURGXMRXQDOLQHDPLHQWRGHORVWUDEDMDGRUHV OXFKDQSRUFRQVHJXLUODVDWLVIDFFLµQGHVXV
KDFLDXQDPLVPDGLUHFFLµQ
HPSOHDGRVVHWUDGXFLU£HQEXHQRVUHVXOWDGRV
\JDQDQFLDV+R\HQG¯DHOPDUNHWLQJ«WLFRKD
FREUDGRXQSHVRLPSRUWDQW¯VLPRHQHOPXQGR
*HQHUDURUJXOORGHSHUWHQHQFLD
ODERUDOODIHOLFLGDGGHORVWUDEDMDGRUHVGHEH
3DUDFUHDUHVWHVHQWLPLHQWRWUDEDMDURQHQ HVWDUSRUHQFLPDGHFXDOTXLHURWURDVXQWR
WHQHUXQREMHWLYRGHQHJRFLRHQIRFDGRDOD (VWHREMHWLYRVRORSXHGHWUDHUEHQHILFLRVSDUD
VRFLHGDG\XQRVYDORUHVFRPRHPSUHVD'H UHIRU]DUODLPDJHQGHPDUFD\SDUDDWUDHU\
HVWDIRUPDVHFRQVLJXLµTXHORVWUDEDMDGRUHV UHWHQHUWDOHQWR(QWRQFHVDTX«HVSHUDQ
VHVLQWLHUDQUHIOHMDGRV\TXLVLHUDQUHPDUHQ ODVHPSUHVDVSDUDLPSODQWDUVXHVWUDWHJLD
ODPLVPDGLUHFFLµQ
GHHPSOR\HUEUDQGLQJ" 1|ȏ0D\R-XQLRGH
_