EL NAUFRAGIO DEL BUQUE

(/1$8)5$*,2'(/%848(³35(67,*(´$/*81$6
3(563(&7,9$6-85Ë',&$6
;DELHU(]HL]DEDUUHQD
$ERJDGRGHO&ROHJLRGH*LSX]NRD
(PDLO[DELH]HL]DEDUUHQD#KRWPDLOFRP
,
,,
KWWSZZZSFSDJHVFRPH]HL]D
,QWURGXFFLyQ
5HVSRQVDELOLGDGFLYLO
D (O'HUHFKRPDUtWLPRFRPRRUGHQDPLHQWRVXVWDQWLYR
E $VSHFWRVFLYLOHV\SHQDOHV
F 5HVSRQVDELOLGDGDGPLQLVWUDWLYD
,,, 'DxRHFROyJLFR\GDxRHFRQyPLFR
,9 &RQFOXVLRQHV
9
%LEOLRJUDItD
,,1752'8&&,Ï1
(OQDXIUDJLRGHOEXTXH³3UHVWLJH´IUHQWHDODVFRVWDVGH*DOLFLDYXHOYHD
FRQVXPDU PX\ FHUFD GH QRVRWURV XQD QXHYD \ SHQRVD FDWiVWURIH HFROyJLFD
FX\DV WULVWHV LPiJHQHV YHPRV SRU YtD WHOHYLVLYD VLQ DSHQDV OOHJDU D LQWXLU GH
YHUDVODPDJQLWXG\ODJUDYHGDGGHVXVFRQVHFXHQFLDV/RVYLHQWRVODVPDUHDV
\ODLQJHQWHIXHU]DGHORFpDQRGXUDQWHHVWRVGtDVKDQFRQVXPDGRODOOHJDGDGH
SDUWHGHOFUXGRGHUUDPDGRDODVFRVWDVJDOOHJDVPLHQWUDVODDPHQD]DFRQVWDQWH
GH VX OOHJDGD HQ PD\RUHV FDQWLGDGHV VXE\DFH DQWH OR V SRVLEOHV GHUUDPHV
VXEVLJXLHQWHVGHVGHHOFDVFRIUDFWXUDGREDMRHODJXD
8QDYH]PiVHOPHGLRDPELHQWHQRVGHPXHVWUDVLQILVXUDVTXHSRFRR
QDGD OH LPSRUWDQ ODV EDUUHUDV IURQWHUL]DV TXH DUWLILFLDOPHQWH URGHDQ VXV
LQWHUDFFLRQHV SDUD GHVERUGDUODV GH IRU PD HVWUHPHFHGRUD \ UHFRUGDUQRV OD
LQHILFDFLD GH QXHVWUDV YDULDGDV SHUR GHVSHUGLJDGDV IyUPXODV GH SUHYHQFLyQ
VREUHKLSRWpWLFRVGDxRVHQHOPHGLR/DFXHVWLyQVHDJUDYDPiVVLFDEHHQHO
PHGLRPDULQRGRQGHQXHVWURPDUJHQGHDFWXDFLyQHQOXFKDFRQORVHOHPHQ WRV
GHMDELHQFODUDODGHVLJXDOSHOHDTXHHOKRPEUHVHKDHPSHxDGRHQHPSUHQGHU
FRQWUDODQDWXUDOH]D/DRVDGDUHVSXHVWDGHQXHVWUR*RELHUQRSDUDOOHYDUFRQWUD
YLHQWR \ PDUHD HO EXTXH KDFLD DJXDV LQWHUQDFLRQDOHV QR HV VLQR PXHVWUD
SDOSDEOH GH OD GHVLGLD \ HO GHVFRQRFLPLHQWR HQ OD PDWHULD EDMR OD GXGRVD
H[FXVD IRUPDO GH LQWHUQDFLRQDOL]DU OD ³VROXFLyQ´ LQLFLDO DO SUREOHPD (O
KXQGLPLHQWR ILQDO GHO EXTXH QR KD KHFKR VLQR SHUSHWXDU OD LQVHJXULGDG HQ
QXHVWUDVFRVWDVSDUDHVSHFLDOSUHRFXSDFLyQ\SUHFDULHGDGHFRQ yPLFDGHOVHFWRU
SHVTXHUR\PDULVTXHURJDOOHJRV
+R\ORVKHFKRVYXHOYHQDLPSUHVLRQDUQRVSRUVXFHUFDQtD\ORVLPSDFWRV
GHOFUXGRHQQXHVWUDVFRVWDVVLQHPEDUJRODFXHVWLyQQRHVQLPXFKRPHQRV
QXHYD\VRQ\DP~OWLSOHVORVDFFLGHQWHVVLPLODUHVTXHKHP RVFRQWHPSODGRHQ
ODV ~OWLPDV GpFDGDV VLQ TXH KDVWD OD IHFKD H[LVWDQ YLVRV UHDOHV GH VROXFLyQ R
FDPELR D XQ SUREOHPD GH KHWHURJpQHRV SHUILOHV MXUtGLFRV H LQH[LVWHQWHV
UHVSXHVWDV XQtYRFDV 0LHQWUDV WDQWR HO PHGLR PDULQR \ VXV KDELWDQWHV PiV
KDELWXDOHV VXIUHQ ODV FRQVHFXHQFLDV LQPHGLDWDV GHO YHUWLGR XQRV DJRQL]DQ
HQWUHHOFUXGRFRPRPXFKDVDYHVPDULQDVPLHQWUDVRWURVHQIHUPDQ\PXHUHQ
PiVWDUGHDQWHVGHTXHODVDJXDVDVLPLOHQ\DXWRGHSXUHQDODUJRSOD]RHORUR
QHJURTXHPXHYHVLQWUHJXDDQXHVWURPXQGRHQ RFFLGHQWH
(OFRQJORPHUDGRHPSUHVDULDOTXHURGHDDOEXTXHQRKDUiVLQRGLILFXOWDU
ORV SURFHVRV DGPLQLVWUDWLYRV \ MXGLFLDOHV DELHUWRV DQWH OD QHFHVLGDG GH
SURFHGHU D DSOLFDU OD ³GRFWULQD GHO OHYDQWDPLHQWR GHO YHOR VRFLHWDULR´ SDUD
GHVHQWUDxDU OD PDUDxD TXH URGHD QRUPDOPHQWH D WRGREXTXHPHUFDQWH (Q HO
FDVRGHO³3UHVWLJH´QRVHQFRQWUDPRVDQWHXQEXTXHFRQEDQGHUDGH%DKDPDV
OD FRPSDxtD SURSLHWDULD GH /LEHULD 0DUH 6KLSSLQJ OD HPSUHVD JHUHQWH GH
0DUH 6KLSSLQJ 8QLYHUVH 0DULWLPH *UHFLD \ OD FRPSDxtD U HVSRQVDEOH GHO
IOHWH GHO SHWUROHUR &URZQ 5HVRXUFHV 5XVLD 5HLQR 8QLGR \ 6XL]D HVWD
~OWLPD SURSLHGDG GHO *UXSR UXVR $OID FRQ EDVH HQ 6XL]D \ RILFLQDV HQ
/RQGUHV\RWURVSXHUWRV(OFDSLWiQHVGHQDFLRQDOLGDGJULHJD\VHHQFXHQWUD
DFWXDOPHQWH DFXVDGR DSDUHQWHPHQWH GH GHOLWR HFROyJLFR HQ (VSDxD 7DPELpQ
VRQ VXVFHSWLEOHV GH GHWHUPLQDGDV FRQVHFXHQFLDV MXUtGLFDV ODV DFFLRQHV H
LQDFFLRQHVGHO*RELHUQRHVSDxROTXHVHJ~QORVGDWRVH[LVWHQWHVKDJREHUQDGR
X RUGHQDGR ORV PRYLPLHQWRV GHO EXTXH GHVGH HO GH 1R YLHPEUH KDVWD VX
KXQGLPLHQWR
,,
5(63216$%,/,'$'&,9,/
D (O'HUHFKR0DUtWLPRFRPRRUGHQDPLHQWRVXVWDQWLYR
8QDGHODVSULQFLSDOHVFXHVWLRQHVTXHOODPDODDWHQFLyQHQHOPRPHQWRGH
LQLFLDUXQH[DPHQVREUHHODVXQWRHVODFDVLJHQHUDOL]DGDRPLVLyQGHO RV
SRVWXODGRVGHO'HUHFKR0DUtWLPRYLJHQWHHQFDVLWRGDVODVDSUR[LPDFLRQHV
REMHWRGHH[DPHQ(VWDSHUVSHFWLYDXELFDUtDDHVWHVHFWRUGHORUGHQDPLHQWRHQ
XQDSHOLJURVDVLWXDFLyQGHVXEVLGLDULHGDGHQHOFRQIOLFWRTXHQRVRFXSDOR
FXDOGHVGHOXHJRVHFRPSDGHFHELHQSRFRFRQODSURSLDQDWXUDOH]DGHO
FRQIOLFWRFRQORVKHFKRVDFDHFLGRV\HYLGHQWHPHQWHFRQODQHFHVDULD
FRQWHPSODFLyQGHORUGHQDPLHQWRFRPRXQWRGRFRQYRFDFLyQGH
KRPRJHQHLGDGTXHQRSXHGHVRVOD\DUDUELWUDULDPHQWHODH[LVWHQFLDGHXQ
LPSRUWDQWHDEDQLFRGHQRUPDVLPSOLFDGDV'HHQWUHHOODVHO'HUHFKR0DUtWLPR
FRQVWLWX\HLQLFLDOPHQWHODSLHGUDDQJXODU\VXVWDQWLYDGHFXDOTXLHUDQiOLVLV
(QHVWHFRQWH[WRKDGHVXEUD\DUVHTXHHOYtQFXORH[LVWHQWHHQWUHEXTXH\
SURSLHWDULRVHPDQLILHVWDHQODILJ XUDGHOFDSLWiQDUWtFXORV\GHO
&yGLJRGH&RPHUFLRHVSDxROGHWHQLGRSRUOD$GPLQLVWUDFLyQHVSDxRODHOGtD
GH 1RYLHPEUH /yJLFDPHQWH HVH YtQFXOR VHUi HVHQFLDO D OD KRUD GH OD
GHWHUPLQDFLyQGHODVUHVSRQVDELOLGDGHVSHUWLQHQWHVSXHVHOJRE LHUQRGHOEXTXH
ORUHDOL]DRORRUGHQDGHVGHHOFLWDGRGtDOD$GPLQLVWUDFLyQHVSDxRODGH
FX\DV DFWXDFLRQHV R LQDFFLRQHV WDPELpQ SXHGHQ GHULYDUVH GHWHUPLQDGDV
UHVSRQVDELOLGDGHV HYHQWXDOPHQWH DQWH OD MXULVGLFFLyQ FRQWHQFLRVR DGPLQLVWUDWLYD
(O'HUHFKR0DUtWLPRQRREYLDHVWDVFXHVWLRQHV\UHFRJHHVWLSXODFLRQHV
QRUPDWLYDV GH LQWHUpV D HVWH UHVSHFWR 6LQ SHUMXLFLR GH ORV PRWLYRV TXH
SURYRFDURQ OD GHWHQFLyQ GHO FDSLWiQ GHO EXTXH OR FLHUWR HV TXH VX
UHVSRQVDELOLGDG \ SRU WDQWR OD GHO SURSLHWDULR SXHGHQ TXHGDU FLHUWDPHQWH
FRQGLFLRQDGDVGHVGHHOPRPHQWRHQTXHHOFDSLWiQVHYHREOLJDGRDDEDQGRQDU
IRU]RVDPHQWHHOEXTXH'HKHFKRHOSURSLRDUWGHO&yGLJRGH&RPHUFLR
HVWDEOHFH HQWUH ODV REOLJDFLRQHV SULPDULDV GHO FDSLWiQ OD GH ³SHUPDQHFHU D
ERUGR HQ FDVR GH SHOLJUR GHO EXTXH KDVWD SHUGHU OD ~OWLPD HVSHUDQ]D GH
VDOYDUOR\DQWHVGHDEDQGRQDUORRtUDORV2ILFLDOHVGHODWULSXODFLyQHVWDQGR
D OR TXH GHFLGD OD PD\RUtD´ 'H HVWH SUHFHSWR DVt FRPR GH ORV SURSLRV
KHFKRV DO LJXDO TXH GH ODV GHFODUDFLRQHV GH OD HPSUHVD SURSLHWDULD SXHGH
GHGXFLUVH VLQ GLILFXOWDGHV TXH OD OtQHD GH GHIHQVD SXHGD SUHYLVLEOHPHQWH
EDVDUVHHQODH[LVWHQFLDGHGRVPRPHQWRVWHPSRUDOHVFODUDPHQWHGLIHUHQFLDGRV
D HIHFWRV MXUtGLFRV HVWR HV HO DQWHV \ HO GHVSXpV GHVGH OD GHWHQFLyQ GHO
FDSLWiQ FRQ HO FRQVLJXLHQWH FDPELR GH JRELHUQR HQ HO EXTXH KDFLD OD
$GPLQLVWUDFLyQHVSDxROD(VWHDVSHFWRHVIXQGDPHQWDOGHVGHPLSHUVSHFWLYD\
SRUWDQWRQRSXHGHHQPRGRDOJXQRVHUVRVOD\DGR(VWRVPDWLFHVVHUHLWHUDQHQ
SDUHFLGRVWpUPLQRVSDUDORVDVSH FWRVSHQDOHVHQOD/HJLVODFLyQHVSHFLDOSHQDO
GHOD0DULQD0HUFDQWH
(QODPLVPDOtQHDFDPLQDQORVDUWV\GHO&yGLJRGH&RPHUFLR
UHVSHFWR GH ODV UHVSRQVDELOLGDGHV GHO FDSLWiQ \ GHO QDYLHUR HQ HO VHQWLGR GH
LPSRQHU GLFKDV SRVLEOHV UHVSRQVDELOLG DGHV VREUH ORV GDxRV FDXVDGRV SRU
LPSHULFLD R GHVFXLGR WRGR HOOR VLQ SHUMXLFLR GHO HYHQWXDO SURFHVR SHQDO TXH
SXGLHUDFRUUHVSRQGHU\TXHGHKHFKR\DVHKDLQLFLDGR$ODYLVWDGHWRGROR
DQWHULRU QR UHVXOWD HQ DEVROXWR GHVFDEHOODGR SHQVDU HQ OD H[LVWHQFL D GH DO
PHQRVGRVIXHQWHVEiVLFDVGHUHVSRQVDELOLGDGHV/DVTXHVXUJHQGHORVGDxRV
RFDVLRQDGRVSRUHOEXTXHEDMRJRELHUQRGHVXFDSLWiQSHULRGRGXUDQWHHOFXDO
HOYtQFXOREXTXHFDSLWiQSURSLHWDULRHVLQGXGDEOH\ODVVXUJLGDVSRUORVGDxRV
RFDVLRQDGRV SRU HO EXTXH EDMR JRELHUQR X yUGHQHV GH OD $GPLQLVWUDFLyQ
HVSDxRODHVWRHVGHVGHHOGtDGH1RYLHPEUHSHULRGRHQHOFXDOQRH[LVWH
YtQFXORHQWUHHOEXTXHHOFDSLWiQ\HOSURSLHWDULRVLQRPiVELHQHQWUHHOEXTXH
\ OD $GPLQLVWUDFLyQ (OOR H[LJLUi HQ WRG R FDVR HO FXPSOLPLHQWR GH ORV
UHTXLVLWRVKDELWXDOHVSDUDHOUHFRQRFLPLHQWRGHUHVSRQVDELOLGDGSDWULPRQLDOGH
ODV $GPLQLVWUDFLRQHV 3~EOLFDV GH DFXHUGR FRQ HO 'HUHFKR HVSDxRO \ HQ
SULQFLSLR VLQ ORV HVWUHFKRV OtPLWHV GH UHVSRQVDELOLGDG GH ORV &RQYHQLRV
,QWHUQDFLRQDOHVDSOLFDEOHV DOWUDQVSRUWH PDUtWLPR GHKLGURFDUEXURV 6REUH ODV
REOLJDFLRQHVGHOFDSLWiQHQHOFDVRGHDUULEDGDIRU]RVDHVELHQFODURHODUW
GHO&yGLJRGH&RPHUFLRHQHOVHQWLGRGHSURFXUDUVXDWUDTXHHQHOSXHUWRPiV
SUy[LPR\FRQYHQLHQWH
(Q HVWH PLVPR PDUFR HO DUW GHO &RQYHQLR ,QWHUQDFLRQDO VREUH
UHVSRQVDELOLGDG FLYLO SRU GDxRV GHELGRV D FRQWDPLQDFLyQ PDUtWLPD SRU
KLGURFDUEXURV%UXVHODVHVWLSXODGHWHUPLQDGDVFDXVDVGHLPSRVLELOLGDG
GHLPSXWDFLyQGHUHVSRQVDELOLGDGDOSURS LHWDULRGHOEXTXH(QWUHHVWDVFDXVDV
VH PHQFLRQD SUHFLVDPHQWH OD SRVLEOH QHJOLJHQFLD GH XQ *RELHUQR R
$GPLQLVWUDFLyQ UHVSRQVDEOH GHO PDQWHQLPLHQWR GH OXFHV X RWUDV D\XGDV D OD
QDYHJDFLyQ 1L TXH GHFLU WLHQH TXH ORV GHPDQGDGRV KDUiQ SUHYLVLEOH XVR GH
HVWD FOiXVXOD SDUD EXVFDU XQD PD\RU OLPLWDFLyQ R OD HYHQWXDO H[HQFLyQ GH
UHVSRQVDELOLGDGHVHQGHWULPHQWRGHOD$GPLQLVWUDFLyQLPSOLFDGDHQHOFDPELR
GH JRELHUQR GHO EXTXH DYHULDGR \ SRVWHULRUPHQWH KXQGLGR EDMR HO PLVPR
JRELHUQRGHOD$GPLQLVWUDFLyQHVSDxROD
E $VSHFWRVFLYLOHV\SHQDOHV
&RPR \D VH KD VXJHULGR OR DQWHULRU QR SUHMX]JD TXH ORV DIHFWDGRV \ OD
SURSLD$GPLQLVWUDFLyQDFXGDQDODYtDSHQDOSDUDGLULPLUODVUHVSRQVDELOLGDGHV
SHQDOHV \ FLYLOHV SHUWLQHQWHV 7DO HV GH KHFKR OR TXH KD VXFHGLGR DXQTXH H O
'HUHFKR 0DUtWLPR D DSOLFDU HQ GLFKR IRUR SXHGH LJXDOPHQWH FRQGLFLRQDU
QRWDEOHPHQWH ODV UHVSRQVDELOLGDGHV H LQGHPQL]DFLRQHV SHUWLQHQWHV
QRUPDOPHQWHGHFDUiFWHUOLPLWDGRHQODVFXDQWtDVDODPSDURGHORVDUWV\VV
GHO FLWDGR &RQYHQLR GH 'H HOOR V H HQFDUJDUi HO )RQGR ,QWHUQDFLRQDO
KDELOLWDGR SRU HO VHFWRU DO HIHFWR \ ODV REOLJDFLRQHV GH DVHJXUDPLHQWR GH
ULHVJRVTXHVHLPSRQHQLQWHUQDFLRQDOPHQWHDHVWHVHFWRUQRUPDWLYR
/D FRPSDxtD UHVSRQVDEOH GHO IOHWH SRGUi DPSDUDUVH HQ ODV FRQGLFLRQHV
PHWHRUROyJLFDVSDUDMXVWLILFDUHODJUDYDPLHQWRGHODVFRQVHFXHQFLDVPLHQWUDV
XQ PD\RU IUtR HQ ODV DJXDV SRGUtD KDEHU FRODERUDGR DFWLYDPHQWH HQ OD
VROLGLILFDFLyQ GHO FUXGR OR TXH VLQ GXGD KXELHUD IDFLOLWDGR ODV FRVDV
LPSLGLHQGR VHQVLEOHPHQWH OD H[SDQVLyQ GH OD PDQ FKD HQ PDU DELHUWR (VWR
~OWLPRSHVHDORVLQJHQXRVGHVHRVGHPXFKRVH[SHUWRVQRKDVXFHGLGR\DGtD
GH1RYLHPEUHVHKDFRQVWDWDGRTXHHOFUXGRVLJXHPDQDQGRGHOFDVFREDMR
ODV DJXDV &RPLHQ]D SXHV HQ EUHYH OD JUDQ EDWDOOD MXUtGLFD SDUD GLULPLU OD
UHVSRQVDELOLGDG SRU ORV GDxRV RFDVLRQDGRV GH OD FXDO VLQ GXGD DOJXQRV
SUHWHQGHUiQ TXHGDU H[RQHUDGRV R DPSDUDGRV VXEVLGLDULDPHQWH HQ ORV
JHQHURVRV OtPLWHV GH UHVSRQVDELOLGDG SUHYLVWRV HQ ORV &RQYHQLRV
,QWHUQDFLRQDOHV TXH UHJXODQ XQD PDWHULD GH VLQJXODU LPSRUWDQ FLD VRFLDO \
HFRQyPLFDSDUDPiVGHXQSRGHURVR OREE\ 3RURWURODGRODYtDSHQDODELHUWD
LQLFLDOPHQWH FRQWUD HO FDSLWiQ SXHGH FRQGLFLRQDU LJXDOPHQWH R UHWUDVDU OD
REWHQFLyQGHODUHVSRQVDELOLGDGREMHWLYDGLUHFWDSHUROLPLWDGDGHULYDGDGHORV
&RQYHQLRV ,QWHUQDFLRQDOHV FLWDGRV &RQYHQLRV GH \ PRGLILFDGRV
HQ&RQDUUHJORDO'HUHFKRHVSDxROWDOHVOtPLWHVGHUHVSRQVDELOLGDGQR
HQFXHQWUDQ DFRPRGR HQ OD UHVSRQVDELOLGDG FLYLO H[WUDFRQWUDFWXDO TXH UHJXODQ
ORVDUWV\VVGHO&yGLJR&LYLOHQ HVSHFLDOEDMRHOSULVPDGHODUWGH
OD &RQVWLWXFLyQ VREUH OD UHSDUDFLyQ REMHWLYD \ QR OLPLWDGD GH ORV GDxRV DO
PHGLRDPELHQWH
7DPSRFR SXHGH VHU REYLDGR HQ HVWH FRPSOLFDGR FRQWH[WR HO DUW GHO
&RQYHQLRGH1DFLRQHV8QLGDVVREUH'HUHFKRGHO0DUGH UDWLILFDGRSRU
(VSDxDHQ(VWHSUHFHSWRFRPSOLFDPiVTXHQRWDEOHPHQWHODSHUVSHFWLYD
GHODYHQWXUDGRSURFHVRSHQDOTXHVHKDDELHUWRFRQWUDHOFDSLWiQGHOEXTXHDO
SURKLELU WD[DWLYDPHQWH OD LPSRVLFLyQ GH VDQFLRQHV TXH QR VHDQ GH FDUiFWHU
SHFXQLDULR D ORV PDULQRV H[WUDQMHURV LPSOLFDGRVHQGHUUDPHV DFFLGHQWDOHV GH
FUXGRSURGXFLGRVHQHOPDUWHUULWRULDO\HQ OD]RQDHFRQyPLFDH[FOXVLYD1R
FDEUtDQSRUWDQWRVDQFLRQHVSHQDOHVSDUDHOFDSLWiQHQHOFDVRGHXQYHUWLGRGH
FDUiFWHUDFFLGHQWDO
/RV SUHFHGHQWHV SHQDOHV GH FDVRV VLPLODUHV HQ (VSDxD DSRUWDQ DVLPLVPR
DOJXQDV QRWDV GH LQWHUpV VREUH ORV SUREOHPDV \ SUHYLVLEOHPHQWH
LQDGHFXDFLRQHVGHODYtDSHQDO(QHODVXQWRGHOEXTXH³8UTXLROD´$&RUXxD
OD MXULVGLFFLyQ PLOLWDU FRQGHQy LQLFLDOPHQWH DO FDSLWiQ GHO EXTXH VLQ
TXH pVWH H[WLQJXLHUD VX UHVSRQVDELOLGDG SHQDO LQFOXVR WUDV VX PXHUWH
3RVWHULRUPHQWH HO 7ULEXQDO 6XSUHPR GHFODUy VLQ ILVXUDV VX LQRFHQFLD \ OD
UHVSRQVDELOLGDG SDWULPRQLDO GHO (VWDGR HVSDxRO (Q HO DVXQWR GHO ³$HJHDQ
6HD´ $ &RUXxD WDPELpQ VH SURFHVy SHQDOPHQWH DO FDSLWiQ GHO EXTXH
SDUD ORJUDU ILQDOPHQWH XQD H[LJXD FRQGHQD GH SHVHWDV DO PLVPR OD
UHVSRQVDELOLGDG FLYLO GH OD DVHJXUDGRUD \ GHO DUPDGRU MXQWR FRQ OD
UHVSRQVDELOLGDG WDPELpQ GHO (VWDGR FRPR OXHJR YHUHPRV (Q RWUR iPELWR
DPELHQWDOSHURWDPELpQFHUFDQRHQHOWLHPSR\HQLGpQWLFR(VWDGRHODVXQWR
GH $]QDOFROODU \ VX YtD SHQDO VH KD GHPRVWUDGR FRPR LJXDOPHQWH IUDFDVDGR
SDUDORVILQHVLQGHPQL]DWRULRVSUHWHQGLGRV
F 5HVSRQVDELOLGDGDGPLQLVWUDWLYD
&RPRIUXWRGHORDQWHULRUHVSHFLDOPHQWHHQORTXHUHVSHFWDDWRGROR
VXFHGLGRHQHOEXTXHEDMRDSDUHQWHJRELHUQRGHOD$GPLQLVWUDFLyQRDVXV
yUGHQHVHVSHUIHFWDPHQWHIDFWLEOHSHQVDUHQXQDHYHQWXDOUHVSRQVDELOLGDG
SDWULPRQLDOGHOD$GPLQLVWUDFLyQHVSDxRODSDU WLFXODUPHQWHDQWHORVDIHFWDGRV
1RROYLGHPRVTXHHOEXTXHVHKXQGHILQDOPHQWHXQDVHPDQDGHVSXpVGHOD
GHWHQFLyQGHVXFDSLWiQEDMRJRELHUQRDGPLQLVWUDWLYRSRUWDQWRVHJ~QORV
GDWRVH[LVWHQWHV\WUDVHPSUHQGHUUXPERDDJXDVLQWHUQDFLRQDOHVFRQXQD
FRQVLGHUDEOHDYHUtDHQHOFDVFR\HQFRQGLFLRQHVGHQDYHJDFLyQSUiFWLFDPHQWH
H[WUHPDVVLJXLHQGRORVGLFWDGRVGHOD$GPLQLVWUDFLyQHVSDxROD6HWUDWDGHXQD
YtDFRPSOHMDODUJD\FRVWRVDSHURTXHGHVGHOXHJRQRGHEHVHUGHVGHxDGD
HVSHFLDOPHQWHWHQLHQGRHQFXHQ WDODLQH[LVWHQFLDGHOtPLWHVGLQHUDULRVDXQD
HYHQWXDOFRQGHQDGHORFRQWHQFLRVR DGPLQLVWUDWLYRSRUGLFKDUHVSRQVDELOLGDG
TXHDGHPiVHVGHFDUiFWHUREMHWLYRVLQQHFHVLGDGGHSUREDUODFXOSD
/DV KDELOLWDFLRQHV FRQVWLWXFLRQDOHV \ QRUPDWLYDV D WDOHV ILQ HV VH
HQFXHQWUDQ HQ HO DUW GH OD &RQVWLWXFLyQ GRQGH VH JDUDQWL]D OD
UHVSRQVDELOLGDGSDWULPRQLDOHQHVWHFDVRGHORVSRGHUHVS~EOLFRV,JXDOPHQWH
HO DUW &( SURFODPD HO GHUHFKR GH ORV SDUWLFXODUHV D VHU LQGHPQL]DGRV
SRU GDxRV DFDHFLGRV HQ VXV ELHQHV \ GHUHFKRV FRPR FRQVHFXHQFLD GHO
IXQFLRQDPLHQWR RUGLQDULR GH ORV VHUYLFLRV S~EOLFRV (Q VLPLODU VHQWLGR VH
PDQLILHVWDVREUHODSRVLEOHUHVSRQVDELOLGDGHVWDWDOHODUWGHO &RQYHQLRGH
1DFLRQHV8QLGDVVREUH'HUHFKRGHO0DUGH
(VWDVSUHYLVLRQHVFRQVWLWXFLRQDOHVHQFXHQWUDQVXQHFHVDULRGHVDUUROORHQORV
DUWV \ VV GH OD /H\ GH 5pJLPHQ -XUtGLFR GH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV \ GHO 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q
/5-3$& GHVDUUROODGD SDUWLFXODUPHQWH HQ HVWD PDWHULD SRU HO 5HD O 'HFUHWR
TXH DSUXHED HO 5HJODPHQWR GH ORV 3URFHGLPLHQWRV HQ PDWHULD GH
5HVSRQVDELOLGDG 3DWULPRQLDO GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV &RPR \D KH
FRPHQWDGR OD FDUDFWHUtVWLFD SULQFLSDOGHHVWH UpJLPHQ HV TXHVH WUDWDGHXQD
UHVSRQVDELOLGDG FRQILJXUDGD FRPR REMHWLYD SUHVFLQGLpQGRVH GH QHFHVLGDG GH
FXOSDSDUDVXREWHQFLyQ%DVWDFRQGHPRVWUDUDWDOHIHFWRODH[LVWHQFLDGHXQ
GDxR TXH VHD LPSXWDEOH FDXVDOPHQWH D OD $GPLQLVWUDFLyQ GH UHIHUHQFLD (VWD
QRUPDWLYD ULJH HYLGHQWHPHQWH SDUD WRGDV ODV $GPLQ LVWUDFLRQHV 3~EOLFDV \
FXEUH FXDOTXLHU WLSR GH DFWLYLGDG DGPLQLVWUDWLYD ELHQ VHD GH QDWXUDOH]D
MXUtGLFD R SXUDPHQWH IiFWLFD WDQWR SRU DFFLRQHV FRPR SRU RPLVLRQHV $
HIHFWRV FRPSHWHQFLDOHV \ D OD YLVWD GH ORV KHFKRV DFDHFLGRV SDUD EXVFDU OD
LPSXWDFLyQ GH XQD $GPLQLVWUDFLyQ QR FDEH GXGD GH TXH ODV FRPSHWHQFLDV
HMHUFLGDV FRUUHVSRQGtDQ D OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR WUDWiQGRVH
VHJ~QHODUW&(GHODFRPSHWHQFLDH[FOXVLYDYLJHQWHVREUH ³PDULQD
PHUFDQWH \ DEDQGHUDPLHQWR GH EXTXHV LOXPLQDFLyQ GH FRVWDV \ VHxDOHV
PDUtWLPDVSXHUWRVGHLQWHUpVJHQHUDO´7DPSRFRKDGHROYLGDUVHHQHVWH
DVSHFWR TXH VLQ VHU OD WLWXODULGDG GH ORV ELHQHV GH GRPLQLR S~EOLFR XQD
QHFHVDULD KDELOLWDFLyQ GH FRPSHWHQFLDV ELHQ HV FLHUWR TXH HO DUW &(
HVWDEOHFHFRPR³ELHQHVGRPLQLRS~EOLFRHVWDWDOORVTXHGHWHUPLQHODOH\\HQ
WRGR FDVR OD ]RQD PDUtWLPR WHUUHVWUH ODV SOD\DV HO PDU WHUULWRULDO \ ORV
UHFXUVRV QDWXUDOHV GH OD ]RQD HFRQyPLFD \ OD SODWDIRUPD FRQWLQHQWDO´ 1R
FDEH GXGD SRU WDQWR GHO YtQFXOR H[LVWHQWH HQWUH OD DFWLYLGDG ODV DFFLRQHV H
LQDFFLRQHVGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR\HOJRELHUQRGHOEXTXH
DOPHQRVGHVGHHOPRPHQWRGHODGHWHQFLyQGHVXFDSLWiQ
+D GH VXEUD\DUVH LJXDOPHQWH OD GHVDSDULFLyQ GH OD ILJXUD GH ORV DFWRV
SROtWLFRVGHO*RELHUQRFRPRH[HQWRVGHSRVLEOHFRQWUROMXULVGLFFLRQDOSXHVVX
ILVFDOL]DFLyQ MXULVGLFFLRQDO QR VH HQFXHQWUD H[FOXLGD HQ ORV DUWV \ GH OD
QXHYD /H\ GH OD -XULVGLFFLyQ &RQWHQFLRVR $GPLQLVWUDWLYD GH HQ
DGHODQWH/-&$FRVDTXHVtVXFHGtDGH IRUPDH[SUHVDHQHODUWE/-&$GH
(Q GLVWLQWRV DVXQWRV ,72,= SRU HMHPSOR ODV $GPLQLVWUDFLRQHV
GHPDQGDGDVVXHOHQVRVWHQHUODLPSRVLELOLGDGGHILVFDOL]DUMXULVGLFFLRQDOPHQWH
XQ EXHQ Q~PHUR GH ORV DFWRV TXH YLHQHQ VLHQGR UHFXUULGRV SRU OD SDUWH
GHPDQGDQWH HQ DWHQFLyQ DO FDUiFWHU SUHWHQGLGDPHQWH SROtWLFR GH WDOHV DFWRV
7DOHVWHVLVWLHQHQKR\\DHVFDVDSRVLELOLGDGGHp[LWRJUDFLDVDOQXHYRWHQRUGH
OD /H\ TXH VH PXHVWUD GHFLGLGD D DFDEDU FRQ iPELWRV SROtWLFRV LQPXQHV DO
FRQWUROMXGLFLDO
3RU RWUR ODGR SHUR HQ HVWD PLVPD OtQHD HO DUW /-&$ GH VyOR VH
UHIHUtD D ³DFWRV´ GH OD $GPLQLVWUDFLyQ FRPR OtPLWH GH OD MXULVGLFFLyQ TXH
HVWXGLDPRV +R\ OD QXHYD /-&$ GH KD DPSOLDGR VHQVLEOHPHQWH HVWD
FRQFHSFLyQ FXDQGR VX DUW VH UHILHUH OLWHU DOPHQWH D ³DFWXDFLRQHV´ GH ODV
$GPLQLVWUDFLRQHV3~EOLFDVTXHSRUORWDQWRQRQHFHVDULDPHQWHKDQGHYHQLU
UHSUHVHQWDGDV SRU XQ DFWR DGPLQLVWUDWLYR FRQFUHWR FRPR PiV DGHODQWH
YHUHPRV
7DPELpQVHDPSOtDHOiPELWRMXULVGLFFLRQDOFRQODQXHYD/-&$HQPDWHULD GH
UHVSRQVDELOLGDG SDWULPRQLDO GH OD $GPLQLVWUDFLyQ SXHV GHVGH OD HQWUDGD HQ
YLJRU GH OD /-&$ GH OD UHVSRQVDELOLGDG SXHGH VHU GHPDQGDGD HQ OR
FRQWHQFLRVRDGPLQLVWUDWLYRFXDOTXLHUDTXHVHDODQDWXUDOH]DGHODDFWLYLGDGR
UHODFLyQGHODTXHGHULYH5HVXOWDFODULILFDGRUDOHIHFWRFRQIURQWDUHODUWE
/-&$GHFRQHODUWH/-&$GH
(O SURSLR DUW GH OD /H\ 2UJiQLFD GHO 3RGHU-XGLFLDOXQD YH] UHIRUPDGR
UHFRJH XQD H[WHQVLyQ EDVWDQWH PiV DPSOtD GH OD MXULVGLFFLyQ FRQWHQFLRVR
DGPLQLVWUDWLYD HQ OtQHD FRQ OR DQWHV DYDQ]DGR DO UHIHULUVH D ³DFWXDFLRQHV´
³YtD GH KHFKR´ ³LQDFWLYLGDG´ ³UHJODPHQWRV´ \ ³UHVSRQVDELOLGDG SDWULPRQLDO
GH OD $GPLQLVWUDFLyQ´ FRPR REMHWRV PDWHULDOHV VXVFHSWLEOHV GH FRQWURO
MXULVGLFFLRQDODQWHHVWDMXULVGLFFLyQ(O SUHFHSWRGHOD/-&$GHVyORVH
UHIHUtDD³DFWRVVXMHWRVDO'HUHFKR$GPLQLVWUDWLYR´\³UHJODPHQWRV´
(Q FLUFXQVWDQFLDV GLIHUHQWHV SHUR HO GDWR HV FLHUWDPHQWH LOXVWUDWLYR
H[LVWHLQFOXVRHQ*DOLFLDXQSUHFHGHQWHFHUFDQRHQODPDWHULDFRQHOQDXIUDJL R
GHO³$HJHDQ6HD´IUHQWHDOSXHUWRGH$&RUXxDHQ(QDTXHOHQWRQFHVVH
GHFODUyODUHVSRQVDELOLGDGGLUHFWD\VROLGDULDGHODFRPSDxtDDVHJXUDGRUD\GHO
)RQGR ,QWHUQDFLRQDO H[LVWHQWH DO HIHFWR DVt FRPR OD UHVSRQVDELOLGDG
VXEVLGLDULD GHO DUPDGRU MXQWR FRQ OD UHVSRQVDELOLGDG SDWULPRQLDO GHO (VWDGR
HVSDxRO SRU LPSRUWH GH PLOORQHV GH HXURV GHULYDGD GHO IXQFLRQDPLHQWR
DQRUPDOGHOVHUYLFLRS~EOLFRTXHUHDOL]DEDQORVSUiFWLFRVGHOSXHUWRFRUXxpV
HQ VX FRQGLFLyQ GH IXQFLRQDULRV GHO (VWDGR &XULRVDPHQWH SDUWH GH OD
UHVSRQVDELOLGDG DGPLQLVWUDWLYD VH KD FDQDOL]DGR D WUDYpV GH XQ UHFLHQWH 5HDO
'HFUHWR/H\ %2( GH TXH FDQDOL]D \ GD KDELOLWDFLyQ
QRUPDWLYD DO DFXHUGR WUDQVDFFLRQDO VXVFULWR HQWUH HO *RELHUQR HVSDxRO \ HO
)RQGR,QWHUQDFLRQDOGH'DxRVFDXVDGRVSRUFRQWDPLQDFLyQGHKLGURFDUEXURV
SDUD FRQVXPDU ORV SDJRV D~Q SHQGLHQWHV GH ODV LQGHPQL]DFLRQHV TXH
FRUUHVSRQGHQDO(VWDGR
'$f2(&2/Ï*,&2<'$f2(&21Ï0,&2
0XFKDVFRPXQLGDGHVFRVWHUDV\DFRQRFHQGHVREUDVREUHHOSDUWLFXODU\
YROXQWDULRV \ PXFKRV RWURVVH DIDQDQ \D HQ UHFRJHU HO FUXGRTXH PDUFDUi HO
IXWXURGHXQD]RQDWDQGHSHQGLHQWHGHOPDUFRPRPXFKRVGHQXHVWURVSXHUWRV
6XVXHUWHOOHYDDxRVOLJDGDDOULHVJRLQKHUHQWHDVXFHUFDQtDJHRJUiILFDFRQODV
JUDQGHVUXWDVGHORVSHWURO HURV\PHUFDQWHVTXHOOHYDQKDFLDHO0DUGHO1RUWH
HO FUXGR DOPDFHQDGR HQ VXV WDQTXHV R OR WUDHQ GHVGH DTXpOORV SXHUWRV KDVWD
OHMDQRV\DYHFHVRVFXURVGHVWLQRV3DEHOORQHVGHFRQYHQLHQFLDWULSXODFLRQHV
EDMR PtQLPRV EXTXHV REVROHWRV \ HVFDVDV PHGLGDV GH VHJXULGDG VRQ
FRQGLFLRQHV KDELWXDOHV GH PXFKRV IOHWHV TXH YLHQHQ \ YDQ SRU HO RFpDQR DO
UXPER TXH GLFWD HO GHVWLQR \ OD QRUPDWLYD LQWHUQDFLRQDO HODERUDGD SRU ORV
SURSLRV(VWDGRVeVWDHVWULVWHPHQWHHVSHFLDOLVWDHQKDFHUQDYHJDUFRQSHWUyOHR
EDUFRV FX\RV FDVFRV SDUHFHQ PiV FHUFD GHO PXVHR TXH GHO PDU \ VXV RODV
HQFDEULWDGDV 7DO YH] VHD HVWH HO FDVR GHO ³3UHVWLJH´ FRPR HV HO GH PXFKRV
RWURVEDUFRVGHFX\RVRUtJHQHV\GHVWLQRVGHSHQGHEXHQDSDUWHGHOIXWXURGHO
RFpDQR \ GH DOJXQRV SXHEORV TXH VH DOLPHQW DQ KR\ WDQWR FRPR DQWHV GH VXV
JHQHURVDVDJXDV
+DFHDOJRPiVGHDxRVHQ0DU]RGHHOEXTXH³$PRFR&iGL]´
FRQEDQGHUD/LEHULDQDHQFDOOyHQODVFRVWDVEUHWRQDVDFDXVDGHXQDDYHUtDHQ
VX GLUHFFLyQ 3UiFWLFDPHQWH XQRV .P GH FRVWD IXHURQ JUDYH PHQWH
FRQWDPLQDGRV SRU HO YHUWLGR GH XQDV WRQHODGDV GH FUXGR FX\DV
GHYDVWDGRUDVFRQVHFXHQFLDVDFDEDURQFRQODYLGDGHXQGHODIDXQD\XQ
GHODIORUDH[LVWHQWHV8QDVDYHVPDULQDVSHUHFLHURQHQWRQFHVWRGR
HOORVLQPHQFLRQDUORVGDxRV RFDVLRQDGRVDSHVFDGRUHV\DFWLYLGDGHVGLUHFWDR
LQGLUHFWDPHQWHUHODFLRQDGDVFRQHOPDUHQWUHRWUDVHOWXULVPR(YLGHQWHPHQWH
GDxRVHFROyJLFRV\HFRQyPLFRVVHIXQGHQHQHVWHFRPSOLFDGRFRQWH[WRVLQTXH
QL ODV LQGHPQL]DFLRQHV QL ODV RSHUDFLRQHV GH OLPSLH ]D FRQVWLWX\DQ UHVSXHVWD
VXILFLHQWH SDUD HO UHVDUFLPLHQWR QHFHVDULR (V HVWD SRU WDQWR XQD GH ODV
DVLJQDWXUDVSHQGLHQWHV HQ PDWHULDGHFXDQWLILFDFLyQGHGDxRV \RWRUJDPLHQWR
GHLQGHPQL]DFLRQHVSDUDORVGDxRVDPELHQWDOHV
/D FRPSOHWD YLVLyQ JOREDO GHO S UREOHPD MXUtGLFR TXH DKRUD VRODPHQWH
SXHGHLQWXLUVHHQHOFDVRGHO³3UHVWLJH´IXHGHVHQWUDxDGDHQXQODUJRSURFHVR
MXGLFLDO TXH DFRPSDxy DO FDVR ³$PRFR &iGL]´ GRQGH OD H[LVWHQFLD GH
P~OWLSOHV(VWDGRV\'HUHFKRVLPSOLFDGRVDEULHURQXQFRPSOLFDGRDEDQLFR GH
SRVLELOLGDGHVDQWHHOSOHLWRTXHWDOYH]HOWLHPSRGHVFXEUDHQHVWHFDVR$VtHQ
HOVHJXQGRFDVRHOEXTXH³$PRFR&iGL]´GHEDQGHUDOLEHULDQD \FRQVWUXLGR
SRU ³$VWLOOHURV (VSDxROHV´ HUD SURSLHGDG GH XQD FRPSDxtD SHWUROtIHUD
HVWDGRXQLGHQVH 3RU VL HOOR IXHUD SRFR )UDQFLD \ /LEHULD HUDQ HQWRQFHV
(VWDGRV ILUPDQWHV GHO &RQYHQLR GH %UXVHODV GH VREUH UHVSRQVDELOLGDG
GHULYDGD GH FRQWDPLQDFLyQ SRU KLGURFDUEXURV FRVD TXH QR VXFHGtD FRQ ORV
(VWDGRV8QLGRVSRUORTXHORVGHPDQGDQWHVSODQWHDURQH[LWRVDPHQWH HOOLWLJLR
DQWH OD MXULVGLFFLyQ GH ORV (VWDGRV 8QLGRV KX\HQGR DVt GH ORV HVWUHFKRV
OtPLWHV GH UHVSRQVDELOLGDG HVWDEOHFLGRV SRU HO &RQYHQLR DQWHGLFKR \
GHVERUGDGRVFRQJHQHURVLGDGSRUODVLQGHPQL]DFLRQHVUHFRQRFLGDVILQDOPHQWH
SRUHOWULEXQDOHVWDGRXQLGHQVH
3DUWLFXODUPHQWHJUDYHHVODVLWXDFLyQDQWHODTXHVHHQIUHQWDQHOVHFWRU
SHVTXHUR \ PDULVTXHUR JDOOHJR (Q HVWH SODQR HV GRQGH VH REVHUYD FRQ
FODULGDGODIXVLyQGHOGDxRHFROyJLFRFRQHOGDxRHFRQyPLFRTXHHQPXFKRV
DxRVQRWHUPLQDUiGHUHVDUFLUVH/ DVWHRUtDVFOiVLFDVGHODUHVSRQVDELOLGDGFLYLO
VREUH OD LQGHPQL]DFLyQ GH ORV GDxRV HPHUJHQWHV \ HO OXFUR FHVDQWH SDUHFHQ
FXDQGR PHQRV LQVXILFLHQWHV HQ HO FDVR GH ORV GDxRV DPELHQWDOHV /D
UHVWDXUDFLyQ GHO PHGLR D VX HVWDGR RULJLQDULR WDPSRFR UHVXOWD
WHFQROyJLFDPHQWH IDFWLEOH KDVWD TXH SDVHQ PXFKRV DxRV 0LHQWUDV WDQWR OD
LQVHJXULGDGVHJXLUiFHUQLpQGRVHVREUHXQEXTXH\XQFDVFRFRQPiVFUXGRHQ
VXLQWHULRUTXHVHPDQWHQGUiQLQH[RUDEOHPHQWHEDMRODVDJXDV(VSHFLDOPHQWH
OD UHJHQHUDFLyQ GH ODV FRVWDV DIH FWDGDV SUHVHQWD GLILFXOWDGHV GH QRWDEOH
PDJQLWXG SRU OD GLUHFWD DOWHUDFLyQ GH ORV FLFORV ELROyJLFRV YLWDOHV \ OD
LQFDSDFLGDG GH ORV PLVPRV SDUD UHDQXGDU VXV IXQFLRQHV \ GHVDUUROORV
RUGLQDULRV'HOPLVPRPRGRQRWDUGDUiQHQSURGXFLUVHHIHFWRVVHFXQGDULRVH Q
IRUPDGHDOWHUDFLRQHVVXVWDQFLDOHVHQGHWHUPLQDGRVFLFORVELROyJLFRVPDULQRV
HVSHFLDOPHQWHSDUDODVHVSHFLHVPLJUDWRULDV
/DVSULPHUDVHVWLPDFLRQHVGHOD8QLYHUVLGDGGH6DQWLDJRKDEODQGH
PLOORQHV GH HXURV HQ SpUGLGDV LQFOX\HQGR ODV DFWLYLGDGHV H [WUDFWLYDV \
FRQH[DV 6HJ~Q HO VHFWRU SHVTXHUR JDOOHJR D GtD GH KR\ IXHUWHPHQWH
LQWHUYHQLGR SRU HO *RELHUQR DXWRQyPLFR HO GH OD IORWD GH EDMXUD VH
HQFXHQWUD \D DIHFWDGD GLUHFWDPHQWH SXGLHQGR OOHJDUVH D XQ VHJ~Q ORV
SHRUHV FiOFXORV LQFOX\HQGR PD ULVTXHR \ DFXLFXOWXUD 3DUD HO SURSLR VHFWRU
SHVTXHURHVWDVFLIUDVWUDVODGDGDVDOFRQWLQJHQWHSREODFLRQDOKDEODUtDQGHXQDV
SHUVRQDVGLUHFWDHLQGLUHFWDPHQWHDIHFWDGDVSRUODVLWXDFLyQDGtD
GH 1RYLHPEUH FXDQGR ILQDOPHQWH OD $GPLQLVWUDFLyQ UHFR QRFH TXH ³OR SHRU
HVWi SRU OOHJDU´ (Q HVWH SXQWR \ GHVGH OD SXUD SHUVSHFWLYD MXUtGLFR
DGPLQLVWUDWLYD HO VHFWRU SHVTXHUR JDOOHJR VH HQIUHQWD FRQ HO SUREOHPD GH OD
IXHUWH LQWHUYHQFLyQ DGPLQLVWUDWLYDGHO JRELHUQR HQ VXV FRIUDGtDV eVWDVYDQ D
VHUIXQGDPHQWDOPHQWHODVHQFDUJDGDVGHFDQDOL]DUORVSURFHVRVDGPLQLVWUDWLYRV
\MXGLFLDOHVORFXDOJHQHUDQRWDEOHGHVFRQILDQ]D\SUHRFXSDFLyQHQHOVHFWRU
TXH D~Q KR\ YH FRPR SDUWH GH ODV LQGHPQL]DFLRQHV GHULYDGDV GHO DVXQWR
³$HJHQ6HD´HVWiQSHQGLHQWHVGHFREUR(VW HIXHUWHLQWHUYHQFLRQLVPRS~EOLFR
HQHOVHFWRUSURGXFHHVSHFLDOHVSUREOHPDVDODKRUDGHSUHWHQGHUGHPDQGDVGH
UHVSRQVDELOLGDG SDWULPRQLDO GH OD $GPLQLVWUDFLyQ HVSDxROD FX\R
SODQWHDPLHQWR VH KDUtD FRQ JUDQ IXHU]D \ OHJLWLPLGDG GHVGH ODV SURSLDV
FRIUDGtDV GH SHVFDGRUHV FRPR WHyULFRV UHSUHVHQWDQWHV OHDOHV GHO VHFWRU
DIHFWDGR
,QFOXVRGHVGHOD$VRFLDFLyQGH0DULVFDGRUDV*DOOHJDVVHKDGHQXQFLDGR
FRQpQIDVLVTXHPXFKRVDIHFWDGRVKDQSHUGLGRORVYLYHURV\DUWHVGHSHVFDTXH
WHQtDQ HQ HO PDU GHELGR D OD IDOWD GH WUDQVSDUHQFLD H LQIRUPDFLyQ YHUD]
VXPLQLVWUDGDSRUOD$GPLQLVWUDFLyQHQORVSULPHURVPRPHQWRVGHODFDWiVWURIH
(VSHFLDOPHQWHJUDYHHVODVLWXDFLyQGHOD&RVWDGD0RUWHGRQGHHOGHOD
SREODFLyQRFXSDGDVHGHGLFDDODSHVFDRDOPDULVTXHR
3RFR D SRFR FRQRFHUHPRV ORV SRUPHQRUHV GHO DVXQWR ³3UHVWLJH´ SDUD
GLULPLURQRHQFRQVHFXHQFLDODWUDPDTXHVHJXUDPHQWHHQFLHUUDDSRVWHULRULOD
DGHFXDGD DWULEXFLyQ GH UHVSRQVDELOLGDG D ORV LPSOLFDGRV (QWUHWDQWR OD
KLVWRULD VLJXH PRVWUiQGRQRV ORV HUURUHV GH D QWDxR \ VyOR OD PHQFLyQ GH
DOJXQRVGHORVPiVUHFLHQWHVHQVHGHPDULQDVLUYHQSDUDKDFHUQRVHVWUHPHFHU
³3UHVWLJH´ HQ DJXDV JDOOHJDV ³(ULND´ IUHQWH D %UHWDxD ³6HD
(PSUHVV´HQ*DOHV³$HJHDQ6HD´HQODERFDQDGHOSXHUWRGH$&RUXxD
³([[RQ9DOGH]´ HQ $ODVND ³.KDUJ´ DO 1RUWH GH &DQDULDV
\ ³$PRFR &iGL]´ GH QXHYR HQ %UHWDxD KDQ GH VHUYLUQRV KR\
FRPRWHVWLPRQLRVLOXVWUDWLYRV\UHLWHUDGRVGHKHFKRVWULVWH\VLVWHPiWLFDPHQWH
VLPLODUHV
,,,
&21&/86,21(6
(OQDXIUDJLRGHOEXTXH³3UHVWLJH´QRVXELFDSRUHQpVLPD YH]DQWHXQD
SUREOHPiWLFD MXUtGLFD GH FRPSOLFDGD UHVROXFLyQ FX\DV SHUVSHFWLYDV VRQ
GLYHUVDV GHVGH ORV P~OWLSOHV DJHQWHV LPSOLFDGRV SHUR TXH QR DGPLWH XQD
LQWHUHVDGDFRPSDUWLPHQWDOL]DFLyQGHORUGHQDPLHQWRM XUtGLFRDSOLFDEOH(OGDxR
HFROyJLFR\ORVGDxRVHFRQyPLFRVVRQGLItFLOPHQWHFXDQWLILFDEOHV\UHVDUFLEOHV
HQ VX DGHFXDGD PHGLGD \ VH SUHVHQWDQ FRPR FODUDPHQWH FRQH[RV HQ HVWD
RFDVLyQ
/RV &RQYHQLRV ,QWHUQDFLRQDOHV HVWDEOHFHQ HQ JHQHUDO XQD
UHVSRQVDELOLGDG FLYLO GLUHFWD \ REMHWLYD SHUR OLPLWDGD GH ORV SURSLHWDULRV GHO
EXTXHTXHKDGHKDFHUVHHIHFWLYDDWUDYpVGHORVPHFDQLVPRVLQWHUQDFLRQDOHV
GH DVHJXUDPLHQWR LQKHUHQWHV DO WUDQVSRUWH PDUtWLPR GH KLGURFDUEXURV 7DOHV
OLPLWDFLRQHV GH UHVSRQVDELOLGDG QR VH F RUUHVSRQGHQ FRQ HO FDUiFWHU LOLPLWDGR
GH OD UHVSRQVDELOLGDG FLYLO H[WUDFRQWUDFWXDO GHULYDGD GHO 'HUHFKR HVSDxRO
HVSHFLDOPHQWH HQ PDWHULD GH GDxRV DO PHGLR DPELHQWH DUWV GH OD
&RQVWLWXFLyQ\\VVGHO&yGLJR&LYLO
(O 'HUHFKR 0DUtWLPR YLJHQWH S XHGH FRQGLFLRQDU QRWDEOHPHQWH OD
UHVSRQVDELOLGDGGHODFRPSDxtDSURSLHWDULDGHOEXTXHHQFDVRGHGHPRVWUDUVH
TXHXQDSDUWHVXVWDQFLDOGHORVGDxRVDFDHFLGRVVHKD\DQSURGXFLGRFXDQGRHO
EXTXH VH HQFRQWUDED EDMR JRELHUQR GH OD $GPLQLVWUDFLyQ HVSDxROD R D V XV
yUGHQHV (Q WDO FDVR SRGUtD SUHYLVLEOHPHQWH QDFHU XQD UHVSRQVDELOLGDG
SDWULPRQLDOGHOD$GPLQLVWUDFLyQHVSDxRODIUHQWHDORVDIHFWDGRVFRQEDVHHQ
HO'HUHFKRLQWHUQRHVSDxRO\GHFDUiFWHUQROLPLWDGD
/DXWLOL]DFLyQGHODYtDSHQDOLQLFLDGDFRQVWLWX\H XQULHVJRHYLGHQWHSDUD
HOORJURGHORVILQHVLQGHPQL]DWRULRVSUHWHQGLGRVWRGDYH]TXHODXWLOL]DFLyQ
GHODPLVPDQRSDUHFHFRQVLGHUDUVHJ~QORVGDWRVH[LVWHQWHVODH[LVWHQFLDGH
XQ'HUHFKR0DUtWLPRYLJHQWHGHPDUFDGRFDUiFWHUVXVWDQWLYRHQ HVWHWLSRGH
VLWXDFLRQHV
'HVGHODSHUVSHFWLYDSUHYHQWLYDHO'HUHFKR&RPXQLWDULRWLHQHXQSDSHO
YLWDOTXHFXPSOLUeVWHVHKDGHVDUUROODGREiVLFDPHQWHPHGLDQWHODDSUREDFLyQ
GH XQD VHULH GH 'LUHFWLYDV WRGDYtD QR HQ YLJRU TXH GHEHQ SRVWHULRUPHQWH
WUDQVSRQHUORVSURSLRV(VWDGRVPLHPEURV/DDFHOHUDFLyQGHORVHVIXHU]RVHQ
HVWHFRQWH[WRHVLPSUHVFLQGLEOH
(O PDUFDGR FDUiFWHU LQWHUQDFLRQDO GHO WUDQVSRUWH PDUtWLPR GH
KLGURFDUEXURV KDFH GH HVWH VHFWRU QRUPDWLYR XQ iPELWR GH HVSHFLDO
LPSRUWDQFLD SDUD HO 'HUHFKR ,QWHUQDFLRQ DO 'HVGH HVWD SHUVSHFWLYD \ FRPR
VLQJXODUHV RSHUDGRUHV SROtWLFRV \ MXUtGLFRV HQ HO VLVWHPD LQWHUQDFLRQDO
FRUUHVSRQGHQDORVSURSLRV(VWDGRVUHVSRQVDELOLGDGHVSROtWLFDV\MXUtGLFDVTXH
ORVDGPLQLVWUDGRVGHEHPRVGHPDQGDU
,9
%,%/,2*5$)Ë$
È/9$5(=58%,2 --³(OVLQLHVWURGHOEXTXH³3UHVWLJH´UHDOLGDGMXUtGLFD
HQ SUHVHQFLD \ GHOLPLWDFLyQ GH UHVSRQVDELOLGDGHV´ 5HDO LQVWLWXWR (OFDQR
È/9$5(=58%,2--³&RPSHWHQFLDMXGLFLDOLQWHUQDFLRQDOHQHOWUDQVSRUWH
LQWHUQDFLRQDO(VSHFLDOUHIHUHQFLD DOW UDQVSRUWHPDUtWLPR´HQ (O'HUHFKRGHO
WUDQVSRUWHPDUtWLPRLQWHUQDFLRQDO*RELHUQR9DVFR 839
%$6('2: - ³3ROtWLFD HXURSHD HQ HO WUDQVSRUWH PDUtWLPR OLEHUWDG GH
SUHVWDFLyQ GH VHUYLFLRV \ FDERWDMH PDUtWLPR´ HQ (O 'HUHFKR GHO WUDQVSRUWH
PDUtWLPRLQWHUQDFLRQDO*RELHUQR9DVFR 839
%28*/$66 ³0DULQH LQVXUDQFH DQG JHQHUDO DYHUDJH LQ WKH 8QLWHG 6WDWHV´
0DU\ODQG
&+$/0(56³0DULQH,QVXUDQFH$FW´/RQGRQ
'29(5³+DQGERRNWRPDULQHLQVXUDQFH´/RQGRQ
3257$/(6 - ³/D OLPLWDFLyQ GH OD UHVSRQVDELOLGDG FLYLO GHO QDYLHUR \ HO
LOtFLWRSHQDO´9,-RUQDGDVGH'HUHFKR0DUtWLPR*RELHUQR9DVFR 839
52'5Ë*8(='2&$0320- ³/tPLWHGHUHVSRQVDELOLGDGHQ HOFDVRGHO
$HJHDQ6HD´9,-RUQDGDVGH'HUHFKR0DUtWLPR*RELHUQR9DVFR 839 58,=6252$-0=$%$/(7$6$55$1=$³0DQXDOGH'HUHFKR
GHO6HJXUR0DUtWLPR´*RELHUQR9DVFR
58,=6252$-0³0DQXDOGH'HUHFKRGH$FFLGHQWHVGHOD1DYHJDFLyQ´
9LWRULD
58,=6252$-0³/DUHVSRQVDELOLGDGGHOQDYLHURSRU DYHUtDV\SpUGLGDV
HQ HO WUDQVSRUWH EDMR SROtWLFD GH IOHWDPHQWR´ HQ (O 'HUHFKR GHO WUDQVSRUWH
PDUtWLPRLQWHUQDFLRQDO*RELHUQR9DVFR 839
58,=6252$-0³8QQXHYRPRGHORGHSyOL]DGHVHJXURPDUtWLPR´,9
-RUQDGDVGH'HUHFKR0DUtWLPRGH6DQ6HED VWLiQ839